Der strahlende Schwarm

'HUVWUDKOHQGH6FKZDUP 

  (V IlQJW ZLHGHU DQ  IOVWHUWH )HOOPHU /OR\G 'HU $QJULII EHJLQQW  'LH EHLGHQ )DLU\WDOHU VDKHQ HQWVHW]W ZLH GHU 0XWDQW GLH +lQGH JHJHQ GHQ 5DXPKHOPSUH‰WHDOVGLH.UlIWHDXILKQHLQZLUNWHQGLHYRUQVWUDKOHQGHQ 6FKZDUP DXVJLQJHQ $XI GHP 3ODQHWHQ )DLU\WDOH ZR YRU QHXQ]HKQ -DKUHQHLQH1LHGHUODVVXQJGHU.RVPLVFKHQ+DQVHHUULFKWHWZXUGHGURKW GDV &KDRV 9RQ GHU %HY|ONHUXQJ ILHEHUQG HUZDUWHW NHKUHQ GLH .|QLJVDVWHURLGHQ]XUFN'LHVPDOMHGRFKVLHKWHVQLFKWGDQDFKDXVDOV VROOWH GHU 6FKZDUP DQ GHP 3ODQHWHQ YRUEHL]LHKHQ  GHQQ HU YHUlQGHUW VHLQH%DKQJHOHQNWYRQHLQHUIUHPGHQ0DFKW 5HJLQDOG%XOOVFKLFNW)HOOPHU/OR\GXQG5DV7VFKXEDLDXVGDPLWVLHGLH :HOWHQNDWDVWURSKHYHUKLQGHUQ6LHZHUGHQEHJOHLWHWYRQ7RUVWHQ'%XOO GHP 'LSORP0XWDQWHQ XQG OHW]WHQ OHEHQGHQ 1DFKIDKUHQ GHV $NWLYDWRUWUlJHUV(LQ5RPDQDXVGHP-DKU1*=    6D\D 'XPDOLQ HUZDFKWH XQG EOLFNWH LQ GDV OlFKHOQGH *HVLFKW LKUHV /HEHQVJHIlKUWHQ6LHEOLQ]HOWHXQGULHEVLFKGHQ6FKODIDXVGHQ$XJHQ 'LH HUVWHQ ZlUPHQGHQ 6WUDKOHQ GHU 6RQQH +DUOHV IDQGHQ LKUHQ :HJ GXUFK GLH /FNHQLPEOKHQGHQ3IODQ]HQGLFNLFKWGDVYRQVDQIWHQ:LQGHQOHLFKWKLQXQG KHU EHZHJW ZXUGH 'HU 'XIW GHU EHUHLWV YROO HQWIDOWHWHQ JUR‰HQ 6LOEHUVWHUQH PLVFKWHVLFKPLWGHPGHVQRFKIHXFKWHQ0RRVHVDXIGHPZLQ]LJH7DXWU|SIFKHQ JOLW]HUWHQ ³1D"IUDJWH'DUWH+RURZLW]EHXJWHVLFKEHU6D\DXQGN‰WHVLH³:DFK" 6LHVWUHFNWHVLFKXQGVFKlOWHVLFKDXVGHP6FKODIVDFN)U6HNXQGHQVFKLHQVLH DXIHWZDV]XODXVFKHQ ³'DUWH HV ZDU ZLH IUKHU DOV ZLU QRFK =HLW KDWWHQ YLHO |IWHU KLHU KHUDXV]XIOLHJHQ 8QG DXFK MHW]W HV LVW ZXQGHUYROO ,FK JODXEH XQVHU :DFKEHZX‰WVHLQ PX‰ HUVW DXVJHVFKDOWHW VHLQ EHYRU ZLU GLH 6LOEHUVWHUQH ZLUNOLFKK|UHQZLUNOLFKIKOHQXQGEHJUHLIHQN|QQHQ )DVW DQGlFKWLJ EHWUDFKWHWH GHU 0DQQ GLH IDVW HLQHQ KDOEHQ 0HWHU JUR‰HQ OHXFKWHQGHQ %OWHQ GHU 6FKOLQJSIODQ]HQ GLH LKQ LPPHU QRFK DQ 5LHVHQRUFKLGHHQHULQQHUWHQREZRKOHUZX‰WHGD‰HVIUVLHNHLQHQZLUNOLFKHQ 9HUJOHLFKJDE (U ZDU IHVW GDYRQ EHU]HXJW GD‰ VLH LQ GHU JHVDPWHQ 6FK|SIXQJ HLQ]LJDUWLJ ZDUHQ 'DUWH VWDQG DXI XQG WUDW JDQ] QDKH DQ HLQH GHU %OWHQ KHUDQ GLH HLQHQ 0HWHU EHUVHLQHP.RSIKLQJXQGVLFKQXQVRGUHKWHGD‰GLHGUHL]ZLVFKHQGHQVLHEHQ VLOEHUQVFKLPPHUQGHQ%OlWWHUQEHILQGOLFKHQ)KOHUVHLQH6WLUQEHUKUWHQ 



(U ODXVFKWH XQG JDE VLFK JDQ] GHQ *HIKOHQ KLQ GLH LKQ GXUFKVWU|PWHQ GHQ OHLVH ZLVSHUQGHQ 6WLPPHQ LQ VHLQHP %HZX‰WVHLQ GHQ %LOGHUQ XQG (LQGUFNHQ YRQEHUDXVFKHQGHU(LQGULQJOLFKNHLW (U IKOWH VLFK VHLQHU UHDOHQ 8PZHOW HQWUFNW XQG JODXEWH LQ HLQHP 0HHU DXV *OFNXQG+DUPRQLHYHUVLQNHQ]XPVVHQ 'DUWH ZX‰WH GD‰ HU IU 6WXQGHQ VR VWHKHQ NRQQWH RKQH /DQJHZHLOH ]X HPSILQGHQJDQ]GHP=DXEHUGHU3IODQ]HQEHUODVVHQ ,Q VROFKHQ $XJHQEOLFNHQ ZDU HU GHP 6FKLFNVDO GDQNEDU GDIU GD‰ HU DXI )DLU\WDOHXQGDXINHLQHUDQGHUHQ:HOWJHERUHQZRUGHQZDU (UPX‰WHVLFKQDFK0LQXWHQIDVWJHZDOWVDP]XUFNUHL‰HQ6RZRKO6D\DDOVDXFK HU ZXUGHQ LP ,QVWLWXW ]XUFNHUZDUWHW XQG PLW GHP *OHLWHU ZDUHQ HV PHKU DOV ]ZHL6WXQGHQELVGRUWKLQ 'RFK DXFK 6D\D VFKLHQ HV VFKZHU]XIDOOHQ VLFK YRQ GHP =DXEHU ]X O|VHQ GHU QLFKW QXU XP VLH KHUXP ZDU VRQGHUQ DXFK WLHI LQ LKQHQ VHOEVW )DVW ZHKPWLJ ZDUGHU%OLFNGHPVLHGHPLQGHU/LFKWXQJJHSDUNWHQ*OHLWHUIDKU]HXJ]XZDUI HLQHP)UHPGN|USHULQHLQHUQRFKY|OOLJLQWDNWHQ1DWXU 6LH YHUVXFKWH HLQLJH ,QVHNWHQ ]X YHUVFKHXFKHQ GLH YRU LKUHP *HVLFKW KHUXPVFKZLUUWHQ ³:XQGHUYROO ZLHGHUKROWH VLH ³DEHU DXFK DQGHUV QLFKW ZDKU /LHEOLQJ" 'HU JDQ]H:DOGILHEHUWGHP(UHLJQLVHQWJHJHQ ³1LFKW QXU GLHVHU :DOG VDJWH 'DUWH ZlKUHQG HU 6D\D GDEHL KDOI 'HFNHQ 6FKODIVlFNH XQG DQGHUH NOHLQH *HEUDXFKVJHJHQVWlQGH YRP %RGHQ DXI]XKHEHQ XQG ]XP *OHLWHU ]X WUDJHQ ³*DQ] )DLU\WDOH ILHEHUW GHU :LHGHUNHKU GHU $VWHURLGHQHQWJHJHQZLU0HQVFKHQHLQJHVFKORVVHQ 6LHODFKWH ³'X PHLQVW XQV $OWHLQJHVHVVHQH 'LH 0lQQHU XQG )UDXHQ LP +DQGHOVNRQWRU GUIWHQ ZHQLJ IU XQVHUH 6FKZDUPHUHLHQ EULJ KDEHQ $EHU ZDUWH ELV VLH GHQ 6FKZDUPHUVWYRUEHL]LHKHQVHKHQ ³$OWHLQJHVHVVHQHDKDVS|WWHOWH+RURZLW] 6LHZLQNWHDE ³'XZHL‰WZLH VJHPHLQWZDU 1DWUOLFKZX‰WHHUHV1LHPDQGDXI)DLU\WDOHGHUMQJHUZDUDOV-DKUHKDWWH GLH.|QLJVDVWHURLGHQPLWHLJHQHQ$XJHQJHVHKHQVRQGHUQQXUDXI3KRWRVRGHU KRORJUDSKLVFKHQ'DUVWHOOXQJHQ'RFKVFKRQMHGHV.LQGHUIXKUYRQGHPJUR‰HQ :XQGHUGDVGLH(OWHUQRGHU*UR‰HOWHUQKDWWHQVFKDXHQGUIHQ $OOH-DKUH]RJHQGLH$VWHURLGHQLQ]LUND0LOOLRQHQ.LORPHWHU(QWIHUQXQJ DQLKUHP3ODQHWHQYRUEHL'DQQOHXFKWHWHQVLHIU6WXQGHQIDUELJXQGVWUDKOHQG KHOODP+LPPHO'LH.RORQLVWHQOHJWHQLKUH$UEHLWQLHGHU*DQ])DLU\WDOHJHULHW LQHLQHQ5DXVFK(VZXUGHJHIHLHUWRGHUPDQ]RJVLFKLQLQQHUH(LQNHKU]XUFN 9LHOH 0HQVFKHQ JLQJHQ LQ GLH :lOGHU XP GDV :XQGHU JHPHLQVDP PLW GHQ LQWHOOLJHQWHQ3IODQ]HQ]XHUOHEHQGHQ(LQJHERUHQHQGLHVHU:HOW 6FKRQGLHHUVWHQ6LHGOHUGLHYRUIQI]HKQKXQGHUW-DKUHQDXI)DLU\WDOHODQGHWHQ KDWWHQ HLQH VHKU HQJH 1DWXUYHUEXQGHQKHLW HQWZLFNHOW ZRUDQ VLFK LP /DXI GHU =HLW QLFKWV JHlQGHUW KDWWH %DOG VFKRQ ZDU HV ]XU 9HUVWlQGLJXQJ PLW GHQ 



6LOEHUVWHUQHQJHNRPPHQGLHEHUDOODXIGHP3ODQHWHQ]XILQGHQZDUHQMHGHP .OLPD DQJHSD‰W 'LHVH 9HUVWlQGLJXQJ YROO]RJ VLFK DXVVFKOLH‰OLFK DXI WHOHSDWKLVFKHU%DVLV'LH3IODQ]HQNRQQWHQLQGHQ*HGDQNHQGHU0HQVFKHQOHVHQ XQG LKUH HLJHQHQ *HIKOH XQG :QVFKH LQ GLH %HZX‰WVHLQH GHU 6LHGOHU SURML]LHUHQ 'DUDQPX‰WH'DUWHQXQZLHGHUGHQNHQDOVHULQGLH3LORWHQNDQ]HOGHV*OHLWHUV VWLHJ XQG HLQHQ ODQJHQ %OLFN DXI GLH 8PJHEXQJ GHU /LFKWXQJ ZDUI 1LH KDWWHQ GLH 6LOEHUVWHUQH DOV GRPLQLHUHQGH ,QWHOOLJHQ]HQ GLHVHU :HOW GLH 6LHGOHU DOV (LQGULQJOLQJHRGHUJDU*HJQHUHLQJHVWXIWVLH]XNHLQHU=HLW$EOHKQXQJVSUHQ ODVVHQ 'RFKLKUH([LVWHQ]ZDUHLQH0DKQXQJVDJWHVLFK'DUWH(LQHVWHWLJH0DKQXQJ DQ XQV GHQ 3ODQHWHQ QLFKW GXUFK 6WlGWH XQG %HWRQGHFNHQ GXUFK XQQ|WLJH 6WUD‰HQ XQG LQGXVWULHOOH $QODJHQ ]X ]HUVW|UHQ 'HU HLJHQWOLFKH /HEHQVEHUHLFK GHU  0LOOLRQHQ 0HQVFKHQ DXI )DLU\WDOH ZDU VWUHQJ DEJHJUHQ]W 'LH $XVQXW]XQJ GHU 6RQQHQ :LQG XQG *H]HLWHQHQHUJLH VRUJWH GDIU GD‰ GLH 8PZHOWVRJXWZLHQLFKWEHODVWHWZXUGH 'LH0HQVFKHQKDWWHQYRQGHQ3IODQ]HQJHOHUQWGLH3IODQ]HQYRQGHQ0HQVFKHQ 1XUZDVGDVYRU-DKUHQHLQJHULFKWHWH+DQGHOVNRQWRUDXI)DLU\WDOHEHWUDIVDK DXFK'DUWHPDQFKPDOEHVRUJWLQGLH=XNXQIWREZRKOHUQLFKW]XMHQHQJHK|UWH GLHGLH0lQQHUXQG)UDXHQGHV.RQWRUVLQ%DXVFKXQG%RJHQYHUGDPPWHQ 6ROFKH ([WUHPLVWHQ JDE HV ZHQQJOHLFK LKUH =DKO JHULQJ ZDU 'HU *UR‰WHLO GHU %HY|ONHUXQJ EHJU‰WH GLH (UULFKWXQJ GHV .RQWRUV DXI LKUHU :HOW XQG OHW]WOLFK SURILWLHUWHMHGHUDXI)DLU\WDOHGDYRQ 'DUWHXQGDXFK6D\DKDWWHQRIWPLWGHQ+DQVH/HXWHQ]XWXQXQGZX‰WHQGDKHU GD‰ GLHVH GLH VSH]LILVFKHQ *HJHEHQKHLWHQ DXI )DLU\WDOH DN]HSWLHUWHQ XQG QLFKW LP7UDXPGDUDQGDFKWHQGDVHPSILQGOLFKH*OHLFKJHZLFKW]XVW|UHQ $XFK'DUWHZDUIURKEHUGLH(UULFKWXQJGHV.RQWRUV1XUPDQFKPDOZHQQHU GLH6FKLIIHLP5DXPKDIHQODQGHQXQGVWDUWHQVDKNDPHQLKP%HGHQNHQ (UZLVFKWHGLHVH*HGDQNHQEHLVHLWH:DV]lKOWHGDVDOOHVGLH.|QLJVDVWHURLGHQ NDPHQ,Q7DJHQZUGHQVLHIUDOOHVLFKWEDUDP+LPPHOHUVFKHLQHQXQGDQ )DLU\WDOH YRUEHL]LHKHQ (LQLJHQ ZHQLJHQ ZDU HV YHUJ|QQW VLH VFKRQ MHW]W YRQ GHQ 2EVHUYDWRULHQ GHV DVWURSK\VLNDOLVFKHQ ,QVWLWXWV DXV ]X EHREDFKWHQ XQG HU JHK|UWHGD]X ³'X PX‰W MD XQJHKHXHU VFKZHUZLHJHQGH SKLORVRSKLVFKH 3UREOHPH ZlO]HQ VDJWH 6D\D QHEHQ LKP DOV HU GHQ *OHLWHU VWDUWHWH 'DV )DKU]HXJ KRE VLFK VHQNUHFKW YRQ GHU /LFKWXQJ XQG QDKP .XUV DXI (PEEOLQ DOV HV EHU GHQ :LSIHOQ GHU 0DPPXWElXPH ZDU (LQLJH 6LOEHUVWHUQH GLH VLFK ELV LQ GLHVH VFKZLQGHOQGH +|KH KLQDXIJHUDQNW KDWWHQ GUHKWHQ VLFK LKP ZLH ]XP $EVFKLHGVJUX‰]X ³:LHVR"IUDJWH'DUWHZlKUHQGHUGHQ$XWRSLORWHQSURJUDPPLHUWH ³1D K|U PDO 'X VROOWHVW GHLQ *HVLFKW VHKHQ 'DEHL VWHKW XQV GDV (UOHEQLV XQVHUHV/HEHQVEHYRU(LQHV7DJHVZHUGHQZLUXQVHUHQ.LQGHUQXQG(QNHOQYRQ GHQ.|QLJVDVWHURLGHQHU]lKOHQXQG ³:HQQ GX PLFK DXIKHLWHUQ ZLOOVW ZR]X NHLQ *UXQG EHVWHKW KDVW GX V VFKRQ 



JHVFKDIIW6FKDW].LQGHUXQG(QNHONLQGHUKDKD 6LHOHKQWHVLFKLP6LW]]XUFNYHUVFKUlQNWHGLH$UPHEHUGHU%UXVWXQGZDUI LKPHLQHQXQGHILQLHUEDUHQ6HLWHQEOLFN]X ³'X EUDXFKVW PLFK JDU QLFKW GDUDQ ]XHULQQHUQZDVGXYRQ1DFKZXFKVKlOWVW 'DUWH %HQWDQQHU +RURZLW] $EHU LFK ZHUGH .LQGHU XQG (QNHO KDEHQ PHKU DOV JHQXJ'XPX‰WQLFKWXQEHGLQJWGHU9DWHUVHLQDOVRNHLQH(LQELOGXQJELWWH ³6FKRQKDOEEHU]HXJWODFKWH+RURZLW]ZlKUHQGHUDXIGLHVFKLHUHQGORVVLFK KLQ]LHKHQGHQ:lOGHUKLQXQWHUEOLFNWH'DQQGUHKWHHUVLFK]XLKUXP 6LHZDU-DKUHDOWXQGGDPLWXPGUHL-DKUHMQJHUDOVHUVHOEVW8QGVLHZDU KEVFK ,PPHU ZLHGHU IUDJWH HU VLFK ZLH DXVJHUHFKQHW HU HV JHVFKDIIW KDWWH GLHVHV ZXQGHUEDUH0lGFKHQ]XJHZLQQHQ 6D\DKDWWHEODXVFKZDU]HV]XJUR‰HQ=|SIHQJHIORFKWHQHV+DDUGDVLKUELVZHLW EHUGLH6FKXOWHUQUHLFKWHHUKDWWHJDUNHLQHVPHKU 6LH EHVD‰ HLQH )LJXU GLH QLFKW QXU LP ,QVWLWXW IU 9HUZLUUXQJ XQWHU GHP PlQQOLFKHQ3HUVRQDOVRUJWHZHQQVLHGLH$XIHQWKDOWVXQG9HUVDPPOXQJVUlXPH EHWUDW(UGDJHJHQEUDFKWHHWOLFKH3IXQGH]XYLHODXIGLH:DDJH 6LH NOHLGHWH VLFK LPPHU QDFK GHU QHXHVWHQ 0RGH ]XU =HLW LQ KDXWHQJH XQG LQ DOOHQ )DUEHQ GHV 5HJHQERJHQV VFKLOOHUQGH 2YHUDOOV (U WUXJ HLQIDFKH +HPGHQ XQGDXVJHZDVFKHQH/HLQHQKRVHQ 'DV HLQ]LJH GDV ZLU JHPHLQVDP KDEHQ GDFKWH HU LVW XQVHUH .|USHUJU|‰H YRQ MHZHLOVJXWHLQ0HWHUDFKW]LJXQGXQVHUH%LQGXQJDQ)DLU\WDOH -HW]W VDK VLH ZLH HU VLH DQEOLFNWH XQG OHJWH YHUV|KQOLFK LKUH +DQG DXI VHLQHQ $UP ³,FKZHL‰MDLFKELQYLHO]XURPDQWLVFK'DUWH$EHUVHLW-DKUKXQGHUWHQJLOWGDV 9RUEHL]LHKHQ GHV $VWHURLGHQVFKZDUPV DOV JXWHV 2PHQ IU DOOH GLH KHLUDWHQ ZROOHQ 'X NDQQVW HV GLU QRFK EHUOHJHQ EHYRU GLH /LVWH GHU (KHDQZlUWHU VR ODQJ LVW GD‰ ZLU DXI LKU NHLQHQ 3ODW] PHKU ILQGHQ 'LHVH 1DFKW ZDU GRFK HLQ]LJDUWLJRGHU"8QGVROOWHQZLUGDQLFKW" ³6D\D GX NHQQVW PHLQHQ 6WDQGSXQNW :HQQ VLFK ]ZHL 0HQVFKHQ ]XHLQDQGHU KLQJH]RJHQIKOHQPVVHQVLHQLFKWJOHLFKKHLUDWHQ:R]XPVVHQZLURIIL]LHOO EHJODXELJWEHNRPPHQGD‰ZLU]XHLQDQGHUJHK|UHQ" 6LHYHUGUHKWHGLH$XJHQXQG]RJGLH+lQGH]XUFN ³,FKKDEHJHWUlXPWZHFKVHOWHVLHDEUXSWGDV7KHPD³'XQDWUOLFKDXFK8QG QDWUOLFKKDWWHVWGXGHQJOHLFKHQ7UDXP +RURZLW] QLFNWH (U KROWH 7DEDN DXV VHLQHU 7DVFKH GD]X 3DSLHU XQG EHJDQQ HLQH=LJDUHWWH]XGUHKHQ ³*DQ])DLU\WDOHWUlXPWMHW]WGLHVHQ7UDXPVDJWHHU³8QGHVZLUGQRFKVWlUNHU QRFK LQWHQVLYHU ZHUGHQ ELV ]XP 9RUEHL]XJ GHU $VWHURLGHQ 'DQQ ZHUGHQ GLH $XVVWUDKOXQJHQ GHU 6LOEHUVWHUQH VR VWDUN VHLQ GD‰ DXFK GLH +DQVH/HXWH VLH HPSIDQJHQ ³:DVVLQGGLH$VWHURLGHQIUGLH3IODQ]HQ'DUWH":DVVLQGVLHIUXQV" (U]XFNWHGLH6FKXOWHUQbKQOLFKH*HVSUlFKHKDWWHQVLHVFKRQVRRIWJHIKUWXQG LPPHUZDUHQVLHDP(QGHXQEHIULHGLJHQGJHEOLHEHQ 



³+LPPHOVN|USHU 6D\D (LQ YLHOOHLFKW LP JDQ]HQ .RVPRV HLQ]LJDUWLJHV 3KlQRPHQ *HVWHLQVEURFNHQ ELV ]X HLQHU *U|‰H YRQ  .LORPHWHUQ LP 'XUFKPHVVHUGLHDXIJOKHQZHQQVLHGLH*DVZRONHQ]ZLVFKHQXQVXQG1LUWDQ SDVVLHUHQGHP1DFKEDUSODQHWHQ ³+|UDXI]XGR]LHUHQVDJWH6D\DOHLFKWYHUlUJHUW³,FKELQNHLQH6WXGHQWLQXQG GXJODXEVWHEHQVRZHQLJZLHLFKGDUDQGD‰GLH.|QLJVDVWHURLGHQY|OOLJQRUPDOH *HVWHLQVEURFNHQVLQG ³6R"(UOlFKHOWHEHULKUHQSO|W]OLFKHQ(LIHU³:DVGDQQ" 6LHEUHLWHWHGLH$UPHZHLWDXV ³:RKHU VROO LFK GDV ZLVVHQ :HU LVW YRQ XQV EHLGHQ GHU $VWURSK\VLNHU" 'LH 6LOEHUVWHUQHKDOWHQVLHMHGHQIDOOVIU+LPPHOVJ|WWHU*|WWHUVHKHQZLU0HQVFKHQ LQ LKQHQ ]ZDU QLFKW DEHU QLHPDQG NDQQ EHVWUHLWHQ GD‰ VLH (LQIOX‰ DXI XQVHUH =LYLOLVDWLRQXQG.XOWXUJHQRPPHQKDEHQXQGQHKPHQ ³-D QDWUOLFK ODFKWH +RURZLW] ³'LH YLHOHQ (KHVFKOLH‰XQJHQ XQG GHU GDUDXIIROJHQGH*HEXUWHQVFKXE 6LHVDKLKQQXQIDVWPLWOHLGLJDQ ³'X YHUVXFKVW YRU HLQHU (UNHQQWQLV ]X IOLHKHQ 'DUWH GLH VLFK QLFKW PLW GHP YHUWUDJHQZUGHZDVGXDOV:LVVHQVFKDIWOHUYHUWUHWHQPX‰W -DGDFKWHHU9LHOOHLFKWKDWVLHUHFKW*DQ]VLFKHULVWHVVR 6LH UHGHWHQ QLFKW PHKU %HLGH KLQJHQ GHQ (ULQQHUXQJHQ DQ LKUH 7UlXPH QDFK GLHNHLQH7UlXPHJHZHVHQZDUHQ 1DFK HWZD ]ZHL 6WXQGHQ WDXFKWHQ GLH .XSSHOQ XQG :RKQWUPH GHU 6WDGW DXI (PEEOLQ ODJ YRQ :lOGHUQ HLQJHVFKORVVHQ LQ HLQHP ZHLWHQ 7DONHVVHO (V JDE NHLQH hEHUODQGVWUD‰HQ GLH GLH 6WDGW PLW GHQ ZHQLJHQ DQGHUHQ 6WlGWHQ YHUEDQGHQ 'HU 3HUVRQHQ XQG *WHUYHUNHKU ZXUGH IDVW DXVVFKOLH‰OLFK PLW JUR‰HQ*OHLWHUQRGHUSHU7UDQVPLWWHUDEJHZLFNHOW 'HU5DXPKDIHQQDKPIDVWGLH+lOIWHGHU)OlFKHGHU6WDGWHLQ1HEHQLKPZDUHQ GLH*HElXGHGHV+DQVH.RQWRUV]XVHKHQ 'DUWH +RURZLW] EHUQDKP ZLHGHU VHOEVWGLH6WHXHUXQJXQGEUDFKWHGHQ*OHLWHU ]XU/DQGHSODWWIRUPGHV+DXSWREVHUYDWRULXPV(UYHUDQNHUWHLKQXQGIXQNWHGLH )OXJGDWHQ GLUHNW DQ GHQ ]HQWUDOHQ 9HUZDOWXQJVXQG 9HUUHFKQXQJVFRPSXWHU =XUFN LQ VHLQHP :RKQTXDUWLHU ZUGH HU GLH .RVWHQDXIVWHOOXQJ IU GHQ 3ULYDWDXVIOXJ DXI GHP %LOGVFKLUP VHLQHV 7HUPLQDOV DEOHVHQ XQG IHVWVWHOOHQ N|QQHQGD‰GHUHQWVSUHFKHQGH%HWUDJYRQVHLQHP*XWKDEHQEHUHLWVDEJHEXFKW ZDU 9RUHUVWMHGRFK]RJHVLKQLQV2EVHUYDWRULXP6D\DEHJOHLWHWHLKQ 1XUHLQPDOEOLHEHUYRUGHPQDFKXQWHQIKUHQGHQ/LIWVWHKHQXQGEOLFNWHVLFK XP ³+DVW GX HLQH $KQXQJ IUDJWH HU GLH *HIlKUWLQ ³ZDUXP KHXWH VR YLHOH )DKU]HXJH KLHU VWHKHQ" ,FK PHLQH ZLU KDEHQ GRFK QLFKWV YHUVlXPW  KRKHQ %HVXFKYRQGHU$GPLQLVWUDWLRQRGHUVR" 6LHVFKWWHOWHGHQ.RSI ³1LFKWGD‰LFKZ‰WH'DUWH ³=XYLHO 5XPPHO EHGHXWHW QXU LQ GHQ ZHQLJVWHQ )lOOHQ HWZDV $QJHQHKPHV 



EUXPPWHGHU:LVVHQVFKDIWOHU ³'LH /HXWH ZROOHQ VLFK GLH $VWHURLGHQ DQVHKHQ XQG GDUDQ LVW GRFK QLFKWV 8QJHZ|KQOLFKHV RGHU" 'DV 2EVHUYDWRULXP VWHKW ]X GLHVHU 7DJHV]HLW MHGHP RIIHQ ³,FK KDEH WURW]GHP HLQ VFKOHFKWHV *HIKO +DOWH PLFK IU YHUUFNW DEHU LFK VSUHHVVFKRQGLHJDQ]H=HLWEHUVHLWGHPZLU ³:DV"IUDJWHVLHHWZDV]XVFKQHOO 6LHVDKHQVLFKDQXQGZX‰WHQGD‰VLHGDVJOHLFKHGDFKWHQ 'HQQRFK WUDI VLH GHU 6FKRFN KDUW DOV VLH QRFK DXI GHQ %HVXFKHUHWDJHQ YRQ HLQHP GHU $VWURQRPHQ ]XU 6HLWH JHQRPPHQ XQG LQ HLQHQ .RQIHUHQ]UDXP JHIKUWZXUGHQ ³'LH $VWHURLGHQ VDJWH GHU 0DQQ ³6LH ZHUGHQ GLHVPDO QLFKW DQ XQV YRUEHLIOLHJHQ 6LH ZHUGHQ PLW )DLU\WDOH NROOLGLHUHQ ZHQQ VLH LKUHQ .XUV EHLEHKDOWHQ 'DUWH +RURZLW] ZDU ZLH YRU GHQ .RSI JHVFKODJHQ $X‰HU 0DQVWHHQ GHU VLH DEJHIDQJHQ KDWWH EHIDQGHQ VLFK QRFK DFKW ZHLWHUH :LVVHQVFKDIWOHU LP 5DXP GLH QXQ PLWWHQ LQ HLQHU ODXWVWDUN JHIKUWHQ 'LVNXVVLRQ YHUVWXPPWHQ DOV VLH 'DUWHXQG6D\DHLQWUHWHQVDKHQ hEHU LKUH .|SIH KLQZHJ NRQQWH +RURZLW] HLQH VFKHPDWLVFKH 'DUVWHOOXQJ GHV +DUOHV6\VWHPVDXIGHUULHVLJHQ3URMHNWLRQVIOlFKHVHKHQ:HLWMHQVHLWVGHU%DKQ GHV VLHEWHQ XQG lX‰HUVWHQ 3ODQHWHQ EOLQNWH HLQ URWHU 3XQNW YRQ GHP ]ZHL HEHQIDOOVURWH/LQLHQDXVJLQJHQ'LHHUVWHOLHIDQ)DLU\WDOHYRUEHLZlKUHQGGLH ]ZHLWH LQ MHQHP JUQHQ /HXFKWSXQNW HQGHWH GHU GLH 3RVLWLRQ )DLU\WDOHV PDUNLHUWH ³6LHZLVVHQ%HVFKHLGVDJWH0DQVWHHQLQGDVSO|W]OLFKH6FKZHLJHQKLQHLQ ³1LFKWV ZLVVHQ ZLU ZLGHUVSUDFK 6D\D KHIWLJ ³$X‰HU GD‰ LKU HXFK HLQHQ JHVFKPDFNORVHQ6FKHU]PLWXQVPDFKHQZROOW(VLVWMDQLFKWV1HXHVGD‰PDQ VROFKH6WUHLFKHVSLHOWZHQQMHPDQG]XODQJHGUDX‰HQEOLHE$EHUELVKHUJODXEWH LFK LPPHU GD‰ QXU 6WXGHQWHQ GLH 3KDQWDVLH GD]X DXIEUlFKWHQ 'LH .|QLJVDVWHURLGHQVWU]HQDXI)DLU\WDOH6ROOGDVVSD‰LJVHLQ" ³6SD‰LJ EHVWLPPW QLFKW VDJWH +RQR .DOHHUWHQ GLH /HLWHULQ GHV ,QVWLWXWV ,KUH 6WLPPH KDWWH MHGHQ .ODQJ YHUORUHQ ³(V LVW GLH :DKUKHLW 6D\D $Q +RURZLW] JHZDQGW VDJWH GLH :LVVHQVFKDIWOHULQ ³1DWUOLFK N|QQW LKU QLFKW ZLVVHQ ZDV VLFKLQQHUKDOEGHUOHW]WHQEHLGHQ7DJHQKLHUWDWGHQQVRODQJHZDUWLKUMDIRUW :LU ZROOWHQ HXFK DXFK QLFKW ]XUFNUXIHQ GHQQ VLFKHU ZDUHQ ZLU XQV XQVHUHU 6DFKHDOOHQLFKW ³:LU ZROOWHQ HV QLFKW JODXEHQ NDP HV YRQ 0DQVWHHQ GHU QRFK LP (LQJDQJ VWDQG³'LH%HREDFKWXQJHQVSUDFKHQYRQ$QIDQJDQIUVLFK ,Q'DUWHV*HVLFKWDUEHLWHWHHV1XUPKVDPNRQQWHHUVLFKQDFKDX‰HQKLQUXKLJ KDOWHQ ³:HOFKH%HREDFKWXQJHQ":DQQILQJHVDQ" 0RQR .DOHHUWHQ JDE HLQHP LKUHU 0LWDUEHLWHU HLQ =HLFKHQ ZRUDXIKLQ GLHVHU DQ HLQ3XOWWUDWXQGYRP&RPSXWHUQHXH%LOGHUDXIGLH:DQGSURML]LHUHQOLH‰ ³:LU EHREDFKWHWHQ GLH $QQlKHUXQJ GHU $VWHURLGHQ HUNOlUWH +RQR 



EHUIOVVLJHUZHLVH ³8QG DOOHV ZDU Y|OOLJ QRUPDO LKUH %DKQHQ LKUH *HVFKZLQGLJNHLW LKUH /HXFKWNUDIW  HEHQ DOOHV 6LH lQGHUWHQ LKUHQ .XUV YRU JHQDX6LHEOLFNWHDXILKUH$UPEDQGXKU³(VZDUYRUJHQDXVHFKVXQG]ZDQ]LJ 6WXQGHQXQGHOI0LQXWHQ 'DUWHVFKWWHOWHYHUVWlQGQLVORVGHQ.RSI ³0RPHQW 6LH lQGHUWHQ LKUHQ .XUV" 'DV HUJLEW NHLQHQ 6LQQ HV VHL GHQQ HV ZlUH SO|W]OLFK HLQH 6FKZHUNUDIWTXHOOH LQ XQVHUHU XQPLWWHOEDUHQ 8PJHEXQJ DXIJHWDXFKWGLH ³1LFKWV YRQ DOOHGHP 'DUWH ILHO LKP GLH ,QVWLWXWVOHLWHULQ LQV :RUW ³(V JLEW NHLQHHLQOHXFKWHQGH(UNOlUXQJIUGDV9HUKDOWHQGHV6FKZDUPV1XUHLQHVVWHKW IHVW'LHVH%URFNHQZHUGHQLQ7DJHQDXIXQVHUHQ3ODQHWHQVWU]HQXQGLKQ ]HUUHL‰HQ ³'DVKHL‰WZDUIHLQHUGHUDQGHUHQ$QZHVHQGHQHLQ³IDOOVHVXQVQLFKWJHOLQJW VLHDXIHLQHQHXH%DKQ]XEULQJHQ 'DUWH JDE NHLQH $QWZRUW (U JLQJ QlKHU DQ GLH 3URMHNWLRQVZDQG KHUDQ XQG EHWUDFKWHWH VFKZHLJHQG GLH $XIQDKPHQ GLH LQ JHUDIIWHU )RUP GLH %HREDFKWXQJHQGHUGLHQVWKDEHQGHQ$VWURQRPHQZlKUHQGGHUOHW]WHQ6WXQGHQ ZLHGHUJDEHQ 'DUWHPX‰WHVLFKVHW]HQ-HPDQGNDPXQGUHLFKWHLKPHLQ*ODV:DVVHU ³,VW  GLH  gIIHQWOLFKNHLW  XQWHUULFKWHW"  IUDJWH  GHU $VWURSK\VLNHU XQG PDFKWH GDPLWGHXWOLFKGD‰HUQXQQLFKWPHKUDQGHQ:RUWHQVHLQHU.ROOHJHQ]ZHLIHOWH ³1XUGDV+DQGHOVNRQWRUHUNOlUWH0DQVWHHQ³8QGGRUWPHLQWPDQGD‰ZLU=HLW XQG6FKLIIHJHQXJKlWWHQXPGLH$VWHURLGHQPLWWHOV7UDNWRUVWUDKOHQDQ)DLU\WDOH YRUEHL]XOHQNHQ ³(LQH $QVLFKW VDJWH +RQR .DOHHUWHQ ³GLH DOOHUGLQJV QLFKW DXI XQJHWHLOWH 0HLQXQJVW|‰W 'DUWH IKOWH 6D\DV +DQG DXI VHLQHU 6FKXOWHU VDK ]X LKU DXI XQG HUVFKUDN EHL LKUHP $QEOLFN 6LH ZDU NUHLGHEOHLFK LKUH /LSSHQ EHEWHQ XQG HU PRFKWH LQ GLHVHQ$XJHQEOLFNHQQLFKWYLHODQGHUVDXVVHKHQ ³8QWHUGHQJHJHEHQHQ8PVWlQGHQLVWHVGLHHLQ]LJGHQNEDUH0|JOLFKNHLWXQVHUH :HOW XQG GDPLW XQV YRU GHP 1LHGHUJDQJ ]X EHZDKUHQ HQWJHJQHWH 0DQVWHHQ VHLQHU&KHILQ ³'DUWHIOVWHUWH6D\D,KUH)LQJHUNUDPSIWHQVLFKWLHILQVHLQH6FKXOWHU³'DUWH GDVZDUHVZDVZLUIKOWHQRGHU" ³:LHELWWH"IUDJWH+RQR 6D\DGUHKWHVLFK]XLKUXP ³'LH6LOEHUVWHUQHVSUWHQHV,FKELOGHPLUGDVEHVWLPPWQLFKWHLQ'DUWHXQGLFK YHUVXFKWHQ GLHVH (LQGUFNH GLH ZLU ZLH LP 7UDXP HUOHEWHQ ]X YHUGUlQJHQ .HLQHU YRQ XQV ZROOWH GDUEHU UHGHQ 'LH LQWHOOLJHQWHQ 3IODQ]HQ ILHEHUQ GHU :LHGHUNHKULKUHU+LPPHOVN|USHUHQWJHJHQDEHUVLHZLVVHQGD‰HWZDVDQGHUV VHLQZLUGDOVELVKHU(VLVWVR+RQRVLHZLVVHQHV ³+DEHQVLH$QJVWGDYRU" 6D\DVWDUUWHGLHlOWHUH)UDXDQDOVVlKHVLHVLH]XPHUVWHQPDO :LHNRQQWHVLHVRUXKLJEOHLEHQ" 



³,FK JODXEH QLFKW DQWZRUWHWH 'DUWH ³(V ZDUHQ QXU (LQGUFNH GDYRQ GD‰ GLHVPDOLUJHQGHWZDVDQGHUVVHLQZUGH6RQVWZlUHQZLUOlQJVW]XUFNJHNHKUW +RQR 1HLQ GLH 3IODQ]HQ HPSIDQGHQ GLHVH 9HUlQGHUXQJ QLFKW DOV 'URKXQJ 9LHOH XQWHU LKQHQ VLQG EHU ]ZHLKXQGHUW -DKUH DOW XQG HUOHEWHQ DOVR GHQ 9RUEHL]XJGHV6FKZDUPVVFKRQHLQPDOPLW6LHVLQGQXUQHXJLHULJ ³:HQQGLH+DQVH/HXWHJODXEHQGD‰VLHGLH.|QLJVDVWHURLGHQDEOHQNHQN|QQHQ ZDUXPVLQGGDQQQRFKNHLQH6FKLIIHLP5DXP"ULHI6D\DOHLGHQVFKDIWOLFKDXV ³%HJUHLIWGHQQKLHUQLHPDQGZRUXPHVZLUNOLFKJHKW"'DVVLQGNHLQHHLQIDFKHQ 0HWHRUH GLH GD DXI XQV ]XNRPPHQ (V VLQG GLH .|QLJVDVWHURLGHQ EHJUHLIW LKU GDVQLFKW" ³%HUXKLJH GLFK VDJWH 0DQVWHHQ ³:LU ZHUGHQ WXQ ZDV ZLU N|QQHQ 1RFK KDEHQZLUYLHO=HLWXQG 6D\DVFKWWHOWHYHU]ZHLIHOWGHQ.RSI ³,KUEHJUHLIWZLUNOLFKQLFKWV'LH.|QLJVDVWHURLGHQVLQGHWZDVHWZDV(ZLJHV 9RU]ZHLWDXVHQG-DKUHQVFKRQHUVFKLHQHQXQGYHUVFKZDQGHQVLHDOOH-DKUH XQGQLHZLFKHQVLHYRQLKUHUHZLJHQ%DKQDE:HQQGDVQXQJHVFKLHKWLVWGDV HLQ 2PHQ ,KUH 6WLPPH ZXUGH ]X HLQHP )OVWHUQ ³,FK ELQ EHVWLPPW QLFKW DEHUJOlXELJ DEHU ZHQQ GLH $VWHURLGHQ LKUH %DKQHQ YHUODVVHQ LVW GDV VR DOV ZUGHQVlPWOLFKH6RQQHQYHUEODVVHQRGHUH[SORGLHUHQ(VLVWZLH(QG]HLW 'DUWH +RURZLW] HUKRE VLFK 6HLQ *HVLFKW ZDU HLQH DXVGUXFNVORVH 0DVNH JHZRUGHQ ³(V YHUKlOW VLFK HWZDV DQGHUV 6D\D VDJWH HU OHLVH ³.HLQH QDWUOLFKH SK\VLNDOLVFKH .UDIW XQVHUHV 8QLYHUVXPV LVW IU GDV *HVFKHKHQH XQG GDV ZDV JHVFKHKHQ ZLUG YHUDQWZRUWOLFK 8QG HV NDQQ QLH XQG QLPPHU =XIDOO VHLQ GD‰ GHU$VWHURLGHQVFKZDUPQXQJHQDXDXI)DLU\WDOH]LHOW +RQRQLFNWHHUQVW ³'DV VDJWH GHU /HLWHU GHV +DQGHOVNRQWRUV DXFK 'DUWH *HQDX GDV ZDUHQ VHLQH :RUWH ³8QG":DVVDJWHHUZHLWHU" ³'D‰ LUJHQG MHPDQG GLH $VWHURLGHQ DXI )DLU\WDOH OHQNW 'D‰ ZLU HV P|JOLFKHUZHLVHPLWHLQHP$QJULII]XWXQKDEHQ 'DUWH+RURZLW]VFKWWHOWHGHQ.RSI ³'DQQLUUWVLFK7HFRU0DQDW,QGHU*DOD[LVKHUUVFKWVHLW-DKUKXQGHUWHQ)ULHGH )DLU\WDOHLVWHLQH:HOWRKQHSROLWLVFKHQ(LQIOX‰:HUVROOWHVLFKHWZDVYRQHLQHP $QJULIIDXIXQVYHUVSUHFKHQ" 1LHPDQGNRQQWHLKPGLH$QWZRUWJHEHQ ³,FKGHQNHVDJWH+RQR³ZLUZDUWHQ]XQlFKVWHLQPDODEZDVGLH%HPKXQJHQ GHU +DQVH/HXWH EULQJHQ 6LH KDEHQ GUHL .RJJHQ VWDUWEHUHLW :LU PVVHQ XQV DXIV %HREDFKWHQ EHVFKUlQNHQ 'LH gIIHQWOLFKNHLW ZLUG XQWHUULFKWHW ZHUGHQ VREDOGGLH$GPLQLVWUDWLRQHVIUULFKWLJKlOW 6D\DVFKWWHOWHGHQ.RSI ³'D]XEUDXFKWGLH$GPLQLVWUDWLRQVLFKQLFKW]XEHPKHQ'LH3IODQ]HQZHUGHQ XQVHUHQ/HXWHQVDJHQZDVJHVFKLHKW  



0DQ VFKUHLEW GHQ  0lU] GHV -DKUHV  1HXHU *DODNWLVFKHU =HLW DOV VLFK 7HFRU0DQDW GHU /HLWHU GHV +DQGHOVNRQWRUV DXI )DLU\WDOH DQ %RUG GHU .RJJH 6+$=0$5 EHJDE 'LH 6+$=0$5 ZDU HLQHV GHU GUHL .HLOVFKLIIH GLH DXI )DLU\WDOH DXI GDV (LQWUHIIHQ YRQ +DQGHOVJWHUQ DXV GHP 1DFKEDUV\VWHP ZDUWHWHQEHYRUVLHPLWGLHVHUXQGGHUDXI)DLU\WDOHZDUWHQGHQ)UDFKWGLUHNW]XP .RVPLVFKHQ%DVDU12:*252'DXIEUHFKHQZUGHQ 7HFRU0DQDW ZROOWH VLFK VHOEVW HLQ %LOG YRQ GHU DQJHEOLFKHQ %HGURKXQJ GXUFK GHQ$VWHURLGHQVFKZDUPPDFKHQ(VPRFKWHDQGHU0HQWDOLWlWGHV%OXHVOLHJHQ GD‰ HU YLHOOHLFKW YRUVFKQHOO DQ HLQHQ $QJULII DXV :HOWUDXPWLHIHQ ]X JODXEHQ EHUHLW ZDU ,PPHUKLQ KDWWH VLFK VHLQ 9RON ELV YRU ZHQLJHQ -DKUKXQGHUWHQ LQ %UXGHUNlPSIHQ DXIJHULHEHQ 1XQ KHUUVFKWH )ULHGH LQ GHU (DVWVLGH GHU *DOD[LV GRFKHLQJHZLVVHU$UJZRKQVFKOXPPHUWHQRFKLQGHQ+HU]HQGHU%OXHV 'HQQRFK ZDU 7HFRU0DQDW QDFK ZLH YRU GDYRQ EHU]HXJW GLH $VWHURLGHQ PLW +LOIH JHHLJQHWHU WHFKQLVFKHU 0LWWHO YRQ LKUHP JHIlKUOLFKHQ .XUV DEEULQJHQ ]X N|QQHQ:HQQHUHVPLWGHQGUHL.RJJHQQLFKWVFKDIIWHEOLHELPPHUQRFK=HLW JU|‰HUH6FKLIIHDQ]XIRUGHUQ 'HU NOHLQH 9HUEDQG VWDUWHWH DP $EHQG GHV  0lU] 'HU $VWHURLGHQVFKZDUP EHIDQGVLFKQRFKHWZD/LFKWWDJHYRP5DQGGHV+DUOHV6\VWHPVHQWIHUQWXQG QlKHUWH VLFK PLW GHU VFKLHU XQJODXEOLFKHQ *HVFKZLQGLJNHLW YRQ  3UR]HQW /LFKW 7HFRU0DQDWSD‰WHGLH*HVFKZLQGLJNHLWGHV9HUEDQGVGHUGHU$VWHURLGHQDQDOV GLHVH HUUHLFKW ZDUHQ 'LH UHODWLYH %HZHJXQJVORVLJNHLW ]XHLQDQGHU VROOWH %HREDFKWXQJHQ XQG 0HVVXQJHQ JHVWDWWHQ YRQ GHQHQ VLFK GHU %OXH HLQLJH $XIVFKOVVH HUKRIIWH 1LFKW QXU IU LKQ ZDU GLH KRKH *HVFKZLQGLJNHLW GHU $VWHURLGHQXQEHJUHLIOLFK ³2UWXQJHQ"IUDJWHGHU%OXHLQGLH=HQWUDOHGHU6+$=0$5 'HQQLV:\QJDUGHGHU.RPPDQGDQWGHU.RJJHVFKWWHOWHQXUGHQ.RSI ³1LFKWV GD .HLQH (QHUJLHHPLVVLRQHQ EHUKDXSW QLFKWV ,FK VDJWH GLU GRFK GX YHUUHQQVW GLFK LQ HLQH IL[H ,GHH 'LH $VWHURLGHQ VLQG JDQ] QRUPDOH NRVPLVFKH *HVWHLQVEURFNHQ7UPPHUHLQHV3ODQHWHQRGHUZDVZHL‰LFK ³$EHU7UPPHUGLHRKQHHUVLFKWOLFKHQ*UXQGLKUHQ.XUVlQGHUQEHKDUUWHGHU %OXH :\QJDUGHZLQNWHDE ³2KQH 6FKZHUNUDIWHLQZLUNXQJ ZLOOVW GX VDJHQ $EHU N|QQHQ ZLU GHQQ VLFKHU VHLQGD‰GLH$VWURQRPHQLP2EVHUYDWRULXPQLFKWJHVFKODIHQKDEHQ"9LHOOHLFKW KDWHVHLQHVROFKH6FKZHUNUDIWTXHOOHJHJHEHQQXUIU0LQXWHQRGHU6HNXQGHQ XQGVLHLVWHEHQVRSO|W]OLFKZLHGHUHUORVFKHQZLHVLHHQWVWDQG ³*HVFKODIHQ" IUDJWH 7HFRU0DQDW VS|WWLVFK ³%HLP %HREDFKWHQ GHU .|QLJVDVWHURLGHQ" ³'LH .XUVlQGHUXQJ KDW HLQH QDWUOLFKH 8UVDFKH EHKDXSWHWH :\QJDUGH ³6LHK GLU GLH ,QVWUXPHQWH VHOEVW DQ (V JLEW NHLQH (QHUJLHHQWIDOWXQJ LQ XQVHUHU 1lKH 'LH%URFNHQVLQGVRWRWZLH6WHLQQXUVHLQNDQQ 7HFRU0DQDW DQWZRUWHWH QLFKW XQG DOV HU GLH ODXWORV LKUH %DKQ ]LHKHQGHQ $VWHURLGHQ HLQH :HLOH EHREDFKWHWH NDPHQ LKP VHOEVW =ZHLIHO DQ VHLQHQ 



6SHNXODWLRQHQ ³'DQQ YHUVXFKHQ ZLU MHW]W HLQHQ YRQ LKQHQ PLW GHQ 7UDNWRUVWUDKOHQ HLQ]XIDQJHQ=XQlFKVWQXUHLQHQ :\QJDUGHJDEGHQ%HIHKODQGLHHQWVSUHFKHQGHQ6WDWLRQHQLP6FKLIIZHLWHUXQG OLH‰ NHLQHQ =ZHLIHO GDUDQ GD‰ HU IHVW YRP *HOLQJHQ GHV 0DQ|YHUV EHU]HXJW ZDU (UVROOWHUHFKWEHKDOWHQ]XPLQGHVWYRUHUVW 'HU $EVWDQG ]ZLVFKHQ GHQ GUHL .RJJHQ XQG GHQ lX‰HUHQ $VWHURLGHQ GHV 6FKZDUP EHWUXJ NQDSS KXQGHUWWDXVHQG .LORPHWHU hEHU GLHVH (QWIHUQXQJ KLQZHJ JULIIHQ GLH =XJVWUDKOHQ GHU 6FKLIIH QDFK HLQHP YRUKHU JHQDX EH]HLFKQHWHQ%URFNHQHLQHPGHUNOHLQVWHQGHV6FKZDUPV 0LW JHPLVFKWHQ *HIKOHQ EHREDFKWHWH 7HFRU0DQDW ZLH GHU $VWHURLG VLFK YRQ GHQDQGHUHQ]XO|VHQEHJDQQXQGGDQQLQGHQIUHLHQ5DXPJH]RJHQZXUGH ³7UDNWRUVWUDKOHQ DXV EHIDKO GHU %OXH DOV VLFK GHU +LPPHOVN|USHU DXI KDOEHU 6WUHFNH]ZLVFKHQGHP6FKZDUPXQGGHQ6FKLIIHQEHIDQG :\QJDUGHZDUILKPHLQHQWULXPSKLHUHQGHQ%OLFN]X'DQQMHGRFKDOVHUZLHGHU DXIGLH6FKLUPHVDKHUVWDUEVHLQ/lFKHOQ ³(UNHKUW]XUFNVWLH‰HUIDVVXQJVORVKHUYRU³%HLDOOHQ3ODQHWHQDEHUGDVLVW XQP|JOLFK'D]XUHLFKWGLH0DVVHQDQ]LHKXQJVNUDIWGHV6FKZDUPVQLHPDOVDXV ³:HLWHUKLQNHLQHPH‰EDUHQ(QHUJLHHPLVVLRQHQPHOGHWHHLQH5DXPIDKUHULQ 7HFRU0DQDW EHREDFKWHWH VFKZHLJHQG ZLH GHU $VWHURLG VHLQHQ DOWHQ 3ODW] ZLHGHUHLQQDKP 'UHLZHLWHUH9HUVXFKHPLWGHQ=XJVWUDKOHQEUDFKWHQGDVJOHLFKH(UJHEQLV ³'DPLWZlUHEHZLHVHQVDJWHGHU%OXH³GD‰MHPDQGRGHUHWZDVGHQ6FKZDUP VWHXHUW  DXFK ZHQQ ZLU NHLQH (UNOlUXQJ GDIU ILQGHQ :LU VROOWHQ LQ GHQ 6FKZDUPHLQGULQJHQXQG ³'XZLOOVWDXIHLQHPGHU%URFNHQODQGHQ"IUDJWH:\QJDUGH(UVWUHFNWH7HFRU 0DQDWDEZHKUHQGEHLGH+lQGHHQWJHJHQ³1LFKWPLWPHLQHP6FKLII ³6RZHLW LFK PLFK HULQQHUQ NDQQ YHUVHW]WH GHU %OXH ³ZDUVW GX HEHQ QRFK VR Y|OOLJVLFKHUGD‰ZLUHVQXUPLWJDQ]QRUPDOHQ+LPPHOVN|USHUQ]XWXQKDEHQ :DVDOVREHIUFKWHVWGXIUGLH6+$=0$5" ³'DVZHL‰LFKQLFKW8QGGDVZDUYRUKLQ ³,FK NDQQ HV YHUVXFKHQ ERW GHU .RPPDQGDQW HLQHV GHU EHLGHQ DQGHUHQ .HLOVFKLIIHDQ³'HQQLVLFKZX‰WHJDUQLFKWGD‰GXDEHUJOlXELJELVW ³'DVKDWQLFKWVPLW$EHUJODXEH]XWXQ$EHULFKZHL‰ZDVLFKJHVHKHQKDEH ³7HFRU0DQDW" 'HU/HLWHUGHV+DQGHOVNRQWRUV]|JHUWHEHYRUHUVHLQH=XVWLPPXQJJDE 'LH 1$=0,55 VFKHUWH DXV GHP 'UHLHUYHUEDQG DXV XQG QlKHUWH VLFK ODQJVDP GHP$VWHURLGHQVFKZDUP 6LHHUUHLFKWHLKQQLFKW   $XIGHU(UGHSODJWHVLFKHWZD]XUJOHLFKHQ=HLWHLQ0DQQQDPHQV5HJLQDOG%XOO PLWHLQHPY|OOLJDQGHUVJHDUWHWHQ3UREOHPKHUXP 



'DV3UREOHPKDWWHHLQHQ1DPHQ ³7RUVWHQ'%XOOODV3HUU\5KRGDQODXWYRQHLQHUEOWHQZHL‰HQ3ODVWLNIROLHDE ³HUIROJUHLFKHU$EVROYHQWGHU0XWDQWHQVFKXOH7HOHSRZHU7HUUDQLD %XOOVWDQGKLQWHUVHLQHP$UEHLWVWLVFKDXIXQGZLQNWHEDUVFKDE ³+|U PLU EOR‰ DXI PLW 7HOHSRZHU 6HLWGHP GLHVH VRJHQDQQWH 0XWDQWHQVFKXOH HU|IIQHW KDW ODXIHQ XQV DOOH P|JOLFKHQ 9HUUFNWHQ GLH %XGH HLQ 'LSORP 7HOHSDWKHQ 'LSORP7HOHNLQHWHQ 'LSORP6XJJHVWRUHQ XQG GDV DOOHV QDWUOLFK XUNXQGOLFKEHVWlWLJW 5KRGDQOlFKHOWH ³:DVVROOHQZLUGHLQHU0HLQXQJQDFKWXQ"7HOHSRZHUGLFKWPDFKHQODVVHQ" ³1DWUOLFK QLFKW -HGHU VROOWH DXI VHLQH $UW XQG :HLVH JOFNOLFK ZHUGHQ ,P *UXQGHULFKWHQGLHVH'LSORP0XWDQWHQMDNHLQHQ6FKDGHQDQ'DVHLQ]LJHGDV VLH LQ GLHVHP GXELRVHQ ,QVWLWXW HUOHUQHQ LVW QRFK IHVWHU DQ LKUH HLQJHELOGHWHQ )lKLJNHLWHQ]XJODXEHQ ³:RIUVLHYHUPXWOLFKHLQHKDOEH0LOFKVWUD‰H]XEH]DKOHQKDEHQ %XOOEOLHEYRUGHP)UHXQGVWHKHQXQGQDKPLKPGLH)ROLHQDXVGHU+DQG ³'DV ZlUH DOOHV KDOE VR VFKOLPP 3HUU\ :HU ZDV PLW VHLQHP *HOG PDFKW LVW QLFKWXQVHUH6DFKH$EHUGLHVH9HUUFNWHQELOGHQVLFKHLQPLWLKUHP=HUWLILNDW LQ GHU +DQG JOHLFK LQ GHQ 'LHQVW DQ GHU 0HQVFKKHLW WUHWHQ ]X PVVHQ -D ZLUNOLFK $OV VLFK GHU HUVWH 7HOHSRZHU$EVROYHQW EHL XQV PHOGHWH ZDU LFK GXPP JHQXJ LKQ ]X HPSIDQJHQ 'HU 0DQQ KDWWH HLQ 'LSORP DOV )UHPGUDVVHQNRPPXQLNDWRU 8P PLU VHLQH EHUUDJHQGHQ )lKLJNHLWHQ ]X GHPRQVWULHUHQEUDFKWHHUJOHLFKHLQHQ6XPSISDSDJHLYRQLUJHQGHLQHP3ODQHWHQ LQ0PLWYRQGHPLFKQRFKQLHHWZDVJHK|UWKDWWH ³8QG" 5KRGDQ VFKOXJ GLH %HLQH EHUHLQDQGHU XQG EHPKWH VLFK GDUXP HUQVW ]X EOHLEHQ ³8QG 8QG %XOO IXKU VLFK GXUFK GDV NXU]JHVFKQLWWHQH +DDU ³(U EHJDQQ ]X NUlFK]HQXQG]XKSIHQPLWGHP(UJHEQLVGD‰GDVDUPH7LHUVLFKYRU6FKUHFN LQ PHLQH .RPELQDWLRQ YHUNUDOOWH ELV HV SDUDO\VLHUW ZHUGHQ PX‰WH ,FK JODXEH GLH1DUEHQKDEHLFKKHXWHQRFK ³9LHOOHLFKW VDJWH 5KRGDQ HUQVW ³KDW GLHVHU 0XWDQW GHP 3DSDJHL EHIRKOHQ GLFKDQ]XJUHLIHQ'DVN|QQWHGRFKVHLQRGHU"1LFKWZHLOHUHWZDVJHJHQGLFK SHUV|QOLFKKlWWH(UZROOWHGLU]HLJHQGD‰HU7LHUHHLQVHW]HQNDQQXP ³6RGXILQGHVWGDVDXFKQRFKOXVWLJZLH"IXKU%XOOLKPLQV:RUW³9LHOOHLFKW LQWHUHVVLHUW HV GLFK GDQQ GLH 0HLQXQJ XQVHUHU HFKWHQ 0XWDQWHQ EHU GLH .RQNXUUHQ]YRQ7HOHSRZHU]XHUIDKUHQ*XFN\]XP%HLVSLHOKDWWH%HVXFKYRQ HLQHP 0lGFKHQ GDV YRUJDE 7HOHNLQHWLQ ]X VHLQ :DKUVFKHLQOLFK JHILHO VLH *XFN\ VR JXW GD‰ HU LKU JHVWDWWHWH HLQLJH .XQVWVWFNH YRU]XIKUHQ 6LH YHUVSUDFKLKPVHLQH0RKUUEHQLQQHUKDOEYRQ]HKQ0LQXWHQXPGDV'RSSHOWH ZDFKVHQ ]X ODVVHQ -DZRKO 3HUU\ GLHVHV MXQJH 'LQJ EHUILHO LKQ LQ VHLQHP KHLOLJHQ *DUWHQ GHQ HU VHOEVW PLU YHUERWHQ KDW VHLWGHP LFK LKP  (U ZLQNWH DE³'DVJHK|UWQLFKWKLHUKHU-HGHQIDOOVOLH‰HUVLHJHZlKUHQ 5KRGDQKREHLQH+DQG 



³$XJHQEOLFN%XOO\:DVKDWGDVPLW7HOHNLQHVH]XWXQ",FKPHLQHZHQQPDQ 0RKUUEHQ RGHU DQGHUHV *HPVH VR HLQIDFK ZDFKVHQ ODVVHQ N|QQWH KlWWH GDV *XFN\OlQJVWVHOEVWJHWDQ'LHVHV0lGFKHQZDUGDQQHKHULQ,UPLQDV5LFKWXQJ JHVFKODJHQYLHOOHLFKWHLQH:DFKVWXPVEHHLQIOXVVHULQ" %XOONQLIIGLH$XJHQ]XVDPPHQ ³'XPDFKVWLPPHUQRFKGHLQH:LW]H3HUU\$EHUGDVZLUGGLUYHUJHKHQZHQQ GX HUVW VHOEVW YRQ HLQHP GLHVHU 'LSORP0XWDQWHQ KHLPJHVXFKW ZLUVW 8P EHL *XFN\]XEOHLEHQ'DV(UJHEQLVVHLQHU*UR‰]JLJNHLWEHVWDQGGDULQGD‰VHLQH 0RKUUEHQQLFKWZXFKVHQVRQGHUQLQQHUKDOEGHUDQJHNQGLJWHQ]HKQ0LQXWHQ WRWDOYHUIDXOWHQ ³'DQQYHUIJWHGLHVHV0lGFKHQDOVRWDWVlFKOLFKEHUSDUDQRUPDOH)lKLJNHLWHQ VWDXQWH5KRGDQ %XOOVHW]WHVLFKNRSIVFKWWHOQGXQGEHUODV]XPZLHGHUKROWHQ0DOHGLH)ROLHLQ VHLQHU+DQGDQGLHHLQKDOEHV'XW]HQGZHLWHUHUJHKHIWHWZDUHQ ³$QODJH EUXPPWH HU ³$OV $QODJH VFKLFNW HU PLU GDV EOLFKH =HUWLILNDW PLW GD]X8UNXQGHQDXVGHQHQKHUYRUJHKHQVROOGD‰HUEHUHLWVEHDFKWOLFKH(UIROJH DOV0DWHULHXPIRUPHUXQG3UlNRJQRVWLNHUHUUXQJHQKDW(UZLUGHLQSDDU*DEHOQ YHUERJHQ KDEHQ GDV LVW MD QLFKWV VR QHXHV +LHU NRPPW GDV 7ROOVWH GDV *XWDFKWHQDXVGHPHUDEOHLWHWHLQ]ZDUIHUQHUDEHUGLUHNWHU1DFKNRPPHYRQ PLU]XVHLQ %XOO]HUNQOOWHGLH)ROLHQXQGZDUIVLHLQGHQ$EIDOOYHUQLFKWHU ³(LQ 8UHQNHO K|UVW GX" 'LHVHU 7RUVWHQ ' %XOO ZLOO LQ GLUHNWHU /LQLH YRQ PLU DEVWDPPHQ ³'DVLVWDOOHUGLQJVHUVWDXQOLFKPHLQWH5KRGDQ(U]RJHLQH%UDXHLQGLH+|KH ³$EHUDXFKDXVJHVFKORVVHQ%XOO\" 'HUVWDUUWHLKQHQWJHLVWHUWDQ ³-HW]WPDFKHLQHQ3XQNW3HUU\:HQQLFK1DFKZXFKVLQGLH:HOWJHVHW]WKlWWH GDQQP‰WHLFKGDYRQZLVVHQ ³2KHUZLGHUWH5KRGDQODFKHQG³'DVLVWQLFKWLPPHUJHVDJW,PPHUKLQZDUVW GX DXFK HLQPDO MXQJ XQG VFK|Q ,FK HULQQHUH PLFK GD QXU DQ HLQH JHZLVVH 0LULDP'DVZDUEHYRUZLUPLWGHU67$5'867]XP0RQGIORJHQ %XOOV .LHIHU NODSSWH QDFK XQWHQ ³'D ZDU JDU QLFKWV :HQQ GX VFKRQ HLQ VR JXWHV *HGlFKWQLV KDVW ZUGH LFK DQ GHLQHU 6WHOOH LQ PHLQHU HLJHQHQ 9HUJDQJHQKHLW QDFKIRUVFKHQ ,FK NDQQ PLU GHQNHQ GD‰ 0LNH HLQLJHUPD‰HQ EHUUDVFKWZlUHSO|W]OLFK8URQNHOHLQHVOlQJVWYHUVWRUEHQHQXQGELVODQJXQEH NDQQWHQ6SURVVHVGHU)DPLOLH5KRGDQ]XVHLQ (UVHXI]WHVWDQGZLHGHUDXIXQGEHJDQQXQUXKLJLP5DXPDXIXQGDE]XJHKHQ 'DQQVWDQGHUZLHGHUYRUGHP)UHXQG(UEUHLWHWHGLH$UPHDXV ³7XW PLU OHLG 3HUU\ 'DV ZDU HLQ ]LHPOLFKHU 8QVLQQ RGHU" $EHU LFK EUDXFKH GHLQH+LOIHRGHU]XPLQGHVWHLQHQ5DWYRQGLU'LHVHU7RUVWHQYHUODQJWGD‰LFK LKQHPSIDQJH:HQQGXPLFKIUDJVWLVWGLHVHDQJHEOLFKH$EVWDPPXQJQXUHLQ 7ULFN XP VHLQH DQJHEOLFKHQ )lKLJNHLWHQ DQ GHQ 0DQQ ]X EULQJHQ :DKUVFKHLQOLFK LVW %XOO DXFK JDU QLFKW VHLQ ULFKWLJHU 1DPH 8QG ZDV GLHVH 7HOHSRZHU$EVROYHQWHQ ZROOHQ LVW LPPHU GDV JOHLFKH 6LH WUlXPHQ YRQ HLQHP 



JDQ]JUR‰HQ0XWDQWHQNRUSVLQGHPVLH+DQGLQ+DQGPLWLKUHQ,GROHQHEHQPLW *XFN\ 5DV )HOOPHU XQG GHQ DQGHUHQ DUEHLWHQ N|QQHQ =XP :RKO GHU 0HQVFKKHLWXQGGHUPLWLKUYHUEQGHWHQ9|ONHU ³'DQQVSULFKPLWLKP %XOOVW|KQWH ³'DVKDEHLFKHUZDUWHW3HUU\8QGZDVVROOLFKLKPVDJHQ",FKKDEHYRQGLHVHP 3DSDJHLQRFKGLH1DVHJHVWULFKHQYROO'LHVHU7RUVWHQLVWQRFKYLHOKDUWQlFNLJHU DOVGHUDQGHUH(UZLUGNHLQH5XKHJHEHQELVLFKLKQLQHLQHQ(LQVDW]VFKLFNH 5KRGDQHUKREVLFKXQGOHJWHGHP/HLGJHSUIWHQHLQH+DQGDXIGLH6FKXOWHU ³'DV PX‰W GX JDQ] DOOHLQ ZLVVHQ %XOO\ 0LFK HUZDUWHW HLQH 6LW]XQJ GHV 67$/+2)6 XQG GX VROOVW EHUPRUJHQ HLQH 5HGH YRU GHP *$9g.)RUXP KDOWHQ ZHQQ LFK PLFK UHFKW HULQQHUH 9LHO =HLW KDVW GX DOVR RKQHKLQ QLFKW IU GHLQ3UREOHPNLQG ³9LHOHQKHU]OLFKHQ'DQNYHUVHW]WH%XOOVDUNDVWLVFK³*HKQXUXQGOD‰PLFKLQ GHU6WXQGHGHU1RWDOOHLQ ³'HLQ 3UREOHP LVW VDJWH 5KRGDQ WHLOQDKPVYROO ³GD‰ GX GLU QLFKW VLFKHU ELVW 7RUVWHQV $EVWDPPXQJ YRQ GLU ZLUNOLFK DXVVFKOLH‰HQ ]X N|QQHQ +DEH LFK UHFKW" 5HJLQDOG %XOO ZLQNWH QXU DE XQG ZDUWHWH ELV GHU )UHXQG VHLQ %UR YHUODVVHQ KDWWH (UVWW]WHVLFKVFKZHUDXIGLH3ODWWHGHV$UEHLWVWLVFKHV ³'HU KDW YLHOOHLFKW JXW UHGHQ PXUPHOWH HU ³:HQQ HU LQ HLQH VROFKH 6LWXDWLRQ NlPH %XOO JDE VLFK HLQHQ 5XFN XQG QDKP EHU ,QWHUNRP 9HUELQGXQJ ]X MHQHP %HVXFKHUUDXP DXI LQ GHP GHU 'LSORP0XWDQW EHKDUUOLFK ZDUWHWH 'DV *HVLFKW HLQHUMXQJHQ)UDXHUVFKLHQDXIGHP%LOGVFKLUP ³,VWHUQRFKGD&DUPHQ" ³:HQQGXGHLQHQ8UHQNHOPHLQVWGHUVLW]WKLHUXQGKlOW6HOEVWJHVSUlFKHZHQQ HUQLFKWJHUDGHPLWGHPDQGHUHQUHGHW %XOOVFKOR‰IUHLQHQ0RPHQWGLH$XJHQXQGDWPHWHWLHIGXUFK %DOGZLUGGDVJDQ]H+4+DQVHEHUPLFKODFKHQGDFKWHHU ³:HULVWGHUDQGHUH"NQLUVFKWHHUGXUFKGLH=lKQH ³6RYLHO LFK YHUVWDQGHQ KDEH KDQGHOW HV VLFK XP VHLQHQ 3DUWQHU ,FK ZHUGH DXV GHQEHLGHQQLFKWVFKODX%XOO ³'DQQ EULQJHQ ZLU V KLQWHU XQV 6DJ LKQHQ GD‰ LFK LQ ]HKQ 0LQXWHQ EHL LKQHQ ELQ 8QG &DUPHQ  DOOHLQ 'X NDQQVW GLFK DXI HWZDV JHID‰W PDFKHQ ZHQQ HV DXFKQXUHLQHQHLQ]LJHQ=HXJHQXQVHUHU8QWHUKDOWXQJJLEW ³9HUVWDQGHQ,FKVRUJHGDIU %XOO\VWDUUWHDXIGHQYHUEODVVHQGHQ6FKLUP ³1DFKPHKUDOV]ZHLWDXVHQG-DKUHQPXUPHOWHHU ³'X ZHL‰W DOVR %HVFKHLG IOVWHUWH 7RUVWHQ ' %XOO VHLQHP %HJOHLWHU ]X ³'X Ol‰W PLFK UHGHQ XQG ZHQGHVW QXU GHLQH )lKLJNHLWHQ DQ .HLQ :RUW ZHQQ GX QLFKWJHIUDJWZLUVW ³,VWMDVFKRQJXW 



3RVV )HLQODFN ZLH VHLQ )UHXQG XQG 3DUWQHU $EVROYHQW YRQ 7HOHSRZHU QLFNWH GHP0lGFKHQKLQWHUGHU*ODVVFKHLEHIUHXQGOLFK]X6LHHUZLGHUWHVHLQ/lFKHOQ PLW EHW|UHQGHP $XJHQDXIVFKODJ )U )HLQODFN EHGHXWHWH GLHV GD‰ GLH *HQHUDOSUREHYRU7RUVWHQVJUR‰HP$XIWULWWJHOXQJHQZDU ,P*HJHQVDW]]X7RUVWHQZDU)HLQODFNYRQVHLQHPbX‰HUHQKHUNDXPGHU7\S 0DQQGHPGLH)UDXHQKHU]HQ]XIORJHQ:HQQGLHVGHQQRFKJHVFKDKVRODJGLHV HEHQDQVHLQHUJDQ]VSH]LHOOHQ%HJDEXQJ ,Q1HLGKDPPHONUHLVHQQDQQWHPDQ3RVVHLQHQ³9RUJHVHW]WHQEHHLQIOXVVHUZDV VHLQHQ*UXQGGDULQKDWWHGD‰HUHVDOOHLQNUDIWVHLQHU$XVVWUDKOXQJVFKDIIWHVLFK DOOH 7UHQ XQG 7RUH DXI]XVWR‰HQ 6R KlWWH HU LQ MHGHP QRUPDOHQ %HUXI LQ NU]HVWHU=HLW.DUULHUHPDFKHQN|QQHQ'RFK3RVV)HLQODFNXQG7RUVWHQ'%XOO KDWWHQDQGHUH3OlQH =XVDPPHQVRPHLQWHQVLHZDUHQVLHHLQXQVFKODJEDUHV*HVSDQQ'DUDQlQGHUWH DXFKGLH7DWVDFKHQLFKWVGD‰VLHVLFKHLQH=HLWODQJPLWQXUEHVFKHLGHQHP(UIROJ DOV 3ULYDWGHWHNWLYH YHUVXFKW KDWWHQ 'DV ZDU HEHQ YRU GHP %HVXFK GHU 0XWDQWHQVFKXOHJHZHVHQ 7RUVWHQ VWLH‰ GHQ 3DUWQHU PLW GHP (OOERJHQ DQ DOV VLFK GLH 7U GHV %HVXFKHUUDXPV |IIQHWH LQ GHP QRUPDOHUZHLVH +DQGHOVSDUWQHU GHU .RVPLVFKHQ +DQVHYRQGHQIUVLH]XVWlQGLJHQ,QVSHNWRUHQHPSIDQJHQZXUGHQ 5HJLQDOG %XOO VWDQG LP (LQJDQJ XQG VFKLHQ IU 0RPHQWH ]X ]|JHUQ QlKHU]XWUHWHQ'DQQNDPHUPLWDXVJHVWUHFNWHU+DQGDXIGLHEHLGHQ:DUWHQGHQ ]X+LQWHULKPVFKOR‰VLFKGLH7U7RUVWHQVWDQGDXIXQGHUJULIIGLHGDUJHERWHQH +DQG ³7RUVWHQ'%XOOZLHLFKDQQHKPHVDJWHGHU$NWLYDWRUWUlJHU ³,QK|FKVWHLJHQHU3HUVRQHUZLGHUWHGHU'LSORP0XWDQW ³8QGGLHVLVW3RVV)HLQODFNPHLQ)UHXQGXQG3DUWQHU %XOO EHJU‰WH DXFK LKQ HLQ ZHQLJ VWHLI EHGHXWHWH GHQ *lVWHQ VLFK ZLHGHU ]X VHW]HQXQGOLH‰VLFKVHOEVWLQHLQHQ6HVVHOIDOOHQ (U OHJWH GLH )LQJHU EHLGHU +lQGH DQHLQDQGHU XQG EOLFNWH EHU GDV VR JHELOGHWH 'UHLHFN .XU]PXVWHUWHHUGLHEHLGHQ0lQQHU 6HLQDQJHEOLFKHU1DFKIDKUHZDUHWZDHLQ0HWHU QHXQ]LJJUR‰XQGVFKODQN1LFKWQXUVHLQHEOLW]VDXEHUH.OHLGXQJZLUNWHNRUUHNW (LQ IHLQHV /lFKHOQ XPVSLHOWH 7RUVWHQV 0XQGZLQNHO DOV HU %XOOV %OLFNHQ VWDQGKLHOW'DVDOOHVZLUNWHXQJODXEOLFKGLV]LSOLQLHUW %XOOVFKlW]WHVHLQ$OWHUDXIXQJHIlKU-DKUHYLHOOHLFKW]ZHLGUHL-DKUHPHKU 6HLQ*HVLFKWZDUDEVROXWPDNHOORVVRDOVKlWWHHUPHKUHUHNRVPHWLVFKH2SHUD WLRQHQ KLQWHU VLFK JHEUDFKW 'D]X SD‰WH GDV VFKZDU]H NXU] JHVFKQLWWHQH XQG JHVFKHLWHOWH +DDU 9HUPXWOLFK JLQJ YRQ LKP GHU 'XIW DXV GHU %XOO DQ GLH )ULVHXUVDORQVOlQJVWYHUJDQJHQHU=HLWHQHULQQHUWH 3RVV )HLQODFN GDJHJHQ ZDU ]ZDQ]LJ =HQWLPHWHU NOHLQHU XQG ]LHPOLFK UXQGOLFK 0DQ VDK LKP DQ GD‰ HU NHLQ .RVWYHUlFKWHU ZDU (V ZDUHQ GLH $XJHQ GLH DXV VHLQHPHWZDV]XIHWWHQ*HVLFKWKHUYRUVWDFKHQXQGGLH%XOOXQZLOONUOLFKLQLKUHQ %DQQ]RJHQ 



:DV HU YRQ 7RUVWHQ ' ]X KDOWHQ KDWWH ZX‰WH %XOO QRFK QLFKW 'LHVHU 3RVV )HLQODFNKLQJHJHQZDULKPDXI$QKLHEV\PSDWKLVFK ³$OVR EHJDQQ HU ³(LQLJHV ZROOHQ ZLU JOHLFK ]X %HJLQQ NODUVWHOOHQ (UVWHQV KDEH LFK QLFKW YLHO =HLW IU HXFK XQG ]ZHLWHQV JODXEH LFK GD‰ GX HLQHP 6FKZLQGHO  DXI JHVHVVHQ ELVW 7RUVWHQ (V LVW Y|OOLJ XQP|JOLFK GD‰ GX HLQ 1DFKNRPPHYRQPLUELVW ³,FKZLGHUVSUHFKHGLUQXUXQJHUQDQWZRUWHWH7RUVWHQ³'DVYRQPLUEHDXIWUDJWH ,QVWLWXWLVW]ZHLIHOORVVHUL|V,FKKDEHKLHU %XOOZLQNWHVFKQHOODEDOVHUGHQ6WDSHO8UNXQGHQDXIGHP7LVFKOLHJHQVDK ³,FK KDEH PLU GDV VFKRQ DQJHVHKHQ :LH NDPVW GX EHUKDXSW GD]X DXI $KQHQIRUVFKXQJ]XJHKHQ" ³:LHLFKGD]XNDP"'LH)UDJHVFKLHQGHQMXQJHQ0DQQ]XYHUZXQGHUQ³1XQ LFKKHL‰H%XOO'DVVDJWHHUPLWGHUJU|‰WHQ6HOEVWYHUVWlQGOLFKNHLW'LH)DVVXQJ EHZDKUHQUHGHWHVHLQEHUKPWHU1DPHQVYHWWHUVLFK]X1LFKWGLH%HKHUUVFKXQJ YHUOLHUHQ 9LHOOHLFKW KlWWH HU )HOOPHU /OR\G KLQ]X]LHKHQ VROOHQ XP LKQ HLQ ZHQLJLQGHQ*HGDQNHQVHLQHV*HJHQEHUVOHVHQ]XODVVHQ*XFN\VFKLHGGD]X DXV ZHLO HU ]XP HLQHQ DXI 7HOHSRZHU0XWDQWHQ QLFKW PHKU DQVSUHFKEDU ZDU XQG ]XP DQGHUHQ GDQQ HQGOLFK HWZDV JHIXQGHQ KlWWH PLW GHP HU LKP ELV ]XP (QGHVHLQHV/HEHQVDXI]LHKHQNRQQWH %XOO HQWVFKOR‰ VLFK GD]X $KQHQIRUVFKXQJ VHLQ ]X ODVVHQ XQG RKQH ODQJH 8PVFKZHLIHDXIGDVZLUNOLFKH$QOLHJHQGHUEHLGHQ]XNRPPHQ ³1HKPHQ ZLU HLQPDO DQ HV ZUGH VWLPPHQ XQG GX ZlUVW WDWVlFKOLFK HLQ 8UHQNHO YRQ PLU 'DQQ JODXEVW GX DOVR *UR‰YDWHU %XOO ZUGH GLU QXQ GLH *HOHJHQKHLWJHEHQGHLQHEHL7HOHSRZHUHUOHUQWHQ)lKLJNHLWHQLQGHQ'LHQVWGHU 0HQVFKKHLW]XVWHOOHQ6RLVWHVGRFKRGHU" ³1LFKW JDQ] ZXUGH HU EHOHKUW ³1DWUOLFK ZLOO XQG NDQQ LFK QLFKW OHXJQHQ JHZLVVH YHUZDQGWVFKDIWOLFKH %H]LHKXQJHQ DXVQW]HQ ]X ZROOHQ ZDV GX ELWWH QLFKWIDOVFKYHUVWHKHQP|FKWHVW ³2KQHLQVHXI]WH%XOO³*DQ]VLFKHUQLFKW 7RUVWHQEOLFNWHLKQ]ZHLIHOQGDQ ³,FK NDP LQ GHU +RIIQXQJ KLHUKHU GD‰ GX GLFK GDUEHU IUHXHQ ZUGHVW HLQHQ 1DFKNRPPHQ]XWUHIIHQQDFKVRODQJHU=HLW ³,FKIUHXHPLFKLUUVLQQLJEUXPPWH%XOO *OHLFK GDUDXI YHUZQVFKWH HU VLFK VFKRQ IU GLH HWZDV ]X EDUVFK DXVJHIDOOHQH $QWZRUW:HQQGLHVHU-QJOLQJQXQZLUNOLFK" 3RVV)HLQODFNEOLFNWHLKQDXVVHLQHQKHOOEODXHQ$XJHQDQXQG%XOO\V6\PSDWKLH IUGLHVHQZXFKV ³(VVWLPPWHQLFKWJDQ]ZDVGXVDJWHVWIXKU7RUVWHQIRUW³%HL7HOHSRZHUNDQQ QLHPDQGHLQIDFKHLQHSDUDQRUPDOH)lKLJNHLWHUOHUQHQ'DQQN|QQWHMDMHGHU+LQ] XQG .XQ] GDKHUNRPPHQ XQG VLFK PLW HLQHP 'LSORP LQ GHU +DQG DOV 0XWDQW DXVJHEHQ 0DQ PX‰ VFKRQ JHZLVVH 9RUDXVVHW]XQJHQ PLWEULQJHQ  VFKOXPPHUQGH.UlIWHZHQQGXYHUVWHKVW ³,FKYHUVWHKH8QGZDVELVWGXQXQ",FKPHLQHZDVNDQQVWGX" 7RUVWHQULFKWHWHVLFKNHU]HQJHUDGHDXIXQGEHKDXSWHWHY|OOLJHUQVW 



³,FKKDEHPHLQ'LSORPDOV0DWHULHXPIRUPHUXQG3UlNRJQRVWLNHU'DVKHL‰WLFK ELQLQGHU/DJHHLQPDO0DWHULHIDVWMHGHU$UWDOOHLQPLWGHQ.UlIWHQPHLQHV*HL VWHV XP]XIRUPHQ XQG ]XP ]ZHLWHQ JHZLVVH (UHLJQLVVH YRUDXV]XWUlXPHQ GLH VLFKLUJHQGZDQQLQGHUQDKHQ=XNXQIWGDQQDXFKZLUNOLFKVRDEVSLHOHQZHUGHQ ZLHLFKVLHYRUPHLQHPJHLVWLJHQ$XJHVDK ³$OOH:HWWHUHQWIXKUHV%XOO³$OVRHLQ'RSSHOPXWDQW 6FKRQ ZLHGHU JULII 7RUVWHQ QDFK GHQ 8UNXQGHQ DXI GHP 7LVFK %XOO QDKP VLH HQWJHJHQXQGQLFNWHQDFKGHQNOLFK ³(LQH GXUFK H[WUHPH +LW]HHLQZLUNXQJ GHIRUPLHUWH 0HWDOOHLWHU ZLHGHU JHUDGH JHERJHQ ODV HU YRU ³$XV ]ZDQ]LJ 0HWHU (QWIHUQXQJ $OOHUKDQG (LQH 8KU DQJHKDOWHQ 8QG KLHU *HWUlXPW ZHOFKH /RVQXPPHU EHL GHU OHW]WHQ 7RPEROD ]XJXQVWHQ HUKROXQJVEHGUIWLJHU 5DXPYHWHUDQHQ JH]RJHQ ZHUGHQ ZUGH  ]ZHLHLQKDOE:RFKHQLPYRUDXV(UEOLFNWHDXI³,FKGDFKWHXQVHUH9HWHUDQHQ KlWWHQ DOOHV ZDV VLH ]XP /HEHQ XQG *OFNOLFKVHLQ EUDXFKHQ $EHU GDV JHK|UW QLFKWKLHUKHU7RUVWHQELVWGXZRKOLQGHU/DJHPLUHLQHNOHLQH'HPRQVWUDWLRQ GHLQHU)lKLJNHLWHQ]XJHEHQ" ³,FKZLOO VYHUVXFKHQHUNOlUWHGHU0DQQYRQ7HOHSRZHU (UGUHKWHVLFK]XU7UHQQVFKHLEHXPKLQWHUGHUGDV0lGFKHQLQGHUOLQGJUQHQ .RPELQDWLRQGHU.RVPLVFKHQ+DQVHJHUDGHGDEHLZDU$QUXIHHQWJHJHQ]XQHK PHQXQG*HVSUlFKH]XYHUPLWWHOQ ³,FK P|FKWH GLFK GDUDXI DXIPHUNVDP PDFKHQ VDJWH 7RUVWHQ ' %XOO ³GD‰ OHLFKWHU 6DFKVFKDGHQ HQWVWHKHQ NDQQ ³'DIU KDW GLH +DQVH GRFK VLFKHU HLQHQ )RQGVPHLQWH3RVV³1LFKWZDKU%XOO\"(LQHQ6RQGHUIRQGV]XU)|UGHUXQJGHV 0XWDQWHQQDFKZXFKVHV ³-DMDK|UWHGHU$NWLYDWRUWUlJHUVLFKVDJHQ (U EHREDFKWHWH GHQ MXQJHQ 0DQQ GHU QXQ GLH $XJHQ VFKOR‰ XQG PLW GHQ )LQJHUVSLW]HQEHLGHU+lQGHVHLQH6FKOlIHQEHUKUWH ³(UNRQ]HQWULHUWVLFKIOVWHUWH)HLQODFN 9RQDOOHLQZlUHLFKQLFKWGDUDXIJHNRPPHQGDFKWH%XOO8QGHUHUWDSSWHVLFK GDEHL ZLH HU 7RUVWHQ ' DOOHV P|JOLFKH ZQVFKWH  QXU NHLQHQ (UIROJ ZRULQ GLHVHUDXFKLPPHUEHVWHKHQVROOWH (UYHUVWDQGQLFKWZHVKDOEHUVLFKJOHLFKGDUDXIZLHGHU6HOEVWYRUZUIHPDFKWH (UEHJULIIHVZLUNOLFKQLFKW ³$FKWXQJVDJWHGHU'LSORP0DWHULHXPIRUPHU³-HW]W 'DV0lGFKHQVFKULHDXIDOVGLH7UHQQVFKHLEHEDUVW0LWJUR‰HQ$XJHQVDK%XOO ZLH7DXVHQGHZLQ]LJHU.ULVWDOOHDXIGHQ7HSSLFKUHJQHWHQ 7RUVWHQ OlFKHOWH LKQ DQ ZlKUHQG VHLQ 3DUWQHU GHP 0lGFKHQ ]XQLFNWH XQG HQWVFKXOGLJHQGGLH6FKXOWHUQ]XFNWH ³'DV PDFKW JDU QLFKWV K|UWH %XOO VLH VDJHQ ³%HLP QlFKVWHQPDO JHEW QXU YRUKHU%HVFKHLG :DVJLQJKLHUHLJHQWOLFKYRU" 7RUVWHQUlXVSHUWHVLFK ³6ROOLFKGLUDXFKHLQH.RVWSUREHPHLQHUDQGHUHQ)lKLJNHLWHQJHEHQ"IUDJWHHU DQ ³'HU =HLWSXQNW ZlUH JQVWLJ GHQQ JHUDGH LQ GHU OHW]WHQ 1DFKW KDWWH LFK 



HLQHQ7UDXPLQGHPDXFKGXYRUNDPVW %XOOZLQNWHVFKQHOODE ³'DQNH,FKNDQQPLUVFKRQGHQNHQZDVGXJHWUlXPWKDVW,FKVFKLFNWHGLFKPLW HLQHPXQVHUHU6FKLIIHLQGHQ:HOWUDXP ³*HQDXGDVXQG]ZDU]XHLQHP3ODQHWHQDXIGHPGXHLQLJH0DOHGHLQHQ8UODXE YHUEUDFKWKDVW ³'DJLEW VHLQH0HQJH3ODQHWHQ )HLQODFNVDKLKQDQ(UVDKLKQQXUDQ 5HJLQDOG %XOO HUKRE VLFK XQG JLQJ HLQLJH 0DOH LP 5DXP DXI XQG DE GDUXP EHPKWGHQ%OLFNHQGHV8QWHUVHW]WHQDXV]XZHLFKHQ :DV YHUJDE HU VLFK HLJHQWOLFK ZHQQ HUGLHEHLGHQGHPQlFKVWEHVWHQ0XWDQWHQ ]XWHLOWH GHU GLH (UGH YHUOLH‰" 'LH *DOD[LV ZDU UXKLJ .RQIOLNWKHUGH JDE HV DXJHQEOLFNOLFK VR JXW ZLH NHLQH PHKU $OOH SDDU :RFKHQ EHVXFKWHQ /OR\G 7VFKXEDL RGHU DQGHUH HLQH GHU EHIUHXQGHWHQ :HOWHQ XP DOWH .RQWDNWH DXI]XIULVFKHQRGHUQHXH+DQGHOVEH]LHKXQJHQLQGLH:HJH]XOHLWHQ $XI HLQHU VROFKHQ *RRGZLOO7RXU NRQQWHQ GLH EHLGHQ 0|FKWHJHUQ0XWDQWHQ NHLQHQ6FKDGHQDQULFKWHQ9LHOOHLFKWNRQQWHHUHVPLW)HOOPHURGHUZHULPPHU GLH EHLGHQ XQWHU VHLQH )LWWLFKH ]X QHKPHQ KDWWH  VR DEVSUHFKHQ GD‰ VLH GDEHL JDQ]QHEHQEHLVRYLHOUDXKH:HOWUDXPOXIWXPGLH2KUHQEHNDPHQGD‰LKQHQHLQ IUDOOHPDOGLH/XVWDXI$EHQWHXHUYHUJLQJ (WZDV LUULWLHUWH LKQ GD‰ 7RUVWHQ WDWVlFKOLFK GLH VWDUNH .XQVWJODVVFKHLEH KDWWH EHUVWHQODVVHQN|QQHQQXULQGHPHUVLFKDXIVLHNRQ]HQWULHUWH6WHFNWHDOVRDP (QGHGRFKPHKULQLKPDOVHUHVVLFKMHW]W]XJHEHQZROOWH" 'LHVHU 3RVV )HLQODFN VFKLHQ HLQ EUDXFKEDUHU 0DQQ ]X VHLQ  ]ZDU QLFKW DOV 0XWDQWDEHUYLHOOHLFKWLQGHU+DQVH9HUZDOWXQJ" %XOO\ QLFNWH 6HLQH ,GHH JHILHO LKP 6R EHNDPHQ GLH EHLGHQ LKUHQ :LOOHQ VLH ZUGHQLKUH,OOXVLRQHQVFKQHOOYHUOLHUHQXQGHUKDWWHVHLQH5XKH ³,FK VDJH GLU HWZDV 7RUVWHQ 'X XQG GHLQ )UHXQG JHKW DQ %RUG GHV QlFKVWHQ 6FKLIIHV GDV HLQHQ (LQVDW] XQWHU 0XWDQWHQEHWHLOLJXQJ IOLHJW 'DQQ KDEW LKU *HOHJHQKHLWJHQXJ]X]HLJHQZDVLQHXFKVWHFNW 7RUVWHQ VSUDQJ DXI VWDUUWH GHQ 3DUWQHU DQ GDQQ VHLQHQ YHUPHLQWOLFKHQ 8UDKQ )U $XJHQEOLFNH JDE HU VHLQH VRQVW VR SHUIHNW ]XU 6FKDX JHWUDJHQH K|IOLFKH =XUFNKDOWXQJDXI ³'DVGDVLVWGHLQ(UQVW":LUGUIHQZLUNOLFK" ³,KU GUIW $OOHUGLQJV ZLOO LFK KRIIHQ GD‰ LKU PLU NHLQH 6FKDQGH EHUHLWHW ,PPHUKLQVWHKWPHLQJXWHU1DPHDXIGHP6SLHO ³:LUZHUGHQXQVLKPZUGLJHUZHLVHQYHUVSUDFK7RUVWHQ³*DQ]EHVWLPPW'X ZLUVWHVQLFKWEHUHXHQXQVGLHVH&KDQFHJHJHEHQ]XKDEHQ ³:LUZHUGHQVHKHQ %XOO VFKWWHOWH EHLGHQ ]XP $EVFKLHG GLH +DQG QDFKGHP HU YHUVLFKHUQ PX‰WH LKQHQUHFKW]HLWLJ%HVFKHLG]XJHEHQ8PVRIRUWHLQVDW]EHUHLW]XVHLQKDWWHQVLH VLFKLQHLQHP+RWHOJDQ]LQGHU1lKHGHV+4+DQVHHLQTXDUWLHUW =XUFNLQVHLQHP%URLP]ZHL.LORPHWHUGXUFKPHVVHQGHQ.HUQGHV+4OLH‰ VLFK5HJLQDOG%XOOVFKZHULQHLQHQGHU%HVXFKHUVHVVHOIDOOHQ(UZDUQLFKWPHKU 



VRVHKUGDYRQEHU]HXJWHLQHZHLVH(QWVFKHLGXQJJHWURIIHQ]XKDEHQ :DV KDWWH 7RUVWHQ PLW GHP 3ODQHWHQ JHPHLQW DXI GHP HU VHLQHQ 8UODXE YHUEUDFKWKDWWH" %HVD‰ HU ZDKUKDIWLJ SDUDQRUPDOH )lKLJNHLWHQ" 1DWUOLFK NRQQWH GDV PLW GHP )HQVWHUDXFKHLQ7ULFNJHZHVHQVHLQGHQ7RUVWHQXQGVHLQ)UHXQGLQHLQHPXQ EHREDFKWHWHQ$XJHQEOLFNYRUEHUHLWHWKDWWHQ %XOOULHI7HUUD,QIRDQXQGHUNXQGLJWHVLFKGDQDFKZLHYLHOH0HQVFKHQPLWGHP 1DPHQ%XOO]XU=HLWDXIGHU(UGHOHEWHQ 'DV(UJHEQLVYHUVHW]WHLKQLQ(UVWDXQHQ ³1XUHLQKXQGHUWGUHL]HKQ"YHUJHZLVVHUWHHUVLFK³(LQKXQGHUWGUHL]HKQYRQ]HKQ .RPPDYLHU0LOOLDUGHQ" 'LH $XVNXQIW ZXUGH EHVWlWLJW %XOO OHKQWH VLFK ]XUFN XQG VWDUUWH HLQH 6WHUQHQNDUWH DQ RKQH GLH YLHOHQ /HXFKWSXQNWH XQG IDUELJHQ 0DUNLHUXQJHQ GDUDXIZLUNOLFKEHZX‰WZDKU]XQHKPHQ .RQQWH HV P|JOLFK VHLQ" (U KDWWH VHLQ ODQJHV /HEHQ QLFKW LQ (QWKDOWVDPNHLW YHUEUDFKW0LULDP"'HQLVH" 9HUGDPPWZLHKLH‰HQVLHQRFKDOOH8QGDX‰HUGHPKlWWHVLFKGLH0XWWHUJDQ] EHVWLPPWJHPHOGHWIDOOV ³:DVIUHLQ8QVLQQNQXUUWHHU³$QGLHVHUJDQ]HQ*HVFKLFKWHLVWQLFKWVGUDQ (LQKXQGHUWGUHL]HKQ%XOOVJLEWHVQRFK'LH%XOOVVWHUEHQDXVXQGDXVJHUHFKQHW HLQHU YRQ LKQHQ PX‰ VLFK LQ GHQ .RSI VHW]HQ ]X +|KHUHP EHUXIHQ ]X VHLQ +HUUMHKNRQQWHHUQLFKW&RPSXWHUVSH]LDOLVWEOHLEHQRGHUZDVZDUHU" (UZROOWHHVMHW]WJDQ]JHQDXZLVVHQ7RUVWHQV/HEHQVODXIZDUPLWGHQDQGHUHQ )ROLHQLQGHQ$EIDOOYHUQLFKWHUJHZDQGHUW 7HUUD,QIRPX‰WHLKPQRFKHLQPDODXVKHOIHQXQGGDEHLNRQQWHHUJOHLFK]HLWLJ 7RUVWHQV$EVWDPPXQJ]XUFNYHUIROJHQODVVHQ :HQLJH 0LQXWHQ VSlWHU ZDU HU XP HLQH +RIIQXQJ lUPHU 7RUVWHQ ' ZDU &RPSXWHUVSH]LDOLVW JHZHVHQ XQG GD]X NHLQ VFKOHFKWHU EHYRU HU 3RVV )HLQODFN NHQQHQOHUQWH XQG PLW GLHVHP ]XVDPPHQ GLH 'HWHNWHL %XOODFN JUQGHWH 6HLQH $EVWDPPXQJMHGRFKYHUORUVLFKLP'XQNHO 8QGHLQLJH6WXQGHQVSlWHUYHUZQVFKWHVLFK%XOOGDIUGHQEHLGHQ4XlOJHLVWHUQ VRVFKQHOOQDFKJHJHEHQ]XKDEHQ 'DVZDUDOVGHU1RWUXIYRQ)DLU\WDOHHLQJLQJ ³,FKGDFKWHGDVLQWHUHVVLHUWGLFKVDJWHGHU+DQVH6SH]LDOLVWGHUVLFKGHU6DFKH DQJHQRPPHQKDWWH³)DLU\WDOHLVWGRFKGHU3ODQHWDXIGHPGXDEXQG]XGHLQHQ 8UODXEYHUEULQJVWXQGHLQLJHJXWH%HNDQQWHKDVW ³'X VLHKVW QLFKW JXW DXV VWHOOWH )HOOPHU /OR\G QFKWHUQ IHVW ³$XFK HLQ =HOODNWLYDWRUWUlJHUEUDXFKWKLQXQGZLHGHUHWZDV6FKODI%XOO ³$FKZDVZHL‰WGXGHQQ$EHUGXZLUVWEDOGDXFKQLFKWYLHOEHVVHUDXVVHKHQ %XOO WLSSWH PLW GHP =HLJHILQJHU DXI GLH 3ODWWH GHV JUR‰HQ UXQGHQ 7LVFKHV XP GHQ DX‰HU LKP XQG /OR\G QRFK 5DV 7VFKXEDL XQG HLQLJH VHLQHU 0LWDUEHLWHU VD‰HQGDUXQWHU]ZHL+DQVH6SH]LDOLVWHQGLHVLFKZHQLJHUXPGDV)ORULHUHQGHV +DQGHOV PLW DQGHUHQ 6WHUQHQY|ONHUQ ]X NPPHUQ KDWWHQ VRQGHUQ YLHOPHKU $XJHQ XQG 2KUHQ QDFK $Q]HLFKHQ YRQ $NWLYLWlWHQ GHU 6XSHULQWHOOLJHQ] 6HWK 



$SRSKLVRIIHQ]XKDOWHQKDWWHQ9RUJHQDX-DKUHQJOHLFKVDP]X%HJLQQGHU QHXHQ=HLWUHFKQXQJKDWWH(6HLQHQZHLWHUHQ7HLOMHQHV6FKOHLHUVJHOIWHWKLQWHU GHP NRVPLVFKH *HKHLPQLVVH XQG =XVDPPHQKlQJH YHUERUJHQ ZDUHQ GLH GHQ 0HQVFKHQDQVFKHLQHQGQXULQNOHLQHQ'RVHQRIIHQEDUWZXUGHQ 'LHVH YRUHUVW OHW]WH 'RVLV DOOHUGLQJV KDWWH HV LQ VLFK JHKDEW 9RQ HLQHU NRVPLVFKHQ %HVWLPPXQJ GHU 0HQVFKKHLW ZDU GHXWOLFKHU GHQQ MH GLH 5HGH JHZHVHQXQGYRQGHUVFKZHOHQGHQ$XVHLQDQGHUVHW]XQJ]ZLVFKHQ(6XQG6HWK $SRSKLV 'LH EHIUHXQGHWH 6XSHULQWHOOLJHQ] KDWWH 3HUU\ 5KRGDQ hEHUJULIIH YRQ 6HWK $SRSKLV XQG GHUHQ +HOIHUQ DXFK DXI GLH 0LOFKVWUD‰H XQG GLH 1DFKEDUJDOD[LHQ YRUDXVJHVDJW *OHLFK]HLWLJ ZDU DQ LKQ GLH $XIIRUGHUXQJ HUJDQJHQ GLH .RVPLVFKH +DQVH ]X JUQGHQ KLQWHU GHUHQ RIIL]LHOOHU )XQNWLRQ DOV JDOD[LVXPVSDQQHQGH+DQGHOVRUJDQLVDWLRQVLFKLKUHHLJHQWOLFKH$XIJDEHYHUEDUJ GHP :LUNHQ YRQ 6HWK$SRSKLV DXI GLH 6SXU ]X NRPPHQ XQG GHQ QHJDWLYHQ %HVWUHEXQJHQGLHVHU6XSHULQWHOOLJHQ](LQKDOW]XJHELHWHQ 'DYRQ MHGRFK ZX‰WHQ ELVODQJ QXU ZHQLJH (LQJHZHLKWH XQG HEHQ GLH +DQVH 6SH]LDOLVWHQ GLH DXI DOOHQ +DQGHOVVWW]SXQNWHQ XQG ZLFKWLJHQ :HOWHQ GHU .+ GXUFKHLQHRGHUPHKUHUH3HUVRQHQYHUWUHWHQZDUHQ 'DUDQ PX‰WH 5HJLQDOG %XOO GHQNHQ DOV HU GLH EHLGHQ 6SH]LDOLVWHQ DQVDK ,KUH $QZHVHQKHLWKLHUKDWWHQLFKWYLHO]XEHGHXWHQ(VZDU5RXWLQH'LHEHIUFKWHWHQ hEHUJULIIH YRQ 6HWK$SRSKLV RGHU GHUHQ +LOIVY|ONHUQ ZDUHQ ELVKHU DXVJHEOLHEHQXQGPDQFKHLQHUGHU(LQJHZHLKWHQJDEVLFKEHUHLWVGHU+RIIQXQJ KLQGD‰(6DOOHLQPLWGHP*HJQHUIHUWLJZHUGHQZUGH $XFK DXI )DLU\WDOH EHIDQG VLFK HLQH +DQVH6SH]LDOLVWLQ 7DVV\D &RUOLQ GLH VWHOOYHUWUHWHQGH/HLWHULQGHV.RQWRUV 6HWK$SRSKLV LVW NHLQ 7KHPD ZLVFKWH %XOO GLHVH *HGDQNHQ EHLVHLWH %HGURKXQJHQ ZLH GLH GLH QXQ GHP 3ODQHWHQ ]X JHOWHQ VFKLHQ KDWWH HV LPPHU JHJHEHQ :R NlPH PDQ KLQ ZHQQ PDQ LQ HLQHU EHJLQQHQGHQ +\VWHULH DOOHV GLHVHU0DFKWLQGLH6FKXKHVFKLHEHQZUGH 6HLQH +DQG ODJ QRFK DXI GHQ )ROLHQ GLH YRU LKP DXI GHP 7LVFK DXVJHEUHLWHW ZDUHQ ³,KUKDEWGLH%HULFKWHDOOHYRUOLHJHQVDJWHHU³1DFKGHPLFKLQ]ZLVFKHQVHOEVW EHU +\SHUIXQN PLW 7DVV\D &RUOLQ XQG HLQLJHQ /HXWHQ YRQ GHU $GPLQLVWUDWLRQ DXI )DLU\WDOH VSUDFK HUJLEW VLFK IU XQV IROJHQGHV %LOG (V KDW VLFK DOV XQP|JOLFKHUZLHVHQGLH$VWHURLGHQEDKQHQ]XEHHLQIOXVVHQ*HVFKHLWHUWLVWDXFK GHU 9HUVXFK LQ GLHVHQ 6FKZDUP HLQ]XGULQJHQ XQG DXI HLQHP GHU %URFNHQ ]X ODQGHQ 'LH 5DXPIDKUHU GLH LKQ XQWHUQDKPHQ VWLH‰HQ DXI HLQH XQVLFKWEDUH *UHQ]H HLQH $UW $EZHKUIHOG GDV GHQ 6FKZDUP ZLH HLQH JHZDOWLJH %ODVH XPJLEW ³(LQH $UW $EZHKUIHOG" IUDJWH 5DV 7VFKXEDL GHU HLQHQ 6FKUHLEVWLIW ]ZLVFKHQ GHQ)LQJHUQGUHKWH %XOOQLFNWH ³(V Ol‰W VLFK QLFKW DQPHVVHQ ZLH EHUKDXSW NHLQH (QHUJLHHPLVVLRQHQ EHL GHP $VWHURLGHQVFKZDUP IHVW]XVWHOOHQ VLQG 'DV LVW YLHOOHLFKW GDV 9HUZLUUHQGVWH DQ 



GHUJDQ]HQ6DFKHGHQQYRQDOOHLQNHKUWHQGLHDXVGHP6FKZDUPKHUDXVJHO|VWHQ %URFNHQQLFKWDQLKUHDOWH3RVLWLRQ]XUFN,Q]ZLVFKHQZXUGHQDXI)DLU\WDOHGLH JHZDJWHVWHQ 6SHNXODWLRQHQ DQJHVWHOOW EHU GLH ZLU XQV KLHU QLFKW DXVODVVHQ VROOWHQZHLOHVXQVOHW]WOLFKQXUEHKLQGHUQZUGHZHQQZLUXQVLQLUJHQGHWZDV KLQHLQYHUVWHLJHQ ZUGHQ 9RU DOOHP KDEHQ GLH %HZRKQHU )DLU\WDOHV $QJVW ,KQHQ EOHLEHQ YRQ KHXWH DQ QRFK JDQ]H  7DJH IDOOV HV QLFKW JHOLQJW GHQ 6FKZDUPDQGHP3ODQHWHQYRUEHL]XOHQNHQ (UOHKQWHVLFKLP6LW]]XUFN ³+LHU]X)UDJHQ" )HOOPHU/OR\GOlFKHOWH ³%XOO\GXKDVWGLH*DEHGLH$QWZRUWHQOlQJVWLPYRUDXV]XJHEHQ:LUVROOWHQ XQVGHU6DFKHDQQHKPHQVRQVWKlWWHVWGXXQVQLFKWNRPPHQODVVHQ ³$OVRNHLQH6FKLIIHGLHEHVVHUDXVJHUVWHWVLQGDOVGLH.RJJHQGHV.RQWRUVDXI )DLU\WDOHXQGYLHOOHLFKWGRFKPLWWHFKQLVFKHQ0LWWHOQGHQ.XUVGHV6FKZDUPHV YHUlQGHUQN|QQWHQ"IUDJWHHLQHUGHU6SH]LDOLVWHQ ³1HLQVDJWH%XOO³,FKWHLOHGLH$QVLFKWGHU$GPLQLVWUDWLRQGD‰VLFKGDGXUFK QLFKWV DXVULFKWHQ OLH‰H 'D‰ $VWHURLGHQ QDFK YLHOOHLFKW +XQGHUWWDXVHQGHQ YRQ -DKUHQ VR SO|W]OLFK XQG DXVJHUHFKQHW YRU GHP +DUOHV6\VWHP LKUH %DKQHQ lQGHUQKDWNHLQHQDWUOLFKH8UVDFKH$XFKGDULQPX‰LFKPLFKGHU0HLQXQJGHU GRUWLJHQ:LVVHQVFKDIWOHUDQVFKOLH‰HQ(UZDQGWHVLFKDQGLHEHLGHQ0XWDQWHQ ³,KU QHKPW GDV LQ GLH +DQG 5DV XQG )HOOPHU :HQQ LFK QLFKW ]XP *$9g. )RUXPP‰WHZUGHLFKVHOEVWPLWIOLHJHQ'D‰LFKHLQSHUV|QOLFKHV,QWHUHVVHDQ )DLU\WDOH KDEH KDW VLFK MD LQ]ZLVFKHQ KHUXPJHVSURFKHQ ,KU EUHFKW XPJHKHQG DXI XQG YHUVXFKW GHQ *UXQG GHU .XUVlQGHUXQJ GHV $VWHURLGHQVFKZDUPV KHUDXV]XILQGHQ 'D]X KDEW LKU ]HKQ 7DJH =HLW 6ROOWH ELV GDKLQ NHLQ SRVLWLYHV (UJHEQLVYRQHXFKYRUOLHJHQZHUGHQZLU]XDQGHUHQ0LWWHOQJUHLIHQPVVHQ ³'HQ6FKZDUPYHUQLFKWHQ"HUULHW)HOOPHU ³-D'DQQEHILQGHWHUVLFKQRFKZHLWJHQXJDX‰HUKDOEGHV6\VWHPV(LQHVROFKH 0D‰QDKPH ZLOO LFK DOOHLQ DXV ]ZHL *UQGHQ VR ODQJH ZLH P|JOLFK KLQDXVVFKLHEHQ 'HU HUVWH LVW GD‰ GLH %HZRKQHU )DLU\WDOHV LQ GLHVHQ .|QLJVDVWHURLGHQ HWZDV JDQ] %HVRQGHUHV VHKHQ :LU P‰WHQ ZRKO VHOEVW GRUW JHERUHQ VHLQ XP GLHV ]X YHUVWHKHQ 'D]X NRPPW GLH IDVW UHOLJL|VH 9HUHKUXQJ GHU3IODQ]HQIUGLH$VWHURLGHQ ³0RPHQW5DVKREHLQH+DQG³3IODQ]HQ" ³'LHHLJHQWOLFKHQ,QWHOOLJHQ]HQGHV3ODQHWHQ0HKUGD]XLQGHQ8QWHUODJHQGLH LKU DQ %RUG HXUHV 6FKLIIHV ILQGHQ ZHUGHW 'HU ]ZHLWH *UXQG EHVWHKWGDULQGD‰ ZLU QLFKW DXVVFKOLH‰HQ N|QQHQ GD‰ GLH $VWHURLGHQ WDWVlFKOLFK NHLQH EOR‰HQ +LPPHOVN|USHUVLQG,FKPHLQHGDPLWQLFKWLKU9HUKDOWHQXQGGLH5lWVHOGLHVLH XQV DXIJHEHQ 9LHOOHLFKW ZXUGHQ VLH LQ JUDXHU 9RU]HLW HLQPDO YRQ IUHPGHQ 5DXPIDKUHUQ EHVXFKW XQG DXVJHK|KOW  ZDV ZHL‰ LFK" 'LHV LVW HEHQIDOOV HLQH ZHLWKHUJHKROWH6SHNXODWLRQEHUGLHLKUXQV.ODUKHLWYHUVFKDIIHQVROOW ³,FKYHUVWHKHQLFNWH5DV³:RHLQ5DXPVFKLIIQLFKWPHKUZHLWHUNDQQPX‰GHU 7HOHSRUWHUUDQ ³6RXQJHIlKUZREHLOlQJVWQLFKWJHVDJWLVWGD‰HLQ7HOHSRUWHUGLHVHXQVLFKWEDUH 



%DUULHUHGXUFKGULQJHQNDQQ 5HJLQDOG%XOOHUKREVLFK ³'DV 6FKLII PLW GHP LKU IOLHJHQ ZHUGHW LVW GLH '(752,7 HLQ .UHX]HU GHU 67$5.ODVVH )HOOPHU]RJEHUUDVFKWHLQH%UDXHLQGLH+|KH ³(LQ/)76FKLII" ³,FK KDEH PLW 7LII JHVSURFKHQ 'DV JHKW VFKRQ LQ 2UGQXQJ )DLU\WDOH LVW VHLW ]LUND-DKUHQEHVLHGHOWXQGVWDQGDOOGLHVH-DKUHDXFKLQGHQ=HLWHQJU|‰WHU :LUUHQ WUHX ]XU (UGH 8QVHU +DQGHOVNRQWRU EHVWHKW HUVW VHLW QHXQ]HKQ -DKUHQ ,FK ELQ DOVR GHU 0HLQXQJ GD‰ HV HKHU 6DFKH GHU /)7 DOV GHU .+ LVW GHP +LOIHHUVXFKHQGHU.RORQLVWHQ]XHQWVSUHFKHQ 'LH0XWDQWHQNDPHQXPGHQ7LVFKKHUXP ³:DQQ"IUDJWH5DVQXU ³'LH'(752,7NDQQLQGUHL6WXQGHQVWDUWHQ$FKQRFKHWZDV,KUZHUGHW]ZHL .ROOHJHQPLWQHKPHQ ³:R]XGDV"IUDJWH)HOOPHUYHUZXQGHUW³(WZD*XFN\"2GHU" ³1HXH 0XWDQWHQ )HOOPHU :HQQ GX V JHQDX ZLVVHQ ZLOOVW ]ZHL $EVROYHQWHQ YRQ7HOHSRZHU ³7HOHSRZHUULHI7VFKXEDLDXV³'DVLVWHLQ6FKHU]RGHU"%XOO\GXZLOOVWQLFKW LP (UQVW EHKDXSWHQ ZLU VROOWHQ XQV PLW ]ZHLHQ GLHVHU 'LSORP*DEHOYHUELHJHU KHUXPlUJHUQPVVHQ:DV*XFN\HUOHEWKDWUHLFKWXQV ³/HLGHU PHLQH LFK JHQDX GDV ZDV LFK VDJWH 5DV ,Q HLQHP $QIOXJ JHLVWLJHU 8PQDFKWXQJYHUVSUDFKLFKGHQEHLGHQVLHGHQQlFKVWHQ0XWDQWHQPLW]XJHEHQ GLHHLQHQ(LQVDW]IO|JHQ7UDJHHVPLWGHUJOHLFKHQ)DVVXQJZLHLFK ³8QGZHUVLQGGLHEHLGHQ"ZROOWH)HOOPHUZLVVHQ ³'HUHLQHKHL‰W)HLQODFN3RVV)HLQODFN8QGGHUDQGHUH ³-D" %XOO |IIQHWH GLH 7U XQG WUDW DXI GHQ *DQJ KLQDXV $OV HU VFKRQ ]HKQ 0HWHU JHJDQJHQZDUULHIHURKQHVLFKXP]XGUHKHQ ³%XOO7RUVWHQ'%XOO 'LH0XWDQWHQEOLFNWHQVLFKDQ ³+DVWGXVRHEHQ%XOOYHUVWDQGHQ5DV"IUDJWHGHU7HOHSDWK ³(UVDJWHJDQ]EHVWLPPWGHU]ZHLWH.HUOKHL‰H%XOO *HQDX GUHL 6WXQGHQ VSlWHU YHUOLH‰ GLH '(752,7 GDV 6ROV\VWHP  PLW HLQHU JHPLVFKWHQ0XWDQWHQJUXSSHDQ%RUG   =ZHL 7DJH QDFK GHU HUVFKUHFNHQGHQ (QWGHFNXQJ ZX‰WH GLH gIIHQWOLFKNHLW DXI )DLU\WDOH EHU GLH %HGURKXQJ DXV GHP :HOWUDXP %HVFKHLG :HU GLH QRFK JHKHLPJHKDOWHQHQ%HREDFKWXQJHQDQGLH%HY|ONHUXQJZHLWHUJHJHEHQKDWWHOLH‰ VLFKQLFKWPHKUIHVWVWHOOHQHVZDUDXFKQLFKWPHKUYRQ%HODQJ 'LH.XQGHYHUEUHLWHWHVLFKZLHHLQ/DXIIHXHUXQGGLHLQDOOHU(LOHDEJHJHEHQHQ (UNOlUXQJHQXQG$XIUXIH ]XU %HVRQQHQKHLW YHUPRFKWHQ GLH 0HQVFKHQ QXU ZHQLJ ]X EHUXKLJHQ ,Q GHQ 



)DPLOLHQLQGHQ.RPPXQLNDWLRQV]HQWUHQXQGDQGHQ7KHNHQGHU/RNDOHJDEHV QXUQRFKGDVHLQH*HVSUlFKVWKHPD 'LH.|QLJVDVWHURLGHQVWU]HQDXIXQVHUH:HOW ,Q GHU $GPLQLVWUDWLRQ MDJWH HLQH .ULVHQVLW]XQJ GLH DQGHUH ]X GHU DXFK 7HFRU 0DQDW XQG 7DVV\D &RUOLQ KHUDQJH]RJHQ ZXUGHQ GHUHQ ZDKUH $XIJDEH DXI )DLU\WDOHQLFKWHLQPDOGHP%OXHEHNDQQWZDUJHVFKZHLJHGHQQGHQ)DLU\WDOHUQ VHOEVW 'DQQWUDIGLH1DFKULFKWHLQGD‰HLQ6FKLIIYRQGHU(UGHPLW0XWDQWHQDQ%RUG LQ.U]HHLQWUHIIHQZUGH$XFKGDVNRQQWHGLH*HPWHUQLFKWEHVlQIWLJHQ :DVVRZDUEHUDOOGLH)UDJH]XYHUQHKPHQVROOHQ0XWDQWHQKLHU" 1DFKHLQHUEHIULHGLJHQGHQ$QWZRUWGDUDXIVXFKWHDXFK'DUWH+RURZLW]DOVLKQ 6D\D 'XPDOLQ DQ VHLQHP $UEHLWVSODW] LP ,QVWLWXW EHUUDVFKWH ZR HU ZLHGHU HLQPDOGLHLP2EVHUYDWRULXPJHPDFKWHQ$XI]HLFKQXQJHQGHUOHW]WHQ7DJHYRQ =HQWUDOFRPSXWHUDEULHI 6HLQHQ :XQVFK YRQ NHLQHP 0HQVFKHQ JHVW|UW ]X ZHUGHQ KDWWH VLH ELVODQJ UHVSHNWLHUW1XQDEHUVWDQGVLHYRULKPXQGVFKLHQDP(QGHLKUHU.UlIWH]XVHLQ ³1LFKWVVDJWHHUUHVLJQLHUWXQGIXKUPLWHLQHU+DQGGXUFKLKU+DDUZlKUHQGHU PLWGHUDQGHUHQDXIGDV&RPSXWHUWHUPLQDODXIVHLQHP$UEHLWVWLVFK]HLJWH³,FK ILQGH QLFKWV 6D\D .HLQH 6FKZHUNUDIWTXHOOH GLH DXFK QXU IU 6HNXQGHQ VWDUN JHQXJJHZHVHQZlUHXP ³+|UHQGOLFKDXIPLWGHLQHU6FKZHUNUDIWTXHOOHEDWVLHLKQHUUHJW³'XNDQQVW QRFKVRODQJHGDQDFKVXFKHQXQGZLUVWNHLQHILQGHQZHLOHVNHLQHJDE%HLDOOHQ 3ODQHWHQ'DUWHGXYHUVFKOLH‰WGLFKGHU5HDOLWlW'X]LHKVWGLFKKLQWHU0DXHUQ ]XUFNXQGVLHKVWQLFKWZDVZLUNOLFKYRUJHKW (U VFKDOWHWH GHQ 0RQLWRU DXV XQG VWDUUWH DXI GLH EHVFKULHEHQHQ )ROLHQ YRU LKP DXIGHP7LVFK ³6D\DZDKUVFKHLQOLFKMDJHLFKZLUNOLFKHLQHP3KDQWRPKLQWHUKHU$EHULFKZLOO QLFKWJODXEHQGD‰HLQ3ODQKLQWHUGHU%DKQlQGHUXQJGHV6FKZDUPHVVWHKW:HU ]XP7HXIHOVROOWHHLQ,QWHUHVVHGDUDQKDEHQ)DLU\WDOH]X]HUVW|UHQ 6LH ]RJ VLFK HLQHQ 6WXKO KHUDQ XQG VHW]WH VLFK LKP JHJHQEHU VWW]WH GDV *HVLFKWLQGLH+lQGHXQGEOLFNWHLKQODQJHDQ (V ZDU GXQNHO LP 5DXP 1XU GLH /LFKWHU GHU ,QVWUXPHQWH EHVFKLHQHQ 'DUWHV *HVWDOW ³'DUWH GDV ZHL‰ QLHPDQG $EHU ZLU VHKHQ ZDV JHVFKHKHQ ZLUG 'LH +DQVH 6FKLIIH N|QQHQ QLFKWV DXVULFKWHQ 'LH DQJHNQGLJWHQ 0XWDQWHQ" ,FK YHUVXFKH PLU HLQ]XUHGHQ GD‰ PDQ DXI 7HUUD ZHL‰ ZDV PDQ WXW DEHU ZDV VROOHQ VLH HUUHLFKHQ N|QQHQ" 'LHVH RPLQ|VH %DUULHUH EHUZLQGHQ" 'DUWHYRQ*HQHUDWLRQ ]X*HQHUDWLRQZXUGHQGLH:XQGHUGLQJHXQVEHUOLHIHUWGLH5KRGDQV0XWDQWHQ YROOEUDFKW KDEHQ VROOHQ ,FK KDOWH GDV PHLVWH GDYRQ IU 0lUFKHQ 6LFKHU QLHPDQGDXI)DLU\WDOH]ZHLIHOWGDUDQGD‰7HUUDXQVQLFKWLP6WLFKODVVHQZLUG $EHUNDQQXQVMHPDQGKHOIHQLUJHQGMHPDQG" ³'XPHLQVWREMHPDQGVLFKLQXQVHUH$QJHOHJHQKHLWHQHLQPLVFKHQVROO 6LH EOLFNWH LKQ YHUZXQGHUW DQ GDQQ GLH GUHL .DQQHQ .DIIHH XQG GLH QRFK KDOEYROOH7DVVHDXIVHLQHP7LVFK 



³'XVLHKVWQLFKWZDVYRUJHKW1HLQGXKDVWGLFKZDKUKDIWLJKLQWHUGLH0DXHUQ GHLQHU$UEHLWYHU]RJHQ'DUWHLFKNDPYRQXQVHUHU:RKQXQJZRLFKGLFKVHLW YRUJHVWHUQ QLFKW PHKU JHVHKHQ KDEH 8QWHUZHJV VLQG PLU 0HQVFKHQ EHJHJQHW GLH MHW]W VFKRQ GHQ :HOWXQWHUJDQJ LQ GHQ $XJHQ VWHKHQ KDEHQ 6ROO LFK GLU VDJHQ ZDV LFK JHVHKHQ KDEH" (LQHQ DOWHQ 0DQQ GHU WRW DXI GHU 6WUD‰H ODJ  6HOEVWPRUG $QGHUH ZHUGHQ VHLQHP %HLVSLHO IROJHQ 1LHPDQG EHWUDFKWHW GLH +LOIH GLH XQV GLH (UGH VFKLFNW DOV (LQPLVFKXQJ $EHU HV VLQG GLH .|QLJV DVWHURLGHQYHUVWHKVWGX"(VJHKWXPGLH.|QLJVDVWHURLGHQGLHHLQ7HLOXQVHUHU :HOWVLQGHLQ7HLOYRQXQV 2IW KDWWH VLH LKP YRUJHZRUIHQ DOOHV ]X VHKU GXUFK GLH %ULOOH GHV :LVVHQVFKDIWOHUV ]X VHKHQ =XP 7HLO PRFKWH VLH GDPLW UHFKW KDEHQ ,QVJHKHLP DEHUVSUWHHUZLHVLHGLH)DV]LQDWLRQGLHYRQGHP6FKZDUPDXVJLQJ ³%DOG ZHUGHQ GLH 6HNWHQ ZLH 3LO]H DXV GHP %RGHQ VFKLH‰HQ XQG GLHVHQ :HOWXQWHUJDQJ SUHGLJHQ PXUPHOWH HU ³9RQ 7DJ ]X 7DJ ZLUG HV VFKOLPPHU ZHUGHQELVYLHOOHLFKWGLH+lOIWHGHU%HY|ONHUXQJGLH.DWDVWURSKHJDUQLFKWPHKU PLWHUOHEW $EHU HV PX‰ QLFKW GD]X NRPPHQ 6D\D 1RFK KDEHQ ZLU EHU VHFKV :RFKHQ=HLW ³8QGGXKRIIVWZLUNOLFKKLHUHLQH/|VXQJ]XILQGHQ"(U]XFNWHGLH6FKXOWHUQ XQGIXKUVLFKPLWHLQHU+DQG EHUGLH6WLUQ³:DKUVFKHLQOLFKKDVWGXUHFKW6FKDW] 9LHOOHLFKW VXFKH LFK ZLUNOLFK LQ GHU IDOVFKHQ 5LFKWXQJ ³8QG ZHOFKH LVW GLH ULFKWLJH" 'DUWHVWDQGDXIXQGQDKPLKUH+DQG ³,FK ZHL‰ HV QLFKW ,FK ZHL‰ QXU GD‰ZLUQLFKWGLH+RIIQXQJYHUOLHUHQGUIHQ :LUKDEHQNHLQH$KQXQJGDYRQZLHGLH0XWDQWHQYRUJHKHQZHUGHQ1XUHLQHV LVWVLFKHU ³:DV" (UODFKWHHWZDVJHNQVWHOW ³,FKELQLQ]ZLVFKHQPLW6LFKHUKHLWGHUMHQLJHDXIJDQ])DLU\WDOHGHUDPEHVWHQ EHUGLH.|QLJVDVWHURLGHQ%HVFKHLGZHL‰ ³)DEHOKDIW VHXI]WH VLH ³8QG ZLH LFK GLFK NHQQH ZHQQ GX HUVW HLQPDO ]X IDFKVLPSHOQEHJLQQVWZHUGHLFKEDOGJOHLFKQDFKGLUNRPPHQ 6LH ZDU *HQHWLNHULQ XQG DXI LKUHP *HELHW XQEHUWURIIHQ  ]XPLQGHVW DXI )DLU\WDOH $X‰HUGHP YHUVWDQG VLH LQ]ZLVFKHQ WDWVlFKOLFK HLQH 0HQJH YRQ $VWURSK\VLNZDVPHKURGHUZHQLJHUVHLQ9HUGLHQVWZDU ³.RPPVDJWHHU³,FKKDEHGDV*HIKOPLUIlOOWMHGHQ$XJHQEOLFNGLH'HFNH DXIGHQ.RSI%ULQJPLFKLUJHQGZRKLQ 6LHQLFNWHXQGIROJWHLKPQDFKGHPHUHLQH1DFKULFKWKLQWHUODVVHQKDWWHGD‰HU LQZHQLJHQ6WXQGHQ]XUFNVHLQZUGH 6LHQDKPHQHLQHQGHUJHSDUNWHQ*OHLWHUXQGOLH‰HQGLH6WDGWKLQWHUVLFK ³,FK ZX‰WH ZRKLQ HV GLFK ]LHKHQ ZUGH VDJWH 'DUWH OlFKHOQG DOV HU GLH :lOGHUXQWHUVLFKVDK(UIKOWHVLFKHQWVSDQQWHUDOVLUJHQGZDQQLQGHQOHW]WHQ 6WXQGHQ$OOHLQGHU$QEOLFNGHVHQGORVHQ*UQVVFKLHQVLFKZRKOWXHQGDXIVHLQ *HPWDXV]XZLUNHQ 



³=XGHQ6LOEHUVWHUQHQEHVWlWLJWH6D\D³,FKZLOOZLVVHQZLHVLHUHDJLHUHQ 'HU 6FKRFN WUDI 6D\D VR KHIWLJ GD‰ LKUH %HLQH HLQNQLFNWHQ XQG VLH ]X %RGHQ JHIDOOHQZlUHKlWWH'DUWHVLHQLFKWJHLVWHVJHJHQZlUWLJDXIJHIDQJHQ =LWWHUQG ODJ VLH LQ VHLQHQ $UPHQ XQG VWDPPHOWH :RUWH GLH HU QLFKW YHUVWDQG GHQQDXFKHUVWDQGJDQ]XQWHUGHP(LQGUXFNGHVVHQZDVYRQDOOHQ6HLWHQDXIVLH HLQGUDQJ (VZDUGLHJOHLFKH/LFKWXQJDXIGHUVLHEHUQDFKWHWKDWWHQGRFKZLHKDWWHQVLFK GLH3IODQ]HQYHUlQGHUW 'DZDUQLFKWVPHKUYRQGHU+DUPRQLH]XVSUHQGLHGLH0HQVFKHQYHU]DXEHUWH .HLQHIUHXQGOLFKHQJU‰HQGZLVSHUQGHQ6WLPPHQLQLKUHQ%HZX‰WVHLQHQ'DUWH KDWWH GDV *HIKO LQ HLQHQ ERGHQORVHQ $EJUXQG ]X VWU]HQ 2KQH GD‰ HU VLFK GHVVHQEHZX‰WZDUOHJWHHU6D\DDXIGHP0RRVDEXQGNQLHWHVLFKVHOEVWQHEHQ VLHKLQ (USUH‰WHVLFKGLH+lQGHJHJHQGLH6FKOlIHQZROOWHIRUWYRQKLHULUJHQGZRKLQ IOLHKHQ GRFK JOHLFK]HLWLJ ZX‰WH HU GD‰ HV NHLQH =XIOXFKW PHKU JDE  ZDKUVFKHLQOLFKDXIJDQ])DLU\WDOHQLFKW ,Q GHQ :lOGHUQ OLWWHQ GLH 3IODQ]HQ LQ GHQ 6WlGWHQ JULII GLH $QJVW QDFK GHQ 0HQVFKHQ 8QGGDVREJOHLFKVLFKGLH.|QLJVDVWHURLGHQQRFKVRZHLWYRUGHQ*UHQ]HQGHV +DUOHV6\VWHPVEHIDQGHQ 6HOEVWZHQQHUJHZROOWKlWWH'DUWHZlUHMHW]WDX‰HUVWDQGHJHZHVHQGHQ*OHLWHU LQGLH+|KH]XEULQJHQQLFKWHLQPDOGHQ$XWRSLORWHQ]XSURJUDPPLHUHQ ³6LH VWHUEHQ VFKULH 6D\D ,KU .|USHU VFKWWHOWH VLFK ³'DUWH VLH  OHLGHQ VR IXUFKWEDU 9HUJHEOLFK VXFKWH HU QDFK :RUWHQ XP VLH ]X EHUXKLJHQ (U VWDUUWH DXI GLH JUR‰HQ.HOFKHGHU6LOEHUVWHUQHGLHQXQVFKODIIYRQGHQ/LDQHQKHUDEKLQJHQXQG QLFKW PHKU OHXFKWHWHQ (LQLJH VDKHQ EHUHLWV ZLH DEJHVWRUEHQ DXV $QGHUH VFKLHQHQ QRFK EHU GLH .UDIW ]X YHUIJHQ VLFK JHJHQ GDV ]X ZHKUHQ ZDV VLH ]HUVW|UWH$EHUVLHZHONWHQDOOH (UYHUQDKPLKUHODXWORVHQ+LOIHUXIHXQGZX‰WHGRFKGD‰HULKQHQQLFKWKHOIHQ NRQQWH'LHVHV:LVVHQXPGLHHLJHQH+LOIORVLJNHLWZDUIDVWVFKOLPPHUDOVDOOHV DQGHUH ,Q YHU]ZHLIHOWHP =RUQ EDOOWH GHU MXQJH $VWURSK\VLNHU GLH +lQGH ]X )lXVWHQ ³+|UWDXIVFKULHHU³+|UWGRFKHQGOLFKDXI ³'DUWH6LHVWHUEHQ 6D\DV VFKULOOH 6WLPPH PLVFKWH VLFK LQ GDV &KDRV LQ VHLQHP %HZX‰WVHLQ (U NlPSIWH YHU]ZHLIHOW XP VHLQH 6HOEVWEHKHUUVFKXQJ YHUVXFKWH GLH WHOHSDWKLVFKHQ 6FKUHLHGHU3IODQ]HQDE]XEORFNHQXQGPX‰WHGRFKXQWHUOLHJHQ ³$XIK|UHQEUOOWHHUXQGVSUDQJDXI6HLQH%HLQHWUXJHQLKQNDXP(UVDKLQ 6D\DVYHU]HUUWHV*HVLFKWVWDUUWHDXILKUHQDXIJHULVVHQHQ0XQGXQGVFKOXJ]X 'UHL YLHUPDO NODWVFKWH VHLQH IODFKH +DQG DXI LKUH :DQJHQ ELV VLH HQGOLFK YHUVWXPPWHXQGLKQDXVJUR‰HQ$XJHQDQEOLFNWH ³(VWXWPLUOHLGK|UWHHUVLFKVDJHQ³6D\DLFKZROOWHHVQLFKWDEHU ³(VLVWVFKRQJXW 



6LHVFKOR‰GLH$XJHQXQGNUPPWHVLFKELVVLHSO|W]OLFKJDQ]VWLOOODJ 6LHVDKLKQZLHGHUDQXQGMHW]WKDWWHVLHVLFKLQGHU*HZDOW 'DUWH KDOI LKU VLFK DXI]XULFKWHQ 'DV .ODJHQ GHU 3IODQ]HQ LQ VHLQHP 6FKlGHO ZDU VFKZlFKHU JHZRUGHQ DOV KlWWHQ VLH JHVSUW ZDV VLH LQ LKP XQG 6D\D DQULFKWHWHQ 1DWUOLFKVSUHQVLHHVGXUFKIXKUHVLKQ ³9LHOOHLFKWN|QQHQZLULKQHQ+RIIQXQJJHEHQVDJWHHU³6D\DGHQNHDQDOOHV ZDVZLUEHUGLH$VWHURLGHQZLVVHQJDQ]NRQ]HQWULHUW'HQNHYRUDOOHPGDUDQ GD‰QRFKQLFKWVYHUORUHQLVWGD‰ZLULKQHQKHOIHQZROOHQ ³,FKZLOOHVYHUVXFKHQIOVWHUWHVLH³$EHUHVLVWVRJUDXVDP'DUWH ³'DVLVWGDVHLQ]LJHDQGDVGXQLFKWGHQNHQVROOVW 6LHQLFNWHWDSIHU 'LHEHLGHQ0HQVFKHQVWDQGHQLQPLWWHQGHUZHONHQGHQ%OWHQXQGVFKO|VVHQGLH $XJHQ :LU N|QQHQ GDV 8QKHLO DEZHQGHQ GDFKWH 'DUWH LQWHQVLY $EHU LKU P‰W XQV GDEHLKHOIHQ ³6LHDQWZRUWHQQLFKWK|UWHHU6D\DIOVWHUQ³6LHN|QQHQXQVQLFKWYHUVWHKHQ :HQQ LKU VWHUEW VWHUEHQ DXFK ZLU 0HQVFKHQ :LU PVVHQ XQV JHJHQVHLWLJ KHOIHQ %LWWH WHLOW XQV PLW ZDV LKU IKOW :LH LKU GLH $QQlKHUXQJ GHU .|QLJVDVWHURLGHQIKOW 8QGGLHZLVSHUQGHQ6WLPPHQHQWVWDQGHQLQLKP (UK|UWHVLHZLHDXVXQHQGOLFKZHLWHU)HUQHXQGHUVFKUDNGDUEHUZLHVFKZDFK VLHVFKRQZDUHQhEHUDOOHPODVWHWHHLQH6WLPPXQJGHU(QG]HLW'DUWHXQG6D\D QDKPHQ GLH *HIKOH GHU 3IODQ]HQ LQ VLFK DXI VDKHQ XQZLUNOLFK HUVFKHLQHQGH %LOGHUGLHNHLQHQ6LQQ]XHUJHEHQVFKLHQHQ *HKWMHW]WYHUQDKPHU*HKWYHUOD‰WGLHVH:HOWXQGUHWWHWHXFK ³$EHUZLUODVVHQHXFKQLFKWLP6WLFK %LWWH JHKW VRODQJH LKU HV QRFK N|QQW 'LH +LPPHOVN|USHU EHGHXWHWHQ /HEHQ 1XQZHUGHQVLHNRPPHQXPGHQ7RG]XEULQJHQ 'DUWHVFKOXJGLH$XJHQDXIXQGVFKWWHOWHPXWORVGHQ.RSI 6D\DZHLQWH(UQDKPVLHLQGLH$UPHXQGVWW]WHVLHELVVLHGHQ*OHLWHUHUUHLFKW KDWWHQ2KQHVLFKQRFKHLQPDOXP]XZHQGHQKDOIHUGHU*HIlKUWLQLQGLH.DQ]HO XQGOLH‰VLFKLQGHQ3LORWHQVLW]IDOOHQ 1RFK EHYRU HU GDV )DKU]HXJ VWDUWHWH HPSILQJ HU HLQH OHW]WH WHOHSDWKLVFKH %RWVFKDIWGHU6LOEHUVWHUQH 6D\DVFKWWHOWHXQJOlXELJGHQ.RSI ³$EHUGDVLVWXQP|JOLFK'DUWH6LHPVVHQVLFKLUUHQ ³%LVWGXGLUGDVRVLFKHU"(VHUJlEHHLQHQ6LQQ(VZUGHYLHOHVHUNOlUHQ ³:DVZLOOVWGXWXQ" 'DUWH+RURZLW]VWDUWHWHGHQ*OHLWHUXQGEUDFKWHLKQZHLWEHUGLH/LFKWXQJ 2KQH 6D\DV )UDJH GLUHNW ]X EHDQWZRUWHQ IXQNWH HU GDV +DQGHOVNRQWRU DQ XQG ZDUWHWH ELV 7HFRU0DQDWV VFKHLEHQI|UPLJHU .RSI DXI GHP %LOGVFKLUP DEJHELOGHWZXUGH ³,FKKDEHQXUHLQH)UDJHDQGLFKVDJWHGHU$VWURSK\VLNHU³$OVLKUYHUVXFKWHW 



LQGHQ6FKZDUPHLQ]XGULQJHQKDEWLKULQGHQ$VWHURLGHQ+RKOUlXPHIHVWVWHOOHQ N|QQHQ" 'LHNOHLQHQ$XJHQGHV%OXHVPXVWHUWHQLKQHLQGULQJOLFK ³:LUKDEHQEHUKDXSWQLFKWVIHVWVWHOOHQN|QQHQ'DUWH'DVVROOWHVWGXZLVVHQ ³'DQNHVDJWH+RURZLW] (UVFKDOWHWHDE ³'LH )UDJH ZDU ZLUNOLFK EHUIOVVLJ EHPHUNWH 6D\D GLH VLFK HLQLJHUPD‰HQ JHIDQJHQ KDWWH ³'X JODXEVW DOVR ZLUNOLFK GDUDQ GD‰ GLH 3IODQ]HQ LQ GHQ $VWHURLGHQ/HEHQVSUWHQ" ³,FK ZHL‰ QXU VDJWH +RURZLW] JULPPLJ ³GD‰ GLH 6LOEHUVWHUQH QLFKW OJHQ N|QQHQ ³8QG":DVQRFK" ³'D‰ LFK DOOHV YHUVXFKHQ ZHUGH XP GDEHL ]X VHLQ ZHQQ GLH 0XWDQWHQ GHQ 6FKZDUPDQIOLHJHQ   $OV)DLU\WDOHDXIGHQ%LOGVFKLUPHQLQGHU=HQWUDOHGHU'(752,7DOVKHOOJUQH .XJHO]XVHKHQZDUJODXEWHQ5DV7VFKXEDLXQG)HOOPHU/OR\GGDV6FKOLPPVWH EHUVWDQGHQ]XKDEHQ ³)DVW ZLH GLH (UGH VDJWH )HOOPHU ³QXU HEHQ GHU ]ZHLWH 3ODQHW XQG QLFKW GHU GULWWHZLHXQVHUHU -DQLQD6WDUNH\GLH.RPPDQGDQWLQGHV6FKLIIHVJHVHOOWHVLFKPLWEHUGHU%UXVW YHUVFKUlQNWHQ $UPHQ ]X GHQ 0XWDQWHQXQG EOLFNWH GHQ 7HOHSDWKHQ VHOWVDP DQ 6LH ZDU IDVW ]ZHL 0HWHU JUR‰ XQG KDWWH ZHJHQ LKUHV .|USHUXPIDQJHV GHQ 6SLW]QDPHQ³(UWUXVHULQHUKDOWHQ-DQLQDZDU-DKUHDOWXQGVFKLHQ]XJODXEHQ GD‰GHUGUHL‰LJ=HQWLPHWHUODQJHURVWURWH3IHUGHVFKZDQ]]XLKUSD‰WH ³:HOFKHQ8QWHUVFKLHGPDFKWHVREZLU VPLWGHP]ZHLWHQRGHUGULWWHQ3ODQHWHQ ]XWXQKDEHQ" )HOOPHU]XFNWHOlFKHOQGGLH6FKXOWHUQ ³1LFKWV-DQLQDEHUKDXSWQLFKWV'XPX‰WVFKRQHQWVFKXOGLJHQZHQQLFKHWZDV GXUFKHLQDQGHUELQ ³:HJHQ GHU EHLGHQ" 6LH ]HLJWH PLW GHP 'DXPHQ GHU UHFKWHQ +DQG EHU GLH 6FKXOWHUREZRKOGRUWQLHPDQGVWDQG ³6SULFK QLFKW ]X ODXW YRQ LKQHQ VHXI]WH 5DV ³$P (QGH K|UHQ VLH HV XQG JODXEHQZLUKlWWHQVLHJHUXIHQ ³,FKZHL‰JDUQLFKWZDVLKUKDEW'HU'LFNHJHIlOOWPLU6LHZDQGWHVLFKZLHGHU GHQ 6FKLUPHQ ]X ³(V JLEW QRFK HLQHQ 8QWHUVFKLHG 'LH 6FKZHUNUDIW DXI )DLU\WDOH EHWUlJW QXU  *UDYRV :LU ZHUGHQ DOVR ZLHGHU HLQPDO XP HWOLFKH 3IXQGH OHLFKWHU VHLQ 9HUPXWOLFK LVW GDV DXFK GHU *UXQG ZDUXP %XOO\ KLHU VHLQHQ8UODXEYHUEULQJW )HOOPHUXQG5DVJULQVWHQVLFKDQZREHLGHU7HOHSRUWHUHVVLFKQLFKWYHUNQHLIHQ NRQQWHGHQ%OLFNDQ]JOLFKEHU-DQLQDV)LJXUJOHLWHQ]XODVVHQ 6LHVSLHOWHGLH%HOHLGLJWHXQGOLH‰VLHDOOHLQ 'LH'(752,7JLQJLQGHQ/DQGHDQIOXJEHU 



³3RVV VFKHLQW WDWVlFKOLFK DOOHQ ]X LPSRQLHUHQ VHXI]WH )HOOPHU ³9RQ XQV HLQPDO DEJHVHKHQ DEHU GDV PDJ GDUDQ OLHJHQ GD‰ ZLU 0XWDQWHQ JHJHQ DQGHUH 0XWDQWHQJHIHLWVLQGYRUDOOHPJHJHQVROFKHYRQGHP6FKODJ,FKKRIIHQDFK GHU/DQGXQJZHUGHQZLUVLHVFKQHOOORV 5DVKREGURKHQGGHQ=HLJHILQJHU ³'HQNDQ%XOO\V:RUWH:LUVROOHQDXIVLHDXISDVVHQJDQ]EHVRQGHUVDXIVHLQHQ (QNHO 7RUVWHQ'%XOOKDWWHGHPDOOJHPHLQHQ5lWVHOUDWHQXPVHLQHQ1DPHQVFKQHOOHLQ (QGH JHVHW]W (V JDE NHLQ %HVDW]XQJVPLWJOLHG GDV VLFK VHLQH *HVFKLFKWH QLFKW PLQGHVWHQV ]ZHLPDO KlWWH DQK|UHQ PVVHQ  JDQ] DEJHVHKHQ YRQ GHQ 'HPRQVWUDWLRQHQVHLQHUEHUUDJHQGHQ)lKLJNHLWHQ ³'HU .HUO NDQQ JDU QLFKWV VDJWH 5DV ³(U YHUVXFKW LPPHU QRFK DXV :DVVHU HLQH .UDIWEUKH ]X PDFKHQ (U VLW]W WDWVlFKOLFK QRFK YRU GHP %HKlOWHU XQG ZHQQ V QDFK PLU JHKW ELV LQ DOOH (ZLJNHLW :LU YHUODVVHQ GDV 6FKLII XQG VFKOLH‰HQDOOH6FKRWWH'DVZLUGIUDOOH%HWHLOLJWHQGDVEHVWHVHLQ ³6LQQORVPHLQWH)HOOPHU/OR\G ³:HVKDOEVLQQORV" ³7RUVWHQ ' ZUGH DOOH 9HUULHJHOXQJHQ O|VHQ (LQ 0DQQ YRQ 7HOHSRZHU NDQQ GDV'DVLQGZLUQXUEOXWLJH$QIlQJHU 5DVZLQNWHODFKHQGDE ³'XNULHJVWZLUNOLFKQRFK0LQGHUZHUWLJNHLWVNRPSOH[H:LUVROOWHQGDVQLFKWDXI GLHOHLFKWH6FKXOWHUQHKPHQ,UJHQGHWZDVNDQQGHU.HUOGLH.XQVWJODVVFKHLEH LP +4+DQVH GDV YHUERJHQH (LVHQURKUXQG GLH H[SORGLHUWHQ $TXDULHQ KLHU DQ %RUG ³(EHQZDUVWGXQRFKGHU0HLQXQJHUN|QQWHJDUQLFKWV ³'DVLVWGDV6FKOLPPH(UEULQJWQLFKWV1W]OLFKHV]XVWDQGH(U]HUGHSSHUWQXU XQGVFKHLQWGDYRUDOOHP*ODVXQG0HWDOO]XEHYRU]XJHQ(LQ*OFNGD‰XQVHUH 6FKLIIH QLFKW DXV 3DQ]HUJODV VLQG 'DV ZlUH VR DOV KlWWHQ ZLU XQVHUHQ VHOLJHQ ,ZDQ*RUDWVFKLQDQ%RUG 1LFKW *RUDWVFKLQV *HLVW HUVFKLHQ LQ HLQHP GHU (LQJlQJH ]XU =HQWUDOH VRQGHUQ GHU'LSORP0DWHULHXPIRUPHULQ%HJOHLWXQJVHLQHV)UHXQGHVXQG3DUWQHUV ³7HOHSRUWLHUHXQVIRUWIOVWHUWH)HOOPHU³6FKQHOO ³=XVSlWVHXI]WHGHU$IULNDQHU 7RUVWHQ KLHOW GLUHNW DXI VLH ]X QLFNWH GHU .RPPDQGDQWLQ XQG HLQLJHQ 0LWJOLHGHUQ GHU %HVDW]XQJ IUHXQGOLFK ]X XQG EOLHE IUHXGHVWUDKOHQG YRU GHQ 0XWDQWHQVWHKHQ )HUWLJ YHUNQGHWH HU ³1DQF\ XQVHUH (UVWH %HLERRWNRPPDQGDQWLQ WULQNW JHUDGHYRQGHU.UDIWEUKH2KLFKVHKHZLUODQGHQJOHLFK,FKQHKPHGRFKDQ GD‰ZLUXQVXQYHU]JOLFKXPGHQ$VWHURLGHQVFKZDUPNPPHUQ" 6HLQH EHLGHQ ,GROH VFKLHQHQ VLFK QLFKW HLQLJ ]X VHLQ ZHU GDUDXI DQWZRUWHQ ZROOWH6RWDWHUHVVHOEVW ³9HUVWHKH LKU ZROOW MHW]W QLFKW JHVW|UW ZHUGHQ ,FK NHQQH GDV 6REDOG GLH .RQ]HQWUDWLRQHLQPDOKLQLVWGLHJHLVWLJH$XUDYHUIORJHQOlXIWVRVFKQHOOQLFKWV PHKU 'DV LVW EULJHQV HLQ 3UREOHP :LU PVVHQ XQV YRU GHP (LQVDW] QRFK 



EHVVHUDXIHLQDQGHUDEVWLPPHQ ³:LUPVVHQZDVWXQ"HQWIXKUHV)HOOPHU ³$EVWLPPHQ ,KU EHLGH VHLG MD HUIDKUHQ JHQXJ ,FK DEHU ELQ LQ HXUHU 1lKH JHKHPPW ZDV GLH $QZHQGXQJ PHLQHU )lKLJNHLWHQ DQJHKW (XUH 3VL$XUD WXW GDV ³3VL$XUD"ZXQGHUWHVLFK7VFKXEDL³:DVVROOGDVVHLQ" 7RUVWHQ'VFKLHQEHUUDVFKW ³$EHUGDVOHUQWGRFKMHGHU0XWDQWHQVFKOHULPHUVWHQ7ULPHVWHU3VL$XUDLVW ³6ROFKHQ 8QWHUULFKW KDWWHQ ZLU OHLGHU QLH VFKQLWW 5DV LKP GDV :RUW DE ³'DPDOVZDUGLH3UD[LVJHIUDJW 7RUVWHQZROOWHPLWHUKREHQHP=HLJHILQJHU]XHLQHU%HOHKUXQJDQVHW]HQDOVGLH .RPPDQGDQWLQVLFK]XLKPXPGUHKWH ³+DOWHW MHW]W HLQPDO DOOH GHQ 0XQG ,FK EUDXFKH PHLQH YROOH PHQWDOH .RQ]HQWUDWLRQ]XU/DQGXQJ$EHUGX3RVVN|QQWHVWPLUHLQHQ.DIIHHKROHQ )HLQODFNEHHLOWHVLFKGHU%LWWHQDFK]XNRPPHQ ³(LQQHWWHU-XQJHVWHOOWH-DQLQDIHVW³$EHULKUVHLGMHW]WVWLOORGHUIDFKVLPSHOW LQHXUHQ.DELQHQZHLWHU,QNQDSSGUHL0LQXWHQVLQGZLUXQWHQ .XU]GDUDXIVWDQGGLH'(752,7DXIGHPNOHLQHQ5DXPKDIHQYRQ(PEEOLQ5DV 7VFKXEDL )HOOPHU /OR\G -DQLQD 6WDUNH\ XQG GLH EHLGHQ 'LSORP0XWDQWHQ ZXUGHQQDFKNQDSSHU%HJU‰XQJGXUFK]ZHL$GPLQLVWUDWRUHQDXIGLUHNWHP:HJ ]XP DVWURSK\VLNDOLVFKHQ ,QVWLWXW JHEUDFKW 8QWHUZHJV IDQG VLFK HLQH 0|JOLFKNHLW HLQHP GHU 5HJLHUXQJVYHUWUHWHU NODU]XPDFKHQ ZLH ZLFKWLJ HV VHL GD‰%XOOXQG)HLQODFNVLFKHUVWHLQPDOLQLKUHQQHXHQ4XDUWLHUHQHUKROWHQ (LQ bU]WHWHDP GHV (PEEOLQ+RVSLWDOV NPPHUWH VLFK LQGHVVHQ XP GLH (UVWH %HLERRWNRPPDQGDQWLQ1DQF\+DUOLQJGLHDQDNXWHQ9HUJLIWXQJVHUVFKHLQXQJHQ OLWW ³8QGGDVEHHQGHWH+RQR.DOHHUWHQLKUHQ%HULFKW³LVWGLHGHU]HLWLJH/DJH8QV EOHLEHQ7DJHDOOJHPHLQHU=HLWUHFKQXQJ,FKP|FKWHMHGRFKQRFKHLQPDOJDQ] GHXWOLFK KHUYRUKHEHQ GD‰ GLHVH )ULVW DOOHLQ IU GHQ 3ODQHWHQ DOV VROFKHQ JLOW 6ROOWH GDV YRQ 6D\D 'XPDOLQ XQG 'DUWH +RURZLW] EHREDFKWHWH 6WHUEHQ GHU 6LOEHUVWHUQSIODQ]HQ ZHLWHUJHKHQ ZLUG HV IU XQV 0HQVFKHQ VFKRQ YLHO HKHU NULWLVFKYLHOOHLFKWVFKRQLQZHQLJHQ7DJHQ6LHVWDQGDXIHLQHPIODFKHQ3RGHVW YRU HLQHU EUHLWHQ 3URMHNWLRQVIOlFKH DXI GHU ZLHGHU GDV +DUOHV6\VWHP XQG GHU $VWHURLGHQVFKZDUPVFKHPDWLVFKDEJHELOGHWZDUHQXQGZDUWHWHDXI)UDJHQ )HOOPHU /OR\G VWHOOWH GLH HUVWH (U VD‰ QHEHQ 5DV XQG -DQLQD LQ GHU HUVWHQ YRQ LQVJHVDPWIQI6LW]UHLKHQ6lPWOLFKH3OlW]HZDUHQYRQ:LVVHQVFKDIWOHUQGHV,Q VWLWXWV9HUWUHWHUQGHU$GPLQLVWUDWLRQXQG/HXWHQYRP+DQGHOVNRQWRUEHVHW]W ³(LQHV LVW PLU QRFK QLFKW Y|OOLJ NODU :LU KDEHQ DXV GHQ XQV VFKRQ EHLP 6WDUW ]XJHOHLWHWHQ 'DWHQ XQG $EKDQGOXQJHQ EHU GDV /HEHQ KLHU IHVWVWHOOHQ N|QQHQ GD‰ GLH )DLU\WDOHU HLQH 1DWXUYHUEXQGHQKHLW HQWZLFNHOW KDEHQ ZLH VLH QXU DXI VHKU ZHQLJHQ YRQ 0HQVFKHQ HUVFKORVVHQHQ :HOWHQ ]X ILQGHQ LVW $EHU ZDV EHGHXWHQGLHVH3IODQ]HQZLUNOLFKIUHXFK",FKPHLQHGLH6LOEHUVWHUQH ³'X VROOWHVW GLH *HOHJHQKHLW HUKDOWHQ )HOOPHU /OR\G GLFK PLW LKQHQ ]X XQWHUKDOWHQGHQQGXELVW7HOHSDWKZLHVLHXQGNDQQVWP|JOLFKHUZHLVHPHKUEHU 



GDV/HEHQHUIDKUHQGDVDQJHEOLFKLQGHQ$VWHURLGHQH[LVWLHUW8PGHLQH)UDJH ]XEHDQWZRUWHQ8QVHUHJDQ]H.XOWXUXQVHUH=LYLOLVDWLRQLVWYRQLKQHQJHSUlJW 6LH VLQG IU XQV DOOH HWZDV 6HOEVWYHUVWlQGOLFKHV XQG DXV XQVHUHP /HEHQ QLFKW ZHJ]XGHQNHQ (V JLEW *UXSSHQ KLHU DXI )DLU\WDOH GLH VLH DOV LKUH %UGHU XQG 6FKZHVWHUQDQVHKHQXQGLQUHJHOPl‰LJHQ$EVWlQGHQUHJHOUHFKWH:DOOIDKUWHQLQ GLH :lOGHU XQWHUQHKPHQ 9LHOH OHEHQ VWlQGLJ LQ GHQ :lOGHUQ XQG JHKHQ EHU &RPSXWHUDQVFKOVVH YRQ GRUW LKUHU $UEHLWQDFK:LULQGHQ6WlGWHQEHWUDFKWHQ GDV /HEHQ KLQWHU %HWRQPDXHUQ DOV QRWZHQGLJHV hEHO 1DWUOLFK JLEW HV DXFK NRQWUlUH 0HLQXQJHQ 7DWVDFKH LVW GD‰ GDV 6WHUEHQ GHU 3IODQ]HQ YHUKHHUHQGH $XVZLUNXQJHQDXIGLH3V\FKHGHU%HY|ONHUXQJKDEHQZUGH6FKRQMHW]WVSUHQ HLQLJH ZDV GUDX‰HQ JHVFKLHKW 'LH =DKO GHU ELVODQJ EHNDQQW JHZRUGHQHQ 6HOEVWPRUGIlOOHEHWUlJWVFKRQXQGHVZHUGHQYRQ6WXQGH]X6WXQGHPHKU ³$EHUGDVP‰WLKUDXIKDOWHQ +RQROlFKHOWHWURFNHQ ³:LH" :LU ELWWHQ HXFK QLFKW XQV ]X YHUVWHKHQ )HOOPHU XQG 5DV :LU ELWWHQ HXFKXQV]XKHOIHQ6SUHFKW]XU%HY|ONHUXQJ9HUVXFKWGHQ0HQVFKHQ0XW]X PDFKHQ XQG GDQQ IOLHJW ]X GHQ $VWHURLGHQ :LU N|QQHQ QLFKW DOOH 6HOEVWPRUGYHUGlFKWLJHQHLQVSHUUHQRGHUDXI(LVOHJHQ 'HU 7HOHSDWK EOLFNWH VLFK EHWURIIHQ XP $X‰HU GHQ +DQVH/HXWHQ XQG 5HJLHUXQJVYHUWUHWHUQ ZDUHQ QXU :LVVHQVFKDIWOHU DQZHVHQG  XQG NHLQ HLQ]LJHU YRQLKQHQZLGHUVSUDFKGHQ$XVIKUXQJHQGHU,QVWLWXWVOHLWHULQ ,Q PDQFKHQ *HVLFKWHUQ VWDQG +RIIQXQJVORVLJNHLW JHVFKULHEHQ (LQLJH 0lQQHU XQG)UDXHQZLFKHQGHQ%OLFNHQGHV0XWDQWHQDXV 5DV7VFKXEDLHUKREVLFK ³=HKQ 7DJH EOHLEHQ XQV XP ]X HUJUQGHQ ZDV  RGHU ZHU  IU GHQ %DKQZHFKVHO GHU $VWHURLGHQ YHUDQWZRUWOLFK LVW XQG GLHVHQ JHJHEHQHQIDOOV UFNJlQJLJ]XPDFKHQ*HOLQJWXQVGLHVQLFKWZLUGHLQH)ORWWHHUVFKHLQHQXQG GHQ 6FKZDUP GHVLQWHJULHUHQ )DLU\WDOH LVW DOVR QLFKW LQ *HIDKU $QGHUHUVHLWV PVVHQZLUQDFKDOOHPZDVZLUKLHUJHK|UWKDEHQQXQGDYRQDXVJHKHQGD‰GLH 3IODQ]HQDXFKGDQQVWHUEHQZHQQGLH$VWHURLGHQYHUQLFKWHWZHUGHQ'DVVFKDIIW HLQH YHUlQGHUWH 6LWXDWLRQ ,P .ODUWH[W 8QV EOHLEHQ ZLUNOLFK QXU GLHVH ]HKQ 7DJHXPHLQHJOREDOH.DWDVWURSKH]XYHUKLQGHUQ ³'LHQLFKW]ZDQJVOlXILJDXIGDV(QGHGHV$VWHURLGHQVFKZDUPVXQGGHU3IODQ]HQ IROJHQ P‰WH PHOGHWH VLFK -DQLQD ]X :RUW ³,FK EOLFNH KLHU QXU LQ EHWUHWHQH 0LHQHQXQGQLHPDQGVFKHLQWHUQVWKDIWLQV$XJH]XIDVVHQHWZDVIUVLFKVHOEHU ]XWXQ 6LHKREEHVFKZLFKWLJHQGEHLGH+lQGHDOVLKU3URWHVWHQWJHJHQVFKOXJ ³'DVHKWLKU,KUN|QQWHXFKMDGRFKQRFKUHJHQZHQQLKUQXUZROOW8QGXP]X ZROOHQP‰WLKUJHIRUGHUWZHUGHQ,KUP‰WEHJUHLIHQGD‰HXHUhEHUOHEHQQXU YRQ HXFK VHOEVW DEKlQJW ,KU P‰W GHQ :LOOHQ DXIEULQJHQ DXFK RKQH GLH 3IODQ]HQ]XOHEHQ 6D\D'XPDOLQVSUDQJDXI'DUWHZROOWHVLHDQGHU+DQGIHVWKDOWHQ6LHUL‰VLFK ORVXQGEHUVSUDQJHLQH6LW]UHLKHELVVLHYRUGHU5DXPIDKUHULQVWDQG ³:HL‰WGXZDVGXGDVDJVW$OWH"VWLH‰VLHHUUHJWKHUYRU³:HQQLKU]XOD‰WGD‰ 



GLH 6LOEHUVWHUQH VWHUEHQ GDQQ EULQJW LKU LQWHOOLJHQWH *HVFK|SIH XP 8QG ZLH YHUWUlJWVLFKGDVPLWGHUDFKVRKRKHQ(WKLNGHU7HUUDQHU" ³6D\DULHI+RQR.DOHHUWHQEHVWU]W 'LH*HQHWLNHULQZLQNWHDE )HOOPHU/OR\GVFKREVLFK]ZLVFKHQVLHXQG-DQLQD ³:LUZHUGHQDOOHVWXQZDVLQXQVHUHU0DFKWVWHKWYHUVSUDFKHU ³-DMDPXUPHOWHVLH³'DVKDEHLFKVFKRQJHK|UW$EHUGDQQIDQJWGRFKHQGOLFK GDPLWDQ ³'DVWXQZLU)HOOPHUQLFNWHGHQ5HJLHUXQJVYHUWUHWHUQXQGGHU,QVWLWXWVOHLWHULQ ]X ³,Q HLQHU 6WXQGH IOLHJHQ ZLU GHQ 6FKZDUP PLW HLQHP XQVHUHU %HLERRWH DQ ,FKP|FKWHGD‰MHPDQGGDEHLLVWGHUPLWGHU1$=0,55DQGLHVHXQVLFKWEDUH %DUULHUHVWLH‰:LUZHUGHQLQ)XQNYHUELQGXQJEOHLEHQ 0HKU JDE HV LP $XJHQEOLFN GD]X QLFKW ]X VDJHQ 'LH 9HUVDPPOXQJ O|VWH VLFK DXI'LH0XWDQWHQEHVSUDFKHQVLFKQRFKNXU]PLWGHQ$GPLQLVWUDWRUHQXPGDQQ DOVOHW]WHGHQ5DXP]XYHUODVVHQ 'UDX‰HQZDUWHWHQ'DUWH+RURZLW]XQG6D\D'XPDOLQDXIVLH ³(VWXWPLUOHLGGD‰LFKHEHQGLH%HKHUUVFKXQJYHUORUHUNOlUWHGLH*HQHWLNHULQ ³$EHU LKU VROOWHW YHUVWHKHQ ZLH XQV DOOHQ ]XPXWH LVW 9HUJOHLFKW HV DP EHVWHQ PLW MD PLW GHU :HWWHUIKOLJNHLW JHZLVVHU 0HQVFKHQ :HQQ GLH 6RQQH QLFKW VFKHLQW ZHUGHQ VLH VFKZHUPWLJ 6WUDKOW VLH DP +LPPHO VWURW]HQ VLH YRU (QHUJLH6RlKQOLFKDEHUQRFKYLHOVWlUNHULVWHVPLWXQVXQGGHQ3IODQ]HQ ³6FKRQ JXW EHUXKLJWH GHU 7HOHSDWK VLH ³,FK VFKZLHJ ELVKHU GDUEHU DEHU LFK VSUHHVGLHJDQ]H=HLWEHU ³:DVVSUVWGX"IUDJWH5DVEHUUDVFKW ³'D‰VLHOHLGHQ8QGGD‰VLHMHW]WIDVWQXUQRFKDQGDV/HEHQGHQNHQGDVLQGHQ $VWHURLGHQKDXVWLKUH*|WWHU 5DV7VFKXEDLV0LHQHYHUULHWHLQHJHK|ULJH3RUWLRQ6NHSVLV ³:LU P|FKWHQ GD‰ LKU XQV PLWQHKPWVDJWH'DUWH+RURZLW]³6FKODJWXQVGDV QLFKW DE 9LHOOHLFKW N|QQHQ ZLU QW]OLFK VHLQ ,FK KDEH PLFK PHKU DOV MHGHU DQGHUH KLHU PLW GHQ .|QLJVDVWHURLGHQ EHID‰W XQG 6D\D ZUGH HXUH '(752,7 NDSHUQXQGXQVQDFKIOLHJHQZHQQLKUVLH]XUFNOLH‰HW 6LHZLFKGHQ%OLFNHQGHV0XWDQWHQDXV ³(VNDQQJHIlKUOLFKZHUGHQJDE5DV]XEHGHQNHQGHULP*UXQGHQLFKWVJHJHQ GLH %LWWH HLQ]XZHQGHQ KDWWH 'LH ,QVWLWXWVOHLWHULQ KDWWH LKP VHOEVW EHUHLWV DQV +HU]JHOHJW]XPLQGHVW+RURZLW]PLWIOLHJHQ]XODVVHQ ³'DVQHKPHQZLULQ.DXI )HOOPHUQLFNWH ³'DQQVHLGLQHLQHUKDOEHQ6WXQGHPLWDOOHPZDVLKUIUXQWHUZHJVEUDXFKWEHL GHU'(752,7:LUWUHIIHQXQVGRUW ³,KUJHKWQLFKWJOHLFK]XP6FKLII" )HOOPHUVHXI]WH ³/HLGHUKDEHQZLUYRUKHUQRFKHWZDV]XHUOHGLJHQ 7RUVWHQ ' %XOO KDWWH GLH )‰H DXI GHQ 7LVFK GHV PLW DOOHQ QXU GHQNEDUHQ .RPIRUW DXVJHVWDWWHWHQ $SSDUWHPHQWV JHOHJW GDV LKP XQG 3RVV ]XJHZLHVHQ 



ZRUGHQZDU6LHKDWWHQDXVGUFNOLFKGDUDXIEHVWDQGHQ]XVDPPHQXQWHUJHEUDFKW ]X ZHUGHQ 7RUVWHQ VWDUUWH YHUVRQQHQ DXI GHQ EHUQVWHLQIDUEHQHQ ,QKDOW GHV *ODVHVLQVHLQHU+DQGGHUOHLFKWVFKZDSSWHDOVHUHVVFKWWHOWH ³6ROOLFKGLUHWZDVVDJHQ3RVV"ULHIHU)HLQODFNEHIDQGVLFKLP%DGXPVLFK IU GHQ EHYRUVWHKHQGHQ (LQVDW] IULVFK ]X PDFKHQ ³3RVV GLHVH EHLGHQ $OWPXWDQWHQVLQGLP*UXQGHIHLQH.HUOHREZRKOVLHQDWUOLFKVRWXQPVVHQDOV KlWWHQVLHXQV]XEHPXWWHUQ$EHU%XOO\VROOWHVLFKQLFKWVRVHKUXPXQVVRUJHQ ³6LHZHUGHQLKPDOVHUVWHVEHULFKWHQGD‰GXGLHVH1DQF\IDVWYHUJLIWHWKlWWHVW NDPHVDXVGHP%DG 7RUVWHQOlFKHOWHVIILVDQW ³8QGZHQQVFKRQ'XZHL‰WMDGDVODJDQ5DV XQG)HOOPHUV3VL$XUDGLHPLFK EHKLQGHUWH -HW]W IKOH LFK PLFK VFKRQ ZHLWDXV EHVVHU 8QG DX‰HUGHP KDWWH LFK HLQHQ7UDXP ³'XKDVWNHLQH0LQXWHJHVFKODIHQ ³(VZDUHLQ:DFKWUDXP ³$KD8QGZDVKDVWGXJHWUlXPW" ³'D‰LFKDP(QGHGLHVH:HOWYRUGHP8QWHUJDQJEHZDKUHQZHUGH5DVXQG ³'XPX‰WODXWHUVSUHFKHQ'LH'XVFKHLVWVRODXW ³'DQQ VWHOOH VLH DE $OVR 'LH EHLGHQ ZHUGHQ QLFKW YLHO *OFN KDEHQ XQG XQV VFKOLH‰OLFK XP 5DW IUDJHQ ,FK JHEH LKQHQ HLQHQ HQWVFKHLGHQGHQ +LQZHLV XQG GDV3UREOHPO|VWVLFKJDQ]YRQVHOEVW ³'DVLVWNHLQ:DFKVRQGHUQHLQ:XQVFKWUDXP 7RUVWHQ]RJGLH%UDXHQ]XVDPPHQXQGGUHKWHVLFKLP6HVVHOXP ³,FKPX‰PLFKGRFKVHKUEHUGLFKZXQGHUQ3RVV )HLQODFNNDPDXVGHP%DGXQGULHEVLFKPLWHLQHP+DQGWXFKWURFNHQ ³,FK KDEH QLH GHLQH 0DWHULHXPIRUPHU)lKLJNHLW LQ =ZHLIHO JH]RJHQ 7RUVWHQ 1XUZDVGHLQH7UlXPHEHWULIIW ³-D" ³1DGLH6DFKHPLW)DLU\WDOH,FKPHLQHDOVGX%XOO\HU]lKOWHVWGXKlWWHVWGHQ +LOIHUXIYRUDXVJHWUlXPW 'DVZDUQLFKWVHKUVHUL|V,FKKRIIHGD‰%XOO\QLHHUIlKUWZLHGDVZLUNOLFKZDU 'D‰GXGLHVHQ0DQQNHQQVWGHUYRU]ZHL0RQDWHQ]XPKLHVLJHQ+DQGHOVNRQWRU YHUVHW]WZXUGHXQGGD‰GXPLWLKPDXVPDFKWHVWZDQQHUHLQHQIDOVFKHQ1RWUXI DE]XVHW]HQKlWWH:DVKDWGLFKGDVJHNRVWHW" ³7DXVHQG *DOD[ HLQH Y|OOLJ XQQ|WLJH ,QYHVWLWLRQ $EHU HUVWHQV PX‰WHQ ZLU ]X GLHVHP NOHLQHQ 7ULFN JUHLIHQ GD XQV %XOO\V $YHUVLRQ JHJHQ 7HOHSRZHU $EVROYHQWHQ EHNDQQW ZDU XQG LFK PHLQH $EVWDPPXQJ QLFKW EHU *HEKU DXVQXW]HQ ZROOWH XQG ]ZHLWHQV EHVWlWLJW GHU HFKWH 1RWUXI GRFK QXU PHLQH )lKLJNHLWHQ ³'HUHUUHLFKWHGLH(UGHGUHL6WXQGHQEHYRUGHLQ)UHXQGKLHUVLFKPHOGHQVROOWH $X‰HUGHP KDVW GX QLH YRQ )DLU\WDOH JHWUlXPW (V ZDU UHLQHU =XIDOO GD‰ KLHU GDQQGRFKHWZDVJHVFKDK 7RUVWHQQDKPGLH)‰HYRP7LVFKWUDQNXQGVFKZHQNWHGHQ6HVVHOKHUXP3RVV ]RJ VLFK JHUDGH HLQH QHXH .RPELQDWLRQ DQ $XI GHP 2EHUWHLO SUDQJWH GDV 



(PEOHP YRQ 7HOHSRZHU  HLQ YRQ HLQHU VWUDKOHQGHQ ZHL‰HQ $XUD XPJHEHQHV PHQVFKOLFKHV*HKLUQ ³%HYRU GX DQ PLU ]ZHLIHOVW 3RVV VROOWHVW GX GLFK IUDJHQ ZLH HV XP GHLQH )lKLJNHLWHQEHVWHOOWLVW ³%HVWHQV ,FK KDEH %XOO\ GD]X JHEUDFKW XQV LQ GHQ 5DXP ]X VFKLFNHQ 'LH .RPPDQGDQWLQGHU'(752,7IUL‰WPLUDXVGHU+DQG ³8QG5DVXQG)HOOPHU" )HLQODFNZLQNWHDEXQGOLH‰VLFKVFKZHUDXIGLH&RXFKIDOOHQ ³,KUH3VL$XUDZLHGXVFKRQVHOEVWVDJWHVW$EHULFKZHUGHPLFKEHVVHUDXIVLH HLQJHVWHOOWKDEHQZHQQVLHXQVKROHQNRPPHQ 1XU 0LQXWHQ VSlWHU VROOWH HU GLH *HOHJHQKHLW KDEHQ GLHVH %HKDXSWXQJ ]X EHZHLVHQ 'LHEHLGHQ³$OWPXWDQWHQHUVFKLHQHQGRFKQLFKWXPLKUHMXQJHQ.ROOHJHQPLW ]XP5DXPKDIHQ]XQHKPHQ ³(VLVWHLQIDFKVRHUNOlUWH7VFKXEDL³:HQQZLULP5DXPVLQGZROOHQZLUGLH *HZL‰KHLW KDEHQ MHPDQGHQ DXI )DLU\WDOH ]X ZLVVHQ DXI GHQ ZLU XQV YROO XQG JDQ] YHUODVVHQ N|QQHQ 'X 3RVV ELVW ZLH NHLQ DQGHUHU LQ GHU /DJH ]XP %HLVSLHO GLH $GPLQLVWUDWRUHQ SRVLWLY ]X EHHLQIOXVVHQ VROOWHQ VLH GHQ 0XW YHUOLHUHQ 8QG IU GLFK 7RUVWHQ VROOWH VLFK DXFK HLQH YHUDQWZRUWXQJVYROOH $XIJDEHILQGHQ ³1DWUOLFK KROHQ ZLU HXFK VRIRUW ZHQQ ZLU HXUH +LOIH EUDXFKHQ EHHLOWH VLFK )HOOPHU KLQ]X]XIJHQ DOV HU GLH (QWWlXVFKXQJ LQ GHQ $XJHQ GHU 'LSORP 0XWDQWHQVDK ³-D EHNUlIWLJWH 5DV ³6RIRUW :LU NXQGVFKDIWHQ GDV 7HUUDLQ DXV XQG LKU VWR‰W QDFKZHQQLKUYHUVWHKWZDVLFKPHLQH 7RUVWHQXQG3RVVEOLFNWHQVLFKDQ ³:LUKDWWHQJHKRIIWLKUZUGHWXQVJOHLFKPLWQHKPHQVDJWH%XOOJHGHKQW³,FK IKOHPLFKLQ+RFKIRUP9LHOOHLFKWEUDXFKWHWLKUJDUQLFKWHUVWLQGHQ6FKZDUP ,FK N|QQWH PHLQH JHLVWLJHQ .UlIWH ]X GHQ $VWHURLGHQ KLQEHUVFKLFNHQ XQG VLH EHHLQIOXVVHQXQG 5DVVWUHFNWHLKPDEZHKUHQGHLQH+DQGHQWJHJHQ ³7RUVWHQ ZLU 0XWDQWHQ KDEHQ HV QLFKW OHLFKW 'DV ZLUVW GX QRFK IUK JHQXJ HUIDKUHQ 9RQ XQV HUZDUWHW PDQ GD‰ ZLU XQV XP GHQ 6FKZDUP NPPHUQ )HOOPHUXQGLFKZHUGHQGDIUEH]DKOWYHUVWHKWLKU"%XOOV'RQQHUZHWWHUP|FKWH LFKQLFKWHUOHEHQZHQQZLU]XUFNNRPPHQXQGLKPEHULFKWHQPVVHQGD‰LKU EHLGHXQVGLH$UEHLWDEJHQRPPHQKDEW ³:LU0XWDQWHQPVVHQ]XVDPPHQKDOWHQYHUVLFKHUWH)HOOPHU 'DVZLUNWH ³6RKDEHLFKGDVQRFKQLFKWEHWUDFKWHW$EHUVLFKHUKDEWLKUUHFKW:LUPVVHQ ]XVDPPHQKDOWHQMD$OVRYHUVXFKWHXHU*OFN:LUKDOWHQXQVHLQVDW]EHUHLW(LQ )XQNVSUXFKJHQJWXQGZLUNRPPHQ $OVVLHZLHGHUDOOHLQZDUHQVFKWWHOWH)HLQODFNGHQ.RSI ³,UJHQGZLH PXUPHOWH HU ³KDEH LFK GDVGXPPH*HIKOVLHQHKPHQXQVQLFKW HUQVW 



7RUVWHQOlFKHOWHEHUOHJHQ ³,FKZHL‰HVEHVVHU3RVV6LHKDEHQ$QJVWGD‰ZLULKQHQGLH6FKDXVWHKOHQ6LH ZHUGHQDOWYHUVWHKVWGX")DVWKDEHLFK0LWOHLGPLWLKQHQ 3RVVZLUNWHQLFKWJDQ]EHU]HXJW ³%LVWGXVLFKHU" ³9|OOLJ VLFKHU (LQHV 7DJHV ZHUGHQ VLH -QJHUHQ 3ODW] PDFKHQ PVVHQ 'RFK DXFKGDQQZHUGHQZLULKQHQLQXQVHUHPQHXHQ0XWDQWHQNRUSVLPPHUHLQJXWHV $QGHQNHQEHZDKUHQ9RUHUVWDEHUPVVHQZLUDXIVLHDXISDVVHQ ³:DVKHL‰WGDV" 7RUVWHQEOLFNWHDXIVHLQ*ODV(LQIHLQHV/lFKHOQXPVSLHOWHVHLQH0XQGZLQNHO ³0DQFKPDO ELVW GX ]LHPOLFK VFKZHUIlOOLJ 3RVV :LU GUIHQ VLH GRFK QLFKW LP 6WLFKODVVHQ:LUJHKHQDQ%RUGGHU'(752,7XQGGDQQZLUVWGX (UHUNOlUWHGHP3DUWQHUZDVHUYRQLKPHUZDUWHWH ³:HQQGXGDVIUULFKWLJKlOWVWPXUPHOWHGLHVHU ³(LQ%XOOZHL‰LPPHUZDVHU]XWXQKDWYHUVLFKHUWH7RUVWHQLP%UXVWWRQGHU hEHU]HXJXQJ 'DV*ODV]HUVSUDQJLQVHLQHU+DQG ³'XPX‰WPLUNHLQH'HPRQVWUDWLRQJHEHQ2GHUZDUGDVHLQHhEXQJ" ³(LQHhEXQJVDJWH7RUVWHQHWZDVXQVLFKHU ³6R8QGZDUXPEOXWHWGHLQH+DQG"   .XU] QDFK $QEUXFK GHV  0lU]  1*= ZXUGH GLH IU GLH 0XWDQWHQ NODUJHPDFKWH 6SDFH-HW YRQ GHU *UDYR6FKOHXGHU GHV +DQJDUV DXV GHU '(752,7JHKREHQXQGVFKR‰LQGHQNODUHQ1DFKWKLPPHOKLQHLQ$Q%RUGEH IDQGHQVLFKQHEHQ5DV7VFKXEDLXQG)HOOPHU/OR\GGLHEHLGHQ)DLU\WDOHU6D\D 'XPDOLQ XQG 'DUWH +RURZLW] XQG GHU .RPPDQGDQW GHU .RJJH 1$=0,55 +HUJH2ODIVRQ 'DV %HLERRW WUXJ GHQ (LJHQQDPHQ 7(/(32:(5 (V ZDU QLFKW VFKZHU ]X HUUDWHQ ZHU 1DQF\ +DUOLQJ GLH GDV .RPPDQGR EHU ³LKU 6FKLII QXU XQJHUQ DEJHJHEHQKDWWH]XGLHVHU1DPHQVJHEXQJYHUDQOD‰WKDWWH ³,FK KDEH HLQ YHUGDPPW VFKOHFKWHV *HIKO VDJWH )HOOPHU ³9LHOOHLFKW KlWWHQ ZLU GLH EHLGHQ GRFK EHVVHU PLWQHKPHQ VROOHQ 'DQQ KlWWHQ ZLU VLH ZHQLJVWHQV XQWHU.RQWUROOH ³+|U PLU EOR‰ DXI NQXUUWH 5DV ³,FK NDQQ GLHVHQ :LFKWLJWXHU QLFKW PHKU HUWUDJHQ,FKPX‰WHPLFKVFKRQLQLKUHP4XDUWLHUJHK|ULJ]XVDPPHQUHL‰HQ6ROO %XOOVLFKPLWLKPKHUXPTXlOHQZHQQZLUZLHGHUDXIGHU(UGHVLQG(ULVWVHLQ (QNHOQLFKWPHLQHU ³:HQQ V VWLPPW JULQVWH GHU 7HOHSDWK ³$EHU VLFKHU KDVW GX UHFKW :DV VROOHQ VLH VFKRQ DQULFKWHQ" 6R ]LHPOLFK MHGHU DQ GHQ VLH VLFK ZHQGHQ N|QQWHQ LVW JHZDUQW0HKUNRQQWHQZLUZLUNOLFKQLFKWWXQ ³+DEWLKUNHLQDQGHUHV7KHPD"IUDJWH6D\D ³'RFK'LH$VWHURLGHQ+HUJHZLHZHLWNRQQWHWLKUHXFKGHP6FKZDUPQlKHUQ" %LVDXI.LORPHWHU" 



³8QJHIlKU EHVWlWLJWH GHU 5DXPIDKUHU 2ODIVRQ ZDU ZLH VLFK VFKRQ KHUDXVJHVWHOOWKDWWHNHLQ)UHXQGYLHOHU:RUWH(UPRFKWHVHFK]LJ-DKUHDOWVHLQ XQGWUXJHLQHQKHOOEORQGHQ9ROOEDUW ³8QG ZLH JHQDX ZXUGHW LKU DEJHEUHPVW" ,FK KDEH ]ZDU GLH %HULFKWH JHOHVHQ DEHUGDLVWHLQLJHVXQNODUJHEOLHEHQ,KUSUDOOWHWQLFKWJHJHQHLQIHVWHV+LQGHUQLV VRQGHUQ ³$OVREZLULQHLQHZHLFKH0DVVHKLQHLQJHIORJHQZlUHQVDJWH2ODIVRQ³-DVR ZDU HV :LU NRQQWHQ SO|W]OLFK QLFKW ZHLWHU 'DV 6FKLII HUOLWW NHLQHQ 6FKDGHQ DEHUZLUDOOHZX‰WHQGD‰HVXQVXPGLH2KUHQIOLHJHQZUGHZHQQZLUQLFKWDXI GHU6WHOOHXPNHKUWHQ )HOOPHUKREHLQH+DQG2ODIVRQVWHXHUWHGLH6SDFH-HWXQGEOLFNWHVWXUDXIVHLQH .RQWUROOHQ ³$XJHQEOLFN,KUZX‰WHWHV"'XPHLQVWLKUJODXEWHWHVLKUKDEWHVJHVSUW ³-DYLHOOHLFKW,KUZHUGHWHVPHUNHQZHQQZLUEHLP6FKZDUPVLQG 0HKUZDULKPGD]XQLFKW]XHQWORFNHQ 'LH 7(/(32:(5 OLH‰ GLH $WPRVSKlUH GHV 3ODQHWHQ KLQWHU VLFK XQG EHVFKOHXQLJWHZHLWHU1LHPDQGVSUDFKPHKU (LQHNXU]H/LQHDUHWDSSHEUDFKWHGDV6FKLIIELVDXIHWZDHLQH/LFKWPLQXWHDQGHQ 6FKZDUP KHUDQ 1DFK HLQLJHQ .XUVNRUUHNWXUHQ ZDU GLH *HVFKZLQGLJNHLW GHU $VWHURLGHQDQJHJOLFKHQGLHDXIGHQ6FKLUPHQ]XVHKHQZDUHQ ³1LFKWVYRQHLQHP(QHUJLHIHOGIHVW]XVWHOOHQVDJWH5DV³.HLQH(PLVVLRQHQ ³:LU JHKHQ QlKHU KHUDQ HQWVFKLHG )HOOPHU ³%LV ]X GLHVHU *UHQ]H 2ODIVRQ EOLFNWHLKQEHUGLH6FKXOWHUDQ(UVFKLHQDOOHVDQGHUHDOVEHJHLVWHUW ³(VZDUIUXQVYHUGDPPWXQDQJHQHKPPXUPHOWHHU ³:LUZHUGHQHVEHUOHEHQ 2ODIVRQNQXUUWHHWZDVLQVHLQHQ%DUWXQGVWHXHUWHGDV6FKLIIDXIGHQ6FKZDUP ]X ³6LH EHZHJHQ VLFK PLW IDVW KDOEHU /LFKWJHVFKZLQGLJNHLW GXUFKV 8QLYHUVXP VDJWH'DUWH³6HLWHZLJHQ=HLWHQ(VLVWZLUNOLFKDOVZlUHQGLH.|QLJVDVWHURLGHQ ZLH5DXPVFKLIIH 'LH 0XWDQWHQ VFKZLHJHQ REZRKO VLH VLFK DQ %XOOV :RUWH HULQQHUWHQ 'DQQ NRQQWHQ VLH GLH $VWHURLGHQ VHKHQ XQG GHU $QEOLFN KDWWH HWZDV 0DMHVWlWLVFKHV REZRKOHVVLFKQXUXPJHZDOWLJHNRVPLVFKH7UPPHUEURFNHQKDQGHOWHGLHGHQ 6WHUQHQKLPPHOYHUGXQNHOWHQ )HOOPHUYHUVXFKWHVLFKYRU]XVWHOOHQZHOFKHV%LOGVLHHUVWERWHQZHQQVLHGXUFK GLH *DVZRONHQ DQ )DLU\WDOH YRUEHL]RJHQ XQG HU EHJDQQ HLQLJHV YRQ GHP ]X YHUVWHKHQZDVHUYRQGHQ.RORQLVWHQJHK|UWKDWWH $EHUGLH3IODQ]HQLKU*ODXEHDQ/HEHQLQGLHVHQWRWHQ%URFNHQ )HOOPHUYHUVFKHXFKWHGLH*HGDQNHQGDUDQ(UZDUIURKGLH$XVVWUDKOXQJHQGHU 6LOEHUVWHUQH QLFKW PHKU ZDKUQHKPHQ ]X PVVHQ GLH LKQ YLHO KlUWHU JHWURIIHQ KDWWHQDOVGLH)DLU\WDOHU .XU]QDFKGHP6WDUWGHU7(/(32:(5ZDUHVLKPJHZHVHQDOVN|QQWHHULKUH 6WLPPHQYRQEHUDOOKHUK|UHQDOVEHVWlQGHGLHJDQ]H$WPRVSKlUHGHV3ODQHWHQ DXVWHOHSDWKLVFKHQ,PSXOVHQ 



³$FKWXQJULHI2ODIVRQ ,PQlFKVWHQ0RPHQWVSUWHQVLHDOOHZLHVLHJHJHQHLQHXQVLFKWEDUH0DXHU]X SUDOOHQ VFKLHQHQ 6WHFKHQGH 6FKPHU]HQ ZDUHQ LQ LKUHQ 6FKlGHOQ 6D\D VFKULH XQGSUH‰WHVLFKGLH+lQGHJHJHQGLH6FKOlIHQ'DUWHEHXJWHVLFKLQVHLQHP6LW] YRUXQGVWDUUWHPLWYHU]HUUWHP*HVLFKWDXIGLH6FKLUPH'RFKGLH]HLJWHQQLFKWV DQ )HOOPHUZXUGHVFKZDU]YRU$XJHQ(UKDWWHGDV*HIKOGD‰HWZDVXQYRUVWHOOEDU )UHPGHV QDFK VHLQHP *HLVW JULIIH (U K|UWH 5DV VW|KQHQ XQG GLH )OFKH GHV .RJJH.RPPDQGDQWHQ :DV GDQQ JHVFKDK ZX‰WH HU VSlWHU NDXP QRFK ]X VDJHQ (UNDPHUVWZLHGHU]XVLFKDOVVLFKGLH6SDFH-HWDXIKXQGHUWWDXVHQG.LORPHWHU YRP$VWHURLGHQVFKZDUPHQWIHUQWKDWWH ³,FK VDJWH HXFK GD‰ HV XQDQJHQHKP ZHUGHQ ZUGH EUXPPWH 2ODIVRQ ³,KU KlWWHW HXFK GLHVH (UIDKUXQJ HUVSDUHQ N|QQHQ ZHQQ LKU DXI PLFK JHK|UW KlWWHW 8P QRFK HLQPDO JHJHQ GLHVH %DUULHUH ]X SUDOOHQ KlWWH HV NHLQHU 0XWDQWHQ EHGXUIW ³%DUULHUH" )HOOPHU DWPHWH WLHI GXUFK 1XU DOOPlKOLFK IKOWH HU VLFK EHVVHU ³+HUJHGDVZDUGLHXQVLFKWEDUH%DUULHUHGLHVHQDFKJLHELJH:DQG" 1DWUOLFK:DVVRQVW )HOOPHUODFKWHKXPRUORV(UEHXJWHVLFKYRU ³8QGGXKDVWGLH6SDFH-HW]XUFNJHVWHXHUW" ³6LHZXUGH]XUFNJHVFKOHXGHUW ³+HUJHZLUZXUGHQ]XUFNJHVFKOHXGHUW:LU0HQVFKHQZXUGHQGDUDQJHKLQGHUW GLHVH*UHQ]H]XSDVVLHUHQ,FKDKQWHHWZDV'HUDUWLJHVDOVLFKK|UWHZLHGXHXUH (PSILQGXQJHQ EHL GHU HUVWHQ $QQlKHUXQJ VFKLOGHUWHVW (V JLEW NHLQH HQHUJHWLVFKH %DUULHUH VRQGHUQ QXU HLQH PHQWDOH (LQ $EZHKUIHOG GDV DXI XQVHUHQ *HLVW ZLUNW :LU KlWWHQ GLH 6SDFH-HW LQ GHQ 6FKZDUP KLQHLQEULQJHQ N|QQHQ DXFK ZHQQ ZLU GDEHL YLHOOHLFKW JHVWRUEHQ ZlUHQ DEHU GDV 6FKLII KlWWH GLH*UHQ]HGXUFKEUHFKHQN|QQHQ 5DV7VFKXEDLQLFNWH ³*HQDXGHQ(LQGUXFNKDWWHLFKDXFK 2ODIVRQVFKZLHJIUHLQH:HLOH ³$QJHQRPPHQLKUKDEWUHFKWVDJWHHUGDQQ³:DVEOLHEHXQVGDQQ]XWXQ":LU N|QQWHQHLQ5RERWVFKLII 5DVZLQNWHDE ³'DUDQ N|QQHQ ZLU VSlWHU GHQNHQ (LQ 5RERWVFKLII HUVHW]W NHLQHQ 0HQVFKHQ ZHQQ HV GDUXP JHKW KHUDXV]XILQGHQ ZDV HV PLW GHQ $VWHURLGHQ XQG LKUHP 9HUKDOWHQ DXI VLFK KDW )DVW JODXEH LFK LUJHQG MHPDQG ZLOO XQWHU DOOHQ 8PVWlQGHQYHUKLQGHUQGD‰HU%HVXFKEHNRPPW ³%HLDOOHP5HVSHNWYRUHXFK%XUVFKHQZLGHUVSUDFK2ODIVRQ³'DVLVW]LHPOLFK SKDQWDVWLVFK ³'LH .|QLJVDVWHURLGHQ VLQG SKDQWDVWLVFK 0DQ NDQQ HV DXFK VR VHKHQ 2E QXQ MHPDQG LQ GHQ $VWHURLGHQ OHEW RGHU RE GLHVHU -HPDQG VLH QXU LQ LKUHU %DKQ EHHLQIOX‰WKDWVLHVROOHQDXI)DLU\WDOHDXIVFKODJHQ'DPLWGLHVHU$QJULIIQLFKW 



LQOHW]WHU0LQXWHYHUHLWHOWZHUGHQNDQQLVWGLHVH%DUULHUHHUULFKWHWZRUGHQ,FK ZLOO MHW]W JDU QLFKW GDYRQ UHGHQ EHU ZHOFKH WHFKQLVFKHQ 0LWWHO XQVHU 8QEHNDQQWHU YHUIJHQ PX‰ ,FK ZLOO DXFK QLFKW EHU GLH 0RWLYH VSHNXOLHUHQ )DLU\WDOHDQ]XJUHLIHQ.ODUKHLWN|QQHQZLUQXULP6FKZDUPVHOEVWILQGHQ ³:LH" IUDJWH 2ODIVRQ ³6ROOHQ ZLU GHQ $XWRSLORWHQ SURJUDPPLHUHQ GDPLW HU XQVLQGHQ6FKZDUPEULQJW",KUKDEWVHOEVWJHVDJWGD‰HVXQVHU7RGVHLQNDQQ ³'LH 7(/(32:(5 EOHLEW ZR VLH LVW ,FK ZHUGH YHUVXFKHQ LQ GHQ $VWHURLGHQVFKZDUPKLQHLQ]XWHOHSRUWLHUHQ ³:LUZLVVHQQLFKWVEHUGLH%DUULHUHJDE)HOOPHU]XEHGHQNHQ³6LHNDQQDXFK LQGDVEHUJHRUGQHWH.RQWLQXXPKLQHLQZLUNHQ ³'DQQZHUGHLFKDOOHQIDOOV]XUFNJHVFKOHXGHUW,FKYHUVXFKHHVMHW]W6ROOWHGLH %DUULHUH)XQNVLJQDOHGXUFKODVVHQZL‰WLKULQHLQHU0LQXWHRELFK(UIROJKDWWH :HUGHLFK]XUFNJHVFKOHXGHUWZL‰WLKU VQRFKIUKHU ³(LQHQ+XPRUKDWGHLQ)UHXQGVHXI]WH2ODIVRQPLWHLQHPJHTXlOWHQ%OLFN DXI)HOOPHU 5DV7VFKXEDLVFKQDOOWHVLFKORVXQGVWLHJLQHLQHQGHUEHUHLWOLHJHQGHQVFKZHUHQ 5DXPDQ]JH.XU]EHUSUIWHHUGLH6\VWHPH'DQQQLFNWHHUGHQDQGHUHQ]X 6D\DXQG'DUWHGLHELVODQJEHWURIIHQJHVFKZLHJHQKDWWHQEOLFNWHQVLFKDQ ³,FKP|FKWHPLWNRPPHQEDWGHU$VWURSK\VLNHU 5DVZLQNWHDE ³'DUEHUUHGHQZLUZHQQLFKJXWDQXQG]XUFNJHNRPPHQELQ 2KQHZHLWHUH:RUWHJDEHUVLFKGHQ(QWVWRIIOLFKXQJVLPSXOV 5DV IDQG VLFK LQPLWWHQ GHU GDKLQ]LHKHQGHQ $VWHURLGHQ ZLHGHU (UOHLFKWHUW EHU GLHJHJOFNWH7HOHSRUWDWLRQDWPHWHHUDXI(UVWMHW]WJDEHUVLFKVHOEVWJHJHQEHU ]XZLHVWDUNVHLQH=ZHLIHODQHLQHP(UIROJJHZHVHQZDUHQ =X VHLQHU /LQNHQ WULHE HLQ %URFNHQ YRQ PLQGHVWHQV KXQGHUW .LORPHWHU 'XUFKPHVVHUHWZDIQIKXQGHUW.LORPHWHUYRQLKPHQWIHUQW'LUHNWYRUVLFKVDK HU HLQHQ QRFK JU|‰HUHQ 0HKUHUH NOHLQHUH EHIDQGHQ VLFK XQWHU EHU XQG KLQWHU LKP ³)HOOPHU"VDJWHHULQV0LNURGHV+HOPIXQNV ³,FKK|UHGLFK'XKDVWHVJHVFKDIIW ³,VW DQ]XQHKPHQ JDE GHU 7HOHSRUWHU ]XUFN ZlKUHQG HU GLH $Q]HLJHQ VHLQHV $UPEDQGJHUlWVEHREDFKWHWH³8QG ³:DV" ³)HOOPHUPHLQH,QVWUXPHQWHVSLHOHQYHUUFNW6LH]HLJHQ(QHUJLHHPLVVLRQHQDQ 'LHVH $VWHURLGHQ PVVHQ JHZDOWLJH .UDIWVWDWLRQHQ EHKHUEHUJHQ :HU VDJWH GD HWZDVYRQ5DXPVFKLIIHQ" ³'DV ZDU 'DUWH XQG GX P‰WHVW LKQ MHW]W VHKHQ N|QQHQ $EHU NDQQVW GX GLHVH %ODVHDQPHVVHQGLH%DUULHUH" ³1HLQ +LHU ZHUGHQ 8QPHQJHQ YRQ (QHUJLH SURGX]LHUW 8QG GDV PX‰ LQ GHQ $VWHURLGHQVHOEVWJHVFKHKHQ:DUWHLFKVSULQJHDXIHLQHQYRQLKQHQ ³6HLYRUVLFKWLJZDUQWHGHU7HOHSDWK³:LUZLVVHQQLFKWZHOFKH$EVLFKHUXQJHQ GLH8QEHNDQQWHQQRFKJHWURIIHQKDEHQ ³)HOOPHUGDVDOOHVKLHUZLUNWXQYRUVWHOOEDUDOW 



³'DVLVWQLFKWV1HXHV6LHVLQGDOW ³,FK PHLQH HWZDV DQGHUHV :HQQ V NHLQH 3KUDVH ZlUH ZUGH LFK VDJHQ HLQ +DXFKYRQ(ZLJNHLW+LHUOHEWHWZDV,FKELQNHLQ7HOHSDWKXQGNHLQ+HOOVHKHU DEHULFKVSUHHV,FKVSULQJHMHW]W 'HU +HOPODXWVSUHFKHU EOLHE VWXPP 7VFKXEDL WHOHSRUWLHUWH HUQHXW XQG PDWHULDOLVLHUWHDXIGHU2EHUIOlFKHGHV$VWHURLGHQGHQHUDQJHSHLOWKDWWH³5DV" ³,FK ELQ LQ 2UGQXQJ )HOOPHU LQ GLHVHQ %URFNHQ PX‰ HV JUR‰H +RKOUlXPH JHEHQ %LVW GX VLFKHU GD‰ %XOO QLFKW KHLPOLFK GLHVH 0XWDQWHQVFKXOH EHVXFKW KDW"³:DVVROOGDV" ³:HLO HU XQV JHQDX GDV LQ $XVVLFKW VWHOOWH ³,FK JODXEH QLFKW GD‰ GLHV GHU $XJHQEOLFN IU PGH 6FKHU]H LVW 5DV ³'X KDVW UHFKW )HOOPHU LFK VSUH QLFKWV GDV PLFK DEZHKUHQ ZROOWH :HQQ LQ GHQ .|QLJVDVWHURLGHQ MHPDQG OHEW PVVHQ ZLU HLQHQ :HJ ILQGHQ XQV PLW GLHVHQ :HVHQ ]X YHUVWlQGLJHQ $QGHUHUVHLWVDEHU ³:DVDEHU" ³6LH P‰WHQ GRFK JHPHUNW KDEHQ GD‰ MHPDQG GLH %DUULHUH EHUZXQGHQ KDW 'DQQ DEHU UHDJLHUWHQ VLH QLFKW :LH YHUWUlJW VLFK GDV PLW XQVHUHU 7KHRULH YRQ HLQHP$QJULII ³'DVZHUGHQZLUKHUDXVILQGHQZHQQGXMHW]WVRIRUW]XXQV]XUFNWHOHSRUWLHUVW 'DV9HUVWlQGLJHQEHUOD‰ELWWHHLQHPGHUGDYRQPHKUYHUVWHKWDOVGX ³2KGDQNH3RVV)HLQODFNZlUHGHUULFKWLJH0DQQGDIU" ³:DV" ³(U KlWWH HV PLW VHLQHQ EHUUDJHQGHQ )lKLJNHLWHQ VRJDU YHUVWDQGHQ GLH /DUHQ IUXQVHLQ]XQHKPHQRGHUQRFKIUKHUGLH7RSVLGHUXQG ³5DV ELVW GX VLFKHU GD‰ GX JHLVWLJ Y|OOLJ LQ 2UGQXQJ ELVW" .RPP ]XUFN VRQVW :DV)HOOPHUDQVRQVWHQIULKQLQSHWWRKDWWHHUIXKU5DV7VFKXEDLEHUHLWVLQGHU 7(/(32:(5 ³0HLQ YRULJHU )UHXQG ZDU 3V\FKRORJH VDJWH 6D\D HUQVW QDFKGHP VLH GHQ 6FKUHFN EHUZXQGHQ KDWWH GHQ LKU 7VFKXEDL PLW GHU 0DWHULDOLVDWLRQGLUHNWYRU LKUHQ $XJHQ HLQJHMDJW KDWWH :LH DOOH KDWWH VLH GLH 8QWHUKDOWXQJ GHU EHLGHQ 0XWDQWHQPLWK|UHQN|QQHQ³'LHVHUNOXJH0DQQKlWWHMHW]WJHVDJWGD‰VLFKGHU *UDG GHU JHLVWLJHQ 9HUZLUUXQJ XQG $QJVW HLQHV 0HQVFKHQ GDUDQ PHVVHQ Ol‰W ZLHGXPPGLH6SUFKHVLQGGLHHUYRQVLFKJLEW 5DVQLFNWH ³'X ZLUVW ODFKHQ 0lGFKHQ (U KlWWH HV JDQ] JHQDX JHWURIIHQ ,FK KDWWH HLQ YHUGDPPWVHOWVDPHV*HIKOGRUW]ZLVFKHQGLHVHQXUDOWHQ7UPPHUQXQGLKUEH UHLWHWHXFKDPEHVWHQJXWGDUDXIYRUGHPJOHLFKHQ(LQGUXFNDXVJHVHW]W]XVHLQ ³,KUQHKPWXQVDOVRPLW" 5DVEOLFNWH)HOOPHUIUDJHQGDQ'LHVHUQLFNWH]|JHUQG ³,FK KDOWH HV IU GDV EHVWH ]XPLQGHVW GLFK GDEHL ]X KDEHQ 'DUWH =ZDU KDEH DXFK LFK HLQHQ YDJHQ (LQGUXFN YRQ GHP EHNRPPHQ ZDV GLH LQWHOOLJHQWHQ 3IODQ]HQ LQ GHQ $VWHURLGHQ ]X VHKHQ JODXEHQ DEHU LKU VHLG PLW LKQHQ DXIJHZDFKVHQ -H QDFKGHP ZRUDXI ZLU VWR‰HQ  YLHOOHLFKW O|VW HV HLQH 



XQEHZX‰WH(ULQQHUXQJLQGLUDXVGLHXQVZHLWHUKLOIW ³:DVKHL‰WHUJHKWPLW"HPS|UWHVLFK6D\D³:HQQHUPLWJHKWWXHLFK VDXFK 2ODIVRQVFKWWHOWHGHQ.RSIXQGPXUPHOWHHWZDVYRQGHU0DFKWGHU/LHEH ³6R ZLH V DXVVLHKW +HUJH VDJWH )HOOPHU ³ZLUVW GX IU HLQH :HLOH ]LHPOLFK HLQVDPKLHULQGHU7(/(32:(5VHLQ ³'DVPDFKWPLUQLFKWV9HUDEVFKLHGHWLKUHXFKZHQLJVWHQVYRQ)DLU\WDOHEHYRU LKUYHUVFKZLQGHW" 'DUWH EHUQDKP GDV (U ZDUWHWH ELV GLH +\SHUIXQNYHUELQGXQJ ]XVWDQGH NDP XQGEHULFKWHWH+RQR.DOHHUWHQLQJUREHQ=JHQYRQ7VFKXEDLV%HREDFKWXQJHQ LP6FKZDUP ³'LHVH(QHUJLHQPVVHQHQWZHGHUGLFKWYRURGHUGLUHNWLQGLHVHU0HQWDOEDUULHUH LQ EHUJHRUGQHWH 5lXPH DEIOLH‰HQ +RQR IJWH HU KLQ]X ³:LU VHKHQ XQV GLH $VWHURLGHQMHW]WDQ8QWHUULFKWHGLH$GPLQLVWUDWLRQXQGGDV+DQGHOVNRQWRU (U PDFKWH 2ODIVRQ HLQ =HLFKHQ GD‰ HU DEVFKDOWHQ VROOWH 'LH ,QVWLWXWVOHLWHULQ NDPJDUQLFKW]XHLQHU(QWJHJQXQJ ³'X KDWWHVW ZRKO $QJVW GD‰VLHRGHUGLH5HJLHUXQJHXFK]XUFNSIHLIHQZUGH "JULQVWHGHU5DXPIDKUHU +RURZLW]JLQJQLFKWGDUDXIHLQ6HLQ*HVLFKWYHUULHWJHVSDQQWH(UZDUWXQJDOVHU VLFKGHP7HOHSRUWHU]XZDQGWH ³1RFK N|QQW LKU V HXFK EHUOHJHQ ZDUQWH GLHVHU ³(V ZLUG NHLQ 6SD]LHUJDQJ ZHUGHQXQGYRUDOOHPEHIUHLWHXFKYRQDOOHQURPDQWLVFKHQ9RUVWHOOXQJHQ ³:DVGLH.|QLJVDVWHURLGHQIUXQVEHGHXWHQKDWDEVROXWQLFKWVPLW5RPDQWLN]X WXQVDJWH6D\D 'LH EHLGHQ )DLU\WDOHU OHJWHQ ZLH )HOOPHU EHUHLWV YRU LKQHQ GLH VFKZHUHQ 5DXPDQ]JHDQXQGVWHOOWHQVLFKYRUGHQ0XWDQWHQDXI ³=XHUVW)HOOPHUYHUNQGHWH5DV³'DQQKROHLFKHXFKEHLGH 'DPLW HQWPDWHULDOLVLHUWH HU VFKRQ PLW GHP 7HOHSDWKHQ 6D\D ]XFNWH OHLFKW ]XVDPPHQ DOV GLH /XIW PLW HLQHP GXPSIHQ .QDOO LQ GDV HQWVWDQGHQH 9DNXXP VFKOXJ ³,FKEHQHLGHHXFKQLFKWEUXPPWH2ODIVRQ³$EHULKUP‰WZLVVHQZDVLKUWXW 'DUWHK|UWHQLFKWDXILKQ(UQDKP6D\DV+DQGXQGGUFNWHVLHIHVW 6D\DYHUVXFKWHHLQ/lFKHOQ ³(LQZHQLJ$QJVWKDEHLFKJDEVLH]X³DEHUXPQLFKWVLQGHU:HOWZUGHLFK PLU GLHVH &KDQFH HQWJHKHQ ODVVHQ 8QG ZHQQ ZLU LQ GHQ 6FKZDUP KLQHLQNRPPHQNRPPHQZLUDXFKZLHGHUKHUDXV 'DUWHKDWWHSO|W]OLFKHLQH$KQXQJGD‰VLHGDEHLZDUHQHLQHQ6FKULWW]XWXQGHU HWZDV(QGJOWLJHVIUVLHKDWWH(VZDUDOVZUGHHUKLHUXQGMHW]WHLQH%UFNH KLQWHUVLFKDEEUHFKHQ %HYRUHUVLFKGLHVHQ*HGDQNHQZHLWHUKLQJHEHQNRQQWHNHKUWH7VFKXEDL]XUFN XQGVWUHFNWHGLH+lQGHDXV ³(V ZLUG HWZDV XQDQJHQHKP IU HXFK VHLQ DEHU LP *UXQGH KDOE VR VFKOLPP :LFKWLJHULVWGD‰LKUHXFKYRQDOOHPO|VWZDVDQP\VWLVFKHQ9RUVWHOOXQJHQLQ HXUHQ .|SIHQ KHUXPVSXNW ,KU ZHUGHW HLQ *HIKO YRQ =HLWORVLJNHLW XQG JUHQ]HQORVHU (LQVDPNHLW ]ZLVFKHQ GHQ $VWHURLGHQ YHUVSUHQ 9HUVXFKW GLHVHV 



*HIKODE]XEORFNHQ'DZLUQLFKWZLVVHQZDVXQVLP,QQHUQHLQHVGHU%URFNHQ HUZDUWHWNDQQHVYHUKlQJQLVYROOH)ROJHQIUXQVDOOHKDEHQZHQQQXUHLQHUYRQ HXFKQLFKWEHLGHU6DFKHLVW ³5DVGDVKDEHQZLUGRFKVFKRQJHK|UWVDJWH'DUWH³:LUVLQGNHLQH.LQGHU (UHUJULIIHLQH+DQGGHV$IULNDQHUV6D\DGLHDQGHUH 2ODIVRQEOLFNWHHLQH=HLWODQJDXIGLH6WHOOHDQGHUGLHGUHLHEHQQRFKJHVWDQGHQ KDWWHQ ³,FKEHQHLGHHXFKZLUNOLFKQLFKWEUXPPWHHU(UOHKQWHVLFK]XUFNXQGEOLFNWH GDVDXI(PSIDQJJHVFKDOWHWH)XQNJHUlWDQ )U'DUWHXQG6D\DNDPHVJHQDXVRZLH5DVHVYRUDXVJHVDJWKDWWH.DXPGD‰ VLH GHQ 6FKRFN GHU 7HOHSRUWDWLRQ EHUZXQGHQ KDWWHQ VSUWHQ VLH GLHVH JUHQ]HQORVH (LQVDPNHLW GHQ +DXFK YRQ (QG]HLW XQG HLQH .lOWH GLH DXFK YRQ GHQ YROONOLPDWLVLHUWHQ 5DXPDQ]JHQ QLFKW JDQ] DEJHKDOWHQ ZHUGHQ NRQQWH 'DUWHZDUGDUDXIYRUEHUHLWHWJHZHVHQGRFKHVWUDILKQEHLZHLWHPVWlUNHUDOVHU HUZDUWHWKDWWH 6LHVWDQGHQDXIGHU2EHUIOlFKHHLQHVGHUJU|‰WHQ$VWHURLGHQ5DVEHULFKWHWH]XU ZDUWHQGHQ 7(/(32:(5 GD‰ GLH 7HOHSRUWDWLRQ PLW GHQ EHLGHQ )DLU\WDOHUQ RKQH .RPSOLNDWLRQHQ YHUODXIHQ VHL 'DQQ ODV HU HLQLJH 0H‰ZHUWH YRQ VHLQHP $UPEDQGJHUlWDEXQGJDEVLHDQ2ODIVRQGXUFK ³'DVKHL‰WGD‰ZLUXQVMHW]WDXIHLQHP$VWHURLGHQEHILQGHQLQGHVVHQ,QQHUHP ]ZDU (QHUJLH IUHLJHVHW]W ZLUG DEHU EHL ZHLWHP QLFKW VRYLHO ZLH LQ ]ZHL GUHL DQGHUHQGLHZLUXQVVSlWHUDQVHKHQIDOOVGDVQRFKQ|WLJVHLQVROOWH:LUPDFKHQ KLHUGHQ$QIDQJ ³,VW LQ 2UGQXQJ K|UWH +RURZLW] GLH UDXKH 6WLPPH GHV 5DXPIDKUHUV LP +HOPODXWVSUHFKHU³,FKKDOWH)DLU\WDOHDXIGHPODXIHQGHQ ³'DQQYHUVXFKHQZLUMHW]WGHQ(LQVWLHJ ³(LQVWLHJ" ³'XZHL‰WZLH VJHPHLQWLVW+HUJH ³:DUWHWPDO2ODIVRQV6WLPPHYHUULHW]XPHUVWHQPDOVRHWZDVZLHZLUNOLFKHV ,QWHUHVVHDQGHPJDQ]HQ8QWHUQHKPHQ(USILIIGXUFKGLH=lKQHXQGVDJWHGDQQ ³,FKELQMDNHLQ)DFKPDQQIUVROFKH6DFKHQ$EHUDOV/DLHIUDJHLFKPLFKRE GX GD QLFKW HWZDV :DKUHV JHVDJW KDVW 5DV $QJHQRPPHQ GLH %URFNHQ VLQG LUJHQGZDQQ HLQPDO ]X 5DXPVFKLIIHQ XPIXQNWLRQLHUW ZRUGHQ  QXU HLQPDO DQJHQRPPHQ'DQQPX‰HVDXFK(LQVWLHJHJHEHQJDQ]QRUPDOH/XNHQRGHUVR HWZDV(VVHLGHQQGLH8QEHNDQQWHQZDUHQ7HOHSRUWHUZLHGX 'DUWHVDK7VFKXEDLQLFNHQ ³0|JOLFK +HUJH VRJDU ZDKUVFKHLQOLFK $EHU ZRP|JOLFK P‰WHQ ZLU GHQ $VWHURLGHQVWXQGHQODQJXPIOLHJHQXPHWZDV]XILQGHQ'DVGUIWHVFKRQDOOHLQ GDGXUFKPLW6FKZLHULJNHLWHQYHUEXQGHQVHLQGD‰6D\DXQG'DUWH]XPHUVWHQPDO LP5DXPVLQGXQGHUVWOHUQHQP‰WHQPLWGHQ)OXJDJJUHJDWHQXP]XJHKHQ:LU YHUVXFKHQGDXIXQVHUH$UW ³9LHO*OFN ³'DQNH+HUJH:DKUVFKHLQOLFKZHUGHQZLU VEUDXFKHQN|QQHQ ³1RFKHWZDVZDU)HOOPHU/OR\GV6WLPPH]XYHUQHKPHQ³,FKKDOWHHVQLFKWIU 



DXVJHVFKORVVHQ GD‰ XQVHU .RQWDNW DEUHL‰W ZHQQ ZLU HUVW HLQPDO LQ GHP $VWHURLGHQVLQG'DQQXQWHUQLPPQLFKWVDXIHLJHQH)DXVWXQGZDUWHDXIXQV 'DUWH K|UWH 2ODIVRQV %HVWlWLJXQJ NDXP QRFK 3O|W]OLFK VFKZLQGHOWH HV LKQ (U JLQJLQGLH+RFNHXQGVWW]WHVLFKPLWHLQHU+DQGDXIGHQ]HUQDUEWHQ6WHLQ 1LFKWGDUDQGHQNHQPDKQWHHUVLFK1LFKWGDUDQGHQNHQGD‰ULQJVXPGLFKQXU /HHUHLVW'D‰GXHLQ7HLOYRQLKQHQELVWHLQ7HLOGHU.|QLJVDVWHURLGHQ ³,FKNPPHUHPLFKXPLKQK|UWHHU6D\DVDJHQ³6SULQJWMHW]WXQGNRPPWXQV VFKQHOOKROHQ 'DUWHIKOWHLKUH+DQGVFKZHUDXIVHLQHU6FKXOWHU ³,FKJODXEHVDJWHGLH*HQHWLNHULQ³GDVQHQQWPDQ5DXPNROOHU ³,VWPLUHJDOZLHPDQGDVQHQQWJDEHU]XUFN³,FKZHL‰QXUGD‰LFKPLFK PLVHUDEHOIKOH6D\DKLHUSD‰WQLFKWV]XVDPPHQ8QPHQJHQYRQ(QHUJLHQGLH HLQIDFK  HLQIDFK YHUVFKZLQGHQ ZHQQ VLH GLHVH XQVLFKWEDUH *UHQ]H HUUHLFKHQ 'DQQ DEHU LVW GLH %DUULHUH PHKU DOV HLQ $EZHKUIHOG GDV QXU DXI GHQ *HLVW ZLUNW ³.DQQVWGXMHW]WDQQLFKWVDQGHUHVGHQNHQ" ³,FKZLOODQQLFKWVDQGHUHVGHQNHQ ³$OVZLUGLH.|QLJVDVWHURLGHQYRUKLQGXUFKGLH.XSSHOGHU6SDFH-HWVDKHQZDU LFK]LHPOLFKQLHGHUJHVFKODJHQZHL‰WGXGDV"6LHVDKHQZLUNOLFKZLHZLHWRWHV +LPPHOVJHVWHLQDXV$EHUMHW]WVSUHLFK ³1LFKWVVDJWHHUHWZDV]XVFKURII³*DUQLFKWV6D\D5DVKDWWHUHFKW:HQQZLU XQV QLFKW YROO XQG JDQ] QXU DXI GDV NRQ]HQWULHUHQ ZDV ZLU VHKHQ K|UHQ XQG ZLUNOLFK IKOHQ N|QQHQ EULQJW HV XQV XP GHQ 9HUVWDQG 9HUGDPPW ZDQQ NRPPWHUHQGOLFK]XUFN" ³,FKYHUVWHKHQLFKWYLHOYRQ7HOHSRUWDWLRQHQDEHUN|QQWHHVQLFKWVHLQGD‰GLH EHLGHQ  GLUHNW LQ GHQ )HOV JHVSUXQJHQ VLQG" ,FK PHLQH ZRKHU ZROOHQ VLH ZLVVHQZRHLQ+RKOUDXPLVW" 'DUWH DQWZRUWHWH QLFKW GDUDXI (U ULFKWHWH VLFK DXI XQG NRQQWH ZLHGHU DXI GHQ %HLQHQVWHKHQ 9HUJHEOLFKYHUVXFKWHHUXQWHUGHQ7DXVHQGHQYRQJOLW]HUQGHQ6WHUQHQMHQHQ]X HQWGHFNHQGHUGLH6SDFH-HWZDU'RFKDOVHUVLFKXPGUHKWHGDVDKHU+DUOHV 'LH6RQQHZDUVRXQHQGOLFKZHLWHQWIHUQW8QGGHU6FKZDUPUDVWHPLWLKPXQG 6D\DDXIVLH]XXQDXIKDOWVDP 5DV7VFKXEDLPDWHULDOLVLHUWHXQGQDKPGLH+lQGHGHU)DLU\WDOHU2KQHHLQ:RUW ]XYHUOLHUHQVSUDQJHUPLWLKQHQ 'LHVPDOZDUHQVLHDXIGLH%HJOHLWHUVFKHLQXQJHQGHU7HOHSRUWDWLRQHLQLJHUPD‰HQ YRUEHUHLWHWXQGQXUQRFKJDQ]NXU]EHQRPPHQ 6LHEHIDQGHQVLFKLQHLQHPHWZDIQI0HWHUKRKHQXQGHEHQVREUHLWHQ6WROOHQLQ GHP VLFK GDV /LFKW GHU +HOPVFKHLQZHUIHU XQG 6WDEODPSHQ VFKHLQEDU LQ GHU (QGORVLJNHLWYHUORU'LH:lQGH]HLJWHQZLH%RGHQXQG'HFNHNHLQH6SXUHQYRQ %HDUEHLWXQJ ³(LQ QDWUOLFKHU +RKOUDXP VWHOOWH )HOOPHU /OR\G JHUDGH IHVW ³$EVROXWHV 9DNXXP DEHU NQVWOLFKH 6FKZHUNUDIW YRQ J 'LH (QHUJLHHQWIDOWXQJ NRPPWYRQGRUW 



(UGHXWHWHPLWDXVJHVWUHFNWHP$UPYRUDXVLQGLH5LFKWXQJLQGLHHUQXQDXFK PLW GHU 6WDEODPSH OHXFKWHWH $XFK DOV HU GHQ /LFKWVWUDKO EQGHOWH ZDU NHLQ (QGHGHV6WROOHQV]XHUNHQQHQ 'LH *UXSSH VHW]WH VLFK LQ %HZHJXQJ )HOOPHU JLQJ YRUDXV ZlKUHQG 5DV VLFK QDKH EHL GHQ :LVVHQVFKDIWOHUQ KLHOW XQG LKQHQ LPPHU ZLHGHU SUIHQGH %OLFNH ]XZDUI 'XUFK GLH +HOPEHOHXFKWXQJ ZDUHQ LKUH *HVLFKWHU ]LHPOLFK JXW ]X HUNHQQHQ ³%HVVHU"HUNXQGLJWHVLFKGHU7HOHSRUWHU ³-DDQWZRUWHWH'DUWHZDKUKHLWVJHPl‰$XFK6D\DQLFNWHXQGEUDFKWHVRJDUHLQ /lFKHOQ ]XVWDQGH ³:DKUVFKHLQOLFK KDWXQV GDV :DUWHQ YHUUFNW JHPDFKW 8QG ZHQQQXUGLHVH6WLOOHQLFKWZlUH 'LH6FKULWWHGHU0HQVFKHQZDUHQGLHHLQ]LJHQ/DXWHZHLWXQGEUHLW8QKHLPOLFK KDOOWHQVLHYRQGHQ:lQGHQDXVSRU|VHP*HVWHLQZLGHU ³:DVKDEWLKUHUZDUWHW"'DV6XPPHQYRQ0DVFKLQHQ" ³,UJHQGZRPVVHQVLFK0DVFKLQHQEHILQGHQ 6LHJLQJHQZHLWHU'DUWHKDWWHQLFKWJHORJHQ1XQGDHVDXIHLQNRQNUHWHV=LHO ]XJLQJ IKOWH HU VLFK EHIUHLWHU ZHQQJOHLFK HU VLFK LP 0RPHQW QRFK ]LHPOLFK YHUORUHQXQGQXW]ORVYRUNDP ³,FK P|FKWH ZLVVHQ ZRUDXV GLH $VWHURLGHQ EHVWHKHQ K|UWH HU GLH *HIlKUWLQ VDJHQ³,KUKDEWQLFKWGDUDQJHGDFKWHQWVSUHFKHQGH,QVWUXPHQWHPLW]XQHKPHQ" ³8PGDV*HVWHLQ]XDQDO\VLHUHQ"5DVODFKWHYHUKDOWHQ³6D\DXQVHUH0RQWXUHQ VLQG DXFK VR VFKRQ VFKZHU JHQXJ (U OHXFKWHWH GLH :lQGH DE ³(U]DGHUQ YHUPXWOLFK(LVHQ1LFNHOXQG1DWULXP 'DUWHEHVFKlIWLJWHHWZDVDQGHUHV ³:LUKDEHQGLHVH(QHUJLHHQWIDOWXQJDQJHPHVVHQ$EHUHLQ.|USHULP9DNXXP HUVW HLQPDO DXI HLQH EHVWLPPWH *HVFKZLQGLJNHLW JHEUDFKW ZLUG YRQ QLFKWV DEJHEUHPVW HV VHL GHQQ HU JHUlW ZlKUHQG VHLQHU 5HLVH LQ GDV 6FKZHUNUDIWIHOG YRQ 6RQQHQ RGHU 3ODQHWHQ 'HU 6FKZDUP EHILQGHW VLFK DEHU QRFK LP LQWHUVWHOODUHQ5DXP:HURGHUZDVYHUEUDXFKWDOVRGLH(QHUJLHQ" ³'X ELVW PLW GHLQHQ *HGDQNHQ VFKRQ ZLHGHU EHL XQVHUHQ 8QEHNDQQWHQ HUZLGHUWH5DVPLW7DGHO ³1HLQ,FKQHKPHDQZHQQLUJHQGZRLQXQVHUHU1lKHHWZDVOHEWHKlWWH)HOOPHU VFKRQ*HGDQNHQLPSXOVHZDKUQHKPHQPVVHQ ³1LFKWV GD NDP HV YRQ /OR\G ³=XPLQGHVW GLHVHU 3ODQHWRLG LVW VR WRW ZLH HU QXUVHLQNDQQ ³(EHQVDJWH'DUWH³:R]XGDQQGLH(QHUJLH" ³:LUZHUGHQHVVFKRQQRFKKHUDXVILQGHQYHUVLFKHUWH5DV 6FKZHLJHQG ZXUGH GHU 0DUVFK IRUWJHVHW]W ,PPHU ZLHGHU OHXFKWHWHQ GLH (LQGULQJOLQJH GLH :lQGH XQG GHQ %RGHQ DE *HOHJHQWOLFK ZXUGH GHU 6WROOHQ EUHLWHUGDQQZLHGHUVRHQJGD‰GLHYLHUKLQWHUHLQDQGHUJHKHQPX‰WHQXQGGRFK 0KH KDWWHQ HLQH (QJVWHOOH ]X SDVVLHUHQ RKQH GD‰ VLH *HIDKU OLHIHQ VLFK DQ VSLW]HQ9RUVSUQJHQGLH5DXPDQ]JHDXI]XVFKOLW]HQ 8USO|W]OLFKlQGHUWHVLFKGLHVHV%LOG'LH6WROOHQZlQGHZLFKHQ]XU6HLWHXQGGLH 6FKHLQZHUIHUNHJHO EHOHXFKWHWHQ GDV ,QQHUH HLQHU +|KOH YRQ JHZDOWLJHQ 



$XVPD‰HQ ³*HUDGHDXVZHLWHUVDJWH)HOOPHUQDFKHLQHP%OLFNDXIGLH$UPEDQGDQ]HLJHQ ³:HUVDJWXQVGD‰ZLUQLFKWLQHLQH6DFNJDVVHJHUDWHQVLQG"IUDJWH6D\D 6LHGXUFKTXHUWHQGLH+|KOHXQGHUKLHOWHQNHLQH$QWZRUW )HOOPHUVWDQGYRUHLQHPYROONRPPHQJODWWHQ6WFN:DQGGUHL0HWHUKRFKXQG ]ZHL0HWHUEUHLWXQGYRQRYDOHU)RUP ³=XIULHGHQ"IUDJWHHU³+LHUVHKWHXFKGLH5lQGHUDQ:HQQGDVNHLQ6FKRWWLVW KDEHLFKQRFKQLHHLQHVJHVHKHQ 'DV 6FKRWW EHVWDQG DXV KDUWHP 0HWDOO XQG ZDU XQYHUULHJHOW 2KQH YLHO 0KH JHODQJHVGHQ0XWDQWHQHVPDQXHOO]X|IIQHQ (QWWlXVFKW VDK 'DUWH +RURZLW] GD‰ GDKLQWHU HLQ ZHLWHUHU XQEHDUEHLWHW VFKHLQHQGHU*DQJODJGRFKGDQQZDUHUHVGHUGHQHUVWHQJUDYLHUHQGHQ8QWHU VFKLHGIHVWVWHOOWH (UIXKUPLWGHPEHKDQGVFKXKWHQ)LQJHUEHUGLH:DQGDQHLQHUGHUDXFKYRUKHU VFKRQEHREDFKWHWHQ(U]DGHUQHQWODQJ ³6SXUHQ YRQ 2[\GDWLRQ VWHOOWH HU IHVW ³'DV EHGHXWHW GD‰ KLHU HLQPDO HLQH 6DXHUVWRIIDWPRVSKlUHYRUKDQGHQZDU ³:DV GDV 9RUKDQGHQVHLQ GHV 6FKRWWHV HUNOlUW VWLPPWH LKP 5DV 7VFKXEDL ]X ³(VKDQGHOWHVLFKDOVRQLFKWXPQXUHLQH$EVSHUUXQJ ³8QG ZDU EHUIOVVLJ JHZRUGHQ QDFKGHP GLH NQVWOLFKH $WPRVSKlUH DEJHSXPSWZRUGHQZDURGHUEHLHLQHU.DWDVWURSKHLQGHQ:HOWUDXPHQWZLFK IJWH )HOOPHU KLQ]X ³:DV HUNOlUW ZHVKDOE ZLU NHLQH 6FKZLHULJNHLWHQ PLW LKP KDWWHQ ³$EHUMHW]WZLVVHQZLUJDQ]JHQDXGD‰KLHUMHPDQGOHEWHXQGYLHOOHLFKWLPPHU QRFK OHEW VDJWH 6D\D KDOEODXW ³)LQGHW LKU QLFKW GD‰ HV K|FKVWH =HLW ZLUG 2ODIVRQ]XEHQDFKULFKWLJHQ" ³%HLDOOHQ3ODQHWHQ2ODIVRQ)HOOPHUODFKWHWURFNHQ³'HUDUPH%XUVFKHVLW]W GDREHQLQGHU7(/(32:(5XQGUDXIWVLFKYHUPXWOLFKGLH+DDUHZHLOZLULKQ VFKPRUHQODVVHQ (UVROOWHVLHVLFKQRFKOlQJHUUDXIHQ 1DFK ]ZHL HUIROJORVHQ 9HUVXFKHQ GHQ 5DXPIDKUHU EHU )XQN ]X HUUHLFKHQ VWDQG IHVW GD‰ )HOOPHU PLW VHLQHU YRU GHP (LQGULQJHQ LQ GHQ $VWHURLGHQ JHlX‰HUWHQ%HIUFKWXQJUHFKWJHKDEWKDWWH ³1LFKWVPXUPHOWHHU³+RIIHQZLUGD‰HUGLH1HUYHQEHKlOW ³:LHLFKLKQHLQVFKlW]HOl‰WGHUVLFKVRVFKQHOOYRQQLFKWVHUVFKWWHUQODFKWH 5DV³*HKHQZLUZHLWHU 'HU6WROOHQHQGHWHQDFKHWZDGUHLKXQGHUW0HWHUQLQHLQHUULHVLJHQ+DOOH:DVHU VDKYHUVFKOXJ'DUWHGHQ$WHP ³,FKZX‰WHHVIOVWHUWHHU³:LUDKQWHQHVDOOHDEHU(WZDVVLFKYRUVWHOOHQXQG HVGDQQDXFKZDKUKDIWLJYRUVLFKVHKHQGDVLVWHLQJHZDOWLJHU8QWHUVFKLHG(U VSUWH ZLH VHLQ +HU] KHIWLJ VFKOXJ XQG LKP WURW] GHU .OLPDWLVLHUXQJ VHLQHV 5DXPDQ]XJV GHU 6FKZHL‰ DXVEUDFK ³'DV ZDU HLQPDO HLQ HLQ]LJHU JUR‰HU $XIHQWKDOWVUDXP 6D\DGUFNWHVLFKDQVHLQH6HLWH(UOHJWHHLQHQ$UPXPLKUH6FKXOWHU 



'LH6FKHLQZHUIHUEHVWULFKHQGLHY|OOLJJODWWHQ:lQGHODQJHIODFKH3ODWWHQDXI PHWDOOHQHQ6WW]HQXQG%lQNHGLHXPGLHVHKHUXPLQHLQHP9LHUHFNJUXSSLHUW ZDUHQ $XFKGHU%RGHQZDUHEHQ$QGHU'HFNHZDUHQUXQGH.XJHOQ]XHUNHQQHQEHU GHUHQHLQVWLJH)XQNWLRQHVQLFKWYLHO]XUlWVHOQJDE ³8PEHLGHU5DXPVFKLIIVWKHRULH]XEOHLEHQVDJWH)HOOPHU³ZUGHLFKGLHVKLHU DOV HLQH 0HVVH EH]HLFKQHQ 'LHVH %HOHXFKWXQJVN|USHU GRUW EHU XQV KDEHQ YLHOOHLFKW YRU -DKUWDXVHQGHQ ]XOHW]W LKU /LFKW JHVSHQGHW 'RUW DQ GHQ 7LVFKHQ PVVHQ+XQGHUWHYRQ:HVHQJHVHVVHQKDEHQ ³.HLQH5HVWHIOVWHUWH6D\DHUJULIIHQ³.HLQH$EIlOOHJDUQLFKWV$OOHVLVWVR VFKUHFNOLFKVWHULO:HULPPHUGLH8QEHNDQQWHQZDUHQVLHPVVHQYLHO=HLWJH KDEWKDEHQVLFKYRQKLHU]XUFN]X]LHKHQ 5DV VHW]WH VLFK DXI HLQH GHU %lQNH XQG OHJWH EHLGH +lQGH DXI GHQ 7LVFK 'LH DEJHOHJWH6WDEODPSHEHOHXFKWHWHVHLQH*HVWDOW ³6LHKDWWHQHWZDXQVHUH*U|‰HVWHOOWHHUIHVW )HOOPHUVXFKWHGLH:lQGHQDFK=HLFKQXQJHQRGHU5HOLHIHQDE'HU/LFKWVWUDKO ZDQGHUWHEHUHLQHUHFKWHFNLJH9HUWLHIXQJGLHYLHOOHLFKWHLQPDOHLQ%LOGVFKLUP JHZHVHQZDU hEHUDOOHPODVWHWHHLQHEHGUFNHQGHPRUELGH$WPRVSKlUH:LHGHUIKOWH'DUWH ZLHLKQHLQ6FKZLQGHOJHIKOHUJULII ³:LHP|JHQVLHDXVJHVHKHQKDEHQ"IUDJWHHU³.|QQHQHV0HQVFKHQZLHZLU JHZHVHQVHLQ" ³'DVJDQ]EHVWLPPWQLFKWVDJWH)HOOPHU³+LHU $XI GHU YRQ LKP DQJHOHXFKWHWHQ :DQGIOlFKH ZDUHQ MHW]W YHUVFKLHGHQH 'DUVWHOOXQJHQ]XVHKHQZHQQDXFKQXUVFKOHFKWHUKDOWHQ'LH)DUEHPLWGHUGLH %LOGHU DQ GLH :DQG JHPDOW ZRUGHQ ZDUHQ ZDU DEJHEOlWWHUW :DV QRFK ]X HUNHQQHQZDUGHXWHWHDXIPHKUJOLHGULJHJHGUXQJHQH.|USHUKLQ ³:HLWHUIRUGHUWH5DVGLH*HIlKUWHQDXI³+LHUILQGHQZLUQLFKWV 0HKUHUH *lQJH DOOH QXQ Y|OOLJ PLW HLQHU 6XEVWDQ] YHUNOHLGHW GLH GLH -DKUWDXVHQGHEHUGDXHUWKDWWHIKUWHQDXVGHU+DOOHKLQDXV)HOOPHUEHVWLPPWH GLH5LFKWXQJ $XFK GDV QlFKVWH 6FKRWW OLH‰ VLFK RKQH ZHLWHUHV |IIQHQ )HOOPHU EUDXFKWH QXU HLQHQ+HEHOXP]XOHJHQ 'DKLQWHUHUZDUWHWHVLHGLHQlFKVWHhEHUUDVFKXQJ *HEOHQGHWYRQGHUSO|W]OLFKHQ/LFKWIOXWGLHLKQHQHQWJHJHQVFKOXJVFKORVVHQGLH (LQGULQJOLQJH IU HLQHQ 0RPHQW GLH $XJHQ $OV VLH VLFK DQ GLH +HOOLJNHLW JH Z|KQW KDWWHQ HUEOLFNWHQ VLH PHWHUKRKH 0DVFKLQHQEO|FNH GLH LQ ZHL‰HV NDOWHV /LFKWJHWDXFKWZDUHQGDVDXVYHUERUJHQHQ4XHOOHQNDP *OHLFK]HLWLJGUDQJOHLVHV6XPPHQDQLKUH2KUHQ³'LH.UDIWVWDWLRQHQHQWIXKU HV'DUWH ³1RFK QLFKW VDJWH GHU 7HOHSDWK ³+LHU ZLUG QXU (QHUJLH YHUEUDXFKW (U]HXJW ZLUGVLHQRFKWLHIHULP$VWHURLGHQ ³$EHU ZR]X" ULHI 6D\D HUUHJW DXV ³:HU EUDXFKW GHQQ KLHU QRFK /LFKW ZHQQ QLHPDQGPHKUOHEW 



³'D IOVWHUWH 5DV (U KRE HLQHQ $UP XQG GHXWHWH DXI HLQH .XJHO XQWHU GHU 'HFNHGLHVLFK]XGUHKHQEHJRQQHQKDWWH (LQH/LQVHULFKWHWHVLFKDXIGLHYLHU0HQVFKHQ ³$EHU GDV LVW GRFK DOOHV :DKQVLQQ ULHI 6D\D ³:HU VROOWH XQV EHREDFKWHQ ZROOHQ")HOOPHUVSUVWGXZLUNOLFKQLFKWV" /OR\GVFKWWHOWHGHQ.RSI'RFKVHLQH6WLPPHNODQJQLFKWPHKUJDQ]VRVLFKHU DOVHUHQWJHJQHWH ³.HLQH *HGDQNHQLPSXOVH 6D\D $EHU YRQ MHW]W DQ VROOWHQ ZLU DXI DOOHV JHID‰W VHLQ9LHOOHLFKWZlUHHVEHVVHU5DVZUGHHXFKEHLGH]XUFNLQV6FKLIIEULQJHQ 6ROOWHQ ZLU SO|W]OLFK DQJHJULIIHQ ZHUGHQ NDQQ HU QLFKW PLW XQV DOOHQ DXI HLQPDO ³'DVNRPPWEHUKDXSWQLFKWLQ)UDJHZHKUWHGLH*HQHWLNHULQDE³:LUJHKHQ ZHLWHU1DNRPPW:RUDXIZDUWHWLKU" 6LHNDPHQDQ6FKDOWSXOWHQYRUEHLDQZHLWHUHQULHVLJHQ0DVFKLQHQEO|FNHQXQG ODQJHQ5HLKHQYRQ%LOGVFKLUPHQGLHRKQH$XVQDKPHGXQNHOZDUHQ ³.|QQWLKUHXFKYRUVWHOOHQIUDJWH'DUWHHUJULIIHQ³ZLHYLHOHGLHVHU:HVHQPLW GHQ$VWHURLGHQDXIGLH5HLVHJLQJHQZHQQVLHDOOHDXVJHK|KOWVLQG"8QGZR]X EDXWHQVLHNHLQHQRUPDOHQ5DXPVFKLIIHZHQQVLHEHUHLQHVROFKH7HFKQRORJLH YHUIJWHQ" 6D\DV +DQG NUDPSIWH VLFK LQ VHLQHQ $UP ³,FK  6LH ODFKWH XQVLFKHU ³+DOWHW PLFK PHLQHWZHJHQ IU YHUUFNW DEHU LFK KDEH GDV *HIKO KLHU VFKRQ HLQPDO JHZHVHQ]XVHLQ 'LH 0XWDQWHQ ZHFKVHOWHQ HLQHQ VFKQHOOHQ %OLFN ³,VW HV ZLH HLQH (ULQQHUXQJ" IUDJWH)HOOPHU³+DWHVHWZDVPLWGHQ3IODQ]HQ]XWXQ" ³,FK ZHL‰ HV QLFKW DEHU HV N|QQWH VHLQ 'DUWH ODXVFKWH LQ VLFK KLQHLQ RKQH HWZDV ]X ILQGHQ 'LH (ULQQHUXQJ EUDFK LQ LKP GXUFK DOV VLH GLH 7LHIVFKODIEHKlOWHUHQWGHFNWHQ,PJOHLFKHQ$XJHQEOLFNHUVFKLHQHQGLH5RERWHU   -DQLQD6WDUNH\V)LQJHUEOLHEHQEHUGHU.RQWUROOHLVWHLQGHU/XIWKlQJHQDOVGDV +DQJDUVFKRWWVLFKLQGLH$X‰HQKOOHGHU'(752,7VFKRE (WZDVXQVLFKHUEOLFNWHVLH7RUVWHQ'%XOODQGHUUHFKWVYRQLKULQGHU.DQ]HO GHU6SDFH-HWVD‰3RVV)HLQODFN]XLKUHU/LQNHQKDWWHGLH$UPHEHUGHU%UXVW YHUVFKUlQNWXQGNDXWHDXIHWZDVKHUXP ³8QGLKUPHLQWZLUNOLFKZLUVROOWHQHVULVNLHUHQ",FKPHLQHLFKNULHJHYLHOOHLFKW HLQH 0HQJH bUJHU ZHQQ LFK RKQH $QZHLVXQJ YRQ 5DV RGHU )HOOPHU MHW]W PLW HXFKORVIOLHJH,FKVROOWHGLHEHLGHQKLHUKHUEULQJHQXQGVROOVLHZLHGHUKHLO]XU (UGH]XUFNEHI|UGHUQ:DVKLHUJHVFKLHKWEHVWLPPHQVLH 7RUVWHQQLFNWHEHNUlIWLJHQG ³*HQDXVRLVWHV-DQLQD$EHULFKIUFKWHGD‰XQVHUH)UHXQGHQLFKWPHKULQGHU /DJHVLQGGLULUJHQGZHOFKH$QZHLVXQJHQ]XJHEHQ'XZHL‰WZDV2ODIVRQEH ULFKWHWH'HU)XQNNRQWDNW]XLKQHQLVWDEJHULVVHQ6LHEHILQGHQVLFKLQ*HIDKU :LUPVVHQLKQHQ]X+LOIHNRPPHQ ³0LW DQGHUHQ :RUWHQ IJWH 3RVV KLQ]X ³ZLUVW GX QRFK YLHO PHKU 



6FKZLHULJNHLWHQEHNRPPHQZHQQGXRKQHVLH]XU(UGH]XUFNIOLHJHQPX‰W 'DEHL ]HLJWH HU VHLQ EHUZlOWLJHQGHV /lFKHOQ GDV DOOH DQGHUHQ $UJXPHQWH EHUZRJ 'LH 5DXPIDKUHULQ ]|JHUWH QLFKW OlQJHU 'LH 7(/(32:(5 ,, ZXUGH VDQIW DXV GHP+DQJDUJHKREHQXQGVFKR‰LQGHQ1DFKWKLPPHO 7RUVWHQ ZDUI 3RVV KLQWHU -DQLQDV 5FNHQ HLQHQ WULXPSKLHUHQGHQ %OLFN ]X XQG VSUHL]WH=HLJHXQG0LWWHOILQJHUGHUOLQNHQ+DQG]XHLQHP9 6RJOHLFK ZXUGH HU ZLHGHU HUQVW XQG GDV OHLFKWH =XFNHQ VHLQHU %UDXHQ ]HLJWH GD‰LKQWLHIVFKUIHQGH*HGDQNHQEHZHJWHQ ³6RHLQ/HLFKWVLQQVFKLPSIWHHU³:LUKDWWHQNOLSSXQGNODUYHUHLQEDUWGD‰VLH VLFK QLFKW DXI HLJHQH )DXVW LQ *HIDKU EHJHEHQ VROOWHQ 8QG ZDV WXQ VLH" 6SULQJHQ LQ HLQHQ GLHVHU $VWHURLGHQ RKQH XQV ]X EHQDFKULFKWLJHQ 'DV QHQQW PDQDOVR6ROLGDULWlWGHU0XWDQWHQ ³,FKZHL‰QLFKWUHFKWPXUPHOWH-DQLQD ³$EHU LFK (V LVW ZLH LFK YHUPXWH 5DV XQG )HOOPHU KDEHQ LQ LKUHP ODQJHQ /HEHQ YLHOHV JHOHLVWHW $EHU MHW]W EHNRPPHQ VLH UHJHOUHFKWH 7RUVFKOX‰SDQLN 9LHOOHLFKWKDEHQZLUVLHQLFKWULFKWLJEHKDQGHOW -DQLQD UFNWH LKUH .|USHUPDVVHQ LP 3LORWHQVLW] ]XUHFKW *DQ] KDWWH LKU DXFK 3RVV GDV 8QEHKDJHQ QLFKW QHKPHQ N|QQHQ ZHQQJOHLFK HV QXU VHLQHQ %HHLQIOXVVHU)lKLJNHLWHQ ]X YHUGDQNHQ ZDU GD‰ GLH .RPPDQGDQWLQ VLFK DXI GLHVHV5LVLNRXQWHUQHKPHQHLQJHODVVHQKDWWH ³'DV LVW HWZDV ZDV LQV $XVELOGXQJVSURJUDPP YRQ 7HOHSRZHU DXIJHQRPPHQ ZHUGHQ PX‰ GR]LHUWH 7RUVWHQ ³.RQWDNW PLW GHQ $OWPXWDQWHQ 8PJDQJ PLW $NWLYDWRUWUlJHUQ 6FKRQHQGH %HKDQGOXQJ 3RVV GHQNH GDUDQ ZHQQ ZLU ZLHGHU DXIGHU(UGHVLQG ³'DV DOOHV NRPPW PLU VHKU PHUNZUGLJ YRU VDJWH -DQLQD 6LH ZDUI 7RUVWHQ HLQHQ VHOWVDPHQ %OLFN ]X ³:HQQ LKU VR JXWH 0XWDQWHQ VHLG ZDUXP KDW PDQ PLFKQLFKWGDUEHUXQWHUULFKWHW" :DV PDQ LKU JHVDJW KDWWH YHUVFKZLHJ VLH OLHEHU ]XPDO HV LKU NDXP ZHQLJHU VHOWVDPYRUNDPDOVGDV$XIWUHWHQGHU'LSORP0XWDQWHQ 7RUVWHQ EHGHXWHWH GHP 3DUWQHU KLQWHU LKUHP 5FNHQ VLH ZHLWHU PRUDOLVFK DXI]XUVWHQ 6R OLH‰ )HLQODFN VHLQHQ JDQ]HQ &KDUPH VSLHOHQ YHUVWUDKOWH VHLQH %HHLQIOXVVHU ,PSXOVHXQGEOLFNWHVFKOLH‰OLFKLQGDVVWUDKOHQGH*HVLFKWGHU.RPPDQGDQWLQ ³=XP 7HXIHO PLW DOOHQ %HGHQNHQ ODFKWH VLH ³,FK ELQ IURK GDEHL VHLQ ]X N|QQHQZHQQLKUEHLGHQHXFK]XPHUVWHQPDOULFKWLJEHZlKUW8QGVSlWHUZHUGH LFKEHUDOOHU]lKOHQN|QQHQ%XOOV(QNHOEHJHJQHW]XVHLQ ³(QWIHUQWHU1DFKIDKUHNRUULJLHUWH7RUVWHQVLH ³:LUZROOHQGRFKQLFKWEHUWUHLEHQ ³$XFKGDVJHIlOOWPLUDQHXFK(XUH%HVFKHLGHQKHLW-XQJV,KUP‰WHWHUOHEHQ PLW ZHOFKHQ XQJHVFKODFKWHQ .HUOHQ LFK V PDQFKPDO ]X WXQ KDEH 5DXPIDKUHU KD'DOREHLFKPLUZRKOHU]RJHQHMXQJH0XWDQWHQZLHHXFK 3RVVVFKPXQ]HOWH]XIULHGHQEHUGHQ(UIROJVHLQHU%HPKXQJHQ ³/HLGHU VHXI]WH 7RUVWHQ ZlKUHQG HU EHREDFKWHWH ZLH GLH 6SDFH-HW GLH 



$WPRVSKlUH )DLU\WDOHV KLQWHU VLFK OLH‰ ³VWR‰HQ ZLU 7HOHSRZHU$EVROYHQWHQ QLFKW EHUDOO DXI VROFKHV 9HUVWlQGQLV *HZLVVH /HXWH QHKPHQ XQV QLFKW HUQVW YHUVWHKVWGX"8QGMHPHKULFKQXQGDUEHUQDFKGHQNHGHVWRHKHUELQLFKEHUHLW ]XJODXEHQGD‰5DVXQG)HOOPHUXQVQXU7KHDWHUYRUJHVSLHOWKDEHQ ³7DWVlFKOLFK" IUDJWH -DQLQD ³'DV ZlUH DEHU NHLQ IHLQHU &KDUDNWHU]XJ DQ LKQHQ ³,FKJODXEHVRJDUGD‰VLHLKUH3VL$XUHQDEVLFKWOLFKVRZHLWDXVGHKQWHQGD‰LFK ZlKUHQG GHV +HUIOXJV LQ GHU $XVQXW]XQJ PHLQHU SVLRQLVFKHQ 5HVVRXUFHQ EH KLQGHUW ZXUGH 1DWUOLFK VR PX‰ HV VHLQ 6LH IUFKWHQ XQVHUH .RQNXUUHQ] XQG ZROOHQQXQPLWXQVFK|QHQ0LWWHOQHUUHLFKHQGD‰GLHJDQ]H%HVDW]XQJEHUXQV ODFKW  XQG GHU %HULFKW GHQ %XOO LQ GLH +DQG EHNRPPHQ ZLUG HQWVSUHFKHQG DXVIlOOW -DQLQDSURJUDPPLHUWHGLH/LQHDUIOXJHWDSSHXQGOHKQWHVLFKLP6LW]]XUFN6LH VFKWWHOWHPLWIKOHQGGHQ.RSI ³6HLG VLFKHU GD‰ LFK QXU GDV EHULFKWHQ ZHUGH ZDV LFK PLWHLJHQHQ $XJHQ VDK XQGPLWHLJHQHQ2KUHQK|UWH 7RUVWHQZHFKVHOWHEHUJDQJVORVGDV7KHPD ³(V ZDU VFKOLPP DXI )DLU\WDOH VDJWH HU ³,FK KDEH QRFK QLH VR YHU]ZHLIHOWH 0HQVFKHQJHVHKHQ(LQ*UXQGPHKUGD‰ZLUXQVEHHLOHQ ³-DPXUPHOWHGLH5DXPIDKUHULQ³'LHVH/HXWHWXQPLUOHLG6LHOHEHQLQHLQHP 3DUDGLHVXQGPVVHQHUOHEHQZLHGLHVHV3DUDGLHVVWLUEW ³'DKHU LVW HV YHUDQWZRUWXQJVORV YRQ )HOOPHU VLH LP 6WLFK ]X ODVVHQ (U DOV 7HOHSDWK P‰WH GLHVHQ 6LOEHUVWHUQSIODQ]HQ GRFK ]HLJHQ N|QQHQ ZR V ODQJJHKW (U KlWWH LKQHQ VDJHQ VROOHQ ZDV VLH DQULFKWHQ ZHQQ VLH HLQIDFK ZHJVWHUEHQ 8QYHUDQWZRUWOLFK LVW GDV  YRQ )HOOPHU XQG YRQ GHQ 3IODQ]HQ ,FK ZHUGH PLW %XOOGDUEHUUHGHQPVVHQ 'LH 7(/(32:(5 ,, JOLWW LQ GHQ 1RUPDOUDXP ]XUFN 2ODIVRQV 6SDFH-HW HUVFKLHQDXIGHP2UWXQJVVFKLUP ³+HUJH IXQNWH GLH 5DXPIDKUHULQ VLH DQ ³+LHU 7(/(32:(5 ,, :LU GUHKHQ MHW]WEHL:DV1HXHVYRQGHQ$VWHURLGHQ" ³:HU LVW GD" NDP HV YHUGXW]W DXV GHQ /DXWVSUHFKHUQ GHU )XQNDQODJH ³+LHU 7(/(32:(5-DQLQDZDUGDVGHLQH6WLPPH" 'LH.RPPDQGDQWLQUHJXOLHUWHGLH/DXWVWlUNHDXIHLQHUWUlJOLFKHV0D‰KHUDE ³)UDJ QLFKW VR GXPP +HUJH +LHU LVW GLH 7(/(32:(5=ZR 'X PX‰W XQV GRFKLQGHU2UWXQJKDEHQ:LUGUHKHQEHLXQGYHUVXFKHQHLQHQ9RUVWR‰LQ GHQ 6FKZDUP +DEHQ VLFK GLH 0XWDQWHQ JHPHOGHW" ³'LH $OWPXWDQWHQ NRUULJLHUWH 7RUVWHQ VLH K|IOLFK ³6HLG LKU EHUJHVFKQDSSW" (QGOLFK HUVFKLHQ DXFK2ODIVRQV*HVLFKWDXIGHP%LOGVFKLUP(UYHUGUHKWHGLH$XJHQDOVHUVDK ZHU QHEHQ -DQLQD VD‰ ³0DFKW EOR‰ GD‰ LKU QDFK )DLU\WDOH XQG ]X HXUHU '(752,7 ]XUFNNRPPW 5DV KDW DXVGUFNOLFK JHVDJW GD‰ LKU QLFKWV XQWHUQHKPHQVROOWEHYRUHUXQG)HOOPHUQLFKW ³/D‰PLFKPLWLKPUHGHQEDW7RUVWHQDOVGLH5DXPIDKUHULQ]XHLQHUKHIWLJHQ (QWJHJQXQJDQVHW]HQZROOWH(UVFKREVLFKYRUGLH%LOGRSWLN³2ODIVRQ(VVWHKW ]XEHIUFKWHQGD‰VLFKXQVHUHYLHU)UHXQGHQLHPHKUPHOGHQ'DKHUVWDUWHQZLU 



MHW]WHLQH5HWWXQJVDNWLRQ 'HU.RJJH.RPPDQGDQWVWDUUWHLKQDQDOVVlKHHUHLQHQ*HLVW (V GDXHUWH HLQLJH 6HNXQGHQ EHYRU HU GLH 6SUDFKH ZLHGHU IDQG 'DQQ MHGRFK WREWHHUXPVRODXWHU ³,KUVHLGZDKUKDIWLJYHUUFNW5DVVDJWHPLUGD‰LKUQLFKWPHKUDOOH7DVVHQLP 6FKUDQNKDEWDEHUGDVZDUQRFKXQWHUWULHEHQ9HUVFKZLQGHW-DQLQD6WDUNH\LFK ZHL‰QLFKWZDVGLHVH,GLRWHQPLWGLUDQJHVWHOOWKDEHQDEHUGXZLUVWGRFKQLFKW LP(UQVWDXIVLHK|UHQZROOHQ.HKUWXP+LPPHOlQGHUWHXUHQ.XUV,KUIOLHJW MDVFKRQDXIGLH%DUULHUH]X ³'DK|UVWGXHVVHOEVWEHNODJWH7RUVWHQVLFKELWWHU ³6ROOLFKLKQ" 7RUVWHQ EUDFKWH GHQ 3DUWQHU]XP6FKZHLJHQEHYRUHUHWZDVVDJHQNRQQWHGDV QLFKWJHUDGHIU-DQLQDV2KUHQEHVWLPPWJHZHVHQZlUH ³+|UW]XLKU:LW]ILJXUHQVFKULH2ODIVRQ³:LUKDEHQHXFKEHULFKWHWGD‰GLHVH XQVLFKWEDUH*UHQ]HHLQH0HQWDOEDUULHUHLVW,KUNRPPWQLFKWGXUFK ³1LFKW DXI LKQ K|UHQ ULHW 7RUVWHQ GHU .RPPDQGDQWLQ ³$XFK HLQH )RUP GHU 0DWHULH0DWHULHDEHUOl‰WVLFKYHUlQGHUQXQGJHQDXGDVKDEHLFKYRU ³+DVWGXJHK|UW+HUJH"IUDJWHGLH5DXPIDKUHULQDQJULIIVOXVWLJ³8QGMHW]WOD‰ XQVLQ5XKH7RUVWHQEUDXFKWVHLQHJDQ]H.RQ]HQWUDWLRQ 2KQHHLQH$QWZRUWDE]XZDUWHQXQWHUEUDFKVLHGLH9HUELQGXQJ ³'DV%HLGUHKHQN|QQHQZLUXQVVSDUHQRGHU"%LVWGXVRZHLW7RUVWHQ" 'HU 'LSORP0DWHULHXPIRUPHU VFKOR‰ GLH $XJHQ XQG EHUKUWH PLW JHVSUHL]WHQ )LQJHUQVHLQH6FKOlIHQ(UQLFNWH ³%ULQJXQVDQGLH%DUULHUHKHUDQ0HLQH6LQQHWDVWHQ (UNRQQWHGLHVNHSWLVFKHQ%OLFNHQLFKWVHKHQGLH3RVVLKPQXQ]XZDUI9|OOLJ EHU]HXJWYRP(UIROJGHV8QWHUQHKPHQVVFKLHQGHU3DUWQHUQLFKW]XVHLQ-DQLQD GDIUXPVRPHKU:DV3RVVHLQPDOLQLKUDQJHULFKWHWKDWWHEUDXFKWHVHLQH=HLW XPZLHGHUDE]XNOLQJHQ 'LHVPDOMHGRFKVRUJWHGHU6FKRFNGHUGLHGUHL7RGHVPXWLJHQIDVWDXVGHQ6LW]HQ UL‰IUHLQHVFKQHOOH(UQFKWHUXQJ (UVW DOV GLH 6SDFH-HW VLFK ZLHGHU DXI JOHLFKHU +|KH PLW GHU 7(/(32:(5, EHIDQG YHUPRFKWH 7RUVWHQ VHLQH 8PJHEXQJ ZLHGHU NODU ZDKU]XQHKPHQ =X GHP6FKPHU]GHULQVHLQHP6FKlGHOZKOWHNDPGHUYRQGHU2KUIHLJHGLHLKP GLH.RPPDQGDQWLQGHU'(752,7JHJHEHQKDWWH 6LHKDWWHVLFKORVJHVFKQDOOWXQGVWDQGPLWKRFKURWHP*HVLFKWYRULKP ³0XWDQWHQ MD" ,KU .HUOH VHLG )lOOH IU GHQ 3V\FKLDWHU 8QG DXVJHUHFKQHW LFK PX‰DXIHXFK-DKUPDUNWVJHVWDOWHQKHUHLQIDOOHQ,FK ³$EHUNUlFK]WH3RVV 6LHIXKUKHUXPXQGGUFNWHLKQLQGHQ6LW]]XUFN ³'XELVWJDQ]VWLOO8QGGXVLHKVWPLFKDXFKQLFKWPHKUVRWUHXKHU]LJDQ0DJ VHLQ-XQJHGD‰GXDQGHUH/HXWHK\SQRWLVLHUHQNDQQVW$EHUGHLQH0HWKRGHKDW HLQHQJHZDOWLJHQ1DFKWHLO ³6R"lFK]WH3RVVGHUVLFKGHQ6FKlGHOKLHOW³:HOFKHQ" ³'D‰GHLQH2SIHUVHKUVFKQHOOLPPXQJHJHQGLFKZHUGHQ8QGMHW]WIOLHJHQZLU 



QDFK)DLU\WDOH]XUFNEHYRULKUQRFKJU|‰HUHV8QKHLODQULFKWHQN|QQW 7RUVWHQVFKWWHOWHHUVFKWWHUWGHQ.RSIXQGULHEVLFKGLH:DQJH ³'XPDFKVWHLQHQJUR‰HQ)HKOHU'XELVWZLHDOOHDQGHUHQDX‰HU%XOO,KUJHEW PLUQLHHLQHULFKWLJH&KDQFH ³6R"IUDJWHGLH.RPPDQGDQWLQXQGGHXWHWHDXIGHQ$VWHURLGHQVFKZDUP³8QG ZDVZDUGDVHEHQ" ³,FKKDWWH]XZHQLJ=HLWGLH6WUXNWXUGLHVHU(QHUJLH]XHUWDVWHQ 6LHEOLFNWHLKQDQXQGVHW]WHVLFKYRULKUH,QVWUXPHQWH ³+HUJH" 2ODIVRQV*HVLFKWHUVFKLHQDXIGHP%LOGVFKLUP ³1D"IUDJWHGHU5DXPIDKUHU³6HLGLKUEHGLHQW" ³9ROONRPPHQ:HQQLFKPLFKGDYRQEHU]HXJWKDEHGD‰GLH6SDFH-HWQLFKWV DEEHNRPPHQ KDW IOLHJHQ ZLU ]XUFN 'X VSULFKVW GRFK PLW NHLQHP 0HQVFKHQ GDUEHU" ³:RUEHUGHQQ",FKKDEHQLFKWVJHVHKHQXQGQLFKWVJHK|UW ³'DQNHULHI-DQLQDHUOHLFKWHUW 2ODIVRQZLQNWHDE ³.HLQH8UVDFKH'DIUIKOHLFKPLFKYRQGLUHLQJHODGHQZHQQZLUZLHGHUDXI )DLU\WDOHVLQG,FKNDQQHLQHQ6FKOXFNJHEUDXFKHQ -DQLQD JULQVWH XQG VFKDOWHWH DE 'DQQ EHJDQQ VLH PLW GHP &KHFN GHU $QWULHEVV\VWHPH 'LHEHLGHQ'LSORP0XWDQWHQZUGLJWHVLHNHLQHV%OLFNHVPHKU  ³:DUWH 5DVOHJWH)HOOPHUHLQH+DQGDXIGHQ$UP/DQJVDP]RJHULKQPLWVLFKDXIGLH 7LHIVFKODIEHKDOWHU ]X GLH DXVVDKHQ ZLH JUR‰H JOlVHUQH 6lUJH DQ GHUHQ .RSIHQGHQVLFKYLHUHFNLJHOHXFKWHQGH.lVWHQEHIDQGHQ 5FNZlUWVJHKHQGZLFKHQVLHYRUGHQDQUFNHQGHQ5RERWHUQ]XUFN6D\DXQG 'DUWHVFKLHQHQGLH0DVFKLQHQZHVHQJDUQLFKWZDKU]XQHKPHQ6LHVWDQGHQEHU HLQHQGHU%HKlOWHUJHEHXJWXQGKDWWHQQXU$XJHQIUGDV:HVHQGDVVLHGDULQ HUEOLFNWHQ ³:LU ODVVHQ VLH NRPPHQ IOVWHUWH 5DV ³6LH VFKHLQHQ QRFK XQHQWVFKORVVHQ ]X VHLQ ZLH VLH XQV HLQ]XVWXIHQ KDEHQ 1RWIDOOV VROOWH XQV =HLW JHQXJ IU HLQH VFKQHOOH)OXFKWEOHLEHQ )HOOPHUOLH‰GLH+DQGPLWGHP.RPELVWUDKOHUVLQNHQ(UVWLH‰PLWGHP5FNHQ JHJHQGHQ%HKlOWHUDQGHPGLHEHLGHQ)DLU\WDOHUVWDQGHQ )HOOPHU EOLFNWH EHU GLH 6FKXOWHU GDQQ ZLHGHU DXI GLH DQUFNHQGHQ 0HWDOOVFKHLEHQ YRQ XQWHUVFKLHGOLFKHU *U|‰H 6LH VFKZHEWHQ HWZD HLQHQ 0HWHU EHUGHP%RGHQ7HQWDNHOlKQOLFKH$QWHQQHQULFKWHWHQVLFKZLHGLH)KOHUYRQ ,QVHNWHQ DXI GLH (LQGULQJOLQJH 2EHQ DXI GHQ 6FKHLEHQ EHIDQGHQ VLFK HLQLJH KDOENXJHOI|UPLJH(UKHEXQJHQ'LH5RERWHUOHXFKWHWHQPDWWEODX ³(LQHV LVW VLFKHU VDJWH GHU 7HOHSDWK ³'LHVH :HVHQ KDEHQ LKUH 5RERWHU QLFKW QDFKLKUHP(EHQELOGJHVWDOWHW 'LH)UHPGHQLQGHQ*ODVVlUJHQODJHQDXIGHP5FNHQ'HUMHQLJHGHQ6D\DXQG 



'DUWH EHVWDXQWHQ KDWWH ]ZHL VFKODQNH ODQJH %HLQH HLQHQ WRQQHQI|UPLJHQ 5XPSIDQGHVVHQ6FKXOWHUSDUWLH]ZHL$UPSDDUHVD‰HQXQGHLQHQRYDOHQ.RSI PLW]ZHLJHVFKORVVHQHQ$XJHQ]ZHL$WHP|IIQXQJHQXQGHLQHQVFKPDOHQ0XQG (U ZDU YROONRPPHQ QDFNW 'LH *OLHGPD‰HQ ZDUHQ ]XVDPPHQJHOHJW 6HLQH .|USHUIDUEHZDUHLQPDWWHVVHKUKHOOHV%ODX ³6R DOVR VDKHQ VLH DXV IOVWHUWH GLH MXQJH :LVVHQVFKDIWOHULQ ³$EHU OHEHQ VLH QRFK" 'DUWHZDUIGHQ5RERWHUQHLQHQNXU]HQ%OLFN]X'DQQEHXJWHHUVLFKEHUGHQ .DVWHQDP.RSIHQGHGHV7LHIVFKODIEHKlOWHUV .HLQ6WDXEN|UQFKHQODJDXIGHQUHFKWHFNLJHQWUDQVSDUHQWHQ)OlFKHQDXVGHQHQ GDV ZHL‰H /LFKW GUDQJ 'DUXQWHU ZDUHQ 6NDOHQ XQG =HLJHU ]X VHKHQ GLH VLFK QLFKWPHKUEHZHJWHQ6LHODJHQMHZHLOVDPOLQNHQ(QGHGHU6LFKWIHQVWHUDQ ³:HQQ PDQ XQVHUH JHZRKQWHQ 0D‰VWlEH KHUDQ]LHKW IOVWHUWH 6D\D ³GDQQ EHILQGHQ VLFK GLHVH JDQ]HQ $Q]HLJHQ KLHU LQ 1XOOVWHOOXQJ $OVR NHLQH /HEHQVIXQNWLRQPHKU6LHVLQGDOOHWRW ³8QGGRFKZHUGHQGLH%HKlOWHUPLW(QHUJLHYHUVRUJWVDJWH'DUWH³'DVHUJLEW JHQDXVRZHQLJ 6LQQ ZLH DOOHV ZDV ZLU KLHU JHVHKHQ KDEHQ (U JLQJ ]XP QlFKVWHQ %HKlOWHU GDQQ ]XP EHUQlFKVWHQ 1DFK HLQHU HUVWHQ 6FKlW]XQJ PRFKWHQVLFKHLQKXQGHUW*ODVVlUJHLQGLHVHU+DOOHEHILQGHQ³(VLVWEHUDOOGDV JOHLFKH EHULFKWHWH HU QLHGHUJHVFKODJHQ ³(V VLQG /HLFKHQ ,UJHQGZDQQ LQ GHU 9HUJDQJHQKHLW PX‰ VLFK HLQH IXUFKWEDUH .DWDVWURSKH HUHLJQHW KDEHQ GHQQ VLH OLH‰HQVLFKQLFKWNRQVHUYLHUHQXP]XVWHUEHQ:HUYHUVRUJWGLH,QVWUXPHQWHPLW (QHUJLH"'DVLVWMHW]WGRFKY|OOLJEHUIOVVLJJHZRUGHQ5DV)HOOPHUZHOFKHQ 6LQQKDWGDV" ³.RPP KHU IRUGHUWH 7VFKXEDL LKQ DXI ³6FKQHOO :LU PVVHQ ]XVDPPHQEOHLEHQ 'DUWHIXKUKHUXPXQGVDKZLHGLH5RERWHUVLFKLQHLQHPZHLWHQ.UHLVXPGLH 0XWDQWHQ 6D\D XQG LKQ YHUWHLOWHQ 6LH VFKZHEWHQ MHW]W ODQJVDPHU KHUDQ XQG NDPHQGDQQY|OOLJ]XP6WLOOVWDQG 'DUWHEHHLOWHVLFKZLHGHU]XGHQDQGHUHQ]XNRPPHQ ³6FKXW]VFKLUPHDNWLYLHUHQEHIDKO)HOOPHU6HLQH+DQGEHUKUWHHLQHQ.RQWDNW DXIGHU6FKDOWOHLVWHGHV5FNHQWRUQLVWHUV 'DUWHIROJWHGHU$XIIRUGHUXQJZLGHUVWUHEHQG ³'XPHLQVWVLHZHUGHQXQVDQJUHLIHQ" 'LHEODXHQ6FKHLEHQJDEHQ$QWZRUW )HLQH (QHUJLHVWUDKOHQ VWDQGHQ LP 5DXP XQG IXKUHQ LQ GLH ,96FKLUPH GHU 0HQVFKHQ 6D\D VFKULH JHOOHQG DXI (V JLQJ DOOHV VR VFKQHOO GD‰ 'DUWH HUVW EHJULII ZDV JHVFKHKHQ ZDU DOV HU XQG 6D\D VFKRQ DXI GHP =HQWUDOHERGHQ GHU 6SDFH-HWODJHQ 5DV 7VFKXEDL HQWPDWHULDOLVLHUWH VRIRUW ZLHGHU XQG NHKUWH QXU 6HNXQGHQ VSlWHU PLW )HOOPHU ]XUFN 6D\D SUH‰WH VLFK QRFK LPPHU GLH +lQGH YRU GLH 6LFKWVFKHLEHGHV5DXPKHOPVXQGK|UWHHUVWDXI]XVFKUHLHQDOV5DVVLH]XHLQHP GHU6LW]HWUXJXQGGHQ6FKXW]VFKLUPDXVVFKDOWHWH(U|IIQHWHGLH9HUVFKOVVHGHV 5DXPDQ]XJVXQGQDKPLKUGHQ+HOPDE 



'DUWH OLH‰ VLFK YRQ )HOOPHU KHOIHQ +HUJH 2ODIVRQ ZDU DXIJHVSUXQJHQ XQG VWDUUWH GLH YLHU GHU 5HLKH QDFK DQ (LQH =LJDUUH KLQJ VFKLHI LQ VHLQHP 0XQGZLQNHO ³.DQQLFKHWZDVWXQ"IUDJWHHU )HOOPHUZLQNWHGDQNHQGDE ³,FKGHQNHZLUVLQGVFKRQZLHGHULQ2UGQXQJRGHU" 'DUWH QLFNWH XQVLFKHU XQG ]RJ 6D\D DQ VLFK KHUDQ 6LH ZHLQWH OHLVH LQ VHLQHQ $UPHQ (U UHGHWH EHUXKLJHQG DXI VLH HLQ REZRKO LKP VHOEVW QDFK =XVSUXFK ]XPXWHZDU1XUXQGHXWOLFKK|UWHHUZLH)HOOPHUVDJWH ³:LU KDWWHQ UHFKW +HUJH 'LH $VWHURLGHQ VLQG 5DXPVFKLIIH ,FK EUDXFKH HLQH 9HUELQGXQJQDFK)DLU\WDOH 6HLQ %OLFN ILHO GXUFK GLH .XSSHO DXI GDV ]ZHLWH %HLERRW GDV LQ JHULQJHP $EVWDQGYRQGHU7(/(32:(5LP5DXPVWDQG ³:HULVWGDV" ³'DVVDJLFKGLUOLHEHUQLFKW9LHOOHLFKWNDQQVWGXGLU VDXFKVRGHQNHQ ³'LHEHLGHQ6XSHUPXWDQWHQ" ³8QG -DQLQD 6WDUNH\ 'X KlWWHVW VLH HUOHEHQ VROOHQ 3RVV )HLQODFN PX‰ VLH EHHLQIOX‰WKDEHQDEHUGDUEHUGDUILFKQLFKWUHGHQ ³'DQQ OD‰ HV VHLQ :LU N|QQHQ XQV MHW]W QLFKW PLW LKQHQ DXIKDOWHQ +DVW GX )DLU\WDOH" ³0RPHQW (LQH KDOEH 0LQXWH VSlWHU EOLFNWH )HOOPHU LQ +RQR .DOHHUWHQV VRUJHQYROOHV *HVLFKW+LQWHULKUHUNDQQWHHUHLQLJH$GPLQLVWUDWRUHQXQG7UHFRU0DQDW ³+DOE(PEEOLQPX‰VLFKLQGHU+\SHUIXQNVWDWLRQYHUVDPPHOWKDEHQPXUPHOWH 5DV)HOOPHUQLFNWHVFKZDFKXQGNDP+RQRV:RUWHQ]XYRU ³:LU ZDUHQ LQ HLQHP GHU $VWHURLGHQ VDJWH HU VFKQHOO ³,FK P|FKWH GD‰ LKU DOOHV ZDV LKU MHW]W K|UW VRIRUW DQ GLH (UGH ZHLWHUJHEW 'LH $VWHURLGHQ GUIHQ QLFKWYHUQLFKWHWZHUGHQ 'DQQOLH‰HUHLQHQNQDSSHQ%HULFKWEHUGLH%HREDFKWXQJHQXQG(QWGHFNXQJHQ LP$VWHURLGHQIROJHQELVKLQ]XP$QJULIIGHU5RERWHU ³,FK JODXEH QLFKW GD‰ VLH XQV ZLUNOLFK DQJULIIHQ VFKOR‰ HU ³9LHOPHKU GHQNH LFKGD‰VLHXQVDOV6W|UXQJHPSIDQGHQGLHVLHJHPl‰LKUHU3URJUDPPLHUXQJ]X EHVHLWLJHQ KDWWHQ :LU VSULQJHQ JOHLFK LQ GHQ 6FKZDUP ]XUFN DEHU HV LVW ZLFKWLJGD‰7HUUDNHLQH6FKLIIHVFKLFNWXPGLH$VWHURLGHQ]XGHVLQWHJULHUHQ ]XPLQGHVW VR ODQJH QLFKW ZLH +RIIQXQJ EHVWHKW GD‰ ZLU VLH DQ )DLU\WDOH YRUEHLOHQNHQN|QQHQ $XVGHQ$XJHQZLQNHOQKHUDXVEHPHUNWHHUZLH'DUWHXQG6D\DLKQDXVJUR‰HQ $XJHQDQVWDUUWHQ'DV0lGFKHQVFKWWHOWHGHQ.RSI $XFK GLH 0lQQHU XQG )UDXHQ LQ GHU +\SHUIXQNVWDWLRQ EUDXFKWHQ LKUH =HLW XP GDV*HK|UWH]XYHUDUEHLWHQ'LH,QVWLWXWVOHLWHULQID‰WHVLFKDOVHUVWH ³5DXPVFKLIIH 'DV LVW XQID‰EDU 'DQQ KDWWHQDOOHUHFKWGLHGDYRQEHULFKWHWHQ GD‰GLH3IODQ]HQLQGHQ$VWHURLGHQ/HEHQVSUWHQ)HOOPHUZDVKHL‰WGDVGD‰ GHU6FKZDUPQLFKWYHUQLFKWHWZHUGHQGDUIZHQQGLHVH5DXPIDKUHUDOOHWRWVLQG" ,Q7DJHQVWU]WHUDXIXQVHUH:HOW 



)HOOPHUVFKWWHOWHHQHUJLVFKGHQ.RSI ³6LHVLQGQLFKWDOOHWRW+RQR ³:DVVDJVWGXGD"HQWIXKUHV'DUWH³$EHUZLUKDEHQGLH7RWHQJHVHKHQ8QG (UZLVFKWHVLFK6FKZHL‰DXVGHU6WLUQ³1HLQGXKDVWUHFKW6LHN|QQHQQLFKW DOOHXPJHNRPPHQVHLQ )HOOPHUKDWWH0LWOHLGPLWLKPGHQQHUZX‰WHGD‰'DUWHV+RIIQXQJHWZDVUHLQ *HIKOVPl‰LJHVZDU ³,UJHQGMHPDQGYHUlQGHUWHGLH%DKQGHV6FKZDUPHVVDJWHHU]X+RQR³'LHV NDQQ ZHGHU GDV :HUN YRQ 7RWHQ JHZHVHQ VHLQ QRFK YRQ 5RERWHUQ RGHU &RPSXWHUQ GLH YRU -DKUWDXVHQGHQ SURJUDPPLHUW ZXUGHQ :LU PVVHQ GDYRQ DXVJHKHQ GD‰ VLFK GHU 6FKZDUP WDWVlFKOLFK VWHXHUQ Ol‰W (QHUJLH GD]X LVW LP hEHUIOX‰YRUKDQGHQZHQQPLUDXFKXQNODULVWZLHVLHHU]HXJWZHUGHQNDQQ ³'XPHLQVWZHOFKH4XHOOHQ]XU9HUIJXQJVWHKHQZHOFKH5HVVRXUFHQ ³'DV DXFK -HGHQIDOOV lQGHUWHQ GLH $VWHURLGHQ MHW]W LKUH %DKQHQ XQG QLFKW YRU QLFKWYRURGHU-DKUHQ'DVKHL‰WGD‰MHPDQGGLHVH%DKQlQGHUXQJ LQGLH:HJHOHLWHWHXQGGD‰GLHVHU-HPDQGHLQHQ*UXQGGD]XKDWWH ³'LHVHQ 8QEHNDQQWHQ PVVHQ ZLU ILQGHQ VDJWH 5DV ³'DV ZLUG QLFKW GDV VFKZHUVWH VHLQ :HLWDXV SUREOHPDWLVFKHU ZLUG HLQH .RPPXQLNDWLRQ YHUODXIHQ :LUPVVHQGLH3LORWHQGHV6FKZDUPVGD]XEHZHJHQGLH$VWHURLGHQZLHGHUDXI LKUHQ DOWHQ .XUV ]X EULQJHQ 'DV LVW XQVHUH HLQ]LJH &KDQFH 8QG YRQ QXQ DQ ZHUGHQLKUH5RERWHUXQVJQDGHQORVMDJHQ ³3LORWHQ VDJVW GX +RQR .DOHHUWHQ ODFKWH ELWWHU ³'LH 3LORWHQ GHU .|QLJVDVWHURLGHQ,FKNDQQHVHLQIDFKQLFKWJODXEHQ ³'LU XQG HXFK DOOHQ ZLUG QLFKW YLHO DQGHUHV EULJEOHLEHQ HUNOlUWH )HOOPHU ³:LHVLHKW VEHLHXFKLQ]ZLVFKHQDXV" 'DV *HVLFKW GHU :LVVHQVFKDIWOHULQ YHUILQVWHUWH VLFK 9RQ LUJHQGZRKHU LP +LQWHUJUXQGZDUHQ)OFKH]XK|UHQ ³6HKU VFKOHFKW 'LH $GPLQLVWUDWLRQ KDW GLH %HY|ONHUXQJ QLFKW PHKU XQWHU .RQWUROOH 9LHOH IOLHKHQ DXV GHQ 6WlGWHQ XQG LQ GLH :lOGHU ZHLO VLH DQ NHLQH 5HWWXQJ PHKU JODXEHQ XQG GDV (QGH PLW GHQ 3IODQ]HQ HUOHEHQ ZROOHQ (V KDW ZHLWHUH 6HOEVWPRUGH JHJHEHQ 'LHMHQLJHQ GLH QRFK NODU GHQNHQ N|QQHQ VDPPHOQ VLFK LQ JUR‰HQ *UXSSHQ ZR GHU HLQH DXI GHQ DQGHUHQ DXISD‰W %LWWH EHHLOWHXFKXQGVHLGYRUVLFKWLJ ³6LQGZLU )HOOPHU QLFNWH LKU QRFK HLQPDO ]X XQG PDFKWH 2ODIVRQ HLQ =HLFKHQ GLH 9HUELQGXQJ]XXQWHUEUHFKHQ ³,FKKDEHLQPHLQHP/HEHQQRFKNHLQHVROFKH8QWHUWUHLEXQJJHK|UWVDJWHGHU 5DXPIDKUHU ³:DV"IUDJWH5DVGHUPLWGHQ*HGDQNHQVFKRQZLHGHUJDQ]ZRDQGHUVZDU 2ODIVRQ ]QGHWH VLFK GLH =LJDUUH QHX DQ SDIIWH GHQ 5DXFK LQ GLH /XIW XQG QLFNWH ³:DVHXFKGRUWHUZDUWHW (UGHXWHWHPLWGHP.LQQDXIGLHJHVSHQVWLVFKGDKLQ]LHKHQGHQ$VWHURLGHQ ³:LUNRPPHQZLHGHUPLWYHUODQJWH6D\D 



³2QHLQ(VUHLFKWGD‰HVHXFKHLQPDOIDVWHUZLVFKWKlWWH:LU ³0LVWHU7VFKXEDLVFKQLWWVLHLKPGDV:RUWDE³$OVZLUGLH7LHIVFKODINDPPHU VDKHQEUDFKHWZDVYRQGHPLQXQVGXUFKZDVZLUYRQGHQ3IODQ]HQHUIDKUHQKD EHQ$EHULFKZHL‰GD‰HVQLFKWDOOHVZDU,FKGHQNHGD‰'DUWHXQGLFKXQVDQ ZHLWHUH 'LQJH HULQQHUQ GLH XQV GLH 3IODQ]HQ LQ YHUJHVVHQHQ 7UlXPHQ RGHU DQGHUVZLHHLQJHLPSIWKDEHQZHQQZLUQXUHUVWDPULFKWLJHQ2UWVLQG'DVLVWHLQ *UXQGGDIUXQVPLW]XQHKPHQ ³6R)HOOPHUYHUVFKUlQNWHGLH$UPHEHUGHU%UXVW³8QGGHU]ZHLWH" ³'D‰ XQV GLH .|QLJVDVWHURLGHQ XQG LKUH %HZRKQHU HWZDV DQJHKHQ HUZLGHUWH VLHJHUHL]W³'DUWHYHUEUDFKWHIDVWVHLQJDQ]HV/HEHQPLWLKUHU(UIRUVFKXQJ$EHU DXFK GDV LVW QLFKW GHU ZLUNOLFKH *UXQG 1HQQW HV 5RPDQWLN RGHU 0\VWL]LVPXV DEHU ZLU KDEHQ HLQH WLHIH %H]LHKXQJ ]X LKQHQ GLH QLFKW ZLVVHQVFKDIWOLFK HUNOlUEDU LVW ,FK ZLOO DXFK QLFKW OlQJHU GDUEHU UHGHQ :LU NRPPHQ PLW XQG ZHQQZLUXQVDQGLFKNODPPHUQPVVHQ 'DEHL OHJWH VLH HLQH +DQG GHPRQVWUDWLY DXI 5DV  $UP XQG VFKOR‰ PLW GHU DQGHUHQGHQ5DXPDQ]XJ ³'DVLVWDXFKGHLQH0HLQXQJ'DUWH"IUDJWH)HOOPHU +RURZLW]QLFNWHQXU ³+H ULHI 2ODIVRQ ³:HQQ LKU ]X HLQHP (QWVFKOX‰ JHNRPPHQ VHLG K|UW PDO KHU'DZLOOMHPDQGPLWHXFKUHGHQ9RQGRUWGUEHQ (U ZLHV DXI GLH ]ZHLWH 6SDFH-HW XQG VFKLFNWH VLFK DQ GDV )XQNJHUlW ]X DNWLYLHUHQ $OVHUVLFKXPGUHKWHVDKHUQXUQRFK)HOOPHU/OR\GLQGHU.DQ]HO 6HNXQGHQ VSlWHU WDXFKWH 7VFKXEDLV *HVWDOW QHEHQ LKP DXI 2ODIVRQ EOLQ]HOWH GDQQZDUHUZLHGHUDOOHLQ ³0XWDQWHQVWLH‰HUKHUYRU³6LHVLQGDOOHQLFKWJDQ]GLFKW -DQLQD6WDUNH\EOLFNWHLKPJULPPLJYRP%LOGVFKLUPHQWJHJHQ ³6LHVLQGZHJNQXUUWH2ODIVRQ ³'DV PDFKW QLFKWV K|UWH HU HLQH 6WLPPH VDJHQ GLH QLFKW ]XU .RPPDQGDQWLQ GHU'(752,7JHK|UWH³:LUKDEHQ=HLW ³:DVVROOGDVQXQZLHGHUKHL‰HQ" ³'DV VROO KHL‰HQ VFKULH -DQLQD LKQ DQ³GD‰GLHVHEHLGHQ9HUUFNWHQKLHUPLU PHLQHQ 3DUDO\VDWRU HQWZHQGHW KDEHQ XQG PLFK GDPLW EHGURKHQ ,FK GDUI QLFKW QDFK)DLU\WDOH]XUFN6LHZUGHQVFKLH‰HQ8QGNDQQVWGXGLUYRUVWHOOHQZDV GDVIUGDV%HLERRWEHGHXWHW" ³:DUWH 2ODIVRQDNWLYLHUWHVFKQHOOGLH6FKXW]VFKLUPHGHU7(/(32:(5   'DV HUVFK|SIHQG ]X EHVFKUHLEHQ ZDV LQ]ZLVFKHQ DXI )DLU\WDOH YRUJLQJ ZlUH +RQR.DOHHUWHQVFKZHUJHIDOOHQVHOEVWZHQQVLHPHKU=HLW]XU9HUIJXQJJHKDEW KlWWH 'LH $GPLQLVWUDWLRQ GHV 3ODQHWHQ EHULFKWHWH ]XU (UGH (LQLJH 5HJLHUXQJVYHUWUHWHUGLH5HJLQDOG%XOOSHUV|QOLFKJXWNDQQWHQKlWWHQYLHOOLHEHU 



PLW LKP JHVSURFKHQ DOV PLW GHVVHQ 9HUWUHWHUQ DEHU GDV JLQJ QLFKW VRODQJH HU QRFKGHU6LW]XQJGHV*$9g.)RUXPVEHLZRKQWH -HQV0DQVWHHQVD‰DQGHQ.RQWUROOHQGHV*OHLWHUVGHUGLH+DXSWVWDGWZHLWKLQWHU VLFKJHODVVHQKDWWHXQGHLQHP6WURPYRQPHKUDOVKXQGHUW0lQQHUQ)UDXHQXQG .LQGHUQ IROJWH GLH GHQ :HOWXQWHUJDQJ LQ GHQ :lOGHUQ HUOHEHQ ZROOWHQ 0DQVWHHQ XQWHUQDKP GHQ )OXJ DXI %LWWHQ GHU VWHOOYHUWUHWHQGHQ /HLWHULQ GHV +DQGHOVNRQWRUV 7DVV\D &RUOLQ KDWWH ELVODQJ ZHQLJ =HLW JHKDEW VLFK XP HWZDV DQGHUHV]XNPPHUQDOVXPLKUH$UEHLWLP.RQWRU ,P*UXQGHJHQRPPHQZDUGLHVLKUHUVWHU$XVIOXJLQGLH1DWXUGHV3ODQHWHQXQG VLHKlWWHLKQJHUQHXQWHUDQGHUHQ8PVWlQGHQXQWHUQRPPHQ,PPHUZLHGHUVWHOOWH VLH)UDJHQXQG0DQVWHHQEHDQWZRUWHWHVLHVRJXWHUNRQQWH 6LH EHXJWH VLFK ]XU 6HLWH XQG VDK DXI GLH 0HQVFKHQ KLQDE GLH QXU ODQJVDP YRUDQNDPHQXQGVLFK3IDGHGXUFKGDV3IODQ]HQGLFNLFKWVXFKHQPX‰WHQ7DVV\D ILHO DXI GD‰ VLH HKHU HLQHQ JUR‰HQ 8PZHJ PDFKWHQ DOV 1DWXU ZLOONUOLFK ]X ]HUVW|UHQ ³,FKVHKHHVDEHULFKNDQQ VQLFKWEHJUHLIHQVDJWHVLH³1DFKGHP%HULFKWGHU 0XWDQWHQ VLQG GLH &KDQFHQ DXI HLQH 5HWWXQJ GRFK LPPHU JHVWLHJHQ :DUXP YHUVFKOLH‰HQVLHVLFKGDYRU" 7DVV\DUFNWHVLFKLP6LW]]XUHFKW ³,FK IDOOH GLU DXI GLH 1HUYHQ RGHU" 9LHOOHLFKW GHQNVW GX DXFK GD‰ XQV YRP .RQWRUGDVDOOHVQLFKWVDQJHKWZHLOZLU)DLU\WDOHODQJHYHUODVVHQKDEHQZHUGHQ EHYRU HV ZLUNOLFK EHGURKOLFK ZLUG  IDOOV GLH .DWDVWURSKH VLFK QLFKW DEZHQGHQ Ol‰W 0DQVWHHQVFKWWHOWHGHQ.RSI ³1LHPDQGPDFKWHXFKGDUDXVHLQHQ9RUZXUI ³'DEHLN|QQWHLFKHXFKYHUVWHKHQVHKUJXWVRJDU (U VFKZLHJ ZLH HU EHUKDXSW LQ GHQ OHW]WHQ 0LQXWHQ QXU QRFK JHUHGHW KDWWH ZHQQ VLH LKP )UDJHQ VWHOOWH 6LH EHREDFKWHWH LKQ XQDXIIlOOLJ XQG IUDJWH VLFK ZDVZRKOKLQWHUVHLQHU6WLUQYRUJLQJ ³/)7XQG.RVPLVFKH+DQVHZUGHQHXFK(YDNXLHUXQJVVFKLIIHVFKLFNHQVDJWH VLH 0LWWOHUZHLOHZDULKUNODUJHZRUGHQGD‰PHKUDOVGLH+lOIWHGHU)DLU\WDOHULKUH :HOWQLFKWYHUODVVHQZUGHQQLFKWIUHLZLOOLJ 0DQVWHHQ ]RJ GHQ *OHLWHU EHU GLH =LYLOLVDWLRQVIOFKWOLQJH KLQZHJ XQG EHVFKOHXQLJWH 'DV )DKU]HXJ IORJ IU ODQJH 0LQXWHQ EHU QLFKWV DOV :DOG XQG KLHU XQG GD /LFKWXQJHQ 'LH 0RUJHQGlPPHUXQJ ZLFK GHP KHOOHQ 7DJHVOLFKW 'LH:LSIHOGHU%lXPHVWDFKHQKHOOJUQDXVHLQHP0HHUYRQGXQNOHQ6FKDWWHQ KHUDXV 7DVV\D GDFKWH EHU 6HOEVWEHVWLPPXQJ YRQ .RORQLHQ QDFK XQG GDUEHU RE GLH /)7GDV5HFKWEHVD‰GHQ3ODQHWHQJHJHEHQHQIDOOVJHJHQGHQ:LOOHQVHLQHU%H Y|ONHUXQJ]XHYDNXLHUHQ 'DV 5HJLHUXQJVV\VWHP DXI )DLU\WDOH KDWWH GHQ 6LHGOHUQ LPPHU GLH JU|‰WP|JOLFKHQ LQGLYLGXHOOHQ )UHLKHLWHQ JHODVVHQ 6WDDWOLFKH (LQJULIIH ZDUHQ VHOEVWLP%HUHLFKGHU:LUWVFKDIWQXUVHOWHQQ|WLJJHZHVHQGHQQKLHUOHEWHMHGHU 



IUGHQDQGHUHQ ,QQHUKDOEYRQQXUGUHL7DJHQKDWWHVLFKGLHVDOOHVJUXQGOHJHQGJHlQGHUWZDUHQ 6FKZlFKHQ RIIHQEDU JHZRUGHQ KDWWH VLFK GLH .HKUVHLWH GHU )UHLKHLW DXI YHU KHHUHQGH:HLVHJH]HLJW 'LH 0HQVFKHQ DXI )DLU\WDOH ZDUHQ HV JHZRKQW LKU /HEHQ VHOEVW ]X JHVWDOWHQ 1XQQDKPHQVLHGHQ7RGLQGLHHLJHQHQ+lQGH 3O|W]OLFKEUHPVWH0DQVWHHQGHQ*OHLWHUDEXQGIORJHLQH6FKOHLIH 9HUZXQGHUWEOLFNWHGLH+DQVH6SH]LDOLVWLQGHQ:LVVHQVFKDIWOHUDQ ³'DZDUHWZDVVDJWHGHUQXU .XU]GDUDXIVDKVLHHVVHOEVW$XIHLQHU/LFKWXQJODJHQ]ZHL0HQVFKHQ 0DQVWHHQODQGHWHGDV)DKU]HXJOLH‰GDV.DQ]HOGDFK ]XUFNIDKUHQXQGVSUDQJKLQDXV7DVV\DKDWWH0KHLKP]XIROJHQ (U VWDQG YRU GHP MXQJHQ 3DDU GDV VLFK QRFK LP 7RG XPVFKOXQJHQ KLHOW 6FKDXGHUQGZDQGWH7DVV\DVLFKDE ³:DUXP"IUDJWHVLHHUVWLFNW³:HOFKHQ6LQQKDWGDV" 0DQVWHHQ VFKLHQ VLH QLFKW ]X K|UHQ (U NQLHWH QHEHQ GHQ 7RWHQ XQG ]RJ GHUHQ $XJHQOLGHUPLWHLQHP)LQJHULQGLH+|KH ³,KUH 3XSLOOHQ VLQG XQQDWUOLFK JHZHLWHW PXUPHOWH HU ³6LH KDEHQ *LIW JHQRPPHQ 'DQQVDKHUVLFKXPEHUKUWHYRUVLFKWLJHLQHQ6LOEHUVWHUQGHUVLFKIDVWELVDXI GLH.|SIHGHU7RWHQJHVHQNWKDWWHXQGQLFNWHDOVHUKLHOWHHUGLH%HVWlWLJXQJIU HWZDVGDVHUODQJHYHUPXWHWKDWWH ³:DVLVW"IUDJWH7DVV\D ³0LU ILHO HV VFKRQ LP *OHLWHU DXI PXUPHOWH HU ³'LH 6LOEHUVWHUQH VFKZHLJHQ 6LHOHEHQQRFKDEHUVLHVWUDKOHQNHLQHWHOHSDWKLVFKHQ,PSXOVHPHKUDXV ³8QGGDVKHL‰W" 0DQVWHHQVWDQGDXIXQGJLQJELVDQGHQ5DQGGHU/LFKWXQJ'RUWKRFNWHHUVLFK ZLHGHU KLQ XQG IXKU PLW HLQHU +DQG GXUFK HLQHQ %XVFK PLW %OWHQ GLH HLQPDO JHOEJHZHVHQVHLQPRFKWHQ 1XQZDUHQVLHEUDXQXQGVFKODII ³0DQVWHHQZDVEHGHXWHWGDV" ³'XVLHKVWGLH$QWZRUW%OLFNHGLFKXPGXVLHKVWVLHKLHUEHUDOO'RUWREHQGLH %OlWWHUGHU%lXPH6LHVLQGZHON ³$EHUGDVNDQQMDKUHV]HLWOLFKEHGLQJWVHLQ (UVFKWWHOWHGHQ.RSI ³$OOHVVWLUEWPLWGHQ6LOEHUVWHUQHQDOOHV6LHVLQGGLHGRPLQLHUHQGH/HEHQVIRUP $OOHVDQGHUHOHEWYRQLKUHU(QHUJLHDXFKZLU0HQVFKHQ 'HU:LVVHQVFKDIWOHUVSUDQJDXI (UEUHLWHWHGLH$UPH]XHLQHUXPIDVVHQGHQ*HVWHDXV ³%HJUHLIWLKUGDVHQGOLFK",KUN|QQWXQVHXUH6FKLIIHVFKLFNHQXQGXQVDEKROHQ $EHUGLHVH:HOWZLUGVWHUEHQ8QGHVLVWXQVHUH:HOW+LHUKHUJHK|UHQZLUXQG QLUJHQGZR DQGHUV KLQ =HKQ 7DJH 'X VLHKVW GD‰ XQV QLFKW HLQPDO GLHVH =HLW QRFKEOHLEW:HQQGLH0XWDQWHQHWZDVHUUHLFKHQZROOHQGDQQPVVHQVLHVLFK YHUGDPPWEHHLOHQ 



'LHVPDOPDWHULDOLVLHUWHQGLHYLHUGLUHNWLQHLQHPULHVLJHQ6FKDOWUDXPQDFKGHP VLHIUHLQLJH0LQXWHQ]ZLVFKHQGHQ$VWHURLGHQJHWULHEHQZDUHQXQG0HVVXQJHQ DQJHVWHOOWKDWWHQ 5DV KDWWH VLH LQ GHQ JU|‰WHQ GHU  $VWHURLGHQ WHOHSRUWLHUW YRQ GHP DXFK GLH VWlUNVWHQ (QHUJLHHPLVVLRQHQ DXVJLQJHQ (LQ %OLFN DXI GLH $Q]HLJHQ GHV $UPEDQGJHUlWHV YHUULHW GD‰ GLH NQVWOLFKH 6FKZHUNUDIW JHQDX GHU LP HUVWHQ %URFNHQHQWVSUDFK ³)DOOV HLQH ZLH DXFK LPPHU JHDUWHWH .RPPXQLNDWLRQ ]ZLVFKHQ GHQ 7HLOHQ GHV 6FKZDUPV VWDWWILQGHW PVVHQ ZLU GDPLW UHFKQHQ GD‰ EDOG GLH HUVWHQ 5RERWHU KLHU DXINUHX]HQ ZDUQWH )HOOPHU ³'DQQ EHVFKUlQNHQ ZLU XQV DXI GDV (LQVFKDOWHQGHU.|USHUVFKXW]VFKLUPHELVXQVHUH/DJHEUHQ]OLJZLUG(UVWGDQQ ZLUG JHVFKRVVHQ :LU ZLVVHQ QLFKW ZDV ZLU ZRP|JOLFK DQULFKWHQ ZHQQ ZLU DXFKQXUHLQHQ5RERWHU]HUVW|UHQ ³(WZDVEHUWULHEHQRGHU"PHLQWH'DUWH+RURZLW]³:LUN|QQHQQLFKWMHGHVPDO YRQ 5DV ]XU 6SDFH-HW RGHU DQ GLH 2EHUIOlFKH GHV $VWHURLGHQ ]XUFNJHEUDFKW ZHUGHQXQG)HOOPHU" /OR\GZLQNWHVFKQHOODE)UHLQHQ0RPHQWULFKWHWHVHLQ%OLFNVLFKLQGLH)HUQH 5DVEHGHXWHWHGHQ)DLU\WDOHUQ]XVFKZHLJHQ ³'DZDUHWZDVHUNOlUWH/OR\G³*DQ]VFKZDFKQXU ³'XPHLQVWGXNRQQWHVW*HGDQNHQPXVWHUDXIIDQJHQ"IUDJWH6D\D ³*HGDQNHQPXVWHU LVW GDV WUHIIHQGH :RUW (V ZDUHQ ZLUNOLFK QXU 0XVWHU JDQ] YDJH(LQGUFNHXQGZLHDXVJUR‰HU)HUQH ³.HLQ :XQGHU VDJWH 5DV ³'LHVHU $VWHURLG KDW HLQHQ 'XUFKPHVVHU YRQ HWZD IQIKXQGHUW .LORPHWHUQ 1DWUOLFK ZLUG XQVHUH 6XFKH GDGXUFK HUOHLFKWHUW GD‰ DOOHQIDOOVHLQ+XQGHUWVWHOYRQLKPDXVJHK|KOWVHLQNDQQ$EHUDXFKGDQQN|QQHQ ZLU ODQJH QDFK GHQ )UHPGHQ VXFKHQ ZHQQ GX GLH ,PSXOVH QLFKW ORNDOLVLHUHQ NDQQVW ³-HW]W MHGHQIDOOV QRFK QLFKW 'D]X ZDUHQ VLH ZLH JHVDJW YLHO ]X VFKZDFK XQG XQGHXWOLFK$X‰HUGHPVFKLHQHQVLHDXVDOOHQ5LFKWXQJHQ]XNRPPHQ ³:DUHQVLHIUHXQGOLFKRGHUIHLQGOLFK"IUDJWH'DUWH )HOOPHUEOLFNWHLKQQDFKVLFKWLJDQ ³,KU KDEW YLHOOHLFKW HLQH 9RUVWHOOXQJ YRQ GHP ZDV 7HOHSDWKHQ ]X OHLVWHQ YHUP|JHQ $X‰HUGHP LVW QRFK QLFKW JHVDJW GD‰ GLH ,PSXOVH XQV JDOWHQ :LU PVVHQ ZDUWHQ ELV LFK YLHOOHLFKW PHKU DXV LKQHQ PDFKHQ NDQQ VREDOG LFK ZLHGHUHWZDVHPSIDQJH ³,QZHOFKH5LFKWXQJ"IUDJWH5DV ³:HLWHU ]XP 0LWWHOSXQNW GHV $VWHURLGHQ +LHU KDEHQ ZLU 6FKDOWHLQKHLWHQ XQG LUJHQGZRPVVHQZLUDXI&RPSXWHUVWR‰HQZHQQVFKRQQLFKWDXI%HZRKQHUGHV 6FKZDUPHV GLH GLH -DKUWDXVHQGH EHUOHEW KDEHQ ,FK YHUPXWH GD‰ HV HLQH ]HQWUDOH 3RVLWURQLN JLEW GLH ]XP %HLVSLHO GLH 5RERWHU VWHXHUW XQG PLW HQWVSUHFKHQGHQ(LQKHLWHQLQGHQDQGHUHQ$VWHURLGHQLQ9HUELQGXQJVWHKW'LHVH ]HQWUDOH 3RVLWURQLN PX‰ OHW]WOLFK DXFK IU GLH %DKQlQGHUXQJ GHV 6FKZDUPV YHUDQWZRUWOLFKVHLQ)LQGHQZLUVLHVLQGZLUHLQJDQ]HV6WFNZHLWHU ³:LUKDEHQQXUQRFKQHXQ7DJH=HLWHULQQHUWH'DUWHLKQ 



³'DQQEHZHJWHXUHPGHQ)‰H 'LH *UXSSH VHW]WH VLFK LQ %HZHJXQJ 5DV )HOOPHU XQG 'DUWH JLQJHQ DQ GHQ 6FKDOWEO|FNHQYRUEHLXQGYHUVXFKWHQYHUJHEOLFKLUJHQGHLQH)XQNWLRQ]XHUNHQ QHQ (V ZDU ZDKUVFKHLQOLFK GD‰ GLHVH 6WDWLRQ QXU GLH (QHUJLHYHUWHLOXQJ XQG  9HUVRUJXQJGLHVHV6HNWRUVGHV$VWHURLGHQVWHXHUWH 6LH EHWUDWHQ HLQHQ HUOHXFKWHWHQ *DQJ GHVVHQ :lQGH JHJOlWWHW XQG PLW GHP EHUHLWV EHNDQQWHQ 0DWHULDO YHUNOHLGHW ZDUHQ XQG JHODQJWHQ GXUFK ZHLWHUH 6FKDOWUlXPH VFKOLH‰OLFK LQ HLQH +DOOH PLW 7LHIVFKODIEHKlOWHUQ )HOOPHU EOLFNWH DXIVHLQH8KU6HLWGHP%HWUHWHQGHV$VWHURLGHQZDUHQLQ]ZLVFKHQ]ZHL6WXQGHQ YHUJDQJHQ +LHU ZDUHQ HV XQ]lKOLJH *ODVVlUJH DQ GHUHQ (QGH GLH YLHUHFNLJHQ .lVWHQ OHXFKWHWHQ 6D\D XQG 'DUWH PL‰DFKWHWHQ GLH :DUQXQJHQ GHU 0XWDQWHQ ]XVDPPHQ]XEOHLEHQXQGOLHIHQYRQHLQHPGHU6lUJH]XPDQGHUHQhEHUDOOERW VLFKLKQHQGDVJOHLFKH%LOG ³7RWIOVWHUWHGLH*HQHWLNHULQ )HOOPHU YHUVWDQG VLH JXW 6LH XQG LKU *HIlKUWH KDWWHQ ZDKUVFKHLQOLFK ELV MHW]W QRFKJHKRIIWGD‰QXUGLH6FKOlIHULQGHPHLQHQEHVXFKWHQ$VWHURLGHQGXUFKHLQH ODQJH ]XUFNOLHJHQGH .DWDVWURSKH JHW|WHW ZRUGHQ ZDUHQ -HW]W NRQQWH ZLUNOLFK NDXP QRFK HLQ =ZHLIHO GDUDQ EHVWHKHQ GD‰ GLHVH .DWDVWURSKH EHUDOO LP 6FKZDUPVWDWWJHIXQGHQKDWWH (LQH :HLOH EOLHE )HOOPHU XQVFKOVVLJ VWHKHQ ZlKUHQG 5DV ]XP :HLWHUJHKHQ DXIIRUGHUWH)HOOPHUHVSHUWHXQGVWHOOWHPLW%HVWU]XQJIHVWZLHJUR‰GLHLQQHUH $QWHLOQDKPHGHUEHLGHQ)DLU\WDOHUIUGDVZDUZDVVLFKKLHUHLQPDODEJHVSLHOW KDWWH $EHU GD ZDU QRFK PHKU 6D\D ZLH 'DUWH ZDUHQ ZDKUKDIWLJ HQWVFKORVVHQ GDV 5lWVHOGHU.|QLJVDVWHURLGHQ]XO|VHQ'LHVIDV]LQLHUWHXQGEHWUEWHVLHVRVHKU GD‰VLHEHUHLWZDUHQLKUH/HEHQGDIUDXIV6SLHO]XVHW]HQ 6R VHKU LKQ GLHVH $UW YRQ ,GHDOLVPXV EHZHJWH VR VHKU EHUHXWH HU HV MHW]W VLH PLWJHQRPPHQ]XKDEHQ (U DKQWH GD‰ VLH LKP XQG 5DV 6FKZLHULJNHLWHQ PDFKHQ ZUGHQ  ]XVlW]OLFKH 6FKZLHULJNHLWHQGHQQDOVHUVLFKZLHGHUXPZDQGWHVDKHUGLH5RERWHU ³.RPPWHQGOLFK6FKQHOOK|UWHHU5DVUXIHQ 'DUWH +RURZLW] EOLHE VWHKHQ ZR HU ZDU PLWWHQ ]ZLVFKHQ GHQ 7LHIVFKODIEHKlOWHUQ ³:LUPVVHQXQVPLWLKQHQYHUVWlQGLJHQULHIHU³-HW]WZLVVHQZLUGD‰VLHYRQ HLQHU]HQWUDOHQ6WHOOHDXVJHVWHXHUWZHUGHQ9LHOOHLFKWHUKDOWHQVLHLKUH%HIHKOH YRQ&RPSXWHUQYLHOOHLFKWDEHUDXFKYRQGHQhEHUOHEHQGHQVHOEVW ³(VVLQG,QVWDQGKDOWXQJVPDVFKLQHQVFKULH5DVZWHQG³9HUGDPPWVLHKDEHQ GLH $XIJDEH GLHVH WRWHQ 6FKOlIHU ]X EHVFKW]HQ XQG 6FKPXW] ZHJ]XUlXPHQ )UVLHVLQGZLU6FKPXW] 6D\D QDKP GLH +DQG GHV *HIlKUWHQ XQG ]RJ LKQ DXI GLH 0XWDQWHQ ]X 5DV VWUHFNWHLKQHQGLHJHVSUHL]WHQ)LQJHUHQWJHJHQ 'LH6FKHLEHQHU|IIQHWHQGDV)HXHU$XVZLQ]LJHQ3URMHNWRUHQLQGHQ+DOENXJHOQ VFK|VVHQ QDGHOGQQH (QHUJLHVWUDKOHQ LQ GLH DNWLYLHUWHQ ,96FKLUPH GHU 



0HQVFKHQ6D\DUL‰VLFKGLH$UPHYRULKU*HVLFKWXQGVFKULHDXI'RFKGLHVPDO WHOHSRUWLHUWH7VFKXEDLVLHQLFKWIRUW ³'LH6FKLUPHKDOWHQGHQ%HVFKX‰DXVULHI)HOOPHU³'LH5RERWHU]HUVW|UHQGLH %HKlOWHU]XGHUHQ6FKXW]VLHNDPHQ/RVZLUQHKPHQGHQQlFKVWHQ.RUULGRU 'LHYLHUEHJDQQHQ]XODXIHQ:LHHLQ*LWWHUQHW]]XFNWHQGLH(QHUJLHVWUDKOHQXP VLHKHUXPGXUFKGLH+DOOH'LH6FKHLEHQZLFKHQYRUGHQ(LQGULQJOLQJHQ]XUFN 6D\DKDWWHGLH$XJHQJHVFKORVVHQXQGVFKULHLPPHUQRFK'DUWHVWW]WHVLHVR JXWHUNRQQWH +LQWHU LKQHQ H[SORGLHUWHQ HLQLJH GHU .lVWHQ GLH YRQ YHULUUWHQ 6FKVVHQ JHWURIIHQ ZRUGHQ ZDUHQ 6WLFKIODPPHQ VFK|VVHQ QXQ DXFK DXV GHQ :lQGHQ KLQWHU GHQHQ (QHUJLHOHLWXQJHQ YHUODXIHQ PX‰WHQ :LH HLQ 6FKZDUP ULHVLJHU ,QVHNWHQXPNUHLVWHQGLHVFKZHEHQGHQ6FKHLEHQGLH)OFKWHQGHQ 1XUYRULKQHQZDUSO|W]OLFKGHU:HJIUHLGRUWZRMHQHU$XVJDQJODJDXIGHQ )HOOPHUJHGHXWHWKDWWH ,QPLWWHQ GHU 6WUDKOEDKQHQ EOLHE GHU 7HOHSDWK VWHKHQ XQG ZDUI HLQHQ %OLFN DXI GLH$Q]HLJHQGHV5DXPDQ]XJV ³'LH 6FKLUPH ZHUGHQ EHUODVWHW ULHI HU ³6LH KDOWHQ QRFK ]HKQ YLHOOHLFKW ]ZDQ]LJ6HNXQGHQDXV ³'DQQQLFKWVZLHLQGLHVHQ*DQJKLQHLQNDPHVYRQ5DV³'RUWKDEHQZLUGLH 5RERWHUQXULP5FNHQXQGN|QQHQXQV )HOOPHUVFKWWHOWHKHIWLJGHQ.RSI(UVFKZLW]WH ³5DV VLH ZROOHQ GD‰ ZLU GLHVHQ :HJ QHKPHQ 'RUW GUEHQ LVW HLQ ]ZHLWHU $XVJDQJYRUGHPVLHVLFKGLFKW]XVDPPHQJH]RJHQKDEHQ$OVRVROOWHQZLUGRUW DXINHLQHQ)DOOKLQHLQ ³'XPHLQVWGD‰HU]XZLFKWLJHQ=HQWUHQGHV$VWHURLGHQIKUW" ³=XLUJHQGHWZDVGDVYHUGDPPWZLFKWLJIUVLHLVW:LUEUHFKHQGRUWGXUFK 2KQH HLQH $QWZRUW DE]XZDUWHQ UDQQWH HU DXI GHQ ]ZHLWHQ $XVJDQJ ]X XQG IHXHUWHLP/DXIHQ5DVKDWWHGHQ.RPELVWUDKOHUHEHQIDOOVJH]RJHQXQGKLHOWDXI GLH+DOENXJHOQREHQDXIGHQ6FKHLEHQ(LQHQDFKGHUDQGHUHQH[SORGLHUWH'LH EHWUHIIHQGHQ5RERWHUVDQNHQVFKOLQJHUQGDXIGHQ%RGHQKLQDE 8P VR ZWHQGHU ZXUGH GHU %HVFKX‰ GHU DQGHUHQ :LHGHU VFKZlUPWHQ VLH DXV XQG IHXHUWHQ YRQ DOOHQ 6HLWHQ (LQ %OLFN DXI GLH %HODVWXQJVDQ]HLJHQ GHV ,9 6FKLUPVYHUVHW]WH)HOOPHULQ3DQLN 'HU $XVJDQJ ZDU HUUHLFKW 'LH OHW]WHQ GRUW VWHKHQGHQ 6FKHLEHQ ZXUGHQ PLW JH]LHOWHQ 6FKVVHQ DX‰HU *HIHFKW JHVHW]W 6D\D XQG 'DUWH KLHOWHQ VLFK GLFKW KLQWHUGHQ0XWDQWHQ ,QGHP$XJHQEOLFNLQGHPVLHDOOHYLHULP*DQJZDUHQ]RJHQGLH5RERWHUVLFK ]XUFN 6D\DV6FKUHLHQHUVWDUE)HOOPHUK|UWHQXUQRFKGDVVFKZHUH$WPHQGHUDQGHUHQ LP+HOPHPSIlQJHU ³*HEW HXFK NHLQHQ IDOVFKHQ +RIIQXQJHQ KLQ ZDUQWH HU ³6LH ZHUGHQ DXI XQV ZDUWHQ*DQ]JOHLFKZRKLQZLUJHODQJHQVLHZHUGHQGDVHLQ 5DVVFKLHQGDYRQQLFKWEHU]HXJW ³9LHOOHLFKWDXFKQLFKW'DVZDVVLHVWHXHUWGUIWHPLWEHNRPPHQKDEHQZHOFKH 



9HUZVWXQJHQ VLH LQ GHU *UXIW DQULFKWHWHQ :HQQ GLHVHU :HJ DOVR ]X LUJHQGZHOFKHQ ZLFKWLJHQ 6FKDOW]HQWUHQ IKUW ZLUG HV VLFK KWHQ VLH HLQ]XVHW]HQ ³+RIIHQZLU V )HOOPHU ZLQNWH PLW GHU :DIIH =X ]ZHLW QHEHQHLQDQGHU ZDJWHQ GLH 0HQVFKHQ VLFKWLHIHULQGHQ*DQJKLQHLQ1LFKWVXQGQLHPDQGKLHOWVLHDXIXQGGRFKHUZDU WHWH MHGHU YRQ LKQHQ LQVJHKHLP QHXHV 8QKHLO  HWZDV JHJHQ GDV GLH ,QGLYLGXDOVFKXW]VFKLUPHYLHOOHLFKWQLFKWVPHKUDXVULFKWHQNRQQWHQ ³*UXIWPXUPHOWH'DUWH+RURZLW] ³:LH" ³(LQH *UXIW :HQQ GX QLFKW GLHVH YDJHQ $XVVWUDKOXQJHQ HPSIDQJHQ KlWWHVW )HOOPHUXQGZHQQLFKQLFKWZ‰WHGD‰KLHUMHPDQGRGHUHWZDVOHEWGDQQZlUHQ GLH .|QLJVDVWHURLGHQ QLFKWV ZHLWHU DOV HLQ JLJDQWLVFKHU )ULHGKRI GHU VHLW (ZLJNHLWHQGXUFKGLH*DOD[LV]LHKW ³$EHUVLHVLQGHVQLFKWVDJWH6D\D'XPDOLQKHIWLJ  :LHGHU UL‰ GDV 'XQNHO DXI :LHGHU WDXFKWHQ %UXFKVWFNH HLQHU YHUVFKWWHWHQ (ULQQHUXQJ DXV GHP 0HHU DXV 6FKZlU]H XQG JUHQ]HQORVHU /HHUH  XQG ZLHGHU VSUWHGDV%HZX‰WVHLQGLH1lKHYRQ/HEHQ :LH VFKRQ EHLP HUVWHQPDO JLQJ PLW GLHVHU (UIDKUXQJ GDV %HJUHLIHQ VHLQHU VHOEVWHLQKHUXQGDEHUPDOVGURKWHGDV%HZX‰WVHLQLQHLQHQ$EJUXQGDXV3DQLN ]XVWU]HQ 'LHVPDOMHGRFKNlPSIWHHVGDJHJHQDQ(VJHODQJLKPDOOVHLQH6LQQHDXIGDV /HEHQ]XULFKWHQXQGHVVSUWHGD‰HVVLFKQlKHUWH (LQH +RIIQXQJ ]HUEUDFK 'LH ,PSXOVH ZDUHQ ]X YHUVFKLHGHQ YRQ GHQHQ GHU HLJHQHQ 9HUZLUUXQJ XQG $QJVW )UHPGHV /HEHQ ZDU LQ GHQ 6FKZDUP HLQJHGUXQJHQ (UQHXW ZDU GDV %HZX‰WVHLQ GHP (UO|VFKHQ QDKH GRFK QXQ ZDU HV GDV $XIIODFNHUQEUHQQHQGHU1HXJLHUGLHHVDXIUHFKWHUKLHOW 6HLQH6LQQHWDVWHWHQQDFKGHQ$XVVWUDKOXQJHQGHV/HEHQVXQGHVIDQGGD‰HV DXVPHKUHUHQ.RPSRQHQWHQEHVWDQG'RFKHVJDENHLQ%HJUHLIHQ (LQ*HIKOGHU%HGURKXQJNHLPWHDXIXQGEHUVFKDWWHWHDOOHVDQGHUH'DVZDU QLFKW PHKU DOOHLQ GLH $QJVW GLH DOOJHJHQZlUWLJ ZDU (V ZDU GLH VFKUHFNOLFKH )XUFKW GDYRU GD‰ GLH 9ROOHQGXQJ JHIlKUGHW ZDU  GDV HZLJH 'XQNHO GHU VR VHKUKHUEHLJHVHKQWH)ULHGHGHUVRQDKHZDU 'DV%HZX‰WVHLQVDQGWHODXWORVH+LOIHUXIHDXVGRFKQXU6FKZHLJHQDQWZRUWHWH GDVHZLJH6FKZHLJHQGHU7RWHQRGHU(UORVFKHQHQ .RQQWHGLHVEHUHLWVGDV(QGHVHLQ"6ROOWHHVZDKUKDIWLJQXUQRFKLKPEHVWLPPW VHLQGLH9ROOHQGXQJ]XHUOHEHQ" $QWZRUWHW 'RFK VWDWW GHU HUVHKQWHQ 6WLPPHQ GHU 6FKLFNVDOVJHIlKUWHQ VFKZDQJHQ QXU GLH $XVVWUDKOXQJHQGHUIUHPGHQ:HVHQKHLWHQLQGHU/HHUHGHV5HLFKHV 6LH ZDUHQ QRFK IHUQ GRFK VLH QlKHUWHQ VLFK :LHGHU ZXUGH GLH 9HUZLUUXQJ EHUPlFKWLJ+DWWHGDV+HU]NHLQH*HZDOWEHUGLH)UHPGHQ"9HUPRFKWHDXFK 



HVVLHQLFKWPHKUDXI]XKDOWHQEHYRUVLH" 'HU ODXWORVH 6FKUHL GHV %HZX‰WVHLQV HUIOOWH GLH +DOOHQ *lQJH XQG 6FKlFKWH GHV5HLFKHV 8QGZRHUDXI:LGHUVWDQGWUDIEHJDQQGDV&KDRV  )HOOPHUEOLHEVRSO|W]OLFKVWHKHQDOVZlUHHUJHJHQHLQH XQVLFKWEDUH:DQGJHSUDOOW ³'D LVW HV ZLHGHU ULHI HU ³$EHU QRFK YLHO KHIWLJHU ³.DQQVW GX MHW]W HWZDV GDPLWDQIDQJHQ"IUDJWH5DV DODUPLHUWGXUFKGDV6FKDXGHUQLQGHU6WLPPHGHV )UHXQGHV³1LFKWV1XUGD‰GD‰)HOOPHUUL‰GHQ6WUDKOHU KRFKXQGZLUEHOWHKHUXP(UVFKUHFNWZLFKHQ6D\DXQG 'DUWH ]XUFN 'HU 7HOHSDWK VFKLHQ :lQGH XQG 'HFNHQ GHU +DOOH DE]XVXFKHQ ³(WZDVJUHLIWXQVDQ (UKDWWHNDXPDXVJHVSURFKHQDOVGLH+DOOH]XEHEHQEHJDQQ'HU%RGHQVFKLHQ VLFK LQ GLH +|KH ]X Z|OEHQ LQ GHU ]ZDQ]LJ 0HWHU KRKHQ 'HFNH HQWVWDQGHQ 5LVVH9RQLUJHQGZRKHUZDUHQ*HUlXVFKHZLHYRQEHUVWHQGHP0HWDOO]XK|UHQ ³,Q'HFNXQJVFKULH5DV³'RUWKLQ (U ]HLJWH DXI ]ZHL HQJ EHLHLQDQGHUVWHKHQGH 0DVFKLQHQEO|FNH YRQ EHDFKWOLFKHU +|KH )HOOPHU QDKP GLH *HQHWLNHULQ EHL GHU +DQG XQG UL‰ VLH PLW VLFK LQ GHQ 6SDOW]ZLVFKHQGHQ.lVWHQ5DVIROJWHLKQHQ'DUWHVWDQGZLH]X6WHLQHUVWDUUWGD XQGUXGHUWHQXUPLWGHQ+lQGHQXPVHLQ*OHLFKJHZLFKW]XKDOWHQ 6HLQ .RSI IXKU LQ GLH +|KH DOV VLFK EHU LKP HLQLJH %URFNHQ DXV GHU +DOOHQGHFNH O|VWHQ 0LW HLQHP $XIVFKUHL ZDUI HU VLFK KHUXP XQG VFKLHQ IU 0RPHQWH QLFKW ]X ZLVVHQ ZRKLQ HU IOFKWHQ VROOWH 0LW HLQHU %OLW]RSHUDWLRQ EUDFKWH7VFKXEDLLKQ]XGHQDQGHUHQNHLQHQ$XJHQEOLFN]XIUK 'RUWZRHUHEHQQRFKJHVWDQGHQKDWWHNUDFKWHQGLH*HVWHLQVEURFNHQVFKZHU]X %RGHQ 8QG DOV RE GDGXUFKHLQH /DZLQH DXVJHO|VW ZRUGHQ ZlUH IROJWHQ LKQHQ DQGHUH QDFK 'LH JDQ]H 'HFNH VFKLHQ VLFK DXI]XO|VHQ 6D\D EHEWH LQ 'DUWHV $UPHQ )HOOPHU KDWWH GLH /LSSHQ DXIHLQDQGHUJHSUH‰W XQG ZLUNWH KLQ XQG KHU JHULVVHQ]ZLVFKHQGHPZHVVHQHUKLHU=HXJHZDUXQGGHPGDVHUHPSILQJ ³(VZLUGQRFKVWlUNHUVFKULHHU 'LH :lQGH EHXOWHQ VLFK DQ HLQLJHQ 6WHOOHQ DXV XQG EDUVWHQ 'LH 9HUNOHLGXQJ ZXUGH UHJHOUHFKW DEJHVSUHQJW 5LVVH HQWVWDQGHQ XQG YHUEUHLWHUWHQ VLFK VFKQHOO DOV 6FKXWWODZLQHQ KHUDENDPHQ XQG VLFK *HVWHLQ ]X JHZDOWLJHQ +DOGHQ DXIWUPWH 'DV/LFKWHLQHU([SORVLRQEOHQGHWHGLH$XJHQGHU(LQGULQJOLQJH6WLFKIODPPHQ VFK|VVHQDXV3XOWHQXQG *lQJHQ (LQH 'UXFNZHOOH ZDUI GLH YLHU QRFK ZHLWHU LQ GHQ VFKW]HQGHQ 6SDOW KLQHLQ 'DUWHKLHOWGHQ$WHPDQ(UVDKDQGHQ%O|FNHQKLQDXIXQGZDUWHWHGDUDXIGD‰ VLH LQ HLQHU YHUKHHUHQGHQ ([SORVLRQ YHUJLQJHQ (U VSUWH HLQHQ VWHFKHQGHQ 6FKPHU]LQGHUOLQNHQ6FKXOWHU'LH.|USHUVFKXW]VFKLUPHJOKWHQNXU]DXI(LQ ]XIlOOLJHU %OLFN DXI GLH $Q]HLJHQ VHLQHV $Q]XJV ]HLJWH GHP )DLU\WDOHU GD‰ LQ 



GHU+DOOHHLQHXQJHKHXUH+LW]HKHUUVFKWH =XP HUVWHQPDO VHLW %HWUHWHQ GHV $VWHURLGHQ HPSIDQG 'DUWH 7RGHVDQJVW (U SUH‰WHGLH*HIlKUWLQIHVWDQVLFK ³'XPX‰WXQVKLHUKHUDXVEULQJHQ5DVVFKULH6D\D³'XNDQQVWHVGRFK%ULQJ XQVKLHU ³1HLQULHI)HOOPHU³'LHKLHUZLUNHQGHQ.UlIWHVLQGSDUDQRUPDOHU1DWXU:LU ZLVVHQQLFKWZHOFKH)ROJHQVLHIUHLQH7HOHSRUWDWLRQKlWWHQ ³'DZDUHQGLH,PSXOVHQRFKQLFKWVRVWDUN ³:HQQ GX VLH VSUVW NDQQVW GX GDQQ MHW]W QLFKW GHQ )UHPGHQ EHJUHLIOLFK PDFKHQGD‰ZLULQ)ULHGHQKLHUVLQG" ³:DUWHW 'DV .QLVWHUQ LQ GHQ (PSIlQJHUQ XQG GHU LQIHUQDOLVFKH /lUP GHU 'HWRQDWLRQ PDFKWHGLH9HUVWlQGLJXQJIDVWXQP|JOLFK6D\DVFKULHHWZDVGDVQLHPDQGYHU VWDQG 'DQQZDUHVVWLOO 1RFK HLQLJH ORFNHUH *HVWHLQVEURFNHQ SXU]HOWHQ ]X %RGHQ GRFK GLH (UVFKWWHUXQJHQKDWWHQHEHQVRSO|W]OLFKDXIJHK|UWZLHVLHEHJRQQHQKDWWHQ 6D\DV 6FKUHL YHUNODQJ 5DV ZDJWH VLFK DOV HUVWHU DXV GHP 6SDOW KHUDXV XQG NOHWWHUWH YRUVLFKWLJ DXI HLQHQ GHU %URFNHQ 'LH JDQ]H +DOOH ZDU HLQH 7UPPHUODQGVFKDIW 6FKDOWSXOWH ZDUHQ ]HUIHW]W ,Q DQGHUHQ NODIIWHQ Kl‰OLFKH VFKZDU]H /|FKHU DQ GHUHQ5lQGHUVLFK0HWDOOQDFKDX‰HQJHERJHQKDWWH ³1LFKWVPHKUZDU)HOOPHUV6WLPPH]XYHUQHKPHQ³'LH$XVVWUDKOXQJHQKDEHQ ZLHGHUDXIJHK|UW(VLVWDOVZlUHHWZDVJHVWRUEHQ ³:LHVFKRQHLQPDOVDJWH5DV³8QGHVNDQQDEHUPDOVHUZDFKHQ 'DUWH KDOI 6D\D GLH 7UPPHUKDOGH ]X HUNOLPPHQ GLH LKQHQ GHQ :HJ YHUVSHUUWH $OOH $XVJlQJH ZDUHQ XQSDVVLHUEDU JHZRUGHQ 2KQH GLH +LOIH GHV 7HOHSRUWHUVNDPHQVLHQLHZLHGHUKLHUKHUDXV ³:DUXPJULIIHVXQVDQ)HOOPHU"IUDJWHGHU)DLU\WDOHU ³,FKZHL‰HVQLFKW'DUWH,FKNRQQWHQXUHLQHXQEHVFKUHLEOLFKH$QJVWVSUHQ XQG 9HUZLUUXQJ :LH JHVDJW HV ZDU YLHO ]X IUHPG DOV GD‰ LFK NRQNUHWH (LQGUFNH KlWWH JHZLQQHQ N|QQHQ ,FK NDQQ QLFKW HLQPDO VDJHQ RE ZLU HV PLW QXUHLQHURGHUPLWPHKUHUHQ:HVHQKHLWHQ]XWXQKDEHQ(UVFKWWHOWHGHQ.RSI ³)DVW P|FKWH LFK PHLQHQ GD‰ GLHVHV (WZDV RGHU GLHVH :HVHQ EHUKDXSW QLFKW ZLVVHQZDVVLHWXQ ³:DVVLHWXQLVWGD‰VLHGHQ6FKZDUPDXI)DLU\WDOH]XOHQNHQNQXUUWH5DV 'DUWHVFKZLHJ(UYHUVWDQGZDVGHU0XWDQWPHLQWH ³$EHUZHQQHVGLHVHQ]HQWUDOHQ&RPSXWHUJLEWZDUI6D\DHLQ³'DQQN|QQWHQ ZLU LKQ GRFK EHHLQIOXVVHQ RGHU" (LQ &RPSXWHU NDQQ GRFK QLFKW GHQ 9HUVWDQG YHUORUHQKDEHQ )HOOPHUODFKWHWURFNHQ ³6D\D YLHOOHLFKW LVW GHU &RPSXWHU GHUHQ ([LVWHQ] ZLU MD QXU YHUPXWHQ XQVHU *HJQHU ³$EHUZDVN|QQHQZLUWXQ'HU6FKZDUPGDUIQLFKW 



³)DOOVHVZLUNOLFKVRLVWVDJWH)HOOPHUJULPPLJ³ZHUGHQZLUEDOGPHKUZLVVHQ ,FKNRQQWHGLH4XHOOHGHU,PSXOVHGLHVPDOORNDOLVLHUHQ 5DVSILIIGXUFKGLH=lKQH ³([DNWJHQXJ" ³(V VROOWH DXVUHLFKHQ XP XQV LQ VHLQH 1lKH ]X EULQJHQ :LU EHLGH VSULQJHQ ]XHUVW 6D\D XQG 'DUWH LKU EOHLEW XQWHU DOOHQ 8PVWlQGHQ ]XVDPPHQ  JDQ] JOHLFKZDVJHVFKLHKW ³$EHULKUKROWXQVGRFK ³%HYRUGXELVGUHL]lKOHQNDQQVWYHUVXFKWH7VFKXEDL]XVFKHU]HQ 9RUGHQ$XJHQGHU)DLU\WDOHUHQWPDWHULDOLVLHUWHHUPLWGHP7HOHSDWKHQ +RURZLW]VWDUUWHLQV/HHUH ³:HQQ GLH EHLGHQ LQ HLQH )DOOH VSULQJHQ VDJWH HU OHLVH ³ZHQQ 5DV HWZDV ]XVW|‰W ZHUGHQ ZLU KLHU GULQQHQ HUVWLFNHQ RGHU YHUGXUVWHQ QRFK EHYRU GLH $VWHURLGHQXQVHUH:HOW]HUWUPPHUQ ³'DV ZLUG QLFKW JHVFKHKHQ IOVWHUWH 6D\D XQG GUFNWH VLFK DQ LKQ ³(V GDUI QLFKWVRNRPPHQ (UVDKLKUDQJVWYHU]HUUWHV*HVLFKW =XPHUVWHQPDOYHUZQVFKWHHUGLH.|QLJVDVWHURLGHQ:DUXPKDWWHQMHQHGLHVLH GRFKRIIHQEDUVHLW(ZLJNHLWHQEHZRKQWHQVLHMHW]WDXVGHU%DKQJHEUDFKW":DV KDWWHQVLHGDYRQ)DLU\WDOH]XYHUQLFKWHQ":DUXPEHWUDFKWHWHQVLHGLH0HQVFKHQ DOVLKUH)HLQGH" 6HOEVWGXUFKGHQ$Q]XJJODXEWH'DUWHGLH:lUPHYRQ6D\DV.|USHU]XVSUHQ *ODXEWHVLHQRFKDQGDVZDVVLHVDJWH" 'LHVRODQJHDXIUHFKWHUKDOWHQH0DXHUDXV=XYHUVLFKWPLWGHUHUVLFKXPJHEHQ KDWWHEHNDP5LVVH 5DV7VFKXEDLPDWHULDOLVLHUWHXQGHUJULIIGLH+lQGHGHU9HU]ZHLIHOWHQ ³:LU KDEHQ GHQ &RPSXWHU JHIXQGHQ KDOOWH HV LQ 'DUWHV 6FKlGHO QDFK DOV HU GHQ(QW]HUUXQJVVFKPHU]VSUWH   ³*LELKUGLH:DIIH]XUFNEDW3RVV)HLQODFNGHQ3DUWQHU3RVVKDWWHVLFKLQGHQ YHUJDQJHQHQ0LQXWHQIDVWVWlQGLJLQ%HWHXHUXQJHQGHU5DXPIDKUHULQJHJHQEHU HUJDQJHQGD‰7RUVWHQHVMDJDUQLFKWE|VHPHLQWHVLHLKPGXUFKLKU9HUKDOWHQ DQGHUHUVHLWVDEHUJDUNHLQHDQGHUH:DKOJHODVVHQKDEH -DQLQDV HLQ]LJH 5HDNWLRQ GDUDXI ZDUHQ YHUDFKWXQJVYROOH %OLFNH JHZHVHQ 6LH VD‰PLWYHUVFKUlQNWHQ$UPHQLP3LORWHQVLW]XQGVDJWHNHLQ:RUWPHKU 7RUVWHQ'%XOOVFKWWHOWHGHQ.RSIXQGKLHOWGHQ3DUDO\VDWRUPLWEHLGHQ+lQGHQ HLQ JXWHV 6WFN YRQ VLFK IRUW VR DOV EHIUFKWH HU GDV 'LQJ N|QQWH LKQ VHOEVW WUHIIHQ ³3RVVLFKKDEHQLHGHLQH)lKLJNHLWHQEH]ZHLIHOWDEHUHLQH*HLVWHVJU|‰HELVWGX QLFKW 'D‰ GX MHW]W DXFK QRFK $QJVW YRU GHU HLJHQHQ &RXUDJH EHNRPPVW HQWWlXVFKWPLFKHWZDV ³'X EULQJVW XQV DOOH LQ 7HXIHOV .FKH 'LHVH ([WUDWRXU KLHUKHU ZLUG GLU %XOO\ YLHOOHLFKW YHU]HLKHQ DEHU MHW]W EHGURKVW GX HLQHQ 9RUJHVHW]WHQ PLW GHU :DIIH 



:HL‰WGXZLHPDQGDVQHQQW"'DVLVW0HXWHUHL 7RUVWHQOlFKHOWHEHUOHJHQ ³'X HQWWlXVFKVW PLFK ZLUNOLFK 3RVV %XOO ZLUG PLU DOOHV YHU]HLKHQ ZHQQ LFK HUVWGDIUJHVRUJWKDEHGD‰GLH.DWDVWURSKHYHUKLQGHUWZLUG =XPHUVWHQPDOVHLWGHP3LUDWHQDNWGUHKWH-DQLQDVLFK]XLKPXP6LHPXVWHUWH LKQJHULQJVFKlW]LJXQGODFKWHYHUlFKWOLFK ³'DVZLUVWGXWXQMD"$XVJHUHFKQHWGX" 7RUVWHQQLFNWHHUQVW ³,FKPDFKHGLUNHLQHQ9RUZXUI-DQLQD,FKYHUVWHKHDXFKPHLQHQ)UHXQG$EHU VHLQH$XIJDEHLVWHUIOOW-HW]WNRPPWHVDXIPLFKDQ ³:DVZLOOVWGXWXQ"6ROOLFKGLH6SDFH-HWZLHGHUDQGHQ6FKZDUPKHUDQVWHXHUQ RGHUJOHLFKKLHUXQGMHW]WLQGLH/XIWVSUHQJHQ" 7RUVWHQOlFKHOWHZLHGHU6HLQ%OLFNULFKWHWHVLFKLQGLH)HUQH ³,QV$XVELOGXQJVSURJUDPPYRQ7HOHSRZHUVROOWHQDXFKhEXQJHQLQ*HGXOGPLW ,JQRUDQWHQ DXIJHQRPPHQ ZHUGHQ (QWVFKXOGLJH ZHQQ LFK GLFK DOV ,JQRUDQWLQ EH]HLFKQHQPX‰-DQLQD6LFKHUELVWGXDXIGHLQHP3RVWHQHLQH.DSD]LWlWDEHU HVJLEW'LQJHYRQGHQHQGXHEHQQLFKWVYHUVWHKVW=XP%HLVSLHO7UlXPH ³9RQ $OSWUlXPHQ YHUVWHKH LFK HLQH JDQ]H 0HQJH VHLWGHP LKU ]ZHL -DPPHUJHVWDOWHQPLUDQ%RUGJHVFKLFNWZXUGHW 7RUVWHQJLQJJUR‰]JLJGDUEHUKLQZHJ ³,FKPHLQH7UlXPHGLHLQ(UIOOXQJJHKHQ,FKKDWWHVROFKHLQHQ7UDXPZLHGLU 3RVV EHVWlWLJHQ NDQQ )HOOPHU XQG 5DV ZHUGHQ NHLQHQ (UIROJ KDEHQ XQG PLFK ELWWHQLKQHQ]XKHOIHQ6LHKVWGXXQGGHVKDOEPVVHQZLUKLHUDXIVLHZDUWHQ ,FKGDUIDOVRQLFKW]XODVVHQGD‰GXGLH7(/(32:(5,,]XP3ODQHWHQ]XUFN EULQJVW ³$XI GHQ ZLU PLW IDVW  3UR]HQW /LFKW ]XUDVHQ NQXUUWH GLH 5DXPIDKUHULQ ³$EHUGDVVSLHOWMDIUHXFKNHLQH5ROOHRGHU" ³)UPLFKVFKRQEHHLOWHVLFK)HLQODFN]XYHUVLFKHUQ -DQLQD6WDUNH\KDWWHVLFKHWZDVLP6LW]QDFKYRUQHJHEHXJW7RUVWHQVWLH‰LKUGLH 0QGXQJGHV3DUDO\VDWRUVLQGHQ5FNHQ ³1LFKW VDJWH HU VDQIW ³1LFKW DQV )XQNJHUlW JHKHQ ,FK ZHL‰ GD‰ GX 2ODIVRQ ELWWHQ P|FKWHVW XQVHU 6FKLII PLW 3DUDO\VHVWUDKOHQ ]X EHVWUHLFKHQ 9LHOOHLFKW ZLOOVWGXDXFKGLH'(752,7EHQDFKULFKWLJHQ ³1LFKW Q|WLJ YHUVHW]WH VLH ³'RUW ZLUG PDQ VLFK VFKRQ *HGDQNHQ GDUEHU PDFKHQZDUXPZLUXQVZHGHUPHOGHQQRFKDXI$QUXIHDQWZRUWHQ 7RUVWHQZLQNWHQXUDE ³'DV PDFKW DOOHV QLFKWV 5DV ZLUG JOHLFK KLHU DXIWDXFKHQ ,FK VSUH ZLH GHU 7UDXPNUHLV VLFK VFKOLH‰W SUlNRJQLWLYH (QHUJLH VLFK YHUGLFKWHW (U JULQVWH GHQ 3DUWQHUDQ³.HLQH$QJVW3RVV%DOGUHGHWPDQDQGHUVPLWXQV ³-DVHXI]WHGHU'LFNHXQGVFKLFNWHHLQHQYHU]ZHLIHOWHQ%OLFN]XP.DQ]HOGDFK EHU GHP YRU GHP 6WHUQHQJHIXQNHO 2ODIVRQV 6SDFH-HW ]X VHKHQ ZDU ³9RU HLQHP)ORWWHQJHULFKW ³+DE 9HUWUDXHQ ]X GHLQHP 3DUWQHU WU|VWHWH 7RUVWHQ LKQ ³$X‰HUGHP XQWHUVWHKHQ ZLU DOV =LYLOSHUVRQHQ NHLQHU )ORWWHQJHULFKWEDUNHLW 8QG LP 



VFKOLPPVWHQ)DOOZUGH%XOOGDDXFKQRFKHLQ:RUWPLW]XUHGHQKDEHQ ³:HQQ%XOOGHLQ9RUIDKULVWNQXUUWHGLH5DXPIDKUHULQ³ELQLFK3HUU\5KRGDQV 6FKZHVWHU ³'DVLVWXQORJLVFK ³:DV" ³'XWUlJVWNHLQHQ=HOODNWLYDWRU 'DVHUVWHZDV'DUWH+RURZLW]VDKZDUHLQHHLQ]LJH0DVFKLQHQZDQG(UGUHKWH VLFK XP XQG VDK 0DVFKLQHQ PlFKWLJH %O|FNH PLW %LOGVFKLUPHQ .RQWUROOHXFKWHQ'DWHQVLFKWIHQVWHUQXQG$XVXQG(LQJDEHHLQKHLWHQ 'LH TXDGUDWLVFKH +DOOH ZDU IODFKHU DOV GLH ELVKHU EHWUHWHQHQ GDIU XP VR DXVJHGHKQWHU 6LH PRFKWH YRQ HLQHP (QGH ]XP DQGHUHQ HWZD IQI]LJ 0HWHU PHVVHQ 'HU %RGHQ ZDU Y|OOLJ JODWW XQG VFKLPPHUWH EOlXOLFK LP :LGHUVFKHLQ GHVLQGLUHNWHQ/LFKWHVGDVDXVGHQ*HUlWHZlQGHQVHOEVW]XNRPPHQVFKLHQ 'DUWH QDKP GDV LQ VLFK DXI XQG ZLH HU EHZHJWHQ VLFK DXFK 6D\D 5DV XQG )HOOPHUQRFKLPPHUVWDXQHQGYRUGHQULHVLJHQ'DWHQVSHLFKHUQQXUXPVROFKH NRQQWH HV VLFK EHL GHQ %O|FNHQ KDQGHOQ 9RQ &RPSXWHUQ XQG 3RVLWURQLNHQ YHUVWDQGGHU:LVVHQVFKDIWOHUQXUVRYLHOZLHQ|WLJZDUXPPLWVHLQHQ5HFKQHUQ LP,QVWLWXW]XDUEHLWHQ 2KQH 5DV  NQDSSH ,QIRUPDWLRQ ZlUH HU QLH XQG QLPPHU DXI GHQ *HGDQNHQ JHNRPPHQ VLFK KLHU LQ HLQHP SKDQWDVWLVFKHQ &RPSXWHU]HQWUXP ]X EHILQGHQ  YLHOOHLFKW VRJDU LP 6FKDOW]HQWUXP GHV JDQ]HQ $VWHURLGHQ ZHQQ QLFKW JDU GHV JHVDPWHQ6FKZDUPV (LQ OHLVHV 6XPPHQ HUIOOWH GLH +DOOH 8QG GD ZDU QRFK HWZDV GDV KLHU DQGHUV ZDUDOVELVKHU 'DUWHVSUWHQLFKWPHKUGLH%HGURKXQJGLHHEHQQRFKDOOJHJHQZlUWLJHUVFKLHQHQ ZDUhEHUGLHVHQ0DVFKLQHQODVWHWHQLFKWGHU*HUXFKYRQ0RGHUXQG7RG'LHV VFKLHQHLQH,QVHO]XVHLQHLQH,QVHOGHU*HERUJHQKHLWXQGGHU0DFKW *HQDX GDV WULIIW HV GDFKWH GHU )DLU\WDOHU 0DFKW XQG VR HWZDV ZLH 9ROONRPPHQKHLW ZLH 8QEHUKUEDUNHLW +LHU GDV DKQWH HU KDWWH VLFK ZlKUHQG GHUOHW]WHQ-DKUWDXVHQGHQLFKWVYHUlQGHUW 9LHOOHLFKWOLH‰VLFKYRQGLHVHP2UWDXVGLH.DWDVWURSKHYRQ)DLU\WDOHDEZHQGHQ RKQH GD‰ PDQ DXI GLH +LOIH GHU )UHPGHQ DQJHZLHVHQ ZDU PLW GHQHQ HLQH 9HUVWlQGLJXQJ QDFK GHQ OHW]WHQ ELWWHUHQ (UIDKUXQJHQ DEVROXW XQP|JOLFK HUVFKLHQ (U KDWWH QHXH +RIIQXQJ EOLHE QXQ DOOHUGLQJV UHDOLVWLVFK JHQXJ XP NHLQH :XQGHU]XHUZDUWHQ$X‰HUGHPZX‰WHHUWLHILQVHLQHP,QQHUQGD‰HVLKPQLFKW QXUXP)DLU\WDOHJLQJ(UZROOWHZLVVHQZDVKLHUJHVFKHKHQZDU8QGYLHOOHLFKW UHDJLHUWHQ GLH )UHPGHQ DXFK ZLUNOLFK QXU VR KHIWLJ DXI GDV (LQGULQJHQ GHU 0HQVFKHQZHLOVLH$QJVWKDWWHQ ³.HLQH ,PSXOVH PHOGHWH )HOOPHU (U EUHLWHWH GLH $UPH ZHLW DXV ³8QG NHLQ OHEHQGHV:HVHQ'HQQRFKELQLFKVLFKHUGD‰GLH$XVVWUDKOXQJHQYRQKLHULQGHU 1lKH NDPHQ .HLQH 7RWHQ XQG NHLQH 5RERWHU 9RQ HXFK KDW ZRKO NHLQHU HLQH $KQXQJZLHZLUZHQLJVWHQVPLWGHP&RPSXWHU.RQWDNWDXIQHKPHQN|QQHQ" ³:DU GDV HLQH )UDJH RGHU HLQ :LW]" NDP HV YRQ 6D\D GLH VLFK EHUUDVFKHQG 



VFKQHOOJHIDQJHQKDWWH³)HOOPHUGXNDQQVWJDUQLFKWVLFKHUVHLQGD‰ZLUXQVLP 6FKDOW]HQWUXPGHV6FKZDUPHVEHILQGHQ ³1HLQ $EHU VRODQJH LFK NHLQH QHXHQ ,PSXOVH HPSIDQJH PVVHQ ZLU GDYRQ DXVJHKHQ (U GHXWHWH DXI GUHL VFKDOHQI|UPLJH 6LW]H DXI VFKODQNHQ PHWDOOHQHQ 6RFNHOQ'DYRUEHIDQGVLFKHLQODQJHV3XOWPLWHLQHUXQEHUVFKDXEDUHQ=DKOYRQ .Q|SIHQ 7DVWHQ XQG 5HJOHUQ ³'RUW KDEHQ HLQPDO MHQH :HVHQ JHVHVVHQ XQG JHDUEHLWHWGLHMHW]WLQLKUHQJOlVHUQHQ6lUJHQOLHJHQ,FKELQVLFKHUGD‰YRQKLHU DXV GHU 6FKZDUP JHIKUW ZXUGH +LHU OLHIHQ DOOH )lGHQ GHU .RPPXQLNDWLRQ ]XVDPPHQ :lUHQ GLH %LOGVFKLUPH DNWLYLHUW ZUGHQ ZLU YHUPXWOLFK HLQLJH GHU +DOOHQPLWGHQ7LHIVFKODIEHKlOWHUQGDULQVHKHQ ³8QGGLH%HKHUUVFKHUGHV6FKZDUPVIJWH5DVILQVWHUKLQ]X(UVHW]WHVLFKLQ HLQHGHU6FKDOHQXQGEHUKUWHZDKOORVHLQLJH7DVWHQ³9RUZHQLJHQ7DJHQHUVW lQGHUWHGHU6FKZDUPVHLQH%DKQ6FKOLH‰HQZLUHLQPDOGLH0|JOLFKNHLWDXVGD‰ GLHV ODQJH =HLW YRUSURJUDPPLHUW ZDU VR EOHLEW QXU GHQNEDU GD‰ XQVHUH 8QEHNDQQWHQGHQ&RPSXWHUGXUFKSDUDQRUPDOH,PSXOVHSURJUDPPLHUWHQEHYRU GLHVHUGLH.XUVlQGHUXQJHLQOHLWHWH ³3D‰DXIZDVGXGDPDFKVWZDUQWH+RURZLW] 6D\DVWLH‰HLQHQ/DXWGHUhEHUUDVFKXQJDXV ³+DEW LKU HLJHQWOLFK YRU ODXWHU 6WDXQHQ HLQPDO HLQHQ %OLFN DXI GLH $Q]HLJHQ JHZRUIHQ":LUKDEHQKLHUHLQH$WPRVSKlUH6DXHUVWRII 'LH 0XWDQWHQ EHU]HXJWHQ VLFK VHOEVW YRQ 6D\DV :RUWHQ )HOOPHU VFKOXJ VLFK PLWGHUIODFKHQ+DQGJHJHQGLH+HOPVFKHLEH ³8QG LQ GHU HLQJHVWU]WHQ +DOOH PX‰ HV ]XPLQGHVW 5HVWH HLQHU $WPRVSKlUH JHJHEHQKDEHQ:LHVRQVWKlWWHQZLUGLH'HWRQDWLRQHQK|UHQN|QQHQ"$EHUGD‰ PLU NHLQHU YRQ HXFK DXI GLH ,GHH NRPPW GHQ +HOP ]X |IIQHQ 'LH /XIW LVW HUVWHQVYLHO]XGQQXQG]ZHLWHQVYROOHU6FKDGVWRIIH 5DV YHUVXFKWH ZHLWHU LUJHQG HWZDV ]X HUUHLFKHQ 6FKOLH‰OLFK JDE HU DXI XQG VFKZHQNWHGLH6LW]VFKDOHKHUXP ³'XVLHKVWDXVDOVKlWWHVWGXLQHLQH=LWURQHJHELVVHQVDJWH)HOOPHU³:RUDQ GHQNVW GX" 'D‰ ZLU DP =LHO VLQG XQG DOV HLQ]LJHV GDUDXI ZDUWHQ N|QQHQ GD‰ XQVHUH8QEHNDQQWHQZLHGHUHUZDFKHQXQG]XVFKODJHQ" ³$QHWZDV6FKOLPPHUHV)HOOPHU'LHVHV&RPSXWHU]HQWUXPLVWGDV3URGXNWHLQHU IUHPGHQ 7HFKQRORJLH DEHU JHZLVVH IXQNWLRQDOH bKQOLFKNHLWHQ PLW XQVHUHQ 3RVLWURQLNHQ PVVHQ YRUKDQGHQ VHLQ ,FK JODXEH VRJDU GD‰ LFK GLH 5HFKHQJHKLUQHEHQXW]HQXQG,QIRUPDWLRQHQDEUXIHQN|QQWHZHQQLFKQXUJHQXJ *HOHJHQKHLWJHKDEWKlWWHPLFKIUKHUPLW3RVLWURQLNHQ]XEHIDVVHQ ³'DVKDVWGXJHWDQ ³6FKRQDEHULFKELQNHLQ)DFKPDQQ ³2KGDQNHULHI)HOOPHUJHTXlOWDXV³1LFKWGDV 5DV]XFNWHGLH6FKXOWHUQ'DUWHIUDJWH ³.|QQHQZLUYLHOOHLFKWDXFKHUIDKUHQZDVORVLVW" )HOOPHU VHW]WH VLFK HEHQIDOOV XQG WLSSWH VWDWW HLQHU VRIRUWLJHQ $QWZRUW VR YLHOH .Q|SIHDQZLHHUPLWEHLGHQ)LQJHUQQXU]XHUUHLFKHQYHUPRFKWH (WZDV LP 6XPPHQ GHU 6SHLFKHU lQGHUWH VLFK=ZHL%LOGVFKLUPHOHXFKWHWHQDXI 



XQG]HLJWHQIUHPGDUWLJH6FKULIW]HLFKHQXQG6\PEROH5RWH/HXFKWIHOGHUEHJDQ QHQ]XEOLQNHQ ³(VLVWVLQQORVVHXI]WH5DV³%HYRUZLUGHQJDQ]HQ6FKZDUPLQGLH/XIWMDJHQ KROHLFKLKQ ³:HQ" ³'HQ )DFKPDQQ VDJWH )HOOPHU DOV 7VFKXEDL HQWPDWHULDOLVLHUWH ³(LQHQ XQJHKHXHUEHIlKLJWHQ%XUVFKHQGHUXQVLP+DQGXP )HOOPHUV *HVWDOW YHUVWHLIWH VLFK 'DQQ VSUDQJ HU DXV GHP 6LW] XQG EOLFNWH VLFK XQVLFKHUXP ³(VIlQJWZLHGHUDQIOVWHUWHHU³'LH$XVVWUDKOXQJHQVLHVLQGJDQ]QDKHXQG  ³:DV" IUDJWH 6D\D VFKQHOO 'DUWH OLHI HV HLVNDOW GHQ 5FNHQ KLQXQWHU 8QZLOONUOLFKEHJDQQDXFKHUGLH:lQGHDE]XVXFKHQ ³,FKVSUHXQHQGOLFKH9HUZLUUXQJXQG$QJVWXQGHVZLUGZLHGHUDQJUHLIHQ ³2KQH5DVVLQGZLUYHUORUHQIOVWHUWH'DUWH ³:HQQHULQGHQSVLRQLVFKHQ6WXUPKLQHLQVSULQJWGHUJOHLFKORVEULFKWEULQJWHU QLHPDQGHQPHKULUJHQGZRKLQ 8QGLFKNDQQLKQQLFKWHLQPDOZDUQHQGDFKWHGHU7HOHSDWKYHU]ZHLIHOW  :HULPPHULKUVHLGYHUVWHKWLKUPLFK":LUVLQGNHLQH)HLQGH:LUZROOHQQLFKWV DOVPLWHXFKUHGHQ 'LH$QWZRUWZDUYHUKHHUHQG  ³7UDXPHQHUJLH GLH VLFK YHUGLFKWHW SDK -DQLQD 6WDUNH\ WLSSWH VLFK PLW GHP =HLJHILQJHUGHUUHFKWHQ+DQGJHJHQGLH6WLUQXQGODFKWHUDXK 6LHYHUVWXPPWHEHUUDVFKWDOV5DV7VFKXEDLYRULKUHQ$XJHQPDWHULDOLVLHUWH 'HU7HOHSRUWHUQLFNWHLKUQXUNXU]]XSDFNWH7RUVWHQV$UPXQGVDJWH ³(V ZLUG HUQVW :HQQ ZLU *OFN KDEHQ ]LHKHQ GLH $VWHURLGHQ LQ HLQ SDDU 6WXQGHQZLHGHUDXILKUHUDOWHQ%DKQ6XSHUPXWDQWVFKOLH‰HGHQ5DXPDQ]XJXQG ZDVPDFKVWGXPLWGHU:DIIH" 3RVV)HLQODFNZDUKHUDQXQGHQWUL‰VLHGHPSHUSOH[HQ)UHXQG ³,FKLFKVWDPPHOWHGHU ³(JDO VDJWH 5DV VFKQHOO ³.ODSS GHQ +HOP ]X :LU KDEHQ NHLQH =HLW ]X YHUOLHUHQ'RUWXQWHQJLEWHVHLQHQRGHUDXFKHLQLJH&RPSXWHUGLHGXNQDFNHQ VROOVW(VVWLPPWGRFKGD‰GXGDYRQHWZDVYHUVWHKVW" 7RUVWHQKDWWHVLFKVFKQHOOZLHGHUJHIDQJHQ (UQLFNWHKHIWLJ ³1DWUOLFK:RUDXIZDUWHQZLU" (U VFKOR‰ GHQ 5DXPDQ]XJ 5DV YHUVFKZDQG PLW LKP 3RVV XQG -DQLQD VWDUUWHQ HQWJHLVWHUWDXIGLH6WHOOHDQGHUGLH/XIWPLWHLQHP.QDOOLQGDV9DNXXPIXKU )U6HNXQGHQZDUHQEHLGHVSUDFKORV ³:LHKDWHUGDVQXUZLHGHUJHVFKDIIW" ³:DV"NQLUVFKWHGLH5DXPIDKUHULQ ³'DVPLWGHP7UDXP(UKDWHVZDKUKDIWLJJHZX‰W-DQLQD 



³'DV ZDU HLQ =XIDOO XQG GDV ZHL‰W GX VRQVW ZUGHVW GX MHW]W QLFKW VR LQ GLH *HJHQGJORW]HQ6LHVWUHFNWHGLH+DQGQDFKGHU:DIIHDXV³$OVRZDVLVWMHW]W" .ULHJHLFKGHQ3DUDO\VDWRU]XUFNRGHUVSLHOHQZLUGDV7KHDWHUZHLWHU" .OHLQODXWJDE3RVVLKUGHQ6WUDKOHU 6LHQLFNWHJULPPLJ ³1DDOVR:HQQGHLQ)UHXQGQLFKWEHLGLULVWVFKHLQVWGXMDJDQ]YHUQQIWLJ]X VHLQ8QGEHYRULFKMHW]W2ODIVRQXQGGDQQ)DLU\WDOHUXIHQXUHLQHV,VWGHU.HUO %XOO\V8UHQNHORGHUQLFKW" ³(UJODXEWHVDQWZRUWHWH)HLQODFNDXVZHLFKHQG ³6RVRHUJODXEWHVDOVR ³%XOO JODXEW HV DXFK GHQNH LFK $XI MHGHQ )DOO KDW 7RUVWHQ HV XUNXQGOLFK EHOHJW 6LHVHXI]WHXQGUFNWHVLFKYRUGHQ.RQWUROOHQGHU)XQNDQODJH]XUHFKW 2ODIVRQ ZDU EHU 5DV  $XIWDXFKHQ LQIRUPLHUW KDWWH 7VFKXEDL GRFK EHL LKP ³=ZLVFKHQVWDWLRQPDFKHQPVVHQ 8QG DXI )DLU\WDOH KHUUVFKWH GDV &KDRV -DQLQDV 6WHOOYHUWUHWHU DQ %RUG GHU '(752,7 EHULFKWHWH YRQ HUVFKWWHUQGHQ 6]HQHQ EHUDOO LQ GHU +DXSWVWDGW XQG YRQHLQHP]ZHLWHQ+LOIHUXIGHU.RORQLHDQGLH(UGH ³%XOOLVWQRFKLP*$9g.)RUXPVDJWHGHU0DQQQLHGHUJHVFKODJHQ³$EHUHU KDWXQVZLVVHQODVVHQGD‰HUSHUV|QOLFKKHUNRPPWVREDOGHVQXUHEHQJHKW,Q GHU =ZLVFKHQ]HLW VROOHQ ZLU GDIU VRUJHQ GD‰ GLH 0XWDQWHQ QLFKW PHKU LQ GHQ $VWHURLGHQVFKZDUP VSULQJHQ :LU KDEHQ XQV DOOH YHUUHFKQHW &KHILQ 'LH 3IODQ]HQZHOW )DLU\WDOHV VWLUEW XQG GX NDQQVW GLU NHLQH 9RUVWHOOXQJ GDYRQ PDFKHQZLHGLH0HQVFKHQKLHUGDUDXIUHDJLHUHQ(VLVWJUDXHQYROO 'LH5DXPIDKUHULQKREHLQH+DQG ³$XJHQEOLFN:DVKHL‰WGDVGLH0XWDQWHQVROOHQQLFKWPHKULQGHQ6FKZDUP" 'XZLOOVWGRFKQLFKWVDJHQGD‰" ³*HQDXGDVQLFNWHLKU*HJHQEHUDXIGHP%LOGVFKLUP³:LUKDEHQGHQ%HIHKO PLW GHP 'HVLQWHJULHUHQ GHU $VWHURLGHQ ]X EHJLQQHQ IDOOV VLFK LQ IQI 6WXQGHQ QLFKW JH]HLJW KDW GD‰ GHU 6FKZDUP DXI VHLQH DOWH %DKQ ]XUFNVFKZHQNW =ZHL ZHLWHUH.UHX]HUVLQGDXIGHP:HJKLHUKHU -DQLQDYHUVFKOXJHVIUZHQLJH6HNXQGHQGHQ$WHP 'DQQEUOOWHVLH ³6R ZLU VROOHQ GLH 0XWDQWHQ GDUDQ KLQGHUQ QRFK HLQPDO LQ GHQ 6FKZDUP ]X VSULQJHQ MD" :HL‰W GX ZR VLH MHW]W VLQG" *HQDX GRUW 8QG ZLU KDEHQ NHLQH )XQNYHUELQGXQJXQGN|QQHQVLHDOVRDXFKQLFKW]XUFNUXIHQ:HQQVLHLQGLHVHQ IQI 6WXQGHQ QLFKW ]XUFN VLQG XQG ZLU PLW GHP %HVFKX‰ GHU $VWHURLGHQ EHJLQQHQNDQQ%XOOVLFKVFKRQMHW]WHLQH%HJUlEQLVUHGHDXVGHQNHQ$XFKJOHLFK HLQHIUVHLQHQ(QNHO ³'XZLOOVWGHQ%HIHKOYHUZHLJHUQ" -DQLQD VDK GLH (UVFKWWHUXQJ LQ GHQ $XJHQ GHV 0DQQHV XQG YHUZQVFKWH VLFK IULKU$XIEUDXVHQ6LHVDJWHUXKLJHU ³6WXGZDVNDQQLFKGHQQWXQ")HJHQZLUGLH$VWHURLGHQDXVGHP5DXPGDQQ ZLUGGHU3ODQHWPLWVDPWVHLQHQ%HZRKQHUQYLHOOHLFKWJHUHWWHWREZRKOZLUQLFKW 



ZLVVHQREGLHVHYHUGDPPWHQ3IODQ]HQVLFKGDQQQRFKHLQPDOHUKROHQ7XQZLU V DOVR GDQQ YHUXUWHLOHQ ZLU GLH 0XWDQWHQ XQG GUHL DQGHUH ]XP 7RGH 7XQ ZLU V QLFKWKDEHQZLUHLQH9LHUWHOPLOOLRQ0HQVFKHQDXIGHP*HZLVVHQ (UDQWZRUWHWHQLFKW$OOHLQGDV=DKOHQYHUKlOWQLVVSUDFKIUVLFK ³:LU VSUHFKHQ LQ YLHU 6WXQGHQ ZHLWHU GDUEHU HQWVFKLHG -DQLQD ³%LV GDKLQ XQWHUQHKPWLKUQLFKWV'DVJLOWDXFKIUGLHEHLGHQDQGHUHQ6FKLIIH $OV GHU %LOGVFKLUP GXQNHO ZXUGH VFKZHQNWH GLH 5DXPIDKUHULQ LP 6LW] KHUXP XQG EOLFNWH 3RVV )HLQODFN DQ GHU PLW OHHUHQ $XJHQ DXI VHLQH 6WLHIHOVSLW]HQ VWDUUWH ³.RSI KRFK -XQJH K|UWH VLH VLFK VDJHQ ³6LH ZHUGHQ VFKRQ YRUKHU ]XUFN VHLQ ³-D IOVWHUWH HU ³6LFKHU KDVW GX UHFKW $EHU ZLUNOLFK GDUDQ JODXEHQ WXQ ZLU EHLGHQLFKWGDFKWHVLHELWWHU6LHEOLFNWHDXILKUH8KU 'DV %HEHQ EHJDQQ JHQDX IQI]HKQ 6HNXQGHQ QDFKGHP 5DV 7VFKXEDL PLW 7RUVWHQ'%XOOLP&RPSXWHU]HQWUXPPDWHULDOLVLHUWZDU'DUWHVNXU]H:DUQXQJ JHQJWH XP GHQ 7HOHSRUWHU VRJOHLFK %HVFKHLG ZLVVHQ ]X ODVVHQ 7RUVWHQ GDJHJHQWDWVLFKGXUFKHLQH5HLKHYRQJHLVWUHLFKHQ)UDJHQKHUYRU 5DV ]RJ LKQ PLW VLFK ]X HLQHU GHU 6FKDOWZlQGH 6D\D XQG 'DUWH ERWHQ GDV PLWWOHUZHLOH VFKRQ YHUWUDXWH %LOG (QJXPVFKOXQJHQ SUH‰WHQ VLH VLFK PLW GHQ 5FNHQLQHLQH1LVFKH]ZLVFKHQ]ZHL6SHLFKHUQ 5DVHUVFKUDNEHUGLH:DUQXQJQLFKWVRVHKUZLHEHUGHQ=XVWDQGLQGHPHU )HOOPHUDQWUDI 'HU 7HOHSDWK ZDU NUHLGHEOHLFK LP *HVLFKW 6HLQH $XJHQ ZDUHQ ]XVDPPHQJHNQLIIHQ GLH DXIHLQDQGHUJHSUH‰WHQ /LSSHQ EOXWOHHU )HOOPHU UHDJLHUWH DXI NHLQHQ $QUXI 5DV DKQWH GD‰ HU GHQ .DPSI JHJHQ HLQH XQYRUVWHOOEDUIUHPGHJHLVWLJH0DFKWDXIJHQRPPHQKDWWHXQGIKUWHLKQLQHLQH ]ZHLWH1LVFKH (QGOLFK VFKLHQ DXFK GHU 'LSORP=DXEHUNQVWOHU ]X EHJUHLIHQ ZDV GLH 6WXQGH JHVFKODJHQKDWWHXQGEHHLOWHVLFKVLFKHLQH'HFNXQJ]XVXFKHQXQGGDVNHLQH 6HNXQGH]XIUK 'HU%RGHQZ|OEWHVLFKDXI'LH'HFNHQYHUNOHLGXQJSODW]WHDEXQGNDPKHUXQWHU 'LHEHUHLWVEHNDQQWHQ5LVVHELOGHWHQVLFK(LQHVGHU6FKRWWHGLHGLHQDFK GUDX‰HQIKUHQGHQ*lQJHYHUVFKORVVHQEDUVWLQHLQHUYHUKHHUHQGHQ'UXFNZHOOH ³+|UWHQGOLFKDXIVFKULH)HOOPHUODXW³:LUZROOHQQXUHXUH+LOIHXQGZLU N|QQHQYLHOOHLFKWDXFKHXFKKHOIHQ%HLDOOHQ3ODQHWHQK|UWDXIGDPLW (UVFKWWHUW VWHOOWH 5DV IHVW GD‰ GHU )UHXQG RIIHQEDU QXQ PLW DOOHU *HZDOW YHUVXFKWHGLH)UHPGHQ]XHUUHLFKHQ$EHUHVZDUHQWZHGHUXQP|JOLFKRGHUVLH VSHUUWHQVLFKGDJHJHQ :HLWHUH 7HLOH GHU 'HFNH NDPHQKHUXQWHU)HOOPHUV.|USHUZXUGHLQ7VFKXEDLV $UPHQVFKODIIXQGVFKZHU8QG]XDOOHPhEHUIOX‰YHUORU7RUVWHQLQGLHVHP0R PHQWGLH1HUYHQ 'HU7HOHSRZHU$EVROYHQWUDQQWHVFKUHLHQGLQGLH0LWWHGHU+DOOHXQGNUPPWH VLFK 8P LKQ KHUXP NUDFKWHQ GLH 0HWDOO XQG *HVWHLQVEURFNHQ ]X %RGHQ 'LH %HOHXFKWXQJ EHJDQQ ]X IODFNHUQ 7RUVWHQV VLFK ZLQGHQGHU .|USHU ZDU LQ GHQ 



HLQVHW]HQGHQ %OLW]HQ ]X VHKHQ ZLH LQ HLQHP SV\FKHGHOLVFKHQ /LFKWHUVSLHO (U KDWWHNHLQH&KDQFH 5DVIOXFKWHXQGWHOHSRUWLHUWHVLFK]XLKPKLQ7RUVWHQVFKULHDXIDOVHULKQVDK XQGYHUVXFKWHYRULKPGDYRQ]XODXIHQ 5DV VHW]WH LKP QDFK 'RFK EHYRU HU VHLQHQ $UP ]X IDVVHQ EHNDP WUDI LKQ HLQ ]HQWQHUVFKZHUHU%URFNHQDP+HOP %HZX‰WORV VDQN GHU 7HOHSRUWHU ]X %RGHQ 7RUVWHQ ZDU VWHKHQJHEOLHEHQ XQG VWDUUWHLKQLP/LFKWGHU%OLW]HDQ (UWDWHVQRFKLPPHUDOV6WLOOHHLQWUDW'DUWHXQG6D\DKDWWHQGLH6]HQHDXVLKUHU 1LVFKHKHUDXVEHREDFKWHW8USO|W]OLFKK|UWHGDV%HEHQDXIXQGGLH%HOHXFKWXQJ ZDU ZLHGHU LQWDNW 'RFK HLQHQ JUDYLHUHQGHQ 8QWHUVFKLHG JDE HV ]X LKUHQ (UOHEQLVVHQLQGHUDQGHUHQ+DOOHEHLPHUVWHQ$QJULII 'LH 'HFNH IOLPPHUWH (LQ (QHUJLHVFKLUP VSDQQWH VLFK EHU GLH XQHUVHW]OLFKHQ &RPSXWHU GHV $VWHURLGHQ 'UDX‰HQ GDV ZXUGH MHW]W NODU WREWHQ GLH %HEHQ ZHLWHU1XUGLHVHU5DXPZDUDEJHVFKLUPW 8QG GDV EHVWLPPW QLFKW HUNDQQWH 'DUWH XP XQV 0HQVFKHQ ]X UHWWHQ 'LH &RPSXWHUVFKW]WHQVLFKVHOEVW6LHKDEHQGLH%DUULHUHHUULFKWHW 6LHZHKUHQVLFKJHJHQGLH.UlIWHLKUHU(UEDXHU 8QGQRFKHLQHVZXUGHLKPNODUDOVHUVLFK]|JHUQGYRUZDJWHXQGVLFKEHU5DV 7VFKXEDLEHXJWH 6D\DV VFKOLPPH %HIUFKWXQJ KDWWH VLFK HUIOOW 'HU 7HOHSRUWHU ZDU RKQH %HZX‰WVHLQ ³:DVZDVLVWPLWLKP"VWDPPHOWH7RUVWHQ ³6HLVWLOOIXKU6D\DLKQDQZlKUHQG'DUWHGHQ8QJOFNOLFKHQXQWHUVXFKWH ³6HLQ+HOPLVWHLQJHEHXOWYHUNQGHWHGHU$VWURSK\VLNHU³(LQ:XQGHUGD‰HU QLFKW JHSODW]W LVW 'LH /XIWYHUVRUJXQJ LVW LQWDNW DEHU 5DV KDW GHQ 6FKODJ YROO PLWEHNRPPHQ :LU N|QQHQ YRQ *OFN UHGHQ ZHQQ HU LQ HLQHU RGHU ]ZHL 6WXQGHQZLHGHUDXIGHQ%HLQHQLVW ³'DQQVLQGZLUMHW]WZLUNOLFKDEJHVFKQLWWHQIOVWHUWHGDV0lGFKHQ ³$EHU VHLQ =HOODNWLYDWRU ZDQGWH 7RUVWHQ VLFK NOHLQODXW DQ )HOOPHU GHU KLQ]XJHNRPPHQ ZDU XQG GLH UHJORVH *HVWDOW GHV )UHXQGHV PLW Y|OOLJ DXVGUXFNVORVHU0LHQHDQVWDUUWH³,FKPHLQHGHUEULQJWLKQGRFKEDOGZLHGHUDXI GLH%HLQH ³7X PLU HLQHQ *HIDOOHQ SUH‰WH GHU 7HOHSDWK ]ZLVFKHQ ]XVDPPHQJHELVVHQHQ =lKQHQ KHUYRU RKQH GHQ .RSI QDFK LKP XP]XGUHKHQ ³6HW] GLFK DQ GLH .RQWUROOHQ GRUW KLQWHQ XQG VLHK ]X GD‰ GX HWZDV DXV GHQ &RPSXWHUQ KHUDXVKROVW 6HLQH 6WLPPH NODQJ UXKLJ IDVW ZLH XQEHWHLOLJW 6D\D XQG 'DUWH KlWWHQ VLFK JHZQVFKWHUKlWWHJHVFKULHQ 7RUVWHQ'%XOOVFKOLFKVLFKGDYRQZLHHLQJHSUJHOWHU+XQG1XUHLQHLQ]LJHV 0DO QRFK ZDUI HU HLQHQ %OLFN EHU GLH 6FKXOWHUQ ]XUFN DXI GLH VFKZHLJHQG 'DVWHKHQGHQ (UOHJWHGLH+lQGHPLWZHLWDXVHLQDQGHUJHVSUHL]WHQ)LQJHUQDXIGLHNDOWH3ODWWH GHV3XOWHVXQGDWPHWHWLHIGXUFK 



 (QGOLFKDOVGDV%HZX‰WVHLQVFKRQDOOH+RIIQXQJYHUORUHQKDWWHDOVVHLQHOHW]WH .UDIW YHUDXVJDEW XQG HV GHP (UO|VFKHQ QDKH ZDU VSUWH HV GDV $XIOHEHQ YHUWUDXWHU6WU|PH )U HLQH XQHQGOLFK NXU]H =HLWVSDQQH EHPlFKWLJWH VLFK VHLQHU HLQH XQEHVFKUHLEOLFKH (XSKRULH GURKWH HV EHU GLHVHV *HIKO QLFKW PHKU DOOHLQ ]X VHLQGLH%HGURKXQJGXUFKGLHIUHPGHQ(LQGULQJOLQJH]XYHUJHVVHQ =ZHLVHLWHLQHU(ZLJNHLWQLFKWPHKUYHUQRPPHQHODXWORVH6WLPPHQZLVSHUWHQLQ LKPGDQQGUHL 1RFK HLQPDO VFK|SIWH GDV %HZX‰WVHLQ .UDIW DXV GHQ 6WU|PHQ GLH LQ HV EHUIORVVHQ XQG VLFK LP =HQWUXP GHV *HLVWHV WUDIHQ (V |IIQHWH VLFK GHQ 6FKZHVWHUQ XQG %UGHUQ Y|OOLJ  XQG VFKULH VHLQH 3HLQ LQ HLQHP 6FKZDOO VR YHUKHHUHQGHU ,PSXOVH KLQDXV DOV HV GLH 9HU]ZHLIOXQJ GHU DQGHUHQ LQ VLFK VSUWHGD‰GLH=8)/8&+7VHOEVW]XYHUJHKHQGURKWH 1XUDOOPlKOLFKNHKUWHZLHGHU5XKHHLQ 'LH)UHPGHQEHILQGHQVLFKLP+HU]HQGHV6FKZDUPHVVHQGHWHGDV%HZX‰WVHLQ DQ GLH 6FKZHVWHUQ XQG %UGHU :LU N|QQHQ QLFKWV WXQ 'DV +HU] VFKW]W VLFK VHOEVWXQGGDPLWVLH (VNDQQVLFKXQVHUHP:LOOHQQLFKWHQW]LHKHQHPSILQJHVXQGZLHGHUVFKZDQJ HLQH3DQLNLQGHQ6WU|PHQPLWGLHHV]XUFNLQGLHHZLJH'XQNHOKHLW]XVWU]HQ GURKWH(VJHKRUFKWDOOHLQXQV (VZDUPHLQ)HKOHUPX‰WHGDV%HZX‰WVHLQ]XJHEHQ,FKKDWWHNHLQH0DFKWEHU PHLQH.UlIWHXQGJHIlKUGHWHHVLQVHLQHP%HVWHKHQ(VVFKW]WVLFKJHJHQXQV $EHU HV ZLUG QLHPDOV GHQ )UHPGHQ GLHQHQ (V ZLUG XQV GHU 9ROOHQGXQJ ]XIKUHQ -DGDFKWHGDV%HZX‰WVHLQ 'RFK GLH =ZHLIHO EOLHEHQ EHVWHKHQ 'LH )UHPGHQ KlWWHQ QLFKW ELV ]XP +HU]HQ GHV 6FKZDUPHV YRUGULQJHQ GUIHQ 6LH KlWWHQ GHQ 6FKZDUP QLHPDOV EHWUHWHQ GUIHQ (LQH GHU .RPSRQHQWHQ VXFKWH .RQWDNW PLW PLU VHQGHWH HV 'DV 'HQNHQ GHU :HVHQLVWXQV]XIUHPGDOVGD‰LFKLKUH%RWVFKDIW]XYHUVWHKHQYHUPRFKWKlWWH 'RFKGLH6WU|PHZDUHQQLFKWY|OOLJQHJDWLY 1LFKWEHJUHLIHQ%HVWU]XQJ $XFK ZHQQ GLH (LQGULQJOLQJH RKQH QHJDWLYH $EVLFKWHQ NDPHQ DQWZRUWHWH HLQ %HZX‰WVHLQ GHVVHQ 1DPH NHLQH %HGHXWXQJ PHKU KDWWH JHIlKUGHQ VLH GLH 9ROOHQGXQJ$OOHLQGHVKDOEPVVHQVLHQHXWUDOLVLHUWZHUGHQ (UVFKUHFNHQ 'XPHLQVW$XVO|VFKHQ",FKKlWWHHVIDVWJHWDQDEHU (VPX‰JHVFKHKHQ=XYLHON|QQHQVLH]HUVW|UHQDOOHVXQV =XVWLPPXQJ9HUZLUUXQJXQG$QJVWJUHQ]HQORVH$QJVW *HPHLQVDPVLQGZLUPlFKWLJJHQXJ'DV+HU]NDQQVLHQXUIUHLQHEHJUHQ]WH =HLWVFKW]HQ'DQQZHQQHVVLHIUHLJHEHQPX‰PVVHQZLUVLHW|WHQ =ZHLIHOXQG$EVFKHX 6ROOGLHVXQVHUHOHW]WH7DWVHLQ"NODJWHGDV%HZX‰WVHLQ 



:LUPVVHQ(VPX‰YROOHQGHWZHUGHQ   $OV 7RUVWHQ VHLQHQ HUVWHQ NOHLQHQ (UIROJ YHUEXFKHQ NRQQWH ZDUHQ VHLW VHLQHP %HWUHWHQGHV$VWHURLGHQ]ZHL6WXQGHQXQGVLHE]HKQ0LQXWHQYHUJDQJHQ:lK UHQG GLHVHU =HLW KDWWH GHU 7HOHSRZHU$EVROYHQW %OXW XQG :DVVHU JHVFKZLW]W LPPHU ZLHGHU DQJHWULHEHQ YRQ 6D\D XQG 'DUWH ZlKUHQG )HOOPHU YHU]ZHLIHOW YHUVXFKWH GLH IUHPGHQ *HGDQNHQLPSXOVH ]X EHJUHLIHQ GLH LKQ QDFK ZLH YRU HUUHLFKWHQ )QI NOHLQH %LOGVFKLUPH GLUHNW EHU GHP 3XOW OHXFKWHWHQ DXI XQG ]HLJWHQ YHUVFKLHGHQH$XVVFKQLWWHGHVDXVJHK|KOWHQ$VWHURLGHQ ³$OOPlKOLFK NRPPH LFK GDKLQWHU VDJWH 7RUVWHQ ³ZLH GLHVH $QODJH IXQNWLRQLHUW 'DV ZDU EHUWULHEHQ =ZDU ZDUHQ LKP JHZLVVH *HVHW]Pl‰LJNHLWHQ XQG IXQNWLRQDOH 0HFKDQLVPHQ NODU JHZRUGHQ GRFK GDV KDWWH HU DXFK VFKRQ HLQLJH 0DOHYRUKHUJHJODXEWXQGMHGHVPDONXU]GDUDXIHLQHQ5FNVFKODJHUOLWWHQ ³%ULQJ GHQ &RPSXWHU ]XP 5HGHQ IRUGHUWH 'DUWH ³2GHU ]XP 6FKUHLEHQ RGHU  (U IOXFKWH ³=X LUJHQG HWZDV :LU PVVHQ LKP EHJUHLIOLFK PDFKHQ GD‰ HU GHQ .XUV GHV 6FKZDUPHV lQGHUQ VROO /D‰ GHLQH 6SLHOHUHLHQ XQG NRQ]HQWULHUH GLFKGDUDXI ³'XNDQQVWHVMDSURELHUHQZHQQGXVRYLHOPHKUGDYRQYHUVWHKVWJDE7RUVWHQ KHIWLJ ]XUFN ³:HQQ LKU ZROOW GD‰ GDV 'LQJ UHGHW GDQQ OD‰W PLFK LQ 5XKH DUEHLWHQhEHUKDXSWUHGHQ,KUKDEW9RUVWHOOXQJHQ,QZHOFKHU6SUDFKHGHQQ" ³:LUKDEHQ7UDQVODWRUHQEHKDUUWHGHU)DLU\WDOHU³-DMDZLQNWH7RUVWHQDEXQG EHXJWHVLFKPLW]XVDPPHQJHNQLIIHQHQ$XJHQEHUGDV6FKDOWSXOW 'DUWH VFKWWHOWH VFKZHLJHQG GHQ .RSI XQG ZDUI HLQHQ %OLFN DXI GLH $UPEDQGXKUGDQQDXI5DVGHUVLFKQRFKLPPHUQLFKWUKUWH (UZlUHXPHLQLJHVQHUY|VHUJHZHVHQKlWWHHUYRQGHU)ULVWJHZX‰WGLHLKQHQ JHVHW]WZDU³:DVLVW)HOOPHU"IUDJWH6D\DOHLVH/OR\G]XFNWHGLH6FKXOWHUQ ³'LH ,PSXOVH VLQG QRFK ]X VSUHQ ZHQQDXFKQXUVFKZDFK)DVWKDEHLFKGHQ (LQGUXFNGD‰GLH8QEHNDQQWHQVLFKDXIHWZDVYRUEHUHLWHQ 'D‰ PDQ HV QLFKW PLW HLQHP VRQGHUQ WDWVlFKOLFK PLW PHKUHUHQ :HVHQ ]X WXQ KDWWHZDUVR]LHPOLFKGLHHLQ]LJH(UNHQQWQLVGLHHULP/DXIHGHUOHW]WHQEHLGHQ 6WXQGHQJHZRQQHQKDWWH ³.HLQH QHXHQ %HEHQ GUDX‰HQ PXUPHOWH 'DUWH ³$EHU VLH ZHUGHQ ZLHGHU HLQVHW]HQPHLQVWGXGDV"'LH)UHPGHQNRPPHQQLFKWGXUFKGHQ6FKXW]VFKLUP PLW GHP GHU &RPSXWHU VLFK XPJHEHQ KDW 6LH ZDUWHQ GDUDXI GD‰ HU DXVJHVFKDOWHWZLUG )HOOPHUQLFNWHXQVLFKHUXQGVDKGDEHL7RUVWHQDQGHVVHQ)LQJHUQXQZLHGHULQ %HZHJXQJ ZDUHQ (LQ VHFKVWHU %LOGVFKLUP OHXFKWHWH DXI  XQG GLHVHU ]HLJWH ZHGHU6\PEROHQRFKWRWH*lQJHXQG+DOOHQ ³+HLOLJHU+LPPHOVW|KQWH6D\D³:DVLVWGDV" 'LHGUHLWUDWHQQlKHUDQGLHHUKHOOWH6FKHLEHKHUDQXQGVWDUUWHQDWHPORVDXIHLQ *HZLUU YRQ OHXFKWHQGHQ )DUEHQ DXV GHP VLFK QXU ODQJVDP )RUPHQ 



KHUDXVNULVWDOOLVLHUWHQ 'HU6FKLUP]HLJWHHLQHQ5DXPGHULQXOWUDKHOOHVYLROHWWHV/LFKWJHWDXFKWZDU =ZHL JORFNHQI|UPLJH *HELOGH ZDUHQ MHW]W ]X HUNHQQHQ GHUHQ *U|‰H VLFK QLFKW DEVFKlW]HQOLH‰'RFKVLHVFKLHQHQDXVUHLQHU(QHUJLH]XEHVWHKHQ ³:HQQPDQVHKHQN|QQWHZDVVLFKLQLKQHQEHILQGHWVDJWH6D\DOHLVH³(WZDV VFKHLQWVLFKKLQWHUGHQIDUELJHQ6FKOHLHUQ]XEHZHJHQ ³'XPHLQVWGLH)UHPGHQ"IUDJWH'DUWHHUJULIIHQ )HOOPHUZLQNWHDE ³9HUVWHLIWHXFKDXIQLFKWV:LUN|QQHQQXUGDYRQDXVJH ³:DUWHW ULHI 7RUVWHQ SO|W]OLFK GD]ZLVFKHQ (U VSUDQJ DXI XQG ILHO YRU ODXWHU $XIUHJXQJIDVWEHUGLHHLJHQHQ%HLQH³,FKLFK ³:DV"IUDJWH)HOOPHUJHUHL]W ³'UFNWPLUMHW]WDOOH'DXPHQ,FKYHUVSUHFKHQLFKWVDEHUHVNDQQVHLQGD‰LFK HLQH$XVJDEHHLQKHLWDNWLYLHUHQNDQQ ³%LVWGXVLFKHU"IUDJWH'DUWHVNHSWLVFK³$P(QGHHUUHLFKVWGXQLFKWVDQGHUHV DOVGD‰GHU6FKXW]VFKLUPHUOLVFKWXQGZLUXQWHUGHU'HFNHEHJUDEHQZHUGHQ ³6ROOLFK VYHUVXFKHQRGHUQLFKW" )HOOPHUVDKGLH%OLFNHGHU)DLU\WDOHUDXIVLFKJHULFKWHWXQGZX‰WHGD‰HUMHW]W GLH(QWVFKHLGXQJ]XWUHIIHQKDWWH 7RUVWHQ ZDU YHUlQGHUW (U JDE VLFK QLFKW PHKU XQIHKOEDU XQG VR IXUFKWEDU EHUOHJHQ :LH HU DP 3XOW JHDUEHLWHW KDWWH GDV YHUULHW lX‰HUVWH .RQ]HQWUDWLRQ XQG 9RUVLFKW 'DEHL ZDU GDV ZDV HU JHWDQ KDWWH IU )HOOPHU YROONRPPHQ XQYHUVWlQGOLFK$EHUHUKDWWH(UIROJHYRU]XZHLVHQ (VEOLHEGLH)UDJHLQZLHZHLWLKPGHU=XIDOOGDEHLJHKROIHQKDWWH ³$OVRVFK|QQLFNWHGHU7HOHSDWKVFKOLH‰OLFKQDFKHLQHPZHLWHUHQ%OLFNDXIGLH 8KU³:LUPVVHQHVULVNLHUHQ 7RUVWHQVDKLKQGDQNEDUDQ'DQQVFKZDQJHUVLFKLQGLH6LW]VFKDOH]XUFNKLHOW EHLGH +lQGH IU 6HNXQGHQ ZHLW YRQ VLFK JHVWUHFNW  XQG EHUKUWH PLW HLQHP SO|W]OLFKHQ5XFNHLQHZHL‰OLFKOHXFKWHQGHUHFKWHFNLJH3ODWWH 6lPWOLFKH 6FKLUPH HUORVFKHQ $QGHUH OHXFKWHWHQ NXU] DXI XQG HLQ VFKULOOHU 3IHLIWRQKHXOWHLQGHQ2KUHQGHUHQWVHW]WHQ0HQVFKHQ $OOHV JLQJ QXQ VR VFKQHOO GD‰ VLH JDU NHLQH =HLW IDQGHQ LQ 3DQLN ]X JHUDWHQ 7RUVWHQVIODFKH+DQGVFKOXJLQVFKQHOOHU)ROJHDXIHLQ'XW]HQGKLQWHUHLQDQGHU DXIOHXFKWHQGHU.RQWDNWIHOGHUZREHLHUGHQ(LQGUXFNPDFKWHDOVZ‰WHHUJDQ] JHQDXZDVHUWDW(UVSUDQJGDEHLHUQHXWDXIXPDQDOOGLHVH3ODWWHQUHLFKHQ]X N|QQHQ 1HXQ RIIHQEDU ]XVDPPHQJHK|UHQGH 6FKLUPH IODPPWHQ DXI XQG OLHIHUWHQ ]XVDPPHQ HLQ JUR‰HV %LOG GDV ZLH HLQ 3X]]OH HWZDV ]HLJWH GDV GLH (LQGULQJOLQJHEHUHLWVJHVHKHQKDWWHQ(VJDEQXUHLQHQ8QWHUVFKLHG $QVWHOOHGHU]ZHLJORFNHQI|UPLJHQ(QHUJLHJHELOGHZDUHQQXQ]Z|OI]XVHKHQLQ HLQHP H[DNW NXSSHOI|UPLJHQ 5DXP PLW JODWWHQ :lQGHQ XQG NHLQHUOHL DQGHUHQ (LQULFKWXQJHQ (V JDE QXU GLHVH ]Z|OI VWUDKOHQGHQ *ORFNHQ LQ GHUHQ ,QQHUHP ZDOOHQGH )DUEVFKOHLHUGDVYHUGHFNWHQZDVVLHQRFKEHLQKDOWHQPRFKWHQ 



:DV GLHV ZDU GDV HUIXKUHQ )HOOPHU 7RUVWHQ XQG GLH EHLGHQ )DLU\WDOHU YRP &RPSXWHU (LQH PlFKWLJH 6WLPPH GU|KQWH DXI XQG VLH ZDU GLUHNW LQ LKUHQ 6FKlGHOQ 'DV /LFKW LQ GHU +DOOH HUORVFK YROOVWlQGLJ ELVDXIGLHQHXQ6FKLUPHGLHVLFKQXQ DXI]XEOlKHQ VFKLHQHQ ELV GDV %LOG GHU ]Z|OI *ORFNHQ GLH %HZX‰WVHLQH GHU 0HQVFKHQHUIOOWH ³'LHVKDOOWHHVLQLKQHQ³LVWGHUOHW]WH2UWGLH=8)/8&+7GHU(UVFKDIIHU )HOOPHU GHU VLFK YHU]ZHLIHOW GDJHJHQ ZHKUWH PLWWHQ KLQHLQ LQ GDV 0HHU DXV )DUEHQ XQG )RUPHQ DXV SKDQWDVWLVFKHQ %LOGHUQ XQG (LQGUFNHQ ]X VWU]HQ GHVVHQ :RJHQ VHLQHQ *HLVW XPVSOWHQ XQG EHUIOXWHWHQ ZX‰WH QLFKW ]X VDJHQ RE GLH 6WLPPH VHLQH 6SUDFKH VSUDFK  RE VLH VLFK EHUKDXSW HLQHU 6SUDFKH EHGLHQWH 'RFK HU K|UWH VLH XQG MHGHV LKUHU :RUWH ZDU YRQ GHQ HQWVSUHFKHQGHQ %LOGHUQ XQG(LQGUFNHQEHJOHLWHW )HOOPHU /OR\G JOLWW KLQHLQ LQ HLQ 8QLYHUVXP LQ GHP 5DXP XQG =HLW MHGH %HGHXWXQJYHUORUHQKDWWH :LH 6D\D 'DUWH XQG 7RUVWHQ ]XU JOHLFKHQ =HLW RIIHQEDUWH GDV XQEHJUHLIOLFKH 3URGXNW HLQHU SKDQWDVWLVFKHQ 7HFKQRORJLH LKP GLH *HVFKLFKWH GHU :HVHQ GLH YRU XQGHQNOLFKHQ =HLWHQ LKUH +HLPDWZHOW YHUODVVHQ KDWWHQ XP PLW GHQ .|QLJVDVWHURLGHQGLH$EJUQGH]ZLVFKHQGHQ6WHUQHQ]XEHUEUFNHQ (VZDUGLH*HVFKLFKWHGHU(UVFKDIIHUGHU/D\D