(7$+RIIPDQQ
5DW.UHVSHO
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEH...
62 downloads
441 Views
295KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(7$+RIIPDQQ
5DW.UHVSHO
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
'HU5DW.UHVSHOZDUHLQHUGHUDOOHUZXQGHUOLFKVWHQ0HQVFKHQGLH PLUMHPDOVLP/HEHQYRUJHNRPPHQ$OVLFKQDFK+ ]RJXP PLFKHLQLJH=HLWGRUWDXI]XKDOWHQVSUDFKGLHJDQ]H6WDGWYRQ LKPZHLOVRHEHQHLQHUVHLQHUDOOHUQlUULVFKVWHQ6WUHLFKHLQYROOHU %OWHVWDQG.UHVSHOZDUEHUKPWDOVJHOHKUWHUJHZDQGWHU-XULVW XQGDOVWFKWLJHU'LSORPDWLNHU(LQQLFKWHEHQEHGHXWHQGHU UHJLHUHQGHU)UVWLQ'HXWVFKODQGKDWWHVLFKDQLKQJHZDQGWXP HLQ0HPRULDODXV]XDUEHLWHQGDVGLH$XVIKUXQJVHLQHU UHFKWVEHJUQGHWHQ$QVSUFKHDXIHLQJHZLVVHV7HUULWRULXP]XP *HJHQVWDQGKDWWHXQGGDVHUGHP.DLVHUKRIHHLQ]XUHLFKHQ JHGDFKWH'DVJHVFKDKPLWGHPJOFNOLFKVWHQ(UIROJXQGGD .UHVSHOHLQPDOJHNODJWKDWWHGDHUQLHHLQH:RKQXQJVHLQHU %HTXHPOLFKNHLWJHPlILQGHQN|QQHEHUQDKPGHU)UVWXPLKQ IUMHQHV0HPRULDO]XORKQHQGLH.RVWHQHLQHV+DXVHVGDV .UHVSHOJDQ]QDFKVHLQHP*HIDOOHQDXIEDXHQODVVHQVROOWH$XFK GHQ3ODW]GD]XZROOWHGHU)UVWQDFK.UHVSHOV:DKODQNDXIHQ ODVVHQ GDVQDKP.UHVSHOLQGHVVHQQLFKWDQYLHOPHKUEOLHEHU GDEHLGDGDV+DXVLQVHLQHPYRUGHP7RULQGHUVFK|QVWHQ *HJHQGEHOHJHQHQ*DUWHQHUEDXWZHUGHQVROOH1XQNDXIWHHUDOOH QXUP|JOLFKH0DWHULDOLHQ]XVDPPHQXQGOLHVLHKHUDXVIDKUHQ GDQQVDKPDQLKQZLHHUWDJHODQJLQVHLQHPVRQGHUEDUHQ.OHLGH GDVHUEULJHQVVHOEVWDQJHIHUWLJWQDFKEHVWLPPWHQHLJHQHQ 3ULQ]LSLHQ GHQ.DONO|VFKWHGHQ6DQGVLHEWHGLH0DXHUVWHLQHLQ UHJHOPlLJH+DXIHQDXIVHW]WHXVZ0LWLUJHQGHLQHP %DXPHLVWHU KDWWHHUQLFKWJHVSURFKHQDQLUJHQGHLQHQ5LQLFKWJHGDFKW$Q HLQHPJXWHQ7DJHJLQJHULQGHVVHQ]XHLQHPWFKWLJHQ 0DXHUPHLVWHULQ+ XQGEDWLKQVLFKPRUJHQEHL$QEUXFKGHV 7DJHVPLWVlPWOLFKHQ*HVHOOHQXQG%XUVFKHQYLHOHQ+DQGODQJHUQ XVZLQGHP*DUWHQHLQ]XILQGHQXQGVHLQ+DXV]XEDXHQ'HU %DXPHLVWHUIUDJWHQDWUOLFKHUZHLVHQDFKGHP%DXULXQG HUVWDXQWHQLFKWZHQLJDOV.UHVSHOHUZLGHUWHHVEHGUIHGHVVHQ JDUQLFKWXQGHVZHUGHVLFKVFKRQDOOHVZLHHVVHLQVROOHIJHQ $OVGHU0HLVWHUDQGHUHQ0RUJHQVPLWVHLQHQ/HXWHQDQ2UWXQG 6WHOOHNDPIDQGHUHLQHQLPUHJHOPlLJHQ9LHUHFNJH]RJHQHQ *UDEHQXQG.UHVSHOVSUDFK ª+LHUVROOGDV)XQGDPHQWPHLQHV +DXVHVJHOHJWZHUGHQXQGGDQQELWWHLFKGLHYLHU0DXHUQVR ODQJHKHUDXI]XIKUHQELVLFK VDJHQXQLVW VKRFKJHQXJ© ª2KQH)HQVWHUXQG7UHQRKQH4XHUPDXHUQ"©ILHOGHU0HLVWHU ZLHEHU.UHVSHOV:DKQVLQQHUVFKURFNHQHLQHª6RZLHLFK,KQHQ HVVDJHEHVWHU0DQQ©HUZLGHUWH.UHVSHOVHKUUXKLJªGDVEULJH ZLUGVLFKDOOHVILQGHQ©1XUGDV9HUVSUHFKHQUHLFKHU%HORKQXQJ
NRQQWHGHQ0HLVWHUEHZHJHQGHQXQVLQQLJHQ%DX]X XQWHUQHKPHQ DEHUQLHLVWHLQHUOXVWLJHUJHIKUWZRUGHQGHQQ XQWHUEHVWlQGLJHP/DFKHQGHU$UEHLWHUGLHGLH$UEHLWVVWlWWHQLH YHUOLHHQGDHV6SHLVXQG7UDQNYROODXIJDEVWLHJHQGLHYLHU 0DXHUQXQJODXEOLFKVFKQHOOLQGLH+|KHELVHLQHV7DJHV.UHVSHO ULHI ª+DOW©'DVFKZLHJ.HOO XQG+DPPHUGLH$UEHLWHUVWLHJHQ YRQGHQ*HUVWHQKHUDEXQGLQGHPVLHGHQ.UHVSHOLP.UHLVH XPJDEHQVSUDFKHVDXVMHGHPODFKHQGHQ*HVLFKW ª$EHUZLHQXQ ZHLWHU"© ª3ODW]©ULHI.UHVSHOOLHIQDFKHLQHP(QGHGHV *DUWHQVXQGVFKULWWGDQQODQJVDPDXIVHLQ9LHUHFNORVGLFKWDQ GHU0DXHUVFKWWHOWHHUXQZLOOLJGHQ.RSIOLHIQDFKGHPDQGHUQ (QGHGHV*DUWHQVVFKULWWZLHGHUDXIGDV9LHUHFNORVXQGPDFKWH HVZLH]XYRU1RFKHLQLJH0DOHZLHGHUKROWHHUGDV6SLHOELVHU HQGOLFKPLWGHUVSLW]HQ1DVHKDUWDQGLH0DXHUDQODXIHQGODXW VFKULH ª+HUDQKHUDQLKU/HXWHVFKODJWPLUGLH7UHLQKLHU VFKODJWPLUHLQH7UHLQ© (UJDE/lQJHXQG%UHLWHJHQDXQDFK )XXQG=ROODQXQGHVJHVFKDKZLHHUJHERWHQ1XQVFKULWWHU KLQHLQLQGDV+DXVXQGOlFKHOWHZRKOJHIlOOLJDOVGHU0HLVWHU EHPHUNWHGLH0DXHUQKlWWHQJHUDGHGLH+|KHHLQHVWFKWLJHQ ]ZHLVW|FNLJHQ+DXVHV.UHVSHOJLQJLQGHPLQQHUQ5DXP EHGlFKWLJDXIXQGDEKLQWHULKPKHUGLH0DXUHUPLW+DPPHUXQG +DFNHXQGVRZLHHUULHI ª+LHUHLQ)HQVWHUVHFKV)XKRFK]ZHL )XEUHLW GRUWHLQ)HQVWHUFKHQGUHL)XKRFK]ZHL)XEUHLW© VRZXUGHHVIOXJVHLQJHVFKODJHQ*HUDGHZlKUHQGGLHVHU 2SHUDWLRQNDPLFKQDFK+XQGHVZDUK|FKVWHUJ|W]OLFK DQ]XVHKHQZLH+XQGHUWHYRQ0HQVFKHQXPGHQ*DUWHQ KHUXPVWDQGHQXQGDOOHPDOODXWDXIMXEHOWHQZHQQGLH6WHLQH KHUDXVIORJHQXQGZLHGHUHLQQHXHV)HQVWHUHQWVWDQGGDZRPDQ HVJDUQLFKWYHUPXWHWKDWWH0LWGHPEULJHQ$XVEDXGHV+DXVHV XQGPLWDOOHQ$UEHLWHQGLHGD]XQ|WLJZDUHQPDFKWHHV.UHVSHO DXIHEHQGLHVHOEH:HLVHLQGHPVLHDOOHVDQ2UWXQG6WHOOHQDFK VHLQHUDXJHQEOLFNOLFKHQ$QJDEHYHUIHUWLJHQPXWHQ'LH 3RVVLHUOLFKNHLWGHVJDQ]HQ8QWHUQHKPHQVGLHJHZRQQHQH hEHU]HXJXQJGDDOOHVDP(QGHVLFKEHVVHU]XVDPPHQJHVFKLFNW DOV]XHUZDUWHQVWDQGYRU]JOLFKDEHU.UHVSHOV)UHLJHELJNHLWGLH LKPIUHLOLFKQLFKWVNRVWHWHHUKLHOWDEHUDOOHEHLJXWHU/DXQH6R ZXUGHQGLH6FKZLHULJNHLWHQGLHGLHDEHQWHXHUOLFKH$UW]XEDXHQ KHUEHLIKUHQPXWHEHUZXQGHQXQGLQNXU]HU=HLWVWDQGHLQ Y|OOLJHLQJHULFKWHWHV+DXVGDZHOFKHVYRQGHU$XHQVHLWHGHQ WROOVWHQ$QEOLFNJHZlKUWHGDNHLQ)HQVWHUGHPDQGHUQJOHLFKZDU XVZGHVVHQLQQHUH(LQULFKWXQJDEHUHLQHJDQ]HLJHQH
:RKOEHKDJOLFKNHLWHUUHJWH$OOHGLHKLQHLQNDPHQYHUVLFKHUWHQ GLHVXQGLFKVHOEVWIKOWHHVDOV.UHVSHOQDFKQlKHUHU %HNDQQWVFKDIWPLFKKLQHLQIKUWH%LVMHW]WKDWWHLFKQlPOLFKPLW GHPVHOWVDPHQ0DQQHQRFKQLFKWJHVSURFKHQGHU%DX EHVFKlIWLJWHLKQVRVHKUGDHUQLFKWHLQPDOVLFKEHLGHP 3URIHVVRU 0
GLHQVWDJVZLHHUVRQVWSIOHJWH]XP0LWWDJVHVVHQ HLQIDQGXQGLKPDOVHULKQEHVRQGHUVHLQJHODGHQVDJHQOLHYRU GHP(LQZHLKXQJVIHVWHVHLQHV+DXVHVNlPHHUPLWNHLQHP7ULWW DXVGHU7U$OOH)UHXQGHXQG%HNDQQWHYHUVSLW]WHQVLFKDXIHLQ JURHV0DKO.UHVSHOKDWWHDEHUQLHPDQGHQJHEHWHQDOVVlPWOLFKH 0HLVWHU*HVHOOHQ%XUVFKHXQG+DQGODQJHUGLHVHLQ+DXVHUEDXW (UEHZLUWHWHVLHPLWGHQIHLQVWHQ6SHLVHQ 0DXUHUEXUVFKHIUDHQ UFNVLFKWVORV5HEKXKQSDVWHWHQ7LVFKOHUMXQJHQKREHOWHQPLW *OFNDQJHEUDWHQHQ)DVDQHQXQGKXQJULJH+DQGODQJHUODQJWHQ GLHVPDOVLFKVHOEVWGLHYRUWUHIIOLFKVWHQ6WFNHDXVGHP 7UIIHOIULNDVVH]X'HV$EHQGVNDPHQGLH)UDXHQXQG7|FKWHU XQGHVEHJDQQHLQJURHU%DOO.UHVSHOZDO]WHHWZDVZHQLJHVPLW GHQ0HLVWHUIUDXHQVHW]WHVLFKDEHUGDQQ]XGHQ 6WDGWPXVLNDQWHQQDKPHLQH*HLJHXQGGLULJLHUWHGLH7DQ]PXVLN ELV]XPKHOOHQ0RUJHQ'HQ'LHQVWDJQDFKGLHVHP)HVWHZHOFKHV GHQ5DW.UHVSHODOV9RONVIUHXQGGDUVWHOOWHIDQGLFKLKQHQGOLFK]X PHLQHUQLFKWJHULQJHQ)UHXGHEHLGHP3URIHVVRU 0
9HUZXQGHUOLFKHUHVDOV.UHVSHOV%HWUDJHQNDQQPDQQLFKW HUILQGHQ6WHLIXQGXQJHOHQNLQGHU%HZHJXQJJODXEWHPDQMHGHQ $XJHQEOLFNHUZUGHLUJHQGZRDQVWRHQLUJHQGHLQHQ6FKDGHQ DQULFKWHQGDVJHVFKDKDEHU QLFKWXQGPDQZXWHHVVFKRQ GHQQGLH+DXVIUDXHUEODWHQLFKWLPPLQGHVWHQDOVHUPLW JHZDOWLJHP6FKULWWXPGHQPLWGHQVFK|QVWHQ7DVVHQEHVHW]WHQ 7LVFKVLFKKHUXPVFKZDQJDOVHUJHJHQGHQELV]XP%RGHQ UHLFKHQGHQ6SLHJHOPDQ|YULHUWHDOVHUVHOEVWHLQHQ%OXPHQWRSI YRQKHUUOLFKJHPDOWHP3RU]HOODQHUJULIIXQGLQGHU/XIW KHUXPVFKZHQNWHDOVREHUGLH)DUEHQVSLHOHQODVVHQZROOH hEHUKDXSWEHVDK.UHVSHOYRU7LVFKHDOOHVLQGHV3URIHVVRUV =LPPHUDXIGDVJHQDXHVWHHUODQJWHVLFKDXFKZRKODXIGHQ JHSROVWHUWHQ6WXKOVWHLJHQGHLQ%LOGYRQGHU:DQGKHUDEXQG KLQJHVZLHGHUDXI'DEHLVSUDFKHUYLHOXQGKHIWLJ EDOG EHL 7LVFKHZXUGHHVDXIIDOOHQG VSUDQJHUVFKQHOOYRQHLQHU6DFKHDXI GLHDQGHUHEDOGNRQQWHHUYRQHLQHU,GHHJDUQLFKWORVNRPPHQ LPPHUVLHZLHGHUHUJUHLIHQGJHULHWHULQDOOHUOHLZXQGHUOLFKH ,UUJlQJHXQGNRQQWHVLFKQLFKWZLHGHUILQGHQELVLKQHWZDV DQGHUHVHUIDWH6HLQ7RQZDUEDOGUDXKXQGKHIWLJVFKUHLHQG
EDOGOHLVHJHGHKQWVLQJHQGDEHULPPHUSDWHHUQLFKW]XGHP ZDV.UHVSHOVSUDFK(VZDUYRQ0XVLNGLH5HGHPDQUKPWH HLQHQQHXHQ.RPSRQLVWHQGDOlFKHOWH.UHVSHOXQGVSUDFKPLW VHLQHUOHLVHQVLQJHQGHQ6WLPPH ª:ROOW LFKGRFKGDGHU VFKZDU]JHILHGHUWH6DWDQGHQYHUUXFKWHQ7RQYHUGUHKHU ]HKQWDXVHQG0LOOLRQHQ.ODIWHUWLHILQGHQ$EJUXQGGHU+|OOH VFKOJH© 'DQQIXKUHUKHIWLJXQGZLOGKHUDXV ª6LHLVWHLQ (QJHOGHV+LPPHOVQLFKWVDOVUHLQHU*RWWJHZHLKWHU.ODQJXQG 7RQ /LFKWXQG6WHUQELOGDOOHV*HVDQJHV© 8QGGDEHLVWDQGHQ LKP7UlQHQLQGHQ$XJHQ0DQPXWHVLFKHULQQHUQGDYRUHLQHU 6WXQGHYRQHLQHUEHUKPWHQ6lQJHULQJHVSURFKHQZRUGHQ(V ZXUGHHLQ+DVHQEUDWHQYHU]HKUWLFKEHPHUNWHGD.UHVSHOGLH .QRFKHQDXIVHLQHP7HOOHUYRP)OHLVFKHVRUJOLFKVlXEHUWHXQG JHQDXH1DFKIUDJHQDFKGHQ+DVHQSIRWHQKLHOWGLHLKPGHV 3URIHVVRUVIQIMlKULJHV0lGFKHQPLWVHKUIUHXQGOLFKHP/lFKHOQ EUDFKWH'LH.LQGHUKDWWHQEHUKDXSWGHQ5DWVFKRQZlKUHQGGHV (VVHVVHKUIUHXQGOLFKDQJHEOLFNWMHW]WVWDQGHQVLHDXIXQGQDKWHQ VLFKLKPMHGRFKLQVFKHXHU(KUIXUFKWXQGQXUDXIGUHL6FKULWWH ¾:DVVROOGHQQGDVZHUGHQ½GDFKWHLFKLP,QQHUQ'DV'HVVHUW ZXUGHDXIJHWUDJHQ GD]RJGHU5DWHLQ.LVWFKHQDXVGHU7DVFKH LQGHPHLQHNOHLQHVWlKOHUQH'UHKEDQNODJGLHVFKUREHUVRIRUWDQ GHQ7LVFKIHVWXQGQXQGUHFKVHOWHHUPLWXQJODXEOLFKHU *HVFKLFNOLFKNHLWXQG6FKQHOOLJNHLWDXVGHQ+DVHQNQRFNHQDOOHUOHL ZLQ]LJNOHLQH'|VFKHQXQG%FKVFKHQXQG.JHOFKHQGLHGLH .LQGHUMXEHOQGHPSILQJHQ,P0RPHQWGHV$XIVWHKHQVYRQGHU 7DIHOIUDJWHGHV3URIHVVRUV1LFKWH ª:DVPDFKWGHQQXQVHUH $QWRQLHOLHEHU5DW"© .UHVSHOVFKQLWWHLQ*HVLFKWDOVZHQQ MHPDQGLQHLQHELWWHUH3RPHUDQ]HEHLWXQGGDEHLDXVVHKHQZLOO DOVZHQQHU6HVJHQRVVHQ DEHUEDOGYHU]RJVLFKGLHV*HVLFKW ]XUJUDXOLFKHQ0DVNHDXVGHUUHFKWELWWHUHUJULPPLJHUMDZLH HVPLUVFKLHQUHFKWWHXIOLVFKHU+RKQKHUDXVODFKWHª8QVHUH" 8QVHUHOLHEH$QWRQLH"©IUXJHUPLWJHGHKQWHPXQDQJHQHKP VLQJHQGHQ7RQH'HU3URIHVVRUNDPVFKQHOOKHUDQ LQGHP VWUDIHQGHQ%OLFNGHQHUGHU1LFKWH]XZDUIODVLFKGDVLHHLQH 6DLWHEHUKUWKDWWHGLHLQ.UHVSHOV,QQHUPZLGULJGLVVRQLHUHQ PXWHª:LHVWHKWHVPLWGHQ9LROLQHQ"©IUXJGHU3URIHVVRUUHFKW OXVWLJLQGHPHUGHQ5DWEHLEHLGHQ+lQGHQHUIDWH'DKHLWHUWH VLFK.UHVSHOV*HVLFKWDXIXQGHUHUZLGHUWHPLWVHLQHUVWDUNHQ 6WLPPH ª9RUWUHIIOLFK3URIHVVRUHUVWKHXWHKDELFKGLHWUHIIOLFKH *HLJHYRQ$PDWLYRQGHULFKQHXOLFKHU]lKOWHZHOFKHLQ *OFNVIDOOVLHPLULQGLH+lQGHJHVSLHOWHUVWKHXWHKDEHLFKVLH
DXIJHVFKQLWWHQ,FKKRIIH$QWRQLHZLUGGDVEULJHVRUJIlOWLJ ]HUOHJWKDEHQ©ª$QWRQLHLVWHLQJXWHV.LQG©VSUDFKGHU 3URIHVVRUª-DZDKUKDIWLJGDVLVWVLH©VFKULHGHU5DWLQGHPHU VLFKVFKQHOOXPZDQGWHXQGPLWHLQHP*ULII+XWXQG6WRFN HUIDVVHQGVFKQHOO]XU7UHKLQDXVVSUDQJ,P6SLHJHOHUEOLFNWH LFKGDLKPKHOOH7UlQHQLQGHQ$XJHQVWDQGHQ
6REDOGGHU5DWIRUWZDUGUDQJLFKLQGHQ3URIHVVRUPLUGRFKQXU JOHLFK]XVDJHQZDVHVPLWGHQ9LROLQHQXQGYRU]JOLFKPLW $QWRQLHQIUHLQH%HZDQGWQLVKDEHª$FK©VSUDFKGHU3URIHVVRU ªZLHGHQQGHU5DWEHUKDXSWHLQJDQ]ZXQGHUOLFKHU0HQVFKLVW VRWUHLEWHUDXFKGDV9LROLQEDXHQDXIJDQ]HLJQHWROOH:HLVH© ª9LROLQEDXHQ"©IUDJWHLFKJDQ]HUVWDXQWª-D©IXKUGHU3URIHVVRU IRUWª.UHVSHOYHUIHUWLJWQDFKGHP8UWHLOGHU.HQQHUGLH KHUUOLFKVWHQ9LROLQHQGLHPDQLQQHXHUHU=HLWQXUILQGHQNDQQ VRQVWOLHHUPDQFKPDOZDULKPHLQHEHVRQGHUVJHOXQJHQ DQGHUHGDUDXIVSLHOHQGDVLVWDEHUVHLWHLQLJHU=HLWJDQ]YRUEHL +DW.UHVSHOHLQH9LROLQHJHPDFKWVRVSLHOWHUVHOEVWHLQHRGHU ]ZHL6WXQGHQGDUDXIXQG]ZDUPLWK|FKVWHU.UDIWPLW KLQUHLHQGHP$XVGUXFNGDQQKlQJWHU VLHDEHU]XGHQEULJHQ RKQHVLHMHPDOVZLHGHU]XEHUKUHQRGHUYRQDQGHUQEHUKUHQ]X ODVVHQ,VWQXULUJHQGHLQH9LROLQHYRQHLQHPDOWHQYRU]JOLFKHQ 0HLVWHUDXI]XWUHLEHQVRNDXIWVLHGHU5DWXPMHGHQ3UHLVGHQ PDQLKPVWHOOW(EHQVRZLHVHLQH*HLJHQ VSLHOWHUVLHDEHUQXUHLQ HLQ]LJHV0DOGDQQQLPPWHUVLHDXVHLQDQGHUXPLKUHLQQHUH 6WUXNWXUJHQDX]XXQWHUVXFKHQXQGZLUIWILQGHWHUQDFKVHLQHU (LQELOGXQJQLFKWGDVZDVHUJHUDGHVXFKWHGLH6WFNHXQPXWLJLQ HLQHQJURHQ.DVWHQGHUVFKRQYROO7UPPHU]HUOHJWHU9LROLQHQ LVW©ª:LHLVWHVDEHUPLW$QWRQLHQ"©IUXJLFKVFKQHOOXQGKHIWLJ ª'DVLVWQXQ©IXKUGHU3URIHVVRUIRUWªGDVLVWQXQHLQH6DFKH GLHGHQ5DWPLFKN|QQWHLQK|FKVWHP*UDGHYHUDEVFKHXHQODVVHQ ZHQQLFKQLFKWEHU]HXJWZlUHGDEHLGHPLPWLHIVWHQ*UXQGH ELV]XU:HLFKOLFKNHLWJXWPWLJHQ&KDUDNWHUGHV5DWHVHVGDPLW HLQHEHVRQGHUHJHKHLPH%HZDQGWQLVKDEHQPVVH$OVYRU PHKUHUHQ-DKUHQGHU5DWKLHUKHUQDFK+ NDPOHEWHHU DQDFKRUHWLVFKPLWHLQHUDOWHQ+DXVKlOWHULQLQHLQHPILQVWHUQ +DXVHDXIGHU6WUDH%DOGHUUHJWHHUGXUFKVHLQH 6RQGHUEDUNHLWHQGLH1HXJLHUGHGHU1DFKEDUQXQGVRJOHLFKDOVHU GLHVPHUNWHVXFKWHXQGIDQGHU%HNDQQWVFKDIWHQ(EHQZLHLQ PHLQHP+DXVHJHZ|KQWHPDQVLFKEHUDOOVRDQLKQGDHU XQHQWEHKUOLFKZXUGH6HLQHVUDXKHQbXHUHQXQHUDFKWHWOLHEWHQ
LKQVRJDUGLH.LQGHURKQHLKQ]XEHOlVWLJHQGHQQWURW]DOOHU )UHXQGOLFKNHLWEHKLHOWHQVLHHLQHJHZLVVHVFKHXH(KUIXUFKWGLH LKQYRUDOOHP=XGULQJOLFKHQVFKW]WH:LHHUGLH.LQGHUGXUFK DOOHUOHL.QVWH]XJHZLQQHQZHLKDEHQ6LHKHXWHJHVHKHQ:LU KLHOWHQLKQDOOHIUHLQHQ+DJHVWRO]XQGHUZLGHUVSUDFKGHP QLFKW1DFKGHPHUVLFKHLQLJH=HLWKLHUDXIJHKDOWHQUHLVWHHUDE QLHPDQGZXWHZRKLQXQGNDPQDFKHLQLJHQ0RQDWHQZLHGHU 'HQDQGHUQ$EHQGQDFKVHLQHU5FNNHKUZDUHQ.UHVSHOV)HQVWHU XQJHZ|KQOLFKHUOHXFKWHWVFKRQGLHVPDFKWHGLH1DFKEDUQ DXIPHUNVDPEDOGYHUQDKPPDQDEHUGLHJDQ]ZXQGHUKHUUOLFKH 6WLPPHHLQHV)UDXHQ]LPPHUVYRQHLQHP3LDQRIRUWHEHJOHLWHW 'DQQZDFKWHQGLH7|QHHLQHU9LROLQHDXIXQGVWULWWHQLQUHJHP IHXULJHQ.DPSIHPLWGHU6WLPPH0DQK|UWHJOHLFKGDHVGHU 5DWZDUGHUVSLHOWH ,FKVHOEVWPLVFKWHPLFKXQWHUGLH ]DKOUHLFKH0HQJHGLHGDVZXQGHUYROOH.RQ]HUWYRUGHP+DXVH GHV5DWHVYHUVDPPHOWKDWWHXQGLFKPX,KQHQJHVWHKHQGD JHJHQGLH6WLPPHJHJHQGHQJDQ]HLJHQHQWLHILQGDV,QQHUVWH GULQJHQGHQ9RUWUDJGHU8QEHNDQQWHQPLUGHU*HVDQJGHU EHUKPWHVWHQ6lQJHULQQHQGLHLFKJHK|UWPDWWXQGDXVGUXFNORV VFKLHQ1LHKDWWHLFKHLQH$KQXQJYRQGLHVHQODQJDXVJHKDOWHQHQ 7|QHQYRQGLHVHQ1DFKWLJDOOZLUEHOQYRQGLHVHP$XI XQG $EZRJHQYRQGLHVHP6WHLJHQELV]XU6WlUNHGHV2UJHOODXWHVYRQ GLHVP6LQNHQELV]XPOHLVHVWHQ+DXFK1LFKWHLQHUZDUGHQGHU VHVWH=DXEHUQLFKWXPILQJXQGQXUOHLVH6HXI]HUJLQJHQLQGHU WLHIHQ6WLOOHDXIZHQQGLH6lQJHULQVFKZLHJ(VPRFKWHVFKRQ 0LWWHUQDFKWVHLQDOVPDQGHQ5DWVHKUKHIWLJUHGHQK|UWHHLQH DQGHUHPlQQOLFKH6WLPPHVFKLHQQDFKGHP7RQH]XXUWHLOHQ LKP9RUZIH]XPDFKHQGD]ZLVFKHQNODJWHHLQ0lGFKHQLQ DEJHEURFKHQHQ5HGHQ+HIWLJHUXQGKHIWLJHUVFKULHGHU5DWELVHU HQGOLFKLQMHQHQJHGHKQWHQVLQJHQGHQ7RQILHOGHQ6LHNHQQHQ (LQODXWHU6FKUHLGHV0lGFKHQVXQWHUEUDFKLKQGDQQZXUGHHV WRWHQVWLOOHELVSO|W]OLFKHVGLH7UHSSHKHUDESROWHUWHXQGHLQ MXQJHU0HQVFKVFKOXFK]HQGKLQDXVVWU]WH GHUVLFKLQHLQHQDKH VWHKHQGH3RVWFKDLVHZDUIXQGUDVFKGDYRQIXKU7DJVGDUDXI HUVFKLHQGHU5DWVHKUKHLWHUXQGQLHPDQGKDWWHGHQ0XWLKQ QDFKGHU%HJHEHQKHLWGHUYRULJHQ1DFKW]XIUDJHQ'LH +DXVKlOWHULQVDJWHDEHUDXI%HIUDJHQGDGHU5DWHLQ ELOGKEVFKHVEOXWMXQJHV0lGFKHQPLWJHEUDFKWGLHHU$QWRQLH QHQQHXQGGLHHEHQVRVFK|QJHVXQJHQ$XFKVHLHLQMXQJHU0DQQ PLWJHNRPPHQGHUVHKU]lUWOLFKPLW$QWRQLHQJHWDQXQGZRKOLKU %UlXWLJDPVHLQPVVH'HUKDEHDEHUZHLOHVGHU5DWGXUFKDXV
JHZROOWHVFKQHOODEUHLVHQPVVHQ ,QZHOFKHP9HUKlOWQLV $QWRQLHPLWGHP5DWVWHKHWLVWELVMHW]WHLQ*HKHLPQLVDEHUVR YLHOLVWJHZLGDHUGDVDUPH0lGFKHQDXIGLHJHKlVVLJVWH :HLVHW\UDQQLVLHUW(UEHZDFKWVLHZLHGHU'RNWRU%DUWRORLP ¾%DUELHUYRQ6HYLOLHQ½VHLQH0QGHO NDXPGDUIVLHVLFKDP )HQVWHUEOLFNHQODVVHQ)KUWHUVLHDXILQVWlQGLJHV%LWWHQHLQPDO LQ*HVHOOVFKDIWVRYHUIROJWHUVLHPLW$UJXVEOLFNHQXQGOHLGHW GXUFKDXVQLFKWGDVLFKLUJHQGHLQPXVLNDOLVFKHU7RQK|UHQODVVH YLHOZHQLJHUGD$QWRQLHVLQJHGLHEULJHQVDXFKLQVHLQHP +DXVHQLFKWPHKUVLQJHQGDUI$QWRQLHQV*HVDQJLQMHQHU1DFKW LVWGDKHUXQWHUGHP3XEOLNXPGHU6WDGW]XHLQHU3KDQWDVLHXQG *HPWDXIUHJHQGHQ6DJHYRQHLQHPKHUUOLFKHQ:XQGHU JHZRUGHQXQGVHOEVWGLHZHOFKHVLHJDUQLFKWK|UWHQVSUHFKHQ RIWYHUVXFKWVLFKHLQH6lQJHULQKLHUDP2UWH ¾:DVLVWGHQQGDV IUHLQJHPHLQHV4XLQNHOLHUHQ" 1XU$QWRQLHYHUPDJ]X VLQJHQ½© ,KUZLWGDLFKDXIVROFKHSKDQWDVWLVFKH'LQJHJDQ]YHUVHVVHQ ELQXQGN|QQWZRKOGHQNHQZLHQRWZHQGLJLFKHVIDQG $QWRQLHQV%HNDQQWVFKDIW]XPDFKHQ-HQHbXHUXQJHQGHV 3XEOLNXPVEHU$QWRQLHQV*HVDQJKDWWHLFKVHOEVWVFKRQ|IWHUV YHUQRPPHQDEHULFKDKQWHQLFKWGDGLH+HUUOLFKHDP2UWHVHL XQGLQGHQ%DQGHQGHVZDKQVLQQLJHQ.UHVSHOVZLHHLQHV W\UDQQLVFKHQ=DXEHUHUVOLHJH1DWUOLFKHUZHLVHK|UWHLFKDXFK VRJOHLFKLQGHUIROJHQGHQ1DFKW$QWRQLHQVZXQGHUEDUHQ*HVDQJ XQGGDVLHPLFKLQHLQHPKHUUOLFKHQ$GDJLR OlFKHUOLFKHUZHLVH NDPHVPLUYRUDOVKlWWHLFKHVVHOEVWNRPSRQLHUW DXIGDV UKUHQGVWHEHVFKZRUVLH]XUHWWHQVRZDULFKEDOGHQWVFKORVVHQ HLQ]ZHLWHU$VWROIRLQ.UHVSHOV+DXVZLHLQ$O]LQHQV=DXEHUEXUJ HLQ]XGULQJHQXQGGLH.|QLJLQGHV*HVDQJHVDXVVFKPDFKYROOHQ %DQGHQ]XEHIUHLHQ
(VNDPDOOHVDQGHUVZLHLFKHVPLUJHGDFKWKDWWH GHQQNDXP KDWWHLFKGHQ5DW]ZHL ELVGUHLPDOJHVHKHQXQGPLWLKPHLIULJ EHUGLHEHVWH6WUXNWXUGHU*HLJHQJHVSURFKHQDOVHUPLFKVHOEVW HLQOXGLKQLQVHLQHP+DXVH]XEHVXFKHQ,FKWDWHVXQGHU]HLJWH PLUGHQ5HLFKWXPVHLQHU9LROLQHQ(VKLQJHQGHUHQZRKOGUHLLJLQ HLQHP.DELQHWWXQWHULKQHQ]HLFKQHWHVLFKHLQHGXUFKDOOH6SXUHQ GHUKRKHQ$OWHUWPOLFKNHLW JHVFKQLW]WHQ/|ZHQNRSIXVZ DXV XQGVLHVFKLHQK|KHUJHKlQJWXQGPLWHLQHUGDUEHU DQJHEUDFKWHQ%OXPHQNURQHDOV.|QLJLQGHQDQGHUQ]XJHELHWHQ
ª'LHVH 9LROLQH©VSUDFK.UHVSHOQDFKGHPLFKLKQGDUXPEHIUDJW ªGLHVH9LROLQHLVWHLQVHKUPHUNZUGLJHVZXQGHUEDUHV6WFN HLQHVXQEHNDQQWHQ0HLVWHUVZDKUVFKHLQOLFKDXV7DUWLQLV=HLWHQ *DQ]EHU]HXJWELQLFKGDLQGHULQQHUQ6WUXNWXUHWZDV %HVRQGHUHVOLHJWXQGGDZHQQLFKVLH]HUOHJWHVLFKPLUHLQ *HKHLPQLVHUVFKOLHHQZUGHGHPLFKOlQJVWQDFKVSUWHDEHU ODFKHQ6LHPLFKQXUDXVZHQQ6LHZROOHQ GLHVWRWH'LQJGHP LFKVHOEVWGRFKQXUHUVW/HEHQXQG/DXWJHEHVSULFKWRIWDXVVLFK VHOEVW]XPLUDXIZXQGHUOLFKH:HLVHXQGHVZDUPLUGDLFK]XP HUVWHQ0DOHGDUDXIVSLHOWHDOVZlU LFKQXUGHU0DJQHWLVHXUGHU GLH6RPQDPEXOH]XHUUHJHQYHUPDJGDVLHVHOEVWWlWLJLKUH LQQHUH$QVFKDXXQJLQ:RUWHQYHUNQGHW *ODXEHQ6LHMDQLFKW GDLFKJHFNKDIWJHQXJELQYRQVROFKHQ3KDQWDVWHUHLHQDXFKQXU GDVPLQGHVWH]XKDOWHQDEHUHLJHQLVWHVGRFKGDLFKHVQLH EHUPLFKHUKLHOWMHQHVGXPPHWRWH'LQJGRUWDXI]XVFKQHLGHQ /LHELVWHVPLUMHW]WGDLFKHVQLFKWJHWDQGHQQVHLWGHP$QWRQLH KLHULVWVSLHOHLFKLKU]XZHLOHQHWZDVDXIGLHVHU*HLJHYRU $QWRQLHK|UWHVJHUQ JDUJHUQ©'LH:RUWHVSUDFKGHU5DWPLW VLFKWOLFKHU5KUXQJGDVHUPXWLJWHPLFK]XGHQ:RUWHQ ª2 PHLQ EHVWHU+HUU5DWZROOWHQ6LHGDVQLFKWLQPHLQHU*HJHQZDUWWXQ"© .UHVSHOVFKQLWWDEHU VHLQVVDXUHV*HVLFKWXQGVSUDFKPLW JHGHKQWHPVLQJHQGHQ7RQ ª1HLQPHLQEHVWHU+HUU6WXGLRVXV© 'DPLWZDUGLH6DFKHDEJHWDQ1XQPXWHLFKQRFKPLWLKP DOOHUOHL]XP7HLONLQGLVFKH5DULWlWHQEHVHKHQ HQGOLFKJULIIHULQ HLQ.LVWFKHQXQGKROWHHLQ]XVDPPHQJHOHJWHV3DSLHUKHUDXVGDV HUPLULQGLH+DQGGUFNWHVHKUIHLHUOLFKVSUHFKHQG ª6LHVLQGHLQ )UHXQGGHU.XQVWQHKPHQ6LHGLHV*HVFKHQNDOVHLQWHXUHV $QGHQNHQGDV,KQHQHZLJEHUDOOHVZHUWEOHLEHQPX©'DEHL VFKREHUPLFKEHLEHLGHQ6FKXOWHUQVHKUVDQIWQDFKGHU7U]X XQGXPDUPWHPLFKDQGHU6FKZHOOH(LJHQWOLFKZXUGHLFKGRFK YRQLKPDXIV\PEROLVFKH:HLVH]XU7UKLQDXVJHZRUIHQ$OVLFK GDV3DSLHUFKHQDXIPDFKWHIDQGLFKHLQXQJHIlKUHLQ$FKWHO]ROO ODQJHV6WFNFKHQHLQHU4XLQWHXQGGDEHLJHVFKULHEHQ ª9RQGHU 4XLQWHZRPLWGHUVHOLJH6WDPLW]VHLQH*HLJHEH]RJHQKDWWHDOV HUVHLQOHW]WHV.RQ]HUWVSLHOWH© 'LHVFKQ|GH$EIHUWLJXQJDOV LFK$QWRQLHQVHUZlKQWHVFKLHQPLU]XEHZHLVHQGDLFKVLHZRKO QLH]XVHKHQEHNRPPHQZUGH GHPZDUDEHUQLFKWVRGHQQDOV LFKGHQ5DW]XP]ZHLWHQ0DOHEHVXFKWHIDQGLFK$QWRQLHQLQ VHLQHP=LPPHULKPKHOIHQGEHLGHP=XVDPPHQVHW]HQHLQHU *HLJH$QWRQLHQVbXHUHVPDFKWHDXIGHQHUVWHQ$QEOLFNNHLQHQ VWDUNHQ(LQGUXFNDEHUEDOGNRQQWHPDQQLFKWORVNRPPHQYRQ
GHPEODXHQ$XJHXQGGHQKROGHQ5RVHQOLSSHQGHUXQJHPHLQ ]DUWHQOLHEOLFKHQ*HVWDOW6LHZDUVHKUEODDEHUZXUGHHWZDV *HLVWUHLFKHVXQG+HLWHUHVJHVDJWVRIORJLQVHP/lFKHOQHLQ IHXULJHV,QNDUQDWEHUGLH:DQJHQKLQGDVMHGRFKEDOGLP U|WOLFKHQ6FKLPPHUHUEODWH*DQ]XQEHIDQJHQVSUDFKLFKPLW $QWRQLHQXQGEHPHUNWHGXUFKDXVQLFKWVYRQGHQ$UJXVEOLFNHQ .UHVSHOVZLHVLHGHU3URIHVVRULKPDQJHGLFKWHWKDWWHYLHOPHKU EOLHEHUJDQ]LQJHZ|KQOLFKHP*HOHLVHMDHUVFKLHQVRJDUPHLQHU 8QWHUKDOWXQJPLW$QWRQLHQ%HLIDOO]XJHEHQ6RJHVFKDKHVGD LFK|IWHUGHQ5DWEHVXFKWHXQGZHFKVHOVHLWLJHV $QHLQDQGHUJHZ|KQHQGHPNOHLQHQ.UHLVHYRQXQVGUHLHQHLQH ZXQGHUEDUH:RKOEHKDJOLFKNHLWJDEGLHXQVELVLQV,QQHUVWH KLQHLQHUIUHXWH'HU5DWEOLHEPLWVHLQHQK|FKVWVHOWVDPHQ 6NXUULOLWlWHQPLUK|FKVWHUJ|W]OLFK DEHUGRFKZDUHVZRKOQXU $QWRQLHGLHPLWXQZLGHUVWHKOLFKHP=DXEHUPLFKKLQ]RJXQGPLFK PDQFKHVHUWUDJHQOLHGHPLFKVRQVWXQJHGXOGLJZLHLFKGDPDOV ZDUHQWURQQHQ,QGDV(LJHQWPOLFKH6HOWVDPHGHV5DWHV PLVFKWHVLFKQlPOLFKJDU]XRIW$EJHVFKPDFNWHVXQG /DQJZHLOLJHVYRU]JOLFK]XZLGHUZDUHVPLUDEHUGDHUVREDOG LFKGDV*HVSUlFKDXI0XVLNLQEHVRQGHUHDXI*HVDQJOHQNWHPLW VHLQHPGLDEROLVFKOlFKHOQGHQ*HVLFKWXQGVHLQHPZLGULJ VLQJHQGHQ7RQHHLQILHOHWZDV+HWHURJHQHVPHKUHQWHLOV *HPHLQHVDXIGLH%DKQEULQJHQG$QGHUWLHIHQ%HWUEQLVGLH GDQQDXV$QWRQLHQV%OLFNHQVSUDFKPHUNWHLFKZRKOGDHVQXU JHVFKDKXPLUJHQGHLQH$XIIRUGHUXQJ]XP*HVDQJHPLU DE]XVFKQHLGHQ,FKOLHQLFKWQDFK0LWGHQ+LQGHUQLVVHQGLHPLU GHU5DWHQWJHJHQVWHOOWHZXFKVPHLQ0XWVLH]XEHUVWHLJHQLFK PXWH$QWRQLHQV*HVDQJK|UHQXPQLFKWLQ7UlXPHQXQG $KQXQJHQGLHVHV*HVDQJHV]XYHUVFKZLPPHQ(LQHV$EHQGVZDU .UHVSHOEHLEHVRQGHUVJXWHU/DXQH HUKDWWHHLQHDOWH&UHPRQHVHU *HLJH]HUOHJWXQGJHIXQGHQGDGHU6WLPPVWRFNXPHLQHKDOEH /LQLHVFKUlJHUDOVVRQVWJHVWHOOWZDU:LFKWLJHGLH3UD[LV EHUHLFKHUQGH(UIDKUXQJ (VJHODQJPLULKQEHUGLHZDKUH$UW GHV9LROLQHQVSLHOHQVLQ)HXHU]XVHW]HQ'HUJURHQZDKUKDIWLJHQ 6lQJHUQDEJHKRUFKWH9RUWUDJGHUDOWHQ0HLVWHUYRQGHP.UHVSHO VSUDFKIKUWHYRQVHOEVWGLH%HPHUNXQJKHUEHLGDMHW]WJHUDGH XPJHNHKUWGHU*HVDQJVLFKQDFKGHQHUNQVWHOWHQ6SUQJHQXQG /lXIHQGHU,QVWUXPHQWDOLVWHQYHUELOGHª:DVLVWXQVLQQLJHU©ULHI LFK YRP6WXKOHDXIVSULQJHQGKLQ]XP3LDQRIRUWHODXIHQGXQGHV VFKQHOO|IIQHQGªZDVLVWXQVLQQLJHUDOVVROFKHYHUWUDFNWH 0DQLHUHQZHOFKHVWDWW0XVLN]XVHLQGHP7RQHEHUGHQ%RGHQ
KLQJHVFKWWHWHU(UEVHQJOHLFKHQ©,FKVDQJPDQFKHGHU PRGHUQHQ)HUPDWHQGLHKLQXQGKHUODXIHQXQGVFKQXUUHQZLH HLQWFKWLJORVJHVFKQUWHU.UHLVHOHLQ]HOQHVFKOHFKWH$NNRUGH GD]XDQVFKODJHQGhEHUPlLJODFKWH.UHVSHOXQGVFKULH ª+DKD PLFKGQNWLFKK|UHXQVHUHGHXWVFKHQ,WDOLHQHURGHUXQVHUH LWDOLHQLVFKHQ'HXWVFKHQZLHVLHVLFKLQHLQHU$ULHYRQ3XFLWWDRGHU 3RUWRJDOORRGHUVRQVWHLQHP0DHVWURGL&DSHOODRGHUYLHOPHKU 6FKLDYRG XQSULPRXRPREHUQHKPHQ© ª1XQ©GDFKWHLFK ªLVWGHU=HLWSXQNWGD©ª1LFKWZDKU©ZDQGWHLFKPLFK]X $QWRQLHQªQLFKWZDKUYRQGLHVHU6LQJHUHLZHL$QWRQLHQLFKWV"© XQG]XJOHLFKLQWRQLHUWHLFKHLQKHUUOLFKHVVHHOHQYROOHV/LHGYRP DOWHQ/HRQDUGR/HR'DJOKWHQ$QWRQLHQV:DQJHQ+LPPHOVJODQ] EOLW]WHDXVGHQQHXEHVHHOWHQ$XJHQVLHVSUDQJDQGDV3LDQRIRUWH VLH|IIQHWHGLH/LSSHQ $EHULQGHPVHOEHQ$XJHQEOLFNGUlQJWH VLH.UHVSHOIRUWHUJULIIPLFKEHLGHQ6FKXOWHUQXQGVFKULHLP NUHLVFKHQGHQ7HQRU ª6|KQFKHQ 6|KQFKHQ 6|KQFKHQ© 8QGJOHLFKIXKUHUIRUWVHKUOHLVHVLQJHQGXQGLQK|IOLFK JHEHXJWHU6WHOOXQJPHLQH+DQGHUJUHLIHQG ª,QGHU7DWPHLQ K|FKVWYHUHKUXQJVZUGLJHU+HUU6WXGLRVXVLQGHU7DWJHJHQDOOH /HEHQVDUWJHJHQDOOHJXWHQ6LWWHQZUGHHVDQVWRHQZHQQLFK ODXWXQGOHEKDIWGHQ:XQVFKlXHUWHGD,KQHQKLHUDXIGHU 6WHOOHJOHLFKGHUK|OOLVFKH6DWDQPLWJOKHQGHQ.UDOOHQIlXVWHQ VDQIWGDV*HQLFNDEVWLHHXQG6LHDXIGLH:HLVHJHZLVVHUPDHQ NXU]H[SHGLHUWH DEHUGDYRQDEJHVHKHQPVVHQ6LHHLQJHVWHKHQ /LHEZHUWHVWHUGDHVEHGHXWHQGGXQNHOWXQGGDKHXWHNHLQH /DWHUQHEUHQQWN|QQWHQ6LHZUIHLFK6LHDXFKJHUDGHQLFKWGLH 7UHSSHKHUDEGRFK6FKDGHQOHLGHQDQ,KUHQOLHEHQ*HEHLQHQ *HKHQ6LHIHLQ]X+DXVHXQGHULQQHUQ6LHVLFKIUHXQGVFKDIWOLFKVW ,KUHVZDKUHQ)UHXQGHVZHQQ6LHLKQHWZDQLHPHKU YHUVWHKHQ 6LHZRKO" QLHPHKU]X+DXVHDQWUHIIHQVROOWHQ© 'DPLW XPDUPWHHUPLFKXQGGUHKWHVLFKPLFKIHVWKDOWHQGODQJVDPPLW PLU]XU7UHKHUDXVVRGDLFK$QWRQLHQPLWNHLQHP%OLFNPHKU DQVFKDXHQNRQQWH ,KUJHVWHKWGDHVLQPHLQHU/DJHQLFKW P|JOLFKZDUGHQ5DW]XSUJHOQZHOFKHVGRFKHLJHQWOLFKKlWWH JHVFKHKHQPVVHQ'HU3URIHVVRUODFKWHPLFKVHKUDXVXQG YHUVLFKHUWHGDLFKHVQXQPLWGHP5DWDXILPPHUYHUGRUEHQ KlWWH'HQVFKPDFKWHQGHQDQV)HQVWHUKHUDXIEOLFNHQGHQ $PRURVRGHQYHUOLHEWHQ$EHQWHXUHU]XPDFKHQGD]XZDU $QWRQLHPLU]XZHUWLFKP|FKWHVDJHQ]XKHLOLJ,P,QQHUVWHQ ]HUULVVHQYHUOLHLFK+DEHUZLHHV]XJHKHQSIOHJWGLHJUHOOHQ )DUEHQGHV3KDQWDVLHJHELOGHVYHUEODWHQXQG$QWRQLH MDVHOEVW
$QWRQLHQV*HVDQJGHQLFKQLHJHK|UWOHXFKWHWHRIWLQPHLQ WLHIVWHV*HPWKLQHLQZLHHLQVDQIWHUWU|VWHQGHU 5RVHQVFKLPPHU
1DFK]ZHL-DKUHQZDULFKVFKRQLQ%
DQJHVWHOOWDOVLFKHLQH 5HLVHQDFKGHPVGOLFKHQ'HXWVFKODQGXQWHUQDKP,PGXIWLJHQ $EHQGURWHUKREHQVLFKGLH7UPHYRQ+ VRZLHLFKQlKHUXQG QlKHUNDPHUJULIIPLFKLQXQEHVFKUHLEOLFKHV*HIKOGHU SHLQOLFKVWHQ$QJVW ZLHHLQHVFKZHUH/DVWKDWWHHVVLFKEHU PHLQH%UXVWJHOHJWLFKNRQQWHQLFKWDWPHQ LFKPXWHKHUDXV DXVGHP:DJHQLQV)UHLH$EHUELV]XPSK\VLVFKHQ6FKPHU] VWHLJHUWHVLFKPHLQH%HNOHPPXQJ0LUZDUHVEDOGDOVK|UWHLFK GLH$NNRUGHHLQHVIHLHUOLFKHQ&KRUDOVGXUFKGLH/IWHVFKZHEHQ GLH7|QHZXUGHQGHXWOLFKHULFKXQWHUVFKLHG0lQQHUVWLPPHQGLH HLQHQJHLVWOLFKHQ&KRUDODEVDQJHQ ª:DVLVWGDV" ZDVLVW GDV"©ULHILFKLQGHPHVZLHHLQJOKHQGHU'ROFKGXUFKPHLQH %UXVWIXKU ª6HKHQ6LHGHQQQLFKW©HUZLGHUWHGHUQHEHQPLU IDKUHQGH3RVWLOORQªVHKHQ6LHHVGHQQQLFKW"GDGUEHQDXIGHP .LUFKKRIEHJUDEHQVLHHLQHQ©,QGHU7DWEHIDQGHQZLUXQVLQGHU 1lKHGHV.LUFKKRIVXQGLFKVDKHLQHQ.UHLVVFKZDU]JHNOHLGHWHU 0HQVFKHQXPHLQ*UDEVWHKHQGDVPDQ]X]XVFKWWHQLP%HJULII VWDQG'LH7UlQHQVWU]WHQPLUDXVGHQ$XJHQHVZDUDOV EHJUEHPDQGRUWDOOH/XVWDOOH)UHXGHGHV/HEHQV5DVFK YRUZlUWVYRQGHP+JHOKHUDEJHVFKULWWHQNRQQWHLFKQLFKWPHKU LQGHQ.LUFKKRIKLQHLQVHKHQGHU&KRUDOVFKZLHJXQGLFK EHPHUNWHXQIHUQGHV7RUHVVFKZDU]JHNOHLGHWH0HQVFKHQGLHYRQ GHP%HJUlEQLV]XUFNNDPHQ'HU3URIHVVRUPLWVHLQHU1LFKWHDP $UPEHLGHLQWLHIHU7UDXHUVFKULWWHQGLFKWEHLPLUYRUEHURKQH PLFK]XEHPHUNHQ'LH1LFKWH KDWWHGDV7XFKYRUGLH$XJHQ JHGUFNWXQGVFKOXFK]WHKHIWLJ(VZDUPLUXQP|JOLFKLQGLH 6WDGWKLQHLQ]XJHKHQLFKVFKLFNWHPHLQHQ%HGLHQWHQPLWGHP :DJHQQDFKGHPJHZRKQWHQ*DVWKRIHXQGOLHILQGLHPLU ZRKOEHNDQQWH*HJHQGKHUDXVXPVRHLQH6WLPPXQJ ORV]XZHUGHQGLHYLHOOHLFKWQXUSK\VLVFKH8UVDFKHQ(UKLW]XQJDXI GHU5HLVHXVZKDEHQNRQQWH$OVLFKLQGLH$OOHHNDPZHOFKH QDFKHLQHP/XVWRUWHIKUWJLQJYRUPLUGDVVRQGHUEDUVWH 6FKDXVSLHODXI5DW.UHVSHOZXUGHYRQ]ZHL7UDXHUPlQQHUQ JHIKUWGHQHQHUGXUFKDOOHUOHLVHOWVDPH6SUQJHHQWULQQHQ]X ZROOHQVFKLHQ(UZDUZLHJHZ|KQOLFKLQVHLQHQZXQGHUOLFKHQ JUDXHQVHOEVW]XJHVFKQLWWHQHQ5RFNJHNOHLGHWQXUKLQJYRQGHP NOHLQHQGUHLHFNLJHQ+WFKHQGDVHUPDUWLDOLVFKDXIHLQ2KU
JHGUFNWHLQVHKUODQJHU VFKPDOHU7UDXHUIORUKHUDEGHULQGHU /XIWKLQXQGKHUIODWWHUWH8PGHQ/HLEKDWWHHUHLQVFKZDU]HV 'HJHQJHKHQNJHVFKQDOOWGRFKVWDWWGHV'HJHQVHLQHQODQJHQ 9LROLQERJHQKLQHLQJHVWHFNW(LVNDOWIXKUHVPLUGXUFKGLH*OLHGHU ªGHULVWZDKQVLQQLQJ©GDFKW LFKLQGHPLFKODQJVDPIROJWH'LH 0lQQHUIKUWHQGHQ5DWELVDQVHLQ+DXVGDXPDUPWHHUVLHPLW ODXWHP/DFKHQ6LHYHUOLHHQLKQXQGQXQILHOVHLQ%OLFNDXIPLFK GHUGLFKWQHEHQLKPVWDQG(UVDKPLFKODQJHVWDUUDQGDQQULHI HUGXPSI ª:LOONRPPHQ+HUU6WXGLRVXV 6LHYHUVWHKHQHVMD DXFK© GDPLWSDFNWHHUPLFKEHLP$UPXQGULPLFKIRUWLQGDV +DXV GLH7UHSSHKHUDXILQGDV=LPPHUKLQHLQZRGLH9LROLQHQ KLQJHQ$OOHZDUHQPLWVFKZDU]HP)ORUXPKOOW GLH9LROLQHGHV DOWHQ0HLVWHUVIHKOWHDQLKUHP3ODW]HKLQJHLQ=\SUHVVHQNUDQ] ,FKZXWHZDVJHVFKHKHQ ª$QWRQLHDFK$QWRQLH©VFKULHLFK DXILQWURVWORVHP-DPPHU'HU5DWVWDQGZLHHUVWDUUWPLW EHUHLQDQGHUJHVFKODJHQHQ$UPHQQHEHQPLU,FK]HLJWHQDFK GHP=\SUHVVHQNUDQ]ª$OVVLHVWDUE©VSUDFKGHU5DWVHKUGXPSI XQGIHLHUOLFKªDOVVLHVWDUE]HUEUDFKPLWGU|KQHQGHP.UDFKHQ GHU6WLPPVWRFNLQMHQHU*HLJHXQGGHU5HVRQDQ]ERGHQULVLFK DXVHLQDQGHU'LH*HWUHXHNRQQWHQXUPLWLKULQLKUOHEHQ VLH OLHJWEHLLKULP6DUJHVLHLVWPLWLKUEHJUDEHQZRUGHQ© 7LHI HUVFKWWHUWVDQNLFKLQHLQHQ6WXKODEHUGHU5DWILQJDQPLW UDXKHP7RQHLQOXVWLJ/LHG]XVLQJHQXQGHVZDUUHFKWJUDXOLFK DQ]XVHKHQZLHHUDXIHLQHP)XHGD]XKHUXPVSUDQJXQGGHU )ORU HUKDWWHGHQ+XWDXIGHP.RSIH LP=LPPHU XQGDQGHQ DXIJHKlQJWHQ9LROLQHQKHUXPVWULFK MDLFKNRQQWHPLFKHLQHV EHUODXWHQ6FKUHLHVQLFKWHUZHKUHQDOVGHU)ORUEHLHLQHUUDVFKHQ :HQGXQJGHV5DWHVEHUPLFKKHUIXKU HVZDUPLUDOVZROOWHHU PLFKYHUKOOWKHUDE]LHKHQLQGHQVFKZDU]HQHQWVHW]OLFKHQ $EJUXQGGHV:DKQVLQQV'DVWDQGGHU5DWSO|W]OLFKVWLOOHXQG VSUDFKLQVHLQHPVLQJHQGHQ7RQ ª6|KQFKHQ" 6|KQFKHQ" ZDUXPVFKUHLVWGXVR"KDVWGXGHQ7RWHQHQJHOJHVFKDXW" GDV JHKWDOOHPDOGHU=HUHPRQLHYRUKHU© 1XQWUDWHULQGLH0LWWH GHV=LPPHUVULGHQ9LROLQERJHQDXVGHP*HKHQNHKLHOWLKQPLW EHLGHQ+lQGHQEHUGHQ.RSIXQG]HUEUDFKLKQGDGHULQYLHOH 6WFNH]HUVSOLWWHUWH/DXWODFKHQGULHI.UHVSHO ª1XQLVWGHU6WDE EHUPLFKJHEURFKHQPHLQVWGX6|KQFKHQ"QLFKWZDKU" 0LWQLFKWHQPLWQLFKWHQQXQELQLFKIUHL IUHL IUHL +HLVDIUHL 1XQEDXLFKNHLQH*HLJHQPHKU NHLQH*HLJHQPHKU KHLVD NHLQH*HLJHQPHKU©'DVVDQJGHU5DWQDFKHLQHUVFKDXHUOLFK OXVWLJHQ0HORGLHLQGHPHUZLHGHUDXIHLQHP)XHKHUXPVSUDQJ
9ROO*UDXHQZROOWHLFKVFKQHOO]XU7UHKHUDXVDEHUGHU5DWKLHOW PLFKIHVWLQGHPHUVHKUJHODVVHQVSUDFK ª%OHLEHQ6LH+HUU 6WXGLRVXVKDOWHQ6LHGLHVH$XVEUFKHGHV6FKPHU]HVGHUPLFK PLW7RGHVPDUWHUQ]HUUHLWQLFKWIU:DKQVLQQDEHUHVJHVFKLHKW QXUDOOHVGHVKDOEZHLOLFKPLUYRUHLQLJHU=HLWHLQHQ6FKODIURFN DQIHUWLJWHLQGHPLFKDXVVHKHQZROOWHZLHGDV6FKLFNVDORGHUZLH *RWW© 'HU5DWVFKZDW]WHWROOHVJUDXOLFKHV=HXJGXUFKHLQDQGHU ELVHUJDQ]HUVFK|SIW]XVDPPHQVDQN DXIPHLQ5XIHQNDPGLH DOWH+DXVKlOWHULQKHUEHLXQGLFKZDUIURKDOVLFKPLFKQXUZLHGHU LP)UHLHQEHIDQG 1LFKWHLQHQ$XJHQEOLFN]ZHLIHOWHLFKGDUDQ GD.UHVSHOZDKQVLQQLJJHZRUGHQGHU3URIHVVRUEHKDXSWHWH MHGRFKGDV*HJHQWHLOª(VJLEW0HQVFKHQ©VSUDFKHUªGHQHQGLH 1DWXURGHUHLQ EHVRQGHUHV9HUKlQJQLVGLH'HFNHZHJ]RJXQWHU GHUZLUDQGHUQXQVHUWROOHV:HVHQXQEHPHUNWHUWUHLEHQ6LH JOHLFKHQGQQJHKlXWHWHQ,QVHNWHQGLHLPUHJHQVLFKWEDUHQ 0XVNHOVSLHOPLJHVWDOWHWHUVFKHLQHQXQJHDFKWHWVLFKDOOHVEDOG ZLHGHULQGLHJHK|ULJH)RUP IJW:DVEHLXQV*HGDQNHEOHLEW ZLUGGHP.UHVSHODOOHV]XU7DW 'HQELWWHUQ+RKQZLHGHULQ GDVLUGLVFKH7XQXQG7UHLEHQHLQJHVFKDFKWHWH*HLVWLKQZRKORIW EHLGHU+DQGKDWIKUW.UHVSHODXVLQWROOHQ*HElUGHQXQG JHVFKLFNWHQ+DVHQVSUQJHQ'DVLVW DEHUVHLQ%OLW]DEOHLWHU:DV DXVGHU(UGHVWHLJWJLEWHUZLHGHUGHU(UGHDEHUGDV*|WWOLFKH ZHLHU]XEHZDKUHQ XQGVRVWHKWHVPLWVHLQHPLQQHUQ %HZXWVHLQUHFKWJXWJODXELFKXQHUDFKWHWGHUVFKHLQEDUHQ QDFKDXHQKHUDXVVSULQJHQGHQ7ROOKHLW$QWRQLHQVSO|W]OLFKHU 7RGPDJIUHLOLFKVFKZHUDXILKQODVWHQDEHULFKZHWWHGDGHU 5DWVFKRQPRUJHQGHQ7DJHVVHLQHQ(VHOVWULWWLPJHZ|KQOLFKHQ *HOHLVHZHLWHUIRUWWUDEW© %HLQDKHJHVFKDKHVVRZLHGHU 3URIHVVRUHVYRUDXVJHVDJW'HU5DWVFKLHQDQGHUQ7DJHV JDQ]GHU YRULJHQXUHUNOlUWHHUGDHUQLHPDOVPHKU9LROLQHQEDXHQXQG DXFKDXINHLQHUMHPDOVPHKUVSLHOHQZROOH'DVKDWHUZLHLFK VSlWHUHUIXKUJHKDOWHQ 'HV3URIHVVRUV$QGHXWXQJHQEHVWlUNWHQPHLQHLQQHUH hEHU]HXJXQJGDGDVQlKHUHVRVRUJIlOWLJ YHUVFKZLHJHQH 9HUKlOWQLV$QWRQLHQV]XP5DWMDGDVHOEVWLKU7RGHLQHVFKZHU DXILKQODVWHQGHQLFKWDE]XEHQGH6FKXOGVHLQN|QQH1LFKW ZROOWHLFK+ YHUODVVHQRKQHLKPGDV9HUEUHFKHQZHOFKHVLFK DKQWHYRU]XKDOWHQ LFKZROOWHLKQELVLQV,QQHUVWHKLQHLQ HUVFKWWHUQXQGVRGDVRIIHQH*HVWlQGQLVGHUJUlOLFKHQ7DW HU]ZLQJHQ-HPHKULFKGHU6DFKHQDFKGDFKWHGHVWRNODUHUZXUGH
HVPLUGD.UHVSHOHLQ%|VHZLFKWVHLQPVVHXQGGHVWRIHXULJHU HLQGULQJOLFKHUZXUGHGLH5HGHGLHVLFKZLHYRQVHOEVW]XHLQHP ZDKUHQUKHWRULVFKHQ0HLVWHUVWFNIRUPWH6RJHUVWHWXQGJDQ] HUKLW]WOLHILFK]XGHP5DW,FKIDQGLKQZLHHUPLWVHKUUXKLJHU OlFKHOQGHU0LHQH6SLHOVDFKHQGUHFKVHOWHª:LHNDQQQXU©IXKU LFKDXILKQORVªZLHNDQQQXUDXIHLQHQ$XJHQEOLFN)ULHGHQLQ ,KUH6HHOHNRPPHQGDGHU*HGDQNHDQGLHJUlOLFKH7DW6LHPLW 6FKODQJHQELVVHQSHLQLJHQPX"© 'HU5DWVDKPLFKYHUZXQGHUW DQGHQ0HLHOEHLVHLWHOHJHQGª:LHVRPHLQ%HVWHU"©IUDJWHHU ªVHW]HQ6LHVLFKGRFKJHIlOOLJVWDXIMHQHQ6WXKO© $EHUHLIULJ IXKULFKIRUWLQGHPLFKPLFKVHOEVWLPPHUPHKUHUKLW]HQGLKQ JHUDGH]XDQNODJH$QWRQLHQHUPRUGHW]XKDEHQXQGLKPPLWGHU 5DFKHGHUHZLJHQ0DFKWGURKWH-DDOVQLFKWOlQJVWHLQJHZHLKWH -XVWL]SHUVRQHUIOOWYRQPHLQHP%HUXIJLQJLFKVRZHLWLKQ]X YHUVLFKHUQGDLFKDOOHVDQZHQGHQZUGHGHU6DFKHDXIGLH6SXU ]XNRPPHQXQGVRLKQGHPZHOWOLFKHQ5LFKWHUVFKRQKLHQLHGHQLQ GLH+lQGH]XOLHIHUQ ,FKZXUGHLQGHU7DWHWZDVYHUOHJHQGD QDFKGHP6FKOXVVHPHLQHUJHZDOWLJHQSRPSKDIWHQ5HGHGHU5DW RKQHHLQ:RUW]XHUZLGHUQPLFKVHKUUXKLJDQEOLFNWHDOVHUZDUWH HULFKPVVHQRFKZHLWHUIRUWIDKUHQ'DVYHUVXFKWHLFKDXFKLQ GHU7DWDEHUHVNDPQXQDOOHVVRVFKLHIMDVRDOEHUQKHUDXV GDLFKJOHLFKZLHGHUVFKZLHJ.UHVSHOZHLGHWHVLFKDQPHLQHU 9HUOHJHQKHLWHLQERVKDIWHVLURQLVFKHV/lFKHOQIORJEHUVHLQ *HVLFKW'DQQZXUGHHUDEHUVHKUHUQVWXQGVSUDFKPLW IHLHUOLFKHP7RQH ª-XQJHU0HQVFKGXPDJVWPLFKIUQlUULVFK IUZDKQVLQQLJKDOWHQGDVYHU]HLKHLFKGLUGDZLUEHLGHLQGHP VHOEHQ,UUHQKDXVHHLQJHVSHUUWVLQGXQGGXPLFKGDUEHUGDLFK *RWWGHU9DWHU]XVHLQZlKQHQXUGHVKDOEVFKLOWVWZHLOGXGLFK IU*RWWGHQ6RKQKlOWVW ZLHPDJVWGXGLFKDEHUXQWHUIDQJHQLQ HLQ/HEHQHLQGULQJHQ]XZROOHQVHLQHJHKHLPVWHQ)lGHQ HUIDVVHQGGDVGLU IUHPGEOLHEXQGEOHLEHQPXWH" 6LHLVWGDKLQ XQGGDV*HKHLPQLVJHO|VW© .UHVSHOKLHOWLQQHVWDQGDXIXQG VFKULWWGHU6WXEHHLQLJ0DOHDXIXQGDE,FKZDJWHGLH%LWWHXP $XINOlUXQJ HUVDKPLFKVWDUUDQIDWHPLFKEHLGHU+DQGXQG IKUWHPLFKDQGDV)HQVWHUEHLGH)OJHO|IIQHQG0LW DXIJHVWW]WHQ$UPHQOHJWHHUVLFKKLQDXVXQGVRLQGHQ*DUWHQ KHUDEEOLFNHQGHU]lKOWHHUPLUGLH*HVFKLFKWHVHLQHV/HEHQV $OVHUJHHQGHWYHUOLHLFKLKQJHUKUWXQGEHVFKlPW 0LW$QWRQLHQYHUKLHOWHVVLFKNU]OLFKLQIROJHQGHU$UW 9RU ]ZDQ]LJ-DKUHQWULHEGLHELV]XU/HLGHQVFKDIWJHVWHLJHUWH
/LHEKDEHUHLGLHEHVWHQ*HLJHQDOWHU0HLVWHUDXI]XVXFKHQXQG]X NDXIHQGHQ5DWQDFK,WDOLHQ6HOEVWEDXWHHUGDPDOVQRFKNHLQH XQGXQWHUOLHGDKHUDXFKGDV=HUOHJHQMHQHU DOWHQ*HLJHQ,Q 9HQHGLJK|UWHHUGLHEHUKPWH6lQJHULQ$QJHOD LZHOFKH GDPDOVDXIGHP7HDWURGL6 %HQHGHWWRLQGHQHUVWHQ5ROOHQ JOlQ]WH6HLQ(QWKXVLDVPXVJDOWQLFKWGHU.XQVWDOOHLQGLH 6LJQRUD$QJHODIUHLOLFKDXIGLHKHUUOLFKVWH:HLVHEWHVRQGHUQ DXFKZRKOLKUHU(QJHOVVFK|QKHLW'HU5DWVXFKWH$QJHODV %HNDQQWVFKDIWXQGWURW]DOOHUVHLQHU6FKURIIKHLWJHODQJHVLKP YRU]JOLFKGXUFKVHLQNHFNHVXQGGDEHLK|FKVWDXVGUXFNVYROOHV 9LROLQVSLHOVLHJDQ]IUVLFK]XJHZLQQHQ 'DVHQJVWH9HUKlOWQLV IKUWHLQZHQLJHQ:RFKHQ]XU+HLUDWGLHGHVKDOEYHUERUJHQ EOLHEZHLO$QJHODVLFKZHGHUYRP7KHDWHUQRFKYRQGHP1DPHQ GHUGLHEHUKPWH6lQJHULQEH]HLFKQHWHWUHQQHQRGHULKPDXFK QXUGDVEHOW|QHQGH¾.UHVSHO½KLQ]XIJHQZROOWH 0LWGHU WROOVWHQ,URQLHEHVFKULHE.UHVSHOGLHJDQ]HLJHQH$UWZLH6LJQRUD $QJHODVREDOGVLHVHLQH)UDXZRUGHQLKQPDUWHUWHXQGTXlOWH $OOHU(LJHQVLQQDOOHVODXQLVFKH:HVHQVlPWOLFKHUHUVWHU 6lQJHULQQHQVHLZLH.UHVSHOPHLQWHLQ$QJHODVNOHLQH)LJXU KLQHLQJHEDQQWZRUGHQ:ROOWHHUVLFKHLQPDOLQ3RVLWXUVHW]HQVR VFKLFNWHLKP$QJHODHLQJDQ]HV+HHUYRQ$EEDWHV0DHVWURV $NDGHPLNRVEHUGHQ+DOVGLHXQEHNDQQWHPLWVHLQHP HLJHQWOLFKHQ9HUKlOWQLVLKQDOVGHQXQHUWUlJOLFKVWHQ XQK|IOLFKVWHQ/LHEKDEHUGHUVLFKLQGLHOLHEHQVZUGLJH/DXQHGHU 6LJQRUDQLFKW]XVFKLFNHQZLVVHDXVILO]WHQ*HUDGHQDFKHLQHP VROFKHQVWUPLVFKHQ$XIWULWWZDU.UHVSHODXI$QJHODV/DQGKDXV JHIORKHQXQGYHUJDDXIVHLQHU&UHPRQHVHU*HLJH SKDQWDVLHUHQGGLH/HLGHQGHV7DJHV'RFKQLFKWODQJHGDXHUWH HVDOV6LJQRUDGLHGHP5DWVFKQHOOQDFKJHIDKUHQLQGHQ6DDO WUDW6LHZDUJHUDGHLQGHU/DXQHGLH=lUWOLFKH]XVSLHOHQVLH XPDUPWHGHQ5DWPLWVHQVFKPDFNWHQGHQ%OLFNHQVLHOHJWHGDV .|SIFKHQDXIVHLQH6FKXOWHU$EHUGHU5DWLQGLH:HOWVHLQHU $NNRUGHYHUVWLHJHQJHLJWHIRUWGDGLH:lQGHZLGHUKDOOWHQXQG HVEHJDEVLFKGDHUPLW$UPXQG%RJHQGLH6LJQRUDHWZDV XQVDQIWEHUKUWH'LHVSUDQJDEHUYROOHU)XULH]XUFN ªEHVWLD WHGHVFD©VFKULHVLHDXIULGHP5DWGLH*HLJHDXVGHU+DQGXQG ]HUVFKOXJ VLHDQGHP0DUPRUWLVFKLQWDXVHQG6WFNH'HU5DW EOLHEHUVWDUUW]XU%LOGVlXOHYRULKUVWHKHQGDQQDEHUZLHDXV GHP7UDXPHHUZDFKWIDWHHU6LJQRUDPLW5LHVHQVWlUNHZDUIVLH GXUFKGDV)HQVWHULKUHVHLJHQHQ/XVWKDXVHVXQGIORKRKQHVLFK ZHLWHUXPHWZDV]XEHNPPHUQQDFK9HQHGLJ QDFK
'HXWVFKODQG]XUFN(UVWQDFKHLQLJHU=HLWZXUGHHVLKPUHFKW GHXWOLFKZDVHUJHWDQ REVFKRQHUZXWHGDGLH+|KHGHV )HQVWHUVYRP%RGHQNDXPIQI)XEHWUXJXQGLKPGLH 1RWZHQGLJNHLW6LJQRUDEHLREEHZDQGWHQ8PVWlQGHQGXUFKV )HQVWHU]XZHUIHQJDQ]HLQOHXFKWHWHVRIKOWHHUVLFKGRFKYRQ SHLQOLFKHU8QUXKHJHTXlOWXPVRPHKUGD6LJQRUDLKPQLFKW XQGHXWOLFK]XYHUVWHKHQJHJHEHQGDVLHJXWHU+RIIQXQJVHL(U ZDJWHNDXP(UNXQGLJXQJHQHLQ]X]LHKHQXQGQLFKWZHQLJ EHUUDVFKWHHVLKQDOVHUQDFKXQJHIlKUDFKW0RQDWHQHLQHQJDU ]lUWOLFKHQ%ULHIYRQGHUJHOLHEWHQ*DWWLQHUKLHOWZRULQVLHMHQHV 9RUJDQJHVLP/DQGKDXVHPLWNHLQHU6LOEHUHUZlKQWHXQGGHU 1DFKULFKWGDVLHYRQHLQHPKHU]DOOHUOLHEVWHQ7|FKWHUFKHQ HQWEXQGHQGLHKHU]OLFKVWH%LWWHKLQ]XIJWHGDGHU0DULWRDPDWR HSDGUHIHOLFLVVLPRGRFKQXUJOHLFKQDFK9HQHGLJNRPPHQP|JH 'DVWDW.UHVSHOQLFKWHUNXQGLJWHVLFKYLHOPHKUEHLHLQHP YHUWUDXWHQ)UHXQGHQDFKGHQQlKHUHQ8PVWlQGHQXQGHUIXKUGD 6LJQRUDGDPDOV OHLFKWZLHHLQ9RJHOLQGDVZHLFKH*UDV KHUDEJHVXQNHQVHLXQGGHU)DOORGHU6WXU]GXUFKDXVNHLQH DQGHUHDOVSV\FKLVFKH)ROJHQJHKDEWKDEH6LJQRUDVHLQlPOLFK QDFK.UHVSHOVKHURLVFKHU7DWZLHXPJHZDQGHOW YRQ/DXQHQ QlUULVFKHQ(LQIlOOHQYRQLUJHQGHLQHU4XlOHUHLOLHHVLHGXUFKDXV QLFKWVPHKUYHUVSUHQXQGGHU0DHVWURGHUIUGDVQlFKVWH .DUQHYDONRPSRQLHUWVHLGHUJOFNOLFKVWH0HQVFKXQWHUGHU 6RQQHZHLO6LJQRUDVHLQH$ULHQRKQHKXQGHUWWDXVHQG $ElQGHUXQJHQGLHHUVLFKVRQVWJHIDOOHQODVVHQPVVHQ VLQJHQ ZROOHhEULJHQVKDEHPDQDOOH8UVDFKHPHLQWHGHU)UHXQGHV VRUJIlOWLJ]XYHUVFKZHLJHQZLH$QJHODNXULHUWZRUGHQGDVRQVW MHGHV7DJHV6lQJHULQQHQGXUFKGLH)HQVWHUIOLHJHQZUGHQ'HU 5DWJHULHWQLFKWLQJHULQJH%HZHJXQJHUEHVWHOOWH3IHUGHHU VHW]WHVLFKLQGHQ:DJHQª+DOW©ULHIHUSO|W]OLFK ª:LH© PXUPHOWHHUGDQQLQVLFKKLQHLQªLVW VGHQQQLFKWDXVJHPDFKW GDVREDOGLFKPLFKEOLFNHQODVVHGHUE|VH*HLVWZLHGHU.UDIW XQG0DFKWHUKlOWEHU$QJHOD" 'DLFKVLHVFKRQ]XP)HQVWHU KHUDXVJHZRUIHQZDVVROOLFKQXQLQJOHLFKHP)DOOHWXQ"ZDVLVW PLUQRFKEULJ"© (UVWLHJZLHGHUDXVGHP:DJHQVFKULHE HLQHQ]lUWOLFKHQ%ULHIDQVHLQHJHQHVHQH)UDXZRULQHUK|IOLFK EHUKUWHZLH]DUWHVYRQLKUVHLDXVGUFNOLFKHV]XUKPHQGD GDV7|FKWHUFKHQJOHLFKLKPHLQNOHLQHV0DOKLQWHUGHP2KUH WUDJHXQG EOLHELQ'HXWVFKODQG'HU%ULHIZHFKVHOGDXHUWHVHKU OHEKDIWIRUW 9HUVLFKHUXQJHQGHU/LHEH (LQODGXQJHQ .ODJHQ EHUGLH$EZHVHQKHLWGHU*HOLHEWHQ YHUIHKOWH:QVFKH
+RIIQXQJHQXVZIORJHQKLQXQGKHUYRQ9HQHGLJQDFK+YRQ + QDFK9HQHGLJ $QJHODNDPHQGOLFKQDFK'HXWVFKODQGXQG JOlQ]WHZLHEHNDQQWDOV3ULPDGRQQDDXIGHPJURHQ7KHDWHULQ )
8QJHDFKWHWVLHJDUQLFKWPHKUMXQJZDUULVLHGRFKDOOHV KLQPLWGHPXQZLGHUVWHKOLFKHQ=DXEHULKUHVZXQGHUEDUKHUUOLFKHQ *HVDQJHV,KUH6WLPPHKDWWHGDPDOVQLFKWLPPLQGHVWHQ YHUORUHQ$QWRQLHZDULQGHVVHQKHUDQJHZDFKVHQXQGGLH0XWWHU NRQQWHQLFKWJHQXJGHP9DWHUVFKUHLEHQZLHLQ$QWRQLHQHLQH 6lQJHULQYRPHUVWHQ5DQJHDXIEOKH ,QGHU7DWEHVWlWLJWHQGLHV GLH)UHXQGH.UHVSHOVLQ)
GLHLKP]XVHW]WHQGRFKQXUHLQPDO QDFK)
]XNRPPHQXPGLHVHOWQH(UVFKHLQXQJ]ZHLJDQ] VXEOLPHU6lQJHULQHQ]XEHZXQGHUQ6LHDKQHWHQQLFKWLQ ZHOFKHPQDKHQ9HUKlOWQLVGHU5DWPLWGLHVHP3DDUHVWDQG .UHVSHOKlWWHJDU]XJHUQGLH7RFKWHUGLHUHFKWLQVHLQHP ,QQHUVWHQOHEWHXQGGLHLKP|IWHUVDOV7UDXPELOGHUVFKLHQPLW OHLEOLFKHQ$XJHQJHVHKHQDEHUVRZLHHUDQVHLQH)UDXGDFKWH ZXUGHHVLKPJDQ]XQKHLPOLFK]XPXWHXQGHUEOLHE]X+DXVH XQWHUVHLQHQ]HUVFKLWWHQHQ*HLJHQVLW]HQ ,KUHZHUGHWYRQGHPKRIIQXQJVYROOHQMXQJHQ.RPSRQLVWHQ%LQ )
JHK|UWKDEHQGHUSO|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lOWXQJLP7KHDWHU KHIWLJHUNUDQNWXQGJHUDGHLQGHU1DFKWDOVDPDQGHUQ7DJH $QWRQLHJHWUDXWZHUGHQVROOHQJHVWRUEHQVHL,KPGHP'RNWRU KDEH$QJHODHQWGHFNWGDVLH.UHVSHOV)UDXXQG$QWRQLHVHLQH 7RFKWHUVHL HUP|JHGDKHUHLOHQVLFKGHU9HUODVVHQHQ DQ]XQHKPHQ6RVHKUDXFKGHU5DWYRQ$QJHODV+LQVFKHLGHQ HUVFKWWHUWZXUGHZDUHVLKPGRFKEDOGDOVVHLHLQVW|UHQGHV XQKHLPOLFKHV3ULQ]LSDXVVHLQHP/HEHQJHZLFKHQXQGHUN|QQH QXQHUVWUHFKWIUHLDWPHQ1RFKGHQVHOEHQ7DJUHLVWHHUDEQDFK )
,KUN|QQWQLFKWJODXEHQZLHKHU]]HUUHLHQGPLUGHU5DW GHQ0RPHQWVFKLOGHUWHDOVHU$QWRQLHQVDK6HOEVWLQGHU
%L]DUUHULHVHLQHV$XVGUXFNVODJHLQHZXQGHUEDUH0DFKWGHU 'DUVWHOOXQJGLHDXFKQXUDQ]XGHXWHQLFKJDUQLFKWLPVWDQGHELQ $OOH/LHEHQVZUGLJNHLW DOOH$QPXW$QJHODVZXUGH$QWRQLHQ ]XWHLOGHUDEHUGLHKlOLFKH.HKUVHLWHJDQ]IHKOWH(VJDENHLQ ]ZHLGHXWLJ3IHUGHIFKHQGDVKLQXQGZLHGHUKHUYRUJXFNHQ NRQQWH'HUMXQJH%UlXWLJDPIDQGVLFKHLQ$QWRQLHPLW]DUWHP 6LQQGHQZXQGHUOLFKHQ9DWHULPWLHIVWHQ,QQHUQULFKWLJ DXIIDVVHQGVDQJHLQHMHQHU0RWHWWHQGHVDOWHQ3DGUH0DUWLQLYRQ GHQHQVLHZXWHGD$QJHODVLHGHP5DWLQGHUK|FKVWHQ%OWH LKHU/LHEHV]HLWXQDXIK|UOLFKYRUVLQJHQPVVHQ'HU5DWYHUJR 6WU|PHYRQ7UlQHQQLHKDWWHHUVHOEVW$QJHODVRVLQJHQK|UHQ 'HU.ODQJYRQ$QWRQLHQV6WLPPHZDUJDQ]HLJHQWPOLFKXQG VHOWVDPRIWGHP+DXFKGHUbROVKDUIHRIWGHP6FKPHWWHUQGHU 1DFKWLJDOOJOHLFKHQG'LH7|QHVFKLHQHQQLFKW5DXPKDEHQ]X N|QQHQLQGHUPHQVFKOLFKHQ%UXVW$QWRQLHYRU)UHXGHXQG/LHEH JOKHQGVDQJXQGVDQJDOOHLKUHVFK|QVWHQ/LHGHUXQG% VSLHOWHGD]ZLVFKHQZLHHVQXUGLHZRQQHUWUXQNHQH%HJHLVWHUXQJ YHUPDJ.UHVSHOVFKZDPPHUVWLQ(QW]FNHQGDQQZXUGHHU QDFKGHQNOLFK VWLOO LQVLFKJHNHKUW(QGOLFKVSUDJHUDXI GUFNWH$QWRQLHQDQVHLQH%UXVWXQGEDWVHKUOHLVHXQGGXPSI ª1LFKWPHKUVLQJHQZHQQGXPLFKOLHEVW HVGUFNWPLUGDV +HU]DE GLH$QJVW GLH$QJVW 1LFKWPHKUVLQJHQ©
ª1HLQ©VSUDFKGHU5DWDQGHUQ7DJHV]XP'RNWRU5ªDOV ZlKUHQGGHV*HVDQJHVLKUH5|WHVLFK]XVDPPHQ]RJLQ]ZHL GXQNHOURWH)OHFNHDXIGHQEODVVHQ:DQJHQGDZDUHVQLFKWPHKU GXPPH)DPLOLHQlKQOLFKNHLWGDZDUHVGDVZDVLFKJHIUFKWHW© 'HU'RNWRUGHVVHQ0LHQHYRP$QIDQJGHV*HVSUlFKVYRQWLHIHU %HNPPHUQLV]HXJWHHUZLGHUWH ª0DJHVVHLQGDHVYRQ]X IUKHU$QVWUHQJXQJLP6LQJHQKHUUKUWRGHUKDWGLH1DWXUHV YHUVFKXOGHWJHQXJ$QWRQLHOHLGHWDQHLQHPRUJDQLVFKHQ)HKOHULQ GHU%UXVWGHUHEHQLKUHU6WLPPHGLHZXQGHUYROOH.UDIWXQGGHQ VHOWVDPHQLFKP|FKWHVDJHQEHUGLH6SKlUHGHVPHQVFKOLFKHQ *HVDQJHVKLQDXVW|QHQGHQ.ODQJJLEW$EHUDXFKLKUIUKHU7RGLVW GLH)ROJHGDYRQGHQQVLQJWVLHIRUWVRJHEHLFKLKUQRFK K|FKVWHQVVHFKV0RQDWH=HLW©'HQ5DW]HUVFKQLWWHVLP,QQHUQ ZLHPLWKXQGHUW6FKZHUWHUQ(VZDULKPDOVKLQJH ]XPHUVWHQ 0DOHHLQVFK|QHU%DXPGLHZXQGHUKHUUOLFKHQ%OWHQLQVHLQ/HEHQ KLQHLQXQGGHUVROOHUHFKWDQGHU:XU]HO]HUVlJWZHUGHQGDPLW HUQLHPHKU]XJUQHQXQG]XEOKHQYHUP|JH6HLQ(QWVFKOX ZDUJHIDW(UVDJWH$QWRQLHQDOOHVHUVWHOOWHLKUGLH:DKOREVLH
GHP%UlXWLJDPIROJHQXQGVHLQHUXQGGHU:HOW9HUORFNXQJ QDFKJHEHQVRDEHUIUKXQWHUJHKHQRGHUREVLHGHP9DWHUQRFK LQVHLQHQDOWHQ7DJHQQLHJHIKOWH5XKHXQG)UHXGHEHUHLWHQVR DEHUQRFKMDKUHODQJOHEHQZROOH$QWRQLHILHOGHP9DWHU VFKOXFK]HQGLQGLH$UPHHUZROOWHGDV=HUUHLHQGHGHU NRPPHQGHQ0RPHQWHZRKOIKOHQGQLFKWV'HXWOLFKHUHV YHUQHKPHQ(UVSUDFKPLWGHP%UlXWLJDPDEHUXQHUDFKWHWGLHVHU YHUVLFKHUWHGDQLHHLQ7RQEHU$QWRQLHQV/LSSHQJHKHQVROOH VRZXWHGHU5DWGRFKZRKOGDVHOEVW%QLFKWGHU9HUVXFKXQJ ZUGHZLGHUVWHKHQN|QQHQ$QWRQLHQVLQJHQ]XK|UHQ ZHQLJVWHQVYRQLKPVHOEVWNRPSRQLHUWH$ULHQ$XFKGLH:HOWGDV PXVLNDOLVFKH3XEOLNXPPRFKW HVDXFKXQWHUULFKWHWVHLQYRQ $QWRQLHQV/HLGHQJDEJHZLGLH$QVSUFKHQLFKWDXIGHQQGLHV 9RONLVWMDNRPPWHVDXI*HQXDQHJRLVWLVFKXQGJUDXVDP'HU 5DWYHUVFKZDQGPLW$QWRQLHQDXV)
XQGNDPQDFK+ 9HU]ZHLIOXQJVYROOYHUQDKP%GLH$EUHLVH(UYHUIROJWHGLH6SXU KROWHGHQ5DWHLQXQGNDP]XJOHLFKPLWLKPQDFK+ ª1XU HLQPDOLKQVHKHQXQGGDQQVWHUEHQ©IOHKWH$QWRQLHª6WHUEHQ" VWHUEHQ"©ULHIGHU5DWLQZLOGHP=RUQHLVNDOWHU6FKDXHU GXUFKEHEWHVHLQ,QQHUHV 'LH7RFKWHUGDVHLQ]LJH:HVHQDXI GHUZHLWHQ:HOWGDVQLHJHNDQQWH/XVWLQLKPHQ]QGHWGDV DOOHLQLKQPLWGHP/HEHQYHUV|KQWHULVLFKJHZDOWVDPORVYRQ VHLQHP+HU]HQXQGHUZROOWHGDGDV(QWVHW]OLFKHJHVFKHKH %PXWHDQGHQ)OJHO$QWRQLHVDQJ.UHVSHOVSLHOWHOXVWLJGLH *HLJHELVVLFKMHQHURWHQ)OHFNHDXI$QWRQLHQV:DQJHQ]HLJWHQ 'DEHIDKOHUHLQ]XKDOWHQ DOVQXQDEHU%$EVFKLHGQDKPYRQ $QWRQLHQVDQNVLHSO|W]OLFKPLWHLQHPODXWHQ6FKUHL]XVDPPHQ ª,FKJODXEWH© VRHU]lKOWHPLU.UHVSHO ªLFKJODXEWHVLHZlUH ZLHLFKHVYRUDXVJHVHKHQQXQZLUNOLFKWRWXQGEOLHEGDLFK HLQPDOPLFKVHOEVWDXIGLHK|FKVWH6SLW]HJHVWHOOWKDWWHVHKU JHODVVHQXQGPLWPLUHLQLJ,FKIDWHGHQ%GHULQVHLQHU (UVWDUUXQJVFKDIVPlLJXQGDOEHUQDQ]XVHKHQZDUEHLGHQ 6FKXOWHUQXQGVSUDFK GHU5DWILHOLQVHLQHQVLQJHQGHQ7RQ ¾'D 6LHYHUHKUXQJVZUGLJHVWHU.ODYLHUPHLVWHUZLH6LHJHZROOWXQG JHZQVFKW,KUHOLHEH%UDXWZLUNOLFKHUPRUGHWKDEHQVRN|QQHQ 6LHQXQUXKLJDEJHKHQHVZlUHGHQQ6LHZROOWHQVRODQJH JWLJVWYHU]LHKHQELVLFK,KQHQGHQEODQNHQ+LUVFKIlQJHUGXUFK GDV+HU]UHQQHGDPLWVRPHLQH7RFKWHUGLHZLH6LHVHKHQ ]LHPOLFKYHUEODWHLQLJH&RXOHXUEHNRPPHGXUFK,KUVHKUZHUWHV %OXW 5HQQHQ6LHQXUJHVFKZLQGDEHULFKN|QQWH,KQHQDXFK HLQIOLQNHV0HVVHUFKHQQDFKZHUIHQ½ ,FKPXZRKOEHLGLHVHQ
:RUWHQHWZDVJUDXOLFKDXVJHVHKHQKDEHQ GHQQPLWHLQHP6FKUHL GHVWLHIVWHQ(QWVHW]HQVVSUDQJHUVLFKYRQPLUORVUHLHQGIRUW GXUFKGLH7UHGLH7UHSSHKHUDE© :LHGHU5DWQXQQDFKGHP %IRUWJHUDQQWZDU$QWRQLHQGLHEHZXWORVDXIGHU(UGHODJ DXIULFKWHQZROOWH|IIQHWHVLHWLHIVHXI]HQGGLH$XJHQGLHVLFKDEHU EDOGZLHGHU]XP7RGH]XVFKOLHHQVFKLHQHQ'DEUDFK.UHVSHO DXVLQODXWHVWURVWORVHV-DPPHUQ'HUYRQGHU+DXVKlOWHULQ KHUEHLJHUXIHQH$U]WHUNOlUWH$QWRQLHQV=XVWDQGIUHLQHQ KHIWLJHQDEHUQLFKWLPPLQGHVWHQJHIlKUOLFKHQ=XIDOOXQGLQGHU 7DWHUKROWHVLFKGLHVHDXFKVFKQHOOHUDOVGHU5DWHVQXU]XKRIIHQ JHZDJWKDWWH6LHVFKPLHJWHVLFKQXQPLWGHULQQLJVWHQ NLQGOLFKVWHQ/LHEHDQ.UHVSHO VLHJLQJHLQLQVHLQH /LHEOLQJVQHLJXQJHQ LQVHLQHWROOHQ/DXQHQXQG(LQIlOOH6LHKDOI LKPDOWH*HLJHQDXVHLQDQGHUOHJHQXQGQHXH]XVDPPHQOHLPHQ ª,FKZLOOQLFKWPHKUVLQJHQDEHUIUGLFKOHEHQ©VSUDFKVLHRIW VDQIWOlFKHOQG]XP9DWHUZHQQMHPDQGVLH]XP*HVDQJH DXIJHIRUGHUWXQGVLHHVDEJHVFKODJHQKDWWH6ROFKH0RPHQWH VXFKWHGHU5DWLQGHVVHQLKUVRYLHOP|JOLFK]XHUVSDUHQXQGGDKHU NDPHVGDHUXQJHUQPLWLKULQ*HVHOOVFKDIWJLQJXQGDOOH0XVLN VRUJIlOWLJYHUPLHG(UZXWHHVMDZRKOZLHVFKPHU]OLFKHV $QWRQLHQVHLQPXWHGHU.XQVWGLHVLHLQVROFKKRKHU 9ROONRPPHQKHLWJHEWJDQ]]XHQWVDJHQ$OVGHU5DWMHQH ZXQGHUEDUH*HLJHGLHHUPLW$QWRQLHQEHJUXEJHNDXIWKDWWHXQG ]HUOHJHQZROOWHEOLFNWHLKQ$QWRQLHVHKUZHKPWLJDQXQGVSUDFK OHLVHELWWHQG ª$XFKGLHVH"© 'HU5DWZXWHVHOEVWQLFKWZHOFKH XQEHNDQQWH0DFKWLKQQ|WLJWHGLH*HLJHXQ]HUVFKQLWWHQ]XODVVHQ XQGGDUDXI]XVSLHOHQ.DXPKDWWHHUGLHHUVWHQ7|QH DQJHVWULFKHQDOV$QWRQLHODXWXQGIUHXGLJULHI ª$FKGDVELQLFK MD LFKVLQJHMDZLHGHU©:LUNOLFKKDWWHQGLHVLOEHUKHOOHQ *ORFNHQW|QHGHV,QVWUXPHQWVHWZDVJDQ]HLJHQHV:XQGHUYROOHV VLHVFKLHQHQLQGHUPHQVFKOLFKHQ%UXVWHU]HXJW.UHVSHOZXUGHELV LQGDV,QQHUVWHJHUKUWHUVSLHOWHZRKOKHUUOLFKHUDOVMHPDOVXQG ZHQQHULQNKQHQ*lQJHQPLWYROOHU.UDIWPLWWLHIHP$XVGUXFN DXI XQGQLHGHUVWLHJ GDQQVFKOXJ$QWRQLHGLH+lQGH]XVDPPHQ XQGULHIHQW]FNW ª$FKGDVKDEHLFKJXWJHPDFKWGDVKDEHLFK JXWJHPDFKW© 6HLWGLHVHU=HLWNDPHLQHJURH5XKHXQG +HLWHUNHLWLQLKU/HEHQ2IWVSUDFKVLH]XP5DW ª,FKP|FKWHZRKO HWZDVVLQJHQ9DWHU©'DQQQDKP.UHVSHOGLH*HLJHYRQGHU :DQGXQGVSLHOWH$QWRQLHQVVFK|QVWH/LHGHUVLHZDUUHFKWDXV GHP+HU]HQIURK .XU]YRUPHLQHU$QNXQIWZDUHVLQHLQHU 1DFKWGHP5DWVRDOVK|UHHULP1HEHQ]LPPHUDXIVHLQHP
3LDQRIRUWHVSLHOHQXQGEDOGXQWHUVFKLHGHUGHXWOLFKGD%QDFK JHZ|KOLFKHU$UWSUlOXGLHUH(UZROOWHDXIVWHKHQDEHUZLHHLQH VFKZHUH/DVWODJHVDXILKPZLHPLWHLVHUQHQ%DQGHQJHIHVVHOW YHUPRFKWHHUVLFKQLFKW]XUHJHQXQG]XUKUHQ1XQILHO$QWRQLH HLQLQOHLVHQKLQJHKDXFKWHQ7|QHQGLHLPPHU VWHLJHQGXQG VWHLJHQG]XPVFKPHWWHUQGHQ)RUWLVVLPRZXUGHQGDQQJHVWDOWHWHQ VLFKGLHZXQGHUEDUHQ/DXWH]XGHPWLHIHUJUHLIHQGHQ/LHGH ZHOFKHV%HLQVWJDQ]LPIURPPHQ6WLOGHUDOWHQ0HLVWHUIU $QWRQLHNRPSRQLHUWKDWWH.UHVSHOVDJWHXQEHJUHLIOLFKVHL GHU =XVWDQGJHZHVHQLQGHPHUVLFKEHIXQGHQGHQQHLQH HQWVHW]OLFKH$QJVWKDEHVLFKJHSDDUWPLWQLHJHIKOWHU:RQQH 3O|W]OLFKXPJDELKQHLQHEOHQGHQGH.ODUKHLWXQGLQGHUVHOEHQ HUEOLFNWHHU%XQG$QWRQLHQGLHVLFKXPVFKOXQJHQKLHOWHQXQG VLFKYROOVHOLJHP(QW]FNHQDQVFKDXWHQ'LH7|QHGHV/LHGHVXQG GHVEHJOHLWHQGHQ3LDQRIRUWHVGDXHUWHQIRUWRKQHGD$QWRQLH VLFKWEDUVDQJRGHU%GDV)RUWHSLDQREHUKUWH'HU5DWILHOQXQ LQHLQH$UWGXPSIHU2KQPDFKWLQGHUGDV%LOGPLWGHQ7|QHQ YHUVDQN$OVHU HUZDFKWHZDULKPQRFKMHQHIUFKWHUOLFKH$QJVW DXVGHP7UDXPHJHEOLHEHQ(UVSUDQJLQ$QWRQLHQV=LPPHU6LH ODJPLWJHVFKORVVHQHQ$XJHQPLWKROGVHOLJOlFKHOQGHP%OLFNGLH +lQGHIURPPJHIDOWHWDXIGHP6RIDDOVVFKOLHIHVLHXQGWUlXPH YRQ+LPPHOVZRQQHXQG)UHXGLJNHLW6LHZDUDEHUWRW
