(7$+RIIPDQQ
'DV0DMRUDW
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEH...
18 downloads
645 Views
677KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(7$+RIIPDQQ
'DV0DMRUDW
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
'HP*HVWDGHGHU2VWVHHXQIHUQOLHJWGDV6WDPPVFKORGHU )UHLKHUUOLFKYRQ5VFKHQ)DPLOLH5VLWWHQJHQDQQW'LH*HJHQG LVWUDXKXQG|GHNDXPHQWVSULHWKLQXQGZLHGHUHLQ*UDVKDOP GHPERGHQORVHQ7ULHEVDQGHXQGVWDWWGHV*DUWHQVZLHHUVRQVW GDV+HUUHQKDXV]X]LHUHQSIOHJWVFKOLHWVLFKDQGLHQDFNWHQ 0DXHUQQDFKGHU/DQGVHLWHKLQHLQGUIWLJHU)|KUHQZDOGGHVVHQ HZLJHGVWUH7UDXHUGHQEXQWHQ6FKPXFNGHV)UKOLQJV YHUVFKPlKWXQGLQGHPVWDWWGHVIU|KOLFKHQ-DXFK]HQVGHU]X QHXHU/XVWHUZDFKWHQ9|JHOHLQQXUGDVVFKDXULJH*HNUlFK]HGHU 5DEHQGDVVFKZLUUHQGH.UHLVFKHQGHUVWXUPYHUNQGHQGHQ 0|ZHQZLGHUKDOOW(LQH9LHUWHOVWXQGHGDYRQlQGHUWVLFKSO|W]OLFK GLH1DWXU:LHGXUFK HLQHQ=DXEHUVFKODJLVWPDQLQEOKHQGH )HOGHUSSLJHbFNHUXQG:LHVHQYHUVHW]W0DQHUEOLFNWGDV JURHUHLFKH'RUIPLWGHPJHUlXPLJHQ:RKQKDXVHGHV :LUWVFKDIWVLQVSHNWRUV$QGHU6SLW]HHLQHVIUHXQGOLFKHQ (UOHQEXVFKHVVLQGGLH)XQGDPHQWHHLQHVJURHQ6FKORVVHV VLFKWEDUGDVHLQHUGHUYRUPDOLJHQ%HVLW]HUDXI]XEDXHQLP6LQQH KDWWH'LH1DFKIROJHUDXILKUHQ*WHUQLQ.XUODQGKDXVHQG OLHHQGHQ%DXOLHJHQXQGDXFKGHU)UHLKHUU5RGHULFKYRQ5GHU ZLHGHUXPVHLQHQ:RKQVLW]DXIGHP6WDPPJXWHQDKPPRFKWH QLFKWZHLWHUEDXHQGDVHLQHPILQVWHUQPHQVFKHQVFKHXHQ:HVHQ GHU$XIHQWKDOWLQGHPDOWHQHLQVDPOLHJHQGHQ6FKORVVH]XVDJWH (UOLHGDVYHUIDOOHQH*HElXGHVRJXWHVJHKHQZROOWHKHUVWHOOHQ XQGVSHUUWHVLFKGDULQHLQPLWHLQHPJUlPOLFKHQ+DXVYHUZDOWHU XQG JHULQJHU'LHQHUVFKDIW1XUVHOWHQVDKPDQLKQLP'RUIH GDJHJHQJLQJXQGULWWHURIWDP0HHUHVVWUDQGHKLQXQGKHUXQG PDQZROOWHDXVGHU)HUQHEHPHUNWKDEHQZLHHULQGLH:HOOHQ KLQHLQVSUDFKXQGGHP%UDXVHQXQG=LVFKHQGHU%UDQGXQJ ]XKRUFKWHDOVYHUQHKPHHUGLHDQWZRUWHQGH6WLPPHGHV 0HHUJHLVWHV
$XIGHUK|FKVWHQ6SLW]HGHV:DUWWXUPVKDWWHHUHLQ.DELQHWW HLQULFKWHQXQGPLW)HUQU|KUHQ PLWHLQHPYROOVWlQGLJHQ DVWURQRPLVFKHQ$SSDUDWYHUVHKHQODVVHQ GDEHREDFKWHWHHU 7DJHVQDFKGHP0HHUKLQDXVVFKDXHQGGLH6FKLIIHGLHRIWJOHLFK ZHLEHVFKZLQJWHQ0HHUY|JHOQDPIHUQHQ+RUL]RQWYRUEHUIORJHQ 6WHUQHQKHOOH1lFKWHEUDFKWHHUKLQPLWDVWURQRPLVFKHURGHUZLH PDQZLVVHQZROOWHPLWDVWURORJLVFKHU$UEHLWZRULQLKPGHUDOWH +DXVYHUZDOWHUEHLVWDQGhEHUKDXSWJLQJ]XVHLQHQ/HE]HLWHQGLH 6DJHGDHUJHKHLPHU:LVVHQVFKDIWGHUVRJHQDQQWHQVFKZDU]HQ
.XQVWHUJHEHQVHLXQGGDHLQHYHUIHKOWH2SHUDWLRQGXUFKGLH HLQKRKHV)UVWHQKDXVDXIGDVHPSILQGOLFKVWHJHNUlQNWZXUGH LKQDXV.XUODQGYHUWULHEHQKDEH'LHOHLVHVWH(ULQQHUXQJDQ VHLQHQGRUWLJHQ$XIHQWKDOWHUIOOWHLKQPLW(QWVHW]HQDEHUDOOHV VHLQ/HEHQ9HUVW|UHQGHZDVLKPGRUWJHVFKHKHQVFKULHEHU OHGLJOLFKGHU6FKXOGGHU9RUIDKUHQ]XGLHGLH$KQHQEXUJE|VOLFK YHUOLHHQ
8PIUGLH=XNXQIWZHQLJVWHQVGDV+DXSWGHU)DPLOLHDQGDV 6WDPPKDXV]XIHVVHOQEHVWLPPWHHUHV]XHLQHP 0DMRUDWVEHVLW]WXP'HU/DQGHVKHUUEHVWlWLJWHGLH6WLIWXQJXPVR OLHEHUDOVGDGXUFKHLQHDQULWWHUOLFKHU7XJHQGUHLFKH)DPLOLH GHUHQ=ZHLJHVFKRQLQGDV$XVODQGKHUEHUUDQNWHQIUGDV 9DWHUODQGJHZRQQHQZHUGHQVROOWH:HGHU5RGHULFKV6RKQ +XEHUWQRFKGHUMHW]LJH0DMRUDWVKHUUZLHVHLQ*URYDWHU 5RGHULFKJHKHLHQPRFKWHLQGHVVHQLQGHP6WDPPVFKORVVH KDXVHQEHLGHEOLHEHQLQ.XUODQG0DQPXWHJODXEHQGDVLH KHLWUHUXQGOHEHQVOXVWLJHUJHVLQQWDOVGHUGVWUH$KQKHUUGLH VFKDXULJHgGHGHV$XIHQWKDOWHVVFKHXWHQ
)UHLKHUU5RGHULFKKDWWH]ZHLDOWHQXQYHUKHLUDWHWHQ6FKZHVWHUQ VHLQHV9DWHUVGLHPDJHUDXVJHVWDWWHWLQ'UIWLJNHLWOHEWHQ :RKQXQJXQG8QWHUKDOWDXIGHP*XWHJHVWDWWHW'LHVHVDHQPLW HLQHUEHMDKUWHQ'LHQHULQLQGHQNOHLQHQZDUPHQ=LPPHUQGHV 1HEHQIOJHOVXQGDXHULKQHQXQGGHP.RFKGHULP(UGJHVFKR HLQJURHV*HPDFKQHEHQGHU.FKHLQQHKDWWHZDQNWHLQGHQ KRKHQ=LPPHUQXQG6lOHQGHV+DXSWJHElXGHVQXUQRFKHLQ DEJHOHEWHU-lJHUXPKHUGHU]XJOHLFKGLH'LHQVWHGHV.DVWHOODQV YHUVDK'LHEULJH'LHQHUVFKDIWZRKQWHLP'RUIHEHLGHP :LUWVFKDIWVLQVSHNWRU
1XULQVSlWHU+HUEVW]HLWZHQQGHUHUVWH6FKQHH]XIDOOHQEHJDQQ XQGGLH:ROIVGLH6FKZHLQVMDJGHQDXIJLQJHQZXUGHGDV|GH YHUODVVHQH6FKOROHEHQGLJ'DQQNDP)UHLKHUU5RGHULFKPLW VHLQHU*HPDKOLQEHJOHLWHWYRQ9HUZDQGWHQ)UHXQGHQXQG ]DKOUHLFKHP-DJGJHIROJHKHUEHUDXV.XUODQG'HUEHQDFKEDUWH $GHOMDVHOEVWMDJGOXVWLJH)UHXQGHDXVGHUQDKHOLHJHQGHQ6WDGW IDQGHQVLFKHLQNDXPYHUPRFKWHQ+DXSWJHElXGHXQG 1HEHQIOJHOGLH]XVWU|PHQGHQ*lVWH]XIDVVHQLQDOOHQgIHQXQG .DPLQHQNQLVWHUWHQUHLFKOLFK]XJHVFKUWH)HXHUYRPJUDXHQ 0RUJHQELVLQGLH1DFKWKLQHLQVFKQXUUWHQGLH%UDWHQZHQGHU
7UHSS DXI7UHSS DEOLHIHQKXQGHUWOXVWLJH/HXWH+HUUHQXQG 'LHQHUGRUWHUNODQJHQDQJHVWRHQH3RNDOHXQGIU|KOLFKH -lJHUOLHGHUKLHUGLH7ULWWHGHUQDFKJHOOHQGHU0XVLN7DQ]HQGHQ EHUDOOODXWHV-DXFK]HQXQG*HOlFKWHUXQGVRJOLFKYLHUELVVHFKV :RFKHQKLQGXUFKGDV6FKORPHKUHLQHUSUlFKWLJHQDQ YLHOEHIDKUQHU/DQGVWUDHOLHJHQGHQ+HUEHUJHDOVGHU:RKQXQJ GHV*XWVKHUUQ
)UHLKHUU5RGHULFKZLGPHWHGLHVH=HLWVRJXWHVVLFKQXUWXQOLH HUQVWHP*HVFKlIWHLQGHPHU]XUFNJH]RJHQDXVGHP6WUXGHO GHU*lVWHGLH3IOLFKWHQGHV0DMRUDWVKHUUQHUIOOWH1LFKWDOOHLQ GDHUVLFKYROOVWlQGLJH5HFKQXQJGHU(LQNQIWHOHJHQOLHVR K|UWHHUDXFKMHGHQ9RUVFKODJLUJHQGHLQHU9HUEHVVHUXQJVRZLH GLHNOHLQVWH%HVFKZHUGHVHLQHU8QWHUWDQHQDQXQGVXFKWHDOOHV]X RUGQHQMHGHP8QUHFKWHQRGHU8QELOOLJHQ]XVWHXHUQZLHHUHV QXUYHUPRFKWH,QGLHVHQ*HVFKlIWHQVWDQGLKPGHUDOWH$GYRNDW 9YRQ9DWHUDXI6RKQYHUHUEWHU*HVFKlIWVWUlJHUGHV5VFKHQ +DXVHVXQG-XVWLWLDULXVGHULQ3OLHJHQGHQ*WHUUHGOLFKEHLXQG 9SIOHJWHGDKHUVFKRQDFKW7DJHYRUGHUEHVWLPPWHQ$QNXQIWGHV )UHLKHUUQQDFKGHP0DMRUDWVJXWHDE]XUHLVHQ ,P-DKUH ZDUGLH=HLWJHNRPPHQGDGHUDOWH9QDFK 5VLWWHQUHLVHQVROOWH6ROHEHQVNUlIWLJGHU*UHLVYRQVLHE]LJ -DKUHQVLFKDXFKIKOWHPXWHHUGRFKJODXEHQGDHLQH KOIUHLFKH+DQGLP*HVFKlIWLKPZRKOWXQZHUGH:LHLP6FKHU] VDJWHHUGDKHUHLQHV7DJHV]XPLU
9HWWHU VRQDQQWHHUPLFKVHLQHQ*URQHIIHQGDLFKVHLQH 9RUQDPHQHUKLHOW 9HWWHULFKGlFKWHGXOLHHVWGLUHLQPDOHWZDV 6HHZLQGXPGLH2KUHQVDXVHQXQGNlPVWPLWPLUQDFK5VLWWHQ $XHUGHPGDGXPLUZDFNHUEHLVWHKHQNDQQVWLQPHLQHP PDQFKPDOE|VHQ*HVFKlIWVRPDJVWGXGLFKDXFKHLQPDOLP ZLOGHQ-lJHUOHEHQYHUVXFKHQXQG]XVHKHQZLHQDFKGHPGX HLQHQ0RUJHQHLQ]LHUOLFKHV3URWRNROOJHVFKULHEHQGXGHQDQGHUQ VROFKWURW]LJHP7LHUDOVGDLVWHLQODQJEHKDDUWHUJUHXOLFKHU:ROI RGHUHLQ]DKQIOHWVFKHQGHU(EHULQVIXQNHOQGH$XJH]XVFKDXHQ RGHUJDUHVPLWHLQHPWFKWLJHQ%FKVHQVFKX]XHUOHJHQ YHUVWHKHVW
1LFKWVRYLHO6HOWVDPHVYRQGHUOXVWLJHQ-DJG]HLW LQ5VLWWHQKlWWH LFKVFKRQK|UHQQLFKWVRPLWJDQ]HU6HHOHGHPKHUUOLFKHQDOWHQ
*URRQNHODQKlQJHQPVVHQXPQLFKWKRFKHUIUHXW]XVHLQGD HUPLFKGLHVPDOPLWQHKPHQZROOH6FKRQ]LHPOLFKJHEWLQGHUOHL *HVFKlIWHQZLHHUVLHYRUKDWWHYHUVSUDFKLFKPLWWDSIHUP)OHL LKPDOOH0KHXQG6RUJHDE]XQHKPHQ $QGHUQ7DJVVDHQZLULQWFKWLJH3HO]HHLQJHKOOWLP:DJHQ XQGIXKUHQGXUFKGLFNHVGHQHLQEUHFKHQGHQ:LQWHU YHUNQGHQGHV6FKQHHJHVW|EHUQDFK5VLWWHQ
8QWHUZHJVHU]lKOWHPLUGHU$OWHPDQFKHV:XQGHUOLFKHYRQGHP )UHLKHUUQ5RGHULFKGHUGDV0DMRUDWVWLIWHWHXQGLKQVHLQHV -QJOLQJVDOWHUVXQJHDFKWHW]XVHLQHP-XVWLWLDULXVXQG 7HVWDPHQWVYROOVWUHFNHUHUQDQQWH(UVSUDFKYRQGHPUDXKHQ ZLOGHQ:HVHQGDVGHUDOWH+HUUJHKDEWXQGGDVVLFKDXIGLH JDQ]H )DPLOLH]XYHUHUEHQVFKLHQHGDVHOEVWGHUMHW]LJH 0DMRUDWVKHUUGHQHUDOVVDQIWPWLJHQEHLQDKHZHLFKOLFKHQ -QJOLQJJHNDQQWYRQ-DKU]X-DKUPHKUGDYRQHUJULIIHQZHUGH
(UVFKULHEPLUYRUZLHLFKPLFKNHFNXQGXQEHIDQJHQEHWUDJHQ PWHXPLQGHV)UHLKHUUQ$XJHQZDVZHUW]XVHLQXQGNDP HQGOLFKDXIGLH:RKQXQJLP6FKORVVHGLHHUHLQIUDOOHPDO JHZlKOWGDVLHZDUPEHTXHPXQGVRDEJHOHJHQVHLGDZLU XQVZHQQXQGZLHZLUZROOWHQGHPWROOHQ*HW|VHGHU MXELOLHUHQGHQ*HVHOOVFKDIWHQW]LHKHQN|QQWHQ,Q]ZHLNOHLQHQPLW ZDUPHQ7DSHWHQEHKDQJHQHQ=LPPHUQGLFKWQHEHQGHPJURHQ *HULFKWVVDDOLP6HLWHQIOJHOGHPJHJHQEHUZRGLHDOWHQ )UlXOHLQVZRKQWHQGDZlUHLKPMHGHVPDOVHLQH5HVLGHQ]EHUHLWHW (QGOLFKQDFKVFKQHOOHUDEHUEHVFKZHUOLFKHU)DKUWNDPHQZLULQ WLHIHU1DFKWQDFK5VLWWHQ :LUIXKUHQGXUFKGDV'RUIHVZDUJHUDGH6RQQWDJLP.UXJH 7DQ]PXVLNXQGIU|KOLFKHU-XEHOGHV:LUWVFKDIWVLQVSHNWRUV+DXV YRQXQWHQELVREHQHUOHXFKWHWGULQQHQDXFK0XVLNXQG*HVDQJ GHVWRVFKDXHUOLFKHUZXUGHGLHgGHLQGLHZLUQXQKLQHLQIXKUHQ 'HU6HHZLQGKHXOWHLQVFKQHLGHQGHQ-DPPHUW|QHQKHUEHUXQG DOVKDEHHUVLHDXVWLHIHP=DXEHUVFKODIJHZHFNWVW|KQWHQGLH GVWHUQ)|KUHQLKPQDFKLQGXPSIHU.ODJH'LHQDFNWHQ VFKZDU]HQ0DXHUQGHV6FKORVVHVVWLHJHQHPSRUDXVGHP 6FKQHHJUXQGHZLUKLHOWHQDQGHPYHUVFKORVVHQHQ7RU$EHUGD KDOINHLQ5XIHQNHLQ3HLWVFKHQJHNQDOOHNHLQ+lPPHUQXQG
3RFKHQHVZDUDOVVHLDOOHVDXVJHVWRUEHQLQNHLQHP)HQVWHUHLQ /LFKWVLFKWEDU
'HU$OWHOLHVHLQHVWDUNHGU|KQHQGH6WLPPHHUVFKDOOHQ )UDQ] )UDQ]:RVWHFNW,KUGHQQ"=XP7HXIHOUKUW(XFK :LU HUIULHUHQKLHUDP7RU'HU6FKQHHVFKPHLWHLQHPMDGDV*HVLFKW EOXWUQVWLJ UKUW(XFK]XP7HXIHO'DILQJHLQ+RIKXQG]X ZLQVHOQDQHLQZDQGHOQGHV/LFKWZXUGHLP(UGJHVFKRVVH VLFKWEDU6FKOVVHONODSSHUWHQXQGEDOGNQDUUWHQGLHJHZLFKWLJHQ 7RUIOJHODXI
(LVFK|QZLOONRPPHQVFK|QZLOONRPPHQ+HUU-XVWLWLDULXVHLLQ GHPXQVDXEHUQ:HWWHU6RULHIGHUDOWH)UDQ]LQGHPHUGLH /DWHUQHKRFKLQGLH+lQGHKREVRGDGDVYROOH/LFKWDXIVHLQ YHUVFKUXPSIWHV]XPIUHXQGOLFKHQ/DFKHQVRQGHUEDUYHU]RJHQHV *HVLFKWILHO'HU:DJHQIXKULQGHQ+RIZLUVWLHJHQDXVXQGQXQ JHZDKUWHLFKHUVWJDQ]GHVDOWHQ%HGLHQWHQVHOWVDPHLQHLQH DOWPRGLVFKHZHLWHPLWYLHOHQ6FKQUHQZXQGHUOLFKDXVVWDIILHUWH -lJHUOLYUHLJHKOOWH*HVWDOW hEHUGLHEUHLWHZHLH6WLUQOHJWHQVLFKQXUHLQSDDUJUDXH /|FNFKHQGHUXQWHUH7HLOGHV*HVLFKWVKDWWHGLHUREXVWH -lJHUIDUEHXQGXQHUDFKWHWGLHYHU]RJHQHQ0XVNHOQGDV*HVLFKW ]XHLQHUEHLQDKHDEHQWHXHUOLFKHQ0DVNHIRUPWHQV|KQWHGRFKGLH HWZDVGPPOLFKH*XWPWLJNHLWGLHDXVGHQ$XJHQOHXFKWHWHXQG XPGHQ0XQGVSLHOWHDOOHVZLHGHUDXV 1XQDOWHU)UDQ]ILQJGHU*URRQNHODQLQGHPHUVLFKLP 9RUVDDOGHQ6FKQHHYRP3HO]HDENORSIWHQXQDOWHU)UDQ]LVW DOOHVEHUHLWHWVLQGGLH7DSHWHQLQPHLQHQ6WXEHQDEJHVWDXEW VLQGGLH%HWWHQKLQHLQJHWUDJHQLVWJHVWHUQXQGKHXWHWFKWLJ JHKHL]WZRUGHQ"1HLQHUZLGHUWH)UDQ]VHKUJHODVVHQQHLQ PHLQZHUWHVWHU+HUU-XVWLWLDULXVGDVLVWDOOHVQLFKWJHVFKHKHQ
+HUU *RWWIXKUGHU*URRQNHODXILFKKDEHMD]HLWLJJHQXJ JHVFKULHEHQLFKNRPPHMDVWHWVQDFKGHPULFKWLJHQ'DWXPGDV LVWMDHLQH7|OSHOHLQXQNDQQLFKLQHLVNDOWHQ=LPPHUQKDXVHQ -DZHUWHVWHU+HUU-XVWLWLDULXVVSUDFK)UDQ]ZHLWHULQGHPHU VHKUVRUJOLFKPLWGHU/LFKWVFKHUHYRQGHP'RFKWHLQHQ JOLPPHQGHQ5lXEHUDEVFKQLSSWHXQGLKQPLWGHP)XHDXVWUDW MDVHKQ6LHGDVDOOHVYRU]JOLFKGDV+HL]HQKlWWHQLFKWYLHO
JHKROIHQGHQQGHU:LQGXQGGHU6FKQHHGLHKDXVHQJDU]XVHKU KLQHLQGXUFKGLH]HUEURFKHQHQ)HQVWHUVFKHLEHQXQGGD:DV ILHOGHU*URRQNHOLKPLQGLH5HGHGHQ3HO]ZHLW DXVHLQDQGHUVFKODJHQGXQGEHLGH$UPHLQGLH6HLWHQVWHPPHQG ZDVGLH)HQVWHUVLQG]HUEURFKHQXQG,KUGHV+DXVHV.DVWHOODQ KDEWQLFKWVPDFKHQODVVHQ" -DZHUWHVWHU+HUU-XVWLWLDULXVIXKUGHU$OWHUXKLJXQGJHODVVHQ IRUWPDQNDQQQXUQLFKWUHFKWKLQ]XZHJHQGHVYLHOHQ6FKXWWV XQGGHUYLHOHQ0DXHUVWHLQHGLHLQGHQ=LPPHUQKHUXPOLHJHQ :R]XP7DXVHQG+LPPHO6DSSHUPHQWNRPPHQ6FKXWWXQG 6WHLQHLQPHLQH=LPPHU"VFKULHGHU*URRQNHO=XP EHVWlQGLJHQIU|KOLFKHQ:RKOVHLQPHLQMXQJHU+HUUULHIGHU$OWH VLFKK|IOLFKEFNHQGGDLFKHEHQQLHVWHVHW]WHDEHUJOHLFKKLQ]X (VVLQGGLH6WHLQHXQGGHU.DONYRQGHU0LWWHOZDQGGLHYRQGHU JURHQ(UVFKWWHUXQJHLQILHO +DEW,KUHLQ(UGEHEHQJHKDEW"SODW]WHGHU*URRQNHO]RUQLJ KHUDXV'DVQLFKWZHUWHVWHU+HUU-XVWLWLDULXVHUZLGHUWHGHU $OWHPLWGHPJDQ]HQ*HVLFKWOlFKHOQGDEHUYRUGUHL7DJHQLVW GLHVFKZHUHJHWlIHOWH'HFNHGHV*HULFKWVVDDOVPLWJHZDOWLJHP .UDFKHQHLQJHVWU]W6RVROOGRFKGDV 'HU*URRQNHOZROOWH KHIWLJXQGDXIEUDXVHQGZLHHUZDUHLQHQVFKZHUHQ)OXFK DXVVWRHQ DEHULQGHPHUPLWGHU5HFKWHQLQGLH+|KHIXKUXQG PLWGHU/LQNHQGLH)XFKVPW]HYRQGHU6WLUQUFNWHKLHOWHU SO|W]OLFKLQQHZDQGWHVLFKQDFKPLUXPXQGVSUDFKODXW DXIODFKHQG :DKUKDIWLJ9HWWHUZLUPVVHQGDV0DXOKDOWHQZLU GUIHQQLFKWZHLWHUIUDJHQ VRQVWHUIDKUHQZLUQRFKlUJHUHV 8QKHLORGHUGDVJDQ]H6FKORVWU]WXQVEHUGHQ.|SIHQ ]XVDPPHQ $EHUIXKUHUIRUWVLFKQDFKGHP$OWHQXPGUHKHQGDEHU )UDQ]NRQQWHW,KUGHQQQLFKWVRJHVFKHLWVHLQPLUHLQDQGHUHV =LPPHUUHLQLJHQXQGKHL]HQ]XODVVHQ".RQQWHW,KUQLFKW LUJHQGHLQHQ6DDOLP+DXSWJHElXGHVFKQHOOHLQULFKWHQ]XP *HULFKWVWDJH"'LHVHVLVWDXFKEHUHLWVDOOHVJHVFKHKHQVSUDFK GHU$OWHLQGHPHUIUHXQGOLFKQDFKGHU7UHSSHZLHVXQGVRIRUW KLQDXI]XVWHLJHQEHJDQQ1XQVHKWPLUGRFKGHQZXQGHUOLFKHQ .DX]ULHIGHU2QNHOLQGHPZLUGHP$OWHQQDFKVFKULWWHQ
(VJLQJIRUWGXUFKODQJHKRFKJHZ|OEWH.RUULGRUH)UDQ]HQV IODFNHUQGHV/LFKWZDUIHLQHQZXQGHUOLFKHQ6FKHLQLQGLHGLFNH )LQVWHUQLV6lXOHQ.DSLWlOHUXQGEXQWH%RJHQ]HLJWHQVLFKRIWZLH LQGHQ/IWHQVFKZHEHQGULHVHQJURVFKULWWHQXQVHUH6FKDWWHQ QHEHQXQVKHUXQGGLHVHOWVDPHQ*HELOGHDQGHQ:lQGHQEHU GLHVLHZHJVFKOSIWHQVFKLHQHQ]X]LWWHUQXQG]XVFKZDQNHQXQG LKUH6WLPPHQZLVSHUWHQLQGHQGU|KQHQGHQ1DFKKDOOXQVHUHU 7ULWWHKLQHLQ :HFNWXQVQLFKWZHFNWXQVQLFKWXQVWROOHV =DXEHUYRONGDVKLHULQGHQDOWHQ6WHLQHQVFKOlIW (QGOLFK|IIQHWH)UDQ]QDFKGHPZLUHLQH5HLKHNDOWHUILQVWUHU *HPlFKHUGXUFKJDQJHQHLQHQ6DDOLQGHPHLQKHOODXIORGHUQGHV .DPLQIHXHUXQVPLWVHLQHPOXVWLJHQ.QLVWHUQZLHPLW KHLPDWOLFKHP*UXHPSILQJ0LUZXUGHJOHLFKVRZLHLFKHLQWUDW JDQ]ZRKO]XPXWHGRFKGHU*URRQNHOEOLHEPLWWHQLP6DDO VWHKHQVFKDXWHULQJVXPKHUXQGVSUDFKPLWVHKUHUQVWHP EHLQDKHIHLHUOLFKHP7RQ $OVRKLHUGLHVVROOGHU*HULFKWVVDDO VHLQ" )UDQ]LQGLH+|KHOHXFKWHQGVRGDDQGHUEUHLWHQ GXQNOHQ:DQGHLQKHOOHU)OHFNZLHHLQH7UHJURLQV$XJHILHO VSUDFKGXPSIXQGVFKPHU]KDIW +LHULVWMDZRKOVFKRQ*HULFKW JHKDOWHQZRUGHQ :DVNRPPW(XFKHLQ$OWHU"ULHIGHU2QNHOLQGHPHUGHQ3HO] VFKQHOODEZDUIXQGDQGDV.DPLQIHXHUWUDW(VIXKUPLUQXUVR KHUDXVVSUDFK)UDQ]]QGHWHGLH/LFKWHUDQXQG|IIQHWHGDV 1HEHQ]LPPHUZHOFKHV]XXQVUHU$XIQDKPHJDQ]KHLPOLFK EHUHLWHWZDU
1LFKWODQJHGDXHUWHHVVRVWDQGHLQJHGHFNWHU7LVFKYRUGHP .DPLQGHU$OWHWUXJZRKO]XEHUHLWHWH6FKVVHOQDXIGHQHQZLH HVXQVEHLGHQGHP*URRQNHOXQGPLUUHFKWEHKDJOLFKZDUHLQH WFKWLJH6FKDOHQDFKHFKWQRUGLVFKHU$UWJHEUDXWHQ3XQVFKHV IROJWH(UPGHWYRQGHU5HLVHVXFKWHGHU*URRQNHOVRZLHHU JHJHVVHQGDV%HWWH GDV1HXH6HOWVDPHGHV$XIHQWKDOWVMD VHOEVWGHU3XQVFKKDWWHDEHUPHLQH/HEHQVJHLVWHU]XVHKU DXIJHUHJWXPDQ6FKODI]XGHQNHQ)UDQ]UlXPWHGHQ7LVFKDE VFKUWHGDV.DPLQIHXHU]XXQGYHUOLHPLFKPLWIUHXQGOLFKHQ %FNOLQJHQ 1XQVDLFKDOOHLQLQGHPKRKHQZHLWHQ5LWWHUVDDO'DV 6FKQHHJHVW|EHUKDWWH]XVFKODFNHUQGHU6WXUP]XVDXVHQ
DXIJHK|UWKHLWUHU+LPPHOZDU VJHZRUGHQXQGGHUKHOOH 9ROOPRQGVWUDKOWHGXUFKGLHEUHLWHQ%RJHQIHQVWHUDOOHILQVWUH (FNHQGHVZXQGHUOLFKHQ%DXHVZRKLQGHUGVWHUH6FKHLQPHLQHU .HU]HQXQGGHV.DPLQIHXHUVQLFKWGULQJHQNRQQWHPDJLVFK HUOHXFKWHQG 6RZLHPDQHVZRKOQRFKLQDOWHQ6FKO|VVHUQDQWULIIWZDUHQDXI VHOWVDPHDOWHUWPOLFKH:HLVH:lQGHXQG'HFNHGHV6DDOV YHU]LHUWGLHVHPLWVFKZHUHP*HWlIHOMHQHPLWIDQWDVWLVFKHU %LOGHUHLXQGEXQWJHPDOWHPYHUJROGHWHP6FKQLW]ZHUN$XVGHQ JURHQ*HPlOGHQPHKUHQWHLOVGDVZLOGH*HZKOEOXWLJHU%lUHQ XQG:ROIVMDJGHQGDUVWHOOHQGVSUDQJHQLQ+RO]JHVFKQLW]WH7LHU XQG0HQVFKHQN|SIHKHUYRUGHQJHPDOWHQ/HLEHUQDQJHVHW]WVR GD]XPDOEHLGHUIODFNHUQGHQVFKLPPHUQGHQ%HOHXFKWXQJGHV )HXHUVXQGGHV0RQGHVGDV*DQ]HLQJUHXOLFKHU:DKUKHLWOHEWH
=ZLVFKHQGLHVHQ*HPlOGHQZDUHQOHEHQVJURH%LOGHULQ -lJHUWUDFKWGDKLQVFKUHLWHQGH5LWWHUZDKUVFKHLQOLFKGHU MDJGOXVWLJHQ$KQKHUUHQHLQJHIJW$OOHV0DOHUHLXQG 6FKQLW]ZHUNWUXJGLHGXQNOH)DUEHODQJYHUMlKUWHU=HLW XPVR PHKUILHOGHUKHOOHNDKOH)OHFNDQGHUVHOEHQ:DQGGXUFKGLH]ZHL 7UHQLQ1HEHQJHPlFKHUIKUWHQDXI EDOGHUNDQQWHLFKGD GRUWDXFKHLQH7UJHZHVHQVHLQPWHGLHVSlWHU]XJHPDXHUW ZRUGHQXQGGDHEHQGLHVQHXHQLFKWHLQPDOGHU EULJHQ:DQG JOHLFKJHPDOWHRGHUPLW6FKQLW]ZHUNYHU]LHUWH*HPlXHUDXIMHQH $UWDEVWHFKH :HUZHLHVQLFKWZLHHLQXQJHZ|KQOLFKHUDEHQWHXHUOLFKHU $XIHQWKDOWPLWJHKHLPQLVYROOHU0DFKWGHQ*HLVW]XHUIDVVHQ YHUPDJVHOEVWGLHWUlJVWH)DQWDVLHZLUGZDFKLQGHPYRQ ZXQGHUOLFKHQ)HOVHQXPVFKORVVHQHQ7DOLQGHQGVWHUQ0DXHUQ HLQHU.LUFKHRVXQGZLOOVRQVWQLH(UIDKUQHVDKQHQ
6HW]HLFKQXQQRFKKLQ]XGDLFK]ZDQ]LJ-DKUDOWZDUXQG PHKUHUH*OlVHUVWDUNHQ3XQVFKJHWUXQNHQKDWWHVRZLUGPDQHV JODXEHQGDPLULQPHLQHP5LWWHUVDDOVHOWVDPHU]XPXWHZXUGH DOVMHPDOV0DQGHQNHVLFKGLH6WLOOHGHU1DFKWLQGHUGDVGXPSIH %UDXVHQGHV0HHUVGDVVHOWVDPH3IHLIHQGHV1DFKWZLQGHVZLHGLH 7|QHHLQHVPlFKWLJHQYRQ*HLVWHUQJHUKUWHQ2UJHOZHUNV HUNODQJHQ GLHYRUEHUIOLHJHQGHQ:RONHQGLHRIWKHOOXQG JOlQ]HQGZLHYRUEHLVWUHLIHQGH5LHVHQGXUFKGLHNOLUUHQGHQ
%RJHQIHQVWHU]XJXFNHQVFKLHQHQ LQGHU7DWLFKPXW HVLQ GHPOHLVHQ6FKDXHUIKOHQGHUPLFKGXUFKEHEWHGDHLQIUHPGHV 5HLFKQXQVLFKWEDUXQGYHUQHKPEDUDXIJHKHQN|QQH
'RFKGLHV*HIKOJOLFKGHP)U|VWHOQGDVPDQEHLHLQHUOHEKDIW GDUJHVWHOOWHQ*HVSHQVWHUJHVFKLFKWHHPSILQGHWXQGGDVPDQVR JHUQKDW'DEHLILHOPLUHLQGDLQNHLQHUJQVWLJHUHQ6WLPPXQJ GDV%XFK]XOHVHQVHLGDVLFKVRZLHGDPDOVMHGHUGHUQXULUJHQG GHP5RPDQWLVFKHQHUJHEHQLQGHU7DVFKHWUXJ(VZDU6FKLOOHUV *HLVWHUVHKHU,FKODVXQGODVXQGHUKLW]WHPHLQH)DQWDVLHLPPHU PHKUXQGPHKU ,FKNDP]XGHUPLWGHPPlFKWLJVWHQ=DXEHUHUJUHLIHQGHQ (U]lKOXQJYRQGHP+RFK]HLWVIHVWEHLGHP*UDIHQYRQ9 *HUDGH ZLH-HURQLPRVEOXWLJH*HVWDOWHLQWULWWVSULQJWPLWHLQHP JHZDOWLJHQ6FKODJHGLH7UDXIGLHLQGHQ9RUVDDOIKUW (QWVHW]WIDKUHLFKLQGLH+|KHGDV%XFKIlOOWPLUDXVGHQ+lQGHQ $EHULQGHPVHOEHQ$XJHQEOLFNLVWDOOHVVWLOOXQGLFKVFKlPHPLFK EHUPHLQNLQGOLFKHV(UVFKUHFNHQ 0DJHVVHLQGDGXUFKGLHGXUFKVWU|PHQGH=XJOXIWRGHUDXI DQGHUH:HLVHGLH7UDXIJHVSUHQJWZXUGH (VLVWQLFKWV PHLQH EHUUHL]WH)DQWDVLHELOGHWMHGHQDWUOLFKH(UVFKHLQXQJ JHVSHQVWLVFK 6REHVFKZLFKWLJWQHKPHLFKGDV%XFKYRQGHU (UGHDXIXQGZHUIHPLFKZLHGHULQGHQ/HKQVWXKO GDJHKWHV OHLVHXQGODQJVDPPLWDEJHPHVVHQHQ7ULWWHQTXHUEHUGHQ6DDO KLQXQGGD]ZLVFKHQVHXI]WXQGlFK]WHVXQGLQGLHVHP6HXI]HQ GLHVHPbFK]HQOLHJWGHU $XVGUXFNGHVWLHIVWHQPHQVFKOLFKHQ /HLGHQVGHVWURVWORVHVWHQ-DPPHUV +DGDVLVWLUJHQGHLQ HLQJHVSHUUWHVNUDQNHV7LHULPXQWHUQ6WRFN0DQNHQQWMDGLH DNXVWLVFKH7lXVFKXQJGHU1DFKWGLHDOOHVHQWIHUQW7|QHQGHLQGLH 1lKHUFNW ZHUZLUGVLFKQXUGXUFKVRHWZDV*UDXHQHUUHJHQ ODVVHQ 6REHVFKZLFKWLJHLFKPLFKDXIVQHXHDEHUQXQNUDW]W HVLQGHPODXWHUHWLHIHUH6HXI]HUZLHLQGHUHQWVHW]OLFKHQ$QJVW GHU7RGHVQRWDXVJHVWRHQVLFKK|UHQODVVHQDQMHQHPQHXHQ *HPlXHU -DHVLVWHLQDUPHVHLQJHVSHUUWHV7LHU LFKZHUGHMHW]WODXW UXIHQLFKZHUGHPLWGHP)XWFKWLJDXIGHQ%RGHQVWDPSIHQ JOHLFKZLUGDOOHVVFKZHLJHQRGHUGDV7LHUXQWHQVLFKGHXWOLFKHULQ VHLQHQQDWUOLFKHQ7|QHQK|UHQODVVHQ 6RGHQNHLFKDEHUGDV
%OXWJHULQQWLQPHLQHQ$GHUQ NDOWHU6FKZHLVWHKWDXIGHU 6WLUQHHUVWDUUWEOHLE LFKLP/HKQVWXKOHVLW]HQQLFKWYHUP|JHQG DXI]XVWHKHQYLHOZHQLJHUQRFK]XUXIHQ
'DVDEVFKHXOLFKH.UDW]HQK|UWHQGOLFKDXI GLH7ULWWHODVVHQVLFK DXIVQHXHYHUQHKPHQ HVLVWDOVZHQQ/HEHQXQG5HJXQJLQPLU HUZDFKWHLFKVSULQJHDXIXQGWUHWH]ZHL6FKULWWHYRUDEHUGD VWUHLFKWHLQHHLVNDOWH=XJOXIWGXUFKGHQ6DDOXQGLQGHPVHOEHQ $XJHQEOLFNZLUIWGHU0RQGVHLQKHOOHV/LFKWDXIGDV%LOGQLVHLQHV VHKUHUQVWHQEHLQDKHVFKDXHUOLFKDQ]XVHKHQGHQ0DQQHVXQGDOV VlXVOHVHLQHZDUQHQGH6WLPPHGXUFKGDVVWlUNHUH%UDXVHQGHU 0HHUHVZHOOHQGXUFKGDVJHOOHQGHUH3IHLIHQGHV1DFKWZLQGHV K|UHLFKGHXWOLFK 1LFKWZHLWHU QLFKWZHLWHUVRQVWELVWGX YHUIDOOHQGHPHQWVHW]OLFKHQ*UDXVGHU*HLVWHUZHOW
1XQIlOOWGLH7U]XPLWGHPVHOEHQVWDUNHQ6FKODJHZLH]XYRULFK K|UHGLH7ULWWHGHXWOLFKDXIGHP9RUVDDO HVJHKWGLH7UHSSH KLQDE GLH+DXSWWUGHV6FKORVVHV|IIQHWVLFKUDVVHOQGXQGZLUG ZLHGHUYHUVFKORVVHQ'DQQLVWHVDOVZUGHHLQ3IHUGDXVGHP 6WDOOHJH]RJHQXQGQDFKHLQHU:HLOHZLHGHULQGHQ6WDOO ]XUFNJHIKUWGDQQLVWDOOHVVWLOO,QGHPVHOEHQ$XJHQEOLFN YHUQDKPLFKZLHGHUDOWH*URRQNHOLP1HEHQJHPDFKlQJVWOLFK VHXI]WHXQGVW|KQWHGLHVJDEPLUDOOH%HVLQQXQJZLHGHULFK HUJULIIGLH/HXFKWHUXQGHLOWHKLQHLQ'HU$OWHVFKLHQPLWHLQHP E|VHQVFKZHUHQ7UDXPH]XNlPSIHQ
(UZDFKHQ6LH HUZDFKHQ6LHULHILFKODXWLQGHPLFKLKQVDQIW EHLGHU+DQGIDWHXQGGHQKHOOHQ.HU]HQVFKHLQDXIVHLQ*HVLFKW IDOOHQOLH'HU$OWHIXKUDXIPLWHLQHPGXPSIHQ 5XIGDQQ VFKDXWHHUPLFKPLWIUHXQGOLFKHQ$XJHQDQXQGVSUDFK 'DVKDVW GXJXWJHPDFKW9HWWHUGDGXPLFKZHFNWHVW(LLFKKDWWHHLQHQ VHKUKlOLFKHQ7UDXPXQGGDUDQLVWEORKLHUGDV*HPDFKXQG GHU6DDOVFKXOGGHQQLFKPXWHGDEHLDQGLHYHUJDQJHQH=HLW XQGDQPDQFKHV9HUZXQGHUOLFKHGHQNHQZDVKLHUVLFKEHJDE $EHUQXQZROOHQZLUUHFKWWFKWLJDXVVFKODIHQ 'DPLWKOOWHVLFKGHU$OWHLQGLH'HFNHXQGVFKLHQVRIRUW HLQ]XVFKODIHQ$OVLFKGLH.HU]HQDXVJHO|VFKWXQGPLFKDXFKLQV %HWWHJHOHJWKDWWH YHUQDKPLFKGDGHU$OWHOHLVHEHWHWH
$PDQGHUQ0RUJHQJLQJGLH$UEHLWORVGHU:LUWVFKDIWVLQVSHNWRU NDPPLWGHQ5HFKQXQJHQXQG/HXWHPHOGHWHQVLFKGLH LUJHQGHLQHQ6WUHLWJHVFKOLFKWHWLUJHQGHLQH$QJHOHJHQKHLW JHRUGQHWKDEHQZROOWHQ0LWWDJVJLQJGHU *URRQNHOPLWPLU KHUEHULQGHQ6HLWHQIOJHOXPGHQEHLGHQDOWHQ%DURQHVVHQLQ DOOHU)RUPDXI]XZDUWHQ)UDQ]PHOGHWHXQVZLUPXWHQHLQLJH $XJHQEOLFNHZDUWHQXQGZXUGHQGDQQGXUFKHLQVHFK]LJMlKULJHV JHEHXJWHVLQEXQWH6HLGHJHNOHLGHWHV0WWHUFKHQGLHVLFKGDV .DPPHUIUlXOHLQGHUJQlGLJHQ+HUUVFKDIWQDQQWHLQGDV+HLOLJWXP JHIKUW 'DHPSILQJHQXQVGLHDOWHQQDFKOlQJVWYHUMlKUWHU0RGH DEHQWHXHUOLFKJHSXW]WHQ'DPHQPLWNRPLVFKHP=HUHPRQLHOOXQG YRU]JOLFKZDULFKHLQ*HJHQVWDQGLKUHU9HUZXQGHUXQJDOVGHU *URRQNHOPLFKPLWYLHOHU/DXQHDOVHLQHQMXQJHQLKP EHLVWHKHHQGHQ-XVWL]PDQQYRUVWHOOWH,QLKUHQ0LHQHQODJHVGD VLHEHLPHLQHU-XJHQGGDV:RKOGHU5VLWWHQVFKHQ8QWHUWDQHQ JHIlKUGHWJODXEWHQ 'HUJDQ]H$XIWULWWEHLGHQDOWHQ'DPHQKDWWHEHUKDXSWYLHO /lFKHUOLFKHVGLH6FKDXHUGHUYHUJDQJHQHQ1DFKWIU|VWHOWHQDEHU QRFKLQPHLQHP,QQHUQLFKIKOWHPLFKZLHYRQHLQHU XQEHNDQQWHQ0DFKWEHUKUWRGHUHVZDUPLUYLHOPHKUDOVKDEH LFKVFKRQDQGHQ.UHLVJHVWUHLIWGHQ]XEHUVFKUHLWHQXQG UHWWXQJVORVXQWHU]XJHKHQHVQXUQRFKHLQHV6FKULWWVEHGUIWHDOV N|QQHQXUGDV$XIELHWHQDOOHUPLULQZRKQHQGHQ.UDIWPLFKJHJHQ GDV(QWVHW]HQVFKW]HQGDVQXUGHPXQKHLOEDUHQ:DKQVLQQ]X ZHLFKHQSIOHJW6RNDPHVGDVHOEVWGLHDOWHQ%DURQHVVHQLQ LKUHQVHOWVDPHQKRFKDXIJHWUPWHQ)ULVXUHQLQLKUHQ ZXQGHUOLFKHQVWRIIQHQPLWEXQWHQ%OXPHQXQG%lQGHUQ DXVVWDIILHUWHQ.OHLGHUQPLUVWDWWOlFKHUOLFKJDQ]JUDXOLFKXQG JHVSHQVWLVFKHUVFKLHQHQ
,QGHQDOWHQJHOEYHUVFKUXPSIWHQ*HVLFKWHUQLQGHQEOLQ]HQGHQ $XJHQZROOW LFKHVOHVHQLQGHPVFKOHFKWHQ)UDQ]|VLVFKGDVKDOE GXUFKGLHHLQJHNQLIIHQHQEODXHQ/LSSHQKDOEGXUFKGLHVSLW]HQ 1DVHQKHUDXVVFKQDUUWHZROOW LFKHVK|UHQZLHVLFKGLH$OWHQPLW GHQXQKHLPOLFKHQLP6FKORVVHKHUXPVSXNHQGHQ:HVHQ ZHQLJVWHQVDXIJXWHQ)XJHVHW]WKlWWHQXQGDXFKZRKOVHOEVW 9HUVW|UHQGHVXQG(QWVHW]OLFKHV]XWUHLEHQYHUPRFKWHQ
'HU*URRQNHO]XDOOHP/XVWLJHQDXIJHOHJWYHUVWULFNWHPLWVHLQHU ,URQLHGLH$OWHQLQHLQVROFKHVWROOHV*HZlVFKHGDLFKLQDQGHUHU 6WLPPXQJQLFKWJHZXWKlWWHZLHGDVDXVJHODVVHQVWH*HOlFKWHU LQPLFKKLQHLQVFKOXFNHQDEHUZLHJHVDJWGLH%DURQHVVHQVDPW LKUHP*HSODSSHUZDUHQXQGEOLHEHQJHVSHQVWLVFKXQGGHU$OWH GHUPLUHLQHEHVRQGHUH/XVWEHUHLWHQZROOWHEOLFNWHPLFKHLQ0DO EHUVDQGHUHJDQ]YHUZXQGHUWDQ
6RZLHZLUQDFK7LVFKHLQXQVHUP=LPPHUDOOHLQZDUHQEUDFKHU ORV $EHU9HWWHUVDJ PLUXPGHV+LPPHOVZLOOHQZDVLVWGLU" 'XODFKVWQLFKWGXVSULFKVWQLFKWGXLVVHVWQLFKWGXWULQNVWQLFKW" %LVWGXNUDQN"RGHUIHKOWHVVRQVWZRUDQ" ,FKQDKPMHW]WJDUNHLQHQ$QVWDQGLKPDOOHV*UDXOLFKH (QWVHW]OLFKHZDVLFKLQYRULJHU1DFKWEHUVWDQGHQJDQ] DXVIKUOLFK]XHU]lKOHQ1LFKWVYHUVFKZLHJLFKYRU]JOLFKDXFK QLFKWGDLFKYLHO3XQVFKJHWUXQNHQXQGLQ6FKLOOHUV
*HLVWHUVHKHU JHOHVHQ%HNHQQHQPXLFKGLHVVHW]WHLFKKLQ]X GHQQVRZLUGHVJODXEOLFKGDPHLQHEHUUHL]WHDUEHLWHQGH )DQWDVLHDOOGLH(UVFKHLQXQJHQVFKXIGLHQXULQQHUKDOEGHQ :lQGHQPHLQHV*HKLUQVH[LVWLHUWHQ
,FKJODXEWHGDQXQGHU*URRQNHOPLUGHUE]XVHW]HQZUGHPLW N|UQLFKWHQ6SlHQEHUPHLQH*HLVWHUVHKHUHLVWDWWGHVVHQZXUGH HUVHKUHUQVWKDIWVWDUUWHLQGHQ%RGHQKLQHLQZDUIGDQQGHQ .RSIVFKQHOOLQGLH+|KHXQGVSUDFKPLFKPLWGHPEUHQQHQGHQ %OLFNVHLQHU$XJHQDQVFKDXHQG ,FKNHQQHGHLQ%XFKQLFKW 9HWWHUDEHUZHGHUVHLQHPQRFKGHP*HLVWGHV3XQVFKHVKDVWGX MHQHQ*HLVWHUVSXN]XYHUGDQNHQ:LVVHGDLFKGDVVHOEHZDVGLU ZLGHUIXKUWUlXPWH,FKVDVRZLHGX VRNDPHVPLUYRU LP /HKQVWXKOEHLGHP.DPLQDEHUZDVVLFKGLUQXULQ7|QHQ NXQGJHWDQGDVVDKLFKPLWGHPLQQHUQ$XJHHVGHXWOLFK HUIDVVHQG -DLFKHUEOLFNWHGHQJUHXOLFKHQ8QKROGZLHHUKHUHLQWUDWZLHHU NUDIWORVDQGLHYHUPDXHUWH7UVFKOLFKZLHHULQWURVWORVHU 9HU]ZHLIOXQJDQGHU:DQGNUDW]WHGDGDV%OXWXQWHUGHQ ]HUULVVHQHQ1lJHOQKHUDXVTXROOZLHHUGDQQKLQDEVWLHJGDV3IHUG DXVGHP6WDOOH]RJXQGLQGHQ6WDOO]XUFNEUDFKWH+DVWGXHV JHK|UWZLHGHU+DKQLPIHUQHQ*HK|IWHGHV'RUIHVNUlKWH"'D ZHFNWHVWGXPLFKXQGLFKZLGHUVWDQGEDOGGHPE|VHQ6SXNGHV
HQWVHW]OLFKHQ0HQFKHQGHU QRFKYHUPDJGDVKHLWUH/HEHQ JUDXHQKDIW]XYHUVW|UHQ
'HU$OWHKLHOWLQQHDEHULFKPRFKWHQLFKWIUDJHQZRKOEHGHQNHQG GDHUPLUDOOHVDXINOlUHQZHUGHZHQQHUHVJHUDWHQILQGHQ VROOWH1DFKHLQHU:HLOHLQGHUHUWLHILQVLFKJHNHKUW GDJHVHVVHQIXKUGHU$OWHIRUW 9HWWHUKDVWGX0XWJHQXJMHW]W QDFKGHPGXZHLWZLHVLFKDOOHVEHJLEWGHQ6SXNQRFKHLQPDO ]XEHVWHKHQ"XQG]ZDUPLWPLU]XVDPPHQ" (VZDUQDWUOLFKGDLFKHUNOlUWHZLHLFKPLFKMHW]WGD]XJDQ] HQWNUlIWLJWIKOH6RZROOHQZLUVSUDFKGHU$OWHZHLWHULQ NQIWLJHU1DFKW]XVDPPHQZDFKHQ(LQHLQQHUH6WLPPHVDJWPLU GDPHLQHUJHLVWLJHQ*HZDOWQLFKWVRZRKODOVPHLQHP0XWHGHU VLFKDXIIHVWHV9HUWUDXHQJUQGHWGHUE|VH6SXNZHLFKHQPX XQGGDHVNHLQIUHYHOLFKHV%HJLQQHQVRQGHUQHLQIURPPHV WDSIHUHV:HUNLVWZHQQLFK/HLEXQG/HEHQGDUDQZDJHGHQ E|VHQ8QKROG]XEDQQHQGHUKLHUGLH6|KQHDXVGHU6WDPPEXUJ GHU$KQKHUUQWUHLEW
'RFKYRQNHLQHU:DJQLVLVWMDGLH5HGHGHQQLQVROFKIHVWHP UHGOLFKHQ6LQQLQVROFKIURPPHQ9HUWUDXHQZLHHVLQPLUOHEWLVW XQGEOHLEWPDQHLQVLHJUHLFKHU+HOG $EHUVROOW HVGHQQRFK *RWWHV:LOOHVHLQGDGLHE|VH0DFKWPLFKDQ]XWDVWHQYHUPDJ VRVROOVWGX9HWWHUHVYHUNQGHQGDLFKLPUHGOLFKHQ FKULVWOLFKHQ.DPSIPLWGHP+|OOHQJHLVWGHUKLHUVHLQ YHUVW|UHQGHV:HVHQWUHLEWXQWHUODJ 'X KDOWGLFKIHUQHGLU ZLUGGDQQQLFKWVJHVFKHKHQ 8QWHUPDQFKHUOHL]HUVWUHXHQGHQ*HVFKlIWHQZDUGHU$EHQG KHUDQJHNRPPHQ)UDQ]KDWWHZLHJHVWHUQGDV$EHQGHVVHQ DEJHUlXPWXQGXQV3XQVFKJHEUDFKWGHU9ROOPRQGVFKLHQKHOO GXUFKGLHJOlQ]HQGHQ:RONHQGLH0HHUHVZHOOHQEUDXVWHQXQG GHU1DFKWZLQGKHXOWHXQGVFKWWHOWHGLHNOLUUHQGHQ6FKHLEHQGHU %RJHQIHQVWHU:LU]ZDQJHQXQVLP,QQHUQDXIJHUHJW]X JOHLFKJOWLJHQ*HVSUlFKHQ'HU$OWHKDWWHVHLQH6FKODJXKUDXI GHQ7LVFKJHOHJW6LHVFKOXJ]Z|OIH'DVSUDQJPLWHQWVHW]OLFKHP .UDFKHQGLH7UDXIXQGZLHJHVWHUQVFKZHEWHQOHLVHXQG ODQJVDP7ULWWHTXHUGXUFKGHQ6DDOXQGGDVbFK]HQXQG6HXI]HQ OLHVLFKYHUQHKPHQ
'HU$OWHZDUYHUEODWDEHUVHLQH$XJHQHUVWUDKOWHQLQ XQJHZ|KQOLFKHP)HXHUHUHUKREVLFKYRP/HKQVWXKOXQGLQGHP HULQVHLQHUJURHQ*HVWDOWKRFKDXIJHULFKWHWGHQOLQNHQ$UPLQ GLH6HLWHJHVWHPPWGHQUHFKWHQZHLWYRUVWUHFNHQGQDFKGHU0LWWH GHV6DDOVGDVWDQGZDUHUDQ]XVHKHQZLHHLQ JHELHWHQGHU+HOG 'RFKLPPHUVWlUNHUXQGYHUQHKPOLFKHUZXUGHGDV6HXI]HQXQG bFK]HQXQGQXQILQJHVDQDEVFKHXOLFKHUDOVJHVWHUQDQGHU :DQGKLQXQGKHU]XNUDW]HQ'DVFKULWWGHU$OWHYRUZlUWVJHUDGH DXIGLH]XJHPDXHUWH7UORVPLWIHVWHQ7ULWWHQGDGHU )XERGHQHUGU|KQWH'LFKWYRUGHU6WHOOHZRHVWROOHUXQGWROOHU NUDW]WHVWDQGHUVWLOOXQGVSUDFKPLWVWDUNHPIHLHUOLFKHP7RQ ZLHLFKLKQQLHJHK|UW 'DQLHO'DQLHOZDVPDFKVWGXKLHU]XGLHVHU6WXQGH'D NUHLVFKWHHVDXIJUDXHQYROOXQGHQWVHW]OLFKXQGHLQGXPSIHU 6FKODJJHVFKDKZLHZHQQHLQH/DVW]X%RGHQVWU]WH6XFKH *QDGHXQG(UEDUPHQYRUGHP7KURQGHV+|FKVWHQGRUWLVWGHLQ 3ODW])RUWPLWGLUDXVGHP/HEHQGHPGXQLHPDOVPHKU DQJHK|UHQNDQQVW
6RULHIGHU$OWHQRFKJHZDOWLJHUDOVYRUKHUHVZDUDOVJLQJHHLQ OHLVHV*HZLPPHUGXUFKGLH/IWHXQGHUVWHUEHLP6DXVHQGHV 6WXUPVGHUVLFK]XHUKHEHQEHJDQQ'DVFKULWWGHU$OWHQDFKGHU 7UXQGZDUIVLH]XGDHVODXWGXUFKGHQ|GHQ9RUVDDO ZLGHUKDOOWH
,QVHLQHU6SUDFKHLQVHLQHQ*HElUGHQODJHWZDV hEHUPHQVFKOLFKHVGDVPLFKPLWWLHIHP6FKDXHUHUIOOWH$OVHU VLFKLQGHQ/HKQVWXKOVHW]WHZDUVHLQ%OLFNZLHYHUNOlUWHUIDOWHWH VHLQH+lQGHHUEHWHWHLP,QQHUQ6RPRFKWHQHLQLJH0LQXWHQ YHUJDQJHQVHLQGDIUXJHUPLWGHUPLOGHQWLHILQGDV+HU] GULQJHQGHQ6WLPPHGLHHUVRVHKULQVHLQHU0DFKWKDWWH 1XQ 9HWWHU"9RQ6FKDXHU (QWVHW]HQ $QJVW KHLOLJHU(KUIXUFKWXQG /LHEHGXUFKEHEWVWU]WHLFKDXIGLH.QLHHXQGEHQHW]WHGLHPLU GDUJHERWHQH+DQGPLWKHLHQ7UlQHQ'HU$OWHVFKORPLFKLQ VHLQH$UPHXQGLQGHPHUPLFKLQQLJDQVHLQ+HU]GUFNWHVSUDFK HUVHKUZHLFK 1XQZROOHQZLUDXFKUHFKWVDQIWVFKODIHQOLHEHU 9HWWHU
(VJHVFKDKDXFKVRXQGDOVVLFKLQGHUIROJHQGHQ1DFKWGXUFKDXV QLFKWV8QKHLPOLFKHVYHUVSUHQOLHJHZDQQHQZLUGLHDOWH +HLWHUNHLWZLHGHU]XP1DFKWHLOGHUDOWHQ%DURQHVVHQGLHEOLHEHQ VLHDXFKLQGHU7DWHLQZHQLJJHVSHQVWLVFKPLWLKUHP DEHQWHXHUOLFKHQ:HVHQGRFKQXUHUJ|W]OLFKHQ6SXNWULHEHQGHQ GHU$OWHDXISRVVLHUOLFKH:HLVHDQ]XUHJHQZXWH (QGOLFKQDFKPHKUHUHQ7DJHQWUDIGHU%DURQHLQPLWVHLQHU *HPDKOLQXQG]DKOUHLFKHP-DJGJHIROJHGLHJHODGHQHQ*lVWH VDPPHOWHQVLFKXQGQXQJLQJLQGHPSO|W]OLFKOHEHQGLJ JHZRUGHQHQ6FKORVVHGDVODXWHZLOGH7UHLEHQORVZLHHVYRUKLQ EHVFKULHEHQ
$OVGHU%DURQJOHLFKQDFKVHLQHU$QNXQIWLQXQVHUQ6DDOWUDW VFKLHQHUEHUXQVHUQYHUlQGHUWHQ$XIHQWKDOWDXIVHOWVDPH:HLVH EHIUHPGHWHUZDUIHLQHQGVWHUQ%OLFNDXIGLH]XJHPDXHUWH7U XQGVFKQHOOVLFKDEZHQGHQGIXKUHUPLWGHU+DQGEHUGLH6WLUQ DOVZROOHHULUJHQGHLQHE|VH(ULQQHUXQJYHUVFKHXFKHQ'HU *URRQNHOVSUDFKYRQGHU9HUZVWXQJGHV*HULFKWVVDDOVXQGGHU DQVWRHQGHQ*HPlFKHUGHU%DURQWDGHOWHHVGD)UDQ]XQV QLFKWEHVVHUHLQORJLHUWKDEHXQGIRUGHUWHGHQ$OWHQUHFKW JHPWOLFKDXIGRFKQXU]XJHELHWHQZHQQLKPLUJHQGHWZDVLQ GHPQHXHQ*HPDFKGDVGRFKYLHOVFKOHFKWHUVHLDOVGDVZDVHU VRQVWEHZRKQWDQVHLQHU%HTXHPOLFKNHLWDEJLQJH
hEHUKDXSWZDUGDV%HWUDJHQGHV%DURQVJHJHQGHQDOWHQ *URRQNHOQLFKWDOOHLQKHU]OLFKVRQGHUQLKPPLVFKWHVLFKHLQH JHZLVVHNLQGOLFKH(KUIXUFKWEHLDOVVWHKHGHU%DURQPLWGHP $OWHQLQYHUZDQGWVFKDIWOLFKHP5HVSHNWVYHUKlOWQLV'LHVZDUDEHU DXFKGDVHLQ]LJHZDVPLFKPLWGHPUDXKHQJHELHWHULVFKHQ :HVHQGHV%DURQVGDVHULPPHUPHKUXQGPHKUHQWZLFNHOWH HLQLJHUPDHQ]XYHUV|KQHQYHUPRFKWH0LFKVFKLHQHUZHQLJRGHU JDUQLFKW]XEHDFKWHQHUVDKLQPLUGHQJHZ|KQOLFKHQ6FKUHLEHU *OHLFKGDVHUVWHPDODOVLFKHLQH9HUKDQGOXQJDXIJHQRPPHQ ZROOWHHUHWZDVLQGHU)DVVXQJXQULFKWLJILQGHQGDV%OXWZDOOWH PLUDXIXQGLFKZDULP%HJULIILUJHQGHWZDV6FKQHLGHQGHV]X HUZLGHUQDOVGHU*URRQNHOGDV:RUWQHKPHQGYHUVLFKHUWHGD LFKGHQQQXQHLQPDODOOHVUHFKWQDFKVHLQHP6LQQHPDFKHXQG GDGLHVHUGRFKQXUKLHULQJHULFKWOLFKHU9HUKDQGOXQJZDOWHQ N|QQH
$OVZLUDOOHLQZDUHQEHVFKZHUWHLFKPLFKELWWHUEHUGHQ%DURQ GHUPLULPPHUPHKULP*UXQGHGHU6HHOH]XZLGHUZHUGH*ODXEH PLU9HWWHUHUZLGHUWHGHU$OWHGDGHU%DURQWURW]VHLQHV XQIUHXQGOLFKHQ:HVHQVGHUYRUWUHIIOLFKVWHJXWPWLJVWH0HQVFK YRQGHU:HOWLVW'LHVHV:HVHQKDWHUDXFKZLHLFKGLUVFKRQ VDJWHHUVWVHLWGHU=HLWDQJHQRPPHQDOVHU0DMRUDWVKHUUZXUGH YRUKHUZDUHUHLQVDQIWHUEHVFKHLGHQHU-QJOLQJhEHUKDXSWLVWHV GHQQGRFKDEHUQLFKWPLWLKPVRDUJZLHGXHVPDFKVWXQGLFK P|FKWHZRKOZLVVHQZDUXPHUGLUVRJDUVHKU]XZLGHULVW ,QGHPGHU$OWHGLHOHW]WHQ:RUWHVSUDFKOlFKHOWHHUUHFKW K|KQLVFKXQGGDV%OXWVWLHJPLUVLHGHQGKHLLQV*HVLFKW0XWH PLUQXQQLFKWPHLQ,QQUHVUHFKWNODUZHUGHQPXWHLFKHVQLFKW GHXWOLFKIKOHQGDMHQHVZXQGHUOLFKH+DVVHQDXINHLPWHDXVGHP /LHEHQRGHUYLHOPHKUDXVGHP9HUOLHEHQLQHLQ:HVHQGDVPLU GDVKROGHVWHKRFKKHUUOLFKVWH]XVHLQVFKLHQZDVMHPDOVDXI (UGHQJHZDQGHOW"
'LHVHV:HVHQZDUQLHPDQGDOVGLH%DURQHVVHVHOEVW6FKRQJOHLFK DOVVLHDQJHNRPPHQXQGLQHLQHPUXVVLVFKHQ=REHOSHO]GHU NQDSSDQVFKORDQGHQ]LHUOLFKJHEDXWHQ/HLEGDV+DXSWLQUHLFKH 6FKOHLHUJHZLFNHOWGXUFKGLH*HPlFKHUVFKULWWZLUNWHLKUH (UVFKHLQXQJDXIPLFKZLHHLQPlFKWLJHUXQZLGHUVWHKOLFKHU =DXEHU-DVHOEVWGHU8PVWDQGGDGLHDOWHQ7DQWHQLQ YHUZXQGHUOLFKHUHQ.OHLGHUQXQG)RQWDQJHQDOVLFKVLHQRFK JHVHKHQDQEHLGHQ6HLWHQQHEHQLKUKHUWULSSHOWHQXQGLKUH IUDQ]|VLVFKHQ%HZLOONRPPQXQJHQKHUVFKQDWWHUWHQZlKUHQGVLH GLH%DURQLQPLWXQEHVFKUHLEOLFKPLOGHQ%OLFNHQXPVLFKKHU VFKDXWHXQGEDOGGLHVHPEDOGMHQHPIUHXQGOLFK]XQLFNWHEDOGLQ GHPUHLQW|QHQGHQNXUOlQGLVFKHQ'LDOHNWHLQLJHGHXWVFKH:RUWH GD]ZLVFKHQIO|WHWHVFKRQGLHVHVJDEHLQZXQGHUEDUIUHPGDUWLJHV %LOGXQGXQZLOONUOLFKUHLKWHGLH)DQWDVLHGLHV%LOGDQMHQHQ XQKHLPOLFKHQ6SXNXQGGLH%DURQHVVHZXUGHGHU(QJHOGHV /LFKWVGHPVLFKGLHE|VHQJHVSHQVWLVFKHQ0lFKWHEHXJHQ 'LHZXQGHUKHUUOLFKH)UDXWULWWOHEKDIWYRUPHLQHV*HLVWHV$XJHQ 6LHPRFKWHZRKOGDPDOVNDXPQHXQ]HKQ-DKUH]lKOHQLKU *HVLFKW HEHQVR]DUWZLHLKU:XFKVWUXJGHQ$XVGUXFNGHU K|FKVWHQ(QJHOVJWHYRU]JOLFKODJDEHULQGHP%OLFNGHU GXQNOHQ$XJHQHLQXQEHVFKUHLEOLFKHU=DXEHUZLHIHXFKWHU 0RQGHVVWUDKOJLQJGDULQHLQHVFKZHUPWLJH6HKQVXFKWDXI VRZLH
LQLKUHPKROGVHOLJHQ/lFKHOQHLQJDQ]HU+LPPHOYROO:RQQHXQG (QW]FNHQ2IWVFKLHQVLHJDQ]LQVLFKVHOEVWYHUORUHQXQGGDQQ JLQJHQGVWUH:RONHQVFKDWWHQEHULKUKROGHV$QWOLW]
0DQKlWWHJODXEHQVROOHQLUJHQGHLQYHUVW|UHQGHU6FKPHU]PVVH VLHEHIDQJHQPLUVFKLHQHVDEHUGDZRKOGLHGVWHUH$KQXQJ HLQHUWUEHQXQJOFNVVFKZDQJHUHQ=XNXQIWHVVHLYRQGHUVLHLQ VROFKHQ$XJHQEOLFNHQHUIDWZHUGHXQGDXFKGDPLWVHW]WHLFKDXI VHOWVDPH:HLVHGLHLFKPLUZHLWHUJDUQLFKW]XHUNOlUHQZXWH GHQ6SXNLP6FKORVVHLQ9HUELQGXQJ
'HQDQGHUQ0RUJHQQDFKGHPGHU%DURQDQJHNRPPHQ YHUVDPPHOWHVLFKGLH*HVHOOVFKDIW]XP)UKVWFNGHU$OWHVWHOOWH PLFKGHU%DURQHVVHYRUXQGZLHHVLQVROFKHU6WLPPXQJZLHGLH PHLQLJHZDU]XJHVFKHKHQSIOHJWLFKQDKPPLFKXQEHVFKUHLEOLFK DOEHUQLQGHPLFKDXIGLHHLQIDFKHQ)UDJHQGHUKROGHQ)UDXZLH HVPLUDXIGHP6FKORVVHJHIDOOHXVPLFKLQGLHZXQGHUOLFKVWHQ VLQQORVHVWHQ5HGHQYHUILQJVRGDGLHDOWHQ7DQWHQPHLQH 9HUOHJHQKHLWZRKOOHGLJOLFKGHPSURIXQGHQ5HVSHNWYRUGHU+HUULQ ]XVFKULHEHQVLFK PHLQHUKXOGUHLFKDQQHKPHQ]XPVVHQ JODXEWHQXQGPLFKLQIUDQ]|VLVFKHU6SUDFKHDOVHLQHQJDQ] DUWLJHQXQGJHVFKLFNWHQMXQJHQ0HQVFKHQDOVHLQHQ JDUFRQWUHV MROL DQSULHVHQ 'DVlUJHUWHPLFKXQGSO|W]OLFKPLFKJDQ]EHKHUUVFKHQGIXKUPLU HLQ:LW]ZRUWKHUDXVLQEHVVHUHP)UDQ]|VLVFKDOVGLH$OWHQHV VSUDFKHQZRUDXIVLHPLFKPLWJURHQ$XJHQDQJXFNWHQXQGGLH ODQJHQVSLW]HQ1DVHQUHLFKOLFKPLW7DEDNEHGLHQWHQ $QGHPHUQVWHUHQ%OLFNGHU%DURQHVVHPLWGHPVLHVLFKYRQPLU DE]XHLQHUDQGHUHQ'DPHZDQGWHPHUNWHLFKGDPHLQ :LW]ZRUWKDUWDQHLQH1DUUKHLWVWUHLIWHGDVlUJHUWHPLFKQRFK PHKUXQGLFKYHUZQVFKWHGLH$OWHQLQGHQ$EJUXQGGHU+|OOH
'LH=HLWGHVVFKlIHULVFKHQ6FKPDFKWHQVGHV/LHEHVXQJOFNVLQ NLQGLVFKHU6HOEVWEHW|UXQJKDWWHLQPLUGHUDOWH*URRQNHOOlQJVW ZHJLURQLHUWXQGZRKOPHUNW LFKGDGLH%DURQLQWLHIHUXQG PlFKWLJHUDOVQRFKELVMHW]WHLQH)UDXPLFKLQPHLQHPLQQHUVWHQ *HPWJHIDWKDWWH,FKVDKLFKK|UWHQXUVLHDEHUEHZXWZDU LFKPLUGHXWOLFKXQGEHVWLPPWGDHVDEJHVFKPDFNWMD ZDKQVLQQLJVHLQZUGHLUJHQGHLQH/LHEHOHL]XZDJHQZLHZRKOLFK
DXFKGLH8QP|JOLFKNHLWHLQVDKZLHHLQYHUOLHEWHU.QDEHYRQ ZHLWHP]XVWDXQHQXQGDQ]XEHWHQGHVVHQLFKPLFKVHOEVWKlWWH VFKlPHQPVVHQ
'HUKHUUOLFKHQ)UDXQlKHU]XWUHWHQRKQHLKUQXUPHLQLQQHUHV *HIKODKQHQ]XODVVHQGDVVH*LIWLKUHU%OLFNHLKUHU:RUWH HLQVDXJHQXQGGDQQIHUQYRQLKUVLHODQJHYLHOOHLFKWLPPHUGDU LP+HU]HQWUDJHQGDVZROOWHXQGNRQQWHLFK'LHVHURPDQWLVFKH MDZRKOULWWHUOLFKH/LHEHZLHVLHPLUDXIJLQJLQVFKODIORVHU1DFKW VSDQQWHPLFKGHUPDHQGDLFKNLQGLVFKJHQXJZDUPLFKVHOEVW DXISDWKHWLVFKH:HLVH]XKDUDQJXLHUHQXQG]XOHW]WVHKUNOlJOLFK ]XVHXI]HQ 6HUDSKLQHDFK6HUDSKLQHVRGDGHU$OWHHUZDFKWH XQGPLU]XULHI 9HWWHU9HWWHULFKJODXEHGXIDQWDVLHUVWPLW ODXWHU6WLPPH7X VEHL7DJHZHQQ VP|JOLFKLVWDEHU]XU 1DFKW]HLWODPLFKVFKODIHQ ,FKZDUQLFKWZHQLJEHVRUJWGDGHU$OWHGHUVFKRQPHLQ DXIJHUHJWHV:HVHQEHLGHU$QNXQIWGHU%DURQLQZRKOEHPHUNW GHQ1DPHQJHK|UWKDEHQXQG PLFKPLWHLQHPVDUNDVWLVFKHQ 6SRWWEHUVFKWWHQZHUGHHUVDJWHDPDQGHUQ0RUJHQDEHU QLFKWVZHLWHUDOVEHLGHP+LQHLQJHKHQLQGHQ*HULFKWVVDDO *RWW JHEHMHGHPJHK|ULJHQ0HQVFKHQYHUVWDQGXQG6RUJOLFKNHLWLKQLQ JXWHP9HUVFKOX]XKDOWHQ(VLVWVFKOLPPPLUQLFKWVGLUQLFKWV VLFKLQHLQHQ+DVHQIXXP]XVHW]HQ+LHUDXIQDKPHU3ODW]DQ GHPJURHQ7LVFKXQGVSUDFK 6FKUHLEHIHLQGHXWOLFKOLHEHU 9HWWHUGDPLWLFK VRKQH$QVWR]XOHVHQYHUPDJ
'LH+RFKDFKWXQJMDGLHNLQGOLFKH(KUIXUFKWGLHGHU%DURQ PHLQHPDOWHQ*URRQNHOHU]HLJWHVSUDFKVLFKLQDOOHPDXV6R PXWHHUDXFKEHL7LVFKHGHQLKPYRQYLHOHQEHQHLGHWHQ3ODW] QHEHQGHU%DURQHVVHHLQQHKPHQPLFKZDUIGHU=XIDOOEDOGKLHU EDOGGRUWKLQGRFKSIOHJWHQJHZ|KQOLFKHLQSDDU2IIL]LHUHDXVGHU QDKHQ+DXSWVWDGWPLFKLQ%HVFKODJ]XQHKPHQXPVLFKEHU DOOHV1HXHXQG/XVWLJHZDVGRUWJHVFKHKHQUHFKWDXV]XVSUHFKHQ XQGGDEHLZDFNHU]XWULQNHQ
6RNDPHVGDLFKPHKUHUH7DJHKLQGXUFKJDQ]IHUQYRQGHU %DURQHVVHDPXQWHUQ(QGHGHV7LVFKHVVDELV PLFKHQGOLFKHLQ =XIDOOLQLKUH1lKHEUDFKWH$OVGHUYHUVDPPHOWHQ*HVHOOVFKDIW GHU(VDDOJH|IIQHWZXUGHKDWWHPLFKJHUDGHGLH*HVHOOVFKDIWHULQ GHU%DURQLQHLQQLFKWPHKUJDQ]MXQJHV)UlXOHLQDEHUVRQVW
QLFKWKlOLFKXQGQLFKWRKQH*HLVWLQHLQ*HVSUlFKYHUZLFNHOW GDVLKU]XEHKDJHQVFKLHQ'HU6LWWHJHPlPXWHLFKLKUGHQ $UPJHEHQXQGQLFKWZHQLJHUIUHXWZDULFKDOVVLHGHU%DURQLQ JDQ]QDKH3ODW]QDKPGLHLKUIUHXQGOLFK]XQLFNWH
0DQNDQQGHQNHQGDQXQDOOH:RUWHGLHLFKVSUDFKQLFKWPHKU GHU1DFKEDULQDOOHLQVRQGHUQKDXSWVlFKOLFKGHU%DURQLQJDOWHQ 0DJHVVHLQGDPHLQHLQQHUH6SDQQXQJDOOHPZDVLFKVSUDFK HLQHQEHVRQGHUQ6FKZXQJJDEJHQXJGDV)UlXOHLQZXUGH DXIPHUNVDPHUXQGDXIPHUNVDPHUMD]XOHW]WXQZLGHUVWHKOLFK KLQHLQJH]RJHQLQ GLHEXQWH:HOWVWHWVZHFKVHOQGHU%LOGHUGLHLFK LKUDXIJHKHQOLH
6LHZDUZLHJHVDJWQLFKWRKQH*HLVWXQGVRJHVFKDKHVEDOG GDXQVHU*HVSUlFKJDQ]XQDEKlQJLJYRQGHQYLHOHQ:RUWHQGHU *lVWHGLHKLQXQGKHUVWUHLIWHQDXIVHLQHHLJHQH+DQGOHEWH XQG GRUWKLQZRKLQLFKHVKDEHQZROOWHHLQLJH%OLW]HVDQGWH:RKO PHUNW LFKQlPOLFKGDGDV)UlXOHLQGHU%DURQLQEHGHXWHQGH %OLFNH]XZDUIXQGGDGLHVHVLFKPKWHXQV]XK|UHQ9RU]JOLFK ZDUGLHVGHU)DOODOVLFKGDGDV*HVSUlFKVLFKDXI0XVLN JHZDQGWPLWYROOHU%HJHLVWHUXQJYRQGHUKHUUOLFKHQKHLOLJHQ .XQVWVSUDFKXQG]XOHW]WQLFKWYHUKHKOWHGDLFKWURFNQHU ODQJZHLOLJHU-XULVWHUHLGHULFKPLFKHUJHEHQXQHUDFKWHWGHQ )OJHOPLW]LHPOLFKHU)HUWLJNHLWVSLHOHVLQJHXQGDXFKZRKOVFKRQ PDQFKHV /LHGJHVHW]WKDEH 0DQZDULQGHQDQGHUQ6DDOJHWUHWHQXP.DIIHHXQG/LN|UH]X QHKPHQGDVWDQGLFKXQYHUVHKHQVVHOEVWZXWHLFKQLFKWZLH YRUGHU%DURQLQGLHPLWGHP)UlXOHLQJHVSURFKHQ6LHUHGHWH PLFKVRJOHLFKDQLQGHPVLHGRFKIUHXQGOLFKHUXQGLQGHP7RQ ZLHPDQPLWHLQHP%HNDQQWHQVSULFKWMHQH)UDJHQZLHPLUGHU $XIHQWKDOWLP6FKORVVH]XVDJHXVZLHGHUKROWH,FKYHUVLFKHUWH GDLQGHQHUVWHQ7DJHQGLHVFKDXHUOLFKHgGHGHU8PJHEXQJMD VHOEVWGDVDOWHUWPOLFKH6FKORPLFKVHOWVDPJHVWLPPW KDEHGD DEHUHEHQLQGLHVHU6WLPPXQJYLHO+HUUOLFKHVDXIJHJDQJHQXQG GDLFKQXUZQVFKHGHUZLOGHQ-DJGHQDQGLHLFKQLFKW JHZ|KQWEHUKREHQ]XVHLQ 'LH%DURQLQOlFKHOWHLQGHPVLHVSUDFK :RKONDQQLFK VPLU GHQNHQGD,KQHQGDVZVWH7UHLEHQLQXQVHUQ)|KUHQZlOGHUQ QLFKWHEHQEHKDJOLFKVHLQNDQQ6LHVLQG0XVLNHUXQGWlXVFKW
PLFKQLFKWDOOHVJHZLDXFK'LFKWHU0LW/HLGHQVFKDIWOLHEHLFK EHLGH.QVWH LFKVSLHOHVHOEVWHWZDVGLH+DUIHGDVPXLFKQXQ LQ5VLWWHQHQWEHKUHQGHQQPHLQ0DQQPDJHVQLFKWGDLFKGDV ,QVWUXPHQWPLWQHKPHGHVVHQVDQIWHV*HW|QVFKOHFKWVLFK VFKLFNHQZUGH]XGHPZLOGHQ+DOORK]XGHPJHOOHQGHQ +|UQHUJHW|VHGHU-DJGGDVVLFKKLHUQXUK|UHQODVVHQVROO 2 PHLQ*RWWZLHZUGHPLFKKLHU0XVLNHUIUHXQ ,FKYHUVLFKHUWHGDLFKPHLQHJDQ]H.XQVWDXIELHWHQZHUGH LKUHQ:XQVFK]XHUIOOHQGDHVGRFKLP6FKORVVHXQEH]ZHLIHOW HLQ,QVWUXPHQWVHLHVDXFKQXUHLQDOWHU)OJHOJHEHQZHUGH'D ODFKWHDEHU)UlXOHLQ$GHOKHLG GHU%DURQLQ*HVHOOVFKDIWHULQ KHOO DXIXQGIUXJRELFKGHQQQLFKWZLVVHGDVHLW 0HQVFKHQJHGHQNHQLP6FKORVVHNHLQHDQGHUQ,QVWUXPHQWHJHK|UW ZRUGHQDOVNUlFK]HQGH7URPSHWHQLP-XEHOODPHQWLHUHQGH +|UQHUGHU-lJHUXQGKHLVHUH*HLJHQYHUVWLPPWH%lVVH PHFNHUQGH+RERHQKHUXP]LHKHQGHU0XVLNDQWHQ 'LH%DURQLQKLHOWGHQ:XQVFK0XVLNXQG]ZDUPLFK]XK|UHQ IHVWXQGEHLGHVLHXQG$GHOKHLGHUVFK|SIWHQVLFKLQ 9RUVFKOlJHQZLHHLQOHLGOLFKHV)RUWHSLDQRKHUEHLJHVFKDIIWZHUGHQ N|QQH,QGHP$XJHQEOLFNVFKULWWGHUDOWH)UDQ]GXUFKGHQ6DDO 'DKDEHQZLUGHQGHUIUDOOHVJXWHQ5DWZHLGHUDOOHV KHUEHLVFKDIIWVHOEVWGDV8QHUK|UWHXQG8QJHVHKHQH 0LWGLHVHQ:RUWHQULHILKQ)UlXOHLQ$GHOKHLGKHUDQXQGLQGHPVLH LKPEHJUHLIOLFKPDFKWHZRUDXIHVDQNRPPHKRUFKWHGLH%DURQLQ PLWJHIDOWHWHQ+lQGHQPLWYRUZlUWVJHEHXJWHP+DXSWGHP $OWHQPLWPLOGHP/lFKHOQLQV$XJHEOLFNHQG]X*DUDQPXWLJZDU VLHDQ]XVHKHQZLHHLQKROGHVOLHEOLFKHV.LQGGDVHLQHUVHKQWHV 6SLHO]HXJQXUJDU]XJHUQVFKRQLQ+lQGHQKlWWH)UDQ] QDFKGHPHULQVHLQHUZHLWOlXILJHQ0DQLHUPHKUHUH8UVDFKHQ KHUJH]lKOWKDWWHZDUXPHVGHQQVFKLHUXQP|JOLFKVHLLQGHU *HVFKZLQGLJNHLWVROFKHLQUDUHV,QVWUXPHQWKHUEHL]XVFKDIIHQ VWULFKVLFKHQGOLFKPLWEHKDJOLFKHP6FKPXQ]HOQGHQ%DUWXQG VSUDFK $EHUGLH)UDX:LUWVFKDIWVLQVSHNWRULQGUEHQLP'RUIH VFKOlJWJDQ]XQJHPHLQJHVFKLFNWGDV&ODYL]LPEHORGHUZLHVLHHV MHW]WQHQQHQPLWGHPDXVOlQGLVFKHQ1DPHQXQGVLQJWGD]XVR IHLQXQGODPHQWDEHOGDHLQHPGLH$XJHQURWZHUGHQZLHYRQ =ZLHEHOQXQGPDQKSIHQP|FKWHPLWEHLGHQ%HLQHQ
8QGEHVLW]WHLQ)RUWHSLDQRILHO)UlXOHLQ$GHOKHLGLKPLQGLH 5HGH(LIUHLOLFKIXKUGHU$OWHIRUWGLUHNWDXV'UHVGHQLVWHV JHNRPPHQ HLQ2GDVLVWKHUUOLFKXQWHUEUDFKLKQGLH %DURQLQHLQVFK|QHV,QVWUXPHQWVSUDFKGHU$OWHZHLWHUDEHU HLQZHQLJVFKZlFKOLFKGHQQDOVGHU2UJDQLVWQHXOLFKGDV/LHG ,Q DOOHQPHLQHQ7DWHQ GDUDXIVSLHOHQZROOWHVFKOXJHUDOOHVLQ*UXQG XQG%RGHQVRGD 2PHLQ*RWWULHIHQEHLGHGLH%DURQLQXQG)UlXOHLQ$GHOKHLG VRGDIXKUGHU$OWHIRUWHVPLWVFKZHUHQ.RVWHQQDFK5 JHVFKDIIWXQGGRUWUHSDULHUWZHUGHQPXWH,VWHVGHQQQXQ ZLHGHUKLHU"IUXJ)UlXOHLQ$GHOKHLGXQJHGXOGLJ(LIUHLOLFK JQlGLJHV)UlXOHLQXQGGLH)UDX:LUWVFKDIWVLQVSHNWRULQZLUGHV VLFK]XU(KUHUHFKQHQ
,QGLHVHP$XJHQEOLFNVWUHLIWHGHU%DURQYRUEHUHUVDKVLFKZLH EHIUHPGHWQDFKXQVHUHU*UXSSHXPXQGIOVWHUWHVS|WWLVFK OlFKHOQGGHU%DURQLQ]X 0X)UDQ]ZLHGHUJXWHQ5DWHUWHLOHQ" 'LH%DURQLQVFKOXJHUU|WHQGGLH$XJHQQLHGHUXQGGHUDOWH)UDQ] VWDQGHUVFKURFNHQDEEUHFKHQGGHQ.RSIJHUDGHJHULFKWHWGLH KHUDEKlQJHQGHQ$UPHGLFKWDQGHQ/HLEJHGUFNWLQVROGDWLVFKHU 6WHOOXQJGD 'LHDOWHQ7DQWHQVFKZDPPHQLQLKUHQVWRIIQHQ.OHLGHUQDXIXQV ]XXQGHQWIKUWHQGLH%DURQLQ,KUIROJWH)UlXOHLQ$GHOKHLG,FK ZDUZLHEH]DXEHUWVWHKHQJHEOLHEHQ(QW]FNHQGDLFKQXQLKU GHU$QJHEHWHWHQGLHPHLQJDQ]HV:HVHQEHKHUUVFKWHPLFK QDKHQZHUGHNlPSIWHPLWGVWHUP0LPXWXQGbUJHUEHUGHQ %DURQGHUPLUDOVHLQUDXKHU'HVSRWHUVFKLHQ:DUHUGLHVQLFKW GXUIWHGDQQZRKOGHUDOWHHLVJUDXH'LHQHUVRVNODYLVFKVLFK EHQHKPHQ"
+|UVWGXVLHKVWGXHQGOLFK"ULHIGHU*URRQNHOPLUDXIGLH 6FKXOWHUNORSIHQG ZLUJLQJHQKLQDXILQXQVHU*HPDFK'UlQJH GLFKQLFKWVRDQGLH%DURQLQVSUDFKHUDOVZLUDQJHNRPPHQ ZR]XVROOGDVEHUODHVGHQ MXQJHQ*HFNHQGLHJHUQGHQ+RI PDFKHQXQGDQGHQHQHVMDQLFKWPDQJHOW ,FKHU]lKOWHZLH DOOHVJHNRPPHQXQGIRUGHUWHLKQDXIPLUQXQ]XVDJHQRELFK VHLQHQ9RUZXUIYHUGLHQHHUHUZLGHUWHDEHUGDUDXIQLFKWVDOV +P KP ]RJGHQ6FKODIURFNDQVHW]WHVLFKPLWDQJH]QGHWHU3IHLIH
LQGHQ/HKQVWXKOXQGVSUDFKYRQGHQ(UHLJQLVVHQGHUJHVWULJHQ -DJGPLFKIRSSHQGEHUPHLQH)HKOVFKVVH
,P6FKORZDUHVVWLOOJHZRUGHQ+HUUHQXQG'DPHQ EHVFKlIWLJWHQVLFKLQLKUHQ=LPPHUQPLWGHP3XW]IUGLH1DFKW -HQH0XVLNDQWHQPLWGHQKHLVHUQ*HLJHQPLWGHQYHUVWLPPWHQ %lVVHQXQGGHQPHFNHUQGHQ+RERHQYRQGHQHQ)UlXOHLQ $GHOKHLGJHVSURFKHQZDUHQQlPOLFKDQJHNRPPHQXQGHVVROOWH IUGLH1DFKWQLFKWV*HULQJHUHVJHEHQDOVHLQHQ%DOOLQ EHVWP|JOLFKHU)RUP
'HU$OWHGHQUXKLJHQ6FKODIVROFKIDVHOQGHP7UHLEHQYRU]LHKHQG EOLHELQVHLQHP*HPDFKLFKKLQJHJHQKDWWHPLFKHEHQ]XP%DOO JHNOHLGHWDOVHVOHLVHDQXQVHUH7UNORSIWHXQG)UDQ]KLQHLQWUDW GHUPLUPLWEHKDJOLFKHP/lFKHOQYHUNQGHWHGDVRHEHQGDV &ODYL]LPEHOYRQGHU)UDX:LUWVFKDIWVLQVSHNWRULQLQHLQHP 6FKOLWWHQDQJHNRPPHQXQG]XUJQlGLJHQ)UDX%DURQLQJHWUDJHQ ZRUGHQVHL)UlXOHLQ$GHOKHLGOLHHPLFKHLQODGHQQXUJOHLFK KHUEHU]XNRPPHQ
0DQNDQQGHQNHQZLHPLUDOOH3XOVHVFKOXJHQPLWZHOFKHP LQQHUQVHQ(UEHEHQLFKGDV=LPPHU|IIQHWHLQGHPLFKVLH IDQG)UlXOHLQ$GHOKHLGNDPPLUIUHXGLJHQWJHJHQ'LH%DURQLQ VFKRQ]XP%DOOY|OOLJJHSXW]WVDJDQ]QDFKGHQNOLFKYRUGHP JHKHLPQLVYROOHQ.DVWHQLQGHPGLH7|QHVFKOXPPHUQVROOWHQGLH ]XZHFNHQLFKEHUXIHQ 6LHVWDQGDXIVRLQYROOHP*ODQ]GHU6FK|QKHLWVWUDKOHQGGD LFKNHLQHV:RUWHVPlFKWLJVLHDQVWDUUWH1XQ7KHRGRU QDFK GHUJHPWOLFKHQ6LWWHGHV1RUGHQVGLHPDQLPWLHIHUHQ6GHQ ZLHGHUILQGHWQDQQWHVLHMHGHQEHLVHLQHP9RUQDPHQ QXQ 7KHRGRUVSUDFKVLHIUHXQGOLFKGDV,QVWUXPHQWLVWJHNRPPHQ JHEHGHU+LPPHOGDHV,KUHU.XQVWQLFKWJDQ]XQZUGLJVHLQ P|JH
6RZLHLFKGHQ'HFNHO|IIQHWHUDXVFKWHQPLUHLQH0HQJH JHVSUXQJHQHU6DLWHQHQWJHJHQXQGVRZLHLFKHLQHQ$NNRUGJULII NODQJHV GDDOOH6DLWHQGLHQRFKJDQ]JHEOLHEHQGXUFKDXV YHUVWLPPWZDUHQZLGULJXQGDEVFKHXOLFK'HU2UJDQLVWLVW ZLHGHUPLWVHLQHQ]DUWHQ+lQGFKHQGUEHUKHUJHZHVHQULHI )UlXOHLQ$GHOKHLGODFKHQGDEHUGLH%DURQLQVSUDFKJDQ]
PLPXWLJ 'DVLVWGHQQGRFKHLQUHFKWHV8QJOFNDFKLFKVROO GHQQKLHUQXQHLQPDONHLQH)UHXGHKDEHQ,FKVXFKWHLQGHP %HKlOWHUGHV,QVWUXPHQWVXQGIDQGJOFNOLFKHUZHLVHHLQLJH5ROOHQ 6DLWHQDEHUGXUFKDXVNHLQHQ6WLPPKDPPHU 1HXH.ODJHQ MHGHU6FKOVVHOGHVVHQ%DUWLQGLH:LUEHOSDVVHN|QQHJHEUDXFKW ZHUGHQHUNOlUWHLFK GDOLHIHQEHLGHGLH%DURQLQXQG)UlXOHLQ $GHOKHLGIUHXGLJKLQXQGZLHGHUXQGQLFKWODQJHGDXHUWHHVVR ODJHLQJDQ]HV0DJD]LQEODQNHU6FKOVVHOFKHQYRUPLUDXIGHP 5HVRQDQ]ERGHQ 1XQPDFKWHLFKPLFKHPVLJGUEHUKHU )UlXOHLQ$GHOKHLGGLH %DURQLQVHOEVWPKWHVLFKPLUEHL]XVWHKHQGLHVHQ MHQHQ:LUEHO SURELHUHQG 'D]LHKWHLQHUGHQWUlJHQ6FKOVVHODQHVJHKWHV JHKWULHIHQVLHIUHXGLJ 'DUDXVFKWGLH6DLWHGLHVLFKVFKLHUELV ]XU5HLQKHLWKHUDQJHlFK]WJHVSUXQJHQDXIXQGHUVFKURFNHQ IDKUHQVLH]XUFN'LH%DURQLQKDQWLHUWPLWGHQNOHLQHQ]DUWHQ +lQGFKHQLQGHQVSU|GHQ'UDKWVDLWHQVLHUHLFKWPLUGLH 1XPPHUQGLHLFKYHUODQJHXQGKlOWVRUJVDPGLH5ROOHGLHLFK DEZLFNOHSO|W]OLFKVFKQXUUWHLQHDXIVRGDGLH%DURQLQHLQ XQJHGXOGLJHV$FKDXVVW|W )UlXOHLQ$GHOKHLGODFKWODXWDXILFK YHUIROJHGHQYHUZLUUWHQ.QlXHOELVLQGLH(FNHGHV=LPPHUVXQG ZLUDOOHVXFKHQDXVLKPQRFKHLQHJHUDGHXQ]HUNQLFNWH6DLWH KHUDXV]X]LHKHQGLHGDQQDXIJH]RJHQ]XXQVHUP/HLGZHVHQ ZLHGHUVSULQJW DEHUHQGOLFK HQGOLFKVLQGJXWH5ROOHQJHIXQGHQ GLH6DLWHQIDQJHQDQ]XVWHKHQXQGDXVGHPPLW|QLJHQ 6XPPHQJHKHQDOOPlKOLFKNODUHUHLQH$NNRUGHKHUYRU $FKHVJOFNWHVJOFNW GDVOQVWUXPHQWVWLPPWVLFKUXIWGLH %DURQLQLQGHPVLHPLFKPLWKROGHP/lFKHOQDQEOLFNW :LH VFKQHOOYHUWULHEGLHVJHPHLQVFKDIWOLFKH0KHQDOOHV)UHPGH 1FKWHUQHGDVGLH.RQYHQLHQ]KLQVWHOOWZLHJLQJXQWHUXQVHLQH KHLPLVFKH9HUWUDXOLFKNHLWDXIGLHHLQHOHNWULVFKHU+DXFKPLFK GXUFKJOKHQGGLHYHU]DJWH%HNORPPHQKHLWZHOFKHZLH(LVDXI PHLQHU%UXVWODJVFKQHOOZHJ]HKUWH
-HQHUVHOWVDPH3DWKRVZLHLKQVROFKH9HUOLHEWKHLWZLHGLH PHLQLJHZRKOHU]HXJWKDWWHPLFKJDQ]YHUODVVHQXQGVRNDPHV GDDOVQXQHQGOLFKGDV3LDQRIRUWHOHLGOLFKJHVWLPPWZDULFK VWDWWZLHLFKJHZROOWPHLQHLQQHUQ*HIKOHLQ)DQWDVLHQUHFKW ODXWZHUGHQ]XODVVHQLQMHQHVHOLHEOLFKH.DQ]RQHWWHQYHUILHO ZLHVLHDXVGHP6GHQ]XXQVKHUEHUJHNOXQJHQ
:lKUHQGGLHVHU6HQ]DGLWH GLHVHU6HQWLPLLGROPLRGLHVHU $OPHQVHQRQSRVV LRXQGKXQGHUWPRULUPLVHQWR VXQG $GGLR VXQG2KGLR VZXUGHQOHXFKWHQGHUXQGOHXFKWHQGHU 6HUDSKLQHQV%OLFNH6LHKDWWHVLFKGLFKWQHEHQPLUDQGDV ,QVWUXPHQWJHVHW]WLFKIKOWHLKUHQ$WHPDQPHLQHU:DQJH VSLHOHQ LQGHPVLHLKUHQ$UPKLQWHUPLUDXIGLH6WXKOOHKQH VWW]WHILHOHLQZHLHV%DQGGDVVLFKYRQGHP]LHUOLFKHQ %DOONOHLGHORVJHQHVWHOWEHUPHLQH6FKXOWHUXQGIODWWHUWHYRQ PHLQHQ7|QHQYRQ6HUDSKLQHQVOHLVHQ6HXI]HUQEHUKUWKLQXQG KHUZLHHLQ JHWUHXHU/LHEHVERWH(VZDU]XYHUZXQGHUQGDLFK GHQ9HUVWDQGEHKLHOW $OVLFKPLFKDXILUJHQGHLQQHXHV/LHGEHVLQQHQGLQGHQ $NNRUGHQKHUXPIXKUVSUDQJ)UlXOHLQ$GHOKHLGGLHLQHLQHU(FNH GHV=LPPHUVJHVHVVHQKHUEHLNQLHWHYRUGHU%DURQLQKLQXQG EDWLKUHEHLGHQ+lQGHHUIDVVHQGXQGDQGLH%UXVWGUFNHQG 2 OLHEH%DURQLQ6HUDSKLQFKHQQXQPXWGXDXFKVLQJHQ'LH %DURQLQHUZLGHUWH :RGHQNVWGXDEHUDXFKKLQ$GHOKHLG ZLH PDJLFKPLFKGHQQYRUXQVHUP9LUWXRVHQGDPLWPHLQHUHOHQGHQ 6LQJHUHLK|UHQODVVHQ (VZDUOLHEOLFKDQ]XVFKDXHQZLHVLHJOHLFKHLQHP IURPPYHUVFKlPWHQ.LQGHGLH$XJHQQLHGHUVFKODJHQGXQG KRFKHUU|WHQGPLWGHU/XVWXQGPLWGHU6FKHXNlPSIWH
0DQNDQQGHQNHQZLHLFKVLHDQIOHKWHXQGDOVVLHNOHLQH NXUOlQGLVFKH9RONVOLHGHUHUZlKQWHQLFKWQDFKOLHELVVLHPLWGHU OLQNHQ+DQGKHUEHUODQJHQGHLQLJH7|QHDXIGHP,QVWUXPHQW YHUVXFKWHZLH]XU(LQOHLWXQJ,FKZROOWHLKU3ODW]PDFKHQDP ,QVWUXPHQWVLHOLHHVDEHUQLFKW]XLQGHPVLHYHUVLFKHUWHGD VLHQLFKWHLQHVHLQ]LJHQ$NNRUGHVPlFKWLJVHLXQGGD HEHQGHVKDOELKU*HVDQJRKQH%HJOHLWXQJVHKUPDJHUXQG XQVLFKHUNOLQJHQZHUGH 1XQILQJVLHPLW]DUWHUJORFNHQUHLQHUWLHIDXVGHP+HU]HQ W|QHQGHU6WLPPHHLQ/LHGDQGHVVHQHLQIDFKH0HORGLHJDQ]GHQ &KDUDNWHUMHQHU9RONVOLHGHUWUXJGLHVRNODUDXVGHP,QQHUQ KHUDXVOHXFKWHQGDZLULQGHPKHOOHQ6FKHLQGHUXQVXPIOLHW XQVHUHK|KHUHSRHWLVFKH1DWXUHUNHQQHQPVVHQ
(LQJHKHLPQLVYROOHU=DXEHUOLHJWLQGHQXQEHGHXWHQGHQ:RUWHQ GHV7H[WHVGHU]XU+LHURJO\SKHGHV8QDXVVSUHFKOLFKHQZLUGYRQ GHPXQVHUH%UXVWHUIOOW:HUGHQNWQLFKWDQMHQHVSDQLVFKH .DQ]RQHWWDGHUHQ,QKDOWGHQ:RUWHQQDFKQLFKWYLHOPHKULVW DOV 0LWPHLQHP0lGFKHQVFKLIIW LFKDXIGHP0HHUGDZXUG HV VWUPLVFKXQGPHLQ0lGFKHQZDQNWHIXUFKWVDPKLQXQGKHU 1HLQQLFKWVFKLII LFKZLHGHUPLWPHLQHP0lGFKHQDXIGHP 0HHU6RVDJWHGHU%DURQLQ/LHGOHLQQLFKWVZHLWHU -QJVWWDQ]W LFKPLWPHLQHP6FKDW]DXIGHU+RFK]HLWGDILHOPLUHLQH%OXPH DXVGHP+DDUGLHKREHUDXIXQGJDEVLHPLUXQGVSUDFK :DQQ PHLQ0lGFKHQJHKQZLUZLHGHU]XU+RFK]HLW" $OVLFKEHLGHU]ZHLWHQ6WURSKHGLHV/LHGFKHQLQKDUSHJJLHUHQGHQ $NNRUGHQEHJOHLWHWHDOVLFKLQGHU%HJHLVWHUXQJGLHPLFKHUIDW GLH0HORGLHQGHUIROJHQGHQ/LHGHUJOHLFKYRQGHQ/LSSHQGHU %DURQLQZHJVWDKOGDHUVFKLHQLFKLKUXQGGHU)UlXOHLQ$GHOKHLG ZLHGHUJU|WH0HLVWHUGHU7RQNXQVWVLHEHUKlXIWHQPLFKPLW /REVSUFKHQ'LHDQJH]QGHWHQ/LFKWHUGHV%DOOVDDOVLP 6HLWHQIOJHOEUDQQWHQKLQHLQLQGDV*HPDFKGHU%DURQLQXQGHLQ PLW|QLJHV*HVFKUHLYRQ7URPSHWHQXQG+|UQHUQYHUNQGHWH GDHV=HLWVHLVLFK]XP%DOO]XYHUVDPPHOQ $FKQXQPXLFKIRUWULHIGLH%DURQLQLFKVSUDQJDXIYRP ,QVWUXPHQW6LHKDEHQPLUHLQHKHUUOLFKH6WXQGHEHUHLWHW HV ZDUHQGLHKHLWHUVWHQ0RPHQWHGLHLFKMHPDOVKLHULQ 5VLWWHQ YHUOHEWH
0LWGLHVHQ:RUWHQUHLFKWHPLUGLH%DURQLQGLH+DQG DOVLFKVLHLP 5DXVFKGHVK|FKVWHQ(QW]FNHQVDQGLH/LSSHQGUFNWHIKOWHLFK LKUH)LQJHUKHIWLJSXOVLHUHQGDQPHLQHU+DQGDQVFKODJHQ,FK ZHLQLFKWZLHLFKLQGHV*URRQNHOV=LPPHUZLHLFKGDQQLQGHQ %DOOVDDONDP -HQHU*DVNRJQHUIUFKWHWHGLH6FKODFKWZHLOMHGH :XQGHLKPW|GOLFKZHUGHQPVVHGDHUJDQ]+HU]VHL ,KP PRFKWHLFKLKPPDJMHGHULQPHLQHU6WLPPXQJJOHLFKHQ-HGH %HUKUXQJZLUGW|GOLFK'HU%DURQLQ+DQGGLH SXOVLHUHQGHQ )LQJHUKDWWHQPLFKJHWURIIHQZLHYHUJLIWHWH3IHLOHPHLQ%OXW EUDQQWHLQGHQ$GHUQ 2KQHPLFKJHUDGHDXV]XIUDJHQKDWWHGHU$OWHDPDQGHUQ0RUJHQ GRFKEDOGGLH*HVFKLFKWHGHVPLWGHU%DURQLQYHUOHEWHQ$EHQGV KHUDXVXQGLFKZDUQLFKWZHQLJEHWUHWHQDOVHUGHUPLW
ODFKHQGHP0XQGHXQGKHLWUHP7RQHJHVSURFKHQSO|W]OLFKVHKU HUQVWZXUGHXQGDQILQJ ,FKELWWHGLFK9HWWHUZLGHUVWHKHGHU 1DUUKHLWGLHGLFKPLWDOOHU0DFKWHUJULIIHQ:LVVHGDGHLQ %HJLQQHQVRKDUPORVZLHHVVFKHLQWGLHHQWVHW]OLFKVWHQ)ROJHQ KDEHQNDQQGXVWHKVWLQDFKWORVHP:DKQVLQQDXIGQQHU (LVGHFNHGLHEULFKWXQWHUGLUHKHGXGLFKHVYHUVLHKVWXQGGX SOXPSVWKLQHLQ,FKZHUGHPLFKKWHQGLFKDP5RFNVFKR IHVW]XKDOWHQGHQQLFKZHLGXUDSSHOVWGLFKVHOEVWZLHGHUKHUDXV XQGVSULFKVW]XP7RGHHUNUDQNW 'DVELFKHQ6FKQXSIHQEHNDP LFKLP7UDXPH DEHUHLQE|VHV)LHEHUZLUG]HKUHQDQGHLQHP /HEHQVPDUNXQG-DKUHZHUGHQKLQJHKHQHKHGXGLFKHUPDQQVW +RO GHU7HXIHOGHLQH0XVLNZHQQGXGDPLWQLFKWV%HVVHUHV DQ]XIDQJHQZHLWDOVHPSILQGHOQGH:HLEHUKLQDXV]XWURPSHWHQ DXVIULHGOLFKHU5XKH $EHUXQWHUEUDFKLFKGHQ$OWHQNRPPWHVPLUGHQQLQGHQ 6LQQPLFKEHLGHU%DURQLQHLQ]XOLHEHOQ"$IIHULHIGHU$OWH ZW LFKGDVVRZUIHLFKGLFKKLHUGXUFKV)HQVWHU
'HU%DURQXQWHUEUDFKGDVSHLQOLFKH*HVSUlFKXQGGDV EHJLQQHQGH*HVFKlIWULPLFKDXIDXVGHU/LHEHVWUlXPHUHLLQGHU LFKQXU6HUDSKLQHQVDKXQGGDFKWH,QGHU*HVHOOVFKDIWVSUDFKGLH %DURQLQQXUGDQQXQGZDQQPLWPLUHLQLJHIUHXQGOLFKH:RUWH DEHUEHLQDKH NHLQ$EHQGYHUJLQJGDQLFKWKHLPOLFKH%RWVFKDIW NDPYRQ)UlXOHLQ$GHOKHLGGLHPLFKKLQULHI]X6HUDSKLQHQ%DOG JHVFKDKHVGDPDQQLJIDFKH*HVSUlFKHPLWGHU0XVLN ZHFKVHOWHQ)UlXOHLQ$GHOKHLGGLHEHLQDKHQLFKWMXQJJHQXJZDU XPVRQDLYXQGGUROOLJ]XVHLVSUDQJPLWDOOHUOHLOXVWLJHPXQG HWZDVNRQIXVHP=HXJHGD]ZLVFKHQZHQQLFKXQG6HUDSKLQHXQV ]XYHUWLHIHQEHJDQQHQLQVHQWLPHQWDOH$KQXQJHQXQG 7UlXPHUHLHQ$XVPDQFKHU$QGHXWXQJPXW LFKEDOGHUIDKUHQ GDGHU%DURQLQZLUNOLFKLUJHQGHWZDV9HUVW|UHQGHVLP6LQQOLHJH ZLHLFKHVJOHLFKDOVLFKVLH]XPHUVWHQ0DOHVDKLQLKUHP%OLFN ]XOHVHQJODXEWHXQGGLHIHLQGOLFKH:LUNXQJGHV+DXVJHVSHQVWHV JLQJPLUJDQ]NODUDXI,UJHQGHWZDV(QWVHW]OLFKHVZDURGHUVROOWH JHVFKHKHQ:LHRIWGUlQJWHHVPLFK6HUDSKLQHQ]XHU]lKOHQZLH PLFKGHUXQVLFKWEDUH)HLQGEHUKUWXQGZLHLKQGHU$OWHJHZL IULPPHUJHEDQQWKDEHDEHUHLQHPLUVHOEVWXQHUNOlUOLFKH 6FKHXIHVVHOWHPLUGLH=XQJHLQGHP$XJHQEOLFNDOVLFKUHGHQ ZROOWH
(LQHV7DJHVIHKOWHGLH%DURQLQEHL GHU0LWWDJVWDIHO HVKLHVLH NUlQNOHXQGN|QQHGDV=LPPHUQLFKWYHUODVVHQ7HLOQHKPHQGIUXJ PDQGHQ%DURQREGDVhEHOYRQ%HGHXWXQJVHL(UOlFKHOWHDXI IDWDOH$UWUHFKWZLHELWWHUK|KQHQGXQGVSUDFK 1LFKWVDOVHLQ OHLFKWHU.DWDUUKGHQLKUGLHUDXKH6HHOXIW]XJHZHKWGLHQXQ HLQPDOKLHUNHLQVHV6WLPPFKHQGXOGHWXQGNHLQHDQGHUQ7|QH OHLGHWDOVGDVGHUEH+DOORKGHU-DJG %HLGLHVHQ:RUWHQZDUI GHU%DURQPLUGHULKPVFKUlJEHUVDHLQHQVWHFKHQGHQ%OLFN ]X 1LFKW]XGHP1DFKEDU]XPLUKDWWHHUJHVSURFKHQ)UlXOHLQ $GHOKHLGGLHQHEHQPLUVDZXUGHEOXWURW YRUVLFKKLQDXIGHQ 7HOOHUVWDUUHQGXQGPLWGHU*DEHOGDUDXIKHUXPNULW]HOQGOLVSHOWH VLH 8QGQRFKKHXWHVLHKVWGX6HUDSKLQHQXQGQRFKKHXWH ZHUGHQGHLQHVHQ/LHGHUFKHQEHUXKLJHQGVLFKDQGDVNUDQNH +HU]OHJHQ$XFK$GHOKHLGVSUDFKGLHVH:RUWHIUPLFKDEHULQ GHP$XJHQEOLFNZDUHVPLUDOVVWHKHLFKPLWGHU%DURQLQLQ XQODXWHUPYHUERWHQHP/LHEHVYHUKlOWQLVGDVQXUPLWGHP (QWVHW]OLFKHQPLWHLQHP9HUEUHFKHQHQGLJHQN|QQH
'LH:DUQXQJHQGHV$OWHQILHOHQPLUVFKZHUDXIV+HU] :DV VROOWHLFKEHJLQQHQ6LHQLFKWPHKUVHKHQ" 'DVZDUVRODQJHLFK LP6FKORVVHEOLHEXQP|JOLFKXQGGXUIWHLFKDXFKGDV6FKOR YHUODVVHQXQGQDFK.]XUFNJHKHQLFKYHUPRFKWHHVQLFKW$FK QXU]XVHKU IKOW LFKGDLFKQLFKWVWDUNJHQXJZDUPLFKVHOEVW DXI]XUWWHOQDXVGHP7UDXPGHUPLFKPLWIDQWDVWLVFKHP /LHEHVJOFNQHFNWH$GHOKHLGHUVFKLHQPLUEHLQDKHDOVJHPHLQH .XSSOHULQLFKZROOWHVLHGHVKDOEYHUDFKWHQXQGGRFKPLFKZLHGHU EHVLQQHQGPXWHLFKPLFKPHLQHU$OEHUQKHLWVFKlPHQ :DVJHVFKDKLQMHQHQVHOLJHQ$EHQGVWXQGHQGDVQXULP PLQGHVWHQHLQQlKHUHV9HUKlOWQLVPLW6HUDSKLQHQDOV6LWWHXQG $QVWDQGHVHUODXEWHQKHUEHLIKUHQNRQQWH":LHGXUIWHHVPLU HLQIDOOHQGDGLH%DURQLQLUJHQGHWZDVIUPLFKIKOHQVROOWHXQG GRFKZDULFKYRQGHU*HIDKUPHLQHU/DJHEHU]HXJW 'LH7DIHOZXUGH]HLWLJHUDXIJHKREHQZHLOHVQRFKDXI:|OIH JHKHQVROOWHGLHVLFKLQGHP)|KUHQZDOGHJDQ]QDKHGHP 6FKORVVHKDWWHQEOLFNHQODVVHQ'LH-DJGZDUPLUUHFKWLQPHLQHU DXIJHUHJWHQ6WLPPXQJLFKHUNOlUWHGHP$OWHQPLW]LHKQ]X ZROOHQHUOlFKHOWHPLFK]XIULHGHQDQVSUHFKHQG 'DVLVWEUDY
GDGXDXFKHLQPDOGLFKKHUDXVPDFKVWLFKEOHLEHKHLPGX NDQQVWPHLQH%FKVHQHKPHQXQGVFKQDOOHDXFKPHLQHQ +LUVFKIlQJHUXP LP)DOOGHU1RWLVWGDVHLQHJXWHVLFKUH:DIIH ZHQQPDQQXUJOHLFKPWLJEOHLEW
'HU7HLOGHV:DOGHVLQGHPGLH:|OIHODJHUQPXWHQZXUGHYRQ GHQ-lJHUQXPVWHOOW(VZDUVFKQHLGHQGNDOWGHU:LQGKHXOWH GXUFKGLH)|KUHQXQGWULHEPLUGLHKHOOHQ6FKQHHIORFNHQLQV *HVLFKWGDLFKDOVQXQYROOHQGVGLH'lPPHUXQJHLQEUDFK NDXPVHFKV6FKULWWHYRUPLUKLQVFKDXHQNRQQWH*DQ]HUVWDUUW YHUOLHLFKGHQPLUDQJHZLHVHQHQ3ODW]XQGVXFKWH6FKXW]WLHIHU LP:DOGH'DOHKQWHLFKDQHLQHP%DXPGLH%FKVHXQWHUP$UP ,FKYHUJDGLH-DJGPHLQH*HGDQNHQWUXJHQPLFKIRUW]X 6HUDSKLQHQLQVKHLPLVFKH=LPPHU*DQ]HQWIHUQWILHOHQ6FKVVH LQGHPVHOEHQ0RPHQWUDXVFKWHHVLP5|KULFKWXQGQLFKW]HKQ 6FKULWWHYRQPLUHUEOLFNWHLFKHLQHQVWDUNHQ:ROIGHU YRUEHUUHQQHQZROOWH ,FKOHJWHDQGUFNWHDE LFKKDWWHJHIHKOWGDV7LHUVSUDQJPLW JOKHQGHQ$XJHQDXIPLFK]XLFKZDUYHUORUHQKDWWHLFKQLFKW %HVRQQHQKHLWJHQXJGDV-DJGPHVVHUKHUDXV]XUHLHQGDVLFK GHP7LHUDOVHVPLFKSDFNHQZROOWHWLHILQGLH*XUJHOVWLHVR GDGDV%OXWPLUEHU+DQGXQG$UPVSULW]WH(LQHUYRQGHQ -lJHUQGHV%DURQVGHUPLUXQIHUQJHVWDQGHQNDPQXQPLW YROOHP*HVFKUHLKHUDQJHODXIHQXQGDXIVHLQHQZLHGHUKROWHQ -DJGUXIVDPPHOWHQVLFKDOOHXPXQV
'HU%DURQHLOWHDXIPLFK]X 8PGHV+LPPHOVZLOOHQ6LHEOXWHQ" 6LHEOXWHQ 6LHVLQGYHUZXQGHW",FKYHUVLFKHUWHGDV*HJHQWHLO GDILHOGHU%DURQEHUGHQ-lJHUKHUGHUPLUGHUQlFKVWH JHVWDQGHQXQGEHUKlXIWHLKQPLW9RUZUIHQGDHUQLFKW QDFKJHVFKRVVHQDOVLFKJHIHKOWXQGXQHUDFKWHWGLHVHU YHUVLFKHUWHGDGDVJDUQLFKWP|JOLFKJHZHVHQZHLOLQGHUVHOEHQ 6HNXQGHGHU:ROIDXIPLFK]XJHVWU]WVRGDMHGHU6FKXPLFK KlWWHWUHIIHQN|QQHQVREOLHEGRFKGHU%DURQGDEHLGDHUPLFK DOVHLQHQPLQGHUHUIDKUQHQ-lJHULQEHVRQGHUH2EKXWKlWWH QHKPHQVROOHQ 8QWHUGHVVHQKDWWHQGLH-lJHUGDV7LHUDXIJHKREHQHVZDUGDV JU|WHGHU$UWGDVVLFKVHLWODQJHU=HLWKDWWHVHKHQODVVHQXQG PDQEHZXQGHUWHDOOJHPHLQPHLQHQ0XWXQGPHLQH
(QWVFKORVVHQKHLWXQHUDFKWHWPLUPHLQ%HQHKPHQVHKUQDWUOLFK VFKLHQXQGLFKLQGHU7DWDQGLH/HEHQVJHIDKULQGHULFK VFKZHEWHJDUQLFKWJHGDFKWKDWWH
9RU]JOLFKEHZLHVVLFKGHU%DURQWHLOQHKPHQGHUNRQQWHJDU QLFKWDXIK|UHQ]XIUDJHQRELFKVHLLFKDXFKQLFKWYRQGHU%HVWLH YHUZXQGHWGRFKQLFKWVYRQGHQ)ROJHQGHV6FKUHFNVIUFKWH(V JLQJ]XUFNQDFKGHP6FKORVVHGHU%DURQIDWHPLFKZLHHLQHQ )UHXQGXQWHUGHQ$UPGLH%FKVHPXWHHLQ-lJHUWUDJHQ(U VSUDFKQRFKLPPHUYRQPHLQHUKHURLVFKHQ7DWVRGDLFKDP (QGHVHOEVWDQPHLQHQ+HURLVPXVJODXEWHDOOH%HIDQJHQKHLW YHUORUXQGPLFKVHOEVWGHP%DURQJHJHQEHUDOVHLQ0DQQYRQ 0XWXQGVHOWHQHU(QWVFKORVVHQKHLWIHVWJHVWHOOWIKOWH 'HU6FKXONQDEHKDWWHVHLQ([DPHQJOFNOLFKEHVWDQGHQZDUNHLQ 6FKXONQDEHPHKUXQGDOOHGHPWLJHbQJVWOLFKNHLWGHV 6FKXONQDEHQ ZDUYRQLKPJHZLFKHQ(UZRUEHQVFKLHQPLUMHW]W GDV5HFKWPLFKXP6HUDSKLQHQV*XQVW]XPKHQ0DQZHLMD ZHOFKHUDOEHUQHQ=XVDPPHQVWHOOXQJHQGLH)DQWDVLHHLQHV YHUOLHEWHQ-QJOLQJVIlKLJLVW ,P6FKORVVHDP.DPLQEHLGHPUDXFKHQGHQ3XQVFKQDSIEOLHE LFKGHU+HOGGHV7DJHV QXUGHU%DURQVHOEVWKDWWHDXHUPLU QRFKHLQHQWFKWLJHQ:ROIHUOHJWGLHEULJHQPXWHQVLFK EHJQJHQLKUH)HKOVFKVVHGHP:HWWHU GHU'XQNHOKHLW ]X]XVFKUHLEHQXQGJUHXOLFKH*HVFKLFKWHQYRQVRQVWDXIGHU-DJG HUOHEWHP*OFNXQGEHUVWDQGHQHU*HIDKU]XHU]lKOHQ
9RQGHP$OWHQJODXEWHLFKQXQJDUVHKUJHOREWXQGEHZXQGHUW]X ZHUGHQ PLWGLHVHP$QVSUXFKHU]lKOWHLFKLKPPHLQ$EHQWHXHU ]LHPOLFKEUHLWXQGYHUJDQLFKWGDVZLOGHEOXWGUVWLJH$QVHKQ GHUZLOGHQ%HVWLHPLWUHFKWJUHOOHQ)DUEHQDXV]XPDOHQ'HU$OWH ODFKWHPLUDEHULQV*HVLFKWXQGVSUDFK *RWWLVWPlFKWLJLQGHQ 6FKZDFKHQ
$OVLFKGHV7ULQNHQVGHU*HVHOOVFKDIWEHUGUVVLJGXUFKGHQ .RUULGRUQDFKGHP*HULFKWVVDDOVFKOLFKVDKLFKYRUPLUHLQH *HVWDOWPLWGHP/LFKWLQ GHU+DQGKLQHLQVFKOSIHQ,QGHQ6DDO WUHWHQGHUNDQQWHLFK)UlXOHLQ$GHOKHLG0XPDQQLFKW XPKHULUUHQZLHHLQ*HVSHQVWZLHHLQ1DFKWZDQGOHUXP6LHPHLQ
WDSIHUHU:ROIVMlJHUDXI]XILQGHQ 6ROLVSHOWHVLHPLU]XLQGHP VLHPLFKEHLGHU+DQGHUJULII
'LH:RUWH 1DFKWZDQGOHU *HVSHQVWILHOHQPLUKLHUDQGLHVHP 2UWHDXVJHVSURFKHQVFKZHUDXIV+HU] DXJHQEOLFNOLFKEUDFKWHQ VLHPLUGLHJHVSHQVWLVFKHQ(UVFKHLQXQJHQMHQHUEHLGHQJUDXOLFKHQ 1lFKWHLQ6LQQXQG*HGDQNHQZLHGDPDOVKHXOWHGHU6HHZLQGLQ WLHIHQ2UJHOW|QHQKHUEHUHVNQDWWHUWHXQGSILIIVFKDXHUOLFK GXUFKGLH%RJHQIHQVWHUXQGGHU0RQGZDUIVHLQEOHLFKHV/LFKW JHUDGHDXIGLHJHKHLPQLVYROOH:DQGDQGHUVLFKGDV.UDW]HQ YHUQHKPHQOLH,FKJODXEWH%OXWIOHFNHGDUDQ]XHUNHQQHQ
)UlXOHLQ$GHOKHLGPXWHPLFKQRFKLPPHUEHLGHU+DQGKDOWHQG GLH(LVNlOWHIKOHQGLHPLFKGXUFKVFKDXHUWH:DVLVW,KQHQZDV LVW,KQHQVSUDFKVLHOHLVH6LHHUVWDUUHQMDJDQ]" 1XQLFKZLOO 6LHLQV/HEHQUXIHQ:LVVHQ6LHZRKOGDGLH%DURQLQHVJDUQLFKW HUZDUWHQNDQQ6LH]XVHKHQ"(KHUJODXEWVLHQLFKWGDGHUE|VH :ROI6LHZLUNOLFKQLFKW]HUULVVHQKDW6LHlQJVWLJWVLFKXQJODXEOLFK (LHLPHLQ)UHXQGZDVKDEHQ6LHPLW6HUDSKLQFKHQDQJHIDQJHQ 1RFKQLHPDOVKDEHLFKVLHVRJHVHKHQ +X ZLHMHW]WGHU 3XOV DQIlQJW]XSULFNHOQ ZLHGHUWRWH+HUUVRSO|W]OLFKHUZDFKWLVW 1HLQNRPPHQ6LH IHLQOHLVH ZLUPVVHQ]XUNOHLQHQ%DURQLQ ,FKOLHPLFKVFKZHLJHQGIRUW]LHKHQ GLH$UWZLH$GHOKHLGYRQGHU %DURQLQVSUDFKVFKLHQPLUXQZUGLJXQGYRU]JOLFKGLH $QGHXWXQJGHV9HUVWlQGQLVVHV]ZLVFKHQXQVJHPHLQ$OVLFKPLW $GHOKHLGHLQWUDWNDP6HUDSKLQHPLUPLWHLQHPOHLVHQ$FKGUHL YLHU6FKULWWHUDVFKHQWJHJHQGDQQEOLHEVLHZLHVLFKEHVLQQHQG PLWWHQLP=LPPHUVWHKHQLFKZDJWHLKUH+DQG]XHUJUHLIHQXQG VLHDQPHLQH/LSSHQ]XGUFNHQ 'LH%DURQLQOLHLKUH+DQGLQGHUPHLQLJHQUXKHQLQGHPVLH VSUDFK $EHUPHLQ*RWWLVWHVGHQQ,KUHV%HUXIVHVPLW:|OIHQ DXI]XQHKPHQ":LVVHQ6LHGHQQQLFKWGD2USKHXV $PSKLRQV IDEHOKDIWH=HLWOlQJVWYRUEHULVWXQGGDGLHZLOGHQ7LHUHDOOHQ 5HVSHNWYRUGHQYRUWUHIIOLFKVWHQ6lQJHUQJDQ]YHUORUHQKDEHQ" 'LHVHDQPXWLJH:HQGXQJPLWGHUGLH%DURQLQLKUHUOHEKDIWHQ 7HLOQDKPHVRJOHLFKDOOH0LGHXWXQJDEVFKQLWWEUDFKWHPLFK
DXJHQEOLFNOLFKLQULFKWLJHQ7RQXQG7DNW,FKZHLVHOEVWQLFKW ZLHHVNDPGDLFKQLFKWZLHJHZ|KQOLFKPLFKDQGDV ,QVWUXPHQWVHW]WHVRQGHUQQHEHQGHU%DURQLQDXIGHP.DQDSHH 3ODW]QDKP
0LWGHP:RUW 8QGZLHNDPHQ6LHGHQQLQ*HIDKU"HUZLHVVLFK XQVHU(LQYHUVWlQGQLVGDHVKHXWHQLFKWDXI0XVLNVRQGHUQDXI *HVSUlFKDEJHVHKHQVHL1DFKGHPLFKPHLQH$EHQWHXHULP:DOGH HU]lKOWXQGGHUOHEKDIWHQ7HLOQDKPHGHV%DURQVHUZlKQWPLWGHU OHLVHQ$QGHXWXQJGDLFKLKQGHUHQQLFKWIUIlKLJJHKDOWHQILQJ GLH%DURQLQPLWVHKUZHLFKHUEHLQDKH ZHKPWLJHU6WLPPHDQ 2ZLHPX,KQHQGHU%DURQVRVWUPLVFKVRUDXKYRUNRPPHQ DEHUJODXEHQ6LHPLUQXUZlKUHQGGHV$XIHQWKDOWVLQGLHVHQ ILQVWHUQXQKHLPOLFKHQ0DXHUQQXUZlKUHQGGHVZLOGHQ-DJHQVLQ GHQ|GHQ)|KUHQZlOGHUQlQGHUWHUVHLQJDQ]HV:HVHQ ZHQLJVWHQVVHLQlXHUHV%HWUDJHQ:DVLKQYRU]JOLFKVRJDQ] XQGJDUYHUVWLPPWLVWGHU*HGDQNHGHULKQEHVWlQGLJYHUIROJW GDKLHULUJHQGHWZDV(QWVHW]OLFKHVJHVFKHKHQZHUGH GDKHUKDW LKQ,KU$EHQWHXHUGDV]XP*OFNRKQHEOH)ROJHQEOLHEJHZL WLHIHUVFKWWHUW 1LFKWGHQJHULQJVWHQVHLQHU'LHQHUZLOOHUGHUPLQGHVWHQ*HIDKU DXVJHVHW]WZLVVHQYLHOZHQLJHUHLQHQOLHEHQQHXJHZRQQHQHQ )UHXQGXQGLFKZHLJHZLGD*RWWOLHEGHPHUVFKXOGJLEW6LH LP6WLFKHJHODVVHQ]XKDEHQZRQLFKWPLW*HIlQJQLVEHVWUDIW ZHUGHQGRFKGLHEHVFKlPHQGH-lJHUVWUDIHGXOGHQZLUGRKQH *HZHKUPLWHLQHP.QLWWHOLQGHU+DQGVLFKGHP-DJGJHIROJH DQVFKOLHHQ]XPVVHQ
6FKRQGDVROFKH-DJGHQZLHKLHUQLHRKQH*HIDKUVLQGXQG GDGHU%DURQLPPHU8QJOFNEHIUFKWHQGGRFKLQGHU)UHXGH XQG/XVWGDUDQVHOEVWGHQE|VHQ'lPRQQHFNWEULQJWHWZDV =HUULVVHQHVLQVHLQ/HEHQGDVIHLQGOLFKVHOEVWDXIPLFKZLUNHQ PX0DQHU]lKOWYLHO6HOWVDPHVYRQGHP$KQKHUUQGHUGDV 0DMRUDWVWLIWHWHXQGLFKZHLHVZRKOGDHLQGVWHUHV )DPLOLHQJHKHLPQLVGDVLQGLHVHQ0DXHUQYHUVFKORVVHQZLHHLQ HQWVHW]OLFKHU6SXNGLH%HVLW]HUZHJWUHLEWXQGHVLKQHQQXU P|JOLFKPDFKWHLQHNXU]H=HLWKLQGXUFKLPODXWHQZLOGHQ*HZKO DXV]XGDXHUQ
$EHULFKZLHHLQVDPPXLFKPLFKLQGLHVHP*HZKOEHILQGHQ XQGZLHPXPLFKGDV8QKHLPOLFKHGDVDXVDOOHQ:lQGHQZHKW LP,QQHUVWHQDXIUHJHQ6LHPHLQOLHEHU)UHXQGKDEHQPLUGLH HUVWHQKHLWHUQ$XJHQEOLFNHGLHLFKKLHUYHUOHEWHGXUFK,KUH.XQVW YHUVFKDIIW ZLHNDQQLFK,KQHQGHQQKHU]OLFKJHQXJGDIU GDQNHQ ,FKNWHGLHPLUGDUJHERWHQHQ+DQGLQGHPLFK HUNOlUWHGDDXFKLFKJOHLFKDPHUVWHQ7DJHRGHUYLHOPHKULQGHU HUVWHQ1DFKWGDV8QKHLPOLFKHGHV$XIHQWKDOWVELV]XPWLHIVWHQ (QWVHW]HQJHIKOWKDEH 'LH%DURQLQEOLFNWHPLUVWDUULQV*HVLFKWDOVLFKMHQHV 8QKHLPOLFKHGHU%DXDUWGHVJDQ]HQ6FKORVVHVYRU]JOLFKGHQ 9HU]LHUXQJHQLP*HULFKWVVDDOGHPVDXVHQGHQ6HHZLQGHXVZ ]XVFKULHE(VNDQQVHLQGD7RQXQG$XVGUXFNGDUDXI KLQGHXWHWHQGDLFKQRFKHWZDVDQGHUHVPHLQHJHQXJDOVLFK VFKZLHJULHIGLH%DURQLQKHIWLJ 1HLQQHLQ HVLVW,KQHQLUJHQG HWZDV(QWVHW]OLFKHVJHVFKHKHQLQMHQHP6DDOGHQLFKQLHRKQH 6FKDXHUEHWUHWH LFKEHVFKZ|UH6LH VDJHQ6LHPLUDOOHV
=XU7RWHQEOlVVHZDU6HUDSKLQHQV*HVLFKWYHUEOHLFKWLFKVDKZRKO HLQGDHVQXQJHUDWHQHUVHLGDLFKDOOHVZDVPLUZLGHUIDKUHQ JHWUHXOLFK]XHU]lKOHQDOV6HUDSKLQHQVDXIJHUHJWHU)DQWDVLHHV ]XEHUODVVHQYLHOOHLFKWHLQHQ6SXNGHULQPLUXQEHNDQQWHU %H]LHKXQJQRFKVFKUHFNOLFKHUVHLQNRQQWHDOVGHUHUOHEWHVLFK DXV]XELOGHQ6LHK|UWHPLFKDQXQGLPPHUPHKUXQGPHKUVWLHJ LKUH%HNORPPHQKHLWXQG$QJVW$OVLFKGHV.UDW]HQVDQGHU:DQG HUZlKQWHVFKULHVLHDXI 'DVLVWHQWVHW]OLFK MDMDLQGLHVHU 0DXHULVWMHQHVIUFKWHUOLFKH*HKHLPQLVYHUERUJHQ
$OVLFKGDQQZHLWHUHU]lKOWHZLHGHU$OWHPLWJHLVWLJHU*HZDOWXQG hEHUPDFKWGHQ6SXNJHEDQQWVHXI]WHVLHWLHIDOVZUGHVLHIUHL YRQHLQHUVFKZHUHQ/DVWGLHLKUH%UXVWJHGUFNW6LFK ]XUFNOHKQHQGKLHOWVLHEHLGH+lQGHYRUV*HVLFKW(UVWMHW]W EHPHUNWHLFKGD$GHOKHLGXQVYHUODVVHQ /lQJVWKDWWHLFKJHHQGHWXQGGD6HUDSKLQHQRFKLPPHUVFKZLHJ VWDQGLFKOHLVHDXIJLQJDQGDV,QVWUXPHQWXQGPKWHPLFKLQ DQVFKZHOOHQGHQ$NNRUGHQWU|VWHQGH*HLVWHUKHUDXI]XUXIHQGLH 6HUDSKLQHQGHPILQVWHUQ5HLFKHGDVVLFKLKULQPHLQHU(U]lKOXQJ HUVFKORVVHQHQWIKUHQVROOWHQ%DOGLQWRQLHUWHLFKVR]DUWDOVLFK HVYHUPRFKWHHLQHMHQHUKHLOLJHQ.DQ]RQHQGHV$EEDWH6WHIIDQL
,QGHQZHKPXWVYROOHQ.OlQJHQGHV 2RLSHUFKqSLDQJHWH HUZDFKWH6HUDSKLQHDXVGVWHUQ7UlXPHQXQGKRUFKWHPLOG OlFKHOQGJOl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|JHHUPLFKHLQVFKOLHHQLQVHLQIURPPHV*HEHW
,FKZDUNHLQHV:RUWHVPlFKWLJYHUGHUEOLFKHV*LIWGDVLFKLQ MHQHP.XVVHHLQJH]RJHQJlUWHXQGIODPPWHLQDOOHQ3XOVHQLQ DOOHQ1HUYHQ )UlXOHLQ$GHOKHLGWUDWKHUHLQ GLH:XWGHVLQQHUQ .DPSIHVVWU|PWHDXVLQKHLHQ7UlQHQGLHLFKQLFKW ]XUFN]XGUlQJHQYHUPRFKWH$GHOKHLGEOLFNWHPLFKYHUZXQGHUW XQG]ZHLIHOKDIWOlFKHOQGDQ LFKKlWWHVLHHUPRUGHQN|QQHQ'LH %DURQLQUHLFKWHPLUGLH+DQGXQGVSUDFKPLWXQEHVFKUHLEOLFKHU 0LOGH /HEHQ6LHZRKOPHLQOLHEHU)UHXQG /HEHQ6LHUHFKW ZRKOGHQNHQ6LHGDUDQGDYLHOOHLFKWQLHPDQGEHVVHUDOVLFK ,KUH0XVLNYHUVWDQG $FKGLHVH7|QHZHUGHQODQJH ODQJHLQ PHLQHP,QQHUQZLHGHUNOLQJHQ
,FK]ZDQJPLUHLQLJHXQ]XVDPPHQKlQJHQGHDOEHUQH:RUWHDE XQGOLHIQDFKXQVHUP*HPDFK'HU$OWHKDWWHVLFKVFKRQ]XU5XKH EHJHEHQ,FKEOLHELP6DDOLFKVWU]WHDXIGLH.QLHLFKZHLQWH ODXW LFKULHIGHQ1DPHQGHU*HOLHEWHQNXU]LFKEHUOLHPLFK GHQ7RUKHLWHQGHVYHUOLHEWHQ:DKQVLQQVWURW]HLQHPXQGQXUGHU ODXWH=XUXIGHVEHU PHLQ7REHQDXIJHZDFKWHQ$OWHQ 9HWWHULFK JODXEHGXELVWYHUUFNWJHZRUGHQRGHUEDOJVWGLFKDXIVQHXHPLW HLQHP:ROI" 6FKLHUGLFK]X%HWWHZHQQHVGLUVRQVWJHIlOOLJLVW QXUGLHVHU=XUXIWULHEPLFKKLQHLQLQV*HPDFKZRLFKPLFKPLW GHPIHVWHQ9RUVDW]QLHGHUOHJWHQXUYRQ6HUDSKLQHQ]XWUlXPHQ
(VPRFKWHVFKRQQDFK0LWWHUQDFKWVHLQDOVLFKQRFKQLFKW HLQJHVFKODIHQHQWIHUQWH6WLPPHQHLQ+LQ XQG+HUODXIHQXQG GDVgIIQHQXQG=XVFKODJHQYRQ7UHQ]XYHUQHKPHQJODXEWH,FK KRUFKWHDXIGDK|UWHLFK 7ULWWHDXIGHP.RUULGRUVLFKQDKHQGLH 7UGHV6DDOVZXUGHJH|IIQHWXQGEDOGNORSIWHHVDQXQVHU *HPDFK
:HULVWGD"ULHILFKODXW GDVSUDFKHVGUDXHQ +HUU -XVWLWLDULXV +HUU-XVWLWLDULXVZDFKHQ6LHDXI ZDFKHQ6LHDXI ,FKHUNDQQWH)UDQ]HQV6WLPPHXQGLQGHPLFKIUXJ %UHQQWHVLP 6FKORVVH"ZXUGHGHU$OWHZDFKXQGULHI :REUHQQWHV"ZRLVW VFKRQZLHGHUYHUGDPPWHU7HXIHOVVSXNORV"$FEVWHKHQ6LHDXI +HUU-XVWLWLDULXVVSUDFK)UDQ]VWHKHQ6LHDXIGHU+HUU%DURQ YHUODQJWQDFK,KQHQ :DVZLOOGHU%DURQYRQPLUIUXJGHU$OWH ZHLWHUZDVZLOOHUYRQPLU]XU1DFKW]HLW"ZHLHUQLFKWGDGDV -XVWLWLDULDWPLWGHP-XVWLWLDULXV]X%HWWHJHKWXQGHEHQVRJXW VFKOlIWDOVHU" $FKULHIQXQ)UDQ]lQJVWOLFKOLHEHU+HUU-XVWLWLDULXVVWHKHQ 6LHGRFKQXUDXI GLHJQlGLJH)UDX%DURQLQOLHJWLP6WHUEHQ0LW HLQHP6FKUHLGHV(QWVHW]HQVIXKULFKDXIgIIQH)UDQ]HQGLH 7UULHIPLUGHU$OWH]X EHVLQQXQJVORVZDQNWHLFKLP=LPPHU KHUXPRKQH7UXQG6FKOR]XILQGHQ'HU$OWHPXWHPLU EHLVWHKHQ)UDQ]WUDWEOHLFKPLWYHUVW|UWHP*HVLFKWKHUHLQXQG ]QGHWHGLH/LFKWHUDQ $OVZLUXQVNDXPLQGLH.OHLGHUJHZRUIHQK|UWHQZLUVFKRQGHQ %DURQLP6DDOUXIHQ .DQQLFK6LHVSUHFKHQOLHEHU9":DUXP KDVWGXGLFKDQJH]RJHQ9HWWHUGHU%DURQKDWQXUQDFKPLU YHUODQJW"IUXJGHU$OWHLP%HJULIIKHUDXV]XWUHWHQ,FKPX KLQDE LFKPXVLHVHKHQXQGGDQQVWHUEHQVSUDFKLFKGXPSI XQGZLHYHUQLFKWHWYRPWURVWORVHQ6FKPHU] -DVRGDKDVWGXUHFKW9HWWHU'LHVVSUHFKHQGZDUIPLUGHU $OWHGLH7UYRUGHU1DVH]XGDGLH$QJHOQNOLUUWHQXQG YHUVFKORVLHYRQGUDXHQ,PHUVWHQ$XJHQEOLFNEHUGLHVHQ =ZDQJHPS|UWZROOW LFKGLH7UHLQUHQQHQDEHUPLFKVFKQHOO EHVLQQHQGGDGLHVHVQXUGLHYHUGHUEOLFKHQ)ROJHQHLQHU XQJH]JHOWHQ5DVHUHLKDEHQN|QQHEHVFKORLFKGLH5FNNHKU GHV$OWHQDE]XZDUWHQGDQQDEHUNRVWHHVZDVHVZROOHVHLQHU $XIVLFKW]XHQWVFKOSIHQ
,FKK|UWHGHQ$OWHQKHIWLJPLWGHP%DURQUHGHQLFKK|UWH PHKUPDOVPHLQHQ1DPHQQHQQHQRKQHZHLWHUHVYHUVWHKHQ]X N|QQHQ0LWMHGHU 6HNXQGHZXUGHPLUPHLQH/DJHW|GOLFKHU (QGOLFKYHUQDKPLFKZLHGHP%DURQHLQH%RWVFKDIWJHEUDFKW ZXUGHXQGZLHHUVFKQHOOGDYRQUDQQWH'HU$OWHWUDWZLHGHULQ GDV=LPPHU6LHLVWWRWPLWGLHVHP6FKUHLVWU]WHLFKGHP$OWHQ HQWJHJHQ8QGGXELVWQlUULVFKILHOHUJHODVVHQHLQIDWHPLFK XQGGUFNWHPLFKLQHLQHQ6WXKOOFKPXKLQDEVFKULHLFK,FK PXKLQDEVLHVHKHQXQGVROOW HVPLUGDV/HEHQNRVWHQ
7XHGDVOLHEHU9HWWHUVSUDFKGHU$OWHLQGHPHUGLH7U YHUVFKORGHQ6FKOVVHODE]RJXQGLQGLH7DVFKHVWHFNWH1XQ IODPPWHLFKDXILQWROOHU:XWLFKJULIIQDFKGHUJHODGHQHQ%FKVH XQGVFKULH +LHUYRU,KUHQ$XJHQMDJHLFKPLUGLH.XJHOGXUFK GHQ.RSIZHQQ6LHQLFKWVRJOHLFKPLUGLH7U|IIQHQ'DWUDWGHU $OWHGLFKWYRUPLUKLQXQGVSUDFKLQGHPHUPLFKPLW GXUFKERKUHQGHP%OLFNLQV$XJHIDWH *ODXEVWGX.QDEHGD GXPLFKPLWGHLQHUDUPVHOLJHQ'URKXQJHUVFKUHFNHQNDQQVW" *ODXEVWGXGDPLUGHLQ/HEHQZDVZHUWLVWZHQQGXYHUPDJVW HVLQNLQGLVFKHU$OEHUQKHLWZLHHLQDEJHQXW]WHV 6SLHO]HXJ ZHJ]XZHUIHQ":DVKDVWGXPLWGHP:HLEHGHV%DURQV]X VFKDIIHQ" ZHUJLEWGLUGDV5HFKWGLFKZLHHLQEHUOlVWLJHU*HFN GDKLQ]XGUlQJHQZRGXQLFKWKLQJHK|UVWXQGZRPDQGLFKDXFK JDUQLFKWPDJ":LOOVWGXGHQOLHEHQGHQ6FKlIHUPDFKHQLQHUQVWHU 7RGHVVWXQGH" ,FKVDQNYHUQLFKWHWLQGHQ/HKQVWXKO 1DFKHLQHU:HLOHIXKUGHU $OWHPLWPLOGHUHU6WLPPHIRUW 8QGGDPLWGXHVQXUZHLWPLW GHUDQJHEOLFKHQ7RGHVJHIDKUGHU%DURQLQLVWHVZDKUVFKHLQOLFK JDQ]XQGJDUQLFKWV )UlXOHLQ$GHOKHLGLVWGHQQQXQJOHLFKDXHU VLFKEHUDOOHVZHQQLKUHLQ5HJHQWURSIHQDXIGLH1DVHIlOOWVR VFKUHLWVLH :HOFKHLQVFKUHFNOLFKHV8QZHWWHU=XP8QJOFNLVW GHU)HXHUOlUPELV]XGHQDOWHQ7DQWHQJHGUXQJHQGLHVLQGXQWHU XQ]LHPOLFKHP:HLQHQPLWHLQHPJDQ]HQ$UVHQDO YRQVWlUNHQGHQ 7URSIHQ /HEHQVHOL[LHUHQXQGZDVZHLLFKVRQVWDQJHUFNW (LQHVWDUNH$QZDQGOXQJYRQ2KQPDFKW 'HU$OWHKLHOWLQQHHUPRFKWHEHPHUNHQZLHLFKLP,QQHUQ NlPSIWH(UJLQJHLQLJHPDOGLH6WXEHDXIXQGDEVWHOOWHVLFK ZLHGHUYRUPLUKLQODFKWHUHFKWKHU]OLFKXQGVSUDFK 9HWWHU 9HWWHUZDVWUHLEVWGXIUQlUULVFKHV=HXJ"1XQHVLVWHLQPDO
QLFKWDQGHUVGHU6DWDQWUHLEWKLHUVHLQHQ6SXNDXIPDQFKHUOHL :HLVHGXELVWLKPJDQ]OXVWLJLQGLH.UDOOHQJHODXIHQXQGHU PDFKWMHW]WVHLQ7lQ]FKHQPLWGLU
(UJLQJZLHGHUHLQLJH6FKULWWHDXIXQGDEGDQQVSUDFKHUZHLWHU 0LWGHP6FKODILVW VQXQHLQPDOYRUEHLXQGGDGlFKW LFKPDQ UDXFKWHHLQH3IHLIHXQGEUlFKWHVRQRFKGLHSDDU6WQGFKHQ1DFKW XQG)LQVWHUQLVKLQ 0LWGLHVHQ:RUWHQQDKPGHU$OWHHLQH W|QHUQH3IHLIHYRP:DQGVFKUDQNKHUDEXQGVWRSIWHVLHHLQ /LHGFKHQEUXPPHQGODQJVDPXQGVRUJIlOWLJ'DQQVXFKWHHU XQWHUYLHOHQ3DSLHUHQELVHUHLQ%ODWWKHUDXVULHV]XP)LGLEXV ]XVDPPHQNQHWHWHXQGDQVWHFNWH 'LHGLFNHQ5DXFKZRONHQYRQVLFKEODVHQGVSUDFKHU]ZLVFKHQGHQ =lKQHQ 1XQ9HWWHUZLHZDUHVPLWGHP:ROI",FKZHLQLFKW ZLHGLHVUXKLJH7UHLEHQGHV$OWHQVHOWVDPDXIPLFKZLUNWH (V ZDUDOVVHLLFKJDUQLFKWPHKULQ5VLWWHQ GLH%DURQLQZHLWZHLW YRQPLUHQWIHUQWVRGD LFKVLHQXUPLWGHQJHIOJHOWHQ*HGDQNHQ HUUHLFKHQN|QQH 'LHOHW]WH)UDJHGHV$OWHQYHUGURPLFK $EHUILHOLFKHLQILQGHQ6LHPHLQ-DJGDEHQWHXHUVROXVWLJVR ]XP%HVS|WWHOQJHHLJQHW" 0LWQLFKWHQHUZLGHUWHGHU$OWHPLWQLFKWHQ+HUU9HWWHUDEHUGX JODXEVWQLFKWZHOFKNRPLVFKHV*HVLFKWVROFKHLQ.LHNLQGLHZHOW ZLHGXVFKQHLGHWXQGZLHHUVLFKEHUKDXSWVRSRVVLHUOLFKGDEHL PDFKWZHQQGHUOLHEH*RWWLKQHLQPDOZUGLJWZDV%HVRQGHUHV LKPSDVVLHUHQ]XODVVHQ,FKKDWWHHLQHQDNDGHPLVFKHQ)UHXQG GHUHLQVWLOOHUEHVRQQHQHUPLWVLFKHLQLJHU0HQVFKZDU'HU =XIDOOYHUZLFNHOWHLKQGHUQLH$QOD]XGHUJOHLFKHQJDELQHLQH (KUHQVDFKHXQGHUGHQGLHPHKUHVWHQ%XUVFKHQIUHLQHQ 6FKZlFKOLQJIUHLQHQ3LQVHOKLHOWHQEHQDKPVLFKGDEHLPLW VROFKHPHUQVWHPHQWVFKORVVHQHP0XWHGDDOOHLKQK|FKOLFK EHZXQGHUWHQ $EHUVHLWGHU=HLWZDUHUDXFKXPJHZDQGHOW$XVGHPIOHLLJHQ EHVRQQHQHQ-QJOLQJHZXUGHHLQSUDKOKDIWHUXQDXVVWHKOLFKHU 5DXIEROG(UNRPPHUVFKLHUWHXQGMXEHOWHXQGVFKOXJGXPPHU .LQGHUHL KDOEHUVLFKVRODQJHELVLKQGHU6HQLRUHLQHU /DQGVPDQQVFKDIWGLHHUDXIS|EHOKDIWH:HLVHEHOHLGLJWLP'XHOO QLHGHUVWLH
,FKHU]lKOHGLUGDVQXUVR9HWWHUGXPDJVWGLUGDEHLGHQNHQ ZDVGXZLOOVW8PQXQZLHGHUDXIGLH%DURQLQXQGLKUH.UDQNKHLW ]XNRPPHQ (VOLHHQVLFKLQGHP$XJHQEOLFNOHLVH7ULWWHDXI GHP6DDOK|UHQXQGPLUZDUHVDOVJLQJHHLQVFKDXHUOLFKHV bFK]HQGXUFKGLH/IWH6LHLVWKLQ GHU*HGDQNHGXUFKIXKU PLFKZLHHLQW|WHQGHU%OLW]
'HU$OWHVWDQGUDVFKDXIXQGULHIODXW )UDQ])UDQ]-DOLHEHU +HUU-XVWLWLDULXVDQWZRUWHWHHVGUDXHQ)UDQ]IXKUGHU$OWH IRUWVFKUHHLQZHQLJGDV)HXHULP.DPLQ]XVDPPHQXQGLVWHV WXQOLFKVRPDJVWGXIUXQVHLQSDDU7DVVHQJXWHQ7HHEHUHLWHQ (VLVWYHUWHXIHOWNDOWZDQGWHVLFKGHU$OWH]XPLUXQGGD ZROOHQZLUXQVOLHEHUGUDXHQDP.DPLQHZDVHU]lKOHQ'HU$OWH VFKORGLH7UDXILFKIROJWHLKPPHFKDQLVFK :LHJHKW VXQWHQ"IUXJGHU$OWH$FKHUZLGHUWH)UDQ]HV KDWWHJDUQLFKWYLHO]XEHGHXWHQGLHJQlGLJH)UDX%DURQLQVLQG ZLHGHUJDQ]PXQWHUXQGVFKLHEHQGDVELFKHQ2KQPDFKWDXI HLQHQE|VHQ7UDXP,FKZROOWHDXIMDXFK]HQYRU)UHXGHXQG (QW]FNHQHLQVHKUHUQVWHU%OLFNGHV$OWHQZLHVPLFK]XU5XKH -DVSUDFKGHU$OWHLP*UXQGHJHQRPPHQZlU VGRFKEHVVHU ZLU OHJWHQXQVQRFKHLQSDDU6WQGFKHQDXIV2KU /DHVQXUJXW VHLQPLWGHP7HH)UDQ]
:LH6LHEHIHKOHQ+HUU-XVWLWLDULXVHUZLGHUWH)UDQ]XQGYHUOLH GHQ6DDOPLWGHP:XQVFKHLQHUJHUXKVDPHQ1DFKWXQHUDFKWHW VFKRQGLH+lKQHNUlKWHQ+|UH9HWWHUVSUDFKGHU$OWHLQGHP HUGLH3IHLIHLP.DPLQDXVNORSIWHK|UH9HWWHUJXWLVW VGRFK GDGLUNHLQ0DOKHXUSDVVLHUWLVWPLW:|OIHQXQGJHODGHQHQ %FKVHQ,FKYHUVWDQGMHW]WDOOHVXQGVFKlPWHPLFKGDLFKGHP $OWHQ$QODJDEPLFK]XEHKDQGHOQZLHHLQXQJH]RJHQHV.LQG 6HLVRJXWVSUDFKGHU$OWHDPDQGHUQ0RUJHQVHLVRJXW OLHEHU9HWWHUVWHLJHKHUDEXQGHUNXQGLJHGLFKZLHHVPLWGHU %DURQLQVWHKW'XNDQQVWQXULPPHUQDFK)UlXOHLQ$GHOKHLG IUDJHQGLHZLUGGLFKGHQQZRKOPLWHLQHPWFKWLJHQ%XOOHWLQ YHUVHKHQ 0DQNDQQGHQNHQZLHLFKKLQDEHLOWH'RFKLQGHP $XJHQEOLFNDOVLFKOHLVHDQGDV9RUJHPDFKGHU%DURQLQSRFKHQ ZROOWHWUDWPLUGHU%DURQUDVFKDXVGHPVHOEHQHQWJHJHQ
(UEOLHEYHUZXQGHUWVWHKHQXQGPDPLFKPLWILQVWHUP GXUFKERKUHQGHQ %OLFN:DVZROOHQ6LHKLHUIXKUHVLKPKHUDXV 8QHUDFKWHWPLUGDV+HU]LP,QQHUVWHQVFKOXJQDKPLFKPLFK ]XVDPPHQXQGHUZLGHUWHPLWIHVWHP7RQ 0LFKLP$XIWUDJHGHV 2QNHOVQDFKGHP%HILQGHQGHUJQlGLJHQ)UDXHUNXQGLJHQ2HV ZDUMDJDUQLFKWV LKU JHZ|KQOLFKHU1HUYHQ]XIDOO6LHVFKOlIW VDQIWXQGLFKZHLGDVLHZRKOXQGPXQWHUEHLGHU7DIHO HUVFKHLQHQZLUG6DJHQ6LHGDV 6DJHQ6LHGDV'LHVVSUDFKGHU %DURQPLWHLQHUJHZLVVHQOHLGHQVFKDIWOLFKHQ+HIWLJNHLWGLHPLU DQ]XGHXWHQVFKLHQGDHUXPGLH%DURQLQEHVRUJWHUVHLDOVHUHV ZROOHPHUNHQODVVHQ ,FKZDQGWHPLFKXP]XUFN]XNHKUHQGDHUJULIIGHU%DURQ SO|W]OLFKPHLQHQ$UPXQGULHIPLWIODPPHQGHP%OLFN ,FKKDEH PLW,KQHQ]XVSUHFKHQMXQJHU0DQQ6DKLFKQLFKWGHQ VFKZHUEHOHLGLJWHQ*DWWHQYRUPLUXQGPXW LFKQLFKWHLQHQ $XIWULWWEHIUFKWHQGHUYLHOOHLFKWVFKPDFKYROOIUPLFKHQGHQ NRQQWH",FKZDUXQEHZDIIQHWGRFKLP0RPHQWEHVDQQLFKPLFK DXIPHLQNQVWOLFKHV-DJGPHVVHUGDVPLUGHU$OWHHUVWLQ 5VLWWHQJHVFKHQNWXQGGDVLFKQRFKLQGHU7DVFKHWUXJ
1XQIROJWHLFKGHPPLFKUDVFKIRUW]LHKHQGHQ%DURQPLWGHP (QWVFKOXNHLQHV/HEHQ]XVFKRQHQZHQQLFK*HIDKUODXIHQ VROOWHXQZUGLJEHKDQGHOW]XZHUGHQ:LUZDUHQLQGHV%DURQV =LPPHUHLQJHWUHWHQGHVVHQ7UHUKLQWHUVLFKDEVFKOR1XQ VFKULWWHUPLWEHUHLQDQGHUJHVFKODJHQHQ$UPHQKHIWLJDXIXQGDE GDQQEOLHEHUYRUPLUVWHKHQXQGZLHGHUKROWH ,FKKDEHPLW ,KQHQ]XVSUHFKHQMXQJHU0DQQ
'HUYHUZHJHQVWH0XWZDUPLUJHNRPPHQXQGLFKZLHGHUKROWH PLWHUK|KWHP7RQ ,FKKRIIHGDHV :RUWHVHLQZHUGHQGLHLFK XQJHDKQGHWK|UHQGDUI'HU%DURQVFKDXWHPLFKYHUZXQGHUWDQ DOVYHUVWHKHHUPLFKQLFKW'DQQEOLFNWHHUILQVWHU]XU(UGHVFKOXJ GLH$UPHEHUGHQ5LLFNHQXQGILQJZLHGHUDQLP=LPPHUDXIXQG DE]XUHQQHQ(UQDKPGLH%FKVHKHUDEXQGVWLHGHQ/DGHVWRFN KLQHLQDOVZROOHHUYHUVXFKHQREVLHJHODGHQVHLRGHUQLFKW 'DV%OXWVWLHJPLULQGHQ$GHUQLFKIDWHQDFKGHP0HVVHUXQG VFKULWWGLFKWDXIGHQ%DURQ]XXPHVLKPXQP|JOLFK]XPDFKHQ DXIPLFKDQ]XOHJHQ(LQVFK|QHV*HZHKUVSUDFKGHU%DURQGLH %FKVHZLHGHULQGHQ:LQNHOVWHOOHQG,FKWUDWHLQLJH6FKULWWH
]XUFNXQGGHU%DURQDQPLFKKHUDQ NUlIWLJHUDXIPHLQH6FKXOWHU VFKODJHQGDOVJHUDGHQ|WLJVSUDFKHUGDQQ ,FKPX,KQHQ DXIJHUHJWXQGYHUVW|UWYRUNRPPHQ7KHRGRULFKELQHVDXFK ZLUNOLFKYRQGHULQWDXVHQGbQJVWHQGXUFKZDFKWHQ1DFKW 'HU1HUYHQ]XIDOOPHLQHU)UDXZDUGXUFKDXVQLFKWJHIlKUOLFKGDV VHKHLFKMHW]WHLQDEHUKLHU KLHULQGLHVHP6FKORLQGDVHLQ ILQVWUHU*HLVWJHEDQQWLVWIUFKW LFKGDV(QWVHW]OLFKHXQGGDQQ LVWHVDXFKGDVHUVWHPDOGDVLHKLHUHUNUDQNWH6LH 6LHDOOHLQ VLQGVFKXOGGDUDQ :LHGDVP|JOLFKVHLQN|QQHGDYRQKlWWHLFKNHLQH$KQXQJ HUZLGHUWHLFKJHODVVHQ2KIXKUGHU%DURQIRUWRZlUHGHU YHUGDPPWH8QJOFNVNDVWHQGHU,QVSHNWRULQDXIEODQNHP(LVH ]HUEURFKHQLQWDXVHQG6WFNHRZlUHQ6LHGRFKQHLQ QHLQ(V VROOWHHVPXWHVRVHLQXQGLFKDOOHLQELQVFKXOGDQDOOHP$Q PLUODJHVLQGHP$XJHQEOLFNDOV6LHDQILQJHQLQGHP*HPDFK PHLQHU)UDX0XVLN]XPDFKHQ6LHYRQGHUJDQ]HQ/DJHGHU 6DFKHYRQGHU*HPWVVWLPPXQJPHLQHU)UDX]XXQWHUULFKWHQ
,FKPDFKWH0LHQH]XVSUHFKHQ/DVVHQ6LHPLFKUHGHQULHIGHU %DURQLFKPXLPYRUDXV,KQHQDOOHVYRUHLOLJH8UWHLO DEVFKQHLGHQ6LHZHUGHQPLFKIUHLQHQUDXKHQGHU.XQVW DEKROGHQ0DQQKDOWHQ,FKELQGDVNHLQHVZHJVDEHUHLQHDXIWLHIH hEHU]HXJXQJJHEDXWH5FNVLFKWQ|WLJWPLFKKLHUZRP|JOLFK VROFKHU0XVLNGLHMHGHV*HPWXQGDXFKJHZLGDVPHLQLJH HUJUHLIWGHQ(LQJDQJ]XYHUVDJHQ(UIDKUHQ6LHGDPHLQH)UDX DQHLQHU(UUHJEDUNHLWNUlQNHOWGLHDP(QGHDOOH/HEHQVIUHXGH ZHJ]HKUHQPX ,QGLHVHQZXQGHUOLFKHQ0DXHUQNRPPWVLHJDUQLFKWKHUDXVDXV GHPHUK|KWHQEHUUHL]WHQ=XVWDQGHGHUVRQVWQXUPRPHQWDQ HLQ]XWUHWHQSIOHJWXQG]ZDURIWDOV9RUERWHHLQHUHUQVWHQ .UDQNKHLW6LHIUDJHQPLW5HFKWZDUXPLFKGHU]DUWHQ)UDX GLHVHQVFKDXHUOLFKHQ$XIHQWKDOWGLHVHVZLOGHYHUZLUUWH -lJHUOHEHQQLFKWHUVSDUH"$EHUQHQQHQ6LHHVLPPHUKLQ 6FKZlFKHJHQXJPLULVWHVQLFKWP|JOLFKVLHDOOHLQ ]XUFN]XODVVHQ,QWDXVHQGbQJVWHQXQGQLFKW IlKLJ(UQVWHV]X XQWHUQHKPHQZUGHLFKVHLQGHQQLFKZHLHVGLH HQWVHW]OLFKVWHQ%LOGHUYRQDOOHUOHLYHUVW|UHQGHP8QJHPDFKGDV
LKUZLGHUIDKUHQYHUOLHHQPLFKQLFKWLP:DOGHQLFKWLP *HULFKWVVDDO
'DQQDEHUJODXEHLFKGDGHPVFKZlFKOLFKHQ:HLEHJHUDGH GLHVH:LUWVFKDIWKLHUZLHHLQHUNUlIWLJHQGHV6WDKOEDGDQVFKODJHQ PX:DKUKDIWLJGHU6HHZLQGGHUQDFKVHLQHU$UWWFKWLJGXUFK GLH)|KUHQVDXVWGDVGXPSIH*HEHOOHGHU'RJJHQGHUNHFNXQG PXQWHUVFKPHWWHUQGH+|UQHUNODQJPXKLHUVLHJHQEHUGLH YHUZHLFKHOQGHQVFKPDFKWHOQGHQ3LQVHOHLHQDP.ODYLHUGDVVR NHLQ0DQQVSLHOHQVROOWHDEHU6LHKDEHQHVGDUDXIDQJHOHJW PHLQH)UDXPHWKRGLVFK]X7RGH]XTXlOHQ
'HU%DURQVDJWHGLHVPLWYHUVWlUNWHU6WLPPHXQGZLOGIXQNHOQGHQ $XJHQ GDV%OXWVWLHJPLULQGHQ.RSILFKPDFKWHHLQHKHIWLJH %HZHJXQJPLWGHU+DQGJHJHQGHQ%DURQLFKZROOWHVSUHFKHQHU OLHPLFKQLFKW]X:RUWHNRPPHQ,FKZHLZDV6LHVDJHQ ZROOHQILQJHUDQLFKZHLHVXQGZLHGHUKROHHVGD6LHDXI GHP:HJHZDUHQPHLQH)UDX]XW|WHQXQGGDLFK,KQHQGLHV DXFKQLFKWLPPLQGHVWHQ]XUHFKQHQNDQQZLHZRKO6LHEHJUHLIHQ GDLFKGHP'LQJH(LQKDOWWXQPX .XU] 6LHH[DOWLHUHQ PHLQH)UDXGXUFK6SLHOXQG*HVDQJXQGDOVVLHLQGHP ERGHQORVHQ0HHUHWUlXPHULVFKHU9LVLRQHQXQG$KQXQJHQGLH,KUH 0XVLNZLHHLQE|VHU=DXEHUKHUDXIEHVFKZRUHQKDWRKQH+DOWXQG 6WHXHUXPKHUVFKZLPPWGUFNHQ6LHVLHKLQXQWHULQGLH7LHIHPLW GHU(U]lKOXQJHLQHVXQKHLPOLFKHQ6SXNVGHU6LHREHQLP *HULFKWVVDDOJHQHFNWKDEHQVROO
,KU*URRQNHOKDWPLUDOOHVHU]lKOWDEHULFKELWWH6LH ZLHGHUKROHQ6LHPLUDOOHVZDV6LHVDKHQRGHUQLFKWVDKHQ K|UWHQ IKOWHQ DKQWHQ,FKQDKPPLFK]XVDPPHQXQG HU]lKOWHUXKLJZLHHVVLFKGDPLWEHJHEHQYRQ$QIDQJELV]X (QGH'HU%DURQZDUIQXUGDQQXQGZDQQHLQ]HOQH:RUWHGLHVHLQ (UVWDXQHQDXVGUFNWHQGD]ZLVFKHQ$OVLFKGDUDXINDPZLHGHU $OWHVLFKPLWIURPPHP0XWGHP6SXNHQWJHJHQJHVWHOOWXQGLKQ JHEDQQWKDEHPLWNUlIWLJHQ:RUWHQVFKOXJHUGLH+lQGH ]XVDPPHQKREVLHJHIDOWHW]XP+LPPHOHPSRUXQGULHI EHJHLVWHUW -DHULVWGHU6FKXW]JHLVWGHU)DPLOLHUXKHQVROOLQ GHU*UXIWGHU$KQHQVHLQHVWHUEOLFKH+OOH ,FKKDWWHJHHQGHW'DQLHO'DQLHOZDVPDFKVWGXKLHU]XGLHVHU 6WXQGHPXUPHOWHGHU%DURQLQVLFKKLQHLQLQGHPHUPLW
EHUHLQDQGHUJHVFKODJHQHQ$UPHQLP=LPPHUDXI XQGDEVFKULWW :HLWHUZDUHVDOVRQLFKWV+HUU%DURQ"IUXJLFKODXWLQGHPLFK 0LHQHPDFKWHPLFK]XHQWIHUQHQ'HU%DURQIXKUDXIZLHDXV HLQHP7UDXPIDWHIUHXQGOLFKPLFKEHLGHU+DQGXQGVSUDFK -D OLHEHU)UHXQGPHLQH)UDXGHU6LHVRDUJPLWJHVSLHOWKDEHQRKQH HV]XZROOHQGLHPVVHQ6LHZLHGHUKHUVWHOOHQ 6LHDOOHLQ N|QQHQGDV ,FKIKOWHPLFKHUU|WHQGXQGVWDQGLFKGHP6SLHJHOJHJHQEHU VRHUEOLFNWHLFKJHZLLQGHPVHOEHQHLQVHKUDOEHUQHVYHUGXW]WHV *HVLFKW'HU%DURQVFKLHQVLFKDQPHLQHU9HUOHJHQKHLW]XZHLGHQ HUEOLFNWHPLUXQYHUZDQGWLQV$XJHPLWHLQHPUHFKWIDWDOHQ LURQLVFKHQ/lFKHOQ:LHLQDOOHU:HOWVROOWHLFKHVDQIDQJHQ VWRWWHUWHLFKHQGOLFKPKVDPKHUDXV 1XQQXQXQWHUEUDFKPLFKGHU%DURQ6LHKDEHQHVPLWNHLQHU JHIlKUOLFKHQ3DWLHQWLQ]XWXQ,FKQHKPHMHW]WDXVGUFNOLFK,KUH .XQVWLQ$QVSUXFK'LH%DURQLQLVWQXQHLQPDOKHUHLQJH]RJHQLQ GHQ=DXEHUNUHLV,KUHU0XVLNXQGVLHSO|W]OLFKKHUDXV]XUHLHQ ZUGHW|ULFKWXQGJUDXVDPVHLQ6HW]HQ6LHGLH0XVLNIRUW6LH ZHUGHQ]XU$EHQGVWXQGHLQGHQ=LPPHUQPHLQHU)UDXMHGHVPDO ZLOONRPPHQVHLQ$EHUJHKHQ6LHQDFKXQGQDFKEHU]X NUlIWLJHUHU0XVLNYHUELQGHQ6LHJHVFKLFNWGDV+HLWHUHPLWGHP (UQVWHQXQGGDQQYRUDOOHQ'LQJHQZLHGHUKROHQ6LHGLH (U]lKOXQJYRQGHPXQKHLPOLFKHQ6SXNUHFKWRIW'LH%DURQLQ JHZ|KQWVLFKGDUDQVLHYHUJLWGDGHU6SXNKLHULQGLHVHQ 0DXHUQKDXVHWXQGGLH*HVFKLFKWHZLUNWQLFKWVWlUNHUDXIVLHDOV MHGHVDQGHUH=DXEHUPlUFKHQGDVLQLUJHQGHLQHP5RPDQLQ LUJHQGHLQHP*HVSHQVWHUEXFKLKUDXIJHWLVFKWZRUGHQ'DVWXQVLH OLHEHU)UHXQG
0LWGLHVHQ:RUWHQHQWOLHPLFKGHU%DURQ,FKJLQJ ,FKZDU YHUQLFKWHWLQPHLQHPHLJQHQ,QQHUQKHUDEJHVXQNHQ]XP EHGHXWXQJVORVHQW|ULFKWHQ.LQGH,FK:DKQVLQQLJHUGHULFK JODXEWH(LIHUVXFKWN|QQHVLFKLQVHLQHU%UXVWUHJHQ HUVHOEVW VFKLFNWPLFK]X6HUDSKLQHQHUVHOEVWVLHKWLQPLUQXUGDV ZLOOHQORVH0LWWHOGDVHUEUDXFKWXQGZHJZLUIWZLHHVLKPEHOLHEW 9RUZHQLJHQ0LQXWHQIUFKWHWHLFKGHQ%DURQHVODJLQPLUWLHILP +LQWHUJUXQGHYHUERUJHQGDV%HZXWVHLQGHU6FKXOGDEHUGLHVH 6FKXOGOLHPLFKGDVK|KHUHKHUUOLFKH/HEHQGHXWOLFKIKOHQGHP LFK]XJHUHLIW QXQZDUDOOHVYHUVXQNHQLQVFKZDU]H1DFKWXQGLFK
VDKQXUGHQDOEHUQHQ.QDEHQGHULQNLQGLVFKHU9HUNHKUWKHLWGLH SDSLHUQH.URQHGLHHUVLFKDXIGHQKHLHQ.RSIVWOSWHIU HFKWHV*ROGJHKDOWHQ
,FKHLOWH]XP$OWHQGHUVFKRQDXIPLFKZDUWHWH1XQ9HWWHUZR EOHLEVWGXGHQQZREOHLEVWGXGHQQ"ULHIHUPLUHQWJHJHQOFK KDEHPLWGHP%DURQJHVSURFKHQZDUILFKVFKQHOOXQGOHLVHKLQ RKQHGHQ$OWHQDQVFKDXHQ]XN|QQHQ7DXVHQG6DSSHUORW VSUDFKGHU$OWHZLHYHUZXQGHUW7DXVHQG6DSSHUORWGDFKWLFK V GRFKJOHLFK GHU%DURQKDWGLFKJHZLKHUDXVJHIRUGHUW9HWWHU" 'DVVFKDOOHQGH*HOlFKWHUGDVGHU$OWHJOHLFKKLQWHUKHU DXIVFKOXJEHZLHVPLUGDHUDXFKGLHVHV0DOZLHLPPHUJDQ] XQGJDUPLFKGXUFKVFKDXWH
,FKELGLH=lKQH]XVDPPHQLFKPRFKWHNHLQ:RUWHUZLGHUQ GHQQZRKOZXW LFKGDHVGHVVHQQXUEHGXUIWHXPVRJOHLFKYRQ GHQWDXVHQG1HFNHUHLHQEHUVFKWWHW]XZHUGHQGLHVFKRQDXI GHV$OWHQ/LSSHQVFKZHEWHQ 'LH%DURQLQNDP]XU7DIHOLP]LHUOLFKHQ0RUJHQNOHLGHGDV EOHQGHQGZHLIULVFKJHIDOOHQHQ6FKQHHEHVLHJWH6LHVDKPDWW DXVXQGDEJHVSDQQWGRFKDOVVLHQXQOHLVHXQGPHORGLVFK VSUHFKHQGGLHGXQNOHQ$XJHQHUKREGDEOLW]WHVHV VHKQVFKWLJHV9HUODQJHQDXVGVWHUHU*OXWXQGHLQIOFKWLJHV5RW EHUIORJGDVOLOLHQEODVVH$QWOLW]6LHZDUVFK|QHUDOVMHPDOV:HU HUPLWGLH7RUKHLWHQHLQHV-QJOLQJVPLW]XKHLHP%OXWLP.RSI XQG+HU]HQ
'HQELWWHUQ*UROOGHQGHU%DURQLQPLUDXIJHUHJWWUXJLFKEHU DXIGLH%DURQLQ$OOHVHUVFKLHQPLUZLHHLQHKHLOORVH0\VWLILNDWLRQ XQGQXQZROOW LFKEHZHLVHQGDLFKJDUVHKUEHLYROOHP 9HUVWDQGHVHLXQGEHUGLH0DHQVFKDUIVLFKWLJ :LHHLQ VFKPROOHQGHV.LQGYHUPLHGLFKGLH%DURQLQXQGHQWVFKOSIWHGHU PLFKYHUIROJHQGHQ$GHOKHLGVRGDLFKZLHLFKJHZROOWJDQ]DP (QGHGHU7DIHO]ZLVFKHQGHQEHLGHQ2IIL]LHUHQPHLQHQ3ODW]IDQG PLWGHQHQLFKZDFNHU]X]HFKHQEHJDQQ%HLP1DFKWLVFKVWLHHQ ZLUIOHLLJGLH*OlVHU]XVDPPHQXQGZLHHVLQVROFKHU6WLPPXQJ ]XJHVFKHKHQSIOHJWLFKZDUXQJHZ|KQOLFKODXWXQGOXVWLJ (LQ%HGLHQWHUKLHOWPLUHLQHQ7HOOHUKLQDXIGHPHLQLJH%RQERQV ODJHQPLWGHQ:RUWHQ 9RQ)UlXOHLQ$GHOKHLG,FKQDKPXQG
EHPHUNWHEDOGGDDXIHLQHPGHU%RQERQVPLW6LOEHUVWLIW JHNULW]HOWVWDQG 8QG6HUDSKLQH" 'DV%OXWZDOOWHPLUDXILQGHQ $GHUQ,FKVFKDXWHKLQQDFK$GHOKHLGGLHVDKPLFKDQPLW EHUDXVVFKODXHUYHUVFKPLW]WHU0LHQHQDKPGDV*ODVXQGQLFNWH PLU]XPLWOHLVHP.RSIQLFNHQ
%HLQDKHZLOONUORVPXUPHOWHLFKVWLOO 6HUDSKLQHQDKPPHLQ *ODVXQGOHHUWHHVPLWHLQHP=XJH0HLQ%OLFNIORJKLQ]XLKULFK JHZDKUWHGDVLHDXFKLQGHP$XJHQEOLFNJHWUXQNHQKDWWHXQG LKU*ODVHEHQKLQVHW]WH LKUH$XJHQWUDIHQGLHPHLQHQXQGHLQ VFKDGHQIURKHU7HXIHOUDXQWHHVPLULQGLH2KUHQ 8QVHOLJHU 6LH OLHEWGLFKGRFK(LQHUGHU*lVWHVWDQGDXIXQGEUDFKWH QRUGLVFKHU6LWWHJHPlGLH*HVXQGKHLWGHU)UDXYRP+DXVHDXV 'LH*OlVHUHUNODQJHQLPODXWHQ-XEHO (QW]FNHQXQG 9HU]ZHLIOXQJVSDOWHWHQPLUGDV+HU] GLH*OXWGHV:HLQVIODPPWH LQPLUDXIDOOHVGUHKWHVLFKLQ.UHLVHQHVZDUDOVPWHLFKYRU DOOHU$XJHQKLQVWU]HQ]XLKUHQ)HQXQGPHLQ/HEHQ DXVKDXFKHQ :DVLVW,KQHQOLHEHU)UHXQG"'LHVH)UDJHPHLQHV1DFKEDUVJDE PLUGLH%HVLQQXQJZLHGHUDEHU6HUDSKLQHZDUYHUVFKZXQGHQ 'LH7DIHOZXUGHDXIJHKREHQ,FKZROOWHIRUW$GHOKHLGKLHOWPLFK IHVWVLHVSUDFKDOOHUOHLLFKK|UWHLFKYHUVWDQGNHLQ:RUW VLH IDWHPLFKEHLEHLGHQ+lQGHQXQGULHIPLUODXWODFKHQGHWZDVLQ GLH2KUHQ :LHYRQGHU6WDUUVXFKWJHOlKPW EOLHELFKVWXPP XQGUHJXQJVORV,FKZHLQXUGDLFKHQGOLFKPHFKDQLVFKHLQ *ODV/LN|UDXV$GHOKHLGV+DQGQDKPXQGHVDXVWUDQNGDLFK PLFKHLQVDPLQHLQHP)HQVWHUZLHGHUIDQGGDLFKGDQQ KLQDXVVWU]WHDXVGHP6DDOGLH7UHSSHKLQDEXQGKLQDXVOLHILQ GHQ:DOG ,QGLFKWHQ)ORFNHQILHOGHU6FKQHHKHUDEGLH)|KUHQVHXI]WHQ YRP6WXUPEHZHJW ZLHHLQ:DKQVLQQLJHUVSUDQJLFKXPKHULQ ZHLWHQ.UHLVHQXQGODFKWHXQGVFKULHZLOGDXI 6FKDXW]X VFKDXW]X +HLVDGHU7HXIHOPDFKWVHLQ7lQ]FKHQPLWGHP .QDEHQGHU]XVSHLVHQJHGDFKWHWRWDOYHUERWHQH)UFKWH
:HUZHLZLHPHLQWROOHV6SLHOJHHQGHWZHQQLFKQLFKWPHLQHQ 1DPHQODXWLQGHQ:DOGKLQHLQUXIHQJHK|UW'DV:HWWHUKDWWH QDFKJHODVVHQGHU0RQGVFKLHQKHOOGXUFKGLH]HUULVVHQHQ:RONHQ LFKK|UWH'RJJHQDQVFKODJHQXQGJHZDKUWHHLQHILQVWHUH*HVWDOW
GLHVLFKPLUQlKHUWH(VZDUGHUDOWH-lJHU(LHLOLHEHU+HUU 7KHRGRUILQJHUDQZLHKDEHQ6LHVLFKGHQQYHULUUWLQGHP E|VHQ6FKQHHJHVW|EHUGHU+HUU-XVWLWLDULXVZDUWHQDXI6LHPLW YLHOHU8QJHGXOG
6FKZHLJHQGIROJWHLFKGHP$OWHQ,FKIDQGGHQ*URRQNHOLP *HULFKWVVDDODUEHLWHQG'DVKDVWGXJXWJHPDFKWULHIHUPLU HQWJHJHQGDVKDVWGXVHKUJXWJHPDFKWGDGXHLQZHQLJLQV )UHLHJLQJVWXPGLFKJHK|ULJDE]XNKOHQ7ULQNHGRFKQLFKWVR YLHO:HLQGXELVWQRFKYLHO]XMXQJGD]XGDVWDXJWQLFKW,FK EUDFKWHNHLQ:RUWKHUYRUVFKZHLJHQGVHW]WHLFKPLFKKLQDQGHQ 6FKUHLEWLVFK $EHUVDJHPLUQXUOLHEHU9HWWHUZDVZROOWHGHQQHLJHQWOLFKGHU %DURQYRQGLU" ,FKHU]lKOWHDOOHVXQGVFKORGDPLWGDLFK PLFKQLFKWKHUJHEHQZROOWH]XGHU]ZHLIHOKDIWHQ.XUGLHGHU %DURQYRUJHVFKODJHQ:UGHDXFKJDUQLFKWDQJHKHQILHOGHU $OWHPLULQGLH5HGHGHQQZLUUHLVHQPRUJHQLQDOOHU)UKHIRUW OLHEHU9HWWHU(VJHVFKDKVRLFKVDK6HUDSKLQHQQLFKWZLHGHU
.DXPDQJHNRPPHQLQ.NODJWHGHUDOWH*URRQNHOGDHUPHKU DOVMHPDOVVLFKYRQGHUEHVFKZHUOLFKHQ)DKUWDQJHJULIIHQIKOH 6HLQPUULVFKHV6FKZHLJHQQXUXQWHUEURFKHQYRQKHIWLJHQ $XVEUFKHQGHUEHOVWHQ/DXQHYHUNQGHWHGLH5FNNHKUVHLQHU SRGDJULVWLVFKHQ=XIlOOH(LQHV7DJHVZXUG LFKVFKQHOOKLQJHUXIHQ LFKIDQGGHQ$OWHQYRP6FKODJHJHWURIIHQVSUDFKORVDXIGHP /DJHUHLQHQ]HUNQLWWHUWHQ%ULHILQGHUNUDPSIKDIWJHVFKORVVHQHQ +DQG ,FKHUNDQQWHGLH6FKULIW]JHGHV:LUWVFKDIWVLQVSHNWRUVDXV 5VLWWHQGRFKYRQGHPWLHIVWHQ6FKPHU]GXUFKGUXQJHQZDJWH LFKHVQLFKWGHQ%ULHIGHP$OWHQ]XHQWUHLHQLFK]ZHLIHOWHQLFKW DQVHLQHPEDOGLJHQ7RG'RFKQRFKHKHGHU$U]WNDPVFKOXJHQ GLH/HEHQVSXOVHZLHGHUGLHZXQGHUEDUNUlIWLJH1DWXUGHV VLHE]LJMlKULJHQ*UHLVHVZLGHUVWDQGGHPW|GOLFKHQ$QIDOOQRFK GHVVHOEHQ7DJHVHUNOlUWHLKQGHU$U]WDXHU*HIDKU'HU:LQWHU ZDUKDUWQlFNLJHUDOVMHPDOVLKPIROJWHHLQUDXKHUGVWHUHU )UKOLQJXQGVRNDPHVGDQLFKWMHQHU=XIDOOVRZRKODOVGDV 3RGDJUDYRQGHPE|VHQ.OLPDZRKOJHKHJWGHQ$OWHQIUODQJH =HLWDXIGDV.UDQNHQODJHUZDUI
,QGLHVHU=HLWEHVFKORHUVLFKYRQMHGHP*HVFKlIWJDQ] ]XUFN]X]LHKHQ(UWUDWVHLQH-XVWLWLDULDWHDQDQGHUHDEXQGVR ZDUPLUMHGH+RIIQXQJYHUVFKZXQGHQMHPDOVZLHGHU QDFK 5VLWWHQ]XNRPPHQ1XUPHLQH3IOHJHOLWWGHU$OWHQXUYRQPLU YHUODQJWHHUXQWHUKDOWHQDXIJHKHLWHUW]XZHUGHQ$EHUZHQQ DXFKLQVFKPHU]ORVHQ6WXQGHQVHLQHU+HLWHUNHLWZLHGHUJHNHKUW ZDUZHQQHVDQGHUEHQ6SlHQQLFKWIHKOWHZHQQHVVHOEVW]X -DJGJHVFKLFKWHQNDPXQGLFKMHGHQ$XJHQEOLFNYHUPXWHWHPHLQH +HOGHQWDWZLHLFKGHQJUHXOLFKHQ:ROIPLWGHP-DJGPHVVHU HUOHJWZUGHKHUKDOWHQPVVHQ QLHPDOV QLHPDOVHUZlKQWHHU XQVHUHV$XIHQWKDOWVLQ5VLWWHQXQGZHUPDJQLFKWHLQVHKHQGD LFKDXVQDWUOLFKHU6FKHXPLFKZRKOKWHWHLKQJHUDGH]XGDUDXI ]XEULQJHQ 0HLQHELWWUH6RUJHPHLQHVWHWH0KHXPGHQ$OWHQKDWWH 6HUDSKLQHQV%LOGLQGHQ+LQWHUJUXQGJHVWHOOW6RZLHGHV$OWHQ .UDQNKHLWQDFKOLHJHGDFKWHLFKOHEKDIWHUZLHGHUMHQHV0RPHQWV LP=LPPHUGHU%DURQLQGHUPLUZLHHLQOHXFKWHQGHUDXIHZLJIU PLFKXQWHUJHJDQJHQHU6WHUQHUVFKLHQ(LQ(UHLJQLVULHIDOOHQ HPSIXQGHQHQ6FKPHU]KHUYRULQGHPHVPLFK]XJOHLFKZLHHLQH (UVFKHLQXQJDXVGHU*HLVWHUZHLWPLWHLVNDOWHQ6FKDXHUQ GXUFKEHEWH $OVLFKQlPOLFKHLQHV$EHQGVGLH%ULHIWDVFKHGLHLFKLQ5VLWWHQ JHWUDJHQ|IIQHIlOOWPLUDXVGHQDXIJHEOlWWHUWHQ3DSLHUHQHLQH GXQNOHPLWHLQHPZHLHQ%DQGHXPVFKOXQJHQH/RFNHHQWJHJHQ GLHLFKDXJHQEOLFNOLFKIU6HUDSKLQHQV+DDUHUNHQQH$EHUDOVLFK GDV %DQGQlKHUEHWUDFKWHVHKHLFKGHXWOLFKGLH6SXUHLQHV %OXWVWURSIHQV9LHOOHLFKWZXWH$GHOKHLGLQMHQHQ$XJFQEOLFNHQ GHVEHZXWORVHQ:DKQVLQQVGHUPLFKDPOHW]WHQ7DJHHUJULIIHQ PLUGLHV$QGHQNHQJHVFKLFNW]X]XVWHOOHQDEHUZDUXPGHU %OXWVWURSIHGHUPLFK(QWVHW]OLFKHVDKQHQOLHXQGMHQHVEHLQDKH ]XVFKlIHUPlLJH3IDQG]XUVFKDXHUYROOHQ0DKQXQJDQHLQH /HLGHQVFKDIWGLHWHXUHV+HU]EOXWNRVWHQNRQQWHKLQDXIVWHLJHUWH" 'DVZDUMHQHVZHLH%DQGGDVPLFK]XPHUVWHQPDO6HUDSKLQHQ QDKHZLHLPOHLFKWHQORVHQ6SLHOXPIODWWHUWHXQGGHPQXQGLH GXQNOH0DFKWGDV:DKU]HLFKHQGHU9HUOHW]XQJ]XP7RGH JHJHEHQ1LFKWVSLHOHQVROOGHU.QDEHPLWGHU:DIIHGHUHQ *HIlKUOLFKNHLWHUQLFKWHUPLW
(QGOLFKKDWWHQGLH)UKOLQJVVWUPH]XWREHQDXIJHK|UWGHU 6RPPHUEHKDXSWHWHVHLQ5HFKWXQGZDUHUVWGLH.lOWH XQHUWUlJOLFKVRZXUG HVQXQDOVGHU-XOLXVEHJRQQHQGLH+LW]H 'HU$OWHHUNUlIWLJWHVLFK]XVHKHQGVXQG]RJZLHHUVRQVW]XWXQ SIOHJWHLQHLQHQ*DUWHQGHU9RUVWDGW$QHLQHPVWLOOHQODXHQ $EHQGHVDHQZLULQGHUGXIWHQGHQ-DVPLQODXEHGHU$OWHZDU XQJHZ|KQOLFKKHLWHUXQGGDEHLQLFKWZLHVRQVWYROOVDUNDVWLVFKHU ,URQLHVRQGHUQPLOGEHLQDKHZHLFKJHVWLPPW
9HWWHUILQJHUDQLFKZHLQLFKWZLHPLUKHXWHLVWHLQJDQ] EHVRQGHUHV:RKOVHLQZLHLFKHVVHLWYLHOHQ-DKUHQQLFKWJHIKOW GXUFKGULQJWPLFKPLWJOHLFKVDPHOHNWULVFKHU:l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bWKHU]HLJWGHXWOLFKGLH IHUQH/DQGVFKDIWELVGDV+LHQLHGHQYHUVLQNWLQGLH1DFKWGHV :LQWHUV
,FKPHLQHGDLP+HOOVHKHQGHV$OWHUVVLFKGHXWOLFKHUGDV:DOWHQ GHUXQHUIRUVFKOLFKHQ0DFKW]HLJW(VVLQG%OLFNHYHUJ|QQWLQGDV JHOREWH/DQG]XGHPGLH 3LOJHUIDKUWEHJLQQWPLWGHP]HLWOLFKHQ 7RGH :LHZLUGPLULQGLHVHP$XJHQEOLFNVRNODUGDVGXQNOH9HUKlQJQLV MHQHV+DXVHVGHPLFKGXUFKIHVWHUH%DQGHDOV9HUZDQGWVFKDIW VLH]XVFKOLQJHQYHUPDJYHUNQSIWZXUGH:LHOLHJWDOOHVVR HUVFKORVVHQYRUPHLQHV *HLVWHV$XJHQ GRFKZLHLFKQXQDOOHV
VRJHVWDOWHWYRUPLUVHKHGDV(LJHQWOLFKHGDVNDQQLFKQLFKWPLW :RUWHQVDJHQNHLQHV0HQVFKHQ=XQJHLVWGHVVHQIlKLJ+|UH PHLQ6RKQGDVZDVLFKGLUQXUZLHHLQHPHUNZUGLJH *HVFKLFKWHGLHVLFKZRKO]XWUDJHQ NRQQWH]XHU]lKOHQYHUPDJ %HZDKUHWLHILQGHLQHU6HHOHGLH(UNHQQWQLVGDGLH JHKHLPQLVYROOHQ%H]LHKXQJHQLQGLHGXGLFKYLHOOHLFKWQLFKW XQEHUXIHQZDJWHVWGLFKYHUGHUEHQNRQQWHQ GRFKGDVLVWQXQ YRUEHU
'LH&HVFKLFKWHGHV5VFKHQ0DMRUDWVGLHGHU$OWHMHW]WHU]lKOWH WUDJHLFKVRWUHXLP*HGlFKWQLVGDLFKVLHEHLQDKHPLWVHLQHQ :RUWHQ HUVSUDFKYRQVLFKVHOEVWLQGHUGULWWHQ3HUVRQ ]X ZLHGHUKROHQYHUPDJ ,QHLQHUVWUPLVFKHQ+HUEVWQDFKWGHV-DKUHVZHFNWHHLQ HQWVHW]OLFKHU6FKODJDOVIDOOHGDVJDQ]HZHLWOlXIWLJH6FKORLQ WDXVHQG7UPPHU]XVDPPHQGDV+DXVJHVLQGHLQ5VLWWHQDXV WLHIHP6FKODIH,P1XZDUDOOHVDXIGHQ%HLQHQ/LFKWHUZXUGHQ DQJH]QGHW6FKUHFNHQXQG$QJVWLPOHLFKHQEODVVHQ*HVLFKW NHXFKWHGHU+DXVYHUZDOWHUPLWGHQ6FKOVVHOQKHUEHLDEHUQLFKW JHULQJZDUMHGHV(UVWDXQHQDOVPDQLQWLHIHU7RWHQVWLOOHLQGHU GDVSIHLIHQGH*HUDVVHOGHUPKVDPJH|IIQHWHQ6FKO|VVHUMHGHU )XWULWWUHFKWVFKDXHUOLFKZLGHUKDOOWHGXUFKXQYHUVHKUWH*lQJH 6lOH=LPPHUIRUWXQGIRUWZDQGHOWH
1LUJHQGVGLHPLQGHVWH6SXULUJHQGHLQHU9HUZVWXQJ(LQHILQVWHUH $KQXQJHUIDWHGHQDOWHQ+DXVYHUZDOWHU(UVFKULWWKLQDXILQGHQ JURHQ5LWWHUVDDOLQGHVVHQ6HLWHQNDELQHWWGHU)UHLKHUU5RGHULFK Y5]XUXKHQSIOHJWHZHQQHUDVWURQRPLVFKH%HREDFKWXQJHQ DQJHVWHOOW(LQH]ZLVFKHQGHU7UGLHVHVXQGHLQHVDQGHUQ .DELQHWWVDQJHEUDFKWH3IRUWHIKUWHGXUFKHLQHQHQJHQ*DQJ XQPLWWHOEDULQGHQDVWURQRPLVFKHQ7XUP $EHUVRZLH'DQLHO VRZDUGHU+DXVYHUZDOWHUJHKHLHQ GLHVH 3IRUWH|IIQHWHZDUILKPGHU6WXUPDEVFKHXOLFKKHXOHQGXQG VDXVHQG6FKXWWXQG]HUEU|FNHOWH0DXHUVWHLQHHQWJHJHQVRGD HUYRQ(QWVHW]HQZHLW]XUFNSUDOOWHXQGLQGHPHUGHQ/HXFKWHU GHVVHQ.HU]HQSUDVVHOQGYHUO|VFKWHQDQGLH(UGHIDOOHQOLHODXW DXIVFKULH 2+HUUGHV+LPPHOVGHU%DURQLVWMlPPHUOLFK ]HUVFKPHWWHUW
,QGHP$XJHQOLFNOLHHQVLFK.ODJHODXWHYHUQHKPHQGLHDXVGHP 6FKODINDELQHWWGHV)UHLKHUUQNDPHQ'DQLHOIDQGGLHEULJHQ 'LHQHUXPGHQ/HLFKQDPLKUHV+HUUQYHUVDPPHOW9ROONRPPHQ XQGUHLFKHUJHNOHLGHWDOVMHPDOVUXKLJHQ(UQVWLPXQHQWVWHOOWHQ *HVLFKWHIDQGHQVLHLKQVLW]HQGLQGHPJURHQUHLFKYHU]LHUWHQ /HKQVWXKOHDOVUXKHHUDXVYRQJHZLFKWLJHU$UEHLW
(VZDUDEHUGHU7RGLQGHPHUDXVUXKWH$OVHV7DJJHZRUGHQ JHZDKUWHPDQGDGLH.URQHGHV7XUPVLQVLFKHLQJHVWU]W'LH JURHQ4XDGHUVWHLQHKDWWHQ'HFNHXQG)XERGHQGHV DVWURQRPLVFKHQ=LPPHUVHLQJHVFKODJHQQHEVWGHQQXQ YRUDQVWU]HQGHQPlFKWLJHQ%DONHQPLWJHGRSSHOWHU.UDIWGHV )DOOHVGDVXQWHUH*HZ|OEHGXUFKEURFKHQXQGHLQHQ7HLOGHU 6FKORPDXHUXQGGHVHQJHQ*DQJHVPLWIRUWJHULVVHQ1LFKWHLQHQ 6FKULWWGXUFKGLH3IRUWHGHV6DDOVGXUIWHPDQWXQRKQH*HIDKU ZHQLJVWHQVDFKW]LJ)XKLQDE]XVWU]HQLQWLHIH*UXIW
'HUDOWH)UHLKHUUKDWWHVHLQHQ7RGELVDXIGLH6WXQGH YRUDXVJHVHKHQXQGVHLQH6|KQHGDYRQEHQDFKULFKWLJW6R JHVFKDKHVGDJOHLFKIROJHQGHQ7DJHV:ROIJDQJ)UHLKHUUYRQ5 lOWHVWHU6RKQGHV9HUVWRUEHQHQPLWKLQ0DMRUDWVKHUUHLQWUDI$XI GLH$KQXQJGHVDOWHQ9DWHUVZRKOEDXHQGKDWWHHUVRZLHHUGHQ YHUKlQJQLVYROOHQ%ULHIHUKDOWHQVRJOHLFK:LHQZRHUDXIGHU 5HLVHVLFKJHUDGHEHIDQGYHUODVVHQXQGZDUVRVFKQHOOHVQXU JHKHQZROOWHQDFK5VLWWHQJHHLOW
'HU+DXVYHUZDOWHUKDWWHGHQJURHQ6DDOVFKZDU]DXVVFKODJHQ XQGGHQDOWHQ)UHLKHUUQLQGHQ.OHLGHUQZLHPDQLKQJHIXQGHQ DXIHLQSUlFKWLJHV 3DUDGHEHWWHGDVKRKHVLOEHUQH/HXFKWHUPLW EUHQQHQGHQ.HU]HQXPJDEHQOHJHQODVVHQ6FKZHLJHQGVFKULWW :ROIJDQJGLH7UHSSHKHUDXILQGHQ6DDOKLQHLQXQGGLFKWKLQDQDQ GLH/HLFKHGHV9DWHUV'DEOLHEHUPLWEHUGLH%UXVW YHUVFKUlQNWHQ$UPHQVWHKHQXQGVFKDXWHVWDUUXQGGVWHUPLW ]XVDPPHQJH]RJHQHQ$XJHQEUDXHQGHP9DWHULQVEOHLFKH$QWOLW] (UJOLFKHLQHU%LOGVlXOHNHLQH7UlQHNDPLQVHLQH$XJHQ(QGOLFK PLWHLQHUEHLQDKHNUDPSIKDIWHQ%HZHJXQJGHQUHFKWHQ$UPKLQ QDFKGHU/HLFKH]XFNHQGPXUPHOWHHUGXPSI =ZDQJHQGLFKGLH*HVWLUQHGHQ6RKQGHQGXOLHEWHVWHOHQG]X PDFKHQ" 'LH+lQGH]XUFNJHZRUIHQHLQHQNOHLQHQ6FKULWW KLQWHUVLFKJHWUHWHQZDUIQXQGHU%DURQGHQ%OLFNLQGLH+|KH
XQGVSUDFKPLWJHVHQNWHUEHLQDKHZHLFKHU6WLPPH $UPHU EHW|UWHU*UHLV'DV)DVWQDFKWVVSLHOPLWVHLQHQOlSSLVFKHQ 7lXVFKXQJHQLVWQXQYRUEHU1XQPDJVWGXHUNHQQHQGDGDV NlUJOLFK]XJHPHVVHQH%HVLW]WXPKLHQLHGHQQLFKWVJHPHLQKDWPLW GHPMHQVHLWVEHUGHQ6WHUQHQ :HOFKHU:LOOHZHOFKH.UDIW UHLFKWKLQDXVEHUGDV*UDE"
:LHGHUVFKZLHJGHU%DURQHLQLJH6HNXQGHQ GDQQULHIHUKHIWLJ 1HLQQLFKWHLQ4XHQWOHLQPHLQHV(UGHQJOFNVGDVGX]X YHUQLFKWHQWUDFKWHWHVWVROOPLUGHLQ6WDUUVLQQUDXEHQXQGGDPLW ULHUHLQ]XVDPPHQJHOHJWHV3DSLHUDXVGHU7DVFKHXQGKLHOWHV ]ZLVFKHQ]ZHL)LQJHUQKRFKHPSRUDQHLQHGLFKWEHLGHU/HLFKH VWHKHQGHEUHQQHQGH.HU]H'DV3DSLHUYRQGHU.HU]HHUJULIIHQ IODFNHUWHKRFKDXIXQGDOVGHU:LGHUVFKHLQGHU)ODPPHDXIGHP *HVLFKWGHV/HLFKQDPVKLQXQGKHU]XFNWHXQGVSLHOWHZDUHVDOV UKUWHQVLFKGLH0XVNHOQXQGGHU$OWHVSUlFKHWRQORVH:RUWHVR GDGHUHQWIHUQWVWHKHQGHQ'LHQHUVFKDIWWLHIHV*UDXHQXQG (QWVHW]HQDQNDP 'HU%DURQYROOHQGHWHVHLQ*HVFKl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lGLJW]XZHUGHQ 'HQ7XUPKHUVWHOOHQ"IXKUGHU)UHLKHUUGHQDOWHQ'LHQHU IXQNHOQGHQ=RUQLQGHQ$XJHQDQGHQ7XUPKHUVWHOOHQ" 1LPPHUPHKU 0HUNVWGXGHQQQLFKWIXKUHUGDQQJHODVVHQHU IRUWPHUNVWGXGHQQQLFKW$OWHUGDGHU7XUPQLFKWVRRKQH ZHLWHUQ$QODHLQVWU]HQNRQQWH":LHZHQQPHLQ9DWHUVHOEVW GLH9HUQLFKWXQJGHV2UWVZRHUVHLQHXQKHLPOLFKH6WHUQGHXWHUHL WULHEJHZQVFKWZLHZHQQHUVHOEVWJHZLVVH9RUULFKWXQJHQ JHWURIIHQKlWWHGLHHVLKPP|JOLFKPDFKWHQGLH.URQHGHV 7XUPVZHQQHUZROOWHHLQVWU]HQXQGVRGDV,QQHUHGHV7XUPV
]HUVFKPHWWHUQ]XODVVHQ"'RFKGHPVHLZLHLKPZROOHXQGPDJ DXFKGDV6FKOR]XVDPPHQVWU]HQPLULVWHVUHFKW*ODXEWLKU GHQQGDLFKLQGHPDEHQWHXHUOLFKHQ(XOHQQHVWHKLHUKDXVHQ ZHUGH" 1HLQMHQHUNOXJH$KQKHUUGHULQGHPVFK|QHQ 7DOJUXQGHGLH)XQGDPHQWH]XHLQHPQHXHQ6FKOROHJHQOLHGHU KDWPLUYRUJHDUEHLWHWGHPZLOOLFKIROJHQ 8QGVRZHUGHQVSUDFK'DQLHONOHLQODXWGDQQDXFKZRKOGLH DOWHQ WUHXHQ'LHQHUGHQ:DQGHUVWDE]XU+DQGQHKPHQPVVHQ 'DLFKHUZLGHUWHGHU)UHLKHUUPLFKQLFKWYRQXQEHKOIOLFKHQ VFKORWWHUEHLQLFKWHQ*UHLVHQEHGLHQHQODVVHQZHUGHYHUVWHKWVLFK YRQVHOEVWDEHUYHUVWRHQZHUGHLFKNHLQHQ$UEHLWVORVVROOHXFK GDV*QDGHQEURWJXWJHQXJVFKPHFNHQ
0LFKULHIGHU$OWHYROOHU6FKPHU]PLFKGHQ+DXVYHUZDOWHUVR DXHU$NWLYLWlW'DZDQGWHGHU)UHLKHUUGHUGHP$OWHQGHQ 5FNHQJHNHKUWLP%HJULIIVWDQGGHQ6DDO]XYHUODVVHQVLFK SO|W]OLFKXPEOXWURWLPJDQ]HQ *HVLFKWHYRU=RUQGLHJHEDOOWH )DXVWYRUJHVWUHFNWVFKULWWHUDXIGHQ$OWHQ]XXQGVFKULHPLW IUFKWHUOLFKHU6WLPPH 'LFKGXDOWHUKHXFKOHULVFKHU6FKXUNHGHUGXPLWGHPDOWHQ 9DWHUGDVXQKHLPOLFKH:HVHQWULHEVWGRUWREHQGHUGXGLFKZLH HLQ9DPSLUDQVHLQ+HU]OHJWHVWGHUYLHOOHLFKWGHV$OWHQ:DKQVLQQ YHUEUHFKHULVFKQW]WHXPLQLKPGLHK|OOLVFKHQ(QWVFKOVVH]X HU]HXJHQGLHPLFKDQGHQ5DQGGHV$EJUXQGVEUDFKWHQGLFK VROOWHLFKKLQDXVVWRHQZLHHLQHQUlXGLJHQ+XQG 'HU$OWHZDUYRU6FKUHFNEHU GLHVHHQWVHW]OLFKHQ5HGHQGLFKW QHEHQGHP)UHLKHUUQDXIEHLGH.QLHJHVXQNHQXQGVRPRFKWHHV JHVFKHKHQGDGLHVHULQGHPHUYLHOOHLFKWXQZLOONUOLFKZLHGHQQ LP=RUQRIWGHU.|USHUGHP*HGDQNHQPHFKDQLVFKIROJWXQGGDV *HGDFKWHPLPLVFKDXVIKUWEHLGHQOHW]WHQ:RUWHQGHQUHFKWHQ )XYRUVFKOHXGHUWHGHQ$OWHQVRKDUWDQGHU%UXVWWUDIGDHU PLWHLQHPGXPSIHQ6FKUHLXPVWU]WH(UUDIIWHVLFKPKVDPLQ GLH+|KHXQGLQGHPHUHLQHQVRQGHUEDUHQ/DXWJOHLFKGHP KHXOHQGHQ*HZLPPHUHLQHVDXIGHQ7RGZXQGHQ7LHUHVDXVVWLH GXUFKERKUWHHUGHQ)UHLKHUUQPLWHLQHP%OLFNLQGHP:XWXQG 9HU]ZHLIOXQJJOKWHQ'HQ%HXWHOPLW*HOGGHQLKPGHU)UHLKHUU LP'DYRQVFKUHLWHQ]XJHZRUIHQOLHHUXQEHUKUWDXIGHP )XERGHQOLHJHQ
8QWHUGHVVHQKDWWHQVLFKGLHLQGHU*HJHQGEHILQGOLFKHQQlFKVWHQ 9HUZDQGWHQGHV+DXVHVHLQJHIXQGHQPLWYLHOHP3UXQNZXUGHGHU DOWH)UHLKHUULQGHU)DPLOLHQJUXIWGLHLQGHU.LUFKHYRQ5VLWWHQ EHILQGOLFKEHLJHVHW]WXQGQXQGDGLHJHODGHQHQ*lVWHVLFK ZLHGHUHQWIHUQWVFKLHQGHUQHXH0DMRUDWVKHUUYRQGHUGVWHUQ 6WLPPXQJYHUODVVHQVLFKGHVHUZRUEHQHQ%HVLW]WXPVUHFKW]X HUIUHXHQ0LW9GHP-XVWLWLDULXVGHVDOWHQ)UHLKHUUQGHPHU JOHLFKQDFKGHPHULKQQXUJHVSURFKHQVHLQYROOHV9HUWUDXHQ VFKHQNWHXQGLKQLQVHLQHP$PWEHVWlWLJWHKLHOWHUJHQDXH 5HFKQXQJEHUGLH(LQNQIWHGHV0DMRUDWVXQGEHUOHJWHZLHYLHO GDYRQYHUZDQGWZHUGHQN|QQH]X9HUEHVVHUXQJHQXQG]XP $XIEDXHLQHVQHXHQ6FKORVVHV
9PHLQWHGDGHUDOWH)UHLKHUUXQP|JOLFKVHLQHMlKUOLFKHQ (LQNQIWHDXIJH]HKUWKDEHQN|QQHXQG GDGDVLFKXQWHUGHQ %ULHIVFKDIWHQQXUHLQSDDUXQEHGHXWHQGH.DSLWDOLHQLQ %DQNRVFKHLQHQEHIDQGHQXQGGLHLQHLQHPHLVHUQHQ.DVWHQ EHILQGOLFKHEDUH6XPPHWDXVHQG7DOHUQXUXPZHQLJHV EHUVWLHJHJHZLLUJHQGZRQRFK*HOGYHUERUJHQVHLQPVVH:HU DQGHUV NRQQWHGDYRQXQWHUULFKWHWVHLQDOV'DQLHOGHUVW|UULVFK XQGHLJHQVLQQLJZLHHUZDUYLHOOHLFKWQXUGDUDXIZDUWHWHGD PDQLKQGDUXPEHIUDJH 'HU%DURQZDUQLFKWZHQLJEHVRUJWGD'DQLHOGHQHUVFKZHU EHOHLGLJWQXQQLFKWVRZRKODXV(LJHQQXW]GHQQ ZDVNRQQWHLKP GHPNLQGHUORVHQ*UHLVHGHULP6WDPPVFKORVVH5VLWWHQVHLQ /HEHQ]XHQGHQZQVFKWHGLHJU|WH6XPPH*HOGHVKHOIHQDOV YLHOPHKUXP5DFKH]XQHKPHQIUGHQHUOLWWHQHQ6FKLPSI LUJHQGZRYHUVWHFNWH6FKlW]HOLHEHUYHUPRGHUQODVVHQDOVLKP HQWGHFNHQZHUGH(UHU]lKOWH9GHQJDQ]HQ9RUIDOOPLW'DQLHO XPVWlQGOLFKXQGVFKORGDPLWGDQDFKPHKUHUHQ1DFKULFKWHQ GLHLKP]XJHNRPPHQ'DQLHODOOHLQHVJHZHVHQVHLGHULQGHP DOWHQ)UHLKHUUQHLQHQXQHUNOlUOLFKHQ$EVFKHXVHLQH6|KQHLQ 5VLWWHQZLHGHU]XVHKHQ]XQlKUHQJHZXWKDEH'HU-XVWLWLDULXV HUNOlUWHGLHVH1DFKULFKWHQGXUFKDXVIUIDOVFKGDNHLQ PHQVFKOLFKHV:HVHQDXIGHU:HOWLPVWDQGHJHZHVHQVHLGHV DOWHQ)UHLKHUUQ(QWVFKOVVHQXUHLQLJHUPDHQ]XOHQNHQYLHO ZHQLJHU]XEHVWLPPHQXQGEHUQDKPHVEULJHQVGHP'DQLHO GDV*HKHLPQLVZHJHQLUJHQGLQHLQHPYHUERUJHQHQ:LQNHO DXIEHZDKUWHQ*HOGHV]XHQWORFNHQ
(VEHGXUIWHGHVVHQJDUQLFKWGHQQNDXPILQJGHU-XVWLWLDULXVDQ $EHUZLHNRPPWHVGHQQ'DQLHOGDGHUDOWH+HUUVRZHQLJ EDUHV*HOGKLQWHUODVVHQ"VRHUZLGHUWH'DQLHOPLWZLGULJHP /lFKHOQ 0HLQHQ6LHGLHSDDU7DOHU+HUU-XVWLWLDULXVGLH6LHLQ GHPNOHLQHQ.lVWFKHQIDQGHQ"GDVEULJHOLHJWMDLP*HZ|OEH QHEHQGHP6FKODINDELQHWWGHVDOWHQJQlGLJHQ+HUUQ$EHUGDV %HVWHIXKUHUGDQQIRUWLQGHPVHLQ/lFKHOQVLFK]XP DEVFKHXOLFKHQ*ULQVHQYHU]RJXQGEOXWURWHV)HXHULQVHLQHQ $XJHQIXQNHOWHDEHUGDV%HVWHYLHOHWDXVHQG*ROGVWFNHOLHJHQ GDXQWHQLP6FKXWWYHUJUDEHQ
'HU-XVWLWLDULXVULHIVRJOHLFKGHQ)UHLKHUUQKHUEHLPDQEHJDEVLFK LQGDV6FKODINDELQHWWLQHLQHU(FNHGHVVHOEHQUFNWH'DQLHODQ GHP*HWlIHOGHU:DQGXQGHLQ6FKORZXUGHVLFKWEDU,QGHPGHU )UHLKHUUGDV6FKORPLWJLHULJHQ%OLFNHQDQVWDUUWHGDQQDEHU $QVWDOWPDFKWHGLH6FKOVVHOZHOFKHDQGHPJURHQ%XQGH KLQJHQGHQHUPLWYLHOHP*HNODSSHUPKVDPDXVGHU7DVFKH JH]HUUWDQGHPJOlQ]HQGHQ6FKORVVH]XYHUVXFKHQVWDQG'DQLHO GDKRFKDXIJHULFKWHWXQGZLHPLWKlPLVFKHP6WRO]KHUDEEOLFNHQG DXIGHQ)UHLKHUUQGHUVLFKQLHGHUJHEFNWKDWWHXPGDV6FKOR EHVVHULQ$XJHQVFKHLQ]XQHKPHQ 'HQ7RGLP$QWOLW]PLWEHEHQGHU6WLPPHVSUDFKHUGDQQ %LQ LFKHLQ+XQGKRFKJQlGLJHU)UHLKHUU VREHZDKU LFKDXFKLQPLU GHV+XQGHV7UHXH'DPLWUHLFKWHHUGHP%DURQHLQHQEODQNHQ VWlKOHUQHQ6FKOVVHOKLQGHQLKPGLHVHUPLWKDVWLJHU%HJLHUDXV GHU+DQGULXQGGLH7UPLWOHLFKWHU0KH|IIQHWH0DQWUDWLQ HLQNOHLQHVQLHGULJHV*HZ|OEHLQZHOFKHPHLQHJURHHLVHUQH 7UXKHPLWJH|IIQHWHP'HFNHOVWDQG$XIGHQYLHOHQ*HOGVlFNHQ ODJHLQ=HWWHO'HUDOWH)UHLKHUUKDWWHPLWVHLQHQ ZRKOEHNDQQWHQ JURHQDOWYlWHULVFKHQ6FKULIW]JHQGDUDXIJHVFKULHEHQ
(LQPDOKXQGHUWXQGIQI]LJWDXVHQG5HLFKVWDOHULQDOWHQ )ULHGULFKVGRUHUVSDUWHV*HOGYRQGHQ(LQNQIWHQGHV 0DMRUDWVJXWHV5VLWWHQXQGLVWGLHVH6XPPHEHVWLPPW]XP%DX GHV6FKORVVHV(VVROOIHUQHUGHU0DMRUDWVKHUUGHUPLUIROJWLP %HVLW]WXPYRQGLHVHP*HOGHDXIGHPK|FKVWHQ+JHO|VWOLFK JHOHJHQGHPDOWHQ6FKORWXUPGHQHUHLQJHVWU]WILQGHQZLUG HLQHQKRKHQ/HXFKWWXUP]XP%HVWHQGHU6HHIDKUHUDXIIKUHQXQG DOOQlFKWOLFKIHXHUQODVVHQ
5VLWWHQLQGHU0LFKDHOLVQDFKWGHV-DKUHV 5RGHULFK)UHLKHUUYRQ5
(UVWDOVGHU)UHLKHUUGLH%HXWHOHLQHQQDFKGHPDQGHUQJHKREHQ XQGZLHGHULQGHQ.DVWHQIDOOHQODVVHQVLFKHUJ|W]HQGDQGHP NOLUUHQGHQ.OLQJHQGHV*ROGHVZDQGWHHUVLFKUDVFK]XGHPDOWHQ +DXVYHUZDOWHUGDQNWHLKPIUGLHEHZLHVHQH7UHXHXQG YHUVLFKHUWHGDQXUYHUOHXPGHULVFKH.OlWVFKHUHLHQVFKXOGGDUDQ ZlUHQGDHULKPDQIDQJVEHOEHJHJQHW1LFKWDOOHLQLP 6FKORVVHVRQGHUQLQYROOHP'LHQVWDOV+DXVYHUZDOWHUPLW YHUGRSSHOWHP*HKDOWVROOHHUEOHLEHQ ,FKELQGLUYROOH(QWVFKlGLJXQJVFKXOGLJZLOOVWGX*ROGVRQLPP GLUHLQHQYRQMHQHQ%HXWHOQ 6RVFKORGHU)UHLKHUUVHLQH5HGH LQGHPHUPLWQLHGHUJHVFKODJHQHQ$XJHQYRUGHP$OWHQVWHKHQG PLWGHU+DQGQDFKGHP.DVWHQKLQ]HLJWHDQGHQHUQXQDEHU QRFKHLQPDOKLQWUDWXQGGLH%HXWHOPXVWHUWH'HP+DXVYHUZDOWHU WUDWSO|W]OLFKJOKHQGH5|WHLQV*HVLFKWXQGHUVWLHHLQHQ HQWVHW]OLFKHQGHPKHXOHQGHQ*HZLPPHUHLQHVDXIGHQ7RG ZXQGHQ7LHUVlKQOLFKHQ/DXWDXVZLHLKQGHU)UHLKHUUGHP -XWLVWLWLDULXVEHVFKULHEHQ'LHVHUHUEHEWHGHQQZDVGHU$OWHQXQ ]ZLVFKHQGHQ=lKQHQPXUPHOWHNODQJZLH %OXWIU*ROG'HU )UHLKHUUYHUWLHIWLQGHQ$QEOLFNGHV6FKDW]HVKDWWHYRQDOOHP QLFKWGDVPLQGHVWHEHPHUNW 'DQLHOGHQHVZLHLP NUDPSILJHQ )LHEHUIURVWGXUFKDOOH*OLHGHUJHVFKWWHOWQDKWHVLFKPLW JHEHXJWHP+DXSWLQGHPWLJHU6WHOOXQJGHP)UHLKHUUQNWH LKPGLH+DQGXQGVSUDFKPLWZHLQHUOLFKHU6WLPPHLQGHPHUPLW GHP7DVFKHQWXFKVLFKEHUGLH$XJHQIXKUDOVREHU7UlQHQ ZHJZLVFKH $FKPHLQOLHEHUJQlGLJHU+HUUZDVVROOLFKDUPHUNLQGHUORVHU *UHLVPLWGHP*ROGH" DEHUGDVGRSSHOWH*HKDOWGDVQHKPHLFK DQPLW)UHXGHQXQGZLOOPHLQ$PWYHUZDOWHQUVWLJXQG XQYHUGURVVHQ
'HU)UHLKHUUGHUQLFKWVRQGHUOLFKDXIGLH:RUWHGHV$OWHQ JHDFKWHWOLHQXQGHQVFKZHUHQ'HFNHOGHU7UXKH]XIDOOHQGD GDVJDQ]H*HZ|OEHNUDFKWHXQGGU|KQWHXQGVSUDFKGDQQLQGHP HUGLH7UXKHYHUVFKORXQGGLH6FKOVVHOVRUJIlOWLJDXV]RJVFKQHOO KLQJHZRUIHQ 6FKRQJXWVFKRQJXW$OWHU$EHUGXKDVWQRFK
IXKUHUIRUWQDFKGHPVLHVFKRQLQGHQ6DDOJHWUHWHQZDUHQDEHU GXKDVWQRFKYRQYLHOHQ*ROGVWFNHQJHVSURFKHQGLHXQWHQLP ]HUVW|UWHQ7XUPOLHJHQVROOHQ'HU$OWHWUDWVFKZHLJHQGDQGLH 3IRUWHXQGVFKORVLHPLW0KHDXI$EHUVRZLHHUGLH)OJHO DXIULWULHEGHU6WXUPGLFNHV6FKQHHJHVW|EHULQGHQ6DDO DXIJHVFKHXFKWIODWWHUWHHLQ5DEHNUHLVFKHQGXQGNUlFK]HQG XPKHUVFKOXJPLWVFKZDU]HQ6FKZLQJHQJHJHQGLH)HQVWHUXQG VWU]WHVLFKDOVHUGLHRIIHQH3IRUWHZLHGHUJHZRQQHQLQGHQ $EJUXQG
'HU)UHLKHUUWUDWKLQDXVLQGHQ.RUULGRUEHEWHDEHU]XUFNDOVHU NDXPHLQHQ%OLFNLQGLH7LHIHJHZRUIHQ$EVFKHXOLFKHU$QEOLFN 6FKZLQGHOVWRWWHUWHHUXQGVDQNZLHRKQPlFKWLJGHP-XVWLWLDULXV LQGLH$UPH(UUDIIWHVLFKMHGRFKJOHLFKZLHGHU]XVDPPHQXQG IUXJGHQ$OWHQPLWVFKDUIHQ%OLFNHQHUIDVVHQG 8QGGDXQWHQ" 'HU$OWHKDWWHLQGHVVHQGLH3IRUWHZLHGHUYHUVFKORVVHQHUGUFNWH QXQQRFKPLWJDQ]HU/HLEHVNUDIWGDJHJHQVRGDHUNHXFKWHXQG lFK]WHXPQXUGLHJURHQ6FKOVVHODXVGHQJDQ]YHUURVWHWHQ 6FKO|VVHUQORVZLQGHQ]XN|QQHQ'LHVHQGOLFK]XVWDQGHJHEUDFKW ZDQGWHHUVLFKXPQDFKGHP%DURQXQGVSUDFKGLHJURHQ 6FKOVVHOLQGHU+DQGKLQXQGKHUVFKLHEHQGPLWVHOWVDPHQ /lFKHOQ -DGDXQWHQOLHJHQWDXVHQGXQGWDXVHQG DOOHVFK|QHQ ,QVWUXPHQWHGHVVHOLJHQ+HUUQ 7HOHVNRSH4XDGUDQWHQ *OREHQ 1DFKWVSLHJHODOOHVOLHJW]HUWUPPHUWLP6FKXWW]ZLVFKHQGHQ 6WHLQHQXQG%DONHQ $EHUEDUHV*HOGEDUHV*HOGILHOGHU)UHLKHUUHLQGXKDVWYRQ *ROGVWFNHQJHVSURFKHQ$OWHU" ,FKPHLQHQXUHUZLGHUWHGHU$OWH6DFKHQZHOFKHYLHOH WDXVHQG*ROGVWFNHJHNRVWHW
0HKUZDUDXVGHP$OWHQQLFKWKHUDXV]XEULQJHQ'HU%DURQ]HLJWH VLFKKRFKHUIUHXWQXQPLWHLQHPPDO]XDOOHQ0LWWHOQJHODQJW]X VHLQGHUHQHUEHGXUIWHVHLQHQ/LHEOLQJVSODQDXVIKUHQQlPOLFK HLQQHXHVSUlFKWLJHV6FKORDXIEDXHQ]XN|QQHQ=ZDUPHLQWH GHU-XVWLWLDULXVGDQDFKGHP:LOOHQGHV9HUVWRUEHQHQQXUYRQ GHU5HSDUDWXUYRQGHPY|OOLJHQ$XVEDXGHVDOWHQ6FKORVVHVGLH 5HGHVHLQN|QQHXQGGDLQGHU7DWMHGHUQHXH%DXVFKZHUOLFK GLHHKUZUGLJH*U|HGHQHUQVWHQHLQIDFKHQ&KDUDNWHUGHVDOWHQ
6WDPPKDXVHVHUUHLFKHQZHUGHGHU)UHLKHUUEOLHEDEHUEHLVHLQHP 9RUVDW]XQGPHLQWHGDLQVROFKHQ9HUIJXQJHQGLHQLFKWGXUFK GLH6WLIWXQJVXUNXQGHVDQNWLRQLHUWZRUGHQGHUWRWH:LOOHGHV 'DKLQJHVFKLHGHQHQZHLFKHQPVVH
(UJDEGDEHL]XYHUVWHKHQGDHVVHLQH3IOLFKWVHLGHQ$XIHQWKDOW LQ5VLWWHQVR]XYHUVFK|QHUQDOVHVQXU.OLPD%RGHQXQG 8PJHEXQJ]XODVVHGDHUJHGHQNHLQNXU]HU=HLWDOVVHLQLQQLJ JHOLHEWHV:HLEHLQ:HVHQKHLP]XIKUHQGLHLQMHGHU+LQVLFKWGHU JU|WHQ2SIHUZUGLJVHL 'LHJHKHLPQLVYROOH$UWZLHGHU)UHLKHUUVLFKEHUGDVYLHOOHLFKW VFKRQLQVJHKHLPJHVFKORVVHQH%QGQLVlXHUWHVFKQLWWGHP -XVWLWLDULXVMHGHZHLWHUH)UDJHDELQGHVVHQIDQGHUVLFKGXUFKGLH (QWVFKHLGXQJGHV)UHLKHUUQLQVRIHUQEHUXKLJWDOVHUZLUNOLFKLQ VHLQHP6WUHEHQQDFK5HLFKWXPPHKUGLH%HJLHUHLQHJHOLHEWH 3HUVRQGDVVFK|QHUH9DWHUODQGGHPVLHHQWVDJHQPXWHJDQ] YHUJHVVHQ]XODVVHQDOVHLJHQWOLFKHQ*HL]ILQGHQZROOWH )UJHL]LJZHQLJVWHQVIUXQDXVVWHKOLFKKDEVFKWLJPXWHHU VRQVWGHQ%DURQKDOWHQGHULP*ROGHZKOHQGGLHDOWHQ )ULHGULFKVGRUEHlXJHOQGVLFKQLFKWHQWKDOWHQNRQQWHPUULVFK DXI]XIDKUHQ 'HUDOWH+DOXQNHKDWXQVJHZLGHQUHLFKVWHQ 6FKDW]YHUVFKZLHJHQDEHUNQIWLJHQ)UKOLQJODLFKGHQ7XUP DXVUlXPHQXQWHUPHLQHQ$XJHQ
%DXPHLVWHUNDPHQPLWGHQHQGHU)UHLKHUUZHLWOlXILJEHUOHJWH ZLHPLWGHP%DXDP]ZHFNPlLJVWHQ]XYHUIDKUHQVHL(U YHUZDUI=HLFKQXQJDXI=HLFKQXQJNHLQH$UFKLWHNWXUZDULKP UHLFKJURDUWLJ JHQXJ1XQILQJHUDQVHOEVW]X]HLFKQHQXQG DXIJHKHLWHUWGXUFKGLHVH%HVFKlIWLJXQJHQGLHLKPEHVWlQGLJGDV VRQQHQKHOOH%LOGGHUJOFNOLFKVWHQ=XNXQIWYRU$XJHQVWHOOWHQ HUIDWHLKQHLQHIURKH/DXQHGLHRIWDQ$XVJHODVVHQKHLW DQVWUHLIWHXQGGLHHUDOOHQPLW]XWHLOHQZXWH 6HLQH)UHLJHELJNHLWGLH2SXOHQ]VHLQHU%HZLUWXQJZLGHUOHJWH ZHQLJVWHQVMHGHQ9HUGDFKWGHV*HL]HV$XFK'DQLHOVFKLHQQXQ JDQ]MHQHQ7RUWGHULKPJHVFKHKHQYHUJHVVHQ]XKDEHQ(U EHWUXJVLFKVWLOOVLQGGHPWLJJHJHQGHQ)UHLKHUUQGHULKQGHV 6FKDW]HVLQGHU7LHIHKDOEHURIWPLWPLWUDXLVFKHQ%OLFNHQ YHUIROJWH:DVDEHUDOOHQZXQGHUEDUYRUNDPZDUGDGHU$OWH
VLFK]XYHUMQJHQVFKLHQYRQ7DJH]X7DJH(VPRFKWHVHLQGD LKQGHU6FKPHU]XPGHQDOWHQ+HUUQWLHIJHEHXJWKDWWHXQGHU QXQGHQ9HUOXVW]XYHUVFKPHU]HQEHJDQQZRKODEHUDXFKGDHU QXQQLFKWZLHVRQVWNDOWH1lFKWHVFKODIORVDXIGHP7XUP ]XEULQJHQXQGEHVVHUH.RVWJXWHQ:HLQZLHHVLKPJHILHO JHQLHHQGXUIWHJHQXJDXVGHP*UHLVHVFKLHQHLQUVWLJHU0DQQ ZHUGHQ]XZROOHQPLWURWHQ:DQJHQXQGZRKOJHQlKUWHP.|USHU GHUNUlIWLJDXIWUDWXQGPLWODXWHU6WLPPHPLWODFKWHZRHVHLQHQ 6SDJDE
'DVOXVWLJH/HEHQLQ5VLWWHQZXUGHGXUFKGLH$QNXQIWHLQHV 0DQQHVXQWHUEURFKHQYRQGHPPDQKlWWHGHQNHQVROOHQHU JHK|UHQXQJHUDGHKLQ:ROIJDQJVMQJHUHU%UXGHU+XEHUWZDU GLHVHU0DQQEHLGHVVHQ$QEOLFN:ROIJDQJLP$QWOLW]GHQEOHLFKHQ 7RGODXWDXIVFKULH 8QJOFNOLFKHUZDVZLOOVWGXKLHU+XEHUW VWU]WHGHP%UXGHULQGLH$UPHGLHVHUIDWHLKQDEHUXQG]RJLKQ PLWVLFKIRUWXQGKLQDXILQHLQHQWIHUQWHV=LPPHUZRHUVLFKPLW LKPHLQVFKOR0HKUHUH6WXQGHQEOLHEHQEHLGH]XVDPPHQELV HQGOLFK+XEHUWKHUDENDPPLWYHUVW|UWHP:HVHQXQGQDFKVHLQHQ 3IHUGHQULHI 'HU-XVWLWLDULXVWUDWLKPLQGHQ:HJHUZROOWHYRUEHU9YRQ GHU$KQXQJHUJULIIHQGDYLHOOHLFKWJHUDGHKLHUHLQW|GOLFKHU %UXGHU]ZLVWHQGHQN|QQWHEDWLKQZHQLJVWHQVHLQSDDU6WXQGHQ ]XYHUZHLOHQXQGLQGHP$XJHQEOLFNNDPDXFKGHU)UHLKHUU KHUDEODXWUXIHQG %OHLEHKLHU+XEHUW'XZLUVWGLFKEHVLQQHQ +XEHUWV%OLFNHKHLWHUWHQVLFKDXIHUJHZDQQ)DVVXQJXQG LQGHPHUGHQUHLFKHQ/HLESHO]GHQHUVFKQHOODEJH]RJHQKLQWHU VLFKGHP%HGLHQWHQ]XZDUIQDKPHU9V+DQGXQGVSUDFKPLW LKPLQGLH=LPPHUVFKUHLWHQGPLWHLQHPYHUK|KQHQGHQ/lFKHOQ 'HU0DMRUDWVKHUUZLOOPLFKGRFKDOVRKLHUOHLGHQ
9PHLQWHGDJHZLVLFKMHW]WGDVXQJOFNOLFKH0LYHUVWlQGQLV O|VHQZHUGHZHOFKHVQXUEHLJHWUHQQWHP/HEHQKDEHJHGHLKHQ N|QQHQ+XEHUWQDKPGLHVWlKOHUQH=DQJHGLHEHLP.DPLQVWDQG ]XU+DQGXQGLQGHPHUGDPLWHLQDVWLJHVGDPSIHQGHV6WFN +RO]DXVHLQDQGHUNORSIWHXQGGDV)HXHUEHVVHUDXIVFKUWHVSUDFK HU]X9 6LHPHUNHQ+HUU-XVWLWLDULXVGDLFKHLQJXWPWLJHU 0HQVFKELQXQGJHVFKLFNW]XDOOHUOHLKlXVOLFKHQ'LHQVWHQ$EHU :ROIJDQJLVWYROOGHUZXQGHUOLFKVWHQ9RUXUWHLOHXQG HLQNOHLQHU *HL]KDOV
9IDQGHVQLFKWJHUDWHQZHLWHULQGDV9HUKlOWQLVGHU%UGHU HLQ]XGULQJHQ]XPDO:ROIJDQJV*HVLFKWVHLQ%HQHKPHQVHLQ7RQ GHQGXUFK/HLGHQVFKDIWHQMHGHU$UWLP,QQHUVWHQ]HUULVVHQHQ 0HQVFKHQJDQ]GHXWOLFK]HLJWH 8PGHV)UHLKHUUQ(QWVFKOVVHLQLUJHQGHLQHUGDV0DMRUDW EHWUHIIHQGHQ$QJHOHJHQKHLW]XYHUQHKPHQJLQJ9QRFKDP VSlWHQ$EHQGKLQDXILQVHLQ*HPDFK(UIDQGLKQZLHHUGLH $UPHEHUGHQ5FNHQ]XVDPPHQJHVFKUlQNWJDQ]YHUVW|UWPLW JURHQ6FKULWWHQGDV=LPPHUPD(UEOLHEVWHKHQDOVHUHQGOLFK GHQ-XVWLWLDULXVHUEOLFNWHIDWHVHLQHEHLGHQ+lQGHXQGGVWHU LKPLQV$XJHVFKDXHQGVSUDFKHUPLWJHEURFKHQHU6WLPPH 0HLQ%UXGHULVWJHNRPPHQ,FKZHLIXKUHUIRUWDOV9NDXP GHQ0XQG]XU)UDJHJH|IIQHWLFKZHLZDV6LHVDJHQZROOHQ $FK6LHZLVVHQQLFKWV6LHZLVVHQQLFKWGDPHLQXQJOFNOLFKHU %UXGHU MDXQJOFNOLFKQXUZLOOLFKLKQQHQQHQ GDHUZLHHLQ E|VHU*HLVWPLUEHUDOOLQGHQ:HJWULWWXQGPHLQHQ)ULHGHQVW|UW $QLKPOLHJWHVQLFKWGDLFKQLFKWXQDXVVSUHFKOLFKHOHQGZXUGH HUWDWGDV6HLQLJHGD]XGRFKGHU+LPPHOZROOW HVQLFKW
6HLWGHU=HLWGDGLH6WLIWXQJGHV0DMRUDWVEHNDQQWZXUGH YHUIROJWHUPLFKPLWW|GOLFKHP+D(UEHQHLGHWPLFKXPGDV %HVLW]WXPGDVLQVHLQHQ+lQGHQZLH6SUHXYHUIORJHQZlUH(ULVW GHUZDKQVLQQLJVWH9HUVFKZHQGHUGHQHVJLEW6HLQH6FKXOGHQODVW EHUVWHLJWEHLZHLWHPGLH+lOIWHGHVIUHLHQ9HUP|JHQVLQ.XUODQG GLHLKP]XIlOOWXQGQXQYHUIROJWYRQ*OlXELJHUQGLHLKQTXlOHQ HLOWHUKHUXQGEHWWHOWXP*HOG 8QG6LHGHU%UXGHUYHUZHLJHUQZROOWHLKP9LQGLH5HGH IDOOHQGRFKGHU)UHLKHUUULHILQGHPHU9V+lQGHIDKUHQOLHXQG HLQHQVWDUNHQ6FKULWW]XUFNWUDWODXWXQGKHIWLJ +DOWHQ6LHHLQ MDLFKYHUZHLJHUH9RQGHQ(LQNQIWHQGHV0DMRUDWVNDQQXQG ZHUGHLFKNHLQHQ7DOHUYHUVFKHQNHQ$EHUK|UHQ6LHZHOFKHQ 9RUVFKODJLFKGHP8QVLQQLJHQYRUZHQLJHQ6WXQGHQYHUJHEHQV PDFKWHXQGGDQQULFKWHQ6LHEHUPHLQ3IOLFKWJHIKO
'DVIUHLH9HUP|JHQLQ.XUODQGLVWZLH6LHZLVVHQEHGHXWHQGDXI GLHPLU]XIDOOHQGH+lOIWHZROOW LFKYHU]LFKWHQDEHU]XJXQVWHQ VHLQHU)DPLOLH+XEHUWLVWYHUKHLUDWHWLQ.XUODQGDQHLQVFK|QHV DUPHV)UlXOHLQ6LHKDWLKP.LQGHUHU]HXJWXQGGDUEWPLWLKQHQ 'LH*WHUVROOWHQDGPLQLVWULHUWDXVGHQ5HYHQHQLKPGLHQ|WLJHQ
*HOGHU]XP8QWHUKDOWDQJHZLHVHQGLH*OlXELJHUYHUP|JH $ENRPPHQVEHIULHGLJWZHUGHQ$EHUZDVJLOWLKPHLQUXKLJHV VRUJHQIUHLHV/HEHQZDVJLOWLKP)UDXXQG.LQG*HOGEDUHV*HOG LQJURHQ6XPPHQZLOOHUKDEHQGDPLWHULQYHUUXFKWHP /HLFKWVLQQHVYHUSUDVVHQN|QQH
:HOFKHU'lPRQKDWLKPGDV*HKHLPQLVPLWGHQHLQKXQGHUWXQG IXQI]LJWDXVHQG7DOHUQYHUUDWHQGDYRQYHUODQJWHUGLH+lOIWHQDFK VHLQHUZDKQVLQQLJHQ:HLVHEHKDXSWHQGGLHV*HOGVHLJHWUHQQW YRP0DMRUDWDOVIUHLHV9HUP|JHQ]XDFKWHQ,FKPXXQGZHUGH LKPGLHVYHUZHLJHUQDEHUPLUDKQWHVPHLQ9HUGHUEHQEUWHWHU DXVLP,QQHUQ 6RVHKU9VLFKDXFKEHPKWHGHP)UHLKHUUQGHQ9HUGDFKWZLGHU VHLQHQ%UXGHUDXV]XUHGHQZREHLHUVLFKIUHLOLFKXQHLQJHZHLKWLQ GLHQlKHUHQ9HUKlOWQLVVHPLWJDQ]DOOJHPHLQHQPRUDOLVFKHQ ]LHPOLFKIODFKHQ*UQGHQEHKHOIHQPXWHVRJHODQJLKPGLHV GRFKJDQ]XQGJDUQLFKW'HU)UHLKHUUJDELKPGHQ$XIWUDJPLW GHPIHLQGVHOLJHQJHOGJLHULJHQ+XEHUW]XXQWHUKDQGHOQ
9WDWGLHVPLWVRYLHO9RUVLFKWDOVLKPQXUP|JOLFKZDUXQG IUHXWHVLFKQLFKWZHQLJDOV+XEHUWHQGOLFKHUNOlUWH 0DJHVGDQQ VHLQLFKQHKPHGLH9RUVFKOlJHGHV0DMRUDWVKHUUQDQGRFKXQWHU GHU%HGLQJXQJGDHUPLUMHW]WGDLFKDXIGHP3XQNWVWHKH GXUFKGLH+lUWHPHLQHU*OlXELJHU(KUHXQGJXWHQ1DPHQDXI LPPHU]XYHUOLHUHQWDXVHQG)ULHGULFKVGRUEDUYRUVFKLHHXQG HUODXEHGDLFKNQIWLJZHQLJVWHQVHLQLJH=HLWKLQGXUFKPHLQHQ :RKQVLW]LQGHPVFK|QHQ5VLWWHQEHLGHPJWLJHQ%UXGHU QHKPH1LPPHUPHKUVFKULHGHU)UHLKHUUDXIDOVLKP9GLHVH 9RUVFKOlJHGHV%UXGHUVKLQWHUEUDFKWHQLPPHUPHKUZHUGHLFK V ]XJHEHQGD+XEHUWDXFKQXUHLQH0LQXWHLQPHLQHP+DXVH YHUZHLOHVREDOGLFKPHLQ:HLEKHUJHEUDFKW *HKHQ6LHPHLQ WHXUHU)UHXQGVDJHQ6LHGHP)ULHGHQVW|UHUGDHU]ZHLWDXVHQG )ULHGULFKVGRUKDEHQ VROOQLFKWDOV9RUVFKXQHLQDOV*HVFKHQN QXUIRUW IRUW 9ZXWHQXQPLWHLQHPPDOGDGHU)UHLKHUUVLFKRKQH:LVVHQ GHV9DWHUVVFKRQYHUKHLUDWHWKDWWHXQGGDLQGLHVHU+HLUDWDXFK GHU*UXQGGHV%UXGHU]ZLVWHVOLHJHQPXWH+XEHUWK|UWHVWRO] XQG JHODVVHQGHQ-XVWLWLDULXVDQXQGVSUDFKQDFKGHPHU
JHHQGHWGXPSIXQGGVWHU ,FKZHUGHPLFKEHVLQQHQYRUGHU +DQGDEHUQRFKHLQLJH7DJHKLHUEOHLEHQ
9EHPKWHVLFKGHP8Q]XIULHGHQHQGDU]XWXQGDGHU)UHLKHUU GRFKLQGHU7DWDOOHVWXHLKQGXUFKGLH$EWUHWXQJGHVIUHLHQ 9HUP|JHQVVRYLHODOVP|JOLFK]XHQWVFKlGLJHQXQGGDHUEHU LKQVLFKGXUFKDXVQLFKW]XEHNODJHQKDEHZHQQHUJOHLFK EHNHQQHQPVVHGDMHGH6WLIWXQJGLHGHQ(UVWJHERUHQHQVR YRUZLHJHQGEHJQVWLJHXQGGLHDQGHUQ.LQGHULQGHQ +LQWHUJUXQG VWHOOHHWZDV*HKlVVLJHVKDEH
+XEHUWULZLHHLQHUGHU/XIWPDFKHQZLOOGHUEHNOHPPWHQ%UXVW GLH:HVWHYRQREHQELVXQWHQDXI GLHHLQH+DQGLQGLHRIIQH %XVHQNUDXVHEHJUDEHQGLHDQGHUHLQGLH6HLWHJHVWHPPWGUHKWH HUVLFKPLWHLQHUUDVFKHQ7lQ]HUEHZHJXQJDXIHLQHP)XHXP XQGULHIPLWVFKQHLGHQGHU6WLPPH 3DK GDV*HKlVVLJHZLUG JHERUHQYRP+DGDQQVFKOXJHUHLQJHOOHQGHV*HOlFKWHUDXI XQGVSUDFK :LHJQlGLJGRFKGHU0DMRUDWVKHUUGHPDUPHQ %HWWOHUVHLQH*ROGVWFNH]X]XZHUIHQJHGHQNW9VDKQXQZRKO HLQGDYRQY|OOLJHU$XVV|KQXQJGHU%UGHUJDUQLFKWGLH5HGH VHLQN|QQH
+XEHUWULFKWHWHVLFKLQGHQ=LPPHUQGLHLKPLQGHQ6HLWHQIOJHOQ GHV6FKORVVHVDQJHZLHVHQZRUGHQ]XGHV)UHLKHUUQ9HUGUXDXI UHFKWODQJHV%OHLEHQHLQ0DQPHUNWHGDHURIWXQGODQJHPLW GHP+DXVYHUZDOWHUVSUDFKMDGDGLHVHUVRJDU]XZHLOHQPLWLKP DXIGLH:ROIVMDJG]RJ6RQVWOLHHUVLFKZHQLJVHKHQXQGPLHGHV JDQ]PLWGHP%UXGHUDOOHLQ]XVDPPHQ]XNRPPHQZHOFKHV GLHVHPHEHQJDQ]UHFKWZDU
9IKOWHGDV'UFNHQGHGLHVHV9HUKlOWQLVVHVMDHUPXWHVLFKHV VHOEVWJHVWHKHQGDGLHJDQ]EHVRQGHUHXQKHLPOLFKH0DQLHU +XEHUWVLQDOOHPZDVHUVSUDFKXQGWDWDOOH/XVWUHFKW JHIOLVVHQWOLFK]HUVW|UHQGHLQJULII-HQHU6FKUHFNGHV)UHLKHUUQDOV HUGHQ%UXGHUHLQWUHWHQVDKZDULKPQXQJDQ]HUNOlUOLFK
9VDDOOHLQLQGHU*HULFKWVVWXEHXQWHUGHQ$NWHQDOV+XEHUW HLQWUDWHUQVWHUJHODVVHQHUDOVVRQVWXQGPLWEHLQDKH ZHKPWLJHU6WLPPHVSUDFK ,FKQHKPHDXFKGLHOHW]WHQ 9RUVFKOlJHGHV%UXGHUVDQEHZLUNHQ6LHGDLFKGLH]ZHLWDXVHQG )ULHGULFKVGRUQRFKKHXWHHUKDOWHLQGHU1DFKWZLOOLFKIRUW]X
3IHUGH JDQ]DOOHLQ0LWGHP*HOG"IUXJ96LHKDEHQUHFKW HUZLGHUWH+XEHUWLFKZHLZDV6LHVDJHQZROOHQ GLH/DVW 6WHOOHQVLHHVLQ:HFKVHODXI,VDN/D]DUXVLQ. 1RFKLQGLHVHU 1DFKWZLOOLFKKLQQDFK.(VWUHLEWPLFKYRQKLHUIRUWGHU$OWHKDW VHLQHE|VHQ*HLVWHUKLHUKLQHLQJHKH[W 6SUHFKHQ6LHYRQ,KUHP9DWHU+HUU%DURQ"IUXJ9VHKUHUQVW +XEHUWV/LSSHQEHEWHQHUKLHOWVLFKDQGHP6WXKOIHVWXPQLFKW XP]XVLQNHQGDQQDEHUVLFKSO|W]OLFKHUPDQQHQGULHIHU $OVR QRFKKHXWH+HUU-XVWLWLDULXVXQGZDQNWHQLFKWRKQH $QVWUHQJXQJ]XU7UKLQDXV(UVLHKWMHW]WHLQGDNHLQH 7lXVFKXQJHQPHKUP|JOLFKVLQGGDHUQLFKWVYHUPDJJHJHQ PHLQHQIHVWHQ:LOOHQVSUDFKGHU)UHLKHUULQGHPHUGHQ:HFKVHO DXI,VDN/D]DUXVLQ.DXVVWHOOWH(LQH/DVWZXUGHVHLQHU%UXVW HQWQRPPHQGXUFKGLH$EUHLVHGHVIHLQGOLFKHQ%UXGHUVODQJHZDU HUQLFKWVRIURKJHZHVHQDOVEHLGHU$EHQGWDIHO+XEHUWKDWWHVLFK HQWVFKXOGLJHQODVVHQDOOHYHUPLWHQLKQUHFKWJHUQ
9ZRKQWHLQHLQHPHWZDVDEJHOHJHQHQ=LPPHUGHVVHQ)HQVWHU QDFKGHP6FKORKRIHKHUDXVJLQJHQ,QGHU1DFKWIXKUHUSO|W]OLFK DXIDXVGHP6FKODIHXQGHVZDULKPDOVKDEHHLQIHUQHV NOlJOLFKHV:LPPHUQLKQDXVGHP6FKODIHJHZHFNW0RFKWHHUDEHU DXFKKRUFKHQZLHHUZROOWHHVEOLHEDOOHVWRWHQVWLOOXQGVRPXWH HUMHQHQ7RQGHULKPLQGLH2KUHQJHNOXQJHQIUGLH7lXVFKXQJ HLQHV7UDXPVKDOWHQ(LQJDQ]EHVRQGHUHV*HIKOYRQ*UDXHQXQG $QJVWEHPlFKWLJWHVLFKVHLQHUDEHUVRJDQ]XQGJDUGDHUQLFKW LP%HWWHEOHLEHQNRQQWH(UVWDQGDXIXQGWUDWDQV)HQVWHU1LFKW ODQJHGDXHUWHHVVRZXUGHGDV6FKORWRUJH|IIQHWXQGHLQH *HVWDOWPLWHLQHUEUHQQHQGHQ.HU]HLQGHU+DQGWUDWKHUDXVXQG VFKULWWEHUGHQ6FKORKRI9HUNDQQWHLQGHU*HVWDOWGHQDOWHQ 'DQLHOXQGVDK ZLHHUGLH6WDOOWU|IIQHWHLQGHQ6WDOOKLQHLQJLQJ XQGEDOGGDUDXIHLQJHVDWWHOWHV3IHUGKHUDXVEUDFKWH 1XQWUDWDXVGHU)LQVWHUQLVHLQH]ZHLWH*HVWDOWKHUYRUZRKO HLQJHKOOWLQHLQHQ3HO]HLQH)XFKVPW]HDXIGHP.RSI9 HUNDQQWH+XEHUWGHUPLW'DQLHOHLQLJH0LQXWHQKLQGXUFKKHIWLJ VSUDFKGDQQDEHUVLFK]XUFN]RJ'DQLHOIKUWHGDV3IHUGZLHGHU LQGHQ6WDOOYHUVFKORGLHVHQXQGHEHQVRGLH7UGHV6FKORVVHV QDFKGHPHUEHUGHQ+RIZLHHUJHNRPPHQ]XUFNJHNHKUW +XEHUWKDWWHZHJUHLVHQZROOHQXQGVLFKLQGHP$XJHQEOLFNHLQHV DQGHUQEHVRQQHQGDVZDUQXQNODU(EHQVRDEHUDXFKGD
+XEHUWJHZLPLWGHPDOWHQ+DXVYHUZDOWHULQLUJHQGHLQHP JHIlKUOLFKHQ%QGQLVVHVWDQG9NRQQWHNDXPGHQ0RUJHQ HUZDUWHQXPGHQ)UHLKHUUQYRQGHQ(UHLJQLVVHQGHU1DFKW]X XQWHUULFKWHQ(VJDOWQXQZLUNOLFKVLFKJHJHQ$QVFKOlJHGHV E|VDUWLJHQ+XEHUW]XZDIIQHQGLHVLFKZLH9MHW]WEHU]HXJW ZDUVFKRQJHVWHUQLQVHLQHPYHUVW|UWHQ:HVHQNXQGJHWDQ
$QGHUQ0RUJHQV]XU6WXQGHZHQQGHU)UHLKHUUDXI]XVWHKHQ SIOHJWHYHUQDKP9HLQ+LQ XQG+HUUHQQHQ7UDXI 7U]XVFKODJHQHLQYHUZLUUWHV'XUFKHLQDQGHUXQG6FKUHLHQ(U WUDWKLQDXVXQGVWLHEHUDOODXI%HGLHQWHGLHRKQHDXILKQ]X DFKWHQPLWOHLFKHQEODVVHQ*HVLFKWHUQLKPYRUEHL WUHSSDXI WUHSSDE KLQDXV KLQHLQGXUFKGLH=LPPHUUDQQWHQ
(QGOLFKHUIXKUHUGDGHU)UHLKHUUYHUPLWXQGVFKRQ VWXQGHQODQJYHUJHEHQVJHVXFKWZHUGH,Q*HJHQZDUWGHV-lJHUV KDWWHHUVLFKLQV%HWWHJHOHJWHUPXWHGDQQDXIJHVWDQGHQVHLQ XQGVLFKLP6FKODIURFNXQG3DQWRIIHOQPLWGHP$UPOHXFKWHULQ GHU+DQGHQWIHUQWKDEHQGHQQHEHQGLHVH6WFNHZXUGHQ YHUPLW9OLHIYRQGVWHUHU$KQXQJJHWULHEHQLQGHQ YHUKlQJQLVYROOHQ6DDOGHVVHQ6HLWHQNDELQHWWJOHLFKGHP9DWHU :ROIJDQJ]XVHLQHP6FKODIJHPDFKJHZlKOWKDWWH
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|USHUVGHUVRQVWGXUFKGDV$QSUDOOHQDQGLHVSLW]HQ 6WHLQHDXIGDVJUlOLFKVWH]HUVFKHOOWZRUGHQ $OOH)XULHQGHU9HU]ZHLIOXQJLP$QWOLW]VWU]WH+XEHUWKHUEHLDOV GLH/HLFKHHEHQKLQDXIJHERUJHQXQGLQGHP6DDOJHUDGHDQGHU 6WHOOHDXIHLQHQEUHLWHQ7LVFKJHOHJWZRUGHQZRYRUZHQLJHQ :RFKHQGHUDOWH5RGHULFKODJ1LHGHUJHVFKPHWWHUWYRQGHP JUlOLFKHQ$QEOLFNKHXOWHHU %UXGHU RPHLQDUPHU%UXGHU
QHLQGDVKDE LFKQLFKWHUIOHKWYRQGHQ7HXIHOQGLHEHUPLU ZDUHQ 9HUEHEWHYRUGLHVHUYHUIlQJOLFKHQ5HGHHVZDULKP VRDOVPVVHHU]XIDKUHQDXI+XEHUWDOVGHQ0|UGHUVHLQHV %UXGHUV+XEHUWODJYRQ6LQQHQ DXIGHP)XERGHQPDQEUDFKWH LKQLQV%HWWHXQGHUHUKROWHVLFKQDFKGHPHUVWlUNHQGH0LWWHO JHEUDXFKW]LHPOLFKEDOG
6HKUEOHLFKGVWHUQ*UDPLPKDOEHUORVFKQHQ$XJHWUDWHUGDQQ EHL9LQV=LPPHUXQGVSUDFKLQGHPHUYRU0DWWLJNHLWQLFKWIlKLJ ]XVWHKHQVLFKODQJVDPLQHLQHQ/HKQVWXKOQLHGHUOLH ,FKKDEH PHLQHV%UXGHUV7RGJHZQVFKWZHLOGHU9DWHULKPGHQEHVWHQ 7HLOGHV(UEHV]XJHZDQGWGXUFKHLQHW|ULFKWH6WLIWXQJ MHW]WKDW HUVHLQHQ7RGJHIXQGHQDXIVFKUHFNOLFKH:HLVH LFKELQ 0DMRUDWVKHUUDEHUPHLQ+HU]LVW]HUPDOPWLFKNDQQLFKZHUGH QLHPDOVJOFNOLFKVHLQ,FKEHVWlWLJH6LHLP$PWH6LHHUKDOWHQGLH DXVJHGHKQWHVWHQ9ROOPDFKWHQUFNVLFKWVGHU9HUZDOWXQJGHV 0DMRUDWVDXIGHPLFKQLFKW]XKDXVHQYHUPDJ+XEHUWYHUOLH GDV=LPPHUXQGZDULQHLQSDDU6WXQGHQVFKRQDXIGHP:HJH QDFK. (VVFKLHQGDGHUXQJOFNOLFKH:ROIJDQJLQGHU1DFKW DXIJHVWDQGHQZDUXQGVLFKYLHOOHLFKWLQGDVDQGHUH.DELQHWWZR HLQH%LEOLRWKHNDXIJHVWHOOWEHJHEHQZROOHQ,QGHU 6FKODIWUXQNHQKHLWYHUIHKOWHHUGLH7U|IIQHWHVWDWWGHUVHOEHQGLH 3IRUWHVFKULWWYRUXQGVWU]WHKLQDE'LHVH(UNOlUXQJHQWKLHOW LQGHVVHQLPPHUYLHO(U]ZXQJHQHV.RQQWHGHU%DURQQLFKW VFKODIHQZROOWHHUVLFKQRFKHLQ%XFKDXVGHU%LEOLRWKHNKROHQ XP]XOHVHQVRVFKORGLHVHVDOOH6FKODIWUXQNHQKHLWDXVDEHUQXU VRZDUHVP|JOLFKGLH 7UGHV.DELQHWWV]XYHUIHKOHQXQGVWDWW GLHVHUGLH3IRUWH]X|IIQHQhEHUGHPZDUGLHVHIHVWYHUVFKORVVHQ XQGPXWHHUVWPLWYLHOHU0KHDXIJHVFKORVVHQZHUGHQ$FK ILQJHQGOLFKDOV9GLHVH8QZDKUVFKHLQOLFKNHLWYRUYHUVDPPHOWHU 'LHQHUVFKDIWHQWZLFNHOWHGHV)UHLKHUUQ-lJHU)UDQ]JHKHLHQ DQDFKOLHEHU+HUU-XVWLWLDULXVVRKDWHVZRKOVLFKQLFKW ]XJHWUDJHQ :LHGHQQDQGHUV"IXKULKQ9DQ )UDQ]HLQHKUOLFKHUWUHXHU.HUOGHUVHLQHP+HUUQKlWWHLQV*UDE IROJHQP|JHQZROOWHDEHUQLFKWYRUGHQDQGHUQPLWGHU6SUDFKH KHUDXVVRQGHUQEHKLHOWVLFKYRUGDVZDVHUGDYRQ]XVDJHQ ZLVVHGHP-XVWLVWLDULXVDOOHLQ]XYHUWUDXHQ9HUIXKUQXQGD GHU)UHLKHUU]X)UDQ]VHKURIWYRQGHQYLHOHQ6FKlW]HQVSUDFKGLH
GDXQWHQLQGHP6FKXWWEHJUDEHQOlJHQXQGGDHURIWZLHYRP E|VHQ*HLVWJHWULHEHQ]XU1DFKW]HLWQRFKGLH3IRUWH]XGHUGHQ 6FKOVVHOLKP'DQLHOKDWWHJHEHQPVVHQ|IIQHWHXQGPLW 6HKQVXFKWKLQDEVFKDXWHLQGLH7LHIHQDFKGHQYHUPHLQWOLFKHQ 5HLFKWPHUQ*HZLZDUHVQXQZRKOVRGDLQMHQHU YHUKlQJQLVYROOHQ1DFKWGHU)UHLKHUUQDFKGHPLKQGHU-lJHU VFKRQYHUODVVHQQRFKHLQHQ*DQJQDFKGHP7XUPJHPDFKWXQG LKQGRUWHLQSO|W]OLFKHU6FKZLQGHOHUIDWXQGKHUDEJHVWU]WKDWWH
'DQLHOGHUYRQGHPHQWVHW]OLFKHQ7RGHGHV)UHLKHUUQDXFKVHKU HUVFKWWHUWVFKLHQPHLQWHGDHVJXWVHLQZUGHGLHJHIlKUOLFKH 3IRUWHIHVWYHUPDXHUQ]XODVVHQZHOFKHVGHQQDXFKJOHLFK JHVFKDK)UHLKHUU+XEHUWYRQ5MHW]LJHU0DMRUDWVEHVLW]HUJLQJ RKQHVLFKZLHGHULQ5VLWWHQVHKHQ]XODVVHQQDFK.XUODQG ]XUFN9HUKLHOWDOOH9ROOPDFKWHQGLH]XUXQXPVFKUlQNWHQ 9HUZDOWXQJGHV0DMRUDWVQ|WLJZDUHQ 'HU%DXGHVQHXHQ6FKORVVHVXQWHUEOLHEZRJHJHQVRYLHO P|JOLFKGDVDOWH*HElXGHLQJXWHQ6WDQGJHVHW]WZXUGH6FKRQ ZDUHQPHKUHUH-DKUHYHUIORVVHQDOV+XEHUW]XPHUVWHQPDO]XU VSlWHQ+HUEVW]HLWVLFKLQ5VLWWHQHLQIDQGXQGQDFKGHPHU PHKUHUH7DJHPLW9LQVHLQHP=LPPHUHLQJHVFKORVVHQ ]XJHEUDFKWZLHGHUQDFK.XUODQG]XUFNJLQJ%HLVHLQHU 'XUFKUHLVHGXUFK.KDWWHHUEHLGHUGRUWLJHQ/DQGHVUHJLHUXQJ VHLQ7HVWDPHQWQLHGHUJHOHJW
:lKUHQGVHLQHV$XIHQWKDOWHVLQ5VLWWHQVSUDFKGHU)UHLKHUUGHU LQVHLQHPWLHIVWHQ:HVHQJDQ]JHlQGHUWVFKLHQYLHOYRQ $KQXQJHQHLQHVQDKHQ7RGHV'LHVHJLQJHQZLUNOLFKLQ(UIOOXQJ GHQQHUVWDUEVFKRQGDV-DKUGDUDXI6HLQ6RKQZLH HU+XEHUW JHKHLHQNDPVFKQHOOKHUEHUYRQ.XUODQGXPGDVUHLFKH 0DMRUDWLQ%HVLW]]XQHKPHQ,KPIROJWHQ0XWWHUXQG6FKZHVWHU
'HU-QJOLQJVFKLHQDOOHE|VHQ(LJHQVFKDIWHQGHU9RUIDKUHQLQ VLFK]XYHUHLQHQHUEHZLHVVLFKDOVVWRO]KRFKIDKUHQG XQJHVWPKDEVFKWLJJOHLFKLQGHQHUVWHQ$XJHQEOLFNHQVHLQHV $XIHQWKDOWVLQ5VLWWHQ(UZROOWHDXIGHU6WHOOHYLHOHVlQGHUQ ODVVHQZHOFKHVLKPQLFKWEHTXHPQLFKWJHK|ULJVFKLHQGHQ .RFKZDUIHU]XP+DXVHKLQDXVGHQ.XWVFKHUYHUVXFKWHHU]X SUJHOQZHOFKHVDEHUQLFKWJHODQJGDGHUEDXPVWDUNH.HUOGLH )UHFKKHLWKDWWHHVQLFKWOHLGHQ]XZROOHQ NXU]HUZDULPEHVWHQ
=XJHGLH5ROOHGHVVWUHQJHQ0DMRUDWVKHUUQ]XEHJLQQHQDOV9 LKPPLW(UQVWXQG)HVWLJNHLWHQWJHJHQWUDWVHKUEHVWLPPW YHUVLFKHUQGNHLQ6WXKOVROOHKLHUJHUFNWZHUGHQNHLQH.DW]HGDV +DXVYHUODVVHQZHQQHVLKUQRFKVRQVWGDULQJHIDOOHYRU (U|IIQXQJGHV7HVWDPHQWV6LHXQWHUVWHKHQVLFKKLHUGHP 0DMRUDWVKHUUQILQJGHU%DURQDQ9OLHGHQYRU:XW VFKlXPHQGHQ-QJOLQJMHGRFKQLFKWDXVUHGHQVRQGHUQVSUDFK LQGHPHULKQPLWGXUFKERKUHQGHQ%OLFNHQPD .HLQHhEHUHLOXQJ+HUU%DURQ'XUFKDXVGUIHQ6LHKLHUQLFKW UHJLHUHQZROOHQYRU(U|IIQXQJGHV7HVWDPHQWV MHW]WELQLFKLFK DOOHLQKLHU+HUUXQGZHUGH*HZDOWPLW*HZDOW]XYHUWUHLEHQ ZLVVHQ(ULQQHUQ6LHVLFKGDLFKNUDIWPHLQHU9ROOPDFKWDOV 9ROO]LHKHUGHVYlWHUOLFKHQ7HVWDPHQWVNUDIWGHUJHWURIIHQHQ 9HUIJXQJHQGHV*HULFKWVEHUHFKWLJWELQ,KQHQGHQ$XIHQWKDOW KLHULQ5VLWWHQ]XYHUVDJHQXQGLFKUDWH,KQHQXPGDV 8QDQJHQHKPH]XYHUKWHQVLFKUXKLJQDFK.]XEHJHEHQ
'HU(UQVWGHV*HULFKWVKDOWHUVGHUHQWVFKLHGHQH7RQPLWGHPHU VSUDFKJDEVHLQHQ:RUWHQJHK|ULJHQ1DFKGUXFNXQGVRNDPHV GDGHUMXQJH%DURQGHUPLWJDU]XVSLW]LJHQ+|UQHUQDQODXIHQ ZROOWHZLGHUGHQIHVWHQ%DXGLH6FKZlFKHVHLQHU:DIIHQIKOWH XQGIUJXWIDQGLP5FN]XJHVHLQH%HVFKlPXQJPLWHLQHP K|KQLVFKHQ*HOlFKWHUDXV]XJOHLFKHQ 'UHL0RQDWHZDUHQYHUIORVVHQXQGGHU7DJJHNRPPHQDQGHP QDFKGHP:LOOHQGHV9HUVWRUEHQHQGDV7HVWDPHQWLQ.ZRHV QLHGHUJHOHJWZRUGHQHU|IIQHWZHUGHQVROOWH$XHUGHQ *HULFKWVSHUVRQHQGHP%DURQXQG9EHIDQGVLFKQRFKHLQMXQJHU 0HQVFKYRQHGOHP$QVHKQLQGHP*HULFKWVVDDOGHQ9 PLWJHEUDFKWXQGGHQPDQGDLKPHLQHLQJHNQ|SIWHV$NWHQVWFN DXVGHP%XVHQKHUYRUUDJWHIU9V6FKUHLEHUKLHOW'HU%DURQ VDKLKQZLHHUHVEHLQDKHPLWDOOHQEULJHQPDFKWHEHUGLH $FKVHODQXQGYHUODQJWHVWUPLVFKGDPDQGLHODQJZHLOLJH EHUIOVVLJH=HUHPRQLHQXUVFKQHOOXQGRKQHYLHOH:RUWHXQG 6FKUHLEHUHLDEPDFKHQVROOH(UEHJUHLIHQLFKWZLHHVEHUKDXSW LQGLHVHU(UEDQJHOHJHQKHLWZHQLJVWHQVKLQVLFKWVGHV0DMRUDWV DXIHLQ7HVWDPHQWDQNRPPHQN|QQHXQGZHUGHLQVRIHUQKLHU LUJHQGHWZDVYHUIJWVHLQVROOHHVOHGLJOLFKYRQVHLQHP:LOOHQ DEKlQJHQGDV]XEHDFKWHQRGHUQLFKW
+DQGXQG6LHJHOGHVYHUVWRUEHQHQ9DWHUVHUNDQQWHGHU%DURQDQ QDFKGHPHUHLQHQIOFKWLJHQPUULVFKHQ%OLFNGDUDXIJHZRUIHQ GDQQLQGHPGHU*HULFKWVVFKUHLEHUVLFK]XPODXWHQ$EOHVHQGHV 7HVWDPHQWVDQVFKLFNWHVFKDXWHHUJOHLFKJOWLJQDFKGHP)HQVWHU KLQGHQUHFKWHQ $UPQDFKOlVVLJEHUGLH6WXKOOHKQHJHZRUIHQ GHQOLQNHQ$UPJHOHKQWDXIGHQ*HULFKWVWLVFKXQGDXIGHVVHQ JUQHU'HFNHPLWGHQ)LQJHUQWURPPHOQG
1DFKHLQHPNXU]HQ(LQJDQJHHUNOlUWHGHUYHUVWRUEHQH)UHLKHUU +XEHUWY5GDHUGDV0DMRUDWQLHPDOVDOVZLUNOLFKHU 0DMRUDWVKHUUEHVHVVHQVRQGHUQGDVVHOEHQXUQDPHQVGHV HLQ]LJHQ6RKQHVGHVYHUVWRUEHQHQ)UHLKHUUQ:ROIJDQJYRQ5 QDFKVHLQHP*URYDWHU5RGHULFKJHKHLHQYHUZDOWHWKDEH GLHVHU VHLGHUMHQLJHGHPQDFKGHU)DPLOLHQVXN]HVVLRQGXUFKVHLQHV 9DWHUV7RGGDV0DMRUDW]XJHIDOOHQ'LHJHQDXHVWHQ5HFKQXQJHQ EHU(LQQDKPHXQG$XVJDEHEHUGHQYRU]XILQGHQGHQ%HVWDQG XVZZUGHPDQLQVHLQHP1DFKODILQGHQ:ROIJDQJYRQ5 VRHU]lKOWH+XEHUWLQGHP7HVWDPHQWOHUQWHDXIVHLQHQ5HLVHQLQ *HQIGDV)UlXOHLQ -XOLHYRQ6W9DONHQQHQXQGIDWHHLQHVROFKH KHIWLJH1HLJXQJ]XLKUGDHUVLFKQLHPHKUYRQLKU]XWUHQQHQ EHVFKOR6LHZDUVHKUDUPXQGLKUH)DPLOLHXQHUDFKWHWYRQ JXWHP$GHOJHK|UWHHEHQQLFKW]XGHQJOlQ]HQGVWHQ 6FKRQGHVKDOEGXUIWHHUDXIGLH(LQZLOOLJXQJGHVDOWHQ5RGHULFK GHVVHQJDQ]HV6WUHEHQGDKLQJLQJGDV0DMRUDWVKDXVDXIDOOHQXU P|JOLFKH:HLVH]XHUKHEHQQLFKWKRIIHQ(UZDJWHHVGHQQRFK YRQ3DULVDXVGHP9DWHUVHLQH1HLJXQJ]XHQWGHFNHQ ZDVDEHU YRUDXV]XVHKHQJHVFKDKZLUNOLFKLQGHPGHU$OWHEHVWLPPW HUNOlUWHGDHUVFKRQVHOEVWGLH%UDXWIUGHQ0DMRUDWVKHUUQ HUNRUHQXQGYRQHLQHUDQGHUQQLHPDOVGLH5HGHVHLQN|QQH :ROIJDQJVWDWWZLHHUVROOWHQDFK(QJODQGKLQEHU]XVFKLIIHQ NHKUWHXQWHU GHP1DPHQ%RUQQDFK*HQI]XUFNXQGYHUPlKOWH VLFKPLW-XOLHQGLHLKPQDFK9HUODXIHLQHV-DKUHVGHQ6RKQ JHEDUGHUPLWGHP7RGH:ROIJDQJV0DMRUDWVKHUUZXUGH 'DUEHUGD+XEHUWYRQGHUJDQ]HQ6DFKHXQWHUULFKWHWVR ODQJHVFKZLHJXQGVLFKVHOEVWDOV0DMRUDWVKHUUJHULHUWHZDUHQ YHUVFKLHGHQH8UVDFKHQDQJHIKUWGLHVLFKDXIIUKHUH 9HUDEUHGXQJHQPLW:ROIJDQJEH]RJHQLQGHVVHQXQ]XUHLFKHQG XQGDXVGHU/XIWJHJULIIHQVFKLHQHQ
:LHYRP'RQQHUJHUKUWVWDUUWHGHU%DURQGHQ*HULFKWVVFKUHLEHU DQGHUPLWHLQW|QLJHUVFKQDUUHQGHU6WLPPHDOOHV8QKHLO YHUNQGHWH$OVHUJHHQGHWVWDQG9DXIQDKPGHQMXQJHQ 0HQVFKHQGHQHUPLWJHEUDFKWEHLGHU+DQGXQGVSUDFKLQGHP HUVLFKJHJHQGLH$QZHVHQGHQYHUEHXJWH +LHUPHLQH+HUUHQ KDEHLFKGLH(KUH,KQHQGHQ)UHLKHUUQ5RGHULFKYRQ5 0DMRUDWVKHUUQYRQ5VLWWHQYRU]XVWHOOHQ%DURQ+XEHUWEOLFNWH GHQ-QJOLQJGHUZLHYRP+LPPHOJHIDOOHQLKQXPGDVUHLFKH 0DMRUDWXPGLH+lOIWHGHVIUHLHQ9HUP|JHQVLQ.XUODQGEUDFKWH YHUKDOWHQHQ*ULPPLPJOKHQGHQ$XJHDQGURKWHGDQQPLW JHEDOOWHU)DXVWXQGUDQQWHRKQHHLQ:RUWKHUYRUEULQJHQ]X N|QQHQ]XP*HULFKWVVDDOKLQDXV
9RQGHQ*HULFKWVSHUVRQHQGD]XDXIJHIRUGHUWKROWHMHW]W%DURQ 5RGHULFKGLH8UNXQGHQKHUYRUGLHLKQDOVGLH3HUVRQIUGLHHU VLFKDXVJDEOHJLWLPLHUHQVROOWHQ(UEHUUHLFKWHGHQEHJODXELJWHQ $XV]XJDXVGHQ5HJLVWHUQGHU.LUFKHZRVHLQ9DWHUVLFKWUDXHQ ODVVHQZRULQEH]HXJWZXUGHGDDQGHPXQGGHP7DJHGHU .DXIPDQQ:ROIJDQJ%RUQJHEUWLJDXV.PLWGHP)UlXOHLQ-XOLH YRQ6W9DOLQ*HJHQZDUWGHU JHQDQQWHQ3HUVRQHQGXUFK SULHVWHUOLFKH(LQVHJQXQJJHWUDXWZRUGHQ(EHQVRKDWWHHUVHLQHQ 7DXIVFKHLQ HUZDULQ*HQIDOVYRQGHP.DXIPDQQ%RUQPLWVHLQHU *HPDKOLQ-XOLHJHEY6W9DOLQJOWLJHU(KHHU]HXJWHV.LQG JHWDXIWZRUGHQ YHUVFKLHGHQH%ULHIHVHLQHV9DWHUVDQVHLQH VFKRQOlQJVWYHUVWRUEHQH0XWWHUGLHDEHUDOOHQXUPLW: XQWHU]HLFKQHWZDUHQ 9VDKDOOHGLHVH3DSLHUHPLWILQVWHUP*HVLFKWHGXUFKXQGVSUDFK ]LHPOLFKEHNPPHUWDOVHUVLHZLHGHU]XVDPPHQVFKOXJ 1XQ *RWWZLUGKHOIHQ
6FKRQDQGHUQ7DJHVUHLFKWHGHU)UHLKHUU+XEHUWYRQ5GXUFK HLQHQ$GYRNDWHQGHQHU]XVHLQHP5HFKWVIUHXQGHHUNRUHQEHL GHU/DQGHVUHJLHUXQJLQ.HLQH9RUVWHOOXQJHLQZRULQHUDXI QLFKWVZHQLJHUDQWUXJDOVVRIRUWGLHhEHUJDEHGHV0DMRUDWV 5VLWWHQDQLKQ]XYHUDQODVVHQ(VYHUVWHKHVLFKYRQVHOEVWVDJWH GHU$GYRNDWGDZHGHUWHVWDPHQWDULVFKQRFKDXILUJHQGHLQH DQGHUH:HLVHGHUYHUVWRUEHQH)UHLKHUU+XEHUWYRQ5KDEHEHU GDV0DMRUDWYHUIJHQN|QQHQ-HQHV7HVWDPHQWVHLDOVRQLFKWV DQGHUVDOVGLHDXIJHVFKULHEHQHXQGJHULFKWOLFKEHUJHEHQH $XVVDJHQDFKZHOFKHUGHU)UHLKHUU:ROIJDQJYRQ5GDV0DMRUDW
DQHLQHQ6RKQYHUHUEWKDEHQVROOHGHUQRFKOHEHGLHNHLQH K|KHUH%HZHLVNUDIWDOVMHGHDQGHUHLUJHQGHLQHV=HXJHQKDEHQ XQGDOVRXQP|JOLFKGLH/HJLWLPDWLRQGHVDQJHEOLFKHQ)UHLKHUUQ 5RGHULFKYRQ5EHZLUNHQN|QQH
9LHOPHKUVHLHVGLH6DFKHGLHVHV3UlWHQGHQWHQVHLQYRUJHEOLFKHV (UEUHFKWGHPKLHUPLWDXVGUFNOLFKZLGHUVSURFKHQZHUGHLP :HJHGHV3UR]HVVHVGDU]XWXQXQGGDV0DMRUDWZHOFKHVMHW]W QDFKGHP5HFKWGHU6XN]HVVLRQGHP%DURQ+XEHUWYRQ5 ]XJHIDOOHQ]XYLQGL]LHUHQ'XUFKGHQ7RGGHV9DWHUVVHLGHU %HVLW]XQPLWWHOEDUDXIGHQ6RKQEHUJHJDQJHQ HVKDEHNHLQHU (UNOlUXQJEHUGHQ(UEVFKDIWVDQWULWWEHGXUIWGDGHU0DMRUDWVIROJH QLFKWHQWVDJWZHUGHQN|QQHPLWKLQGUIWHGHUMHW]LJH 0DMRUDWVKHUULQGHP%HVLW]HQLFKWGXUFKJDQ]LOOLTXLGH$QVSUFKH WXUELHUWZHUGHQ :DVGHU9HUVWRUEHQHIU*UXQGJHKDEWKDEHHLQHQDQGHUQ 0DMRUDWVKHUUQDXI]XVWHOOHQVHLJDQ]JOHLFKJOWLJQXUZHUGH EHPHUNWGDHUVHOEVWZLHDXVGHQQDFKJHODVVHQHQ3DSLHUHQ HUIRUGHUOLFKHQ)DOOVQDFKJHZLHVHQZHUGHQN|QQHHLQH/LHEVFKDIW LQGHU6FKZHL]JHKDEWKDEHXQGVRVHLYLHOOHLFKWGHUDQJHEOLFKH %UXGHUVVRKQGHUHLJQHLQHLQHUYHUERWHQHQ/LHEHHU]HXJWHGHP HULQHLQHP$QIDOOYRQ5HXHGDVUHLFKH0DMRUDW]XZHQGHQZROOHQ
6RVHKUDXFKGLH:DKUVFKHLQOLFKNHLWIUGLHLP7HVWDPHQW EHKDXSWHWHQ8PVWlQGHVSUDFKVRVHKUDXFKGLH5LFKWHU KDXSWVlFKOLFKGLHOHW]WH:HQGXQJLQGHUGHU6RKQVLFKQLFKW VFKHXWHGHQ9HUVWRUEHQHQHLQHV9HUEUHFKHQVDQ]XNODJHQ HPS|UWHVREOLHEGRFKGLH$QVLFKWGHU6DFKHZLHVLHDXIJHVWHOOW ZRUGHQGLHULFKWLJHXQGQXUGHQUDVWORVHQ%HPKXQJHQ9VGHU EHVWLPPWHQ9HUVLFKHUXQJGDGHUGLH/HJLWLPDWLRQGHV)UHLKHUUQ 5RGHULFKYRQ5EHZLUNHQGH%HZHLVLQNXU]HU=HLWDXIGDV EQGLJVWHJHIKUWZHUGHQVROOHNRQQWHHVJHOLQJHQGDGLH hEHUJDEHGHV0DMRUDWVQRFKDXVJHVHW]WXQGGLH)RUWGDXHUGHU $GPLQLVWUDWLRQELVQDFKHQWVFKLHGHQHU6DFKHYHUIJWZXUGH 9VDKQXU]XJXWHLQZLHVFKZHUHVLKPZHUGHQZUGHVHLQ 9HUVSUHFKHQ]XKDOWHQ(UKDWWHDOOH%ULHIVFKDIWHQGHVDOWHQ 5RGHULFKGXUFKVW|EHUWRKQHGLH6SXUHLQHV%ULHIHVRGHUVRQVW HLQHV$XIVDW]HV]XILQGHQGHU%H]XJDXIMHQHV9HUKlOWQLV :ROIJDQJVPLWGHP)UlXOHLQYRQ6W9DOJHKDEWKlWWH
*HGDQNHQYROOVDHULQ5VLWWHQLQ GHP6FKODINDELQHWWGHVDOWHQ 5RGHULFKGDVHUJDQ]GXUFKVXFKWXQGDUEHLWHWHDQHLQHP $XIVDW]HIUGHQ1RWDULQ*HQIGHULKPDOVHLQVFKDUIVLQQLJHU WlWLJHU0DQQHPSIRKOHQZRUGHQXQGGHULKPHLQLJH1RWL]HQ VFKDIIHQVROOWHGLHGLH6DFKHGHVMXQJHQ)UHLKHUUQLQVNODUH EULQJHQNRQQWHQ
(VZDU0LWWHUQDFKWZRUGHQGHU9ROOPRQGVFKLHQKHLOKLQHLQLQGHQ DQVWRHQGHQ6DDOGHVVHQ7URIIHQVWDQG'DZDUHVDOVVFKULWWH MHPDQGODQJVDPXQGVFKZHUGLH7UHSSHKHUDXIXQGNOLUUHXQG NODSSHUHPLW6FKOVVHOQ9ZXUGH DXIPHUNVDPHUVWDQGDXI JLQJLQGHQ6DDOXQGYHUQDKPQXQGHXWOLFKGDMHPDQGVLFK GXUFKGHQ)OXUGHU7UHGHV6DDOVQDKWH%DOGGDUDXIZXUGHGLHVH JH|IIQHWXQGHLQ0HQVFKPLWOHLFKHQEODVVHPHQWVWHOOWHQ$QWOLW] LQ1DFKWNOHLGHUQLQGHUHLQHQ+DQGGHQ$UPOHXFKWHUPLW EUHQQHQGHQ.HU]HQLQGHUDQGHUQGHQJURHQ6FKOVVHOEXQGWUDW ODQJVDPKLQHLQ
9HUNDQQWHDXJHQEOLFNOLFKGHQ+DXVYHUZDOWHUXQGZDULP%HJULII LKP]X]XUXIHQZDVHUVRVSlWLQGHU1DFKWZROOHDOVLKQLQGHP JDQ]HQ:HVHQGHV$OWHQLQGHP]XP7RGHHUVWDUUWHQ$QWOLW] HWZDV8QKHLPOLFKHV*HVSHQVWLVFKHVPLW(LVNlOWHDQKDXFKWH(U HUNDQQWHGDHUHLQHQ1DFKWZDQGOHUYRUVLFKKDEH'HU$OWHJLQJ PLWJHPHVVHQHQ6FKULWWHQTXHUGXUFKGHQ6DDOJHUDGHORVDXIGLH YHUPDXHUWH7UGLHHKHPDOV]XP7XUPIKUWH'LFKWYRU GHUVHOEHQEOLHEHUVWHKHQXQGVWLHDXVWLHIHU%UXVWHLQHQ KHXOHQGHQ/DXWDXVGHUVRHQWVHW]OLFKLQGHPJDQ]HQ6DDOH ZLGHUKDOOWHGD9HUEHEWHYRU*UDXHQ 'DQQGHQ$UPOHXFKWHUDXIGHQ)XERGHQJHVWHOOWGHQ 6FKOVVHOEXQGDQGHQ*UWHOJHKlQJWILQJ'DQLHODQPLWEHLGHQ +lQGHQDQGHU0DXHU]XNUDW]HQGDEDOGGDV%OXWXQWHUGHQ 1lJHOQKHUYRUTXROOXQGGDEHLVW|KQWHHUXQGlFK]WHZLH JHSHLQLJWYRQHLQHUQDPHQORVHQ7RGHVTXDO1XQOHJWHHUGDV2KU DQGLH0DXHUDOVZROOH HULUJHQGHWZDVHUODXVFKHQGDQQZLQNWH HUPLWGHU+DQGZLHMHPDQGHQEHVFKZLFKWLJHQGEFNWHVLFKGHQ $UPOHXFKWHUZLHGHUYRP%RGHQDXIKHEHQGXQGVFKOLFKPLWOHLVHQ JHPHVVHQHQ6FKULWWHQQDFKGHU7UH]XUFN 9IROJWHLKPEHKXWVDPPLWGHP/HXFKWHULQGHU+DQG(VJLQJ GLH7UHSSHKHUDEGHU$OWHVFKORGLHJURH+DXSWWUGHV
6FKORVVHVDXI9VFKOSIWHJHVFKLFNWKLQGXUFK QXQEHJDEHUVLFK QDFKGHP6WDOOXQGQDFKGHPHU]X9VWLHIHP(UVWDXQHQGHQ $UPOHXFKWHUVRJHVFKLFNWKLQJHVWHOOWKDWWHGDGDVJDQ]H *HElXGHJHQXJVDPHUKHOOWZXUGHRKQHLUJHQGHLQH*HIDKUKROWH HU6DWWHOXQG=HXJKHUEHLXQGUVWHWHPLWJURHU6RUJOLFKNHLW GHQ*XUWIHVWGLH6WHLJEJHOKLQDXIVFKQDOOHQGHLQ3IHUGDXV GDVHUORVJHEXQGHQYRQGHU.ULSSH
1DFKGHPHUQRFKHLQ%VFKHO+DDUHEHUGHQ6WLUQULHPHQZHJ GXUFKGLH+DQGJH]RJHQQDKPHUPLWGHU=XQJHVFKQDO]HQGXQG PLWGHUHLQHQ+DQGLKPGHQ+DOVNORSIHQGGDV3IHUGEHLP=JHO XQGIKUWHHVKHUDXV'UDXHQLP+RIHEOLHEHUHLQLJH6HNXQGHQ VWHKHQLQGHU6WHOOXQJDOVHUKDOWHHU%HIHKOHGLHHUNRSIQLFNHQG DXV]XIKUHQYHUVSUDFK'DQQIKUWHHUGDV3IHUG]XUFNLQGHQ 6WDOOVDWWHOWHHVZLHGHUDEXQGEDQGHVDQGLH.ULSSH1XQQDKP HUGHQ$UPOHXFKWHUYHUVFKORGHQ6WDOONHKUWHLQGDV6FKOR ]XUFNXQGYHUVFKZDQGHQGOLFKLQVHLQ=LPPHUGDVHUVRUJIlOWLJ YHUULHJHOWH 9IKOWHVLFKYRQGLHVHP$XIWULWWLP,QQHUVWHLQHUJULIIHQGLH $KQXQJHLQHUHQWVHW]OLFKHQ7DWHUKREVLFKYRULKPZLHHLQ VFKZDU]HVK|OOLVFKHV*HVSHQVWGDVLKQQLFKWPHKUYHUOLH*DQ] HUIOOWYRQGHUEHGURKOLFKHQ/DJHVHLQHV6FKW]OLQJVJODXEWHHU ZHQLJVWHQVGDVZDVHUJHVHKHQQW]HQ]XPVVHQ]XVHLQHP %HVWHQ$QGHUQ7DJHVHVZROOWHVFKRQGLH'lPPHUXQJ HLQEUHFKHQNDP'DQLHOLQVHLQ=LPPHUXPLUJHQGHLQHVLFKDXI GHQ+DXVVWDQGEH]LHKHQGH$QZHLVXQJHLQ]XKROHQ
'D IDWHLKQ9EHLEHLGHQ$UPHQXQGILQJDQLQGHPHULKQ ]XWUDXOLFKDXIGHQ6HVVHOQLHGHUGUFNWH +|UHDOWHU)UHXQG 'DQLHOODQJHKDEHLFKGLFKIUDJHQZROOHQZDVKlOWVWGXGHQQYRQ GHPYHUZRUUHQHQ.UDPGHQXQV+XEHUWVVRQGHUEDUHV7HVWDPHQW EHUGHQ+DOVJHEUDFKWKDW"*ODXEVWGXGHQQZRKOGDGHUMXQJH 0HQVFKZLUNOLFK:ROIJDQJVLQUHFKWVJOWLJHU(KHHU]HXJWHU6RKQ LVW"'HU$OWHVLFKEHUGLH/HKQHGHV6WXKOVZHJEHXJHQGXQG 9VVWDUUDXILKQJHULFKWHWHQ%OLFNHQDXVZHLFKHQGULHIPUULVFK 3DKHUNDQQ HVVHLQ HUNDQQHVDXFKQLFKWVHLQ:DVVFKLHUW V PLFKPDJQXQKLHU+HUUZHUGHQZHUGDZLOO $EHULFKPHLQHIXKU9IRUWLQGHPHUGHP$OWHQQlKHUUFNWH XQGGLH+DQGDXIVHLQH6FKXOWHUOHJWHDEHULFKPHLQHGDGXGHV
DOWHQ)UHLKHUUQJDQ]HV9HUWUDXHQKDWWHVWVRYHUVFKZLHJHUGLU JHZLQLFKWGLH9HUKlOWQLVVHVHLQHU6|KQH(UHU]lKOWHGLUYRQ GHP%QGQLVGDV:ROIJDQJZLGHUVHLQHQ:LOOHQJHVFKORVVHQ" ,FKNDQQPLFKDXIGHUJOHLFKHQJDUQLFKWEHVLQQHQHUZLGHUWH GHU$OWHLQGHPHUDXIHLQJH]RJHQH$UWODXWJlKQWH'XELVW VFKOlIULJ$OWHUVSUDFK9KDVWGXYLHOOHLFKWHLQHXQUXKLJH1DFKW JHKDEW" 'DLFKQLFKWZWHHQWJHJQHWHGHU$OWHIURVWLJ DEHULFKZLOOQXQJHKHQXQGGDV$EHQGHVVHQEHVWHOOHQ +LHUPLWHUKREHUVLFKVFKZHUIlOOLJYRP6WXKOLQGHPHUVLFKGHQ JHNUPPWHQ5FNHQULHEXQGDEHUPDOVXQG]ZDUQRFKODXWHU JlKQWHDOV]XYRU%OHLEHGRFKQRFK$OWHUULHI9LQGHPHULKQ EHLGHU+DQGHUJULIIXQG]XP6LW]HQQ|WLJHQZROOWHGHU$OWHEOLHE DEHUYRUGHP$UEHLWVWLVFKVWHKHQDXIGHQHUVLFKPLWEHLGHQ +lQGHQVWHPPWHGHQ/HLEEHUJHERJHQQDFK9KLQXQG PUULVFKIUDJHQG 1XQZDVVROO VGHQQZDVVFKLHUWPLFKGDV 7HVWDPHQWZDVVFKLHUWPLFKGHU6WUHLWXPGDV0DMRUDW'DYRQ ILHOLKP9LQGLH5HGHZROOHQZLUDXFKJDUQLFKWPHKUVSUHFKHQ YRQJDQ]HWZDVDQGHUPOLHEHU'DQLHO 'XELVWPUULVFKGX JlKQVWGDVDOOHV]HXJWYRQEHVRQGHUHU$EVSDQQXQJXQGQXQ P|FKW LFKEHLQDKHJODXEHQGDGXHVZLUNOLFKJHZHVHQELVWLQ GLHVHU1DFKW:DVELQLFKJHZHVHQLQGLHVHU1DFKWIUXJ GHU $OWHLQVHLQHU6WHOOXQJYHUKDUUHQG$OVLFKVSUDFK9ZHLWHU JHVWHUQPLWWHUQDFKWGRUWREHQLQGHP.DELQHWWGHVDOWHQ+HUUQ QHEHQGHPJURHQ6DDOVDNDPVWGX]XU7UHKHUHLQJDQ]VWDUU XQGEOHLFKVFKULWWHVWDXIGLH]XJHPDXHUWH7UORVNUDW]WHVWPLW EHLGHQ+lQGHQDQGHU0DXHUXQGVW|KQWHVWDOVZHQQGXJURH 4XDOHQHPSIlQGHVW%LVWGXGHQQHLQ1DFKWZDQGOHU'DQLHO" 'HU$OWHVDQN]XUFNLQGHQ6WXKOGHQLKP9VFKQHOOXQWHUVFKRE (UJDENHLQHQ/DXWYRQVLFKGLHWLHIH'lPPHUXQJOLHVHLQ *HVLFKWQLFKWHUNHQQHQ9EHPHUNWHQXUGDHUNXU]$WHPKROWH XQGPLWGHQ=lKQHQNODSSHUWH -DIXKU9QDFKNXU]HP6FKZHLJHQIRUW-DHVLVWHLQHLJQHV 'LQJPLWGHQ1DFKWZDQGOHUQ$QGHUQ7DJHVZLVVHQVLHYRQ GLHVHPVRQGHUEDUHQ=XVWDQGHYRQDOOHPZDV VLHZLHLQYROOHP :DFKHQEHJRQQHQKDEHQQLFKWGDVDOOHUPLQGHVWH 'DQLHOEOLHE VWLOObKQOLFKHVVSUDFK9ZHLWHUZLHJHVWHUQPLWGLUKDEHLFK VFKRQHUOHEW,FKKDWWHHLQHQ)UHXQGGHUVWHOOWHVRZLHGXWUDW GHU9ROOPRQGHLQUHJHOPlLJQlFKWOLFKH :DQGHUXQJHQDQ-D
PDQFKPDOVHW]WHHUVLFKKLQXQGVFKULHE%ULHIH$P PHUNZUGLJVWHQZDUHVDEHUGDILQJLFKDQLKPJDQ]OHLVHLQV 2KU]XIOVWHUQHVPLUEDOGJHODQJLKQ]XP6SUHFKHQ]XEULQJHQ (UDQWZRUWHWHJHK|ULJDXIDOOH)UDJHQXQGVHOEVWGDV ZDVHULP :DFKHQVRUJOLFKYHUVFKZLHJHQKDEHQZUGHIORQXQ XQZLOONUOLFKDOVN|QQHHUGHU.UDIWQLFKWZLGHUVWHKHQGLHDXILKQ HLQZLUNWHYRQVHLQHQ/LSSHQ 'HU7HXIHOLFKJODXEH YHUVFKZLHJHHLQ0RQGVFKWLJHULUJHQGHLQHEHJDQJHQH8QWDWQRFK VRODQJHPDQN|QQWHVLHLKPDEIUDJHQLQGHPVHOWVDPHQ =XVWDQGH :RKOGHPGHUHLQUHLQHV*HZLVVHQKDWZLHZLU EHLGHJXWHU'DQLHOZLUN|QQHQVFKRQLPPHU1DFKWZDQGOHUVHLQ XQVZLUGPDQNHLQ9HUEUHFKHQDEIUDJHQ
$EHUK|UH'DQLHOJHZLZLOOVWGXKHUDXILQGHQDVWURQRPLVFKHQ 7XUP ZHQQGXVRDEVFKHXOLFKDQGHU]XJHPDXHUWHQ7UH NUDW]HVW" 'XZLOOVWJHZLODERULHUHQZLHGHUDOWH5RGHULFK"1XQ GDVZHUG LFKGLUQlFKVWHQVDEIUDJHQ'HU$OWHKDWWHZlKUHQG9 GLHVHVVSUDFKLPPHUVWlUNHUXQGVWlUNHUJH]LWWHUWMHW]WIORJVHLQ JDQ]HU .|USHUYRQKHLOORVHP.UDPSIKLQ XQGKHUJHZRUIHQXQG HUEUDFKDXVLQHLQJHOOHQGHVXQYHUVWlQGLJHV*HSODSSHU9 VFKHOOWHGLH'LHQHUKHUDXI0DQEUDFKWH/LFKWHUGHU$OWHOLHQLFKW QDFKZLHHLQZLOONUORVEHZHJWHV$XWRPDWKREPDQLKQDXIXQG EUDFKWHLKQLQV%HWWH1DFKGHPEHLQDKHHLQH6WXQGHGLHVHU KHLOORVH=XVWDQGJHGDXHUWYHUILHOHULQWLHIHU2KQPDFKWlKQOLFKHQ 6FKODI$OVHUHUZDFKWHYHUODQJWHHU:HLQ]XWULQNHQXQGDOV PDQLKPGLHVHQJHUHLFKWWULHEHUGHQ'LHQHUGHUEHLLKPZDFKHQ ZROOWHIRUW XQGYHUVFKORVLFKZLHJHZ|KQOLFKLQVHLQ=LPPHU 9KDWWHZLUNOLFKEHVFKORVVHQGHQ9HUVXFKDQ]XVWHOOHQLQGHP $XJHQEOLFNDOVHUGDYRQJHJHQ'DQLHOVSUDFKZLHZRKOHUVLFK VHOEVWJHVWHKHQPXWHHLQPDOGD'DQLHOYLHOOHLFKWHUVWMHW]W YRQVHLQHU0RQGVXFKWXQWHUULFKWHWDOOHVDQZHQGHQZHUGHLKP]X HQWJHKHQGDQQDEHUGD*HVWlQGQLVVHLQGLHVHP=XVWDQGH DEJHOHJWHEHQQLFKWJHHLJQHWVHLQZUGHQGDUDXIZHLWHU IRUW]XEDXHQ'HPXQHUDFKWHWEHJDEHUVLFKJHJHQ0LWWHUQDFKWLQ GHQ6DDOKRIIHQGGD'DQLHOZLHHVLQGLHVHU.UDQNKHLW JHVFKLHKWJH]ZXQJHQZHUGHQZUGHZLOONUORV]XKDQGHOQ 8P0LWWHUQDFKWHUKREVLFKHLQJURHU/lUPDXIGHP+RIH9 K|UWHGHXWOLFKHLQ)HQVWHUHLQVFKODJHQHUHLOWHEHUDEXQGDOVHU GLH*lQJHGXUFKVFKULWWZDOOWHLKPHLQVWLQNHQGHU'DPSI
HQWJHJHQGHUZLHHUEDOGJHZDKUWHDXVGHPJH|IIQHWHQ=LPPHU GHV+DXVYHUZDOWHUVKHUDXVTXROO'LHVHQEUDFKWHPDQHEHQ WRGVWDUUKHUDXVJHWUDJHQXPLKQLQHLQHPDQGHUQ=LPPHULQV %HWWH]XOHJHQ8P0LWWHUQDFKWZXUGHHLQ.QHFKWVRHU]lKOWHQ GLH'LHQHUGXUFKHLQVHOWVDPHVGXPSIHV3RFKHQJHZHFNWHU JODXEWHGHP$OWHQVHLHWZDV]XJHVWRHQXQGVFKLFNWHVLFKDQ DXI]XVWHKHQXPLKP]X+OIH]XNRPPHQDOVGHU:lFKWHUDXI GHP+RIHODXWULHI )HXHU)HXHULQGHU6WXEHGHV+HUUQ 9HUZDOWHUVEUHQQW VOLFKWHUORK
$XIGLHV*HVFKUHLZDUHQJOHLFKPHKUHUH'LHQHUEHLGHU+DQGDEHU DOOHV0KHQGLH7UGHV=LPPHUVHLQ]XEUHFKHQEOLHEXPVRQVW 1XQHLOWHQVLHKHUDXVDXIGHQ+RIDEHUGHUHQWVFKORVVHQH :lFKWHUKDWWHVFKRQGDV)HQVWHUGHVQLHGULJHQLP(UGJHVFKRVVH EHILQGOLFKHQ=LPPHUVHLQJHVFKODJHQGLHEUHQQHQGHQ*DUGLQHQ KHUDEJHULVVHQZRUDXIHLQSDDUKLQHLQJHJRVVHQH(LPHU:DVVHU GHQ%UDQGDXJHQEOLFNOLFKO|VFKWHQ'HQ+DXVYHUZDOWHUIDQGPDQ PLWWHQLP=LPPHUDXIGHU(UGHOLHJHQGLQWLHIHU2KQPDFKW(U KLHOW QRFKIHVWGHQ$UPOHXFKWHULQGHU+DQGGHVVHQEUHQQHQGH .HU]HQGLH*DUGLQHQHUIDWXQGVRGDV)HXHUYHUDQODWKDWWHQ %UHQQHQGHKHUDEIDOOHQGH/DSSHQKDWWHQGHP$OWHQGLH $XJHQEUDXHQXQGHLQJXW7HLO.RSIKDDUHZHJJHVHQJW%HPHUNWH GHU:lFKWHUQLFKWGDV)HXHUVRKlWWHGHU$OWHKOIORVYHUEUHQQHQ PVVHQ=XQLFKWJHULQJHU9HUZXQGHUXQJIDQGHQGLH'LHQHUGD GLH7UGHV=LPPHUVYRQLQQHQGXUFK]ZHLJDQ]QHX DQJHVFKUREHQH5LHJHOGLHQRFKGHQ$EHQGYRUKHUQLFKW GDJHZHVHQYHUZDKUWZDU 9VDKHLQGDGHU$OWHVLFKKDWWHGDV+LQDXVVFKUHLWHQDXVGHP =LPPHUXQP|JOLFKPDFKHQZROOHQZLGHUVWHKHQNRQQWHUGHP EOLQGHQ7ULHEHQLFKW'HU$OWHYHUILHOLQHLQHHUQVWH.UDQNKHLW HU VSUDFKQLFKWHUQDKPQXUZHQLJ1DKUXQJ]XVLFKXQGVWDUUWHZLH IHVWJHNODPPHUWYRQHLQHPHQWVHW]OLFKHQ*HGDQNHQPLW%OLFNHQ LQGHQHQVLFKGHU7RGPDOWHYRUVLFKKLQ9JODXEWHGDGHU$OWH YRQGHP/DJHUQLFKWHUVWHKHQZHUGH $OOHVZDVVLFKIUVHLQHQ6FKW]OLQJWXQOLHKDWWH9JHWDQHU PXWHUXKLJGHQ(UIROJDEZDUWHQXQGZROOWHGHVKDOEQDFK. ]XUFN'LH$EUHLVHZDUIUGHQIROJHQGHQ0RUJHQEHVWLPPW9 SDFNWHVSlWDEHQGVVHLQH6NULSWXUHQ]XVDPPHQGDILHOLKPHLQ NOHLQHV3DNHWLQGLH+lQGHZHOFKHVLKPGHU)UHLKHUU+XEHUWYRQ
5YHUVLHJHOWXQGPLWGHU$XIVFKULIW 1DFK(U|IIQXQJPHLQHV 7HVWDPHQWV]XOHVHQ]XJHVWHOOWXQGGDVHUXQEHJUHLIOLFKHUZHLVH QRFKQLFKWEHREDFKWHWKDWWH(UZDULP%HJULIIGLHVHV3DNHW]X HQWVLHJHOQDOVGLH7UDXIJLQJXQGPLWOHLVHQJHVSHQVWLVFKHQ 6FKULWWHQ'DQLHOKHUHLQWUDW(UOHJWHHLQHVFKZDU]H0DSSHGLHHU XQWHUGHP$UPWUXJDXIGHQ6FKUHLEWLVFKGDQQPLWHLQHPWLHIHQ 7RGHVVHXI]HUDXIEHLGH.QLHVLQNHQG9V+lQGHPLWGHQVHLQHQ NUDPSIKDIWIDVVHQGVSUDFKHUKRKOXQGGXPSIZLHDXVWLHIHP *UDEH $XIGHP6FKDIRWW VWUE LFKQLFKWJHUQGHUGRUWREHQ ULFKWHW GDQQULFKWHWHHUVLFKXQWHUDQJVWYROOHP.HXFKHQ PKVDPDXIXQGYHUOLHGDV=LPPHUZLHHUJHNRPPHQ
9EUDFKWHGLHJDQ]H1DFKWKLQDOOHVGDV]XOHVHQZDVGLH VFKZDU]H0DSSHXQG+XEHUWV3DNHWHQWKLHOW%HLGHVKLQJJHQDX ]XVDPPHQXQGEHVWLPPWHYRQVHOEVWGLHZHLWHUQ0DUHJHOQGLH QXQ]XHUJUHLIHQ6RZLH9LQ.DQJHNRPPHQEHJDEHUVLFK]XP )UHLKHUUQ+XEHUWYRQ5GHULKQPLWUDXKHP6WRO]HPSILQJ'LH PHUNZUGLJH)ROJHHLQHU8QWHUUHGXQJZHOFKHPLWWDJVDQILQJXQG ELVVSlWLQGLH1DFKWKLQHLQXQXQWHUEURFKHQIRUWGDXHUWHZDU DEHUGDGHU)UHLKHUUDQGHUQ7DJHVYRU*HULFKWHUNOlUWHGDHU GHQ3UlWHQGHQWHQGHV0DMRUDWVGHP7HVWDPHQWHVHLQHV9DWHUV JHPlIUGHQLQUHFKWVJOWLJHU(KHYRQGHPlOWHVWHQ6RKQGHV )UHLKHUUQ5RGHULFKYRQ5:ROIJDQJYRQ5PLWGHP)UlXOHLQ -XOLHYRQ6W9DOHU]HXJWHQ6RKQPLWKLQIUGHQUHFKWJOWLJ OHJLWLPLHUWHQ0DMRUDWVHUEHQDQHUNHQQH$OVHUYRQGHP *HULFKWVVDDOKHUDEVWLHJVWDQGVHLQ:DJHQPLW3RVWSIHUGHQYRU GHU7UHHUUHLVWHVFKQHOODEXQGOLH0XWWHUXQG6FKZHVWHU ]XUFN6LHZUGHQLKQYLHOOHLFKWQLHZLHGHUVHKHQKDWWHHULKQHQ PLWDQGHUQUlWVHOKDIWHQbXHUXQJHQJHVFKULHEHQ
5RGHULFKV(UVWDXQHQEHUGLHVH:HQGXQJGLHGLH6DFKHQDKP ZDUQLFKWJHULQJHUGUDQJLQ9LKPGRFKQXU]XHUNOlUHQZLH GLHV:XQGHUKDEHEHZLUNWZHUGHQN|QQHQZHOFKHJHKHLPQLVYROOH 0DFKWLP6SLHOHVHL9YHUWU|VWHWHLKQLQGHVVHQDXINQIWLJH =HLWHQXQG]ZDUZHQQHU%HVLW]JHQRPPHQKDEHQZUGHYRQ GHP0DMRUDW'LHhEHUJDEHGHV0DMRUDWVNRQQWHQlPOLFKGHVKDOE QLFKWJHVFKHKHQZHLOQXQGLH*HULFKWHQLFKWEHIULHGLJWGXUFK MHQH(UNOlUXQJ+XEHUWVDXHUGHPGLHYROOVWlQGLJH/HJLWLPDWLRQ 5RGHULFKVYHUODQJWHQ9ERWGHP)UHLKHUUQGLH:RKQXQJLQ 5VLWWHQDQXQGVHW]WHKLQ]XGD+XEHUWV0XWWHUXQG6FKZHVWHU GXUFKVHLQHVFKQHOOH$EUHLVHLQDXJHQEOLFNOLFKH9HUOHJHQKHLW
JHVHW]WGHQVWLOOHQ$XIHQWKDOWDXIGHP6WDPPJXWHGHU JHUlXVFKYROOHQWHXUHQ6WDGWYRU]LHKHQZUGHQ
'DV(QW]FNHQZRPLW5RGHULFKGHQ*HGDQNHQHUJULIIPLWGHU %DURQLQXQGLKUHU7RFKWHUZHQLJVWHQVHLQH=HLWODQJXQWHUHLQHP 'DFKH]XZRKQHQEHZLHVZHOFKHQWLHIHQ(LQGUXFN6HUDSKLQH GDVKROGHDQPXWLJH.LQGDXILKQJHPDFKWKDWWH,QGHU7DW ZXWHGHU)UHLKHUUVHLQHQ$XIHQWKDOWLQ5VLWWHQVRJXW]X EHQXW]HQGDHUZHQLJH:RFEHQZDUHQYHUJDQJHQ6HUDSKLQHQV LQQLJH/LHEHXQGGHU0XWWHUEHLIlOOLJ:RUW]XU9HUELQGXQJPLWLKU JHZRQQHQKDWWH
'HP9ZDUGDVDOOHV]XVFKQHOOGDELVMHW]W5RGHULFKV /HJLWLPDWLRQDOV0DMRUDWVKHUUYRQ5VLWWHQQRFKLPPHU ]ZHLIHOKDIWJHEOLHEHQ%ULHIHDXV.XUODQGXQWHUEUDFKHQGDV ,G\OOHQOHEHQDXIGHP6FKORVVH+XEHUWKDWWHVLFKJDUQLFKWDXI GHQ*WHUQVHKHQODVVHQVRQGHUQZDUXQPLWWHOEDUQDFK 3HWHUVEXUJJHJDQJHQGRUWLQ0LOLWlUGLHQVWHJHWUHWHQXQGVWDQG MHW]WDXIGHP)HOGHJHJHQGLH3HUVHUPLWGHQHQ5XODQGJHUDGH LP.ULHJHEHJULIIHQ'LHVPDFKWHGLHVFKQHOOH$EUHLVHGHU%DURQLQ PLWLKUHU7RFKWHUQDFKGHQ*WHUQZR8QRUGQXQJXQG9HUZLUUXQJ KHUUVFKWHQ|WLJ 5RGHULFKGHUVLFKVFKRQDOVGHQDXIJHQRPPHQHQ6RKQ EHWUDFKWHWHXQWHUOLHQLFKWGLH*HOLHEWH]XEHJOHLWHQXQGVR ZXUGHGD9HEHQIDOOVQDFK.]XUFNNHKUWHGDV6FKORHLQVDP ZLHYRUKHU'HV+DXVYHUZDOWHUVE|VH.UDQNKHLWZXUGHVFKOLPPHU XQGVFKOLPPHUVRGDHUQLFKWPHKUGDUDXV]XHUVWHKHQJODXEWH VHLQ$PWZXUGHHLQHPDOWHQ-lJHU:ROIJDQJVWUHXHP'LHQHU )UDQ]JHKHLHQEHUWUDJHQ(QGOLFKQDFKODQJHP+DUUHQHUKLHOW 9GLHJQVWLJVWHQ1DFKULFKWHQDXVGHU6FKZHL]'HU3IDUUHUGHU :ROIJDQJV7UDXXQJYROO]RJHQZDUOlQJVWJHVWRUEHQLQGHVVHQ IDQGVLFKLQGHP.LUFKHQEXFKHYRQVHLQHU+DQGQRWLHUWGD GHUMHQLJHGHQHUXQWHUGHP1DPHQ%RUQPLWGHP)UlXOHLQ-XOLH 6W9DOHKHOLFKYHUEXQGHQVLFKEHLLKPDOV)UHLKHUU:ROIJDQJYRQ 5lOWHVWHQ6RKQGHV)UHLKHUUQ5RGHULFKYRQ5DXI5VLWWHQ YROOVWlQGLJOHJLWLPLHUWKDEH $XHUGHPZXUGHQQRFK]ZHL7UDX]HXJHQHLQ.DXIPDQQLQ*HQI XQGHLQDOWHUIUDQ]|VLVFKHU.DSLWlQGHUQDFK/\RQJH]RJHQ DXVJHPLWWHOWGHQHQ:ROIJDQJHEHQIDOOVVLFKHQWGHFNWKDWWHXQG
LKUHHLGOLFKHQ$XVVDJHQEHNUlIWLJWHQGHQ9HUPHUNGHV3IDUUHUVLP .LUFKHQEXFKH0LWGHQLQUHFKWOLFKHU)RUPDXVJHIHUWLJWHQ 9HUKDQGOXQJHQLQGHU+DQGIXKUWHQXQ9GHQYROOVWlQGLJHQ 1DFKZHLVGHU5HFKWHVHLQHV0DFKWJHEHUVXQGQLFKWVVWDQGGHU hEHUJDEHGHV0DMRUDWVLP:HJHGLHLPNQIWLJHQ+HUEVWHUIROJHQ VROOWH+XEHUWZDUJOHLFKLQGHUHUVWHQ6FKODFKWGHUHUEHLZRKQWH JHEOLHEHQLKQKDWWHGDV6FKLFNVDOVHLQHVMQJHUQ%UXGHUVGHUHLQ -DKUYRUVHLQHV9DWHUV7RGHHEHQIDOOVLP)HOGHEOLHEJHWURIIHQ VR ILHOHQGLH*WHULQ.XUODQGGHU%DURQHVVH6HUDSKLQHYRQ5]X XQGZXUGHQHLQHVFK|QH0LWJLIWIUGHQEHUJOFNOLFKHQ5RGHULFK 'HU1RYHPEHUZDUDQJHEURFKHQDOVGLH%DURQLQ5RGHULFKPLW VHLQHU%UDXWLQ5VLWWHQDQODQJWH'LHhEHUJDEHGHV0DMRUDWV HUIROJWHXQGGDQQ5RGHULFKV9HUELQGXQJPLW6HUDSKLQHQ0DQFKH :RFKHYHUJLQJLP7DXPHOGHU/XVWELVHQGOLFKGLHEHUVlWWLJWHQ *lVWHQDFKXQGQDFKGDV6FKORYHUOLHHQ]XUJURHQ =XIULHGHQKHLW9VGHUYRQ5VLWWHQQLFKWVFKHLGHQZROOWHRKQH GHQMXQJHQ0DMRUDWVKHUUQDXIGDVJHQDXHVWHHLQ]XZHLKHQLQDOOH 9HUKlOWQLVVHGHVQHXHQ%HVLW]WXPV
0LWGHUVWUHQJVWHQ*HQDXLJNHLWKDWWH5RGHULFKV2KHLPGLH 5HFKQXQJHQEHU(LQQDKPHXQG$XVJDEHJHIKUWVRGDGD 5RGHULFKQXUHLQHJHULQJH6XPPHMlKUOLFK]XVHLQHP8QWHUKDOW EHNDPGXUFKGLHhEHUVFKVVHGHU(LQQDKPHMHQHVEDUHV.DSLWDO GDVPDQLQGHVDOWHQ)UHLKHUUQ1DFKODYRUIDQGHLQHQ EHGHXWHQGHQ=XVFKXHUKLHOW1XULQGHQHUVWHQGUHL-DKUHQKDWWH +XEHUWGLH(LQNQIWHGHV0DMRUDWVLQVHLQHQ1XW]HQYHUZDQGW GDUEHUDEHUHLQ6FKXOGLQVWUXPHQWDXVJHVWHOOWXQGHVDXIGHQLKP ]XVWHKHQGHQ$QWHLOGHU*WHULQ.XUODQGYHUVLFKHUQODVVHQ 9KDWWHVHLWGHU=HLWDOVLKP'DQLHODOV1DFKWZDQGOHUHUVFKLHQ GDV6FKODIJHPDFKGHVDOWHQ5RGHULFK]XVHLQHP:RKQ]LPPHU JHZlKOWXPGHVWRVLFKHUHUGDVHUODXVFKHQ]XN|QQHQZDVLKP 'DQLHOQDFKKHUIUHLZLOOLJRIIHQEDUWH6RNDPHVGDGLHV*HPDFK XQGGHUDQVWRHQGHJURH6DDOGHU2UWEOLHEZRGHU)UHLKHUUPLW 9LP*HVFKlIW]XVDPPHQNDP'DVDHQQXQEHLGHEHLP KHOORGHUQGHQ.DPLQIHXHUDQGHPJURHQ7LVFKH9PLWGHU)HGHU LQGHU+DQGGLH6XPPHQQRWLHUHQGXQGGHQ5HLFKWXPGHV 0DMRUDWVKHUUQEHUHFKQHQGGLHVHUPLWDXIJHVWHPPWHP$UP KLQHLQEOLQ]HOQGLQGLHDXIJHVFKODJHQHQ5HFKQXQJVEFKHULQGLH JHZLFKWLJHQ'RNXPHQWH
.HLQHUYHUQDKPGDVGXPSIH%UDXVHQGHU6HHGDV$QJVWJHVFKUHL GHU0|ZHQGLHGDV8QZHWWHUYHUNQGHQGLP+LQ XQG +HUIODWWHUQDQGLH)HQVWHUVFKHLEHQVFKOXJHQNHLQHUDFKWHWHGHV 6WXUPVGHUXP0LWWHUQDFKWKHUDXIJHNRPPHQLQZLOGHP7RVHQ GDV6FKORGXUFKVDXVWHVRGDDOOH8QNHQVWLPPHQLQGHQ .DPLQHQLQGHQHQJHQ*lQJHQHUZDFKWHQXQGZLGHUOLFK GXUFKHLQDQGHUSILIIHQXQGKHXOWHQ$OVHQGOLFKQDFKHLQHP :LQGVWRYRUGHPGHUJDQ]H%DXHUGU|KQWHSO|W]OLFKGHUJDQ]H 6DDOLPGVWHUQ)HXHUGHV9ROOPRQGVVWDQGULHI9 (LQE|VHV :HWWHU
'HU)UHLKHUUJDQ]YHUWLHIWLQGLH$XVVLFKWGHV5HLFKWXPVGHULKP ]XJHIDOOHQHUZLGHUWHJOHLFKJOWLJLQGHPHUPLW]XIULHGHQHP /lFKHOQHLQ%ODWWGHV(LQQDKPHEXFKVXPVFKOXJ ,QGHU7DWVHKU VWUPLVFK$EHUZLHIXKUHUYRQGHUHLVLJHQ)DXVWGHV 6FKUHFNHQVEHUKUWLQGLH+|KHDOVGLH7UGHV6DDOVDXIVSUDQJ XQGHLQHEOHLFKHJHVSHQVWLVFKH*HVWDOWVLFKWEDUZXUGHGLHGHQ 7RGLP$QWOLW]KLQHLQVFKULWW'DQLHOGHQ9VRZLHMHGHUPDQQLQ WLHIHU.UDQNKHLWRKQPlFKWLJGDOLHJHQGQLFKWIUIlKLJKLHOWHLQ *OLHG]XUKUHQZDUHVGHUDEHUPDOVYRQGHU0RQGVXFKW EHIDOOHQVHLQHQlFKWOLFKH:DQGHUXQJEHJRQQHQ
/DXWORVVWDUUWHGHU)UHLKHUUGHQ$OWHQDQDOVGLHVHUQXQDEHU XQWHUDQJVWYROOHQ6HXI]HUQGHU7RGHVTXDODQGHU:DQGNUDW]WH GDIDWHGHQ)UHLKHUUQWLHIHV(QWVHW]HQ%OHLFKLP*HVLFKWZLHGHU 7RGPLWHPSRUJHVWUlXEWHP+DDUVSUDQJHUDXIVFKULWWLQ EHGURKOLFKHU6WHOOXQJ]XDXIGHQ$OWHQXQGULHIPLWVWDUNHU 6WLPPHGDGHU6DDOGU|KQWH 'DQLHO'DQLHOZDVPDFKVWGX KLHU ]XGLHVHU6WXQGH'DVWLHGHU$OWHMHQHVJUDXHQYROOH KHXOHQGH*HZLPPHUDXVJOHLFKGHP7RGHVODXWGHVJHWURIIHQHQ 7LHUVZLHGDPDOVDOVLKP:ROIJDQJ*ROGIUVHLQH7UHXHERWXQG VDQN]XVDPPHQ 9ULHIGLH%HGLHQWHQKHUEHLPDQKREGHQ$OWHQDXIDOOH 9HUVXFKHLKQ]XEHOHEHQEOLHEHQYHUJHEHQV'DVFKULHGHU )UHLKHUUZLHDXHUVLFK +HUU*RWW +HUU*RWWKDEHLFKGHQQ QLFKWJHK|UWGD1DFKWZDQGOHUDXIGHU6WHOOHGHV7RGHVVHLQ N|QQHQZHQQPDQVLHEHLP1DPHQUXIW",FK ,FK 8QJOFNVHOLJVWHU LFKKDEHGHQDUPHQ*UHLVHUVFKODJHQ =HLW PHLQHV/HEHQVKDEHLFKNHLQHUXKLJH6WXQGHPHKU
9DOVGLH%HGLHQWHQGHQ/HLFKQDPIRUWJHWUDJHQXQGGHU6DDOOHHU JHZRUGHQQDKPGHQLPPHUIRUWVLFKDQNODJHQGHQ)UHLKHUUQEHL GHU+DQGIKUWHLKQLQWLHIHP6FKZHLJHQYRUGLH]XJHPDXUWH7U XQGVSUDFK 'HUKLHUWRW]X,KUHQ)HQQLHGHUVDQN)UHLKHUU 5RGHULFKZDUGHUYHUUXFKWH0|UGHU,KUHV9DWHUV$OVVlK HU *HLVWHUGHU+|OOHVWDUUWHGHU)UHLKHUUGHQ9DQ'LHVHUIXKUIRUW (VLVWQXQZRKODQGHU=HLW,KQHQGDVJUlOLFKH*HKHLPQLV]X HQWKOOHQGDVDXIGLHVHP8QKROGODVWHWHXQGLKQGHQ )OXFKEHODGHQHQLQGHQ6WXQGHQGHV6FKODIVXPKHUWULHE'LH HZLJH0DFKWOLHGHQ6RKQ5DFKHQHKPHQDQGHP0|UGHUGHV 9DWHUV'LH:RUWHGLH6LHGHPHQWVHW]OLFKHQ1DFKWZDQGOHULQGLH 2KUHQGRQQHUWHQZDUHQGLHOHW]WHQGLH,KUXQJOFNOLFKHU9DWHU VSUDFK %HEHQGXQIlKLJHLQ:RUW]XVSUHFKHQKDWWHGHU)UHLKHUUQHEHQ 9GHUVLFKYRUGHQ.DPLQVHW]WH3ODW]JHQRPPHQ9ILQJPLW GHP,QKDOWGHV$XIVDW]HVDQGHQ+XEHUWIU9]XUFNJHODVVHQ XQGGHQHUHUVWQDFK(U|IIQXQJGHV7HVWDPHQWVHQWVLHJHOQVROOWH +XEHUWNODJWHVLFKPLW$XVGUFNHQGLHYRQGHUWLHIVWHQ5HXH ]HLJWHQGHVXQYHUV|KQOLFKHQ+DVVHVDQGHULQLKPJHJHQGHQ lOWHUQ%UXGHU:XU]HOIDWHYRQGHP$XJHQEOLFNDOVGHUDOWH 5RGHULFKGDV0DMRUDWJHVWLIWHWKDWWH-HGH:DIIHZDULKP HQWULVVHQGHQQZlU HVLKPDXFKJHOXQJHQDXIKlPLVFKH:HLVH GHQ6RKQPLWGHP9DWHU]XHQW]ZHLHQVREOLHEGLHVRKQH :LUNXQJGD5RGHULFKVHOEVWQLFKWHUPlFKWLJWZDUGHPlOWHVWHQ 6RKQGLH5HFKWHGHU(UVWJHEXUW]XHQWUHLHQXQGHVZDQGWHVLFK DXFKVHLQ+HU]XQG6LQQ JDQ]DEYRQLKPGRFKQDFKVHLQHQ *UXQGVlW]HQQLPPHUPHKUJHWDQKlWWH (UVWDOV:ROIJDQJLQ*HQIGDV/LHEHVYHUKlOWQLVPLW-XOLHQYRQ6W 9DOEHJRQQHQJODXEWH+XEHUWGHQ%UXGHUYHUGHUEHQ]XN|QQHQ 'DILQJGLH=HLWDQLQGHUHULP(LQYHUVWlQGQLVVHPLW'DQLHODXI EELVFKH:HLVHGHQ$OWHQ]X(QWVFKOVVHQQ|WLJHQZROOWHGLHGHQ 6RKQ]XU9HU]ZHLIOXQJEULQJHQPXWHQ
(UZXWHGDQXUGLH9HUELQGXQJPLWHLQHUGHUlOWHVWHQ)DPLOLHQ GHV9DWHUODQGHVQDFKGHP6LQQGHVDOWHQ5RGHULFKGHQ*ODQ]GHV 0DMRUDWVDXIHZLJH=HLWHQEHJUQGHQNRQQWH'HU$OWHKDWWHGLHVH 9HUELQGXQJLQGHQ*HVWLUQHQJHOHVHQXQGMHGHVIUHYHOLFKH =HUVW|UHQGHU.RQVWHOODWLRQNRQQWHQXU9HUGHUEHQEULQJHQEHU GLH6WLIWXQJ:ROIJDQJV9HUELQGXQJPLW-XOLHQHUVFKLHQLQGLHVHU
$UWGHP$OWHQHLQYHUEUHFKHULVFKHV$WWHQWDWZLGHU%HVFKOVVHGHU 0DFKWJHULFKWHWGLHLKPEHLJHVWDQGHQLPLUGLVFKHQ%HJLQQHQXQG MHGHU$QVFKODJ-XOLHQGLHZLHHLQGlPRQLVFKHV3ULQ]LSVLFKLKP HQWJHJHQJHZRUIHQ]XYHUGHUEHQJHUHFKWIHUWLJW +XEHUWNDQQWHGHV%UXGHUVDQ:DKQVLQQVWUHLIHQGH/LHEH]X -XOLHQLKU9HUOXVWPWHLKQHOHQGPDFKHQYLHOOHLFKWW|WHQXQG XPVROLHEHUZXUGHHUWlWLJHU+HOIHUVKHOIHUEHLGHQ3OlQHQGHV $OWHQDOVHUVHOEVWVWUlIOLFKH1HLJXQJ]X-XOLHQJHIDWXQGVLHIU VLFK]XJHZLQQHQKRIIWH(LQHEHVRQGHUH6FKLFNXQJGHV+LPPHOV ZROOW HVGDGLHJLIWLJVWHQ$QVFKOlJHDQ:ROIJDQJV (QWVFKORVVHQKHLWVFKHLWHUWHQMDGDHVLKPJHODQJGHQ%UXGHU]X Wl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lXPHULVFKHQ9DWHUVHUVFKUDNDEHUQLFKW ZHQLJDOV:ROIJDQJLQ5VLWWHQVHOEVWPLWYLHOHU)UHLPWLJNHLWGLH $KQXQJGHV$OWHQQLFKWDOOHLQEHVWlWLJWHVRQGHUQDXFK KLQ]XIJWHGD-XOLHLKPHLQHQ6RKQJHERUHQXQGGDHUQXQLQ NXU]HU=HLW-XOLHQGLHLKQELVMHW]WIUGHQ.DXIPDQQ%RUQDXV0 JHKDOWHQPLWGHU1DFKULFKWVHLQHV6WDQGHVXQGVHLQHVUHLFKHQ %HVLW]WXPVKRFKHUIUHXHQZHUGH6HOEVWZROOHHUKLQQDFK*HQI XPGDVJHOLHEWH:HLE]XKROHQ
1RFKHKHHUGLHVHQ(QWVFKOXDXVIKUHQNRQQWHHUHLOWHLKQGHU 7RG+XEHUWYHUVFKZLHJVRUJOLFKZDVLKPYRQGHP'DVHLQHLQHV LQGHU(KHPLW-XOLHQHU]HXJWHQ6RKQHVEHNDQQWXQGULVRGDV 0DMRUDWDQVLFKGDVGLHVHPJHEKUWH'RFKQXUZHQLJH-DKUH ZDUHQYHUJDQJHQDOVLKQWLHIH5HXHHUJULII'DV6FKLFNVDOPDKQWH LKQDQVHLQH6FKXOGDXIIUFKWHUOLFKH:HLVHGXUFKGHQ+DGHU ]ZLVFKHQVHLQHQEHLGHQ6|KQHQPHKUXQGPHKUHPSRUNHLPWH
'XELVWHLQDUPHUGUIWLJHU6FKOXFNHUVDJWHGHUlOWHVWHHLQ ]Z|OIMlKULJHU.QDEH]XGHPMQJVWHQDEHULFKZHUGHZHQQGHU 9DWHUVWLUEW0DMRUDWVKHUUYRQ5VLWWHQXQGGDPXWGXGHPWLJ VHLQXQGPLUGLH+DQGNVVHQZHQQLFKGLU*HOGJHEHQVROO]XP QHXHQ5RFN 'HUMQJVWHLQYROOH:XWJHUDWHQEHUGHV %UXGHUVK|KQHQGHQ6WRO]ZDUIGDV0HVVHUGDVHUJHUDGHLQGHU +DQGKDWWHQDFKLKPKLQXQGWUDILKQEHLQDKH]XP7RGH
+XEHUWJURHV8QJOFNIUFKWHQGVFKLFNWHGHQMQJVWHQIRUW QDFK3HWHUVEXUJZRHUVSlWHUDOV2IIL]LHUXQWHU6XZDURZZLGHU GLH)UDQ]RVHQIRFKWXQGEOLHE9RUGHU:HOWGDV*HKHLPQLVVHLQHV XQUHGOLFKHQEHWUJHULVFKHQ%HVLW]HVNXQG]XWXQGDYRQKLHOWLKQ GLH6FKDPGLH6FKDQGHGLHEHULKQJHNRPPHQ]XUFNDEHU HQW]LHKHQZROOWHHUGHPUHFKWPlLJHQ%HVLW]HUNHLQHQ*URVFKHQ PHKU(U]RJ(UNXQGLJXQJHQHLQLQ*HQIXQGHUIXKUGDGLH)UDX %RUQWURVWORVEHUGDVXQEHJUHLIOLFKH9HUVFKZLQGHQLKUHV0DQQHV JHVWRUEHQGDDEHUGHUMXQJH5RGHULFK%RUQYRQHLQHPZDFNHUQ 0DQQGHULKQDXIJHQRPPHQHU]RJHQZHUGH'DNQGLJWHVLFK +XEHUWXQWHUIUHPGHP1DPHQDOV9HUZDQGWHUGHVDXIGHU6HH XPJHNRPPHQHQ.DXIPDQQ%RUQDQXQGVFKLFNWH6XPPHQHLQ GLHKLQUHLFKWHQGHQMXQJHQ0DMRUDWVKHUUQVRUJOLFKXQGDQVWlQGLJ ]XHU]LHKQ :LHHUGLHhEHUVFKVVHGHU(LQNQIWHGHV0DMRUDWVVRUJIlOWLJ VDPPHOWH ZLHHUGDQQWHVWDPHQWDULVFKYHUIJWHLVWEHNDQQW hEHUGHQ7RGVHLQHV%UXGHUVVSUDFK+XEHUWLQVRQGHUEDUHQ UlWVHOKDIWHQ$XVGUFNHQGLHVRYLHOHUUDWHQOLHHQGDHVGDPLW HLQHJHKHLPQLVYROOH%HZDQGWQLVKDEHQPXWHXQGGD+XEHUW ZHQLJVWHQVPLWWHOEDUWHLOQDKPDQHLQHUJUlOLFKHQ7DW'HU,QKDOW GHUVFKZDU]HQ0DSSHNOlUWHDOOHVDXI'HUYHUUlWHULVFKHQ .RUUHVSRQGHQ]+XEHUWVPLW'DQLHOODJHLQ%ODWWEHLGDV'DQLHO EHVFKULHEHQXQGXQWHUVFKULHEHQKDWWH9ODVHLQ*HVWlQGQLVYRU GHPVHLQ,QQHUVWHVHUEHEWH $XI'DQLHOV9HUDQODVVXQJZDU+XEHUWQDFK5VLWWHQJHNRPPHQ 'DQLHOZDUHVGHULKPYRQGHQJHIXQGHQHQ HLQKXQGHUWIQI]LJWDXVHQG5HLFKVWDOHUQJHVFKULHEHQ0DQZHL ZLH+XEHUWYRQGHP%UXGHUDXIJHQRPPHQZXUGHZLHHU JHWlXVFKWLQDOOHQVHLQHQ:QVFKHQXQG+RIIQXQJHQIRUWZROOWH ZLHLKQ9]XUFNKLHOW,Q'DQLHOV,QQHUPNRFKWHEOXWLJH5DFKH GLHHU]XQHKPHQKDWWHDQGHPMXQJHQ0HQVFKHQGHULKQ
DXVVWRHQZROOHQZLHHLQHQUlXGLJHQ+XQG'HUVFKUWHXQG VFKUWHDQGHP%UDQGHYRQGHPGHUYHU]ZHLIHOQGH+XEHUW YHU]HKUWZXUGH,P)|KUHQZDOGHDXIGHU:ROIVMDJGLP6WXUPXQG 6FKQHHJHVW|EHUZXUGHQVLHHLQLJEHU:ROIJDQJV9HUGHUEHQ :HJVFKDIIHQPXUPHOWH+XEHUWLQGHPHUVHLWZlUWVZHJEOLFNWH XQGGLH%FKVHDQOHJWH-DZHJVFKDIIHQJULQVWH'DQLHODEHU QLFKWVRQLFKWVR
1XQYHUPDHUVLFKKRFKXQGWHXHUHUZHUGHGHQ)UHLKHUUQ HUPRUGHQXQGNHLQ+DKQVROOHGDUQDFKNUlKHQ+XEHUWDOVHU HQGOLFK*HOGHUKDOWHQWDWGHU$QVFKODJOHLGHUZROOWHIRUWXP MHGHUZHLWHUQ9HUVXFKXQJ]XZLGHUVWHKHQ'DQLHOVHOEVWVDWWHOWHLQ GHU1DFKWGDV3IHUGXQGIKUWHHVDXVGHP6WDOOHDOVDEHUGHU %DURQVLFKDXIVFKZLQJHQZROOWHVSUDFK'DQLHOPLWVFKQHLGHQGHU 6WLPPH ,FKGlFKWH)UHLKHUU+XEHUWGXEOLHEVWDXIGHP 0DMRUDWGDVGLULQGLHVHP$XJHQEOLFN]XJHIDOOHQGHQQGHUVWRO]H 0DMRUDWVKHUU OLHJW]HUVFKPHWWHUWLQGHU*UXIWGHV7XUPV 'DQLHOKDWWHEHREDFKWHWGDYRQ*ROGGXUVWJHSODJW:ROIJDQJ RIWLQGHU1DFKWDXIVWDQGYRUGLH7UWUDWGLHVRQVW]XP7XUPH IKUWHXQGPLWVHKQVFKWLJHQ%OLFNHQKLQDEVFKDXWHLQGLH7LHIH GLHQDFK'DQLHOV9HUVLFKHUXQJQRFKEHGHXWHQGH6FKlW]HEHUJHQ VROOWH'DUDXIJHIDWVWDQGLQMHQHUYHUKlQJQLVYROOHQ1DFKW 'DQLHOYRUGHU7UHGHV6DDOV6RZLHHUGHQ)UHLKHUUQGLH]XP 7XUPIKUHQGH7U|IIQHQK|UWHWUDWHUKLQHLQXQGGHP)UHLKHUUQ QDFKGHUGLFKWDQGHP$EJUXQGHVWDQG'HU)UHLKHUUGUHKWHVLFK XPXQGULHIDOVHUGHQYHUUXFKWHQ'LHQHUGHPGHU0RUGVFKRQ DXVGHQ$XJHQEOLW]WHJHZDKUWHHQWVHW]W 'DQLHO'DQLHOZDV PDFKVWGXKLHU]XGLHVHU6WXQGH
$EHUGDNUHLVFKWH'DQLHOZLOGDXI +LQDEPLWGLUGXUlXGLJHU +XQGXQGVFKOHXGHUWHPLWHLQHPNUlIWLJHQ)XVWRGHQ 8QJOFNOLFKHQKLQXQWHULQGLH7LHIH *DQ]HUVFKWWHUWYRQGHU JUlOLFKHQ8QWDWIDQGGHU)UHLKHUUNHLQH5XKHDXIGHP6FKORVVH ZRVHLQ9DWHUHUPRUGHW(UJLQJDXIVHLQH*WHUQDFK.XUODQGXQG NDPQXUMHGHV-DKU]XU+HUEVW]HLWQDFK5VLWWHQ)UDQ]GHUDOWH )UDQ]EHKDXSWHWHGD'DQLHOGHVVHQ9HUEUHFKHQHUDKQGHQRFK RIW]XU=HLWGHV9ROOPRQGVVSXNHXQGEHVFKULHEGHQ6SXNJHUDGH VRZLHLKQ9VSlWHUHUIXKUXQGEDQQWH'LH(QWGHFNXQJGLHVHU 8PVWlQGHZHOFKHGDV$QGHQNHQGHV9DWHUVVFKlQGHWHQWULHEHQ DXFKGHQMXQJHQ)UHLKHUUQ+XEHUWIRUWLQGLH:HOW
6RKDWWHGHU*URRQNHODOOHVHU]lKOWQXQQDKPHUPHLQH+DQG XQGVSUDFKLQGHPLKPYROOH7UlQHQLQGLH$XJHQWUDWHQPLWVHKU ZHLFKHU6WLPPH 9HWWHU 9HWWHUDXFKVLHGLHKROGH)UDXKDW GDVE|VH9HUKlQJQLVGLHXQKHLPKFKH0DFKWGLHGRUWDXIGHP 6WDPPVFKORVVHKDXVHWHUHLOW=ZHL7DJHQDFKGHPZLU5VLWWHQ YHUODVVHQYHUDQVWDOWHWHGHU)UHLKHUU]XP%HVFKOXHLQH 6FKOLWWHQIDKUW(UVHOEVWIlKUWVHLQH*HPDKOLQGRFKDOVHV WDODEZlUWVJHKWUHLHQGLH3IHUGHSO|W]OLFKDXIXQEHJUHLIOLFKH :HLVHVFKHXJHZRUGHQDXVLQYROOHPZWHQGHQ6FKQDXEHQXQG 7REHQ'HU$OWH GHUDOWHLVWKLQWHUXQVKHUVFKUHLWGLH%DURQLQ DXIPLWVFKQHLGHQGHU6WLPPH,Q GHP$XJHQEOLFNZLUGVLHGXUFK GHQ6WRGHUGHQ6FKDWWHQXPZLUIWZHLWIRUWJHVFKOHXGHUW 0DQ ILQGHWVLHOHEORV VLHLVWKLQ'HU)UHLKHUUNDQQVLFKQLPPHU WU|VWHQVHLQH5XKHLVWGLHHLQHV6WHUEHQGHQ1LPPHUNRPPHQ ZLUZLHGHUQDFK5VLWWHQ9HWWHU
'HUDOWH*URRQNHOVFKZLHJLFKVFKLHGYRQLKPPLW]HUULVVHQHP +HU]HQXQGQXUGLHDOOHVEHVFKZLFKWLJHQGH=HLWNRQQWHGHQWLHIHQ 6FKPHU]OLQGHUQLQGHPLFKYHUJHKHQ]XPVVHQJODXEWH -DKUHZDUHQYHUJDQJHQ9UXKWHOlQJVWLP*UDEHLFKKDWWHPHLQ 9DWHUODQGYHUODVVHQ'DWULHEPLFKGHU6WXUPGHV.ULHJHVGHU YHUZVWHQGEHUJDQ]'HXWVFKODQGKLQEUDXVWHLQGHQ1RUGHQ KLQHLQIRUWQDFK3HWHUVEXUJ$XIGHU5FNUHLVHQLFKWPHKUZHLW YRQ.IXKULFKLQHLQHUILQVWHUQ6RPPHUQDFKWGHP*HVWDGHGHU 2VWVHHHQWODQJDOVLFKYRUPLUDP+LPPHOHLQHQJURHQ IXQNHOQGHQ6WHUQHUEOLFNWH1lKHUJHNRPPHQJHZDKUWHLFKZRKO DQGHUURWHQIODFNHUQGHQ)ODPPHGDGDVZDVLFKIUHLQHQ 6WHUQJHKDOWHQHLQVWDUNHV)HXHUVHLQPVVHRKQH]XEHJUHLIHQ ZLHHVVRKRFKLQGHQ/IWHQVFKZHEHQN|QQH
6FKZDJHUZDVLVWGDVIUHLQ)HXHUGRUWYRUXQV"IUXJLFKGHQ 3RVWLOORQ(LHUZLGHUWHGLHVHUHLGDVLVWNHLQ)HXHUGDVLVWGHU /HXFKWWXUPYRQ5VLWWHQ5VLWWHQVRZLHGHU3RVWLOORQGHQ 1DPHQQDQQWHVSUDQJLQKHOOHP/HEHQGDV%LOGMHQHU YHUKlQJQLVYROOHQ+HUEVWWDJHKHUYRUGLHLFKGRUWHUOHEWH,FKVDK GHQ%DURQ 6HUDSKLQHQDEHUDXFKGLHDOWHQZXQGHUOLFKHQ 7DQWHQPLFKVHOEVWPLWEODQNHP0LOFKJHVLFKWVFK|QIULVLHUWXQG JHSXGHUWLQ]DUWHV+LPPHOEODXJHNOHLGHWMDPLFKGHQ9HUOLHEWHQ GHUZLHHLQ2IHQVHXI]WPLW-DPPHUOLHGDXIVHLQHU/LHEVWHQ %UDXH
,QGHUWLHIHQ:HKPXWGLHPLFKGXUFKEHEWHIODFNHUWHQZLHEXQWH /LFKWHUFKHQ9VGHUEH6SlHDXIGLHPLUQXQHUJ|W]OLFKHUZDUHQ DOVGDPDOV6RYRQ6FKPHU]XQGZXQGHUEDUHU/XVWEHZHJWVWLHJ LFKDPIUKHQ0RUJHQLQ5VLWWHQDXVGHP:DJHQGHUYRUGHU 3RVWH[SHGLWLRQKLHOW,FKHUNDQQWHGDV+DXVGHV gNRQRPLHLQVSHNWRUVLFKIUXJQDFKLKP0LW9HUODXEVSUDFKGHU 3RVWVFKUHLEHULQGHPHUGLH3IHLIHDXVGHP0XQGHQDKPXQGDQ GHU1DFKWPW]HUFNWHPLW9HUODXEKLHULVWNHLQ gNRQRPLHLQVSHNWRUHVLVWHLQN|QLJOLFKHV$PWXQGGHU+HUU $PWVUDWEHOLHEHQQRFK]XVFKODIHQ
$XIZHLWHUHV)UDJHQHUIXKULFKGDVFKRQYRUVHFK]HKQ-DKUHQ GHU)UHLKHUU5RGHULFKYRQ5GHUOHW]WH0DMRUDWVEHVLW]HURKQH 'HV]HQGHQWHQJHVWRUEHQXQGGDV0DMRUDWGHU6WLIWXQJVXUNXQGH JHPlGHP6WDDWHDQKHLPJHIDOOHQVHL,FKJLQJKLQDXIQDFKGHP 6FKORVVHHVODJLQ5XLQHQ]XVDPPHQJHVWU]W0DQKDWWHHLQHQ JURHQ7HLOGHU6WHLQH]XGHP/HXFKWWXUPEHQXW]WVRYHUVLFKHUWH HLQDOWHU%DXHUGHUDXVGHP)|KUHQZDOGHNDPXQGPLWGHPLFK PLFKLQV*HVSUlFKHLQOLH'HUZXWHDXFKYRQGHP6SXN]X HU]lKOHQZLHHUDXIGHP6FKORVVHJHKDXVWKDEHQVROOWHXQG YHUVLFKHUWHGDQRFKMHW]WVLFKRIW]XPDOEHLP9ROOPRQGH JUDXHQYROOH.ODJHODXWHLQGHP*HVWHLQK|UHQOLHHQ
$UPHUDOWHUNXU]VLFKWLJHU5RGHULFK:HOFKHE|VH0DFKW EHVFKZRUVWGXKHUDXIGLHGHQ6WDPPGHQGXPLWIHVWHU:XU]HO IUGLH(ZLJNHLW]XSIODQ]HQJHGDFKWHVWLPHUVWHQ$XINHLPHQ]XP 7RGHYHUJLIWHWH
