7KHRGRU)RQWDQH
6FKDFKYRQ:XWKHQRZ (U]lKOXQJDXVGHU=HLWGHV5HJLPHQWV *HQVGDUPHV
3')HGLQ E\=RREHVXFKHU
...
67 downloads
295 Views
769KB 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
7KHRGRU)RQWDQH
6FKDFKYRQ:XWKHQRZ (U]lKOXQJDXVGHU=HLWGHV5HJLPHQWV *HQVGDUPHV
3')HGLQ E\=RREHVXFKHU
7KHRGRU)RQWDQH
7K)RQWDQHZXUGHDPLQ1HXUXSSLQJHERUHQ(U VWDPPWHDXVHLQHULQ3UHXHQKHLPLVFKJHZRUGHQHQ +XJHQRWWHQIDPLOLH'HU9DWHUZDU$SRWKHNHU)RQWDQH EHVXFKWHGDV*\PQDVLXP1HXUXSSLQ XQGGLH *HZHUEHVFKXOH%HUOLQ $SRWKHNHUOHKUHLQ %HUOLQ )RQWDQHJDEVHLQHQ$SRWKHNHUEHUXIDXIHUDUEHLWHWH GDQQPLW8QWHUEUHFKXQJELVDOVIUHLHU0LWDUEHLWHULP %URHLQHV0LQLVWHULXPV(UOHEWHYRQLQ(QJODQG DOV%HULFKWHUVWDWWHU9RQELVDUEHLWHWHHUDOV 5HGDNWHXUGHU%HUOLQHU.UHX]=HLWXQJ 7KHDWHUNULWLNHUEHLGHU9RVVLVFKHQ=HLWXQJ6HNUHWlU GHU$NDGHPLHGHU.QVWH%HUOLQXQGIUHLHU6FKULIWVWHOOHU 'USKLOKF)RQWDQHVWDUEDPLQ%HUOLQ
,QKDOW (UVWHV.DSLWHO ,P6DORQGHU)UDXYRQ&DUD\RQ
=ZHLWHV.DSLWHO ª'LH:HLKHGHU.UDIW©
'ULWWHV.DSLWHO %HL6DOD7DURQH
9LHUWHV.DSLWHO ,P7HPSHOKRI
)QIWHV.DSLWHO 9LFWRLUHYRQ&DUD\RQDQ /LVHWWHYRQ3HUEDQGW
6HFKVWHV.DSLWHO %HL3ULQ]/RXLV
6LHEHQWHV.DSLWHO (LQQHXHU*DVW
$FKWHV.DSLWHO 6FKDFKXQG9LFWRLUH
1HXQWHV.DSLWHO 6FKDFK]LHKWVLFK]XUFN
=HKQWHV.DSLWHO ª(VPXHWZDVJHVFKHKQ©
(OIWHV.DSLWHO 'LH6FKOLWWHQIDKUW
=Z|OIWHV.DSLWHO 6FKDFKEHL)UDXYRQ&DUD\RQ
'UHL]HKQWHV.DSLWHO ª/HFKRL[GX6FKDFK©
9LHU]HKQWHV.DSLWHO ,Q:XWKHQRZDP6HH
)QI]HKQWHV.DSLWHO 'LH6FKDFKVXQGGLH&DUD\RQV
6HFK]HKQWHV.DSLWHO )UDXYRQ&DUD\RQXQG GHUDOWH.|FNULW]
6LHE]HKQWHV.DSLWHO 6FKDFKLQ&KDUORWWHQEXUJ
$FKW]HKQWHV.DSLWHO )DWD0RUJDQD
1HXQ]HKQWHV.DSLWHO 'LH+RFK]HLW
=ZDQ]LJVWHV.DSLWHO %ORZDQ6DQGHU
(LQXQG]ZDQ]LJVWHV.DSLWHO 9LFWRLUHYRQ6FKDFKDQ /LVHWWHYRQ3HUEDQGW
(UVWHV.DSLWHO ,P6DORQGHU)UDXYRQ&DUD\RQ ,QGHP6DORQGHULQGHU%HKUHQVWUDHZRKQHQGHQ)UDXYRQ &DUD\RQXQGLKUHU7RFKWHU 9LFWRLUHZDUHQDQLKUHPJHZ|KQOLFKHQ (PSIDQJVDEHQGHLQLJH)UHXQGHYHUVDPPHOWDEHUIUHLOLFKZHQLJH QXUGDGLHJURH+LW]HGHV7DJHVDXFKGLHWUHXHVWHQ$QKlQJHU GHV=LUNHOVLQV)UHLHJHORFNWKDWWH9RQGHQ2IIL]LHUHQGHV 5HJLPHQWV*HQVGDUPHVGLHVHOWHQDQHLQHPGLHVHU$EHQGH IHKOWHQZDUQXUHLQHUHUVFKLHQHQHLQ+HUUYRQ$OYHQVOHEHQXQG KDWWHQHEHQGHUVFK|QHQ)UDXYRP+DXVH3ODW]JHQRPPHQXQWHU JOHLFK]HLWLJHPVFKHU]KDIWHP%HGDXHUQGDUEHUGDJHUDGHGHU IHKOHGHPGLHVHU3ODW]LQ:DKUKHLWJHEKUH %HLGHQJHJHQEHUDQGHUGHU0LWWHGHV=LPPHUV]XJHNHKUWHQ 7LVFKVHLWHVDHQ]ZHL+HUUHQLQ=LYLOGLHVHLWZHQLJ:RFKHQHUVW KHLPLVFKLQGLHVHP.UHLVHVLFKQLFKWVGHVWRZHQLJHUEHUHLWVHLQH GRPLQLHUHQGH6WHOOXQJLQQHUKDOEGHVVHOEHQHUUXQJHQKDWWHQ$P HQWVFKLHGHQVWHQGHUXPHLQLJH-DKUHMQJHUHYRQEHLGHQHLQ HKHPDOLJHU6WDEVNDSLWlQGHUQDFKHLQHPDEHQWHXHUQGHQ/HEHQ LQ(QJODQGXQGGHQ8QLRQVVWDDWHQLQGLH+HLPDW]XUFNJHNHKUW DOOJHPHLQDOVGDV+DXSWMHQHUPLOLWlULVFKHQ)URQGHXUVDQJHVHKHQ ZXUGHGLHGDPDOVGLHSROLWLVFKH0HLQXQJGHU+DXSWVWDGW PDFKWHQEH]LHKXQJVZHLVHWHUURULVLHUWHQ6HLQ1DPHZDUYRQ %ORZ1RQFKDODQFHJHK|UWHPLW]XU*HQLDOLWlWXQGVRIRFKWHU GHQQEHLGH)HZHLWYRUJHVWUHFNWXQGGLHOLQNH+DQGLQGHU +RVHQWDVFKHPLWVHLQHU5HFKWHQLQGHU/XIWXPKHUXPGXUFK OHEKDIWH*HVWLNXODWLRQHQVHLQHP.DWKHGHUYRUWUDJH1DFKGUXFN]X JHEHQ(UNRQQWHZLHVHLQH)UHXQGHVDJWHQQXUVSUHFKHQXP 9RUWUDJ]XKDOWHQXQG HUVSUDFKHLJHQWOLFKLPPHU'HUVWDUNH +HUUQHEHQLKPZDUGHU9HUOHJHUVHLQHU6FKULIWHQ+HUU'DQLHO 6DQGHULPEULJHQDEHUVHLQYROONRPPHQHU:LGHUSDUW ZHQLJVWHQVLQDOOHPZDV(UVFKHLQXQJDQJLQJ(LQVFKZDU]HU 9ROOEDUWXPUDKPWHVHLQ*HVLFKWGDVHEHQVRYLHO%HKDJHQZLH 6DUNDVPXVDXVGUFNWHZlKUHQGLKPGHULQGHU7DLOOHNQDSS DQVFKOLHHQGH5RFNYRQQLHGHUOlQGLVFKHP7XFKHVHLQ(PERQSRLQW ]XVDPPHQVFKQUWH:DVGHQ*HJHQVDW]YROOHQGHWHZDUGLH IHLQVWHZHLH:lVFKHZRULQ%ORZNHLQHVZHJVH[]HOOLHUWH
'DV*HVSUlFKGDVHEHQJHIKUWZXUGHVFKLHQVLFKXPGLHNXU] YRUKHUEHHQGHWH+DXJZLW]VFKH0LVVLRQ]XGUHKHQGLHQDFK %ORZV$QVLFKWQLFKWQXUHLQZQVFKHQVZHUWHV(LQYHUQHKPHQ ]ZLVFKHQ3UHXHQXQG)UDQNUHLFKZLHGHUKHUJHVWHOOWVRQGHUQXQV DXFKGHQ%HVLW]YRQ+DQQRYHUQRFKDOVª0RUJHQJDEH©PLW HLQJHWUDJHQKDEH)UDXYRQ&DUD\RQDEHUEHPlQJHOWHGLHVH ª0RUJHQJDEH©ZHLOPDQQLFKWJXWJHEHQRGHUYHUVFKHQNHQ N|QQHZDVPDQQLFKWKDEHEHLZHOFKHP:RUWHGLHELVGDKLQ XQEHPHUNWDP7HHWLVFKEHVFKlIWLJWJHZHVHQH7RFKWHU9LFWRLUHGHU 0XWWHUHLQHQ]lUWOLFKHQ%OLFN]XZDUIZlKUHQG$OYHQVOHEHQGHU VFK|QHQ)UDXGLH+DQGNWH ª,KUHU=XVWLPPXQJOLHEHU$OYHQVOHEHQ©QDKP)UDXYRQ&DUD\RQ GDV:RUWªZDULFKVLFKHU$EHUVHKHQ6LHZLHPLQRV XQG UKDGDPDQWXVDUWLJXQVHU)UHXQG%ORZGDVLW]W(UEUWHWPDO ZLHGHU6WXUP9LFWRLUHUHLFKH+HUUQYRQ%ORZYRQGHQ .DUOVEDGHU2EODWHQ(VLVWJODXELFKGDVHLQ]LJHZDVHUYRQ gVWHUUHLFKJHOWHQOlW,Q]ZLVFKHQXQWHUKlOWXQV+HUU6DQGHUYRQ XQVHUHQ)RUWVFKULWWHQLQGHUQHXHQ3URYLQ],FKIUFKWHQXUGD VLHQLFKWJURVLQG© ª2GHUVDJHQZLUOLHEHUJDUQLFKWH[LVWLHUHQ©HUZLGHUWH6DQGHU ª$OOHVZDV]XPZHOILVFKHQ/|ZHQRGHU]XPVSULQJHQGHQ5R KlOWZLOOVLFKQLFKWSUHXLVFKUHJLHUHQODVVHQ8QGLFKYHUGHQNHV NHLQHP)UGLH3ROHQUHLFKWHQZLUDOOHQIDOOVDXV$EHUGLH +DQQRYHUDQHUVLQGIHLQH/HXWH© ª-DGDVVLQGVLH©EHVWlWLJWH)UDXYRQ&DUD\RQZlKUHQGVLH JOHLFKGDQDFKKLQ]XIJWHª9LHOOHLFKWDXFKHWZDVKRFKPWLJ© ª(WZDV©ODFKWH%ORZª2KPHLQH*QlGLJVWHZHUGRFKDOOH]HLW HLQHUlKQOLFKHQ0LOGHEHJHJQHWH*ODXEHQ6LHPLULFKNHQQHGLH +DQQRYHUDQHUVHLW ODQJHKDELKQHQLQPHLQHU$OWPlUNHU (LJHQVFKDIWVR]XVDJHQYRQ-XJHQGDXIEHUGHQ=DXQJHNXFNW XQGGDUI,KQHQGDQDFKYHUVLFKHUQGDDOOHVGDVZDVPLU(QJODQG VR]XZLGHUPDFKWLQGLHVHPZHOILVFKHQ6WDPPODQGHGRSSHOW DQ]XWUHIIHQLVW,FKJ|QQLKQHQGHVKDOEGLH=XFKWUXWHGLHZLU LKQHQEULQJHQ8QVHUHSUHXLVFKH:LUWVFKDIWLVWHUElUPOLFKXQG 0LUDEHDXKDWWHUHFKWGHQJHSULHVHQHQ6WDDW)ULHGULFKVGHV *URHQPLWHLQHU)UXFKW]XYHUJOHLFKHQGLHVFKRQIDXOVHLEHYRU VLHQRFKUHLIJHZRUGHQDEHUIDXORGHUQLFKWHLQHV KDEHQZLU ZHQLJVWHQVHLQ*HIKOGDYRQGDGLH:HOWLQGLHVHQOHW]WHQ
IXQI]HKQ-DKUHQHLQHQ6FKULWWYRUZlUWVJHPDFKWKDWXQGGDVLFK GLHJURHQ*HVFKLFNHGHUVHOEHQQLFKWQRWZHQGLJ]ZLVFKHQ1XWKH XQG1RWWHYROO]LHKHQPVVHQ,Q+DQQRYHUDEHUJODXEWPDQ LPPHUQRFKDQHLQH6SH]LDODXIJDEH.DOHQEHUJVXQGGHU /QHEXUJHU+HLGH1RPHQHWRPHQ(VLVWGHU6LW]GHU 6WDJQDWLRQHLQH%UXWVWlWWHGHU9RUXUWHLOH:LU ZLVVHQZHQLJVWHQV GDZLUQLFKWVWDXJHQXQGLQGLHVHU(UNHQQWQLVLVWGLH0|JOLFKNHLW GHU%HVVHUXQJJHJHEHQ,PHLQ]HOQHQEOHLEHQZLUKLQWHULKQHQ ]XUFN]XJHJHEHQDEHULPJDQ]HQVLQGZLULKQHQYRUDXVXQG GDULQVWHFNWHLQ$QVSUXFKXQGHLQ5HFKWGLHZLUJHOWHQGPDFKHQ PVVHQ'DZLUWURW]6DQGHULQ3ROHQHLJHQWOLFKJHVFKHLWHUW VLQGEHZHLVWQLFKWVGHU6WDDWVWUHQJWHVLFKQLFKWDQXQGKLHOW VHLQH6WHXHUHLQQHKPHUJHUDGHIUJXWJHQXJXPGLH.XOWXUQDFK 2VWHQ]XWUDJHQ,QVRZHLWPLW5HFKWDOVVHOEVWHLQ 6WHXHUHLQQHKPHUGLH2UGQXQJYHUWULWWZHQQDXFKIUHLOLFKYRQGHU XQDQJHQHKPHQ6HLWH© 9LFWRLUHGLHYRQGHP$XJHQEOLFNDQZR3ROHQPLWLQV*HVSUlFK JH]RJHQZRUGHQZDULKUHQ3ODW]DP7HHWLVFKDXIJHJHEHQKDWWH GURKWHMHW]W]XGHP6SUHFKHUKLQEHUXQGVDJWHª6LHPVVHQ ZLVVHQ+HUUYRQ%ORZGDLFKGLH3ROHQOLHEHVRJDUGHWRXW PRQF°XU© 8QGGDEHLEHXJWHVLHVLFKDXVGHP6FKDWWHQLQGHQ /LFKWVFKHLQGHU/DPSHYRULQGHVVHQ+HOOHPDQMHW]WGHXWOLFK HUNHQQHQNRQQWHGDLKUIHLQHV3URILOHLQVWGHPGHU0XWWHU JHJOLFKHQKDEHQPRFKWHGXUFK]DKOUHLFKH%ODWWHUQDUEHQDEHUXP VHLQHIUKHUH6FK|QKHLWJHNRPPHQZDU -HGHUPXWHVVHKHQXQGGHUHLQ]LJHGHUHVQLFKW VDKRGHU ZHQQHUHVVDKDOVDEVROXWJOHLFKJLOWLJEHWUDFKWHWHZDU%ORZ(U ZLHGHUKROWHQXUª2MDGLH3ROHQ(VVLQGGLHEHVWHQ 0D]XUNDWlQ]HUXQGGDUXPOLHEHQ6LHVLH© ª1LFKWGRFK,FKOLHEHVLHZHLOVLHULWWHUOLFKXQGXQJOFNOLFKVLQG© ª$XFKGDV(VOlWVLFKGHUJOHLFKHQVDJHQ8QGXPGLHVLKU 8QJOFNN|QQWHPDQVLHEHLQDKEHQHLGHQGHQQHVWUlJWLKQHQGLH 6\PSDWKLHQDOOHU'DPHQKHU]HQHLQ,Q)UDXHQHUREHUXQJHQKDEHQ VLHYRQDOWHU =HLWKHUGLHJOlQ]HQGVWH.ULHJVJHVFKLFKWH© ª8QGZHUUHWWHWH© ª6LHNHQQHQPHLQHNHW]HULVFKHQ$QVLFKWHQEHU5HWWXQJHQ8QG QXQJDU:LHQ(VZXUGHJHUHWWHW$OOHUGLQJV$EHUZR]X"0HLQH
3KDQWDVLHVFKZHOJWRUGHQWOLFKLQGHU9RUVWHOOXQJHLQH )DYRULWVXOWDQLQLQGHU.U\SWDGHU.DSX]LQHUVWHKHQ]XVHKHQ 9LHOOHLFKWGDZRMHW]W0DULD7KHUHVLDVWHKW(WZDVYRP,VODPLVW EHLGLHVHQ+DKQGHO XQG)DVDQGHOPlQQHUQLPPHU]X+DXVH JHZHVHQXQG(XURSDKlWWHLQELFKHQPHKUYRQ6HUDLO RGHU +DUHPZLUWVFKDIWRKQHJURHQ6FKDGHQHUWUDJHQ© (LQHLQWUHWHQGHU'LHQHUPHOGHWHGHQ5LWWPHLVWHUYRQ6FKDFKXQG HLQ6FKLPPHUIUHXGLJHUhEHUUDVFKXQJEHUIORJEHLGH'DPHQDOV GHU$QJHPHOGHWHJOHLFKGDUQDFKHLQWUDW(UNWHGHU)UDXYRQ &DUD\RQGLH+DQGYHUQHLJWHVLFKJHJHQ9LFWRLUHXQGEHJUWH GDQQ$OYHQVOHEHQPLW+HU]OLFKNHLW%ORZXQG6DQGHUDEHUPLW =XUFNKDOWXQJ ª,FKIUFKWH+HUUQYRQ%ORZXQWHUEURFKHQ]XKDEHQ© ª(LQDOOHUGLQJVXQYHUPHLGOLFKHU)DOO©DQWZRUWHWH6DQGHUXQG UFNWHVHLQHQ6WXKO]XU6HLWH0DQODFKWH%ORZVHOEVWVWLPPWH PLWHLQXQGQXUDQ6FKDFKVPHKUDOVJHZ|KQOLFKHU =XUFNKDOWXQJOLHVLFKHUNHQQHQGDHUHQWZHGHUXQWHUGHP (LQGUXFNHLQHVLKPSHUV|QOLFKXQDQJHQHKPHQ(UHLJQLVVHVRGHU DEHUHLQHUSROLWLVFKXQHUIUHXOLFKHQ1DFKULFKWLQGHQ6DORQ HLQJHWUHWHQVHLQPVVH ª:DVEULQJHQ6LHOLHEHU6FKDFK"6LHVLQGSUlRNNXSLHUW6LQG QHXH6WUPH© ª1LFKWGDVJQlGLJVWH)UDXQLFKWGDV,FKNRPPHYRQGHU*UlILQ +DXJZLW]EHLGHULFKXPVRKlXILJHUYHUZHLOHMHPHKULFKPLFK YRQGHP*UDIHQXQGVHLQHU3ROLWLN]XUFN]LHKH'LH*UlILQZHLHV XQGELOOLJWPHLQ%HQHKPHQ(EHQEHJDQQHQZLUHLQ*HVSUlFKDOV VLFKGUDXHQYRUGHP3DODLVHLQH9RONVPDVVH]XVDPPHOQ EHJDQQHUVW+XQGHUWHGDQQ7DXVHQGH'DEHLZXFKVGHU/lUP XQG]XOHW]WZDUGHLQ6WHLQJHZRUIHQXQGIORJDQGHP7LVFK YRUEHLGDUDQZLUVDHQ(LQ+DDUEUHLWXQGGLH*UlILQZXUGH JHWURIIHQ:RYRQVLHDEHUZLUNOLFK JHWURIIHQZXUGHGDVZDUHQGLH :RUWHGLH9HUZQVFKXQJHQGLHKHUDXINODQJHQ(QGOLFKHUVFKLHQ GHU*UDIVHOEVW(UZDUYROONRPPHQJHIDWXQGYHUOHXJQHWH NHLQHQ$XJHQEOLFNGHQ.DYDOLHU(VZlKUWHMHGRFKODQJHKGLH 6WUDHJHVlXEHUWZHUGHQNRQQWH6LQGZLUEHUHLWVGDKLQ JHNRPPHQ"(PHXWH.UDZDOO8QGGDVLP/DQGH3UHXHQXQWHU GHQ$XJHQ6HLQHU0DMHVWlW©
ª8QGVSH]LHOOXQV ZLUGPDQIUGLHVH*HVFKHKQLVVHYHUDQWZRUWOLFK PDFKHQ©XQWHUEUDFK$OYHQVOHEHQªVSH]LHOOXQV YRQGHQ *HQVGDUPHV0DQZHLGDZLUGLHVH/LHEHGLHQHUHLJHJHQ )UDQNUHLFKPLELOOLJHQYRQGHUZLUVFKOLHOLFKQLFKWVKDEHQDOV JHVWRKOHQH3URYLQ]HQ$OOH:HOWZHLZLHZLUGD]XVWHKHQDXFK EHL+RIHZHLPDQ VXQGPDQZLUGQLFKWVlXPHQXQV GLHVH =XVDPPHQURWWXQJLQGLH6FKXK]XVFKLHEHQ© ª(LQ$QEOLFNIU*|WWHU©VDJWH6DQGHUª'DV5HJLPHQW *HQVGDUPHVXQWHU$QNODJHYRQ+RFKYHUUDWXQG.UDZDOO© ª8QGQLFKWPLW8QUHFKW©IXKU%ORZLQMHW]WZLUNOLFKHU(UUHJXQJ GD]ZLVFKHQª1LFKWPLW8QUHFKWVDJLFK8QGGDVZLW]HOQ6LH QLFKWIRUW6DQGHU:DUXPIKUHQGLH+HUUHQGLHMHGHQ7DJ NOJHUVHLQZROOHQDOVGHU.|QLJXQGVHLQH0LQLVWHUZDUXPIKUHQ VLHGLHVH6SUDFKH":DUXPSROLWLVLHUHQVLH"2EHLQH7UXSSH SROLWLVLHUHQGDUIVWHKHGDKLQDEHUZHQQ VLHSROLWLVLHUWVR SROLWLVLHUHVLHZHQLJVWHQVULFKWLJ(QGOLFKVLQGZLUMHW]WDXIGHP UHFKWHQ:HJHQGOLFKVWHKHQZLUGDZRZLUYRQ$QIDQJDQKlWWHQ VWHKHQVROOHQHQGOLFKKDW6HLQH0DMHVWlWGHQ9RUVWHOOXQJHQ GHU 9HUQXQIW*HK|UJHJHEHQXQGZDVJHVFKLHKW"8QVHUH+HUUHQ 2IIL]LHUHGHUHQGULWWHV:RUWGHU.|QLJXQGLKUH/R\DOLWlWLVWXQG GHQHQGRFKLPPHUQXUZRKOZLUGZHQQHVQDFK5XODQGXQG -XFKWHQXQGUHFKWZHQLJQDFK)UHLKHLWULHFKWXQVHUH+HUUHQ 2IIL]LHUH VDJLFKJHIDOOHQVLFKSO|W]OLFKLQHLQHUHEHQVRQDLYHQ ZLHJHIlKUOLFKHQ2SSRVLWLRQVOXVWXQGIRUGHUQGXUFKLKUNHFNHV7XQ XQGLKUHQRFKNHFNHUHQ:RUWHGHQ=RUQGHVNDXPEHVlQIWLJWHQ ,PSHUDWRUVKHUDXV'HUJOHLFKHQYHUSIODQ]WVLFKGDQQOHLFKWDXIGLH *DVVH 'LH+HUUHQYRP5HJLPHQW*HQVGDUPHVZHUGHQIUHLOLFKGHQ 6WHLQQLFKWVHOEHUKHEHQGHUVFKOLHOLFKELVDQGHQ7HHWLVFKGHU *UlILQIOLHJWDEHUVLHVLQGGRFKGLHPRUDOLVFKHQ8UKHEHUGLHVHV .UDZDOOHVVLHKDEHQGLH6WLPPXQJGD]XJHPDFKW© ª1HLQGLHVH6WLPPXQJZDUGD© ª*XW9LHOOHLFKWZDUVLHGD$EHUZHQQ VLHGDZDUVRJDOWHVVLH ]XEHNlPSIHQQLFKWDEHUVLH]XQlKUHQ1lKUHQZLUVLHVR EHVFKOHXQLJHQZLUXQVHUQ8QWHUJDQJ'HU.DLVHUZDUWHWQXUDXI HLQH*HOHJHQKHLWZLUVLQGPLWYLHOHQ3RVWHQLQVHLQ6FKXOGEXFK HLQJHWUDJHQXQG]lKOWHUHUVWGLH6XPPHVRVLQGZLUYHUORUHQ©
ª*ODXE VQLFKW©DQWZRUWHWH6FKDFKª,FKYHUPDJ,KQHQQLFKW]X IROJHQ+HUUYRQ%ORZ© ª:DVLFKEHNODJH© ª,FKGHVWRZHQLJHU(VWULIIWVLFKEHTXHPIU6LHGD6LHPLFK XQGPHLQH.DPHUDGHQEHU/DQGHV XQG.|QLJVWUHXHEHOHKUHQ XQGDXINOlUHQGUIHQGHQQGLH*UXQGVlW]H]XGHQHQ6LHVLFK EHNHQQHQVLQGPRPHQWDQREHQDXI:LUVWHKHQMHW]WQDFK,KUHP :XQVFKXQGDOOHUK|FKVWHP:LOOHQDP7LVFKH)UDQNUHLFKVXQG OHVHQGLH%URVDPHQDXIGLHYRQGHV.DLVHUV7LVFKHIDOOHQ$EHU DXIZLHODQJH"'HU6WDDW)ULHGULFKVGHV*URHQPXVLFKZLHGHU DXIVLFKVHOEVWEHVLQQHQ© ª6RHU VQXUWlWH©UHSOL]LHUWH%ORZª$EHUGDVYHUVlXPWHU HEHQ,VWGLHV6FKZDQNHQGLHVLPPHUQRFKKDOEH6WHKHQ]X 5XODQGXQGgVWHUUHLFKGDVXQVGHP(PSHUHXUHQWIUHPGHWLVW GDVIULGHUL]LDQLVFKH3ROLWLN",FKIUDJH6LH"© ª6LHPLYHUVWHKHQPLFK© ª6RELWWLFKPLFKDXVGHP0LYHUVWlQGQLV]XUHLHQ© ª:DVLFKZHQLJVWHQVYHUVXFKHQZLOOhEULJHQVZROOHQ 6LHPLFK PLYHUVWHKHQ+HUUYRQ%ORZ,FKEHNlPSIHQLFKWGDV IUDQ]|VLVFKH%QGQLVZHLOHVHLQ%QGQLVLVWDXFKQLFKWGHVKDOE ZHLOHVQDFK$UWDOOHU%QGQLVVHGDUDXIDXVLVWXQVHUH.UDIW]X GLHVHPRGHUMHQHP=ZHFN]XGRXEOLHUHQ2KQHLQZLHN|QQWLFK" $OOLDQ]HQVLQG0LWWHOGHUHQMHGH 3ROLWLNEHGDUIDXFKGHUJURH .|QLJKDWVLFKGLHVHU0LWWHOEHGLHQWXQGLQQHUKDOEGLHVHU0LWWHO EHVWlQGLJJHZHFKVHOW$EHUQLFKW JHZHFKVHOWKDWHULQVHLQHP (QG]ZHFN'LHVHUZDUXQYHUUFNWHLQVWDUNHVXQGVHOEVWlQGLJHV 3UHXHQ8QGQXQIUDJLFK6LH+HUUYRQ%ORZLVWGDVZDVXQV *UDI+DXJZLW]KHLPJHEUDFKWKDWXQGZDVVLFK,KUHU=XVWLPPXQJ VRVHKUHUIUHXWLVWGDV HLQVWDUNHVXQGVHOEVWlQGLJHV3UHXHQ" 6LHKDEHQPLFK JHIUDJWQXQIUDJLFK6LH©
=ZHLWHV.DSLWHO ª'LH:HLKHGHU.UDIW© %ORZGHVVHQ=JHGHQ$XVGUXFNHLQHUlXHUVWHQ hEHUKHEOLFKNHLWDQ]XQHKPHQEHJDQQHQZROOWHUHSOL]LHUHQDEHU )UDXYRQ&DUD\RQXQWHUEUDFKXQGVDJWHª/HUQHQZLUHWZDVDXV GHU3ROLWLNXQVHUHU7DJHZRQLFKW)ULHGHVHLQNDQQGDVHL ZHQLJVWHQV:DIIHQVWLOOVWDQG$XFKKLHU8QGQXQUDWHQ6LH OLHEHU$OYHQVOHEHQZHUKHXWHKLHUZDUXQVVHLQHQ%HVXFK]X PDFKHQ"(LQH%HUKPWKHLW8QGYRQGHU5DKHO/HYLQXQV ]XJHZLHVHQ© ª$OVRGHU3ULQ]©VDJWH$OYHQVOHEHQ ª2QHLQEHUKPWHURGHUGRFKZHQLJVWHQVWDJHVEHUKPWHU'HU 3ULQ]LVWHLQHHWDEOLHUWH=HOHEULWlWXQG=HOHEULWlWHQGLH]HKQ -DKUHJHGDXHUWKDEHQVLQGNHLQHPHKU,FKZLOO,KQHQEULJHQV ]X+LOIHNRPPHQHVJHKWLQV/LWHUDULVFKHKLQEHUXQGVRP|FKW LFKGHQQDXFKDQQHKPHQGDXQV+HUU6DQGHUGDV5lWVHOO|VHQ ZLUG© ª,FKZLOOHVZHQLJVWHQVYHUVXFKHQJQlGLJVWH)UDXZREHLPLU,KU =XWUDXHQYLHOOHLFKWHLQHJHZLVVH:HLKHNUDIWRGHUVDJHQZLU V OLHEHUUXQGKHUDXVHLQHJHZLVVH¾:HLKHGHU.UDIW½YHUOHLKHQ ZLUG© ª2YRU]JOLFK-D=DFKDULDV:HUQHUZDUKLHU/HLGHUZDUHQZLU DXVXQGVRVLQGZLUGHQQXPGHQXQV]XJHGDFKWHQ%HVXFK JHNRPPHQ,FKKDEHVVHKUEHGDXHUW© ª6LHVROOWHQVLFKXPJHNHKUWEHJOFNZQVFKHQHLQHU (QWWlXVFKXQJHQWJDQJHQ]XVHLQ©QDKP%ORZGDV:RUWª(VLVW VHOWHQGDGLH'LFKWHUGHU9RUVWHOOXQJHQWVSUHFKHQGLHZLUXQV YRQLKQHQPDFKHQ:LUHUZDUWHQHLQHQ2O\PSLHUHLQHQ1HNWDU XQG$PEURVLDPDQQXQGVHKHQVWDWWGHVVHQHLQHQ*RXUPDQG HLQHQ3XWHQEUDWHQYHU]HKUHQZLUHUZDUWHQ0LWWHLOXQJHQDXV VHLQHUJHKHLPVWHQ=ZLHVSUDFKPLWGHQ*|WWHUQXQGK|UHQLKQYRQ VHLQHPOHW]WHQ2UGHQHU]lKOHQRGHUZRKOJDUGLHDOOHUJQlGLJVWHQ :RUWH]LWLHUHQGLH6HUHQLVVLPXVEHUGDVMQJVWH.LQGVHLQHU 0XVHJHlXHUWKDW9LHOOHLFKWDXFK6HUHQLVVLPDZDVLPPHUGDV GHQNEDU$OEHUQVWHEHGHXWHW©
ª$EHUGRFKVFKOLHOLFKQLFKWV$OEHUQHUHVDOVGDV8UWHLOVROFKHUGLH GHQ9RU]XJKDEHQLQHLQHP6WDOORGHUHLQHU6FKHXQHJHERUHQ]X VHLQ©VDJWH6FKDFKVSLW] ª,FKPX,KQHQ]XPHLQHP%HGDXHUQPHLQVHKUYHUHKUWHU+HUU YRQ6FKDFKDXFKDXIGLHVHP *HELHWHZLGHUVSUHFKHQ'HU 8QWHUVFKLHGGHQ6LHEH]ZHLIHOQLVWZHQLJVWHQVQDFKPHLQHQ (UIDKUXQJHQWDWVlFKOLFKYRUKDQGHQXQG]ZDUZLH6LHPLU]X ZLHGHUKROHQJHVWDWWHQZROOHQ]X1LFKWJXQVWHQYRQ6HUHQLVVLPXV ,QGHU:HOWGHUNOHLQHQ/HXWHVWHKWGDV8UWHLODQXQGIUVLFK QLFKWK|KHUDEHUGLHYHUOHJHQH%HVFKHLGHQKHLWGDULQVLFK V NOHLGHWXQGGDVVWRWWHUQGHVFKOHFKWH*HZLVVHQZRPLWHV]XWDJH WULWWKDEHQDOOHPDOHWZDV9HUV|KQHQGHV8QGQXQVSULFKWGHU )UVW(ULVWGHU*HVHW]JHEHUVHLQHV/DQGHVLQDOOXQGMHGHPLQ JURHPXQGNOHLQHPDOVRQDWUOLFKDXFKLQDHVWKHWLFLV:HUEHU /HEHQXQG7RGHQWVFKHLGHWVROOWHGHUQLFKWDXFKEHUHLQ *HGLFKWFKHQHQWVFKHLGHQN|QQHQ"$KEDK(UPDJVSUHFKHQZDV HUZLOOHVVLQGLPPHU7DIHOQGLUHNWYRP6LQDL,FKKDEHVROFKH =HKQ*HERWHPHKUDOVHLQPDOYHUNQGHQK|UHQXQGZHLVHLWGHP ZDVHVKHLWUHJDUGHUGDQVOHQpDQW© ª8QGGRFKVWLPPLFKGHU0DPDEHL©EHPHUNWH9LFWRLUHGHU GDUDQODJGDV*HVSUlFKDXIVHLQHQ$QIDQJDXIGDV6WFNXQG VHLQHQ'LFKWHUDOVR]XUFN]XIKUHQª(VZlUHPLUZLUNOLFKHLQH )UHXGHJHZHVHQGHQ¾WDJHVEHUKPWHQ+HUUQ½ZLH0DPDLKQ HLQVFKUlQNHQGJHQDQQWKDWNHQQHQ]XOHUQHQ6LHYHUJHVVHQ+HUU YRQ%ORZGDZLU)UDXHQVLQGXQGGDZLUDOVVROFKHHLQ5HFKW KDEHQQHXJLHULJ]XVHLQ$QHLQHU%HUKPWKHLWZHQLJ*HIDOOHQ]X ILQGHQLVWVFKOLHOLFKLPPHUQRFKEHVVHUDOVVLHJDUQLFKWJHVHKHQ ]XKDEHQ© ª8QGZLUZHUGHQLKQLQGHU7DWQLFKWPHKUVHKHQLQDOOHU %HVWLPPWKHLWQLFKW©IJWH)UDXYRQ&DUD\RQKLQ]Xª(UYHUOlW %HUOLQLQGHQQlFKVWHQ7DJHQVFKRQXQGZDUEHUKDXSWQXUKLHU XPGHQHUVWHQ3UREHQVHLQHV6WFNHVEHL]XZRKQHQ© ª:DVDOVRKHLW©ZDUI$OYHQVOHEHQHLQªGDDQGHU$XIIKUXQJ VHOEVWQLFKWOlQJHUPHKU]X]ZHLIHOQLVW© ª,FKJODXEHQHLQ0DQKDWGHQ+RIGDIU]XJHZLQQHQRGHU ZHQLJVWHQVDOOHEHLJHEUDFKWHQ%HGHQNHQQLHGHU]XVFKODJHQ JHZXW©
ª:DVLFKXQEHJUHLIOLFKILQGH©IXKU$OYHQVOHEHQIRUWª,FKKDEH GDV6WFNJHOHVHQ(UZLOO/XWKHUYHUKHUUOLFKHQXQGGHU3IHUGHIX GHV-HVXLWLVPXVJXFNWEHUDOOXQWHUGHPVFKZDU]HQ'RNWRUPDQWHO KHUYRU$PUlWVHOKDIWHVWHQDEHULVWHVPLUGDVLFK,IIODQGGDIU LQWHUHVVLHUW,IIODQGHLQ)UHLPDXUHU© ª:RUDXVLFKHLQIDFKVFKOLHHQP|FKWHGDHUGLH+DXSWUROOH KDW©HUZLGHUWH6DQGHUª8QVHUH3ULQ]LSLHQGDXHUQJHUDGHVR ODQJHELVVLHPLWXQVHUQ/HLGHQVFKDIWHQRGHU(LWHONHLWHQLQ .RQIOLNWJHUDWHQXQG]LHKHQGDQQMHGHVPDOGHQNU]HUHQ(UZLUG GHQ/XWKHUVSLHOHQZROOHQ8QGGDVHQWVFKHLGHW© ª,FKEHNHQQHGDHVPLUZLGHUVWUHEW©VDJWH9LFWRLUHªGLH *HVWDOW/XWKHUVDXIGHU%KQH]XVHKHQ2GHUJHKLFKGDULQ]X ZHLW"© (VZDU$OYHQVOHEHQDQGHQVLFKGLH)UDJHJHULFKWHWKDWWHª=X ZHLW"2KPHLQHWHXHUVWH9LFWRLUHJHZLQLFKW6LHVSUHFKHQPLU JDQ]DXVGHP+HU]HQ(VVLQGPHLQHIUKHVWHQ(ULQQHUXQJHQGD LFKLQXQVHUHU'RUINLUFKHVDXQGPHLQDOWHU9DWHUQHEHQPLUGHU DOOH*HVDQJEXFKVYHUVHPLWVDQJ8QGOLQNVQHEHQGHP$OWDUGD KLQJXQVHU0DUWLQ/XWKHULQJDQ]HU)LJXUGLH%LEHOLP$UPGLH 5HFKWHGDUDXIJHOHJWHLQOHEHQVYROOHV%LOGXQGVDK]XPLU KHUEHU,FKGDUIVDJHQGDGLHVHUQVWH0DQQHVJHVLFKWDQ PDQFKHP6RQQWDJHEHVVHUXQGHLQGULQJOLFKHU]XPLU JHSUHGLJW KDWDOVXQVHUDOWHU.OXFNKXKQGHU]ZDUGLHVHOEHQKRKHQ %DFNHQNQRFKHQXQGGLHVHOEHQZHLHQ3lIIFKHQKDWWHZLHGHU 5HIRUPDWRUDEHUDXFKZHLWHUQLFKWV8QGGLHVHQ*RWWHVPDQQ QDFKGHPZLUXQVQHQQHQXQGXQWHUVFKHLGHQXQG]XGHPLFKQLH DQGHUVDOV LQ(KUIXUFKWXQG$QGDFKWDXIJHVFKDXWKDEHGHQZLOO LFKQLFKWDXVGHQ.XOLVVHQRGHUDXVHLQHU+LQWHUWUWUHWHQVHKHQ $XFKQLFKWZHQQ,IIODQGLKQJLEWGHQLFKEULJHQVVFKlW]HQLFKW EORDOV.QVWOHUVRQGHUQDXFKDOV0DQQYRQ*UXQGVlW]HQXQG JXWHUSUHXLVFKHU*HVLQQXQJ© ª3HFWXVIDFLWRUDWRUHP©YHUVLFKHUWH6DQGHUXQG9LFWRLUHMXEHOWH %ORZDEHUGHUQLFKWJHUQQHXH*|WWHUQHEHQVLFKGXOGHWHZDUI VLFKLQVHLQHQ6WXKO]XUFNXQGVDJWHZlKUHQGHUVHLQ.LQQXQG VHLQHQ6SLW]EDUWVWULFKª(VZLUG6LHQLFKWEHUUDVFKHQPLFKLP 'LVVHQV]XILQGHQ© ª2KJHZLQLFKW©ODFKWH6DQGHU
ª1XUGDJHJHQP|FKWLFKPLFKYHUZDKUHQDOVRELFKGXUFKHLQHQ VROFKHQ'LVVHQVLUJHQGZLHGHQ$QZDOWGLHVHVSIlIILVFKHQ =DFKDULDV:HUQHU]XPDFKHQJHGlFKWHGHUPLULQVHLQHQ P\VWLVFKURPDQWLVFKHQ7HQGHQ]HQHLQIDFK]XZLGHULVW,FKELQ QLHPDQGHV$QZDOW© ª$XFKQLFKW/XWKHUV"©IUDJWH6FKDFKLURQLVFK ª$XFKQLFKW/XWKHUV© ª(LQ*OFNGDHUGHVVHQHQWEHKUHQNDQQ© ª$EHUDXIZLHODQJH"©IXKU%ORZVLFKDXIULFKWHQGIRUWª*ODXEHQ 6LHPLU+HUUYRQ6FKDFKDXFKHULVWLQGHU'pFDGHQFHZLHVRYLHO DQGHUHVPLWLKPXQGEHUHLQNOHLQHVZLUGNHLQH *HQHUDODQZDOWVFKDIWGHU:HOWLKQKDOWHQN|QQHQ© ª,FKKDEH1DSROHRQYRQHLQHU¾(SLVRGH3UHXHQ½VSUHFKHQ K|UHQ©HUZLGHUWH6FKDFKª:ROOHQXQVGLH+HUUHQ1HXHUHUXQG +HUUYRQ%ORZDQLKUHU6SLW]HYLHOOHLFKWDXFKPLWHLQHU¾(SLVRGH /XWKHU½EHJOFNHQ"© ª(VLVWVR6LHWUHIIHQHVhEULJHQVVLQGQLFKWZLUHVGLHGLHV (SLVRGHQWXPVFKDIIHQZROOHQ'HUJOHLFKHQVFKDIIWQLFKWGHU HLQ]HOQHGLH*HVFKLFKWHVFKDIIWHV8QGGDEHLZLUGVLFKHLQ ZXQGHUEDUHU=XVDPPHQKDQJ]ZLVFKHQGHU(SLVRGH3UHXHQXQG GHU(SLVRGH/XWKHUKHUDXVVWHOOHQ(VKHLWDXFKGDZLHGHU¾6DJH PLUPLWZHPGXXPJHKVWXQGLFKZLOOGLUVDJHQZHUGXELVW½ ,FKEHNHQQHGDLFKGLH7DJH3UHXHQVJH]lKOWJODXEHXQG ¾ZHQQGHU0DQWHOIlOOWPXGHU+HU]RJQDFK½,FKEHUODHV ,KQHQGLH5ROOHQGDEHL]XYHUWHLOHQ'LH=XVDPPHQKlQJH ]ZLVFKHQ6WDDWXQG.LUFKHZHUGHQQLFKWJHQXJVDPJHZUGLJW MHGHU6WDDWLVWLQJHZLVVHP6LQQH]XJOHLFKDXFKHLQ.LUFKHQVWDDW HUVFKOLHWHLQH(KHPLWGHU.LUFKHXQGVROOGLHVH(KHJOFNOLFK VHLQVRPVVHQEHLGH]XHLQDQGHUSDVVHQ,Q3UHXHQSDVVHQVLH ]XHLQDQGHU8QGZDUXP":HLOEHLGHJOHLFKGUIWLJDQJHOHJWJOHLFK HQJJHUDWHQVLQG(VVLQG.OHLQH[LVWHQ]HQ EHLGHEHVWLPPWLQ HWZDV*U|HUHPDXI RGHUXQWHU]XJHKHQ8QG]ZDUEDOG +DQQLEDODQWHSRUWDV© ª,FKJODXEWH6LHGDKLQYHUVWDQGHQ]XKDEHQ©HUZLGHUWH6FKDFK ªGDXQV*UDI+DXJZLW]QLFKWGHQ8QWHUJDQJZRKODEHUGLH 5HWWXQJXQGGHQ)ULHGHQJHEUDFKWKDEH©
ª'DVKDWHU$EHUHUNDQQXQVHU*HVFKLFNQLFKWZHQGHQ ZHQLJVWHQVDXIGLH'DXHUQLFKW'LHV*HVFKLFNKHLW(LQYHUOHLEXQJ LQGDV8QLYHUVHOOH'HUQDWLRQDOHZLHGHUNRQIHVVLRQHOOH 6WDQGSXQNWVLQGKLQVFKZLQGHQGH'LQJHYRUDOOHPDEHULVWHVGHU SUHXLVFKH6WDQGSXQNWXQGVHLQDOWHUHJRGHUOXWKHULVFKH%HLGH VLQGNQVWOLFKH*U|HQ,FKIUDJHZDVEHGHXWHQVLH"ZHOFKH 0LVVLRQHQHUIOOHQVLH"6LH]LHKHQ:HFKVHODXIHLQDQGHUVLHVLQG VLFKJHJHQVHLWLJ=ZHFNXQG$XIJDEHGDVLVWDOOHV8QGGDVVROO HLQH:HOWUROOH VHLQ:DVKDW3UHXHQGHU:HOWJHOHLVWHW":DVILQG LFKZHQQLFKQDFKUHFKQH"'LHJURHQ%ODXHQ.|QLJ)ULHGULFK :LOKHOPV,GHQHLVHUQHQ/DGHVWRFNGHQ=RSIXQGMHQH ZXQGHUYROOH0RUDOGLHGHQ6DW]HUIXQGHQKDW¾LFKKDELKQDQGLH .ULSSHJHEXQGHQZDUXPKDWHUQLFKWJHIUHVVHQ"½© ª*XWJXW$EHU/XWKHU© ª1XQZRKOGHQQHVJHKWHLQH6DJHGDPLWGHP0DQQHYRQ :LWWHQEHUJGLH)UHLKHLWLQGLH:HOWJHNRPPHQVHLXQG EHVFKUlQNWH+LVWRULNHUKDEHQHVGHPQRUGGHXWVFKHQ9RONHVR ODQJHYHUVLFKHUWELVPDQ VJHJODXEWKDW$EHUZDVKDWHUGHQQLQ :DKUKHLWLQGLH:HOWJHEUDFKW"8QGXOGVDPNHLWXQG +H[HQSUR]HVVH1FKWHUQKHLWXQG/DQJHZHLOH'DVLVWNHLQ.LWWIU -DKUWDXVHQGH-HQHU:HOWPRQDUFKLHGHUQXUQRFKGLHOHW]WH 6SLW]HIHKOWZLUGDXFKHLQH:HOWNLUFKHIROJHQGHQQZLHGLH NOHLQHQ'LQJHVLFKILQGHQXQGLP=XVDPPHQKDQJHVWHKHQVRGLH JURHQQRFKYLHOPHKU,FKZHUGHPLUGHQ%KQHQ/XWKHUQLFKW DQVHKHQZHLOHUPLULQGLHVHV+HUUHQ=DFKDULDV:HUQHU 9HU]HUUXQJHLQIDFKHLQ'LQJLVWGDVPLFKlUJHUWDEHULKQQLFKW DQVHKHQZHLOHV$QVWRJHEHZHLOHV(QWKHLOLJXQJ VHLGDVLVW PHKUDOVLFKIDVVHQNDQQ© ª8QGZLUOLHEHU%ORZ©XQWHUEUDFK)UDXYRQ&DUD\RQªZLU ZHUGHQLKQXQVDQVHKHQWURW]GHP HVXQV$QVWRJLEW9LFWRLUH KDWUHFKWXQGZHQQEHL,IIODQGGLH(LWHONHLWVWlUNHUVHLQGDUIDOV GDV3ULQ]LSVREHLXQV GLH1HXJLHU,FKKRIIH+HUUYRQ6FKDFK XQG6LHOLHEHU$OYHQVOHEHQZHUGHQXQVEHJOHLWHQhEULJHQVVLQG HLQSDDUGHUHLQJHOHJWHQ/LHGHUQLFKWEHO:LUHUKLHOWHQVLH JHVWHUQ9LFWRLUHGXN|QQWHVWXQVGDVHLQ RGHUDQGHUHGDYRQ VLQJHQ© ª,FKKDEHVLHNDXPGXUFKJHVSLHOW©
ª2KGDQQELWWLFKXPVRPHKU©EHPHUNWH6FKDFKª$OOH 6DORQYLUWXRVLWlWLVWPLUYHUKDW$EHUZDVLFKLQGHU.XQVWOLHEH GDVLVWHLQVROFKHVSRHWLVFKHV6XFKHQXQG7DSSHQ© %ORZOlFKHOWHYRU VLFKKLQXQGVFKLHQVDJHQ]XZROOHQª(LQ MHGHUQDFKVHLQHQ0LWWHOQ© 6FKDFKDEHUIKUWH9LFWRLUHQDQGDV.ODYLHUXQGGLHVHVDQJ ZlKUHQGHUEHJOHLWHWH ª'LH%OWHVLHVFKOlIWVROHLVXQGOLQG :RKOLQGHU:LHJHYRQ6FKQHH (LQOXOOWVLHGHU:LQWHU¾6FKODIHLQJHVFKZLQG 'XEOKHQGHV.LQG½ 8QGGDV.LQGHVZHLQWXQGYHUVFKOlIWVHLQ:HK 8QGKHUQLHGHUVWHLJHQDXVGXIWLJHU+|K 'LH6FKZHVWHUQXQGOLHEHQXQGEOKQ© (LQHNOHLQH3DXVHWUDWHLQXQG)UDXYRQ&DUD\RQIUDJWHª1XQ +HUU6DQGHUZLHEHVWHKWHVYRU,KUHU.ULWLN"© ª(VPXVHKU VFK|QVHLQ©DQWZRUWHWHGLHVHUª,FKYHUVWHKHVQLFKW$EHUK|UHQ ZLUZHLWHU'LH%OWHGLHYRUOlXILJQRFKVFKOlIWZLUGGRFKZRKO PDOHUZDFKHQ© ª8QGNRPPWGHU0DLGDQQZLHGHUVROLQG 'DQQEULFKWHUGLH:LHJHYRQ6FKQHH (UVFKWWHOWGLH%OWH¾:DFKDXIJHVFKZLQG 'XZHONHQGHV.LQG½ 8QGHVKHEWGLHbXJOHLQHVWXWLKPZHK 8QGVWHLJWKLQDXILQGLHOHXFKWHQGH+|K :RVWUDKOHQGGLH%UGHUOHLQEOKQ©
(LQOHEKDIWHU%HLIDOOEOLHEQLFKWDXV$EHUHUJDOWDXVVFKOLHOLFK 9LFWRLUHQXQGGHU.RPSRVLWLRQXQGDOVVFKOLHOLFKDXFKGHU7H[W DQGLH5HLKHNDPEHNDQQWHVLFKDOOHV]X6DQGHUVNHW]HULVFKHQ $QVLFKWHQ 1XU%ORZVFKZLHJ(UKDWWHZLHGLHPHLVWHQPLW 6WDDWHQXQWHUJDQJEHVFKlIWLJWHQ)URQGHXUVDXFKVHLQH VFKZDFKHQ6HLWHQXQGHLQHGDYRQZDUGXUFKGDV/LHGJHWURIIHQ ZRUGHQ$QGHPKDOEXPZ|ONWHQ+LPPHOGUDXHQIXQNHOWHQHLQ SDDU6WHUQHGLH0RQGVLFKHOVWDQGGD]ZLVFKHQXQGHU ZLHGHUKROWHZlKUHQGHUGXUFKGLH6FKHLEHQGHUKRKHQ%DONRQWU KLQDXIEOLFNWHª:RVWUDKOHQGGLH%UGHUOHLQEOKQ© :LGHU:LVVHQXQG:LOOHQZDUHUHLQ.LQGVHLQHU=HLWXQG URPDQWLVLHUWH 1RFKHLQ]ZHLWHVXQGGULWWHV/LHGZXUGHJHVXQJHQDEHUGDV8UWHLO EOLHEGDVVHOEH'DQQWUHQQWHPDQVLFK]XQLFKWDOO]XVSlWHU 6WXQGH
'ULWWHV.DSLWHO %HL6DOD7DURQH 'LH7XUPXKUHQDXIGHP*HQVGDUPHQPDUNWVFKOXJHQHOIDOVGLH *lVWHGHU)UDXYRQ&DUD\RQDXIGLH%HKUHQVWUDHKLQDXVWUDWHQ XQGQDFKOLQNVHLQELHJHQGDXIGLH/LQGHQ]XVFKULWWHQ'HU0RQG KDWWHVLFKYHUVFKOHLHUWXQGGLH5HJHQIHXFKWHGLHEHUHLWVLQGHU /XIWODJXQG DXI:HWWHUXPVFKODJGHXWHWHWDWDOOHQZRKO$QGHU (FNHGHU/LQGHQHPSIDKOVLFK6FKDFKDOOHUKDQG'LHQVWOLFKHV YRUVFKW]HQGZlKUHQG$OYHQVOHEHQ%ORZXQG6DQGHU EHUHLQNDPHQQRFKHLQH6WXQGH]XSODXGHUQ ª$EHUZR"©IUDJWH%ORZGHULPJDQ]HQQLFKWZlKOHULVFKZDU DEHUGRFKHLQHQ$EVFKHXJHJHQ/RNDOHKDWWHGDULQLKP ª$XISDVVHUXQG.HOOQHUGLH.HKOH]XVFKQUWHQ© ª$EHUZR"©ZLHGHUKROWH6DQGHUª6LHKGDV*XWHOLHJWVRQDK© XQGZLHVGDEHLDXIHLQHQ(FNODGHQEHUGHPLQPlLJJURHQ %XFKVWDEHQ]XOHVHQVWDQG,WDOLHQHU:HLQ XQG 'HOLNDWHVVHQKDQGOXQJYRQ6DOD7DURQH'DVFKRQJHVFKORVVHQ ZDUNORSIWHPDQDQGLH+DXVWUDQGHUHQHLQHU6HLWHVLFKHLQ (LQVFKQLWWPLWHLQHU.ODSSHEHIDQG8QGZLUNOLFKJOHLFKGDUDXI |IIQHWHVLFK VYRQLQQHQHLQ.RSIHUVFKLHQDP.XFNORFKXQGDOV $OYHQVOHEHQV8QLIRUPEHUGHQ&KDUDNWHUGHUHWZDVVSlWHQ*lVWH EHUXKLJWKDWWHGUHKWHVLFKLQQHQGHU6FKOVVHOLP6FKORXQG DOOHGUHLWUDWHQHLQ$EHUGHU/XIW]XJGHUJLQJO|VFKWHGHQ%ODNHU DXVGHQGHU.IHULQ+lQGHQKLHOWXQGQXUHLQHJDQ]LP +LQWHUJUXQGHGLFKWEHUGHU+RIWUVFKZHOHQGH/DWHUQHJDE JHUDGHQRFK/LFKWJHQXJXPGDV*HIlKUOLFKHGHU3DVVDJH NHQQWOLFK]XPDFKHQ ª,FKELWWH6LH%ORZZDVVDJHQ6LH]XGLHVHP'HILOHH"© EUXPPWH6DQGHUVLFKLPPHUGQQHUPDFKHQG XQGZLUNOLFKKLH HVDXIGHU+XWVHLQGHQQLQ)URQWGHU]XEHLGHQ6HLWHQOLHJHQGHQ gO XQG:HLQIlVVHUVWDQGHQ=LWURQHQ XQG$SIHOVLQHQNLVWHQGHUHQ 'HFNHOQDFKYRUQKLQDXIJHNODSSWZDUHQª$FKWXQJ©VDJWHGHU .IHUª,VKLHUDOOHQVYROO3LQQHQXQG1lJHO +DEHPLUJHVWHUQ HUVWHLQHQHLQJHWUHWHQ©
ª$OVRDXFKVSDQLVFKH5HLWHU2K%ORZ,QVROFKH/DJHEULQJW HLQHQHLQPLOLWlULVFKHU9HUODJ© 'LHVHU6DQGHUVFKH6FKPHU]HQVVFKUHLVWHOOWHGLH+HLWHUNHLWZLHGHU KHUXQGXQWHU7DSSHQXQG7DVWHQZDUPDQHQGOLFKELVLQGLH 1lKHGHU+RIWUJHNRPPHQZRQDFKUHFKWVKLQHLQLJHGHU )lVVHUZHQLJHUGLFKWQHEHQHLQDQGHUODJHQ+LHU]ZlQJWHPDQVLFK GHQQDXFKGXUFKXQGJHODQJWHPLW+LOIHYRQYLHURGHUIQIVWHLOHQ 6WXIHQLQHLQHPlLJJURH+LQWHUVWXEHGLHJHOEJHVWULFKHQ XQG KDOEYHUEODNWXQGQDFK$UWDOOHUª)UKVWFNVVWXEHQ©XP 0LWWHUQDFKWDPYROOVWHQZDUhEHUDOODQQLHGULJHQ3DQHHOHQKLQ VWDQGHQODQJHOlQJVWHLQJHVHVVHQH/HGHUVRIDVPLWNOHLQHQXQG JURHQ7LVFKHQGDYRUXQGQXUHLQH6WHOOHZDUGDZRGLHVHV 0RELOLDU IHKOWH+LHUVWDQGYLHOPHKUHLQPLW.lVWHQXQG5HDOHQ EHUEDXWHV3XOWYRUZHOFKHPHLQHUGHU5HSUlVHQWDQWHQGHU)LUPD WDJDXVWDJHLQDXIHLQHP'UHKVFKHPHOULWWXQGVHLQH%HIHKOH JHZ|KQOLFKQXUHLQ:RUW LQHLQHQXQPLWWHOEDUQHEHQGHP3XOW EHILQGOLFKHQ.HOOHUKLQXQWHUULHIGHVVHQ)DOOWULPPHURIIHQVWDQG 8QVHUHGUHL)UHXQGHKDWWHQLQHLQHUGHP.HOOHUORFKVFKUlJ JHJHQEHUJHOHJHQHQ(FNH3ODW]JHQRPPHQXQG6DQGHUGHU JUDGODQJHJHQXJ9HUOHJHUZDUXPVLFKDXIOXNXOOLVFKH)HLQKHLWHQ ]XYHUVWHKHQEHUIORJHEHQGLH:HLQ XQG6SHLVHNDUWH'LHVH ZDULQUXVVLVFK/HGHUJHEXQGHQURFKDEHUQDFK+XPPHU(V VFKLHQQLFKWGDXQVHU/XNXOOJHIXQGHQKDWWHZDVLKPJHILHOHU VFKREDOVRGLH.DUWHZLHGHUIRUWXQGVDJWHª'DV*HULQJVWHZDV LFKYRQHLQHPVROFKHQKXQGVWlJOLFKHQ$SULOHUZDUWHQNDQQVLQG 0DLNUlXWHU$VSHUXODRGRUDWD/LQQpL'HQQLFKKDEDXFK %RWDQLVFKHVYHUOHJW9RQGHP9RUKDQGHQVHLQIULVFKHU$SIHOVLQHQ KDEHQZLUXQVGUDXHQPLW*HIDKUXQVHUHV/HEHQVEHU]HXJW XQGIUGHQ0RVHOEUJWXQVGLH)LUPD© 'HU+HUUDP3XOWUKUWHVLFKQLFKWDEHUPDQVDKGHXWOLFKGDHU PLWVHLQHP5FNHQ]XVWLPPWH%ORZXQG$OYHQVOHEHQWDWHQ GHVJOHLFKHQXQG6DQGHUUHVROYLHUWHNXU]ª$OVR0DLERZOH© 'DV:RUWZDUDEVLFKWOLFKODXWXQGPLWGHU%HWRQXQJHLQHU2UGUH JHVSURFKHQZRUGHQXQGLPVHOEHQ$XJHQEOLFNHVFKROOHVDXFK VFKRQYRP'UHKVWXKOKHULQGDV.HOOHUORFKKLQXQWHUª)ULW]©(LQ ]XQlFKVWQXUPLWKDOEHU)LJXUDXVGHU9HUVHQNXQJDXIWDXFKHQGHU GLFNHUXQGNXU]KDOVLJHU-XQJHZXUGHZLHZHQQDXIHLQH)HGHU JHGUFNWZRUGHQZlUHVRIRUWVLFKWEDUEHUVSUDQJGLHQVWHLIULJ
LQGHPHUGLH+DQGDXIVHW]WHGLHOHW]WHQ]ZHLGUHL6WXIHQXQG VWDQGLP1XYRU6DQGHUGHQHUDOOHP$QVFKHLQHQDFKDP EHVWHQNDQQWH ª6DJHQ6LH)ULW]ZLHYHUKlOWVLFKGLH)LUPD6DOD7DURQH]XU 0DLERZOH"© ª*XW6HKUJXW© ª$EHUZLUKDEHQHUVW$SULOXQGVRVHKULFKLPDOOJHPHLQHQGHU 0DQQGHU6XUURJDWHELQVRKDLFKGRFKHLQVGLH7RQNDERKQH 'LH7RQNDERKQHJHK|UWLQGLH6FKQXSIWDEDNVGRVHQLFKWLQGLH 0DLERZOH9HUVWDQGHQ"© ª=XGLHQHQ+HUU6DQGHU© ª*XWGHQQ$OVR0DLNUlXWHU8QGQLFKWODQJH]LHKHQODVVHQ :DOGPHLVWHULVWQLFKW.DPLOOHQWHH'HU0RVHOVDJHQZLUHLQ =HOWLQJHURGHUHLQ%UDXQHEHUJHUZLUGODQJVDPEHUGLH%VFKHO JHJRVVHQGDVJHQJW$SIHOVLQHQVFKQLWWHQDOVEORHV2UQDPHQW (LQH6FKHLEH]XYLHOPDFKW.RSIZHK8QGQLFKW]XVXQGHLQH &OLTXRWH[WUD([WUDVDJLFK%HVVHULVWEHVVHU© 'DPLWZDUGLH%HVWHOOXQJEHHQGHWXQGHKH]HKQ0LQXWHQXP ZDUHQHUVFKLHQGLH%RZOHGDUDXIQLFKWPHKUDOVGUHLRGHUYLHU :DOGPHLVWHUEOlWWFKHQVFKZDPPHQQXUJHUDGHJHQXJGHQ %HZHLVGHU(FKWKHLW]XIKUHQ ª6HKHQ6LH)ULW]GDVJHIlOOWPLU$XIPDQFKHU0DLERZOH VFKZLPPWHVZLH(QWHQJUW]H8QGGDVLVWVFKUHFNOLFK,FKGHQNH ZLUZHUGHQ)UHXQGHEOHLEHQ8QGQXQJUQH*OlVHU© $OYHQVOHEHQODFKWHª*UQH"© ª-D:DVVLFKGDJHJHQVDJHQOlWOLHEHU$OYHQVOHEHQZHLLFK XQGODHVJHOWHQ(VLVWLQGHU7DWHLQH)UDJHGLHPLFKVHLW OlQJHUEHVFKlIWLJWXQGGLHQHEHQDQGHUHQLQGLH5HLKHMHQHU =ZLHVSDOWHJHK|UWGLHVLFKZLUP|JHQHVDQIDQJHQZLHZLU ZROOHQGXUFKXQVHU/HEHQKLQ]LHKHQ'LH)DUEHGHV:HLQVJHKW YHUORUHQDEHUGLH)DUEHGHV)UKOLQJVZLUGJHZRQQHQXQGPLWLKU GDVIHVWOLFKH*HVDPWNRORULW8QGGLHVHUVFKHLQWPLUDOVGHU ZLFKWLJHUH3XQNW8QVHU(VVHQXQG7ULQNHQVRZHLWHVQLFKWGHU JHPHLQHQ/HEHQVQRWGXUIWGLHQWPXPHKUXQGPHKU]XU
V\PEROLVFKHQ+DQGOXQJZHUGHQXQGLFKEHJUHLIH=HLWHQGHV VSlWHUHQ0LWWHODOWHUVLQGHQHQGHU7DIHODXIVDW]XQGGLH )UXFKWVFKDOHQPHKUEHGHXWHWHQDOVGDV0DKOVHOEVW© ª:LHJXW,KQHQGDVNOHLGHW6DQGHU©ODFKWH%ORZª8QGGRFK GDQNLFK*RWW,KUH.DSDXQHQUHFKQXQJQLFKWEH]DKOHQ]X PVVHQ© ª'LH6LHVFKOLHOLFKGRFK EH]DKOHQ© ª$KGDVHUVWH 0DOGDLFKHLQHQGDQNEDUHQ9HUOHJHULQ,KQHQ HQWGHFNH6WRHQZLUDQ$EHUDOOH:HOWGDVWHLJWMDGHUODQJH 1RVWLW]DXVGHU9HUVHQNXQJ6HKHQ6LH6DQGHUHUQLPPWJDU NHLQ(QGH© :LUNOLFKHVZDU1RVWLW]GHUXQWHU%HQXW]XQJHLQHVJHKHLPHQ (LQJDQJVHEHQGLH.HOOHUWUHSSHKLQDXIVWROSHUWH1RVWLW] YRQGHQ *HQVGDUPHVGHUOlQJVWH/LHXWHQDQWGHU$UPHHGHUWURW]GHPHU DXVGHP6lFKVLVFKHQVWDPPWHVHLQHUVHFKV)XGUHL=ROOKDOEHU VR]LHPOLFKRKQH:LGHUUHGHEHLP(OLWHUHJLPHQW*HQVGDUPHV HLQJHVWHOOWXQGPLWHLQHPYHUEOLHEHQHQNOHLQHQ5HVWHYRQ $QWDJRQLVPXVPLWWOHUZHLOHOlQJVWIHUWLJJHZRUGHQZDU(LQ WROONKQHU5HLWHUXQGHLQQRFKWROONKQHUHU&RXU XQG 6FKXOGHQPDFKHUZDUHUVHLWODQJHLQ$OOHUEHOLHEWHVWHULP 5HJLPHQWVR EHOLHEWGDLKQVLFKGHUª3ULQ]©GHUNHLQDQGUHU ZDUDOV3ULQ]/RXLVEHL*HOHJHQKHLWGHUYRUMlKULJHQ0RELOLVLHUXQJ ]XP$GMXWDQWHQHUEHWHQKDWWH 1HXJLHULJZRKHUHUNRPPHVWUPWHPDQPLW)UDJHQDXILKQHLQ DEHUHUVWDOVHUVLFKLQGHP/HGHUVRID]XUHFKWJHUFNWKDWWHJDE HU$QWZRUWDXIDOOGDVZDVPDQLKQIUDJWHª:RKHULFKNRPPH" :DUXPLFKEHLGHQ&DUD\RQVJHVFKZlQ]WKDEH"1XQZHLOLFKLQ )UDQ]|VLVFK%XFKKRO]QDFKVHKHQZROOWHREGLH6W|UFKHVFKRQ ZLHGHUGDVLQGREGHU.XFNXFNVFKRQZLHGHUVFKUHLWXQGREGLH 6FKXOPHLVWHUVWRFKWHUQRFKVRODQJHIODFKVEORQGH)OHFKWHQKDWZLH YRULJHV-DKU(LQUHL]HQGHV.LQG,FKODVVHPLULPPHUGLH.LUFKH YRQLKU]HLJHQXQGZLUVWHLJHQGDQQLQGHQ7XUPKLQDXIZHLOLFK HLQH3DVVLRQIUDOWH*ORFNHQLQVFKULIWHQKDEH6LHJODXEHQJDU QLFKWZDVVLFKLQVROFKHP7XUPHDOOHVHQW]LIIHUQOlW,FK]lKOH GDV]XPHLQHQJOFNOLFKVWHQXQGOHKUUHLFKVWHQ6WXQGHQ© ª8QGHLQH%ORQGLQHVDJWHQ6LH'DQQIUHLOLFKHUNOlUWVLFKDOOHV 'HQQQHEHQHLQHU3ULQ]HVVLQ)ODFKVKDDUNDQQXQVHU)UlXOHLQ
9LFWRLUHQLFKWEHVWHKQ8QGQLFKWHLQPDOGLHVFK|QH0DPDGLH VFK|QLVWDEHUGRFKDP(QGHEUQHWW8QGEORQGJHKWLPPHUYRU VFKZDU]© ª,FKP|FKWHGDVQLFKWJHUDGH]X]XP$[LRPHUKHEHQ©IXKU 1RVWLW]IRUWª(VKlQJWGRFKDOOHVQRFKYRQ1HEHQXPVWlQGHQDE GLHKLHUIUHLOLFKHEHQIDOOV]XJXQVWHQPHLQHU)UHXQGLQVSUHFKHQ 'LHVFK|QH0DPDZLH6LHVLHQHQQHQZLUGVLHEHQXQGGUHLLJEHL ZHOFKHU$GGLWLRQLFKZDKUVFKHLQOLFKJDODQW JHQXJELQLKULKUHYLHU (KHMDKUHKDOE VWDWWGRSSHOW]XUHFKQHQ$EHUGDVLVW6FKDFKV 6DFKHGHUEHUNXU]RGHUODQJLQGHU/DJHVHLQZLUGLKUHQ 7DXIVFKHLQXPVHLQH*HKHLPQLVVH]XEHIUDJHQ© ª:LHGDV"©IUDJWH%ORZ ª:LHGDV"©ZLHGHUKROWH1RVWLW]ª:DVGRFKGLH*HOHKUWHQXQG ZHQQHVJHOHKUWH0LOLWlUVZlUHQIUVFKOHFKWH%HREDFKWHUVLQG ,VW,KQHQGHQQGDV9HUKlOWQLV]ZLVFKHQEHLGHQHQWJDQJHQ"(LQ ]LHPOLFKYRUJHVFKULWWHQHVJODXELFK& HVWOHSUHPLHUSDVTXL FRWH© ª6LHGUFNHQVLFKHWZDVGXQNHODXV1RVWLW]© ª6RQVWQLFKWJHUDGHPHLQ)HKOHU© ª,FKPHLQHUVHLWVJODXEH6LH]XYHUVWHKQ©XQWHUEUDFK $OYHQVOHEHQª$EHU6LHWlXVFKHQVLFK1RVWLW]ZHQQ6LHGDUDXV DXIHLQH3DUWLHVFKOLHHQ6FKDFKLVWHLQHVHKUHLJHQDUWLJH1DWXU GLHZDVPDQDXFKDQLKUDXVVHW]HQPDJZHQLJVWHQVPDQFKH SV\FKRORJLVFKH3UREOHPHVWHOOW,FKKDEHEHLVSLHOVZHLVHNHLQHQ 0HQVFKHQNHQQHQJHOHUQWEHLGHPDOOHVVRJDQ]XQGJDUDXIGDV bVWKHWLVFKH]XUFN]XIKUHQZlUHZRPLWHVYLHOOHLFKWLQHLQHP JHZLVVHQ=XVDPPHQKDQJHVWHKWGDHUEHUVSDQQWH 9RUVWHOOXQJHQYRQ,QWDNWKHLWXQG(KHKDW:HQLJVWHQVYRQHLQHU (KHZLHHU VLH]XVFKOLHHQZQVFKW8QGVRELQLFKGHQQZLHYRQ PHLQHP/HEHQEHU]HXJWHUZLUGQLHPDOVHLQH:LWZHKHLUDWHQ DXFKGLHVFK|QVWHQLFKW.|QQWDEHUKLHUEHUQRFKLUJHQGHLQ =ZHLIHOVHLQVRZUGLKQHLQ 8PVWDQGEHVHLWLJHQXQGGLHVHUHLQH 8PVWDQGKHLW¾9LFWRLUH ½© ª:LHGDV"©
ª:LHVFKRQVRPDQFKHU+HLUDWVSODQDQHLQHUXQUHSUlVHQWDEOHQ 0XWWHUJHVFKHLWHUWLVWVRZUGHUKLHUDQHLQHUXQUHSUlVHQWDEOHQ 7RFKWHUVFKHLWHUQ(UIKOWVLFKGXUFKLKUHPDQJHOQGH6FK|QKHLW JHUDGH]XJHQLHUWXQGHUVFKULFNWYRUGHP*HGDQNHQVHLQH 1RUPDOLWlWZHQQLFKPLFKVRDXVGUFNHQGDUIPLWLKUHU 8QQRUPDOLWlWLQLUJHQGZHOFKH9HUELQGXQJJHEUDFKW]XVHKHQ(U LVWNUDQNKDIWDEKlQJLJDEKlQJLJELV]XU6FKZlFKHYRQGHP 8UWHLOHGHU0HQVFKHQVSH]LHOOVHLQHU6WDQGHVJHQRVVHQXQG ZUGHVLFKMHGHU]HLWDXHUVWDQGHIKOHQLUJHQGHLQHU3ULQ]HVVLQ RGHUDXFKQXUHLQHUKRFKJHVWHOOWHQ'DPH9LFWRLUHQDOVVHLQH 7RFKWHUYRU]XVWHOOHQ© ª0|JOLFK$EHUGHUJOHLFKHQOlWVLFKYHUPHLGHQ© ª'RFKVFKZHU6LH]XUFN]XVHW]HQRGHUJDQ]HLQIDFKDOV $VFKHQEU|GHO]XEHKDQGHOQGDVZLGHUVWUHLWHWVHLQHPIHLQHQ6LQQ GD]XKDWHUGDV+HU]]XVHKUDXIGHPUHFKWHQ)OHFN$XFKZUGH )UDXYRQ&DUD\RQGDVHLQIDFKQLFKWGXOGHQ'HQQVRJHZLVLH 6FKDFKOLHEWVRJHZLOLHEWVLH9LFWRLUHMDVLHOLHEWGLHVHQRFK XPHLQJXW7HLOPHKU(VLVWHLQDEVROXWLGHDOHV9HUKlOWQLV ]ZLVFKHQ0XWWHUXQG7RFKWHUXQGJHUDGHGLHV9HUKlOWQLVLVWHV ZDVPLUGDV+DXVVRZHUWJHPDFKWKDWXQGQRFKPDFKW© ª$OVREHJUDEHQZLUGLH3DUWLH©VDJWH%ORZª0LUSHUV|QOLFK]X EHVRQGUHU*HQXJWXXQJXQG)UHXGHGHQQLFKVFKZlUPHIUGLHVH )UDX6LHKDWGHQJDQ]HQ=DXEHUGHV:DKUHQXQG1DWUOLFKHQ XQGVHOEVWLKUH6FKZlFKHQVLQGUHL]HQGXQGOLHEHQVZUGLJ8QG GDQHEHQGLHVHU6FKDFK(UPDJVHLQH0HULWHQKDEHQ PHLQHWZHJHQDEHUPLULVWHUQLFKWVDOVHLQ3HGDQWXQG :LFKWLJWXHUXQG]XJOHLFKGLH9HUN|USHUXQJMHQHUSUHXLVFKHQ %HVFKUlQNWKHLWGLHQXUGUHL*ODXEHQVDUWLNHOKDW HUVWHV +DXSWVWFN¾'LH:HOWUXKWQLFKWVLFKUHUDXIGHQ6FKXOWHUQGHV $WODVDOVGHUSUHXLVFKH6WDDWDXIGHQ6FKXOWHUQGHUSUHXLVFKHQ $UPHH½]ZHLWHV+DXSWVWFN¾'HUSUHXLVFKH,QIDQWHULHDQJULIILVW XQZLGHUVWHKOLFK½XQGGULWWHQVXQGOHW]WHQV¾(LQH6FKODFKWLVWQLH YHUORUHQVRODQJHGDV5HJLPHQW*DUGH GX&RUSVQLFKWDQJHJULIIHQ KDW½2GHUQDWUOLFKDXFKGDV5HJLPHQW*HQVGDUPHV'HQQVLH VLQG*HVFKZLVWHU=ZLOOLQJVEUGHU,FKYHUDEVFKHXHVROFKH 5HGHQVDUWHQXQGGHU7DJLVWQDKHZRGLH:HOWGLH+RKOKHLW VROFKHU5RGRPRQWDGHQHUNHQQHQZLUG©
ª8QGGRFKXQWHUVFKlW]HQ6LH6FKDFK(ULVWLPPHUKLQHLQHU XQVHUHU%HVWHQ© ª8PVRVFKOLPPHU© ª(LQHUXQVUHU%HVWHQVDJLFKXQGZLUNOLFK HLQ*XWHU(UVSLHOW QLFKWEORGHQ5LWWHUOLFKHQHULVWHVDXFK1DWUOLFKDXIVHLQH :HLVH-HGHQIDOOVWUlJWHUHLQHKUOLFKHV*HVLFKWXQGNHLQH0DVNH© ª$OYHQVOHEHQKDWUHFKW©EHVWlWLJWH1RVWLW]ª,FKKDEHQLFKWYLHO IULKQEULJDEHUGDVLVWZDKUDOOHVDQLKPLVWHFKWDXFKVHLQH VWHLIH9RUQHKPKHLWVRODQJZHLOLJXQGVREHOHLGLJHQGLFKVLHILQGH 8QGGDULQ XQWHUVFKHLGHWHUVLFKYRQXQV(ULVWLPPHUHUVHOEVW JOHLFKYLHOREHULQGHQ6DORQWULWWRGHUYRUP6SLHJHOVWHKWRGHU EHLP=XEHWWHJHKQVLFKVHLQHVDIUDQIDUEHQHQ1DFKWKDQGVFKXK DQ]LHKW6DQGHUGHULKQQLFKWOLHEWVROOHQWVFKHLGHQXQGGDV OHW]WH:RUWEHULKQKDEHQ© ª(VLVW NHLQHGUHL7DJH©KREGLHVHUDQªGDLFKLQGHU+DXGH XQG6SHQHUVFKHQJHOHVHQGHU.DLVHUYRQ%UDVLOLHQKDEHGHQ KHLOLJHQ$QWRQLXV]XP2EULVWOLHXWHQDQWEHI|UGHUWXQGVHLQHQ .ULHJVPLQLVWHUDQJHZLHVHQEHVDJWHP+HLOLJHQGLH/|KQXQJELV DXIZHLWHUHVJXW]XVFKUHLEHQ:HOFKH*XWVFKUHLEXQJPLUHLQHQ QRFKJU|HUHQ(LQGUXFNJHPDFKWKDWDOVGLH%HI|UGHUXQJ$EHU JOHLFKYLHO,Q7DJHQGHUDUWLJHU(UQHQQXQJHQXQG%HI|UGHUXQJHQ ZLUGHVQLFKWDXIIDOOHQZHQQLFKGLH*HIKOHGLHVHU6WXQGH ]XJOHLFKDEHUGHQYRQPLUJHIRUGHUWHQ(QWVFKHLGXQG 5LFKWHUVSUXFKLQGLH:RUWH]XVDPPHQIDVVH6HLQH0DMHVWlWGHU 5LWWPHLVWHUYRQ6FKDFKHUOHEHKRFK© ª2KYRU]JOLFK6DQGHU©VDJWH%ORZªGDPLWKDEHQ6LH V JHWURIIHQ'LHJDQ]H/lFKHUOLFKNHLWDXIHLQHQ6FKODJ'HUNOHLQH 0DQQLQGHQJURHQ6WLHIHOQ$EHUPHLQHWZHJHQHUOHEH© ª'DKDEHQZLUGHQQ]XPhEHUIOXDXFKQRFKGLH6SUDFKHYRQ ¾6HLQHU0DMHVWlWJHWUHXVWHU2SSRVLWLRQ½©DQWZRUWHWH6DQGHUXQG HUKREVLFKª8QGQXQ)ULW]GLH5HFKQXQJ(UODXEHQGLH+HUUHQ GDLFKGDV*HVFKlIWOLFKH DUUDQJLHUH© ª,QEHVWHQ+lQGHQ©VDJWH1RVWLW]8QGIQI0LQXWHQVSlWHU WUDWHQDOOHZLHGHULQV)UHLH'HU6WDXEZLUEHOWHYRP7RUKHUGLH /LQGHQKHUDXIDXJHQVFKHLQOLFKZDUHLQVWDUNHV*HZLWWHULP $Q]XJXQGGLHHUVWHQJURHQ7URSIHQILHOHQEHUHLWV
ª+kWH]YRXV© 8QGMHGHUIROJWHGHU:HLVXQJXQGPKWHVLFKVRUDVFKZLH P|JOLFKXQGDXIQlFKVWHP:HJHVHLQH:RKQXQJ]XHUUHLFKHQ
9LHUWHV.DSLWHO ,P7HPSHOKRI 'HUQlFKVWH0RUJHQVDK)UDXYRQ&DUD\RQXQG7RFKWHULQ GHPVHOEHQ(FN]LPPHULQGHPVLHGHQ$EHQGYRUKHULKUH)UHXQGH EHLVLFKHPSIDQJHQKDWWHQ%HLGHOLHEWHQGDV=LPPHUXQGJDEHQ LKPDXI.RVWHQDOOHUDQGHUQGHQ9RU]XJ(VKDWWHGUHLKRKH )HQVWHUYRQGHQHQGLHEHLGHQXQWHUHLQDQGHULPUHFKWHQ:LQNHO VWHKHQGHQDXIGLH%HKUHQ XQG&KDUORWWHQVWUDHVDKHQZl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lQGOLFKGLH$XJHQGHU+HUUQ2IIL]LHUV]XGHP%DONRQ KLQDXIULFKWHWHQ KDWWHGDV(FN]LPPHUHUVWVHLQHQHLJHQWOLFKHQ :HUWXQGKlWWHJHJHQNHLQDQGHUHVYHUWDXVFKWZHUGHQN|QQHQ $EHUHVZDUDXFKDQVWLOOHQ7DJHQHLQUHL]HQGHV=LPPHU YRUQHKPXQGJHPWOLFK]XJOHLFK+LHUODJGHUWUNLVFKH7HSSLFK GHUQRFKGLHJOlQ]HQGHQIDVWHLQKDOEHV0HQVFKHQDOWHU ]XUFNOLHJHQGHQ3HWHUVEXUJHU7DJHGHV+DXVHV&DUD\RQJHVHKHQ KDWWHKLHUVWDQGGLHPDODFKLWQH6WXW]XKUHLQ*HVFKHQNGHU .DLVHULQ.DWKDULQDXQGKLHUSDUDGLHUWHYRUDOOHPDXFKGHUJURH UHLFKYHUJROGHWH7UXPHDXGHUGHUVFK|QHQ)UDXWlJOLFKDXIVQHXH YHUVLFKHUQPXWHGDVLHQRFKHLQHVFK|QH)UDXVHL9LFWRLUHOLH ]ZDUNHLQH*HOHJHQKHLWYRUEHUJHKQGLH0XWWHUEHUGLHVHQ ZLFKWLJHQ3XQNW]XEHUXKLJHQDEHU)UDXYRQ&DUD\RQZDUGRFK NOXJJHQXJHVVLFKMHGHQ0RUJHQGXUFKLKUYRQLKUVHOEVW]X NRQWUROOLHUHQGHV6SLHJHOELOGQHXEHVWlWLJHQ]XODVVHQ2ELKU%OLFN LQVROFKHP0RPHQWH]XGHP%LOGHGHVPLWHLQHPURWHQ 2UGHQVEDQGLQJDQ]HU)LJXUEHUGHP6RIDKlQJHQGHQ+HUUQYRQ &DUD\RQKLQEHUJOLWWRGHUREVLFKLKUHLQVWDWWOLFKHUHV%LOGYRUGLH
6HHOHVWHOOWHZDUIUQLHPDQGHQ]ZHLIHOKDIWGHUGLHKlXVOLFKHQ 9HUKlOWQLVVHQXUHLQLJHUPDHQNDQQWH'HQQ+HUUYRQ&DUD\RQ ZDUHLQNOHLQHUVFKZDU]HU.RORQLHIUDQ]RVHJHZHVHQGHUDXHU HLQLJHQLQGHU 1lKHYRQ%RUGHDX[OHEHQGHQYRUQHKPHQ&DUD\RQV XQGHLQHULKQPLW6WRO]HUIOOHQGHQ=XJHK|ULJNHLW]XU/HJDWLRQ QLFKWV(UKHEOLFKHVLQGLH(KHPLWJHEUDFKWKDWWH$PZHQLJVWHQ DEHUPlQQOLFKH6FK|QKHLW (VVFKOXJHOIHUVWGUDXHQGDQQLQGHP(FN]LPPHULQZHOFKHP EHLGH'DPHQDQHLQHP7DSLVVHULHUDKPHQEHVFKlIWLJWZDUHQ'LH %DONRQWUZDUZHLWDXIGHQQWURW]GHV5HJHQVGHUELVDQGHQ 0RUJHQJHGDXHUWKDWWHVWDQGGLH6RQQHVFKRQZLHGHUKHOODP +LPPHOXQGHU]HXJWHVR]LHPOLFKGLHVHOEH6FKZOHGLHVFKRQGHQ 7DJYRUKHUJHKHUUVFKWKDWWH9LFWRLUHEOLFNWHYRQLKUHU$UEHLWDXI XQGHUNDQQWHGHQ6FKDFKVFKHQNOHLQHQ*URRPGHUPLW 6WXOSHQVWLHIHOQXQG]ZHL)DUEHQDP+XWYRQGHQHQVLH]XVDJHQ OLHEWHGDHVGLH6FKDFKVFKHQª/DQGHVIDUEHQ©VHLHQGLH &KDUORWWHQVWUDHKHUDXINDP ª2VLHKQXU©VDJWH9LFWRLUHªGDNRPPW6FKDFKVNOHLQHU1HG 8QGZLHZLFKWLJHUZLHGHUWXW$EHUHUZLUGDXFK]XVHKU YHUZ|KQWXQGLPPHUPHKUHLQH3XSSH:DVHUQXUEULQJHQ PDJ"© ,KUH1HXJLHUVROOWHQLFKWODQJHXQEHIULHGLJWEOHLEHQ6FKRQHLQHQ $XJHQEOLFNVSlWHUK|UWHQEHLGHGLH.OLQJHOJHKQXQGHLQDOWHU 'LHQHULQ*DPDVFKHQGHUQRFKGLHYRUQHKPHQ3HWHUVEXUJHU7DJH PLWHUOHEWKDWWHWUDWHLQXPDXIHLQHPVLOEHUQHQ7HOOHUFKHQHLQ %LOOHW]XEHUUHLFKHQ9LFWRLUHQDKPHV(VZDUDQ)UDXYRQ &DUD\RQDGUHVVLHUW ª$QGLFK0DPD© ª/LHVQXU©VDJWHGLHVH ª1HLQGXVHOEVWLFKKDEHLQH6FKHXYRU*HKHLPQLVVHQ© ª1lUULQ©ODFKWHGLH0XWWHUXQGHUEUDFKGDV%LOOHWXQGODV ª0HLQHJQlGLJVWH)UDX'HU5HJHQGHUYRULJHQ1DFKWKDWQLFKW QXUGLH:HJHJHEHVVHUWVRQGHUQDXFKGLH/XIW$OOHVLQDOOHPHLQ VRVFK|QHU7DJZLHVLHGHU$SULOXQV+\SHUERUHHUQQXUVHOWHQ JHZlKUW,FKZHUGHYLHU8KUPLWPHLQHP:DJHQYRU,KUHU
:RKQXQJKDOWHQXP6LHXQG)UlXOHLQ9LFWRLUH]XHLQHU 6SD]LHUIDKUWDE]XKROHQhEHUGDV=LHOHUZDUWLFK,KUH%HIHKOH :LVVHQ6LHGRFKZLHJOFNOLFKLFKELQ,KQHQJHKRUFKHQ]X N|QQHQ%LWWH%HVFKHLGGXUFKGHQhEHUEULQJHU(ULVWJHUDGHILUP JHQXJLP'HXWVFKHQXPHLQ¾-D½RGHU¾1HLQ½QLFKW]X YHUZHFKVHOQ8QWHU*UXXQG(PSIHKOXQJHQDQPHLQHOLHEH )UHXQGLQ9LFWRLUHGLH]XJU|HUHU6LFKHUKHLWYLHOOHLFKWHLQH=HLOH VFKUHLEW ,KU6FKDFK© ª1XQ9LFWRLUHZDVODVVHQZLUVDJHQ"© ª$EHUGXNDQQVWGRFKQLFKWHUQVWKDIWIUDJHQ0DPD"© ª1XQGHQQDOVR¾MD½© 9LFWRLUHKDWWHVLFKPLWWOHUZHLOHEHUHLWVDQGHQ6FKUHLEWLVFK JHVHW]WXQGLKUH)HGHUNULW]HOWHª+HU]OLFKVWDN]HSWLHUWWURW]GHP GLH=LHOHYRUOlXILJLPGXQNHOQEOHLEHQ$EHULVWGHU (QWVFKHLGXQJVPRPHQWHUVWGDVRZLUGHUXQVDXFKGDV5LFKWLJH ZlKOHQODVVHQ© )UDXYRQ&DUD\RQODVEHU9LFWRLUHV6FKXOWHUIRUWª(VNOLQJWVR YLHOGHXWLJ©VDJWHVLH ª6RZLOOLFKHLQEORHV-DVFKUHLEHQXQGGXNRQWUDVLJQLHUVW© ª1HLQODHVQXU© 8QG9LFWRLUHVFKORGDV%ODWWXQGJDEHVGHPGUDXHQZDUWHQGHQ *URRP $OVVLHYRP)OXUKHULQGDV=LPPHU]XUFNNHKUWHIDQGVLHGLH 0DPD QDFKGHQNOLFKª,FKOLHEHVROFKH3LNDQWHULHQQLFKWXQGDP ZHQLJVWHQVROFKH5lWVHOVlW]H© ª'X GUIWHVWVLHDXFKQLFKWVFKUHLEHQ$EHULFK",FKGDUIDOOHV 8QGQXQK|UHPLFK(VPXHWZDVJHVFKHKHQ0DPD'LH/HXWH UHGHQVRYLHODXFKVFKRQ]XPLUXQGGD6FKDFKLPPHUQRFK VFKZHLJWXQGGXQLFKWVSUHFKHQGDUIVWVRPXLFK HVWXQVWDWW HXUHUXQGHXFKYHUKHLUDWHQ$OOHVLQGHU:HOWNHKUWVLFKHLQPDO XP6RQVWYHUKHLUDWHQ0WWHULKUH7RFKWHUKLHUOLHJWHVDQGHUV
XQGLFKYHUKHLUDWHGLFK(UOLHEWGLFKXQGGXOLHEVWLKQ,QGHQ -DKUHQVHLGLKUJOHLFKXQGLKUZHUGHWGDVVFK|QVWH3DDUVHLQGDV VHLW0HQVFKHQJHGHQNHQLP)UDQ]|VLVFKHQ'RPRGHULQGHU 'UHLIDOWLJNHLWVNLUFKHJHWUDXWZXUGH'XVLHKVWLFKODVVHGLU ZHQLJVWHQVKLQVLFKWOLFKGHU3UHGLJHUXQGGHU.LUFKHGLH:DKO PHKUNDQQLFKQLFKWWXQLQGLHVHU6DFKH'DGXPLFKPLWLQGLH (KHEULQJVWLVWQLFKWJXWDEHUDXFKQLFKWVFKOLPP:RYLHO/LFKW LVWLVWYLHO6FKDWWHQ© )UDXYRQ&DUD\RQV$XJHZXUGHIHXFKWª$FKPHLQHVH 9LFWRLUHGXVLHKVWHVDQGHUVDOVHVOLHJW,FKZLOOGLFKQLFKWPLW %HNHQQWQLVVHQEHUUDVFKHQXQGLQEORHQ$QGHXWXQJHQ]X VSUHFKHQZLHGXJHOHJHQWOLFKOLHEVWZLGHUVWUHLWHWPLU,FKPDJ DXFKQLFKWSKLORVRSKLHUHQ$EHUGDV ODGLUVDJHQHVOLHJWDOOHV YRUJH]HLFKQHWLQXQVXQGZDV8UVDFKVFKHLQWLVWPHLVWVFKRQ ZLHGHU:LUNXQJXQG)ROJH*ODXEHPLUGHLQHNOHLQH+DQGZLUG GDV%DQGQLFKW NQSIHQGDVGXNQSIHQP|FKWHVW(VJHKWQLFKW HVNDQQQLFKWVHLQ,FKZHLHVEHVVHU8QGZDUXPDXFK"=XOHW]W OLHELFKGRFKHLJHQWOLFKQXUGLFK© ,KU*HVSUlFKZXUGHGXUFKGDV(UVFKHLQHQHLQHUDOWHQ'DPH 6FKZHVWHUGHVYHUVWRUEHQHQ+HUUQYRQ&DUD\RQXQWHUEURFKHQ GLHMHGHQ'LHQVWDJHLQIUDOOHPDO]X0LWWDJJHODGHQZDUXQG XQWHUª]X0LWWDJ©SQNWOLFKHUZHLVH]Z|OI8KUYHUVWDQGWURW]GHP VLHZXWHGDEHLGHQ&DUD\RQVHUVWXPGUHL8KUJHJHVVHQ ZXUGH7DQWH0DUJXHULWHGDVZDULKU1DPHZDUQRFKHLQHHFKWH .RORQLHIUDQ]|VLQGDVKHLWHLQHDOWH'DPHGLHGDVGDPDOLJHVLFK IDVWDXVVFKOLHOLFKLP'DWLYEHZHJHQGH%HUOLQLVFKPLWJHSUQWHP 0XQGHVSUDFKGDVGHPLYRU]RJHQWZHGHUª.UVFKHQ©DRGHU LQGLHª.UFKH©JLQJXQGLKUH5HGHVHOEVWYHUVWlQGOLFKPLW IUDQ]|VLVFKHQ(LQVFKLHEVHOQXQG$QUHGHIORVNHOQJDUQLHUWH6DXEHU XQGDOWPRGLVFKJHNOHLGHWWUXJVLH6RPPHUXQG:LQWHUGHQVHOEHQ NOHLQHQ6HLGHQPDQWHOXQGKDWWHMHQHKDOEH9HUZDFKVHQKHLWGLH GDPDOVEHLGHQDOWHQ.RORQLHGDPHQVRDOOJHPHLQZDUGD 9LFWRLUHHLQPDODOV.LQGJHIUDJWKDWWHª:LHNRPPWHVQXUOLHEH 0DPDGDIDVWDOOH7DQWHQVR¾LFKZHLQLFKWZLH½VLQG"©8QG GDEHLKDWWHVLHHLQHKRKH6FKXOWHUJHPDFKW =XGHP 6HLGHQPDQWHO7DQWH0DUJXHULWHQVJHK|UWHQDXFKQRFKHLQ3DDU VHLGHQH+DQGVFKXKHGLHVLHJDQ]EHVRQGHUVLQ(KUHQKLHOWXQG LPPHUHUVWDXIGHPREHUVWHQ7UHSSHQDEVDW]DQ]RJ,KUH 0LWWHLOXQJHQDQGHQHQVLH VQLHIHKOHQOLHHQWEHKUWHQDOOXQG MHGHV,QWHUHVVHVDPPHLVWHQDEHUGDQQZHQQVLHZDVVLHVHKU
OLHEWHYRQKRKHQXQGK|FKVWHQ3HUVRQHQVSUDFK,KUH6SH]LDOLWlW ZDUHQGLHNOHLQHQ3ULQ]HVVLQQHQGHUN|QLJOLFKHQ)DPLOLHODSHWLWH SULQFHVVH&KDUORWWHHWODSHWLWHSULQFHVVH$OH[DQGULQHGLHVLH JHOHJHQWOLFKLQGHQ=LPPHUQHLQHULKUEHIUHXQGHWHQIUDQ]|VLVFKHQ (U]LHKHULQVDKXQGPLWGHQHQVLHVLFKGHUDUWLJOLLHUWIKOWHGD DOVHLQHV7DJHVGLH%UDQGHQEXUJHU7RU:DFKHEHLP 9RUEHUIDKUHQYRQODSULQFHVVH$OH[DQGULQHYHUVlXPWKDWWH UHFKW]HLWLJLQV*HZHKU]XWUHWHQXQGGLH7URPPHO]XUKUHQVLH QLFKWQXUGDVDOOJHPHLQH*HIKOGHU(PS|UXQJWHLOWHVRQGHUQGDV (UHLJQLVEHUKDXSWDQVDKDOVRE%HUOLQHLQ(UGEHEHQJHKDEW KDEH 'DVZDUGDV7DQWFKHQGDVHEHQHLQWUDW )UDXYRQ&DUD\RQJLQJLKUHQWJHJHQXQGKLHVLHKHU]OLFK ZLOONRPPHQKHU]OLFKHUDOVVRQVWZRKOXQGGDVHLQIDFKGHVKDOE ZHLOGXUFKLKU(UVFKHLQHQHLQ*HVSUlFKXQWHUEURFKHQZRUGHQZDU GDVVHOEVWIDOOHQ]XODVVHQVLHQLFKWPHKUGLH.UDIWJHKDEWKDWWH 7DQWH0DUJXHULWHIKOWHVRIRUWKHUDXVZLHJQVWLJKHXWHGLH 'LQJHIUVLHODJHQXQGEHJDQQGHQQDXFKLQGHPVHOEHQ $XJHQEOLFNHZRVLHVLFKJHVHW]WXQGGLH6HLGHQKDQGVFKXKLQ LKUHQ3RPSDGRXUJHVWHFNWKDWWHVLFKGHPKRKHQ$GHON|QLJOLFKHU 5HVLGHQ]LHQ]X]XZHQGHQGLHVPDOPLW8PJHKXQJGHU ª$OOHUK|FKVWHQ +HUUVFKDIWHQ©,KUH0LWWHLOXQJHQDXVGHU $GHOVVSKlUHZDUHQLKUHQ+RIDQHNGRWHQLQGHU5HJHOZHLW YRU]X]LHKQXQGKlWWHQHLQIUDOOHPDOSDVVLHUHQN|QQHQZHQQVLH QLFKWGLH6FKZlFKHJHKDEWKlWWHGLHGRFKLPPHUKLQZLFKWLJH 3HUVRQDOIUDJHPLWHLQHUlXHUVWHQ*HULQJVFKlW]XQJ]XEHKDQGHOQ 0LWDQGHUQ:RUWHQVLHYHUZHFKVHOWHEHVWlQGLJGLH1DPHQXQG ZHQQVLHYRQHLQHU(VNDSDGHGHU%DURQLQ6WLHJOLW]HU]lKOWHVR GXUIWHPDQVLFKHUVHLQGDVLHGLH*UlILQ7DXEHJHPHLQWKDWWH 6ROFKH1HXLJNHLWHQHU|IIQHWHQGHQQDXFKGDVKHXWLJH*HVSUlFK 1HXLJNHLWHQXQWHUGHQHQGLHªGDGHU5LWWPHLVWHUYRQ6FKHQN YRP5HJLPHQW*DUGHGX&RUSVGHU3ULQ]HVVLQYRQ&UR\HLQH 6HUHQDGHJHEUDFKWKDEH©GLHZHLWDXVZLFKWLJVWHZDUJDQ] EHVRQGHUVDOVVLFKQDFKHLQLJHP+LQ XQG+HUIUDJHQ KHUDXVVWHOOWHGDGHU5LWWPHLVWHUYRQ6FKHQNLQGHQ5LWWPHLVWHU YRQ6FKDFKGDV5HJLPHQW*DUGHGX&RUSVLQGDV5HJLPHQW *HQVGDUPHVXQGGLH3ULQ]HVVLQYRQ&UR\LQGLH3ULQ]HVVLQYRQ &DURODWK]XWUDQVSRQLHUHQVHL6ROFKH5LFKWLJVWHOOXQJHQZXUGHQ YRQVHLWHQGHU 7DQWHMHGHVPDORKQHMHGH6SXUYRQ9HUOHJHQKHLW HQWJHJHQJHQRPPHQXQGVROFKH9HUOHJHQKHLWNDPLKUGHQQDXFK
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lFKVWHQ0RPHQWPLWHLQHUJDQ]HQ $XVVWDWWXQJYRQ7FKHUQ6RQQHQ XQG5HJHQVFKLUPHQXQWHQDP :DJHQVFKODJ0LWLKQHQDXFK7DQWH0DUJXHULWHGLHQXQPHKU YRUJHVWHOOWXQGYRQ6FKDFKPLWHLQHULKPHLJHQWPOLFKHQ 0LVFKXQJYRQ$UWLJNHLWXQG*UDQGH]]DEHJUWZXUGH ª8QGQXQGDVGXQNOH=LHO)UlXOHLQ9LFWRLUH© ª1HKPHQZLU7HPSHOKRI©VDJWHGLHVH ª*XWJHZlKOW1XU3DUGRQHVLVWGDVXQGXQNHOVWH=LHOYRQGHU :HOW1DPHQWOLFKKHXWH6RQQHXQGZLHGHU6RQQH© ,QUDVFKHP7UDEHJLQJHVGLH)ULHGULFKVVWUDHKLQXQWHUHUVWDXI GDV5RQGHOOXQGGDV+DOOHVFKH7RU]XELVGHUWLHIH6DQGZHJGHU ]XP.UHX]EHUJKLQDXIIKUWH]XODQJVDPHUHP)DKUHQQ|WLJWH 6FKDFKJODXEWHVLFKHQWVFKXOGLJHQ]XPVVHQDEHU9LFWRLUHGLH UFNZlUWVVDXQGLQKDOEHU:HQGXQJEHTXHPPLWLKPVSUHFKHQ NRQQWHZDUDOVHFKWHV6WDGWNLQGDXIULFKWLJHQW]FNWEHUDOOXQG MHGHVZDVVLH]XEHLGHQ6HLWHQGHV:HJHVVDKXQGZXUGHQLFKW PGH)UDJHQ]XVWHOOHQXQGLKQGXUFKGDV,QWHUHVVHGDVVLH ]HLJWH]XEHUXKLJHQ$PPHLVWHQDPVLHUWHQVLHGLHVHOWVDP DXVJHVWRSIWHQ$OWZHLEHUJHVWDOWHQGLH]ZLVFKHQGHQ6WUlXFKHUQ XQG*DUWHQEHHWHQXPKHUVWDQGHQXQGHQWZHGHUHLQH 6WURKKXWNLHSHWUXJHQRGHUPLWLKUHQKXQGHUW3DSLOORWHQLP:LQGH IODWWHUWHQXQGNODSSHUWHQ
(QGOLFKZDUPDQGHQ$EKDQJKLQDXIXQGEHUGHQIHVWHQ /HKPZHJKLQGHU]ZLVFKHQGHQ3DSSHOQOLHIWUDEWHPDQMHW]W ZLHGHUUDVFKHUDXI7HPSHOKRI]X1HEHQGHU6WUDHVWLHJHQ 'UDFKHQDXI6FKZDOEHQVFKRVVHQKLQXQGKHUXQGDP+RUL]RQWH EOLW]WHQGLH.LUFKWUPHGHUQlFKVWJHOHJHQHQ'|UIHU 7DQWH0DUJXHULWHGLHEHLGHP:LQGHGHUJLQJEHVWlQGLJ EHPKWZDULKUHQNOHLQHQ0DQWHONUDJHQLQ2UGQXQJ]XKDOWHQ EHUQDKPHVQLFKWVGHVWRZHQLJHUGHQ)KUHU]XPDFKHQXQG VHW]WHGDEHLEHLGH&DUD\RQVFKH'DPHQHEHQVRVHKUGXUFKLKUH 1DPHQVYHUZHFKVHOXQJHQZLHGXUFK(QWGHFNXQJJDUQLFKW YRUKDQGHQHUbKQOLFKNHLWHQLQ(UVWDXQHQ ª6LHKOLHEH9LFWRLUHGLHVHU:OPHUVG|UIHU.UFKWUPbKQHOWHU QLFKWXQVUHU'RURWKHHQVWlGWVFKHQ.UFKH"© 9LFWRLUHVFKZLHJ ª,FKPHLQHQLFKWXPVHLQHU6SLW]HOLHEH9LFWRLUHQHLQXP VHLQHP&RUSVGHORJLV© %HLGH'DPHQHUVFKUDNHQ(VJHVFKDKDEHUZDVJHZ|KQOLFK JHVFKLHKWGDV QlPOLFKGDDOOHVGDVZDVGLH1lKHUVWHKHQGHQLQ 9HUOHJHQKHLWEULQJWYRQGHQ)HUQHUVWHKHQGHQHQWZHGHUEHUK|UW RGHUDEHUPLW*OHLFKJLOWLJNHLWDXIJHQRPPHQZLUG8QGQXQJDU 6FKDFK(UKDWWHYLHO]XODQJLQGHU:HOWDOWHU3ULQ]HVVLQQHQXQG +RIGDPHQJHOHEWXPQRFKGXUFKLUJHQGHLQ'XPPKHLWV RGHU 1LFKWELOGXQJV]HLFKHQLQHLQEHVRQGUHV(UVWDXQHQJHVHW]WZHUGHQ ]XN|QQHQ(UOlFKHOWHQXUXQGEHQXW]WHGDV:RUW ª'RURWKHHQVWlGWVFKH.LUFKH©GDVJHIDOOHQZDUXP)UDXYRQ &DUD\RQ]XIUDJHQªREVLHVFKRQYRQGHP'HQNPDO.HQQWQLV JHQRPPHQKDEHGDVLQHEHQJHQDQQWHU.LUFKHVHLWHQVGHV KRFKVHOLJHQ.|QLJVVHLQHP6RKQHGHP*UDIHQYRQGHU0DUN HUULFKWHWZRUGHQVHL© 0XWWHUXQG7RFKWHUYHUQHLQWHQ7DQWH0DUJXHULWHMHGRFKGLHQLFKW JHUQH]XJHVWDQGHWZDVQLFKW ]XZLVVHQRGHUZRKOJDUQLFKW JHVHKHQ]XKDEHQEHPHUNWHJDQ]LQV$OOJHPHLQHKLQª$FKGHU OLHEHNOHLQH3ULQ]'DHUVRIUKVWHUEHQPXWH:LHMlPPHUOLFK 8QGlKQHOWHGRFKVHLQHUKRFKVHOLJHQ)UDX0XWWHUXPEHLGHQ $XJHQ©
(LQHQ$XJHQEOLFNZDUHVDOVREGHULQVHLQHP/HJLWLPLWlWVJHIKOH VWDUNYHUOHW]WH6FKDFKDQWZRUWHQXQGGHQªYRQVHLQHU KRFKVHOLJHQ0XWWHU©JHERUQHQªOLHEHQNOHLQHQ3ULQ]HQ©DXIV VFKPlKOLFKVWHGHWKURQLVLHUHQZROOWHUDVFKDEHUEHUVDKHUGLH /lFKHUOLFKNHLWVROFKHU,GHHZLHVDOVROLHEHUXPGRFKZHQLJVWHQV HWZDV]XWXQDXIGDVHEHQVLFKWEDUZHUGHQGHJUQH.XSSHOGDFK GHV&KDUORWWHQEXUJHU6FKORVVHVKLQXQGERJLPQlFKVWHQ $XJHQEOLFNLQGLHJURHPLWDOWHQ/LQGHQEHSIODQ]WH'RUIJDVVH YRQ7HPSHOKRIHLQ *OHLFKGDV]ZHLWH+DXVZDUHLQ*DVWKDXV(UJDEGHP*URRPGLH =JHOXQGVSUDQJDEXPGHQ'DPHQEHLP$XVVWHLJHQEHKLOIOLFK ]XVHLQ$EHUQXU)UDXYRQ&DUD\RQXQG9LFWRLUHQDKPHQGLH+LOIH GDQNEDUDQZlKUHQG7DQWH0DUJXHULWHYHUELQGOLFKDEOHKQWH ªZHLOVLHJHIXQGHQKDEHGDPDQVLFKDXIVHLQHQHLJHQHQ +lQGHQLPPHUDPEHVWHQYHUODVVHQN|QQH© 'HUVFK|QH7DJKDWWHYLHOH*lVWHKLQDXVJHORFNWXQGGHUYRQ HLQHP6WDNHWHQ]DXQHLQJHIDWH9RUSODW]ZDUGHQQDXFKDQDOOHQ VHLQHQ7LVFKHQEHVHW]W'DVJDEHLQHNOHLQH9HUOHJHQKHLW$OVPDQ DEHUHEHQVFKOVVLJJHZRUGHQZDULQGHP+LQWHUJDUWHQXQWHU HLQHPKDOERIIHQHQ.HJHOEDKQKlXVFKHQGHQ.DIIHH]XQHKPHQ ZDUGHLQHUGHU(FNWLVFKHIUHLVRGDPDQLQ)URQWGHV+DXVHV PLWGHP%OLFNDXIGLH'RUIVWUDHYHUEOHLEHQNRQQWH'DVJHVFKDK GHQQDXFKXQGHVWUDIVLFKGDHVGHUKEVFKHVWH7LVFKZDU$XV VHLQHU0LWWHZXFKVHLQ$KRUQDXIXQGZHQQHVDXFKHLQSDDU 6SLW]HQDEJHUHFKQHWLKPYRUOlXILJQRFKDQDOOHP/DXEVFKPXFNH IHKOWHVRVDHQGRFKVFKRQGLH9|JHOLQVHLQHQ=ZHLJHQXQG ]ZLWVFKHUWHQ8QGQLFKWGDV EORVDKPDQ(TXLSDJHQKLHOWHQLQ GHU0LWWHGHU'RUIVWUDHGLH6WDGWNXWVFKHUSODXGHUWHQXQG %DXHUQXQG.QHFKWHGLHPLW3IOXJXQG(JJHYRP)HOGH KHUHLQNDPHQ]RJHQDQGHU:DJHQUHLKHYRUEHU=XOHW]WNDP HLQH+HUGHGLHGHU6FKlIHUVSLW]YRQUHFKWVXQGOLQNVKHU ]XVDPPHQKLHOWXQGGD]ZLVFKHQK|UWHPDQGLH%HWJORFNHGLH OlXWHWH'HQQHVZDUHEHQGLHVHFKVWH6WXQGH 'LH&DUD\RQVVRYHUZ|KQWH6WDGWNLQGHUVLHZDUHQRGHUYLHOOHLFKW DXFKZHLO VLH VZDUHQHQWKXVLDVPLHUWHQVLFKEHUDOOXQGMHGHV XQGMXEHOWHQDOV6FKDFKHLQHQ$EHQGVSD]LHUJDQJLQGLH 7HPSHOKRIHU.LUFKH]XU6SUDFKHEUDFKWH6RQQHQXQWHUJDQJVHL GLHVFK|QVWH6WXQGH7DQWH0DUJXHULWHIUHLOLFKGLHVLFKªYRUGHP XQYHUQQIWLJHQ9LHKH©IUFKWHWHZlUHOLHEHUDP.DIIHHWLVFKH
]XUFNJHEOLHEHQDOVLKUDEHUGHU]XZHLWHUHU%HUXKLJXQJ KHUEHLJHUXIHQH:LUWDXIVHLQGULQJOLFKVWHYHUVLFKHUWKDWWHªGDVLH VLFKXPGHQ%XOOHQQLFKW]XIUFKWHQEUDXFKH©QDKPVLH 9LFWRLUHQV$UPXQGWUDWPLWGLHVHUDXIGLH'RUIVWUDHKLQDXV ZlKUHQG6FKDFKXQG)UDXYRQ&DUD\RQIROJWHQ$OOHVZDVQRFK DQGHP6WDNHWHQ]DXQHVDVDKLKQHQQDFK ª(VLVWQLFKWVVRIHLQJHVSRQQHQ©VDJWH)UDXYRQ&DUD\RQXQG ODFKWH 6FKDFKVDKVLHIUDJHQGDQ ª-DOLHEHU)UHXQGLFKZHLDOOHV8QGQLHPDQG*HULQJHUHVDOV 7DQWH0DUJXHULWHKDWXQVKHXWHPLWWDJGDYRQHU]lKOW© ª:RYRQ"© ª9RQGHU6HUHQDGH'LH&DURODWKLVWHLQH'DPHYRQ:HOWXQGYRU DOOHPHLQH)UVWLQ8QG6LHZLVVHQGRFKZDV,KQHQQDFKJHVDJW ZLUG¾GD6LHGHUJDUVWLJVWHQSULQFHVVHYRUGHUVFK|QVWHQ ERXUJHRLVHGHQ9RU]XJJHEHQZUGHQ½-HGHUJDUVWLJHQ3ULQ]H VDJLFK$EHU]XPhEHUIOXLVWGLH&DURODWKDXFKQRFKVFK|Q8Q WHLQWGHOLVHWGHURVH6LHZHUGHQPLFKHLIHUVFKWLJPDFKHQ© 6FKDFKNWHGHUVFK|QHQ)UDXGLH+DQGª7DQWH0DUJXHULWHKDW ,KQHQULFKWLJEHULFKWHWXQG6LHVROOHQQXQDOOHVK|UHQ$XFKGDV .OHLQVWH'HQQZHQQHVPLUZLH]XJHVWDQGHQHLQH)UHXGH JHZlKUWHLQHQVROFKHQ$EHQGXQWHUPHLQHQ(UOHEQLVVHQ]X KDEHQVRJHZlKUWHVPLUGRFKHLQHQRFKJU|HUH)UHXGHPLW PHLQHUVFK|QHQ)UHXQGLQGDUEHUSODXGHUQ]XN|QQHQ,KUH 3OlVDQWHULHQGLHVRNULWLVFKXQGGRFK]XJOHLFKVRYROOJXWHQ +HU]HQVVLQGPDFKHQPLUHUVWDOOHVOLHEXQGZHUW/lFKHOQ6LH QLFKW$FKGDLFK,KQHQDOOHVVDJHQN|QQWH7HXUH-RVHSKLQH 6LHVLQGPLUGDV,GHDOHLQHU)UDXNOXJXQGGRFKRKQH *HOHKUVDPNHLWXQG'QNHOHVSULWYROOXQG GRFKRKQH0RNDQWHULH 'LH+XOGLJXQJHQGLHPHLQ+HU] GDUEULQJWJHOWHQQDFKZLHYRU QXU,KQHQ,KQHQGHU/LHEHQVZUGLJVWHQXQG%HVWHQ8QGGDVLVW ,KUK|FKVWHU5HL]PHLQHWHXUH)UHXQGLQGD6LHQLFKWHLQPDO ZLVVHQZLHJXW6LHVLQGXQGZHOFKVWLOOH0DFKW6LHEHUPLFK EHQ© (UKDWWHIDVWPLW%HZHJXQJJHVSURFKHQXQGGDV$XJHGHU VFK|QHQ)UDXOHXFKWHWHZlKUHQGLKUH+DQGLQGHUVHLQHQ]LWWHUWH
5DVFKDEHUQDKPVLHGHQVFKHU]KDIWHQ7RQZLHGHUDXIXQGVDJWH ª:LHJXW6LH]XVSUHFKHQYHUVWHKHQ:LVVHQ6LHZRKOVRJXW VSULFKWPDQQXUDXVGHU9HUVFKXOGXQJKHUDXV© ª2GHUDXVGHP+HU]HQ$EHUODVVHQZLU VEHLGHU9HUVFKXOGXQJ GLHQDFK6KQHYHUODQJW8QG]XQlFKVWQDFK%HLFKWH'HVKDOE NDPLFKJHVWHUQ,FKKDWWHYHUJHVVHQGD,KU(PSIDQJVDEHQG ZDUXQGHUVFKUDNIDVWDOVLFK%ORZVDKXQGGLHVHQ DXIJHGXQVHQHQ5RWXULHUGHQ6DQGHU:LHNRPPWHUQXULQ,KUH *HVHOOVFKDIW"© ª(ULVWGHU6FKDWWHQ%ORZV© ª(LQVRQGHUEDUHU6FKDWWHQGHUGUHLPDOVFKZHUHUZLHJWDOVGHU *HJHQVWDQGGHULKQZLUIW(LQZDKUHV0DPPXW1XUVHLQH)UDX VROOLKQQRFKEHUWUHIIHQZHVKDOELFKQHXOLFKVS|WWLVFKHU]lKOHQ K|UWH¾6DQGHUZHQQHUVHLQH%UXQQHQSURPHQDGHYRUKDEHJHKH QXUGUHLPDOXPVHLQH)UDXKHUXP½8QGGLHVHU 0DQQ%ORZV 6FKDWWHQ:HQQ6LHOLHEHUVDJWHQVHLQ6DQFKR3DQVD© ª6RQHKPHQ6LH%ORZVHOEVWDOV'RQ4XL[RWH"© ª-DPHLQH*QlGLJVWH6LHZLVVHQGDHVPLULPDOOJHPHLQHQ ZLGHUVWHKW]XPHGLVLHUHQDEHUGLHVLVWDXIRQGQLFKWPHGLVLHUHQ LVWHKHU6FKPHLFKHOHL'HUJXWH5LWWHUYRQ/D0DQFKDZDUHLQ HKUOLFKHU(QWKXVLDVWXQG QXQIUDJLFK6LHWHXHUVWH)UHXQGLQOlW VLFKYRQ%ORZGDVVHOEHVDJHQ"(QWKXVLDVW(ULVWH[]HQWULVFK QLFKWVZHLWHUXQGGDV)HXHUGDVLQLKPEUHQQWLVWHLQIDFKGDV HLQHULQIHUQDOHQ(LJHQOLHEH© ª6LHYHUNHQQHQLKQOLHEHU6FKDFK(ULVWYHUELWWHUWJHZLDEHU LFKIUFKWHGDHUHLQ5HFKWKDWHV]XVHLQ© ª:HUDQNUDQNKDIWHUhEHUVFKlW]XQJOHLGHWZLUGLPPHUWDXVHQG *UQGHKDEHQYHUELWWHUW]XVHLQ(U]LHKWYRQ*HVHOOVFKDIW]X *HVHOOVFKDIWXQGSUHGLJWGLHELOOLJVWHGHU:HLVKHLWHQGLH:HLVKHLW SRVWIHVWXP/lFKHUOLFK$QDOOHPZDVXQVGDVOHW]WH-DKUDQ 'HPWLJXQJHQJHEUDFKWKDWLVWZHQQPDQLKQK|UWQLFKWGHU hEHUPXWRGHUGLH.UDIWXQVHUHU)HLQGHVFKXOGRQHLQGLHVHU.UDIW ZUGHPDQPLWHLQHUJU|HUHQ.UDIWXQVFKZHUKDEHQEHJHJQHQ N|QQHQZHQQ PDQVLFKXQVUHU7DOHQWHZLOODOVRVDJHQGHU 7DOHQWH%ORZVUHFKW]HLWLJYHUVLFKHUWKlWWH'DVXQWHUOLHGLH :HOWXQGGDUDQJHKWVLH]XJUXQGH6RJHKWHVHQGORVZHLWHU
'DUXP8OPXQGGDUXP$XVWHUOLW]$OOHVKlWWHLQDQGUHV$QVHKHQ JHZRQQHQVLFKDQGHUV]XJHWUDJHQZHQQGLHVHPNRUVLVFKHQ 7KURQ XQG.URQHQUlXEHUGLHVHP(QJHOGHU)LQVWHUQLVGHUVLFK %RQDSDUWHQHQQWGLH/LFKWJHVWDOW%ORZVDXIGHP6FKODFKWIHOG HQWJHJHQJHWUHWHQZlUH0LUZLGHUZlUWLJ,FKKDVVHVROFKH )DQIDURQDGHQ(UVSULFKWYRQ%UDXQVFKZHLJXQG+RKHQORKHZLH YRQOlFKHUOLFKHQ*U|HQLFK DEHUKDOWH]XGHP)ULGHUL]LDQLVFKHQ 6DW]HGDGLH:HOWQLFKWVLFKUHUDXIGHQ6FKXOWHUQGHV$WODVUXKW DOV3UHXHQDXIGHQ6FKXOWHUQVHLQH$UPHH© :lKUHQGGLHVHV*HVSUlFK]ZLVFKHQ6FKDFKXQG)UDXYRQ&DUD\RQ JHIKUWZXUGHZDUGDVLKQHQYRUDQVFKUHLWHQGH3DDUELVDQHLQH :HJVWHOOHJHNRPPHQYRQGHUDXVHLQ)XSIDGEHUHLQIULVFK JHSIOJWHV$FNHUIHOGKLQVLFKDE]ZHLJWH ª'DVLVWGLH.UFKH©VDJWHGDV7DQWFKHQXQG]HLJWHPLWLKUHP 3DUDVRODXIHLQQHXJHGHFNWHV 7XUPGDFKGHVVHQ5RWDXVDOOHUOHL *HVWUSSXQG*H]ZHLJKHUYRUVFKLPPHUWH9LFWRLUHEHVWlWLJWHZDV VLFKRKQHKLQQLFKWEHVWUHLWHQOLHXQGZDQGWHVLFKJOHLFKGDQDFK QDFKUFNZlUWVXPGLH0DPDGXUFKHLQH.RSI XQG +DQGEHZHJXQJ]XIUDJHQREPDQGHQKLHUDE]ZHLJHQGHQ )XSIDGHLQVFKODJHQZROOH)UDXYRQ&DUD\RQQLFNWH]XVWLPPHQG XQG7DQWHXQG1LFKWHVFKULWWHQLQGHUDQJHGHXWHWHQ5LFKWXQJ ZHLWHUhEHUDOODXVGHPEUDXQHQ$FNHUVWLHJHQ/HUFKHQDXIGLH KLHUQRFKHKHGLH6DDWKHUDXVZDUVFKRQLKU)XUFKHQQHVWJHEDXW KDWWHQJDQ]]XOHW]WDEHUNDPHLQ6WFNEUDFKOLHJHQGHV)HOGGDV ELVDQGLH.LUFKKRIVPDXHUOLHIXQGDXHUHLQHUVSlUOLFKHQ *UDVQDUEHQLFKWVDXIZLHVDOVHLQHQWULFKWHUI|UPLJHQ7PSHOLQ GHPHLQ8QNHQSDDUPXVL]LHUWHZlKUHQGGHU5DQGGHV7PSHOVLQ KRKHQ%LQVHQVWDQG ª6LHK9LFWRLUHGDVVLQG%LQVHQ© ª-DOLHEH7DQWH© ª.DQQVWGXGLUGHQNHQPDFKqUHGDDOVLFKMXQJZDUGLH %LQVHQDOVNOHLQH1DFKWOLFKWHUJHEUDXFKWZXUGHQXQGDXFKZLUNOLFK JDQ]UXKLJDXIHLQHP*ODVHVFKZDPPHQZHQQPDQNUDQNZDU RGHUDXFKEORQLFKWVFKODIHQNRQQWH© ª*HZL©VDJWH9LFWRLUHª-HW]WQLPPWPDQ:DFKVIlGFKHQGLH PDQ]HUVFKQHLGHWXQGLQHLQ.DUWHQVWFNFKHQVWHFNW©
ª*DQ]UHFKWPHLQ(QJHOFKHQ$EHUIUKHUZDUHQHV%LQVHQGHV MRQFV8QGVLHEUDQQWHQDXFK8QGGHVKDOEHU]lKOLFKHVGLU'HQQ VLHPVVHQGRFKHLQQDWUOLFKHV)HWWJHKDEWKDEHQLFKP|FKWH VDJHQHWZDV.LHQHQHV© ª(VLVWZRKOP|JOLFK©DQWZRUWHWH9LFWRLUHGLHGHU7DQWHQLH ZLGHUVSUDFKXQGKRUFKWHZlKUHQGVLHGLHVVDJWHQDFKGHP 7PSHOKLQLQGHPGDV0XVL]LHUHQGHU8QNHQLPPHUODXWHU ZXUGH*OHLFKGDQDFKDEHUVDKVLHGDHLQKDOEHUZDFKVHQHV 0lGFKHQYRQGHU.LUFKHKHULPYROOHQ/DXIDXIVLH]XNDPXQGPLW HLQHP]RWWLJHQZHLHQ6SLW]VLFKQHFNWHGHUEHOOHQGXQGEHLHQG DQGHU.OHLQHQHPSRUVSUDQJ'DEHLZDUIGLH.OHLQHPLWWHQLP /DXIHLQHQDQHLQHP6WULFNXQGHLQHP.O|SSHOKlQJHQGHQ .LUFKHQVFKOVVHOLQGLH/XIWXQGILQJLKQVRJHVFKLFNWZLHGHUDXI GDZHGHUGHU6FKOVVHOQRFKGHU.O|SSHOLKUZHKWXQNRQQWH =XOHW]WDEHUEOLHEVLHVWHKQXQGKLHOWGLHOLQNH+DQGYRUGLH $XJHQZHLOGLHQLHGHUJHKHQGH6RQQHVLHEOHQGHWH ª%LVWGXGLH.VWHUVWRFKWHU"©IUDJWH9LFWRLUH ª-D©VDJWHGDV.LQG ª'DQQELWWHJLEXQVGHQ6FKOVVHORGHUNRPPPLWXQVXQG VFKOLHXQVGLH.LUFKHZLHGHUDXI:LUP|FKWHQVLHJHUQHVHKHQ ZLUXQGGLH+HUUVFKDIWHQGD© ª*HUQH©VDJWHGDV.LQGXQGOLHIZLHGHUYRUDXIEHUNOHWWHUWHGLH .LUFKKRIVPDXHUXQGYHUVFKZDQGDOVEDOGKLQWHUGHQ+DVHOQX XQG+DJHEXWWHQVWUlXFKHUQGLHKLHUVRUHLFKOLFKVWDQGHQGDVLH WURW]GHPVLHQRFKNDKOZDUHQHLQH GLFKWH+HFNHELOGHWHQ 'DV7DQWFKHQXQG9LFWRLUHIROJWHQLKUXQGVWLHJHQODQJVDPEHU YHUIDOOHQH*UlEHUZHJGLHGHU)UKOLQJQRFKQLUJHQGVPLWVHLQHU +DQGEHUKUWKDWWHQLUJHQGV]HLJWHVLFKHLQ%ODWWXQGQXU XQPLWWHOEDUQHEHQGHU.LUFKHZDUHLQHVFKDWWLJIHXFKWH6WHOOHZLH PLW9HLOFKHQEHUGHFNW9LFWRLUHEFNWHVLFKXPKDVWLJGDYRQ]X SIOFNHQXQGDOV6FKDFKXQG)UDXYRQ&DUD\RQLPQlFKVWHQ $XJHQEOLFNGHQHLJHQWOLFKHQ+DXSWZHJGHV.LUFKKRIHV KHUDXINDPHQJLQJLKQHQ9LFWRLUHHQWJHJHQXQGJDEGHU0XWWHU GLH9HLOFKHQ 'LH.OHLQHKDWWHPLWWOHUZHLOHVFKRQDXIJHVFKORVVHQXQGVD ZDUWHQGDXIGHP6FKZHOOVWHLQDOVDEHUEHLGH3DDUHKHUDQZDUHQ
HUKREVLHVLFKUDVFKXQGWUDWDOOHQYRUDXILQGLH.LUFKHGHUHQ &KRUVWKOHIDVWVRVFKUlJVWDQGHQZLHGLH*UDENUHX]HGUDXHQ $OOHVZLUNWHNPPHUOLFKXQG]HUIDOOHQGHUHEHQVLQNHQGH 6RQQHQEDOODEHUGHUKLQWHUGHQQDFK$EHQG]XJHOHJHQHQ )HQVWHUQVWDQGEHUJRGLH:lQGHPLWHLQHPU|WOLFKHQ 6FKLPPHUXQGHUQHXHUWHIU$XJHQEOLFNHZHQLJVWHQVGLHOlQJVW EOLQGJHZRUGHQH 9HUJROGXQJGHUDOWHQ$OWDUKHLOLJHQGLHKLHU QRFKDXVGHUNDWKROLVFKHQ=HLWKHULKU'DVHLQIULVWHWHQ(V NRQQWHQLFKWDXVEOHLEHQGDGDVJHQIHULVFKUHIRUPLHUWH7DQWFKHQ DXIULFKWLJHUVFKUDNDOVVLHGLHVHUª*|W]HQ©DQVLFKWLJZXUGH 6FKDFKDEHUGHUXQWHUVHLQH/LHEKDEHUHLHQDXFKGLH*HQHDORJLH ]lKOWHIUDJWHEHLGHU.OHLQHQDQREQLFKWYLHOOHLFKWDOWH *UDEVWHLQHGDZlUHQ ª(LQHULVWGD©VDJWHGLH.OHLQHª'LHVHUKLHU©XQGZLHVDXIHLQ DEJHWUHWHQHVDEHUGRFKQRFKGHXWOLFKHUNHQQEDUHV6WHLQELOGGDV DXIUHFKWLQHLQHQ3IHLOHUGLFKWQHEHQGHP$OWDUHLQJHPDXHUW ZDU(VZDUHUVLFKWOLFKHLQ5HLWHUREHUVW ª8QGZHULVWHV"©IUDJWH6FKDFK ª(LQ7HPSHOULWWHU©HUZLGHUWHGDV.LQGªXQGKLHGHU5LWWHUYRQ 7HPSHOKRI8QGGLHVHQ*UDEVWHLQOLHHUVFKRQEHL/HE]HLWHQ PDFKHQZHLOHUZROOWHGDHULKPlKQOLFKZHUGHQVROOWH© +LHUQLFNWHGDV7DQWFKHQ]XVWLPPHQGZHLOGDV bKQOLFKNHLWVEHGUIQLVGHVDQJHEOLFKHQ5LWWHUVYRQ7HPSHOKRIHLQH YHUZDQGWH6DLWHLQLKUHP+HU]HQWUDI ª8QGHUEDXWHGLHVH.LUFKH©IXKUGLH.OHLQH IRUWªXQGEDXWH ]XOHW]WDXFKGDV'RUIXQGQDQQWHV7HPSHOKRIZHLOHUVHOEHU 7HPSHOKRIKLH8QGGLH%HUOLQHUVDJHQ¾7HPSORZ½$EHUHVLVW IDOVFK© $OOGDVQDKPHQGLH'DPHQLQ$QGDFKWKLQXQGQXU6FKDFKGHU QHXJLHULJJHZRUGHQZDUIUDJWHZHLWHUªREVLHQLFKWGDVHLQ RGHU DQGUHQRFKDXVGHQ/HE]HLWHQGHV5LWWHUVZLVVH© ª1HLQDXVVHLQHQ/HE]HLWHQQLFKW$EHUQDFKKHU© $OOHKRUFKWHQDXIDPPHLVWHQGDVVRIRUWHLQHQOHLVHQ*UXVHO YHUVSUHQGH7DQWFKHQGLH.OHLQHKLQJHJHQIXKULQUXKLJHP7RQH
IRUWª2EHVDOOHVVRZDKULVWZLHGLH/HXWHVDJHQGDVZHLLFK QLFKW$EHUGHUDOWH.RVVlWH0DOWXVFKKDWHVQRFKPLWHUOHEW© ª$EHUZDVGHQQ.LQG"© ª(UODJKLHUYRUGHP$OWDUEHUKXQGHUW-DKUHELVHVLKQlUJHUWH GDGLH%DXHUQXQG(LQVHJQXQJVNLQGHULPPHUDXILKP KHUXPVWDQGHQXQGLKPGDV*HVLFKWDEVFKXUUWHQZHQQVLH]XP $EHQGPDKOJLQJHQ8QGGHUDOWH0DOWXVFKGHUMHW]WLQV QHXQ]LJVWHJHKWKDWPLUXQGPHLQHP9DWHUHU]lKOWHUKDEHV QRFKPLWVHLQHQHLJHQHQ2KUHQJHK|UWGDHVPLWXQWHUVR JHSROWHUWXQGJHUROOWKlWWHZLHZHQQHVGUEHQEHU 6FKPDUJHQGRUIGRQQHUW© ª:RKOP|JOLFK© ª$EHUVLHYHUVWDQGHQQLFKWZDVGDV3ROWHUQXQG5ROOHQ EHGHXWHWH©IXKUGLH.OHLQHIRUWª8QGVRJLQJHVELVGDV-DKUZR GHUUXVVLVFKH*HQHUDOGHVVHQ1DPHQLFKLPPHUYHUJHVVHKLHU DXIGHP7HPSHOKRIHU)HOGHODJ'DNDPHLQHQ6RQQDEHQGGHU YRULJH.VWHUXQGZROOWHGLH6LQJH]DKOHQZHJZLVFKHQXQGQHXH IUGHQ6RQQWDJDQVFKUHLEHQ8QGQDKPDXFKVFKRQGDV .UHLGHVWFN$EHUGDVDKHUPLWHLQHP0DOHGDGLH=DKOHQ VFKRQZHJJHZLVFKWXQGQHXH*HVDQJEXFK]DKOHQXQGDXFKGLH =DKOHQYRQHLQHP%LEHOVSUXFK.DSLWHOXQG9HUVPLW DQJHVFKULHEHQZDUHQ$OOHVDOWPRGLVFKXQGXQGHXWOLFKXQGQXU VRJUDGHQRFK]XOHVHQ8QGDOVVLHQDFKVFKOXJHQGDIDQGHQVLH ¾'XVROOVWGHLQHQ7RWHQLQ(KUHQKDOWHQXQGLKQ QLFKWVFKlGLJHQ DQVHLQHP$QWOLW]½8QGQXQZXWHQVLHZHUGLH=DKOHQ JHVFKULHEHQXQGQDKPHQGHQ6WHLQDXIXQGPDXHUWHQLKQLQ GLHVHQ3IHLOHU© ª,FKILQGHGRFK©VDJWH7DQWH0DUJXHULWHGLHMHVFKUHFNOLFKHUVLH VLFKYRU*HVSHQVWHUQIUFKWHWHGHVWROHEKDIWHULKU9RUKDQGHQVHLQ EHVWULWWªLFKILQGHGRFKGLH5HJLHUXQJVROOWHPHKUJHJHQGHP $EHUJODXEHQWXQ©8QGGDEHLZDQGWHVLHVLFKlQJVWOLFKYRQGHP XQKHLPOLFKHQ6WHLQELOGDEXQGJLQJPLW)UDXYRQ&DUD\RQGLH ZDV*HVSHQVWHUIXUFKWDQJLQJPLWGHP7DQWFKHQZHWWHLIHUQ NRQQWHZLHGHUGHP$XVJDQJH]X 6FKDFKIROJWHPLW9LFWRLUHGHUHUGHQ$UPJHUHLFKWKDWWH
ª:DUHVZLUNOLFKHLQ7HPSHOULWWHU"©IUDJWHGLHVHª0HLQH 7HPSHOULWWHUNHQQWQLVEHVFKUlQNWVLFKIUHLOLFKQXUDXIGHQHLQHQ LP ¾1DWKDQ½DEHUZHQQXQVUH%KQHGLH.RVWPIUDJHQLFKW]X ZLOONUOLFKEHKDQGHOWKDWVRPVVHQGLH7HPSHOULWWHUGXUFKDXV DQGHUVDXVJHVHKHQKDEHQ+DELFKUHFKW"© ª,PPHUUHFKWPHLQHOLHEH9LFWRLUH©8QGGHU7RQGLHVHU:RUWH WUDILKU+HU]XQG]LWWHUWHGDULQQDFKRKQHGDVLFK6FKDFKGHVVHQ EHZXWJHZHVHQZlUH ª:RKO$EHUZHQQNHLQ7HPSOHUZDVGDQQ"©IUDJWHVLHZHLWHU XQGVDKLKQ]XWUDXOLFKXQGGRFKYHUOHJHQDQ ª(LQ5HLWHUREHUVWDXVGHU=HLWGHV'UHLLJMlKULJHQ.ULHJHV2GHU YLHOOHLFKWDXFKHUVWDXVGHQ7DJHQYRQ)HKUEHOOLQ,FKODVVRJDU VHLQHQ1DPHQ$FKLPYRQ+DDNH© ª6RKDOWHQ6LHGLHJDQ]H*HVFKLFKWHIUHLQ0lUFKHQ"© ª1LFKWHLJHQWOLFKGDVRGHUZHQLJVWHQVQLFKWLQDOOHP(VLVW HUZLHVHQGDZLU7HPSOHULQGLHVHP/DQGHKDWWHQXQGGLH.LUFKH KLHUPLWLKUHQYRUJRWLVFKHQ)RUPHQPDJVHKUZRKOELVLQMHQH 7HPSOHUWDJH]XUFNUHLFKHQ6RYLHOLVWJODXEKDIW© ª,FKK|UHVRJHUQYRQGLHVHP2UGHQ© ª$XFKLFK(ULVWYRQGHUVWUDIHQGHQ+DQG*RWWHVDPVFKZHUVWHQ KHLPJHVXFKWZRUGHQXQGHEHQGHVKDOEDXFKGHUSRHWLVFKVWHXQG LQWHUHVVDQWHVWH6LHZLVVHQZDVLKPYRUJHZRUIHQZLUG *|W]HQGLHQVW9HUOHXJQXQJ&KULVWL/DVWHUDOOHU$UW8QGLFK IUFKWHPLW5HFKW$EHUJURZLHVHLQH6FKXOGVRJURZDUDXFK VHLQH6KQHJDQ]GHVVHQ]XJHVFKZHLJHQGDDXFKKLHUZLHGHU GHUXQVFKXOGLJhEHUOHEHQGHGLH6FKXOGYRUDXIJHJDQJHQHU *HVFKOHFKWHU]XEHQKDWWH'DV/RVXQG6FKLFNVDODOOHU (UVFKHLQXQJHQGLHVLFKDXFKGDQRFKZRVLHIHKOHQXQGLUUHQ GHP$OOWlJOLFKHQHQW]LHKQ8QGVRVHKHQZLUGHQQGHQ VFKXOGEHODGHQHQ2UGHQDOOVHLQHU8QUKPOLFKNHLWHQXQHUDFKWHW VFKOLHOLFKLQHLQHPZLHGHUJHZRQQHQHQ*ORULHQVFKHLQ]XJUXQGH JHKHQ(VZDUGHU1HLGGHULKQW|WHWHGHU1HLGXQGGHU (LJHQQXW]XQGVFKXOGLJRGHUQLFKWPLFKEHUZlOWLJWVHLQH *U|H©
9LFWRLUHOlFKHOWHª:HU6LHVRK|UWHOLHEHU6FKDFKN|QQWH PHLQHQHLQHQQDFKJHERUQHQ7HPSOHULQ,KQHQ]XVHKHQ8QG GRFKZDUHVHLQP|QFKLVFKHU2UGHQXQGP|QFKLVFKZDUDXFK VHLQ*HOEGH+lWWHQ6LH VYHUPRFKWDOV7HPSOHU]XOHEHQXQG]X VWHUEHQ"© ª-D© ª9LHOOHLFKWYHUORFNWGXUFKGDV.OHLGGDVQRFKNOHLGVDPHUZDUDOV GLH6XSUDZHVWHGHU*HQVGDUPHV© ª1LFKWGXUFKGDV.OHLG9LFWRLUH6LHYHUNHQQHQPLFK*ODXEHQ6LH PLUHVOHEWHWZDVLQPLUGDVPLFKYRUNHLQHP*HOEGH ]XUFNVFKUHFNHQOlW© ª8PHV]XKDOWHQ"© $EHUHKHUQRFKDQWZRUWHQNRQQWHIXKUVLHUDVFKLQZLHGHU VFKHU]KDIWHUZHUGHQGHP7RQHIRUWª,FKJODXEH3KLOLSSOH%HOKDW GHQ2UGHQDXIGHP*HZLVVHQ6RQGHUEDUGDDOOHKLVWRULVFKHQ 3HUVRQHQGLHGHQ%HLQDPHQGHV¾6FK|QHQ½IKUHQPLU XQV\PSDWKLVFKVLQG8QGLFKKRIIHQLFKWDXV1HLG$EHUGLH 6FK|QKHLWGDVPXZDKUVHLQPDFKWVHOEVWLVFKXQGZHU VHOEVWLVFKLVWLVWXQGDQNEDUXQGWUHXORV© 6FKDFKVXFKWH]XZLGHUOHJHQ(UZXWHGDVLFK9LFWRLUHQV :RUWHVRVHKUVLH3LNDQWHULHQXQG$QGHXWXQJHQOLHEWHJDQ] XQP|JOLFKJHJHQLKQ JHULFKWHWKDEHQNRQQWHQ8QGGDULQWUDIHU V DXFK(VZDUDOOHVQXUMHXG HVSULWHLQH1DFKJLHELJNHLWJHJHQ LKUHQ+DQJ]XSKLORVRSKLHUHQ8QGGRFKDOOHVZDVVLHJHVDJW KDWWHVRJHZLHVDEVLFKWVORVJHVDJWZRUGHQZDUVRJHZLZDU HVGRFKDXFKDXVHLQHUGXQNOHQ$KQXQJKHUDXVJHVSURFKHQ ZRUGHQ $OVLKU6WUHLWVFKZLHJKDWWHPDQGHQ'RUIHLQJDQJHUUHLFKWXQG 6FKDFKKLHOWXPDXI)UDXYRQ&DUD\RQXQG7DQWH0DUJXHULWHGLH VLFKEHLGHYHUVlXPWKDWWHQ]XZDUWHQ $OVVLHKHUDQZDUHQERWHUGHU)UDXYRQ&DUD\RQGHQ$UPXQG IKUWHGLHVH ELVDQGDV*DVWKDXV]XUFN 9LFWRLUHVDKLKQHQEHWURIIHQQDFKXQGVDQQQDFKEHUGHQ 7DXVFKGHQ6FKDFKPLWNHLQHP:RUWHGHU(QWVFKXOGLJXQJ
EHJOHLWHWKDWWHª:DVZDUGDV"©8QGVLHYHUIlUEWHVLFKDOVVLH VLFKDXVHLQHPSO|W]OLFKHQ$UJZRKQKHUDXVGLHVHOEVWJHVWHOOWH )UDJHEHDQWZRUWHWKDWWH 9RQHLQHP:LHGHUSODW]QHKPHQYRUGHP*DVWKDXVHZDUNHLQH 5HGHPHKUXQGPDQJDEHVXPVROHLFKWHUXQGOLHEHUDXIDOVHV LQ]ZLVFKHQNKOJHZRUGHQXQGGHU:LQGGHUGHQJDQ]HQ7DJ EHUJHZHKWKDWWHQDFK1RUGZHVWHQKLQXPJHVSUXQJHQZDU 7DQWH0DUJXHULWHEDWVLFKGHQ5FNVLW]DXVªXPQLFKWJHJHQGHP :LQGH]XIDKUHQ© 1LHPDQGZLGHUVSUDFK6RQDKPVLHGHQQGHQHUEHWHQHQ3ODW] XQGZlKUHQGMHGHULQ6FKZHLJHQEHUGDFKWHZDVLKPGHU 1DFKPLWWDJJHEUDFKWKDWWHJLQJHVLQLPPHUUDVFKHUHU)DKUW ZLHGHUDXIGLH6WDGW]XUFN 'LHVHODJVFKRQLQ'lPPHUDOVPDQELVDQGHQ$EKDQJGHU .UHX]EHUJK|KHJHNRPPHQZDUXQGQXUGLHEHLGHQ *HQVGDUPHQWUPHUDJWHQQRFKPLWLKUHQ.XSSHOQDXVGHP JUDXEODXHQ1HEHOHPSRU
)QIWHV.DSLWHO 9LFWRLUHYRQ&DUD\RQDQ/LVHWWHYRQ3HUEDQGW %HUOLQGHQ0DL 0DFKqUH/LVHWWH :LHIURKZDULFKHQGOLFKYRQ'LU]XK|UHQXQGVR*XWHV1LFKW DOVRELFKHVDQGHUVHUZDUWHWKlWWHZHQLJH0lQQHUKDELFK NHQQHQJHOHUQWGLHPLUVRJDQ]HLQH*DUDQWLHGHV*OFNHV]X ELHWHQVFKHLQHQ ZLHGHU'HLQLJH*HVXQGZRKOZROOHQG DQVSUXFKVORVXQGYRQMHQHPVFK|QHQ:LVVHQV XQG%LOGXQJVPD GDVHLQJOHLFKJHIlKUOLFKHV=XYLHOXQG=XZHQLJYHUPHLGHW:REHL HLQª=XYLHO©GDVYLHOOHLFKWQRFK*HIlKUOLFKHUHLVW'HQQMXQJH )UDXHQVLQGQXU]XJHQHLJWGLH)RUGHUXQJ]XVWHOOHQª'XVROOVW NHLQHDQGUHQ*|WWHUKDEHQQHEHQPLU©,FKVHKHGDVEHLQDK WlJOLFKEHL5RPEHUJVXQG0DULHZHLHVLKUHPNOXJHQXQG OLHEHQVZUGLJHQ*DWWHQZHQLJ'DQNGDHUEHU3ROLWLNXQG IUDQ]|VLVFKH=HLWXQJHQGLH9LVLWHQXQG7RLOHWWHQYHUJLW :DVPLUDOOHLQHLQH6RUJHPDFKWHZDU'HLQHQHXHPDVXULVFKH +HLPDWHLQ6WFN/DQGGDVLFKPLULPPHUDOVHLQHQHLQ]LJHQ JURHQ:DOGPLWKXQGHUW6HHQXQG6PSIHQYRUJHVWHOOWKDEH'D GDFKWLFKGHQQGLHVHQHXH+HLPDWN|QQH'LFKOHLFKWLQHLQ PHODQFKROLVFKHV7UlXPHQYHUVHW]HQGDVGDQQLPPHUGHU$QIDQJ ]X+HLPZHKRGHUZRKOJDU]X7UDXHUXQG7UlQHQLVW8QGGDYRU VRKDELFKPLUVDJHQODVVHQHUVFKUHFNHQGLH0lQQHU$EHULFK VHKH]XPHLQHUKHU]OLFKHQ)UHXGHGD'XDXFKGLHVHU *HIDKU HQWJDQJHQELVWXQGGDGLH%LUNHQGLH'HLQ6FKORXPVWHKQ JUQH3ILQJVWPDLHQXQGNHLQH7UDXHUELUNHQVLQG$SURSRVEHU GDV%LUNHQZDVVHUPXW'XPLUJHOHJHQWOLFKVFKUHLEHQ(VJHK|UW ]XGHQ'LQJHQGLHPLFKLPPHUQHXJLHULJJHPDFKWKDEHQXQGGLH NHQQHQ]XOHUQHQPLUELVGLHVHQ$XJHQEOLFNYHUVDJWJHEOLHEHQLVW 8QGQXQVROOLFK'LUEHUXQV EHULFKWHQ'XIUlJVWWHLOQHKPHQG QDFKDOOXQGMHGHPXQGYHUODQJVWVRJDUYRQ7DQWH0DUJXHULWHQV QHXHVWHU3ULQ]HVVLQXQGQHXHVWHU1DPHQVYHUZHFKVOXQJ]XK|UHQ ,FKN|QQWH'LUJHUDGHGDYRQ HU]lKOHQGHQQHVVLQGNHLQHGUHL 7DJHGDZLUZHQLJVWHQVYRQGLHVHQ9HUZHFKVOXQJHQ HLQ JHUWWHOWXQGJHVFKWWHOW0DJHKDEWKDEHQ
(VZDUDXIHLQHU6SD]LHUIDKUWGLH+HUUYRQ6FKDFK PLWXQV PDFKWHQDFK7HPSHOKRIXQG]XGHUDXFKGDV7DQWFKHQ DXIJHIRUGHUWZHUGHQPXWHZHLOHVLKU7DJZDU'XZHLWGD ZLUVLHMHGHQ'LHQVWDJDOV*DVWLQXQVUHP+DXVHVHKQ6LHZDU GHQQDXFKPLWXQVLQGHUª.UFKH©ZRVLHEHLP$QEOLFNHLQLJHU +HLOLJHQELOGHUDXVGHUNDWKROLVFKHQ=HLWKHUQLFKWQXUEHVWlQGLJ DXI$XVURWWXQJGHV$EHUJODXEHQVGUDQJVRQGHUQVLFKPLWHEHQ GLHVHP$QOLHJHQDXFKUHJHOPlLJDQ6FKDFKZDQGWHZLHZHQQ GLHVHULP.RQVLVWRULXPVlH8QGGDOHJLFKGHQQZHLOLFKQXQ PDOGLH7XJHQGRGHU8QWXJHQGKDEHPLUDOOHVJOHLFKOHLEKDIWLJ YRU]XVWHOOHQ ZlKUHQG GHV6FKUHLEHQVGLH)HGHUKLQXPPLFKHUVW KHU]OLFKDXV]XODFKHQ$XIRQGIUHLOLFKLVWHVYLHOZHQLJHU OlFKHUOLFKDOVHVLPHUVWHQ$XJHQEOLFNHUVFKHLQW(UKDWHWZDV NRQVLVWRULDOUlWOLFK)HLHUOLFKHVXQGZHQQPLFKQLFKWDOOHVWlXVFKW VRLVWHVJHUDGHGLHV )HLHUOLFKHZDV%ORZVRVHKUJHJHQLKQ HLQQLPPW9LHOYLHOPHKUDOVGHU8QWHUVFKLHGGHU0HLQXQJHQ 8QGEHLQDKNOLQJWHVDOVRELFKPLFKLQPHLQHU6FKLOGHUXQJ%ORZ DQVFKO|VVH:LUNOLFKZWHVW'X VQLFKWEHVVHU'XZUGHVW GLHVHU&KDUDNWHULVWLNXQVUHV )UHXQGHVQLFKWHQWQHKPHQN|QQHQ ZLHVHKULFKLKQVFKlW]H-DPHKUGHQQMHWURW]GHPHVDQ PDQFKHP6FKPHU]OLFKHQQLFKWIHKOW$EHULQPHLQHU/DJHOHUQW PDQPLOGHVHLQVLFKWU|VWHQYHU]HLKQ+lWWLFKHVQLFKW JHOHUQW ZLHN|QQWLFKOHEHQLFKGLHLFKVRJHUQOHEH(LQH6FKZlFKHGLH ZLHLFKHLQPDOJHOHVHQ DOOHGLHMHQLJHQKDEHQVROOHQYRQGHQHQ PDQHVDPZHQLJVWHQEHJUHLIW $EHULFKVSUDFKYRQPDQFKHP6FKPHU]OLFKHQXQGHVGUlQJW PLFK'LUGDYRQ]XHU]lKOHQ (VZDUHUVWJHVWHUQDXIXQVUHU6SD]LHUIDKUW$OVZLUGHQ*DQJDXV GHP'RUILQGLH.LUFKHPDFKWHQIKUWH6FKDFK0DPD1LFKW ]XIlOOLJHVZDUDUUDQJLHUWXQG]ZDUGXUFKPLFK,FKOLHEHLGH ]XUFNZHLOLFKHLQH$XVVSUDFKH'XZHLWZHOFKH ]ZLVFKHQ EHLGHQKHUEHLIKUHQZROOWH6ROFKHVWLOOHQ$EHQGHZRPDQEHU )HOGVFKUHLWHWXQGQLFKWVK|UWDOVGDV$QVFKODJHQGHU $EHQGJORFNHKHEHQXQVEHUNOHLQH5FNVLFKWHQIRUWXQGPDFKHQ XQVIUHLHU8QGVLQGZLUHUVWGDVVRILQGHWVLFKDXFKGDVUHFKWH :RUW:DV]ZLVFKHQLKQHQJHVSURFKHQZXUGHZHLLFKQLFKW MHGHQIDOOVQLFKWGDVZDVJHVSURFKHQZHUGHQVROOWH=XOHW]WWUDWHQ ZLULQGLH.LUFKHGLHYRP$EHQGURWZLHGXUFKJOKWZDUDOOHV JHZDQQ/HEHQXQGHVZDUXQYHUJHOLFKVFK|Q$XIGHP
+HLPZHJHWDXVFKWH6FKDFKXQGIKUWHPLFK(UVSUDFKVHKU DQ]LHKHQGXQGLQ HLQHP7RQHGHUPLUHEHQVRZRKOWDWDOVHU PLFKEHUUDVFKWH-HGHV:RUWLVWPLUQRFKLQGHU(ULQQHUXQJ JHEOLHEHQXQGJLEWPLU]XGHQNHQ$EHUZDVJHVFKDK"$OVZLU ZLHGHUDP(LQJDQJHGHV'RUIHVZDUHQZXUGHUVFKZHLJVDPHU XQGZDUWHWHDXIGLH0DPD'DQQERWHULKU GHQ$UPXQGVR JLQJHQVLHGXUFKGDV'RUIQDFKGHP*DVWKDXVH]XUFNZRGLH :DJHQKLHOWHQXQGYLHOH/HXWHYHUVDPPHOWZDUHQ(VJDEPLU HLQHQ6WLFKGXUFKV+HU]GHQQLFKNRQQWHPLFKGHV*HGDQNHQV QLFKWHUZHKUHQGDHVLKPSHLQOLFKJHZHVHQVHLPLW PLU XQGDQ PHLQHP$UPXQWHUGHQ*lVWHQ]XHUVFKHLQHQ,QVHLQHU(LWHONHLW YRQGHULFKLKQQLFKWIUHLVSUHFKHQNDQQLVWHVLKPXQP|JOLFK VLFKEHUGDV*HUHGHGHU/HXWHKLQZHJ]XVHW]HQXQGHLQ VS|WWLVFKHV/lFKHOQYHUVWLPPWLKQDXIHLQH:RFKH6R VHOEVWEHZXWHULVWVRVFKZDFKXQGDEKlQJLJLVWHULQGLHVHP HLQHQ 3XQNWH9RUQLHPDQGHPLQGHU:HOWDXFKYRUGHU0DPD QLFKWZUGLFKHLQVROFKHV%HNHQQWQLVDEOHJHQDEHU'LU JHJHQEHUPXWLFKHV+DELFKXQUHFKWVRVDJHPLUGDPHLQ 8QJOFNPLFKPLWUDXLVFKJHPDFKWKDEHVRKDOWHPLUHLQH 6WUDISUHGLJWLQDOOHUVWUHQJVWHQ:RUWHQXQGVHLYHUVLFKHUWGDLFK VLHPLWGDQNEDUHP$XJHOHVHQZHUGH'HQQDOOVHLQHU(LWHONHLW XQHUDFKWHWVFKlW]LFKLKQZLHNHLQHQDQGHUQ(VLVWHLQ6DW]GD 0lQQHUQLFKWHLWHOVHLQGUIHQZHLO(LWHONHLWOlFKHUOLFKPDFKH0LU VFKHLQWGLHVEHUWULHEHQ,VWDEHUGHU6DW]GHQQRFKULFKWLJVR EHGHXWHW6FKDFKHLQH$XVQDKPH,FKKDVVHGDV:RUWªULWWHUOLFK©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lOOWPLUPLWXQWHUDXIZLH GHU*UROOGHUVLFKLQXQVHUP)UHXQGHUHJWLKPHLQHJHZLVVH 6FKODJIHUWLJNHLWMDVHOEVW(VSULWYHUOHLKW*HVWHUQKDWHU6DQGHU GHVVHQ3HUV|QOLFKNHLW'XNHQQVWGHQ%ORZVFKHQ6DQFKR3DQVD JHQDQQW'LHZHLWHUHQ6FKOXIROJHUXQJHQHUJHEHQVLFKYRQVHOEVW XQGLFKILQGHVQLFKWEHO
6DQGHUV3XEOLNDWLRQHQPDFKHQPHKUYRQVLFKUHGHQGHQQMHGLH =HLWXQWHUVWW]WGDV,QWHUHVVHIUHLQHOHGLJOLFKSROHPLVFKH /LWHUDWXU$XHUYRQ%ORZVLQGDXFK$XIVlW]HYRQ0DVVHQEDFK XQG3KXOOHUVFKLHQHQGLHYRQGHQ(LQJHZHLKWHQDOVHWZDV %HVRQGHUHVXQGQLH'DJHZHVHQHVDXVJHSULHVHQZHUGHQ$OOHV ULFKWHWVLFKJHJHQgVWHUUHLFKXQGEHZHLVWDXIVQHXHGDZHU GHQ6FKDGHQKDWIUGHQ6SRWWQLFKWVRUJHQGDUI6FKDFKLVW HPS|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
6HFKVWHV.DSLWHO %HL3ULQ]/RXLV $QGHPVHOEHQ$EHQGDQGHP9LFWRLUHYRQ&DUD\RQLKUHQ%ULHIDQ /LVHWWHYRQ 3HUEDQGWVFKULHEHPSILQJ6FKDFKLQVHLQHULQGHU :LOKHOPVWUDHJHOHJHQHQ:RKQXQJHLQ(LQODGXQJVELOOHWYRQGHU +DQGGHV3ULQ]HQ/RXLV (VODXWHWH ª/LHEHU6FKDFK,FKELQHUVWVHLWGUHL7DJHQKLHULP0RDELWHU/DQG XQGGUVWHEHUHLWVQDFK%HVXFKXQG*HVSUlFK(LQH9LHUWHOPHLOH YRQGHU+DXSWVWDGWKDWPDQVFKRQGLH+DXSWVWDGWQLFKWPHKUXQG YHUODQJWQDFKLKU'DUILFKIUPRUJHQDXI6LHUHFKQHQ"%ORZ XQGVHLQYHUOHJHULVFKHU$QKDQJKDEHQ]XJHVDJWDXFK 0DVVHQEDFKXQG3KXOO$OVRODXWHU2SSRVLWLRQGLHPLFKHUTXLFNW DXFKZHQQLFKVLHEHNlPSIH9RQ,KUHP5HJLPHQWZHUGHQ6LH QRFK1RVWLW]XQG$OYHQVOHEHQWUHIIHQ,P,QWHULPVURFNXQGXP IQI8KU ,KU/RXLV3ULQ]YRQ3U© 8PGLHIHVWJHVHW]WH6WXQGHIXKU6FKDFKQDFKGHPHU$OYHQVOHEHQ XQG1RVWLW]DEJHKROWKDWWHYRUGHUSULQ]OLFKHQ9LOODYRU'LHVHODJ DPUHFKWHQ)OXXIHUXPJHEHQYRQ:LHVHQXQG:HUIWZHLGHQXQG KDWWHGLH)URQWEHUGLH6SUHHIRUWDXIGLH:HVWOLVLqUHGHV 7LHUJDUWHQV$QIDKUWXQG$XIJDQJZDUHQYRQGHU5FNVHLWHKHU (LQHEUHLWHPLW7HSSLFKEHOHJWH 7UHSSHIKUWHELVDXIHLQ3RGLXP XQGYRQGLHVHPDXIHLQHQ9RUIOXUDXIGHPGLH*lVWHYRP3ULQ]HQ HPSIDQJHQZXUGHQ%ORZXQG6DQGHUZDUHQEHUHLWVGD 0DVVHQEDFKXQG3KXOOGDJHJHQKDWWHQVLFKHQWVFKXOGLJHQODVVHQ 6FKDFKZDUHV]XIULHGHQIDQGVFKRQ%ORZPHKUDOVJHQXJXQG WUXJNHLQ9HUODQJHQGLH=DKOGHU*HQLDOLWlWVOHXWHYHUVWlUNW]X VHKHQ(VZDUKHOOHU7DJQRFKDEHULQGHP6SHLVHVDDOLQGHQVLH YRQGHP9HVWLEODXVHLQWUDWHQEUDQQWHQEHUHLWVGLH/LFKWHUXQG ZDUHQEULJHQVEHLRIIHQVWHKHQGHQ)HQVWHUQ GLH-DORXVLHQ JHVFKORVVHQ=XGLHVHPNQVWOLFKKHUJHVWHOOWHQ/LFKWLQGDVVLFK YRQDXHQKHUHLQ7DJHVVFKLPPHUPLVFKWHVWLPPWHGDV)HXHULQ GHPLQGHU0LWWHGHV6DDOHVEHILQGOLFKHQ.DPLQH9RUHEHQ GLHVHPLKPGHQ5FNHQ]XNHKUHQGVDGHU3ULQ]XQGVDK
]ZLVFKHQGHQRIIHQVWHKHQGHQ-DORXVLHEUHWWFKHQKLQGXUFKDXIGLH %lXPHGHV7LHUJDUWHQV ª,FKELWWHIUOLHE]XQHKPHQ©EHJDQQHUDOVGLH7DIHOUXQGHVLFK DUUDQJLHUWKDWWHª:LUVLQGKLHUDXIGHP/DQGHGDVPXDOV (QWVFKXOGLJXQJGLHQHQIUDOOHVZDVIHKOW¾$ODJXHUUHFRPPHj ODJXHUUH½0DVVHQEDFKXQVHU*RXUPHWPXEULJHQVHWZDVGHU $UWJHDKQWUHVSHNWLYHJHIUFKWHWKDEHQ:DVPLFKDXFKQLFKW EHUUDVFKHQZUGH+HLWHVGRFKOLHEHU6DQGHU,KUJXWHU7LVFK KDEHPHKUQRFKDOV,KUJXWHU9HUODJGLH)UHXQGVFKDIW]ZLVFKHQ ,KQHQEHVLHJHOW© ª(LQ6DW]GHPLFKNDXP]XZLGHUVSUHFKHQZDJH.|QLJOLFKH +RKHLW© ª8QGGRFKPWHQ 6LH VHLJHQWOLFK,KUJDQ]HU9HUODJKDWNHLQH 6SXUYRQMHQHP¾ODLVVHUSDVVHU½GDVGDV9RUUHFKWMDGLH3IOLFKW DOOHUJHVlWWLJWHQ/HXWHLVW,KUH*HQLHV3DUGRQ%ORZ VFKUHLEHQ DOOHZLH+XQJULJH0HLQHWZHJHQ8QVUH3DUDGHOHXWHJHELFK,KQHQ SUHLVDEHUGD6LHPLUDXFKGLHgVWHUUHLFKHUVRVFKOHFKW EHKDQGHOQGDVPLIlOOWPLU© ª%LQLFK HV.|QLJOLFKH+RKHLW",FKIUPHLQH3HUVRQKDEHQLFKW GLH3UlWHQVLRQK|KHUHU6WUDWHJLH1HEHQKHUIUHLOLFKP|FKWLFK VR]XVDJHQDXVPHLQHP9HUODJHKHUDXVGLH)UDJHVWHOOHQGUIHQ ¾:DU8OPHWZDV.OXJHV"½© ª$FKPHLQOLHEHU6DQGHUZDVLVWNOXJ":LU3UHXHQELOGHQXQV EHVWlQGLJHLQHV]XVHLQXQGZLVVHQ6LHZDV1DSROHRQEHU XQVUHYRUMlKULJHWKULQJLVFKH$XIVWHOOXQJJHVDJWKDW"1RVWLW] ZLHGHUKROHQ6LH V(UZLOOQLFKW1XQVRPXLFKHVVHOEHUWXQ ¾$KFHV3UXVVLHQV½KLHHV¾LOVVRQWHQFRUHSOXV VWXSLGHVTXH OHV$XWULFKLHQV½'DKDEHQ6LH.ULWLNEHUXQVHUHYLHOJHSULHVHQH .OXJKHLWQRFKGD]X.ULWLNYRQHLQHUDOOHUEHUXIHQVWHQ6HLWHKHU 8QGKlWWHU VGDPLWJHWURIIHQVRPWHQZLUXQVVFKOLHOLFK]X GHP)ULHGHQQRFKEHJOFNZQVFKHQGHQXQV+DXJZLW] HUVFKDFKHUWKDW-DHUVFKDFKHUW(UVFKDFKHUWLQGHPHUIUHLQ 0LWEULQJVHOXQVUH(KUHSUHLVJDE:DVVROOHQZLUPLW+DQQRYHU"(V LVWGHU%URFNHQDQGHPGHUSUHXLVFKH$GOHUHUVWLFNHQZLUG© ª,FKKDEH]XGHU6FKOXFN XQG9HUGDXXQJVNUDIWXQVUHV SUHXLVFKHQ$GOHUVHLQEHVVHUHV9HUWUDXHQ©HUZLGHUWH%ORZ ª*HUDGHGDV NDQQHUXQGYHUVWHKWHUYRQDOWHQ=HLWHQKHU
,QGHVVHQGDUEHU PDJVLFKVWUHLWHQODVVHQZRUEHUVLFKDEHU QLFKW VWUHLWHQOlWGDVLVWGHU)ULHGHGHQXQV+DXJZLW]JHEUDFKW KDW:LUEUDXFKHQLKQZLHGDVWlJOLFKH%URWXQGPXWHQLKQ KDEHQVROLHEXQVXQVHU/HEHQLVW.|QLJOLFKH+RKHLWKDEHQ IUHLOLFKHLQHQ+DJHJHQGHQDUPHQ+DXJZLW]GHUPLFKLQVRZHLW EHUUDVFKWDOVGLHVHU/RPEDUGGHUGRFKGLH6HHOHGHV*DQ]HQ LVWYRQMHKHU*QDGHYRU(XUHU.|QLJOLFKHQ+RKHLW$XJHQ JHIXQGHQKDW© ª$K/RPEDUG'HQ/RPEDUGQHKPLFKQLFKWHUQVWKDIWXQGVWHOO LKPDXHUGHPQRFKLQ5HFKQXQJGDHUHLQKDOEHU)UDQ]RVHLVW 'D]XKDWHUHLQH)RUPGHV:LW]HVGLHPLFKHQWZDIIQHW6LH ZLVVHQGRFKVHLQ9DWHUZDU)ULVHXU XQGVHLQHU)UDX9DWHUHLQ %DUELHU8QGQXQ NRPPWHEHQGLHVH)UDXGLHQLFKWQXUHLWHOLVW ELV]XP1lUULVFKZHUGHQVRQGHUQDXFKQRFKVFKOHFKWH IUDQ]|VLVFKH9HUVHPDFKWXQGIUDJWLKQZDVVFK|QHUVHL ¾/ KLURQGHOOHIULVH ODVXUIDFHGHVHDX[½RGHU¾O KLURQGHOOHUDVH OD VXUIDFHGHVHDX["½8QGZDVDQWZRUWHWHU"¾,FKVHKHNHLQHQ 8QWHUVFKLHGPHLQH7HXUHO KLURQGHOOHIULVH KXOGLJWPHLQHP 9DWHU XQGO KLURQGHOOHUDVH GHPGHLQLJHQ½,QGLHVHP%RQPRWKDEHQ6LH GHQJDQ]HQ/RPEDUG:DVPLFKDEHUSHUV|QOLFKDQJHKWVR EHNHQQLFK,KQHQRIIHQGDLFKHLQHUVRZLW]LJHQ6HOEVWSHUVLIODJH QLFKWZLGHUVWHKHQNDQQ(ULVWHLQ3ROLVVRQNHLQ&KDUDNWHU© ª9LHOOHLFKWGDVLFKHLQ*OHLFKHVDXFKYRQ+DXJZLW]VDJHQOLHH ]XP*XWHQZLH]XP6FKOLPPHQ8QGZLUNOLFKLFKJHE(XUHU .|QLJOLFKHQ+RKHLWGHQ0DQQ SUHLV$EHUQLFKW VHLQH3ROLWLN6HLQH 3ROLWLNLVWJXWGHQQVLHUHFKQHWPLWJHJHEHQHQ*U|HQ8QG(XUH .|QLJOLFKH+RKHLWZLVVHQGDVEHVVHUDOVLFK:LHVWHKWHVGHQQLQ :DKUKHLWPLWXQVUHQ.UlIWHQ":LUOHEHQYRQGHU+DQGLQGHQ 0XQGXQGZDUXP"ZHLOGHU6WDDW)ULHGULFKVGHV*URHQQLFKWHLQ /DQGPLWHLQHU$UPHHVRQGHUQHLQH$UPHHPLWHLQHP/DQGHLVW 8QVHU/DQGLVWQXU6WDQGTXDUWLHUXQG9HUSIOHJXQJVPDJD]LQ,Q VLFKVHOEHUHQWEHKUWHVDOOHUJURHQ5HVVRXUFHQ6LHJHQZLUVR JHKWHVDEHU.ULHJHIKUHQGUIHQQXUVROFKH/lQGHUGLH 1LHGHUODJHQHUWUDJHQN|QQHQ'DVN|QQHQZLUQLFKW,VWGLH $UPHHKLQVRLVWDOOHVKLQ8QGZLHVFKQHOOHLQH$UPHHKLQVHLQ NDQQGDVKDWXQV$XVWHUOLW]JH]HLJW(LQ+DXFKNDQQXQVW|WHQ JHUDGDXFKXQV¾(UEOLHVXQGGLH$UPDGD]HUVWRELQDOOHYLHU :LQGH½$IIODYLW'HXVHWGLVVLSDWLVXQW©
ª+HUUYRQ%ORZ©XQWHUEUDFKKLHU6FKDFKªP|JHPLUHLQH %HPHUNXQJYHU]HLKQ(UZLUGGRFKGHQNLFKLQGHP +|OOHQEURGHPGHUMHW]WEHUGLH:HOWZHKWQLFKWGHQ2GHP *RWWHVHUNHQQHQZROOHQQLFKWGHQGHUGLH$UPDGD]HUEOLHV© ª'RFK+HUUYRQ6FKDFK2GHUJODXEHQ6LHZLUNOLFKGDGHU 2GHP*RWWHVLP6SH]LDOGLHQVWHGHV3URWHVWDQWLVPXVRGHUJDU 3UHXHQVXQGVHLQHU$UPHHVWHKW"© ª,FKKRIIHMD© ª8QGLFKIUFKWHQHLQ:LUKDEHQGLH¾SURSUHVWH$UPHH½GDVLVW DOOHV$EHUPLWGHU¾3URSUHWlW½JHZLQQWPDQNHLQH6FKODFKWHQ (ULQQHUQVLFK.|QLJOLFKH+RKHLWGHU:RUWHGHVJURHQ.|QLJVDOV *HQHUDO/HKZDOGLKPVHLQHGUHLPDOJHVFKODJHQHQ5HJLPHQWHULQ 3DUDGHYRUIKUWH"¾3URSUH/HXWH½KLHHV¾'DVHK(UPHLQH 6HKHQDXVZLHGLH*UDVGHLEHODEHUEHLHQ ½,FKIUFKWHZLU KDEHQMHW]W]XYLHO/HKZDOGVFKH5HJLPHQWHUXQG]XZHQLJ DOWHQIULW]LJH'HU*HLVWLVWKHUDXVDOOHVLVW'UHVVXUXQG6SLHOHUHL JHZRUGHQ*LEWHVGRFK2IIL]LHUHGLHGHUEORHQ3UDOOKHLWXQG 'UDOOKHLWKDOEHULKUHQ8QLIRUPURFNGLUHNWDXIGHP/HLEHWUDJHQ $OOHV8QQDWXU6HOEVWGDV0DUVFKLHUHQN|QQHQGLHVHJDQ] JHZ|KQOLFKH)lKLJNHLWGHV0HQVFKHQGLH%HLQH]XVHW]HQLVWXQV LQGHPHZLJHQ3DUDGHVFKULWWYHUORUHQJHJDQJHQ8QG 0DUVFKLHUHQN|QQHQLVWMHW]WGLHHUVWH%HGLQJXQJGHV(UIROJHV$OOH PRGHUQHQ6FKODFKWHQVLQGPLWGHQ%HLQHQJHZRQQHQZRUGHQ© ª8QGPLW*ROG©XQWHUEUDFKKLHUGHU3ULQ]ª,KUJURHU(PSHUHXU OLHEHU%ORZKDWHLQH9RUOLHEHIUNOHLQH0LWWHO-DIU DOOHUNOHLQVWH'DHUOJWLVWVLFKHU$EHUHULVWDXFKHLQ0HLVWHULQ GHU.XQVWGHU%HVWHFKXQJ8QGZHUKDWXQVGLH$XJHQGDUEHU JH|IIQHW"(UVHOEHU/HVHQ6LHZDVHUXQPLWWHOEDUYRUGHU $XVWHUOLW]HU%DWDLOOHVDJWH¾6ROGDWHQ½KLHHV¾GHU)HLQGZLUG PDUVFKLHUHQXQGXQVUH)ODQNH]XJHZLQQHQVXFKHQEHLGLHVHU 0DUVFKEHZHJXQJDEHUZLUGHUGLHVHLQLJHSUHLVJHEHQ:LUZHUGHQ XQVDXIGLHVHVHLQH)ODQNHZHUIHQXQGLKQVFKODJHQXQG YHUQLFKWHQ½8QGJHQDXVRYHUOLHIGLH6FKODFKW(VLVWXQP|JOLFK GDHUDXVGHUEORHQ$XIVWHOOXQJGHUgVWHUUHLFKHUDXFKVFKRQ LKUHQ6FKODFKWSODQHUUDWHQKDEHQN|QQWH©
0DQVFKZLHJ'DGLHV6FKZHLJHQDEHUGHPOHEKDIWHQ3ULQ]HQXP YLHOHVSHLQOLFKHUZDUDOV:LGHUVSUXFKVRZDQGWHUVLFKGLUHNWDQ %ORZXQGVDJWHª:LGHUOHJHQ6LHPLFK© ª.|QLJOLFKH+RKHLWEHIHKOHQXQGVRJHKRUFK LFKGHQQ'HU.DLVHU ZXWHJHQDXZDVJHVFKHKHQZHUGHNRQQWHVZLVVHQZHLOHUVLFK GLH)UDJH¾ZDVWXWKLHUGLH0LWWHOPlLJNHLW½LQ YRUDXVEHUHFKQHQGHU:HLVHQLFKWEORJHVWHOOWVRQGHUQDXFK EHDQWZRUWHWKDWWH'LHK|FKVWH'XPPKHLWZLH]X]XJHVWHKHQLVW HQW]LHKWVLFKHEHQVRGHU%HUHFKQXQJZLHGLHK|FKVWH.OXJKHLW GDVLVWHLQHYRQGHQJURHQ6HLWHQGHUHFKWHQXQGXQYHUIlOVFKWHQ 6WXSLGLWlW$EHUMHQH¾0LWWHONOXJHQ½GLHJHUDGHNOXJJHQXJVLQG XPYRQGHU/XVW¾HVDXFKHLQPDOPLWHWZDV*HLVWUHLFKHP]X SURELHUHQ½DQJHZDQGHOW]XZHUGHQGLHVH0LWWHONOXJHQVLQG DOOHPDODPOHLFKWHVWHQ]XEHUHFKQHQ8QGZDUXP":HLOVLH MHGHU]HLWQXUGLH0RGHPLWPDFKHQXQGKHXWHNRSLHUHQZDVVLH JHVWHUQVDKQ8QGGDVDOOHVZXWHGHU.DLVHU+LFKDHUHW(UKDW VLFKQLHJOlQ]HQGHUEHZlKUWDOVLQGLHVHU$XVWHUOLW]HU$NWLRQDXFK LP1HEHQVlFKOLFKHQQLFKWDXFKQLFKWLQMHQHQ,PSURPSWXVXQG ZLW]LJHQ(LQIlOOHQDXIGHP*HELHWHGHV*UDXVLJHQGLHVRUHFKW HLJHQWOLFKGDV.HQQ]HLFKHQGHV*HQLHVVLQG© ª(LQ%HLVSLHO© ª(LQHVIUKXQGHUW $OVGDV=HQWUXPVFKRQGXUFKEURFKHQZDU KDWWHVLFKHLQ7HLOGHUUXVVLVFKHQ*DUGHYLHU%DWDLOORQHQDFK HEHQVRYLHOJHIURUQHQ7HLFKHQKLQ]XUFNJH]RJHQXQGHLQH IUDQ]|VLVFKH%DWWHULHIXKUDXIXPPLW.DUWlWVFKHQLQGLH %DWDLOORQHKLQHLQ]XIHXHUQ,QGLHVHP $XJHQEOLFNHUVFKLHQGHU (PSHUHXU(UEHUEOLFNWHVRIRUWGDV%HVRQGHUHGHU/DJH¾:R]X KLHUHLQ6LFKDEPKHQHQGpWDLO"½8QGHUEHIDKOPLW9ROONXJHOQ DXIGDV(LV ]XVFKLHHQ(LQH0LQXWHVSlWHUXQGGDV(LVEDUVWXQG EUDFKXQGDOOHYLHU%DWDLOORQHJLQJHQHQFDUUpLQGLHPRUDVWLJH 7LHIH6ROFKHYRP0RPHQWHLQJHJHEHQHQ%OLW]HKDWQXULPPHU GDV*HQLH'LH5XVVHQZHUGHQVLFKMHW]WYRUQHKPHQHVEHL QlFKVWHU*HOHJHQKHLWHEHQVR]XPDFKHQDEHUZHQQ.XWXVRZDXI (LVZDUWHWZLUGHUSO|W]OLFKLQ:DVVHURGHU)HXHUVWHFNHQ gVWHUUHLFKLVFKUXVVLVFKH7DSIHUNHLWLQ(KUHQQXUQLFKWLKU ,QJHQLXP,UJHQGZRKHLWHV¾,QPHLQHP:ROIVWRUQLVWHUUHJWVLFK GHV7HXIHOV.VWHUHLQ.REROGKHLW*HQLH½ QXQLQGHP UXVVLVFK|VWHUUHLFKLVFKHQ7RUQLVWHULVWGLHVHU¾.REROGXQG 7HXIHOVNVWHU½QLHXQGQLPPHU]X+DXVHJHZHVHQ8QGXPGLHV
0DQNR]XNDVVLHUHQEHGLHQWPDQVLFKGHUDOWHQHOHQGHQ 7URVWJUQGH%HVWHFKXQJXQG9HUUlWHUHL-HGHP%HVLHJWHQZLUG HVVFKZHUGHQ*UXQGVHLQHU1LHGHUODJHQDQGHUHLQ]LJULFKWLJHQ 6WHOOHQlPOLFKLQVLFKVHOEVW ]XVXFKHQXQGDXFK.DLVHU $OH[DQGHUPHLQLFKYHU]LFKWHWDXIHLQVROFKHV1DFKIRUVFKHQDP UHFKWHLJHQWOLFKVWHQ3ODW]© ª8QGZHUZROOWLKPGDUEHU]UQHQ"©DQWZRUWHWH6FKDFKª(UWDW GDV6HLQHMDPHKU$OVGLH+|KHVFKRQYHUORUHQXQGGRFK DQGUHUVHLWVGLH0|JOLFKNHLWHLQHU:LHGHUKHUVWHOOXQJGHU6FKODFKW QRFKQLFKWJHVFKZXQGHQZDUJLQJHUNOLQJHQGHQ6SLHOVDQGHU 6SLW]HQHXHU5HJLPHQWHUYRUVHLQ3IHUGZDUGLKPXQWHUGHP /HLEHHUVFKRVVHQHUEHVWLHJHLQ]ZHLWHVXQGHLQHKDOEH6WXQGH ODQJVFKZDQNWHGLH6FKODFKW:DKUH:XQGHUGHU7DSIHUNHLW ZXUGHQYHUULFKWHWXQGGLH)UDQ]RVHQVHOEVWKDEHQHVLQ HQWKXVLDVWLVFKHQ$XVGUFNHQDQHUNDQQW© 'HU3ULQ]GHUEHLGHUYRUMlKULJHQ%HUOLQHU$QZHVHQKHLWGHV XQDXVJHVHW]WDOVGHOLFLDHJHQHULVKXPDQLJHSULHVHQHQ.DLVHUV NHLQHQDOO]XJQVWLJHQ(LQGUXFNYRQLKPHPSIDQJHQKDWWHIDQG HVHLQLJHUPDHQXQEHTXHPGHQªOLHEHQVZUGLJVWHQGHU 0HQVFKHQ©DXFKQRFK]XPªKHOGLVFKVWHQ©HUKREHQ]XVHKHQ(U OlFKHOWHGHVKDOEXQGVDJWHª6HLQH.DLVHUOLFKH0DMHVWlWLQ(KUHQ VRVFKHLQWHVPLUGRFKOLHEHU6FKDFKDOVRE6LHIUDQ]|VLVFKHQ =HLWXQJVEHULFKWHQPHKU*HZLFKWEHLOHJWHQDOVLKQHQEHL]XOHJHQ LVW'LH)UDQ]RVHQVLQGNOXJH/HXWH-HPHKU5KPHQVVLHYRQ LKUHP*HJQHUPDFKHQGHVWRJU|HUZLUGLKUHLJQHU5XKPXQG GDEHLVFKZHLJLFKQRFKYRQDOOHQP|JOLFKHQSROLWLVFKHQ*UQGHQ GLHMHW]WVLFKHUOLFKPLWVSUHFKHQ¾0DQVROOVHLQHP)HLQGHJROGHQH %UFNHQEDXHQ½VDJWGDV6SULFKZRUWXQGVDJWHVPLW5HFKW GHQQZHUKHXWHPHLQ)HLQGZDUNDQQPRUJHQPHLQ9HUEQGHWHU VHLQ8QGLQGHU7DW HVVSXNWVFKRQGHUJOHLFKHQMDZHQQLFK UHFKWXQWHUULFKWHWELQVRYHUKDQGHOWPDQEHUHLWVEHUHLQHQHXH 7HLOXQJGHU:HOWZLOOVDJHQEHUGLH:LHGHUKHUVWHOOXQJHLQHV PRUJHQOlQGLVFKHQXQGDEHQGOlQGLVFKHQ.DLVHUWXPV$EHUODVVHQ ZLU'LQJHGLHQRFKLQGHU /XIWVFKZHEHQXQGHUNOlUHQZLUXQV GDVGHP+HOGHQNDLVHUJHVSHQGHWH/REOLHEHUHLQIDFKDXVGHP 5HFKQXQJVVDW]H¾:HQQGHUXQWHUOHJHQHUXVVLVFKH0XWHLQHQ YROOHQ=HQWQHUZRJVRZRJGHUVLHJUHLFKIUDQ]|VLVFKHQDWUOLFK ]ZHL½©
6FKDFKGHUVHLW.DLVHU$OH[DQGHUV%HVXFKLQ%HUOLQGDV $QGUHDVNUHX]WUXJELVLFKDXIGLH/LSSHQXQGZROOWHUHSOL]LHUHQ $EHU%ORZNDPLKP]XYRUXQGEHPHUNWHª*HJHQ¾XQWHUGHP /HLEHHUVFKRVVHQH.DLVHUSIHUGH½ELQLFKEHUKDXSWLPPHU PLWUDXLVFK8QGQXQJDUKLHU$OOGLHVH/REHVHUKHEXQJHQ PVVHQ6HLQH0DMHVWlWVHKULQ9HUOHJHQKHLWJHEUDFKWKDEHQ GHQQHVJLEWLKUHU]XYLHOHGLHGDV*HJHQWHLOEH]HXJHQN|QQHQ (ULVWGHU¾JXWH.DLVHU½XQGGDPLWEDVWD© ª6LHVSUHFKHQGDVVRVS|WWLVFK+HUUYRQ%ORZ©DQWZRUWHWH 6FKDFKª8QGGRFKIUDJLFK6LHJLEWHVHLQHQVFK|QHUHQ7LWHO"© ª2JHZLJLEWHVGHQ(LQZLUNOLFK JURHU0DQQZLUGQLFKWXP VHLQHU*WHZLOOHQJHIHLHUWXQGQRFKZHQLJHUGDQDFKEHQDQQW(U ZLUGXPJHNHKUWHLQ*HJHQVWDQGEHVWlQGLJHU9HUOHXPGXQJHQVHLQ 'HQQGDV*HPHLQHGDVEHUDOOYRUKHUUVFKWOLHEWQXUGDVZDV LKPJOHLFKW%UHQNHQKRIGHUWURW]VHLQHU3DUDGR[LHQPHKU JHOHVHQZHUGHQVROOWHDOVHUJHOHVHQZLUGEHKDXSWHWJHUDGH]X ¾GDLQXQVHUP=HLWDOWHUGLHEHVWHQ0HQVFKHQGLHVFKOHFKWHVWH 5HSXWDWLRQKDEHQPWHQ½'HUJXWH .DLVHU,FKELWWH6LH:HOFKH $XJHQZRKO.|QLJ)ULHGULFKJHPDFKWKDEHQZUGHZHQQPDQLKQ GHQ¾JXWHQ)ULHGULFK½JHQDQQWKlWWH© ª%UDYR%ORZ©VDJWHGHU3ULQ]XQGJUWHPLWGHP*ODVH KLQEHUª'DVLVWPLUDXVGHU6HHOHJHVSURFKHQ© $EHUHVKlWWHGLHVHV =XVSUXFKHVQLFKWEHGXUIWª$OOH.|QLJH© IXKU%ORZLQZDFKVHQGHP(LIHUIRUWªGLHGHQ%HLQDPHQGHV ¾JXWHQ½IKUHQVLQGVROFKHGLHGDVLKQHQDQYHUWUDXWH5HLFK]X *UDEHJHWUDJHQRGHUGRFKELVDQGHQ5DQGGHU5HYROXWLRQ JHEUDFKWKDEHQ'HUOHW]WH.|QLJYRQ3ROHQZDUDXFKHLQ VRJHQDQQWHU¾JXWHU½,QGHU5HJHOKDEHQVROFKH)UVWOLFKNHLWHQ HLQHQJURHQ+DUHPXQGHLQHQNOHLQHQ9HUVWDQG8QGJHKWHVLQ GHQ.ULHJVRPXLUJHQGHLQH.OHRSDWUDPLWLKQHQJOHLFKYLHOPLW RGHURKQH6FKODQJH© ª6LHPHLQHQGRFKQLFKW+HUUYRQ%ORZ©HQWJHJQHWH6FKDFK ªGXUFK$XVODVVXQJHQZLHGLHVH GHQ.DLVHU$OH[DQGHU FKDUDNWHULVLHUW]XKDEHQ© ª:HQLJVWHQVDQQlKHUQG© ª'DZlULFKGRFKQHXJLHULJ©
ª(VLVW]XGLHVHP%HKXIHQXUQ|WLJVLFKGHQOHW]WHQ%HVXFKGHV .DLVHUVLQ%HUOLQXQG3RWVGDP]XUFN]XUXIHQ8PZDVKDQGHOWH VLFK V"1XQDQHUNDQQWHUPDHQXPQLFKWV.OHLQHVXQG $OOWlJOLFKHVXP$EVFKOXHLQHV%QGQLVVHVDXI/HEHQXQG7RG XQGZLUNOLFKEHL)DFNHOOLFKWWUDWPDQLQGLH*UXIW)ULHGULFKVGHV *URHQXPVLFKEHUGHP6DUJHGHVVHOEHQHLQHKDOEP\VWLVFKH %OXWVIUHXQGVFKDIW]X]XVFKZ|UHQ8QGZDVJHVFKDKXQPLWWHOEDU GDQDFK"(KHGUHL7DJHYRUEHUZDUHQZXWHPDQGDGHUDXV GHU*UXIW)ULHGULFKVGHV*URHQJOFNOLFKZLHGHUDQV7DJHVOLFKW JHVWLHJHQH.DLVHUGLHIQIDQHUNDQQWHVWHQEHDXWpV GHV+RIHVLQ HEHQVRYLHOH6FK|QKHLWVNDWHJRULHQJHEUDFKWKDEHEHDXWp FRTXHWWHXQGEHDXWpWULYLDOHEHDXWpFpOHVWHXQGEHDXWpGXGLDEOH XQGHQGOLFKIQIWHQV¾EHDXWpTXLLQVSLUHVHXOGXYUDLVHQWLPHQW½ :REHLZRKOMHGHQGLH1HXJLHUDQJHZDQGHOWKDEHQPDJGDV $OOHUK|FKVWH¾YUDLVHQWLPHQW½NHQQHQ]XOHUQHQ©
6LHEHQWHV.DSLWHO (LQQHXHU*DVW $OOGLHVH6SUQJH%ORZVKDWWHQGLH+HLWHUNHLWGHV3ULQ]HQHUUHJW GHUGHQQDXFKHEHQPLWHLQHPLKPEHTXHPOLHJHQGHQ&DSULFFLR EHUEHDXWpFpOHVWHXQGEHDXWpGXGLDEOHEHJLQQHQZROOWHDOVHU YRP.RUULGRUKHUXQWHUGHPKDOE]XUFNJHVFKODJHQHQ 3RUWLHUHQWHSSLFKHLQHQLKPZRKOEHNDQQWHQNOHLQHQ+HUUQYRQ XQYHUNHQQEDUHQ.QVWOHUDOOUHQHUVFKHLQHQXQGJOHLFKGDQDFK HLQWUHWHQVDK ª$K'XVVHNGDVLVWEUDY©EHJUWHLKQGHU3ULQ]ª0LHX[YDXW WDUGTXHMDPDLV5FNHQ6LHHLQ+LHU8QGQXQELWWLFKDOOHVZDV DQ6LJNHLWHQQRFKGDLVWLQGHQ%HUHLFKXQVUHV .QVWOHUIUHXQGHVEULQJHQ]XZROOHQ6LHILQGHQQRFKWXWWLTXDQWL OLHEHU'XVVHN.HLQH(LQZHQGXQJHQ$EHUZDVWULQNHQ6LH"6LH KDEHQGLH:DKO$VWL0RQWHILDVFRQH7RND\HU© ª,UJHQGHLQHQ8QJDU© ª+HUEHQ"© 'XVVHNOlFKHOWH ª7|ULFKWH)UDJH©NRUULJLHUWHVLFKGHU3ULQ]XQGIXKULQ JHVWHLJHUWHUJXWHU/DXQHIRUWª$EHUQXQ'XVVHNHU]lKOHQ6LH 7KHDWHUOHXWHKDEHQGLH7XJHQGVHOEHUDXVJHQRPPHQDOOHUOHL 7XJHQGHQXQGXQWHUGLHVHQDXFKGLHGHU0LWWHLOVDPNHLW6LH EOHLEHQHLQHPDXIGLH)UDJH¾ZDV1HXHV½VHOWHQHLQH$QWZRUW VFKXOGLJ© ª8QGDXFKKHXWHQLFKW.|QLJOLFKH+RKHLW©DQWZRUWHWH'XVVHN GHUQDFKGHPHUJHQLSSWKDWWHHEHQVHLQ%lUWFKHQSXW]WH ª1XQVRODVVHQ6LHK|UHQ:DVVFKZLPPWREHQDXI"© ª'LHJDQ]H6WDGWLVWLQ$XIUHJXQJ9HUVWHKWVLFKZHQQLFKVDJH ¾GLHJDQ]H6WDGW½VRPHLQLFKGDV7KHDWHU© ª'DV7KHDWHULVW GLH6WDGW6LHVLQGDOVRJHUHFKWIHUWLJW8QGQXQ ZHLWHU©
ª.|QLJOLFKH+RKHLWEHIHKOHQ1XQGHQQZLUVLQGLQXQVUHP+DXSW XQG)KUHUHPSILQGOLFKJHNUlQNWZRUGHQXQGKDEHQGHQQDXFK DXVHEHQGLHVHP*UXQGHQLFKWYLHOZHQLJHUDOVHLQHNOHLQH 7KHDWHUHPHXWHJHKDEW'DVDOVRKLHHVVHLHQGLHQHXHQ=HLWHQ GDV VHLGDVEUJHUOLFKH5HJLPHQWGDV VHLGHU5HVSHNWYRUGHQ SUHXLVFKHQ¾EHOOHVOHWWUHVHWEHDX[DUWV½(LQH¾+XOGLJXQJGHU .QVWH½ODVVHPDQVLFKJHIDOOHQDEHUHLQH+XOGLJXQJJHJHQ GLH .QVWHGLHVHLVRIHUQZLHMH© ª/LHEHU'XVVHN©XQWHUEUDFKGHU3ULQ]ª,KUH5HIOH[LRQHQLQ (KUHQ$EHUGD6LHJHUDGHYRQ.XQVWVSUHFKHQVRPXLFK6LH ELWWHQGLH.XQVWGHU5HWDUGLHUXQJQLFKWEHUWUHLEHQ]XZROOHQ :HQQHVDOVRP|JOLFKLVW7DWVDFKHQ8PZDVKDQGHOWHVVLFK"© ª,IIODQGLVWJHVFKHLWHUW(UZLUGGHQ2UGHQYRQGHPGLH 5HGH ZDUQLFKWHUKDOWHQ© $OOHVODFKWH6DQGHUDPKHU]OLFKVWHQXQG1RVWLW]VNDQGLHUWH ª3DUWXULXQWPRQWHVQDVFHWXUULGLFXOXVPXV© $EHU'XVVHNZDULQZLUNOLFKHU(UUHJXQJXQGGLHVHZXFKVQRFK XQWHUGHU+HLWHUNHLWVHLQHU=XK|UHU$PPHLVWHQYHUGURLKQ 6DQGHUª6LHODFKHQ6DQGHU8QGGRFKWULIIWHVLQGLHVHP.UHLVH QXU6LHXQGPLFK'HQQJHJHQZHQDQGHUVLVWGLH6SLW]HJHULFKWHW DOVJHJHQGDV%UJHUWXPEHUKDXSW© 'HU3ULQ]UHLFKWHGHP6SUHFKHUEHUGHQ7LVFKKLQGLH+DQG ª5HFKWOLHEHU'XVVHN,FKOLHEHVROFK(LQWUHWHQ(U]lKOHQ6LH:LH NDPHV"© ª9RUDOOHPJDQ]XQHUZDUWHW:LHHLQ%OLW]DXVKHLWUHP+LPPHO .|QLJOLFKH+RKHLWZLVVHQGDVHLWODQJHYRQHLQHU'HNRULHUXQJ GLH5HGHZDUXQGZLUIUHXWHQXQVDOOHV.QVWOHUQHLGHV YHUJHVVHQGDOVREZLUGHQ2UGHQPLWHPSIDQJHQXQGPLWWUDJHQ VROOWHQ,QGHU7DWDOOHVOLHVLFKJXWDQXQGGLH¾:HLKHGHU .UDIW½IUGHUHQ$XIIKUXQJGHU+RIVLFKLQWHUHVVLHUWVROOWHGHQ $QVWRXQG]XJOHLFKGLHVSH]LHOOH*HOHJHQKHLWJHEHQ,IIODQGLVW 0DoRQDXFKGDV OLHXQVKRIIHQ GLH/RJHQDKPHVHQHUJLVFKLQ GLH+DQGXQGGLH.|QLJLQZDUJHZRQQHQ8QGQXQGRFK JHVFKHLWHUW(LQHNOHLQH6DFKHZHUGHQ6LHVDJHQDEHUQHLQ PHLQH+HUUHQHVLVWHLQHJURH6DFKH'HUJOHLFKHQLVWLPPHUGHU 6WURKKDOPDQGHPPDQVLHKWZRKHUGHU:LQGZHKW8QGHUZHKW EHLXQVQDFKZLHYRUYRQGHUDOWHQ6HLWHKHU&KLYDSLDQRYD
VDQRVDJWGDV6SULFKZRUW$EHULP/DQGH3UHXHQKHLWHV ¾SLDQLVVLPR½© ª*HVFKHLWHUWVDJWHQ6LH'XVVHN$EHUJHVFKHLWHUWZRUDQ"© ª$QGHP(LQIOXGHU+RIJHQHUDOLWlW,FKKDEH5FKHOV1DPHQ QHQQHQK|UHQ(UKDWGHQ*HOHKUWHQJHVSLHOWXQGGDUDXI KLQJHZLHVHQZLHQLHGULJGDV+LVWULRQHQWXPLPPHUXQGHZLJLQ GHU:HOWJHVWDQGHQKDEHPLWDOOHLQLJHU$XVQDKPHGHU 1HURQLVFKHQ=HLWHQ8QGGLH N|QQWHQGRFKNHLQ9RUELOGVHLQ'DV KDOI'HQQZHOFKHUDOOHUFKULVWOLFKVWH.|QLJZLOO1HURVHLQRGHU DXFKQXUVHLQHQ1DPHQK|UHQ8QGVRZLVVHQZLUGHQQGDGLH 6DFKHYRUOlXILJDGDFWDYHUZLHVHQLVW'LH.|QLJLQLVWFKDJULQLHUW XQGDQGLHVHP$OOHUK|FKVWHQ&KDJULQPVVHQZLUXQVYRUOlXILJ JHQJHQODVVHQ1HXH=HLWXQGDOWH9RUXUWHLOH© ª/LHEHU.DSHOOPHLVWHU©VDJWH%ORZªLFKVHKH]XPHLQHP %HGDXHUQGD,KUH5HIOH[LRQHQ,KUHQ(PSILQGXQJHQZHLWYRUDXI VLQGhEULJHQVLVWGDVGDV$OOJHPHLQH6LHVSUHFKHQYRQ 9RUXUWHLOHQLQGHQHQZLUVWHFNHQXQGVWHFNHQVHOEHUGULQ6LH VDPW,KUHPJDQ]HQ%UJHUWXPGDVNHLQHQQHXHQIUHLHQ *HVHOOVFKDIWV]XVWDQGVFKDIIHQVRQGHUQVLFKQXUHLWHOXQG HLIHUVFKWLJLQGLHEHYRU]XJWHQDOWHQ.ODVVHQHLQUHLKHQZLOO$EHU GDPLWVFKDIIHQ6LH VQLFKW$QGLH6WHOOHGHU(LIHUVFKWHOHLGLH MHW]WGDV+HU]XQVUHVGULWWHQ6WDQGHVYHU]HKUWPXHLQH *OHLFKJLOWLJNHLWJHJHQDOOHGLHVH.LQGHUHLHQWUHWHQGLHVLFKHLQIDFK EHUOHEWKDEHQ:HU*HVSHQVWHUZLUNOLFKLJQRULHUWIUGHQJLEWHV NHLQHPHKUXQGZHU2UGHQLJQRULHUWGHUDUEHLWHWDQLKUHU $XVURWWXQJ8QGGDGXUFKDQ$XVURWWXQJHLQHUZDKUHQ (SLGHPLH© ª:LH+HUUYRQ%ORZXPJHNHKUWDQ(UULFKWXQJHLQHVQHXHQ .|QLJUHLFKV8WRSLHQDUEHLWHW©XQWHUEUDFK6DQGHUª,FK PHLQHUVHLWVQHKPHYRUOlXILJDQGDGLH.UDQNKHLWYRQGHUHU VSULFKW LQGHU5LFKWXQJYRQ2VWHQQDFK:HVWHQLPPHUZHLWHU ZDFKVHQDEHUQLFKWXPJHNHKUWLQGHU5LFKWXQJYRQ:HVWHQQDFK 2VWHQKLQDEVWHUEHQZLUG,P*HLVWHVHKLFKYLHOPHKULPPHUQHXH 0XOWLSOLNDWLRQHQXQGGDV(UEOKHQHLQHU2UGHQVIORUDPLW YLHUXQG]ZDQ]LJ.ODVVHQ ZLHGDV/LQQpVFKH6\VWHP© $OOHWUDWHQDXIGLH6HLWH6DQGHUVDPHQWVFKLHGHQVWHQGHU3ULQ] (VPVVHGXUFKDXVHWZDVLQGHUPHQVFKOLFKHQ1DWXUVWHFNHQ
GDVZLHEHLVSLHOVZHLVHGHU+DQJ]X6FKPXFNXQG3XW]VLFKDXFK ]XGLHVHU )RUPGHU4XLQFDLOOHULHKLQJH]RJHQIKOHª-D©VRIXKU HUIRUWªHVJLEWNDXPHLQHQ*UDGGHU.OXJKHLWGHUGDYRUVFKW]W 6LHZHUGHQGRFKDOOH.DOFNUHXWKIUHLQHQNOXJHQ0DQQKDOWHQMD PHKUIUHLQHQ0DQQGHUZLHZHQLJHYRQGHP¾$OOHVLVWHLWHO½ XQVUHV7XQVXQG7UDFKWHQVGXUFKGUXQJHQVHLQPX8QGGRFK DOVHUGHQ5RWHQ$GOHUHUKLHOWZlKUHQGHUGHQ6FKZDU]HQ HUZDUWHWKDWWHZDUIHULKQZWHQGLQV6FKXEIDFKXQGVFKULH¾'D OLHJHELVGXVFKZDU] ZLUVW½(LQH)DUEHQlQGHUXQJGLHVLFKGHQQ DXFKPLWWOHUZHLOHYROO]RJHQKDW© ª(VLVWPLW.DOFNUHXWKHLQHLJHQ'LQJ©HUZLGHUWH%ORZªXQG RIIHQJHVWDQGHQHLQDQGUHUXQVUHU*HQHUlOHGHUJHVDJWKDEHQ VROO¾,FKJlEHGHQ6FKZDU]HQGUXPZHQQLFKGHQ5RWHQZLHGHU ORVZlUH½JHIlOOWPLUQRFKEHVVHUhEULJHQVELQLFKPLQGHU VWUHQJDOVHVGHQ$QVFKHLQKDW(VJLEWDXFK$XV]HLFKQXQJHQGLH QLFKW DOV$XV]HLFKQXQJDQVHKQ]XZROOHQHLQIDFK%HVFKUlQNWKHLW RGHUQLHGULJH*HVLQQXQJZlUH$GPLUDO6LGQH\6PLWKEHUKPWHU 9HUWHLGLJHUYRQ6W-HDQG $FUHXQG9HUlFKWHUDOOHU2UGHQOHJWH GRFK :HUWDXIHLQ6FKDXVWFNGDVLKPGHU%LVFKRIYRQ$FUHPLW GHQ:RUWHQEHUUHLFKWKDWWH¾:LUHPSILQJHQGLHVHV6FKDXVWFN DXVGHQ+lQGHQ.|QLJ5LFKDUGV&°XUGH/LRQXQGJHEHQHVQDFK VHFKVKXQGHUW-DKUHQHLQHPVHLQHU/DQGVOHXWH]XUFNGHU KHOGHQPWLJZLHHUXQVUH6WDGW YHUWHLGLJWKDW½8QGHLQ(OHQGHU XQG1DUUVHW]LFKKLQ]XGHUVLFKHLQHUVROFKHQ $XV]HLFKQXQJ QLFKW ]XIUHXHQYHUVWHKW© ª6FKlW]HPLFKJOFNOLFKHLQVROFKHV:RUWDXV,KUHP0XQGH]X K|UHQ©HUZLGHUWHGHU3ULQ]ª(VEHVWlUNWPLFKLQPHLQHQ *HIKOHQIU6LHOLHEHU%ORZXQGLVWPLU3DUGRQHLQQHXHU %HZHLVGDGHU7HXIHOQLFKWKDOEVRVFKZDU]LVWDOVHUJHPDOW ZLUG© 'HU3ULQ]ZROOWHZHLWHUVSUHFKHQ$OVDEHULQHEHQGLHVHP $XJHQEOLFNHLQHUGHU'LHQHUDQLKQKHUDQWUDWXQGLKP]XIOVWHUWH GDGHU5DXFKWLVFKDUUDQJLHUWXQGGHU.DIIHHVHUYLHUWVHLKREHU GLH7DIHODXIXQGIKUWHVHLQH*lVWHZlKUHQGHU%ORZV$UP QDKPDXIGHQDQGHQ(VDDODQJHEDXWHQ%DONRQ(LQHJURH EODXXQGZHLJHVWUHLIWH0DUNLVHGHUHQ5LQJHOXVWLJLP:LQGH NODSSHUWHQZDUVFKRQYRUKHUKHUDEJHODVVHQZRUGHQXQGXQWHU LKUHQZHLWQLHGHUKlQJHQGHQ)UDQJHQKLQZHJVDKPDQ IOXDXIZlUWVDXIGLHKDOELP1HEHOOLHJHQGHQ7UPHGHU6WDGW
IOXDEZlUWVDEHUDXIGLH&KDUORWWHQEXUJHU3DUNElXPHKLQWHU GHUHQHEHQHUJUQHQGHP*H]ZHLJHGLH6RQQHQLHGHUJLQJ-HGHU EOLFNWHVFKZHLJHQGLQGDVDQPXWLJH/DQGVFKDIWVELOGKLQDXVXQG HUVWDOVGLH'lPPUXQJDQJHEURFKHQXQGHLQHKRKH 6LQXPEUDODPSHJHEUDFKWZRUGHQZDUQDKPPDQ3ODW]XQGVHW]WH GLHKROOlQGLVFKHQ3IHLIHQLQ%UDQGXQWHUGHQHQMHGHUQDFK *HIDOOHQZlKOWH'XVVHNDOOHLQZHLOHUGLH0XVLNSDVVLRQGHV 3ULQ]HQNDQQWHZDUSKDQWDVLHUHQGDQGHPLP(VDDOHVWHKHQGHQ )OJHO]XUFNJHEOLHEHQXQGVDKQXUZHQQHUGHQ.RSI]XU6HLWH ZDQGWHGLHMHW]WGUDXHQZLHGHUOHEKDIWHUSODXGHUQGHQ 7LVFKJHQRVVHQXQGHEHQVR GLH/LFKWIXQNHQGLHYRQ=HLW]X=HLW DXVLKUHQ7RQSIHLIHQDXIIORJHQ 'DV*HVSUlFKKDWWHGDV2UGHQVWKHPDQLFKWZLHGHU DXIJHQRPPHQZRKODEHUVLFKGHUHUVWHQ9HUDQODVVXQJ GHVVHOEHQDOVR,IIODQGXQGGHPLQ6LFKWVWHKHQGHQQHXHQ 6FKDXVSLHOH]XJHZDQGWEHLZHOFKHU*HOHJHQKHLW$OYHQVOHEHQ EHPHUNWHªGDHUHLQLJHGHULQGHQ7H[WHLQJHVWUHXWHQ *HVDQJVVWFNHZlKUHQGGLHVHUOHW]WHQ7DJHNHQQHQJHOHUQWKDEH *HPHLQVFKDIWOLFKPLW6FKDFK8QG]ZDULP6DORQGHU OLHEHQVZUGLJHQ)UDXYRQ&DUD\RQXQGLKUHU7RFKWHU9LFWRLUH 'LHVHKDEHJHVXQJHQXQG6FKDFKEHJOHLWHW© ª'LH&DUD\RQV©QDKPGHU3ULQ]GDV:RUWª,FKK|UHNHLQHQ 1DPHQMHW]W|IWHUDOVGHQ0HLQHWHXUH)UHXQGLQ3DXOLQHKDWPLU VFKRQIUKHUYRQEHLGHQ'DPHQHU]lKOWXQGQHXHUGLQJVDXFKGLH 5DKHO$OOHVYHUHLQLJWVLFKPLFKQHXJLHULJ]XPDFKHQXQG $QNQSIXQJHQ]XVXFKHQGLHVLFKPHLQLFKXQVFKZHUZHUGHQ ILQGHQODVVHQ(QWVLQQLFKPLFKGRFKGHVVFK|QHQ)UlXOHLQVYRP 0DVVRZVFKHQ.LQGHUEDOOHKHUGHUQDFK$UWDOOHU.LQGHUElOOHGHV 9RU]XJVJHQRHLQHJDQ]EHVRQGUH 6FKDXVWHOOXQJHUZDFKVHQHU XQGYROOHUEOKWHU6FK|QKHLWHQ]XVHLQ8QGZHQQLFKVDJH¾YROO HUEOKWHU½VRVDJLFKQRFKZHQLJ,QGHU7DWDQNHLQHP2UWXQG ]XNHLQHU=HLWKDELFKMHVRVFK|QH'UHLLJHULQQHQDXIWUHWHQ VHKHQDOVDXI.LQGHUElOOHQ(VLVWDOVREGLH1lKHGHUEHZXW RGHUXQEHZXWDXI8PVWXU]VLQQHQGHQ-XJHQGDOOHVZDVKHXWH QRFKKHUUVFKWGRSSHOWXQGGUHLIDFKDQVSRUQWHVHLQhEHUJHZLFKW JHOWHQG]XPDFKHQHLQhEHUJHZLFKWGDVYLHOOHLFKWPRUJHQVFKRQ QLFKWPHKUYRUKDQGHQLVW$EHUJOHLFKYLHOPHLQH+HUUHQHVZLUG VLFKHLQIUDOOHPDOVDJHQODVVHQGD.LQGHUElOOHQXUIU (UZDFKVHQHGDVLQGXQGGLHVHULQWHUHVVDQWHQ(UVFKHLQXQJLQ LKUHQ8UVDFKHQQDFK]XJHKHQZlUHVRUHFKWHLJHQWOLFKHLQ7KHPD
IUXQVUHQ*HQW],KUSKLORVRSKLVFKHU)UHXQG%XFKKROW]OLHEHU 6DQGHULVWPLU]XVROFKHP6SLHOHQLFKWJUD]L|VJHQXJhEULJHQV QLFKWVIUXQJXWHULVW,KU)UHXQG© ª$EHUGRFKQLFKWVR©ODFKWH6DQGHUªGDLFKQLFKWMHGHQ $XJHQEOLFNEHUHLWZlUHLKQ(XUHU.|QLJOLFKHQ+RKHLW]XRSIHUQ 8QGZLHPLUEHLGLHVHU *HOHJHQKHLWJHVWDWWHWVHLQPDJ KLQ]X]XVHW]HQQLFKWEORDXVHLQHPDOOHUVSH]LHOOVWHQVRQGHUQ DXFKQRFKDXVHLQHPJDQ]DOOJHPHLQHQ*UXQGH'HQQZHQQGLH .LQGHUElOOHQDFK$QVLFKWXQG(UIDKUXQJ(XUHU.|QLJOLFKHQ+RKHLW HLJHQWOLFKDPEHVWHQRKQH.LQGHUEHVWHKHQVRGLH )UHXQGVFKDIWHQDPEHVWHQRKQH)UHXQGH'LH6XUURJDWHEHGHXWHQ EHUKDXSWDOOHVLP/HEHQXQGVLQGUHFKWHLJHQWOLFKGLHOHW]WH :HLVKHLWVHVVHQ]© ª(VPXVHKUJXWPLW,KQHQVWHKQOLHEHU6DQGHU©HQWJHJQHWH GHU3ULQ]ªGD6LHVLFK]XVROFKHQ8QJHKHXHUOLFKNHLWHQRIIHQ EHNHQQHQN|QQHQ0DLVUHYHQRQVjQRWUHEHOOH9LFWRLUH6LHZDU XQWHUGHQMXQJHQ'DPHQGLHGXUFKOHEHQGH%LOGHUGDV)HVW GDPDOVHLQOHLWHWHQXQGVWHOOWHZHQQPLFKPHLQ*HGlFKWQLVQLFKW WUJWHLQH+HEHGDUGLHGHP=HXVHLQH6FKDOHUHLFKWH-DVR ZDUHVXQGLQGHPLFKGDYRQVSUHFKHWULWWPLUGDV%LOGZLHGHU GHXWOLFKYRUGLH6HHOH6LHZDUNDXPIQI]HKQXQGYRQMHQHU 7DLOOHGLHMHGHQ$XJHQEOLFN]X]HUEUHFKHQVFKHLQW$EHUVLH ]HUEUHFKHQQLH¾&RPPHXQDQJH½VDJWHGHUDOWH*UDI1HDOHGHU QHEHQPLUVWDQGXQGPLFKGXUFKHLQH%HJHLVWUXQJODQJZHLOWHGLH PLUHLQIDFKDOVHLQH.DULNDWXUGHUPHLQLJHQHUVFKLHQ(VZlUHPLU HLQH)UHXGHGLH%HNDQQWVFKDIWGHU'DPHQHUQHXHUQ]XN|QQHQ© ª(XUH.|QLJOLFKH+RKHLWZUGHQGDV)UlXOHLQ9LFWRLUHQLFKW ZLHGHUHUNHQQHQ©VDJWH6FKDFKGHPGHU7RQLQGHPGHU3ULQ] VSUDFKZHQLJDQJHQHKPZDUª*OHLFKQDFKGHP0DVVRZVFKHQ %DOOHZXUGHVLHYRQGHQ%ODWWHUQEHIDOOHQXQGQXUZLHGXUFKHLQ :XQGHUJHUHWWHW(LQJHZLVVHU5HL]GHU(UVFKHLQXQJLVWLKUIUHLOLFK JHEOLHEHQDEHUHVVLQGLPPHUQXU0RPHQWHZRGLHVHOWHQH /LHEHQVZUGLJNHLWLKUHU1DWXUHLQHQ6FK|QKHLWVVFKOHLHUEHUVLH ZLUIWXQGGHQ=DXEHULKUHUIUKHUHQ7DJHZLHGHUKHU]XVWHOOHQ VFKHLQW© ª$OVRUHVWLWXWLRLQLQWHJUXP©VDJWH6DQGHU $OOHVODFKWH
ª:HQQ6LHVRZROOHQMD©DQWZRUWHWH6FKDFKLQHLQHPVSLW]HQ 7RQHZlKUHQGHUVLFKLURQLVFKJHJHQ6DQGHUYHUEHXJWH 'HU3ULQ]EHPHUNWHGLH9HUVWLPPXQJXQGZROOWHVLHNXSLHUHQª(V KLOIW,KQHQQLFKWVOLHEHU6FKDFK6LHVSUHFKHQDOVRE6LHPLFK DEVFKUHFNHQZROOWHQ$EHUZHLWJHIHKOW,FKELWWH6LHZDVLVW 6FK|QKHLW"(LQHUGHUDOOHUYDJHVWHQ%HJULIIH0XLFK6LHDQGLH IQI.DWHJRULHQHULQQHUQGLHZLULQHUVWHU5HLKH6HLQHU0DMHVWlW GHP.DLVHU$OH[DQGHUXQGLQ]ZHLWHUXQVUHP)UHXQGH%ORZ YHUGDQNHQ"$OOHV LVWVFK|Q XQGQLFKWV,FKSHUV|QOLFKZUGHGHU EHDXWpGXGLDEOHMHGHU]HLWGHQ9RU]XJJHEHQZLOODOVRVDJHQ HLQHU(UVFKHLQXQJVIRUPGLHVLFKPLWGHUGHVFLGHYDQWVFK|QHQ )UlXOHLQVYRQ&DUD\RQHLQLJHUPDHQGHFNHQZUGH© ª.|QLJOLFKH+RKHLWKDOWHQ]X*QDGHQ©HQWJHJQHWH1RVWLW]ªDEHU HVEOHLEWPLUGRFK]ZHLIHOKDIWRE.|QLJOLFKH+RKHLWGLH .HQQ]HLFKHQGHUEHDXWpGXGLDEOHDQ)UlXOHLQ9LFWRLUH ZDKUQHKPHQZUGHQ'DV)UlXOHLQKDWHLQHQZLW]LJHOHJLVFKHQ 7RQZDVDXIGHQHUVWHQ%OLFNDOVHLQ:LGHUVSUXFKHUVFKHLQWXQG GRFKNHLQHULVWXQWHUDOOHQ8PVWlQGHQDEHUDOVLKU FKDUDNWHULVWLVFKHU=XJJHOWHQNDQQ0HLQHQ6LHQLFKWDXFK $OYHQVOHEHQ"© $OYHQVOHEHQEHVWlWLJWH 'HU3ULQ]LQGHVVHQGHUHLQ6LFKHLQERKUHQLQ)UDJHQEHUGLH 0DHQOLHEWHIXKULQGHPHUVLFKGLHVHU1HLJXQJDXFKKHXWH ZLHGHUKLQJDELPPHUOHEKDIWHUZHUGHQGIRUWª¾(OHJLVFK½VDJHQ 6LH¾ZLW]LJHOHJLVFK½LFKZWHQLFKWZDVHLQHUEHDXWpGXGLDEOH EHVVHUDQVWHKQN|QQWH6LHIDVVHQGHQ%HJULIIRIIHQEDU]XHQJ PHLQH+HUUHQ$OOHVZDV,KQHQGDEHLYRUVFKZHEWLVWQXUHLQH 6SLHODUWGHUDOOHUDOOWlJOLFKVWHQ6FK|QKHLWVIRUPGHUEHDXWp FRTXHWWHGDV1lVFKHQHLQZHQLJPHKUJHVWXSVWGHU7HLQWHLQ ZHQLJGXQNOHUGDV7HPSHUDPHQWHLQZHQLJUDVFKHUGLH0DQLHUHQ HLQZHQLJNKQHUXQGUFNVLFKWVORVHU$EHUGDPLWHUVFK|SIHQ6LH GLHK|KHUH)RUPGHUEHDXWpGXGLDEOHNHLQHVZHJV'LHVHKDW HWZDV:HOWXPIDVVHQGHVGDVEHUHLQHEORH7HLQW XQG 5DVVHQIUDJHZHLWKLQDXVJHKW*DQ]ZLHGLHNDWKROLVFKH.LUFKH 'LHVHZLHMHQHVLQGDXIHLQ,QQHUOLFKHVJHVWHOOWXQGGDV ,QQHUOLFKHGDVLQXQVHUHU )UDJHGHQ$XVVFKODJJLEWKHLW (QHUJLH)HXHU/HLGHQVFKDIW©
1RVWLW]XQG6DQGHUOlFKHOWHQXQGQLFNWHQ ª-DPHLQH+HUUHQLFKJHKHZHLWHUXQGZLHGHUKROH¾:DVLVW 6FK|QKHLW"½6FK|QKHLWEDK(VNDQQQLFKWQXUDXIGLH JHZ|KQOLFKHQ6FK|QKHLWVIRUPHQYHU]LFKWHWZHUGHQLKU)HKOHQ NDQQVRJDUHLQHQDOOHUGLUHNWHVWHQ9RU]XJEHGHXWHQ,QGHU7DW OLHEHU6FKDFKLFKKDEHZXQGHUEDUH1LHGHUODJHQXQGQRFK ZXQGHUEDUHUH6LHJHJHVHKQ(VLVWDXFKLQGHU/LHEHZLHEHL 0RUJDUWHQXQG6HPSDFKGLHVFK|QHQ5LWWHU ZHUGHQJHVFKODJHQ XQGGLHKlOLFKHQ%DXHUQWULXPSKLHUHQ*ODXEHQ6LHPLUGDV +HU]HQWVFKHLGHWQXU GDV+HU]:HUOLHEWZHUGLH.UDIWGHU/LHEH KDWLVWDXFKOLHEHQVZUGLJXQGHVZlUHJUDXVDPZHQQHV DQGHUVZlUH*HKHQ6LHGLH5HLKHGHUHLJHQHQ(UIDKUXQJHQGXUFK :DVLVWDOOWlJOLFKHUDOVHLQHVFK|QH)UDXGXUFKHLQHQLFKWVFK|QH *HOLHEWHYHUGUlQJW]XVHKQ8QGQLFKWHWZDQDFKGHP6DW]H WRXMRXUVSHUGUL[2QHLQHVKDWGLHVYLHOWLHIUH=XVDPPHQKlQJH 'DV/DQJZHLOLJVWHYRQGHU:HOWLVWGLHO\PSKDWLVFKSKOHJPDWLVFKH EHDXWpGLHEHDXWpSDUH[FHOOHQFH6LHNUlQNHOWKLHUVLHNUlQNHOW GDLFKZLOOQLFKWVDJHQLPPHUXQGQRWZHQGLJDEHUGRFKLQGHU 0HKU]DKOGHU)lOOHZlKUHQGPHLQHEHDXWpGXGLDEOHGLH7UlJHULQ HLQHUDOOHUYROONRPPHQVWHQ*HVXQGKHLWLVWMHQHU*HVXQGKHLWGLH ]XOHW]WDOOHVEHGHXWHWXQGJOHLFKZHUWLJLVWPLWK|FKVWHP5HL]8QG QXQIUDJLFK6LHPHLQH+HUUQZHUKlWWHPHKUGDYRQDOVGLH 1DWXUGLHGXUFKGLHJU|WHQXQGJHZDOWLJVWHQ /lXWHUXQJVSUR]HVVHZLHGXUFKHLQ)HJHIHXHUJHJDQJHQLVW(LQ SDDU*UEFKHQLQGHU:DQJHVLQGGDV5HL]HQGVWHYRQGHU:HOW GDVKDWVFKRQEHLGHQ5|PHUQXQG*ULHFKHQJHJROWHQXQGLFKELQ QLFKWXQJDODQWXQGXQORJLVFKJHQXJXPHLQHU*UEFKHQ9LHOKHLW HLQHQ5HVSHNWXQGHLQH+XOGLJXQJ]XYHUVDJHQGLHGHU(LQKHLW RGHUGHP3lUFKHQYRQDOWHUVKHUJHEKUW'DVSDUDGR[H¾OHODLG F HVWOHEHDX½KDWVHLQHYROONRPPQH%HUHFKWLJXQJXQGHVKHLW QLFKWVDQGUHVDOVGDVLFKKLQWHUGHPDQVFKHLQHQG+lOLFKHQ HLQHK|KHUH)RUPGHU6FK|QKHLWYHUELUJW:lUHPHLQHWHXUH 3DXOLQHKLHUZLHVLH VOHLGHUQLFKW LVWVLHZUGHPLU]XVWLPPHQ RIIHQXQGQDFKGUFNOLFKRKQHGXUFKSHUV|QOLFKH6FKLFNVDOH NDSWLYLHUW]XVHLQ© 'HU3ULQ]VFKZLHJ(VZDUHUVLFKWOLFKGDHUDXIHLQHQDOOVHLWLJHQ $XVGUXFNGHV%HGDXHUQVZDUWHWH)UDX3DXOLQHGLHJHOHJHQWOLFK GLH +RQQHXUVGHV+DXVHVPDFKWHKHXWHQLFKW DQZHVHQG]XVHKQ $OVDEHUQLHPDQGGDV6FKZHLJHQEUDFKIXKUHUIRUWª(VIHKOHQ XQVGLH)UDXHQXQGGDPLWGHP:HLQXQGXQVUHP/HEHQGHU
6FKDXP,FKQHKPHPHLQHQ:XQVFKZLHGHUDXIXQGZLHGHUKROH GDHVPLFKJOFNOLFKPDFKHQZUGHGLH&DUD\RQVFKHQ'DPHQLQ GHP6DORQPHLQHU)UHXQGLQHPSIDQJHQ]XGUIHQ,FK]lKOH GDUDXIGDGLHMHQLJHQ+HUUHQGLHGHP.UHLVHGHU)UDXYRQ &DUD\RQDQJHK|UHQVLFK]XP,QWHUSUHWHQPHLQHU:QVFKH PDFKHQ6LH6FKDFKRGHUDXFK6LHOLHEHU$OYHQVOHEHQ© %HLGHYHUQHLJWHQVLFK ª$OOHVLQDOOHPZLUGHVGDV%HVWHVHLQPHLQH)UHXQGLQ3DXOLQH QLPPWHVSHUV|QOLFKLQGLH+DQG,FKGHQNHVLHZLUGGHQ &DUD\RQVFKHQ'DPHQHLQHQHUVWHQ%HVXFKPDFKHQXQGLFKVHKH 6WXQGHQHLQHVDQJHUHJWHVWHQJHLVWLJHQ$XVWDXVFKHVHQWJHJHQ© 'LHSHLQOLFKH6WLOOHZRPLWDXFKGLHVH6FKOXZRUWHKLQJHQRPPHQ ZXUGHQZUGHQRFKIKOEDUHUJHZHVHQVHLQZHQQQLFKW'XVVHN LQHEHQGLHVHP0RPHQWDXIGHQ%DONRQKLQDXVJHWUHWHQZlUH ª:LHVFK|Q©ULHIHUXQGZLHVPLWGHU+DQGDXIGHQZHVWOLFKHQ ELVKRFKKLQDXILQHLQHPJOKJHOEHQ/LFKWHVWHKHQGHQ+RUL]RQW $OOHZDUHQPLWLKPDQGLH%UVWXQJGHV%DONRQVJHWUHWHQXQG VDKHQIOXDEZlUWVLQGHQ$EHQGKLPPHOKLQHLQ9RUGHPJHOEHQ /LFKWVWUHLIHQVWDQGHQVFKZDU]XQGVFKZHLJHQGGLHKRKHQ3DSSHOQ XQGVHOEVWGLH6FKORNXSSHOZLUNWHQXUQRFKDOV6FKDWWHQUL (LQHQMHGHQGHU*lVWHEHUKUWHGLHVH6FK|QKHLW$PVFK|QVWHQ DEHUZDUGHU$QEOLFN]DKOORVHU6FKZlQHGLHZlKUHQGPDQLQGHQ $EHQGKLPPHOVDKYRP&KDUORWWHQEXUJHU3DUNKHULQODQJHU5HLKH KHUDQNDPHQ$QGUHODJHQVFKRQLQ)URQW(VZDUHUVLFKWOLFKGD GLHJDQ]H)ORWWLOOHGXUFKLUJHQGZDVELVLQGLH1lKHGHU9LOOD JHORFNWVHLQPXWHGHQQVREDOGVLHGLH+|KHGHUVHOEHQHUUHLFKW KDWWHVFKZHQNWHQVLHZLHPLOLWlULVFKHLQXQGYHUOlQJHUWHQGLH )URQWGHUHUGLHKLHUVFKRQVWLOOXQGUHJXQJVORVXQGGLH6FKQlEHO XQWHUGHP*HILHGHUYHUERUJHQZLHYRU$QNHUODJHQ1XUGDV5RKU EHZHJWHVLFKOHLVLQLKUHP5FNHQ6RYHUJLQJHLQHJHUDXPH=HLW (QGOLFKDEHUHUVFKLHQHLQHULQXQPLWWHOEDUHU1lKHGHV%DONRQV XQGUHFNWHGHQ+DOVDOVREHUHWZDVVDJHQZROOWH ª:HPJLOWHV"©IUDJWH6DQGHUª'HP3ULQ]HQRGHU'XVVHNRGHU GHU6LQXPEUDODPSH© ª1DWUOLFKGHP3ULQ]HQ©DQWZRUWHWH'XVVHN
ª8QGZDUXP"© ª:HLOHUQLFKWEOR3ULQ]LVWVRQGHUQDXFK'XVVHNXQG¾VLQH XPEUD½© $OOHVODFKWHGHU3ULQ]PLW ZlKUHQG6DQGHUDOOHUI|UPOLFKVWª]XP +RINDSHOOPHLVWHU©JUDWXOLHUWHª8QGZHQQXQVHU)UHXQG©VR VFKORHUªLQ=XNXQIWZLHGHU6WURKKDOPHVDPPHOWXPDQLKQHQ ]XVHKHQ¾ZRKHUGHU:LQGZHKW½VRZLUGGLHVHU:LQGLKP DOOHPDODXVGHP/DQGHJHKHLOLJWHU7UDGLWLRQHQXQGQLFKWPHKUDXV GHP/DQGHGHU9RUXUWHLOH]XNRPPHQVFKHLQHQ© $OV6DQGHUQRFKVRVSUDFKVHW]WHVLFKGLH6FKZDQHQIORWWLOOHGLH ZRKOGXUFKGLH'XVVHNVFKH0XVLNKHUEHLJHORFNWVHLQPXWH ZLHGHULQ%HZHJXQJXQGVHJHOWHIOXDEZlUWVZLHVLHELVGDKLQ IOXDXIZlUWVJHNRPPHQZDU1XUGHU6FKZDQGHUGHQ2EPDQQ JHPDFKWHUVFKLHQQRFKHLQPDODOVREHUVHLQHQ'DQN ZLHGHUKROHQXQGVLFKLQ]HUHPRQLHOOVWHU:HLVHYHUDEVFKLHGHQ ZROOH 'DQQDEHUQDKPDXFKHUGLH0LWWHGHV)OXVVHVXQGIROJWH GHQ EULJHQGHUHQ7rWHVFKRQXQWHUGHP6FKDWWHQGHU3DUNElXPH YHUVFKZXQGHQZDU
$FKWHV.DSLWHO 6FKDFKXQG9LFWRLUH (VZDUNXU]QDFKGLHVHP'LQHUEHLP3ULQ]HQGDLQ%HUOLQ EHNDQQWZXUGHGHU.|QLJZHUGHQRFKYRU6FKOXGHU:RFKHYRQ 3RWVGDPKHUEHUNRPPHQXPDXIGHP7HPSHOKRIHU)HOGHHLQH JURH5HYXH]XKDOWHQ'LH1DFKULFKWGDYRQZHFNWHGLHVPDOHLQ PHKUDOVJHZ|KQOLFKHV,QWHUHVVHZHLOGLHJHVDPWH%HY|ONHUXQJ QLFKWQXUGHP)ULHGHQPLWUDXWHGHQ+DXJZLW]PLWKHLPJHEUDFKW KDWWHVRQGHUQDXFKPHKUXQGPHKUGHUhEHU]HXJXQJOHEWHGD LPOHW]WHQLPPHUQXUXQVUHHLJHQH.UDIWDXFKXQVUH6LFKHUKHLW EH]LHKXQJVZHLVHXQVUH5HWWXQJVHLQZHUGH:HOFKHDQGUH.UDIW DEHUKDWWHQZLUDOVGLH$UPHHGLH$UPHHGLHZDV(UVFKHLQXQJ XQG6FKXOXQJDQJLQJLPPHUQRFKGLHIULGHUL]LDQLVFKHZDU ,QVROFKHU6WLPPXQJVDKPDQGHP5HYXHWDJHGHUHLQ 6RQQDEHQGZDUHQWJHJHQ 'DV%LOGGDVGLH6WDGWYRPIUKHQ0RUJHQDQGDUERWHQWVSUDFK GHU$XIUHJXQJGLHKHUUVFKWH7DXVHQGHVWU|PWHQKLQDXVXQG EHGHFNWHQYRP+DOOHVFKHQ7RUDQGLHEHUJDQVWHLJHQGH6WUDH]X GHUHQEHLGHQ6HLWHQVLFKGLHª.QDSSKlQVH©GLHVHEHNDQQWHQ =LYLOPDUNHWHQGHUPLWLKUHQ.|UEHQXQG)ODVFKHQHWDEOLHUWKDWWHQ %DOGGDQDFKHUVFKLHQHQDXFKGLH(TXLSDJHQGHUYRUQHKPHQ:HOW XQWHUGLHVHQGLH 6FKDFKVGLHIUGHQKHXWLJHQ 7DJGHQ &DUD\RQVFKHQ'DPHQ]XU'LVSRVLWLRQJHVWHOOWZRUGHQZDU,P VHOEHQ:DJHQPLWLKQHQEHIDQGVLFKHLQDOWHU+HUUYRQGHU5HFNH IUKHU2IIL]LHUGHUDOVQDKHU$QYHUZDQGWHU6FKDFKVGLH +RQQHXUVXQG]XJOHLFKGHQPLOLWlULVFKHQ,QWHUSUHWHQPDFKWH )UDXYRQ&DUD\RQWUXJHLQVWDKOJUDXHV6HLGHQNOHLGXQGHLQH 0DQWLOOHYRQJOHLFKHU)DUEHZlKUHQGYRQ9LFWRLUHQV EUHLWUDQGLJHP,WDOLHQHUKXWHLQEODXHU6FKOHLHULP:LQGHIODWWHUWH 1HEHQGHP.XWVFKHUVDGHU*URRPXQGHUIUHXWHVLFKGHU+XOG EHLGHU'DPHQJDQ]EHVRQGHUVDXFKGHU]LHPOLFKZLOONUOLFK DN]HQWXLHUWHQHQJOLVFKHQ:RUWHGLH9LFWRLUHYRQ=HLW]X=HLWDQ LKQULFKWHWH )UHOI8KUZDUGDV(LQWUHIIHQGHV.|QLJVDQJHPHOGHWZRUGHQ DEHUODQJHYRUKHUVFKRQHUVFKLHQHQGLH]XU5HYXHEHIRKOHQHQ DOWEHUKPWHQ,QIDQWHULHUHJLPHQWHU$OW/DULVFKYRQ$UQLPXQG
0|OOHQGRUILKUH-DQLWVFKDUHQPXVLNYRUDXI,KQHQIROJWHGLH .DYDOOHULH*DUGHGX&RUSV*HQVGDUPHVXQG/HLEKXVDUHQELV JDQ]]XOHW]WLQHLQHULPPHUGLFNHUZHUGHQGHQ6WDXEZRONHGLH 6HFKV XQG=Z|OISIQGHUKHUDQUDVVHOWHQXQGNODSSHUWHQGLH ]XP7HLOVFKRQEHL3UDJXQG/HXWKHQXQGQHXHUGLQJVZLHGHUEHL 9DOP\XQG3LUPDVHQVJHGRQQHUWKDWWHQ(QWKXVLDVWLVFKHU-XEHO EHJOHLWHWHGHQ$QPDUVFKXQGZDKUOLFKZHUVLHVRKHUDQ]LHKHQ VDKGHPPXWHGDV+HU]LQSDWULRWLVFKVWRO]HU(UUHJXQJK|KHU VFKODJHQ$XFKGLH&DUD\RQVWHLOWHQGDVDOOJHPHLQH*HIKOXQG QDKPHQHVDOVEORH9HUVWLPPXQJRGHU$OWHUVlQJVWOLFKNHLWDOV GHUDOWH+HUUYRQGHU5HFNHVLFKYRUERJXQGPLWEHZHJWHU 6WLPPHVDJWHª3UlJHQZLUXQVGLHVHQ$QEOLFNHLQPHLQH'DPHQ 'HQQJODXEHQ6LHGHU9RUDKQXQJHLQHVDOWHQ0DQQHVZLUZHUGHQ GLHVH3UDFKWQLFKWZLHGHUVHKHQ(VLVWGLH$EVFKLHGVUHYXHGHU IULGHUL]LDQLVFKHQ$UPHH© 9LFWRLUHKDWWHVLFKDXIGHP7HPSHOKRIHU)HOGHOHLFKWHUNlOWHWXQG EOLHELQLKUHU:RKQXQJ]XUFNDOVGLH0DPDJHJHQ$EHQGLQV 6FKDXVSLHOIXKUHLQ9HUJQJHQGDVVLHMHGHU]HLWJHOLHEWKDWWH]X NHLQHU=HLWDEHUPHKUDOVGDPDOVZRVLFK]XGHUNQVWOHULVFKHQ $QUHJXQJDXFKQRFKHWZDVYRQZRKOWXHQGHUSROLWLVFKHU(PRWLRQ JHVHOOWHª:DOOHQVWHLQ©GLHª-XQJIUDX©ª7HOO©HUVFKLHQHQ JHOHJHQWOLFKDPKlXILJVWHQDEHU+ROEHUJVª3ROLWLVFKHU =LQQJLHHU©GHUZLH3XEOLNXPXQG'LUHNWLRQJHPHLQVFKDIWOLFK IKOHQPRFKWHQXPHLQHUKHEOLFKHVEHVVHUDOVGLH6FKLOOHUVFKH 0XVH]XOlUPHQGHQ'HPRQVWUDWLRQHQJHHLJQHWZDU 9LFWRLUHZDUDOOHLQ,KUWDWGLH5XKHZRKOXQGLQHLQHQWUNLVFKHQ 6KDZOJHKOOWODJVLHWUlXPHQGDXIGHP6RIDYRULKUHLQ%ULHI GHQVLHNXU]YRULKUHU9RUPLWWDJVDXVIDKUWHPSIDQJHQXQGLQ MHQHP$XJHQEOLFNHQXUIOFKWLJJHOHVHQKDWWH'HVWRODQJVDPHU XQGDXIPHUNVDPHUIUHLOLFKDOVVLHYRQGHU5HYXHZLHGHU ]XUFNJHNRPPHQZDU (VZDUHLQ%ULHIYRQ/LVHWWH 6LHQDKPLKQDXFKMHW]WZLHGHU]XU+DQGXQGODVHLQH6WHOOHGLH VLHVFKRQYRUKHUPLWHLQHP%OHLVWLIWVVWULFKEH]HLFKQHWKDWWHª 'XPXWZLVVHQPHLQHOLHEH 9LFWRLUHGDLFK3DUGRQIUGLHV RIIQH*HVWlQGQLVPDQFKHUbXHUXQJLQ'HLQHPOHW]WHQ%ULHIH NHLQHQYROOHQ*ODXEHQVFKHQNH'XVXFKVW'LFKXQGPLFK]X WlXVFKHQZHQQ'XVFKUHLEVWGD'X'LFKLQHLQ
5HVSHNWVYHUKlOWQLV]X6KLQHLQGHQNVW(UZUGHVHOEHU OlFKHOQ ZHQQHUGDYRQK|UWH'D'X'LFKSO|W]OLFKVRYHUOHW]WIKOHQMD YHU]HLKHVRSLNLHUWZHUGHQNRQQWHVWDOVHUGHQ$UP'HLQHU 0DPDQDKPYHUUlW'LFKXQGJLEWPLUDOOHUOHL]XGHQNHQZLH GHQQDXFKDQGUHVQRFKZDV'XVSH]LHOOLQGLHVHU9HUDQODVVXQJ VFKUHLEVW,FKOHUQH'LFKSO|W]OLFKYRQHLQHU6HLWHNHQQHQYRQGHU LFK'LFKQRFKQLFKWNDQQWHYRQGHUDUJZ|KQLVFKHQQlPOLFK8QG QXQPHLQHWHXUH9LFWRLUHKDEHLQIUHXQGOLFKHV2KUIUGDVZDV LFK'LULQEH]XJDXIGLHVHQZLFKWLJHQ3XQNW]XVDJHQKDEH%LQLFK GRFKGLHlOWHUH'XGDUIVW'LFKHLQIUDOOHPDOQLFKWLQHLQ 0LWUDXHQJHJHQ3HUVRQHQKLQHLQOHEHQGLHGXUFKDXVGHQ HQWJHJHQJHVHW]WHQ$QVSUXFKHUKHEHQGUIHQ8QG]XGLHVHQ 3HUVRQHQPHLQLFKJHK|UW6FKDFK,FKILQGHMHPHKULFKGHQ)DOO EHUOHJHGD'XJDQ]HLQIDFKYRUHLQHU$OWHUQDWLYHVWHKVWXQG HQWZHGHU'HLQHJXWH0HLQXQJEHU6RGHUDEHU'HLQ0LWUDXHQ JHJHQ LKQIDOOHQODVVHQPXW(UVHL.DYDOLHUVFKUHLEVW'XPLU ¾MDGDV5LWWHUOLFKH½IJVW'XKLQ]X¾VHLVRUHFKWHLJHQWOLFKVHLQH 1DWXU½XQGLPVHOEHQ$XJHQEOLFNHZR'XGLHVVFKUHLEVW EH]LFKWLJWLKQ'HLQ$UJZRKQHLQHU+DQGHOVZHLVHGLHWUlIHVLH]X GDV8QULWWHUOLFKVWHYRQGHU:HOWVHLQZUGH6ROFKH:LGHUVSUFKH JLEWHVQLFKW0DQLVWHQWZHGHUHLQ0DQQYRQ(KUHRGHUPDQLVW HVQLFKW,PEULJHQPHLQHWHXUH9LFWRLUHVHLJXWHV0XWHVXQG KDOWH'LFKHLQIUDOOHPDOYHUVLFKHUW'LUOJWGHU6SLHJHO(VLVW QXUHLQHVXPGHVVHQWZLOOHQZLU)UDXHQOHEHQZLUOHEHQXPXQV HLQ+HU]]XJHZLQQHQDEHUZRGXUFK ZLUHVJHZLQQHQLVW JOHLFKJLOWLJ© 9LFWRLUHIDOWHWHGDV%ODWWZLHGHU]XVDPPHQª(VUlWXQGWU|VWHW VLFKOHLFKWDXVHLQHPYROOHQ%HVLW]KHUDXVVLHKDWDOOHVXQGQXQ LVWVLHJURPWLJ$UPH:RUWHGLHYRQGHV5HLFKHQ7LVFKH IDOOHQ© 8QGVLHEHGHFNWHEHLGH$XJHQPLWLKUHQ+lQGHQ ,QGLHVHP$XJHQEOLFNK|UWHVLHGLH.OLQJHOJHKHQXQGJOHLFK GDQDFKHLQ]ZHLWHV0DORKQHGDMHPDQGYRQGHU'LHQHUVFKDIW JHNRPPHQZlUH+DWWHQHV%HDWHXQGGHUDOWH-DQQDVFK EHUK|UW"2GHUZDUHQVLHIRUW"(LQH1HXJLHUEHUNDPVLH6LH JLQJDOVROHLVHELVDQGLH 7UXQGVDKDXIGHQ9RUIOXUKLQDXV(V ZDU6FKDFK(LQHQ$XJHQEOLFNVFKZDQNWHVLHZDV]XWXQVHL GDQQDEHU|IIQHWHVLHGLH*ODVWUXQGEDWLKQHLQ]XWUHWHQ
ª6LHNOLQJHOWHQVROHLVH%HDWHZLUGHVEHUK|UWKDEHQ© ª,FKNRPPHQXUXPQDFKGHP%HILQGHQGHU 'DPHQ]XIUDJHQ (VZDUHLQSUlFKWLJHV3DUDGHZHWWHUNKOXQGVRQQLJDEHUGHU :LQGJLQJGRFK]LHPOLFKVFKDUI© ª8QG6LHVHKHQPLFKXQWHUVHLQHQ2SIHUQ,FKILHEUHQLFKW JHUDGHKHIWLJDEHUZHQLJVWHQVVRGDLFKGDV7KHDWHUDXIJHEHQ PXWH'HU6KDZOLQGHQLFKELWWHPLFKZLHGHUHLQZLFNHOQ]X GUIHQ XQGGLHVH7LVDQHYRQGHU%HDWHZDKUH:XQGHUHUZDUWHW ZHUGHQPLUZDKUVFKHLQOLFK]XWUlJOLFKHUVHLQDOV¾:DOOHQVWHLQV 7RG½0DPDZROOWHPLUDQIlQJOLFK*HVHOOVFKDIWOHLVWHQ$EHU6LH NHQQHQLKUH3DVVLRQIU DOOHVZDV6FKDXVSLHOKHLWXQGVRKDE LFKVLHIRUWJHVFKLFNW)UHLOLFKDXFKDXV6HOEVWVXFKWGHQQGDLFK HVJHVWHKHPLFKYHUODQJWHQDFK5XKH© ª'LHQXQPHLQ(UVFKHLQHQGRFK ZLHGHUXPVW|UW$EHUQLFKWDXI ODQJHQXUJHUDGHODQJHJHQXJXPPLFKHLQHV$XIWUDJV]X HQWOHGLJHQHLQHU$QIUDJHPLWGHULFKEULJHQVOHLFKW P|JOLFKHUZHLVH]XVSlWNRPPHZHQQ$OYHQVOHEHQVFKRQ JHVSURFKHQKDEHQVROOWH© ª:DVLFKQLFKWJODXEHYRUDXVJHVHW]WGDHVQLFKW'LQJHVLQG GLH0DPDIUJXWEHIXQGHQKDWVHOEVWYRUPLUDOV*HKHLPQLV]X EHKDQGHOQ© ª(LQVHKUXQZDKUVFKHLQOLFKHU)DOO'HQQHVLVWHLQ$XIWUDJGHU VLFKDQ0XWWHUXQG7RFKWHUJOHLFK]HLWLJULFKWHW:LUKDWWHQHLQ 'LQHUEHLP3ULQ]HQFHUFOHLQWLPH]XOHW]WQDWUOLFKDXFK'XVVHN (UVSUDFKYRP7KHDWHUYRQZDVDQGUHP VROOWHU XQGEUDFKWH VRJDU%ORZ]XP6FKZHLJHQZDVYLHOOHLFKWHLQH7DWZDU© ª$EHU6LHPHGLVLHUHQMDOLHEHU6FKDFK© ª,FKYHUNHKUHODQJHJHQXJLP6DORQGHU)UDXYRQ&DUD\RQXP ZHQLJVWHQVLQGHQ(OHPHQWHQGLHVHU.XQVWXQWHUULFKWHW]XVHLQ© ª,PPHUVFKOLPPHULPPHUJU|HUH.HW]HUHLHQ,FKZHUGH6LHYRU GDV*URLQTXLVLWRULDWGHU0DPDEULQJHQ8QGZHQLJVWHQVGHU 7RUWXUHLQHU6LWWHQSUHGLJWVROOHQ6LHQLFKWHQWJHKHQ© ª,FKZWHNHLQHOLHEHUH6WUDIH©
ª6LHQHKPHQHV]XOHLFKW$EHUQXQGHU3ULQ]© ª(UZLOO6LHVHKHQEHLGH0XWWHUXQG7RFKWHU)UDX3DXOLQHGLH ZLH6LHYLHOOHLFKWZLVVHQGHQ=LUNHOGHV3ULQ]HQPDFKWVROO,KQHQ HLQH(LQODGXQJEHUEULQJHQ© ª'HU]XJHKRUFKHQ0XWWHUXQG7RFKWHUVLFK]XEHVRQGUHU(KUH UHFKQHQZHUGHQ© ª:DVPLFKQLFKWZHQLJEHUUDVFKW8QG6LHN|QQHQPHLQHWHXUH 9LFWRLUHGLHVNDXPLP(UQVWHJHVSURFKHQKDEHQ'HU3ULQ]LVWPLU HLQJQlG JHU+HUUXQGLFKOLHELKQGHWRXWPRQF°XU(VEHGDUI NHLQHU:RUWHGDUEHU$EHUHULVWHLQ/LFKWPLWHLQHPUHLFKOLFKHQ 6FKDWWHQRGHUZHQQ6LHPLUGHQ9HUJOHLFKJHVWDWWHQZROOHQHLQ /LFKWGDVPLWHLQHP5lXEHUEUHQQW$OOHVLQDOOHPHUKDWGHQ ]ZHLIHOKDIWHQ9RU]XJVRYLHOHU)UVWOLFKNHLWHQLQ.ULHJV XQGLQ /LHEHVDEHQWHXHUQJOHLFKKHUYRUUDJHQG]XVHLQRGHUHVQRFK UXQGHUKHUDXV]XVDJHQHULVWDEZHFKVHOQGHLQ+HOGHQ XQGHLQ 'HEDXFKHQSULQ]'DEHLJUXQGVDW]ORVXQGUFNVLFKWVORVVRJDU RKQH5FNVLFKWDXIGHQ6FKHLQ:DVYLHOOHLFKWGDVDOOHUVFKOLPPVWH LVW6LHNHQQHQVHLQH%H]LHKXQJHQ]X)UDX3DXOLQH"© ª-D© ª8QG© ª,FKELOOLJHVLHQLFKW $EHUVLHQLFKWELOOLJHQLVWHWZDVDQGUHVDOV VLHYHUXUWHLOHQ0DPDKDWPLFKJHOHKUWPLFKEHUGHUOHL'LQJH QLFKW]XNPPHUQXQG]XJUlPHQ8QGKDWVLHQLFKWUHFKW",FK IUDJH6LHOLHEHU6FKDFKZDVZUGDXVXQVJDQ]VSH]LHOODXVXQV ]ZHL)UDXHQZHQQZLUXQVLQQHUKDOEXQVUHU8PJDQJV XQG *HVHOOVFKDIWVVSKlUH]X6LWWHQULFKWHUQDXIZHUIHQXQG0lQQOHLQXQG :HLEOHLQDXIGLH.RUUHNWKHLWLKUHV:DQGHOVKLQSUIHQZROOWHQ" (WZDGXUFKHLQH:DVVHU XQG)HXHUSUREH'LH*HVHOOVFKDIWLVW VRXYHUlQ:DVVLHJHOWHQOlWJLOWZDVVLHYHUZLUIWLVW YHUZHUIOLFK$XHUGHPOLHJWKLHUDOOHVH[]HSWLRQHOO'HU3ULQ]LVW HLQ3ULQ])UDXYRQ&DUD\RQLVWHLQH:LWZHXQGLFKELQLFK© ª8QGEHLGLHVHP(QWVFKHLGHVROOHVEOHLEHQ9LFWRLUH"© ª-D'LH*|WWHUEDODQFLHUHQ8QGZLHPLU/LVHWWH3HUEDQGWHEHQ VFKUHLEW¾:HPJHQRPPHQZLUGGHPZLUGDXFKJHJHEHQ½,Q PHLQHP)DOOHOLHJWGHU7DXVFKHWZDVVFKPHU]OLFKXQGLFK
ZQVFKWHZRKOLKQQLFKWJHPDFKW]XKDEHQ$EHUDQGUHUVHLWVJHK LFKQLFKWEOLQGDQGHPHLQJHWDXVFKWHQ*XWHQYRUEHUXQGIUHXH PLFKPHLQHU)UHLKHLW:RYRUDQGUHPHLQHV$OWHUVXQG*HVFKOHFKWV HUVFKUHFNHQGDVGDUILFK$QGHP$EHQGHEHL0DVVRZVZRPDQ PLU]XHUVWKXOGLJWHZDULFKRKQHPLUGHVVHQEHZXW]XVHLQ HLQH6NODYLQ2GHUGRFKDEKlQJLJYRQKXQGHUW'LQJHQ-HW]WELQ LFKIUHL© 6FKDFKVDKYHUZXQGHUWDXIGLH6SUHFKHULQ0DQFKHVZDVGHU 3ULQ]EHUVLHJHVDJWKDWWHJLQJLKPGXUFKGHQ.RSI:DUHQGDV hEHU]HXJXQJHQRGHU(LQIlOOH":DUHV)LHEHU",KUH:DQJHQKDWWHQ VLFKJHU|WHWXQGHLQDXIEOLW]HQGHV)HXHULQLKUHP$XJHWUDILKQ PLWGHP$XVGUXFNHLQHUWURW]LJHQ(QWVFKORVVHQKHLW(UYHUVXFKWH MHGRFKVLFKLQGHQOHLFKWHQ7RQLQGHPLKU*HVSUlFKEHJRQQHQ KDWWH]XUFN]XILQGHQXQGVDJWHª0HLQHWHXUH9LFWRLUHVFKHU]W ,FKP|FKWHZHWWHQHVLVWHLQ%DQG5RXVVHDXZDVGDYRULKU OLHJWXQGLKUH3KDQWDVLHJHKWPLWGHP'LFKWHU© ª1HLQHVLVWQLFKW5RXVVHDX(VLVWHLQDQGHUHUGHUPLFKPHKU LQWHUHVVLHUW© ª8QGZHUZHQQLFKQHXJLHULJVHLQGDUI"© ª0LUDEHDX© ª8QGZDUXPPHKU"© ª:HLOHUPLUQlKHUVWHKW8QGGDV$OOHUSHUV|QOLFKVWHEHVWLPPW LPPHUXQVHU8UWHLO2GHUGRFKIDVWLPPHU(ULVWPHLQ*HIlKUWH PHLQVSH]LHOOHU/HLGHQVJHQR8QWHU6FKPHLFKHOHLHQZXFKVHU DXI¾$KGDVVFK|QH.LQG½KLHHVWDJHLQWDJDXV8QGGDQQ HLQHV7DJVZDUDOOHVKLQKLQZLHZLH© ª1HLQ9LFWRLUH6LHVROOHQGDV:RUWQLFKWDXVVSUHFKHQ© ª,FKZLOO HVDEHUXQGZUGHGHQ1DPHQPHLQHV*HIlKUWHQXQG /HLGHQVJHQRVVHQ]XPHLQHPHLJHQHQ PDFKHQZHQQLFKHV N|QQWH9LFWRLUH0LUDEHDX GH&DUD\RQRGHUVDJHQZLU0LUDEHOOH GH&DUD\RQGDVNOLQJWVFK|QXQGXQJH]ZXQJHQXQGZHQQLFK V UHFKWEHUVHW]HVRKHLWHV:XQGHUKROG© 8QGGDEHLODFKWHVLHYROOhEHUPXWXQG%LWWHUNHLW$EHUGLH %LWWHUNHLWNODQJYRU
ª6LHGUIHQVRQLFKWODFKHQ9LFWRLUHQLFKWVR'DVNOHLGHW,KQHQ QLFKWGDVYHUKlOLFKW6LH-DZHUIHQ6LHQXU GLH/LSSHQ YHUKlOLFKW 6LH'HU3ULQ]KDWWHGRFKUHFKWDOVHUHQWKXVLDVWLVFK YRQ,KQHQVSUDFK$UPHV*HVHW]GHU)RUPXQGGHU)DUEH:DV DOOHLQJLOWLVWGDVHZLJ(LQHGDVLFKGLH6HHOHGHQ.|USHUVFKDIIW RGHULKQGXUFKOHXFKWHWXQGYHUNOlUW© 9LFWRLUHQV/LSSHQIORJHQLKUH6LFKHUKHLWYHUOLHVLHXQGHLQ)URVW VFKWWHOWHVLH6LH]RJGHQ6KDZOK|KHUKLQDXIXQG6FKDFKQDKP LKUH+DQGGLHHLVNDOWZDUGHQQDOOHV%OXWGUlQJWHQDFKLKUHP +HU]HQ ª9LFWRLUH6LHWXQVLFKXQUHFKW6LHZWHQQXW]ORVJHJHQVLFK VHOEVWXQGVLQGXPQLFKWVEHVVHUDOVGHU6FKZDU]VHKHUGHUQDFK DOOHP7UEHQVXFKWXQGDQ*RWWHVKHOOHP6RQQHQOLFKW YRUEHUVLHKW,FKEHVFKZ|UH6LHIDVVHQ6LHVLFKXQGJODXEHQ6LH ZLHGHUDQ,KU$QUHFKWDXI/HEHQXQG/LHEH:DULFKGHQQEOLQG" ,QGHPELWWUHQ:RUWLQGHP6LHVLFKGHPWLJHQZROOWHQLQHEHQ GLHVHP:RUWHKDEHQ6LH VJHWURIIHQHLQIUDOOHPDO$OOHVLVW 0lUFKHQXQG:XQGHUDQ,KQHQMD0LUDEHOOHMD:XQGHUKROG© $FKGDVZDUHQGLH:RUWHQDFKGHQHQLKU+HU]JHEDQJWKDWWH ZlKUHQGHVVLFKLQ7URW]]XZDIIQHQVXFKWH 8QGQXQK|UWHVLHVLHZLOOHQORVXQGVFKZLHJLQHLQHUVHQ %HWlXEXQJ 'LH=LPPHUXKUVFKOXJQHXQXQGGLH7XUPXKUGUDXHQ DQWZRUWHWH9LFWRLUHGLHGHQ6FKOlJHQJHIROJWZDUVWULFKGDV +DDU]XUFNXQGWUDWDQV)HQVWHUXQGVDKDXIGLH6WUDH ª:DVHUUHJWGLFK"© ª,FKPHLQWHGDLFKGHQ:DJHQJHK|UWKlWWH© ª'XK|UVW]XIHLQ© $EHUVLHVFKWWHOWHGHQ.RSIXQGLPVHOEHQ$XJHQEOLFNHIXKUGHU :DJHQGHU)UDXYRQ&DUD\RQYRU ª9HUODVVHQ6LHPLFK%LWWH© ª%LVDXIPRUJHQ©
8QGRKQH]XZLVVHQREHVLKPJOFNHQZHUGHGHU%HJHJQXQJ PLW)UDXYRQ&DUD\RQDXV]XZHLFKHQHPSIDKOHUVLFKUDVFKXQG KXVFKWHGXUFK9RU]LPPHUXQG.RUULGRU $OOHVZDUVWLOOXQGGXQNHOXQWHQXQGQXUYRQGHU0LWWHGHV +DXVIOXUVKHUILHOHLQ/LFKWVFKLPPHUELVLQ1lKHGHUREHUVWHQ 6WXIHQ$EHUGDV*OFNZDULKPKROG(LQEUHLWHU3IHLOHUGHUELV GLFKWDQGLH7UHSSHQEUVWXQJYRUVSUDQJWHLOWHGHQVFKPDOHQ 9RUIOXULQ]ZHL+lOIWHQXQGKLQWHUGLHVHQ3IHLOHUWUDWHUXQG ZDUWHWH 9LFWRLUHVWDQGLQGHU*ODVWUXQGHPSILQJGLH0DPD ª'XNRPPVWVRIUK$FKXQGZLHKDELFKGLFKHUZDUWHW© 6FKDFKK|UWHMHGHV:RUWª(UVWGLH6FKXOGXQGGDQQGLH/JH© NODQJHVLQLKPª'DVDOWH/LHG© $EHUGLH6SLW]HVHLQHU:RUWHULFKWHWHVLFKJHJHQLKQXQGQLFKW JHJHQ9LFWRLUH 'DQQWUDWHUDXVVHLQHP9HUVWHFNKHUYRUXQGVFKULWWUDVFKXQG JHUlXVFKORVGLH7UHSSHKLQXQWHU
1HXQWHV.DSLWHO 6FKDFK]LHKWVLFK]XUFN ª%LVDXIPRUJHQ©ZDU6FKDFKV$EVFKLHGVZRUWJHZHVHQDEHUHU NDPQLFKW$XFKDP]ZHLWHQXQGGULWWHQ7DJHQLFKW9LFWRLUH VXFKWHVLFK V]XUHFKW]XOHJHQXQGZHQQHVQLFKWJOFNHQZROOWH QDKPVLH/LVHWWHQV%ULHIXQGODVLPPHUZLHGHUGLH6WHOOHGLHVLH OlQJVWDXVZHQGLJZXWHª'XGDUIVW'LFKHLQIUDOOHPDOQLFKWLQ HLQ0LWUDXHQJHJHQ3HUVRQHQKLQHLQOHEHQGLHGXUFKDXVGHQ HQWJHJHQJHVHW]WHQ$QVSUXFKHUKHEHQGUIHQ8QG]XGLHVHQ 3HUVRQHQPHLQLFKJHK|UW6FKDFK,FKILQGHMHPHKULFKGHQ)DOO EHUOHJHGD'XJDQ]HLQIDFKYRUHLQHU$OWHUQDWLYHVWHKVWXQG HQWZHGHU'HLQHJXWH0HLQXQJEHU6RGHUDEHU'HLQ0LWUDXHQ JHJHQLKQIDOOHQODVVHQPXW©-D/LVHWWHKDWWHUHFKWXQGGRFK EOLHELKUHLQH)XUFKWLP*HPWHª:HQQGRFKDOOHVQXU©8QGHV EHUJRVLHPLW%OXW (QGOLFKDPYLHUWHQ7DJHNDPHU$EHUHVWUDIVLFKGDVLHNXU] YRUKHULQGLH6WDGWJHJDQJHQZDU$OVVLH]XUFNNHKUWHK|UWHVLH YRQVHLQHP%HVXFKHUVHLVHKUOLHEHQVZUGLJJHZHVHQKDEH ]ZHLGUHLPDOQDFKLKUJHIUDJWXQGHLQ%RXTXHWIUVLH ]XUFNJHODVVHQ(VZDUHQ9HLOFKHQXQG5RVHQGLHGDV=LPPHU PLWLKUHP'XIWHIOOWHQ9LFWRLUHZlKUHQGLKUGLH0DPDYRQGHP %HVXFKHYRUSODXGHUWHEHPKWHVLFKHLQHQOHLFKWHQXQG EHUPWLJHQ7RQDQ]XVFKODJHQDEHULKU+HU]ZDU]XYROOYRQ ZLGHUVWUHLWHQGHQ*HIKOHQXQGVLH]RJVLFK]XUFNXPVLFKLQ ]XJOHLFKJOFNOLFKHQXQGEDQJHQ7UlQHQDXV]XZHLQHQ ,Q]ZLVFKHQZDUGHU7DJKHUDQJHNRPPHQZRGLHª:HLKHGHU .UDIW©JHJHEHQZHUGHQVROOWH6FKDFKVFKLFNWHVHLQHQ'LHQHUXQG OLHDQIUDJHQREGLH'DPHQGHU9RUVWHOOXQJEHL]XZRKQHQ JHGlFKWHQ(VZDUHLQHEORH)RUPGHQQHUZXWHGDHVVRVHLQ ZHUGH ,P7KHDWHUZDUHQDOOH3OlW]HEHVHW]W6FKDFKVDGHQ&DUD\RQV JHJHQEHUXQGJUWHPLWJURHU$UWLJNHLW$EHUEHLGLHVHP *UXHEOLHEHVXQGHUNDPQLFKWLQLKUH/RJHKLQEHUHLQH =XUFNKDOWXQJEHUGLH)UDXYRQ&DUD\RQNDXPZHQLJHU EHWURIIHQZDUDOV9LFWRLUH'HU6WUHLWLQGHVVHQGHQGDV KLQVLFKWOLFKGHV6WFNVLQ]ZHL/DJHUJHWHLOWH3XEOLNXPIKUWHZDU
VRKHIWLJXQGDXIUHJHQGGDEHLGH'DPHQHEHQIDOOVPLW KLQJHULVVHQZXUGHQXQGPRPHQWDQZHQLJVWHQVDOOHV3HUV|QOLFKH YHUJDHQ(UVWDXIGHP+HLPZHJHNHKUWHGLH9HUZXQGHUXQJEHU 6FKDFKV%HQHKPHQ]XUFN $PDQGHUQ9RUPLWWDJHOLHHUVLFKPHOGHQ)UDXYRQ&DUD\RQZDU HUIUHXW9LFWRLUHMHGRFKGLHVFKlUIHUVDKHPSIDQGHLQWLHIHV 8QEHKDJHQ(UKDWWHJDQ]HUVLFKWOLFKGLHVHQ7DJDEJHZDUWHWXP HLQHQEHTXHPHQ3ODXGHUVWRII]XKDEHQXQGPLW+LOIHGHVVHOEHQ EHUGLH3HLQOLFKNHLWHLQHVHUVWHQ:LHGHUVHKHQVPLWLKUOHLFKWHU KLQZHJ]XNRPPHQ(UNWHGHU)UDXYRQ&DUD\RQGLH+DQGXQG ZDQGWHVLFKGDQQJHJHQ9LFWRLUHQXPGLHVHUVHLQ%HGDXHUQ DXV]XVSUHFKHQVLHEHLVHLQHPOHW]WHQ%HVXFKHYHUIHKOW]XKDEHQ 0DQHQWIUHPGHVLFKIDVWDQVWDWWVLFKIHVWHUDQ]XJHK|UHQ(U VSUDFKGLHVVRGDLKUHLQ=ZHLIHOEOLHEREHUHVPLWWLHIHUHU %HGHXWXQJRGHUDXVEORHU9HUOHJHQKHLWJHVDJWKDEH6LHVDQQ GDUEHUQDFKDEHUHKHVLH]XP$EVFKOXNRPPHQNRQQWH ZDQGWHVLFKGDV*HVSUlFKGHP6WFNH]X ª:LHILQGHQ6LH V"©IUDJWH)UDXYRQ&DUD\RQ ª,FKOLHEHQLFKW.RP|GLHQ©DQWZRUWHWH6FKDFKªGLHIQI 6WXQGHQVSLHOHQ,FKZQVFKH9HUJQJHQRGHU(UKROXQJLP 7KHDWHUDEHUNHLQH6WUDSD]H© ª=XJHVWDQGHQ$EHUGLHVLVWHWZDVbXHUOLFKHVXQGEHLOlXILJHLQ 0LVWDQGGHPHKHVWHQVDEJHKROIHQVHLQZLUG,IIODQGVHOEVWLVW PLWHUKHEOLFKHQ.U]XQJHQHLQYHUVWDQGHQ,FKZLOO,KU8UWHLOEHU GDV6WFN© ª(VKDWPLFKQLFKW EHIULHGLJW© ª8QGZDUXPQLFKW"© ª:HLOHVDOOHVDXIGHQ.RSIVWHOOW6ROFKHQ /XWKHUKDWHV*RWWVHL 'DQNQLHJHJHEHQXQGZHQQHLQVROFKHUMHNlPHVRZUGHUXQV HLQIDFKGDKLQ]XUFNIKUHQYRQZRGHUHFKWH/XWKHUXQV VHLQHU]HLWZHJIKUWH-HGH=HLOHZLGHUVWUHLWHWGHP*HLVWXQG -DKUKXQGHUWGHU5HIRUPDWLRQDOOHVLVW-HVXLWLVPXVRGHU 0\VWL]LVPXVXQGWUHLEWHLQXQHUODXEWHVXQGEHLQDKNLQGLVFKHV 6SLHOPLW:DKUKHLWXQG*HVFKLFKWH1LFKWVSDW,FKZXUGH EHVWlQGLJDQGDV%LOG$OEUHFKW'UHUVHULQQHUWZR3LODWXVPLW 3LVWROHQKDOIWHUQUHLWHWRGHUDQHLQHEHQVREHNDQQWHV$OWDUEODWWLQ
6RHVWZRVWDWWGHV2VWHUODPPVHLQZHVWIlOLVFKHU6FKLQNHQLQGHU 6FKVVHOOLHJW,QGLHVHPVHLQZROOHQGHQ/XWKHUVWFNDEHUOLHJWHLQ DOOHUSIlIILVFKVWHU3IDIILQGHU6FKVVHO(VLVWHLQ$QDFKURQLVPXV YRQ$QIDQJELV(QGH© ª*XW'DVLVW/XWKHU$EHULFKZLHGHUKROHGDV6WFN"© ª/XWKHULVW GDV6WFN'DVDQGUHEHGHXWHWQLFKWV2GHUVROOLFK PLFKIU.DWKDULQDYRQ%RUDEHJHLVWHUQIUHLQH1RQQHGLH VFKOLHOLFKNHLQHZDU© 9LFWRLUHVHQNWHGHQ%OLFNXQGLKUH+DQG]LWWHUWH6FKDFKVDKHV XQGEHUVHLQHQ)DX[SDVHUVFKUHFNHQGVSUDFKHUMHW]WKDVWLJXQG LQVLFKEHUVWU]HQGHU:HLVHYRQHLQHU3DURGLHGLHYRUEHUHLWHW ZHUGHYRQHLQHPDQJHNQGLJWHQ3URWHVWHGHUOXWKHULVFKHQ *HLVWOLFKNHLWYRP+RIHYRQ,IIODQGYRP'LFKWHUVHOEVWXQG VFKORHQGOLFKPLWHLQHUEHUWULHEHQHQ/RESUHLVXQJGHU HLQJHOHJWHQ/LHGHUXQG.RPSRVLWLRQHQ(UKRIIHGD)UlXOHLQ 9LFWRLUHQRFKGHQ$EHQGLQ(ULQQHUXQJKDEHZRHUGLHVH/LHGHU DP.ODYLHUEHJOHLWHQGXUIWH $OOGLHVZXUGHVHKUIUHXQGOLFKJHVSURFKHQDEHUVRIUHXQGOLFKHV NODQJVRIUHPGNODQJHVDXFKXQG9LFWRLUHK|UWHPLWIHLQHP2KU KHUDXVGDHVQLFKWGLH6SUDFKHZDUGLHVLHIRUGHUQGXUIWH6LH ZDUEHPKWLKPXQEHIDQJHQ]XDQWZRUWHQDEHUHVEOLHEHLQ lXHUOLFKHV*HVSUlFKELVHUJLQJ 'HQ7DJQDFKGLHVHP%HVXFKHNDP7DQWH0DUJXHULWH6LHKDWWH EHL+RIHYRQGHPVFK|QHQ6WFNHJHK|UWªGDVVRVFK|QVHLZLH QRFKJDUNHLQV©XQGVRZROOWHVLH VJHUQHVHKQ)UDXYRQ &DUD\RQZDULKU]X:LOOHQQDKPVLHPLWLQGLH]ZHLWH9RUVWHOOXQJ XQGGDZLUNOLFKVHKUJHNU]WZRUGHQZDUEOLHEDXFKQRFK=HLW GDKHLPHLQHKDOEH6WXQGH]XSODXGHUQ ª1XQ7DQWH0DUJXHULWH©IUDJWH9LFWRLUHªZLHKDWHVGLU JHIDOOHQ"© ª*XWOLHEH9LFWRLUH'HQQHVEHUKUWGRFKGHQ+DXSWSXQNWLQ XQVUHUJHUHLQLJWHQ.UFKH© ª:HOFKHQPHLQVWGXOLHEH7DQWH"© ª1XQGHQ YRQGHUFKULVWOLFKHQ(KH©
9LFWRLUH]ZDQJVLFKHUQVWKDIW]XEOHLEHQXQGVDJWHGDQQª,FK GDFKWHGLHVHU+DXSWSXQNWLQXQVUHU.LUFKHOlJHGRFKQRFKLQ HWZDVDQGUHPDOVR]XP%HLVSLHOLQGHU/HKUHYRP$EHQGPDKO© ª2QHLQPHLQHOLHEH9LFWRLUHGDV ZHLLFKJDQ]JHQDX0LWRGHU RKQH:HLQGDVPDFKWNHLQHQVRJURHQ8QWHUVFKLHGDEHURE XQVUH3UHGLFDWHXUVLQHLQHUVLWWOLFKJHWUDXWHQ(KHOHEHQRGHU QLFKWGDVPHLQ(QJHOFKHQLVWYRQHLQHUZUNOLFKHQ ,PSRUWDQFH© ª8QGLFKILQGH7DQWH0DUJXHULWHKDWJDQ]UHFKW©VDJWH)UDXYRQ &DUD\RQ ª8QGGDVLVWHVDXFK©IXKUGLHJHJHQDOOHV(UZDUWHQ%HORELJWH IRUWªZDVGDV6WFNZLOO XQGZDVPDQXPVRGHXWOLFKHUVLHKWDOV GLH%HWKPDQQZUNOLFKHLQHVHKUKEVFKH)UDXLVW2GHUGRFK ]XPZHQLJVWHQVYLHOKEVFKHUDOVVLHZLUNOLFKZDU,FKPHLQHGLH 1RQQH:DVDEHUQLFKWVVFKDGHWGHQQHUZDUDXFKNHLQKEVFKHU 0DQQXQGODQJHQLFKWVRKEVFKDOVHU-DZHUGHQXUURWPHLQH OLHEH9LFWRLUHVRYLHOZHLLFKDXFK© )UDXYRQ&DUD\RQODFKWHKHU]OLFK ª8QGGDVPXZDKUVHLQXQVHU+HUU5LWWPHLVWHUYRQ6FKDFKLVW ZLUNOLFKHLQVHKU DQJHQHKPHU0DQQXQGLFKGHQNHQRFKLPPHU DQ7HPSHOKRIXQGGHQDXIUHFKWVWHKHQGHQ5LWWHU8QGZLWLKU GHQQLQ:OPHUVGRUIVROODXFKHLQHUVHLQXQGDXFKHEHQVR ZHJJHVFKXEEHUW8QGYRQZHPLFKHVKDEH"1XQ"9RQODSHWLWH SULQFHVVH&KDUORWWH©
=HKQWHV.DSLWHO ª(VPXHWZDVJHVFKHKQ© 'LHª:HLKHGHU.UDIW©ZXUGHQDFKZLHYRUJHJHEHQXQG%HUOLQ K|UWHQLFKWDXILQ]ZHL/DJHUJHWHLOW]XVHLQ$OOHVZDVP\VWLVFK URPDQWLVFKZDUZDUIUDOOHVZDVIUHLVLQQLJZDUJHJHQ GDV 6WFN6HOEVWLP+DXVH&DUD\RQVHW]WHVLFKGLHVH)HKGHIRUWXQG ZlKUHQGGLH0DPDWHLOVXPGHV+RIHVWHLOVXPLKUHUHLJQHQ ª*HIKOH©ZLOOHQEHUVFKZHQJOLFKPLWVFKZlUPWHIKOWHVLFK 9LFWRLUHYRQGLHVHQ6HQWLPHQWDOLWlWHQDEJHVWRHQ6LHIDQGDOOHV XQZDKUXQGXQHFKWXQGYHUVLFKHUWHGD6FKDFKLQMHGHPVHLQHU :RUWHUHFKWJHKDEWKDEH 'LHVHUNDPMHW]WYRQ=HLW]X=HLWDEHUGRFKLPPHUQXUZHQQHU VLFKHUVHLQGXUIWH9LFWRLUHQLQ*HVHOOVFKDIWGHU0XWWHU]XWUHIIHQ (UEHZHJWHVLFKZLHGHUYLHOLQGHQªJURHQ+lXVHUQ©XQGOHJWH ZLH1RVWLW]VSRWWHWHGHQ5DG]LZLOOVXQG&DURODWKV]XZDVHUGHQ &DUD\RQVHQW]RJ$XFK$OYHQVOHEHQVFKHU]WHGDUEHUXQGVHOEVW 9LFWRLUHYHUVXFKWHGHQJOHLFKHQ7RQ]XWUHIIHQ$EHURKQHGDHV LKUJOFNHQZROOWH6LHWUlXPWHVRKLQXQGQXUHLJHQWOLFKWUDXULJ ZDUVLHQLFKW1RFKZHQLJHUXQJOFNOLFK 8QWHUGHQHQGLHVLFKPLWGHP6WFNDOVRPLWGHU7DJHVIUDJH EHVFKlIWLJWHQZDUHQDXFKGLH2IIL]LHUHYRP5HJLPHQW *HQVGDUPHVREVFKRQLKQHQQLFKWHLQILHOVLFKHUQVWKDIWDXIHLQ )U RGHU:LGHU HLQ]XODVVHQ6LHVDKHQDOOHVDXVVFKOLHOLFKDXI VHLQHNRPLVFKH6HLWHKLQDQXQGIDQGHQLQGHU$XIO|VXQJHLQHV 1RQQHQNORVWHUVLQ.DWKDULQDYRQ%RUDVªQHXQMlKULJHU 3IOHJHWRFKWHU©XQGHQGOLFKLQGHPEHVWlQGLJ)O|WHVSLHOHQGHQ /XWKHUHLQHQXQHUVFK|SIOLFKHQ6WRIIIU LKUHQ6SRWWXQGhEHUPXW ,KU/LHEOLQJVYHUVDPPOXQJVRUWLQMHQHQ7DJHQZDUGLH:DFKWVWXEH GHV5HJLPHQWVZRGLHMQJHUHQ.DPHUDGHQGHQGLHQVWWXHQGHQ 2IIL]LHU]XEHVXFKHQXQGVLFKELVLQGLH1DFKWKLQHLQ]X GLYHUWLHUHQSIOHJWHQ8QWHUGHQ*HVSUlFKHQGLHPDQ LQ 9HUDQODVVXQJGHUQHXHQ.RP|GLHKLHUIKUWHNDPHQ6S|WWHUHLHQ ZLHGLHYRUJHQDQQWHQNDXPQRFKYRQGHU7DJHVRUGQXQJXQGDOV HLQHUGHU.DPHUDGHQGDUDQHULQQHUWHGDGDVQHXHUGLQJVYRQ VHLQHUIUKHUHQ+|KHKHUDEJHVWLHJHQH5HJLPHQWHLQH$UW SDWULRWLVFKH3IOLFKWKDEHVLFKPDOZLHGHUªDOVHVVHOEVW©]X
]HLJHQEUDFKHLQXQJHKHXUHU-XEHODXVDQGHVVHQ6FKOXDOOH HLQLJZDUHQªGDHWZDVJHVFKHKHQPVVH©'DHVVLFKGDEHL OHGLJOLFKXPHLQH7UDYHVWLHGHUª:HLKHGHU.UDIW©HWZDGXUFK HLQH0DVNHUDGHKDQGHOQN|QQHVWDQGYRQYRUQKHUHLQIHVWXQG QXUEHUGDVª:LH©JLQJHQGLH0HLQXQJHQQRFKDXVHLQDQGHU,Q )ROJHGDYRQEHVFKORPDQHLQSDDU7DJHVSlWHUHLQHQHXH =XVDPPHQNXQIWDE]XKDOWHQLQGHUQDFK$QK|UXQJHLQLJHU 9RUVFKOlJHGHUHLJHQWOLFKH3ODQIL[LHUWZHUGHQVROOWH 5DVFKKDWWHVLFK VKHUXPJHVSURFKHQXQGDOV7DJXQG6WXQGHGD ZDUHQZDUHQHLQLJH]ZDQ]LJ.DPHUDGHQLQGHPYRUHUZlKQWHQ /RNDOHUVFKLHQHQ,W]HQSOLW]-UJDXQG%ULW]NH%LOOHUEHFNXQG 'LULFNH*UDI+DHVHOHU*UDI+HU]EHUJYRQ5RFKRZYRQ3XWOLW] HLQ.UDFKWHLQ.OLW]LQJXQGQLFKW]XPOHW]WHQHLQVFKRQlOWHUHU /LHXWHQDQWYRQ=LHWHQHLQNOHLQHVKlOLFKHVXQGVlEHOEHLQLJHV .HUOFKHQGDVGXUFKHQWIHUQWH9HWWHUVFKDIWPLWGHPEHUKPWHQ *HQHUDOXQGEHLQDKHPHKUQRFKGXUFKHLQHNHFNLQGLH:HOW KLQHLQNUlKHQGH6WLPPH]XEDODQFLHUHQZXWHZDVLKPDQ VRQVWLJHQ7XJHQGHQDEJLQJ$XFK1RVWLW]XQG$OYHQVOHEHQZDUHQ HUVFKLHQHQ6FKDFKIHKOWH ª:HUSUlVLGLHUW"©IUDJWH.OLW]LQJ ª1XU]ZHL0|JOLFKNHLWHQ©DQWZRUWHWH'LULFNHª'HUOlQJVWHRGHU GHUNU]HVWH:LOODOVRVDJHQ1RVWLW]RGHU=LHWHQ© ª1RVWLW]1RVWLW]©ULHIHQDOOHGXUFKHLQDQGHUXQGGHUVRGXUFK $NNODPDWLRQ*HZlKOWHQDKPDXIHLQHPDXVJHEXFKWHWHQ *DUWHQVWXKOH3ODW])ODVFKHQXQG*OlVHUVWDQGHQGLHODQJH7DIHO HQWODQJ ª5HGHKDOWHQ$VVHPEOpHQDWLRQDOH© 1RVWLW]OLHGHQ/lUPHLQH:HLOHGDXHUQXQGNORSIWHGDQQHUVWPLW GHPLKPDOV=HLFKHQVHLQHU:UGH]XU6HLWHOLHJHQGHQ3DOODVFK DXIGHQ7LVFK ª6LOHQWLXP6LOHQWLXP© ª.DPHUDGHQYRP5HJLPHQW*HQVGDUPHV(UEHQHLQHVDOWHQ 5XKPHVDXIGHP)HOGHPLOLWlULVFKHUXQGJHVHOOVFKDIWOLFKHU(KUH GHQQZLUKDEHQQLFKWQXUGHU6FKODFKWGLH5LFKWXQJZLUKDEHQ
DXFKGHU*HVHOOVFKDIWGHQ7RQ JHJHEHQ .DPHUDGHQVDJLFKZLU VLQGVFKOVVLJJHZRUGHQHVPXHWZDVJHVFKHKQ© ª-DMD(VPXHWZDVJHVFKHKQ© ª8QGQHXJHZHLKWGXUFKGLH¾:HLKHGHU.UDIW½KDEHQZLUGHP DOWHQ/XWKHUXQGXQVVHOEHU]XOLHEHEHVFKORVVHQHLQHQ$XI]XJ]X EHZHUNVWHOOLJHQYRQGHPGLHVSlWHVWHQ*HVFKOHFKWHUQRFK PHOGHQVROOHQ(VPXHWZDV*URHVZHUGHQ(ULQQHUQZLUXQV ZHUQLFKWYRUVFKUHLWHW GHUVFKUHLWHW]XUFN(LQ$XI]XJDOVR 6RYLHOVWHKWIHVW$EHU:HVHQXQG&KDUDNWHUGLHVHV$XI]XJHV EOHLEWQRFK]XIL[LHUHQXQG]XGLHVHP%HKXIHKDEHQZLUXQVKLHU YHUVDPPHOW,FKELQEHUHLW,KUH9RUVFKOlJHGHU5HLKHQDFK HQWJHJHQ]XQHKPHQ:HU9RUVFKOlJH ]XPDFKHQKDWPHOGHVLFK© 8QWHUGHQHQGLHVLFKPHOGHWHQZDUDXFK/LHXWHQDQWYRQ=LHWHQ ª,FKJHEHGHP/LHXWHQDQWYRQ=LHWHQGDV:RUW© 'LHVHUHUKREVLFKXQGVDJWHZlKUHQGHUVLFKOHLFKWDXIGHU 6WXKOOHKQHZLHJWHª:DVLFKYRU]XVFKODJHQKDEHKHLW 6FKOLWWHQIDKUW© $OOHVDKHQHLQDQGHUDQ(LQLJHODFKWHQ ª,P-XOL"© ª,P-XOL©ZLHGHUKROWH=LHWHQª8QWHUGHQ/LQGHQZLUG6DO] JHVWUHXWXQGEHUGLHVHQ6FKQHHKLQJHKWXQVUH)DKUW(UVWHLQ SDDUDXIJHO|VWH1RQQHQLQGHPJURHQ+DXSWVFKOLWWHQDEHUGHU GLH0LWWHGHV=XJHVELOGHWSDUDGLHUHQ/XWKHUXQGVHLQ)DPXOXV MHGHUPLWHLQHU)O|WHZlKUHQG.DWKDULQFKHQDXIHLQHU3ULWVFKH UHLWHW$GOLELWXPPLW)DFNHORGHU6FKOLWWHQSHLWVFKH9RUUHLWHU HU|IIQHQGHQ=XJ.RVWPHZHUGHQGHP7KHDWHUHQWQRPPHQ RGHUDQJHIHUWLJW,FKKDEHJHVSURFKHQ© (LQXQJHKHXUHU/lUPDQWZRUWHWHELVGHU5XKHJHELHWHQGH1RVWLW] HQGOLFKGXUFKGUDQJª,FKQHKPHGLHVHQ/lUPHLQIDFKDOV =XVWLPPXQJXQGEHJOFNZQVFKH.DPHUDG=LHWHQPLWHLQHP HLQ]LJHQXQGHUVWHQ0HLVWHUVFKXJOHLFKLQV6FKZDU]HJHWURIIHQ ]XKDEHQ$OVR6FKOLWWHQIDKUW$QJHQRPPHQ"© ª-DMD©
ª6REOHLEWQXUQRFK5ROOHQYHUWHLOXQJ:HUJLEWGHQ/XWKHU"© ª6FKDFK© ª(UZLUGDEOHKQHQ© ª1LFKWGRFK©NUlKWH=LHWHQGHUJHJHQGHQVFK|QHQLKPEHL PHKUDOVHLQHU*HOHJHQKHLWYRUJH]RJHQHQ6FKDFKHLQH 6SH]LDOPDOLFHKHJWHªZLHNDQQPDQ6FKDFKVRYHUNHQQHQ,FK NHQQLKQEHVVHU(UZLUGHVIUHLOLFKHLQHKDOEH6WXQGHODQJ EHNODJHQVLFKKRKH%DFNHQNQRFKHQDXIOHJHQXQGVHLQ 1RUPDORYDOLQHLQHElXULVFKHWrWHFDUUpHYHUZDQGHOQ]XPVVHQ $EHUVFKOLHOLFKZLUGHU(LWHONHLWJHJHQ(LWHONHLWVHW]HQXQGVHLQHQ /RKQGDULQILQGHQDXIYLHUXQG]ZDQ]LJ6WXQGHQGHU+HOGGHV 7DJHV]XVHLQ© (KH=LHWHQQRFKDXVJHVSURFKHQKDWWHZDUYRQGHU:DFKHKHUHLQ *HIUHLWHUHLQJHWUHWHQXPHLQDQ1RVWLW]DGUHVVLHUWHV6FKUHLEHQ DE]XJHEHQ ª$KOXSXVLQIDEXOD© ª9RQ6FKDFK"© ª-D© ª/HVHQOHVHQ© 8QG1RVWLW]HUEUDFKGHQ%ULHIXQGODVª,FKELWWH6LHOLHEHU 1RVWLW]EHLGHUPXWPDOLFKLQHEHQGLHVHP$XJHQEOLFNH VWDWWILQGHQGHQ9HUVDPPOXQJXQVUHUMXQJHQ2IIL]LHUHPHLQHQ 9HUPLWWOHU XQGZHQQQ|WLJDXFKPHLQHQ$QZDOWPDFKHQ]X ZROOHQ,FKKDEHGDV=LUNXODUHUKDOWHQXQGZDUDQIlQJOLFKJHZLOOW ]XNRPPHQ,Q]ZLVFKHQDEHULVWPLUPLWJHWHLOWZRUGHQXPZDV HVVLFKDOOHU:DKUVFKHLQOLFKNHLWQDFKKDQGHOQZLUGXQGGLHVH 0LWWHLOXQJKDWPHLQHQ(QWVFKOXJHlQGHUW(VLVW,KQHQNHLQ *HKHLPQLVGDDOOGDVZDVPDQYRUKDWPHLQHP*HIKO ZLGHUVWUHLWHWXQGVRZHUGHQ6LHVLFKPLW/HLFKWLJNHLW KHUDXVUHFKQHQN|QQHQZLHYLHORGHUZLHZHQLJLFKGHPVFKRQ HLQ%KQHQ/XWKHUFRQWUHF°XUZDU IUHLQHQ0XPPHQVFKDQ] /XWKHUEULJKDEH'DZLUGLHVHQ0XPPHQVFKDQ]LQHLQH=HLW YHUOHJHQGLHQLFKWHLQPDOHLQH)DVWQDFKWVIUHLKHLWLQ$QVSUXFK QHKPHQGDUIEHVVHUWVLFKHUOLFKQLFKWV-QJHUHQ.DPHUDGHQVROO
DEHUGXUFKGLHVHPHLQH6WHOOXQJ]XU6DFKHNHLQ=ZDQJDXIHUOHJW ZHUGHQXQGMHGHQIDOOVGDUIPDQVLFKPHLQHU'LVNUHWLRQYHUVLFKHUW KDOWHQ,FKELQQLFKWGDV*HZLVVHQGHV5HJLPHQWVQRFKZHQLJHU VHLQ$XISDVVHU,KU6FKDFK© ª,FKZXWHV©VDJWH1RVWLW]LQDOOHU5XKHZlKUHQGHUGDV 6FKDFKVFKH%LOOHWDQGHPLKP]XQlFKVWVWHKHQGHQ/LFKWH YHUEUDQQWHª.DPHUDG=LHWHQLVWJU|HULQ9RUVFKOlJHQXQG 3KDQWDVWLNDOVLQ0HQVFKHQNHQQWQLV(UZLOOPLUDQWZRUWHQVHK LFKDEHULFKNDQQLKPQLFKWQDFKJHEHQGHQQLQGLHVHP $XJHQEOLFNHKHLWHVDXVVFKOLHOLFKZHUVSLHOWGHQ/XWKHU" ,FK EULQJHGHQ5HIRUPDWRUXQWHUGHQ+DPPHU'HU0HLVWELHWHQGHKDW LKQ=XPHUVWHQ]XP]ZHLWHQXQG]XPGULWWHQ1LHPDQG"6R EOHLEWPLUQLFKWVEULJDOV(UQHQQXQJ$OYHQVOHEHQ6LH© 'LHVHUVFKWWHOWHGHQ.RSIª,FKVWHKHGD]XZLH6FKDFKPDFKHQ 6LHGDV 6SLHOLFKELQNHLQ6SLHOYHUGHUEHUDEHULFKVSLHOH SHUV|QOLFKQLFKWPLW.DQQQLFKWXQGZLOOQLFKW(VVWHFNWPLUGD]X ]XYLHO.DWHFKLVPXV/XWKHULLP/HLEH© 1RVWLW]ZROOWHQLFKWJOHLFKQDFKJHEHQª$OOHV]XVHLQHU=HLW© QDKPHUGDV:RUWªXQGZHQQGHU(UQVWVHLQHQ7DJKDWVRKDW GHU6FKHU]ZHQLJVWHQVVHLQH6WXQGH6LHQHKPHQDOOHV]X JHZLVVHQKDIW]XIHLHUOLFK]XSHGDQWLVFK$XFKGDULQZLH6FKDFK .HLQHUOHL'LQJLVWDQVLFKJXWRGHUE|V(ULQQHUQ6LHVLFKGDZLU GHQDOWHQ/XWKHUQLFKWYHUK|KQHQZROOHQLP*HJHQWHLOZLUZROOHQ LKQUlFKHQ:DVYHUK|KQWZHUGHQVROOLVWGDV6WFNLVWGLH /XWKHUNDULNDWXULVWGHU5HIRUPDWRULQIDOVFKHP/LFKWXQGDQ IDOVFKHU6WHOOH:LUVLQG6WUDIJHULFKW,QVWDQ]DOOHUREHUVWHU 6LWWOLFKNHLW7XQ6LH V6LHGUIHQXQVQLFKW LP6WLFKHODVVHQRGHU HVIlOOWDOOHVLQGHQ%UXQQHQ© $QGHUHVSUDFKHQLQJOHLFKHP6LQQ$EHU$OYHQVOHEHQEOLHEIHVW XQGHLQHNOHLQH9HUVWLPPXQJVFKZDQGHUVWDOVVLFKXQHUZDUWHW XQGHEHQGHVKDOEYRQDOOJHPHLQVWHP-XEHOEHJUW GHUMXQJH *UDI+HU]EHUJHUKREXPVLFKIUGLH/XWKHUUROOH]XPHOGHQ $OOHVZDVGDQDFKQRFK]XRUGQHQZDURUGQHWHVLFKUDVFKXQG HKH]HKQ0LQXWHQXPZDUHQZDUHQEHUHLWVGLH+DXSWUROOHQ YHUWHLOW*UDI+HU]EHUJGHQ/XWKHU'LULFNHGHQ)DPXOXV1RVWLW] ZHJHQVHLQHUNRORVVDOHQ*U|HGLH.DWKDULQDYRQ%RUD'HU5HVW ZXUGHLQIDFKDOV1RQQHQPDWHULDOHLQJHVFKULHEHQXQGQXU=LHWHQ
GHPPDQVLFKEHVRQGHUVYHUSIOLFKWHWIKOWHUFNWH]XUbEWLVVLQ DXI(UHUNOlUWHGHQQDXFKVRIRUWDXIVHLQHP6FKOLWWHQVLW]HLQ ªMHXHQWULHUHQ©RGHUPLWGHP.ORVWHUYRJWHLQH3DUWLH0DULDJH VSLHOHQ]XZROOHQ(LQQHXHU-XEHOEUDFKDXVXQGQDFKGHPQRFK LQDOOHU.U]HGHUQlFKVWH0RQWDJIUGLH0DVNHUDGHIHVWJHVHW]W DOOHV$XVSODXGHUQDEHUDXIVVWUHQJVWHYHUERWHQZRUGHQZDU VFKOR1RVWLW]GLH6LW]XQJ ,QGHU7UGUHKWHVLFK'LULFNHQRFKHLQPDOXPXQGIUDJWHª$EHU ZHQQ VUHJQHW"© ª(VGDUIQLFKWUHJQHQ© ª8QGZDVZLUGDXVGHP6DO]"© ª& HVWSRXUOHVGRPHVWLTXHV© ª(WSRXUODFDQDLOOH©VFKORGHUMQJVWH&RUQHW
(OIWHV.DSLWHO 'LH6FKOLWWHQIDKUW 6FKZHLJHQZDU JHOREWZRUGHQXQGHVEOLHEDXFKZLUNOLFK YHUVFKZLHJHQ(LQYLHOOHLFKWHLQ]LJGDVWHKHQGHU)DOO:RKOHU]lKOWH PDQVLFKLQGHU6WDGWGDGLH*HQVGDUPHVªHWZDVYRUKlWWHQ© XQGPDOZLHGHUEHUHLQHPMHQHUWROOHQ6WUHLFKHEUWHWHQXP GHUHQWZLOOHQVLHYRUDQGHUQ5HJLPHQWHUQHLQHQ5XIKDWWHQDEHU PDQHUIXKUZHGHUZRUDXIGLH7ROOKHLWKLQDXVODXIHQZHUGHQRFK DXFKIUZHOFKHQ7DJVLHJHSODQWVHL6HOEVWGLH&DUD\RQVFKHQ 'DPHQDQGHUHQOHW]WHP(PSIDQJVDEHQGHZHGHU6FKDFKQRFK $OYHQVOHEHQHUVFKLHQHQZDUHQZDUHQRKQH0LWWHLOXQJJHEOLHEHQ XQGVREUDFKGHQQGLHEHUKPWHª6RPPHUVFKOLWWHQIDKUW©EHU 1lKHU XQG)HUQHUVWHKHQGHJOHLFKPlLJEHUUDVFKHQGKHUHLQ ,QHLQHPGHULQGHU1lKHGHU0LWWHO XQG'RURWKHHQVWUDH JHOHJHQHQ6WDOOJHElXGHKDWWHPDQVLFKEHL'XQNHOZHUGHQ YHUVDPPHOWXQGHLQ'XW]HQGSUDFKWYROOJHNOHLGHWHUXQGYRQ )DFNHOWUlJHUQEHJOHLWHWHU9RUUHLWHUYRUDXIJDQ]DOVRZLH=LHWHQ HVSURSRQLHUWKDWWHVFKRPDQPLWGHP*ORFNHQVFKODJHQHXQDQ GHP$NDGHPLHJHElXGHYRUEHUDXIGLH/LQGHQ]XMDJWHZHLWHU DEZlUWVHUVWLQGLH:LOKHOPVGDQQDEHUXPNHKUHQGLQGLH %HKUHQ XQG&KDUORWWHQVWUDHKLQHLQXQGZLHGHUKROWHGLHVH)DKUW XPGDVHEHQEH]HLFKQHWH/LQGHQFDUUpKHUXPLQHLQHULPPHU JHVWHLJHUWHQ(LOH $OVGHU=XJGDVHUVWH 0DODQGHP&DUD\RQVFKHQ+DXVH YRUEHUNDPXQGGDV/LFKWGHUYRUDXIUHLWHQGHQ)DFNHOQJUHOOLQ DOOH6FKHLEHQGHU%HOHWDJHILHOHLOWH)UDXYRQ&DUD\RQGLHVLFK ]XIlOOLJDOOHLQEHIDQGHUVFKUHFNWDQV)HQVWHUXQGVDKDXIGLH 6WUDHKLQDXV$EHUVWDWWGHV5XIHVª)HXHU©GHQVLH]XK|UHQ HUZDUWHWHK|UWHVLHQXUZLHPLWWHQLP:LQWHUHLQ.QDOOHQJURHU +HW] XQG6FKOLWWHQSHLWVFKHQPLW6FKHOOHQJHOlXWGD]ZLVFKHQXQG HKHVLHVLFK]XUHFKW]XILQGHQLPVWDQGHZDUZDUDOOHVVFKRQ ZLHGHUYRUEHUXQGOLHVLHYHUZLUUWXQGIUDJHQGXQGLQHLQHU KDOEHQ%HWlXEXQJ]XUFN,QVROFKHP=XVWDQGHZDUHVGD 9LFWRLUHVLHIDQG ª8P*RWWHVZLOOHQ0DPDZDVLVW"©
$EHUHKH)UDXYRQ&DUD\RQDQWZRUWHQNRQQWHZDUGLH6SLW]HGHU 0DVNHUDGH]XP]ZHLWHQ 0DOHKHUDQXQG0XWWHUXQG7RFKWHUGLH MHW]WUDVFKXQG]XEHUHU2ULHQWLHUXQJYRQLKUHP(FN]LPPHUDXV DXIGHQ%DONRQKLQDXVJHWUHWHQZDUHQZDUHQYRQGLHVHP $XJHQEOLFNDQQLFKWOlQJHUPHKULQ=ZHLIHOZDVGDV*DQ]H EHGHXWH9HUK|KQXQJJOHLFKYLHODXIZHQXQGZDV(UVW XQ]FKWLJH1RQQHQPLWHLQHU+H[HYRQbEWLVVLQDQGHU6SLW]H MRKOHQGWULQNHQGXQG.DUWHVSLHOHQGXQGLQGHU0LWWHGHV=XJHV HLQDXI5ROOHQODXIHQGHUXQGLQGHU)OOHVHLQHU9HUJROGXQJ DXJHQVFKHLQOLFKDOV7ULXPSKZDJHQJHGDFKWHU+DXSWVFKOLWWHQLQ GHP/XWKHUVDPW)DPXOXVXQGDXIGHU3ULWVFKH.DWKDULQDYRQ %RUDVD$QGHUULHVLJHQ*HVWDOWHUNDQQWHQVLH1RVWLW]$EHUZHU ZDUGHUDXIGHP9RUGHUVLW]"IUDJWHVLFK9LFWRLUH:HUYHUEDUJVLFK KLQWHUGLHVHU/XWKHUPDVNH":DUHU HV"1HLQHVZDUXQP|JOLFK 8QGGRFKDXFKZHQQHUHVQLFKW ZDUHUZDUGRFKLPPHUHLQ 0LWVFKXOGLJHULQ GLHVHPZLGHUOLFKHQ6SLHOHGDVHUJXWJHKHLHQ RGHUZHQLJVWHQVQLFKWJHKLQGHUWKDWWH :HOFKHYHUNRPPQH:HOWZLHSLHWlWORVZLHEDUDOOHU 6FKLFNOLFKNHLW:LHVFKDOXQGHNHO(LQ*HIKOXQHQGOLFKHQ:HKV HUJULIIVLHGDV6FK|QHYHU]HUUWXQGGDV5HLQHGXUFKGHQ 6FKODPPJH]RJHQ]XVHKHQ8QGZDUXP"8PHLQHQ7DJODQJYRQ VLFKUHGHQ]XPDFKHQXPHLQHUNOHLQOLFKHQ(LWHONHLWZLOOHQ8QG GDV ZDUGLH6SKlUHGDULQVLHJHGDFKWXQGJHODFKWXQGJHOHEW XQGJHZHEWXQGGDULQVLHQDFK/LHEHYHUODQJWXQGDFKGDV 6FKOLPPVWHYRQDOOHPDQ /LHEHJHJODXEWKDWWH ª/DXQVJHKHQ©VDJWHVLHZlKUHQGVLHGHQ$UPGHU0XWWHU QDKPXQGZDQGWHVLFKXPLQGDV=LPPHU]XUFN]XNHKUHQ$EHU HKHVLH VHUUHLFKHQNRQQWHZXUGHVLHZLHYRQHLQHU2KQPDFKW EHUUDVFKWXQGVDQNDXIGHU6FKZHOOH GHV%DONRQVQLHGHU 'LH0DPD]RJGLH.OLQJHO%HDWHNDPXQGEHLGHWUXJHQVLHELVDQ GDV6RIDZRVLHJOHLFKGDQDFKYRQHLQHPKHIWLJHQ%UXVWNUDPSIH EHIDOOHQZXUGH6LHVFKOXFK]WHULFKWHWHVLFKDXIVDQNZLHGHULQ GLH.LVVHQXQGDOVGLH0XWWHULKU6WLUQXQG6FKOlIHPLW .|OQLVFKHP:DVVHUZDVFKHQZROOWHVWLHVLHVLHKHIWLJ]XUFN $EHULPQlFKVWHQ$XJHQEOLFNULVLHGHU0DPDGDV)ODNRQDXVGHU +DQGXQGJRHVVLFKEHU+DOVXQG1DFNHQª,FKELQPLU ]XZLGHU]XZLGHUZLHGLH:HOW,QPHLQHU.UDQNKHLWGDPDOV KDE LFK*RWWXPPHLQ/HEHQJHEHWHQ$EHUZLUVROOHQ QLFKWXPXQVHU /HEHQELWWHQ*RWWZHLDPEHVWHQZDVXQVIURPPW8QGZHQQ
HUXQV]XVLFKKLQDXI]LHKHQZLOOVRVROOHQZLUQLFKWELWWHQODXQV QRFK2KZLHVFKPHU]OLFKLFKGDVIKOH1XQOHELFK$EHUZLH ZLH© )UDXYRQ&DUD\RQNQLHWHQHEHQGHP6RIDQLHGHUXQGVSUDFKLKU ]X'HQVHOEHQ$XJHQEOLFNDEHUVFKRGHU6FKOLWWHQ]XJ]XP GULWWHQ 0DODQGHP+DXVHYRUEHUXQGZLHGHUZDUHVDOVREVLFK VFKZDU]HSKDQWDVWLVFKH*HVWDOWHQLQGHPJOKURWHQ6FKHLQH MDJWHQXQGKDVFKWHQª,VWHVQLFKWZLHGLH+|OOH"©VDJWH9LFWRLUH ZlKUHQGVLHQDFKGHP6FKDWWHQVSLHODQGHU'HFNH]HLJWH )UDXYRQ&DUD\RQVFKLFNWH%HDWHQXPGHQ$U]WUXIHQ]XODVVHQ ,Q:DKUKHLWDEHUODJLKUZHQLJHUDQGHP$U]WDOVDQHLQHP $OOHLQVHLQXQGHLQHU$XVVSUDFKHPLWGHPJHOLHEWHQ.LQGH ª:DVLVWGLU"8QGZLHGXQXUIOLHJVWXQG]LWWHUVW8QGVLHKVWVR VWDUU,FKHUNHQQHPHLQHKHLWUH9LFWRLUHQLFKWPHKUhEHUOHJH .LQGZDVLVWGHQQJHVFKHKHQ"(LQWROOHU6WUHLFKPHKUHLQHU XQWHUYLHOHQXQGLFKZHL=HLWHQZRGXGLHVHQhEHUPXWPHKU EHODFKWDOVEHNODJWKlWWHVW(VLVWHWZDVDQGUHVZDVGLFKTXlOW XQGGUFNWLFKVHKHVVHLW7DJHQVFKRQ$EHUGXYHUVFKZHLJVW PLU VGXKDVWHLQ*HKHLPQLV,FKEHVFKZ|UHGLFK9LFWRLUHVSULFK 'XGDUIVWHV(V VHLZDVHVVHL© 9LFWRLUHVFKOXJLKUHQ$UPXP)UDXYRQ&DUD\RQV+DOVXQGHLQ 6WURPYRQ7UlQHQHQWTXROOLKUHP$XJH ª%HVWH0XWWHU© 8QGVLH]RJVLHIHVWHUDQVLFKXQGNWHVLHXQGEHLFKWHWHLKU DOOHV
=Z|OIWHV.DSLWHO 6FKDFKEHL)UDXYRQ&DUD\RQ $PDQGHUQ9RUPLWWDJHVD)UDXYRQ&DUD\RQDP%HWWHGHU 7RFKWHUXQGVDJWHZlKUHQGGLHVH]lUWOLFKXQGPLWHLQHP ZLHGHUJHZRQQHQHQUXKLJJOFNOLFKHQ$XVGUXFN]XGHU0XWWHU DXIEOLFNWHª+DEH9HUWUDXHQ.LQG,FKNHQQLKQVRODQJH=HLW(U LVWVFKZDFKXQGHLWHOQDFK$UWDOOHUVFK|QHQ0lQQHUDEHUYRQ HLQHPQLFKWJHZ|KQOLFKHQ5HFKWVJHIKOXQGHLQHUXQWDGOLJHQ *HVLQQXQJ© ,QGLHVHP$XJHQEOLFNHZXUGH5LWWPHLVWHUYRQ6FKDFKJHPHOGHW XQGGHUDOWH-DQQDVFKVHW]WHKLQ]XªGDHULKQLQGHQ6DORQ JHIKUWKDEH© )UDXYRQ&DUD\RQQLFNWH]XVWLPPHQG ª,FKZXWHGDHUNRPPHQZUGH©VDJWH9LFWRLUH ª:HLOGX VJHWUlXPW"© ª1HLQQLFKWJHWUlXPWLFKEHREDFKWHQXUXQGUHFKQH6HLWHLQLJHU =HLWZHLLFKLPYRUDXVDQZHOFKHP7DJXQGEHLZHOFKHU *HOHJHQKHLWHUHUVFKHLQHQZLUG(UNRPPWLPPHUZHQQHWZDV JHVFKHKHQLVWRGHUHLQH1HXLJNHLWYRUOLHJWEHUGLHVLFKEHTXHP VSUHFKHQOlW(UJHKWHLQHULQWLPHQ8QWHUKDOWXQJPLWPLUDXV GHP:HJH6RNDPHUQDFKGHU$XIIKUXQJGHV6WFNVXQG KHXWHNRPPWHUQDFKGHU$XIIKUXQJGHU6FKOLWWHQIDKUW ,FKELQGRFKEHJLHULJREHUPLWGDEHLZDU:DUHU VVRVDJLKP ZLHVHKUHVPLFKYHUOHW]WKDW2GHUVDJHVOLHEHUQLFKW© )UDXYRQ&DUD\RQZDUEHZHJWª$FKPHLQHVH9LFWRLUHGXELVW ]XJXWYLHO]XJXW(UYHUGLHQWHVQLFKWNHLQHU©8QGVLH VWUHLFKHOWHGLH7RFKWHUXQGJLQJEHUGHQ.RUULGRUIRUWLQGHQ 6DORQZR6FKDFKLKUHUZDUWHWH 'LHVHUVFKLHQZHQLJHUEHIDQJHQDOVVRQVWXQGYHUEHXJWHVLFKLKU GLH+DQG]XNVVHQZDVVLHIUHXQGOLFKJHVFKHKHQOLH8QGGRFK ZDULKU%HQHKPHQYHUlQGHUW6LHZLHVPLWHLQHP=HUHPRQLHOO GDVLKUVRQVWIUHPGZDUDXIHLQHQGHU]XU6HLWHVWHKHQGHQ
MDSDQLVFKHQ6WKOHVFKREVLFKHLQ)XNLVVHQKHUDQXQGQDKP LKUHUVHLWVDXIGHP6RID3ODW] ª,FKNRPPHQDFKGHP%HILQGHQGHU'DPHQ]XIUDJHQXQG ]XJOHLFKLQ(UIDKUXQJ]XEULQJHQREGLHJHVWULJH0DVNHUDGH *QDGHYRU,KUHQ$XJHQJHIXQGHQKDWRGHUQLFKW© ª2IIHQJHVWDQGHQQHLQ,FKIUPHLQH3HUVRQIDQGHVZHQLJ SDVVHQGXQG9LFWRLUHIKOWHVLFKEHLQDKZLGHUZlUWLJGDYRQ EHUKUW© ª(LQ*HIKOGDVLFKWHLOH© ª6RZDUHQ6LHQLFKW PLWYRQGHU3DUWLH"© ª6LFKHUOLFKQLFKW8QGHVEHUUDVFKWPLFKHVQRFKHUVWYHUVLFKHUQ ]XPVVHQ6LHNHQQHQMDPHLQH6WHOOXQJ]XGLHVHU)UDJHPHLQH WHXUH-RVHSKLQHNHQQHQVLHVHLWMHQHP$EHQGZRZLU]XHUVWEHU GDV6WFNXQGVHLQHQ9HUIDVVHUVSUDFKHQ:DVLFKGDPDOV lXHUWHJLOWHEHQVRQRFKKHXW(UQVWH'LQJHIRUGHUQDXFKHLQH HUQVWH%HKDQGOXQJXQGHVIUHXWPLFKDXIULFKWLJ9LFWRLUHQDXI PHLQHU6HLWH]XVHKHQ,VWVLH]X+DXV"© ª=X%HWW© ª,FKKRIIHQLFKWV(UQVWOLFKHV© ª-DXQGQHLQ'LH1DFKZLUNXQJHQHLQHV%UXVW XQG:HLQNUDPSIHV YRQGHPVLHJHVWHUQDEHQGEHIDOOHQZXUGH© ª0XWPDOLFKLQIROJHGLHVHU0DVNHUDGHQWROOKHLW,FKEHNODJHVYRQ JDQ]HP+HU]HQ© ª8QGGRFKELQLFKHEHQGLHVHU7ROOKHLW]X'DQNHYHUSIOLFKWHW,Q GHP'HJRXWEHUGLH0XPPHUHLGHUHQ=HXJHVLHVHLQPXWH O|VWHVLFKLKUGLH=XQJHVLHEUDFKLKUODQJHV6FKZHLJHQXQG YHUWUDXWHPLUHLQ*HKHLPQLVDQHLQ*HKHLPQLVGDV6LHNHQQHQ© 6FKDFKGHUVLFKGRSSHOWVFKXOGLJIKOWHZDUZLHPLW%OXW EHUJRVVHQ ª/LHEHU6FKDFK©IXKU)UDXYRQ&DUD\RQIRUWZlKUHQGVLHMHW]W VHLQH+DQGQDKPXQGLKQDXVLKUHQNOXJHQ$XJHQIUHXQGOLFKDEHU IHVWDQVDKªOLHEHU6FKDFKLFKELQQLFKWDOEHUQJHQXJ,KQHQHLQH
6]HQH]XPDFKHQRGHUJDUHLQH6LWWHQSUHGLJW]XKDOWHQ]XGHQ 'LQJHQGLHPLUDPPHLVWHQYHUKDWVLQGJHK|UWDXFK 7XJHQGVFKZlW]HUHL,FKKDEHYRQ-XJHQGDXILQGHU:HOWJHOHEW NHQQHGLH:HOWXQGKDEHPDQFKHVDQPHLQHPHLJQHQ+HU]HQ HUIDKUHQ8QGZlULFKKHXFKOHULVFKJHQXJHVYRUPLUXQGDQGHUQ YHUEHUJHQ]XZROOHQZLHN|QQWLFKHVYRU,KQHQ"© 6LHVFKZLHJHLQHQ$XJHQEOLFNZlKUHQGVLHPLWLKUHP%DWLVWWXFK LKUH6WLUQEHUKUWH'DQQQDKPVLHGDV:RUWZLHGHUDXIXQG VHW]WHKLQ]Xª)UHLOLFKHVJLEWLKUHUXQGQXQJDUXQWHUXQV )UDXHQGLHGHQ6SUXFKYRQGHU/LQNHQGLHQLFKWZLVVHQVROOZDV GLH5HFKWHWXWGDKLQGHXWHQGDGDV+HXWHQLFKWZLVVHQVROO ZDVGDV*HVWHUQWDW2GHUZRKOJDUGDV9RUJHVWHUQ,FKDEHU JHK|UHQLFKW]XGLHVHQ9LUWXRVLQQHQGHV9HUJHVVHQV,FKOHXJQH QLFKWVZLOOHVQLFKWPDJHVQLFKW8QGQXQYHUXUWHLOHQ6LHPLFK ZHQQ6LHN|QQHQ© (UZDUHUVLFKWOLFKJHWURIIHQDOVVLHVRVSUDFKXQGVHLQHJDQ]H +DOWXQJ]HLJWHZHOFKH*HZDOWVLHQRFKLPPHUEHULKQDXVEWH ª/LHEHU6FKDFK©IXKUVLHIRUWª6LHVHKHQLFKJHEHPLFK,KUHP 8UWHLOSUHLV$EHUZHQQLFKPLFKDXFKEHGLQJXQJVORVHLQHUMHGHQ 9HUWHLGLJXQJRGHU$QZDOWVFKDIWIU-RVHSKLQHYRQ&DUD\RQ HQWKDOWHIU-RVHSKLQH 9HU]HLKXQJ6LHKDEHQHEHQVHOEVWGHQ DOWHQ1DPHQZLHGHUKHUDXIEHVFKZRUHQ VRGDUILFKGRFKQLFKW GDUDXIYHU]LFKWHQGHU$QZDOWGHU)UDX YRQ&DUD\RQ]XVHLQLKUHV +DXVHV XQGLKUHV1DPHQV© (VVFKLHQGD6FKDFKXQWHUEUHFKHQZROOWH6LHOLHHVDEHUQLFKW ]Xª1RFKHLQHQ$XJHQEOLFN,FKZHUGHJOHLFKJHVDJWKDEHQZDV LFK]XVDJHQKDEH9LFWRLUHKDWPLFKJHEHWHQEHUDOOHV ]X VFKZHLJHQQLFKWV]XYHUUDWHQDXFK ,KQHQ QLFKWXQGQLFKWV]X YHUODQJHQ=XU6KQHIUHLQHKDOEH6FKXOGXQGLFKUHFKQHKRFK ZHQQLFKYRQHLQHUKDOEHQ 6FKXOGVSUHFKH ZLOOVLHGLHJDQ]H WUDJHQDXFKYRUGHU:HOWXQGZLOOVLFKLQMHQHPURPDQWLVFKHQ =XJHGHULKUHLJHQLVWDXVLKUHP8QJOFNHLQ*OFNHU]LHKHQ6LH JHIlOOWVLFKLQGHP+RFKJHIKOGHV2SIHUVLQHLQHPVHQ +LQVWHUEHQIUGHQGHQVLHOLHEWXQGIUGDVZDVVLHOLHEHQZLUG $EHUVRVFKZDFKLFKLQPHLQHU/LHEH]X9LFWRLUHELQVRELQLFK GRFKQLFKWVFKZDFKJHQXJLKULQGLHVHU*URPXWVNRP|GLH]X :LOOHQ]XVHLQ,FKJHK|UHGHU*HVHOOVFKDIWDQGHUHQ %HGLQJXQJHQLFKHUIOOHGHUHQ*HVHW]HQLFKPLFKXQWHUZHUIH
GDUDXIKLQELQLFKHU]RJHQXQGLFKKDEHQLFKW/XVWHLQHU 2SIHUPDURWWHPHLQHUHLQ]LJJHOLHEWHQ7RFKWHU]XOLHEHPHLQH JHVHOOVFKDIWOLFKH6WHOOXQJPLW]XP2SIHU]XEULQJHQ0LWDQGHUQ :RUWHQLFKKDEHQLFKW/XVWLQV.ORVWHU]XJHKHQRGHUGLHGHP ,UGLVFKHQHQWUFNWH6lXOHQKHLOLJH]XVSLHOHQDXFKQLFKWXP 9LFWRLUHQVZLOOHQ8QGVRPXLFKGHQQDXI/HJLWLPLVLHUXQJGHV *HVFKHKHQHQGULQJHQ'LHVPHLQ+HUU5LWWPHLVWHUZDUHVZDV LFK,KQHQ]XVDJHQKDWWH© 6FKDFKGHULQ]ZLVFKHQ*HOHJHQKHLWJHIXQGHQKDWWHVLFKZLHGHU ]XVDPPHOQHUZLGHUWHª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lKUVHLQHU =XNXQIWGLH9HUKHLXQJHLQHVZLUNOLFKHQ*OFNV© $OOGLHVZXUGHVHKUDUWLJXQGYHUELQGOLFKJHVSURFKHQDEHUGRFK ]XJOHLFKDXFKPLWHLQHUEHPHUNHQVZHUWHQ.KOH 'LHV HPSIDQG)UDXYRQ&DUD\RQLQHLQHULKUQLFKWQXU VFKPHU]OLFKHQVRQGHUQVLHJHUDGH]XYHUOHW]HQGHQ:HLVHGDV ZDVVLHJHK|UWKDWWHZDUZHGHUGLH6SUDFKHGHU/LHEHQRFKGHU 6FKXOGXQGDOV6FKDFKVFKZLHJHUZLGHUWHVLHVSLW]ª,FKELQ ,KQHQVHKUGDQNEDUIU,KUH:RUWH+HUUYRQ6FKDFKJDQ] EHVRQGHUVDXFKIUGDVZDVVLFKGDULQDQPHLQH3HUVRQULFKWHWH 'D,KU¾-D½UFNKDOWORVHUXQGXQJHVXFKWHUKlWWHNOLQJHQN|QQHQ HPSILQGHQ6LHZRKODPHLJQHQ+HU]HQ$EHUJOHLFKYLHOPLU JHQJWGDV¾-D½'HQQZRQDFKGUVWLFKGHQQDP(QGH"1DFK HLQHU7UDXXQJLP'RPXQGHLQHU*DODKRFK]HLW,FKZLOOPLFK HLQPDOZLHGHULQJHOEHP$WODVVHKQGHUPLUNOHLGHWXQGKDEHQ ZLUGDQQHUVWXQVUHQ)DFNHOWDQ]JHWDQ]WXQG9LFWRLUHQV 6WUXPSIEDQG]HUVFKQLWWHQ GHQQHLQZHQLJSULQ]HOLFK ZHUGHQ ZLU VGRFKZRKOKDOWHQPVVHQVFKRQXP7DQWH0DUJXHULWHQV ZLOOHQQXQVRJHELFK,KQHQFDUWHEODQFKH6LHVLQGGDQQ
ZLHGHUIUHLIUHLZLHGHU9RJHOLQGHU/XIWLQ7XQXQG/DVVHQLQ +DXQG/LHEHGHQQHVLVWGDQQHLQIDFKJHVFKHKHQZDV JHVFKHKHQPXWH© 6FKDFKVFKZLHJ ª,FKQHKPHYRUOlXILJHLQVWLOOHV9HUO|EQLVDQhEHUDOOHVDQGHUH ZHUGHQZLUXQVOHLFKWYHUVWlQGLJHQ:HQQHVVHLQPX VFKULIWOLFK$EHUGLH.UDQNHZDUWHWMHW]WDXIPLFKXQGVR YHU]HLKHQ6LH© )UDXYRQ&DUD\RQHUKREVLFKXQGJOHLFKGDQDFKYHUDEVFKLHGHWH VLFK6FKDFKLQDOOHU)|UPOLFKNHLWRKQHGDZHLWHUHLQ:RUW ]ZLVFKHQLKQHQJHVSURFKHQZRUGHQZlUH
'UHL]HKQWHV.DSLWHO ª/HFKRL[GX6FKDFK© ,QEHLQDKRIIQHU*HJQHUVFKDIWKDWWHPDQVLFKJHWUHQQW$EHUHV JLQJDOOHVEHVVHUDOVQDFKGLHVHUJHUHL]WHQ8QWHUKDOWXQJHUZDUWHW ZHUGHQNRQQWHZR]XVHKUZHVHQWOLFKHLQ%ULHIEHLWUXJGHQ 6FKDFKDQGHUQWDJVDQ)UDXYRQ&DUD\RQVFKULHE(UEHNDQQWH VLFKGDULQLQDOOHP)UHLPXWVFKXOGLJVFKW]WHZLHVFKRQZlKUHQG GHV*HVSUlFKVVHOEVWhEHUUDVFKXQJXQG9HUZLUUXQJYRUXQGWUDI LQDOOGLHVHQ(UNOlUXQJHQHLQHQZlUPHUHQ7RQHLQHKHU]OLFKHUH 6SUDFKH-DVHLQ5HFKWVJHIKOGHPHUHLQ*HQJHWXQZROOWH OLHLKQYLHOOHLFKWPHKUVDJHQDOV]XVDJHQJXWXQGNOXJZDU(U VSUDFKYRQVHLQHU/LHEH]X9LFWRLUHQXQGYHUPLHGDEVLFKWOLFKRGHU ]XIlOOLJDOOMHQH9HUVLFKHUXQJHQYRQ5HVSHNWXQG:HUWVFKlW]XQJ GLHVRELWWHUZHKHWXQZRGDVHLQIDFKH*HVWlQGQLVHLQHU KHU]OLFKHQ1HLJXQJJHIRUGHUWZLUG9LFWRLUHVRJMHGHV:RUWHLQ XQGDOVGLH0DPDVFKOLHOLFKGHQ%ULHIDXVGHU+DQGOHJWHVDK GLHVHOHW]WUHQLFKWRKQH%HZHJXQJZLH]ZHL0LQXWHQ*OFN DXVJHUHLFKWKDWWHQLKUHPDUPHQ.LQGHGLH+RIIQXQJXQGPLW GLHVHU+RIIQXQJDXFKGLHYHUORUHQH)ULVFKH]XUFN]XJHEHQ'LH .UDQNHVWUDKOWHIKOWHVLFKZLHJHQHVHQXQG)UDX YRQ&DUD\RQ VDJWHª:LHKEVFKGXELVW9LFWRLUH© 6FKDFKHPSILQJDPVHOEHQ7DJHQRFKHLQ$QWZRUWVELOOHWGDVLKP XQXPZXQGHQGLHKHU]OLFKH)UHXGHVHLQHUDOWHQ)UHXQGLQ DXVGUFNWH0DQFKHV%LWWUHZDVVLHJHVDJWKDEHP|JHU YHUJHVVHQVLHKDEHVLFKOHEKDIWZLHVLHVHLKLQUHLHQODVVHQ ,PEULJHQVHLQRFKQLFKWV(UQVWOLFKHVXQG(UKHEOLFKHVYHUVlXPW XQGZHQQGHP6SULFKZRUWHQDFKDXV)UHXGH/HLGHUEOKHVR NHKUHVLFK VDXFKZRKOXP6LHVHKHZLHGHUKHOOLQGLH=XNXQIW XQGKRIIHZLHGHU:DVVLHSHUV|QOLFK]XP2SIHUEULQJHEULQJHVLH JHUQZHQQGLHV2SIHUGLH%HGLQJXQJIUGDV*OFNLKUHU7RFKWHU VHL 6FKDFKDOVHUGDV%LOOHWJHOHVHQZRJHVKLQXQGKHUXQGZDU HUVLFKWOLFKYRQHLQHUJHPLVFKWHQ(PSILQGXQJ(UKDWWHVLFKDOVHU LQVHLQHP%ULHIHYRQ9LFWRLUHVSUDFKHLQHPLKUQLFKWOHLFKWYRQ LUJHQGZHP]XYHUVDJHQGHQIUHXQGOLFKKHU]OLFKHQ*HIKO EHUODVVHQXQGGLHVHP*HIKOHGHVVHQHQWVDQQHUVLFK HLQHQ EHVRQGHUVOHEKDIWHQ$XVGUXFNJHJHEHQ$EHUGDVZRUDQLKQGDV
%LOOHWVHLQHU)UHXQGLQMHW]WDXIVQHXH JHPDKQWHGDVZDUPHKU GDVKLHHLQIDFK+RFK]HLW(KH:RUWHGHUHQEORHU.ODQJLKQ YRQDOWHU=HLWKHUHUVFKUHFNWH+RFK]HLW8QG+RFK]HLWPLWZHP" 0LWHLQHU6FK|QKHLWGLHZLHGHU3ULQ]VLFKDXV]XGUFNHQEHOLHEW KDWWHªGXUFKHLQ)HJHIHXHUJHJDQJHQZDU©ª$EHU©VRIXKUHULQ VHLQHP6HOEVWJHVSUlFKHIRUWªLFKVWHKHQLFKWDXIGHP 6WDQGSXQNWHGHV3ULQ]HQLFKVFKZlUPHQLFKWIU ¾/lXWHUXQJVSUR]HVVH½KLQVLFKWOLFKGHUHQQLFKWIHVWVWHKWREGHU 9HUOXVWQLFKWJU|HULVWDOVGHU*HZLQQXQGZHQQLFKPLFKDXFK SHUV|QOLFK]XGLHVHP6WDQGSXQNWHEHNHKUHQN|QQWHVREHNHKU LFKGRFKQLFKWGLH:HOW,FKELQUHWWXQJVORVGHP6SRWWXQG:LW] GHU.DPHUDGHQYHUIDOOHQXQGGDV5LGLNOHLQHUDOOHUJOFNOLFKVWHQ ¾/DQGHKH½GLHZLHGDV9HLOFKHQLPYHUERUJQHQEOKWOLHJWLQ HLQHPZDKUHQ0XVWHUH[HPSODUHYRUPLU,FKVHKHJHQDXZLH V NRPPWLFKTXLWWLHUHGHQ'LHQVWEHUQHKPHZLHGHU:XWKHQRZ DFNUHPHOLRULHUH]LHKH5DSVRGHU5EVHQXQGEHIOHLLJHPLFK HLQHUDOOHUHKHOLFKVWHQ7UHXH:HOFK/HEHQZHOFKH=XNXQIW$Q HLQHP 6RQQWDJH3UHGLJWDPDQGHUQ (YDQJHOLXPRGHU(SLVWHOXQG GD]ZLVFKHQ:KLVWHQWURLVLPPHUPLWGHPVHOEHQ3DVWRU8QG GDQQNRPPWHLQPDOHLQ3ULQ]LQGLHQlFKVWH6WDGWYLHOOHLFKW3ULQ] /RXLVLQ3HUVRQXQGZHFKVHOWGLH3IHUGHZlKUHQGLFKHUVFKLHQHQ ELQXPDP7RURGHUDP*DVWKRILKPDXI]XZDUWHQ8QGHU PXVWHUWPLFKXQGPHLQHQDOWPRGLVFKHQ5RFNXQGIUlJWPLFK¾ZLH PLU VJHKH"½8QGGDEHLGUFNWMHGHVHLQHU0LHQHQDXV¾2*RWW ZDVGRFKGUHL-DKUDXVHLQHP0HQVFKHQPDFKHQN|QQHQ½'UHL -DKU8QGYLHOOHLFKWZHUGHQHVGUHLLJ© (UZDULQVHLQHP=LPPHUDXIXQGDEJHJDQJHQXQGEOLHEYRU HLQHU6SLHJHONRQVROHVWHKQDXIGHUGHU%ULHIODJGHQHUZlKUHQG GHV6SUHFKHQVEHLVHLWHJHOHJWKDWWH=ZHLGUHLPDOKREHULKQDXI XQGOLHLKQZLHGHUIDOOHQª0HLQ6FKLFNVDO-D¾GHU 0RPHQW HQWVFKHLGHW½,FKHQWVLQQHPLFKQRFKVRVFKULHEVLHGDPDOV :XWHVLHZDVNRPPHQZUGH":ROOWH VLH V"2SIXL6FKDFK YHUXQJOLPSIHQLFKWGDVVH*HVFK|SI$OOH6FKXOGOLHJWEHLGLU 'HLQH6FKXOG LVWGHLQ6FKLFNVDO8QGLFKZLOOVLHWUDJHQ© (UNOLQJHOWHJDEGHP'LHQHUHLQLJH:HLVXQJHQXQGJLQJ]XGHQ &DUD\RQV (VZDUDOVREHUVLFKGXUFKGDV6HOEVWJHVSUlFKGDVHUJHIKUW YRQGHP'UXFNHGHUDXILKPODVWHWHIUHLJHPDFKWKDEH6HLQH 6SUDFKHGHUDOWHQ)UHXQGLQJHJHQEHUZDUMHW]WQDWUOLFKEHLQDK
KHU]OLFKXQGRKQHGDDXFKQXUHLQHNOHLQVWH:RONHGDV ZLHGHUKHUJHVWHOOWH9HUWUDXHQGHU)UDXYRQ&DUD\RQJHWUEWKl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lOWQLVVHGLHGRFKVFKOLHOLFKQLFKWEORVHLQH VRQGHUQDXFKLKUH +HLPDWEHGHXWHWHQ$OOHVZDUEHUVWDQGHQXQG GDV/HEHQVVFKLIIDQGHU.OLSSHGHV/lFKHUOLFKHQQLFKW JHVFKHLWHUW $UPHU6FKDFK(VZDUDQGHUVLQGHQ6WHUQHQJHVFKULHEHQ 'LH:RFKHGLHELV]XU9HUOREXQJVDQ]HLJHYHUJHKHQVROOWHZDU QRFKQLFKWXPDOVLKPHLQ%ULHIPLWYROOHU7LWHODXIVFKULIWXQG HLQHPJURHQURWHQ6LHJHOLQV+DXVJHVFKLFNWZXUGH'HQHUVWHQ $XJHQEOLFNKLHOWHU VIUHLQDPWOLFKHV6FKUHLEHQYLHOOHLFKWHLQH
%HVWDOOXQJ XQG]|JHUWHPLWGHPgIIQHQXPGLH9RUIUHXGHGHU (UZDUWXQJQLFKWDE]XNU]HQ$EHUZRKHUNDPHV"YRQZHP"(U SUIWHQHXJLHULJGDV6LHJHOXQGHUNDQQWHQXQOHLFKWGDHV EHUKDXSWNHLQ6LHJHOVRQGHUQHLQ*HPPHQDEGUXFNVHL 6RQGHUEDU8QGQXQHUEUDFKHU VXQGHLQ%LOGILHOLKPHQWJHJHQ HLQHUDGLHUWH6NL]]HPLWGHU8QWHUVFKULIWª/HFKRL[GX6FKDFK© (UZLHGHUKROWHVLFKGDV:RUWRKQHVLFKLQLKPRGHUGHP%LOGH VHOEVW]XUHFKWILQGHQ]XN|QQHQXQGHPSIDQGQXUJDQ]DOOJHPHLQ XQGDXIV8QEHVWLPPWHKLQHWZDVYRQ$QJULIIXQG*HIDKU8QG ZLUNOLFKDOVHUVLFKRULHQWLHUWKDWWHVDKHUGDVHLQHUVWHV*HIKO HLQULFKWLJHVJHZHVHQZDU8QWHUHLQHP7KURQKLPPHOVDGHU SHUVLVFKH6FKDFKHUNHQQEDUDQVHLQHUKRKHQ/DPPIHOOPW]H ZlKUHQGDQGHUXQWHUVWHQ7KURQVWXIH]ZHLZHLEOLFKH*HVWDOWHQ VWDQGHQXQGGHV$XJHQEOLFNVKDUUWHQZRGHUYRQVHLQHU+|KHKHU NDOWXQGYRUQHKP'UHLQVFKDXHQGHVHLQH:DKO]ZLVFKHQLKQHQ JHWURIIHQKDEHQZUGH'HUSHUVLVFKH6FKDFKDEHUZDUHLQIDFK XQVHU6FKDFKXQG]ZDULQDOOHUIUDSSDQWHVWHU3RUWUlWlKQOLFKNHLW ZlKUHQGGLHEHLGHQLKQIUDJHQGDQEOLFNHQGHQXQGXPYLHOHV IOFKWLJHUVNL]]LHUWHQ)UDXHQN|SIHZHQLJVWHQVlKQOLFKJHQXJ ZDUHQXP)UDXYRQ&DUD\RQXQG9LFWRLUHPLWDOOHU/HLFKWLJNHLW HUNHQQHQ]XODVVHQ$OVRQLFKWPHKUXQGQLFKWZHQLJHUDOVHLQH .DULNDWXU6HLQ9HUKl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lFK XQGZXUGHQVLFKWOLFKYHUOHJHQ$XFK=LHWHQNDPJUWH
QRQFKDODQWXQGZHQQQLFKWDOOHVWlXVFKWHVRJDUPLWKlPLVFKHU 0LHQH6FKDFKVDKLKPQDFKXQGVDQQXQGEHUOHJWHQRFKZDV GLH6XIILVDQFHGHVHLQHQXQGGLHYHUOHJHQHQ*HVLFKWHUGHUDQGHUQ EHGHXWHWKDEHQPRFKWHQDOVHUHLQLJHKXQGHUW6FKULWWHZHLWHU DXIZlUWVHLQHUXQJHZ|KQOLFKJURHQ0HQVFKHQPHQJHJHZDKU ZXUGHGLHYRUHLQHPNOHLQHQ%LOGHUODGHQVWDQG(LQLJHODFKWHQ DQGUHVFKZDW]WHQDOOHMHGRFKVFKLHQHQ]XIUDJHQªZDVHV HLJHQWOLFKVHL"©6FKDFKJLQJLP%RJHQXPGLH=XVFKDXHUPHQJH KHUXPZDUI HLQHQ%OLFNEHULKUH.|SIHZHJXQGZXWHJHQXJ $QGHP0LWWHOIHQVWHUKLQJGLHVHOEH.DULNDWXUXQGGHUDEVLFKWOLFK QLHGULJQRUPLHUWH3UHLVZDUPLW5RWVWLIWJURGDUXQWHUJHVFKULHEHQ $OVRHLQH9HUVFKZ|UXQJ 6FKDFKKDWWHQLFKWGLH.UDIWPHKUVHLQHQ6SD]LHUJDQJ IRUW]XVHW]HQXQGNHKUWHLQVHLQH:RKQXQJ]XUFN 8P0LWWDJHPSILQJ6DQGHUHLQ%LOOHWYRQ%ORZ ª/LHEHU6DQGHU(EHQHUKDOWLFKHLQH.DULNDWXUGLHPDQDXI 6FKDFKXQGGLH&DUD\RQVFKHQ'DPHQJHPDFKWKDW,Q=ZHLIHO GDUEHURE6LHGLHVHOEHVFKRQNHQQHQVFKOLHLFKVLHGLHVHQ =HLOHQEHL%LWWHVXFKHQ6LHGHP8UVSUXQJHQDFK]XJHKQ6LH ZLVVHQMDDOOHVXQGK|UHQGDV%HUOLQHU*UDVZDFKVHQ,FK PHLQHUVHLWVELQHPS|UW1LFKW 6FKDFKVKDOEHUGHUGLHVHQ¾6FKDFK YRQ3HUVLHQ½HLQLJHUPDHQYHUGLHQWGHQQHULVWZLUNOLFKVRZDV DEHUGHU&DUD\RQVKDOEHU'LHOLHEHQVZUGLJH9LFWRLUH6R EORJHVWHOOW]XZHUGHQ$OOHV6FKOHFKWHQHKPHQZLUXQVYRQGHQ )UDQ]RVHQDQXQGDQLKUHP*XWHQZRKLQDXFKGLH*HQWLOH]]D JHK|UWJHKHQZLUYRUEHU,KU%© 6DQGHUZDUIQXUHLQHQIOFKWLJHQ%OLFNDXIGDV%LOGGDVHU NDQQWHVHW]WHVLFKDQVHLQ3XOWXQGDQWZRUWHWH ª0RQJpQpUDO,FKEUDXFKHGHP8UVSUXQJHQLFKWQDFK]XJHKHQHU LVWPLU QDFKJHJDQJHQ9RUHWZDYLHUIQI7DJHQHUVFKLHQHLQ+HUU LQPHLQHP.RQWRUXQGEHIUDJWHPLFKRELFKPLFKGD]XYHUVWHKHQ ZUGHGHQ9HUWULHEHLQLJHU=HLFKQXQJHQLQGLH+DQG]XQHKPHQ $OVLFKVDKXPZDVHVVLFKKDQGHOWHOHKQWLFKDE(VZDUHQGUHL %OlWWHUGDUXQWHUDXFK¾/HFKRL[GX6FKDFK½'HUEHLPLU HUVFKLHQHQH+HUUJHULHUWHVLFKDOVHLQ)UHPGHUDEHUHUVSUDFK DOOHVJHNQVWHOWHQ5DGHEUHFKHQVXQHUDFKWHWGDV'HXWVFKHVR JXWGDLFKVHLQH)UHPGKHLWIUEORH0DVNHKDOWHQPXWH
3HUVRQHQDXVGHP3ULQ]5VFKHQ.UHLVHQHKPHQ$QVWRDQ VHLQHP*HOLHEOHPLWGHU3ULQ]HVVLQXQGVWHFNHQYHUPXWOLFK GDKLQWHU,UULFKDEHULQGLHVHU$QQDKPHVRZLUGPLWHLQHU$UW YRQ6LFKHUKHLWDXI.DPHUDGHQVHLQHV5HJLPHQWV]XVFKOLHHQ VHLQ(ULVWQLFKWVZHQLJHUDOVEHOLHEW:HUGHQ$SDUWHQVSLHOWLVW HVQLH'LH6DFKHP|FKWHKLQJHKQZHQQQLFKWZLH6LHVHKU ULFKWLJKHUYRUKHEHQGLH&DUD\RQVPLWKLQHLQJH]RJHQZlUHQ8P LKUHWZLOOHQEHNODJLFKGHQ6WUHLFKGHVVHQ*HKlVVLJNHLWVLFKLQ GLHVHPHLQHP %LOGHVFKZHUOLFKHUVFK|SIWKDEHQZLUG$XFKGLH EHLGHQDQGHUQGHUHQLFKHLQJDQJVHUZlKQWHZHUGHQPXWPDOLFK IROJHQ$OOHVLQGLHVHPDQRQ\PHQ$QJULIILVWNOXJEHUHFKQHWXQG NOXJEHUHFKQHWLVWDXFKGHU(LQIDOOGDV*LIWQLFKWJOHLFKDXI HLQPDO]XJHEHQ(VZLUGVHLQH:LUNXQJQLFKWYHUIHKOHQXQGQXU DXIGDV¾:LH½KDEHQZLU]XZDUWHQ7RXWjYRXV6© ,QGHU7DWGLH%HVRUJQLVGLH6DQGHULQGLHVHQ=HLOHQDQ%ORZ DXVJHVSURFKHQKDWWHVROOWHVLFKQXUDOV]XJHUHFKWIHUWLJW HUZHLVHQ,QWHUPLWWLHUHQGZLHGDV)LHEHUHUVFKLHQHQLQ ]ZHLWlJLJHQ3DXVHQDXFKGLHEHLGHQDQGHUQ%OlWWHUXQGZXUGHQ ZLHGDVHUVWHYRQMHGHP9RUEHUJHKHQGHQJHNDXIWRGHU ZHQLJVWHQVEHJDIIWXQGEHVSURFKHQ'LH)UDJH6FKDFK&DUD\RQ ZDUEHU1DFKW]XHLQHUFDXVHFpOqEUHJHZRUGHQWURW]GHPGDV QHXEHJLHULJH3XEOLNXPQXUGLH+lOIWHZXWH6FKDFKVRKLHHV KDEHVLFKYRQGHUVFK|QHQ0XWWHUDE XQGGHUXQVFK|QHQ7RFKWHU ]XJHZDQGWhEHUGDV0RWLYHUJLQJPDQVLFKLQDOOHUOHL 0XWPDXQJHQRKQHGDEHLGDV5LFKWLJH]XWUHIIHQ 6FKDFKHPSILQJDXFKGLHEHLGHQDQGHUQ%OlWWHUXQWHU&RXYHUW 'DV6LHJHOEOLHEGDVVHOEH%ODWW]ZHLKLHª/DJD]]DODGUD©RGHU ª'LHGLHELVFKH6FKDFK(OVWHU©XQGVWHOOWHHLQH(OVWHUGDUGLH ]ZHL5LQJHYRQXQJOHLFKHP:HUWHPXVWHUQGGHQXQVFKHLQEDUHUHQ DXVGHU6FKPXFNVFKDOHQLPPW $PZHLWDXVYHUOHW]HQGVWHQDEHUEHUKUWHGDVGHQ6DORQGHU)UDX YRQ&DUD\RQDOV6]HQHULHQHKPHQGHGULWWH%ODWW$XIGHP7LVFKH VWDQGHLQ6FKDFKEUHWWGHVVHQ)LJXUHQZLHQDFKHLQHP YHUORUHQJHJDQJHQHQ6SLHOXQGZLHXPGLH1LHGHUODJH]X EHVLHJHOQXPJHZRUIHQZDUHQ'DQHEHQVD9LFWRLUHJXW JHWURIIHQXQGLKU]X)HQNQLHWH6FKDFKZLHGHULQGHU SHUVLVFKHQ0W]HGHVHUVWHQ%LOGHV$EHUGLHVPDOEH]LSIHOWXQG HLQJHGUFNW8QGGDUXQWHUVWDQGª6FKDFK PDWW©
'HU=ZHFNGLHVHUZLHGHUKROWHQ$QJULIIHZXUGHQXU]XJXWHUUHLFKW 6FKDFKOLHVLFKNUDQNPHOGHQVDKQLHPDQGXQGEDWXP8UODXE GHULKPDXFKXPJHKHQGYRQVHLQHP&KHIGHP2EHUVWHQYRQ 6FKZHULQJHZlKUWZXUGH 6RNDPHVGDHUDPVHOEHQ7DJDQGHPQDFKJHJHQVHLWLJHP $ENRPPHQVHLQH9HUOREXQJPLW9LFWRLUHYHU|IIHQWOLFKWZHUGHQ VROOWH%HUOLQYHUOLH(UJLQJDXIVHLQ*XWRKQHVLFKYRQGHQ &DUD\RQVGHUHQ+DXVHUDOOGLH=HLWEHUQLFKWEHWUHWHQKDWWH YHUDEVFKLHGHW]XKDEHQ
9LHU]HKQWHV.DSLWHO ,Q:XWKHQRZDP6HH (VVFKOXJ0LWWHUQDFKWDOV6FKDFKLQ:XWKHQRZHLQWUDIDQGHVVHQ HQWJHJHQJHVHW]WHU6HLWHGDVDXIHLQHP+JHOHUEDXWHGHQ 5XSSLQHU6HHQDFKUHFKWVXQGOLQNVKLQEHUEOLFNHQGH6FKOR :XWKHQRZODJ,QGHQ+lXVHUQXQG+WWHQZDUDOOHVOlQJVWLQ WLHIHP6FKODIXQGQXUDXVGHQ6WlOOHQKHUK|UWHPDQQRFKGDV 6WDPSIHQHLQHV3IHUGVRGHUGDVKDOEODXWH%UOOHQHLQHU.XK 6FKDFKSDVVLHUWHGDV'RUIXQGERJDP$XVJDQJLQHLQHQ VFKPDOHQ)HOGZHJHLQGHUDOOPlKOLFKDQVWHLJHQGDXIGHQ 6FKORKJHOKLQDXIIKUWH5HFKWVODJHQGLH%lXPHGHV $XHQSDUNVOLQNVHLQHJHPlKWH:LHVHGHUHQ+HXJHUXFKGLH/XIW HUIOOWH 'DV6FKORVHOEVWDEHUZDUQLFKWVDOVHLQDOWHUZHLJHWQFKWHU XQGYRQHLQHUVFKZDU]JHWHHUWHQ%DONHQODJHGXUFK]RJHQHU )DFKZHUNEDXGHPHUVW6FKDFKV0XWWHUGLHªYHUVWRUEHQH *QlGLJH©GXUFKHLQ'RSSHOGDFKHLQHQ%OLW]DEOHLWHUXQGHLQH SUlFKWLJHQDFKGHP0XVWHUYRQ6DQVVRXFLKHUJHULFKWHWH7HUUDVVH GDV$QVHKHQDOOHUQFKWHUQVWHU7DJWlJOLFKNHLWJHQRPPHQKDWWH -HW]WIUHLOLFKXQWHUGHP6WHUQHQVFKHLQODJDOOHVGDZLHGDV 6FKORLP0lUFKHQXQG6FKDFKKLHOW|IWHUVDQXQGVDKKLQDXI DXJHQVFKHLQOLFKEHWURIIHQYRQGHU6FK|QKHLWGHV%LOGHV (QGOLFKZDUHUREHQXQGULWWDXIGDV(LQIDKUWVWRU]XGDVVLFKLQ HLQHPIODFKHQ%RJHQ]ZLVFKHQGHP*LHEHOGHV6FKORVVHVXQG HLQHPGDQHEHQVWHKHQGHQ*HVLQGHKDXVHZ|OEWH9RP+RIKHU YHUQDKPHULPVHOEHQ$XJHQEOLFNHLQ%HOOHQXQG.QDUUHQXQG K|UWHZLHGHU+XQGZWHQGDXVVHLQHU+WWHIXKUXQGPLWVHLQHU .HWWHQDFKUHFKWVXQGOLQNVKLQDQGHU+RO]ZDQGXQJ XPKHUVFKUDPPWH ª.XVFKGLFK+HNWRU©8QGGDV7LHUGLH6WLPPHVHLQHV+HUUQ HUNHQQHQGEHJDQQMHW]WYRU)UHXGH]XKHXOHQXQG]XZLQVHOQXQG DEZHFKVHOQGDXIGLH+WWHKLQDXI XQGZLHGHU KLQXQWHU]XVSULQJHQ 9RUGHP *HVLQGHKDXVHVWDQGHLQ:DOQXEDXPPLWZHLWHP *H]ZHLJH6FKDFKVWLHJDEVFKODQJGHQ=JHOXPGHQ$VWXQG
NORSIWHKDOEODXWDQHLQHQGHU)HQVWHUOlGHQ$EHUHUVWDOVHUGDV ]ZHLWH0DOJHSRFKWKDWWHZXUGHVOHEHQGLJGULQQHQXQGHUK|UWH YRQGHP$ONRYHQKHUHLQHKDOEYHUVFKODIHQH6WLPPHª:DWLV"© ª,FK.ULVW© ª-RWW0XWWHUGDW VMRDGHMXQJH+HUU© ª-RDGDWLVKHL6WHLKPDQXSSXQPDFKIOLQN© 6FKDFKK|UWHMHGHV:RUWXQGULHIJXWPWLJLQGLH6WXEHKLQHLQ ZlKUHQGHUGHQQXUDQJHOHJWHQ/DGHQKDOE|IIQHWH ª/DGLU=HLW $OWHU© $EHUGHU$OWHZDUVFKRQDXVGHP%HWWHKHUDXVXQGVDJWHQXU LPPHUZlKUHQGHUKLQXQGKHUVXFKWHª*OLHNVMXQJH+HUU JOLHNV0DQQRFKHQEHWHQ© 8QGZLUNOLFKQLFKWODQJHVRVDK6FKDFKHLQHQ6FKZHIHOIDGHQ EUHQQHQXQGK|UWHGDHLQH/DWHUQHQWUDXI XQGZLHGHU ]XJHNQLSVWZXUGH5LFKWLJHLQHUVWHU/LFKWVFKHLQEOLW]WHMHW]W GXUFKGLH6FKHLEHQXQGHLQ3DDU+RO]SDQWLQHQNODSSWHQEHUGHQ /HKPIOXUKLQ8QGQXQZXUGHGHU5LHJHO]XUFNJHVFKREHQXQG .ULVWGHULQDOOHU(LOHQLFKWVDOVHLQOHLQHQHV%HLQNOHLG EHUJH]RJHQKDWWHVWDQGYRUVHLQHPMXQJHQ+HUUQ(UKDWWHYRU PDQFKHP-DKUXQG7DJDOVGHUDOWHª*QlG JH+HUU©JHVWRUEHQ ZDUGHQGXUFKGLHVHQ7RGHVIDOOHUOHGLJWHQ(KUHQ XQG 5HVSHNWVWLWHODXIVHLQHQMXQJHQ+HUUQEHUWUDJHQZROOHQDEHU GLHVHUGHUPLW.ULVWGDVHUVWH:DVVHUKXKQJHVFKRVVHQXQGGLH HUVWH%RRWIDKUWEHUGHQ6HHJHPDFKWKDWWHKDWWHYRQGHP QHXHQ7LWHOQLFKWVZLVVHQZROOHQ ª-RWWMXQJH+HUUVXQVWVFKUHZHQ6 GRFKPPHULKUVWR U VFKLFNHQXQV%DDUVFKHQR UGHQNOHHQHQLQJOLVFKHQ.LHUO8QQX NHHQ:RUWQLFK$ZHUVLFNZXWHWMRDDVGH3RJJHQKWRDEHQG PLWHKU*HTXRDNQLFKWR(QQNRDPNQQ Q¾-HLMHL0XWWHU½ VHJJWLFN¾GDWEHGWZDW½$ZHUVDVGH)UXHQVOGVLQQ:DWVHJJW VH"¾:DWVDOOHWEHGGHQ"½VHJJWVH¾5HJHQEHGWHW8QGDW V PDQJDXG'HQQXQV7IIHOQEUXNHQ W© ª-DMD©VDJWH6FKDFKGHUQXUPLWKDOEHP2KUKLQJHK|UWKDWWH ZlKUHQGGHU$OWHGLHNOHLQH7UDXIVFKORGLHYRQGHU*LHEHOVHLWH
KHULQV6FKORIKUWHª-DMD5HJHQLVWJXW$EHUJHKQXU YRUDXI© .ULVWWDWZLHVHLQMXQJHU+HUULKPJHKHLHQXQGEHLGHJLQJHQ QXQHLQHQPLW)OLHVHQJHGHFNWHQVFKPDOHQ.RUULGRUHQWODQJ(UVW LQGHU0LWWHYHUEUHLWHUWHVLFKGLHVHUXQGELOGHWHQDFKOLQNVKLQHLQH JHUlXPLJH7UHSSHQKDOOHZlKUHQGQDFKUHFKWVKLQHLQHPLW *ROGOHLVWHQXQG5RNRNRYHU]LHUXQJHQUHLFKDXVJHOHJWH'RSSHOWU LQHLQHQ*DUWHQVDORQIKUWHGHUDOV:RKQ XQG(PSIDQJV]LPPHU GHUYHUVWRUEHQHQ)UDX*HQHUDOLQYRQ6FKDFKHLQHUVHKU YRUQHKPHQXQGVHKUVWRO]HQDOWHQ'DPHJHGLHQWKDWWH+LHUKHU ULFKWHWHQVLFK GHQQDXFKGLH6FKULWWHEHLGHUXQGDOV.ULVWGLHKDOE YHUTXROOHQH7UQLFKWRKQH0KXQG$QVWUHQJXQJJH|IIQHWKDWWH WUDWPDQHLQ 8QWHUGHPYLHOHQZDVDQ.XQVW XQG(ULQQHUXQJVJHJHQVWlQGHQ LQGLHVHP*DUWHQVDORQXPKHUVWDQGZDUDXFKHLQEURQ]HQHU 'RSSHOOHXFKWHUGHQ6FKDFKVHOEHUYRUGUHL-DKUHQHUVWYRQ VHLQHULWDOLHQLVFKHQ5HLVHPLWQDFK+DXVHJHEUDFKWXQGVHLQHU 0XWWHUYHUHKUWKDWWH'LHVHQ/HXFKWHUQDKPMHW]W.ULVWYRP .DPLQXQG]QGHWHGLHEHLGHQ:DFKVOLFKWHUDQGLHVHLWODQJH VFKRQLQGHQ/HXFKWHUWHOOHUQVWHFNWHQXQGLKUHU]HLWGHU YHUVWRUEHQHQ*QlGLJHQ]XP6LHJHOQLKUHU%ULHIHJHGLHQWKDWWHQ 'LH*QlGLJHVHOEVWDEHUZDUHUVWVHLWHLQHP-DKUHWRWXQGGD 6FKDFKYRQMHQHU=HLWDQQLFKWZLHGHUKLHUJHZHVHQZDUVR KDWWHQRFKDOOHVGHQDOWHQ3ODW](LQSDDUNOHLQH6RIDVVWDQGHQ ZLHIUKHUDQGHQ6FKPDOVHLWHQHLQDQGHUJHJHQEHUZlKUHQG ]ZHLJU|HUHGLH0LWWHGHU/lQJVZDQGHLQQDKPHQXQGQLFKWVDOV GLHYHUJROGHWH5RNRNRGRSSHOWU]ZLVFKHQVLFKKDWWHQ$XFKGHU UXQGH5RVHQKRO]WLVFKHLQ6WRO]GHU*HQHUDOLQ XQGGLHJURH 0DUPRUVFKDOHGDULQDODEDVWHUQH:HLQWUDXEHQXQG2UDQJHQXQG HLQ3LQLHQDSIHOODJHQVWDQGHQXQYHUlQGHUWDQLKUHP3ODW],Q GHPJDQ]HQ=LPPHUDEHUGDVVHLWODQJHQLFKWJHOIWHWZDUZDU HLQHVWLFNLJH6FKZOH ª0DFKHLQ)HQVWHUDXI©VDJWH6FKDFKª8QGGDQQJLEPLUHLQH 'HFNH'LHGD© ª:XOOHQ6 VLFKGHQQKLHU KHQOHJJHQMXQJH+HUU"© ª-D.ULVW,FKKDEHVFKRQVFKOHFKWHUJHOHJHQ©
ª,FNZHHW-RWWZHQQGHROOMQlG JH+HUUXQVGRD YXQQYHUWHOOHQ GHLKhPPHUVRSODWVFKLQ Q.DONPRGGHUULQ1HLQHLGDWZLKU QL[I|UPL¾-RWWMQlG JH+HUU½VHJJWLFNGHQQPPHU¾LFNJORRE GH+XXWJHLWHPUXQQHU½$ZHUVGHQQODFKWHMRDGHROOMQlG JH +HUUPPHUXQVHJJWH¾1HL.ULVWXQV +XXWVLWWIDVW½© :lKUHQGGHU$OWHQRFKVRVSUDFKXQGYHUJDQJHQHU=HLWHQ JHGDFKWHJULIIHU]XJOHLFKGRFKQDFKHLQHPEUHLWHQDXV5RKU JHIORFKWHQHQ$XVNORSIHUGHULQHLQHU.DPLQHFNHVWDQGXQG YHUVXFKWHGDPLWGDVHLQH6RIDGDVVLFK6FKDFKDOV/DJHUVWDWW DXVJHZlKOWKDWWHZHQLJVWHQVDXVGHP*U|EVWHQ KHUDXV]XEULQJHQ$EHUGHUGLFKWH6WDXEGHUDXIVWLHJ]HLJWHQXU GDV9HUJHEOLFKHVROFKHU%HPKXQJHQXQG6FKDFKVDJWHPLW HLQHP$QIOXJHYRQJXWHU/DXQHª6W|UHGHQ6WDXEQLFKWLQVHLQHP )ULHGHQ©8QGHUVWDOVHU VJHVSURFKHQKDWWHILHOLKPGHU 'RSSHOVLQQGDULQDXIXQGHUJHGDFKWHGHU(OWHUQGLHGUXQWHQLQ GHU'RUINLUFKHLQJURHQ.XSIHUVlUJHQXQGPLWHLQHP DXIJHO|WHWHQ.UX]LIL[GDUDXILQGHUDOWHQ*UXIWGHU)DPLOLH VWDQGHQ $EHUHUKLQJGHP%LOGHQLFKWZHLWHUQDFKXQGZDUIVLFKDXIV6RID ª0HLQHP6FKLPPHOJLEHLQ6WFN%URWXQG HLQHQ(LPHU:DVVHU GDQQKlOWHUDXVELVPRUJHQ8QGQXQVWHOOHGDV/LFKWDQV)HQVWHU XQGODHVEUHQQHQ1HLQQLFKWGDQLFKWDQVRIIHQHDQGDV GDQHEHQ8QGQXQJXWH1DFKW.ULVW8QGVFKOLHHYRQDXHQ]X GDVLHPLFKQLFKWZHJWUDJHQ© ª,KVHZLKUHQGRFKQLFK© 8QG6FKDFKK|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
*DUWHQKHULQGDV=LPPHUJHORFNWXQGQXUEHU$UWXQG %HVFKDIIHQKHLWGHVVHOEHQZDUQRFKHLQ=ZHLIHO(LQHQ$XJHQEOLFN GDFKWHUDQ)OHGHUPlXVHVHKUEDOGDEHUPXWHUVLFK EHU]HXJHQGDHVHLQIDFKULHVLJH0RWWHQXQG 1DFKWVFKPHWWHUOLQJHZDUHQGLH]XJDQ]HQ'XW]HQGHQLQGHP 6DDOHKLQXQGKHUIORJHQDQGLH6FKHLEHQVWLHHQXQGYHUJHEOLFK GDVRIIQH)HQVWHUZLHGHU]XILQGHQVXFKWHQ (UUDIIWHQXQGLH'HFNH]XVDPPHQXQGVFKOXJPHKUPDOVGXUFK GLH/XIWXPGLH6W|UHQIULHGHZLHGHUKLQDXV]XMDJHQ$EHUGDV XQWHUGLHVHP-DJHQXQG6FKODJHQLPPHUQXUl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bPWHUQDXFKGDVHLQHV*lUWQHUV]lKOWHGLH=HLWLQGHVGLHVHLW GHP7RGHGHU*QlGLJHQYHUJDQJHQZDUZDUDQGUHUVHLWVHLQHYLHO ]XNXU]HQRFKXPVFKRQ]XYROOVWlQGLJHU9HUZLOGHUXQJJHIKUW]X KDEHQ$OOHVKDWWHQXUHUVWGHQ&KDUDNWHUHLQHVZXFKHUQGHQ %OKHQVDQJHQRPPHQXQGHLQVFKZHUHUXQGGRFK]XJOHLFKDXFK HUTXLFNOLFKHU/HYNRMHQGXIWODJEHUGHQ%HHWHQ GHQ6FKDFKLQ LPPHUYROOHUHQ=JHQHLQVRJ (UXPVFKULWWGDV5RQGHOHLQPDO]HKQPDOXQGEDODQFLHUWH ZlKUHQGHUHLQHQ)XYRUGHQDQGHUQVHW]WH]ZLVFKHQGHQQXU KDQGEUHLWHQ6WHJHQKLQ(UZROOWHGDEHLVHLQH*HVFKLFNOLFKNHLW SUREHQXQGGLH=HLWPLWJXWHU 0DQLHUKLQWHUVLFKEULQJHQ$EHU GLHVH=HLWZROOWHQLFKWVFKZLQGHQXQGDOVHUZLHGHUQDFKGHU8KU VDKZDUHUVWHLQH9LHUWHOVWXQGHYHUJDQJHQ (UJDEQXQGLH%OXPHQDXIXQGVFKULWWDXIHLQHQGHUEHLGHQ /DXEHQJlQJH]XGLHGHQJURHQ3DUNJDUWHQIODQNLHUWHQ XQGYRQ GHU+|KHELVIDVWDQGHQ)XGHV6FKORKJHOVKHUQLHGHUVWLHJHQ $QPDQFKHU6WHOOHZDUHQGLH*lQJHQRFKREHQKLQEHUZDFKVHQ
DQDQGHUQDEHURIIHQXQGHVXQWHUKLHOWLKQHLQH:HLOHGHQ DEZHFKVHOQG]ZLVFKHQ'XQNHOXQG/LFKWOLHJHQGHQ5DXPLQ 6FKULWWHQDXV]XPHVVHQ(LQSDDUPDOHUZHLWHUWHVLFKGHU*DQJ]X 1LVFKHQXQG7HPSHOUXQGXQJHQLQGHQHQDOOHUKDQG 6DQGVWHLQILJXUHQVWDQGHQ*|WWHUXQG*|WWLQQHQDQGHQHQHU IUKHUYLHOHKXQGHUW0DOHYRUEHUJHJDQJHQZDURKQHVLFKDXFK QXULPJHULQJVWHQXPVLH]XNPPHUQRGHULKUHU%HGHXWXQJ QDFK]XIRUVFKHQKHXWDEHUEOLHEHUVWHKQXQGIUHXWHVLFK EHVRQGHUVDOOHUGHUHUGHQHQGLH.|SIHIHKOWHQZHLOVLHGLH GXQNHOVWHQXQGXQYHUVWlQGOLFKVWHQZDUHQXQGVLFKDP VFKZHUVWHQHUUDWHQOLHHQ(QGOLFKZDUHUGHQ/DXEHQJDQJ KLQXQWHUVWLHJLKQZLHGHUKLQDXIXQGZLHGHUKLQXQWHUXQGVWDQG QXQDP'RUIDXVJDQJXQGK|UWHGDHV]ZHLVFKOXJ2GHU EHGHXWHWHQGLHEHLGHQ6FKOl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ª.|QQWLFKKHUDXV© 'DV:DVVHUGDVKLHUVRYHUKlOWQLVPlLJQDKDQGLH 6FKORWHUUDVVHKHUDQWUDWZDUHLQEORHUWRWHU$UPGHV6HHV QLFKWGHU6HHVHOEVW$XIGLHVHQ6HHKLQDXV]XIDKUHQ DEHUZDULQ VHLQHQ.QDEHQMDKUHQLPPHUVHLQHK|FKVWH:RQQHJHZHVHQ ª,VWHLQ%RRWGDVRIDKULFK©8QGHUVFKULWWDXIGHQ6FKLOIJUWHO ]XGHUGLHWLHIHLQPQGHQGH%XFKWYRQGUHL6HLWHQKHUHLQIDWH 1LUJHQGVVFKLHQHLQ=XJDQJ6FKOLHOLFKLQGHVIDQGHUHLQHQ EHUZDFKVHQHQ6WHJDQGHVVHQ(QGHGDVJURH6RPPHUERRW ODJGDVVHLQH0DPDYLHOH-DKUHODQJEHQXW]WKDWWHZHQQVLH QDFK.DUZHKLQEHUIXKUXPGHQ.QHVHEHFNVHLQHQ%HVXFK]X PDFKHQ$XFK5XGHUXQG6WDQJHQIDQGHQVLFKZlKUHQGGHU IODFKH%RGHQGHV%RRWVXPHLQHQWURFNHQHQ)X]XKDEHQPLW KRFKDXIJHVFKWWHWHP%LQVHQVWURKEHUGHFNWZDU6FKDFKVSUDQJ
KLQHLQO|VWHGLH.HWWHYRP3IORFNXQGVWLHDE,UJHQGZHOFKH 5XGHUNQVWH]X]HLJHQZDULKPYRUGHUKDQGQRFKXQP|JOLFK GHQQGDV:DVVHUZDUVRVHLFKWXQGVFKPDOGDHUEHLMHGHP 6FKODJHGDV6FKLOIJHWURIIHQKDEHQZUGH%DOGDEHUYHUEUHLWHUWH VLFK VXQGHUNRQQWHQXQGLH5XGHUHLQOHJHQ(LQHWLHIH6WLOOH KHUUVFKWHGHU7DJZDUQRFKQLFKWZDFKXQG6FKDFKK|UWHQLFKWV DOVHLQOHLVHV:HKHQXQG5DXVFKHQXQGGHQ7RQGHV:DVVHUVGDV VLFKJOXFNVHQGDQGHP6FKLOIJUWHOEUDFK (QGOLFKDEHUZDUHULQGHPJURHQXQGHLJHQWOLFKHQ6HHGXUFK GHQGHU5KLQIOLHWXQGGLH6WHOOHZRGHU6WURPJLQJOLHVLFKDQ HLQHP*HNUlXVHOGHUVRQVWVSLHJHOJODWWHQ)OlFKHGHXWOLFK HUNHQQHQ,QGLHVH6WU|PXQJERJHUMHW]WHLQJDEGHP%RRWHGLH UHFKWH5LFKWXQJOHJWHVLFKXQGGLH5XGHULQV%LQVHQVWURKXQG IKOWHVRIRUWZLHGDV7UHLEHQXQGHLQOHLVHV6FKDXNHOQEHJDQQ ,PPHUEODVVHUZXUGHQGLH6WHUQHGHU+LPPHOU|WHWHVLFKLP 2VWHQXQGHUVFKOLHIHLQ $OVHUHUZDFKWHZDUGDVPLWGHP6WURPJHKHQGH%RRWVFKRQZHLW EHUGLH6WHOOHKLQDXVZRGHUWRWH$UPGHV6HHVQDFK:XWKHQRZ KLQDEERJ(UQDKPDOVRGLH5XGHUZLHGHULQGLH+DQGXQGOHJWH VLFKPLWDOOHU.UDIWHLQXPDXVGHU6WU|PXQJKHUDXVXQGDQGLH YHUSDWH6WHOOH]XUFN]XNRPPHQXQGIUHXWHVLFKGHU $QVWUHQJXQJGLH VLKQNRVWHWH 'HU7DJZDULQ]ZLVFKHQDQJHEURFKHQhEHUGHP)LUVWGHV :XWKHQRZHU+HUUHQKDXVHVKLQJGLH6RQQHZlKUHQGGUEHQDP DQGHUQ8IHUGLH:RONHQLP:LGHUVFKHLQJOKWHQXQGGLH :DOGVWUHLIHQLKUHQ6FKDWWHQLQGHQ6HHZDUIHQ$XIGHP6HH VHOEVWDEHUEHJDQQHVVLFK]XUHJHQXQGHLQGLH0RUJHQEULVH EHQXW]HQGHU7RUINDKQJOLWWPLWDXVJHVSDQQWHP6HJHODQ6FKDFK YRUEHU(LQ)U|VWHOQEHUOLHIGLHVHQ$EHUGLHV)U|VWHOQWDWLKP ZRKOGHQQHUIKOWHGHXWOLFKZLHGHU'UXFNGHUDXILKPODVWHWH VLFKGDEHLPLQGHUWHª1DKPHUHVQLFKW]XVFKZHU":DVZDUHV GHQQDP(QGH"%RVKHLWXQGhEHOZROOHQ8QGZHUNDQQVLFKGHP HQW]LHKQ(VNRPPWXQGJHKW(LQH:RFKHQRFKXQGGLH%RVKHLW KDWVLFKDXVJHOHEW©$EHUZlKUHQGHUVRVLFKWU|VWHWH]RJHQDXFK ZLHGHUDQGUH%LOGHUKHUDXIXQGHUVDKVLFKLQHLQHP .XWVFKZDJHQEHLGHQSULQ]OLFKHQ+HUUVFKDIWHQYRUIDKUHQXP LKQHQ9LFWRLUHYRQ&DUD\RQDOVVHLQH%UDXWYRU]XVWHOOHQ8QGHU K|UWHGHXWOLFKZLH GLHDOWH3ULQ]H)HUGLQDQGLKUHU7RFKWHUGHU
VFK|QHQ5DG]LZLOO]XIOVWHUWHª(VWHOOHULFKH"© ª6DQVGRXWH© ª$KMHFRPSUHQGV© 8QWHUVRZHFKVHOQGHQ%LOGHUQXQG%HWUDFKWXQJHQERJHUZLHGHULQ GLHNXU]YRUKHUVRVWLOOH%XFKWHLQLQGHUHQ6FKLOIMHW]WHLQEXQWHV XQGEHZHJWHV/HEHQKHUUVFKWH'LHGDULQQLVWHQGHQ9|JHO NUHLVFKWHQRGHUJXUUWHQHLQSDDU.LHELW]HIORJHQDXIXQGHLQH :LOGHQWHGLHVLFKQHXJLHULJXPVDKWDXFKWHQLHGHUDOVGDV%RRW SO|W]OLFKLQ6LFKWNDP(LQH0LQXWHVSlWHUXQG6FKDFKKLHOW ZLHGHUDP6WHJVFKODQJGLH.HWWHIHVWXPGHQ3IORFNXQGVWLHJ XQWHU9HUPHLGXQJMHGHV8PZHJVGLH7HUUDVVHKLQDXIDXIGHUHQ REHUVWHP$EVDW]HU.ULVWV)UDXGHUDOWHQ0XWWHU.UHHSVFKHQ EHJHJQHWHGLHVFKRQDXIZDUXPLKUHU=LHJHGDVHUVWH *UQIXWWHU]X EULQJHQ ª7DJ0XWWHU.UHHSVFKHQ© 'LH$OWHVFKUDN]XVDPPHQLKUHQGULQQHQLP*DUWHQVDORQ YHUPXWHWHQMXQJHQ+HUUQXPGHVVHQWZLOOHQVLHGLH+KQHUQLFKW DXVGHP6WDOOJHODVVHQKDWWHEORGDPLWLKU*DFNHUQLKQQLFKWLP 6FKODIHVW|UHQVROOWH MHW]WYRQGHU )URQWVHLWHGHV6FKORVVHVKHU DXIVLFK]XNRPPHQ]XVHKQ ª-RWWMXQJH+HUU:RNPPHQ6 GHQQKHU"© ª,FKNRQQWHQLFKWVFKODIHQ0XWWHU.UHHSVFKHQ© ª:DWZLKUGHQQORV"+lWWHWZHGGHUVS|NW"© ª%HLQDK0FNHQXQG0RWWHQZDUHQ V,FKKDWWHGDV/LFKWEUHQQHQ ODVVHQ8QGGHUHLQH)HQVWHUIOJHOZDUDXI© ª$ZHUVZRUPPKHEEHQ6 GHQQGDW/LFKWQLFKXWSXXVW"'DWZHHW GRFKMHGHHQZR/LFKWLVGRDVLQQRRNPPHU*QLW]HQXQ 0RWWHQ,FNZHHWQLFK8QPLHQROO.UHHSVFKKHZRDKUGRRN PPHUGPPVFKHU-HLMHL8QQLFK HQ2RJWR© ª'RFK0XWWHU.UHHSVFKHQ,FKKDEHJHVFKODIHQLP%RRWXQG JDQ]JXWXQGJDQ]IHVW$EHUMHW]WIULHULFK8QGZHQQ V)HXHU EUHQQWGDQQEULQJW,KUPLUZRKOZDV:DUPHV1LFKWZDKU" QH 6XSSRGHU QHQ.DIIHH©
ª-RWWHWEUHQQWMRDDOOODQJMXQJH+HUU)HULVPPHUGDWLKUVW 9HUVWHLKWVLFKYHUVWHLKWVLFKZDW:DUPV8QLFNEULQJHWRRN JOLHNVPDQEORWGHROO=LFNGHJHLKWI|U6HMOREHQMRDUQLFK MXQJH+HUUZLHVFKDEHUQDFNVFKVR QROO=LFNLV'HZHHWDVRE VH QH8KULQ Q.RSSKlWWREHWIHLILVR UV|VV8QZHQQ WV|VV LVGHQQZRKUGVHIDOVFK8QGNXPPLFNGHQQXQZLOOHKUPHONHQ MRDZDWMOREHQ6HZROOZDWVHGHQQGHLKW"'HQQVW|WWVHPL8Q PPHUKLHULQ W.U]GLFKWELGH+IW8QZRUPP":LHOVH ZHHWGDWLFNGRDPLHQH:HKGDJKHEEHQGHLK$ZHUVQXNXPPHQ V PDQLKUVWLQXQV6WXZXQVHWWHQVLFKHQEHWHQGDKO0LHQROO .UHHSVFKLVMRDQXJURDGELH W3LHUGXQGVFKWW WHPZDWLQ $ZHUVNHHQ9LHUWHOVWXQQPLKUMXQJH+HUUGHQQKHEEHQV HKUHQ .RIIH8QRRNZDWGDWR'HROO6HPPHOIUXYRQ+HU]EHUJZLKUMRD DOOKLHU© 8QWHUGLHVHQ:RUWHQZDU6FKDFKLQ.UHHSVFKHQVJXWH6WXEH JHWUHWHQ$OOHVGDULQZDUVDXEHUXQGUHLQQXUGLH/XIWQLFKW(LQ HLJHQWPOLFKHU*HUXFKKHUUVFKWHYRUGHUYRQHLQHP3IHIIHU XQG .RULDQGHUPL[WXPKHUUKUWHGDVGLH.UHHSVFKHQDOV 0RWWHQYHUWUHLEXQJVPLWWHOLQGLH6RIDHFNHQJHVWHFNWKDWWH6FKDFK |IIQHWHGHVKDOEGDV)HQVWHUNHWWHOWHGHQ+DNHQHLQXQGZDUQXQ HUVWLPVWDQGHVLFKDOOGHU.OHLQLJNHLWHQ]XIUHXQGLHGLHªJXWH 6WXEH©VFKPFNWHQhEHUGHP6RIDKLQJHQ ]ZHLNOHLQH .DOHQGHUELOGFKHQ$QHNGRWHQDXVGHP/HEHQGHVJURHQ.|QLJV GDUVWHOOHQGª'XGX©VWDQGXQWHUGHPHLQHQXQGª%RQVRLU 0HVVLHXUV©XQWHUGHPDQGHUQ8PGLH%LOGHUFKHQXQGLKUH *ROGERUWHKHUXPKLQJHQ]ZHLGLFNH,PPRUWHOOHQNUlQ]HPLW VFKZDU]HQXQGZHLHQ6FKOHLIHQGDUDQZlKUHQGDXIGHPNOHLQHQ QLHGULJHQ2IHQHLQH9DVHPLW=LWWHUJUDVVWDQG'DV +DXSWVFKPXFNVWFNDEHUZDUHLQ6FKLOGHUKlXVFKHQPLWURWHP 'DFKLQGHPIUKHUDOOHU:DKUVFKHLQOLFKNHLWQDFKHLQ (LFKNlW]FKHQJHKDXVWXQGVHLQHQ)XWWHUZDJHQDQGHU.HWWH KHUDQJH]RJHQKDWWH-HW]WZDUHVOHHUXQGGHU:DJHQKDWWHVWLOOH 7DJH 6FKDFKZDUHEHQPLWVHLQHU0XVWHUXQJIHUWLJDOVLKPDXFKVFKRQ JHPHOGHWZXUGHªGDGUEHQDOOHVNODUVHL© 8QGZLUNOLFKDOVHULQGHQ*DUWHQVDORQHLQWUDWGHULKPHLQ 1DFKWODJHUVREHKDUUOLFKYHUZHLJHUWKDWWHZDUHUEHUUDVFKWZDV 2UGQXQJVVLQQXQGHLQSDDUIUHXQGOLFKH+lQGHPLWWOHUZHLOHGDUDXV JHPDFKWKDWWHQ7UXQG)HQVWHUVWDQGHQDXIGLH0RUJHQVRQQH
IOOWHGHQ5DXPPLW/LFKWXQGDOOHU6WDXEZDUYRQ7LVFKXQG6RID YHUVFKZXQGHQ(LQHQ$XJHQEOLFNVSlWHUHUVFKLHQDXFKVFKRQ .ULVWV)UDXPLWGHP.DIIHHGLH6HPPHOQLQHLQHQ.RUEJHOHJW XQGDOV6FKDFKHEHQGHQ'HFNHOYRQGHUNOHLQHQ0HLQHU.DQQH KHEHQZROOWHNODQJHQYRP'RUIHKHUGLH.LUFKHQJORFNHQKHUDXI ª:DVLVWGHQQGDV"©IUDJWH6FKDFKª(VNDQQMDNDXPVLHEHQ VHLQ© ª-XVWHPHQWVLHEHQMXQJH+HUU© ª$EHUVRQVWZDUHVGRFKHUVWXPHOI8QGXP]Z|OIHGDQQ 3UHGLJW© ª-RDVRZLKUHW$ZHUVQXQLFKPLKU8QPPHUGHQGULWW Q 6QQGDJLVHWDQQHUV7ZHH6QQGDJZHQQ GH5DGHQVOHEHQVFKH NPPWGHQQLV WXPWZ|OZHQZLHOKHMRDLKUVWLQ5DGHQVOHEHQ SUHHVWHUQGHLKWDZHUVGHQGULWWHQ6QQGDJZHQQGHROO 5XSSLQVFKHU|ZHUNPPWGHQQLVHWDOOXPDFKWHQ8QPPHU ZHQQXQVROO.ULZLW]YRQVLQH7XUPOXNXWXQVHQ2OOVFKHQYRQ GU|ZHQDEVW|WWHQVHLKWGHQQWUHFNWKHMRDVLHQ.ORFN8QGGDW V PPHUXPVHE Q© ª:LHKHLWGHQQMHW]WGHU5XSSLQVFKH"© ª1DZLHVDOOKHKHWHQ"+HKHHWPPHUQRFKVR,VMRDPPHU QRFKGHROO%LHQHQJUlEHU© ª%HLGHPELQLFKMDHLQJHVHJQHW:DULPPHUHLQ VHKUJXWHU 0DQQ© ª-RDGDWLVKH0DQEORWKHKHWWNHHQH7HLKQPLKURRNQLFKHHQ XQQXEUXPPHOWXQPXPPHOWKHPPHUWRXQNHHQ0LQVFK YHUVWHLKWHP© ª'DVLVWJHZLQLFKWVRVFKOLPP0XWWHU.UHHSVFKHQ$EHUGLH /HXWHKDEHQLPPHUZDVDXV]XVHW]HQ8QGQXQJDUHUVWGLH %DXHUQ,FKZLOOKLQJHKHQXQGPDOZLHGHUQDFKVHKHQZDVPLUGHU DOWH%LHQHQJUlEHU]XVDJHQKDWPLUXQGGHQDQGHUQ+DWHUGHQQ QRFKLQVHLQHU6WXEHGDVJURH+XIHLVHQGUDQHLQ =HKQSIXQGJHZLFKWKLQJ"'DVKDELFKPLULPPHUDQJHVHKQZHQQ LFK QLFKWDXISDWH©
ª'DWZRDKUGKHZROOQRFKKHEEHQ'H-XQJHQVSDVVHQMRDDOOQLFK XSS© 8QGQXQJLQJVLHXPLKUHQMXQJHQ+HUUQQLFKWOlQJHU]XVW|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lXWHWHJHUDGH]XPGULWWHQ0DOXQGVRJLQJHUGHQQLQV'RUI KLQXQWHUXPYRQGHPKHUUVFKDIWOLFKHQ&KRUVWXKODXV]XK|UHQ ªZDVLKPGHUDOWH%LHQHQJUlEHU]XVDJHQKDEH© %LHQHQJUlEHUVSUDFKJXWJHQXJVRUHFKWDXVGHP+HU]HQXQGGHU (UIDKUXQJKHUDXVXQGDOVGHUOHW]WH9HUVJHVXQJHQXQGGLH .LUFKHZLHGHUOHHUZDUZROOWH6FKDFKDXFKZLUNOLFKLQGLH 6DNULVWHLJHKHQGHP$OWHQGDQNHQIUPDQFKHVJXWH:RUWDXV OlQJVWYHUJDQJHQHU=HLWKHUXQGLKQLQVHLQHP%RRWEHUGHQ6HH KLQ]XUFNEHJOHLWHQ8QWHUZHJVDEHUZROOWHULKPDOOHVVDJHQLKP EHLFKWHQXQGVHLQHQ5DWHUELWWHQ(UZUGHVFKRQ$QWZRUWZLVVHQ 'DV$OWHUVHLDOOHPDOZHLVHXQGZHQQQLFKWYRQ:HLVKHLWVVR GRFKEORVFKRQYRQ$OWHUVZHJHQª$EHU©XQWHUEUDFKHUVLFK PLWWHQLQGLHVHP9RUVDW]HªZDVVROOPLUVFKOLHOLFKVHLQH $QWZRUW"KDELFKGLHVH$QWZRUWQLFKWVFKRQYRUZHJ"KDELFKVLH QLFKWLQPLUVHOEVW".HQQLFKQLFKWGLH*HERWH":DVPLUIHKOWLVW EORGLH/XVWLKQHQ]XJHKRUFKHQ© 8QGZlKUHQGHUVRYRUVLFKKLQUHGHWHOLHHUGHQ3ODQHLQHV =ZLHJHVSUlFKVIDOOHQXQGVWLHJGHQ6FKOREHUJZLHGHUKLQDXI (UKDWWHYRQGHP*RWWHVGLHQVWLQGHU.LUFKHQLFKWVDEJHKDQGHOW XQGGRFK VFKOXJHVHUVW]HKQDOVHUZLHGHUREHQDQODQJWH +LHUJLQJHUMHW]WGXUFKDOOH=LPPHUHLQPDO]ZHLPDOXQGVDK VLFKGLH%LOGHUDOOHUGHU6FKDFKVDQGLH]HUVWUHXWXQGLQ*UXSSHQ
DQGHQ:lQGHQXPKHUKLQJHQ$OOHZDUHQLQKRKHQ6WHOOXQJHQLQ GHU$UPHHJHZHVHQDOOHWUXJHQVLHGHQ6FKZDU]HQ$GOHURGHU GHQ3RXUOHPpULWH'DV KLHUZDUGHU*HQHUDOGHUEHL0DOSODTXHW GLHJURH5HGRXWHQDKPXQGGDV KLHUZDUGDV%LOGVHLQHV HLJHQHQ*URYDWHUVGHV2EHUVWHQLP5HJLPHQW,W]HQSOLW]GHU GHQ+RFKNLUFKQHU.LUFKKRIPLWYLHUKXQGHUW0DQQHLQH6WXQGHODQJ JHKDOWHQKDWWH6FKOLHOLFKILHOHU]HUKDXHQXQG]HUVFKRVVHQZLH DOOHGLHGLHPLWLKPZDUHQ8QGGD]ZLVFKHQKLQJHQGLH)UDXHQ HLQLJHVFK|QDPVFK|QVWHQDEHUVHLQH0XWWHU $OVHUZLHGHULQGHP*DUWHQVDORQZDUVFKOXJHV]Z|OI(UZDUI VLFKLQGLH6RIDHFNHOHJWHGLH+DQGEHU$XJXQG6WLUQXQG ]lKOWHGLH6FKOlJHª=Z|OI-HW]WELQLFK]Z|OI6WXQGHQKLHUXQG PLULVWDOVZlUHQHV]Z|OI-DKUH:LHZLUGHVVHLQ"$OOWDJVGLH .UHHSVFKHQXQGVRQQWDJV%LHQHQJUlEHURGHUGHU 5DGHQVOHEHQVFKHZDVNHLQHQ8QWHUVFKLHGPDFKW(LQHUZLHGHU DQGUH*XWH/HXWHYHUVWHKWVLFKDOOHJXW8QGGDQQJHKLFKPLW 9LFWRLUHGXUFKGHQ*DUWHQXQGDXVGHP3DUNDXIGLH:LHVH GLHVHOEH:LHVHGLHZLUYRP6FKORDXVLPPHUXQGHZLJXQGHZLJ XQGLPPHUVHKQXQGDXIGHUGHU$PSIHUXQGGLH5DQXQNHOQ EOKQ8QGGD]ZLVFKHQVSD]LHUHQGLH6W|UFKH9LHOOHLFKWVLQGZLU DOOHLQDEHUYLHOOHLFKWOlXIWDXFKHLQNOHLQHU'UHLMlKULJHUQHEHQXQV KHUXQGVLQJWLQHLQHPIRUW¾$GHEDUGX%HVWHUEULQJPLUHLQH 6FKZHVWHU½8QGPHLQH6FKORKHUULQHUU|WHWXQGZQVFKWVLFKGDV 6FKZHVWHUFKHQDXFK8QGHQGOLFKVLQGHOI-DKUHKHUXPXQGZLU KDOWHQDQGHU¾HUVWHQ6WDWLRQ½DQGHUHUVWHQ6WDWLRQGLHGLH ¾VWURKHUQH+RFK]HLW½KHLW(LQVRQGHUEDUHV:RUW8QGGDQQLVW DXFKDOOPlKOLFKGLH=HLWGDVLFKPDOHQ]XODVVHQPDOHQ]XODVVHQ IUGLH*DOHULH'HQQZLUGUIHQGRFKDP(QGHQLFKW IHKOHQ8QG ]ZLVFKHQGLH*HQHUlOHUFNLFKGDQQDOV5LWWPHLVWHUHLQXQG ]ZLVFKHQGLHVFK|QHQ)UDXHQNRPPW9LFWRLUH9RUKHUDEHUKDELFK HLQH.RQIHUHQ]PLWGHP0DOHUXQGVDJLKP¾,FKUHFKQHGDUDXI GD6LHGHQ$XVGUXFN ]XWUHIIHQZLVVHQ'LH6HHOHPDFKW lKQOLFK½2GHUVROOLFKLKPJHUDGH]XVDJHQ¾0DFKHQ6LH V JQlGLJ½1HLQQHLQ©
)QI]HKQWHV.DSLWHO 'LH6FKDFKVXQGGLH&DUD\RQV :DVLPPHUJHVFKLHKWJHVFKDKDXFKGLHVPDOGLH&DUD\RQV HUIXKUHQQLFKWVYRQGHPZDVGLHKDOEH6WDGWZXWH'LHQVWDJ ZLHJHZ|KQOLFKHUVFKLHQ7DQWH0DUJXHULWHIDQG9LFWRLUHQªXP GHP.LQQHWZDVVSLW]©XQGZDUILP/DXIHGHU7LVFKXQWHUKDOWXQJ KLQª:LWLKUGHQQVFKRQHVVROOHQMD.DULNDWUHQHUVFKLHQHQ VHLQ"© $EHUGDEHLEOLHEHVGD7DQWH0DUJXHULWHMHQHQDOWHQ *HVHOOVFKDIWVGDPHQ]X]lKOWHGLHQXULPPHUYRQDOOHPªJHK|UW KDEHQ©XQGDOV9LFWRLUHIUDJWHª:DV GHQQOLHEH7DQWH"© ZLHGHUKROWHVLHQXUª.DULNDWUHQOLHEHV.LQG,FKZHLHVJDQ] JHQDX©8QGGDPLWOLHPDQGHQ*HVSUlFKVJHJHQVWDQGIDOOHQ (VZDUJHZLHLQ*OFNIU0XWWHUXQG7RFKWHUGDVLHYRQGHQ 6SRWW XQG=HUUELOGHUQGHUHQ*HJHQVWDQGVLHZDUHQQLFKWVLQ (UIDKUXQJEUDFKWHQDEHUIUGHQ'ULWWEHWHLOLJWHQIU6FKDFKZDU HVHEHQVRJHZLHLQ8QJOFNXQGHLQH4XHOOHQHXHU=HUZUIQLVVH +lWWH)UDXYRQ&DUD\RQDOV GHUHQVFK|QVWHU+HU]HQV]XJHLQ WLHIHV0LWJHIKOJHOWHQNRQQWHQXUGLHNOHLQVWH9RUVWHOOXQJYRQDOO GHP/HLGJHKDEWGDVGLHJDQ]H=HLWEHUEHULKUHQ)UHXQG DXVJHVFKWWHWZRUGHQZDUVRZUGHVLHYRQGHULKPJHVWHOOWHQ )RUGHUXQJ]ZDUQLFKW$EVWDQGJHQRPPHQDEHULKPGRFK $XIVFKXEJHZlKUWXQG7URVWXQG7HLOQDKPHJHVSHQGHWKDEHQ RKQHMHGH.HQQWQLVMHGRFKYRQGHPZDVLQ]ZLVFKHQYRUJHIDOOHQ ZDUlJULHUWHVLHVLFKJHJHQ6FKDFKLPPHUPHKUXQGHUJLQJVLFK YRQGHP$XJHQEOLFNDQZRVLHYRQVHLQHP5FN]XJQDFK :XWKHQRZHUIXKUEHUVHLQHQª:RUWXQG7UHXEUXFK©DOVGHQ VLH VDQVDKLQGHQKHIWLJVWHQXQGXQVFKPHLFKHOKDIWHVWHQ $XVGUFNHQ (VZDUVHKUEDOGGDVLHYRQGLHVHP5FN]XJHK|UWH'HQVHOEHQ $EHQGQRFKDQGHP6FKDFKVHLQHQ8UODXEDQJHWUHWHQKDWWHOLH VLFK$OYHQVOHEHQEHLGHQ&DUD\RQVPHOGHQ9LFWRLUHGHUMHGH *HVHOOVFKDIWSHLQOLFKZDU]RJVLFK]XUFN)UDXYRQ&DUD\RQDEHU OLHELWWHQXQGHPSILQJLKQPLWEHVRQGUHU+HU]OLFKNHLW
ª'DLFK,KQHQVDJHQN|QQWHOLHEHU$OYHQVOHEHQZLHVHKULFK PLFKIUHXH 6LHQDFKVRYLHOHQ:RFKHQHLQPDOZLHGHU]XVHKHQ (LQH:HOWYRQ'LQJHQKDWVLFKVHLWGHP]XJHWUDJHQ8QGHLQ *OFNGD6LHVWDQGKDIWEOLHEHQDOVPDQ,KQHQGHQ/XWKHU DXI]ZLQJHQZROOWH'DVKlWWHPLU,KU%LOGHLQIUDOOHPDO YHUGRUEHQ© ª8QGGRFKPHLQH*QlGLJVWHVFKZDQNWLFKHLQHQ$XJHQEOLFNRE LFKDEOHKQHQVROOWH© ª8QGZHVKDOE"© ª:HLOXQVHUEHLGHUVHLWLJHU)UHXQGXQPLWWHOEDUYRUKHU DEJHOHKQW KDWWH1DFKJHUDGHZLGHUVWHKWHVPLULPPHUZLHGHUXQGZLHGHULQ VHLQH)XWDSIHQ]XWUHWHQ*LEWHVLKUHUGRFKRKQHKLQVFKRQ JHQXJGLHPLFKHLQIDFKDOVVHLQHQ$ENODWVFKEH]HLFKQHQDQGHU 6SLW]H=LHWHQGHUPLUHUVWQHXOLFKZLHGHU]XULHI¾+WHQ6LHVLFK $OYHQVOHEHQGD6LHQLFKWDOV6FKDFK,,LQGLH5DQJ XQG 4XDUWLHUOLVWHNRPPHQ½© ª:DVQLFKW]XEHIUFKWHQVWHKW6LHVLQGHEHQGRFKDQGHUV© ª$EHUQLFKWEHVVHU© ª:HUZHL© ª(LQ=ZHLIHOGHUPLFKDXVGHP0XQGHPHLQHUVFK|QHQ)UDXYRQ &DUD\RQHLQLJHUPDHQEHUUDVFKWXQGXQVUHPYHUZ|KQWHQ )UHXQGHZHQQHUGDYRQK|UWHVHLQH:XWKHQRZHU7DJHYLHOOHLFKW YHUOHLGHQZUGH© ª6HLQH:XWKHQRZHU7DJH"© ª-DPHLQH*QlGLJVWH0LWXQEHVWLPPWHP8UODXE8QG6LHZLVVHQ QLFKWGDYRQ"(UZLUGVLFKGRFKQLFKWRKQHYRUJlQJLJHQ$EVFKLHG YRQ,KQHQLQVHLQDOWHV6HHVFKOR]XUFNJH]RJHQKDEHQYRQGHP 1RVWLW]QHXOLFKEHKDXSWHWHGDHVKDOE:XUPIUDXQGKDOE 5RPDQWLNVHL© ª8QGGRFKLVWHVJHVFKHKHQ(ULVWODXQHQKDIWZLH6LHZLVVHQ© 6LHZROOWHPHKUVDJHQDEHUHVJHODQJLKUVLFK]XEH]ZLQJHQXQG GDV*HVSUlFKEHUDOOHUKDQG7DJHVQHXLJNHLWHQIRUW]XVHW]HQEHL ZHOFKHU*HOHJHQKHLW$OYHQVOHEHQ]XVHLQHU%HUXKLJXQJ
ZDKUQDKPGDVLHYRQGHU+DXSWWDJHVQHXLJNHLWYRQGHP (UVFKHLQHQGHU%LOGHUQLFKWGDVJHULQJVWHZXWH:LUNOLFKHVZDU GHU)UDXYRQ&DUD\RQDXFKLQGHU]ZLVFKHQOLHJHQGHQKDOEHQ :RFKHQLFKWHLQHQ$XJHQEOLFNLQGHQ6LQQJHNRPPHQHWZDV 1lKHUHVEHUGDVYRQGHP7DQWFKHQ$QJHGHXWHWHK|UHQ]X ZROOHQ (QGOLFKHPSIDKOVLFK$OYHQVOHEHQXQG)UDXYRQ&DUD\RQDOOHV =ZDQJHVQXQPHKUORVXQGOHGLJHLOWHZlKUHQG7UlQHQLKUHQ $XJHQHQWVWU]WHQLQ9LFWRLUHQV=LPPHUXPLKUGLH0LWWHLOXQJ YRQ6FKDFKV)OXFKW]XPDFKHQ'HQQHLQH)OXFKWZDUHV 9LFWRLUHIROJWHMHGHP:RUW$EHUREHVQXQLKUH+RIIQXQJXQG =XYHUVLFKWRGHUXPJHNHKUWLKUH5HVLJQDWLRQZDUJOHLFKYLHOVLH EOLHEUXKLJ ª,FKELWWHGLFKXUWHLOHQLFKW]XIUK(LQ%ULHIYRQLKPZLUG HLQWUHIIHQXQGEHUDOOHV$XINOlUXQJJHEHQ/DHVXQVDEZDUWHQ GXZLUVWVHKQGDGXGHLQHP9HUGDFKWXQGGHLQHU9HUVWLPPXQJ JHJHQLKQPHKUQDFKJHJHEHQKDVWDOVUHFKWXQGELOOLJZDU© $EHU)UDXYRQ&DUD\RQZROOWHVLFKQLFKWXPVWLPPHQODVVHQ ª,FKNDQQWLKQVFKRQDOVGXQRFKHLQ.LQGZDUVW1XU]XJXW(U LVWHLWHOXQGKRFKIDKUHQGXQGGLHSULQ]OLFKHQ+|IHKDEHQLKQ YROOHQGVEHUVFKUDXEW(UYHUIlOOWPHKUXQGPHKULQV5LGLNOH *ODXEHPLUHUZLOO(LQIOXKDEHQXQG]LHKWVLFKLPVWLOOHQ LUJHQGHLQHQSROLWLVFKHQRGHUJDUVWDDWVPlQQLVFKHQ(KUJHL]JUR :DVPLFKDEHUDPPHLVWHQYHUGULHWLVWGDVHUKDWVLFKDXFK SO|W]OLFKDXIVHLQHQ2ERWULWHQDGHOEHVRQQHQXQGIlQJWDQVHLQ 6FKDFK RGHU6FKDFKHQWXPIUHWZDVJDQ]%HVRQGUHVLQGHU :HOWJHVFKLFKWH]XKDOWHQ© ª8QGWXWGDPLWQLFKWPHKUDOVZDVDOOH WXQ8QGGLH6FKDFKV VLQGGRFKZLUNOLFK HLQHDOWH)DPLOLH© ª'DUDQPDJHUGHQNHQXQGGDV3IDXHQUDGVFKODJHQZHQQHU EHUVHLQHQ:XWKHQRZHU+KQHUKRIKLQJHKW8QGVROFKH +KQHUK|IHJLEWHVKLHUEHUDOO$EHUZDVVROOXQV GDV"2GHU]XP ZHQLJVWHQZDVVROOHVGLU"$QPLUKlWWHUYRUEHLVWRO]LHUHQXQGGHU EUJHUOLFKHQ*HQHUDOSlFKWHUVWRFKWHUGHUNOHLQHQ5RWXULqUHGHQ 5FNHQNHKUHQN|QQHQ$EHUGX9LFWRLUHGXGXELVWQLFKWEOR
PHLQH7RFKWHUGXELVWDXFKGHLQHV9DWHUV7RFKWHU GXELVWHLQH &DUD\RQ© 9LFWRLUHVDKGLH0DPDPLWHLQHP$QIOXJHVFKHOPLVFKHU 9HUZXQGHUXQJDQ ª-DODFKHQXU.LQGODFKHODXWLFKYHUEOHGLU VQLFKW+DVWGX PLFKGRFKVHOEHURIWJHQXJEHUGLHVH'LQJHODFKHQVHKHQ$EHU PHLQHVH9LFWRLUHGLH6WXQGHQVLQGQLFKWJOHLFKXQGKHXWHELWW LFKGHLQHP9DWHUDEXQGGDQNLKPYRQ+HU]HQZHLOHUPLULQ VHLQHP$GHOVVWRO]HPLWGHPHUPLFK]XU9HU]ZHLIOXQJJHEUDFKW XQGDXVVHLQHU1lKHKLQZHJJHODQJZHLOWKDWHLQHZLOONRPPHQH :DIIHJHJHQGLHVHQPLUXQHUWUlJOLFKHQ'QNHOLQGLH+DQGJLEW 6FKDFK6FKDFK:DVLVW6FKDFK",FKNHQQLKUH*HVFKLFKWHQLFKW XQGZLOO VLHQLFKWNHQQHQDEHULFKZHWWHGLHVHPHLQH%URFKH JHJHQHLQH6WHFNQDGHOGDGXZHQQGXGDVJDQ]H*HVFKOHFKW DXIGLH7HQQHZLUIVWGDZRGHU:LQGDPVFKlUIVWHQJHKWGD QLFKWVEULJEOHLEWVDJLFKDOVHLQKDOEHV'XW]HQG2EHUVWHQXQG 5LWWPHLVWHUDOOHGHYRWHVWHUVWRUEHQXQGDOOHPLWHLQHU 3RQWDNQDVH/HKUHPLFKGLHVH /HXWHNHQQHQ© ª$EHU0DPD© ª8QGQXQGLH&DUD\RQV(VLVWZDKULKUH:LHJHKDWQLFKWDQGHU +DYHOXQGQLFKWHLQPDODQGHU6SUHHJHVWDQGHQXQGZHGHULP %UDQGHQEXUJHUQRFKLP+DYHOEHUJHU'RPLVWMHJHOlXWHWZRUGHQ ZHQQHLQHUYRQLKQHQNDPRGHUJLQJ2KFHVSDXYUHVJHQVFHV PDOKHXUHX[&DUD\RQV6LHKDWWHQLKUH6FKO|VVHUEHLOlXILJ ZLUNOLFKH 6FKO|VVHUVREORDUPVHOLJDQGHU*LURQGHKLQZDUHQ EOR*LURQGLQVXQGGHLQHV9DWHUVOHLEOLFKH9HWWHUQILHOHQXQWHU GHU*XLOORWLQHZHLOVLHWUHXXQGIUHL]XJOHLFKZDUHQXQG XQHLQJHVFKFKWHUWGXUFKGDV*HVFKUHLGHV%HUJHVIUGDV/HEHQ LKUHV.|QLJVJHVWLPPWKDWWHQ© ,PPHUYHUZXQGHUWHUIROJWH9LFWRLUH ª$EHU©IXKU)UDXYRQ&DUD\RQIRUWªLFKZLOOQLFKWYRQ -QJVWJHVFKHKHQHPVSUHFKHQZLOOQLFKWVSUHFKHQYRQKHXWH 'HQQLFKZHLZRKOGDV9RQKHXWHVHLQLVWLPPHUHLQ9HUEUHFKHQ LQGHQ$XJHQGHUHUGLHVFKRQ JHVWHUQGDZDUHQJOHLFKYLHOZLH 1HLQLFKZLOOYRQDOWHQ=HLWHQVSUHFKHQYRQ=HLWHQDOVGHUHUVWH 6FKDFKLQV/DQGXQGDQGHQ5XSSLQHU6HHNDPXQGHLQHQ:DOO XQG*UDEHQ]RJXQGHLQHODWHLQLVFKH0HVVHK|UWHYRQGHUHU
QLFKWVYHUVWDQG(EHQGDPDOV]RJHQ GLH&DUD\RQVFHVSDXYUHVHW PDOKHXUHX[&DUD\RQVPLWYRU-HUXVDOHPXQGHUREHUWHQHVXQG EHIUHLWHQHV8QGDOVVLHKHLPNDPHQGDNDPHQ6lQJHUDQLKUHQ +RIXQGVLHVDQJHQVHOEVWXQGDOV9LFWRLUHGH&DUD\RQMDVLH KLHDXFK9LFWRLUH VLFKGHPJURHQ*UDIHQYRQ/XVLJQDQ YHUPlKOWHGHVVHQHUODXFKWHU%UXGHU*URSULRUGHVKRKHQ2UGHQV YRP6SLWDOXQGHQGOLFK.|QLJYRQ=\SHUQZDUGDZDUHQZLUPLW HLQHP.|QLJVKDXVHYHUVLSSWXQGYHUVFKZlJHUWPLWGHQ /XVLJQDQVDXVGHUHQJURHP+DXVHGLHVFK|QH0HOXVLQHNDP XQJOFNOLFKHQDEHU*RWWVHL'DQNXQSURVDLVFKHQ$QJHGHQNHQV 8QGYRQXQV&DUD\RQVGLHZLUJDQ]DQGHUH'LQJHJHVHKQKDEHQ ZLOOVLFKGLHVHU6FKDFKDEZHQGHQXQGVLFKKRFKPWLJ ]XUFN]LHKQ"8QVUHU ZLOOHUVLFKVFKlPHQ"(U6FKDFK:LOOHUHV DOV6FKDFKRGHUZLOOHUHVDOV*UXQGKHUUYRQ:XWKHQRZ"$KEDK :DVLVWHVGHQQPLWEHLGHQ"6FKDFKLVWHLQEODXHU5RFNPLWHLQHP URWHQ.UDJHQXQG:XWKHQRZLVWHLQH/HKPNDWH© ª0DPDJODXEHPLUGXWXVWLKPXQUHFKW,FKVXFKHVQDFKHLQHU DQGHUQ6HLWHKLQ8QGGDILQGLFKHVDXFK© )UDXYRQ&DUD\RQEHXJWHVLFK]X9LFWRLUHQLHGHUXQGNWHVLH OHLGHQVFKDIWOLFKª$FKZLHJXWGXELVWYLHOYLHOEHVVHUDOVGHLQH 0DPD8QGQXUHLQHV LVWJXWDQLKUGDVLHGLFKOLHEW(UDEHU VROOWHGLFKDXFK OLHEHQ6FKRQXPGHLQHU'HPXWZLOOHQ© 9LFWRLUHOlFKHOWH ª1HLQQLFKWVR'HU*ODXEHGDGXYHUDUPWXQGDXVJHVFKLHGHQ VHLHVWEHKHUUVFKWGLFKPLWGHU0DFKWHLQHUIL[HQ,GHH'XELVW QLFKWVRYHUDUPW8QGDXFKHU© 6LHVWRFNWH ª6LHKGXZDUVWHLQVFK|QHV.LQGXQG$OYHQVOHEHQKDWPLU HU]lKOWLQZHOFKHQWKXVLDVWLVFKHQ:RUWHQGHU3ULQ]HUVWQHXOLFK ZLHGHUYRQGHLQHU6FK|QKHLWDXIGHP0DVVRZVFKHQ%DOOH JHVSURFKHQKDEH'DVLVWQLFKWKLQGDYRQEOLHEGLUXQGMHGHU PXHVILQGHQGHULKPOLHEHYROOLQGHLQHQ=JHQQDFK]XJHKHQ GHQ6LQQXQGGDV+HU]KDW8QGZHQQZHUGD]XYHUSIOLFKWHWLVW VRLVWHU V$EHUHUVWUlXEWVLFKGHQQVRKDXWDLQHULVWVR NRQYHQWLRQHOOLVWHU(LQNOHLQHUlQJVWOLFKHU$XIPHUNHU(UK|UWDXI GDVZDVGLH/HXWHVDJHQXQGZHQQGDVHLQ0DQQWXWZLU PVVHQ V VRKHLLFKGDV)HLJKHLWXQG/kFKHWp$EHUHUVROOPLU
5HGHVWHKQ,FKKDEHPHLQHQ3ODQMHW]WIHUWLJXQGZLOOLKQ GHPWLJHQVRJHZLHUXQV GHPWLJHQZROOWH© )UDXYRQ&DUD\RQNHKUWHQDFKGLHVHP=ZLHJHVSUlFKLQGDV (FN]LPPHU]XUFNVHW]WHVLFKDQ9LFWRLUHQVNOHLQHQ6FKUHLEWLVFK XQGVFKULHE ª(LQHU0LWWHLOXQJ+HUUQYRQ$OYHQVOHEHQVHQWQHKPLFKGD6LH PHLQ+HUUYRQ6FKDFKKHXWH6RQQDEHQGDEHQG%HUOLQYHUODVVHQ XQGVLFKIUHLQHQ/DQGDXIHQWKDOWLQ:XWKHQRZHQWVFKLHGHQ KDEHQ,FKKDEHNHLQH9HUDQODVVXQJ,KQHQGLHVHQ/DQGDXIHQWKDOW ]XPLJ|QQHQRGHU,KUH%HUHFKWLJXQJGD]X]XEHVWUHLWHQPX DEHU,KUHP5HFKWHGDVPHLQHU7RFKWHUJHJHQEHUVWHOOHQ8QGVR JHVWDWWHQ6LHPLUGHQQ,KQHQLQ(ULQQHUXQJ]XEULQJHQGDGLH 9HU|IIHQWOLFKXQJGHV9HUO|EQLVVHVIUPRUJHQ6RQQWDJ]ZLVFKHQ XQVYHUDEUHGHWZRUGHQLVW$XIGLHVH9HU|IIHQWOLFKXQJEHVWHKLFK DXFKKHXWHQRFK,VWVLHELV0LWWZRFKIUKQLFKWHUIROJWHUIROJHQ PHLQHUVHLWVDQGUHGXUFKDXVVHOEVWlQGLJH6FKULWWH6RVHKUGLHV PHLQHU1DWXUZLGHUVSULFKW9LFWRLUHQVJDQ]]XJHVFKZHLJHQGLH YRQGLHVHPPHLQHP6FKUHLEHQQLFKWVZHLXQGQXUEHPKWVHLQ ZUGHPLFKGDUDQ]XKLQGHUQ VRODVVHQPLUGRFKGLH 9HUKlOWQLVVHGLH6LHGDVPLQGHVWH]XVDJHQQXU]XJXWNHQQHQ NHLQH:DKO$OVRELVDXI0LWWZRFK -RVHSKLQHYRQ&DUD\RQ© 6LHVLHJHOWHGHQ%ULHIXQGEHUJDELKQSHUV|QOLFKHLQHP%RWHQPLW GHU:HLVXQJVLFKEHL7DJHVDQEUXFKQDFK:XWKHQRZKLQDXIGHQ :HJ]XPDFKHQ $XI$QWZRUW]XZDUWHQZDULKPHLJHQVXQWHUVDJWZRUGHQ
6HFK]HKQWHV.DSLWHO )UDXYRQ&DUD\RQXQGGHUDOWH.|FNULW] 'HU0LWWZRFKNDPXQGJLQJRKQHGDHLQ%ULHI6FKDFKVRGHUJDU GLHJHIRUGHUWH9HUOREXQJVDQNQGLJXQJHUVFKLHQHQZlUH)UDXYRQ &DUD\RQKDWWHGLHVQLFKWDQGHUVHUZDUWHWXQGLKUH9RUEHUHLWXQJHQ GDUDXIKLQJHWURIIHQ $P'RQQHUVWDJIUKKLHOWHLQ:DJHQYRULKUHP+DXVHGHUVLH QDFK3RWVGDPKLQEHUIKUHQVROOWHZRVLFKGHU.|QLJVHLW HLQLJHQ:RFKHQDXIKLHOW6LHKDWWHYRUHLQHQ)XIDOO]XWXQLKP GHQLKUZLGHUIDKUHQHQ$IIURQWYRU]XVWHOOHQXQGVHLQHQ%HLVWDQG DQ]XUXIHQ'DHVLQGHV.|QLJV0DFKWVWHKHQZHUGHGLHVHQ %HLVWDQG]XJHZlKUHQXQGHLQHQ$XVJOHLFKKHUEHL]XIKUHQZDU LKUDXHU=ZHLIHO$XFKEHUGLH0LWWHOXQG:HJHVLFK6HLQHU 0DMHVWlW]XQlKHUQKDWWHVLHQDFKJHGDFKWXQGPLWJXWHP (UIROJH6LHNDQQWHGHQ*HQHUDODGMXWDQWHQYRQ.|FNULW]GHUYRU GUHLLJ-DKUHQXQGOlQJHUDOVHLQMXQJHU/LHXWHQDQWRGHU 6WDEVNDSLWlQLQLKUHPHOWHUOLFKHQ+DXVHYHUNHKUWXQGGHU ªNOHLQHQ-RVHSKLQH©GHPDOOJHPHLQHQ9HU]XJHPDQFKH %RQERQQLHUHJHVFKHQNWKDWWH'HUZDUMHW]W/LHEOLQJGHV.|QLJV HLQIOXUHLFKVWH3HUVRQVHLQHU QlFKVWHQ8PJHEXQJXQGGXUFKLKQ ]XGHPVLHZHQLJVWHQVLQREHUIOlFKOLFKHQ%H]LHKXQJHQJHEOLHEHQ ZDUKRIIWHVLHVLFKHLQHU$XGLHQ]YHUVLFKHUWKDOWHQ]XGUIHQ 8PGLH0LWWDJVVWXQGHZDU)UDXYRQ&DUD\RQGUEHQVWLHJLP ª(LQVLHGOHU©DERUGQHWHLKUH7RLOHWWHXQGEHJDEVLFKVRIRUWLQV 6FKOR$EHUKLHUPXWHVLHYRQHLQHP]XIlOOLJGLH)UHLWUHSSH KHUDENRPPHQGHQ.DPPHUKHUUQLQ(UIDKUXQJEULQJHQGD6HLQH 0DMHVWlW3RWVGDPEHUHLWVZLHGHUYHUODVVHQXQGVLFK]XU %HJUXQJ,KUHU0DMHVWlWGHU.|QLJLQGLHWDJVGDUDXIDXV%DG 3\UPRQW]XUFN]XNHKUHQJHGHQNHQDFK3DUHW] EHJHEHQKDEHZR PDQIUHLYRP=ZDQJHGHV+RIHVHLQH:RFKHODQJLQJOFNOLFKHU =XUFNJH]RJHQKHLW]XYHUOHEHQJHGHQNH 'DVZDUQXQIUHLOLFKHLQHE|VH1DFKULFKW:HUVLFK]XHLQHP SHLQOLFKHQ*DQJHXQG ZHQQHVGHUªKRFKQRWSHLQOLFKVWH©ZlUH DQVFKLFNWXQGPLW6HKQVXFKWDXIGDV6FKUHFNHQVHQGHZDUWHWIU GHQLVWQLFKWVKlUWHUDOV9HUWDJXQJ1XUUDVFKUDVFK(LQHNXU]H 6WUHFNHJHKWHVDEHUGDQQYHUVDJHQGLH1HUYHQ
6FKZHUHQ+HU]HQVXQGJHlQJVWLJWGXUFKGLH9RUVWHOOXQJGDLKU GLHVHU)HKOVFKODJYLHOOHLFKWHLQHQ)HKOVFKODJEHUKDXSWEHGHXWH NHKUWH)UDXYRQ&DUD\RQLQGDV*DVWKDXV]XUFN$QHLQH)DKUW QDFK3DUHW]KLQDXVZDUIUKHXWHQLFKWPHKU]XGHQNHQXPVR ZHQLJHUDOV]XVRVSlWHU1DFKPLWWDJV]HLWXQP|JOLFKQRFKHLQH $XGLHQ]HUEHWHQZHUGHQNRQQWH6RGHQQDOVRZDUWHQELVPRUJHQ 6LHQDKPHLQNOHLQHV'LQHUVHW]WHVLFKZHQLJVWHQV]X7LVFKXQG VFKLHQHQWVFKORVVHQGLHODQJHQODQJHQ6WXQGHQLQ(LQVDPNHLW DXILKUHP=LPPHU]XYHUEULQJHQ$EHUGLH*HGDQNHQXQG%LOGHU GLHYRULKUDXIVWLHJHQXQGYRUDOOHPGLHIHLHUOLFKHQ$QVSUDFKHQ GLHVLHVLFK]XPKXQGHUWVWHQ0DOHZLHGHUKROWHVRODQJH ZLHGHUKROWHELVVLH]XOHW]WIKOWHVLHZHUGHZHQQGHU$XJHQEOLFN GDVHLNHLQHLQ]LJHV:RUWKHUYRUEULQJHQN|QQHQ DOOHVGDVJDE LKU]XOHW]WGHQJHVXQGHQ(QWVFKOXHLQVLFKJHZDOWVDPDXVLKUHQ *UEHOHLHQKHUDXV]XUHLHQXQGLQGHQ6WUDHQXQG8PJHEXQJHQ GHU6WDGWXPKHU]XIDKUHQ(LQ/RKQGLHQHUHUVFKLHQGHQQDXFKXP LKUVHLQH'LHQVWH]XU9HUIJXQJ]XVWHOOHQXQGXPGLHVHFKVWH 6WXQGHKLHOWHLQHPLWWHOHOHJDQWH0LHWVFKDLVHYRUGHP*DVWKDXVH GDVLFKGDVYRQ%HUOLQKHUEHQXW]WH*HIlKUWQDFKVHLQHU KDOEWlJLJHQ$QVWUHQJXQJLP6RPPHUVDQGDOVGXUFKDXV UXKHEHGUIWLJKHUDXVJHVWHOOWKDWWH ª:RKLQEHIHKOHQJQlGLJH)UDX"© ª,FKEHUODHV,KQHQ1XUNHLQH6FKO|VVHURGHUGRFKVRZHQLJ ZLHP|JOLFKDEHU3DUNXQG*DUWHQXQG:DVVHUXQG:LHVHQ© ª$KMHFRPSUHQGV©UDGHEUHFKWHGHU/RKQGLHQHUGHUVLFKGDUDQ JHZ|KQWKDWWHVHLQH)UHPGHQHLQIUDOOHPDODOV+DOEIUDQ]RVHQ ]XQHKPHQRGHUYLHOOHLFKWDXFKGHPIUDQ]|VLVFKHQ1DPHQGHU )UDXYRQ&DUD\RQHLQLJH%HUFNVLFKWLJXQJVFKXOGLJ]XVHLQ JODXEWHª-HFRPSUHQGV©8QGHUJDEGHPLQHLQHPDOWHQ 7UHVVHQKXWDXIGHP%RFNVLW]HQGHQ.XWVFKHU2UGUH]XQlFKVWLQ GHQ1HXHQ*DUWHQ]XIDKUHQ ,QGHP1HXHQ *DUWHQZDUHVZLHWRWXQGHLQHGXQNOH PHODQFKROLVFKH=\SUHVVHQDOOHHVFKLHQJDUNHLQ(QGHQHKPHQ]X ZROOHQ(QGOLFKOHQNWHPDQQDFKUHFKWVKLQLQHLQHQQHEHQHLQHP 6HHKLQODXIHQGHQ:HJHLQGHVVHQHLQUHLKLJJHSIODQ]WH%lXPHPLW LKUHPZHLWDXVJHVWUHFNWHQXQGQLHGHUKlQJHQGHQ*H]ZHLJHGHQ :DVVHUVSLHJHOEHUKUWHQ,QGHP*LWWHUZHUNHGHU%OlWWHUDEHU JORPPXQGJOLW]HUWHGLHQLHGHUJHKHQGH6RQQH)UDXYRQ&DUD\RQ
YHUJDEHUGLHVH6FK|QKHLWDOOLKU/HLGXQGIKOWHVLFKGHP =DXEHUGHUVHOEHQHUVWZLHGHUHQWULVVHQ DOVGHU:DJHQDXVGHP 8IHUZHJDEHUPDOVLQGHQJURHQ0LWWHOJDQJHLQERJXQGJOHLFK GDQDFKYRUHLQHPDXV%DFNVWHLQDXIJHIKUWHQLPEULJHQDEHU PLW*ROGXQG0DUPRUUHLFKJHVFKPFNWHQ+DXVHKLHOW ª:HPJHK|UWHV"© ª'HP.|QLJ© ª8QGZLHKHLWHV"© ª'DV0DUPRUSDODLV© ª$KGDV0DUPRUSDODLV'DVLVWDOVRGDV3DODLV© ª=XGLHQHQJQlGLJH)UDX'DVLVWGDV3DODLVLQGHPZHLODQG 6HLQH0DMHVWlW.|QLJ)ULHGULFK:LOKHOPGHU=ZHLWHVHLQHUODQJHQ XQGVFKPHU]OLFKHQ:DVVHUVXFKWDOOHUK|FKVWHUODJ8QGVWHKWDXFK QRFKDOOHVHEHQVRZLH VGDPDOVJHVWDQGHQKDW,FKNHQQHGDV =LPPHUJDQ]JHQDXZRGHUJXWHJQlGLJH+HUULPPHU¾GHQ /HEHQVJDV½WUDQNGHQLKPGHU*HKHLPUDW+XIHODQGLQHLQHP NOHLQHQ%DOORQDQV%HWWEULQJHQOLHRGHUYLHOOHLFKWDXFKEORLQ HLQHU.DOEVEODVH:ROOHQGLHJQlGLJH)UDXGDV=LPPHUVHKQ"(V LVWIUHLOLFKVFKRQVSlW$EHULFKNHQQHGHQ.DPPHUGLHQHUXQGHU WXWHVGHQNLFKDXIPHLQH(PSIHKOYHUVWHKWVLFK8QGLVW DXFKGDVVHOEHNOHLQH=LPPHUZRULQVLFKHLQH)LJXUYRQGHU)UDX 5LHW]RGHUZLHPDQFKHVDJHQYRQGHU0DPVHOO(QFNHQRGHUGHU *UlILQ/LFKWHQDXEHILQGHWGDVKHLWQXUHLQHNOHLQH)LJXUVREOR ELVDQGLH+IWHQRGHUQRFKZHQLJHU© )UDXYRQ&DUD\RQGDQNWH6LHZDUEHLGHP*DQJHGHULKUIU PRUJHQEHYRUVWDQGQLFKWLQGHU/DXQHGDV$OOHUKHLOLJVWHGHU 5LHW]RGHUDXFKQXULKUH3RUWUlWEVWHNHQQHQOHUQHQ]XZROOHQ6LH VSUDFKDOVRGHQ:XQVFKDXVLPPHUZHLWHULQGHQ3DUN KLQHLQ]XIDKUHQXQGOLHHUVWXPNHKUHQDOVVFKRQGLH6RQQH QLHGHUZDUXQGHLQNKOHUHU/XIWWRQGHQ$EHQGDQNQGLJWH :LUNOLFKHVVFKOXJQHXQDOVPDQDXIGHU5FNIDKUWDQGHU *DUQLVRQNLUFKHYRUEHUNDPXQGHKHQRFKGDV*ORFNHQVSLHO VHLQHQ&KRUDODXVJHVSLHOWKDWWHKLHOWGHU:DJHQZLHGHUYRUGHP ª(LQVLHGOHU©
'LH)DKUWKDWWHVLHJHNUlIWLJWXQGLKULKUHQ0XW]XUFNJHJHEHQ 'D]XNDPHLQHZRKOWXHQGH0GLJNHLWXQGVLHVFKOLHIEHVVHUDOV VHLWODQJH6HOEVWZDVVLHWUlXPWHZDUKHOOXQGOLFKW $PDQGHUQ0RUJHQHUVFKLHQZLHYHUDEUHGHWLKUHQXQZLHGHU DXVJHUXKWH%HUOLQHU(TXLSDJHYRUGHP+RWHOGDVLHMHGRFKDOOHQ *UXQGKDWWHGHU.HQQWQLVXQG8PVLFKWLKUHVHLJHQHQ.XWVFKHUV ]XPLWUDXHQHQJDJLHUWHVLHZLH]XU$XVKLOIHGHQVHOEHQ /RKQGLHQHUZLHGHUGHUVLFKJHVWHUQDOOHUNOHLQHQ(LJHQKHLWHQ VHLQHV6WDQGHVXQHUDFKWHWVRYRU]JOLFKEHZlKUWKDWWH'DV JHODQJLKPGHQQDXFKKHXWHZLHGHU(UZXWHYRQMHGHP'RUI XQG/XVWVFKORDQGHPPDQYRUEHUNDP]XEHULFKWHQDP PHLVWHQYRQ0DUTXDUGWDXVGHVVHQ3DUNH]XZHQLJVWHQV YRUEHUJHKHQGHP,QWHUHVVHGHU)UDXYRQ&DUD\RQMHQHV *DUWHQKlXVFKHQKHUYRUVFKLPPHUWHGDULQXQWHU=XWXQXQG $QOHLWXQJ GHV*HQHUDOVYRQ%LVFKRIVZHUGHUGHPªGLFNHQ.|QLJH© ZLHVLFKGHULPPHUNRQILGHQWLHOOHUZHUGHQGH&LFHURQHMHW]WRKQH ZHLWHUHVDXVGUFNWH GLH*HLVWHUHUVFKLHQHQZDUHQ (LQH9LHUWHOPHLOHKLQWHU0DUTXDUGWKDWWHPDQGLH:XEOLW]HLQHQ YRQ0XPPHOQEHUEOKWHQ +DYHODUP]XSDVVLHUHQGDQQIROJWHQ bFNHUXQG:LHVHQJUQGHGLHKRFKLQ*UDVXQG%OXPHQVWDQGHQ XQGHKHQRFKGLH0LWWDJVVWXQGHKHUDQZDUZDUHLQ%UFNHQVWHJ XQGDOVEDOGDXFKHLQRIIHQVWHKHQGHV*LWWHUWRUHUUHLFKWGDVGHQ 3DUHW]HU3DUNHLQJDQJELOGHWH )UDXYRQ&DUD\RQGLHVLFKJDQ]DOV%LWWVWHOOHULQHPSIDQGOLHLQ GHPLKUHLJHQHQIHLQHQ*HIKODQGLHVHU6WHOOHKDOWHQXQGVWLHJ DXVXPGHQ5HVWGHV:HJHV]X)X]XPDFKHQ(VZDUQXUHLQH NOHLQHVRQQHQEHVFKLHQHQH6WUHFNHQRFKDEHUJHUDGHGDV 6RQQHQOLFKWZDULKUSHLQOLFKXQGVRKLHOWVLHVLFKGHQQVHLWZlUWV XQWHUGHQ%lXPHQKLQXPQLFKWYRUGHU=HLWJHVHKHQ]XZHUGHQ (QGOLFKLQGHVZDUVLHELVDQGLH6DQGVWHLQVWXIHQGHV6FKORVVHV KHUDQXQGVFKULWWVLHWDSIHUKLQDXI'LH1lKHGHU*HIDKUKDWWHLKU HLQHQ7HLOLKUHUQDWUOLFKHQ(QWVFKORVVHQKHLW]XUFNJHJHEHQ ª,FKZQVFKWHGHQ*HQHUDOYRQ.|FNULW]]XVSUHFKHQ©ZDQGWH VLHVLFKDQHLQHQLP9HVWLEODQZHVHQGHQ/DNDLHQGHUVLFKJOHLFK EHLP(LQWULWWGHUVFK|QHQ'DPHYRQVHLQHP6LW]HUKREHQKDWWH ª:HQKDELFKGHP+HUUQ*HQHUDO]XPHOGHQ"©
ª)UDXYRQ&DUD\RQ© 'HU/DNDLYHUQHLJWHVLFKXQGNDPPLWGHU$QWZRUW]XUFNª'HU +HUU*HQHUDOODVVHELWWHQLQGDV9RU]LPPHUHLQ]XWUHWHQ© )UDXYRQ&DUD\RQKDWWHQLFKWODQJH]XZDUWHQ*HQHUDOYRQ .|FNULW]YRQGHPGLH6DJH JLQJGDHUDXHUVHLQHU OHLGHQVFKDIWOLFKHQ/LHEH]XVHLQHP.|QLJHNHLQHZHLWHUH3DVVLRQ DOVHLQH3IHLIH7DEDNXQGHLQHQ5XEEHU:KLVWKDEHWUDWLKUYRQ VHLQHP$UEHLWV]LPPHUKHUHQWJHJHQHQWVDQQVLFKVRIRUWGHUDOWHQ =HLWXQGEDWVLHPLWYHUELQGOLFKVWHU +DQGEHZHJXQJ3ODW]]X QHKPHQ6HLQJDQ]HV:HVHQKDWWHVRVHKUGHQ$XVGUXFNGHV *WLJHQXQG9HUWUDXHQHUZHFNHQGHQGDGLH)UDJHQDFKVHLQHU .OXJKHLWQXUVHKUZHQLJGDQHEHQEHGHXWHWH1DPHQWOLFKIU VROFKHGLHZLH)UDXYRQ&DUD\RQPLWHLQHP$QOLHJHQNDPHQ8QG GDVVLQGEHL+RIHGLHPHLVWHQ(UEHVWlWLJWHGXUFKDXVGLH/HKUH GDHLQHZRKOZROOHQGH )UVWHQXPJHEXQJHLQHUJHLVWUHLFKHQ LPPHUZHLWYRU]X]LHKHQLVW1XUIUHLOLFKVROOHQGLHVHIUVWOLFKHQ 3ULYDWGLHQHUQLFKWDXFK6WDDWVGLHQHUVHLQXQGQLFKWPLWEHVWLPPHQ XQGPLWUHJLHUHQZROOHQ *HQHUDOYRQ.|FNULW]KDWWHVLFKVRJHVHW]WGDLKQ)UDXYRQ &DUD\RQLP3URILOKDWWH6HLQ.RSIVWHFNWHKDOELQHLQHPEHUDXV KRKHQXQGVWHLIHQ8QLIRUPNUDJHQDXVGHPQDFKYRUQKLQHLQ -DERWTXROOZlKUHQGQDFKKLQWHQHLQNOHLQHUVDXEHUEHKDQGHOWHU =RSIILHO'LHVHUVFKLHQHLQHLJHQHV/HEHQ]XIKUHQXQGEHZHJWH VLFKOHLFKWXQGPLWHLQHUJHZLVVHQ.RNHWWHULHKLQXQGKHUDXFK ZHQQDQGHP0DQQHVHOEVWQLFKWGLHJHULQJVWH%HZHJXQJ ZDKU]XQHKPHQZDU )UDXYRQ&DUD\RQRKQHGHQ(UQVWLKUHU/DJH]XYHUJHVVHQ HUKHLWHUWHVLFKGRFKRIIHQEDUDQGLHVHPHLJHQWPOLFKQHFNLVFKHQ 6SLHOXQGHUVWHLQPDOLQV+HLWUHJHNRPPHQHUVFKLHQLKUGDV ZDVLKUREODJXPYLHOHVOHLFKWHUXQGEH]ZLQJEDUHUXQGEHIlKLJWH VLHPLW)UHLPXWEHUDOOXQGMHGHV]XVSUHFKHQDXFKEHUGDV ZDVPDQDOVGHQªGHOLNDWHQ3XQNW©LQLKUHURGHULKUHU7RFKWHU $QJHOHJHQKHLWEH]HLFKQHQNRQQWH 'HU*HQHUDOKDWWHQLFKWQXUDXIPHUNVDPVRQGHUQDXFK WHLOQDKPHYROO]XJHK|UWXQGVDJWHDOV)UDXYRQ&DUD\RQVFKZLHJ ª-DPHLQHJQlGLJVWH)UDXGDVVLQGVHKUIDWDOH6DFKHQ6DFKHQ YRQGHQHQ6HLQH0DMHVWlWQLFKW]XK|UHQOLHEWZHVKDOELFKLP
DOOJHPHLQHQGDUEHU]XVFKZHLJHQSIOHJHZRKOYHUVWDQGHQ VRODQJHQLFKW$EKLOIH]XVFKDIIHQXQGEHUKDXSWQLFKWV]XEHVVHUQ LVW+LHUDEHULVW]XEHVVHUQXQGLFKZUGHPHLQH3IOLFKW YHUVlXPHQXQG6HLQHU0DMHVWlWHLQHQVFKOHFKWHQ'LHQVW HUZHLVHQZHQQLFKLKPHLQHQ)DOOZLHGHQ,KULJHQYRUHQWKDOWHQ RGHUGD6LHVHOEHUJHNRPPHQVLQG,KUH6DFKHYRU]XWUDJHQ6LH PHLQHJQlGLJVWH)UDXGXUFKNQVWOLFKHUIXQGHQH6FKZLHULJNHLWHQ DQVROFKHP9RUWUDJHEHKLQGHUQZROOWH'HQQVROFKH 6FKZLHULJNHLWHQVLQGDOOHPDOHQHUIXQGHQH6FKZLHULJNHLWHQLQ HLQHP/DQGHZLHGDVXQVUHZRYRQDOWHU=HLWKHUGLH)UVWHQXQG .|QLJHGDV5HFKWLKUHV9RONHVZROOHQXQGQLFKWJHVRQQHQVLQG GHU)RUGHUXQJHLQHVVROFKHQ5HFKWHVEHTXHPDXVGHP:HJH]X JHKHQ$PDOOHUZHQLJVWHQDEHUPHLQ$OOHUJQlGLJVWHU.|QLJXQG +HUUGHUHLQVWDUNHV*HIKOIUGDV(EHQPlLJH GHV5HFKWVXQG HEHQGHVKDOEHLQHQZDKUHQ:LGHUZLOOHQXQGUHFKWHQ +HU]HQVDEVFKHXJHJHQDOOHGLHMHQLJHQKDWGLHVLFKZLHPDQFKH +HUUHQ2IIL]LHUVLQVRQGHUKHLWDEHUGLHVRQVWVREUDYHQXQG WDSIUHQ2IIL]LHUVYRQ'HUR5HJLPHQW*HQVGDUPHVDXVHLQHP VFKOHFKWHQ'QNHODOOHUOHL1DUUHWHL]XSHUPLWWLHUHQJHQHLJWVLQG XQGHVIUDQJHPHVVHQXQGO|EOLFKRGHUGRFK]XPPLQGHVWHQIU QLFKWXQVWDWWKDIWKDOWHQGDV*OFNXQGGHQ5XIDQGUHULKUHP hEHUPXWXQGLKUHUVFKOHFKWHQ0RUDOLWp]XRSIHUQ© )UDXYRQ&DUD\RQV$XJHQIOOWHQVLFKPLW7UlQHQª4XHYRXVrWHV ERQPRQFKHUJpQpUDO© ª1LFKWLFKPHLQHWHXUH)UDX$EHUPHLQ$OOHUJQlGLJVWHU.|QLJ XQG+HUUGHU LVWJXW8QGLFKGHQNH6LHVROOHQGHQ%HZHLVGLHVHU VHLQHU+HU]HQVJWHEDOGLQ+lQGHQKDOWHQWURW]GHPZLUKHXW HLQHQVFKOLPPHQRGHUVDJHQZLUOLHEHUHLQHQVFKZLHULJHQ7DJ KDEHQ'HQQZLH6LHYLHOOHLFKWVFKRQLQ(UIDKUXQJJHEUDFKW KDEHQGHU.|QLJHUZDUWHWLQZHQLJ6WXQGHQGLH.|QLJLQ]XUFN XQGXPQLFKWJHVW|UW]XZHUGHQLQGHU)UHXGHGHV:LHGHUVHKQV GHVKDOEEHILQGHWHUVLFKKLHUGHVKDOELVWHUKLHUKHUJHJDQJHQ QDFK3DUHW]8QGQXQOlXIWLKPLQGLHV,G\OOHLQ5HFKWVIDOOXQG HLQH6WUHLWVDFKHQDFK8QGHLQH6WUHLWVDFKHYRQVRGHOLNDWHU 1DWXU-DZLUNOLFKHLQ6FKDEHUQDFNLVWHVXQGHLQUHFKWHV 6FKQLSSFKHQGDVLKPGLH/DXQHGHU)UDX)RUWXQDVFKOlJW(UZLOO VLFKVHLQHV/LHEHVJOFNHVIUHXHQ6LHZLVVHQZLHVHKUHUGLH .|QLJLQOLHEW XQGLQGHPVHOEHQ$XJHQEOLFNHIDVWGHULKPVHLQ /LHEHVJOFNEULQJHQVROOK|UWHUHLQH*HVFKLFKWHYRQ XQJOFNOLFKHU/LHEH'DVYHUVWLPPWLKQ$EHUHULVW]XJWLJXP
GLHVHU9HUVWLPPXQJQLFKW+HUU]XZHUGHQXQGWUHIIHQZLU VQXU HLQLJHUPDHQOHLGOLFKVRPVVHQZLUXQVDXVHEHQGLHVHP =XVDPPHQWUHIIHQDXFKQRFKHLQHQEHVRQGHUHQ9RUWHLO]X]LHKHQ ZLVVHQ'HQQGDVHLJQH*OFNGDVHUHUZDUWHWZLUGLKQQXUQRFK JHQHLJWHUPDFKHQDOVVRQVWGDVJHWUEWH*OFNDQGUHU ZLHGHUKHU]XVWHOOHQ,FKNHQQLKQJDQ]LQVHLQHP5HFKWVJHIKOXQG LQGHU*WHVHLQHV+HU]HQV8QGVRJHKLFKGHQQPHLQHWHXUH )UDX6LHEHLGHP.|QLJH]XPHOGHQ© (UKLHOWDEHUSO|W]OLFKZLHQDFKGHQNHQGLQQHZDQGWHVLFKQRFK HLQPDOZLHGHUXQGVHW]WHKLQ]Xª,UULFKQLFKW VRKDWHUVLFKHEHQ LQGHQ3DUNEHJHEHQ,FKNHQQHVHLQHQ/LHEOLQJVSODW]/DVVHQ6LH PLFKDOVRVHKHQ,QZHQLJ0LQXWHQEULQJLFK,KQHQ$QWZRUWREHU 6LHK|UHQZLOORGHUQLFKW8QGQXQQRFKHLQPDOVHLHQ6LHJXWHV 0XWHV6LHGUIHQHV© 8QGGDPLWQDKPHU+XWXQG6WRFNXQGWUDWGXUFKHLQHNOHLQH 6HLWHQWUXQPLWWHOEDULQGHQ3DUNKLQDXV ,QGHP(PSIDQJV]LPPHULQGHP)UDXYRQ&DUD\RQ ]XUFNJHEOLHEHQZDUKLQJHQDOOHUOHL%XQWGUXFNELOGHUZLHVLH GDPDOVYRQ(QJODQGKHULQGHU0RGHZDUHQ(QJHOVN|SIHYRQ -RVXD5H\QROGV/DQGVFKDIWHQYRQ*DLQVERURXJKDXFKHLQSDDU 1DFKELOGXQJHQLWDOLHQLVFKHU0HLVWHUZHUNHGDUXQWHUHLQHEHQGH 0DJGDOHQD:DUHVGLHYRQ&RUUHJJLR"'DVZXQGHUYROOWLHIEODX JHW|QWH7XFKGDVGLH%HQGHKDOEYHUKOOWHIHVVHOWH)UDXYRQ &DUD\RQV$XIPHUNVDPNHLWXQGVLHWUDWKHUDQXPVLFKEHUGHQ 0DOHU]XYHUJHZLVVHUQ$EHUHKHVLHQRFKVHLQHQ1DPHQ HQW]LIIHUQNRQQWHNHKUWHGHUDOWH*HQHUDO]XUFNXQGEDWVHLQHQ 6FKW]OLQJLKP]XIROJHQ 8QGVRWUDWHQVLHGHQQLQGHQ3DUNGULQHLQHWLHIH6WLOOH KHUUVFKWH=ZLVFKHQ%LUNHQXQG(GHOWDQQHQKLQVFKOlQJHOWHVLFK GHU:HJXQGIKUWHELVDQHLQHNQVWOLFKHYRQ0RRVXQG(IHX EHUZDFKVHQH)HOVZDQGLQGHUHQ)URQWGHUDOWH.|FNULW]ZDU MHW]W]XUFNJHEOLHEHQ GHU.|QLJDXIHLQHU6WHLQEDQNVD (UHUKREVLFK DOVHUGLHVFK|QH)UDXVLFKQlKHUQVDKXQGWUDWLKU HUQVWXQGIUHXQGOLFKHQWJHJHQ)UDXYRQ&DUD\RQZROOWHVLFKDXI HLQ.QLHQLHGHUODVVHQGHU.|QLJDEHUOLWWHVQLFKWQDKPVLH YLHOPHKUDXIULFKWHQGEHLGHU+DQGXQGVDJWHª)UDXYRQ
&DUD\RQ"0LUVHKUZRKOEHNDQQW(ULQQUH.LQGHUEDOOVFK|QH 7RFKWHU'DPDOV© (UVFKZLHJHLQHQ$XJHQEOLFNHQWZHGHULQ9HUOHJHQKHLWEHUGDV LKPHQWVFKOSIWHOHW]WH:RUWRGHUDEHUDXV0LWJHIKOPLWGHU WLHIHQ%HZHJXQJGHUXQJOFNOLFKHQXQGEHLQDK]LWWHUQGYRULKP VWHKHQGHQ0XWWHUXQGIXKUGDQQIRUWª.|FNHULW]PLUHEHQ $QGHXWXQJHQJHPDFKW6HKU IDWDO$EHUELWWHVLFKVHW]HQ PHLQH*QlGLJVWH0XW8QGQXQVSUHFKHQ6LH©
6LHE]HKQWHV.DSLWHO 6FKDFKLQ&KDUORWWHQEXUJ (LQH:RFKHVSlWHUKDWWHQ.|QLJXQG.|QLJLQ3DUHW]ZLHGHU YHUODVVHQXQGVFKRQDP7DJHGDQDFKULWW5LWWPHLVWHUYRQ6FKDFK LQ9HUDQODVVXQJHLQHVLKPLQ6FKOR:XWKHQRZEHUJHEHQHQ &DELQHWVVFKUHLEHQVQDFK&KDUORWWHQEXUJKLQDXVZRKLQLQ]ZLVFKHQ GHU+RIEHUVLHGHOWZDU(UQDKPVHLQHQ:HJGXUFKV %UDQGHQEXUJHU7RUXQGGLHJURH7LHUJDUWHQDOOHHOLQNVKLQWHULKP 2UGRQQDQ]%DDUVFKHLQPLWHLQHPJDQ]HQ/LQVHQJHULFKWYRQ 6RPPHUVSURVVHQEHUGHFNWHU5RWNRSIPLWEULJHQVQRFKU|WHUHP %DFNHQEDUWDXIZHOFKHQURWHQXQGHWZDVDEVWHKHQGHQ%DUWKLQ =LHWHQ]XYHUVLFKHUQSIOHJWHªGDPDQDXFKGLHVHQ %DDUVFKDQ VHLQHQ)ORVVHQHUNHQQHQN|QQH©:XWKHQRZHU.LQGXQGVHLQHV *XWVKHUUQXQG5LWWPHLVWHUVHKHPDOLJHU6SLHOJHIlKUWHZDUHU GLHVHPXQGDOOHPZDV6FKDFKKLHVHOEVWYHUVWlQGOLFKLQ XQEHGLQJWHQ7UHXHQHUJHEHQ (VZDUYLHU8KUQDFKPLWWDJVXQGGHU9HUNHKUQLFKWJUR WURW]GHPGLH6RQQHVFKLHQXQGHLQHUTXLFNHQGHU:LQGZHKWH1XU ZHQLJH5HLWHUEHJHJQHWHQLKQHQXQWHUGLHVHQDXFKHLQSDDU 2IIL]LHUHYRQ6FKDFKV5HJLPHQW6FKDFKHUZLGHUWHLKUHQ*UX SDVVLHUWHGHQ/DQGZHKUJUDEHQXQGULWWEDOGGDQDFKLQGLHEUHLWH &KDUORWWHQEXUJHU+DXSWVWUDHPLWLKUHQ6RPPHUKlXVHUQXQG 9RUJlUWHQHLQ $P7UNLVFKHQ=HOWGDVVRQVWZRKOVHLQ=LHO]XVHLQSIOHJWH ZROOWHVHLQ3IHUGHLQELHJHQHU]ZDQJHVDEHUZHLWHUXQGKLHOWHUVW EHLGHP0RUHOOLVFKHQ.DIIHHKDXVHGDVLKPKHXWHIUGHQ*DQJ GHQHUYRUKDWWHEHTXHPHUJHOHJHQZDU(UVFKZDQJVLFKDXV GHP6DWWHOJDEGHU2UGRQQDQ]GHQ=JHOXQGJLQJRKQH 9HUVlXPQLVDXIGDV6FKOR]X+LHUWUDWHUQDFK3DVVLHUXQJHLQHV |GHQXQGYRQGHU-XOLVRQQHOlQJVWYHUEUDQQWHQ*UDVYLHUHFNVHUVW LQHLQJHUlXPLJHV7UHSSHQKDXVXQGEDOGGDQDFKLQHLQHQ VFKPDOHQ.RUULGRUHLQDQGHVVHQ:lQGHQLQDQVFKHLQHQG EHUOHEHQVJURHQ3RUWUlWVGLHJORW]lXJLJHQEODXHQ5LHVHQ.|QLJ )ULHGULFK:LOKHOPV,SDUDGLHUWHQ$P(QGHGLHVHV*DQJHVDEHU WUDIHUHLQHQ.DPPHUGLHQHUGHULKQQDFKYRUJlQJLJHU0HOGXQJ LQGDV$UEHLWVFDELQHWGHV.|QLJVIKUWH
'LHVHUVWDQGDQHLQHP3XOWDXIGHP.DUWHQDXVJHEUHLWHWODJHQ HLQSDDU3OlQHGHU$XVWHUOLW]HU6FKODFKW(UZDQGWHVLFKVRIRUW WUDWDXI6FKDFK]XXQGVDJWHª+DEH6LHUXIHQODVVHQOLHEHU 6FKDFK'LH&DUD\RQIDWDOH6DFKH6SLHOHQLFKWJHUQGHQ 0RUDOLVWHQXQG6SOLWWHUULFKWHUPLUYHUKDWDXFKPHLQH 9HULUUXQJHQ$EHULQ9HULUUXQJHQQLFKWVWHFNHQEOHLEHQ ZLHGHUJXWPDFKHQhEULJHQVQLFKWUHFKW EHJUHLIH6FK|QH)UDXGLH 0XWWHUPLUVHKU JHIDOOHQNOXJH)UDX© 6FKDFKYHUQHLJWHVLFK ª8QGGLH7RFKWHU:HLZRKOZHLDUPHV.LQG$EHUHQILQ PVVHQVLHGRFKFKDUPDQWJHIXQGHQKDEHQ8QGZDVPDQHLQPDO FKDUPDQWJHIXQGHQILQGHWPDQZHQQPDQQXUZLOODXFKZLHGHU $EHUGDVLVW,KUH 6DFKHJHKWPLFKQLFKWVDQ:DVPLFKDQJHKW GDVLVWGLH+RQQrWHWp'LH YHUODQJLFKXQGXPGLHVHU+RQQrWHWp ZLOOHQYHUODQJLFK,KUH+HLUDWPLWGHP)UlXOHLQYRQ&DUD\RQ2GHU 6LHPWHQGHQQ,KUHQ$EVFKLHGQHKPHQXQGGHQ'LHQVW TXLWWLHUHQZROOHQ© 6FKDFKVFKZLHJYHUULHWDEHUGXUFK+DOWXQJXQG0LHQHGDLKP GLHVGDVVFKPHU]OLFKVWHVHLQZUGH ª1XQGHQQEOHLEHQDOVRVFK|QHU0DQQOLHEHGDV$EHU5HPHGXU PXJHVFKDIIWZHUGHQXQGEDOGXQGJOHLFKhEULJHQVDOWH )DPLOLHGLH&DUD\RQVXQGZLUG,KUHQ)UlXOHLQ7|FKWHUQ3DUGRQ OLHEHU6FKDFK GLH6WLIWVDQZDUWVFKDIWDXI0DULHQIOLHRGHU +HLOLJHQJUDEHQLFKWYHUGHUEHQ$EJHPDFKWDOVR 5HFKQHGDUDXIGULQJHGDUDXI8QGZHUGHQPLU0HOGXQJPDFKHQ© ª=X%HIHKO(XHU0DMHVWlW© ª8QG QRFKHLQHVKDEHPLWGHU.|QLJLQGDUEHUJHVSURFKHQZLOO 6LHVHKQ)UDXHQODXQH:HUGHQVLHGUEHQLQGHU2UDQJHULH WUHIIHQ'DQN,KQHQ© 6FKDFKZDUJQlGLJHQWODVVHQYHUEHXJWHVLFKXQGJLQJGHQ .RUULGRUKLQXQWHUDXIGDVDPHQWJHJHQJHVHW]WHQ)OJHOGHV 6FKORVVHVJHOHJHQHJURH*ODV XQG*HZlFKVKDXV]XYRQGHP GHU.|QLJJHVSURFKHQKDWWH
'LH.|QLJLQDEHUZDUQRFKQLFKWGDYLHOOHLFKWQRFKLP3DUN6R WUDWHUGHQQLQGLHVHQKLQDXVXQGVFKULWWDXIHLQHP)OLHVHQJDQJH ]ZLVFKHQHLQHU0HQJHKLHUDXIJHVWHOOWHUU|PLVFKHU.DLVHUDXIXQG DEYRQGHQHQLKQHLQLJHIDXQDUWLJDQ]XOlFKHOQVFKLHQHQ(QGOLFK VDKHUGLH.|QLJLQYRQGHU)lKUEUFNHKHUDXIVLFK]XNRPPHQ HLQH+RIGDPHPLWLKUDOOHP$QVFKHLQHQDFKGDVMQJHUH)UlXOHLQ YRQ9LHUHFN(UJLQJEHLGHQ'DPHQHQWJHJHQXQGWUDWLQ JHPHVVHQHU(QWIHUQXQJEHLVHLWXPGLHPLOLWlULVFKHQ+RQQHXUV]X PDFKHQ'DV+RIIUlXOHLQDEHUEOLHEXPHLQLJH6FKULWWH]XUFN ª,FKIUHXHPLFK6LH]XVHKHQ+HUUYRQ6FKDFK6LHNRPPHQ YRP.|QLJH© ª=X%HIHKO(XHU0DMHVWlW© ª(VLVWHWZDVJHZDJW©IXKUGLH.|QLJLQIRUWªGDLFK6LHKDEH ELWWHQODVVHQ$EHUGHU.|QLJGHUDQIlQJOLFKGDJHJHQZDUXQG PLFKGDUEHUYHUVSRWWHWHKDWHVVFKOLHOLFKJHVWDWWHW,FKELQ HEHQHLQH)UDXXQGHVZlUHKDUWZHQQLFKPLFKPHLQHU )UDXHQDUWHQWVFKODJHQPWHQXUZHLOLFKHLQH.|QLJLQ ELQ$OV )UDXDEHULQWHUHVVLHUWPLFKDOOHVZDVXQVHU*HVFKOHFKWDQJHKW XQGZDVJLQJ XQVQlKHUDQDOVHLQHVROFKHTXHVWLRQG DPRXU© ª0DMHVWlWVLQGVRJQlGLJ© ª1LFKWJHJHQ6LHOLHEHU6FKDFK(VLVWXPGHV)UlXOHLQVZLOOHQ 'HU.|QLJKDWPLUDOOHVHU]lKOWXQG.|FNULW]KDWYRQGHP6HLQHQ KLQ]XJHWDQ(VZDUGHQVHOEHQ7DJDOVLFKYRQ3\UPRQWZLHGHULQ 3DUHW]HLQWUDIXQGLFKNDQQ,KQHQNDXPDXVVSUHFKHQZLHJUR PHLQH7HLOQDKPHPLWGHP)UlXOHLQZDU 8QGQXQZROOHQ6LHJHUDGH 6LHGHPOLHEHQ.LQGHGLHVH 7HLOQDKPHYHUVDJHQXQGPLWGLHVHU7HLOQDKPH]XJOHLFKVHLQ 5HFKW'DVLVWXQP|JOLFK,FKNHQQH6LHVRODQJH=HLWXQGKDEH 6LHMHGHU]HLWDOVHLQHQ.DYDOLHUXQG0DQQYRQ(KUHEHIXQGHQ8QG GDEHLGHQNLFKEHODVVHQZLU V,FKKDEH YRQGHQ6SRWWELOGHUQ JHK|UWGLHSXEOL]LHUWZRUGHQVLQGXQGGLHVH%LOGHUVRQHKPLFK DQKDEHQ6LHYHUZLUUWXQG,KQHQ,KUUXKLJHV8UWHLOJHQRPPHQ ,FKEHJUHLIHGDVZHLLFKGRFKDXVDOOHUHLJHQVWHU(UIDKUXQJZLH ZHKGHUJOHLFKHQWXWXQGZLHGHUJLIWLJH3IHLOXQVQLFKWEORLQ XQVHUHP*HPWHYHUZXQGHWVRQGHUQDXFKYHUZDQGHOWXQGQLFKW YHUZDQGHOW]XP%HVVHUHQ$EHUZLHGHPDXFKVHL6LHPXWHQ
VLFKDXIVLFKVHOEVWEHVLQQHQXQGGDPLW]XJOHLFKDXFKDXIGDV ZDV3IOLFKWXQG(KUHYRQ,KQHQIRUGHUQ© 6FKDFKVFKZLHJ ª8QG6LHZHUGHQ HV©IXKUGLH.|QLJLQLPPHUOHEKDIWHUZHUGHQG IRUWªXQGZHUGHQVLFKDOVHLQHQ5HXLJHQXQG%XIHUWLJHQ]HLJHQ (VNDQQ,KQHQQLFKWVFKZHUZHUGHQGHQQVHOEVWDXVGHU$QNODJH JHJHQ6LHVRYHUVLFKHUWHPLUGHU.|QLJKDEHQRFKLPPHUHLQ 7RQGHU=XQHLJXQJJHVSURFKHQ6HLHQ6LHGHVVHQJHGHQNZHQQ ,KU(QWVFKOXMHZLHGHULQV6FKZDQNHQNRPPHQVROOWHZDVLFK QLFKWIUFKWH:WLFKGRFKNDXPHWZDVZDVPLULQGLHVHP $XJHQEOLFNHVROLHEZlUHZLHGLH6FKOLFKWXQJGLHVHV6WUHLWVXQG GHU%XQG]ZHLHU+HU]HQGLHPLUIUHLQDQGHUEHVWLPPW HUVFKHLQHQ$XFKGXUFKHLQHUHFKWHLJHQWOLFKH/LHEH'HQQ6LH ZHUGHQGRFKKRIILFKQLFKWLQ$EUHGHVWHOOHQZROOHQGDHVHLQ JHKHLPQLVYROOHU=XJZDUZDV6LH]XGLHVHPOLHEHQXQGHLQVWVR VFK|QHQ.LQGHKLQIKUWH'DV*HJHQWHLODQ]XQHKPHQ ZLGHUVWUHLWHWPLU8QGQXQHLOHQ6LHKHLPXQGPDFKHQ6LH JOFNOLFKXQGZHUGHQ6LHJOFNOLFK0HLQH:QVFKHEHJOHLWHQ6LH 6LHEHLGH6LHZHUGHQVLFK]XUFN]LHKHQVRODQJHVGLH 9HUKlOWQLVVHJHELHWHQXQWHUDOOHQ8PVWlQGHQDEHUHUZDUWLFK GD6LHPLU,KUH)DPLOLHQHUHLJQLVVHPHOGHQXQGGHQ1DPHQ,KUHU .|QLJLQDOVHUVWH7DXISDWLQLQ,KU:XWKHQRZHU.LUFKHQEXFK HLQWUDJHQODVVHQ8QGQXQ*RWWEHIRKOHQ© (LQ*UXXQGHLQHIUHXQGOLFKH+DQGEHZHJXQJEHJOHLWHWHQGLHVH :RUWH6FKDFKDEHUDOVHUVLFKNXU]YRUGHU*DUWHQIURQWQRFK HLQPDOXPVDKVDKZLHEHLGH'DPHQLQHLQHQ6HLWHQZHJ HLQERJHQXQGDXIHLQHVFKDWWLJHUHPHKUGHU6SUHH]XJHOHJHQH 3DUWLHGHV3DUNHV]XVFKULWWHQ (UVHOEVWVDHLQH9LHUWHOVWXQGHVSlWHUZLHGHULP6DWWHO 2UGRQQDQ] %DDUVFKIROJWH 'LHJQlGLJHQ:RUWHEHLGHU0DMHVWlWHQKDWWHQHLQHV(LQGUXFNVDXI LKQQLFKWYHUIHKOWWURW]GHPZDUHUQXUJHWURIIHQLQQLFKWVDEHU XPJHVWLPPWZRUGHQ(UZXWHZDVHUGHP.|QLJVFKXOGLJVHL *HKRUVDP$EHUVHLQ+HU]ZLGHUVWULWWXQGVRJDOW HVGHQQIULKQ HWZDVDXVILQGLJ]XPDFKHQZDV*HKRUVDPXQG8QJHKRUVDPLQ VLFKYHUHLQLJWHZDVGHP%HIHKOHVHLQHV.|QLJVXQGGHP%HIHKOH VHLQHUHLJHQHQ1DWXUJOHLFKPlLJHQWVSUDFK8QGGDIUJDEHV
QXUHLQHQ :HJ(LQ*HGDQNHGHQHUVFKRQLQ:XWKHQRZJHIDW KDWWHNDPLKPMHW]WZLHGHUXQGUHLIWHUDVFK]XP(QWVFKOXXQG MHIHVWHUHULKQZHUGHQIKOWHGHVWRPHKUIDQGHUVLFKLQVHLQH IUKHUHJXWH+DOWXQJXQG5XKH]XUFNª/HEHQ©VSUDFKHUYRU VLFKKLQª:DVLVWOHEHQ"(LQH)UDJHYRQ0LQXWHQHLQH'LIIHUHQ] YRQKHXWDXIPRUJHQ©8QGHUIKOWHVLFKQDFK7DJHQVFKZHUHQ 'UXFNHV]XPHUVWHQ0DOHZLHGHUOHLFKWXQGIUHL $OVHUKHLPUHLWHQGELVDQGLH:HJVWHOOHJHNRPPHQZDUZRHLQH DOWH.DVWDQLHQDOOHHQDFKGHP.XUIUVWHQGDPPKLQDE]ZHLJWH ERJHULQGLHVH$OOHHHLQZLQNWH%DDUVFKDQVLFKKHUDQXQGVDJWH ZlKUHQGHUGHQ=JHOIDOOHQOLHXQGGLHOLQNH+DQGDXIGLH .UXSSHVHLQHV3IHUGHVVWHPPWHª6DJH%DDUVFKZDVKlOWVWGX HLJHQWOLFKYRQ+HLUDWHQ"© ª-RWW+HUU5LWWPHLVWHUZDWVROOLFKGDYRQKDOWHQ"0HLQ9DWHU VHOLJVDJWHPDQPPHU+HLUDWHQLVJXWDEHUQLFKKHLUDWHQLV QRFKEHVVHU© ª-DGDVPDJHUZRKOJHVDJWKDEHQ$EHUZHQQLFK QXQKHLUDWH %DDUVFK"© ª$FK+HUU5LWWPHLVWHUZHUGHQGRFKQLFK© ª-DZHUZHL,VWHVGHQQHLQVROFKHV0DOKHXU"© ª-RWW+HUU5LWWPHLVWHUIRU,KQHQ JUDGHQLFKDEHUIRUPLU© ª:LHGDV"© ª:HLOLFKPLW8QWURII]LHU&]HSDQVNLJHZHWW KDEHVZUGGRFK QLFKWV8QZHUYHUOLHUWPXGLHJDQ]H.RUSRUDOVFKDIWIUHLKDOWHQ© ª$EHUZRKHUZXWHWLKUGHQQGDYRQ"© ª,-RWWGHVPXQNHOWMDQXDOOODQJ8QZLHQXYRULJH:RFKRRFK QRFKGLH%LOGHUVNDPHQ© ª$KVR1XVDJH%DDUVFKZLHVWHKWHVGHQQHLJHQWOLFKPLWGHU :HWWH"+RFK"© ª,QX VMHKW+HUU5LWWPHLVWHU QH&RWWEXVVHUXQ Q.PPHO $EHUIRUMHG HHQ©
ª1X%DDUVFKGXVROOVWGDEHLQLFKW]X6FKDGHQNRPPHQ,FK ZHUGHGLH:HWWHEH]DKOHQ© 8QGGDQDFKVFKZLHJHUXQGPXUPHOWHQXUQRFKYRUVLFKKLQª(W SD\HUOHVSRWVFDVVpV©
$FKW]HKQWHV.DSLWHO )DWD0RUJDQD 6FKDFKZDU]XJXWHU6WXQGHZLHGHUKHLPXQGQRFKGHQVHOEHQ $EHQGVFKULHEHUHLQ%LOOHWDQ)UDXYRQ&DUD\RQLQGHPHULQ DQVFKHLQHQGDXIULFKWLJHQ:RUWHQXPVHLQHV%HQHKPHQVZLOOHQXP (QWVFKXOGLJXQJEDW(LQ&DELQHWVVFKUHLEHQGDVHUYRUJHVWHUQLQ :XWKHQRZHPSIDQJHQKDEHKDELKQKHXWHQDFKPLWWDJQDFK &KDUORWWHQEXUJKLQDXVJHIKUWZR.|QLJXQG.|QLJLQLKQDQGDV ZDVVHLQH3IOLFKWVHLJHPDKQWKlWWHQ(UEHGDXUHVROFKH 0DKQXQJYHUVFKXOGHW]XKDEHQILQGHGHQ6FKULWWGHQ)UDXYRQ &DUD\RQJHWDQJHUHFKWIHUWLJWXQGElWHPRUJHQLP/DXIHGHV 9RUPLWWDJVVLFKEHLGHQ'DPHQYRUVWHOOHQ]XGUIHQXPLKQHQ VHLQ%HGDXHUQEHUGLHVHQHXHQ9HUVlXPQLVVHSHUV|QOLFK]X ZLHGHUKROHQ,QHLQHU1DFKVFKULIWGLHOlQJHUDOVGHU%ULHIVHOEVW ZDUZDUKLQ]XJHIJWªGDHUGXUFKHLQH.ULVLVJHJDQJHQVHL GLHVH.ULVLVDEHUOLHJHMHW]WKLQWHULKPXQGHUKRIIHVDJHQ]X GUIHQHLQ*UXQGDQLKPRGHUVHLQHP5HFKWVJHIKOH]X]ZHLIHOQ ZHUGHQLFKW ZLHGHUNHKUHQ(UOHEHQXUQRFKGHPHLQHQ:XQVFK XQG*HGDQNHQDOOHVZDVJHVFKHKHQVHLGXUFK*HVHW]OLFKNHLW DXV]XJOHLFKHQhEHUHLQ0HKUOHJHUVLFKYRUOlXILJ6FKZHLJHQ DXI© 'LHV%LOOHWGDVGHUNOHLQH*URRPEHUEUDFKWHZXUGHWURW]GHU VFKRQYRUJHUFNWHQ6WXQGHYRQ)UDXYRQ&DUD\RQDXIGHU6WHOOH EHDQWZRUWHW6LHIUHXHVLFKLQVHLQHQ=HLOHQHLQHUVR YHUV|KQOLFKHQ6SUDFKH]XEHJHJQHQhEHUDOOHVZDVVHLQHP %ULHIHQDFK DOVHLQQXQPHKU=XUFNOLHJHQGHVDQ]XVHKHQVHLZHUG HVDPEHVWHQVHLQ]XVFKZHLJHQDXFKVLH IKOHGDVLHUXKLJHU XQGUFNVLFKWVYROOHUKlWWHKDQGHOQVROOHQVLHKDEHVLFKKLQUHLHQ ODVVHQXQGQXUGDVHLQH ZHUGLKUYLHOOHLFKW]XU(QWVFKXOGLJXQJ GLHQHQGUIHQGDVLHYRQMHQHQKlPLVFKHQ$QJULIIHQLQ:RUW XQG%LOGGLHVHLQ%HQHKPHQLP/DXIHGHUOHW]WHQ:RFKH EHVWLPPW]XKDEHQVFKLHQHQHUVWVHLW]ZHL7DJHQ.HQQWQLVKDEH +lWWHVLHGLHVH.HQQWQLVIUKHUJHKDEWVRZUGHVLHYLHOHVPLOGHU EHXUWHLOWMHGHQIDOOVDEHUHLQHDEZDUWHQGH+DOWXQJLKPXQG VHLQHP6FKZHLJHQJHJHQEHUHLQJHQRPPHQKDEHQ6LHKRIIH MHW]WGDDOOHVZLHGHUHLQNOLQJHQZHUGH9LFWRLUHQVJURH/LHEH QXU]XJUR XQGVHLQHHLJHQH*HVLQQXQJGLHZLHVLHVLFK EHU]HXJWKDOWHZRKOVFKZDQNHQDEHUQLHGDXHUQGHUVFKWWHUW
ZHUGHQN|QQHJlEHQLKUGLH*HZlKUHLQHUIULHGOLFKHQXQGZHQQ LKUH%LWWHQ(UK|UXQJIlQGHQDXFKHLQHUJOFNOLFKHQ=XNXQIW $PDQGHUQ9RUPLWWDJHZXUGH6FKDFKEHL)UDXYRQ&DUD\RQ JHPHOGHW6LHJLQJLKPHQWJHJHQXQGGDVVLFKVRIRUW HQWVSLQQHQGH*HVSUlFKYHUULHWDXIEHLGHQ6HLWHQZHQLJHU 9HUOHJHQKHLWDOVQDFKGHP9RUJHIDOOHQHQKlWWHYRUDXVJHVHW]W ZHUGHQVROOHQ8QGGRFKHUNOlUWHVLFK VDXFKZLHGHU$OOHVZDV JHVFKHKHQZDUVRVFKPHU]OLFKHVKEHQXQGGUEHQEHUKUW KDWWHZDUGRFKVFKOLHOLFKYRQMHGHUGHUEHLGHQ3DUWHLHQ YHUVWDQGHQZRUGHQXQGZR9HUVWlQGQLVLVWLVWDXFK9HU]HLKXQJ RGHUZHQLJVWHQVGLH0|JOLFKNHLWHLQHUVROFKHQ$OOHVKDWWHVLFKLQ QDWUOLFKHU.RQVHTXHQ]DXVGHQ9HUKlOWQLVVHQKHUDXVHQWZLFNHOW XQGZHGHUGLH)OXFKWGLH6FKDFKEHZHUNVWHOOLJWQRFKGLH.ODJH GLH)UDXYRQ&DUD\RQDQREHUVWHU6WHOOHJHIKUWKDWWHKDWWHQ hEHOZROOHQRGHU*HKlVVLJNHLWDXVGUFNHQVROOHQ $OVGDV*HVSUlFKHLQHQ$XJHQEOLFN]XVWRFNHQEHJDQQHUVFKLHQ 9LFWRLUH6LHVDKVHKUJXWDXVQLFKWDEJHKlUPWYLHOPHKUIULVFKHU DOVVRQVW(UWUDWLKUHQWJHJHQQLFKWNDOWXQG]HUHPRQL|V VRQGHUQKHU]OLFKXQGGHU$XVGUXFNHLQHULQQLJHQXQGDXIULFKWLJHQ 7HLOQDKPHZRPLWHUDXIVLHVDKXQGLKUGLH+DQGUHLFKWH EHVLHJHOWHGHQ)ULHGHQ(VZDUNHLQ=ZHLIHOHUZDUHUJULIIHQXQG ZlKUHQG9LFWRLUHYRU)UHXGHVWUDKOWHIOOWHQ7UlQHQGDV$XJHGHU 0XWWHU (VZDUGHUEHVWH0RPHQWGDV(LVHQ]XVFKPLHGHQ6LHEDWDOVR 6FKDFKGHUVLFKVFKRQHUKREHQKDWWHVHLQHQ3ODW]QRFKHLQPDO DXIHLQHQNXU]HQ$XJHQEOLFNHLQQHKPHQ]XZROOHQXP JHPHLQVFKDIWOLFKPLWLKPGLHQ|WLJVWHQ)HVWVHW]XQJHQ]XWUHIIHQ :DVVLH]XVDJHQKDEHVHLHQQXUZHQLJH:RUWH6RYLHOVHLJHZL =HLWVHLYHUVlXPWZRUGHQXQGGLHVH9HUVlXPQLVZLHGHU HLQ]XEULQJHQHPSIHKOHVLFKZRKO]XQlFKVW,KUHODQJMlKULJH IUHXQGVFKDIWOLFKH%H]LHKXQJ]XPDOWHQ.RQVLVWRULDOUDW%RFTXHW GHUVLHVHOEHUJHWUDXWXQG9LFWRLUHQHLQJHVHJQHWKDEHE|WHGD]X GLHEHVWH*HOHJHQKHLW(VZHUGHOHLFKWVHLQDQGLH6WHOOHGHV KHUN|PPOLFKHQGUHLPDOLJHQ$XIJHERWVHLQHLQPDOLJHV]XVHW]HQ GDVPVVHQlFKVWHQ6RQQWDJJHVFKHKHQXQGDP)UHLWDJHGHU QlFKVWHQ:RFKH GHQQGLH)UHLWDJHGLHJHPHLQKLQIU 8QJOFNVWDJHJ|OWHQKlWWHVLHSHUV|QOLFKYRQGHUGXUFKDXV HQWJHJHQJHVHW]WHQ6HLWHNHQQHQJHOHUQW ZHUGHGDQQGLH +RFK]HLW]XIROJHQKDEHQ8QG]ZDULQLKUHUHLJQHQ:RKQXQJGD
VLH+RFK]HLWHQLQHLQHP+RWHORGHU*DVWKDXVHYRQJDQ]HU6HHOH KDVVH:DVGDQQZHLWHU]XJHVFKHKHQKDEHGDVVWHKHEHLGHP MXQJHQ3DDUHVLHVHLQHXJLHULJRE9HQHGLJEHU:XWKHQRZRGHU :XWKHQRZEHU9HQHGLJGHQ6LHJGDYRQWUDJHQZHUGH'LH /DJXQHQKlWWHQVLHJHPHLQVDPXQGGLH*RQGHODXFKXQGQXUXP HLQHVPVVHVLHELWWHQGDGHUNOHLQH%UFNHQVWHJXQWHUP6FKLOI DQGHPGLH*RQGHOOLHJHQLH]XU6HXI]HUEUFNHHUKREHQZHUGH 6RJLQJGDV*HSODXGHUXQGVRYHUJLQJGHU%HVXFK $P6RQQWDJHZLHYHUDEUHGHWHUIROJWHGDV$XIJHERWXQGGHU )UHLWDJDQGHPGLH+RFK]HLWVWDWWILQGHQVROOWHUFNWHKHUDQ$OOHV LP&DUD\RQVFKHQ+DXVHZDU$XIUHJXQJDPDXIJHUHJWHVWHQ7DQWH 0DUJXHULWHGLHMHW]WWlJOLFKHUVFKLHQXQGGXUFKLKUHQDLYH *OFNVHOLJNHLWDOOHV8QEHTXHPHEDODQFLHUWHGDVVRQVW XQ]HUWUHQQOLFKYRQLKUHP(UVFKHLQHQZDU $EHQGVNDP6FKDFK(UZDUKHLWUHUXQGLQVHLQHP8UWHLOHPLOGHU DOVVRQVWXQGYHUPLHGQXULQHEHQVREHPHUNHQVZHUWHUZLH]XP *OFNXQEHPHUNWEOHLEHQGHU:HLVHYRQGHU+RFK]HLWXQGGHQ 9RUEHUHLWXQJHQGD]X]XVSUHFKHQ:XUGHUJHIUDJWREHUGLHV RGHUMHQHVZQVFKHVREDWHUPLWHLQHU$UWYRQ(PSUHVVHPHQW ªJDQ]QDFKHLJHQHP'DIUKDOWHQYHUIDKUHQ]XZROOHQHUNHQQH GHQ7DNWXQGJXWHQ*HVFKPDFNGHU'DPHQXQGZLVVHGDRKQH VHLQ5DWHQXQG=XWXQDOOHVDPEHVWHQHQWVFKLHGHQZHUGHQZUGH ZHQQLKPGDEHLPDQFKHVGXQNHOXQGJHKHLPQLVYROOEOHLEHVRVHL GLHVHLQ9RUWHLOPHKUIULKQKDEHUGRFKYRQ-XJHQGDXIHLQH 1HLJXQJJHKDEWVLFKEHUUDVFKHQ]XODVVHQ© 8QWHUVROFKHQ$XVIOFKWHQHQW]RJHUVLFKMHGHP*HSODXGHUGDV ZLH7DQWH0DUJXHULWHVLFKDXVGUFNWHªGHQ(KUHQWDJHQYXH KDWWH©ZDUDEHUXPVRSODXGHUKDIWHUZHQQGDV*HVSUlFKDXIGLH 5HLVHWDJHQDFK GHU+RFK]HLWKLQEHUOHQNWH'HQQ9HQHGLJDOOHU KDOEHQ:LGHUUHGHGHU)UDXYRQ&DUD\RQ]XP7URW]KDWWHGRFK VFKOLHOLFKEHU:XWKHQRZJHVLHJWXQG6FKDFKZHQQGLH5HGH GDUDXINDPKLQJPLWHLQHULKPVRQVWY|OOLJIUHPGHQ3KDQWDVWLN DOOHQHUGHQNOLFKHQ5HLVHSOlQHQXQG5HLVHELOGHUQQDFK(UZROOWH QDFK6L]LOLHQKLQEHUXQGGLH6LUHQHQLQVHOQSDVVLHUHQªREIUHL RGHUDQGHQ0DVWJHEXQGHQEHUODHU9LFWRLUHQXQGLKUHP 9HUWUDXHQ©8QGGDQQZROOWHQVLHQDFK0DOWD1LFKWXP0DOWDV ZLOOHQRQHLQ$EHUDXIGHP:HJHGDKLQVHLGLH6WHOOHZRGHU JHKHLPQLVYROOHVFKZDU]H:HOWWHLOLQ/XIWELOGHUQXQG6SLHJHOXQJHQ
HLQDOOHUHUVWHV0DO]XGHPLQ1HEHOXQG6FKQHHJHERUQHQ +\SHUERUHHUVSUlFKH'DV VHLGLH6WHOOHZRGLHELOGHUUHLFKH)HH ZRKQHGLHVWXPPH 6LUHQHGLHPLWGHP=DXEHULKUHU)DUEHIDVW QRFKYHUIKUHULVFKHUORFNHDOVGLHVLQJHQGH%HVWlQGLJZHFKVHOQG VHLHQGLH6]HQHQXQG*HVWDOWHQLKUHU/DWHUQDPDJLFDXQG ZlKUHQGHEHQQRFKHLQHUPGHWHU=XJEHUGHQJHOEHQ6DQG ]LHKHGHKQHVLFK VSO|W]OLFKZLHJUQH7ULIWHQXQGXQWHUGHU VFKDWWHQJHEHQGHQ3DOPHVlHGLH6FKDUGHU0lQQHUGLH.|SIH JHEHXJWXQGDOOH3IHLIHQLQ%UDQGXQGVFKZDU]XQGEUDXQH 0lGFKHQLKUH)OHFKWHQJHO|VWXQGZLH]XP7DQ]HJHVFKU]W HUKEHQGLH%HFNHQXQGVFKOJHQGDV7DPEXULQ8QGPLWXQWHU VHL VDOVODFKHV8QGGDQQVFKZLHJ HVXQGVFKZlQGHVZLHGHU 8QGGLHVH6SLHJHOXQJDXVGHUJHKHLPQLVYROOHQ)HUQHGDV VHLGDV =LHO 8QG9LFWRLUHMXEHOWHKLQJHULVVHQYRQGHU/HEKDIWLJNHLWVHLQHU 6FKLOGHUXQJ $EHULPVHOEHQ$XJHQEOLFNEHUNDPHVVLHEDQJXQGGVWHUXQG LQLKUHU6HHOHULHIHLQH6WLPPH)DWD0RUJDQD
1HXQ]HKQWHV.DSLWHO 'LH+RFK]HLW 'LH7UDXXQJKDWWHVWDWWJHIXQGHQXQGXPGLHYLHUWH6WXQGH YHUVDPPHOWHQVLFKGLH]XU+RFK]HLW*HODGHQHQLQGHPQDFKGHP +RIHKLQDXVJHOHJHQHQJURHQ(VDDOHGHUIUJHZ|KQOLFKDOVHLQ EORHVXQEHTXHPHV$QKlQJVHOGHU&DUD\RQVFKHQ:RKQXQJ DQJHVHKHQXQGVHLWHLQHUJDQ]HQ5HLKHYRQ-DKUHQKHXWH]XP HUVWHQ0DOHZLHGHULQ*HEUDXFKJHQRPPHQZXUGH'LHVHUVFKLHQ WXQOLFKWURW]GHPGLH=DKOGHU*lVWHNHLQHJURHZDU'HUDOWH .RQVLVWRULDOUDW%RFTXHWKDWWHVLFKEHZHJHQODVVHQGHP0DKOH PLWEHL]XZRKQHQ XQGVDGHP%UDXWSDDUHJHJHQEHUQHEHQ GHU)UDXYRQ&DUD\RQXQWHUGHQDQGHUZHLW*HODGHQHQDEHU ZDUHQDXHUGHP7DQWFKHQXQGHLQLJHQDOWHQ)UHXQGHQDXVGHU *HQHUDOILQDQ]SlFKWHU]HLWKHULQHUVWHU5HLKH1RVWLW]$OYHQVOHEHQ XQG6DQGHU]XQHQQHQ$XIOHW]WHUHQKDWWH6FKDFKDOOHU VRQVWLJHQDXFKEHL)HVWVWHOOXQJGHU(LQODGXQJVOLVWHEHREDFKWHWHQ ,QGLIIHUHQ]XQHUDFKWHWPLWEHVRQGHUHP1DFKGUXFNEHVWDQGHQ ZHLOLKPLQ]ZLVFKHQGDVUFNVLFKWVYROOH%HQHKPHQGHVVHOEHQEHL *HOHJHQKHLWGHV9HUODJVDQWUDJHVGHUGUHL %LOGHUEHNDQQW JHZRUGHQZDUHLQ%HQHKPHQGDVHUXPVRK|KHUDQVFKOXJDOV HUHVYRQGLHVHU 6HLWHKHUQLFKWHUZDUWHWKDWWH%ORZ6FKDFKV DOWHU*HJQHUZDUQLFKWPHKULQ%HUOLQXQGKlWWHZRKODXFK JHIHKOWZHQQHUQRFKGDJHZHVHQZlUH 'LH7DIHOVWLPPXQJYHUKDUUWHELV]XPHUVWHQ7ULQNVSUXFKLQGHU KHUN|PPOLFKHQ)HLHUOLFKNHLWDOVLQGHVVHQGHUDOWH.RQVLVWRULDOUDW JHVSURFKHQXQGLQHLQHPGUHLJHWHLOWHQXQGDOVªKLVWRULVFKHU 5FNEOLFN©]XEH]HLFKQHQGHQ7RDVWHUVWGHVJURYlWHUOLFKHQ *HQHUDOILQDQ]SlFKWHUKDXVHVGDQQGHU7UDXXQJGHU)UDXYRQ &DUD\RQXQGGULWWHQVXQG]ZDUXQWHU=LWLHUXQJGHVLKUPLWDXI GHQ/HEHQVZHJJHJHEHQHQ%LEHOVSUXFKHV GHU.RQILUPDWLRQ 9LFWRLUHQVJHGDFKWHQGOLFKDEHUPLWHLQHPKDOEHKUEDUHQKDOE VFKHU]KDIWHQ+LQZHLVDXIGHQªlJ\SWLVFKHQ:XQGHUYRJHOLQ GHVVHQYHUKHLXQJVYROOH1lKHPDQVLFKEHJHEHQZROOH© JHVFKORVVHQKDWWHZDUGDV=HLFKHQ]XHLQHU:DQGOXQJGHU 6WLPPXQJJHJHEHQ$OOHVJDEVLFKHLQHUXQJH]ZXQJHQHQ +HLWHUNHLWKLQDQGHUVRJDU9LFWRLUHWHLOQDKPXQGQLFKW]XP ZHQLJVWHQDOV VLFKVFKOLHOLFKDXFKGDV]X(KUHQGHV7DJHVLQ HLQHPJUDVJUQHQ6HLGHQNOHLGXQGHLQHPKRKHQ
6FKLOGSDWWNDPPHHUVFKLHQHQH7DQWFKHQHUKREXPHLQHQ]ZHLWHQ 7RDVWDXIGDV%UDXWSDDUDXV]XEULQJHQ,KUYHUVFKlPWHV.ORSIHQ PLWGHP'HVVHUWPHVVHUDQGLH:DVVHUNDUDIIHZDUHLQH=HLWODQJ XQEHPHUNWJHEOLHEHQXQGNDPHUVW]XU*HOWXQJDOV)UDXYRQ &DUD\RQHUNOlUWH7DQWH0DUJXHULWHZQVFKH]XVSUHFKHQ 'LHVHYHUQHLJWHVLFKGHQQDXFK]XP=HLFKHQGHU=XVWLPPXQJXQG EHJDQQLKUH5HGHPLWYLHOPHKU6HOEVWEHZXWVHLQDOVPDQQDFK LKUHUDQIlQJOLFKHQ6FKFKWHUQKHLWHUZDUWHQGXUIWHª'HU+HUU .RQVLVWRULDOUDWKDWVRVFK|QXQGVRODQJHJHVSURFKHQXQGLFK lKQOHQXUGHP:HLEH5XWKGDVEHUGHP)HOGHJHKWXQGbKUHQ VDPPHOWZDVDXFKGHU7H[WZDUZRUEHUDPOHW]WHQ6RQQWDJLQ GHUNOHLQHQ0HORQHQNUFKHJHSUHGLJWZXUGHGLHZLHGHUVHKUOHHU ZDULFKJODXEHQLFKWPHKUDOV|OIRGHU]Z|OI$EHUDOV7DQWHGHU OLHEHQ%UDXWLQZHOFKHU%H]LHKXQJLFKZRKOGLHbOWHVWHELQHUKHE LFKGLHVHV*ODVXPQRFKHLQPDODXIGHP:RKOHGHVMXQJHQ 3DDUHV]XWULQNHQ© 8QGGDQDFKVHW]WHVLHVLFKZLHGHUXPGLH+XOGLJXQJHQGHU *HVHOOVFKDIWHQWJHJHQ]XQHKPHQ6FKDFKYHUVXFKWHGHUDOWHQ 'DPHGLH+DQG]XNVVHQZDVVLHMHGRFKZHKUWHZRJHJHQVLH 9LFWRLUHQV8PDUPXQJPLWDOOHUOHLNOHLQHQ/LHENRVXQJHQXQG ]XJOHLFKPLWGHU9HUVLFKHUXQJHUZLGHUWHª6LHKDEHVDOOHVYRUKHU JHZXWYRQGHP1DFKPLWWDJDQZRVLHGLH)DKUWQDFK 7HPSHOKRIXQGGHQ*DQJQDFKGHU.UFKHJHPDFKWKlWWHQ 'HQQVLHKDEHVZRKOJHVHKHQGD9LFWRLUHQHEHQGHPJURHQ IUGLH0DPDEHVWLPPWHQ9HLOFKHQVWUDXDXFKQRFKHLQHQNOHLQHQ 6WUDXLQGHU+DQGJHKDOWHQKlWWHGHQKDEHVLHGHPOLHEHQ %UlXWLJDPGHP+HUUQYRQ6FKDFKLQGHU.UFKHQWUH SUlVHQWLHUHQZROOHQ$EHUDOVHUGDQQJHNRPPHQVHLKDEHVLH GDVNOHLQH%RXTXHWZLHGHUZHJJHZRUIHQXQGHVVHLGLFKWQHEHQ GHU7UDXIHLQ.LQGHUJUDEJHIDOOHQZDVLPPHUHWZDVEHGHXWH XQGDXFKGLHVPDOHWZDVEHGHXWHWKDEH'HQQVRVHKUVLHJHJHQ GHP$EHUJODXEHQVHLVRJODXEHVLHGRFKDQ6\PSDWKLHQDWUOLFK EHLDEQHKPHQGHP0RQG8QGGHUJDQ]H1DFKPLWWDJVWHKHQRFK VRGHXWOLFKYRULKUDOVZlUHVJHVWHUQJHZHVHQXQGZHQQ PDQFKHVRWlWHQDOVZLVVHPDQQLFKWVVRKlWWHPDQGRFKDXFK VHLQH]ZHLJHVXQGHQ$XJHQXQGZLVVHUHFKWJXWZRGLHEHVWHQ .UVFKHQKLQJHQ©,QGLHVHQ6DW]YHUWLHIWHVLHVLFKLPPHUPHKU RKQHGDGLH%HGHXWXQJGHVVHOEHQGDGXUFKNODUHUJHZRUGHQ ZlUH
1DFK7DQWH0DUJXHULWHQV7RDVWO|VWHVLFKGLH7DIHOUHLKHMHGHU YHUOLHVHLQHQ3ODW]XPDEZHFKVHOQGKLHURGHUGRUWHLQH*DVWUROOH JHEHQ]XN|QQHQXQGDOVEDOGGDQDFKDXFKGLHJURHQ -RVW\VFKHQ'HYLVHQERQERQVXPKHUJHUHLFKWXQGDOOHUOHL6SUFKH ZLHEHLVSLHOVZHLVHª/LHEHZXQGHUEDUH)HHVHOEVWGHLQ:HKHWXW QLFKWZHK©DOOHUNOHLQHQXQGXQGHXWOLFKHQ6FKULIWXQHUDFKWHW HQW]LIIHUWXQGYHUOHVHQZRUGHQZDUHQHUKREPDQVLFKYRQGHU 7DIHO$OYHQVOHEHQIKUWH)UDXYRQ&DUD\RQ6DQGHU7DQWH 0DUJXHULWHEHLZHOFKHU*HOHJHQKHLWXQG]ZDUEHUGDV5XWK 7KHPDYRQVHLWHQ6DQGHUVDOOHUOHLNOHLQH1HFNHUHLHQYHUEW ZXUGHQ1HFNHUHLHQGLHGHU7DQWHVRVHKUJHILHOHQGDVLH 9LFWRLUHQDOVGHU.DIIHHVHUYLHUWZXUGH]XIOVWHUWHª&KDUPDQWHU +HUU8QGVRJDODQW8QGVREHGHXWXQJVYROO© 6FKDFKVSUDFKYLHOPLW6DQGHUHUNXQGLJWHVLFKQDFK%ORZªGHU LKP]ZDUQLHV\PSDWKLVFKDEHUWURW]DOOVHLQHU6FKUXOOHQLPPHU HLQ*HJHQVWDQGGHV,QWHUHVVHVJHZHVHQVHL©XQGEDW6DQGHU LKPEHLVLFKGDUELHWHQGHU*HOHJHQKHLWGLHVDXVGUFNHQ]X ZROOHQ,QDOOHPZDVHUVDJWHVSUDFKVLFK)UHXQGOLFKNHLWXQGHLQ +DQJQDFK9HUV|KQXQJDXV ,QGLHVHP+DQJHQDFK9HUV|KQXQJVWDQGHUDEHUQLFKWDOOHLQGD VRQGHUQEHJHJQHWHVLFKGDULQPLW)UDXYRQ&DUD\RQ$OVLKP GLHVHSHUV|QOLFKHLQH]ZHLWH7DVVHSUlVHQWLHUWHVDJWHVLH ZlKUHQGHUGHQ=XFNHUDXVGHU6FKDOHQDKPª$XIHLQ:RUW OLHEHU6FKDFK$EHULP1HEHQ]LPPHU© 8QGVLHJLQJLKPGDKLQYRUDXI ª/LHEHU6FKDFK©EHJDQQVLHKLHUDXIHLQHPJURJHEOPWHQ .DQDSHH3ODW]QHKPHQGYRQGHPDXVEHLGHPLW+LOIHGHU RIIHQVWHKHQGHQ)OJHOWUHLQHQ%OLFNDXIGDV(FN]LPPHUKLQIUHL KDWWHQªHVVLQGGLHVXQVHUHOHW]WHQ0LQXWHQXQGLFKP|FKWHPLU HKHZLU$EVFKLHGYRQHLQDQGHUQHKPHQQRFKPDQFKHVYRQGHU 6HHOHKHUXQWHUVSUHFKHQ,FKZLOOQLFKWPLWPHLQHP$OWHU NRNHWWLHUHQDEHUHLQ-DKULVWHLQHODQJH=HLWXQGZHUZHLRE ZLUXQVZLHGHUVHKHQhEHU9LFWRLUHNHLQ:RUW6LHZLUG,KQHQ NHLQHWUEH6WXQGHPDFKHQVLHOLHEW6LH]XVHKUXPHV]X N|QQHQRGHU]XZROOHQ8QG6LHOLHEHU6FKDFKZHUGHQVLFK GLHVHU/LHEHZUGLJ]HLJHQ6LHZHUGHQLKUQLFKWZHKHWXQ GLHVHPVHQ*HVFK|SIGDVQXU'HPXWXQG+LQJHEXQJLVW(VLVW
XQP|JOLFK8QGVRYHUODQJLFKGHQQNHLQ9HUVSUHFKHQYRQ,KQHQ ,FKZHLLPYRUDXVLFKKDEHV© 6FKDFKVDKYRUVLFKKLQDOV)UDXYRQ&DUD\RQGLHVH:RUWH VSUDFKXQGWU|SIHOWHZlKUHQGHUGLH7DVVHPLWGHU/LQNHQKLHOW GHQ.DIIHHODQJVDPDXVGHP]LHUOLFKHQNOHLQHQ/|IIHO ª,FKKDEHVHLWXQVUHU9HUV|KQXQJ©IXKUVLHIRUWªPHLQ 9HUWUDXHQZLHGHU$EHUGLHV9HUWUDXHQZLHPHLQ%ULHI,KQHQ VFKRQDXVVSUDFKZDULQ7DJHQGLHQXQJOFNOLFKHUZHLVHKLQWHU XQVOLHJHQXPYLHOHVPHKUDOVLFKHVIUP|JOLFKJHKDOWHQKlWWH YRQPLUJHZLFKHQXQGLQGLHVHQ7DJHQKDELFKKDUWH:RUWH JHJHQ6LHJHEUDXFKWKDUWH:RUWHZHQQLFKPLW9LFWRLUHQVSUDFK XQGQRFKKlUWHUHZHQQLFKPLWPLUDOOHLQZDU,FKKDEH6LH NOHLQOLFKXQGKRFKPWLJHLWHOXQGEHVWLPPEDUJHVFKROWHQXQG KDEH6LHZDVGDVVFKOLPPVWHZDUGHU8QGDQNEDUNHLWXQGGHU /kFKHWpJH]LHKHQ$OOGDVEHNODJLFKMHW]WXQGVFKlPHPLFKHLQHU 6WLPPXQJGLHPLFKXQVUH9HUJDQJHQKHLWVRYHUJHVVHQODVVHQ NRQQWH© 6LHVFKZLHJHLQHQ$XJHQEOLFN$EHUDOV6FKDFKDQWZRUWHQZROOWH OLWWVLH VQLFKWXQGVDJWHª1XUHLQ:RUWQRFK$OOHVZDVLFKLQ MHQHQ7DJHQJHVDJWXQGJHGDFKWKDEHEHGUFNWHPLFKXQG YHUODQJWHQDFKGLHVHU%HLFKWH1XQHUVWLVWDOOHVZLHGHUNODU ]ZLVFKHQXQVXQGLFKNDQQ,KQHQZLHGHUIUHLLQV$XJHVHKHQ $EHUQXQJHQXJ.RPPHQ6LH0DQZLUGXQVRKQHKLQVFKRQ YHUPLWKDEHQ© 8QGVLHQDKPVHLQHQ$UPXQGVFKHU]WHª1LFKWZDKU"2QUHYLHQW WRXMRXUVjVHVSUHPLHUVDPRXUV8QGHLQ*OFNGDLFKHV,KQHQ ODFKHQGDXVVSUHFKHQNDQQXQGLQHLQHP0RPHQWHUHLQHUXQG JDQ]HU)UHXGH© 9LFWRLUHWUDW6FKDFKXQGLKUHU0DPDYRQGHP(FN]LPPHUKHU HQWJHJHQXQGVDJWHª1XQZDVZDUHV"© ª(LQH /LHEHVHUNOlUXQJ© ª,FKGDFKWHV8QGHLQ*OFN6FKDFKGDZLUPRUJHQUHLVHQ 1LFKWZDKU",FKP|FKWHGHU:HOWXPNHLQHQ3UHLVGDV%LOGHLQHU HLIHUVFKWLJHQ7RFKWHUJHEHQ©
8QG0XWWHUXQG7RFKWHUQDKPHQDXIGHP6RID3ODW]ZRVLFK $OYHQVOHEHQXQG1RVWLW]LKQHQJHVHOOWHQ ,QGLHVHP$XJHQEOLFNZXUGH6FKDFKGHU:DJHQJHPHOGHWXQGHV ZDUDOVREHUVLFKEHLGLHVHU0HOGXQJYHUIlUEH)UDXYRQ&DUD\RQ VDKHVDXFK(UVDPPHOWHVLFKDEHUUDVFKZLHGHUHPSIDKOVLFK XQGWUDWLQGHQ.RUULGRUKLQDXVZRGHUNOHLQH*URRPPLW0DQWHO XQG+XWDXILKQZDUWHWH9LFWRLUHZDULKPELVDQGLH7UHSSH KLQDXVJHIROJWDXIGHUQRFKYRP+RIKHUHLQKDOEHU7DJHVVFKHLQ IOLPPHUWH ª%LVDXIPRUJHQ©VDJWH6FKDFKXQGWUHQQWHVLFKUDVFKXQGJLQJ $EHU9LFWRLUHEHXJWHVLFKZHLWEHUGDV*HOlQGHUYRUXQG ZLHGHUKROWHOHLVHª%LVDXIPRUJHQ+|UVWGX":RVLQGZLU PRUJHQ"© 8QGVLHKHGHUVH.ODQJLKUHU6WLPPHYHUIHKOWHVHLQHV (LQGUXFNVQLFKWDXFKLQGLHVHP $XJHQEOLFNHQLFKW(UVSUDQJGLH 6WXIHQZLHGHUKLQDXIXPDUPWHVLHZLHZHQQHU$EVFKLHG QHKPHQZROOHIULPPHUXQGNWHVLH ª$XI:LHGHUVHKQ0LUDEHOOH© 8QGQDFKKRUFKHQGK|UWHVLHQRFKVHLQHQ6FKULWWDXIGHP)OXU 'DQQILHOGLH+DXVWULQV6FKORXQGGHU:DJHQUROOWHGLH6WUDH KLQXQWHU $XIGHP%RFNHVDHQ2UGRQQDQ]%DDUVFKXQGGHU*URRPYRQ GHQHQMHQHUVLFK VHLJHQVDXVEHGXQJHQKDWWHVHLQHQ5LWWPHLVWHU XQG*XWVKHUUQDQGLHVHPVHLQHP(KUHQWDJHIDKUHQ]XGUIHQ :DVGHQQDXFKRKQHZHLWHUHVEHZLOOLJWZRUGHQZDU$OVGHU :DJHQDXVGHU%HKUHQ LQGLH:LOKHOPVVWUDHHLQERJJDEHV HLQHQ 5XFNRGHU6FKODJRKQHGDHLQ6WRYRQXQWHQKHU YHUVSUWZRUGHQZlUH ª'DPQ©VDJWHGHU*URRPª:KDW VWKDW"© ª:DWHWLV":DWVROOHWVLQG.OHHQHU"(Q6WHHQLVHWHQGRWHU )HOGZHEHO© ª2KQR%DDUVFK1LFKVWRQH WZDVVRPHWKLQJGHDUPHOLNH VKRRWLQJ©
ª6FKXWLQJ"1DQX© ª