'LH6WXQGHGHU'RSSHOJlQJHU
M
1U 'LH6WXQGHGHU'RSSHOJlQJHU YRQ.XUW0DKU
$WODQ
'DV*URH,PSHULXPG...
13 downloads
509 Views
234KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
'LH6WXQGHGHU'RSSHOJlQJHU
M
1U 'LH6WXQGHGHU'RSSHOJlQJHU YRQ.XUW0DKU
$WODQ
'DV*URH,PSHULXPGHU$UNRQLGHQNlPSIWXPVHLQHQDFNWH([LVWHQ]GHQQHVPXVLFKVRZRKO lXHUHUDOVDXFKLQQHUHU)HLQGHHUZHKUHQ'LHlXHUHQ)HLQGHVLQGGLH0DDKNVGHUHQ5DXPIORWWHQGHQ 6WUHLWNUlIWHQ GHV ,PSHULXPV VFKZHU ]X VFKDIIHQ PDFKHQ 'LH LQQHUHQ )HLQGH $UNRQV VLQG GLH +HUUVFKHQGHQ VHOEVW GHUHQ +DEJLHU XQG .RUUXSWLRQ SUDNWLVFK NHLQH *UHQ]HQ NHQQHQ *HJHQ GLHVH LQQHUHQ )HLQGH LVW GHU MXQJH $WODQ GHU UHFKWPlLJH 7KURQHUEH XQG .ULVWDOOSULQ] YRQ $UNRQ EHUHLWV PHKUPDOV HUIROJUHLFK YRUJHJDQJHQ 6HOEVW HPSILQGOLFKH 5FNVFKOlJH HQWPXWLJHQ LKQ QLFKW XQG KLQGHUQ LKQ XQG VHLQH +HOIHU QLFKW GDUDQ GHQ .DPSI JHJHQ 2UEDQDVFKRO ,,, GHQ 8VXUSDWRU PLW DOOHU (QHUJLH IRUW]XVHW]HQ *HJHQZlUWLJ LVW $WODQ DOOHUGLQJV QLFKW LQ GHU /DJH DQ GLHVHP .DPSI PLW]XZLUNHQ 1DFK GHU DNRQLVFKHQ*HIDQJHQVFKDIWGHUHUXQGVHLQH*HIlKUWHQHQGOLFKHQWULQQHQNRQQWHQVLQGGHU.ULVWDOOSULQ] XQGVHLQH/HXWHHUQHXW]X*HIDQJHQHQJHZRUGHQ =RUJKDQ %HIHKOVKDEHU GHV DUNRQLGLVFKHQ )ORWWHQVWW]SXQNWV 7UDYQRU KlOW VLH IHVW 'HU .RPPDQGDQWLJQRULHUWGDEHLEHZXW2UEDQDVFKROV7|WXQJVRGHU$XVOLHIHUXQJVEHIHKOGDHUVSH]LHOOPLW $WODQHLJHQH3OlQHUHDOLVLHUHQ]XZROOHQVFKHLQW ,P =XJH HEHQGLHVHU 3OlQH OlW HU $WODQ XQG )DUWXORRQ GHQ )UHXQG XQG /HKUPHLVWHU GHV .ULVWDOOSULQ]HQ]XHLQHUGHUEHLGHQ5DXPVWDWLRQHQYRQ7UDYQRUEULQJHQ±XQGGRUWVFKOlJW',(6781'( '(5'233(/*b1*(5« 'LH+DXSWSHUVRQHQGHV5RPDQV $WODQXQG)DUWXORRQ±'HU.ULVWDOOSULQ]XQGVHLQ/HKUPHLVWHUEHJHJQHQVLFKVHOEVW :DUVRRQ7LNDORRU±.RPPDQGDQWGHU5DXPVWDWLRQ³(UVWHU:HFKWRQ´ /HUJRQ.DQNUDO)NRQWKD+HUVFKRQXQG*\DO5\NPRRQ±'UHL7HIURGHU 4XRQVRQ=RUJKDQ±.RPPDQGDQWGHV6WW]SXQNWV7UDYQRU .DU\NOLDYRQ+D\%RRU±%OLQGHU3DVVDJLHUDXIGHP(UVWHQ:HFKWRQ hEHUXQVLQGHU6FKZlU]HGHV$OOVKLQJHLQULHVLJHVEL]DUUJHIRUPWHV*HELOGHGHU(UVWH :HFKWRQGHPVLFKGLH2UELW)lKUHPLWDEQHKPHQGHU*HVFKZLQGLJNHLWQlKHUWH,Q:LUNOLFKNHLWZDUGHU (UVWH:HFKWRQHLQHGHUEHLGHQ5DXPVWDWLRQHQGLHEHU7UDYQRUVFKZHEWHQHLQHJHRPHWULVFKH[DNWH .UHLVVFKHLEHYRQVHFKVWDXVHQG0HWHUQ'XUFKPHVVHUXQGHLQWDXVHQG0HWHUQ'LFNH'HUEL]DUUH$QEOLFN UKUWHGDKHUGDGLH6FKHLEHGXUFK7UDYQRUV6RQQHYRQGHU.DQWHKHUDQJHVWUDKOWZXUGHXQG]XP7HLO LP6FKDWWHQGHV3ODQHWHQVWDQG )DUWXORRQXQGLFKVDHQLP+LQWHUJUXQGGHVNOHLQHQ3DVVDJLHUUDXPV8QVHUH:lFKWHUKDWWHQHV VLFKLQGHQ6HVVHOQGHUYRUGHUHQ5HLKHQEHTXHPJHPDFKW6LHVFKLHQHQXQVQLFKW]XEHDFKWHQ:LU WUXJHQGLH0RQWXUHQGLHPDQXQVLQ=RUJKDQV*HIlQJQLVYHUSDWKDWWHXQGZDUHQZDIIHQORV(VVHL GHQQPDQKlWWH)DUWXORRQV+DUQLVFKXQGGDVJHKHLPQLVXPZREHQH6FKZHUW6NDUJDOV:DIIHQUHFKQHQ ZROOHQ 0LUNODQJHQ=RUJKDQVOHW]WH:RUWHQRFKLQGHQ2KUHQ ³,KUEUDXFKWHXFKGRUWREHQQLFKWPLWIDOVFKHQ1DPHQDE]XPKHQ´KDWWH4XRQVRQ=RUJKDQ ]ZHLIDFKHU6RQQHQWUlJHUXQG.RPPDQGDQWGHVDUNRQLGLVFKHQ6WW]SXQNWV7UDYQRU]XXQVJHVDJW³0DQ ZHLLQGHU6WDWLRQZHULKUVHLG´ 'LHVHbXHUXQJKDWWHHUEHLOlXILJJHPDFKW0DQPXWHXQVHUH±RGHUVSH]LHOOPHLQH±/DJH NHQQHQXP]XZLVVHQZDVVLFKGDKLQWHUYHUEDUJ,PSHUDWRU2UEDQDVFKROKDWWHHLQHKRUUHQGH%HORKQXQJ IUGHQMHQLJHQDXVJHVHW]WGHUPLFKWRWRGHUOHEHQGLJHLQEUDFKWH'LHVH%HORKQXQJZDUHVGLHPLUGDV /HEHQVFKZHUPDFKWHZRKLQLFKDXFKLPPHUNDP :HQQ=RUJKDQVDJWHGDZLUXQVDXIGHP(UVWHQ:HFKWRQPLWIDOVFKHQ1DPHQQLFKWDE]XJHEHQ EUDXFKWHQGDQQEHGHXWHWHGDVGDHUGHU%HVDW]XQJGHU5DXPVWDWLRQVLFKHUZDU(UKDWWHGHQ/HXWHQ PLWJHWHLOWZHUGLHEHLGHQ%HVXFKHUZDUHQGLHLQ.U]HDQ%RUGGHU2UELW)lKUHHLQWUHIIHQZUGHQXQGHU ZXWHJHZLGDGLH0DQQVFKDIWGHV(UVWHQ:HFKWRQQLFKWGDUDQGHQNHQZUGHPLFKJHJHQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
2UEDQDVFKROV%HORKQXQJQDFK$UNRQ]XYHUVFKDFKHUQ 8QVHUH/DJHZDUHLJHQDUWLJ'HU5HVWXQVHUHU*UXSSHVDDXI7UDYQRUJHIDQJHQ:LUVHOEVW )DUWXORRQXQGLFKKDWWHQXQVHEHQIDOOVDOV*HIDQJHQH]XEHWUDFKWHQREZRKOZLUQDFKGHP(UVWHQ :HFKWRQXQWHUZHJVZDUHQXP9HUKDQGOXQJHQPLWLUJHQGZHOFKHQ9HUWUDXHQVOHXWHQ]XIKUHQGLHXQV GRUWHUZDUWHWHQ4XRQVRQ=RUJKDQZDULQLUJHQGZHOFKHJHKHLPHQ0DFKHQVFKDIWHQYHUVWULFNWEHLGHQHQ HUXQVHUHU'LHQVWHEHGXUIWH)DUWXORRQV³2UJDQLVDWLRQ´ZDULQZHLWHP8PNUHLVEHNDQQWREZRKOQLHPDQG JHQDXZXWHZRUDXVVLHHLJHQWOLFKEHVWDQGXQGZRIUVLHDUEHLWHWH=RUJKDQKDWWHXQVGLH)UHLKHLW YHUVSURFKHQIUGHQ)DOOGD)DUWXORRQVLFKPLWLKPYHUEQGH 'LH6FKZLHULJNHLWEHVWDQGGDULQGDZLUQLFKWZXWHQZHOFKH,QWHUHVVHQ=RUJKDQYHUIROJWH,FK ZDUEHUHLWPLWMHGHUPDQQHLQ%QGQLVJHJHQ2UEDQDVFKROHLQ]XJHKHQ$EHULFKKDWWHGDVXQJXWH*HIKO GDGHU.RPPDQGDQWYRQ7UDYQRUQLFKWQXUJHJHQGHQ,PSHUDWRUVRQGHUQJHJHQ$UNRQDUEHLWHWH'DIU ZUGHLFKPLFKQLHPDOVKHUJHEHQ)DUWXORRQHPSIDQGHEHQVRZLHLFK 'LH2UELWIlKUH]RJVFKOLHOLFKEHUGHQXQEHOHXFKWHWHQ7HLOGHU.DQWHGHU5DXPVWDWLRQHPSRU XQGJOLWWDXIGLHYRQGHU6RQQHDQJHVWUDKOWH2EHUIOlFKHKLQDXV'HU$QEOLFNZDUDWHPEHUDXEHQG'LH EHLGHQ:HFKWRQVGLHQWHQDOV5DXPKlIHQIU*URIDKU]HXJH'LH9HUNHKUVGLFKWHZDUEHHLQGUXFNHQG,FK ]lKOWHPLWHLQHP%OLFNPHKUDOV]ZDQ]LJ5DXPVFKLIIHGHU$FKWKXQGHUW0HWHU.ODVVH'LH=DKOGHU NOHLQHUHQ5DXPVFKLIIHJLQJELVNQDSSDQGLH+XQGHUW'LH2EHUIOlFKHGHU5DXPVWDWLRQZLUNWHZLHPLW 3RFNHQPDUNHQEHVlW 'LH)lKUHVHQNWHVLFKLQHLQHQ+DQJDUGHVVHQULHVLJHV/XNZHLWRIIHQVWDQG'DV)DKU]HXJNDP PLWHLQHP5XFN]XP6WLOOVWDQG'LH:lFKWHUHUKREHQVLFKDXVLKUHQ6HVVHOQ(LQHUNDPDXIXQV]X ³:LUVLQGGD´VDJWHHU³7LNDORRUZDUWHWVFKRQDXIHXFK´
8QWHUQRUPDOHQ8PVWlQGHQKlWWHLFK:DUVRRQ7LNDORRUZDKUVFKHLQOLFKDOVV\PSDWKLVFK HPSIXQGHQ(UZDUHLQMXQJHUKRFKJHZDFKVHQHU0DQQPLWLQWHOOLJHQWHQ$XJHQXQGIUHXQGOLFKHP *HVLFKWVDXVGUXFN(UWUXJGDVVLOEHUKHOOH+DDUNXU]JHVFKRUHQXQGKDWWHHLQH$UWDQVLFKGLHDQGHXWHWH GDHUGDV/HEHQQLFKWEHUPlLJHUQVWQDKP (UHPSILQJXQVIUHXQGOLFK ³(XUH4XDUWLHUHVLQGYRUEHUHLWHW´HUNOlUWHHUQDFKGHU%HJUXQJ ³0DQZLUGHXFKDXIGHP(UVWHQ:HFKWRQHXUHP5DQJHQWVSUHFKHQGEHKDQGHOQ´ 'DNDPHUDOOHUGLQJVEHL)DUWXORRQDQGHQ)DOVFKHQ ³,FKELQQLFKWKLHUKHUJHNRPPHQXP4XDUWLHU]XEH]LHKHQXQGYRUQHKPEHKDQGHOW]XZHUGHQ VRQGHUQXP%HVSUHFKXQJHQDE]XKDOWHQ´NQXUUWHGHU$OWH³:DUXPNRPPHQZLUQLFKWJOHLFK]XU6DFKH"´ 7LNDORRUZDUQLFKWVROHLFKWDXVGHP*OHLFKJHZLFKW]XEULQJHQ(UOlFKHOWH ³:HLOHXUH9HUKDQGOXQJVSDUWQHUQRFKQLFKWHLQJHWURIIHQVLQG´DQWZRUWHWHHU³,FKUHFKQHPRUJHQ PLWLKQHQ´ )DUWXORRQKDWWHQRFKHLQSDDUE|VH:RUWHDXIGHU=XQJHGDVVDKLFKLKPDQ(UEHKLHOWVLH MHGRFKIUVLFK*HJHQ:DUVRRQ7LNDORRUOlVVLJH)UHXQGOLFKNHLWZDUQLFKWOHLFKWDQ]XNRPPHQ'UHL :lFKWHUJHOHLWHWHQXQV]XXQVHUHU8QWHUNXQIW'DV,QQHUHGHU5LHVHQVFKHLEHZDUDXVJHK|KOWZLHHLQH %LHQHQZDEH)UHLQHQ8QHLQJHZHLKWHQZDUGDV'XUFKHLQDQGHUGHU*lQJH5DPSHQXQG6FKlFKWHHLQ ZDKUHU$OSWUDXP:LUKDWWHQQLFKWZHLW]XJHKHQDEHULFKVWHOOWHGHQQRFKIHVWGDDXIGHPHUVWHQ :HFKWRQQDKH]XKHNWLVFKH$NWLYLWlWKHUUVFKWH0HQVFKHQXQG5RERWHUIOOWHQGLH.RUULGRUH)DVWVFKLHQ HVDOVVHLPDQGDEHLVLFKDXIHLQHQWVFKHLGHQGHV(UHLJQLVYRU]XEHUHLWHQ 8QVZXUGHQLQVJHVDPWIQIPLWWHOJURHXQGHLQLJHUPDHQEHKDJOLFKHLQJHULFKWHWH5lXPH ]XJHZLHVHQ6HUYRDXWRPDWLNHQGHXWHWHQGDUDXIKLQGDZLUKLHULQGHU/DJHVHLQZUGHQXQVHUH 0DKO]HLWHQVHOEVW]XVDPPHQ]XVWHOOHQ:LUPXWHQGDYRQDXVJHKHQGDGLH5lXPHRSWLVFKXQG DNXVWLVFKEHUZDFKWZXUGHQ:HQQZLUHLQDQGHUHWZDVPLW]XWHLOHQKDWWHQZRYRQGLH%HVDW]XQJGHU 6WDWLRQQLFKWVZLVVHQGXUIWHZUGHQZLUYRUVLFKWLJVHLQPVVHQ 'LH(UHLJQLVVHGHUYHUJDQJHQHQ7DJHZDUHQDQVWUHQJHQGJHZHVHQ)DUWXORRQXQGLFKEHUHLWHWHQ XQVHLQHNQDSSH0DKO]HLWGDQQYHUODQJWHHVPLFKQDFK6FKODI,FKVXFKWHPLUHLQH5XKHNDPPHUDXV XQGZDUIPLFKDXIGDVNRMHQlKQOLFKH/LHJHJHVWHOO,FKZDUHLQJHVFKODIHQQRFKEHYRULFKPLFKJDQ] DXVJHVWUHFNWKDWWH
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
$OVLFKZLHGHU]XPLUNDPZDUHVGXQNHOULQJVXP,FKQDKPHLQHQIUHPGDUWLJHQDEHUQLFKW XQDQJHQHKPHQ*HUXFKZDKU,UJHQGZLHHUZDFKWHLFKQLFKWJDQ]DXVGHP6FKODIVRQGHUQGUDQJQXUELV ]XHLQHU$UWEHQRPPHQHQ'lPPHU]XVWDQGVYRU$XVGHP'XQNHOULHIHLQHZHLFKHORFNHQGH6WLPPH ³6WHKDXIVFK|QHU-QJOLQJ´ ,FKNRQQWHQLFKWDQGHUV±LFKPXWHJHKRUFKHQ,FKVWDQGDXI,P+LQWHUJUXQGGHV5DXPHV ELOGHWHVLFKJHOEOLFKHU/LFKWVFKLPPHUGHUGLH)RUPHLQHU.XJHOKDWWH,QGHU0LWWHGHU/LFKWNXJHOHUEOLFNWH LFKHLQH)UDXGLHPLUZXQGHUVDPVFK|QYRUNDP ³6DJPLUGHLQHQ1DPHQMXQJHU0DQQ´IRUGHUWHPLFKGLHZHLFKH6WLPPHDXI ³,FKELQ$WODQYRQ$UNRQ´DQWZRUWHWHLFK ³'HU.ULVWDOOSULQ]"´ ³6RQHQQWPDQPLFK´ ³%LVWGXDOV*HIDQJHQHUKLHU$WODQYRQ$UNRQ"´IUDJWHGLH6WLPPH ³6RN|QQWHPDQHVQHQQHQ,FKVROOPLW7LNDORRUYHUKDQGHOQ$EHUYHUPXWOLFKZLUGPDQPLFK ZLHGHULQV*HIlQJQLVVSHUUHQZHQQGLH9HUKDQGOXQJQLFKWVRDXVJHKWZLH7LNDORRUHVHUZDUWHW´ ³,VW7LNDORRUGHUhEHOWlWHU±RGHUHLQDQGHUHU"´ ,QPHLQHU%HQRPPHQKHLWZXQGHUWHLFKPLFKEHUGHQ6FKDUIVLQQGLHVHU)UDX,FKKDWWHHLJHQWOLFK JDUQLFKWGLH$EVLFKWDOOHLKUH)UDJHQ]XEHDQWZRUWHQ$EHUZHQQVLHIUDJWHPXWHLFKLKU]X:LOOHQVHLQ ³(LJHQWOLFKLVWHV=RUJKDQ´EHNDQQWLFK ³,FKGDFKWHHVPLU´DQWZRUWHWHVLHHLQZHQLJEHOXVWLJW³:DQQLPPHUHWZDV%|VHVJHVFKLHKWKDW =RUJKDQGLH+DQGLP6SLHO´ ³:HUELVWGX"´ZROOWHLFKZLVVHQ ³,FKELQ&KDULNOLVGLHJHKHLPH+HUUVFKHULQGHV(UVWHQ:HFKWRQV´VDJWHGLH6WLPPH³%HJHKUVW GXGXUFKPLFKJHUHWWHW]XZHUGHQ"´ ³-D«´DQWZRUWHWHLFK ³,FKZHUGHPLFKXPGHLQ:RKONPPHUQ$WODQYRQ$UNRQ´YHUVSUDFKGLH)UDX³,FKZHUGH0LWWHO XQG:HJHILQGHQGLFK]XUHWWHQ´ ³0LFK±XQG)DUWXORRQ´EDWLFK ³'HQGLFNHQ$OWHQ"´IUDJWHVLH ³:RKHUNHQQVWGXLKQ"´ ³,FKNHQQHDOOHGLHVLFKLP(UVWHQ:HFKWRQDXIKDOWHQ´ ³'XPXW)DUWXORRQXQGPLFKJHPHLQVDPUHWWHQ´EHVFKZRULFKVLH ³,FKWXHHV±ZHLOGXPLUJHIlOOVW´ODXWHWHGLH$QWZRUW³$EHUMHW]WPXWGXVFKODIHQ«´ 'LH6WLPPHKDWWHSO|W]OLFKHLQHQEHVFKZ|UHQGHQ7RQIDOODQJHQRPPHQ'HUIUHPGH'XIWZXUGH VWlUNHU,FKYHUORUGDV%HZXWVHLQ«
$OVLFK]XP]ZHLWHQ0DOHUZDFKWHZDUHVKHOO,UJHQGZRW|QWHHLQPHORGLVFKHU:HFNJRQJ,FK UDIIWHPLFKDXIXQGVSOWHPLW6WU|PHQNDOWHQ:DVVHUVGHQ5HVWGHU%HQRPPHQKHLWDXVPLUKLQDXV,FK ZDUXQVDJEDUGXUVWLJ 0LWWOHUZHLOHZDULFKQLFKWPHKUVLFKHURELFKGDVZRUDQLFKPLFKHULQQHUWHZLUNOLFKHUOHEWRGHU QXUJHWUlXPWKDWWH,FKHU]lKOWH)DUWXORRQGDYRQ'HU$OWHEHGDFKWHPLFKPLWHLQHPPHUNZUGLJHQ%OLFN ³'XZDUVW]XODQJHDOOHLQPHLQ-XQJH´PHLQWHHU³'XEUDXFKVW*HVHOOVFKDIWGDQQSDVVLHUHQGLU VROFKH'LQJHQLFKWPHKU´ ³'XPHLQVWHVZDUHLQ7UDXP"´ ³:DVVRQVW"´ ³(VNDPPLU]LHPOLFKZLUNOLFKYRU´ ³:LHQDQQWHPLFKGLH)UDX"´ ³'HQGLFNHQ$OWHQ´ ³'DUDQVLHKVWGXGDHVQXUHLQ7UDXPJHZHVHQVHLQNDQQ.HLQH)UDXZUGHHVZDJHQPLFK VR]XQHQQHQ´ 6SlWHUDEHUXQWHUVXFKWHQZLUJHPHLQVDPGDV*HPDFKLQGHPLFKJHVFKODIHQKDWWH$XHUGHU 7UYRQGHULFKPHLQWHVLHVRUJIlOWLJJHVFKORVVHQ]XKDEHQJDEHVNHLQHQ=XJDQJ(VZDUJDQ]XQG JDUXQHUILQGOLFKZLHVLFKMHPDQGKLHUKHUHLQJHVFKOLFKHQKDEHQN|QQWH±HVVHLGHQQHUZlUHGXUFKGLH
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
7UJHNRPPHQ 8QVHUH1HXJLHUGHZDQGWHVLFK1lKHUOLHJHQGHP]X:LUSURELHUWHQGHQ$XVJDQJ(UZDU YHUULHJHOW0DQEHWUDFKWHWHXQVDOVRQDFKZLHYRUDOV*HIDQJHQH(VJDENHLQH0|JOLFKNHLWPLWGHU 8PZHOWLQ9HUELQGXQJ]XWUHWHQ:LUPXWHQZDUWHQELVPDQQDFKXQVULHI 'DVJHVFKDKZHQLJH6WXQGHQVSlWHU=ZHL8QLIRUPLHUWHKROWHQXQVDE6LHEHIDKOHQHLQIDFK ³.RPPWPLW´ :RKLQHVJLQJGDUEHUZDULKQHQNHLQ:RUW]XHQWORFNHQ:LUOHJWHQHLQHEHGHXWHQGH6WUHFNH ]XUFNZHQLJVWHQV]ZHL.LORPHWHU]XP7HLOPLW*OHLWIDKU]HXJHQGLHLQ*lQJHQYHUNHKUWHQGLHIUGLHVH $UW7UDQVSRUWPLWWHOUHVHUYLHUW]XVHLQVFKLHQHQ$P=LHOZXUGHQZLULQHLQHQJURHQEHUUDVFKHQG NRPIRUWDEHOHLQJHULFKWHWHQ5DXPJHIKUW'DV0RELOLDUZDUDUNRQLGLVFKHU+HUNXQIWDEHUPDQKDWWHHVVR PHUNZUGLJJUXSSLHUW±NOHLQH6LW]JUXSSHQPLW7LVFKHQRGHURKQHVFKHLQEDUZDKOORVEHUGHQ5DXP YHUWHLOWHLQPlFKWLJHU$UEHLWVWLVFKVHLWZlUWVGHV=HQWUXPV±GDGLH(LQULFKWXQJXQZLOONUOLFKIUHPGDUWLJ ZLUNWH ,QGHU1lKHGHV(LQJDQJVVWDQG:DUVRRQ7LNDORRU(UOlFKHOWHZLHHVVHLQH$UWZDU'LH :DFKWSRVWHQJHOHLWHWHQXQVQXUELV]XU7U6LHEOLHEHQGUDXHQDOVGLH7UVLFKVFKOR ³,KUVHLGSQNWOLFK´EHJUWHXQV7LNDORRU³5\NPRRQZLUGGDV]XVFKlW]HQZLVVHQ´ )DUWXORRQXQGLFKEOLFNWHQHLQDQGHUDQ9HUVSRWWHWHHUXQV"+DWWHQZLU(LQIOXGDUDXIJHKDEW ZDQQZLUKLHUHUVFKHLQHQZUGHQ"8QGZHUZDU5\NPRRQ" ³:HULVW5\NPRRQ"´IUDJWH)DUWXORRQXQZLUVFK ³,KUZHUGHWLKQNHQQHQOHUQHQ´DQWZRUWHWH7LNDORRU $OVZlUHGLHVHU:RUWZHFKVHO]XP6WLFKZRUWDXVHUZlKOWZRUGHQ|IIQHWHVLFKLP+LQWHUJUXQGGHV 5DXPHVHLQHELVKHUXQVLFKWEDUH7U'UHL)UHPGHWUDWHQGDUDXVKHUYRU 6LHZDUHQYRQVWDWWOLFKHU*U|HEHUVHFKV)XDXIMHGHQ)DOO,KUH+DXWZDUYRQVDPWHQHP %UDXQ'LHVFKZDU]HQ+DDUHWUXJHQVLHNXU]JHVFKQLWWHQ6LHKDWWHQVWUDKOHQGEODXH$XJHQGLHPLWGHU GXQNOHQ+DXWXQGGHQVFKZDU]HQ+DDUHQDXIIDV]LQLHUHQGH$UWXQG:HLVHNRQWUDVWLHUHQ7URW]LKUHU *U|HZLUNWHQVLHVWlPPLJXQGYHUIJWHQRKQH=ZHLIHOEHUEHDFKWOLFKH.|USHUNUlIWH6LHZDUHQ ]ZHFNPlLJDEHUIUHPGDUWLJJHNOHLGHW6RZHLWLFKVHKHQNRQQWHZDUHQVLHY|OOLJDUNRQRLG $EHU$UNRQLGHQZDUHQVLHQLFKW 7LNDORRUZDQGWHVLFKGHQ)UHPGHQ]X ³:LUVLQGEHUHLWPLWGHU$XVVSUDFKH]XEHJLQQHQ´VDJWHHU 6HLQ/lFKHOQZDUPLWHLQHPPDOYHUVFKZXQGHQ(UZLUNWHGHYRW'HUYRUGHUVWHGHU)UHPGHQ QLFNWHNXU] ³$PEHVWHQEHJLQQHQZLUPLWGHU9RUVWHOOXQJ´VFKOXJHUYRU³:HUVLQGGLHVHEHLGHQ0lQQHU"´ ³'HUDOWHLVW)DUWXORRQGHU%DXFKDXIVFKQHLGHUHLQHUGHUEHUKPWHVWHQbU]WHGHV,PSHULXPV YRUPDOV/HLEDU]WGHV,PSHUDWRUV'HUMXQJHLVW$WODQYRQ$UNRQGHU.ULVWDOOSULQ]6RKQGHV,PSHUDWRUV *RQR]DO9,,´ 'HU)UHPGHPXVWHUWHPLFKPLWDXIPHUNVDPHP%OLFN'DQQVWDKOVLFKHLQVS|WWLVFKHV/lFKHOQLQ VHLQH0LHQH ³:LHYHUVSURFKHQQLFKWZDKU"1XQPXWGXXQVYRUVWHOOHQ7LNDORRU´ (LQHZLUUH6HNXQGHODQJKDWWHLFKGHQ(LQGUXFN:DUVRRQ7LNDORRUVWHKHXQWHUK\SQRWLVFKHP (LQIOX*HKRUVDPZDQGWHHUVLFKXPZLHVPLWGHU+DQGDXIHLQHQ)UHPGHQQDFKGHPDQGHUQXQG HUNOlUWH ³'LHVVLQG*\DO5\NPRRQ)NRQWKD+HUVFKRQXQG/HUJRQ.DQNUDODXVGHP5HLFKGHU7HIURGHU´ 'LH1DPHQNODQJHQIUHPGDUWLJYRQGHQ7HIURGHUQKDWWHLFKQRFKQLHJHK|UW,FKZDUI)DUWXORRQ HLQHQIUDJHQGHQ%OLFN]X$EHUGHUPDFKWHHLQJDQ]XQGJDUXQGXUFKGULQJOLFKHV*HVLFKWDXVGHPPDQ QLFKWVVFKOLHHQNRQQWH1XUVRYLHONRQQWHLFKVDJHQ5\NPRRQVSUDFKXQVHUH6SUDFKHPLWHLQHPKDUWHQ $N]HQW$QVFKHLQHQGKDWWHHUHUVWYRUNXU]HPEHJRQQHQ$UNRQLGLVFK]XOHUQHQ )DUWXORRQNQXUUWH ³:DVVROOGDVIUHLQH$XVVSUDFKHVHLQYRQGHU7LNDORRUUHGHW"´ 5\NPRRQULFKWHWHGHQ%OLFNDXIGHQ$OWHQ(UPXVWHUWHGHQ+DUQLVFKXQGGDV6FKZHUW,FKKDWWH HUZDUWHWGDVVS|WWLVFKH/lFKHOQZLHGHUDXIVHLQHP*HVLFKWHUVFKHLQHQ]XVHKHQ$EHUHUOlFKHOWHQLFKW $XIPHUNZUGLJH$UWXQG:HLVHHUK|KWHGDVPHLQHQ5HVSHNWIULKQ,FKKDWWH]XYLHOH/HXWHHUOHEWGLH EHUGDV6NDUJJHVSRWWHWXQGVSlWHUGXPPH*HVLFKWHUJHPDFKWKDWWHQDOVGDV6FKZHUWVHLQH PDJLVFKHQ)lKLJNHLWHQXQWHU%HZHLVVWHOOWH ³:LUZROOHQHXFK]XQlFKVWYHUVLFKHUQ´DQWZRUWHWH5\NPRRQ³GDZLUHVDOVHLQH*QDGHGHV
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
6FKLFNVDOVEHWUDFKWHQHXFKEHUGHQ:HJJHODXIHQ]XVHLQ´ )DUWXORRQYHU]RJGDV*HVLFKWXQGGHXWHWHHLQH*HVWHGHU(KUHUELHWXQJDQ ³'DVJHUHLFKWZLHGHUXPXQV]XU(KUH´EUXPPWHHU³$EHUZDVVROOGDV*DQ]H"´ 5\NPRRQV*HVLFKWZXUGHNDQWLJXQGKDUW ³:LUEUDXFKHQHXFK´DQWZRUWHWHHU³XP$UNRQ]XHUREHUQ´
,FKVDKZLHGLH6SDQQXQJPLWHLQHP5XFNDXVGHP$OWHQZLFK(UJULQVWHEUHLW ³'DKDEWLKUHXFKGLHEHLGHQ5LFKWLJHQJHDQJHOW´VDJWHHU 5\NPRRQZDQGWHVLFKDQPLFK³:LHPHLQWHUGDV"´ ,FKKDWWHGDV(PSILQGHQPDQKDEHLKQEHUXQVHU9HUKlOWQLV]XP*URHQ,PSHULXPQLFKW DXVUHLFKHQGDXIJHNOlUW(VZDUPHLQH$XIJDEHGDVQDFK]XKROHQ ³0DQKDWGLUJHVDJW´DQWZRUWHWHLFK³GDLFKGHU6RKQGHV,PSHUDWRUV*RQR]DO9,,ELQXQGGD GHUMHW]LJH,PSHUDWRU2UEDQDVFKROHLQHQ3UHLVDXIPHLQHQ.RSIDXVJHVHW]WKDW0DQKDWGLFKJODXEHQ JHPDFKWGDDXV$WODQHLQHUELWWHUWHU)HLQGGHV*URHQ,PSHULXPVJHZRUGHQLVW1XQLFKPXGLFK HQWWlXVFKHQ,FKELQMHGHU]HLWEHUHLWJHJHQ2UEDQDVFKRO]XNlPSIHQ(ULVWHLQ9HUUlWHU%HWUJHUXQG 0|UGHUGHUQLFKWGLH,QWHUHVVHQGHV5HLFKHVVRQGHUQQXUVHLQHHLJHQH0DFKWJLHULP6LQQKDW´,FK PDFKWHHLQHNXU]H3DXVHYRQGHULFKKRIIWHGDVLHZLUNXQJVYROOVHLQZUGH'DQQEHVFKORLFKPHLQH 5HGH³(EHQGHVZHJHQLVW2UEDQDVFKROQLFKWJOHLFK$UNRQ8QGEHYRULFKJHJHQGDV,PSHULXPNlPSIH VWHUEHLFKOLHEHU´ ,FKKDWWHPLFKHLQLJHUPDHQLQ(LIHUJHUHGHW(VZDUHQWWlXVFKHQG]XVHKHQZLH5\NPRRQQDFK PHLQHQ:RUWHQEHLOlXILJQLFNWHHLQH=HLWODQJDXIVHLQH6WLHIHOVSLW]HQVWDUUWHXQGVFKOLHOLFKPHLQWH ³6RHWZDVbKQOLFKHVKDEHLFKHUZDUWHW]XK|UHQ(VPDFKWDOOHUGLQJVNHLQHQ8QWHUVFKLHG´ :DUXPQLFKW"´ZROOWHLFKZLVVHQ hEHUUDVFKHQGZDQGWHVLFK5\NPRRQDQ7LNDORRU ³'LH/HXWHVLQGQLFKWDXIJHNOlUW"´ 7LNDORRUPDFKWHGLHDUNRQLGLVFKH*HVWHGHU9HUQHLQXQJ ³6LHZLVVHQQLFKWV´EHVWlWLJWHHU ³:RYRQZLVVHQZLUQLFKWV"´EHJHKUWHLFKDXI 5\NPRRQEOLFNWHPLFKWHLOQDKPVORVDQ ³'DVVSLHOWKLHUNHLQH5ROOH´VDJWHHU³)HVWVWHKWGDGXXQVKHOIHQZLUVW$UNRQLQGLH.QLH]X ]ZLQJHQ´ ,FKZXUGH]RUQLJ ³.HLQH0DFKWGHV.RVPRVZLUGPLFKGD]XEULQJHQ´VFKULHLFK 5\NPRRQPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJXQGZDQGWHVLFKYRQQHXHPDQ7LNDORRU ³/DVLHZLHGHUZHJVFKDIIHQ´EHIDKOHU ,PQlFKVWHQ$XJHQEOLFN|IIQHWHVLFKGLH7U'LHEHLGHQ:lFKWHUWUDWHQHLQXQGIKUWHQXQVDE 1DFKGHPPDQXQVLQXQVHUH*HPlFKHU]XUFNJHEUDFKWKDWWHVRQGHUWH)DUWXORRQVLFK]XQlFKVW YRQPLUDE(UJDEYRUHUEUDXFKH5XKH]XP1DFKGHQNHQ,FKZXWHDXV(UIDKUXQJGDGLH 1DFKGHQNOLFKNHLWGHV$OWHQ]XPHLVWK|FKVWEUDXFKEDUH(UJHEQLVVHKHUYRUEUDFKWHXQGGUDQJGHVZHJHQ QLFKWLQLKQhEHU]ZHL6WXQGHQZDULFKDOOHLQJUEHOWHXQGYHUVXFKWHYHUJHEOLFKGHQ:RUWHQGHV 7HIURGHUVLUJHQGHLQHQ6LQQDQ]XPHVVHQ 6FKOLHOLFKHUVFKLHQ)DUWXORRQZLHGHUDXIGHU6]HQH6HLQHHUVWH)UDJHZDUHLQHhEHUUDVFKXQJ IUPLFK ³:LHKLHGLH)UDX"´ZROOWHHUZLVVHQ³'LHGLUKHXWHQDFKWLP7UDXPHUVFKLHQ´ ³&KDULNOLV´ ³0HUNZUGLJ´EUXPPWHGHU$OWH³(VJLEWDXI+LDURRQHLQHXUDOWH6DJHYRQHLQHU)UDXQDPHQV &KDULNOLVGLHVLFKLQGHQ+|KOHQGHV*HELUJHVYHUVWHFNWKlOWXQGQXUKHUYRUNRPPWZHQQGLH$UPHQ .UDQNHQRGHU8QWHUGUFNWHQLKUHU+LOIHEHGUIHQ&KDULNOLVLVWXQVWHUEOLFK0DQVFKLOGHUWVLHDOVHLQ:HVHQ YRQEHULUGLVFKHU6FK|QKHLW´
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
+LDURRQZDUGLHlOWHVWH.RORQLDOZHOWGHV,PSHULXPV±JHJUQGHWZlKUHQGGHUGULWWHQRGHUYLHUWHQ *HQHUDWLRQQDFKGHP([RGXVYRQ$NRQ,FKZDUQRFKQLHDXI+LDURRQJHZHVHQ$EHULFKKDWWHJHK|UW GDGLHDOWDUNRQLGLVFKH7UDGLWLRQGRUWHLIULJHUJHSIOHJWZXUGHDOVDXI$UNRQVHOEVW'DVKLQJGDPLW ]XVDPPHQGD+LDURRQDEVHLWVGHUJURHQ6FKLIIDKUWVZHJHODJXQGPLWGHP5HVWGHV,PSHULXPVQLFKW DOO]XYLHO.RQWDNWKDWWH ,FKGDFKWHGDUEHUQDFK'DQQDEHUVHW]WHGLH9HUZXQGHUXQJYRQQHXHPHLQ ³,VWGDVDOOHVZDVGLFKLQWHUHVVLHUW"´IUDJWHLFK)DUWXORRQ ³1LFKWDOOHV´DQWZRUWHWHHU³$EHUVHLWLFKGLH7HIURGHUJHVHKHQKDEHJHKWPLUGLH)UDXGHLQHV 7UDXPHVQLFKWPHKUDXVGHP6LQQ´ ³'LH*HGDQNHQGHU*|WWHUXQGGLHGHLQHQVLQGXQHUIRUVFKOLFK´EHPHUNWHLFK (UZDUHUQVW ³(VLVWHLQQHXHU0DFKWIDNWRULQV6SLHOJHNRPPHQ´EHJDQQVHLQH$QWZRUW³,FKKDEHPHLQ/HEHQ ODQJQRFKQLHYRQGHQ7HIURGHUQJHK|UWXQGGDVZLOOYLHOKHLHQGHQQHVJLEWNDXPHWZDV%HGHXWVDPHV YRQGHP)DUWXORRQGHU%DXFKDXIVFKQHLGHUQLFKWJHK|UWKDW'LH7HIURGHUVLQGPLUDOVRQHX±XQGVLH VLQGEHGHXWVDP6LHKDEHQGDV6HOEVWEHZXWVHLQGHU9HUWUHWHUHLQHU*URPDFKW6LHKDEHQ3OlQHGLH VLFKDXIGLH(UREHUXQJGHV*URHQ,PSHULXPVEH]LHKHQ8QGVLHKDEHQXQVLQGHU*HZDOW%HLGHV ]XVDPPHQPDFKWPLUHUQVWH6RUJH´ ³'XPHLQVWDOVRPHLQ7UDXPN|QQWHYLHOOHLFKWGRFK:LUNOLFKNHLWJHZHVHQVHLQ"´ ³,FKPHLQHHVQLFKW±LFKKRIIHHV,FKELQZLHHLQNOHLQHV.LQGGDV'LQJHIUP|JOLFKKlOWQXU ZHLOHVZQVFKWGDVLHHLQVW:LUNOLFKNHLWZHUGHQN|QQWHQ´ (UPDFKWHHLQH]HUIDKUHQH*HVWH ³,FKIUFKWH´VDJWHHU³GLH7HIURGHUKDEHQPLFK]LHPOLFKDXVGHP*OHLFKJHZLFKWJHEUDFKW´ 6RKDWWHLFKLKQVHOWHQHUOHEWQHUY|VXQGXQVLFKHU,FKKDWWHPLFKVWHWVDXIVHLQH:HLVKHLW YHUODVVHQXQGWDWHVDXFKLQGLHVHP$XJHQEOLFN'DKHUZXWHLFK'LH7HIURGHUZDUHQHLQH HUQVW]XQHKPHQGH*HIDKU (LQ*HGDQNHIRUPWHVLFKLQPHLQHP%HZXWVHLQ ³(VJLEWHLQH0|JOLFKNHLWIUHL]XNRPPHQ´VDJWHLFK ³:HOFKH«"´ ³8QVHUH=XVDPPHQNXQIWKHXWHZDU]LHPOLFKOHJHU´DQWZRUWHWHLFK³7LNDORRUXQGGLH7HIURGHU ZDUHQEHZDIIQHWDEHUQLHPDQGDFKWHWHVRQGHUOLFKDXIXQV(VZlUHHLQOHLFKWHVJHZHVHQ7LNDORRULQ XQVHUH*HZDOW]XEULQJHQXQGLKQDOV*HLVHOHLQ]XVHW]HQ´ 'HU$OWHGDFKWHGDUEHUQDFK ³0HLQVWGXVLHZHUGHQLKQVFKRQHQ"´ ³(ULVWLKU.RQWDNWPDQQ´JDELFK]XEHGHQNHQ³:LHODQJHJODXEVWGXZHUGHQVLHDXIGHP (UVWHQ:HFKWRQZLOONRPPHQVHLQZHQQVLHXPKHUJHKHQXQGDUNRQLGLVFKH2IIL]LHUHEHUGHQ+DXIHQ VFKLHHQ"´ ³'HLQHhEHUOHJXQJPDJULFKWLJVHLQ´DQWZRUWHWHHUQDFKHLQLJHUhEHUOHJXQJ³%HLGHUQlFKVWHQ =XVDPPHQNXQIWZHUGHQZLUDXIGHU+XWVHLQPVVHQ´ ³:HQQHVEHUKDXSWHLQHQlFKVWH=XVDPPHQNXQIWJLEW´ (UVDKPLFKYHUZXQGHUWDQ ³6LHZROOHQXQVIULKUH3OlQHJHZLQQHQQLFKWZDKU"9LHOOHLFKWXQVGD]X]ZLQJHQGDZLUIULKUH ,QWHUHVVHQDUEHLWHQ:LHGHPDXFKLPPHUVHL±HLQHZHLWHUH=XVDPPHQNXQIWPXHVDXIMHGHQ)DOO JHEHQ´ ,FKZDUGHU6DFKHQLFKWVRVLFKHU ³,UJHQGZLHJODXEHLFKQLFKWGDGLH7HIURGHUDXIXQVDQJHZLHVHQVLQG´VDJWHLFK³6LHPDFKHQ HLQHQVRXQYHUVFKlPWVHOEVWVLFKHUHQ(LQGUXFNDOVKlWWHQVLHGDV*URH,PSHULXPVFKRQVRJXWZLHLQGHU 7DVFKH,FKJODXEHZLU]ZHLVSLHOHQQXUHLQHJDQ]XQWHUJHRUGQHWH5ROOH´ ³'DVNDQQEHZXWH7lXVFKXQJVHLQPHLQ-XQJH´ZDQGWHHUHLQ³6LHZROOHQXQVVXJJHULHUHQ GDXQVHU:LGHUVWDQGKRIIQXQJVORVLVW´ ³0DJVHLQGDGXUHFKWKDVW:LUZHUGHQHVEDOGHUIDKUHQ´ .QXUUHQGVWLHHUKHUYRU ³8QGZHQQLFKQLFKWUHFKWKDEHGDQQP|JHQGLH*|WWHUJHEHQGDGHLQH&KDULNOLVPHKUDOVHLQH 7UDXPJHVWDOWLVW´
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
$XIGHP(UVWHQ:HFKWRQJLQJHQGLH/LFKWHULQUHJHOPlLJHQ$EVWlQGHQDQXQVDXVXP7DJXQG 1DFKW]XVLPXOLHUHQ,FK]RJPLFKLQPHLQH.DPPHU]XUFNXQGEOLHEQRFKHLQHJDQ]H=HLWODQJZDFK OLHJHQ:DKUVFKHLQOLFKKRIIWHPHLQ8QWHUEHZXWVHLQGDGHU9RUJDQJGHUYHUJDQJHQHQ1DFKWVLFK ZLHGHUKROHQZUGH6FKOLHOLFKDEHUEHUPDQQWHPLFKGRFKGHU6FKODI$OVHVKHOOZXUGHZDFKWHLFKDXI RKQHGDPLU&KDULNOLVHUVFKLHQHQZDU'DIUMHGRFKIKOWHLFKPLFKJHNUlIWLJW,FKZXWHLFKZUGHGLH QlFKVWH=XVDPPHQNXQIWPLWGHQ7HIURGHUQQLFKWYHUVWUHLFKHQODVVHQRKQHIUXQVHUH,QWHUHVVHQWlWLJ]X ZHUGHQ±XQG]ZDUZLUNOLFKWlWLJ (LQSDDU6WXQGHQQDFKGHP)UKVWFNGDV)DUWXORRQXQGLFKJHPHLQVDPHLQQDKPHQ HUVFKLHQHQGLH:lFKWHUZLHGHUXQGKROWHQXQVDE'HU$OWHZDUIPLUHLQHQKDOEZHJVWULXPSKLHUHQGHQ %OLFN]X(VJDEDOVRGRFKHLQH]ZHLWH8QWHUUHGXQJZROOWHHUPLUEHGHXWHQ,FKVHOEVWZDUPHLQHU6DFKH HUVWVLFKHUDOVZLULQGHQVHOEHQ5DXPJHIKUWZXUGHQLQGHPGLHJHVWULJH%HJHJQXQJVWDWWJHIXQGHQ KDWWH$XFKKHXWHZDU:DUVRRQ7LNDORRUEHUHLWV]XU6WHOOH(UHPSILQJXQVPLWGHPJHZRKQWHQ/lFKHOQ XQGHUNOlUWH ³:LUKDEHQ]XVlW]OLFKHQ%HVXFKEHNRPPHQ,FKKRIIHGLH9HUKDQGOXQJHQZHUGHQKHXWH]XP (UIROJIKUHQ´ :LUDQWZRUWHWHQGDUDXIQLFKWGDIUPDFKWHQZLUXPVRJU|HUH$XJHQDOVGXUFKGLH7U]XP +LQWHUJUXQGGLHVPDODXHUGHQGUHL7HIURGHUQDXFKQRFK4XRQVRQ=RUJKDQVNXU]HGUUH*HVWDOW HUVFKLHQ'HU=ZHLVRQQHQWUlJHUZDURIIHQEDUEHVWHU/DXQH6HLQHGXUFKGULQJHQGHQ$XJHQEOLW]WHQXQV DQ0LWEOHFKHUQHU6WLPPHULHIHUXQV]X ³+RIIHQWOLFKVHLGLKUNOXJJHQXJHXFKKHXWHPLWXQV]XHLQLJHQ´ 'HU$OWHXQGLFKVDKHQHLQDQGHUDQ=RUJKDQV$QZHVHQKHLWUFNWHGLH/DJHLQHLQJDQ]QHXHV /LFKW8QVHU3ODQPXWHJHlQGHUWZHUGHQ$Q)DUWXORRQV%OLFNHUNDQQWHLFKGDHUHEHQVRGDFKWHZLH LFK'LHGUHL)UHPGHQEHJOHLWHWYRQ=RUJKDQQDKPHQYRUXQV$XIVWHOOXQJ,FKVWDQGXQPLWWHOEDUYRU*\DO 5\NPRRQ)DUWXORRQKLHOWVLFKVFKUlJKLQWHUPLUQLFKWPHKUDOV]ZHL6FKULWWHYRQ4XRQVRQ=RUJKDQ HQWIHUQW'LHUHFKWH+DQGKDWWHHUPLWGHP'DXPHQOlVVLJKLQWHUGHQ*UWHOJHKDNW±GLFKWQHEHQGHP .QDXIGHV=DXEHUVFKZHUWV $XIGHUDQGHUHQ6HLWHKLQWHUPLUEHIDQGVLFK:DUVRRQ7LNDORRU(UEHGHXWHWHGLHHLQ]LJ HUQVW]XQHKPHQGH*HIDKU,QGHP$XJHQEOLFNLQGHPZLU]XKDQGHOQEHJDQQHQZUGHXQVHUH $XIPHUNVDPNHLWYRUZlUWVJHULFKWHWVHLQ:LUNRQQWHQQLFKWHUNHQQHQZDV7LNDORRULQXQVHUHP5FNHQ WDW,FKEHVFKOR7LNDORRUDXIPLFK]XQHKPHQ,FKPXWHGHP$OWHQGHQ5FNHQIUHLKDOWHQ ³,KUKDEWJHVWHUQYRQXQVHUHP3ODQJHK|UW´HU|IIQHWH5\NPRRQGLH$XVVSUDFKH³+HXWHVLQGZLU KLHUXP]XK|UHQZLHLKUHXFKHQWVFKORVVHQKDEW6HLGLKUEHUHLWPLWXQV]XVDPPHQ]XDUEHLWHQ±RGHU QLFKW"´ 'LH)UDJHZDUDQPLFKJHULFKWHW ³$QPHLQHU0HLQXQJKDWVLFKVHLWJHVWHUQQLFKWVJHlQGHUW´DQWZRUWHWHLFK³,FKELQ$UNRQLGH,FK QHKPHDQNHLQHP3ODQWHLOGHUJHJHQ$UNRQJHULFKWHWLVW =RUJKDQVWLHHLQKlOLFKHVPHFNHUQGHV/DFKHQDXV ³'DPLWZLUXQVUHFKWYHUVWHKHQ´VDJWHGHU7HIURGHU³'DLKUXQVKHOIHQZHUGHW$UNRQ]X)DOO]X EULQJHQVWHKWEHUHLWVIHVW,FKDEHUZLOOGDLKUDXVIUHLHQ6WFNHQPLWXQV]XVDPPHQDUEHLWHW,FKZLOO GDLKUHXFKPLWXQVHUHP3ODQHLQYHUVWDQGHQHUNOlUW´ ³1LHPDOV´VWLHLFKKHUYRU ³'XYHUJHXGHVWQXUGHLQH=HLW´OLHVLFKGD4XRQVRQ=RUJKDQK|UHQ³'LHVH%XUVFKHQVLQG YHUVWRFNW'XZLUVWRKQHLKU(LQYHUVWlQGQLV«´ ,QGLHVHP$XJHQEOLFNKDQGHOWH)DUWXORRQ0LWJHGDQNHQVFKQHOOHU%HZHJXQJKDWWHHUGDV6FKZHUW DXVGHU6FKHLGHJH]RJHQ%OLW]VFKQHOOGUDQJHUDXI=RUJKDQHLQSDFNWHLKQEHLP.UDJHQXQGULLKQ]X VLFKKHUDQ,FKZDUIPLFKQDFKKLQWHQXQGSUDOOWHJHJHQ7LNDORRUGHULQIROJHGHV=XVDPPHQVWRHVGDV *OHLFKJHZLFKWYHUORUXQG]X%RGHQVWU]WH,PQlFKVWHQ$XJHQEOLFNVFKRQVWDQGLFKDQ)DUWXORRQV6HLWH 'HU$OWHKLHOWGLH6FKQHLGHGHV6NDUJVDQ=RUJKDQV.HKOH ³'DV6SLHOLVWDXV´JUROOWHHU³,KUJHEWXQVIUHL±RGHUGLHVHU0DQQLVWGHV7RGHV´
:DUVRRQ7LNDORRUNDPPLWHLQHP)OXFKZLHGHUDXIGLH%HLQH(UULGHQNXU]OlXILJHQ%ODVWHUDXV GHP*UWHOXQGVFKOXJLKQDXIPLFKDQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
³/DGDV´ 'DVZDU5\NPRRQV%HIHKO±VFKDUIIDVWZLHHLQ3HLWVFKHQVFKODJ7LNDORRU]XFNWH]XVDPPHQXQG OLHGLH+DQGPLWGHU:DIIHVLQNHQ=RUJKDQV*HVLFKWZDUYRQHLQHUXQQDWUOLFKHQIDKOHQ%OlVVH(U KDWWHGLH$XJHQZHLWDXIJHULVVHQXQGDXIVHLQHU6WLUQVDPPHOWHVLFKGHU6FKZHL'HU0DQQKDWWH 7RGHVDQJVWGDUDQJDEHVNHLQHQ=ZHLIHO 5\NPRRQLP*HJHQVDW]GD]X]HLJWHNHLQHUOHL:LUNXQJ9|OOLJUXKLJXQGPLWXQQDWUOLFKHU *HODVVHQKHLWPXVWHUWHHU]XQlFKVW)DUWXORRQGDQQPLFKXQGIUDJWH ³:DVVROOGDV"´ (LQHUVHLQHU%HJOHLWHU)NRQWKD+HUVFKRQZDU]ZHL6FKULWWH]XUFNJHWUHWHQ,FKKLHOWGDVIUHLQH 5HDNWLRQGHUhEHUUDVFKXQJGHULFKNHLQH%HGHXWXQJEHLPD ³:LUYHUODQJHQGLH)UHLKHLW´EHDQWZRUWHWHLFK5\NPRRQV)UDJH ³,FKYHUZHLJHUHVLHHXFK´HUNOlUWHHU³,KUN|QQWHXUH)UHLKHLWZLHGHUKDEHQ±DEHUQLFKWMHW]W´ 'XUFKHLQHQ%OLFNYHUVWlQGLJWHLFKPLFKPLW)DUWXORRQ'HU7HIURGHUZDUQLFKWEHUHLW QDFK]XJHEHQ(LQHOlQJHUH9HUKDQGOXQJLQGLHVHP5DXPEUDFKWHXQVMHGRFKLQ*HIDKU'HU*HJQHUZDU DQ=DKOZHLWEHUOHJHQ:LUGXUIWHQQLFKWKLHUEOHLEHQ ³:LUJHEHQGLU=HLW]XP1DFKGHQNHQ´ULHI)DUWXORRQ³9RUZlUWVMHW]W´ (UWUDW=RUJKDQLQGLH.QLHNHKOHQXQGVHW]WHLKQGDGXUFKLQ%HZHJXQJ(U]LHOWHDXIGLH7U GXUFKGLHGLH:lFKWHUXQVJHEUDFKWKDWWHQ$XIGHP:HJGUHKWHHUVLFKVRGDHUYRQ5\NPRRQDXV JHVHKHQ=RUJKDQVWHWVYRUVLFKKDWWH,FKKLHOWPLFKDQVHLQHU6HLWH:LUEHZHJWHQXQVUFNZlUWVXPGLH 6]HQHQLFKWDXVGHP$XJH]XODVVHQ'LHGUHL7HIURGHUEHZHJWHQVLFKQLFKWQXULKUH%OLFNHIROJWHQXQV ,FKVHOEVWZDUXQJHGHFNW,FKKLHOWHVIUVLFKHUGDVLHPLFKXQJHVFKRUHQODVVHQZUGHQ(UVWHQVZHLO )DUWXORRQGHU*HLVHOGDV6FKZHUWGXUFKGLH.HKOH]LHKHQZUGHZHQQPLUHWZDVJHVFKDKXQG]ZHLWHQV ZHLO5\NPRRQGHQ.ULVWDOOSULQ]HQIUVHLQH3OlQHEUDXFKWH :LUJHODQJWHQELV]XU7U,FKWUDWKLQ]XXQG|IIQHWHVLH ³1RFKHLQ:RUWEHYRULKUJHKW´ULHI5\NPRRQLQGLHVHP$XJHQEOLFN 'DEHJLQJ)DUWXORRQGHQHQWVFKHLGHQGHQ)HKOHU(UKDWWHVLFKKDOE]XU6HLWHJHZDQGW 5\NPRRQV5XIKLHOWLKQGDYRQDEGLH'UHKXQJ]XYROOHQGHQ(UEOLHEVWHKHQXQGEOLFNWH]XGHQ7HIURGHUQ KLQEHU$OVLFKVDKZLH)NRQWKD+HUVFKRQLQ%HZHJXQJJHULHWZDUPLUEOLW]DUWLJNODUGDXQVHU 9RUKDEHQQLFKWJHOLQJHQZUGH =RUJKDQVWLHHLQHQJHOOHQGHQ6FKUHLDXVXQGElXPWHVLFKDXI+HUVFKRQZDUKDOELQGLH.QLH JHJDQJHQXQGKDWWHSO|W]OLFKHLQH:DIIHLQGHU+DQG'DVDOOHVJLQJVRVFKQHOOGDGDV$XJHGHP 9RUJDQJNDXP]XIROJHQYHUPRFKWH0LWKlOLFKHP)DXFKHQVWDFKHLQJUHOOZHLHU(QHUJLHVWUDKODXVGHU 0QGXQJGHUWHIURGLVFKHQ:DIIH=RUJKDQZXUGHYROOJHWURIIHQ)DUWXORRQGDJHJHQEOLHEXQYHUOHW]W:HLO HUGLH'UHKXQJQLFKWYROOHQGHWKDWWHVWDQGHUVRGDHUVLFKDXV+HUVFKRQV%OLFNZLQNHOQHEHQ=RUJKDQ EHIDQG 'HU7RGHVVFKUHLGHV6RQQHQWUlJHUVHUVWDUE=RUJKDQV.|USHUZXUGHVFKODII)DUWXORRQORFNHUWH GHQ*ULIIXQGOLHLKQ]X%RGHQJOHLWHQ'HQELWWHUHQKLOIORVHQ$XVGUXFNVHLQHV*HVLFKWVZHUGHLFKPHLQ /HEHQODQJQLFKWYHUJHVVHQ ³/HUJRQ´ULHI5\NPRRQ 'HUGULWWH7HIURGHUVHW]WHVLFKLQ%HZHJXQJ9RQLUJHQGZRKHUEUDFKWHHUHLQHIUHPGHODQJOlXILJH :DIIH]XP9RUVFKHLQ)UGHQ%UXFKWHLOHLQHU6HNXQGHEOLFNWHLFKLQGLHEDXFKLJH0QGXQJLQGHU JUQOLFKHV)HXHU]XJOLPPHQVFKLHQ'DQQK|UWHLFKHLQKHOOHVGXUFKGULQJHQGHV6LQJHQ,PQlFKVWHQ $XJHQEOLFNJDEHVHLQH([SORVLRQLQPHLQHP*HKLUQ'DQDFKZXWHLFKIUODQJH=HLWQLFKWVPHKU
,QGDV'XQNHOPHLQHU%HZXWORVLJNHLWGUDQJHQYLHOIlOWLJH*HUlXVFKH'HU9RUJDQJGHV (UZDFKHQVZDUODQJVDPXQG]XJOHLFKVFKPHU]YROO0HLQ6FKlGHOGU|KQWHXQGDOVLFKGLH$XJHQ DXIVFKOXJIOXWHWHPLUJUHOOHV/LFKWHQWJHJHQXQGGUDQJPLUZLHPLWJOKHQGHQ1DGHOVWLFKHQELVLQV *HKLUQ,QVWLQNWLYYHUVXFKWHLFKPLFK]XU6HLWH]XGUHKHQXQGGHUVFKPHU]KDIWHQ/LFKWIOOH]XHQWJHKHQ 'DEHLPDFKWHLFKGLHHQWVHW]OLFKH(QWGHFNXQJ ,FKNRQQWHPLFKQLFKWEHZHJHQ ,FKVFKORGLH$XJHQXQGGDFKWHEHUPHLQHQ=XVWDQGQDFK,FKIKOWHQLFKWV±DXHUGHP 6FKPHU]GHUPLULP6FKlGHOWREWH,FKZDUJHOlKPW1XUGLH$XJHQOLGHUOLHHQVLFKQRFKEHZHJHQ$EHU LFKK|UWH,FKK|UWHNORSIHQGHVXPPHQGHXQGVLUUHQGH*HUlXVFKH,FKZDUULQJVXPYRQ0DVFKLQHQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
XPJHEHQ 9RUVLFKWLJ|IIQHWHLFKGLH$XJHQYRQQHXHP ,FKODJDXIGHP5FNHQXQGHUEOLFNWHKRFKEHUPLUGLH'HFNHGHV5DXPHVLQGHPLFKPLFK EHIDQG5HFKWVXQGOLQNVDP5DQGGHV%OLFNIHOGVHQWGHFNWHLFKGLH$XIEDXWHQYRQ0DVFKLQHQ6LHZDUHQ LQ%HZHJXQJJOLWWHQODQJVDPDQPLUYRUEHU9LHOPHKUEHIDQGLFKPLFKLQ%HZHJXQJVFKORLFKXQG ZXUGHPLW+LOIHLUJHQGHLQHV7UDQVSRUWPLWWHOVODQJVDPDQGHQ0DVFKLQHQYRUEHLJHVFKREHQ (LQ6FKDWWHQVHQNWHVLFKSO|W]OLFKKHUDE(VZXUGHGXQNHOULQJVXP'LH*HUlXVFKHYHUORUHQ DOOPlKOLFKDQ,QWHQVLWlW±ELVDXIHLQXQDQJHQHKPGXUFKGULQJHQGHVKHOOHV6XPPHQGDVDXVGHU )LQVWHUQLVYRUPLU]XNRPPHQVFKLHQ0LWHLQHPPDOIUFKWHWHLFKPLFK0DQKDWWHPLFKJHOHKUWDXVMHGHU DXFKGHUJHIlKUOLFKVWHQ/DJHGDV%HVWH]XPDFKHQ$EHUDXI6LWXDWLRQHQLQGHQHQLFKQLFKWHLQPDOPHKU +HUUEHUPHLQHHLJHQHQ0XVNHOQZDUKDWWHPDQPLFKQLFKWYRUEHUHLWHW 'DV6XPPHQQDKPVFKODJDUWLJDQ/DXWVWlUNH]XXQGZXUGHQRFKKHOOHU(VVFKLHQVLFKPLULQV *HKLUQ]XERKUHQXQGGRUWKHUXP]XZKOHQ*OHLFK]HLWLJVSUWHLFKHLQ3ULFNHOQXQG.ULEEHOQDPJDQ]HQ .|USHUDOVZlUHQDXVGHU'XQNHOKHLW7DXVHQGHYRQ$PHLVHQDXIPLFKKHUDEJHUHJQHW,FKEHIDQGPLFK LP,QQHUQHLQHU0DVFKLQHGHVVHQZDULFKVLFKHU'LHVH0DVFKLQHWDWHWZDVPLWPLUEHDUEHLWHWHPLFKLQ LUJHQGHLQHU:HLVH,FKVSUWHZLHPLUGDV3ULFNHOQXQWHUGLH+DXWGUDQJXQGVLFKLQV.|USHULQQHUH IRUWSIODQ]WH*OHLFK]HLWLJZXUGHGDVKHOOH6XPPHQ]XPLQIHUQDOLVFKHQ*HNUHLVFKGDVGLH6XEVWDQ]GHV *HKLUQVLQTXLUOHQGH%HZHJXQJ]XYHUVHW]HQVFKLHQ ,FKVSUWHGHXWOLFKGDIUHPGH.UlIWHLQPLUDP:HUNHZDUHQ,FKZDULKQHQKLOIORVDXVJHOLHIHUW XQGLFKIUFKWHWHGDVLHPHLQHQ7RGKHUEHLIKUHQZUGHQ*OFNOLFKHUZHLVHHUZLHVVLFKPHLQ %HZXWVHLQOHW]WHQ(QGHVDOV]XVFKZDFKXPGHUDUWLJHU%HODVWXQJ]XZLGHUVWHKHQ$OVGHU *HUlXVFKSHJHODEHUPDOVVWLHJYHUVDJWHHVHLQIDFKGHQ'LHQVW =XP]ZHLWHQ0DOILHOLFKLQ2KQPDFKW
'DV]ZHLWH(UZDFKHQYROO]RJVLFKZHQLJHUVFKPHU]YROODOVGDVHUVWH=ZDUGU|KQWHXQG KlPPHUWHHVQRFKLPPHULQPHLQHP6FKlGHO$EHUDOVLFKGLH$XJHQ|IIQHWHEOLFNWHLFKLQDQJHQHKP VDQIWHV/LFKWGDVGHP*HKLUQQLFKWZHKWDWhEHUGLHVVWHOOWHLFKIHVWGDLFKPLFKZLHGHUEHZHJHQ NRQQWH (LQH=HLWODQJEOLHELFKOLHJHQ,FKZXWHGDLFKPLFKLQPHLQHU6FKODINDPPHUEHIDQG:LHLFK KLHUKHUJHNRPPHQZDUHQW]RJVLFKPHLQHU.HQQWQLV5RERWHUKDWWHQPLFKVRQDKPLFKDQKLHUKHU JHVFKOHSSWZlKUHQGLFKEHZXWORVZDU,FKULHIPLUGLH5HLKHQIROJHGHU(UHLJQLVVHLQV*HGlFKWQLV ]XUFN'LH]ZHLWH%HVSUHFKXQJPLWGHQ7HIURGHUQhEHUUDVFKHQGHUZHLVHZDU4XRQVRQ=RUJKDQGHUYRU 7UDYQRUKHUDXIJHNRPPHQVHLQPXWHDQZHVHQG)DUWXORRQXQGLFKKDWWHQJHSODQW:DUVRRQ7LNDORRUDOV *HLVHO]XQHKPHQDEHUEHL=RUJKDQV(UVFKHLQHQKDWWHQZLUEOLW]VFKQHOOGLH7DNWLNJHlQGHUW)DUWXORRQ KDWWHGHQ6RQQHQWUlJHULQVHLQH*HZDOWJHEUDFKW(LQHQ$XJHQEOLFNODQJVDKHVVRDXVDOVN|QQWHQZLU XQVPLW+LOIHGHU*HLVHOGLH)UHLKHLWYHUVFKDIIHQ'DQQMHGRFKKDWWHHLQHUGHU7HIURGHU)NRQWKD +HUVFKRQ=RUJKDQNDOWEOWLJHUVFKRVVHQ,FKVHOEVWZDUNXU]GDQDFKGHUOlKPHQGHQ6DOYHHLQHUIUHPGHQ :DIIH]XP2SIHUJHIDOOHQ'DQQNDPHQGLHNXU]HQ0LQXWHQGHU+LOIORVLJNHLWXQGGHVZWHQGHQ 6FKPHU]HVGLHLFKLQHLQHPPLW0DVFKLQHQJHIOOWHQ5DXPYHUEUDFKWH'LH)LQVWHUQLVLP,QQHUQGHU 0DVFKLQH±GDVQHUYW|WHQGH*HNUHLVFKGDVLFKQLHPDOVYHUJHVVHQZUGH8QGVFKOLHOLFKGDV(UZDFKHQ LQPHLQHUHLJHQHQ.DPPHU :DVKDWWHGDVDOOHV]XEHGHXWHQ"+DWWHQGLH7HIURGHUGHQ(UVWHQ:HFKWRQXQG7UDYQRUVFKRQ VRIHVWLP*ULIIGDVLHHVVLFKOHLVWHQNRQQWHQGHQDUNRQLGLVFKHQ6WW]SXQNWNRPPDQGDQWHQHLQIDFK DE]XVHUYLHUHQ":DVIUHLQH0DVFKLQHZDUGDVJHZHVHQLQGHUHQ,QQHUHQLFK]XP]ZHLWHQ0DOGDV %HZXWVHLQYHUORUHQKDWWH":DVZDUPLWPLUJHVFKHKHQZlKUHQGLFKLQ2KQPDFKWODJ" )UDJHQEHU)UDJHQ,FKIKOWHPLFKNOHLQXQGXQEHGHXWHQGHLQ6SLHOEDOOEHUJHRUGQHWHU0lFKWH GLHPLWPLUYHUIXKUHQZLHHVLKQHQLQGHQ6LQQNDP,FKEUDXFKWH+LOIH,FKPXWHMHPDQGILQGHQPLWGHP LFKVSUHFKHQNRQQWH )DUWXORRQ« :LHZDUHVGHP$OWHQHUJDQJHQ":XWHHUHWZDV",FKUDIIWHPLFKDXI'LHSO|W]OLFKH%HZHJXQJ PDFKWHPLFKVFKZLQGOLJ(LQLJH$XJHQEOLFNHODQJNlPSIWHLFKXPPHLQ*OHLFKJHZLFKW'DQQPDFKWHLFK PLFKDXIGHQ:HJ]X)DUWXORRQV*HPlFKHU'XUFKHLQHRIIHQH7UNDPPLUGHU$OWHHQWJHJHQJHZDQNW (UZDUHEHQVRZLHLFKJHUDGHHUVW]XVLFKJHNRPPHQ6HLQ*HVLFKWZLUNWHJUDXXQGHLQJHIDOOHQ ³:DVKDWGDVDOOHV]XEHGHXWHQ"´ULHILFKLKPHQWJHJHQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
(UEOLHEVWHKHQXQGVWDUUWHPLFKDQDOVKlWWHLFKHLQHJDQ]XQGJDUXQP|JOLFKH)UDJHJHVWHOOW(U ZDQNWHLP6WHKHQ,FKHLOWHKLQ]XXQGVWW]WHLKQ(UDEHUNQLUVFKWHZWHQGPLWGHQ=lKQHQXQGVWLH PLFKYRQVLFK ³,FKZHLHVQLFKW´DQWZRUWHWHHUDXIPHLQH)UDJH :LUYHUJOLFKHQXQVHUH(UOHEQLVVH6LHZDUHQLGHQWLVFK$XFK)DUWXORRQZDUIUZHQLJH0LQXWHQLQ HLQHPPLWIUHPGDUWLJHQ0DVFKLQHQJHIOOWHQ6DDO]XVLFKJHNRPPHQ$XFKHUZDUXQIlKLJJHZHVHQVLFK ]XEHZHJHQXQGYRQHLQHPXQEHNDQQWHQ7UDQVSRUWPHFKDQLVPXVLQV,QQHUHHLQHV$JJUHJDWVEHI|UGHUW ZRUGHQLQGHPHU]XP]ZHLWHQ0DOGDV%HZXWVHLQYHUORU )DUWXORRQWUXJ]ZDUGHQ+DUQLVFKQRFKDEHUGDV6NDUJZDULKPDEKDQGHQJHNRPPHQ(VPXWH LKPDXVGHU+DQGJHJOLWWHQVHLQDOV/HUJRQ.DQNUDOLKQPLWGHP/lKPVWUDKOIlOOWH'HU9HUOXVWGHV 6FKZHUWHVVFKLHQGHQ$OWHQPHKUDOVDOOHVDQGHUH]XEHHLQGUXFNHQ,FKKDWWHLKQQRFKQLHVRUDWXQG KLOIORVHUOHEWZLHLQGLHVHQ$XJHQEOLFNHQ ³,FKZHLQLFKWZDVGDVIUHLQH0DVFKLQHZDU´NQXUUWHHUVFKOLHOLFK³$EHULUJHQGHWZDVGUDQJ PLUELVLQGHQ0LWWHOSXQNWGHV.|USHUVDOVVROOHMHGHV0ROHNOMHGHV$WRPGHU.|USHUVXEVWDQ]JHQDX XQWHUVXFKWZHUGHQ´ :LUVDHQLQGHP5DXPLQGHPZLUQRUPDOHUZHLVHXQVHUH0DKO]HLWHQHLQQDKPHQ1RFKZDUHQ ZLUGHU/|VXQJGHV5lWVHOVXPNHLQHQKDOEHQ=ROOZHLWHUJHNRPPHQGD|IIQHWHVLFKGLH7UXQGGLH EHLGHQ:lFKWHUHUVFKLHQHQGLHXQVQXQVFKRQ]ZHLPDO]X%HVSUHFKXQJHQPLWGHQ7HIURGHUQDEJHKROW KDWWHQ
'LHVPDOJLQJHVLQHLQHDQGHUH5LFKWXQJ:LUZDUHQHWZDHLQHKDOEH6WXQGHODQJPLWHLQHP *OHLWIDKU]HXJXQWHUZHJVXQGZXUGHQVFKOLHOLFKLQHLQHQ5DXPJHEUDFKWGHVVHQUFNZlUWLJH:DQGDXV HLQHUULHVLJHQ*ODVVFKHLEHEHVWDQG'XUFKGLH6FKHLEHHUEOLFNWHQZLUHLQHQZHLWHUHQWLHIHUJHOHJHQHQ 5DXPGHUQXUPLWHLQHP7LVFKXQGPHKUHUHQ6LW]JHOHJHQKHLWHQDXVJHVWDWWHWZDU'HU5DXPLQGHPZLU XQVEHIDQGHQYHUIJWHQXUEHUHLQSDDU6LW]ElQNHGLHRKQH$XVQDKPHLQGHU1lKHGHUJOlVHUQHQ :DQGVWDQGHQ 'LHEHLGHQ:l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³,FKQHKPHDQVLHZROOHQXQVKLHULUJHQGHLQ7KHDWHUVWFN]HLJHQ´EHPHUNWHHULQVHLQHP EOLFKHQSROWHUQGHQ7RQIDOO³%LQJHVSDQQWZDVVLHVLFKMHW]WZLHGHUKDEHQHLQIDOOHQODVVHQ´ ,FKK|UWHZLHVLFKKLQWHUXQVGLH7U|IIQHWH)DUWXORRQZDQGWHVLFKXP,FKGDJHJHQKLHOWHVIU ZUGHYROOHUZHQLJHU1HXJLHUGH]X]HLJHQXQGEOLFNWHVWDUUJHUDGHDXV'DK|UWHLFK)DUWXORRQ]LVFKHQG GLH/XIWDXVVWRHQ,FKVDKLKQDQXQGHUVFKUDNYRUGHPHQWVHW]WHQ$XVGUXFNVHLQHV*HVLFKWVGDKLHOWHV DXFKPLFKQLFKWPHKU,FKGUHKWHPLFKXP$OVLFKGHQ0DQQHUEOLFNWHGHUXQWHUGHU7UVWDQGVWRFNWH PLUGDV%OXWLQGHQ$GHUQ (UJULQVWHXQVDQ0LWPHFNHUQGHUEOHFKHUQHU6WLPPHULHIHU ³0LFKKlWWHWLKUZRKOQLFKW]XVHKHQHUZDUWHWZLH",FKVDJWHHXFKGRFK$OOHU:LGHUVWDQGLVW VLQQORV´ 4XRQVRQ=RUJKDQ« ,FKNODPPHUWHPLFKPLWEHLGHQ+lQGHQDP5DQGHGHU6LW]EDQNIHVW +LQWHU=RUJKDQNDPHQ]ZHL7HIURGHU*\DO5\NPRRQXQG/HUJRQ.DQNUDO+LQWHULKQHQVFKOR VLFKGLH7U6LHVFKULWWHQDQXQVYRUEHLRKQHXQV]XQlFKVW%HDFKWXQJ]XVFKHQNHQXQGSRVWLHUWHQVLFK
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
HQWODQJGHU*ODVZDQG,Q]ZLVFKHQKDWWH)DUWXORRQVHLQHQ6FKRFNEHUZXQGHQ(VZDUEHZXQGHUQVZHUW ZLHUDVFKHUVLFKZLHGHULQVHLQHJHZRKQWH5ROOHIDQG ³(VJLEWQRFKQLFKWV]XVHKHQ´ULHIHUVS|WWLVFK³'HU'LUHNWRUGLHVHV7KHDWHUVVFKHLQWQLFKW EHVRQGHUVSIOLFKWEHZXW]XVHLQ´ 5\NPRRQZDQGWHVLFK]XLKPXP ³'XELVWHLQKDUWHU0DQQ%DXFKDXIVFKQHLGHU´VDJWHHULQHLQHP7RQIDOOGHU%HZXQGHUXQJ]X HQWKDOWHQVFKLHQ³+DUWLP1HKPHQYRUDOOHQ'LQJHQ,FKELQJHVSDQQWZLHGLUGDV]XVDJHQZLUGZDVGX LQ.U]HKLHU]XVHKHQEHNRPPVW´ )DUWXORRQV%OLFNZDUYROONDOWHQ*ULPPV ³'XKDVWGHLQ3XOYHUVFKRQYHUVFKRVVHQ7HIURGHU´DQWZRUWHWHHU³(LQUHFKWHU$UNRQLGHZlFKVW DQGHU%HODVWXQJGHUPDQLKQDXVVHW]W'XKDVWQLFKWVPHKUZRPLWGXXQVHUVFKWWHUQN|QQWHVW´ ,QGLHVHP$XJHQEOLFNHQWVWDQGLQGHP5DXPMHQVHLWVGHU*ODVZDQG%HZHJXQJ(LQ=XJDQJKDWWH VLFKJH|IIQHW)NRQWKD+HUVFKRQHUVFKLHQXQGKLQWHULKP«´ )DUWXORRQVOHW]WH:RUWHVFKZDQJHQQRFKLQGHU/XIW8QZLOONUOLFKEOLFNWHLFK]XGHP$OWHQ KLQEHU:UGHHUVHLQ:RUWKDOWHQN|QQHQ",FKVDKZLHHUGLH=lKQHDXIHLQDQGHUELVRGDGLH :DQJHQNQRFKHQVFKURIIKHUYRUWUDWHQ,FKVDKZLHVHLQH$XJHQVLFKOHLFKWZHLWHWHQDOVHUGDV 8QJODXEOLFKHHUEOLFNWH,FKVDKZLHGHU6FKRFNDQLKPDEJOLWWZLHHUHLQIDFKYRQ)DUWXORRQVHLVHUQHU (QWVFKORVVHQKHLW]XUFNSUDOOWH ,FKVDKDEHUDXFKZLH5\NPRRQGHQ$OWHQPXVWHUWHXQGHEHQVR=RUJKDQ,FKEHREDFKWHWHGHQ 6RQQHQWUlJHUZLHVLFKVHLQ*HVLFKWLQHLQHHQWWlXVFKWH*ULPDVVHYHUZDQGHOWH)DUWXORRQKDWWHGDV :XQGHUYROOEUDFKW'HU6LHJZDUVHLQ8QGZlKUHQGLFKVHLQHQ6LHJEHREDFKWHWHKDWWHLFKDXFK *HOHJHQKHLWPHLQH*HGDQNHQ]XVDPPHOQXQGPHLQ*OHLFKJHZLFKW]XIHVWLJHQ'LH%HREDFKWXQJ )DUWXORRQVZDUJHUDGHGLH$EOHQNXQJGLHLFKEUDXFKWHXPPLWGHP8QJODXEOLFKHQIHUWLJ]XZHUGHQGD VLFKMHQVHLWVGHU*ODVVFKHLEHYRUPHLQHQ$XJHQDEVSLHOWH +HUVFKRQKDWWHDXIHLQHPGHU6HVVHO3ODW]JHQRPPHQ'HU5DXPMHQVHLWVGHUJOlVHUQHQ:DQG ZDUPLWHLQHPDNXVWLVFKHQ6\VWHPDXVJHVWDWWHWGDVMHGHQ/DXWLQGHQ%HREDFKWXQJVUDXPEHUWUXJ0DQ K|UWHGHQ7HIURGHUVDJHQ ³6HW]WHXFK]XPLUXQGODWXQVEHUGLH6FKULWWHEHUDWHQGLHZLUDOVQlFKVWHWXQPVVHQ´ (UVSUDFKKROSULJHV$UNRQLGLVFK$EHUVHLQHEHLGHQ%HJOHLWHUYHUVWDQGHQLKQ,FKVWDUUWHVLHDQ .HLQH0DFKWGHU:HOWKlWWHPLFKEHZHJHQN|QQHQGHQ%OLFNYRQLKQHQ]XZHQGHQZlKUHQGVLHVLFK]X EHLGHQ6HLWHQGHV7HIURGHUVVHW]WHQ6LHVDHQPLWGHQ*HVLFKWHUQGHU*ODVZDQG]XJHNHKUW,FKVDKVLH GHXWOLFK'LH(QWIHUQXQJEHWUXJQLFKWPHKUDOVIQIK|FKVWHQVVHFKV0HWHU )DUWXORRQ]XU5HFKWHQGHV7HIURGHUV« 8QG$WODQ]XU/LQNHQ (VVFKRPLUGXUFKGHQ.RSI'DVZDUHQNHLQH0DVNHQGDVZDUHQZLUVHOEVW
,FKELQQRFKKHXWHGHU$QVLFKWGD)DUWXORRQVXQGPHLQ9HUKDOWHQLQMHQHQ$XJHQEOLFNHQ %HZXQGHUXQJYHUGLHQW.HLQH6SXUGHUhEHUUDVFKXQJZDUXQVDQ]XVHKHQ:RUWORVXQGXQEHZHJWHQ *HVLFKWVYHUIROJWHQZLUGLH6]HQHGLHVLFKXQWHUXQVDEVSLHOWH,FKNlPSIWHHUIROJUHLFKJHJHQGHQIDVW XQEHUZLQGOLFKHQ:XQVFKGLH$XJHQ]XVFKOLHHQGHQE|VHQ7UDXP]XYHUJHVVHQXQGLUJHQG ZRDQGHUVXQEHKHOOLJWYRQGHP$QEOLFNPHLQHVXQG)DUWXORRQV'RSSHOJlQJHUVZLHGHU]XHUZDFKHQ,FK KLHOWGLH$XJHQRIIHQXQGEHREDFKWHWH )DUWXORRQMHQVHLWVGHU*ODVZDQGZDUHLQYROONRPPHQHV$EELOGVHLQHUVHOEVW(UVSUDFKPLWGHU JOHLFKHQSROWHUQGHQ6WLPPHXQGJHEUDXFKWHGLHVHOEHQ*HVWHQZLHGDV2ULJLQDO,FKVHOEVWKlWWHZHQQ PLUGHUHFKWHXQGGHUXQHFKWH)DUWXORRQJHJHQEHUJHVWHOOWZRUGHQZlUHQQLFKWHQWVFKHLGHQN|QQHQ ZHOFKHVGHUULFKWLJHZDU $QGHUVYHUKLHOWHVVLFKGDJHJHQPLW$WODQ0HLQ'RSSHOJlQJHUHQWZLFNHOWHHLQ9HUKDOWHQVPXVWHU GDVYRQGHPPHLQHQGHXWOLFKYHUVFKLHGHQZDU:HQLJVWHQVJODXEWHLFKGDVVR]XVHKHQ'HUIDOVFKH $WODQVSUDFKVHOWHQXQGZHQQHUHVWDWVWLHHUGLH:RUWHVRKDVWLJKHUYRUGDPDQ0KHKDWWHVLH]X YHUVWHKHQ(UPDFKWHGHQ(LQGUXFNHLQHVLQQHUOLFKXQDXVJHJOLFKHQHQ0HQVFKHQ9RQ=HLW]X=HLWZDQGWH LFKGHQ%OLFN]XU6HLWHXQGPXVWHUWHGLHEHLGHQ7HIURGHU5\NPRRQZDUZRP|JOLFKLQQRFKK|KHUHP0D DOV)DUWXORRQHLQ0HLVWHUGHUXQEHZHJOLFKHQ0LHQH$EHU/HUJRQ.DQNUDOZDURKQH0KHDQ]XVHKHQGD GLH9RUJlQJHMHQVHLWVGHU*ODVVFKHLEHVHLQH%HVRUJQLVHUUHJWHQ'DV9HUKDOWHQGHVIDOVFKHQ$WODQZDU
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
VRDXIIlOOLJYHUVFKLHGHQYRQGHPPHLQHQGDDXFKMHPDQGGHUPLFKKHXWHHUVW]XPGULWWHQPDOVDKGHQ 8QWHUVFKLHGEHPHUNHQPXWH8QWHQEHPHUNWH)NRQWKD+HUVFKRQVRHEHQ ³(VLVWZLFKWLJHLQH/LVWHGHUMHQLJHQ6LHGOHUZHOWHQ]XVDPPHQ]XVWHOOHQDXIGHU*RQR]DO9,, JHJHQEHUGHPMHW]LJHQ,PSHUDWRUVREHOLHEWLVWGDGXUFKGHQ(LQVDW]GHV.ULVWDOOSULQ]HQHLQH5HYROWH JHJHQGDV*URH,PSHULXPLQ*DQJJHVHW]WZHUGHQNDQQ´ ³'DVLVWUDVFKJHWDQ´DQWZRUWHWHGHUIDOVFKH)DUWXORRQ³,QGHQ5HFKQHUQGHU=HQWUDOVWDWLRQVLQG GLH1DPHQXQG.RRUGLQDWHQDOOHUDUNRQLGLVFKHQ6LHGOHUZHOWHQJHVSHLFKHUW0DQOlWVLHDOV/LVWH DXVGUXFNHQXQGZLUPDUNLHUHQDOOHGLHMHQLJHQ:HOWHQGLHIUXQVHUH=ZHFNHJHHLJQHWVLQG´ ,QGLHVHP$XJHQEOLFNVSUDQJPHLQ'RSSHOJlQJHUDXI(UWDWHVPLWHLQHUXQNRRUGLQLHUWHQ %HZHJXQJ6HLQ%OLFNZDUVWDUULQGLH:HLWHJHULFKWHW0LWVFKULOOHU6WLPPHYHUNQGHWHHU ³,FKODVVHPLFKDXINHLQGHUDUWLJHV9RUKDEHQHLQ´ (UIXKUKHUXPXQGEHXJWHVLFK]X+HUVFKRQKLQ ³+|UVWGX"´VFKULHHU³,FKZLOOPLWGHLQHQ3OlQHQQLFKWV]XWXQKDEHQ´ (UJULIIGHQ7HIURGHUEHLGHQ6FKXOWHUQXQGVFKWWHOWHLKQ*OHLFKGDUDXIOLHHUYRQLKPDEXQG ZDQGWHVLFK)DUWXORRQ]X ³'X9HUUlWHUZLUVWQLFKWGD]XNRPPHQGHP)HLQGLQGLH+DQG]XVSLHOHQ´ 0LWXQHUZDUWHWHU:XFKWIXKUHUDXIGHQ'RSSHOJlQJHUGHVDOWHQ%DXFKDXIVFKQHLGHUVORV )DUWXORRQZXUGHDQGHU.HKOHJHSDFNW0LWDOOHU.UDIWEHJDQQGHUIDOVFKH$WODQLKQ]XZUJHQ)DUWXORRQ ZROOWHVLFK]XU:HKUVHW]HQDEHUVHLQH.UlIWHZDUHQGHQHQGHVMXQJHQ0DQQHVQLFKWJHZDFKVHQ(U VFKOXJ]LHOXQGKDOWORVPLWGHQ$UPHQXPVLFK6HLQ*HVLFKWYHUIlUEWHVLFKURW ,Q]ZLVFKHQKDWWH+HUVFKRQ]XKDQGHOQEHJRQQHQ(UZDUDXIJHVSUXQJHQXQGKDWWHGLH:DIIH]XU +DQGJHQRPPHQ ³/DLKQORV´EHIDKOHUZWHQG 'HUIDOVFKH$WODQVFKLHQLKQQLFKW]XK|UHQ)DUWXORRQV'RSSHOJlQJHUEHIDQGVLFKLQHFKWHU 7RGHVJHIDKU'DIHXHUWHGHU7HIURGHU0HLQ(EHQELOGZXUGHLQGHQ5FNHQJHWURIIHQ(VVWDQGSO|W]OLFK VWHLIGLH$UPHZDDJUHFKW]XU6HLWHJHVWUHFNW,FKK|UWHHVHLQTXDOYROOHVbFK]HQDXVVWRHQ'DQQVWU]WH HVUFNZlUWV]X%RGHQ'LH$XVVFKXZXQGHDQGHU%UXVWOLHNHLQHQ=ZHLIHOGDUDQGDPHLQ 'RSSHOJlQJHUVHLQNXU]HV'DVHLQVRHEHQDEJHVFKORVVHQKDWWH ,FKKlWWHHUVFKWWHUWVHLQPVVHQDEHULFKZDUHVQLFKW,QGLHVHQZHQLJHQ0LQXWHQKDWWHLFK EHJUHLIHQJHOHUQWGDMHQHU0DQQGRUWXQWHQVRlKQOLFKHUPLUDXFKVDKQLFKWLFKZDU,FKKDWWHPLWLKP QLFKWVJHPHLQ(UZDUHLQ*HVFK|SIGHU7HIURGHU:HQQHUPLUXQWHUDQGHUHQ8PVWlQGHQEHJHJQHWZlUH KlWWHHUPHLQ)HLQGVHLQPVVHQ +LQWHUGHU*ODVZDQGHUKROWHVLFKGHUIDOVFKH)DUWXORRQUDVFKYRQGHQ)ROJHQGHVW|GOLFKHQ :UJHJULIIV,PPHUKLQNODQJVHLQH6WLPPHQRFKZLHHLQKHLVHUHV.UlFK]HQDOVHUVDJWH ³'DVFKHLQWHXFKHLQ)HKOHULQGHU.RQVWUXNWLRQXQWHUODXIHQ]XVHLQ,FKJODXEHLFKZHLZRUXP HVVLFKKDQGHOW$WODQEHVLW]WVWDWWHLQHP]ZHL1HUYHQ]HQWUHQ$QVFKHLQHQGLVWGDVVHNXQGlUH=HQWUXP QLFKWRKQHZHLWHUHVUHSURGX]LHUEDU%HLPQlFKVWHQ9HUVXFKPVVHQZLUHVUHFKW]HLWLJDXVVFKDOWHQ )NRQWKD+HUVFKRQQLFNWHQXUGD]X0DQVDKLKPDQGDHUYRQGHUXQHUZDUWHWHQ(QWZLFNOXQJ GHU'LQJHEHUUDVFKWZRUGHQZDU(UIKUWH)DUWXORRQV'RSSHOJlQJHUKLQDXV'HU5DXPMHQVHLWVGHU *ODVZDQGODJZLHGHUOHHUYRUXQV±ELVDXIGLH/HLFKHGHVIDOVFKHQ$WODQ 'HUHFKWH)DUWXORRQVWLHHLQELWWHUHV/DFKHQDXV(UZDQGWHVLFKDQPLFK ³,FKQHKPHDQPDQZLUGXQVMHW]WVFKZHLJHQGDEIKUHQODVVHQ'HU5HJLVVHXUGLHVHV6WFNV EUDXFKWVLFKDXIVHLQH/HLVWXQJQLFKWVHLQ]XELOGHQ'LH9RUIKUXQJZDUHLQJODWWHU5HLQIDOO´ ,QGHU7DW|IIQHWHVLFKIDVWQRFKLPVHOEHQ$XJHQEOLFNGLH7UXQGXQVHUHEHLGHQ:lFKWHU HUVFKLHQHQ*\DO5\NPRRQDEHUVDJWH ³6WHOOPHLQH*HGXOGQLFKWDXIGLH3UREHDOWHU0DQQVRQVWZLUVWGXHLQHV7DJHVGRFKQRFKHLQ XQHUIUHXOLFKHV:XQGHUHUOHEHQ´
(UVWDOOPlKOLFKGlPPHUWHPLUGLH(UNHQQWQLVGHV8QJHKHXHUOLFKHQGHVVHQ$XJHQ]HXJHZLU KHXWHJHZRUGHQZDUHQ=XOHLFKWQXUILQGHWVLFKGDVPHQVFKOLFKH%HZXWVHLQEHUHLWHWZDV:XQGHUEDUHV RGHU(QWVHW]OLFKHVHWZDV8QJODXEOLFKHVRGHU8QYRUVWHOOEDUHVHLQIDFKXQUHIOHNWLHUWKLQ]XQHKPHQXQGGDV 1DFKGHQNHQGDUEHUDXIHLQHQVSlWHUHQ=HLWSXQNW]XYHUVFKLHEHQ,FKGHQNHGDGLH1DWXUGDHLQH$UW YRQ6LFKHUXQJLQGDV%HZXWVHLQGHV0HQVFKHQHLQJHEDXWKDW'HQQPWHHVQRFKZlKUHQGHVGHQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
(LQGUXFNDOVVROFKHQLQVLFKDXIQLPPWGLHVHQDXFK]XHUNOlUHQYHUVXFKHQVRZlUHHVZDKUVFKHLQOLFK EHUIRUGHUWXQGZUGHDOVEDOGDXHU%HWULHEJHUDWHQ $OVREHVDHQGLH7HIURGHUGLH)lKLJNHLW0HQVFKHQ]XYHUGRSSHOQ,FKKDWWHQLFKWJHQXJ .HQQWQLVVHXPVDJHQ]XN|QQHQZLHGHU'XSOL]LHUXQJVYRUJDQJLPHLQ]HOQHQDEOLHI$EHULFKZXWH LQWXLWLYGDGLH0DVFKLQHLQGHUHQILQVWHUHP,QQHUQLFKJHVWHUQ]XP]ZHLWHQ0DOPHLQ%HZXWVHLQ YHUORUHQKDWWHHWZDVPLWGLHVHP3UR]H]XWXQKDEHQPXWH:LHKDWWH)DUWXORRQJHVDJW"³,UJHQGHWZDV GUDQJPLUELVLQGHQ0LWWHOSXQNWGHV.|USHUVDOVVROOHMHGHV0ROHNOMHGHV$WRPGHU.|USHUVXEVWDQ] XQWHUVXFKWZHUGHQ´ 'DVZDUHV'LH0DVFKLQHKDWWHXQVHU³0XVWHU´DXIJH]HLFKQHW$QKDQGGLHVHV0XVWHUVZDUHQ 'XSOLNDWHHUVWHOOWZRUGHQ'LHOHW]WH$XVVDJHGHVIDOVFKHQ)DUWXORRQZLHVGDUDXIKLQGDDQKDQGGHV 0XVWHUVLPPHUXQGLPPHUZLHGHUQHXH'RSSHOJlQJHUHU]HXJWZHUGHQNRQQWHQ(UKDWWHYRQGHP ³QlFKVWHQ9HUVXFK´JHVSURFKHQEHLGHPPHLQVHNXQGlUHV1HUYHQ]HQWUXP±VSULFKPHLQ([WUDKLUQ± DXVJHVFKDOWHWZHUGHQVROOWH 'LH$XVVLFKWZDUHQWVHW]OLFK,FKVFKUHFNWHGDYRU]XUFNPLUDXV]XPDOHQZDVDOOHVGDUDXV ZHUGHQN|QQWH,FKQDKPOHGLJOLFK]XU.HQQWQLVGDGDPLWYLHOHVHUNOlUEDUZXUGHZDVXQVELVKHUY|OOLJ XQYHUVWlQGOLFKHUVFKLHQHQZDU'LHGRSSHOWH([LVWHQ]GHV.RPPDQGDQWHQGHU6.217$10H[RQ]XP %HLVSLHO2GHUGDVSO|W]OLFKH:LHGHUDXIWDXFKHQGHV6RQQHQWUlJHUV4XRQVRQ=RUJKDQGHUYRUNXU]HP HUVWGXUFKGHQHLQHQ6WUDKOHQVFKXJHW|WHWZRUGHQZDU$XFKZXUGHPLUNODUZDV*\DO5\NPRRQ JHPHLQWKDWWHDOVHUVDJWHHUVHLXQVHUHU0LWDUEHLWEHUHLWVVLFKHUXQGZROOWHOHGLJOLFKGDGLHVHPLW XQVHUHP(LQYHUVWlQGQLVHUIROJH)UHLOLFK±HUEUDXFKWHXQVQLFKWPHKU(UNRQQWHVLFK'XSOLNDWH DQIHUWLJHQXQGGLHVHLQGHQ(LQVDW]VFKLFNHQ6REHWUDFKWHWPWHPDQHVLKPDOVPHQVFKOLFKHQ=XJ DQUHFKQHQGDHUEHUKDXSWQRFKDQXQVHUHP(LQYHUVWlQGQLVLQWHUHVVLHUWZDU 2GHU«" :LHJHVDJW±LFKZXWHQLFKWVYRQGHQ(LQ]HOKHLWHQGHV3UR]HVVHVPLWGHVVHQ+LOIHGLH7HIURGHU 0HQVFKHQHLQIDFKYHUGRSSHOWHQ$EHULFKKDWWHPLWHLJHQHQ$XJHQJHVHKHQGDHVEHLGLHVHP9RUJDQJ ]X)HKOHUQNRPPHQNRQQWH'HUIDOVFKH)DUWXORRQZDUVRZHLWLFKKDWWHVHKHQN|QQHQSHUIHNWJHZHVHQ 'HUIDOVFKH$WODQMHGRFKZDUXQYROONRPPHQ0DJVHLQGDHVZLUNOLFKPLWGHP([WUDVLQQ]XWXQKDWWH ZLH)DUWXORRQV'RSSHOJlQJHUYHUPXWHWH(VPRFKWHDEHUDXFKHLQDQGHUHU)HKOHUYRUOLHJHQ(VZDUHQ ZDKUVFKHLQOLFKQLFKWVRVHKUGLH5HJXQJHQGHU0HQVFKOLFKNHLWGLH5\NPRRQYHUDQODWHQQDFKXQVHUHU =XVWLPPXQJ]XVWUHEHQDOVYLHOPHKUGDV%HGUIQLVGXUFKXQVHUHVDFKYHUVWlQGLJH0LWDUEHLWGDV5LVLNR GHU9HUGRSSHOXQJVRJHULQJZLHP|JOLFK]XKDOWHQ 'HQQHLQHVJDOWHV]XEHGHQNHQ8QVHUH'RSSHOJlQJHUZDUHQNHLQHVZHJVGDV5HVXOWDWHLQHV UHLQHQKXQGHUWSUR]HQWLJHQ9HUGRSSHOXQJVYRUJDQJV:lUHQVLHHVJHZHVHQVRKlWWHQVLH$UNRQ JHJHQEHUGLHVHOEH/R\DOLWlWJH]HLJWZLHZLUVHOEVW$OOHLQGHU8PVWDQGGDVLHEHUHLWZDUHQPLWGHQ 7HIURGHUQJHJHQGDV*URH,PSHULXP]XNROODERULHUHQEHZLHVGDDXHUGHUUHLQHQ.RSLHUXQJGHU 2ULJLQDOSHUVRQHQQRFKHLQDQGHUHU3UR]HPLWLP6SLHOHJHZHVHQVHLQPXWH,UJHQGZLHKDWWHQHVGLH 7HIURGHUIHUWLJJHEUDFKWGLH%HZXWVHLQHGHU.RSLHQVR]XJHVWDOWHQGDVLHDQGHP3ODQ]XU 9HUQLFKWXQJGHV*URHQ,PSHULXPVWHLO]XQHKPHQEHUHLWZDUHQ $QGLHVHU6WHOOHPXWHQZLUYLHOOHLFKWHLQKDNHQ±ZHQQHVIUXQVEHUKDXSWHWZDV]XP(LQKDNHQ JDE'LH9HUGRSSHOXQJVWHFKQLNGHU7HIURGHUZDUQLFKWSHUIHNW:HQQVLHVLFKDQVFKLFNWHNRPSOH[H %HZXWVHLQH]XNRSLHUHQNRQQWHHV]X)HKOVFKOlJHQNRPPHQ :DUGDVGLH+RIIQXQJGLHGHP*URHQ,PSHULXPEOLHE"
'DVZDUGDV7KHPDEHUGDV)DUWXORRQXQGLFKXQVLQGLHVHU1DFKWGLH.|SIHKHLUHGHWHQ 1DFKGHPKHXWLJHQ(UOHEQLVZDUHQZLUYROOHU,GHHQ$EHUHVIHKOWHXQVDQGHU0|JOLFKNHLWDXFKQXUHLQH YRQLKQHQDXV]XIKUHQ:LUZDUHQ*HIDQJHQHLQHLQHPGHUVLFKHUVWHQ*HIlQJQLVVHLQHLQHU 5DXPVWDWLRQGLHVHOEVWYRP*HJQHUEHKHUUVFKWZXUGHXQG+XQGHUWHYRQ.LORPHWHUQKRFKEHUHLQHP HEHQIDOOVYRP*HJQHUEHKHUUVFKWHQ3ODQHWHQNUHLVWH:HQQZLU$UNRQUHWWHQZROOWHQPXWHQZLUGHQ 9HUOLHVHQLP(UVWHQ:HFKWRQHQWNRPPHQ:LHDEHUVROOWHQZLUGDVEHZHUNVWHOOLJHQ" ³(VVLHKWVRDXVPHLQ-XQJH´PHLQWH)DUWXORRQQLHGHUJHVFKODJHQ³DOVEOLHEHXQVQXUQRFKGLH +RIIQXQJDXIGLHVDJHQKDIWH&KDULNOLV´ (UVSUDFKGLHVH:RUWHJHGlPSIWVRGDVLHYRQGHQ$EK|UJHUlWHQQLFKWDXIJHIDQJHQZXUGHQ ³(VPXQRFKHLQHDQGHUH0|JOLFKNHLWJHEHQ´EHKDUUWHLFK³0RUJHQZHUGHQGLH7HIURGHUGDV
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
*HVSDQQGHU'RSSHOJlQJHUZLHGHUNRPSOHWWKDEHQ)DUWXORRQXQG$WODQbXHUOLFKNDQQPDQVLHYRQXQV QLFKWXQWHUVFKHLGHQ*HUDGHGDULQOLHJWXQVHU9RUWHLO:HQQHVXQVJHOlQJHGLH5ROOHGHU'RSSHOJlQJHU ]XEHUQHKPHQGDQQKlWWHQZLUZHQLJVWHQVPHKU%HZHJXQJVIUHLKHLWDOVMHW]W´ ³'XJODXEVWGD5\NPRRQZLUNOLFKVRGXPPLVWVHLQH*HVFK|SIHQLFKWVR]XPDUNLHUHQGDHU VLHMHGHU]HLWYRQGHQ2ULJLQDOHQXQWHUVFKHLGHQNDQQ"´ ³:DKUVFKHLQOLFKPDUNLHUWHUVLH$EHUDXFKHLQH0DUNLHUXQJOlWVLFKlQGHUQ´ ³'DVNRVWHW=HLW´JDE)DUWXORRQ]XEHGHQNHQ³:LUPWHQVWlQGLJDXIGHU+XWVHLQXQGQDFK HLQHU*HOHJHQKHLWDXVVSlKHQEHLGHUVLFKGLH9HUWDXVFKXQJYRUQHKPHQOlW'DQQPWHQZLUPLWGHP :LGHUVWDQGGHU'RSSHOJlQJHUUHFKQHQ6LHVLQGJHLVWLJSUlSDULHUWXQGVWHKHQDXIGHU6HLWHGHU7HIURGHU´ ³:LHODQJHPHLQVWGXKDEHQZLUQRFK=HLW"´ ³5\NPRRQZLOOVLFKHUVHLQGDGLH'RSSHOJlQJHURKQHZHLWHUHVGLH5ROOHGHU2ULJLQDOH EHUQHKPHQN|QQHQ'D]XPXHULKU9HUKDOWHQHLQH=HLWODQJEHREDFKWHQXQGPLWGHPXQVHUHQ YHUJOHLFKHQ6FKOLHOLFKZLUGHUQHKPHLFKDQ8QEHIDQJHQHKLQ]X]LHKHQ=XP%HLVSLHOXQVHUH/HXWH GLHDXI7UDYQRUJHIDQJHQJHKDOWHQZHUGHQ(UZLUGLKQHQGLH'RSSHOJlQJHUYRUIKUHQXQGIHVW]XVWHOOHQ YHUVXFKHQREVLHVLHIUHFKWKDOWHQRGHUQLFKW$OOHVLQDOOHPVFKlW]HLFKDXIGUHLELVYLHU:RFKHQ´ ³'DVJLEWXQVGLH=HLWGLHZLUEUDXFKHQ´ ³9LHOOHLFKW:HUVDJWGLUDEHUGDZLUGLHVH:RFKHQQLFKWHLQIDFKKLHULP*HIlQJQLVYHUEULQJHQ RKQHXQVUKUHQ]XN|QQHQ"0DQKDW6FKDEORQHQYRQXQVDQJHIHUWLJW0DQEUDXFKWXQVQLFKWPHKU±HV VHLGHQQHVZLUGHLQ)HKOHULQGHQ6FKDEORQHQHQWGHFNW´ ³:DVKDW5\NPRRQQDFKGHLQHU$QVLFKWPLWXQVYRU"´ ³(VVFKHLQWLKPGDUDQ]XOLHJHQGDZLUPLWLKP]XVDPPHQDUEHLWHQ0LWWOHUZHLOHJODXEWHUZRKO GDHUXQVGD]XQLFKWYHUOHLWHQNDQQ*HIDQJHQVFKDIWXQG9HUEDQQXQJPWHIULKQGLHSODXVLEHOVWH /|VXQJVHLQ,FKJODXEHQLFKWGDHU:HUWGDUDXIOHJWXQVYROOHQGV]XEHVHLWLJHQ´ ³1RFKHWZDVEHXQUXKLJWHPLFK ³*ODXEVWGXZLUNOLFKGDHVGHU([WUDVLQQZDUGHUPHLQHQ'RSSHOJlQJHUDXVGHP*OHLFKJHZLFKW EUDFKWH"´ ³,FKKDOWHHVIUEHUDXVZDKUVFKHLQOLFK´EHVWlWLJWH)DUWXORRQ³,FKZHLQLFKWZLHGLH7HIURGHU GLH'RSSHOJlQJHUGD]XEHZHJHQLKUH/R\DOLWlW]XZHFKVHOQ:DKUVFKHLQOLFKLVWGDEHLHLQ EHZXWVHLQVYHUlQGHUQGHU3UR]HLP*DQJ:lKUHQGGHU'RSSHOJlQJHUHQWVWHKWZLUGVHLQ%HZXWVHLQ QHXSURJUDPPLHUW'LHDUNRQLGLVFKH:LVVHQVFKDIWLVWQRFKQLFKWHLQPDOVRZHLWGDVLHHVZDJHQN|QQWH PLWVROFKHQ'LQJHQDXFKQXU]XH[SHULPHQWLHUHQ'LH7HIURGHUVLQGXQVDOVREHlQJVWLJHQGKRFK EHUOHJHQ$EHUGLH$5.6800,$NDQQHEHQQLFKWXPSURJUDPPLHUWZHUGHQ,QGHLQHP'RSSHOJlQJHU ZDUHQGDVSURJUDPPLHUWH1RUPDOEHZXWVHLQXQGGDV([WUDKLUQDOVR*HJHQSROH'LH0HQWDOHQHUJLHGHV ([WUDKLUQVLVWVRJURGDHVGDVQRUPDOH%HZXWVHLQ]ZDUQLFKWPKHORVDEHUGHQQRFKELQQHQNXU]HU =HLWXQWHUGUFNHQNDQQ'DVLVWLP)DOOGHLQHV'RSSHOJlQJHUVJHVFKHKHQ´ ³)UPLFKVDKHVHKHUVRDXVDOVGUHKWHHUGXUFK´ZLGHUVSUDFKLFK ³'DVZROOWHVHLQ([WUDKLUQ´EHKDXSWHWH)DUWXORRQ ³'XPHLQVW±GHU([WUDVLQQVWHXHUWHGDV9HUKDOWHQGHV'RSSHOJlQJHUVVRGDGHP7HIURGHU VFKOLHOLFKQLFKWVDQGHUHVEULJEOLHEDOV«DOV$WODQ]XW|WHQ"´ 'HU$OWHZLHJWHEHGlFKWLJGHQ.RSI ³-DGDVJODXEHLFK´VDJWHHU
'HUJU|WH7HLOXQVHUHU8QWHUKDOWXQJKDWWHLP'XQNHOQVWDWWJHIXQGHQ$XIGHP(UVWHQ:HFKWRQ ZDUGLHNQVWOLFKH1DFKWOlQJVWKHUHLQJHEURFKHQ$OVZLUXQVWUHQQWHQXP]XU5XKH]XJHKHQIHKOWHQ ZDKUVFKHLQOLFKQXUQRFKHLQRGHU]ZHL6WXQGHQDPQlFKVWHQ0RUJHQ ,FKNRQQWHQLFKWVFKODIHQ,FKVWDUUWHLQGLH'XQNHOKHLW'LHEHUUHL]WHQ6LQQHJDXNHOWHQPLUEXQWH 5LQJHXQG6SLUDOHQYRUGLHLQGHU)LQVWHUQLVYRUPHLQHQ$XJHQ]XWDQ]HQVFKLHQHQ,PPHUGHXWOLFKHU ZXUGHPLUGLH+RIIQXQJVORVLJNHLWXQVHUHU/DJHEHZXW:LUZDUHQYRQGHU8PZHOWLVROLHUW:HQQXQV MHPDQG]X+LOIHKlWWHNRPPHQZROOHQ±HUKlWWHXQVHUVWILQGHQPVVHQ'DEHLPXWHPDQGLH3KDQWDVLH VFKRQDUJVWUDSD]LHUHQXPEHUKDXSWDXIGLH,GHH]XNRPPHQGDHVMHPDQGJHEHQN|QQHGHPXQVHU :RKODP+HU]HQODJ 1DWUOLFKZDUHQGDXQVHUH*HIlKUWHQGLH=RUJKDQDXI7UDYQRUKDWWHHLQNHUNHUQODVVHQ)DOOVHV LKQHQJHODQJVLFK]XEHIUHLHQZUGHQVLHVLFKDXIGLH6XFKHQDFKXQVPDFKHQ$EHUZLHZDKUVFKHLQOLFK
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
ZDUHVGDVLHVLFKEHIUHLHQNRQQWHQ±XQGGDVLHREHQGUHLQQRFKDXVILQGLJPDFKHQNRQQWHQZRKLQZLU YHUVFKOHSSWZRUGHQZDUHQ"8QGGDZDUHQGLH/HXWHDXI.UDXPRQ6LHDEHUZXWHQEHUKDXSWQLFKWVYRQ XQVHUHP6FKLFNVDO)UVLHZDUHQZLUVHLW0RQDWHQYHUVFKROOHQ:RP|JOLFKKDWWHPDQDXI.UDXPRQ VRJDUGLH+RIIQXQJDXIJHJHEHQXQVMHPDOVZLHGHU]XVHKHQ %HLGHU(ULQQHUXQJDQ.UDXPRQIXKUPLUHLQEHlQJVWLJHQGHU*HGDQNHGXUFKGHQ6LQQ'LH 7HIURGHUPDQLSXOLHUWHQGDV%HZXWVHLQLKUHU'RSSHOJlQJHU.UHDWXUHQ:XUGHGDYRQDXFKGHUHQ (ULQQHUXQJEHHLQIOXW",QGLHVHP)DOOQlPOLFKZDU.UDXPRQ)DUWXORRQVJHKHLPHU6WW]SXQNWLQHUQVWHU *HIDKU'LH'RSSHOJlQJHUGHUHQ/R\DOLWlWQDFKGHU8PSURJUDPPLHUXQJGHV%HZXWVHLQVGHQ7HIURGHUQ JDOWZUGHQNHLQHQ$XJHQEOLFN]|JHUQGLH([LVWHQ].UDXPRQVPLWVDPWGHQ.RRUGLQDWHQDQ5\NPRRQ]X YHUUDWHQ 6FKOLHOLFKDEHUZXUGHDXFKPHLQ9HUVWDQGPGHLPPHUGLHVHOEHQHLQDQGHULP.UHLVH MDJHQGHQ*HGDQNHQ]XHU]HXJHQ'LH$XJHQILHOHQPLU]X,FKZDUQXUQRFK6HNXQGHQYRQGHU ZRKOWXHQGHQ(UO|VXQJGXUFKGHQ6FKODIHQWIHUQWDOVLFKGDV*HUlXVFKK|UWH 6RIRUWZDULFKZLHGHUKHOOZDFK ,FKVDDXIUHFKWDXIPHLQHP/DJHUXQGKRUFKWHLQGLH'XQNHOKHLW=XHUVWKDWWHLFKJHJODXEWGDV *HUlXVFKNlPHYRQGUDXHQDXVGHP*HPHLQVFKDIWVUDXPGHUDOVHLQ]LJHUGXUFKHLQH7UPLWGHP *HZLUUGHU*lQJHGHV(UVWHQ:HFKWRQVYHUEXQGHQZDU'DQQDEHUHUNDQQWHLFKGDGLHNUDW]HQGHQXQG VFKDEHQGHQ/DXWHLQPHLQHU.DPPHUVHOEVWHQWVWDQGHQXQG]ZDULQGHU(FNHGLHGHP6WDQGRUWPHLQHV /DJHUVVFKUlJJHJHQEHUZDU ,FKVWDQGDXI'HUGHUGLH*HUlXVFKHYHUXUVDFKWHOLHVLFKGDGXUFKQLFKWEHLUUHQ(VVFKDEWH XQGNUDW]WHZHLWHU,FKVSUWHSO|W]OLFKHLQHQNKOHQ/XIW]XJXQGJOHLFK]HLWLJVFKOXJPLUHLQHLJHQDUWLJHU QLFKWXQDQJHQHKPHU*HUXFKHQWJHJHQDQGHQLFKPLFKHULQQHUWH ,FKEOLHEVWHKHQ+|FKVWHQV]ZHL6FKULWWHYRUPLUEHIDQGVLFKGLH:DQG ³&KDULNOLV««´ULHILFKPLWXQWHUGUFNWHU6WLPPH 'LHNUDW]HQGHQ*HUlXVFKHYHUVWXPPWHQ ³$WODQVSULFKWKLHU±&KDULNOLV´VDJWHLFK³,FKP|FKWHGDZLUXQVGLHVPDODXIDQGHUH$UW EHJHJQHQDOVEHLPOHW]WHQ0DO´ 1RFKLPPHUKHUUVFKWHYRUPLU6WLOOH)DVWIUFKWHWHLFKLFKKlWWHPLFKPLWPHLQHQ%HPHUNXQJHQ OlFKHUOLFKJHPDFKW$EHUGDK|UWHLFKDXVGHU)LQVWHUQLVDXIHLQPDOMHQH6WLPPHGLHVLFKPLUEHLGHU HUVWHQ%HJHJQXQJVRXQDXVO|VFKOLFKHLQJHSUlJWKDWWH ³$WODQLFKNRPPH´ 9RUPLUHQWVWDQG+HOOLJNHLW,FKVDKGDVLFKLQGHU:DQGHLQHgIIQXQJJHELOGHWKDWWH'DKLQWHU VFKLHQHVHLQHQVFKPDOHQQLHGULJHQ*DQJ]XJHEHQ,QGHUgIIQXQJHUVFKLHQGLH*HVWDOWHLQHU)UDXGLH LQHLQVFKlELJHV*HZDQGJHNOHLGHWZDU6LHVSUDQJKHUDE'HU/LFKWVFKHLQUKUWHYRQHLQHU/DPSHKHU GLHVLHLQGHU+DQGWUXJ ³,FKELQ&KDULNOLV´VDJWHVLHDOVVLHYRUPLUVWDQG³:LUEUDXFKHQQLFKWOHLVH]XVSUHFKHQ,FKKDEH GDIUJHVRUJWGDGLH2KUHQGHV)HLQGHVQLFKWVYRQGHPK|UHQN|QQHQZDVKLHUYRUJHKW´ ,FKPXVWHUWHVLHDXIPHUNVDP6LHZDUQLFKWZLUNOLFKYRQVREHULUGLVFKHU6FK|QKHLWZLHVLHPLULQ MHQHUHUVWHQ1DFKWHUVFKLHQHQZDU$EHUVLHEHVDLPPHUKLQHLQHEHHLQGUXFNHQGH$WWUDNWLYLWlW /lFKHOQGKLHOWVLHPHLQHP%OLFNVWDQG ³(LQZHQLJHQWWlXVFKW"´IUDJWHVLH ,KU$UNRQLGLVFKKDWWHHLQHQZHLFKHQVFKZLQJHQGHQ(LQVFKODJGHUIUPHLQ2KUIUHPGDUWLJZLUNWH %HLGHUHUVWHQ%HJHJQXQJZDUPLUGDVQLFKWDXIJHIDOOHQ ³1HLQ´DQWZRUWHWHLFKEHU]HXJW³'XELVWHLQH)UDXGLHVLFKVHKHQODVVHQNDQQ´ 6LHGHXWHWHHLQH9HUQHLJXQJDQ³'DQNH´VlJWHVLHVFKOLFKW 6LHZDUYRQPLWWOHUHU*U|HXQGVFKODQN,KU$OWHUZDUVFKZHU]XVFKlW]HQ$XIMHGHQ)DOOZDUVLH NHLQ%DFNILVFKPHKU,KU*HVLFKWZLUNWHDXIGHQHUVWHQ%OLFNHLQZHQLJJUREJHVFKQLWWHQDEHUEHL QlKHUHP+LQVHKHQHUNDQQWHPDQGLH+DUPRQLHGLHGHUEUHLWH0XQGGLHKHUYRUWUHWHQGHQ :DQJHQNQRFKHQXQGGLHJURHQVFKUlJYHUODXIHQGHQ$XJHQPLWHLQDQGHUELOGHWHQ&KDULNOLVKDWWH U|WOLFKHV+DDUZDVPLFKDQLKUHUDUNRQLGLVFKHQ$EVWDPPXQJHLQZHQLJLUUHPDFKWHXQGLULVLHUHQGJUQH $XJHQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
6LHZDUDXHUGHPZRKOJHIRUPW'HU=XIDOOZDULKUEHKLOIOLFKJHZHVHQGLH0RQWXUJHUDGHDQGHQ 6WHOOHQ]X]HUUHLHQGHUHQ'XUFKO|FKHUXQJGHQ=XVWDQGGHU:RKOJHIRUPWKHLWDPEHVWHQLQ$XJHQVFKHLQ WUHWHQOLHHQ&KDULNOLVKDWWHHLQHWLHIHZRKONOLQJHQGH6WLPPHGLHZRKODXFKDXIlOWHUHXQGHUIDKUHQH 0lQQHUDOVHVGHU.ULVWDOOSULQ]ZDULKUH:LUNXQJQLFKWYHUIHKOWH ³:RKHUNRPPVWGX"´IUDJWHLFK³.DQQVWGXXQVZLUNOLFKKHOIHQ"´ ³,FKNDQQHXFKKHOIHQ´DQWZRUWHWHVLH³1RFKPHKUDEHUKRIIHLFKGDLKUPLUKHOIHQN|QQW,FK NRPPHDXVGLHVHP/RFKGD´6LHZDQGWHVLFKXPXQG]HLJWHKLQWHUVLFK³(VIKUW]XHLQHPZDKUHQ /DE\ULQWKYRQ*lQJHQLQGHPVLFK+XQGHUWHYRQ*HKHW]WHQXQG*HMDJWHQYHUVWHFNHQN|QQWHQ´ ³/DXQV)DUWXORRQKHUEHLKROHQ´VFKOXJLFKYRU ³'HQGLFNHQ$OWHQ"´IUDJWHVLH ³1HQQLKQVRQLFKWLQVHLQHU*HJHQZDUW´KLHOWLFKLKUYRU³(UKlOWVLFKIUXQZLGHUVWHKOLFK´ ³9LHOOHLFKWLVWHUHV´PHLQWHVLHOHLFKWKLQ³,FKKDEHLKQELVKHUQXUYRQZHLWHPJHVHKHQ´ %HYRULFKJLQJXP)DUWXORRQ]XKROHQIUDJWHLFK ³:LHZHLWNDQQPDQVLFKRKQH6RUJHEHZHJHQ"´ ³'XUFKDOOH5lXPHGLHHXFKDQJHZLHVHQVLQG´DQWZRUWHWHVLH³,FKKDEHGLHDNXVWLVFKHXQGGLH YLVXHOOHhEHUZDFKXQJXQVFKlGOLFKJHPDFKW´ :lKUHQGLFKJLQJXPGHQ$OWHQ]XZHFNHQZXFKVPHLQ5HVSHNWYRUGHUJHKHLPQLVYROOHQ)UDX 1RFKZXWHLFKQLFKWZHOFKH0RWLYHVLHEHZHJWHQ$EHUGDXQVHUH5HWWXQJZHQQEHUKDXSWQXUYRQ &KDULNOLVNRPPHQNRQQWHGDUEHUZDULFKPLULPNODUHQ
)DUWXORRQEHJHJQHWHGHU)UDXZLHQLFKWDQGHUV]XHUZDUWHQJHZHVHQZDU]XQlFKVWPLW 0LWUDXHQ ³'XVDJVWGXKHLW&KDULNOLV´EUXPPWHHU³'DVLVWDEHUQLFKWGHLQZLUNOLFKHU1DPH´ 'DVZDUNHLQH)UDJHVRQGHUQHLQH)HVWVWHOOXQJ 'LH*HKHLPQLVYROOHZLFKGHPGXUFKGULQJHQGHQ%OLFNGHV$OWHQDXVXQGVDK]X%RGHQ ³0HLQZLUNOLFKHU1DPHLVW.DU\NOLDYRQ+D\%RRU,FKQHQQHPLFK&KDULNOLVZHLO« ³'XVWDPPVWYRQ+LDURRQ´ILHOLKU)DUWXORRQVLQV:RUW ³,FKQLFKWVHOEVWQXUPHLQH)DPLOLH´ ³'XNHQQVWGLH6DJHYRQ&KDULNOLVGHU%DUPKHU]LJHQGLHLQGHQ+|KOHQGHV*HELUJHVZRKQWXQG QXUKHUYRUNRPPWZHQQ+LOIVEHGUIWLJHQDFKLKUUXIHQ"´ ³6HOEVWYHUVWlQGOLFKNHQQHLFKVLH'HVZHJHQQHQQHLFKPLFK&KDULNOLV´ ³$EHULQ:LUNOLFKNHLWVWHKVWGXLQGHQ'LHQVWHQGHU7HIURGHU´VFKOHXGHUWHGHU$OWHLKUHQWJHJHQ (LQHQ$WHP]XJODQJVWDUUWH&KDULNOLVLKQHPS|UWDQ'DQQEOlKWHQVLFKLKUH:DQJHQDOVVWDXHVLH /XIWDXIXQGGLH$XJHQIXQNHOWHQ]RUQLJ,FKEHREDFKWHWHGLH6]HQHPLW*HQX'HQQLFKJODXEWH .DU\NOLDV7HPSHUDPHQW]XNHQQHQXQGLFKZXWHGDHLQ*HZLWWHULP%HJULIIVWDQGVLFKEHU )DUWXORRQV+DXSW]XHQWODGHQ ³1XQK|UPLU]XGXDOWHUDXIJHEODVHQHUKlOLFKHU)HWWVDFN´H[SORGLHUWH.DU\NOLDPLW VFKQHLGHQGHU6WLPPH³'HLQHWZHJHQELQLFKEHUKDXSWQLFKWKLHUVRQGHUQQXUXPGHV3ULQ]HQZLOOHQ :HQQGXDEHUPHLQVWGXN|QQWHVWGLFKKLHUHLQPLVFKHQXQGPLFKREHQGUHLQQRFKEHOHLGLJHQGDQQODVVH LFKGLFKHLQIDFKKLHU]XUFNXQGGXNDQQVWVHKHQZRGXEOHLEVW9HUVWDQGHQ"´ )DUWXORRQK|UWHVLFKGLH7LUDGHJHODVVHQDQ6FKOLHOLFKQLFNWHHUVFKPXQ]HOQG ³'XELVWLQ2UGQXQJ0lGFKHQ:LUYHUWUDXHQGLU´ .DU\NOLDZDUILKPHLQHQELWWHUE|VHQ%OLFN]XGDQQZDQGWHVLHVLFKZLHGHUDQPLFK ³:HQQGXPLWPLUIOLHKHQZLOOVW´VDJWHVLH³GDQQVROOWHQZLUQLFKWDOO]XYLHO=HLWYHUJHXGHQ,Q ZHQLJHQ0LQXWHQEHJLQQWGHU7DJXQGHVN|QQWHMHPDQGDXIGLH,GHHNRPPHQKLHUQDFK]XVFKDXHQ´ ³:HUGHQVLHQLFKWDXIGHQ*HGDQNHQNRPPHQLQMHQHP/RFKGRUWQDFKXQV]XVXFKHQ"´ ³1LFKWVRIRUW´DQWZRUWHWH.DU\NOLD³'DV*HOlQGHGHV,QQHUHQ%HUHLFKVZLPPHOWYRQ*HIDKUHQ GLHIUGHQ0HQVFKHQW|GOLFKVLQG(UVWZHQQHUDOOHDQGHUHQ0|JOLFKNHLWHQEHUSUIWKDWZLUG=RUJKDQ DXIGLH,GHHNRPPHQGDGXLQGHQ,QQHUHQ%HUHLFKJHIORKHQVHLQN|QQWHVW´ ³,QQHUHU%HUHLFK«"´ ³,FKHUNOlUHGLUDOOHVDEHUMHW]WVROOWHQZLUXQVDXIGHQ:HJPDFKHQ´GUlQJWHVLH ³)DUWXORRQDXFK´ .DU\NOLDEHGDFKWHGHQ$OWHQPLWHLQHPEHOZROOHQGHQ%OLFN$EHULQ:LUNOLFKNHLWZDUVLHVFKRQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
KDOEYHUV|KQW ³0HLQHWZHJHQNDQQGHU'LFNHDXFKPLWNRPPHQ´ ³'DQNH´EHPHUNWH)DUWXORRQVS|WWLVFK 'XUFKGDV/RFKNOHWWHUWHQZLULQHLQHQ*DQJGHUULQJVXPPLW0HWDOOHLQJHNOHLGHWZDU(UEHVD HLQHQTXDGUDWLVFKHQ4XHUVFKQLWWXQGKDWWHHLQH+|KHYRQNDXPPHKUDOVHLQHP0HWHUVRGDZLU JH]ZXQJHQZDUHQXQVDXIDOOHQYLHUHQ]XEHZHJHQ.DU\NOLDNDPDOVOHW]WHKHUHLQJHVWLHJHQ,FKNRQQWH QLFKWVHKHQZLHVLHGLHgIIQXQJZLHGHUYHUVFKOR 'HUIUHPGDUWLJHEHWlXEHQGH*HUXFKZDUDOOJHJHQZlUWLJ$OOHUGLQJVEHVDHUQXUJHULQJH ,QWHQVLWlWVRGDHUXQVQLFKWEHHLQWUlFKWLJWH,FKNURFKDQGHU6SLW]HXQVHUHVNXU]HQ=XJHV'LH$UWGHU )RUWEHZHJXQJZDUlXHUVWPKVDP'LH(QJHGHVILQVWHUHQ*DQJHVZDUZLHJHVFKDIIHQXP .ODXVWURSKRELH]XHU]HXJHQ$XHUGHPHULQQHUWHLFKPLFKDQ.DU\NOLDV:RUWHZRQDFKGHU³,QQHUH %HUHLFK´YROOW|GOLFKHU*HIDKUHQZDU.DU\NOLDPXWHPHLQH*HGDQNHQHUDKQWKDEHQGHQQVLHULHIYRQ KLQWHQ ³:LUPVVHQHLQH]LHPOLFKH6WUHFNHZHLWNULHFKHQDEHUGDQQZLUGHVJHPWOLFKHU8QGZDVGLH *HIDKUHQDQJHKWYRQGHQHQLFKVSUDFKLQGLHVHP*DQJJLEWHVNHLQHPHKU´
(VZDUIDVWHLQH6WXQGHYHUJDQJHQGDVDKLFKZHLWYRUDXVHLQU|WOLFKHV/LFKWDXIWDXFKHQ:LU NDPHQLKPQlKHUXQGJHODQJWHQVFKOLHOLFKLQHLQHQNDKOHQZUIHOI|UPLJHQ5DXPGHUDQGLHGUHL0HWHU KRFKZDU$XHUXQVHUHP*DQJPQGHWHQLQGLH6HLWHQZlQGHGHV:UIHOVQRFKGUHLZHLWHUH6WROOHQGLH HEHQIDOOVHLQHQTXDGUDWLVFKHQ4XHUVFKQLWWEHVDHQ :LUVSUDQJHQDXVGHU0QGXQJGHV6WROOHQVKLQDEDXIGLH%RGHQIOlFKHGHV:UIHOV.DU\NOLD VFKOXJYRUGDZLUXQVKLHUHLQH:HLOHDXVUXKHQ ³/DQJHZLUGHVQLFKWVHLQ´JDEVLHDOOHUGLQJV]XEHGHQNHQ³-HPDQGGHUGLH9HUKlOWQLVVHKLHU QLFKWJHZ|KQWLVWIlQJWOHLFKWDQ]XIULHUHQ´ 'LH.lOWHKDWWHPLUELVODQJQLFKW]XVFKDIIHQJHPDFKW'LH$QVWUHQJXQJGHV.ULHFKHQVKDOIPLFK ZDUP]XKDOWHQ$EHUDOVLFKPLFKDQGLH0HWDOOZDQGOHKQWHXQGGLH.lOWHVSUWHGLHYRQLKUDXVJLQJXQG PHLQH0RQWXUPKHORVGXUFKGUDQJGDZXWHLFKGDLP³,QQHUHQ%HUHLFK´XQDQJHQHKPQLHGULJH 7HPSHUDWXUHQKHUUVFKWHQ ³,KUKDEWVLFKHUHLQH0HQJH)UDJHQ´PHLQWHGLH+LDURRQHULQGLHPLWWOHUZHLOHLKUHQ=ZLVWPLW )DUWXORRQY|OOLJYHUJHVVHQKDWWH ³5HFKWKDVWGX0lGFKHQ´SIOLFKWHWHLKUGHU$OWHEHL³:DVLVWGHU,QQHUH%HUHLFK"´ ³'HU(UVWH:HFKWRQLVWHLQGXUFKXQGGXUFKDXWDUNHV*HELOGH´EHJDQQ.DU\NOLDPLWLKUHU$QWZRUW ³$OV5DXPVWDWLRQHLQHVGHUZLFKWLJVWHQPLOLWlULVFKHQ6WW]SXQNWSODQHWHQPXHUYROOH$XWDUNLHEHVLW]HQ GDPLWHU7UDYQRUDXFKGDQQQRFKYHUWHLGLJHQNDQQZHQQDXIGHP3ODQHWHQVHOEVWDOOH9HUWHLGLJXQJV XQG9HUVRUJXQJVVWDWLRQHQEHUHLWVDXVJHIDOOHQVLQG=XU$XWDUNLHJHK|UWDEHULQHUVWHU/LQLHGLH)lKLJNHLW HQWVWHKHQGH6FKlGHQDXVHLJHQHU.UDIW]XEHKHEHQ)UGLHVHQ=ZHFNZHUGHQ5RERWHUHLQJHVHW]WXQG GHQ5RERWHUQKDWPDQLKUHQHLJHQHQ%HUHLFK]XJHZLHVHQ ,P*UXQGHJHQRPPHQEHVWHKWGHU(UVWH:HFKWRQVHLQHU6WUXNWXUQDFKDXVGUHL%HUHLFKHQ'HU HUVWH%HUHLFKLVWGHULQGHPGLH0HQVFKHQXQGGLHPHLVWHQ0DVFKLQHQVLFKDXIKDOWHQ(XHU*HIlQJQLVXP %HLVSLHOXQGDOOH5lXPHLQGLHLKUELVMHW]WJHIKUWZXUGHWJHK|UWHQ]XP(UVWHQ%HUHLFK=ZHLWHQVJLEWHV GHQ%HUHLFKGHU.OLPDWLVLHUXQJ'DVVLQGLQHUVWHU/LQLH%HXQG(QWOIWXQJVVFKlFKWH3XPSHQ .RPSUHVVRUHQ7DQNVXQGVRZHLWHU'ULWWHQVJLEWHVGHQVRJHQDQQWHQ,QQHUHQ%HUHLFKLQGHPGLH 5RERWHUOHEHQGHQHQGLH:DUWXQJXQG,QVWDQGVHW]XQJGHV(UVWHQ:HFKWRQREOLHJW'LHVHU%HUHLFKLVW YRQGHPGHU0HQVFKHQDEVROXWJHWUHQQW'LH:DUWXQJVURERWHUVLQGQLFKWDXI.RPPXQLNDWLRQPLWGHP 0HQVFKHQHLQJHULFKWHW'LH6FKQLWWVWHOOH]ZLVFKHQGHP(UVWHQXQGGHP'ULWWHQ%HUHLFKEHVWHKWDXVHLQHU 5HLKHYRQ3UR]HUHFKQHUQ´ ³:DUXPJLEWHVKLHUVRYLHOH*HIDKUHQ"´ZROOWHLFKZLVVHQ³8QGZRULQEHVWHKHQVLH"´ ³=ZHLHUOHLPXGDEHLEHDFKWHWZHUGHQ´EHNDPLFKYRQ.DU\NOLD]XK|UHQ³(UVWHQVVLQGGLH :DUWXQJVURERWHUZLHJHVDJWDXIGLH$QZHVHQKHLWYRQ0HQVFKHQLP,QQHUQRGHU'ULWWHQ%HUHLFKQLFKW YRUEHUHLWHW$XIJUXQGLKUHU3URJUDPPLHUXQJKDOWHQVLHMHGHQ0HQVFKHQGHPVLHEHJHJQHQIUHLQ )UHPGREMHNWGDVEHVHLWLJWXQG]HUVW|UWZHUGHQPXEHYRUHV6FKDGHQDQULFKWHQNDQQ=ZHLWHQVDEHU± XQGGDVLVWZDKUVFKHLQOLFKGHU+DXSWJUXQGZDUXP(UVWHUXQG'ULWWHU%HUHLFKVRVFKDUIYRQHLQDQGHU JHWUHQQWVLQG±VHW]HQGLH5RERWHU]X:DUWXQJVXQG,QVWDQGVHW]XQJV]ZHFNHQ&KHPLNDOLHQXQG*HUlWH
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
HLQGLHGHP0HQVFKHQK|FKVWDEWUlJOLFKVLQG'DVHUK|KWLKUHQ:LUNXQJVJUDGPDFKWDEHUQRWZHQGLJ GDVLFKGLH0HQVFKHQGHP%HUHLFKGHU5RERWHUIHUQKDOWHQ´ ,FKHULQQHUWHPLFKDQGHQIUHPGDUWLJHQ*HUXFKGHQLFKPLWWOHUZHLOHVFKRQIDVWQLFKWPHKU ZDKUQDKPZHLOVLFKGLH1DVHGDUDQJHZ|KQWKDWWH'LHVHU*HUXFKKDWWHPLFKGDPDOVDOVPLU.DU\NOLD ³LP7UDXP´HUVFKLHQEHWlXEW,FKIUDJWHVLHGDQDFK ³(VKDQGHOWVLFKXPHLQ5HLQLJXQJVPLWWHOPLWGHP)HWWVlXUHUHVWHYRQHOHNWULVFKHQ.RQWDNWHQ HQWIHUQWZHUGHQ'LH5HLQLJXQJVURERWHUWUDJHQVWlQGLJHLQHQ7DQNYROOVROFKHP=HXJVPLWVLFKKHUXP´ 6LHOlFKHOWH³(VLVWUHLQHU=XIDOOGDGDV0LWWHONHLQHQXQDQJHQHKPHQ*HUXFKKDWXQGLQVWlUNHUHQ 'RVHQDOV%HWlXEXQJVPLWWHOHLQJHVHW]WZHUGHQNDQQ,QJHULQJHUHU.RQ]HQWUDWLRQZLUNWHVKDOOX]LQRJHQ´ 0HLQ7UDXPYRQGHUVFK|QHQ*|WWLQGLHJHNRPPHQZDUXPPLFK]XUHWWHQ±QLFKWVZHLWHUDOV GLH:LUNXQJHLQHVFKHPLVFKHQ5HLQLJXQJVPLWWHOV,FKYHU]RJGDV*HVLFKWXQG.DU\NOLDODFKWHKHOODXI ³:LUZHUGHQQRFKPHKUEHUGHQ,QQHUHQ%HUHLFKZLVVHQPVVHQ´VDJWH)DUWXORRQ³$EHU YRUOlXILJLQWHUHVVLHUWPLFKHWZDVDQGHUHVPHKU:HUELVWGXHLJHQWOLFKXQGZDVKDVWGXKLHU]XVXFKHQ"´
.DU\NOLDZXUGHSO|W]OLFKHUQVW ³'DVLVWHLQH]LHPOLFKWUDXULJH*HVFKLFKWH:LOOVWGXVLHZLUNOLFKK|UHQ"´ ³:HQQGXVLHXQVHU]lKOHQZLOOVW±MD´ 'LH+LDURRQHULQVDKHLQH=HLWODQJ]X%RGHQDOVPVVHVLH]XHUVWLKUH*HGDQNHQVDPPHOQ'DQQ EHJDQQVLH ³9RUHLQLJHQ-DKUHQJDEHVDXI7UDYQRUHLQHOHEHQVIURKHMXQJH)UDXQDPHQV.DU\NOLDYRQ+D\ %RRUGHUDOVVLHVLFKIUHLQHQ%HUXIHQWVFKHLGHQVROOWHQLFKWV%HVVHUHVHLQILHODOV0LHWVFKZHVWHU]X ZHUGHQ,KUNHQQWGLH*LOGHGHU0LHWVFKZHVWHUQXQG0LHWEUGHU"´ ,FKYHUQHLQWHZlKUHQGGHU$OWHHLQH]XVWLPPHQGH*HVWHPDFKWH ³'LH0LHWJLOGHLVWHLQHIU7UDYQRUW\SLVFKH(LQULFKWXQJ´HUOlXWHUWH.DU\NOLD³,P$OOWDJVOHEHQGHV 6WW]SXQNWVHQWZLFNHOQGLH0HQVFKHQGLH7HQGHQ]VLFKJHJHQLKUH8PZHOW]XLVROLHUHQ'DVKlQJW]XP 7HLOGDPLW]XVDPPHQGDDXI7UDYQRU]XPJURHQ7HLO8QYHUKHLUDWHWHOHEHQ'HU0HQVFKGHU *HVHOOVFKDIWVXFKWLVW]LHPOLFKDUPGUDQ'DNDPHLQHV7DJHVHLQHUDXIGLH,GHHPLW+LOIHGLHVHV .RQWDNWPDQJHOV*HOG]XYHUGLHQHQ(UYHUVWDQGHVPLW0HQVFKHQXP]XJHKHQXQGYHUGLQJWHVLFKDOV 0LHWEUXGHU)UHLQHQJHZLVVHQ3UHLVNRQQWHPDQVHLQH*HVHOOVFKDIWIUHLQH6WXQGHIUHLQHQ$EHQG RGHUDXFKIUOlQJHUH=HLWPLHWHQ 'LH,GHHIDQGEDOGPHKU$QKlQJHU0LHWEUGHUXQGVFKZHVWHUQVSH]LDOLVLHUWHQVLFKJHZ|KQOLFK DXIHLQ*HELHWDXIGHPVLHGHQGHUVLHPLHWHW]XXQWHUKDOWHQYHUVWHKHQ6SRUW0DOHUHL/LWHUDWXU 7KHDWHU±RGHUbKQOLFKHV'LH*LOGHGHU0LHWEUGHUXQGVFKZHVWHUQKDWHLQH6DW]XQJQDFKGHUDXVGHU *LOGHDXVJHVFKORVVHQZHUGHQNDQQZHUVLFK]XXQODXWHUHQ=ZHFNHQYHUPLHWHWDOVRDOV'LHE (LQEUHFKHU5lXEHU±DEHUDXFK]X=ZHFNHQGHU3URVWLWXWLRQ ,FKZDUQLFKWZLUNOLFKDXIGDV*HOGDQJHZLHVHQGDVLFKPLWGLHVHP%HUXIYHUGLHQWH'HQQPHLQH (OWHUQVLQGZRKOKDEHQG,FKIKOWHPLFKIUGLHVH$UW%HWlWLJXQJZLHJHVFKDIIHQXQGEHJDQQEDOGPHLQHQ %HUXI]XOLHEHQ(LQHV7DJHVZXUGHLFKYRQHLQHP0DQQPLWKRKHP5DQJDQJHPLHWHW(VZDU=RUJKDQ ,FKWUDILKQHLQHV$EHQGV:LUJLQJHQ]XVDPPHQHVVHQXQGEHVXFKWHQGDQDFKHLQH6SLHOKDOOH:LU XQWHUKLHOWHQXQVJOlQ]HQG1RFKLQGLHVHU1DFKWXQWHU]HLFKQHWH=RUJKDQHLQHQ0LHWYHUWUDJGHUPLFKIU HLQJDQ]HV-DKUDQLKQEDQG ,KUDKQWZRKOZLHGLH*HVFKLFKWHZHLWHUJHKW,FKYHUOLHEWHPLFKLQ=RUJKDQ8QGLFKPHUNWHGD DXFKLFKLKPQLFKWJOHLFKJOWLJZDU:LUNDPHQEHUHLQGHQ0LHWYHUWUDJGXUFKHLQHQ(KHYHUWUDJ DE]XO|VHQ$EHUEHYRUHVVRZHLWNDPPDFKWH=RUJKDQSO|W]OLFKHLQHHLQVFKQHLGHQGHXQGXQJODXEOLFKH :DQGOXQJGXUFK9RQHLQHP7DJ]XPDQGHUHQZXUGHHUHLQJlQ]OLFKQHXHU0HQVFK±XQG]ZDUHLQ 6FKHXVDO$XV=lUWOLFKNHLWZXUGH*UREKHLWDXV(LQIKOXQJVYHUP|JHQ+RFKPXWDXV/LHEH%HVLW]HUVWRO] XQGDXV7ROHUDQ]8QGXOGVDPNHLW,FKGDFKWH]XHUVWHUN|QQHQXUHLQHYRUEHUJHKHQGHbQGHUXQJVHLQ XQGHLQHV7DJHVZHUGHHUZLHGHU]XVLFKVHOEVW]XUFNILQGHQ$EHUDOVGLH0RQDWHYHUJLQJHQRKQHGD GLH5FNZDQGOXQJHLQWUDWVWHOOWHLFKLKQ]XU5HGH 'DVKlWWHLFKQLFKWWXQVROOHQ(UZXUGHXQJODXEOLFK]RUQLJ,FKJODXEHDEHUGDVHLQ=RUQQXU 0DVNHZDU,Q:LUNOLFKNHLWIKOWHHUVLFKHUWDSSWXQGZLWWHUWH*HIDKU$PQlFKVWHQ7DJZXUGHLFK YHUKDIWHW'LH$QNODJH,FKKlWWHHLQ0LHWYHUKlOWQLV]XP=ZHFNHGHU3URVWLWXWLRQEHQXW]W(VJHODQJPLU]X IOLHKHQ$EHUYRQ7UDYQRUNRQQWHLFKQLFKWHQWNRPPHQ=RUJKDQZDUKLQWHUPLUKHU,FKZDUVLFKHUGDHU
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
PLFKDXVGHP:HJHUlXPHQZUGHZHQQHUPLFKIDWH$OVOHW]WHU$XVZHJEOLHEPLUQXUGHUJHKHLPH 9HUVRUJXQJVWUDQVPLWWHUGHUGLHEHLGHQ5DXPVWDWLRQHQJHOHJHQWOLFKPLW*WHUQYHUVRUJW6HLQHQ6WDQGRUW NDQQWHLFKDXV*HVSUlFKHQPLW=RUJKDQ,FKVFKPXJJHOWHPLFKHLQXQGJHODQJWHPLWHLQHUGHUQlFKVWHQ 6HQGXQJHQDXIGHQ(UVWHQ:HFKWRQ:DKUVFKHLQOLFKZlUHLFKWURW]GHPYHUORUHQJHZHVHQZHQQLFKQLFKW GDV*OFNJHKDEWKlWWHDXI6]RUJDDO]XWUHIIHQ(U]HLJWHPLUGHQ,QQHUHQ%HUHLFKXQGOHKUWHPLFKGDULQ ]XEHUOHEHQ´ 6LHVFKPLHJWHGLHVFKODQNHQ+lQGHDQHLQDQGHUXQGVWW]WHGDV.LQQDXIGLH)LQJHUVSLW]HQ,Q GLHVHU+DOWXQJVDKVLH]XHUVWPLFKGDQQ)DUWXORRQDQ(LQVFKPHU]OLFKHV/lFKHOQVSLHOWHDXILKUHP *HVLFKW ³'DVLVWPHLQH*HVFKLFKWH´VDJWHVLH ³:HULVW6]RUJDDO"´ZROOWHGHU$OWHZLVVHQ ³:HUZDU6]RUJDDOZLOOVWGXIUDJHQ´YHUEHVVHUWHVLHLKQ³hEHU6]RUJDDOHU]lKOHLFKHXFKHLQ DQGHUPDO)UVHUVWHLVWHVZLFKWLJGDZLUXQVHUHQ:HJIRUWVHW]HQ'HQQZLUVLQGQRFKODQJHQLFKWDP =LHO´
6LH]RJSO|W]OLFKHLQNOHLQHV,QVWUXPHQWDXVGHU7DVFKHHLQHQ6WDEZLHHVVFKLHQ(LQ(QGH EHUKUWHVLHPLWGHQ/LSSHQGDVDQGHUHKLHOWVLHIHVW]ZLVFKHQ'DXPHQXQG=HLJHILQJHU'HU6WDEJDE HLQHUDVFKH)ROJHVFKULOOHUSIHLIHQGHU*HUlXVFKHYRQVLFK(VVFKLHQPLUDOVRE.DU\NOLDGLHVHOEH 6HTXHQ]YRQ3IHLIW|QHQ]ZHLPDOZLHGHUKROWH'DQDFKVFKREVLHGDV,QVWUXPHQWZLHGHULQGLH7DVFKHXQG VDKXQVOlFKHOQGDQ ³:HQQGXPHLQVWLFKIUDJHGLFKMHW]WZDVGDVZDUGDQQWlXVFKVWGXGLFK´EUXPPWH)DUWXORRQ ³%LVWGXVWRO]$OWHU"´QHFNWHLKQ.DU\NOLD ³9HUGDPPWVWRO]´EHVWlWLJWH)DUWXORRQ ³'LH5RERWHUGLHKLHUWlWLJVLQGEHQXW]HQ]ZHLYHUVFKLHGHQH.RPPXQLNDWLRQVPHWKRGHQ´ HUNOlUWHGLH)UDXYRQ+LDURRQ³,PDOOJHPHLQHQYHUVWlQGLJHQVLHVLFKGXUFKHOHNWURPDJQHWLVFKH,PSXOVH $EHUZHQQGHU*HUlXVFKSHJHO]XKRFKLVWRGHUGLHHOHNWURPDJQHWLVFKH.RPPXQLNDWLRQDXVLUJHQGHLQHP DQGHUHQ*UXQGQLFKWIXQNWLRQLHUWJHKHQVLH]XDNXVWLVFKHQ6LJQDOHQEHU´ ,FKILQJDQ]XEHJUHLIHQ.DU\NOLDEHKHUUVFKWHPLW+LOIHGHUNOHLQHQ3IHLIHGLH6SUDFKHGHU 5RERWHU0HLQH$FKWXQJYRUGHUMXQJHQ)UDXZXFKVEHVWlQGLJ ³'DVKDVWGXYRQ6]RUJDDOJHOHUQWQLFKWZDKU"´IUDJWHGHU$OWH 6LHHUNDQQWHVHLQH$EVLFKWLKUHHLJHQHDOVVRNOHLQZLHP|JOLFKGDU]XVWHOOHQ)DUWXORRQZDU EHLOHLEHNHLQ)UDXHQKDVVHUDEHUHUOLHNHLQH*HOHJHQKHLWYHUVWUHLFKHQGHU:HOWNODU]XPDFKHQGDHU )UDXHQIUXQWHUJHRUGQHWH*HVFK|SIHPLWYHUPLQGHUWHU7DWNUDIWXQG,QWHOOLJHQ]KLHOW ³)DVWDOOHV´EHVWlWLJWH.DU\NOLDVS|WWLVFK³1XUHLQSDDUZLQ]LJH)RUWVFKULWWHKDEHLFKVHLW 6]RUJDDOV7RGJHPDFKW9HUVWlQGOLFKQLFKWZDKUZHQQPDQGLHEHVFKUlQNWH*HKLUQNDSD]LWlWHLQHU)UDX EHGHQNW"´ 'DUDXIKLQZXWH)DUWXORRQQLFKWVPHKU]XVDJHQ(VZlUHLKPRKQHKLQQLFKWPHKUYLHO=HLW JHEOLHEHQ$XVHLQHPGHU*lQJHGLHLQGHQZUIHOI|UPLJHQ5DXPPQGHWHQGUDQJHLQKHOOHV6XUUHQ 6HNXQGHQVSlWHUVFKREVLFKHWZDVGDVZLHHLQEUHLWHV%UHWWPLWHLQHU9HUGLFNXQJDP(QGHDXVVDKDXV GHU6WROOHQPQGXQJXQGEOLHEYRUXQVLQGHU6FKZHEH:LHODQJGDV%UHWWZDUNRQQWHLFKQLFKW HUNHQQHQGDHLQ7HLOQRFKLPPHULP6WROOHQVWDN ³7UDQVSRUWHU´HUNOlUWH.DU\NOLD ³:HUVWHLJWDXI"´ ,FKVDK)DUWXORRQIUDJHQGDQ ³:LHIlKUWPDQPLWLKQHQ"´ZROOWHHUZLVVHQ ³0DQOHJWVLFKIODFKGDUDXI(LQSDDU*UHLI]DQJHQKDOWHQHLQHQIHVW0DQGDUIGHQ.RSIQLFKW KHEHQZHLOGLH*lQJHVHKUQLHGULJVLQG8QGPDQGDUINHLQH$QJVWYRU)LQVWHUQLVXQGKRKHQ *HVFKZLQGLJNHLWHQKDEHQ´ 'HU$OWHPDFKWHHLQJULPPLJHV*HVLFKW ³,FKPDFKHGHQ$QIDQJ´HUNOlUWHHU 0LWLKUHU3IHLIHGLULJLHUWH.DU\NOLDGDV%UHWWQlKHUKHUEHLVRGD)DUWXORRQVLFKKLQDXIVFKZLQJHQ NRQQWH.DXPODJHUDXIGHU2EHUIOlFKHGHV%UHWWHVGDIXKUHQDXVGHQ6HLWHQGHV5RERWHUVYLHUIOH[LEOH *UHLIDUPHKHUYRUMH]ZHLDXIGHUUHFKWHQXQGGHUOLQNHQ6HLWH6LHVFKODQJHQVLFKXP)DUWXORRQV/HLE
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
XQGSUHWHQLKQJHJHQGDV%UHWW ³6LHZHUGHQPLFK]HUTXHWVFKHQ´VFKULHHUSURWHVWLHUHQG ³'DVPHLQWPDQQXULPHUVWHQ$XJHQEOLFN´DQWZRUWHWH.DU\NOLD³,Q:LUNOLFKNHLWEHUOHEWPDQHV VSLHOHQG´ 'HU7UDQVSRUWHUEHZHJWHVLFKPLWODQJVDPHQ*OHLWEHZHJXQJHQLQHLQHQGHUDQGHUHQ*lQJH KLQHLQMHGRFKQXUHLQSDDU6FKULWWHZHLWVRGDGDVQlFKVWH%UHWW*HOHJHQKHLWEHNDPHEHQIDOOVLQGHQ ZUIHOI|UPLJHQ5DXPHLQ]XGULQJHQ'LHVPDOZDULFKDQGHU5HLKH,FKKDWWHHVPLUNDXPHLQLJHUPDHQ EHTXHPJHPDFKWGDVFKRVVHQGLH7HQWDNHOKHUYRUXQGIDWHQPLFK,FKKlWWHIDVWYRU6FKPHU] DXIJHVFKULHQ)DUWXORRQKDWWHUHFKWGHU.ODPPHUJULIIZDUDOOHVDQGHUHDOVDQJHQHKP $OVOHW]WHEHVWLHJ.DU\NOLDLKUHQ7UDQVSRUWHU6LHZUGHEHLGHUEHYRUVWHKHQGHQ)DKUWGLH5ROOH GHU9RUKXWEHUQHKPHQ:HQQLFKGHQ.RSISODWWDXIPHLQ%UHWWOHJWHXQGGLH$XJHQJDQ]QDFKREHQ YHUGUHKWHNRQQWHLFKJHUDGHQRFKLKUH6WLHIHOVHKHQ8PVREHVVHUK|UWHLFKGDIUGLH6LJQDOHGLHVLH PLWGHUNOHLQHQ3IHLIHSURGX]LHUWH 'LH%UHWWHUVHW]WHQVLFKLQ%HZHJXQJ.DU\NOLDKDWWHLKUH/DPSHOlQJVWDXVJHVFKDOWHW.DXP ZDUHQZLUHLQSDDU0HWHUZHLWLQGHQ6WROOHQYRUJHGUXQJHQDXVGHPGLH%UHWWHUJHNRPPHQZDUHQGD XPJDEXQVWLHIH)LQVWHUQLV$QGHPNDOWHQ/XIW]XJEHPHUNWHLFKGDGLH7UDQVSRUWHUUDVFK EHVFKOHXQLJWHQ,FKKDWWHNHLQH0|JOLFKNHLWLKUH*HVFKZLQGLJNHLW]XEHVWLPPHQ$EHULFKZDUVLFKHUGD PLUGLH$XJHQEHUJHJDQJHQZlUHQKlWWHLFKVHKHQN|QQHQZLHUDVFKGLH8PJHEXQJDQPLU YRUEHLUDVWH ,FKHUJDEPLFKLQPHLQ6FKLFNVDO,UJHQGZDQQZUGHGLHVHVHOWVDPVWHDOOHU5HLVHQZLHGHUHQGHQ 6FKOLHOLFKZXUGHHVZLHGHUKHOO:LUZDUHQVFKlW]WHLFKHWZD]HKQ0LQXWHQXQWHUZHJV JHZHVHQ:lUHGLH5HLVHJHUDGOLQLJYHUODXIHQGDQQKlWWHQZLUGLH*UHQ]HQGHV(UVWHQ:HFKWRQVOlQJVW KLQWHUXQVJHODVVHQ$EHUHVKDWWHRIW.XUVlQGHUXQJHQJHJHEHQ±PHLVWHQVQDFKGHP.DU\NOLDDXILKUHU 6LJQDOSIHLIHWlWLJJHZRUGHQZDU $XFKMHW]WZDUVLHQDKH]XSDXVHQORVGDEHLGLHGUHL7UDQVSRUWHU]XGLULJLHUHQ:LUEHIDQGHQXQV QRFKLPPHULQHLQHP6WROOHQDEHU]XU5HFKWHQXQG]XU/LQNHQJDEHVELVZHLOHQQLVFKHQlKQOLFKH (UZHLWHUXQJHQGLH]XP7HLOOHHU]XP7HLOPLWIUHPGDUWLJDQPXWHQGHP*HUlWHUIOOWZDUHQ'LH1LVFKHQ ZDUHQDXIGLHVHOEH$UWEHOHXFKWHWZLHGHUZUIHOI|UPLJH5DXPLQGHPZLUXQVDXVJHUXKWKDWWHQPLW HLQHP]LHPOLFKGVWHUHQ5RWDQGDVGLH$XJHQVLFKQXUPLW0KHJHZ|KQWHQ(VZDUGLHEOLFKH$UWYRQ %HOHXFKWXQJGLHLQKDXSWVlFKOLFKYRQ5RERWHUQEHY|ONHUWHQ%H]LUNHQYHUZHQGHWZXUGH'HQQGLH RSWLVFKHQ6\VWHPHGHU5RERWHUZDUHQDPHLQIDFKVWHQXQGELOOLJVWHQ]XNRQVWUXLHUHQZHQQPDQVLHDXI HLQHQVFKPDOHQ)UHTXHQ]EHUHLFKDQGHU*UHQ]H]ZLVFKHQ,QIUDURWXQGVLFKWEDUHP/LFKWDEVWLPPHQ NRQQWH ,FKVDKGD.DU\NOLDV7UDQVSRUWHUYRUHLQHUGHU1LVFKHQDQKLHOW=ZHLNXU]H3ILIIH±GLH *UHLI]DQJHQJOLWWHQEHLVHLWHXQGZXUGHQHLQJH]RJHQ'LH)UDXVSUDQJYRQGHP%HWWKHUXQWHU'HU 5RERWHUVHW]WHVLFKDOVEDOGLQ%HZHJXQJXQGYHUVFKZDQGLP+LQWHUJUXQG$OVQlFKVWHVIXKUPHLQ 7UDQVSRUWHUYRUGHU1LVFKHYRU ,FKEHPHUNWHNDXPZLHVLFKGHUP|UGHULVFKH*ULIIGHU7HQWDNHOORFNHUWHXQG.DU\NOLDPXWH PLFKYRQPHLQHP%UHWWKHUDE]LHKHQZHLOLFKDXVHLJHQHP$QWULHEZDKUVFKHLQOLFKQLFKWJHNRPPHQZlUH 6RYHUEOIIWZDULFKYRP$QEOLFNGHU1LVFKHGLHHKHUHLQHPEHKDJOLFKHLQJHULFKWHWHQ:RKQ]LPPHUDOV HLQHU*HUlWHVWDWLRQLQPLWWHQHLQHU5RERWZHOWJOLFK)DVVXQJVORVEHVWDXQWHLFKGLHNOHLQHQ7LVFKHGLH EHTXHPHQ6HVVHOGLHZHLFKJHSROVWHUWHQ/LHJHQ±ELVVFKOLHOLFK)DUWXORRQYRQVHLQHP%UHWWVSUDQJXQG GDEHLJHJHQPLFKSUDOOWH'DVEUDFKWHPLFKZLHGHU]XU%HVLQQXQJ ³:LHODQJH«ZLHODQJHOHEVWGXVFKRQKLHU"´IUDJWHLFKVWRWWHUQG ³/DQJHJHQXJXPGHQ:XQVFKQDFK%HTXHPOLFKNHLW]XYHUVSUHQ´DQWZRUWHWH.DU\NOLD³/DW HXFKQLHGHU+DEWLKU'XUVWRGHU+XQJHU"6HUYLHUDXWRPDWLNHQJLEWHVKLHU]ZDUQLFKWDEHUDQ9RUUlWHQ OHLGHLFKNHLQHQ0DQJHO´ :LUZDUHQZHGHUKXQJULJQRFKGXUVWLJGDIUXPVRHUVWDXQWHU,FKZlKOWHHLQHQEHTXHPHQ *OLHGHUVHVVHODXVXQGVWUHFNWHPLFKGDULQ)DUWXORRQKRFNWHDXIGHU.DQWHHLQHU/LHJH ³:RKDVWGXDOOGDV=HXJKHU0lGFKHQ"´IUDJWHHUHUVWDXQW ³*HVWRKOHQ´DQWZRUWHWH.DU\NOLDPLWHQWZDIIQHQGHU2IIHQKHLW³,FKZHLQLFKWZLHODQJHLFKKLHU
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
ZHUGHEOHLEHQPVVHQ$OVRQXW]HLFKPHLQH.HQQWQLVVHXPHVPLUVREHTXHPZLHP|JOLFK]XPDFKHQ´ ³:DVKDVWGXYRU0lGFKHQ"´ZROOWH)DUWXORRQZLVVHQ ³,FKP|FKWHZLHGHUIUHLVHLQ´DQWZRUWHWH.DU\NOLD ³:LHVWHOOVWGXGLUGDVYRU"´ ³,FKQHKPHHLQH)lKUHYRQKLHUQDFK7UDYQRU,FKELQVLFKHUGDPDQGRUWVFKRQODQJH DXIJHJHEHQKDWQDFKPLU]XVXFKHQ9RQ7UDYQRUQHKPHLFKLUJHQGHLQ5DXPVFKLII±XQGIOLHJHLQGLH )UHLKHLW´ ³:DUXPELVWGXQRFKKLHU":DUXPKDVWGXQLFKWVFKRQOlQJVWHLQH)lKUHJHQRPPHQ"´ ³,FKZHLQLFKWZLHPDQHLQVROFKHV)DKU]HXJVWHXHUW´ ³$KD:LUVROOHQHVZLVVHQ"´ ³,VWGDV]XYLHOYHUODQJW"´ 'LHVHU)UDXZDU)DUWXORRQQLFKWJHZDFKVHQ(UPDFKWHHLQHXQPXWLJH*HVWHXQGVWLHJDXIHLQ DQGHUHV7KHPDXP ³:LHODQJHELVWGXVFKRQKLHU"´ ³(LQKDOEHV-DKUZLUGHVZRKOKHUVHLQ´DQWZRUWHWH.DU\NOLDQDFKGHQNOLFK³,FKKDEHLQ]ZLVFKHQ DXIJHK|UW]X]lKOHQ´ ³8QGGXZHLWQLFKWZRGXUFK=RUJKDQYHUlQGHUWZXUGH"´ ³,FKKDEHNHLQH$KQXQJ´ 'HU$OWHVHXI]WH ³,FKZHLQLFKWREHVGLUHWZDVEHGHXWHW]XZLVVHQGDGHU=RUJKDQGHQGXOLHEWHVWQLFKWPHKU DP/HEHQLVW'HU=RUJKDQGHUGLFKYHUIROJHQOLHLVWHLQH.RSLHGHV0DQQHVPLWGHPGXGHQ 0LHWYHUWUDJDEVFKORVVHVW'LHZLHYLHOWH.RSLHZHLLFKQLFKW=RUJKDQV.|USHUZDUGXSOL]LHUWZRUGHQ DEHUPDQKDWWHLKPHLQQHXHV%HZXWVHLQHLQJHVHW]W'XEHPHUNWHVWGDVXQGGDKHUZXUGHVWGXLKP JHIlKUOLFK´ .DU\NOLDVWDUUWHGHQ$OWHQIDVVXQJVORVDQ ³'X«GDV«GDVNDQQQLFKWZDKUVHLQ´EUDFKHVDXVLKUKHUYRU³(VLVWXQP|JOLFK«QLHPDQG NDQQ«´ ³'RFKGLH7HIURGHUN|QQHQ´ILHOLKU)DUWXORRQLQV:RUW³+DVWGXYRQGHQ7HIURGHUQJHK|UW"´ ³,FKKDEHVLHJHVHKHQ´DQWZRUWHWH.DU\NOLDXQGNlPSIWHGDEHLXPLKUH)DVVXQJ ³'LH7HIURGHUKDEHQVLFKDXI7UDYQRUXQGGHP(UVWHQ:HFKWRQHLQJHQLVWHW,KUH:LVVHQVFKDIW EHKHUUVFKWGLH.XQVW0HQVFKHQ]XGXSOL]LHUHQ=RUJKDQPXHLQHVLKUHUHUVWHQ2SIHUJHZHVHQVHLQ'LH 7HIURGHUZROOHQ7UDYQRUXQGGDQDFK±$UNRQ'LH0DVFKLQHQPLWGHUHQ+LOIHVLHGLH'XSOLNDWHHUVWHOOHQ EHILQGHQVLFKKLHUDXIGHP(UVWHQ:HFKWRQ6RVHKUZLUGHLQHQ:XQVFKQDFK)UHLKHLWUHVSHNWLHUHQVR N|QQHQZLUGRFKGLHVH5DXPVWDWLRQQLFKWYHUODVVHQRKQH]XYRUDOOHV0HQVFKHQP|JOLFK]XWXQXPGLHVH 0DVFKLQHQ]XYHUQLFKWHQ .DU\NOLDVDKYRUVLFKKLQ]X%RGHQ ³,FKYHUVWHKH´PXUPHOWHVLH ³8QGGDQQJLEWHVQRFKHWZDVDQGHUHV´VDJWH)DUWXORRQZREHLVHLQH6WLPPHHLQHQDJJUHVVLYHQ 7RQIDOODQQDKP³-HPDQGKDWPLUPHLQ6FKZHUWJHQRPPHQ,FKZLOOHKHUDXIGHP(UVWHQ:HFKWRQ VWHUEHQDOVYRQKLHUZHJ]XJHKHQRKQHGDV6NDUJLP*UWHO]XWUDJHQ´
:LUVFKZLHJHQ$EHUSO|W]OLFKIXKUPLUHLQ*HGDQNHGXUFKGHQ.RSI ³.DU\NOLD«"´ ³-D"´ ³$OVGXLQMHQHUHUVWHQ1DFKWLQPHLQHU.DPPHUDXIWDXFKWHVW±ZRKHUNDQQWHVWGXGDPHLQHQ 1DPHQ"´ 6LHOlFKHOWHHLQZHQLJVFKPHU]OLFK ³:HLWGXGLHJDQ]H=HLWEHUKDEHLFKPLUJHGDFKWGDVZUGHGHLQHHUVWH)UDJHVHLQ (UVWDXQOLFKZLHODQJHGXDXVJHKDOWHQKDVWRKQHQDFKGHPZLUNOLFK5lWVHOKDIWHQ]XIUDJHQ´ ³:DVLVWVRUlWVHOKDIWGDUDQGDMHPDQGGHQ1DPHQGHV.ULVWDOOSULQ]HQNHQQW"´IUDJWH)DUWXORRQ YHUZXQGHUW ³,FKKDEHQRFKQLHYRQHLQHP.ULVWDOOSULQ]HQJHK|UW´EHOHKUWHLKQ.DU\NOLD³1RFKYLHOZHQLJHU ZXWHLFKZLHHUDXVVLHKW´
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
³:RKHUDOVR"´GUlQJWHLFK ³,FKZDU=HXJHDOVLKU]XPHUVWHQ0DOPLW7LNDORRU]XVDPPHQWUDIW´VDJWHVLH 'DZXUGHGHU$OWHDXIPHUNVDP ³=HXJH"´IUDJWHHUEHUUDVFKW³'XPHLQVWGXNDQQVW5lXPHDEK|UHQXQGLQVLHKLQHLQVFKDXHQ RKQHGDPDQHVPHUNW"´ ³/lQJVWQLFKWDOOH´YHUVXFKWH.DU\NOLDVHLQHQ2SWLPLVPXV]XGlPSIHQ³(LQLJHZHQLJHVLQGPLW DNXVWLVFKHQXQGRSWLVFKHQ*HUlWHQDXVJHVWDWWHW(VVLQGLQGHU+DXSWVDFKHGLHZLFKWLJHQ5lXPHLQ GHQHQVLFKDXFKGLH$XVJlQJHEHILQGHQGXUFKGLHGLH5RERWHUGHV,QQHUHQ%HUHLFKVLP1RWIDOOLQGHQ (UVWHQ%HUHLFKEHUZHFKVHOQN|QQHQ´ ³$OVRZHLWGXZRGLH7HIURGHULKUH0DVFKLQHQDXIJHVWHOOWKDEHQ"´ ³1HLQLFKZHLHVQLFKW'LH.RPPXQLNDWLRQVJHUlWHVLQGVFKZLHULJ]XEHGLHQHQ:DVGLH /DXWVSUHFKHUXQGGLH%LOGVFKLUPHYRQVLFKJHEHQLVWIUGLH6LQQHVRUJDQHYRQ5RERWHUQJHGDFKWQLFKW IUPHQVFKOLFKH(VLVW]LHPOLFKVFKZLHULJVLFKGLHVHU*HUlWH]XEHGLHQHQ´ ³:LUVWGXXQVOHKUHQZLHPDQGDPLWXPJHKW"´IUDJWHLFK 6LHVDKPLFKDQ ³,FKZLOOHVYHUVXFKHQ´YHUVSUDFKVLH ³:RLVWGHUQlFKVWH2UWDQGHPVLFKVROFKH*HUlWHEHILQGHQ"´ZROOWH)DUWXORRQZLVVHQ ³1LFKWZHLWYRQKLHU,QGHU1lKHYRQ6]RUJDDOV6DUNRSKDJ´ ³6]RUJDDOV6DUNRSKDJ"´ ³,FKZDUQRFKQLFKWODQJHKLHUGDIKOWH6]RUJDDOGHQ7RGQDKHQ(UEDWPLFKLKQDOOHLQ]X ODVVHQ(UVDJWHHUKDEHVLFKHLQH*UDEVWlWWHEHUHLWHWLQGLHHUVLFK]XUFN]LHKHQZROOH6HLQHOHW]WHQ :RUWHZDUHQ.RPPPLFKEHVXFKHQZHQQGXGLFKHLQVDPIKOVW,FKZLOOGLU7URVWVSHQGHQ´ ³+DVWGXLKQEHVXFKW"´IUDJWHLFK ³2IW´ ³8QGHUKDWGLU7URVWJHVSHQGHW"´ 6LHPDFKWHHLQHXQJHZLVVH*HVWH ³-DHUKDWPLU7URVWJHVSHQGHW$EHUIUHLQHQ$XHQVWHKHQGHQLVWGDVVFKZHU]XYHUVWHKHQ 6]RUJDDOKDWWHGHQJU|WHQ7HLOVHLQHV/HEHQVLQGLHVHU(LQVDPNHLWYHUEUDFKW8QGGHQQRFKZDUHUDOV LFKLKQNHQQHQOHUQWHHLQIU|KOLFKHUDXVJHJOLFKHQHU0HQVFK-HGHVPDOZHQQGLH7URVWORVLJNHLWEHUPLFK NRPPWVLW]HLFKYRUVHLQHUOHW]WHQ5XKHVWlWWHXQGGHQNHDQLKQGHUYLHOPHKUGXUFKJHPDFKWKDWDOVLFK RKQHVHLQHQ*OHLFKPXW]XYHUOLHUHQ'DUDXVHUZlFKVWPLU7URVW´ )DUWXORRQZDUDXIJHVWDQGHQ(UKDWWHGHQ6FKlGHOKDOELQGHQ1DFNHQJHOHJWXQGVFKLHQ]X VFKQIIHOQ ³%DOGZHUGHQZLUDOOXQVHUHQ*OHLFKPXWEUDXFKHQ´EHPHUNWHHUJULPPLJ ,FKZXUGHVWXW]LJ,FKNDQQWHGLHVHQ7RQIDOO'HU$OWHZLWWHUWH*HIDKU,PZDKUVWHQ6LQQHGHV :RUWHV ³:DVULHFKVWGX"´ZROOWHLFKZLVVHQ ³%HPHUNVWGXHVQLFKW"´ ,FKVRJGLH/XIWHLQ*DQ]YDJHHPSIDQGLFKHLQHQIUHPGDUWLJHQ*HUXFKGLH$QGHXWXQJHLQHV /XIWKDXFKVGHUEHUKHLHV0HWDOOJHVWULFKHQZDU ³:DVLVWGDV"´IUDJWHLFK ³&KORUJDV´DQWZRUWHWH)DUWXORRQ³6LHZROOHQXQVDXVUlXFKHUQ´
'HU*HUXFKQDKPDOOPlKOLFKDQ,QWHQVLWlW]X,Q]ZLVFKHQKDWWHDXFKLFKGDVJHIlKUOLFKH*LIWJDV LGHQWLIL]LHUW0DQKDWWHDOVRXQVHUH)OXFKWEHUHLWVHQWGHFNW8QGZDVVFKOLPPHUZDUPDQKDWWHYLHOHKHU DOVZLUKDWWHQDKQHQN|QQHQEHPHUNWZRKLQZLUYHUVFKZXQGHQZDUHQ:LUKDWWHQGLH:DKOHQWZHGHU GHQGLFKWHUZHUGHQGHQ*LIWJDVVFKZDGHQ]XZHLFKHQRGHUKLHUDQ2UWXQG6WHOOH]XVWHUEHQ:DVLPPHU ZLUWDWHQ±GLH(QWVFKHLGXQJPXWHUDVFKJHWURIIHQZHUGHQGHQQ&KORU]HUVHW]WGLHPHQVFKOLFKH/XQJH PLWW|GOLFKHU*HVFKZLQGLJNHLWVREDOGHLQHJHZLVVH.RQ]HQWUDWLRQHUVWHLQPDOEHUVFKULWWHQLVW ³5XIGUHL7UDQVSRUWHUKHUEHL´WUXJGHU$OWH.DU\NOLDDXI³:LUZHUGHQVLHEUDXFKHQ´ 'LH+LDURRQHULQEUDFKWHYRQQHXHPGLH3IHLIH]XP9RUVFKHLQXQGJDEHLQH6HULHYRQ6LJQDOHQ ,Q]ZLVFKHQVFKULWW)DUWXORRQZRUWORVGHQ*DQJHQWODQJXQG]ZDULQGLH5LFKWXQJDXVGHUZLUJHNRPPHQ ZDUHQ%HYRUHUDXVPHLQHU6LFKWZHLWHYHUVFKZDQGNHKUWHHUXPXQGNDPHLOHQGHQ6FKULWWVZLHGHU
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
]XUFN(UJLQJDQPLUYRUEHLRKQHPLFK]XEHDFKWHQXQGGUDQJPLWGHPVHOEHQJULPPLJHQ(LIHUHLQH HEHQVRJURH6WUHFNHZHLWLQGHUDQGHUHQ5LFKWXQJYRU $OVHU]XUFNNHKUWHVDJWHHU ³'RUWYRQZRZLUNDPHQLVWGLH.RQ]HQWUDWLRQK|KHUDOVLQGHUDQGHUHQ5LFKWXQJ'HU*UDGLHQW LVWHLQGHXWLJZDKUQHKPEDU´ ,FKEHJULIIZRUDXIHUKLQDXVZROOWH0DQKlWWHHUZDUWHQVROOHQGDGHU)HLQGGHQ,QQHUHQ%HUHLFK YRQDOOHQ6HLWHQPLW*LIWJDVIOXWHWHXPVHLQ=LHOVRUDVFKZLHP|JOLFK]XHUUHLFKHQ,QGLHVHP)DOODEHU KlWWHHVNHLQHRGHUZHQLJVWHQVNHLQHQHQQHQVZHUWHQ.RQ]HQWUDWLRQVXQWHUVFKLHGHJHJHEHQ'LH &KORUGLFKWHZlUHEHUDOODQQlKHUQGJOHLFKJHZHVHQ :lKUHQGLFKGDUEHUQDFKGDFKWHILHOPLUDXHUGHPDXIGDQLFKWGHUJHULQJVWH/XIW]XJ]X YHUVSUHQZDU0DQKlWWHJODXEHQVROOHQGDGHU*HJQHUGDV*LIWJDVXQWHUKRKHP'UXFNPLWPlFKWLJHQ 3XPSHQLQGLH*lQJHGHV,QQHUHQ%HUHLFKVIOXWHWH'DEHLDEHUZlUH7XUEXOHQ]HQWVWDQGHQGLHVLFK VLFKHUOLFKEHUDOOLP,QQHUHQ%HUHLFKDOVRDXFKKLHUEHPHUNEDUJHPDFKWKlWWH(VZXUGHQDOVRNHLQH JURHQ3XPSHQHLQJHVHW]WXQGGLH$XVEUHLWXQJGHV*DVHVZDU]XPJURHQ7HLOGHP3UR]HGHU 'LIIXVLRQEHUODVVHQ :DUXPGDVDOOHV":HQQGLH7HIURGHUXQVXPEULQJHQZROOWHQZDUXPVHW]WHQVLHGDQQQLFKWDOOH YHUIJEDUHQ0LWWHOHLQ" 9RQUHFKWVKHUJOLWWHQGLHGUHL%UHWWHUKHUEHLGLH.DU\NOLDPLWLKUHQ3IHLIVLJQDOHQKHUEHLJHUXIHQ KDWWH,QGLHVHP$XJHQEOLFNOHXFKWHWHPLUZLHHLQ%OLW]GLH(UNHQQWQLVDXIZDVKLHUJHVSLHOWZXUGH ³:HOFKH.RQ]HQWUDWLRQN|QQHQZLUHUWUDJHQRKQH6FKDGHQ]XHUOHLGHQ"´IUDJWHLFK)DUWXORRQ ³6FKZHU]XVDJHQ´NQXUUWHHU³'LH1DVHDOOHLQLVWHLQXQ]XYHUOlVVLJHU,QGLNDWRU,FKZUGH VDJHQPLQGHVWHQVGDV=HKQIDFKHGHVVHQZDVZLUMHW]WKDEHQ´ ³*ODXEVWGXGDGLH7HIURGHUXQVZLUNOLFKGHQ*DUDXVPDFKHQZROOHQ"´ ³:HQQVLHXQVPLW&KORUJDVEHVFKLFNHQIlOOWHVPLUVFKZHUHLQIUHXQGOLFKHUHV0RWLY]XVHKHQ´ EHPHUNWHHUVDUNDVWLVFK ³$EHUHVZlUHXQVHLQ/HLFKWHVXQVLQGLHVHU5LFKWXQJ´GDEHLGHXWHWHLFKQDFKUHFKWVLQGHQ *DQJKLQHLQ³]XUFN]X]LHKHQXQGGHP*DV]XHQWJHKHQQLFKWZDKU"´ ³6LFKHU$EHULUJHQGZRPWHQZLUDQKDOWHQZHLOHVQLFKWZHLWHUJHKW8QGGDQQLVWHVQXUHLQH )UDJHGHU=HLWELVGLH.RQ]HQWUDWLRQGHV*DVHVGHQW|GOLFKHQ:HUWEHUVFKUHLWHW´ ³,FKJODXEHQLFKWGDZLUDQHLQH6WHOOHNRPPHQDQGHUHVQLFKWZHLWHUJHKW´EHKDXSWHWHLFK ³:DV«"´ ³,P*HJHQWHLO:LUZHUGHQHLQHQ$XVJDQJILQGHQ8QGKLQWHUGLHVHP$XVJDQJODXHUQGLH 7HIURGHU6LHZROOHQXQVQLFKWW|WHQ6LHZROOHQXQVZLHGHUKDEHQ´
(LQHQ$XJHQEOLFNODQJVDKHUPLFKYHUEOIIWDQ'DQQEHJDQQHQVHLQH$XJHQ]XOHXFKWHQ ³-XQJHGXKDVWHV´ULHIHUEHJHLVWHUW ³:LUPVVHQXQVDOVRLQGLHHQWJHJHQJHVHW]WH5LFKWXQJZHQGHQ´VSDQQLFKPHLQHQ)DGHQ ZHLWHU³.DU\NOLD±JLEWHVLUJHQGZRLQGHU1lKHYRQ=RUJKDQV8QWHUNXQIWHLQHQ$XVJDQJDXVGHP ,QQHUHQ%HUHLFK"´ ³1XUZHQLJH5lXPHHQWIHUQW´DQWZRUWHWHVLHUDVFK ³:DVZLOOVWGXPLW=RUJKDQ"´IUDJWHGHU$OWH ³:HQQLUJHQGMHPDQGGDV6NDUJKDWGDQQLVWHUHV´EHKDXSWHWHLFK³'XZLOOVWGHLQ =DXEHUVFKZHUW]XUFNKDEHQ±GXVROOVWHVEHNRPPHQ´ ,FKGHXWHWH.DU\NOLDDQGDLFKDXIHLQHVGHUGUHL%UHWWHUVWHLJHQZROOWH$EHU)DUWXORRQILHOPLULQ GHQ$UP ³:DUWH´ULHIHU³:LUEUDXFKHQHLQ]XVlW]OLFKHV$EOHQNXQJVPDQ|YHU.DU\NOLDNDQQVWGXHLQHQ GHU5RERWHUEHZHJHQGDHUXQVHLQHQ%HKlOWHUPLW5HLQLJXQJVIOVVLJNHLWEHUOlW"´ ³'LHVH7UDQVSRUWHUEHVLW]HQNHLQH)OVVLJNHLW´DQWZRUWHWH.DU\NOLDOHLFKWYHUZXQGHUW³,FKPWH HLQHQ5HLQLJXQJVURERWHUKHUEHLUXIHQ«« ³*URDUWLJ7XGDV´EHJHLVWHUWHVLFK)DUWXORRQ³-HJU|HUGHU%HKlOWHUGHVWREHVVHU*LEWHV KLHULUJHQGHLQH0|JOLFKNHLWKRKH7HPSHUDWXUHQ]XHU]HXJHQ1LFKWDOO]XKRFKZRKOJHPHUNW(LQZHQLJ EHUGHP6LHGHSXQNWYRQ:DVVHUQLFKWPHKU´ .DU\NOLDGDFKWHQDFK
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
³(LQHJHZLVVH*UXSSHYRQ5HSDUDWXUURERWHUQEUHQQW.RUURVLRQVUFNVWlQGHPLWNOHLQHQ%UHQQHUQ DE'LH%UHQQHUDUEHLWHQDXIFKHPLVFKHU%DVLV:UGHGDVJHQJHQ"´ 'HU$OWHZDUIDVWDXHUVLFKYRU)UHXGH ³8QGREGDVJHQJWPHLQ0lGFKHQ5XIDXFKHLQHQRGHU]ZHLYRQGLHVHQ.HUOHQ±XQGJHQXJ 7UDQVSRUWHUGDPLWZLUVLHDOOHVDPWYRU2UWEULQJHQN|QQHQ´ ³'DVLVWQLFKWQ|WLJ´ZHKUWH.DU\NOLDDE³$OOH5RERWHULQGLHVHP%HUHLFKVLQGLQJOHLFKHP0DH EHZHJOLFK1XUZLU0HQVFKHQEUDXFKHQGLH7UDQVSRUWHU´ 6LHPDFKWHVLFKPLWLKUHU3IHLIH]XVFKDIIHQXQGHQWORFNWHLKUHLQHHQGORVH)ROJHDNXVWLVFKHU 6LJQDOH'HU$OWHDEHUZDQGWHVLFKPLWEOLW]HQGHQ$XJHQDQPLFK ³:DVKlOWVWGXGDYRQ"´ZROOWHHUZLVVHQ :RYRQKlWWHHUMHW]WJHUQHJHK|UW±QXUXPPLUXQWHUGLH1DVHUHLEHQ]XN|QQHQGDLFKLP HQWVFKHLGHQGHQ$XJHQEOLFNQRFKLPPHUQLFKWVFKQHOOJHQXJGHQNHQN|QQH$EHULFKKDWWHVHLQH$EVLFKW OlQJVWGXUFKVFKDXW,FKIDQGVLHDXVJH]HLFKQHW ³,FKZHLQLFKWVRUHFKWREHVIXQNWLRQLHUHQZLUG´DQWZRUWHWHLFKXQGJDEPLFKGDEHLEHUDXV VNHSWLVFK ³6DJQXUGXZHLWZRYRQGLH5HGHLVW´SOXVWHUWH)DUWXORRQVLFKDXI ³1DWUOLFK&KORUNQDOOJDV'LH5HLQLJXQJVIOVVLJNHLWLVWHLQHRUJDQLVFKH:DVVHUVWRIIYHUELQGXQJ 'XUFK(UKLW]HQZLUG:DVVHUVWRIIIUHLJHVHW]W:DVVHUVWRIIXQG&KORUUHDJLHUHQVHKUJHUQHPLWHLQDQGHU(LQ :DVVHUVWRII&KORU*HPLVFKNDQQPDQGXUFKHLQHQ/LFKWEOLW]MDVRJDUGXUFKHLQODXWHV*HUlXVFKZLH ]XP%HLVSLHO+lQGHNODWVFKHQ]XU5HDNWLRQEHZHJHQ'LH5HDNWLRQYHUOlXIWEHUDXVUDVFKXQGLVWVHKU HQHUJLVFK:HQQGLHUHDJLHUHQGHQ*DVPHQJHQDXVUHLFKHQGJURVLQGNRPPWHV]XHLQHU([SORVLRQ´ :lKUHQGLFKVSUDFKZDUGHU$XVGUXFNGHU(QWWlXVFKXQJDXIVHLQHP*HVLFKWLPPHUGHXWOLFKHU JHZRUGHQ$OVLFKJHHQGHWKDWWHEUXPPWHHU ³'XZLUVWHEHQLPPHUVFKODXHU%DOGZLUGPDQGLUEHUKDXSWQLFKWVPHKUYRUPDFKHQN|QQHQ´ .DU\NOLDV*HSIHLIHHU]HXJWHUDVFKH(UJHEQLVVH(LQ5HLQLJXQJVURERWHUGHVVHQ/HLEDXV]ZHL PHWDOOHQHQ.XJHOQEHVWDQGZRYRQGLHREHUHPLWIOH[LEOHQ*UHLIDUPHQDXVJHVWDWWHWZDUWDXFKWHDXI $XJHQEOLFNHVSlWHUHUVFKLHQHLQ0DVFKLQHQZHVHQGDVZLHHLQVFKODQNHU)LVFKJHIRUPWZDU'LH5RERWHU EHZHJWHQVLFKVFKZHEHQGXQGYRQHLQHPOHLVHQ6XPPHQDEJHVHKHQJHUlXVFKORV:LUNOHWWHUWHQDXI GLH%UHWWHUXQGEUDFKHQDXI.DU\NOLDZLHEOLFKDQGHU6SLW]H(VZDUYHUHLQEDUWGDZLU]XQlFKVWDQ HLQHP2UWDQKDOWHQZUGHQGHQ)DUWXORRQEHVWLPPWH±DQKDQGGHU:DKUQHKPXQJHQGLHVHLQH1DVH PDFKWH±XQGGDZLUGDQDFKGHQ$XVVWLHJLQGHU1lKHYRQ=RUJKDQV*HPlFKHUQDXIVXFKHQZUGHQ 'LH1DVHGHV$OWHQKDWWHGHQ2UWDQGHPHUVHLQ$EOHQNXQJVPDQ|YHUGXUFKIKUHQZROOWH DOVEDOGJHIXQGHQ(UEHKDXSWHWHGLH&KORUJDV.RQ]HQWUDWLRQVHLJHUDGHDQGLHVHU6WHOOHEHVRQGHUVKRFK ±HLQ+LQZHLVGDUDXIGDZLUXQVQLFKWZHLWYRQGHP2UWEHIDQGHQDQGHPGDV*LIWJDVLQGHQ,QQHUHQ %HUHLFKJHEODVHQZXUGH,FKGDJHJHQNRQQWHQLFKWVGHUJOHLFKHQIHVWVWHOOHQ)UPLFKZDUGHU &KORUJHVWDQNEHUDOOJOHLFKXQDQJHQHKP (LQH6HULHYRQ3IHLIVLJQDOHQEHZHJWHGHQ5HLQLJXQJVURERWVLFKGHUXQWHUHQ+lOIWHVHLQHV =ZHLNXJHON|USHUV]XHQWOHGLJHQ'LHVH+lOIWHHUNOlUWH.DU\NOLDHQWKLHOWGLH5HLQLJXQJVIOVVLJNHLW'DZR VLHPLWGHUREHUHQ+lOIWHGHV5RERWN|USHUVYHUEXQGHQJHZHVHQZDUHQWKLHOWVLHHLQHgIIQXQJ'HU LQWHQVLYH*HUXFKGHU)OVVLJNHLWYHUGUlQJWHUDVFKGHQ*HVWDQNGHV*LIWJDVHV*OHLFK]HLWLJVSUWHLFKZLH GLHEHWlXEHQGH:LUNXQJHLQ]XVHW]HQEHJDQQ:LUPXWHQUDVFKKDQGHOQ .DU\NOLDSRVWLHUWHGHQILVFKI|UPLJHQ5HSDUDWXUURERWHUVRGDHUXQPLWWHOEDUYRUGHU0HWDOONXJHO PLWGHU5HLQLJXQJVIOVVLJNHLWVFKZHEWH(LQHZHLWHUH6LJQDOVHULHEHZHJWHGHQ)LVFKURERWGD]XGHQ %UHQQHULQ7lWLJNHLW]XVHW]HQ'LHEOlXOLFKH)ODPPHOHFNWHJHJHQgIIQXQJ:DQGXQJGHU.XJHO$XV GHUHQgIIQXQJGUDQJIUHLJHVHW]WHU:DVVHUVWRII:HQQGLH&KORUNRQ]HQWUDWLRQHLQHQDXVUHLFKHQGKRKHQ :HUWHUUHLFKWKDWWHPXWHHV]XHLQHU([SORVLRQNRPPHQEHLGHUIUHLOLFKDXFKGHU5HSDUDWXUURERW ]HUVW|UWZHUGHQZUGH 6RUDVFKZLHP|JOLFKPDFKWHQZLUXQVZLHGHUDXIGHQ:HJ0LUZDUVFKRQKDOEZHJVVFKZLQGOLJ ]XPXWHDOVLFKDXIGDV%UHWWKLQDXINOHWWHUWH 0LWWHQLQGHU)LQVWHUQLVKLHOWHQZLUDQ ³'HU$XVJDQJLVWXQPLWWHOEDUYRUXQV´VDJWH.DU\NOLD
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
³:RKLQIKUWHU"´IUDJWHLFK ³,QHLQHQ6WLFKJDQJ$P(QGHGHV*DQJHVOLHJWHLQH7UGLH]X=RUJKDQV8QWHUNXQIWJHKW´ ³:DVOLHJWDPDQGHUHQ(QGHGHV6WLFKJDQJV"´ ³(LQ.RUULGRUGHUGLHHLQ]HOQHQ0DQQVFKDIWVXQWHUNQIWHPLWHLQDQGHUYHUELQGHW´ ³'LH7U]X=RUJKDQV5lXPHQ±LVWVLHYHUULHJHOW"´ ³6LHNDQQYHUULHJHOWZHUGHQ´ 'DVZDUHLQ5LVLNRGDVZLUDXIXQVQHKPHQPXWHQ:HQQGLH7UYHUULHJHOWZDUZUGHQZLU XPNHKUHQPVVHQ ³gIIQH´WUXJLFK.DU\NOLDDXI³'XEOHLEVWKLHUXQGVRUJVWGDIUGDGLHVHU=XJDQJIUHLXQGRIIHQ EOHLEWELVZLU]XUFNNRPPHQ´ ,FKNRQQWHQLFKWVHKHQZLHVLHGDUDXIUHDJLHUWH$EHULFKK|UWHZLHVLH]XVXPPHQEHJDQQ6LH JDEHLQH5HLKHKDOEODXWHUYHUVFKLHGHQODQJHU7|QHYRQVLFKGLHIDVWHLQH0HORGLHELOGHWHQ±IUHPGDUWLJ JHKHLPQLVYROOQXUIUGLH2KUHQGHV5RERWPHFKDQLVPXVEHVWLPPWGHUGLHgIIQXQJGHV$XVJDQJV EHVRUJWH (LQKHOOHUOHXFKWHWHV9LHUHFNHQWVWDQGYRUXQVLQGHU)LQVWHUQLV.DU\NOLDKDWWHLKUHQ7UDQVSRUWHU ZHLWHUYRUZlUWVGLULJLHUWVRGDZLUPKHORVDEVWHLJHQXQGKLQDXVNOHWWHUQNRQQWHQ,FKPDFKWHGLH 9RUKXW'HUNXU]H6WLFKJDQJODJOHHU=XUUHFKWHQ+DQGHQGHWHHUQDFKZHQLJHQ0HWHUQYRUGHU7UYRQ GHU.DU\NOLDJHVSURFKHQKDWWH/LQNVHWZD]Z|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lUWHQ7HIURGHUZDUGDV6NDUJGDVKDOEZHJVOlFKHUOLFKH6SLHO]HXJHLQHV DOWHQ0DQQHV(UZUGHVLFKQLFKWWUlXPHQODVVHQGDGHU$OWHVHOEVWJLIWLJHQ*DVVFKZDGHQ]XWURW]HQ EHUHLWZDUQXUXPVHLQ6FKZHUWZLHGHU]XHUODQJHQ :LUZDQGWHQXQVQDFKUHFKWV$XHUGHU7UDP(QGHGHV*DQJHVJDEHVQRFK]ZHLZHLWHUH GLHMHHLQHLQGHUUHFKWHQXQGOLQNHQ*DQJZDQGHLQDQGHUJHJHQEHUODJHQ)DUWXORRQWUDWDXIGLH UFNZlUWLJH7U]X6LHUKUWHVLFKQLFKWREZRKOVLHRKQH=ZHLIHOPLWGHPEHUDOOJHEUlXFKOLFKHQ 0HFKDQLVPXVDXVJHVWDWWHWZDUGHUHLQHgIIQXQJEHZLUNWHZHQQHLQ0HQVFKVLFKELVDXI]ZHLRGHUGUHL 6FKULWWHQlKHUWH'HU$OWHEHWDVWHWHGLH7UIOOXQJPLWEHLGHQ+lQGHQ±LQGHU+RIIQXQJHLQHQ YHUERUJHQHQ=XVDW]PHFKDQLVPXV]XILQGHQ$EHUDXFKGDVEUDFKWHNHLQHQ(UIROJ +LHGDVGDZLUDXIJHEHQPXWHQ",FKSRVWLHUWHPLFKYRUGLHOLQNH6HLWHQWU9LHO+RIIQXQJ KDWWHLFKQLFKW,FKWDWHVQXUGDPLWZLUXQVVSlWHUQLFKWGHQ9RUZXUI]XPDFKHQEUDXFKWHQZLUKlWWHQ HWZDVEHUVHKHQ$EHUGDV8QHUZDUWHWHJHVFKDK'LH7UJOLWW]XU6HLWH'ULQQHQVSUDQJLPVHOEHQ $XJHQEOLFNGLH%HOHXFKWXQJDQ,FKEOLFNWHLQHLQHQNOHLQHQEHKDJOLFKHLQJHULFKWHWHQ:RKQUDXP'DV 0RELOLDUZDULQDUNRQLGLVFKHP6WLO0DQGXUIWHDQQHKPHQGDVLFKKLHUHLQ$UNRQLGHHLQJHULFKWHWKDWWH 'HQQGLH7HIURGHUHQWZLFNHOWHQZLHZLUEHUHLWVJHVHKHQKDWWHQGLH1HLJXQJLKUH8QWHUNQIWHXQG $UEHLWVUlXPHLKUHPHLJHQHQ:RKQXQG/HEHQVVWLODQ]XSDVVHQ :LUWUDWHQHLQ:HQQZLU*OFNKDWWHQJHK|UWHGLHVHU5DXP]X=RUJKDQV8QWHUNXQIW,P +LQWHUJUXQGVDKLFKHLQHZHLWHUH7U6LHIKUWHQDFKUHFKWVDOVRLQGLH5lXPOLFKNHLWHQ]XGHQHQGLH7U DP(QGHGHV*DQJHVXQVELVKHUGHQ=XWULWWYHUZHKUWKDWWH 'LH6XFKHNRQQWHEHJLQQHQ
$OVHUVWHVPDFKWHQZLUGLH(QWGHFNXQJGD=RUJKDQZHQQHU]XP(UVWHQ:HFKWRQNDPQLFKW VREHVFKHLGHQOHEWHZLHZLUHVXQVYRUJHVWHOOWKDWWHQ6HLQH8QWHUNXQIWEHVWDQGQLFKWHWZDQXUDXV]ZHL RGHUGUHL5lXPHQVRQGHUQZDUVRZHLWOlXILJGD)DUWXORRQXQGLFKXQVWUHQQHQPXWHQXPEHLGHU 6XFKHQLFKWDOO]XYLHO=HLW]XYHUOLHUHQ $OVHUVWHVGXUFKVXFKWHLFKHLQH.DPPHULQGHU=RUJKDQ'LQJHDXIEHZDKUWHGLHHUQLFKWDOOH 7DJHEUDXFKWH$QGHQ:lQGHQHQWODQJVWDQGHQJHVFKORVVHQH*HVWHOOHGHUHQ/DGHQVHOEVWWlWLJ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
DXVIXKUHQZHQQPDQDXIHLQHQ6FKDOWNQRSIGUFNWH,FKXQWHUVXFKWHHLQH/DGHQDFKGHUDQGHUHQDEHU NHLQHHQWKLHOW)DUWXORRQV:XQGHUVFKZHUW 'DQDFKNDPLFKLQHLQHQ6FKODIUDXP(UZLUNWHXQRUGHQWOLFKXQGXQDXIJHUlXPW,FKHULQQHUWH PLFKGDHVQDFKGHQ=HLWEHJULIIHQGHV(UVWHQ:HFKWRQVQRFK]LHPOLFKIUKDP0RUJHQZDU=RUJKDQ ZDUJOHLFKQDFKGHP$XIZDFKHQPLWGHUDODUPLHUHQGHQ0HOGXQJEHUXQVHUH)OXFKWNRQIURQWLHUWZRUGHQ (UKDWWHNHLQH=HLWPHKUJHKDEWIUGDV$XIUlXPHQVHLQHV6FKODIJHPDFKV]XVRUJHQ ,FKVXFKWHDXFKKLHURKQHYLHO$XVVLFKWDXI(UIROJ:UGH=RUJKDQGDV6NDUJHWZDXQWHUVHLQHP 1DFKWODJHUYHUEHUJHQ"8QGDEHUPDOVOHUQWHLFKPHLQH/HNWLRQ0DQVROOQLHPDOVHWZDVIUDXVVLFKWVORV KDOWHQQXUZHLOGDV*HIKOHLQHPGD]XUlW,FKIDQGGDV6NDUJ=ZDUQLFKWXQWHUGHP%HWWDEHULQHLQHU :DQGQLVFKHKLQWHU.OHLGXQJVVWFNHQGLH=RUJKDQGRUWDXIJHKlQJWKDWWH (LQSDDU$XJHQEOLFNHODQJZRJLFKGDVZXQGHUVDPH6FKZHUWLQGHU+DQG,FKEHWUDFKWHWHGLH EOLW]HQGH.OLQJHXQGIUDJWHPLFKRELFKZRKOMHPDOVHUIDKUHQZUGHZHOFKHJHKHLPHQ.UlIWHVLFKLQ GLHVHU:DIIHYHUEDUJHQ (LQ*HUlXVFKOLHPLFKDXIIDKUHQ,FKVDKPLFKXP'LH7UGXUFKGLHLFKKHUHLQJHNRPPHQZDU VWDQGQRFKRIIHQ'LHDQGHUHGLHLQGHQDQJUHQ]HQGHQ5DXPIKUWHGHQLFKQRFKQLFKWEHWUHWHQKDWWH ZDUJHVFKORVVHQ:RKHUZDUGDV*HUlXVFKJHNRPPHQ" ,FKWUDWXQWHUGLHRIIHQH7U'HU/DJHUUDXPZDUOHHU,FKZDUDOOHLQ:RP|JOLFKKDWWHQPLUGLH EHUUHL]WHQ6LQQHHLQHQ6WUHLFKJHVSLHOW,FKNHKUWHLQ=RUJKDQV6FKODIJHPDFK]XUFN:HQQHUGDV 6FKZHUWKLHUYHUERUJHQKDWWHGDQQZDUHQKLHUYLHOOHLFKWDXFKDQGHUHZLFKWLJH'LQJH]XILQGHQGLHGHU %HIHKOVKDEHUYRQ7UDYQRUVHLQHQ:LGHUVDFKHUQDEJHQRPPHQKDWWH,FKGXUFKZKOWHDOOH%HKlOWQLVVH XQGPDFKWHDXFKYRU=RUJKDQV/DJHUVHOEVWQLFKWKDOW$EHUHVVFKLHQDOVVROOHGDV6NDUJPHLQHLQ]LJHU )XQGEOHLEHQ,FKGXUIWHQLFKWYHUJHVVHQNDPHVPLULQGHQ6LQQGDLFKHVLQ:LUNOLFKNHLWQLFKWPLW HLQHP0DQQQDPHQV=RUJKDQ]XWXQKDWWHVRQGHUQPLWPHKUHUHQ]XPLQGHVW]ZHLHQVHLWGHP)DUWXORRQ XQGLFK]XPHUVWHQ0DOGLH%HNDQQWVFKDIWGHV2EHUEHIHKOVKDEHUVYRQ7UDYQRUJHPDFKWKDWWHQ6LHDOOH ZDUHQ.RSLHQGHVXUVSUQJOLFKHQ=RUJKDQGHQ.DU\NOLDJHOLHEWKDWWH$EHUMHGH.RSLHZDUPLWLKUHQ HLJHQHQ'HQNXQG9HUKDOWHQVPXVWHUQDXVJHVWDWWHW:DVIUGHQHLQHQ=RUJKDQW\SLVFKZDUEUDXFKWHHV IUGHQDQGHUHQQLFKWXQEHGLQJW]XVHLQ'HU=RUJKDQGHUGDV6NDUJDQVLFKJHEUDFKWKDWWHZDUGLH MQJVWHEHNDQQWH9HUVLRQ6HLQH9RUJlQJHUPRFKWHQDQGHUH*HZRKQKHLWHQJHKDEWKDEHQ 7URW]DOOHU(LOHPLWGHULFK]X:HUNJHJDQJHQZDUKDWWHPHLQH6XFKHGRFKIDVWHLQH 9LHUWHOVWXQGHLQ$QVSUXFKJHQRPPHQ(VZDU=HLW]XP8PNHKUHQ'HU$XIHQWKDOWLP(UVWHQ%HUHLFKGHU 5DXPVWDWLRQZDUJHIlKUOLFK,FKPXWH)DUWXORRQILQGHQXQGLKPPLWWHLOHQGDLFKVHLQ6FKZHUWJHIXQGHQ KDWWH $XIGHP:HJ]XU7UK|UWHLFKGDVPHUNZUGLJH*HUlXVFK]XP]ZHLWHQ0DO$EHUPDOVIXKULFK KHUXP'LHVPDOZDUHVNHLQ6SXN'LHVPDOVWDQGGLH7U]XPDQJUHQ]HQGHQ5DXPRIIHQ±XQGGDUXQWHU HLQH*HVWDOW ,FKHUVWDUUWHPLWWHQLQGHU%HZHJXQJ'LHHUVWH%HJHJQXQJGLHVHU$UWZDUYHUZLUUHQGJHQXJ JHZHVHQ'DEHLKDWWHHVGDPDOVQRFK'LVWDQ]JHJHEHQXQGHLQH7UHQQZDQG-HW]WDEHUVWDQGHQZLU HLQDQGHUXQPLWWHOEDUJHJHQEHUDXIK|FKVWHQVVHFKV6FKULWWH(QWIHUQXQJ ,FKGHUHFKWH±XQGHUGHUIDOVFKH$WODQ
(VZDUVFKRQNDXPPHKUZLFKWLJGDHUHLQHVFKXEHUHLWH:DIIHLQGHU+DQGKLHOWHLQHQ JHIlKUOLFKHQNXU]OlXILJHQ6WUDKOHU ³'XKDVWVLHDOVRJHWlXVFKW´VDJWHHU±PLWPHLQHU6WLPPH (UHPSIDQG9HUJQJHQEHLGLHVHP*HGDQNHQGDVVDKLFKLKPDQ0HLQH)lKLJNHLWHQZDUHQ DXFKLQLKPYHUN|USHUW:HQQHVPLUJHODQJ*\DO5\NPRRQDQGHU1DVHKHUXP]XIKUHQGDQQILHOHLQ 7HLOGHV5XKPHVDXILKQ ³,FKKDEHVLHJHWlXVFKW´EHVWlWLJWHLFK³(VJHKWXPVhEHUOHEHQ'XZLUVWPLFKQLFKWGDUDQ KLQGHUQ´ ³:RUDQ"´IUDJWHHU ³$PhEHUOHEHQ´ (UZDUIHLQHQNXU]HQ%OLFNDXIGHQVFKLPPHUQGHQ/DXIGHU:DIIH(UZDUVHKUYRUVLFKWLJQLFKW HLQPDOHLQHKDOEH6HNXQGHZDQGWHHUGLH$XJHQYRQPLU ³'XYHUVWHKVWGLH/DJHQLFKWJDQ]´VDJWHHU³,FKZHLGDLFKZHLWHUQLFKWVDOVHLQH.RSLHGHV
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
HFKWHQ$WODQELQ,FKYHUGDQNHPHLQH([LVWHQ]GHQ.QVWHQGHUWHIURGLVFKHQ%LRSK\VLNXQGHLQHU 6FKDEORQHGLHYRQGLUDQJHIHUWLJWZXUGHDOVGXLQWLHIHU%HZXWORVLJNHLWODJVW$EHULFKKDEHHEHQVRZLH GXGHQ:XQVFK]XEHUOHEHQ,FKKlQJHDP/HEHQ±YLHOOHLFKWVRJDUPHKUQRFKDOVGXGHQQLFKELQHLQ *HVFK|SIGDVDXV=XIDOOHQWVWDQG'HU*HGDQNHGDLFKHLQ1LFKWVZlUHZHQQHVGLHVHQ=XIDOOQLFKW JHJHEHQKlWWHHUIOOWPLFKMHGHVPDOYRQQHXHPPLW(QWVHW]HQ:HLWGXDEHUZLHLFKPHLQH hEHUOHEHQVFKDQFHYHUJU|HUQNDQQ"´ ,FKZXWHHV ³'XPXWEHZHLVHQGDGXEHVVHUELVWDOVGDV2ULJLQDO´ 6HLQHU|WOLFKHQ$XJHQVWUDKOWHQ ³'XZHLWHV:LUVLQGLQWHOOLJHQW:LUYHUIJHQEHU*HLVWHVNUlIWHPLWGHQHQZLU:HOWHQ XQWHUMRFKHQN|QQHQ´ :RUDXIZROOWHHUKLQDXV":ROOWHHUPLWPLUHLQ%QGQLVHLQJHKHQ"(LQ%QGQLV±LFKPLWPHLQHP 'RSSHOJlQJHU"'HU*HGDQNHGDHUVLFKPLUHEHQEUWLJIKOWHPDFKWHPLFK]RUQLJ ³'XELVWQLFKWJOHLFKPLU´VFKOHXGHUWHLFKLKPHQWJHJHQ³8QVWUHQQHQ:HOWHQ'DPLWGLH7HIURGHU GLFKDOVLKUHQ+DQGODQJHUJHEUDXFKHQNRQQWHQPXWHQVLHGDV([WUDKLUQQHXWUDOLVLHUHQ´ 'DIXKUHLQ5XFNGXUFKVHLQHVFKODQNH*HVWDOW'LHURWHQ$XJHQVSUKWHQZWHQGHV)HXHU ³'XKlOWVWGLFKIUEHVVHU"´K|KQWHHU³*XW(VJLEWQRFKHLQHQDQGHUHQ:HJ0DQZLUGPLU JODXEHQGDLFKGHUhEHUOHJHQHELQZHQQLFKLKQHQGHLQHQ.RSIEULQJH´ 'HU/DXIGHV6WUDKOHUVUXFNWHQDFKREHQ,FKUHDJLHUWHLQVWLQNWLY(LQEOLW]VFKQHOOHU6FKULWWEUDFKWH PLFKDXVGHU%DKQGHVIDXFKHQGHQ(QHUJLHVWUDKOVGHUPLFKXQZHLJHUOLFKJHW|WHWKlWWHZHQQLFK VWHKHQJHEOLHEHQZlUH0LWGHPUHFKWHQ$UPKROWHLFKDXV)DUWXORRQV:XQGHUVFKZHUWZXUGHLQPHLQHU +DQG]XPW|GOLFKHQ*HVFKR,FKKDWWHZHLWHUQLFKWVYRUJHKDEWDOVGHQ'RSSHOJlQJHUGXUFKGDV KHUDQZLUEHOQGH6FKZHUWDXVGHP.RQ]HSW]XEULQJHQ,FKZROOWHIOLHKHQZlKUHQGHUGHP6NDUJ DXVZHLFKHQPXWHXQGGHVZHJHQVHLQ=LHOYHUORU $EHUGDV6FKLFNVDOZROOWHHVDQGHUV'LH6SLW]HGHV6FKZHUWHVGUDQJGHPDQGHUHQ$WODQLQGLH %UXVW(UVWLHHLQHQJHOOHQGHQ6FKUHLDXV(LQH:HLOHVWDQGHUZDQNHQGGDQQ|IIQHWHQVLFKGLH)LQJHU XQGGHUW|GOLFKH6WUDKOHUSROWHUWH]X%RGHQ$WODQVHOEVWEUDFK]XVDPPHQ,QJURWHVNHP:LQNHOUDJWHLKP GDV6NDUJDXVGHP/HLE )UPLFKZDUGDVDOOHVZLHHLQ7UDXP,FKEHJULIIQLFKWZDVLFKJHWDQKDWWH,FKWUDWKLQ]XXQG QDKPGDV6FKZHUWDQPLFK$XIGHPJHZDQGPHLQHV'RSSHOJlQJHUVKDWWHVLFKHLQKlOLFKHUGXQNOHU )OHFNJHELOGHW(UEOLFNWHPLWVWDUUHQ$XJHQ]XU'HFNHKLQDXI'LH.OLQJHZDULKPPLWWHQLQV/HEHQ JHIDKUHQ ,FKHPSIDQGNHLQ0LWOHLG'DV:HVHQGDV$WODQ]XVHLQYRUJDEZDUPLUZLGHUZlUWLJ,FK HULQQHUWHPLFKGDHV=HLWZDU)DUWXORRQ]XILQGHQXQGGLHVH*HPlFKHU]XYHUODVVHQ,FKJULIIGHQ .QDXIGHV6FKZHUWHVIHVWHUXQGZDQGWHPLFKGHP$XVJDQJ]X$XFKGHQ6WUDKOHUKDWWHLFKDQPLFK JHQRPPHQ 'DVDJWHHLQHK|KQLVFKH6WLPPH ³6WHK8QGVDJPLUZHOFKHU$WODQGXELVW±GHUHFKWHRGHUGHUIDOVFKH´
8QWHUGHP$XVJDQJDXIGHQLFKKDWWH]XVWHXHUQZROOHQVWDQG=RUJKDQGHU%HIHKOVKDEHUYRQ 7UDYQRU(LQ=RUJKDQVFKRHVPLUGXUFKGHQ6LQQ'LH]ZHLWHGULWWHRGHUYLHUWH.RSLHGHV 6RQQHQWUlJHUVGHPGHU,PSHUDWRUYRQ$UNRQGDV$PWYHUOLHKHQKDWWHGLHVHQZLFKWLJHQ6WW]SXQNW]X EHIHKOLJHQ ³'XELVWGHUIDOVFKH´UDXQWHPHLQ([WUDVLQQ ³,FKK|UWHSO|W]OLFK*HUlXVFKH´VDJWHLFK³,FKNDPKLHUKHUXPQDFK]XVFKDXHQ'DIDQGLFK GLHVHQ0DQQGHUPLUVRJOHLFKVLHKWZLHHLQ(LGHPDQGHUHQ:DVLVWKDVWGXHLQZHLWHUHV([HPSODU KHUVWHOOHQODVVHQ±RGHULVWGDVGRUWGHUHFKWH$WODQ"´ (LQK|KQLVFKHV*ULQVHQVWDQGDXIVHLQHP*HVLFKW(VZUGHPLUVFKZHUIDOOHQLKQ]XWlXVFKHQ ³:RUDQLVWHUJHVWRUEHQ"´IUDJWHHU ³$QGHU6SLW]HVHLQHVHLJHQHQ6FKZHUWHV(UILHOEHUPLFKKHUNDXPGDLFKGXUFKGLH7U JHNRPPHQZDU,FKNRQQWHGHQ6WUDKOHUQLFKWJHEUDXFKHQ$EHULFKHQWZDQGLKPGDV6FKZHUWXQG HUVWDFKLKQGDPLW´ ,FKJDEPLU0KHDXIGLHVHOEHPHUNZUGLJH$UWOHHUXQGXQEHWHLOLJW]XEOLFNHQZLHLFKHVDQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
PHLQHP'RSSHOJlQJHUEHREDFKWHWKDWWH±ELV]XGHP$XJHQEOLFNDOVGLH:XWLKQSDFNWH=RUJKDQVFKLHQ ZDQNHQG]XZHUGHQ'DQQDEHUEHIDKOHU ³:HQQGXZLUNOLFKPHLQ$WODQELVWGDQQVDJPLUGDV.HQQZRUW´ 'DVZDUHV6LHKDWWHQHLQ*HKHLP]HLFKHQPLWHLQDQGHUYHUDEUHGHWGDVLFKQLFKWNDQQWH ³,FKKDEHHVYHUJHVVHQ´EHKDXSWHWHLFK 'DULHUGLH:DIIHKHUYRU(VZDUHLQODQJOlXILJHU6FKRFNHU(UZROOWHPLFKQLFKWW|WHQGDVZDU NODU$EHULQHLQHU/DJHZLHGHUPHLQHQZDUGHU9HUOXVWGHV%HZXWVHLQVJOHLFKEHGHXWHQGPLWGHP7RG :LHVROOWHLFKPLFKZHKUHQ",FKKDWWHPHLQHV'RSSHOJlQJHUV6WUDKOHUDXIJHNODXEWXQGHLQJHVWHFNW(U ZDUMHW]WIUPLFKQXW]ORV6ROOWHLFKGDV6NDUJ]XP]ZHLWHQ0DOHLQVHW]HQ",FKEH]ZHLIHOWHGD=RUJKDQ VLFKVROHLFKWLUULWLHUHQODVVHQZUGHZLHGHUIDOVFKH$WODQ $EHUGDV6FKLFNVDONDPPLUQRFKHLQPDO]X+LOIH3O|W]OLFK]LWWHUWHGHU%RGHQXQWHUPHLQHQ )HQ'LH:lQGHXQG'HFNHQNQLUVFKWHQXQGDXVGHU)HUQHGUDQJGHUGU|KQHQGHUROOHQGH'RQQHU HLQHUPlFKWLJHQ([SORVLRQ*QlGLJH*|WWHUGDVZDU)DUWXORRQV.QDOOJDV)DOOH=RUJKDQEOLFNWHHQWVHW]W XPVLFK(LQ5XFNOLHIGXUFKGHQ%RGHQXQGEUDFKWHLKQDXVGHP*OHLFKJHZLFKW'DVZDUGHU$XJHQEOLFN DXIGHQLFKJHZDUWHWKDWWH,FKVFKQHOOWHDXILKQ]XGDV6NDUJ]XP6FKODJHUKREHQ« 'DWDXFKWHDXVGHQ:RONHQGHV6WDXEHVGHUYRQGHQNQLUVFKHQGHQ'HFNHQULHVHOWHHLQH VWlPPLJHEUHLWVFKXOWULJH*HVWDOWDXI,FKHUVWDUUWHPLWWHQLQGHU%HZHJXQJ,Q]ZLVFKHQKDWWH=RUJKDQ VLFKZLHGHUJHIDQJHQ(UVDKPHLQ=|JHUQXQGVWLHHLQHQWULXPSKLHUHQGHQ6FKUHLDXV,QGLHVHP $XJHQEOLFNDEHUKDWWH)DUWXORRQGHUGLH/DJHVRIRUWEHUEOLFNWHLKQVFKRQHUUHLFKW'HUNUlIWLJH*ULIIGHV $OWHQVFKORVLFKXP=RUJKDQV.HKOH(LQJHTXlOWHVbFK]HQXQGGHU6RQQHQWUlJHUJLQJEHZXWORV]X %RGHQ )DUWXORRQEFNWHVLFKXQGKREGHQ6FKRFNHUDXI(UJULQVWHPLFKDQ ³'LH([SORVLRQKlWWH]XNHLQHUJQVWLJHUHQ6HNXQGHVWDWWILQGHQN|QQHQQLFKWZDKU"´ ³'XELVWHLQ0HLVWHUGHU.XQVWGHQULFKWLJHQ=HLWSXQNW]XWUHIIHQ´EHVWlWLJWHLFK (UEOLFNWH]XGHU/HLFKHPHLQHV'RSSHOJlQJHUVKLQEHU(VKXVFKWHZLHHLQ6FKDWWHQEHUVHLQ EUHLWIOlFKLJHV*HVLFKW,FKZXWHZDVHULQGLHVHP$XJHQEOLFNGDFKWH(UZQVFKWHVLFKGHQIDOVFKHQ )DUWXORRQ]XU6WHOOH(UZROOWHPLWLKPDEUHFKQHQ±VRZLHLFKPLWGHPIDOVFKHQ$WODQDEJHUHFKQHWKDWWH ³.RPPODXQVJHKHQ´EUXPPWHHUVFKOLHOLFK .DU\NOLDZDUWHWHDXIXQVZLHLFKHVLKUDXIJHWUDJHQKDWWH8QVHU5FN]XJYROO]RJVLFKLPOHW]WHQ $XJHQEOLFN$OVZLUGXUFKGLHgIIQXQJLQGHU:DQGNURFKHQK|UWHQZLUYRUQHDXIGHP.RUULGRUGDV /lUPHQGHU:DFKPDQQVFKDIWGLHGXUFKGLH([SORVLRQDXIJHVFKHXFKWZRUGHQZDU6FKULWWHGU|KQWHQ %HIHKOHJHOOWHQ(LQH6HNXQGHVSlWHUXQGHVZlUHXQVVFKZHUJHZRUGHQ]XHQWNRPPHQ 'LH+LDURRQHULQZXWHZDVGLH6WXQGHJHVFKODJHQKDWWH0LWVXPPHQGHP6LQJVDQJEUDFKWHVLH GLH:DQGGD]XVLFK]XVFKOLHHQ,KUH/DPSHOHXFKWHWHDXI'HU/LFKWNHJHO]HLFKQHWHVLFKLQHLQHU$UW 1HEHOGLHGHQ*DQJHUIOOWHGHXWOLFKDE,FKVSUWHHLQXQDQJHQHKPHV-XFNHQDXIGHU+DXW'HU1HEHO EHVWDQGDXVIHLQVWHQ6DO]WU|SIFKHQGHP5HDNWLRQVSURGXNWGHU([SORVLRQ :LUVFKZDQJHQXQVDXIGLH%UHWWHU1RFKKDWWH.DU\NOLDNHLQHHLQ]LJH)UDJHJHVWHOOW6LHZDULQ GHU7DWHLQHEHZXQGHUQVZHUWH)UDX ³:LHZDUGLH'UXFNZHOOHKLHU"´ZROOWH)DUWXORRQZLVVHQ ³=LHPOLFKNUlIWLJDEHURKQHZHLWHUHV]XHUWUDJHQ´DQWZRUWHWH.DU\NOLD³'DIUKDWWHLFKHLQSDDU 6HNXQGHQODQJGHQ(LQGUXFNGLH'HFNHZUGHHLQVWU]HQ´ ³(VZDUHLQHNUlIWLJH([SORVLRQXQGVLHNDPJHQDX]XPUHFKWHQ=HLWSXQNW´EHVWlWLJWHGHU$OWH ³'LH7HIURGHUZLVVHQMHW]WZDVZLUPLW&KORUJDVDQIDQJHQN|QQHQ%HLPQlFKVWHQ9HUVXFKZHUGHQVLH VLFKHLQHDQGHUH0HWKRGHDXVGHQNHQ´ (UKDWWHPLUGDV6NDUJOlQJVWDEJHQRPPHQ$EHUHUVWMHW]WVFKREHUHVLQGLH6FKHLGH ³'DVHUVWH7HLO]LHOLVWHUUHLFKW´EUXPPWHHUGD]X³-HW]WJHKW¶VDQV]ZHLWH+DVWGXHLQH$KQXQJ 0lGFKHQZRGLH'XSOLNDWLRQVPDVFKLQHGHU7HIURGHUVWHKHQN|QQWH"´ ³(LQH]LHPOLFKJXWH´DQWZRUWHWH.DU\NOLDVRIRUW³,FKZDUQRFKQLFKWKLHUGDZXUGHHLQNOHLQHU7HLO GHV,QQHUHQ%HUHLFKVKHUPHWLVFKDEJHULHJHOW0DQWULHEDOOH5RERWHUKLQDXVGLHVLFKGRUWEHIDQGHQXQG OHJWHHLQHHQHUJHWLVFKH6SHUUHDQ'LH6SHUUHLVWXQGXUFKGULQJOLFKDEHUGXUFKVLFKWLJ,FKZDURIWGRUWXQG VDKLQGHU)HUQHLPJHVSHUUWHQ7HLOIUHPGDUWLJH*HELOGHKHUXPVFKZHEHQ:RKOGLH5RERWHUGHU
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
)UHPGHQ´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|OOLJQXW]ORV (KHUZUGHHVXQVQRFKPLWGHP:XQGHUVFKZHUWJHOLQJHQGHQ(QHUJLH]DXQ]XQHXWUDOLVLHUHQ(VZDU QLFKWGDVHUVWH0DOGDHVIUVROFKH=ZHFNHYHUZHQGHWZXUGH'DV6FKOLPPHZDUGDZLUQLFKWYLHO =HLWKDWWHQ'HU)HLQGZXWHMHW]WZRZLUZDUHQ(UZXWHDXFKGDZLUXQVLP,QQHUHQ%HUHLFK ZHVHQWOLFKEHVVHU]XUHFKWIDQGHQDOVHUXQV]XJHWUDXWKDWWH:DKUVFKHLQOLFKZUGHVRJDUGHU9HUGDFKW DXIWDXFKHQGDZLUYRQLUJHQGZRKHU+LOIHEHNRPPHQKDWWHQ*\DO5\NPRRQPXWHDOOHVGDUDQVHW]HQ XPXQVHUVRVFKQHOOZLHP|JOLFKZLHGHUKDEKDIW]XZHUGHQ:DVHULPHLQ]HOQHQXQWHUQHKPHQZUGH ZDUXQJHZL$EHUGDUDQGDGLHQlFKVWH2IIHQVLYHVHKUEDOGVWDWWILQGHQZHUGHJDEHVNHLQHQ=ZHLIHO
0LW+LOIHGHU7UDQVSRUWHUOLHHQZLUGHQ%HUHLFKGHVXQDQJHQHKPHQ6DO]VlXUHQHEHOVZHLWKLQWHU XQV'HQ2UWGHU([SORVLRQXPJLQJHQZLULQZHLWHP%RJHQ:LUKDWWHQIHVWJHVWHOOWGDGLH &KORUJDV]XIXKUHLQJHVWHOOWZRUGHQZDU'HU*HJQHUKDWWHHUNDQQWGDGLH*LIWJDVVFKZDGHQIULKQVHOEVW JHIlKUOLFKHUZDUHQDOVIUXQV :LHYLHO6FKDGHQGLH([SORVLRQDQJHULFKWHWKDWWHZXWHQZLUQDWUOLFKQLFKW:LUNRQQWHQGHQ 8PIDQJGHU=HUVW|UXQJHQK|FKVWHQVDQGHQ6FKDUHQGHU5lXPXQJVXQG5HSDUDWXUURERWHUHUPHVVHQ GHQHQZLUXQWHUZHJVEHJHJQHWHQ)U.DU\NOLDZXUGHGDVPLWGHU=HLWHLQHlXHUVWDQVWUHQJHQGH $QJHOHJHQKHLW'LH5RERWHUZDUHQDXIGHP:HJ]XU([SORVLRQVVWHOOHXPGRUW7UPPHU]XEHVHLWLJHQ XQG5HSDUDWXUHQYRU]XQHKPHQ2EZRKOZLUXQVGHP2UWGHU'HWRQDWLRQVRIHUQZLHP|JOLFKKLHOWHQ EHVWDQGGHQQRFKGLH*HIDKUGDGHUHLQHRGHUDQGHUH5RERWXQVIUXPKHUIOLHJHQGH7UPPHUVWFNH KLHOWXQGDXI]XUlXPHQYHUVXFKWH.DU\NOLDGLHYRUDQIORJEHWlWLJWHDOVRLKUH3IHLIHXQXQWHUEURFKHQ,KUH 6LJQDOHEHVDJWHQGHQ5RERWHUQGDZLU]XPUHJXOlUHQ,QYHQWDUGHV,QQHUHQ%HUHLFKHVJHK|UWHQ:LU KDWWHQHLQHQ$QVSUXFKGDUDXILQ5XKHJHODVVHQ]XZHUGHQ 6FKOLHOLFKJHODQJWHQZLULQUXKLJHUH=RQHQ,QHLQHUOHHUHQU|WOLFKEHOHXFKWHWHQ1LVFKHPDFKWHQ ZLU5DVW,FKYHUVSUWH+XQJHU'HQ6LQQIUGHQ$EODXIGHU=HLWKDWWHLFKLQ]ZLVFKHQY|OOLJYHUORUHQ$EHU HVPXWHVFKRQHWOLFKH6WXQGHQKHUVHLQVHLWGHPLFKGDVOHW]WH0DOHWZDV]XPLUJHQRPPHQKDWWH ³:LHZHLWQRFKELV]XGHU(QHUJLHZDQG"´IUDJWH)DUWXORRQ ³+|FKVWHQVQRFK]ZHLKXQGHUW0HWHU´DQWZRUWHWH.DU\NOLD³*OHLFKKLQWHU6]RUJDDOV6DUNRSKDJ´ 6]RUJDDOV6DUNRSKDJ:HQQZLUJHQXJ=HLWKDWWHQZUGHLFKPLUGHQOHW]WHQ5XKHRUWGLHVHV VHOWVDPHQ0DQQHVDQVHKHQ:HOFKHLQ/HEHQ±HLQVDPLQGHQ7LHIHQGHV,QQHUHQ%HUHLFKHV:HOFK WLHIHUXQHUVFKWWHUOLFKHU*ODXEHDQGLH*HUHFKWLJNHLWGHU*|WWHUJHK|UWHGD]XHLQHVROFKH0DUWHUPLW *OHLFKPXW]XHUWUDJHQ :HQLJH0LQXWHQVSlWHUEUDFKHQZLUZLHGHUDXI'HU.RUULGRUGXUFKGHQZLUXQVEHZHJWHQ EHVFKULHEHLQHZHOWJHVFKZXQJHQH.XUYH$OV.DU\NOLDGHQ/LFKWNHJHOGHU/DPSHQDFKYRUQHULFKWHWH VWDFKXQVHLQJUHOOHU5HIOH[HQWJHJHQ'LHGUHL7UDQVSRUWHUKLHOWHQDQ'LH*UHLINODPPHUQORFNHUWHQVLFK :LUVSUDQJHQDE $QGLHVHU6WHOOHZDUGHU*DQJEXFKWDUWLJDXVJHZHLWHW=ZHLHUOHXFKWHWH1LVFKHQODJHQHLQDQGHU JHJHQEHU4XHUGXUFKGLH$XVZHLWXQJ]RJVLFKHLQVFKLPPHUQGHVGXUFKVLFKWLJHV*HELOGH(V YHUlQGHUWHVHLQH(UVFKHLQXQJMHQDFKGHP%OLFNZLQNHOXQWHUGHPPDQHVVDK(VZLUNWHPDQFKPDOZLH HLQKDXFKGQQHU1HEHOGDQQZLHGHUZLHGLHVFKLOOHUQGH:DQGHLQHU6HLIHQEODVH 'DVZDUGHU(QHUJLH]DXQGHU7HIURGHU(UUHLFKWHYRQGHU'HFNHELV]XP%RGHQYRQGHUUHFKWHQ :DQGGHU%XFKVWELV]XUOLQNHQ(VJDENHLQHQ:HJGHUDQGLHVHP=DXQYRUEHLIKUWH )DUWXORRQVWDQGXQPLWWHOEDUYRUGHUVFKLOOHUQGHQ%DUULHUH,FKVDKLKQOlFKHOQ(UJULIIQDFKGHP 6NDUJ'LHEOLW]HQGH.OLQJHIXKUDXVGHU6FKHLGH'HU$OWHWUDWHLQHQ6FKULWW]XUFNXQGULFKWHWHGLH6SLW]H GHV6FKZHUWHVJHJHQGLHVFKLPPHUQGH(QHUJLHZDQG (LQJUHOOURWOHXFKWHQGHU3XQNWELOGHWHVLFKDQGHU6WHOOHDQGHUGLH6FKZHUWVSLW]HGLH%DUULHUH EHUKUWH=XFNHQGHNQDWWHUQGH%OLW]HIXKUHQYRQGHQEHLGHQ6FKQHLGHQGHV6NDUJVLQGLH(QHUJLHZDQG
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
KLQHLQ)DUWXORRQVWDQGMHW]WPLWYHUNQLIIHQHP*HVLFKWGD,FKVDKZLHGLH+DXWEHUGHQ.Q|FKHOQVHLQHU +DQGZHLZXUGH(VNRVWHWHLKQXQJHKHXUH$QVWUHQJXQJGDV6FKZHUW]XKDOWHQ 'HUURWH3XQNWZXUGH]XU)OlFKH'DV,QQHUHGHU)OlFKH]HUUL(LQ.UHLVPLWHLQHP KHOOHUOHXFKWHWHQURWHQ5DQGELOGHWHVLFK'HU5DQGZXUGHVWlQGLJJU|HU'DV/RFKLPWHIURGLVFKHQ (QHUJLH]DXQZXFKVELVHVGLH'HFNHXQGGHQ%RGHQGHV5DXPHVHUUHLFKWH 0LWHLQHP5XFN]RJ)DUWXORRQGDV6NDUJ]XUFN'LH/FNHLP=DXQH[LVWLHUWHIRUWDEHUQXUHLQ SDDU6HNXQGHQODQJ'DQQEHJDQQGHUURWOHXFKWHQGH5DQG]XIODFNHUQ'LH(QHUJLHZDQGVFKLHQLQ $XIUXKU]XJHUDWHQ%XQWH/LFKWEDKQHQVFKRVVHQKLQXQGKHU'LHgIIQXQJDEHUYHUULQJHUWH]XVHKHQGV LKUHQ8PIDQJ'HUURWJHUlQGHUWH.UHLVVFKPRO]6FKOLHOLFKZDUQXUQRFKGHUJUHOOH3XQNWYRUKDQGHQ GHQGLH6SLW]HGHV6NDUJVXUVSUQJOLFKHU]HXJWKDWWH(UKLHOWVLFKHLQHQ$XJHQEOLFNODQJJOKWHQRFK HLQPDOJUHOODXIXQGYHUVFKZDQGGDQQPLWHLQHPPDWWHQSDIIHQGHQ.QDOO )DUWXORRQZDQGWHVLFK]XPLU ³6RNRPPHQZLUKLQHLQ-XQJH´VWUDKOWHHU³'LH)UDJHLVWZDVXQVGULQQHQHUZDUWHW´ (UGUHKWHVLFKZLHGHUXPXQGVWDUUWHLQGHQ*DQJKLQHLQGHUVLFKMHQVHLWVGHV(QHUJLH]DXQV IRUWVHW]WH ³/HXFKWH0lGFKHQ´EHIDKOHU.DU\NOLD .DU\NOLDVFKDOWHWHGLH/DPSHHLQXQGULFKWHWHVLHDXI(LQ7HLOGHU/LFKWIOOHGUDQJPKHORVGXUFK GHQ(QHUJLHVFKLUP'HU/LFKWNHJHOHUIDWHHLQIUHPGDUWLJHV*HELOGHGDVLP+LQWHUJUXQGGHV*DQJHVDXI GHUDQGHUHQ6HLWHDXIJHWDXFKWZDU(VKDWWHGLH)RUPHLQHVVFKODQNHQ(LHVXQGZDUHWZDDQGHUWKDOE 0HWHUODQJ'LH2EHUIOlFKHJOlQ]WHPHWDOOLVFK,QGHPXQV]XJHZDQGWHQ9RUGHUWHLOJOLW]HUWHXQG VFKLPPHUWHHLQH5HLKHYRQ/LQVHQ 'HUIUHPGH5RERWHUQlKHUWHVLFKGHP(QHUJLH]DXQELVDXIHWZDIQI0HWHU(UVWDQGHLQH =HLWODQJUHJORVXQGGUHKWHVFKOLHOLFKDE0LWJHULQJHU)DKUWY|OOLJJHUlXVFKORVYHUVFKZDQGHULP +LQWHUJUXQG ³(UZROOWHQXUVHKHQZDVHVKLHUJHJHEHQKDW´NRPPHQWLHUWH)DUWXORRQPLWJULPPLJHU0LQH³,FK IUDJHPLFKZDVHUXQWHUQRPPHQKlWWHZHQQZLULQVHLQHQ%HUHLFKHLQJHGUXQJHQZlUHQ´ 'DVIUDJWHLFKPLFKDXFK'DVVFKZHLJVDPJOHLWHQGHPHWDOOLVFKJOLW]HUQGH*HELOGHZDUPLU XQKHLPOLFK(VYHUEUHLWHWHHLQH$XUDW|GOLFKHU*HIDKUXPVLFK
:LUODJHUWHQDPUFNZlUWLJHQ(QGHGHU%XFKWXQGEHULHWHQGLHZHLWHUHQ6FKULWWH:LUZXWHQ GDGDVWHIURGLVFKH6SHUUIHOGGHP6NDUJQLFKWVWDQGKLHOW:LUZXWHQDEHUHEHQVRGDMHQVHLWVGHV (QHUJLH]DXQV5RERWHUODXHUWHQGHUHQ$XIJDEHHVZDUMHGHQ(LQGULQJOLQJ]XHOLPLQLHUHQ ³:LUEUDXFKHQLUJHQGHWZDV´EUXPPWHGHU$OWHQDFKODQJHP1DFKGHQNHQ³ZRPLWZLUGLH WHIURGLVFKHQ5RERWHUGXUFKHLQDQGHUEULQJHQN|QQHQ(LQHQ.RGHJHEHURGHUVRHWZDVbKQOLFKHV´ ³:HQQ5\NPRRQXQVJHQXJ=HLWOlWN|QQHQZLUXQVLP(UVWHQ%HUHLFKQDFKVRHWZDV XPVHKHQ´PHLQWHLFK (UPDFKWHHLQHYHUQHLQHQGH*HVWH ³5\NPRRQOlWXQVNHLQH=HLW9HUODGLFKGUDXIPHLQ-XQJH´ (UVSUDFKVHKUEHVWLPPW'LHVH$UWVLFK]XJHEHQIRUGHUWHQRUPDOHUZHLVHPHLQHQ:LGHUVSUXFK KHUDXV'LHVPDODEHUUHDJLHUWHLFKQLFKW,FKZDUVLFKHUGDHUUHFKWKDWWH 3O|W]OLFKVWDQG.DU\NOLDDXI ³'DNRPPWHWZDV´PXUPHOWHVLHHLQZHQLJYHUVW|UW ,KU6LQQIU:DKUQHKPXQJHQYRQ9RUJlQJHQGHV,QQHUHQ%HUHLFKVZDUHQZlKUHQGGHU0RQDWH GHU(LQVDPNHLWJHVFKlUIWZRUGHQ6LHVWDUUWHLQGHQ*DQJKLQDXVGXUFKGHQZLUJHNRPPHQZDUHQ)U PHLQH%HJULIIHODJHUVWLOOXQGILQVWHU$EHU.DU\NOLDVDKHWZDV 6LH]RJGLHNOHLQH3IHLIHKHUYRUXQGVFKREVLH]ZLVFKHQGLH/LSSHQ ³(LQ5lXPHU´K|UWHLFKVLHVDJHQ³0|FKWHZLVVHQZDVHUKLHUZLOO´ (VYHUJLQJHQQRFKHLQSDDU$XJHQEOLFNHEHYRULFKGHQGXQNOHQ8PULJHZDKUWHGHUVLFK DOOPlKOLFKDXVGHU)LQVWHUQLVVFKlOWH(LQ:UIHOPLWDEJHUXQGHWHQ.DQWHQEHVWFNWPLWHLQHPKDOEHQ 'XW]HQGELHJVDPHU*UHLIDUPHJOLWWGXUFKGHQ.RUULGRUDXIXQV]X .DU\NOLDILQJDQ]XSIHLIHQ,QUDVFKHU)ROJHGUDQJHQGLHVFKULOOHQ6LJQDOHDXVGHP]LHUOLFKHQ 5RKU,FKVDKZLH.DU\NOLDV$XJHQVLFKZHLWHWHQ:lKUHQGVLHSILIIZDQGWHVLHVLFKXPXQGEHGDFKWH PLFKPLWHLQHPEHVFKZ|UHQGHQ%OLFN'DZDUHWZDVQLFKWLQ2UGQXQJ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
'HU5lXPHUHUUHLFKWHGLH6WHOOHDQGHUGLHEHLGHQ1LVFKHQEHJDQQHQXQGGHU*DQJVLFKZHLWHWH 'UHLVHLQHU*UHLIDUPHKDWWHVLFKLQGHQOHW]WHQ$XJHQEOLFNHQPHUNOLFKYHUOlQJHUWXQGVWUHFNWHQVLFKXQV HQWJHJHQ'DHQGOLFKVHW]WH.DU\NOLDGLH3IHLIHDE ³(UK|UWQLFKWDXIPLFK´VFKULHVLHHQWVHW]W :LH3HLWVFKHQVXUUWHQGLH*UHLIDUPHGXUFKGLH/XIW,FKVSUDQJ]XU6HLWHDOVLFKGLH*HIDKU HUNDQQWH$XFK)DUWXORRQHQWNDPGHPXQHUZDUWHWHQ=XJULII/HGLJOLFK.DU\NOLDVWDQGZLHYRQ6FKUHFN JHOlKPW(LQHVGHU7HQWDNHOVFKODQJVLFKXPLKUH+IWHQXQGULVLHLQGLH+|KH'HU*UHLIDUP]RJVLFK VRIRUW]XUFNZlKUHQGGLHEHLGHQDQGHUHQIRUWIXKUHQQDFKLKUHQ2SIHUQ]XVXFKHQ ,FKKDWWHGHQ6WUDKOHUJH]RJHQGHQLFKYRQPHLQHP'RSSHOJlQJHUHUEHXWHWKDWWH,FKVFKQHOOWH PLFK]XU6HLWHXPGHQ7HQWDNHOQ]XHQWJHKHQ,FKEUDXFKWH=HLW]XP=LHOHQGHQQGHUHUIROJUHLFKH *UHLIDUPKDWWHVLFKPLWWOHUZHLOHVRZHLW]XUFNJH]RJHQGDVLFK.DU\NOLDLQXQPLWWHOEDUHU1lKHGHV 5RERWN|USHUVEHIDQG )DXFKHQGOHFNWHGHU6FKXGHPZUIHOI|UPLJHQ0HWDOOJHELOGHKLQEHU'LH:XFKWGHV (QHUJLHVWUDKOVWULHEGHQ5RERWHUVFKUlJLQGHQ*DQJ]XUFN.OLUUHQGSUDOOWHHUJHJHQGLH:DQG'LH *UHLIDUPH]XFNWHQXQGSHLWVFKWHQ]LHOORVGLH/XIW.DU\NOLDZDUSO|W]OLFKIUHLXQGVWU]WH]X%RGHQ ³:HJYRQGRUW0lGFKHQ´VFKULHGHU$OWHPLWEHUVFKQDSSHQGHU6WLPPH .DU\NOLDUDIIWHVLFKDXIXQGVWU]WHGDYRQ'DVZDULKUH5HWWXQJ,PQlFKVWHQ$XJHQEOLFN H[SORGLHUWHGHU5RERWHU(VJDEHLQHQEHUVWHQGHQGRQQHUQGHQ.QDOO*OKHQGH0HWDOOWHLOHVXUUWHQZLH /HXFKWVSXUJHVFKRVVHGXUFKGLH/XIW,FKKDWWHPLFKLQVWLQNWLY]X%RGHQJHZRUIHQ$OVLFKPLFKZLHGHU DXIULFKWHWHGUDQJDXVGHU0QGXQJGHV*DQJHVHLQHGLFKWHEHOULHFKHQGH4XDOPZRONH$XIGHP%RGHQ JOKWHHLQH/DFKHJHVFKPRO]HQHQ0HWDOOV ³:LUPVVHQYRQKLHUZHJ´VWLH)DUWXORRQKHUYRU³+LHUVWHKHQZLUPLWGHP5FNHQ]XU:DQG :LUPVVHQHLQHQ2UWILQGHQGHUXQVHLQHQ$XVZHJIUGLH)OXFKWOlW´ .DU\NOLDVWDUUWHLKQDQ ³:DV«ZDVLVWHLJHQWOLFKORV"´VWRWWHUWHVLH³:DUXPJHKRUFKWHHUPHLQHQ6LJQDOHQQLFKW"´ (LQJULPPLJHV/lFKHOQVWDQGDXI)DUWXORRQV*HVLFKW ³'LH2IIHQVLYHKDWEHJRQQHQ0lGFKHQ´DQWZRUWHWHHU³'LH5RERWHUGHV,QQHUHQ%HUHLFKVVLQG XPSURJUDPPLHUWZRUGHQ´
9RQMHW]WDQEHZHJWHQZLUXQV]X)X.DU\NOLDKDWWHYHUVXFKWHLQSDDU7UDQVSRUWHU KHUEHL]XUXIHQ$EHULKUH6LJQDOHHU]LHOWHQNHLQH:LUNXQJPHKU)DUWXORRQV9HUPXWXQJZXUGHGDGXUFK EHVWlWLJW9RQMHW]WDQNRQQWHQZLUGHQ5RERWHUQGHV,QQHUHQ%HUHLFKVQLFKWPHKUZHLVPDFKHQGDZLU KLHUKHUJHK|UWHQ6LHEHWUDFKWHWHQXQVDOVGDVZDVZLUZDUHQDOV)UHPGN|USHU ,FKNRQQWHQLFKWDQGHUV,FKPXWHGLH*HLVWHVJHJHQZDUWGHV*HJQHUVEHZXQGHUQ(UKDWWH GXUFKVFKDXWGDXQVLUJHQGZLHGLH0|JOLFKNHLWJHJHEHQZDUGLH5RERWHUGHV,QQHUHQ%HUHLFKV]X WlXVFKHQ$XIGLHVH(UNHQQWQLVKDWWHHUEOLW]VFKQHOOXQG]LHOEHZXWUHDJLHUW'DV .RPPXQLNDWLRQVVFKHPDGHU5RERWHUZDUJHlQGHUWZRUGHQ9RQMHW]WDQZDUHQ.DU\NOLDV3IHLIVLJQDOH XQJOWLJ6LHZDUHQDXVGHP³:|UWHUEXFK´GHU5RERWHUJHVWULFKHQZRUGHQ ,FKZXWHQLFKWZHUGHUVFKQHOOH'HQNHUDXIGHUJHJQHULVFKHQ6HLWHZDU(LQH$KQXQJVDJWHPLU HVPVVH*\DO5\NPRRQVHLQGHU7HIURGHU .DU\NOLDIKUWHXQVGXUFKGHQ:LUUZDUUGHU1LVFKHQXQG.RUULGRUHGHV,QQHUHQ%HUHLFKV6LH VFKLHQ]XZLVVHQZRKLQVLHXQVEUDFKWH)DUWXORRQYHUWUDXWHLKUHEHQVRZLHLFK(UVWHOOWHNHLQH)UDJHQ JDENHLQH$QZHLVXQJHQ:LUZDUHQHWZDHLQHKDOEH6WXQGHODQJXQWHUZHJV(VEHJHJQHWHXQVNHLQ HLQ]LJHU5RERWHU,FKILQJDQ]XKRIIHQGDGHU$QJULIIGHV5lXPHUVZRP|JOLFKQXUHLQHVSRUDGLVFKH )HKOOHLVWXQJJHZHVHQVHLQN|QQH9LHOOHLFKWJDEHVJDUNHLQH2IIHQVLYH9LHOOHLFKWKDWWHQXUHLQHLQ]LJHU 5RERWHUGXUFKJHGUHKWXQGZLUZDUHQLQ:LUNOLFKNHLWQRFKVRVLFKHUZLH]XYRU $EHUGDZDUHQLPPHUKLQ.DU\NOLDV9HUVXFKH7UDQVSRUWURERWHUKHUEHL]X]LWLHUHQ0LW 3IHLIVLJQDOHQDXIGLHVLHIUKHUXQIHKOEDUUHDJLHUWKDWWHQ-HW]WUHDJLHUWHQVLHQLFKWPHKU'DVZDUHLQ JHZLFKWLJHV$UJXPHQW ³:LUNRPPHQMHW]W]X6]RUJDDOV*UDE´VDJWH.DU\NOLDSO|W]OLFK ,QOHW]WHU=HLWKDWWHQZLU]LHPOLFKYLHOH1LVFKHQSDVVLHUWGLH]XP7HLOUHFKWV]XP7HLOOLQNVGHV *DQJHVODJHQ'LHPHLVWHQHQWKLHOWHQWHFKQLVFKHV*HUlWZLHPDQHVLQMHGHU5DXPVWDWLRQILQGHW (QHUJLHYHUWHLOHU.RPSUHVVRUHQIUGLH%HOIWXQJ1RWVWURPDJJUHJDWH:lKUHQGGLH*lQJHGXUFKGLHZLU
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
XQVEHZHJWHQILQVWHUZDUHQEHVDHQGLH1LVFKHQHLQH%HOHXFKWXQJ6LHZDUYRQMHQHP5RWGDVIU 5RERWHUDXJHQVREHVRQGHUV]XWUlJOLFKLVW -HW]WMHGRFKZHLWHWHVLFKGHU*DQJSO|W]OLFK:DVVLFKGDUHFKWVXQGOLQNVGHV.RUULGRUVKLQ]RJ ZDUQLFKWPHKU1LVFKHQ]XQHQQHQ'HU*DQJZXUGH]XU+DOOH$QGHQ:lQGHQHQWODQJVWDQGHQ 0DVFKLQHQDXIJUDXHQ3RGHVWHQDXV0HWDOOSODVWLNUXKHQG(LQOHLVHV6XPPHQHUIOOWHGHQZHLWHQ5DXP GHQ/HXFKWSODWWHQLQGHUQLHGULJHQ'HFNHPLWWUEHPU|WOLFKHP/LFKWHUIOOWHQ+LHUZXUGHGLH(QHUJLH HU]HXJWGLHGHU,QQHUH%HUHLFKIUGLH'XUFKIKUXQJVHLQHU)XQNWLRQHQEUDXFKWH+LHUVWDQGHQGLH0HLOHU GLHGLH5RERWHUPLW/HLVWXQJYHUVRUJWHQ:LUEUDXFKWHQQXUGLHVH0DVFKLQHQ]X]HUVW|UHQXQGGLH*HIDKU ZDUEHVHLWLJW %HVHLWLJWZUGHQGDQQDOOHUGLQJVDXFKZLUVHLQXQGGLHEULJH%HVDW]XQJGHV(UVWHQ:HFKWRQV 'HQQLQGLH*HQHUDWRUHQKLQHLQIKUWHQ/HLWXQJHQPLWVRQQHQKHLHP:DVVHUVWRIISODVPD'HUJHULQJVWH 9HUVXFKHLQHV(LQJULIIVKlWWHHLQH([SORVLRQKHUEHLJHIKUWGXUFKGHUHQ*HZDOWGLH5DXPVWDWLRQLQ 0LOOLRQHQYRQZLQ]LJHQ7HLOHQ]HUULVVHQZRUGHQZlUH .DU\NOLDVFKULWWYRUDQELV]XP(QGHGHU+DOOH6LHGHXWHWHDXIHLQPLWWHOJURHV$JJUHJDWGDVLQ GHU(FNHVWDQGGLHYRQGHUOLQNHQ6HLWHQXQGGHU5FNZDQGGHV5DXPHVJHELOGHWZXUGH(VZLUNWH HLQIDFKXQGVFKPXFNORV(VKDWWHHLQH$EGHFNXQJDXVJUDXHUPDWWVFKLPPHUQGHU0HWDOOSODVWLN ³'DVLVW6]RUJDDOV*UDE´VDJWH.DU\NOLD
:LUWUDWHQKLQ]X,FKZDUYHUZLUUW'LH0HQWDOLWlWGHV0DQQHVQDPHQV6]RUJDDOGHQLFKQLH]X *HVLFKWEHNRPPHQKDWWHHUVFKLHQPLUDXIHLQPDOXQVlJOLFKIUHPG:DVIUDJWHLFKPLFKKlWWHLFKJHWDQ ZHQQLFKQDFKHLQHP/HEHQGHU(LQVDPNHLWLQGHQ*lQJHQGHV,QQHUQ%HUHLFKVJHVWRUEHQZlUH"+lWWH DXFKLFKPLUHLQ*UDEPDOJHEDXWGDVHLQHU0DVFKLQHJOLFK"+lWWHDXFKLFKGHPHLQ]LJHQ*HIlKUWHQ PHLQHU(LQVDPNHLWJHUDWHQ]XPHLQHP*UDE]XNRPPHQXQGGRUW7URVW]XILQGHQ" $XIGHU$EGHFNSODWWHGHVVHOWVDPHQ6DUNRSKDJVVWDQGHQLQYHUVFKQ|UNHOWHUDOWPRGLVFKHU6FKULIW GUHL:RUWH$=$5$.+%,17$1725,FKVWXW]WHEHUGHUHLJHQDUWLJHQ)RUPXOLHUXQJ³=DUDNK´ZDUHLQ DOWHVSRHWLVFKHV:RUWXQGEHGHXWHWH³7RG´±DEHUDXFKQRFKHLQH0HQJHDQGHUHU'LQJHGLHPLWGHP 7RG]XVDPPHQKLQJHQ]XP%HLVSLHO³$XIO|VXQJ´³+HLPJDQJ´XQGHLQLJHZHQLJHUSKLORVRSKLVFKH JUHLIEDUH%HJULIIHZLH³7RWHQIHLHU´³(LQlVFKHUXQJ´±XQGVRZHLWHU:HQQLFKGLH*HIKOHLQ%HWUDFKW]RJ GLH6]RUJDDOJHKHJWKDEHQPXWHDOVHUQDFKHLQHPHLQVDPHQ/HEHQGDV(QGHQDKHQVSUWHVR NRQQWHQGLH:RUWHQLFKWVDQGHUHVEHGHXWHQDOV,072',67',(5(7781* $EHULFKZDUQLFKWVLFKHUREHUZLUNOLFKGDVJHPHLQWKDWWH ³6LHNRPPHQ´ 6FKULOOJHOOWH.DU\NOLDV6FKUHLGXUFKGLHZHLWH+DOOH,FKZLUEHOWHKHUXP.DU\NOLDVWDQGGRUWZR GLH)RUWVHW]XQJGHV.RUULGRUVGXUFKGHQZLUJHNRPPHQZDUHQGLH+DOOHGXUFKGLHUFNZlUWLJH:DQG YHUOLH,QLKUHQ$XJHQVFKLPPHUWHQ$QJVWXQG(QWVHW]HQZlKUHQGVLHLQGHQ*DQJKLQDXVVWDUUWH )DUWXORRQVWDQGQHEHQPLU ³-XQJHGXPXWVLHPLUYRP/HLEHKDOWHQ´VWLHHUKHUYRU³,FKEUDXFKH=HLW´ ,FKYHUVWDQGLKQRKQH]XZLVVHQZDVHUYRUKDWWH:LUEHVDHQQXUHLQH:DIIHPLWGHUZLUXQV GHU$QJUHLIHUHUZHKUHQNRQQWHQGHQ6WUDKOHUGHULQPHLQHP*UWHOVWDN,QZHLWHQ6lW]HQKDVWHWHLFK ]XU0QGXQJGHV.RUULGRUV,FKVFKRE.DU\NOLDEHLVHLWH$XVGHUILQVWHUHQ7LHIHGHV*DQJHVGUDQJHQGLH *HUlXVFKHYRQ5RERWHUQDXIGHP9RUPDUVFK.DU\NOLDXQWHUQDKPHLQHQOHW]WHQ9HUVXFK6LH]RJLKUH 3IHLIHKHUYRUXQGJDEHLQH5HLKHYRQ6LJQDOHQGLHXQWHUQRUPDOHQ8PVWlQGHQGLH5RERWHU]XU8PNHKU EHZHJWKlWWHQ-HW]WMHGRFKHU]LHOWHQVLHNHLQHUOHL:LUNXQJ ³*HKLQ'HFNXQJ´EHIDKOLFK.DU\NOLD³8QGKDOWGLH$XJHQKRIIHQ:HQQVLHYRQGHUDQGHUHQ 6HLWHDXFKDQJUHLIHQVLQGZLUYHUORUHQ´ ,FKKDWWHHLQHVFKZHUH$XIJDEHYRUPLU,FKPXWHGLH5RERWHUGDUDQKLQGHUQLQGLH+DOOH HLQ]XGULQJHQ,P,QQHUQGHU+DOOHGXUIWHLFKNHLQHQ6FKXDEJHEHQ'LH0HLOHUPLWLKUHQ3ODVPDOHLWXQJHQ ZDUHQ]XJHIlKUOLFK$EHUVHOEVWZHQQLFKQXULQGHQ*DQJKLQDXVIHXHUWHXQGGLH([SORVLRQHLQHV 5RERWHUVJOKHQGH%UXFKVWFNHLQGLH+DOOHVFKOHXGHUWHEHVWDQG*HIDKU ,FKPXWHGHQ$QJUHLIHUVRIUKZLHP|JOLFKDXIKDOWHQ+LQWHUGHU.DQWHDQGHUGHU.RUULGRU EHJDQQZDUILFKPLFK]X%RGHQXQGlXJWHLQGLH'XQNHOKHLWKLQDXV$OVLFKGLHHUVWHVFKDWWHQKDIWH %HZHJXQJZDKUQDKPILQJLFKDQ]XIHXHUQ0LWE|VHP)DXFKHQVWDFKGHUZHLEODXH(QHUJLHVWUDKO KLQDXVLQGLH)LQVWHUQLV0HWDOOLVFKJOLW]HUQGVFKlOWHQVLFKGLH8PULVVHHLQHV5RERWHUVDXVGHP'XQNHO
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
0HLQ6FKXVDPLWWHQLP=LHO(LQHNUDFKHQGH'HWRQDWLRQULGHQYRUGHUVWHQ$QJUHLIHULQWDXVHQG )HW]HQ 'HU.DPSIKDWWHEHJRQQHQ $QIDQJVKDWWHLFKGLH+RIIQXQJGLH7UPPHUGHU]HUVW|UWHQ5RERWHUZUGHQGHQ*DQJEDOGVR YHUVWRSIHQGDGLHQDFKIROJHQGHQQLFKWPHKUQDFKUFNHQNRQQWHQ%DOGDEHUVDKLFKGDPHLQ 2SWLPLVPXVXQEHUHFKWLJWZDU'LH+DXSWPDFKWGHU$QJUHLIHUEHVWDQGDXV5lXPHUQ,KU$XIWUDJODXWHWH GLH³)UHPGN|USHU´]XILQGHQXQG]XEHVHLWLJHQ,QGHP$XJHQEOLFNDEHULQGHPHLQ5lXPHUXQWHU PHLQHP'DXHUIHXHU]XVDPPHQEUDFKXQGH[SORGLHUWHZXUGHQDXFKVHLQHhEHUUHVWH]X)UHPGN|USHUQ 6LHZXUGHQPLWDWHPEHUDXEHQGHU*HVFKZLQGLJNHLWEHLVHLWHJHUlXPW6RYLHOH7UHIIHULFKDXFKHU]LHOWHVR ELOGHWHVLFKGRFKNHLQHQHQQHQVZHUWH%DUULHUH 0HWHUXP0HWHUUFNWHQGLH$QJUHLIHUQlKHUKHUDQ,P.RUULGRUKHUUVFKWHQK|OOLVFKH 7HPSHUDWXUHQ-HGH([SORVLRQHU]HXJWHHLQH'UXFNZHOOHGLHZLHHLQW|GOLFKHU*OXWKDXFKDXVGHU 0QGXQJGHV*DQJHVEUDXVWH,FKEHNDPNHLQH/XIWPHKU,PPHU|IWHUPXWHLFKPLFKKLQWHUGLH.DQWH GHU:DQG]XUFN]LHKHQXP$WHP]XKROHQ'LHVHNXU]HQ$XJHQEOLFNHQW]WHQGLH5RERWHUXPZHLWHU YRU]XGULQJHQ *HUDGHGLHK|OOLVFKH+LW]HDEHUNDPPLUVFKOLHOLFK]X+LOIH'LH:lQGHGHV.RUULGRUVZDUHQ QLFKWGD]XJHPDFKWVROFKHQ7HPSHUDWXUHQ]XZLGHUVWHKHQ6LHEHJDQQHQ]XJOKHQXQG]XVFKPHO]HQ *OXWIOVVLJH0HWDOOSODVWLNUDQQKHUDEXQGELOGHWHUDXFKHQGH/DFKHQDXIGHP%RGHQ'HU*UHLIDUPHLQHV 5lXPHUVVWUHLIWHDQGHU:DQGHQWODQJXQGEOLHELQGHUJOKHQGHQVFKPHO]HQGHQ0DVVHNOHEHQ,FKVDK ZLHGHU5RERWHUVLFKDQVWUHQJWHGDVKlQJHQJHEOLHEHQH7HQWDNHOZLHGHUIUHL]XEHNRPPHQ(UPKWHVLFK YHUJHEHQV,FKOLHLKQHLQH:HLOH]DSSHOQGDQQPDFKWHLFKLKPPLWHLQHPZRKOJH]LHOWHQ6FKXGHQ *DUDXV $OOPlKOLFKJHZDQQLFKGLH2EHUKDQG'LH$QJUHLIHUEOLHEHQLQGHPJOKHQGHQ0RUDVWGHQGLH VFKPHO]HQGHQ:lQGHXQGGHU%RGHQGHV.RUULGRUVELOGHWHQKLOIORVVWHFNHQ:RGLHYHUKlOWQLVPlLJ NKOHQ5RERWN|USHUPLWGHP6FKPHO]IOXLQ%HUKUXQJNDPHQEOLHEHQVLHKlQJHQ,FKNRQQWHHVPLU OHLVWHQGDV)HXHUHLQH=HLWODQJHLQ]XVWHOOHQ'LH$QJUHLIHUEORFNLHUWHQHLQDQGHUJHJHQVHLWLJ ,FKKDWWHHLQHVROFKH3DXVHHEHQHLQJHOHJWXQGEHREDFKWHWHGLH$QVWUHQJXQJHQHLQHV5lXPHUV VLFKDXVGHU]lKHQ*OXWPDVVH]XEHIUHLHQ6HLQH0KHQVFKLHQHQ(UIROJ]XKDEHQ,FKOHJWHDQXQGWUDI LKQPLWGHPHUVWHQ6FKX%OLW]VFKQHOOGXFNWHLFKPLFKLQ'HFNXQJ(VJDEHLQHEUOOHQGH([SORVLRQ$OV LFKGHQ.RSIZLHGHUKLQWHUGHUVFKW]HQGHQ.DQWHKHUYRUVFKREXP]XVFKDXHQVDKLFKGDGHU6LHJ QXQHQGJOWLJPHLQZDU 'LH.RQWXUGHV*DQJHVKDWWHGHUWHXIOLVFKHQ+LW]HQLFKWPHKUZLGHUVWHKHQN|QQHQ'HU.RUULGRU ZDUHLQJHVWU]W(VEOLHEQXUQRFKHLQHZLQ]LJHgIIQXQJPLWZHLJOKHQGHQ5lQGHUQ±YLHO]XHQJDOV GDGLH5lXPHUDXFKQXUHLQHQ*UHLIDUPKlWWHQKLQGXUFKVWHFNHQN|QQHQ ,FKVWDQGDXI'LH$QVWUHQJXQJGHUYHUJDQJHQHQ0LQXWHQPDFKWHPLU]XVFKDIIHQ,FKZDUQLFKW VLFKHUDXIGHQ%HLQHQXQGYRUPHLQHQ$XJHQWDQ]WHQEXQWH5LQJH+DOEEHQRPPHQEOLFNWHLFK]X )DUWXORRQKLQEHU(UKDWWHGLH'HFNSODWWHYRQGHUYHUPHLQWOLFKHQ0DVFKLQHJHO|VWGLHLQ:LUNOLFKNHLW 6]RUJDDOV*UDEZDU,FKVDKYHUEOIIWGDGDUXQWHUHLQH5HLKHWHFKQLVFKHU$UPDWXUHQ]XP9RUVFKHLQ JHNRPPHQZDU$EHUODQJHNRQQWHLFKPLFKQLFKWGDIULQWHUHVVLHUHQ0LWJHOOHQGHU6WLPPHVFKULH .DU\NOLD ³6LHNRPPHQYRQGHUDQGHUHQ6HLWH´
,FKZDQGWHPLFKXP,P'XUFKHLQDQGHUGHV$EZHKUNDPSIVKDWWHLFKPHLQHXUVSUQJOLFKHQ %HGHQNHQY|OOLJYHUJHVVHQ,FKVHOEVWKDWWHDOVHUVWHUEHIUFKWHWGDGHU*HJQHUJOHLFK]HLWLJYRQ]ZHL 6HLWHQDXVDQJUHLIHQN|QQWH-HW]WMHGRFKZXUGHLFKYRQGHU(QWZLFNOXQJY|OOLJEHUUDVFKW ,Q5HLKHQ]XGULWWZDUHQGLH5lXPURERWHUGXUFKGHQ(LQJDQJDQGHUYRUGHUHQ6HLWHGHU+DOOH HLQJHGUXQJHQ)DVWJHUlXVFKORVVFKZHEHQGNDPHQVLH]ZLVFKHQGHQEHLGHQ5HLKHQGHU0DVFKLQHQDXI XQV]X:LUZDUHQLKQHQKLOIORVDXVJHOLHIHUWGHQQLQGHU1lKHGHU)XVLRQVPHLOHUGXUIWHLFKNHLQHQ HLQ]LJHQ6FKXDEIHXHUQ
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
,FKVWDQGVWDUU,FKZXWHQLFKWZDVLFKWXQVROOWH0LWGHUVHOEHQW|GOLFKHQ)DV]LQDWLRQPLWGHU GLH0DXVGLH]XP=XVWRHQEHUHLWH6FKODQJHDQVWDUUWHEOLFNWHLFKGHQDQUFNHQGHQ5RERWHUQHQWJHJHQ 8QVHU6FKLFNVDOHUVFKLHQEHVLHJHOW:LUKDWWHQHLQHQOHW]HQ6LHJHUUXQJHQ±XQGGHQ.ULHJYHUORUHQ 'DVWLHKLQWHUPLU)DUWXORRQHLQHQ6FKUHLDXVZLHLFKLKQQRFKQLHYRQLKPJHK|UWKDWWH (QWVHW]WZDQGWHLFKPLFKXP$EHUGHU$OWHKDWWHGLH$UPHLQGHU*HVWHGHV7ULXPSKVLQGLH+|KH JHULVVHQ$OVJlEHHVQLUJHQGZRGLHJHULQJVWH6SXUYRQ*HIDKUVWDQGHULQGHU%HWUDFKWXQJGHV 6DUNRSKDJVYHUVXQNHQ$OVEDOGDEHUEHXJWHHUVLFKZLHGHUQDFKYRUQHXQGEHJDQQDQGHQ$UPDWXUHQ ]XKDQWLHUHQGLHLFK]XYRUEHPHUNWKDWWH 0LWKHOOHP6XPPHQNDPHQGLH5lXPURERWHUQlKHU'LHIOH[LEOHQ*UHLIDUPHEHJDQQHQ]XVSLHOHQ 'DVRSWLVFKH6\VWHPGHU5lXPHUKDWWHGLH)UHPGN|USHUDXVJHPDFKW8QVEOLHENHLQ$XVZHJPHKU'HQ *DQJGXUFKGHQZLUKlWWHQHQWNRPPHQN|QQHQKDWWHLFKVHOEVW]XP(LQVWXU]JHEUDFKW'DVZDUGDV (QGH,FKNRQQWHPLUYRUVWHOOHQZDVGLH5lXPHUPLWGHQ)UHPGN|USHUQDQILQJHQGLHVLHEHLLKUHQ 5XQGJlQJHQDXIODVHQ2KQH=ZHLIHOJDEHVLP(UVWHQ:HFKWRQGLHEOLFKHQ.RQYHUWHUGLH0DWHULH ZLHGHULQ(QHUJLH]XUFNYHUZDQGHOWHQ,Q.U]HZUGHGLH6XEVWDQ]XQVHUHU.|USHUGD]XGLHQHQGLH .OLPDDQODJHQGHU5DXPVWDWLRQLQ%HWULHE]XKDOWHQ 'RFKGDQQJHVFKDKHWZDV(UVWDXQOLFKHV 'LHGUHLJOLHGULJH5HLKHGHU5RERWHUJHULHWSO|W]OLFKLQ8QRUGQXQJ'DVYRUGHUVWH*OLHGKLHOWDQ XQGGLH1DFKIROJHQGHQSUDOOWHQDXI(VHQWVWDQG'XUFKHLQDQGHU(VZDUDOVREGLH5lXPHUDXIHLQPDO LKUHQ2ULHQWLHUXQJVVLQQYHUORUHQKlWWHQ6LHWRUNHOWHQJOLWWHQKLHUKLQXQGGRUWKLQXQGVFKOXJHQPLWGHQ *UHLIDUPHQKLOIORVXPVLFK(LQHUQDFKGHPDQGHUQSUDOOWHJHJHQHLQHGHU0DVFKLQHQGLHHQWODQJGHU :lQGHDXIJHVWHOOWZDUHQ'HU$XISUDOOEHZLUNWHLPDOOJHPHLQHQGDGHU5RERWHUVHLQ %HZHJXQJVYHUP|JHQYHUORUXQGKLOIORV]X%RGHQVWU]WH'HU%RGHQGHU+DOOHEHGHFNWHVLFKPLW 5RERWHUOHLFKHQ )DVVXQJVORVZDQGWHLFKPLFKXP)DUWXORRQVWDQGYRU6]RUJDDOV6DUJGLH$UPHDEHUPDOVZLHLP 7ULXPSKHUKREHQ(UVWUDKOWHXQGULHI ³$]DUDNKELQWDQWRU±LP*UDEOLHJWGLH5HWWXQJ'LH*|WWHUP|JHQGHQDOWHQ6]RUJDDOVHJQHQ´
1XUODQJVDPEHJULIILFKGDV8QJODXEOLFKH 6]RUJDDOKDWWHVHLQ/HEHQLQGHU(LQVDPNHLWGHV,QQHUHQ%HUHLFKVQLFKWXQWlWLJYHUEUDFKW:DV DXFKLPPHUGHU*UXQGJHZHVHQVHLQPRFKWHZDUXPHUKLHUKDWWH=XIOXFKWVXFKHQPVVHQGHU=RUQGHV *HUHFKWHQKDWWHLQVHLQHP+HU]HQJHEUDQQWXQGLKQGD]XJHWULHEHQVLFKDQGHP6\VWHP]XUlFKHQGHP HUVHLQHUElUPOLFKHV/RVYHUGDQNWH (UKDWWHHLQHQ3UR]HUHFKQHUJHEDXW(UKDWWHVHLQH.HQQWQLVVHGHVLQQHUHQ%HUHLFKVGD]X JHQXW]WGLHVHQ5HFKQHUDQGDVDOOJHPHLQH1HW]DQ]XVFKOLHHQ8QG]ZDUVRDQ]XVFKOLHHQGDVHLQ 5HFKQHUGHQ9RUUDQJEHUDOOHDQGHUHQ*HUlWHLP1HW]KDWWH:XUGHGLHVHU5HFKQHUHLQJHVFKDOWHWVR NRQQWHPDQYRQLKPDXVGHQ5RERWHUQGHV,QQHUHQ%HUHLFKV%HIHKOHHUWHLOHQGLHYRQNHLQHPDQGHUHQ 5HFKQHUZLGHUUXIHQZHUGHQNRQQWH )DUWXORRQKDWWHGLHVJHUDGHQRFK]XUUHFKWHQ=HLWHUNDQQW=XOHUQHQZLHPDQGHQ5RERWHUQ JHQDXH%HIHKOHJDEGD]XKDWWHHVLKPDQGHU=HLWJHIHKOW$EHUZLHPDQGLH5lXPHU GXUFKHLQDQGHUEUDFKWHVRGDVLHQLFKWPHKUZXWHQZRUHFKWVXQGZROLQNVZDUGD]XKDWWHHVJHUDGH QRFKJHODQJW 'HU$OWHZDUDXIGLHVHOEH$UWXQG:HLVHVWXW]LJJHZRUGHQZLHLFK1XUKDWWHHUZHLWHUJHKHQGH 6FKOXIROJHUXQJHQJH]RJHQ(UKDWWHEHUGHU%HGHXWXQJGHV:RUWHV³]DUDNK´JHJUEHOW$OVHUVLFK HULQQHUWHGD³]DUDNK´DXFK³%HJUlEQLV´³*UDE´RGHU³6DUJ´EHGHXWHQNRQQWHZDUGDV*HKHLPQLVVFKRQ ]XU+lOIWHHQWUlWVHOW'HUDOWH6]RUJDDOKDWWHVLFKZDKUKDIWLJHLQ'HQNPDOJHVHW]W±DEHUQLFKWLQGHPHU VHLQHQ.|USHUKLHU]XOHW]WHQ5XKHEHWWHWH'LH*|WWHUPRFKWHQZLVVHQDQZHOFKHP2UWLQQHUKDOEGHV /DE\ULQWKV6]RUJDDOVHLQ/HEHQEHHQGHWKDWWH9LHOOHLFKWZUGHQHLQHV7DJHVVHLQH*HEHLQHJHIXQGHQ ZHUGHQ9LHOOHLFKWKDWWHHUVLFKDXFKLQHLQHQGHU.RQYHUWHUJHVWU]W $EHUGLHVKLHUZDUVHLQZDKUHV(UEHGHU5HFKQHUGHUXQV*HZDOWEHUGLH5RERWHUGHV,QQHUHQ %HUHLFKVJDE ³'DVEULQJWXQVDQV=LHO´VWLH)DUWXORRQYROOHU%HJHLVWHUXQJKHUYRU ³:LH"´ ³:LUKDEHQGLH.RQWUROOHEHUGLH5RERWHU:LUN|QQHQVLHHLQVHW]HQZLHZLUZROOHQ±
'LH6WXQGHGHU'RSSHOJlQJHU
M
$WODQ
YRUDXVJHVHW]WZLUOHUQHQZLHPDQLKQHQH[SOL]LWH%HIHKOHJLEW0LW+LOIHGHV6NDUJV|IIQHQZLUGHQ (QHUJLH]DXQ:DVEUDXFKHQZLUPHKU"´ 'DYHUVWDQGLFKHQGOLFKZDVHUYRUKDWWH
:LUOHUQWHQ)DUWXORRQVHUVWH$NWLRQKDWWHOHGLJOLFK8QRUGQXQJHU]HXJW6LHKDWWHGHQ5RERWHUQ GLH)lKLJNHLWJHQRPPHQVLFK]XRULHQWLHUHQXQG%HIHKOHQ]XJHKRUFKHQ-HW]WPXWHQZLUGHQ XPJHNHKUWHQ:HJJHKHQ:LUPXWHQGLH2UJDQLVDWLRQGHU5RERWHUZLHGHUDXIEDXHQ±XQG]ZDUVRGD VLHYRQGHQ3UR]HUHFKQHUQLP(UVWHQ%HUHLFKQLFKWEHHLQIOXWZHUGHQNRQQWH 'HUDOWH6]RUJDDOKDWWHGDPLWJHUHFKQHWGDHLQHV7DJHVMHPDQGNRPPHQZUGHXPVLFK VHLQHV5HFKQHUV]XEHGLHQHQ(UKDWWHGLH6FKZLHULJNHLWHQYRUDXVJHDKQWGLHGHUXQEHNDQQWH +LOIHVXFKHQGHLP8PJDQJPLWHLQHU0DVFKLQHGLHVHU$UWKDEHQZUGH8QGHUKDWWHYRUJHVRUJW *DQ]REHQDP(QGHGHU7DVWDWXUJDEHVHLQHZLQ]LJH%LOGIOlFKHNDXPJU|HUDOVGLH)OlFKH HLQHUPHQVFKOLFKHQ+DQG:lKUHQG)DUWXORRQVSLHOHULVFKGLHHLQ]HOQHQ7DVWHQEHWlWLJWHOHXFKWHWHVLH SO|W]OLFKDXI(LQH5HLKHYRQ6FKULIW]HLFKHQZXUGHVLFKWEDU9HUEOIIWODVHQZLU %('5b1*7(±'(5$/7(6=25*$$/*5h667(8&+ 'LH6FKULIWVWDQGHWZDHLQHKDOEH0LQXWHODQJ'DQQZHFKVHOWHVLH'LHQlFKVWH%RWVFKDIWODXWHWH ,67.$5