+RUVW+RIIPDQQ+UVJ
817(5)5(0'(167(51(1
6WRULHVYRQ3HUU\5KRGDQ$XWRUHQ
,QKDOW 0DULDQQH6\GRZ 3UREHQ...
140 downloads
621 Views
638KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
+RUVW+RIIPDQQ+UVJ
817(5)5(0'(167(51(1
6WRULHVYRQ3HUU\5KRGDQ$XWRUHQ
,QKDOW 0DULDQQH6\GRZ 3UREHQIU(XU\GLNH .XUW0DKU 'DV7UDQVIRUPV\QGURP 5REHUW)HOGKRII 8QWHUGHP5HJHQERJHQ (UQVW9OFHN 6SLHJHONDELQHWW +RUVW+RIIPDQQ 6RYLHOH6WHUQHDP+LPPHOXQGLUJHQGZRGRUWREHQGX 3HWHU*ULHVH 6HPPHO V+RW6KRWV 0DULDQQH6\GRZ 3UREHQIU(XU\GLNH :LUVFKUHLEHQGDV-DKU1*= (VLVWHLQHJHVFKlIWLJHDEHUGHQQRFKUXKLJH=HLW'LH%HZRKQHUGHU0LOFKVWUDH ZHUGHQZHGHUYRQ.ULHJHQQRFKYRQNRVPLVFKHQ.DWDVWURSKHQEHGURKW,QDOOHU 5XKH N|QQHQ VLH VLFK GHP $XI XQG $XVEDX YRQ .RORQLHQ XQG +DQGHOV 6WW]SXQNWHQ ZLGPHQ 'LH .RVPLVFKH +DQVH ZLUG DOOPlKOLFK ]X GHP DOV ZDV LKU*UQGHU3HUU\5KRGDQVLHVLFKYRUJHVWHOOWKDW $EHUDXFKZHQQHV]XU=HLWIULHGOLFK]XJHKWLQGHUJXWHQDOWHQ0LOFKVWUDHDXI HLQH JXWH 3RUWLRQ 9RUVLFKW P|FKWH QLHPDQG YHU]LFKWHQ XQG VR JLEW HV DXFK ZHLWHUKLQ 6WW]SXQNWH XQG 6WDWLRQHQ GLH YRUZLHJHQG PLOLWlULVFKH $XIJDEHQ HUIOOHQ =X GLHVHQ (LQULFKWXQJHQ JHK|UW 5 HLQH 5HODLV XQG 2UWXQJVVWDWLRQ 5 YRQ GHU HUVWHQ 6WDPPEHVDW]XQJ PLW RIIHQHP +RKQ DXI GHQ 1DPHQ
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|QQWH8P GHU/DQJHZHLOHXQGGHQGDUDXVHQWVWHKHQGHQ6FKZLHULJNHLWHQYRU]XEHXJHQJLEW PDQ VROFKHQ 6WDWLRQHQ EXQWJHPLVFKWH %HVDW]XQJHQ DXV 9HUWUHWHUQ GHU YHUVFKLHGHQVWHQ 0LOFKVWUDHQY|ONHU XQG YHUVRUJW GLHVH %HVDW]XQJHQ PLW HLQHP P|JOLFKVW JURHQ $QJHERW DQ )UHL]HLWDNWLYLWlWHQ 'D]X JHK|UW QDFK DOWHU 7UDGLWLRQDXFKHLQ7KHDWHU]LUNHOXQGVFKRQVHLWYLHOHQ-DKUHQILQGHWDOOMlKUOLFK HLQ )HVWLYDO VWDWW DXI GHP GLH EHVWHQ GLHVHU /DLHQ7KHDWHUJUXSSHQ LKU .|QQHQ GHPRQVWULHUHQ 'LH7KHDWHUJUXSSHYRQ5KDWVLFKVFKRQVHLW-DKUHQHLQHQ6WDPPSODW]EHL GLHVHP)HVWLYDOHUREHUWJHZRQQHQDEHUKDWVLHQRFKQLH8QGGDVVRPHLQWGHU QHXH.RPPDQGDQWYRQ81.$72581VROODEVRIRUWDQGHUVZHUGHQ 4XDPPHOUX\ ZDU HLQ 0DWWHQ:LOO\ XQG JHK|UWH RIIL]LHOO ]XU PHGL]LQLVFKHQ $EWHLOXQJYRQ81.$72581(VZDUGHUHLQ]LJH0DWWHQ:LOO\LQGHU6WDWLRQ XQG GDV EHGHXWHWH GD HU HLQ ]LHPOLFK HLQVDPHV :HVHQ ZDU 0DWWHQ:LOO\V OLHEHQ HV LQ *HVHOOVFKDIW YRQ $UWJHQRVVHQ ]X OHEHQ $EJHVHKHQ GDYRQ GD 4XDPPHOUX\ XQWHU GHU (LQVDPNHLW OLWW YHUPLWH HU DXFK GDV ZDV LKQ GDYRQ KlWWH DEOHQNHQ N|QQHQ $UEHLW (U KDWWH QLH HWZDV ]X WXQ 'LH %HZRKQHU GHU 6WDWLRQEUDXFKWHQHLQHQ0DWWHQ:LOO\JHQDXVRGULQJHQGZLH4XDPPHOUX\HLQHQ $EHQGDQ]XJEHQ|WLJWH$XVGLHVHP*UXQGZDUHUVHKUHUIUHXWJHZHVHQDOVPDQ LKQJHEHWHQKDWWHEHLGHU7KHDWHUJUXSSHPLW]XPDFKHQ ,Q]ZLVFKHQKDWWHVLFKVHLQH%HJHLVWHUXQJJHOHJW 'DEHL OLHEWH HU GDV 7KHDWHU (U OHEWH DXI ZHQQ GDV /LFKW LP NOHLQHQ =XVFKDXHUUDXP HUORVFK GLH %KQH LQ KHOOHP /LFKW HUVWUDKOWH GHU DOWPRGLVFKH 9RUKDQJVLFK|IIQHWHXQGGHU %HLIDOOHUNODQJ(U JHQRMHGHHLQ]HOQH6HNXQGH GLH HU GRUW YHUEUDFKWH XQG HU ZDU IHVW HQWVFKORVVHQ QDFK %HHQGLJXQJ VHLQHU 'LHQVW]HLW 6FKDXVSLHOHU ]X ZHUGHQ :DUXP DXFK QLFKW" (U ZDU VFKOLHOLFK HLQ 0DWWHQ:LOO\ XQG HU NRQQWH LQ JHZLVVHQ *UHQ]HQ ² MHGH EHOLHELJH *HVWDOW DQQHKPHQ'DVKDWWHVHLQH9RUWHLOH XQG1DFKWHLOH=XPLQGHVWKLHULQ5 'LHVH 1DFKWHLOH KDWWHQ HWZDV PLW GHU 6LWXDWLRQ LQ 81.$72581 LP DOOJHPHLQHQXQGGHQ7UDGLWLRQHQGHU7KHDWHUJUXSSHLPEHVRQGHUHQ]XWXQ(LQH 7KHDWHUJUXSSH EUDXFKW =XVFKDXHU XQG GHUHQ =DKOZDU LQ GHU NOHLQHQ :HOWYRQ 81.$72581 YRQ 1DWXU DXV EHJUHQ]W 'LH /HXWH GLH KLHU DUEHLWHWHQ KDWWHQ
HLQ JURHV %HGUIQLV QDFK $EZHFKVOXQJ XQG 8QWHUKDOWXQJ :HQQ VLH LQ ³LKU 7KHDWHU JLQJHQ GDQQ ZROOWHQ VLH VLFK DPVLHUHQ 7RGHUQVWH SUREOHPEHODGHQH 6WFNH NDPHQ EHL LKQHQ QLFKW DQ $XHUGHP KDWHQ VLH :LHGHUKROXQJHQ 6LH HUZDUWHWHQ HLQH 9RUVWHOOXQJ SUR :RFKH XQG HV PXWH MHGHVPDO HLQ DQGHUHV XQWHU DOOHQ 8PVWlQGHQ DPVDQWHV 6WFN VHLQ (V LQWHUHVVLHUWH VLH QLFKW LP JHULQJVWHQ GD GLH ³6FKDXVSLHOHU XQP|JOLFK HLQH NRPSOHWWH 5ROOH SUR :RFKH HLQVWXGLHUHQNRQQWHQ6LHHUZDUWHWHQHVHLQIDFKXQGGDPLWEDVWD 'DVZDUGLHHLQH6FKZLHULJNHLW 'LHDQGHUHHUJDEVLFKDXVGHU7DWVDFKHGDGLH7KHDWHUWUDGLWLRQYHUODQJWHGD DOOHV VR HFKW ZLH QXU LUJHQG P|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|VH =XQJHQ EHKDXSWHWHQ GD GLH =HLWJHQRVVHQ GHV $XWRUV GLHVH 5RPDQH DOV UHLQHQ 6FKXQG HLQJHVWXIW KDWWHQ DEHU GDV NPPHUWH QLHPDQGHQ7DWVDFKHZDUGDVLFKGLHVH5RPDQHOHLFKWXQGHLQIDFKQDFKVSLHOHQ OLHHQ GHQQ GHU +DQGOXQJVDEODXI YHUOLHI LPPHU QDFK GHPVHOEHQ 6FKHPD HLQVDPHU 5HLWHU 7\S KDUWH 6FKDOH EHU ZHLFKHP .HUQ ILQGHW DQVWlQGLJH )DUPHUVOHXWH GLH YRQ E|VHP 6FKXUNHQ EHGURKW ZHUGHQ 1DWUOLFK UHWWHWH GHU HLQVDPH5HLWHUVWHWVGLH*XWHQXQGGLH%|VHQPXWHQLQV*UDVEHLHQ$XFKGLH 7\SHQGLHLQGHQYHUVFKLHGHQHQ6WFNHQYRUNDPHQEOLHEHQVLFKELVDXIJHULQJH 8QWHUVFKLHGH VWHWV JOHLFK ZDV HLQLJH /HXWH GD]X YHUDQODW KDWWH LQ GHP DQJHEOLFKHQ $XWRU HLQHQ &RPSXWHU PLW JHULQJHU 9DULDWLRQVEUHLWH ]X YHUPXWHQ 'LHVHU(LQZDQGZDUOlFKHUOLFKGHQQDOVGLHEHWUHIIHQGH6HULHHQWVWDQGKDWWHHV GHUDUWLJH&RPSXWHUQRFKJDUQLFKWJHJHEHQ 'LH *UXSSH EHVFKOR VLFK GLHVHU 6HULH DQ]XQHKPHQ XQG GLHV ZDU HLQ VHKU NOXJHU (QWVFKOX 0DQ EUDXFKWH QXU HLQH EHJUHQ]WH =DKO DQ 5HTXLVLWHQ XQG .RVWPHQXQGGLH'DUVWHOOHUEUDXFKWHQLKUH5ROOHQQLFKWDXVZHQGLJ]XOHUQHQ 6REDOGVLHHLQPDOGHQ7\SGHQVLHYHUN|USHUWHQULFKWLJNDQQWHQEUDXFKWHQVLH QXU QRFK GLH *HVFKLFKWH ]X NHQQHQ GLH VLH VSLHOHQ VROOWHQ $OOHV DQGHUH NDP JDQ] YRQ VHOEVW 'HU EHVRQGHUH &ORX DQ GHU JDQ]HQ 6DFKH EHVWDQG GDULQ GD PDQ GLH 6WFNH LP 6WLOMHQHU=HLWVSLHOWHLQGHUGLH5RPDQHHQWVWDQGHQZDUHQ DXI HLQHU ULFKWLJHQ DOWPRGLVFKHQ %KQH RKQH DOO GLH WHFKQLVFKHQ 6SLHOHUHLHQ GLH HLJHQWOLFK OlQJVW JDQ] VHOEVWYHUVWlQGOLFK ZDUHQ 0HLVWHQV EHUWULHE PDQ HV QRFK HLQ ELFKHQ VHKU ]XP 9HUJQJHQ GHU =XVFKDXHU GLH HV OXVWLJ IDQGHQ ZHQQ HLQ *HLVW DQ HLQHP DUPGLFNHQ 6HLO EHU GLH %KQH VFKZHEWH RGHU HLQ 6FKXUNHQDFKVHLQHU(UVFKLHXQJKHNWLVFKQDFKGHP%HXWHOPLWGHUURWHQ)DUEH VXFKWHEHYRUHUHQGJOWLJXPNLSSWH $OOHQE|VHQ1DFKUHGHQ]XP7URW]KDWWHGLH*UXSSHPLWLKUHU7DNWLN(UIROJ'LH %HZRKQHUYRQ81.$72581OLHEWHQLKU7KHDWHUGLH7KHDWHUOHXWHVHOEVWZDUHQ
PLW )HXHUHLIHU XQG YLHO 9HUJQJHQ EHL GHU 6DFKH XQG ZHQQ VLH EHLP )HVWLYDO QRFK QLH JHZRQQHQ KDWWHQ GDQQ ODJ GDV HLQ]LJ XQG DOOHLQ GDUDQ GD VLH GDV )HVWLYDOQLFKWVRZLFKWLJQDKPHQ 1XU HLQHV KDWWH VLH YRQ $QIDQJ DQ JHZXUPW LQ HLQ :LOGZHVWVWFN JHK|UWHQ 7LHUH'HUHLQVDPH5HLWHUEUDXFKWHVHLQWUHXHV3IHUGGHUDQVWlQGLJHDEHUDUPH )DUPHU VHLQH HLQ]LJH .XK RGHU HLQH =LHJH GHV )DUPHUV 7|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lQJHUDOVYRUJHVHKHQ LQ GHU 6WDWLRQ EOHLEHQ ]X GUIHQ .HLQHU YRQ LKQHQ KDWWH HLQH EHVRQGHUH /HLGHQVFKDIWIUGDV7KHDWHUVSLHOHQHQWZLFNHOW %LVDXI4XDPPHOUX\ (UOLHEWHGLH%KQH(UIKOWHVLFKGRUWLQVHLQHP(OHPHQW,QLKPHUEOKWHQLP /LFKW GHU 6FKHLQZHUIHU YHUERUJHQH 7DOHQWH XQG HV ]RJ LKQ PLW DOOHU 0DFKW ]X +|KHUHPKLQ 8QG GDQQ ZDU HU ZLHGHU QXU HLQH .XK HLQH =LHJH HLQ 3RQ\ HLQ 3XPD HLQ +XQG PDQFKPDO VRJDU HLQ 6FKZHLQ $OV 3RQ\ GXUIWH HU ZHQLJVWHQV GDV (QGH GHV 6WFNV HUOHEHQ $OV 3XPD ZDUHQ VHLQH $XIWULWWH ]ZDU HLQGUXFNVYROO DEHU lXHUVW NXU] GHQQ GHU HLQVDPH 5HLWHU SIOHJWH GHUDUWLJHV *HWLHU PLW +LOIH HLQHU *HZHKUNXJHO DXV GHP 9HUNHKU ]X ]LHKHQ $OV +XQG GURKWH LKP HLQ lKQOLFKHV 6FKLFNVDO HQWZHGHU ZDU HU YRQ GHU 7ROOZXW EHIDOOHQ RGHU HU ZXUGH LQ $XVEXQJ VHLQHU 3IOLFKW YRQ GHP E|VHQ 6FKXUNHQ HUVFKRVVHQ $OV .XK =LHJH RGHU6FKZHLQHUJLQJHVLKPQLFKWEHVVHU8QGZHQQHUHLQHQ0HQVFKHQVSLHOWH ZDV DXFK YRUNDP GDQQ ZDU HV HLQHU YRQ GHQ %|VHZLFKWHQ GLH JOHLFK QDFK LKUHPHUVWHQ$XIWULWWHLQHPDOHULVFKH/HLFKHDE]XJHEHQKDWWHQ (U YHUVWDQG VLFK PLWWOHUZHLOH GDUDXI /HLFKHQ GDU]XVWHOOHQ XQG HLQHV WKHDWHUJHUHFKWHQ 7RGHV ]X VWHUEHQ (V EHUHLWHWH LKP NHLQH 6FKZLHULJNHLWHQ VROFKH 5ROOHQ ]X VSLHOHQ XQG HU ZDU LQ GHU 5ROOH MHGHV EHOLHELJHQ 7LHUHV H[]HOOHQW'DVVDJWHQDOOHXQGVLHPHLQWHQHVHKUOLFK $EHUVHOEVWZHQQHULQGHU*HVWDOWHLQHV0HQVFKHQGLH%KQHEHWUDWKDWWHHUQLH PHKU]XVDJHQDOV³$KXKRKZUJRGHUVRlKQOLFK (U ZQVFKWH VLFK QLFKWV VHKQOLFKHU DOV HLQH 6SUHFKUROOH DEHU VHLQH &KDQFHQ MHPDOVHLQH]XEHNRPPHQZDUHQlXHUVWJHULQJ'HU*UXQGGDIUZDUHLQIDFK HV JDE IU DOOH QRUPDOHQ 5ROOHQ JHQXJ SRWHQWLHOOH 'DUVWHOOHU 1XU IU GLH 7LHUH JDE HV QLHPDQGHQ DXHU 4XDPPHOUX\ ZHLO HV LQ 5 QXQ PDO NHLQH 7LHUH
JDE]XPLQGHVWJDOWGDVIU3IHUGH.KH6FKZHLQH3XPDVXQGVRZHLWHU8QG ZHQQHLQ6FKXUNHHLQHVEHVRQGHUHQ7RGHVVWHUEHQVROOWHGDQQZDUGHU0DWWHQ :LOO\GLHEHVWH/|VXQJ ³+DPOHW VDJWH HU IDVW XQK|UEDU ]X VLFK VHOEVW ZlKUHQG HU LQ GHU *HVWDOW GHV 3RQ\VYRUHLQHU%DXPNXOLVVHVWDQGXQGVRWDWDOVIUlHHUYRQGHPNQVWOLFKHQ *UDV³2GHU5RPHR'DVZlUHQ5ROOHQIUPLFK (UOLHEWHGLHDOWHQ7HUUDQHUEHUDOOHV 2IIHQEDUKDWWHHUGRFKHLQELFKHQ]XODXWJHVSURFKHQ ³'X VROOVW QLFKW TXDWVFKHQ VRQGHUQ SUXVWHQ XQG VFKQDXEHQ ]LVFKWH 7DEDULQ GHUHLQVDPH5HLWHULKPZWHQG]X *OHLFK]HLWLJHUNODQJHVYRQKLQWHUGHQ.XOLVVHQZRVLFKGLH(IIHNWHPDFKHUGLH =HLWPLW3RNHUQYHUWULHEHQODXWXQGGHXWOLFK ³,FKVWHLJHDXV ³8QGLFKZLOOVHKHQ 9RQ GHU 6HLWH KHU GHXWOLFK ]X VHKHQ IU GDV 3XEOLNXP DEHU QLFKW IU GHQ HLQVDPHQ 5HLWHU GHU VLFK JHUDGH HLQ SDDU HLQVDPH :UVWFKHQ EULHW XQG GDEHL VHLQ HEHQIDOOV VHKU HLQVDPHV )HXHUFKHQ DXV URWHQ XQG JHOEHQ 3DSLHUIHW]HQ EHZDFKWH VFKOLFKHQ VLFK GUHL *HVWDOWHQ DQ %|VHZLFKWH QDWUOLFK GLH GHQ HLQVDPHQ 5HLWHU GRUWKLQ ]X EHI|UGHUQ ZQVFKWHQ ZR HU GDQQ HQGJOWLJ VHLQHU (LQVDPNHLW IU|QHQ NRQQWH 'UHL (UWUXVHU KDWWHQ GLHVHQ 3DUW EHUQRPPHQ 6LH VFKOLFKHQVRODXWVWDUNGDGLH:UVWFKHQLQ7DEDULQV3IDQQHKSIWHQ ³5XKHVFKULHHLQHUYRQLKQHQVRODXWGDGLH.XOLVVHQ]XZDFNHOQEHJDQQHQ 4XDPPHOUX\ EHNDP HLQHQ VROFKHQ 6FKUHFNHQ GD HU GLH .RQWUROOH EHU GLH ODQJHQ3IHUGHEHLQHYHUORUGLHSO|W]OLFKJDQ]ZHLFKZXUGHQ8PGHUGURKHQGHQ %DXFKODQGXQJ ]X HQWJHKHQ YHUNU]WH HU GLH ODQJHQ 6WDNVHU JDQ] HLQIDFK 'LH )ROJHGDYRQZDUGDHUHKHUZLHHLQ1LOSIHUGDOVZLHHLQ3RQ\DXVVDK(LQHUGHU (UWUXVHU VDK HV XQG EHNDP HLQHQ /DFKDQIDOO GHP VLFK VHLQH EHLGHQ .XPSDQH DQVFKORVVHQ ZlKUHQG 7DEDULQ YHU]ZHLIHOW YHUVXFKWH GLH SDSLHUHQHQ )ODPPHQ VHLQHV/DJHUIHXHUVEHLVDPPHQ]XKDOWHQ ³$XVVFKULH.RVDPXGHU5HJLVVHXUDXVGHP=XVFKDXHUUDXP(UNOHWWHUWHDXI GLH %KQH YHUVFKZDQG IU NXU]H =HLW KLQWHU GHQ .XOLVVHQ XQG IKUWH GRUW HLQH 'LVNXVVLRQPLWGHQ3RNHUVSLHOHUQ ³.RPPWJDUQLFKWLQ)UDJHVDJWHGHUMHQLJHGHUYRUKHUDXIJHJHEHQKDWWH³:LU PDFKHQ(IIHNWHDEHUZLUJHEHQNHLQH6WLFKZ|UWHU ³,FKZHLHUZLGHUWH.RVDPXJHODVVHQ³,FKELQMDKLHUDXFKQXUGHU5HJLVVHXU ,FKJHEH$QZHLVXQJHQZLHHWZDVDXV]XVHKHQKDWXQGLFKNRQWUROOLHUHQLFKWGHQ ,QKDOW GHU GLYHUVHQ %HKlOWHU GLH LKU DQJHEOLFK IU HXUH $UEHLW EUDXFKW $EHU YLHOOHLFKW VROOWH LFK PLFK PDO XP GLHVH 'LQJH NPPHUQ $P EHVWHQ IDQJH LFK PLWGHU)ODVFKHDQGLHKLHUDXIGHP7LVFKVWHKW ³6FKRQJXWVDJWH MHPDQGVHKUKDVWLJ³0DOHLQNOHLQHV6WLFKZ|UWFKHQNDQQMD QLFKWVFKDGHQ:LUPDFKHQGDVVFKRQ .RVDPXNHKUWH]XIULHGHQ]XUFN ³:LUQHKPHQGLH6]HQHHLQIDFKUHLQHUNOlUWHHUVHLQHQ'DUVWHOOHUQ³4XDPGX ZLUVWGRFKGLHVHQ7ULFNKRIIHQWOLFKZLHGHUKROHQN|QQHQ"
³6HOEVWYHUVWlQGOLFKYHUVLFKHUWHGHU0DWWHQ:LOO\ .RVDPX EHIDKO GHQ GUHL (UWUXVHUQ DXI GLH .XOLVVHQ ]X DFKWHQ XQG 7DEDULQ EHNDP GLH $QZHLVXQJ GDV ³)HXHU HLQIDFK IOLHJHQ ]X ODVVHQ XQG VLFK VWDWW GHVVHQXPGLHDQVFKOHLFKHQGHQ6FKXUNHQ]XNPPHUQ ³$OOHV QRFK PDO YRQ YRUQH EHIDKO .RVDPX GDQQ XQG YHUVFKZDQG YRQ GHU %KQH $OOHV QDKP VHLQHQ /DXI XQG GLH GUHL(UWUXVHU OLHHQPLW LKUHP *HOlFKWHU]ZDU QLFKW GLH .XOLVVHQ ZRKO DEHU HLQHQ LP 9RUGHUJUXQG VWHKHQGHQ .DNWXV XPNLSSHQ .RVDPX JDE $QZHLVXQJ GDV JXWH 6WFN EHLP QlFKVWHQPDO IHVW]XQDJHOQ 'HU HLQVDPH 5HLWHU HUOHGLJWH GLH 6FKXUNHQ IDQG GHV EUDYHQ )DUPHUV 7|FKWHUFKHQLP/DJHUGHU5lXEHUXQGEHIUHLWHHVPLWVDPWGHP%DE\GDVGLHVHV 7|FKWHUFKHQLQ]ZLVFKHQ]XU:HOWJHEUDFKWKDWWH'DV%DE\ZDUHLQ6ZRRQGHU LQ HLQ 7DXIKHPGFKHQ JHVFKOSIW ZDU $OV GHU HLQVDPH 5HLWHU GXUFK GLH %UHWWHUZDQG GHV 6FKXSSHQV NUDFKWH LQ GHP 0XWWHU XQG .LQG JHIDQJHQ ZDUHQ YHUORU GHU 6ZRRQ IU HLQHQ $XJHQEOLFN GLH 1HUYHQ XQG UDQQWH GDYRQ .RVDPX EHNDP HLQHQ /DFKNUDPSI XQG GLH EHUDOO KHUXPOLHJHQGHQ /HLFKHQ GHU 5lXEHU SODW]WHQ IDVW YRU 9HUJQJHQ DOV 7DEDULQ GDV HUVWDXQOLFK IOLQNH *XUNHQZHVHQ TXHU EHU GLH JDQ]H %KQH YHUIROJWH 7DEDULQ EHNDP GDV *HVFK|SI VFKOLHOLFK ]X SDFNHQ 'HU 6ZRRQ ]HWHUWH ZWHQG XQWHU VHLQHP 7DXIKHPGFKHQ GDV UVFKHQEHVHW]WH +lXEFKHQ YHUVFKRE VLFK XQG GHU 6ZRRQ JDE GHP HLQVDPHQ 5HLWHU GHU VLFK YRU /DFKHQ NDXP QRFK KDOWHQ NRQQWH HLQHQ NUlIWLJHQ 1DVHQVWEHU 7DEDULQ VWXW]WH EHVDQQ VLFK GUFNWH GLH ZHLJHNOHLGHWH *XUNH ]lUWOLFKDQVLFKXQGVDJWHPLWJURDUWLJHP3DWKRVLQGHQ=XVFKDXHUUDXPKLQHLQ ª'LH 7RGHVDQJVW YHUOLHK GHP 6lXJOLQJ )OJHO 'RFK IORJ HU *RWW VHL 'DQN QLFKWJOHLFKELVLQV5HLFKGHU(QJHO 'LH JHVDPPHOWHQ 5lXEHUOHLFKHQ EUDFKHQ LQ EUOOHQGHV *HOlFKWHU DXV .RVDPX VWDQG GLFKW YRU GHP (UVWLFNHQ XQG DXFK 7DEDULQ NRQQWH QLFKW PHKU DQ VLFK KDOWHQ(UVHW]WHGHQ6ZRRQDEXQGWRUNHOWHYRQGHU%KQH'HU6ZRRQEOLHEDP 5DQGGHU%KQHVWHKHQEUDFKWHKDVWLJGDV+lXEFKHQXQGGDV7DXIKHPGZLHGHU LQ2UGQXQJXQGEHVDQQVLFKGDQQHQGOLFKDXIGLH5ROOHGLHHU]XVSLHOHQKDWWH (U OLH VLFK IDOOHQ VWUDPSHOWH XQG VFKULH QDFK VHLQHU 0DPD $EHU GLH ZDU LP $XJHQEOLFN QRFK GDPLW EHVFKlIWLJW LKUH )DVVXQJ ZLHGHU]XJHZLQQHQ 'HU 6ZRRQYHUORUGLH*HGXOGULFKWHWHVLFKDXIXQGULHIZWHQG ³:R EOHLEVW GX GHQQ GX GXPPH .XK" (LQH VFK|QH 0XWWHU ELVW GX PLU $OOHV PXPDQVHOEHUPDFKHQ 6SUDFK V XQG PDFKWH VLFK PLW ZHKHQGHP 7DXIKHPG DXI GLH :DQGHUVFKDIW ZLHGHUXPTXHUEHUGLHJDQ]H%KQHELVHUHQGOLFKYRUVHLQHU³0XWWHUVWDQG $PLGDHLQHELOGKEVFKH$NRQLQGLHGLH)DUPHUVWRFKWHUVSLHOWHULFKWHWHVLFKLQ GHQ 7UPPHUQ GHV 6FKXSSHQV DXI EUHLWHWH GLH $UPH DXV XQG ULHI EHUVFKZHQJOLFK ³6HLPLUZLOONRPPHQPHLQYHUORUHQHU6RKQ 'DQQGUHKWHVLHVLFKSO|W]OLFKXPXQGIORKSUXVWHQGLQGLH.XOLVVHQ'HU6ZRRQ VDK LKU HQWJHLVWHUW QDFK 6FKOLHOLFK GUHKWH HU VLFK LQ 5LFKWXQJ =XVFKDXHUUDXP
XQGKREUHVLJQLHUHQGGLHGQQHQJUQHQbUPFKHQ ³'DVZLUGQLHHLQHYHUQQIWLJH0XWWHUWHLOWHHUGHP5HJLVVHXUPLW (LQ HUVWLFNWHV 5|FKHOQ DQWZRUWHWH LKP 7DEDULQ ]RJ JHLVWHVJHJHQZlUWLJ GHQ 9RUKDQJ]X 6LH EUDXFKWHQ HLQH KDOEH 6WXQGH XP GHP ³%DE\ GLH XUVSUQJOLFKH %HJHLVWHUXQJIUGDV7KHDWHUZLHGHUHLQ]XUHGHQ.RVDPXlQGHUWHGDV6WFNDE EHUQDKP DXFK GLHVH GHP =XIDOO HQWVWDPPHQGH 6]HQH XQG EHU]HXJWH GHQ 6ZRRQ GDYRQ GD HU GXUFK GLHVH 6]HQH ]XP 3XEOLNXPVOLHEOLQJ DXIVWHLJHQ ZHUGH'HU6ZRRQJODXEWHHV 4XDPPHOUX\ JODXEWH HV HEHQIDOOV $XFK HU KDWWH VLFK N|VWOLFK DPVLHUW $EHU ZlKUHQGGLHDQGHUHQLPPHUQRFKODFKHQGGDYRQJLQJHQEOLHEHUVHOEVWQRFK HLQLJH=HLWDXIGHU%KQHXQGHUZDUY|OOLJDXHUVWDQGHGLH*HIKOHGLHLKQ]X GLHVHP=HLWSXQNWEHZHJWHQDXVHLQDQGHU]XVRUWLHUHQ (U KDWWH DQ GLHVHP $EHQG NHLQH UHFKWH /XVW DOOHLQ LQ VHLQHP 4XDUWLHU KHUXP]XVLW]HQDEHUDQGHUHUVHLWVZDULKPDXFKQLFKWQDFK*HVHOOVFKDIW]XPXWH 'DUXPJLQJHUVFKOLHOLFKLQGLHPHGL]LQLVFKH$EWHLOXQJ 'LHVHZDUVHKUNOHLQXQGXPIDWHQXUZHQLJH5lXPH(LQHUGDYRQJHK|UWHGHP HLQ]LJHQ $U]W YRQ 81.$72581 XQG GLHVHU $U]W ZDU ]XIlOOLJ 7HUUDQHU 6HLWGHP 4XDPPHOUX\ VHLQH /LHEH ]XP 7KHDWHU HQWGHFNW KDWWH HQWZLFNHOWH HU HLQHJHZLVVH6FKZlFKHIU7HUUDQHU1DWUOLFKJDEHVDXFKDXIDQGHUHQ3ODQHWHQ JXWH %KQHQ XQG DEJHVHKHQ GDYRQ ZDU HV GHP 0DWWHQ:LOO\ NODU GD QLFKW MHGHU 7HUUDQHU ]ZDQJVOlXILJ DXFK HWZDV YRQ GHQ WHUUDQLVFKHQ .ODVVLNHUQ YHUVWHKHQPXWH$EHUDOVHU'RF+XUOH\SO|W]OLFKYRUVLFKVDKNRQQWHHUQLFKW ZLGHUVWHKHQ ³,FKP|FKWHPLWGLUVSUHFKHQVDJWHHU 'RF+XUOH\VDKLKQQDFKGHQNOLFKDQXQGQLFNWH ³.RPP VDJWH HU ³'D GULQQHQ LVW HV JHPWOLFKHU DOV DXI GHP .RUULGRU :DV KDVWGXGHQQDXIGHP+HU]HQ" ³,FKIKOHPLFKXQWHUIRUGHUWHUNOlUWH4XDPPHOUX\ ³+PPDFKWH'RF+XUOH\³'DVNDQQLFKVHKUJXWYHUVWHKHQ(VJLEWKLHUQLFKW JHQXJ$UEHLWIUHLQHQ0DWWHQ:LOO\ ,P*UXQGHJHQRPPHQJLEWHVQRFKQLFKWHLQPDOJHQJHQG$UEHLWIUHLQHQ$U]W ,FK ZHL QLFKW ZRUDQ HV OLHJW DEHU GLH %HZRKQHU YRQ 81.$72581 VLQG JHUDGH]XXQYHUVFKlPWJHVXQG,PPHUKLQGDVLQG]ZHLRGHUGUHL)lOOHXPGLH GXGLFKHLQELFKHQNPPHUQN|QQWHVW ³(VJHKWQLFKWXPPHLQH$UEHLWHUNOlUWH4XDPPHOUX\ ³1LFKW" 'RF +XUOH\ EHWUDFKWHWH GHQ 0DWWHQ:LOO\ EHUUDVFKW ³$EHU ZRUXP JHKWHVGDQQ" ³8PGLH7KHDWHUJUXSSH ³$KDPDFKWHGHU$U]WDEHUHVNODQJQLFKWVHKUJHLVWUHLFK ³,FK EHNRPPH LPPHU ZLHGHU QXU GLHVHOEHQ 5ROOHQ EHJDQQ 4XDPPHOUX\ XQG VWU]WHVLFK+DOVEHU.RSILQHLQH6FKLOGHUXQJGHVVHQZDVLKQEHGUFNWH'RF +XUOH\GHUHLQVHKUK|IOLFKHU0HQVFKZDUK|UWHJHGXOGLJ]X ³,FK ZLOO HQGOLFK PDO HLQH ULFKWLJH 5ROOH KDEHQ VFKOR 4XDPPHOUX\ JHUDXPH
=HLWVSlWHU³(LQHLQGHULFKDXFKHWZDVVDJHQGDUI9HUVWHKVWGXGDV" ³1XQ MD PXUPHOWH GHU $U]W YRUVLFKWLJ ³,FK QHKPH DQ GD GD]X DXFK HLQH JHZLVVH%HJDEXQJJHK|UW 4XDPPHOUX\QDKPIOLQNGLH*HVWDOWHLQHV7HUUDQHUVDQXQGLPLWLHUWHDXFKJOHLFK GDVSDVVHQGH.RVWP(UVSUDQJDXIXQGVWHOOWHVLFKLQ3RVLWXU ³6HLQ RGHU 1LFKWVHLQ GDV LVW KLHU GLH )UDJH GHNODPLHUWH HU ³2E V HGOHU LP *HPW ³8P+LPPHOVZLOOHQK|UDXIVW|KQWH'RF+XUOH\ ³:DULFKVRVFKOHFKW"IUDJWH4XDPPHOUX\HUVFKURFNHQ ³1HLQ DEHU GDUXP JHKW HV EHUKDXSW QLFKW ,FK NDQQ GDV HLQIDFK QLFKW PHKU K|UHQ 0HLQ 9DWHU KDWWH HLQHQ 7LFN GHU EUDFKWH GDV EHL MHGHU XQSDVVHQGHQ *HOHJHQKHLW8QGZHQQHVQXUPHLQ9DWHUJHZHVHQZlUHDEHUODVVHQZLUGDV 'XZLOOVWDOVRHUQVWKDIWHV7KHDWHUVSLHOHQ" ³-D ³1DVFK|Q3DDXI4XDPPHOUX\LFKYHUUDWHGLUHLQ*HKHLPQLVGXZHLWGRFK VLFKHUGDZLUHLQHQQHXHQ.RPPDQGDQWHQKDEHQ" ³:HQQGDVGDVJDQ]H*HKHLPQLVLVW ³6HL QLFKW VR XQJHGXOGLJ +DUVWHQ LVW VHKU HKUJHL]LJ XQG HU LVW DXHUGHP 7HUUDQHU (U LVW VRJDU HLQ YHUNDSSWHU .QVWOHU :HLW GX HU PDOW RGHU ]XPLQGHVW QHQQW HU GDV ZDV HU LQ VHLQHU )UHL]HLW WXW 0DOHUHL :HQQ GX PLFK IUDJVWDEHU GDVWXW QLFKWV]XU 6DFKH (UKDWMHGHQIDOOVHLQH 6FKZlFKHIUDOOHV ZDVPDQLUJHQGZLHDOV.XQVWEH]HLFKQHQN|QQWH+LHULQ5LVWGDPLWQLFKW YLHO ORV DEHU HU ZLOO GDV lQGHUQ 8QG GLH 7KHDWHUJUXSSH VROO GHQ $QIDQJ PDFKHQ ZHLO VLH LQ .U]H ]X GLHVHP )HVWLYDO IlKUW +DUVWHQ KDW HLQH 0HQJH )lGHQ JH]RJHQ XP HLQHQ 5HJLVVHXU LQ VHLQH 6WDWLRQ ]X KROHQ (LQHQ ULFKWLJHQ 5HJLVVHXUHLQHQ.QVWOHU'HU0DQQKDWVFKRQYLHOH3UHLVHJHZRQQHQ'DVKDW LKQ]ZDUQLFKWUHLFKJHPDFKWDEHUGDVKDWMDDXFKQLFKWYLHO]XVDJHQ$XIMHGHQ )DOO ZLUG HU PRUJHQ KLHU HLQWUHIIHQ XQG GLH 7KHDWHUJUXSSH EHUQHKPHQ 0LW VHLQHU+LOIHVROOWLKULQGLHVHP-DKUEHLP)HVWLYDOHLQHQHUVWHQ3UHLVJHZLQQHQ ³*ODXEVWGXGDHUPLUHLQHULFKWLJH5ROOHJHEHQZLUG" 'RF +XUOH\ EHWUDFKWHWH GHQ 0DWWHQ:LOO\ XQG GDFKWH DQ GDV ZDV HU EHU GHQ WHUUDQLVFKHQ.XQVWUXPPHOZXWH(UVFKOXFNWHHLQHQ6HXI]HUKLQXQWHUXQGVDJWH VLFKGDPDQWROHUDQWVHLQPXWH6HLQH9RUXUWHLOHJLQJHQGLHVHV:HVHQQLFKWV DQGHQQ4XDPPHOUX\PRFKWHGLHVH'LQJHJDQ]DQGHUVVHKHQ ³(U ZLUG GLFK GHLQHU %HJDEXQJ HQWVSUHFKHQG HLQVHW]HQ YHUVLFKHUWH HU ZLGHU EHVVHUHV :LVVHQ DEHU JOHLFK]HLWLJ EHUXKLJWH HU VLFK PLW GHU hEHUOHJXQJ GD 0DUDVWRQ JDU QLFKWV DQGHUHVEULJEOHLEHQZUGH DOV MHGHQ]XEHVFKlIWLJHQ GHU EHUKDXSWEHUHLW ZDU XQWHULKP ]XDUEHLWHQ9LHOOHLFKW VDK HLQ 0DWWHQ:LOO\LQ GLHVHP 0DQQ 4XDOLWlWHQ GLH DQGHUH :HVHQ QLFKW ]X ZUGLJHQ ZXWHQ 8QG DXHUGHPZUGHDXFK0DUDVWRQHLQLJH=XJHVWlQGQLVVHPDFKHQPVVHQ+DUVWHQ KDWWH LKQ ]X HLQHP EHVWLPPWHQ =ZHFN JHKROW 8QG RKQH 6FKDXVSLHOHU NRQQWH PDQNHLQ)HVWLYDOJHZLQQHQ 'RF+XUOH\NDQQWHHLQLJHYRQ0DUDVWRQV³.XQVWZHUNHQ6LHKDWWHQ]XPLQGHVW HLQHQ 9RUWHLO PDQ NRQQWH VLH LQ 5XKH EHWUDFKWHQ RKQH GDEHL YRQ DQGHUHQ
JHVW|UW]XZHUGHQGHQQGLH=DKOGHUHUGLHGLHVHXQYHUJOHLFKOLFKHQNXOWXUHOOHQ .RVWEDUNHLWHQ ]X VHKHQ ZQVFKWHQ ZDU JHULQJ )UKHU KDWWH 0DUDVWRQ HLQIOXUHLFKH )UHXQGH JHKDEW GLH LKP YHUVFKLHGHQH .XQVWSUHLVH ]XVFKDQ]WHQ DEHUGDPLWZDUHVRIIHQEDUDXFKYRUEHL6RQVWKlWWH0DUDVWRQVLFKQLHPDOVEHUHLW HUNOlUWQDFK 5]X NRPPHQ'HU0DQQEHIDQGVLFKDXIGHPDEVWHLJHQGHQ $VWXQGHUKDWWHQDFKHLQHP6WURKKDOPJHJULIIHQGDVZDUJDQ]QDWUOLFK 8QG4XDPPHOUX\" ³,FK ZLOO MD QXU HQGOLFK HLQPDO HLQH ULFKWLJH 5ROOH KDEHQ VDJWH GHU 0DWWHQ :LOO\ ³,FK P|FKWH QXU HLQ HLQ]LJHV 0DO LP 0LWWHOSXQNW HLQHU $XIIKUXQJ VWHKHQDQVWDWWDOOHP|JOLFKHQ9LHFKHU]XVSLHOHQ 'RF +XUOH\ VDJWH VLFK GD 4XDPPHOUX\V 'LHQVW]HLW LQ 5 RKQHKLQ IDVW DEJHODXIHQZDU :HQQ HVVFKLHIJLQJNRQQWHPDQRKQHZHLWHUHVHLQHYRU]HLWLJH 9HUVHW]XQJEHZLUNHQ ³'X ZLUVW HLQH VROFKH 5ROOH EHNRPPHQ YHUVSUDFK HU ³8QG IDOOV HV QLFKW NODSSHQVROOWHZHUGHLFKGDIUVRUJHQGDGX81.$72581YHUODVVHQNDQQVW IDOOVGDVGHLQ:XQVFKLVW ³,FK ZLOO ]XP 7KHDWHU ULHI GHU 0DWWHQ:LOO\ PLW XQHUZDUWHWHU /HLGHQVFKDIW ³,FKZLOOHLQ6FKDXVSLHOHUVHLQ 'DPLW UDXVFKWH 4XDPPHOUX\ GDYRQ 'RF +XUOH\ VDK LKP QDFK 'DQQ ILHO LKP VLHGHQGKHL HLQ GD GLH UXQG IQI]LJ 7RSVLGHU YRQ 81.$72581 GHP ZLFKWLJVWHQ )HLHUWDJ LKUHV 9RONHV HQWJHJHQILHEHUWHQ XQG GD GD]X HLQLJH 9RUEHUHLWXQJHQ JHK|UWHQ (V JDE GD HLQHQ JDQ] EHVWLPPWHQ 7UDQN GHQ PDQ LQ HLQHU 5DXPVWDWLRQ QLFKW ]XEHUHLWHQ NRQQWH (V ZDU $XIJDEH GHV 6WDWLRQVDU]WHV IU HLQHQ ZUGLJHQ (UVDW] ]X VRUJHQ 'RF +XUOH\ PDFKWH VLFK GDUDQ HLQLJH *HUl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lFKOLFKHLQ9HUVRUJXQJVVFKLIIHLQWUHIIHQVROOWH0DQHUZDUWHWHHVLQZHQLJHQ 6WXQGHQ 'HU0DWWHQ:LOO\KDWWHHVSO|W]OLFKVHKUHLOLJ 3QNWOLFK IQI 0LQXWHQ YRU $QNXQIW GHV 6FKLIIHV VWDQG HU YRU GHU 6FKOHXVH EHUHLW(UZDUQLFKWGHUHLQ]LJHGHUKLHUEHUHLWVZDUWHWHDEHUGDVVW|UWHLKQQLFKW (UZXWHZDVHU]XWXQKDWWH9RUXQHUZDUWHWHP3XEOLNXPKDWWHHUNHLQH$QJVW 'DV6FKLIIZDUEHUHLWVDXIGHQ%LOGVFKLUPHQ]XVHKHQ:HQLJVSlWHUK|UWHPDQ DOOHUOHL*HUlXVFKHGLHYRQGHU$XHQKOOHGHU6WDWLRQNDPHQXQGXQWHUDQGHUHQ 8PVWlQGHQ VHKU EHXQUXKLJHQG JHZLUNW KlWWHQ (V EHJDQQ ]X UXPSHOQ XQG ]X VXUUHQ 9HUVRUJXQJVJWHU ZXUGHQ LQ GLH 6WDWLRQ JHVFKDIIW QRFK HKH GHU HUVWH 3DVVDJLHU GDV 6FKLII YHUOLH $EHU VFKOLHOLFK NDPHQ VLH GRFK LQVJHVDPW UXQG
IQI]LJ 0LOFKVWUDHQEHZRKQHU XQWHUVFKLHGOLFKHU +HUNXQIW GLH IU GLH QlFKVWH =HLW LQ 5 'LHQVW WXQ VROOWHQ (EHQVR YLHOH :HVHQ ZUGHQ GLH 6WDWLRQ YHUODVVHQVREDOGGDV6FKLIIVWDUWEHUHLWZDU 4XDPPHOUX\EHWUDFKWHWHGLH1HXDQN|PPOLQJHVHKUDXIPHUNVDP(UJLQJGDYRQ DXV GD GHU QHXH 5HJLVVHXU ]ZDQJVOlXILJ HLQ 7HUUDQHU VHLQ PXWH 'DYRQ JDE HV HLQ NQDSSHV 'XW]HQG 4XDPPHOUX\ HQWVFKLHG VLFK QDFK NXU]HP =|JHUQ IU HLQHQ MXQJHQ 0DQQ GHU ODQJHV +DDU KDWWH HLQH DOWPRGLVFKH %ULOOH WUXJ XQG DXIIDOOHQGJHNOHLGHWZDU ³*HVWDWWHQ" VDJWH GHU 0DWWHQ:LOO\ JH]LHUW XQG YROOIKUWH HLQH JUD]L|VH 9HUEHXJXQJHUVWHOOWHMHW]WHLQHQ'LHQHUYRP+RILUJHQGHLQHV.|QLJVGDU³,VW HVPLUHUODXEW,KU*HSlFN]XWUDJHQ6LUH" 'HUMXQJH0DQQVDKUDWORVGUHLQ ³,FK KDEH NHLQ *HSlFN PXUPHOWH HU YHUOHJHQ ³(V ZLUG HUVW VSlWHU LQ GLH 6WDWLRQJHEUDFKW 4XDPPHOUX\ VHW]WH JHUDGH ]X HLQHU QHXHQ 9HUEHXJXQJ DQ DOV LKQ MHPDQG DQUHPSHOWH(UYHUORUGDV*OHLFKJHZLFKWXQGSOXPSVWH]X%RGHQ ³7|OSHOEUXPPHOWHGHUGHULKQ]X)DOOJHEUDFKWKDWWH 4XDPPHOUX\UDSSHOWHVLFKZWHQGDXI ³6HOEHU7|OSHOIDXFKWHHU]XUFN³.DQQVWGXQLFKWDXISDVVHQ" 'HU)UHPGHPXVWHUWHLKQHUVWDXQW'HU0DWWHQ:LOO\VWDUUWH]XUFN(UVDKHLQHQ 7HUUDQHU PLWWOHUHQ $OWHUV PLW HLQHP IOHLVFKLJHQ YHUNQLIIHQ ZLUNHQGHQ *HVLFKW 'HU 0DQQ KDWWH HLQ ZXFKWLJHV JODWWUDVLHUWHV .LQQ XQG VWHFKHQGH VFKZDU]H $XJHQ 3O|W]OLFKKREGHU)UHPGHGHQ.RSILQHLQHUDUURJDQWHQ*HElUGHXQGVWLHGDEHL HLQPHFNHUQGHV/DFKHQDXV ³'HLQH3HUFNHIOLHWZHJYHUNQGHWHHU 4XDPPHOUX\ EHPHUNWH HUVFKURFNHQ GD HU IU HLQHQ $XJHQEOLFN YHUJHVVHQ KDWWHGLH.RQWUROOHEHUVHLQH*HVWDOW]XZDKUHQ ³6HKWHXFKGLHVH:LW]ILJXUDQULHIGHU)UHPGHVRODXWGDDOOHHVK|UWHQXQG VLFKXPGUHKWHQ³'HUKDWZRKOQLFKWDOOH7DVVHQLP6FKUDQN 8QGGDPLWZDQGWHHUVLFKDEXQGPDUVFKLHUWHGDYRQ 4XDPPHOUX\ ZlUH DP OLHEVWHQ LP %RGHQ YHUVXQNHQ =XP *OFN ODFKWHQ QXU ZHQLJH XQG GLH 0HQJH ]HUVWUHXWH VLFK VFKQHOO 1XU GHU MXQJH 0DQQ GHQ 4XDPPHOUX\ IU GHQ QHXHQ 5HJLVVHXU KLHOW ZDU QRFK GD (U EHWUDFKWHWH GHQ 0DWWHQ:LOO\PLWOHLGLJ ³:DUXP KDVW GX GLFK VR ]XUHFKWJHPDFKW" IUDJWH GHU 7HUUDQHU ³:ROOWHVW GX MHPDQGHQEHUUDVFKHQ" ³-DGLFKJHVWDQG4XDPPHOUX\NOHLQODXWHLQ³,FKZROOWHGLUEHZHLVHQGDLFK RKQHZHLWHUHVDXFKHLQHQ0HQVFKHQVSLHOHQNDQQ ³'DV KlWWH LFK GLU DXFK VR JHJODXEW ,FK KDWWH VFKRQ YLHO PLW 0DWWHQ:LOO\V ]X WXQ(VLVWVHKUDQJHQHKPPLW$QJHK|ULJHQGHLQHV9RONHV]XDUEHLWHQ 4XDPPHOUX\V+HU]WDWHLQHQ6SUXQJ ³'DQQ ZUGHVW GX PLU GRFK VLFKHU DXFK HLQH 5ROOH JHEHQ" IUDJWH HU HUIUHXW ³:HLW GX HLQH ULFKWLJH 5ROOH LQ GHU LFK DXFK PDO HWZDV VDJHQ GDUI 'DV
ZUGHVWGXGRFKWXQQLFKWZDKU"'RF+XUOH\KDWGDVDXFKJHVDJW ³0RPHQWPDOULHIGHUMXQJH7HUUDQHU³,FKYHUVWHKHNHLQ:RUW:RYRQUHGHVW GXEHUKDXSW" ³9RQGHU7KHDWHUJUXSSHQDWUOLFK ³$KD8QGZDVKDEHLFKPLWGHU7KHDWHUJUXSSH]XWXQ" ³1XQGXELVWGRFKGHUQHXH5HJLVVHXURGHUHWZDQLFKW" ³(WZD QLFKW WULIIW ]X HUNOlUWH GHU 7HUUDQHU PLW 1DFKGUXFN ³,FK KHLH 2GMDU XQGLFKELQKLHUXPGHQPHGL]LQLVFKHQ/DERUDQWHQDE]XO|VHQ*LEWHVEHLHXFK YLHO$UEHLW" ³1HLQVDJWH4XDPPHOUX\QLHGHUJHVFKODJHQ³,FKNDQQGLFK]XUPHGL]LQLVFKHQ $EWHLOXQJIKUHQZHQQGXP|FKWHVW ³'DV ZlUH VHKU IUHXQGOLFK YRQ GLU $EHU YLHOOHLFKW OLHJW GLU PHKU GDUDQ GLHVHQ NRPLVFKHQ5HJLVVHXUNHQQHQ]XOHUQHQ ³'XZHLWZHUHVLVW"ULHI4XDPPHOUX\EHUUDVFKW ³6HOEVWYHUVWlQGOLFK 'HU .HUO LVW PLU ZlKUHQG GHU 5HLVH RIW JHQXJ DXI GLH 1HUYHQJHJDQJHQ'XNHQQVWLKQEHUHLWV 4XDPPHOUX\VDJWHVLFKYHU]ZHLIHOWGDHVQLFKWZDKUVHLQGXUIWH ³(VLVWGDVDUURJDQWH(NHOGDVGLFKXPJHUDQQWKDWIXKU2GMDUVHHOHQUXKLJIRUW ³:HQQGXGLFKEHHLOVWNDQQVWGXLKQVLFKHUQRFKHLQKROHQ ³,FKP|FKWHOLHEHUGDUDXIYHU]LFKWHQVDJWH4XDPPHOUX\GHSULPLHUW (U EUDFKWH 2GMDU ]X 'RF +XUOH\ XQG PDFKWH VLFK GDQQ HLOLJ ZLHGHU DXV GHP 6WDXE ³:DVKDWHUGHQQ"IUDJWH'RF+XUOH\YHUZXQGHUW ³6RYLHO LFK YHUVWDQGHQ KDEH JHKW HV XP GHQ QHXHQ 5HJLVVHXU IU GLH 7KHDWHUJUXSSH HUZLGHUWH 2GMDU 8QG DXI GLH %LWWH GHV $U]WHV KLQ HU]lKOWH HU YRQGHP=XVDPPHQVWRGHQHVJHJHEHQKDWWH ³'DVZDU VGDQQZRKOVHXI]WH'RF+XUOH\³6FKDGHGUXP4XDPPHOUX\LVWHLQ QHWWHU %XUVFKH 1XQ ZHUGHQ ZLU XQV ZRKO HLQHQ QHXHQ 0DWWHQ:LOO\ VXFKHQ PVVHQ ³:R]XEUDXFKWPDQGLHDQ%RUGHLQHUVROFKHQ6WDWLRQ" ³:HJHQ GHU 7KHDWHUJUXSSH EUXPPWH +XUOH\ GVWHU XQG PDFKWH VLFK GDUDQ MHQHQNRPSOL]LHUWHQ$QWUDJYRU]XEHUHLWHQGHQPDQLQ81.$72581VFKRQRIW JHVWHOOWKDWWH (UKDWWH0DUDVWRQQRFKQLHJHPRFKW 4XDPPHOUX\ PDUVFKLHUWH LQ]ZLVFKHQ WUDXULJ GXUFK GLH 6WDWLRQ 8QEHZXW VFKOXJ HU GDEHL GLH 5LFKWXQJ ]XP 7KHDWHU HLQ 9RU GHP 6HLWHQHLQJDQJ ]|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lEHUDQQWHJHJHQHLQJURHV%OHFKXQG
VXFKWH VLFK PKVDP VHLQHQ :HJ GXUFK DOO GHQ DQGHUHQ .UDP (U IKOWH VLFK KXQGHHOHQG EHL GHP *HGDQNHQ GD HU GDV DOOHV P|JOLFKHUZHLVH QLH ZLHGHU VHKHQZUGH 6FKOLHOLFKWUDWHUDXIGLH%KQHKLQDXV'RUWZDUHVVFKXPPHULJGHQQQXUGLH 1RWEHOHXFKWXQJEUDQQWH'HU9RUKDQJZDUJH|IIQHW4XDPPHOUX\VHW]WHVLFKDXI GHQ %RGHQ XQG VWDUUWH QDFKGHQNOLFK LQ GHQ OHHUHQ =XVFKDXHUUDXP KLQDE 6FKOLHOLFK YHUVWHFNWH HU VLFK ]ZLVFKHQ GHQ )DOWHQ GHV 9RUKDQJV GLUHNW QHEHQ GHPULHVLJHQ9HQWLODWRUGHUVFKRQVRPDQFKHQ6WXUPHU]HXJWKDWWH'RUWVFKOLHI HUHLQ $P VSlWHQ 1DFKPLWWDJ NDPHQ GLH DQGHUHQ XQG 4XDPPHOUX\ HUZDFKWH DOV HU LKUH 6WLPPHQ K|UWH 6LH ZXWHQ RIIHQEDU QRFK QLFKWV GHQQ VLH ZDUHQ IU|KOLFK ZLH LPPHU 'HP 0DWWHQ:LOO\ ZXUGH JDQ] DQGHUV DOV HU LKQHQ ]XK|UWH 6FKOLHOLFKNURFKHUQDFKHLQLJHP=|JHUQDXVVHLQHP9HUVWHFN(VKDWWHNHLQHQ 6LQQHUPXWHVLFKGHQ7DWVDFKHQGHV/HEHQVVWHOOHQ 6LHNDPHQQXUDOO]XVFKQHOOGLHVH7DWVDFKHQ *HUDGHEHWUDWHQGLHHUVWHQ'DUVWHOOHUGLH%KQHGLH/LFKWHUJLQJHQDQ.XOLVVHQ ZXUGHQ GXUFK GLH *HJHQG JHWUDJHQ XQG GHU 6ZRRQ VWRO]LHUWH EHUHLWV LP %DE\KHPGFKHQEHUGLH%KQHGD|IIQHWHVLFKGHU+DXSWHLQJDQJXQG+DUVWHQ GHU QHXH .RPPDQGDQW EHWUDW GHQ =XVFKDXHUUDXP 'DV ³DUURJDQWH (NHO IROJWH LKP DXI GHQ )HUVHQ 'HU )UHPGH KDWWH VLFK XPJH]RJHQ (U WUXJ MHW]W HLQHQ ZHLWHQ 3XOORYHU PLW /HXFKWIlGHQ HLQH HQJH HEHQIDOOV JOLW]HUQGH +RVH XQG HOHJDQWH 6FKXKH 8P GHQ +DOV KDWWH HU VLFK HLQHQ HOHJDQWHQ 6HLGHQVFKDO JHVFKOXQJHQ $Q VHLQHQ )LQJHUQ EOLW]WHQ 5LQJH -H QlKHU HU GHU %KQH NDP GHVWR ZHLWHU VFKRE HU VHLQ ZXFKWLJHV .LQQ QDFK YRUQH (U VDK DXV ZLH HLQH YHUNOHLGHWH%XOOGRJJH ³$OOHVPDOKHUK|UHQULHI+DUVWHQDOVHUGLH%KQHHUUHLFKWKDWWH³,FKP|FKWH HXFKHXUHQQHXHQ5HJLVVHXUYRUVWHOOHQ'LHVLVW0DUDVWRQ(UZLUGDEVRIRUWGLH /HLWXQJGHU7KHDWHUJUXSSHEHUQHKPHQ0DUDVWRQZLUGVHLQ%HVWHVJHEHQGDPLW LKU EHLP GLHVMlKULJHQ )HVWLYDO GHQ6LHJGDYRQWUDJW,FK HUZDUWH YRQHXFKDOOHQ GD LKU HXFK HEHQIDOOV QDFK EHVWHQ .UlIWHQ EHPKW 0DUDVWRQV $QIRUGHUXQJHQ JHUHFKW]XZHUGHQ +DUVWHQPDFKWHHLQHNXU]H3DXVHVDKVLFKKHUDXVIRUGHUQGXPXQGQLFNWHGDQQ ³$XIJXWHV*HOLQJHQULHIHUXQGGDQQPDUVFKLHUWHHUGDYRQ ,P 7KHDWHU ZDU HV WRWHQVWLOO 'LH %KQHQDUEHLWHU XQG (IIHNWHPDFKHU ZDUHQ KLQWHU GHQ .XOLVVHQ KHUYRUJHNRPPHQ 'LH 6FKDXVSLHOHU VWDQGHQ UHJXQJVORV GD 'HU6ZRRQQDKPPLWODQJVDPHQ%HZHJXQJHQVHLQ%DE\KlXEFKHQDE$EHUVLH DOOH VDKHQ QLFKW 0DUDVWRQ DQ VRQGHUQ .RVDPX GHU DQ GHU 6HLWH VWDQG XQG ZLH YHUVWHLQHUWZLUNWH 0DUDVWRQ EHREDFKWHWH GDV *HVFKHKHQ DXI GHU %KQH XQG VHLQH 6WHFKHQGHQ $XJHQYHUHQJWHQVLFK ³,FK KRIIH GD GDV (QVHPEOH MHW]W YROO]lKOLJ YHUVDPPHOW LVW VDJWH HU VFKOLHOLFK³,FKKDEHQlPOLFKNHLQH/XVWDOOHVGRSSHOW]XHUNOlUHQ$OVRIHKOW QRFKMHPDQG" 1LHPDQGDQWZRUWHWHLKP
³$XFKJXWPHLQWH0DUDVWRQ³:LUZHUGHQHLQVHKUDQVSUXFKVYROOHVPRGHUQHV 6WFN HLQVWXGLHUHQ (V KDW GHQ 7LWHO (XU\GLNH RGHU GLH *HVlQJH DXV GHP :DQGVFKUDQN XQG HV LVW HLQH 0HWDSKHU (XU\GLNH LVW LQ GLHVHP 6WFN GLH IOHLVFKJHZRUGHQH PHQVFKOLFKH .UHDWLYLWlW GLH LQ HLQHP 6FKUDQN JHIDQJHQVLW]W (LQ MXQJHU 0DQQ K|UW GLH *HVlQJH GLH DXV GHP 6FKUDQN GULQJHQ XQG GLH QDWUOLFK QLFKWV DQGHUHV DOV GLH 6WLPPH VHLQHU HLJHQHQ YHUGUlQJWHQ 3KDQWDVLH GDUVWHOOHQ 'DV 6WFN VFKLOGHUW HLQGULQJOLFK GLH 3UREOHPH GHV MXQJHQ 0DQQHV GHU ]ZLVFKHQ VHLQHU 3KDQWDVLH XQG GHQ $QIRUGHUXQJHQ GHU 5HDOLWlWKLQ XQG KHU JHULVVHQZLUG(UYHUVXFKWVHLQ3UREOHP]XO|VHQLQGHPHU(XU\GLNHXPEULQJW DEHU PLW VHLQHU 3KDQWDVLHYHUOLHUW HU DXFK VHLQHQ9HUVWDQG (UVWLUEWLQJHLVWLJHU 8PQDFKWXQJ+DWMHPDQGGD]X)UDJHQ" (LVLJH6WLOOH 6FKOLHOLFKSLHSVWHGHU6ZRRQ ³.RPPWLQGHP6WFNDXFKHLQ%DE\YRU" ³1HLQHUZLGHUWH0DUDVWRQJURE ³2GHU HLQ 6FKXIW" IUDJWH 6WUDQWRU HLQ (UWUXVHU GHU LQ GHU 5LHJH GHU E|VHQ -XQJVGLH+DXSWUROOH]XVSLHOHQSIOHJWH 0DUDVWRQ EHUJLQJ GLHVH )UDJH XQG EUDFKWH YRQ LUJHQGZRKHU HLQHQ 6WDSHO EHGUXFNWHU)ROLHQ]XP9RUVFKHLQ ³+LHU VLQG 7H[WDXV]JH HUNOlUWH HU ³,Q HLQHU KDOEHQ 6WXQGH LVW 6SUHFKSUREH 'DQDFKZHUGHLFKHQWVFKHLGHQZHUIUZHOFKH5ROOHLQ)UDJHNRPPW 'DV JHVDPWH (QVHPEOH VWDUUWH LPPHU QRFK LQ HUVWHU /LQLH ]X .RVDPX KLQEHU 'HU ]XFNWH GLH 6FKXOWHUQ XQG JLQJ GDYRQ 'HU 6ZRRQ XQG 6WUDQWRU VFKORVVHQ VLFKLKPDQ'LHDQGHUHQQDKPHQ]|JHUQGMHHLQHGHU)ROLHQEHJDQQHQ]XOHVHQ XQGVDKHQVLFKEHNORPPHQDQ ³,QGHPJDQ]HQ6WFNNRPPHQRIIHQEDUQXUGUHL3HUVRQHQYRUVWHOOWH7DEDULQ IHVW³8QGHLQHGDYRQKDWNHLQHIQI:RUWH]XVDJHQ:DVVROOGDV" ³:LUNHQQHQMDQRFKQLFKWGDVJDQ]H6WFNPXUPHOWH$PLGDEHVFKZLFKWLJHQG IJWH GDQQ DEHU QDFKGHQNOLFK KLQ]X ³'DV GUIWH DOOHUGLQJV NHLQHQ JURHQ 8QWHUVFKLHGPDFKHQ ³+LHULVWYRQHLQHU3DUW\GLH5HGHEHPHUNWH5DWK\QDHLQHlOWOLFKH$UNRQLGLQ GLHPHLVWHQVGLH)UDXGHVEUDYHQ)DUPHUVYHUN|USHUWHPDQFKPDODEHUDXFKGLH :LUWLQ GHV 6DORRQV VSLHOWH ³$Q GHU VLQG PHKUHUH 3HUVRQHQ EHWHLOLJW DEHU ZDV GLHGDUHGHQXQGYRUDOOHQ'LQJHQWXQZlUHLQXQVHUHP6DORRQYHUERWHQ ³=HLJPDOEDW7\UOL\IHLQ%OXHQHXJLHULJ,PQlFKVWHQ0RPHQWVWUlXEWHVLFK LKP GHU 3HO] XQG IU HLQHQ $XJHQEOLFN VDK HV DXV DOV ZUGH HU LQ 2KQPDFKW IDOOHQ$EHUGDQQEHVFKUlQNWHHUVLFKGDUDXIGLH)ROLHZHJ]XZHUIHQXQGYRQGHU %KQH]XWRUNHOQ ³$XI RIIHQHU %KQH K|UWH PDQ LKQ QRFK VW|KQHQ ³9RU DOOHQ /HXWHQ YRU .DPHUDV 'DQQ ZDU HU IRUW 7DEDULQ KRE GLH )ROLH DXI JOlWWHWH VLH XQG ODV 'LH DQGHUHQ ZDUWHWHQ (U UHLFKWH GDV %ODWW VFKZHLJHQG ZHLWHU XQG GLH %KQH OHHUWH VLFK ]XVHKHQGV$OV0DUDVWRQ]XUFNNHKUWHZDUHQQXUQRFKHOI6FKDXVSLHOHUEULJ XQGGHU0DWWHQ:LOO\GHUVLFKLP+LQWHUJUXQGKLHOW
0LU VFKHLQW GHU $XVOHVHSUR]H LVW EHUHLWV LQ YROOHP *DQJ
EHPHUNWH HU ]\QLVFK ³%HJLQQHQ ZLU PLW GHU 6SUHFKSUREH 'X GD HU GHXWHWH DXI $PLGD ³IlQJVWDQ'HUHUVWH*HVDQJGHU(XU\GLNH -HPDQG UHLFKWH $PLGD GDV ULFKWLJH %ODWW XQG VLH VWXGLHUWH HV PLW JHUXQ]HOWHU 6WLUQ ³1HLQ VDJWH VLH GDQQ ³,FK ZHUGH GLHVHQ 7H[W QLFKW VSUHFKHQ XQG GLHVH 5ROOH QLFKWVSLHOHQ 0DUDVWRQVWDQGVFKZHLJHQGDXIXQGJLQJKLQDXV ³5LFKWLJ VR EUXPPWH *RUVWHQ HLQ 7RSVLGHU GHU HLQHQ HUVWNODVVLJHQ &RZER\ DEJDE³:LUZHUGHQGLHVHPDXIJHEODVHQHQ%XUVFKHQVFKRQ]HLJHQGDHUQLFKW VRPLWXQVXPVSULQJHQNDQQ ³$OOHVPDOKHUNRPPHQVFKULH0DUDVWRQDXVGHP+LQWHUJUXQG 6LHIROJWHQGHP.ODQJGHU6WLPPHXQGIDQGHQLKUHQQHXHQ5HJLVVHXUYRUHLQHP %LOGVFKLUPYRQGHP+DUVWHQPLWJULPPLJHU0LHQHKHUDEEOLFNWH ³,FK K|UH GD LKU VWUHLNHQ ZROOW VDJWH +DUVWHQ HLVLJ ³$EHU XP HV HLQ IU DOOHPDO NODU]XVWHOOHQ 5 LVW HLQH PLOLWlULVFKH 6WDWLRQ XQG LFK ELQ HXHU .RPPDQGDQW,KUKDEW0DUDVWRQV$QZHLVXQJHQ]XEHIROJHQ'DVLVWHLQ%HIHKO :HUVLFKZHLJHUWPXGLH.RQVHTXHQ]HQWUDJHQ 'HU%LOGVFKLUPZXUGHGXQNHOXQG0DUDVWRQOlFKHOWH]XIULHGHQ ³'DPLWNRPPWHUQLFKWGXUFKVDJWH5DWK\QD³:LUZHUGHQXQVEHVFKZHUHQ ³*HQDX VWLPPWH 7DEDULQ ]X ³'LHVHV 7KHDWHU LVW HLQH )UHL]HLWHLQULFKWXQJ +DUVWHQNDQQXQVKLHUNHLQH%HIHKOHHUWHLOHQ ³8QG EHL ZHP ZROOW LKU HXFK EHVFKZHUHQ"
IUDJWH 0DUDVWRQ IUHXQGOLFK ³+DUVWHQLVWHXHUK|FKVWHU9RUJHVHW]WHU ³'DVLVWHUQLFKW LQ GLHVHU 6WDWLRQ IXKU GHU 5HJLVVHXU XQJHUKUW IRUW ³(V JLEW JHZLVVH 9RUVFKULIWHQZLHLKUZLW,KUPWGHQ'LHQVWZHJHLQKDOWHQXQGGHUIKUWEHU HXUHQ.RPPDQGDQWHQ ³,Q EHVWLPPWHQ )lOOHQ NDQQ PDQ GHUDUWLJH ,QVWDQ]HQ EHUVSULQJHQ VDJWH *RUVWHQXQGGLHDQGHUHQQLFNWHQ ³8QG ZLH ZROOW LKU GDV WXQ" 'DV 9HUVRUJXQJVVFKLII LVW EHUHLWV ZLHGHU DEJHIORJHQ XQG SULYDWH )XQNPHOGXQJHQ GUIHQ QXU PLW (UODXEQLV GHV .RPPDQGDQWHQDEJHVHW]WZHUGHQ 6LHZDUHQZLHYHUVWHLQHUW0DUDVWRQV*HVLFKWYHUlQGHUWHVLFKSO|W]OLFK ³:DV VROO GLHVHU $XIVWDQG" IUDJWH HU LQ HLQHP EHLQDKH NDPHUDGVFKDIWOLFKHQ 7RQIDOO³,FKELQGRFKQLFKWHXHU)HLQG,FKZLOOPLWHXFKGDV)HVWLYDOJHZLQQHQ GDV LVW DOOHV ,FK JHEH ]X GD HV QLFKW OHLFKW VHLQ ZLUG DEHU ZHQQ ZLU ]XVDPPHQDUEHLWHQZHUGHQZLUHVVFKDIIHQ ³'DQQVXFKHHLQDQGHUHV6WFNIUXQVDXVIRUGHUWH7DEDULQ ³:DVKDVWGXJHJHQ(XU\GLNH" ³(V LVWQLFKWVIU XQV VWHOOWH *RUVWHQQFKWHUQIHVW ³$OOHLQVFKRQGLH$UW XQG :HLVHLQGHUGLHVH/HXWHVSUHFKHQZLUZHUGHQGHUDUWLJH$XVGUFNHQLFKWDXI RIIHQHU%KQHJHEUDXFKHQ ³'DV EUDXFKVW GX DXFK QLFKW ]X WXQ YHUVLFKHUWH 0DUDVWRQ ³'LFK NDQQ LFK
QlPOLFKVRZLHVRQLFKWYHUZHQGHQ ³$FK VR LVW GDV" IUDJWH 5LWLO\L GHU OHW]WH QRFK YHUEOLHEHQH %OXH ³(V LVW HLQ 6WFNIU7HUUDQHUZDV" ³1HLQ GDV QLFKW $EHU GLH EHLGHQ +DXSWSHUVRQHQ PVVHQ VLFK ]XPLQGHVW lXHUOLFK UHFKW lKQOLFK VHLQ XQG HV VROOWHQ 0HQVFKHQ VHLQ 6R KDW HV VLFK GHU $XWRUJHGDFKW,KUDQGHUHQN|QQWEHLGHU3DUW\V]HQHPLWPDFKHQ 5LWLO\LV +DOV YHUNUDPSIWH VLFK VLFKWEDU 'HU %OXH NQLII GLH EHLGHQ YRUGHUHQ $XJHQ ]X VFKPDOHQ 6FKOLW]HQ ]XVDPPHQ XQG VHLQ IODFKHU .RSI ZDFNHOWH KLQ XQGKHU ³1LHPDOVVWLHHUKHUYRUXQGIRUWZDUHU ³8QGQXQDQV:HUNEHIDKO0DUDVWRQ ³1LFKWPLWGLHVHP6WFNYHUVXFKWH7DEDULQHVQRFKHLQPDO 0DUDVWRQVHXI]WH ³3D DXI VDJWH HU JHGXOGLJ DOV VSUlFKH HU PLW HLQHP NOHLQHQ .LQG ³,FK KDEH Ã(XU\GLNH IU HXFK DXVJHVXFKW ZHLO HV PHKUIDFK SUHLVJHNU|QW LVW XQG HLQHQ JHULQJHQWHFKQLVFKHQ$XIZDQGHUIRUGHUWJDQ]DEJHVHKHQGDYRQGDPDQGD]X QXUZHQLJH'DUVWHOOHUEUDXFKWZDVLQHXUHP)DOOJDQ]EHVRQGHUVZLFKWLJLVW,FK KDEH $XI]HLFKQXQJHQ YRQ HLQLJHQ HXUHU 9RUVWHOOXQJHQ JHVHKHQ (WZDV (UElUPOLFKHUHVLVWPLUQRFKQLHYRU$XJHQJHNRPPHQ=ZHLRGHUGUHLYRQHXFK KDEHQ 7DOHQW 'HQ 5HVW NDQQ PDQ YHUJHVVHQ 6R XQG MHW]W JHKW LKU DXI GLH %KQHXQGIDQJWDQRGHULKUILQGHWHXFKLQHLQHU$UUHVW]HOOHZLHGHU 'LH OHW]WHQ :RUWH EUOOWH HU XQG ]ZHL ZHLWHUH 0LWJOLHGHU GHV (QVHPEOHV YHUVFKZDQGHQ 4XDPPHOUX\ IROJWH LKQHQ DEHU VLH ZDUHQ VR LQ (LOH GD VLH LKP GLH 7U QDFK GUDXHQ YRU GHU 1DVH ]XZDUIHQ RGHU GRFK ]XPLQGHVW YRU MHQHP 7HLO VHLQHV .|USHUV GHU GLH 7U ]XHUVW HUUHLFKWH (U K|UWH HPS|UWH 6WLPPHQ XQG OXJWH YRUVLFKWLJ KLQDXV +DUVWHQ KDWWH VFKQHOOHU UHDJLHUW DOV LUJHQG MHPDQG JHJODXEW KlWWH'LHEHLGHQ³'HVHUWHXUHZXUGHQJHUDGHDEJHIKUW 4XDPPHOUX\VFKORGLH7UJDQ]YRUVLFKWLJXQGGDFKWHQDFK+DUVWHQZDUDOVR EHUHLW GLH 6LWXDWLRQ DXI GLH 6SLW]H ]X WUHLEHQ 'HU 0DWWHQ:LOO\ YHUVWDQG GDV ]ZDU QLFKW JDQ] DEHU HU ZDU VLFKHU GD HV bUJHU JHEHQ ZUGH +DUVWHQ ZUGH VHLQHQ3RVWHQYHUOLHUHQGDVZDUNODUDEHUQLFKWMHW]WJOHLFK(VVHLGHQQ (U NHKUWH DXI GLH %KQH ]XUFN $PLGD VWULWW VLFK VFKRQ ZLHGHU PLW 0DUDVWRQ KHUXPXQGGLHDQGHUHQZDUHQVHKUEHGUFNW ³(QWVFKXOGLJXQJVDJWHGHU0DWWHQ:LOO\YRUVLFKWLJ ³+DXDEVFKULH0DUDVWRQZWHQG ³'DV ZROOWH LFK JHUDGH WXQ HUNOlUWH 4XDPPHOUX\ ³$EHU LFK KDEH NHLQH /XVW PLFKHEHQIDOOVHLQVSHUUHQ]XODVVHQ:UGHVWGX+DUVWHQV/HXWHQELWWHPLWWHLOHQ GDGXPLFKQLFKWJHEUDXFKHQNDQQVW" 0DUDVWRQ JDE LKP HLQHQ =HWWHO XQG HU YHUOLH GDV 7KHDWHU RKQH ZHLWHUH 6FKZLHULJNHLWHQ,PPHUKLQZXWHQ7DEDULQXQGGLHDQGHUHQMHW]W%HVFKHLG 4XDPPHOUX\HLOWHLQGLHPHGL]LQLVFKH$EWHLOXQJXQGVFKLOGHUWH'RF+XUOH\GHQ )DOO 'HU $U]W ZDU EHWURIIHQ DEHU DOV GHU 0DWWHQ:LOO\ LKQ EDW HWZDV JHJHQ +DUVWHQ]XXQWHUQHKPHQVFKWWHOWHHUUHVLJQLHUHQGGHQ.RSI
³$EHU HU KDW GRFK RIIHQVLFKWOLFK GHQ 9HUVWDQG YHUORUHQ VDJWH 4XDPPHOUX\ HPS|UW³'XPXWLKQDEVHW]HQ ³6RHLQIDFKJHKWGDVQLFKWHUNOlUWH+XUOH\³(VJLEWGDHLQSDDU.ODXVHOQHV LVWJDUQLFKWVRHLQIDFK]XHUNOlUHQDEHUVRLVWHVHEHQ'HU.RPPDQGDQWKDWLQ EHVWLPPWHQ 6LWXDWLRQHQ GDV 5HFKW JHZLVVH HU]LHKHULVFKH 0DQDKPHQ ]X HUJUHLIHQ ³(U]LHKHULVFKH0DQDKPHQ4XDPPHOUX\H[SORGLHUWHIDVW³(UVSHUUWVLHHLQ ³-DGDVVDJWHVWGXVFKRQ ³'DV7KHDWHULVWGD]XGDXQVGLH=HLW]XYHUWUHLEHQ(VVROOXQV6SDPDFKHQ ³-D XQG GHU .RPPDQGDQW NDQQ GLHVH )UHL]HLWDNWLYLWlWHQ LQ GLH LKP DOV ULFKWLJ HUVFKHLQHQGHQ%DKQHQOHQNHQ:HQQVLFKMHPDQGGDEHLEHQDFKWHLOLJWIKOWNDQQ HUVLFKEHVFKZHUHQDXIGHP'LHQVWZHJZLHGXZHLW ³'DVZLUGHUYHUKLQGHUQ ³$XFK GDV LVW VHLQ JXWHV 5HFKW 81.$572581 LVW HLQ YRUJHVFKREHQHU %HREDFKWXQJVSRVWHQ 9RQ KLHU DXV GUIHQ SULYDWH 0HOGXQJHQ QXU LQ VHKU GULQJHQGHQ )lOOHQ DEJHVHW]W ZHUGHQ 'DV QlFKVWH 6FKLII NRPPW LQ HLQHP 0RQDW ³,FK ZHL PXUPHOWH 4XDPPHOUX\ GHSULPLHUW ³8QG LFK ZROOWH DQ %RUG VHLQ XQWHUZHJV]XGLHVHP)HVWLYDO'DUDXVZLUGZRKOQLFKWV +XUOH\EHUOHJWH ³,KU N|QQWHW GHQ EHLGHQ GLH 7RXU YHUPDVVHOQ VDJWH HU VFKOLHOLFK ³3DVVLYHU :LGHUVWDQGGDJHJHQN|QQHQVLHQLFKWVWXQ ³8QGZLHVROOHQZLUGDVDQVWHOOHQ"IUDJWH4XDPPHOUX\VNHSWLVFK ³,FKKlWWHGDHLQLJH,GHHQVDJWH2GMDUYRQGHU7UKHU 'LH EHLGHQ IXKUHQ KHUXP ZLH 9HUVFKZ|UHU GLH PDQ DXI IULVFKHU 7DW HUWDSSW KDWWH'HUMXQJH0DQQOlFKHOWHYHUOHJHQ ³,KUKDEWVHKUODXWJHVSURFKHQEHPHUNWHHU ³0DFKWQLFKWVHUNOlUWH4XDPPHOUX\EHJLHULJ³:DVIU,GHHQVLQGGDV" ³1XQKDEWLKULQHXUHU*UXSSHDXFK7RSVLGHU" ³(LQHUPWHPLQGHVWHQVQRFKEULJVHLQPXUPHOWHGHU0DWWHQ:LOO\XQVLFKHU ³:DVIKUVWGXGDLP6FKLOGH"IUDJWH+XUOH\PLWUDXLVFK ³1XUHLQNOHLQHV$EOHQNXQJVPDQ|YHUHUNOlUWH2GMDUPLWHLQHPHQWZDIIQHQGHQ /lFKHOQ ³'LHVHU 0DUDVWRQ LVW HLQ HOHQGHU $QJHEHU ,FK ZHL HLQLJHV EHU LKQ XQGLFKNHQQHHLQJXWHV'XW]HQG/HXWHGLHHUXQWHUZHJVEHOHLGLJWKDW ³.HLQH0HXWHUHLZDUQWH+XUOH\EHVRUJW ³$EHUQLFKWGRFKVDJWH2GMDUEHUXKLJHQG³:HUZLUGGHQQJOHLFKDQVRHWZDV GHQNHQ 4XDPPHOUX\ MHGHQIDOOV WDW HV QLFKW (U ]RJ PLW 2GMDU GDYRQ XQG VHLQHQ .XPPHUEHUGLH5ROOHQYHUWHLOXQJLQVHLQHPJHOLHEWHQ7KHDWHUKDWWHHULP(LIHU GHV*HIHFKWVEHUHLWVY|OOLJYHUJHVVHQ *RUVWHQ VD LQ]ZLVFKHQ EHUHLWV LQ HLQHU $UUHVW]HOOH XQG DXFK GLH %KQHQPDQQVFKDIWZDUDUJ]XVDPPHQJHVFKUXPSIW(VZDUNHLQ7RSVLGHUPHKU GDUXQWHU 7DEDULQ XQG $PLGD EHKDXSWHWHQ MHGRFK GD 0DUDVWRQ GDV ZDKUVFKHLQOLFK JDU QLFKW ]XU .HQQWQLV JHQRPPHQ KDWWH (U OHEWH EXFKVWlEOLFK
QXU QRFK IU VHLQ 6WFN XQG VFKOLHI LQ HLQHU GHU *DUGHUREHQ GLH ]XU =HLW QLFKW EHQXW]WZXUGH ³'DVLVWJXWVDJWH2GMDU³4XDPGXPXWHLQHQ7RSVLGHUVSLHOHQ ³:LHELWWH"IUDJWHGHU0DWWHQ:LOO\YHUEOIIW³:DVIUHLQHQ7RSVLGHU" ³,UJHQGHLQHQ HLQHQ %KQHQDUEHLWHU :LU JHEHQ GLU HLQH )ODVFKH PLW XQG GX PDFKVW GLFK DQ 0DUDVWRQ KHUDQ +RIIHQWOLFK ZHL HU GD HU QLFKW HLQIDFK DEOHKQHQGDUI ³'DV ZHUGHQ ZLU LKP VFKRQ EHLEULQJHQ YHUVLFKHUWH $PLGD ³0RUJHQ DEHQG ZHLHUHV ³,FKVROOLKQDOVREHWUXQNHQPDFKHQ"IUDJWH4XDPPHOUX\VFKFKWHUQ ³'DVLVWJDUQLFKWQ|WLJ'LHVHV=HXJHQWKlOWQXUVHKUZHQLJ$ONRKRO$EHULFK ZHUGHHLQ6FKODIPLWWHOKLQHLQPLVFKHQ ³:R]XGDV*DQ]H"IUDJWH7DEDULQVNHSWLVFK 2GMDU EOLFNWH XQVFKXOGLJ GUHLQ XQG PHLQWH ª'DV ZHUGHW LKU VFKRQ VHKHQ /DW PLFKGDVQXUPDFKHQ $P QlFKVWHQ 7DJ JDE 4XDPPHOUX\ HLQH *DODYRUVWHOOXQJ XQG HU VSLHOWH GHQ %KQHQDUEHLWHU DXV GHP 9RON GHU 7RSVLGHU HLQIDFK JURDUWLJ 0DUDVWRQ VFKOXFNWHEUDYGHQLKPDQJHERWHQHQ)ULHGHQVWUDQN(LQH6WXQGHVSlWHUODJHULQ WLHIHP 6FKODI 2GMDU EUDFKWH LKQ LQ VHLQH EHKHOIVPlLJH 8QWHUNXQIW KLQWHU GHQ .XOLVVHQXQGKLHOWVLFKGRUWHLQLJH6WXQGHQODQJDXI'DQQNDPHUVHKUYHUJQJW ZLHGHU]XP9RUVFKHLQ $P 7DJ GDUDXI YHUKLHOW VLFK 0DUDVWRQ QLFKW DQGHUV DOV VRQVW XQG 7DEDULQ XQG VHLQH/HLGHQVJHQRVVHQZDUHQHLQZHQLJHQWWlXVFKW ³$EZDUWHQVDJWH2GMDUEHUXKLJHQG³1XUQLFKWGLH1HUYHQYHUOLHUHQ 6RSUREWHQVLHZHLWHUKLQGDVKRFKPRGHUQHGUDPDWLVFKH6WFNYLHU7DJHODQJ ,KUH IUKHUHQ 0LWGDUVWHOOHU ZDUHQ LQ]ZLVFKHQ DXV GHP $UUHVW HQWODVVHQ GLH %KQHQDUEHLWHU IDQGHQ VLFK QDFK XQG QDFK ZLHGHU HLQ XQG HV JDE DOOHP $QVFKHLQQDFKQLHPDQGHQPHKUGHUHWZDVDQ³(XU\GLNHRGHUGLH*HVlQJHDXV GHP:DQGVFKUDQNDXV]XVHW]HQKDWWH0DUDVWRQGXOGHWHPLWJURHP9HUJQJHQ =XVFKDXHU EHL GHQ 3UREHQ XQG GLHVH NDPHQ UHLFKOLFK 9RU DOOHP 4XDPPHOUX\ ZDUMHGHQ7DJGDEHL (LQHV PXWH PDQ 0DUDVWRQ ODVVHQ HU JDE ZlKUHQG GHU 3UREHQ HLQH JURDUWLJH 9RUVWHOOXQJ (U WREWH XQG EUOOWH EHOHLGLJWH V\VWHPDWLVFK GLH6FKDXVSLHOHUXQG VHLQH:XWDQIlOOHZDUHQVDPWXQGVRQGHUVHFKW'DV3XEOLNXPYHUIROJWHDOOGLHV PLW$QGDFKWXQGEOLW]HQGHQ$XJHQ$EXQG]XDSSODXGLHUWHHVVRJDU0DUDVWRQ EH]RJGDVDOOHUGLQJVQLFKWDXIVHLQ9HUKDOWHQVRQGHUQDXIVHLQH$UEHLW8QGGLH WDW HU JUQGOLFK :DV IUKHU VSLHOHULVFK OHLFKW JHZHVHQ ZDU GDV ZXUGH QXQ ]XU ³.XQVW ,Q ³(XU\GLNH RGHU GLH *HVlQJH DXV GHP :DQGVFKUDQN JDE HV QLFKWV ]XP/DFKHQ $OV'RF+XUOH\LPPHUQRFKOHLFKWEHVRUJWXQGEHXQUXKLJWZHLOHUQLFKWZXWH ZDV 2GMDULP 6FKLOGHIKUWH 4XDPPHOUX\ QDFKGHP)RUWJDQJGHV*HVFKHKHQV IUDJWH IDWH GHU 0DWWHQ:LOO\ GLH 9RUJlQJH DXI GHU %KQH PLW GHQ NXU]HQ :RUWHQ]XVDPPHQ ³(VGUDPW
³'XPHLQVWHVJHKWGUDPDWLVFK]X"IUDJWH+XUOH\LUULWLHUW ³8QVLQQ HUZLGHUWH 4XDPPHOUX\ YHUlFKWOLFK ³(WZDV ZLUNOLFK 'UDPDWLVFKHV UKUWHLQHQLUJHQGZLHDQDEHUGDVGDGUDPWHEHQQXU 'DQDFKZDU+XUOH\DXFKQLFKWYLHOVFKODXHU $P IQIWHQ 7DJ QDFK GHP )HVW GHU 7RSVLGHU YHUOLHIHQ GLH 3UREHQ EHVRQGHUV GUDPDWLVFK 7DEDULQ EHNDP HLQHQ 7REVXFKWVDQIDOO $PLGD HLQHQ :HLQNUDPSI XQG GHU 8QLWKHUGHUKLQWHU GHP 9RUKDQJ ]ZLVFKHQGHQ VHLWOLFKHQ .XOLVVHQ VD XQGGRUWJHLVWHUKDIWH*HUlXVFKH]XSURGX]LHUHQKDWWHVHLWGHPHUQLFKWPHKUGDV 3IHUGHJHWUDSSHO XQGlKQOLFKH*HUlXVFKHIUKHUHUVFK|QHUHU=HLWHQSURGX]LHUHQ GXUIWH ILQJ ]ZDU GLH 9DVH DXI GLH 7DEDULQ QDFK $PLGD VFKOHXGHUWH YHUUHQNWH VLFK GDEHL DEHU GHQ 5VVHO 'HU DUPH .HUO VWUPWH PLW ODXWHP 6FKPHU]JHKHXO DXIGLH%KQHXQGVWLHGRUWPLW0DUDVWRQ]XVDPPHQGHUHEHQLP%HJULIIZDU $PLGDV K\VWHULVFKHQ $QIDOO QDFK EHZlKUWHP 5H]HSW PLW HLQHU 2KUIHLJH ]X NXULHUHQ0DUDVWRQXQGGHU8QLWKHUNXOOHUWHQEHUGLH%KQHXQGGD0DUDVWRQ QLFKWVFKQHOOJHQXJVFKDOWHWHGDFKWHHUZRKOGDHUHLQHP$QJULII$PLGDV]XP 2SIHU JHIDOOHQ ZDU 6R HUQWHWH GHU 8QLWKHU ]X DOOHP hEHUIOX DXFK QRFK HLQH 2KUIHLJH ³/DGLFKQLHZLHGHULQPHLQHP7KHDWHUEOLFNHQEUOOWH0DUDVWRQGHQHUERVWHQ XQG]HU]DXVWHQ5VVHOWUlJHUDQ ³(VLVWQLFKWGHLQ7KHDWHUVFKULHGHU8QLWKHU]XUFN³:DUXPOlWGXXQVQLFKW HQGOLFKLQ5XKH ³'DV N|QQWH GLU VR SDVVHQ NQLUVFKWH 0DUDVWRQ XQG NHKUWH DQ VHLQHQ 3ODW] ]XUFN ³/RV ORV WU|GHOW QLFKW KHUXP +|U DXI ]X KHXOHQ $PLGD (V JHKW ZHLWHU 'HU 8QLWKHU WUROOWH VLFK XP VHLQHQ VFKPHU]HQGHQ 5VVHO ]X SIOHJHQ XQG 0DUDVWRQ ZLUNWH VHKU ]XIULHGHQ $XV LUJHQGHLQHP *UXQG VFKLHQ HU GHUDUWLJH .DWDVWURSKHQ ]X EUDXFKHQ (U SURYR]LHUWH VLH ZR LPPHU HU NRQQWH XQG ZlKUHQG VHLQ (QVHPEOH HLQHP NROOHNWLYHQ 1HUYHQ]XVDPPHQEUXFK HQWJHJHQWULHEZXFKVHQVHLQHSV\FKLVFKHQ.UlIWHXQDXIKDOWVDP $PQlFKVWHQ7DJVSUKWHHUJHUDGH]XYRU8QWHUQHKPXQJVOXVW ³+HXWH VSLHOHQ ZLU PDO GDV JDQ]H 6WFN GXUFK YHUNQGHWH HU ZlKUHQG HU DQ VHLQHPHOHJDQWHQ+DOVWXFKKHUXP]XSIWHXQGVLFKJH]LHUWGLH+DDUHDXVGHU6WLUQ VWULFK³$OOHVDXIGLH3OlW]H$PLGDZHQQGXKHXWHZLHGHUDQIlQJVW]XKHXOHQ VFKPHLH LFK GLFK UDXV 5HL GLFK DXVQDKPVZHLVH PDO ]XVDPPHQ 8QG GX 7DPEXULQ ³,FKKHLH7DEDULQ ³+DOW GHQ 0XQG .HVVHOSDXNH VFKULH 0DUDVWRQ XQG OLHI NQDOOURW DQ ² VHLQ .RSI VFKLHQ WDWVlFKOLFK GDEHL DQ]XVFKZHOOHQ (U VDK DXV ZLH HLQH UHLIHQGH 7RPDWH LQ HLQHP =HLWUDIIHUILOP ³'X VROOWHVW PDO HLQ ELFKHQ DEVSHFNHQ 'X VROOVW HLQHQ -QJOLQJ VSLHOHQ NHLQHQ DEJHKDOIWHUWHQ &RZER\ 'LHVH =HLWHQ VLQG YRUEHL 7DEDULQNRFKWHDEHUHUZXWHPLWWOHUZHLOH]XJHQDXGDHU0DUDVWRQQXUHLQHQ *HIDOOHQWDWZHQQHUGHUDUWLJH*HIKOHDXFKQRFK]HLJWH 'LH 3UREH EHJDQQ 'DV 3XEOLNXP LP =XVFKDXHUUDXP ZDU PXFNVPlXVFKHQVWLOO
:HU JDQ] JHQDX KLQVDK GHP PXWH DXIIDOOHQ GD HLQLJH VWlQGLJH =XVFKDXHU QLFKW DQZHVHQG ZDUHQ $EHU GLH 6FKDXVSLHOHU KDWWHQ NHLQH &KDQFH GLHV IHVW]XVWHOOHQGHQQDXIGHU%KQHZDUHVKHOOXQWHQDEHUGXQNHOXQGDXHUGHP OLHI 0DUDVWRQ ]XJURHU)RUP DXI1LHPDQGIDQGXQWHUGLHVHQ8PVWlQGHQ=HLW VLFKXPGLH1HXJLHULJHQ]XNPPHUQ %LVSO|W]OLFKHLQH7UNUDFKWHXQGMHPDQGPLW]RUQLJHP*HEUOOGHQ0LWWHOJDQJ HQWODQJJHVWUPWNDP 'HU$XIWULWWGHVJURHQ8QEHNDQQWHQZDURIIHQVLFKWOLFKJHSODQW=XPLQGHVWNDP HU QLFKW XQHUZDUWHW GHQQ HLQ 6FKHLQZHUIHU ULFKWHWH VLFK DXI LKQ XQG EHJOHLWHWH LKQEHKDUUOLFK(VZDU0DUDVWRQ (UVDKVHKUNRPLVFKDXVGHQQHUWUXJHLQHQJHEOPWHQ3\MDPDXQGGD]XHLQHQ VR XQJHKHXHU ODQJHQ :ROOVFKDO GD HU VLFK DXI KDOEHP :HJ GDULQYHUKHGGHUWH XQG]X%RGHQILHO (LQLJH =XVFKDXHU EHJDQQHQ ]X ODFKHQ XQG GLH 6FKDXVSLHOHU DXI GHU %KQH KLHOWHQLQQHXPVLFKQDFKGHP*UXQGGHU+HLWHUNHLWXP]XVFKDXHQ ³6SLHOW JHIlOOLJVW ZHLWHU LKU ODKPHQ )ODVFKHQ VFKULH 0DUDVWRQ SURPSW 'DQQ ZDQGWH HU VLFK GHP (LQGULQJOLQJ ]X GHU VLFK JHUDGH ZLHGHU DXV VHLQHP 6FKDO ZLFNHOWHXQGHUVWDXQOLFKIOLQNDXIGLH%HLQHVSUDQJ³5DXVDXVPHLQHP7KHDWHU GX6FKPLHUHQNRP|GLDQW 'HU DQGHUH 0DUDVWRQ GHU PLW GHP 6FKDO SUDOOWH XQZLOONUOLFK ]XUFN 8QG GDQQ OLHI HU URW DQ (U ZDU GDULQ EHVVHU DOV GDV 2ULJLQDO XQG GDV 3XEOLNXP NODWVFKWHVWUPLVFK%HLIDOO ³'HLQ7KHDWHU"NQLUVFKWHGHU0DUDVWRQPLW6FKDO³'XGXGX ³'LU KDW HV ZRKO GLH 6SUDFKH YHUVFKODJHQ ZDV" IUDJWH GHU DQGHUH 0DUDVWRQ K|KQLVFK³8QGMHW]WPDFKGDGXQDFKGUDXHQNRPPVWGX:LW]ILJXU ³:LW]ILJXU" 'HU0DUDVWRQPLW6FKDOU|FKHOWHHVDOVZlUHHUYRUODXWHU:XWDP(UVWLFNHQ 'HUDQGHUH0DUDVWRQEHWUDFKWHWHLKQYRQREHQELVXQWHQ ³7V WV WV PDFKWH HU PLWOHLGLJ ³:LH NDQQ PDQ VLFK QXU VR JHKHQ ODVVHQ 0HUNVWGXQLFKWGDGXGLFKOlFKHUOLFKPDFKVW"9HUVFKZLQGHGX7|OSHOEHYRU GLHJDQ]H6WDWLRQEHUGLFKODFKW 'HU 0DUDVWRQ PLW 6FKDO VWUHFNWH GLH +lQGH DXV XQG NUPPWH GLH )LQJHU XQG GDQQVSUDQJHUDXIGHQDQGHUHQ0DUDVWRQORV $EHU GHU ZDU ZLH GHU %OLW] DXI GHU %KQH ZR GLH 6FKDXVSLHOHU KHUXPVWDQGHQ XQGQLFKWUHFKWZXWHQZLHVLHVLFKYHUKDOWHQVROOWHQ ³:DUWH EDW 7DEDULQ XQG WUDW GHP 0DUDVWRQ PLW 6FKDO LQ GHQ :HJ GHU $QVWDOWHQ PDFKWH HEHQIDOOV DXI GLH %KQH ]X VSULQJHQ ³,FK NDQQ GLFK MD YHUVWHKHQ4XDPDEHUGDVLVWQLFKWGHUULFKWLJH:HJ ³+DX DE GX 7URWWHO EUOOWH GHU 0DUDVWRQ PLW 6FKDO GD GLH .XOLVVHQ ]X VFKZDQNHQEHJDQQHQ ³(U LVW YHUUFNW JHZRUGHQ VWRWWHUWH 7DEDULQ HUVFKURFNHQ GHQQ GHU 0DUDVWRQ PLW6FKDOVWUHFNWHLKQPLWHLQHP)DXVWVFKODJ]X%RGHQ7DEDULQVDGDULHEVLFK GDV .LQQ XQG EHREDFKWHWH IDVVXQJVORV ZLH GLH EHLGHQ 0DUDVWRQV HLQDQGHU DXI GHU%KQH]XMDJHQEHJDQQHQ
3O|W]OLFK VSUDQJ GHU 8QLWKHU DXV GHQ .XOLVVHQ (U KDWWH HLQHQ EDQGDJLHUWHQ 5VVHOVFKLHQDEHUVRQVWZRKODXI]XVHLQ ³:DVVHUVFKULHGHU8QLWKHU³'DVZLUGGLHEHLGHQDENKOHQ 'HU5DWZXUGHSURPSWEHIROJWXQGYRQREHQKHUHUJRVLFKHLQ:DVVHUVFKZDOO DXV PHKUHUHQ (LPHUQ EHU GHQ0DUDVWRQPLW6FKDO GHU DQGHUH EHNDP QXUHLQ SDDU7URSIHQDE 'HU 0DUDVWRQ PLW 6FKDO UHDJLHUWH DXI GLH XQHUZDUWHWH 'XVFKH PLW HLQHP :XWJHEUOO XQG VFKQDSSWH VLFK HLQHQ +RFNHU XP GDPLW DXI GHQ DQGHUHQ 0DUDVWRQORV]XJHKHQ'HU8QLWKHUKSIWHZLHHLQ*XPPLEDOODXIXQGDE ³:LQGVFKULHHU³/RVJHEWDOOHVZDVZLUKDEHQ:REOHLEWGLH:DFKH" +LQWHU GHQ .XOLVVHQ VFKULH XQG UDQQWH DOOHV GXUFKHLQDQGHU 'LH :LQGPDVFKLQH EHJDQQ ]X KHXOHQ XQG RIIHQVLFKWOLFK KDWWH MHPDQG DQ LKU KHUXPJHEDVWHOW 7DEDULQ NRQQWH VLFK QLFKW GDUDQ HULQQHUQ DXI GLHVHU %KQH MHPDOV HLQHQ VR NUl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|W]OLFKSODWWZLHHLQ3IDQQNXFKHQ 'HU 0DQQ PLW GHP 6FKDO NRQQWH VHLQH %HZHJXQJ QLFKW PHKU DXIKDOWHQ 'HU +RFNHUNUDFKWHKHUDEHVJDEHLQHQJHZDOWLJHQ.QDOOXQGGDQQZDUHVIUHLQHQ $XJHQEOLFNJDQ]VWLOO 0DUDVWRQ KDWWH HLQLJH 0KH VLFK DXV GHU 3DXNH ]X EHIUHLHQ 'HU +RFNHU H[LVWLHUWHQLFKWPHKU0DUDVWRQKLHOWHLQHVGHUK|O]HUQHQ%HLQHLQGHU+DQGXQG DXVVHLQHQ$XJHQOHXFKWHWHGLHVFKLHUH0RUGOXVW ³:DUWHEHJDQQHU 'DEUDFKODXWHU%HLIDOOORV4XDPPHOUX\GHUVFKRQZLHGHUIDVWDEHUQLFKWJDQ] ZLHGHU5HJLVVHXU DXVVDKVWDQGYRUQHDP5DQGGHU%KQHXQGYHUEHXJWHVLFK XQG GLH =XVFKDXHU UDVWHQ YRU 9HUJQJHQ 'LH 7UHQ ZXUGHQ DXIJHULVVHQ XQG LPPHUPHKU/HXWHGUlQJWHQKHUHLQODFKHQGXQGDSSODXGLHUHQG 8QGGDQQVWDQGSO|W]OLFK2GMDUQHEHQGHP0DWWHQ:LOO\ ³:LU GDQNHQ HXFK ULHI HU ODXW ³:LU GDQNHQ HXFK DOOHQ 8QVHUH NOHLQH 6RQGHUYRUVWHOOXQJ KDW HXFK RIIHQVLFKWOLFK JHIDOOHQ :LU IUHXHQ XQV GD HV XQV
JHOXQJHQ LVW HXFK ]X XQWHUKDOWHQ XQG ZLU EHGDQNHQ XQV JDQ] EHVRQGHUV EHL XQVHUHP .RPPDQGDQWHQ GHU XQV GLH (UODXEQLV JDE GLH XQWHUKDOWVDPHQ 3UREHQDUEHLWHQ ]X GHP 6WFN (XU\GLNH RGHU GLH *HVlQJH DXV GHP :DQGVFKUDQN DXFK IU DOO MHQH ]X EHUWUDJHQ GLH DXV GLHQVWOLFKHQ *UQGHQ QLFKW]XXQVNRPPHQNRQQWHQ (UQHXWHU %HLIDOO 9HUEHXJXQJHQ GHU 'DUVWHOOHU VRJDU 0DUDVWRQ IDQG VLFK SO|W]OLFKYRUQHDP5DQGGHU%KQHZLHGHU6WUDQWRUGHUVLFKELVKHUKLQWHUGHQ .XOLVVHQEHWlWLJWKDWWHVWDQGQHEHQGHP5HJLVVHXUXQGUDXQWHLKP]X ³'XVSLHOVWEHVVHUPLWRGHU 0DUDVWRQVSLHOWHPLW 1DWUOLFKZDUGHU0DQQZWHQGXQG+DUVWHQZDUHVHEHQIDOOVDEHUVLHNRQQWHQ QLFKWV WXQ 0DUDVWRQ KDWWH NHLQH RIIL]LHOOH )XQNWLRQ LQ 81.$72581 ]X HUIOOHQ XQG QLHPDQG NRQQWH EHZHLVHQ GD 2GMDU GHQ 5HJLVVHXU LQ GHU 1DFKW GHV )HVWHVEHHLQIOXW KDWWH 7DWVDFKH ZDUGD 0DUDVWRQ XQG ]ZDU GHUHFKWH YRU =HXJHQ +DUVWHQ YRUJHVFKODJHQ KDWWH GHU 0DQQVFKDIW YRQ 5 HLQHQ (LQEOLFN LQ VHLQ NQVWOHULVFKHV 6FKDIIHQ ]X JHZlKUHQ 'HU 'LHQVWEHWULHE ZDU QLFKW JHVW|UW ZRUGHQ XQG GD 0DUDVWRQ DXVJHUHFKQHW DQ GLHVHP 7DJ PLW GHU 8KU]HLWGXUFKHLQDQGHUJHUDWHQZDUPRFKWHHLQGXPPHU=XIDOOJHZHVHQVHLQ 0DUDVWRQ WUDW QLFKW PHKU DOV 5HJLVVHXU LQ (UVFKHLQXQJ (U OLH VLFK DXFK VRQVW NDXP QRFK EOLFNHQ VRQGHUQ ZDUWHWH VWLOO XQG JUROOHQG DXI GDV QlFKVWH 9HUVRUJXQJVVFKLII 'LH 7KHDWHUJUXSSH IXKU ]XP )HVWLYDO XQG HUUDQJ GRUW HLQHQ JUDQGLRVHQ (UIROJ PLW GHP 6WFN ³3UREHQ IU (XU\GLNH 4XDPPHOUX\ VSLHOWH GDULQ HLQHQ WRWDO EHUGUHKWHQ5HJLVVHXUXQGEHNDPGDIUHLQHQ6RQGHUSUHLVDEHUDOOH$QJHERWH GLH PDQ LKP GDUDXIKLQ PDFKWH VFKOXJ HU DXV (U NHKUWH PLW GHQ DQGHUHQ QDFK 81.$72581]XUFNXQGZDUGHUEHOLHEWHVWH0DWWHQ:LOO\GHUMHPDOVLQGHU GRUWLJHQ7KHDWHUJUXSSHPLWJHVSLHOWKDWWH +DUVWHQ ZXUGH YRQ VHLQHP 3RVWHQ HQWEXQGHQ (U WDW VLFK PLW 0DUDVWRQ ]XVDPPHQ XQG VLH HU|IIQHWHQ DXI 7HUUD HLQH QHXH .XQVWVFKXOH $EHU GDV LVW HLJHQWOLFKVFKRQ7HLOHLQHUDQGHUHQ*HVFKLFKWH .XUW0DKU 'DV7UDQVIRUPV\QGURP 'LH QDFKIROJHQGH *HVFKLFKWH YHUVXFKW HLQ VFKZHUHV 7KHPD DXI GLH OHLFKWH 6FKXOWHU ]X QHKPHQ 'HU $XWRU YHUZDKUW VLFK LP YRUDXV JHJHQ 9RUZUIH GHU 5HVSHNWORVLJNHLW MHQHQ JHJHQEHU GLH KLQWHU GHQ 0DWHULHTXHOOHQ KDXVHQ 6HLQ HLQ]LJHV $QOLHJHQ LVW DXI KDOEZHJV YHUVWlQGOLFKH :HLVH GDU]XOHJHQ ZDUXP LQ GHU 3HUU\5KRGDQ6HULH QLHPDOV LP 'HWDLO EHU GDV REHUVWH ELVKHU EHNDQQWH 1LYHDX GHV =ZLHEHOVFKDOHQPRGHOOV GHU NRVPLVFKHQ (QWZLFNOXQJ JHVFKULHEHQ ZHUGHQ NDQQ ZHLO DXI MHQHP 1LYHDX GLH (UHLJQLVVH VR DEODXIHQ GD VLH PHQVFKOLFKHV'HQNHQKRIIQXQJVORVLQ9HUZLUUXQJEULQJHQ
:LH VLFK DP )DOO GHV 0HFKDQLNHUPHLVWHUV 8ZH +DOOHQEURLFK EHZHLVHQ ODVVHQ ZLUG (LJHQWOLFKKlWWH8ZH+DOOHQEURLFKJOFNOLFKXQGYROOHU)UHXGHVHLQPVVHQ(U KDWWHYRUNXU]HPGLH0HLVWHUSUIXQJDEVROYLHUWGHQ-REJHZHFKVHOWHLQQHXHV LQWHUHVVDQWHV $XIJDEHQJHELHW JHIXQGHQ XQG VLFK ILQDQ]LHOO YHUEHVVHUW (U KDWWH DOOHQ*UXQGVWRO]DXIVLFK]XVHLQ 6WDWWGHVVHQKDGHUWHHUPLWGHU:HOW 8ZH +DOOHQEURLFK -DKUH DOW ZDU OHGLJ XQG ZRKQWH EHL VHLQHU 0XWWHU HLQHU MlKULJHQ :LWZH JOHLFKHQ 1DFKQDPHQV 'HU :LWZH +DOOHQEURLFK ZDU QLFKW HQWJDQJHQ GD LKU 6RKQ VLFK PLW WUEHQ *HGDQNHQ VFKOHSSWH ³-XQJ KDWWH VLH HUVW KHXWH QDFKPLWWDJ DOV HU YRQ GHU $UEHLW NDP ]X LKP JHVDJW ³-XQJ GX PDFKV Q -HVLFKW DOV KlWW V YLHU]HKQ 7DJH ODQJ MHUHHFKQHW 'HU NDXVDOH %H]XJ ZDU DOOHUGLQJV YHUORUHQ GHQQ HV UHJQHWH LQ GLHVHP WUEHQ 0lU] LQ GHU 9HUVEURFNHU*HJHQGVFKRQVHLWGUHL:RFKHQ 8ZH+DOOHQEURLFKZDUHLQWUHXHU/HVHUGHU6FLHQFHILFWLRQ6HULH3HUU\5KRGDQ XQG GDPLW KLQJ VHLQ .XPPHU ]XVDPPHQ 6HLW 0RQDWHQ EHKlPPHUWH HU GLH 5HGDNWLRQ PLW VHLQHP $QOLHJHQ HU ZROOWH HQGOLFK HLQ SDDU KDQGIHVWH .RVPRNUDWHQDEHQWHXHU OHVHQ VROFKH 6WRULHV DOVR GLH LP %HUHLFK MHQVHLWV GHU 0DWHULHTXHOOHQ VSLHOWHQ ,Q 5DVWDWW KDWWH PDQ VLFK =HLW JHODVVHQ DXI VHLQH =XVFKULIWHQ ]X UHDJLHUHQ +HXWH ZDU HQGOLFK HLQ %ULHI GHV &KHIUHGDNWHXUV JHNRPPHQ 'DULQ KLH HV QDFK ³/LHEHU 8ZH XQG HW FHWHUD SS NXU] XQG EQGLJ ³3HUU\5KRGDQ RGHU $WODQ$EHQWHXHU GLH LP 5HLFK GHU .RVPRNUDWHQ VSLHOHQZLUGHVQLFKWJHEHQ 'HVZHJHQKDGHUWH8ZH+DOOHQEURLFKPLWGHU:HOW 8QGMHW]WQDFKGHPPLPXWLJYHU]HKUWHQ$EHQGHVVHQZDUHUDXIGHP:HJ]X VHLQHU 6WDPPNQHLSH XP VHLQHQ .XPPHU ]X EHJLHHQ ³%HL -XSS ]DSIWH PDQ HLQJHPWOLFKHV%LHU'HPWDWDXFKGHU8PVWDQGNHLQHQ$EEUXFKGD³-XSSLQ :LUNOLFKNHLW-HODO)H\]LRJOXKLHXQGDXV'HQL]OLLQ$QDWROLHQVWDPPWH -XSS EHJUWH VHLQHQ 6WDPPJDVW IUHXQGOLFK XQG VHUYLHUWH LKP ELQQHQ GHU YRUJHVFKULHEHQHQDFKW0LQXWHQHLQPXVWHUJOWLJJH]DSIWHV3LOV8ZHYHUVWULFNWH VHLQHQ7KHNHQQDFKEDUQ]XU/LQNHQGHQHUYRQIUKHUHQ.QHLSHQEHVXFKHQUHFKW JXW NDQQWH LQ HLQ EHODQJORVHV *HVSUlFK EHU %HQ]LQSUHLVH /DQGWDJVZDKOHQ LQ +HVVHQ XQG GHQ JOFNOLFK EHUVWDQGHQHQ .DUQHYDO 1XU EHU 3HUU\ 5KRGDQ ZROOWH HU QLFKW VSUHFKHQ REZRKO HU ZXWH GDDXFK VHLQ *HVSUlFKVSDUWQHU HLQ JHZRKQKHLWVPlLJHU/HVHUGHUJU|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lWWH HU 6RUJHQ XQG GD 8ZH +DOOHQEURLFK QLFKW QXU HLQ OHXWVHOLJHU VRQGHUQ DXFK HLQ PLWIKOHQGHU
0HQVFKZDUHPSIDQGHUGLH9HUSIOLFKWXQJGHQ%ODVVHQDXI]XKHLWHUQ ³)UHPGLQGHU*HJHQG"EHJDQQHUGLH8QWHUKDOWXQJ 'HU%ODVVHQLFNWH ³$XIGHU'XUFKUHLVHDQWZRUWHWHHU ³3DVVLHUW DXFK QXU HLQPDO DOOH 6FKDOWMDKU GD HLQHU DXI GHU 'XUFKUHLVH LQ 9HUVEURFNKDOWPDFKWNRPPHQWLHUWH8ZH ³%OLHE PLU QLFKWV DQGHUHV EULJ VDJWH GHU %ODVVH XQG QLSSWH DQ VHLQHP *ODV ³$XWRNDSXWW ³2K 'DV LQWHUHVVLHUWH 8ZH PlFKWLJ 6FKOLHOLFK ZDU HU 0HFKDQLNHUPHLVWHU ³:DVIHKOWLKPGHQQ" ³+HWHURG\Q)XVLRQVSXPSHLVWYHUVWRSIW0XDQGHUYHUVFKPXW]WHQ/XIWOLHJHQ ³'LHZDV"VWDXQWH8ZH³1RFKQLHJHK|UW:DVV QGDVIUQ$XWR" ³6RQGHUDQIHUWLJXQJDQWZRUWHWHGHU%ODVVH ³8QGVRKDEHQ6LH VKLQJHEUDFKW]XP5HSDULHUHQ"*ODVGURSV:HUNVWDWW" 'HU%ODVVHQLFNWH ³1D GDQQ VLQG 6LH JXW EHUDWHQ OREWH 8ZH ³'HU DOWH *ODVGURS OHLVWHW JXWH $UEHLW1LFKWVFKQHOODEHUJXWXQG]XYHUOlVVLJ -HW]WIDQGHUZDUHVGHVDQRQ\PHQ*HUHGHVJHQXJ$P5DQGGHU7KHNHHQWODQJ VWUHFNWHHUGHP%ODVVHQGLH+DQGHQWJHJHQXQGVDJWHIUHXQGOLFK ³:LOONRPPHQLQ9HUVEURFN,FKKHLH8ZH+DOOHQEURLFK 'HU %ODVVH HUJULII GLH +DQG VFKWWHOWH VLH XQG PXUPHOWH HWZDV 8QYHUVWlQGOLFKHV 'DQQ JULII HU LQ GLH ,QQHQWDVFKH VHLQHV -DFNHWWV XQG EUDFKWH HLQH 9LVLWHQNDUWH ]XP 9RUVFKHLQ 8ZH QDKP VLH XQG ODV XQG EHLP /HVHQ VWUlXEWHQVLFKVHLQH1DFNHQKDDUHHLQJDQ]NOHLQZHQLJGHQQGDVWDQG -XOLXV0|QNHPH\HU.RVPRNUDW ³(VJLEWHEHQLPPHUZLHGHUHLQHQ:LW]EROGGHUVLFKDXIDQGHUHU/HXWH.RVWHQ OXVWLJPDFKHQZLOOVDJWH8ZH+DOOHQEURLFKYHUGURVVHQXQGGUFNWHGLHNOHLQH .DUWH DXI GLH 7KHNH DOV ZlUH VLH GDV +HU]$V GDV HU GHP .DUR%XEHQ GHV *HJQHUVRSIHUQPXWH 'HU%ODVVHVFKLHQLKQQLFKWJHK|UW]XKDEHQ ³*LEWHVLP2UW7D[L6HUYLFH"IUDJWHHU 'LH $XVVLFKW GHQ JHVFKPDFNORVHQ 6SDPDFKHU VR UDVFK ZLH P|JOLFK ZLHGHU ORV]XZHUGHQHUVFKLHQ8ZHQLFKWXQDWWUDNWLY ³*HZLGRFKVDJWHHU³'HUDOWH*ODVGURSIlKUWDXFK7D[L(UVDKDXIGLH8KU ³%LV]HKQJDQ]EHVWLPPW ³6LH NHQQHQ GHQ 0DQQ QLFKWZDKU" PHLQWH-XOLXV 0|QNHPH\HU ³:UGHQ 6LH LKQIUPLFKDQUXIHQXQGLKQKLHUKHUEHVWHOOHQ",FK]HLJHPLFKJHUQHUNHQQWOLFK 'DUILFK,KUH=HFKHEHUQHKPHQ" 8QWHU QRUPDOHQ 8PVWlQGHQ KlWWH 8ZH GDV $QJHERWPHKU RGHUZHQLJHUHPS|UW ]XUFNJHZLHVHQ$EHUGHU%ODVVHPDFKWHHLQHQVRKLOIORVHQ(LQGUXFNXQGVSUDFK DXHUGHP VR HLQGULQJOLFK GD HU GLH $EOHKQXQJ HLQIDFK QLFKW EHU GLH /LSSHQ EUDFKWH ³*XWPDFK LFKDQWZRUWHWHHU³:RKLQZROOHQ6LHGHQQ" ³.|OQ
³0DQQVWDXQWH8ZH³'DVVLQGMDPHKUDOVXQGGDVPLWWHQLQGHU1DFKW" ³'HVZHJHQZlUHHVQHWWZHQQ6LHPLW+HUUQ*ODVGURSVSUlFKHQOlFKHOWH-XOLXV 0|QNHPH\HU ³9LHOOHLFKW N|QQHQ 6LH LKQ EHUUHGHQ VR VSlW QRFK VR ZHLW ]X IDKUHQ 8ZH JLQJ ]XP 7HOHSKRQ KLQWHQ ]ZLVFKHQ GHU 0lQQHUWRLOHWWH XQG GHP 6SLHODXWRPDWHQ XQG VSUDFK PLW +HQQHU *ODVGURS 'HP $OWHQ PXWH ZRKO GDV *HOG NQDSS JHZRUGHQ VHLQ GHQQ HU HUNOlUWH VLFK VRIRUW EHUHLW GLH )DKUW ]X EHUQHKPHQ,Q]HKQ0LQXWHQZHUGHHU³%HL-XSSVHLQYHUVSUDFKHU 8ZH NHKUWH ]XU 7KHNH ]XUFN XQG NDP JHUDGH UHFKW]HLWLJ XP ]X VHKHQ ZLH -XOLXV 0|QNHPH\HU DXV HLQHU %ULHIWDVFKH HLQHQ IXQNHOQDJHOQHXHQ 0DUN 6FKHLQ ]RJ -XSS DOLDV -HODO )H\]LRJOX QlKHUWH VLFK GLHQVWEHIOLVVHQ 8ZH VWXW]WH ³:DVV Q GDV IU Q 'LQJ" IUDJWH HU ³'D LVW HQWZHGHU HLQH 1XOO ]X ZHQLJ GUDQ RGHU GDV IDOVFKH %LOG GUDXI %XUJ (OW] GLH LVW GRFK DXI GHP )QIKXQGHUWPDUNVFKHLQRGHUQLFKW" ,P$XJHQEOLFNZDUHUVHLQHU6DFKHVHOEVWQLFKWJDQ]VLFKHU ³6R PHLQWH -XOLXV 0|QNHPH\HU ³8QG ZDV IU HLQ %LOG LVW DXI GHP )QI]LJPDUNVFKHLQ" ³'DVGDVGDLVWGRFKGDV+ROVWHQWRUGUDXIQLFKWZDKU"VWRWWHUWH8ZH³-D GRFKGDV+ROVWHQWRULQ/EHFN ³.HLQ3UREOHPVDJWH-XOLXV0|QNHPH\HUEHVlQIWLJHQG³6RHWZD" 8ZH +DOOHQEURLFK KlWWH HLQHQ (LG GDUDXI JHOHLVWHW GHU 6FKHLQ KDWWH 0|QNHPH\HUV +DQG QLFKW GHQ %UXFKWHLO HLQHU 6HNXQGH ODQJ YHUODVVHQ (U ZDU QXU HLQPDO VFKQHOO KLQ XQG KHUJHGUHKW ZRUGHQ $EHU MHW]W SUDQJWHQ DXI GHU 5FNVHLWHGLHEHLGHQIHLVWHQ7UPHGHV+ROVWHQWRUV ³'DVROOGRFKJOHLFKPXUPHOWH8ZHYHUEOIIW -XSS QDKP GHQ 6FKHLQ HQWJHJHQ SUIWH LKQ HLQJHKHQG XQG EHIDQG LKQ VFKOLHOLFK DOV HLQZDQGIUHL -XOLXV 0|QNHPH\HU EHNDP HLQ SDDU NOHLQH 6FKHLQH XQG0Q]HQKHUDXVXQGKLQWHUOLHHLQ7ULQNJHOGLQ+|KHYRQ]ZHL0DUN$OVHU VHLQH %ULHIWDVFKH HWZDV XPVWlQGOLFK ZLHGHU YHUVWDXW KDWWH HUW|QWH GUDXHQ DXI GHU6WUDHHLQHODXWH+XSH'HUDOWH*ODVGURSZDUDQJHNRPPHQ 'LH EHLGHQ )HUQVFKHLQZHUIHU GHV VFKZHUHQ 7XUERGLHVHOV IUDHQ VLFK GXUFK GLH 1DFKW 'LH 6WUDH ODJ HLQVDP XQG YHUODVVHQ +HQQHU *ODVGURS KDWWH YROO DXIJHGUHKWZLHHUVLFKDXV]XGUFNHQSIOHJWH8QGGDVNDPQLFKWYRQXQJHIlKU ³%LWWH QHKPHQ 6LH GHQ NU]HVWHQ :HJ KDWWH -XOLXV 0|QNHPH\HU LKQ JHEHWHQ DOVGHU:DJHQVLFK³%HL-XSSLQ%HZHJXQJVHW]WH ³'HUNU]HVWH:HJLVWDEHUQLFKWGLH$XWREDKQKDWWHGHUDOWH*ODVGURSHUNOlUW ³'DVVSLHOWNHLQH5ROOHZDU0|QNHPH\HUV5HDNWLRQJHZHVHQ³(VLVWIUPLFK ZLFKWLJ GD ZLU GHQ NU]HVWHQ :HJ QHKPHQ 8QG ZHQQ 6LH HLQ ZHQLJ GUDXIWUHWHQJLEW VIU6LHHLQHQ%RQXV ³+UUPSK KDWWH GDUDXIKLQ +HQQHU *ODVGURS JHPDFKW XQG ZDU GDEHL RIIHQVLFKWOLFK EHVWHU/DXQH ³=ZLVFKHQKLHUXQG:DFNHUVKHLGHNHQQHLFKMHGHQ *HQGDUPHQ9RQGHQHQVFKUHLEWPLFKNHLQHUDXI8QGGDKLQWHU 'HU 5HVW ZDU 6FKXOWHU]XFNHQ -XOLXV 0|QNHPH\HU KDWWH HV VLFK DXI GHP
5FNVLW]EHTXHPJHPDFKW(UZLUNWHDXIHLQPDOORFNHUXQGHQWVSDQQWJDUQLFKW PHKU VR EHVRUJW ZLH ]XYRU 8ZH +DOOHQEURLFK VD YRUQH QHEHQ GHP DOWHQ *ODVGURS0DQFKPDOIUDJWHHUVLFKZDVHUEHLGLHVHU)DKUWHLJHQWOLFK]XVXFKHQ KlWWH (V ZUGH ODQJH QDFK 0LWWHUQDFKW VHLQ ELV VLH ZLHGHU ]XUFNNDPHQ XQG PRUJHQ EHL GHU $UEHLW KDWWH HU ZDKUVFKHLQOLFK HLQHQ VFKZHUHQ .RSI $EHU YRUKLQDOVVLH³%HL-XSSGXUFKGLH7UNDPHQXQGDXIGDV$XWR]XVFKULWWHQGD KDWWHHUVLFK]XVHLQHPHLJHQHQ(UVWDXQHQSO|W]OLFKIUDJHQK|UHQ ³0DFKW V,KQHQZDVDXVZHQQLFKPLWNRPPH" 8QG0|QNHPH\HUKDWWHGDUDXIJHDQWZRUWHW ³1LFKWLPJHULQJVWHQ,FKKlWWHYRQPLUDXVXP,KUH%HJOHLWXQJJHEHWHQ -HW]WVDHUQHEHQ+HQQHU*ODVGURSXQGVDK]XZLHGLHEHLGHQ6FKHLQZHUIHUGLH 'XQNHOKHLW LQ VLFK KLQHLQIUDHQ (U ZXQGHUWH VLFK EHU HLQH 9LVLWHQNDUWH GLH GHQ %HUXI LKUHV (LJHQWPHUV PLW ³.RVPRNUDW DQJDE EHU HLQHQ 0DUN 6FKHLQ GHU VLFK DXI P\VWHUL|VH :HLVH YHUZDQGHOW KDWWH XQG EHU VLFK VHOEVW ZHLOHUVLFKQLFKWQXURKQH$QODXPGHQ6FKODIEUDFKWHVRQGHUQVLFKREHQGUHLQ QRFKHLQHNUlIWLJH6WDQGSDXNHGHU:LWZH+DOOHQEURLFKHLQKDQGHOWHGLHZHQQHV XP )UDJHQ GHU 6FKLFNOLFKNHLW RGHU GHV 9HUQQIWLJVHLQV JLQJ ]X YHUJHVVHQ SIOHJWHGDLKU6RKQPLW-DKUHQHLQDXVJHZDFKVHQHU0HQVFKZDU 'LH *HJHQG GXUFK GLH +HQQHU *ODVGURS IXKU NDQQWH HU QXU REHUIOlFKOLFK 'HU :HJ]XVHLQHU$UEHLWVVWlWWHIKUWHDXIGHUDQGHUHQ6HLWHQDFK9HUVEURFNKLQDXV +LHU ZDU LUJHQGZR GLH :DFNHUHU +HLGH GLH DQ :RFKHQHQGHQ DOV 3LFNQLFN *HOlQGHGLHQWH'DQQNDPGLH(LVHQEDKQOLQLHYRQ2OGHVPDDUQDFK%UHFNHQEOO DXIGHUVHLW]HKQ-DKUHQNHLQ=XJPHKUJHIDKUHQZDUXQGGDQQ (LVLJHU6FKUHFNIXKULKPLQGLH*OLHGHU ³0HQVFKVWLHHUKHUYRU ³:DVLVWGHQQ-XQJ"IUDJWHGHUDOWH*ODVGURSEHKlELJ ³'LH (LVHQEDKQEUFNH 6LH KDEHQ GLH %UFNH DEJHULVVHQ +DVW GX GDV QLFKW JHOHVHQ"KDVSHOWH8ZHKHUXQWHU ³6R Q4XDWVFKEUXPPWH+HQQHU*ODVGURS³1DGDZHUGHQGRFKZRKOHLQSDDU :DUQVFKLOGHUVWHKHQ (UEHXJWHVLFKEHUGHP6WHXHUUDGQDFKYRUQHXQGVSlKWHLQGLH1DFKWKLQDXV ³/DVVHQ6LHVLFKQLFKWEHXQUXKLJHQVDJWH-XOLXV0|QNHPH\HUYRQKLQWHQ³,FK KDEHKHXWHHUIDKUHQGDGLH%UFNHZLHGHULQ%HWULHELVW ³1DDOVRNQXUUWHGHUDOWH*ODVGURS ,QGHU)HUQHWDXFKWHHLQJUHOOJHOEHV=HLFKHQPLWGLFNHQVFKZDU]HQ%XFKVWDEHQ DXI VFKR PLW DWHPEHUDXEHQGHU *HVFKZLQGLJNHLW KHUDQ XQG GDQQ VHLWZlUWV DP :DJHQYRUEHL+HQQHU*ODVGURSKDWWHJXWDXIGHP7DFKR ³'DV GDV ZDU V VFKULH 8ZH +DOOHQEURLFK LQ K|FKVWHU 3DQLN ³%UHPV GRFK 0DQQ ³,PPHUPLWGHU5XKHPHLQ-XQJVDJWH*ODVGURS³'XKDVWGRFKJHK|UWHVLVW DOOHVLQ2UGQXQJ 8QGSO|W]OLFKZDUGLH6WUDH]X(QGH'DV/LFKWGHU6FKHLQZHUIHUILHODXIHLQH EHWRQLHUWH6FKUlJH(LQJUDXHU%UFNHQSIHLOHUUDJWHDXIDEHUGDZRGLH%UFNH KlWWH DXIOLHJHQ VROOHQ ZDU QXU HLQ *HZLUU YRQ YHUERJHQHQ YHUURVWHWHQ
6WDKOGUlKWHQ 8ZH +DOOHQEURLFK UL GLH $UPH LQ GLH +|KH *DQ] ZLQ]LJ PDFKWH HU VLFK LQ VHLQHP 6LW] XQG ZROOWH GHP 6FKLFNVDO GDV GD XQDXVZHLFKOLFK DXI LKQ ]XNDP HLQHQP|JOLFKVWNOHLQHQ:LUNXQJVTXHUVFKQLWWELHWHQ(UK|UWHZLHGLH5lGHUGHQ $VSKDOW YHUOLHHQ 3O|W]OLFK ZDU DOOHV JDQ] VWLOO 'HU :DJHQ VFKR GXUFK GLH /XIW JHUDGHVZHJV DXI GHQ 6WDKOEHWRQSIHLOHU ]X +HQQHU *ODVGURS VD ZLH HUVWDUUWKLQWHUP6WHXHUUDGGLH$XJHQZHLWDXIJHULVVHQ 'DQQJDEHVHLQHQIUFKWHUOLFKHQ.UDFKXQGLPVHOEHQ$XJHQEOLFNZXWH8ZH +DOOHQEURLFKQLFKWVPHKU (UVDDXIHLQHUJODWWHQ)OlFKHVRIXJHQORVZLHHUQRFKQLHHLQHJHVHKHQKDWWH 1HEHO ZDU ULQJVXP XQG GXUFK GHQ 1HEHO OXJWHQ GLH 8PULVVH ULHVLJHU XQZLUNOLFKHU 'LQJH (LQH $KQXQJ 6RQQH OHXFKWHWH GXUFK GHQ 'XQVW 8ZH EHJULIILQWXLWLYGDHVIUKDP0RUJHQZDUGDGHU1HEHOVLFKOLFKWHQXQGGHU 7DJZRONHQORVXQGVRQQLJVHLQZUGH 'DV 0HUNZUGLJH ZDU GD HU GDV *HIKO KDWWH VFKRQ OlQJHUH =HLW KLHU ]X VLW]HQ'HU+LQWHUQWDWLKPZHK'HU%RGHQZDUQLFKWQXUJODWWXQGIXJHQORVHU ZDUDXHUGHPKDUW (UVDKVLFKXP.HLQHGUHL6FKULWWHHQWIHUQWVWDQG-XOLXV0|QNHPH\HU(UZDULQ HLQHHQJDQOLHJHQGHKHOOJUDXH0RQWXUJHNOHLGHWGLHIXWXULVWLVFKZLUNWHXQGDXV HLQHP0DWHULDOEHVWDQGGDV]XJOHLFKDQ0HWDOOXQGDQ/HGHUHULQQHUWH ³:DVZDVLVWORV"IUDJWH8ZHYHUGDWWHUW ³:LUVLQGDP=LHODQWZRUWHWH0|QNHPH\HUHUQVW ³:RLVWZRLVWGDV$XWR"VWRWWHUWH8ZH³8QGZDVLVWDXVGHPDOWHQ*ODVGURS JHZRUGHQ" ³*ODVGURS LVW DQ GHU DOWHQ %UHFNHQEOOHU (LVHQEDKQEUFNH XPJHNHKUW VDJWH -XOLXV 0|QNHPH\HU ³,FK KDEH LKQ EH]DKOW PLW HLQHP WFKWLJHQ $XIJHOG XQG ZLUVLQGDOOHLQZHLWHUJHJDQJHQ ³:LU ZLU VLQG QLFKW YRQ GHU %UFNH JHVWU]W" IUDJWH 8ZH KLOIORV ³(V JDE NHLQHQ.QDOONHLQHQ8QIDOO" ³1DWUOLFK QLFKW OlFKHOWH -XOLXV 0|QNHPH\HU ³:LU .RVPRNUDWHQ VLQG ]ZDU GHP 7UDQVIRUPV\QGURP XQWHUZRUIHQ ZHQQ ZLU GLH *UHQ]HQ XQVHUHV %HUHLFKV EHUVFKUHLWHQ$EHU8QIlOOHN|QQHQZLUDOOHPDOYHUKWHQ 8ZH+DOOHQEURLFKVWHPPWHVLFKLQGLH+|KH9HUGDPPWGHU6WHLEUDQQWHLKP JDQ] JHZDOWLJ 9HUEOIIW VWHOOWH HU IHVW GD HU lKQOLFK JHNOHLGHW ZDU ZLH -XOLXV 0|QNHPH\HU ³:RKHUVWDPPWGDV=HXJ"ZROOWHHUZLVVHQXQGVWULFKPLWGHU+DQGYRUVLFKWLJ EHU HLQ +RVHQEHLQ GDV VLFK VR VDQIW DQIKOWH DOV ZlUH HV DXV 6DPW XQG VR ZLGHUVWDQGVIlKLJDOVEHVWQGHHVDXVJHZDO]WHP(GHOVWDKO ³:LU ZROOHQ XQV MHW]W QLFKW PLW 1HEHQVlFKOLFKNHLWHQ DXIKDOWHQ PDKQWH 0|QNHPH\HU³:LUKDEHQQLFKWPHKUYLHO=HLW'LH$NWLRQPXVRIRUWEHJRQQHQ ZHUGHQ ³0RPHQW PDO EHJHKUWH 8ZH DXI ³'X ELVW LFK PHLQH 6LH VLQG ZLUNOLFK HLQ .RVPRNUDW" ³-DVDJWH0|QNHPH\HU
³8QGKLHUXQGMHW]W]XP7HXIHOZRELQLFKHLJHQWOLFK" ³7HUUDQLDDQWZRUWHWH0|QNHPH\HU 'D UL 8ZH +DOOHQEURLFK GHQ .RSI KHUXP XQG VDK GD GHU 1HEHO LQ]ZLVFKHQ OLFKWHU JHZRUGHQ ZDU 'LH 8PULVVH KDWWHQ DQ 'HXWOLFKNHLW JHZRQQHQ (U VDK GDHU VLFKDXI GHP SODWWHQ 'DFKHLQHV *HElXGHVEHIDQGXQGULQJVXPVWDQGHQ QRFK PHKU *HElXGH S\UDPLGHQI|UPLJH NHJHOI|UPLJH XQG VROFKH GLH DXV YHUVFKLHGHQHQJHRPHWULVFKHQ)RUPHQ]XVDPPHQJHVHW]WZDUHQXQGHVJDELKUHU HLQH XQJHKHXUH XQEHUVHKEDUH 0HQJHGLHELV]XP+RUL]RQWXQG QRFKGDUEHU KLQDXVUHLFKWHXQGHLQLJHGDYRQZDUHQVRKRFKDOVZROOWHQVLHGXUFKGHQ1HEHO KLQGXUFKHLQ/RFKLQGHQ+LPPHOERKUHQ ³7HUUDQLDKDXFKWH8ZH+DOOHQEURLFK ³9LHUKXQGHUWDFKWXQGVLHE]LJ 1HXHU *DODNWLVFKHU =HLWUHFKQXQJ NRPPHQWLHUWH -XOLXV0|QNHPH\HU ³6RZHLWVLQGZLUGRFKQRFKJDUQLFKWSODW]WH8ZHKHUDXV $XV GHU 7LHIH NDPHQ GLH *HUlXVFKH HLQHU HUZDFKHQGHQ 6WDGW *HUlXVFKH ZLH 8ZH +DOOHQEURLFK VLH QRFK QLH JHK|UW KDWWH KHOOHV 6XPPHQ GHU *OHLWHUWULHEZHUNH IO|WHQGH 6LJQDOW|QH ]LUSHQGH /DXWH GHU 8OWUDVFKDOO .XU]VWUHFNHQNRPPXQLNDWLRQ NXU]XP GDV JDQ]H DNXVWLVFKH 6SHNWUXP HLQHU VWlGWLVFKHQ=LYLOLVDWLRQGLHDXV8ZHV:DUWHEHWUDFKWHWEHU]ZHLWDXVHQG-DKUH LQGHU=XNXQIWODJ ³:LH ZHLW GLH 9HU|IIHQWOLFKXQJ GHU 6HULH 3HUU\ 5KRGDQ JHGLHKHQ LVW VDJWH -XOLXV0|QNHPH\HUGHU8ZHVEHUUDVFKWHQ$XVUXIZRKOYHUVWDQGHQKDWWH³KDW DXIGLH:HFKVHOZLUNXQJGHUSDUDOOHOHQ:LUNOLFKNHLWHQNHLQHQ(LQIOX 8ZHVWDUUWHLKQDQZLHHLQHQ*HLVW ³'DV DOOHV LVW DOVR :LUNOLFKNHLW JHZRUGHQ" IUDJWH HU IDVVXQJVORV ³3HUU\ 5KRGDQ7HUUDQLDGLH1HXH*DODNWLVFKH=HLWUHFKQXQJ" ³6RN|QQWHPDQHVVHKHQDQWZRUWHWHGHU.RVPRNUDW ³8QG ZLU XQG ZLU 3O|W]OLFK HULQQHUWH HU VLFK GD 0|QNHPH\HU YRQ HLQHU $NWLRQJHVSURFKHQKDWWH³:DVZROOHQZLUKLHUHLJHQWOLFK"HUNXQGLJWHHUVLFK ³9LVKQDEHIUHLHQVDJWH0|QNHPH\HU ³9LVKQD" ³6LH EHILQGHW VLFK LQ HLQHU ZHQLJ EHQHLGHQVZHUWHQ /DJH GLH VLH DOOHUGLQJV LQ HUVWHU /LQLH LKUHP HLJHQHQ 0DQJHO DQ 8PVLFKW ]X]XVFKUHLEHQ KDW DQWZRUWHWH 0|QNHPH\HUHUQVW³,PPHUKLQVLHLVWHLQH.RVPRNUDWLQXQGPDQGDUIVLHQLFKW LQGHU3DWVFKHVWHFNHQODVVHQ'HVZHJHQEUDXFKHLFK,KUH+LOIH ³0HLQH +LOIH" ULHI 8ZH ³8QG ZDV ZHQQ LFK QLFKW DQJHERWHQ KlWWH PLW QDFK .|OQ]XIDKUHQ" (U ZDUI HLQHQ UDVFKHQ %OLFN LQ GLH 5XQGH XQG SO|W]OLFK QDKP DQJHVLFKWV GHU ULHVLJHQ IUHPGDUWLJHQ *HElXGH GHU 1DPH .|OQ HLQHQ JDQ] HLJHQDUWLJHQ *HVFKPDFNDXIVHLQHU=XQJHDQ.|OQ.|OQ*DEHV.|OQEHUKDXSWQRFK" ³,FKKlWWH6LHVFKRQ]XEHUUHGHQJHZXWOlFKHOWH0|QNHPH\HU ³0RPHQW PDO HLQHQ JDQ] NOHLQHQ $XJHQEOLFN EHJHKUWH 8ZH DXI ³6LH VLQG .RVPRNUDW9LVKQDLVW.RVPRNUDWLQ(LQHQ$XJHQEOLFNZXUGHHUXQVLFKHU³,VW VLHGRFKZLUNOLFKRGHU"
0|QNHPH\HUQLFNWHXQG8ZHIXKUIRUW ³9LVKQD LVW LQ 1RW XQG 6LH EUDXFKHQ HLQHQ NOHLQHQ 0HFKDQLNHUPHLVWHU DXV 9HUVEURFNGHU,KQHQKLOIWVLH]XEHIUHLHQ" ³6RLVWHVEHVWlWLJWH0|QNHPH\HU ³-D ZR EOHLEW GHQQ GD GLH JDQ]H 0DFKW GHU .RVPRNUDWHQ" EUDFK HV DXV 8ZH KHUYRU³:R]XLVWPDQGHQQ.RVPRNUDWZHQQPDQQLFKWHLQPDO ³'DVOLHJWDP.2+/ILHOLKP0|QNHPH\HULQV:RUW ³$P DP .RKO VWDXQWH 8ZH +DOOHQEURLFK IDVVXQJVORV ³$Q XQVHUHP %XQGHVNDQ]OHU ³1HLQ QDWUOLFK QLFKW NRUULJLHUWH LKQ 0|QNHPH\HU ³.2+/ VWHKW DENU]HQG IU .RVPRNUDWLVFKHV 2SWLRQVEHGLQJWHV +DQGOXQJVIlKLJNHLWV/LPLW 9LHOOHLFKW VROOWHLFK,KQHQGDVHLQZHQLJQlKHUHUNOlUHQ ³-D GDV WXQ 6LH PDQ EHVVHU VDJWH 8ZH +DOOHQEURLFK ³,FK IDQJH QlPOLFK DOOPlKOLFKDQ]XVSLQQHQ ³'D .RVPRNUDWHQ ZHQQ VLH LKUHQ HLJHQWOLFKHQ /HEHQVEHUHLFK YHUODVVHQ XQG VLFK LQ GLH 5HJLRQ GHU 6WDQGDUGLQWHOOLJHQ]HQ EHJHEHQ GHP 7UDQVIRUPV\QGURP XQWHUOLHJHQGDYRQKDEHQ6LHVFKRQJHK|UW"EHJDQQ-XOLXV0|QNHPH\HU ³-D DQ VR ZDV HULQQHUH LFK PLFK DQWZRUWHWH 8ZH ³7DXUHF XQG 9LVKQD LQ GLHVHP =XVDPPHQKDQJ ZDU GDYRQ GLH 5HGH 'HU .RVPRNUDW YHUOLHUW GHQ JU|WHQ7HLOVHLQHU)lKLJNHLWHQXQGZLUGSUDNWLVFK]XHLQHP6WDQGDUGZHVHQ ³6R LVW GDV EHVWlWLJWH 0|QNHPH\HU ³$EHU JDQ] VFKXW]ORV EHUTXHUHQ ZLU GLH *UHQ]H GRFK QLFKW (V VWHKHQ XQV JHZLVVH 2SWLRQHQ ]XU 9HUIJXQJ DOVR )lKLJNHLWHQ GLH 6LH DOV EHUVLQQOLFK EH]HLFKQHQ ZUGHQ GLH ZLU PLW DXI GLH 5HLVH QHKPHQ GUIHQ ,KUH =DKO LVW DOOHUGLQJV EHVFKUlQNW 1LHPDQG KDW MHPDOV PHKU DOV GUHL 2SWLRQHQ PLWJHQRPPHQ 'HVZHJHQ VDJW PDQ XQVHUH +DQGOXQJVIlKLJNHLWVHLRSWLRQVEHGLQJWOLPLWLHUW9HUVWHKHQ6LHGDV" ³6RHLQLJHUPDHQVDJWH8ZH+DOOHQEURLFK ³*XW 'LH ]ZHL 2SWLRQHQ GLH LFK PLWJHEUDFKW KDEH VLQG GLH FKURQRWRSLVFKH 7UDQVSRVLWLRQ ³'HUEHOLHELJH:HFKVHOYRQ2UWXQG=HLWYHUVXFKWH8ZH]XUDWHQ ³*DQ] ULFKWLJ &+5275$16 JHQDQQW XQG GLH 7UDQVPDWHULDOLVDWLRQ DXFK DOV 75$160$7EH]HLFKQHW ³'LH 8PZDQGOXQJ YRQ 0DWHULH 'DKHU GHU IDOVFKH )QI]LJPDUNVFKHLQ GHU SO|W]OLFKJDUQLFKWPHKUIDOVFKZDU ³,FK VHKH LFK KDEH LQ ,KQHQ NHLQH VFKOHFKWH :DKO JHWURIIHQ OREWH -XOLXV 0|QNHPH\HU ³0DJVHLQDQWZRUWHWH8ZH³$EHUHLQHVKlWWHLFKGRFKJHUQHJHZXW:DUXP KDEHQ6LHVLFKDXVJHUHFKQHWPLFKDXVJHVXFKW" ³,FK EUDXFKWH MHPDQG GHP LFK QLFKW ODQJH HUNOlUHQ PXWH ZDV KLHU HLJHQWOLFK YRUJHKW(LQHQGHUPLWGHU0DWHULHYHUWUDXWLVWPLWGHU0DWHULH3HUU\5KRGDQ XPJHQDX]XVHLQ ³1DVFK|Q$EHUHVJLEWVRYLHOH3HUU\5KRGDQ/HVHU ³.DXP HLQHQ ILHO LKP 0|QNHPH\HU LQV :RUW ³GHU VLFK VR EUHQQHQG IU GLH *HVFKLFNHGHU.RVPRNUDWHQLQWHUHVVLHUWZLH6LH
³6R"'DVKDWDOVRDXFKHLQH5ROOHJHVSLHOW"ZXQGHUWHVLFK8ZH+DOOHQEURLFK ³'XUFKDXV EHVWlWLJWH -XOLXV 0|QNHPH\HU ³$EHU ]XUFN ]X XQVHUHP XUVSUQJOLFKHQ7KHPD,QIROJHGHV.2+/ELQLFKLQPHLQHU(IIL]LHQ]GXUFKDXV EHVFKUlQNW ,FK EHVLW]H SUDNWLVFK QLFKW PHKU )lKLJNHLWHQ DOV 6LH ,FK EUDXFKH +LOIHGHQQDOOHLQHNDQQLFK9LVKQDQLFKWDXVLKUHU/DJHEHIUHLHQ9HUVWHKHQ6LH QXQ" ³,FK ZLOO PDO VR WXQ DOV RE VDJWH 8ZH ³:HQQ LFK DEHU GLH /DJH ULFKWLJ EHUEOLFNH GDQQ VLQG 9LVKQD XQG GLH 0HQVFKKHLW ]ZDU QLFKW LQ EHVWHP (LQYHUVWlQGQLV DEHU ZHQLJVWHQV QLFKW DOV )HLQGH YRQHLQDQGHU JHVFKLHGHQ :LH NRPPW HV GD 9LVKQD VLFK DXVJHUHFKQHW LQ 7HUUDQLD LQ GHU =ZLFNPKOH EHILQGHW" ³6LH GUIHQ QLFKW HUZDUWHQ GD VLFK GLH (QWZLFNOXQJ GHU SDUDOOHOHQ :LUNOLFKNHLWHQEXFKVWDEHQJHWUHXQDFKGHQ6FKLOGHUXQJHQ,KUHU6FLHQFHILFWLRQ 6HULHULFKWHWHUNOlUWH0|QNHPH\HU³:LUEHILQGHQXQVKLHULQHLQHPQXQ6LH ZUGHQ ZDKUVFKHLQOLFK 3DUDOOHOXQLYHUVXP GD]X VDJHQ'LH3HUVRQHQGHQHQ6LH KLHUEHJHJQHQZHUGHQlKQHOQMHQHQLQ,KUHQ+HIWHQRIWQXUlXHUOLFK ³:HUGHLFK3HUU\5KRGDQ]XVHKHQEHNRPPHQ"ZROOWH8ZHZLVVHQ ³'DVLVWXQZDKUVFKHLQOLFK5KRGDQKlOWVLFK]XU=HLWLQGHU*DOD[LV7VFKXVFKLN DXI'HU$OOHV5DWKDWLKQ]XHLQHU%HVSUHFKXQJHLQJHODGHQ ³'HU $OOHV5DW VW|KQWH 8ZH +DOOHQEURLFK ³'DV KlOW GHU 0HQVFK LP .RSI QLFKWDXV ³:LUPDFKHQXQVMHW]WDPEHVWHQDXIGHQ:HJVFKOXJ-XOLXV0|QNHPH\HUYRU ³9LVKQD EHILQGHW VLFK LQ HLQHP 5DXP HWZD DXI KDOEHU+|KH GHV *HElXGHV XP GDVDFKW]LJVWH6WRFNZHUNKHUXP:LUIDKUHQGRUWPLWGHP$QWLJUDY (U ZLHV DXI HLQ NDVWHQI|UPLJHV *HELOGH GDV VLFK DP DQGHUHQ (QGH GHU 'DFKIOlFKHHUKRE ³:DUXP VR XPVWlQGOLFK" ZROOWH 8ZH ZLVVHQ ³:DUXP PDFKHQ 6LH GDV QLFKW PLWGHP&KURWUDQV" ³,Q GHP *HElXGH XQWHU XQV EHILQGHW VLFK GDV +DXSWTXDUWLHU GHU *DODNWLVFKHQ $EZHKU *DO$E JHQDQQW HUOlXWHUWH GHU .RVPRNUDW ³(V JLEW 7DXVHQGH YRQ 6HQVRUHQ $EZHKUPHFKDQLVPHQ XQG lKQOLFKHQ 'LQJHQ 'LH %HQW]XQJ GHV &KURWUDQVO|VWSVLRQLVFKH6WUHXLPSXOVHDXVGLHDXIMHGHQ)DOOUHJLVWULHUWZUGHQ +LHULVWGLHNRQYHQWLRQHOOH9RUJHKHQVZHLVHGLHEHVWH 'HU+LQZHLVDXIGLH6HQVRUHQXQG$EZHKUPHFKDQLVPHQKDWWH8ZHHLQHQOHLVHQ 6FKDXGHU EHU GHQ 5FNHQ JHMDJW (U KDWWH YRQ 0LNURPHJHUlWHQ JHOHVHQ GLH GLH 0LWRVHVWUDKOXQJ GHV PHQVFKOLFKHQ =HOOJHZHEHV ]X DQDO\VLHUHQ XQG DQKDQG GHU $QDO\VH ]X HQWVFKHLGHQ YHUPRFKWHQ RE HV VLFK EHL GHP 8QWHUVXFKWHQ XP HLQHQ %HIXJWHQ RGHU HLQHQ 8QEHIXJWHQ KDQGHOWH $XFK YRQ YHUERUJHQ LQVWDOOLHUWHQ7KHUPREODVWHUQZDUGDGLH5HGHJHZHVHQGLHPLWGHP8QEHIXJWHQ NXU]HQ3UR]HPDFKWHQ$EHUGDVILHOLKPQDFKHLQLJHUhEHUOHJXQJHLQZDU]X GHU=HLWJHZHVHQDOVGLH7HUUDQHUQRFKJHJHQGLH'UXXINlPSIWHQ+HXW]XWDJH ZDUHQ VLH ]LYLOLVLHUWHU 8QG JDQ] JHZL ZUGH -XOLXV 0|QNHPH\HU VLFK QLFKW XQEHGDFKWLQHLQHVROFKH*HIDKUEHJHEHQ$OV7UDQVIRUPV\QGURP*HVFKlGLJWHU ZDU HU IU GHQ (QHUJLHVWUDKO HLQHV 7KHUPREODVWHUV HEHQVR DQIlOOLJ ZLH HLQ
QRUPDOHU0HQVFK 'HU $XIEDX DP 5DQG GHV 'DFKHV EHVD HLQH 7U GLH VLFK RKQH 0KH |IIQHQ OLH 'DKLQWHU ODJ HLQ NOHLQHU 5DXP PLWHLQHP JURHQ UXQGHQ /RFK LP%RGHQ 'DV/RFKVWHOOWHGDVREHUH(QGHHLQHV$QWLJUDYVFKDFKWVGDU8ZH+DOOHQEURLFK EHXJWH VLFK YRUVLFKWLJ QDFK YRUQH XQG EHNDP HLQHQ OHLVHQ 6FKZLQGHODQIDOO DOV HUGXUFKGHQKHOOHUOHXFKWHWHQ6FKDFKW6WRFNZHUNHZHLWLQGLH7LHIHEOLFNWH 1HEHQ LKP VFKZDQJ VLFK -XOLXV 0|QNHPH\HU XQEHVRUJW EHU GHQ 5DQG GHV /RFKHVXQGVDQNJHPlFKOLFKQDFKXQWHQ8ZHVFKORGLHXQGIROJWHLKP (V ZDU HLQ JDQ] XQEHVFKUHLEOLFKHV *HIKO (U KDWWH VLFK EHL GHU /HNWUH VHLQHU /LHEOLQJVURPDQH RIW JHIUDJW ZDV HU HPSILQGHQ ZUGH ZHQQ HU GXUFK HLQHQ $QWLJUDYVFKDFKWJOLWWH(VZDUZLH)OLHJHQQXUYLHOUXKLJHURKQHMHGHV*HUWWHO XQG *HZDFNHO 'LH $XVJlQJH GHU HLQ]HOQHQ 6WRFNZHUNH VWLHJHQ DQ LKP YRUEHL LQ GLH +|KH 2EZRKO GLH %HZHJXQJ JHPlFKOLFK HUVFKLHQ JLQJ LQ :LUNOLFKNHLW DOOHVUHFKWVFKQHOO(VNDPLKPVRYRUDOVN|QQWHVHLWLKUHP(LQVWLHJK|FKVWHQV HLQH0LQXWHYHUJDQJHQVHLQDOV-XOLXV0|QNHPH\HULP]XZLQNWHXQGHLQHQGHU (WDJHQDXVJlQJH DQVWHXHUWH 8ZH WDW HV LKP QDFK XQG VWHOOWH VLFK GDEHL HUVWDXQOLFK JHVFKLFNW DQ REZRKO LKP VHOEVW QLFKW NODU ZDU ZLH HU GHQQ HLJHQWOLFKVHLQH*HVFKZLQGLJNHLWXQGVHLQH%HZHJXQJVULFKWXQJ]XEHHLQIOXVVHQ YHUPRFKWH (U ODQGHWH LQ HLQHP EUHLWHQ KHOOHQ .RUULGRU GHVVHQ %RGHQ VR DXVVDK DOV VHL HU DXV SROLHUWHP =HPHQW JHPDFKW MHGRFK GLH .RQVLVWHQ] HLQHV PLWWHOPlLJZHLFKHQ7HSSLFKVEHVD ³9LVKQD LVW LUJHQGZR KLHU LQ GHU 1lKH VDJWH -XOLXV 0|QNHPH\HU PLW XQWHUGUFNWHU6WLPPH 8ZHKRUFKWH(VZDUQLUJHQGZRHLQ/DXW]XK|UHQDXFKGLH*HUlXVFKHGHU6WDGW ZDUHQ OlQJVW YHUVWXPPW (QWZHGHU DUEHLWHWH GLH *DO$E Y|OOLJ ODXWORV RGHU HV ZDUQRFKQLHPDQG]XU$UEHLWHUVFKLHQHQ 9RUVLFKWLJ EHZHJWHQ VLH VLFK GHQ .RUULGRU HQWODQJ 9RU HLQHU GHU YLHOHQ 7UHQ EOLHE 0|QNHPH\HU VWHKHQ (V ZDU IU 8ZH QLFKW HUVLFKWOLFK DXI ZHOFKH :HLVH HUVLFKRULHQWLHUWHDEHUYRQHLQHP.RVPRNUDWHQHUZDUWHWHPDQVFKOLHOLFKGD HU DXHU VHLQHP .2+/ DXFK VRQVW QRFK EHU HLQ SDDU EHVRQGHUH )lKLJNHLWHQ YHUIJWH ³+LHU VDJWH 0|QNHPH\HU PLW %HVWLPPWKHLW ³9LVKQD LVW KLHU 'HU$XJHQEOLFN LVWJQVWLJ(VEHILQGHWVLFKQXUHLQHLQ]LJHU0HQVFKEHLLKU 'LH7UELOGHWHNHLQ+LQGHUQLV6LHIKUWHLQHLQHQNOHLQHQVSlUOLFKP|EOLHUWHQ 9RUUDXP ,Q GHU UFNZlUWLJHQ :DQG VWDQG HLQH ZHLWHUH 7U RIIHQ 'LH 6WLPPH HLQHV0DQQHVZDU]XK|UHQ ³6SUHL]GLFKVRODQJHGXZLOOVWVDJWHVLH³,FKKDEH=HLW8QGHLQHV7DJHVZLUVW GXHLQVHKHQGDHVEHVVHULVWZHQQGXPLWPLU]XVDPPHQDUEHLWHVW ³6HOEVW PLW =HOODNWLYDWRU ZLUVW GX GLHVHQ 7DJ QLFKW HUOHEHQ DQWZRUWHWH HLQH GXQNOH UDXFKLJH )UDXHQVWLPPH EHL GHUHQ .ODQJ HV 8ZH KHL XP GLH 2KUHQ ZXUGH -XOLXV0|QNHPH\HUKDWWHLKQDQGHU6FKXOWHUJHIDWXQGVFKRELKQLQ5LFKWXQJ GHURIIHQHQ7U8ZHVSlKWHXPGHQ7USIRVWHQ (U VDK HLQ SDDU (LQULFKWXQJVJHJHQVWlQGH GHUHQ )XQNWLRQ LKP YHUERUJHQ EOLHE
6LH JHK|UWHQ RIIHQEDU ]XU 7HFKQLN GHV -DKUKXQGHUWV 1HXHU *DODNWLVFKHU =HLWUHFKQXQJ'DQQHUEOLFNWHHU9LVKQD(VGXUFK]XFNWHLKQZLHHLQHOHNWULVFKHU 6FKRFN +HLOLJHU +LPPHO ZDU GLH )UDX VFK|Q *DQ] ZLH HU VLH VLFK LPPHU YRUJHVWHOOW KDWWH PLW HLQHP *HVLFKW GHVVHQ 6FKQLWW LQ GHU 6HHOH HLQHV MHGHQ JHVXQGHQ0DQQHVXQJH]JHOWHV9HUODQJHQZHFNWH0LWGXQNOHQJURHQ$XJHQ LQ GHQHQ HLQ VFKZDU]HV )HXHU ]X EUHQQHQ VFKLHQ 'LH .RVPRNUDWLQ ZDU LQ HLQH HQJDQOLHJHQGHVLOEHUQXQG VFKZDU]H.RPELQDWLRQJHNOHLGHW6LHVDDXIHLQHP EHTXHPHQ 6HVVHO 5LQJV XP GHQ 6HVVHO IOLPPHUWH GLH /XIW 8ZH EHJULII GD 9LVKQDYRQHLQHPHQHUJHWLVFKHQ6SHUUIHOGXPJHEHQZDU (U EHXJWH VLFK HLQ ZHQLJ ZHLWHU QDFK YRUQH XQG HUVSlKWH XP GLH (FNH KHUXP HLQHQ PlFKWLJHQ PLW DOOHUOHL NRPSOH[HP *HUlW DXVJHVWDWWHWHQ $UEHLWVWLVFK +LQWHUGHP7LVFKLQHLQHP6LW]P|EHOGDVVFKRQHKHUHLQHP7KURQJOLFKKDWWH HV VLFK HLQ KRFKJHZDFKVHQHU GXQNHOKDDULJHU 0DQQ PLWWOHUHQ $OWHUV EHTXHP JHPDFKW (U WUXJ HLQH WDXEHQJUDXH 8QLIRUP PLW 5DQJDE]HLFKHQ GLH DXV VWLOLVLHUWHQJROGHQHQ.RPHWHQEHVWDQG 8ZH +DOOHQEURLFK ZDU QLFKW VLFKHU RE LQ GHQ ODQJHQ -DKUHQ GLH GLH JU|WH 6FLHQFHILFWLRQ6HULH GHU :HOW VFKRQ DXI GHP 0DUNW ZDU VLFK MH HLQ =HLFKQHU GLH0KHJHPDFKWKDWWHGLHVHQ0DQQ]XNRQWHUIHLHQ$EHUJOHLFKJOWLJREHUMH VHLQ %LOG JHVHKHQ RGHU LKQ VLFK QXU LQ GHU 3KDQWDVLH DXVJHPDOW KDWWH HU ZXWH JHQDXZHUGHU0DQQZDU *DOEUDLWK 'HLJKWRQ IUKHU &KHI GHU 6RODUHQ $EZHKU MHW]W ]X HLQHU =HLW GLH DXVGHU:DUWHGHV%DQGHVQRFK-DKUHLQGHU=XNXQIWODJRIIHQEDU]XP 2EHUEHIHKOVKDEHUGHU*DO$EDYDQFLHUW 'HLJKWRQ PXWH HWZDV JHK|UW KDEHQ (U VSUDQJ DXI XQG IXKU KHUXP (V JHODQJ 8ZH+DOOHQEURLFKQLFKWVLFKVFKQHOOJHQXJ]XUFN]X]LHKHQ ³:HU LVW GD" GRQQHUWH *DOEUDLWK 'HLJKWRQV 6WLPPH ³:LH NRPPVW GX KLHU KHUHLQ 8ZH VDK ZLH 'HLJKWRQV +DQG QDFK GHP .ROEHQ GHU :DIIH VWDFK GLH HU LP *UWHOWUXJ ³1LFKWVFKLHHQVFKULHHUYROOHU9HU]ZHLIOXQJ³,FKZLOOGRFKQXULFKZROOWH GRFKQXU -D ZDV HU HLJHQWOLFK ZROOWH GDV ZXWH HU VHOEVW QLFKW (U ZDU JHNRPPHQ XP -XOLXV 0|QNHPH\HU EHL GHU %HIUHLXQJ 9LVKQDV ]X KHOIHQ $EHU ZLH GDV LP HLQ]HOQHQYRQVWDWWHQJHKHQVROOWHGDYRQKDWWHHUNHLQH$KQXQJ ³7ULWWQlKHUEHIDKO*DOEUDLWK'HLJKWRQ³8QGQLPPGLH$UPHLQGLH+|KH 8ZH JHKRUFKWH 'HLJKWRQ KDWWH GLH :DIIH LQ $QVFKODJ JHEUDFKW ,Q GHU 0QGXQJ JORPP RUDQJHURW GDV $EVWUDKOIHOG (V ZDU GHP IULVFKJHEDFNHQHQ 0HFKDQLNHUPHLVWHU DXV 9HUVEURFN QRFK QLH VR PXOPLJ ]XPXWH JHZHVHQ ZLH LQ GLHVHP$XJHQEOLFN ³:DVLVWGHQQGDVIUHLQ6FKODSSVFKZDQ]"K|UWHHU9LVKQDYHUlFKWOLFKIUDJHQ ³0HQVFKGXWUlJVWGRFKVHOEHUHLQH:DIIH ,QVWLQNWLY JULII 8ZH ]XU +IWH (V ZDU HLQH UHLQH 5HIOH[EHZHJXQJ 1LFKWV ODJ LKP IHUQHU DOV VLFK PLW *DOEUDLWK 'HLJKWRQ DXI HLQ 'XHOO i OD 0DWW 'LOORQ HLQ]XODVVHQ 9LVKQDV $XVUXI KDWWH LKQ EHUUDVFKW (U ZROOWH QDFKVHKHQ RE GD
ZLUNOLFKHLQH:DIIHZDU ³+DQGZHJEUOOWH*DOEUDLWK'HLJKWRQ 'HU%ODVWHULQVHLQHU+DQGVSLH)HXHU8ZHVFKULHHQWVHW]WDXIDEHUGHU&KHIGHU *DO$E KDWWH QXU HLQHQ :DUQVFKX DEJHIHXHUW 'HU GDXPHQGLFNH (QHUJLHVWUDKO YHUVHQJWH8ZHGLH+DXWVRQVWULFKWHWHHUNHLQHQ6FKDGHQDQ ,Q GLHVHP $XJHQEOLFN WUDW -XOLXV 0|QNHPH\HU LQ $NWLRQ (U NDP GXUFK GLH RIIHQH7UJHVSUXQJHQ6HLQ6FKRFNHUJDEHLQKHOOHV6LQJHQYRQVLFK8ZHVDK HLQEODJUQHV(QHUJLHEQGHOGDVGXUFKGLH/XIWVWDFK*DOEUDLWK'HLJKWRQJDE HLQ lFK]HQGHV *HUlXVFK YRQ VLFK XQG JLQJ LQ GLH .QLH (U ZDU JHWURIIHQ DEHU QRFKOlQJVWQLFKWDXVJHVFKDOWHW ,Q GLHVHP $XJHQEOLFN YHUVFKZDQG HLQ 6WFN GHU UFNZlUWLJHQ :DQG GHV 5DXPHV (V ZDU HLQIDFK SO|W]OLFK QLFKW PHKU GD 'UHL VFKZHUEHZDIIQHWH 5RERWHU HUVFKLHQHQ PlFKWLJH PHWDOOHQH *HVWDOWHQ YRQ ]ZHLHLQKDOE 0HWHUQ +|KH ³'LHEHLGHQGRUWJHOOWH*DOEUDLWK'HLJKWRQV%HIHKO³0DFKWVLHXQVFKlGOLFK $XIHLQPDOKDWWH8ZH+DOOHQEURLFKGRFKVHLQH:DIIHLQGHU+DQG9HUZXQGHUW XQG HLQ ZHQLJ EHQRPPHQ YRQ DOO GHP XQJODXEOLFKHQ *HVFKHKHQ PXVWHUWH HU GHQNOHLQHQ6FKDOWKHEHOPLWYLHU(LQVWHOOXQJVP|JOLFKNHLWHQ351''DYRQ VWDQG 3 VR QDKP HU DQ IU 3DUDO\VDWRU $EHU ZDV GLH DQGHUHQ %XFKVWDEHQ ]X EHGHXWHQKDWWHQGDVZXWHHUQLFKW ³'HVLQWHJUDWRUULHI9LVKQDLKP]X³6FKDOWDXI'HVLQWHJUDWRU0RGXV $KD GDV PXWH GDV ' VHLQ 8ZH WDW ZLH LKP JHKHLHQ ZDU ,Q]ZLVFKHQ QlKHUWHQVLFKGLHVWDPSIHQGHQ6FKULWWHGHU5RERWHU ³'D KLOIW QXU QRFK &KURWUDQV
K|UWH HU -XOLXV 0|QNHPH\HU VDJHQ ³+DOW GDV )RUW8ZH,FKELQJOHLFK]XUFN (V JDE HLQHQ KDOEODXWHQ .QDOO XQG GHU .RVPRNUDW ZDU YRP )OHFN ZHJ YHUVFKZXQGHQ8ZHVFKQHOOWHVLFKQDFKYRUQHXQGJLQJKLQWHUGHP$UEHLWVWLVFK LQ 'HFNXQJ *DOEUDLWK 'HLJKWRQ NDXHUWH XQPLWWHOEDU QHEHQ LKP 0|QNHPH\HUV 6FKRFNVFKX KDWWH LKQ LQGHQ$UPJHWURIIHQ(UKDWWHGLH :DIIHIDOOHQJHODVVHQ XQGVWHOOWHLP$XJHQEOLFNNHLQHXQPLWWHOEDUH*HIDKUPHKUGDU 'HU8PULHLQHV5RERWHUVFKlGHOVHUVFKLHQEHUGHU.DQWHGHV7LVFKHV8ZHUL GHQ /DXI GHV .RPELODGHUV LQ GLH +|KH XQG GUFNWH DE (V JDE HLQ KlOLFKHV *HUlXVFK ZLH ZHQQ MHPDQG HLQJUREHV6WFN 6WRII HQW]ZHLUHLWXQG GHU.RSI GHV5RERWHUVO|VWHVLFKLQ0HWDOOGlPSIHDXI 'HU (UIROJ WUXJ ZHQLJ GD]X EHL 8ZHV =XYHUVLFKW ]X HUK|KHQ (U K|UWH GHQ 5RERWHUUXPSHOQGXQGVFKHSSHUQG]X%RGHQVWU]HQ'LH:lQGH]LWWHUWHQ$EHU GD ZDUHQ QRFK ]ZHL ZHLWHUH 5RERWHU XQG QDFKGHP HU GHQ HUVWHQ VR PKHORV DXVJHVFKDOWHW KDWWH ZUGHQ VLH LKUH 7DNWLN lQGHUQ 9HUGDPPW XQG ]XJHQlKW ZR]X KDWWH 0|QNHPH\HU DXFK JHUDGH LQ GLHVHP $XJHQEOLFN VHLQHQ &KURWUDQV DNWLYLHUHQPVVHQ":DVZROOWHHUEHUKDXSWHUUHLFKHQ" 8ZH ZDQGWH VLFK DQ 'HLJKWRQ 'DV *HVLFKW GHV *DO$E&KHIV ZDU VFKPHU]YHU]HUUW ³,FK ZROOWH GDV QLFKW VWLH 8ZH KHUYRU ³,FK ELQ LQ GLHVH 6DFKH KLQHLQJHVFKOLGGHUWZLHZLH
(VILHOLKPNHLQSDVVHQGHU9HUJOHLFKHLQ*DOEUDLWK'HLJKWRQQLFNWHJULPPLJ ³,FK VHK V GLU DQ PHLQ -XQJH VDJWH HU ³'LU OHXFKWHW GLH 6WUDQJHQHVV DXV GHQ $XJHQ1DQRFKLVWNHLQ%HLQJHEURFKHQ'XEUDXFKVWQXU (V WDW HLQHQ GRQQHUQGHQ .UDFK XQG GHU YRUGHUH 7HLO GHV PlFKWLJHQ $UEHLWVWLVFKV O|VWH VLFK LQ 5DXFK XQG )ODPPHQ DXI (LQH NRFKHQGKHLH 'UXFNZHOOH SDFNWH 8ZH XQG VFKOHXGHUWH LKQ JHJHQ GLH :DQG 'LH /XIW ZXUGH LKPDXVGHQ/XQJHQJHSUHW6FKZDU]H6FKOHLHUWDQ]WHQLKPYRUGHQ$XJHQ'LH 6FKULWWHGHU5RERWHUK|UWHQVLFKDQZLH.DQRQHQVFKVVH6LHNDPHQQlKHU -HW]WLVWDOOHVDXVGDFKWH8ZH+DOOHQEURLFKYHU]ZHLIHOW6LHIHXHUQDXVVFKZHUHQ :DIIHQ (U YHUVXFKWH VLFK LQ GLH +|KH ]X VWHPPHQ $EHU GHU KDUWH $XISUDOO KDWWHLKPGHQ.RSIGXUFKHLQDQGHUJHEUDFKWXQGGLH%HLQHNQLFNWHQLKPHLQ(U KDWWH HLQ GXPSIHV 5DXVFKHQ LQ GHQ 2KUHQ XQG GDV %LOG GHU 8PJHEXQJ WDQ]WH LKP YRU GHQ $XJHQ (U VDK GLH PHWDOOLVFK VFKLPPHUQGH .|USHUKOOH HLQHV 5RERWHUV VR QDK GD HU VLH PLW GHU +DQG KlWWH EHUKUHQ N|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³'X+RKONRSIYRQHLQHP.RVPRNUDWHQZDVKDVWGXDQJHULFKWHW" ³,FK KDEH GLH ]HQWUDOH (QHUJLHYHUVRUJXQJ GHV *HElXGHV ODKPJHOHJW 'DV ZDU XQYHUNHQQEDU -XOLXV 0|QNHPH\HUV 6WLPPH ³(V JLEW QLUJHQGZR PHKU HLQHQ 5RERWHUGHUXQVJHIlKUOLFKZHUGHQNDQQ ³8QG JOHLFK]HLWLJ KDVW GX GDV JDQ]H 3URMHNW 8UVXOD YHUPDVVHOW VFKULH 9LVKQD LQK|FKVWHU:XW³2KGXKLUQYHUEUDQQWHU$OOHVEHVVHUZLVVHU ³5XKLJMHW]WPDKQWH-XOLXV0|QNHPH\HU³,FKPXPHLQHQ0LWDUEHLWHUILQGHQ (ULVWKLHULUJHQGZR:HQQQXUGHU4XDOPQLFKWZlUH ³+LHUELQLFKEUOOWH8ZH+DOOHQEURLFKDXVYROOHU/XQJH (UZDUQRFKQLHLP/HEHQVRHUOHLFKWHUWJHZHVHQZLHLQGLHVHP$XJHQEOLFNDOV GXUFK GHQ 5DXFK GLH 8PULVVH GHV 0DQQHV VLFKWEDU ZXUGHQ DQ GHVVHQ .RVPRNUDWHQ6WDWXVHUQXQQLFKWPHKUGHQJHULQJVWHQ=ZHLIHOKDWWH 6LH KDWWHQ GLH lXHUH 7U JH|IIQHW (LQ ZHQLJ 'XUFK]XJ ZDU HQWVWDQGHQ XQG
KDWWH GHQ 4XDOP PLW VLFK JHQRPPHQ 8ZH +DOOHQEURLFK VWDQG XQWHU GHU 7U|IIQXQJGLH]XP9RUUDXPIKUWHXQGZXUGH=HXJHHLQHU6]HQHZLHVLHGLH $XWRUHQGHU6HULH3HUU\5KRGDQQLH]XEHVFKUHLEHQJHZDJWKlWWHQ ³'X VWHFNVW GHLQH :XUVWILQJHU LQ DOOHV ZDV GLFK QLFKWV DQJHKW VFKULH 9LVKQD ]RUQHQWEUDQQW ³(V ZLOO QLFKW LQ GHLQHQ YRQ DOOHQ JXWHQ *HLVWHUQ YHUODVVHQHQ 9HUVWDQG GD DXFK DQGHUH LQ GHU /DJH VLQG HLQ 3URMHNW ]X SODQHQ GXUFK]XIKUHQXQGHUIROJUHLFK]X(QGH]XEULQJHQ:HQQXQV8UVXODGXUFKGLH %LQVHQJHKWLVWHVJDQ]DOOHLQGHLQH6FKXOG 'LH .RVPRNUDWLQ ZDU DXHU VLFK :lKUHQG VLH VSUDFK EHZHJWH VLH VLFK PLW KDVWLJHQ 6FKULWWHQ DXI XQG DE (V ORGHUWH MHW]W ZLUNOLFK LQ LKUHQ $XJHQ QLFKW PHKUZLHYRQVFKZDU]HQ)ODPPHQVRQGHUQYRP*UQGHUXQEHKHUUVFKWHQ:XW -XOLXV0|QNHPH\HUGDJHJHQVWDQGVWLOOXQGZLUNWHHLQZHQLJEHWUHWHQ ³:LH NDQQ PHLQH $NWLRQ GHLQ 3URMHNW LQ *HIDKU JHEUDFKW KDEHQ" IUDJWH HU YHUZXQGHUW ³'X ELVW GHP 7UDQVIRUPV\QGURP XQWHUZRUIHQ ZLH LFK 'HLJKWRQ KDWWH GLFK LQ VHLQHU *HZDOW 0HLQVW GX HU KlWWH GLFK QRFK HLQPDO YRQ KLHU HQWNRPPHQODVVHQ" ³1LPPGRFKPDOGLH%UHPVHYRQGHLQHP'HQNPRWRU]HWHUWH9LVKQD³,FKKDE HLQH0$'(LQPHLQHP.2+/ ³2RKPDFKWH-XOLXV0|QNHPH\HUKLOIORV³(LQH0$'( ³-D ,FK KlWWH GHP =LUNXV KLHU MHGHU]HLW HLQ (QGH PDFKHQ N|QQHQ IXKU GLH .RVPRNUDWLQ LKQ DQ ³1DWUOLFK KlWWH LFK JHZDUWHW ELV GHU .RQWDNW ]ZLVFKHQ 'HLJKWRQ XQG GHQ 7DOHQGHUQ ]XVWDQGH JHNRPPHQ ZlUH 'LH 7DOHQGHU KlWWHQ PLFK]X3KRWDSJHIKUWXQGLFKKlWWH8UVXODYRQKLQWHQKHUDXIJHUROOW ³6RLVWGDVPXUPHOWH-XOLXV0|QNHPH\HUXQJOFNOLFK ³-D VR LVW GDV GX 3ODWWIXVWUDWHJH IDXFKWH 9LVKQD ³8QG ZDV LVW MHW]W" 'HU JDQ]H VFK|QH 3ODQ LP (LPHU ,FK NDQQ ZLHGHU YRQ YRUQH DQIDQJHQ 8QG DOOHV QXUZHLOGX -XOLXV 0|QNHPH\HU KRE GLH +DQG XQG WDWVlFKOLFK JHODQJ HV LKP GLH =RUQLJH HLQSDDU$XJHQEOLFNHODQJ]XP6FKZHLJHQ]XEULQJHQ ³1RFK LVW QLFKW PHKU DOV HLQ NOHLQHU %UXFKWHLO YHUORUHQ VDJWH 0|QNHPH\HU ³,FK VHKH HLQH 0|JOLFKNHLW GLH 6DFKH RKQH YLHO $XIZDQG ZLHGHU LQV /RW ]X EULQJHQ ³'HQ7HXIHOZLUVWGXWXQVFKULHGLH.RVPRNUDWLQ ³:HOFKH :DKO KDVW GX" IUDJWH 0|QNHPH\HU ³:HLW GX ZLHYLHO $UEHLW GDV LVW" ³-D8QGLFKZHLDXFKZHPLFKGDVYHUGDQNHJLIWHWH9LVKQD ³$EHULFKPDFKHPHLQHQ)HKOHUZLHGHUJXWEHKDUUWH-XOLXV0|QNHPH\HU0DQ VDK LKP DQ GD HU HLQH ,GHH HQWZLFNHOW KDWWH IU GLH HU VLFK EHJHLVWHUWH ³'X EUDXFKVW JDU QLFKWV ]X WXQ ,P +DQGXPGUHKHQ EHILQGHVW GX GLFK ZLHGHU LQ *DOEUDLWK'HLJKWRQV*HZDOWXQGHVZLUGDOOHVJDQ]NDXVDOXQGORJLVFK]XJHKHQ (U ZLUG QLFKW DXI GHQ *HGDQNHQ NRPPHQ GD ZLU LKP PLW +LOIH GHV TXDQWLIL]LHUWHQ:LUNOLFKNHLWVJUDGLHQWHQHLQHQ6WUHLFKJHVSLHOWKDEHQ 9LVKQDVFKLHQVLFK]XEHUXKLJHQ ³:DVKDVWGXYRU"IUDJWHVLHPLWUDXLVFK
³1LFKWV ZDV LFK GLU PLWWHLOHQ GDUI DQWZRUWHWH 0|QNHPH\HU ³'X PXW DKQXQJVORV VHLQ VRQVW IXQNWLRQLHUW GLH 7DNWLN QLFKW :LH NDP HV GD GX 'HLJKWRQLQGLH+lQGHILHOVW" ³,FKZDUDXI3RLNNL.DWX ³XQG3DUWLRODLQHQVWHOOWHGLUHLQH)DOOHEHHQGHWH0|QNHPH\HUGHQ6DW] ³-D*DQ]ZLHJHSODQW ³*XW0|QNHPH\HUVWUDKOWH³0HKUEUDXFKHLFKQLFKW]XZLVVHQ8ZHZRVLQG 6LH".RPPHQ6LHKHUQHKPHQ6LHPHLQH+DQG 8ZH+DOOHQEURLFKNDPKHUEHLXQGHUJULII0|QNHPH\HUV+DQG ³+DOW:RKLQZLOOVWGX"ULHI9LVKQD³,FKODGLFKQLFKWVRHLQIDFKJHKHQ ³.HLQH =HLW ODFKWH -XOLXV 0|QNHPH\HU ³'X ZLUVW VHKHQ LQ HLQ SDDU 3DUDVHNXQGHQLVWDOOHVZLHGHULQ2UGQXQJ (U]RJ8ZHPLWVLFKLQ5LFKWXQJ$XVJDQJ ³/DQJVDPODQJVDPEHNODJWHVLFK8ZHYHUGDWWHUW³:RJHKW VMHW]WKLQ" ³'DVZHUGHQ6LHVHKHQPHLQ)UHXQGVDJWH0|QNHPH\HUGHUDXIHLQPDOEHVWHU /DXQHZDU³9HUWUDXHQ6LHPLUQXU 8ZH +DOOHQEURLFK VDK ZLH GDV VSlUOLFKH 0RELOLDU GHV 9RUUDXPV VLFK SO|W]OLFK DXIEOlKWH 6WKOH ZXUGHQ ]X ULHVLJHQ *HVWHOOHQ VR JUR ZLH HLQ +DXV .LVVHQ YHUZDQGHOWHQ VLFK LQ %DOORQV 'LH YRUGHUH 7U ZDU DXI HLQPDO HLQH gIIQXQJ GXUFK GLH HLQ $LUEXV EHTXHP KlWWH HLQ XQG DXVIDKUHQ N|QQHQ *OHLFK]HLWLJ ZXUGHQGLH'LQJHGXUFKVLFKWLJ6LHO|VWHQVLFKDXI8ZHYHUORUGLH2ULHQWLHUXQJ XQGVSUWHJDQ]NXU]DEHUKHIWLJGDV*HIKOVFKZHUHORVHQ)DOOHQV 'DQQZDUHUSO|W]OLFKJDQ]ZRDQGHUV 1HEHO ZDU RIIHQVLFKWOLFK GLH XQYHUPHLGEDUH %HJOHLWHUVFKHLQXQJ VROFKHU 9HUVHW]XQJHQ GXUFK 5DXP XQG =HLW 8ZH +DOOHQEURLFK VWDQG LQ QDVVHP *UDV GDV LKP ELV EHU GLH .Q|FKHO UHLFKWH 5LQJVXP ZDU GLFKWHU 1HEHO GHU GLH 6LFKWZHLWHDXIGUHL0HWHUEHJUHQ]WH8ZHKLHOWQRFKLPPHU-XOLXV0|QNHPH\HUV +DQG ³:RVLQGZLU"ZDUVHLQHHUVWH)UDJH ³$XIJUXQG GHU 6SH]LDONHQQWQLVVH GLH LFK PLU IU GLHVHQ (LQVDW] DQJHHLJQHW KDEH DQWZRUWHWH GHU .RVPRNUDW ³ZUGH LFK VDJHQ ZLU EHILQGHQ XQV LP %RGGHQP|OOHU0RRU ³1LH JHK|UW EUXPPWH 8ZH ³.OLQJW DEHU KHLPDWOLFK :LU VLQG DOVR GXUFK GLH =HLW]XUFNJHUHLVW" ³-D VDJWH 0|QNHPH\HU ³,FK P|FKWH 6LH MHGRFK YRU IDOVFKHQ 6FKOVVHQ ZDUQHQ ³0LFK LQWHUHVVLHUHQ 6FKOVVH QLFKW ZHGHU IDOVFKH QRFK ULFKWLJH ,FK ZLOO QDFK +DXVH.|QQHQ6LHPLUGD]XYHUKHOIHQ" ³1DWUOLFK 0|QNHPH\HU VFKLHQ QDFK]XGHQNHQ ³(LJHQWOLFK EUDXFKH LFK ,KUH +LOIH QLFKW PHKU +lWWH VLH QLH JHEUDXFKW ZHQQ HV PLU UHFKW]HLWLJ JHOXQJHQ ZlUH PLFK PLW 9LVKQD DE]XVWLPPHQ (LQH ZLUNOLFK GXPPH )HKOOHLVWXQJ ZDU GDV$XIHLQPDOZLUNWHHUZLHGHU]HUNQLUVFKW³+lWWHPLUGRFKGHQNHQN|QQHQ GD VLFK 9LVKQD QLFKW XQYRUEHUHLWHW 1D ODVVHQ ZLU GDV :LH KDW VLH PLFK JHQDQQW" (LQHQ 3ODWWIXVWUDWHJHQ" (U YHU]RJ GDV *HVLFKW ³,FK QHKPH DQ GDV
KDEHLFKYHUGLHQW ³:DV ZDU GD HLJHQWOLFK" IUDJWH 8ZH +DOOHQEURLFK QHXJLHULJ ³6LH GDFKWHQ 9LVKQDVHLLQ*HIDKU6DKMDDXFKZRKOVRDXV6LHZROOWHQVLHEHIUHLHQDEHUGDV ZDUQLFKWQDFK9LVKQDV3ODQ ³1HLQVDJWH-XOLXV0|QNHPH\HU³:HLOVLHHEHQHLQH0$'(LQLKUHP.2+/ KDW ³:DVLVWHLQH0$'(" ³$NURQ\P IU 0XOWLDGDSWLYH 'HVWDELOLVLHUXQJV(LQKHLW HUNOlUWH 0|QNHPH\HU ³,P HQWVFKHLGHQGHQ $XJHQEOLFN KlWWH 9LVKQD GDPLW GHQ SVLRQLVFKHQ bWKHU GHUPDHQ GHVWDELOLVLHUW GD NHLQ VWDQGDUGLQWHOOLJHQWHV :HVHQ PHKU HLQHQ YHUQQIWLJHQ*HGDQNHQKlWWHIDVVHQN|QQHQ(LQHVHKUZLUNVDPH.2+/2SWLRQ LVWGDV,FKKlWWHGDUDQGHQNHQPVVHQ9LVKQDKlWWHHLQIDFKLKUH%HIHKOHHUWHLOW XQGMHGHUHLQ]HOQHZlUHRKQH:LGHUVSUXFKEHIROJWZRUGHQ ³9RQ*DOEUDLWK'HLJKWRQXQGGHQ7DOHQGHUQ" ³-D ³'LH7DOHQGHUKlWWHQ9LVKQD]X3KRWDSJHIKUW" ³-D 8ZH +DOOHQEURLFK GUFNWH VLFK GLH +DQG JHJHQ GLH 6WLUQ XQG VFKWWHOWH GHQ .RSI ³,FK ZHL EHUKDXSW QLFKW PHKU ZRYRQ LFK UHGH VW|KQWH HU ³3URMHNW 8UVXOD ZDVLVWGDV" ³8UVXOD GDV %lUFKHQ DQWZRUWHWH -XOLXV 0|QNHPH\HU ³'HU .OHLQH %lU 8UVD 0LQRU*DOD[LV1DXSDXP*XUUDG&DUIHVFKVHFKV]ZRHLQVVLHEHQLP$EVFKQLWW 8UVD0LQRUVHFKVXQGIQI]LJ0LOOLRQHQ/LFKWMDKUHYRQ7HUUDHQWIHUQW ³:DVLVWGDPLW"ZROOWH8ZHZLVVHQ ³'LHVH *DOD[LV KDW GHQ (LJHQQDPHQ 3DOXP 3DOXP JHK|UW ]XU 0lFKWLJNHLWVEDOOXQJ GHU 6XSHULQWHOOLJHQ] (VKQHUYDW MHGRFK KDW (VKQHUYDW GLH 9HUZDOWXQJ YRQ 3DOXP HLQHP )UVWHQ GHV )HXHUV QDPHQV .DOYHUQDFKUDK EHUWUDJHQ .DOYHUQDFKUDK ZLHGHUXP VWHKW LP 'LHQVW GHV +H[DPHULVWHQ %HQWDSDOOHXJR GHP QLFKWV QlKHU DP +HU]HQ OLHJW DOV 3DOXP VR UDVFK ZLH P|JOLFK EHU GLH LQWHUNRVPLVFKH *UHQ]H KLQZHJ LQ HLQ DQGHUHV 8QLYHUVXP ]X EHI|UGHUQ ³0RPHQW 0RPHQW SURWHVWLHUWH 8ZH XQG ZLQNWH PLW GHU +DQG YRUP *HVLFKW KLQXQGKHU³:DVKDWGDVDOOHVPLW3RLNNL.DWXXQGPLW3DUWLRODLQHQ]XWXQ" ³3DUWLRODLQHQDQWZRUWHWH0|QNHPH\HU³DUEHLWHWIU 8ZH+DOOHQEURLFKXQWHUEUDFKLKQPLWHLQHP]ZHLWHQ:LQN ³9HUJHVVHQ6LHGDVEDWHU³,FKELQVRZLHVRVFKRQY|OOLJGXUFKHLQDQGHU1RFK HLQ1DPHXQGPLUSODW]WGHU.RSI6DJHQ6LHPLUOLHEHUGDVHLQH:DUXPZlUH HV IU GLH .RVPRNUDWHQ VR VFKOLPP ZHQQ 3DOXP LQ HLQ DQGHUHV 8QLYHUVXP YHUVHW]WZUGH" ³1LFKW IU GLH .RVPRNUDWHQ YHUEHVVHUWH -XOLXV 0|QNHPH\HU ³(V ZlUH VFKOLPPIUGHQ0RUDOLVFKHQ.RGHGHV8QLYHUVXPV ³:DUXP" ³:HLOGDV.RVPRQXNOHRWLG'-26(5VHLQHQ6WDQGRUWXQWHU3DOXPKDW
³8QWHU3DOXP"IUDJWH8ZHYHUZLUUW ³,QGHU7,()(HUOlXWHUWHGHU.RVPRNUDW³'DYRQKDEHQ6LHVFKRQJHK|UWRGHU QLFKW" ³*HZL GRFK EHVWlWLJWH 8ZH ³,Q GHU 7,()( VLQG GLH 1XNOHRWLGH GHV 0RUDOLVFKHQ.RGHVGHV8QLYHUVXPVDQJHVLHGHOW8QGGLH.RVPRNUDWHQIUFKWHQ GDZHQQ3DOXPYHUVFKZLQGHW ³ DXFK '-26(5 YHUVFKZLQGHQ RGHU ]XPLQGHVW LQ QHJDWLYHP 6LQQ EHHLQIOXW ZHUGHQ ZUGH IKUWH 0|QNHPH\HU GHQ DQJHIDQJHQHQ 6DW] ]X (QGH ³'D GLH .RVPRNUDWHQ VLFK DOV +WHU GHV 0RUDOLVFKHQ .RGHV EHWUDFKWHQ PVVHQ VLH HWZDVXQWHUQHKPHQ9HUVWHKHQ6LHMHW]WGLH=XVDPPHQKlQJH" 8ZH+DOOHQEURLFKVHXI]WHXQGVFKWWHOWHGHQ.RSI ³1HLQ ,FK NDQQ PLFK QLFKW HLQPDO PHKU HULQQHUQ ZLH GLHVH 8QWHUKDOWXQJ DQJHIDQJHQKDW ³)U 6WDQGDUGLQWHOOLJHQ]HQ LVW GLH $UEHLWVZHLVH GHU .RVPRNUDWHQ UHFKW YHUZLUUHQGVDJWH-XOLXV0|QNHPH\HUHUQVW(VNDP8ZHVRYRUDOVVFKZlQJH LQVHLQHU6WLPPHHLQWDGHOQGHU8QWHUWRQPLW³8QGGHQQRFKEHVWHKHQ6LHGDUDXI GD $EHQWHXHU JHVFKULHEHQ ZHUGHQ GLH LP %HUHLFK KLQWHU GHQ 0DWHULHTXHOOHQ VSLHOHQ ³-D QDWUOLFK HUHLIHUWH VLFK 8ZH ³:LH VLHKW HV GRUW HLJHQWOLFK DXV" 'DV ZHQLJVWHQVN|QQWHQ6LHPLUEHVFKUHLEHQ ³'DV 5HLFK KLQWHU GHQ 0DWHULHTXHOOHQ LVW EDU MHGHU .DXVDOLWlW ZLH 6LH VLH NHQQHQ DQWZRUWHWH -XOLXV 0|QNHPH\HU ³:HQQ PDQ 6LH GRUWKLQ YHUVHW]WH HUOHEWHQ6LHHLQH)ROJHJlQ]OLFKDNDXVDOHU$EHQWHXHUYRQGHQHQGDVHLQHQLFKWV PLWGHPDQGHUHQ]XWXQ]XKDEHQVFKHLQW ³$KD6FKHLQWULHI8ZH ³*DQ] ULFKWLJ VFKHLQW 'D HLQ ORJLVFKHU =XVDPPHQKDQJ GHQQRFK EHVWHKW N|QQHQ 6LH QLFKW HUNHQQHQ (V JLEW HLQH EHUJHRUGQHWH .DXVDOLWlW MHQH GHV IQIGLPHQVLRQDOHQ .RQWLQXXPV QlPOLFK 'D GHU 9HUVWDQG GHU 6WDQGDUGLQWHOOLJHQ] MHGRFK DXI GDV %HJUHLIHQ YLHUGLPHQVLRQDOHU (UHLJQLVVH EHVFKUlQNWLVWZlUHQ6LHKLQWHUGHQ0DWHULHTXHOOHQDEVROXWYHUORUHQXQGZUGHQ ELQQHQNXU]HU=HLWGHQ9HUVWDQGYHUOLHUHQ 'DUEHUPXWH8ZH+DOOHQEURLFKHUVWHLQH=HLWODQJQDFKGHQNHQ ³6R LVW GDV DOVR VDJWH HU VFKOLHOLFK ³'HVZHJHQ WUDXW VLFK NHLQHU GDUEHU ]X VFKUHLEHQ ³(EHQKDEHQ6LH VEHJULIIHQOREWH-XOLXV0|QNHPH\HU ³$OVR JXW LFK JHE DXI UHVLJQLHUWH 8ZH ³.HLQH *HVFKLFKWHQ EHU GDV .RVPRNUDWHQUHLFK ³$XFKQLFKWEHL$WODQZDUQWH0|QNHPH\HU ³(LQYHUVWDQGHQ DXFK QLFKW EHL $WODQ 'DV KDEHQ VLH PLU MD DXV 5DVWDWW VFKRQ JHVFKULHEHQ$EHUHLQHVZWHLFKGRFKQRFKJHUQH:LHZROOHQ6LH9LVKQDDXV GHU3DWVFKHKROHQ" ³9LVKQDV XUVSUQJOLFKHU 3ODQ LVW DXVJH]HLFKQHW $Q VHLQHU EHGlFKWLJHQ 6SUHFKZHLVH PHUNWH PDQ GD -XOLXV 0|QNHPH\HU GLH )UDJH GXUFKDXV HUQVW QDKP³6LHPX*DOEUDLWK'HLJKWRQLQGLH+lQGHIDOOHQ1XUDXIGLHVHP:HJH
ILQGHWVLH]X3KRWDSGHUGHQ6FKOVVHO]XU/|VXQJGHV3UREOHPVEHVLW]W'XUFK PHLQH8QEHVRQQHQKHLWKDEHLFK9LVKQDV6WUDWHJLHGXUFKNUHX]W,FKKDEHVLHDXV 'HLJKWRQV*HIDQJHQVFKDIWEHIUHLW9RQGLHVHP3XQNWDQOlWVLFKLKU9RUKDEHQ DXI QRUPDONDXVDOHP :HJH QLFKW ZHLWHUIKUHQ :LU PVVHQ DOVR HLQ SDDU 3DUDVHNXQGHQ]XUFNWUHWHQXQGGLH6DFKHYRQHLQHUDQGHUHQ:LUNOLFKNHLWVHEHQH DXVQRFKHLQPDODQJHKHQ ³:DVLVWHLQH3DUDVHNXQGH"ILHO8ZH+DOOHQEURLFKLKPLQV:RUW ³(LQH 0DHLQKHLW GLH ]XU $QJDEH GHU WHPSRUDOHQ XQG NDXVDOHQ (QWIHUQXQJ ]ZHLHUSDUDOOHOHU5HDOLWlWVQLYHDXVGLHQWVDJWH0|QNHPH\HU ³7XW PLU OHLG GD LFK JHIUDJW KDEH UHVLJQLHUWH 8ZH ³%LWWH HU]lKOHQ 6LH ZHLWHU ³:LU ZROOHQ QLFKW QRFK HLQPDO JDQ] YRQ YRUQH DQIDQJHQ ZLH HV 9LVKQD LP HUVWHQ=RUQYRUVFKZHEWHIXKU-XOLXV0|QNHPH\HUXQEHHLQGUXFNWIRUW³VRQGHUQ QXU HLQHQ NXU]HQ 6FKULWW ]XUFN XQG DXFK VHLWZlUWV WXQ XP GLH (QWZLFNOXQJ QRFK HLQPDO DQGHUV HLQ]XIlGHOQ 'DVVHOEH GDUI QLFKW QRFK HLQPDO JHVFKHKHQ VRQVW VWLHH 9LVKQD DXI HLQHQ *DOEUDLWK 'HLJKWRQ GHU EHUHLWV ZHL ZDV LKP EHYRUVWHKW,FKPXLKP9LVKQDDXIDQGHUH$UWXQG:HLVHLQGLH+lQGHVSLHOHQ 6LH GDUI QLFKW DXI 3RLNNL.DWX LQ 3DUWLRODLQHQV )DOOH JHKHQ VRQGHUQ PX DXI 1LMD3DQGDYRQ3HOHOH]LJHIDQJHQJHQRPPHQZHUGHQ3HOHOH]LDUEHLWHWHEHQIDOOV PLW'HLJKWRQ]XVDPPHQXQGZLUG9LVKQDSODQPlLJDXVOLHIHUQ 8ZH+DOOHQEURLFKEUDQQWHVFKRQGLHJDQ]H=HLWEHUHLQH)UDJHDXIGHU=XQJH ³:HQQ6LHDEHU9LVKQDV3ODQYRQHLQHUDQGHUHQ:LUNOLFKNHLWVHEHQHDXVZLHGHU LQ*DQJVHW]HQEHJDQQHU $EHU-XOLXV0|QNHPH\HUXQWHUEUDFKLKQVRIRUW(UOHJWHLKPHLQH+DQGDXIGHQ $UPXQGVDJWH ³*DQ]VWLOO'DNRPPWHWZDV+|UHQ6LH V" (V ZDU QLFKW ]X EHUK|UHQ (V EHJDQQ DOV IHUQHV 6XPPHQ XQG VFKZROO ]X KRKOHP %UDXVHQ DQ (LQ :LQG]XJ HUKRE VLFK 'HU 1HEHO JHULHW LQ %HZHJXQJ 8ZH JODXEWH HLQHQ PlFKWLJHQ ILQVWHUHQ 6FKDWWHQ ]X VHKHQ GHU VLFK GXUFK GHQ 'XQVWVHQNWH(LQOHLFKWHU6WRIXKUGXUFKGHQ%RGHQ'DV%UDXVHQYHUHEEWH(V K|UWHVLFKDQZLHGDV$XVODXIHQHLQHVVFKZHUHQ0RWRUV ³2UW XQG =HLW YRU]JOLFK JHZlKOW VDJWH -XOLXV 0|QNHPH\HU XQG GLH $QHUNHQQXQJ GLH LQ VHLQHQ :RUWHQ ODJ JDOW LKP VHOEVW ³'DV LVW 3HOHOH]LV 5DXPERRW0HLQ3ODQZLUGVLFKDXIK|FKVWHLQIDFKH:HLVHYHUZLUNOLFKHQODVVHQ %LWWHHQWVFKXOGLJHQ6LHPLFKHLQHQ$XJHQEOLFN,FKELQJOHLFK]XUFN ³:DVKDEHQ6LHGHQQYRU"ZROOWH8ZH+DOOHQEURLFKZLVVHQ $EHUEHYRUHUGDVOHW]WH:RUWEHUGLH/LSSHQEUDFKWHZDU-XOLXV0|QNHPH\HU VFKRQYHUVFKZXQGHQ (LQSDDU0LQXWHQYHUJLQJHQ'DQQZDUHQSO|W]OLFKUDVFKHOQGH6FKULWWHLP*UDV ]XK|UHQ'HU.RVPRNUDWWDXFKWHDXI ³1LFKW PHKU ULFKWLJ ]XP $XVJDQJVRUW ]XUFNJHIXQGHQ OlFKHOWH HU ³'HU YHUGDPPWH1HEHOLVWGDUDQVFKXOG0DQNDQQVLFKMDJDUQLFKWRULHQWLHUHQ ³:RZDUHQ6LH"ZROOWH8ZH+DOOHQEURLFKZLVVHQ ³$Q %RUG GHV 5DXPERRWV DQWZRUWHWH 0|QNHPH\HU ³,FK KDEH 3HOHOH]LV
&RPSXWHUHLQSDDU'DWHQJHIWWHUWDXIGLHHULQ.U]HZLHGXUFK=XIDOOVWRHQ ZLUG$XVGHQ'DWHQJHKWKHUYRUZLH3HOHOH]L9LVKQDLQGLH+lQGHEHNRPPHQ NDQQ(UZLUGGHQ+LQZHLVJHZLQLFKWXQEHDFKWHWODVVHQ ³3HOHOH]L LVW PLW VHLQHP 5DXPERRW LQ PHLQHU =HLW JHODQGHW" ,P %RGGHQP|OOHU 0RRU" ³,P %RGGHQP|OOHU 0RRU MD DQWZRUWHWH 0|QNHPH\HU HLQ ZHQLJ YHUZXQGHUW ³$EHUZLHVRLQ,KUHU=HLW" ³,FKGDFKWHVDJWHQ6LHQLFKWZLUVHLHQGXUFKGLH=HLW]XUFNJHUHLVW" ³6LH VDJWHQ HV XQG LFK EHMDKWH GLH )UDJH YHUEHVVHUWH GHU .RVPRNUDW ³$EHU PHLQ OLHEHU 0DQQ GRFK QLFKW DOOH ]ZHLWDXVHQGDFKWXQGVLHE]LJ -DKUH 1XU HLQ SDDU GDYRQ VHFKV XP JHQDX ]X VHLQ :LU VFKUHLEHQ KLHU GDV -DKU YLHUKXQGHUW]ZHLXQGVLHE]LJQHXJDODNWLVFKHU6LPXOWDQ]HLW ³:DV" 8QG GD H[LVWLHUW GDV %RGGHQP|OOHU 0RRU QRFK LQ VHLQHP 2ULJLQDO]XVWDQG"ULHI8ZH+DOOHQEURLFKYHUEOIIW ³,FKGDFKWH6LHNDQQWHQGHQ2UWQLFKWKLHOW0|QNHPH\HULKPHQWJHJHQ ³1D MD QLFKW GLUHNW GHKQWH 8ZH ³$EHU PDQ NDQQ VLFK GRFK ZDV GUXQWHU YRUVWHOOHQ 'DUDXIJLQJ-XOLXV0|QNHPH\HUQLFKWHLQ ³.RPPHQ 6LH IRUGHUWH HU 8ZH DXI ³6LH ZROOWHQ GRFK QDFK +DXVH QLFKW ZDKU" ³/LHEHQGJHUQHEHVWlWLJWH8ZH 0|QNHPH\HU VFKULWW YRUDQ 6LH JLQJHQ PLW VFKPDW]HQGHQ 6FKULWWHQ GXUFK GDV QDVVH *UDV 'HU .RVPRNUDW VFKLHQ JHQDX ]X ZLVVHQ ZRKLQ HU VLFK ]X ZHQGHQ KDWWHREZRKOHVQLFKWHLQHQHLQ]LJHQ2ULHQWLHUXQJVSXQNWJDE8ZHZDUEHUDXV QDFKGHQNOLFKJHZRUGHQ ³:DV LFK 6LH YRUKLQ IUDJHQ ZROOWH VDJWH HU VFKOLHOLFK ³:HQQ 6LH 9LVKQDV 3ODQ YRQ HLQHU DQGHUHQ :LUNOLFKNHLWVHEHQH DXV ZLHGHU LQ *DQJ VHW]HQ ZROOHQ WUHIIHQ6LHGDQQQLFKWHLQSDDU-DKUH]HLWDEZlUWVVHFKV-DKUHVDJWHQ6LHJODXEH LFK QLFKW DXI HLQH JDQ] DQGHUH 9LVKQD" (EHQ DXI GLH 9LVKQD GHU DQGHUHQ 5HDOLWlWVHEHQH" ³'DV LVW VWDQGDUGLQWHOOLJHQWHV 'HQNHQ DQWZRUWHWH -XOLXV 0|QNHPH\HU ³)U PLFK LVW GLH )UDJH QLFKW UHOHYDQW :HOFKH 9LVKQD GDV 9RUKDEHQ YROOHQGHW LVW GHP 0RUDOLVFKHQ .RGH Y|OOLJ JOHLFKJOWLJ XQG XP GHQ JHKW HV MD OHW]WHQ (QGHV 8ZH +DOOHQEURLFK VHXI]WH 6REDOG HU ZLHGHU GDKHLP ZDU ZUGH HU HLQHQ %ULHI QDFK5DVWDWWVFKUHLEHQXQG$EELWWHOHLVWHQ:HOFKKLUQYHUEUDQQWH,GHHEHUGDV 5HLFK GHU .RVPRNUDWHQ HLQHQ ]XVDPPHQKlQJHQGHQ YHUVWlQGOLFKHQ 5RPDQ VFKUHLEHQ]XZROOHQ 3O|W]OLFK K|UWH GDV *UDV DXI XQG HU KDWWH ULVVLJHQ %HWRQ XQWHU GHQ )HQ ,UJHQGZRLQGHU)HUQHHUW|QWHHLQVFKULOOHU3ILII ³%LV KLHUKHU EHJOHLWH LFK 6LH VDJWH -XOLXV 0|QNHPH\HU ³,FK GDQNH ,KQHQ IU GLH%HUHLWVFKDIWPLU]XKHOIHQ(VWXWPLUOHLGGDVLFKGLH6DFKHVRJDQ]DQGHUV HQWZLFNHOWKDWDOVXUVSUQJOLFKJHSODQW$EHU ³0RPHQW PDO XQWHUEUDFK LKQ 8ZH +DOOHQEURLFK ³:LH NRPPH LFK YRQ KLHU
QDFK+DXVH" ³6LH QHKPHQ GDV QlFKVWH 7UDQVSRUWPLWWHO VDJWH GHU .RVPRNUDW ³'DV KLHU EUDXFKHQ6LHDXFK (U JULII LQ GLH 7DVFKH XQG EUDFKWH HLQ NOHLQHV 6WFNFKHQ JUQHU 3DSSH ]XP 9RUVFKHLQ8ZHQDKPHVLQGLH+DQGXQGODVIDVVXQJVORV 3HUVRQHQIDKUNDUWH%RGGHQP|OOH QDFK +LQVEWWHO RGHU9HUVEURFN RGHU:DFNHUVKHLGH NP .ODVVH '0 ³:DVZDVVWRWWHUWH8ZH+DOOHQEURLFK³:ROLHJWHLJHQWOLFK%RGGHQP|OOH" ,FKNHQQHMHGHQ2UWLQHLQKXQGHUW.LORPHWHUQ8PNUHLV ³%RGGHQP|OOH OLHJW DXI 1LMD 3DQGD HLQHU :HOW GHV 8ZRQJR6\VWHPV LQ GHU *DOD[LV 3DOXP DQWZRUWHWH -XOLXV 0|QNHPH\HU ³:DUXP IUDJHQ 6LH" ,FK GDFKWHGDVZlUH,KQHQNODUJHZRUGHQ" ³1LFKWVLVWPLUNODUJHZRUGHQVFKULH8ZHYROOHU9HU]ZHLIOXQJ³,FKZHUG QRFK YHUUFNWLQGLHVHP'XUFKHLQDQGHU :HLWHU NDP HU QLFKW (LQ VFKULOOHU 3ILII XQG GXPSIHV GU|KQHQGHV *HUXPSHO ULVVHQLKPGLH:RUWHYRP0XQG%UHPVHQTXLHWVFKWHQ(LQVWlKOHUQHV8QJHWP VFKREVLFKGXUFKGHQ'XQVWXQWHQR]HDQEODXREHQEHLJHODFNLHUW'UHL/DPSHQ ]XP'UHLHFNDQJHRUGQHW]HLFKQHWHQZHLH/LFKWNHJHOLQGHQ1HEHO$XIHLQHP 6FKLOGDQGHU9RUGHUVHLWHGHVVWlKOHUQHQ.DVWHQVODV8ZH ³'HU :DJHQ HUVWHU .ODVVH EHILQGHW VLFK LQ GHU 0LWWH GHV =XJHV VDJWH -XOLXV 0|QNHPH\HU ³.RPPHQ 6LH 6LH KDEHQ QLFKW YLHO =HLW ,Q %RGGHQP|OOH ZLUG QLFKWODQJHJHKDOWHQ (LQH VLOEHUQH PLW 3IDXHQDXJHQPXVWHU YHUVHKHQH :DQG WDXFKWH DXI ZlKUHQG 8ZHVLFKYRQ0|QNHPH\HUGXUFKGHQ1HEHO]LHKHQOLH,UJHQGZRULHIMHPDQG ³9RQGHU%DKQVWHLJNDQWH]XUFNWUHWHQ'HU=XJIlKUWDE 'D ZDU HLQH RIIHQH 7U ]X GHU GUHL VWHLOH 6WXIHQ KLQDXIIKUWHQ 0|QNHPH\HU JDE8ZHHLQHQ6FKXEV8ZHVWROSHUWHGLHNXU]H7UHSSHKLQDXI2EHQZDQGWHHU VLFKQRFKHLQPDOXP ³:RKHUVROOLFKGHQQEHJDQQHU ³)ODSSNUDFKPDFKWHGLH7UXQGZDU]X 'HU =XJ UXFNWH DQ 8ZH VWROSHUWH LQV QlFKVWEHVWH $EWHLO (U ZDU GHU HLQ]LJH )DKUJDVWLQGLHVHP7HLOGHV:DJHQV(UVFK|SIWVDQNHULQV3ROVWHU'UDXHQYRU GHP)HQVWHUKXVFKWHQZHLH1HEHOEDKQHQYRUEHL 'LH (UVFK|SIXQJ VHW]WH HLQ 0LW GHUDUW YHU]ZHLIHOWHU +DUWQlFNLJNHLW KDWWH 8ZH +DOOHQEURLFKYHUVXFKWGLHYHU]ZLFNWHQ=XVDPPHQKlQJH]XYHUVWHKHQGHQHQHU LQ GHQ YHUJDQJHQHQ 6WXQGHQ DXVJHVHW]W ZDU GD GHU 9HUVWDQG LKP VFKOLHOLFK GHQ'LHQVWDXINQGLJWH%OHLHUQH0GLJNHLW]HUUWHDQGHQ*OLHGHUQXQGVWDXFKWH LKQ WLHI LQ GDV DEJHQXW]WH JUDXEUDXQH 3ROVWHU GHU .ODVVH 'DV PRQRWRQH
5XPSHOQGHU5lGHUWDWHLQEULJHV 8ZH+DOOHQEURLFKVFKOLHIHLQ 0LWUDXLVFKH 6LQQH PDFKWHQ YHUWUDXWH :DKUQHKPXQJHQ hEHU LKP DQ HLQHP 6WFN =ZLUQ EHIHVWLJW GUHKWH VLFK ODQJVDP GDV 0RGHOO GHU 6SDFH 6KXWWOH -HQVHLWVGHU7UZDUGLH6WLPPHGHU:LWZH+DOOHQEURLFK]XK|UHQXQGZDVIU HLQH6WLPPHVLHKDWWH ³-XQJZHQQGHMHW]QLFKDXIVWHKVNRPPVWH]XVSlWLQQH$UEHLW 8ZH IKOWH VLFK DXVJHODXJW XQG ]HUVFKODJHQ DOV KlWWH HU GHQ JU|HUHQ 7HLO GHU 1DFKWGXUFKJH]HFKWXQGQXU]ZHL6WXQGHQJHVFKODIHQ'LH(UHLJQLVVHGLHHUDQ -XOLXV0|QNHPH\HUV6HLWHHUOHEWKDWWHZDUHQLKPQRFKGHXWOLFKLP*HGlFKWQLV (U KlWWH VLH JHUQH DOV 7UDXP DEJHWDQ HLQIDFK VFKRQ XP VHLQ LQQHUHV *OHLFKJHZLFKW ZLHGHU]XILQGHQ 'HQQ VRODQJH HU VLFK LQ *HGDQNHQ PLW 'LQJHQ KHUXPVFKOXJ GLH HU VLFK QLFKW HUNOlUHQ NRQQWH ZUGH HV IU LKQ NHLQH 5XKH JHEHQ 'LH *HVFKHKQLVVH DQ GLH HU VLFK HULQQHUWH ZDUHQ GXUFKDXV YRQ MHQHP 6WRIIDXVGHPPDQ7UlXPHPDFKW$EHUVHLQH(ULQQHUXQJGDUDQZDUYRQHLQHU NULVWDOOHQHQ .ODUKHLW ZLH VLH LKP VRQVW QDFK HLQHP 7UDXP QRFK QLH YRUJHNRPPHQ ZDU (U VXFKWH QDFK GHU NOHLQHQ JUQHQ )DKUNDUWH GLH 0|QNHPH\HU LKP DXI GHP %DKQVWHLJ JHJHEHQ KDWWH $EHU VLH ZDU YHUVFKZXQGHQ %HLP)UKVWFNIUDJWHHUVHLQH0XWWHU ³+DVWGX]XIlOOLJHLQH$KQXQJZDQQLFKLQGHUYHUJDQJHQHQ1DFKWQDFK+DXVH JHNRPPHQELQ" :RUDXIKLQLKPJHDQWZRUWHWZXUGH ³:DU VGHQQVRVFKOLPP1HHPHLQ-XQJGDWZHHLFKQLFK.RPPW]HKQ8KU KDWGLH:LWZH+DOOHQEURLFKGH$XJHQ]X %HL GHU $UEHLW PXWH HU VLFK ]XU .RQ]HQWUDWLRQ ]ZLQJHQ 'LH 0LWWDJVSDXVH EHQW]WHHUXPLP5HJLVWHUGHU%HWULHEVELEOLRWKHN]XVW|EHUQ(UIDQGHLQ%XFK PLWGHP7LWHO9(5*(66(1(6,('/81*(1'(68(5'(1(5/$1'(6XQG GDULQ GHQ 9HUPHUN GD HV IUKHU DP 1RUGUDQG GHU :DFNHUHU +HLGH HLQHQ 2UW QDPHQV %RGGHQP|OOH JHJHEHQ KDEH 'LHVHU VHL ZlKUHQG GHV 'UHLLJMlKULJHQ .ULHJHVQLHGHUJHEUDQQWXQG]HUVW|UWXQGQLHPDOVZLHGHUDXIJHEDXWZRUGHQ 'DV$EHQGHVVHQYHU]HKUWH8ZHRKQH$SSHWLWZRUEHUGLH:LWZH+DOOHQEURLFK VLFK VHKU DXIUHJWH $OV LKP GLH (UPDKQXQJHQ GHU 0XWWHU DXI GLH 1HUYHQ ]X JHKHQ EHJDQQHQ PDFKWH 8ZH VLFK DXI GHQ :HJ XP ³%HL -XSS HLQ %LHU ]X WULQNHQ$QGHU7KHNHVDGHUDOWH*ODVGURS8ZHEHJUWHLKQ ³:LHJHKW V*HVFKlIW"IUDJWHHUYRUVLFKWLJ ³/DXVLJ -XQJH ODXVLJ DQWZRUWHWH +HQQHU *ODVGURS ³6HLW ]HKQ 7DJHQ NHLQH )XKUH PHKU JHKDEW /RKQW VLFK QLFKW VR Q 7D[LEHWULHE LQ HLQHP .XKGRUI ZLH 9HUVEURFN ³$EHUGHU:HUNVWDWWJHKW VJXW" ³.|QQW EHVVHUVHLQ ³6FKRQ PDO ZDV YRQ QHU+HWHURG\Q)XVLRQVSXPSH JHK|UW" HUNXQGLJWH VLFK 8ZH ³$QQHP$XWR"'HUDOWH*ODVGURSYHU]RJPLWUDXLVFKGDV*HVLFKW³1HHQRFK
QLH 8ZH+DOOHQEURLFKWUDQNHLQ3LOV(UWUDQNDXFKQRFKHLQ]ZHLWHVXQGHLQGULWWHV XQG GDQDFK JLQJ V LKP VFKRQ YLHO EHVVHU (U EHVWHOOWH GDV YLHUWH *ODV GD VDJWH -XSSSO|W]OLFK ³2RKPLUIlOOWHLQ (U OLH GDV KDOEJH]DSIWH 3LOV VWHKHQ XQG ILQJ DQ XQWHU GHU 7KHNH ]X NUDPHQ 6FKOLHOLFKI|UGHUWHHUHLQ.lUWFKHQ]XWDJH8ZHOLHIHVKHLXQGNDOWEHUGHQ 5FNHQ ³,VV GLU DXV 7DVFKH JHIDOOHQ JHVWHUQ DEHQG VDJWH -XSS 0LW VHLQHQ 'HXWVFKNHQQWQLVVHQ VWDQG HV QRFK ODQJH QLFKW ]XP EHVWHQ ³'HQN LFK LFK KHE GLUDXI ³'DQNHVDJWH8ZH+DOOHQEURLFKPDWWXQGQDKPGDV.lUWFKHQHQWJHJHQ -XOLXV0|QNHPH\HU.RVPRNUDWVWDQGGD 8ZHJULIIVLFKDQGLH6WLUQXQGlFK]WH ³'DVKlOWGRFKGHU0HQVFKLP.RSIQLFKWDXV 5REHUW)HOGKRII 8QWHUGHP5HJHQERJHQ :LU NHQQHQ GLH *HVFKLFKWH GHV WHUUDQLVFKHQ .RORQLDOSODQHWHQ 2[WRUQH 6HLQH %HVLHGOXQJ HUIROJWH LP -DKUH IDVW ]ZHL -DKUKXQGHUWH QDFK GHQ 9RUNRPPQLVVHQ DXI 1HX 0LODQR (LQ 8QJOFN YHUVFKOXJ WHUUDQLVFKH $XVZDQGHUHU DXI MHQH ([WUHPZHOW GLH VSlWHU GHQ XPZHOWDQJHSDWHQ 0HQVFKHQ]ZHLJ GHU 2[WRUQHU KHUYRUEUDFKWH +LHU ZLH DXFK LQ YLHOHQ DQGHUHQ YHUEUJWHQ )lOOHQ VSUHFKHQ KHXWLJH =HLWJHQRVVHQ YRQ *OFN LP 8QJOFN 'HU $EVWDQGYLHOHU-DKUKXQGHUWHPDFKWHVP|JOLFK 'RFKHVJDEDXFKGLHXPJHNHKUWH(UHLJQLVDEIROJH 3DUDGLHVZHOWHQPRFKWHQVLFKQDFKNXU]HU=HLWDOVZDKUH+|OOHQHUZHLVHQZDV QLFKW VR VHOWHQ YRUNDP ZLH JHPHLQKLQ DQJHQRPPHQ 'LH :LVVHQVFKDIW GHV ]ZHLXQG]ZDQ]LJVWHQ -DKUKXQGHUWV ]HLJWH VLFK GHP (LQIDOOVUHLFKWXP GHU 1DWXU RIW JHQXJ XQWHUOHJHQ 'LH VFKOLPPVWHQ )lOOH DEHU ZDUHQ MHQH GD 1DWXU XQG 7HFKQLNHLQDQGHULQGLH4XHUHNDPHQXQGYRQHLQHPVROFKHQ)DOOVROOGLHVPDO GLH5HGHVHLQ +HXWHPHKUDOVWDXVHQG-DKUHQDFKGHU7UDJ|GLHYRQ1HX0LODQROlWVLFKGHU YROOVWlQGLJH$EODXIGHU(UHLJQLVVHQLFKWPHKUOFNHQORVUHNRQVWUXLHUHQ'DVLVW XQJHZ|KQOLFKLQ$QEHWUDFKWGHVUHODWLYYROONRPPHQHQ9HUQLFKWXQJVZHUNVDEHU YHUVWlQGOLFK 9RUDOOHPEOHLEWGLH)UDJH:DVVLQGGLH,QGXV":RKHUNDPHQVLH"8QGVLQGVLH ZLUNOLFKWRW"
*URYDWHU3DRORUlNHOWHVLFKOXVWORVLQGHUKHLHQ6RQQH 7HUYRUHVFKDXWHGHPIDOWLJHQ]HUNQLWWHUWHQ0DQQPLJ]X(VJDEQLFKWVPHKU ]X WXQ $OOHV *HSlFN ZDU EHLVDPPHQ 0XWWHU XQG 9DWHU KDWWHQ DQ %RUG GHU +(15<)25'YLHU3DVVDJHQJHEXFKWXQGDXV7HUUDQLD&LW\GLHREOLJDWRULVFKH $XVZDQGHUXQJVJHQHKPLJXQJHLQJHKROW 1XQ DOVR JDOW HV 0LODQR ]X YHUODVVHQ 7HUYRUH ZXWH QLFKW RE HU GDUEHU JOFNOLFKVHLQVROOWH(UKDWWHVHLQH)UHXQGHKLHUHUJLQJKLHU]XU6FKXOH:UGH HVGDZRKLQVLHJLQJHQNDOWVHLQ"2GHUPXWHQVLHLQ.XSSHOQDXV0HWDOOXQG 3ODVWLNOHEHQ" (VVHLJDQ]DQGHUVDOVDXI7HUUDKDWWHQ0XWWHUXQG9DWHUJHVDJW(VZUGHLKP VFKRQ JHIDOOHQ 9LHOH :lOGHU ZHQLJHU 0HQVFKHQ QLHPDQG GHU HLQHP VDJWH ZDV]XWXQXQGZDV]XODVVHQZDU ³.RPPVFKRQ7HUYRUHULHI*URYDWHU3DROR³-HW]WLVWHV]XVSlW:LUN|QQHQ QLFKWV PHKU lQGHUQ DOVR PDFKHQ ZLU GD ZLU SQNWOLFK DP 5DXPKDIHQ VLQG 'HLQH(OWHUQZDUWHQEHVWLPPWVFKRQ 6LH OLHHQ HLQHQ 6FKZHEHU NRPPHQ YHUVFKORVVHQ GDV $SDUWPHQW XQG OLHHQ 0LODQR KLQWHU VLFK ]XUFN 7HUYRUH VFKDXWH YRQ REHQ DXI GLH VDXEHUH 6WDGW *DQ]H )DKU]HXJNRORQQHQ VFKZHEWHQ KRFK EHU GHP +lXVHUPHHU DXV :HL %UDXQXQG6LOEHU6FKRQMHW]WVSUWHHU+HLPZHKXQGGDVZDUHVDXFKZDVLKQ LQGHU+DXSWVDFKHPLW*URYDWHU3DRORYHUEDQG 'LH +(15< )25' VWDQG DXI GHP 5DXPKDIHQ YRQ 5RP (V KDQGHOWH VLFK XP HLQHQ DOWHUVVFKZDFKHQ .XJHOUDXPHU YRQ IQIKXQGHUW 0HWHUQ 'XUFKPHVVHU JHUDGH QRFK JXW JHQXJ WHUUDPGH 6LHGOHU ]X DQGHUHQ :HOWHQ ]X EHI|UGHUQ 7URW]GHP VWLHJ EHLP $QEOLFN GHV 6WDKONRORVVHV (UUHJXQJ LQ 7HUYRUH DXI :HOFKHU -XQJH KDWWH VFKRQ *HOHJHQKHLW LQ HLQHP VROFKHQ 8QJHWP DE]XKHEHQ XQGGXUFKV$OO]XIOLHJHQ" ³'D XQWHQ VLQG VLH MD VDJWH *URYDWHU 3DROR (U GHXWHWH DXI HLQH GHU :DUWHKDOOHQ DP 5DQG GHV +DIHQV 'RUW VWDQG DEZDUWHQG HLQH NOHLQH 0HQVFKHQPHQJH1XQHUNDQQWHDXFK7HUYRUHGDVHLQH(OWHUQGDUXQWHUZDUHQ 'HU *OHLWHU VDQN DEZlUWV *URYDWHU 3DROR EUDFKWH GDV *HIlKUW SUREOHPORV LQ HLQHU GHU /DQGH]RQHQ ]XP 6WHKHQ 6LH VWLHJHQ DXV XQG WUDIHQ PLW 9DWHU XQG 0XWWHU]XVDPPHQGLHYRU$XIUHJXQJNDXPUXKLJDWPHQNRQQWHQ ³,VWHVQLFKWZXQGHUEDU"ULHI0XWWHU³*OHLFKJHKWHVORV (LQH /DXWVSUHFKHUVWLPPH IRUGHUWH VLH ]XP %HWUHWHQ GHU +(15< )25' DXI *HPHLQVDP PLW HLQ SDDU 'XW]HQG DQGHUHU 0HQVFKHQ GLH 7HUYRUH QLFKW NDQQWH YHUWUDXWHQ VLH VLFK GHQ $QWLJUDYIHOGHUQ DQ 6LH VFKZHEWHQ DXIZlUWV XQG HUUHLFKWHQGLHJURH3HUVRQHQVFKOHXVHDPXQWHUHQ3ROGHV6FKLIIHV(UVWMHW]WVDK 7HUYRUHGDHLQSDDU*OHLFKDOWULJHXQWHUGHQ3DVVDJLHUHQZDUHQ ³'DV*HSlFNXQGGLHDQGHUHQ6LHGOHUVLQGVFKRQDQ%RUGHUNOlUWH9DWHU³:LU VLQGGLHOHW]WHQ'DQQNDQQHVORVJHKHQ 6LHEHNDPHQ.DELQHQQDKHDP5LQJZXOVW'HU6WDUWK|UWHVLFKDQZLHHLQQDKHV *HZLWWHU XQG GXUFK GLH ZHQLJHQ (LQULFKWXQJVJHJHQVWlQGH OLHI HLQ =LWWHUQ ZLH HV VRQVW QXU EHL (UGEHEHQ DXIWUDW $EHU 7HUYRUH KDWWH NHLQH $QJVW (U ZXWH JHQDXGDDOOHVDQGHQ.UDIWZHUNHQXQGGHU%HVFKOHXQLJXQJVSKDVHODJ
$OVVLHGLH$WPRVSKlUHKLQWHUVLFKJHODVVHQKDWWHQVWDQGHLQH)KUXQJGXUFKGDV 6FKLIIDXIGHP3URJUDPP7HUYRUHEHNDPZLHGHUXPQXUHLQHQ7HLOGHU6LHGOHU ]X VHKHQ 0HKU DOV ]ZDQ]LJ 3DVVDJLHUH JOHLFK]HLWLJ NRQQWH GHU 6WHZDUG QLFKW EHZlOWLJHQ ³+HQU\ )RUG LVW GHU 1DPH HLQHV OlQJVW YHUVWRUEHQHQ 7HUUDQHUV HUNOlUWH GHU 0DQQLQVHLQHUZHLHQ8QLIRUP³6RJHQDXZHLLFKHVQLFKWDEHUHUPXZRKO JHJHQ $QIDQJ GHV ]ZDQ]LJVWHQ -DKUKXQGHUWV JHOHEW KDEHQ (U KDW GLH )OLHEDQGIHUWLJXQJ IU $XWRPRELOH HUIXQGHQ $XWRPRELOH ZDUHQ ]LHPOLFK VFKPXW]LJH )RUWEHZHJXQJVPLWWHO KHXWH KDEHQ ZLU MD *OHLWHU $EHU HU ZDU HLQ EHGHXWHQGHU0DQQGLHVHU+HQU\)RUG 'HU 6WHZDUG IKUWH VLH GXUFK GLH 0DVFKLQHQUlXPH ZR QXU HLQ SDDU %HVDW]XQJVPLWJOLHGHUDQ.RQVROHQXQGYHUVFKPLHUWHQ0HWDOOEO|FNHQDUEHLWHWHQ ]HLJWH LKQHQ GDV 2EVHUYDWRULXP XQG GLH =HQWUDOH $P ZHQLJVWHQ LQWHUHVVLHUWH VLFK 7HUYRUH IU GLH /DGHUlXPH 'RUW VWDQGHQ /DQGZLUWVFKDIWVPDVFKLQHQ XQG ULHVLJH&RQWDLQHUYROOHU7URFNHQNRQ]HQWUDWH $P GULWWHQ 7DJ GHU 5HLVH VLH KDWWHQ JHUDGH GLH HUVWHQ 6SUQJH GXUFK GHQ +\SHUUDXP KLQWHU VLFK ZXUGH $ODUPPHOGXQJ JHJHEHQ (U KRFNWH JHUDGH PLW *URYDWHU3DRORLP2EVHUYDWRULXPXQGUDQQWHQXQ]XPQlFKVWHQ6FKXW]UDXP ³'LH $XVOlXIHU HLQHV +\SHUVWXUPV ZHUGHQ XQV VWUHLIHQ 7HUYRUH HUNDQQWH GLH 6WLPPH DXV GHP /DXWVSUHFKHU QLFKW ³$EHU ]XU %HXQUXKLJXQJ EHVWHKW NHLQ $QOD PHLQH 'DPHQ XQG +HUUHQ :LU JHEHQ 1DFKULFKW VREDOG GHU 6WXUP YRUEHLJH]RJHQLVW *URYDWHU 3DRORVWLH HLQHQPXUUHQGHQ /DXW DXV³+DE LFK GHLQHQ(OWHUQQLFKW JHVDJWGDHVXQVLQ0LODQRJXWJHKW"$EHUVLHZROOWHQMDQLFKWK|UHQ-XQJH 7HUYRUH ZDUWHWH UXKLJ DE (U ZDU ]ZDU XQJHGXOGLJ ZROOWH VLFK DEHU GHQ DQZHVHQGHQ(UZDFKVHQHQJHJHQEHUQLFKWEODPLHUHQ (LQHKDOEH6WXQGH VSlWHU OLHIHQ DEHUPDOV 9LEUDWLRQHQ GXUFK GLH +(15< )25' (V ZDU ZLH EHLP 6WDUW QXU ZHVHQWOLFK VWlUNHU .XU]H =HLW VSlWHU ILHO GLH %HOHXFKWXQJ DXV 7HUYRUH NRQQWH VLFK GHQNHQ GD LUJHQG HWZDV VFKLHIJHJDQJHQ ZDU GHQQ NHLQHV GHU %HVDW]XQJVPLWJOLHGHUIDQG*HOHJHQKHLWGHQ9RUIDOO]XHUNOlUHQ 'LH 9LEUDWLRQHQ QDKPHQ DQ +HIWLJNHLW ]X 6LH ZXUGHQ LQQHUKDOE GHV 6FKXW]UDXPV NUlIWLJ GXUFKJHVFKWWHOW ,PPHU ZLHGHU VWU]WH 7HUYRUH PLW GHQ DQGHUHQXQGUDSSHOWHVLFKKRFKQXUXPLP$XJHQEOLFNGDUDXIZLHGHUDP%RGHQ ]X OLHJHQ *URYDWHU 3DROR VDJWH QLFKWV PHKU $OV 6WXQGHQ VSlWHU GLH 1RWEHOHXFKWXQJDQVSUDQJVDKHUGHQDOWHQ0DQQUHJORVLQHLQHU(FNH 7HUYRUHNRQQWHVLFKQLFKWEHZHJHQ (LQH)UDXGUHKWH*URYDWHU3DRORXPXQGIKOWHVHLQHQ3XOV³,FKVSUHQLFKWV VDJWHVLHXQGVFKDXWHUHVLJQLHUWLQGLH5XQGH³9LHOOHLFKWHLQ+HU]VFKODJ*HK|UW GHU7RWH]XHLQHPYRQHXFK" (V GDXHUWH HLQH 6WXQGH ELV 7HUYRUH ZLHGHU VSUHFKHQ NRQQWH $EHU HU VDJWH QLFKWVZHLOHUQLFKWVVDJHQZROOWH 6RIDQGHQLKQ6WXQGHQVSlWHU9DWHUXQG0XWWHUDOVGHU$ODUPYRUEHUZDUXQG GLH hEHUOHEHQGHQ YHUVXFKWHQ LQ XQPLWWHOEDUHU 1lKH HLQHQ EHZRKQEDUHQ 3ODQHWHQDXI]XWXQ
'HU 3ODQHW ODJ DEVHLWV DOOHU JlQJLJHQ )OXJURXWHQ %HL HLQHU /DJHEHVSUHFKXQJ VWHOOWH VLFK KHUDXV GD RIIHQEDU GDV *URV GHU 6LHGOHU DXV 0LODQR VWDPPWH GDKHUGHU1DPH1HX0LODQR ³9LHOOHLFKW LVW HV GD XQWHQ JHQDXVR JXW ZLH GD ZRKLQ ZLU HLJHQWOLFK ZROOWHQ 0DFKGLUNHLQH6RUJH-XQJH 9DWHUKDWWH LKP YRQ GHU+DYDULH GHU +(15<)25'EHULFKWHW$OOH*HUlWH DXI )QI'%DVLVZDUHQDXVJHIDOOHQ'DV6FKLIIZUGHQLHPHKU6SUQJHGXUFKGHQ +\SHUUDXP DXVIKUHQ VR KLH HV ZHLO GHU hEHUOLFKWDQWULHE XQG 7HLOH GHV 6WHXHUV\VWHPV DXVJHIDOOHQ ZDUHQ 7HUYRUH YHUVWDQG DXFK GDV ZDV 9DWHU QLFKW KDWWHVDJHQZROOHQGDQlPOLFKDXI1HX0LODQRHLQH%UXFKODQGXQJGURKWH .XU] EHYRU HV VRZHLW ZDU PDFKWHQ %HULFKWH EHU GLH %HZRKQEDUNHLW GHV 3ODQHWHQGLH5XQGH³(VLVWVFK|QGRUWVDJWHQGLH/HXWH³:lOGHU6HHQHEHQ DOOHVZDVZLUZROOHQ:DVEUDXFKHQZLUGD7HUUD":ROOWHQZLUQLFKWHEHQYRQ GLHVHU$EKlQJLJNHLWORVNRPPHQ" 7HUYRUH K|UWH QLFKW DXI LKUH :RUWH 'HU HLQ]LJH GHP HU VLFK KDWWH DQYHUWUDXHQ N|QQHQZDU*URYDWHU3DRORJHZHVHQHLQ)UHXQGXQG/HLGHQVJHQRVVH 6LH VXFKWHQ ZLHGHU HLQHQ GHU 6FKXW]UlXPH DXI (LQH KDOEH 6WXQGH VSlWHU HUIDWHQ QHXHUOLFK 9LEUDWLRQHQ GLH 6FKLIIV]HOOH 'LHVPDO KDWWH VLFK 7HUYRUH JHPHLQVDP PLW 0XWWHU XQG 9DWHU DQJHVFKQDOOW 6LH NRQQWHQ QLFKW DXV LKUHQ 6LW]HQ ]X %RGHQ JHVFKOHXGHUW ZHUGHQ %DOG ILQJ GLH +(15< )25' ZLH HLQ 7LHU]XERFNHQDQ'LH1RWEHOHXFKWXQJIXQNWLRQLHUWHDOOHUGLQJV ³-HW]WODQGHQVLHULHILUJHQGMHPDQG 'LH7HPSHUDWXULP,QQHUQGHV6FKXW]UDXPVVWLHJXPHLQSDDU*UDGH6HNXQGHQ VSlWHU HUVFKWWHUWH HLQ P|UGHULVFKHU 5XFN GLH +(15< )25' XQG 7HUYRUH IKOWHVLFKXQWHUGHU$QGUXFNEHODVWXQJPHKUHUHU6W|HLQGHQ6LW]JHSUHW 'DQQZDU5XKH ³:LU KDEHQ HV EHUVWDQGHQ VDJWH GHU JOHLFKH 0DQQ GHU YRUKLQ VFKRQ JHVSURFKHQ KDWWH ³:HQQ ZLU QRFK DP /HEHQ VLQG KDW GHU $QWLJUDY QLFKW JlQ]OLFKYHUVDJW8QVHUH$XVUVWXQJGUIWHLQWDNWVHLQ 6SlWHUVWHOOWHVLFKKHUDXVGDGHU0DQQLP,UUWXPZDU'LH+(15<)25'ZDU PLW GHP XQWHUHQ 3RO LQ +|KH GHU /DGHUlXPH DXI IHOVLJHQ *UXQG JHVFKODJHQ /HGLJOLFK GLH REHUH .XJHOKlOIWH KDWWH GHP 6WXU] VWDQGJHKDOWHQ =XP *OFN HUIROJWHNHLQH([SORVLRQ'DQQQlPOLFKKlWWHQVLHQLFKWHLQPDOGLHHUVWH6WXQGH DXI1HX0LODQREHUOHEW 1DWXUJHPl ELOGHWHQ*HUlWHDXI)QI'%DVLVGHQDQIlOOLJVWHQ7HLOHLQHVMHGHQ 5DXPVFKLIIV 6RZRKO +\SHUNRP DOV DXFK 7UDQVLWLRQVWULHEZHUNH ZDUHQ GHVKDOE WRWDODXVJHIDOOHQ'LH,PSXOVDJJUHJDWHLP5LQJZXOVWODJHQDXIJUXQGGHV6WXU]HV LQ 7UPPHUQ 0LW DQGHUHQ :RUWHQ GLH +(15< )25' ZUGH QLHPDOV ZLHGHU VWDUWHQXQGVLHZDUHQDXHUVWDQGH+LOIHKHUEHL]XUXIHQ 7HUYRUH NPPHUWH VLFK ]X GLHVHP =HLWSXQNW ZHQLJ GDUXP (U WUDXHUWH QRFK LPPHU *URYDWHU 3DROR QDFK (LJHQWOLFK GDFKWH HU GD GLHV DXFK 0XWWHU XQG 9DWHUKlWWHQWXQVROOHQ $EHU EHLGH ZDUHQ ]X EHVFKlIWLJW VLH WUXJHQ JHPHLQVDP PLW GHQ DQGHUHQ (UZDFKVHQHQDXVGHP6FKLIIZDVGLHNQDSSGUHLKXQGHUWhEHUOHEHQGHQLP/DXI
GHUQlFKVWHQ7DJHEUDXFKHQZUGHQ (LQ SDDU ODQGZLUWVFKDIWOLFKH 1XW]JHUlWH KDWWHQ GHQ 6WXU] EHUVWDQGHQ 7HUYRUH KDWWH JHK|UW GD LKUH .DSD]LWlW DXVUHLFKHQG ZDU GHQ ZHQLJHQ 0HQVFKHQ DXI 1HX0LODQRGDVhEHUOHEHQ]XVLFKHUQ ³$OOHV ZLUG JXW -XQJH VDJWH 9DWHU DP $EHQG GHV HUVWHQ 7DJHV DOV VLH LP 6FKDWWHQ GHV ULHVLJHQ :UDFNV 1RWXQWHUNQIWH DXIJHVWHOOW XQG EH]RJHQ KDWWHQ ³'XZLUVWVFKRQVHKHQVLHILQGHQXQVXQGEULQJHQXQVZRKLQZLUZROOWHQ 7HUYRUHKDWWHNHLQHJHQDXH9RUVWHOOXQJZRGDVVHLQVROOWH ,P /DXI GHU QlFKVWHQ -DKUH JHZ|KQWH VLFK 7HUYRUH DQ GDV /HEHQ DXI 1HX 0LODQR'LH(UZDFKVHQHQVSUDFKHQRIWGDYRQGDEDOGHLQ6FKLIINRPPHQXQG VLH IRUWEULQJHQ PVVH GRFK IU LKQ KDWWH GLHVHV *HUHGH EDOG NHLQH %HGHXWXQJ PHKU (V ZDU HLQ VFK|QHU 3ODQHW +XQGHUWH .LORPHWHU ULQJV XP GLH +(15< )25' HUVWUHFNWHQVLFKGLFKWH:lOGHUGLHGHQ:lOGHUQEHL0LODQRlKQHOWHQXQGHVJDE HLQHQ JHZLVVHQ ZHQQ DXFK VHKU EHVFKUlQNWHQ WLHULVFKHQ $UWHQUHLFKWXP 6LH OHJWHQPLW+LOIHGHULQWDNWHQ0DVFKLQHQ.RUQXQG*HPVHIHOGHUDQ1LHPDQG OLWW+XQJHURGHUZXUGHLQIROJHYRQ0DQJHOHUVFKHLQXQJHQNUDQN 7URW]GHPZlKQWHQVLFKGLH6LHGOHUYRQ1HX0LODQRQLHPDOVY|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|QQHQ7URW]GHPVWDQGIHVWGDLKQHQHLQH XQJHIlKU KXPDQRLGH *UXQGJHVWDOW ]X HLJHQ JHZHVHQ ZDU 1LHPDQG IDQG DOOHUGLQJVGHQ=ZHFNGHV$UWHIDNWHVKHUDXVXQG7HUYRUHGDFKWHVLHKGDZRKO QLHPDQGGDUDQHFKWHV,QWHUHVVHKDWWH 9RQ DXHQ VWHOOWH VLFK GLH )DEULN DOV IRUPORVH 0DVVH DXV 5RKUHQ URVWLJHQ 7UPFKHQ GLH 6FKRUQVWHLQHQ lKQHOWHQ XQG %HKlOWQLVVHQ DXV ]HUIUHVVHQHP 0HWDOO GDU .HLQH GHU (LQULFKWXQJHQ GHU )DEULN OLH VLFK PHKU LQ %HWULHE QHKPHQ 'LH &KDQFH GRUW HLQHQ +\SHUNRPDXI]XWUHLEHQ VWDQG EHLZHQLJHU DOV 1XOO'DVMHGHQIDOOVVDJWH9DWHU (LQ SDDU 0RQDWH QDFK GHU %UXFKODQGXQJ K|UWHQ GLH .ODJHQ EHU PDQJHOQGHQ .RPIRUWDXI'LH6LHGOHUXQWHUQDKPHQDXVJHGHKQWH6WUHLI]JHLQGLH8PJHEXQJ XQGHQWGHFNWHQGDEHLZHLWHUH)DEULNHQ,QGHU7DWVFKLHQJDQ]1HX0LODQRYRQ $UWHIDNWHQlKQOLFKHU*HVWDOWEHUVlW 7HUYRUHOHUQWHHLQHQJOHLFKDOWULJHQ-XQJHQQDPHQV0RRQVWHLQNHQQHQ 0RRQVWHLQ VWDPPWH QLFKW DXV 0LODQR 6HLQH (OWHUQ OHEWHQ VFKRQ ODQJH QLFKW PHKUXQGPDQKDWWHLKQHLQHU$GRSWLYPXWWHUDQYHUWUDXW%HLP$EVWXU]ZDUVLH
XPV /HEHQ JHNRPPHQ (V ZDU NHLQ :XQGHU GD 7HUYRUH XQG 0RRQVWHLQ RIW ]XVDPPHQKRFNWHQ EHLGH KDWWHQ IU GHQ )OXJ QDFK 1HX 0LODQR YLHO DXIJHEHQ PVVHQ 8QG VLH EHLGH JHK|UWHQ -DKUH VSlWHU ]X GHU HUVWHQ ([SHGLWLRQ GLH GHQ 3ODQHWHQ JURPDVWlEOLFK HUIRUVFKWH 7HFKQLNHU KDWWHQ ]XPLQGHVW HLQHQ $QWLJUDY /DVWHQJOHLWHU SURYLVRULVFK LQVWDQG JHVHW]W 0LW GLHVHP *HIlKUW EHUIORJHQ XQG NDUWRJUDSKLHUWHQ VLH 1HX 0LODQR (V JDE NDXP :DVVHUIOlFKHQ GLH GHQ 1DPHQ 0HHUYHUGLHQWHQMHGRFK6HHQXQG)OVVHLQXPVRJU|HUHP0DH'LH*HELUJH ZDUHQNOHLQXQGUXQGJHVFKOLIIHQ $XI GHU DQGHUHQ 6HLWH GHV 3ODQHWHQ IDQG VLFK GLH HLJHQWOLFKH *HIDKU YRQ 1HX 0LODQR 6LH EHUIORJHQ HLQH IDVW NUHLVI|UPLJH JUDXH =RQH 'HU ([SHGLWLRQVFKHI HLQ HKHPDOLJHU2IIL]LHUGHU+(15<)25'OLHXQYHU]JOLFKVWRSSHQ ³:LU JHKHQ DP 5DQG GHU =RQH QLHGHU EHIDKO GHU 0DQQ 'LH 3LORWLQ VFKDXWH XQJOFNOLFK IROJWH DEHU LKUHU 2UGHU REZRKO 'LHQVWUlQJH XQG GHUJOHLFKHQ HLJHQWOLFKLKUH%HGHXWXQJYHUORUHQKDWWHQ 7HUYRUH XQG 0RRQVWHLQ YHUOLHHQ GHQ *OHLWHU DOV OHW]WH 9RU LKQHQ ODJ VRZHLW GHU%OLFNUHLFKWHJUDXHU6WDXE'LH(UZDFKVHQHQZDUHQHLQSDDU6FKULWWZHLWLQ GLH =RQH HLQJHGUXQJHQ XQG ZKOWHQ PLW LKUHQ )HQ LQ GHU SXGHUVDQGDUWLJHQ 0DVVH ³.HLQH*HIlKUGXQJIHVW]XVWHOOHQEHPHUNWHGHU2IIL]LHU 7HUYRUHWUDWHEHQIDOOVQlKHU(UKREHLQH+DQGYROOGHV6WDXEHVDXIXQGOLHLKQ GXUFK VHLQH )LQJHU JOHLWHQ (V ZDU DOV KDEH LUJHQG HWZDV DQ GLHVHP 2UW GLH 2EHUIOlFKH]HUNOHLQHUWXQGQXUMHQHQIHLQJHPDKOHQHQ6WDXE]XUFNJHODVVHQGHU KLHUYRULKQHQODJ ³6FKDXWPDOULHI0RRQVWHLQ³,FKJODXEHLFKVHKHGDKLQWHQHLQHQ)OHFN $OOHVSlKWHQLQGLHDQJH]HLJWH5LFKWXQJ ³-DMHW]WVHKHLFKHVDXFKDQWZRUWHWHGHU2IIL]LHU³:LUIOLHJHQKLQ 'HU3XQNWHUZLHVVLFKDOVNDVWHQI|UPLJHVXQJHIlKUGUHL0HWHUKRKHV*HElXGH 9RUVLFKWLJ VWLHJHQ VLH DXV 7HUYRUH HUZDUWHWH ]ZDU NHLQH *HIDKU GRFK HU EOLHE PLW0RRQVWHLQWURW]GHPKLQWHQ'DV*HElXGHHQWKLHOWQXUHLQHLQ]LJHV$JJUHJDW $XI GHQ HUVWHQ %OLFN HUNDQQWH QLHPDQG VHLQH )XQNWLRQVZHLVH (LQHV DEHU HUNDQQWHQVLH'DV$JJUHJDWZDULQ%HWULHE ³1LFKWVEHUKUHQEHIDKOGHU2IIL]LHU³:LUVFKDXHQXQVQXUXP 7HUYRUH HQWGHFNWH GDGDV $JJUHJDW ]ZHLIHLQHPQGXQJVlKQOLFKHgIIQXQJHQ EHVD 6LH ]HLJWHQ DXI GLH EHLGHQ VFKPDOHQ 6HLWHQZlQGH GHV *HElXGHV *HQDX GRUW ZDUHQ LP :DQGJHIJH UXQGH /|FKHU DXVJHVSDUW GLH ELVODQJ GXUFK =XIDOO RIIHQEDUQLHPDQGEHPHUNWKDWWH ³.RPPWVFKRQZLUVFKDXHQXQVZHLWHUXP 6LHHQWGHFNWHQZHLWHUH*HElXGHGLHVHU$UW,QVJHVDPWHUJDEGDVHLQHQ.UHLVYRQ XQJHIlKU]ZDQ]LJ.LORPHWHUQ'XUFKPHVVHUGHVVHQ=ZHFNVLHQLFKWYHUVWDQGHQ $P(QGHODQGHWHGHU*OHLWHUQRFKPDOVDQGHPHUVWHQ*HElXGHGDVVLHHQWGHFNW KDWWHQ 7HUYRUH VDK QRFK LPPHU NHLQH *HIDKU GDULQ 'RFK GHU 6WDXE H[LVWLHUWH XQGLUJHQGZLHPXWHVHLQH([LVWHQ]HUNOlUOLFKVHLQ
³:LUPVVHQGLHLQQHUH=RQHHUNXQGHQHQWVFKLHGGHU2IIL]LHU 0RRQVWHLQ 7HUYRUH XQG GLH 3LORWLQ EOLHEHQ ]XUFN 6LH VDKHQ ]X ZLH GLH UHVWOLFKHQ 0lQQHU GHV .RPPDQGRV MHQHQ 5LQJ EHWUDWHQ GHQ GHU .UHLV GHU *HElXGHXPVFKOR1LFKWVJHVFKDK0LWGHQ)HQVWLHHQVLHJUDXHKDQGJURH .QlXHO EHLVHLWH GLH EHUDOO KHUXPODJHQ (LQHU GHU 0lQQHU XQWHUVXFKWH HLQ VROFKHV.QlXHOXQGZDUIHVHUJHEQLVORVIRUW 'DQQDEHUNDP/HEHQLQGLH6]HQHULH(VVFKLHQDOVNUlXVHOHVLFKGHU6WDXEDOV IDKUHHLQ:LQGVWRKLQGXUFKXQGNHKUHGDV8QWHUHQDFKREHQ ,Q :DKUKHLW EHZHJWHQ VLFK GLH .QlXHO 'HU 2IIL]LHU XQG VHLQH %HJOHLWHU VFKDXWHQQXUYHUVWlQGQLVORV6LHQDKPHQHUQHXWHLQSDDUGHUNOHLQHQ*HELOGHDXI XQG XQWHUVXFKWHQ VLH 7HUYRUH HUNDQQWH GD GLHVH +DQGOXQJVZHLVH XQYHUDQWZRUWOLFK ZDU 8QG GLH 4XLWWXQJ IROJWH IDVW JOHLFK]HLWLJ ZDUIHQ GLH 0lQQHULKUH8QWHUVXFKXQJVREMHNWHIRUW ³'DVVLQGOHEHQGLJH7LHUHULHIHLQHUYRQLKQHQ³6LHEHLHQMD (QGOLFKRUGQHWHGHU2IIL]LHUGHQ5FN]XJDQ$EHUVHLQH(LQVLFKWNDP]XVSlW 'LH .QlXHO ZXUGHQ ]XVHKHQGV PXQWHUHU XQG ILHOHQ EHU GLH 0lQQHUKHU EHYRU VLHQRFKGLHHUVWHQ6FKULWWHLQ5LFKWXQJGHV*HElXGHVJHWDQKDWWHQ 7HUYRUHNRQQWHGHQ%OLFNQLFKWDEZHQGHQ'HU2IIL]LHUXQGVHLQH+HOIHUZXUGHQ EXFKVWlEOLFK LQ GHU /XIW ]HUULVVHQ (LQH 6WDXEZRONH ZLUEHOWH DXI XQG YHUVFKOHLHUWHGHQJUDXVDPHQ5HVWGHV9RUJDQJV ³:HJKLHUVFKULHGLH3LORWLQ $EHU7HUYRUHXQG0RRQVWHLQEOLHEHQVWHKHQ6LHVDKHQZLHDXFKGLH.QlXHOLQ LKUHU XQPLWWHOEDUHQ 8PJHEXQJ VLFK UHJWHQ XQG QlKHU UFNWHQ (LQ SDDU 0HWHU YRUGHP*HElXGHVWRFNWHQVLHDOOHUGLQJV'RUWKLQGHUWHHLQHXQVLFKWEDUH*UHQ]H VLHDQZHLWHUHU%HZHJXQJ ³6LH NRPPHQ QLFKW ELV KLHUKHU ULHI 7HUYRUH 'LH 3LORWLQ HQWVFKLHG VHLQHQ :RUWHQ]XWUDXHQXQGNDPYRUVLFKWLJ]XUFN $OV VLFK GHU 6WDXE ZLHGHU JHOHJW KDWWH ZDUHQ NHLQHUOHL hEHUUHVWH GHU 0lQQHU HUNHQQEDU:RYRUHLQSDDU6HNXQGHQQRFKGLH.QlXHO]XUDVHQGHPW|GOLFKHP /HEHQ HUZDFKW ZDUHQ EUHLWHWH VLFK QXU HLQH JUDXH 6WDXEVFKLFKW DXV 8QG 7HUYRUH PHUNWH GD LKP LUJHQGZLH GLH )lKLJNHLW ]XU 7UDXHU DEKDQGHQ JHNRPPHQZDU'LH3LORWLQIORJVLH]XU6LHGOXQJ]XUFN :HGHU 7HUYRUH QRFK 0RRQVWHLQ HUOHEWHQ GLH IROJHQGHQ (UHLJQLVVH SHUV|QOLFK PLW'RFKVLHK|UWHQGDYRQ 'LHDQJULIIVOXVWLJHQ7LHUHHUKLHOWHQGHQ1DPHQ,QGXV ,P /DXI GHU QlFKVWHQ -DKUH ZDUHQ VWlQGLJ HLQ SDDU 6LHGOHU PLW ZLVVHQVFKDIWOLFKHU %LOGXQJ EHVFKlIWLJW GLH JUDXH=RQH XQG LKUH 6FKXW]DQODJHQ ]X HUIRUVFKHQ 2IIHQEDU HU]HXJWHQ GLH *HUlWH LQ GHQ %DXZHUNHQ GRUW HLQH 6WUDKOXQJ GLH GHQ ,QGXV EHUKDXSW QLFKW EHNDP DEHU YRQ JHULQJHU 5HLFKZHLWH ZDU *OHLFK]HLWLJ HUIRUVFKWH PDQ GLH $UWHIDNWH GHU YHUVFKZXQGHQHQ 8UHLQZRKQHU 1HX 0LODQRV 'DEHL NDP HLQLJHV KHUDXV 'LH ,QGXV HQWVWDPPWHQ HLQHP XQNRQWUROOLHUWHQ =XFKWSURJUDPP 1LHPDQG KDWWH VLH W|WHQ N|QQHQ DOVR KDWWHQGLH)UHPGHQLQGHU$EVLFKWLKUH]lKHQ)HLQGH]XPLQGHVW]XLVROLHUHQGLH JUDXH=RQHHUULFKWHW
'RUWVFKOLHIHQGLH,QGXVYRUVLFKKLQ %LV LQ HLQH 7LHIH YRQ YLHU 0HWHUQ KDWWHQ VLH GHQ %RGHQ XPJHSIOJW LKQ VHLQHV *HKDOWHVEHUDXEWXQG]XJUDXHP6WDXEYHUZDQGHOW ³.HLQ :XQGHU VDJWH 9DWHU HLQPDO ³GD GLH )UHPGHQ JHIOFKWHW VLQG :HU P|FKWHVFKRQPLWHLQHUVROFKHQ=HLWERPEHDXIGHPVHOEHQ3ODQHWHQOHEHQ"$EHU ZLUZLUPVVHQHVZRKO 'LH.DWDVWURSKHWUDW-DKUHVSlWHUHLQ,Q]ZLVFKHQKDWWHQHLQSDDU:LVVHQVFKDIWOHU GLH1DWXUGHV6WUDKOXQJV]DXQVHUPLWWHOW(VKDQGHOWHVLFKXPHOHNWURPDJQHWLVFKH )HOGHUHLQHUEHVWLPPWHQ)UHTXHQ]ZDVVLPSHOXQGZLUNVDP]XJOHLFKZDU 'RFK HLQ 'HIHNW UL PHKUHUH /FNHQ LQ GHQ =DXQ 6LH HUIXKUHQ HV QXU ZHLO GXUFK =XIDOO ]ZHL )UDXHQ GHQ QlFKVWVWHKHQGHQ *OHLWHU HUUHLFKHQ XQG DEKHEHQ NRQQWHQ'LHEULJHQZXUGHQ]HUULVVHQ(VZDUDOVVHLHQGLH,QGXVQDFKODQJHP 7LHIVFKODI]XXPVRDJJUHVVLYHUHP/HEHQHUZDFKW (LQ *OHLWHU VWHOOWH :RFKHQ VSlWHU IHVW GD VLFK GLH JUDXH =RQH XP HLQ 9LHOIDFKHV YHUJU|HUW KDWWH 'LH ,QGXV YHUPHKUWHQ VLFK UDVHQG VFKQHOO :HU LPPHU YHUVXFKWH HLQHQ ,QGX ]X 9HUVXFKV]ZHFNHQ LQ GLH +lQGH ]X EHNRPPHQ ]DKOWHPLWGHP/HEHQGDIU:LHVROOWHPDQGHV3KlQRPHQV+HUUZHUGHQZHQQ HVVLFKHLQIDFKQLFKWXQWHUVXFKHQOLH" $OV 7HUYRUH GUHLLJ ZDU KDWWHQ VLFK GLH ,QGXV EHU GUHL 9LHUWHO GHV 3ODQHWHQ DXVJHEUHLWHW'UDXHQLQGHU*DOD[LVZDUGDV-DKUDQJHEURFKHQ1LHPDQG KDWWHELVKHUGLH.RORQLHDXI1HX0LODQRHQWGHFNWXQGVRJHVWDQGHQDOOHHLQGD VLHDOOHLQPLWGHP3UREOHPIHUWLJZHUGHQPXWHQ 1HX0LODQRVgNRORJLHlQGHUWHVLFKWLHIJUHLIHQG'LH5HJHQIlOOHEOLHEHQDXVGLH 7HPSHUDWXUHQ VWLHJHQ LQ GHU /XIW ZDU ZHQLJHU 6DXHUVWRII DOV ]XU =HLW LKUHU $QNXQIW (V ZXUGH LPPHU VFKZLHULJHU DXI GHQ YHUWURFNQHQGHQ bFNHUQ 1XW]SIODQ]HQKRFK]X]LHKHQ 7HUYRUHXQG0RRQVWHLQHQWZLFNHOWHQHLQHQ/DQJ]HLWSODQ ³(V KDW NHLQHQ 6LQQ PLJ GHQ 7RG DE]XZDUWHQ VDJWHQ VLH ³:HQQ ZLU GLH ,QGXVQLFKWYHUQLFKWHQN|QQHQPVVHQZLUHVPDFKHQZLHGLH8UHLQZRKQHU1HX 0LODQRV ³:LH VROOHQ ZLU GUHL 9LHUWHO GHV 3ODQHWHQ HLQ]lXQHQ" IUDJWHQ GLH DQGHUHQ PLW HLQHU0LVFKXQJDXV)XUFKWXQG6SRWW ³'DV N|QQHQ ZLU QLFKW $EHU ZLU N|QQHQ XQV HLQ]lXQHQ :LU PVVHQ JHJHQ XQVHUH)HLQGH%DUULHUHQHUULFKWHQ 7HUYRUH ZXWH JHQDX ZDV VLH GD WXQ ZROOWHQ (V EHGHXWHWH GDV (LQJHVWlQGQLV LKUHU1LHGHUODJHVLHZUGHQEHJUHQ]WH=HLW]XOHEHQKDEHQXQGDXIHLQ:XQGHU KRIIHQ 0XWWHU XQG 9DWHU VWDUEHQ ZlKUHQG GHU $UEHLWHQ (UVWPDOV KDWWH GLH 6LHGOXQJDXI1HX0LODQRNHLQH=XZDFKVUDWHQPHKU]XYHU]HLFKQHQ 8QG MHW]W HUVW EHJULIIHQ GLH 0HQVFKHQ ZDV HLQH 1LHGHUODJH ZLUNOLFK PLW VLFK EUDFKWH 6LH KDWWHQ YHUORUHQ VFKRQ VHLW ODQJHU =HLW 'DUDQ ZDU QLFKW ]X UWWHOQ GDFKWH 7HUYRUH DXFK ZHQQ 0RRQVWHLQ DQGHUHU $QVLFKWZDU 6LHEHLGH ZDUHQQXQ EHU
VLHE]LJ -DKUH DOW XQG HU ZXWH QLFKW ZDV HU PHKU YHUGDPPWHQ VROOWH VHLQH HLJHQH 1LHGHUJHVFKODJHQKHLW RGHU GHQ DQ GHQ +DDUHQ KHUEHLJH]RJHQHQ =ZHFNRSWLPLVPXVGHVIUKHUHQ)UHXQGHV ³5HLGLFK]XVDPPHQ7HUYRUH0RRQVWHLQVWDUUWHLKQE|VHDQ³,FKYHUELHWHGLU GHLQH+DOWXQJ'XQLPPVWGHQ/HXWHQDOOH+RIIQXQJ ³:HOFKH+RIIQXQJGHQQ"'XNDQQVWPLUQLFKWVYHUELHWHQ'D]XELVWGX]XZHLW ZHJ:DVGXDQPLUNULWLVLHUVWLVWHLQIDFK5HDOLVPXV:LUEHLGHVLQGGRFKDOW JHQXJ GLH :HOW QLFKW PHKU URVDURW RGHU JDQ] VFKZDU] ]X VHKHQ $EHU YRUPDFKHQZLOOLFKPLUQLFKWV ³'X ELVW QXU QRFK GDUDXI DXV GLU HLQ SDDU VRUJORVH 6WXQGHQ ]X PDFKHQ EHKDXSWHWH0RRQVWHLQ 7HUYRUH EHWUDFKWHWH GDV IDOWLJH DEJHKlUPWH *HVLFKW DXI GHP 0RQLWRU (U HQWVFKLHG GHQ 9RUZXUI QLFKW ]XU .HQQWQLV ]X QHKPHQ ³(U]lKO GRFK PDO ZLH VLHKWHVEHLHXFKDXV"1D" 7HUYRUH PDFKWH HLQH NXU]H 3DXVH XQG VFKDXWH GHQ DQGHUHQ KHUDXVIRUGHUQG DQ :DVZDUQXUDXVGHU)UHXQGVFKDIWIUKHUHU7DJHJHZRUGHQ"$EHU)UHXQGVFKDIW LVWYHUJlQJOLFKGDFKWHHU ³,FK ZLOO HV GLU VDJHQIXKU HUIRUW ³,KUKDEW 6DXHUVWRIISUREOHPH 'HLQH /HXWH DWPHQ ]X YLHO ,KU EHNRPPW NDXP QRFK%UHQQVWRIIZHLO HLQH /HLWXQJ QDFK GHU DQGHUHQ DXVIlOOW ,KU IULHUW (LQ 9LHUWHO GHLQHU /HXWH LVW XQEUDXFKEDU ZHLO VLH NODXVWURSKRELVFKH$QIlOOHNULHJHQ(LQZHLWHUHV9LHUWHOLVWYHUNUSSHOW0DQFKH VLQGFKURQLVFKNUDQNHVJLEWNDXPDXVJHELOGHWHV3HUVRQDOIUGLH$QODJHQ8QG GDQQZLOOVW GXPLU HLQUHGHQ GD DOOHV LUJHQGZLHJXWZLUG",FK ELWWHGLFK PHLQ /LHEHU 7HUYRUH ZDQGWHJHODQJZHLOW GHQ %OLFN DE (U EHUKUWH ]lUWOLFKGHQ-XQJHQGHQ HU QDFK VHLQHP WRWHQ *URYDWHU 3DROR JHQDQQW KDWWH XQG GHU LKP MHW]W *HVHOOVFKDIW OHLVWHWH (V ZDU ILQVWHU GUDXHQ 1XU LP )KUHUKDXV EUDQQWH /LFKW 1LHVHOIHLQHU$VFKHQHEHOHUIOOWHULQJVXPGLH$WPRVSKlUH'LH,QGXVZDUHQ]ZDU DXVJHKXQJHUW DEHU VLH OHEWHQ QRFK XQG VLH KlWWHQ QLFKWV OLHEHU JHWDQ DOV WURW] GHU6WUDKOXQJGLH/RNRPRWLYHDQ]XJUHLIHQXQGLQJUDXHQ6WDXE]X]HUOHJHQ 7HUYRUH VHXI]WH XQG VFKHQNWH VHLQH $XIPHUNVDPNHLW ZLHGHU GHP %LOGVFKLUP ³$OVRODVVHQZLUGDV0RRQVWHLQ2ND\"'XNDQQVWPLUQLFKWVYHUELHWHQZHLOLKU DXIPLFKDQJHZLHVHQVHLG 'HU 0DQQ DXI GHP %LOGVFKLUP KLHOW VHLQH :XW PKVDP LP =DXP ³1D VFK|Q 7HUYRUHZLUEUDXFKHQGLFKWDWVlFKOLFK$EHUEHUWUHLEHHVQLFKWGXEUDXFKVWXQV VFKOLHOLFKJHQDXVR-HW]WNDQQVWGXGHLQHQ(QNHOVHKHQ 0RRQVWHLQQDKPHLQH6FKDOWXQJYRUXQGGHU%LOGDXVVFKQLWWZHFKVHOWH7HUYRUH HUNDQQWH GLH .UDQNHQVWDWLRQ GHU +(15< )25' 6HNXQGHQ VSlWHU ]HLJWH GHU 0RQLWRU HLQH )UDX YRQ XQJHIlKU IQIXQGYLHU]LJ -DKUHQ 6LH KDWWH JUDXHV +DDU XQGZDUYRQKlOLFKHQ%UDQGQDUEHQHQWVWHOOW ³7HUYRUHULHIVLHHUIUHXW³$OOHVNODUDXIGHLQHU/HLWXQJ" ³6LFKHU'LH /RNRPRWLYHOlXIW ZLH JHVFKPLHUWXQG GLH,QGXVVLW]HQDXHQ(U OlFKHOWHGQQ ³'XZLOOVWVLFKHUGHLQHQ(QNHOVHKHQQLFKWZDKU"
³'DV ZlUH QHWW JDE HU IUHXQGOLFK ]XUFN ³+DW VLFK LUJHQG HWZDV DQ (PLOLRV =XVWDQGJHlQGHUW",VWHUYLHOOHLFKWDXIJHZDFKW" ³,FKIUFKWHQHLQ:LUWXQQDWUOLFKZDVZLUN|QQHQDEHUGDV.RPD ³,FKYHUVWHKHVFKRQ+ROVWGXLKQPLUWURW]GHPYRUGLH2SWLN" ³6LFKHU7HUYRUH1XUHLQHQ$XJHQEOLFN 'LH )UDX YHUVFKZDQG QXU HLQ SDDU 6HNXQGHQ ODQJ 6LH WUXJ HLQH ZLQ]LJH .LQGHUOLHJHXQGVWHOOWHVLHYRULKUHP0RQLWRUDE 'DV .LQG XQWHU GHU 'HFNH ZDU EHLQDKH GUHL -DKUH DOW XQG IDVW KDWWH HV GHQ $QVFKHLQDOVVFKODIHHVQXU ³'LH'HFNHVROOZHJ(UYHUVWHLIWHVLFKXQGZDUI3DRORVHLQHP*HVHOOVFKDIWHU HLQHQXQGHILQLHUEDUHQ%OLFN]X ³:HQQ GX XQEHGLQJW ZLOOVW 7HUYRUH 'LH )UDX VFKDXWH DEZDUWHQG XQG XQJOFNOLFK]XJOHLFK ³,FKZLOOHVVHKHQ%LWWH $FKVHO]XFNHQG VFKOXJ VLH GLH 'HFNH ]XUFN XQG HQWEO|WH GHQ .|USHU (PLOLR VDKDXVZLHYRUGUHL:RFKHQ'LH:DQJHQZDUHQURVLJGHU%UXVWNRUEHLQZHQLJ HLQJHIDOOHQ XQG GLH %HLQH DPSXWLHUW $Q GHQ 6WPSIHQ VDHQ IDKOH 1DUEHQZOVWHGLUHNWREHUKDOEGHU.QLHVFKHLEHQ 3DROROHJWHGHQ.RSIDQVHLQH6FKXOWHU7HUYRUHVHQNWHGHQ.RSIXQGQDKPGLH +DQG VHLQHV *HVHOOVFKDIWHUV :HVKDOE OLH GHU $QEOLFN VHLQHV (QNHOV LKQ MHGHVPDOVRDXIJHZKOW]XUFN",QGHU6LHGOXQJXQGGHU+(15<)25'JDEHV 0LELOGXQJHQXQGYHUVWPPHOWH0HQVFKHQLQEHWUlFKWOLFKHU$Q]DKO ³'DQNH6FKZHVWHU'DVZDUJHQXJ%LV]XPQlFKVWHQ0DOMD" ³9LHO*OFN7HUYRUH:LUWXQZDVZLUN|QQHQ 2UJDQLVFK ZDU GHU NOHLQH -XQJH OHEHQVIlKLJ 'HQ NDXP DXVJHELOGHWHQ bU]WHQ EOLHE DOOHUGLQJV HLQ 5lWVHO ZHVKDOE HU QLFKW HUZDFKWH 9LHOOHLFKW GHU 6FKRFN EHUOHJWH7HUYRUH'DV8QWHUEHZXWVHLQZLUGQLFKWGDPLWIHUWLJ $XIGHP0RQLWRUHUVFKLHQZLHGHU0RRQVWHLQVIDOWLJHV*HVLFKW³1D]XIULHGHQ" VFKQDSSWHGHUDQGHUHlUJHUOLFK³:DUXPVLHKVWGXGLUGDVLPPHUZLHGHUDQ" ³'XYHUVWHKVWQLFKWPHLQ/LHEHUZLUNOLFKQLFKW1HQQHHVPHLQH0DFNH ³'DV WXH LFK VFKRQ VHLW HLQLJHU =HLW hEULJHQV ZDV PDFKW GHLQ *HVHOOVFKDIWHU GLHVHU3DROR" ³$KHUPDFKWVLFKJXW(ULVWPLUHLQHJURH+LOIH:HQQLFKLKQQLFKWKlWWH ³(ULVWVFKZDFKVLQQLJ ³6HLVWLOOYHUVHW]WH7HUYRUHIHLQGVHOLJ³'DYRQYHUVWHKVWGXQLFKWV ³6FKRQJXW,FKZLOOQXUGDGXHVQLFKWYHUJLW0DQGDUIVLFKQLFKWVHLQUHGHQ ZHLWGX 7HUYRUH OlFKHOWH ELWWHU ³:LH N|QQWH LFK GDV $XHUGHP LVW HV RKQH %HGHXWXQJ IUHXFKGHQNHLFK:DUGDVDOOHV" ³(LJHQWOLFK VFKRQ 2GHU ZDUWH QLFKW JDQ] $XI 0RRQVWHLQV *HVLFKW HUVFKLHQ HLQVHOEVWJHIlOOLJHV/lFKHOQ³%HYRULFKHVYHUJHVVH(VZLUG5HJHQJHEHQ 7HUYRUH VFKOXFNWH EHUUDVFKW 6HLQH $XJHQ ZHLWHWHQ VLFK HLQ ELFKHQ XQG HU VFKDXWH NXU] KLQDXV LQ GHQ XQGXUFKGULQJOLFKHQ 1HEHO GHU VHLQH /RNRPRWLYH XPJDE ³5HJHQ" IUDJWH HU OHLVH XQG EHKHUUVFKW ³(V ZLUG UHJQHQ" :LH NRPPW
GDV"6HLWYLHOHQ-DKUHQKDWWHQZLUNHLQHQ5HJHQPHKU,FKZHLQRFKGDPDOV ³:DV GLH *UQGH DQJHKW ELQ LFK EHUIUDJW $EHU GX NDQQVW GLFK LP /DXI GHU QlFKVWHQ6WXQGHQGDUDXIHLQVWHOOHQ8QVHUH8PZHOWH[SHUWHQPHLQHQGDHVHLQH JDQ]H 5HLKH YRQ VHNXQGlUHQ 3KlQRPHQHQ JHEHQ NDQQ $XHUGHP KDW GDV $XVZLUNXQJHQ DXI GLH ,QGXV 8QVHUH NOHLQHQ Ã)UHXQGH VLQG VFKRQ ]LHPOLFK YHUGXUVWHW:HQQVLH:DVVHUEHNRPPHQJHKWHVHUVWULFKWLJORVPLWLKQHQ8QG QRFKHWZDVGLH/HLWXQJLVWGRFKLQ2UGQXQJRGHU" 7HUYRUHVFKDXWHEHUUDVFKWDXI³1DWUOLFK:HVKDOEIUDJVWGX" 0RRQVWHLQ ZLFK VHLQHP %OLFN DXV XQG VFKQLWW HLQH XQGHILQLHUEDUH *ULPDVVH ³$FK QLFKWV (LQ ZHLWHUHU $XVIDOO ZlUH IDWDO VFKRQ EHLQDKH W|GOLFK 6HLW GHU 6DFKHPLW:DVVHUUHVHUYRLU,,ELVWQXUQRFKGXEULJ$OVR9RUVLFKW7HUYRUH (UQLFNWHXQGPLWGHUUHFKWHQ+DQGKLHOWHUJOHLFK]HLWLJ3DRORIHVWDOVVWHOOHGHU *HVHOOVFKDIWHU VHLQH OHW]WH 9HUELQGXQJ ]XU 5HDOLWlW GDU ³,FK JHEH DXI GLH /HLWXQJXQGPHLQH+DXWDFKW'DVVROOWHGHLQHJHULQJVWH6RUJHVHLQ0RRQVWHLQ ³2ND\VWHOOWHGHUDQGHUHDEVFKOLHHQGIHVW³0DFKWHXUH6DFKHJXWLKUEHLGHQ 7HUYRUHVWDUUWHQRFKHLQH:HLOHUHJORVDXIGHQOHHUHQ0RQLWRU 6LHKDWWHQYHUORUHQVLFKHUDEHUHUZDUDP/HEHQXQGNRVWHWHMHGH6HNXQGHDXV 'LH :DVVHUOHLWXQJ ZDU ZLFKWLJ HU ZDU ZLFKWLJ (V OHEWH VLFK QLFKW VFKOHFKW LQ VHLQHU NOHLQHQ DXI ZHQLJH 4XDGUDWPHWHU :RKQIOlFKH EHVFKUlQNWHQ :HOW ,P +LQWHUJUXQG VXPPWH GHU 5HDNWRU XQG OLHIHUWH 6WURP IU /LFKW +HL]XQJ /XIWILOWHU XQG 5HF\FOLQJ 'DUEHU KLQDXV VSHLVWH HU GDV 7ULHEZHUN XQG HLQH NOHLQH 7KHUPRNDQRQH GLH EHLP $EVWXU] GHU +(15< )25' QLFKW ]X %UXFK JHJDQJHQZDU $OV (U]HXJHU MHQHU 6WUDKOXQJ GLH GLH ,QGXV DXI 'LVWDQ] KLHOW ZLUNWH GHU 6FKLHQHQN|USHU VHOEVW (U ZXUGH YRQ GHU 6LHGOXQJ XQG YRP XQWHULUGLVFKHQ :DVVHUUHVHUYRLU,DXVJHVSHLVW 7HUYRUHVDKJHPHLQVDPPLW3DRORDXVGHP)HQVWHU³:LUPVVHQXQVYRUVHKHQ PXUPHOWHHU'HU-XQJHVFKDXWHHLIULJDEHULP*UXQGHYHUVWlQGQLVORV³'UDXHQ ZDUWHQ GLH ,QGXV VLH ZDUWHQ QXU DXI XQV 8QG ZHQQ GX HLQPDO KLQDXV PXW KDEHQVLHGLFKLQHLQSDDU6HNXQGHQ'LHVHJHIUlLJHQ%HVWLHQ ³:DUXP VLQ GLH ,QGXV E|VH" ,FK YHUVWHK QLFK ³6LH KDEHQ 1HX 0LODQR ]XU :VWHJHPDFKW6LHKDEHQVLFKGXUFKMHGHQ2EHUIOlFKHQTXDGUDWPHWHUJHIUHVVHQ XQG%RGHQLQ6WDXEYHUZDQGHOW:LUVLQGPDFKWORVGDJHJHQ 7HUYRUH PXVWHUWH GHQ IDVW DXVJHZDFKVHQHQ -XQJHQ JHGXOGLJ 3DROR ZDU MHW]W VFKRQGRSSHOWVRNUlIWLJZLHHUREZRKOHUZHQLJ%HZHJXQJEHNDP$OV7HUYRUH LKQJHQRPPHQKDWWH YRU QHXQ0RQDWHQZDUHUQRFKHLQLJH=HQWLPHWHUNOHLQHU JHZHVHQ0DQNDQQQLFKWVGDUDQlQGHUQGDFKWHGHUDOWH0DQQ$OOHVYHUlQGHUW VLFK ³3D DXI VDJWH HU 7HUYRUH EDOOWH GLH UHFKWH +DQG ]XU )DXVW XQG VWUHFNWH GDUDXV DEZHFKVHOQG GLH )LQJHU KHUYRU ³'LH ,QGXV VLQG VR JUR YHUVWHKVW GX" :LHHLQ.OXPSHQXQGVLHKDEHQYLHOHNOHLQH$UPHVWDUNH$UPH(LQ,QGXDOOHLQ LVWYLHOOHLFKWVFKZlFKHUDOVGXDEHUHVVLQG]XYLHOH6LHKKLQDXV3DROR %HLGH VFKDXWHQ DXV GHU JURHQ )URQWVFKHLEH ³:DV PHLQVW GX ZDUXP ZLUG GHU 6WDXE VR KRFKJHZLUEHOW" 'HU :LQG" 7HUYRUH HUNDQQWH GHQ YHUVWlQGQLVORVHQ
$XVGUXFN LQ 3DRORV *HVLFKW ³2 QHLQ QLFKW DOOHLQ GHU :LQG (V OLHJW DQ GHQ ,QGXV VLH VXFKHQ 1DKUXQJ 6LH ]HUSIOJHQ KDOE YHUUFNW GHQ %RGHQ XQG ]HUNOHLQHUQ LPPHU ZLHGHU MHGHV 6DQGNRUQ 'LH 6DQGN|UQHU ZHUGHQ NOHLQHU XQG NOHLQHUXQGVFKOLHOLFK]X6WDXE3DRORQLPPGLFKLQDFKWYRUGLHVHQ%LHVWHUQ 'LH ,QGXV ZDUHQ GDV :LGHUZlUWLJVWH ZDV VLFK 7HUYRUH YRUVWHOOHQ NRQQWH (U ZXQGHUWHVLFKGDQRFKLPPHUVRYLHOHYRQLKQHQDP/HEHQZDUHQ6FKOLHOLFK JDE HV NDXP QRFK )OVVLJNHLW RGHU DQGHUH 1DKUXQJ DXI 1HX 0LODQR 6HLQHQ 6RKQ 0DULDQL XQG GHVVHQ )UDX KDWWHQ VLH DXFK HUZLVFKW YRU HLQHP -DKU XQJHIlKU 9RQ LKQHQ ZDU QLFKWV EULJ JHEOLHEHQ ZDV GLH %HVWDWWXQJ JHORKQW KlWWH8QGGHUNOHLQH(PLOLRKDWWHNHLQH%HLQHPHKUDOVPDQLKQIDQG 7HUYRUH VFKOR JHTXlOW GLH $XJHQ XQG YHUVFKHXFKWH GLH OlVWLJHQ *HGDQNHQ $OOHV 1DFKGHQNHQ PDFKWH ZHQLJ 6LQQ VRODQJH QLFKW HLQ 5HWWXQJVVFKLII EHU 1HX0LODQRHUVFKLHQXQGVLHLQ6LFKHUKHLWEUDFKWH 'UDXHQYHUGHFNWHGLFKWHU1HEHOGHQ/DXIGHU6FKLHQHQ'LUHNW]ZLVFKHQLKQHQ YHUOLHIJHVFKW]WGXUFKHOHNWURPDJQHWLVFKH)HOGHUGDVYLHUNDQWLJH:DVVHUURKU 6RODQJHHUGDIUVRUJHQNRQQWHGDGLH6FKLHQHQLQWDNWEOLHEHQZDUGLH/HLWXQJ JHVFKW]W (U UHSDULHUWH MHGH XQGLFKWH WURSIHQGH 6WHOOH XQG ZDUWHWH JOHLFK]HLWLJ GLH 6FKLHQHQVWUlQJH ]X EHLGHQ 6HLWHQ 'DV ZDU VHLQH $XIJDEH HU VWLHJ GDQQ YRUVLFKWLJ DXV GHU /RNRPRWLYH XQG QDKP YRQ GHU REHUHQ 5RKUIOlFKH DXV VlPWOLFKHQRWZHQGLJHQ$UEHLWHQYRU'RFKHUZDUPDFKWORVJHJHQGHQ=XIDOOLQ MHGHU 6HNXQGH NRQQWH VLFK HWZDV 8QYRUKHUJHVHKHQHV HUHLJQHQ XQG DOOH 3OlQH ]XQLFKWHPDFKHQZLHHVPLWGHU/HLWXQJ]XP:DVVHUUHVHUYRLU,,JHVFKHKHQZDU ³3DRORHVLVWODQJH6FKODIHQV]HLW1DORV ³-HW]VFKRQ",V QRFKIUK7HUYRUH ³'X ELVW QLFKW PGH ZDV" $EHU LFK ELQ HLQ DOWHU 0DQQ GHU VHLQHQ 6FKODI EUDXFKW:HQQGXDOOHLQDXIEOHLEHQP|FKWHVW ³:LOOQLFKWDOOHLQVHLQULHIGHU-XQJH(UUDQQWH]XU.RMHQWUXQGZDUVFKQHOOHU LP%HWWDOV7HUYRUH 'HUDOWH0DQQHU]lKOWHLKPGDV0lUFKHQYRP(QGHHLQHV5HJHQERJHQVZRPDQ HLQHQ 7RSI YROO *ROG ILQGHQ NRQQWH 5HJHQ (V ZUGH 5HJHQ JHEHQ (U VFKOLHI HLQ 'LH *ORFNH GU|KQWH GXUFK GDV )KUHUKDXV XQG ]HLJWH HLQHQ 6WURPDXVIDOO LP 6FKLHQHQN|USHU DQ 7HUYRUH IXKU HUVFKURFNHQ KRFK :DKUVFKHLQOLFK ZDU HLQHU GHU6WUlQJH XQWHUEURFKHQ'DVEHGHXWHWHK|FKVWH *HIDKUIU GLH :DVVHUOHLWXQJ GHQQGLH,QGXVKDWWHQDQ]XPLQGHVWHLQHU6WHOOHIUHLHQ=XJDQJ]XP5RKU 6RVFKQHOOHVVHLQHPGHQ.QRFKHQ]XOLHHQZDUIVLFK7HUYRUH.OHLGXQJEHU XQGVWUPWHLQGLH.RQWUROONDELQH ³3DROR=LHKGLFKDQ9LHOOHLFKWPXWGXPLUKHOIHQ 'HU -XQJH ZDU 6HNXQGHQ VSlWHU IHUWLJ (U NDXHUWH YHUlQJVWLJW LQ HLQHP 6HVVHO QHEHQGHP$XVVWLHJ³:DVLV Q"IUDJWHHU³,V ZDVNDSXWW" ³,FK ZHL QRFK QLFKW DQWZRUWHWH 7HUYRUH DEZHVHQG ³%OHLE GD VLW]HQ XQG YHUKDOWHGLFKVWLOOMD" ³7XLFKEHVWLPPW ,QGHVVHQ ODV7HUYRUH .RQWUROOZHUWH DE XQG VWHOOWH %HUHFKQXQJHQDQYRQGHQHQ
HU QLFKW JHZXW KDWWH GD HU VLH QRFK EHKHUUVFKWH ³$K PXUPHOWH HU ³'D KDEHQZLUHVMD 'HU 0RQLWRU JDE HLQ VFKQDUUHQGHV *HUlXVFK YRQ VLFK $XI GHP %LOGVFKLUP VWDELOLVLHUWH VLFK 0RRQVWHLQV EOHLFKHV *HVLFKW 6HLQ IUKHUHU )UHXQG KDWWH RIIHQEDU JHVFKODIHQ ³:DV LVW GHQQ ORV" VFKULH HU ³7HUYRUH GLH 6FKLHQH LVW RKQH6WURP ³,FKKDE VDXFKJHPHUNWYRUHLQHU0LQXWH:LUPDFKHQXQVJOHLFKDXIGHQ:HJ ,FKUXIHVSlWHU]XUFNLP$XJHQEOLFNVW|UVWGXQXU ³'DVN|QQWHGLUVRSDVVHQ7HUYRUH,FKZLOOJHQDXZLVVHQZDVGXWXVW=XYLHO VWHKW DXI GHP 6SLHO GHVKDOE PXW GX PLFK EHU MHGHQ 6FKULWW JHQDX LQIRUPLHUHQ ³9HUGDPPW 7HUYRUH NlPSIWH PKVDP XP VHLQH %HKHUUVFKXQJ ³$OV RE LFK QLFKW JHQXJ bUJHU KlWWH ,KU VHLG EHU KXQGHUW .LORPHWHU HQWIHUQW 'HQNVW GX GDLKUPLUKHOIHQN|QQW" 7HUYRUH VFKDOWHWH HUERVW DE XQG VFKRE GHQ )DKUWKHEHO QDFK YRUQ 0LW GXUFKGUHKHQGHQ$FKVHQUXFNWHGLH/RNRPRWLYHDQXQGQDKP)DKUWDXI7LHILP ,QQHUQ LKUHV SURYLVRULVFK PRQWLHUWHQ ,QQHUQ GU|KQWH GDV *HWULHEH XQG EHUWUXJ DOOH.UDIWGHV5HDNWRUVDXIGLH6FKLHQHQ ³,FKKDEHDOOHVEHUHFKQHWHUNOlUWHHU3DROR³,UJHQGZRGDYRUQLVWHLQ/RFKLQ GHU6FKLHQHXQGZLUPVVHQKLQEHYRUGLH,QGXVHVPHUNHQ ,Q]ZLVFKHQZDUGUDXHQGHU7DJDQJHEURFKHQ6WDXEWULHELQGLFKWHQ6FKZDGHQ GXUFK GLH /XIW XQG EHVFKUlQNWH 7HUYRUHV 6LFKW DXI ]HKQ ELV ]ZDQ]LJ 0HWHU hEHUDOO VDK HV JOHLFK DXV 1XU DE XQG ]X WDXFKWH DP :HJHVUDQG GHU 6FKDWWHQ HLQHV +JHOV DXI GHQ GLH ,QGXV QRFK QLFKW JDQ] DEJHWUDJHQ KDWWHQ 2UDQJHIDUEHQDXIGLH/HLWXQJJHVSUKWH0DUNLHUXQJHQ]HLJWHQGLH]XUFNJHOHJWH (QWIHUQXQJDQ6LHZDUHQGLHHLQ]LJHQ+LQZHLVVFKLOGHUGLHHVJDE ³3DROR VDJWH GHU DOWH 0DQQ ³NRPP VHW] GLFK QHEHQ PLFK (V PX KLHU LUJHQGZR VHLQ /DQJVDP QDKP HU GLH *HVFKZLQGLJNHLW ]XUFN ELV HU VLFKHU ZDU LQQHUKDOE ZHQLJHU 0HWHU DEEUHPVHQ ]X N|QQHQ ³3D DXI EDW HU ³,UJHQGZR GD YRUQ LVW GLH 6FKLHQH NDSXWW 'HLQH $XJHQ VLQG EHVVHU DOV PHLQH :HQQGXHWZDVVLHKVWVFKUHLVWGXYHUVWDQGHQ" ³0DFK LFK 3DROR ULFKWHWH GHQ %OLFN VWXU JHUDGHDXV VLFKWOLFK VWRO] DXI GDV 9HUWUDXHQGDVLKP7HUYRUHHQWJHJHQEUDFKWH³,FKVHK JHQDX(UOLHGHQ0XQG RIIHQVWHKHQXQGVWDUUWHDXIGDVVLFKWEDUH6FKLHQHQVWFN 7HUYRUHEHREDFKWHWHLQ]ZLVFKHQGLH,QVWUXPHQWH ³'DVFKULH3DRORDXIJHUHJW³,FKVHK ZDV 7HUYRUHJULII EOLW]VFKQHOO]XU %UHPVH(U EUDFKWHGLHVFKZHUH/RNRPRWLYH ]XP 6WLOOVWDQG XQG EOLFNWH KLQDXV DXI GLH WLHIH 6SDOWH GLH VLFK HLQLJH 0HWHU ZHLWHU GXUFKGHQ%RGHQ]RJ6LHZDU]ZHL0HWHUEUHLWXQGYHUOLHI]XEHLGHQ6HLWHQLP 1HEHO ³2 YHUGDPPW´ 7HUYRUH VWHOOWH QDFK NXU]HP =|JHUQ HLQH 9HUELQGXQJ ]XU +(15<)25'KHU ³:DV LVW ORV" VFKULH 0RRQVWHLQ NDXP GD GHU 0RQLWRU IDUELJH )OHFNHQ ]X VHLQHP DEJHKlUPWHQ *HVLFKW JHIRUPW KDWWH ³6DJ VFKRQ $OWHU .DQQVW GX HV
UHSDULHUHQ" ³,FK ZHL QLFKW +LHU LVW HLQ (UGEHEHQVFKDGHQ HLQH ]ZHL 0HWHU EUHLWH 6SDOWH 9LHOOHLFKW JHK|UW GDV ]X GHQ 3KlQRPHQHQ GLH GLH 8PZHOWH[SHUWHQ LP =XVDPPHQKDQJPLWGHP5HJHQYRUKHUJHVDJWKDEHQ'LH6FKLHQHQXQGGDV5RKU VLQG DXVHLQDQGHUJHULVVHQ Y|OOLJ ]HUIHW]W XQG ]ZDU DXI EHLGHQ 6HLWHQ $EHU GLH ,QGXVVLQGQRFKQLFKWGUDQ 0RRQVWHLQZXUGHJUDXLP*HVLFKW³.DQQVWGXHWZDVWXQ",FKPHLQH,FKZHL ZDV LFK GD YHUODQJH DEHU GX PXW UDXV DXV GHU /RNRPRWLYH XQG DOOHV YHUVXFKHQ ³-D JDE 7HUYRUH HWZDV UXKLJHU ]XUFN ³'DV PX LFK ZRKO +|U GX VFKLFNVW HLQHQ 5HSDUDWXUWUXSS ]X .LORPHWHU PLQXV KXQGHUW 0HWHU 9HUVWDQGHQ" %LV GLH/HXWHGDVLQGLVWDOOHVYRUEHL6RRGHUVR,FKVWHLJHMHW]WDXVXQGEHUEUFNH GLH 6WHOOH DXV %RUGPLWWHOQ -HGHQIDOOV ZLOO LFK GDV YHUVXFKHQ $P EHVWHQ ZQVFKVWGXPLU*OFN0RRQVWHLQ ³'DVWXQZLUDOOH0DFK VJXW(QGOLFKKDWWHGHUDQGHUHVHLQH3DQLNLQGHQ*ULII EHNRPPHQ'HU%LOGVFKLUPZXUGHGXQNHO 7HUYRUH VDK VNHSWLVFK ]XP )HQVWHU KLQDXV XQG HU ZXWH GD LKP GDV 6FKOLPPVWHQRFKEHYRUVWDQG³3DROR.RPPKLOIPLUWUDJHQ6LHEHWUDWHQGHQ KLQWHUHQ 7HLO GHU /RNRPRWLYH ZR GHU 5HDNWRU XQG GLH /XIWILOWHU XQWHUJHEUDFKW ZDUHQ³+LHUVDJWH7HUYRUH³QLPPGDV(UJULIIDXVHLQHPZLUUHQ+DXIHQHLQ SDDU *HJHQVWlQGH XQG UHLFKWH VLH GHP -XQJHQ 'DQQ ]RJ HU HLQH GLFNH 5ROOH VWDELOHQ 'UDKWV KHUYRU OHJWH VLH ]X 6FKZHLJHUlW XQG 6HLWHQVFKQHLGHU XQG PXUPHOWH³'DVUHLFKW:HQQLFKHVGDPLWQLFKWVFKDIIH ,Q HLQHP )DFK EHU GHP $XVVWLHJ VWHFNWHQ $WHPPDVNHQ ,Q HUVWHU /LQLH ZDUHQ VLH IU 5HSDUDWXUHQ JHGDFKW DOVR IU )lOOH ZLH GLHVHQ 7HUYRUH ]RJ HLQHV GHU *HUlWH EHU XQG EHIHVWLJWH GLH +DOWHFOLSV 'XUFK GLH %ULOOH VFKDXWH HU 3DROR DQ XQG NORSIWH LKP ]lUWOLFK DXI GLH 6FKXOWHU ³,FK PX MHW]W KLQDXV YHUVWHKVW GX" :DUWHELVLFK]XUFNELQ'XPXWJHQDXDXISDVVHQZDVJHVFKLHKW ³,FK SD DXI ,FK VHK JHQDX 8QVLFKHU JDE 3DROR GHQ %OLFN GHV DOWHQ 0DQQHV ]XUFN³:DQQNRPPV GX]XUFN" ³,FKZHLQLFKW*OHLFK (U QDKP 3DROR GDV %QGHO DXV GHU +DQG XQG KlQJWH HV VLFK EHU 'LH 7U LQV )UHLHVWDQGQXQRIIHQHUVWLHJKLQDXVXQGQDKPYRUVLFKWLJGLH/HLWHUVWXIHQ1XU 9RUVLFKW'DVOHW]WH6WFNOLHVLFK7HUYRUHIDOOHQ0LWVWHLIHQ*OLHGHUQODQGHWH HULP6WDXEXQGEUDFKLQGLH.QLH(UKlWWH$XIZlUPJ\PQDVWLNPDFKHQVROOHQ 'RFK MHW]W PXWH HU ZHLWHU DOOHV 8QEHZHJOLFKH ZDU HLQH VLFKHUH %HXWH GHU ,QGXV 6FKRQMHW]WNRQQWH7HUYRUHLKUH%HZHJXQJHQIKOHQVFKRQEHPHUNWHHUZLHVLH YRQ DOOHQ 6HLWHQ DXI LKQ ]XNURFKHQ bFK]HQG ULFKWHWH HU VLFK DXI 'LH ,QGXV KDWWHQ.UDIWYHUORUHQ(UZDUVFKQHOOHUDOVVLH8QGLPPHULQ%HZHJXQJEOHLEHQ VDJWH HU VLFK 'LH ,QGXV KDEHQ NHLQ :DVVHU GHU 6WDXE LVW YROONRPPHQ DXVJHODXJW (U YHUVWDQG QLFKW ZHVKDOE VLH EHUKDXSW QRFK DP /HEHQ ZDUHQ 6FKULWW IU 6FKULWW WDSSWH HU GXUFK GHQ 6WDXE XQG ZLUEHOWH JUDXH :RONHQ XQGXUFKVLFKWLJHQ 1HEHOV DXI -HGHVPDO VDQNHQ VHLQH )H HLQ SDDU =HQWLPHWHU
HLQ 3O|W]OLFKEU|FNHOWHXQWHUVHLQHP6WDQGEHLQGHU6DQGZHJ7HUYRUHZDUIVLFKPLW HLQHP6DW]UFNZlUWVXQGODQGHWHVFKPHU]KDIWDXIGHP%DXFK,KPZXUGHEHO 'LH 6SDOWH (U KDWWH GLH (QWIHUQXQJ XQWHUVFKlW]W 6RUJORV KDWWH HU JHQJHQG 6WDXEDXIJHZLUEHOWXPVLFKVHOEVWGLH6LFKW]XQHKPHQ'RFKZDVVROOWHHUWXQ" (U PXWH LQ %HZHJXQJ EOHLEHQ /DQJVDP WDVWHWH HU VLFK QDFK UHFKWV ELV VHLQH )LQJHUDXIGHQ6FKLHQHQVWUDQJVWLHHQ (U ]RJ GLH 'UDKWUROOH YRP 5FNHQ ZLFNHOWH HLQ (QGH ORV XQG SUHWH HV JHJHQ GHQ 6FKLHQHQN|USHU 0LW GHP 6FKZHLEUHQQHU VFKPRO] HU HLQH IHVWH 9HUELQGXQJ :DV QXQ" (U PXWH DXI GLH DQGHUH 6HLWH EHJULII 7HUYRUH 'RFK ZLH VROOWH HU KLQEHU JHODQJHQ ZHQQ HU GLH DQGHUH 6HLWH QLFKW HLQPDO VHKHQ NRQQWH" 0LW NORSIHQGHP+HU]HQEOLHEHUVWHKHQXQGZDUWHWHDEELVVLFKGHU6WDXEHLQZHQLJ JHOHJW KDWWH )QI 6HNXQGHQ ]HKQ 6HNXQGHQ 6FKRQ HUVFKLHQ GHU 1HEHO GRUW ZR VLFK GLH 6SDOWH EHIDQG HLQ ZHQLJ GXQNOHU ,Q ZHQLJHQ 0HWHUQ (QWIHUQXQJ EHZHJWHQVLFKGLH,QGXV6LHNDPHQLPPHUQlKHUGDVVSUWHHU 7HUYRUHHUNDQQWHGLH5lQGHUGHXWOLFK(VZDUVRZHLW 9RUVLFKWLJ QDKP HU ]HKQ 6FKULWWH $QODXI EOLFNWH QRFK HLQPDO KLQEHU XQG VSUDQJ PLW HLQHP JHZDOWLJHQ 6DW] DXI GLH DQGHUH 6HLWH (U EUDFK NUDIWORV ]XVDPPHQ6HLQ.UHLVODXIPDFKWHGLH%HODVWXQJHLQIDFKQLFKWPHKUPLW 5LQJVXP ZLUEHOWHQ XQGXUFKGULQJOLFKH 6WDXEZRONHQ 'LH 6LFKW ZDU JOHLFK 1XOO ³6WHK DXI VFKULH HLQH 6WLPPH ]ZLVFKHQ VHLQHQ 2KUHQ ³'LH ,QGXV NRPPHQ :LH NRQQWHQ VLH LKQ LQ VR NXU]HU =HLW ZLWWHUQ" :RKHU KDWWHQ GLH 7LHUH MHQHQ +DLILVFKLQVWLQNWGHULKQHQ]XIUHVVHQXQGLPPHUZLHGHU]XIUHVVHQJHERW"8QG ZDUXP NDPHQ VLH QLFKW DOOH ]XJOHLFK" 9LHOOHLFKW ZDU VHLQ ³*HUXFK QXU LQQHUKDOE EHVWLPPWHU *UHQ]HQ ZDKUQHKPEDU 2GHU DOO GLH VFKZlFKHUHQ ([HPSODUH ZDUWHWHQ UHJORV GHP 7RG QDKHXQG QXUGLH 6WDUNHQ QDKPHQDQGHU NUlIWH]HKUHQGHQ-DJGWHLO 7HUYRUHUDSSHOWHVLFKHUVFK|SIWKRFK9RUGUHL-DKUHQQRFKZlUHGLHVHU$XVIOXJ ELQQHQ]HKQ6HNXQGHQW|GOLFKYHUODXIHQ=XGLHVHU=HLWKDWWHQGLH,QGXVKLHUXQG GDYHUZHUWEDUH1DKUXQJJHIXQGHQHLQELFKHQ:DVVHURGHU0LQHUDOVWRIIH'RFK KHXWHJDEGHU%RGHQQLFKWVPHKUKHU(UZDUELVLQYLHU0HWHU7LHIHKXQGHUWIDFK GXUFKVLHEWXQGELVDQGLH*UHQ]HDXVJHVRJHQ 'D(UQHXWVWLHHQVHLQH)LQJHUDQGLH6FKLHQH(UPXWHGDV]ZHLWH'UDKWVWFN DQVFKOLHHQEHYRUGLH,QGXVNDPHQ+DVWLJ]RJHUGDV6FKZHLJHUl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
7HUYRUHVSUDQJ 'LHVPDONDPHUHWZDVEHVVHUDXI/RFNHUJLQJHULQGLH.QLHXQGUROOWH]XU6HLWH DE :R ZDUHQ GLH *OHLVH" (U PXWH EOLQG DXI VHLQHQ 2ULHQWLHUXQJVVLQQ YHUWUDXHQ 9RQ DOOHQ 6HLWHQ NURFKHQ ,QGXV QlKHU XQG YHUVXFKWHQ LKQ ]X HUUHLFKHQ3O|W]OLFKGUlQJWHGLH=HLWHUKDWWHHVHLOLJ 7HUYRUH ZLFNHOWH HLQHQ 0HWHU 'UDKW DE XQG SUHWH LKQ JHJHQ GLH 6FKLHQH 'DV 6FKZHLJHUlWVSUDQJLKPZLHYRQDOOHLQLQGLH+DQG(USUHWHGHQ+HEHOXQG QLFKWV :LHGHU XQG ZLHGHU SUHWH GHU DOWH 0DQQ GRFK DXV GHU 0QGXQJ NDP QLFKW GHU +DXFK HLQHU )ODPPH JHVFKRVVHQ 9HU]ZHLIHOW KHXOWH 7HUYRUH KLQWHU VHLQHU0DVNHDXIXQGOLHGDV*HUlWIDOOHQ 'LH,QGXVZDUHQEHLQDKHKHUDQJHNRPPHQ ª'DVJLEWHVQLFKW©VFKULHHU³9HUGDPPWYHUGDPPW ,QGHP0RPHQWVWU]WHHLQIHXFKWHU.OXPSHQDXIGLH%ULOOH (U ]RJ HLQHQ VFKPLHULJHQ 6WUHLIHQ EHU GDV *ODV 'HU 5HJHQ (V EHJDQQ ]X UHJQHQ )OXFKHQG UL 7HUYRUH GDV *HUlW YRP %RGHQ XQG PDFKWH VLFK GDUDQ ]X VFKDIIHQ $XVJHUHFKQHW MHW]W :LH ZUGHQ GLH ,QGXV DXI GLH )HXFKWLJNHLW UHDJLHUHQ"6FKRQZDUHQ]ZHL([HPSODUHKHUDQXQGVWUHFNWHQGLH+DNHQWHQWDNHO QDFKVHLQHQ%HLQHQDXV 7HUYRUHEUOOWHXQGVFKOHXGHUWHVLHPLWGHQ)HQZHJ+DOEEHQRPPHQEOLHEHQ VLHVHNXQGHQODQJOLHJHQXQGUDSSHOWHQVLFKGDQQZLHGHUDXI'LH7URSIHQJDEHQ LKQHQ /HEHQ XQG (QHUJLH ]XUFN -HW]W NDP HLQ ZDKUHU 3ODW]UHJHQ DXV :DVVHU XQG IHXFKWHQ 6WDXENOPSFKHQ KHUDEJHSUDVVHOW 'HU 6FKPXW]ILOP EHU GHQ *OlVHUQQDKP7HUYRUHIDVWGLH6LFKW (LQOHW]WHV0DOYHUVXFKWHHUGDV6FKZHLJHUlWLQ%HWULHE]XQHKPHQ 'LHVPDO NODSSWH HV $XV GHU 0QGXQJ VFKR HLQ KHOOHU )HXHUVWUDKO XQG YHUVHQJWHLKPGLH6WLHIHO8QYHU]JOLFKSUHWHHUGHQ'UDKWJHJHQGLH6FKLHQH ULFKWHWH +LW]H DXI GLH .RQWDNWVWHOOH XQG VFKPRO] GLH 0HWDOOH ]X HLQHU IHVWHQ %LQGXQJ]XVDPPHQ'LH/HLWXQJVWDQG'LH3LSHOLQHKLHOWHUKDWWHGHQ/HXWHQLQ GHU 6LHGOXQJ ]X HLQHU ZHLWHUHQ *QDGHQIULVW YHUKROIHQ 1XQ PXWH GDV QRWGUIWLJH)OLFNZHUN6WURPIKUHQELVGHU5HSDUDWXUWUXSSHLQJHWURIIHQZDU 3O|W]OLFKVFKULHHUDXI(LQHUGHU,QGXVKDWWHVLFKYRQKLQWHQJHQlKHUWXQGLQVHLQ %HLQ YHUELVVHQ *HSHLQLJW VFKOXJ 7HUYRUH GDV PDJHUH *HVFK|SI KLQXQWHU (U VWU]WH KLQWHQEHU ]X %RGHQ 8QWHU VHLQHU .OHLGXQJ ZDU HLQH E|VH :XQGH DXIJHEURFKHQ XQG SXPSWH LQ NOHLQHQ 6W|HQ GXQNHOURWHV %OXW LQ GHQ 6WDXE 6RIRUWZDUHQVLHEHULKP (V ZDUHQ PLQGHVWHQV ]HKQ JHNUlIWLJW GXUFK GHQ 5HJHQIDOO XQG LKUH 7HQWDNHO ERKUWHQ VLFK WLHI LQ VHLQ )OHLVFK 6FKUHLHQG ]XFNWH GHU DOWH 0DQQ KRFK (U VFKWWHOWHGLH,QGXVDEEHUGLH6FKLHQHPXWHHULQGHQJHVFKW]WHQ%HUHLFK DP:DVVHUURKU 'RFK VLH KDWWHQ LKQ DEJHGUlQJW 0LQGHVWHQV ]ZDQ]LJ YRQ LKQHQ YHUVWHOOWHQ VHLQHQ :HJ XQG OLHHQ NHLQH $XVZHLFKP|JOLFKNHLW RIIHQ hEHUDOO WDXFKWHQ VLH DXI YRUQ KLQWHQ DXV GHP %RGHQ 8QWHUGHVVHQ NOlUWH GLH 6LFKW DXI 'HU 5HJHQ KDWWH YLHO 6WDXE DXV GHU /XIW JHZDVFKHQ XQG GHQ %RGHQ ]X 6FKODPP JHPDFKW /DQJVDP VFKlOWH VLFK GLH /RNRPRWLYH DXV GHP 'XQVW VRJDU LKUH WHLOV
DEJHEOlWWHUWH)DUEHHUNDQQWH7HUYRUH 6LHNDPHQ (LQHVGHUJU|WHQ([HPSODUHKDWWHDOOH6FKHXDEJHOHJWXQGVSUDQJ7HUYRUHWUDI GHQ .|USHU PLWWHQ LP )OXJ XQG VFKOHXGHUWH LKQ ]X %RGHQ 'RFK QXQ VSUDQJHQ VLH DOOH :LH HLQH OHEHQGH /DZLQH ODQGHWHQ GLH ,QGXV DXI VHLQHP .|USHU XQG ]ZDQJHQLKQLQGLH.QLH0LWHLQHPYHU]ZHLIHOWHQ$XIVFKUHLVSUDQJHUKRFKXQG VFKOHXGHUWH GLH +lOIWH GHU $QJUHLIHU IRUW 7HUYRUH VHW]WH VLFK LQ %HZHJXQJ (U WDXPHOWH DXI GLH /RNRPRWLYH ]X XQG DXV HLQHP JXWHQ 'XW]HQG KlOLFKHU :XQGHQVSUXGHOWH%OXW 3DROR NHXFKWH HU KLOIORV XQG YLHO ]X OHLVH 'DQQ EUDFK HU XQWHU HLQHP %HUJ YRQ/HLEHUQ]XVDPPHQ'LH%LVVHVFKPHU]WHQIXUFKWEDUGRFKDOOPlKOLFKIOOWH ZRKOLJH 7DXEKHLW 7HUYRUHV *OLHGHU DXV (LQH DOOXPIDVVHQGH *OHLFKJOWLJNHLW EHPlFKWLJWH VLFK VHLQHU 'LH ,QGXV VWULWWHQ XP LKQ ,KUH $QJULIIVOXVW JDOW PHKU GHP 5LYDOHQ DOV GHU %HXWH (UODKPWHQ LKUH %HZHJXQJHQ QLFKW" (U NRQQWH VLFK WlXVFKHQ-HGRFKGHU5HJHQGHUDQ+HIWLJNHLWLQ]ZLVFKHQQDFKOLHPRFKWHDXI GLHDXVJHWURFNQHWHQ.|USHUZLH*LIWJHZLUNWKDEHQ 3O|W]OLFK ZDU GHU -XQJH EHU LKQHQ 0LW JHZDOWLJHU .UDIW ZLUEHOWH HU GLH ,QGXV EHLVHLWH ELV NHLQHU PHKU EULJ ZDU :LH UHLIHV 2EVW ZXUGHQ VLH LQ DOOH 5LFKWXQJHQ JHVFKOHXGHUW XQG ODQGHWHQ LP 6FKODPP 0DQFKH UDIIWHQ VLFK PKVDPDXI$QGHUHZLHGHUXPEUDFKHQ]XVDPPHQXQGUKUWHQVLFKQLFKWPHKU 0HLQH)HLQGHOHLGHQPLWPLUGDFKWH7HUYRUH 8QWHUGHVVHQ KDWWH HV DXIJHK|UW ]X UHJQHQ hEHU LKQHQ ZDU EODXHU +LPPHO GLH 6RQQH VFKLHQ 7HUYRUH ODJ LQPLWWHQ HLQHU UDVFK YHUVLFNHUQGHQ %OXWODFKH QHEHQ GHQ6FKLHQHQ(UVDKGDVLFK3DRORQLFKWXPLKQNPPHUQNRQQWH9RQDOOHQ 6HLWHQ NDPHQ ,QGXV KHUDQJHVWU]W XQG YHUVXFKWHQ GLH VLFKHU JHJODXEWH %HXWH GRFKQRFK]XHUZLVFKHQ'HU-XQJHWUDWXQGVFKOXJXPVLFKXQGQLFKWHLQHVGHU HUPDWWHWHQ*HVFK|SIHHUUHLFKWHGHQDOWHQ0DQQ 1DFKHLQHU:HLOHOLHGLH+HIWLJNHLWGHU$QJULIIHQDFK 9LHOH ,QGXV UROOWHQ DXI GLH 6HLWH XQG VWDUEHQ GDV EHJULII HU LQ HLQHP $QIDOO VRQGHUEDUHU .ODUKHLW 6LH VWDUEHQ $QGHUH JUXEHQ VLFK LQ GLH QDVVH (UGH XQG YHUVFKZDQGHQVSXUORV(UVWDOVNHLQ,QGXPHKU]XVHKHQZDUVDQN3DRORLQGLH .QLHXQGNPPHUWHVLFKXP7HUYRUH (U VSUWH VHLQH :XQGHQ QLFKW HLQPDO $Q LKUHQ 5lQGHUQ NOHEWH HLQH VFKZDU]H 0LVFKXQJ DXV 6WDXE XQG %OXW XQG KLQ XQG ZLHGHU TXROOHQ GQQH )lGHQ DXV URWHU)OVVLJNHLWGDUDXVKHUYRU ³:DVLV GHQQ"ULHIGHU-XQJHJOHLFK]HLWLJYHUVW|UWXQGYRQ3DQLNHUIOOW³:DV KDP GLH,QGXVJHPDFKW" 7HUYRUHVW|KQWHOHLVH(UVDKGDVJUREH*HVLFKWVHLQHV*HVHOOVFKDIWHUVXQGIUHXWH VLFKDQGHVVHQ$QEOLFN³3DROR'XELVWGD.UDIWORVYHUVXFKWHHUHLQLJH0DOH $WHP ]X KROHQ ³.RPP KHU MD OHJH PHLQHQ .RSI DXI GHLQH .QLH GDPLW LFK EHVVHUVHKHQNDQQ'DQNH-XQJH6LHKQXUGRUWREHQ =LWWHUQG KRE HU HLQHQ GHU EOXWYHUVFKPLHUWHQ $UPH XQG GHXWHWH LQ GHQ +LPPHO ³'DVNHQQVWGXEHVWLPPWQLFKW(LQ5HJHQERJHQ
(SLORJ 'HU +LPPHO OHXFKWHWH LQ GHQ EXQWHVWHQ XQG VFK|QVWHQ )DUEHQ GLH 3DROR MH JHVHKHQKDWWH5RW2UDQJH*HOE*UQ%ODXXQG/LOD ³:HLWGXQRFKEHJDQQGHUDOWH0DQQZLHGHU³GDV0lUFKHQYRQGHPLFKGLU HU]lKOWKDEH"$P(QGHHLQHV5HJHQERJHQVVWHKWHLQ7RSIYROO*ROG 3DROR HULQQHUWH VLFK JHQDX ,Q VHLQHU 9RUVWHOOXQJ ZDU HLQ 7RSI YROO *ROG GDV +HUUOLFKVWH ZDV HV JHEHQ NRQQWH (U ZQVFKWH VLFK GD GHU DOWH 0DQQ QRFK 6WXQGHQVRZHLWHUUHGHQP|JH'DQQZlUHDOOHVLQ2UGQXQJ 'RFK7HUYRUHV.RSIVDQN]XU6HLWHXQGEHZHJWHVLFKQLFKWPHKU3DRORUWWHOWH DQ VHLQHQ 6FKXOWHUQ (U VFKULH XQG HV KDOI QLFKWV 'HU DOWH 0DQQ ZDU WRW (LQH 6WXQGH ODQJ VD HU ]X VHLQHQ )HQ LP 6FKODPP XQG ZHLQWH 'DQQ EOLFNWH HU ZLHGHU]XP+LPPHOHPSRUGHU5HJHQERJHQZDUVFKRQEODVVHUJHZRUGHQDEHU HUVWDQGQRFKIDVWVRVFK|QZLHYRUKHU 3DRORZXWHMHW]WZDVHU]XWXQKDWWH %HKXWVDPQDKPHUGLH/HLFKHGHVDOWHQ 0DQQHVDXI GHQ $UPXQG VXFKWHHLQHQ :HJ GXUFK GLH (UGIXUFKHQ 'LH ,QGXV JDEHQ NHLQ /HEHQV]HLFKHQ YRQ VLFK 7UDXULJGDFKWHHUDQ(PLOLRGHQZLQ]LJNOHLQHQ-XQJHQPLWGHQDEJHVFKQLWWHQHQ %HLQHQ GHQ HU VR RIW GXUFK GDV VFKZDU]H *HUlW JHVHKHQ KDWWH :lUH HU QXU DXIJHZDFKW (V Kl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hEHUJULII DXV HLQHP DQGHUHQ 8QLYHUVXP DE]XZHKUHQ 8QG QXQ QRUPDOLVLHUWH VLFK GDV 3VLRQLVFKH 1HW] ZLHGHU SHQGHOWH VLFK DXI GLH LP EULJHQ 8QLYHUVXP KHUUVFKHQGHQ:HUWHHLQ 'RFK HEHQ GLHVHV 1RUPDOLVLHUXQJ EHGHXWHWH IU GLH 9|ONHU GHU ]Z|OI *DOD[LHQ
GHU 0lFKWLJNHLWVEDOOXQJ (67$578 HLQH .DWDVWURSKH 'HQQ VLH KDWWHQ JHOHUQW VLFKGDVDXIJHVFKDXNHOWH3VLRQLVFKH1HW]IUGLH5DXPIDKUWQXW]EDU]XPDFKHQ 'XUFKGDV$EVLQNHQGHU3VLNRQVWDQWHZXUGHGHP(QHUSVL$QWULHEGHU7RGHVVWR YHUVHW]W 8QG HV ZDU DXFK GDV (QGH GHU *lQJHU GHV 1HW]HV GLH QDFK GHU '25,)(5.DWDVWURSKHGLH3UlIHUHQ]VWUlQJHGHV3VLRQLVFKHQ1HW]HVQLFKWPHKU IUGHQ3HUV|QOLFKHQ6SUXQJQXW]HQNRQQWHQ 1HEHQ GLHVHP NRVPLVFKHQ 'UDPD GDV LQ (VWDUWX DEOLHI HUVFKHLQHQ GLH 3UREOHPH HLQHV HLQ]HOQHQ DOV XQEHGHXWHQG $EHU HV VLQG GLH (LQ]HOVFKLFNVDOH GLHGDV0DDOOHU'LQJHVLQG$XFKZHQQHVZLHLQ$ODVND6DHGHODHUHV)DOOQXU GDUXPJHKWHLQHXQHUIOOWH6HKQVXFKW]XVWLOOHQ 'LHODQJH1DFKWZDU]X(QGHGHUODQJH7DJYRQ/LDYEHJDQQ (VZDUGHU7DJGHV$EVFKLHGV 'HUJURHKDJHUH7HUUDQHUVWDQGDP8IHUXQGEOLFNWHKDOEDEJHZDQGW]XP6HH ]XUFN 'LH OHW]WHQ :HOOHQNUHLVH GLH HU EHLP 9HUODVVHQ GHV *HZlVVHUV YHUXUVDFKWKDWWHYHUORUHQVLFK 8QGQXQZDUGLH2EHUIOlFKHIUHLQHQNXU]HQ$XJHQEOLFNY|OOLJUXKLJXQGGDV KHOOHUZHUGHQGH3XUSXUGHV0RUJHQKLPPHOVVSLHJHOWHVLFKGDULQYHU]HUUXQJVIUHL 'RFK ZLH JHVDJW QXU HLQHQ 0RPHQW 'HQQ QXQ JLQJ 5XYR DOV VFKPDOH KDXFKGQQH6LFKHOKLQWHUGHUVDQIWJHVFKZXQJHQHQ6LOKRXHWWHGHU.DWWVJLOOKJHO DXIZXUGHOlQJHUXQGEUHLWHU8QGGHU*H]HLWHQZHFKVHOPDFKWHVLFKEHPHUNEDU 'LH)OXWVHW]WHHLQGDVZDUDP.UlXVHOQGHUJHUDGHQRFKVSLHJHOJODWWHQ)OlFKH GHV6HHV]XPHUNHQ 'HQ 7HUUDQHU EHUNDP OHLVH :HKPXW DEHU VLH ZDU QLFKW VR VWDUN GD 0HODQFKROLHGDUDXVKlWWHZHUGHQN|QQHQ :DV IU HLQH XQJODXEOLFKH :HOW /LDY GRFK ZDU 8QG ZDV IU XQJHZ|KQOLFKH :HVHQGLH/LDYHUGRFKZDUHQ(LQPDOLJ'DVZDUGLH6XPPHVHLQHU(LQGUFNH 8QGGRFKZUGHHUIRUWJHKHQXQGQLHZLHGHUKLHUKHU]XUFNNHKUHQ'DVKDWWHHU LQGLHVHQHUVWHQ0LQXWHQGHVQHXHQ7DJHVEHVFKORVVHQ (V ZDU NHLQ VSRQWDQHU (QWVFKOX GHQQ GLH hEHUOHJXQJ IU LPPHU KLHU ]X EOHLEHQ KDWWH VLFK PLW GHU VR UDVFK ZLH P|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³:LHYLHO=HLWLVWVHLWGHU/DQGXQJDXI/LDYYHUJDQJHQ" ³5HDO]HLW"IUDJWHGHU3LNRV\Q]XUFN
³1DWUOLFKZDVVRQVW (VNODQJJHUHL]W ³5XQGHLQXQGGUHLLJ6WDQGDUGWDJHDQWZRUWHWHGHU3LNRV\QXQGIJWHHUNOlUHQG KLQ]X³'DVLVWHWZDVPHKUDOVHLQYROOHU0RQGWDJ5HLFKHQGLHVH$QJDEHQRGHU ZQVFKVWGXHLQHH[DNWHUH=HLWDQJDEH" 'DV $QJHERW HLQHU H[DNWHUHQ =HLWDQJDEH ZDU UHLQ UKHWRULVFK GHQQGHU3LNRV\Q NRQQWH DXV (UIDKUXQJVZHUWHQ VFKOLHHQ GD GLHVH LQ HLQHU VROFKHQ 6LWXDWLRQ QLFKWJHZQVFKWZXUGH 'HU7HUUDQHUVFKDOWHWHGHQ3LNRV\QDE (UZDUNHLQHVZHJVEHUUDVFKW(UKDWWHYHUPXWHWGDHUQLFKWOlQJHUKLHUZDUDOV VR ODQJH ZLH /LDY EHQ|WLJWH GHQ URWHQ 5LHVHQSODQHWHQ 5XYR HLQPDO ]X XPODXIHQ(LQHQ7DJXQGHLQH0RQGQDFKWODQJ 'DEHL KDWWH HU GDV *HIKO LQ GLHVHU =HLWVSDQQH HLQ JDQ]HV /HEHQ JHOHEW ]X KDEHQ $EHUGDVODJDQGHQEHVRQGHUHQ8PVWlQGHQ$QGHQ(LJHQKHLWHQGLHVHV 6HHVLQGHPHUPLWGHQ/LDYHUQJHWDXFKWKDWWHXQGQDWUOLFKDQGHU67$'7 5XYR ZDU LQ]ZLVFKHQ ]X HLQHU URW IODPPHQGHQ GLFNHQ 6LFKHO JHZRUGHQ PLW HLQHP ZHLWHQ ]HUULVVHQ ZLUNHQGHQ /LFKWKRI hEHU GHQ +RUL]RQW LQ 5LFKWXQJ 3ODQHWHQDXIJDQJVSDQQWH VLFK QRFK HLQ6WUHLI DXVKHOOHP5RW EHUGHQEULJHQ +LPPHOKDWWHMHGRFKEHUHLWVGDV%ODXGHV7DJHVGHQ6LHJHUUXQJHQ 'HU7HUUDQHUGDFKWHPLW%HGDXHUQGDUDQGDHUGLHODQJH1DFKWYRQ/LDYQLFKW XQPLWWHOEDUHUOHEWKDWWH(UZXWHQXUDXVGHQ0HVVXQJHQGDGHU0RQGDXIGLH UHFKWXQJHZ|KQOLFKH:HLVHXP5XYRVHLQH%DKQ]RJGDHUGHU6RQQHVWHWVHLQ XQGGLHVHOEH6HLWH]XNHKUWH 'LH/LDYHUGLHDXIGLHVHU6HLWHGHV7UDEDQWHQOHEWHQKDWWHQQRFKQLHLP/HEHQ LKUH 6RQQH JHVHKHQ 6LH ZXWHQ QLFKW HLQPDO YRQ LKUHU ([LVWHQ] 'HU URWH 5LHVHQSODQHW 5XYR HUVHW]WH LKQHQ GLH 6RQQH :HJHQ VHLQHU 1lKH XQG VHLQHU KRKHQ$OEHGRZDUHUZHLWJU|HUXQGVWUDKOWHWDXVHQGPDOKHOOHUDOVMHGH6RQQH ZHQQ HU VHLQ YROOHV 5XQG HUUHLFKW KDWWH RKQHMHGRFK GLH +LW]HHLQHU DGlTXDWHQ 6RQQH]XHQWZLFNHOQ 'HU7HUUDQHUKDWWHGLHEOHQGHQGH*UHOOHGHV0LWWDJVHUOHEWDEHUQLFKWGLH1DFKW XQG VFKRQ JDU QLFKW GLH 0LWWH GHU 1DFKW ZHQQ /LDY GHQ 3ODQHWHQVFKDWWHQ GXUFKOLHI 'DZDUHUDEZHVHQGJHZHVHQ 1XQ JODXEWH HU ZLHZRKO HU ZXWH GD HU HV VLFK QXU HLQELOGHWH EHUHLWV GLH *UDYLWDWLRQYRQ5XYR]XVSUHQ(UEOLFNWHZLHGHU]XP6HHKLQXQWHUXQGVWHOOWH RKQHhEHUUDVFKXQJIHVWGDVHLQH2EHUIOlFKHZLHGHUVSLHJHOJODWWZDU.HLQHUOHL $Q]HLFKHQYRQHLQHP*H]HLWHQZHFKVHOGHU6HHZDUGHQ*HVHW]HQYRQ(EEHXQG )OXW QLFKW XQWHUZRUIHQ 2GHU EHVVHU JHVDJW XQG XP GDV 8QJODXEOLFKH QRFK GHXWOLFKHU DXV]XGUFNHQ HU VWHOOWH VLFK QDFK HLQHU NXU]HQ hEHUJDQJVSHULRGH DXIGLHMHZHLOLJHQ*H]HLWHQHLQ 0DQ KlWWH MHW]W HLQHQ 6WHLQ LQV :DVVHU ZHUIHQ N|QQHQ RKQH GD GHU $XISUDOO :HOOHQHU]HXJWKlWWH'LH/LDYHUQDQQWHQGHQ6HHGDUXPGDV6WLOOH:DVVHUXQG QXU GLHVHQ HLQHQ 6HH GHQQ HU ZDU VHOEVW DXI GLHVHU XQJODXEOLFKHQ :HOW GDV HLQ]LJH3KlQRPHQGLHVHU$UW
1DWUOLFKJDEHVQRFKGLH67$'7 $EHUGLHVHEHVDDQGHUH%HVRQGHUKHLWHQ (WZDV EUDFK GXUFK GLH JODVLJH 2EHUIOlFKH GHV 6HHV XQG GHU 7HUUDQHU ZDQGWH VLFKVFKQHOODEXQGHQWIHUQWHVLFKPLWJURHQ6FKULWWHQYRP6HH +HLPNHKU(VZDU=HLW (UYHUQDKPKLQWHUVLFKHLQHQ3IHLIWRQGHUVLFKQDFKNXU]HU3DXVHPHKUHUH0DOH ZLHGHUKROWH 'HU 3IHLIWRQ ZDU LKP YHUWUDXW HU ZXWH ZDV HU EHVDJWH -HPDQG ULHIVHLQHQ1DPHQDXIGLHLKPHLJHQH$UW $ODVND$ODVND 8QGGDV3IHLIHQJLQJZHLWHUHVNODQJlKQOLFKGHPHLQHVWHUUDQLVFKHQ'HOSKLQV QXUODXWHUDXFKJHIKOYROOHUXQGHPRWLRQHOOHUKHNWLVFKYHU]ZHLIHOWJHUDGH]X 1HLQ)RUW+HLP(VLVWJHQXJ'HU7DJGHU(UNHQQWQLVLVWDEJHODXIHQ'LHVLVW HLQQHXHU7DJ'HU7DJGHV$EVFKLHGV 'DV PHORGL|VH 3IHLIHQ KLQWHU LKP ZROOWH QLFKW DEUHLHQ 'HU 7HUUDQHU PDFKWH QRFK JU|HUH 6FKULWWH (U KlWWH QDWUOLFK VHLQ *UDYR3DN HLQVFKDOWHQ N|QQHQ GDQQ ZlUH HU UDVFKHU ]XP /DQGHSODW] VHLQHV 5DXPVFKLIIV JHODQJW XQG ZlUH DXFKVLFKHUYRUHLQHU%HJHJQXQJPLWGHPLKPQDFKVWHOOHQGHQ/LDYHUJHZHVHQ $EHU GDV ZlUH LKP ZLH )OXFKW HUVFKLHQHQ 8QG ZHQQ HU HLQIDFK IRUWJLQJ VR UHGHWHHUVLFKHLQZDUHVNHLQH)OXFKW(UVWHOOWHVLFKQXUWDXE'DV7ULOOHUQZDU IUVHLQH2KUHQQLFKWVVDJHQG'HU7UDQVODWRUZDUMDDXVJHVFKDOWHW $EHUGXOlXIVWZHJ1DWUOLFKLVWHV)OXFKW8QGVHOEVWHLQ/LDYHUPXPHUNHQ GDGXGLFKQLFKWLQGHUQDWUOLFKHQ*DQJDUWHLQHV0HQVFKHQEHZHJVW 'X UHQQVW PHLQ )UHXQG 9RU ZHP OlXIVW GX GDYRQ" 9RU HLQHP KDUPORVHQ /LDYHU"1DWUOLFKQLFKW1LFKWYRUHLQHP/LDYHU.HLQHUGHLQHUQHXJHZRQQHQHQ )UHXQGH ZUGH GLFK ]XUFNKDOWHQ 6KDNHKDQGV XQG DGLHX :HQQ DXFK PLW 6FKPHU]/HEHQXQGOHEHQODVVHQGDVLVWLKUH3KLORVRSKLH'LUIUHPGNODUPHLQ )UHXQG 'DUXPUHQQVWGXYRUGLUVHOEVWZHJ 6RVLHKWHVQlPOLFKDXV ³(VLVWDQGHUVVDJWHGHU7HUUDQHUODXW(UVWHOOWHGLH)XQNYHUELQGXQJ]XVHLQHP 5DXPVFKLIIKHUXQGEHIDKO6WDUWEHUHLWVFKDIW ³7$/6$021LVWVWDUWEHUHLWPHOGHWHGDV5DXPVFKLII 5LQJVXP HUZDFKWH GLH 1DWXU DXV LKUHP 6FKODI 'LH 1DFKW DXI GHU 6RQQHQQDFKWVHLWHGHVJU|WHQ0RQGHVYRQ5XYRZDUELWWHUNDOW$EHUGDV/HEHQ YRQ /LDYD KDWWH VLFK GDUDXI HLQJHVWHOOW (V GXFNWH VLFK YRU GHU .lOWH XQG GHP 'XQNHO XQG UHFNWH VLFK HUVW PLW GHP HUVWHQ 0RUJHQURW GHP /LFKW HQWJHJHQ -HJOLFKHV /HEHQ (V ZDU VFKZHU 7LHUH XQG 3IODQ]HQ DXVHLQDQGHU]XKDOWHQ XQG YHUPXWOLFK JDE HV JDU NHLQH VROFKH $EJUHQ]XQJ LP KHUN|PPOLFKHQ 6LQQ -HGHQIDOOV OLH VLFK ZDV DP 7DJH NUHXFKWH XQG IOHXFKWH RGHU LQ GHU 3ODQHWHQNUXVWH YHUZXU]HOW ZDU ZHGHU GHU HLQHQ QRFK GHU DQGHUHQ .DWHJRULH HLQGHXWLJ]XRUGQHQ'HU7HUUDQHUKDWWHVHOEVW6FKZLHULJNHLWHQJHKDEWGLH/LDYHU DOV ,QWHOOLJHQ]ZHVHQ ]X HUNHQQHQ 8QG HU KDWWH QRFK HLQPDO 6FKZLHULJNHLWHQ GDPLWJHKDEW]XHUNHQQHQGDHVVLFKXP$PSKLELHQKDQGHOWHGHQQHLQ/LDYHU DXI GHP /DQG KDWWH VR JDU NHLQH bKQOLFKNHLW PLW HLQHP GHU SIHLOVFKQHOOHQ
PDMHVWlWLVFKHQ /LDYHU LP QDVVHQ (OHPHQW 8QG HLJHQWOLFK ZDU HV JDU QLFKW ZLFKWLJGDVYLHOIlOWLJH/HEHQGLHVHUXQJODXEOLFKHQ:HOWHLQ]XRUGQHQ 'DV 3IHLIHQ ZDU QlKHUJHNRPPHQ 'HU /LDYHU VDLKP LP1DFNHQ 1DFKGHPHU VLFK HLQPDO DQ VHLQH )HUVHQ JHKHIWHW KDWWH OLH HU QLFKW PHKU YRQ LKP DE 'HU 7HUUDQHU NDP VLFK EO|G YRU $EHU HU KDWWH GHQ HUVWHQ 6FKULWW JHWDQ XQG MHW]W EUDFK HU GLH )OXFKW QLFKW PHKU DE (V ZDU DOV JHKRUFKWHQ LKP GLH %HLQH QLFKW PHKU $ODVND$ODVND 'HU 7HUUDQHU PXWH VLFK QXQPHKU VHLQHQ :HJ GXUFK GLH GVFKXQJHODUWLJ ZXFKHUQGH 1DWXU NlPSIHQ (U KDWWH VHLQHQ 6WUDKOHU LQ GHU +DQG ZROOWH LKQ MHGRFKQLFKWHLQVHW]HQ'DVZlUHZLH0RUGJHZHVHQ 9RULKPHQWUROOWHQVLFKNRKODUWLJH.QROOHQ]XPDQQVJURHQ%OlWWHUQZXFKVHQLQ GLH +|KH /LDQHQ MHJOLFKHU 6WlUNH NOHWWHUWHQ GLH DXV GHP %RGHQ VSULHHQGHQ 6WlPPH HPSRU UHFNWHQ VLFK EHU GHUHQ .URQHQ KLQDXV GHP /LFKW HQWJHJHQ %OWHQ VFKlOWHQ VLFK DXV PRGULJ ZLUNHQGHQ .QRVSHQ HQWEOlWWHUWHQ VLFK O|VWHQ VLFKYRQGHQ6WHQJHOQXQGVHJHOWHQZLH9|JHOGDYRQ:DUHQHV9|JHO"(JDO 9RQ EHUDOO DXV GHP 8QWHUKRO] GUDQJHQ *HUlXVFKH (V NQLVWHUWH XQG UDVFKHOWH VHXI]WH XQG TXLHNWH XQG GDQQ IXKUHQ GLH %|HQ GHV ZDUPHQ :LQGHV LQV 'LFNLFKW XQG OIWHWHQ HV HQWZLUUWHQ HV XQG VSUHQJWHQ HV I|UPOLFK DXVHLQDQGHU 8QGQDFKGLHVHU([SORVLRQZDUGHU7HUUDQHULP'LFNLFKWUHJHOUHFKWJHIDQJHQ -HW]WKDWWHHUNHLQHDQGHUH:DKOPHKUDOVGDV*UDYR3DNHLQ]XVFKDOWHQZHQQHU GLH 7$/6$021 HUUHLFKHQ ZROOWH (U ZDU VFKRQ HQWVFKORVVHQ HV ]X WXQ (LQ %HIHKOVZRUWKlWWHJHQJW 'D HUNODQJ GDV 3IHLIHQ SO|W]OLFK JHUDGHZHJV YRU LKP 'HU /LDYHU KDWWH LKQ LQ HLQHP %RJHQ EHUKROW XQG YHUVSHUUWH LKP QXQ GHQ:HJ 'LH +DOPHXQG)DUQH WHLOWHQ VLFK XQG HLQ )LVFKNRSI VWDUUWH LKQ DQ 'LH ZLH HLQ PHQVFKOLFKHU 6FKPROOPXQGJHVFKU]WHQEODXHQ/LSSHQSILIIHQLKQDQ ³*HKPLUDXVGHP:HJVDJWHGHU7HUUDQHU³+DXDEKDEHLFKJHVDJW 'LH KHUYRUTXHOOHQGHQ $XJHQ NHLQHVZHJV VWDUU RGHU JODVLJ EOLFNHQG VDKHQ LKQ YHUVWlQGQLVORV DQ 'HU EODXH 6FKPROOPXQG SILII GHU /XIWVDFN GDUXQWHU EOlKWH VLFKDXIXQGGDQQHUNODQJHLQODQJJH]RJHQHUMlPPHUOLFKHU3IHLIWRQ 'HU7HUUDQHUVFKORHUJHEHQGLH$XJHQ(UVFKDOWHWHGHQ7UDQVODWRUHLQGRFKHV NDPNHLQHhEHUVHW]XQJGHVODQJDQKDOWHQGHQ3IHLIHQV(VZDUHLQXQDUWLNXOLHUWHU .ODJHODXWXQGGHQYHUVWDQGGHU7HUUDQHUVRZLHVR ³,FKJHKHIRUWVDJWHGHU7HUUDQHU³,FKYHUODVVHHXUH:HOW:DVZLOOVWGXQRFK YRQPLU" 'HU7UDQVODWRUEHUWUXJVHLQH:RUWHLQGLH3IHLIODXWHGHU/LDYHU8QGGHU/LDYHU DQWZRUWHWHXQGGHU7UDQVODWRUEHUVHW]WHGDV3IHLIHQIROJHQGHUPDHQ ªª,FKELQHV+LULV:LUKDEHQGRFK]XVDPPHQJHOHEW:LHNDQQVWGXPLFKRKQH $EVFKLHGYHUODVVHQ$ODVND" ³(V ZlUH EHVVHU VR JHZHVHQ ,FK JHKH GDV LVWVLFKHU 'X PDFKVWHVXQVEHLGHQ QXUHWZDVVFKZHUHU+LULV 'HU /LDYHU KRSSHOWH LQV )UHLH 'LH JHGXFNWH +DOWXQJ VHLQHV PDVVLJHQ .|USHUV GHU DXI GHP /DQG XQI|UPLJ ZLUNWH HULQQHUWH DQ HLQHQ )URVFK (LQH .U|WH PLW
.DUSIHQJHVLFKW GDFKWH GHU 7HUUDQHU GHU ELV ]X GLHVHP $XJHQEOLFN GDYRQ DEJHVHKHQ KDWWH VROFKH 9HUJOHLFKH ]X ]LHKHQ $EHU LUJHQGZLH PXWH HU VLFK VFKOLHOLFKEHKHOIHQXPVLFKGHQ$EVFKLHG]XHUOHLFKWHUQ ³,FK KDWWH HLQ XQJODXEOLFKHV (UOHEQLV $ODVND VDJWH +LULV ³,FK P|FKWH HV GLU HU]lKOHQ(VEHUWULIIWDOOHVDQGHUHZDVLFKELVKHUHUOHEWKDEH8QGGX" ,FK ZLOO EHU PHLQ (UOHEHQ QLFKW VSUHFKHQ GDFKWH GHU 7HUUDQHU PLW HLQHP ELWWHUHQ=XJXPGHQ0XQG9HUGDPPWLFKGDFKWHLFKVHLGDUEHUKLQZHJDEHU QXQKlOWGLHVHUOlVWLJH/LDYHUPHLQHP8QWHUEHZXWVHLQHLQHQ6SLHJHOKLQXQG 1LFKWV XQG (U ZDU JHIHVWLJW (U KDWWH LQ HLQHU 0RQGQDFKW GLH (UIDKUXQJHQ PHKUHUHU/HEHQJHPDFKW.HLQH*HIlKUGXQJZLHGHULQGLHDOWH0HODQFKROLH]X YHUIDOOHQ $EHU GX ELVW YRU GHU .RQIURQWDWLRQ PLW GHU :DKUKHLW JHIORKHQ PHLQ )UHXQG PXWHHUVLFKJOHLFKGDUDXIVDJHQ$OVRVHLHLQ0DQQVWHOOHGLFK 'HU7HUUDQHUVHXI]WH ³,FK"VDJWHHU³,FKQHKPH$EVFKLHG(VJLEWQLFKWVPHKU]XVDJHQ ³'XZLOOVWYHUJHVVHQ" ³1HLQ (V LVW DQGHUV ,FK JHKH IRUW XP PLU GLH (ULQQHUXQJ ]X EHZDKUHQ ,FK P|FKWH VLH QLFKW YRQ HLQHP ORVHQ )LVFKPDXO ]HUSIOFNHQ ODVVHQ ³,FK ZLOO QXU QLFKWGDUEHUUHGHQ ³9HUVWHKH EHUVHW]WH GHU 7UDQVODWRU GHQ 3ILII GHV /LDYHUV PLW HLQHP .U]HO 'LH%DVHGRZ$XJHQVDKHQLKQGXUFKGULQJHQGDQEOLFNWHQLKPWLHILQGLH6HHOH ³$EHUGXHULQQHUVWGLFK" ³-D 9HUGDPPWQRFKPDOQDWUOLFKHULQQHUWHHUVLFK ³'HU6WDUWYHU]|JHUWVLFKDXIXQEHVWLPPWH=HLWIXQNWHHUGHP5DXPVFKLII ³)UQRFKHLQPDOHLQHQ0RQGWDJ"IUDJWHGLH7$/6$021DQ ³%HZDKUHQHLQ(VLVWQXUHLQHNXU]H9HU]|JHUXQJ (U EUDFKWH HV QLFKW EHU VLFK GHQ /LDYHU HLQIDFK DE]XNDQ]HOQ /LDYHU ZDUHQ VHQVLEHO JHVHOOLJ XQG UHGVHOLJ (U ZROOWH +LULV QLFKW YRU GHQ .RSI VWRHQ 6FKOLHOLFK ZDU HU MHQHU /LDYHU GHQ HU YRU HLQXQGGUHLLJ 6WDQGDUG7DJHQ DOV HUVWHQNRQWDNWLHUWKDWWH (UZDUI|UPOLFKEHULKQJHVWROSHUWXQGKlWWHLKQGDUDXIKLQEHLQDKHSDUDO\VLHUW 'DVZDUJDUQLFKWVRZHLWYRQKLHUJHZHVHQ 8QG DQ HLQHP 0RUJHQ ZLH GLHVHP DOV GLH 1DWXU YRQ /LDY JHUDGH QDFK GHU ODQJHQ1DFKWDXVLKUHP6FKODIHUZDFKWH (U KDWWH GHQ .RPELVWUDKOHU EHUHLWV DQJHOHJW XQG DXI 3DUDO\VH JHSROW $EHU HU GUFNWH QLFKW DE ZHLO GHU .U|WHQILVFK 0lQQFKHQ PDFKWH 'DEHL VDFNWH VHLQH .|USHUPDVVHLQV*HVlXQGGDVVDK]XNRPLVFKDXV$OVHUGDQQDXFKQRFKHLQH 0HORGLHSILIIGLHGHQ7HUUDQHULUJHQGZLHDQHLQH+\PQHHULQQHUWHGDZDUGHU %DQQJHEURFKHQ ³0LU VFKHLQW GX EHVLW]W VR HWZDV ZLH HLQH 6SUDFKH 'DV ZDUHQ VHLQH HUVWHQ :RUWH JHZHVHQ 8QG GHU 5HVW HUJDE VLFK YRQ VHOEVW ³,FK ZHUG V PDO PLW GHP 7UDQVODWRUYHUVXFKHQ 9LHUXQG]ZDQ]LJ 1RUP6WXQGHQ VSlWHU KDWWH GHU 7UDQVODWRU JHQJHQG
YHUVFKLHGHQH 3IHLIW|QH JHVSHLFKHUW XP VLH LQ GLH 6SUDFKH GHV 7HUUDQHUV EHUVHW]HQ]XN|QQHQXQGXPJHNHKUW +LULV ZLH GHU 7UDQVODWRU GHQ 1DPHQ GHV /LDYHUV EHUVHW]WH KDWWH GLH 6DFKH HUOHLFKWHUW LQGHP HU VWlQGLJ IU|KOLFK YRU VLFK KLQSILII (U KDWWH HLQ JURHV 5HSHUWRLUHGDVYRQ6FKQXO]HQELV]X2SHUQDULHQUHLFKWH=XPLQGHVWNODQJHVIU GHQ7HUUDQHUVR -D XQG HV NDPHQ ZlKUHQG +LULV 3IHLINRQ]HUW QRFK ZHLWHUH /LDYHU KLQ]X GLH PXQWHU GDULQ HLQVWLPPWHQ (V ZDU HLQ JDQ]HV 5XGHO ILVFKN|SILJHU IURVFKKSIHQGHU )OHLVFKVlFNH GLH VLFK GD DP 8IHU GHV 6HHV XQG XQWHU GHP DXIJHKHQGHQ5XYRHLQ6WHOOGLFKHLQJDEHQ 8QGPLWWHQXQWHULKQHQGHUODQJHKDJHUH7HUUDQHUGHUZLHHLQ)UHPGN|USHUDXV LKQHQ KHUYRUUDJWH XQG GHU HLQH JHUDGH]X XQKHLPOLFKH 1HXJLHUGH DQ GHQ 7DJ OHJWHVREDOGHUGLH0|JOLFKNHLWKDWWHVLFKPLWLKQHQ]XXQWHUKDOWHQ 'LH /LDYHU JDEHQ ]ZDU DXI DOOH VHLQH )UDJHQ EHUHLWZLOOLJ $QWZRUW $EHU GXUFK MHGHGLHVHU$QWZRUWHQNODQJGLH)UDJHGXUFK ³:R]XZLOOVWGXGDVHLJHQWOLFKZLVVHQ" 8QG DQIDQJV KlQJWH GHU 7UDQVODWRU MHGHU hEHUVHW]XQJ GLHVH )UDJH DXFK DQ ELV GHU7HUUDQHUGLHVDEVWHOOWH$EHUJHOHJHQWOLFKNDPHVDXFKVSlWHUQRFKYRUGD GHU7UDQVODWRUHLQH$QWZRUWZLHHLQH)UDJHEHWRQWHXQGPLWHLQHPXQVLFKWEDUHQ )UDJH]HLFKHQYHUVDK 'LH /LDYHU VWHOOWHQ YRQ VLFK DXV QLH WLHIVFKUIHQGH )UDJHQ NHLQH )UDJHQ QDFK GHU +HUNXQIW GHV 7HUUDQHUV QDFK GHP *UXQG VHLQHV +LHUVHLQV RGHU QDFK GHU )XQNWLRQ GHV ZXQGHUVDPHQ hEHUWUDJXQJVJHUlWV 'DV ZDU QLFKW XQEHGLQJW ,QWHUHVVHORVLJNHLW 6LH QDKPHQ PDQFKH :XQGHU ZLH HEHQ GHQ 7HUUDQHU RGHU GHQ6HHHLQIDFKDOVJHJHEHQKLQ ,KUH )UDJHQ ZDUHQ VWHWV JHJHQZDUWV XQG KDQGOXQJVEH]RJHQ HWZD ZHQQ HV GDUXPJLQJHLQH(QWVFKHLGXQJIUGHQ$XJHQEOLFN]XWUHIIHQ ³*HKHQZLUWDXFKHQ$ODVND" 6LH VHW]WHQ VRJDU YRUDXV GD HU ZLH VLH DPSKLELVFK ZDU $OV VLH GDQQ )UDJHQ DQGHUHU$UW]XVWHOOHQEHJDQQHQHWZDZLH+LULVHEHQDP0RUJHQGHV$EVFKLHGV 'XZLOOVWYHUJHVVHQ"GDZXUGHGHP7HUUDQHUNODUGDGHU.RQWDNWPLWLKPGHQ /LDYHUQZHQLJHUJHQW]WDOVJHVFKDGHWKDWWH $EHUVHLQVFKOHFKWHU(LQIOXZUGHLUJHQGZDQQZLHGHUVHLQH:LUNXQJYHUORUHQ KDEHQ 8QG GDUXP EUDXFKWH HU HV QLFKW ]X EHUHXHQ QDFK /LDY JHNRPPHQ ]X VHLQ )U LKQZDUHVHLQHZHUWYROOH(UIDKUXQJ )QI :RFKHQ YRUKHU KlWWH VLFK GHU 7HUUDQHU QLFKW WUlXPHQ ODVVHQ GD HV VR NRPPHQZUGH $ODVND6DHGHODHUHDOVLQWURYHUWLHUW]XEH]HLFKQHQZlUHLKPQLFKWJDQ]JHUHFKW JHZRUGHQ6HLQH VHHOLVFKHQ .UlIWH ZDUHQQLFKW HLQ]LJXQG DOOHLQDXI GLH HLJHQH ,QQHQZHOWJHULFKWHWHUZDUHLJHQWOLFKDOOHPDXIJHVFKORVVHQDQDOOHQ3UREOHPHQ LQWHUHVVLHUWXQGQXUYHUVFKORVVHQZHQQHVXPVHLQHSHUV|QOLFKHQ3UREOHPHJLQJ
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|JOLFKZDU (U ZDU QXU DXV GLHVHP *UXQG PLW GHU 7$/6$021 LQ GHQ .XJHOVWHUQKDXIHQ 3DUDNNX JHIORJHQXQG DXI6DEKDOJHODQGHW(UZDU IURKGDVHLQH $QNXQIWQXU QHEHQEHL UHJLVWULHUW ZXUGH XQG HU PLW NHLQHP DQGHUHQ *lQJHU GHV 1HW]HV RGHU VRQVWHLQHP%HNDQQWHQ]XVDPPHQWUDIDOVHUGLH+DOOHGHV$QIDQJVDXIVXFKWH 'LHV ZDUGHUHLQ]LJH2UWDQ GHPPDQPLWGHQ4XHULRQHQGHQ%HJUQGHUQGHU 1HW]JlQJHURUJDQLVDWLRQ LQ GLUHNWHQ .RQWDNW WUHWHQ NRQQWH 0DQFKPDO ]HLJWHQ VLH VLFK VRJDU LQ .|USHUSURMHNWLRQHQ 'DUDXI KDWWH PDQ MHGRFK NHLQHQ (LQIOX XQG PDQ NRQQWH VLFK DXFK QLFKW DXVVXFKHQ PLW ZHOFKHP YRQ GHQ ]Z|OI 4XHULRQHQPDQ.RQWDNWEHNDP $ODVND EHNDP HV PLW :\ERUW ]X WXQ GHU YRU JDU QLFKW VR ODQJHU =HLW (LUHQH 3HUU\5KRGDQVXQG*HVLOV7RFKWHUGHQ$EGUXFNGHV(LQYHUVWlQGQLVVHVJHJHEHQ KDWWH$EHUZDVZDUGLHVHUSVLRQLVFKH,PSULQWQRFKZHUW"'DV.RVPRQXNOHRWLG '25,)(5 KDWWH HLQHQ .ROODSV HUOLWWHQ ZDV ]X HLQHU 'HVWDELOLVLHUXQJ GHV 3VLRQLVFKHQ 1HW]HV IKUWH XQG GD]X GD HV VLFK DXI GHQ XUVSUQJOLFKHQ 1RUPDOZHUW HLQSHQGHOWH :DV ZLHGHUXP EHGHXWHWH GD VLFK LPPHU PHKU VRJHQDQQWH .DOPHQ]RQHQ ELOGHWHQ GLH YRQ GHQ 1HW]JlQJHUQ QLFKW ]XU )RUWEHZHJXQJJHQW]WZHUGHQNRQQWHQ'DVZDUSUDNWLVFKGDV(QGHGHU*lQJHU GHV1HW]HV 8QG$ODVNDVSHUV|QOLFKHV3UREOHPKLQJGDPLW]XVDPPHQ :\ERUWWUDWLKPLP3URMHNWLRQVN|USHUHLQHV$OWHQJHJHQEHU ³(V IUHXW PLFK GLFK QRFK HLQPDO ZLHGHU]XVHKHQ $ODVND VDJWH GHU 4XHULRQH ³(V LVW GLH YLHOOHLFKW OHW]WH *HOHJHQKHLW :LU EHUOHJHQ RE ZLU QLFKW LQ GDV *HLVWHVNROOHNWLY XQVHUHV 9RONHV ]XUFNNHKUHQ VROOHQ :LU KDEHQ HLJHQWOLFK DXVJHGLHQW ³:lUHGDVHLQHQGJOWLJHU6FKULWW"IUDJWH$ODVND ³:DUXPIUDJVWGXGDV" ³:HLO LFK VHOEVW VFKRQ PLW PHLQHP 3VLELRQWHQ 7HVWDUH LQ GDV *HLVWHVNROOHNWLY HLQJHJDQJHQZDUDQWZRUWHWH$ODVND³:LUZXUGHQYRQGHU4XHULRQLQ.\WRPD JHIKUW 'X NHQQVW GLH *HVFKLFKWH 7HVWDUH XQG LFK NRQQWHQ XQV MHGRFK QLFKW LQWHJULHUHQ ,FK NHKUWH LQ PHLQHQ .|USHU ]XUFN 7HVWDUH ZXUGH ]X PHLQHP 3VLELRQWHQ.\WRPDDEHUEOLHE]XUFN,VWGDVHQGJOWLJ" ³'DUDXI NDQQ LFK GLU NHLQH $QWZRUW JHEHQ $ODVND VDJWH :\ERUW ³'DV OLHJW DOOHLQEHL.\WRPD$EHUIDOOVZLULQV.ROOHNWLY]XUFNNHKUHQXQG.\WRPDJHK|UW GD]XGDQQNDQQLFKVLHYRQGLU ³'DUXPJHKWHVPLUQLFKWILHOLKP$ODVNDLQV:RUW
³:RUXPGDQQ" .\WRPD KDWWH $ODVND VFKRQ HLQPDO YRU HLQLJHQ -DKUKXQGHUWHQ DXI HLQHQ QDPHQORVHQ 3ODQHWHQ PLW GHP 6HH 7DOVDPRQ XQG GHU 67$'7 JHIKUW 'DPDOV KDWWH $ODVND QRFK NHLQH $KQXQJ GDYRQ JHKDEW GD GLH 67$'7 XQG GHU 6HH HLQVW YRQ GHQ GUHL]HKQ 4XHULRQHQ XQWHU :\ERUW HUVFKDIIHQ ZXUGHQ GLH VSlWHU DXFK GLH 2UJDQLVDWLRQ GHU *lQJHU GHV 1HW]HV JUQGHWHQ 8QG :\ERUW XQG GLH DQGHUHQ 4XHULRQHQ GLH QDFK /D\PRQHQV $XVVFKHLGHQ DXI LQVJHVDPW ]Z|OI GH]LPLHUWZRUGHQZDUHQKDWWHQ$ODVNDXQG7HVWDUHGHQ6HHXQGGLH67$'7DOV 2UWGHU%HJHJQXQJ]XU9HUIJXQJJHVWHOOW $ODVND KDWWHGDUDXIYHU]LFKWHWVLFKGLH.RRUGLQDWHQGLHVHU:HOW]XEHVFKDIIHQ ZHLO HU VLH MHGHU]HLW SHU 3HUV|QOLFKHP 6SUXQJ HUUHLFKHQ NRQQWH (U XQG 7HVWDUH ZROOWHQ VLFK VR GDV *HKHLPQLV HLQHV P\VWLVFKHQ 2UWHV EHZDKUHQ ,Q]ZLVFKHQ KDWWH VLFK GHU N|USHUORVH 7HVWDUH MHGRFK DXI .|USHUVXFKH EHJHEHQ XQG '25,)(5 KDWWH HLQHQ .ROODSV HUOLWWHQ XQG VR IU GLH 'HVWDELOLVLHUXQJ GHV 3VLRQLVFKHQ1HW]HVJHVRUJW ³,FK NDQQ GHQ 6HH 7DOVDPRQ QLFKW PHKU SHU 3HUV|QOLFKHP 6SUXQJ HUUHLFKHQ VDJWH $ODVND QLHGHUJHVFKODJHQ ³8QG HV JLEW NHLQHQ DQGHUHQ 2UW ZR LFK PLFK PLW 7HVWDUH WUHIIHQ N|QQWH 8QG ZR LFK QDFK .\WRPD VXFKHQ N|QQWH IJWH HU ]|JHUQGKLQ]X ³,FKYHUVWHKHGHLQH9HU]ZHLIOXQJVDJWH:\ERUWPLWIKOHQG³$EHULFKIUFKWH HV ZUGH GHLQ 3UREOHP QLFKWO|VHQ ZHQQLFK GLUGLH .RRUGLQDWHQ XQVHUHU :HOW EHUPLWWHOWH :HQQ GX QLFKW SHU 3HUV|QOLFKHP 6SUXQJ LQ GHQ 6HH 7DOVDPRQ JHODQJHQ NDQQVW GDQQ LVW GLHV DXFK 7HVWDUH QLFKW P|JOLFK 'X NDQQVW LKQ GRUW QLFKWWUHIIHQ ³8QG.\WRPD"IUDJWH$ODVND ³+PPDFKWH:\ERUWQDFKGHQNOLFK1DFKHLQHUJDQ]HQ:HLOHGHV6FKZHLJHQV IXKUHUIRUW³(VJLEWQRFKDQGHUH4XHULRQHQZHOWHQKDVWGXGDVJHZXW"1HLQ" $EHU YHUPXWHW GHQQ HV LVW QDKHOLHJHQG 8QG HLQH GDYRQ OLHJW LQ 3DUDNNX 'X NDQQVWPLWGHLQHP5DXPVFKLIIPKHORVXQGUDVFKKLQJHODQJHQ'XEHVLW]WVRJDU GLH.RRUGLQDWHQ'XZHLWHVQXUQLFKWZHLOGXLQGHLQHU.$57(QLFKWGDQDFK JHVXFKWKDVW 'LH .$57( ZDU HLQ NDUWRJUDSKLVFKHV 9HU]HLFKQLV PLW GHQ 3UlIHUHQ]VWUlQJHQ GHV3VLRQLVFKHQ1HW]HVXQGGHQ6WW]SXQNWHQGHU*lQJHUGHV1HW]HV6LHZDULP 3LNRV\QGHU1HW]NRPELQDWLRQJHVSHLFKHUW(VEHUUDVFKWH$ODVNDGDDXFKHLQH 4XHULRQHQZHOW UHJLVWULHUW VHLQ VROOWH $XI VHLQH HQWVSUHFKHQGH )UDJH DQWZRUWHWH :\ERUW ³1XUGHLQH.$57(HQWKlOWGLHVH$QJDEHQ(LJHQWOLFKZXQGHUWHVPLFKGDGX LQDOOGHQ-DKUHQQLFKWGDKLQWHUJHNRPPHQELVW ³'HU 6HH 7DOVDPRQ KDW 7HVWDUH XQG PLU JHQJW :DUXP KlWWHQ ZLU QDFK HLQHU DQGHUHQ4XHULRQHQZHOWVXFKHQVROOHQ" ³(EHQ $EHU QXQ OLHJHQ GLH 'LQJH DQGHUV 1XQ GD GHU 6HH 7DOVDPRQ XQHUUHLFKEDUIUGLFKLVWN|QQWHVWGXHLQHQ9HUVXFKPLWGLHVHPDQGHUHQ2UWGHU %HJHJQXQJPDFKHQ ³:DVNDQQLFKPLUGRUWHUKRIIHQ"
³(UIOOXQJ9ROONRPPHQKHLW ³,FK ELQ PLU JDU QLFKW VLFKHU RE LFK GDV EHUKDXSW DQVWUHEH VDJWH $ODVND ]ZHLIHOQG XQG JOHLFK]HLWLJ HQWWlXVFKW 6HLQ 6WUHEHQ JDOW JDU QLFKW GHP 8QHUUHLFKEDUHQ HLQPDO GDYRQ DEJHVHKHQ GD HU .\WRPD ILQGHQ ZROOWH GLH PDQYLHOOHLFKWDOVXQHUUHLFKEDUHLQVWXIHQNRQQWH8QGGDHUVLFKGLH1lKHYRQ 7HVWDUHZQVFKWHXQGGDGLH6XFKHQDFKLKPMHQHUQDFKGHUOHJHQGlUHQ1DGHO LP +HXKDXIHQ JOLFK ZHQQ HV NHLQHQ IHVWHQ 5HQGH]YRXVSXQNW JDE 'D GHU 6HH 7DOVDPRQ DOV VROFKHU DXVILHO QW]WH LKP LUJHQGHLQH XQEHNDQQWH 4XHULRQHQZHLW LQGLHVHP)DOODXFKQLFKWV.\WRPDEHWUHIIHQGPRFKWHGLH6DFKHZLHGHUDQGHUV DXVVHKHQ IDOOV VLH QLFKW IU LPPHU EHL LKUHP YHUJHLVWLJWHQ 9RON JHEOLHEHQ ZDU ²GRUWKLQZROOWH$ODVNDQLFKWZLHGHU $EHUHUKDWWHPLWGHP8QHUUHLFKEDUHQHLJHQWOLFKHQHWZDVDQGHUHVJHPHLQWHWZD :HUWH 0DFKW XQG (UNHQQWQLVVH GLH QLFKW IU :HVHQ VHLQHU (YROXWLRQVVWXIH JHGDFKW ZDUHQ 0HQVFKOLFKHV *OFN GDJHJHQ VWXIWH HU QLFKW VR HLQ QLFKW DOV XQHUUHLFKEDU DXFK ZHQQ GLH .RQVWHOODWLRQ GLH HU DQVWUHEWH HLQH EHUDXV VFKZLHULJHZDU (U HULQQHUWH VLFK LQ GLHVHP =XVDPPHQKDQJ HLQHU DOWHQ WHUUDQLVFKHQ 5HGHZHQGXQJ GLH HU YRQ 3HUU\ 5KRGDQ JHK|UW KDWWH XQG GLH ODXWHWH QDFK GHQ 6WHUQHQJUHLIHQ8QGGLH7HUUDQHUKDWWHQHVJHWDQXQGKLHOWHQGLH6WHUQHQXQLQ +lQGHQ ³'LH 4XHULRQHQZHOW GLH LFK PHLQH NDQQ GLU DOOHV ELHWHQ HUNOlUWH :\ERUW JHGXOGLJ ³6LH XQWHUVFKHLGHW VLFK YRQ GHU XQVHUHQ VR ZLH HLJHQWOLFK NHLQH 4XHULRQHQZHOW GHU DQGHUHQ JOHLFKW :LU GLH HKHPDOLJHQ %HZRKQHU KDEHQ XQV XQVHUH 'RPL]LOH GLH 6HHQ PLW GHQ 5XKHQLVFKHQ XQG GLH 67b'7( VHKU LQGLYLGXHOOJHVWDOWHW=XIlOOLJVLQGPLUHLQLJH%HVRQGHUKHLWHQMHQHU:HOWYRQGHU GXGLH.RRUGLQDWHQEHVLW]WEHNDQQW,FKZLOOGLUNHLQH*HKHLPQLVVHYHUUDWHQGLH PXW GX VHOEVW HQWUlWVHOQ $EHU VRYLHO LVW JHZL 'X NDQQVW GRUW DOOHV EHNRPPHQ ZDV GX ZLOOVW (UIOOXQJ GHLQHV 6WUHEHQV 9ROONRPPHQKHLW ZLH GX VLH GLU YRUVWHOOVW 8QG LFK GHQNH GD HV QLFKW ]XYLHO YHUVSURFKHQ LVW ZHQQ LFK VDJHGDGXGRUWDXFK.\WRPDILQGHQNDQQVW ³7XW PLU OHLG GD LFK GLFK ]XHUVW PLYHUVWDQGHQ KDEH :\ERUW HQWVFKXOGLJWH VLFKGHU7HUUDQHU(7KDWWHHVSO|W]OLFKVHKUHLOLJ³'DQNH8QG $EHUGDKDWWHVLFKGLH.|USHUSURMHNWLRQGHV4XHULRQHQEHUHLWVDXIJHO|VW $OVQlFKVWHVYHUJOLFK$ODVNDVHLQHSHUV|QOLFKH.$57(PLWMHQHULQGHU6WDWLRQ GHU*lQJHUGHV1HW]HV 'HU6\QWURQKDWWHGLH$EZHLFKXQJVFKQHOOJHIXQGHQ$ODVNDV.$57(KDWWHHLQ ]XVlW]OLFKHV 6RQQHQV\VWHP JHVSHLFKHUW (V ZDU EHODQJORV GDGRUWKLQHLQVWHLQ VWDUNHV %QGHO YRQ 3UlIHUHQ]VWUlQJHQ JHIKUW KDWWH -HW]W ODJ GLHVHV 6\VWHP RKQHKLQ LQ HLQHU .DOPHQ]RQH GHQQ HV ODJ LQ MHQHU JHGDFKWHQ /LQLH GLH YRQ $EVDQWKD*RPEHU6DEKDO]XP.RVPRQXNOHRWLG'25,)(5IKUWH 'LH 6RQQH KLH 6JLOO GHU HLQ]LJH MXSLWHUJURH 3ODQHW WUXJ GHQ 1DPHQ 5XYR 5XYR KDWWH HOI 0RQGH 'HU JU|WH GDYRQ ZXUGH DOV /LDY EH]HLFKQHW (U KDWWH HLQHQ 'XUFKPHVVHU YRQ HWZD .LORPHWHUQ DEHU GDV ZDU IU $ODVND QLFKW ZHLWHU YRQ %HGHXWXQJ HEHQVR ZLH GLH 7DWVDFKH GD /LDY HLQH GQQH DEHU
DWHPEDUH6DXHUVWRIIDWPRVSKlUHEHVD )U LKQ ZDU QXU ZLFKWLJ GD DXI GHU 2EHUIOlFKH YRQ /LDY LP bTXDWRUJHELHW ]ZHLQDKHEHLHLQDQGHUOLHJHQGH3XQNWHHLQJH]HLFKQHWZDUHQ )U$ODVNDVWDQGHVIHVWGDHVVLFKGDEHLQLFKWXPHLQHQ6WW]SXQNWGHU*lQJHU GHV1HW]HVVRQGHUQXPHLQHQ6HHXQGHLQH67$'7GHU4XHULRQHQKDQGHOWH .XU]GDUDXIVWDUWHWHHUPLWGHU7$/6$021 'DV 6JLOO6\VWHP ZDU QXU /LFKWMDKUH LQ 5LFKWXQJ GHU *DOD[LV $EVDQWKD 6KDGHQWIHUQW 'HU 6HH YRQ /LDY XQWHUVFKLHG VLFK NDXP YRP 6HH 7DOVDPRQ PDO YRQ GHU YLHUIDFKHQ *U|H DEJHVHKHQ 9LHOOHLFKW ZDU HU VR JUR ZHLO VLFK KLHU DXFK YLHUPDOVRYLHOH4XHULRQHQZLHLP6HH7DOVDPRQ]XVDPPHQJHIXQGHQKDWWHQ" $XFK GLH 67$'7 LQ GHQ .DWWVJLOOKJHOQ ZLHV ]X GHU DQGHUHQ NHLQH 8QWHUVFKHLGXQJVPHUNPDOH DXI 6LH KDWWH QXU JHULQJHUH $EPHVVXQJHQ VRZHLW GHQ 2UWXQJVHUJHEQLVVHQ ]X WUDXHQ ZDU 'HU 6\QWURQ ZLHV ]ZDU DXV GD GLH 67$'7 YRQ /LDY HLQH JHULQJHUH 3ODQHWHQIOlFKH EHDQVSUXFKWH HLQHQ KDOEHQ 4XDGUDWNLORPHWHU EOR DEHU GDV VDJWH QLFKWV EHU LKUH LQQHUH 6WUXNWXU XQG *U|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³*HLVWGHU67$'7GHUSVLRQLVFKH$EGUXFNGHQGLH4XHULRQHQ KLQWHUODVVHQKDWWHQHKHUDN]HSWLHUHQZHQQHUVLFKDQGLH:HOWDQJHSDWKDWWH 'LH /LDYHU NRQQWHQ XQJHKLQGHUW HLQ XQG DXVJHKHQ XQG VLH PDFKWHQ UHLFKOLFK *HEUDXFKGDYRQ8QGVLHWDXFKWHQLQGHQ6HHXQGYHUEUDFKWHQLKUKDOEHV/HEHQ GDULQXQGGLHELWWHUNDOWHQ1lFKWH (VZDUHQLKUHUDQGLHVHFK]LJGLHKLHUOHEWHQ$EHU$ODVNDNRQQWHLKUH=DKOQXU VFKlW]HQ ZHLO VLH QLH YROO]lKOLJ DQ /DQG YHUVDPPHOW ZDUHQ (EHQVR YLHOH PRFKWHQLP*HELHWGHU67$'7OHEHQ $ODVNDQDQQWHVLH,YRQ5LHO6DXURXQG+LULV3RPSD$QDV-HERXQG2UIR6LH
ZDUHQ ]ZHLJHVFKOHFKWOLFK DEHU $ODVND EHNDP QLH KHUDXV ZHU ZHOFKHP *HVFKOHFKW]X]XRUGQHQZDU'LH/LDYHUJDEHQGDUEHUDXFKNHLQH$XVNXQIWXQG $ODVNDERKUWHQLFKWZHLWHUXPQLFKWDQHLQHP7DEX]XNUDW]HQ7\SLVFKIULKQ DOV0DQQGDHUVLHDOOHHLQIDFKGHPPlQQOLFKHQ*HVFKOHFKW]XRUGQHWH (VZDUDEHUDXFKLQDQGHUHU%H]LHKXQJPKVDPYRQGHQ/LDYHUQ,QIRUPDWLRQHQ EHUVLFK]XHUKDOWHQ:HQQLKQHQ$ODVNDV)UDJHQOlVWLJZDUHQVR]HLJWHQVLHHV QLFKW$QGHUHUVHLWVILHOHQLKUH$QWZRUWHQVWHWVXQEHIULHGLJHQGDXV $OOPlKOLFK NULVWDOOLVLHUWH VLFK MHGRFK KHUDXV GD VLH VR HWZDV ZLH HLQH =LYLOLVDWLRQ QLFKW EHVDHQ ]XPLQGHVW QLFKW LP 6LQQ YRQ ZLVVHQVFKDIWOLFKHQ (UNHQQWQLVVHQRGHUWHFKQLVFKHQ(UUXQJHQVFKDIWHQ6LHEHVDHQQLFKWHLQPDOGLH SULPLWLYVWHQ :HUN]HXJH QDWUOLFK DXFK QLFKW .HXOHQ DOV :DIIHQ QLFKW HLQPDO .UFNHQ XP VLFK DQ /DQG DXIUHFKWIRUWEHZHJHQ ]X N|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lUNHU NRPSOL]LHUWHU XQG JOHLFK]HLWLJ HLQIDFKHU ]X YHUVWHKHQ ZDU DOV MHGH 6SUDFKH GLH $ODVND NDQQWH (LQVFKOLHOLFK ,QWHUNRVPR 9LHOOHLFKW ODJ HV GDUDQ GD LKUH 6SUDFKHGHU*HVDQJZDU9LHOOHLFKW ,FK ELQ QLFKW ZHJHQ LUJHQGZHOFKHU HWKQRORJLVFKHU 8QWHUVXFKXQJHQ KLHU ,FK KDEH JDQ] EHVWLPPWH GHXWOLFK DEJHJUHQ]WH $EVLFKWHQ $OVR KDOWH GLFK GDUDQ -XQJH 'HQ 9HUVXFK GLH /HEHQVJHZRKQKHLWHQ GHU /LDYHU ]X HUIRUVFKHQ XQG ]X DQDO\VLHUHQ JDE GHU 7HUUDQHU EDOG DXI 'HU 6\QWURQ NRQQWH LKP NHLQH YHUZHUWEDUHQ (UJHEQLVVH OLHIHUQ 'LH 6XPPH DOOHU 'DWHQ HUJDE HLQIDFK NHLQHQ 6LQQ 'HU 6\QWURQ ZDU DXHUVWDQGH GDV 3V\FKRJUDPP HLQHV VWDWLVWLVFK GXUFKVFKQLWWOLFKHQ/LDYHUV]XHUVWHOOHQ $ODVNDVDKHLQGDHVNHLQHQ6LQQKDWWHHLQV\QWKHWLVFKHV9HUKDOWHQVPXVWHU]X HUVWHOOHQ XP HV DQ]XQHKPHQ XQG VR GHQ 6HH RGHU GLH 67$'7 ]X WlXVFKHQ ]X YHUVXFKHQ (UJDEVHLQHGLHVEH]JOLFKHQ%HPKXQJHQDXIXQGGDPLWKDWWHHUGHQ6WHLQGHU :HLVHQHQWGHFNW(UNDSLWXOLHUWHZDUIVHLQJDQ]HV5VW]HXJEHU%RUGXQGOLH VLFKJHKHQ (UVWHOOWHNHLQHERKUHQGHQ)UDJHQPHKUKLHOWNHLQHHQGORVHQ9RUWUlJHPHKUQXU XPYRQGHQ/LDYHUQGDQQHLQVLPSOHVXQGLQK|FKVWHP0DHUVWDXQWHV³-DDOV $QWZRUW]XEHNRPPHQ $OV HLQHU GHU /LDYHU HV ZDU 6DXUR LKQ ZLHGHU HLQPDO IUDJWH RE HU PLW LKP
WDXFKHQZROOHVDJWH$ODVNDHLQIDFK]X 6DXURVFKQHOOWHVLFKPLWVHLQHQPXVNXO|VHQ+LQWHUEHLQHQYRUGLHNXU]HQ$UPH JHVWUHFNW XQG VHLQ XQI|UPLJHU .|USHU GHKQWH VLFK GDEHL LQ GLH /lQJH XQG JOLWW IDVWJUD]LOGXUFKGLHOHLFKWHGQQH/XIW6HLQODQJJHVWUHFNWHU.|USHUQDKPGDEHL IDVWGLH)RUPHLQHV%XPHUDQJVHLQXQGDOVHULQV:DVVHUWDXFKWHVSULW]WHNHLQ 7URSIHQGHU)OVVLJNHLWDXIGLHYRQGHU=XVDPPHQVHW]XQJKHUHLQGHXWLJ:DVVHU ZDUFKHPLVFKUHLQVWHV:DVVHU $ODVNDVFKULWWJHPlFKOLFKLQGHQ6HHVFKORGHQ+HOPVHLQHU1HW]NRPELQDWLRQ XQG WDXFKWH GDQQ XQWHU (U EHGLHQWH VLFK GHV *UDYR3DNV XP DXIUHFKW GXUFKV :DVVHU JOHLWHQ ]X N|QQHQ XQG HU NDP VLFK GDEHL LP 9HUJOHLFK ]X GHP PDMHVWlWLVFKGXUFKV:DVVHUIOLW]HQGHQ/LDYHUHLQZHQLJOlFKHUOLFKYRU $EHU HU IROJWH 6DXUR GHU VLFK LPPHU ZLHGHU QDFK LKP XPZDQGWH XQG LKQ XQJHGXOGLJPLWVFKOlQJHOQGHP.|USHUXPNUHLVWH ³.RPP NRPP $ODVND 6FKQHOOHU EHUVHW]WH GHU 7UDQVODWRU GLH DXIJHUHJWHQ 3IHLIW|QHGLH6DXURYRQVLFKJDE ³:RKLQJHKWHV"IUDJWHGHU7HUUDQHU ³,QV/HEHQ hEHUVHW]WHGHU7UDQVODWRUGDVULFKWLJ" 6DXUR NUPPWH VHLQHQ .|USHU XQG WDXFKWH VWHLO LQ GLH 7LHIH $ODVND OLH VLFK HLQIDFK VHQNUHFKW KLQXQWHUVLQNHQ 'HU 6HH ZDU WLHI (U ILHO JOHLFK DP8IHU VWHLO DE VFKLHU LQV %RGHQORVH 9RQ HLQHU )ORUD RGHU HLQHU 8QWHUZDVVHUIDXQD NHLQH 6SXU 'DV :DVVHU ZDU ]lK ZLH 6LUXS GHQQRFK WUDQVSDUHQW PDQFKPDO JODXEWH PDQ LQ +DU] RGHU *ODV JHJRVVHQ ]X VHLQ 'DQQ ZLHGHU ZXUGH PDQ YRQ /HXFKWHUVFKHLQXQJHQ JHQDUUW 'LH XQJODXEOLFKH /LFKWEUHFKXQJ VRUJWH IU GLH SKDQWDVWLVFKVWHQ)RUPHQDEHUGDV/LFKWHUVSLHOKDWWHNHLQH)DUEH 8QGSO|W]OLFKZDU$ODVNDDOVVFKZHEHHUEHUGHP6HH7LHIXQWHULKPEUHLWHWH VLFKGLHVSLHJHOJODWWH:DVVHUREHUIOlFKHDXV$OVHUQDFKREHQEOLFNWHNRQQWHHU MHGRFKGLHURWH6LFKHO5XYRVQLFKWHQWGHFNHQ$XFKEHULKPZDUGHU6HH 6DXUR ZXUGH LPPHU VFKQHOOHU ILHO ZLH HLQ 6WHLQ DXI GLH XQWHU LKP OLHJHQGH 6SLHJHOIOlFKH ]X YHUVDQN GDULQ $ODVND NRQQWH VHLQH VLFK YHU]HUUHQGH *HVWDOW QRFKHLQPDOVHKHQEHYRUHULKPIROJWH /HEHQ LFK NRPPH :LH ZLUG HV GLHVPDO VHLQ" :HU GDUI LFK VHLQ" 'HU .HUNHUPHLVWHU ;DQWUX" 'HU )ROWHUNQHFKW +HOHEUDQ" $XI HLQPDO VLQG GLH (ULQQHUXQJHQ ZLHGHU GD :LH YLHOH /HEHQ KDEH LFK VFKRQ JHOHEW" 8QG MHGHV WDXVHQG7DJHODQJ:DUHQHVDXFKWDXVHQG/HEHQ" 1DFK GHP 'XUFKGULQJHQ GHU HUVWHQ 6SLHJHOIOlFKH JLQJ HV UDVFK XQG LPPHU UDVFKHU(VLVWDOVZUGHPDQQDFKMHGHU'XUFKGULQJXQJEHVFKOHXQLJHQELVPDQ HLQH JHUDGH]X LUUZLW]LJH *HVFKZLQGLJNHLW HUUHLFKWH XQG EDOG JDU QLFKW PHKU ]lKOHQNRQQWHZLHYLHOH7RUHPDQSDVVLHUWH 8QGGDQQZDULFK$UOXPQDNHWKHGHU*HVFKXQGHQH6LHEHQ%UGHQKDW$UOXP ]X WUDJHQ (U LVW HLQ 6FKlQGHU XQG ZXUGH GDUXP PLW HZLJHU 9HUGDPPQLV EHVWUDIW6LHJ|VVHQLKQLQ6WDKOXQGVWHFNWHQGHQ6WlKOHUQHQLQHLQHYHUVLHJHOWH .DSVHO hEHU GLHVH .DSVHO VWOSWHQ VLH HLQH ZHLWHUH 6FKXW]VFKLFKW XQG EHU GLHVH VSDQQWHQ VLH HLQ XQGXUFKGULQJOLFKHV 1HW] XQG VLFKHUWHQ GLHVH 6LFKHUXQJ
QRFKYLHUPDO'DV*HIlQJQLVGHUVLHEHQ6LHJHO 8QGGDULQZDULFKJHIDQJHQGHQQLFKZDU$UOXP*HIDQJHQIUHLQH(ZLJNHLW $UOXPEHUHXWHVHLQH6QGHQLFKEHUHXWH$UOXPV6QGHQ8QGGDVFKPRO]GDV 6WDKO PHLQHV .|USHUV LFK NRQQWH PLFK EHZHJHQ DEHU QXU LQQHUKDOE GHU PLFK HLQKOOHQGHQ .DSVHO 0HLQ )UHLUDXP ZDU HQJ EHJUHQ]W ERW JHUDGH 3ODW] JHQXJ IUPHLQHTXlOHQGHQ*HGDQNHQ ,FK HUOHEWH DOOH 6FKDQGWDWHQ $UOXPV QRFK HLQPDO XQG GDQQ QRFK HLQPDO XQG LPPHUZLHGHU0LUJUDXWHYRUPLUVHOEVW,FKZROOWHQLHZLHGHUVFKlQGHQ 8QGGLH.DSVHO O|VWHVLFK DXI $EHU QRFK LPPHUZDULFK LQHLQHU JDOOHUWDUWLJHQ 6FKXW]VFKLFKWJHIDQJHQ :DV NDQQ LFK GHQQ PHKU DOV PHLQH 9HUEUHFKHQ EHUHXHQ" :HOFKH 6KQH YHUODQJWPDQYRQPLU:DVLVWGLHJHUHFKWH%HVWUDIXQJIUHLQHQ9HUEUHFKHUZLH PLFK" :DV LVW EHUKDXSW *HUHFKWLJNHLW" :HQQ PDQ PLU NHLQH 0|JOLFKNHLW ]XU 6KQH JLEW GDQQ EOHLEW PLU QXU GLH )OXFKW DXV GHP /HEHQ ,FK N|QQWH PHLQHQ 6FKlGHOLQGHQ6FKOHLPVWHFNHQXQGGDUDXIZDUWHQGDLFKHUVWLFNH 'HU6FKOHLPIULWPLFKQLFKWVRQGHUQ$UOXPQDNHWKHDEVRUELHUWGHQ6FKOHLP XQGQXQELQLFKLP1HW]JHIDQJHQ %LOGHU 6FKUHFNHQVELOGHU GHU HLJHQHQ 9HUEUHFKHQ TXlOHQ PLFK (V LVW XQHUWUlJOLFK6ROOLFKYHUNQGHQGDLFKJDUQLFKW$UOXPELQGDLFKQXU*DVW LQ VHLQHP /HEHQ ELQ 2GHU VROO LFK IU VHLQH 9HUJHKHQ JHUDGHVWHKHQ XQG YHUVXFKHQLKP]XKHOIHQ"(VJLEWHLQHQ:HJGLHVLHEHQ6LHJHO]XEUHFKHQ'UHL GDYRQKDEHLFKEHUHLWVEHUZXQGHQ 'LH 'RNXPHQWDWLRQ YRQ $UOXPV $EVFKHXOLFKNHLWHQ JHKW ZHLWHU ,FK IKOHPLFK HOHQG ,FK P|FKWH UDXV DXV GLHVHP /HEHQ P|FKWH OLHEHU VWHUEHQ 'DV 1HW] ]HUUHLW ,FKEUHQQHLP)HXHU ,FKEHUHXH 'DV)HXHUHUOLVFKWXQGGLH9DNXXPNlOWHVXFKWPLFKKHLP $UOXPLVWJHOlXWHUW 8QG GDV (LV VFKPLO]W XQG HQWOlW PLFK LQ GLH )ROWHUNDPPHU 8QG $UOXP ZLUG HLQDQGHUHUHUHUWUlJWGLH)ROWHUODXWORV,KPNDQQQLFKWV6FKOLPPHUHVSDVVLHUHQ DOVHUVHLQHQ2SIHUQDQJHWDQKDW 8QGGDVLVWGHU0RPHQWZR$UOXPHQGJOWLJJHKHLOWLVWZRVHLQH5LFKWHUXQG +HQNHUHUNHQQHQGDGLH9HUGDPPQLVLKQUHVR]LDOLVLHUWKDW 8QG HV LVW GHU $XJHQEOLFN GD LFK DXV GLHVHP /HEHQ HQWODVVHQ ZHUGHQ XQG ]XUFNNHKUHXQGZLHGHU6DXURZHUGH $XFK GDV SDVVLHUW GD PDQ LQ HLQ /HEHQ YROOHU /HLGHQ HLQGULQJW XQG IU GLH 6QGHQVHLQHV/HEHQVSDUWQHUVEHQPX $EHUHVZDUGHQQRFKHLQ(UOHEQLVIUPLFK ³'X ZDUVW QXU YLHU 1RUP6WXQGHQ ZHJ XQG KDVW HLQ JDQ]HV /HEHQ JHWUlXPW VDJWHGHU7HUUDQHU ³1LFKW JHWUlXPW ZLGHUVSUDFK GHU /LDYHU ³*HOHEW $ODVND JHOHEW ,FK ZDU LQ GLHVHU:HOW8QGLQGHUNRPPHQGHQ1DFKWZHUGHLFKLQHLQHDQGHUHJHKHQLFK ZHLQRFKQLFKWZDVIUHLQH:HOWGDVVHLQZLUG$EHULFKIUHXHPLFKDXIGLHVHV
$EHQWHXHU $ODVND KDWWH 6DXUR QLFKW IROJHQ N|QQHQ 'HU 6HH XQWHU GHP 6HH KDWWH LKQ DEJHVWRHQ:DUXP"(UXQWHUVFKLHGVLFKQRFK]XVHKUYRQGHQ/LDYHUQHUEHVD HLQIDFKQLFKWGHUHQ'HQNDUW8QGHUZUGHVLHDXFKQLHDQQHKPHQN|QQHQ 1DFKGHP 6DXUR GHQ %DQQ JHEURFKHQ KDWWH EHNDP $ODVND QRFK YLHOH VROFKHU *HVFKLFKWHQ]XK|UHQ-HGHUHUZDFKVHQH/LDYHUGHUHLQLJHKXQGHUW0RQGWDJHDOW ZDU KDWWH EHU HWOLFKH VROFKHU (UOHEQLVVH ]X EHULFKWHQ 'LH MXQJHQ /LDYHU GLH DXV GHQ %UXWVWlWWHQ LQ GHU =ZLVFKHQ]RQH GHP 5DQGEHUHLFK GHU 6RQQHQWDJVHLWH YRQ /LDY KLHUKHU NDPHQ ODXVFKWHQ JHEDQQW GHQ (U]lKOXQJHQ LKUHU (OWHUQ RGHU bOWHUHQ 6LH VHOEVW NRQQWHQ GLH *HKHLPQLVVH GHV 6HHV QRFK QLFKW HUJUQGHQ NHLQH DQGHUH /HEHQ HUOHEHQ 6LH ZXUGHQ YRQ GHQ 6SLHJHOWRUHQ DEJHVWRHQ ZLH $ODVND ,YRQ HU]lKOWH LKP YRQ VHLQHP OHW]WHQ (UOHEQLV ZlKUHQG GHU OHW]WHQ 1DFKW XQG 5LHO3RPSD$QDV-HER2UIRXQGGLHDQGHUHQZROOWHQLKQHQQLFKWQDFKVWHKHQ $OVGLH5HLKHDQ+LULVNDPVDJWH$ODVNDHQWVFKORVVHQ ³*HQXJ,FKJHKH]XU67$'7 ³$EHUGRUWLVWHVQLFKWDQGHUVDOVLP6HHZDQGWH+LULVHLQ ³,FKYHUVXFKHPHLQ*OFNGHQQRFKLQGHU6WDGWVDJWH$ODVND ³,FK EHJOHLWH GLFK EHVFKOR +LULV ³:HQQ GX LQ GHU 67$'7 LQV /HEHQ HLQWULWWVWGDQQZLUVWGXLP6HHZLHGHUKHUDXVNRPPHQ
$ODVND VDJWH GDUDXI QLFKWV (U PDFKWH VLFK DXI GHQ :HJ XQG +LULV KRSSHOWH QHEHQ LKP KHU 6LH NDPHQ DQ HLQ XQGXUFKGULQJOLFKHV 'LFNLFKW XQG $ODVND PXWHVLFKPLWGHP6WUDKOHUGHQ:HJIUHLVFKLHHQ +LULV VDK VHLQHP 7UHLEHQ HLQH :HLOH ]X GDQQ HUVW VFKLHQ HU ]X EHJUHLIHQ ZDV $ODVNDWDW(UEDW ³/DGDV$ODVND'XW|WHVW $ODVND VWHFNWH GLH :DIIH ZHJ XQG OLH +LULV GHQ 9RUWULWW GHU YRQ QXQ DQ GHQ :HJGXUFKV'LFNLFKWEDKQWH (VZDUJXWGD$ODVNDGHQ(U]lKOXQJHQGHU/LDYHU]XJHK|UWKDWWH(UVDKMHW]W NODU (U NDQQWH QXQ LKUH /HEHQVSKLORVRSKLH HLQ $XVVSUXFK +LULV KDWWH LKP GLH $XJHQ JH|IIQHW DEHU HU JODXEWH QLFKW GD HU VLH ZUGH DQQHKPHQ N|QQHQ 9HUVXFKHQZROOWHHUHVGHQQRFK 'LH /LDYHU VDKHQ LKU 'DVHLQ QLFKW DOV GDV ZLUNOLFKH /HEHQ DQ $OOHV ZDV VLH ZXWHQ KDWWHQ VLH DXV DQGHUHQ /HEHQ 'HU 6HH ERW LKQHQ =XJDQJ LQ XQHQGOLFK YLHOH3DUDOOHOZHLWHQDQGHUH([LVWHQ]HEHQHQZRVLHLQQHUKDOEZHQLJHU6WXQGHQ HLQ JDQ]HV /HEHQ GXUFKOHEWHQ /HEHQ LQ GHQ XQJODXEOLFKVWHQ *HVHOOVFKDIWVIRUPHQXQG=LYLOLVDWLRQHQ :DUXP DOVR VROOWHQ VLH VHOEVW QDFK ZLVVHQVFKDIWOLFKHQ (UNHQQWQLVVHQ WHFKQLVFKHQ(UUXQJHQVFKDIWHQVWUHEHQ"'HU6HHERWLKQHQIUDOOHV(UVDW] ,KQHQVWDQGHQ0\ULDGHQYRQ8QLYHUVHQRIIHQ9LHO]XYLHOHXPVLHDOOHLQHLQHP /LDYHUOHEHQDXI]XVXFKHQ ³,VW HV VFKRQ YRUJHNRPPHQ GD HLQHU YRQ HXFK QLFKW ]XUFNNHKUWH +LULV" IUDJWH$ODVND³'DHUIULPPHUYRQGHP7UDXPHLQJHIDQJHQZXUGHLQGHQHU VLFKEHJHEHQKDW"
³1LFKW 7UDXP VDJWH GHU /LDYHU GDUDXI QXU ³/HEHQ $ODVNDV )UDJH EHDQWZRUWHWHHUGDPLWQLFKW 'DVLVWQLFKWPHLQH9RUVWHOOXQJYRQ(UIOOXQJVDJWHVLFK$ODVND$EHULFKZLOO HVYHUVXFKHQ9LHOOHLFKWILQGHLFKHLQH0|JOLFKNHLWLQHLQHUDQGHUHQ([LVWHQ]]X 7HVWDUHRGHU.\WRPDYRU]XGULQJHQ 8QGGDQQHUUHLFKWHQVLHGDV1HEHOWDOXQGGUDQJHQLQGHUGLHVLJHQ%UKHELV]XU 6WDGWPDXHUYRU +LULVKLHOW]LHOVWUHELJDXIHLQH6WHOOHGHUXQZLUNOLFKZLUNHQGHQ %DUULHUH ]X XQG VLH YHUVFKOXFNWH LKQ $ODVND IROJWH VHLQHP %HLVSLHO GXUFKGUDQJ GLH %DUULHUH PKHORV XQG IDQG VLFK GDQQ LP ,QQHUQ GHU 67$'7 ZLHGHU (U HUNDQQWH GDV ZHLO GLH *HJHEHQKHLWHQ KLHU QLFKW DQGHUV ZDUHQ DOV LQ GHU 67$'7DXIGHUQDPHQORVHQ4XHULRQHQZHOWPLWGHP6HH7DOVDPRQ 'LH *HElXGH ZDUHQ LQHLQDQGHU YHUVFKDFKWHOW GLH )OlFKHQ ELOGHWHQ DOOH EHNDQQWHQ JHRPHWULVFKHQ )LJXUHQ XQG VWDQGHQ LQ DOOHQ P|JOLFKHQ :LQNHOQ ]XHLQDQGHU 'LH 67$'7 ZDU HLQ HLQ]LJHU ULHVLJHU .ULVWDOO GHVVHQ YHUVFKLHGHQH DXFK LQ GLH 7LHIH JHVWDIIHOWHQ )OlFKHQ QLFKWV DQGHUHV DOV 5HIOH[LRQHQ GHU YHUVFKLHGHQVWHQ([LVWHQ]HEHQHQZDUHQ (VPRFKWHGXUFKDXVVRVHLQZLH.\WRPDLKPHLQVWHUNOlUWKDWWHGDQlPOLFKGLH 4XHULRQHQGUHL([LVWHQ]HEHQHQHUIRUVFKWKDWWHQ$EHUHVZDUVRGDMHGHGLHVHU GUHL([LVWHQ]HEHQHQZLHGHUXP=XJDQJ]XMHZHLOVGUHL3DUDOOHOZHOWHQERWXQGVR ZHLWHUVRGDGHUHQ=DKOOHW]WOLFKGRFKXQHQGOLFKZDU :DUGLH*UXQG]DKOGHV0XOWLYHUVXPVGUHL"*DEHVGDUXPGUHLXOWLPDWH)UDJHQ" :HQQGXZHLWHUKLQVROFKHDEVWUDNWHQhEHUOHJXQJHQDQVWHOOVWPHLQ-XQJHGDQQ ZLUGGLFKGLH67$'7DEZHLVHQ1LPP VOHLFKWQLPP VZLH VLVW $ODVNDEOLHE+LULVDXIGHQ)HUVHQ(UZROOWHLKQLP$XJHEHKDOWHQXPHYHQWXHOO VHLQHQ:HJDXIHLQHDQGHUH([LVWHQ]HEHQHQDFKYROO]LHKHQ]XN|QQHQ .\WRPD (U ZROOWH VLH ZHQLJVWHQV HLQPDO ZLHGHUVHKHQ XP PLW LKU EHU VR YLHOHV ]X VSUHFKHQZDVLKQEHZHJWHXQGYLHOOHLFKWDXFKVLH (U VFKUHFNWH DXV VHLQHQ *HGDQNHQ DOV HU SO|W]OLFK VDK ZLH +LULV LQ HLQH GHU JHRPHWULVFKHQ )OlFKHQ JHULHW (U ZXUGH GDYRQ UHJHOUHFKW JHIDQJHQJHQRPPHQ YHUORUVHLQH.|USHUOLFKNHLWZXUGH]ZHLGLPHQVLRQDOZLHHLQ3DSSNDPHUDG8QG GDQQ NLSSWH GHU ]ZHLGLPHQVLRQDOH +LULV QDFK YRUQH ZXUGH YRQ HLQHU DQGHUHQ 6SLHJHOIOlFKHHLQJHIDQJHQNLSSWHQRFKHLQPDOXQGZLHGHU $ODVND VDK LKQ GHQ =ZHLGLPHQVLRQDOHQ VLFK ZLH UDGVFKODJHQG LPPHU ZHLWHU HQWIHUQHQRKQHGDHUGDEHLVHLQH*U|HGXUFKGLH(QWIHUQXQJYHUULQJHUWH'DV PRFKWHGDUDQOLHJHQGDHUVLFKDXIGDV6WDQGDUGXQLYHUVXPEH]RJHQUlXPOLFK QLFKW HQWIHUQWH (U ZHFKVHOWH QXU GLH 'LPHQVLRQHQ RKQH GHQ PXOWLYHUVDOHQ %H]XJVSXQNW]XYHUODVVHQRKQH|UWOLFKYHUVHW]W]XZHUGHQ:DV$ODVNDYRQLKP VDK ZDU MHGRFK QXU QRFK HLQ XQHQGOLFK UHIOHNWLHUWHV 6SLHJHOELOG +LULV PRFKWH EHUHLWVHLQH0LOOLRQHQ3DUDOOHOZHOWHQGXUFKHLOWKDEHQXQG$ODVNDVDKQXUHLQHV YRQHLQHU0LOOLRQ6SLHJHOELOGHUQ (U VFKDOWHWH DE 0LW GLHVHU *HLVWHVKDOWXQJ ZUGH LKQ GLH 67$'7 QLH DN]HSWLHUHQ (U ZROOWH GLHVHV 3KlQRPHQ DXFK QLFKW HUJUQGHQ HU ZROOWH NHLQH
$QWZRUWHQKDEHQHUZROOWHQXUHLQH6HKQVXFKWVWLOOHQ .\WRPD .RQQWHHUVLHLQLUJHQGHLQHUGHU3DUDOOHOZHOWHQILQGHQ (UWUDWDXIGLHWUDSH]DUWLJH )OlFKH]X (UPHUNWHJDU QLFKWV YRQHLQHP .RQWDNW .HLQ 6FKZLQGHO HUIDWH LKQ (U KDWWH QLFKW GDV *HIKO DXI GHQ .RSI JHVWHOOW KHUXPJHGUHKWXQGXPJHVWOSW]XZHUGHQ (LJHQWOLFKSDVVLHUWHJDUQLFKWV 8QGGRFKHUOHEWHHUPHKUDOVLQVHLQHPELVKHULJHQ/HEHQXQGGLH(UIDKUXQJHQ GLHHUPDFKWHGLHKlWWHHUDQGHUVQLFKWLQPHKUHUHQ/HEHQPDFKHQN|QQHQ $EHU DOOH GLHVH (UIDKUXQJHQ PQGHWHQ LQ GLH HLQH (UNHQQWQLV GD PDQ VLFK PDQFKHVEHVVHULQGHU(ULQQHUXQJEHZDKUWHVRZLHHVJHZHVHQZDURGHUZLHHV JHZHVHQ]XVHLQVFKLHQXQGQLFKWQDFK:LHGHUDXIEHUHLWXQJVWUHEHQVROOWH (U YHUPRFKWH VSlWHU QLFKW ]X VDJHQ ZLH YLHOH 3DUDOOHOZHOWHQ HU GXUFKHLOW KDWWH REZRKO HU GHQ 9RUJDQJ EHZXW PLWHUOHEWH 8Q]lKOLJH (LQGUFNH VWUPWHQ DXI LKQHLQDOOHMHGRFKQXUIUGLH'DXHUYRQ1DQRVHNXQGHQRGHUQRFKNU]HUZDV VSLHOWHGDVIUHLQH5ROOH" 9HUPXWOLFK GXUFKHLOWH HU GLH XQ]lKOLJHQ ([LVWHQ]HEHQHQ VRJDU LQ 1XOO=HLW ELV HU]XUFN]XUULFKWLJHQNDP 'LH67$'7HQWOLHLKQGXUFKGHQ6HHZLH+LULVHVSURSKH]HLWH(UYHUOLHGDV *HZlVVHU ]XP *H]HLWHQZHFKVHO 5XYR JLQJ JHUDGH DXI )U HLQHQ NXU]HQ $XJHQEOLFN XQWHUODJ GHU 6HH GHU HLQVHW]HQGHQ )OXW $EHU GDQQ ZDU GHU 6HH ZLHGHUVSLHJHOJODWW (U ZDQGWH VLFK DE $OV HU GDV SIHLIHQGH 5XIHQ HLQHV /LDYHUV KLQWHU VLFK K|UWH EHVFKOHXQLJWHHUGHQ6FKULWW (UZROOWHZHJYRQKLHUQLFKWVZLHZHJ (U KDWWH JHQXJ YRQ GHQ 7UDXPZHOWHQ GLH LKP GDV 9HUPlFKWQLV GHU 4XHULRQHQ DQJHERWHQKDWWH(UNHKUWHGHP6HHGHQ5FNHQXQGZROOWHQLHPHKUZLHGHUHLQH 67$'7 EHWUHWHQ 'DV ZDU HWZDV IU GLH /LDYHU GLH XQIlKLJ ZDUHQ VHOEVW ]X OHEHQ 'HU7HUUDQHUNRQQWHDXI6FKHLQZHOWHQYHU]LFKWHQ 5LQJVXPLKQHUZDFKWHGLH1DWXUDXVLKUHPQlFKWOLFKHQ.lOWHVFKODIXQGHKHHU HV VLFK YHUVDK ZDU HU LQ KRFKDXIUDJHQGH 3IODQ]HQPDXHUQ HLQJHVFKORVVHQ (U PDFKWH VLFK NHLQH *HGDQNHQ GDUEHU ZLH YLHOH IDXQLVWLVFKH (OHPHQWH GLH ³3IODQ]HQPDXHUHQWKLHOW +LQWHU LKP ZXUGH GDV DXIJHUHJWH 3IHLIHQ ODXWHU 'HU /LDYHU KROWH DXI 'HU 7HUUDQHU PRFKWH VLFK DEHU QRFK LPPHU QLFKW GHV *UDYR3DNV EHGLHQHQ ]X GHXWOLFKKlWWHHUGDQQVHLQHQ:HJJDQJDOV)OXFKW]XHUNHQQHQJHJHEHQ (UIXQNWHDQGLH7$/6$021GHQ%HIHKO]XU6WDUWEHUHLWVFKDIW ³7$/6$021VWDUWEHUHLW :HLWHUZHLWHU 'X UHQQVW PHLQ )UHXQG 9RU ZHP OlXIVW GX GDYRQ" 9RU HLQHP KDUPORVHQ /LDYHU"1DWUOLFKQLFKW1LFKWYRUHLQHP/LDYHU.HLQHUGHLQHUQHXJHZRQQHQHQ
)UHXQGHZUGHGLFK]XUFNKDOWHQ $ODVND$ODVNDEHGHXWHWHQGLH3IHLIODXWHLQVHLQHP5FNHQ ,FKODXIHQLFKWYRUHWZDVZHJLFKODXIHDXIHWZDV]X +RIIHQXQG%DQJHQHUIOOWHLKQ 8QGDXIHLQPDOYHUQDKPHUGDV3IHLIHQYRUVLFK'DV8QWHUKRO]WHLOWHVLFKXQG GHU)LVFKNRSIHLQHV/LDYHUVVWDUUWHLKQDQ ³*HKPLUDXVGHP:HJ+DXDEKDEHLFKJHVDJW ³,FKELQHV+LULV:LUKDEHQ]XVDPPHQJHOHEW :LH VROOWH HU GHP OlVWLJHQ /LDYHU GHXWOLFK PDFKHQ GD GLHV HLQ $EVFKLHG IU LPPHU ZDU (U ZROOWH QLFKW GHUHQ 6FKHLQOHEHQ IKUHQ 1LFKW MHGHQ 7DJ GLH ,GHQWLWlWXQGGLH([LVWHQ]HEHQHZHFKVHOQ (UKDWWHHLQHLJHQHV/HEHQYRUVLFKVHOEVWZHQQHVQLFKWVRDXVJHIOOWZDUZLH HUHVVLFKZQVFKWH (U OLH +LULV QDFK HLQHU :HLOH VWHKHQ XQG EHJDE VLFK HQGJOWLJ ]XU 7$/6$021 $EHU LUJHQG HWZDV VWLPPWH QLFKW 'DV 6FKLII ZDU RND\ =XPLQGHVW ILHO LKP GDUDQ QLFKWV $XHUJHZ|KQOLFKHV DXI 'RFK GHU /DQGHSODW] ZDU JHURGHW 'LH 7$/6$021 VWDQG DXI HLQHU JURHQ /LFKWXQJ DXI HLQHU EOKHQGHQ :LHVH 8QG EHU GLH :LHVH HLOWH HLQ 0lGFKHQ LQ HLQHP HLQIDFKHQ ZHLHQ .OHLG XQG EFNWH VLFK JHOHJHQWOLFK QDFK HLQHU %OXPH XP VLH ]X SIOFNHQ8QGGDQQVDKVLHLKQ ³$ODVND ³.\WRPD $OV VLH +DQG LQ +DQG GLH 7$/6$021 EHVWHLJHQ ZROOWHQ WDXFKWH DXI HLQPDO ZLHGHU+LULVDXI ³:LOOVWGXPLWXQVNRPPHQ"IUDJWH$ODVND6DHGHODHUH 'HU/LDYHUZROOWH =X GULWWYHUOLHHQVLHGHQ0RQG/LDYXQGGDV 6RQQHQV\VWHP 6JLOOXQGEUDFKHQ ]XHLQHU(QWGHFNXQJVUHLVHGXUFKGDV8QLYHUVXPDXI :DVIUHLQZXQGHUEDUHV8QLYHUVXP $EHUHVZDUQLFKWVHLQHV $ODVND HQWGHFNWH GLHV EDOG DQ JHZLVVHQ .OHLQLJNHLWHQ ZLH GHU GD GLH 0lFKWLJNHLWVEDOOXQJ(67$578QLFKWYHUZDLVWZDUXQGHVQLHHLQHQ.ULHJHUNXOW JHJHEHQKDWWHXQGNHLQHQ3HUPDQHQWHQ.RQIOLNWXQGGLH3KLORVRSKLHGHV'ULWWHQ :HJHV VRUJWH IU GLH LQQHUH 6WDELOLWlW GLHVHU 0lFKWLJNHLWVEDOOXQJ XQG IU HLQH 6WlUNXQJGHU2UGQXQJVPlFKWHJHJHQGLH&KDRWDUFKHQ $ODVND HUNDQQWH GD HU LQ HLQHU 3DUDOOHOZHOW ZDU GLH VHLQHU VHKU lKQOLFK ZDU LQVJHVDPW MHGRFK JHRUGQHWHU XQG EHUKDXSW EHVVHU GHQQ DXI GLHVHU ([LVWHQ]HEHQHVWDQGLKP.\WRPD]XU6HLWH (VGDXHUWH-DKUKXQGHUWHGHV*OFNVELV$ODVNDVLFKHQWVFKORGLHVHU5HDOLWlW]X HQWIOLHKHQXQGLQVHLQHHLJHQH:HOW]XUFN]XNHKUHQIDOOVLKPGLHVP|JOLFKZDU 8QG GDUXP JDE HU +LULV 'UlQJHQ QDFK XQG NHKUWH LQV 6JLOO6\VWHP XQG QDFK /LDY]XUFNXQGVXFKWHPLW.\WRPDXQGGHP/LDYHUGLH67$'7DXI 'DV PXW GX YHUJHVVHQ PHLQ )UHXQG 1LFKW PHKU GDUDQ GHQNHQ %HZDKUH GLU .\WRPDVRZLHVLHLQGHLQHU(ULQQHUXQJLVW
$ODVNDKDWWH GHQ(LQGUXFNGLHV DOOHVVFKRQ HLQPDOHUOHEW]XKDEHQGDHU GHQ 6HHYHUOLH+LULVLKPGHP)OFKWHQGHQIROJWHXQGLKQVWHOOWH8QGHUKDWWHHV DXFK VFKRQ HLQPDO HUOHEW QXU DXI HLQHU DQGHUHQ ([LVWHQ]HEHQH 9RU HLQLJHQ KXQGHUW -DKUHQ GHU DQGHUHQ =HLWUHFKQXQJ 9RU UXQG VHFK]HKQ 7DJHQ 6WDQGDUG =HLW ³+LULVVDJWHHU³$XFKLFKKDWWHHLQEHUZlOWLJHQGHV(UOHEQLV$EHULFKP|FKWH QLFKWGDUEHUUHGHQ'DUXPELQLFKYRUGLUJHIORKHQ ³$EHU PDQ OHEW GRFK XP LP 7UDXP EHU GLH (UOHEQLVVH HU]lKOHQ ]X N|QQHQ VDJWH+LULV³8QGLPOHW]WHQ/HEHQDXVGHPLFKJHUDGHJHVFKLHGHQELQZDULFK PLWGLU]XVDPPHQ ³+DOW V 0DXO KHUUVFKWH $ODVND GHQ /LDYHU DQ (U ZROOWH QLFKW DQ GLHVHV (UOHEQLV HULQQHUW ZHUGHQ (U PRFKWH QLFKWV GDYRQ ZLVVHQ GD HU DQJHEOLFK +XQGHUWH YRQ -DKUHQ PLW .\WRPD ]XVDPPHQJHOHEW KDWWH 'DV VROOWH IU LKQ HLQ VFK|QHU 7UDXP EOHLEHQ GHQ HU KRIIHQWOLFK EDOG YHUJD GHQQ HU ZROOWH VLFK .\WRPDLQ(ULQQHUXQJEHZDKUHQZLHVLHZLUNOLFKZLHVLHLQGLHVHP6WDQGDUG 8QLYHUVXPZDU ³(QWVFKXOGLJH +LULV VDJWH GHU 7HUUDQHU GDQQ ³(V ZDU QLFKW SHUV|QOLFK JHPHLQW,FKP|FKWHQXUGDGXEHUXQVHUJHPHLQVDPHV(UOHEHQVFKZHLJVW ³:DUXP" (VZDUVFKOLPPZHQQHLQ/LDYHUVROFKH)UDJHQ]XVWHOOHQEHJDQQXQGHUVWMHW]W ZXUGH$ODVNDEHZXWZLHVFKOLPPHVIUGLH/LDYHUJHZHVHQVHLQPXWHDOVHU VLHPLW)UDJHQO|FKHUWH ³'LHVLVWGDVZDKUH/HEHQ+LULVZROOWH$ODVNDVDJHQDEHUHUWDWHVQLFKWODXW VRQGHUQQXULQ*HGDQNHQ³(VLVWNHLQ7UDXPGDLKUDXI/LDYOHEW'LHVLVWNHLQ 7UDXPODQGNHLQ7RWHQUHLFKNHLQ3DUDGLHVRGHU)HJHIHXHURGHUZLHPDQHVDXFK LPPHUQHQQHQZLOOYRQGHPDXVLKUHXUH5HLVHQLQV/HEHQVWDUWHW'LHVLVWGDV HLJHQWOLFKH/HEHQ'LHWDXVHQG/HEHQGLHLKUVRQHEHQEHLXQGLQQHUKDOEHLQLJHU 6WXQGHQGXUFKOHEWGLHVLQG,OOXVLRQPHLQHWZHJHQVLQGVLHDXFKNHLQH,OOXVLRQ VRQGHUQ $XVIOJH LQ DQGHUH 5HDOLWlWHQ $EHU LKU JHK|UW LQ GLH 5HDOLWlW GLHVHV 8QLYHUVXPV%HJUHLIWGDVGRFKHQGOLFK $ODVND VSUDFK HV QLFKW DXV (U IUFKWHWH GD +LULV JDU QLFKW EHJUHLIHQ ZUGH ZDVHUPHLQWHXQGVHOEVWZHQQHUEHJULIIVRZUGHHU$ODVNDQLFKWUHFKWJHEHQ XQGJDUQLFKWZDKUKDEHQZROOHQGDHVVRXQGQLFKWXPJHNHKUWVHLQVROOWH8QG ZHQQ+LULVEHJULIIXQG$ODVNDV:RUWHIUZDKUKLHOWGDQQZUGHHUXPHLQLJHV lUPHU VHLQ 1HLQ $ODVND ZROOWH LKP GLHVHQ 6FKDW] GLH (UIDKUXQJ YRQ +XQGHUWHQXQG7DXVHQGHQYRQ/HEHQQLFKWQHKPHQ :DVHUVDJWHGDVJDOWHLJHQWOLFKQXUIULKQVHOEVW (UEUDXFKWHNHLQH3DUDOOHOZHOWHQDOV(UVDW]XQG$XVJOHLFKIUGLH0KHQGLHVHV HLQHQ/HEHQV 8QG ZHU ZXWH VFKRQ RE +LULV QLFKW $UJXPHQWH EHVD LKQ GDYRQ ]X EHU]HXJHQ GD GHU $XIHQWKDOW LP 6WDQGDUG8QLYHUVXP QLFKW QXU HLQ =ZLVFKHQVWRSS HLQ NXU]HV $WHPKROHQ IUV QlFKVWH ZDKUH /HEHQ ZDU 8QG GDV ZLHGHUXPKlWWH$ODVNDQLFKWYHUNUDIWHQN|QQHQ :HQQ HU LQ HLQHU ,OOXVLRQ OHEWH GDQQ ZUGH HU VLFK GLHVH ,OOXVLRQ QLFKW UDXEHQ
ODVVHQZROOHQ ³%HZDKUHGLUGHLQH(ULQQHUXQJ+LULVZLHLFKPLUGLHPHLQHEHZDKUH ³,FK ZHUGH PLFK LPPHU JHUQH DQ GLH -DKUKXQGHUWH GHV JHPHLQVDPHQ /HEHQV HULQQHUQSILII+LULV]XP$EVFKLHG 8QG LFK ZHUGH GDV /HEHQ LP 3DUDOOHOXQLYHUVXP YHUJHVVHQ QDKP VLFK $ODVND YRU (U EHZDKUWH VLFK OLHEHU HLQH DQGHUH (ULQQHUXQJ DQ .\WRPD XQG 7HVWDUH XQGYLHOOHLFKWZUGHHUVLHHLQHV7DJHVLP6WDQGDUG8QLYHUVXPWUHIIHQ (LQH EDQJH )UDJH TXlOWH LKQ :DU HU GHQQ ZLUNOLFK LQ VHLQH DQJHVWDPPWH :HOW ]XUFNJHNHKUW" $EHU QXU VRODQJH ELV HU QDFK 6DEKDO NDP XQG IHVWVWHOOWH GD DOOHVVRZDUZLHEHLVHLQHPOHW]WHQ+LHUVHLQ (UZDUMDQXUIQI:RFKHQZHJJHZHVHQ $OVHUVWHVO|VFKWHHUGLH.RRUGLQDWHQGHV6JLOO6\VWHPVDXVVHLQHU.$57( +RUVW+RIIPDQQ 6RYLHOH6WHUQHDP+LPPHOXQGLUJHQGZRGRUWREHQGX -HGHUPDQQ NHQQW GLH 1DPHQ MHQHU 0lQQHU XQG )UDXHQ GLH DOV 0LWJOLHGHU GHV 0XWDQWHQNRUSV 3HUU\ 5KRGDQ EHLP $XIEDX GHU 'ULWWHQ 0DFKW XQG GHV 6RODUHQ ,PSHULXPV PDJHEOLFK XQWHUVWW]WHQ 6LH DOOH YHUIJWHQ EHU SDUDQRUPDOH %HJDEXQJHQ GLH VLH ]XP *URWHLO GHU EHLP $WRPERPEHQDEZXUI DXI -DSDQ IUHLJHZRUGHQHQ6WUDKOXQJ³YHUGDQNWHQGLHGDV(UEJXWLKUHU(OWHUQYHUlQGHUWH (V LVW DOOHUGLQJV ZHQLJ ZDKUVFKHLQOLFK GD HV QXU EHL GLHVHP IHVWXPULVVHQHQ 3HUVRQHQNUHLV ]XU +HUDXVELOGXQJ GLHVHU )lKLJNHLWHQ NDP 'LH XQV EHNDQQWHQ ³0XWDQWHQ VLQG KDOW MHQH GLH GHQ :HJ ]X 3HUU\ 5KRGDQ IDQGHQ XQG VLFK LKP DXVIUHLHQ6WFNHQDQVFKORVVHQ²YLHOOHLFKWDXFKGHVKDOEZHLOVLHOHUQWHQLKUH $QGHUVDUWLJNHLW]XDN]HSWLHUHQXQGGDPLWXP]XJHKHQ 'D HV DXFK DQGHUH )lOOH JDE PDJ GLH *HVFKLFKWH GHU MXQJHQ 6DQG\ 7KRUQ EHOHJHQ6LHEHVDQLFKWGLH.UDIWGDVDQ]XHUNHQQHQZDVVLHLQVLFKDXINHLPHQ VSUWH 'D]XEHGXUIWHHVHUVWHLQHVDQGHUHQ*HLVWHVGRFKGHUZDUZHLWHQWIHUQW]XZHLW IUHLQHQRUPDOH6WHUEOLFKH 'H]HPEHU ³=X GHLQHP *HEXUWVWDJ DOOH JXWHQ :QVFKH XQG GLH JDQ]H .UDIW GLH GX EUDXFKHQZLUVW6DQG\ZHQQ'X'HLQHQHLJHQHQ:HJJHKHQZLOOVW(VZLUGKDUW ZHUGHQ:LUZLVVHQHVEHLGH'XELVWHWZDV%HVRQGHUHVDQGHUVDOVGLHDQGHUHQ 'X VROOWHVW HQGOLFK YHUVXFKHQ GLHV SRVLWLY ]X VHKHQ VRQVW JHKVW 'X GDUDQ ]XJUXQGH 'RFKEHYRUHVVRZHLWNRPPWGHQNHGDUDQ'XKDVWHLQHQ)UHXQG(UZDUWHWQXU DXIHLQ=HLFKHQYRQ'LU 'DV0lGFKHQKDWWH0KHGLH=HLOHQ]XOHVHQVRVHKU]LWWHUWHQLKUH+lQGH6LH IURUREZRKOGLH=LPPHUKHL]XQJYROODXIJHGUHKWZDU+HIWLJDWPHQGZLVFKWHVLH
VLFKGLHVFKZDU]HQ+DDUHDXVGHU6WLUQ ³:HU ELVW GX" K|UWH VLH VLFK IOVWHUQ GLH .HKOH ZLH ]XJHVFKQUW -HGHV :RUW EHGHXWHWH HLQH TXDOYROOH $QVWUHQJXQJ XQG DOV VLH YRQ GHU /LHJH DXIVSUDQJ ZXUGHHVLKUIUHLQLJH6HNXQGHQVFKZDU]YRUGHQ$XJHQ ³,FKKDEHNHLQH)UHXQGHVFKULHVLH³'DVLVWQLFKWVDOVHLQYHUGDPPWHU%OXII 1LHPDQGNDQQZLVVHQZDVLFK ,KUH %HLQH JDEHQ QDFK 6LH VDQN DXI GHU 0DWUDW]H ]XVDPPHQ YRQ :HLQNUlPSIHQJHVFKWWHOW'LH(LVHVNlOWHNURFKLKUGDV5FNJUDWKLQDXIGURKWH GDV*HKLUQ]XSDUDO\VLHUHQ,KUHOLQNH+DQG]HUNQOOWHGDV3DSLHUGHQPDNDEUHQ *HEXUWVWDJVJUX RKQH $EVHQGHU (LQ &RPSXWHUDXVGUXFN 1LFKW HLQPDO HLQH +DQGVFKULIWGLHLKUYLHOOHLFKWHLQHQ+LQZHLVJHJHEHQKlWWH 'LH DQGHUH +DQG WDVWHWH DXI GHP %RGHQ XPKHU ELV VLH GDV 5|KUFKHQ PLW GHQ 7DEOHWWHQ JHIXQGHQ KDWWH 6FKQHOO ]LWWULJ GHU *ULII QDFK GHU 'URJH KDVWLJ GLH %HZHJXQJ]XP0XQGGHUYLHO]XWURFNHQZDU 'LH)ODVFKH 6LH ZROOWH VLH QLFKW DQUKUHQ QLFKW KHXWH QLFKW DQ GLHVHP 7DJ 'RFK HU EHGHXWHWHLKUQLFKWVPHKU(UZDUQXUQRFKGDV6\PEROIUHLQ-DKUZHQLJHUDXI GHU6WUHFNHLKUHU 4XDOHQDXIGHP:HJYRQGHPVLHQLFKWZXWHZRKLQHUVLH QRFKIKUHQVROOWH²VRZHLWHVEHUKDXSWQRFKHLQ=LHOIUVLHJDE 'HU :HLQ VFKPHFNWH ELWWHU DOV GLH 7DEOHWWH PLW GHP HUVWHQ 6FKOXFN UXWVFKWH 9RU.lOWHEHEHQGUROOWHGDV0lGFKHQVLFKDXIGHU/LHJH]XVDPPHQXQGZDUWHWH DXI GLH :LUNXQJ GHV *HPLVFKV (ZLJNHLWHQ VFKLHQHQ ]X YHUJHKHQ ELV VLH HQGOLFK HLQ]XWUHWHQ EHJDQQ (ZLJNHLWHQ DQJHIOOW PLW *HGDQNHQ XQG %LOGHUQ GLHDXIVLHHLQVWU|PWHQZLH)XQNHQLQHLQHP)HXHUVWXUP :HKUORVZLHHLQ%ODWWLP:LQGGHQNHLQH0DXHUQDXIKDOWHQNRQQWHQ ,UJHQGZDQQVSUWHVLHGLH:l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lQ]HQG GLH +DDUH ZLUU XQG VWUlKQLJ YHUNOHEW 'LH $XJHQ ZDUHQVWXPSIGLH0XQGZLQNHOELWWHUKHUDEJH]RJHQGLH:DQJHQDXIJHTXROOHQ 6LHZDQGWHVLFKDQJHHNHOWYRQLKUHP(EHQELOGDEXQGVWDUUWHZLHGHUDXIGDV)RWR EHUGHP6SLHJHO ³'HQQLVIOVWHUWHVLHZLHXP9HUJHEXQJELWWHQG 'DQQ ]XFNWH LKU $UP QDFK REHQ XQG LKUH +DQG UL GLH )RWRJUDILH PLW HLQHP HLQ]LJHQ5XFNDE 6LH ZDUHQ PHKU DOV QXU )UHXQGH JHZHVHQ 6LH KDWWHQ VRJDU VFKRQ LKUH =XNXQIW JHSODQWJHKDEW6LHKDWWHQ]XVDPPHQKHUUOLFKH7DJHHUOHEW:RFKHQ0RQDWH $EHUGDVZDUJHZHVHQEHYRUGDVPLWLKUSDVVLHUWZDU
%HYRUVLH]XPHUVWHQPDOLQ'HQQLV$XJHQJHVHKHQXQGGDULQPHKUHUEOLFNWKDWWH DOVGHQVDQIWHQOLHEHYROOHQ6SRWWZHQQHULKUVDJWH ³6DQG\ GX ELVW HLQ]LJDUWLJ )U PLFK ELVW GLH EHVRQGHUVWH )UDX DXI GHU JDQ]HQ :HOWDQGHUVDOVGLH0lGFKHQGLHLFKELVKHUNDQQWH $QGHUV (UKDWWHUHFKWJHKDEWDXFKZHQQHUQLFKWZXWHZRYRQHUVSUDFK 'HQQDQGLHVHP7DJKDWWHVLHVHLQH*HGDQNHQJHOHVHQ 'HQ 4XDOHQ IROJWH ZLH IDVW LPPHU QDFK HLQHU JHZLVVHQ :HLOH GLH (XSKRULH MHQHHQWVHW]OLFKHQ6WXQGHQGLHVLH]XPHLQVDPVWHQ0HQVFKHQGHU:HOWPDFKWHQ 'LH DOWHQ )UHXQGH EHVXFKWHQ VLH VFKRQ VHLW ODQJHP QLFKW PHKU 6LH KDWWH VLH DEJHZLHVHQ DOV VLH LKU +LOIH DQERWHQ 1LHPDQG VROOWH ZLVVHQ ZDV PLW LKU JHVFKDK'HQQGDYRUKDWWHVLHGLHJU|WH$QJVW (V ZDU GLH $QJVW YHUHLQQDKPW ]X ZHUGHQ 'LH $QJVW YRU 0lQQHUQ LQ ZHLHQ .LWWHOQRGHULQ8QLIRUPHQXQGGLHLKU)UDJHQVWHOOWHQLKU*HKLUQDXVTXHWVFKWHQ VLHZHLWHUUHLFKWHQDQDQGHUHVLH]XHLQHP*HJHQVWDQGPDFKWHQ 6RZLHGLHVHDQGHUHQYRQGHQHQVLHYDJHJHK|UWKDWWHXQGIUGLHVLHQLFKWVDOV DEJUXQGWLHIH9HUDFKWXQJEULJKDWWH²IDOOVHVVLHZLUNOLFKJDE 6DQG\7KRUQZXWHGDVQLFKWJHQDX6LHPLWUDXWHDOOHQXQGDOOHP(VNRQQWHQ IDOVFKH0HOGXQJHQVHLQPLWGHQHQPDQVLHDXVGHU5HVHUYHORFNHQZROOWH 6DQG\ VWDQG DXI GHP %DONRQ LKUHU YHUZDKUORVWHQ :RKQXQJ LUJHQGZR LQ GHQ $XHQEH]LUNHQ YRQ /RQGRQ LP HOIWHQ 6WRFN HLQHV KHUXQWHUJHNRPPHQHQ 0LHWVKDXVHV 'LH QXQ UXKLJHQ +lQGH DXI GDV *HOlQGHU JHVWW]W DWPHWH VLH WLHI GXUFK 'LH IULVFKH /XIW WDW LKU JXW 'HU +LPPHO ZDU NODU 'LH 3RVLWLRQVOLFKWHU HLQHV)OXJ]HXJHV]RJHQZLHHLQH6WHUQVFKQXSSHKRFKEHULKUGDKLQ )U HLQHQ 0RPHQW GDFKWH VLH HV N|QQWH HLQ 5DXPVFKLII VHLQ 6LH VSUWH VRIRUW ZLHGHUGDV)U|VWHOQ 6RYLHOHVJHVFKDKLQGLHVHQ7DJHQGDVVLHQLFKWYHUVWDQG'LHJDQ]H:HOWVFKLHQ LQ$XIUXKU]XVHLQ'DVMDKU]HKQWHDOWH0DFKWJHIJHDXIGHU(UGHZDULQQHUKDOE NU]HVWHU =HLW]HUVFKODJHQZRUGHQ 6WDWWGHUELVKHU0lFKWLJHQLQ2VWXQG :HVW EHVWLPPWHQ QXQ HLQ 0DQQ QDPHQV 5KRGDQ XQG VHLQH 9HUEQGHWHQ GDV :HOWJHVFKHKHQ 6DQG\ KDWWH VLFK QLH VHKU IU 3ROLWLN LQWHUHVVLHUW ,KUH :HOW ZDUHQ GLH 'LVNRWKHNHQ XQG 3XEV JHZHVHQ GLH ZLOGHQ $EHQGH XQG 1lFKWH PLW LKUHU &OLTXHLQGHUVLHVLFKHLQPDOVRVHKU]X+DXVHJHIKOWKDWWHEHYRU 6LH QDKP HLQHQ ZHLWHUHQ 6FKOXFN 'D VLH DP QlFKVWHQ 0RUJHQ PLW HLQHP JHK|ULJHQ .DWHU DXIZDFKHQ ZUGH VSLHOWH IU VLH MHW]W NHLQH 5ROOH ,KUH 6WHOOH DXI GHU %DQN KDWWH VLH VFKRQ YRU 0RQDWHQYHUORUHQ (V JDE QLHPDQGHQ GHU VLH ZHFNHQ ZUGH NHLQHQ 0HQVFKHQ GHP VLH HWZDV VFKXOGLJ ZDU 6LH ZDU DOOHLQ ,KUH(OWHUQOHEWHQQLFKWPHKU=XHUVWZDULKU9DWHUJHVWRUEHQGHQVLHEHUDOOHV JHOLHEWKDWWHNXU]GDUDXILKUH0XWWHU 6WUDKOHQNUDQNKHLW KDWWHQ GLH bU]WH LKU GDPDOV JHVDJW 'LH RIIL]LHOOH 'LDJQRVH ZDU .UHEV JHZHVHQ %HLGH KDWWHQ VLFK LQ -DSDQ DXIJHKDOWHQ DOV GLH %RPEHQ ILHOHQ =X ZHLW HQWIHUQW YRQ +LURVKLPD XP VRIRUW WRW ]X VHLQ RGHU LQ GHQ HUVWHQ -DKUHQ GDQDFK 2SIHU GHU PLWEHNRPPHQHQ 'RVLV ]X ZHUGHQ DEHU
QLFKWZHLWJHQXJXPGHP)DOORXW]XHQWJHKHQ 6DQG\ KDWWH GLH KDOEH :HOW NHQQHQJHOHUQW DOV VLH PLW LKUHQ (OWHUQ YRQ HLQHP /DQG]XPDQGHUHQ]RJ(LQ-DKUKLHUHLQ-DKUGRUW,KU9DWHUGHUZHOWJHZDQGWH 'LSORPDWLKUH0XWWHUGLHJURH'DPHDOVGLHVLHVLFKLPPHUVRJHUQHJHVHKHQ KDWWHELVGDVODQJVDPH'DKLQVLHFKHQEHJDQQ (QWVFKXOGLJH0DPDGDFKWH6DQG\$EHULKUKDEWPLFKDOOHLQH]XUFNJHODVVHQ HXUHQ YHUORJHQHQ )UHXQGHQ DQYHUWUDXW GLH PLFK PLW LKUHU VFKHLQKHLOLJHQ )UVRUJHLQHLQHQJROGHQHQ.lILJVSHUUHQZROOWHQ 6LH KDWWH VLFK YRQ DOOHQ JHO|VW ² XQG VSlWHU YRQ GHQ )UHXQGHQ GLH LKU ZLH ]X HLQHUQHXHQ)DPLOLHJHZRUGHQZDUHQ 1XU'HQQLVKDWWHVLHOlQJHUQHEHQVLFKJHGXOGHW6LHKDWWHLKQJHOLHEWXQGHUVLH 9HU]HLKPLU'HQQLV (LQZHLWHUHV/LFKW]RJEHUGHQ+LPPHOVFKQHOOHUDOVYRUKLQ(VMDJWHEHUGDV QlFKWOLFKH)LUPDPHQWXQGYHUVFKZDQGNDXPGDHVDXIJHEOLW]WZDU 6DQG\EOLHEDXIGHP%DONRQELVHVNDOWZXUGH=XUFNLP=LPPHUVWDUUWHQGLH :lQGH VLH DQ 'DV 5DGLR EUDFKWH PRQRWRQH 0XVLN GHU 0RGHUDWRU GHU 1DFKWVHQGXQJ YHUVXFKWH NUDPSIKDIW VHLQH +|UHU PLW VHLFKWHQ :LW]FKHQ XQG ODQJZHLOLJHQ$QHNGRWHQELV]XP$XIVWHKHQ]XXQWHUKDOWHQ 6DQG\ZROOWHQLFKWVPHKUK|UHQ6LHVWDQGDXIXPGDV*HUlWDXV]XVFKDOWHQDOV GLH VWQGOLFKHQ 1DFKULFKWHQ HLQJHEOHQGHW ZXUGHQ ³KDW GHU $GPLQLVWUDWRU 3HUU\ 5KRGDQ GLH (UGH DEHUPDOV YHUODVVHQ 1RFK YRQ RIIL]LHOOHU 6HLWH XQEHVWlWLJWH ,QIRUPDWLRQHQ EHVDJHQ GD MHQVHLWV GHU *UHQ]HQ XQVHUHV 6RQQHQV\VWHPV JDODNWLVFKH 0lFKWH QHXH $NWLRQHQ SODQHQ GLH P|JOLFKHUZHLVH DXFKGLH(UGHEHWUHIIHQN|QQWHQ(LQH6WHOOXQJQDKPHGHV6LFKHUKHLWVFKHIV$OODQ ' 0HUFDQW VWHKW QRFK DXV :LU ZHUGHQ 6LH MHGRFK DXI GHP ODXIHQGHQ KDOWHQ VREDOG 6DQG\VFKDOWHWHDE 6LHEDOOWHGLH)lXVWH 8QEHVWlWLJWH,QIRUPDWLRQHQ 8QEHVWlWLJW8QGZDVZDUPLWGLHVHQ0HQVFKHQGLHVLHDOOHQXU³GLH0XWDQWHQ QDQQWHQ" 5KRGDQV DQJHEOLFKHU *HKHLPWUXSSH /HXWH GLH EHU EHUVLQQOLFKH )lKLJNHLWHQYHUIJHQVROOWHQ"'LHLKUH*DEHQLQGHQ'LHQVWGHU0LOLWlUVVWHOOWHQ" 6DQG\OLHVLFKDXILKUH/LHJHIDOOHQXQGVWDUUWHGLH'HFNHDQ 5KRGDQ GDFKWH VLH (U KDW GHQ $WRPNULHJ DXI GHU (UGH YHUKLQGHUW DEHU ZDV IRUGHUWHUMHW]WGRUWGUDXHQLP:HOWUDXPKHUDXV":HUVLQGGLHVH³JDODNWLVFKHQ 0lFKWH" 6DQG\WUDQNXPLKUH6LQQH]XEHWlXEHQGLHLKUNHLQH5XKHJHEHQZROOWHQ'RFK DXFK GDV UHWWHWH VLH QLFKW YRU GHQ *HGDQNHQ GLH VLH SO|W]OLFK ZLHGHU ZLH HLQ 2UNDQEHUILHOHQ'LHGHU1DFKEDUQGHU0HQVFKHQGLHVLFKVWULWWHQRGHU3OlQH VFKPLHGHWHQ ZLH VLH DQGHUH DP EHVWHQ DXIV .UHX] OHJHQ NRQQWHQ :LH VLH LKUH (UIROJH]XUHDOLVLHUHQJHGDFKWHQRGHUQRFKYLHOVFKOLPPHUZLHVLHXQWHULKUHQ $OOWDJVSUREOHPHQ OLWWHQ 6DQG\ HUOHEWH PLW ZLH 0HQVFKHQ VFKODIORV XQG YRQ :DFKWUlXPHQ JHVFKWWHOW GLH 1DFKW EHUVWDQGHQ 6LH YHUVXFKWH DOOH GLHVH KXQGHUWIDFKHQ (LQGUFNH DE]XEORFNHQ DEHU GDV JHODQJ LKU HUVW ZLHGHU DOV VLH
GLHVH%HUKUXQJVSUWHGLHVLHIUFKWHWHZLHGLH3HVW 6DQG\ZLVSHUWHHVLQLKUVSHUUHGLFKQLFKWZHLWHUJHJHQGLFKVHOEVW,FKELQGHLQ )UHXQG,FKZLOOGLUQXUKHOIHQ²QLFKWVDQGHUHV ³1HLQ"VFKULHGDV0lGFKHQ³/DPLFKLQ5XKH 6LH YHUILHO LQ HLQH JHLVWLJH 6WDUUH XQG HV ZDU LKU JOHLFKJOWLJ RE VLH MHPDOV ZLHGHUGDUDXVHUZDFKWH1LFKWVVHKHQQLFKWVK|UHQQLFKWVGHQNHQ 6LH VSUWH GHQ 6FKODI QLFKW PHKU GHU VLH HUO|VWH ² IU GLHVH 1DFKW HLQH YRQ WDXVHQG :LUU LQ JUHOOHQ )DUEHQ EXQW GXUFKHLQDQGHUZLUEHOQGH 7UlXPH 6DQG\ VDK VLFK ZLH VFKRQ LQ VR YLHOHQ lKQOLFKHQ 7UlXPHQ ]XYRU KLQWHU LKUHP 6FKUHLEWLVFK LQ GHU %DQN VLW]HQ XQG .XQGHQ EHGLHQHQ $OWH 0HQVFKHQ MXQJH 0HQVFKHQ )UDXHQ 0lQQHU JDQ]H )DPLOLHQ -XQJH (KHSDDUH GLH QDFK GHU JQVWLJVWHQ )LQDQ]LHUXQJVP|JOLFKNHLWIULKUHUVHKQWHV(LJHQKHLPIUDJWHQbOWHUH/HXWHGLH LKU*HOGQRFKJXWDQOHJHQZROOWHQ6DQG\EHULHWVLH 'XW]HQGH YRQ *HVLFKWHUQ 7DJ IU 7DJ 'XW]HQGH )UDJHQ 'XW]HQGH $QWZRUWHQ 'LH *HVLFKWHU VWDUUWHQ VLH DQ 0QGHU |IIQHWHQ XQG VFKORVVHQ VLFK $XJHQ IOHKWHQ XP 5DW VFKLHQHQ VLH GXUFKERKUHQ ]X ZROOHQ 6DQG\ HUWUXJ HV 7DJ IU 7DJ XQG :RFKH IU :RFKH 'RFK GDEHL VDK VLH VLFK QXQ ZLH HLQH 3XSSH DXV 3ODVWLNGLHPDQDXIKXQGHUWHUOHL6WDQGDUGDQWZRUWHQSURJUDPPLHUWKDWWH 'DQQ NDP GHU 6FKQLWW 0LW GHP )HLHUDEHQG ZLUEHOWHQ QHXH %LOGHU LQ GDV WULVWH /HEHQ 'LH 1lFKWH PLW 'HQQLV GLH ODQJHQ JHPHLQVDPHQ 6SD]LHUJlQJH DQ GHQ 8IHUQ GHU 7KHPVH LQ GHQ 9RURUWHQ ZHLW GUDXHQ DXI GHP /DQG ZR GLH :HOW QRFKJUQZDUXQGOHEWH'HQQLVLPPHUZLHGHU'HQQLV 6LH VFKPLHGHWHQ 3OlQH 6LH ODFKWHQ LKQHQ JHK|UWH GLH :HOW 8QG GDQQ ZLHGHU LPPHUXQGLPPHUZLHGHUGLHVHV%LOGGLHVHUHLQH7DJGHULKU/HEHQYHUlQGHUWH XQGGLH7UlXPH]HUVW|UWH 6DQG\VDK'HQQLV $XJHQDOVREVLHVLFKDXIEOlKWHQXPVLH]XYHUVFKOLQJHQ6LH WDXFKWHGDULQHLQVLHJOLWWPLWWHQKLQHLQLQ'HQQLV.RSIXQGVDKVHLQH*HGDQNHQ YRUVLFK6LHODVLQLKQHQZLHLQHLQHP%XFK (VNDPXQYRUEHUHLWHWVFKODJDUWLJYLHO]XVFKQHOO 8QGVHOEVWZHQQVLHGDUDXIJHIDWJHZHVHQZlUH 'HU7UDXPJDELKUGDUDXINHLQH$QWZRUW8QGHVZDUQLFKWVLQ'HQQLV 'HQNHQ GDV VLH KlWWH DEVFKUHFNHQ PVVHQ 'HU 6FKRFN ZDU HLQ DQGHUHU XQG VD YLHO WLHIHU 6DQG\ VDK VLFK GDYRQUHQQHQ ZLH LQ HLQHU =HLWOXSHQDXIQDKPH GHQ 0XQG ]X HLQHP 6FKUHL GHV (QWVHW]HQV DXIJHULVVHQ 'HQQLV YHUVXFKWH VLH HLQ]XKROHQ (U KDWWH NHLQH &KDQFH LQ NHLQHU %H]LHKXQJ 1LHPDQG YHUPRFKWH VLH PHKU HLQ]XKROHQ NHLQ0HQVFK 'HQQ VLH ZDUDQGHUVDOVGLH0HQVFKHQ(VZXUGH LKU NODUDOVVLHQDFKGLHVHP(UOHEQLV]X'HQQLV]XUFNZROOWH$XIGHP:HJLQGHU 8%DKQEHUILHOHQVLHZLHHLQH:RJHGLH*HGDQNHQGHUDQGHUHQ)DKUJlVWH 'LH +lQGH JHJHQ GLH 6FKOlIHQ JHSUHW ODJ VLH]LWWHUQGEHULKUHP 6LW]ELVGLH %DKQ HQGOLFK DQKLHOW XQG VLH KLQDXVODXIHQ NRQQWH QXU ZHJ YRQ GHQ /HXWHQ GHUHQ%OLFNHVLH]XGXUFKERKUHQVFKLHQHQ 'RFK HV JDE NHLQ (QWULQQHQ PHKU ,Q LPPHU NU]HUHQ =HLWDEVWlQGHQ EHUILHOHQ
VLHDQIDOODUWLJGLH*HGDQNHQYRQ0HQVFKHQGLHVLHQLHPDOVJHNDQQWKDWWH.HLQH 0DXHUQ VFKW]WHQ VLH GDYRU (V JDE NHLQHQ 2UW DXI GHU (UGH DQ GHQ VLH KlWWH IOLHKHQN|QQHQ 6DQG\PHOGHWHVLFKNUDQN$XVHLQHP7DJZXUGHQPHKUHUHDXV7DJHQ:RFKHQ 1RFK HLQPDO IDQG VLH GLH .UDIW LQ GLH %DQN ]X JHKHQ GRFK VLH VD ZLH HLQH JOlVHUQH 3XSSH YRU .XQGHQ GLH ZLH JOlVHUQH 3XSSHQ YRU LKU HUVFKLHQHQ XQG UHGHWHQUHGHWHQUHGHWHQ²XQGGDFKWHQ 'DQQ IROJWHQ GLH :RFKHQ GHV 6LFKJHKHQODVVHQV 'LH 7UDXPIDUEHQ YHUEODWHQ 6DQG\ VDK QXU QRFK WUEH 1HEHOVFKOHLHU XQG GLH 1HEHO VWUDKOWHQ HLQH :lUPH DXVLQGLHVLHVLFK]XYHUNULHFKHQYHUVXFKWH6LHVFKW]WHQVLHVFKORVVHQVLHDE YRQGHU:HOWULQJVXPPDQFKPDODXFKYRQGHQ*HGDQNHQGLHVLHTXlOWHQ'RFK VLH ZDUHQ ]X GQQ 6DQG\ NRQQWH VLH GLFKWHU PDFKHQ LQGHP VLH WUDQN XQG 7DEOHWWHQ VFKOXFNWH DEHU JDQ] DEVFKOLHHQ NRQQWH VLH VLFK QLFKW 6LH ]RJ VLFK Y|OOLJ YRQ GHU $XHQZHOW]XUFN XQG ZDJWHVLFKQXUQRFKDXV LKUHU :RKQXQJ ZHQQVLHGLHGULQJHQGVWHQ(LQNlXIHXQG(UOHGLJXQJHQ]XPDFKHQKDWWH 6LFK Y|OOLJ DE]XVFKRWWHQ VLFK JDQ] ]X YHUVFKOLHHQ GDV OHUQWH VLH HUVW LQ GHP $XJHQEOLFN DOV VLH ]XPHUVWHQPDO GLH WHOHSDWKLVFKH 6WLPPH GHV DQGHUHQ K|UWH 6LHZXWHVRIRUWGDHVNHLQHUGHU1RUPDOPHQVFKHQZDUGHUGDYHUVXFKWHPLW LKU.RQWDNWDXI]XQHKPHQ(UVSUDFKVLHGLUHNWDQRKQHGDVLHHLQ%LOGYRQLKP JHZLQQHQ NRQQWH (U ZDU IHUQ GDV VSUWH VLH $EHU HU KDWWH VLH DXVJHVSlKW XQG UHGHWH]XLKUHLQGULQJOLFKXQGVDQIW(VZDUWURW]GHPHLQhEHUIDOOHLQ6FKRFN ZLHVLHLKQQXUDQMHQHP7DJPLW'HQQLVKDWWHHUOHEHQPVVHQ ³+DOOR6DQG\%LWWHHUVFKUHFNHQLFKW+LHULVWHLQ)UHXQGGHUGLUKHOIHQP|FKWH 6RRGHUVRlKQOLFKKDWWHGLH%RWVFKDIWJHODXWHW6DQG\ZXWHHVQLFKWPHKU6LH ZXWH QXU GD VLH LQ GLHVHP 0RPHQW IDVW JHVWRUEHQ ZlUH ² XQG DXV HLQHU VSRQWDQHQ $EZHKUUHDNWLRQ KHUDXV HWZDV VFKDIIWH ZDV VLH ELVKHU YHUJHEOLFK YHUVXFKW KDWWH 6LH EORFNWH VLFK DE PDFKWH VLFK WDXE ILHO LQ HLQH SVLRQLVFKH 2KQPDFKW $EHU GLHV HUIRUGHUWH GDV PHUNWH VLH VFKQHOO YLHO .UDIW ² PHKU DOV VLH DXI 'DXHU DXI]XEULQJHQ LQ GHU /DJH ZDU 6LH VFKDIIWH HV LPPHU QXU IU ZHQLJH 0LQXWHQ 'DQQ NDPHQ GLH *HGDQNHQZLHGHU8QG DOOHVGLHV VSXOWHVLFK LQLKUHQYHUZRUUHQHQ$OSWUlXPHQDEIDVWMHGH1DFKW:HQQVLHHUZDFKWHZDUHV IUVLHDOVVHLGLHVGHU$EULLKUHVJDQ]HQMXQJHQ/HEHQV (LQH=HLWODQJNRQQWHVLHVLFKHLQUHGHQGDGLHV8QVLQQZDUGDVLHYLHO]XMXQJ ZDU XP VLFK VHOEVW DXI]XJHEHQ 'RFK DXFK GDV lQGHUH VLFK DOV MHGHV QHXH (UZDFKHQGHQ%HJLQQHLQHVQHXHQTXlOHQGHQ7DJHVEHGHXWHWHZHLOVLHGDVZDV LQLKUHUZDFKWZDUQLFKWHLQIDFKDEVFKDOWHQNRQQWH 6DQG\V 7UlXPH HQGHWHQ LPPHU KlXILJHU GDPLW GD VLH DXI GHP %DONRQ LKUHU :RKQXQJVWDQGXQGVLFKODQJVDPJDQ]ODQJVDPEHUGDV*HOlQGHUKLQDEJOHLWHQ OLHOHLFKWZLHHLQ(QJHOZHQGLJZLHHLQ9RJHOXQGIUHLZLHGHU:LQG )UHL 'H]HPEHU )UHLZLHGHU:LQG
6DQG\ KLHOW GDV %DONRQJHOlQGHU PLW EHLGHQ +lQGHQ IHVW XPNODPPHUW (V ZDU DXHUJHZ|KQOLFKNDOW,KUH)LQJHUNOHEWHQDQGHP0HWDOOGHU6WDQJH ,KU %OLFN ZDU ZHLW LQ GLH )HUQH JHULFKWHW JLQJ GXUFK GLH /LFKWHU GHU )HQVWHU KLQGXUFK KLQWHU GHQHQ GLH QRUPDOHQ 0HQVFKHQ OHEWHQ XQG LKUHQ )UHXGHQ +REE\V XQG $OOWDJVVRUJHQ QDFKKLQJHQ 6LH YHUPLVFKWHQ VLFK PLW GHQ /LFKWHUQ GHU6WHUQHDPIXQNHOQGHQ+LPPHOGHU:LQWHUQDFKW 'LH %DONRQWU VWDQG ZHLW RIIHQ $XV GHP =LPPHU K|UWH VLH ZLH DXV XQHQGOLFK ZHLWHU)HUQHGLH*LWDUUHQNOlQJHHLQHUVHQWLPHQWDOHQ0HORGLH(ULF&ODSWRQVDQJ ³
:HLWHUDOVMHGHU2UWDXIGHU(UGH 6LHVSUWHHVZLHHLQHHLVNDOWH'XVFKHDXIHLQH$UWXQG:HLVHIUGLHHVNHLQH (UNOlUXQJJDE )QI 6LH]lKOWH]|JHUQGHU 6LHVDK]XP+LPPHODXI (LQ6WHUQVFKLHQKHOOHU]XIOLPPHUQDOVGLHYLHOHQWDXVHQGDQGHUHQ (WZDVVFKLHQYRQGRUWDXV]XIUDJHQ³+|UVWGXPLFK"6DQIWVFKHXVRDOVRE GLHVHVIUHPGH%HZXWVHLQ$QJVWGDYRUKDWWHVLH]XYHUOHW]WHQ &ODSWRQV *LWDUUH YHUNODQJ OHLVH 'DV 5DGLR EUDFKWH QHXH 1DFKULFKWHQ 6DQG\ QDKPVLHQLFKWZDKU ³+|UVWGXPLFK" 6DQG\ZDUVWDUNJHQXJEHUDXVFKWXPIUHLZLOOLJLQGHQ7RG]XJHKHQ$EHUGDV ZDVGDLQLKUHP.RSIHQWVWDQGZDUNHLQ3URGXNWLUJHQGHLQHU'URJH6LHVSUWH SO|W]OLFK VR HWZDV ZLH :lUPH LQ VLFK VHLW 0RQDWHQ KDWWH VLH QLFKW PHKU VR JHIKOW2KQHGDVLHZXWHZDVVLHWDWGDFKWHVLHVRNRQ]HQWULHUWZLHHVLKULQ LKUHP=XVWDQGP|JOLFKZDU ³-D-DLFKK|UHGLFK %LOGHWH VLH HV VLFK QXU HLQ JDXNHOWHQ HV LKU GLH EHUDXVFKWHQ 6LQQH YRU RGHU VLJQDOLVLHUWHLKUGDV)ODFNHUQGLHVHVEHVWLPPWHQ6WHUQVHLQH%HVWlWLJXQJ" .XU]GDFKWH6DQG\GDUDQZHVKDOEVLHKLHUVWDQG 'DQQ NDP GLH $QWZRUW YRQ LUJHQGZR GRUW GUDXHQ YRU GHP VFKOLHULJHQ +LQWHUJUXQG GHU 0LOFKVWUDH 6LH ZDU QLFKW LQ EHUVHW]EDUH :RUWH JHIDW 6LH ZDUGLHEORHhEHUWUDJXQJHLQHV*HIKOVXQGGLHVHV*HIKOZDUSXUH6HKQVXFKW QDFK HLQHP DQGHUHQ :HVHQ QDFK HLQHP *HVFK|SI GDV GLH JOHLFKH (LQVDPNHLW HPSIDQGZLHMHQHVGDVVLHEHU/LFKWMDKUHKLQZHJDXVVWUDKOWH 6DQG\ VSUDQJ DQ GLHVHP $EHQG QLFKW YRQ LKUHP %DONRQ VLH EHUHLWHWH LKUHP /HEHQ NHLQ (QGH 6LH VWDQGIU6WXQGHQXQEHZHJWGDXQGIKOWHVLFK GHU:HOW GLH VLH NDQQWH XQG GLH VLH QLFKW PHKU ]X HUWUDJHQ YHUPRFKW KDWWH HQWUFNW 6LH IKOWH VLFK DXIJHKHQ LQ HLQHP DQGHUHQ 6HLQ GDV EHU 8QHQGOLFKNHLWHQ KLQZHJ HLQ:HVHQJHVXFKWKDWWHXPPLWLKPDOOGLH:lUPHXQG/LHEH]XWHLOHQGLHHV ]XJHEHQKDWWH 8QG YRU DOOHP GLHVHV :HVHQ ZROOWH QLFKWV YRQ LKU 1LFKWV DXHU =XVDPPHQVHLQ 6DQG\ZDUYROONRPPHQYHUZLUUWDOVVLHLQV=LPPHU]XUFNWUDWXQGVLFKDXIGLH /LHJHIDOOHQOLH²HUVFK|SIWZLHDXVJHEUDQQWDEHUWLHILQLKUHP,QQHUQEHUKUW XQGDXIJHUWWHOW $Q GLHVHP $EHQG QDKP VLH NHLQH 7DEOHWWHQ PHKU XQG JULII QLFKW PHKU ]XU )ODVFKH $Q GLHVHP $EHQG VFKOLHI VLH QRFK VFKZHUHU HLQ DOV VRQVW GRFK DXV HLQHPDQGHUHQ*UXQG 6LH ILHEHUWH GHP QHXHQ 7DJ HQWJHJHQ 6R VHKU VLH VLFK HLQUHGHWH HWZDV 8QZLUNOLFKHVHUOHEWRGHUJHWUlXPW]XKDEHQYLHOOHLFKWLP'URJHQGHOLULXPVLH ZROOWHQLFKWGDUDQJODXEHQ6LHNRQQWHHVQLFKW
9LHU-DKUHVSlWHU$XJXVW 6DQG\ EOLFNWH QHUY|V DXI GLH $UPEDQGXKU 'LH 0LQXWHQ VFKLHQHQ ]X NULHFKHQ 6LHWUDQNLKUHYLHUWH7DVVH.DIIHHXQGEHPKWHVLFKGLH%OLFNHGHU5DXPIDKUHU LQ GHU :DUWHKDOOH GHV 5DXPKDIHQV ]X LJQRULHUHQ XQG GDV *HWXVFKHO DQ GHQ 1DFKEDUWLVFKHQ ]X EHUK|UHQ 1DWUOLFK ZXWH VLH ZDV GLH 0lQQHU VLFK ]XIOVWHUWHQ PDQFKPDO JHZROOW ODXW ³8QG GLH 0LH]H KDW VLFK EHVWLPPW QLFKW YHULUUW"³6LHZLOOPLWDXIGLH&(3+<5NODU0DQQ³'HQNWVLHYLHOOHLFKWZLU JHKHQDXIHLQH.UHX]IDKUW"³1HLQVLHZHLVFKRQGDHLQH.RORQLHJHJUQGHW ZHUGHQ VROO 7RP /DXWHV /DFKHQ $XJHQ]ZLQNHUQ ³8QG GDV JHKW QLFKW RKQH )UDXHQLKUYHUVWHKW" 1LFKWV YHUVWDQGHQ VLH DEHU GDV LQWHUHVVLHUWH 6DQG\ KHU]OLFK ZHQLJ (V WDW LKU QLFKW ZHK QLFKW PHKU (V ZDU LKU VR JOHLFKJOWLJ ZLH QXU LUJHQG HWZDV DXI GHU :HOW²DXIGLHVHU:HOW ³)UDXHQDQ%RUGEULQJHQ8QJOFN'LH:HOWUDXPIDKUWLVWHWZDVIU0lQQHUXQG GLH(UREHUXQJHLQHVQHXHQ3ODQHWHQVFKRQJDU ³:HU]XP7HXIHOKDWVLHXQVDXIJHKDOVW"%HLZHPKDWVLHHLQHQ6WHLQLP%UHWW GDHULKUGLH*HQHKPLJXQJYHUVFKDIIWH" 'LH *HGDQNHQ GHU 0lQQHU LQ GHU +DXSWVDFKH 6ROGDWHQ VDJWHQ QRFK PHKU XQG QRFK 'HXWOLFKHUHV $XFK GDV PDFKWH LKU QLFKWV PHKU DXV 6LH NRQWUROOLHUWH LKUH %HJDEXQJXQGZDUVLFKGLHVHU6WlUNHEHZXW 'HU *HEXUWVWDJVJUX YRQ YRU YLHU -DKUHQ ILHO LKU NXU] HLQ 'X VROOWHVW HQGOLFK YHUVXFKHQGLHVSRVLWLY]XVHKHQ 6LHKDWWHHVJHVFKDIIW2KQHLKUHWDXVHQGPDOYHUIOXFKWH*DEHZlUHHVQLH]XGHU %HUKUXQJJHNRPPHQZHJHQGHUVLHQXQKLHUDXIGHQ6WDUWZDUWHWH 6LHOlFKHOWHZDVHLQSDDU5DXPIDKUHUJDQ]RIIHQVLFKWOLFKIDOVFKYHUVWDQGHQ1XU HLQHUEOLHEWRGHUQVW(UZDU6DQG\VFKRQYRUKLQDXIJHIDOOHQEHLP3DVVLHUHQGHU .RQWUROOHQ 'HU 0DQQ KLH 0RQWH] XQG ZDU HLQ KDOEHU +QH IDVW ]ZHL 0HWHU JUR NDKON|SILJ DEZHLVHQG 'LH $XJHQ XQWHU GHQ VFKZDU]HQ %UDXHQ VFKLHQHQ DOOHVJHQDX]XUHJLVWULHUHQZDVKLHULUJHQGMHPDQGWDWRGHUVDJWH'DZDUHQLKU VHOEVWGLHJU|WHQ*URELDQHOLHEHU 'LHQHXHQ+HOGHQGHV:HOWUDXPV²GLHQHXHQKDUWHQ0lQQHU'LHQHXH(SRFKH KDWWHGLHVH7\SHQKHUYRUJHEUDFKWHVZDUZLHHLQ5FNIDOOLQYHUJDQJHQH=HLWHQ :HOWHQ ]X HUREHUQ ZDU 0lQQHUVDFKH DXFK ZHQQ HV ³QXU XP HLQHQ XQEHZRKQWHQ 3ODQHWHQ JLQJ GHU ]XU .RORQLVLHUXQJ IUHLVWDQG ² ZDV ZLHGHUXP EHGHXWHWH GD GLHVHU 3ODQHW YRQ HLQHP .RPPDQGR OlQJVW HUNXQGHW XQG XQWHUVXFKWZRUGHQZDU 6DQG\OLHVLFKQLFKWSURYR]LHUHQ6LHOLHGHQ5DXPIDKUHUQLKUH9RUXUWHLOHXQG LKUHQ 6SD $QGHUHV ZDU LKU YLHO ZLFKWLJHU :HQQ HV QXU HQGOLFK ORVJHKHQ ZUGH 'LH$EIHUWLJXQJKDWWHVLH KLQWHUVLFK:DVEOLHEZDUGDVODQJH:DUWHQDXIGDV 6LJQDODQ%RUGGHU&(3+<5]XJHKHQ -HPDQG UlXVSHUWH VLFK QHEHQ LKU IDVW YHUOHJHQ 6DQG\ EOLFNWH GHP QRFK VHKU MXQJHQ2IIL]LHULQGLH$XJHQ ³,FK PX PLFK IU GLH /HXWH HQWVFKXOGLJHQ 0L 7KRUQ VDJWH GHU /HXWQDQW
³6LHPHLQHQHVQLFKWVR (UEUDXFKWHLKUQLFKW]XVDJHQZLHVLHHVPHLQWHQ ³0DFKHQ6LHVLFKXPPHLQHWZHJHQNHLQH6RUJHQHUZLGHUWHGLH7HOHSDWKLQ 'HU/HXWQDQWVHXI]WH ³'LH %XUVFKHQ YHUVXFKHQ QXU LKUH HLJHQH 8QVLFKHUKHLW ]X EHUVSLHOHQ 'LH ZHQLJVWHQYRQLKQHQZDUHQVFKRQHLQPDOLP:HOWUDXP8QGHLQHQYHUPHLQWOLFK 6FKZlFKHUHQ]XILQGHQZDULPPHUVFKRQHLQEHOLHEWHV0LWWHOJHJHQGLHHLJHQH $QJVW ³$QJVW"6DQG\]XFNWHGLH6FKXOWHUQ³:LVVHQ6LHZDVGDVLVW$QJVW" 'HU0DQQVFKLHQYHUZLUUW6DQG\EHUHXWHLKUHDEOHKQHQGH+DOWXQJ 6LHOlFKHOWH ³9HU]HLKHQ6LH :DQQNDPGHQQHQGOLFKGDV6LJQDO" *DQ]VRUXKLJZLHVLHWDWZDU6DQG\QLFKW6FKXOGGDUDQZDUQLFKW]XOHW]WGHU %ULHI GHQ VLH ZHQLJH 6WXQGHQ YRU LKUHP $XIEUXFK ]XP 5DXPKDIHQ HUKDOWHQ KDWWH ³/LHEH )UHXQGLQ KDWWH GDULQ JHVWDQGHQ ³LFK ZHL ZDV 'X YRUKDVW ,FK ZHL DXFKGDHVZHQLJ6LQQKDW'LFKQRFK]XU8PNHKUEHUUHGHQ]XZROOHQ'RFK VROOWHVW 'X LP OHW]WHQ 0RPHQW =ZHLIHO EHNRPPHQ GDQQ GHQNH GDUDQ 'X KDVW )UHXQGHXQG'XELVWXQVDOVHLQHYRQXQVZLOONRPPHQ 8QZLOONUOLFKVDK6DQG\VLFKXP'LHJURH:DUWHKDOOHZDUEHUIOOW6ROGDWHQ HLQLJH:LVVHQVFKDIWOHUDQGHUH=LYLOLVWHQ-HGHUYRQLKQHQNRQQWHWKHRUHWLVFKGHU 8QEHNDQQWHVHLQYRQGHPVLHQXUHLQHV]XZLVVHQJODXEWH (UJHK|UWH]XGHQ/HXWHQPLWGHQHQ3HUU\5KRGDQVLFKXPJHEHQKDWWH(UZDU HLQHUVHLQHU0XWDQWHQXQGYHUVXFKWHVLHDXIGHUHQ6HLWH]X]LHKHQ $XFK ZHQQ VLH VLFK DEEORFNWH NRQQWH HU VLH ]XPLQGHVW DQSHLOHQ 'DV KDWWHQ VHLQHYHUVFKLHGHQHQ%RWVFKDIWHQZlKUHQGGHUOHW]WHQ-DKUHEHZLHVHQ 1LH MHGRFK ZDU HU SHUV|QOLFK LQ (UVFKHLQXQJ JHWUHWHQ (LQ LQQHUHU :LGHUVWDQG KLQGHUWH6DQG\GDUDQQDFKLKP]XHVSHUQ (QGOLFKNDPGDV6LJQDO'LH*ODVWUHQGHU+DOOH|IIQHWHQVLFK6DQG\VWDQGDXI XQG ZDUWHWH ELV VLFK GLH 7UDXEH GHU QDFK GUDXHQ 'UlQJHQGHQ JHOLFKWHW KDWWH $OVVLHLQV)UHLHWUDWXQGGHQ.XJHOUDXPHUYRUVLFKLQGLH+|KHUDJHQVDKZDU GHUMXQJH2IIL]LHUDQLKUHU6HLWH ³,FK KDEH PLFK QRFK QLFKW YRUJHVWHOOW VDJWH GHU /HXWQDQW ³,FK ZHUGH GHQ $XIEDXGHV6WW]SXQNWVDXI.DSHOOD,,IUHLQH:HLOHOHLWHQ 6DQG\JLQJZHLWHU(UEOLHEDQLKUHU6HLWH ³:LHVFK|QIU6LH$EHULFKGDFKWHZLUJUQGHQHLQH.RORQLH" (UOlFKHOWHVSLW]EELVFK ³1DWUOLFK DEHU MHGH .RORQLH LP 5DXP LVW EHL GHU PRPHQWDQHQ JDODNWRSROLWLVFKHQ /DJH DXFK HLQ 6WW]SXQNW GHU (UGH .HLQH 6RUJH LFK ZHUGH ,KQHQQLFKWODQJH]X/DVWIDOOHQ ³6LHIDOOHQPLUQLFKW]XU/DVWlK ³7LIIORUVDJWHGHUMXQJH2IIL]LHU³0HLQ1DPHLVW-XOLDQ7LIIORU 9LHUODQJH-DKUH
9LHU -DKUH VHLW MHQHP $EHQG DQ GHP 6DQG\ EHUHLW JHZHVHQ ZDU LKU /HEHQ IRUW]XZHUIHQ 9LHU -DKUH VHLW MHQHP (UOHEQLV GDV GHQ :HQGHSXQNW LQ LKUHU ([LVWHQ]EHGHXWHWKDWWH (V ZDU NHLQH +DOOX]LQDWLRQ JHZHVHQ ZDV VLH DXI GHP %DONRQ HUOHEW KDWWH 'HU 7DJ GDUDXI ZDU KDUW JHZHVHQ 6WXQGHQ GHU =ZHLIHO XQG TXDOYROOHU 'HSUHVVLRQ 'RFKVLHKDWWHLKQGXUFKJHVWDQGHQGDVHQGORVH:DUWHQDXIGLH'lPPHUXQJXQG ELVGLH6WHUQHDP1DFKWKLPPHODXIJLQJHQ 6LH KDWWH DXI GHP %DONRQ JHZDUWHW YROO YRQ $QJVW XQG 8QVLFKHUKHLW ² $QJVW YRUDOOHPGDYRUGDVLHHUNHQQHQPXWHXPVRQVWJHKRIIW]XKDEHQ 'RFKGDQQZDUVLHZLHGHULQLKUJHZHVHQGLHODXWORVH6WLPPH'DV*HIKOHLQHU 9HUELQGXQJ EHU XQHQGOLFKH :HLWHQ KLQZHJ 6DQG\ KDWWH LKUH *HGDQNHQ ZHLW JH|IIQHWXQGVLFKJDQ]GHPKLQJHJHEHQZDVYRQ)HUQHDXIVLHHLQVWU|PWHXQG ZDVVWlUNHUZDUDOVGLHOlFKHUOLFKHQ*HGDQNHQIHW]HQGHU1DFKEDUQ ,PPHUZLHGHUGLH)UDJH:HUELVWGX" 6LH KDWWH HLQ %LOG EHNRPPHQ .HLQ UHDOHV HKHU HLQH 0LVFKXQJ DXV )DUEHQ XQGHILQLHUEDUHQ )RUPHQ XQG *HIKOHQ YRU DOOHP *HIKOHQ :LHGHU NRQQWH VLH GLHVH:lUPHVSUHQGLHLKUNHLQ0HQVFKMHPDOVKDWWHJHEHQN|QQHQ 1DFK GUHL ZHLWHUHQ 1lFKWHQ ZXWH VLH HQGJOWLJ GD VLH QLFKW LP 'URJHQGHOLULXPVWHFNWH'HQQ'URJHQJOHLFKZHOFKHU$UWGLHEUDXFKWHVLHQLFKW PHKU'LH/LHEHGLH+DUPRQLHXQGGDV*OFNGDVVLHEHU(ZLJNHLWHQKLQZHJ HUUHLFKWHZDUVWlUNHUDOVMHGHVNQVWOLFKKHUEHLJHIKUWH+RFKJHIKO 6DQG\ZDUILKUH7DEOHWWHQVFKDFKWHOQLQGHQ0OOVFKOXFNHUXQGNLSSWHGHQ:HLQ IRUW -HGHQ $EHQG VWDQG VLH DXI GHP %DONRQ XQG JLQJ HUVW GDQQ ZLHGHU LQ GLH :RKQXQJ]XUFNZHQQGHU.RQWDNWPLWGHPHLQEUHFKHQGHQ0RUJHQDEEUDFK² RGHUPLWGHU'UHKXQJGHV3ODQHWHQ(UGH $XFK QDFK :RFKHQ ZXWH VLH QLFKW ZLH LKU .RPPXQLNDWLRQVSDUWQHU DXVVDK RGHU EHVFKDIIHQ ZDU (V JHQJWH LKU ]X IKOHQ GD VLH PLWHLQDQGHU YHUVFKPRO]HQ LQ HLQHU SKDQWDVWLVFKHQ $UW YRQ /LHEH GLH VLH QLHPDOV IU P|JOLFK JHKDOWHQ KlWWH 6LH NDQQWH QXU QRFK GHQ HLQHQ :XQVFK PLW GHP DQGHUHQ]XVDPPHQ]XVHLQ²ZLUNOLFK]XVDPPHQ 5HLQLQVWLQNWLYGDFKWHVLHYRQLKPDOVYRQHLQHPPlQQOLFKHQ:HVHQ'LH)UDJH ZHVKDOE HU LKU QLFKW VHLQ bXHUHV RIIHQEDUWH EHXQUXKLJWH VLH QXU DQIDQJV XQG QXU GDQQ ZHQQ GHU .RQWDNW DEEUDFK 6REDOG VLH ZLHGHU YHUVFKPRO]HQ ZDU HV QHEHQVlFKOLFK (LQ :HVHQ PLW VR WLHIHQ XQG DXIULFKWLJHQ *HIKOHQ NRQQWH QXU ZXQGHUYROOVHLQ 0DQFKPDO ]HLJWH HU LKU %LOGHU VHLQHU +HLPDW (V ZDUHQ %LOGHU HLQHU XUZFKVLJHQ :HOW RKQH 6WlGWH XQG =LYLOLVDWLRQ 'LH )DUEH *UQ GRPLQLHUWH 'DUEHU HLQ YLROHWWHU YRQ EOXWURWHQ 6FKOLHUHQ GXUFK]RJHQHU +LPPHO PLW 6WHUQHQ YRQ GHQHQ HLQHU GLH 6RQQH GHU (UGH ZDU 6R ZLH 6DQG\ ]X ZLVVHQ JODXEWH ZHOFKHU 6WHUQ DP 1DFKWKLPPHO GHQ 3ODQHWHQ GHV 3DUWQHUV EHVFKLHQ ZXWHGHUDQGHUHYRQZRDXV6DQG\PLWLKPLQ9HUELQGXQJVWDQG 'DQQ EHJULII 6DQG\ GD HV DQ LKU ZDU QDFK GHU ODQJHQ =HLW GHV JHLVWLJHQ 'DKLQVLHFKHQVGLH,QLWLDWLYH]XHUJUHLIHQ
6LHEHJDQQHLQQHXHV/HEHQPLWGHPHLQHQ=LHOHLQHV7DJHVDXFKN|USHUOLFKPLW GHPJHOLHEWHQ3DUWQHU]XVDPPHQ]XVHLQ 6DQG\OHJWHVLFKHLQHQ3ODQ]XUHFKW 6LHKDWWHJXWH6FKXOQRWHQ(VILHOLKUQLFKWVFKZHU]XU8QLYHUVLWlW]XJHKHQXQG GLH )lFKHU %LRORJLH XQG 3V\FKRORJLH ]X EHOHJHQ 'DV *HOG GDV VLH GD]X EUDXFKWH YHUGLHQWH VLH VLFK DOV IUHLH 0LWDUEHLWHULQ EHL HLQHU 7DJHV]HLWXQJ *OHLFK]HLWLJ PDFKWH VLH VLFK GLH 9HUELQGXQJHQ ]XQW]H GLH VLH GXUFK LKUHQ 9DWHUJHKDEWKDWWH'LHDOWHQ³*|QQHUJHILHOHQVLFKGDULQLKULKUHZLOGHQ-DKUH JURPWLJ ]X YHU]HLKHQ XQG VLH LQ LKUHQ .UHLV ZLHGHU DXI]XQHKPHQ 1DWUOLFK VDJWHVLH]XNHLQHP0HQVFKHQHLQ:RUWEHUGDVZDVVLH]XU8PNHKUJHWULHEHQ KDWWH 6LH EHJDQQ PLW LKUHQ 9HUELQGXQJHQ ]X VSLHOHQ XQG QDFK ]ZHL -DKUHQ KDWWHVLHLKUQlFKVWHV=ZLVFKHQ]LHOHUUHLFKWGLH5DXPIDKUWDNDGHPLHLQ7HUUDQLD $OVVLHLKU([DPHQPDFKWHKDWWHVLHDXFKMHQHV'RNXPHQWLQGHU7DVFKHGDVLKU QDFKODQJHPXQGKDUWHP7UDLQLQJGDV7RU]XP:HOWUDXP|IIQHWH 'HQQRFK KDWWH VLH QLFKW HUZDUWHQ N|QQHQ GD LKU 7UDXP VR UDVFK LQ (UIOOXQJ JHKHQZUGH$OVVLHYRQGHUJHSODQWHQ.RORQLVLHUXQJGHV]ZHLWHQ3ODQHWHQGHU 6RQQH .DSHOOD HUIXKU ZDU HV IU VLH ZLH HLQ :XQGHU GDV HLQH 0DFKW JHZLUNW KDWWHGLHEHU6FKLFNVDOHJHERW 'HQQ.DSHOOD,,ZDUGHU3ODQHWLKUHU6HKQVXFKW 6DQG\V%H]LHKXQJHQWDWHQGDVEULJH 'LH 6WDWLRQ EHVWDQG DXV ]LHPOLFK HUElUPOLFKHQ %DUDFNHQ KLQWHU 6WDUNVWURP]lXQHQ XQG 6WDFKHOGUDKW $XI HLQHU :HLWH YRQ HLQHP .LORPHWHU ULQJVXP ZDU DOOH 9HJHWDWLRQ QLHGHUJHEUDQQW ZRUGHQ +RKH :DFKWUPH ZDUHQ VWlQGLJEHVHW]W%HL*HIDKUDXVGHP'VFKXQJHOGHU8UZHOWNRQQWH]XVlW]OLFKHLQ (QHUJLHVFKLUPXPGLHNOHLQH6LHGOXQJJHOHJWZHUGHQ 6DQG\V HUVWHU (LQGUXFN QDFKGHP VLH GHQ HUVWHQ 7DJ DXI .DSHOOD ,, YHUEUDFKW KDWWH ZDU $EVFKHX YRU GHQ 0lQQHUQ XQG GHQ ZHQLJHQ )UDXHQ GLH GHP EOKHQGHQ 3ODQHWHQ YROO YRQ H[RWLVFKHP /HEHQ GLHVHQ 5RVWIOHFN HLQJHEUDQQW KDWWHQ ³0L K|UWH VLH HLQH 6WLPPH LQ LKUHP 5FNHQ 6LH VFKUDN DXI XQG GUHKWH VLFK XP-XOLDQ7LIIORUZDUXQEHPHUNWDXIGHUNOHLQHQ9HUDQGDHUVFKLHQHQGLHGLHVHQ 1DPHQ NDXP YHUGLHQWH HLQ NOHLQHV EHUGDFKWHV 3RGHVW YRU GHU HLQ]LJHQ 7U LKUHU8QWHUNXQIW(LQHHLQIDFKH6WXIHQWUHSSHIKUWHDXIGHQVFKODPPLJHQ%RGHQ GHV JHUlXPWHQ $UHDOV GHU GLH KHIWLJHQ 5HJHQIlOOH NDXP QRFK DXI]XQHKPHQ YHUPRFKWH(VJDENHLQH3IODQ]HQPHKUGHUHQ:XU]HOQGHQ1LHGHUVFKODJJLHULJ DXIVRJHQ XQG IU GLH QlFKVWH 7URFNHQSHULRGH VSHLFKHUWHQ +LHU QLFKW (V ZDU 6RPPHUDXI.DSHOOD,,XQGEHUGHQ8UZDOGVSDQQWHVLFKGHUYLROHWWH+LPPHO GHQ 6DQG\ OlQJVW NDQQWH 'LH GLFNHQ 7URSIHQ NODWVFKWHQ DXI GLH 'lFKHU GHU %DUDFNHQ HV URFK QDFK 0RGHU DOV RE GHU 'VFKXQJHO VLFK ZHLJHUWH VHLQHQ hEHUVFKXDQ6DXHUVWRIILQGLHVH,QVHOGHUgGH]XWUDQVSRUWLHUHQ ³-XOLDQVHXI]WH6DQG\³6LHKDEHQPLFKHUVFKUHFNW 7LIIORU]XFNWHPLWGHQ6FKXOWHUQ ³'DV WXW PLW OHLG 0L 7KRUQ 9LHOOHLFKW OLHJW HV DEHU DXFK GDUDQ GD 6LH VLFK YRQXQVDQGHUHQDENDVSHOQ,FKPHLQH6LHWXQ,KUH$UEHLWGDPLWZLUXQVQLFKW
PLYHUVWHKHQ$EHUDQVRQVWHQ(UODFKWHVHLQ-XQJHQOlFKHOQ³6RQVWVFKHLQHQ VLHPHLOHQZHLWZHJ]XVHLQ,QHLQHUDQGHUHQ:HOW ³%LWWH-XOLDQ,FKKDEHHLQHQ9RUQDPHQ ³$OVR6DQG\$EHUZDVlQGHUWGDVDQXQVHUHP3UREOHP" 6LH IXKU PLW GHP 6WXKO ]X LKP KHUXP DQ GHVVHQ /HKQHQ VLH VLFK JHNODPPHUW KDWWH ³3UREOHP" ³,FK NDQQ MD YHUVWHKHQ GD 6LH VLFK VFKOHFKW PLW GHU UDXKHQ $UW GHU 0lQQHU DQIUHXQGHQN|QQHQDEHU ³'DVLVWHVQLFKWXQWHUEUDFKVLHLKQ³,FKYHUVWHKHGLH/HXWHVFKRQ ³$EHU" 6DQG\ VWDQG DXI 6LH JLQJ HLQLJH 6FKULWWH NHKUWH ]XUFN XQG VDK 7LIIORU LQ GLH $XJHQ ³'LHVVROOHLQPLOLWlULVFKHU6WW]SXQNWZHUGHQQLFKWZDKU" ³:LUKDEHQYRUGHQ3ODQHWHQ]XNRORQLVLHUHQ0LlK6DQG\ ³1DWUOLFK ,UJHQGZDQQ HLQPDO 'HVKDOE GLH PLWJHUHLVWHQ :LVVHQVFKDIWOHU 'HU +DXSWWHLO GHU $XVUVWXQJ GLH YRQ GHU &(3+<5 DEJHODGHQ ZXUGH EHVWHKW DOOHUGLQJVDXVPLOLWlULVFKHP*HUlW 7LIIORUV0LHQHZXUGHHUQVW ³6DQG\ ZLU VLQG QRFK )UHPGH LP 8QLYHUVXP 6LH ZLVVHQ ZDV JHVFKHKHQ LVW VHLWGHP ZLU GLH 7RSVLGHU DXV GHP :HJDV\VWHP YHUWUHLEHQ NRQQWHQ :LU KDEHQ HV MHW]W PLW JDQ] DQGHUHQ *HJQHUQ ]X WXQ 'LH 6SULQJHU XQG DQGHUH EHNlPSIHQ XQVZRVLHQXUN|QQHQ:LUEUDXFKHQ6WW]SXQNWHZHQQZLUQLFKWGLH+lQGHLQ GHQ 6FKR OHJHQZROOHQXQG DOOHVYHUJHVVHQZDVZLUXQVLQGHQOHW]WHQ-DKUHQ DXIJHEDXWKDEHQ ³,FKZHLVDJWH6DQG\³1XUZHOFKH5ROOHVROO.DSHOOD,,GDEHLVSLHOHQ" ³'HU 3ODQHW ZLUG ]X HLQHP XQVHUHU *HKHLPVWW]SXQNWH DXVJHEDXW ]X HLQHU %DVLVYRQGHUDXVLP(UQVWIDOO 6DQG\ODFKWHELWWHU ³6R ZLUG HU GDV 8QG ZDV ZHQQ GLH 6SULQJHU GDV UHLQ ]XIlOOLJ KHUDXVILQGHQ" :DVZLUGGDQQYRQLKPEULJEOHLEHQ"(LQH*DVZRONH" ³6DQG\:LUZROOHQNHLQHQ.ULHJPLWQLHPDQGHP ³$EHUZLUIRUGHUQLKQKHUDXVZHQQZLUZHLWHULQGLH*DOD[LVYRUGULQJHQ ³6DQG\ 6LHGUHKWHVLFKXPXQGJLQJLQLKUH8QWHUNXQIW+LQWHULKUNQDOOWHGLH7U]X6LH ZDU LQQHUOLFK YLHO ]X DXIJHZKOW XP ]X EHJUHLIHQ GD VLH 7LIIORU XQUHFKW WDW YLHOOHLFKWGHPHLQ]LJHQ)UHXQGGHQVLHKLHUGUDXHQEHVD 'HPHLQ]LJHQPHQVFKOLFKHQ)UHXQG 'XGDFKWHVLHDOVVLHVLFKEHUXKLJWKDWWH³'XGDVZDUGHUHLQ]LJH1DPHGHQ VLH IU LKQ KDWWH )U LKQ GHU LUJHQGZR DXI GLHVHP 3ODQHWHQ DXI VLH ZDUWHWH :HQLJVWHQV KRIIWH VLH GDV :DV VLH VR JHUHL]W PDFKWH ZDU QLFKW ]XOHW]W GHU 8PVWDQGGDVLHVHLWGHU/DQGXQJELVKHUYHUJHEOLFKQDFKLKPJHUXIHQKDWWH 8QGGDQQPHOGHWHHUVLFK 'LH )OXW YRQ *HGDQNHQELOGHUQ XQG *HIKOHQ EHUILHO 6DQG\ VR YHKHPHQW GD
VLH IDVW]XVDPPHQJHEURFKHQ ZlUH(LQHQ$XJHQEOLFNVSlWHUZHLQWHVLHIDVWYRU *OFN 6LH JLQJ DXI LQ GHQ :RJHQ GHU +DUPRQLH XQG GHU /LHEH ² XQG LQ GHU (UZDUWXQJGHVEDOGLJHQWRWDOHQ=XVDPPHQVHLQV *HLVWLJ ZDUHQ VLH EHUHLWV HLQV 8QG QXQ PXWHQ VLH GLH 9HUHLQLJXQJ ZLUNOLFK YROO]LHKHQ 1XU GHVKDOE ZDU VLH KLHU 8QG QLFKWV VROOWH VLH PHKU DXIKDOWHQ N|QQHQ :RELVWGX"IUDJWHQ6DQG\V*HGDQNHQXQGVLHHUKLHOW$QWZRUW 'HU DQGHUH ZDU HV GHU GHQ .RQWDNW XQWHUEUDFK DOV HU VSUWH GD GLH JHLVWLJH .UDIWGHU7HUUDQHULQHUVFK|SIWZDU 6DQG\K|UWHQRFKPLQXWHQODQJGDV(FKRGHU$XVVWUDKOXQJHQDXVGHUMHW]WJHQDX EHNDQQWHQ 5LFKWXQJ XQG (QWIHUQXQJ ,KU $WHP JLQJ KHIWLJ 6LH ODJ DXI LKUHU )HOGSULWVFKHXQGNRQQWHGLH$XJHQQLFKWVFKOLHHQ $OV VLH HV VFKOLHOLFK VFKDIIWH ]XFNWH VLH XQWHU GHP6FKRFN HLQHU XQHUZDUWHWHQ %RWVFKDIW]XVDPPHQ ,FKELQEHLGLU6DQG\HPSILQJVLHGLHWHOHSDWKLVFKH6WLPPH,QGHLQHU1lKH,FK P|FKWHQXUGDGXGDVZHLW'HLQ)UHXQG (V ZDU ZLFKWLJ GHQ 6FKHLQ ]X ZDKUHQ 6R XQEHIDQJHQ ]X WXQ DOV KlWWH VLH WDWVlFKOLFK QLFKWV DQGHUHV KLHUKHU JHIKUW DOV UHLQHU )RUVFKHUGUDQJ ² GLH YRUJHVSLHOWH %HVHVVHQKHLW HLQHU %LRORJLQ GLH LKU K|FKVWHV *OFN GDULQ VDK DOV HUVWH )UDX GLH JUDQGLRVH )ORUD XQG )DXQD GHV QHXHQ 3ODQHWHQ IU GLH :LVVHQVFKDIW ]X HUVFKOLHHQ(LQ 7UXSS YRQ6ROGDWHQHLJHQVIUVLH DEJHVWHOOW EHJOHLWHWH 6DQG\ DXI LKUHQ NOHLQHQ ([NXUVLRQHQ RGHU EHVRUJWH LKU 7LHUH XQG 3IODQ]HQ,QQHUKDOE GHUHUVWHQ:RFKHDXI.DSHOOD,,GHKQWHVLHLKU³5HLFKDXI YLHU%DUDFNHQXQGHLQH5HLKHYRQ)UHLODQGJHKHJHQDXV ,KU 3UREOHP ZDU GD VLFK YRUOlXILJ QLHPDQG ZHLWHU DOV GUHL .LORPHWHU LQ GLH :LOGQLV KLQDXVZDJHQ GXUIWH XQG DXFK GDQQ QXU LQ %HJOHLWXQJ GHU 6LFKHUKHLWVNUlIWH )OJH PLW 6KLIWV EHU ZHLWHUH 6WUHFNHQ ZDUHQ QDWUOLFK P|JOLFK DEHU DXFK QXU PLW 6ROGDWHQ 8QG EHU MHGHQ )OXJ PXWH HLQ JHQDXHV 3URWRNROODQJHIHUWLJWZHUGHQ 6DQG\YHUPLHGHVQDFK0|JOLFKNHLWYRQLKUHU%HJDEXQJ*HEUDXFK]XPDFKHQ 'RFK KLQ XQG ZLHGHU HUZLHV HV VLFK DOV Q|WLJ ZHQQ VLH LKUH 6FKULWWH SODQHQ ZROOWH $XHUGHP HUWDSSWH VLH VLFK GDEHL QDFK GHP DQGHUHQ 7HOHSDWKHQ ]X IRUVFKHQ² ELVKHU YHUJHEOLFK 'RFKVR HUIXKU VLHGDGHU 3ODQHWLP)DOOHLQHV JHJQHULVFKHQ $QJULIIV DXI]XJHEHQ ZDU (LQ $QJULII PLW GHQ ZDIIHQWHFKQLVFKHQ 0LWWHOQGHU6SULQJHUPXWHEHGHXWHQGDYRQ.DSHOODQLFKWYLHOEULJEOLHE 'LHVPDFKWHLKUNODUGDVLHQLFKWOlQJHUZDUWHQGXUIWH 6DQG\ PXWH ]X LKUHP 3DUWQHU JHKHQ GHQQ HU ZDU QLFKW LQ GHU /DJH ]X LKU ]X NRPPHQ 'LH %DUULHUHQ ZDUHQ HV QLFKW GLH LKQ KLQGHUWHQ (V ZDU HWZDV DQGHUHV GDV HU QLFKWYHUULHWDXV$QJVWVLHHQWWlXVFKHQ]XPVVHQ" 6LH KDWWH YHUVXFKW LKP NODU]XPDFKHQ GD GLHV YROONRPPHQ XQVLQQLJ ZDU XPVRQVW 6LHPXWH]XLKP (VZUGHQLFKWHLQIDFKVHLQ6LHPXWHDOOHLQJHKHQRGHUYLHOPHKUIOLHJHQ'HU
DQGHUH EHIDQG VLFK PHKU DOV WDXVHQG .LORPHWHU YRQ GHU 6WDWLRQ HQWIHUQW 6LH EUDXFKWHHLQHQ6KLIWXQG]ZDURKQH6RQGHUEHZDFKXQJ)OLHJHQNRQQWHVLHLKQ DEHU-HKlXILJHUVLHVLFKLKUHQ3ODQ]XUHFKWOHJWHGHVWRXQUXKLJHUZXUGHVLH :RVWHFNWHGHU8QEHNDQQWHGHUVLFKDOVLKU)UHXQGEH]HLFKQHWH"6LHNRQQWHVLFK JHJHQ VHLQH *HGDQNHQVHQGXQJHQ DEEORFNHQ ² DEHU NRQQWH VLH DXFK LKUH $EVLFKWHQYRULKPJHKHLPKDOWHQ" 9LHOOHLFKWZHQQ VLH 7LIIORU WHOHSDWKLVFK DXVKRUFKWH (U PWH DP HKHVWHQ ZLVVHQREHLQ7HOHSDWKDXV5KRGDQV0XWDQWHQNRUSVDXIGHP3ODQHWHQZDU 6DQG\EUDFKWHHVQLFKWIHUWLJ(VZlUHLKUZLHHLQ9HUUDWDQGHPHLQ]LJHQ0DQQ YRUJHNRPPHQ GHP VLH HLQLJHUPDHQ YHUWUDXWH $OV GLH 1DFKW KHUHLQEUDFK XQG VLHLQ.RQWDNWPLWGHP3DUWQHUWUDWWHLOWHVLHLKPLKUH$EVLFKWPLWDPQlFKVWHQ 7DJ]XNRPPHQ 'LH SVLRQLVFKH :RJH DXV *OFN XQG (UZDUWXQJ EUDFKWH VLH IDVW XP 'RFK GHU HUVWH6FKRFNYHUZDQGHOWHVLFKLQ.UDIWXQGPLWGHUJOHLFKHQ6HKQVXFKWJDEVLH LKUH (PSILQGXQJHQ ]XUFN ,Q GLHVHU 1DFKW OLHEWHQ VLH VLFK ZLH QLHPDOV ]XYRU XQGGLHVPDOQRFKDXVGHU)HUQH 0RUJHQVROOWHGDVDQGHUVVHLQ $OV GHU .RQWDNW DEJHEURFKHQ ZDU ZDUWHWH 6DQG\ DXI HLQH %RWVFKDIW GHV ³)UHXQGHV'RFKQLFKWVJHVFKDK 6LHIDQGNHLQHQ6FKODIPHKUPDOWHVLFKDXVZLHVLHLKUH)OXFKWEHZHUNVWHOOLJWH XQG YHUVXFKWH DOOH 5LVLNHQ GXUFK]XNDONXOLHUHQ 9RQ LKUHP ZDKUHQ *HJQHU NRQQWHVLHQLFKWVZLVVHQ²DXFKDOV7HOHSDWKLQQLFKW 6DQG\ VFKOLFK VLFK LP 0RUJHQJUDXHQ DXV LKUHU %DUDFNH $OOHV ZDU JHQDX GXUFKGDFKW XQG ]XUHFKWJHOHJW 6LH HVSHUWH $XHU GHQ :DFKKDEHQGHQ VFKOLHIHQ DOOH QRFK WLHI 8QG GLH 3RVWHQ VWDQGHQ KRFK REHQ LQ LKUHQ 7UPHQ XQG EHREDFKWHWHQ GHQ 5DQG GHV 'VFKXQJHOV 1LHPDQG QDKP DQ GD HLQ %HZRKQHU GHU 6WDWLRQ VLFK DQ GHQ LP JURHQ ,QQHQKRI JHSDUNWHQ )DKU]HXJHQ ]X VFKDIIHQ PDFKHQ ZUGH 6DQG\ KDWWH VLFK DXI HLQHQ OlQJHUHQ $XIHQWKDOW LQ GHU :LOGQLV HLQJHULFKWHW,QHLQHPJURHQ5XFNVDFNVFKOHSSWHVLH1DKUXQJXQG:DVVHUPLW GD]XHLQLJH:HUN]HXJH6LH OXGGHQ6DFNKLQWHUGHP 3LORWHQVLW]GHV)DKU]HXJV DEGDVVLHVLFKDXVJHZlKOWKDWWH 1RFKHLQPDOVXFKWHVLHGLH8PJHEXQJPLWLKUHQ6LQQHQDE 6LHNOHWWHUWHLQGLH.DQ]HOEHUSUIWHGLH$UPDWXUHQXQGHUVWDUUWHDOVVLHHLQHQ OHW]WHQ%OLFNKLQDXVDXIGDV)HOGZDUI 6LHVDKLQGLH0QGXQJHLQHU6WUDKOZDIIH 'HU0DQQ]XGHPGHUDXIGHP$XVO|VHUOLHJHQGH)LQJHUJHK|UWHZDU0RQWH] GHU6LFKHUKHLWVRIIL]LHU ³,FK KDOWH HV IU EHVVHU ZHQQ 6LH MHW]W DXVVWHLJHQ 0L 7KRUQ VDJWH GHU 0H[LNDQHUPLWPRQRWRQHU6WLPPH 6DQG\JHULHWIUHLQHQ0RPHQWLQ3DQLN6LHYHUVXFKWHVRQFKWHUQZLHP|JOLFK ]XGHQNHQ-HW]WGXUIWHVLHNHLQHQ)HKOHUPDFKHQ$EHUKDWWHVLHGDVQLFKWVFKRQ JHWDQDOVVLHGLH8PJHEXQJDEJHK|UWKDWWH" :LHVRKDWWHVLH0RQWH]QLFKWEHPHUNW" ³$OVR"IUDJWHGHU0DQQ
6DQG\ YHUVXFKWH HUVW JDU QLFKW HLQH (QWVFKXOGLJXQJ ]X ILQGHQ :HQQ VLH GLHVH &KDQFH YHUWDW EHNDP VLH VR VFKQHOO NHLQH ]ZHLWH 8QG EHYRU VLFK ZLHGHU HLQH ERWODJGHU3ODQHWYLHOOHLFKWVFKRQLQ6FKXWWXQG$VFKH ³:HUGHQ6LHPLFKPHOGHQ"IUDJWHVLHXP=HLW]XJHZLQQHQ 0RQWH]ZLQNWHPLWGHP6WUDKOHU ³1DWUOLFK(VLVWPHLQH3IOLFKW ³$OVRJXW 6DQG\WDWVRDOVZROOWHVLHDXVGHU.DQ]HOVWHLJHQ,KUHUHFKWHYHUGHFNWH+DQG JULIIQDFKGHU:DIIHGLHVLHHLJHQWOLFKQLFKWJHJHQHLQHQ0HQVFKHQDQ]XZHQGHQ YRUJHKDEWKDWWH6LHVROOWHLKUJHJHQZLOGH7LHUHKHOIHQVRQVWQLFKWV$OV0RQWH] VLFK]XU6HLWHGUHKWHIHXHUWHVLHGHQ/lKPVWUDKOHUDXILKQDE 'HU6LFKHUKHLWVRIIL]LHUEUDFK]XVDPPHQ 6DQG\VFKZLW]WH,KUH+lQGH]LWWHUWHQDOVVLHSHU.QRSIGUXFNGLH.DQ]HOVFKOR XQGGHQ*OHLWHUVWDUWHWH 6LHMDJWHGDV)DKU]HXJEHUGLH=lXQHXQGDFKWHWHQLFKWDXIGLH)XQNDQUXIHGHU :DFKVROGDWHQ 6LH VDK DXFK QLFKW GLH $Q]HLJH GLH GHP *OHLWHUSLORWHQ GDV )UDFKWJHZLFKWDXVZLHV 6RQVWZlUHLKUDXIJHIDOOHQGDHV]ZLVFKHQLKUXQGLKUHU$XVUVWXQJXQGGHP DQJH]HLJWHQ:HUWHLQH'LIIHUHQ]YRQ]LUNDIQIKXQGHUW.LORJUDPPJDE 'LH*HGDQNHQGHV3DUWQHUVOHLWHWHQVLHZLHLP%OLQGIOXJ6DQG\DFKWHWHGDUDXI QLFKW ]X WLHI EHU GLH ULHVLJHQ %DXPZLSIHO PLW GHP WDXVHQGIDFKHQ IDUEHQSUlFKWLJHQ /HEHQ GDULQ ]X IOLHJHQ XQG PXWH 9RJHO XQG )OXJUHSWLOLHQVFKZlUPHQ DXVZHLFKHQ 0DQFKPDO SODW]WHQ SLO]lKQOLFKH 5LHVHQJHZlFKVEDOORQV DXI XQG YHUVFKOHXGHUWHQ LKUH 6SRUHQ LQ GLFKWHQ :RONHQ (VJDOWVHKUYRUVLFKWLJ]XVHLQ'RFK6DQG\IORJZLHLQHLQHP7DJWUDXPVLFKHU ZLHDQHLQHPXQVLFKWEDUHQ)DGHQJH]RJHQ 0LWMHGHU0LQXWHVFKOXJLKU+HU]VFKQHOOHU-HW]WJDEHVQLHPDQGPHKUYRUGHP VLHVLFKYHUVWHOOHQPXWH'HU*HGDQNHQNRQWDNWPLWGHP3DUWQHUZDUGDV%DQG DQGHPVLHKLQJGDVVLFKLPPHUVFKQHOOHUDXIUROOWHELVDP(QGH 6DQG\ MDXFK]WH IDVW YRU *OFN XQG (UZDUWXQJ (UVW MHW]W ZXUGH LKU LQ DOOHU +HIWLJNHLWNODUGDVLHLKUHLQVWVRIHUQHV=LHOWDWVlFKOLFKHUUHLFKHQZUGH 6HOEVWZHQQPDQLQGHU6WDWLRQLKUH)OXFKWEHPHUNWKDWWH²NHLQHUGHUDQGHUHQ 6KLIWVZDUVFKQHOOHUDOVLKUHU1LHPDQGNRQQWHVLHQXQPHKUHLQKROHQ1LHPDQG NRQQWH VLH QRFK WUHQQHQ YRQ GHP ZDV PLW GHU JOHLFKHQ EUHQQHQGHQ 6HKQVXFKW DXIVLHZDUWHWH 6LH VDK GHQ 'VFKXQJHO XQWHU VLFK KLQZHJ]LHKHQ XQEHUKUWH 1DWXU HLQHU XQVFKXOGLJHQ:HOW,QGLH(XSKRULHPLVFKWHVLFKNXU]GLH%LWWHUNHLWGDUEHUGD GLHVHU3ODQHWZRP|JOLFKVFKRQEDOGGHQ0DFKWEHVWUHEXQJHQJDODNWLVFKHU9|ONHU ]XP2SIHUILHO .RPPHPSILQJVLH(VZLUGEDOGNHLQH6RUJHQPHKUJHEHQ *OHLFK]HLWLJVSUDFKGDV)XQNJHUlW ³0L7KRUQULHIHVDXVGHP(PSIlQJHU³6DQG\HPSIDQJHQ6LHPLFK" (VZDU7LIIORUV6WLPPH6DQG\VFKZLHJ ³6DQG\DQWZRUWHQ6LH.HKUHQ6LHXP,FKZHLQLFKWZDV6LHYRUKDEHQDEHU
ZDV HV DXFK LVW ² ZLU N|QQHQ GRFK EHU DOOHV UHGHQ LQ 5XKH %LWWH DQWZRUWHQ 6LH 6LH]RJGDV0LNURIRQ]XVLFKKHUDQ ³7XWPLUOHLG-XOLDQ6LHZUGHQHVQLFKWYHUVWHKHQ,FKJHKHPHLQHQ:HJXQG 6LHGHQ,KUHQ ³$EHU ³:HQQ ,KQHQ HWZDV DQ PLU OLHJW GDQQ YHUJHVVHQ 6LH PLFK (V LVW PHLQ /HEHQ YHUVWHKHQ6LH0HLQHVJDQ]DOOHLQ 6DQG\ EUDFK GHU 6FKZHL DXV DOOHQ 3RUHQ 9RQ GRUW ZRKLQ VLH JLQJ GUDQJHQ KHIWLJH 3DQLNLPSXOVH DXI VLH HLQ 6LH ZDU DXI HLQPDO ZLHGHU GD GLH DQ GLH :XU]HOQGHU([LVWHQ]JHKHQGH$QJVW 2EZRKO VLH VLFK HLQUHGHWH XQHLQKROEDU ]X VHLQ VFKZLW]WH 6DQG\ :DVVHU XQG %OXW,KUH+lQGHZDUHQQD'LH8PJHEXQJEHJDQQYRULKUHQ$XJHQ]XWDQ]HQ )UHLQHQ 0RPHQW GDFKWH VLH DQ QLFKWVDQGHUHVDOVVFKQHOOH/DQGXQJ LUJHQGZR DXIHLQHUVLFKDXIWXHQGHQ/LFKWXQJ ³6DQG\0L7KRUQ ³%LWWH-XOLDQ/DVVHQ6LHPLFKLQ)ULHGHQ ³:DVXP+LPPHOVZLOOHQZROOHQ6LH" 'HU 6KLIW ZDU DEJHVDFNW (QWVHW]W VDK 6DQG\ ZLH GDV )DKU]HXJ LQHLQH *UXSSH YRQ%DXPNURQHQKLQHLQ]XUDVHQGURKWH'LH7UDJIOlFKHQVWUHLIWHQGLH:LSIHOXQG UDVLHUWHQ DUPGLFNH bVWH DE GLH ]XP *OFN QXU VR KDUW ZDUHQ ZLH 6FKDFKWHOKDOPH )HVWHV +RO] KlWWH YLHOOHLFKW GDV (QGH GHV :HJHV EHGHXWHW 6R JHODQJ HV 6DQG\ LQ HLQHU IDVW EHUPHQVFKOLFKHQ 5HDNWLRQ GHQ )OXJSDQ]HU KRFK]X]LHKHQ (LQ QHXHU 6FKZDOO YRQ 3DQLNLPSXOVHQ HUUHLFKWH VLH YRQ GHP 3DUWQHU LQ GHVVHQ *HLVWHVDXVVWUDKOXQJHQLKUHHLJHQH$QJVWHLQYLHOIDFKHV(FKRIDQG 1RFKZHQLJH.LORPHWHU ,FKNRPPHVHQGHWH6DQG\,FKVFKDIIHHV ³0L7KRUQ ³-XOLDQ VFKULH6DQG\ ³:HQQ 6LH PLFK IUDJHQ ZDV LFK ZLOO GDQQUlXPHQ 6LH PLW ,KUHQ /HXWHQ GLHVHQ 3ODQHWHQ (V JLEW LQWHOOLJHQWHV /HEHQ 8QG HV JLEW HLQ *HVHW] GDV HV YHUELHWHW :HOWHQ PLW LQWHOOLJHQWHP /HEHQ DXIV 6SLHO ]X VHW]HQ RGHU" 6LH UHGHWH QXU XP VLFK DE]XOHQNHQ 6LH HUZDUWHWH QLFKW ZLUNOLFK 9HUVWlQGQLV DXFKQLFKWYRQ7LIIORU 1RFKIQIYLHOOHLFKWGUHL.LORPHWHU 'XUFKKDOWHQQXUQRFKZHQLJH0LQXWHQ ³6DQG\ZLUZWHQHVZHQQHV,QWHOOLJHQ]HQDXI.DSHOODJlEH ³:DV ZLVVHQ 6LH" NUHLVFKWH VLH ³,QWHOOLJHQ]HQ LQ ,KUHP 6LQQ VLQG GRFK QXU /HXWH PLW ]ZHL $UPHQ XQG ]ZHL %HLQHQ $EHU HV JLEW +|KHUHV YHUVWHKHQ 6LH" (VJLEW ,PSXOVLYXQWHUEUDFKVLHGLH9HUELQGXQJNDXPQRFK+HUULQLKUHU6LQQH'LHDOWH $QJVW OlQJVW EHUZXQGHQ JHJODXEW HUJULII LPPHU VWlUNHU YRQ LKU %HVLW] MH QlKHU VLH LKUHP =LHO NDP $QJVW GLH UHIOHNWLHUW ZXUGH $QJVW VR NXU] YRU GHU
(UIOOXQJGHV'DVHLQV]XVFKHLWHUQ :LHGHU EHJDQQ VLFK DOOHV ]X GUHKHQ XQG GLHVPDO ZDU 6DQG\ QLFKW PHKU LQ GHU /DJHGLH.DWDVWURSKHDE]XZHQGHQ 'HU 6KLIW UDVWH LQ HLQH *UXSSH IHGHUEVFKHODUWLJHU *HZlFKVH KLQHLQ GHUHQ %ODWWZHGHO MHGRFK VR KDUW ZDUHQ ZLH 6WDKO ,Q HLQHP )HXHUZHUN VSUKHQGHU )XQNHQYHUORU6DQG\GDV%HZXWVHLQ ,KU OHW]WHU *HGDQNH ZDU GHU GD VLH XP ]ZHL YLHOOHLFKW QXU HLQHQ .LORPHWHU XPVRQVWJHOHEWKDWWH²YLHU-DKUHODQJ $OV VLH ]X VLFK NDP ODJ VLH DXI GHP 5FNHQ ]ZLVFKHQ PDQQVKRKHQ 6WDFKHOJHZlFKVHQ PLW KHOOEODXHQ %OWHQ 'DUEHU ZRJWHQ LQ HLQHP OHLFKWHQ :LQG GLH %OlWWHU ODQJVWLHOLJHU 3IODQ]HQ KLQ XQG KHU (V URFK XQGHILQLHUEDU LUJHQGZLHQDFK$QLVRGHU6KRO] $EHU HV URFK DXFK QDFK YHUEUDQQWHP 3ODVWLN6DQG\V(ULQQHUXQJVHW]WHMlKHLQ 6LHVSUDQJDXI,KUZXUGHVFKZLQGOLJ$OVVLHZLHGHUNODUVDKHUEOLFNWHVLHKLQWHU VLFK GHQ DQ HLQLJHQ 6WHOOHQ EUHQQHQGHQ 6KLIW GHU HLQH EUHLWH %UHVFKH LQ GDV 'LFNLFKW JHVFKODJHQ KDWWH 6FKZDU]HU 5DXFK VWLHJ DXI XQG ILQJ VLFK XQWHU GHP 3IODQ]HQGDFKEHYRUHUYRP:LQGHUIDWZXUGH %HLP$XISUDOOPXWHVLHDXVGHU.DQ]HOJHVFKOHXGHUWZRUGHQVHLQ$QGHUVZDU QLFKW]XHUNOlUHQGD6DQG\QRFKOHEWH 6LHOHEWH (VZDUZLHHLQQHXHV(UZDFKHQQDFKHLQHP6FKODIGHUGDV+LQDEJOHLWHQLQGLH *HILOGH GHV 7RGHV EHGHXWHWH 6DQG\ K|UWH QRFK HLQPDO 7LIIORUV EHVFKZ|UHQGH 6WLPPH XQG QRFK HLQPDO HPSIDQG VLH GLH 3DQLN QDFK GLH YRQ GHP 3DUWQHU DXVJHJDQJHQZDU 1HLQHVZDUNHLQ1DFKKDOO6LHK|UWHGLHYHU]ZHLIHOWHQ5XIHZLUNOLFK 6LHZDUHQUHDO 6LHZLHVHQLKUGLH5LFKWXQJLQGLHVLH]XJHKHQKDWWH 6DQG\ KDWWH 3UHOOXQJHQ XQG VFKZHUH 6FKUIZXQGHQ GDYRQJHWUDJHQ 6LH EL GLH =lKQH ]XVDPPHQ XQG LJQRULHUWH VLH 'LH $XVVLFKW QXU QRFK ZHQLJH KXQGHUW 0HWHUYRP=LHOHQWIHUQW]XVHLQW|WHWHMHGHQN|USHUOLFKHQ6FKPHU]DE :LH HLQH 7UDXPZDQGOHULQ EDKQWH VLH VLFK HLQHQ :HJ GXUFK GHQ 8UZDOG 6LH EHVD NHLQH :DIIH PHKU (V ZDU IDVW XQHUWUlJOLFK KHL 'HU PRUDVWLJH %RGHQ DWPHWH GLH )HXFKWLJNHLW GHU OHW]WHQ KHIWLJHQ 5HJHQIlOOH DXV YHUPLVFKW PLW H[RWLVFKHQ *HUFKHQ 0LW EORHQ EOXWHQGHQ +lQGHQ VWULFK 6DQG\ GLH bVWH XQG )DUQZHGHO ]XU 6HLWH hEHUDOO UDVFKHOWH HV LP 8QWHUKRO] .OHLQHUH 7LHUH PHLVW 5HSWLOLHQ GLH VLFK LKU QHXJLHULJ LQ GHQ :HJ VWHOOWHQ YHUVFKZDQGHQ VFKQHOO ZLHGHU (LQ :HVHQ ZLH GLHVHV KDWWHQ VLH QRFK QLH ]X VHKHQ EHNRPPHQ XQG EHYRU VLH QLFKW ZXWHQ ZDV VLH GDYRQ ]X KDOWHQ KDWWHQ HUJULIIHQ VLH OLHEHU GLH )OXFKW:HQQQLFKWPXWHQ6FKUHLHXQG)XWULWWHQDFKKHOIHQ 6DQG\ OLH VLFK GLH 5DQNHQ GHU 'RUQHQJHZlFKVH LQV *HVLFKW SHLWVFKHQ 6LH VSUWH GHQ *HVFKPDFN GHV %OXWHV DXI LKUHQ /LSSHQ DEHU DOO GDV ZDU MHW]W QHEHQVlFKOLFK 1RFK ZHQLJH 0HWHU ,KU +HU] VFKOXJ VR KHIWLJ DOV PWH HV LKU GHQ %UXVWNRUE VSUHQJHQ +DOE ZHLQHQG YHUVXFKWH VLH VLFK GXUFK OHLVHV 6LQJHQ ]X EHUXKLJHQ
'LH 6SDQQXQJ ZDU IDVW XQHUWUlJOLFK :LH RIW KDWWH VLH VLFK LQ LKUHQ YLHOHQ 7UlXPHQDXV]XPDOHQYHUVXFKWZLHGHU3DUWQHUDXVVHKHQPRFKWH .XU] GDFKWH VLH DQ GLH HUVWH 1DFKW GHV .RQWDNWHV GDPDOV DXI GHU (UGH DXI LKUHP%DONRQDOVVLH]XP6SULQJHQEHUHLWJHZHVHQZDUXQGGDQQGDV:XQGHU 'DV :XQGHU GDV QXQ JOHLFK YRU LKU ODJ :HOFKH 0DFKW GHV 8QLYHUVXPV VROOWH VLHQXQQRFKWUHQQHQN|QQHQ" .RPPORFNWHGHU3DUWQHU'RFKSO|W]OLFKVFKLHQLQGHQ,PSXOVHQ8QVLFKHUKHLW PLW]XVFKZLQJHQ²HLQH$QJVWJDQ]DQGHUHU$UW 6DQG\V+lQGH]LWWHUWHQDOVVLHGLHOHW]WHQ3DOPZHGHODXVHLQDQGHUVFKRE 'DQQVFKZHLJHEDGHWEHEHQGDXVJH]HKUWVWDQGVLHGDYRU ,KUHHUVWH5HDNWLRQZDUHLQHUVWLFNWHU6FKUHL 6LH IOHKWH DOOHV DQ ZRUDQ VLH JODXEWH GD GLHV QLFKW GHU ZDU GHQ VLH EHU /LFKWMDKUHKLQZHJJHVXFKW²XQGQXQJHIXQGHQKDWWH 'LH 3IODQ]H ZDU YHUJOHLFKEDU PLW HLQHU LUGLVFKHQ 9HQXV)OLHJHQIDOOH DEHU XP GDV +XQGHUWIDFKH JU|HU =ZLVFKHQ URVHWWHQI|UPLJ DQJHRUGQHWHQ ]ZHL 0HWHU ODQJHQ KDOE VR EUHLWHQ XQG IOHLVFKLJHQ %OlWWHUQ ZXFKVHQ VFKODQJHQlKQOLFKH )DQJDUPH KHUYRU DQ GHUHQ (QGHQ ZHLW DXIJHNODSSWH ]DKQEHZHKUWH 6FKQDSSPlXOHUVDHQ'LHXQWHUHQ%OlWWHUODJHQVFKODIIXQGEUDXQKDOEYHUIDXOW ]ZLVFKHQ QLHGULJHUHQ *HZlFKVHQ GLH GHQ %RGHQ ZLH HLQ 0RRVWHSSLFK EHGHFNWHQ8QGGDV*DQ]H]LWWHUWHZLHXQWHUHOHNWULVFKHP6WURP 6DQG\WDXPHOWH]XUFN6LHZDUIVLFKKHUXPXQGSUHWHEHLGH+lQGHJHJHQGLH $XJHQ ³1HLQEUDFKWHVLHKHLVHUKHUYRU³1HLQ'DVGDVELVWQLFKWGX 6LHEHNDPNHLQH$QWZRUW'DV:HVHQ²IDOOVHVHUZDU²KDWWHDOOHSVLRQLVFKH $NWLYLWlWHQVFKODJDUWLJHLQJHVWHOOW 2GHU 2GHU 6DQG\ KDWWH VLFK IHKOOHLWHQ ODVVHQ 6LH EHIDQG VLFK LQ HLQHP VROFKHQ $XIUXKU GD GLHV RKQH ZHLWHUHV GHQNEDU ZDU 6LH NODPPHUWH VLFK DQ GHQ *HGDQNHQ 6LFKHU ZDU GHU 3DUWQHU LQ XQPLWWHOEDUHU 1lKH DEHU QLFKW GLHVHV 'LQJ $OV GLHVH YHU]ZHLIHOWH +RIIQXQJ QRFK LQ LKU NHLPWH K|UWH VLH KLQWHU VLFK HLQH QXU]XJXWEHNDQQWH6WLPPH ³,KU$XVIOXJLVW]X(QGH0L7KRUQ1HKPHQ6LHGLH+lQGHKRFK 6LH IXKU KHUXP XQG VDK GHQ 6LFKHUKHLWVRIIL]LHU YRUVLFK VWHKHQ ²0RQWH] GHQ VLHSDUDO\VLHUWKDWWH 6LHZXWHQLFKWPHKUZHLWHU$OOH%UFNHQVFKLHQHQDEJHEURFKHQ 6LHIKOWHVLFKVRDOOHLQZLHVHLWMHQHU1DFKWDXILKUHP%DONRQQLFKWPHKU :lUHVLHGRFKJHVSUXQJHQ 6LHZROOWHQXUQRFKIOLHKHQ²ZRKLQGDVZDUJOHLFKJOWLJ,QVWLQNWLYYHUVXFKWH VLH0RQWH] *HGDQNHQ]XHUIDVVHQ (VZDULKUQLFKWP|JOLFK 6LHKDWWHLKQDXFKEHLLKUHU)OXFKWDXVGHU6WDWLRQQLFKWEHPHUNW 8QG GDQQ VDK VLH GD LQ 0RQWH] *HVLFKW HLQH EUHLWH :XQGH NODIIWH GLH GLH 'RUQHQJHZlFKVHJHULVVHQKDWWHQ
(VZDUNHLQ)OHLVFKGDVXQWHUGHU]HUIHW]WHQ+DXW]XP9RUVFKHLQWUDW ³6LH GX ELVW NHLQ 0HQVFK VFKULH 6DQG\ ³'X ELVW HLQ JRWWYHUGDPPWHU 5RERWHU ³(LQ 5RERWHU 0L 7KRUQ EHVWlWLJWH 0RQWH] (U UDVVHOWH 'DWHQ KHUXQWHU EHU VHLQH%DXUHLKHVHLQH3URJUDPPLHUXQJXQGVRZHLWHU6DQG\K|UWHHVNDXPDXFK QLFKWGLH$QJDEHGLHHUEHUVHLQ*HZLFKWPDFKWH².LORJUDPP ³,FKZHUGHVLH]XU6WDWLRQ]XUFNEULQJHQHUNOlUWH0RQWH]³,FKNRQQWHPLFKDQ GHQ 6KLIW NODPPHUQ XQG ,KQHQ IROJHQ QDFKGHP HV PLU UDWVDP HUVFKLHQ PLFK SDUDO\VLHUW ]X VWHOOHQ (V ILHO PLU QLFKW VFKZHU ,FK ELQ GD]X NRQVWUXLHUW PHQVFKOLFKH9HUKDOWHQVPXVWHU]X]HLJHQXPXQWHU0HQVFKHQQLFKWDXI]XIDOOHQ $EHU GDV )DKU]HXJ LVW XQUHSDULHUEDU :LU ZHUGHQ DXI GLH 6KLIWV ZDUWHQ GLH KLHUKHUXQWHUZHJVVLQG,Q]ZLVFKHQDEHU (U]RJHLQH6WUDKOZDIIHXQGULFKWHWHVLHDXIGLH3IODQ]HYRU6DQG\³,Q]ZLVFKHQ ZHUGHLFK,KUH6LFKHUKHLWJHZlKUOHLVWHQXQGGLHVHV0RQVWUXPW|WHQ 6DQG\ ZDU QLFKW IlKLJ HLQHQ NODUHQ *HGDQNHQ ]X IDVVHQ $OOHV GUHKWH VLFK XP VLH 0RQWH] SO|W]OLFKHV $XIWDXFKHQ VR NXU] YRU GHP =LHO ² DEHU YRU ZDV IU HLQHP=LHO 'LH 3IODQ]H GHU JUDXVDPH 6FKRFN (V ZDU DOV PWH 6DQG\ LQ HLQHP 6XPSI YHUVLQNHQGHUVLHKHUDE]RJLQVHLQH'XQNHOKHLWXQGDOOHVGDVEHJUXEIUGDVVLH JHOHEWXQGJHDUEHLWHWKDWWH,KUH%HLQHJDEHQQDFK6DQG\VWU]WHXQGVFKOXJPLW GHPUHFKWHQ(OOERJHQDXIHWZDV+DUWHVDXI 'HU6FKPHU]EUDFKWHVLHZLHGHU]XVLFK 6LHVDKSO|W]OLFKDOOHVYROONRPPHQNODUXQGZXWHGDVLHNHLQHQIDOVFKHQ:HJ JHJDQJHQZDU 6LHULFKWHWHLKUHQ2EHUN|USHUDXIXQGVDK0RQWH]PLWGHP'HVLQWHJUDWRULQGHU +DQGYRUGHU3IODQ]HVWHKHQ6HLQ)LQJHUQlKHUWHVLFKGHP$XVO|VHU *OHLFK]HLWLJHPSILQJVLHHLQHQHXH:HOOHYRQ$QJVWJUHQ]HQORVHU(QWWlXVFKXQJ XQG 7UDXHU 'LH 3IODQ]H NRQQWH QXU DXV 6DQG\V *HGDQNHQ ZLVVHQ ZHOFKH *HIDKULKUGURKWH ,QGLHVHQ*HGDQNHQODVVLHDEHUDXFKGHQ$EVFKHXGHU7HUUDQHULQ8QGGDVZDU YLHOVFKOLPPHU 6DQG\NDPVLFKZLHHLQHELOOLJH9HUUlWHULQYRU:LHKDWWHVLHVRXQUHLIUHDJLHUHQ N|QQHQ ² VLH GLH DOOH 6FKUDQNHQ XQG DOOH 9RUXUWHLOH EHUZXQGHQ JHJODXEW KDWWH (V ZDU HLQ 0RPHQW GHU LKU YRUNDP ZLH HLQH (ZLJNHLW XQG GHU GRFK QXU GHQ %UXFKWHLO HLQHU 6HNXQGH GDXHUWH ,Q GLHVHP0RPHQW DOV DOOH QRFK EHVWHKHQGHQ JHLVWLJHQ6FKUDQNHQILHOHQHUIXKUVLHGDVZLUNOLFKH:HVHQLKUHV3DUWQHUV ³0RQWH] (V ZDU YLHOOHLFKW QRFK QLFKW ]X VSlW 6DQG\V +DQG WDVWHWH EHU GHQ IHXFKWHQ 0RRVERGHQXQGIDQGGHQIDXVWJURHQ6WHLQDXIGHQVLHJHVFKODJHQZDU 'HU5RERWHUIHXHUEHUHLWGUHKWHVLFKKDOE]XLKUXP'HU6WHLQWUDILKQDP.RSI XQGEUDFKWH LKQ IU $XJHQEOLFNHDXVGHP*OHLFKJHZLFKW(LQ6FKXO|VWHVLFK 'HU JUQH 6WUDKO IXKU IDXFKHQG LQV 'LFNLFKW QXU NQDSS DQ GHP XUDOWHQ :HVHQ YRUEHLGHVVHQ$UWJHQRVVHQGLHVHQ3ODQHWHQHLQPDOEHKHUUVFKWKDWWHQ
,FK NRPPH VHQGHWH 6DQG\ YHU]ZHLIHOW 9HU]HLK PLU $EHU GX KlWWHVW PLFK YRUEHUHLWHQVROOHQ 2KQH DXI $QWZRUW ]X ZDUWHQ VSUDQJ VLH DXI XQG UDQQWH ORV 'LH 9HU]ZHLIOXQJ YHUOLHKLKUOHW]WH.UlIWH0LWLKUHPJDQ]HQ*HZLFKWZDUIVLHVLFKJHJHQ0RQWH] DOVGHU5RERWHUDEHUPDOVGLH:DIIHLQ$QVFKODJEUDFKWH 'DQQZDUVLHPLWHLQHP6DW]LQGHU3IODQ]H,KUZXUGHVFKZDU]YRUGHQ$XJHQ GRFK VLH IKOWH ZLH VLFK )DQJDUPH XP VLH VFKORVVHQ XQG LQ GLH %ODWWURVHWWH KLQHLQ]RJHQLQGHUHQ=HQWUXPGLHULHVLJHGRUQHQXQGQHVVHOEHZHKUWHgIIQXQJ NODIIWH *DQ] OHLFKW QXU VSUWH VLH GLH (LQVWLFKH LQ GHQ %HLQHQ XQG ZLH VLH YRQ GHQ )HQKHUDXIWDXEZXUGHQ 0RQWH] ]LHOWH DXI VLH (U GXUIWH QLFKW VFKLHHQ 1LFKW MHW]W VR NXU] YRU GHU (ZLJNHLW ³:HJPLWGHU:DIIH0RQWH]VFKULH6DQG\³,FKEHIHKOHHV,KQHQ (U ]|JHUWH RIIHQEDU LQ HLQHP .RQIOLNW :HQQ HU MHW]W IHXHUWH NRQQWH HU GDV /HEHQHLQHV0HQVFKHQJHIlKUGHQ $QGHUHUVHLWV PXWH HV YRQ VHLQHU :DUWH DXV VR DXVVHKHQ DOV ZlUH GLH 3IODQ]H JHUDGHGDEHL6DQG\7KRUQ]XW|WHQ ³,FK PX PHLQHU 3URJUDPPLHUXQJ JHKRUFKHQ K|UWH 6DQG\ ³+DEHQ 6LH %HIHKOVEHIXJQLVHLQHUK|KHUHQ3ULRULWlW" 6DQG\EHUOHJWHILHEHUKDIWZlKUHQGLKU.|USHUWLHIHULQGHQ6FKOXQGKLQHLQJOLWW XQGGLH%HWlXEXQJZHLWHUDQLKUKHUDXINURFK(VNDPDXI6HNXQGHQDQXQG 6FKODJDUWLJ ZXUGH 6DQG\ NODU ZLH LKUH /DJH ZLUNOLFK ZDU (LQ 3DQLNDXVEUXFK ZXUGH YRQ GHU 3IODQ]H LQ HLQHP VFKPHU]KDIWHQ )HHGEDFN EHDQWZRUWHW 6DQG\ DNWLYLHUWHVFKLHUXQPHQVFKOLFKH.UlIWHDOVVLHVFKULH ³(LQ 0HQVFK KDW LPPHU HLQH K|KHUH 3ULRULWlW DOV HLQ 3URJUDPP 6LH NlPSIWH XP MHGHV ZHLWHUH :RUW :LHGHU WUDWHQ VFKZDU]H )OHFNH YRU LKUH $XJHQ ³,FK ELQQLFKWLQ*HIDKU 6HNXQGHQ JHZLQQHQ ² GDV QW]WH LKU XQG GHP 3DUWQHU ZHQLJ :HQQ VLH GHQ 5RERWHU QLFKW EHU]HXJHQ NRQQWH XQG YRQ 5RERWLN YHUVWDQG VLH JDU QLFKWV GDQQZUGHHUVSlWHVWHQVGDQQVFKLHHQZHQQHUVLHDOV³WRWHLQVWXIWH :LU ZHUGHQ HLQV VHLQ VHQGHWH VLH DQ GHQ 3DUWQHU )U LPPHU XQG HZLJ RE LP /HEHQRGHULP7RG 'LH $QWZRUW ZDU QXU HLQ ZHLWHUHU %OLFN LQ IHUQH 9HUJDQJHQKHLWHQ DOV GLH LQWHOOLJHQWHQ3IODQ]HQZHVHQVHLQHU$UWGHQ3ODQHWHQEHKHUUVFKWHQ :HKPXW XQG 7UDXHU EHVWLPPWHQ GLH (LQGUFNH 7UDXHU GHV OHW]WHQ 7HOHSDWKHQ HLQHV DXVJHVWRUEHQHQ 9RONHV GHU JHJODXEW KDWWH HQGOLFK QDFK -DKUWDXVHQGHQ HLQ :HVHQ JHIXQGHQ ]X KDEHQ PLW GHP HU GHQ DOOHUOHW]WHQ 6FKULWW YROO]LHKHQ NRQQWH ³,FKNDQQ,KUHU$UJXPHQWDWLRQQLFKWIROJHQVDJWH0RQWH]³0HLQH$XIJDEHLVW HVIU,KUH6LFKHUKHLW]XVRUJHQ (UNUPPWHGHQ)LQJHUXPGHQ$XVO|VHUGHV'HVLQWHJUDWRUV 6DQG\ VFKULH SDQLVFK DXI 6LH VFKOR GLH $XJHQ XQG K|UWH GDV )DXFKHQ GHV 6FKXVVHV
6LHOHEWHQQRFKVLHXQGGHU3DUWQHU 'LH 3DUDO\VH KDWWH LQ]ZLVFKHQ GHQ 1DFNHQ HUUHLFKW 1XU PLW JURHU 0KH EUDFKWH6DQG\HVIHUWLJQRFKHLQPDOGLH$XJHQ]X|IIQHQ 'LH hEHUUHVWH GHVRIIHQEDULQHLQHU([SORVLRQYHUJDQJHQHQ5RERWHUV ODJHQYRU LKU DXI GHP :DOGERGHQ DXVJHEUHLWHW :R 0RQWH] JHVWDQGHQ KDWWH ZDUWHWH QXQ HLQDQGHUHU0DQQPLWGHU:DIIHLP$QVFKODJ 7LIIORU 1HEHQ LKP VWDQG HLQ DQGHUHU 6DQG\ KDWWH LKQ YRQ GHU :DUWHKDOOH GHV 5DXPKDIHQVKHULQ(ULQQHUXQJLQGHU6WDWLRQDEHUQLHJHVHKHQ 'HU)UHPGHGUFNWH7LIIORUV+DQGPLWGHU:DIIH]XU6HLWH ³/DVVHQ6LHVLH7LIIK|UWH6DQG\LKQVDJHQ³(VLVWLKUIUHLHU:LOOH'DIUKDW VLHJHOHEW:LUKDEHQNHLQ5HFKW6FKLFNVDO]XVSLHOHQ ³$EHUHQWIXKUHV7LIIORU³'LHVHVGDV'LQJIULWVLHDXI 'HUDQGHUHVFKWWHOWHODQJVDPGHQ.RSI ³(V VLHKW VR DXV 7LII $EHU HV LVW HWZDV DQGHUHV $XFK PLU LVW GDV HUVW MHW]W NODUJHZRUGHQ²ZLHHLQLJHVDQGHUHVDXFK 3O|W]OLFKODJHQVHLQH*HGDQNHQRIIHQYRU6DQG\ 'HU0DQQQLFNWH ³,FKELQGHUEHUGHQGXGLUVRRIWGHQ.RSI]HUEURFKHQKDVW6DQG\(VIlOOWPLU DXFK MHW]W QRFK VFKZHU GLFK ]X EHJUHLIHQ $EHU LFK ZHL GD GX GHLQHQ :HJ JHKHQ PXW VR ZLH ZLU DQGHUH GHQ XQVHUHQ JHIXQGHQ KDEHQ XQG JHKHQ :LU KlWWHQ GLFK JHUQH LQ XQVHUHQ 5HLKHQ JHVHKHQ $EHU MHGHU 0HQVFK LVW HLQ ,QGLYLGXXPXQGNHLQDQGHUHUGDUILKPYRUVFKUHLEHQZLHHU]XOHEHQKDW²RGHU ]XVWHUEHQ 6DQG\ ZROOWHLKPODXWDQWZRUWHQDEHUHVJLQJQLFKWPHKUhEHUKDXSWQDKPVLH GLH $XHQZHOW QXU QRFK DOV HWZDV ZDKU GDV VLH HKHU WUl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lWWHUQ GHU 3IODQ]H YHUVFKZXQGHQ ZDU VWLH -XOLDQ7LIIORUHLQHQ)OXFKDXV ³,FK KlWWH QLFKW DXI VLH K|UHQ VROOHQ -RKQ :LU KDEHQ VLH VWHUEHQ ODVVHQ :LU KDEHQ]XJHODVVHQGDHLQH0RQVWHUSIODQ]HVLHIULW 0DUVKDOOVFKWWHOWHOlFKHOQGGHQ.RSI ³1HLQ 7LII 6DQG\ 7KRUQ LVW QLFKW WRW ,FK ZHL HV :LU ZHUGHQ DXI XQVHUHP
:HJLQV:HOWDOOQRFKYLHOHQ'LQJHQEHJHJQHQGLHZLUQLFKWYHUVWHKHQ'LHVLVW HLQHV GDYRQ 6DQG\ ZLUG ZHLWHUOHEHQ DXI HLQH XQV XQEHJUHLIOLFKH $UW (U QLFNWH DOV RE HU VLFK VHLQH :RUWH VHOEVW EHVWlWLJWH ³8QG QXQ N|QQHQ ZLU GLH .DSHOOD%DVLV DXVEDXHQ 'HQQ QXQ JLEW HV EDOG NHLQH HLQJHERUHQHQ ,QWHOOLJHQ]ZHVHQPHKUDXIGLHVHP3ODQHWHQ ³,QWHOOLJHQ]HQ"IUDJWH7LIIORUXQJOlXELJ ³'LHVH3IODQ]HGDVDJWHGHU0XWDQW³,FKHUNOlUHHV,KQHQZHQQZLU]XUFNLQ GHU 6WDWLRQ VLQG (U ZXUGH HUQVW ³6HOWVDP DEHU REZRKO LFK PLFK XP 6DQG\ 7KRUQNPPHUWHVHLWGHPLFKYRU-DKUHQDXIVLHDXIPHUNVDPZXUGHXQGREZRKO LFK ZXWH GD VLH PLW HWZDV ZHLW GUDXHQ LP :HOWUDXP LQ 9HUELQGXQJ VWDQG JHODQJ HV PLU QLH GLHVHV :HVHQ HEHQIDOOV ]X VSUHQ $XFK KLHU DXI .DSHOOD QLFKW :RUXP HV VLFK EHL LKP KDQGHOWH HUIXKU LFK HUVW MHW]W ² DXV 6DQG\V *HGDQNHQ ³,FK KRIIH ,KUH (UNOlUXQJ LVW HLQOHXFKWHQG -RKQ VHXI]WH 7LIIORU ³(LQOHXFKWHQGHUDOVGLHVH2IIHQEDUXQJHQ 6WXQGHQ QDFKGHP GLH 3IODQ]H 6DQG\ 7KRUQ DEVRUELHUW KDWWH EHJDQQ VLH ]X ZHONHQ 9LHOH WDXVHQG -DKUH QDFKGHP LKU 6DPH GHQ %RGHQ EHUKUW KDWWH VWDUEHQ LKUH %OlWWHUXQG)DQJDUPHDE'RFKYRUKHUO|VWHVLFKHWZDVYRQGHP.DGDYHU]ZHLHU LQHLQDQGHUDXIJHJDQJHQHUXQGVRYHUVFKLHGHQDUWLJHU:HVHQ (V ZDU HLQ QHXHU 6DPH IU GHQ HV KLHU NHLQH (UNOlUXQJ JHEHQ NDQQ 'LH SVLRQLVFKH(QHUJLH ]ZHLHU:HVHQ YHUHLQW LQ HLQHU %ODVHLP .RVPRV (V ZlUHQ QXU 6FKODJZRUWHGLHGDV ]X EHVFKUHLEHQYHUVXFKWHQZDV DXV6DQG\7KRUQ XQG HLQHU³0RQVWHUSIODQ]HYRQ.DSHOOD,,ZXUGH 'HQQ ZLU VLQG QXU 0HQVFKHQ GLH 6DQG\V :HJ LQ HLQ QHXHV SKDQWDVWLVFKHV /HEHQ QXU ELV ]X HLQHP JDQ] EHVWLPPWHQ 3XQNW ]X IROJHQ YHUP|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lUHGDPLWEHVLHJHOWJHZHVHQ
(LQHV GHU /HEHZHVHQ GHU 0LOFKVWUDH GLH GLHVH (QWZLFNOXQJ XQPLWWHOEDU XQG GRFK LQGLUHNW PLWHUOHEW KDWWH ZDU GLHVLJDQHVLVFKH %LRORJLQ XQG ([9LURQDXWLQ -L]L+X]]HO'LHEHLLKUDXI6ZRRIRQZHLOHQGHQJHKHLPQLVYROOHQ=DWDUD6FKZH VWHUQ &RPDQ]DWDUD XQG +XDNDJJDFKXD KDWWHQ XUVlFKOLFK ]X GLHVHU (QWZLFNOXQJ EHLJHWUDJHQ =XQlFKVW KDWWHQ VLH HLQH GURKHQGH *HIDKU SURSKH]HLW GDQQ HLQH JHIKOVPlLJ YHUZDQGWH 3HUVRQ GLH .DUWDQLQ *XDQJ'D* DKG LQ GHU )HUQH DXIJHVSUW XQG GLHVH VFKOLHOLFK EHVXFKW 'DEHL KDWWH VLFK HUJHEHQ GD GLH =DWDUDV LQ HLQHU HQJHQ %LQGXQJ ]XP 9RON GHU .DUWDQLQ VWDQGHQ ZHLO VLH RIIHQVLFKWOLFK EHLGH GHU JOHLFKHQ +HLPDW HQWVWDPPWHQ 8QG GD &RPDQ]DWDUDV HZLJH 6XFKH HLJHQWOLFK QXU GHP =LHO JHGLHQW KDWWH ZLHGHU ]X GHQ .DUWDQLQ ]X ILQGHQ %HL GLHVHU %HJHJQXQJ ZDU GHU 1DNN $UIUDU ]XJHJHQ JHZHVHQ $UIUDU KDWWH DXV VHLQHU IUHPGDUWLJHQ 6LFKW GLH 5LFKWLJNHLW GHU 3URSKH]HLXQJHQ GHU =DWDUDV EHVWlWLJW XQG VFKOLHOLFK JHPHLQVDP PLW VHLQHQ $UWJHQRVVHQ GDIU JHVRUJWGDGLH9HUORUHQHQ*HVFKHQNHGHU+HVSHULGHQLKUH)XQNWLRQYHUORUHQ (LQH *HIDKU ZDU GDPLW YRQ GHQ 9|ONHUQ GHU 0LOFKVWUDH DEJHZHQGHW ZRUGHQ 'LH DQGHUH ZDU JHEOLHEHQ XQG GHU 6RWKR KDWWH VHLQH 'URKXQJ GDV %ODFN +ROH ]XDNWLYLHUHQODXWVWDUNYHUNQGHW 9RU GLHVHP +LQWHUJUXQG KDWWH VLFK -L]L +X]]HO PLW GHQ EHLGHQ =DWDUD 6FKZHVWHUQQDFKGHU%HJHJQXQJPLW*XDQJ'D* DKGZLHGHULQGLH(LQVDPNHLW YRQ +XORVVWDGW DXI 6ZRRIRQ ]XUFNJH]RJHQ 'LH *HVFKHKQLVVH LQ GHU 0LOFKVWUDH LQWHUHVVLHUWHQ GLH GUHL )UHXQGLQQHQ QXU DP 5DQG GHQQ GDV 6FKLFNVDO&RPDQ]DWDUDVXQG+XDNDJJDFKXDVVFKLHQZHLWJHKHQGJHNOlUW]XVHLQ 'LH(LQVDPNHLWVXFKWHGLH6LJDQHVLQDEHUDXFKQRFKDXVHLQHPDQGHUHQ*UXQG 6LH EHVD :LVVHQ EHU GLH ZDKUHQ 9HUKlOWQLVVH LQ GHU 0lFKWLJNHLWVEDOOXQJ (67$578 8QG VLH YHUIJWH PLW GHQ EHLGHQ=DWDUDVEHU ,QIRUPDWLRQVTXHOOHQ GLH MHGHU]HLW DNWLY ZHUGHQ NRQQWHQ XQG GLH VHOEVW EHU *HVFKHKQLVVH LQ DVWURQRPLVFKHQ(QWIHUQXQJHQYRQ0LOOLRQHQ/LFKWMDKUHQ]XEHULFKWHQZXWHQ 'HP 6RWKR ZDU JUXQGVlW]OLFK EHNDQQW GD GLHVH 7UlJHULQ HLQHV IU LKQ JHIlKUOLFKHQ :LVVHQV QRFK H[LVWLHUWH ]XPDO VHLQ HUVWHU 9HUVXFK -L]L +X]]HO DXV]XVFKDOWHQYRUVHFK]HKQ-DKUHQHEHQVRJHVFKHLWHUWZDUZLHGHUMQJVWH 6LFKHU6W\JLDQKDWWHMHW]WDQGHUHXQGVFKZHUHUH3UREOHPHGHQQGLH*DODNWLNHU XQGGLH.DUWDQLQKDWWHQLKUH$NWLYLWlWHQJHJHQLKQJHVWHLJHUWDEHUGLH6LJDQHVLQ NRQQWHVLFKQRFKQLFKWLQ6LFKHUKHLWZLHJHQDXFKZHQQVLHIDVWDOOH6SXUHQLKUHU MQJVWHQ 9HUJDQJHQKHLW YHUZLVFKW KDWWH XQG LQ GHU (LQVDPNHLW YRQ 6ZRRIRQ XQWHUJHWDXFKWZDU ³(VJLEW1HXLJNHLWHQULHIPLU&RPDQ]DWDUDEHUGDV3DUODIRQ]XGDVLKUHKDOE WHOHSDWKLVFKHQXQGKDOEDNXVWLVFKHQ:RUWHYHUVWlUNWHDOVLFKDQGLHVHP0RUJHQ LKUH +WWH LQ +XORVVWDGW EHWUDW XQG GLH QRFK LPPHU LP KHOOHQ 5RW OHXFKWHQGHQ %OWHQN|SIHGHUEHLGHQ=DWDUD6FKZHVWHUQEHZXQGHUWH +XORVVWDGWEHVWDQGDXVJDQ]HQ]ZHL +WWHQ8QGGLHVH ZDUHQMHGHQXUZHQLJHU DOV HLQHQ 0HWHU KRFK 6LH ODJHQ LQ HLQHU0XOGH]ZLVFKHQ ]ZHL NOHLQHQ +JHOQ DXIGHQHQQXUVSlUOLFK3IODQ]HQZXFKVHQ ,FKKDWWH GDPDOVEHLPHLQHU $QNXQIW
DXI6ZRRIRQJDQ]EHZXWGLHVHQ2UWLQGHU(LQVDPNHLWJHZlKOWXQGGLH+WWHQ YRQ 'DUW +XORV PHLQHP HLQ]LJHQ 5RERWHU VR DQOHJHQ ODVVHQ GD VLH QXU DXV HLQHU5LFKWXQJVLFKWEDUZDUHQ'LH'lFKHUZDUHQHEHQVRVDQGIDUEHQJHWDUQWZLH GLH 6HLWHQZlQGH VR GD EHL REHUIOlFKOLFKHU %HWUDFKWXQJ JDU QLFKW ]X HUNHQQHQ ZDUGDKLHUHWZDV.QVWOLFKHVH[LVWLHUWH ,Q GHU HLQHQ +WWH OHEWHQ LQ LKUHQ 6FKVVHOQ PLW (UGUHLFK GLH EHLGHQ =DWDUD 6FKZHVWHUQ &RPDQ]DWDUD XQG +XDNDJJDFKXD =X LKUHP ,QYHQWDU JHK|UWH IHUQHU HLQH JU|HUH 6FKVVHO GLH VWHWV PLW NODUHP :DVVHU JHIOOW ZDU 'DQHEHQ VWDQG HLQ NOHLQHV .KODJJUHJDW GHVVHQ .KOVFKODQJHQ LQ GDV :DVVHU UHLFKWHQ XQG GLHVHV MHGHU]HLW ELQQHQ ZHQLJHU 0LQXWHQ ]X (LV YHUZDQGHOQ NRQQWHQ 'LH =DWDUDVEUDXFKWHQYRQ=HLW]X=HLWHLQ(LVEDGLQGHPVLHLQHLQHUDXFKIUPLFK DOV %LRORJLQ QRFK QLFKW JDQ] EHJUHLIOLFKHQ $UW XQG :HLVH ]HUILHOHQ XP UHJHQHULHUWQHXPLWDOOGHPIUKHUHQ:LVVHQ]XHQWVWHKHQ 'LH DQGHUH +WWH YRQ +XORVVWDGW ZDU PHLQ UHJHOPlLJHU $XIHQWKDOWV XQG 5XKHRUW ZHQQ LFK QLFKW JHUDGH PHLQHQ )RUVFKXQJVDUEHLWHQ LQ GHU IUHLHQ 1DWXU RGHULQPHLQHQ3IODQ]XQJHQQDFKJLQJ'HU5DXPZDUJURXQGODQJJHQXJXP DXFK'DUW+XORV3ODW]]XELHWHQ$OOHUGLQJVPXWHVLFKGHU5RERWHUGD]XLQGLH ZDDJUHFKWH /DJH EHJHEHQ GHQQ HU ZDU IDVW ]ZHL 0HWHU KRFK +LHU VWDQG DXFK QRUPDOHUZHLVHPHLQH9LUHQVFKDXNHOHLQNOHLQHVXQGY|OOLJDXWDUNHV6FKLIIFKHQ GDV PLU GDPDOV EHL PHLQHP $XIEUXFK DOV 9LURQDXWLQ YRP VLFK DXIO|VHQGHQ 9LUHQLPSHULXP ]XU 9HUIJXQJ JHVWHOOW ZRUGHQ ZDU 'LH 9LUHQVFKDXNHO GLHQWH PLUDXFKDOV.FKH6FKODIVWlWWHXQGDOV+\JLHQHNDPPHUGHQQVLHYHUIJWHEHU DOOHOHEHQVQRWZHQGLJHQ'LQJHXQG]XGHPEHUHLQNOHLQHV0HKU]ZHFNODERUXQG EHU HLQH HLJHQH ,QWHOOLJHQ] GLH LFK 9L6HHOH JHQDQQW KDWWH 'HU EULJH 5DXP PHLQHU+WWHZDUPLWYHUVFKLHGHQHQ/DERUJHUlWHQHLQJHULFKWHWGLHLFKLP/DXI GHU-DKUHLQ6ZDWUDQGHU+DXSWVWDGW6ZRRIRQVHUZRUEHQKDWWH 'DPLW ZDUHQ GLH ZLFKWLJVWHQ )DNWHQ PHLQHV DXJHQEOLFNOLFKHQ /HEHQV VFKRQ XPULVVHQ 9RQ GHU =XNXQIW HUZDUWHWHQ PHLQH EHLGHQ SIODQ]OLFKHQ )UHXQGLQQHQ GLH ZLH LFK GDYRQ DXVJLQJHQ GDVLH DXV GHU 0lFKWLJNHLWVEDOOXQJ (67$578 VWDPPWHQ NHLQH :XQGHU :LU KRIIWHQ GD GLH VFKUHFNOLFKH 'URKXQJ GLH GHU 6RWKR YHUNQGHW KDWWH JHJHQVWDQGORV ZHUGHQ ZUGH :LU KRIIWHQ GD VLFK GLH 9|ONHU GHU 0LOFKVWUDH PLW GHQ .DUWDQLQ DXV 0 HLQLJHQ ZUGHQ YLHOOHLFKW XPJHPHLQVDPGLH*HIDKUHQGHV.ULHJHUNXOWVHQGJOWLJ]XEHVHLWLJHQ (LQHGLUHNWH%HWHLOLJXQJDQGLHVHP*HVFKHKHQNDPZHGHUIUPLFKQRFKIUGLH EHLGHQ=DWDUDVLQ%HWUDFKW:LUZDUHQNHLQH.lPSIHUDXFKZHQQ&RPDQ]DWDUD HLQPDOYRUVHFK]HKQ-DKUHQLKUHXQKHLPOLFKH)lKLJNHLWEHZLHVHQKDWWH'DPDOV KDWWH GHU 6KDG 2OLYHU *UXHWHU PLFK W|WHQ ZROOHQ 8QG &RPDQ]DWDUD KDWWH HV YHUKLQGHUW 6LH KDWWH VLFK GXUFK GLHVH 7DW LQ HLQHQ *HZLVVHQVNRQIOLNW JHVWU]W DXVGHPVLHVLFKHUVWQDFK-DKUHQKDWWHEHIUHLHQN|QQHQ $XFK EHVD LFK NHLQH :DIIHQ 8QG VHOEVW 'DUW +XORV GHU DOV 5RERWHU LQ PDQFKHU %H]LHKXQJ HLQ $OOURXQGN|QQHU ZDU KDWWH NHLQH 0HLQH $XIJDEH VDK LFKLQGHQELRORJLVFKHQ)RUVFKXQJVDUEHLWHQKLHUDXI6ZRRIRQXQGDQGHQ=DWDUDV VHOEVW 8QG GLHVH ZLHGHUXP ZUGHQ JHGXOGLJ ZDUWHQ ELV VLFK GLH LQWHUJDODNWLVFKH6LWXDWLRQ]ZLVFKHQGHP5HLFK(67$5786XQGGHU0LOFKVWUDH
VR VWDELOLVLHUW KDWWH GD PDQ RKQH JU|HUH *HIDKUHQ DXI GLH 6XFKH QDFK GHU +HLPDWZHOWGHU=DWDUDVJHKHQNRQQWH ,FK HUIXKU YRQ GHQ EHLGHQ )UDXSIODQ]HQ GXUFK LKUHQ XQEHJUHLIOLFKHQ :DKUQHKPXQJVVLQQ KLQ XQG ZLHGHU ZDV VLFK LQ GHU 0LOFKVWUDH WDW 0HLQ ,QWHUHVVH GDUDQ EHVFKUlQNWH VLFK DXI VROFKH 'LQJH GLH XQVHU /HEHQ LQ GHU (LQVDPNHLWKlWWHQEHWUHIIHQN|QQHQ8QGGDYRQZDUQRFKNDXPHWZDVGLUHNW]X VSUHQZHQQJOHLFKGLH'URKXQJGHV6RWKRVQRFKQLFKWYHUNOXQJHQZDU ,FK JLQJ MHW]W GDYRQ DXV GD &RPDQ]DWDUD EHU QHXH (UIDKUXQJHQ DXV GHU 0LOFKVWUDHEHULFKWHQZUGH0HLQH1HXJLHUZDUGDKHUQLFKWVRQGHUOLFKJUR ³,FK K|UH DQWZRUWHWH LFK XQG QDKP DXI GHP +RFNHU ]ZLVFKHQ GHQ EHLGHQ =DWDUDV3ODW]³:DVKDWGHU6RWKRZLHGHUDXVJHNRFKW" ³'HQ KDEHQ ZLU JDU QLFKW EHODXVFKHQ N|QQHQ RGHU ZROOHQ HQWJHJQHWH +XDNDJJDFKXD ,FK KDWWH HV JHOHUQW GLH EHLGHQ =DWDUDV DQ GHU 6WLPPH ]X XQWHUVFKHLGHQREZRKOVLHVHKUlKQOLFKNODQJHQXQGEHLGHEHUGDV3DUODIRQ]X PLU VSUDFKHQ ³)DVW VFKHLQW HV XQV VR GD HU VLFK SVLRQLVFK JHJHQ DOOHV DEVFKLUPW ZDV VHLQH 0DQDKPHQ EHWULIIW (V NDQQ DEHU DXFK VHLQ GD XQVHUH )lKLJNHLWHQKLHULP$XJHQEOLFNYHUVDJHQZHLOXQVHU,QWHUHVVHGDUDQJHULQJLVW :LUZDUHQQXUDXIGHU6XFKHQDFKXQVHUHU+HLPDW1DWUOLFKKDEHQZLUDXFKGLH QlKHUH8PJHEXQJEHUZDFKW ³8QGKDEWLKUGLH+HLPDWJHIXQGHQ"IUDJWHLFK ³1HLQ -HW]W VSUDFK ZLHGHU &RPDQ]DWDUD ³$EHU ZLU KDEHQ JHPHLQVDP HLQH YHUEHVVHUWH0HWKRGHGHV,QIRUPDWLRQVHPSIDQJVHQWZLFNHOWXQGGDPLWJHIRUVFKW (VGHXWHWMDDOOHVZDVZLUYRQ*XDQJ'D* DKGHUIDKUHQKDEHQGDUDXIKLQGD ZLU DXV (67$578 RGHU DOOHQIDOOV QRFK DXV 0 VWDPPHQ 0HLQH 6FKZHVWHU XQG LFK KDEHQ EHLGH 5lXPH DEJHKRUFKW $XHU GHU 0DMVXQWD+\EULGH JLEW HV GRUW QLFKWV ZDV PLW XQV GLUHNW YHUZDQGW ZlUH 8QG GLH 0DMVXQWD+\EULGH EHILQGHWVLFKJDQ]VLFKHUQLFKWDXIXQVHUHU+HLPDWZHOW ³'DVEHGHXWHWIROJHUWH+XDNDJJDFKXD³GDXQVHUH+HLPDWZHOWHQWZHGHUJDQ] YHUQLFKWHWZXUGHRGHUDEHU ³:DV QLFKW VWLPPHQ NDQQ KDNWH LKUH 6FKZHVWHU HLQ ³GHQQ LUJHQGHLQ =HLFKHQ KlWWHQZLUVHOEVWGDQQQRFKILQGHQPVVHQ ³2GHUDEHUEHJDQQ+XDNDJJDFKXDHUQHXW³HVEHGHXWHWGDZLUZHGHUDXVGHU 0lFKWLJNHLWVEDOOXQJ(67$578QRFKDXV0VWDPPHQ ,FK NRQQWH GLH 6RUJHQ PHLQHU SIODQ]OLFKHQ )UHXQGLQQHQ JXW YHUVWHKHQ +HOIHQ NRQQWH LFK LKQHQ EHL LKUHQ 1DFKIRUVFKXQJHQ QLFKW 8QG DXHUGHP ZDU HV IU PLFKHLJHQWOLFKXQZLFKWLJZRKHUVLHVWDPPWHQ ³:LU ZHUGHQ LQ .U]H HLQHQ QHXHQ 9HUVXFK XQWHUQHKPHQ HUNOlUWHQ VLH JHPHLQVDP 6LH NRQQWHQ LQ GHU 7DW SDUDOOHO PLW H[DNW GHP JOHLFKHQ :RUWODXW VSUHFKHQ ³'D]X PVVHQ ZLU XQV DEHU LQ HLQH HQWVSUHFKHQGH 6WLPPXQJ YHUVHW]HQ :LU EUDXFKHQ 0XVLN %HL GHU 1DKEHUZDFKXQJ YRQ 6ZRRIRQ KDEHQ ZLUKHUDXVJHIXQGHQGDHLQH0XVLNJUXSSHLQ6ZDIWDXIWUHWHQZLUG:LUZHUGHQ GLHVHEHVXFKHQJHKHQ ³,KUZROOWLQHLQH0XVLNVKRZJHKHQ"ODFKWHLFK ³-D EHKDXSWHWH +XDNDJJDFKXD JDQ] HUQVW ³1DWUOLFK PVVHQ ZLU HLQ SDDU
9RUEHUHLWXQJHQ DXV 7DUQXQJVJUQGHQ WUHIIHQ ,FK KRIIH GD GX XQV GDEHL KLOIVW 'DKDWWHLFKNHLQH(LQZlQGHXQGGDVOLHLFKGLHEHLGHQZLVVHQ ³'LH *UXSSH NRPPW EULJHQV DXV GHP 6ROV\VWHP PHLQWH &RPDQ]DWDUD ³8QG VLHQHQQWVLFK6HPPHO V+RW6KRWV ³+RW6KRWVVDJWHLFK³+HLH6FKVVH:HQQGDVPDONHLQE|VHV2PHQLVW 'DV/DFKHQGHU=DWDUDV]HUVWUHXWHPHLQH%HGHQNHQVFKQHOOZLHGHU $P QlFKVWHQ 7DJ HUIXKU LFK ZDV &RPDQ]DWDUD XQG +XDNDJJDFKXD VLFK XQWHU GHQ :RUWHQ ³9RUEHUHLWXQJ DXV 7DUQXQJVJUQGHQ YRUJHVWHOOW KDWWHQ ,Q LKUHQ 6FKVVHOQPLW(UGUHLFKKlWWHQVLHMDWURW]DOOHU$XIJHVFKORVVHQKHLWDXI6ZRRIRQ VFKOHFKWLQ HLQHP0XVLNNRQ]HUW HUVFKHLQHQN|QQHQ$XHUGHP ZXWHQZLUDOOH GUHL GD HV QLFKW QXU lXHUVW XQNOXJ VHLQ ZUGH VLFK LQ GHU 2ULJLQDOJHVWDOW LQ GHUgIIHQWOLFKNHLW]X]HLJHQVRQGHUQDXFKJHIlKUOLFK +XDNDJJDFKXD HUNOlUWH PLU ZDV VLFK GLH EHLGHQ =DWDUD6FKZHVWHUQ DXVJHGDFKW KDWWH ³:LUQHKPHQQDWUOLFK'DUW+XORV:LUKDEHQMDEHLGHEHTXHPLQVHLQHQ%HLQHQ 3ODW] 'X NDQQVW DXFK JHUQ PLWNRPPHQ -L]L GHQQ GHLQ 3ODW] LVW MD LP 5XPSI 'D ZlUH QRFK HLQ 3UREOHP (V N|QQWH HLQ SDDU *HLVWHU ZHFNHQ ZHQQ HLQ 5RERWHULQHLQ0XVLNNRQ]HUWJHKW'HVKDOEPWHVLFK'DUWWDUQHQ:LUVWHOOHQ XQV YRU GD HU VLFK DOV VFKPDOEUVWLJHU (UWUXVHU YHUNOHLGHQ N|QQWH 2GHU DOV 6SULQJHU9LHOOHLFKWDXFKDOVGLFNHU7HUUDQHU ³,KUVSLQQWODFKWHLFK³$EHULFKKHOIHHXFK:HQQLKUPHLQWGD0XVLNHXFK VRDQKHL]HQNDQQGDLKUJHPHLQVDPLQHXUHQ*HLVWHVZDQGHUXQJHQHXUH+HLPDW ILQGHWGDQQXQWHUVWW]HLFKMHGH%HPKXQJ ³:LU VLQG GLU VHKU GDQNEDU ,FK VSUWH GD &RPDQ]DWDUD GDV HKUOLFK PHLQWH ³:LU EUDXFKHQ ZLUNOLFK PXVLNDOLVFKH ,PSXOVH XP LQ XQVHUHQ JHPHLQVDPHQ %HPKXQJHQHLQH6WLPPXQJ]XHU]LHOHQGLHZHLWHUUHLFKW:HLWHUDOVQDFKGHQ *DOD[LHQ(67$5786RGHUQDFK3LQZKHHO ³,KUPHLQWDOVRGDFKWHLFKODXW³LKUN|QQWHWHXUH+HLPDWDQHLQHPDQGHUHQXQG QRFKZHLWHUHQWIHUQWHQ2UWILQGHQ" ³2E GHU 2UW QDK RGHU IHUQ LVW VSLHOW NHLQH 5ROOH :LU ZROOHQ LKQ ILQGHQ :LU EUDXFKHQ .ODUKHLW EHU XQV :LU VLQG QXU JDQ]H ]ZHL :HVHQ XQVHUHV 9RONHV :LUZLVVHQDEHUGDHVQRFKDQGHUH=DWDUDVJHEHQPX(VLVWXQGHQNEDUGD ZLU DOOHLQ VLQG $XFK GLH YRU ODQJHQ =HLWHQ HLQJHIDQJHQHQ =DWDUDV GLH GLH XQWHUGUFNWH 0DMVXQWD+\EULGH ELOGHQ N|QQHQ QLFKW XQVHU JDQ]HV 9RON GDUVWHOOHQ :LU KDEHQ XQV QLFKW LQ GHU 0lFKWLJNHLWVEDOOXQJ (67$578 JHIXQGHQ8QGDXFKQLFKWLQ0'DPXDEHUHWZDVVHLQ,UJHQGZR-L]L8QG GDVZROOHQZLUILQGHQ ³5HJW HXFK QLFKW DXI ,FK YHUVXFKWH GLH EHLGHQ )UDX3IODQ]HQ PLW PHLQHQ :RUWHQ]XEHVlQIWLJHQ³,FKKHOIHHXFKMDZRLPPHUHVJHKW$EHULFKKDEHPLU DXFK PHLQH *HGDQNHQ JHPDFKW 8QVHUH :HOW KLHU LQ +XORVVWDGW LVW VHKU UXKLJ :LUKDEHQNHLQH0XVLN,FKZXWHQLFKWGDLKUVRHWZDVEUDXFKW8QGZHQQHV
QXU XP HWZDV 0XVLN JHKW PHLQH OLHEHQ )UHXQGLQQHQ VR NDQQ LFK GLH DXFK KLHUKHU KROHQ 'HU $XIZDQG LVW JHULQJ (V JLEW PLOFKVWUDHQZHLW 3URJUDPPH QXU IHKOW XQV HLQH JHHLJQHWH (PSIDQJVHLQULFKWXQJ ,FK NDQQ GLHVH DEHU EHVRUJHQ ³'DQNH -HW]W VSUDFK +XDNDJJDFKXD 6LH ZLUNWH HWZDV HQWWlXVFKW ³:LU EUDXFKHQ GHQ RULJLQDOHQ .RQWDNW :LU EUDXFKHQ OHEHQGH 0XVLN $XI 6ZRRIRQ JLEW HV VR HWZDV QRUPDOHUZHLVH QLFKW :LU N|QQWHQ DXFK DXI HLQHQ IHUQHUHQ 3ODQHWHQ ZHFKVHOQ XP XQV ULFKWLJ IU GLH JHPHLQVDPH *HLVWHVZDQGHUXQJ DXI]XKHL]HQDEHUGDQQZlUHQZLUOlQJHUXQGZHLWHUYRQGLUIRUW8QGGDVZROOHQ ZLU QLFKW :LU ELWWHQ GLFK XQVHUHQ :XQVFK QDFK 2ULJLQDOLWlW ]X XQWHUVWW]HQ 1XUGDVKLOIWXQVZHLWHUXPXQVHUH+HLPDW]XILQGHQ ,FKJDEGLHVHQ9HUVXFKDXI ³,Q 2UGQXQJ 'LH 8PEDXDUEHLWHQ IU 'DUW +XORV PDFKHQ HLQLJHV 0DWHULDO HUIRUGHUOLFK 8QG VLH EUDXFKHQ DXFK HWZDV =HLW :DQQ ZHUGHQ GHQQ GLHVH +RW 6KRWV DXI6ZRRIRQHUVFKHLQHQ" ³'LH 9RUYHUKDQGOXQJHQ VLQG VFKRQ YRU OlQJHUHU =HLW JHIKUW ZRUGHQ 'DV ZDU DQ GHP 7DJ DQ GHP XQV )HUEHOLQ 'HVWRZLWVFK DOV )MHGGR 'HQRRYHU PLW VHLQHU )UDX &ODUHQFH PLW LKUHQ .DPSIURERWHUQ DXV GHU 3DWVFKH KROWH 'HU 9HUWUDJ IU GLH GUHL $XIWULWWH ZLUG KHXWH DEHQG JHVFKORVVHQ ZHUGHQ DQWZRUWHWH +XDNDJJDFKXD,FKPHUNWHZLHGHUHLQPDOZLHPHUNZUGLJPHLQH%H]LHKXQJ]X GHQ EHLGHQ ZHLEOLFKHQ 3IODQ]HQ ZDU GLH DXFK HLQ 6WFN LQ GLH =XNXQIW VHKHQ NRQQWHQ RKQH GDEHL MHPDOV LP 'HWDLO ZLUNOLFK NRQNUHW ]X ZHUGHQ ³'HU HUVWH $XIWULWWZLUGGDQQLQGUHL7DJHQHUIROJHQ(UILQGHWLQHLQHP9RURUWYRQ6ZDWUDQ VWDWW GHU .HUEHOLQN JHQDQQW ZLUG 'DQQ IROJW QDFK HLQHP 5XKHWDJ GHU ]ZHLWH $XIWULWW LQ GHU 6GVWDGW 3HUIHQVRRQ 'HQ $EVFKOX ELOGHW HLQ .RQ]HUW LQ GHU VZRRQVFKHQ*OFNDXI+DOOHLQ6ZDWUDQ ³'DQNHIUGLH,QIRUPDWLRQHQ'DVNODQJHLQZHQLJVNHSWLVFKGHQQGDVUHFKWH 9HUVWlQGQLVIUGDV%HJHKUHQGHUEHLGHQ=DWDUDVKDWWHLFKQLFKW³,FKIOLHJHQRFK KHXWH PLW PHLQHU 9LUHQVFKDXNHO QDFK 6ZDWUDQ XP GDV 0DWHULDO ]X EHVRUJHQ GD LKU IU 'DUW +XORV 9HUNOHLGXQJ EUDXFKW (U ZLUG ZLH HLQ MXQJHU (UWUXVHU DXVVHKHQGHUKLHUVHLQHQ8UODXEPDFKW$EHUHLQVPXLFKHXFKQRFKIUDJHQ,VW GDQLFKWLUJHQGHWZDVIDXODQGHU6DFKH"'LHHUIUHXOLFKH5|WHHXUHU%OWHQN|SIH GLH)URKVLQQ*OFNXQG=XIULHGHQKHLWVLJQDOLVLHUWKDWGRFKHWZDVQDFKJHODVVHQ 2GHULUUHLFKPLFKGD" ³(V LVW DOOHV LQ 2UGQXQJ -L]L EHUXKLJWH PLFK &RPDQ]DWDUD ³8QVHU *OFN LVW HWZDVJHWUEWZHLOZLUXQVHUH+HLPDWILQGHQZROOHQHVDEHUQRFKQLFKWN|QQHQ 8QG GDQQ KDEHQ ZLU XQV DXFK *HGDQNHQ GDUEHU JHPDFKW GD GX XQVHUHP %HJHKUHQYLHOOHLFKWQLFKW]XVWLPPHQZUGHVW ³,FKELQVFKRQVRJXWZLHXQWHUZHJVDQWZRUWHWHLFK³,FKKDEHQLFKWVGDJHJHQ ZHQQLKUHXFK6HPPHO V+RW6KRWV LQGLH2KUHQ]LHKWXQGGDGXUFKYLHOOHLFKW HXUH+HLPDWZHOWLUJHQGZRLQGHQ)HUQHQGHV$OOVILQGHW 6LHVDJWHQJHPHLQVDP³'DQNH-L]L
,FK KDWWH HLQ SDDU %HNDQQWH LQ 6ZDWUDQ GLH DXVVFKOLHOLFK 6ZRRQ ZDUHQ 'LH OLHEHQ .HUOH YRQ GHQHQ PHLQH 9RUIDKUHQ YRQ 6LJD LQ GHU 9HUJDQJHQKHLW YLHO JHOHUQW KDWWHQ XQG GLH )UHXQGH PHLQHV 9RONHV JHZRUGHQ ZDUHQ JHK|UWHQ XQG SDWHQLQPHLQH:HOW$XFKZHQQYLHOOHLFKWHLQHUYRQLKQHQXQEHDEVLFKWLJWYRU ZHQLJHQ :RFKHQ GDV .LOOHUNRPPDQGR GHU EHLGHQ 6KDGD 6DQGUR $QGUHWWD XQG *HUDUG+RHJHQHUDXIPHLQH/HEHQVIlKUWHQJHOHQNWKDWWHVRNRQQWHGDVQLFKWVDQ XQVHUHU)UHXQGVFKDIWlQGHUQ1DWUOLFKOHJWHLFKPHLQHEOLFKH0DVNHDQDOVLFK LQ5LFKWXQJ6ZRRIRQVWDUWHWH,FKVDKQLFKWPHKUZLHHLQHMlKULJH6LJDQHVLQ DXV VRQGHUQ ZLH HLQ VZRRQVFKHU -QJOLQJ GHU PLW VHLQHP IORWWHQ 6FKOLWWHQ PHLQHU 9LUHQVFKDXNHO GLH GLHVHV 6SLHO GHU 7DUQXQJ H[]HOOHQW XQWHUVWW]WH NDXPDXIILHO 'LH%HVRUJXQJGHU0DWHULDOLHQIUGLH7DUQXQJYRQ'DUW+XORVDOVMXJHQGOLFKHQ (UWUXVHU EHUHLWHWH PLU NHLQH 3UREOHPH 0HLQH VZRRQVFKHQ )UHXQGH KDOIHQ PLU DXFK LQ GLHVHP )DOO GLVNUHW XQG RKQH 3UREOHPH 'D LFK ]DKOXQJVIlKLJ ZDU ZXWHQ VLH GHQQ PHLQH 9HUNlXIH YRQ ZLVVHQVFKDIWOLFKHQ 8QWHUVXFKXQJVHUJHEQLVVHQ YRQ GHQHQ LFK PLFK IDVW DXVVFKOLHOLFK HUQlKUWH ZLFNHOWH LFK MD DXFK EHU VLH DE ² XQWHU GHP 3VHXGRQ\P ³+HUPDQQ %HUJKHLPHU 'DV 3VHXGRQ\P NODQJ VHKU WHUUDQLVFK XQG GDV WUXJ ZLHGHUXP GD]XEHLGDGLH+RQRUDUHIUPHLQH6WXGLHQHKHUVWLHJHQDOVILHOHQ 'DV OLHI DOOHV JODWW 1XU HLQV PDFKWH PLFK VWXW]LJ DOV LFK JHJHQ 0LWWDJ GLH +DXSWVWDGWGHU6ZRRQZLHGHUYHUODVVHQZROOWH ,Q 6ZDWUDQ OHXFKWHWHQ EHUHLWV DQ DOOHQ (FNHQ XQG (QGHQ GLH IOXRUHV]LHUHQGHQ %LOGHU XQG 6FKULIWHQ DXI GLH GLH .RQ]HUWH YRQ ³6HPPHO V +RW 6KRWV DQNQGLJWHQ0HLQH]DWDULVFKHQ)UHXQGLQQHQKDWWHQGRFKGDYRQJHVSURFKHQGD GHU 9HUWUDJ IU GLH .RQ]HUWH HUVW DQ GLHVHP$EHQG JHVFKORVVHQZHUGHQ ZUGH (LJHQWOLFK GXUIWH GLHVHU :HUEHUXPPHO GRFK QRFK JDU QLFKW H[LVWLHUHQ ,FK WU|VWHWH PLFK PLW YHUVFKLHGHQHQ *HGDQNHQ 9LHOOHLFKW KDWWH LFK HWZDV IDOVFK YHUVWDQGHQ 2GHU LFK KDWWH QLFKW ULFKWLJ ]XJHK|UW 2GHU GLH 6ZRRQ KDWWHQ GDV DOOHV QXU DEJH]RJHQ ZHLO VLH VLFK QDFK GHQ 9RUYHUKDQGOXQJHQ VHKU VLFKHU ZDUHQGD³6HPPHO V+RW6KRWVDXFKWDWVlFKOLFKNRPPHQZUGHQ ,QGLHVHQWUEHQ=HLWHQXQWHUGHU)XFKWHOYRQ6RWKR7\JODQZDUHVVRZLHVRHLQ NOHLQHV:XQGHUGDVRHWZDVSUREOHPORVEHUGLH%KQHJLQJ ,FK VWXGLHUWH DXFK GLH %LOGHU YRQ ³6HPPHO V +RW 6KRWV 'LH *UXSSH EHVWDQG ]XPLQGHVWQDFKGHPGUHLGLPHQVLRQDOHQ%LOG]XVFKOLHHQ²DXVDFKW0XVLNHUQ )DV]LQLHUHQG DQ LKQHQ ZDU GD VLH DOOH PLW JDQ] DQWLNHQ ,QVWUXPHQWHQ ³EHZDIIQHWZDUHQ,FKNDQQWHGLHVH,QVWUXPHQWHJDUQLFKWDOOHDEHUHVZDUHLQH DOWHUWPOLFKH *LWDUUH GDUXQWHU HLQH PXVHXPVUHLIH 3RVDXQH XQG HLQH ZRKO EHL $XVJUDEXQJHQ JHIXQGHQH 7URPSHWH $P DXIIlOOLJVWHQ ZDU DEHU GHU ULHVLJH .DVWHQGHUQDFKVHLQHP$XVVHKHQEHVWLPPWNHLQHQ+LJK7HFK6\QWKHVL]HURGHU DXFK NHLQHQ SRVLWURQLVFK JHVWHXHUWHQ 0XOWL0HPRU\6HOIFUHDWLQJ$XWRPDWLF &RPSRVHU HQWKLHOW (V KDQGHOWH VLFK JDQ] RIIHQEDU XP HLQ RULJLQDOHV .ODYLHU $XFK ZHQQ GHU 0DQQ GHU GRUW ² DXI GHP %LOG ZHUEHWHFKQLVFK SHUIHNW JHVWHXHUWLQGLH7DVWHQKlPPHUWHZHFNWHPHLQH$XIPHUNVDPNHLW:DUHQGRFK DOOH 0LWJOLHGHU GHU *UXSSH 7HUUDQHU VR KDQGHOWH HV VLFK EHL GLHVHP
RIIHQVLFKWOLFK XP HLQHQ YHUNDSSWHQ 0HGL]LQPDQQ DXV GHP 9RON GHU $UDV 'D GLHVH7\SHQVLFKIU0XVLNLQWHUHVVLHUWHQRGHUVLHJDUSURGX]LHUWHQZDUIUPLFK QHX1RUPDOHUZHLVHEDVWHOWHQVLHGRFKQXUPLWLKUHQ'URJHQXQG6lIWHQKHUXP GLHVLH0HGLNDPHQWHQDQQWHQ 0LU ZXUGH QLFKWV NODU 9RU DOOHP QLFKW ZDV PHLQH EHLGHQ ]DWDULVFKHQ 3IODQ]HQIUHXQGLQQHQ YRQ GLHVHU $UW 0XVLN HUKRIIWHQ YRQ GHU LFK HLQ SDDU .RVWSUREHQ ]X K|UHQ EHNDP :DU GDV ZLUNOLFK GLH ULFKWLJH 0HGL]LQ GLH LKUH *HLVWHUEHIOJHOQNRQQWHXPGLH+HLPDW]XILQGHQ" ,FKNRQQWHGDVQLFKWJODXEHQ (JDO ,FK NOHPPWH GLH $QWLJUDYSODWWIRUP DXI GHU GDV 0DWHULDO IU 'DUW +XORV 9HUNOHLGXQJYHUODGHQZDUXQWHUPHLQH9LUHQVFKDXNHOXQGWUDWGHQ5FNIOXJLQ GLH(LQVDPNHLWYRQ+XORVVWDGWDQ &RPDQ]DWDUD XQG +XDNDJJDFKXD EHJUWHQ PLFK YROOHU +HLWHUNHLW 'LH 5|WH LKUHU%OWHQN|SIHZDUDXFKZLHGHUHWZDVLQWHQVLYHUJHZRUGHQ'DVZHFNWHDXFK PHLQH /HEHQVJHLVWHU 'LH (ULQQHUXQJ DQ GDV GXQNOH %ODX GDV LFK EHL &RPDQ]DWDUD VHLW XQVHUHU HUVWHQ %HJHJQXQJ HUOHEW KDWWH GDV %ODX GDV 7UDXHU XQG HLQH YHU]ZHLIHOWH 6XFKH HQWKDOWHQ KDWWH ZDU QRFK GD -HW]W ZDU GDV 5RW VFK|QXQGPLWUHLHQG(VZDUY|OOLJNODULFKZUGHGLHEHLGHQLQMHGHU+LQVLFKW XQWHUVWW]HQ 'DUW +XORV EHNDP GLH HQWVSUHFKHQGH $QZHLVXQJ 'HU 5RERWHU EHVDK VLFK GLH 'LQJHGLHLFKDXV6ZDWUDQPLWJHEUDFKWKDWWH'DQQPDFKWHHUVLFKDQGLH$UEHLW 1RFKEHYRUGLH1DFKWVLFKEHU+XORVVWDGWVHQNWHVDKHUZLHHLQMXQJHU(UWUXVHU DXVGHUHLQHQEHVRQGHUVZLOGHQ%UVWHQKDDUVFKQLWWDXIGHP.RSIWUXJXQGVLFK QXUGDQDFK]XVHKQHQVFKLHQLQHLQ/LYH.RQ]HUW]XJHKHQ ,FK VDJWH QLFKWV GD]X $XFK QLFKWV ]X GHU EHJHLVWHUWHQ =XVWLPPXQJ GHU EHLGHQ =DWDUDV 0HLQ Ql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³6HPPHO V +RW 6KRWV DQNQDEEHUQ ODVVHQ 0LFK EHUKUWH GDV ZHQLJ 8QG ² LP EULJHQ VLH EHVDHQ JDU NHLQH 2KUHQ 1DFK]ZHL7DJHQGHVY|OOLJHQ$OOHLQVHLQVNHKUWH'DUW+XORVZLHGHU]XUFN$XV VHLQHQ %HLQHQ YHUVHW]WHQ VLFK GLH =DWDUDV LQ LKUH 6FKVVHOQ 6LH QDQQWHQ GDV UlXPOLFKHV9HUVHW]HQXQGHVZDUZRKOHLQH$UW7HOHSRUWDWLRQ$EHUGDVNDQQWH LFKMD6LHYHUVDQNHQLQ6WLOOH,FKK|UWHNHLQ:RUWYRQLKQHQ0HLQH9HUPXWXQJ OLHI DXI ]ZHL *OHLVH KLQDXV (QWZHGHU ZDU GDV .RQ]HUW LP 6ZDWUDQ9RURUW .HUEHOLQN HLQ 5HLQIDOO JHZHVHQ RGHU VLH JLQJHQ MHW]W JHPHLQVDP DXI GLH *HGDQNHQUHLVH]XP8UVSUXQJVRUWLKUHU9RUIDKUHQ
9RQ PHLQHQ KXQGHUW .HLPOLQJHQ ZDUHQ VLHEHQ DXIJHJDQJHQ 6LH ]HLJWHQ JDQ] HLQVHLWLJ GLH NODUHQ 0HUNPDOH HLQHV GHU VLHEHQ (OWHUQWHLOH 'LH DQGHUHQ VHFKV 8UVSUQJH ZDUHQ JHQHWLVFK RGHU ELRORJLVFK RGHU HLQIDFK QDWUOLFK XQWHUGUFNW ZRUGHQ 0HLQ ([SHULPHQW ZDU JHVFKHLWHUW ,FK PXWH HLQHQ QHXHQ $QIDQJ VXFKHQ8QGGDVZUGHLFKWXQ ,FK ZDU QRFK VR LQ PHLQH *HGDQNHQ YHUVXQNHQ GD LFK GHQ 5XI DXV GHP 3DUODIRQ HUVW EHLP GULWWHQ 0DO K|UWH (V ZDU &RPDQ]DWDUD 9HUJHVVHQ ZDU GHU IHKOJHVFKODJHQH =FKWXQJVYHUVXFK HLQHU $OWELRORJLQ ,FK KLQJ DQ GHQ =DWDUDV 8QG ZHQQ HLQH YRQ PHLQHQ EHLGHQ SIODQ]OLFKHQ )UHXQGLQQHQ ULHI GDQQ JDE HV IUPLFKNHLQ+DOWHQ ,FK VHW]WH PLFK DXI GHQ +RFNHU ]ZLVFKHQ GHQ EHLGHQ %OWHQVFKVVHOQ XQG SRVLWLRQLHUWH GDV 3DUODIRQ MHQHV NOHLQH *HUlW GHU 9LUHQWHFKQLN GDV QLFKW QXU DNXVWLVFKH 6LJQDOH VRQGHUQ DXFK GLH WHOHSDWKLVFKHQ *HGDQNHQ YHUVWlUNHQ XQG YHUGHXWOLFKHQNRQQWHLQPHLQHP6FKR ³,FKELQGDVDJWHLFK ³:LU ZLVVHQ GDV DQWZRUWHWHQ VLH JHPHLQVDP ³(V WXW XQV OHLG GD GHLQ ([SHULPHQW NHLQHQ (UIROJ KDWWH 'DV VLQG 'LQJH YRQ GHQHQ ZLU QLFKWV YHUVWHKHQ :LU VLQG 6DPPOHU YRQ ,QIRUPDWLRQHQ ZHQQ ZLU DNWLY HLQJUHLIHQ VQGLJHQZLU ³,FK ZHL GDV ,KU KDEW PLFK JHUXIHQ :ROOW LKU PLU HU]lKOHQ ZLH HV EHL 6HPPHO V+RW6KRWV ZDU" (UVWHLQPDOEHNDPLFKNHLQH$QWZRUW'DQQVDJWH+XDNDJJDFKXD ³:LUZROOHQGLFKHWZDVIUDJHQ ³)UDJW ³'X ELVW :LVVHQVFKDIWOHULQ GHLQHV 9RONHV -L]L 'X ELVW %LRORJLQ 'X LQWHUHVVLHUVWGLFKYRUGHUJUQGLJIUDOOHVZDVOHEW:LUNHQQHQYLHOYRQGLUDEHU GDV LVW QXU HLQ %UXFKWHLO 1DFK XQVHUHU 0HLQXQJ PX VLFK HLQH :LVVHQVFKDIWOHULQ DXFK IU %HUHLFKH LQWHUHVVLHUHQ GLH HWZDV DEVHLWV GHV XUHLJHQHQ,QWHUHVVHQJHELHWVOLHJHQ,VWGDVEHLGLUVR" ³(V LVW VR DQWZRUWHWH LFK ³$EHU GDV ZLW LKU GRFK ,KU N|QQW GRFK PHLQH *HGDQNHQHUIDVVHQ ³:LUN|QQHQQXUGDVHUIDVVHQZDVZLUPLWXQVHUHU3V\FKHHUIDVVHQZROOHQ6LH VSUDFKHQZLHGHUSDUDOOHO³8QGGDVLVWPDQFKPDOQLFKWYLHO:LUVLQG6DPPOHU NHLQH )RUVFKHU:LUEUDXFKHQHLQH$QWZRUWDXIHLQHJDQ]HQWVFKHLGHQGH)UDJH 'XOHEVWLQGLHVHP8QLYHUVXPLQGHPGLH0LOFKVWUDHPLWGHU(UGH7HUUDGHQ 3ODQHWHQ6LJDRGHU6ZRRIRQRGHUPLWHLQHU0LOOLDUGHDQGHUHU3ODQHWHQHLQ6WFN LVW'LHVHV6WFN0DWHULHLVWDEHUQXUHLQOlFKHUOLFKNOHLQHU%UXFKWHLOGHVVHQZDV GLHVHV 8QLYHUVXP DXVPDFKW 'DV ZHLW GX (V JLEW PHKU DOV HLQH 0LOOLDUGH DQGHUHU 6WHUQHQLQVHOQ LQ GHQHQ 0LOOLDUGHQ YRQ 3ODQHWHQ XP LKUH 6RQQHQ NUHLVHQ ,Q VHLQHU %HJUHQ]WKHLW LVW GHLQ 8QLYHUVXP GRFK XQHQGOLFK IU GHLQH %HJULIIH ³:DV LKU VDJW DQWZRUWHWH LFK HWZDV VFKHX ³HQWVSULFKW PHLQHP :HOWELOG ,FK JODXEHDXFKGDLKUGLHVHV EHVVHU YHUVWHKWDOVLFK:DUXPZROOWLKUPLFKGDQQ QRFKHWZDVIUDJHQ"
³(V JLEW QLFKW QXU 6LJD RGHU 7HUUD 2GHU (UWUXV XQG 6ZRRIRQ 6LH VSUDFKHQ ZLHGHU LP 'XHWW ³(V JLEW QLFKW QXUGLH 0LOFKVWUDH XQG $QGURPHGD QLFKW QXU (UHQG\UD XQG 6LRP 6RP QLFKW QXU GLH 0lFKWLJNHLWVEDOOXQJHQ YRQ (6 XQG (67$578(VJLEWYLHOOHLFKWPHKU ³(V JLEW PHKU 0LU ZDU QRFK XQNODU ZDV GLH EHLGHQ ZHLEOLFKHQ 3IODQ]HQ ZLUNOLFKZROOWHQ³'DVLVWVLFKHU (LQH 3DXVH WUDW HLQ LQ GHU GLH )DUEHQ GHU OHXFKWHQGHQ %OWHQN|SIH VFKQHOO ]ZLVFKHQ HLQHP VFKHXHQ 5RW XQG HLQHP EODVVHQ %ODX ZHFKVHOWHQ 6FKOLHOLFK OHXFKWHWH &RPDQ]DWDUD KHOOHU DXI 8QG VLH VWHOOWH DXFK GLH )UDJH DXI GLH LFK JHZDUWHWKDWWH ³*LEWHVQHEHQGLHVHP8QLYHUVXPLQGHPGXOHEVWQRFKDQGHUH8QLYHUVHQ" ,FK VSUWH GLH %HGHXWXQJ GLH LQ GLHVHQ :RUWHQ PLWVFKZDQJ ,FK ZXUGH PLU EHZXWGDGLHEHLGHQ=DWDUDVQLFKWQXUELRORJLVFKIUHPGDUWLJIUPLFKZDUHQ REZRKO LFK IDVW GLH KDOEH 0LOFKVWUDH NDQQWH XQG QDFK 3IODQ]HQDUWHQ GXUFKIRUVFKWKDWWH ³(V JLEW HLQH =DKO YRQ 8QLYHUVHQ DQWZRUWHWH LFK ³GLH XQHQGOLFK XQG GRFK EHJUHQ]WLVW8QHQGOLFKXQGGRFKEHJUHQ]WVRLVWXQVHU.RQWLQXXPDXFK ³8QVHUHV" ³8QVHUHV" 6LH VDJWHQ HV EHLGH QDFKHLQDQGHU (V NODQJ ZLH HLQ +RKQZLHHLQ9RUZXUIZLHHLQ%HZHLVGHUDEVROXWHQ.XU]VLFKWLJNHLW ,FK YHUVXFKWH PLFK ]X YHUWHLGLJHQ ³3HUU\ 5KRGDQ XQG YLHOH VHLQHU 0LWVWUHLWHU ZDUHQ LQ DQGHUHQ 8QLYHUVHQ QLFKW RIW DEHU GD ZDU GDV 5RWH 8QLYHUVXP GHU 'UXXI GDV 3DUDOOHOXQLYHUVXP LQ GHU 9RUSKDVH GHV NRVPLVFKHQ 6FKDFKVSLHOV ]ZLVFKHQ(6XQG$QWL(6GDZDU ³:DUXP KDVW GX XQV GDV QLH JHVDJW" :DUXP" 'DV ZDU ZLH HLQ YHU]ZHLIHOWHU 6FKUHLDXVGHU6HKQVXFKWGHV(UNHQQHQZROOHQV ,FKYHUVWDQGVLHZLHGHUQLFKW]XU*lQ]H ³,KUVHLG6DPPOHUYRQ,QIRUPDWLRQHQVDJWHLFK³,FKGDFKWHGDVROFKH'LQJH IUHXFKVHOEVWYHUVWlQGOLFKVLQG ³(V JLEW DOVR DQGHUH 8QLYHUVHQ +XDNDJJDFKXD ZLUNWH ZLH EHIUHLW ³'LH =DKO GHU DQGHUHQ 8QLYHUVHQ LVW XQZLFKWLJ 'X VDJVW HV JLEW VLH :LU KDEHQ NHLQHQ *UXQG DQ GHLQHQ :RUWHQ ]X ]ZHLIHOQ :LU ZLVVHQ HLJHQWOLFK QXU )DNWHQ XQG DXFKGLHQLFKWDOOH:LVVHQVFKDIWOLFKH=XVDPPHQKlQJHVLQGXQVPHLVWIUHPG $XFK &RPDQ]DWDUD ZDU QXQ JHO|VWHU DEHU ZDV VLH lXHUWH PDFKWH PLFK GRFK VHKUQDFKGHQNOLFK ³:LU KDEHQ LP JHPHLQVDPHQ $XVIOXJ XQVHUHU *HLVWHU DQJHKHL]W GXUFK GLH 0XVLN HLQHQ :HJ ]X XQVHUHU +HLPDW JHIXQGHQ :LU KDEHQ GLHVH QRFK QLFKW HUNDQQW $EHU ZLU YHUPXWHQ GD VLH QLFKW LQ GLHVHP 8QLYHUVXP OLHJW :LU VWDPPHQ ZHGHU DXV 3LQZKHHO QRFK DXV GHU 0lFKWLJNHLWVEDOOXQJ (67$5786 :LUVWDPPHQJDUQLFKWDXVGLHVHP5DXP:LUNRPPHQDXV7DUNDQ7DUNDQLVW XQVHUH +HLPDW 8QG ZLU ZHUGHQ GRUW LQ 7DUNDQ LQ GHP -L]L ZDV IU GLFK HLQ DQGHUHV 8QLYHUVXP LVW DXFK QRFK XQVHUH +HLPDW HQWGHFNHQ 'HQQ PLW GHU 0XVLN YRQ µ6HPPHO V +RW 6KRWV ZHUGHQ XQVHUH *HGDQNHQ JH|IIQHW XQG ZLU N|QQHQJHPHLQVDPDXIHLQHJHLVWLJH(QWGHFNXQJVUHLVHJHKHQGLHXQVHUH)UDJHQ EHDQWZRUWHQZLUG
,FK KDWWH HV JHDKQW $EHU GDV HV VR VFKOLPP NRPPHQ ZUGH KDWWH LFK QLFKW YHUPXWHW 'LH =DWDUD6FKZHVWHUQ ZDUHQ IDVW EHVHVVHQ YRQ GHU ,GHH VLFK GXUFK HLQHQ ]ZHLWHQ 0XVLN6FKXE LQ GLH /DJH ]X YHUVHW]HQ LQ GHP DQJHEOLFK H[LVWLHUHQGHQ 8QLYHUVXP 7DUNDQ LKUH +HLPDWZHOW]XHQWGHFNHQ,FKKDWWH NHLQH (LQZlQGH JHJHQ GLHVH %HVWUHEXQJHQ $OV VLH DEHU HUZlKQWHQ LFK VROOWH VLH DXI GHP$XVIOXJLQGLH6GVWDGW6ZRRIRQVQDFK3HUIHQVRRQEHJOHLWHQHUWHLOWHLFK LKQHQ HLQH NODUH $EVDJH 'DQQ NDP LKUH %LWWH DOOHLQ XQWHU GHU 0DVNH GHV 5RERWHUV'DUW+XORV]XPQlFKVWHQ.RQ]HUWYRQ³6HPPHO V+RW6KRWVJHKHQ]X GUIHQ8QGGDZLOOLJWHLFKHLQ ,FKGXUIWHHVPHLQHQ)UHXQGLQQHQQLFKWYHUZHKUHQVLFKVRDXI]XKHL]HQGDVLH PLW LKUHP JHLVWLJHQ 9RUVWR LQ HLQ DQGHUHV 8QLYHUVXP QLFKW GRFK HLQH &KDQFH IDQGHQVLFKVHOEVW]XYHUVWHKHQXQGLKUH+HLPDW]XILQGHQ6LH]HLJWHQVLFKVHKU HQWWlXVFKW GDUEHU GD LFK PLFK ZHLJHUWH GDV :LHGHUKROXQJVNRQ]HUW GHU ³6HPPHO V +RW 6KRWV HEHQIDOOV ]X EHVXFKHQ ,FK ZDU :LVVHQVFKDIWOHULQ %LRORJLQ ,FK KDWWH $XIJDEHQ 8QG HLQH GDYRQ ZDU JHUDGH MHW]W VR JHVFKHLWHUW GD PLFK 0XVLN EHVWLPPW QLFKW DXIPXQWHUQ RGHU ]X QHXHQ *HGDQNHQ IKUHQ NRQQWH 1HLQ 'DV VROOWHQ VLH DOOHLQ PDFKHQ GLH EHLGHQ =DWDUDV LQ GHQ +RKOUlXPHQGHU%HLQHPHLQHV'DUW+XORV 6LH DN]HSWLHUWHQ PHLQH $EOHKQXQJ QXU ]|JHUQG 'HU %ODXVFKLPPHU LKUHU %OWHQN|SIH VLJQDOLVLHUWH HWZDV (QWWlXVFKXQJ DEHU GDV ZDU PLU HJDO 'LH gIIHQWOLFKNHLW LQWHUHVVLHUWH PLFK ZHQLJ 'LH DQWLNH 0XVLN YRQ ³6HPPHO V +RW 6KRWV QRFK ZHQLJHU 'LH ]QGHQGH ,GHH PLW GHU LFK PHLQ JHVFKHLWHUWHV =FKWXQJVH[SHULPHQW DXV GHP )HXHU JHULVVHQ KlWWH IHKOWH PLU DEHU DXFK QRFK $QHLQ$XIJHEHQGDFKWHLFKDEHUDXFKMHW]WQLFKW ,FK YHUVHQNWH PLFK LQ PHLQH 6WXGLHQ XQG %HUHFKQXQJHQ ,FK PDFKWH HUQHXW 7HVWV PLW GHQ 3IODQ]HQVDPHQ XQWHUVXFKWH LKUH JHQHWLVFKHQ 6WUXNWXUHQ PLVFKWH VLH LQ GHQ 5HWRUWHQ ]XVDPPHQ XQG VWHOOWH IHVW GD GD LFK NHLQHQ )HKOHU EHJDQJHQ KDWWH .HLQHQ" ,P /DERU VWLPPWH DOOHV 1XU GLH 1DWXU VSLHOWH HLQH DQGHUHJHQHWLVFKH9LROLQH'HUHQ6DLWHQNUDW]WHQLQPHLQHQ2KUHQXQGGLH7|QH NODQJHQQRFKVFKOLPPHUDOVGLHYRQ³6HPPHO V+RW6KRWV 'LH =HLW ZDU IU PLFK NHLQ 0D DEHU LUJHQGZDQQ VFKRE VLFK 'DUW +XORV HQWWDUQWHU /HLE ZLHGHU LQ PHLQH +WWH 6HLQH *HJHQZDUW UL PLFK DXV PHLQHU $UEHLW ,FK HLOWH KLQEHU LQ GDV DQGHUH +lXVFKHQ XQG VDK &RPDQ]DWDUD XQG +XDNDJJDFKXDEUDYLQLKUHQ6FKVVHOQ'DV]ZHLWH.RQ]HUWYRQ³6HPPHO V+RW 6KRWV ZDU YRUEHU 6LH QHLJWHQ VLFK LKUH VWUDKOHQGHQ %OWHQN|SIH HQWJHJHQ DEHU VLH UHDJLHUWHQ QLFKW DXI PHLQ .RPPHQ 'DV 3DUODIRQ JDE QLFKW HLQPDO HLQ OHLVHV5DXVFKHQYRQVLFK0LUZDUVHKUVFKQHOONODUGDVLFKGLHEHLGHQ=DWDUDV ZLHGHU DXI HLQHU JHLVWLJHQ )RUVFKXQJVUHLVH QDFK GHP DQJHEOLFKHQ 7DUNDQ EHIDQGHQ )U PLFK EHGHXWHWH GDV 6FKZHLJHQ XQG =XUFNKDOWXQJ 8QG GD LFK DXFK PGH ZDU ]RJ LFK PLFK LQ PHLQH +WWH ]XUFN 'LH /LHJH GHU 9LUHQVFKDXNHOOXGPLFK]XP6FKODIHLQ $OV LFK GXUFK GHQ 6FKUHL DXV GHP 3DUODIRQ HUZDFKWH ZXWH LFK LP HUVWHQ
0RPHQWQLFKWZLHYLHO=HLWYHUJDQJHQZDU0HLQH)UHXQGLQQHQULHIHQPLFK,FK EDW GLH 9L6HHOH GHU 9LUHQVFKDXNHO PLU HLQHQ PLWWHOVWDUNHQ .DIIHH ]X EUDXHQ 1RFK EHYRU VLH GLHVHQ :XQVFK EHVWlWLJWH KSIWH LFK EHU GLH %RUGZDQG QDFK GUDXHQ'LH7UPHLQHU+WWHVWDQGRIIHQ'HUKHOOH0RUJHQHPSILQJPLFKPLW VHLQHQ ODXZDUPHQ $UPHQ XQG EHJOHLWHWH PLFK ]X &RPDQ]DWDUD XQG +XDNDJJDFKXD 'LHELRORJLVFKHQ/LFKWHUGHU%OWHQN|SIHPHLQHU)UHXQGLQQHQIODFNHUWHQQHUY|V DEHULQVWUDKOHQGHP 5RW,KUHLQQHUH6WLPPXQJZDUDOVR JXW'DLFKPLUVLFKHU ZDUGDVLHPHLQH*HJHQZDUWVSUWHQVDJWHLFKQLFKWV,FKVXFKWHPHLQHQ3ODW] DXI GHP +RFNHU ]ZLVFKHQ GHQ EHLGHQ 7|SIHQ XQG ZDUWHWH 1RFK WXVFKHOWHQ &RPDQ]DWDUDXQG+XDNDJJDFKXDDXILKUHXQK|UEDUHXQGNDXPEHJUHLIOLFKH$UW 'DV ZDU NHLQH 7HOHSDWKLH 'DV PXWH HWZDV ,QQLJHUHV VHLQ ,FK ZROOWH HV ZLVVHQVFKDIWOLFKYHUVWHKHQDEHULQPLUZDUHLQ6LJQDOGDVGLHVHV'UlQJHQMHW]W HQWVFKLHGHQYHUQHLQWH /DVLHVRZLHVLHVLQGVDJWHGLHVH6WLPPH ³8QVHUH )KOHU ZDUHQ LP 8QLYHUVXP 7DUNDQ WHLOWH PLU &RPDQ]DWDUD HWZDV SO|W]OLFK PLW ³:LU KDEHQ )UDJHQ JHIXQGHQ DEHU DXFK :DKUKHLWHQ :LOOVW GX HLQH:DKUKHLWK|UHQ-L]L+X]]HO" ,FKVFKZLHJ(LQH$QWZRUWZlUHKLHUXQSDVVHQGJHZHVHQ ³:LU =DWDUDV VWDPPHQ DXV GHP 8QLYHUVXP QDPHQV 7DUNDQ +LHU JLEW HV ]ZHL YRQXQVGLHQRFKOHEHQ$OGULX]DWDUDOHEWZRKOQLFKWPHKU8QGXQVHUH0XWWHU .HUD+XD=DWDUD YRQ ,MDUNRU EHVWLPPW DXFK QLFKW 'LH 0DMVXQWD+\EULGH LVW JHZDOWVDPHQWIUHPGHWZRUGHQ'DVLVWGLH*HVFKLFKWHGHU=DWDUDVLQ0HHNRUDK 0HHNRUDK EHGHXWHW GHLQ 8QLYHUVXP 8QVHUH *DOD[LV KHLW +DQJD\ XQVHU 8QLYHUVXP7DUNDQ8QGGRUWLVWXQVHUH+HLPDW 6LHZLUNWHQEHLGHZLHEHUDXVFKW6LHHU]lKOWHQYRQ7DUNDQXQG+DQJD\ZLHYRQ HLQHP 3DUDGLHV ELV LFK PHUNWH GD VLH VLFK LQ HLQHP 7UDXP DXV LPDJLQlUHQ :QVFKHQ 9HUJDQJHQKHLW XQG =XNXQIW EHIDQGHQ 6LFKHU ZDU GD HWZDV :DKUHV GUDQDEHULFKPXWHGLH=DWDUDVDXVGLHVHP'DVHLQUHLHQ6LHVWHLJHUWHQVLFKLQ VHKUXQZLUNOLFKH'LQJH ³5XKH EUOOWH LFK ³7DUNDQ 0HHNRUDK XQG +DQJD\ 'DV VLQG GRFK DOOHV 3KDQWDVWHUHLHQ .RPPW DXIGHQ%RGHQ GHU7DWVDFKHQ ]XUFN2GHU KDEHQ HXFK 6HPPHO V +RW 6KRWV PLW LKUHU 0XVLN VR HLQJHOXOOW GD LKU QLFKW PHKU ULFKWLJ XQWHUVFKHLGHQN|QQW" ³:LU N|QQHQ XQWHUVFKHLGHQ 7DUNDQ LVW HLQH 5HDOLWlW +DQJD\ DXFK 8QVHUH +HLPDWGRUWKDEHQZLUQRFK QLFKWJHIXQGHQDEHUZLUKDEHQVLHJHVSUW6LHLVW DOVRGRUW8QGQDFKGHUQlFKVWHQPXVLNDOLVFKHQ,QVSLUDWLRQGXUFK6HPPHO V+RW 6KRWV ZHUGHQZLUVLHDXFKVLFKHUILQGHQ ³'DV KHLW DOVR VWHOOWH LFK HUQFKWHUW IHVW ³GD LKU GDV $EVFKOXNRQ]HUW YRQ 6HPPHO V +RW 6KRWV LQ GHU *OFNDXI+DOOH YRQ 6ZDWUDQ DXFK QRFK EHVXFKHQ ZROOW ³-DHUNODQJHQEHLGH6WLPPHQDXVGHP3DUODIRQ³:LUKDEHQQXUHLQH%LWWHDQ GLFK-L]L.RPPGLHVPDOPLWXQV(VZLUGVLFKORKQHQ'XZLUVW1HXHVVSUHQ GDVGLFKDXFKEHLGHLQHQ)RUVFKXQJVDUEHLWHQXQWHUVWW]HQZLUG
³1HLQ HUNOlUWH LFK VHKU HQWVFKLHGHQ ³,FK NRPPH QLFKW PLW 8QG EHU GLHVHQ 3XQNW ZQVFKH LFK DXFK NHLQH 'LVNXVVLRQ PHKU +|UW LKU HXFK GLH VLHEHQ 7HUUDQHUDQXQGGHQ$UD'RNWRUDP.ODYLHUDEHUODWPLFKGDPLWLQ5XKH 'LH)DUEHLKUHU%OWHQN|SIHZHFKVHOWHVFKQHOOYRQHLQHP]|JHUQGHQ5RWLQHLQ XQVLFKHUHV/LOD'DVWUDXULJH%ODXHUUHLFKWHVLHMHGRFKQLFKW,FKZXWHGDLFK DP EHUQlFKVWHQ 7DJ ZLHGHU DOOHLQ LQ +XORVVWDGW VHLQ ZUGH ³6HPPHO V +RW 6KRWVORFNWHQ (LQJXWHV*HIKOKDWWHLFKQLFKWGDEHL 'DV LVW GHU %HULFKW GHU EHLGHQ =DWDUD6FKZHVWHUQ QDFK GHU 5FNNHKU YRP $EVFKOXNRQ]HUWGLHVHUPHUNZUGLJHQ0XVLNHUGLHVLFK³6HPPHO V+RW6KRWV QDQQWHQ XQG QDFK GHU DQVFKOLHHQGHQ 0HGLWDWLRQ 6LH VSUDFKHQ VFKQHOO DXIJHUHJWXQGLP:HFKVHO+XDNDJJDFKXDEHJDQQ ³8QVHUH*HGDQNHQZDUHQLQ7DUNDQ8QVHUH*HGDQNHQZDUHQLQHLQHPWUDXULJHQ XQGKDOEWRWHQ8QLYHUVXP'DVGVWHUURWH/HXFKWHQLP+LQWHUJUXQGLVWGD(VLVW VHKU GHXWOLFK GD -L]L (V YHUNQGHW GLH %RWVFKDIW GHV 7RGHV 7DUNDQ VWLUEW HV YHUO|VFKW 8QG NHLQHU ZHL ZDUXP :LU KDEHQ QLFKW QXU GDV HUNDQQW :LU ZLVVHQMHW]WOHLGHUDXFKGDHLQLJHKXQGHUWYRQXQVRGHUZDUHQHVQXUHLQLJH :HQLJH" YRU XUODQJHU =HLW YLHOOHLFKW YRU -DKUHQ GHLQHU =HLWUHFKQXQJ YLHOOHLFKW YRU -DKUHQ YRQ 7DUNDQ QDFK 0HHNRUDK NDPHQ 8QG PLW GLHVHQ PLW &RPDQ]DWDUD GLH .DUWDQLQ IU GLH ZLU ,QIRUPDWLRQHQ VDPPHOWHQ :LU OLHEHQ GLH .DUWDQLQ GHQQ VLH VLQG DJLO DNWLY XQG WDWHQNUlIWLJ :LU =DWDUDV VLQG GDV QRUPDOHUZHLVH QLFKW ZLU VDPPHOQ QXU ,QIRUPDWLRQHQ ZHLO ZLU QLFKWV DQGHUHVZROOHQRGHUGUIHQ 1XQZDU&RPDQ]DWDUDDQGHU5HLKH ³:LU HUOLWWHQ GDPDOV EHLP :HFKVHO PLW GHP 1$5*$ 6$17 YRQ 7DUNDQ QDFK 0HHNRUDK DOOH HLQHQ JHZDOWLJHQ 6FKRFN GHQQ GLHVHV 8QLYHUVXP ZDU IU XQV GRFK VHKU IUHPGDUWLJ 8QVHUH (ULQQHUXQJHQ ZXUGHQ JHUDXEW RGHU YHUIlOVFKW XQVHUH)lKLJNHLWHQYHUIODFKWHQRGHUYHUlQGHUWHQVLFK:LU=DWDUDVZXUGHQLQDOOH :LQGH]HUVWUHXW'LHPHLVWHQILHOHQGHQGDPDOLJHQ0DFKWKDEHUQYRQ(67$578 LQ GLH +lQGH 6LH ZXUGHQ JHIDQJHQ XQG QDFK 0DMVXQWD JHEUDFKW XP IU GLHVH QXQ DOV +HUPDSKURGLWLVFKH 3UlNRJQRVWLNHU WlWLJ ]X VHLQ $EHU DXFK DOOH GLHVH =DWDUDV PXWHQ VLFK LQ HLQHP VFKLHU HQGORVHQ 3UR]H DQ GLHVHV 8QLYHUVXP DQSDVVHQ'LHVHU3UR]HGDXHUWQRFKDQ(UKDWVLFKEHLPLUEHVFKOHXQLJWGDLFK DXI+XDNDJJDFKXD WUDI GLH HUVW NU]OLFK PLWHLQHPDQGHUHQ 3URMHNWDXV7DUNDQ QDFK0HHNRUDKJHODQJWHXQGGDEHLHLQHQlKQOLFKHQ6FKRFNHUOLWWZLHVHLQHU]HLW LFK $XFK MHW]W VLQG GLH /FNHQ LQ PHLQHU (ULQQHUXQJ QRFK JU|HU DOV GDV :LVVHQ,FKZHLQLFKWZDUXPLFKGDPDOVGHQ.RQWDNW]XPHLQHQ$UWJHQRVVHQ XQG ]X GHQ .DUWDQLQ YHUORUHQ KDEH DEHU HV KDW GHQ $QVFKHLQ GD LFK JHPHLQVDPPLWXQVHUHU0XWWHU.HUD+XD=DWDUDQRFKUHFKW]HLWLJIOLHKHQNRQQWH EHYRU ZLU QDFK 0DMVXQWD JHEUDFKW ZHUGHQ VROOWHQ $XFK $OGUXL]DWDUR PX HLQ VROFKHV6FKLFNVDOHUOLWWHQKDEHQ:LU)OLHKHQGHQYHUORUHQDEHUDXFKGHQ.RQWDNW XQWHUHLQDQGHU
+XDNDJJDFKXDHUJULIIZLHGHUGDV:RUW ³'X ZLUVW VWDXQHQ -L]L ZHQQ LFK GLU YRQ 7DUNDQ EHULFKWH 8QVHUH +HLPDWZHOW KDEHQZLUGRUWQRFKQLFKWJHIXQGHQ:LUPXWHQGLH*HGDQNHQVXFKHDEEUHFKHQ $EHU ZLU ZDUHQ DXI GHU ULFKWLJHQ 6SXU =XHUVW HQWGHFNWHQ ZLU HLQHQ PXWLHUWHQ PlQQOLFKHQ=DUWDUDGHUVLFKRKQH(UGUHLFKDXIVHLQHQ:XU]HOQEHZHJHQNRQQWH 6HLQ 1DPH ODXWHW =DUWDUX2WDUD 8QG PHKU QRFK -L]L (V JLEW HLQHQ 3ODQ GHU XUDOWLVWXPGDVVWHUEHQGH7DUNDQ]XUHWWHQ7HLOHGLH/HEHQWUDJHQVXFKHQHLQ DQGHUHV8QLYHUVXPDXI²VLHNRPPHQQDFK0HHNRUDK8QGGDV9RONGDVGHU 9RUUHLWHUGLHVHUXQJHKHXHUOLFKHQ0DQDKPHLVWPVVHQGLH.DUWDQLQVHLQ 1DFKHLQHUNXU]HQ3DXVHVSUDFK&RPDQ]DWDUDZHLWHU ³-L]L GLH $XIWULWWH YRQ 6HPPHO V +RW 6KRWV ZDUHQ LQ ]ZHLIDFKHU +LQVLFKW HLQ JURHU (UIROJ 8QV KDW GLHVH 0XVLN LQVSLULHUW 6LH KDW XQV JHKROIHQ XQVHUH )lKLJNHLWHQ JHPHLQVDP LQ HLQHP 0D ]X HQWIDOWHQ GDV ZLU IU XQYRUVWHOOEDU JHKDOWHQ KDEHQ 6LFKHU VSLHOW EHL XQVHUHP 9RUVWR QDFK 7DUNDQ DXFK GLH 7DWVDFKH HLQH 5ROOH GD 7HLOH GHU *DOD[LV +DQJD\ EHUHLWV KLHU LQ 0HHNRUDK DQJHNRPPHQ VLQG 'DGXUFK EHVWHKW HWZDV ZDV XQV GLH 0HQWDOEUFNH HUVW VFKODJHQOLH'HU(UIROJGHU0XVLNHUEHVWHKWDEHUGDULQGDHVHLQ]XVlW]OLFKHV .RQ]HUW JHEHQ ZLUG GHQQ GLH *OFNDXI+DOOH YRQ 6ZDWUDQ ZDU ELV DXI GHQ OHW]WHQ3ODW]DXVYHUNDXIW2KQHGLHVH0XVLNN|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lWHUH ³$XIKHL]PDQ|YHU ]ZDU QLFKW GLH :LUNXQJ GHV2ULJLQDONRQ]HUWVDEHUVLFKHUZDUHLQH.RQVHUYHEHVVHUDOVJDUQLFKWV :LUWUDIHQXQVHUH9RUEHUHLWXQJHQDPQlFKVWHQ7DJ'LH9LUHQVFKDXNHOVROOWHLQ +XORVVWDGW EOHLEHQ GD VLH EHL 'DUW +XORV 7DUQXQJ DOV MXQJHU (UWUXVHU QLFKW PHKULQVHLQHQ5XPSISDWH'HU5RERWHUEHVDMDDXFKHLQHLJHQHV)OXJV\VWHP DXI GDV LFK QRWIDOOV ]XUFNJUHLIHQ NRQQWH 'LH EHLGHQ =DWDUDV YHUVLFKHUWHQ PLU GDGDVQLFKWHUIRUGHUOLFKVHLQZUGHGHQQGLHJHULQJHQ(QWIHUQXQJHQEHUHLWHWHQ LKQHQEHLGHQUlXPOLFKHQ9HUVHW]XQJHQNHLQH6FKZLHULJNHLWHQ ,FKZDUYRUVLFKWLJXQGVFKDOWHWH]XGHPHLQH)XQNYHUELQGXQJ]ZLVFKHQ'DUWXQG GHU 9L6HHOH &RPDQ]DWDUD ODFKWH PLFK GHVKDOE DXV DEHU LFK OLH PLFK QLFKW LUULWLHUHQ ³0HLQH 6FKZHVWHU XQG LFK KDEHQ LQ GLH QDKH =XNXQIW JHODXVFKW HUNOlUWH VLH PLU ³'D JLEW HV QLFKWV %HVRQGHUHV ]X EHULFKWHQ DXHU GD ZLU HLQH hEHUUDVFKXQJ HUOHEHQ ZHUGHQ 1DWUOLFK LVW XQV OlQJVW NODU ZRULQ GLHVH hEHUUDVFKXQJ EHVWHKHQ ZLUG DXFK ZHQQ ZLU NHLQH (LQ]HOKHLWHQ VHKHQ N|QQHQ :LUZHUGHQXQVHUH+HLPDWZHOWHQWGHFNHQ
'LH(XSKRULHGHUEHLGHQJHILHOPLUQLFKWDEHULFKPDFKWHJXWH0LHQH]XGLHVHP 6SLHO ,FK NRQQWH PLU DXFK QLFKW YRUVWHOOHQ GD PLFK 0XVLN EHL PHLQHQ ZLVVHQVFKDIWOLFKHQ$UEHLWHQEHIOJHOQZUGH $OV OHW]WH 0DQDKPH LQVWDOOLHUWH 'DUW HLQ $XI]HLFKQXQJVJHUlW DXV PHLQHP /DERUYRUUDW LQ VHLQHP %UXVWNRUE 'DQQ PDFKWHQ ZLU XQV DXI GHQ :HJ &RPDQ]DWDUD XQG +XDNDJJDFKXD YHUVHW]WHQ XQV JHPHLQVDP DQ GHQ 6WDGWUDQG GHVNOHLQHQREHULUGLVFKHQ 7HLOHVYRQ 6ZDWUDQ +LHUOHEWHQHWZD]ZHL0LOOLRQHQ 6ZRRQGLHJU|HUH=DKOGDYRQXQWHUGHU2EHUIOlFKH ,FK NDQQWH GLHVH 5LHVHQVWDGW QXU LQ HLQLJHQ %HUHLFKHQ XQG EHUOLH GDKHU GHQ EHLGHQ=DWDUDV XQG'DUW +XORV GHQ ZHLWHUHQ :HJ$XFK GLH ³*OFNDXI+DOOH ZDU PLU NHLQ %HJULII =LHOVLFKHU VWHXHUWH GHU 5RERWHU HLQH GHU 6FKDFKWDQODJHQ DQ GLH LQ GLH 7LHIH IKUWHQ %HUHLWV KLHU EHJHJQHWHQ XQV YLHOH 6ZRRQ DEHU VLH QDKPHQ YRQ GHP VFKHLQEDUHQ (UWUXVHU NDXP 1RWL] )UHPGH JHK|UWHQ VHLW -DKUKXQGHUWHQ]XPQRUPDOHQ%LOGGLHVHU:HOW 0LUJHJHQEHUJDELFK]XGDLFKPLFKEHLHLQHP%HVXFKLQ6ZDWUDQQRFKQLH VR XQZRKO JHIKOW KDWWH ZLH DQ GLHVHP 7DJ 9LHOOHLFKW ZDU HV QXU GHU =ZDQJ HWZDV ]X WXQ ZDV QLFKW PHLQHQ ,QWHUHVVHQ HQWVSUDFK )U HLQH E|VH $KQXQJ KDWWH LFK MD NHLQHQ *UXQG $XI GLH YLVLRQlUHQ )lKLJNHLWHQ PHLQHU EHLGHQ SIODQ]OLFKHQ)UHXQGLQQHQNRQQWHLFKPLFKYHUODVVHQ :LUVDQNHQGXUFKHLQHQ$QWLJUDYVFKDFKWDXIGLHXQWHUVWH(WDJH7UDQVSRUWElQGHU KDOIHQXQVGHQ:HJIRUW]XVHW]HQ:LUQlKHUWHQXQVHLQHP6HNWRUYRQ6ZDWUDQ GHQ LFK JDU QLFKW NDQQWH &RPDQ]DWDUD XQG +XDNDJJDFKXD VFKZDW]WHQ PLWHLQDQGHUZLHDXVJHODVVHQH.LQGHU6LHIUHXWHQVLFKDXIGDV.RQ]HUW8QGVLH IUHXWHQVLFKDXIGDV*HIKOGDVLKQHQGLH0XVLNYHUPLWWHOQZUGH6LHZUGHQ VLFK GDYRQ VR EHIOJHOW VHKHQ GD GLH 6XFKH QDFK LKUHU +HLPDW PLW %HVWLPPWKHLWHLQ(UIROJZHUGHQZUGH ,FK QDKP EHLOlXILJ ]XU .HQQWQLV GD VLH GLHVPDO EHUHLWV ZlKUHQG GHV ]ZHLWHQ 7HLOHV GHV .RQ]HUWV YHUVXFKHQ ZROOWHQ LKUH XQEHJUHLIOLFKHQ 6LQQH IU GLH %RWVFKDIWHQ DXV HLQHP DQGHUHQ 8QLYHUVXP ]X |IIQHQ ,UJHQGZLH NDP PLU GDV DOOHVZLH+RNXVSRNXVYRU :LU HUUHLFKWHQ GLH ³*OFNDXI+DOOH 'XUFK PHLQ JHWDUQWHV 6LFKWIHQVWHU HUNDQQWH LFK 6FKDUHQ YRQ 6ZRRQ GLH VLFK DXI GLH (LQJlQJH ]XVFKREHQ ³6HPPHO V +RW 6KRWV VFKLHQHQ ZLUNOLFK HLQHQ JURHQ (UIROJ YHUEXFKHQ ]X N|QQHQ 'DUW ZlKOWH HLQHQ DQGHUHQ :HJ GHQ IU ([WUDSODQHWDULHU ZLH DXI GHQ EOLQNHQGHQ +LQZHLVVFKLOGHUQ ]X OHVHQ ZDU ,FK ZXQGHUWH PLFK DOV HU SO|W]OLFK HLQH(LQWULWWVNDUWHLQVHLQHU+DQGKLHOW1DWUOLFKPXWHQDXFKGDEHLGLH=DWDUD 6FKZHVWHUQLKUH)LQJHULP6SLHOKDEHQ 6RGDFKWHLFK8QGGDQQILHOPLUHLQGD&RPDQ]DWDUDXQG+XDNDJJDFKXDMDJDU NHLQH )LQJHU EHVDHQ 0HLQH *HGDQNHQ ZXUGHQ ZLHGHU DEJHOHQNW GHQQ MHW]W HUNDQQWH LFK DXV PHLQHQ %HREDFKWXQJHQ GD VLFK PLQGHVWHQV ]ZHLKXQGHUW 1LFKW6ZRRQ DQ GLHVHP (LQJDQJ GUlQJHOWHQ 0LU JHILHO GDV QLFKW GHQQ KLQWHU MHGHP /HEHZHVHQ GDV NHLQ 6ZRRQ ZDU YHUPXWHWH LFK DXWRPDWLVFK GLH +HOIHU XQG +lVFKHU 6W\JLDQV :LU EHNDPHQ HLQHQ 3ODW] LQ HLQHU GHU REHUHQ 7ULEQHQ ]ZLVFKHQ HLQHU *UXSSH YRQ 6SULQJHUQ XQG (SVDOHUQ GLH EHUHLWV MHW]W GLH
0HORGLHQJU|OWHQRGHUVXPPWHQDXIGLHVLHYRQ³6HPPHO V+RW6KRWVZDUWHWHQ 'LH +DOOH ERW HLQHQ ZLUNOLFK LPSRVDQWHQ (LQGUXFN 1DFK PHLQHU 6FKlW]XQJ SDWHQ]HKQWDXVHQG6ZRRQXQG]XVlW]OLFKIQIKXQGHUWDQGHUHYRUDOOHPJU|HUH :HVHQ LQ GLHVHV XQWHULUGLVFKH %DXZHUN 5RERWHU RUGQHWHQ GLH 6FKDUHQ GHU +HUHLQVWU|PHQGHQ XQG ZLHVHQ LKQHQ GHQ :HJ 'LH GUHLGLPHQVLRQDOHQ /HXFKWIOlFKHQ DQ GUHL 6HLWHQ GHU +DOOH XQG DQ GHUHQ 'HFNH VWUDKOWHQ DXI 'LH 0LWJOLHGHU YRQ ³6HPPHO V +RW 6KRWV ZXUGHQ HLQ]HOQ YRUJHVWHOOW ,FK K|UWH NDXP ]X XQG UHJLVWULHUWH DXFK GLH 1DPHQ QLFKW 'D]X JDE HV NHLQH 9HUDQODVVXQJ ,FK YHUNURFK PLFK LQ PLFK VHOEVW XQG NDSVHOWH PLFK DE 0HLQ GXPPHV *HIKO ZXUGHLPPHUVWlUNHU0DQFKPDOKDWWHLFKVRJDUHWZDV$QJVW$OVLFKGLHEHLGHQ =DWDUDV HLQPDO DQVSUDFK UHDJLHUWHQ VLH QLFKW 6LH ZDUHQ VFKRQ MHW]W LQ HLQHP 5DXVFK LQ GHP VLH GLH :LUNOLFKNHLW QLFKW PHKU YROOVWlQGLJ ZDKUQDKPHQ ,FK YHUIOXFKWH LQVJHKHLP GHQ 0RPHQW DQ GHP LFK PHLQH =XVWLPPXQJ ]X GLHVHP XQVLQQLJHQ .RQ]HUWEHVXFK JHJHEHQ KDWWH ,FK ZUGH GDYRQ QLFKWV KDEHQ 'DV VWDQGIUPLFKVFKRQMHW]WIHVW (QGOLFKEHJDQQGDV.RQ]HUW³6HPPHO V +RW6KRWVWUDWHQ]XHUVWPLWDOOHQDFKW 0DQQ DXI ,Q GHQ IROJHQGHQ EHLGHQ 6WFNHQ VSLHOWHQ MHZHLOV IQI VHFKV RGHU VLHEHQYRQLKQHQ'HU$UD0HGL]LQPDQQDQGHPNORELJHQ.DVWHQHLQHVDQWLNHQ .ODYLHUVZDUMHGRFKLPPHUGDEHL $QIDQJVK|UWH LFK JDUQLFKWDXI GLH 0XVLN,FKODXVFKWH DXIGLH5HDNWLRQHQGHU =DWDUD6FKZHVWHUQ XQG EHNDP %HJHLVWHUXQJ ]X VSUHQ &RPD XQG +XD VR VSUDFKHQVLHVLFKMHW]WDQZLHLFKDXVGHP3DUODIRQK|UHQNRQQWH YHUVDQNHQLQ HLQH7UDXPZHOW6LHZDUHQMHW]WQRFKZHQLJHUDQVSUHFKEDUDOV]XYRU 'DQQVFKOLFKHQVLFKGLHWHLOZHLVHVHKUPHORGLVFKHQXQGRIWDXFKIHW]LJHQ.OlQJH LQ PHLQHQ .RSI 6LH UXPRUWHQ GDULQ KHUXP ELV LFK PLFK HUWDSSWH ZLH LFK PLW HLQHP )X LP 5K\WKPXV GHU 0XVLN ZLSSWH 9HUlUJHUW VWRSSWH LFK GLHVH EHUIOVVLJHQ%HZHJXQJHQ $XFK LQ GHU )ROJH]HLW PHUNWH LFK ZLH PLFK GLH 0XVLN LPPHU VWlUNHU LQ LKUHQ %DQQ ]RJ (WZDV ZDU DQ GHP ZDKUZDV GLH=DWDUDV GDUEHUJHVDJWKDWWHQ'LH IULVFKHQ .OlQJH VWUDKOWHQ HLQH )DV]LQDWLRQ DXV GLH DXFK QLFKW YRU PLU KDOWPDFKWH 0HLQH %HLQH EHZHJWHQ VLFK DXWRPDWLVFK PLW RE LFK HV ZROOWH RGHU QLFKW(VZDUVFKRQHWZDVGUDQDQGLHVHQ³KHLHQ6FKVVHQ ,FK OLH PLFK WUHLEHQ ELV LFK PHUNWH GD &RPDQ]DWDUD XQG +XDNDJJDFKXD NHLQHQ/DXWPHKUYRQVLFKJDEHQ6LHEHIDQGHQVLFKRIIHQVLFKWOLFKVFKRQDXIGHU 6XFKHQDFKLKUHU+HLPDW ,FKYHUVXFKWHPLFKYRQGHP(LQIOX]XHQWIHUQHQXQGVFKDOWHWHGDV)XQNJHUlW HLQ 'LH 9L6HHOH PHOGHWH VLFK VRIRUW ,Q +XORVVWDGW ZDU DOOHV LQ 2UGQXQJ 8P PLFK ZHLWHU DE]XOHQNHQ GUHKWH LFK GDV )UHTXHQ]EDQG GHV =ZHLWHPSIlQJHUV ZDKOORV GXUFK 'LH LQ GHU 5HJHO YHUVFKOVVHOWHQ 3ULYDWYHUNHKUH NRQQWH LFK QDWUOLFK QLFKW YHUVWHKHQ ,FK HQWGHFNWH DEHU HLQ RIIHQHV )XQNJHVSUlFK GDV EHVRQGHUV GHXWOLFK ]X YHUVWHKHQ ZDU (V PXWH LQ GHU QlKHUHQ 8PJHEXQJ VWDWWILQGHQ (V SDWH HLJHQWOLFK QLFKW ]X PLU DQGHUHU /HXWH *HVSUlFKH ]X EHODXVFKHQ DEHU ZHQQ GLHVH DXI HLQH9HUVFKOVVHOXQJ YHU]LFKWHWHQPXWHQVLH
GDPLW UHFKQHQ GD MHPDQG ]XK|UWH =XJOHLFK EHGHXWHWH GDV DEHU DXFK GD HV VLFKXPQLFKWV:LFKWLJHVKDQGHOQNRQQWH0LUNRQQWHGLHVHV0LWK|UHQDEHUGD]X KHOIHQPLFKYRQGHU0XVLNDE]XOHQNHQ 'LH JHK|UWHQ :RUWH HUJDEHQ ]XQlFKVW NHLQHQ 6LQQ 'UHL RIIHQVLFKWOLFK PlQQOLFKH:HVHQXQWHUKLHOWHQVLFK ³:DV]HLJWGHQQGHU2UWHU" ³%LOGLVWXQNODU'LHDQGHUHQVW|UHQ ³$EHUGDVLVWHUGRFK,VWVLHQXQGULQRGHUQLFKW" ³:R",P.RSI"'LHEHLGHQ6WUlXFKHUVLQGZLHGHUGD$EHUGLH%RPEHNDQQLFK QLFKWHQWGHFNHQ6KDG%URWKXKQV3ODQVFKHLQWQLFKW]XNODSSHQ ³0HLQH 6LJQDOH ZHLVHQ GUHL /HEHZHVHQ DXV DEHU LFK NDQQ VLH MD QLFKW ORNDOLVLHUHQ'DVPXWGXEULQJHQ ³,FKKDE MHW]WNHLQH=HLW'HU5DJJHKW]X(QGH8QGEHLGHUQlFKVWHQ1XPPHU PXLFKGHQ%DVSLHOHQ9DUORPDFKWIUPLFKZHLWHU ,FK WUXJ VHLW HLQLJHU =HLW VWHWV HLQ SDDU WHFKQLVFKH *HUlWH VLJDQHVLVFKHU 0LNUREDXZHLVH PLW PLU KHUXP 'DV ZDU HLQH 9RUVLFKWVPDQDKPH GLH LFK HUJULIIHQKDWWHDOVGLHEHLGHQ6KDGDPLFKEHUIDOOHQKDWWHQ (V JHVFKDKHQ GUHL 'LQJH IDVW JOHLFK]HLWLJ 'LH 0XVLN YHUVWXPPWH ZHLO HLQ 6WFN ]X (QGH ZDU 'HU %HLIDOO EUDQGHWH DXI 'DV )XQNJHVSUlFK YHUVWXPPWH 8QG GDQQ HUNODQJ HLQ 6XPPWRQ DXV GHP *HUlWHNlVWFKHQ PHLQHU .RPELQDWLRQ ,FK ODV GDV 6LJQDO DE XQG VWHOOWH IHVW GD LFK VRZRKO YRQ 6WUDKOHQ HLQHV +RKOUDXPWDVWHUV HUIDW ZRUGHQ ZDU DOV DXFK YRQ GHQHQ HLQHV %LRVHQVRUV -HPDQG VXFKWH QDFK HLQHP /HEHZHVHQ 1DWUOLFK NRQQWH GDV QLFKW KLHU LQ GHU ³*OFNDXI+DOOHVHLQ ³6LH LVW GD K|UWH LFK LP JOHLFKHQ 0RPHQW DXV GHP )XQNJHUlW ³6LQG GLH *HVFKW]HEHUHLW" ³(LQHQ 0RPHQW QRFK *HRUJH :LU WDUQHQ GDV PLW GHU /DVHUVKRZ GHQQ GDQQ IlOOW MD QLFKWV DXI 6ROO GHU DOWH 5RERWHU VHKHQ ZDV HU DOV (UNOlUXQJ YRUEULQJW ZHQQHU VEHUVWHKW:LUKDEHQQLFKWVGDPLW]XWXQKlKl ³:DUWH HLQHQ 0RPHQW DE LQ GHP GX DOOH GUHL DXI HLQHQ 6FKODJ HUZLVFKVW 6LH KDEHQMDNHLQH$KQXQJ ³.ODU -RNR ,FK KDEH VLH XQG GDV UHFKWH *HVWUSS LQ GHU DXWRPDWLVFKHQ =LHORUWXQJ :HQQ VLFK GLH LGLRWLVFKHQ (SVDOHU HLQ ELFKHQ ]XU 6HLWH EHZHJHQ NULHJHLFKDXFKGDVDQGHUH*HVWUSSLQV9LVLHU $XI GHU %KQH VFKZHQNWH GDV .ODYLHU KHUXP 'DV QlFKVWH 6WFN EHJDQQ 8QG &RPDQ]DWDUDXQG+XDNDJJDFKXDWUlXPWHQLUJHQGZRLQGHU)HUQHHLQHVDQGHUHQ 8QLYHUVXPVQDPHQV7DUNDQLKUHU+HLPDWKLQWHUKHU $XVGHP8QWHUEHZXWVHLQWDXFKWHQEHLPLUSO|W]OLFKGLH1DPHQDXIGLHLFKEHL GHU9RUVWHOOXQJYRQ³6HPPHO V+RW6KRWVLQGHU(LQOHLWXQJJHK|UWKDWWH5HLQHU %URWKXKQ*HRUJH.DSSDO-RNR$WLUEULV9DUOR%H]]-HVWHU 8QGGDZDUGRFKGDV:RUW³6KDGJHIDOOHQ (V GXUFK]XFNWH PLFK ZLH HLQ +RFKVSDQQXQJVVFKODJ ,FK HUNDQQWH GD GLHVH 0lQQHUEHUGLH=DWDUDV'DUWXQGPLFKVSUDFKHQ0HLQHGXPSIH$KQXQJKDWWH PLFK QLFKW JHWURJHQ 'LHVH JDQ]H 6KRZ KDWWH QXU HLQ =LHO JHKDEW PLFK DXV
PHLQHP9HUVWHFN]XORFNHQ8QGPLFKXQG&RPDQ]DWDUDXQG+XDNDJJDFKXDPLW HLQHP 6FKODJ DXV]XVFKDOWHQ 'LH +lVFKHU GHV 6RWKRV KDWWHQ HLQHQ UDIILQLHUWHQ 3ODQDXVJHNOJHOWXPPLFKDXVPHLQHP9HUVWHFN]XKROHQXQG]XEHVHLWLJHQ ,FKZDULQ7RGHVJHIDKU8QGGLH=DWDUDVWUlXPWHQGHQ7UDXPLKUHU+HLPDW ,FKVFKULHLKQHQ]XZDVLFKHUNDQQWKDWWHDEHUHUZDUWXQJVJHPlUHDJLHUWHQVLH QLFKW6LHZDUHQN|USHUOLFKGDDEHUQLFKWPLWLKUHQIUHPGHQ6LQQHQ ³'DUW%HZHJHGLFKVFKQHOOXQGVRGDVLFKVWHWVMHPDQG]ZLVFKHQXQVXQGGHU %KQH EHILQGHW 8QG GDQQ PDFK GD ZLU YRQ KLHU YHUVFKZLQGHQ $EHU PLW K|OOLVFKHU*HVFKZLQGLJNHLW ³=ZHL XQVLQQLJH )RUGHUXQJHQ DQWZRUWHWH GHU 5RERWHU ³'LU JHIlOOW HV KLHU QLFKWDEHU&RPDXQG+XDOHEHQDXI ³7X ZDV LFK VDJH 6HPPHO V +RW 6KRWV VLQG 0|UGHU GLH GHU 6RWKR JHVFKLFNW KDW:LUVLQGLQK|FKVWHU*HIDKU'LH=DWDUDVWUlXPHQ6LHN|QQHQQLFKW (UEHZHJWHVLFKLPJOHLFKHQ0RPHQWDOVLFKDXVGHP)XQNHPSIlQJHUGDV:RUW ³-HW]W K|UWH /DVHUVWUDKOHQ GHU KDUPORVHQ $UW MDJWHQ GXUFK GLH ³*OFNDXI +DOOH XQG GLH 0XVLN VHW]WH ZLHGHU HLQ 'LH GUHL KRFKHQHUJHWLVFKHQ 6WUDKOHQEQGHOJLQJHQLQGLHVHP&KDRVXQWHU1XU'DUW+XORVXQGLFKPHUNWHQ VLH 'HP 5RERWHU ZXUGH HLQ $UP DEJHULVVHQ 'LH EHLGHQ DQGHUHQ 6FKVVH VWUHLIWHQ VHLQH %HLQH XQG YHUZDQGHOWHQ GDV 0HWDOO LQ *OXW &RPDQ]DWDUD XQG +XDNDJJDFKXD VFKULHQ DXI 8QG VLH HUZDFKWHQ ,FK EUOOWH PLU PHLQH 9HU]ZHLIOXQJDXVGHP/HLE:DVLFKJHQDXYRQPLUJDENRQQWHLFKVSlWHUQLFKW PHKUVDJHQ 'LH 0HQJH LQ GHU ³*OFNDXI+DOOH PHUNWH QLFKWV YRQ GLHVHP *HVFKHKHQ 6HOEVW GLH LQ XQVHUHU XQPLWWHOEDUHQ 1lKH VWHKHQGHQ (SVDOHU XQG 6SULQJHU KSIWHQ QDFK GHU 0XVLN GLH MHW]W QRFK ODXWHU ZDU 6LH JDEHQ VLFK GHP 7DXPHO DXV .OlQJHQ XQG KDUPORVHQ /DVHUVWUDKOHQKLQRKQH]XPHUNHQGDDXI&RPD +XDXQGPLFKHLQW|GOLFKHV$WWHQWDWYHUEWZXUGH 'DUW +XORV GXFNWH VLFK KLQWHU ]ZHL EUHLWH *HVWDOWHQ (U UHDJLHUWH MHW]W NRQVHTXHQWXQGULFKWLJ'LHQlFKVWH6DOYHDXVGHP.ODYLHUMDJWHLQGDV+RO]GHU %RGHQYHUWlIHOXQJ -HW]W PHUNWHQ HLQLJH GHU 8PVWHKHQGHQ GD HWZDV QLFKW VWLPPWH6LHVFKULHQDXI ³:LU JHKHQ K|UWH LFK &RPDQ]DWDUDV 6WLPPH DXV GHP 3DUODIRQ ³'HQQ ZLU KDEHQHUNDQQW 'DVNODQJPHUNZUGLJXQGEHlQJVWLJHQGIUPLFK 'LH EHLGHQ =DWDUDV PDWHULDOLVLHUWHQ PLWWHQ DXI GHU %KQH 'LH GRUW VSLHOHQGHQ IQI 0XVLNHU YRQ ³6HPPHO V +RW 6KRWV OLHHQ LKUH ,QVWUXPHQWH IDOOHQ XQG UDQQWHQQDFKDOOHQ6HLWHQGDYRQ6LHKDWWHQMHGRFKNHLQH&KDQFH &RPDQ]DWDUD O|VWH HLQH ([SORVLRQ DXV GLH GHU GDPDOV YRU VHFK]HKQ -DKUHQ LQ 1RUZHJHQ DXI 7HUUD JOLFK DOV VLH 2OLYHU *UXHWHU GD]X EUDFKWH VLFK PLW VHLQHU HLJHQHQ:DIIH]XW|WHQXPPLFK]XUHWWHQ 'DV.ODYLHUH[SORGLHUWH(V]HUULGHQ$UD0HGL]LQHU'DQQIROJWHQLQVFKQHOOHU )ROJH ZHLWHUH ([SORVLRQHQ GLH GHQ $XIVFKUHL GHU 0DVVHQ EHUW|QWHQ ,FK VDK GXUFK PHLQ )HQVWHU LQ 'DUW +XORV ZLH VLFK LQ 6HNXQGHQ GLH %KQH LQ HLQ
7UPPHUIHOGYHUZDQGHOWHLQGHPHVNHLQhEHUOHEHQJHEHQNRQQWH ³:LUVLQGZLHGHUKLHUHUNODQJHV]ZHLVWLPPLJDXVGHP3DUODIRQ³(VZDUKDUW -L]L ZDV ZLU JHWDQ KDEHQ DEHU ZLU PXWHQ HV WXQ :LU KDEHQ DXFK NHLQH *HZLVVHQELVVH6HPPHO V+RW6KRWV ZDUHQ6RWKRV+HLH6FKVVH :LUKDEHQ ]XUFNJHVFKRVVHQ 6LH KDEHQ XQV PLW GHU 0XVLN JHKROIHQ DEHU DXFK SVLRQLVFK HLQJHOXOOW8QGMHW]WYHUVFKZLQGHQZLU 6LH ZDUHQ HUVFK|SIW GHQQ GLH UlXPOLFKH 9HUVHW]XQJ EUDFKWH XQV JHUDGH DQ GLH 2EHUIOlFKHQLFKWMHGRFKQDFK+XORVVWDGW+XDNDJJDFKXDNRQQWHJDUQLFKWVPHKU VDJHQ 8QG &RPDQ]DWDUD WHLOWH PLU OHLVH PLW DOV LFK GDV )OXJDJJUHJDW GHV OlGLHUWHQ5RERWHUV'DUW+XORVVWDUWHQOLH ³:LUKDEHQXQVHUH+HLPDWJHVHKHQ6LHLVWVHKUVFK|Q-L]L ³,FK EULQJH HXFK QDFK +DXVH DQWZRUWHWH LFK ³'LH 9L6HHOH OlW VFK|Q GDV :DVVHUHUIULHUHQGDPLWLKUHXFKUHJHQHULHUHQN|QQW ³'DQNH,KUH6WLPPHZXUGHOHLVHU³8QVHUH+HLPDWLQ7DUNDQLVWVFK|Q (1'(