9(5'$00781'%(*5$%(1 .DSLWlQ5RPDQHVFXWDXPHOWH]XUFNDOVLKQGLH.DQWHGHV VFKZHUHQ6DUJHVDQGHU+IWHWUDI(UVS...
12 downloads
483 Views
215KB 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
9(5'$00781'%(*5$%(1 .DSLWlQ5RPDQHVFXWDXPHOWH]XUFNDOVLKQGLH.DQWHGHV VFKZHUHQ6DUJHVDQGHU+IWHWUDI(UVSUWHGHQVWHFKHQGHQ 6FKPHU]DP.QRFKHQLJQRULHUWHLKQMHGRFKGHQQHUPXWH VLFKDXIGDVNRQ]HQWULHUHQZDVYRULKPJHVFKDK 'DVZDUVFKUHFNOLFKJHQXJ $XVGHPRIIHQHQ6DUJVWLHJHLQH*HVWDOW(LQH)UDXIDVWQRFK HLQ0lGFKHQGD]XXQEHNOHLGHW6LHKDWWHGXQNHOEORQGHV+DDU GDV$QIlQJHHLQHU9HUILO]XQJ]HLJWHXQGLQODQJHQ6WUlKQHQ]X EHLGHQ6HLWHQGHV*HVLFKWVKHUDEKLQJ (LQH1DFNWHLQHLQHP6DUJ $OOHLQGDVZDUVFKRQXQJHZ|KQOLFKXQGKlWWHDXFKGHQ DEJHEUKWHVWHQ&DVDQRYDXQG+HU]HQVEUHFKHUHUVFKUHFNW 1RFKVFKOLPPHUZDUGDV*HVLFKWGHUMXQJHQ)UDXEHVRQGHUV GHU0XQGGHQQDOVVLHLKQ|IIQHWHVDKGHU.DSLWlQGLHEHLGHQ ODQJHQVSLW]HQ=lKQHGLHDXVGHP2EHUNLHIHUGHV0lGFKHQV VWDFKHQ (UKDWWHNHLQH/HEHQGHYRUVLFKVRQGHUQHLQHOHEHQGH7RWH HLQH9DPSLULQGLHVLFKYRP%OXWGHU0HQVFKHQHUQlKUWH 8QGHUZDUKLHUXPVLH]XYHUQLFKWHQ =XQlFKVWHLQPDOPXWHHUVLFKYRQGHP6FKUHFNHUKROHQ GHQQHUKlWWHQLHJHGDFKWGDLKPHLQXQEHNOHLGHWHV:HVHQ JHJHQEHUWUHWHQZUGH(VVWLHJDXVGHP6DUJ'DEHLEHHLOWHHV VLFKQLFKWHLQPDOVHKUGHQQHVKDWWH=HLWJHQXJ 'LH%HZHJXQJHQGHU:LHGHUJlQJHULQZDUHQHKHUODQJVDP 6LHZDUVLFKLKUHU%HXWHVLFKHUXQGIL[LHUWHVLHDXVJLHULJHQ $XJHQ 'HU.DSLWlQKDWWHVHLQH7DVFKHQODPSHVRJHOHJWGDGHU EUHLWH6WUDKOGLH*HVWDOWDXFKQRFKHUIDWHDOVVLHDXVGHP6DUJ VWLHJXQGVLFKGDQQQDFKUHFKWVZDQGWHXPLP+DOEGlPPHU GHV/DJHUUDXPVHLQHEHVVHUH$QJULIIVSRVLWLRQHLQ]XQHKPHQ 'LH)UDXJHK|UWHQRFKQLFKWODQJH]XGHQ%OXWVDXJHUQ1DFK GHPURWHQ/HEHQVVDIWJLHUWHVLHMHGRFK'LHPHQVFKOLFKH ([LVWHQ]ODJIUVLHPHLOHQZHLW]XUFN-HW]WJDEHVQXUQRFK GLHGlPRQLVFKH $OOHLQVLH]lKOWH
9RULKUVWDQGHLQ0HQVFK6LHVDKLKQVLHK|UWHLKQVLHURFK LKQ-HGHU0HQVFKURFK9LHOOHLFKWZDUHVGHUIHLQH%OXWJHUXFK GHQHUDXVVWU|PWHXQGGHQQXU9DPSLUHZDKUQHKPHQN|QQHQ 6LHEHZHJWHVLFK 1RFKLPPHUJHVFKDKGLHVODQJVDPGHQQVLHZDUVLFKLKUHU 6DFKHVLFKHU$EHUVLHKDWWHHWZDVYHUJHVVHQ .DSLWlQ5RPDQHVFXZDUQLFKWXQEHZDIIQHWLQGHQ/DJHU UDXPJHJDQJHQ(UEHVD]ZDUNHLQ.UHX]DXFKNHLQHQDQJH VSLW]WHQ(LFKHQSIDKOGDIUMHGRFKHLQ0LWWHOGDVDOOH9DPSLUH VWDUNDEVFKUHFNWH .QREODXFK (LQH.QREODXFKVWDXGHKDWWHHUVLFKDXVGHU.FKHJHKROW XQGGDPLWZROOWHHUGLH8QWRWHYHUQLFKWHQ %LVKHUKDWWHVLHQXUGHQ0HQVFKHQJHURFKHQGRFKDOVVLH ZHLWHUYRUVFKULWWGDQDKPVLHHLQHQDQGHUHQ'XIWZDKU (LQHQIUVLHHNOLJHQZLGHUOLFKHQDEVWRHQGHQ*HUXFK .QREODXFK 6LHEOLHEVWHKHQXQGLKU*HVLFKWYHU]HUUWHVLFK]XHLQHUKl OLFKHQ*ULPDVVH =XPHUVWHQPDOLQVHLQHP/HEHQYHUQDKPGHU0DQQGDV )DXFKHQHLQHU%OXWVDXJHULQ'DV*HUlXVFKKlWWHDXFKHLQ7LHU DXVVWRHQN|QQHQVRlKQOLFKK|UWHHVVLFKDQ $EHUHVZDUGLH9DPSLULQ 5RPDQHVFXDWPHWHVFKQHOOHU6WRZHLVHGUDQJGLH/XIWDXV VHLQHP0XQG(UEHJDQQ]X]LWWHUQGHQQHUDKQWHGDMHW]W HWZDV(QWVFKHLGHQGHVDXILKQ]XNDP (UKDWWHGLH8QWRWHIUHLJHODVVHQXQGHUPXWHIULKUH9HU QLFKWXQJVRUJHQ 2EZRKOHUVRVHKUXQWHU6WUHVWDQGXQGHUDXFK$QJVWKDWWH ZDULKPGDV=|JHUQVHLQHU*HJQHULQQLFKWHQWJDQJHQ(ULQWHU SUHWLHUWHHVDOV)XUFKWXQGGLHVH'HXWXQJJDELKP0XW (UPXWHHVVFKDIIHQ *OHLWHQGEHZHJWHHUVLFKYRUDQ6HOWHQLQVHLQHP/HEHQKDWWH VHLQ+HU]VRKHIWLJJHVFKODJHQ 'HU0DQQVFKlOWHVLFKDXVGHPIDKOHQ=ZLHOLFKWXQGHLQ
KHOOHU6FKHLQWUDIVHLQ*HVLFKWDOVHULQGHQ6WUHXEHUHLFKGHU /DPSHJHULHW (UGXUFKTXHUWHLKQPLWHLQHP6FKULWW3O|W]OLFKIKOWHHUVLFK EHVVHUHUKDWWHGLH$QJVWEHUZXQGHQXQGHUZXWHSO|W]OLFK GDHUHVVFKDIIHQNRQQWH =XHUVWKREHUVHLQHQUHFKWHQ$UP,QGHU+DQGKLHOWHUGLH .QREODXFKVWDXGH'LHHLQ]HOQHQ.QROOHQEHIDQGHQVLFKGLFKW EHLHLQDQGHUVLHVFKLHQHQ]XVDPPHQ]XNOHEHQELOGHWHQDEHU NHLQH.HWWHVRQGHUQQXUHLQHHWZDDUPODQJH6FKQXU 6LHPXWHUHLFKHQ 5RPDQHVFXVWDPPWHDXV5XPlQLHQ(UKDWWHQDWUOLFKVFKRQ YRQ9DPSLUHQJHK|UW)DVWDOOHVHLQHU/DQGVOHXWHVFKZRUHQ GDUDXIGDHVVLHJDEQXUJHVHKHQKDWWHVLHNDXPMHPDQG XQGZHQQGDQQZDUGLHVHU=HXJHHEHQIDOOVLQGHQPHLVWHQ )lOOHQ]XP%OXWVDXJHUJHZRUGHQ 'RFKGLHVHV6FKLFNVDOZROOWH5RPDQHVFXQLFKWHUOHLGHQ (UVFKOXJ]X (VZDUHLQH%HZHJXQJGLHHUQLFKWHLQPDOPLWHLQHP =XFNHQGHU$XJHQOLGHUVLJQDOLVLHUWKDWWH'LH.HWWHZDU]LHP OLFKODQJXQGGLH8QWRWHEHIDQGVLFKQLFKWDOO]XZHLWYRQLKP HQWIHUQWVRGDHLQHJXWH&KDQFHEHVWDQGVLH]XWUHIIHQ 'LH6WDXGHZLUEHOWHDXIGLH9DPSLULQ]X %HLGH+lQGHULVLHLQGLH+|KHVFKW]WHVRPLWLKU*HVLFKW GRFKGLH6WDXGHNODWVFKWHJHJHQLKUH8QWHUDUPH 'DV:HVHQ]XFNWH]XUFNDOVKlWWHPDQHVPLWHLQHP IHXULJHQ6WUDKOEHVWULFKHQ 6LHVFKWWHOWHGHQ.RSIGDV*HVLFKWYHUIlUEWHVLFKVLH VWDUUWHDXILKUH+lQGHXQGZDQNWHQDFKKLQWHQ 5RPDQHVFXVHW]WHQDFK(UKDWWHSO|W]OLFKGLH2EHUKDQG JHZRQQHQXQGHUPHUNWHGDHUHVVFKDIIHQNRQQWH'HU .QREODXFKYHUQLFKWHWHGLHVHYHUIOXFKWHQ%OXWVDXJHU 'LH9DPSLULQZDU]ZDUJHWURIIHQZRUGHQVLHVSUWHDXFK KHLH6FKPHU]HQDEHUVLHZDUQLFKWNDPSIXQIlKLJ8QGVLH VHW]WHDOOHVGDUDQLKUXQWRWHV/HEHQ]XYHUWHLGLJHQ 3O|W]OLFKNRQQWHVLHVFKQHOOUHDJLHUHQ%HLLKUHQ%HZHJXQJHQ
ZDUYRQ%HKlELJNHLWQLFKWVPHKU]XEHPHUNHQ6LHVSUDQJ EHUGHQ6DUJKLQZHJLQGHPVLH]XYRUJHOHJHQKDWWHXQG VSXUWHWHGRUWKLQZRGHUVFKZHUH'HFNHOODJ:HQQVLHLKQ]X SDFNHQEHNDPNRQQWHVLHLKQLKUHP*HJQHUEHUGHQ6FKlGHO GUHVFKHQXQGLKQ]XPLQGHVWEHZXWORVVFKODJHQ 'HU.DSLWlQUHDJLHUWH]XVSlW(UIXKUHUVWKHUXPDOVGLH %OXWVDXJHULQGHQ'HFNHOEHUHLWVJHSDFNWKLHOW 6LHZROOWHLKQKRFKZXFKWHQ (VEOLHEEHLP9RUVDW](WZDV)XUFKWEDUHVJHVFKDKPLWGHU UHFKWHQ+DQGGHVXQWRWHQ0lGFKHQV ,QLKUVWHFNWHNHLQH.UDIWPHKUGHQQVLHZDUYRQGHU .QREODXFKVWDXGHJHWURIIHQZRUGHQXQGIDXOWH $OVVLHGHQ'HFNHOKRFKVWHPPHQZROOWHKDWWHGLH+DQG EHUHLWVHLQHEUlXQOLFKH)lUEXQJDQJHQRPPHQXQGKLQJLP UHFKWHQ:LQNHOYRP$UPKHUXQWHU 'DVVFKRFNWHGLH8QWRWH 5RPDQHVFXDEHUVDKVHLQHJURH&KDQFH:HQQHUHVMHW]W QLFKWVFKDIIWHGDQQJDUQLFKW 8QGHUZDJWHHV (LQNUlIWLJHU6SUXQJEUDFKWHLKQLQGLH1lKHGHVJHEFNW GDVWHKHQGHQ0lGFKHQV(USUDOOWHJHJHQVLHXQGULGLH 1DFNWHHLQIDFKXP*HPHLQVDPVFKOXJHQVLH]X%RGHQ 5RPDQHVFXILHODXIVLH(UUDPPWHLKUGHQ(OOERJHQJHJHQ GHQ+DOVK|UWHHLQ5|FKHOQXQGVDKGDVYHU]HUUWH*HVLFKW GLFKWYRUVHLQHQ$XJHQ(UVFKDXWHLQGHQ6FKOXQGGLHVHU %OXWVDXJHULQDXVVHLQHU.HKOHGUDQJHLQWLHIHV.QXUUHQ 6SHLFKHOWURSIWHEHUGLH8QWHUOLSSHQXQGHVJHODQJLKPGHQ OLQNHQ$UPVRDQ]XZLQNHOQGDHUGLH+DQGPLWGHP .QREODXFKQDFKXQWHQGUFNHQNRQQWH *HQDXLQGDV0DXO 'DVZDUGHUHQWVFKHLGHQGH7UHIIHU 'UHLYLHU.QREODXFKNXJHOQYHUVFKZDQGHQLPZHLWDXIJHULV VHQHQ0XQGGHU%OXWVDXJHULQ6LHKDWWHQRFKVFKUHLHQZROOHQ GRFKGLHVHU/DXWZXUGHQXU]XHLQHP5|FKHOQ 'HU.DSLWlQZDUZLHYRQ6LQQHQ(UIOXFKWHHUVFKULHXQGHU
VWRSIWHGLH.QREODXFKNQROOHQWLHIHULQGDV0DXOGHVVHHOHQ ORVHQ*HVFK|SIHV ª)ULVLHGX%LHVW©EUOOWHHULQUDVHQGHU:XWXQGSUHWH ZHLWHU(UODFKWHGDEHLGUFNWHJHJHQGHQ.|USHUXQGVWHOOWH IHVWGDGLHVHULKPNHLQH:LGHUVWDQGVNUDIWPHKUHQWJHJHQ VHW]WH 5RPDQHVFXEHIDQGVLFKDXIGHU6LHJHUVWUDH(UZUGHGHQ K|OOLVFKHQ.DPSIIUVLFKHQWVFKHLGHQGDVVWDQGIHVW 1RFKLPPHUVFKDXWHHULQGDV*HVLFKWVHLQHU*HJQHULQ%HL LKUVFKLHQHQGLH$XJHQDXVGHQ+|KOHQ]XTXHOOHQ'HU'UXFN ZXUGHQRFKVWlUNHUXQGGHU.QREODXFKJHUXFKVRZLHGLH %HUKUXQJPLWGLHVHP*HZU]YHUQLFKWHWHQGHQZHLEOLFKHQ 9DPSLU $OVHUGLH)LQJHUJHJHQGLHOLQNH:DQJHGHV:HVHQVVWLH XQGVLHHLQGUFNHQNRQQWHGDZXWHHU%HVFKHLG ,Q6HNXQGHQVFKQHOOHYHUIORJVHLQ5DXVFK(UVWHPPWHVLFK KRFKEOLHEVFKZHUDWPHQGXQGVFKZHLEHUVWU|PWVWHKHQXQG VFKDXWHGHP7RGHVNDPSIGHU%HVWLH]X 6LHYHUJLQJDXIHLQHVFKUHFNOLFKH$UWXQG:HLVH'DV .QREODXFK]HUVW|UWHVLHYHUQLFKWHWHXQGW|WHWH 5RPDQHVFXKDWWHJHZRQQHQ (UVSUWHZLHHLQJXWHV*HIKOLQLKPDXIVWLHJGDVMHGRFK UDGLNDO]HUVW|UWZXUGHDOVHUSO|W]OLFKYRQGHU7UKHUGLH NDOWHXQGVS|WWLVFKNOLQJHQGH)UDXHQVWLPPHYHUQDKP ª%UDYRGXZLUVWPDOHLQULFKWLJHUNOHLQHU9DPSLUMlJHU© 5RPDQHVFXIXKUKHUXP(UZDUIVLFKQDFKUHFKWVEHNDP VHLQH/DPSH]XIDVVHQXQGULFKWHWHGHQKHOOHQ6WUDKODXI GLH7U 'RUWVWDQGHQVLH /DG\;XQG9DPSLURGHOPDU 8QGVLHKDWWHQDOOHVPLWDQJHVHKHQ
,Q6RXWK7UHERQHGHPNOHLQHQ2UWDQGHUVWXUPJHSHLWVFKWHQ .VWHQ&RUQZDOOVKDWWHQZLUPLWGHP%UJHUPHLVWHUJHVSUR FKHQXQGLKPDOOHVEHULFKWHW(UVFKDXWHXQVIDVVXQJVORVDQ NRQQWHQLFKWEHJUHLIHQGDGHUJUlOLFKH6SXNGHV6HHOHQ VDXJHUVYRUEHLVHLQVROOWHXQGKRELPPHUZLHGHUGLH 6FKXOWHUQ $OVZLUGDYRQHU]lKOWHQGD/LOLDQ/DQFDVWHUQLFKWPHKU ]XUHWWHQJHZHVHQZDUGDVHQNWHHUGHQ.RSIXQGEHJDQQ]X VFKOXFK]HQ ª(VZDUVHLQOHW]WHV2SIHU©VDJWHLFK (UIUDJWHQDFKGHQDQGHUHQ/HLFKHQ'DPXWHQZLUSDVVHQ :LUKDWWHQQXUGLH7RWHPLWDXVGHP9HUOLHVJHEUDFKW,KUNDOWHU .|USHUODJHLQJHKOOWLQHLQH'HFNHLP.RIIHUUDXPGHV%HQWOH\ /LOLDQXQGGHU3IDUUHUNRQQWHQ]XVDPPHQEHHUGLJWZHUGHQ $OV9LUQD/DQFDVWHUYRP7RGLKUHU7RFKWHUHUIXKUHUOLWWVLH HLQHQ6FKRFNXQGEUDFK]XVDPPHQ:LUZDUHQGDEHLXQGLFK IKOWHHLQHQXQJHKHXUHQ=RUQLQPLUKRFKVWHLJHQ 'HU)DOOZDUIU6XNRXQGPLFKQRFKQLFKWDEJHVFKORVVHQ 'HUVWHUEHQGH6HHOHQVDXJHUKDWWHXQVHUNOlUWHGDHUYRQ /DG\;XQG9DPSLURGHOPDU%HVXFKJHKDEWKDWWHXQGYRQ VHLQHUHLJHQWOLFKHQ+HLPDW5XPlQLHQHU]lKOHQPXWH(LQ 1DPHILHOGDEHL0DUHNGHU3IlKOHU ,FKNDQQWHLKQJXW8QGGDVLFK/DG\;VRLQWHQVLYQDFKLKP HUNXQGLJWKDWWHQDKPHQZLUDQGD0DUHNGHU3IlKOHUDXI LKUHU7RGHVOLVWHVWDQG :DVVLHVRQVWQRFKLQ5XPlQLHQZROOWHZXWHQZLUQLFKW 'DZDUQRFKHLQ1DPHJHIDOOHQ )UHGHULFNYRQ/HSSH (LQDOWHU%DURQ'HU6DJHQDFKVROOHUZLHGDPDOV9ODG 'UDFXODHEHQIDOOVHLQ9DPSLUJHZHVHQVHLQ:DVGDUDQULFKWLJ ZDUXQGQLFKWNRQQWHQZLUYRQ(QJODQGDXVQLFKWEHXUWHLOHQ :LUPXWHQVRUDVFKZLHP|JOLFKQDFK5XPlQLHQXQGGHQ EHLGHQ0LWJOLHGHUQGHU0RUGOLJD]XYRUNRPPHQ=XGHP DKQWH0DUHNQLFKWZDVVLFKEHUVHLQHP.RSIVRXQVLFKWEDU ]XVDPPHQEUDXWH
:LHGLHVHU%DURQLQV6SLHOSDWHGDVZXWHQZHGHU6XNR QRFKLFK:LUKRIIWHQHVDOOHUGLQJV]XHUIDKUHQ6SlWHVWHQVLQ 5XPlQLHQGHPNODVVLVFKHQ/DQGGHU9DPSLUH ,FKGDFKWHXQHQWZHJWGDUDQ:RKDWWHGHUDOWH0DUHNVHLQH 6FKPLHGHJHKDEW" ,Q3HWULODHLQHPNOHLQHQ2UWLQGHQ.DUSDWHQ(LQHIXUFKW EDUH*HJHQGHLQVDPXQKHLPOLFK(WZDVIU:|OIHXQG 9DPSLUH %HYRUZLUYRQ6RXWK7UHERQHZHJIXKUHQLQIRUPLHUWHQ ZLUQRFKGLH]XVWlQGLJHQ3ROL]HLEHK|UGHQEHUGHQDEJH VFKORVVHQHQ)DOO 'LH.ROOHJHQYRP/DQGHZDUHQQDWUOLFKIURKGDVLHVLFK QLFKWPHKUXPGLHYHUVFKZXQGHQHQ.UDQNHQ]XNPPHUQ EUDXFKWHQXQGGDMHW]WDOOHVNODUZDU ª:LOOVWGXQRFKLQGHU1DFKWQDFK/RQGRQ"©IUDJWH6XNR ª.ODU© 'LH1DFKWZDUVFKRQIDVWYRUEHLDOVZLUHQGOLFKLP:DJHQ VDHQ:LUEHVFKORVVHQDEZHFKVHOQG]XIDKUHQ:HQQLFK VWHXHUWHVFKOLHI6XNR6RNDPHQZLU]JLJYRUDQXQGHUUHLFK WHQDPIUKHQ1DFKPLWWDJ/RQGRQ 6LU-DPHVXQVHUHQ&KHIKDWWHQZLUEHUHLWVSHU$XWRWHOHIRQ LQIRUPLHUW'HU$OWH]HLJWHVLFKEHWURIIHQXQGNQXUULJ]XJOHLFK $OVZLULKPLP%URJHJHQEHUVDHQIUDJWHHUVRIRUWª0X GLHVH5HLVHQDFK5XPlQLHQVHLQ"© ª1DWUOLFK6LU(VEHVWHKWGHUEHJUQGHWH9HUGDFKWGDZLU GRUWDXI/DG\;XQG9DPSLURGHOPDUWUHIIHQ'DEUDXWVLFK HLQLJHV]XVDPPHQJODXEHQ6LHPLU,FKKDEHGDIUHLQHQDXV JH]HLFKQHWHQ5LHFKHU:LUZDUHQVFKRQHLQPDOGRUW© ª'DVZHLLFK©6LU-DPHVDWPHWHWLHIHLQXQGPXUPHOWHQDFK HLQHU:HLOHª,FKPWHPLFKPLWGHUUXPlQLVFKHQ%RWVFKDIWLQ 9HUELQGXQJVHW]HQ© $OVHUGLHVVDJWHZXWHLFKGDZLUJHZRQQHQKDWWHQ:LU OLHHQXQVDXFKGXUFKVHLQ6W|KQHQQLFKWEHLUUHQXQGWLJHUWHQ ]XUFNLQXQVHUJHPHLQVDPHV%URGDZLUQRFKHLQLJH 9RUEHUHLWXQJHQIUXQVHUH5HLVHWUHIIHQPXWHQ
ª:DVKDEHQZLUHLJHQWOLFKIUHLQ:HWWHU"©IUDJWH6XNR ª6FKDXGRFKDXVGHP)HQVWHU© ª,FKPHLQHLQ5XPlQLHQ© ª:HQQZLUQDFK3HWULODIDKUHQN|QQWHGDVFKRQ6FKQHH OLHJHQ'HU2UWOLHJWLQGHQ.DUSDWHQ© ª'DQQQHKPHQZLUGLH6NLHUPLW© ª,FKKDEHGLFKQRFKQLHVNLODXIHQVHKHQ©KLHOWLFKPHLQHP 3DUWQHUHQWJHJHQ ª:LUNOLFKQLFKW"© ª1HLQ© ª'DQQKDVWGXZDVYHUVlXPW-RKQ© ª%HVWLPPWQLFKW.DXIGLUOLHEHUHLQHQ6FKOLWWHQXQGJHK URGHOQ©,FKQLFNWH6XNR]XXQGYHUOLHGDV%URZHLOLFKQRFK LQGHQ:DVFKUDXPZROOWH 0HLQH*HGDQNHQEHVFKlIWLJWHQVLFKPLWGHPYRUXQVOLHJHQ GHQ)DOO,PPHUZHQQLFKDQGHQDOWHQ0DUHNGDFKWHGDQQ NDPPLUDXFKPHLQ.UHX]LQGHQ6LQQ(VKDWWHPDOHLQH=HLW JHJHEHQGDODJHVLQ5XPlQLHQLQHLQHP.ORVWHU'LHHLJHQW OLFKH+HUNXQIWGHV.UHX]HVZDUMHGRFKHLQ5lWVHO1XUPLU QLFKWPHKU,FKZXWHLQ]ZLVFKHQGDGHU3URSKHW+HVHNLHO DOOVHLQH.UDIWXQGVHLQ:LVVHQLQGLH+HUVWHOOXQJGHV.UHX]HV JHOHJWKDWWH'HUDOWH0DUHNQDKPGDPDOVDQGDHVDXV $UPHQLHQVWDPPWHYRQGHU8UNLUFKHKHU'DVZDUQLFKW NRUUHNW9LHOOHLFKWKDWWHHVGRUWKLQPDOHLQHQ:HJJHIXQGHQ JHQDXHUHVZXWHLFKMHGRFKQLFKW9LHOOHLFKWHUIXKULFK LUJHQGZDQQHLQPDOZHLWHUH'HWDLOVGHUJHKHLPQLVYROOHQ5HLVH PHLQHV.UHX]HV ,P%UR]XUFNHUZDUWHWHPLFKQLFKWQXU6XNRVRQGHUQ DXFK6LU-DPHV3RZHOO0HLQ)UHXQGQLFNWHPLU]XXQGGHU 6XSHULQWHQGHQWVDJWHª6LHKDEHQ*OFNGDV9LVXPLVWJH QHKPLJWXQG6LHN|QQHQPLWGHUQlFKVWHQ0DVFKLQHQDFK %XNDUHVWIOLHJHQ© ª-HW]WPWHPDQQXUQRFKGHQDOWHQ0DUHNHUUHLFKHQ© PHLQWH6XNR ªhEHUUDVFKHQ6LHLKQ©VFKOXJ6LU-DPHVYRUª8QGVRUJHQ6LH
GDIUGD/DG\;XQG9DPSLURGHOPDUYHUQLFKWHWZHUGHQ ,FKZLOOQLFKWVPHKUYRQLKQHQK|UHQ© ª'DVLVWQLFKWHLQIDFK6LU© (UVFKQLWWPLUGDV:RUWDEª0LWHLQIDFKHQ)lOOHQVROOHQ6LH VLFKDXFKQLFKWEHVFKlIWLJHQ*XWH5HLVHLKUEHLGHQXQGJHEW DFKW'HQ9DPSLUHQVFKPHFNWDXFKHXHU%OXW© ª'DZWHLFKHLQ*HJHQPLWWHO6LU© 8QVHU&KHIZDUVFKRQDQGHU7UDOVHUVLFKQRFKHLQPDO XPGUHKWHª6R":HOFKHVGHQQ"© ª:LUWULQNHQMHGHUHLQH)ODVFKH:KLVN\'DQQKDEHQZLU VRYLHO%OXWLP$ONRKROGDGHQ9DPSLUHQ© ª(U]lKOHQ6LHGDVEHLPQlFKVWHQ%HWULHEVIHVW©HUZLGHUWHGHU $OWHPUULVFKXQGJLQJ ª6HLQH/DXQHLVWEHVWHFKHQG©PHLQWH6XNR ª,VWGHLQHEHVVHU"© ª1HLQ5XPlQLHQLP:LQWHULVWIUPLFKIDVWVRZLH6LELULHQ 'DUDXINDQQLFKJHUQYHU]LFKWHQ© ª:HQQGXKLHUEOHLEHQZLOOVW© 6XNRVFKDXWHPLFKDQDOVZROOWHHUPLFKRKUIHLJHQ'DQQ QDKPHUKLQWHUGHP6FKUHLEWLVFK3ODW]XQGEHVWHOOWHGLH)OXJ NDUWHQ ,FKWUDWDQV)HQVWHU 'UDXHQZHKWHHLQVFKDUIHU:LQG(UULDXFKGLHOHW]WHQ IDXOHQ%OlWWHUYRQGHQ%lXPHQ'HU7RWHQPRQDW1RYHPEHU QHLJWHVLFKDOOPlKOLFKVHLQHP(QGH]X'LH0HQVFKHQGDFKWHQ DQ:HLKQDFKWHQXQGLQZHQLJHQ7DJHQZUGHQGLH/RQGRQHU *HVFKlIWVVWUDHQLQYRUZHLKQDFKWOLFKHP*ODQ]HUVWUDKOHQ :LUDEHUKDWWHQIUVRHWZDVOHLGHUNHLQH=HLW:lKUHQG DQGHUHIU)UHXQGHXQG9HUZDQGWH*HVFKHQNHNDXIWHQ PXWHQZLUXQVXP9DPSLUHNPPHUQ 0DQFKPDOZDUGLH:HOWVFKRQPHKUDOVYHUNHKUW,FKGUHKWH PLFKXP6XNROHJWHVRHEHQGHQ+|UHUDXI ª%HNRPPHQZLUGLH)OXJNDUWHQ"©IUDJWHLFKLKQ ª-DZLUN|QQHQDP$EHQGVWDUWHQ© ª$XIQDFK5XPlQLHQ©HUZLGHUWHLFK
'DPLWKDWWHGHU.DSLWlQQLFKWJHUHFKQHW /DG\;XQGLKU0RQVWHUPXWHQOHLVHGLH7UJH|IIQHWKDEHQ XQGZDUHQLQGHQ/DJHUUDXPJHVFKOLFKHQ5RPDQHVFXNRQQWH QXULKUH8PULVVHVHKHQ$EHUHUHQWGHFNWHHLQHQOlQJOLFKHQ *HJHQVWDQGGHUVLFKDOV6FKDWWHQYRP+LQWHUJUXQGDEKRE (LQHQ:DIIHQODXI 'HU.DSLWlQYHU]RJVHLQ*HVLFKW(UNDQQWH/DG\;]ZDU QRFKQLFKWODQJHGRFKHUZXWHGDVLHQLHRKQH0DVFKLQHQ SLVWROHKHUXPOLHI8QGGLHVH:DIIHKDWWHVLHPLWJHQRPPHQ(U NDPVLFKMHW]WOlFKHUOLFKPLWVHLQHU.QREODXFKVWDXGHYRU *HJHQHLQH0DVFKLQHQSLVWROHNRQQWHHUGDPLWQLFKWVDXV ULFKWHQ 'LH6FRWWEHZHJWHVLFK8QWHULKUHQ6FKXKHQNQLUVFKWHHV6LH WUXJKDOEKRKHVFKZDU]H6WLHIHOXQGVLHJHULHWQlKHULQGHQ JHOEZHLHQ/LFKWVFKHLQ ª,FKKDWWHGLUGRFKJHVDJWGDGXQLFKWQDFKVFKDXHQVROOVW© VDJWHVLHPLWOHLVHU6WLPPH 5RPDQHVFXEHJHKUWHDXIª(VLVWHLQ]LJXQGDOOHLQPHLQ 6FKLII,FKNDQQGDUDXIWXQXQGODVVHQZDVLFKZLOO© ª1LHPDOV+LHUKDEHLFKGDV.RPPDQGREHUQRPPHQ 0HUNGLUGDV'LHVHV0lGFKHQJHK|UWH]XXQV6LHZDUHLQH 'LHQHULQ(VGDUIVLFKQLHPDQGHUODXEHQXQVHUH$UWJHQRVVHQ ]XW|WHQ:HQQHUGDVWXWLVWHUHEHQIDOOVYHUORUHQ© 'HU.DSLWlQVHQNWHGHQ.RSI'LH:RUWHKDWWHQLKQKDUW JHWURIIHQ6LHPDFKWHQLKPDXFKNODUGDVHLQ/HEHQNHLQHQ 3ILIIHUOLQJPHKUZHUWZDU'LHVHEOXWJLHULJH%HVWLHZUGHLKQ RKQH]X]|JHUQHUVFKLHHQRGHUZDVQRFKVFKOLPPHUZDU]X HLQHP9DPSLUPDFKHQ 5RPDQHVFXEHNDP$QJVW (UPHUNWHHV]XHUVWDP=LWWHUQVHLQHU+lQGH3O|W]OLFK NRQQWHHUVLHQLFKWPHKUUXKLJKDOWHQXQGHUVFKLHOWH]XU7U KLQDEHUGHU)OXFKWZHJZDULKPYHUVSHUUW 6HLQ%OLFNILHOQDFKUHFKWV(LQSDDU6FKULWWHHQWIHUQW ]ZLVFKHQ6DUJXQG'HFNHOODJGDVYRQLKPJHW|WHWH:HVHQ(V ZDUQLFKWYHUIDXOWZLHHLQ8UDOW9DPSLUQXUGLH+DXWKDWWH
HLQHQDQGHUHQ)DUEWRQDQJHQRPPHQ6LHZDUGXQNOHUJHZRU GHQ$XVGHPZHLWJH|IIQHWHQ0XQGUDJWHQGLH.QREODXFK NQROOHQDOVZROOWHQVLHGHQ.DSLWlQGDUDQHULQQHUQZLHPDQ 9DPSLUH]XW|WHQKDWWH (LQHZDKQZLW]LJH,GHHGXUFK]XFNWHLKQ9LHOOHLFKWNRQQWHHU GLH6WDXGHDXVGHP0DXOGHU%HVWLHUHLHQXQGGDPLWQRFK 9DPSLURGHOPDUDQJUHLIHQGRFKGHQ9RUVDW]PXWHHUVLFK DEVFKPLQNHQ/DG\;ZDULQ]ZLVFKHQ]XQDKHDQLKQKHUDQ JHNRPPHQXQGEHGURKWHLKQPLWGHU:DIIH'LH0QGXQJ ZLHVDXIVHLQHQ.|USHU (WZDGUHL6FKULWWHWUHQQWHQGLHEHLGHQ1LHPDQGVSUDFK1XU YRPQLFKWDOO]XZHLWHQWIHUQWHQ0DVFKLQHQUDXPGUDQJHLQ GXPSIHV6WDPSIHQXQG6XPPHQ]XLKQHQ ª:DVKDVWGX]XGHLQHU9HUWHLGLJXQJ]XVDJHQ"©K|KQWHGLH %HVWLHPLWGHU03L ª1LFKWVJDUQLFKWV,FKLFKEUDXFKHPLFKQLFKW]XYHUWHL GLJHQ(VLVWPHLQ6FKLII© ª'DVKDEHLFKVFKRQHLQPDOJHK|UWDEHUHVLQWHUHVVLHUWPLFK QLFKW'HLQ/HEHQLVWYHUZLUNW©6LHODFKWHOHLVHª$XFKGX ZLUVWEDOG]XXQVJHK|UHQ'XPXWZLVVHQGDZLU(UVDW]IU GLHYRQGLUJHW|WHWH'LHQHULQEUDXFKHQ'HU6DUJLVWVRJUR GDDXFKGXKLQHLQSDW.DSLWlQ© 5RPDQHVFXVFKOXFNWH(UZXWHGDHVNHLQHOHHUHQ:RUWH ZDUHQ/DG\;ZUGHLKUH'URKXQJHLVNDOWZDKUPDFKHQ (UEDUPHQNDQQWHVLHQLFKW'DVNRQQWHPDQYRQGHQ%OXW VDXJHUQQLFKWYHUODQJHQ6LHGDFKWHQQLFKWPHKUPHQVFKOLFK 'HP.DSLWlQZXUGHGHU.UDJHQHQJ6FKZHLKDWWHVLFKDQ VHLQHP+DOVJHELOGHW(UKREGHQ$UPXQG|IIQHWHGLHEHLGHQ REHUVWHQ.Q|SIHDP+HPG3O|W]OLFKNULHJWHHUNDXPQRFK /XIW'LH$QJVWVFKQUWHVHLQH%UXVW]XGLH*HVWDOWGHU 9DPSLULQYHUVFKZDPPYRUVHLQHQ$XJHQXQGHUJODXEWH EHUHLWVGLHVSLW]HQ=lKQHDQVHLQHP+DOV]XVSUHQEHYRUVLH KLQHLQKDFNWHQGLH$GHUIDQGHQXQGGDV%OXWWUDQNHQ ª:HVKDOEVDJVWGXQLFKWV"©IUDJWHGLH6FRWWª'XELVWGRFK VRQVWLPPHUVRPXWLJ©
ª,FKLFK©'HU.DSLWlQYHUVWXPPWHXQGIXKUPLWGHU +DQGEHUVHLQH.HKOH9HUGDPPWHUKDWWH$QJVWXQGGLHVH %OXWVDXJHULQYRULKPPHUNWHHVJHQDX 6LHVWDQG]LHPOLFKQDKYRULKP,KU/lFKHOQNRQQWHPDQDOV K|KQLVFKEH]HLFKQHQDXFKLKUHQlFKVWH)UDJHNODQJVRª:HU VROOGLFKXPEULQJHQ"9DPSLURGHOPDURGHULFK"© ª.HLQHUYRQHXFK© ª'DVLVWQXUHLQ:XQVFK©/lVVLJWUDWVLHQlKHU,KUH$XJHQ EOLHEHQGXQNHOGDUKUWHVLFKQLFKWV'LHVH%HVWLHYHUULHWPLW NHLQHP:LPSHUQ]XFNHQZDVVLHLP6FKLOGHIKUWH $XFK5RPDQHVFXWUDXWHVLFKQLFKWLUJHQGHWZDV]XXQWHU QHKPHQ(UZROOWHVHLQH$QJVWKLQXQWHUVFKOXFNHQGRFKGHU .ORLQVHLQHP+DOVZDUHLQIDFK]XGLFN 0LWHLQHP$XJHVFKLHOWHHUDXIGLH:DIIH'LH03LZXUGH OHLFKWDQJHKREHQHUVDKGLH0QGXQJGHXWOLFKHUVLHWDXFKWH GLFKWYRUVHLQHP*HVLFKWDXI)UGLH/lQJHHLQHV$WHP]XJV EOLHEHULQHLQHUVHKUVWHLIHQ+DOWXQJELVHUGHQIHVWHQXQG JOHLFK]HLWLJNDOWHQ'UXFNDQVHLQHP.LQQVSUWH /DG\;SUHWHGLH0QGXQJGDJHJHQª1XQ"©IUDJWHVLH ª6ROOLFKGLUGHQ.RSI]HUVFKLHHQ+HUU.DSLWlQ"© ª6LH6LH© /DG\;OlFKHOWHQRFKLPPHUª'UHKGLFKXP©EHIDKOVLH GDQQª:LUVLQGNHLQH*DQJVWHUXQGLFKVHW]HGLH:DIIHQXULP 1RWIDOOHLQ© ª:DVZROOHQ6LHGHQQ"© ª'HLQ%OXW.DSLWlQ,FKZLOOGHLQ%OXWXQGHVZLUGPLUN|VW OLFKPXQGHQYHUODGLFKGUDXI6FKDGHLFKKlWWHJHUQZHLWHU PLWGLU]XVDPPHQJHDUEHLWHWDEHUGDGXPLFKKLQWHUJDQJHQ KDVWPXLFKPLFKY|OOLJXPVWHOOHQ'DVSDWPLUHLJHQWOLFK QLFKW© ª8QGGDV0RQVWHU"©5RPDQHVFXNRQQWHNDXPVSUHFKHQ'LH $QJVWVFKQUWHLKPGLH/XIWDE ª:LUWHLOHQXQVGHLQ%OXW8QGQXQGUHKGLFKXPKDEHLFK JHVDJW© 5RPDQHVFXQLFNWH(UVHQNWHGHQ.RSIKREGLH6FKXOWHUQ
GUHKWHVLFKXQGH[SORGLHUWHSO|W]OLFK(VZDUHLQH%HZHJXQJ GLHHUVLFKVHOEVWNDXP]XJHWUDXWKlWWH6LHZXUGHDXVGHU $QJVWJHERUHQXQGGHU0DQQVHW]WHDOOVHLQH.UlIWHHLQ (UEHUUDVFKWHVHOEVWGLHDEJHEUKWH3DPHOD6FRWW%HYRUVLH VLFKDXIGLHQHXH/DJHHLQVWHOOHQNRQQWHZXFKWHWHGHU.DSLWlQ EHUHLWVVHLQH+DQGJHJHQGHQ/DXIGHU03LXQGKlPPHUWHLKQ QDFKREHQ0LWGHUDQGHUHQ+DQGVWLHHU/DG\;JHJHQGLH %UXVW6LHNLSSWHQDFKKLQWHQYHUORUGDV*OHLFKJHZLFKWXQG JHULHWLQV6WROSHUQVRGDVLHJHQXJGDPLW]XWXQKDWWHGLH %DODQFH]XKDOWHQ 5RPDQHVFXVWDUWHWH (UKDWWHDOVHLQ]LJHQ$XVZHJQXUGLH7UJHVHKHQXQGHU PXWH9DPSLURGHOPDUDXVGHP:HJUlXPHQGHUGRUWZLH HLQGVWHUHU6FKDWWHQVWDQGXQG:DFKHKLHOW 'HU.DSLWlQNDPDXVGHP+HOOHQ'HUDQGHUHVWDQGLP 'XQNHOQXQGVDKZLH5RPDQHVFXSO|W]OLFKYRULKPDXI WDXFKWH 'DKDWWHGHU0DQQVFKRQDXVJHKROW 5RPDQHVFXKDWWHVLFKYRQGHU3LNHDXIKRFKJHDUEHLWHW(U ZDUPDO6WDXHUJHZHVHQGDQQ0DWURVHXQGVSlWHU2IIL]LHU $OV6WDXHUXQG0DWURVHKDWWHHUGDV$UEHLWHQJHOHUQWXQGDXFK .UDIWEHNRPPHQ :lKUHQGKLQWHULKPGLH6FRWWYRU:XWVFKULHPXWH 9DPSLURGHOPDUGHQ7UHIIHUKLQQHKPHQ 5RPDQHVFXKDWWHZLUNOLFKDOOHVKLQHLQJHOHJWZDVLKPDQ .UDIW]XU9HUIJXQJVWDQG(UKlWWHGHQDQGHUHQVRJDUGXUFK GLH7UJHVFKODJHQDEHUGDVZDUQLFKWP|JOLFK6LHEHVWDQG DXV(LVHQZDUIHXHUIHVWXQG9DPSLURGHOPDUGU|KQWHQXU GDJHJHQ 5RPDQHVFXKROWHDEHUPDOVDXVVFKOXJ]XXQGVSUWH 6FKPHU]HQLQVHLQHUUHFKWHQ)DXVWGHQQGHU.|USHUGHU%HVWLH KDWWHNDXPQDFKJHJHEHQ(UJOLFKHLQHP6WFN0HWDOO 8QGGDV0RQVWHUNRQWHUWH (VQDKPGLH/LQNH (LQ+LHEH[SORGLHUWHI|UPOLFKDXIGHP%UXVWEHLQGHV
.DSLWlQV(UK|UWHLQVHLQHP,QQHUQHWZDVNQDFNHQ7UlQHQ VFKRVVHQLQVHLQH$XJHQXQGHVIROJWHGHUQlFKVWH6FKODJ 9RQREHQQDFKXQWHQVFKOXJ9DPSLURGHOPDUGLH)DXVW 5RPDQHVFXNDPQLFKWPHKUGD]XHLQHQ6FKUHLDXV]XVWRHQ (UVSUWHGHQ7UHIIHUHWZDVVFKLHQLKQDXVHLQDQGHUUHLHQ]X ZROOHQXQGHUVDFNWH]XVDPPHQ 9RUGHQ)HQGHV8UDOW9DPSLUVEOLHEHUOLHJHQ /DG\;NDPª*XW©OREWHVLHLKUHQ9DVDOOHQªGDVKDVWGXJXW JHPDFKWZLUNOLFK© ª0LUHQWNRPPWNHLQHU©(UKDWWHGDEHLGLHEHVRQGHUH %HWRQXQJDXIGDV:RUWPLUJHOHJWHLQH$QVSLHOXQJDXI/DG\ ;GLHGHU.DSLWlQKDWWHUHLQOHJHQN|QQHQª:LUZHUGHQVHLQ %OXWWULQNHQ©VDJWH9DPSLURGHOPDU(UOHFNWHVLFKEHUGLH /LSSHQ6HLQH=XQJHVDKDXVZLHHLQJUQJUDXHUDOWHU/DSSHQ DOVVLHDXVGHP0XQGIXKU 'LH6FRWWK|UWHQLFKWKLQ6LHEFNWHVLFKQDKPEHLGH+lQGH ]X+LOIHXQGUROOWHGHQ.DSLWlQKHUXP $XIGHP5FNHQEOLHEHUOLHJHQ'LH+lQGHGHUHKHPDOLJHQ 7HUURULVWLQWDVWHWHQEHUVHLQHQ.|USHUGDV*HVLFKWEOLHEGDEHL XQEHZHJWQXUDOVVLHVLFKKRFKVWHPPWHGD]XFNWHQLKUH 0XQGZLQNHO ª:DVLVWORV"© /DG\;VFKDXWHGHQ8UDOW9DPSLUDQª1LFKWVZLUVWGX WULQNHQJDUQLFKWV© ª:LHVR",FK© ª(ULVWWRW©HUZLGHUWH/DG\;ª'XKDVWLKQHUVFKODJHQ© ª:DV"© /DG\;VFKDXWH9DPSLURGHOPDUNDOWDQª-DWRWGDQXW]WHU XQVJDUQLFKWV9LHOOHLFKWQRFKHLQHP*KRXO© ª(UKDWPLFKDQJHJULIIHQ©NQXUUWHGHU8UDOW9DPSLU ª,FKPDFKHGLUDXFKNHLQHQ9RUZXUIVRQGHUQKDEHQXU HWZDVIHVWJHVWHOOW©HUNOlUWH/DG\; ª8QGMHW]W"© ª:HUGHQZLUGHQ5DXPYHUODVVHQXQGXQVHWZDVDXV GHQNHQPVVHQ©
9DPSLURGHOPDUIUDJWHQLFKWGDQDFKZDVVLFK/DG\;DXV GHQNHQZROOWH(UEHUOLHLKULPPHUGLH,QLWLDWLYH6LHZDUGLH EHVVHUHNDQQWHVLFKEHLGHQ0HQVFKHQDXVXQGZXUGHDXFK PLW3UREOHPHQJXWIHUWLJ)UDOOHVKDWWHVLHHLQH/|VXQJ /DG\;ZDUIQRFKHLQHQOHW]WHQ%OLFNDXIGHQDP%RGHQ OLHJHQGHQ.DSLWlQ'DQQZDQGWHVLHVLFKGHURIIHQHQ7U]X 5RPDQHVFXKDWWHQLFKWDEJHVFKORVVHQDOVHUGHQ5DXP EHWUDW$XVGLHVHP*UXQGHZDUHVGHQEHLGHQ%OXWVDXJHUQ OHLFKWJHIDOOHQVRODXWORVHLQ]XGULQJHQ 'LHHKHPDOLJH7HUURULVWLQJLQJYRU6LHKRIIWHGDVLHQLH PDQGHPEHJHJQHQZUGHQGHQQVLHZROOWH5XKHKDEHQXP QHXH3OlQH]XGXUFKGHQNHQ'LHDOWHQKDWWHVLH]ZDQJVOlXILJ XPVWRHQPVVHQ $XIGHP:HJ]XLKUHU.DELQHGDFKWHVLHEHUHLWVQDFK$XI MHGHQ)DOOPXWHVLHQDFK5XPlQLHQ:HQQHV]XHLQHU$OOLDQ] GHU9DPSLUHNRPPHQVROOWHGDQQZDUGLHVHVGVWHUH +RUURUODQGIULKUH=ZHFNHEHVWHQVJHHLJQHW,PYHUERUJHQHQ VFKOLHIHQGRUWXQKHLPOLFKH.UlIWHVLHEUDXFKWHQQXUJHZHFNW ]XZHUGHQ 9DPSLURGHOPDUIROJWHLKUZLHHLQWUHXHU+XQG1XUZDUHU QLFKWVRWUHX'HU8UDOW9DPSLUKDWWHVLFKQLFKWJHUQGDV+HIW DXVGHQ3UDQNHQUHLHQODVVHQGHQQHUIKOWHVLFKVWDUNXQG PlFKWLJ6RJDUVRPlFKWLJGDHUGLH)KUXQJEHUQRPPHQ KlWWH$XVEHVWLPPWHQ*UQGHQMHGRFKPXWHHUGLHVGHU6FRWW EHUODVVHQ6LHNRQQWHVLFKGDQNLKUHV$XVVHKHQVXQGDXFK 9RUOHEHQVEHVVHUXQWHUGHQ0HQVFKHQEHZHJHQ6LHZXWH JHQDXZDVPDQWXQPXWHXPQLFKWDXI]XIDOOHQ 8QJHVHKHQHUUHLFKWHQGLHEHLGHQLKUH.DELQH6LHZDUQLFKW OX[XUL|VHLQJHULFKWHW(LQ%HWWHLQ6FKUDQNHLQH:DVFK JHOHJHQKHLW$XIGLHVHP)UDFKWHUZDUPDQQLFKWDXI%HVXFK HLQJHVWHOOW /DG\;VFKORDE'DQQGUHKWHVLHVLFKXPWUDWDQGHQ 6FKUDQNXQGKROWHLKUHZLFKWLJVWH:DIIHKHUYRU (VZDUGHU:UIHOGHV8QKHLOV (LQ1DPHGHUEHUKDXSWQLFKW]XGHP*HJHQVWDQG]XSDVVHQ
VFKLHQGHQQGHU:UIHOVDKHKHUKDUPORVDXV'LH6HLWHQ VFKLHQHQDXV0LOFKJODVJHIHUWLJW]XVHLQZDUHQ]LHPOLFKGLFN XQGVFKLPPHUWHQVHOWVDPZHLPLWEOlXOLFKHQ(LQVFKOVVHQ 1LHPDQGZXWHVRUHFKWZRKHUGHU:UIHOVWDPPWHDEHUHU SDWHVLFKGHPMHZHLOLJHQ%HVLW]HUDQ 'DVKHLWHUWDWGDVZDVGHU0DQQRGHUGLH)UDXZROOWHQ(U OLHVLFKPDQLSXOLHUHQ]XP*XWHQKLQDOVDXFK]XP%|VHQ $OVHV'U7RGQRFKJDEKDWWHHUPLW+LOIHGLHVHV:UIHOVGHQ VFKUHFNOLFKHQ1HEHOSURGX]LHUWGHUGHQ0HQVFKHQGDV)OHLVFK YRQGHQ.QRFKHQO|VWH$EHUGHU:UIHONRQQWHDXFKDQGHUHV (UYHUVFKDIIWHVHLQHP%HVLW]HUJURH9RUWHLOHLQGHPHULKP 'LPHQVLRQVUHLVHQHUP|JOLFKWH8QGDXIGLHVH.UDIWZROOWHGLH HKHPDOLJH7HUURULVWLQEDXHQ ª:LOOVWGXGDV6FKLIIYHUODVVHQ"©IUDJWH9DPSLURGHOPDU ª-D© ª8QGZDUXP"© ª(VZLUGbUJHUJHEHQZHQQGHU.DSLWlQJHIXQGHQZLUG© ,KU*HVLFKWQDKPHLQHQZWHQGHQ$XVGUXFNDQª(VWXWPLU VHOEVWOHLGGDXQVHU$XIWULWWDQGHUVDOVJHSODQWLVW© 9DPSLURGHOPDUODFKWH(UKDWWHJHQDXJHZXWZLHDOOHV ODXIHQVROOWH6LHZROOWHQQDFK5XPlQLHQIDKUHQXQGGRUWDQ /DQGJHKHQ$OOHUGLQJVQLFKWDOVHLQ]LJH9DPSLUH1HLQHLQ 6FKLIIPLW]DKOUHLFKHQ%OXWVDXJHUQDQ%RUGKDWWHLQ.RQVWDQ]D DQOHJHQVROOHQ$XIGHU5HLVHZlUH=HLWJHQXJJHZHVHQDOOH %HVDW]XQJVPLWJOLHGHU]X9DPSLUHQ]XPDFKHQ(VKlWWHHLQHQ IXUFKWEDUHQ$XIODXIJHJHEHQXQGVRZlUHDXFKLKUHLJHQW OLFKHU*HJQHUGLHVHU)UDQWLVHN0DUHNVLFKHUOLFKQDFK .RQVWDQ]DJHNRPPHQZR/DG\;LKQGDQQKDWWHDXVVFKDOWHQ ZROOHQ'HU3ODQZDU]ZDUHLQZHQLJXPVWlQGOLFKDEHUQLFKW YRQVFKOHFKWHQ(OWHUQ'LH$NWLYLWlWHQGHU%OXWVDXJHUKlWWHQ IUXQJHKHXUH)XURUHJHVRUJW 1XQZDUGDVJHVWULFKHQ $OV/DG\;GHQIUDJHQGHQ%OLFNGHV8UDOW9DPSLUVVDKGD KREVLHGLH6FKXOWHUQª7XWPLUOHLG©VDJWHVLHª$EHUZLU PVVHQGHQ3ODQlQGHUQ©
ª6ROOHQZLUYHUVFKZLQGHQ"© ª1DWUOLFK© 9DPSLURGHOPDUZLGHUVSUDFKQLFKW(UZXWHGD/DG\; LPPHUGLHEHVVHUHQ.DUWHQLQGHQ+lQGHQKLHOWXQGULFKWHWH VLFKGDQDFKª'DQQODXQVHQGOLFKHWZDVXQWHUQHKPHQ© ª0RPHQWQRFK©/DG\;KDWWHGUDXHQ6WLPPHQYHUQRP PHQ$XIJHUHJWH5XIHVFKDOOWHQGXUFKGLH*lQJHXQWHU'HFN :DKUVFKHLQOLFKYHUPLWHPDQGHQ.DSLWlQ-HW]WVXFKWHPDQ LKQYROOHU+HNWLN 'LHZUGHQVLFKZXQGHUQZHQQVLHLKQIDQGHQXQGVLH ZUGHQVLFKDXFKEHUGHQHLQHQOHHUHQ6DUJLP/DJHUUDXP ZXQGHUQ /DG\;EHGHXWHWH9DPSLURGHOPDUPLWHLQHP.RSI]HLFKHQ QlKHU]XNRPPHQ 'DVWDWGHU%OXWVDXJHUDXFK 'DQQDNWLYLHUWHGLHHKHPDOLJH7HUURULVWLQGHQ:UIHOGHV 8QKHLOV6LHNRQ]HQWULHUWHVLFKDXIGDVQHXH=LHO]XGHPGHU :UIHOVLHGDQNVHLQHU.UDIWWUDQVSRUWLHUHQVROOWH 6FKRQEDOGEHZLHVGHU:UIHOZHOFKHLQH.UDIWLQLKPVWHFN WH'LH*HVWDOWHQGHU%OXWVDXJHUZXUGHQGXUFKVLFKWLJGHU :UIHOYHUVFKZDQGHEHQIDOOVXQGGDQQZDUYRQGHQEHLGHQ %OXWVDXJHUQQLFKWVPHKU]XVHKHQ6LHKDWWHQGDV6FKLIIVSXU ORVYHUODVVHQ(VZDUVRDOVZlUHQVLHEHUKDXSWQLFKWGDJH ZHVHQ 'DVVWHOOWHQDXFKGLH0lQQHUGHU6XFKPDQQVFKDIWIHVWDOV VLHGLH7UDXIEUDFKHQ 6LHIDQGHQHLQHQOHHUHQ5DXPYRUXQG0LQXWHQVSlWHULKUHQ WRWHQ.DSLWlQ =XHUVWZDUHQVLHUDWORVGDQQMHGRFKNDPGLH$QJVWXQGVLH ZDUIHQGLH7RWHQLQV0HHU 1DFKHLQDQGHUYHUVFKZDQGHQGLHGUHL6lUJHLQGHQ)OXWHQ GLHHUOHGLJWH9DPSLULQIROJWHQXUGHU.DSLWlQEOLHEDXIGHP 6FKLII(UVROOWHLQGHU+HLPDWHUGHEHJUDEHQZHUGHQ
,QGHQKRKHQ/DJHQGHU.DUSDWHQKDWWHHVOlQJVWJHVFKQHLW 'LH%HUJHKDWWHQZHLH+DXEHQXQGDQPDQFKHQ7DJHQZDU GHU6FKQHHELVLQGLHGVWHUHQ7lOHUJHIDOOHQGRUWMHGRFKUDVFK ZLHGHUZHJJHWDXWZHLOGHU%RGHQ]XZDUPZDU (VJDENHLQHQ=ZHLIHOPHKUGHU:LQWHUVWDQGGLFKWEHYRU,Q GHQGXQNOHQ:lOGHUQZDUGDV/DXEYRQGHQ%lXPHQJHIDOOHQ 1XUGLH7DQQHQXQG)LFKWHQVWDQGHQDQPDQFKHQ+lQJHQZLH HLQHGVWHUH:DQG ,QGHQYHUVWUHXWOLHJHQGHQ'|UIHUQZXUGHQGLHJURHQgIHQ DQJHKHL]WXQGDXV]DKOUHLFKHQ6FKRUQVWHLQHQTXROOHQGQQH 5DXFKVFKOHLHUJHJHQGHQEODJUDXHQ+HUEVWKLPPHO (VZDUJHQDXGLH=HLWLQGHUGLH1DWXUDOOPlKOLFKVWDUE (LQLJH0HQVFKHQEHKDXSWHWHQVLHKlWWHQEHUHLWVGDVVFKDX ULJH+HXOHQGHU:|OIHJHK|UW(VJDELQGHQ.DUSDWHQQRFK JHQJHQG:|OIHGLHZHQQGLH(UGHPLW6FKQHHEHGHFNWZDU YRP+XQJHULQGLH7lOHUXQGGDPLW]XGHQ0HQVFKHQ JHWULHEHQZXUGHQ 9LHOH0HQVFKHQKDWWHQ$QJVWYRUGHPODQJHQ:LQWHU2IW ZDUHQVLHHLQJHVFKQHLW'DQQNRQQWHQVLHZRFKHQODQJLKUH '|UIHUQLFKWPHKUYHUODVVHQXQGPXWHQVLFKJHJHQHLQH IHLQGOLFKH8PZHOWYHUWHLGLJHQ 'LH.DUSDWHQELOGHWHQHLQHQ:DOO6LH]RJHQVLFKYRQ:HVWHQ QDFK2VWHQ(LQHIDVWXQEHUZLQGOLFKVFKHLQHQGH*HELUJV NHWWHGHUVHOEVWGHU6FKQHHLQGHQREHUHQ/DJHQNDXPHWZDV YRQGHU'VWHUNHLWQHKPHQNRQQWH9LHOH*HVFKLFKWHQUDQNWHQ VLFKXPGLHVHV*HELHW,QGHQODQJHQ:LQWHUDEHQGHQZXUGHQ 6DJHQXQG/HJHQGHQHU]lKOWXQGGHUXQKHLOLJH*HLVWGHV *UDIHQ'UDFXODZDULPPHUJHJHQZlUWLJ6RHLQIDFKOLHVLFK HLQHGVWHUH*HVFKLFKWHQLFKWDEVFKWWHOQ $EHU'UDFXODZDUWRW (UH[LVWLHUWHQLFKWPHKUGDIUJDEHVDQGHUH*HIlKUOLFKH XQGGVWHUH:HVHQGLHPDQDXFKDOV9DPSLUHEH]HLFKQHWH XQGGLHLQILQVWHUHQ%XUJHQDXIHLQVDPHQ%HUJIULHGK|IHQXQG LQ5XLQHQKDXVWHQ0DQFKHVFKOLHIHQDXFKLQDOWHQ6lUJHQWLHI XQWHUGHU(UGH1LHPDQGZXWHVRUHFKWZRVLHVLFKYHU
EDUJHQDEHUZHQQGHU%OXWGXUVWVLHEHUILHOGDQQVWLHJHQVLH DXVGHQ*UIWHQ9HUOLHVHQXQG6lUJHQXPDXI%HXWHMDJG]X JHKHQ .HLQ0HQVFKZDU]XGLHVHU=HLWYRULKQHQVLFKHU ,P6FKXW]HGHU1DFKWJLQJHQVLHLKUHPJUDXVDPHQ7ULHE QDFK0DQFKPDOVDKPDQLKUH$XJHQOHXFKWHQGDQQORGHUWH GDULQGLH*LHUQDFK0HQVFKHQEOXWXQGGLH(LQZRKQHULQGHQ NOHLQHQ%HUJG|UIHUQKlQJWHQ.QREODXFKYRULKUH)HQVWHU ]QGHWHQ.HU]HQDQXQGXPNODPPHUWHQLP%HWWOLHJHQGGLH HLQIDFKHQDEHUJHZHLKWHQ+RO]NUHX]H (VJDEQXUZHQLJH0HQVFKHQGLHVLFKJHJHQGHQ9DPSLU WHUURUDXIOHKQWHQ=XGLHVHQJHK|UWH)UDQWLVHN0DUHNGHU 3IlKOHU(UNlPSIWHEHUHLWVVHLQJDQ]HV/HEHQODQJJHJHQGLH %OXWVDXJHUGHQQHUKDWWHHLQJURHV(UEHEHUQRPPHQ (UZDUHLQ0DUHN 8QGDOOH0DUHNVKDWWHQVLFKLQGHU9HUJDQJHQKHLWJHJHQGLH 9DPSLUHJHVWHOOW6LHEHVDHQHLQHJXWH:DIIHGHQDOWHQ (LFKHQSIDKOGHUHEHQIDOOVGLH-DKUKXQGHUWHEHUGDXHUWKDWWH 'LHVHU3IDKOVRUJWHGDIUGDPDQFKHP%OXWVDXJHUHLQ VFKUHFNOLFKHV(QGHEHUHLWHWZXUGH %HVRQGHUVLP+HUEVWXQG:LQWHUJLQJHQGLH0DUHNVDXI -DJG'DQQODJHQGLHGLFKWHQJUDXHQ1HEHOZRONHQLQGHQ 7lOHUQYHUEDUJHQGDV%|VHDEHUGLH9DPSLUMlJHUVRUJWHQ GDIUGDHVKRFKJHVFKUHFNWXQGGDQQYHUQLFKWHWZXUGH )UDQWLVHN0DUHNZDUGHUOHW]WHVHLQHU*HQHUDWLRQ(UKDWWH NHLQHQ6RKQPHKUGHPHUGHQ(LFKHQSIDKOYHUHUEHQNRQQWH 'LHKDWWHHUVFKRQHUUHLFKWXQGHUZDUHKUOLFKJHQXJVLFK HLQ]XJHVWHKHQGDHUQLFKWPHKUODQJHDXIGLH-DJGQDFK %OXWVDXJHUQJHKHQNRQQWH$OOPlKOLFKPDFKWHVLFKDXFKEHL LKPGDV$OWHUEHPHUNEDU'LH)ULVFKHGHU-XJHQGZDUGDKLQ JHVFKZXQGHQGRFKXQHUVFKWWHUOLFKJLQJHUVHLQHULKP]XJH GDFKWHQ$XIJDEHQDFK /lQJVWKDWWHQVLFKWLHIH)DOWHQLQGDV*HVLFKWJHJUDEHQ'LH 6SXUHQGHV/HEHQVZDUHQGDULQ]XVHKHQVHLQ+DDUZDUHEHQ VRZHLJHZRUGHQZLHGHU6FKQlX]HUEHUVHLQHU2EHUOLSSH
0DUHNJLQJJHEHXJWDOVZUGHHUHLQHVFKZHUH/DVWDXIGHQ 6FKXOWHUQWUDJHQ1RFKLPPHUEHWULHEHUGLH6FKPLHGHLQ 3HWULODHUKDWWHDXFKJXW]XWXQDEHUHUEHUOLHGLHPHLVWH $UEHLWVHLQHPQHXHQ*HKLOIHQGDPLWHU0DUHNVLFKXPVHLQH HLJHQWOLFKH$XIJDEHNPPHUQNRQQWH (UKDWWHVLFKHLQ$XWR]XJHOHJW0LWGLHVHPIDKUEDUHQ 8QWHUVDW]ZDUHUEHZHJOLFKHUXQGZHQQHVLUJHQGZR !EUDQQWHZHQQHV6SXUHQJDEGLHDXIHLQH$NWLYLWlWHLQHV %OXWVDXJHUVKLQGHXWHWHQGDQQNRQQWHHULKQHQVFKQHOOQDFK JHKHQXQGEUDXFKWHQLFKWDXIGLH%XVVH]XZDUWHQGLH]ZHL PDODP7DJIXKUHQXQGLP:LQWHUPDQFKPDOEHUKDXSWQLFKW NDPHQ *HEUDXFKWKDWWHHUVLFKGHQ)LDW/DGDJHNDXIWXQGPLWLKP ZDUHUZLHGHUXQWHUZHJV(UZROOWHHLQHQ%HNDQQWHQEH VXFKHQGHUDOV.|KOHUWLHILP:DOGDUEHLWHWH $XFKGLHVH%HUXIHJDEHVQRFKLQ5XPlQLHQZHQQVLHDXFK DOOPlKOLFKDXVVWDUEHQ (UPXWHXQJHIlKU.LORPHWHUIDKUHQXPGRUWKLQ]X JHODQJHQZRGHU.|KOHUKDXVWH$XIGHU$XWREDKQULPDQ GLHVH6WUHFNHVFKQHOODEDEHULQGHQ.DUSDWHQJDEHVNHLQH $XWREDKQHQVRQGHUQQXU:HJH 9RQ3HWULODDXVQDKP0DUHNGLH+DXSWVWUDH'DVVDJWHQ GLH%HZRKQHULPPHU]XGHP:HJZHLOHUHLQZHQLJEUHLWHU ZDUDOVGLHDQGHUHQGLHVLFKDQGHQ)ODQNHQGHU%HUJH KRFKZDQGHQ *HVFKQHLWKDWWHHVQXUZHLWHUREHQ+LQXQGZLHGHUZHQQ GHU:DOG]XEHLGHQ6HLWHQOLFKWHUZXUGHGDQQNRQQWHHUGHQ 6FKQHHVHKHQZLHHUDOVHLQHZHLH6FKLFKWDXIGHQ7DQQHQODJ XQGVLFKDXFKDQGHQ+lQJHQDXVJHEUHLWHWKDWWH 0DUHNPXWHYRUVLFKWLJIDKUHQ$XIGHU6WUDHODJHQGLH IDXOLJHQ%OlWWHUVLHZDUHQIHXFKWNOHEWHQ]XVDPPHQXQG ELOGHWHQHLQHUHJHOUHFKWH5XWVFKEDKQ 'HUDOWH0DUHNIXKUVHKUNRQ]HQWULHUW'HQ3IDKOKDWWHHU PLWJHQRPPHQHUODJDXIGHP%HLIDKUHUVLW] (VZDU1DFKPLWWDJ'LHHUVWHQ1HEHOELOGHWHQVLFKEHUHLWV
9RP7DOKHUVWLHJHQVLHKRFK*HZDOWLJHJUDXH:RONHQGLH VFKRQEDOGJDQ]GLH6LFKWDXIGLHGXQNOHQ:lOGHUQDKPHQ 1RFKKDWWHQGLH1HEHOGLH+|KHQLFKWHUUHLFKW(VZUGH DEHUQLFKWODQJHGDXHUQGDQQZDU0DUHNJH]ZXQJHQQRFK ODQJVDPHU]XIDKUHQGHQQGLH6FKHLQZHUIHUGHV:DJHQV NRQQWHQGLHVHJUDXH6XSSHNDXPGXUFKGULQJHQ (UKRIIWHVWDUNGDGHU.|KOHUVLFKQLFKWJHLUUWKDWWH(LQLJH 0DOHKDWWHHUVFKRQPLWLKPJHVSURFKHQXQGGLHEHLGHQ 0lQQHUZDUHQEHUHLQJHNRPPHQHLQHUDIILQLHUWH)DOOHDXI]X EDXHQ%LVKHUZDUGHU9DPSLUQLFKWKLQHLQJHODXIHQEHLGH KRIIWHQMHGRFKGDHVLQGLHVHU1DFKWRGHUDQGLHVHP$EHQG JHOLQJHQZUGH 'HU9DPSLUZDUDQVLFKQXUHLQ0LWOlXIHUHLQ'LHQHUGHV XUDOWHQ%DURQVYRQ/HSSH 'LHVHU0HQVFKKDWWHYRUODQJHU=HLWLQ6LHEHQEUJHQHLQHU GHXWVFKHQ(QNODYHLQ5XPlQLHQJHOHEWXQGHUVROOWHQRFK NXU]YRUVHLQHP7RGGXUFKGHQ*UDIHQ'UDFXOD]XP9DPSLU JHPDFKWZRUGHQVHLQ0DQKDWWHYRQGHP%DURQQLFKWPHKU YLHOJHK|UWZHLOPDQLKQHLQIDFKQLFKWIDQG(UZDUYHU VFKZXQGHQ 'RFKKLQXQGZLHGHUWDXFKWHHUDXI 1DFKWVZHQQGHU:DOGIDVWVWRFNILQVWHUZDUXQGQXUGDV YRP+LPPHOIDOOHQGH0RQGOLFKWVHLQHQJHKHLPQLVYROOHQ IDKOHQ6FKOHLHUZLHHLQ1HW]DXIbVWHXQG%VFKHOHJWHGDQQ JHLVWHUWHHUGXUFKGLHWLHIHQ:lOGHUDXIGHU6XFKHQDFK%OXW (VJDE0HQVFKHQGLHLKQJHVHKHQKDWWHQXQGJHIORKHQ ZDUHQ9RQLKQHQHUIXKUHQGLHDQGHUHQGDQQGDGHU%DURQ QLFKWDOOHLQVRQGHUQLPPHULQ%HJOHLWXQJVHLQHV'LHQHUV (JPRQWZDUGHULKPDXFK]X/HE]HLWHQWUHX]XU6HLWHJH VWDQGHQKDWWH ,QGHUOHW]WHQ=HLWKDWWHQVLFKGLH+LQZHLVHDXIGHQ%DURQ XQGGHVVHQ'LHQHUJHKlXIW 9RQ/HSSHZDUZLHGHUDNWLYJHZRUGHQ8QUXKLJVWUHLIWHHU GXUFKGLH:lOGHUDOVZUGHHUDXILUJHQGHWZDVZDUWHQ 2IIL]LHOOODJHUDXIGHPNOHLQHQ)ULHGKRIVHLQHU%XUJGLHYRQ
GHQ:l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|KOHUDXVJH]HLFKQHWUHDJLHUW(UZDUQLFKW JHIORKHQDOVHUGHQ%OXWVDXJHU]XPHUVWHQPDO]X*HVLFKW EHNDPVRQGHUQKDWWHVLFKDQ0DUHNJHZDQGW (LQH.UHX]XQJHUVFKLHQLP/LFKWGHU6FKHLQZHUIHU0DUHN NRQQWHGHQ+DXSWZHJQLFKWPHKUZHLWHUIDKUHQ(UIKUWHELV 6LELXGHPHKHPDOLJHQ+HUPDQQVWDGW 5HFKWVJLQJHVLQGHQ:DOG 'HUDOWH0DUHNKDWWHJHVWRSSW$OOPlKOLFKNURFKHQGLH 'XQVWVFKOHLHUZLHJHLVWHUKDIWHODQJH$UPHDXVGHP:DOGXP DXFKGHQ+DXSWZHJ]XEHGHFNHQ(VZUGHQLFKWPHKUODQJH GDXHUQGDQQZDUHU]X 'HU3IlKOHUGUHKWHGDV/HQNUDGQDFKUHFKWVXQGERJLQGHQ VFKPDOHQ:HJHLQGHUQRFKGLHWLHIHQ6SXUHQGHU+RO]IXKU ZHUNH]HLJWHGHQQLQGHQ:lOGHUQZXUGHQLPPHU%lXPH JHVFKODJHQ%LV]XP(QGHZROOWH0DUHNGHQ:HJGXUFKIDKUHQ (VZDUXQHEHQ'HU/DGDVFKDXNHOWHZLHHLQDOWHUVVFKZDFKHV 3IHUG'LH5lGHUZKOWHQGLHORVHQ%OlWWHULQGLH+|KHXQG ULVVHQPDQFKPDODXFKGLHIHXFKWH(UGHDXI 'HU1HEHOVWLHJK|KHU (WZDLQ.RSIK|KHKDWWHHUVLFKDXVJHEUHLWHW'LH6WUDKOHQGHU 6FKHLQZHUIHUZXUGHQEHUHLWVYRQLKPYHUVFKOXFNW1RFK HLQLJH0LQXWHQNRQQWHGHU3IlKOHUIDKUHQGDQQJLQJHVQLFKW
PHKUZHLWHUZHLOTXHUOLHJHQGH%DXPVWlPPHGHQ:HJYHU VSHUUWHQ (UZROOWHVHLQHQ/DGDQLFKWHQWJHJHQGHU)DKUWULFKWXQJ SDUNHQGHVKDOEYHUVXFKWHHUGHQ:DJHQ]XGUHKHQ (VJHODQJLKPEHLPGULWWHQ9HUVXFK'LH5HLIHQKLQWHUOLHHQ LQGHUIHXFKWHQ(UGHWLHIH)XUFKHQ0DUHNVFKDOWHWHGHQ0RWRU DXVO|VFKWHGLH/LFKWHUXQGQDKPVHLQHQ3IDKOEHYRUHUDXV VWLHJ 6HNXQGHQODQJVFKDXWHHUGHQ(LFKHQSIDKODQ(VZDUHLQ VFKZHUHV(UEHXQGHLJHQWOLFKJHK|UWH]XGLHVHP3IDKOQRFK HLQ6LOEHUNUHX]'DVKDWWHVLFK]ZDUHLQPDOLQ5XPlQLHQ EHIXQGHQZDUDEHUGXUFKGLH)DPLOLH0RQ|VV\QDFK(QJODQG JHODQJWZRHVVHLQHPULFKWLJHQ%HVLW]HU-RKQ6LQFODLU]XJH OHLWHWZRUGHQZDU )UDQWLVHN0DUHNNDQQWH-RKQ6LQFODLU'HU*HLVWHUMlJHUXQG VHLQFKLQHVLVFKHU)UHXQGKDWWHQYRU-DKUHQ3HWULODEHVXFKWXP GHQ9DPSLU.DOXUDF]XMDJHQ6LHZDUHQDOV.DOXUDFHQWNDP ]XUFNQDFK(QJODQGJHIORJHQXQGKDWWHQJHPHLQVDPPLW 0DUHNGLH9DPSLUIDOOHDXIJHEDXW 2IWGDFKWHGHU3IlKOHUQRFKDQGLH0lQQHUGLHHUDOVVHLQH )UHXQGHEH]HLFKQHWHXQGHUHULQQHUWHVLFKJXWDQGLH=HLWLQ /RQGRQREZRKOVLHVHKUKDUWJHZHVHQZDU (UVWLHJDXV (LJHQWOLFKKlWWHHU-RKQ6LQFODLUJHUQEHLVLFKJHKDEWDEHU GHU*HLVWHUMlJHUZDUZHLWZHJXQGKDWWHDQGHUH$XIJDEHQ]X HUIOOHQ(LQPDOKDWWHLKP-RKQ6LQFODLUJHVFKULHEHQXQGHWZDV EHUHLQHJHIlKUOLFKH0RUGOLJDEHULFKWHW(LQ]HOKHLWHQZXWH GHU3IlKOHUDOOHUGLQJVQLFKW (UNQ|SIWHVHLQHJHIWWHUWH-DFNH]XVFKOLHOLFKZDUHVNDOW JHZRUGHQXQGPDFKWHVLFKDXIGHQ:HJ 1RFKKDWWHVLFKGLH'XQNHOKHLWQLFKWYROOVWlQGLJEHUGDV /DQGJHOHJWDEHULQGHQ:lOGHUQZDUHVEHUHLWVILQVWHU1XU KLQXQGZLHGHUVFKLPPHUWHGHUJUDXH+LPPHOEHUGHQHQW ODXEWHQ.URQHQGHU%lXPH )UDQWLVHN0DUHNJLQJJHQDXGHQ:HJGHQDXFKGLH
+RO]IlOOHULPPHUQDKPHQ6LHKDWWHQVLFKHLQH6FKQHLVH JHVFKDIIHQGLHDOOHUGLQJVNDXP]XHUNHQQHQZDU0DQPXWH VFKRQKLHU]X+DXVHVHLQXPVLFKRULHQWLHUHQ]XN|QQHQ 8QWHUVHLQHQ)HQUDVFKHOWHGDV/DXERGHUNQDFNWHQNOHL QHUH=ZHLJH'LH1DWXUVWDUEGHU:LQWHUVWDQGEHYRUGHU XQKHLPOLFKH1RYHPEHUZDUOlQJVWDQJHEURFKHQ(UEUDFKWH GHQVSlWHQDEHUGLFKWHQ+HUEVWQHEHOXQGGLH7UDXHUXQGHV ZDUGLHEHVWH=HLWIU9DPSLUHXP0HQVFKHQDQ]XIDOOHQ 0DUHNSDVVLHUWHGLHDXIJHVFKLFKWHWHQ+RO]VW|H'XUFK 'XFNHQZLFKHUGHQWLHIZDFKVHQGHQbVWHQDXVXQGHUDFKWHWH DXFKDXIDXVGHP%RGHQZDFKVHQGH%DXPZXU]HOQGLHOHLFKW ]X6WROSHUIDOOHQZHUGHQNRQQWHQ 2EZRKOLKPGHU:HJQLFKWIUHPGZDUPXWHHUGHQQRFK DFKWJHEHQGDHULKQQLFKWYHUIHKOWH'HU1HEHOYHUGLFKWHWH VLFKYRQ0LQXWH]X0LQXWH(UVFKLHQDOVQLHDEUHLHQGHV JUDXHV7XFK]ZLVFKHQGHQ%lXPHQ]XKlQJHQ*OHLFK]HLWLJ QDKPGHU+LPPHOHLQHGVWHUH)DUEHDQ'HU$EHQGO|VWHGHQ 7DJDE )UDQWLVHN0DUHNJLQJXQYHUGURVVHQZHLWHU)DVW0LQXWHQ VFKULWWHUGDKLQGHQ(LFKHQSIDKOKLHOWHUPLWGHUUHFKWHQ+DQG XPNODPPHUWXQGHUVFKDXWHLPPHUZLHGHUQDFKUHFKWVXQG OLQNVREHUNHLQH)HLQGHHQWGHFNWH %DURQYRQ/HSSHXQGVHLQ'LHQHUZUGHQNRPPHQ (UKDWWHHVLP*HIKO6LHZDUHQHLQIDFKJH]ZXQJHQLKUH VFKUHFNOLFKHQ*UlEHU]XYHUODVVHQXPLKUHQVFKOLPPHQ7ULHE ]XVWLOOHQ 3O|W]OLFKVDKHUGDV/LFKW ,PHUVWHQ0RPHQWHUVFKLHQHVLKPZLHHLQKHOOHU)OHFNLP *UDXGHV1HEHOVXQGHUZROOWHQLFKWVRUHFKWGDUDQJODXEHQ GDHUVFKRQGLH+WWHGHV.|KOHUVHUUHLFKWKDWWHGRFKDOVHU VDKZLHGDV/LFKWVFKZDQNWHGDZXWHHUGDHVQXUGLHDOWH 6WXUPODWHUQHVHLQNRQQWHGLHYRP'DFKGHU+RO]KWWHKHUDE KLQJ 0DUHNHUNDQQWHDXFKGLH$Q]HLFKHQGDKLHULQGHU1lKH HLQ.|KOHUOHEHQPXWH
(VZDUHQGLHVRUJIlOWLJDXIJHVFKLFKWHWHQ+RO]PHLOHULQ GHQHQGLH+RO]NRKOHKHUJHVWHOOWZXUGH,QGHU/XIWKLQJHLQ EHLHQGHU*HUXFKXQG0DUHNEHZHJWHVLFKMHW]WQRFKYRUVLFK WLJHUGHQQHUZROOWHGLH)DOOHQGLHGHU.|KOHUXQGHUIUGLH 9DPSLUHDXIJHEDXWKDWWHQQLFKW]HUVW|UHQ =XGHPZDUHQVLHDXFKIU0HQVFKHQJHIlKUOLFK 'HVKDOEEOLHEHUVFKOLHOLFKDXFKVWHKHQOHJWHEHLGH+lQGH YRUGHQ0XQGVRGDVLHHLQHQ7ULFKWHUELOGHWHQXQGULHILQ GHQ:DOGKLQHLQ ª,FKELQHV6WHSKDQ© :HQQGHU.|KOHU6WHSKDQGHQ5XIJHK|UWKDWWHZUGHHUGLH +WWHYHUODVVHQ 6HNXQGHQYHUVWULFKHQ'DQQHLQHIUDJHQGH6WLPPH ª0DUHN"© ª-D© ª.RPPKHU)UHXQGLFKZDUWHDXIGLFK2GHUQHLQLFKKROH GLFKDE(VLVWVLFKHUHU© 0DUHNOlFKHOWH'HU)UHXQGZDUEHVRUJW8QGGDVDXVJXWHP *UXQGGHQQGLH)DOOHQGLHVLHDXIJHEDXWKDWWHQJHK|UWHQ]X GHQUDIILQLHUWHVWHQGLHPDQVLFKYRUVWHOOHQNRQQWH:HQQGHU %OXWVDXJHUGDKLQHLQOLHIJDEHVNHLQ(QWULQQHQPHKU 0DUHNVFKDXWHQDFKYRUQLQGHQ'XQVW6HLQ%OLFNZDUDXI GLH/DPSHIL[LHUWXQGHUNRQQWHVHKHQGDVLFKGLHDOWH 6WXUPODWHUQHMHW]WKHIWLJHUEHZHJWHDOV]XYRU 'HU.|KOHUNDP (UJLQJ]LHOVWUHELJZHQQHUDXFKKLQXQGZLHGHUDXVHLQHP EHVRQGHUHQ*UXQGHLQHQ+DNHQVFKOXJ6HLQH*HVWDOWZDU QLFKW]XHUNHQQHQGLHO|VWHVLFKHUVWVSlWHUJHLVWHUKDIWDXV GHP1HEHO 'LHOHW]WHQ6FKULWWHJLQJ0DUHNLKPHQWJHJHQ 'LHEHLGHQ0lQQHUEHJUWHQVLFKPLWHLQHPIHVWHQ+lQGH GUXFN6LHZXWHQEHLGHGDVLHHLQHJURH$XIJDEH]X EHZlOWLJHQKDWWHQ 6WHSKDQV$OWHUZDUVFKOHFKW]XVFKlW]HQ(UNRQQWHHEHQVR DOWZLH0DUHNVHLQDEHUDXFK]HKQ-DKUHlOWHU(LQGLFKWHU%DUW
EHGHFNWHIDVWVHLQJHVDPWHV*HVLFKW'DV+DDUGHV.|KOHUVZDU JUDX(VZXFKVODQJLQGHQ1DFNHQXQGEHUKUWHGHQ.UDJHQ GHUQDFK+RO]NRKOHXQG6FKZHIHOULHFKHQGHQDOWHQ-DFNH ª.RPPPLWPHLQ)UHXQG©VDJWH6WHSKDQXQGJLQJYRUDQ 0LWGHU/DPSHOHXFKWHWHHU(UVFKZHQNWHVLHQDFKUHFKWVXQG OLQNVVRGD0DUHNHLQPDOHLQHQVHOWVDPJHNQLFNWHQ=ZHLJ HUNHQQHQNRQQWH (UJHK|UWH]XU)DOOH 'LHEHLGHQ0lQQHUKDWWHQVHKUODQJHEHUOHJWZLHVLHHV DQVWHOOHQVROOWHQ6FKOLHOLFKZDULKQHQGLH/|VXQJHLQJHIDOOHQ ZHQQVLHVLFKDXFKHLQZHQLJNRPSOL]LHUWGDUVWHOOWH 6LHZXWHQRGHUVLHDKQWHQ]XPLQGHVWGDVLFKGHU9DPSLU LKQHQ]HLJHQZUGH8QGHUZUGHGXUFKGHQ:DOGNRPPHQ GHVKDOEKDWWHQVLHDQVHFKVYHUVFKLHGHQHQ6WHOOHQXPGLH +WWHGHV.|KOHUVKHUXPGLH)DOOHQJHOHJW %HVRQGHUVJHVFKPHLGLJH=ZHLJHZDUHQ]XKDOEHQ.UHLVHQ JHERJHQZRUGHQXQGPLWHLQHU6FKQXUYHUEXQGHQ$XIGHP %RJHQXQGDQGHU6HKQHODJMHZHLOVHLQ3IHLO(UEHVWDQGDXV (LFKHQKRO]ZDUYRUQ]XJHVSLW]WXQGPLWHLQHPVWUDII JHVSDQQWHQ%DQGGLFKWEHUGHU(UGHYHUEXQGHQ:HQQ MHPDQGGDV%DQGEHUKUWHGDQQO|VWHHUGLH9HUELQGXQJXQG GHU3IHLONRQQWHGLHVWUDIIJHVSDQQWH6HKQHYHUODVVHQ 6LHKDWWHQWDJHODQJGDUEHUQDFKJHJUEHOWXQGHVVFKOLHOLFK DXVSURELHUW1DFKHWOLFKHQ0LHUIROJHQNODSSWHHVVFKOLHOLFK (JDOYRQZHOFKHU6HLWHVLFKGHU%OXWVDXJHUQlKHUWHHVJDE EHUDOOGLHVHUDIILQLHUWDXIJHEDXWHQ!6HOEVWVFKXDQODJHQ 'HU9DPSLUEUDXFKWHQXUQRFKKLQHLQ]XWDSSHQ ª6LQGGLH)DOOHQDOOHLQ2UGQXQJ"©HUNXQGLJWHVLFK0DUHN EHLVHLQHP)UHXQG ª-DLFKKDEHVLHNXU]EHYRUGHU1HEHONDPQRFKNRQ WUROOLHUW© ª'DQQLVWHVJXW©0DUHNQLFNWHª'HU1HEHOVFKPHFNWPLU DEHUQLFKW©PHLQWHHUGDQQ ª:DVZLOOVWGXPDFKHQ)UHXQG"'LH1DWXUIRUGHUWLPPHU LKU5HFKW'DN|QQHQVLFKGLH0HQVFKHQQRFKVRZHLWHQW
ZLFNHOQ(VNRPPWQRFKHWZDVKLQ]X)UDQWLVHN'LH7HPSH UDWXULVWJHIDOOHQ,FKVFKlW]HHVZLUG6FKQHHJHEHQ© ª+HXWHQRFK"© ª:DKUVFKHLQOLFK© ª'DVZlUHQLFKWJXW© 6WHSKDQODFKWHª6HLWZDQQKDWVLFKHLQ9DPSLUYRP6FKQHH DEKDOWHQODVVHQ",FKZWHHVQLFKW©(UVFKOXJ0DUHNDXIGLH 6FKXOWHUQª.RPPZLUJHKHQLQGLH+WWHGRUWLVWHVZDUP© 9RUGDVDOWH+RO]KDXVZDUHQDXIGHQ%RGHQ%RKOHQJHOHJW ZRUGHQ/LQNVQHEHQGHU7UVWDSHOWHQVLFK+RO]VFKHLWH'LH NOHLQHQ)HQVWHUKDWWHQ$XHQNODSSHQGDV'DFKEHVWDQGHEHQ IDOOVDXV+RO]VFKLQGHOQXQGZDUVWDUNJHQHLJW$XIGHQEHLGHQ +lOIWHQVFKLHQHQGLH1HEHOVFKZDGHQ]XWDQ]HQXQG]X ZDOOHQ:LHJHVSHQVWLVFKHJUDXH*HELOGHGUHKWHQVLHVLFKXQG YHUPLVFKWHQVLFKPLWGHUDXVGHP6FKRUQVWHLQVWHLJHQGHQ 5DXFKIDKQH6RJDUGHQDOWHQ+RO]VFKOLWWHQKDWWH6WHSKDQ VFKRQKHUYRUJHKROWXQGKRFKNDQWJHJHQGLH+DXVZDQG JHOHKQW 'HU.|KOHUVWLHGLH7UDXI 'DVIODFNHUQGH)HXHUHLQHVJHPDXHUWHQ.DPLQVGUDQJELV GXUFKGLH7UQDFKGUDXHQXQGIOOWHGHQYRUGHP+DXV ZDOOHQGHQ1HEHOPLWEOXWURWHP6FKHLQ 'HU5DXPZDUHLQIDFKHLQJHULFKWHW(LQ%HWWPHKUHLQ/DJHU HLQNORELJHU7LVFK6WKOHGDUXPHLQIDFKH5HJDOHXQGHLQHDOWH :DVFKVFKVVHODXV3RU]HOODQ ,QGHU1lKHGHV.DPLQVJDEHVQXUHLQHJHPWOLFKH 6WHLQEDQNDXIGHU:ROIVIHOOHODJHQ(OHNWULVFKHV/LFKWZDU QLFKWYRUKDQGHQ+HOOLJNHLWVSHQGHWHQGLHEHLGHQYRQGHU 'HFNHKlQJHQGHQ3HWUROHXPIXQ]HOQ'LHDXIGHP7LVFK OLHJHQGHQPRGHUQHQ7DVFKHQODPSHQSDWHQLUJHQGZLHQLFKW LQGLHVHV+DXVHULQQHUWHQMHGRFKGDUDQGDGLH=HLWQLFKW VWHKHQJHEOLHEHQZDU 0DUHNVFKORGLH7U 'HU.|KOHUVWDQGEHUHLWVDP5HJDOKROWHHLQH)ODVFKHKHUXQ WHUXQGHQWNRUNWHVLH(UEUDQQWHVHLQHQ6FKQDSVVHOEVW0DUHN
NDQQWHLKQ,PPHUZHQQHULKQWUDQNKDWWHHUGDV*HIKOVHLQ 0DJHQZUGHH[SORGLHUHQXQGLQPHKUHUHQ7HLOHQGDYRQ IOLHJHQ =ZHLGLFNZDQGLJH7RQEHFKHUKROWH6WHSKDQHEHQIDOOVXQG VFKHQNWHVLHKDOEYROO ª:LOOVWGXPLFKYHUJLIWHQ"©IUDJWH0DUHN 'XUFKGDV%DUWJHVWUSSGHV.|KOHUVGUDQJHLQOHLVHV/DFKHQ ª:LHVRYHUJLIWHQ"©IUDJWHHUª'LHVHU6FKQDSVLVWJXW$XFKIU GLH*HVXQGKHLW:HQQLFKPDONUDQNELQUHLEHLFKPLFKGDPLW HLQDQVRQVWHQWULQNHLFKLKQ(UWXWLPPHUJXW+LHUQLPP© 0DUHNSDFNWHGHQ%HFKHU(UKRELKQDQXQGSURVWHWHVHLQHP )UHXQG6WHSKDQ]X ª:RUDXIWULQNHQZLU"©IUDJWHGHU.|KOHU ª$XIXQVHUHQ6LHJ© ª-DDXIXQVHUHQ6LHJ© 0DQKDWWHXQVQLFKWYHUJHVVHQ8QGPDQKDWWHYRUDOOHQ 'LQJHQQLFKWYHUJHVVHQGDHVXQWHUDQGHUHP6XNRXQGPLU ]XYHUGDQNHQZDUGDGHU9DPSLU.DOXUDFQLFKWPHKUOHEWH (QWVSUHFKHQGIUHXQGOLFKZDUGHU(PSIDQJDP)OXJKDIHQ YRQ%XNDUHVW0DQVFKOXJXQVDXIGLH6FKXOWHUOXGXQV]X HLQHP6FKQDSVHLQXQGZROOWHYRQYHUJDQJHQHQ=HLWHQUHGHQ :LUDEHUOHKQWHQDE 'LH=HLWGUlQJWH,FKNDQQWH/DG\;XQGZXWHGDVLHVHKU VFKQHOOVHLQNRQQWHZHQQVLHHLQHQ3ODQGXUFKIKUHQZROOWH $OOHUGLQJVJDELFKGDVQLFKWDOV*UXQGDQVRQGHUQHLQHQDOO JHPHLQHUHQ,FKZROOWHQLFKWGDGLH2IIL]LHOOHQHWZDVYRQGHU 9DPSLULQHUIXKUHQ 6FKOLHOLFKEOLHEPLUDXILKUHGUlQJHQGHQ)UDJHQXQGLKU SHUPDQHQWHV1DFKKDNHQQLFKWVDQGHUHVEULJDOVDXIGHQ %DURQYRQ/HSSHKLQ]XZHLVHQ(LQHUGHU/HGHUPDQWHO7UlJHU NDQQWHVLFKLQGHU+LVWRULHVHLQHV/DQGHVJXWDXV ª'DVZDUGRFKHLQHUDXV6LHEHQEUJHQ© ª6LFKHU©
ª'HULVWWRW© 6XNROlFKHOWHGHQ.QDEHQDQª'DVPHLQ/LHEHUZROOHQZLU HEHQIHVWVWHOOHQ© ª0HLQHQ6LHYLHOOHLFKWGDHU"© ,FKKREGLH6FKXOWHUQª:HUZHL":LUKDEHQQXU+LQZHLVH HUKDOWHQGHVKDOEPVVHQZLUXQVMDPLW)UDQWLVHN0DUHN WUHIIHQXQGZLHGHUHLQPDOQDFK3HWULODIDKUHQ© 'DZXUGHXQVGLHQlFKVWHhEHUUDVFKXQJVHUYLHUWGHQQGHU &KHIGLHVHU$ERUGQXQJHUNOlUWHOlFKHOQGGDZLUQLFKW]X IDKUHQEUDXFKWHQ ª6RQGHUQ"©IUDJWHLFK ª6LHIOLHJHQ:LUVWHOOHQ,KQHQHLQHQ+XEVFKUDXEHU]XU 9HUIJXQJ© ª'DVLVWWROO©0HLQH$XJHQJOlQ]WHQYRU)UHXGHDXFK6XNR ULHEVLFKGLH+lQGH ª-DZLUKDEHQQLFKWYHUJHVVHQZDV6LHGDPDOVJHOHLVWHW KDEHQ=XGHPVLQGGLH)UHXQGHGHVUXPlQLVFKHQ9RONHVDXFK XQVHUH)UHXQGH©'HU0DQQUHGHWHLQHLQHU0LVFKXQJDXV (QJOLVFKXQGGLDOHNWJHIlUEWHP'HXWVFK:LUNRQQWHQHVDEHU YHUVWHKHQ (LQDQGHUHUPHLQWHª0DQKDW1HEHODQJHNQGLJW© ª)UZDQQ"© ª)UGHQ$EHQG© 'LH2IIL]LHOOHQVFKDXWHQVLFKDQª:ROOHQ6LHWURW]GHP IOLHJHQ"©HUNXQGLJWHVLFKHLQHU ª1DWUOLFK'LH9DPSLUHZDUWHQDXFKQLFKWXQGEHZHJHQ VLFKDXFKLP1HEHO:LUZROOHQLKQHQNHLQHQ9RUVSUXQJ JHEHQ© ª'DQQIROJHQ6LHXQVELWWHDXIV5ROOIHOG© 'DVWDWHQZLU9RQ.KOHRGHU6FKQHHZDUKLHUDXIGHP )OXJKDIHQYRQ%XNDUHVWQLFKWYLHO]XVSUHQ)DVWIUKOLQJV KDIWH7HPSHUDWXUHQKHUUVFKWHQ:LUVFKZLW]WHQLQXQVHUHU .OHLGXQJ,QGHQ.DUSDWHQMHGRFKZUGHHVDQGHUVVHLQGD ZDUHQZLUVLFKHU 0LWHLQHUGXQNOHQ'LHQVWOLPRXVLQHHLQHPUXVVLVFKHQ
)DEULNDWZXUGHQZLUGRUWKLQJHEUDFKWZRGHU+XEVFKUDXEHU VWDQG'HU3LORWZDUWHWHEHUHLWV :LUZXUGHQEHNDQQWJHPDFKWXQGPXVWHUWHQXQV 'HU0DQQZDU]LHPOLFKNOHLQGDIUNRPSDNWJHEDXW'DLQ VHLQHP.|USHU.UDIWVWHFNWHNRQQWHQZLULKPDQVHKHQ(UWUXJ HLQHGXQNOH/HGHUNRPELQDWLRQXQGDXIVHLQHPTXDGUDWLVFK ZLUNHQGHQ.RSIHLQH0W]HPLW6FKLUP (UKLH-DUHN ,FKVFKDXWHPLUDXFKGHQ+XEVFKUDXEHUDQ'LH0DUNH NDQQWHLFKQLFKW(VZDUHLQH$UPHH0DVFKLQHZDUPLWHLQHP 7DUQDQVWULFKYHUVHKHQXQGVDKYHUWUDXHQHUZHFNHQGDXV ª'DQQJXWHQ)OXJXQGYLHO(UIROJ©ZQVFKWHPDQXQV EHYRUZLUHLQVWLHJHQ 3OlW]HZDUHQJHQJHQGYRUKDQGHQ6XNRXQGLFKVHW]WHQ XQVKLQWHUGHQ3LORWHQXQGVFKQDOOWHQXQVDQ 0LW:DIIHQZDUHQZLUJXWDXVJHUVWHW'HQ(LQVDW]NRIIHU KDWWHLFKPLWJHQRPPHQXQGLKQLQHLQHPJU|HUHQYHUVWDXWLQ GHPDXFKQRFK(UVDW]NOHLGXQJODJ 'HU3LORWOLHGHQ0RWRUZDUPODXIHQ1RFKKDWWHHUGLH 6WDUWHUODXEQLVQLFKWHUKDOWHQ'HQ.RSIK|UHUKDWWHHUEHUHLWV EHUJHVWUHLIWXQGHUKLHOWZHQLJVSlWHUGLH(UODXEQLVDE]X KHEHQ 'HU)OXJKDIHQEOLHEXQWHUXQV]XUFN(LQQHXHU.XUVZXUGH HLQJHVFKODJHQ 1RUG1RUGRVW ,FKGDFKWHZLHGHUDQGLHVHV/DQGGDVGXUFKGHQ*UDIHQ 'UDFXODHLQHWUDXULJH%HUKPWKHLWHUODQJWKDWWH7UDQVV\OYDQLHQ KDWWHHVPDOJHKHLHQHLQXQKHLPOLFKHU)OHFNHQ(UGHLP +HU]HQGHV%DONDQVZRDOWH/HJHQGHQXQG6DJHQZDKU JHZRUGHQZDUHQ 'HU)OXJZUGHHLQLJH=HLWGDXHUQVRNRQQWHQZLUQRFK HLQZHQLJGLH$XJHQVFKOLHHQ8QVHUH*DEHEHLMHGHUVLFK ELHWHQGHQ*HOHJHQKHLWHLQ]XVFKODIHQYHUOLHXQVDXFKLP +XEVFKUDXEHUQLFKW:REHL6XNRGLH$XJHQIUKHUVFKOR DOVLFK
:LUZXUGHQGHVKDOEZDFKZHLOGHU3LORWWLHIHUJLQJ,FK VFKUHFNWHKRFKXQGULHEPHLQH$XJHQ ª6LQGZLUVFKRQGD"©ULHI6XNR ª1HLQQHLQ,FKPXWDQNHQ© 6ROOWHHU:LUVFKDXWHQGXUFKGLHGLFNHQ6FKHLEHQGHU )HQVWHU-DGDZDUHQVFKRQGLH.DUSDWHQ]XVHKHQ,KUH*LSIHO KREHQVLFKVFKDUIXQGVFKQHHEHGHFNWYRUGHPJUDXHQ +LQWHUJUXQGDE'DUXQWHUVDKHQZLUGXQNOHODQJH)OHFNHQ(V ZDUHQGLHGLFKWHQ:lOGHUGLHGLHVHV*HELUJHSUlJWHQ :LUZUGHQVLHEDOGEHVVHUVHKHQ 'HU3LORWODQGHWHGLH0DVFKLQHDXIHLQHP$UPHH6WW] SXQNW(UZDUDQJHPHOGHWXQGHVJDENHLQHUOHL6FKZLHULJ NHLWHQEHLGHU/DQGXQJ$XV6LFKHUKHLWVJUQGHQPXWHQZLU GHQ+XEVFKUDXEHUZlKUHQGGHV$XIWDQNHQVYHUODVVHQ 6RIRUWVSUWHQZLUGLH.lOWH(VZDUZHVHQWOLFKNKOHUDOVLQ %XNDUHVW(VWDWJXWGDZLUGLHGLFNH.OHLGXQJDQJH]RJHQ KDWWHQ hEHU0LQXWHQYHUJLQJHQ6ROGDWHQEHREDFKWHWHQXQV PLWUDXLVFKhEHULKUHQ6FKXOWHUQKLQJHQGLH03LV$XVGHQ 6FKRUQVWHLQHQGHUJUDXHQ.DVHUQHQTXROOGQQHU5DXFK ,FK]QGHWHPLUHLQH=LJDUHWWHDQ$OVLFKPLWGHU6FKDFKWHO DXIHLQHQLQGHU1lKHVWHKHQGHQ3RVWHQZLHVVFKWWHOWHGLHVHU GHQ.RSI8QWHUGHQ$XJHQVHLQHV9RUJHVHW]WHQQDKPHUNHLQH ZHVWOLFKGHNDGHQWHQ!%HVWHFKXQJVJHVFKHQNHDQ 1DWUOLFKKDWWHQZLUXQVZHLWJHQXJYRQGHU0DVFKLQHHQW IHUQW:lKUHQGGHV7DQNYRUJDQJVLVWGDV5DXFKHQYHUVWlQG OLFKHUZHLVHVWUHQJVWHQVYHUERWHQ 'HU3LORWNHKUWH]XUFN(UZLQNWHXQV]X(VZDUDOVRDOOHV LQ2UGQXQJ :HQLJVSlWHUVDHQZLUZLHGHULQGHU0DVFKLQHXQGVWLHJHQ LQGLHJUDXH/XIW,FKKDWWHGDV*HIKODOVZUGHVLHQDFK 6FKQHHVFKPHFNHQXQGDXFKGLHJURHQ:RONHQZHLWEHUGHQ *LSIHOQGHUIHUQHQ%HUJHVDKHQDXVDOVZUGHQVLH6FKQHHLQ VLFKWUDJHQ 0LWGHP3LORWHQVSUDFKLFKGDUEHU'HU0DQQKREGLH
6FKXOWHUQª(VLVWJXWP|JOLFKGDHVEDOGVFKQHLHQZLUG© ª%HYRUZLUGDV=LHOHUUHLFKWKDEHQ"© ª+RIIHQWOLFKQLFKW'HQQGLH6FKQHHIlOOHNQGLJHQVLFK ]XPHLVWPLWHLQHP6WXUPDQGHUQDFKHLQHP7DJHUVWDEIODXW (VVFKQHLWGDQQZHLWHU© 6FKRQEDOGHUUHLFKWHQZLUGDV9RUJHELUJH'LH*HJHQGXQWHU XQVZXUGHQLFKWQXUKJHOLJHUVRQGHUQDXFKEHZDOGHWHU'LH 2UWHODJHQZHLWYHUVWUHXW$OVZUGHQVLH6FKXW]VXFKHQVR ZLUNWHQGLH+lXVHUZHQQVLHVLFKLP6FKDWWHQGHU%HUJH GXFNWHQ 5HFKWEDOGVDKHQZLUGHQ6FKQHH 'LH)HOGHUODJHQXQWHUXQV6LHVFKLPPHUWHQZHLXQGVFKLH QHQPLWHLQHPOHLFKWHQJUDXHQ6FKOHLHUEHGHFNW]XVHLQ ª1HEHO©PHOGHWH-DUHN ,QGHU7DWDOVZLUZHLWHUIORJHQXQGLQGLH7lOHUVFKDXWHQ HQWGHFNWHQZLUGLHJUDXHQ6FKZDGHQ 6LHODJHQZLHGLFNH:RONHQEHUGHQ:lOGHUQXQGVWLHJDOO PlKOLFKK|KHU 'HU3LORWZDQGWHVLFKDQXQV:LUVDKHQVHLQHQEHVRUJWHQ %OLFN6XNRIUDJWHª:LHODQJHPVVHQZLUQRFKIOLHJHQ"© 0LWGHQ+lQGHQGHXWHWHGHU0DQQHLQH=HLWVSDQQHYRQ ]HKQ0LQXWHQDQ:LUVFKDIIWHQHVLQDFKW 8QGZLUKDWWHQ*OFN=ZDUEHIDQGVLFKGHU2UW3HWULODLQ XQPLWWHOEDUHU1lKHGHU1HEHOIHOGHUGRFKGHU'XQVWKDWWHVLFK QLFKWVRVWDUNYHUGLFKWHWGDHUHLQH2ULHQWLHUXQJXQP|JOLFK PDFKWH,FKHUNDQQWHHLQLJHVZLHGHU'HQVFKODQNHQ7XUPGHU .LUFKHGDV*HPHLQGHKDXVJOHLFK]HLWLJ3DUWHL]HQWUDOHXQG DXFKGLHXPGHQ2UWOLHJHQGHQ+|IHGHU%DXHUQ0DQKDWWH GHQ+XEVFKUDXEHUVFKRQJHK|UW=DKOUHLFKH0HQVFKHQOLHIHQ ]XVDPPHQ6LHYHUVDPPHOWHQVLFKEHLGHU)HVWZLHVHGHQQ GRUWZROOWHQZLUODQGHQ 'HU3LORWKDWWHGHQ$XIWUDJ]XZDUWHQELVZLU]XUFNZROO WHQ8QGZHQQHVGUHL7DJHGDXHUWH:LUYHUDEVFKLHGHWHQXQV PLWHLQHP.RSIQLFNHQXQGOLHIHQDQGHQVWDXQHQGHQ 0HQVFKHQYRUEHLLQ5LFKWXQJ'RUI:LUZXWHQQRFKJHQDX
ZRVLFKGDV=HQWUXPEHIDQG(VJDEGRUWHLQHQ0DUNWSODW] XPGHQVLFKDOWH+lXVHUJUXSSLHUWHQXQGPLWLKUHQ)HQVWHUQ DXIGHQ0LWWHOSXQNWGHV3ODW]HV]XVFKDXHQVFKLHQHQ'RUW EHIDQGVLFKDXFKHLQKHUUOLFKHU6WHLQEUXQQHQGHUDOV=LHUGH HLQH5HLWHUILJXUWUXJ'LHVHKLHOWHLQ6FKZHUWGURKHQGJHJHQ GHQ+LPPHOJHUHFNW ª'DKDWVLFKQLFKWVYHUlQGHUW©EHPHUNWH6XNR $XFKLFKZDUVHLQHU0HLQXQJ)HKOWHQXUQRFKGHU%UJHU PHLVWHUXQG3DUWHLERQ]HYRQ3HWULOD(UKDWWHXQVEHLPHUVWHQ %HVXFKDXFKEHJUW 'DV'RUIZLUNWHQLFKWDXVJHVWRUEHQ'LH0HQVFKHQGLHXQV EHJHJQHWHQRGHUVDKHQVFKDXWHQXQV]XHUVWQXUNXU]DQGDQQ LQWHQVLYHUHLQLJHOlFKHOWHQDXFKXQGJUWHQ 0DQVFKLHQXQVHUNDQQW]XKDEHQ$QJHVSURFKHQZXUGHQ ZLUQLFKW 6FKOLHOLFKOLHVLFKDXFKGHU%UJHUPHLVWHUEOLFNHQ%HL XQVHUHPHUVWHQ=XVDPPHQWUHIIHQKDWWHHU]LHPOLFKNKOXQG XQSHUV|QOLFKUHDJLHUWMHW]WDOOHUGLQJVVWUDKOWHHU ª:HOFRPH©ULHIHULQXQVHUHU+HLPDWVSUDFKHª0HLQH )UHXQGHDXV(QJODQG'DVLVWHLQHhEHUUDVFKXQJ© :LUPXWHQXQV8PDUPXQJHQJHIDOOHQODVVHQ1XU %UXGHUNVVHWDXVFKWHQZLUQLFKWDXV ª:DUXPKDWPDQPLUQLFKWVJHVDJW"©ULHIGHU0DQQPLWGHU +DOEJODW]Hª:DUXPQLFKW"© ,FKKREGLH6FKXOWHUQª9LHOOHLFKWVROOWHHVHLQHhEHUUDVFKXQJ ZHUGHQ© (UZLQNWHDEª$FKQHLQNHLQHhEHUUDVFKXQJ8QGZDV ZROOWLKUKLHU"*HKWHVZLHGHUXP9DPSLUH"© ª-D© ª2QHLQ©(UUDXIWHVLFKGLHZHQLJHQ+DDUHª'LHVHU0DUHN LVWXQEHOHKUEDUZLUNOLFK© ª(UZHLQLFKWGDZLUKLHUVLQG© ª$FKVR6ROOLFKHXFKKLQEULQJHQ"© ª'DVZlUHQLFKWVFKOHFKW© ª'DQQNRPPWPLW)UHXQGHNRPPW©:LHGDPDOV]RJHQZLU
ORVXQGGHU%UJHUPHLVWHUZXUGHQRFKLPPHUVRUHVSHNWYROO JHJUW,Q3HWULODZDUGLH=HLWZLUNOLFKVWHKHQJHEOLHEHQ (VZXUGHQHEOLJ 'HU'XQVWVWLHJDXVGHQ7lOHUQXQGNURFKDXVVGOLFKHU 5LFKWXQJODXWORVLQGDV'RUIXPPLWVHLQHQJUDXHQ6FKOHLHUQ VRPDQFKEDXIlOOLJHV+DXV]XYHUGHFNHQ ª%DOGJLEWHV6FKQHH©VDJWHGHU%UJHUPHLVWHUª:LUOLHJHQ LPPHUKLQ0HWHUKRFK© 'DKDWWHHUUHFKW,FKKRIIWHQXUGDGLH6FKQHHZRONHQVLFK QRFKHLQHQ7DJ]XUFNKLHOWHQ =XGHPZDULFKJHVSDQQWZLHGHUDOWH0DUHNZRKOUHDJLHUHQ ZUGHZHQQHUXQVVDK%HVWLPPWVHKUIUHXGLJGHQQZLU KDWWHQXQVPLWLKPJXWYHUVWDQGHQ 6FKRQEDOGHUUHLFKWHQZLUGDV+DXVLQGHPGLH0DUHNV ZRKQWHQ(VVDKDXVZLHLPPHU'HU$QEDXLQGHPVLFKGLH 6FKPLHGHEHIDQGVWDQGDXFKQRFKXQGZLUK|UWHQGLHKHOOHQ 6FKOlJHDXVGHURIIHQHQ7UGULQJHQ'RUWDUEHLWHWHMHPDQG ª'DZlUHQZLU©VDJWHGHU%UJHUPHLVWHU0LUILHODXFKHLQ 7HLOVHLQHV1DPHQVZLHGHUHLQ0LUFDKLHHU ª:ROOHQ6LHPLWUHLQ"©HUNXQGLJWHLFKPLFK ª1DWUOLFKLFKPXGHPDOWHQ)UDQWLVHNGRFKJXWHQ7DJ VDJHQ$XHUGHPZLOOLFKVHLQ*HVLFKWVHKHQZHQQLKUSO|W] OLFKYRULKPVWHKW©'HU0DQQULHEVLFKGLH+lQGHXQGODFKWH ª:LUZHUGHQVHKHQ© :LUPXWHQ]XHUVWQRFKGLH6WUDHEHUTXHUHQGDQQVWDQ GHQZLUYRUGHUHLQIDFKHQ+DXVWU ,FKVFKDXWHDQGHU)DVVDGHKRFK+LQWHUGHQ)HQVWHUQUKUWH VLFKQLFKWV.HLQHUKDWWHXQVEHPHUNW1LFKWHLQPDO5DXFK TXROODXVGHP6FKRUQVWHLQ ª'LHVFKHLQHQQLFKWGD]XVHLQ©PHLQWHGHU%UJHUPHLVWHU ª6LHKWPLUDXFKVRDXV©HUZLGHUWHLFK 'DIUVDJWH6XNRª$EHUGLH7UVWHKWRIIHQ© ,FKZDQGWHPLFKDQGHQ%UJHUPHLVWHUª,VWGDVKLHUEOLFK"© ª(LJHQWOLFKQLFKW© 6XNRZDUVFKRQYRUJHJDQJHQ(UKDWWHGHQ$UPDXVJH
VWUHFNWEHUKUWHGDV+RO]XQGGUFNWHGLH7UQDFKLQQHQ ª+DOOR© $XIVHLQ5XIHQDQWZRUWHWHQLHPDQG ª*HKHQZLUGRFKUHLQ©0LUFDV6WLPPHNODQJHLQZHQLJ UDXK$XFKLFKKDWWHSO|W]OLFKHLQXQDQJHQHKPHV*HIKO 6ROOWHKLHUMHPDQGVFKQHOOHUDOVZLUJHZHVHQVHLQ" :LUEHWUDWHQGDV+DXV ,PHQJHQ)OXUEOLHEHQZLUHUVWHLQPDOVWHKHQ(LQH7UHSSH IKUWHKRFKLQGLHQLHGULJHQ5lXPHGHUHUVWHQ(WDJH'LH 6WXIHQYHUVFKZDQGHQLP'lPPHUOLFKW 'HU%UJHUPHLVWHUGUlQJWHVLFKDQPLUYRUEHLLQGHQ :RKQUDXP(UZDUNDXPYHUVFKZXQGHQDOV6XNRLQGLH.QLH JLQJXQGHLQHQ=LVFKODXWDXVVWLH ,FKEFNWHPLFKHEHQIDOOVXQGIROJWHPLWGHQ%OLFNHQGHP DXVJHVWUHFNWHQ)LQJHUPHLQHV3DUWQHUV 1RFKYRUGHU7UHSSHEHJDQQHQGLHGLFNHQGXQNOHQ7URSIHQ GLHDXIGHQ+RO]GLHOHQODJHQ 8QGVLHIKUWHQGLH6WXIHQKRFK$XIGHUGULWWHQNRQQWHQZLU VLHQRFKHUNHQQHQ%OXW =ZHL6WXQGHQYHUJLQJHQ 'LHEHLGHQ)UHXQGHVDHQDP7LVFK6LHVFKZLHJHQVLFK ]XPHLVWDQ+LQXQGZLHGHUHUKREVLFKGHUDOWH.|KOHUXP IULVFKH+RO]VFKHLWHLQGHQ.DPLQ]XZHUIHQ:HQQGLH )ODPPHQQHXH1DKUXQJHUKLHOWHQZXUGHQVLH]XJLHULJHQ )LQJHUQGLHEHUGLH6FKHLWHOHFNWHQ:HQQGLH5LQGHQSODW] WHQGDQQIORJHQUHJHOUHFKWH)XQNHQEDKQHQLQGLH+|KHXQG YHUVFKZDQGHQLP.DPLQVFKDFKW ª:LUGHUNRPPHQ"©IUDJWH0DUHN]XPZLHGHUKROWHQ0DOH XQGVFKDXWHDXIVHLQHQ(LFKHQSIORFN ª:LUN|QQHQHVQXUKRIIHQ© ª(UPXLQGLH)DOOHJHKHQ(UPXHVHLQIDFK©IOVWHUWHGHU 3IlKOHUª(UKDWGLFKQLFKWXPVRQVWDXVJHVXFKW6WHSKDQ© ª-DLFKKDEHLKQ]ZHLPDOJHVHKHQ©VDJWHGHU.|KOHUXQG
VFKLHOWHDXIVHLQ+RO]NUHX]GDVYRUVHLQHU%UXVWKLQJ(UKDWWH HVZHLKHQODVVHQXQGHUYHUVSUDFKVLFKYLHOGDYRQ 3O|W]OLFKVWDQG0DUHNDXI ª:DVLVWORV"©6WHSKDQKREEHUUDVFKWGHQ.RSI 0DUHNKLHOWGHQ3IDKOKRFKª,FKNDQQQLFKWPHKU,FKPX UDXVKLHUYHUVWHKVWGX"© ª8QGGDQQ"© ª,FKJHKHYRUGLH7UXQGKRUFKH9LHOOHLFKWNDQQLFKLKQ ORFNHQZHQQHUPLFKULHFKWRGHUVLHKW© 6WHSKDQVFKDXWH]XU.OLQJHOVFKQXULQGHU(FNH'LHEHLGHQ 0lQQHUKDWWHQHLQH$ODUPDQODJHJHVSDQQW6LHEHIDQGVLFK QRFKDXHUKDOEGHU)DOOHQ$XFKGDEHLKDWWHQVLHHLQH6FKQXU GLFKWEHUGHQ%RGHQJH]RJHQ:HQQGHU9DPSLUNDPVLH EHZHJWHGDQQPXWHLP+DXVGLHNOHLQH*ORFNHDQVFKODJHQ GLHPLWGHU6FKQXUYHUEXQGHQZDU 'DV5LVLNRGDGHU$ODUPGXUFKHLQ7LHUDXVJHO|VWZXUGH PXWHLQ.DXIJHQRPPHQZHUGHQ ª:DUWHGRFKQRFK©VDJWH6WHSKDQXQGKREGLH)ODVFKH ª+LHUHLQ6FKOXFNZLUGGLUJXWWXQ© ª1HLQEOHLEPLUPLWGHP7HXIHOV]HXJYRP/HLE©NQLUVFKWH GHU3IlKOHUª6RHWZDVZLOOLFKQLFKW© ª:DVKDVWGX)UDQWLVHN"©6WHSKDQVWHPPWHVHLQH+lQGHDXI GLH7LVFKSODWWHXQGGUFNWHVLFKLQGLH+|KH ª,FKKDEH$QJVW©0DUHNVFKDXWHGHQ)UHXQGGLUHNWDQXQG GLH$XJHQGHV.|KOHUVZXUGHQJUR ª$QJVW"©HFKRWHHUª:LUNOLFK$QJVW"© ª-D© ª$EHUGXELVW0DUHNGHU3IlKOHU'XEUDXFKVWGRFKNHLQH $QJVW]XKDEHQPHLQ/LHEHU© ª'RFKGDVKDEHLFK(KUOLFK,FKZHLDXFKQLFKWZLHHV NRPPWDEHULFKIKOHPLFKVR©(UVSUDFKQLFKWPHKUZHLWHU XQGVFKDXWH]XZLH6WHSKDQ6FKQDSVLQGHQ%HFKHUJOXFNHUQOLH ª:HLWGX©VDJWHHUQDFKHLQHU:HLOHDOVGHU.|KOHUJHWUXQNHQ KDWWHªHVLVWVR'LH$QJVWLVWQLFKWGLUHNWGD1LFKWXPPHLQH 3HUVRQHVJHKWXPHWZDVDQGHUHV'DVLVWZLHHLQ.UHLV©
ª9HUVWHKHLFKQLFKW© ª1DMD)UHXQGZLHVROOLFKHVGLUHUNOlUHQ"©0DUHNKREGLH 6FKXOWHUQXQGYHU]RJGDV*HVLFKWZREHLVLFKGLH)DOWHQQRFK WLHIHULQVHLQH+DXWJUXEHQª'LH)XUFKWLVWDOOJHPHLQYHU VWHKVWGX"6LHODXHUWEHUDOOXQGVLHNDQQDXFK0HQVFKHQ WUHIIHQRGHUVLFKDXI0HQVFKHQEH]LHKHQGLHPLUQDKHVWHKHQ© ª'HLQH)UDX"© ª8QWHUDQGHUHP9LHOOHLFKWKlWWHLFKVLHQLFKWDOOHLQODVVHQ VROOHQ© 'DODFKWH6WHSKDQª$EHUGHU9DPSLUODXHUWKLHULP:DOG GHUZLUGQLFKW]XGLUNRPPHQ© ª:HUZHLHV"© ª,FKPHLQ/LHEHU,FKZHLHV'XVROOWHVWGHLQH$QJVWEH VLHJHQ6RNHQQHLFKGLFKJDUQLFKW© ª9LHOOHLFKWKDVWGXUHFKW6WHSKDQ0|JOLFKHUZHLVHLVWDOOHV JDQ]DQGHUVDOVLFKGHQNH0|JOLFKHUZHLVH© ª%HVWLPPWVRJDU© ,PQlFKVWHQ$XJHQEOLFN]XFNWHQEHLGH]XVDPPHQGHQQGLH *ORFNHDQGHU:DQGEHJDQQ]XELPPHOQ6RIRUWULFKWHWHQVLFK GLH%OLFNHGHU0lQQHUDXIGHQNOHLQHQJROGHQVFKLPPHUQGHQ *HJHQVWDQGGHUKHIWLJEHZHJWZXUGHXQGGDQQYHUVWXPPWH ª'HU9DPSLU©KDXFKWH6WHSKDQGDEHLVFKDXWHHUDXI0DUHN XQGVHLQH$XJHQZXUGHQJURª+LPPHOXQG)HXHUGHU%OXW VDXJHU(ULVWXQVLQGLH)DOOHJHJDQJHQ© ª1RFKZLVVHQZLUHVQLFKW© (WZDVVFKZDQNHQGVFKREVLFKGHU.|KOHUXPGHQ7LVFK KHUXPª.RPP0DUHNNRPPZLUVFKDXHQQDFK©0LW]ZHL 6FKULWWHQHUUHLFKWHHUGLH7UXQG|IIQHWHVLH 'HU3IlKOHUVFKLHOWHQRFK]XU*ORFNHKLQGLHVLFKQLFKWPHKU EHZHJWHGDQQZDQGWHDXFKHUVLFKGHP$XVJDQJGHU +RO]KWWH]XGXUFKGHUHQRIIHQH7UGLHGLFNHQ1HEHO VFKZDGHQJHVSHQVWLVFKXQGODXWORVLQGHQ5DXPKHUHLQ ZDOOWHQ (LQHXQKHLPOLFKH$WPRVSKlUHKLHOWGHQJHVDPWHQ:DOG XPIDQJHQ'LHODXEORVHQ%lXPHZDUHQQXUDOVJHLVWHUKDIWH
6FKDWWHQ]XHUNHQQHQ1HEHOVSLUDOHQXPTXLUOWHQVLHXQGHV VFKLHQVRDOVZROOWHQVLHLKQHQIUGLH'DXHUYRQ6HNXQGHQ HLQVHOWVDPHV/HEHQHLQKDXFKHQ 'LHEHLGHQ0lQQHUEOLHEHQYRUGHU+WWHVWHKHQ'HU5HVW GHV.DPLQOLFKWHVWUDIVLHXQGZDUI]XFNHQGH6FKDWWHQDXILKUH .|USHU'LHDOWH6WXUPODWHUQHVFKZDQNWHXQGGLH.HWWHDQGHU VLHKLQJEHZHJWHVLFKNQDUUHQG ª+|UVWGXLKQ"©IUDJWH0DUHN ª1RFKQLFKW©ZLVSHUWHGHU.|KOHUª$EHUHULVWGDGDVVSUH LFKJHQDX© 0DUHNSDFNWHVHLQHQ(LFKHQSIORFNIHVWHUª.RPP6WHSKDQ ZLUZHUGHQLKQIDQJHQ(VKDWNHLQHQ6LQQKLHUOlQJHUVWHKHQ ]XEOHLEHQ+HXWHLVWHUIlOOLJ© 'HU.|KOHUQLFNWH=XGHPIDWHHUQDFKGHP%DQGGDVVHLQ .UHX]KLHOWXQGVWUHLIWHHVEHUGHQ.RSI-HW]WKLHOWHUGDV +RO]NUHX]LQGHU+DQG(UIKOWHVLFKJOHLFKVLFKHUHU7LHI VDXJWHHUGHQ$WHPHLQ(UPXWHVLFKEHHLOHQGHQQ0DUHN ZDUYRUJHJDQJHQXQGVHLQH*HVWDOWZLUNWHEHUHLWVGXUFKGHQ 1HEHOYHUVFKZRPPHQ 'HU3IlKOHUPDFKWHDXIGHQDOWHQ.|KOHUVHOEVWGHQ(LQGUXFN HLQHVXQKHLPOLFKHQ:HVHQV ª%OHLEVWHKHQ©]LVFKWHHU 0DUHNIROJWHGHU$XIIRUGHUXQJ6WHSKDQKDVWHWHDXILKQ]X XQGVWHOOWHVLFKDQVHLQH6HLWHª'DYRUQLVWVFKRQGLHHUVWH )DOOH©IOVWHUWHGHU.|KOHUª:HQQGHU%OXWVDXJHUMHW]W© (UVSUDFKQLFKWPHKUZHLWHUGHQQEHLGHK|UWHQVLHGHQ HUVWLFNWNOLQJHQGHQ6FKUHLGHPHLQGXPSIHV5|FKHOQIROJWH ª+DDD©ULHI6WHSKDQª-HW]WKDEHQZLULKQGLHVHQYHUIOXFK WHQ%OXWWULQNHU.RPP© (VZDU%OXW :LUZDUHQQLFKWPHKUZHLWHUJHJDQJHQKDWWHQXQVHUKREHQ XQGEOLHEHQDXIGHP)OHFNVWHKHQ $XVGHP:RKQUDXPK|UWHQZLU*HUlXVFKH'RUWEHIDQGVLFK
GHU%UJHUPHLVWHUXQGVXFKWHQDFKGHQEHLGHQ0DUHNVULHI DXFKLKUH9RUQDPHQHUKLHOWMHGRFKNHLQH$QWZRUW 6XNRVWLHPLFKDQª0DUHN"©KDXFKWHHU ,FKKREGLH6FKXOWHUQXQG]RJPHLQH%HUHWWD,FKKDWWHDXFK GLH:DIIHPLWGHQ(LFKHQERO]HQPLWJHQRPPHQ'HU*ULIIQDFK GHU%HUHWWDZDUDXWRPDWLVFKHUIROJWZHLOLFKGLHVH3LVWROH VRQVWLPPHUQDKP-HW]WVWHFNWHLFKGLH%HUHWWDZLHGHUZHJ XQGKROWHGLHDQGHUHHWZDVNORELJZLUNHQGHGDIUIDVWODXWORV VFKLHHQGH:DIIHKHUYRU 6LHZDUVSH]LHOOIU9DPSLUHJHGDFKW'LH(LFKHQERO]HQ YRUQ]XJHVSLW]WW|WHWHQGLH%OXWVDXJHUDXIGHU6WHOOHZHQQ PDQLQV+HU]RGHU]ZLVFKHQGLH$XJHQWUDI ª6ROOHQZLUKRFK"©ZLVSHUWH6XNR ª:LUGXQVZRKOQLFKWVDQGHUHVEULJEOHLEHQ©HUZLGHUWHLFK HEHQVROHLVH 'DZXUGHQHEHQXQVGLH7UJH|IIQHW'HU%UJHUPHLVWHU YHUOLHGDV=LPPHUXQGKREGLH6FKXOWHUQ6HLQ*HVLFKW ]HLJWH5DWORVLJNHLW ª1LFKWVVLHVLQGEHLGHQLFKW]XILQGHQ©(UNUDW]WHVLFKDP .RSIª'DVYHUVWHKHLFKQLFKW6ROOLFKPDOQHEHQDQLQGHU 6FKPLHGHQDFKIUDJHQ"'HU*HKLOIHPWHZLVVHQZR©(U YHUVWXPPWHGHQQZLHDXFKZLUKDWWH0LUFD6FKULWWHJHK|UW 1LFKWDXIGHUVHOEHQ(WDJHVRQGHUQEHUXQVZRGLH7UHSSH LQGHU'VWHUQLVYHUVFKZDQG 'RUWKLHOWVLFKMHPDQGDXI 'HU%UJHUPHLVWHUKDWWHGHQ0XQGJH|IIQHWZROOWHHWZDV VDJHQVDKGDQQDOOHUGLQJVDXIPHLQH3LVWROHXQGZXUGHQRFK EOHLFKHUDOVHURKQHKLQVFKRQZDU (UVWHOOWHNHLQH)UDJHQ 6XNRJLQJHLQZHQLJ]XU6HLWH(U]RJGLH%HUHWWD'DEHL EDXWHHUVLFKVRDXIGDHUVFKUlJGLH7UHSSHKRFKVFKDXHQ NRQQWHXQGLFKGUFNWHGHQ%UJHUPHLVWHU]XUFN ª%OHLEHQ6LHKLQWHUPLU© ª:DVLVWGHQQJHVFKHKHQ"© ª:HUGHQZLUJOHLFKIHVWVWHOOHQ©
'LH6FKULWWHNODQJHQQLFKWPHKUVRGXPSIVLHZDUHQODXWHU JHZRUGHQHLQ=HLFKHQGDVLFKMHPDQGGHU7UHSSHQlKHUWH ,P+DXVJDEHVVRQVWNHLQH*HUlXVFKHPHKUQXUDXVGHU 6FKPLHGHK|UWHQZLUQDFKZLHYRUGDVKHOOH+lPPHUQGHV +DPPHUV 0LUZDUEHUKDXSWQLFKWZRKO]XPXWHGHQQLFKDKQWH 6FKUHFNOLFKHVXQGKRIIWHGDLFKHVQLFKWEHVWl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lFKVWHQ6FKULWWH -HW]WVDKHQZLUVLH (VZDU0DULHGLH)UDXGHV3IlKOHUV,KUHUHFKWH*HVLFKWV KlOIWHZDUEOXWEHVFKPLHUWMHPDQGPXWHVLHGRUWPLWHLQHP VFKDUIHQ*HJHQVWDQGDWWDFNLHUWKDEHQ$XFKLQGHQJUDXHQ +DDUHQNOHEWHGDV%OXW 'HQQRFKOHEWHGLH)UDX 'HQQVLHZDUHLQ9DPSLU
'DV%LOGZDUJUDXHQKDIW:LUKDWWHQDOOHGUHLQLFKWGDPLWJH UHFKQHWXQGHUOLWWHQHLQHQ6FKRFN'LHEOXWEHVFKPLHUWHUHFKWH *HVLFKWVKlOIWHVWDQGLPNUDVVHQ*HJHQVDW]]XGHUOLQNHQ GHUHQ+DXWEOHLFKVFKLPPHUWH8QG]ZLVFKHQGHQEHLGHQ *HVLFKWVKlOIWHQLPXQWHUHQ'ULWWHOGDVWDQGGHU0XQGRIIHQ XQGGLHEHLGHQVSLW]HQ9DPSLU]lKQHVFKDXWHQKHUYRU6LHHU LQQHUWHQPLFKDQZLQ]LJH'ROFKHDEHUVLHZDUHQLQLKUHU :LUNXQJJHIlKUOLFKHUDOVGLHVH:DIIHQ )UXQVZXUGHQHVGLHVFKUHFNOLFKVWHQ6HNXQGHQHLQHU VFKOLPPHQ:DKUKHLW0DULH0DUHNVWDQGDXIGHU7UHSSHXQG VFKDXWHXQVVWDUUDQ,FKZHLQLFKWREVLHXQVHUNDQQWH ZDKUVFKHLQOLFKQLFKWGHQQDOOLKU6LQQHQXQG7UDFKWHQ]LHOWH GDUDXIDEGDV%OXWHLQHV0HQVFKHQ]XWULQNHQ6LHDOV9DPSLU EUDXFKWHHVXPEHUOHEHQ]XN|QQHQ :lKUHQG6XNRXQGLFKYRU*UDXHQVWXPPZDUHQNRQQWH VLFKGHU%UJHUPHLVWHUQHEHQXQVQLFKWPHKUKDOWHQ(U VW|KQWHYRU$QJVWXQG(QWVHW]HQ$XVVHLQHP0XQGGUDQJHQ /DXWHGLHPDQVFKRQQLFKWPHKUPLWGHP:RUWPHQVFKOLFK XPVFKUHLEHQNRQQWH 2KQHXQVDEJHVSURFKHQ]XKDEHQWDWHQ6XNRXQGLFKGDV JOHLFKH:LUGUlQJWHQGHQ0DQQ]XUFNGDPLWHUXQVQLFKW PHKULP:HJVWDQGGHQQQXQJDOWHV/,8XQWRWH:HVHQYRU XQV]XEHNlPSIHQ0LUFDOLHVLFKVFKLHEHQZLHHLQH3XSSH(U OHKQWHVLFKJHJHQGLH:DQGXQGEHKLHOWGHQ0XQGRIIHQ6HLQ $WPHQGUDQJZLHHLQVFKZHUHV5DVVHOQEHUGLHVSU|GHQ /LSSHQ ª6FKLHGX-RKQ©IOVWHUWH6XNRXQGGHXWHWHPLWGHP.RSI DXIPHLQH3LVWROH (VZDUGLH%RO]HQZDIIH,FKKDWWHODQJHQLFKWPHKUPLWLKU JHVFKRVVHQXQGKRIIWHQLFKWVYHUOHUQW]XKDEHQ 1DFKGLHVHUVFKDXULJHQ(QWGHFNXQJZDUHQYLHOOHLFKWYLHU IQI6HNXQGHQYHUJDQJHQ:HQQPDQVHOEVWDQVROFKHQ (UHLJQLVVHQEHWHLOLJWLVWHUVFKHLQWHLQHPGLH=HLWLPPHU ODQJVDPHUDOVVLHLQ:LUNOLFKNHLWLVWXQGLFKPXWHPLUHUVW HLQHQLQQHUHQ5XFNJHEHQ
*OHLFK]HLWLJVHW]WHVLFKDXFKGLH)UDXLQ%HZHJXQJ $OVVLHPLWLKUHP+RO]VFKXKGLHQlFKVWH6WXIHEHUKUWHYHU QDKPHQZLUZLHGHUGLHVHVGXPSIH*HUlXVFKGDVXQVHQW JHJHQVFKOXJ )UPLFKHLQ=HLFKHQ ,FKNUPPWHGHQ)LQJHUGLH/LSSHQELOGHWHQHLQHQ6WULFK GDQQGUFNWHLFKDE 'LH:DIIHKDWWHNDXPHLQHQ5FNVWR)DVWKlWWHLFKQRFKYHU ]RJHQZHLOLFKDQGLH%HUHWWDJHZ|KQWZDU(LQ*HUlXVFKHQW VWDQGGDVVLFKDQK|UWHDOVZUGHLUJHQGZR/XIWHQWZHLFKHQ GDQQUDVWHGDV*HVFKRDXVGHU0QGXQJXQGKLHELQV=LHO (VZDUGLH6WHOOH]ZLVFKHQGHQ$XJHQ 'LH8QWRWHHUKLHOWHLQHQXQJHKHXUHQ6FKODJ 'HU6FKlGHOZXUGHQDFKKLQWHQJHULVVHQVRVFKQHOOXQG ZXFKWLJGDLFKGDV*HIKOKDWWHHUZUGHDEIDOOHQ 0LWLKPNLSSWHDXFKGHU.|USHU=ZDUVWUHFNWHVLHQRFKLKUHQ UHFKWHQ$UPDXVXPVLFKDP+DQGODXIGHV*HOlQGHUVIHVW]X NODPPHUQVLHYHUIHKOWHLKQMHGRFKXQGJULIILQV/HHUH'DV :HVHQNQLFNWHHLQXQGEHNDPGDVhEHUJHZLFKW 0DULH0DUHNILHOQDFKYRUQ $XVLUJHQGHLQHP*UXQGHJHODQJHVLKUGHQ.RSIZLHGHU KRFK]XVWHPPHQ6LHZDQGWHXQVGDEHLGDV*HVLFKW]XVRGD ZLUVLHGLUHNWDQVFKDXHQNRQQWHQ (VZDUJUDXHQKDIW 'HU%RO]HQKDWWHVHLQHQ:HJJHIXQGHQ=ZLVFKHQLKUHQ $XJHQVWHFNWHHUXQGZDUWLHILQGHQ.RSIJHIDKUHQ'LHVHV EOXWVDXJHQGH:HVHQH[LVWLHUWHQLFKWPHKU 8QGVLHILHOQDFKYRUQ 6FKZHUXQGVWHLINLSSWHVLHXQVHQWJHJHQ 'DEHLILHOVLHJHQDXLQPHLQH5LFKWXQJ6LHKlWWHPLFKDXFK YRQGHQ%HLQHQJHULVVHQZHQQLFKQLFKW]XUFNJHVSUXQJHQ ZlUH 'LH8QWRWHGU|KQWHDXIGLH6WXIHQ6LHVFKOXJVFKZHUDXIGHQ .DQWHQDXIZXUGHGXUFKJHVFKWWHOWXQGUROOWHGHQ5HVWGHU 7UHSSHKLQDE
9RUXQVEOLHEVLHOLHJHQ 7RWHUOHGLJW :LUVFKZLHJHQXQGVFKDXWHQDXIGHQ5FNHQGHU)UDX )UDQWLVHN0DUHNKDWWHLPPHUHLQZHQLJVHOWVDPYRQVHLQHU )UDXJHVSURFKHQXQGVLHDOVHLQHQ'UDFKHQEH]HLFKQHW,FKZDU IHVWGDYRQEHU]HXJWGDGLHVVHKUOLHEHYROOJHPHLQWZDU :HQQHUYRP7RGVHLQHU)UDXHUIXKUGDQQ ,FKVFKWWHOWHPLFKGHQQPLUZDUHLQDQGHUHUVFKOLPPHU *HGDQNHJHNRPPHQ 6XNRGDFKWHlKQOLFK(UVWLHPLFKDQXQGIOVWHUWHª:LU KDEHQGHQ3IlKOHUQRFKQLFKWJHVHKHQ-RKQ2EHUVLFKDXFK GDREHQDOV9DPSLUEHILQGHW"© ª0DOGHQ7HXIHOQLFKWDQGLH:DQG© 0HLQ)UHXQGXQG.ROOHJHKREGLH6FKXOWHUQª9HUIOL[WZLU PVVHQPLWDOOHPUHFKQHQ© :DVVROOWHLFKGDJHJHQHLQZHQGHQ"6XNRKDWWHPLWVHLQHU 3URJQRVHY|OOLJUHFKW:LUPXWHQZLUNOLFKPLWGHP 6FKOLPPVWHQUHFKQHQXQGLFKVFKLHOWHGLH7UHSSHKRFK :LUK|UWHQGHQ%UJHUPHLVWHU(UOHKQWHDQGHU:DQG KDWWHGHQ.RSIJHVHQNWXQGVFKOXFK]WH6HLQH:RUWHGLHHU VSUDFKYHUVWDQGHQZLUQLFKW9LHOOHLFKWIUDJWHHUVLFKGDV JOHLFKHZLHZLU ª:HUNDQQGDVJHWDQKDEHQ"©6XNRVWHOOWHGLH)UDJHXQGLFK KREGLH6FKXOWHUQ ª%DURQYRQ/HSSH©IRUPXOLHUWH6XNRª7DUUDVFRKDWXQVGHQ 1DPHQJHQDQQW9LHOOHLFKWLVWHU© ª2GHUDXFK/DG\;© 7LHIDWPHWHGHU,QVSHNWRUHLQª0DQQ-RKQZHQQGXGD UHFKWKDEHQVROOWHVWGDQQ© ª'LHZLOOGDV&KDRV9LHOOHLFKWEHILQGHWVLHVLFKQRFKLP +DXV© ª'DQQVFKDXHQZLUQDFK© ª0RPHQWQRFK©,FKKLHOW6XNRIHVWDOVHUGLH6WXIHQKRFK JHKHQZROOWHª=XHUVWZLOOLFKPLW0LUFDUHGHQ© ª*XW©
'HU%UJHUPHLVWHUZDUNDXPDQVSUHFKEDU=XWLHIVDGHU 6FKRFN$OVHUPLFKVFKOLHOLFKDXVWUlQHQQDVVHQ$XJHQ DQVFKDXWHGDIUDJWHHUQXUª:DUXPQXU-RKQ6LQFODLU":DVLVW PLWLKUQXUSDVVLHUW"© ª6LHOHEWQLFKWPHKU©HUZLGHUWHLFK$QVFKHLQHQGKDWWHGHU %UJHUPHLVWHUGLHYROOH7UDJZHLWHGHV9RUIDOOVQRFKQLFKW EHJULIIHQ(UZROOWHDXIGLH.QLHQLHGHUXQGVLHDQIDVVHQGRFK LFKKLHOWLKQ]XUFNª1HLQ©VDJWHLFKª6LHPVVHQVLFKMHW]W ]XVDPPHQUHLHQ© ª,FKNDQQHVQLFKW©VDJWHGHUVRQVWVRKDUWH0DQQGHQGLH 3DUWHLJHVFKXOWXQGHLQJHVHW]WKDWWHª,FKNDQQHVHLQIDFK QLFKW7XWPLUOHLG©(UVFKWWHOWHGHQ.RSI ,FKUHGHWHMHW]WKDUWPLWLKPVFKULHLKQIDVWDQGHQQGHU 0DQQGXUIWHQLFKWGXUFKGUHKHQ,FKHULQQHUWHLKQDQVHLQH 3IOLFKWHQDOV%UJHUPHLVWHUXQGDOOPlKOLFKJHZDQQHUVHLQH )DVVXQJ]XUFN(UZXUGHZLHGHUQRUPDOHU ª6LHKDEHQUHFKW©IOVWHUWHHUXQGQLFNWHHLQSDDUPDOª:LU PVVHQXQVMHW]W]XVDPPHQUHLHQ:DVVROOLFKWXQ"© ª$XIMHGHQ)DOO]XVHKHQGDQLFKWVQDFKDXHQGULQJW 1LHPDQGLP'RUIGDUIHUIDKUHQZDVVLFKKLHU]XJHWUDJHQKDW :HQQHVDQV/LFKWGHUgIIHQWOLFKNHLWGULQJWGDQQZLUGHV VFKOLPPZHUGHQ(VZUGHHLQH3DQLNJHEHQGLHNHLQHUPHKU NRQWUROOLHUHQNDQQ9LHOOHLFKWEHDEVLFKWLJHQGDVXQVHUHXQEH NDQQWHQ*HJQHU:HQQGLH0HQVFKHQQLFKWPHKUZLVVHQZDV VLHWXQKDEHQHVGLHDQGHUHQOHLFKWHU© 'DVVDKGHU0DQQHLQ(UZLVFKWHVLFKPLWHLQHPURWHQ7XFK EHUGLH$XJHQVFKQHX]WHVLFKGLH1DVHXQGIUDJWHGDQQ ª:HUNDQQGLHVH)UDXGHQQVRYHUlQGHUWKDEHQ"© ,FKKREGLH6FKXOWHUQª.HLQH$KQXQJDEHUZLUKDEHQLQ (QJODQGHLQHQ+LQZHLVDXIHLQHQKLHULQ5XPlQLHQOHEHQGHQ %DURQHUKDOWHQ6HLQ1DPHLVWYRQ/HSSH© ª9RQ/HSSH"©'HU%UJHUPHLVWHUUXQ]HOWHGLH6WLUQEHYRUHU PLFKDQVFKDXWH ª.HQQHQ6LHLKQ"© ª*HK|UWKDEHLFKYRQLKP©HUZLGHUWHHUª-DVRJDUGHV|IWHUHQ©
ª,QZHOFKHP=XVDPPHQKDQJ"© ª'DVOLHJWLUJHQGZRLQGHU*HVFKLFKWHGHV/DQGHVEHJUQ GHWZLVVHQVLH,QHLQHUVHKUEOXWLJHQ*HVFKLFKWH©(UVFKOXJ VLFKJHJHQGLH6WLUQXQGLFKVFKDXWH]XZLH6XNRGLH7UHSSH KRFKVFKULWWXQGLP'VWHUHQYHUVFKZDQG ª.DQQHUHLQ9DPSLUJHZHVHQVHLQ"©ZROOWHLFKZLVVHQ 0LUFDVHQNWHGLH6WLPPHª-DMHW]WZR6LHHVVDJHQHULQQHUH LFKPLFK9RQ/HSSHVROOHLQ9DPSLUJHZHVHQVHLQ$EHUGHU %DURQLVWOlQJVWJHVWRUEHQ© ª9LHOOHLFKW© 6HLQ*HVLFKW]HLJWH6FKUHFNHQª6LQG6LHGHU0HLQXQJGDHU QLFKWWRWXQGEHJUDEHQLVW"© ª1HLQZHQQVFKRQGDQQKRIIHLFKGDPDQLKQJHSIlKOW XQGEHJUDEHQKDW© ª'DVPWHLFKZLVVHQ6RHWZDVVSULFKWVLFKKHUXP:LU KlWWHQHVOlQJVWHUIDKUHQ© ª$XVGHQ6DJHQ"© ª6RXQJHIlKU© ,FKKROWHWLHI/XIW(LJHQWOLFKVWDQGHQZLUQRFKLPPHUDP $QIDQJ:LUZXWHQ]XZHQLJXPNRQNUHWHWZDVXQWHUQHK PHQ]XN|QQHQ8QVIHKOWHHLQIDFK)UDQWLVHN0DUHNGHUXQV KlWWHPHKUVDJHQN|QQHQ:RHUVLFKEHIDQGZXWHDEHU NHLQHU ª:LUZHUGHQGLH7RWHKLHUDXVGHP:HJVFKDIIHQ©HUNOlUWH LFKGHP%UJHUPHLVWHUª)DVVHQ6LHPDOPLWDQ© %HLGHEFNWHQZLUXQV,FKSDFNWH0DULH0DUHNDQGHQ 6FKXOWHUQGLH%HLQHEHUOLHLFK0LUFD6HLQ*HVLFKW]XFNWH DOVHUPLWKDOIGLH7RWHLQGHQ:RKQUDXP]XVFKDIIHQ 'RUWOHJWHQZLUVLHDXIHLQDOWHV6RIDPLWJHERJHQHQ 5FNHQOHKQHQ,FKVFKDXWHGHQ0DQQGLUHNWDQª6LHZLVVHQMD %HVFKHLG=XNHLQHPHLQ:RUWEHUGHQ9RUIDOO9HUVXFKHQ6LH DEHUKHUDXV]XILQGHQZRVLFK)UDQWLVHN0DUHNEHILQGHW© ª,FKPXGHQ0DQQLQGHU6FKPLHGHIUDJHQ© ª)DOOVHUQRFKGDLVW,FKKDEHQlPOLFKGHQ6FKPLHGHKDPPHU ODQJHQLFKWPHKUJHK|UW©
ª,FKZHLZRHUZRKQW1XUHLQSDDU+lXVHUZHLWHU'DV JHKWVFKRQNODU© :LUYHUOLHHQGHQ5DXPXQG6XNRNDPGLH7UHSSHUXQWHU (UVFKWWHOWHGHQ.RSI ª1LFKWVJHIXQGHQ"© ª1HLQ-RKQDEHUGDREHQLVWDOOHVGXUFKZKOW$XFKGLHDOWH 7UXKHZR0DUHNIUKHUVHLQHQ(LFKHQSIDKOXQWHUJHEUDFKW KDWWH'DVFKHLQWMHPDQGHWZDVJHVXFKW]XKDEHQ© ª:HQQZLUZWHQZHUGDQQZDUHQZLUVFKODXHU© ª/DG\;"© ª.DQQVHLQDEHUDXFK%DURQYRQ/HSSHZROOHQZLUQLFKW DXHUDFKWODVVHQ© +LQWHUXQVVFKOXJGLH7U]X'HU%UJHUPHLVWHUKDWWHGDV +DXVYHUODVVHQ ª+RIIHQWOLFKKlOWHUGLFKW©VDJWHPHLQ)UHXQGOHLVHXQG ZLHJWHGHQ.RSIª(VKDWLKPHLQHQUHJHOUHFKWHQ6FKRFNYHU VHW]WDOVHUGLH)UDXVDK© ª'DVDJVWGXZDV© ª:DVN|QQHQZLUWXQ"© ª$XI0DUHNZDUWHQ© ª8QGGDQQ"© ª+ROHQZLUXQVGHQ%DURQ©HUZLGHUWHLFKPLWKDUWHU 6WLPPH ª8QG/DG\;DOV%HLJDEHZLH"© ª6FK|QZlUHHV$OWHU)DVW]XVFK|Q© 6WHSKDQXQG0DUHNKDWWHQHVVHOEVWYHUVWlQGOLFKHLOLJ7URW]GHP PXWHQVLHYRUVLFKWLJVHLQZROOWHQVLHVLFKQLFKWLQLKUHUHLJHQHQ )DOOHIDQJHQXQGYRQHLQHP3IHLOJHWURIIHQZHUGHQ 'HU1HEHOZDUHLQIDFKEHUDOO+LQWHULKQHQYHUVFKZDPP GDV+DXVLQGHUGXQNHOJUDXHQ6XSSHQXUGLH6WXUPODWHUQH OHXFKWHWHQRFKDOVKHOOHUYHUZDVFKHQZLUNHQGHU)OHFN 6WHSKDQZDUYRUJHJDQJHQ(UVSUDFKPLWVLFKVHOEVWXQG SO|W]OLFKK|UWHQEHLGHGLH*HUlXVFKH
(LQJUDXHQKDIWHV:LPPHUQGXUFKEUDFKGLH6WLOOH(VZDU VFKOLPPIUGLHEHLGHQGLHVDQK|UHQ]XPVVHQHVEHZLHV LKQHQDEHUGDLKUH)DOOHHLQHQ(UIROJJH]HLJWKDWWH 'HU.|KOHUJLQJVFKQHOOHU ª6HLYRUVLFKWLJ©ULHI0DUHNQRFKª'HU1HEHOXQGGLH )DOOHQVLH© (UVSUDFKQLFKWPHKUZHLWHUGHQQHLQVXUUHQGHV*HUlXVFK ZDU]XYHUQHKPHQ (LQ3IHLOKDWWHVLFKJHO|VWXQGJHWURIIHQ 6WHSKDQGHU.|KOHUVFKZDQNWHSO|W]OLFK6HLQH*HVWDOWZDU ]XP6FKDWWHQJHZRUGHQGHUKLQXQGKHU]XFNWH 0DUHNYHUVSUWHVFKUHFNOLFKH$QJVW(UVFKULHGHQ1DPHQ VHLQHV)UHXQGHVGHU9DPSLUZDUYHUJHVVHQMHW]WJLQJHVXP 6WHSKDQXQG)UDQWLVHN0DUHNEHUZDQGGLH'LVWDQ]]XGHP )UHXQGPLWVFKQHOOHQ6FKULWWHQEHYRUHUVLFKQHEHQLKQNQLHWH 6WHSKDQODJDXIGHU6HLWH6HLQ*HVLFKWZDUVHOWVDPYHU]HUUW DOVZUGHHUVFKLHIJULQVHQ0DUHNMHGRFKZXWHGDHVGLH 6FKPHU]HQZDUHQGLHLKQVR]HLFKQHWHQ 'HU3IHLOKDWWH6WHSKDQJHWURIIHQ(UZDULKPGRUWLQGHQ .|USHUJHIDKUHQZRVLFKGDV(QGHGHV+DOVHVEHIDQGXQGHULQ GLH%UXVWEHUJLQJ6LHKDWWHQGLH6HKQHQVHKUVWUDIIJHVSDQQW GDPLWGLH3IHLOHJHQJHQG'XUFKVFKODJVNUDIWKDWWHQ'DYRQ NRQQWHVLFKGHU3IlKOHUMHW]WPLWHLJHQHQ$XJHQEHU]HXJHQ ª6WHSKDQ©IOVWHUWHHUPLWYHUVDJHQGHU6WLPPHª6WHSKDQ PHLQDOWHU)UHXQG© 'HU.|KOHUKXVWHWH(WZDV'XQNOHVTXROODXVVHLQHP0XQG XQGYHUOLHILP%DUW0DUHNZXWHGDHV%OXWZDUXQGHU ZXWHIHUQHUGDHVVFKOLPPXP6WHSKDQVWDQG 'LH)LQJHUGHV.|KOHUVYHUNUDPSIWHQVLFKXP0DUHNVUHFK WHQ$UPª0HLQDOWHU)UHXQGLFKLFKKDEHZRKOHWZDV]X YLHOYRQGHP6FKQDSVJHWUXQNHQ,FKZDUQLFKWPHKUVRVLFKHU GHU9DPSLU© ª5HGHMHW]WQLFKW,FKEULQJHGLFK]XHLQHP$U]W'DV$XWR VWHKWKLQWHQDP:HJ,FKEULQJHGLFKKLQPHLQ)UHXQG.RPP DXIGLH6FKXOWHU,FKZLOOPLWGLU©
ª1HLQ0DUHNQHLQPHLQ)UHXQG,FKZHUGHQLFKWPHKU OHEHQGLQPHLQH+WWHRGHUGHLQHQ:DJHQNRPPHQ0HLQH =HLWLVWDEJHODXIHQ'HU6HQVHQPDQQZDUWHWVFKRQ$EHULFK ZHUGHGLULP-HQVHLWVGLH'DXPHQGUFNHQ9HUQLFKWHVLH 3IlKOHYRQ/HSSH0DFKGHLQHP1DPHQZLHGHUDOOH(KUHGHQQ GXELVWGHU3IlKOHU'X0DUHNQXUGX'XKDVWGDVJURH(UEH EHUQRPPHQ)KUHHVVRIRUWZLHIUKHU,FKELWWHGLFK© 0DUHNVFKOXFNWH(UZDUHLQKDUWHU0DQQGDV/HEHQKDWWH EHLLKPVHLQH6SXUHQKLQWHUODVVHQGRFKDOVHUVHLQHQ)UHXQG OLHJHQXQGVWHUEHQVDKNRQQWHDXFKHUVLFKQLFKWPHKUEHKHUU VFKHQ=XVFKOLPPZDUGDVDOOHV $XVVHLQHQ$XJHQUDQQHQGLH7UlQHQ(UVFKDXWHDXIGHQ 3IHLOGDQQLQGDV*HVLFKWGHV)UHXQGHVXQGLQGHVVHQ$XJHQ 6LHZDUHQEHUHLWVGHP-HQVHLWV]XJHNHKUW ª'DV/LFKW0DUHNGDV/LFKW,FKVHKHHV,FKJOHLWHKLQHV ZLOOPLFK© 'LHOHW]WHQ:RUWHGHV6WHUEHQGHQK|UWH0DUHNQRFKZLH HLQHQ+DXFK'DQQEUDFKGHU%OLFN 6WHSKDQZDUWRW 8QEHZHJOLFKEOLHE0DUHNQHEHQGHU/HLFKHVLW]HQXQG VFKDXWH]XZLHVLFKGHU1HEHOEHUGHQ.|USHUOHJWHDOV ZROOWHHUHLQGQQHV/HLFKHQWXFKDXVEUHLWHQ $QGHQ9DPSLUGDFKWHGHU3IlKOHUQLFKWPHKU(UVFKDXWHDXI GDV*HVLFKWVHLQHV)UHXQGHVGDVVREODXQGYHU]HUUWDXVVDK 'HU.|KOHUZUGHQLHZLHGHUHWZDVWULQNHQN|QQHQZHGHU VHKHQVSUHFKHQQRFKK|UHQ ª,FKZHUGHGLFKUlFKHQ©IOVWHUWH0DUHNª9HUODGLFK GUDXIPHLQ-XQJHLFKUlFKHGLFK©$OVZUGHHU=HQWQHUODVWHQ DXIVHLQHQ6FKXOWHUQWUDJHQVRVFKZHUIlOOLJVWDQGHUDXIXQG GUHKWHVLFKXP(UZROOWHXQGPXWHQDFKGHP9DPSLUVHKHQ GHUHEHQIDOOVLQGLH)DOOHJHJDQJHQZDU 0DUHNZXUGHVHKUYRUVLFKWLJ(UHQWGHFNWHGLH6WHOOHYRQZR GHU3IHLODXIGHQ.|KOHUDEJHIHXHUWZRUGHQZDU'HU%RJHQ ZDUGXUFKGHQELHJVDPHQ=ZHLJLQGLH+|KHJHVFKOHXGHUW ZRUGHQ6FKODIIKLQJHUQDFKXQWHQ
0DUHNVFKULWWYRUEHL'DQQVFKOXJHUHLQHQ%RJHQXQG VFKDXWH]X%RGHQ(UKDWWHHWZDVHQWGHFNW,P1HEHOODXHUWH HLQ6FKDWWHQGHUVLFKEHZHJWH (VZDUGHU9DPSLU 0DUHNJLQJKLQXQGVDKZDVJHVFKHKHQZDU 'HU3IHLOKDWWHJHQDXJHWURIIHQ(UZDUGHP%OXWVDXJHUVHLW OLFKGXUFKGLH%UXVWJHIDKUHQXQGKDWWHZDKUVFKHLQOLFKGDV +HU]GHV8QWRWHQGXUFKERKUW 'HU9DPSLUVWDUE $XIGLHlOWHVWH$UWXQG:HLVHGLHHVJDEZDUHUYHUQLFKWHW ZRUGHQ 0DUHNEOLHEQHEHQLKPVWHKHQGHQ%OLFNKLHOWHUJHVHQNW ª9HUIOXFKWHU%OXWKXQG©IOVWHUWHHUª9HUIOXFKWHU%OXWKXQG 'DVZDUGHLQHDOOHUOHW]WH7DWGLHGXEHJDQJHQKDVW© (LQH$QWZRUWHUKLHOWHUQLFKWGHQQGHUDOWH9DPSLUEHIDQG VLFKLPIRUWJHVFKULWWHQHQ6WDGLXPGHU$XIO|VXQJ 'LH+DXWZDUYRQVHLQHP*HVLFKW]XPJU|WHQ7HLOYHU VFKZXQGHQ0DUHNVDKJUDXH.QRFKHQVFKOHLPLJH$XJHQXQG HLQHEODVVH7RWHQNODXHGLHVLFKDOV.QRFKHQKDQGXPGHQ 3IHLOVFKDIWJHNODPPHUWKDWWH $EHUGDVZDUQLFKWGHU%DURQYRQ/HSSH 0DUHNNDQQWHLKQ1HLQYRULKPODJHLQY|OOLJDQGHUHU'HU 3IlKOHUEHUOHJWH 'DVNRQQWHHLJHQWOLFKQXUGHU'LHQHUGHV%DURQVVHLQ'HU 'LHQHU(JPRQWYRUGHPGLH0HQVFKHQGDPDOVIDVWHEHQVRYLHO $QJVWJHKDEWKDWWHQZLHYRUGHP%DURQVHOEVW ,KQKDWWHHVHUZLVFKW 8QGGHU%DURQ" 0DUHNVWDQGDXI:DU(JPRQWDOOHLQJHNRPPHQRGHU ODXHUWHGHUXQKHLPOLFKH$GHOLJHQRFKLUJHQGZRLP:DOG" )UDQWLVHN0DUHNKREGHQUHFKWHQ$UP,QGHU+DQGKLHOWHU GHQ3IDKOª.RPPKHU©EUOOWHHUª.RPPKHUZHQQGXLQ GHU1lKHELVW,FKZHUGHGLFKIUDOOH=HLWHQHUOHGLJHQ'X ZLUVWGHQ3IDKO]XVFKPHFNHQEHNRPPHQGHQQHUZLUGGLFK GXUFKERKUHQGDVVFKZ|UHLFKGLUYHUIOXFKWH%HVWLH©
(UHUKLHOWHLQH$QWZRUW$OOHUGLQJVQLFKWVRZLHHUVLH HUZDUWHWKlWWH,UJHQGZRYRULKPLPGLFKWHQ1HEHONODQJHLQ /DFKHQDXI *HLVWHUKDIWXQGKRKOKDOOWHHVGXUFKGHQ:DOG%DURQYRQ /HSSHZDULQGHU1lKH :LHGHUVFKULH0DUHN(UZROOWHGLHVH%HVWLHYHUQLFKWHQGLH MHGRFK]HLJWHVLFKQLFKW 6WLOOYHUODVVHQZLUNWHGHUXQKHLPOLFKZLUNHQGH:DOG1DFK HLQLJHQ0LQXWHQPDFKWH0DUHNNHKUW(UJLQJGRUWKLQ]XUFN ZRGLH/HLFKHGHV.|KOHUVODJ 0DUHNEFNWHVLFKXQGZXFKWHWHGHQ7RWHQLQGLH+|KOH(U ZDUVFKZHUXQGDOVGHU3IlKOHULKQEHUVHLQH6FKXOWHUJH ZRUIHQKDWWHGDVFKZDQNWHHU )DVWZlUHHUQRFKJHIDOOHQXQGLKPZXUGHNODUGDHUQLFKW GLH.UDIWKDWWHXPGHQWRWHQ)UHXQG]XVHLQHP:DJHQ]X WUDJHQ$EHUELV]XU+WWHPXWHHUHVVFKDIIHQ (VZXUGHHLQ:HJGHU4XDO*HVSHQVWLVFKVDKHVDXVZLH )UDQWLVHN0DUHNPLWGHU/HLFKHDXIVHLQHU6FKXOWHUYRQGHQ JUDXHQZDOOHQGHQ1HEHOVFKZDGHQXPZHKWZXUGHXQGDOO PlKOLFKYHUVFKZDQG 'LH/DVWZXUGHLPPHUVFKZHUHU1DFKGHU+lOIWHGHU6WUHFNH VFKLHQVLHVFKRQGDV'RSSHOWH]XZLHJHQXQGDOV0DUHNGDV +DXVGHV.|KOHUVHUUHLFKWHGDVWDQGHUGLFKWYRUGHP =XVDPPHQEUXFK %LV]XP:DJHQZUGHHUHVQLFKWVFKDIIHQVRYLHOVWDQGIHVW 'DQQVDKHUGHQJURHQ+RO]VFKOLWWHQ(LQH,GHHGXUFK]XFNWH LKQ$XFKZHQQGHU%RGHQQLFKWPLWGHUZHLHQ3UDFKWEH GHFNWZDUHVODJHQMHGRFKJHQJHQG1DGHOQXQG/DXEKHUXP XPHLQHUHODWLYJXWH*OHLWVFKLFKW]XELOGHQ (UOHJWHGLH/HLFKH]X%RGHQUXKWHVLFKHLQZHQLJDXV(U VSUWHVHLQ$OWHU$OOPlKOLFKVFKZDQGHQGLH.UlIWHGHU 3IlKOHUZDUHLQJUDXHU:ROIJHZRUGHQHLQDOWHUDEHU]lKHU :ROI:LHGHUHLQPDOZXUGHLKPEHZXWGDHUVLFKQLFKW]XU 5XKHVHW]HQNRQQWHHUPXWHZHLWHUPDFKHQXQG]XHUVW%DURQ YRQ/HSSHHUOHGLJHQREZRKOGHUHLJHQWOLFKWRWZDUZLHGLH
0HQVFKHQVDJWHQ1LHPDQGKDWWHMHGRFKVHLQH/HLFKHJHVHKHQ HUKDWWHVLFKGHQ0HQVFKHQDXFKQLFKWDOV9DPSLUJH]HLJWXQG GDV/DFKHQYRUKLQEUDXFKWHQLFKWXQEHGLQJWYRQLKP]X VWDPPHQ 0DUHNKDWWHVLFKHQWVFKORVVHQDXIGHP6FKORQDFK]XVHKHQ ZRVLFKGHU)DPLOLHQIULHGKRIGHUYRQ/HSSHEHIDQG'RUW ZUGHHU6SXUHQILQGHQ $OVHUZLHGHUHLQLJHUPDHQ]X.UlIWHQJHNRPPHQZDU ZXFKWHWHHUGHQ6FKOLWWHQDXIGLH.XIHQVFKRELKQYRUXQG KLHYWHGHQ7RWHQDXIGDV*HIlKUW 'DV6HLOPLWGHPGHU6FKOLWWHQJH]RJHQZXUGHZDUXPHLQH gVHJHZLFNHOW0DUHN]HUUWHHVVWUDIIVWHPPWHVLFKPLWEHLGHQ %HLQHQIHVWJHJHQGHQ%RGHQXQGKREGDV6HLODQGDPLWHVDXI VHLQHU6FKXOWHUODJ'DQQ]RJHUGHQ6FKOLWWHQ (VNRVWHWH.UDIWLKQYRQGHU6WHOOH]XEHZHJHQ'DQDFKJLQJ HVZHVHQWOLFKEHVVHUXQGHUVFKDIIWHGLH6WUHFNH]XVHLQHP :DJHQ:l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lKQOLFKH(UHLJQLVVHZLHGHUKROHQZUGHQZRPLWVLH QLFKWHLQPDOVRXQUHFKWKDWWHQ 9RQGHQ%HUJHQILHOHLQNKOHU:LQGEHUIDOODUWLJLQGHQ2UW KLQHLQ1RFKVFKQHLWHHVQLFKWGRFKLQGHU1DFKWZUGHQGLH ZHLHQ)ORFNHQVLFKHUOLFKIDOOHQ
(VZDUGXQNHOJHZRUGHQ1XUZHQLJH/LFKWHUEUDQQWHQDXI GHU6WUDH+LQWHUGHQ)HQVWHUQGHU+lXVHUDOOHUGLQJVVFKLP PHUWHHVKHOO'LH6FKHLEHQVDKHQDXVZLHYLHUHFNLJH$XJHQ GLHDOOHVEHREDFKWHQZROOWHQ1LFKWZHLWYRP+DXVGHU0DUHNV HQWIHUQWVWDQGHEHQIDOOVHLQH/DWHUQH,KU/LFKWVFKHLQUHLFKWH ELV]XP%RGHQXQGZXUGHYRQHLQHU*HVWDOWGXUFKTXHUWGLH XQVDQVWHXHUWH (VZDUGHU3LORW,KPVFKLHQHVDP+XEVFKUDXEHU]XODQJ ZHLOLJJHZRUGHQ]XVHLQ ª+DWHVVFKRQHWZDVJHJHEHQ"©HUNXQGLJWHVLFK-DUHNDOVHU YRUXQVVWHKHQEOLHE ª1HLQZLUZDUWHQQRFK© ª'LHJDQ]H1DFKW"© ª0|JOLFK© -DUHNVWULFKEHUVHLQ*HVLFKWª*XWGDQQZHUGHLFKPLUHLQ *DVWKDXVVXFKHQXPPLFKDXI]XZlUPHQ,FKEUDXFKHDXFK HLQHQNOHLQHQ6FKOXFNGDVLVWLPPHUJXW© 'DJHJHQKDWWHLFKHWZDVª1HLQ6LHEOHLEHQEHL,KUHP +XEVFKUDXEHU(VNDQQVHLQGDZLULQGHU1DFKWQRFKORV PVVHQ© 'DODFKWHHUXQGGHXWHWHLQGLH5XQGHª%HLGHP1HEHOP WHQ6LHVFKRQVHOEVWIOLHJHQ© ª1RWIDOOVWXQZLUGDVDXFK©EHPHUNWH6XNR ª6XSHUPDQQ"©IUDJWH-DUHN ª%DWPDQ©HUZLGHUWHPHLQ)UHXQGXQG.ROOHJH 'DUDXIHUZLGHUWH-DUHNQLFKWV'LUHNWHV(UVDJWHQXUª,FK YHUVFKZLQGHWURW]GHPLQ5LFKWXQJ*DVWKDXV6FKQDSVZHUGH LFKQLFKWWULQNHQ©(UQLFNWHXQV]XXQGJLQJ ª6HOWVDPHU.DX]©VDJWH6XNR 'DQQNDPGHU%UJHUPHLVWHU(UVFKlOWHVLFKDXVGHP'XQVW VHLQ$WHPJLQJVFKQHOOXQGKHIWLJ:LUVDKHQLKPDQGDHU GHQ6FKRFNQRFKLPPHUQLFKWEHUZXQGHQKDWWH ª:LVVHQ6LHPHKU"©IUDJWH6XNR ª-DMD0DUHNLVWWDWVlFKOLFKQLFKWGD(ULVWZHJJHIDKUHQ© ª8QGZRKLQ"©
-HW]WYHU]RJGHU0DQQVHLQ*HVLFKWDOVKlWWHHULQHLQH =LWURQHJHELVVHQª,QGHQ:DOG]XVHLQHP)UHXQG6WHSKDQ GHP.|KOHU'LHEHLGHQZROOHQ9DPSLUHMDJHQ© 6XNRXQGLFKZDUHQEHUUDVFKW(LQH:HLOHVDJWHQZLUQLFKWV ELV6XNRVFKOLHOLFKEHUVHLQ+DDUVWULFKXQGGHQ.RSI VFKWWHOWHª'DVJLEWHVGRFKQLFKW0DUHNZLOOLP:DOG 9DPSLUHMDJHQXQGKLHULQ3HWULODODXIHQVLHKHUXP© ª6RLVWHVDEHU© ,FKIUDJWHNRQNUHWHUª:HQZROOWHHUGHQQMDJHQ"© ª.HLQH$KQXQJ© ª8QGZHUKDW,KQHQGDVJHVDJW"© ª6HLQ*HKLOIH$OV0DUHNZHJJLQJKDWHUKLQWHUODVVHQZHQ HUWUHIIHQZLOO'DVZDUHV© ª:RKQWGLHVHU6WHSKDQZHLWYRQKLHU"© 'HU%UJHUPHLVWHUVFKWWHOWHGHQ.RSIXQGQLFNWHVRIRUW QDFKª%HLGHP1HEHOZHUGHQVHOEVWNXU]H(QWIHUQXQJHQ]X HLQHUZHLWHQ6WUHFNH6LHZUGHQVLFKYHULUUHQ© ª'DQQNDQQHVDOVRQRFKGDXHUQ©EHPHUNWHLFK ª0|JOLFK© 'DHVVWLOOLQQHUKDOEGHU2UWVFKDIWZDUK|UWHQZLUGDV*H UlXVFKGHVIDKUHQGHQ:DJHQVVRIRUW(VNODQJYRQXQVDXV JHVHKHQUHFKWVDXI:LUGUHKWHQDXWRPDWLVFKGLH.|SIHVWDUU WHQLQGLHJUDXH1HEHOZDQGXQGVDKHQ]ZHLWDQ]HQGHJHOEOLFK VFKLPPHUQGH)OHFNHQGLHVLFKXQVQlKHUWHQ ª9LHOOHLFKWLVWHUGDV©VDJWHGHU%UJHUPHLVWHU ,FKZDUHUVWDXQWª:LHVR"+DWGHUDOWH0DUHNHLQHQ:DJHQ"© ª-DHLQHQ/DGD© ª6HLWZDQQ"© ª.HLQH$KQXQJ© (VZDUWDWVlFKOLFK)UDQWLVHN0DUHN'HU:DJHQZXUGHTXHU EHUGLH6WUDHJHOHQNWXQGDXIGHQNOHLQHQ3ODW]YRUGHP $QEDX]XJHVWHXHUW:LSSHQGNDPHU]XU5XKH'LH7UZXUGH DXIJHVWRHQHLQ0DQQLQGXQNOHU.OHLGXQJYHUOLHGDV )DKU]HXJ$PJHEHXJWHQ5FNHQHUNDQQWHLFKDXFKYRQ KLQWHQGHQDOWHQ0DUHN
,QPHLQHP0DJHQKDWWHVLFKHLQ.ORJHELOGHW,FKZXWH QLFKWZLHLFK0DUHNVDJHQVROOWHZDVPLWVHLQHU)UDXSDVVLHUW ZDU6FKOLHOLFKKDWWHLFKVLHJHW|WHW $EHUGDVZDUQLFKWGHUULFKWLJH$XVGUXFN0DQPXWHVFKRQ VDJHQHUO|VW )UDQWLVHN0DUHNZDUIGLH7ULQV6FKOR(VJDEHLQHQ GXPSIHQ.QDOO'HU3IlKOHUGUHKWHVLFKXPZHLOHUGLH KLQWHUH7UGHV$XWRV|IIQHQZROOWH 'DWUDWHQZLUDXVGHP1HEHO :LUPXWHQGHPDOWHQ0DUHNZLH*HLVWHUHUVFKLHQHQVHLQ GHQQHU]XFNWH]XVDPPHQXQGKREGHQUHFKWHQ$UP'DEHL ZLQNHOWHHULKQVRDQGDGLH6SLW]HGHV3IDKOVDXIXQV]HLJWH ª:LOOVWGXXQVSIlKOHQ"©IUDJWHLFK (UHUVWDUUWHGUHKWHGHQ.RSIXQGVFKLHQPHLQHU6WLPPH]X ODXVFKHQ ª:LUVLQGHVZLUNOLFK)UDQWLVHN© ª-RKQ6LQFODLU"©KDXFKWHHU ª-D© ª9HUGDPPW-RKQ6LQFODLU©VFKULHHULQVHLQHPKDUWHQ (QJOLVFKª'LFKKDWGHU+LPPHOJHVFKLFNW©(UUDQQWHXPGHQ :DJHQKHUXPXQGZDUIVLFKLQPHLQH$UPHª)UHXQG©VDJWH HULPPHUZLHGHUª0HLQ)UHXQG-RKQ6LQFODLUGDGXJHNRP PHQELVW-HW]WLQGLHVHUXQVHOLJHQ=HLW© 6RKHU]OLFKKlWWHLFKPLUGLH%HJUXQJQLFKWYRUJHVWHOOW,FK PHUNWHZLHHU]LWWHUWH,FKVFKOXFNWHXQGEUDFKWHNHLQ:RUW KHUYRUZHLOLFKDQVHLQH)UDXGHQNHQPXWH 6FKOLHOLFKO|VWHHUVLFKYRQPLU'DQQZXUGH6XNRDXI GLHJOHLFKH$UWXQG:HLVHEHJUWGDQDFKWUDWHU]XUFN XQGVFKDXWHXQVDQª$EHUZHVKDOEVWHKWLKUKLHUGUDXHQ" ,KUKlWWHWGRFKLQV+DXVJHKHQN|QQHQ8QGGXDXFK 0LUFD© 'HU%UJHUPHLVWHUKREXQEHKDJOLFKGLH6FKXOWHUQ ª(LJHQWOLFKVFKRQ)UDQWLVHN(VLVWVRZHLWGX©(UYHU VWXPPWHXQGGUHKWHVLFKXP ª:DVKDWHU"©IUDJWH)UDQWLVHN
'DZLUQDKHJHQXJ]XVDPPHQVWDQGHQNRQQWHQZLUVHLQ *HVLFKWVHKHQ8QGHUXQVHUH ª6WHSKDQLVWWRW©VDJWHHUSO|W]OLFKª,FKKDEHLKQLP:DJHQ (LQ8QIDOONHLQ9DPSLUGHULKQ©(UKROWHWLHI/XIWª9HU GDPPWZHVKDOEVWDUUWLKUPLFKVRDQ"'DLVWGRFKHWZDV SDVVLHUW6DJWHVVDJWHVVRIRUW© ª)UDQWLVHN©,FKVSUDFKVHLQHQ1DPHQOHLVHDXVª,FKZHL GDGX6FKZHUHVKLQWHUGLUKDVWDEHUZDVMHW]WNRPPWGDVLVW QRFKVFKOLPPHU:LUZDUHQLP+DXV© ª8QG"© ª'HLQH)UDX0DULH© ª1HLQ©IOVWHUWHHUXQGJLQJ]XUFNª1HLQHVNDQQQLFKW VHLQ,KUGDUIQLFKWVSDVVLHUWVHLQ© ,FK|IIQHWHGHQ0XQGXPHWZDV]XVDJHQDEHU0DUHNZDUI VLFKDXIGHP$EVDW]KHUXPXQGVWU]WH]XU+DXVWU(UKDWWH VLHJH|IIQHWEHYRUZLULKQGDUDQKLQGHUQNRQQWHQ'DQQVWRO SHUWHHULQGDV+DXV ,P:RKQUDXPKDWWHQZLUGDV/LFKWEUHQQHQODVVHQ:LU VDKHQ0DUHNGXUFKGLH6FKHLEHDOVHLQHQKHNWLVFKHQ6FKDWWHQ GHUVXFKWHSO|W]OLFKHLQIURUXQGLFKK|UWH6XNRIOVWHUQª-HW]W KDWHUVLHJHVHKHQ© 'HU6FKUHL 6FKPHU]JHSHLQLJW%HLQDKHWLHULVFKDOOHV/HLGXQGDOOH4XDO DXVGUFNHQG]XGHUHLQ0HQVFKIlKLJVHLQNDQQ(VZDU JUDXHQKDIW'LHVHU6FKUHLVFKWWHOWHXQVGXUFKHUOLHXQV HU]LWWHUQXQGHUEHEHQZLUZXUGHQEODVHQNWHQGLH.|SIH XQGLFKEDOOWHGLH+lQGH]X)lXVWHQ(LQHQ]|JHUQGHQ6FKULWW PDFKWHLFKDXIGDV+DXV]XGDQQKLHOW6XNRPLFKIHVW ª1LFKW-RKQODLKQDOOHLQ© 0LQXWHQYHUJLQJHQ:LUVWDQGHQYRUGHP+DXVXQGVSUWHQ QLFKWV.HLQHQ:LQGQLFKWGLH.lOWH6WDUUEOLFNWHLFKLQGHQ 1HEHO,QGHPJUDXHQZDOOHQGHQ(LQHUOHLJODXEWHLFKK|KQLVFK JULQVHQGH*HVLFKWHU]XVHKHQ)UDW]HQGHU+|OOHGLHPLU ODXWORVLKUHQ7ULXPSKHQWJHJHQVFKOHXGHUWHQ 6XNRO|VWHVLFKYRQPLUXQGWUDWDQGHQ/DGDKHUDQ(U
EHXJWHVLFKVRGLFKWYRUGDHUGXUFKGLH6FKHLEHLQGDV,QQHUH GHV)DKU]HXJVEOLFNHQNRQQWH ª'DOLHJWHLQ7RWHU©PHOGHWHHU :lKUHQGLFKVWHKHQEOLHEJLQJGHU%UJHUPHLVWHU]X6XNR XQGVFKDXWHHEHQIDOOVQDFK:LHDXVZHLWHU)HUQHYHUQDKPLFK VHLQH6WLPPHDOVHUVDJWHª'DVLVWGHUDOWH6WHSKDQGHU .|KOHU©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|USHUZLUNWHZLHHLQ6FKHUHQ VFKQLWWXQGLFKVDKGDHU]LWWHUWH(EHQVRZLHGHU3IDKOLQ VHLQHUUHFKWHQ+DQG'LH6SLW]HZLHV]X%RGHQ )ULKQZDULQGHQOHW]WHQ0LQXWHQHLQH:HOW]XVDPPHQJH EURFKHQ,FKZXWHQLFKWZLHYLHOH-DKUHGLHEHLGHQ0DUHNV PLWHLQDQGHUYHUKHLUDWHWJHZHVHQZDUHQVLFKHUOLFKXQGHV ZDUXQP|JOLFKGLH(PSILQGXQJHQ]XEHVFKUHLEHQGLHLQ VHLQHP,QQHUQWREWHQ (VPXWHPLWHLQHU+|OOH]XYHUJOHLFKHQVHLQ (UJLQJDXFKQLFKWPHKUZHLWHUEOLHEQXUVWHKHQXQGZDU WHWHDXIPLFK ,FKKDWWHPHLQH6FKULWWHYHUODQJVDPW9LHOOHLFKWZROOWHLFKGLH ]ZHLWH%HJHJQXQJPLWLKPVRODQJHZLHP|JOLFKKLQDXV ]|JHUQZHLOLFKLUJHQGZLH$QJVWGDYRUKDWWH 'DQQJLQJDXFKHUZLHGHUYRU)DVWZlUHHUJHVWROSHUWDOVHU LQV/HHUHXQGQLFKWDXIVHLQH%HLQHVFKDXWH=ZHL6FKULWWHYRU PLUKLHOWHUDQ
$XFKLFKVWDQG 8QVHUH%OLFNHWUDIHQVLFK 0HLQ*RWWLQ0DUHNVVSLHJHOWHQVLFKGHU6FKPHU]XQGGLH 3HLQGLHGHUDOWH0DQQLQGLHVHQ$XJHQEOLFNHQHPSIDQG (WZDVPXWHLQVHLQHP,QQHUQ]HUEURFKHQVHLQXQGGDQQ VWHOOWHHUHLQH)UDJHGLHPHLQHQ+HU]VFKODJEHVFKOHXQLJWH ª:HUKDWHVJHWDQ"© 2YHUGDPPWLFKNRQQWHNDXPDQWZRUWHQ:HQQLFKLKPGLH :DKUKHLWVDJWHZLHZUGHHUGDQQUHDJLHUHQ"$QGHUHUVHLWV NRQQWHLFKVLHDXFKQLFKWYHUVFKZHLJHQHUZUGHHVLUJHQG ZDQQVRZLHVRKHUDXVEHNRPPHQ ª,FK© 0DUHNVFKDXWHPLFKDQª'X"©KDXFKWHHU ª-DLFK© 6HLQH/LSSHQEHJDQQHQ]X]LWWHUQ(UVFKORIUHLQHQ 0RPHQWGLH$XJHQXQGYHU]RJGDV*HVLFKWZREHLHUGHQ .RSIVFKWWHOWHDOVN|QQWHHUGDVDOOHVQLFKWJODXEHQ ª)UDQWLVHNLFK© ª1HLQODHV©(UZROOWHPHLQH(UNOlUXQJQLFKWZROOWH QLFKWVYRQDOOGHPK|UHQ0DUHNZDULQGHQOHW]WHQ0LQXWHQ ]XHLQHPJHEURFKHQHQ0DQQJHZRUGHQ ª,FKPXWHHVWXQ©VSUDFKLFKZHLWHUZREHLLFKPHLQH 6WLPPHNDXPHUNDQQWHª(VKDWNHLQHDQGHUH0|JOLFKNHLWJH JHEHQ© ª1HLQ-RKQ6LQFODLUQHLQ©(UVFKWWHOWHGHQ.RSIVHLQ JHVDPWHU.|USHUEHEWHGDQQULHUGHQUHFKWHQ$UPKRFKXQG SO|W]OLFK]HLJWHGLH6SLW]HGHV3IDKOVDXIPLFK,FKZXWH SO|W]OLFKZDVVLFKLQVHLQHP.RSIIHVWJHVHW]WKDWWH (UZROOWHPLFKSIlKOHQ :LHGHUGUDQJHLQLUUHUNDXPPHQVFKOLFK]XEH]HLFKQHQGHU 6FKUHLDXVVHLQHU.HKOHHLQ*HIKODXVGHPIXUFKWEDUHQ 6FKPHU]KHUDXVJHERUHQXQGHUZDUIVLFKYRU :HQQHUHLQH3LVWROHJHKDEWKlWWHHUKlWWHHVYLHOOHLFKWGDPLW YHUVXFKW6REOLHELKPQXUGHU3IDKOGHUGURKHQGXQGJHIlKU OLFKYRUPHLQHP*HVLFKWDXIWDXFKWH
(UUDPPWHLKQQDFKYRUQ 6FKUlJIXKUHUDXIPLFK]X$XIPHLQH%UXVWKDWWH0DUHN JH]LHOWGRFKLFKGUHKWHPLFK]XU6HLWHXQGPLUJHODQJHVVR GHP6WRGHV3IDKOV]XHQWJHKHQ 0DUHNILHOJHJHQPLFK,FKQDKPEHLGH+lQGH]X+LOIHXQG VWLHLKQYRQPLUZHJ (UWDXPHOWH]XUFNGUHKWHVLFKXQGZDUVRIRUWZLHGHU DQJULIIVEHUHLW'LHVPDOMHGRFKNRQWHUWHLFK(VWDWPLU]ZDU OHLGDEHULFKVDKNHLQHDQGHUH0|JOLFKNHLW0LWGHUIODFKHQ +DQGVFKOXJLFK]X6LHWUDIGLH:DQJHGHV3IlKOHUVXQGGHU +LHEVFKWWHOWHLKQGXUFK(UYHUORUIU6HNXQGHQGLHhEHU VLFKWNDVVLHUWHHLQHQ]ZHLWHQ6FKODJGDQQULLFKLKPGHQ 3IDKODXVGHU+DQGXQGVFKOHXGHUWHLKQZHJ 0DUHNWDXPHOWH]XUFNXQGVWLHPLWGHP5FNHQJHJHQGLH +DXVZDQG ,FKJLQJLKPQDFK 0DUHNUKUWHVLFKQLFKW(UVWDQGYRUQEHUJHEHXJWGDXQG KDWWHGHQ.RSIJHVHQNW$OVLFKQlKHUNDPGDK|UWHLFKZLHHU ZHLQWH,FKOHJWHLKPGLH+DQGDXIGLH6FKXOWHUGHQQDXFKPLU ZDU]XP:HLQHQ]XPXWHXQGLFKVXFKWHQDFK:RUWHQXPLKQ ]XWU|VWHQ 0LUILHOHQHLQIDFKNHLQHHLQ(VZDUVRYHUIOXFKWVFKZHUGLH SDVVHQGHQ6lW]H]XILQGHQ ,FKK|UWH6FKULWWH 6XNRXQGGHU%UJHUPHLVWHUQlKHUWHQVLFKXQV0HLQ)UHXQG KDWWHGHQ3IDKODXIJHKREHQ(UKLHOWLKQLQGHUUHFKWHQ+DQG 6XNRV*HVLFKW]HLJWHHLQHQEHVRUJWHQ$XVGUXFNZlKUHQG 0LUFD]X%RGHQEOLFNWH6HLQH+lQGHVFKORVVHQXQG|IIQHWHQ VLFKNUDPSIKDIW )UDQWLVHN0DUHNKREGHQ.RSI(UVFKDXWHPLFKDQ]XFNWH PLWGHQ6FKXOWHUQXQGULHEEHUVHLQ*HVLFKWª,FKLFKPX PLFKHQWVFKXOGLJHQ-RKQHVWXWPLUOHLG,FKZHLQLFKWZDV SO|W]OLFKEHUPLFKNDP© ª'XEUDXFKVWQLFKWV]XVDJHQ©HUNOlUWHLFKª1LFKWVEUDXFKVW GX]XVDJHQZLUNOLFK©
ª6LHLVWWRWQLFKW"© ª-D© (UKROWHHLQSDDUPDOWLHI/XIWª,FKLFKKDEHVLHPLUJHQDX DQJHVHKHQ'XKDVWHVPLWHLQHP(LFKHQERO]HQRGHUHWZDV $KQOLFKHPJHWDQ'DVPXHLQHQ*UXQGJHKDEWKDEHQ:DU VLHHLQ"© ,FKQLFNWHª-D)UDQWLVHN'HLQH)UDXLVW]XHLQHP9DPSLU JHZRUGHQ0LUEOLHENHLQHDQGHUH0|JOLFKNHLWJODXEPLU© (UQLFNWHª,FKZHL©IOVWHUWHHUª,FKZHLHVVRJHQDX,FK NHQQHGLH%OXWVDXJHU©(UVWUHFNWHVHLQHQ$UPDXVXQGOHJWH PLUGLH+DQGDXIGLH6FKXOWHUª(VWXWPLUOHLG-RKQ6LQFODLU GDLFKPLFKYHUJHVVHQKDEH$EHUHUVWGHUWRWH)UHXQGMHW]W GLH)UDXGDVZDUHLQIDFK]XYLHOIUPLFK:LHZLHLVWHV GHQQSDVVLHUW"©ZROOWHHUZLVVHQ ,FKEHULFKWHWH 0DUHNK|UWHJHQDX]X(UVWHOOWHNHLQH=ZLVFKHQIUDJHQ VRQGHUQVFKWWHOWHQXUGHQ.RSI=XP6FKOXPHLQWHHU ª0DULHKDWWHQLHHWZDVGDPLW]XWXQ6LHZDUXQVFKXOGLJ© ª'DUDXIQHKPHQ9DPSLUHNHLQH5FNVLFKW©HUNOlUWHLFKLKP ª'DVKDVWGXMDGHV|IWHUHQHUOHEW© ª1XU0DULH©(UVFKWWHOWHVHLQHQ.RSIGDQQIUDJWHHU ª:HUKDWHVJHWDQ"© ª,FKKDEHNHLQH$KQXQJ© ª:HVKDOEVHLGLKUGDQQJHNRPPHQ"© ª6ROOHQZLUGDVQLFKWLP+DXVEHVSUHFKHQ"© 0DUHNQLFNWHª-DLFKZLOOEHLPHLQHU)UDXEOHLEHQ©'DQQ ]HLJWHHUDXIGHQ:DJHQª$EHUGDLVWQRFK6WHSKDQ,KQ PWHPDQ© ª'DUXPNPPHUHLFKPLFK©HUNOlUWHGHU%UJHUPHLVWHU ª,FKVDJHGHP(LQVDUJHU%HVFKHLG© ª'DQNH(ULVWLQVHLQHHLJHQH)DOOHJHWDSSW©PXUPHOWH 0DUHNª,FKNRQQWHHVQLFKWYHUKLQGHUQ6WHSKDQZDUHEHQ]X XQYRUVLFKWLJGDKDWLKQGHU3IHLOJHWURIIHQ© ª:HOFKHLQH)DOOH"©ZROOWH6XNRZLVVHQ$XFKGHU%UJHU PHLVWHUK|UWHQRFKJHVSDQQW]X
ª)UHLQHQ9DPSLU:LUZROOWHQ%DURQYRQ/HSSHIDQJHQ© ª'HQZLOOLFKDXFK©VDJWHLFK ª9LHOOHLFKWLVWHUWRW9LHOOHLFKWJLEWHVLKQ.HLQHUNDQQHWZDV VDJHQLFKMHGHQIDOOVZHLHVQLFKW:LUKDEHQHLQHQ%OXWVDXJHU HUZLVFKW9RQ/HSSHDEHUZDUHVQLFKW'HUVLHKWDQGHUVDXV GDVZHLLFKZHLOLFK%LOGHUYRQLKPJHVHKHQKDEH6LHKlQJHQ LQHLQHP0XVHXP© ª8QGZHUKDWHVKLHUJHWDQ"©IUDJWHGHU%UJHUPHLVWHU 6XNRJDEGLH$QWZRUWª$XHUYRQ/HSSHJLEWHVQRFKPHK UHUH9DPSLUH8QWHUDQGHUHPHLQH)UDXXQGHLQEOXWVDXJHQGHV 0RQVWHUQDPHQV9DPSLURGHOPDU'LHVH)UDXXQGLKU 0RQVWHUVLQGDXIGHP:HJQDFK5XPlQLHQGDVZLVVHQZLU 8QGVLHKDEHQVLFKGHQ2UW3HWULODDOV=LHODXVJHVXFKW$EHU QLFKWQXUGDV'HU1DPH0DUHNILHOHEHQIDOOV'LH)UDXDXFK /DG\;JHQDQQWZLUGYHUVXFKHQKLHULQ5XPlQLHQHLQHQ 6WW]SXQNW]XHUULFKWHQXQGHVLVWGXUFKDXVP|JOLFKGDVLH VLFKPLWGHPXQWRWHQ%DURQYRQ/HSSHLQ9HUELQGXQJVHW]W© ª$EHU%HZHLVHKDEHQ6LHQLFKW"©IUDJWHGHU%UJHUPHLVWHU ª1HLQOHLGHU© ª.DQQHVDXFKDQGHUVVHLQ"© ª1DWUOLFK1XUPVVHQZLUEHLGH0|JOLFKNHLWHQLQ%HWUDFKW ]LHKHQ© :LUKDWWHQYRUJHKDEWLQV+DXV]XJHKHQGRFKQXQVWDQGHQ ZLUGUDXHQXQGEOLHEHQDXFKKLHU'HU%UJHUPHLVWHUZDQG WHVLFKDEZHLOHUVLFKXPGHQWRWHQ.|KOHUNPPHUQZROOWH 0DUHNKDWWHGHQ:DJHQQLFKWDEJHVFKORVVHQ0LUFD|IIQHWHGLH 7UXQGVFKDXWHKLQHLQª(ULVWZLUNOLFKWRW©ULHIHUPLW ]LWWHUQGHU6WLPPH ª,FKVDJWHHVGRFK©PXUPHOWH0DUHN 6XNRKREGLH6FKXOWHUQXQGJLQJDXIXQGDE(UVFKLHQ VFKZHUH*HGDQNHQ]XZlO]HQ1DFKHLQHU:HLOHPHLQWHHU ª$PEHVWHQZlUHHVZHQQZLUXQVGHQ%DURQYRUQlKPHQ:R N|QQHQZLULKQILQGHQ)UDQWLVHN"© ª'DVZHLLFKQLFKW© ª(VPXGRFKHLQH%XUJRGHULUJHQGHWZDVJHEHQ©
ª6LFKHU'DV6FKORGHUYRQ/HSSHVJLEWHVQRFK6RJDUGHU DOWH3ULYDWIULHGKRI© ª8QGZR"© ª,QGHQ%HUJHQ©HUNOlUWH0DUHNPHLQHP)UHXQGXQG .ROOHJHQª'DN|QQHQZLULKQILQGHQDEHUGHU:HJLVWZHLW 0LWGHP$XWRNRPPHQZLUGDQLFKWKLQ'LH:HJHVLQGVHKU VFKPDO:HQQZLU]X)XJHKHQZUGHHVVHKUODQJHGDXHUQ© ª:LUN|QQHQIOLHJHQ©VDJWHLFK ª8QGZRNULHJHQZLUHLQ)OXJ]HXJKHU"$XHUGHPNDQQHV DP6FKORQLFKWODQGHQ© ª8QGHLQ+XEVFKUDXEHU"©IUDJWHLFK ª'DVJLQJHZHQQZLUHLQHQKlWWHQ© ª:LUKDEHQHLQHQ©HUNOlUWHLFKª1XUZLUGXQVGDV:HWWHU HLQHQ6WULFKGXUFKGLH5HFKQXQJPDFKHQ© ª'DVPWHQZLUHEHQULVNLHUHQ©PHLQWH6XNRª6RQVWVHKH LFKNHLQH&KDQFH,Q$QEHWUDFKWGHVVHQZDVDXIGHP6SLHO VWHKWVROOWHMHGHUYRQXQVEHUVHLQHQHLJHQHQ6FKDWWHQVSULQ JHQ9RUDOOHQ'LQJHQDXFK-DUHNGHU3LORW© ª'DVVDJHLKPPDO© ª:HUGHLFKDXFK=XGHPZLUGHUGLH*HJHQGKLHUVLFKHUOLFK NHQQHQVRQVWKlWWHPDQLKQQLFKWDXVJHZlKOW© 'DV$UJXPHQWZDUQLFKWYRQGHU+DQG]XZHLVHQ,FK EHVFKORPLW-DUHNHLQHUQVWHV:RUW]XUHGHQ6XNRERWVLFKDQ LKQ]XVXFKHQZlKUHQG0DUHNXQGLFK]XP+DXVJLQJHQ (UIKUWHPLFKVRIRUW]XVHLQHUWRWHQ)UDX 1HLQVLHZDUQLFKWYHUJDQJHQVRQGHUQODJVWDUUXQGPLW HLQHPIULHGOLFKHQ*HVLFKWVDXVGUXFNDXIGHPDOWHQ6RID ª6RKDWVLHLPPHUDXVJHVHKHQZHQQVLHVFKOLHI©IOVWHUWH )UDQWLVHN0DUHN ,FKQLFNWH'HU3IlKOHUKDWWHVHLQHU)UDXGLH+lQGHDXIGHP /HLEJHIDOWHW:LH]XHLQHPOHW]WHQ*HEHW'LHVWDUUHQ)LQJHU VFKLHQHQDQHLQDQGHUJHOHLPW]XVHLQ ,FKVDJWH0DUHNQRFKHLQPDOZLHOHLGHVPLUWDW(U VFKWWHOWHGHQ.RSIª-RKQLFKKlWWHQLFKWDQGHUVJHKDQGHOW ZLUNOLFK9LHOVFKOLPPHUZlUHHVJHZHVHQZHQQLFKPHLQHU
0DULHLQGLHVHU6LWXDWLRQJHJHQEHUJHVWDQGHQKlWWH© ª8QGZDVKlWWHVWGXJHWDQ"© 0DUHNEHUOHJWHHLQH:HLOH6FKOLHOLFKKREHUGLH6FKXOWHUQ ª,FKJODXEH-RKQLFKKlWWHVLHJHSIlKOW-DJHSIlKOWGHQQGLH 0DUHNVSIlKOHQ9DPSLUH,FKKRIIHGDGXGLH'LQJHMHW]WDXV HLQHUDQGHUHQ6LFKWVLHKVW© ª'DQNHGDGXHVPLUQLFKWPHKUQDFKWUlJVW,FKVDKZLUN OLFKNHLQHDQGHUH0|JOLFKNHLW© ª:HVKDOEJHQDXVHLGLKUKHUJHNRPPHQXQGZHULVWGLHVH JHKHLPQLVYROOH/DG\;"© ,FKHU]lKOWHHVLKPXQGEHULFKWHWHYRQGHUJHIlKUOLFKHQ 0RUGOLJDZREHL0DUHNVLFKZLHGHUDQGHQ%ULHIHULQQHUWHGHQ LFKLKPHLQPDOJHVFKULHEHQKDWWH ª'DQQJLEWHVVLHLPPHUQRFK"© ª8QGZLH©HUZLGHUWHLFKª'LH0RUGOLJDZLUGDXFKQLFKW DXIJHEHQYHUODGLFKGUDXI© ª:HLWGXJHQDXGDVLFK/DG\;KLHUDXIKlOW"© ª1HLQ)UDQWLVHNGDVZHLLFKQLFKW$EHUDOOH$Q]HLFKHQ GHXWHQGDUDXIKLQ0HLQHU$QVLFKWQDFKLVW/DG\;IUGLH VFKUHFNOLFKH7DWDQGHLQHU)UDXYHUDQWZRUWOLFK© ª'XKDVWGRFKYRQHLQHP0RQVWHUJHVSURFKHQ© ª9DPSLURGHOPDU©,FKODFKWHDXIª6LFKHUOLFKHUNDQQDXFK GDEHLVHLQ'LHEHLGHQNOHEHQIDVWLPPHU]XVDPPHQ*HVHKHQ KDEHLFKLKQDOOHUGLQJVQLFKWLQ&RUQZDOOZRGDVDOOHVSUDN WLVFKEHJDQQ1XUVHLQH'LHQHUGLHURWHQ9DPSLUH© ª'LHNHQQHLFKQLFKW© ª6HLIURKGDVLHKLHUQLFKWDXIJHWDXFKWVLQG©HUZLGHUWHLFK ª(VVLQGJHZDOWLJH)OHGHUPlXVHVLHKDEHQHLQHURWH+DXWXQG VLHVDXJHQGDV%OXWGHU0HQVFKHQ0DQKDWVLHDXI9HU QLFKWXQJSURJUDPPLHUW© :LUK|UWHQGUDXHQ6WLPPHQ'DVWULWWHQVLFK]ZHL0lQQHU (VZDUHQ6XNRXQG-DUHN 5DVFKZDULFKDQGHU7U9RUGHP+DXVEOLHEHQGLHEHLGHQ VWHKHQª1HLQQHLQ©VDJWH-DUHNª,FKNDQQHVQLFKWULVNLHUHQ MHW]W]XIOLHJHQ:LUSUDOOHQJHJHQHLQHQ%HUJXQG©
ª$EHU6LHNHQQHQGLH*HJHQG©KLHOW6XNRLKPYRU ª7URW]GHP© ª'LH%XUJOLHJWK|KHUDOV3HWULOD9LHOOHLFKWLVWGHU1HEHOGRUW QLFKWVRGLFKW(LQHQ9HUVXFKN|QQWHQZLUZDJHQ6LHVLQG GRFKHLQDXVJH]HLFKQHWHU3LORW$XFKZlKUHQGHLQHV0DQ|YHUV LVWGDV:HWWHUQLFKWLPPHULGHDOZLHLFKDQQHKPH© ª6LHKDEHQHLQHYHUGDPPWH$UWHLQHQ0HQVFKHQ]XEHU ]HXJHQ©VDJWH-DUHN ª'DVPXPDQDOV3ROL]LVW© -DUHNGUHKWHVLFKXP(UJLQJHLQSDDU6FKULWWH]XU6HLWH ZlKUHQG6XNRPLUHLQHQKLOIORVHQ%OLFN]XZDUI(UKDWWHGHQ 0DQQDQVFKHLQHQGQLFKWEHU]HXJHQN|QQHQ 'HU3LORWJLQJLP.UHLV(UUDQJPLWVLFK,QQHUOLFKIRFKWHU HLQHQKDUWHQ.DPSIDXV+LQXQGZLHGHUVFKDXWHHUQDFK REHQREZRKOHUGDQLFKWVVHKHQNRQQWHZHLOGHU1HEHO]X GLFKWODJ (VZDUHLQ5LVLNRGHQ)OXJEHL'XQNHOKHLWXQG1HEHODQ]X WUHWHQ(LJHQWOLFKVFKRQ6HOEVWPRUG 8QGGRFKPXWHQZLUHVPHLQHU$QVLFKWQDFKZDJHQ :HQQ/DG\;HUVWHLQPDOGXUFKGUHKWHXQGLKU9DPSLURGHO PDUQRFKGDEHLKDOIZDUDOOHVYHUORUHQ'DQQZUGHQDXVGHQ 0HQVFKHQLQGHQYHUVWUHXWOLHJHQGHQ'|UIHUQ9DPSLUH ª8QGZHQQZLUELV]XPPRUJLJHQ7DJZDUWHQ"©GUDQJGLH 6WLPPHGHV3LORWHQDXVGHP1HEHO ª'DVN|QQWH]XVSlWVHLQ©VDJWHLFK ª9HUGDPPWLKUPDFKWPLFKIHUWLJ©VFKULHHUSO|W]OLFKXQG WUDWPLWGHP)XDXI ª:HQQ6LHVLFKQLFKWHQWVFKHLGHQN|QQHQEHUODVVHQ6LHXQV GHQ+XEVFKUDXEHU©VDJWHLFKKDUW (UWUDWYRUXQGVWLHUWHPLFKDQª6LHZROOHQIOLHJHQ"© ª-DLFK© ª1HLQ©(UVFKWWHOWHGHQ.RSIª1HLQYHUGDPPW6LHZHU GHQQLFKWIOLHJHQ©(UEHZHJWHVHLQHQUHFKWHQ$UPLQHLQHP +DOENUHLVª.HLQHUYRQHXFKZLUGVLFKKLQWHUGHQ6WHXHU NQSSHOVHW]HQYHUVWDQGHQ"©
ª$EHUZLUPVVHQ]XP6FKOR© ª,FKPDFKHHV,FKEULQJHHXFKKLQ©6HLQH:RUWHXQWHUVWULFK HUGXUFKHLQKHIWLJHV1LFNHQ ,FKVFKDXWH6XNRDQHUPLFK0HLQ)UHXQGXQG.ROOHJH OlFKHOWHª2ND\-RKQGDQQZROOHQZLU© ª8QGLFKNRPPHPLW©HUNOlUWH0DUHNPLWGVWHUHU6WLPPH ª%DURQYRQ/HSSHLVWPLUQRFKHLQLJHVVFKXOGLJ© (VZDUHLQ)ULHGKRIZLHHUJUXVHOLJHUQLFKWVHLQNRQQWH(UODJ DQHLQHP+DQJGLH*UlEHUODJHQVFKLHIXQGQXULQ+|KHGHU 5XLQHEHIDQGHQVLHVLFKZDDJHUHFKW 6FKZDU]XQGGVWHUVWLHJHQGLHDOWHQ0DXHUQLQGHQQHEHO YHUKDQJHQHQ+LPPHO(LQHJHVSHQVWLVFKH6WLOOHODJEHUGHP *UlEHUIHOG'LHDOWHQNDQWLJHQ*UDEVWHLQHZDUHQOlQJVWYHU ZLWWHUW*UDESODWWHQJOlQ]WHQIHXFKWXQGZDUHQPLW(IHXXQG DQGHUHQ%RGHQJHZlFKVHQEHUZXFKHUW +LQXQGZLHGHUVWULFKHLQVFKZDU]HU9RJHOZLHGHU%RWH HLQHVGURKHQGHQ8QKHLOVEHUGHQ)ULHGKRI 9RP6FKORKHUZHKWHGHU:LQG(UEUDFKWHGHQ1HEHOLQ %HZHJXQJOLHGLH6FKZDGHQWDQ]HQXQGZDOOHQGLHODXW ORVEHUGHQYHUZLOGHUWHQ7RWHQDFNHUNURFKHQXQGVLFKDXV EUHLWHWHQ 1LHPDQGEHVXFKWHGLHVHQ)ULHGKRI'HQ0HQVFKHQZDUHU ]XXQKHLPOLFK]XJHVSHQVWLVFK%OXWLJH/HJHQGHQUDQNWHQVLFK XPGLHVHQ)OHFNHQ(UGH'DV*HVFKOHFKWGHUYRQ/HSSHVKDWWH HVKDUWXQGUDXKZlKUHQGLKUHU+HUUVFKDIWJHWULHEHQ6LH KDWWHQGLH%HUJEDXHUQWHUURULVLHUWXQGZHUJHJHQGLH/HLE HLJHQVFKDIWDXIPXFNWHZXUGHDXIJUDXVDPH:HLVHJHIROWHUW XQGXPJHEUDFKW :LHHVKLHVROOWHQGLHYRQ/HSSHVDXFK.RQWDNWPLWGHP EHUKPWHQ9ODG'UDFXODJHKDEWXQGYRQLKPYLHOJHOHUQW KDEHQ'DZDUHVSUDNWLVFKHLQHORJLVFKH6FKOXIROJHUXQJGD PDQGHPOHW]WHQ%DURQYRQ/HSSHGDV9DPSLUVHLQDQGLFKWHWH 2EGHPDXFKVRZDUNRQQWHQLHPDQGJHQDXVDJHQ-HGHQIDOOV
KDWWHNHLQHUJHVHKHQZLHYRQ/HSSHEHHUGLJWZRUGHQZDU ,UJHQGZDQQKLHHVHUZlUHJHVWRUEHQPHKUQLFKW 1XUEHVRQGHUV0XWLJHWUDXWHQVLFKVSlWHULQGLH1lKHGHV GVWHUHQ6FKORVVHVXPDXFKGDV*UDE]XVHKHQLQGHPYRQ /HSSHKDXVWH(VZDUHLQH*UXIW6LHZDUPLWHLQHUVFKZHUHQ 6WHLQSODWWHYHUVFKORVVHQGLHPDQLQGLH+|KHKLHYHQPXWH 1LHPDQGKDWWHVLFKGLHVMHGRFKELVKHUJHWUDXW 'HU%DURQYRQ/HSSHZXUGH]ZDUYHUJHVVHQDEHUQLHY|OOLJ DXVGHP*HGlFKWQLVJHVWULFKHQ+LQ]XNDPGDHLQDQGHUHU 9DPSLUIU$QJVWXQG6FKUHFNHQVRUJWH .DOXUDF'HUZDUDXFKYHUQLFKWHWVREOLHEHLJHQWOLFKQXUGLH (ULQQHUXQJDQGHQ9DPSLU%DURQ 2EHUHVZDUGHUQDFKWVGXUFKGLH:lOGHUJHLVWHUWHXQGLQ GLH7lOHUKLQDEVWLHJGDVZXWHQLHPDQG]XVDJHQXQGGHU XQKHLPOLFKH7RWHQDFNHUVFKZLHJ :LUZDUHQJHVWDUWHW 1RFKMHW]WNODQJHQPLUGLH)OFKHGHV3LORWHQLQGHQ2KUHQ (UZDUXQJHKHXHUVDXHUYHUVWlQGOLFKZLHLFKPHLQHDEHUZLU NRQQWHQVFKOHFKW]XUFNGHQQZLUEHIDQGHQXQVLQGHUGLFNHQ 1HEHOVXSSH 1DWUOLFKDFKWHWHMHGHUYRQXQVDXILUJHQGZHOFKH+LQGHU QLVVHGLHZLUHUVWLPOHW]WHQ0RPHQWVDKHQ'DZXUGHQDXV GHQ:lOGHUQJHIlKUOLFKH6FKDWWHQGLHEHUIORJHQZHUGHQ PXWHQXQGGHU+XEVFKUDXEHUJHZDQQYRQ0LQXWH]X 0LQXWHPHKUDQ+|KH (VZXUGHDXFKNlOWHU :LUVDKHQGHQHUVWHQ6FKQHH,P*UDXGHV1HEHOVVFKLP PHUWHHUDOVKHOOHUZHLHU)OHFN $EHUZLUKDWWHQ*OFN,QGLHVHUJURHQ+|KHZRHV]LHP OLFKNDOWZDUO|VWHVLFKGHU1HEHODOOPlKOLFKDXI=DKOUHLFKH %HUJVSLW]HQODJHQVRJDUIUHLXQG]XPHUVWHQ0DOVHLWGHP 6WDUWDWPHWHQZLUULFKWLJDXI 6RJDU-DUHN
ª0DQFKPDOKDWPDQZLUNOLFK*OFN©VW|KQWHHUXQG ZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ (VZDUHLQZXQGHUVFK|QHV%LOGGDVVLFKXQVDXVOXIWLJHU +|KHSUlVHQWLHUWH hEHUXQVZDUGHU+LPPHONODU:LUNRQQWHQHLQHQYROOHQ 0RQGVHKHQXQG]DKOUHLFKH6WHUQH'LHREHUHQ1HEHOVFKLFKWHQ HULQQHUWHQPLFKDQGQQH:DWWHElXVFKHGLHMHPDQGLQGLH /lQJHJH]RJHQKDWWH$XVLKQHQVWDFKHQGLH6SLW]HQGHU%HUJH YRUZLW]LJKHUDXV6LHDOOHWUXJHQZHLH+DXEHQXQGZLU IORJHQGDUEHUKLQZHJ ª(LQWROOHV%LOG©VDJWH6XNR 'DNRQQWHLFKQXU]XVWLPPHQ :lKUHQGGHU3LORWIORJYHUJDHUQLFKWDXIGLH.DUWH]X VFKDXHQ(UKDWWHGLH%XUJ]ZDUQLHEHVLFKWLJWGRFKZlKUHQG HLQHV0DQ|YHUVVFKRQHLQPDOEHUIORJHQ=XGHPVWDQG )UDQWLVHN0DUHNLKPPLWVHLQHP:LVVHQ]XU6HLWH 'LHEHLGHQUHGHWHQEHUGHQ.XUV 6XNRXQGLFKVXFKWHQLQ]ZLVFKHQGHQ+LPPHODEGDZLUDQ GLHURWHQ9DPSLUHGDFKWHQ:HQQ9DPSLURGHOPDUVLHPLWJH EUDFKWKDWWHZUGHQVLHXQVYLHOOHLFKWGHQ:HJZHLVHQ 1HLQGHU+LPPHOZDUNODU,P/LFKWGHU6WHUQHKlWWHQZLU VLHVHKHQN|QQHQ 0DUHNXQGGHU3LORWVSUDFKHQZHLWHUKLQDXIHLQDQGHUHLQ 'DQQUFNWH-DUHNKHIWLJ(UKDWWHYHUVWDQGHQ0DUHNGUHKWH GHQ.RSI(UVFKDXWHXQVPLWPGHQ$XJHQDQXQGVWULFKEHU VHLQHQZHLHQ2EHUOLSSHQEDUWª(VZLUGQLFKWPHKUODQJH GDXHUQGDQQKDEHQZLUGDVDOWH6FKORHUUHLFKW9LHOOHLFKW UDJHQGLH7UPHDXFKDXVGHP1HEHO© ª*LEWHVPHKUHUHGDYRQ"©IUDJWH6XNR ª=ZHL© ª:DVZHLPDQHLJHQWOLFKYRQGHP%DURQ"© 'HU3IlKOHUKREGLH6FKXOWHUQª1LFKWYLHO6HLQH*HVWDOWXQG VHLQH7DWHQYHUVFKZLQGHQLP'XQNHOGHU*HVFKLFKWH(UZDU DOOHUGLQJVVHKUVHKUJUDXVDPGDVKDWHUPLW9ODG'UDFXOD JHPHLQVDPJHKDEW$OOPlKOLFKKDEHLFKGDV*HIKOGDDOOHLQ
5XPlQLHQKHUUVFKHQGHQ$GHOLJHQVFKOLPPXQGJUDXVDP ZDUHQ:LUVLQGZLUNOLFKHLQ/DQGGDVGLH*HVFKLFKWHQLFKW YHUZ|KQWKDW© ,FKQLFNWHª+DVWGXLKQVFKRQJHVHKHQ)UDQWLVHN"© ª:HQQGXGDPLWGHQ%DURQ)UHGHULFNYRQ/HSSHPHLQVW GDQQPXLFKGLFKHQWWlXVFKHQ%HLPLUEHUXKWDOOHVDXIHLQHU $QQDKPH(UN|QQWHHVJHZHVHQVHLQGHUPHLQH)UDX]XP 9DPSLUJHPDFKWKDW$EHUGDVLVWDOOHVYLHO]XYDJH© ª8QGGHU9DPSLULP:DOG"© 0DUHNKROWHWLHI/XIWª,FKQHKPHDQGDHVGHU'LHQHUGHV %DURQVJHZHVHQLVW$XVGLHVHP*UXQGHJHKHLFKGDYRQDXV GDGHU%DURQHEHQIDOOVQRFKDOV8QWRWHUH[LVWLHUW© ª'DQQILQGHQZLULKQKRIIHQWOLFKDXIVHLQHP6FKOR©VDJWH 6XNR ª'DVZQVFKHLFKPLUDXFK8QGLFKZHUGHLKQSIlKOHQ© HUNOlUWHGHUDOWH0DUHN 'DJHJHQKDWWHQZLUQLFKWV6RNRQQWHQZLUXQVXP/DG\; NPPHUQGHQQXQVHUHU$QVLFKWQDFKZUGHQZLUVLFKHUOLFK DXIVLHXQG9DPSLURGHOPDUWUHIIHQ=XGHXWOLFKZDUHQGLH 6SXUHQGLHYRQ&RUQZDOOQDFK5XPlQLHQJHIKUWKDWWHQ ª'DGLH%XUJ©'LHVPDOVSUDFKGHU3LORW(UKDWWHVLH]XHUVW JHVHKHQ:LUVFKDXWHQDQLKPYRUEHLXQGHQWGHFNWHQHEHQIDOOV GLHVFKZDU]HQ7UPHGLHDXVGHP1HEHOVWDFKHQ (WZD]XU+lOIWHZDUHQVLH]XVHKHQGDV*HPlXHUVHOEVW ]HLFKQHWHVLFKQXUVFKDWWHQKDIWXQWHUGHUJUDXHQ'XQVWZDQG DEDOVZLUHVEHUIORJHQ'HU3LORWJLQJWLHIHUXQGGUHKWH .UHLVH6RJDUHLQHQ6XFKVFKHLQZHUIHUVFKDOWHWHHUHLQ(LQ EUHLWHUKHOOHU6WUDKOVWDFKLQGLH7LHIH$XIGHQ%RGHQPDOWHHU HLQHQJURHQ.UHLV'DVEHZLHVXQVGDGHU1HEHOGRFKQLFKW VRGLFKWZDUZLHLQ3HWULOD ª'DN|QQWHQZLUGRFKODQGHQ©VDJWHLFK ª(UVWPDOVHKHQ©'LH6WLPPHXQVHUHV3LORWHQNODQJJHSUHW (UVWDQGMHW]WXQWHUYROOHU.RQ]HQWUDWLRQ)UHLQHQ0RPHQW EHZHJWHVLFKGLH0DVFKLQHQLFKWVLHVWDQGLQGHU/XIWGDQQ GUFNWH-DUHNVLHODQJVDPQDFKXQWHQ
6HKUYRUVLFKWLJXQGEHKXWVDPJLQJHUGDEHL]X:HUNH(U ZROOWHNHLQHQ)HKOHUPDFKHQXQGGXUIWHVLFKDXFKNHLQHQ OHLVWHQGHQQGDVKlWWHXQVHU(QGHEHGHXWHW :LUVDFNWHQODQJVDPLQGLH7LHIH'DQQYHUVFKOXFNWHXQVGHU 1HEHOXQGGLH5RWRUEOlWWHUYHUJOHLFKEDUPLWHLQHPJHZDO WLJHQ4XLUOZLUEHOWHQGHQ'XQVWGXUFKHLQDQGHU ,FKVFKDXWHDXIGHQEUHLWHQ/LFKWVWUDKO'HU.UHLVYHUJU|HU WHVLFKMHWLHIHUZLUIORJHQ8QWHUXQVODJGDVDOWH6FKORZLU IORJHQ]XU9RUGHUVHLWH .HLQHUVSUDFK:LUOLHHQGHQ3LORWHQLQ5XKHXQG]XFNWHQ QXU]XVDPPHQDOVGLH.XIHQ%RGHQNRQWDNWEHNDPHQ1RFK HLQOHW]WHU6FKXEXQGZLUVWDQGHQ =XEHLGHQ6HLWHQGHU0DVFKLQHTXLUOWHGHU1HEHO'LH5RWRU EOlWWHUOLHIHQDXVQDFKGHP-DUHNGHQ0RWRUDXVJHVWHOOWKDWWH ª'DZlUHQZLU©VDJWHHUXQGVFKQDOOWHVLFKORVZREHLHUWLHI DXVDWPHWH 6XNRXQGLFKNODWVFKWHQLQGLH+lQGHª'DVZDUHLQH 0HLVWHUOHLVWXQJ©OREWHLFK ª+DOEVRVFKOLPP:LUKDWWHQHLQIDFK*OFNGDVLVWDOOHV :lUHGHU1HEHOGLFKWHUJHZHVHQKlWWHHVVFKOLPPDXVJHKHQ N|QQHQGDVNDQQLFK,KQHQVDJHQ© :LUJODXEWHQHVLKP -DUHNYHUOLHDOVHUVWHUGLH0DVFKLQH(VIROJWHGHU3IlKOHU GDQQNOHWWHUWHQ6XNRXQGLFKKLQDXV -DKLHUZDUHVNDOWHUDOVLQ3HWULOD,FKZXQGHUWHPLFKGDHV QLFKWVFKQHLWHDQHLQLJHQ6WHOOHQMHGRFKVDKHQZLUHVZHL VFKLPPHUQ5HVWVFKQHHYHUJDQJHQHU7DJH 5HFKWVYRQXQVODJGHU:DOG'LH%lXPHVWDQGHQGLFKWDQ GLFKW6LHVFKLHQHQVLFKPLWLKUHP:XU]HOZHUNDQGHP$EKDQJ IHVWJHNUDOOW]XKDEHQXQGWURW]WHQVRGHQ6WUPHQGLHRIWLQ GLHVHQ%HUJHQWREWHQ *HJHQEHUODJHQGLH0DXHUQ 6LHZDUHQLQGHU7DWJHZDOWLJ5LHVLJH6WHLQHKDWWHPDQDXI HLQDQGHUJHVHW]W'LH%XUJPXWHVHKUDOWVHLQGHQQLFK HUNDQQWHGLHW\SLVFKHFNLJHURPDQLVFKH%DXZHLVH:LUVDKHQ
DXFKNHLQH5XQGERJHQIHQVWHUVRQGHUQLQGLH+|KHJH]RJHQH 9LHUHFNH hEHUDOOHPZDOOWHGHU1HEHO :LHPLWODQJHQ*HLVWHUILQJHUQNURFKHUDQGHU$XHQPDXHU LQGLH+|KH'HU6WHLQJOlQ]WHIHXFKW(IHXXQGZLOGHU:HLQ UDQNWHDQLKPKRFK'LH3IODQ]HQNODPPHUWHQVLFKDQGHP 0DXHUZHUNVRKDUWIHVWDOVZROOWHQVLHHVVWW]HQ 9LHOZDUYRQGHU%XUJQLFKW]XHUNHQQHQ%HUHLWVGLH+lOIWH GHU)HQVWHUYHUVFKZDPPLP1HEHO $XVHLQHPO|VWHVLFKHLQVFKPDOHU6FKDWWHQ.UlFK]HQGIORJ GHU5DEHEHUXQVHUH.|SIHKLQZHJXQGYHUVFKZDQGWDODE ZlUWV (VZDUVWLOOJHZRUGHQ ª-HW]WEUDXFKHQZLUQRFKGHQ)ULHGKRI©VDJWHLFKXQG VFKDXWH0DUHNGDEHLDQ 'HU3IlKOHUQLFNWHª.RPPWPLW© ª8QGLFK"©ULHI-DUHNª6ROOLFKZLHGHUDP+XEVFKUDXEHU EOHLEHQ"© ª(VZlUHGDVEHVWH©PXUPHOWHLFKXQGZXUGHJOHLFK]HLWLJ QDFKGHQNOLFK:HQQ/DG\;XQG9DPSLURGHOPDUDXI WDXFKWHQGDQQZDUGHU3LORWIUVLHHLQHLGHDOH%HXWH 8QEHZDFKWNRQQWHQZLUGHQ+XEVFKUDXEHUDXFKQLFKWODVVHQ GHVKDOEJDELFKLKPPHLQH%HUHWWDXQGULHWLKPLQGHU 0DVFKLQH]XZDUWHQ ª8QGZDUXPGRUW"© ª:HLOVLHGD]LHPOLFKVLFKHUVLQGXQGVRIRUWVWDUWHQN|QQHQ IDOOV*HIDKULP$QPDUVFKLVW© ª5LFKWLJDEHUZDVPDFKHQ6LHGDQQ"© ª:LUZLVVHQXQVVFKRQ]XKHOIHQ© ª8QGZDVVROOLFKPLWGHU3LVWROH"© ª,FKKDEHVLHPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQ6LH N|QQHQVLHJHJHQ9DPSLUHHLQVHW]HQ© -DUHNJULQVWHª'DVOREHLFKPLU:HQQLFKZHOFKHVHKH ZHUGHLFKVFKLHHQ©(UJULQVWH ª'DVPVVHQ6LHVRJDU©VDJWHLFK
ª(LQH8KU]HLWN|QQHQ6LHQLFKWDQJHEHQ"©IUDJWH-DUHN ª1HLQDEHUZLUZHUGHQXQVEHHLOHQ© (UODFKWHª'DQQSIlKOHQ6LHZRKO6LQFODLU©ULHIHUXQVQDFK DOVZLUJLQJHQ ,FKGUHKWHPLFKQRFKPDOXPª6LHVROOWHQGDVQLFKWDOV6SD DXIIDVVHQ-DUHN(VLVWNHLQHU:LUNOLFKQLFKW© 'HU)ULHGKRIKDWWHVRVHLQH7FNHQ 1LFKWGD*UDEVWHLQHLP:HJVWDQGHQGLHVQDKPPDQEHL HLQHP)ULHGKRIKLQDEHUHUZDUDP+DQJDQJHOHJWZRUGHQ XQGPDQKDWWHXP3ODW]]XVFKDIIHQGDPDOV%lXPHJHURGHW 'LH%XUJNRQQWHQZLUQLFKWPHKUVHKHQ+|FKVWHQVQRFKDOV GXQNOHQ6FKDWWHQKLQWHUGHU1HEHOZDQG $P5DQGGHV)ULHGKRIVEOLHEHQZLUVWHKHQ'LHXQKHLPOLFKH $WPRVSKlUHZDUEHUGHXWOLFK]XVSUHQZLUVRJHQVLHI|UP OLFKLQXQVDXI'DZDUGHU1HEHOGLHJHVSHQVWLVFKDQPXWHQ GHQ*UDEVWHLQHGLHVFKLHILP%RGHQVWHFNWHQGDV/DXEDXI GHP%RGHQGLHZHLFKH(UGHKLHUXQGGDHLQSDDUVFKPXW]LJH 6FKQHHIOHFNHQXQGDP5DQGGHV)ULHGKRIVVWDQGHQ%lXPH PLWLKUHQNDKOHQRIWNUXPPHQbVWHQGLHVLFKZLHGLH)lGHQ HLQHV]HUVW|UWHQ6SLQQHQQHW]HVEHUGLH*UlEHUOHJWHQ ª*HKHQZLU"©IUDJWH0DUHN ª.ODU©,FKQLFNWHª$EHUZREHILQGHWVLFKGDV*UDERGHUGLH *UXIWGHV9DPSLU%DURQV"© ª5HFKWVYRQKLHU0DQKDWLKQQDKHGHU6FKORPDXHUEH HUGLJW© ª'DQQNRPP© +LQWHUHLQDQGHUVFKULWWHQZLU8QVHUH)HVDQNHQLQGDV ZHLFKH(UGUHLFKHLQ6FKRQEDOGNOHEWHGDVIHXFKWH/DXEDQ XQVHUHQ6FKXKHQXQGDQGHQ+RVHQEHLQHQ :LUVHOEVWZLUNWHQZLH*HLVWHUZHLOGLHJUDXHQ1HEHO VFKZDGHQXQVXPKOOWHQ 6XNRKDWWHVHLQH7DVFKHQODPSHHLQJHVFKDOWHW6LHJDE]ZDU QLFKWYLHO/LFKWDEHUVLHZDUEHVVHUDOVQLFKWV
:HJHH[LVWLHUWHQDXIGLHVHP7RWHQDFNHUOlQJVWQLFKWPHKU 0DQNRQQWHGHQ)ULHGKRIDOVHLQ*DQ]HVEH]HLFKQHQQXU XQWHUEURFKHQYRQGHQDXVGHP%RGHQUDJHQGHQ*UDEVWHLQHQ GLHDQEUHLWH6WXPPHOILQJHUHULQQHUWHQ .UHX]HJDEHVQLFKW :LUKDWWHQHWZD]HKQ*UDEVWHLQHSDVVLHUWXQGQlKHUWHQXQV EHUHLWVZLHGHUGHU6FKORPDXHUDOVLFK0DUHNDXIGLHVHV 3KlQRPHQDXIPHUNVDPPDFKWH ª+DVWGXVFKRQPDODXIHLQHPVFKZDU]PDJLVFKHQ)ULHGKRI .UHX]HJHVHKHQ"©IUDJWHHU ª6RZROOWHLFKGDVQLFKWJHPHLQWKDEHQ+LHUOLHJHQGRFK QLFKWQXU9DPSLUHEHJUDEHQVRQGHUQDXFKQRUPDOH7RWH© ª$XVGHU6LSSHGHV%DURQVEHGHQNHGDV© ª'DQQN|QQHQDOOH]X9DPSLUHQJHZRUGHQVHLQ© ª9LHOOHLFKW©(UEOLHEVWHKHQXQGKROWHWLHI/XIWª,FKZHL HLQIDFK]XZHQLJ'LH*HVFKLFKWHKDWEHU%DURQ)UHGHULFNYRQ /HSSHGHQ0DQWHOGHV6FKZHLJHQVJHEUHLWHW© 6XNRZDUYRUJHJDQJHQ(UNRQQWHEHUHLWVGLH6FKORPDXHU VHKHQGLHVLFKDOVNRPSDNWHUGVWHUHU6FKDWWHQDXVGHP 1HEHOVFKlOWHª+LHUPXGDV*UDEVHLQ©ULHIHU 0DUHNXQGLFKEHVFKOHXQLJWHQXQVHUH6FKULWWH6XNRJLQJHLQ ZHQLJ]XU6HLWH(UEOLHEVRVWHKHQGDGHUKHOOH)LQJHUVHLQHU /DPSHDXIGLH*UDESODWWHILHO 9RQGHUXUVSUQJOLFKHQ)DUEHGHV*HVWHLQVZDUQLFKWPHKU YLHO]XHUNHQQHQ:RHVYRP/LFKWVFKHLQJHWURIIHQZXUGH VFKLPPHUWHHVJUQOLFK,QGHQNOHLQHQ5LW]HQKDWWHVLFKGDV GLFKWH0RRVIHVWJHVHW]WXQGDXFKGLH6FKULIWZDUQLFKWPHKU ]XHQW]LIIHUQ 0DUHNKROWHHLQ7DVFKHQPHVVHUKHUYRUJLQJLQGLH.QLHXQG NUDW]WHPLWGHU.OLQJHVRYLHODQ0RRV]XU6HLWHGDZLU ZHQLJVWHQVGHQ1DPHQOHVHQNRQQWHQ 'DVWDQGJHQDXGDVJHVFKULHEHQZDVZLUHUZDUWHWKDWWHQ %$521)5('(5,&.921/(33( ª+LHUGUXQWHUPXHUOLHJHQ©VDJWH0DUHNPLWOHLVHU6WLPPH XQGNORSIWHDXIGLHVFKZHUH*UDESODWWH
ª2GHUDXFKQLFKW©VDJWH6XNRWURFNHQª:LUZHUGHQHVIHVW VWHOOHQ.|QQHQZLUGDV'LQJDQKHEHQ"©(UVFKDXWHPLFKGDEHL IUDJHQGDQXQGEHUUHLFKWH0DUHNGLH/DPSH ª(LQ9HUVXFKORKQWVLFK©,FKEFNWHPLFKEHUHLWV(LQHQ5LQJ KDWWHQZLUHEHQIDOOVHQWGHFNW(UEHVWDQGDXV0HWDOOXQG EHIDQGVLFKEHUGHUHLQJHPHLHOWHQ6FKULIW =XP*OFNZDUHUVRJURGD6XNRXQGLFKLKQJHPHLQVDP DQIDVVHQNRQQWHQ ª)HUWLJ"©,FKVFKDXWHPHLQHQ3DUWQHUDQ 'HU&KLQHVHQLFNWH ª'DQQORV© 0HUNZUGLJOHLFKWXQGHLQIDFKOLHVLFKGLH6WHLQSODWWHLQGLH +|KHKLHYHQ:LUPXWHQXQV]ZDUDQVWUHQJHQDEHUZHLOZLU HVEHLPHUVWHQ9HUVXFKEHUHLWVVFKDIIWHQEHZLHVHVXQVGDGLH 3ODWWHVFKRQYRUKHUEHZHJWZRUGHQZDU$OVVLHKRFKNDQW VWDQGGUFNWHQZLUQRFKHLQZHQLJGDJHJHQXQGOLHHQVLH GDQQNLSSHQ 0LWHLQHPGXPSIHQ*HUlXVFKVFKOXJVLHDXI 0DUHNJDE6XNRGLH/DPSH]XUFN'HUOHXFKWHWHLQGLHYRU XQVOLHJHQGHILQVWHUH*UXIWVFKZHQNWHGHQ6WUDKOXQGZLU VDKHQZDVLP,QQHUQGHU*UXIWVWDQG (VZDUHLQ6WHLQVDUJ ,QLKPKDWWHPDQYRUODQJHU=HLWGHQ%DURQ)UHGHULFNYRQ /HSSHEHJUDEHQ(UODJMHGRFKQLFKWPHKULQVHLQHP6DUJZLH ZLUVDKHQGHQQGHUVFKZHUH'HFNHOZDUYHUVFKREHQZRUGHQ XQGOLHGLH+lOIWHGHV6DUJLQQHUQIUHL ª(ULVWZHJ©IOVWHUWH0DUHNª(ULVWZHJ9HUGDPPWLFK KDWWHGRFKUHFKW%DURQ)UHGHULFNYRQ/HSSHLVWHLQ9DPSLU© (LQOHHUHU6DUJHLQHYHUODVVHQH*UXIWZRNRQQWHGHU9DPSLU VWHFNHQ" +LHOWHUVLFKLP6FKORYHUERUJHQJHLVWHUWHHUGXUFKGHQ :DOGRGHUEHUGHQ)ULHGKRI" 1LHPDQGYRQXQVNRQQWHGDUDXIHLQH$QWZRUWJHEHQ$XI
MHGHQ)DOOVWHOOWH%DURQYRQ/HSSHHLQHJURH*HIDKUIUGLH 0HQVFKHQGDUXQGZLUPXWHQ]XVHKHQGDZLULKQVRUDVFK ZLHP|JOLFKVWHOOWHQ ,FKHULQQHUWH0DUHNZLHGHUDQGDV/DFKHQGDVHULP:DOG JHK|UWKDWWH ª-D-RKQZDVPHLQVWGXGDPLW"© ª,VWHVP|JOLFKGDGHU9DPSLUGLH6WUHFNHLQHLQHUVR NXU]HQ=HLWVFKDIIWXQGVLFKXQWHU8PVWlQGHQKLHUDXIGHP )ULHGKRIYHUVWHFNWKlOW"© ª(LJHQWOLFKQLFKW©JDE0DUHN]Xª(VVHLGHQQHUEHVLW]WGLH *DEHVLFKLQHLQH)OHGHUPDXV]XYHUZDQGHOQ© ,FKOlFKHOWHª%UDYRGDVNDQQGLH/|VXQJVHLQ)UDQWLVHN© 6XNRVFKREPLFK]XU6HLWHXQGWUDWELVGLFKWDQGHQ5DQGGHU *UXIW%HYRULFKHLQH)UDJHVWHOOHQNRQQWHVDJWHHUVFKRQª,FK P|FKWHPLFKGDXQWHQJHUQPDOQlKHUXPVFKDXHQ© 'DVKDWWHLFKHLJHQWOLFKYRUVFKODJHQZROOHQGRFK6XNRZDU VFKQHOOHUJHZHVHQXQGLFKQLFNWH 'HU&KLQHVHJLQJLQGLH.QLHIHGHUWHQRFKHLQZHQLJQDFK XQGVWLHVLFKDE (VZDUNHLQHVHKUJURH'LVWDQ]GLHHUVSULQJHQG]XUFN OHJHQPXWH(UODQGHWHYRUGHP)XHQGHGHV6DUJVXQG]RJ XQZLOONUOLFKGHQ.RSIHLQ 1HEHQGHP6WHLQVDUJEOLHEHUVWHKHQ'LH/DPSHKDWWHHU PLWJHQRPPHQ(UOHXFKWHWHQRFKHLQPDOLQGHQ6DUNRSKDJ KLQHLQXQGVFKWWHOWHGHQ.RSIª1LFKWV]XPDFKHQ-RKQ:LU N|QQHQLKQQLFKWKHUEHL]DXEHUQ© ª'DQQNRPPZLHGHUKRFK$OWHU© ª$XJHQEOLFNQRFK©6XNRV6WLPPHNODQJKRKO(UWUDWYRP 6DUJZHJXQGOHXFKWHWHLQGLH5XQGHGDHUGLH*UXIWJHQDXHU XQWHUVXFKHQZROOWH(UEOLHEQLFKWLQXQVHUHP%OLFNIHOG WDXFKWHLQGHQ+LQWHUJUXQGGHU*UXIWXQGZLUVDKHQLKQQLFKW PHKUVRQGHUQQXUGHQKHOOHQ6FKHLQGHUEHUGHQ%RGHQ ZDQGHUWHZHQQGHU,QVSHNWRUVLFKEHZHJWH ª-RKQ©6HLQH6WLPPHNODQJQRFKGXPSIHUDOV]XYRUª+LHU LVWHLQHRIIHQH6WHOOH'DKLQWHUOLHJWHLQ*DQJ©
,FKNQLHWHPLFKHEHQIDOOVXQGUHFNWHPHLQHQ.RSIYRU ª.DQQVWGXHUNHQQHQZRHUKLQIKUW"©,QPHLQHQ:RUWHQ VFKZDQJGLH6SDQQXQJPLW ª1HLQDEHUHUPWHQDFKGHU5LFKWXQJ]XXUWHLOHQLQRGHU XQWHUGDV6FKORIKUHQ© ,FKEOLFNWH)UDQWLVHN0DUHNYRQXQWHQKHUIUDJHQGDQ'HU 3IlKOHUQLFNWH'HPQDFKNRQQWH6XNRPLWVHLQHU9HUPXWXQJ JHQDXULFKWLJOLHJHQ ª,FKZHUGHGHQ*DQJXQWHUVXFKHQ©HUNOlUWHHUªXQGJHKH LKQPDOGXUFK© ª$EHUJLEDFKW© ª.ODU:LUN|QQWHQXQVMDLP6FKORWUHIIHQRGHUZLHGHUDXI GHP)ULHGKRIZHQQLFK]XUFNNHKUH© ª0DOVHKHQ©'DQDFKK|UWHLFKYRQ6XNRQLFKWVPHKUXQG LFKVFKUDXEWHPLFKZLHGHULQGLH+|KHª:XWHVWGXGDYRQ"© 0DUHNVFKWWHOWHGHQ.RSIª1HLQ,FKKDEHGLH*UXIWDXFK QLHYRQLQQHQJHVHKHQ1XUHEHQKHXWH© $OVVHLQH:RUWHDXVJHNOXQJHQZDUHQKHUUVFKWHZLHGHU 6WLOOH6LHXPJDEXQVZLHHLQ0DQWHO,UJHQGZLHZDUVLH EHGUFNHQG:HQQPDQLQHLQHPQRUPDOHQ5DXPVWHKWGDQQ IlOOWHVQLFKWVRDXIDEHUKLHUDXIGLHVHP)ULHGKRINRQQWHPDQ VFKRQHLQNRPLVFKHV*HIKOEHNRPPHQ ª'HU%DURQPXHLQHJURH9HUZDQGWVFKDIWJHKDEWKDEHQ© EHPHUNWHLFKXQGGHXWHWHLQGLH5XQGH ª'LHKDWWHHUDXFK©0DUHNIROJWHPHLQHPDXVJHVWUHFNWHQ $UP,FKKDWWHPLFKEHUHLWVZLHGHUKDOEDEJHZDQGWDOV GHU3IlKOHUHLQHQEHUUDVFKWHQ5XIDXVVWLHª9HUGDPPW GDLVWHU© ª:HU"©IUDJWHLFKEO|GVLQQLJHUZHLVHZlKUHQGLFKKHUXP NUHLVHOWH ª%DURQYRQ/HSSH©
(UVWDQGXQJHIlKUGDZRGLH*UDEVWHLQHHQGHWHQXQGVLFKHLQ )LOLJUDQDXV=ZHLJHQXQGbVWHQEHUHLQHNXU]H'LVWDQ]GHV )ULHGKRIVDXVEUHLWHWH(LQ%LOGZLHDXVHLQHP*UXVHOILOP 6HOEVWPLUOLHIHLQ6FKDXHUEHUGHQ5FNHQDOVLFKHVVDK 'DZDUHLQPDOGHU9DPSLU'XQNHOJHNOHLGHW(UWUXJNHLQHQ 8PKDQJZLHGHUXQVHOLJH*UDI'UDFXODLQVHLQHQ)LOPHQ DOOHUGLQJVHLQH.OHLGXQJGLHbKQOLFKNHLWPLWHLQHPSHFK VFKZDU]HQ)UDFNDXIZLHV9RUQPXWHGLH-DFNHRIIHQVWHKHQ VRJHQDXNRQQWHQZLUHVQLFKWHUNHQQHQDEHUZLUVDKHQGHQ ZHLHQ)OHFNGHUDXIHLQKHOOHV+HPGKLQZLHV 'DV*HVLFKWVFKLPPHUWHEOHLFKGXUFKGLH1HEHOVFKZDGHQ 'DUEHUVDKHQZLUGDVKHOOHVFKRQZHLH+DDUGDVGLH 6FKlGHOGHFNHZLHHLQH:RONH]XXPUDKPHQVFKLHQ 8QEHZHJOLFKEOLHEHUDXIGHP)OHFNXQGEHREDFKWHWHXQV 1HEHQPLUDWPHWH0DUHNKHIWLJ(UNQXUUWHIDVWVWDQGXQWHU HLQHPXQJHKHXUHQ6WUHXQGHUXPNODPPHUWHGHQ(LFKHQ SIDKOZLHHLQ(UWULQNHQGHUGHQ5HWWXQJVDQNHU 0DUHNZROOWH5DFKHQHKPHQ 'XUFKQLFKWVOLHHUVLFKGDYRQDEKDOWHQ%HYRULFKHVYHU KLQGHUQNRQQWHVWU]WHHUVFKRQYRU(UUDQQWHLQPlFKWLJHQ 6lW]HQDXIGHQ%DURQ]XGHQUHFKWHQ$UPKLHOWHUKRFKGLH 6SLW]HGHV3IDKOV]HLJWHLQGLH5LFKWXQJGHV8QKHLPOLFKHQGHQ 0DUHNPLWHLQHPJHZDOWLJHQ6WRGXUFKGLH%UXVWGHV %OXWVDXJHUVWUHLEHQZROOWH ª%OHLEKLHU©ULHILFK 0DUHNK|UWHQLFKW:LHYRQ6LQQHQZDUHUXQGDXVVHLQHP 0XQGO|VWHVLFKHLQLUUHU6FKUHLDOVVHLQH*HVWDOWYRP1HEHO YHUVFKOXFNWZXUGHª0|UGHU©EUOOWHHUª9HUGDPPWH %HVWLHLFKVWRHGLUGDV+HU]DXVGHP/HLEGXGUHFNLJHU DDDKKK© 6HLQH:RUWHEUDFKHQDE(LQJXUJHOQGHU6FKUHLIROJWH ,FKZDUQDWUOLFKQLFKWVWHKHQJHEOLHEHQKDWWHPLFKDXI 0DUHNV)HUVHQJHVHW]WVDKQRFKZLHHUZlKUHQGGHV6FKUHLV PLWGHQ$UPHQUXGHUWHXQGSO|W]OLFKYHUVFKZDQGDOVKlWWH LKQHLQHXQKHLPOLFKH.UDIWLQGLH(UGHJHULVVHQ
'HQ$XISUDOOK|UWHLFKQLFKWGRFKGDV9HUVFKZLQGHQGHV 3IlKOHUVZDUQWHPLFKLFKZXUGHYRUVLFKWLJXQGUHGX]LHUWH PHLQ7HPSRXPGLH+lOIWH1DFKZHQLJHQ6HNXQGHQHQW GHFNWHLFKGDVZDVGHPDUPHQ0DUHN]XP9HUKlQJQLVJH ZRUGHQZDU (LQRIIHQHV*UDE (UZDUQLFKWQXUGRUWKLQHLQJHIDOOHQVRQGHUQDXFKLQGHQ GHFNHOORVHQ6DUJGHUGDV*UDEDXVIOOWH $OVLFKGDV*UDEHUUHLFKWKDWWHK|UWHLFKGDVK|KQLVFKH /DFKHQULGHQ.RSIZLHGHUKRFKXQGVFKDXWHGRUWKLQZRLFK GHQ9DPSLUEHLPHUVWHQPDOJHVHKHQKDWWH (UVWDQGQLFKWPHKUGRUW :LHHLQ6SXNZDUHULP1HEHOXQWHUJHWDXFKW 9RU:XWEDOOWHLFKPHLQH/LQNH'LH5HFKWHXPNODPPHUWH GHQ*ULIIGHU%RO]HQZDIIH6LHKDWWHLFKQLFKWHLQVHW]HQN|Q QHQGHQQIUHLQHQVLFKHUHQ7UHIIHUZDUGLH'LVWDQ]]ZLVFKHQ GHP9DPSLUXQGPLU]XJURJHZHVHQ 'HU%DURQEHIDQGVLFKLQGHU1lKH8QGHUEHZHJWHVLFKDOV 8QWRWHUGXUFKGDVNOHLQH*UlEHUIHOG 'DV6W|KQHQGHVDOWHQ0DUHNULPLFKDXVPHLQHQ *HGDQNHQ,FKVHQNWHZLHGHUGHQ%OLFNVFKDXWHLQGDV*UDE VDK)UDQWLVHNLP6DUJOLHJHQXQGEHPHUNWHGDHUGDVOLQNH %HLQDQJH]RJHQKDWWHXQGVLFKVHLQHQ.Q|FKHOKLHOW ª.DQQVWGXDXIVWHKHQ"©IUDJWHLFK ª:HLLFKQLFKW9HUGDPPW©HUYHU]RJGDV*HVLFKWªGLH DOWHQ.QRFKHQWDXJHQQLFKWVPHKU$PEHVWHQZLUGHVVHLQ ZHQQLFKPLUVHOEVWGHQ3IDKOLQGLH%UXVWUDPPH© ª.HLQ6HOEVWPLWOHLGMHW]W©IXKULFKLKQDQª.RPPKRFKLFK EUDXFKHGLFKQRFK© ,FKNQLHWHOlQJVWXQGVWUHFNWHLKPPHLQHUHFKWH+DQGHQW JHJHQ'DEHLKDWWHLFKGHQ%OLFNDQJHKREHQGHQQLFKZROOWH GLH*HJHQGYRUPLUQLFKWDXVGHQ$XJHQODVVHQ 'RUWEOLHEDOOHVVWLOO1XUGLH1HEHOVFKZDGHQOLHIHQLQHLQ DQGHUXQG]RJHQLQWUlJHQ6FKOHLHUQEHUGHQWURVWORVHQ 7RWHQDFNHU
0DUHNHUJULIIPHLQH+DQG(UVWW]WHVLFKPLWGHPJHVXQGHQ )XDEXQGNOHWWHUWHVFKOLHOLFKNHXFKHQGDXVGHP*UDE,FK KDOILKPDXIGLH)H $OVHUDXIWUDWXQGVHLQ*HZLFKWDXIGHQOLQNHQ)XYHU ODJHUWHGDVW|KQWHHU ª6FKHLH©VDJWHGHU3IlKOHUª'HUPDFKWHVQLFKWPHKUVR ZLHLFKZLOO-RKQ© ª6FKDIIVWGXHVELV]XP+XEVFKUDXEHU"© ª'XZLOOVWPLFKDXVGHP6SLHOODVVHQZLH"© ª1LFKWJHUQ)UDQWLVHNDEHUVLHKGRFKVHOEVWGHLQ)XKlOW GLH%HODVWXQJQLFKWDXV© (UYHU]RJGDV*HVLFKW,FKVDKGDHU6FKPHU]HQKDWWH$XI VHLQHU6WLUQSHUOWH6FKZHLª*XWLFKZHUGHHVYHUVXFKHQ 9LHOOHLFKWVFKDIIHLFKHV8QGZHQQPLUGHU%DURQEHJHJQHW© ª8PGHQNPPHUHLFKPLFK© 0DUHNVWW]WHVLFKDQHLQHP*UDEVWHLQDEGDPLWHUVHLQ%HLQ QLFKWVR]XEHODVWHQEUDXFKWHª'XZLOOVWGLFKXPLKQNP PHUQ-RKQ"9HUGDPPWQLPPVWGXPLUDOOHVZHJ"© ª'HQNGRFKQDFK)UDQWLVHN©VSUDFKLFKPLWEHVFKZ|UHQGHU 6WLPPHª'HU9DPSLULVWEHZHJOLFKGXELVWHVQLFKWPHKU $EHUGXZLUVWHVZLHGHU/HLGHUPXWGXQRFKHLQSDDU :RFKHQZDUWHQELVGLH6DFKHJHUHJHOWLVW8QGMHW]W© 6FKVVH 'LH(FKRVNODQJHQEHUGHQ)ULHGKRIXQGULVVHQPLUGLH QlFKVWHQ:RUWHYRQGHQ/LSSHQ ,FKVWDQGIUHLQHQ0RPHQWUHJXQJVORV=ZHLPDOZDUJH VFKRVVHQZRUGHQXQGDP.ODQJKDWWHLFKGLH%HUHWWDHUNDQQW 0HLQH:DIIH 6XNRWUXJHEHQIDOOVHLQH(VJDE]ZHL0|JOLFKNHLWHQ(QW ZHGHUKDWWHHUJHVFKRVVHQRGHUGHU3LORW ª6ROOLFKLPPHUQRFK]XP+XEVFKUDXEHUKXPSHOQ"©HUNXQ GLJWHVLFKGHUDOWH0DUHN ª1HLQGDVHUOHGLJHLFK© 1DFKGLHVHU$QWZRUWWUDIPLFKGHUGQQH(LVUHJHQ
'HU3LORWVFKDXWHGHQ0lQQHUQVRODQJHQDFKELVHUVLHQLFKW PHKUVHKHQNRQQWH'HU1HEHOOHJWHVLFKZLHHLQJUDXHV%DQG ]ZLVFKHQLKQXQGGHQ)UHPGHQ -DUHNKDWWHGDV*HIKODOVZlUHGLH6XSSHLQGHQOHW]WHQ 0LQXWHQGLFKWHUJHZRUGHQ$XVGHQ7lOHUQVFKLHQGHU'XQVW LPPHUPHKU1DFKVFKXE]XHUKDOWHQ 6LQFODLUKDWWHLKPJHVDJWLP+XEVFKUDXEHUZlUHHUVLFKHUHU 'DVPRFKWHULFKWLJVHLQDEHU-DUHNZROOWHLQGHU0DVFKLQH QLFKWUDXFKHQ'DVPXWHHUGUDXHQWXQXQGVREOLHEHUHUVW HLQPDOYRUGHP+XEVFKUDXEHUVWHKHQKROWHHLQH6FKDFKWHODXV GHU7DVFKHXQGNORSIWHHLQILOWHUORVHV6WlEFKHQKHUYRU 0LWHLQHPDOWHQ6WXUPIHXHU]HXJ]QGHWHHUHVDQ'LH )ODPPHWDQ]WHYRUVHLQHP*HVLFKW (UVDXJWHGHQ5DXFKWLHILQGLH/XQJHQXQGOLHLKQGXUFK GLH1DVHZLHGHUDXVVWU|PHQ5DXFKXQG1HEHOYHUPLVFKWHQ VLFKXQGNURFKHQVFKOHLFKHQGGDVXUDOWH*HPlXHUGHV 6FKORVVHVKRFK +LQXQGZLHGHUGUHKWH-DUHNGHQ.RSI'DNRQQWHHLQHP VFKRQDQGHUVZHUGHQZHQQPDQGLHVHQ%DXVDK(UZDU]ZDU 6ROGDWDEHUDXFKHLQ.LQGGHV/DQGHV8QGHUHULQQHUWHVLFK QRFKJHQDXGDUDQZLHVHLQH*URHOWHUQYRQGHQXQKHLPOLFKHQ %OXWVDXJHUQHU]lKOWKDWWHQGLHGLH%HUJHXQG:lOGHU 7UDQVV\OYDQLHQVXQVLFKHUPDFKWHQ (UVHOEVWVWDPPWHDXV%XNDUHVW$OV.LQGKDWWHHUVLFKEHL GLHVHQ*HVFKLFKWHQJHIUFKWHWDOV+DOEZFKVLJHUGDUEHU JHODFKWXQGVLHDOV6ROGDWYHUJHVVHQ %LVHUDQGLHVHP7DJHZLHGHUGDUDQHULQQHUWZXUGH8QG ]ZDUGUDVWLVFK 1RFKHLQHQOHW]WHQ=XJQDKPHUYRQGHU=LJDUHWWHZDUIVLH GDQQ]X%RGHQXQGWUDWGLH.LSSHDXV'DQDFK|IIQHWHHUGHQ (LQVWLHJGHV+XEVFKUDXEHUVXQGNOHPPWHVLFKKLQWHUGDV 6WHXHUZRHUVLW]HQEOLHEXQGGXUFKGLHEUHLWHJHERJHQH )URQWVFKHLEHLQGHQ1HEHOVWDUUWH (UGDFKWHDQGLHGUHL0lQQHUGLHGHQ)ULHGKRIXQWHUVXFKWHQ 2EVLHGHQ9DPSLUIDQGHQ"
*HVHKHQKDWWHHUQRFKNHLQHQXQGHUZROOWHDXFKQLFKWVR UHFKWGDUDQJODXEHQ 'LH%HUHWWDKDWWHHULQGLHUHFKWH6HLWHQWDVFKHJHVWHFNW1XQ KROWHHUVLHKHUYRUXQGVFKDXWHVLHDQ'DV0RGHOONDQQWHHU QXUYRQ%LOGHUQKHU6HOEVWKDWWHHUPLWVRHLQHU:DIIHQRFK QLFKWJHVFKRVVHQDEHUVLHODJJXWLQGHU+DQG :HQQGLH9DPSLUHNDPHQGDQQ -DUHNODFKWHDXI-HW]WUHFKQHWHHUVHOEVWVFKRQGDPLW%LVKHU KDWWHHUNHLQHQ%OXWVDXJHUJHVHKHQDEHUHUZXQGHUWHVLFK SO|W]OLFKGDUEHUGDVHLQH9RUJHVHW]WHQVRYROOGDUDXIDEJH IDKUHQZDUHQ 'LH6WLOOHZDUDEVROXW(UK|UWHWDWVlFKOLFKNHLQ*HUlXVFK XQGNDPVLFKYRUZLHLQHLQHP*HIlQJQLVDXV0HWDOOXQG*ODV 'HU1HEHOZDUODXWORV(UEHVWDQGIULKQDXV]DKOUHLFKHQ JUDXHQVFKOHLHUDUWLJHQ$UPHQGLHVLFKGHP+XEVFKUDXEHU HQWJHJHQVWUHFNWHQXQGLKQHLQKOOWHQ,UJHQGZLHJHILHOLKP GDVQLFKW6RLP+XEVFKUDXEHUVLW]HQGGDIKOWHHUVLFKZHKU ORVGHU1HEHOODJIDVWXQGXUFKGULQJOLFKYRULKPGDNRQQWH VLFKMHPDQGDQVFKOHLFKHQRKQHJHVHKHQ]XZHUGHQ 8QGGDQQVDKHUQRFKHWZDV =XHUVWJODXEWHHUDQHLQH7lXVFKXQJZHLOHUJOHLFK]HLWLJHLQ VHOWVDPHV3UDVVHOQK|UWH$OVGHU3LORWDXIVFKDXWHILHOHQLKP GLHODQJHQ%DKQHQDXIGLHLQHLQDQGHUEHUJLQJHQXQGYRP +LPPHOVWU|PWHQ (VZDU6FKQHH2GHU(LVUHJHQ $XFKGDVQRFK $OVHUIDKUHQHU3LORWZXWH-DUHNJHQDXGDLKPGLHVHV JHIURUHQH:DVVHUJHIlKUOLFKZHUGHQNRQQWH:HQQ(LVUHJHQ ILHOGDQQZDUHVOHLFKWP|JOLFKGDGHU5RWRUYHUHLVWHVRGD VLHKLHUEHUKDXSWQLFKWZHJNDPHQ 9DPSLUHKLQ9DPSLUHKHUGLH6LFKHUKHLWZDUMHW]WZLFKWLJHU XQGGHU3LORWHQWVFKORVLFKLQQHUKDOEYRQ6HNXQGHQ(U UDPPWHGHQ$XVVWLHJDXIVWHFNWHGLH:DIIHZHJXQGYHUOLH GLH.DQ]HO )HLQZDUGHUNDOWH5HJHQGHUDXILKQQLHGHUVWU|PWH(U
VSUWHGLH7URSIHQNDXPVRZLQ]LJZDUHQVLH$EHUVHLQ *HVLFKWJOlQ]WHEDOGYRU1lVVH (UKDWWHHUVWZHQLJH6FKULWWHKLQWHUVLFKDOVLKPHWZDVDXIILHO XQGHUUXFNDUWLJVWHKHQEOLHE 'HU3LORWKDWWHDXVGHQ$XJHQZLQNHOQEHPHUNWGDVLFKDQ GHU6FKORPDXHUHWZDVEHZHJWH 6RIRUWEOLHEHUVWHKHQ -HW]WKDWWHGHU:LQGHLQZHQLJJHGUHKWGHUGQQH6FKQHH ILHOYRQGHU6HLWH=XVDPPHQPLWGHP1HEHOPDFKWHHUGHQ 9RUKDQJQRFKGLFKWHUXQG-DUHNPXWHQlKHUDQGLH 6FKORPDXHUKHUDQJHKHQXPPHKU]XHUNHQQHQ 1HLQGDVZDUNHLQH7lXVFKXQJ 8QGGDKDWWHVLFKDXFKQLFKWGLH0DXHUEHZHJWVRQGHUQHLQ 7HLOLQGHU0DXHU 'LH7U 2GHUGDV(LQJDQJVWRU 7LHIKROWHHU/XIW3O|W]OLFKIKOWHHUVLFKLQHLQHQ+RUURUILOP YHUVHW]WGHQQDQVHLQH2KUHQGUDQJGDVQHUYHQ]HUIHW]HQGH .QDUUHQHLQHUVLFK|IIQHQGHQ7U 'DNDPMHPDQG 8QG]ZDUDXVGHP6FKOR %LVKHUKDWWHGHU0DQQJHJODXEWGDV6FKORZlUHXQEH ZRKQW1XQDEHUPXWHHUXPGHQNHQXQGGDVJHILHOLKP EHUKDXSWQLFKW (UVFKOXFNWHHLQSDDUPDO1RFKNRQQWHHUQLFKWV*HQDXHV HUNHQQHQZHLOGLH7UELVKHUQXUHLQHQ6SDOWZHLWDXIJHVFKR EHQZRUGHQZDUGDQQDEHUODXWHUNQDUUWHXQGZHLWHUYRUJH VWRHQZXUGH :XFKWLJZXUGHGLH7UQDFKDXHQJHGUFNWXQGVRJDUKDUW JHVWRHQ(LQH6SHUUHKLHOWVLHGHVKDOEZXFKWHWHVLHDXFKQLFKW JHJHQGLH0DXHUVLH]LWWHUWHQXUQDFK 'LHgIIQXQJDOOHUGLQJVUHLFKWHDXVXPLQGDV,QQHUHGHU %XUJKLQHLQ]XVFKDXHQ :LHHVGRUWDXVVDKNRQQWHGHU3LORWLP1HEHOQLFKWHUNHQ QHQ$EHUHUVDKMHPDQGDXIGHU6FKZHOOH
(LQH)UDX 8QGVLHWUXJHLQH0DVFKLQHQSLVWROH /DG\; 0LWDOOHPKlWWH-DUHNJHUHFKQHWQXUQLFKWPLWGHP$XIWDXFKHQ HLQHU)UDX2GHUVROOWHHUVLFKWlXVFKHQ"0LWGHP+DQGUFNHQ ZLVFKWHHUEHUVHLQH$XJHQHUVRUJWHGDIUGDGLH1lVVH YHUVFKZDQGXQGHUZLHGHUNODUVHKHQNRQQWH 'DV%LOGEOLHE 'DVWDQGHLQ:HLE 3O|W]OLFKILHOHQLKPZLHGHUGLHZDUQHQGHQ:RUWHGHV (QJOlQGHUVHLQ+DWWHGHUQLFKWYRQHLQHU)UDXJHVSURFKHQGLH HLQH%OXWVDXJHULQVHLQVROOWH"6HLQ+HU]VFKOXJSO|W]OLFK VFKQHOOHUDOVHUGDUDQGDFKWH1DWUOLFKGLHVH*HVWDOWPXWH GLH9DPSLULQVHLQGLHJHMDJWZXUGH $OVLKPGDVEHZXWJHZRUGHQZDUEHNDPHUHVGRFKPLW GHU$QJVW]XWXQ(UKRIIWHGDGLH)UDXLKQQRFKQLFKWJH VHKHQKDWWH 9LHOOHLFKWJHODQJHVLKPVLFKELVDQGHQ+XEVFKUDXEHU ]XUFN]X]LHKHQXQGVFKQHOOHLQ]XVWHLJHQ 6RPXWHHUHVPDFKHQXQGQLFKWDQGHUV (UJOLWWQDFKKLQWHQ 6FKULWWIU6FKULWWO|VWHHUVLFKYRQVHLQHP6WDQGRUWEUDFKWH PHKU1HEHO]ZLVFKHQVLFKXQGGLH)UDXVRGDGLH*HVWDOW LPPHUPHKUYHUZLVFKWH (UZLQNHOWHVHLQHQUHFKWHQ$UPDQ'LH+DQGVWUHLIWHGLH $XHQVHLWHGHU7DVFKH(UIKOWHGHQ'UXFNXQGGDV*HZLFKW GHU:DIIH,UJHQGZLHZDUHUEHUXKLJW (LQVFKQHOOHU%OLFNEHUGLH6FKXOWHUEHZLHVLKPGDGHU +XEVFKUDXEHUQLFKWPHKUZHLWHQWIHUQWZDU(LQLJHZHQLJH 6FKULWWHGDQQKDWWHHUHVJHVFKDIIW 'DWUDILKQGLHNDOWHKDUWHXQGXQSHUV|QOLFKNOLQJHQGH 6WLPPHGHUXQKHLPOLFKHQ)UDXª%OHLEVWHKHQ© 'DPLWKDWWHHUQLFKWJHUHFKQHW'HU3LORWGXFNWHVLFKDOV
KlWWHLKQHLQ3HLWVFKHQVFKODJJHWURIIHQ)UHLQHQ0RPHQW IOXWHWH3DQLNLQLKPKRFK:DUDOOHVXPVRQVW" (UGDFKWHDQGLH0DVFKLQH6LHVWDQGQXUZHQLJH6FKULWWH KLQWHULKP'LHPXWHGRFK]XHUUHLFKHQVHLQ 8QGHUKDWWHQRFKGLH:DIIH$EHUGLH)UDXKDWWHHLQH 0DVFKLQHQSLVWROH'DPLWZDUVLHLPPHUEHVVHUXQGVFKQHOOHU (VZDUYHUGDPPWVFKZHUHLQH(QWVFKHLGXQJ]XWUHIIHQ,KP VWDQGHQ6HNXQGHQ]XU9HUIJXQJPHKUQLFKWDEHUGLH=HLW NDPLKPYRUDOVZlUHVLHXPGDV'UHLIDFKHYHUOlQJHUWZRUGHQ XQGHUZUGHGLHVDOOHVZLHLQHLQHPVFKOHFKWHQ)LOPHUOHEHQ 0DQKDWWHLKPHLQJHSDXNWVFKQHOOXQGXQNRQYHQWLRQHOO]X KDQGHOQ'DVPDFKWHVFKOLHOLFKGHQ6ROGDWHQDXV(LQH*HIDKU HUNHQQHQXQGVLFKVRIRUWHQWVFKHLGHQ 'HU3LORWZXQGHUWHVLFKVHOEVWEHUGLH*HGDQNHQGLHLQ VHLQHP*HKLUQI|UPOLFKH[SORGLHUWHQ:HQQHVXPGDVHLJHQH /HEHQJLQJGDQQILQJPDQDQ]XEHUOHJHQXQGSILIIDXI'ULOO XQG*HKRUVDP 7URW]GHPPDFKWHHUHVZLHLP7UDLQLQJEHLGHU$UPHH(U WDXFKWH]X%RGHQXQG]RJLQGHU%HZHJXQJGLH%HUHWWD6LH YHUKDNWHVLFK]XDOOHP8QJOFNQRFKLQGHU.ODSSHGHU -DFNHQWDVFKH-DUHNIOXFKWHVHLQ*HVLFKWYHU]HUUWHVLFKGRFK VFKOLHOLFKKDWWHHUGLH:DIIHIUHLXQGOHJWHDQ (UVFKR]ZHLPDODXIGLH*HVWDOW =XP3Ul]LVLRQVVFKW]HQZDUHUQLHDXVJHELOGHWZRUGHQ +LQ]XNDPHQGHU1HEHOXQGGHUGQQIDOOHQGH6FKQHHGHU GDV=LHO]XVlW]OLFKQRFKYHUZLVFKWH$OV-DUHNEHLP]ZHLWHQ PDODEGUFNWHGDZXWHHUVFKRQGDHUNHLQHQ(UIROJ HUUXQJHQKDWWH 'LH.XJHOQIHKOWHQ $EHUGLHIUHPGH3HUVRQVFKRQLFKW]XUFN6LHVWDQGQRFK LPPHULQGHPGVWHUHQ7UUHFKWHFNKREVLFKDOVHLQHJHLVWHU KDIWH*HVWDOWDEXQGKLQWHULKUGDOHXFKWHWHGHUVFKZDFKH 6FKHLQHLQHULQGHU:DQGEHIHVWLJWHQ)DFNHO (UVSUDQJDXI (VZDULKPJHOXQJHQVLFKLQGLH1lKHGHV+XEVFKUDXEHUV
]XUROOHQ-HW]WEUDXFKWHHUQXUHLQ]XVWHLJHQ0LWGHUIUHLHQ +DQGVFKOXJHUQDFKGHP(LQVWLHJVJULIIULGLH/XNHDXIXQG VWHPPWHVHLQHQ)XLQGLH+|KH (UZROOWHZHJ 'DHUVWVHW]WHVLFKGLH9DPSLULQLQ%HZHJXQJ(LQHQ6FKULWW JHQDXWUDWVLHYRU(LQNXU]HV$QKHEHQGHU0DVFKLQHQSLVWROH GDVNDOWH/lFKHOQDXIGHQ/LSSHQGDQQVFKRVLH 9RUGHU0QGXQJIODFNHUWHHVDXI'DV7RGHVOHXFKWHQ'LH :DIIHNQDWWHUWHZREHL/DG\;GLHVPDOQLFKWPLW6LOEHUNXJHOQ VFKRVRQGHUQPLWQRUPDOHQ 8QGVLHWUDIHQ -DUHNEHIDQGVLFKQRFKLQGHU%HZHJXQJ(UKDWWHHUVW HLQHQ7HLOVHLQHV2EHUN|USHUVLQGHQ+XEVFKUDXEHUKLQHLQ JHGUFNWXQGVWLHVLFKVRHEHQDEDOVLKQGLH*DUEHQDFK YRUQZXFKWHWH ,P5FNHQVSUWHHUGLHKDUWHQ(LQVFKOlJH(UZROOWHQRFK VFKUHLHQDOVGHU6FKPHU]LKQZLHHLQHJHZDOWLJH:RJHEHU VFKZHPPWHXQGPLWVLFKUL %OXWVSUXGHOWHDXVVHLQHP0XQG'DV,QQHUHGHV +XEVFKUDXEHUVYHU]HUUWHVLFKIULKQGDVWLPPWHGLH 3HUVSHNWLYHQLFKWPHKUGDZDUDOOHVDQGHUVXQGSO|W]OLFK HUVFKLHQGHU6FKDFKWGHULKQKLQHLQVRJLQGHQGVWHUHQ 6FKOXQGGHV7RGHV 5HJXQJVORVEOLHEHUOLHJHQ (UYHUQDKPQLFKWPHKUGDV/DFKHQGDVGLH9DPSLULQDXV VWLH6LHZROOWHZHLWHUXQGGHQ+XEVFKUDXEHUEHVHW]HQDOVVLH HLQ*HUlXVFKK|UWHXQGLQQHKLHOW 'DNDPMHPDQG /DG\;VFKZDQJKHUXPXQGPLWLKUGLH:DIIH (VZDUHLQIHLQHU(LVUHJHQGHUPHLQ*HVLFKWWUDI$OVKlWWHQGLH :RONHQLKUH6FKOHXVHQJH|IIQHWVRNDPHUPLUYRU)HLQH 1DGHOQVWDFKHQLQPHLQ*HVLFKWEOLHEHQIUHLQHQ0RPHQWDQ GHU+DXWNOHEHQEHYRUVLHZHJWDXWHQ
,FKKDWWH$QJVW $QGHUHKDWWHQGLH,QLWLDWLYHEHUQRPPHQ,FKKRIIWHQDFK ZLHYRUGDHV6XNRJHZHVHQZDUGHUVLFKGDJHJHQLUJHQG ZHOFKH*HJQHU]XU:HKUVHW]WHDEHUVLFKHUZDULFKQLFKW 'DQQYHUQDKPLFKGDV5DWWHUQ $XFKHLQEHNDQQWHV*HUlXVFK(VHQWVWHKWZHQQMHPDQGPLW HLQHU03LVFKLHW:LUKDWWHQHLQHVROFKH:DIIHQLFKWPLWJH QRPPHQDEHULFKNDQQWHMHPDQGGHUVLFKLPPHUGDUDXIYHU OLH(VZDUPHLQHEHVRQGHUH)UHXQGLQ/DG\; $OVREHIDQGVLHVLFKGRFKKLHU2EZRKOLFKVLHLQGHU1l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|VWHVLFKGRUWZRVLFKGHU(LQJDQJEHIDQGXQGGDQQ KHW]WHVLHLP=LFN]DFNDXIGHQ+XEVFKUDXEHU]X6LHVFKOHX GHUWHLKUHQ.|USHUHLQPDOQDFKOLQNVGDQQZLHGHUQDFK UHFKWV(VZDUHQHLJHQWOLFK%HZHJXQJHQGLHLKUHQ/DXIUK\WK PXVXQWHUEUDFKHQXQGLFKYHUVWDQGGHQ6LQQQLFKWELVLFKHV DQGHU+IWHDXIEOLW]HQVDK 'LH8QWRWHVFKR 'DV7DFNWDFNGHU0DVFKLQHQSLVWROHNODQJLQPHLQHQ2KUHQ ZLHHLQHVFKOHFKWH0XVLN'LH%OXWVDXJHULQZROOWHPLFKPLW
HLQHP.XJHOKDJHOW|WHQ=XP*OFNEHIDQGLFKPLFKQRFKLP 6FKDWWHQGHU0DXHUVRGDGDV%OHLVHLQ=LHOQLFKWIDQG$EHU HVMDXOWHXQDQJHQHKPQDKDQPLUYRUEHLKLHEJHJHQGLH6WHLQH XQGVLUUWHDOV4XHUVFKOlJHUGDYRQ ,FKOLHPLFK]X%RGHQIDOOHQ$XIGHUNDOWHQ(UGHUROOWHLFK PLFKZHLWHUNDPZLHGHUDXIGLH)HVFKOXJHEHQIDOOV+DNHQ XQGUDQQWHDXIGHQ+XEVFKUDXEHU]X /DG\;MHW]WHUNDQQWHLFKVLHEHVVHUZDULQGLH0DVFKLQH JHNOHWWHUW8QGVLHKDWWHHLQHQOHEORVHQ.|USHUKRFKJHKLHYW KLHOWLKQDOV'HFNXQJYRUVLFKZREHLVLHVLFKDXIGHQ$XVVWLHJ ]XEHZHJWH :DVKDWWHVLHYRU" ª6LQFODLU©NHXFKWHVLHª6LQFODLUVLHKVWGXLKQGHLQHQ 3LORWHQ"©6LHODFKWHJHOOHQG ,FKEOLHEVWHKHQGXFNWHPLFKXQGVFKDXWH]XU0DVFKLQHKLQ 6FKDWWHQKDIWZDUHQGLHEHLGHQ*HVWDOWHQ]XHUNHQQHQ'HU (LVUHJHQODJ]ZLVFKHQXQVZLHHLQHGQQH)DKQH,FKKWHWH PLFKHLQ:RUW]XVDJHQXQGPHLQHQ6WDQGRUW]XYHUUDWHQ DEHULFK]XFNWH]XVDPPHQDOVLFKGDV*HUlXVFKGHVVWDUWHQ GHQ0RWRUVYHUQDKP /DG\;ZROOWHZHJ ,QPHLQHP,QQHUQVFKLHQHWZDV]XH[SORGLHUHQ:HQQVLH IORJNRQQWHVLHVLFKQLFKWDXILKUH:DIIHNRQ]HQWULHUHQ'DQQ PXWHHVPLUJHOLQJHQVLH]XYHUQLFKWHQ 'LH5RWRUEOlWWHUKREHQVLFK'LH)OLHKNUDIWVWHOOWHVLHZDDJH UHFKW6LHZLUEHOWHQGHQGQQHQ6FKQHHUHJHQXQGGLH1HEHO ZRONHQDXVHLQDQGHUXQGGLHJHZDOWLJH0DVFKLQHVFKWWHOWH VLFK (LQSDDU0HWHUWUHQQWHQPLFKQRFKYRP+XEVFKUDXEHU ,FKVWDUWHWH'HU%RGHQZDUJODWWJHZRUGHQIDVWVHLILJLFK KDWWH0KHPLFKDXIGHQ%HLQHQ]XKDOWHQDEHULFKPXWHHV VFKDIIHQ 6LHKDWWHQRFKHLQHQZLGHUOLFKHQ7ULFNDXI/DJHUPLWGHPVLH PLFKDXFKHUZLVFKWH $OVPLFKQXUQRFKZHQLJH6FKULWWHYRP(LQVWLHJWUHQQWHQGD
VDKLFKLP(LQVWLHJGHQ6FKDWWHQ,PHUVWHQ$XJHQEOLFNGDFKWH LFKDQ/DG\;XQGZROOWHVFKLHHQ 'LH+DQGPLWGHU%RO]HQSLVWROH]XFNWHMlK]XUFNDOVLFK VDKZHUHVZLUNOLFKZDU -DUHNGHU3LORW ,QHLQHP$QIDOOYRQ:XWVFKOHXGHUWH/DG\;LKQPLU HQWJHJHQ8QGVLHKDWWHQRFK]XVlW]OLFK*OFNGDLFKDXI GHPVHLILJHQ%RGHQQLFKWVRVFKQHOOZHJNRQQWHXQGDXV UXWVFKWH 6RWUDIPLFKGHU.|USHU 0LWGHU6WLUQVFKOXJGHU7RWHJHJHQPHLQH:DQJH,FKXP NODPPHUWHLKQXQEHZXWKDWWHPHLQH+lQGHLQVHLQHQ 5FNHQJHSUHWXQGIKOWHXQWHUGHQ+DQGIOlFKHQGLH )HXFKWLJNHLW 6LHZDUNOHEULJXQGLFKWLSSWHDXIGDVDXVGHQ.XJHOO|FKHUQ VWU|PHQGH%OXW 6FKRQHUIDWHPLFKGHU6RJ(LQ6RJGHUHQWVWHKWZHQQHLQ +XEVFKUDXEHUVWDUWHW 'LH5RWRUEOlWWHUSHLWVFKWHQGXUFK5HJHQXQG1HEHOGLH VFKZHUH0DVFKLQHKREDEXQGLFKKDWWHGDV1DFKVHKHQ $EHUGDVZROOWHLFKQLFKW]XP+HQNHU (VZDUHLQH7URW]UHDNWLRQGLHLQPLUKRFKVWLHJ,FK ZXFKWHWHGHQWRWHQ.|USHUYRQPLUVSUDQJDXIGLH)H UXWVFKWHQRFKPDODXVXQGVDKZLHHLQJHZDOWLJHU6FKDWWHQ DXV*ODVXQG0HWDOODOOPlKOLFKLQGLH+|KHVWLHJ $QGHQ(LQVWLHJNDPLFKQLFKWKHUDQ $EHUDQGLH.XIHQ :DVPLFKGD]XWULHENRQQWHLFKQLFKWVDJHQ:lKUHQG LFKORVUDQQWHVWHFNWHLFKGLH:DIIHZHJVWLHPLFKDE VWUHFNWHPHLQHQ.|USHUXQGEHNDPGLHHLVNDOWHQ.XIHQ]X SDFNHQ 'DVLVW:DKQVLQQZDVGXKLHUPDFKVWVFKRHVPLUQRFK GXUFKGHQ.RSIGDQQ]RJ/DG\;GLH0DVFKLQHLQGLH+|KH XQGGHU5XFNULPLUIDVWGLH$UPHDXVGHQ*HOHQNHQ ,FKK|UWHQRFKHLQHQ6FKUHL
5|KUHQGNODQJHUXQWHUPLUDXI7URW]PHLQHUSUHNlUHQ/DJH GUHKWHLFKGHQ.RSIXQGVDKHLQHYRQ1HEHOVFKOHLHUQXP ZHKWH*HVWDOWDXVGHP6FKORWRUWDXPHOQ (VZDU9DPSLURGHOPDU 'HU*DQJZXUGHVFKPDOHUXQGQLHGULJHU6XNRKDWWHVRZLHVR QLFKWDXIUHFKWJHKHQN|QQHQXQGMHW]WPXWHHUQRFKVWlUNHU GHQ.RSIHLQ]LHKHQGDPLWHUQLFKWJHJHQGLH'HFNHVWLH )HXFKWLJNHLWKDWWHVLFKLQGHP*DQJJHVDPPHOW9RUDOOHQ 'LQJHQDQGHU'HFNH'DVVLFKGRUWEHILQGOLFKH:DVVHUWURSIWH QDFKXQWHQXQGUDQQ6XNRLQGHQ1DFNHQ 'HU&KLQHVHKDWWHVLFKGLH5LFKWXQJJHPHUNWZRGDV6FKOR ODJ:HQQLKQQLFKWDOOHVWlXVFKWHGDQQPXWHLKQGHU*DQJLQ GLHJHKHLPQLVYROOH.DUSDWHQEXUJIKUHQ =XP*OFNKDWWHHUGLH7DVFKHQODPSHEHLVLFK$QVRQVWHQ ZlUHHULQGHUDEVROXWHQ'XQNHOKHLWZHLWHUJHODXIHQ'HU %RGHQZDUPLW6WHLQHQEHGHFNW(LQLJHYRQLKQHQZLHVHQHLQH EHDFKWOLFKH*U|HDXI 6XNRVWLHJEHUGLH6WHLQH]RJGDEHLGHQ.RSIHLQXQG DWPHWHDXIDOVGHU*DQJEUHLWHUZXUGHXQGGDV/LFKWVHLQHU /DPSHVFKOLHOLFKHLQHQKHOOHQ.UHLVDXIHLQ+LQGHUQLVPDOWH (VZDUHLQH7U $OV6XNRQlKHUNDPGDVWHOOWHHUIHVWGDGLHVH7UXUDOW VHLQPXWH6LHEHIDQGVLFKLQNHLQHPJXWHQ=XVWDQGPHKU 'DV+RO]]HLJWH%HVFKlGLJXQJHQ5LVVHXQGVFKLPPHUWH IHXFKW'HU=DKQGHU=HLWKDWWHLKU]XJHVHW]WVLHZDUYHUURWWHW 6XNRHQWGHFNWHHLQDOWHV7UVFKOR(VEHVWDQGDXV0HWDOO 6XNROHXFKWHWHJHQDXQDFKSURELHUWHGLH.OLQNHXQGVWHOOWH IHVWGDGLH7UYRQLQQHQDEJHVFKORVVHQRGHUYHUULHJHOW ZRUGHQZDU 'DVSDWHGHP&KLQHVHQQDWUOLFKQLFKWDEHU6XNRZXWH VLFK]XKHOIHQ (UGXFNWHVLFKJLQJ]XUFNVSUDQJXQGWUDW]X 'HU&KLQHVHZDUHLQZDKUHU0HLVWHUGHV.DUDWH
.DPSIVSRUWV6HLQUHFKWHU)XKlPPHUWHJHJHQGLH7UULHLQ /RFKLQGLH0LWWHGHUYHUURWWHWHQ+RO]WU$QGHUDQGHUHQ6HLWH NDPGDV%HLQ]XP9RUVFKHLQ6XNR]RJHVVFKQHOO]XUFNXQG WUDWQRFK]ZHLPDO]X (UVFKXIVLFKGHQ'XUFKVFKOXSI (LQSDDUPDOPXWHHUVHLQHQ.|USHUQRFKGUHKHQGDQQ KDWWHHUHVJHVFKDIIWXQGGHQ*DQJKLQWHUVLFKJHODVVHQ (UVWDQGLP6FKOR (LQXQKHLPOLFKHUGXQNOHU.HOOHULQGHPHVPXIILJXQG IHXFKWVWDQN6XNRVDKGLFNH0DXHUQGHQIHVWJHVWDPSIWHQ /HKPERGHQGLHIHXFKWH'HFNHXQGGLHVWDELOHQ:lQGHPLW GHQ'XUFKEUFKHQ]XDQGHUHQ9HUOLHVHQ 'LH=HLWVD6XNRLP1DFNHQ(UNRQQWHKLHUQLFKW6WXQGHQ KHUXPVXFKHQVRQGHUQPXWHVLFKEHHLOHQXP]XVHLQHP=LHO ]XJHODQJHQ1DFKGHPHUGXUFKYLHU9HUOLHVHJHLUUWZDUKDWWH HUQRFKLPPHUQLFKWGHQ$XIVWLHJJHIXQGHQ (UVDKNHLQH.QRFKHQXQGJHULHWDXFKQLFKWLQHLQHQ )ROWHUNHOOHUZDVPDQHLJHQWOLFKKlWWHHUZDUWHQN|QQHQHV UHLKWHVLFKQXU9HUOLHVDQ9HUOLHV 8QGGDQQVDKHUGLH7UHSSH 6LHEHIDQGVLFKLQHLQHU(FNHGHV5DXPHVZDUVFKPDOXQG EDXIlOOLJ 6LHIKUWHLQGLH+|KH,P/DXIHGHUODQJHQ-DKUHKDWWHQGLH 6WHLQHHWZDVYRQLKUHU)HVWLJNHLWYHUORUHQ$QGHQ(FNHQIHKO WHQHLQLJH6WFNHXQG)HXFKWLJNHLWYHUZDQGHOWHGLH6WXIHQLQ JODWWH)DOOHQ 6XNRJLQJVHKUYRUVLFKWLJ,QHLQHPJURHQ+DOEERJHQIKUWH GLH7UHSSHQDFKREHQ$OVGHU&KLQHVHGHQ6FKHLWHOSXQNW GLHVHU.XUYHEHUVFKULWWHQKDWWHGDVDKHUHLQ=LHO 'HU/DPSHQVWUDKOWUDIDXIHLQHQ'XUFKJDQJ :HQLJVSlWHUVWDQG6XNRLQHLQHUJHZDOWLJHQOHHUHQ 6FKORKDOOH(UNDPVLFKVRNOHLQXQGYHUORUHQYRUDOVHUGRUW YHUKDUUWHZRGLH7UHSSHLKU(QGHIDQG (UZROOWHVLFKXPVFKDXHQGRFK(UHLJQLVVHGLHVLFKDXHU KDOEGHV6FKORVVHVDEVSLHOWHQPDFKWHQGLHVHQ9RUVDW]
]XQLFKWH=ZDUZDUHQGLH0DXHUQVHKUGLFNXQGKLHOWHQYLHO DEMHGRFKQLFKWDOOHVVRGD6XNRGDVGXPSIH:XPPHUQGHU 6FKVVHYHUQHKPHQNRQQWH :HUVFKR" -RKQ" $XVGHP+LQWHUJUXQGGHUKRKHQ+DOOHK|UWHHUHLQ6FKDEHQ GDQDFK6FKULWWHXQGHUULFKWHWHGHQ6WUDKOVHLQHU/DPSHLQGDV 'XQNHOXQGGRUWKLQZRHUGLH*HUlXVFKHYHUQRPPHQKDWWH 'DNDPMHPDQG 6FKDWWHQKDIWZDUGLH*HVWDOW8QGEHUJUR6LHQlKHUWHVLFK PLWWDSVLJHQDEHUGHQQRFKVFKQHOOHQ6FKULWWHQZXUGHYRP /LFKWJHWURIIHQXQGYRQ6XNRHUNDQQW (VZDU9DPSLURGHOPDU 8QZLOOLJGUHKWHGDV0RQVWHUGHQPLW*HVFKZUHQEHGHFN WHQ6FKlGHO(VU|KUWHDXIKREGHQ$UPXQG6XNR]RJVHLQH :DIIH ,UJHQGZLHPXWH9DPSLURGHOPDUHVJHDKQWKDEHQDXIHLQ PDOZXUGHHUVFKQHOO(UJULII6XNRMHGRFKQLFKWDQVRQGHUQ MDJWHDXIGHQ$XVJDQJ]X 8QGGHUVWDQGRIIHQ 'DVEHPHUNWH6XNRHUVWDOVHUVLFKQDFKUHFKWVZDQGWH(U VDKGHQVFKZDFKHQ)DFNHOVFKHLQGHUVLFK]XYRULQGHU:HLWH XQG'VWHUQLVGHU+DOOHYHUORUHQKDWWH 6RIRUWQDKPGHU,QVSHNWRUGLH9HUIROJXQJDXI %HLGH9DPSLURGHOPDUXQGHUYHUQDKPHQGLH*HUlXVFK NXOLVVHGHV+XEVFKUDXEHUVDOVGLHVHUYRP%RGHQDEKRE6XNR NRQQWHMHW]WDXFKQDFKGUDXHQEOLFNHQJODXEWHHLQH*HVWDOW NDP%RGHQ]XHUNHQQHQXQGHLQHDQGHUHDQGHQ.XIHQ KlQJHQ]XVHKHQ :DKUKHLW7lXVFKXQJHUZXWHHVQLFKW'HU&KLQHVHPXWH VLFKDXI9DPSLURGHOPDUNRQ]HQWULHUHQGHUHLQHQU|KUHQGHQ ZWHQGHQ6FKUHLDXVVWLHXQGVLFKGDQQEOLW]VFKQHOOXPGUHKWH (UXQG6XNRVWDUUWHQVLFKDQ
)UDQWLVHN0DUHNZDUWHWH 'HUDOWH0DQQZDUPLWVLFKXQGGHU:HOWXQ]XIULHGHQ $XVJHUHFKQHWMHW]WPXWHHULQHLQRIIHQHV*UDEIDOOHQXQGVLFK GHQ)XYHUVWDXFKHQ'DVIKUWH]X'HSUHVVLRQHQ$XIHLQHQ *UDEVWHLQJHVWW]WVWDQGHUGDKDWWHGHQ.RSIJHVHQNWXQG HUJLQJVLFKLQELWWHUHQ9RUZUIHQ,PPHUZLHGHUILHOLKPVHLQH )UDXHLQ6LHZDU]XHLQHP2SIHUGHU%OXWVDXJHUJHZRUGHQHU KDWWHHVQLFKWYHUKLQGHUQN|QQHQXQGGLHVZDUIULKQGHU %HZHLVGDHUQLFKWPHKUYLHOWDXJWH (UZDUGHUOHW]WH0DUHNKDWWHNHLQHQ6RKQXQGEHLLKP ZUGHGDV(UEHGHU3IlKOHUGDVGLH-DKUKXQGHUWHEHUGDXHUW KDWWHZRKOHQGJOWLJYRUEHLVHLQ $OVHUGDVKlOLFKH.QDWWHUQHLQHU03L6DOYHYHUQDKP VFKDXWHHUQRFKHLQPDODXIXPMHGRFKGHQ.RSIVRIRUWZLHGHU ]XVHQNHQ:DVLQWHUHVVLHUWHLKQGDVQRFK" (UVFKDXWH]XGHPRIIHQHQ*UDEKLQ :HVKDOEZDUHVRIIHQ" 0DUHNEHJDQQ]XEHUOHJHQ:DUGRUWYLHOOHLFKWGHU%DURQ KHUDXVJHNOHWWHUW"1HLQGHUKDWWHVHLQH*UXIW $OVRWULHEVLFKQRFKHLQ9DPSLULQGHU1lKHKHUXP :HUNRQQWHGDVVHLQ" 'DKDWWHHUGLH,GHH(LQ9DPSLUZDULQVHLQHXQGGLH)DOOH GHV.|KOHUVJHODXIHQ9LHOOHLFKWKDWWHLKPGDV*UDEJHK|UWGDV QXQRIIHQYRULKPODJ" 'LHVH6FKOXIROJHUXQJHUVFKLHQLKPORJLVFK-DVLHZDUHV EHVWLPPW$EHUGDVJDQ]HhEHUOHJHQEUDFKWHQLFKWV(U0DUHN GHQPDQGHQ3IlKOHUQDQQWHZDUHLQYHUOHW]WHUDOWHU0DQQ GHU]XQLFKWVPHKUWDXJWH 'HQ0lFKWHQGHU)LQVWHUQLVKDWWHHUGHQ.DPSIDQJHVDJW :DVZDU]XOHW]WJHEOLHEHQ" 'DV9HUVDJHQ 8QGZLHGHUGDFKWHHUDQVHLQH)UDX'HU3IlKOHUKDWWHVLH QLFKWVFKW]HQN|QQHQ'LH.UlIWHGLHHUEHNlPSIWHZDUHQ VFKQHOOHUJHZHVHQ 6FKUlJIXKUGHU(LVUHJHQDXILKQ]X0LWHLQHUPGHQ
%HZHJXQJKREHUGLHOLQNH+DQGXQGZLVFKWHGLH)HXFKWLJNHLW DXVVHLQHP*HVLFKW'LH.lOWHELLQVHLQH+DXW6HLQH+lQGH ZDUHQVWHLI:LHHLQH6WHLQILJXUVWDQGHULP6FKQHHXQG VFKDXWH]XZLHGLHVHUDOOPlKOLFKHLQIHLQHVZHLHV/HLFKHQ WXFKDXIGHQ)ULHGKRIOHJWH 'DQQK|UWHHUGDVIDVWZWHQGH5DWWHUQGHV+XEVFKUDXEHUV 'LHVHV*HUlXVFKULLKQDXVVHLQHU/HWKDUJLH(UKREGHQ.RSI XQGVDKGHQJHZDOWLJHQ6FKDWWHQLQGHU/XIW 'LH0DVFKLQHZDUJHVWDUWHW 0DUHNV$XJHQZXUGHQZHLW'DVEHJULIIHUQLFKW:LHNRQQWH 6LQFODLU]XODVVHQGD 3O|W]OLFKJODXEWHHUVLFKGHP:DKQVLQQQDKH(UWUDXWHVHL QHQ$XJHQQLFKWGHQQDQGHUHLQHQ.XIHGHVWLHIIOLHJHQGHQ +XEVFKUDXEHUVKLQJHLQH*HVWDOW -RKQ6LQFODLU (USHQGHOWHKLQXQGKHUGHU6FKQHHVFKOXJJHJHQVHLQHQ .|USHUGHUYRQ1HEHOVFKOHLHUQXPZDOOWZXUGHXQGEDOGGDU DXIYHUVFKZDQGDOVGHU+XEVFKUDXEHUDQ+|KHJHZDQQ (LQ6SXN" 0DUHNZLVFKWHEHUVHLQH$XJHQ1HLQHVZDUNHLQ6SXN VRQGHUQGLHYHUGDPPWH5HDOLWlW 'LHIULKQVFKUHFNOLFKH(QWGHFNXQJKDWWHVHLQH/HWKDUJLH YHUWULHEHQ(UVXFKWHGHQ+XEVFKUDXEHUGUHKWHVLFKGDEHLXP HLQJU|HUHV6LFKWIHOG]XKDEHQ 'DEHLVFKDXWHHUIDVW]ZDQJVOlXILJEHUGHQ)ULHGKRI VWXW]WHSO|W]OLFKXQGVHLQH$XJHQZHLWHWHQVLFK =ZLVFKHQGHQ*UDEVWHLQHQVWDQGHLQH*HVWDOW %DURQYRQ/HSSH (UZDUJHNRPPHQXPVLFKDXFKGHQOHW]WHQ0DUHN]XKROHQ (VZDU6HOEVWPRUGZDVLFKGDWDW0LWEHLGHQ+lQGHQXP NODPPHUWHLFKGLHYHUHLVWH.XIH 'HU:LQGXQGGHU6FKQHHKLHEHQLQPHLQ*HVLFKWXQG IOOWHQDXFKGLH$XJHQ
0LFKPXWHGHU7HXIHOJHULWWHQKDEHQGDLFKVRHWZDV JHWDQKDWWHGHQQMHW]WKDWWH/DG\;DOOH7UPSIH6LHEUDXFKWH GLH0DVFKLQHQXULQGLH+|KHGHV*LSIHOV]XEULQJHQGDQQ ZUGHQPHLQH+lQGHHUIULHUHQ 0HLQ.|USHUSHQGHOWH'HU+XEVFKUDXEHUIORJMDQLFKW QRUPDOJHUDGHDXVGHQQ/DG\;VWHOOWHHVUDIILQLHUWHUDQ6LH VRUJWHGDIUGDHULQ6FKZLQJXQJHQJHULHWXQGGLHEHU WUXJHQVLFK]ZDQJVOlXILJDXIPHLQHQ.|USHU $OVLFKGHQHUVWHQ6FKUHFNHLQLJHUPDHQEHUZXQGHQKDWWH NRQ]HQWULHUWHLFKPLFKDXIGDV=LHOPHLQHUXQIUHLZLOOLJHQ 5HLVH 'LH8QWRWHVWHXHUWHGHQ)ULHGKRIDQ :ROOWHVLHPLUHWZDGRUW]XUOHW]WHQ5XKHYHUKHOIHQ",FK VFKDXWHQDFKXQWHQVDKGLHJUDXHQ1HEHOVSLUDOHQXQGHUNDQQ WHVFKHPHQKDIWGLHDXVGHP%RGHQUDJHQGHQ*UDEVWHLQH,FK JODXEWHDXFK0DUHN]XVHKHQGHUHLQVDPXQGYHUODVVHQDXI GHPXQKHLPOLFKHQ7RWHQDFNHUVWDQG'DQQQDKPPLUGHU 1HEHOGLH6LFKW 'HU+XEVFKUDXEHUJHZDQQDQ+|KH $OVHUVRSO|W]OLFKVWLHJHUOHEWHLFKGLHVZLHHLQH([SORVLRQ LQPHLQHQ$UPJHOHQNHQ,FKVFKULHDXI7UlQHQVFKRVVHQDXV PHLQHQ$XJHQXQGYHUPLVFKWHQVLFKPLWGHU)HXFKWLJNHLWLQ PHLQHP*HVLFKW 'DVZDUGLH+|OOH :RKLQZROOWH/DG\;IOLHJHQ" 8QWHUPLUZLVFKWHQGLH6FKDWWHQKLQZHJ'XQNOHUHXQG KHOOH'LHGXQNOHQZDUHQGLH%lXPHGLHKHOOHQGLH 1HEHOVWUHLIHQGLHZLH*HLVWHUDUPHODXWORV]ZLVFKHQGHQGLFKW VWHKHQGHQ6WlPPHQHLQKHUNURFKHQ (LQXQKHLPOLFKHV)HOGODJXQWHUPLUXQGZLUVWLHJHQHLQHU LPPHUNlOWHUHQ+|KHHQWJHJHQ :LHODQJHNRQQWHLFKHVQRFKDXVKDOWHQ" )QI0LQXWHQ"0HKURGHUZHQLJHU" ,FKOHJWHPHLQHQ.RSILQGHQ1DFNHQ'DV8QWHUWHLOGHU 0DVFKLQHNDPPLUVRXQHQGOLFKZHLWHQWIHUQWYRU8QHUUHLFK
EDUIUPLFK,FKKDWWHDXFKQLFKWGLH.UDIWDXIGLH.XIH]X NOHWWHUQDXHUGHPELQLFKNHLQ6WXQWPDQEHLGHPGDVVRHLQ IDFKDEOlXIWLFKZlUHVFKRQEHLPHUVWHQ9HUVXFKDEJHUXWVFKW .RQQWHLFKQRFKVSULQJHQ" ,FKEHVFKlIWLJWHPLFKVHKUPLWGLHVHP*HGDQNHQ'LH =ZHLJHGHU%lXPHKlWWHQEHVWLPPWHLQhEHUOHEHQP|JOLFK JHPDFKWDEHUXQWHUPLUEHIDQGVLFKQLFKWVPHKUYLHOOHLFKW )HOVNHLQH6FKDWWHQLFKKlWWHLQV/HHUHXQG8QJHZLVVH VSULQJHQPVVHQ :LUQlKHUWHQXQVGHU%XUJ $XFKHLQH0HWKRGHXPPLFKORV]XZHUGHQ/DG\;EUDXFKWH GHQ+XEVFKUDXEHUQXU]XVFKWWHOQZHQQZLUXQVQDKHJHQXJ GHU0DXHUEHIDQGHQ'DQQNODWVFKWHLFKGDJHJHQXQGHVZDU XPPLFKJHVFKHKHQ 'HUQlFKVWH.XUVEHUUDVFKWHPLFKGHQQVLHVFKOXJHLQHQ ZHLWHQ%RJHQXQGIORJZLHGHU]XUFN *HQDX]XP$XVJDQJVSXQNW $OOPlKOLFKYHUOLHPLFKGLH.UDIW,QPHLQHQ+lQGHQVSUWH LFKNHLQ*HIKOPHKU6LHVFKLHQHQEHUKDXSWQLFKWPHKU]X PHLQHP.|USHU]XJHK|UHQVRQGHUQQXUQRFK$QKlQJVHO]X VHLQ'HU)DKUWZLQGELPLWGHU6FKlUIHYRQ0HVVHUQLQPHLQH +DXW :LHGHUlQGHUWH/DG\;GHQ.XUVHLQZHQLJ:LUIORJHQDXI HLQPDOVRGLFKWDQGHU%XUJPDXHUYRUEHLGDLFK$QJVWKDWWH GDJHJHQ]XSUDOOHQ 'DUDQGDFKWH/DG\;LP$XJHQEOLFNQLFKWGHQQVLHKDWWH DQGHUH3UREOHPHZLHLFKJOHLFKGDUDXIIHVWVWHOOHQNRQQWH 6LHIORJGHQIUHLHQ3ODW]DQGHUVLFKYRUGHU%XUJEHIDQGXQG YRQGHPGLH0DVFKLQHPLWPLUDQGHQ.XIHQKlQJHQG JHVWDUWHWZDU 'HP%RGHQEHIDQGHQZLUXQV]LHPOLFKQDKH,FKVDKVRJDU GLH*HVWDOWGHVWRWHQ3LORWHQ $EHULFKVDKQRFKPHKU 6XNRXQG9DPSLQRGHOPDU%HLGHEHZHJWHQVLFK:DV VLHWDWHQNRQQWHLFKQLFKWHUNHQQHQLFKKDWWHPLWPHLQHQ
HLJHQHQ3UREOHPHQ]XNlPSIHQ'LHZDUHQVFKOLPPJHQXJ :HQQLFKHVMHW]WQLFKWULVNLHUWHXQGORVOLHZUGHLFKEHL GHU/DQGXQJ]XPLQGHVWYHUOHW]W ,FKO|VWHGLH+lQGHXQGILHO 0LW6LOEHUNXJHOQNRQQWH6XNRGHQ9DPSLUQLFKWHUOHGLJHQGDV ZDUVFKRQYHUVXFKWZRUGHQXQGKDWWHNHLQHQ(UIROJJH]HLJW :LHGDQQ" ,QGHQ6HNXQGHQDOVVLFKGLHEHLGHQ)HLQGHJHJHQEHUVWDQ GHQPXWHVLFKGHU&KLQHVHHQWVFKHLGHQ 6HLQH+DQGNODWVFKWHDXIGHQ*ULIIGHU'lPRQHQSHLWVFKH 'LHVH3HLWVFKHKHUJHVWHOOWDXVGHU+DXWGHV'lPRQV1\UDQD ZDUHLQHEHVRQGHUHVFKZDU]PDJLVFKH:DIIH6HKUVWDUNVHKU NUDIWYROO6XNRKDWWHPLWLKUVFKRQHLQH0HQJH6FKZDU]EOWHU YHUQLFKWHW 'HU8UDOW9DPSLUVWDUUWHLKQDQ(LQ$XJHZDUQLFKWPHKUVR ZLHIUKHUQDFKGHPHVPDOYRQHLQHU/HXFKWNXJHOJHWURIIHQ ZRUGHQZDU'HU$XVGUXFNHQWVWHOOWHGDVVRZLHVRVFKRQKl OLFKH*HVLFKWQRFKPHKUXQG6XNRVFKWWHOWHVLFK'LHGUHL 5LHPHQILHOHQDXVGHU*ULII|IIQXQJ-HW]WZDU6XNRNDPSI EHUHLW :LH9DPSLURGHOPDU'HU9DPSLUJOLWW]XUFN7URW]VHLQHU JHZDOWLJHQ*U|HEHZHJWHHUVLFKJHVFKPHLGLJ'LH.OHLGXQJ KLQJZLHLPPHULQ)HW]HQXPVHLQHQJUDXEUDXQVFKLPPHUQ GHQ.|USHU (UKDWWHGDV0DXOZHLWDXIJHULVVHQDXVGHP2EHUNLHIHU VWDFKHQGLHEHLGHQVSLW]HQ9DPSLU]lKQHKHUYRU6LHZDUHQOHLFKW JHNUPPWVRGDVLHIDVWZLHJHERJHQH'ROFKHDXVVDKHQ 6XNRIKUWHGHQHUVWHQ6FKODJ(UZXWHVHOEVWGDGHU NHLQHQ(UIROJ]HLJHQNRQQWHGHQQGLH'LVWDQ]]ZLVFKHQLKP XQGGHP8UDOW9DPSLUZDUHLQIDFK]XJUR 'LHGUHL5LHPHQOHJWHQVLFKLQGHU/XIWIHVWJHJHQHLQDQGHU XQGSILIIHQDXI6XNRVVFKDXULJHQ*HJQHU]X 'HUVSUDQJ]XUFN
$XVVHLQHP0DXOGUDQJHLQXQGHILQLHUEDUHU/DXW+HIWLJ EHZHJWHHUVHLQHODQJHQ$UPHHUVXFKWHEHL6XNRQDFKHLQHU 6FKZDFKVWHOOHXPLKQ]XW|WHQ 'HU,QVSHNWRUZDUIGLH3HLWVFKHLQGLHOLQNH+DQGILQJGHQ *ULIIJHVFKLFNWDXIXQG]RJVHLQH%HUHWWD =ZHLPDOVFKRHU (LQH.XJHOMDJWHHULQGLH%UXVWGLH]ZHLWHZROOWHHULQGHQ 6FKlGHOGHV0RQVWHUVVHW]HQGRFKGXUFKHLQHJHGDQNHQ VFKQHOOH%HZHJXQJZLFK9DPSLURGHOPDUDXV 6XNRVHW]WHQDFK 'HU7UHIIHUKDWWHGHQ8UDOW9DPSLU]ZDU]XUFNJHVWRHQ DEHUQLFKWDXHU*HIHFKWJHVHW]W:LHIUKHU7RNRWDGHU 6DPXUDLGHV6DWDQVVRNRQQWHDXFKHUGLH6LOEHUNXJHOQYHU NUDIWHQ(UZDUQXUZWHQGJHZRUGHQ %HLP]ZHLWHQPDOVFKOXJ6XNREHVVHU)DVWKlWWHQVLFKGLHGUHL 5LHPHQXPGHQ+DOVGHV9DPSLUVJHZLFNHOWGRFKGHU %OXWWULQNHUJLQJLQGLH+RFNHVRGDLKQGLH3HLWVFKHYHUIHKOWH 8QGGDQQZDUDOOHVDQGHUV 6XNRKDWWHVLFKVWDUNDXIGHQ.DPSINRQ]HQWULHUW,P 8QWHUEHZXWVHLQYHUQDKPHU]ZDUGDV*HUlXVFKGHVLQGHU 1lKHXPKHUIOLHJHQGHQ+XEVFKUDXEHUVSO|W]OLFKMHGRFK ZXUGHHVEHUODXWXQGOHQNWH6XNRYRQVHLQHUHLJHQWOLFKHQ $XIJDEHDE (UVFKDXWHQDFKUHFKWV *HZDOWLJZDUGHU6FKDWWHQGHUVLFKDXVGHP+LPPHOO|VWH :LHHLQ8QJHKHXHUGXUFKEUDFKHUGHQ6FKOHLHUDXVIHLQHP 6FKQHHXQG1HEHOZRONHQ 8QGHLQ0DQQKLQJDQGHU.XIH -RKQ6LQFODLU 6XNRZROOWHVFKRQGHQ1DPHQVHLQHV)UHXQGHVUXIHQDOVGHU *HLVWHUMlJHUEHUHLWVUHDJLHUWHVHLQH+lQGHO|VWHXQGVLFKIDOOHQ OLH(UZXFKWHWHDXIGHQ%RGHQJLQJLQGLH.QLHXQGUROOWHVLFK HLQSDDUPDOXPGLHHLJHQH$FKVHEHYRUHUZLHWRWOLHJHQEOLHE 'HU+XEVFKUDXEHUDEHUODQGHWH
(UZDUDOVRGRFKJHNRPPHQ 0DUHNVWDQGGDXQGVFKDXWHGLH*HVWDOWDQ%DURQ)UHGHULFN YRQ/HSSH'HU8QKHLPOLFKHGHU9DPSLUGHU%OXWVDXJHU$OO GDVZDVPDQEHULKQJHK|UWKDWWHHQWVSUDFKGHQ7DWVDFKHQ (UZDUQLFKWWRWVRQGHUQOHEWHDOV8QWRWHUZHLWHU 0DUHNQLFNWH(VZDUPHKUHLQH%HVWlWLJXQJDQVLFKVHOEVW(U VDKLKQQXQ]XP]ZHLWHQPDOXQGZXWHGDHUVLFKQLFKW JHWlXVFKWKDWWH(VJDELKQZLUNOLFK )UKHUKDWWHHUZHQQHUHLQHP%OXWVDXJHUJHJHQEHUVWDQG VRHWZDVZLH+DYHUVSUW'DZDUDXFKGHU-DJGLQVWLQNWKLQ ]XJHNRPPHQGRFKKHXWHZDUHVDQGHUV 0DUHNKDWWH$QJVW (UVHOEVWWUDXWHVLFKQLFKWPHKUYLHO]XGLH9HUOHW]XQJDP .Q|FKHOPDFKWHLKP]XVFKDIIHQXQGDOVVLFKGHU%OXW%DURQ EHZHJWHGDXQWHUQDKPHUQLFKWV 'HU3IlKOHUEOLHEVWHKHQ /HHUDXVJHEUDQQW,QQHUOLFKYHUXQVLFKHUWVWDQGHULP )ORFNHQZLUEHOXQGZDUWHWHDXIGDV(QGH hEHUVHLQ*HVLFKWOLHIGDV:DVVHU(VVDPPHOWHVLFKLQGHQ )XUFKHQGHU+DXWZRHVVHLQHQ:HJ]XP.LQQXQG]XP+DOV IDQGXPLQGHU.OHLGXQJ]XYHUVLFNHUQ +HIWLJHU:LQGWREWHEHUGHPXQKHLPOLFKHQ7RWHQDFNHU ZLUEHOWH/DXEKRFKKHXOWHXPGLH*UDEVWHLQHXQGUWWHOWHDQ GHQEODWWORVHQ=ZHLJHQGHU%lXPH 'HU9DPSLUJLQJYRU (UKDWWH=HLWXQGHUEHZHJWHVLFKGHPHQWVSUHFKHQGODQJ VDPDEHUXQDXIKDOWVDP 0DUHNVROOWHVHLQ2SIHUVHLQ,KPVWDQGHV]XGHQEHLGHQ %OXWVDXJHUQVRYHUKDWHQ3IlKOHU]XYHUQLFKWHQ 'HUDOWH0DQQVFKDXWHLKPHQWJHJHQ1RFKLPPHUODJVHLQH OLQNH+DQGDXIGHPREHUHQ5DQGGHV*UDEVWHLQVLQGHUUHFK WHQKLHOWHUVHLQHQDOWHQ(LFKHQSIDKO 6FKRQVRRIWKDWWHHUHLQHP9DPSLUJHJHQEHUJHVWDQGHQ DEHUQLH]XYRUZDULKPGDVVRJOHLFKJOWLJJHZHVHQZLHLQGLH VHQ$XJHQEOLFNHQ)UDQWLVHN0DUHNZDUGUDXIXQGGUDQVHLQ
/HEHQHLQIDFKZHJ]XZHUIHQ(UGDFKWHQLFKWPHKUDQVHLQ (UEHVFKDXWHDXIGHQ9DPSLUGHVVHQGVWHUH*HVWDOWVLFK LPPHUPHKUDXVGHP1HEHOO|VWHXQGGHUMHW]WVHLQH/LSSHQ ]XUFNVFKREVRGD0DUHNGDVPDUNDQWH=HLFKHQLQVHLQHP 2EHUNLHIHUHUNHQQHQNRQQWH 'LH%OXW]lKQH $OVGHUDOWH0DUHNGLHVHV%LOGVDKGDVFKWWHOWHHVLKQGXUFK 3O|W]OLFKVWUDIIWHVLFKVHLQH*HVWDOWGLH$XJHQQDKPHQHLQHQ Y|OOLJDQGHUHQ$XVGUXFNDQ:DUHQVLH]XYRUQRFKEOLFNORV XQGGHSULPLHUWJHZHVHQVRVFKDXWHQVLHQXQKHOONODUXQG VFKDUI ,QGHQ3XSLOOHQVWDQGGHU:LOOHHVXQWHUDOOHQ8PVWlQGHQ]X VFKDIIHQ (UZDU0DUHNGHU3IlKOHU 'LHVHU*HGDQNHZDUZLHHLQ%OLW]VWUDKOGHUVHLQ*HKLUQ GXUFKVFKQLWW(UPXWHGLH9DPSLUHYHUQLFKWHQGHQQHUKDWWH YRQVHLQHQ9RUIDKUHQGLH9HUSIOLFKWXQJEHUQRPPHQ )UDQWLVHN0DUHNKREGHQUHFKWHQ$UP(UVFKDXWHDXIGHQ DOWHQJODWWHQ(LFKHQSIDKOGHUYRU1lVVHJOlQ]WH'LH8QWHU OLSSHGHV0DQQHVVFKREVLFKYRUGDV*HVLFKWQDKPHLQHQHQW VFKORVVHQHQ$XVGUXFNDQXQGHUVHW]WHVLFKLQ%HZHJXQJ +XPSHOQGDEHUHUVSUWHNHLQHQ6FKPHU] 6HLQ:LOOHZDUDXIGLH9HUQLFKWXQJGHV9DPSLUVIL[LHUW %DURQYRQ/HSSHGXUIWHQLFKWEHUOHEHQ 0DUHNEHVFKOHXQLJWHVHLQH6FKULWWH%HLMHGHPNQLFNWHHU OHLFKWHLQGLH$XJHQZDUHQVWDUUDXIGLHLKPHQWJHJHQNRP PHQGH*HVWDOWJHULFKWHWGLHLKUH$UPHDXVJHEUHLWHWKDWWHDOV ZROOWHVLHGHQ3IlKOHUXPIDQJHQ ,Q+|KHGHVDXIJHEURFKHQHQ*UDEHVPXWHQGLHEHLGHQ XQYHUV|KQOLFKHQ*HJQHUXQJHIlKU]XVDPPHQWUHIIHQ 1LHPDQGYRQLKQHQVSUDFK0DUHNDWPHWHVFKZHUGHU 9DPSLUEOLHEVWXPP/DXWORVXQGJHVSHQVWLVFKWULHEHQGLH 1HEHOVFKOHLHUEHUGHQDOWHQ)ULHGKRI 8QGHEHQVRJHUlXVFKORVILHOGHU6FKQHHYRP+LPPHOGHU VLFKLQ]ZLVFKHQLQGLFNH)ORFNHQYHUZDQGHOWKDWWH
(UEOLHEOLHJHQVFKXIDXIGHQDOWHQ*UlEHUQZHLH+DXEHQ XQGEHGHFNWHGLH*UDEVWHLQH 9RUGHP0XQGGHV3IlKOHUVGDPSIWHGHU$WHP%HL%DURQ YRQ/HSSHZDUQLFKWV]XVHKHQ (LQ9DPSLUDWPHWQLFKW 'LH(QWIHUQXQJVFKPRO]0DUHNIL[LHUWHVHLQHQ*HJQHU JHQDX(UZXWHGDHUVLFKDXIHLQHQODQJHQ.DPSIQLFKWHLQ ODVVHQNRQQWHGD]XIHKOWHQLKPGLH.UDIWXQGGLH.RQGLWLRQ 3O|W]OLFKJULIIHUDQ 'HUDOWH0DQQKDWWHVLFKJHQDXEHUOHJWZDVHUWDW'HU 9DPSLUZDUVFKQHOOHUJHZHVHQDOVHUXQGVFKRQIDVWDP*UDE YRUEHLDOVVLFK0DUHNZXFKWLJYRUZDUI (UYHUODJHUWHGDEHLVHLQ*HZLFKWDXIGHQUHFKWHQ)XXQG HLQ6FKUHLGUDQJEHUVHLQH/LSSHQ 1LHKlWWH0DUHNJHGDFKWGDHUQRFKHLQPDOVRVFKQHOOVHLQ ZUGHXQGDXFKGHU9DPSLUQLFKW (UZLFKDXVDOOHUGLQJV]XUIDOVFKHQ6HLWH1LFKWQDFKUHFKWV VRQGHUQQDFKOLQNVZDUIHUVLFKXQGGDEHIDQGVLFKGDVRIIHQH *UDEVHLQHV'LHQHUV(JPRQW 0DUHNZDUHVVFKRQ]XP9HUKlQJQLVJHZRUGHQGHPXQ WRWHQ%DURQHUJLQJHVQLFKWEHVVHU)UHGHULFNYRQ/HSSHWUDWLQV /HHUHYHUORUGHQ+DOWXQGILHO 1RFKLQGHU/XIWHUZLVFKWH0DUHNLKQ 6HLQXQKHLPOLFKHU6FKUHL]LWWHUWHEHUGHQDOWHQ7RWHQDFNHU DOVHUGLH6SLW]HGHV(LFKHQSIDKOVLQGLHOLQNH6HLWHGHU%UXVW UDPPWHXQGGHQ9DPSLUGDPLWDXIVSLHWH (VVDKLPHUVWHQ$XJHQEOLFNVRDXVDOVZUGHYRQ/HSSHLQ GHU/XIWVWHKHQEOHLEHQGDQQNLSSWHHULQGDV*UDENUDFKWHLQ GHQ6DUJXQG0DUHNILHODXIGHQ%DURQ 'HU3IlKOHUULVHLQHDOWH:DIIHDXVGHU%UXVWGHV9DPSLUV KHXOWHDXIXQGVFKULHZlKUHQGHUDEHUPDOV]XVWLH ª'DVLVWIUPHLQH)UDXGX%HVWLH© 'HU%OXWVDXJHUU|FKHOWH'LH=XQJHVFKQHOOWHDXVVHLQHP ZHLWDXIJHULVVHQHQ0XQGYHUPLVFKWPLWHLQHPZLGHUOLFKHQ 6FKOHLPHUYHUVXFKWHVLFKDXI]XElXPHQGRFK0DUHNODJDXI
LKPXQGGHU3IDKOVWHFNWHVRWLHILQVHLQHPXQWRWHQ.|USHU GDHUDP5FNHQZLHGHUKHUDXVWUDW 'HUDOWH0DQQNRQQWHQLFKWPHKU(UZHLQWHYRU6FKPHU] XQG(UVFK|SIXQJ :lKUHQGXQWHULKPGLH+DXWGHV9DPSLUVDOOPlKOLFKJUDX XQGGDQQEUDXQZXUGHGDFKWH)UDQWLVHN0DUHNGDUDQGDHU VHLQHP1DPHQZLHGHUDOOH(KUHJHPDFKWKDWWH 'HQQHUZDUGHU3IlKOHU 2EZRKOHUGLHVPDQFKPDODOVHLQHQ)OXFKHPSIDQG )UHLQHQ0RPHQWEOLHELFKZLHWRWDP%RGHQOLHJHQ,FK ZROOWHXQGNRQQWHHLQIDFKQLFKWPHKUJODXEWHPLFKLQHLQHQ 7UDXPYHUVHW]WXQGKlWWHDPOLHEVWHQJHVFKODIHQ $EHUGDZDUGDV)ODSSHQGHU5RWRUEOlWWHUXQGGDV.QDWWHUQ GHV0RWRUV%HLGHVULPLFKDXVPHLQHU/HWKDUJLHXQGZLHGHU LQGLH+|KH 'HU+XEVFKUDXEHUZDUJHODQGHW :l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lKHEHIDQGXQGJHEFNWLQGLH0DVFKLQH VWLHJ 6LHDNWLYLHUWHGHQ:UIHOGHV8QKHLOV
6XNREOLHEGDVPDJLVFKH:RUW7RSDUEXFKVWlEOLFKLP+DOVH VWHFNHQGHQQZLHDXFKLFKVDKHUGLHEHLGHQ%OXWVDXJHUYHU VFKZLQGHQ6LHO|VWHQVLFKYRUXQVHUHQ$XJHQDXIXQGOLHHQ HLQHQOHHUHQ+XEVFKUDXEHU]XUFN ,KUH0LVVLRQKLHULQ5XPlQLHQZDUEHHQGHW 9RUOlXILJMHGHQIDOOV 8QVEOLHEGLHJHJHQVHLWLJH.ODJH:LHGHUHLQPDOZDUGLH MHW]LJH&KHILQGHU0RUGOLJDHQWNRPPHQ6LHVWHOOWHDQ 5DIILQHVVHXQG6FKODXKHLWZLUNOLFKDOOHVLQGHQ6FKDWWHQ XQG]HLJWHGDDXFKZLUNHLQH6XSHUPlQQHUZDUHQ 6XNRZDUQLFKWVRHUVFK|SIWZLHLFK(UNDP]XPLUXQG VWW]WHPLFKZHLOLFK6FKZLHULJNHLWHQPLWGHP6WHKHQKDWWH ª'DVKlWWHLQV$XJHJHKHQN|QQHQ©VDJWHHUYRUZXUIVYROO ,FKJULQVWHVFKLHIª1LFKWQXUGDV$OWHUDXFKDQV/HEHQ© ª8QGZHOFKHU7HXIHOKDWGLFKJHULWWHQ"© ª.DQQLFKQLFKWVDJHQ9LHOOHLFKWZDUHVGLH:XWXQGGHU EUHQQHQGH:XQVFK/DG\;HQGOLFK]XVWHOOHQ© ª9HUGDPPW0DUHN©6XNRZHFKVHOWHEHUJDQJVORVGDV 7KHPD,QGHQOHW]WHQDXIUHJHQGHQ0LQXWHQKDWWHQZLUDQLKQ XQGGLHVHQ%DURQYRQ/HSSHQLFKWGHQNHQN|QQHQª'HUPX QRFKDXIGHP)ULHGKRIVHLQ© :LUOLHIHQKLQ6XNRZDUVFKQHOOHUDOVLFKGHQQLFKNULHJWH PHLQH%HLQHNDXPYRP%RGHQKRFK :LUVDKHQHLQHQOHHUHQ)ULHGKRIYRUXQVEHUGHPHLQ ZHLHU)ORFNHQZLUEHOWDQ]WH (VGDXHUWH0LQXWHQELVZLU0DUHNJHIXQGHQKDWWHQ6XNR HQWGHFNWHLKQ 'HU3IlKOHUODJKDOELQHLQHPRIIHQHQ6DUJ8QWHULKP]HU ILHOHQGLH.QRFKHQHLQHVXUDOWHQ9DPSLUVGHQGLH:DIIHGHV DOWHQ0DQQHVJHWURIIHQKDWWH 6XNRKLHYWH0DUHNDXVGHU*UXEH'HU$OWHZDUVRHUVFK|SIW GDPHLQ)UHXQGLKQ]XP+XEVFKUDXEHUWUDJHQPXWH,KQ KDWWHXQV/DG\;]XP*OFNGDJHODVVHQ
ª'XZROOWHVWGRFKIOLHJHQ©VDJWH6XNR]XPLUªELWWHMHW]W NDQQVWGXGHQ3LORWHQVSLHOHQ© :LUIORJHQORV 'HQWRWHQ-DUHNQDKPHQZLUPLW (VZXUGHHLQ)OXJGHQLFKQLHYHUJHVVHQZHUGH1DFKW 6FKQHHWUHLEHQXQEHNDQQWHV*HOlQGHKDOEYROOHU7DQN 'DZLULUJHQGZDQQLQ3HWULODODQGHWHQJUHQ]WHVFKRQDQ HLQ:XQGHU:LUJLQJHQVRIRUW]XP%UJHUPHLVWHU(UDWPHWH DXIDOVHUXQVJHVXQGXQGPXQWHUVDKGDQQEHULFKWHWHQZLU YRP7RGGHV3LORWHQXQGHUVDJWHGDHUGLH=HQWUDOHXQWHU ULFKWHQPWH :LUZROOWHQQRFKHLQSDDU7DJHLQ3HWULODEOHLEHQ6RODQJHELV 0DULH0DUHNEHHUGLJWZDU(VZXUGHHLQHWUDXULJH%HVWDWWXQJ $OVGLH0HQVFKHQJHJDQJHQZDUHQVWDQGHQ0DUHN6XNR XQGLFKQRFKODQJHDPRIIHQHQ*UDE 'HUDOWH0DQQKLHOWGHQ(LFKHQSIDKOXPNODPPHUW'LH 6SLW]H]HLJWHQDFKXQWHQXQGZLHVDXIGHQEUDXQHQ6DUJ GHFNHOª,FKKDEHGLFKJHUlFKW0DULHXQGLFKZHUGHGLFK ZHLWHUUlFKHQELVDXFKPLFKHLQPDOGHU6FKLFNVDOVVFKODJWULIIW 5XKHLQ)ULHGHQJHOLHEWH)UDX© 'DQQZDQGWHHUVLFKDEXQGJLQJ :LUUHJHOWHQDOOHVPLWGHQ%HK|UGHQXQGNRQQWHQGUHL7DJH VSlWHUZLHGHU]XUFNIOLHJHQ(LQVP|FKWHLFKQRFKQDFK WUDJHQ,Q.RQVWDQ]DOLHILUJHQGZDQQHLQ)UDFKWHUHLQGHU HLQHQWRWHQ.DSLWlQDQ%RUGKDWWH%HLGHQ8QWHUVXFKXQJHQ NRQQWHVLFKQLHPDQGHUNOlUHQZLHHV]XP$EOHEHQGHV .DSLWlQV5RPDQHVFXJHNRPPHQZDU 0DQHLQLJWHVLFKVFKOLHOLFKGDUDXIGLHJDQ]H6DFKHDOVHLQHQ 8QIDOOKLQ]XVWHOOHQ 'DPLWJLQJPDQMHJOLFKHPbUJHUDXVGHP:HJ