Projekt Planetentöter

3URMHNW3ODQHWHQW|WHU

M

$WODQ

:LVVHQVFKDIWOHUYRU*HULFKW² JHIlKUOLFKH([SHULPHQWHEHGURKHQGHQ.RVPRV  1U 3URMHNW3ODQHWHQW|WHU YRQ+*)UDQFLV



 $XI 7HUUD GHQ :HOWHQ GHV 6RODUHQ ,PSHULXPV XQG GHQ 6WW]SXQNWHQ GHU 862 VFKUHLEW PDQ $QIDQJ -DQXDU GHV -DKUHV  6WDQGDUG]HLW 6RPLWVLQG VHLW GHP (QGH GHU&RQGRV9DVDFUXQG-DKUHYHUJDQJHQ 5RQDOG 7HNHQHU MHW]W 2EHUVW XQG 6LQFODLU 0 .HQQRQ MHW]W LP 5DQJH HLQHV 2EHUVWOHXWQDQWV GLHEHLGHQ$VVHGHU 862VLQGQRFKLPPHUDP/HEHQ²XQGQHKPHQ QDFKZLHYRUDQJHIlKUOLFKHQ(LQVlW]HQWHLO 7HNHQHU GHU VLFK HLQHQ OHEHQVHUKDOWHQGHQ =HOODNWLYDWRU EHVFKDIIW KDW XQG .HQQRQ GHVVHQ RUJDQLVFKHV *HKLUQ DXIJUXQG GHU ZHLW IRUWJHVFKULWWHQHQ %LRFKHPLH HLQH /HEHQVHUZDUWXQJ YRQ YLHOHQ -DKUKXQGHUWHQ EHVLW]W RSHULHUHQ MHW]W XQWHU HLQHU QHXHQ7DUQXQJ 6HLW HWZD ]ZDQ]LJ -DKUHQ EHVLW]HQ VLH HLQ DXWRQRPHV 3ODQHWRLGHQV\VWHP DXI GHVVHQ JU|‰WHP +LPPHOVN|USHU VLH GLH =HQWUDOH GHU ³8QDEKlQJLJHQ +LOIVLQVWLWXWLRQ IU %HGUlQJWH´HWDEOLHUWKDEHQ 7HNHQHU XQG .HQQRQ VLQG &KHIV GHU 8+% XQG VLH JUHLIHQ EHUDOO GRUW LQ GHU *DOD[LVHLQZR$NWLRQHQYRQ*UR‰PlFKWHQDXVSROLWLVFKHQ*UQGHQQLFKWP|JOLFKRGHU RSSRUWXQVLQG³ .XU] QDFK %HHQGLJXQJ GHV ³.DPSIHV KLQWHU GHQ .XOLVVHQ´ GHU =HQWUDOJDODNWLVFKHQ 8QLRQ EHUQHKPHQ GLH EHLGHQ 6SH]LDODJHQWHQ DXI $WODQV %LWWH HLQHQQHXHQlX‰HUVWJHIlKUOLFKHQ$XIWUDJ (V JHKW XP GLH $XVVFKDOWXQJ YHUEUHFKHULVFKHU :LVVHQVFKDIWOHU GLH GDV 352-(.73/$1(7(17g7(5EHWUHLEHQ  'LH+DXSWSHUVRQHQGHV5RPDQV $WODQ²'HU /RUGDGPLUDO VXFKW QDFK GHQ 9HUDQWZRUWOLFKHQ IU GDV ³3URMHNW 3ODQHWHQW|WHU´ &DUO+HLKDWWHU²=HXJHHLQHVSODQHWHQ]HUVW|UHQGHQ([SHULPHQWV $DUORQ 'H9DQWHQ XQG )RGRU 7DULQRZ²5RQDOG 7HNHQHU XQG 6LQFODLU 0 .HQQRQLQGHU5DOOHYRQ9HUEUHFKHUQ 1RF7HWURXQG*UDFLD0RQHW²7HNHQHUVXQG.HQQRQV%HJOHLWHU -RH'HLUDQ²(LQ6NDQGDOUHSRUWHU *XFN\²'HU0DXVELEHUEHIUHLW*HIDQJHQH     :LH HLQ XQI|UPLJHV ,QVHNW VHQNWH VLFK GDV IOXJIlKLJH %LRODERU DXI GHQ %RGHQ KHUDE'LH.XIHQJOLFKHQQDFKKLQWHQDEJHNQLFNWHQ&KLWLQEHLQHQ&DSWDLQ*XQOHLY*LOMH VFKDOWHWH GDV $QWLJUDYWULHEZHUN QLFKW DXV (U VD‰ ZLH JHEDQQW LQ VHLQHP 6HVVHO XQG EOLFNWHDXIHLQ6XPSIORFKGDVQXUZHQLJH0HWHUYRQLKPHQWIHUQWZDU=ZHL$QWHQQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 UDJWHQGDUDXVHPSRU6LHZDUHQPLW]HUIDVHUWHQ6FKOHLHUQYHUVHKHQ*LOMHVFKlW]WHGD‰ VLHHWZDYLHU]LJ=HQWLPHWHUODQJZDUHQ ,KPZXUGHNDOWREZRKOVLFKGLH7HPSHUDWXULQGHUYROONOLPDWLVLHUWHQ)DKUNDELQH QLFKW YHUlQGHUW KDWWH 6HLQH UHFKWH +DQG OHJWH VLFK DXI GHQ 3URMHNWRUVFKDOWHUIU GHQ (QHUJLHVFKLUPGRFKHUGUHKWHLKQQRFKQLFKWKHUXP (U NRQQWH VLFK QLFKW HUNOlUHQ ZHVKDOE HU VLFK XQVLFKHU IKOWH ,KP NRQQWH EHUKDXSW QLFKWV SDVVLHUHQ 'HU 6FKZHEHU WUXJ HLQH VWDUNH 3DQ]HUXQJ XQG DXFK GLH 6LFKWNXSSHO EHVWDQG DXV HLQHP 0DWHULDO GDV DOOHQ YRUVWHOOEDUHQ *HZDOWHQ VWDQGKLHOW GLH HLQHP %LRORJHQ DXI VHLQHQ )RUVFKXQJVDXVIOJHQ DXI XQHUVFKORVVHQHQ :HOWHQ EHJHJQHQNRQQWHQ 3O|W]OLFKEHJDQQVHLQH+DXW ]XSULNNHOQ(U]XFNWH]XVDPPHQ,KPZDUDOVVHL HU YRQ HLQHP HOHNWULVFKHQ 6FKODJ JHWURIIHQ ZRUGHQ *OHLFK]HLWLJ YHUVFKZDQGHQ GLH DQWHQQHQDUWLJHQ)KOHUDXVGHPPRRULJHQ*HOlQGH'LUHNWYRULKPPDWHULDOLVLHUWHHLQH 6FKQHFNH6LHZDUHWZDHLQHQ0HWHUODQJ6XFKHQGGUHKWHVLHVLFKXPVLFKVHOEVWXQG SUH‰WHVLFKGDQQPLWGHU8QWHUVHLWHJHJHQGLH.XSSHO$XVLKUHUYLROHWWHQ+DXWVWOSWHQ VLFKEODXH'VHQKHUYRUDXVGHQHQHLQH6lXUHVSULW]WH &DSWDLQ *LOMH OlFKHOWH 'DPLW ZUGH GLH 7HOHSRUWHUVFKQHFNHZLH HU GDV 7LHU VSRQWDQQDQQWH²GLH6FKHLEHQLFKW]HUVW|UHQN|QQHQ9LHOVFKOLPPHUZlUHHVJHZHVHQ ZHQQHVPLWWHQLQGLH.DELQHJHVSUXQJHQZlUH(UYHUORUNHLQH=HLWXQGVWDUWHWHVRIRUW 'DV )OXJJHUlW VWLHJ VWHLO LQ GLH +|KH (U HUKRE VLFK XQG |IIQHWH HLQHQ 6HLWHQVFKUDQN +DVWLJQDKPHUHLQHQ(QHUJLHQDGOHUKHUDXVVFKOR‰GLH7UXQGOHKQWHVLFKDXIDWPHQG PLW GHP 5FNHQ GDJHJHQ 'LH 6FKQHFNH KDWWH VLFK QLFKW YHUWUHLEHQ ODVVHQ 6LH ODJ QRFKLPPHUDXIGHU6FKHLEH*LOMHZDUWHWHGDUDXIGD‰VLFKVHLQXQKHLPOLFKHU*HJQHULQ GLH .DELQH WHOHSRUWLHUHQ ZUGH -H OlQJHU GHU )OXJ GDXHUWH GHVWR UXKLJHU ZXUGH HU MHGRFK²ELVGLH6FKQHFNHSO|W]OLFKYHUVFKZDQG 6XFKHQGEOLFNWHHUVLFKXP'LH6FKQHFNHEHIDQGVLFKQLFKWLQGHU=HQWUDOH'DV EHGHXWHWH MHGRFK QLFKW GD‰ VLH QLFKW DQ %RUG ZDU 6LH NRQQWH EHUDOO VHLQ²LP /DGHUDXP LQ GHU 0DVFKLQHQNDPPHU RGHU LQ HLQHP GHU /DERUDWRULHQ (U IOXFKWH (U KDWWHHLQXQDQJHQHKPHV*HIKOGHU/HHUHLP0DJHQ-HW]WZlUHHUIURKJHZHVHQZHQQ HU HLQHQ 6FKXW]DQ]XJ PLWJHQRPPHQ KlWWH (U KDWWH MHGRFK GDUDXI YHU]LFKWHW ZHLO HU IHVWGDYRQEHU]HXJWJHZHVHQZDUGD‰HVDXIGLHVHU:HOWNHLQH*HIDKUJDEYRUGHU PDQVLFKVFKW]HQPX‰WH 'HU 6FKZHEHU EHJDQQ ]X VFKZDQNHQ 'LH 7ULHEZHUNH OLHIHQ XQUHJHOPl‰LJ (U YHUORUGHQ%RGHQXQWHUGHQ)‰HQUXWVFKWHTXHUGXUFKGLH.DELQHXQGSUDOOWHKDUWPLW GHU 6FKXOWHU JHJHQ GLH )XQNVWHXHUXQJ *OHLFK]HLWLJ IODPPWH HLQ :DUQOLFKW DXI 9HUJHEOLFK EHPKWH HU VLFK DXI GLH )‰H ]X NRPPHQ ,PPHU ZHQQ HU JODXEWH HV JHVFKDIIW ]X KDEHQ NLSSWH GDV )OXJJHUlW DE XQG HU ILHO HUQHXW 6FKOLH‰OLFK NURFK HU ElXFKOLQJVELV]XP3LORWHQVHVVHOXQGKLHOWVLFKDQGHQIHVWYHUVFKUDXEWHQ6HVVHOEHLQHQ IHVW(U]RJVLFKKRFKXQGVHW]WHVLFK6LFKHUKHLWVEJHOIXKUHQDXVXQGKLHOWHQLKQ*LOMH KDWWH MHGRFK NHLQHQ *UXQG VLFK HUOHLFKWHUW ]X IKOHQ 'HU 6HKZHEHU VWU]WH IDVW VHQNUHFKW]X%RGHQ 'HU&DSWDLQVFKDOWHWHGDV7ULHEZHUNPHKUIDFKDXVXQGHLQ'DQDFKIXQNWLRQLHUWH HV IU HLQLJH 6HNXQGHQ Y|OOLJ HLQZDQGIUHL (U NRQQWH GHQ 6HKZHEHU KRFK]LHKHQ XQG GHQ$EVWXU]YHUKLQGHUQ'DQQYHUVXFKWHHU]XODQGHQ'DV/LFKWHLQHU:DUQODPSHILHO LKP HUVW MHW]W DXI (U HUVFKUDN GHQQ HU ZX‰WH QLFKW ZLH ODQJH VLH VFKRQ EUDQQWH (U KDWWH VLH YROONRPPHQ EHUVHKHQ 'LH 7HOHSRUWHUVFKQHFNH KDWWH LKQ DOO]X VHKU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 DEJHOHQNW$XFKMHW]WQRFKIUFKWHWHHUVLHN|QQHSO|W]OLFKQHEHQLKPDXIWDXFKHQXQG LKQDQJUHLIHQ (U ]RJ GDV 0LNURSKRQ ]X VLFK KHUDQ XQG ULHI GDV ([SORUHUVFKLII 'LH (;  PHOGHWHVLFKVRIRUWPLWGHUYRP%DQGDEJHVSLHOWHQ$ODUPPHOGXQJ$XVLKUJLQJMHGRFK QXU KHUYRU GD‰ .RPPDQGDQW +HLKDWWHU VLFK ]XU )OXFKW YRQ GLHVHP 3ODQHWHQ HQWVFKORVVHQKDWWH'LH(;JDE.DWDVWURSKHQPHOGXQJXQGNQGLJWHGHQ6WDUWIU 8KUDP-DQXDU(UG]HLWDQRKQHHLQH(UNOlUXQJ]XJHEHQ 'DVZDULQVHFKV0LQXWHQ (U ]RJ GDV IOLHJHQGH %LRODERU VRIRUW ZLHGHU KRFK XQG EHVFKOHXQLJWH PLW +|FKVWZHUWHQ 6HNXQGHQODQJ VFKLHQ HV DOV ZUGH GDV 7ULHEZHUN MHW]W HLQZDQGIUHL IXQNWLRQLHUHQ *LOMH KDWWH GLH 7HOHSRUWHUVFKQHFNH YHUJHVVHQ %LV MHW]W NRQQWH HU GDV 6FKLIIQRFKQLFKWVHKHQ(VZDUKLQWHUHLQHP%HUJUFNHQLQHLQHPZVWHQDUWLJHQ*HELHW JHODQGHW 'RUW KDWWH GLH (; :DVVHU JHWDQNW 'XUFK HLQHQ 6FKDGHQ LQ GHU $XIEHUHLWXQJVDQODJHKDWWHGDV)RUVFKXQJVVFKLIIEHWUlFKWOLFKH:DVVHUPHQJHQLP5DXP YHUORUHQXQGZDUGDKHUJH]ZXQJHQJHZHVHQDXIGLHVHP3ODQHWHQ]XODQGHQ(VZDU GHU HLQ]LJH %HJOHLWHU HLQHU NOHLQHQ URWHQ 6RQQH 'HU 6WHUQ WUXJ GLH 1XPPHUQEH]HLFKQXQJ %,6HN 'HU 7UDEDQW ZDU QDPHQORV 6HLQH |GHQ /DQGVFKDIWHQZXUGHQDQQXUZHQLJHQ6WHOOHQYRQJHULQJHU9HJHWDWLRQDXIJHORFNHUW,Q GHU VGOLFKHQ +HPLVSKlUH GHV VDXHUVWRIIDUPHQ 3ODQHWHQ KDWWHQ GLH 6SH]LDOLVWHQ GHV 6FKLIIHVJU|‰HUH:DVVHUYRUNRPPHQDOVLQDQGHUHQ%HUHLFKHQDXVJHPDFKW &DSWDLQ*LOMHKDWWHGLH*HOHJHQKHLWJHQXW]WZLHDQGHUH%LRORJHQXQG*HRORJHQ DXFK HLQHQ /DQGVWULFK ]X HUIRUVFKHQ +LHU ZDU HU DXI HLQH HWZDV SSLJHUH )DXQD JHVWR‰HQ -HW]W HPSIDQG HU VHLQH (QWGHFNXQJ MHGRFK NHLQHVZHJV DOV EHVRQGHUV UHL]YROO (U KDWWH YLHOPHKU GDV *HIKO HLQH =HLWERPEH DQ %RUG JHQRPPHQ ]X KDEHQ 'HU 6HKZHEHU JOLWW PLW XQUHJHOPl‰LJHQ %HZHJXQJHQ EHU GLH VDQIWHQ %HUJVSLW]HQ KLQZHJ 6LH ZDUHQ YRQ HLQVFKODJHQGHQ 3DUWLNHOQ DXV GHP 5DXP ZHLWJHKHQG DEJHVFKOLIIHQZRUGHQ 1RFK YLHU 0LQXWHQ ELV ]XP 6WDUW :LHGHU VHW]WH GDV 7ULHEZHUN IU HLQLJH 6HNXQGHQEUXFKWHLOH DXV 'DV )OXJJHUlW ZXUGH ODQJVDPHU ,Q *LOMH YHUVWlUNWH VLFK GLH hEHU]HXJXQJGD‰GLH6FKQHFNHGDV$JJUHJDWLQVHLQHU/HLVWXQJEHHLQWUlFKWLJWH ³9HUGDPPW ZDUWHW DXI PLFK´ ULHI GHU &DSWDLQ LQV 0LNURSKRQ ³(V NDQQ GRFK EHUKDXSW NHLQHQ *UXQG JHEHQ RKQH PLFK ]X VWDUWHQ $XI GLHVHU :HOW JLEW HV GRFK QLFKWVZDVXQV]XHLQHUVRIRUWLJHQ)OXFKWYHUDQODVVHQN|QQWH´ 1LHPDQG DQWZRUWHWH LKP 'DV 5DXPVFKLII ZDU QXU QRFK ZHQLJH .LORPHWHU YRQ LKP HQWIHUQW (V HUVFKLHQ LKP XQHUUHLFKEDU ]X VHLQ 9RQ PHKUHUHQ 6HLWHQ UDVWHQ 3UDOOJOHLWHU XQG $QWLJUDYVFKZHEHU KHUDQ XQG YHUVFKZDQGHQ LQ GHQ 6FKOHXVHQ $X‰HU LKP KDWWHQ DOOH GLH +DQJDUV HUUHLFKW %HL LKP JLQJ HV EXFKVWlEOLFK XP %UXFKWHLOH YRQ 6HNXQGHQ'LH)ULVWOLHIDE'LHOHW]WH0LQXWHZDUDQJHEURFKHQ ³:DUWHW DXI PLFK ,FK VFKDIIH HV VRQVW QLFKW¶ VDJWH HU PLW KHLVHUHU 6WLPPH 1LHPDQG DQWZRUWHWH LKP (U IUDJWH VLFK ZDV DQ %RUG GHU (; JHVFKHKHQ VHLQ NRQQWH :DU GLH %HVDW]XQJ YRQ 7HOHSRUWHUVFKQHFNHQ EHUIDOOHQ ZRUGHQ" )ORK +HLKDWWHUZHLOHUVLFKJHJHQGLHVHQ*HJQHUQLFKWZHKUHQNRQQWH"*LOMHVFKWWHOWHGHQ .RSI(UNRQQWHHVVLFKQLFKWYRUVWHOOHQ'LH%HVDW]XQJGHV([SORUHUVFKLIIHVZDULQGHU /DJHHLQHQVROFKHQ*HJQHUYRQ%RUG]XYHUWUHLEHQ (U EOLFNWH DXI GDV &KURQRPHWHU 'LH OHW]WHQ 6HNXQGHQ YHUUDQQHQ 8QWHU GHP ([SORUHUVFKLII ZLUEHOWH 6WDXE DXI 'LH 7ULHEZHUNH OLHIHQ DQ 6DQIW KRE GLH .XJHO YRP  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 %RGHQDQJHWUDJHQYRQXQVLFKWEDUHQ$QWLJUDYLWDWLRQVIHOGHUQ'LH/DQGHVWW]HQZXUGHQ HLQJHIDKUHQ 'LH )ULVW ZDU DEJHODXIHQ XQG QRFK LPPHU WUHQQWHQ GHQ &DSWDLQ IDVW WDXVHQG 0HWHU YRP )RUVFKXQJVVFKLII 6HLQH +DQG GUFNWH GHQ %HVFKOHXQLJXQJVKHEHO QRFK ZHLWHUQDFKYRUQDEHUGLH7ULHEZHUNHJHKRUFKWHQGHP%HIHKOQLFKW6LHVHW]WHQLPPHU ZLHGHU DXV 'DQQ VDFNWH GDV %LRODERU DE XQG VFKWWHOWH VLFK DOV ZROOH HV HLQ XQVLFKWEDUHV*HZLFKWDEZHUIHQ *XQOHLY*LOMHVFKOXFNWH6HLQ0XQGZDUVRWURFNHQGD‰GLH=XQJHDP*DXPHQ NOHEWH(UNRQQWHVLFKQLFKWYRUVWHOOHQGD‰HVZLUNOLFKHLQHQEHU]HXJHQGHQ*UXQGIU HLQHQ $ODUPVWDUW JDE 'LH URWH 6RQQH ODJ LQ HLQHP 6WHUQHQVHNWRU LP lX‰HUHQ =HQWUXPVUDQG GHU *DOD[LV 'HU 3ODQHW ZDU DOOHV DQGHUH DOV ZLUWOLFK +LHU NRQQWH HV NHLQH ,QWHOOLJHQ]IRUP JHEHQ GLH EHL KRKHU ,QWHOOLJHQ] HLQH JHIlKUOLFKH $JJUHVVLYLWlW HQWZLFNHOWKDWWH(UJODXEWHQLFKWGDUDQGD‰GLH6FKQHFNHQHUQVW]XQHKPHQGH*HJQHU ZDUHQ 6HNXQGHQODQJIUFKWHWHGHU&DSWDLQGD‰HUHVQLFKWPHKUVFKDIIHQZUGH'DV ([SORUHUVFKLII VWLHJ ZHVHQWOLFK ODQJVDPHU DXI DOV EHL HLQHP $ODUPVWDUW YRUJHVHKHQ 0DQ ZDUWHWH DOVR GRFK DXI LKQ 9HUPXWOLFK KDWWH +HLKDWWHU HUNDQQW GD‰ HU 6FKZLHULJNHLWHQ PLW GHP 7ULHEZHUN KDWWH ,PPHU ZLHGHU VHW]WH HV DXV XQG GHU 6HKZHEHU VDFNWH DE 6R QlKHUWH HU VLFK GHU (; LQ HLQHU ZHOOHQI|UPLJHQ $QIOXJEDKQ (LQKXQGHUW 0HWHU YRU GHP =LHO HUNDQQWH GHU 2IIL]LHU GD‰ HU VLFK NHLQ DXVJHZRJHQHV (LQIOXJPDQ|YHU OHLVWHQ NRQQWH (U PX‰WH DOOHV ULVNLHUHQ RGHU GHU .RPPDQGDQW ZUGH LKQ DXI GLHVHU :VWHQZHOW ]XUFNODVVHQ 'HU 2EHUVW KDWWH NHLQH DQGHUH :DKO 'DV :RKO GHV 6FKLIIHV PLW VHLQHU DFKWKXQGHUWN|SILJHQ %HVDW]XQJ JLQJ YRU*LOMHZX‰WHGD‰HULKQRSIHUQZUGHZHQQHUHVQLFKWVFKDIIWH'HVKDOEVHW]WHHU DOOHVDXIHLQH.DUWH(UKDWWHQXUGLHVHHLQH&KDQFH 'LH*XUWHSUH‰WHQLKQIHVWDQGHQ6LW](UNRQQWHVLFKNDXPEHZHJHQDOVHUVLH QRFK VWUDPPHU VWHOOWH 'DQQ ]RJ HU GHQ 6HKZHEHU VWHLO QDFK REHQ QDKP GHQ %HVFKOHXQLJXQJVKHEHO NXU] ]XUFN XQG VWLH‰ LKQ GDQQ ZLHGHU JDQ] QDFK YRUQ (U SUH‰WH GLH /LSSHQ ]XVDPPHQ %LV MHW]W ZDU GDV 7ULHEZHUN LQ MHGHU 0LQXWH ZHQLJVWHQV YLHUPDO DXVJHIDOOHQ -HW]W NDONXOLHUWH HU HLQHQ GHUDUWLJHQ $XVVHW]HU PLW HLQ :LH HLQ *HELUJH HUKRE VLFK YRU LKP GLH 6FKLIIVZDQG XQG WLHI XQWHU LKP²VR VFKLHQ HV LKP² |IIQHWHVLFKGLH6FKOHXVH =ZDQ]LJ0HWHUYRUGHP([SORUHUH[SORGLHUWHHWZDVXQWHULKP'DV7ULHEZHUNILHO Y|OOLJ DXV 'HU 6HKZHEHU VDFNWH DE ZLH HLQ 6WHLQ RKQH GDEHL DQ *HVFKZLQGLJNHLW ]X YHUOLHUHQ 'HU &DSWDLQ VFKULH XQZLOONUOLFK DXI (U YHUVXFKWH GLH )DKUW ]X YHUULQJHUQ 9HUJHEOLFK $OV HU LQ GLH 6FKOHXVH KLQHLQUDVWH PDWHULDOLVLHUWH GLUHNW QHEHQ LKP GLH 7HOHSRUWHUVFKQHFNH (U IKOWH GLH lW]HQGH 6lXUH DXI VHLQHU :DQJH 'DQQ SUDOOWH GDV )OXJJHUlWLQGDV$QWLJUDYIHOGGDVLKQDXIIDQJHQVROOWH&DSWDLQ*LOMHKDWWHGDV*HIKO IURQWDO PLW HLQHU )HOVZDQG NROORGLHUW ]X VHLQ ,KP ZXUGH DXJHQEOLFNOLFK VFKZDU] YRU $XJHQ 

  $OV&DSWDLQ*LOMHZLHGHU]XVLFKNDPZDUHQ]ZHL+HOIHUEHLLKP(LQHUYRQLKQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 YHUDEUHLFKWHLKPHLQH,QMHNWLRQZlKUHQGGHUDQGHUHLKQDXVGHP6LW]KHUDXVKRE*LOMHV %OLFNH ILHOHQ DXI HLQHQ KDOEYHUVFKPRUWHQ 6FKOHLPKDXIHQ QHEHQ VHLQHP 6LW] (U HULQQHUWH VLFK ZLHGHU DQ GLH 7HOHSRUWHUVFKQHFNH 'LH EHLGHQ 0lQQHU KDWWHQ VLH PLW (QHUJLHVWUDKOHUQJHW|WHW $XI ]LWWHUQGHQ %HLQHQ EOLHE GHU 2IIL]LHU QHEHQ GHP 6HVVHO VWHKHQ (LQHU GHU EHLGHQ0lQQHUVWW]WHLKQDEHUHUO|VWHVLFKDXVVHLQHQ$UPHQ ³(VJHKWVFKRQZLHGHU´VDJWHHU 'HU+DQJDUVSH]LDOLVWGHXWHWHDXIGLH5HVWHGHU6FKQHFNH ³'DV %LHVW LVW JHJHQ GLH .XSSHO JHVFKOHXGHUW ZRUGHQ 'DV ZDU ZRKO ,KU *OFN &DSWDLQ'DGXUFKZDUVLHEHQRPPHQXQGNRQQWHZHGHU6LHQRFKXQVDQJUHLIHQ´ ³6LHKDEHQPLWHLQHP$QJULIIJHUHFKQHW"´ ³$QGHUH 6HKZHEHU KDEHQ lKQOLFKH *lVWH DQ %RUG JHKDEW´ HQWJHJQHWH VHLQ +HOIHU³1LFKWEHUDOOHQGHWHGHU$XVIOXJVRJOLPSIOLFKZLHEHL,KQHQ´ *XQOHLY *LOMH YHUOLH‰ GDV %LRODERU (LQHU GHU EHLGHQ 0lQQHU GHVLQWHJULHUWH GLH 5HVWHGHU6FKQHFNH'HUDQGHUHEHJOHLWHWHGHQ%LRORJHQ ³'DQQ VLQG HV DOVR GRFK GLH 6FKQHFNHQ GLH XQV ]XP $ODUPVWDUW JH]ZXQJHQ KDEHQ"´ IUDJWH *LOMH (U EOLHE QHEHQ GHP 6HKZHEHU VWHKHQ XQG EHWUDFKWHWH VLFK ZDV YRQ LKP EULJJHEOLHEHQ ZDU -HW]W ZXQGHUWH HU VLFK GD‰ HU XQYHUOHW]W DXV GHP )OXJJHUlWKHUDXVJHNRPPHQZDU(VZDUPLWHLQHU*HVFKZLQGLJNHLWYRQPHKUDOVIQI]LJ 6WXQGHQNLORPHWHUQ LQ GDV $XIIDQJIHOG JHUDVW KDWWH HV GDEHL GXUFKVFKODJHQ XQG ZDU JHJHQHLQH6LFKHUKHLWVZDQGJHSUDOOW'DEHLKDWWHGHU6HKZHEHU7RWDOVFKDGHQHUOLWWHQ 'LH EHLGHQ 0lQQHU KDWWHQ VLFK LKUHQ :HJ LQ GLH )OXJNDELQH PLW +LOIH LKUHU 'HVLQWHJUDWRUHQ|IIQHQPVVHQ ³.DWDVWURSKHQVWDUW ZHJHQ HLQ SDDU 6FKQHFNHQ" 1DWUOLFK QLFKW 6LU ,FK KDEH HWZDV YRQ (QHUJLHVFKZDQNXQJHQ JHK|UW GLH SO|W]OLFK DXIJHWUHWHQ VLQG :LU VLQG JHIORKHQZHLOGHUJDQ]H3ODQHWVLFKSO|W]OLFKYHUlQGHUW'LH$VWURSK\VLNHUEHKDXSWHQ HU EUHFKH DXVHLQDQGHU $EHU GDV NDQQ PDQ VLFK ZRKO QLFKW YRUVWHOOHQ 2KQH *UXQG ]HUSODW]WNHLQH:HOW´ 'HU +DQJDUVSH]LDOLVW KlWWH YHUPXWOLFK QRFK ZHLWHUJHUHGHW ZHQQ &DSWDLQ *LOMH QLFKWZHJJHJDQJHQZlUH(UZLQNWHVHLQHP5HWWHUNXU]]XXQGYHUOLH‰GHQ+DQJDU,P $QWLJUDYVFKDFKW VWLHJ HU ELV LQ GLH DVWURSK\VLNDOLVFKH $EWHLOXQJ HPSRU 2EHUVW &DUO +HLKDWWHU VSUDFK JHUDGH PLW 3URIHVVRU 3HWHU 5KLHPV GHP &KHI GHU $EWHLOXQJ 'HU :LVVHQVFKDIWOHU KDWWH GLH )UDJHQ GHV .RPPDQGDQWHQ RIIHQEDU QLFKW HUVFK|SIHQG EHDQWZRUWHQN|QQHQ+HL1DWWHUPDFKWHHLQHQXQ]XIULHGHQHQIDVWYHUVW|UWHQ(LQGUXFN $OV*LOMHGLH$EWHLOXQJEHWUDWZDQGWHGHU2EHUVWVLFKYRQ3URIHVVRU5KLHPVDE XQGJLQJ]XP$XVJDQJ$OVHUGHP&DSWDLQEHJHJQHWHUHLFKWHHULKPGLH+DQG ³,FK IUHXH PLFK GD‰ 6LH HV QRFK JHVFKDIIW KDEHQ´ VDJWH HU XQG JLQJ VRIRUW ZHLWHU*LOMHEOLFNWHLKPQDFK 2EHUVWH &DUO +HLKDWWHU JLQJ VHKU VFKQHOO 6HLQ VRQVW EODVVHV *HVLFKW ZDU OHLFKW JHU|WHW $XFK GDV 6WDFKHOKDDU VFKLHQ LQ GLHVHQ 0LQXWHQ VWDFKHOLJHU XQG ZLGHUVSHQVWLJHU DOV VRQVW DXV]XVHKHQ 'LH (UUHJXQJ ZXUGH EHL MHGHU %HZHJXQJ GHV .RPPDQGDQWHQ VLFKWEDU +HLKDWWHU ZDU HLQ HUVWNODVVLJHU *HRORJH :HOWUDXPN|USHU ZDUHQIULKQQLFKWQXULQWHUHVVDQWH6WXGLHQREMHNWHVRQGHUQZLHOHEHQGH:HVHQ:HU HLQHQYRQLKQHQVLQQORVXQGPXWZLOOLJ]HUVW|UWHRGHUDXFKQXULQ*HIDKUEUDFKWHZDULQ VHLQHQ$XJHQHLQ9HUEUHFKHU*LOMHZX‰WHGD‰HUQLFKWHKHUUXKHQZUGHELVHUZX‰WH ZHUGLHVHQ3ODQHWHQDQJULIIZHQQHVLQGLHVHP)DOOEHUKDXSWMHPDQGHQJDEGHUIU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



GLH(UHLJQLVVHDXIGHP3ODQHWHQYHUDQWZRUWOLFKZDU ³:DV LVW GHQQ HLJHQWOLFK ORV 3HWHU"´ IUDJWH GHU 6NDQGLQDYLHU 'HU 3K\VLNHU DQWZRUWHWHQLFKWVRIRUWDXIGLH)UDJH(UGHXWHWH]XGHPJUR‰HQ%LOGVFKLUPHPSRUDXI GHP GHU 3ODQHW MHW]W EHUHLWV DOV .XJHO ]X HUNHQQHQ ZDU 'LH (; HQWIHUQWH VLFK VFKQHOOYRQGHP:VWHQSODQHWHQ ³'DV ZLVVHQ ZLU DXFK QLFKW JHQDX *XQOHLY´ VDJWH 7KLHPV VFKOLH‰OLFK ³:LU KDEHQ IHVWJHVWHOOW GD‰ XQJHKHXUH (QHUJLHIOXWHQ DXI GHQ 3ODQHWHQ JHSUDOOW VLQG $EHU GHVKDOENDQQLFKPLUGHQ6XEVWDQ]YHUOXVWQRFKQLFKWHUNOlUHQ´ 'HU&DSWDLQ]XFNWH]XVDPPHQDOVHUGLHVH:RUWHK|UWH6HLQH%OLFNHULFKWHWHQ VLFKHUQHXWDXIGHQ%LOGVFKLUPPLWGHP3ODQHWHQ3O|W]OLFKNRQQWHHUGHXWOLFKHUNHQQHQ ZDVGHU3URIHVVRUPHLQWH %LV GDKLQ KDWWH HU HV EHUVHKHQ ZHLO GLH (UHLJQLVVH VLFK DXI GHU 6HLWH DEVSLHOWHQ GLH GHU 6RQQH DEJHZDQGW ZDU XQG LP 'XQNHOQ ODJ -HW]W DEHU VFKRE VLFK GDV8QKHLPOLFKHDXIGLHHUKHOOWH6HLWHKLQEHU 'HU3ODQHWO|VWHVLFKDXI *LOMHWUDWXQZLOONUOLFKQlKHUDQGHQ%LOGVFKLUPKHUDQ1LHPDQGVSUDFKHLQ:RUW $XFK GLH DQGHUHQ $VWURSK\VLNHU VWDUUWHQ ZLH JHEDQQW DXI GDV XQJHZ|KQOLFKH %LOG .HLQHU YRQ LKQHQ NRQQWH VLFK GLH (UHLJQLVVH HUNOlUHQ 9RU LKUHQ $XJHQ IUD‰ VLFK GDV 1LFKWV LQ GHQ 3ODQHWHQ KLQHLQ =XQlFKVW YHUVFKZDQG GLH U|WOLFKJHOEH :VWHQODQGVFKDIW 'DUXQWHU ZXXGHQ JUDXH )HOVHQVFKLFKWHQ VLFKWEDU $EHU DXFK GLH ZLFKHQ GHU XQVLFKWEDUHQ *HZDOW 'DV ,QQHUH GHV 3ODQHWHQ ZDU ]X HUNHQQHQ 'HQ 7HUUDQHUQERWVLFKGDVXQJODXEOLFKH%LOGHLQHVDXIJHVFKQLWWHQHQ3ODQHWHQ(VHULQQHUWH VLH DQ GLH 4XHUVFKQLWWVGDUVWHOOXQJHQ YRQ :HOWUDXPN|USHUQ ZLH VLH LQ /HKUEFKHUQ JHERWHQZXUGHQ ³:DUXPSODW]WHUQLFKWDXVHLQDQGHU"´IUDJWH*LOMHYHUZLUUW ³'DV EHJUHLIHLFK QLFKW´ VDJWH 3URIHVVRU 5KLHPV ³.HLQ 3ODQHW NDQQ VLFK LQ GLHVHU:HLVHDXIO|VHQ'DVLVWSK\VLNDOLVFKXQP|JOLFK´ ³-HW]WLVWIDVWGHUKDOEH3ODQHWZHJ´ 'LH5FNVHLWHGHU:HOWGLHVLHYRU0LQXWHQYHUODVVHQKDWWHQOHXFKWHWHZHL‰OLFK URW'HU%HJOHLWHUGHUURWHQ6RQQHVDKDXVDOVVHLHUPLWHLQHPULHVLJHQ0HVVHULQGHU 0LWWHGXUFKJHVFKQLWWHQZRUGHQ 'DQQ SO|W]OLFK EDUVW GHU 3ODQHW DXVHLQDQGHU 'HU XQJHKHXUH 'UXFN DXV VHLQHP ,QQHUQGHUELVMHW]WVFKHLQEDU]XUFNJHKDOWHQZRUGHQZDUZlKUHQGKHUDXVVFKLH‰HQGH JOXWIOVVLJH0DWHULHWDWVlFKOLFKVRIRUWLP1LFKWVYHUVFKZDQGYROOHQGHWHGLH=HUVW|UXQJ 'HU,QWHUNRPVFKDOWHWHVLFKHLQ*LOMHHUNDQQWHGHQ)XQNRIIL]LHULP%LOG ³&DSWDLQ*LOMHELWWHLQGLH+DXSWOHLW]HQWUDOH´VDJWHGHU2IIL]LHU ³:DVJLEWHV"´IUDJWHHU]XUFN ³:LUKDEHQMHQVHLWVGHV3ODQHWHQHLQHDXIIDOOHQGKRKH(QHUJLHHQWIDOWXQJJHRUWHW 6LU'RUWN|QQWHHLQ5DXPVFKLIIH[SORGLHUWVHLQ´ ³'DQNH,FKNRPPH´ (U YHUOLH‰ GLH DVWURSK\VLNDOLVFKH $EWHLOXQJ ,P $XVJDQJ GUHKWH HU VLFK QRFK HLQPDO XP XQG EOLFNWH ]XUFN 9RQ GHP 3ODQHWHQ ZDUHQ QXU QRFK 7UPPHUVWFNH EULJJHEOLHEHQ ,Q GHU :HOWUDXPNlOWH YHUORU VLFK GLH *OXW GHV 3ODQHWHQLQQHUQ VHKU VFKQHOOVRGD‰GLH5HVWHQXUQRFKDQGHQ5HIOH[LRQHQGHV6RQQHQOLFKWHV]XHUNHQQHQ ZDUHQ *LOMHOlFKHOWH  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 :lKUHQGHU]XU+DXSWOHLW]HQWUDOHHLOWHZXUGHHUVLFKGHVVHQEHZX‰WZDVHVIU LKQSHUV|QOLFKEHGHXWHWHGD‰HUQRFKUHFKW]HLWLJDQ%RUGJHODQJWZDU 

  'LH (; EHIDQG VLFK EHUHLWV DXI HLQHP QHXHQ .XUV DOV &DSWDLQ *LOMH GLH +DXSWOHLW]HQWUDOHEHWUDW2EHUVW+HLKDWWHUZDQGWHVLFKLKP]X ³$OOHVJXWEHUVWDQGHQ*XQOHLY"´ ³1DWUOLFK$OOHVLQ2UGQXQJ6LU´ ³*XW ,FK P|FKWH GD‰ 6LH GDV .RP PDQGR EHU GLH 8QWHUVXFKXQJVHLQKHLW EHUQHKPHQ´ (U GUHKWH VLFK XP XQG JLQJ ]XP 3LORWHQ hEHU GLHVHP EHIDQG VLFK HLQ JUR‰HU%LOGVFKLUP1RFKZDUQLFKWVDOVHLQURWHU3XQNWGDUDXI]XHUNHQQHQ ³'DVLVWXQVHU=LHO´HUNOlUWHGHU.RPPDQGDQW³'DVJHRUWHWH([SORVLRQV]HQWUXP ,FK YHUPXWH GD‰ ZLU GRUW DXI HLQ 5DXPVFKLII VWR‰HQ XQG LFK JODXEH GD‰ HV MHW]W QXU QRFK HLQ :UDFN LVW :DKUVFKHLQOLFK KDW VLFK MHPDQG NUlIWLJ EHUQRPPHQ DOV HU GHQ 3ODQHWHQ]HUVW|UWH'LHNOHLQHQ6WUDIHQVFKLFNWGHU6FK|SIHUVRIRUW´ ³'LH NOHLQHQ 6WUDIHQ 6LU"´ IUDJWH *LOMH OlFKHOQG ³:HQQ 6LH VLFK QLFKW JHLUUW KDEHQGDQQLVWGRFKZRKOYRQGHU%HVDW]XQJQLFKWYLHOEULJJHEOLHEHQ´ ³(EHQ(VLVWDOOHVEOLW]VFKQHOOJHJDQJHQ'DVLVWHLQHGXUFKDXVPLOGH6WUDIH´(U OlFKHOWH IOFKWLJ ³6LH ZHUGHQ PLW ]ZDQ]LJ 0lQQHUQ LQ GDV JHRUWHWH 2EMHNW EHUZHFKVHOQ XQG HV XQWHUVXFKHQ :LU EOHLEHQ VWlQGLJ LQ )XQNYHUELQGXQJ 6ROOWHQ VLH DXIQRFKOHEHQGH%HVDW]XQJVPLWJOLHGHUVWR‰HQYHUVXFKHQ6LHVLH]XEHUJHQ´ (U QLFNWH GHP &DSWDLQ ]X *LOMH ]RJ VLFK ]XUFN (U ZROOWH VRIRUW PLW GHQ 9RUEHUHLWXQJHQIUGHQ(LQVDW]EHJLQQHQ0LQXWHQVSlWHUWUDIHUEHUHLWVXPJHNOHLGHWLQ +DQJDU ' HLQ LQ GHP VLHE]HKQ 0lQQHU DXI LKQ ZDUWHWHQ 6LH WUXJHQ DOOH IOXJIlKLJH .DPSIDQ]JHPLWGHQHQVLHVLFKDXFKLP:HOWUDXPIUHLEHZHJHQNRQQWHQ8QPLWWHOEDU QDFK LKP NDPHQ GUHL )UDXHQ GLH HEHQIDOOV ]X GHP .RPPDQGR JHK|UWHQ $XFK VLH ZDUHQHLQVDW]EHUHLW&DSWDLQ*LOMHJDEVHLQH0HOGXQJDQGLH+DXSWOHLW]HQWUDOHGXUFK ³'LH EHZX‰WHQ GUHL ZHLEOLFKHQ 0LQXWHQ PHLQH 'DPHQ"´ IUDJWH HU PLW VS|WWLVFKHP8QWHUWRQXQGEOLFNWHDXIVHLQ&KURQRPHWHU 'RURWK\$QGUpHHLQHDWWUDNWLYH(OHNWURQLNVSH]LDOLVWLQDQWZRUWHWHLKPLPJOHLFKHQ 7RQ ³6LH YHUJHVVHQ GD‰ ZLU LPPHUKLQ QRFK HLQLJH =XVDW]DXIJDEHQ ]X YHUULFKWHQ KDEHQ6LU´ ³$OVGDVLQG"´ ³=XP%HLVSLHOGLH/LSSHQQDFKVFKPLQNHQ´ ³:HQGHQ6LHVLFKGRFKHLQPDODQ'U0LFKHO7UDSHDX:LHLFKK|UWHKDWHUHLQH VXSUHDOLVWLVFKH )ROLH HQWZLFNHOW GLH DXI GLH /LSSHQ JHNOHEW ZHUGHQ NDQQ 6LH VROO JDUDQWLHUWIDUEXQGNX‰HFKWVHLQ´ ³,FKKDEHQLFKWYRUGDGUDX‰HQ]XNVVHQ6LU´6LHGHXWHWHPLWGHP$UPDXIGLH $X‰HQVFKOHXVH 'LH 6WLPPH YRQ 2EHUVW +HLKDWWHU XQWHUEUDFK GDV *HSOlQNHO (U JDE GLH HUVWHQ JHQDXHUHQ2UWXQJVHUJHEQLVVHGXUFK ³:LU KDEHQ GDV 6FKLII MHW]W HUID‰W´ VDJWH HU ³(V KDQGHOW VLFK XP HLQHQ .XJHOUDXPHU PLW HLQHP 'XUFKPHVVHU YRQ IQIKXQGHUW 0HWHUQ -HW]W VLQG QXU QRFK 7UPPHU YRUKDQGHQ 'LH .HUQ]HOOH VFKHLQW MHGRFKLP 9HUKlOWQLV ]XP 5HVW²UHFKW JXW HUKDOWHQ]XVHLQ´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 'LH (LQVDW]JUXSSH EHWUDW GLH 6FKOHXVH 'LH 6FKRWWH IXKUHQ ]X 'LH /XIW ZXUGH DEJHVDXJW 'LH $X‰HQVFKRWWH JOLWWHQ ]XU 6HLWH *LOMHV %OLFNH ILHOHQ DXI HLQ VFKZDU]YHUEUDQQWHV:UDFNGDVLQHLQHU(QWIHUQXQJYRQHWZDHLQHP.LORPHWHUYRQGHU (; LP 5DXP VFKZHEWH (V ZXUGH YRQ PHKUHUHQ 6FKHLQZHUIHUQ GHV ([SORUHUVFKLIIHV DQJHVWUDKOW *LOMH JDE GDV (LQVDW]NRPPDQGR 1DFKHLQDQGHU VFKZHEWHQ GLH 0lQQHU XQG GLH )UDXHQ LQ GHQ 5DXP KLQDXV 6LH QlKHUWHQ VLFK GHP :UDFNVHKUVFKQHOO $OVHUVWHVVWHOOWH*LOMHIHVWGD‰+HLKDWWHUVHLQH*U|‰HQDQJDEHQEHUGDV6FKLII QXUPLW+LOIHGHU3RVLWURQLNHUUHFKQHWKDEHQNRQQWH'DV:UDFNEHVWDQGWDWVlFKOLFKQXU QRFK DXV NOHLQHQ %UXFKVWFNHQ XQG 6SOLWWHUQ DXV GHQHQ VLFK NDXP QRFK HWZDV HUNHQQHQ OLH‰ 'HU &DSWDLQ KlWWH DXV GHP EOR‰HQ $QEOLFN GHU 5HVWH QLFKW DXI HLQHQ .XJHOUDXPHU JHVFKORVVHQ :DV +HLKDWWHU DOV ³.HUQ]HOOH´ EH]HLFKQHW KDWWH ZDU QXU QRFK HLQ XQI|UPLJHU .OXPSHQ DXV ]HUVFKPRO]HQHP XQG ZLHGHU HUVWDUUWHP 0HWDOO XQG 3ODVWLN XPJHEHQ YRQ YHUERJHQHQ 6WUHEHQ ]HUIHW]WHQ 3ODWWHQ XQG DEJHULVVHQHQ .DEHOQ *LOMHODQGHWHDXIHLQHPVSLUDOI|UPLJYHUGUHKWHQ7UlJHU9RQMHW]WDQEHVFKULHEHU MHGHQ 6FKULWW GHQ HU WDW XP GHQ .RPPDQGDQWHQ ODXIHQG ]X XQWHUULFKWHQ 'LH 0lQQHU VFKZlUPWHQDXVXQGJLQJHQGDV:UDFNYRQDOOHQ6HLWHQDQ'LHGUHL)UDXHQEOLHEHQLQ GHU 1lKH GHV &DSWDLQV GHU VLFK GHQ :HJ GXUFK GDV *HZLUU GHU 6WUHEHQ PLW +LOIH VHLQHV 'HVLQWHJUDWRUV IUHLVFKR‰ (U EHRUGHUWH GLH )UDXHQ LQ ]ZHL QHEHQHLQDQGHU OLHJHQGH5lXPHLQGHQHQQRFK*HUlWVFKDIWHQ]XHUNHQQHQZDUHQ6LHEHJDQQHQVRIRUW PLWGHU8QWHUVXFKXQJ(UGUDQJZHLWHUYRUELVHU]XHLQHP*DQJNDPGHVVHQ'HFNH HLQJHVXQNHQ ZDU (U VFKZHEWH LQ %RGHQQlKH ELV ]X HLQHP YHUNRKOWHQ 6FKRWW (V OLH‰ VLFKQLFKWPHFKDQLVFK|IIQHQ1DFK5FNVSUDFKHPLWGHP.RPPDQGDQWHQHQWVFKOR‰HU VLFKHV]X]HUVWUDKOHQ:HGHUHUQRFK+HLKDWWHUUHFKQHWHGDPLWGD‰QRFKMHPDQGLP :UDFN OHEWH 'DKHU ZDU HU DXFK QLFKW EHUUDVFKW DOV VLFK GDV 6FKRWW HQWIHUQHQ OLH‰ RKQH GD‰ VLFK HLQ 'UXFN YRQ LQQHQ KHU EHPHUNEDU PDFKWH $XFK GLH .HUQ]HOOH GHV 6FKLIIHVZDUEHUHLWVOXIWOHHU 'XUFKGLHgIIQXQJLP6FKRWWVFKZHEWHHULQHLQHQJUR‰HQ5DXP'DEHLGUHKWHHU VLFKODQJVDPXPVHLQH/lQJVDFKVH6RZDQGHUWHGHU6WUDKOVHLQHU+HOPODPSHEHUGLH :lQGH'DV/LFKWEUDFKVLFKYLHOIDFKDQDXIJHZLUEHOWHQ$VFKHUHVWHQ'HU&DSWDLQVDK QXU YHUVFKPRUWH XQG YHUNRKOWH (LQULFKWXQJHQ GLH HU DOV 6FKDOW XQG 6WHXHUHOHPHQWH LGHQWLIL]LHUHQ NRQQWH +LHU KDWWH GDV )HXHU PLW XQJHKHXUHU *HZDOW JHWREW 'LH +LW]H KDWWHEXFKVWlEOLFKDOOHVYHUQLFKWHW ³*XQOHLYZDUXPUHGHQ6LHQLFKWZHLWHU"´IUDJWHGLH6WLPPHGHV.RPPDQGDQWHQ LQGHQ+HOPODXWVSUHFKHUQ ³9HU]HLKXQJ 6LU´ DQWZRUWHWH *LOMH ³,FK ZDU EHUUDVFKW ZHLO LFK PLU QLFKW UHFKW YRUVWHOOHQ NDQQ ZDV KLHU JHVFKHKHQ LVW +LHU LVW HWZDV XQWHU XQYRUVWHOOEDUHU +LW]HHQWIDOWXQJYHUEUDQQWDEHUZDVGDVZDULVWQLFKW]XHUNHQQHQ´ (UJOLWW]XHLQLJHQ*HELOGHQKLQEHUYRQGHQHQHUDQQDKPGD‰HVYRUKHU6HVVHO JHZHVHQZDUHQ ³0DQ N|QQWH GHQ (LQGUXFN KDEHQ GD‰ GLH (QHUJLH PLW GHU PDQ GHQ 3ODQHWHQ KDOELHUW KDW KLHUKHU ]XUFNJHVFKODJHQ LVW 2IIHQVLFKWOLFK NRQQWH PDQ GDV ([SHULPHQW QLFKW VR EHHQGHQ ZLH PDQ ZRKO JHSODQW KDW´ *XQOHLY *LOMH XQWHUEUDFK VHLQH hEHUOHJXQJHQ 'DV /LFKW VHLQHV +HOPVFKHLQZHUIHUV ZDU DXI HLQH YHUNRKOWH *HVWDOW JHIDOOHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



³*XQOHLYUHGHQ6LHZHLWHU´ ³6LU´DQWZRUWHWHGHU&DSWDLQ³:HQQLFKPLFKQLFKWVHKULUUHGDQQKDEHLFKHLQHQ 7RWHQHQWGHFNW´ (U VWUHFNWH GLH +DQG DXV XQG EHUKUWH GHQ $VFKHNOXPSHQ GHU HLQH HQWIHUQW KXPDQRLGH)RUPKDWWH(LQYHUEUDQQWHU.QRFKHQZXUGHVLFKWEDU*LOMHVW|KQWHOHLVH ³(LQ0HQVFK*XQOHLY"´ ³(V VLHKW ZHQLJVWHQV VR DXV DOV ZlUH HV HLQ¶ 0HQVFK JHZHVHQ (U KDW HLQHQ VFKZHUHQ.DPSIDQ]XJJHWUDJHQ(LQ6WLHIHOLVWQRFKUHFKWJXWHUKDOWHQ´ 2EHUVW+HLKDWWHUDQWZRUWHWH]XQlFKVWQLFKW(UVFKLHQHEHQVREHUUDVFKW]XVHLQ ZLHGHU&DSWDLQ ³:LUPVVHQLKQEHUJHQ´HUNOlUWHGHU.RPPDQGDQWHQGOLFK³9HUVXFKHQ6LHGLH /HLFKHDQ%RUG]XEULQJHQ´ ³6LUZlUHHVQLFKWDQJHEUDFKWHUGDIUHLQHQ0HGL]LQHURGHU HLQHQ6SH]LDOLVWHQ ]XVFKLFNHQ",FKKDEHNHLQH$KQXQJZLHPDQHLQHGHUDUWEHVFKlGLJWH/HLFKHEHZHJW RKQH VLH YROOHQGV ]X ]HUVW|UHQ 'DV ZlUH HLQH $XIJDEH IU 2OH 2ORIVRQ GHQ $UFKlRORJHQ(UNHQQWVLFKYHUPXWOLFKEHVVHUGDPLWDXV´ ³*XWZDUWHQ6LHDXILKQ&DSWDLQ´ (LQH6WXQGHVSlWHUVWDQG2EHUVW+HLKDWWHUNRSIVFKWWHOQGLQGHUSDWKRORJLVFKHQ $EWHLOXQJ XQG EOLFNWH DXI GLH YHUNRKOWHQ 5HVWH KLQDE GLH DXI GHP 8QWHUVXFKXQJVWLVFK ODJHQ 6HOEVW HLQHP 6SH]LDOLVWHQ ZLH 2ORI 2ORIVRQ ZDU HV QLFKW JHOXQJHQ PHKU DOV HLQHQ7RUVR]XEHUJHQ'DUDXVZDUMHW]WQRFKQLFKWHLQPDOHLQGHXWLJ]XHUVHKHQREHV VLFKWDWVlFKOLFKXPGLHVWHUEOLFKHQhEHUUHVWHHLQHV0HQVFKHQKDQGHOWH 2ORIVRQ KDWWH GHQ $VFKHNOXPSHQ PLW HLQHP FKHPLVFK QHXWUDOHQ .XQVWKDU] JHVSUKW QDFKGHP HU LKQ PLW HLQHP 6WDELOLVDWLRQVKDU] JHVLFKHUW KDWWH 6R KDWWH HU YHUKLQGHUWGD‰HUDXVHLQDQGHUILHO=XVDPPHQPLWGHQ3DWKRORJHQGHU(;NRQQWH HU GLH VWHUEOLFKH +OOH MHW]W XQWHUVXFKHQ RKQH EHIUFKWHQ ]X PVVHQ GD‰ VLH VLFK ]X 6WDXEDXIO|VWH ³8QWHUVXFKHQ6LHLKQ´VDJWH+HLKDWWHU ³,KQ"´IUDJWH&DSWDLQ*LOMH ³,FK ELQ GDYRQ EHU]HXJW GD‰ ZLU GLH 5HVWH HLQHV 0HQVFKHQ YRU XQV KDEHQ´ HQWJHJQHWH GHU .RPPDQGDQW ³8QG LFK KDEH HLQ VHKU JUR‰HV =XWUDXHQ LQ XQVHUH 3DWKRORJHQ6LHZHUGHQPHKUKHUDXVILQGHQDOVZLUMHW]WQRFKIUP|JOLFKKDOWHQ´ ³6LHYHUSIOLFKWHQXQVZLHGHUHLQPDO]XJUR‰HU/HLVWXQJ6LU´VDJWH2ORIVRQ ³'DVZDUGLH$EVLFKW´2EHUVW&DUO+HLKDWWHUOlFKHOWHXQPHUNOLFK     %HXWH6NDOGDOHLQVFKOXJPLW+lQGHQXQG)‰HQXPVLFKDEHUGDVKDOILKPQLFKW YLHO 'LH EHLGHQ (UWUXVHU VFKOHSSWHQ LKQ ELV DQ GLH PHWDOOHQH 6FKZLQJWU XQG VFKOHXGHUWHQLKQLQKRKHP%RJHQDXIGLH6WUD‰HKLQDXV'HU.DUKDLQHUODQGHWHDXIGHP VSLHJHOEODQNHQ %RGHQ 'RUW EOLHE HU DXFK HLQLJH 0LQXWHQ OLHJHQ XQG EHGDFKWH GLH EHLGHQ5DXVVFKPHL‰HUPLW6HULHQYRQ6FKLPSIZRUWHQ'LH=XVFKDXHUEHORKQWHQVHLQH (UILQGXQJVJDEHPLW/DFKVDOYHQ'DVZDU]XYLHOIULKQ(UHUKREVLFKXQGSUIWHVHLQH *OLHGHU'DEHLZLQNHOWHHUVLHDQVFKOHQNHUWHVLHXQGVFKWWHOWHVLHLQHLQHU:HLVHGLH DEHUPDOV+HLWHUNHLWVDXVEUFKHDXVO|VWH  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 (UZDUIHLQHP%DUQLWHUHLQHQYHUlFKWOLFKHQ%OLFN]XJDEHLQHU(\WK(FKVHHLQHQ )X‰WULWWXQGKXPSHOWHGDYRQ $OVHUEHLGHPQlFKVWHQ6SLHOVDORQYRUEHLNDPWUDWHLQ(SVDOHUDXILKQ]X ³)UHXQGKDVWGXVFKRQHLQPDOHLQ6SLHOEHLXQVJHZDJW"´ ³1DWUOLFKQLFKW´DQWZRUWHWH6NDOGDOHLQ³8QGLFKZHUGHDXFKNHLQHVZDJHQ,FK ELQQlPOLFKSOHLWH(EHQGHVKDOEELQLFKDXVGHPµ6NLOOHU¶KHUDXVJHIORJHQ'DVVROOWHGLU GRFKHLJHQWOLFKDXIJHIDOOHQVHLQ´ (U VWOSWH VHLQH ]HUNOIWHWHQ /LSSHQ KRFKPWLJ QDFK YRUQ XQG ]RJ GLH EODX XQG JUQJHPXVWHUWHQ%UDXHQZDU]HQDXIGLH6WLUQKLQDXI ³'DV VSLHOW NHLQH 5ROOH .DUKDLQHU :LU VLQG NHLQH /XPSHQ %HL XQV KDVW GX .UHGLW´ 6NDOGDOHLQ VFKWWHOWH XQZLOOLJ GHQ .HSI (U VFKRE VHLQH +lQGH LQ GLH 7DVFKHQ XQG JLQJ ZHLWHU 6FKRQ QDFK ZHQLJHQ 6FKULWWHQ EOLHE HU MHGRFK ZLHGHU VWHKHQ 6HLQH %OLFNHULFKWHWHQVLFKDXIHLQHQVHKUJUR‰HQEUHLWVFKXOWULJHQ0DQQGHVVHQ*HVLFKWYRQ /DVKDWQDUEHQ JH]HLFKQHW ZDU 'HU .DUKDLQHU EHJDQQ ]X OlFKHOQ 0LW HLQLJHQ 6FKULWWHQ HUUHLFKWHHU7HNHQHU ³LFK KDEH JHK|UW 0U 7HNHQHU GD‰ 6LH GLH :DIIHQVDPPOXQJ ,KUHV $KQHQ LQ KRKHQ(KUHQKDOWHQ´ 5RQDOG 7HNHQHU EOLHE VWHKHQ (U EOLFNWH DXI GHQ .RORQLDOWHUUDQHU KHUDE 6NDOGDOHLQULHEVLFKGLH+lQGH*HGXOGLJZDUWHWHHUDXIGLH$QWZRUWGHV0DQQHVGHP GLHVH6WDGWXQGGHU3ODQHWRLGDXIGHPVLHVWDQGZHQLJVWHQV]XU+lOIWHJHK|UWHQ ³:DVKDEHQ6LHPLU]XELHWHQ.DUKDLQHU"´IUDJWH7HNHQHUUXKLJ ³(LQH6HOWHQKHLW´ 'HU7HUUDQHUEOLFNWHDXIVHLQ&KURQRPHWHU ³'DQQUDXVPLWGHU6SUDFKH´IRUGHUWHHU6NDOGDOHLQDXI³,FKKDEHZHQLJ=HLW´ (U PDFKWH $QVWDOWHQ ZHLWHU]XJHKHQ DOV GHU .DUKDLQHU ]|JHUWH 'D JULII 6NDOGDOHLQVFKQHOO]XVHLQHP*UWHOXQGKLHOW7HNHQHUHLQHNOHLQH:DIIHHQWJHJHQGLH DXVVDKZLHHLQ]LHUOLFKHU(QHUJLHVWUDKOHU ³(LQH'XHOOVFKOHXGHUYRQ.DUKDLQ´ 7HNHQHUPXVWHUWHGHQ0DQQ(UHULQQHUWHVLFKQLFKWGDUDQMHPDOVGDYRQJHK|UW ]XKDEHQGD‰HLQ.DUKDLQHUVHLQH'XHOOZDIIH]XP9HUNDXIDQJHERWHQKDWWH6NDOGDOHLQ PX‰WH LQ XQJHZ|KQOLFKHQ 6FKZLHULJNHLWHQ VWHFNHQ ZHQQ HU VLFK EHU GDV XQJHVFKULHEHQH*HVHW]VHLQHV+HLPDWSODQHWHQKLQZHJVHW]HQZROOWH ³:DUXP"´IUDJWH7HNHQHU 6NDOGDOHLQ]HLJWHDXIGHQ6SLHOVDORQ ³6LH KDEHQ PLFK IHUWLJJHPDFKW 6LH KDEHQ PLFK PLW DOOHQ HUGHQNOLFKHQ 7ULFNV EHWURJHQ ,FK VWHFNH ELV ]XP +DOV LQ 6FKXOGHQ -HW]W EUDXFKH LFK *HOG XP 6DWLV¼\ ZLHGHUYHUODVVHQ]XN|QQHQ´ ³,FKP|FKWHGLH:DIIHSUIHQ´ ³*DQ]LQGHU¶1lKHLVWHLQH6FKLH‰KDOOH´ 6NDOGDOHLQVWHFNWHGLH:DIIHZLHGHUZHJ=XVDPPHQPLW7HNHQHUJLQJHUHLQLJH +lXVHU ZHLWHU YRUEHL DQ 6SLHOVDORRQV %DUV $XVVWHOOXQJVKDOOHQ %DQNVFKDOWHUQ $XWRPDWHQVWlQGHQ 1HUYHQGXHOO]HQWUHQ XQG DQGHUHQ 9HUJQJXQJVHLQULFKWXQJHQ 0LQXWHQ VSlWHU ODJ GLH 'XHOOVFKOHXGHU LQ GHU +DQG 7HNHQHUV ,Q HLQHU (QWIHUQXQJ YRQ GUHL‰LJ0HWHUQZLUEHOWHQIDXVWJUR‰H.XJHOQLQ$QWLJUDYIHOGHUQKHUXPGHUHQ,QWHQVLWDW VLFKODXIHQGlQGHUWH  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 ³'LH 6FKOHXGHU WULIIW QXU DXI GHQ 3XQNW´ HUNOlUWH 6NDOGDOHLQ ³'DV 6FKZHUHIHOG NHQQWDOVRNHLQH6FKX‰EDKQVRQGHUQHQWVWHKWQXUDQHLQHUHLQ]LJHQ6WHOOHLP5DXP² IUGHQ%UXFKWHLOHLQHU6HNXQGH´ 7HNHQHU O|VWH GLH :DIIH ]ZHLPDO DXV (U YHUIHKOWH EHLGH 0DOH GDV =LHO 'LH .XJHOQ VFKZDQNWHQ QXU ZHLO VLH YRP 6FKZHUHIHOG JHVWUHLIW ZXUGHQ EUDFKHQ MHGRFK QLFKWLQVLFK]XVDPPHQ'HU.DUKDLQHUODFKWH ³0DQPX‰-DKUHGDPLWEHQXPSHUIHNW]XVHLQ´ ³:LUNOLFK"´IUDJWHHLQHVS|WWLVFKH6WLPPHKLQWHULKQHQ 6NDOGDOHLQ GUHKWH VLFK XP ZlKUHQG 7HNHQHU HLQHQ ZHLWHUHQ 6FKX‰YHUVXFK PDFKWH (U KDWWH GHQ (UWUXVHU VFKRQ EHPHUNW XQG LKP ZDU DXIJHIDOOHQ GD‰ VHLQH ³6FKDWWHQ´ LKQ KDWWHQ SDVVLHUHQ ODVVHQ QDFKGHP VLH HLQLJH :RUWH PLWHLQDQGHU JHZHFKVHOW KDWWHQ 8QZLOOLJ EOLFNWH 6NDOGDOHLQ GHQ ULHVLJHQ 0DQQ DQ ,KP EHKDJWH GLH 6W|UXQJQLFKWGHQQHUIUFKWHWH7HNHQHUV,QWHUHVVHN|QQWHVLFKYHUOLHUHQ 7HNHQHUYHUIHKOWHGDV=LHOHUQHXW(UUHLFKWHGHP(UWUXVHUGLH6FKOHXGHU ³%LWWH´VDJWHHUXQGWUDW]XUFN 'HU 8PZHOWDQJHSD‰WH ]LHOWH NXU] XQG VFKR‰ (LQH GHU URWHQ .XJHOQ ZXUGH YRQ HLQHUXQVLFKWEDUHQ*HZDOW]XVDPPHQJHSUH‰W.UDFKHQGILHOVLHLQVLFK]XVDPPHQ 'HU HUIROJUHLFKH 6FKW]H YHU]RJ GLH /LSSHQ ZDUI GHP .DUKDLQHU GLH :DIIH ]X XQGVDJWH³%HKDOWHVLH'LH6FKOHXGHUWDXJWQLFKWVPHKU6LHLVWNDXPQRFKGDV0HWDOO ZHUWDXVGHPVLHEHVWHKW´ 6NDOGDOHLQ ULFKWHWH GLH 6FKOHXGHU DXI GHQ (UWUXVHU GRFK GLHVHU VFKOXJ LKP GLH +DQG ]XU 6HLWH EHYRU HU VFKLH‰HQ NRQQWH 'DQQ KLHE HU LKP GLH )DXVW PLW HLQHU IDVW VSLHOHULVFKHQ*HVWHXQWHUGDV.LQQ'HU.DUKDLQHUEUDFKVRIRUW]XVDPPHQ ³%HPHUNHQVZHUW´ VDJWH 7HNHQHU PLW VS|WWLVFKHU 6WLPPH ³8QG ZDV NRPPW MHW]W"´ ³,FKPX‰6LHLQHLQHUZLFKWLJHQ$QJHOHJHQKHLWVSUHFKHQ0U7HNHQHU´ ³*XW´VWLPPWHHU]X³,FKQHKPHDQ6LHOHJHQ:HUWDXI'LVNUHWLRQ"´ ³6HOEVWYHUVWlQGOLFK´ ³.RPPHQ6LH´ 'LH EHLGHQ XQJOHLFKHQ 0lQQHU YHUOLH‰HQ GHQ 6FKLH‰VWDQG RKQH VLFK XP 6NDOGDOHLQ]XNPPHUQ'DVZUGHHLQDQGHUHUEHUQHKPHQ:HQLJVSlWHUZHFKVHOWHQ VLHLQGLH.XSSHOEHULQGHUVLFKGLH8+%+DXSWYHUZDOWXQJEHIDQG'LH]DKOUHLFKHQ %DXWHQPDFKWHQHLQHQQFKWHUQHQ(LQGUXFNLP9HUJOHLFK]XGHQYLHOIlOWLJHQ%DXZHUNHQ LQ.XSSHO2EHUIOlFKHQ(QHUJLHNXSSHOQEHUVSDQQWHQGLH(LQULFKWXQJHQOLH‰HQDEHU GHQ%OLFNDXIGLHNOHLQHURWH6RQQH6WDUWHNIUHL(LQ5DXPVFKLIIGHU%OXHVODQGHWHDXI GHU(EHQHYRUGHQGUHL.XSSHOQGLHDP)X‰HHLQHU%HUJNHWWHODJHQhEHUDOOEOLHEHQGLH %HVXFKHUYRQ6DWLVI\VWHKHQXQGEHREDFKWHWHQGLH/DQGXQJ'LHVHU3ODQHWVWDQG]ZDU DOOHQ 9|ONHUQ GHU *DOD[LV RIIHQ GHQQRFK HUUHJWH GLH $QNXQIW GHU %OXHV JUR‰H $XIPHUNVDPNHLW$XFK7HNHQHUVFKLHQEHUUDVFKW]XVHLQ'HU(UWUXVHUDQVHLQHU6HLWH VDJWH HUVW ZLHGHU HWZDV DOV VLH VHLQ $UEHLWV]LPPHU HUUHLFKW KDWWHQ XQG 7HNHQHU LKP PLWWHLOWHGD‰HUMHW]WRIIHQVSUHFKHQN|QQWH 'HU(UWUXVHUEOLHEVWHKHQDOV7HNHQHUVLFKVHW]WH ³0HLQ1DPHLVW1RF7HWUR´VDJWHHU³8626SH]LDOLVW0DMRU1RF7HWUR,FKKDEH GHQ $XIWUDJ ,KQHQ PLW]XWHLOHQ GD‰ 6LH DXI 4XLQWR&HQWHU JHEUDXFKW ZHUGHQ /RUGDGPLUDO$WODQELWWHW6LHGRUWXQYHU]JOLFK]XHUVFKHLQHQ´ :HQQ 5RQDOG 7HNHQHU EHUUDVFKW ZDU GDQQ ]HLJWH HU HV QLFKW (LQ IHLQHV  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 /lFKHOQODJDXIVHLQHQ/LSSHQ1RF7HWURKDWWHGDV*HIKOGD‰GHU2EHUVWLKQVFKRQ ODQJHGXUFKVFKDXWKDWWH ³'DVJLOWDXFKIU2EHUVWOHXWQDQW.HQQRQ´IJWHHUKLQ]X³$WODQZROOWHHV,KQHQ HUOHLFKWHUQHLQHIDOVFKH6SXU]XOHJHQ'HVKDOEEHRUGHUWHHUGDV%OXHV6FKLIIKLHUKHU (U KlOW HV IU UDWVDP ZHQQ 6LH GXUFKVLFNHUQ ODVVHQ 6LH KlWWHQ DXI GHU (DVWVLGH GHU *DOD[LVWLHILP6HNWRUGHU%OXHVHLQHQ)DOO]XNOlUHQ´ 'LH 7U |IIQHWH VLFK 6LQFODLU 0DURXW .HQQRQ GHU 0DQQ PLW GHP 5RERWN|USHU EHWUDW GHQ 5DXP (U WUXJ HLQH N|USHU XPVSDQQHQGH %LRP|OSODVWPDVNH GLH LKP HLQ DEVROXW PHQVFKOLFKHV $XVVHKHQ YHUOLHK 0DMRU 1RF 7HWURS DKQWH QLFKWV YRQ .HQQRQV ³9ROOSURWKHVH´XQGYRQVHLQHQEHUUDJHQGHQ)lKLJNHLWHQ (LQ UXKLJHV /lFKHOQ ODJ DXI GHP *HVLFKW GHV .RVPR.ULPLQDOLVWHQ DOV HU GHQ .XULHU $WODQV EHJU‰WH XQG LKP GLH +DQG UHLFKWH 'DQDFK EHJDQQ .HQQRQ PLW HLQHU VRUJIlOWLJHQhEHUSUIXQJGHU8QWHUODJHQGLH0DMRU7HWURPLWJHEUDFKWKDWWH6SlWHVWHQV ]XGLHVHP=HLWSXQNWPX‰WHGLHVHUHUNHQQHQGD‰HUNHLQH&KDQFHPHKUJHKDEWKlWWH GLHVHQ5DXP]XYHUODVVHQZHQQHUYHUVXFKWKlWWH.HQQRQXQG7HNHQHU]XWlXVFKHQ 'DEHLJLQJDOOHVVHKUVFKQHOO.DXPGUHL0LQXWHQZDUHQYHUVWULFKHQVHLW.HQQRQLQGHQ 5DXP JHNRPPHQ ZDU DOV GLHVHU 7HWUR GLH +DQG DEHUPDOV UHLFKWH XQG VLH KHU]OLFK VFKWWHOWH 'HU (UWUXVHU ZDU EHUUDVFKW XQG EHUXKLJW ]XJOHLFK (U NRQQWH QLFKW ZLVVHQ GD‰ .HQQRQ LQ GHU =ZLVFKHQ]HLW ]DKOUHLFKH +LOIVPLWWHO EHQXW]W KDWWH XP LKQ ]X LGHQWLIL]LHUHQ 'DQDFKZX‰WHHUGD‰VLHGHP0DMRUXQEHGLQJWYHUWUDXHQGXUIWHQXQGGD‰HUVLH EHLGHPEHYRUVWHKHQGHQ(LQVDW]EHJOHLWHQZUGH $OV.HQQRQ7HNHQHU]XQLFNWHGUFNWHGLHVHUHLQH7DVWHDXIVHLQHP$UEHLWVWLVFK 'DPLW JDE HU HLQH 6SHUUH IUHL 6HNXQGHQ VSlWHU HUKHOOWH VLFK HLQ %LOGVFKLUP YRU LKP (LQHU VHLQHU 0LWDUEHLWHU WHLOWH LKP PLW GD‰ HLQH $ERUGQXQJ GHU %OXHV LKQ ]X VSUHFKHQ ZQVFKWH ³'LH%OXHVVLQG]XYHUOlVVLJH9HUEQGHWH$WODQV´VDJWH7HWUR³6LHVROOHQXQVGLH 0|JOLFKNHLWJHEHQHLQHIDOVFKH6SXU]XOHJHQ´ ³:LU ZHUGHQ VLH ]X HLQHP *HVSUlFK HPSIDQJHQ´ HQWJHJQHWH 7HNHQHU ³=XPLQGHVWZLUGKLHUDXI6DWLVI\EHNDQQWZHUGHQGD‰ZLUPLWLKQHQJHVSURFKHQKDEHQ 'DQDFK ZHUGHQ ZLU HLQLJH SDVVHQGH *HUFKWH YHUEUHLWHQ XP XQV GHQ 5FNHQ IUHL]XPDFKHQ´ 7HNHQHU JDE GHQ %HIHKO GLH %OXHV LQ HLQHQ DEK|UVLFKHUHQ .RQIHUHQ]UDXP ]X IKUHQ 'DQQ ]RJ HU VLFK ]XVDPPHQ PLW .HQQRQ ]XUFN XP GLH QRWZHQGLJHQ 9RUEHUHLWXQJHQ]XWUHIIHQ(UWHLOWH0DMRU7HWURPLWGD‰HULQYLHU6WXQGHQQDFK4XLQWR &HQWHUDXIEUHFKHQZROOWH(LQHQIUKHUHQ6WDUWOHKQWHHUDEXPQLFKWGHQ(LQGUXFN]X HUZHFNHQ GD‰ HU 6DWLVI\ IOXFKWDUWLJ YHUODVVHQ PX‰WH (LQ 7HNHQHU NRQQWH MHGHU]HLW DEIOLHJHQ RKQH DXI LUJHQG MHPDQG GDEHL 5FNVLFKW QHKPHQ ]X PVVHQ *HUDGH GHVKDOEDEHUKWHWHHUVLFKYRUEHUHLOWHQ6FKULWWHQVRQGHUQOLH‰VLFKJUXQGVlW]OLFKQXU YRQWDNWLVFKHQhEHUOHJXQJHQOHLWHQ 7HNHQHU XQG .HQQRQ VWDUWHWHQ DP  -DQXDU  (UG]HLW ([DNW ]X GHP YRQ 7HNHQHUEHVWLPPWHQ=HLWSXQNW =XGLHVHU=HLWVD‰8626SH]LDOLVW0DMRU1RF7HWURLQHLQHU%DULQGHU.XSSHO YRQ 6DWLVI\ XQG PDFKWH HLQHQ VWDUN DQJHKHLWHUWHQ (LQGUXFN 6HKU JHVFKLFNW OLH‰ HU GXUFKEOLFNHQGD‰HUVHLQ=LHOGLH+LOIH7HNHQHUV]XJHZLQQHQQLFKWHUUHLFKWKDWWH(U EHKDXSWHWH7HNHQHUKDEHLKQDXVILQDQ]LHOOHQ*UQGHQDEJHZLPPHOWXQGPLWZHQLJHU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 TXDOLIL]LHUWHQ.UlIWHQGHU8QDEKlQJLJHQ+LOIVLQVWLWXWLRQIU%HGUlQJWHDEJHVSHLVWZHLOHU YRQGHQ%OXHVIUHLQZHVHQWOLFKK|KHUHV+RQRUDUJHZRQQHQZRUGHQVHL (VZDUGXUFKDXVNHLQ=XIDOOGD‰7HWURZHQLJVSlWHULQHLQHQKHIWLJHQ6WUHLWPLW ]ZHL(SVDOHUQYHUZLFNHOWZXUGHGLHGLH3DUWHL7HNHQHUVHUJULIIHQ'DUDXVHQWVWDQGHLQH 6FKOlJHUHL EHL GHU 7HWUR KHIWLJH 3UJHO EH]RJ XQG HLQ 7HLO GHU %DUHLQULFKWXQJ ]HUWUPPHUW ZXUGH $OV VFKOLH‰OLFK GLH 7UXSSH GHU ,QWHUQ3ROL]HL HLQVFKULWW VFKLHQ GDV IU GHQ (UWUXVHU GLH OHW]WH 5HWWXQJ ]X VHLQ 7DWVlFKOLFK KDWWH GHU WUDLQLHUWH 6SH]LDOLVW OHGLJOLFKHLQSDDU6FKUDPPHQDEEHNRPPHQ 'HU =ZLVFKHQIDOO IDQG DXI 6DWLVI\ NDXP %HDFKWXQJ 9RUIlOOH GLHVHU $UW ZDUHQ GXUFKDXV QRUPDO DXI HLQHU DEVROXW IUHLHQ :HOW ZLH GLHVHU :HQQ PDQ DXI 6DWLVI\ EHUKDXSW HWZDV UHJLVWULHUWH VR ZDU HV GLH %HPHUNXQJ GHV (UWUXVHUV 7HNHQHU XQG .HQQRQVHLHQLQGHQ%OXHV6HNWRUJHIORJHQ 7HWUROLH‰VLFKDP-DQXDUDEVFKLHEHQ(UVWDUWHWHPLWVHLQHP.XULHUVFKLIIXQG IROJWHGHQEHLGHQ6SH]LDOLVWHQQDFK4XLQWR&HQWHU 

  *HQDX ]X GLHVHP =HLWSXQNW EHIDQGHQ VLFK 7HNHQHU XQG .HQQRQ EHUHLWV LP ,QQHUQYRQ4XLQWR&HQWHUGHP+DXSWTXDUWLHUGHU862 'LH(LOHPLWGHU$WODQQDFKGHU%HJU‰XQJ]XP3UREOHPNDPVDJWHGHQEHLGHQ 6SH]LDOLVWHQ GD‰ HLQ *UR‰HLQVDW] EHVRQGHUHU $UW XQPLWWHOEDU EHYRUVWDQG 'LH EHLGHQ 0lQQHUEOLFNWHQVLFKNXU]DQDOVVLHQHEHQ$WODQYRP5DXPVFKLIIVKDQJDUGLUHNWLQGLH SDWKRORJLVFKH $EWHLOXQJ JHIKUW ZXUGHQ 'HU $UNRQLGH VFKZLHJ ELV VLH LQ GHQ PHGL]LQLVFKHQ 6HNWRU YRQ 4XLQWR&HQWHU NDPHQ (LQ DXIIDOOHQG KDJHUHU 0DQQ ZDUWHWH KLHUDXIVLH ³'DV LVW 'U 0DQQVKDUGW´ HUNOlUWH $WODQ ³(U KDW XQV HQWVFKHLGHQGH 6FKULWWH YRUDQJHEUDFKW´ 'HU $U]W VFKZlFKWH GLH $XVVDJH GHV $UNRQLGHQ EHVFKHLGHQ DE DOV HU 7HNHQHU XQG.HQQRQGLH+DQGUHLFKWH ³-HGHUDQGHUH3DWKRORJHZlUHlKQOLFKHUIROJUHLFKJHZHVHQ´VDJWHHU ³=XIlOOLJ JLEW HV QLFKW EHVRQGHUV YLHO 3DWKRORJHQ KLHU´ HQWJHJQHWH $WODQ PLW HLQHPIOFKWLJHQ/lFKHOQ(U|IIQHWHGLH6LFKHUKHLWVWU]XHLQHPNKOHQ5DXPLQGHP GHU 7RUVR ODJ 'U 0DQQVKDUGW JLQJ ]X GHP 7LVFK LQ GHU 0LWWH GHV 6H]LHUUDXPHV 0LW HLQHP.QRSIGUXFNHQWIHUQWHHUGDVPLOFKLJGXUFKVLFKWLJH(QHUJLHIHOGGDVGLH/HLFKHELV MHW]WXPVSDQQWKDWWH ³'DVLVWGDVZDVXQVGHU.RPPDQGDQWGHV([SORUHUVFKLIIHV(;DXVGHP %LHO]HQ6HNWRUPLWJHEUDFKWKDW´HUNOlUWH$WODQPLWUXKLJHU6WLPPH%HYRU7HNHQHURGHU .HQQRQZHLWHUH)UDJHQVWHOOHQNRQQWHQEHULFKWHWHHUPLWNQDSSHQ:RUWHQZDVVLFKLQ GHP HUZlKQWHQ 6WHUQHQVHNWRU DP lX‰HUVWHQ =HQWUXPVUDQG GHU *DOD[LV ]XJHWUDJHQ KDWWH ³'LH bU]WH GHV 6FKLIIHV KDEHQ EHUHLWV 8QWHUVXFKXQJHQ YRUJHQRPPHQ PX‰WHQ GDQQ MHGRFK DXIJHEHQ ZHLO GLH =HUVW|UXQJHQ ]X VWDUN VLQG ,FK ZHUGH ,KQHQ GLH %HULFKWHYRQ.RPPDQGDQW+HLKDWWHUVSlWHU]XU(LQVLFKWJHEHQ´ 5RQDOG 7HNHQHU VW|KQWH XQZLOONUOLFK DXI DOV HU VDK ZDV GD YRU LKP DXI GHP 6H]LHUWLVFKODJ(UNRQQWHQLFKWHUNHQQHQREHVVLFKEHLGLHVHPYHUEUDQQWHQ(WZDVXP HLQKXPDQRLGHV/HEHZHVHQJHKDQGHOWKDWWH(UNRQQWHVLFKDXFKQLFKWYRUVWHOOHQGD‰ HLQ$U]WDXVGLHVHQhEHUUHVWHQZLUNOLFKHWZDV%UDXFKEDUHV]XHUPLWWHOQLPVWDQGHZDU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



³:DUGDVHLQPDOHLQ0HQVFK"´IUDJWHHU ³(LQ0DQQ´DQWZRUWHWHGHU$U]W³(LQ7HUUDQHU´ ³0DFKHQ6LHHVQLFKWVRVSDQQHQG´EDW7HNHQHU³+DEHQ6LHHWZDVEHUGLHVHQ 0DQQKHUDXVILQGHQN|QQHQ"´ ³'U0DQQVKDUGWKDWLKQVRJDUHLQZDQGIUHLLGHQWLIL]LHUHQN|QQHQ´ :LHGHUEOLFNWH7HNHQHUDXIGHQ7RUVR=ZHLIHOQGVFKWWHOWHHUGHQ.RSI ³.OlUHQ6LHPLFKDXI'RNWRU,FKNDQQPLUQLFKWYRUVWHOOHQZLH6LHGDVJHVFKDIIW KDEHQVROOWHQ´ ³,FK PX‰ ]XJHEHQ GD‰ ZLU VHKU YLHO *OFN GDEHL KDWWHQ´ HQWJHJQHWH GHU 3DWKRORJH ³'HU 7RWH HUKLHOW DXI 7DKXQ HLQH /HEHUSURWKHVH *HELOGH GLHVHU $UW VLQG NOHLQH.XQVWZHUNHZLH6LHVLFKHUOLFKZLVVHQ´ 5RQDOG7HNHQHUQLFNWH ³9HUPXWOLFKJLEWHVQLFKWVHKUYLHOH0HQVFKHQGLHHLQHNQVWOLFKH/HEHUKDEHQ´ ³'DV LVW UHODWLY ,FK VFKlW]H GD‰ HV HLQLJH 0LOOLRQHQ 3DWLHQWHQ GLHVHU $UW JLEW (QWVFKHLGHQG IU XQV MHGRFK ZDU GD‰ MHGH /HEHUSURWKHVH HLQH 6HULHQQXPPHU WUlJW 2EZRKO GLHVH LQ GLHVHP )DOO WHLOZHLVH ]HUVW|UW ZDU JHODQJ HV XQV GRFK GHQ 0DQQ DQKDQGGLHVHU=DKO]XLGHQWLIL]LHUHQ´ ³'HU7RWHZDUGHUWHUUDQLVFKH3DUDGLPLQJHQLHXU&KHV1RQJUDHLQ$IURWHUUDQHU´ VDJWH$WODQ ³'HU1DPHVDJWPLUQLFKWV´HQWJHJQHWH7HNHQHU(UEOLFNWH.HQQRQDQ 'HU5RERWPHQVFKVFKWWHOWHGHQ.RSI$XFKHUZX‰WHPLWGLHVHU$QJDEHQLFKWV DQ]XIDQJHQ ³,VWHVVLFKHUGD‰GDV8QWHUVXFKXQJVHUJHEQLVULFKWLJLVW"´IUDJWH7HNHQHU ³$EVROXWVLFKHU´HUZLGHUWHGHU3DWKRORJH³:LUKDEHQXQVQDWUOLFKQLFKWQXUDXI GLH/HEHUSURWKHVHYHUODVVHQ(VJLEWZHLWHUHXQWUJOLFKH=HLFKHQGLHLQ9HUELQGXQJPLW GHU3URWKHVHQXUGHQ6FKOX‰]XODVVHQGD‰GHU7RWHWDWVlFKOLFK&KHV1RQJUDZDU´ 7HNHQHUEOLFNWH$WODQDQ,QGHQURWHQ$XJHQGHV$UNRQLGHQEOLW]WHHVNXU]DXI (UQLFNWHGHP2EHUVWHQ]X ³.HLQ=ZHLIHO´EHVWlWLJWHHU 5RQDOG7HNHQHUVFKLHQEHUXKLJW]XVHLQ:HQQLKP$WODQGLHVH$XVNXQIWHUWHLOWH NRQQWH HU VLFKHU VHLQ GD‰ EHUHLWV JHQDX EHUSUIW ZRUGHQ ZDU RE HLQ 7lXVFKXQJVYHUVXFKYRUODJRGHUQLFKW $WODQOlFKHOWH ³*XW´VDJWHHU³8QGMHW]WZLOOLFK6LHPLWGHQ8QWHUVXFKXQJHQYRQ.RPPDQGDQW +HLKDWWHUEHNDQQWPDFKHQ´ 'LH GUHL 0lQQHU YHUOLH‰HQ GHQ 6H]LHUUDXP 'HU $U]W EOLHE ]XUFN :HQLJH 0LQXWHQ VSlWHU VWDQGHQ 7HNHQHU XQG .HQQRQ HLQHP *UHPLXP YRQ :LVVHQVFKDIWOHUQ XQG ([SHUWHQ JHJHQEHU $XFK KLHU YHUVFKZHQGHWH $WODQ NHLQH =HLW PLW ODQJZLHULJHQ %HJU‰XQJHQ (U OLH‰ GLH %LOGEHULFKWH GHU (; VRIRUW SURML]LHUHQ XQG GHQ EHLGHQ 6SH]LDOLVWHQHUOlXWHUQ 7HNHQHU EHREDFKWHWH ZLH HLQ QDPHQORVHU 3ODQHW YHUQLFKWHW ZXUGH ,KP VWRFNWH GHU$WHP-HW]WZX‰WHHUXPZDVHVJLQJ ³'LH:LUNXQJVZHLVHGLHVHV*HUlWHVLVWELVMHW]WQRFKQLFKWJHNOlUW´VDJWH$WODQ ³:LUDUEHLWHQDQGHP3UREOHP´ ³'DVLVWHLQHVHKUHUQVW]XQHKPHQGH:DIIH´EHPHUNWH6LQFODLU 0.HQQRQ³6LH LVW ZHQLJVWHQV HEHQVR JHIlKUOLFK ZLH HLQH 7UDQVIRUPNDQRQH YLHOOHLFKW VRJDU QRFK  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



PHKU²IDOOVVLHJHJHQEHZRKQWH:HOWHQJHULFKWHWZLUG´ ³'DUDQ ZDJHQ ZLU MHW]W QRFK JDU QLFKW ]X GHQNHQ´ HUZLGHUWH GHU $UNRQLGH PLW JHSUH‰WHU6WLPPH ,Q 7HNHQHU VWLHJ HLQH VFKUHFNOLFKH 9LVLRQ DXI (U VDK HLQ 5DXPVFKLII DXV GHP 1LFKWVYRUHLQHP3ODQHWHQDXIWDXFKHQGHUHEHQVRJXWGLH(UGHZLHDXFKMHGHUDQGHUH EHVLHGHOWH 3ODQHW GHU *DOD[LV VHLQ NRQQWH %HYRU LUJHQG MHPDQG GHQ $QJUHLIHU DEZHKUHQ NRQQWH VFKOXJ HU ]X 'LH :HOW O|VWH VLFK DXI XQG EUDFK DXVHLQDQGHU 'DV 5DXPVFKLIIYHUVFKZDQGZLHGHULP1LFKWV (LQHLQ]LJHU 9RUIDOO GLHVHU $UW ZUGH JHQJHQ XP MHGHV 9RON LQ GHU *DOD[LV HUSUHVVHQ ]X N|QQHQ 0DQ EUDXFKWH QXU GDIU ]X VRUJHQ GD‰ GLH :LUNXQJ GHU :DIIH EHUDOO EHNDQQW ZXUGH GDQQ NRQQWH PDQ GLH JDQ]H 0LOFKVWUD‰H GDPLW LQ $QJVW XQG 6FKUHFNHQ YHUVHW]HQ -HGH :HOW ZDU DQJUHLIEDU DXFK ZHQQ VLH QRFK VR VWDUNH $EZHKUNUlIWH PRELO PDFKWH 'LHVH SODQHWHQYHUQLFKWHQGH :DIIH ZDU VR VFKQHOO XQG VR UDGLNDOLQLKUHU:LUNXQJGD‰NHLQH$EZHKUP|JOLFKNHLWEOLHE $WODQ VFKDOWHWH GHQ 3URMHNWRU DXV ,P .RQIHUHQ]UDXP ZXUGH HV KHOOHU 5RQDOG 7HNHQHUEOLFNWHVLFKXP.HLQHUGHU]ZHLXQG]ZDQ]LJ:LVVHQVFKDIWOHUVSUDFK ³:HULVW&KHV1RQJUD"´IUDJWHGHU2EHUVW³2GHUEHVVHU²ZHUZDUHU"´ ³&KHV1RQJUDZXUGHYRUYLHU-DKUHQLP-DQXDUYRPVRODUHQ*HULFKWVKRI DQJHNODJWYHUERWHQH+\SHUH[SHULPHQWHGXUFKJHIKUW]XKDEHQ%HLGLHVHQ9HUVXFKHQ ZXUGHQQLFKWLUGLVFKHSULPLWLYH/HEHZHVHQJHW|WHW´ ³8QWHU GLHVHQ 8PVWlQGHQ NRQQWH GDV 8UWHLO QXU DXI 9HUDQODJXQJVNRUUHNWXU ODXWHQ´VDJWH7HNHQHU $WODQQLFNWHEHVWlWLJHQG 9HUDQODJXQJVNRUUHNWXUHQ DXI SDUDPHFKDQLVFKHU %DVLV ZXUGHQ DQVWHOOH YRQ +DIWVWUDIHQ YHUKlQJW 'DEHL ZXUGH GLH VFKlGOLFKH 9HUDQODJXQJ HLQHV 0HQVFKHQ DXI K\SQRVXJJHVWLYHU PHFKDQLVFKHU %DVLV JHO|VFKW 'DV *HKLUQ ZXUGH QRUPDOLVLHUW XQG XPJHSROW 'LHVHU 9RUJDQJ KDWWH²MH QDFK 6FKZHUH GHV )DOOHV²HLQH PHKU RGHU PLQGHU VWDUNH 6FKlGLJXQJ GHV ,QWHOOHNWV GHV :DFKEHZX‰WVHLQV XQG YRU DOOHP GHV (ULQQHUXQJVYHUP|JHQV ]XU )ROJH %HL VFKZHUHQ )lOOHQ PX‰WH HLQH 9HUDQODJXQJVNRUUHNWXU VR WLHIJUHLIHQG YRUJHQRPPHQ ZHUGHQ GD‰ ]ZDQJVOlXILJ DOOH (ULQQHUXQJHQ JHO|VFKW ZXUGHQ 'HU 9HUXUWHLOWH VSUWH EHL GLHVHU %HKDQGOXQJ NHLQH 6FKPHU]HQ XQG HU NRQQWH GDQDFK DXFK RKQH %HVFKZHUGHQ ZHLWHUOHEHQ HU KDWWH MHGRFKDOOHVYHUJHVVHQZDVLKQMHPDOVGD]XYHUDQOD‰WH9HUEUHFKHQ]XEHJHKHQ 'LHVHGXUFKDXVKXPDQH0HWKRGHGHU9HUEUHFKHQVEHNlPSIXQJIDQGDEHUNHLQH HLQKHOOLJH=XVWLPPXQJ ³'DV8UWHLOODXWHWHDXI9.´DQWZRUWHWH$WODQ ³'D]X NDP HV MHGRFK QLFKW´ HUNOlUWH 'U $VND .OLPHLHQ HLQ .RVPRNULPLQRORJH ³/HLGHUQLFKW´ ³:LHELWWH"´IUDJWH7HNHQHU³,FKKDEHQLFKWJDQ]YHUVWDQGHQ´ .OLPHLHQHLQNOHLQHU0DQQPLWEORQGHP.UDXVKDDUVD‰LQHLQHP6HVVHOQHEHQ 7HNHQHU(UURFKHWZDV]XVWDUNQDFK5DVLHUZDVVHU ³(V NDP QLFKW ]X HLQHU 9HUDQODJXQJVNRUUHNWXU´ HUOlXWHUWH GHU .ULPLQRORJH ³$OV &KHV1RQJUDDXVGHU+DIWDQVWDOW]XU9.JHIKUWZXUGHNDPHQLKPVHLQH)UHXQGH]XU +LOIH6LHKDEHQLKQPLWHLQHUlX‰HUVWUDIILQLHUWHQ0HWKRGHDXVGHU$QVWDOWHQWIKUW:DV VLFKHUOLFK QLFKW JHOXQJHQ ZlUH ZHQQ PDQ 1RQJUD VRIRUW DXI HLQHQ 6WUDISODQHWHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



GHSRUWLHUWKlWWH´ $WODQOlFKHOWHVS|WWLVFK ³'HU.OLPHLHQLVWJHJHQGLH9.´VDJWHHU]X7HNHQHU³(UPHLQWHLQ0DQQGHU 9HUEUHFKHQ EHJDQJHQ XQG GDPLW /HLG EHU VHLQH 2SIHU JHEUDFKW KDW VROO GDIU DXFK E‰HQ(LQH9.LVWLKPHLQHYLHO]XPLOGH6WUDIH´ 'U.OLPHLHQULFKWHWHVLFKHQHUJLVFKDXI(UOHJWHEHLGH+lQGHDXIGHQ7LVFK ³1XUPLW6KQHNDQQPDQ9HUEUHFKHQ´EHJDQQHUGRFK7HNHQHUXQWHUEUDFK LKQNKO ³:LUNRPPHQYRP7KHPDDE´VDJWHGHU6SH]LDOLVW.OLPHLHQSUH‰WHGLH/LSSHQ ]XVDPPHQ XQG OHKQWH VLFK ZLHGHU LQ VHLQHP 6HVVHO ]XUFN (U KlWWH VLFK JHUQ QRFK OlQJHUEHUGDVDQJHVSURFKHQH3UREOHPDXVJHODVVHQ ³-HW]W QDFK YLHU -DKUHQ LVW DOVR GLH /HLFKH YRQ &KHV 1RQJUD DXIJHIXQGHQ ZRUGHQ´ IXKU 7HNHQHU IRUW ³'HU :LVVHQVFKDIWOHU ZDU HUQHXW LQ HLQ 9HUEUHFKHQ YHUZLFNHOW´ ³5LFKWLJ´ HUNOlUWH $WODQ ³'DV VROO DEHU MHW]W QLFKW GDV :LFKWLJVWH VHLQ %HGHXWHQGHU LVW QDFK EHUHLQVWLPPHQGHU $QVLFKW GHV *UHPLXPV GD‰ GLHVHU 3DUDGLPLQJHQLHXU LP -DKUH  DOVR YRU HOI -DKUHQ PLW :LVVHQVFKDIWOHUQ XQG 7HFKQLNHUQLQ9HUELQGXQJVWDQGGLHLQGLHVHP-DKUHHEHQIDOOVZHJHQYHUERWHQHU XQGYHUEUHFKHULVFKHU([SHULPHQWHYHUXUWHLOWZHUGHQVROOWHQ1RQJUDLVWGDPDOVPDQJHOV %HZHLVHQIUHLJHVSURFKHQZRUGHQ´ 5RQDOG7HNHQHUQDKPHLQH7DVVH.DIIHHHQWJHJHQGLHLKP'U.OLPHLHQUHLFKWH (U WUDQN GLH 7DVVH KDOE OHHU VHW]WH VLH DE DOV $WODQ VHLQHQ 9RUWUDJ XQWHUEUDFK XQG IUDJWH³6LHVROOWHQYHUXUWHLOWZHUGHQ"´ ³(VNDPQLFKW]XHLQHU9HUXUWHLOXQJ6lPWOLFKH$QJHNODJWHQHQW]RJHQVLFKGHP 8UWHLO GXUFK HLQH )OXFKW LQ GHQ 5DXP 6LH YHUVFKZDQGHQ VSXUORV ,QVJHVDPW  3HUVRQHQ´ $XFK$WODQQDKPHLQH7DVVH.DIIHH ³6SXUORV"´ IUDJWH 7HNHQHU ³:LU ZLVVHQ DOVR DXFK KHXWH QRFK QLFKW ZRKLQ VLH JHIORKHQVLQG"´ ³1HLQ´ HQWJHJQHWH GHU $UNRQLGH ³6LH VLQG QLFKW ZLHGHU DXIJHWDXFKW 1XU &KHV 1RQJUD GHU PLW LKQHQ LQ 9HUELQGXQJ VWDQG 8QWHU GLHVHQ  0lQQHUQ XQG )UDXHQ EHIDQG VLFK GHU $IURWHUUDQHU 'XUELQ +R\NDODUH HLQ KRFKTXDOLIL]LHUWHU :LVVHQVFKDIWOHU PLWGHP)DFKJHELHW4XLQWDPDWKHORJLH´ ³'HU 1DPH NRPPW PLU EHNDQQW YRU´ VDJWH 7HNHQHU ³,FK NDQQ LKQ MHGRFK QRFK QLFKWXQWHUEULQJHQ´ ³,VW+R\NDODUHQLFKW+DXSWDNWLRQlUGHU.2602',0JHZHVHQ"´IUDJWH.HQQRQ ³5LFKWLJ 3URIHVVRU +R\NDODUH LVW +DXSWDNWLRQlU XQG IKUHQGH 3HUV|QOLFKNHLW GHU LP JHVDPWHQ 6RODUHQ ,PSHULXP EHNDQQWHQ 5LHVHQILUPD .2602',0 JHZHVHQ 6LH VROOWHQ ZLVVHQ GD‰ GLHVHV 8QWHUQHKPHQ VLFK QLFKW QXU PLW GHU )HUWLJXQJ YRQ FKHPLVFKHQ ELRORJLVFKHQ XQG SKDUPD]HXWLVFKHQ 3URGXNWHQ EHID‰W VRQGHUQ GDUEHU KLQDXVDXFK.OHLQUDXPVFKLIIH$QWULHEVPDVFKLQHQXQG:HUN]HXJPDVFKLQHQKHUVWHOOW´ ³-HW]W HULQQHUH LFK PLFK ZLHGHU´ VDJWH 6LQFODLU 0 .HQQRQ ³'XUELQ +R\NDODUH ZDU YLHOIDFKHU 0LOOLDUGlU PLW JHUDGH]X XQJHKHXUHP ZLUWVFKDIWOLFKHQ (LQIOX‰ (U JDOW DOV PDFKWEHVHVVHQ XQG VWUHEWH²DOV LFK GDV OHW]WHPDO YRQ LKP K|UWH²DXFK SROLWLVFKH 0DFKWDQ´ ³'D‰GLHVHU0DQQIOLHKHQPX‰WHZDU]XQlFKVWVLFKHUOLFKHLQVFKZHUHU6FKODJIU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 LKQ )U GHQ 3UR]H‰ KDWWH HU DOOHV DQ $QZlOWHQ DXIJHERWHQ ZDV VLFK IU *HOG NDXIHQ Ol‰W'LH%HZHLVHGHU$QNOlJHUZDUHQMHGRFK VRHUGUFNHQGGD‰LKPDOOHILQDQ]LHOOHQ 0DFKWPLWWHO QLFKWV PHKU KDOIHQ´ IXKU $WODQ LQ VHLQHP %HULFKW IRUW ³:LU KDEHQ DEHU QLHPDOVHLQHQZLUNOLFKNODUHQ%HZHLVGDIUHUKDOWHQGD‰+R\NDODUHHWZDVPLWGHU)OXFKW YRQ&KHV1RQJUD]XWXQKDWWHGHQQRFKVLQGZLUDOOHGDYRQEHU]HXJWGD‰HVVRLVW(U KDW GHQ :LVVHQVFKDIWOHU LP -DKUH  EHIUHLW (LQ .|QQHU YRQ GLHVHP )RUPDW GHU QRFK GD]X RKQH MHGHQ 6NUXSHO ZDU PX‰WH IU +R\NDODUH HLQH XQHUVHW]OLFKH +LOIVNUDIW EHGHXWHQ(UZDUPLWLKPHQJEHIUHXQGHW´ 5RQDOG 7HNHQHU DN]HSWLHUWH GHQ YRQ $WODQ DXIJH]HLJWHQ =XVDPPHQKDQJ (U ZX‰WH JHQDX GD‰ LQ HLQHP VROFKHQ )DOO lX‰HUVW VRUJIlOWLJ UHFKHUFKLHUW ZXUGH 'HU $UNRQLGH ZUGH QLHPDOV HLQH GHUDUWLJH %HKDXSWXQJ DXIVWHOOHQ ZHQQ VHLQH 1DFKIRUVFKXQJHQ QLFKW ZLUNOLFK NODU EHZLHVHQ KlWWHQ GD‰ +R\NDODUH PLW GHU )OXFKW 1RQJUDVLQ9HUELQGXQJ]XEULQJHQZDU =XGHP ZXUGH 7HNHQHU NODU GD‰ GHU $UNRQLGH VLH PLW HLQHP 3UREOHP NRQIURQWLHUWH GDV VLFK EHUHLWV VHLW PHKU DOV ]HKU -DKUHQ DXIEDXHQ NRQQWH $XV GHP 1HEHO GHU 9HUGDFKWVPRPHQWH ZXUGH HLQH 0DFKW VLFKWEDU GLH VLFK EHUHLWV VHKU IHVW HWDEOLHUHQNRQQWHZlKUHQG7HNHQHUQRFKPLWGHQ.DOIDNWRUHQGHU=*8NlPSIWH =XJOHLFK ZXUGH GHXWOLFK GD‰ $WODQV 3ODQ QLFKW HUVW MHW]W YRUEHUHLWHW ZXUGH VRQGHUQVFKRQOlQJVWDXI+RFKWRXUHQOLHI ³'DV3UREOHPLVWGLH6SXUGLH&KHV1RQJUDDXIJH]HLFKQHWKDWVR]XYHUZHUWHQ GD‰HVXQVJHOLQJWGLH9HUELQGXQJ]X+R\NDODUH]XILQGHQ´VFKOR‰$WODQ³:LUPVVHQ KHUDXVILQGHQZRHUVLFKYHUVWHFNWKlOW ³+DEHQ ZLU LQ GLHVHU +LQVLFKW NHLQH +LQZHLVH"´ IUDJWH .HQQRQ GHU .RVPR .ULPLQDOLVW³:DVKDWGLH8QWHUVXFKXQJXQGhEHUSUIXQJGHU.2602',0HUJHEHQ"´ ³,Q GHQ OHW]WHQ VHFKV -DKUHQ LVW HV JHOXQJHQ GUHL 9HUWUDXHQVPlQQHU LQ GDV 8QWHUQHKPHQ HLQ]XVFKOHXVHQ 6LH VLQG MHW]W LQ GHU )KUXQJVVSLW]H YRQ .2602',0 WlWLJ XQG NRQQWHQ GDKHU DXFK LQ JHKHLPH 8QWHUODJHQ ZHLWJHKHQG (LQEOLFN JHZLQQHQ´ DQWZRUWHWH $WODQ ³%LV MHW]W KDEHQ VLFK NHLQH $QKDOWVSXQNWH GDIU HUJHEHQ GD‰ +R\NDODUH LQ LUJHQGHLQHU :HLVH HLQH 8QWHUVWW]XQJ YRQ GHP 8QWHUQHKPHQ EHNRPPW 6HLQH%HWHLOLJXQJVSDSLHUHZHUGHQYRQHLQHU$QZDOWVILUPDDXIGHU(UGHYHUZDOWHW´ ³(UKDWDOVRDOOH9HUELQGXQJHQ]X.2602',0DEJHEURFKHQ"´IRUVFKWH7HNHQHU ³9HUPXWOLFK´HUZLGHUWH$WODQ³:LUKDEHQMHGHQIDOOVNHLQH%HZHLVHGDIUGD‰HU HVQLFKWJHWDQKDW´ ³'DQQZUGHLFKJHUQHZLVVHQZRZLUDQVHW]HQZROOHQ´VDJWH7HNHQHU $WODQOlFKHOWH ³%HLGHQ+HUUHQ$DUORQ'H9DQWHQXQG)RGRU7DULQRZ´HQWJHJQHWHHU    ³$DUORQ'H9DQWHQXQG)RGRU7DULQRZ"´%XG2)7KRPDURQVFKREGLH$NWHGLH YRULKPODJXQZLOOLJ]XU6HLWH³1LHJHK|UW:HUVLQGGLHEHLGHQ"´ ³'H 9DQWHQ LVW EHL HLQHP YHUERWHQHQ +\SHUH[SHULPHQW DXI $PURVV,9 HLQHP NOHLQHQ 3ODQHWHQ LP 3OHMDGHQKDXIHQ EHUUDVFKW XQG YHUKDIWHW ZRUGHQ (LQ :DULQJHU 6FKOHU)RGRU7DULQRZVHLQ$VVLVWHQWLVW5HDNWRUXQG+RFKHQHUJLHLQJHQLHXUGHUEHL GHP([SHULPHQWEHWHLOLJWZDU´ %XG2)7KRPDURQOLH‰VHLQHQ3UDOOIHOGVHVVHO]XUFNJOHLWHQ(UHUKREVLFKXQG  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 JLQJELV]XGHPEUHLWHQ)HQVWHUYRQGHPDXVHUHLQHQZHLWHQ%OLFNEHU%RVWRQKLQZHJ JHQLH‰HQ NRQQWH 7LHI XQWHU GHP )HQVWHU EHIDQG VLFK HLQ 'DFKSDUNSODW] DXI GHP HLQ OHEKDIWHV 7UHLEHQ KHUUVFKWH 6WlQGLJ NDPHQ XQG JLQJHQ 796SH]LDOIOXJ]HXJH 7KRPDURQEHPHUNWHHLQHQULHVLJHQOHXFKWHQGURWHQ*OHLWHU6HLQH$QNXQIWLQWHUHVVLHUWH LKQHUKHEOLFKPHKUDOVGHU%HULFKWYRQ-RH'HLUDQ 'HU )HUQVHKMRXUQDOLVW VD‰ VFKZLW]HQG DXI HLQHP XQEHTXHPHQ 6WXKO ,Q GHQ +lQGHQ GUHKWH HU HLQ %ODWW 3DSLHU $XI VHLQHU KRKHQ 6WLUQ VWDQGHQ GLFKWH 6FKZHL‰SHUOHQ 6HLQH HQJ EHHLQDQGHUVWHKHQGHQ $XJHQ EHREDFKWHWHQ GHQ &KHIUHGDNWHXU (U PHUNWH GD‰ 7KRPDURQ LKP EHUKDXSW QLFKW PHKU ]XK|UWH (U VFKZLHJ ³5HGHQ 6LH GRFK ZHLWHU 0DQQ´ IRUGHUWH GHU &KHIUHGDNWHXU LKQ JURE DXI ³*ODXEHQ6LHPHLQH*HGXOGLVWHQGORV"´ ³%HLGH:LVVHQVFKDIWOHUZlUHQEHLGHU$6,$/(&75,.LQ%DQJNRNEHVFKlIWLJW´ ³6HKHQVLHZHQLJVWHQVEUDXFKEDUDXV"´ 7KRPDURQ GUHKWH VLFK XP XQG EOLFNWH 'HLUDQ DQ ,Q VHLQHP *HVLFKW VWDQG GHXWOLFK ]X OHVHQ GD‰ HU VLFK PLW GHP 3ODQ GHV -RXUQDOLVWHQ QRFK QLFKW EHIUHXQGHQ NRQQWH ³'H9DQWHQ LVW HWZDV EHU  0HWHU JUR‰ 6HKU NUlIWLJH DWKOHWLVFKH )LJXU 6SRUWOLFK GXUFKWUDLQLHUW (U KDW VWURKEORQGH OHLFKW JHZHOOWH +DDUH GLH LKP ELV IDVW DXI GLH6FKXOWHUKHUDEUHLFKHQ1DWUOLFK7HUUDQHU´ ³'DVPDFKWVLFKLPPHUJXW´ ³)RGRU7DULQRZHEHQIDOOV7HUUDQHULVWHLQ%XOOHYRQHLQHP.HUO(ULVWXQWHUVHW]W XQJHKHXHUEUHLWVRHWZDVZLHHLQNOHLQHU3DQ]HUVFKUDQN'DEHLLVWHU0HWHUJUR‰ (UKDWGXQNOH6WDFKHOKDDUHXQGHLQJURESRULJHV*HVLFKW´ ³'DVK|UWVLFKVFKRQHWZDVEHVVHUDQ´ -RH'HLUDQDWPHWHDXI(UVDKVHLQH&KDQFHQZLHGHUVWHLJHQ ³'DV VLQG ]ZHL 0lQQHU GLH VLFK DXVJH]HLFKQHW LQV %LOG VHW]HQ ODVVHQ´ EHKDXSWHWHHU 7KRPDURQ NHKUWH DQ VHLQHQ $UEHLWVWLVFK ]XUFN (U VHW]WH VLFK XQG VWW]WH VLFK PLW GHQ (OOHQERJHQ DXI GLH 7LVFKSODWWH 'DQQ OLH‰ HU VHLQH +DQG SO|W]OLFK DXI GHQ 9HUWUDJKHUDEIDOOHQGHUYRULKPODJ ³:LHODQJHOlXIW,KU9HUWUDJQRFK'HLUDQ"´ ³,FK JODXEH QRFK HLQ KDOEHV -DKU´ HQWJHJQHWH GHU -RXUQDOLVW ³,FK ZHL‰ QLFKW JHQDXYLHOOHLFKWDXFKQRFKHWZDVOlQJHU´ 7KRPDURQYHU]RJGLH/LSSHQ]XHLQHPYHUlFKWOLFKHQ/lFKHOQ ³,FKZLOO,KQHQPDOZDVVDJHQPHLQ/LHEHU´VDJWHHU]RUQLJ³:LUKDEHQ6LHQLFKW IU WHXUHV *HOG HLQJHNDXIW GDPLW 6LH IU QRFK PHKU *HOG YHUUFNWH ([NOXVLYYHUWUlJH PDFKHQ 6HLW 6LH EHL XQV VLQG KDEHQ 6LH HUVW HLQHQ HLQ]LJHQ .QOOHU JHEUDFKW XQG DXFKGHUZDUQRFKUHFKWIODX'DVLVWDOOHV(LQ-DKUODQJ1LHWHQ:DVJODXEHQ6LHZLH ODQJHZLUQRFKGLH*HGXOGKDEHQXQVGDVDQ]XVHKHQ"´ -RH 'HLUDQ QDKP VHLQHQ JDQ]HQ 0XW ]XVDPPHQ (U ZX‰WH GD‰ HV MHW]W EXFKVWlEOLFK XP .RSI XQG .UDJHQ IU LKQ JLQJ 7KRPDURQ KDWWH UHFKW ,P OHW]WHQ -DKU ZDU LKP QLFKWV JHOXQJHQ (V ZDU UHLQHV 3HFK JHZHVHQ 6HLQH 6SUQDVH KDWWH LKQ YHUODVVHQ:HQQHUJHJODXEWKDWWHGHQJDQ]JUR‰HQ)DOODQGHU$QJHO]XKDEHQGDQQ ZDU LKP MHGHVPDO HLQ DQGHUHU -RXUQDOLVW GD]ZLVFKHQJHNRPPHQ XQG KDWWH LKP GLH EHVWHQ 6HQGH]HLWHQ ZHJJHQRPPHQ 1RFK YRU HLQHP -DKU ZDU GDV JDQ] DQGHUV  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 JHZHVHQ'DPDOVJDOW-RH'HLUDQDOVGHU79-RXUQDOLVWGHU(UGH(UZXUGHIUGLHJDQ] JUR‰HQ )lOOH KHUDQJH]RJHQ 'LH 3URPLQHQ] GHV 6RODUHQ ,PSHULXPV ZDU VHLQ *HVSUlFKVSDUWQHU(UZDUYRUQLFKWV]XUFNJHVFKUHFNWXQGKDWWH%HULFKWHJHEUDFKWGLH ZHLWEHU7HUUDKLQDXV$XIVHKHQHUUHJWHQ 'DQQ KDWWH LKQ GLH %RVWRQ79 HLQJHNDXIW 8QG GDPLW KDWWH LKQ GDV *OFN YHUODVVHQ (U ZX‰WH GD‰ HU DXI GHU $EVFKX‰OLVWH VWDQG 'DQDFK ZUGH HV NHLQH .DUULHUH PHKU IU LKQ JHEHQ .HLQ DQGHUHU 6HQGHU ZUGH LKQ QRFK HQJDJLHUHQ (U NRQQWH MHW]W SUDNWLVFK QXU QRFK DXI 6LHJ VHW]HQ XQG HU ZDU JH]ZXQJHQ PLW UFNVLFKWVORVHU +lUWH YRU]XJHKHQ²JDQ] JOHLFK RE HU VLFK GDPLW DQ GLH 5HJHOQ KLHOW RGHU QLFKW (U KDWWH HLQHQ 9HUWUDJ DEJHVFKORVVHQ ZHLO HU JODXEWH YRU HLQHP JDQ] JUR‰HQ)DOO]XVWHKHQ(UKDWWHGDVJOHLFKH*HIKOZLHLQIUKHUHQ7DJHQLQGHQHQHV VFKLHQDOVOLHIHQLKPGHUDUWLJH)lOOHJHUDGH]XQDFK ³(VNRPPWLPPHUDXIGHQ&KHIDQPLWGHPPDQ]XVDPPHQDUEHLWHQPX‰´VDJWH -RH'HLUDQPLW]RUQLJHU6WLPPH³+LHUKDEHLFKHLQHQ)DOOGHU$XIVHKHQHUUHJHQZLUG 'DV VSUH LFK ,Q GHQ OHW]WHQ -DKUHQ KDEHQ DOO]X KlXILJ :LVVHQVFKDIWOHU YHUERWHQH ([SHULPHQWH JHPDFKW 9LHOH )RUVFKHU ZROOHQ RIIHQVLFKWOLFK GDV JUR‰H *HOG 'H9DQWHQ XQG7DULQRZKDEHQQLFKWLP$XIWUDJGHU$6,$/(&75,&JHDUEHLWHWGDVJODXEHLFKQLFKW ,FKVHKHHLQHJDQ]DQGHUH9HUELQGXQJLQGLHVHP)DOO´ %XG2)7KRPDURQZDUHLQZHQLJEODVVHUJHZRUGHQ(UZDUHVQLFKWJHZRKQW YRQHLQHPVHLQHU0LWDUEHLWHULQGLHVHU:HLVHDQJHIDKUHQ]XZHUGHQ(UVSUWHMHGRFK GD‰ 'HLUDQ DQILQJ ]X NlPSIHQ 8QG GDV ZDU LKP UHFKW (U ZROOWH ]RUQLJH 0lQQHU (U ZROOWH %HULFKWHUVWDWWHU GLH XP LKUH +DXW NlPSIWHQ 0LW VDWWHQ XQG ]XIULHGHQHQ 0LWDUEHLWHUQNRQQWHHUQLFKWVDQIDQJHQ6LHOLHIHUWHQNHLQH5HSRUWDJHQPLWGHQHQVLFK GLHJDQ]JUR‰HQ8PVlW]HHU]LHOHQOLH‰HQ ³,KQHQVWHKWGDV:DVVHUELV]XP+DOV'HLUDQ´HQWJHJQHWHHUPLWHLQHU6WLPPH GLHDEVROXWH*OHLFKJOWLJNHLWYRUWlXVFKHQVROOWH³9HUVXFKHQ6LHQXUQLFKWPLUHLQH(QWH DQ]XGUHKHQ´ ³9LHOOHLFKWLQWHUHVVLHUWHV6LHGD‰'H9DQWHQLPPHUKLQHLQVHKUJXWHU%HNDQQWHU GHVEHUFKWLJWHQ'XUELQ+R\NDODUHJHZHVHQLVW"´ ³+R\NDODUH"'HU0DQQLVWYHUVFKZXQGHQ´ ³$EHU HU H[LVWLHUW QRFK 8QG JHUDGH GDV PDFKW LKQ VR JHIlKUOLFK´ -RH 'HLUDQ VSUDQJDXI(UJLQJELVYRUGHQ$UEHLWVWLVFKXQGVWW]WHVLFKPLWEHLGHQ+lQGHQGDUDXI ³,UJHQGZDQQ NDP HV ]X HLQHP ZLVVHQVFKDIWOLFKHQ 6WUHLW²YRQ GHP LFK QLFKW VHKU YLHO KDOWH ,FK JODXEH YLHOPHKU GD‰ HU QXU YRUJHWlXVFKW ZDU 'H9DQWHQ JLQJ ]XU $6,$/(&75,&´ ³$OOHVVFK|QXQGJXW²DEHUZDVZROOHQ6LHPLWGLHVHQEHLGHQ0lQQHUQ"´ ³0DQ ZLUG LKQHQ DP  -DQXDU DOVR LQ QHXQ 7DJHQ GHQ 3UR]H‰ PDFKHQ %LV GDKLQ ZHUGHQ ZLU LKUH /HEHQVJHVFKLFKWH JHEUDFKW XQG GLH ([SHULPHQWH JHVFKLOGHUW KDEHQ 'LH 9HUVXFKH VLQG GD]X DQJHWDQ VHOEVW DEJHEUKWHQ =XVFKDXHUQ GDV JUR‰H =LWWHUQEHL]XEULQJHQ'LHgIIHQWOLFKNHLWPX‰ZLVVHQZHOFKHQ6FKDGHQ:LVVHQVFKDIWOHU DQULFKWHQN|QQHQZHQQVLH)RUVFKXQJDXIHLJHQH)DXVWEHWUHLEHQ:LVVHQVFKDIWOHUGLH NHLQH 6NUXSHO NHQQHQ VLQG LQ GHU /DJH JDQ]H 6RQQHQV\VWHPH ]X YHUQLFKWHQ 6LH N|QQHQ´ ³0HQVFK VSDUHQ 6LH VLFK GRFK ,KUHQ $WHP IU GHQ 5HSRUW´ ZLQNWH %XG 2 ) 7KRPDURQ DE ³0DFKHQ 6LH GLH gIIHQWOLFKNHLW YHUUFNW DEHU ODVVHQ 6LH PLFK GDPLW ]XIULHGHQ´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 -RH'HLUDQOlFKHOWHYHUVWRKOHQ'LH5HDNWLRQVHLQHV&KHIUHGDNWHXUVEHZLHVLKP GD‰ HU JHQDX GHQ ULFKWLJHQ 7RQ DQJHVFKODJHQ KDWWH -HW]W KDWWH HU IUHLH %DKQ (U ZDUWHWH 7KRPDURQ NULW]HOWH HWZDV DXI HLQ 6WFN 3DSLHU (U VFKLHQ GHQ -RXUQDOLVWHQ YHUJHVVHQ]XKDEHQ'HLUDQJLQJ]XVHLQHP6WXKO]XUFNXQGVHW]WHVLFK-HW]W]HLJWH HU*HGXOG(LQHKDOEH6WXQGHYHUJLQJ'DQQEOLFNWH7KRPDURQDXI(UVFKLHQEHUUDVFKW ]XVHLQGD‰'HLUDQQRFKGDZDU'RFKGDQQOlFKHOWHHUSO|W]OLFK ³2ND\ 'HLUDQ 6LH KDEHQ IUHLH %DKQ XQWHU HLQHU %HGLQJXQJ 0DFKHQ 6LH GLH EHLGHQ.HUOHIHUWLJ8QVHUH=XVFKDXHUHUZDUWHQGDV´ 

  ³$DUORQ'H9DQWHQXQGVHLQ$VVLVWHQW)RGRU7DULQRZ´VDJWH$WODQDOVGLHEHLGHQ 0lQQHUYRQ]ZHL:lFKWHUQLQGHQNOHLQHQ.RQIHUHQ]UDXPJHIKUWZXUGHQ 1DFK $EVFKOX‰ GHU JUR‰HQ %HVSUHFKXQJ DQ GHU HLQ *UHPLXP YRQ :LVVHQVFKDIWOHUQ WHLOJHQRPPHQ KDWWH ZDUHQ GHU $UNRQLGH 7HNHQHU XQG .HQQRQ LQ HLQHQDQGHUHQ5DXPJHJDQJHQ+LHUZROOWHQVLHGLH.RQIHUHQ]DOOHLQZHLWHUIKUHQ'LH ZLVVHQVFKDIWOLFKHQ 'LVNXVVLRQHQ GLH YRU DOOHP DP $QIDQJ GHU (U|UWHUXQJ JHVWDQGHQ KDWWHQ ZDUHQ EHUVWDQGHQ -HW]W NDP GLH NULPLQDOLVWLVFKH 'DUVWHOOXQJ GHU QlFKVWHQ 6FKULWWH 7HNHQHU VD‰ LQ HLQHP 6HVVHO QHEHQ HLQHP NOHLQHQ 7LVFK .HQQRQ VWDQG PLW YHUVFKUlQNWHQ $UPHQ KLQWHU LKP XQG OHKQWH VLFK PLW GHP 5FNHQ DQ GLH :DQG (U PXVWHUWHGLHEHLGHQ:LVVHQVFKDIWOHU/DQJVDPZDQGWHHUVLFK$WODQ]X ³$DUORQ'H9DQWHQHUVFKHLQWPLUVHKUJHHLJQHW´VDJWHHU 'HU/RUGDGPLUDOODFKWHOHLVH(UVFKLFNWHGLH:DFKHQKLQDXVXQGOLH‰GLHEHLGHQ :LVVHQVFKDIWOHUQHEHQGHU7UVWHKHQ(UERWLKQHQNHLQHQ3ODW]DQ ³.RQ]HQWULHUHQ6LHVLFKPHKUDXI7DULQRZ´HPSIDKOHUGHP5RERWPHQVFKHQ ³(ULVWHLQ=ZHUJ´HQWJHJQHWH.HQQRQDEIlOOLJ $XFK7HNHQHUODFKWH(UHUKREVLFKXQGJLQJ]X'H9DQWHQ ³0LFK ZUGH LQWHUHVVLHUHQ PHLQH +HUUHQ ZDUXP 6LH XQVHU NOHLQHV 6SLHO PLWPDFKHQZROOHQ´VDJWHHU 0LWNDOWHQ$XJHQPXVWHUWHHUGLHEHLGHQ:LVVHQVFKDIWOHU $DUORQ'H9DQWHQKDWWHHLQHJHZLVVHbKQOLFKNHLWPLWLKP(UZDUVRJUR‰ZLHHU EHVD‰GDVJOHLFKHKDUWJHVFKQLWWHQH*HVLFKWXQGKLHOWVLFKlKQOLFKZLHHU,KPIHKOWHQ OHGLJOLFK GLH /DVKDW1DUEHQ XQG HLQH JHZLVVH XQQDFKDKPOLFKH 5XKH XQG hEHUOHJHQKHLW'H9DQWHQZX‰WHGD‰HULQGHU)DOOHVD‰XQGGDVZLUNWHVLFKDXIVHLQH +DOWXQJDXV )RGRU 7DULQRZ ZLUNWH JHJHQ LKQ DXVJHVSURFKHQ XQUXKLJ (U VFKLHQ QLFKW ]X ZLVVHQ ZRKLQ HU VLFK ZHQGHQ VROOWH 6HLQH $XIPHUNVDPNHLW JLQJ VWlQGLJ ]ZLVFKHQ 7HNHQHU .HQQRQ XQG $WODQ KLQ XQG KHU $XFK VHLQH +lQGH ZDUHQ LQ VWHWLJHU %HZHJXQJVRGD‰GLH8626SH]LDOLVWHQGLHVWRLVFKH5XKHLQVHLQHP*HVLFKWPKHORV DOV 0DVNH GXUFKVFKDXWHQ 'LHVHU XQJHKHXHU EUHLWVFKXOWULJH 0DQQ VFKLHQ YRU .UDIW ]X EHUVWHQ,KPWUDXWHPDQKRFKJHLVWLJH/HLVWXQJHQZHQLJHU]XDOV'H9DQWHQGHUMHGRFK DXFKNHLQHVZHJVGHP7\SGHV,QWHOOHNWXHOOHQHQWVSUDFK 'LHEHLGHQ:LVVHQVFKDIWOHUEOLFNWHQVLFKDQ$DUORQ'H9DQWHQHQWVFKOR‰VLFK]X HLQHU$QWZRUWDXI7HNHQHUV)UDJH ³0DQKDWXQV]XJHVDJWGD‰ZLUXPHLQH9HUDQODJXQJVNRUUHNWXUKHUXPNRPPHQ´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



³'DVLVWDOOHV"´ ³)U XQV LVW GDV VHKU YLHO :LU ZHUGHQ PLW HLQHU JHULQJHQ +DIWVWUDIH GDYRQNRPPHQDEHUGDEHLGRFKXQVHUHHLJHQH3HUV|QOLFKNHLWHUKDOWHQ´ ³'DV LVW ZLUNOLFK HLQ HUVWUHEHQVZHUWHV =LHO´ HQWJHJQHWH 7HNHQHU PLW XQEHUK|UEDUHU,URQLH 'H9DQWHQ HUU|WHWH 7DULQRZ WUDW HLQHQ KDOEHQ 6FKULWW YRU (U VFKLHQ VLFK DXI 7HNHQHUVWU]HQ]XZROOHQGRFKVHLQ&KHIKLHOWLKQPLWHLQHU*HVWH]XUFN ³:LU KDEHQ HLQHQ VFKZHUHQ )HKOHU JHPDFKW 9LHOOHLFKW KDEHQ ZLU MHW]W GLH &KDQFH GDV 8QUHFKW HWZDV DXV]XJOHLFKHQ 'DV ZROOHQ ZLU WXQ 9HUPXWOLFK LVW GLHVH /HLVWXQJK|KHU]XEHZHUWHQDOVHLQH+DIWRGHU*HOGVWUDIH ³+DEHQ6LHHLQH9RUVWHOOXQJGDYRQZDVZLUSODQHQ"´ 'H9DQWHQVHQNWHGHQ.RSI(U]|JHUWHPLWGHU$QWZRUW ³6LHZROOHQVLFKDQXQVHUHU6WHOOHYRU*HULFKWVWHOOHQODVVHQ´QHKPHLFKDQ:DV 6LHGDPLWEH]ZHFNHQ´LVWPLUVFKOHLHUKDIW¶DQWZRUWHWHHUVFKOLH‰OLFK³6LHZHUGHQ,KUHQ *UXQGKDEHQ'DVVROOXQVJHQJHQ´ 5RQDOG7HNHQHUJLQJ]XVHLQHP3ODW]]XUFN(UVHW]WHVLFK ³6LH ZHUGHQ XQV VHKU ZHLWJHKHQGH ,QIRUPDWLRQHQ EHU VLFK XQG ,KUH )UHXQGH JHEHQPVVHQ´VDJWHHU³6LQG6LHVLFKGDUEHUNODU"´ ³'XUFKDXV6LU´ ³:HQQZLU,KUH5ROOHYRU*HULFKWVSLHOHQZROOHQGDQQPVVHQZLUDOOHVEHU6LH ZLVVHQ 6LH PVVHQ XQV DXFK EHU SHUV|QOLFKVWH XQG LQWLPVWH (ULQQHUXQJHQ LQIRUPLHUHQ.HLQH)UDJHGDUIXQVYRU*HULFKWLQ9HUOHJHQKHLWEULQJHQ´ ³'DVZXUGHEHUHLWVEHVSURFKHQ6LU´ ³*ODXEHQ6LHQXUQLFKWGD‰6LHXQVWlXVFKHQRGHUHWZDVYRUXQVYHUKHLPOLFKHQ N|QQHQ :LU ZHUGHQ 6LH VHKU HLQJHKHQG YHUK|UHQ (LQLJH 0XWDQWHQ ZHUGHQ GDEHL EHWHLOLJWVHLQ:LUZHUGHQDQVFKOLH‰HQGDOOHVEHU6LHZLVVHQ´ ³'DVLVWXQVLPPHUQRFKOLHEHUDOVHLQH9HUDQODJXQJVNRUUHNWXU´VDJWH'H9DQWHQ ³,Q PHLQHQ $XJHQ LVW HLQH GHUDUWLJH 6WUDIH QXU HLQHU +LQULFKWXQJ JOHLFK]XVHW]HQ ,Q GLHVHU :HLVH NRUULJLHUW ]X ZHUGHQ KHL‰W SUDNWLVFK WRW ]X VHLQ 'D‰ GDQDFK HLQH QHXH ([LVWHQ]EHJLQQWLVWIUGLHYRUKHULJHRKQHMHGH%HGHXWXQJ(VLVWZLHHLQQHXHV/HEHQ GDVPLWGHPDOWHQNHLQH9HUELQGXQJKDW'HUHLQ]LJH8QWHUVFKLHG]XHLQHU+LQULFKWXQJ LVWGHUGD‰LFKHLQHDEVROXWH6LFKHUKHLWEHUGDV/HEHQGDQDFKKDEH+LHUZLHGDZLUG GLHJHLVWLJH([LVWHQ]SUDNWLVFKDXVJHO|VFKW/HEHQGDVLVWIUPLFKQLFKWQXUN|USHUOLFKH VRQGHUQDXFKJHLVWLJH([LVWHQ]´ ³:DVVDJHQ6LHGD]X7DULQRZ"´IUDJWH.HQQRQ 'HU XQWHUVHW]WH :LVVHQVFKDIWOHU WUDW YRQ HLQHP )X‰ DXI GHQ DQGHUHQ 1HUY|V ULHEHUVLFKGLH+lQGHDQGHQ2EHUVFKHQNHOQ ³,FKPDFK¶VZLHGHU&KHI´HQWJHJQHWHHU]|JHUQG ³,KQHQLVWHJDOZDVJHVFKLHKW"´ ³'DVQLFKW´(UNUDW]WHVLFKGHQ+LQWHUNRSI³,FKILQGHHLQH9.LPPHUQRFKEHVVHU DOVHLQH+LQULFKWXQJRGHUHLQHODQJMlKULJH+DIWVWUDIHDEHUVRZLH¶VGHU&KHIZLOOLVW¶V EHVVHU)LQGHLFK´ 3O|W]OLFKJULQVWHHU6LQFODLU0.HQQRQDQ(UJLQJDXILKQ]XXQGEOLHENXU]YRU LKPVWHKHQ(UEOLFNWH]XLKPDXIXQGVFKWWHOWHGHQ.RSI ³:LH ,KU .ROOHJH GHQ &KHI PLPHQ ZLOO LVW PLU MD NODU´ VDJWH HU ³$EHU 6LH VLQG ZHQLJVWHQV ]HKQ ELV ]Z|OI =HQWLPHWHU JU|‰HU DOV LFK :LH 6LH GLHVHQ NOHLQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 *U|‰HQXQWHUVFKLHG EHVHLWLJHQ ZROOHQ LVW PLU VFKOHLHUKDIW 2GHU VlJW PDQ ,KQHQ GLH %HLQHDE"´ (U]XFNWH]XVDPPHQDOVHUGLH9HUlQGHUXQJLQGHP*HVLFKW.HQQRQVEHPHUNWH +DVWLJWUDWHU]XUFNXQGKREDEZHKUHQGGLH+lQGH ³(V ZDU MD QLFKW E|VH JHPHLQW 6LU´ HUNOlUWH HU VFKQHOO ³,FK ZROOWH GDPLW QXU ]HLJHQGD‰LFKDXFKPLWGHQNH²ZHQQ6LHVFKRQ3OlQHPLWPLUPDFKHQ´ ³:LW]EROG´VDJWHGHU5RERWPHQVFKDEZHLVHQG³=HUEUHFKHQ6LHVLFKQLFKWEHU XQVHUH$QJHOHJHQKHLWHQGHQ.RSIXQGJODXEHQ6LHQXUQLFKWDOOH,KUH3UREOHPHJHO|VW ]X KDEHQ *DQ] RKQH 'HQN]HWWHO ZHUGHQ 6LH QLFKW GDYRQNRPPHQ 6LH KDEHQ JHJHQ EHVWHKHQGH *HVHW]H YHUVWR‰HQ XQG ZHUGHQ VHOEVW GDQQ ZHQQ 6LH XQV KHOIHQ GDIU HLQ]XVWHKHQKDEHQ´ ³9LHOOHLFKW6LU´ )RGRU 7DULQRZ OlFKHOWH JHKHLPQLVYROO (U GUHKWH VLFK XP XQG NHKUWH ]X $DUORQ 'H9DQWHQ]XUFN .HQQRQ EOLFNWH HUVW 7HNHQHU GDQQ $WODQ DQ $XFK GHU /RUGDGPLUDO ZDU EHXQUXKLJW'DV9HUKDOWHQGHV:LVVHQVFKDIWOHUVJHILHOLKPQLFKW ³:HOFKHV'DWXPKDEHQZLUKHXWH6LU"´IUDJWH'H9DQWHQ $WODQEOLFNWHDXIVHLQ&KURQRPHWHU ³+HXWHLVWGHU-DQXDU´ ³'DQQVROOWHQ6LHVLFKEHHLOHQXQVHUH'RSSHOJlQJHU]XU(UGH]XEULQJHQ6LU´ ³6LHZLVVHQGD‰ZLUEHUHLWV'RSSHOJlQJHULQGHU+DIWDQVWDOWDXIGHU(UGHKDEHQ GLHYRUOlXILJ,KUH5ROOHYHUWUHWHQ´ 'H9DQWHQODFKWHOHLVH ³-D 6LU GDV KDEHQ 6LH PLU VFKRQ JHVDJW 'LHVH EHLGHQ 0lQQHU ZLVVHQ DEHU SUDNWLVFKQLFKWVEHUXQV´ ³'DVVSLHOWLQGHQQlFKVWHQ7DJHQNHLQHJUR‰H5ROOH´ ³9LHOOHLFKW GRFK 6LU´ 'DV /lFKHOQ DXI GHP *HVLFKW 'H9DQWHQV YHUWLHIWH VLFK ³:LUKDEHQQlPOLFKIUGHQ-DQXDUXP8KUPRUJHQVHLQ([NOXVLYLQWHUYLHZPLW GHU79%RVWRQYHUHLQEDUW8QGGLHVHQ7HUPLQPVVHQZLUHLQKDOWHQ´ ³:LUZHUGHQGDVUHJHOQ´ 'H9DQWHQ VFKWWHOWH GHQ .RSI (U EOLFNWH $WODQ DQ ZLH HLQ .LQG GDV QLFKW EHJUHLIHQZROOWH ³,FKKDEH,KQHQQRFKQLFKWJHVDJWGD‰ZLUHLQHQ([NOXVLYYHUWUDJPLW-RH'HLUDQ JHPDFKW KDEHQ 'LHVHQ 0DQQ N|QQHQ 6LH QLFKW VR RKQH ZHLWHUHV WlXVFKHQ RGHU YHUVHW]HQ'HUZLUG,KQHQGLH+|OOHKHL‰PDFKHQ´ 5RQDOG7HNHQHUKLHOWGHQ$WHPDQ,QGLHVHP$XJHQEOLFNKlWWHHU)RGRU7DULQRZ IU GDV /lFKHOQ GDV HU LKP ]HLJWH QLHGHUVFKODJHQ N|QQHQ 'HU $VVLVWHQW YRQ 'H9DQWHQVFKLHQIHVWGDYRQEHU]HXJW]XVHLQHLQHVHKUZLUNVDPH6LFKHUXQJIUVLFK HLQJHEDXW]XKDEHQ(UKDWWHVLFK]ZDUDXIHLQ6SLHOPLWGHU862HLQJHODVVHQXQGGDIU JHZLVVH =XVLFKHUXQJHQ HUKDOWHQ DEHU GDV JHQJWH LKP QLFKW (U KDWWH IU 5FNHQGHFNXQJJHVRUJW ³6LH VHKHQ XQVHUH 6DFKH VWHKW JDU QLFKW HLQPDO VR VFKOHFKW´ VDJWH 7DULQRZ ³8QVHU $UUDQJHPHQW PLW ,KQHQ PLQGHUW XQVHUH 6WUDIH 'HU ([NOXVLYYHUWUDJ PLW GHU 79 %RVWRQ GHFNW VlPWOLFKH 3UR]H‰NRVWHQ XQG ZLUIW GDUEHU KLQDXV QRFK HLQ KEVFKHV 6PPFKHQIUXQVDE´ ³:LUVDJHQ,KQHQGDVQXUGDPLW6LHZLVVHQZDVDXI6LH]XNRPPWVREDOG6LHLQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 GHU +DIWDQVWDOW VLW]HQ 'HLUDQ ZLUG DOOHV DXV ,KQHQ KHUDXVKROHQ ZROOHQ 'DV KDW HU ELV MHW]WLPPHUJHWDQ'DIUZLUGHUGLH6DFKHDEHUDXFKJDQ]JUR‰EULQJHQ´ 5RQDOG 7HNHQHU EHJDQQ ]X OlFKHOQ $DUORQ 'H9DQWHQ DKQWH JDU QLFKW ZHOFK JUR‰HQ *HIDOOHQ HU LKQHQ JHWDQ KDWWH DOV HU GHQ 9HUWUDJ PLW GHP 6NDQGDOMRXUQDOLVWHQ DEVFKOR‰ -HW]W EUDXFKWHQ VLH VLFK XP GLH QRWZHQGLJH 3XEOLFLW\ NHLQH *HGDQNHQ PHKU ]XPDFKHQ $WODQGUFNWHDXIHLQHQ.QRSI'LHEHLGHQ:DFKHQNDPHQKHUHLQXQGIKUWHQGLH :LVVHQVFKDIWOHUDE ³*DQ] VFK|Q DEJHEUKW VLQG GLH EHLGHQ´ VWHOOWH 6LQFODLU 0 .HQQRQ IHVW ³:LH KRFKZlUHGLH6WUDIHGLHVLH]XHUZDUWHQKlWWHQZHQQZLUQLFKWHLQJUHLIHQZUGHQ"´ $WODQZLQNWHDE ³'DVLVWDOOHVKDOEVRZLOG´VDJWHHUOlFKHOQG³'HU)DOOZDUUHODWLYKDUPORVDEHU GHQ EHLGHQ EHNRPPW HV RIIHQVLFKWOLFK ZHQQ ZLU LKQ HLQ EL‰FKHQ DXIEDXVFKHQ )U XQVHUH=ZHFNHUHLFKWGHU)DOOMHGRFKYROOXQGJDQ]´ ³0X‰WH GLHVHU =ZHUJ 7DULQRZ XQEHGLQJW EHWHLOLJW VHLQ"´ IUDJWH .HQQRQ PLW PLOGHP9RUZXUI³+lWWHPDQQLFKWHLQDQGHUHV3DDUILQGHQN|QQHQ"´ ³/HLGHU QLFKW´ HQWJHJQHWH $WODQ ³:LU JOHLFKHQ GLH YHUNU]WHQ %HLQH MHGRFK ZLHGHUDXV'DIUEHNRPPHQ6LHSUDFKWYROOH6FKXOWHUQ´ ³0HLQH JXWH (U]LHKXQJ YHUELHWHW HV PLU GHQ .RPPHQWDU ]X JHEHQ GHU PLU DXI GHU=XQJHOLHJW6LU´ 5RQDOG7HNHQHUODFKWHOHLVH=XJOHLFKOHJWHHUGHP)UHXQGGLH+DQGEHUXKLJHQG DXIGHQ$UP ³'HU7HUPLQDP-DQXDUPDFKWPLUHWZDV6RUJH´ ³'DV LVW QLFKW QRWZHQGLJ :LU ZHUGHQ 'HLUDQ DXIODXIHQ ODVVHQ XQG LKP GDV ,QWHUYLHZPLWGHQ+lIWOLQJHQYHUZHLJHUQELV6LHEHLGHDXIGHU(UGHVLQG'DVZLUGVHLQH :XW VWHLJHUQ´ $WODQ OlFKHOWH (U ZDU GXUFK GLH 0LWWHLOXQJ 7DULQRZV NHLQHVZHJV EHUUDVFKWZRUGHQ(UKDWWHYRUKHUVFKRQDOOH,QIRUPDWLRQHQ]XU+DQGJHKDEW³'HLUDQ LVWLQJUR‰HQ6FKZLHULJNHLWHQ:LUKDEHQGDHLQEL‰FKHQQDFKJHKROIHQ-HW]WEUDXFKWHU HLQH &KDQFH (U VLHKW VLH LP 3UR]H‰ JHJHQ 'H9DQWHQ XQG VHLQHQ $VVLVWHQWHQ 1XQ ZROOHQZLULKQ¶HLQEL‰FKHQURWVHKHQODVVHQ´ ³1LFKWV LVW NULWLVFKHU DOV HLQ DOO]X ZWHQGHU )HUQVHKMRXUQDOLVW (U ZLUG MHGHQ XQVHUHU6FKULWWHPLW$UJXVDXJHQEHUZDFKHQ´ ³'DVNDQQXQVQXUUHFKWVHLQ´HQWJHJQHWH$WODQ³:LUEHQ|WLJHQGDVJDQ]JUR‰H 6SHNWDNHO'DEHLVROO'HLUDQXQVXQIUHLZLOOLJKHOIHQ´ 5RQDOG7HNHQHUEOLFNWHHLQH$NWHGXUFKGLHDXIGHPNOHLQHQ7LVFKODJDOV$WODQ HLQNXU]HV,QWHUNRPJHVSUlFKIKUWHGDVVLHQLFKWGLUHNWEHUKUWH$XFK.HQQRQVHW]WH VLFK MHW]W 7HNHQHU VDK LKP DQ GD‰ HU GHQ JDQ]HQ 3ODQ QRFK HLQPDO VHKU JHQDX GXUFKJLQJ$OVGHU$UNRQLGHGDV*HVSUlFKEHHQGHWKDWWHHUKREHUVLFKXQGNDP]XGHQ EHLGHQ6SH]LDOLVWHQ(UVHW]WHVLFKLQGHQGULWWHQ6HVVHO ³:LUYHUVXFKHQHVDOVRZLHGHUPLWGHUEHZlKUWHQ(LQVLFNHUXQJVWDNWLN´HUOlXWHUWH HU ³$XV 6LFKHUKHLWVJUQGHQ N|QQHQ ZLU QXU VHKU ZHQLJH 3HUVRQHQ LQIRUPLHUHQ 9RU *HULFKWPX‰DOOHVDEVROXWHFKWXQGEHU]HXJHQGDXVVHKHQ´ ³:LUZHUGHQDOVRIOFKWHQ´VWHOOWH7HNHQHUIHVW ³(LQ 6SH]LDOWUXSS ZLUG 6LH EHIUHLHQ VREDOG VLFK HLQH *HOHJHQKHLW GD]X HUJLEW´ DQWZRUWHWH $WODQ ³:LU ZHUGHQ GHQ hEHUIDOO VR VRUJIlOWLJ ZLH QXU LUJHQG P|JOLFK YRUEHUHLWHQ HLQ SHUIHNWHU $EODXI LVW MHGRFK QLFKW ]X JDUDQWLHUHQ :LU ZLVVHQ QLFKW RE  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 XQG ZR 'XUELQ +R\NDODUH 9HUELQGXQJVOHXWH KDW :LU VLQG GHVKDOE JH]ZXQJHQ PLW HFKWHQ :DIIHQ ]X DUEHLWHQ %HL GHU $NWLRQ ZLUG ,KQHQ HLQH PLW VFKDUIHQ :DIIHQ DXVJHUVWHWH:DFKPDQQVFKDIWJHJHQEHUVWHKHQ6LHZLUGQLFKWGDUEHULQIRUPLHUWVHLQ GD‰GLH)OXFKWHLQ7lXVFKXQJVPDQ|YHULVW1DWUOLFKZHUGHQZLUDOOHVYHUVXFKHQXP]X YHUKLQGHUQ GD‰ VLH GLH VFKDUIHQ :DIIHQ HLQVHW]HQ N|QQHQ DEHU HLQ JHZLVVHV 5LVLNR EOHLEW´ ³'DVLVWWU|VWOLFK´VDJWH.HQQRQVS|WWLVFK³6REOHLEWGRFKZHQLJVWHQVDXFKHLQH JHZLVVH6SDQQXQJ´ 3O|W]OLFK IOLPPHUWH GLH /XIW XQPLWWHOEDU QHEHQ $WODQ 'DQQ HUVFKLHQ *XFN\ GHU 0DXVELEHU0LWHLQHPOHLFKWHQ +SIHUVSUDQJHUDXIGHQ6FKR‰$WODQVXQGJULQVWHLKQ UHVSHNWORVDQ ³+DOOR GD ZlUHQ ZLU´ VDJWH HU YHUJQJW ³:HQQ LFK PLFK QLFKW LUUH VROOHQ ZLU HLQHP MXQJHQ 0DQQ LQ GLH VFKPXW]LJH :lVFKH JXFNHQ +HU]OLFKHQ 'DQN IU GHQ HKUHQYROOHQ$XIWUDJ´ ³,FK PX‰ GLFK HQWWlXVFKHQ .OHLQHU´ HQWJHJQHWH $WODQ GHU NHLQHVZHJV EHUUDVFKW ]X VHLQ VFKLHQ ³:HGHU )RGRU 7DULQRZ QRFK $DUORQ 'H9DQWHQ LVW VR HWZDV ZLH HLQ 3OD\ER\ 'X ZLUVW DOVR NDXP *HOHJHQKHLW KDEHQ GHOLNDWH *HKHLPQLVVH DQV 7DJHVOLFKWEHI|UGHUQ]XN|QQHQ´ *XFN\VFKLHQHQWWlXVFKW]XVHLQ ³:HQQ¶VVROFKH'HOLNDWHVVHQQLFKWJLEWKDOWHLFKPLFKOLHEHUDQGDV$QJHERWGHU 2IIL]LHUVNDQWLQH 'D KDEHQ GLH GRFK VFKRQ PHKU ]X ELHWHQ 7VFKV $UNRQLGHQKlXSWOLQJ´VDJWHHUXQGYHUVFKZDQG 

  'HU5DXPZDUKDOENUHLVI|UPLJ $DUORQ'H9DQWHQXQG)RGRU7DULQRZVD‰HQLQ]ZHLEHTXHPHQ6HVVHOQYRUHLQHU JHUDGHQ :DQG $WODQ 7HNHQHU XQG .HQQRQ KDWWHQ LQ 6HVVHOQ 3ODW] JHQRPPHQ GLH HWZD]HKQ0HWHUYRQLKQHQHQWIHUQWZDUHQ 'HU 5DXP ODJ LP +DOEGXQNHO =ZHL 'HFNHQVFKHLQZHUIHU KOOWHQ GLH EHLGHQ :LVVHQVFKDIWOHU LQ KHOOHV /LFKW RKQH VLH MHGRFK ]X EOHQGHQ %HLGH 0lQQHU PDFKWHQ HLQHQ UXKLJHQ XQG DXVJHJOLFKHQHQ (LQGUXFN 6LH ZDUHQ GDPLW HLQYHUVWDQGHQ GD‰ LKU ,QQHUVWHV YRU HLQHP *UHPLXP GHU 862 DXIJHGHFNW ZXUGH ,KQHQ PDFKWH GDV QLFKWV DXV $WODQ KDWWH LKQHQ YHUVLFKHUW GD‰ QLHPDQG HLQHQ 9RUWHLO GDUDXV ]LHKHQ ZUGH DXVJHQRPPHQGLH6SH]LDOLVWHQGLH]XP(LQVDW]NDPHQ6SlWHUZUGHPDQGHQEHLGHQ :LVVHQVFKDIWOHUQ GLH (ULQQHUXQJ DQ GLH 9RUIlOOH EHL GHU 862 QHKPHQ $XFK MHW]W ZX‰WHQ VLH QLFKW GD‰ VLH VLFK LQ 4XLQWR&HQWHU EHIDQGHQ %DOG DEHU ZUGHQ VLH VLFK QRFK QLFKW HLQPDO GDUDQ HULQQHUQ GD‰ VLH EHUKDXSW PLW GHU 862 LQ 9HUELQGXQJ JHVWDQGHQKDWWHQ6LHZUGHQPLWHLQHU(UVDW](ULQQHUXQJYHUVHKHQZHUGHQ 6LQFODLU0.HQQRQEHREDFKWHWHGLHEHLGHQ0lQQHU(UIKOWHVLFKQLFKWZRKOEHL GHP *HGDQNHQ GLH 5ROOH HLQHV 0DQQHV ZLH )RGRU 7DULQRZ ]X VSLHOHQ 'HU :LVVHQVFKDIWOHUZDULKPXQV\PSDWKLVFK7DULQRZKDWWHHLQ9HUEUHFKHQEHJDQJHQXQG GDIU ZUGH HU SUDNWLVFK QRFK EHORKQW ZHUGHQ 'DJHJHQ VWUlXEWH VLFK GDV *HUHFKWLJNHLWVHPSILQGHQ GHV 5RERWPHQVFKHQ ]XJOHLFK PX‰WH HU MHGRFK DQHUNHQQHQ GD‰HLQHDQGHUH0|JOLFKNHLWQLFKWJHJHEHQZDU *XFN\PDWHULDOLVLHUWHGLFKWYRUGHQEHLGHQ:LVVHQVFKDIWOHUQ(UZHLGHWHVLFKDQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 LKUHP 6FKUHFNHQ ]HLJWH LKQHQ VHLQHQ 1DJH]DKQ YHUVFKUlQNWH GLH $UPH KLQWHU GHP 5FNHQXQGZDWVFKHOWHYRULKQHQDXIXQGDE'DQQZDQGWHHUVLFKDEHQWPDWHULDOLVLHUWH XQGHUVFKLHQZLHGHULQHLQHP6HVVHOGHUQXUGUHL0HWHUHQWIHUQWZDU'DULQPDFKWHHU HVVLFKEHTXHP(UKDWWHVLFKHLQH0RKUUEHPLWJHEUDFKW:HGHU$WODQQRFKGLHEHLGHQ 6SH]LDOLVWHQKDWWHQGDVEHPHUNWGRFKVLHK|UWHQHVMHW]WGHXWOLFKDOVHUVLHYHU]HKUWH 'LH7U|IIQHWHVLFK 'LH KDJHUH *HVWDOW YRQ .LWDL ,VKLEDVKL HUVFKLHQ GDULQ 'HU 6XJJHVWRU WUDW HLQ EOLHE VWHKHQ XQG VDK VLFK XP (U QLFNWH $WODQ NXU] ]X XQG JLQJ GDQQ ZHLWHU ,Q OHLFKW JHEHXJWHU +DOWXQJ YHUKDUUWH HU YRU VHLQHP 6HVVHO XQG PXVWHUWH GLH EHLGHQ :LVVHQVFKDIWOHU GLH LKQ XQEHKDJOLFK DQVWDUUWHQ 7DULQRZ ZXUGH LPPHU XQUXKLJHU (U DWPHWHVLFKWEDUDXIDOVGHU0XWDQWVLFKVHW]WH $EHUPDOVJLQJGLH7UDXI 'LH EHLGHQ 7HOHSDWKHQ )HOOPHU /OR\G XQG -RKQ 0DUVKDOO NDPHQ LQ GHQ 9HUK|UUDXP6LHJLQJHQVRIRUW]XGHQEHLGHQDQGHUHQ0XWDQWHQXQGVHW]WHQVLFKQHEHQ VLH5XKLJPXVWHUWHQVLHGLHEHLGHQ:LVVHQVFKDIWOHU )RGRU 7DULQRZ VW|KQWH (U UXWVFKWH XQUXKLJ DXI VHLQHP 6HVVHO KLQ XQG KHU (U HUWUXJ GLH 6WLOOH QLFKW (UVW MHW]W VFKLHQ HU VLFK GHVVHQ EHZX‰W ]X VHLQ ZDV HLQ 0XWDQWHQYHUK|U EHGHXWHWH 9LHOOHLFKW KDWWH HU ELV GDKLQ DXFK DQJHQRPPHQ HU ZUGH DXINRQYHQWLRQHOOH:HLVHYHUK|UWZHUGHQ ³1XQIUDJHQ6LHGRFKHQGOLFK´VDJWHHUKHIWLJ -RKQ 0DUVKDOO OHKQWH VLHK ZHLWHU LQ VHLQHP 6HVVHO ]XUFN 'HU &KHI GHV 0XWDQWHQNRUSVYHU]RJNHLQH0LHQH ³:LU VLQG VFKRQ GDEHL 7DULQRZ´ VDJWH HU ³9HUKDOWHQ 6LH VLFK UXKLJ XQG VW|UHQ 6LHXQVQLFKW´ 'HU+RFKHQHUJLHLQJHQLHXUEHJDQQ]XIOXFKHQ ³,FKKDEHHVPLUDQGHUVEHUOHJW¶ULHIHU]X$WODQKLQEHU³,FKZLOOKLHUKHUDXV 'DVPDFKHLFKQLFKWPLW´ (UVSUDQJDXI *XFN\NLFKHUWH (LQH XQVLFKWEDUH )DXVW WUDI 7DULQRZ LQ GHQ 0DJHQ (U VWLH‰ HLQHQ XQEHVWLPPEDUHQ/DXWDXVXQGEHXJWHVLFKQDFKYRUQ6HLQH+lQGHSUH‰WHQVLFKJHJHQ GHQ /HLE 'D GUFNWH GHU 0DXVELEHU LKQ PLW VDQIWHU *HZDOW LQ GHQ 6HVVHO ]XUFN 7DULQRZZROOWHVLFKZLHGHUDXIULFKWHQDEHU*XFN\KLHOWLKQIHVW .LWDL,VKLEDVKLJULIIHLQ(UKDWWHGLH)lKLJNHLW7DULQRZVHLQHQ:LOOHQPLWWHOVUHLQ JHLVWLJHU .UlIWH DXI]X]ZLQJHQ RKQH GD‰ GLHVHU VLHK GHVVHQ EHZX‰W ZXUGH 'HU :LVVHQVFKDIWOHU EHUXKLJWH VLFK 6HLQH *HVLFKWV]JH HUVFKODIIWHQ XQG VHLQ .RSI VDQN ODQJVDPLQGHQ1DFNHQ]XUFN $DUORQ 'H9DQWHQ VWUlXEWH VLFK QLFKW JHJHQ GDV 9HUK|U (U VD‰ UXKLJ XQG JHODVVHQ QHEHQ VHLQHP $VVLVWHQWHQ XQG PXVWHUWH GLH 0XWDQWHQ (LQ VHOEVWVLFKHUHV /lFKHOQXPVSLHOWHVHLQH/LSSHQVRDOVVHLHUXQHUUHLFKEDUIUGLHGUHL0lQQHUXQGGHQ 0DXVELEHU GRFK GLH GUHL 0XWDQWHQ HUNDQQWHQ GD‰ DXFK GDV QXU HLQH 0DVNH ZDU 'H9DQWHQ KDWWH GLH 9HUVLFKHUXQJ EHNRPPHQ GD‰ PDQ LKQ XQEHKHOOLJW ODVVHQ ZUGH ZHQQEHLP9HUK|UZHLWHUH6WUDIWDWHQ]X7DJHNDPHQ-HW]W]ZHLIHOWHHUSO|W]OLFKGDUDQ 8PVLFKDE]XOHQNHQNRQ]HQWULHUWHHUVLFKDXIGHQ-RXQDOLVWHQ'HLUDQ$EHUGDVQW]WH LKPQLFKWV   

3URMHNW3ODQHWHQW|WHU



M

$WODQ

 

 'LH 'LJLWDOXKU DQ GHU )URQW HLQHV 8OWUDPDUNWHV LQ 7HUUDQLD &LW\ ]HLJWH GHQ ²8KUDQDOVGHURUDQJHIDUEHQH3UDOOJOHLWHUYRQ -RH'HLUDQYRUEHLIXKU (U EOLFNWH QXU IOFKWLJ KLQDXI XQG JDE GDQQ GHP )DKUHU HLQHQ :LQN DQ GHU QlFKVWHQ 4XHUVWUD‰HDE]XELHJHQ 3QNWOLFKXP8KUKLHOWGDV)DKU]HXJYRUGHU+DIWDQVWDOW'LH6RQQHVWDQG KRFK DP +LPPHO 'HQQRFK ZDU HV QLFKW VHKU ZDUP 'HLUDQ WUXJ HLQH SHO]JHIWWHUWH -DFNHDXV1DWXUIHOOGLHYRQHLQHP.RORQLDOSODQHWHQLPSRUWLHUWZRUGHQZDU6LHPDFKWH LKQ EUHLWHU XQG ZXFKWLJHU DOV HU HLJHQWOLFK ZDU (U ZDUWHWH ELV GLH EHLGHQ URERWJHVWHXHUWHQ.DPHUDV3RVLWLRQEH]RJHQKDWWHQ'HU5HJLVVHXULP:DJHQJDELKP HLQHQ:LQN(UEHJDEVLFKLQOHJHUHU+DOWXQJ]XP(LQJDQJGHU$QVWDOW(LQPDQQVKRKHU %LOGVFKLUP HUKHOOWH VLFK 'DV GUHLGLPHQVLRQDOH $EELOG HLQHV ]LYLO JHNOHLGHWHQ 0DQQHV HQWVWDQGYRULKP(UHUJULIIGDV:RUWEHYRU'HLUDQHWZDVVDJHQNRQQWH ³0U'HLUDQ"(VWXWPLUVHKUOHLG,KQHQPLWWHLOHQ]XPVVHQGD‰6LHGLHEHLGHQ ,QKDIWLHUWHQKHXWHQLFKWVSUHFKHQN|QQHQ´ 'HU-RXUQDOLVWOlFKHOWH(UVFKWWHOWHGHQ.RSI ³6LH PDFKHQ :LW]H´ HQWJHJQHWH HU ³0DFKHQ 6LH VFKQHOO GLH 7U DXI ZHQQ 6LH NHLQH8QDQQHKPOLFKNHLWHQEHNRPPHQZROOHQ´ ³'LH EHLGHQ ,QKDIWLHUWHQ VLQG HUNUDQNW XQG EHILQGHQ VLFK LQ lU]WOLFKHU %HKDQGOXQJ´ ³(LQ*UXQGPHKUIUPLFKPLWLKQHQ]XVSUHFKHQ´ ³%LWWH NRPPHQ 6LH PRUJHQ ZLHGHU :LU N|QQHQ ,KQHQ GDQQ YLHOOHLFKW HLQH EHVVHUH$XVNXQIWJHEHQ´ -RH'HLUDQEHJDQQ]XODFKHQ ³6LH VFKHLQHQ NHLQH $KQXQJ YRQ JHVHW]OLFKHQ %HVWLPPXQJHQ ]X KDEHQ :HQQ 6LHXQVMHW]WQLFKWVRIRUW]X'H9DQWHQXQG7DULQRZODVVHQPDFKHLFK,KQHQJDUDQWLHUW GLH+|OOHKHL‰´ 'DV %LOG HUORVFK 'HLUDQ ZXUGH EOD‰ YRU :XW (UVW MHW]W VFKLHQ LKP EHZX‰W ]X ZHUGHQ GD‰ PDQ LKQ ZLUNOLFK DEZLPPHOQ ZROOWH (U ]|JHUWH HLQLJH 6HNXQGHQ GDQQ ZDQGWHHUVLFKDEXQGNHKUWH]XP*OHLWHU]XUFN ³-HW]WJHKW¶VORV´HUNOlUWHHUDOVHUHLQVWLHJ³-HW]WVROOHQGLHHLQPDOPHUNHQPLW ZHPVLHVLFKHLQJHODVVHQKDEHQ'HQHQPDFKHQZLU'DPSI´ ³:RKLQ"´IUDJWHGHU5HJLVVHXU ³=X 'U &DQGLFH GHU 9HUWHLGLJHULQ YRQ 7DULQRZ $EHU JDQ] VFKQHOO ZHQQ LFK ELWWHQGDUI´(U]QGHWHVLFKHLQH=LJDUHWWHDQXQGLQKDOLHUWHWLHI³:HQQGLHZ‰WHQDXI ZDVGLHVLFKHLQJHODVVHQKDEHQ´ 

  'U$OLFH&DQGLFHZDUHLQHGXQNHOKDDULJH)UDXYRQHWZDIQIXQGGUHL‰LJ-DKUHQ ,KU MXQJHV IDOWHQORVHV *HVLFKW ZDU YRQ DXIIDOOHQGHU 6FK|QKHLW 'LH KHOOEODXHQ $XJHQ NRQWUDVWLHUWHQOHEKDIWPLWGHPGXQNOHQ7HLQWXQGGHPEODXVFKZDU]HQ+DDUGDVLKUIDVW DXI GLH +IWHQ KHUDEUHLFKWH 6LH ZDU NOHLQ XQG ]LHUOLFK ,KUH +DOWXQJ XQG LKUH %HZHJXQJHQ VWUDKOWHQ XQJHZ|KQOLFKHV 6HOEVWEHZX‰WVHLQ XQG HLQ GHXWOLFKHV  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



hEHUOHJHQKHLWVJHIKODXV .KO XQG GLVWDQ]LHUW EOLFNWH VLH GHQ )HUQVHKMRXUQDOLVWHQ DQ DOV HU YRU LKUHP $UEHLWVWLVFKVWDQGXQGDXIVLHHLQVSUDFK ³1LHPDQG KDW GDV 5HFKW PLU HLQ *HVSUlFK PLW 'H9DQWHQ XQG 7DULQRZ ]X YHUZHLJHUQ´ VDJWH 'HLUDQ KHIWLJ ³'LH $QVWDOW OHLVWHW VLFK HLQHQ XQJHKHXHUOLFKHQ 5HFKWVEUXFKZHQQVLHPLFKDEZHLVW ³9LHOOHLFKW¶HQWJHJQHWHGLH$QZlOWLQ ³6LHVROOWHQDXIPHLQHU6HLWHVHLQ´ ³9LHOOHLFKW0U'HLUDQ´ ³:DV KHL‰W YLHOOHLFKW" :LU KDEHQ HLQHQ 9HUWUDJ PLW GHQ EHLGHQ $QJHNODJWHQ JHVFKORVVHQ 'DGXUFK VLQG GLH *HULFKWVNRVWHQ JHGHFNW XQG HV EOHLEW QRFK HLQ JDQ] KEVFKHV 6PPFKHQ EULJ²DEHU QXU ZHQQ 'H9DQWHQ XQG 7DULQRZ VLFK DQ GLH 9HUHLQEDUXQJHQKDOWHQ7XQVLHHVQLFKWJLEWHVNHLQHQ6ROLLVWGDVNODU"´ ³6LH N|QQHQ YRUDXVVLFKWOLFK PRUJHQ PLW PHLQHQ 0DQGDQWHQ VSUHFKHQ´ HUNOlUWH GLHKEVFKH$QZlOWLQ³9RUKHUQLFKW´ ³:DUXPQLFKW"´ ³6LHVLQGNUDQN´ ³'DVZLOOLFKVHKHQ´ 'U $OLFH &DQGLFH OlFKHOWH 6LH JLQJ ]X GHU :DQG GLH GHP )HQVWHU JHJHQEHU ODJXQG|IIQHWHHLQH6FKLHEHWU'DKLQWHUZXUGHHLQ%LOGNXEXVVLFKWEDU6LHGUFNWHDXI HLQ SDDU .Q|SIH 'DV %LOG HUKHOOWH VLFK 'HLUDQ NRQQWH LQ GHQ %HKDQGOXQJVUDXP GHU .UDQNHQVWDWLRQ GHU $QVWDOW VHKHQ +LQWHUGLFNHQ *ODVVFKHLEHQ ODJHQ 'H9DQWHQ XQG 7DULQRZ DXI LKUHQ %HWWHQ %HLGH 0lQQHU EHZHJWHQ VLFK QLFKW 6LH VDKHQ DXV ZLH :DFKVSXSSHQ ³:DVLVWPLWGHQEHLGHQORV"´IUDJWH'HLUDQHUVFKUHFNW ³2OJD,QIHNWLRQ´ ³2OJD,QIHNWLRQ"´ 'HU -RXUQDOLVW EOLFNWH GLH $QZlOWLQ YHUEOIIW DQ ³:DV ]XP 7HXIHOLVWGDV"´ ³,QGHU+DIWDQVWDOWEHILQGHWVLFKHLQ8PZHOWDQJHSD‰WHUYRQ9R+R/¶2OJDHLQHP 3ODQHWHQ DXV GHP 9K /O6\VWHP LQ GHU 1lKH GHV =HQWUXPVUDQGHV´ HUNOlUWH VLH NKO ³(U KDW 'H9DQWHQ XQG 7DULQRZ LQIL]LHUW %HL GHU VRJHQDQQWHQ 2OJD,QIHNWLRQ KDQGHOW HV VLFK XP HLQH 9LUHQNUDQNKHLW GLH GXUFK VSH]LILVFKH (UUHJHU GLHVHU :HOW EHUWUDJHQZHUGHQ´ ³6FKRQ JXW´ ZLQNWH 'HLUDQ VFKURII DE ³:DV SDVVLHUW PLW LKQHQ" :HUGHQ VLH¶V EHUOHEHQ"´ ³1DWUOLFK6LHVLQGQXULQHLQH$UW6WDUUHYHUIDOOHQEHLGHUDOOH/HEHQVSUR]HVVH HUKHEOLFK YHUODQJVDPW ZHUGHQ 6LH EHILQGHQ VLFK LQ %HKDQGOXQJ 'LH ,QIHNWLRQ LVW KDUPORVZHQQGDV*HJHQVHUXPYHUDEUHLFKWZLUG'H9DQWHQXQG7DULQRZZHUGHQVLFK PRUJHQVSlWHVWHQVDEHUEHUPRUJHQVRZHLWHUKROWKDEHQGD‰6LHPLW,KQHQVSUHFKHQ N|QQHQ´ ³8QG ZDV VROO GLHVHU =LUNXV"´ IUDJWH 'HLUDQ lUJHUOLFK ³:DUXP KDW PDQ PLU GDV QLFKWJOHLFKJHVDJW"´ 6LHEOLFNWHLKQPLWHLQHPJHULQJVFKlW]LJHQ/lFKHOQDQ ³:HLO6LHDOV6NDQGDOUHSRUWHUEHNDQQWVLQG'LH$QVWDOWEHIUFKWHWGD‰6LHHLQH 2OJD3DQLN DXI GHU (UGH DXVO|VHQ N|QQWHQ XP DXI GLHVH $UW HLQPDO ZLHGHU LQV *HVSUlFK]XNRPPHQ´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



³'DQNH´VDJWHHU³'DVZDUGHXWOLFK´ ³'DVZDUGLH$EVLFKW´ 6LH EOLFNWH LKQ DEZHLVHQG DQ GRFK LKUH $XJHQ JOlQ]WHQ (U VDK LKU DQ GD‰ VLH VLFK GLHELVFK GDUEHU IUHXWH LKP HLQPDO GLH :DKUKHLW JHVDJW ]X KDEHQ 9HUlUJHUW GUHKWHHUVLFKXPXQGHLOWH]XU7U'RUWEOLHEHUVWHKHQ6LHVDKLKPDQGD‰LKPHWZDV HLQJHIDOOHQZDU/DQJVDPGUHKWHHUVLFKXP ³6LHKDEHQPLFKDXIHLQH,GHHJHEUDFKW´VDJWHHU³$XVGHU2OJD*HVFKLFKWHOl‰W VLFKHWZDVPDFKHQ´ ³9HUVXFKHQ 6LH HV QXU´ ULHW VLH LKP 6LH VHW]WH VLFK XQG JULII QDFK HLQHP 6FKUHLEHUZlKUHQGVLHPLWGHUDQGHUHQ+DQGHLQH$NWH]XVLFKKHUDQ]RJ³0DFKHQ6LH HLQHQ JUR‰HQ XQG DXIUHJHQGHQ 2OJD5HSRUW 'DPLW ZHUGHQ 6LH HLQLJHQ 0LOOLRQHQ 0HQVFKHQ $QJVW XQG 6FKUHFNHQ HLQMDJHQ²XQG ]XGHP HUUHLFKHQ GD‰ 'H9DQWHQ XQG 7DULQRZ QLFKW YRU *HULFKW HUVFKHLQHQ N|QQHQ 0DQ NDQQ GRFK GLH EHLGHQ YRQ GHU :HOWUDXPVHXFKH %HIDOOHQHQ QLFKW DXI GHP +|KHSXQNW GHU 2OJD:HOOH YRU GLH 6FKUDQNHQ GHV *HULFKWHV EULQJHQ ZR VLH HLQH $QVWHFNXQJVJHIDKU ZlUHQ 2GHU GRFK 0U'HLUDQ"´ (UJLQJKLQDXVXQGVFKOXJGLH7UNUDFKHQGKLQWHUVLFK]X $OLFH&DQGLFHOlFKHOWHLQVLFKKLQHLQ 

  ³0U-RH'HLUDQ"´ 3URIHVVRU 'U *HRIIUH\ $EHO :DULQJHU ZLUNWH HLQ ZHQLJ YHUOHJHQ DOV HU GHP -RXUQDOLVWHQHQWJHJHQNDPXQGLKPGLH+DQGUHLFKWH'HUJUR‰HVFKODQNH0DQQEOLFNWH 'HLUDQLQGLH$XJHQ ³*DQ] UHFKW 3URIHVVRU´ HQWJHJQHWH 'HLUDQ (U KDWWH NHLQHUOHL +HPPXQJHQ YRU GHP (UVWHQ :LVVHQVFKDIWVVHQDWRU GHV 6RODUHQ ,PSHULXPV 'LH (LQODGXQJ PLW LKP ]X VSUHFKHQ ZDU Y|OOLJ EHUUDVFKHQG JHNRPPHQ $OV HU ZXWHQWEUDQQW GDV %UR GHU $QZlOWLQYHUODVVHQKDWWHZDULKPGHU5HJLVVHXUHQWJHJHQJHNRPPHQXQGKDWWHLKPGLH 1DFKULFKW EHUEUDFKW 'HU 9HUPLWWOXQJVEHDXIWUDJWH YRQ 79%RVWRQ KDWWH VLFK DQ :DULQJHU JHZHQGHW XQG XP HLQ ,QWHUYLHZ HUVXFKW DEHU QLHPDOV GDPLW JHUHFKQHW GD‰ GLH =XVDJH VR VFKQHOO NRPPHQ ZUGH %XG 2 ) 7KRPDURQ KDWWH GDUDXIKLQ 'HLUDQ GDPLWEHDXIWUDJWGHQ+\SHUSK\VLNHUDXI]XVXFKHQZHLOHUJHUDGHDP2UWZDU -RH 'HLUDQ VDJWH HLQ SDDU IUHXQGOLFKH DEHU XQZHVHQWOLFKH :RUWH XP GHP :LVVHQVFKDIWOHU]XGDQNHQ:DULQJHUIKUWHLKQLQHLQHQZRKQQHQHLQJHULFKWHWHQ5DXP DQ GHVVHQ :lQGHQ VLFK NQVWOHULVFK KRFKZHUWLJH 'DUVWHOOXQJHQ YRQ /DQGVFKDIWHQ IUHPGHU3ODQHWHQEHIDQGHQ ³3URIHVVRULQVJHKHLPKDWWHLFKQDWUOLFKJHKRIIWGD‰6LH]XGHP)DOO'H9DQWHQ 7DULQRZ 6WHOOXQJ QHKPHQ ZUGHQ´ VDJWH 'HLUDQ ³6FKOLH‰OLFK ZDU 'H9DQWHQ ,KU 6FKOHU´ ³'DV LVW ULFKWLJ´ EHVWlWLJWH :DULQJHU (LQ 'LHQVWURERWHU EUDFKWH HLQHQ NOHLQHQ ,PEL‰ IU GLH )HUQVHKOHXWH 'HU :LVVHQVFKDIWOHU ZDUWHWH ELV DOOHV DXIJHWLVFKW ZRUGHQ ZDU ³'H9DQWHQ LVW HLQ DX‰HURUGHQWOLFK EHJDEWHU 0DQQ (U LVW PLU PHKUIDFK ZHJHQ VHLQHU /HLVWXQJHQ DXIJHIDOOHQ ,FK KDEH HV VHKU EHGDXHUW GD‰ HU LQ GLH ,QGXVWULH JHJDQJHQLVW(UJODXEWHGRUWPHKU*HOGYHUGLHQHQ]XN|QQHQ´ ³8QVLQWHUHVVLHUWQDWUOLFKLQHUVWHU/LQLHGDV9HUEUHFKHQGDVHUEHJDQJHQKDW¶  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 HUNOlUWH'HLUDQ³'DUEHUKLQDXVZUGHQZLUJHUQZLVVHQZLH6LHVLFKGD]XVWHOOHQXQG ZDV,KUH0HLQXQJEHUKDXSW]XIUHLXQGXQDEKlQJLJDUEHLWHQGHQ:LVVHQVFKDIWOHUQLVW 6RGDQQZROOWHLFK6LHIUDJHQZLH6LHGLH9HUDQWZRUWXQJEHZHUWHQGLH:LVVHQVFKDIWOHU KHXWH ]X WUDJHQ KDEHQ 'DEHL LQWHUHVVLHUHQ PLFK EHVRQGHUV GLH 3UREOHPH GLH EHL ZLVVHQVFKDIWOLFKHQ3URMHNWHQDQIDOOHQGLHZDIIHQWHFKQLVFKHU$UWVLQG:LH]XP%HLVSLHO ´ ³6WlUNHQ 6LH VLFK HUVW HLQPDO 0U 'HLUDQ´ HQWJHJQHWH :DULQJHU OlFKHOQG ³'DQDFK ELQ LFK JHUQ EHUHLW ,KUH )UDJHQ ]X EHDQWZRUWHQ ,FK P|FKWH YRU DOOHP HLQH (UNOlUXQJDEJHEHQGLHZLUYLHOOHLFKWLQGDV,QWHUYLHZHLQEDXHQN|QQHQ´ ³:LUZHUGHQGDVQDWUOLFKJHQDXPLWHLQDQGHUDEVSUHFKHQ´YHUVSUDFK'HLUDQXQG JULII QDFK HLQHP PXQGJHUHFKWHQ %URFNHQ JHUlXFKHUWHQ (GHOILVFKV ³(V ZLUG DOOHUK|FKVWH =HLW GD‰ GLH gIIHQWOLFKNHLW HUIlKUW LQ ZHOFKH *HIDKU VLH GXUFK YHUDQWZRUWXQJVORVKDQGHOQGH:LVVHQVFKDIWOHUJHEUDFKWZLUG ,QGHQ$XJHQ:DULQJHUVEOLW]WHHVNXU]DXIGRFKGDVEHPHUNWH'HLUDQQLFKW(U DUEHLWHWH EHUHLWV LQWHQVLY DQ GHP .RQ]HSW GHV ,QWHUYLHZV -HW]W IKOWH HU VLFK µYROONRPPHQIUGLH1LHGHUODJHGLHHUEHL'U&DQGLFHHUOLWWHQKDWWHHQWVFKlGLJW'DEHL ZDUHUIHVWGDYRQEHU]HXJWGD‰:DULQJHUQLFKWVYRQGHP([NOXVLYYHUWUDJDKQWHGHQ HU PLW 'H9DQWHQ XQG 7DULQRZ JHVFKORVVHQ KDWWH (LQH (UNOlUXQJ GHV (UVWHQ :LVVHQVFKDIWVVHQDWRUV LP 5DKPHQ HLQHV 6HQVDWLRQVEHULFKWHV PX‰WH LKQ XQG VHLQHQ 5HSRUW JDQ] HUKHEOLFK DXIZHUWHQ -RH 'HLUDQ KDWWH GDV XQWUJOLFKH *HIKO GD‰ VHLQH .DUULHUHQDFKGHU7DOIDKUWMHW]WZLHGHUHLQHQVWHLOHQ$XIVWLHJQDKP ,Q =XVDPPHQDUEHLW PLW GHP 5HJLVVHXU VSOLWWHUWH HU GDV ,QWHUYLHZ :DULQJHUV LQ GUHL7HLOHDXI(UVHW]WHGXUFKGD‰HLQH(UNOlUXQJGHV+\SHUSK\VLNHUVQRFKDQGLHVHP 7DJH LQ GHQ $EHQGQDFKULFKWHQ JOREDO DXVJHVWUDKOW ZXUGH 1DWUOLFK ILHOHQ GLH 1DPHQ GHU EHLGHQ ,QKDIWLHUWHQ GDULQ 'DPLW UFNWHQ VLH DXWRPDWLVFK LQ GLH HUVWH 5HLKH GHV ,QWHUHVVHV 3URIHVVRU:DULQJHUHUKLHOWLQGHQ1DFKULFKWHQGLH*HOHJHQKHLWVHLQ(UVFKUHFNHQ EHUGLH*HZLVVHQORVLJNHLWHLQLJHU:LVVHQVFKDIWOHU]XlX‰HUQ(UQDQQWH'H9DQWHQXQG 7DULQRZ³*UR‰YHUEUHFKHU´XQGVSUDFKLQDOOHU'HXWOLFKNHLWGDYRQGD‰GLHVH0lQQHUPLW GHQ YRQ LKQHQ HQWZLFNHOWHQ *HUlWHQ XQWHU 8PVWlQGHQ DXFK JDQ]H :HOWHQ YHUQLFKWHQ NRQQWHQ'DQQHQGOLFKILHOGDV:RUW³'DVHLQVO|VFKHU´ 'DPLWEH]HLFKQHWH:DULQJHUHLQ*HUlWGDVELVMHW]WXQEHNDQQWH:LVVHQVFKDIWOHU HQWZLFNHOWKDWWHQ6HLQH:RUWHOLH‰HQJU|‰WH%HVRUJQLVHUNHQQHQ $QVFKOLH‰HQG NQGLJWH GHU 1DFKULFKWHQVSUHFKHU HLQ DXVIKUOLFKHV ,QWHUYLHZ PLW GHP +\SHUSK\VLNHU DQ 'HLUDQ ZDU EHU]HXJW GDYRQ GD‰ HV QDFK GLHVHQ HUVWHQ (U|IIQXQJHQDXIJU|‰WHV,QWHUHVVHDXIGHUJDQ]HQ(UGHVWR‰HQZUGH %XG 2 ) 7KRPDURQ VHLQ &KHIUHGDNWHXU OLH‰ GXUFKEOLFNHQ GD‰ VHLQH .QGLJXQJYRUOlXILJ]XUFNJHVWHOOWZRUGHQVHL 

  /RUGDGPLUDO$WODQ]HLJWHHLQIHLQHV/lFKHOQDOVHUGHQ0DVNHQUDXPEHWUDWXQG 5RQDOG7HNHQHUDXIGHP%HKDQGOXQJVVWXKOVDK 'LH /DVKDW1DUEHQ ZDUHQ DXV GHP *HVLFKW GHV 2EHUVWHQ YHUVFKZXQGHQ 7HNHQHU KDWWH MHW]W GLH JOHLFKH UHLQH +DXW ZLH 'H9DQWHQ $XFK GLH )DUEH VHLQHV +DDUHVZDUDQJHJOLFKHQZRUGHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 'HU$UNRQLGHJLQJ]X7HNHQHUXQGEHWUDFKWHWHLKQSUIHQG'LHELVKHULJH$UEHLW GHV0DVNHQELOGQHUVVFKLHQLKQ]XEHIULHGLJHQ ³(VOlXIWDOOHVQDFK3ODQ´VDJWHHU³:DULQJHUKDWVLFKHLQJHVFKDOWHW´ 'HU 0DVNHQELOGQHU HLQ )DFKDU]W IU ELRFKHPLVFKFKLUXUJLVFKH 8PIRUPXQJ EHJDQQ GDPLW GLH *HVLFKWVIRUP 7HNHQHUV GHU 'H9DQWHQV DQ]XSDVVHQ 'HU 2EHUVW VSUWH GDYRQ QLFKWV GD HU |UWOLFK EHWlXEW ZRUGHQ ZDU 6R NRQQWH GHU 0HGL]LQHU GLH 6SH]LDOSODVWLNPDVVH XQWHU GLH +DXW VSULW]HQ ZlKUHQG 7HNHQHU LKQ EHL GHU $UEHLW EHREDFKWHWH 'LH 0DVVH YHUVFKPRO] PLW GHP QDWUOLFK JHZDFKVHQHQ =HOOJHZHEH XQG ZDU QDFK HLQHU $QSDVVXQJV]HLW YRQ HWZD ]ZHL 7DJHQ QLFKW PHKU YRQ GLHVHP ]X XQWHUVFKHLGHQ1DFKGHPEHUVWDQGHQHQ(LQVDW]ZUGH7HNHQHUHLQRUDOHV3KDUPDNRQ HLQQHKPHQGDVGDV)UHPGJHZHEHEHUGLH%OXWEDKQDEEDXWH 'HU 6SH]LDOLVW YHUIROJWH GLH $UEHLW GHV 0DVNHQELOGQHUV PLW VWRLVFKHU 5XKH (U NRQ]HQWULHUWHVLFKDXIGDV9HUK|UHUJHEQLVXQGYHUVXFKWHVRYLHOZLHP|JOLFKYRQGHP ]XZLHGHUKROHQZDVHUHUIDKUHQKDWWH $WODQV%HPHUNXQJVFKUHFNWHLKQDXVVHLQHQ*HGDQNHQDXI(UJDELKPPLWGHQ $XJHQHLQ=HLFKHQGD‰HULKQYHUVWDQGHQKDWWH'HU$UNRQLGHYHUOLH‰GHQ5DXPZLHGHU XQG ZHFKVHOWH LQ GHQ EHQDFKEDUWHQ KLQEHU ZR 6LQFODLU 0 .HQQRQ LP %HKDQGOXQJVVWXKOVD‰ 'HU 5RERWPHQVFK IOXFKWH ODXWKDOV (U EHPHUNWH QLFKW GD‰ GHU /RUGDGPLUDO HLQWUDW =ZHL bU]WH ZDUHQ GDEHL LKP VHLQH %HLQH DE]XQHKPHQ 'DV JHILHO .HQQRQ EHUKDXSWQLFKW ³6LHKDEHQVLFKYHUUHFKQHW´VDJWHHU³6LHKDEHQVLFKJODWWXP]ZHL=HQWLPHWHU JHLUUW´ ³'LH +HUUHQ KDEHQ OHLGHU NHLQH 0|JOLFKNHLW GLH /lQJH GHU %HLQH PLW +LOIH HLQHU 3RVLWURQLN]XEHUSUIHQ´ZDUI$WODQVS|WWLVFKHLQ .HQQRQGUHKWHLKPGDV*HVLFKW]X(UOlFKHOWHYHUOHJHQ ³'LH 5ROOH YRQ 'H9DQWHQ KlWWH PLU YLHO EHVVHU ]X *HVLFKW JHVWDQGHQ´ EHKDXSWHWHHU ³'DV VHKH LFK HLQ´ HQWJHJQHWH $WODQ ³1DWUOLFK ZlUH GLHVH 5ROOH IU 6LH YLHO HLQIDFKHUJHZHVHQ:LUKlWWHQHLQPDO,KUH+DDUIDUEHlQGHUQPVVHQ´ ³,FK ZHUGH PLFK QLH GDPLW DEILQGHQ N|QQHQ LQ GLH 0DVNH HLQHV =ZHUJHV VFKOSIHQ]XPVVHQ´DQWZRUWHWH.HQQRQNQXUULJ ³'DV KDEH LFK PLU DXFK JHVDJW´ VWLPPWH $WODQ OlFKHOQG ]X ³'HVKDOE KDEH LFK DXFKGDYRQ$EVWDQGJHQRPPHQ6LHLQHLQHQ6LJDQHVHQYHUZDQGHOQ]XODVVHQ´ 'HU0DQQPLWGHU9ROOSURWKHVHVW|KQWHQXU0L‰ELOOLJHQGEHWUDFKWHWHHUGLHQHXHQ %HLQHGLHHLQHUGHUEHLGHQbU]WHKHUDQEUDFKWH6LHNDPHQLKPYLHO]XNXU]YRUGRFKHU YHUNQLIIVLFKZHLWHUH%HPHUNXQJHQ$WODQEHREDFKWHWHZLHGLHEHLGHQbU]WHGLHQHXHQ %HLQH DQ GHP 5RERWN|USHU EHIHVWLJWHQ 'LH %LRPROSODVWVFKLFKW ZUGH ZHQLJVWHQV YLHUXQG]ZDQ]LJ6WXQGHQEHQ|WLJHQXPVR]XYHUVFKPHO]HQGD‰NHLQH1DUEHQDQGHQ 9HUELQGXQJVVWHOOHQPHKUVLFKWEDUEOLHEHQ'DQDFKZUGHNHLQQRFKVRJHQDXSUIHQGHU $U]W HUNHQQHQ N|QQHQ GD‰ .HQQRQ QHXH %HLQH EHNRPPHQ KDWWH XQG GD‰ GLHVH DXV QLFKWQDWUOLFKJHZDFKVHQHP)OHLVFKEHVWDQGHQ ³8QG MHW]W GLH $UPH XQG GHU 2EHUN|USHU 6LU´ VDJWH HLQHU GHU EHLGHQ bU]WH ZlKUHQG HU PLW HLQHP JHVFKLFNWHQ 6FKQLWW GLH 6FKXOWHU .HQQRQV |IIQHWH 'HU 5RERWPHQVFK EOLFNWH DXI GLH YRUEHUHLWHWHQ $UPH XQG $XIVDW]VWFNH GLH HU HUKDOWHQ VROOWHXP7DULQRZlX‰HUOLFKELVDXIV+DDU]XJOHLFKHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 -RKQ0DUVKDOOEHWUDWGHQ5DXP$WODQEHPHUNWHLKQXQGJLQJLKPHQWJHJHQ$OV GHU0XWDQWLKPHLQ=HLFKHQJDEYHUOLH‰HU]XVDPPHQPLWLKPGHQ%HKDQGOXQJVUDXP ³:DVJLEWHV-RKQ"´IUDJWH$WODQ 'HU&KHIGHU0XWDQWHQVDKEHVRUJWDXV ³,FK NRPPH JHUDGH YRP 9HUK|U´ DQWZRUWHWH HU ³'DEHL VLQG ZLU DXI HLQH .OHLQLJNHLWJHVWR‰HQGLHMHGRFKXQWHU8PVWlQGHQYRQJUR‰HU%HGHXWXQJVHLQN|QQWH´ ³6SUHFKHQ6LH-RKQ´ ³:LH ZLU ZLVVHQ LVW GLH $QZlOWLQ $OLFH &DQGLFH lX‰HUVW DWWUDNWLY 'DV ZlUH MHGRFKQLFKWZHLWHUVFKOLPPDEHUHVVLHKWVRDXVDOVKlWWHVLHVLFKLQ7DULQRZYHUOLHEW 8QGDXFKHUVFKHLQWLKUQLFKWJDQ]JOHLFKJOWLJJHJHQEHU]XVWHKHQ´ $WODQUXQ]HOWHEHWURIIHQGLH6WLUQ(U EOLFNWHDXIGLH7UGHV0DVNHQUDXPHVZR 6LQFODLU0.HQQRQLQ%HKDQGOXQJZDU ³:LUJODXEHQGD‰GLHVH.RPSOLNDWLRQXQVHUHQ3ODQJHIlKUGHQN|QQWH´ $WODQQDKPGHQ$UPGHV0XWDQWHQXQGHQWIHUQWHVLFKYRQGHP0DVNHQUlXP(U ZROOWH QLFKW GD‰ .HQQRQ HWZDV K|UWH 'HU 5RERWPHQVFK YHUIJWH EHU HLQ VR IHLQHV *HK|UGD‰HULKU*HVSUlFKPKHORVKlWWHYHUIROJHQN|QQHQZHQQHUZROOWH ³:LH KDW VLFK GLH JHJHQVHLWLJH =XQHLJXQJ ]ZLVFKHQ GHQ EHLGHQ ELVKHU JHlX‰HUW"´ ³(V LVW QLFKWV SDVVLHUW ZHQQ 6LH GDV PHLQHQ´ HQWJHJQHWH -RKQ 0DUVKDOO ³'LH EHLGHQ VLQG VLFK QXU lX‰HUVW V\PSDWKLVFK YHUPXWOLFK VRJDU YHUOLHEW LQHLQDQGHU 'DV NDQQIU.HQQRQXQWHU8PVWlQGHQNULWLVFKVHLQ´ $WODQ |IIQHWH GLH 7U ]X HLQHP %HUDWXQJV]LPPHU XQG OLH‰ GHQ 0XWDQWHQ ]XHUVW HLQWUHWHQ 6HLQ ([WUDKLUQ ZDUQWH LKQ GDYRU .HQQRQ HLQ]XVHW]HQ 2EZRKO GHU .RVPRNULPLQDOLVWQXUQRFKEHUHLQHQ5RERWN|USHUYHUIJWHIKOWHHUVLFKQDFKZLHYRU DOVYROOZHUWLJHU0DQQ]XPZHLEOLFKHQ*HVFKOHFKWKLQJH]RJHQ:HQQLKPLQGLHVHP)DOO HLQH XQJHZ|KQOLFK VFK|QH )UDX EHJHJQHWH GLH GHQ 0DQQ GHQ HU YHUN|USHUWH OLHEWH GDQQJHULHW.HQQRQLQHLQHJHIlKUOLFKH.RQIOLNWVLWXDWLRQ(UKD‰WHVHLQHQXUVSUQJOLFKHQ .|USHUGHUNUDQNYHUNUSSHOWXQGQDKH]XEHZHJXQJVXQIlKLJJHZHVHQZDUXQGHUZDU VWRO] DXI VHLQHQ MHW]LJHQ .|USHU GHVVHQ /HLVWXQJ GLH MHGHV DQGHUHQ 0HQVFKHQ PKHORV EHUWUDI 'HQQRFK YHUJD‰ HU QLFKW GD‰ GLHVHU .|USHU HEHQ GRFK QXU HLQH 3URWKHVH ZDU 'DUDQ lQGHUWH DXFK QLFKWV GD‰ VHOEVW HLQH VHKU VRUJIlOWLJH lU]WOLFKH 8QWHUVXFKXQJ LKUHQ ZDKUHQ &KDUDNWHU QLFKW HQWKOOW KlWWH .HQQRQ KlWWH HLQH 0DJHQ 1LHUHQ 'DUP RGHU /HEHUVSLHJHOXQJ HEHQVR EHUVWDQGHQ ZLH HLQH JHQDXH U|QWJHQRORJLVFKH8QWHUVXFKXQJ(UZlUHYRQMHGHPQLFKWLQIRUPLHUWHQ$U]WDQVWDQGVORV DOV³0HQVFK´NODVVLIL]LHUWZRUGHQ ,KQ NRQQWH GLH 9ROONRPPHQKHLW VHLQHU 3URWKHVH MHGRFK QLFKW GDUEHU KLQZHJWlXVFKHQGD‰HUNHLQHQELRORJLVFKJHZDFKVHQHQ.|USHUEHVD‰'HVKDOEZDUHV LKPQLHJHOXQJHQHLQH%UFNH]XHLQHU)UDX]XVFKODJHQ $OLFH&DQGLFHNRQQWHLKQGDKHULQHLQHJUHQ]HQORVH9HUZLUUXQJXQG9HU]ZHLIOXQJ VWU]HQ(LQ0HQVFKZLH6LQFODLU0.HQQRQEHQ|WLJWH=XQHLJXQJLP*UXQGHPHKUDOV DQGHUH.DPVLHMHGRFKYRQZHLEOLFKHU6HLWHGDQQPX‰WHVLHLKQVFKPHU]OLFKDQVHLQ 6FKLFNVDOHULQQHUQ ³:LU KDEHQ MHW]W NHLQH =HLW PHKU HLQHQ DQGHUHQ 6SH]LDOLVWHQ IU .HQQRQ HLQ]XVHW]HQ´ VDJWH $WODQ DOV HU VLFK JHVHW]W KDWWH -RKQ 0DUVKDOO QDKP VLFK HLQHQ .DIIHHDXVGHP$XWRPDWHQXQGQDKPGDQQGHP$UNRQLGHQJHJHQEHU3ODW]³'DUEHU KLQDXV KDEHQ ZLU QLHPDQGHQ GHU VR KDUPRQLVFK PLW 7HNHQHU ]XVDPPHQDUEHLWHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



N|QQWHZLH.HQQRQ´ ³:LU PVVHQ LKQ DXI $OLFH &DQGLFH YRUEHUHLWHQ´ VFKOXJ 0DUVKDOO YRU ³:HQQ HU ZHL‰ZLHVLHVLFK]XLKPVWHOOHQZLUGGDQQZLUGHUDXFKPLWGLHVHU6LWXDWLRQIHUWLJ´ $WODQ VFKWWHOWH GHQ .RSI $XI GHP 7LVFK ODJ HLQH IRWRJUDILVFKH $XIQDKPH YRQ )RGRU7DULQRZXQG$DUORQ'H9DQWHQ ³,FK µILQGH HV LPPHUKLQ HUVWDXQOLFK GD‰ GLHVH )UDX VLFK LQ 7DULQRZ YHUOLHEW KDW XQGQLFKWLQ'H9DQWHQ(ULVWZHLWDXVLQWHUHVVDQWHUXQGVLHKWDXFKEHVVHUDXV´ ³(VJHK|UWYHUPXWOLFK]XGHU7DNWLNGHU)UDXHQXQVLPPHUZLHGHULQ(UVWDXQHQ ]X YHUVHW]HQ´ HQWJHJQHWH 0DUVKDOO OlFKHOQG ³:DKUVFKHLQOLFK ZUGHQ ZLU XQV VRQVW QLFKWVRYLHOPLWLKQHQEHVFKlIWLJHQ´ 'LH7U|IIQHWHVLFK (LQ KRFKJHZDFKVHQHU EORQGHU 0DQQ WUDW HLQ 0LW OHLFKW KRFKJH]RJHQHQ 6FKXOWHUQ EOLHE HU LQ GHU 7U VWHKHQ 'LH EODXHQ $XJHQ PXVWHUWHQ $WODQ VFKDUI$XIIDOOHQGZDUGLH.OHLGXQJGHV0DQQHV(UWUXJQXUHLQOHLFKWHV+HPGXQGVHKU NXU]H6SRUWKRVHQ$XIVHLQHPUHFKWHQ2EHUVFKHQNHOZDUDQGHU$X‰HQVHLWHHLQHODQJH KDOEPRQGI|UPLJH1DUEH]XHUNHQQHQGLHVHKUWLHI]XVHLQVFKLHQ =|JHUQGEHWUDWHUGHQ5DXPXQGJLQJGDQQODQJVDPDXI$WODQ]X ³,FK KDEH HV PLU EHUOHJW 6LU´ VDJWH HU ³,FK GHQNH QLFKW GDUDQ QRFK OlQJHU PLW]XPDFKHQ0LUVWHKHQGLH9HUK|UHELVKLHUREHQYHUVWHKHQ6LH"´ (UIXKUVLFKPLWGHU+DQGXQWHUGHP.LQQHQWODQJ -RKQ0DUVKDOOODFKWHOHLVH ³6RJDU GLH 6WLPPH NOLQJW HFKW 0U 7HNHQHU´ VDJWH HU ³)U HLQHQ NXU]HQ $XJHQEOLFN KDEHQ 6LH VRJDU PLFK JHWlXVFKW 8QG $WODQ ZDU GDYRQ EHU]HXJW 'H9DQWHQYRUVLFK]XKDEHQ*UDWXOLHUH´ 7HNHQHUYHU]RJGDV*HVLFKW]XHLQHP/lFKHOQ ³6FKDGHGD‰6LHKLHUVLQG-RKQ,FKKlWWHGDV6SLHOJHUQQRFKHLQZHQLJOlQJHU JHVSLHOW´ (U GHXWHWH EHU GLH 6FKXOWHU ]XUFN XQG VDJWH ]X GHP /RUGDGPLUDO ³'D GUDX‰HQLVWHLQEXOOLJHU.HUOHLQH6FKOlJHUW\SH(UP|FKWHXQEHGLQJWPLW,KQHQUHGHQ´ %HYRU $WODQ DQWZRUWHQ NRQQWH HUVFKLHQ 8626SH]LDOLVW 0DMRU 1RF 7HWUR LQ GHU 7U'HUULHVLJH(UWUXVHUPX‰WHVLFKEFNHQXPHLQWUHWHQ]XN|QQHQ,QVHLQHPUHFKWHQ 0XQGZLQNHOZDUQRFKMHW]WHLQH5L‰ZXQGH]XHUNHQQHQXQGDXFKGLH$XJHQXPJHEXQJ VFKLHQHWZDVJHVFKZROOHQ]XVHLQ 'HU$UNRQLGHHUKREVLFKXPGHQ.XULHU]XEHJU‰HQGHU7HNHQHUXQG.HQQRQ DXI6DWLVI\EHQDFKULFKWLJWKDWWH3UIHQGEHWUDFKWHWHHUVHLQ*HVLFKW ³6LH ZHUGHQ VLFK DXFK EHKDQGHOQ ODVVHQ PVVHQ EHYRU ZLU 6LH LQ GHQ (LQVDW] VFKLFNHQN|QQHQ´VWHOOWHHUIHVW ³:DQQJHKW¶VORV6LU"´ $WODQEOLFNWHDXIVHLQ&KURQRPHWHU(V]HLJWHGHQ%-DQXDUDQ ³0RUJHQ´ DQWZRUWHWH HU ³0RUJHQ IOLHJHQ 6LH ]XVDPPHQ PLW 7HNHQHU XQG .HQQRQ]XU(UGH6LHZHUGHQLKQHQVWlQGLJ5FNHQGHFNXQJJHEHQ´ 7HNHQHU EOLFNWH $WODQ EHUUDVFKW DQ (U KDWWH QLFKW GDPLW JHUHFKQHW GD‰ GHU 0DMRU]XGHU(LQVDW]JUXSSHJHK|UHQZUGH ³,VW GDV QLFKW ]X ULVNDQW 6LU"´ IUDJWH HU ³8QVHUH *HJQHU N|QQWHQ GHQ 0DMRU ZLHGHUHUNHQQHQIDOOVVLHLKQDXI6DWLVI\JHVHKHQKDEHQ´ ³0DMRU7HWURWUXJXQGWUlJWHLQH0DVNH0RUJHQZLUGHUJDQ]DQGHUVDXVVHKHQ´ 5RQDOG7HNHQHUYHUVXFKWHHWZDVYRQGHU0DVNH]XHUNHQQHQDEHUGDVJHODQJ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



LKPQLFKW6HOEVWGLH6FKOlJHUHLKDWWHQLFKWVYRQLKUDXIJHGHFNW ³0DMRU 7HWUR LVW 8OWUDGUXFNSK\VLNHU DOVR HLQ )DFKPDQQ IU -XSLWHUSODQHWHQ´ HUOlXWHUWH$WODQ³(UPX‰XQEHGLQJWLQGLHVHQ)DOOHLQJHVFKDOWHWZHUGHQGHQQHULVWHV JHZHVHQGHUVFKRQODQJHGDUDQJHDUEHLWHWKDW(ULVWZLHNDXPHLQDQGHUHUEHUDOOHV LQIRUPLHUW =XGHP EHVLW]W HU GDV )DFKZLVVHQ GDV PLW GHP YRQ :DULQJHU HUIXQGHQHQ 'DVHLQVO|VFKHULQ=XVDPPHQKDQJVWHKW:LUN|QQHQLKQDOVRQLFKWHQWEHKUHQ´ $WODQERWGHP0DMRUXQG7HNHQHU3ODW]DQ ³/HLGHUNDQQ0DMRU7HWURQLFKWPHQWDOVWDELOLVLHUWZHUGHQ´ ³'DVLVWHLQJHIlKUOLFKHU1DFKWHLOIUXQVDOOH6LU´VDJWH7HNHQHU ³'DV LVW PLU NODU 0DMRU 7HWUR ZLUG GHQQRFK PLW ,KQHQ ]XVDPPHQDUEHLWHQ :LU N|QQHQ QLFKW DXI LKQ YHU]LFKWHQ 6LH VLQG EHL DOOHQ ZLVVHQVFKDIWOLFKHQ 4XDOLILNDWLRQHQ EHU GLH 6LH YHUIJHQ GHQ DQVWHKHQGHU 3UREOHPHQ QLFKW JHZDFKVHQ 0DMRU 7HWUR LVW HLQ+DQGLFDSIU6LHGDVLVWXQVDOOHQNODUDEHUHVJHKWQLFKWRKQHLKQ´ 'DV5XIOLFKWDQGHU7UIODPPWHDXI%HYRU$WODQUHDJLHUHQNRQQWHWUDW.HQQRQ HLQ6HLQH0DVNLHUXQJZDUURFKQLFKWYROODEJHVFKORVVHQ%LVMHW]WJOLFKQXUVHLQ.|USHU GHP YRQ )RGRU 7DULQRZ DEHU QLFKW GDV *HVLFKW 'HU 5RERWPHQVFK PDFKWH MHGRFK HLQHQXQJHPHLQNUlIWLJHUHQ(LQGUXFNDOVGHU+RFKHQHUJLHLQJHQLHXU6HLQH%HZHJXQJHQ ZDUHQVFKQHOOHUXQGLPSXOVLYHU-RKQ0DUVKDOOPDFKWHLKQGDUDXIDXIPHUNVDP.HQQRQ NHKUWH XP XQG JLQJ ]XU 7U ]XUFN $OV HU GDQDFK DXI $WODQ ]XNDP KDWWH HU VHLQHQ *DQJGHPGHV:LVVHQVFKDIWOHUVGHQHUNRSLHUHQVROOWHDQJHSD‰W $WODQQLFNWH]XIULHGHQ ³:LUZROOHQXQVMHW]WGDV0RGHOOGHV9HUKDQGOXQJVJHElXGHVDQVHKHQ´VDJWHHU =XVDPPHQ PLW GHQ GUHL 6SH]LDOLVWHQ XQG GHP 0XWDQWHQ YHUOLH‰ HU GHQ 5DXP $WODQXQG.HQQRQEOLHEHQHLQ ZHQLJ]XUFN%HKXWVDPHU|IIQHWHGHU/RUGDGPLUDOGHP 5RERWPHQVFKHQZDV-RKQ0DUVKDOOLKPEHUGLHVFK|QH$QZlOWLQPLWJHWHLOWKDWWH 6LQFODLU0.HQQRQV6FKULWWHZXUGHQODQJVDPHU(UEOLFNWH$WODQSUIHQGDQ(LQ VHOWVDPHV/lFKHOQHUVFKLHQDXIVHLQHQ/LSSHQ ³6LH EHIUFKWHQ GLH =XQHLJXQJ GHU VFK|QHQ 'DPH N|QQWH JHIlKUOLFK IU PLFK ZHUGHQ"´IUDJWHHUVS|WWLVFK $WODQDQWZRUWHWHQLFKW(UJLQJZHLWHU.HQQRQEOLHEEHLLKP ³,FKPX‰WH6LHGDUDXIDXIPHUNVDPPDFKHQ´VDJWHGHU$UNRQLGHHQGOLFK ³1DWUOLFK´HQWJHJQHWH.HQQRQJHODVVHQ³6LHLUUHQMHGRFKZHQQ6LHDQQHKPHQ HPRWLRQHOOH)DNWRUHQN|QQWHQXQVHUHQ3ODQHUQVWKDIWEHHLQIOXVVHQ:LUZHUGHQQXUNXU] PLWGHU$QZlOWLQ]XVSUHFKHQKDEHQ:HQQZLUHUVWHLQPDODXIGHU(UGHVLQGYHUEOHLEW QLFKWPHKUYLHO=HLWELV]XP3UR]H‰´ .HQQRQEOLHEVWHKHQ(UUXQ]HOWHGLH6WLUQXQGEOLFNWH$WODQHUQVWDQ ³9LHO NULWLVFKHU LVW GD‰ HLQH HPSILQGVDPH )UDX VSUHQ N|QQWH GD‰ LFK QLFKW )RGRU7DULQRZELQ´HUNOlUWHHU ³:LUZHUGHQXQVEHLP9HUK|UPLW7DULQRZQRFKHLQPDOJDQ]EHVRQGHUVDXI$OLFH &DQGLFHNRQ]HQWULHUHQ´YHUVSUDFK$WODQ ³1DWUOLFK²DEHUHVJLEWJHZLVVH'LQJHLP/HEHQGLHDXFKHLQ7HOHSDWKQLFKWYROO DQV7DJHVOLFKW]XEULQJHQYHUPDJ´VDJWHGHU6SH]LDOLVW³(LQHOLHEHQGH)UDXNDQQXQWHU 8PVWlQGHQ MHGH 0DVNH GXUFKVFKDXHQ ,FK ZHUGH VHKU DXIPHUNVDP VHLQ PVVHQ XP LKUHQ$UJZRKQQLFKW]XHUUHJHQ´ (UOlFKHOWHHLQZHQLJELWWHUZLHHV$WODQVFKLHQ ³'HUNULWLVFKH3XQNWOLHJWDOVRQLFKWEHLPLUVRQGHUQEHLGHUVFK|QHQ$OLFH6LU´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 6LHIROJWHQGHQDQGHUHQ0lQQHUQGLHGHQ7UDLQLQJVEHUHLFKVFKRQHUUHLFKWKDWWHQ XQGMHW]WGXUFKHLQHGHUJUR‰HQ7UHQHLQWUDWHQ     'HU5DXPKDWWHHLQHQ'XUFKPHVVHUYRQQHXQ]LJ0HWHUQXQGHLQH+|KHYRQDFKW 0HWHUQ $WODQ GHU 0XWDQW XQG GLH 6SH]LDOLVWHQ WUDWHQ DXI HLQH %UVWXQJ KLQDXV GLH LQ KDOEHU+|KHUXQGXPGHQNUHLVUXQGHQ5DXPKHUXPIKUWH9RQKLHUDXVNRQQWHQVLHDXI GLH$QODJHKLQDEVHKHQGLHYRQGHQ8627HFKQLNHUQHUULFKWHWZRUGHQZDU ³:LUKDEHQGDV,QQHUHGHV*HULFKWVJHElXGHVVRIHUQHVIUXQVLQWHUHVVDQWLVW JHQDX NRSLHUW´ HUNOlUWH $WODQ ³'HU HLJHQWOLFKH *HULFKWVUDXP LQ GHP GLH 9HUKDQGOXQJ VWDWWILQGHWLVWKLHUQXUDQJHVFKQLWWHQUHNRQVWUXLHUWZRUGHQ'LH$NWLRQEHJLQQWHUVWGDQQ ZHQQVLHGHQ*HULFKWVUDXPYHUODVVHQKDEHQ´ $WODQ EHWUDW HLQH $QWLJUDYSODWWIRUP XQG VDQN GDUDXI QDFK XQWHQ 'LH DQGHUHQ ZDUWHWHQELVVLHZLHGHUQDFKREHQJHNRPPHQZDUXQGIROJWHQLKPGDQQ7HNHQHUXQG .HQQRQ NDPHQ DOV OHW]WH QDFK 6LH YHUVXFKWHQ VLFK VFKRQ MHW]W GLH YHUVFKLHGHQHQ 5lXPH GHV *HElXGHV JHQDX HLQ]XSUlJHQ 9RQ KLHU REHQ NRQQWHQ VLH DOOHV JHQDX HUNHQQHQGDQXUGLH:lQGHDXIJHVWHOOWZRUGHQZDUHQ (LQVDW]OHLWHU &RQUDG 3DORD NDP LKQHQ OlFKHOQG HQWJHJHQ 3DORD ZDU HLQ 7HUUDQHUGHVVHQ+HLPDWLUJHQGHLQHGHU]DKOUHLFKHQ,QVHOQLP6GSD]LILNJHZHVHQZDU (UVFKWWHOWH7HNHQHUXQG.HQQRQGLH+DQG ³:LUKDEHQDOOHVYRUEHUHLWHWXQGVFKRQGUHLPDOGXUFKJHSUREW´VDJWHHU³0LWHLQ EL‰FKHQ*OFNN|QQHQ6LHHVVFKDIIHQ´ ³:LHHUIUHXOLFK´HQWJHJQHWH7HNHQHUVS|WWLVFK³:LUZDUHQHLJHQWOLFKGHU$QVLFKW GD‰DXI)UHXQG=XIDOONHLQ9HUOD‰LVW´ ³'LHVHU )UHXQG LVW QLH JDQ] DXV]XVFKDOWHQ´ HUZLGHUWH GHU 7UDLQLQJVOHLWHU ³DEHU HUKDWQXUHLQHlX‰HUVWJHULQJH&KDQFH´ (U IKUWH VLH LQ HLQHQ NOHLQHQ 5DXP LQ GHP IQIXQG]ZDQ]LJ 6SH]LDOLVWHQ ZDUWHWHQ%HLHLQLJHQYRQLKQHQZXUGHQNOHLQH9HUOHW]XQJHQEHKDQGHOW ³'LHVH0lQQHUZHUGHQ6LHXQWHUVWW]HQ´VDJWH3DORD³6LHZHUGHQDOOHVWXQXP ,KQHQ GHQ :HJ IUHL]XPDFKHQ %HGHQNHQ 6LH ELWWH LPPHU GD‰ GLH :DFKHQ LP *HULFKWVJHElXGH PLW VFKDUIHQ :DIIHQ DXVJHUVWHW VLQG 6LH ZHUGHQ GDYRQ *HEUDXFK PDFKHQZHQQVLHHVIUQRWZHQGLJKDOWHQ$XFKZLUKDEHQVFKDUIH:DIIHQZHUGHQVLH DEHU QLFKW HLQVHW]HQ²MHGHQIDOOV QLFKW JHJHQ GLH :DFKHQ VRQGHUQ K|FKVWHQV JHJHQ $ODUPXQG6LFKHUXQJVDQODJHQ´ 7HNHQHU XQG .HQQRQ EHJU‰WHQ GLH 6SH]LDOLVWHQ ]X GHQHQ DXFK IQI 0XWDQWHQ GHU6RODUHQ$EZHKUJHK|UWHQ.LWDL,VKLEDVKLXQG7DNR .DNXWDGHU7HOHSRUWHUVROOWHQ ZLFKWLJH 6RQGHUDXIJDEHQ EHUQHKPHQ 6SlWHU ZUGH DXFK GHU 0DXVELEHU ]X GLHVHU *UXSSH VWR‰HQ $WODQ PDFKWH GLH EHLGHQ 8622IIL]LHUH PLW GHQ 3RVLWURQLNLQJHQLHXUHQ 7URP$UWDUXQG5DOI9ROWDEHNDQQW ³7UDP XQG 5DOI ZHUGHQ 4XLQWR&HQWHU QRFK KHXWH YHUODVVHQ´ VDJWH HU ³6LH ZHUGHQ HLQHQ URXWLQHPl‰LJHQ :DUWXQJVDXIWUDJ DQ GHU 3RVLWURQLN GXUFKIKUHQ %HL GLHVHU*HOHJHQKHLWZHUGHQVLHHLQ=XVDW]HOHPHQWLQVWDOOLHUHQ(VVROOXQVHUP|JOLFKHQ YRQ DX‰HQ DXI GLH 6LFKHUKHLWVSRVLWURQLN (LQIOX‰ ]X QHKPHQ²MHGHQIDOOV IU HLQLJH 6HNXQGHQ´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 ³:HQQ HV XQV JHOLQJW GHQ $ODUP XQG GLH GDPLW YHUEXQGHQHQ 6SHUU XQG $EZHKUPD‰QDKPHQ QXU XP HLQLJH 6HNXQGHQ KLQDXV]X]|JHUQ KDEHQ ZLU VFKRQ VHKU YLHOHUUHLFKW´VDJWH5DOI9ROWD³'LH3RVLWURQLNHQWKlOWQDWUOLFK(OHPHQWHGLHDXIVROFKH (LQJULIIH UHDJLHUHQ DEHU GDV N|QQHQ VLH HUVW GDQQ ZHQQ GLHVH ]X DUEHLWHQ EHJLQQHQ 8QVNRPPWHVQLFKWGDUDXIDQGLH3RVLWURQLNODKP]XOHJHQVRQGHUQVLHP|JOLFKVWODQJH ]X VW|UHQ 'LH =HLW PX‰ DXI MHGHQ )DOO DXVUHLFKHQ XP 6LH EHLGH GXUFK PHKUHUH 0DQQVFKOHXVHQKLQGXUFK]XEULQJHQ-HVFKQHOOHU6LHVLQGGHVWREHVVHU´ $WODQJDE7HNHQHUXQG.HQQRQHLQHQ:LQN'LHEHLGHQ6SH]LDOLVWHQIROJWHQLKP LQ GDV )UDJPHQW GHV *HULFKWVVDDOHV (LQVDW] XQG 7UDLQLQJVOHLWHU &RQUDG 3DORD HUZDUWHWHVLHEHUHLWV(U|IIQHWHHLQH3DQ]HUSODVWWUGLHVLFKKLQWHUGHQ6LW]SOlW]HQGHU $QJHNODJWHQXQGGHQHQGHU$QZlOWHEHIDQG'DKLQWHUODJHLQNOHLQHU5DXPLQGHPQXU HLQ 0DQQ DXVUHLFKHQG 3ODW] KDWWH 7HNHQHU VDK GLH 2EMHNWLYH YRQ ]ZHL .DPHUDV XQG GDV$EVWUDKOIHOGHLQHV(QHUJLHVWUDKOHUVEHUGHU]ZHLWHQ7UGHU0DQQVFKOHXVH ³'XUFKGLHVH.DPPHUPVVHQ6LHDXIDOOH)lOOH]XJOHLFKGXUFK´HUNOlUWH3DORD (U WUDW HLQ XQG OHJWH VHLQH +DQG JHJHQ GLH KLQWHUH 7U GLH HEHQIDOOV DXV 3DQ]HUSODVW EHVWDQG ³+LHU OLHJW EHUHLWV GLH HUVWH NULWLVFKH 6WHOOH 6LH GUIHQ QDFK GHQ 6LFKHUKHLWVEHVWLPPXQJHQ QXU HLQ]HOQ HLQWUHWHQ 'LHVH 7U |IIQHW VLFK HUVW GDQQ ZHQQ GLHYRUGHUHVLFKJHVFKORVVHQKDW6LHEHZHJWVLFKQXUZHQQVLFKHLQHLQ]HOQHU0DQQLQ GHU .DPPHU EHILQGHW 'DIU VLQG YHUVFKLHGHQH .RQWUROOHQ YRUJHVHKHQ %HILQGHW VLFK PHKUDOVHLQ0DQQLQGHU6FKOHXVHUDVWHQ]XVlW]OLFKH6LFKHUXQJHQHLQ'HU$ODUPZLUG DXVJHO|VW6FKRFNZDIIHQVFKDOWHQEHLGH3HUVRQHQDXV6ROOWHQVLHMHGRFKQLFKWGDUDXI UHDJLHUHQZHUGHQ(QHUJLHVWUDKOHUHLQJHVHW]W´ ³(LQHKEVFKH)DOOH´VDJWH.HQQRQ³8QGZLHNRPPHQZLUGDZLHGHUKHUDXV"´ ³1RUPDOHUZHLVH ZHLFKW GLH UHFKWH :DQG ]XUFN 6LH N|QQHQ DXI HLQHQ *DQJ KLQDXVWUHWHQ GHU DP JUR‰HQ :DFKUDXP YRUEHL GLUHNW ]XP $QWLJUDYVFKDFKW IKUW ,Q GLHVHPZUGHQ6LHGDQQELV]X,KUHQ+DIWUlXPHQDEVLQNHQ´ ³'DVLVWQLFKWYRUJHVHKHQ´VDJWH7HNHQHU ³(EHQ´HQWJHJQHWH3DORDOlFKHOQG³'HVKDOEPVVHQ6LHGLHVH3DQ]HUSODVWWUHQ |IIQHQ 'DV N|QQHQ 6LH QXU GXUFK GHQ (LQVDW] YRQ 'HVLQWHJUDWRUKDIWPLQHQ 'LHVH PVVHQ6LHH[DNWDQGLHVHQ3XQNWHQDQVHW]HQ´ 0LW HLQHP /HXFKWVWLIW ]HLFKQHWH HU YLHU .UHLVH DQ GLH 7U 6LH PDUNLHUWHQ GLH 6WHOOHQ KLQWHU GHQHQ VLFK GLH 6SHUUULHJHO EHIDQGHQ 3DORD GUFNWH DXI HLQHQ .QRSI DQ VHLQHP &KURQRPHWHU 'LH 3DQ]HUWU JOLWW ]XU 6HLWH 'DKLQWHU |IIQHWH VLFK HLQH ]ZHLWH 0DQQVFKOHXVH YRQ JHQDX GHU JOHLFKHQ *U|‰H $XFK GDULQ VDKHQ GLH EHLGHQ 6SH]LDOLVWHQ GLH 2EMHNWLYH YRQ hEHUZDFKXQJVNDPHUDV XQG GLH gIIQXQJHQ YRQ 6WUDKO XQG3DUDO\VHZDIIHQ ³'LHVHU *DQJ IKUW LQ GHQ JUR‰HQ :DFKUDXP 1RUPDOHUZHLVH GDUI HU QLFKW YRQ +lIWOLQJHQ SDVVLHUW ZHUGHQ (U LVW LP *UXQGH QXU DOV 6LFKHUKHLWVNDPPHU YRUJHVHKHQ XQG GLHQW QXU DOV 1RWYHUELQGXQJ ]XP :DFKUDXP $XFK KLHU LVW HLQH =HLWVFKDOWXQJ YRUJHVHKHQ'DV$XVJDQJVVFKRWW|IIQHWVLFKHUVWQDFKVHFK]LJ6HNXQGHQ6LHPVVHQ HVHEHQIDOOVJHZDOWVDP]HUVW|UHQ´ ³:DVPDFKHQZLUPLWGHQ(QHUJLHVWUDKOHUQ"´ ³'LH ZHUGHQ YRQ GHP 6RQGHUHOHPHQW LQ GHU 3RVLWURQLN JHVSHUUW DEHU HEHQ QXU IU HLQLJH 6HNXQGHQ 'HVKDOE PVVHQ 6LH VFKQHOO XQG H[DNW DUEHLWHQ GDPLW 6LH GLH .DPPHUYHUODVVHQN|QQHQEHYRUGLH:DIIHQDNWLYLHUWZHUGHQ)UGHQ)DOOGD‰ZLGHU (UZDUWHQ 9HU]|JHUXQJHQ HLQWUHWHQ VLQG 6LH PLW ZHLWHUHQ 'HVLQWHJUDWRUPLQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



DXVJHUVWHWGLH]XU=HUVW|UXQJGHU(QHUJLHVWUDKOHUDXVUHLFKHQµ 'DVKLQWHUH6FKRWW|IIQHWHVLFK3DORDJLQJLQGHQJUR‰HQ:DFKUDXPLQGHPGUHL XQLIRUPLHUWH:DFKHQDQHLQHP7LVFKVD‰HQ=ZHL5RERWHUVWDQGHQOLQNVXQGUHFKWVYRQ GHU7U ³+LHUZLUGPDQXQVDOVRPLWRIIHQHQ$UPHQHPSIDQJHQZHQQZLUKHLOGXUFKGLH 6FKOHXVHQKLQGXUFKJHNRPPHQVLQG´VDJWH7HNHQHU 3DORDVFKWWHOWHOlFKHOQGGHQ.RSI ³0HLQH (LQVDW]WUXSSH ZLUG EHUHLWV GXUFK GLH JHJHQEHUOLHJHQGH 7U KHUHLQJHNRPPHQVHLQXQGGLH:DFKHQXQG5RERWHUDXVJHVFKDOWHWKDEHQ´ ³:HQQDOOHVNODSSW´ ³(VZLUGDOOHVNODSSHQ0U7HNHQHU´HUZLGHUWH3DORD³'LH0XWDQWHQZHUGHQXQV GHQ:HJKLHUKHUJH|IIQHWKDEHQ'DQDFKZLUGDOOHVOHLFKWHUIU6LH´ (UJLQJGXUFKGLHQlFKVWH7UZHLWHU6LHNDPHQDXIHLQHQZHL‰HQ*DQJKLQDXV 3DORD |IIQHWH HLQ 3DQ]HUVFKRWW 'DQDFK JHODQJWHQ VLH LQ GHQ 7UDQVPLWWHUUDXP GHV *HULFKWVJHElXGHV ³:HQQ 6LH ELV KLHUKHU JHNRPPHQ VLQG KDEHQ 6LH HV JHVFKDIIW´ HUNOlUWH GHU 7UDLQLQJVOHLWHU³0HLQH0lQQHUKDEHQGLHVHQ5DXPGDQQVFKRQIUHLJHNlPSIW6LHVHOEVW EUDXFKHQGDQQQXUQRFKLQGHQ7UDQVPLWWHU]XJHKHQ'DPLWZlUHGLH$NWLRQEHHQGHW´ 5RQDOG7HNHQHU VDK VLFK QDFKGHQNOLFK XP (U NRQQWH GHQ 2SWLPLVPXV 3DORDV QLFKW JDQ] WHLOHQ hEHUDOO LQ GHQ :lQGHQ VDK HU IHVW LQVWDOOLHUWH (QHUJLH XQG 3DUDO\VHZDIIHQ ³:HQQZLUKLHUVLQGLVWPLWWOHUZHLOHLPJDQ]HQ*HElXGHGLH+|OOHORV´VDJWHHU ³:HUVRUJWGDIUGD‰PDQXQVQLFKWGLH(QHUJLHDEGUHKW"´ ³'DVYRQ7URPXQG5DOILQVWDOOLHUWH=XVDW]HOHPHQWLQGHU3RVLWURQLN´DQWZRUWHWH 3DORD ³6LH WUHQQW GLH 6LFKHUKHLWVVFKDOWXQJHQ GXUFK PLW GHU GLH (QHUJLH]XIXKU XQWHUEURFKHQ ZHUGHQ NDQQ $XFK KLHU JHKW HV MHGRFK ZLHGHU XP 6HNXQGHQ 9HUJHKW ]XYLHO=HLWNDQQGLH(QHUJLHYRQ+DQGDEJHVFKDOWHWZHUGHQ´ 7HNHQHUVFKWWHOWHQDFKGHQNOLFKGHQ.RSI ³*HKHQ ZLU GDV *DQ]H QRFK HLQPDO YRQ YRUQ GXUFK´ VDJWH HU ³0LU JHIlOOW GDV QRFKQLFKWVRUHFKW´ ³,FKNRQQWH,KQHQKLHUQDWUOLFKQXUHLQH6NL]]HXQVHUHUJHVDPWHQ0D‰QDKPHQ JHEHQ´ HQWJHJQHWH GHU 7UDLQLQJVOHLWHU ³'HU 3ODQ LVW PLW DOOHQ P|JOLFKHQ 9DULDQWHQ H[DNW GXUFKJHUHFKQHW ZRUGHQ :LU ZHUGHQ GLH JHVDPWH $NWLRQ QRFK PHKUPDOV GXUFKWUDLQLHUHQ EHYRU 6LH HLQVDW]UHLI VLQG :LU ZROOHQ )UHXQG =XIDOO P|JOLFKVW DXVVFKDOWHQ´ ³'LH (QWVFKHLGXQJ IlOOW YLHOOHLFKW VFKRQ LP *HULFKWVVDDO´ VDJWH 7HNHQHU ³:DQQ EHJLQQWGLH)OXFKW"´ ³,Q HLQHU 3DXVH´ DQWZRUWHWH $WODQ ³6REDOG VLFK GDV *HULFKW ]X HLQHU %HUDWXQJ ]XUFN]LHKW XQG 6LH DXV GHP *HULFKWVVDDO JHIKUW ZHUGHQ VROOHQ VWDUWHQ ZLU 'DV .RPPDQGRNRPPWSHU)XQNVLJQDO´ ³*XW´ VDJWH 7HNHQHU ³'DQQ VFKODJH LFK YRU GD‰ ZLU PLW GHP 7UDLQLQJ EHJLQQHQ´ 





-DQXDU8KU²7HUUDQLD&LW\

 

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 -RH 'HLUDQ EHWUDW GDV %UR GHU $QZlOWLQ $OLFH &DQGLFH (LQH YRQ HLQHP $QWLJUDYIHOG JHWUDJHQH 5RERWNDPHUD EHJOHLWHWH LKQ 2KQH VLFK XP GHQ 3URWHVW GHU 0LWDUEHLWHUGHU$QZlOWLQ]XNPPHUQJLQJGHU-RXUQDOLVW]XP$UEHLWV]LPPHUGXUFK 'U&DQGLFHEOLFNWHXQZLOOLJYRQLKUHU$UEHLWDXIDOVHUHLQWUDW ³-HW]WUHLFKWHV´VDJWH'HLUDQPLW]RUQLJHU6WLPPH³6LHKDEHQPLFKMHW]WODQJH JHQXJKLQJHKDOWHQ,FKZLOOKHXWHPLW'H9DQWHQXQG7DULQRZVSUHFKHQ´ ³,FKZHUGHPLFKGDUXPNPPHUQ´YHUVSUDFKVLHXQZLOOLJ6LHPDFKWHNHLQ+HKO GDUDXVGD‰VLHGLHVHQ0DQQQLFKWDXVVWHKHQNRQQWH ³,FK HUZDUWH GD‰ 6LH GDV VRIRUW WXQ 'U &DQGLFH VRQVW ZHUGH LFK DOOH 0LWWHO QXW]HQGLHPLU]XU9HUIJXQJVWHKHQXPGHQJUR‰HQ6NDQGDO]XHQWIHVVHOQ´ ³'DVWUDXHLFK,KQHQRKQHZHLWHUHV]X´ ³,FKZDUWH´ 6LHEOLFNWHLKQLUULWLHUWDQ ³6LHZHUGHQVLFKVFKRQJHGXOGHQPVVHQELVLFKVRZHLWELQ´VDJWHVLH ³6LQG 'H9DQWHQ XQG 7DULQRZ DXV GHU .UDQNHQDEWHLOXQJ HQWODVVHQ ZRUGHQ" %HILQGHQVLHVLFKZLHGHULQLKUHQ+DIWUlXPHQ"´ ³6LH ZHUGHQ KHXWH QDFKPLWWDJ KLQEHUJHEUDFKW 9RU VLHE]HKQ 8KU N|QQHQ 6LH DOVRDXIJDUNHLQHQ)DOOPLWLKQHQVSUHFKHQ´ ³'DVLVW]XNXU]IUGLH$EHQGVHQGXQJ´ ³'DVLVW,KU3UREOHP´ -RH 'HLUDQ ZROOWH DXIIDKUHQ GRFK GD PHUNWH HU GD‰ 'U &DQGLFH QDFKGHQNOLFK ZXUGH 3O|W]OLFK HUVFKLHQ HLQ XQGXUFKVLFKWLJHV /lFKHOQ DXI GHP *HVLFKW GHU $QZlOWLQ 6LHEOLFNWHLKQDQ ³9LHOOHLFKWKDEHLFKHLQHQ7LSIU6LH'HLUDQ´VDJWHVLH]|JHUQG³'DIUYHUODQJH LFKGD‰6LHPLFKXQGPHLQH0DQGDQWHQQRFKHLQZHQLJLQ5XKHODVVHQ´ ³,FKYHUVWHKHQLFKWZDUXP6LHGDVYHUODQJHQ":DVYHUEHUJHQ6LHYRUPLU"´ ³1LFKWV DEVROXW QLFKWV ,FK EHQ|WLJH QXU HLQ ZHQLJ =HLW 'H9DQWHQ XQG 7DULQRZ ZDUHQ HLQLJH 7DJH NUDQN -HW]W PX‰ LFK GLHVH =HLW DXIKROHQ XP PLFK ]XVDPPHQ PLW LKQHQDXIGHQ3UR]H‰YRU]XEHUHLWHQ'DEHLN|QQHQ6LHPLFKQXUVW|UHQ´ ³'DV LVW PLU Y|OOLJ HJDO :LU KDEHQ HLQHQ 9HUWUDJ PLW GHQ EHLGHQ 'HU ZLUG HUIOOW²RGHUZLUVWHLJHQDXV'DQQVHKHQ6LH]XZLH6LH]X,KUHP+RQRUDUNRPPHQ´ $OLFH &DQGLFH YHU]RJ GDV *HVLFKW 6LH HUNDQQWH GD‰ 'HLUDQ MHW]W QLFKW PHKU QDFKJHEHQ ZUGH 6LH ZUGH LKQ QRFK KHXWH ]X LKUHQ 0DQGDQWHQ YRUODVVHQ PVVHQ VHOEVWZHQQLKUVHOEVWGDGXUFKZHUWYROOH=HLWYHUORUHQJLQJ 'HLUDQJLQJ]XU7U'RUWEOLHEHUVWHKHQ ³6LHVDJWHQGD‰6LHHLQHQ7LSIUPLFKKDEHQ´HULQQHUWHHUVLHDQLKUH:RUWH ³9HUJHVVHQ6LHHV´ ³2K QHLQ 'U &DQGLFH 6R QLFKW :LU NRPPHQ ,KQHQ XQG ,KUHQ 0DQGDQWHQ HQWJHJHQLQGHPZLUPHKU*HGXOG]HLJHQDOVGHU9HUWUDJHLJHQWOLFK]XOl‰W(LQH+DQG ZlVFKWGLHDQGHUH$OVRUFNHQ6LHVFKRQPLW,KUHQ,QIRUPDWLRQHQKHUDXV´ $OLFH &DQGLFH EHUOHJWH (V ZLGHUVWUHEWH LKU GLHVHP 0DQQ HLQH ,QIRUPDWLRQ ]X JHEHQDXVGHUHUJHVFKlIWOLFKHQ1XW]HQ]LHKHQNRQQWH$XIGHUDQGHUHQ6HLWHVDKVLH HLQH 0|JOLFKNHLW LKQ QRFK HLQ SDDU 6WXQGHQ YRQ 'H9DQWHQ XQG 7DULQRZ IHUQ]XKDOWHQ 6LHEHQ|WLJWHGLHVH=HLWVHOEVWGULQJHQGXQGVLHZROOWHDOOHVYHUPHLGHQZDV8QUXKHLQ GLH+DIWDQVWDOWEULQJHQNRQQWH 6HLWGHP HV HLQLJHQ :LVVHQVFKDIWOHUQ LQ GHQ OHW]WHQ -DKUHQ JHOXQJHQ ZDU YRU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 RGHU ZlKUHQG GHU *HULFKWVYHUKDQGOXQJ ]X IOLHKHQ XQG DQVFKOLH‰HQG XQWHU]XWDXFKHQ KHUUVFKWH LQ GHQ 7DJHQ YRU GHQ 9HUKDQGOXQJHQ VWHWV HLQH HWZDV EHUWULHEHQ QHUY|VH $WPRVSKlUH6LHVHOEVWZDUJHQHLJWYRQHLQHU6LFKHUKHLWVK\VWHULH]XVSUHFKHQDEHUVLH KWHWHVLFKGDVODXW]XVDJHQ6LHZROOWHYRQLKUHU6HLWHDXVGLH1HUYRVLWlWQLFKWQRFK VWHLJHUQ 6LH NRQQWH LKUHQ 0DQGDQWHQ QXU VFKDGHQ =XGHP ZDU VLH GDYRQ EHU]HXJW GD‰ ZHGHU 'H9DQWHQ QRFK 7DULQRZ GLH $EVLFKW KDWWHQ DXV GHU +DIWDQVWDOW RGHU GHP *HULFKWVJHElXGH]XIOLHKHQ'DKHUEHXQUXKLJWHVLHGDV$XIVHKHQGDVGLHVHU)DOOLQGHU gIIHQWOLFKNHLWHUUHJWH6LHKDWWHQLFKWGDPLWJHUHFKQHWGD‰GLHEHLGHQ:LVVHQVFKDIWOHU VRYLHO,QWHUHVVHEHLGHU3UHVVHILQGHQZUGHQ -HW]W IUFKWHWH VLH GD‰ DXFK GDV *HULFKW VLFK YRQ GHP 7UXEHO XP GLH EHLGHQ 0lQQHU EHHLQIOXVVHQ ODVVHQ N|QQWH 6LH KlWWH HLQHQ 3UR]H‰ YRUJH]RJHQ GHU LQ DOOHU 6WLOOHDEJHUROOWZlUHGHQQVLHUHFKQHWHPLWUHODWLYPLOGHQ6WUDIHQ-HW]WDEHUKDWWHVLFK GDV %ODWW JHZHQGHW -H GHXWOLFKHU GLH gIIHQWOLFKNHLW GLH 9HUEUHFKHQ GHU EHLGHQ :LVVHQVFKDIWOHUKHUDXVVWHOOWHGHVWRPHKU*HZLFKWPX‰WHGLH$QNODJHLKQHQ]XPHVVHQ (QWVSUHFKHQGKRFKZUGHDXFKLKU6WUDIDQWUDJDXVIDOOHQ 6LHZDUGDKHUJH]ZXQJHQLKUH6WUDWHJLH]XlQGHUQXQGGHQQHXHQ*HJHEHQKHLW DQ]XSDVVHQ 'DV NRQQWH QXU EHGHXWHQ GD‰ VLH GDV JUR‰H 6SLHO PLWVSLHOHQ PX‰WH =XQlFKVWEUDXFKWHVLH=HLWXPVLFKPLWLKUHQ0DQGDQWHQEHVSUHFKHQ]XN|QQHQ'DQQ ZROOWHVLHPLW]ZHL$QZlOWHQGLHLKUDVVLVWLHUWHQGLHQHXH0DUVFKURXWHIHVWOHJHQ$XFK GDIUEHQ|WLJWHVLH=HLW ³1XQZRUDXIZDUWHQ6LHGHQQQRFK"´IUDJWH'HLUDQJURE $OLFH &DQGLFH OHKQWH VLFK LQ LKUHP 6WXKO ]XUFN 6LH GUHKWH HLQHQ 6FKUHLEHU LQ LKUHQ+lQGHQ ³1DFKGHP 6LH 3URIHVVRU :DULQJHU LQWHUYLHZW KDWWHQ KDEH LFK QRFK NXU] PLW HLQHP$VVLVWHQWHQYRQLKPJHVSURFKHQ(VJLQJXPHLQHbX‰HUXQJGLHPLUXQNODUZDU GLHLFKDEHUIUZHVHQWOLFKKLHOW´ ³-DXQG"´ ³'HU$VVLVWHQWOLH‰GXUFKEOLFNHQGD‰YHUPXWOLFKDXFKGHU*UR‰DGPLQLVWUDWRUVLFK ]XYHUERWHQHQ([SHULPHQWHQYRQ:LVVHQVFKDIWOHUQlX‰HUQZUGH´ ³3HUU\5KRGDQ"´IUDJWH'HLUDQ$XIVHLQHU6WLUQELOGHWHVLFKHLQHVWHLOH)DOWH(U VWDUUWH GLH $QZlOWLQ DQ DOV ZROOH HU VLH PLW VHLQHQ %OLFNHQ GXUFKERKUHQ ³:DV N|QQWH 5KRGDQYHUDQODVVHQEHUGHUDUWLJH'LQJHYRUGHUgIIHQWOLFKNHLW]XUHGHQ"´ ³)UDJHQ6LHLKQ´VFKOXJ'U&DQGLFHYRU³0HKUNDQQLFK,KQHQQLFKWUDWHQ´ 

  $XIGHP5DXPKDIHQYRQ7HUUDQLD&LW\ODQGHWHXP8KUDPJOHLFKHQ7DJH GHU +DQGHOVUDXPHU 7$:2122 HLQ DOWHV 6FKLII GDV MHGRFK HLQHQ JXW JHSIOHJWHQ (LQGUXFN PDFKWH 'LH 7$:2122ILHO XQWHU GHQ DQGHUHQ 6FKLIIHQ EHUKDXSW QLFKW DXI 'HU.XJHOUDXPHUZDUVRXQDXIIlOOLJZLHMHGHVDQGHUH6FKLIIVHLQHU$UWDXFK .RPPDQGDQW ZDU 3DFR $OZRK HLQ DOV QLFKW EHUPl‰LJ UDIILQLHUWHU DEHU DXFK QLFKW JHUDGH XQJHVFKLFNWHU +lQGOHU EHNDQQWHU 0DQQ 6HLQH /DGXQJ EHVWDQG DXV .XQVWJHJHQVWlQGHQ YRQ YHUVFKLHGHQHQ .RORQLDOZHOWHQ SRVLWURQLVFKHQ 6SH]LDOWHLOHQ XQG 9HUSDFNXQJVPDVFKLQHQ 'D‰ GDUEHU KLQDXV QRFK 5RQDOG 7HNHQHU 6LQFODLU 0DURXW.HQQRQ1RF7HWUR$WODQXQGIQIXQG]ZDQ]LJZHLWHUH6SH]LDOLVWHQGHU862DQ %RUG ZDUHQ PHOGHWH GHU .RPPDQGDQW QLFKW DQ (EHQVRZHQLJ WHLOWH HU PLW GD‰ -RKQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 0DUVKDOOXQGGHU0DXVELEHU*XFN\GDV6FKLIIYRUGHU/DQGXQJYHUODVVHQKDWWHQ'HU,OW KDWWHVLFK]XVDPPHQPLWGHP7HOHSDWKHQ]X3HUU\5KRGDQWHOHSRUWLHUW :lKUHQG3DFR$OZRKGLHPLWGHU/DQGXQJYHUEXQGHQHQEURNUDWLVFKHQ$UEHLWHQ HUOHGLJWH XQG GDIU VRUJWH GD‰ GLH YROODXWRPDWLVFKHQ $QODJHQ GHV 5DXPKDIHQV EHJDQQHQGDV6FKLII]XHQWODGHQHUVFKLHQ*XFN\HUQHXWDQ%RUG (USODW]WHLQGLH$EVFKOX‰EHVSUHFKXQJGHU6SH]LDOLVWHQKLQHLQXQGPDWHULDOLVLHUWH XQPLWWHOEDU YRU $WODQ DXI GHP .RQIHUHQ]WLVFK 'D‰ GDEHL HLQ *ODV PLW HLQHP (UIULVFKXQJVJHWUlQNXPNLSSWHVW|UWHLKQQLFKW$OVZHQLJHUDQJHQHKPHPSIDQGHUGD‰ HLQHU GHU  6SH]LDOLVWHQ GLH 7HNHQHU XQG .HQQRQ KHOIHQ VROOWHQ JHUDGH LQ GLHVHP $XJHQEOLFN VHLQH =LJDUHWWH LP $VFKEHFKHU DXVGUFNHQ VROOWH /HLGHU PDWHULDOLVLHUWH *XFN\ UHFKWHU )X‰ JHQDX LQ GLHVHP $XJHQEOLFN XQPLWWHOEDU EHU GHP $VFKHQEHFKHU 'DV KDWWH ]XU )ROJH GD‰ HU GLH *OXW ]X VSUHQ EHNDP (UVFKUHFNW IXKU GHU 6SH]LDOLVW ]XUFNDOVGHU,OWDXIVFKULH(LQYROOHV7HHJODVVWLHJUDNHWHQDUWLJYRP7LVFKDXINLSSWH XPXQGODXZDUPHU7HHIOR‰EHUGLHYHUEUDQQWH6WHOOH%HYRULKPZHLWHUHV0L‰JHVFKLFN ZLHGHUIDKUHQNRQQWHUHWWHWHVLFK*XFN\PLWHLQHP6SUXQJXQWHUGLH'HFNH9RQGDDXV VDKHUGD‰LKPNHLQHZHLWHUH*HIDKUGURKWH(UOLH‰VLFKDXI$WODQV6FKR‰IDOOHQ 'HU$UNRQLGHEOLFNWHLKQNRSIVFKWWHOQGDQ ³:LU VLQG JHUDGH LQ HLQHU ZLFKWLJHQ %HVSUHFKXQJ .OHLQHU´ VDJWH HU ³'HLQH 6Sl‰FKHQVLQGQLFKWLPPHUDQJHEUDFKW´ ³'LU IHKOW MHGHU 6LQQ IU HFKWHQ +XPRU HGOHU $UNRQLGHQKlXSWOLQJ´ HQWJHJQHWH *XFN\ZUGHYROOXQGKRSVWHYRQ$WODQV6FKR‰³$EHU6SD‰EHLVHLWHHVZLUGHUQVW´ ³:HQQGXGDVVDJVWNDQQGDVMDKHLWHUZHUGHQ´ *XFN\ EOLFNWH $WODQ LUULWLHUW DQ 'DQQ JULQVWH HU XQG VHW]WH VLFK DXI .HQQRQV 6FKR‰ ³+LHUVLW]WPDQGRFKHUKHEOLFKZHLFKHU´VWHOOWHHUIHVW³'LHVH6FKHQNHOVLQGQRFK QLFKWJDQ]VRDOWXQGNQRFKLJ´ ³'DQNH´VDJWH$WODQ³8QGMHW]W]XU6DFKHELWWH´ ³=XU6DFKHLVW]XVDJHQGD‰HVK|FKVWH=HLWIUXQVHUHEHLGHQVFKZHUHQ-XQJV ZLUG´HUZLGHUWHGHU,OW³'LHELOGVFK|QH9HUWHLGLJHULQGHUEHLGHQLVWMHW]WJHUDGHDXIGHP :HJ ]X LKQHQ 6LH ZLUG LQ VSlWHVWHQV GUHL 0LQXWHQ EHL LKQHQ VHLQ XQG )RGRU 7DULQRZ VFK|QH$XJHQPDFKHQ´ ³:RUDXIZDUWHQZLUGHQQQRFK"´IUDJWH.HQQRQXQJHGXOGLJ ³'DUDXI GD‰ 6LH GLH .DIIHHWDVVH ZHJVWHOOHQ YHUHKUWHU )UHXQG´ NUlKWH *XNN\ ³6RKEVFKH7DVVHQJLEW¶VLP%DXQlPOLFKQLFKW´ 6LQFODLU0.HQQRQVWHOOWHGLH7DVVHDXIGHQ7LVFK$OVHUVLHORVOLH‰WHOHSRUWLHUWH *XFN\PLWLKPLQGLH+DIWDQVWDOW6LHUHPDWHULDOLVLHUWHQPLWWHQLQGHP5DXPLQGHPGLH EHLGHQ 6SH]LDOLVWHQ VLFK DXIKLHOWHQ GLH ELV MHW]W GLH 5ROOH YRQ 7DULQRZ XQG 'H9DQWHQ JHVSLHOWKDWWHQ'LHEHLGHQDWPHWHQVLFKWOLFKDXI ³'XPHLQH*WH´VDJWH³7DULQRZ´VW|KQHQG³'LHNOHLQH$OLFHLVWDXIGHP0DUVFK KLHUKHU'LHNRPPWPLUGRFKVRIRUWDXIGLH6FKOLFKH´ ³'D]X ZLUG GLH 'DPH NHLQH *HOHJHQKHLW PHKU KDEHQ´ DQWZRUWHWH *XFN\ XQG HUJULIIGLH+DQGGHV6SH]LDOLVWHQ³:LUYHUVFKZLQGHQQlPOLFK´ 6LHHQWPDWHULDOLVLHUWHQ ³+RIIHQWOLFK LVW *XFN\ PLW PHLQHU $EO|VXQJ ZLHGHU KLHU EHYRU $OLFH NRPPW´ VDJWH GHU ELVKHULJH ]ZHLWH 'H9DQWHQ ³,FK N|QQWH PHLQH 5ROOH NHLQH 6WXQGH OlQJHU GXUFKKDOWHQ 'LH )UDJHQ GHU $QZlOWLQ ZHUGHQ MHW]W VR SUl]LVH GD‰ ZLU QLFKW PHKU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 PLWKDOWHQN|QQHQ$X‰HUGHPPVVHQZLUKHXWHQRFKPLWGHP%HVXFKHLQHV5HSRUWHUV UHFKQHQ´ *XFN\XQG7HNHQHUPDWHULDOLVLHUWHQ'HU,OWJLQJVRIRUW]XGHPQXQEHUIOVVLJHQ GULWWHQ 0DQQ XQG YHUVFKZDQG PLW LKP QDFKGHP HU .HQQRQ XQG 7HNHQHU QRFK HLQPDO IU|KOLFK]XJHZLQNWXQGLKQHQ³DQJHQHKPH7DJHLP/RFK´JHZQVFKWKDWWH 8QPLWWHOEDUGDUDXI|IIQHWHVLFKGLH3DQ]HUSODVWWU 'U$OLFH&DQGLFHWUDWHLQ2KQH7HNHQHU]XEHDFKWHQEOLFNWHVLH.HQQRQDQ6LH OlFKHOWH HLQ ZHQLJ ,KU *HVLFKW ZDU EOD‰ 7HNHQHU ZDU EHWURIIHQ YRQ LKUHU XQJHZ|KQOLFKHQ6FK|QKHLW(UVSUWHGD‰GLH%OLFNHGLHVHU)UDX.HQQRQWLHIEHUKUWHQ 

  *XFN\ EUDFKWH DQVFKOLH‰HQG ]XQlFKVW $WODQ LQV 5HJLHUXQJV]HQWUXP ]X 3HUU\ 5KRGDQ $OV GHU ,OW LQV 6FKLII ]XUFNNHKUWH HUZDUWHWH LKQ 0DMRU 1RF 7HWUR EHUHLWV XQJHGXOGLJ ³:LUPVVHQXQVEHHLOHQ*XFN\´VDJWHHU³(LQ9HUELQGXQJVPDQQOLH‰XQVHEHQ ZLVVHQGD‰-RH'HLUDQDXIGHP:HJH]XPHLQHP'RXEOHLVW´ ³,FKELQWRWDOHUVFK|SIW´VFKZLQGHOWH*XFN\XQGOLH‰VLFKPLWEHUWULHEHQHU*HVWH LQHLQHQ6HVVHOVLQNHQ(UPXVWHUWHGHQ2IIL]LHUPLWYHUHQJWHQ$XJHQ'DQQVFKWWHOWH HUGHQ.RSIDOVKDEHHUJUR‰H%HGHQNHQ ³:DVLVWGHQQ"´IUDJWH7HWUR³6W|UWGLFKHWZDVDQPLU"´ ³6LHKDEHQJDQ]VFK|Q)HWWDQJHVHW]WLQOHW]WHU=HLWPHLQ+HUU´HQWJHJQHWHGHU 0DXVELEHULQVFK|QHU2IIHQKHLW³,FKZUGH,KQHQPDOHLQH5RKNRVWNXUHPSIHKOHQ'DV PDFKWGLH+IWHQZLHGHUIUHLµ ³%HL GHP EHYRUVWHKHQGHQ (LQVDW] ZHUGH LFK JHQJHQG *HOHJHQKHLW KDEHQ *HZLFKW DE]XEDXHQ´ 0DMRU 7HWUR EHJDQQ ]X VFKZLW]HQ :LHGHU EOLFNWH HU DXI VHLQ &KURQRPHWHU³:LUPVVHQMHW]WVRIRUWORV'HU5HSRUWHULVWLQVSlWHVWHQVGUHL0LQXWHQ LP+DIWUDXP´ 'D VDJWH 0DMRU 7HWUR ³*XFN\ ZUGHQ 6LH ELWWH GLH )UHXQGOLFKNHLW KDEHQ PLFK ]XPHLQHP'RXEOH]XEULQJHQ´ 'HU,OWKSIWHDXVGHP6HVVHOXQGHUJULIIGLH+DQGGHV6SH]LDOLVWHQ ³:HQQ6LHVRK|IOLFK]XPLUVLQGNDQQLFKHLQIDFKQLFKWZLGHUVWHKHQ1RFF\´ 0DMRU1RF7HWURVHW]WH]XHLQHU$QWZRUWDQGRFK*XFN\WHOHSRUWLHUWHVLFKPLWLKP LQGLH+DIWDQVWDOW'DV'RXEOHZDUWHWHQLFKZHQLJHUQHUY|VDXIVLHDOV7HWURDXI*XFN\ JHZDUWHWKDWWH9RUGHU7UHUW|QWHQ6FKULWWH'HU0DXVELEHUJULQVWHGHQ0DMRUYHUJQJW DQXQGYHUVFKZDQGPLWGHP'RXEOH.HLQH6HNXQGH]XIUK'LH7U|IIQHWHVLFK-RH 'HLUDQWUDWHLQ(UPX‰WH]XGHP+lIWOLQJDXIEOLFNHQ 1HEHQVHLQHP.RSIVFKZHEWHHLQH5RERWNDPHUD ³6LHVLQGGHU(UWUXVHU1RF7HWUR"´IUDJWHGHU-RXUQDOLVW³6LHKDEHQPLW'H9DQWHQ DXI$PRUVV,9]XVDPPHQJHDUEHLWHW",VWGDVULFKWLJ"´ ³'DVLVWHLQH%HKDXSWXQJ0HKUQLFKW´ 'HLUDQEHDFKWHWHGHQ(LQZDQGEHUKDXSWQLFKW³6HW]HQZLUXQVGRFK´VDJWHHU XQGQDKP3ODW]'DQDFKIXKUHUVRJOHLFKIRUW³:LULQWHUHVVLHUHQXQVDXFKQLFKWLQHUVWHU /LQLHIU6LHVRQGHUQIU'H9DQWHQ'DVLVWXQVHUJUR‰HU)LVFK(U]lKOHQ6LHXQVZDV 6LHEHULKQZLVVHQ1HQQHQ6LHXQVHLQSDDU(LQ]HOKHLWHQDXVVHLQHP/HEHQGLHXQV MHW]W QRFK QLFKW EHNDQQW VLQG 9LHOOHLFKW HLQ SDDU PHQVFKOLFKH 1XDQFHQ GLH LKQ EHLP  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



3XEOLNXPLQWHUHVVDQWHUPDFKHQN|QQWHQ´ 1RF 7HWUR VHW]WH VLFK 'LHVHU %HVXFKHU ZDU LKP ]XWLHIVW ]XZLGHU $P OLHEVWHQ KlWWHHULKQVRIRUWDXVGHP+DIWUDXPYHUZLHVHQ(UWDWHVQLFKW(UVWDQG'HLUDQ5HGH XQG$QWZRUWXQGHUVWHLJHUWHGLH1HXJLHUGHGHV%HULFKWHUVWDWWHUVDXI'H9DQWHQXQGGLH 9HUKDQGOXQJ *HVFKLFNW YHUOLHK HU LKP GDV *HIKO GD‰ GLH $QJHNODJWHQ LPPHU QRFK HQWVFKHLGHQGH3XQNWHYRULKPYHUKHLPOLFKWHQ 'HLUDQZXUGHXQUXKLJ -HOlQJHUHUPLW1RF7HWURVSUDFKGHVWRPHKUJHZDQQHUGHQ(LQGUXFNGD‰HU HQGOLFKHLQPDOZLHGHUHLQHDXVJHVSURFKHQJOFNOLFKH+DQGJHKDEWKDWWH0LW'H9DQWHQ XQG7DULQRZOLH‰VLFKHWZDVDQIDQJHQ 'HU (UWUXVHU ZLFK GHQ GLUHNWHQ )UDJHQ GHV -RXUQDOLVWHQ LPPHU ZLHGHU DXV XQG IOFKWHWHVLFKLQ$QGHXWXQJHQ'HQDXVJHNOJHOWHQSV\FKRORJLVFKHQ6FKDFK]JHQGHV 0DMRUVZDU'HLUDQQLFKWJHZDFKVHQ$OVHUGLH+DIWDQVWDOWYHUOLH‰XPVHLQHQ795HSRUW YRU]XEHUHLWHQDKQWHHUQLFKWGD‰HU]XHLQHUZLFKWLJHQ:DIIHLP3V\FKRVSLHOGHU862 JHJHQHLQHQDXVGHP9HUERUJHQHQNlPSIHQGHQ*HJQHUJHZRUGHQZDU 'LHQlFKVWHQ7DJHYHUJLQJHQZLHLP)OXJHIU7HNHQHU.HQQRQXQG1RF7HWUR QLFKWMHGRFKIU'HLUDQ(UKlWWHJHUQQRFKPHKU=HLWJHKDEWXPGLHgIIHQWOLFKNHLWDXI GHQ3UR]H‰YRU]XEHUHLWHQ     -DQXDU²7HUUDQLD&LW\ 5RQDOG7HNHQHUVFKREGLH6FKDOHQPLWGHQ5HVWHQGHV0LWWDJHVVHQV]XU6HLWH .HQQRQ KDWWH IDVW QLFKWV JHJHVVHQ DEHU GDV ZUGH QLFKW DXIIDOOHQ (U KDWWH LQ GHQ YHUJDQJHQHQ7DJHQDXFKQLFKWYLHO]XVLFKJHQRPPHQ 7HNHQHU|IIQHWHVHLQH%OXVHXQGQDKPVHLQHQ=HOODNWLYDWRUDE.HQQRQHUJULIILKQ XQG OLH‰ LKQ LQ HLQHU gIIQXQJ XQWHU GHP %DXFKQDEHO YHUVFKZLQGHQ +HXWH EHJDQQ GLH 9HUKDQGOXQJ6LHPX‰WHQGDPLWUHFKQHQVRUJIlOWLJGXUFKVXFKW]XZHUGHQEHYRUVLHLQ GHQ *HULFKWVVDDO JHIKUW ZXUGHQ 'DEHL GXUIWH GHU =HOODNWLYDWRU DXI JDU NHLQHQ )DOO JHIXQGHQZHUGHQ 3O|W]OLFKIOLPPHUWHGLH/XIWYRUGHQEHLGHQ+lIWOLQJHQ*XFN\HUVFKLHQYRULKQHQ LP5DXP(UVFKLHQDXVQDKPVZHLVHHLQPDOQLFKW]XP6FKHU]HQDXIJHOHJW]XVHLQ ³8QVHU )UHXQG GHU 6WDDWVDQZDOW KDW QRFK HLQH ZHLWHUH 6LFKHUKHLWVPD‰QDKPH GXUFKJHGUFNW´ VDJWH HU ³6FKRQ YRU ]ZHL -DKUHQ ZXUGH EHVFKORVVHQ GHQ 7UDQVPLWWHUUDXP PLW HLQHP ]XVlW]OLFKHQ +h6FKLUP DOV 6FKXW] ]X YHUVHKHQ 'DV LVW MHW]WJHVFKHKHQ'HU6FKLUPSURMHNWRUZXUGHKHXWHPRUJHQLQVWDOOLHUWVR]XVDJHQGDPLW LKUHVQLFKWVRHLQIDFKKDEWDXVGLHVHP%DX]XYHUVFKZLQGHQ´ 7HNHQHUXQG.HQQRQHQWJHJQHWHQQLFKWVDXIGLHVH(U|IIQXQJ(LQ+h6FKLUPZDU LQ GHQ 3ODQXQJHQ QLFKW YRUJHVHKHQ XQG PX‰WH GLH $NWLRQ LP OHW]WHQ $XJHQEOLFN ]XP 6FKHLWHUQEULQJHQ ³'HU 6FKLUP ZLUG HEHQIDOOV YRQ GHU 3RVLWURQLN DXV JHVWHXHUW´ IXKU *XFN\ PLW VHLQHQ (UNOlUXQJHQ IRUW ³:LU N|QQHQ DEHU QXU HLQHQ =HLWDXIVFKXE HUUHLFKHQ RGHU ZLU PVVHQGLHJHVDPWH3RVLWURQLN]HUVW|UHQ´ ³:LHYLHO=HLW"´IUDJWH7HNHQHUUXKLJ ³:HQQ XQVHUH 6RQGHUVFKDOWXQJ ZLUNVDP ZLUG EHJLQQW GLH 3RVLWURQLN VRIRUW  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 GDPLWVLFKVHOEVWZLHGHULQ2UGQXQJ]XEULQJHQ'DIUEUDXFKWVLHMHW]WQDFKGHPDXFK GHU +h6FKLUP LQVWDOOLHUW LVW JHQDX  6HNXQGHQ %LV GDKLQ PVVHQ GLH +HUUHQ LP 7UDQVPLWWHUUDXPVHLQVRQVWJHKWGHU6FKLUPKRFK´ ³'DVLVWYLHO=HLWIDOOVDOOHVUHLEXQJVORVYHUOlXIW´HQWJHJQHWH.HQQRQ³(LQNOHLQHU =ZLVFKHQIDOOVFKRQNDQQGHQJHVDPWHQ3ODQ]XQLFKWHPDFKHQ´ ³(V LVW MD ZRKO NODU ZHU LP 1RWIDOO PDO ZLHGHU DOOHV LQ 2UGQXQJ EULQJW´ VDJWH *XFN\ ³'X VROOWHVW VR ZHQLJ ZLH P|JOLFK LQ (UVFKHLQXQJ WUHWHQ´ HUZLGHUWH 5RQDOG 7HNHQHU ³-H ZHQLJHU 3HUVRQHQ LQ GLH 6DFKH YHUZLFNHOW ZHUGHQ GHVWR EHVVHU -HGHU %HWHLOLJWH PX‰ DXFK ZLHGHU DXV GHP *HULFKWVJHElXGH KHUDXV 'LH :DFKHQ ZHUGHQ =HXJH GHU )OXFKW 6LH ZHUGHQ MHGHQ +HOIHU EHVFKUHLEHQ N|QQHQ :HQQ VLH GLFK RGHU HLQHQGHUEHUDOOEHNDQQWHQ0XWDQWHQVHKHQZLUGXQVHUH5ROOHVRIRUWXQJODXEZUGLJ´ (UOlFKHOWH ³:HQQ ZLU YRQ HLQHU VR SURPLQHQWHQ 3HUV|QOLFKNHLW ZLH *XFN\ EHIUHLW ZHUGHQ´ HUNOlUWHHU³GDQQULHFKWMHGHUGHQ%UDWHQVRIRUW´ 'HU 0DXVELEHU IKOWH VLFK VLFKWOLFK JHVFKPHLFKHOW ZHQQJOHLFK HU GLH $EVLFKW GXUFKVFKDXWH ³9|OOLJULFKWLJ´VWLPPWH6LQFODLU0.HQQRQ]X³:LUPVVHQHVDOOHLQVFKDIIHQ´ 'HU ,OW ZLQNWH LKQHQ HLOLJ ]X XQG WHOHSRUWLHUWH hEHUUDVFKW EHPHUNWHQ GLH EHLGHQ 6SH]LDOLVWHQGD‰VLFKGLH7U|IIQHWH6LHKDWWHQQLFKWDXIVLHJHDFKWHW ,QGHUgIIQXQJVWDQG$OLFH&DQGLFH ³.RPPHQ6LHELWWHPHLQH+HUUHQ´VDJWHVLH³'LH9HUKDQGOXQJEHJLQQW´ 6RIRUW ILHOHQ 7HNHQHU XQG .HQQRQ ZLHGHU LQ GLH LKQHQ ]XJHGDFKWH 5ROOH DOV $DUORQ 'H9DQWHQ XQG )RGRU 7DULQRZ ]XUFN 6LH YHUOLH‰HQ GHQ +DIWUDXP 'HU 5RERWPHQVFKEOLHELQGHU7UVWHKHQXQGEOLFNWHDXIGLH$QZlOWLQKHUDE(UOlFKHOWHXQG QLFNWHLKU]XYHUVLFKWOLFK]X ³6LHZHUGHQHVVFKRQVFKDIIHQ´³VDJWHHU ³+RIIHQWOLFK´ HUZLGHUWH VLH ³'LH 6DFKH VWHKW QLFKW VHKU JXW 0DQ KDW HLQ ZHQLJ ]XYLHO :LUEHO JHPDFKW -HW]W KDW DXFK 3HUU\ 5KRGDQ LP )HUQVHKHQ JHVSURFKHQ (U HUNOlUWH]ZDUGLHVHV9HUIDKUHQQLFKWEHHLQIOXVVHQ]XZROOHQDEHUGDVKDWHUHEHQGRFK JHWDQ´ ³3HUU\ 5KRGDQ 'X PHLQH *WH ZRPLW KDEHQ ZLU VRYLHO $XIVHKHQ YHUGLHQW"´ IUDJWH)RGRU7DULQRZ³6RDXIUHJHQGZDUHQXQVHUH([SHULPHQWHGRFKJDUQLFKW´ :lKUHQGVLHEHUGHQEUHLWHQ*DQJ]XPQlFKVWHQ:DFKUDXPJLQJHQVSUDFKGLH $QZlOWLQ ZHLWHU ³5KRGDQ KDW LQ 7HUUD7HOHYLVLRQ LQ VFKlUIVWHU )RUP YHUXUWHLOW GD‰ :LVVHQVFKDIWOHU LPPHU ZLHGHU DXI HLJHQH )DXVW ([SHULPHQWH PDFKHQ GLH GHQ +XPDQJHVHW]HQ GHV 6RODUHQ ,PSHULXPV ZLGHUVSUHFKHQ (U HUNOlUWH GD‰ GLHVH :LVVHQVFKDIWOHU³ 'U &DQGLFH VSUDFK QLFKW ZHLWHU 'LH EHLGHQ 0lQQHU KDWWHQ GHQ :DFKUDXP HUUHLFKWXQGZXUGHQVRUJIlOWLJQDFK:DIIHQXQWHUVXFKW,QGHU:DQGQHEHQHLQHP7LVFK PLW]DKOUHLFKHQ6FKDOWXQG.RQWUROOHOHPHQWHQEHIDQGVLFKHLQ%LOGVFKLUP$XILKPZDU GDV*HVLFKWGHV*UR‰DGPLQLVWUDWRUV]XVHKHQ3HUU\5KRGDQV6WHOOXQJQDKPHZDUQRFK QLFKW]X(QGH ³ ZLUG HV HLQPDO QRWZHQGLJ VHLQ GXUFK HLQ NODUHV 8UWHLO IHVW]XVWHOOHQ GD‰ UFNVLFKWVORVH :LVVHQVFKDIWOHU GDEHL LQ 9HUJHKHQ YHUZLFNHOW ZHUGHQ GLH XQV DOOH DQJHKHQ ZHLO VLH XQV DOOH EHGURKHQ 'DV 6RODUH ,PSHULXP LVW JH]ZXQJHQ PLW DOOHU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 6FKlUIH JHJHQ JHZLVVHQORVH :LVVHQVFKDIWOHU YRU]XJHKHQ XQG JDQ] NODUH *UHQ]HQ ]X ]LHKHQ:LUZHUGHQ´ ³6LHN|QQHQJHKHQ´VDJWHGHU:DFKRIIL]LHU 'H9DQWHQ VHQNWH GHQ .RSI XQG YHUOLH‰ GHQ 5DXP )RGRU 7DULQRZ VWLH‰ HLQHQ )OXFKDXV ³'U &DQGLFH GDV N|QQHQ ZLU XQV QLFKW ELHWHQ ODVVHQ 5KRGDQ JUHLIW LQ HLQ VFKZHEHQGHV 9HUIDKUHQ HLQ´ VDJWH HU PLW ]RUQLJHU 6WLPPH ³'DV JLEW XQV HLQH KDQGIHVWH0|JOLFKNHLWVFKRQMHW]W%HUXIXQJHLQ]XOHJHQ´ ³6HLHQ6LHQLFKW]XRSWLPLVWLVFK´HUZLGHUWHVLH³,FKZHUGHPLUGHQ:RUWODXWGHU (UNOlUXQJJHEHQODVVHQ(UVWGDQQNDQQLFKVDJHQREZLUHWZDVPDFKHQN|QQHQ´ 'LH EHLGHQ $QJHNODJWHQ EHWUDWHQ GHQ 9HUKDQGOXQJVUDXP HLQ JUR‰HV 2YDO GDV GXUFK HLQHQ XQVLFKWEDUHQ (QHUJLHVFKLUP LQ ]ZHL +lOIWHQ JHWHLOW ZXUGH 'LH =XVFKDXHUWULEQHQZDUHQELVDXIGHQOHW]WHQ3ODW]JHIOOWhEHULKQHQEHIDQGVLFKHLQH KXIHLVHQI|UPLJH%UVWXQJDXIGHUGLH3UHVVHYHUWUHWHUXQWHUJHEUDFKWZRUGHQZDUHQ $OV 'H9DQWHQ XQG 7DULQRZ GHQ 6DDO EHWUDWHQ OLHIHQ ]DKOORVH .DPHUDV DQ 'LH %HULFKWHUVWDWWHU EHJDQQHQ PLW LKUHP 5HSRUW 7HNHQHU ZDU IHVW GDYRQ EHU]HXJW GD‰ XQWHU GHQ =XVFKDXHUQ DP %LOGVFKLUP DXFK GHU YHUVFKROOHQH .2602',00LOOLDUGlU 'XUELQ +R\NDODUH VHLQ ZUGH 'H9DQWHQ XQG 7DULQRZ KDWWHQ PLW LKP LQ 9HUELQGXQJ JHVWDQGHQZHQQJOHLFKLQ]ZLVFKHQVFKRQHLQLJH=HLWYHUVWULFKHQZDU :LHZUGH+R\NDODUHUHDJLHUHQ" 'HU 9RUVLW]HQGH EHJDQQ PLW GHU 9HUQHKPXQJ GHU $QJHNODJWHQ (U EHIUDJWH ]XQlFKVW$DUORQ'H9DQWHQ'DQDFKULHIHU)RGRU7DULQRZXQGDQVFKOLH‰HQG1RF7HWUR GHQ(UWUXVHU 'HUHUVWH7DJYHUJLQJRKQHJUR‰H6HQVDWLRQHQ'LH%HULFKWHUVWDWWHUQXW]WHQLKQ XP GLH 6WLPPXQJ QRFK PHKU DQ]XKHL]HQ -RH 'HLUDQ HUOHEWH VHLQH JUR‰H 6WXQGH (U NRQQWH LPPHU ZLHGHU NXU]H ,QWHUYLHZV PLW 'H9DQWHQ XQG 7DULQRZ LQ VHLQHQ 5HSRUW HLQEOHQGHQXQGJHZDQQGDPLWHUKHEOLFKDQ9RUVSUXQJYRUVHLQHQ.RQNXUUHQWHQ'DEHL DKQWH HU QLFKW GD‰ HU JHQDX LP 6LQQH $WODQV DUEHLWHWH DOV HU HLQ UHLFKOLFK QHJDWLYHV %LOGYRQGHQEHLGHQ+DXSWDQJHNODJWHQ]HLFKQHWH

  'HU-DQXDUZDUGHU7DJGHUJUR‰HQ3OlGR\HUV 'U $OLFH &DQGLFH GLH DP HUVWHQ 9HUKDQGOXQJVWDJ QRFK HLQHQ VHKU UXKLJHQ (LQGUXFNJHPDFKWKDWWHZXUGH]XVHKHQGVQHUY|V ³'LH6WLPPXQJKDWVLFKHUKHEOLFKYHUVFKOHFKWHUW´HUNOlUWHVLH7DULQRZ³(VZlUH EHVVHUJHZHVHQZHQQ6LHNHLQHQ9HUWUDJPLW-RH'HLUDQDEJHVFKORVVHQKlWWHQ(UKDW KHXWH PLWWDJ HLQHQ %HULFKW JHEUDFKW LQ GHQHQ HU LKQHQ HLQH 9HUELQGXQJ ]X GHQ  :LVVHQVFKDIWOHUQ XP 'XUELQ +R\NDODUH QDFKZHLVW GLH KLHU LP -DKUH  HEHQIDOOV ZHJHQ YHUERWHQHU ([SHULPHQWH YHUXUWHLOW ZHUGHQ VROOWHQ :LH 6LH ZLVVHQ VLQG GLHVH :LVVHQVFKDIWOHUGDPDOVJHIORKHQ´ ³(U KlOW VLFK QLFKW DQ GLH 9HUHLQEDUXQJHQ´ HQWJHJQHWH GHU DQJHEOLFKH 7DULQRZ (UEOLFNWHGLH$QZlOWLQDQ6LHHUU|WHWHIOFKWLJXQGZDQGWHVLFKKDVWLJDE(UVDKGD‰ VLHHLQ%ODWW3DSLHULQGHU+DQG]HUNQOOWH 'HU 6WDDWVDQZDOW EHJDQQ PLW VHLQHP 3OlGR\HU LQ GHP HU GLH EHLGHQ $QJHNODJWHQ ]X JHZLVVHQORVHQ 9HUEUHFKHUQ DEVWHPSHOWH GLH XP ILQDQ]LHOOHU 9RUWHLOH ZHJHQ HLQLJH KXQGHUW 3ULPLWLYZHVHQ LP 5DKPHQ LKUHU ([SHULPHQWH HUPRUGHW KlWWHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 6HLQH5HGHULHI]XP7HLOZWHQGH3URWHVWHXQWHUGHQ=XVFKDXHUQKHUYRUDQGHUHUVHLWV VFKLHQHQVHLQH6FKLOGHUXQJHQGHPVHQVDWLRQVOVWHUQHQ3XEOLNXPQRFKQLFKWGUDVWLVFK JHQXJ ]X VHLQ $OV HLQLJH 0lQQHU GLH :LHGHUHLQIKUXQJ GHU 7RGHVVWUDIH YHUODQJWHQ GURKWHGDV*HULFKWGDPLWGHQ6DDOUlXPHQ]XODVVHQ'DQDFKZXUGHHVZLHGHUHWZDV UXKLJHU 'U &DQGLFH ZDUWHWH PLW HLQHU XQYRUKHUJHVHKHQHQ hEHUUDVFKXQJ DXI PLW GHU DXFK7HNHQHUXQG.HQQRQQLFKWJHUHFKQHWKDWWHQ6LHHUNOlUWHHUVWLQGLHVHU6WXQGHVHL HLQ :LVVHQVFKDIWOHU DXI GHU (UGH HLQJHWURIIHQ GHU HLQH ZLFKWLJH $XVVDJH ]X GHQ ([SHULPHQWHQ ]X PDFKHQ KDEH GLH 'H9DQWHQ XQG 7DULQRZ YRUJHZRUIHQ ZXUGHQ 6LH VWHOOWH GHQ $QWUDJ GLHVHQ =HXJHQ DXFK LQ GLHVHU 3KDVH GHU 9HUKDQGOXQJ QRFK LQ GHQ =HXJHQVWDQGEULQJHQ]XGUIHQ 1DFKGHP VLH HLQGHXWLJ EHZLHVHQ KDWWH GD‰ GHU =HXJH DXI JDU NHLQHQ )DOO YRU GHP  DXI GHU (UGH KDWWH VHLQ N|QQHQ OHJWH GDV *HULFKW HLQH 9HUKDQGOXQJVSDXVHHLQXQG]RJVLFK]XU%HUDWXQJ]XUFN 'DVZDUGDV=HLFKHQIU7HNHQHU.HQQRQXQG1RF7HWUR (LQXOWUDNXU]HU)XQNLPSXOVOLHIHLQ 'LH GUHL $QJHNODJWHQ HUKREHQ VLFK XQG QlKHUWHQ VLFK GHU 0DQQVFKOHXVH 7HNHQHUEOLHEYRUGHUQRFKJHVFKORVVHQHQ7UVWHKHQXQGZDUWHWHELVVLHVLFK|IIQHWH 'DEHL GUHKWH HU VLFK XP 'LH 2EMHNWLYH GHU .DPHUDV ZDUHQ DXI VLH JHULFKWHW 'LH 5HSRUWHUYHUIROJWHQMHGH3KDVH -HW]WNDPHVGDUDXIDQ 6SlWHUH )LOPEHULFKWH ZUGHQ GLHVH 3KDVH GHU $NWLRQ JHQDX VFKLOGHUQ N|QQHQ -HGHU 6FKULWW MHGH %HZHJXQJ ZDU UHNRQVWUXLHUEDU 6LQFODLU 0 .HQQRQ EOLFNWH $OLFH &DQGLFHDQ $KQWH GLH VFK|QH $QZlOWLQ HWZDV" 'HU 5RERWPHQVFK JODXEWH 8QVLFKHUKHLW XQG $QJVWLQLKUHQ$XJHQ]XVHKHQ6LHVWDQGYRULKP´DOVZROOWHVLHLKQ]XUFNKDOWHQ 1RF7HWURJDEVLFKJHODVVHQ(UJlKQWHODXWXQGDQKDOWHQG 'LH7U|IIQHWHVLFK 5RQDOG7HNHQHUEHWUDWGLH(LQ0DQQ.DPPHU6HLQH%OLFNHULFKWHWHQVLFKDXIGLH 3URMHNWRUHQ GHU (QHUJLHZDIIHQ GLH LKP JHJHQEHU GLFKW XQWHU GHU 'HFNH LQVWDOOLHUW ZRUGHQ ZDUHQ (U VDK GD‰ VLH IOLPPHUWHQ GDQQ MHGRFK SO|W]OLFK HUORVFKHQ $XFK .HQQRQKDWWHHVEHPHUNW(UVWLH‰1RF7HWURPLWGHP$UPDQ 'HU (UWUXVHU VWHOOWH VLFK EOLW]VFKQHOO LQ GLH ]XIDOOHQGH 7U XQG KLHOW VLH RIIHQ 6HLQH JHZDOWLJH .|USHUNUDIW ZLGHUVWDQG GHU 0HFKDQLN (U GUHKWH VLFK LQ GLH .DPPHU KLQHLQ.HQQRQZROOWHLKPIROJHQGRFKMHW]WKlQJWHVLFK$OLFH&DQGLFHDQVHLQHQ$UP ³1LFKW)RGRU´ULHIVLH 'DEHLNODPPHUWHVLHVLFKVRIHVWGD‰HUVLHQLFKWDEVFKWWHOQNRQQWHRKQHVHLQH EHUPHQVFKOLFKH .UDIW ]X YHUUDWHQ )U HLQHQ NXU]HQ $XJHQEOLFN ZDU HU UDWORV (U VDK GLH JUR‰HQ lQJVWOLFKHQ $XJHQ YRU VLFK XQG ZX‰WH QLFKW ZDV HU WXQ VROOWH 0LW HLQHP GHUDUWLJHQ=ZLVFKHQIDOOKDWWHHUQLFKWJHUHFKQHW ³1LFKW )RGRU´ ZLHGHUKROWH VLH ³'X YHUGLUEVW DOOHV %OHLEH KLHU 7X GDV QLFKW %LWWH´ .HQQRQYHUVXFKWHVLHPLWVDQIWHU*HZDOWDE]XGUlQJHQDEHUVLHYHUNUDPSIWHLKUH +lQGH ]X VHKU LQ VHLQHQ $UP 'LH 6HNXQGHQ YHUVWULFKHQ 7HNHQHU ULHI HWZDV (U HULQQHUWH .HQQRQ PLW HLQHP 6FKOVVHOZRUW GDUDQ GD‰ HV EXFKVWlEOLFK XP 6HNXQGHQEUXFKWHLOHJLQJ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



'DJULII0DMRU1RF7HWURHLQ 'LH )DXVW GHV (UWUXVHUV VWLH‰ DQ GHU 6FKXOWHU .HQQRQV YRUEHL XQG WUDI $OLFH &DQGLFH DP .LQQ ,KU .RSI IORJ ]XUFN REZRKO HU PLW DOOHU 9RUVLFKW XQG %HKXWVDPNHLW ]XJHVFKODJHQ KDWWH .HQQRQ VW|KQWH DXI (U JODXEWH GHQ .LHIHU GHU $QZlOWLQ EUHFKHQ ]XK|UHQ ,KUH +lQGH JOLWWHQ YRQ LKP DE 6LH VDQN ]X %RGHQ GRFK LKUH $XJHQ VFKORVVHQ VLFK QLFKW 6LH VWDUUWH LKQ DQ (U ZDU ZLH JHOlKPW 3O|W]OLFK JHKRUFKWH LKP VHLQ  5RERWN|USHUQLFKWPHKU(UIKOWHGLHWLHIH=XQHLJXQJGLHVHU)UDXXQGNDPVLFKZLHHLQ 9HUUlWHUYRU 'D SDFNWH LKQ 1RF 7HWUR DP .UDJHQ XQG UL‰ LKP PLW EUXWDOHU .UDIW LQ GLH 6FKOHXVH.UDFKHQGILHOGLH3DQ]HUSODVWWU]X 7HNHQHUKDWWHEHUHLWVGLH2EMHNWLYHGHU.DPHUDV]HUVFKODJHQ ³%HLOHGLFK:LUEUDXFKHQGLH+DIWPLQHQ´ULHIHU 6LQFODLU0DURXW.HQQRQHUZDFKWHZLHDXVHLQHPWLHIHQ7UDXP-HW]WKDQGHOWHHU EOLW]VFKQHOO(U|IIQHWHGLH.OHLGXQJXQGEUDFKWHDXVHLQHP)DFKDQGHUUHFKWHQ6HLWH YLHU'HVLQWHJUDWRUKDIWPLQHQKHUYRU(UUHLFKWHVLH7HNHQHUGHUVLHVFKQHOODQGLH]ZHLWH 7UKHIWHWH$OVVLHDQJHOHJWZDUHQGUFNWHHUHLQHQNOHLQHQ.QRSIDQGHU2EHUVHLWHGHU 0LQHQ 6LH EHJDQQHQ VRIRUW ]X DUEHLWHQ 1XU 6HNXQGHQEUXFKWHLOH YHUJLQJHQ ELV GDV 0DWHULDOGHU6LFKHUKHLWVWU]X6WDXE]HUILHO(LQNUlIWLJHU7ULWWGHV(UWUXVHUVJHQJWHXP GLH7UDXI]XVWR‰HQ 6LH KDWWHQ GLH ]ZHLWH .DPPHU HUUHLFKW -HW]W EHIDQG VLFK QXU QRFK HLQ 6LFKHUKHLWVVFKRWW ]ZLVFKHQ LKQHQ XQG GHP :DFKUDXP PLW GHQ :DFKHQ XQG GHQ 5RERWHUQ $XFK KLHU ]HLJWH HLQ SUIHQGHU %OLFN GD‰ GLH (QHUJLHVWUDKOHU DXVJHVFKDOWHW ZRUGHQZDUHQ ³'DV KDW VFKRQ DFKW 6HNXQGHQ JHNRVWHW´ VWHOOWH 5RQDOG 7HNHQHU IHVW ³'UHL 6HNXQGHQPHKUDOVYRUJHVHKHQ´ ³+RIIHQWOLFK KDW HV EHL GHQ DQGHUHQ NHLQH =ZLVFKHQIlOOH JHJHEHQ´ VDJWH 1RF 7HWURZlKUHQGGHU5RERWPHQVFKGLHQlFKVWHQ'HVLQWHJUDWRUPLQHQ]X7DJHI|UGHUWH 

  -RH'HLUDQVWLH‰XQZLOONUOLFKHLQHQ6FKUHLDXVDOVHUVDKGD‰GHU(UWUXVHUGLH 6LFKHUKHLWVWU GHU 0DQQVFKOHXVH DXIKLHOW 0LW HLQHU GHUDUWLJHQ :HQGH GHU (UHLJQLVVH KDWWH HU QLFKW JHUHFKQHW %HYRU HU UHFKW EHJULII ZDV EHUKDXSW JHVFKDK VDK HU GLH VFK|QH$QZlOWLQ]XVDPPHQEUHFKHQ 'LH =XVFKDXHU VSUDQJHQ YRQ LKUHQ 6LW]HQ -HGHU YRQ LKQHQ HUID‰WH GD‰ GLH $QJHNODJWHQVLFKDQGHUVDOVYRUJHVHKHQYHUKLHOWHQ'DQQVDQNHQHLQLJHYRQLKQHQPLW ]XFNHQGHQ %HZHJXQJHQ ]X %RGHQ (LQHU GHU :lFKWHU LP 6DDO GHU ZLH EHWlXEW EHREDFKWHW KDWWH ZDV JHVFKHKHQ ZDU O|VWH VHLQHQ (QHUJLHVWUDKOHU DXV (LQ %OLW] ]XFNWH JHJHQ GLH 'HFNH XQG VFKOXJ HLQ NRSIJUR‰HV /RFK KLQHLQ 'DQQ ILHO GHU 0DQQ VW|KQHQG]X%RGHQ *OHLFK]HLWLJ EHJDQQHQ 9LEUDWLGQVERPEHQ ]X NUHLVFKHQ (LQH 3DQLN EUDFK DXV -HGHUPDQQEHJULIIGD‰1DUNRVHVWUDKOHUXQG9LEUDWLRQVERPEHQHLQJHVHW]WZXUGHQ'LH 0HQVFKHQYHUVXFKWHQDXVGHP6DDO]XIOFKWHQ6LHKLHOWHQVLFKGLH2KUHQ]XXPVLFK YRU GHP QHUYHQ]HUUHL‰HQGHQ *HUlXVFK GHU %RPEHQ ]X VFKW]HQ DEHU GDV KDOI LKQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



QLFKWYLHO:HUQRFKQLFKWEHWlXEWZDUEHJDQQYRU4XDO]XVFKUHLHQ $XFK-RH'HLUDQNRQQWHVLFKNDXPQRFKDXIGHQ%HLQHQKDOWHQ(UEHREDFKWHWH GDV&KDRVXQWHUVLFKVDKVLFKMHGRFKDX‰HUVWDQGHHVPLW+LOIHVHLQHU5RERWNDPHUDV IHVW]XKDOWHQ 'LH 2EMHNWLYH GHU *HUlWH ZDUHQ QRFK LPPHU DXI GLH (LQPDQQNDPPHU JHULFKWHWGLHOlQJVWJHVFKORVVHQZDU (UK|UWHGDV+HXOHQHLQHU$ODUPVLUHQHXQGGLH6WLPPHQHUUHJWHU0lQQHULQGHQ $X‰HQUlXPHQ'DV1DUNRVHIHOGHLQHV3URMHNWRUVWUDILKQXQGZDUILKQ]X%RGHQ(LQLJH VHLQHU.ROOHJHQKLHOWHQVLFKQRFKDXIGHQ%HLQHQ6LHILOPWHQGDV*HVFKHKHQLP6DDO ELVDXFKVLH]XVDPPHQEUDFKHQ (LQLJH :lFKWHU HLOWHQ LQ GHQ 5DXP 6LH VDKHQ VLFK YRQ GHQ IOFKWHQGHQ =XVFKDXHUQ DQJHJULIIHQ XQG IHXHUWHQ PLW 3DUDO\VHVWUDKOHUQ LQ GLH 0HQJH KLQHLQ ELV QLHPDQGPHKUDXIGHQ%HLQHQVWDQGXQGVLHVHOEVWYRQGHQ1DUNRVHSURMHNWRUHQHUID‰W ZXUGHQGLHKHLPOLFKLP6DDOLQVWDOOLHUWZRUGHQZDUHQ 

  $OV$WODQGDV6WDUW]HLFKHQ]XGHU$NWLRQJDEVFKZHEWHHLQ/DVWHQJOHLWHULQGHU 1lKH GHV *HULFKWVJHElXGHV YRUEHL 'LH 0XWDQWHQ .LWDL ,VKLEDVKL )HOOPHU /OR\G XQG 7DNR .DNXWD EHIDQGHQ VLFK ]XVDPPHQ PLW GHP 0DXVELEHU *XFN\ GDULQ 'HU VFKPlFKWLJH7HOHSRUWHU.DNXWDKLHOWGLH+DQGGHV+\SQRVXJJHVWRUV,VKLEDVKLDOV/OR\G VDJWH³(VJHKWORV6LHVLQGLQ6FKOHXVH´ .DNXWD WHOHSRUWLHUWH ]XVDPPHQ PLW ,VKLEDVKL LQ GHQ +RI GHV *HULFKWVJHElXGHV 8QPLWWHOEDU QDFK LKQHQ HUVFKLHQHQ *XFN\ XQG )HOOPHU /OR\G GLH VRIRUW GXUFK HLQH RIIHQH 7U LQ HLQHQ 9RUUDXP HLQGUDQJHQ /OR\G VFKR‰ PLW HLQHP 3DUDO\VHVWUDKOHU DXI HLQH:DFKHEHYRUGLHVHVLFK]XLKQHQXPGUHKHQNRQQWH .LWDL ,VKLEDVKL EHWUDW HLQH :DFKNDELQH QHEHQ GHP JUR‰HQ (LQJDQJVWRU 'LH 0lQQHUGLHVLFKGDULQEHIDQGHQGUHKWHQVLFKQLFKWQDFKLKPXP'HU+\SQRVXJJHVWRU EHHLQIOX‰WH VLH RKQH GD‰ HV LKQHQ EHZX‰W ZXUGH (U ]ZDQJ LKQHQ VHLQHQ :LOOHQ DXI 'HU OHLWHQGH 2IIL]LHU HUWHLOWH PLW PRQRWRQHU 6WLPPH GHQ %HIHKO GDV (LQJDQJVWRU ]X |IIQHQ (LQHU GHU DQGHUHQ 0lQQHU OHJWH HLQH PLW HLQHP ,QGLYLGXDOWDVWHU YHUEXQGHQH 6SHUUH XP 'DV 7RU JOLWW DXI =ZHL 3UDOOJOHLWHU NDPHQ LQ GHQ +RI XQG HLQH 6FKDU YRQ PDVNLHUWHQ 0lQQHUQ VWUPWH DXI GLH +LQWHUHLQJlQJH GHV *HElXGHV ]X ,VKLEDVKL EHWlWLJWH VHLQHQ 1DUNRVHVWUDKOHU XQG VFKDOWHWH GLH :DFKHQ DXV 'DQQ YHUOLH‰ HU GHQ 5DXPXQGHLOWHEHUGHQ9RUSODW] $OV HU GLH 7U HUUHLFKW KDWWH GXUFK GLH GLH DQGHUHQ 6SH]LDOLVWHQ EHUHLWV HLQJHGUXQJHQ ZDUHQ ERJ HLQ *HIDQJHQHQWUDQVSRUW LQ GLH (LQIDKUW ]XP +RI HLQ 'HU 0XWDQW VDK GLH EODXHQ )UHLOLFKWHU DXIEOLW]HQ XQG IXKU KHUXP 9LHU EHZDIIQHWH 0lQQHU VSUDQJHQ DXV GHP *OHLWHU (LQHU GHU +lIWOLQJH EHQXW]WH GLH *HOHJHQKHLW ]XU )OXFKW 'DPLW KDOI HU ,VKLEDVKL XQJHZROOW ZHLO HU GLH :lFKWHU LUULWLHUWH 6LH VFKRVVHQ QLFKW VRIRUW 'HU +\SQRVXJJHVWRU VHW]WH VHLQH SDUDSV\FKLVFKHQ .UlIWH HUQHXW HLQ 'LH :lFKWHU OLH‰HQ LKUH :DIIHQ ]X %RGHQ IDOOHQ GUHKWHQ VLFK XP XQG NHKUWHQ LQ GDV )DKU]HXJ ]XUFN 'LH +lIWOLQJH KDWWHQ LQ]ZLVFKHQ GLH )OXFKW LKUHV 0LWJHIDQJHQHQ YHUIROJW $OV VLH VDKHQ GD‰ HU PKHORV DXV GHP +RI HQWNRPPHQ NRQQWH YHUOLH‰HQ DXFK VLH GHQ *OHLWHU XQG UDQQWHQ GDYRQ 'DPLW HUUHJWHQ VLH DXJHQEOLFNOLFK GLH $XIPHUNVDPNHLW YRQ ]DKOUHLFKHQ 3DVVDQWHQ GLH DQ GHP KLQWHUHQ $XVJDQJ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 YRUEHLJLQJHQ 9RQ HLQHP DEJHVWHOOWHU 6HQGHZDJHQ YRQ 7HUUDQLD7HOHYLVLRQ NDPHQ ]ZHL7HFKQLNHUEHUGHQ9RUSODW]6LHKLHOWHQ.DPHUDVLQGHQ+lQGHQ .LWDL,VKLEDVKLEHJDQQ]XIOXFKHQ 'LH=HLW]HUUDQQLKPXQWHUGHQ)LQJHUQ'HU*HIDQJHQHQWUDQVSRUWEHGHXWHWHHLQH XQYRUKHUJHVHKHQH XQG JHIlKUOLFKH .RPSOLNDWLRQ GHV 3ODQHV ,VKLEDVKL ZXUGH LP *HElXGH GULQJHQG JHEUDXFKW (U PX‰WH GLH DQGHUHQ 6SH]LDOLVWHQ XQWHUVWW]HQ GDPLW VLHH[DNWQDFK=HLWSODQELV]XP7UDQVPLWWHUUDXPYRUGULQJHQNRQQWHQ,P$QVFKOX‰DQ GLHVHQ hEHUIDOO ZUGH HV PLW 6LFKHUKHLW HLQH 8QWHUVXFKXQJ JHEHQ (LQH .RPPLVVLRQ DXV ([SHUWHQ ZUGH GHQ =ZLVFKHQIDOO YRQ 3KDVH ]X 3KDVH JHQDX UHNRQVWUXLHUHQ XP DXI GLHVH :HLVH $XIVFKOX‰ EHU GLH EHWHLOLJWHQ 3HUVRQHQ XQG GLH +LQWHUJUQGH GHU $NWLRQ ]X JHZLQQHQ 'D QLHPDQG ZLVVHQ NRQQWH ZHU DQ GLHVHU 8QWHUVXFKXQJVPDQQVFKDIWEHWHLOLJWZDUPX‰WHQVLHDOOHVYHUPHLGHQZDVDXIGLH862 KLQGHXWHWH1LHPDQGGXUIWHGDUDQ]ZHLIHOQGD‰'XUELQ+R\NDODUHRGHUDQGHUH)UHXQGH GHU DQJHNODJWHQ :LVVHQVFKDIWOHU 'H9DQWHQ XQG 7DULQRZ IU GLHVH (UHLJQLVVH YHUDQWZRUWOLFKZDUHQ (VEOLHEQXUHLQH0|JOLFKNHLW .LWDL ,VKLEDVKL KHW]WH LQ GHQ :DFKUDXP ]XUFN 'LH :DFKPDQQVFKDIW ODJ QRFK LPPHUEHZX‰WORVDXIGHP%RGHQ'HU0XWDQWGUFNWHGLH6SHUUHPLWGHP*ULIIVHLQHV 3DUDO\VDWRUV LQ GLH $XVJDQJVVWHOOXQJ ]XUFN (U KRIIWH GD‰ VLFK GDV 7RU VFKOLH‰HQ ZUGH DXFK RKQH GD‰ GLH ,QGLYLGXDOWDVWHU LKQ DOV HLQHQ $QJHK|ULJHQ GHU :DFKPDQQVFKDIWLGHQWLIL]LHUWHQ 8QPLWWHOEDU EHYRU GLH EHLGHQ 7HFKQLNHU GDV 7RU HUUHLFKWHQ VFKREHQ VLFK GLH 3DQ]HUSODVWIOJHO]XVDPPHQ ,VKLEDVKL OlFKHOWH HUOHLFKWHUW =XJOHLFK EOLFNWH HU DXI VHLQ &KURQRPHWHU (U HUVFKUDN'LH9RUIlOOHKDWWHQLKQIDVWGUHL‰LJ6HNXQGHQJHNRVWHW -HW]WEOLHEHQQXUQRFK6HNXQGHQGDQQZUGHVLFKGHUXQGXUFKGULQJOLFKH+h 6FKLUP EHU GHP 7UDQVPLWWHU VFKOLH‰HQ 'DQQ ZDU DOOHV ]X VSlW 9HUHLQ]HOWH 6FKVVH DXVGHP,QQHUQGHV*HULFKWVJHElXGHV]HLJWHQLKPGD‰GLH6SH]LDOLVWHQLKU=LHOQRFK QLFKWHUUHLFKWKDWWHQ 5RQDOG 7HNHQHU .HQQRQ XQG 1RF 7HWUR EUDXFKWHQ LKUH 8QWHUVWW]XQJ MHGRFK GULQJHQG 2KQH LKUH +LOIH ZUGHQ VLH KLOIORV LQ GDV $EZHKUIHXHU GHU :DFKPDQQVFKDIW KLQWHU GHQ EHLGHQ (LQ0DQQ.DPPHUQ ODXIHQ XQG GHQ 7UDQVPLWWHUUDXP QLHPDOV HUUHLFKHQ N|QQHQ 'DEHL ZDU NHLQHVZHJV DXVJHVFKORVVHQ GD‰ GLH :DFKHQ LQ LKUHU hEHUUDVFKXQJPLW(QHUJLHVWUDKOHUQVFKRVVHQ .LWDL ,VKLEDVKL UDQQWH EHU GHQ 9RU  KRI (U UDVWH GXUFK GHQ 9RUUDXP ZR PHKUHUH EHZX‰WORVH :lFKWHU DXI GHP %RGHQODJHQ 'DV 6FKULOOHQ GHU $ODUPVLUHQH VFKPHU]WHLQVHLQHQ2KUHQ 3O|W]OLFKHUVFKLHQ*XFN\YRULKP ³6FKQHOO´VDJWHGHU0DXVELEHUXQGJULIIQDFKVHLQHU+DQG³,P:DFKUDXPJLEWHV 6FKZLHULJNHLWHQ´ ³:RJLEWHVHLJHQWOLFKNHLQH"´IUDJWH,VKLEDVKLVW|KQHQG 

  .HQQRQ EHWUDW GLH ]ZHLWH 6FKOHXVH XQG OHJWH GLH +DIWPLQHQ DQ $OV HU VLH DNWLYLHUWHULHI1RF7HWUR³'LH(QHUJLHVWUDKOHU´  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



'HU5RERWPHQVFKEOLFNWHQDFKREHQ 'LH3URMHNWRUHQGHU(QHUJLHVWUDKOHUEHJDQQHQ]XJOKHQ'DVEHGHXWHWHGD‰HLQ 7HLO GHU SRVLWURQLVFKHQ 6WHXHUDQODJHQ EHUHLWV ZHVHQWOLFK IUKHU DOV HUZDUWHW ZLHGHU ]X DUEHLWHQEHJDQQHQ .HQQRQKROWHGLHEHLGHQOHW]WHQ'HVLQWHJUDWRUKDIWPLQHQDXVVHLQHP.|USHUXQG OHJWHVLHYRUGLH3URMHNWRUHQGHU6WUDKOHU,PJOHLFKHQ$XJHQEOLFN]HUILHOHQGLH6SHUUHQ GHV 6FKRWWV 'HU (UWUXVHU VWLH‰ ZXFKWLJ JHJHQ GDV +LQGHUQLV XQG ]ZDQJ HV GDGXUFK DXI.HQQRQ|IIQHWHHVJDQ]6HLQH.|USHUNUlIWHEHUWUDIHQGLHGHV0DMRUVQRFKJDQ] HUKHEOLFK ,Q GHU :DFKNDPPHU VWDQGHQ 7DNR .DNXWD XQG GUHL 6SH]LDOLVWHQ DXV GHU 0DQQVFKDIW GLH GLH +lIWOLQJH XQWHUVWW]HQ VROOWHQ =ZHL YRQ LKQHQ NlPSIWHQ PLW GUHL :lFKWHUQGLHLKQHQGLH:DIIHQDXVGHU+DQGJHVFKODJHQKDWWHQ7DNR.DNXWDIHXHUWH PLW HLQHP (QHUJLHVWUDKOHU DXI GUHL 5RERWHU GLH GXUFK HLQHQ 6HLWHQHLQJDQJ KHUHLQNDPHQ(UNRQQWHHLQHQGHU$XWRPDWHQHUOHGLJHQLQGHPHULKPGDVSRVLWURQLVFKH 6WHXHU]HQWUXP]HUVFKR‰ 6LQFODLU 0 .HQQRQ VSUDQJ PLWWHQ XQWHU GLH .lPSIHQGHQ (U UL‰ GLH 5RERWHU ]XUFNXQGVFKOHXGHUWHHLQHQYRQLKQHQPLWHLQHUZWHQGHQ%HZHJXQJLQGHQ(LQJDQJ KLQHLQ DXV GHP HU JHNRPPHQ ZDU +LHU SUDOOWH GLH 0DVFKLQH PLW ]ZHL ZHLWHUHQ 5RERWHUQ]XVDPPHQGLH]XU8QWHUVWW]XQJKHUDQUFNWHQ 1RF 7HWUR VFKOXJ HLQHQ GHU :lFKWHU QLHGHU 'DQQ VDK HU GD‰ GLH 5RERWHU GLH ]XU9HUVWlUNXQJNDPHQPLW(QHUJLHVWUDKOZDIIHQDXVJHUVWHWZDUHQ(UULHI.HQQRQHLQH :DUQXQJ ]X GD GLHVHU VLFK GHP ]ZHLWHQ 5RERWHU ]XZDQGWH XQG GHQ DQGHUHQ GHQ 5FNHQ]XGUHKWH 'HU5RERWPHQVFKOLH‰VLFKDXIGHQ%RGHQIDOOHQUL‰GHQ$XWRPDWHQPLWVLFKXQG HQWJLQJ GDGXUFK GHP (QHUJLHVFKX‰ 6RIRUW ZXUGH HV JOKHQG KHL‰ LQ GHP NOHLQHQ 5DXP 0LW HLQHU NDXP ZDKU]XQHKPHQGHQ %HZHJXQJ ZLUEHOWH GHU 2EHUVWOHXWQDQW GHQ PHFKDQLVFKHQ :lFKWHU KHUXP XQG EHQXW]WH LKQ DOV :XUIJHVFKR‰ :LH HLQH *UDQDWH VFKOXJGHU5RERWHULQGLH*UXSSHGHUDQGHUHQGLHLQGHQ5DXPGUlQJWHQ .HQQRQ QDKP HLQHQ (QHUJLHVWUDKOHU DXI GHU HLQHP GHU :lFKWHU HQWIDOOHQ ZDU 0LWGLHVHU:DIIH6FKR‰HUPLWWHQLQGDV.QlXHOGHU5RERWHUKLQHLQ ³1XUQRFK]Z|OI6HNXQGHQ´VFKULH7DNR.DNXWD³:LUPVVHQZHJ´ .HQQRQ EOLFNWH VLFK IOFKWLJ XP 'LH PHQVFKOLFKHQ :lFKWHU ODJHQ DXI GHP %RGHQGLHPHFKDQLVFKHQELOGHWHQQXUQRFKHLQHQVFKZHOHQGHQ+DXIHQDXV0HWDOOXQG 3ODVWLN 1RF 7HWUR 5RQDOG 7HNHQHU XQG 7DNR .DNXWD UDQQWHQ DXV GHP 5DXP .HQQRQ IROJWH LKQHQ (U VDK GD‰ GLH $XVJDQJVWU YRQ DX‰HQ DXIJHVSUHQJW ZRUGHQ ZDU $XI GHP *DQJ GDKLQWHU EHIDQG VLFK MHGRFK QLHPDQG (U YHUPXWHWH GD‰ GHU 7HOHSRUWHU .DNXWD GDV 6FKRWW YRUVRUJOLFK YRQ DX‰HQ ]HUVW|UW KDWWH EHYRU HU LQ GHQ :DFKUDXP JHVSUXQJHQ ZDU 'RUW KDWWH HU GHQ .DPSI YHUPXWOLFK VFKRQ DXIJHQRPPHQ EHYRU GLH DQGHUHQ6SH]LDOLVWHQHLQJHGUXQJHQZDUHQ 'LH JUDXH 3DQ]HUSODVWWU GLH ]XP 7UDQVPLWWHUUDXP IKUWH ZDU MHGRFK QRFK LPPHUJHVFKORVVHQ ³1RFK ]HKQ 6HNXQGHQ´ VWHOOWH .DNXWD NHXFKHQG IHVW (U EOLFNWH VLFK UDWORV XP ³:LUPVVHQVSULQJHQDEHU´ (UVDKGLHEHLGHQ6SH]LDOLVWHQDQGLHLKPLP:DFKUDXPJHKROIHQKDWWHQ ³.PPHUQ6LHVLFKQLFKWXPXQV%HHLOHQ6LHVLFK´ULHWLKPHLQHUYRQLKQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 7DNR .DNXWD QDKP 7HNHQHU XQG .HQQRQ JOHLFK]HLWLJ PLW (U WHOHSRUWLHUWH PLW LKQHQLQGHQ7UDQVPLWWHUUDXP 0DMRU 1RF 7HWUR XQG GLH EHLGHQ 0lQQHU DXV GHU 6RQGHUJUXSSH ZDUWHWHQ 'LH 6HNXQGHQ YHUVWULFKHQ 'DQQ HQGOLFK HUVFKLHQ GHU 7HOHSRUWHU HUQHXW (U QDKP GHQ (UWUXVHUDOOHLQPLWNDPGDQDFKDXJHQEOLFNOLFK]XUFNXQGKROWHGLHEHLGHQ6SH]LDOLVWHQ QDFK (U ZDU NDXP DXV GHP *DQJ YHUVFKZXQGHQ DOV GHU JUQH +h6FKLUP VLFK DXIEDXWH 

  *XFN\ KDWWH VLFK VRIRUW QDFK GHP %HJLQQ GHU $NWLRQ ZLHGHU LQ GHQ /DVWHQVFKZHEHU ]XUFN]LHKHQ PVVHQ 'DV EHKDJWH LKP EHUKDXSW QLFKW GHQQ KLHU PX‰WHHUZHLWJHKHQGSDVVLYEOHLEHQ(UVWDQGMHGRFKXQXQWHUEURFKHQLQWHOHSDWKLVFKHP .RQWDNWPLW-RKQ0DUVKDOOGHUVHLQHUVHLWV$WODQEHUDOOH9RUJlQJHLQIRUPLHUWH ³(VGDXHUW]XODQJH´WHLOWH0DUVKDOOGHP0DXVELEHUPLW³*XFN\GXPX‰WQRFK HLQPDO HLQJUHLIHQ :LU EHQ|WLJHQ QRFK HLQLJH 6HNXQGHQ =HLW VRQVW 6FKDIIHQ 7HNHQHU .HQQRQXQG7HWURHVQLFKW´ ³,FKZHUIHPLFKQRFKHLQPDOLQGLH6FKODFKW´NQGLJWHGHU,OWDQ ³$EHUODVVHGLFKQLFKWVHKHQ´ULHW0DUVKDOOLKP *XFN\ DQWZRUWHWH QLFKW (U WHOHSRUWLHUWH VLFK LQ GHQ 9RUUDXP DXV GHP HU YRU HLQLJHQ 6HNXQGHQ ]XUFNJHNHKUW ZDU QDFKGHP HU )HOOPHU /OR\G XQG GHP 6RQGHUNRPPDQGRGHQ:HJLQGDV,QQHUHGHV*HElXGHVJH|IIQHWKDWWH'D]XKDWWHHU HLQPHKUIDFKJHVLFKHUWHV3DQ]HUVFKRWWWHOHNLQHWLVFKDXIEUHFKHQPVVHQ -HW]W UHJWH VLFK LQ GLHVHP 9RUUDXP QLHPDQG PHKU 'LH :DFKHQ ODJHQ EHWlXEW DXIGHP%RGHQ(LQ:DFKURERWHUZDU]HUWUPPHUWLQHLQHU(FNH]XVDPPHQJHEURFKHQ *XFN\ WHOHSRUWLHUWH VLFK HLQLJH 0HWHU ZHLWHU LQ GHQ *DQJ KLQHLQ (U K|UWH GLH .DPSIJHUlXVFKH GHV YRUGULQJHQGHQ 6RQGHUNRPPDQGRV *DQ] GHXWOLFK ZDUHQ VFKDUIH (QHUJLHVFKVVHDXV]XPDFKHQ(LQH+LW]HZHOOHVFKOXJGHP,OWHQWJHJHQ 'HU0DXVELEHUNRQ]HQWULHUWHVLFKDXIGHQ+DXSWNRQWUROOUDXPGHUVLFKGLUHNWEHU LKP EHIDQG 0HKUHUH :DFKHQ EHPKWHQ VLFK ILHEHUKDIW GDV $EZHKUXQG 6LFKHUKHLWVLQVWUXPHQWDULXP LQ %HWULHE ]X QHKPHQ 6LH KDWWHQ EHUHLWV KHUDXVJHIXQGHQ GD‰ HLQH 9HUlQGHUXQJ DQ GHU 3RVLWURQLN YRUJHQRPPHQ ZRUGHQ ZDU (LQHU YRQ LKQHQ YHUVXFKWHGLH6RQGHUVFKDOWXQJ]XHQWIHUQHQXPVRGHQ1RUPDOEHWULHEQRFKVFKQHOOHU ]X HUUHLFKHQ DOV HV GLH 3RVLWURQLN GXUFK HLQH 6HOEVWUHSDUDWXU NRQQWH 'DPLW ZUGH HU 7HNHQHU.HQQRQXQG7HWURZHLWHUH6HNXQGHQQHKPHQ *XFN\ VSUDQJ LQ GHQ +DXSWNRQWUROOUDXP KLQDXI (LQ 0DQQ DXV 3DORDV 6RQGHUNRPPDQGR ZDU LQ GHP VWLOOJHOHJWHQ $QWLJUDYVFKDFKW QDFK REHQ JHNOHWWHUW XQG VWUPWHLPJOHLFKHQ0RPHQWLQGHQ5DXP(UVFKR‰VRIRUWPLWVHLQHP3DUDO\VHVWUDKOHU WUDI MHGRFK QXU HLQHQ GHU IQI :DFKHQ =ZHL GHU DQGHUHQ OLH‰HQ VLFK ]X %RGHQ IDOOHQ 6LH]RJHQLKUH(QHUJLHVWUDKOHUDXVGHQ+ROIWHUQ *XFN\HQWUL‰GHQ0lQQHUQWHOHNLQHWLVFKGLH:DIIHQ*OHLFK]HLWLJQDKPHUVLHPLW VHLQHP1DUNRVHVWUDKOHUXQWHU%HVFKX‰'HUOHW]WHQRFKKDQGOXQJVIlKLJH0DQQIHXHUWH PLWVHLQHP(QHUJLHVWUDKOHUDXI3DORDV6SH]LDOLVWHQXQGYHUZXQGHWHLKQDQGHU6FKXOWHU EHYRU*XFN\DXFKLKQDXVVFKDOWHQNRQQWH 'HU 0DXVELEHU ZDWVFKHOWH ]X GHP YHUOHW]WHQ 0DQQ GHU PLW VFKPHU]YHU]HUUWHP  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



*HVLFKWDQGHU:DQGOHKQWHXQGVLFKGLH6FKXOWHUKLHOW ³3D‰DXI*XFN\5RERWHU´ 'HU,OWGUHKWHVLFKXP (U VDK GUHL .DPSIURERWHU LQ GHQ 5DXP NRPPHQ ,KUH (QHUJLHVWUDKOZDIIHQ ULFKWHWHQVLFKDXILKQ*XFN\]HLJWHLKQHQYHUJQJWVHLQHQ1DJH]DKQXQGNUlKWH³1XQ IOLHJWPDOVFK|Q)UHXQGH´ (UUL‰GLH5RERWHUWHOHNLQHWLVFKYRQGHQ)‰HQEHVFKOHXQLJWHVLHPLWDOOHU0DFKW XQGOLH‰VLHGXUFKGLH)HQVWHUQDFKGUDX‰HQVDXVHQ'LH6FKHLEHQNOLUUWHQ'LH5RERWHU EHNDPHQ YRQ *XFN\ QRFK HLQ ZHQLJ ]XVlW]OLFKH )DKUW XQG VWU]WHQ GDQQ LQ GHQ +RI KLQDE.UDFKHQGH([SORVLRQHQEHZLHVHQGHP,OWGD‰VHLQH$NWLRQHUIROJUHLFKJHZHVHQ ZDU ,QGHU+DXSWNRQWUROOHZDUHVUXKLJJHZRUGHQ *XFN\ZDWVFKHOWH]XU3RVLWURQLNHUNRQQWHMHGRFKQLFKWYLHOHUNHQQHQ(LQJUQ DXIIODPPHQGHV /LFKW ]HLJWH ]XVDPPHQ PLW HLQHU /HXFKWVFKULIW DQ GD‰ GHU +h6FKLUP HLQJHVFKDOWHWZRUGHQZDU *XFN\NHKUWH]XGHP9HUZXQGHWHQ]XUFN ³.RPP´VDJWHHU³:LUYHUVFKZLQGHQMHW]W,FKZLOO´ (UEOLHEZLHHUVWDUUWVWHKHQ ³*XFN\ZDVLVWORV"´IUDJWHGHU9HUZXQGHWH     -RH'HLUDQWRUNHOWHDXVGHP*HULFKWVJHElXGH (U ZX‰WH VHOEVW QLFKW ZLH HU HV JHVFKDIIW KDWWH KHLO DXV GLHVHP &KDRV KHUDXV]XNRPPHQ =ZDU HULQQHUWH HU VLFK GDUDQ GD‰ HU ]XVDPPHQJHEURFKHQ XQG NXU]]HLWLJ EHZX‰WORV JHZRUGHQ ZDU GDQDFK DEHU KDWWH LKQ LUJHQG HWZDV ZLHGHU KRFKJHWULHEHQXQG]XHLQHP$PRNODXIYHUDQOD‰W 'HLUDQ EUDXFKWH QXU 6HNXQGHQ XP DQ GHU IULVFKHQ /XIW ZLHGHU YROO ]X VLFK ]X NRPPHQ (U VDK YRQ DOOHQ 6HLWHQ 6WUHLIHQJOHLWHU KHUDQQDKHQ 1HXJLHULJH ]XVDPPHQODXIHQ XQG 6LFKHUKHLWVEHDPWH DXV HLQHP *HElXGH JHJHQEHU KHUDQHLOHQ DEHUHUEHPHUNWHNHLQHQHLQ]LJHQ.ROOHJHQ 'DVZDUGLH&KDQFHIULKQ (UQDKPDOOH.UDIW]XVDPPHQXQGUDQQWH]XVHLQHPhEHUWUDJXQJVZDJHQ6HLQH +HOIHU KDWWHQ LKQ YHUODVVHQ XP GDV *HVFKHKHQ LP *HULFKWVJHElXGH DXV QlFKVWHU 1lKH]XHUOHEHQ 'HLUDQNDQQWHVLFKPLWGHQ*HUlWHQDXV%OLW]VFKQHOOVFKDOWHWHHUGLH9HUELQGXQJ ]X VHLQHP 6HQGHU ZLHGHU HLQ &KHIUHGDNWHXU %XG 2 ) 7KRPDURQ UHDJLHUWH HEHQIDOOV EOLW]DUWLJ (U OLH‰ GLH ODXIHQGH 6HQGXQJ XQWHUEUHFKHQ XQG GLULJLHUWH 'HLUDQ VRIRUW DXI GHQ%LOGVFKLUP ³$DUORQ 'H9DQWHQ )RGRU 7DULQRZ XQG 1RF 7HWUR VLQG JHIORKHQ´ EHULFKWHWH -RH 'HLUDQ PLW GUDPDWLVFK PRGXOLHUWHU 6WLPPH ³'DPLW KDEHQ VLFK YRQ PLU JHlX‰HUWH $KQXQJHQEHZDKUKHLWHW'LHVHGUHL0lQQHUGDFKWHQJDUQLFKWGDUDQVLFKGHP*HULFKW ]XXQWHUZHUIHQ6LHKDEHQGLH*HOHJHQKHLW]XHLQHPVSHNWDNXOlUHQ$XIWULWWJHQXW]WPLW GHPVLHGLH6LFKHUKHLWVRUJDQHEOR‰VWHOOHQZROOWHQ 'LH OHW]WHQ 6FKOHLHU XP GLH QRFK YHUERUJHQHQ *HKHLPQLVVH GLH GLHVH 0lQQHU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 XPJHEHQ EHJLQQHQ VLFK ]X OIWHQ 8QWHU GHU 5HJLH GHV JHQLDOHQ :LVVHQVFKDIWOHUV 'H9DQWHQEUDFKGDV&KDRVDXVGDVGLH9RUDXVVHW]XQJIULKU(QWNRPPHQELOGHWH$OOH EHKLQGHUWHQVLFKJHJHQVHLWLJVRGD‰ZLUEHU]HXJWVHLQN|QQHQGD‰GLH$QJHNODJWHQ MHW]WVFKRQZHLWYRQKLHUHQWIHUQWVLQG :RKLQ VLH JHIOFKWHW VLQG HQW]LHKW VLFK VHOEVWYHUVWlQGOLFK XQVHUHU .HQQWQLV PHLQH'DPHQXQG+HUUHQDEHUHVNDQQZRKONHLQ=ZHLIHOGDUDQEHVWHKHQGD‰VLHGHQ 7UDQVPLWWHUEHQXW]WKDEHQGHUVLFKLP*HULFKWVJHElXGHEHILQGHW´ -RH 'HLUDQ PX‰WH HLQH 3DXVH YRQ  6HNXQGHQ HLQOHJHQ ZHLO %XG 2 ) 7KRPDURQ GHQ :HUEHVSRW HLQHU )LUPD HLQEOHQGHWH GLH 6SRUW3UDOOJOHLWHU KHUVWHOOWH 8QJHGXOGLJZDUWHWHGHU%HULFKWHUVWDWWHUELVGHU6WUHLIHQDEJHODXIHQZDU ³6LH ZHUGHQ MHW]W IUDJHQ PHLQH 'DPHQ XQG +HUUHQ´ IXKU HU GDQQ IRUW ³ZLH HV EHUKDXSW P|JOLFK ZDU GD‰ GLH GUHL $QJHNODJWHQ DXV GHP YLHOIDFK JHVLFKHUWHQ *HULFKWVVDDOHQWIOLHKHQNRQQWHQ´ 'HLUDQHUODXEWHVLFKHLQLURQLVFKDEIlOOLJHV/lFKHOQ ³$DUORQ'H9DQWHQGLHVHUNDOWEOWLJHXQGULVLNRIUHXGLJH0DQQDXVGHP*HQLHWRSI 3URIHVVRU :DULQJHUV KDW HV VFKRQ JHVWHUQ DP HUVWHQ 9HUKDQGOXQJVWDJ PHKUIDFK DQJHGHXWHW $XFK KHXWH OLH‰ HU PHKUIDFK XQG LQ DOOHU 5XKH GXUFKEOLFNHQ GD‰ HU EHU PlFKWLJH )UHXQGH YHUIJW 'DV *HULFKW KDW GDUDXI EHUKDXSW QLFKW UHDJLHUW²XQG GHVKDOEMHW]WVHLQH4XLWWXQJEHNRPPHQ 0HLQH 'DPHQ XQG +HUUHQ XP HV QRFK HLQPDO PLW DOOHU 'HXWOLFKNHLW ]X VDJHQ $DUORQ'H9DQWHQOLH‰HUNHQQHQGD‰VHLQHDQJHEOLFKYHUEUHFKHULVFKHQ([SHULPHQWHDXI %HIHKO HLQHU²ZLH HU VLFK DXVGUFNWH²EHUJHRUGQHWHQ 3HUV|QOLFKNHLW GXUFKJHIKUW ZXUGHQ 6HLQH $XVVDJH ULHI EHL GHP $QNOlJHU QXU HLQ PLOGHV /lFKHOQ KHUYRU *DQ] RIIHQVLFKWOLFK JODXEWH PDQ $DUORQ 'H9DQWHQ ZROOH DXI HLQHQ JUR‰HQ 8QEHNDQQWHQ YHUZHLVHQ XQG GDPLW VHLQH 6FKXOG YRQ VLFK DEVFKLHEHQ (LQH YHUKlQJQLVYROOH )HKOHLQVFKlW]XQJGHU3HUV|QOLFKNHLW'H9DQWHQV :LU VLQG IHVW GDYRQ EHU]HXJW GD‰ 'H9DQWHQ JDQ] NODU DXI GHQ &KHI GHU $6,$/(&75,&XQGVHLQH'LUHNWRUHQDQJHVSLHOWKDW :DUXPJODXEHQZLUGDUDQPHLQH'DPHQXQG+HUUHQ" 'LH $QWZRUW LVW HLQIDFK 'H 9DQWHQ LVW ]ZDU NHLQ DUPHU 0DQQ DEHU HU LVW QLFKW UHLFK JHQXJ XP HLQH )OXFKW GLHVHU $UW ]X ILQDQ]LHUHQ 8P HLQH VROFKH $NWLRQ YRU]XEHUHLWHQ XQG GXUFK]XIKUHQ EHQ|WLJW PDQ 0DFKW XQG *HOG QLFKW DEHU QXU JXW JHVLQQWH)UHXQGH ,P*HULFKWVJHElXGHZLUGLPPHUQRFKJHNlPSIWPHLQH'DPHQXQG+HUUHQ8QG GDV LVW GHU %HZHLV IU PHLQH %HKDXSWXQJ 'UHL 0lQQHU DOOHLQ N|QQWHQ QLHPDOV HLQHU GHUDUWLJHQhEHUPDFKWGHU6LFKHUKHLWVRUJDQHZLGHUVWHKHQ,FKELQEHUHLW]XEHVFKZ|UHQ GD‰'H9DQWHQXQGVHLQHEHLGHQ)UHXQGHVFKRQOlQJVWQLFKWPHKUDXIGHU(UGHVLQG,P *HULFKW EHNlPSIHQ VLFK MHW]W QXU QRFK GLH 6LFKHUKHLWVRUJDQH XQG GDV .RPPDQGR GHU 2UJDQLVDWLRQGLH'H9DQWHQEHIUHLWKDW´ -RH 'HLUDQ PX‰WH HUQHXW HLQH =ZDQJVSDXVH HLQOHJHQ ZHLO VHLQ &KHIUHGDNWHXU HVDQGHU=HLWKLHOWHLQHQZHLWHUHQ:HUEHVSRWHLQ]XEOHQGHQ (U WHLOWH VHLQHP %HULFKWHUVWDWWHU LQ]ZLVFKHQ PLW GD‰ GHU 6HQGHU GLH K|FKVWH 6HKEHWHLOLJXQJGHV-DKUHVHUUHLFKWKDWWH-RH'HLUDQVSUDFK]XUJDQ]HQ:HOW'DVJDE LKP6LFKHUKHLWXQGhEHU]HXJXQJVNUDIWDOVHUZLHGHULQGLH6HQGXQJJHQRPPHQZXUGH 'XUFK GLH RIIHQH 7U GHV hEHUWUDJXQJVZDJHQV VDK HU GD‰ MHW]W HLQLJH VHLQHU .ROOHJHQDXVGHP*HULFKWVJHElXGHNDPHQ(UOlFKHOWH6LHKDWWHQGLH*HOHJHQKHLWGHV  

3URMHNW3ODQHWHQW|WHU

-DKUHVYHUSD‰W 

M

$WODQ



  ³:LUPVVHQZHJKLHU´ULHI*XFN\ (UJULIIQDFKGHU+DQGGHV9HUZXQGHWHQ 9RU GHQ ]HUWUPPHUWHQ )HQVWHUQ HUVFKLHQ SO|W]OLFK HLQ JUR‰HU *OHLWHU (LQLJH (QHUJLHVFKVVHEOLW]WHQDXI6LHVFKOXJHQLQGLH3RVLWURQLNXQG]HUVW|UWHQVLH*OKHQGH +LW]HEUHLWHWHVLFKDXV ³-HW]WEULFKW GHU +h6FKLUP ZLHGHU ]XVDPPHQ´ VDJWH GHU 0DXVELEHU ³:LU N|QQHQQLFKWVPHKUPDFKHQ/RVNRPP´ (UWHOHSRUWLHUWHPLWGHP9HUZXQGHWHQLQGHQ/DVWHQJOHLWHU]XUFNZRVLFKEHUHLWV PHKUHUH9HUOHW]WHEHIDQGHQ6LHZDUHQYRQ7DNR.DNXWDLQ6LFKHUKHLWJHEUDFKWZRUGHQ 

  'HU 7UDQVPLWWHU VWDQG LQ HLQHU +DOOH YRQ HWZD YLHU]LJ 0HWHUQ 'XUFKPHVVHU 'LH EHLGHQ6lXOHQZDUHQGLHEHVWLPPHQGHQ(OHPHQWH $OV 7DNR .DNXWD PLW 7HNHQHU XQG .HQQRQ HUVFKLHQ EUDFK GLH LKQHQ JHEHUOLHJHQGH:DQGNUDFKHQG]XVDPPHQ$XVGHPDXIZLUEHOQGHP6WlXEXQG6FKXWW PDUVFKLHUWHQ ]ZHL ULHVLJH .DPSIURERWHU KHUYRU 'LH :DFKHQ XQG 7HFKQLNHU LP 7UDQVPLWWHUUDXPQDKPHQGLH$XWRPDWHQVRIRUWXQWHU)HXHU 8QZLOONUOLFK HUZDUWHWH 7HNHQHU GD‰ GLH 5RERWHU PLW 3DUDO\VDWRUHQ ]XUFNVFKLH‰HQZUGHQDEHUHULUUWHVLFK 6LHIHXHUWHQPLW(QHUJLHVWUDKOHUQDXIGLH:DFKHQXQGGLHDQGHUHQ5RERWHULQGHU 6WDWLRQ :HQLJH 0HWHU QHEHQ GHP 8626SH]LDOLVWHQ H[SORGLHUWH HLQ 5RERWHU GHU 6LFKHUXQJVPDQQVFKDIW ³6FKQHOO KROHQ 6LH GLH DQGHUHQ´ ULHI 7HNHQHU GHP 7HOHSRUWHU ]X ZlKUHQG HU XQG.HQQRQLQGLH'HFNXQJHLQHV0DVFKLQHQEORFNVVSUDQJHQ +LQWHU GHQ .DPSIURERWHUQ VWUPWHQ PHKUHUH XQEHNDQQWH 0lQQHU LQ GLH +DOOH 6LHVFKRVVHQVRIRUWPLW(QHUJLHVWUDKOHUQDXIGLH:DFKHQXQGGLH6RQGHUHLQKHLW3DORDV 7HNHQHU VDK HLQHQ GHU 0lQQHU XQWHU GHP %HVFKX‰ ]XVDPPHQEUHFKHQ (U KDWWH VFKZHUH9HUEUHQQXQJHQDP2EHUVFKHQNHOXQGGHU+IWHGDYRQJHWUDJHQ 1XUQRFK]ZHL0lQQHUDXVGHP6SH]LDOWUXSSYRQ&RQUDG3DORDEHIDQGHQVLFKLQ GHU+DOOH-HW]WIHXHUWHQDXFKVLHPLW(QHUJLHVWUDKOHUQ6LH]HUVW|UWHQGLH.DPSIURERWHU XQGYHUOHW]WHQHLQHQGHUXQEHNDQQWHQ0lQQHU 5RQDOG 7HNHQHU YHUOLH‰ GLH VLFKHUH 'HFNXQJ (U SDFNWH GHQ 9HUOHW]WHQ DQ GHQ 6FKXOWHUQXQGVFKOHLIWHLKQDXVGHP6FKX‰IHOG.HQQRQNDPLKPVRIRUW]XU+LOIH ³,QGHQ7UDQVPLWWHU´VDJWH7HNHQHU .HQQRQ EHUQDKP GHQ 9HUZXQGHWHQ XQG VFKRE LKQ LQ GDV VFKZDU]H 7UDQVSRUWIHOG *OHLFK]HLWLJ HUWHLOWH 7HNHQHU 7DNR .DNXWD GHP 7HOHSRUWHU GHQ %HIHKO VLFK VHOEVW XQG GLH DQGHUHQ +HOIHU LQ 6LFKHUKHLW ]X EULQJHQ 'LH DQVWUPHQGHQ )UHPGHQ NRQQWHQLKQQLFKWJHVHKHQKDEHQDOVHUUHPDWHULDOLVLHUWHGDHUVLFKLQGLH'HFNXQJGHU 7UDQVPLWWHUDQODJHWHOHSRUWLHUWKDWWH ³,FK KDEH 9HUELQGXQJ PLW $WODQ´ ZLVSHUWH 6LQFODLU 0 .HQQRQ (U KDWWH HLQHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 (QHUJLHVWUDKOHU DXIJHQRPPHQ GHQ HLQHU GHU 0lQQHU DXV GHU 6RQGHUHLQKHLW YHUORUHQ KDWWH-HW]WIHXHUWHHUDXIGLH+HOIHUGLHY|OOLJEHUUDVFKHQGDXIJHWDXFKWZDUHQ 7HNHQHU VDK GD‰ ZHLWHUH .DPSIURERWHU XQG 0lQQHU YHUVXFKWHQ LQ GLH 7UDQVPLWWHUKDOOH ]X NRPPHQ GRFK HV ZDU ]X VSlW 'HU JUQH +h6FKLUP PDFKWH HV LKQHQ XQP|JOLFK -HW]W NlPSIWHQ LQ GHU +DOOH QXU QRFK GLH EHLGHQ OHW]WHQ 0lQQHU GHU 6SH]LDOHLQKHLW3DORDV]ZHL:DFKHQXQGGUHLGHU)UHPGHQPLWHLQDQGHU ³:DVVDJW$WODQ"´IUDJWH7HNHQHU (U UROOWH VLFK ]XU 6HLWH XQG IHXHUWH DXI HLQHQ GHU )UHPGHQ GHU VLFK DXV VHLQHU 'HFNXQJKHUDXVJHZDJWKDWWH(UYHUIHKOWHLKQDEVLFKWOLFK (LQHLJHQWPOLFKHV*HUlXVFKPDFKWHLKQDXIPHUNVDP 'DV-XVWLHUJHUlWGDVPLWHLJHQHU3RVLWURQLNYHUVHKHQZDUYHUlQGHUWHVHOEVWWlWLJ VHLQH(LQVWHOOXQJ ³:DVVDJW$WODQ"´ZLHGHUKROWHHUVHLQH)UDJH 

  ³'LH )UHPGHQ VFKLH‰HQ VNUXSHOORV´ HUNOlUWH 6LQFODLU 0 .HQQRQ 6HLQH 6WLPPH NODQJ ODXW XQG NODU DXV GHP /DXWVSUHFKHU GHV *HUlWHV GDV YRU $WODQ VWDQG 'HU /RUGDGPLUDO EHIDQG VLFK LQ GHP (LQVDW]JOHLWHU *XFN\ KRFNWH DQ VHLQHU 6HLWH XQG YHUIROJWHGDV*HVSUlFK ³,P $XJHQEOLFN N|QQHQ ZLU GLH DQGHUHQ ]XUFNKDOWHQ´ IXKU .HQQRQ IRUW ³'RFK GDVZLUGQLFKWPHKUVHKUODQJHP|JOLFKVHLQ´ ³*XFN\ WHLOW PLU JHUDGH PLW GD‰ XQEHNDQQWH $QJUHLIHU GLH +DXSWSRVLWURQLN DQJHJULIIHQKDEHQ'HU+h6FKLUPZLUGJOHLFK]XVDPPHQEUHFKHQ´ ³'HU 7UDQVPLWWHU ZLUG QHX MXVWLHUW´ HUNOlUWH .HQQRQ ³9HUPXWOLFK VHW]HQ GLH 8QEHNDQQWHQ HLQH )HUQVWHXHUXQJ HLQ :DV VROOHQ ZLU WXQ" 6ROOHQ ZLU XQV YRQ GHQHQ EHIUHLHQODVVHQ²RGHUVROOHQZLUXQVZHLWHUDQGHQ3ODQKDOWHQ"´ $WODQEHUOHJWHILHEHUKDIW ³:LU PVVHQ ZHLWHUPDFKHQ´ DQWZRUWHWH HU GDQQ ³9HUKDOWHQ 6LH VLFK VR DOV RE ,KQHQHLQ]LJXQGDOOHLQGDUDQOLHJHDXVGHP*HElXGHKHUDXV]XNRPPHQ1HKPHQ6LH NHLQH9HUELQGXQJPLWGHQDQGHUHQDXI%HNlPSIHQ6LHVLHELV]XPOHW]WHQ$XJHQEOLFN XQGIOFKWHQ6LHGXUFKGHQ7UDQVPLWWHU´ ³:LUZLVVHQQLFKWDXIZHOFKHV=LHOHUSURJUDPPLHUWZRUGHQLVW´ ³'DVN|QQHQZLUXQVVFKRQGHQNHQ´HQWJHJQHWHGHU$UNRQLGH³)OLHKHQ6LHQDFK 3ODQ ZHLWHU $OOHV ZHLWHUH HUJLEW VLFK YRQ VHOEVW 'LH QHXHQ $VSHNWH VLQG EHUHLWV UHJLVWULHUWXQGZHUGHQYRQGHQ*UR‰UHFKQHUQDXVJHZHUWHW´ $WODQ]|JHUWHHKHHUZHLWHUVSUDFK ³%ULQJHQ 6LH MHGRFK ]XHUVW GLH +HOIHU LQ 6LFKHUKHLW´ VDJWH HU GDQQ ³:LU GUIHQ NHLQH=HXJHQ]XUFNODVVHQ´ ³:LUN|QQHQVLHQLFKWGXUFKGHQ7UDQVPLWWHUJHKHQODVVHQ´ ³7DNR.DNXWDKROWVLHKHUDXV´ ³(UPX‰LQGHU'HFNXQJGHV7UDQVPLWWHUVEOHLEHQ:LUJUHLIHQGLH)UHPGHQMHW]W DQXPGHQ5FN]XJ]XGHFNHQ´ 

   

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 5RQDOG7HNHQHUULHIGHQEHLGHQOHW]WHQ0lQQHUQDXV3DORDV6SH]LDOHLQKHLWGHQ 5FN]XJVEHIHKO]X*OHLFK]HLWLJVSUDQJHQHUXQG.HQQRQDXIZlKUHQG0DMRU1RF7HWUR LKUHQ9RUPDUVFKPLWHLQHU6HULHYRQ6WUDKOVFKVVHQYRUEHUHLWHWH 'LHEHLGHQ0lQQHUIOFKWHWHQVLFKKLQWHUGHQ7UDQVPLWWHU'LH)UHPGHQJLQJHQLQ 'HFNXQJ 6LH VFKULHQ GHP YHUPHLQWOLFKHQ 'H9DQWHQ XQG VHLQHQ $VVLVWHQWHQ ]X VLH VROOWHQGDV)HXHUHLQVWHOOHQGRFK7HNHQHUXQG.HQQRQPDUVFKLHUWHQZHLWHUYRUDQ 7DNR .DNXWD JDE GDV =HLFKHQ (U IORK PLW GHQ EHLGHQ 0lQQHUQ ,P JOHLFKHQ 0RPHQWYHUVFKZDQGGHU+h6FKLUP'UHL.DPSIURERWHUVWUPWHQLQGLH+DOOH7HNHQHU NRQQWH HLQHQ YRQ LKQHQ PLW HLQHP (QHUJLHVWUDKOVFKX‰ DXIKDOWHQ GDQQ WUDI LKQ HLQ 3DUDO\VHVWUDKODQGHU6FKXOWHU 6LQFODLU0.HQQRQOHJWHGHQ$UPXPLKQXQGHLOWHPLWLKP]XP7UDQVPLWWHU(U JDE 0DMRU 1RF 7HWUR PLW HLQHU *HVWH ]X YHUVWHKHQ GD‰ HU YRUDXVJHKHQ VROOWH 'HU (UWUXVHU VSUDQJ LQ JHGXFNWHU +DOWXQJ DXI GDV 7UDQVSRUWIHOG ]X 'DEHL IHXHUWH HU XQXQWHUEURFKHQ DXI GLH 8QEHNDQQWHQ ELV HU LQ GHU 'HFNXQJ GHU 7UDQVPLWWHUVlXOHQ YHUVFKZXQGHQZDU :LHGHU EHJDQQ GLH -XVWLHUXQJ GHV 7UDQVPLWWHUV VLFK ]X YHUlQGHUQ 'HXWOLFK NRQQWHQGLHGUHL8626SH]LDOLVWHQK|UHQZLHGLH3RVLWURQLNDUEHLWHWH ³$WODQPHOGHWVLFKZLHGHU´ZLVSHUWH.HQQRQ ³:DVVDJWHU"´ ³:LUVROOHQXQVEHHLOHQ9RQ5DOI9ROWDLQVWDOOLHUWH6LFKHUKHLWVVFKDOWXQJHQKDEHQ GLH-XVWLHUXQJZLHGHUUFNJlQJLJJHPDFKW'DVYRUJHVHKHQH=LHOLVWHLQJHVWHOOW´ 7HNHQHU JDE 1RF 7HWUR GDV =HLFKHQ 'HU ULHVLJH (UWUXVHU YHUVFKZDQG LP VFKZDU]HQ7UDQVSRUWIHOG (LQHU GHU )UHPGHQ EUOOWH ZWHQGH %HIHKOH 'LH 0lQQHU VSUDQJHQ DXV LKUHU 'HFNXQJXQGJULIIHQLQEUHLWHU)URQWDQ 7HNHQHU XQG .HQQRQ ]ZHLIHOWHQ QLFKW PHKU GDUDQ GD‰ VLH )UHXQGH YRQ 'H9DQWHQXQG7DULQRZZDUHQ'LH9HUK|UHKDWWHQMHGRFKNHLQHUOHL+LQZHLVHDXIGLHVH $NWHXUHJHJHEHQ:HGHU7HNHQHUQRFK.HQQRQNRQQWHQVLFKDQHLQHVGLHVHU*HVLFKWHU HULQQHUQ6LHZDUHQGDKHUJH]ZXQJHQLKUH)OXFKWNRQVHTXHQW]X(QGH]XIKUHQ ³/RVMHW]W´ULHI7HNHQHU 'LH EHLGHQ 0lQQHU UDVWHQ GLH GUHL 6WXIHQ ]XP 7UDQVSRUWIHOG KRFK XQG YHUVFKZDQGHQLP7UDQVPLWWHU 

  6LHZDUHLQELOGVFK|QHV0lGFKHQPLWXQJHPHLQ]DUWHU+DXW $OV 5RQDOG 7HNHQHU XQG 6LQFODLU 0DURXW .HQQRQ DXV GHP 7UDQVPLWWHU NDPHQ VWDQGVLHLQNHVVHU+DOWXQJDXIHLQHP6HVVHOXQGZLQNWHLKQHQ]X0DMRU1RF7HWURVD‰ DXI GHP )X‰ERGHQ XQG PDVVLHUWH VLFK VHLQ UHFKWHV %HLQ 2IIHQVLFKWOLFK ZDU HU LP OHW]WHQ 0RPHQW QRFK YRQ HLQHP 1DUNRVHVWUDKO JHWURIIHQ ZRUGHQ (U KDWWH EHUKDXSW NHLQ,QWHUHVVHIUGDV0lGFKHQDXIGHP6HVVHO .HQQRQ VFKDOWHWH GHQ 7UDQVPLWWHU VRIRUW KLQWHU VLFK DXV (U EOLFNWH 7HNHQHU DQ (LQ OHLFKWHV /lFKHOQ HUVFKLHQ DXI VHLQHP *HVLFKW 'HU 0DQQ GHU MHW]W GLH 5ROOH YRQ 'H9DQWHQ VSLHOWH QLFNWH LKP ]X (U IKOWH VLFK ZLHGHU EHVVHU 3ULNNHOQG NHKUWH GDV *HIKOLQVHLQH6FKXOWHU]XUFN(UJLQJODQJVDPDXIGHQ6HVVHO]XXQGVDQNGDYRULQ GLH+RFNH  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 ³1DVFK|QH'DPH"´IUDJWHHUOlFKHOQG³,FKKRIIH,KQHQZXUGHGLH=HLWQLFKW]X ODQJ"´ 6LH PDFKWH HLQHQ ]LHUOLFKHQ .QLFNV LQGHP VLH HLQ %HLQ ZHLW YRUVWUHFNWH XQG VRUJIlOWLJDXIGHPDQGHUHQEDODQFLHUWH ³$XIHLQHQ0DQQZLH6LH]XZDUWHQLVWLPPHUHLQH4XDO´HQWJHJQHWHVLH'DQQ ULFKWHWHVLHVLFKDXIXQGZLQNWH7HNHQHUVWUDKOHQG]X³,FKIUHXHPLFKGD‰6LHDOOHKHLO KLHUDQJHNRPPHQVLQG´ *UDFLD0RQHW]HLJWHHLQIU|KOLFKHV/lFKHOQ ³'HU 3LORW KDW GLHVHV 6FKLII EHUHLWV YHUODVVHQ´ HUNOlUWH VLH ³:LU N|QQHQ DOVR VWDUWHQ:UGHQ6LHPLFKELWWH]XP+DXSWVWHXHUSXOWKLQEHUKHEHQ"´ ³$EHUJHUQGRFK´VDJWH7HNHQHUXQGKLHOWVHLQHIODFKH+DQGKLQ 'LH 6LJDQHVLQ VWLHJ PLW ]LHUOLFKHU %HZHJXQJ KLQEHU 6LH RUGQHWH VLFK LKU VFKXOWHUODQJHVWLHIVFKZDU]HV+DDUDOV7HNHQHUVLH]XP6WHXHUSXOWWUXJ+LHUVHW]WHVLH VLFKDXIHLQH/HLVWHXQGVDK]XZLH.HQQRQVLFKLQGHQ6LW]GHV3LORWHQVLQNHQOLH‰ *UDFLD0RQHWZDU=HQWLPHWHUJUR‰,KU)DFKJHELHWZDU%LRFKHPLHXQGVLH ZDUYRQ$WODQGD]XDXVJHZlKOWZRUGHQDQGLHVHP(LQVDW]WHLO]XQHKPHQ ³,FK KDOWH HV IU EHVVHU ZHQQ 6LH VFKRQ MHW]W ,KU 9HUVWHFN DXIVXFKHQ *UDFLD´ VDJWH.HQQRQ³+DEHQ6LH,KUH6SH]LDODXVUVWXQJGDEHL"´ ³1DWUOLFK´ DQWZRUWHWH VLH XQG HUKRE VLFK 6LH VFKULWW DQPXWLJ EHU GDV .RQWUROOERUGELV]XHLQHP%LOGVFKLUP'DYRUODJHUWHHLQNOHLQHV%QGHO6LHQDKPHVDXI XQGEOLFNWHGHQ5RERWPHQVFKHQDQ³,FKELQEHUHLW)RGRU7DULQRZ´ 'HU .RVPRNULPLQDOLVW QDKP VLH DXI XQG KDOI LKU GLH +|KOXQJ XQWHUKDOE VHLQHV *UWHOVDXI]XVXFKHQ$XIGHU8QWHUVHLWHGHV%DXFKHVEHIDQGVLFKHLQH6SH]LDONDPPHU LQGHUVFKRQKlXILJ6LJDQHVHQ8QWHUNXQIWJHIXQGHQKDWWHQ6LHZDUYRQ6LJDQHVHQIU 6LJDQHVHQ HLQJHULFKWHW ZRUGHQ XQG HQWKLHOW DOOHQ .RPIRUW GHU IU HLQHQ OlQJHUHQ $XIHQWKDOWQRWZHQGLJZDU6LHZDUVRJHVLFKHUWGD‰*UDFLD0RQHWDXFKEHUOHEWKlWWH ZHQQGHU5RERWPHQVFKJH]ZXQJHQZRUGHQZlUHXQJHVFKW]WLQGDVDEVROXWH9DNXXP GHV :HOWUDXPV ]X JHKHQ (LQH HLJHQH 6DXHUVWRIIDQODJH KlWWH VLH LQ GHU JHKHL]WHQ 'UXFNNDELQHYHUVRUJW $OV GDV $X‰HQVFKRWW VLFK JHVFKORVVHQ KDWWH VWDUWHWH .HQQRQ GDV NOHLQH 5DXPVFKLII GDV VLFK DXI HLQHU 3DUNEDKQ LQ   NP +|KH EHU GHP DVLDWLVFKHQ .RQWLQHQWGHU(UGHEHIDQG =XJOHLFK VWUDKOWH HU HLQHQ .XU]LPSXOV DQ $WODQ DE XP LKP PLW]XWHLOHQ GD‰ GLH $NWLRQELV]XGLHVHU3KDVHY|OOLJQDFK3ODQYHUODXIHQZDU 5RQDOG 7HNHQHU XQG 1RF 7HWUR EHVHW]WHQ GHQ )XQN XQG 2UWXQJVVWDQG VRZLH GHQ :DIIHQOHLWVWDQG GHU SULYDWHQ 6SDFH-HW ZlKUHQG .HQQRQ PLW +|FKVWZHUWHQ EHVFKOHXQLJWH (U KDWWH GLH 3DUNEDKQ MHGRFK NDXP YHUODVVHQ DOV HLQH :DUQXQJ HLQOLHI 'LH %LOGVFKLUPHYRU7HNHQHU'H9DQWHQHUKHOOWHQVLFK'HU6SH]LDOLVWVHW]WHHLQKRFKPWLJHV /lFKHOQ DXI (U VFKHXWH VLFK QLFKW GHP )XQNRIIL]LHU GHU  5DXPSDWURXLOOH VHLQ *HVLFKW]X]HLJHQ 'HU 2IIL]LHU LGHQWLIL]LHUWH VLFK XQG IXKU IRUW ³%UHFKHQ 6LH ,KUH )OXFKW VRIRUW DE VRQVWVLQGZLUJH]ZXQJHQ,KU6FKLIIDE]XVFKLH‰HQ´ ³9LHO(UIROJ´HQWJHJQHWHGHUYHUPHLQWOLFKH'H9DQWHQK|KQLVFK 'LH6SDFH-HWSDVVLHUWHGLH0RQGEDKQ 7HNHQHU NRQQWH DXI GHQ 2UWXQJVVFKLUPHQ HWZD ]ZDQ]LJ 5DXPN|USHU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 YHUVFKLHGHQHU *U|‰H HUNHQQHQ GLH YHUVXFKWHQ VLH DE]XIDQJHQ (U SUH‰WH GLH /LSSHQ ]XVDPPHQ-HW]WNDPHVDXI6LQFODLU0.HQQRQDQ 1XU GHU &KHI GHU  5DXPSDWURXLOOH ZDU GDUEHU LQIRUPLHUW ZHU VLH ZLUNOLFK ZDUHQ1XUHUZX‰WHGD‰VLHLP$XIWUDJHGHU862KDQGHOWHQ$XV6LFKHUKHLWVJUQGHQ ZDUQLHPDQGVRQVWHLQJHZHLKWZRUGHQ 

  ³6LHUHDJLHUHQQLFKW6LU´PHOGHWHGHU)XQNRIIL]LHU 2EHUVW3HWH5XJLUDKLHOWHVQLFKWPHKUOlQJHULQGHU2IIL]LHUVPHVVHDXVLQGHUHU VLFK ELV MHW]W DXIJHKDOWHQ KDWWH 0LW VWHLJHQGHU 1HUYRVLWlW KDWWH HU DXI GHQ %HJLQQ GHU $NWLRQJHZDUWHW,KPZlUHHVOLHEHUJHZHVHQZHQQQLFKWDXVJHUHFKQHWHUGHQ$XIWUDJ EHNRPPHQKlWWHGLHVHV5DXPVFKLII]XMDJHQ %LVMHW]WZDUHUVWRO]DXIVHLQH:DIIHQRIIL]LHUHXQGGHUHQ)lKLJNHLWHQJHZHVHQ ,Q GHQ OHW]WHQ 0RQDWHQ KDWWH HV NHLQHQ HLQ]LJHQ (UQVWIDOO JHJHEHQ GRFKLQ 7UDLQLQJVDNWLRQHQ XQG 5DXPPDQ|YHUQ KDWWHQ VHLQH 0lQQHU JOlQ]HQG DEJHVFKQLWWHQ 'LH=LHOVLFKHUKHLWGHU5DXPSDWURXLOOHZDUVHLWGHPDOVEHVRQGHUVJXWEHNDQQW ³:LHGHUKROHQ6LHGLH:DUQXQJ:LUZHUGHQGLH-DFKWDEIDQJHQ´ (UKDVWHWHLQGHQ+DXSWOHLWVWDQG(LQ%OLFNDXIGHQJUR‰HQ%LOGVFKLUP]HLJWHLKP VFKRQ GD‰ VHLQH 0lQQHU LQ GLHVHP )DOO YLHO ]X WFKWLJ ZDUHQ 6LH KDWWHQ HLQH ULHVLJH =DQJHJHELOGHWLQGHUVLFKGLH6SDFH-HWXQZHLJHUOLFKIDQJHQPX‰WH 2EHUVW5XJLUDVWRFNWHGHU$WHP :DVZDUJHVFKHKHQ":DUHVQXUGLH7DWVDFKHGD‰VHLQH0lQQHUMHW]WHQGOLFK YRUHLQHPYHUPHLQWOLFKHQ(UQVWIDOOVWDQGHQGHUVLH]XVRJUR‰HU/HLVWXQJXQG3Ul]LVLRQ DQVWDFKHOWH" ,KPEUDFKGHU6FKZHL‰DXV $OV 5RXWLQLHU EUDXFKWH HU NHLQH %HVWlWLJXQJ GHU 3RVLWURQLN XP IHVWVWHOOHQ ]X N|QQHQ GD‰ GLH 0lQQHU LQ GHU 6SDFH-HW GDV YHUZHJHQH 6SLHO YHUORUHQ KDWWHQ )LHEHUKDIW VXFKWH 5XJLUD QDFK HLQHP $XVZHJ (U IDQG NHLQHQ 'LH 5DXPSDWURXLOOH EHVFKOHXQLJWHQRFKHWZDVEHVVHUDOVGLH-DFKW'LH]ZDQ]LJ5DXPVFKLIIHNDPHQGHP )OFKWOLQJ LPPHU QlKHU 'LH =DQJH VFKOR‰ VLFK ,Q ZHQLJHQ 0LQXWHQ PX‰WH VLFK DOOHV HQWVFKHLGHQ 2EHUVW 5XJLUD ZX‰WH QLFKW ZDV HU WXQ VROOWH (U VDK GD‰ GHU JUR‰H 3ODQ YRQ /RUGDGPLUDO $WODQ VFKHLWHUWH XQG ZDU KLOIORV (U NRQQWH GLH .DWDVWURSKH QLFKW GDGXUFK DXIKDOWHQ GD‰ HU VHLQH 0lQQHU LQIRUPLHUWH RGHU GD‰ HU LKQHQ GHQ %HIHKO HUWHLOWH GLH -HWHQWNRPPHQ]XODVVHQ'DV3V\FKRVSLHOGHU862ZDUYHUORUHQ ³:DUQIHXHU´EHIDKO3HWH5XJLUDPLWEHOHJWHU6WLPPH 6HLQ  2IIL]LHU EOLFNWH LKQ EHUUDVFKW DQ .HLQ 0XVNHO EHZHJWH VLFK LP *HVLFKW GHV2EHUVWHQ 'LH²JUR‰HQ (QHUJLHVWUDKOHU GHV 5DXPVFKLIIHV EOLW]WHQ DXI 'LH (QHUJLHILQJHU ]XFNWHQLQGHQ:HOWUDXPKLQDXVXQGVWULFKHQGLFKWDQGHU6SDFH-HWYRUEHL ³,KUH )OXFKW LVW ]X (QGH 'U 'H9DQWHQ´ VDJWH GHU )XQNOHLWRIIL]LHU PLW HLQHP $XVGUXFNWLHIHU%HIULHGLJXQJLQGHU6WLPPH $XI GHP %LOGVFKLUP YRU LKP ZDU GDV *HVLFKW GHV :LVVHQVFKDIWOHUV ]X VHKHQ 'H9DQWHQ PDFKWH HLQHQ YHUVW|UWHQ (LQGUXFN (U ZX‰WH GD‰ VLH NHLQH &KDQFH KDWWHQ GHU3DWURXLOOH]XHQWNRPPHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 ³9LHOH +XQGH VLQG GHV +DVHQ 7RG´ HUZLGHUWH HU XQG ZDQGWH VLFK ]XU 6HLWH (U VDJWH ]X VHLQHP 3LORWHQ GHQ 5XJLUD DXI GHP %LOGVFKLUP QLFKW VHKHQ NRQQWH ³(V KDW NHLQHQ6LQQPHKU)RGRU:LUPVVHQDXIJHEHQ´ 

  ³'DVGDUIGRFKQLFKWZDKUVHLQ´VDJWH1RF7HWUR6HLQH6WLPPHEHEWHYRU=RUQ XQG(QWWlXVFKXQJ³1HLQ²GDVJODXEHLFKQLFKW´ :LHGHU ]XFNWH HLQ (QHUJLHVWUDKO DQ GHU -HW YRUEHL 0HKUHUH 5DXPVFKLIIH GHU 3DWURXLOOH EHIDQGHQ VLFK LQ XQPLWWHOEDUHU 1lKH (V KDWWH NHLQHQ 6LQQ PHKU GLH )OXFKW XQWHUGLHVHQ8PVWlQGHQIRUW]XVHW]HQ 'DUDVWHSO|W]OLFKHLQ2UWXQJVUHIOH[EHUGHQ%LOGVFKLUP 7HWURVWLH‰XQZLOONUOLFKHLQHQ6FKUHLDXV 7HNHQHUMXVWLHUWHGDV*HUlWXQGODVGLHHUPLWWHOWHQ:HUWHDE ³.XJHOI|UPLJ'XUFKPHVVHU]ZHLKXQGHUWIQI]LJ0HWHU1DPH1LFKW]XHUPLWWHOQ´ 'LH (QHUJLHVWUDKOSURMHNWRUHQ GHV XQEHNDQQWHQ 5DXPVFKLIIHV EOLW]WHQ DXI 0HKUHUH(QHUJLHVWUDKOHQ]XFNWHQDP5DXPVFKLIIGHV.RPPDQGDQWHQGHU3DWURXLOOH YRUEHL 6LQFODLU 0DURXW .HQQRQ UHDJLHUWH EOLW]DUWLJ (U lQGHUWH PHKUIDFK GHQ .XUV XQG EHVFKOHXQLJWH ZHLWHU 'LH  5DXPSDWURXLOOH EHJDQQ ]X IHXHUQ 3O|W]OLFK EHIDQG VLFK GDV6FKLIILQHLQHPZLUUHQ1HW]DXV(QHUJLHVWUDKOHQ(VVFKLHQNHLQH0|JOLFKNHLWPHKU ]XJHEHQDXVGLHVHP)HXHU]XHQWNRPPHQ ³'HU.RPPDQGDQWVFKLH‰WPLW7UDQVIRUPNDQRQHQ´VDJWH7HNHQHU 7DWVlFKOLFK NRQQWHQ VLH GLH ([SORVLRQHQ HLQLJHU 7UDQVIRUPJHVFKRVVH LQ XQPLWWHOEDUHU1lKHGHVNXJHOI|UPLJHQ5DXPVFKLIIHVEHREDFKWHQ 7HNHQHUEHJDQQHUQHXW]XOlFKHOQ (U ZDU EHU]HXJW GDYRQ GD‰ GLH XQEHNDQQWHQ +HOIHU KLQWHU GLHVHU $NWLRQ VWDQGHQ(UZlUHQLFKWEHUUDVFKWJHZHVHQZHQQPDQMHW]WYHUVXFKWKlWWHGLH6SDFH -HWDQ%RUG]XQHKPHQ .HQQRQ WULHE GLH )OXFKW MHGRFK NRQVHTXHQW YRUDQ 0HKUHUH (QHUJLHVFKVVH UDVWHQLQGLH6FKXW]VFKLUPHGHU-HWULFKWHWHQMHGRFKNHLQHQ6FKDGHQDQ ³9HUGDPPWMHW]WZLUG¶V=HLW´VDJWH1RF7HWURNQXUUHQG ³'HU.XJHOUDXPHU]LHKWVLFK]XUFN´VWHOOWH7HNHQHUIHVW (U PX‰WH DQ 2EHUVW 3HWH 5XJLUD GHQNHQ 9HUPXWOLFK DWPHWH GHU &KHI GHU  5DXPSDWURXLOOHMHW]WDXI'HU.XJHOUDXPHUKDWWHGHQ)OXFKWZHJZLHGHUJH|IIQHW ³$FKWXQJ²MHW]WNRPPW¶V´VDJWH7HNHQHUOHLVH (LQDEVROXWDEK|UVLFKHUHUVWUDKOJHULFKWHWHU)XQNVSUXFKEHU8OWUDNXU]ZHOOHXQG 6SUHFKIXQNOLHIHLQXQGZXUGHDXIGHQ7RQNULVWDOOHQIHVWJHKDOWHQ7HNHQHUOlFKHOWH'LH 6FKLIIVOHLWXQJ GHV .XJHOUDXPHUV WHLOWH LKQHQ GLH H[DNWHQ .RRUGLQDWLRQVGDWHQ LKUHU =LHOZHOWPLW'LH6WLPPHGHV0DQQHVGHU]XLKQHQVSUDFKNODQJKHLVHUXQGHUUHJW'HU %LOGVFKLUPJDEVHLQ*HVLFKWQLFKWZLHGHU(UEOLHEJUDXXQGYHUZDVFKHQ ³'LH'DWHQJHEHQHLQHgGZHOWDQ%LWWHODQGHQ6LHGRUW0DQHUZDUWHW6LH´ 'DQDFKEUDFKGLH6HQGXQJDE'DV.XJHOUDXPVFKLIIIOFKWHWH 5RQDOG 7HNHQHU GUFNWH HLQH 7DVWH DP )XQNJHUlW (LQ ZHL‰HV /LFKW EOLW]WH DXI GHP %LOGVFKLUP YRU LKP DXI (V ]HLJWH LKP DQ GD‰ HLQ 8625DXPVFKLII YRP 0RQG JHVWDUWHWXQGLKQHQKLQWHUGHU3DWURXLOOHJHIROJWZDU$XIGLHVHP5DXPVFKLIIEHIDQGVLFK  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



HLQ6SH]LDOHPSIlQJHU 7HNHQHU JDE GLH YRQ GHQ 8QEHNDQQWHQ EHUPLWWHOWHQ 'DWHQ DQ GDV 8626FKLII ZHLWHUZlKUHQG.HQQRQGLHZLOGH)OXFKWYRUGHU3DWURXLOOHIRUWVHW]WH $OV GLH %HVWlWLJXQJ GDIU HLQOLHI GD‰ GHU )XQNVSUXFK HPSIDQJHQ ZRUGHQ ZDU JDE 7HNHQHU GHP )UHXQG HLQ =HLFKHQ .HQQRQ VFKLHQ DXI]XDWPHQ (U OHLWHWH GHQ /LQHDUIOXJHLQ'LH-HWYHUVFKZDQGLP/LQHDUUDXP 

  ³'DVZDUIDVWHLQZHQLJ]XJXWJHSODQW´VDJWH1RF7HWUR (U HUKRE VLFK XQG ZDUI GLH 5HVWH VHLQHU XPIDQJUHLFKHQ 0DKO]HLW LQ GHQ $EIDOOVFKOLW]QHEHQGHP7LVFK(UJlKQWH ³:DQQ ZHUGHQ ZLU DP =LHO VHLQ"´ IUDJWH HU GDQQ DOV QLHPDQG DXI VHLQH %HPHUNXQJHLQJLQJ ³0RUJHQ´DQWZRUWHWH7HNHQHU 'HU0DMRUEOLFNWHDXIVHLQ&KURQRPHWHU -DQXDU (UQLFNWH ³'DQQZHUGHLFKPLFKQRFKHWZDVKLQOHJHQ,FKIUFKWHPRUJHQZHUGHQZLUQLFKW YLHO*HOHJHQKHLW]XP6FKODIHQKDEHQ´ (U JlKQWH QRFK HLQPDO KHU]KDIW XQG ]RJ VLFK GDQQ ]XUFN ,KQ VFKLHQ QLFKW LP PLQGHVWHQ]XHUUHJHQGD‰LKU(LQVDW]MHW]WLQGLHHQWVFKHLGHQGH3KDVHWUDW ³3HOOHW´VDJWH.HQQRQ³1LHJHK|UW´ (U VD‰ QRFK LPPHU DXI GHP 6LW] GHV 3LORWHQ REJOHLFK GLH 0DVFKLQH PLW $XWRSLORWHQIORJ(UEUDXFKWHVLFKXPQLFKWVPHKU]XNPPHUQ 5RQDOG 7HNHQHU QDKP GHQ %RJHQ PLW GHQ DXVJHZHUWHWHQ 'DWHQ DXV GHU 6FKLIIVSRVLWURQLN ³3HOOHWLVWHLQZLQ]LJHV6RQQHQV\VWHP´HUNOlUWHHUZlKUHQGHUGLH)XQNERWVFKDIW QRFK HLQPDO GXUFKODV XQG GLH (UJlQ]XQJHQ GHU 3RVLWURQLN EHUEOLFNWH ³3HOOHW LVW HLQ XQEHVLHGHOWHV XQLQWHUHVVDQWHV 6\VWHP (V LVW   /LFKWMDKUH YRQ GHU (UGH HQWIHUQW :LUZHUGHQDQJHZLHVHQDXIGHP]ZHLWHQ3ODQHWHQ²3HOOHW,,²]XODQGHQ´ 6LQFODLU0.HQQRQOlFKHOWHIOFKWLJ ³,FK QHKPH DQ ZLU ZHUGHQ EDOG GLH %HNDQQWVFKDIW HLQHV JHZLVVHQ 'XUELQ +R\NDODUHPDFKHQ´VDJWHHU ³9HUPXWOLFK´HQWJHJQHWH7HNHQHU (UGUFNWHHLQLJH.Q|SIHDXIGHP.RQWUROOERUG ³$WODQ KDW XQV ZlKUHQG XQVHUHU )OXFKW GLH YRQ GHQ )HUQVHKDQVWDOWHQ DXVJHVWUDKOWHQ$XIQDKPHQYRQXQVHUHP$XVEUXFKDXVGHP*HULFKWVVDDOEHUJHVSLHOW¶ VDJWHHU .HQQRQHUKREVLFKXQGOLH‰VLFKQHEHQ7HNHQHUYRUGHQ%LOGVFKLUPHQQLHGHU ³'LH JOHLFKHQ $XIQDKPHQ GUIWHQ XQVHUH )UHXQGH DXFK KDEHQ .HQ 8QG VLH ZHUGHQVLHVLFKYHUPXWOLFKVHKUJHQDXDQVHKHQ´ (U GUFNWH HLQHQ ZHLWHUHQ .QRSI $XI GHQ %LOGVFKLUPHQ HUVFKLHQ GLH *HULFKWVVDDOV]HQH $DUORQ 'H9DQWHQ ZXUGH LQ *UR‰DXIQDKPH JH]HLJW :HQLJ VSlWHU ZXUGHQDXFKGLHEHLGHQDQGHUHQ$QJHNODJWHQYRUJHVWHOOW 7HNHQHUXQG.HQQRQEOLHEHQIDVWDFKW6WXQGHQYRUGHQ*HUlWHQ6LHEHUSUIWHQ  

3URMHNW3ODQHWHQW|WHU

M

$WODQ

 6]HQH IU 6]HQH XP JHQDX IHVW]XVWHOOHQ RE VLH LKUHQ *HJQHUQ DQ LUJHQGHLQHU 6WHOOH GHU 9HUKDQGOXQJ XQG GHU DQVFKOLH‰HQGHQ )OXFKW XQEHDEVLFKWLJW HLQHQ YHUUlWHULVFKHQ +LQZHLV JHJHEHQ KDWWHQ 1DFK GUHL 6WXQGHQ NDP 0DMRU 1RF 7HWUR KLQ]X (U VDK VLFK XQDEKlQJLJ YRQ LKQHQ GLH $XIQDKPHQ GXUFK 'DPLW ZDU HLQH ]XVlW]OLFKH .RQWUROOH JHJHEHQ .HLQHU GHU GUHL 0lQQHU VWLH‰ DXI HLQHQ )HKOHU 'HU 3ODQ $WODQV VFKLHQ SHUIHNW DEJHODXIHQ]XVHLQ :lKUHQG 7HNHQHU HLQH 5XKHSDXVH HLQOHJWH QDKP .HQQRQ HLQH HUQHXWH XQG OHW]WH .RQWUROOH YRU $XFK HU JHZDQQ GHQ (LQGUXFN GD‰ VLH Y|OOLJ IHKOHUIUHL JHDUEHLWHW KDWWHQ 'DQDFK O|VFKWH HU GLH 0DJQHWElQGHU 6LH GXUIWHQ NHLQH YHUUlWHULVFKHQ 6SXUHQ LP6FKLIIKLQWHUODVVHQ=ZHLIHOVRKQHZUGHGLH-DFKWDXI3HOOHW,,VRUJIlOWLJGXUFKVXFKW ZHUGHQ 'DEHL NRQQWH HLQ ZLQ]LJHU )OFKWLJNHLWVIHKOHU VLFK VFKRQ YHUKlQJQLVYROO DXVZLUNHQ 

  6LQFODLU 0 .HQQRQ VWHXHUWH GLH 6SDFH-HW DOV VLH VLFK GHP NOHLQHQ ZVWHQDUWLJHQ3ODQHWHQ3HOOHW,,QlKHUWHQ *UDFLD0RQHWLKUHFKDUPDQWH%HJOHLWHULQ]RJVLFKZLHGHULQLKU6SH]LDOYHUVWHFN ]XUFNGDVVLH]HLWZHLOLJYHUODVVHQKDWWH'LHOHW]WH(LQVDW]EHVSUHFKXQJZDUEHHQGHW 'LHYLHU6SH]LDOLVWHQKDWWHQQRFKHLQPDOEHUGLHEHYRUVWHKHQGHQ(UHLJQLVVHGLVNXWLHUW XQGGDEHLMHGHQ6FKULWWGHUVLFKYRUDXVVHKHQOLH‰VRUJIlOWLJDEJHVSURFKHQ $OOHVZHLWHUHODJMHW]WQLFKWPHKULQLKUHU+DQG *UDXJHOEGHKQWHQVLFKGLH:VWHQJHELHWHYRQ3HOOHW,,XQWHULKQHQ1XUZHQLJH :RONHQIHW]HQVFKZHEWHQEHUGHP3ODQHWHQGHUEHUNHLQH2]HDQHXQGJUR‰H6HHQ YHUIJWH 'LHVH :HOW ZlUH IU HLQH %HVLHGOXQJ GHQNEDU XQLQWHUHVVDQW JHZHVHQ ZDU GDIUDEHUXPVRJHHLJQHWHUIUHLQH%HJHJQXQJGHUJHSODQWHQ$UW+LHUZUGHQNHLQH XQHUZQVFKWHQ=HXJHQDXIWDXFKHQ 'HU5RERWPHQVFKOLH‰GDV5DXPVFKLIIDEVLQNHQ*OHLFK]HLWLJVHW]WHHUGLH)DKUW ZHLWHU KHUDE ELV VLH PLW QXU ZHQLJHQ KXQGHUW 6WXQGHQNLORPHWHUQ *HVFKZLQGLJNHLW LQ HLQHU +|KH YRQ   0HWHUQ EHU GLH .DUVWODQGVFKDIWHQ YRQ 3HOOHW,, KLQZHJVFKZHEWHQ 6RUJIlOWLJEHREDFKWHWHQVLHGLH%LOGXQG2UWXQJVVFKLUPH 5RQDOG7HNHQHUEHXJWHVLFKOHLFKWQDFKYRUQDOVHUGDV0LNURSKRQHLQVFKDOWHWH ³+LHUVSULFKW$DUORQ'H9DQWHQ´VDJWHHUPLWUXKLJHUIDVWJOHLFKJOWLJHU6WLPPH ³+LHUVSULFKW$DUORQ'H9DQWHQ,FKUXIH3HOOHW,,´ (UZLHGHUKROWHGLHVH6lW]HLQ$EVWlQGHQYRQHLQLJHQ0LQXWHQLPPHUZLHGHU 'LH 5DXPMDFKW QlKHUWH VLFK HLQHP *HELUJVPDVVLY GDV VLFK ZXFKWLJ DXV GHU :VWHQODQGVFKDIW ELV LQ HLQH +|KH YRQ  0HWHUQ HUKRE 0DMRU 1RF 7HWUR OHJWH 7HNHQHUGLH+DQGDXIGHQ$UP0LWGHUDQGHUHQ+DQGGHXWHWHHUDXIGHQ%LOGVFKLUP +LQWHU HLQHP %HUJUFNHQ ZXUGH GHU REHUH 7HLO HLQHV NXJHOI|UPLJHQ 5DXPVFKLIIHV VLFKWEDU 'LH 0H‰LQVWUXPHQWH ]HLJWHQ DQ GD‰ GDV 6FKLII HLQHQ 'XUFKPHVVHUYRQ0HWHUQKDWWH 3O|W]OLFKDQWZRUWHWHQGLH8QEHNDQQWHQ $XIGHP%LOGVFKLUPYRU7HNHQHUHUVFKLHQHLQQLFKWVVDJHQGHV*HVLFKW ³:LUKDEHQ6LHHUZDUWHW'U'H9DQWHQ´VDJWHGHU)XQNHU³%LWWHODQGHQ6LHDXI  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



GHU+RFKHEHQH´ ³'DQNH´HQWJHJQHWH7HNHQHU 'HU%LOGVFKLUPHUORVFKZLHGHU0DQVFKLHQQLFKWJHQHLJW]XVHLQVLFKODQJHPLW 'H9DQWHQ]XXQWHUKDOWHQ²MHGHQIDOOVQLFKWDXIGLHVHP:HJH .HQQRQ KDWWH GLH )DKUW GHU -DFKW IDVW Y|OOLJ DXIJHKREHQ -HW]W VHQNWH HU GLH 6SDFH-HW DXI HLQH VWHLQLJH +RFKHEHQH DE 6LH NRQQWHQ GDV 5DXPVFKLII GHU DQGHUHQ MHW]WLQYROOHP8PIDQJVHKHQ(LQH%RGHQVFKOHXVHKDWWHVLFKJH|IIQHW(LQLJH0lQQHU VWDQGHQYRUGHP6FKLIIXQGEHREDFKWHWHQGLH/DQGXQJGHU-HW .HQQRQ OLH‰ HLQLJH 0LQXWHQ YHUVWUHLFKHQ EHYRU HU GLH $JJUHJDWH GHV 5DXPVFKLIIHVDXVVFKDOWHWH'DQQHUKREHUVLFK7HNHQHUXQG1RF7HWURHUZDUWHWHQLKQ EHUHLWV DP $QWLJUDYVFKDFKW $OV HU VLFK DXV GHP 3LORWHQVHVVHO HUKRE OLH‰HQ VLH VLFK QDFKHLQDQGHUQDFKXQWHQVLQNHQ 7HNHQHU ZDUWHWH YRU GHU 5DXPMDFKW ELV .HQQRQ XQG 7HWUR EHL LKP ZDUHQ *HPHLQVDPJLQJHQVLHEHUGDV3ODWHDXDXIGDV5DXPVFKLII]X$XFKGLH0lQQHUDXV GHPDQGHUHQ6FKLIIEHZHJWHQVLFKDXIVLH]X 'LH *UXSSH EHVWDQG DXV VLHEHQ 0lQQHUQ XQG ]ZHL 5RERWHUQ $OOH ZDUHQ PLW (QHUJLHVWUDKOHUQ EHZDIIQHW 'DV NRQQWHQ GLH GUHL 6SH]LDOLVWHQ VFKRQ DXV JUR‰HU (QWIHUQXQJHUNHQQHQ (LQ EXOOLJ JHEDXWHU 0DQQ JLQJ DQ GHU 6SLW]H GHU *UXSSH (U KDWWH HLQHQ VFKZHUIlOOLJHQ *DQJ GHU MHGRFK ]XJOHLFK DXFK .UDIW YHUULHW $OV GLH (QWIHUQXQJ ]ZLVFKHQLKQHQ]XVDPPHQVFKPRO]NRQQWH7HNHQHUGHQ0DQQLGHQWLIL]LHUHQ 8QZLOONUOLFKDWPHWHHUHLQZHQLJVFKQHOOHU 'LH$NWLRQZDUHLQ9ROOWUHIIHUJHZHVHQ 'HU 0DQQ GHU LKQHQ HQWJHJHQNDP ZDU GHU 7HUUD&KLQHVH +DQ3DLWX (U KDWWH HLQEUHLWHVEUXWDOZLUNHQGHV*HVLFKW'LHGXQNOHQ+DDUHODJHQJODWWDQVHLQHPUXQGHQ .RSI 0LW VWDUN YHUHQJWHQ $XJHQ EOLFNWH HU 7HNHQHU .HQQRQ XQG 1RF 7HWUR GLH GLH 6RQQHLP5FNHQKDWWHQHQWJHJHQ$OVVLHQXUQRFKHWZD]ZDQ]LJ0HWHUYRQHLQDQGHU WUHQQWHQ EOLHE HU VWHKHQ XQG VWHPPWH GLH +lQGH LQ GLH +IWHQ (LQ VDUGRQLVFKHV /lFKHOQODJDXIVHLQHQ/LSSHQ 'LHGUHL6SH]LDOLVWHQJLQJHQZHLWHUELVVLHQXUQRFKGUHL0HWHUYRQGHQDQGHUHQ 0lQQHUQWUHQQWHQ -HW]WKDWWH²7HNHQHUNHLQH=ZHLIHOPHKUGD‰HUWDWVlFKOLFKGHQ.RVPRJHRORJHQ +DQ3DLWX YRU VLFK KDWWH 'LHVHU 0DQQ JHK|UWH ]X GHQ  :LVVHQVFKDIWOHUQ GLH LP -DKUHYRQGHU(UGHJHIORKHQZDUHQ +DQ3DLWX EOLFNWH 'H9DQWHQ HLQH JHUDXPH =HLW SUIHQG DQ 'DQQ QLFNWH HU VFKOLH‰OLFK ³:LOONRPPHQDXIGHPVFK|QVWHQ3ODQHWHQGLHVHV6RQQHQV\VWHPV´VDJWHHU ³'DQNH´HQWJHJQHWH7HNHQHU (U EHUVDK QLFKW GD‰ +DQ3DLWX YROOHU $UJZRKQ ZDU +LHU VWDQG HU NHLQHVZHJV HLQHP0DQQJHJHQEHUGHUGXUFKGLH$NWLRQHQGHUOHW]WHQ7DJHYROOEHU]HXJWZRUGHQ ZDU 'HU 7HUUD&KLQHVH VFKLHQ HLQ XQJHZ|KQOLFK LQWHOOLJHQWHU 0DQQ ]X VHLQ²XQG HLQ HEHQVRDX‰HURUGHQWOLFKJHIlKUOLFKHU*HJQHU7HNHQHUYHUPXWHWHGD‰HU]XMHQHU6RUWH 0lQQHU JHK|UWH GLH QLHPDOV IUHL YRQ $UJZRKQ VLQG ,KP JHJHQEHU PX‰WH PDQ VWHWV DXIGHU+XWVHLQ%HLLKPPX‰WHVLFKVFKRQHLQNOHLQHU)HKOHUYHUKlQJQLVYROODXVZLUNHQ 'LH+DOWXQJGHUDQGHUHQ0lQQHUOLH‰HUNHQQHQGD‰+DQ3DLWXLKU.RPPDQGDQW ZDU  

3URMHNW3ODQHWHQW|WHU

M

$WODQ



(UPDFKWHHLQHHLQODGHQGH*HVWHLQ5LFKWXQJGHV5DXPVFKLIIHV ³.RPPHQ6LH´VDJWHHU 6HLQH %HJOHLWHU ELOGHWHQ HLQH *DVVH GXUFK GLH 7HNHQHU .HQQRQ XQG 7HWUR KLQGXUFKJLQJHQ +DQ3DLWX EOLHE EHL GHQ GUHL 0lQQHUQ GLH HU IU GLH DQJHNODJWHQ :LVVHQVFKDIWOHUKLHOW ³,FK KRIIH 6LH KDEHQ QLFKWV LP 6FKLII ]XUFNJHODVVHQ ZDV 6LH PLWQHKPHQ ZROOHQ´VDJWHHU 7HNHQHU PDFKWH QXU HLQH XQEHVWLPPWH *HVWH (U EOLFNWH EHU GLH 6FKXOWHU ]XUFN XQG VDK GD‰ PHKUHUH 0lQQHU XQEHPHUNW ]XUFNJHEOLHEHQ ZDUHQ 6LH JLQJHQ MHW]W]XGHU5DXPMDFKW +DQ3DLWX EHREDFKWHWH 'H9DQWHQ DXIPHUNVDP (U OlFKHOWH XQPHUNOLFK DOV GLHVHU VLFK Y|OOLJ JOHLFKJOWLJ JDE XQG GDPLW GHPRQVWULHUWH GD‰ HU QLFKWV JHJHQ HLQH 8QWHUVXFKXQJGHU-HWHLQ]XZHQGHQKDWWH 'LH*UXSSHHUUHLFKWHGHQ.XJHOUDXPHU ,P]HQWUDOHQ$QWLJUDYVFKDFKWVFKZHEWHQVLHELVLQGLH+DXSWOHLW]HQWUDOHHPSRULQ GHUVLHYRQPHKUHUHQ0lQQHUQHUZDUWHWZXUGHQ µ7HNHQHU'H9DQWHQVDKVRIRUWGD‰DXIGHQ%LOGVFKLUPHQGHU=HQWUDOHGLH)LOPH DEJHVSLHOW ZXUGHQ GLH ZlKUHQG GHU *HULFKWVYHUKDQGOXQJ XQG GHU DQVFKOLH‰HQGHQ )OXFKW JHPDFKW ZRUGHQ ZDUHQ (U OlFKHOWH KHUDEODVVHQG XQG ZDQGWH VLFK PLW HLQHU *HVWH +DQ3DLWX ]X GLH HUNHQQHQ OLH‰ GD‰ LKQ GLH $XIQDKPHQ QLFKW LP JHULQJVWHQ LQWHUHVVLHUWHQ ³'DVKDEHQZLUGRFKZRKOKLQWHUXQV´EHPHUNWHHUJHODQJZHLOW +DQ3DLWX YHU]RJ GLH /LSSHQ (U QLFNWH HLQHP 0DQQ KLQWHU 7HNHQHU ]X 'LHVHU K|UWH GDV .QDFNHQ HLQHV 6FKDOWHUV 'HU .RPPDQGDQW KDWWH GLH 3UIXQJ GHU )LOPH EHHQGHW$XFKHUZDUDXIQLFKWVJHVWR‰HQZDVVHLQHQ$UJZRKQEHVWlWLJWH ³:LOONRPPHQDQ%RUG´VDJWHHU³:LUIOLHJHQZHLWHU´ (UJLQJ]XP6HVVHOGHV.RPPDQGDQWHQXQGVHW]WHVLFK ³+RIIHQWOLFK ZLVVHQ 6LH GDV ZRIU PDQ 6LH YHUXUWHLOHQ ZROOWH 'U $DUORQ 'H9DQWHQ´IXKUHUPLWHLJHQWPOLFKHU%HWRQXQJIRUW³,FKZQVFKHHV,KQHQ´ 5RQDOG 7HNHQHU YHUPLHG HV .HQQRQ XQG 7HWUR DQ]XVHKHQ (U YHUVWDQG QLFKW ZDV+DQ3DLWXPLWVHLQHU%HPHUNXQJJHPHLQWKDWWH (UZDUEHXQUXKLJW *DEHVHWZDVZDVVLHDXIMHGHQ)DOOKlWWHQZLVVHQPVVHQ" +DWWHQ$DUORQ'H9DQWHQXQG)RGRU7DULQRZVLHZLGHU(UZDUWHQGRFKJHWlXVFKW" :DUGHQ0XWDQWHQEHLP9HUK|UHWZDV(QWVFKHLGHQGHVHQWJDQJHQ" 'LHQlFKVWHQ6WXQGHQZUGHQHVEHZHLVHQ 7HNHQHU'H9DQWHQIKOWHVLFKXQEHKDJOLFK(UOLH‰VLFKMHGRFKQLFKWVDQPHUNHQ 0LW HLQHP VS|WWLVFKHQ /lFKHOQ GHXWHWH HU DXI HLQHQ 6HVVHO XQG VHW]WH VLFK DOV +DQ 3DLWXQLFNWH 'LHZLUNOLFKHQWVFKHLGHQGH3KDVHVWDQGHUVWEHYRU  (1'(  /HVHQ6LHLQ7DJHQ$7/$11UPLWGHP7LWHO  



3URMHNW3ODQHWHQW|WHU

M

$ODUPLP&RPSXWHU]HQWUXP

$WODQ

YRQ+DQV.QHLIHU  0LWGHP³)UHXQGVFKDIWVNRPPDQGR´LQ%DQJNRN² 862$JHQWHQVWHKOHQLKUHHLJHQHQ*HKHLPQLVVH