2WWR%RQKRII+HUEHUW6FKDXHU6LHEHQ$XJHQKDWGHU3IDX 9LHUWHU%DQGDXVGHU6HULH Ä'DVXQVLFKWEDUH9LVLHU 0LOLWl...
206 downloads
568 Views
1MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
2WWR%RQKRII+HUEHUW6FKDXHU6LHEHQ$XJHQKDWGHU3IDX 9LHUWHU%DQGDXVGHU6HULH Ä'DVXQVLFKWEDUH9LVLHU 0LOLWlUYHUODJGHU'HXWVFKHQ'HPRNUDWLVFKHQ5HSXEOLN 9(% %HUOLQ 'UXFNHUHL1HXHV'HXWVFKODQG%HUOLQ 'UXFNXQG:HLWHUYHUDUEHLWXQJ 'UXFNHUHLGHV0LQLVWHULXPV IU1DWLRQDOH9HUWHLGLJXQJ 9(% %HVWHOOQXPPHU ''50
:LHIULVFKJHZDVFKHQVLHKWGLH6WUDHDXV'HQ$VSKDOWKDW GLH6RQQHVFKRQJHWURFNQHW1XUGHUHUGLJH5DQGVWUHLIHQ EHZDKUWQRFKGLH)HXFKWLJNHLW(UWUlJW3IW]HQ'HU)LFK WHQZDOGEHLGHUVHLWVGHU&KDXVVHHZLUNWKHXWHEHVRQGHUVJUQ 'HUKHIWLJH5HJHQGHUOHW]WHQ1DFKWKDWGHQ6WDXEHLQHUODQJHQ 7URFNHQSHULRGHKLQZHJJHVSOWGLHbVWHJOHLFKVDPQHXJH ODFNWXQGVLHJOlQ]HQGJHPDFKW'LH0RRVSROVWHUVLQGJH VFKZROOHQ,P6WUDHQJUDEHQVWHKW:DVVHU(VLVWNXU]QDFK HOI8KUNHLQH:RONHDP+LPPHOHLQVFK|QHU6RQQWDJ $XIGHP%HLIDKUHUVLW]OLHJWHLQDXIJHIDOWHWHV0HWLVFKEODWW $FKLP'HWMHQQLPPWHV]XU+DQGQDFKGHPHUDQGHQ6WUDHQ UDQGJHIDKUHQLVWXQGJHKDOWHQKDW9DUQGRUIOLHJWKLQWHULKP HUPXVLFKVFKRQLP-DJHQEHILQGHQ'HU=HLJHILQJHU JOHLWHWEHUGLH.DUWH'LH&KDXVVHHGLHJURH.UHX]XQJ ]ZHLQHLQGUHL$E]ZHLJXQJHQGLHLQGHQ:DOGIKUHQ8QG EHLGHUYLHUWHQPVVHHUQDFKUHFKWVDEELHJHQKDW*HQHUDOYRQ :LHVHQHFNEHLGHU(UNOlUXQJGHV:HJHVJHVDJW (UIlKUWMHW]WODQJVDPZHLWHU8PGLHVH6WXQGHKDW'HWMHQ GLH&KDXVVHHVRJXWZLHIUVLFKDOOHLQ=ZHL0RWRUUlGHU NQDWWHUQYRUEHU'LH6R]LXVIDKUHUKDEHQ$QJHOQJHVFKXOWHUW 'LH5XFNVlFNHVLQGDXVJHEHXOWXQGVHKHQDXVDOVKlWWHQLKUH %HVLW]HUDQGLHVHP0RUJHQHLQHQJXWHQ)DQJJHWDQ $FKLPVHXI]W'LHGDN|QQHQEHULKUH)UHL]HLWYHUIJHQ XQGWXQZDVLKQHQ9HUJQJHQPDFKW1DVFK|QLKPZUGH
$QJHOQVLFKHUNHLQHQ6SDEHUHLWHQ6WXQGHQODQJDP:DVVHU VLW]HQXQGGDUDXIZDUWHQGDHWZDVJHVFKLHKWQHLQGDVLVW QLFKWVHLQH6DFKH(U]LHKWHVYRUGDV*HVHW]GHV+DQGHOQV VHOEVW]XEHVWLPPHQ:HQLJVWHQVVRZHLWHVLQVHLQHU0DFKW VWHKW 1DFKUHFKWV,PVHOEHQ$XJHQEOLFNWULWWHUYROODXIGLH %UHPVHZHLOGHU9:.lIHUGHUHEHQVRUXKLJODJ]X VFKDXNHOQEHJLQQWZLHHLQ.XWWHUEHLVFKZHUHU6HH'XOLHEHU +LPPHO'HU:DOGZHJJOHLFKWHLQHP)OXGHOWD'LH5HLIHQ VFKZHUHU)DKU]HXJHKDEHQHLQH8QPHQJHYRQ6SXUHQLQGHQ %RGHQJHJUDEHQ'LHVWHKHQMHW]WYROO:DVVHU(LQH9LHO]DKO YRQ5LQQHQGXUFK'lPPHJHWUHQQWEUHLWHWVLFKDXVXQGHV LVWVFKZHUDE]XVFKlW]HQZLHWLHIGLHHLQ]HOQHQ3IW]HQVLQG 1XQPLWGHP&KDVVLVDXI]XVHW]HQXQGVWHFNHQ]XEOHLEHQGDV N|QQWHLKPJHUDGHQRFKSDVVHQ2KQHIUHPGH+LOIHNlPHHU VFKZHUOLFKIUHLXQGGLH)RUVWIDKU]HXJHGLHGHQ:HJYHU ZVWHWKDEHQZlUHQZHQQEHUKDXSWIUKHVWHQVPRUJHQ ZLHGHU]XHUZDUWHQ$FKLP'HWMHQVLHKWDXIGDV:DVVHUOD E\ULQWKXQGVHLQH+DOEVFKXKHQLHGHU]LHKWGLH7U]XXQG PDQ|YULHUWGHQ:DJHQDQGHQ5DQG'RUWLVWGHU%RGHQKDOE ZHJVIHVWGDOlWVLFKREZRKOPLWEHWUlFKWOLFKHU6FKUlJODJH YRUDQNRPPHQ'DGDV1LHGHUKRO]UDVFKHOQGDQGHU.DURV VHULHHQWODQJVFKOHLIWVW|UWLKQQLFKW(ULVWNHLQHUGHU6RQQ WDJVIDKUHUGLHGHUNOHLQVWH.UDW]HU]X7UlQHQUKUW GDV$XWR LVWIULKQDXVVFKOLHOLFKHLQ%HI|UGHUXQJVPLWWHO /DQJVDPH)DKUWYRUDXV+ROSHUQGXQGVWRHQGTXlOWVLFK GHU:DJHQLPNOHLQHQ*DQJLQGLH7LHIHGHV:DOGHV+LQWHQ JLEWHVHLQHQ%XPV'DVIUGHQ+HUUQ2EHUVWEHVWLPPWH %FKHUSDNHWLVWYRP5FNVLW]DXIGHQ%RGHQJHIDOOHQ$FKLP OlWHVGRUWOLHJHQ (UWUlJWMDVHOEVW6FKXOGDQGLHVHU*HOlQGHIDKUW+lWWHHU VLFKQLFKWGHQNHQN|QQHQGDGHU*HQHUDOHWZDVLP6FKLOGH IKUWHDOVHULKQIUDJWH ª0RUJHQLVW6RQQWDJKDEHQ6LHHWZDV YRU"© ª1HLQ©KDWWHHUJHUDGH]XJHDQWZRUWHWª)DXOHQ]HQ VFKZLPPHQJHKHQQLFKWV*HQDXHV©8QGGDPLWIRUGHUWHHU
GLH(UNXQGLJXQJKHUDXV ª:ROOHQ6LHPLUHLQHQ*HIDOOHQ WXQ"© :HOFKHU2IIL]LHUNDQQHVVLFKOHLVWHQHLQHP*HQHUDONHLQHQ *HIDOOHQWXQ]XZROOHQ8PVRPHKUZHQQGLHVHU%ULJDGHJH QHUDOEHLHEHQMHQHP0LOLWlULVFKHQ$EVFKLUPGLHQVW 0$' GHU %XQGHVZHKUHLQHEHKHUUVFKHQGH5ROOHVSLHOWGHU.XQGVFKDI WHUQGHV0LQLVWHULXPVIU6WDDWVVLFKHUKHLWGHU'HXWVFKHQ 'HPRNUDWLVFKHQ5HSXEOLNYRQ$PWVZHJHQZHQLJJHZRJHQ VHLQGDUI'HU/XIWZDIIHQPDMRULP%RQQHU9HUWHLGLJXQJV PLQLVWHULXP$FKLP'HWMHQKDWDOOHQ*UXQGVLFKGDVDKQXQJV ORVH:RKOZROOHQGHVPlFKWLJHQ0DQQHV]XEHZDKUHQ'DHU HVJHQLHWLVWLQVHLQHU'LHQVWVWHOOHDXIGHU+DUGWK|KHEH NDQQWXQGZHQQGRUWDXFKQLHPDQGGDUEHUVSULFKWGLH XQWHUVWHOOWHª)UHXQGVFKDIW©GHV0DMRUVXQGGHV$EZHKU JHQHUDOVEULQJW9RUWHLOH0DQFKH+UGHKDWHUGDGXUFK QHKPHQN|QQHQXQGZHQQHUJHOHJHQWOLFK=XJDQJ]Xª6WUHQJ JHKHLP©0DWHULDOHUKLHOWGDVLKPHLJHQWOLFKKlWWHYHUVFKORV VHQEOHLEHQPVVHQVRGDQNWHHUGDVGHPLKPDXI*UXQGVHLQHU %H]LHKXQJHQ]XP0$'DQJHKlQJWHQ6LHJHOY|OOLJHU=XYHU OlVVLJNHLW(UWXWJXWGDUDQ*HUWYRQ:LHVHQHFNGHQHUEHWHQHQ 'LHQVW]XHUZHLVHQ *HVWHUQZDUGHU*HQHUDOJDQ]XQHUZDUWHWLQ'HWMHQV'LHQVW ]LPPHUHUVFKLHQHQXQGKDWWHDEJHZLQNWDOV$FKLPVLFKYRU VFKULIWVPlLJDOV9HUWUHWHUGHVDEZHVHQGHQ$EWHLOXQJVOHLWHUV 2EHUVW%ULQNPDQQPHOGHWH(UZROOWHJOHLFKZLVVHQZDVGHU 0DMRUYRUVLFKDXIGHP6FKUHLEWLVFKKDEH1DWUOLFKILHOHU QLFKWPLWGHU7ULQV+DXVHLJHQWOLFKJLQJLKQGLHVH$UEHLWGHU /XIWZDIIHJDUQLFKWVDQDEHUGLH)RUPXOLHUXQJª,FKVHKH6LH PVVHQIU%ULQNPDQQDXIDUEHLWHQ©YHUULHWVHLQH1HXJLHU 'XUFKHLQ6HQNHQGHU6WLPPH9HUWUDXOLFKNHLWHU]HXJHQG KDWWH'HWMHQPLWJHWHLOWHUVLW]HDQHLQHU3URMHNWYRUODJHIUGHQ 9HUWHLGLJXQJVDXVVFKXGHV%XQGHVWDJHV'HU*HQHUDOJDE VLFKGHQ$QVFKHLQY|OOLJHU,QIRUPLHUWKHLWXQGPHLQWHGLHVH XQWHUVWUHLFKHQ]XPVVHQPLW$OOJHPHLQSOlW]HQZLHª'LH +HUUHQYRQGHU6R]LDOGHPRNUDWLHKDEHQHVHLOLJGDPLW© 3Ul]LVHUZDUGDQQGDV ª:HOFKH'LUHNWLYHKDW%ULQNPDQQ
,KQHQKLQWHUODVVHQ"2GHUP|FKWHQ6LHGDUEHUQLFKWVSUH FKHQ"© ª3KDQWRPDFKWXQGDFKW]LJQXUhEHUJDQJVO|VXQJ'LHGHXW VFKH05&$LVW1XPPHUHLQV©KDWWHGHU0DMRUJHDQWZRUWHW ZLHDXVGHU3LVWROHJHVFKRVVHQ2ELKPYRQ:LHVHQHFNGLH (UZLGHUXQJDQKHLPVWHOOWHRGHUQLFKWHUHUZDUWHWHVLHXQG VFKRQHLQEORHV=|JHUQKlWWHGHU$FKVHLKUHV9HUKlOWQLVVHV HLQHQ.QLFNJHEHQN|QQHQ'HUJOHLFKHQXQHQWZHJWLP$XJH ]X KDEHQXQGHV]XEHGHQNHQLVWGHP.XQGVFKDIWHU:HUQHU %UHGHEXVFKLQGHU0DVNHGHVHKHPDOLJHQIDVFKLVWLVFKHQ-DJG IOLHJHUV$FKLP'HWMHQLQ)OHLVFKXQG%OXWEHUJHJDQJHQ+LHU GDUILKPNHLQ)HKOHUXQWHUODXIHQ HLQHLQ]LJHV9HUVDJHQ N|QQWHGDV(QGHVHLQHU$UEHLWQDFKVLFK]LHKHQ1LFKWGD HUVLFKYRUHLQHU(QWGHFNXQJVHLQHUZDKUHQ,GHQWLWlWIUFKWHWH GLH*HIDKUEHVWHKWLPPHUEHLGHU$UW$UEHLWGLHHUOHLVWHW DEHUZUGHQLFKWVHLQ$XVIDOOGHQ9HUOXVWHLQHUZLFKWLJHQ ,QIRUPDWLRQVTXHOOHIUGLH*HQRVVHQLQ%HUOLQEHGHXWHQHLQHU ,QIRUPDWLRQVTXHOOHGLHLQODQJHQ-DKUHQPLWJU|WHU6RUJIDOW XQGXQVlJOLFKHU0KHDXIJHEDXWZRUGHQLVW" ª'LHHLHUOHJHQGH:ROO0LOFKXQG)OHLVFKVDX©KDWWHGHU *HQHUDOGLH(UZlKQXQJGHV0HKU]ZHFNIOXJ]HXJV05&$ XQHUQVWPLWGHP7HUPLQXVHLQHVEHNDQQWHQ1DFKULFKWHQ PDJD]LQVNRPPHQWLHUWª,FKYHUVWHKHMDQLFKWVGDYRQDEHU PXGHQQGLHVH(QWZLFNOXQJVRODQJHGDXHUQ"© 'HWMHQQDKPGHQOHLFKWHQ7RQDXIXQGZDUIKLQHLQH 0DVFKLQHGLHSUDNWLVFKDOOHVN|QQHQVROOHHUIlQGHQGLH .RQVWUXNWHXUHKDOWQLFKW]ZLVFKHQ)UKVWFNXQG$EHQGEURW OHLGHU 9RQ:LHVHQHFNGHXWHWHDXIGLH3URMHNWYRUODJHXQGVDJWH XQYHUPLWWHOWHUZUGHVLFKGDV$UEHLWVSDSLHUJHUQHLQPDO DQVHKHQHKHHVGDV5HIHUDWYHUODVVH ª$XIGHP'LHQVWZHJ"©IUDJWH$FKLP]XUFN 'LH$QWZRUWNDQQWHHULPYRUDXVª%HLP$PWIU6LFKHUKHLW SIOHJWPDQLQVROFKHQ)lOOHQLPPHU]XVDJHQ /LHEHUSUL YDW!© (LQH6HNXQGHODQJEHJHJQHWHQVLFKLKUH%OLFNH6LHOlFKHOWHQ EHLGH$XIGLHVHP*HELHWYHUVWDQGHQVLHVLFK
'DVODVVHVLFKPDFKHQKDWWH'HWMHQEHVWlWLJWXQGHUNOlUW 2EHUVW%ULQNPDQQNRPPHLQHLQHU:RFKHDXVGHP8UODXE ]XUFNXQGZQVFKHGLH9RUODJHGDQQDXIVHLQHP6FKUHLEWLVFK ]XILQGHQ*HQJHQG=HLWDOVR 0LWHLQHP6FKODJZLUGGHU:DOGZHJEHIDKUEDU'LH VFKZHUHQ%XOOGR]]HUGHU)RUVWYHUZDOWXQJKDEHQLKQKLHU YHUODVVHQXQGVLQGQDFKOLQNVLQ5LFKWXQJ.DKOVFKODJDE JHERJHQ$FKLPDWPHWHUOHLFKHUWDXIXQGVFKDOWHWKRFK-HW]W EOHLEWLKPDXFK=HLWIUHLQHQ%OLFNDXIGLH6FK|QKHLWGHV :DOGHVGHULKQKRFKVWlPPLJXPJLEW6FKZHUH=ZHLJHUHL FKHQELVDXIGHQ%RGHQKHUDEXQGHU]HXJHQWLHIHQ6FKDWWHQ 0lUFKHQJHVWDOWHQN|QQWHQGD]X+DXVHVHLQGHUE|VH:ROI KLQWHUHLQHP%DXPKHUYRUOXJHQ(LQ(LFKK|UQFKHQLVW]X VHKHQGDVEHUGHQ:HJKXVFKW'HWMHQOlFKHOW(UGUHKWGDV )HQVWHUJDQ]KHUXQWHU:DOGOXIWWDQNHQ (LQH%LHJXQJXQGHLQ6WFNKLQWXWVLFKHLQH/LFKWXQJDXI GLHHLQ-DJGKDXVWUlJW ª.HQQHQ6LH%ULQNPDQQV%ORFNKDXV"©KDWWHYRQ :LHVHQHFNJHVWHUQJHIUDJW$OVGHU0DMRUYHUQHLQWHEHWHXHUWH HU ª6LHVROOWHQHVDEHUNHQQHQ:XQGHUVFK|QJHOHJHQ*H UDGH]XGDV3DUDGLHVIUHLQHQVROHLGHQVFKDIWOLFKHQ-lJHUZLH HUHLQHULVW0RUJHQLVW6RQQWDJKDEHQ6LHHWZDVYRU"© ª)DXOHQ]HQVFKZLPPHQJHKHQQLFKWV*HQDXHV© ª:ROOHQ6LHPLUGHQ*HIDOOHQWXQ"© (VZDUGDQQGLH5HGHGDYRQJHZHVHQ%ULQNPDQQKDEHYRQ :LHVHQHFNDQJHUXIHQXQGLKQJHEHWHQLKPHLQLJHVHLQHU]HLW JHKHLPJHZHVHQHXQGZlKUHQGGHV]ZHLWHQ:HOWNULHJHVXQWHU 9HUVFKOXJHKDOWHQH0DWHULDOLHQGHV2EHUNRPPDQGRVGHU /XIWZDIIH]XEHUODVVHQGLHYRQ:LHVHQHFNDOVMXQJHU2I IL]LHUGHU$EZHKUDEWHLOXQJª)UHPGH+HHUH2VW©LQGLH+lQGH EHNRPPHQXQGEHL.ULHJVHQGHQLFKWDEJHJHEHQKDWWH2EHUVW %ULQNPDQQKlWWHGLHGDULQHQWKDOWHQHQ$QJDEHQUHFKWJHUQLQ VHLQHQ0HPRLUHQYHUZDQGW(UGHU*HQHUDOZlUHJHUQVHOEVW KLQDXVJHIDKUHQZLHYLHOHJHPHLQVDPH(UOHEQLVVHN|QQHPDQ DXIIULVFKHQGRFKQXQVHLGDVXQP|JOLFKXQGHUZUGHHV EHJUHQZHQQ'HWMHQ8QGHLQ$XVIOXJLQV*UQHZlUH LPPHU]XHPSIHKOHQ
9LHOOHLFKWKDWWHGHU.XQGVFKDIWHU:HUQHU%UHGHEXVFK JHGDFKWN|QQHHVQW]OLFKVHLQPHKUYRQGHU3ULYDWVSKlUHGHV HLJHQWOLFKVHKU]XUFNKDOWHQGHQ$EWHLOXQJVOHLWHUV]XHUIDKUHQ 'HUZDUHUVWYRUNXU]HPDXVGHP1$72+DXSWTXDUWLHULQ %UVVHOQDFK%RQQ]XUFNYHUVHW]WZRUGHQXQG]XQHXLP$PW DOVGDGDVJHJHQVHLWLJH9HUKlOWQLVPHKUDOVI|UPOLFKKlWWH VHLQN|QQHQ-HW]WJHKWHVLP5HIHUDWVHKUNRUUHNW]XXQG PDQFKHUGHQNWZHKPWLJDQGLH=HLWHQ]XUFNLQGHQHQGHU DOWH*QWHU.U|VLQJELV]XVHLQHU3HQVLRQLHUXQJ&KHIZDU .U|VLQJNHKUWHXQHQWZHJWGDVHKHPDOLJHª)URQWVFKZHLQ© KHUDXVª1HXH0DVFKLQHQQHXH0RQWXUDEHUGHU*HLVWGHU 7UXSSHVR©XQGHQWVSUHFKHQGIRUVFKXQGXQEHNPPHUW ZDUDXFKVHLQ/HLWXQJVVWLO0DQFKHPHLQ'RUQLP$XJH 'HU0RRVWHSSLFKUHLFKWELVDQGDV%ORFNKDXVKHUDQ'DV VWHKWGDZLHHLQH,OOXVWUDWLRQDXVGHPª/HGHUVWUXPSI© NORELJH %DONHQIHVWLQHLQDQGHUJHIJWQLHGULJDEHUZHLWUlXPLJHLQ DXVODGHQGHV6WURKGDFKGDVYRUGHP(LQJDQJHLQH6LW]IOlFKH EHUVSDQQW6RVHOWVDPNQRUULJZLHGDV+DXVVHOEVWVLQGDXFK GLH%lQNHXQGLVWGHU7LVFKGDYRU 'HWMHQIlKUWGLFKWKHUDQVWHLJWDXVQLPPWGDV3DNHWXQWHU GHQ$UPXQGJHKWDXIGHQ(LQJDQJ]X8QZLOONUOLFKVLHKWHU DXIVHLQH$UPEDQGXKU(VLVWLQ]ZLVFKHQKDOE]Z|OIJHZRU GHQDEHUDOOH)HQVWHUOlGHQVLQGJHVFKORVVHQ'DV+DXVPDFKW GHQ(LQGUXFNDOVEHILQGHHVVLFKLQWLHIHP6FKODI'LH6WLOOH GHU8PJHEXQJZLUGQXUYRQ9RJHOVWLPPHQGXUFKEURFKHQ *DQ]OHLVH]ZLWVFKHUQ0HLVHQ $FKLPWULWWQlKHU'HU0RRVWHSSLFKVFKOXFNWGDV*HUlXVFK GHU6FKULWWH'HUHLVHUQH.ORSIHUOlUPW,PVHOEHQ$XJHQEOLFN VFKOlJWLP%ORFNKDXVHLQ+XQGDQDEHUGDVDQIlQJOLFKH *HNOlIIYHUZDQGHOWVLFKXPJHKHQGLQHLQODQJJH]RJHQHV NODJHQGHV+HXOHQ'DV7LHUKlOWVLFKQLFKWXQPLWWHOEDUKLQWHU GHU7UDXI 6RQVWUHJWVLFKQLFKWV ª*XWHQ0RUJHQ+HUU2EHUVW©UXIW'HWMHQXQGQHQQWVHLQHQ 1DPHQ(UHUZDUWHWHLQH$QWZRUW(VJLEWNHLQH1XUGHU+XQG NOlIIWZLHGHUDOVHUGLHIUHPGH6WLPPHK|UW
'HU0DQQPLWGHP3DNHWXQWHUP$UP]|JHUW0|JOLFKZlUH MDQRFKGD%ULQNPDQQVFKRQYRU7DJVHLQ*HZHKUJH VFKXOWHUWKDWXQGKLQDXVLQV5HYLHUJHJDQJHQLVW$EHUKlWWH HUGDQQGHQ+XQG]X+DXVHJHODVVHQ" 8QHQWVFKORVVHQVWUHFNW$FKLPGLH+DQGQDFKGHU.OLQNH DXVXQGGUFNWVLHQLHGHU'LH7UJLEWQDFK'DV7DJHVOLFKW HUKHOOWHLQHQUHFKWHFNLJHQ9RUUDXP'HU%ORFNKDXVFKDUDNWHU LVWDXFKKLHUJHZDKUWZRUGHQ QDWXUIDUEHQHV+RO]EHZXW JUREJHIXJW(LQH.OHLGHUDEODJHEHILQGHWVLFKKLHU2EHQDXI OLHJWHLQYHUEHXOWHU-lJHUKXWPLW*DPVEDUW(LQ/RGHQPDQWHO XQGHLQH5HJHQSHOHULQHKlQJHQGDXQGDXIGHP5RVWVWHKHQ 3LUVFKVWLHIHO'HWMHQQLPPWGDVDOOHVZDKUXQGHUHUEOLFNW DXFKHLQ)HUQJODVDP+DNHQ1HLQHVVLHKWQLFKWVRDXVDOV KDEHGHU+DXVKHUUGLH%ORFNKWWHYHUODVVHQ :WHQGHUNOlIIWMHW]WGHU+XQG'HWMHQODXVFKW5HFKWVYRQ LKPEHILQGHWVLFKHLQH7UJHUDGHDXVLVWHLQHXQGOLQNVVLQG ]ZHL+LQWHUHLQHUGHUEHLGHQVWHFNWGDV7LHU ª+HUU2EHUVW©UXIW$FKLPQRFKHLQPDOª0DMRU'HWMHQ +HXWHDOV3ULYDWNXULHUYRQ+HUUQYRQ:LHVHQHFN*HVWDWWHQ 6LHHLQ]XWUHWHQ"© -HW]WEHNRPPWHUHLQJDQ]XQJXWHV*HIKO8QGDOVZLHGHU NHLQH$QWZRUWJHJHEHQZLUGUHLWHUGLHPLWWOHUH7UDXI 'DEHLVWHKWHUQHEHQGHP5DKPHQXQEHZXWLQVWLQNWLY DOVGURKHLKPDXVGHP5DXP*HIDKU 'DVPXGDVJU|WH=LPPHULP%ORFNKDXVVHLQXQGHVHWZD ]XU+lOIWHHLQQHKPHQ'LH'XQNHOKHLWJlKQW'HWMHQDQXQG HVLVWVWLOOGDULQhEHUKDXSWVFKHLQWDXIHLQPDODOOHVLP+DXV GHQ$WHPDQ]XKDOWHQELVDXIGHQ+XQG9RQGHU7UOLQNV NRPPWHLQNUDW]HQGHV*HUlXVFK .DXPPHUNOLFKLVWLQGHU'XQNHOKHLWGHU8PULGHU)HQVWHU ]XHUNHQQHQGQQHUHFKWHFNLJH/LFKWOHLVWHQ$FKLPOHJWGDV 3DNHWDEQLPPWVHLQ)HXHU]HXJKHUDXVXQGOlWHVDXI IODPPHQ'LHVFKZDFKH)ODPPHUHLFKWQLFKWDXVGDV=LPPHU DXV]XOHXFKWHQDEHUVLHJLEWJHQXJ+HOOLJNHLWXPGHQ:HJ]XP )HQVWHURKQHDQ]XVWRHQ]XILQGHQ .OHLQH6FKHLEHQPHKUIDFK]XVDPPHQJHVHW]WEOHLJHIDW
DXFKGDVHLQH(ULQQHUXQJDQª/HGHUVWUXPSI©'HWMHQ|IIQHW GLH)OJHOKDNWGLH)HQVWHUOlGHQDXVXQGVW|WVLHDXI)U HLQHQ0RPHQWEOHQGHWGHU7DJ $OVHUVLFKXPZHQGHWVWRFNWLKPGHU$WHP1HLQ2EHUVW %ULQNPDQQKDWVHLQ%ORFNKDXVKHXWHQLFKWYHUODVVHQ(UOLHJW VHOWVDP]XVDPPHQJHNUPPWYRUVHLQHP6FKUHLEWLVFKXQG QHEHQLKPLVWDXIGHP7HSSLFKHLQGXQNOHU)OHFN%OLFNORVH ZHLWJH|IIQHWH$XJHQVWDUUHQDQ$FKLPYRUEHU(LQHQKDOEHQ 6FKULWWYRQGHP7RWHQHQWIHUQWOLHJWHLQ-DJGJHZHKU 'HWMHQVWHKWZLHHUVWDUUWGLFKWDQGHU)HQVWHUZDQGEH WURIIHQXQGUDWORV'UDXHQ]ZLWVFKHUQLPPHUQRFKGLH 0HLVHQ1HEHQDQWREWGHU+XQG8QGGDOLHJW%ULQNPDQQLP -lJHUKHPGPLWHLQHU/HGHUZHVWHXQGJUQHQ%UHHFKHVEHU GHUHQ:DGHQWHLOHJUDXH:ROOVWUPSIHJH]RJHQVLQG :LHYHUlQGHUW%ULQNPDQQZLUNW$FKLPKDWLKQQLHDQGHUV JHVHKHQDOVVWUDIIDXIJHULFKWHWSHGDQWLVFKDXI+DOWXQJEH GDFKWLQSHQLEHONRUUHNWHU8QLIRUP.U|VLQJQDQQWHLKQ DEZHFKVHOQGHLQHQ/DFNDIIHQXQGHLQHQ8QLIRUPVWlQGHUGHP QLFKWVZLFKWLJHUZlUHDOVGLH8QLIRUPXQGGLH6FKXOWHUVWFNH $QLKQHQEHLGHQKDWWH.U|VLQJZHLWHUJHVDJWN|QQWH'HWMHQ GHQ8QWHUVFKLHG]ZLVFKHQHLQHP)URQWRIIL]LHUXQGHLQHP 6FKUHLEWLVFKVWUDWHJHQVWXGLHUHQ:lKUHQGHU.U|VLQJDOV *HVFKZDGHUNRPPRGRUHPLWVHLQHQ0lQQHUQDXI)HOGIOXJ SOlW]HQWLHILP/DQGGHV*HJQHUVLP'UHFNODJWUXJ%ULQN PDQQLP5HLFKVOXIWIDKUWPLQLVWHULXPLQGHU%HUOLQHU:LOKHOP VWUDH$NWHQWDVFKHQYRQ=LPPHU]X=LPPHU:HQLJVWHQV ZlUHLKPHUVSDUWJHEOLHEHQ%ULQNPDQQDOVVHLQHQ1DFKIROJHU HLQ]XDUEHLWHQ2EHUVWYRQ%RFNGHULKQDOV5HIHUDWVOHLWHU DEO|VWHVHL]ZDUDXFKHLQ%URKHQJVWJHZHVHQDEHUZHQLJ VWHQVQLFKWVRXQV\PSDWKLVFKZLH%ULQNPDQQ9LHOOHLFKWODJ HVGDUDQGDPDQVRZHQLJYRQ%ULQNPDQQZXWH1LFKW HLQPDOGDVGDHUHLQSDVVLRQLHUWHU:HLGPDQQZDUKDWWHVLFK KHUXPJHVSURFKHQ $FKLPUlXVSHUWVLFK6HNXQGHQODQJIKOWHUVLFKYHUVXFKW GDVJDQ]H%ORFNKDXVJUQGOLFKLQ$XJHQVFKHLQ]XQHKPHQ(U XQWHUOlWHV1LFKWVEHUKUHQQLFKWVYHUlQGHUQ'LH8QWHU
VXFKXQJLQ*DQJVHW]HQ'DVQlFKVWH7HOHIRQEHILQGHWVLFK LQ9DUQGRUI'RUWKLQPXHUMHW]WIDKUHQ 6FKRQDQGHU7UEOHLEWHUQRFKHLQPDOVWHKHQ'DOLHJW %ULQNPDQQGDLVWGDV*HZHKU(LQ8QIDOO"(LQ6FKXGHU ORVJLQJDOVGHU2EHUVWGLH:DIIHUHLQLJHQZROOWH"'HWMHQ VFKWWHOWGHQ.RSI(LQ0DQQGHUVHLQ/HEHQODQJ8PJDQJ PLW:DIIHQKDWWHXQGHQNEDU(LQVRSHGDQWLVFKHU0DQQ GD]XQHLQGHUUHLQLJWHNHLQ*HZHKURKQHHV]XYRUYRU VFKULIWVPlLJHQWODGHQ]XKDEHQ 0RUG" 'DVIHVW]XVWHOOHQLVW6DFKHGHU3ROL]HL $EHUDOVHULQ9DUQGRUILQGHU7HOHIRQ]HOOHVWHKWZlKOWHU GLH1XPPHUGHV*HQHUDOVYRQ:LHVHQHFNXQGXQWHUULFKWHW GLHVHQEHUGHQ6DFKYHUKDOW,PPHUKLQ 'HU0DMRULVWLP $XIWUDJYRQ:LHVHQHFNV]X%ULQNPDQQJHIDKUHQHVJDELU JHQGZHOFKH9HUELQGXQJHQ]ZLVFKHQGHQEHLGHQ(UPHUNW VRIRUWGDHUULFKWLJJHKDQGHOWKDW'DV9RUNRPPQLVQLFKWDOV HUVWHU]XHUIDKUHQKlWWHGHU*HQHUDOEHOJHQRPPHQ6FKOLH OLFKLVWHUHLQ6LFKHUKHLWVRIIL]LHUEHIDWPLW9RUJlQJHQLQ QHUKDOEGHU%XQGHVZHKUXQGGHU7RWHZDU$EWHLOXQJVOHLWHU DXIGHU+DUGWK|KH (UZHUGHDOOHV:HLWHUHYHUDQODVVHQVFKOLHWYRQ:LHVHQHHN GDV*HVSUlFK
:LHGHUIODPPW%OLW]OLFKWDXI)U6HNXQGHQEUXFKWHLOHWDXFKW HVGHQ%OXWIOHFNLP7HSSLFKXQGGDV*HZHKUDP%RGHQLQ JOHLHQGH+HOOLJNHLW'HU7RWHOLHJWQLFKWPHKUGD/HGLJOLFK HLQHPLW.UHLGHJH]HLFKQHWH8PULOLQLHPDFKWGHXWOLFKZLH HUJHIXQGHQZRUGHQLVW9RP6FKUHLEWLVFKZHUGHQ)LQJHU VSXUHQDEJHQRPPHQ(LQHLQ]HOQHU.RJQDNVFKZHQNHUVRZLH HLQHGD]XJHK|ULJH)ODVFKHYHUVFKZLQGHQQXUPLW*XP PLKDQGVFKXKHQDQJHIDWLQ)ROLHQWWHQ(LQ0DQQNQLHWDP
%RGHQXQGNUDW]WPLWHLQHP6FKDEHUGDVJHURQQHQH%OXWLQ HLQ5HDJHQ]JODV(LQEDWWHULHJHWULHEHQHU6SH]LDOVWDXEVDXJHU VXUUWXPGLH0|EHOKHUXPHVN|QQWHGRFKVHLQGDHLQ )UHPGHUDQVHLQHQ6FKXKVRKOHQ(UGNUPHOKHUHLQEUDFKWHGLH QLFKWDXVGLHVHU*HJHQGVWDPPHQHLQH:ROOIDVHURGHUHLQ +DDUKLQWHUOLH'DVLVWGHUPKVHOLJHXQGZHQLJVSHNWDNXOlUH $OOWDJGHU.ULPLQDOWHFKQLN8QGRIWNRPPWJDUQLFKWVGDEHL KHUDXV $OVEORHU%HREDFKWHUOHKQW$FKLP'HWMHQDP7UUDKPHQ XQGVLHKW]X-HW]WKDWHU0XHGDV=LPPHUPLW5XKH]X EHWUDFKWHQ6RZLHGDV+DXVYRQDXHQDXVVLHKWLVWHVDXFK LQQHQHLQJHULFKWHW'HUDXV)HOGVWHLQHQJHPDXHUWH.DPLQGLH VFKZHUHQ%DXHUQP|EHOGLHLKUHJDQ]H6FK|QKHLWDXVGHU XQYHUKOOWHQ6WUXNWXUGHV+RO]HVEH]LHKHQDEHUVRQVWVFKOLFKW ZLUNHQ'HU6FKUHLEWLVFKLVWHLQDOWHUWPOLFKHV6WFNPLW EUHLWHP8QWHUEDXXQGVFKPDOHP2EHUWHLO DXIGHUKHUXQWHU JHNODSSWHQ6FKUHLESODWWHVWHKWHLQH5HLVHVFKUHLEPDVFKLQH (LQH9LHO]DKOYRQ)lFKHUQRIIHQHXQGYHUVFKOLHEDUHLVW YRUKDQGHQXQGDOOHZHUGHQJH|IIQHWJHOHHUWXQGXQWHUVXFKW 1DFK)lFKHUQJHRUGQHWHUIlKUWGHU,QKDOWHLQHJUQGOLFKH 3UIXQJ'LH0lQQHUGLHGDVWXQPHVVHQGLH7LHIHGHU6FKEH XQGYHUJOHLFKHQVLHPLWGHQ0DHQGHV6FKUDQNHV6LHUFNHQ GDV0|EHOVWFNVRJDUYRQGHU:DQGZHJEHWUDFKWHQGLH 5FNVHLWHXQGQHKPHQGLH9HUELQGXQJVVWHOOHQXQWHUGLH /XSH(UQVWWXQVLHGDVZRUWORVPLWJHVDPPHOWHQPHUN ZUGLJDXVGUXFNVORVHQ*HVLFKWHUQ-HGHUZHLZDVHU]X PDFKHQKDW NHLQHUVWHKWGHPDQGHUHQLP:HJHGDVDOOHVOlXIW DEZLHDP6FKQUFKHQ 0HUNZUGLJHUZHLVHHULQQHUWGLH8QWHUVXFKXQJVJUXSSH 'HWMHQDQHLQHQ5DEHQVFKZDUP'LH0lQQHUWUDJHQDOOH=LYLO XQGPXWHQGHQQRFKZLHXQLIRUPLHUWDQ'DVPDFKHQGLH EODXHQ1\ORQPlQWHOGLHVLHQLFKWDEJHOHJWKDEHQXQGGLHVLH HLQDQGHUlKQOLFKZHUGHQODVVHQ ,QHLQHPDOWHQ6WDKOVFKUDQNLVWHLQVHKUPRGHUQHUYHU ERUJHQ*H|IIQHW]HLJWHUGLH*HZHKUHGHV-lJHUV%ULQNPDQQ =ZHLVWHKHQQRFKGULQ'DVHLQHLVWHLQ'ULOOLQJGDVDQGHUH
PLWGHQEHLGHQVWDUNHQ/lXIHQHLQH6FKURWIOLQWH'DV*HZHKU DXIGHP7HSSLFKKDW]ZHLXQWHUVFKLHGOLFKH/lXIHEHUHLQDQ GHUHLQHQVFKODQNHQIU.XJHOQXQGHLQHQEDXFKLJHUHQIU 6FKURWSDWURQHQ$FKLPGHQNWVRHWZDVQHQQHPDQZRKOHLQH %RFNEFKVIOLQWH(ULVW]XZHQLJPLWMDJGOLFKHP%UDXFKWXP XQG*HUlWYHUWUDXWXPHVJHQDX]XZLVVHQ 'LH.DPLQZDQG'LHVHGLHHLQ]LJHDXV6LFKHUKHLWV JUQGHQJHPDXHUWH:DQGLVWHLQHU6DPPOXQJDOWHU:DIIHQ YRUEHKDOWHQ6WHLQVFKORJHZHKUHKlQJHQGDHLQNXU]HU 6DXVWXW]HLQH3UVFKEFKVHHLQHODQJH)OXQGHXQGGD]X 3XOYHUK|UQHUXQGIODVFKHQ+LUVFKIlQJHUXQG6DXIHGHUQ 'D]ZLVFKHQWUDJHQ%RUGH=LQQJHVFKLUUHLQSDDU/HXFKWHUXQG HLQH%LHGHUPHLHUXKU =X'HWMHQWULWWGHU/HLWHUGHU8QWHUVXFKXQJVJUXSSHGHV 0LOLWlULVFKHQ$EVFKLUPGLHQVWHVGHQDOOHLQ*HQHUDOYRQ :LHVHQHFNDOVNRPSHWHQWIUGLHVHQ)DOOEHWUDFKWHWKDW'HU 0DQQLVWYHUJOHLFKVZHLVHMXQJHLQHVFKODQNH(UVFKHLQXQJPLW HLQHPVFKPDOHQ*HVLFKWYRQNDOWHU,QWHOOLJHQ]ª6FKHXOLFKH *HVFKLFKWH©ZLUIWHUKLQª(LQ*OFNGD6LH%ULQNPDQQ JHIXQGHQKDEHQ+HUU0DMRU(LQ0DQQLQVHLQHU3RVLWLRQGD JLEWHVLPPHUJOHLFKGLHZLOGHVWHQ*HUFKWH©(UGHXWHWDXI GLH.UHLGH]HLFKQXQJDP%RGHQª6LHKDEHQPLWLKP]XVDP PHQJHDUEHLWHW/LWWHUDQ'HSUHVVLRQHQ":LUNWHHUZLHHLQ 6HOEVWPRUGNDQGLGDW"© $FKLPV*HVLFKWEOHLEWJlQ]OLFKXQEHZHJWª8QVHU9HUKlOW QLVZDUHLQUHLQGLHQVWOLFKHV©VDJWHUREHQKLQª,FKZXWHQLFKW HLQPDOGDHU-lJHUZDU+DOWHQ6LHGDVIUHLQHQ6HOEVWPRUG" 2GHUIUHLQHQ8QIDOO"© (UHUKlOWNHLQH$QWZRUWZHLOMXVWLQGLHVHP0RPHQWMHPDQG KHUHLQNRPPWXQGPHOGHW*HQHUDOYRQ:LHVHQHFNIDKUH VRHEHQYRU'HU*HQHUDOIROJWLKPDXIGHP)XH 'HU0$'2IIL]LHU]HLJWGLH$QGHXWXQJHLQHV+DFNHQNODS SHQVª+HUU*HQHUDO+DXSWPDQQ(EHUVEDFKPLWGHU8QWHU VXFKXQJVJUXSSH%RQQHLQVEHL7DWRUWVLFKHUXQJ© 9RQ:LHVHQHFNZLQNWDEXQGUHLFKW'HWMHQGLH+DQG ª/DVVHQ6LHVLFKQLFKWVW|UHQ0DFKHQ6LHZHLWHU©
'HU*UXSSHQOHLWHUNHKUW]XVHLQHQ/HXWHQ]XUFN(UJHVHOOW VLFK]X]ZHLHQGLHQDKHGHP)HQVWHUOHLVHPLWHLQDQGHUVSUH FKHQ(LQHUGHUEHLGHQKDWMHW]WGLH%RFNEFKVIOLQWHLQGHU +DQG $QGHU)HQVWHUZDQGKlQJWHLQ*HPlOGH'LH'DUVWHOOXQJ HLQHU0DUNWV]HQHLVWGDV VLH]HLJWHLQHQ9HUNDXIVVWDQGGHU :LOGEUHWIHLOELHWHW ª'DVLVWMDXQIDEDU©OlWVLFKGHU*HQHUDOVRIRUWYHU QHKPHQª%ULQNPDQQ%HLXQVHUHP7HOHIRQDWZHJHQGLHVHV 3DNHWVZDUHUQRFKJDQ]GHUDOWH,FKYHUVWHKHGDVQLFKW© ª,FKDXFKQLFKW+HUU*HQHUDO© 6LHVWHKHQEHLGHXQGVHKHQ]XU8PUL]HLFKQXQJ1HEHQDQ LQGHU.DPPHUQHEHQGHU.FKHZLQVHOWNOlJOLFKGHU+XQG (VLVWHLQEUDXQHU6HWWHU$FKLPKDWLKQYRUKLQJHVHKHQDOV HLQHUGHU0$'/HXWHHLQ+XQGHNHQQHURIIHQEDUGLH7U |IIQHWH'HU0DQQQDKPGHQ6HWWHUDP+DOVEDQGXQGJLQJPLW LKPYRUV+DXV1DFKKHUJDEHULKP]XIUHVVHQ6HLWGHPLVW GDV7LHUHWZDVUXKLJHU 9RQ:LHVHQHFN]LHKWIDKULJVHLQH7DEDNVSIHLIHDXVGHU 7DVFKHXQGVFKLHEWVLH]XUFNRKQHJHUDXFKW]XKDEHQ(UUXIW GHQ+DXSWPDQQGHQHUJHUDGHZHJJHVFKLFNWKDWZLHGHU]X VLFKXQGIUDJWLKQQDFKVHLQHQ(UNHQQWQLVVHQ ª(LQH(LQZLUNXQJGXUFK'ULWWHVFKHLGHWDXV©HUNOlUW(EHUV EDFKª([WUHPVWDUNH6FKPDXFKVSXUHQODVVHQHUNHQQHQGD GHU6FKXDXVDOOHUQlFKVWHU1lKHDEJHJHEHQZXUGH8Q PLWWHOEDUQHEHQGHP7RWHQODJGLHVH%RFNEFKVIOLQWHGHUHQ .XJHOODXIGHUXQWHUHDEJHVFKRVVHQZXUGH,FKELQVLFKHUGD GLH2EGXNWLRQGDV]XJHK|ULJH3URMHNWLO]XWDJHI|UGHUQZLUG $XIGHU:DIIHIDQGHQZLUDXVVFKOLHOLFKGLH)LQJHUDEGUFNH %ULQNPDQQV© ª:HUVROOWHGHP2EHUVWDXFKQDFKGHP/HEHQWUDFKWHQ"© NRPPHQWLHUWGHU*HQHUDOª:LHLFKVFKRQJHVDJWKDEH (VLVW XQIDEDU© 'LH8QWHUVXFKXQJGHU:DIIHLVWDEJHVFKORVVHQ'HU+DXSW PDQQKDWQLFKWVGDJHJHQGD'HWMHQVLHQLPPW:lKUHQGHU VLHDXIGHQ+lQGHQZLHJWIUDJWHUEHLOlXILJZLHGLH6FKXEDKQ JHZHVHQVHL
ª'DV3URMHNWLOWUDWYRQXQWHQQDFKREHQLQGHQ.|USHUHLQ© HUOlXWHUW(EHUVEDFKEHUHLWZLOOLJª'LH(LQVFKXVWHOOHEHILQGHW VLFKXQWHUKDOEGHV.LQQV© $FKLPNODSSWGDV*HZHKUDEXQGEHU]HXJWVLFKGDGLH :DIIHWDWVlFKOLFKQLFKWPHKUJHODGHQLVW'DQQOlWHUGLH /lXIHZLHGHUHLQUDVWHQXQGVHW]WVLFKGLH0QGXQJHQXQWHUV .LQQ(VLVWLKPVRJXWZLHXQP|JOLFKLQGLHVHU6WHOOXQJPLW GHU+DQGGHQ$E]XJ]XHUUHLFKHQ ª*DUQLFKWVRHLQIDFKVLFKDXIGLHVH:HLVHLQGLHHZLJHQ -DJGJUQGH]XEHI|UGHUQ©JLEWHU]XEHGHQNHQXQGlUJHUWVLFK GDHUVLFKGHUQDIRUVFKHQ)RUPXOLHUXQJDXV:LOGZHVWILOPHQ EHGLHQWª%ULQNPDQQKDWWHHWZDPHLQH)LJXUXQGPLUIlOOWHV VFKZHUGHQ$E]XJ]XEHWlWLJHQ© $XIHLQPDOVHKHQDOOH]X'HWMHQKLQPLW]XUFNKDOWHQGHU 1HXJLHUHLQZHQLJEHUUDVFKW 9RQ:LHVHQHFNXQGGHU*UXSSHQOHLWHUYRQª%RQQHLQV© WDXVFKHQHLQHQNXU]HQ%OLFN'DQQVDJWGHU+DXSWPDQQNKO HUN|QQHVLFKQLFKWHULQQHUQHLQHQ6HOEVWPRUGEHKDXSWHW]X KDEHQ ª'LH6FKXEDKQVFKOLHWGLH0|JOLFKNHLWHLQHV8QIDOOVHLQ© IlKUWHUIRUWª6LHN|QQHQVLFKPKHORVEHU]HXJHQGDGLH $E]JHGHV*HZHKUVDXHURUGHQWOLFKOHLFKWJHKHQ,FKZHUGH GXUFKHLQHEDOOLVWLVFKH8QWHUVXFKXQJIHVWVWHOOHQODVVHQREHLQ KDUWHV$XIVHW]HQGHV.ROEHQVEHLHQWVLFKHUWHP*HZHKUJH QJWGHQ6FKXDXV]XO|VHQ© ª7XQ6LHGDV©'HU*HQHUDOEHNUlIWLJW ª%ULQNPDQQXQG 6HOEVWPRUGQHLQGDVSDWQLFKW]XVDPPHQ© 'HWMHQZLOOZLVVHQZDQQHWZDHVJHVFKHKHQVHL (VPVVHXP0LWWHUQDFKW$XIHLQHSUl]LVHUH=HLWDQJDEH KDEHVLFKGHU$U]WQLFKWIHVWOHJHQZROOHQHUNOlUWGHU+DXSW PDQQ 1XQIlQJWYRQ:LHVHQHFNGRFKDQGLH3IHLIH]XVWRSIHQ (UZQVFKHODXIHQGEHUGHQ)RUWJDQJGHU8QWHUVXFKXQJ XQWHUULFKWHW]XZHUGHQVDJWHUXQGYHUODQJWDEVROXWHV 6FKZHLJHQJHJHQEHUGHQ0HGLHQ'HU3UHVVHVWHOOHGHV0LQL VWHULXPVZHUGHHUVHOEVWHQWVSUHFKHQGH$QZHLVXQJHQHUWHLOHQ
$FKLPJLEWVLFKEHIOLVVHQXQGUHLFKW)HXHU'HU*HQHUDO SDIIWHLQSDDU=JHXQGGHXWHWPLWGHP3IHLIHQVWLHODXIGDV *HPlOGH ª)UDQV6Q\GHUV 'HU:LOGEUHWKlQGOHU!'DVKLHULVWQDWU OLFKHLQH.RSLHDEHUHLQHJXWH©9RQ:LHVHQHFNOLHEWHVPLW VHLQHU%LOGXQJ]XSURW]HQª6Q\GHUVZDUHLQ%UXHJHO6FKOHU XQG6SH]LDOLVWIU-DJGWLHUH.DW]HQ+XQGH*HIOJHO)LVFKH )UFKWHXQG*HPVH(LQ0DQQGHULQGHQ6SHLVHNDPPHUQ GHUJURHQ:HOW]X+DXVHZDU0DQVDJWVRJDU5XEHQVKDEH LKQJHKROWZHQQHUDXIVHLQHQ*HPlOGHQ7LHUHEUDXFKWH'HU $GOHUDXIGHP 3URPHWKHXV!%LOG]XP%HLVSLHO©(UEULFKW DEXQGOlFKHOWª,FKELQXQWU|VWOLFK'HWMHQGDLFK,KQHQDXI GLHVH:HLVHGHQ6RQQWDJYHUGRUEHQKDEHQ'DQNHGD6LH PLFKLQIRUPLHUWKDEHQ:HQQ6LHGLH/DQGHVSROL]HLJHUXIHQ KlWWHQ6RJHKHQZLUHLQHU8QPHQJHYRQ6SHNXODWLRQHQDXV GHP:HJHGLHQXU8QUXKHVWLIWHQ*OFNLP8QJOFN© 'LH0lQQHUYRQª%RQQHLQV©VLQGLPPHUQRFKDP:HUN =ZHLKRFNHQYRUGHP.DPLQXQGIHJHQEHKXWVDP$VFKHUHVWH LQ3ODVWLNWWHQ'DXQGGRUWLVWGLH$VFKHJDQ]ZHLDOVVHL 3DSLHUYHUEUDQQWZRUGHQ$QGHUHKDEHQGLH7UJHJHQEHUGHU .FKHJH|IIQHW'HWMHQVLHKWLP9RUEHUJHKHQHLQNOHLQHV 6FKODI]LPPHU$XFKKLHUZHUGHQGLH6FKUlQNHJHOHHUWYRQ GHQ:lQGHQJHUFNWXQGJHQDXXQWHUVXFKW'DVEHIUHPGHW $FKLP(VVFKHLQWLKPQLFKWUHFKW]XU6XFKHQDFK6SXUHQ HLQHVP|JOLFKHQ9HUEUHFKHQV]XSDVVHQ HUYHUPXWHWGDGLH 0lQQHUHWZDV%HVWLPPWHV]XHQWGHFNHQKRIIHQHWZDVZRYRQ VLHHLQHNODUH9RUVWHOOXQJKDEHQ(UP|FKWHQDFKGHP6LQQ GLHVHU$NWLYLWlWHQIUDJHQDEHUHUXQWHUOlWHV,QGHQ-DKUHQ VHLQHU.XQGVFKDIWHUWlWLJNHLWKDWHUJHOHUQWVHLQH1HXJLHUVR ]XGRVLHUHQGDVLHXQDXIIlOOLJEOHLEW :lKUHQGHUVRGDVWHKWHLQXQEHWHLOLJWHU$XHQVHLWHULQ PLWWHQGHUJHVFKlIWLJHQ*UXSSHQLPPWYRQ:LHVHQHFN +DXSWPDQQ(EHUVEDFKEHLVHLWHXQGVSULFKWOHLVHPLWLKP 'HWMHQYHUVWHKWQLFKWZDVJHUHGHWZLUGGRFKDQGHU5HDNWLRQ GHV*UXSSHQOHLWHUVHUNHQQWHUGDGHU*HQHUDO,QVWUXNWLRQHQ JLEW'HU+DXSWPDQQQLFNWZLHGHUKROWXQGGHXWHWZLHGHUGDV
+DFNHQNODSSHQDQ:DUXPGDVDOOHVZHQQPDQGRFKJHUDGH ZHJVDXIGLH)HVWVWHOOXQJHLQHV8QIDOOV]XPDUVFKLHUW" )UVLHEHLGHJHEHHVKLHUGUDXHQQLFKWVPHKU]XWXQ ZHQGHWVLFKYRQ:LHVHQHFNDQVFKOLHHQG'HWMHQ]XVLH VWQGHQQXULP:HJHXQGWlWHQJXWGDUDQGDV)HOG]XUlXPHQ ª/DVVHQ6LHPLFKJXWPDFKHQGDLFK,KQHQGHQ7DJYHU GRUEHQKDEH,FKODGH6LH]XP0LWWDJHVVHQHLQ5HQDWHZLUG VLFKIUHXHQXQG1HLQGDVZLUGHLQHhEHUUDVFKXQJ .RPPHQ6LH© $FKLPYHUEHXJWVLFKXQGGHQNWLURQLVFKGHQ7DJPVVHPDQ LP.DOHQGHUDQVWUHLFKHQ'HQQHEHQKDWHLQ*HQHUDOVLFKHU OLFKXQJHZROOWHLQJHUlXPWGDHUJHOHJHQWOLFKLP:HJH VWHKW'HQNZUGLJ 6LHQHKPHQHLQHQDQGHUHQ:HJ'HU)HOGZHEHOLQ=LYLOGHU GHQVFKZDU]HQ0HUFHGHVGHV0$'*HQHUDOVIlKUWXPJHKW GLHDXIJHZKOWH:DOGVWUHFNHLQZHLWHP%RJHQXQGHUUHLFKWVR HUVWKLQWHU9DUQGRUIGLH&KDXVVHH'HU:DJHQGHV0DMRUV ]XFNHOWKLQWHUKHU 1DWUOLFKGHQNW$FKLPDQ%ULQNPDQQ'LH(ULQQHUXQJDQ HLQ*HVSUlFKLVWGD'HU2EHUVWKDWWH'HWMHQ]XVLFKJHUXIHQ XPLKP5LFKWOLQLHQIUGDV]XHUDUEHLWHQGH3URMHNWJXWDFKWHQ ]XHUWHLOHQ(UVLHKWJHUDGH]XSODVWLVFKGDVLPPHUVRXQ JODXEOLFKDXIJHUlXPWH%URYRUVLFKGDVEDUMHGHUSHUV|Q OLFKHQ1RWHLVWXQGGLHY|OOLJOHHUH6FKUHLEWLVFKSODWWHDXIGHU GLHEHLGHQ7HOHIRQHXQGGHU6WlQGHUPLWGUHLYHUVFKLHGHQ IDUELJHQ.XJHOVFKUHLEHUQHLQVDPZLUNHQ(VZDUJDQ]XQ JHZ|KQOLFKGD%ULQNPDQQSO|W]OLFK.DIIHHEULQJHQOLH'HU NDPVRIRUW)UDX0DUVFKQHULP9RU]LPPHUVFKLHQHLQHQ EHVRQGHUHQ6LQQIUGLH%HGUIQLVVHLKUHV&KHIV]XKDEHQ :DQQLPPHUHU.DIIHHZQVFKWHNRFKWHJHUDGHGDV:DVVHU ª,FKP|FKWH©KDWWHGHU2EHUVWJHVDJWªGD6LHGDV3UR MHNWJXWDFKWHQIUGHQ9HUWHLGLJXQJVDXVVFKX EHUDUEHLWHQ,Q GLHVHU0DSSHILQGHQ6LHDOOHV GHQPRGLIL]LHUWHQ 6WDU ILJKWHU!GLHEULWLVFKH +DZNHU3HOIVLHEHQXQG]ZDQ]LJ!GDV IUDQ]|VLVFKH3URMHNW 0LUDJH!XQGGHQ05&$(QWZXUI )DVVHQ6LHGDV]XVDPPHQ7HFKQLVFKH'HWDLOVVRZHQLJZLH
P|JOLFKVRQVWYHUVWHKHQGLH+HUUHQ$EJHRUGQHWHQQXU%DKQ KRI'HUHLQ]LJH)DFKPDQQIU/XIWZDIIHGHQVLHGRUWKDEHQ LVWHLQHKHPDOLJHU/DVWHQVHJOHUNXWVFKHULFKELWWH6LH 7HQGHQ] $OOH0DVFKLQHQVLQGJXWDEHU05&$LVWEHVVHU© 'LHHUZlKQWH0DSSHEUDFKWHHUZLHDXVGHP1LFKWVXQWHU GHU6FKUHLEWLVFKSODWWHKHUYRU'HU0DMRUQDKPVLHHQWJHJHQ XQGEHVWlWLJWH ª-DZRKO+HUU2EHUVW$OOH0DVFKLQHQJXW DEHU05&$EHVVHU©(UPDFKWH$QVWDOWHQDXI]XVWHKHQ 0LWHLQHU+DQGEHZHJXQJKDWWHLKP%ULQNPDQQEHGHXWHWHU P|JHVLW]HQEOHLEHQ$XIHLQPDOORFNHUWHGHU$EWHLOXQJVOHLWHU VHLQH+DOWXQJOHKQWHVLFKEHTXHP]XUFNXQGYHUVFKUlQNWH GLH$UPHYRUGHU%UXVW0LWVHLQHQKHOOHQIDVWIDUEORVHQ $XJHQEOLFNWHHU'HWMHQIUHXQGOLFKDQ'HU2EHUVWVDKQRFK JXWDXVPLWVHLQHPVRQQHQJHEUlXQWHQ*HVLFKWGHVVHQ)DUEH PLWGHPHUJUDXWHQDEHUYROOJHEOLHEHQHQ+DDUNRQWUDVWLHUWH ª6LHVLQGGRFKHLQDOWHU+DVH+HUU'HWMHQ©VHW]WHHUQHX DQXQGVFKRQGLHVHV]LYLOHª+HUU'HWMHQ©OLH$FKLP DXIPHUNHQ'DVZDUEHL%ULQNPDQQQLFKWEOLFKª7HLOHQ6LH HLJHQWOLFKGLH$XIIDVVXQJGDXQVHUH/XIWZDIIHLQLKUHP MHW]LJHQ=XVWDQGHLQHP(UQVWIDOOJHZDFKVHQLVW"© ª'DVLVWGLHDOOJHPHLQH$QVLFKWLP)KUXQJVVWDE/XIW ZDIIH©HUZLGHUWHGHU0DMRUVRIRUW:DVVROOWHGDV":ROOWHLKQ %ULQNPDQQDXIV*ODWWHLVIKUHQ"(LQH6WXQGHGHU*HVLQQXQJV SUIXQJ" ª,FKKDWWHXP,KUHSHUV|QOLFKH0HLQXQJJHEHWHQ©EHKDUUWH VHLQ*HJHQEHU 8QEHZHJWHQ*HVLFKWVHQWJHJQHWH'HWMHQ ª,FKKDEHNHLQHQ *UXQGGLH$QVLFKWGHU([SHUWHQLQ)UDJH]XVWHOOHQ© ª-DMD©PXUPHOWH%ULQNPDQQXQGVFKDXWH]XP)HQVWHU KLQEHU'DYRUVSLHOWHGHU:LQGLQGHQ%LUNHQ$P+LPPHO ]RJHQHLOLJH:RONHQIHW]HQYRUEHUª,VW,KQHQVFKRQHLQPDO DXIJHIDOOHQGDXQVHUH([SHUWHQYRUZLHJHQG0lQQHULQ PHLQHP$OWHUVLQG"6LHKDEHQQLFKWPHKUYLHO=HLWZHQQVLH DQGHQ6LHJHQGHU/XIWZDIIHQRFKWHLOKDEHQZROOHQ©(U ZDQGWHVLFKZLHGHUGHP0DMRU]XXQGOlFKHOWHDOVREHU 9HUVWlQGQLVKHLVFKH
ª,FKNDQQPLUQLFKWYRUVWHOOHQGD+HUU2EHUVWGDVQLFKW ZROOHQ©(UOHKQWHVLFKQLFKWDQVDNHU]HQJHUDGHXQGZDUGDV 0XVWHUELOGHLQHVYRQ=ZHLIHOQDQGHU9ROONRPPHQKHLWGHU HLJHQHQ7UXSSHIUHLHQ6WDEVRIIL]LHUV'DEHLZXUGHLKPKHL :RKLQOLHIGHQQGDV" ª8QVHUHGHU]HLWLJH/XIWZDIIHLVWHLQHhEHUJDQJVO|VXQJ© EUDXVWHGHU2EHUVWMlKDXIVWW]WHGLH+lQGHYRUVLFKDXIGHQ 7LVFKXQGEHXJWHVLFK]XGHPDQGHUHQª0LWHLQHUhEHU JDQJVO|VXQJNDQQPDQQLFKWDXIV*DQ]HJHKHQ,FKZHKUH PLFKHQWVFKLHGHQGDJHJHQ+DVDUG]XVSLHOHQ:HQQORV JHVFKODJHQZLUGXQGLFKELQLPPHUVFKRQLQ3DUDJXD\XQG VSlWHULP1$72+HDGTXDUWHUVNRPSURPLORVGDIUHLQ JHWUHWHQGDPDQGLHXQHUWUlJOLFKHQ=XVWlQGHLQ0LWWHOHXURSD lQGHUQPXZHQQDOVRORVJHVFKODJHQZLUGGDQQPXDE VROXWH*HZLKHLWEHVWHKHQGDYRQXQVQLFKWQXUGHUHUVWH VRQGHUQDXFKGHUOHW]WH6FKXLQGLHVHU$XVHLQDQGHUVHW]XQJ PLWGHP.RPPXQLVPXVDEJHJHEHQZLUG8QGGDIUVLQG QHXQ]HKQKXQGHUWHLQXQGVHFK]LJGLH9RUDXVVHW]XQJHQQLFKW JHJHEHQ© (LQH3DXVHHQWVWDQG%ULQNPDQQZDUWHWHDXIHLQH6WHO OXQJQDKPH'LHEOLHEDXV$FKLPEHVFKUlQNWHVLFKDXIV=X K|UHQ:LHKHOOK|ULJHUEHLGHU6DFKHZDUYHUEDUJHU=ZHL IHOORVKDWWHGHU2EHUVWHLQHVROFKH3UREOHPVWHOOXQJQLFKWDXV KHLWHUHP+LPPHODXIJHZRUIHQ'DIUPXWHHVHLQHQ$QOD JHEHQ'HWMHQZHUWHWHGLH$XVODVVXQJHQVHLQHV9RUJHVHW]WHQ DOVQHXHUOLFKH%HVWlWLJXQJGDIUGDLQGHU%XQGHVUHSXEOLN GDVJHVDPWHSROLWLVFKHZLUWVFKDIWOLFKHXQGJHVHOOVFKDIWOLFKH /HEHQ]XQHKPHQGPLOLWDULVLHUWZXUGHQLFKWQXUDXIGHU +DUGWK|KHZDUPHKUXQGPHKUGLH5HGHYRP$XVEDX:HVW EHUOLQVDOV%UFNHQNRSIGHU1$72XQGWlJOLFKEHULFKWHWHQ GLH0DVVHQPHGLHQYRQJHIlKUOLFKHQ=ZLVFKHQIlOOHQDQGHU 6WDDWVJUHQ]HGHU'HXWVFKHQ'HPRNUDWLVFKHQ5HSXEOLNYRQ GHUVLHHLQ%LOGGHV&KDRVXQGGHV6FKUHFNHQV]HLFKQHWHQ 1RFKQLHLVWGHUNDOWH.ULHJJHJHQGHQDQGHUHQGHXWVFKHQ 6WDDWVRKHLXQGXPIDVVHQGJHIKUWZRUGHQZLH]X%HJLQQ GLHVHV-DKUHV 'HU=XVDPPHQKDQJPLW%ULQNPDQQV hEHUOHJXQJHQZDUXQYHUNHQQEDU
'DGHU0DMRUVFKZLHJVSUDFKGHU2EHUVWZHLWHUª:DVLFK ,KQHQHEHQJHVDJWKDEH+HUU'HWMHQWULIIWOHLGHUDXIWDXEH 2KUHQ+LHU]XODQGH=XP*OFNJLEWHVQRFKDQGHUH0|JOLFK NHLWHQ8QGLFKZHUGHVLHQXW]HQ(LQHGHXWVFKH$UPHHGDUI QLFKW]XPGULWWHQPDOLQGLHVHP-DKUKXQGHUWJHVFKODJHQLQGLH +HLPDW]XUFNNHKUHQ:HQQVLHPDUVFKLHUWPXVLHHVGLHV PDOPLWGHUDEVROXWHQ*HZLKHLWGHV6LHJHVWXQ© 'HU)HOGZHEHODP6WHXHUGHVVFKZDU]HQ0HUFHGHVKlOWVLFK DQGLHYRUJHVFKULHEHQH*HVFKZLQGLJNHLWXQGHUP|JOLFKWHV 'HWMHQVRPKHORV]XIROJHQ'DEHLLVWGLH6WUDHOHHU6LH VLHKWDXVDOVHUKROHVLHVLFKYRPZRFKHQWlJOLFKHQ)DKU]HXJ VWURP %HLGHP*HVSUlFKPLW%ULQNPDQQKDWWH$FKLPEHZXW GDUDXIYHU]LFKWHWGHQ2EHUVWGXUFKHLQSDDUJHVFKLFNWH )UDJHQDQGHU=XQJH]X]LHKHQRGHUJDU]XYHUVXFKHQVLFK ]XVHLQHP9HUWUDXWHQ]XPDFKHQ'DEHLIROJWHHUHLQHU :HLVXQJ:LQQLH:LQNHOPDQQVGLHVFKRQYRUJHUDXPHU=HLW JHVDJWKDWWH ª,FKVROOGLUPLWWHLOHQNHLQH$QQlKHUXQJDQ %ULQNPDQQhEHUGHLQHP&KHIEUDXWVLFKRIIHQEDUHWZDV ]XVDPPHQ9RUVLFKW©(UKDWWHGHPHQWJHJHQJHKDOWHQ%ULQN PDQQJHK|UHDEHUGRFK]XGHQJDQ]DOWHQ.DPHUDGHQXQGVHL 9HUELQGXQJVRIIL]LHUGHV2EHUNRPPDQGRVGHU/XIWZDIIH]XP 5HLFKVIKUHU66JHZHVHQ+LPPOHUSHUV|QOLFKKDEHLKPVRJDU HLQHQ(KUHQULQJYHUOLHKHQXQGHVGHXWHGRFKZRKOGDUDXIKLQ GDHUVLFKQRFKGHUJOHLFKHQ:HUWVFKlW]XQJHUIUHXHGDLKQ GHU*HQHUDOLQVSHNWHXUGHU/XIWZDIIHVHOEVWIUVHLQHQMHW]LJHQ 3RVWHQYRUJHVFKODJHQKDWWH.DXPYRUVWHOOEDUGDVROFKHLQ 0DQQLQV6FKXIHOGJHUDWHQVHLQVROO :LQQLH:LQNHOPDQQXQGHUZDUHQGDPDOVDXIGHU7UDEUHQQ EDKQLQ.|OQJHZHVHQXQWHUJHWDXFKWLQGHU0HQJHGHU7XUI IUHXQGHXQJHVW|UWLPDOOJHPHLQHQ*HGUlQJH :LQQLHZXWHHVEHVVHU'LH*HQRVVHQLQ%HUOLQKDWWHQVLH LQIRUPLHUWª(VJLEWHLQHVWUHQJJHKHLPHPLOLWlULVFKH6WXGLH GLHGLH)KUXQJVVWlEHGHU7HLOVWUHLWNUlIWHHUDUEHLWHWKDEHQ $OVGLHVH6WXGLHYRP9HUWHLGLJXQJVPLQLVWHU6WUDXDQ%XQ GHVNDQ]OHU$GHQDXHUEHUJHEHQZXUGHIHKOWHQGDULQYLHU]HKQ
6HLWHQ'DVZDUH[DNWGHUYROOVWlQGLJH%HLWUDJYRQ2EHUVW %ULQNPDQQ]XGLHVHU9RUODJH© 'HWMHQZDUYRQGHU9RUODJHLQIRUPLHUWJHZHVHQ1DWUOLFK KDWWHGDVJDQ]H5HIHUDWGHP&KHI]XDUEHLWHQPVVHQRKQH GDGLHHLQ]HOQHQMHGRFKGDV(QGHUJHEQLV]X*HVLFKWEH NDPHQ1XUVRYLHOVWDQGIHVW 'DV3DSLHUZDUZHLWHUJHJHEHQ ZRUGHQDOVRPXWHHVDXIGHP:HJH]XP%XQGHVNDQ]OHU IHVWJHKDOWHQZRUGHQVHLQ 'HUVFKZDU]H0HUFHGHVYRUQYHUPLQGHUWGLH*HVFKZLQGLJ NHLW$FKLPQLPPWJOHLFKIDOOVGHQ)XYRP*DV3O|W]OLFK VW|WLKPDXIGDPDQGHQªWUDJLVFKHQ8QIDOOWRG©GHV2EHU VWHQGHU/XIWZDIIH%ULQNPDQQDXFKDQGHUVEHWUDFKWHQNDQQ 'HU$EWHLOXQJVOHLWHULVWDXVGHU5HLKHJHWDQ]W HUKDWVLFK RIIHQEDUHUODXEWHLQHDQGHUH0HLQXQJ]XKDEHQDOVGLHUH YDQFKHOVWHUQHQ6FKDUIPDFKHUXP0LQLVWHU6WUDXXQGDXI GLHVHP6WDQGSXQNW]XEHKDUUHQ'HXWHWHQLFKWGLHEHLP*H VSUlFKLP%URJHPDFKWHbXHUXQJGDUDXIKLQGDHUVLFK LQMHGHP)DOOH*HK|UYHUVFKDIIHQZROOWHDXFKZHQQHUGDPLW ZLGHUGHQ6WDFKHOVHLQHVªREHUVWHQ.ULHJVKHUUQ©ORFNWH" =ZHLIHOORVEHVDHU0|JOLFKNHLWHQGD]X HUPXWHGRFK ZlKUHQGVHLQHU7l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lQJWPLW%ULQNPDQQV%HLWUDJ]XGHU 9RUODJH]XVDPPHQXQGPLW%ULQNPDQQV%HPHUNXQJHUZHUGH QRWIDOOVDQGHUVZRHLQRIIHQHV2KUILQGHQ:DUHUVFKRQGDEHL VHLQH%HGHQNHQVFKULIWOLFK]XIRUPXOLHUHQ"$FKLPGHQNWDQ GLHRIIHQH6FKUHLEPDVFKLQHLP%ORFNKDXV
(UKlOWXQPLWWHOEDUKLQWHUGHP0HUFHGHVGHVVHQ)DKUHU KHUDXVVSULQJWXQGVHLQHP*HQHUDOGLH7U|IIQHW ª.RPPHQ6LH'HWMHQ©OlGWYRQ:LHVHQHFNHLQª,FKKDEH JURHQ+XQJHU©
'LHYHUVSURFKHQHhEHUUDVFKXQJKHLW*QWHU.U|VLQJ'HU HKHPDOLJH&KHIGHVIDVFKLVWLVFKHQ-DJGJHVFKZDGHUVª,P PHOPDQQ©QDFKPDOLJHU&RURQHOXQG9RUJHVHW]WHUGHVYHU PHLQWOLFKHQ)OLHJHUDVVHV'HWMHQLQ$UJHQWLQLHQXQGVHLQ VSlWHUHU$EWHLOXQJVOHLWHUDXIGHU+DUGWK|KHGHUKHXWLJH /REE\LVWHLQHVEHNDQQWHQVGGHXWVFKHQ/XIWIDKUWNRQ]HUQV JLEWVLFKWURW]VHLQHVNDKOHQ.RSIHVQRFKHEHQVRMXJHQGOLFK IRUVFKZLHIUKHU$XFKVHLQWUDJHQGHV2UJDQKDWQLFKWVDQ /DXWVWlUNHHLQJHEWXQGHUEHJUW$FKLPPLWOlUPHQGHU hEHUVFKZHQJOLFKNHLW0HLQH+HUUHQVLQGGDQLFKWJOHLFKGLH DOWHQ=HLWHQZLHGHUOHEHQGLJGLH/XIWNlPSIHEHUGHU 8NUDLQHGLH)OJHEHUGHQDUJHQWLQLVFKHQ8UZDOG]XMHQHU +D]LHQGDLQGHUGHU*UXQGVWRFNIUªHLQHZHKUKDIWH%XQGHV UHSXEOLN©JHVFKQLW]WZXUGHGLH5FNNHKUVFKOLHOLFKXQGGLH JHPHLQVDPH0LWZLUNXQJDP$XIEDXHLQHUQHXHQVFKODJ NUlIWLJHQ/XIWZDIIH"6RZDVYHUELQGHWIUDOOH=HLWHQª1HXH 0DVFKLQHQQHXH0RQWXUDEHUGHU*HLVWGHU7UXSSHVR© 8QGEHLGH]HLJHQVLHVLFKGLHHUKREHQH)DXVWPLWDXIUHFKW JHVWHOOWHP'DXPHQ(VLVWDOOHVLQ2UGQXQJ]ZLVFKHQLKQHQ 'HWMHQVLHKW.U|VLQJQDFKDOVHU]XVHLQHU7RFKWHUKLQ EHUJHKWZHLOHULUJHQGZHOFKH6RQGHUZQVFKHKLQVLFKWOLFK GHU*HWUlQNH]XP0LWWDJHVVHQDQPHOGHQZLOO(LQHQ$XJHQ EOLFNLVW$FKLPDOOHLQLQGHPJDQ]DXI,PDJHSIOHJHXQG5H SUlVHQWDWLRQJHVWHOOWHQ6SHLVH]LPPHU(UKDWHLQVFK|QHV +DXVGHU%ULJDGHJHQHUDOYRQ:LHVHQHFNXQGHLQJHULFKWHWLVW HVPLWGHP7HXHUVWHQXQG.RPIRUWDEHOVWHQZDVGHU0DUNW ELHWHW6LHNDQQVLFKVHKHQODVVHQGLHªEHVFKHLGHQH+WWH©GHV
0$'*HZDOWLJHQGHUVLFKVHLQH6SRUHQLQGHU$EWHLOXQJ ª)UHPGH+HHUH2VW©GHV*HQHUDOV*HKOHQYHUGLHQWKDW 6HNXQGHQODQJJLEWVLFKDXFK:HUQHU%UHGHEXVFK(ULQQH UXQJHQKLQ:HQQHUMHW]W]XUFNGHQNWDQVHLQH(QWVFKHLGXQJ DOV.XQGVFKDIWHUGHV0LQLVWHULXPVIU6WDDWVVLFKHUKHLWGLH ª6SXUGHU:|OIH©]XYHUIROJHQGHUQDFKGHU=HUVFKODJXQJGHV )DVFKLVPXVXQWHUJHWDXFKWHQVLFKLP9HUERUJHQHQVDPPHOQ GHQXQGQXQLP5XGHOZLHGHUKHUYRUJHWUHWHQHQ0HXWHGLH GDUDXIEUHQQWGLH(UJHEQLVVHGHV]ZHLWHQ:HOWNULHJHVXP ]XNHKUHQXQG]XªNRUULJLHUHQ©GDQQZHLHUGDGDVHLQHJXWH XQGQRWZHQGLJH(QWVFKHLGXQJZDU1DWUOLFKKDWHVLQGHQ -DKUHQYLHOH6LWXDWLRQHQJHJHEHQLQGHQHQVHLQH)UHLKHLWXQG VRJDUVHLQ/HEHQDXIGHV0HVVHUV6FKQHLGHVWDQGHQXQG PDQFKPDOKDWWHHU$QJVWIXUFKWEDUH$QJVW:XWHHUZLHHV DXVJHKHQZUGHDOVHUGHU)OXJ]HXJIKUHU8QWHURIIL]LHU %UHGHEXVFKPLWGHP6FKODFKWIOXJ]HXJ+VHLQHPEXOOLJHQ 'RSSHOGHFNHUYRP7\S+HQVFKHOKLQWHUGHQVRZMHWLVFKHQ /LQLHQODQGHWHXPQLFKWDQGHQ9HUEUHFKHQGHU+LWOHUFOLTXH PLWVFKXOGLJ]XZHUGHQ":XWHHUZLHHVDXVJHKHQZUGHDOV HUQDFKGHQJHIDKUYROOHQ6WDWLRQHQDXIGHPªU|PLVFKHQ:HJ© GHU66+LOIVRUJDQLVDWLRQª.DPHUDGHQZHUN©LQ&RUGREDPLW GHQ3DSLHUHQGHVJHIDOOHQHQ-DJGIOLHJHUV'HWMHQXQGHLQ JHSDXNWHP:LVVHQEHUGLHVHQ0DQQHEHQMHQHP.RPPRGRUH .U|VLQJJHJHQEHUWUDWLQGHVVHQ*HVFKZDGHUGLHVHU'HWMHQ JHIORJHQZDU"'LH7lXVFKXQJJHODQJXQGHVZDU.U|VLQJGHU LKQ%UHGHEXVFKLQVHLQHP*HIROJHPLWLQGLH=HQWUDOHGHU ZHVWGHXWVFKHQ5HPLOLWDULVLHUXQJQDKP9LHO0KHKDWHV JHNRVWHW.U|VLQJLPPHUGRUWKLQ]XGLULJLHUHQZRHULKQ EUDXFKWH$EHUHVLVWJHOXQJHQXQGWUlJW)UFKWH(LQJXWHV *HIKOZHQQHUVLFKGDVPDQFKPDOYRU$XJHQKlOW $XIGHP7LVFKEUHQQWHLQGUHLDUPLJHUVLOEHUQHU.HU]HQ OHXFKWHU6HOEVWYHUVWlQGOLFKZLUGYRQ%ULQNPDQQJHVSURFKHQ 5HQDWHYRQ:LHVHQHFNVFKZHLJWGD]X6LHEHVFKUlQNWVLFK GDUDXIHLQHDXIPHUNVDPH*DVWJHEHULQ]XVHLQXQGGDVVHU YLHUHQGH0lGFKHQDQ]XZHLVHQ'DVLVWHLQHYRPª:LUW VFKDIWVZXQGHU©DQJHORFNWH,WDOLHQHULQ6LHYHUVWHKWNDXPHLQ
:RUWXQGVFKHLQWYRUZLHJHQG$QJVW]XKDEHQHWZDVIDOVFK ]XPDFKHQ ª(LQ-lJHUYRUGHP+HUUQ©.U|VLQJVFKWWHOWGHQ.RSI ª8QGVHLQHHLJHQH-DJGZDIIHZLUGLKP]XP9HUKlQJQLV:HQQ GDVQLFKWWUDJLVFKLVW© ª6HKUWUDJLVFK©EHVWlWLJW$FKLP2KQHGLH=HUOHJXQJHLQHU )RUHOOH]XXQWHUEUHFKHQVLHKWHU]XP*HQHUDOKLQGHUDQV 7HOHIRQJHUXIHQZRUGHQLVWXQGJHUDGHZLHGHUKHUHLQNRPPW 9RQ:LHVHQHFNVHW]WVLFKXQGQLPPWGLH6HUYLHWWHDXI(U ZLUNWYHUlUJHUWª:HQQPDQVLFKQLFKWXPDOOHVVHOEVWNP PHUW©ZLUIWHUKLQª,FKP|FKWHQLFKWZLVVHQDXIZHOFK XQEHKROIHQH$UWPDQGHUDOWHQ)UDXGHQ8QIDOOLKUHV0DQQHV PLWJHWHLOWKDW+DEHQDOOHNHLQ+HU]GLHVHMXQJHQ/HXWH8QG GDQQEHUOlWPDQ)UDX%ULQNPDQQHLQIDFKVRLKUHP/HLG,FK KDEHHEHQYHUDQODWGDVLHHLQ:DJHQYRQXQV]XLKUHP6RKQ QDFK5HJHQVEXUJEULQJW(VZHUGHQVRYLHOHXQQ|WLJH)DKUWHQ DXI6WDDWVNRVWHQJHPDFKWDEHUDXIGDV1lFKVWOLHJHQGH NRPPWNHLQHU© 2EHUVWD'.U|VLQJWULQNWHLQHQ6FKOXFN3IlO]HUXQGWXSIW VLFKGLH/LSSHQª'DHVLKQDXIVROFKH$UWHUZLVFKHQPXWH© VHXI]WHUQRFKHLQPDOª(UODJPLUQLFKWQDVFK|QMHGRFKVR HLQ(QGHZQVFKHLFKNHLQHP© 'HU0RNNDZLUGLP+HUUHQ]LPPHUJHUHLFKW0DQUDXFKW QRFKHLQH=LJDUUH'DQQKlOWHV'HWMHQIUDQJHPHVVHQVLFK ]XHQWIHUQHQ1LHPDQGYHUVXFKWLKQ]XKDOWHQ$FKLPGHQNW ZLHGHUDQGHQª=XIDOO©GHULKQGHQ7RWHQILQGHQOLH'HU 0RKUKDWVHLQH6FKXOGLJNHLWJHWDQGHU0RKUNDQQJHKHQ 9RQ:LHVHQHFNXQGVHLQ6FKZLHJHUYDWHUWUHWHQDXIGLH 9HUDQGDKHUDXV9RQKLHUDXVIKUHQHLQSDDU6WXIHQKLQDE LQGHQ*DUWHQ'LHEHLGHQ0lQQHUEOHLEHQMHGRFKXQWHUGHP *ODVGDFKLQPLWWHQGHV5HFKWHFNVGDVVLFK]XP*DUWHQKLQ |IIQHW%HTXHPHZHLH+RO]VWKOHPLWOHXFKWHQGURWHQ.LVVHQ VWHKHQYRUGHP$XHQNDPLQ(LQHDXVIDUELJHQ*ODVVWHLQHQ JHIJWH:DQGEHJUHQ]WGLH9HUDQGDQDFKGHUHLQHQHLQH %UXFKVWHLQPDXHUQDFKGHUDQGHUHQ6HLWH ª8QGZHUZLUG%ULQNPDQQV1DFKIROJHU"©HUNXQGLJWVLFK
GHUHKHPDOLJH.RPPRGRUHXQGVFKOlJWEHKDJOLFKHLQ%HLQ EHUVDQGHUH$OVGHUDQGHUHEORGLH6FKXOWHUQKHEWIlKUWHU IRUW ª:HQQPLFKMHPDQGIUDJHQZUGHDEHUPLFKIUDJWMD QLHPDQGZUGHLFKPHLQHQGDGLH$EWHLOXQJJXWEHUDWHQ ZlUHDOVQHXHQ&KHIXQVHUHQDOWHQ6SH]L'HWMHQHLQ]XVHW]HQ HLQHQ0DQQPLWGHUULFKWLJHQ0DUVFKULFKWXQJ'HUNHQQWLQ GLHVHP+DXIHQMHGH%URNODPPHU© ª0LWGHUULFKWLJHQ0DUVFKULFKWXQJ©ZLHGHUKROWYRQ :LHVHQHFNXQGOlWGLH:RUWHGDEHLLQGHU6FKZHEHª%LVWGX GDJDQ]VLFKHU"$XFK%ULQNPDQQZDUPDOHLQHUYRQXQV© .U|VLQJZlKOWPLW%HGDFKWHLQHQHXH=LJDUUHDXVGHU.LVWH GLHDXIGHP7LVFKVWHKW(UIKUWVLHXQWHUGHU1DVHYRUEHLXQG ILQJHUWLQGHU:HVWHQWDVFKHQDFKGHU6FKHUHª(VJLEWVHKU ZHQLJH)OLHJHULQGHU2UJDQLVDWLRQGHUHKHPDOLJHQ66$QJH K|ULJHQ© 8QZLOONUOLFKVHQNWGHU*HQHUDOGLH6WLPPHª'HU(KUHQ ULQJGHV5HLFKVIKUHUV+DVWGXVFKRQYHUJHVVHQGDPDQ EHUGLH2'(66$QLFKWVSULFKW"©8QGEHWRQW ª.HLQH)UDJHQ GD]XELWWH©(UVHW]WVLFKQLFKWJHKWHLQSDDU6FKULWWHXQG OHKQWVLFKGDQQGHQ$UPDXIGHQ6LPVJHVWW]WDQGHQ.DPLQ ª'HU9RUIDOO]ZLQJWXQVMHGHQHLQ]HOQHQDXVGHU8PJHEXQJ %ULQNPDQQV]XGXUFKOHXFKWHQ$XFK'HWMHQ6FKRQGDVIRU GHUW9RUVLFKW,FKN|QQWHPLUDEHUYRUVWHOOHQGDHUGLH $EWHLOXQJELVDXIZHLWHUHVNRPPLVVDULVFKOHLWHW© .U|VLQJGUFNWGLH=LJDUUHEHKXWVDP]ZLVFKHQ'DXPHQXQG =HLJHILQJHUª$OOHV4XDWVFK©VDJWHUª9RUVLFKWPXVHLQ DEHUZDV'HWMHQDQJHKW:HQQLFKPLFKUHFKWHULQQHUHKDW HUIUGLFKHLQHJDQ]H5HLKHJOKHQGHU.RKOHQDXVGHP)HXHU JHKROW$OOHVYHUJHVVHQ"© 9RQ:LHVHQHFNVLHKW]XHLQHU*UXSSHVLFKMDJHQGHU6SDW]HQ KLQEHUª2KQH$QVHKHQGHU3HUVRQ©HUZLGHUWHUEUVN ª%HJUHLIGRFKHQGOLFKGDHVQLFKWQXUXP$FKLP'HWMHQJHKW 'DLVWQRFKHLQJXWHV'XW]HQGDQGHUHUDXFKYHUGLHQWHU/HXWH KLQWHUGHQHQ%RUQXQG.DLVHUPLWGHP6LFKHUKHLWVGLHQVWGHU EHZXWHQ2UJDQLVDWLRQHEHQVRKHUVLQGZLHKLQWHUGHLQHP /LHEOLQJVVFKOHU:LHGLH'LQJHOLHJHQPVVHQZLUDQQHKPHQ
GDHLQHURGHUPHKUHUHGDYRQIDXOVLQG:HU"'DVPVVHQZLU VFKQHOOVWHQVKHUDXVNULHJHQ(VJHKWXP.RSIXQG.UDJHQ© -HW]WEUHQQWGLH=LJDUUH'HUbOWHUHEOlVWJHQOLFKHLQHQ 5DXFKULQJLQGLH/XIWª*XWJXW©OHQNWHUYHUV|KQOLFKHLQ :DVKDWHUGDYRQZHQQHUVLFKYRU$FKLPVWHOOW"ª,FKP|FKWH QXUQLFKWJHUQPHLQH.UHLVHJHVW|UWVHKHQ)UPLFKJHKWHV XPGLH)UDJHGDLFKDXFKDXIPHLQHU6WUHFNHHLQHQ1DFK IROJHUIU%ULQNPDQQEUDXFKH$OVLFKGHPGDPDOV]XGLHVHU ,QGXVWULHYHUELQGXQJYHUKDOIZDUQLFKWDE]XVHKHQGDHUVR VFKQHOODXVIDOOHQZUGH© ª8QG"© .U|VLQJ]XSIWDQGHU%JHOIDOWH'DYRQDXVJHKHQGGDVHLQ 6FKZLHJHUVRKQZHLWZHQLJHU$KQXQJYRQPRGHUQHP0DQD JHPHQWXQGGHVVHQYHUVFKOXQJHQHQ3IDGHQEHVLW]WDOVHU VHOEVWEHLP/XIWIDKUWNRQ]HUQ:HJHQHU 0RVVHUZRUEHQKDW HUNOlUWHUZLHGDV]XVDPPHQKlQJW(UVHW]HYRUDXVEHJLQQW HUGDVHOEVWHLQ6LFKHUKHLWVRIIL]LHUKHXWHZLVVHZLHYROO JHVWRSIWPRGHUQH.DPSIIOXJ]HXJHPLWNRPSOL]LHUWHU(OHN WURQLNVLQGVRYROOJHVWRSIWGDGLHVH7HFKQLNJHOHJHQWOLFK VRJDUHUIDKUHQH3LORWHQEHUIRUGHUWXQG]XEHGDXHUOLFKHP PHQVFKOLFKHP9HUVDJHQIKUW$EHUGDVVHLHLQDQGHUHV .DSLWHO 9RQ:LHVHQHFNOHKQWLPPHUQRFKDP.DPLQXQGOlFKHOW EHOXVWLJW1DWUOLFKZHLHUGDV'RFKHUVDJWQLFKWV(U VFKZHLJWXQGK|UW]X 'HUHKHPDOLJH*HVFKZDGHUFKHIGHUª,PPHOPlQQHU©IlKUW IRUW:HJHQHU 0RVVEH]LHKHHLQHQ7HLOGHUEHQ|WLJWHQ HOHNWURQLVFKHQ$XVVWDWWXQJYRQHLQHU)LUPDQDPHQV(*$GHU (OHNWURQLN*HUlWHXQG$QODJHQEDXPLW6LW]LQ.|OQ6HOEVW YHUVWlQGOLFKKDEHPDQGLH(*$PLW%HGDFKWDOV/LHIHUDQWHQ JHZlKOW'LHVH)LUPDQlPOLFKVHLWURW]LKUHVGHXWVFKHQ$XV KlQJHVFKLOGHVGDV7RFKWHUXQWHUQHKPHQHLQHVHLQVFKOlJLJHQ 3DULVHU.RQ]HUQV'DVHU|IIQHJHZLVVH0|JOLFKNHLWHQ ª,P.ODUWH[W"© ª:HQQZLUHUKHEOLFKH$XIWUlJHDQGLH.|OQHU(*$YHU JHEHQGDQQKDEHQZLUQDWUOLFKGHQ:XQVFKXQVHUHUVHLWV
DXFKPLWEHVWLPPWHQHLJHQHQ(U]HXJQLVVHQEHLGHUIUDQ]| VLVFKHQ0XWWHUILUPDHLQ]XVWHLJHQ1XQLVWGDVDQVLFKHLQH 6DFKHGLH9HUWUHWHUGHUEHLGHQ)LUPHQJDQ]JHPWOLFKEHL HLQHP$UEHLWVHVVHQEHUGLH%KQHVFKLHEHQN|QQHQ$EHU 'D]XPVVHQVLHZLVVHQZHOFKHVWUDWHJLVFKHQ,QWHUHVVHQGHU )KUXQJVVWDE/XIWZDIIHYHUIROJWXQGZHOFKHWDNWLVFKHQ 0LWWHOHUDQZHQGHQZLOOVLH]XHUUHLFKHQ'DUEHULP%LOGH ]XVHLQXQGGHU)LUPDHQWVSUHFKHQGH]LHOJHULFKWHWH+LQZHLVH ]XJHEHQGDPLWLKUH(QWZLFNOXQJVDUEHLWHQXQGLKU$QJHERW GHQWDWVlFKOLFKHQ%HGUIQLVVHQHQWVSUHFKHQLVWGLH$XIJDEH VROFKHU9HUELQGXQJVPlQQHU,KUHUVHLWVZHUGHQVLHJOHLFKVDP LQGHU5FNNRSSOXQJLQGLH/DJHYHUVHW]WGLHXQWHULKUHP (LQIOXHQWVWDQGHQHQ*HUlWH]XPJHHLJQHWHQ=HLWSXQNW]XU %HVFKDIIXQJ]XHPSIHKOHQ6ROlXIWGDVEHL:HJHQHU 0RVV 6RDUEHLWHWH%ULQNPDQQGHU(*$LQGLH+DQG'DVJOHLFKH HUZDUWHQZLUYRQVHLQHP1DFKIROJHU,Q]ZLVFKHQZHUGHQZLU GLH.|OQHUPLWEHGLHQHQDEHUDXIGLH'DXHUWDXJWGDVQLFKW -HPHKU4XHUYHUELQGXQJHQGHVWREHVVHU$XHUGHP]DKOWHV VLFKLPPHUDXVEHLGHUDQGHUHQ)LUPDDXVJHUHFKQHWHLQHQ 0DQQ]XZLVVHQPLWGHPPDQJXWHQ.RQWDNWKDW0DQHUIlKUW VRDXFKYRQGHQ6SSFKHQGLHGLH OLHEHQ)UHXQGH!DOOHLQ]X NRFKHQJHGHQNHQ8QGMHK|KHUGHU'LHQVWJUDGGHVWRJU|HU GLH:LUNXQJVZHLVH©(UVWUHLFKWHLQHQODQJHQ6WUHLIHQ$VFKH LQGLH7RQVFKDOHª'HWMHQLVW]ZDUQXU0DMRUGRFKHLQ([ SHUWH8QG.XJHOQKDWHUKLQOlQJOLFKSIHLIHQK|UHQ(VJHKW QLFKWVEHUSUDNWLVFKH(UIDKUXQJ0WHHUQLFKWEDOG2EHUVW OHXWQDQWZHUGHQ",FKZUGHLKQJDQ]JHUQDQ%ULQNPDQQV 6WHOOHVHKHQ© :HQQHVQXUGDUXPJHKHHUZLGHUWGHU*HQHUDOGDJHJHQ KlWWHHUQLFKWVHLQ]XZHQGHQ'DVWDQJLHUHGLH,QWHUHVVHQGHU EHZXWHQ2UJDQLVDWLRQVHLQHV(UDFKWHQVEHUKDXSWQLFKW 8QGZDVGLH%HI|UGHUXQJGHVª/LHEOLQJVVFKOHUV©DQEHWUHIIH QXQGDODVVHVLFKMDHLQZHQLJQDFKKHOIHQ
'HUDOWH%DXPEHVWDQGLVWEHVRQGHUVUHL]YROO+RKH3ODWDQHQ Z|OEHQVLFKEHUGHPJHSIOHJWHQ:HJ8QWHUGHP%OlWWHUGDFK LVWGHU$EHQGVFKRQQDK'RFKGDQQHQGHWGLH$OOHH(LQ NOHLQHU6HHEUHLWHWVLFKDXVYRQGHUXQWHUJHKHQGHQ6RQQH U|WOLFKDQJHKDXFKW$PMHQVHLWLJHQ8IHUHUKHEWVLFKGLH .XSSHOGHV.XUKDXVHVPLWGHPVlXOHQEHJUHQ]WHQ(LQJDQJ :HUQHU%UHGHEXVFKLVWQLFKWDOOHLQ'HUIUHXQGOLFKH)UK VRPPHUWDJKDWDXHU.XUJlVWHQDXFKYLHOH(LQZRKQHUGHU ª3HQVLRQlUVWDGW©:LHVEDGHQ]XP6SD]LHUHQJHKHQJHORFNW $QVlVVLJHWUHIIHQKLHU%HNDQQWHMXQJH3DDUHILQGHQLPPHU QRFKHLQHYHUVFKZLHJHQH(FNHXQGZHQQPDQ)UHPGHQ EHJHJQHWZLUGPDQQLFKWQHXJLHULJGLH.XUJlVWHZHFKVHOQ MDVWlQGLJ'DVPDFKWGHQ.XUSDUNGHU6WDGWDP5KHLQ]X HLQHPLGHDOHQ7UHIISXQNW'DIlOOWPDQQLFKWDXIGDLVWPDQ JDQ]HLQIDFK7HLOHLQHVJHZRKQWHQ%LOGHV (UIUHXWVLFKDOVHU:LQQLH:LQNHOPDQQVLHKW6LHVLW]WDXI HLQHUGHU3DUNElQNHLQPLWWHQEOKHQGHU5KRGRGHQGURQEVFKH XQGKDWHLQ%XFKLQGHU+DQG'DVVFKPDOH*ROGVFKQLWWElQG FKHQVLHKWQDFK5LONHDXV(VEHZDKUW:LQQLHPLW6LFKHUKHLW GDYRUDQJHVSURFKHQ]XZHUGHQ:HU5LONHOLHVWQXQMD 6HKUJOFNOLFKPXWHWGLH)RWRJUDILQDXV)UDQNIXUWDP0DLQ QLFKWDQ'DIUKDW:HUQHU9HUVWlQGQLV*DQ]JHZLZDU :LQQLHYRQVHLQHP$QUXIQLFKWHUEDXWZDKUVFKHLQOLFKKDWWH VLH3OlQHIUGLHVHQ6RQQWDJ9HUDEUHGXQJHQYLHOOHLFKWGLHVLH PLWYRUJHVFKREHQHQ%HJUQGXQJHQUFNJlQJLJPDFKHQ PXWHXPQDFK:LHVEDGHQIDKUHQ]XN|QQHQ 'DV=XVDPPHQWUHIIHQHUIROJWDXHUSODQPlLJ1DFKUHLI OLFKHUhEHUOHJXQJKDWWHGHU.XQGVFKDIWHULP$QVFKOXDQGDV 0LWWDJHVVHQEHLYRQ:LHVHQHFN]XP7HOHIRQJHJULIIHQ :LQQLHV1XPPHUJHZlKOWXQGDOVVLHVLFKPHOGHWHJHEHWHQ )UlXOHLQ7KLHUVFKDQGHQ$SSDUDW]XUXIHQ:HGHUHUQRFKGLH )RWRJUDILQNHQQHQHLQ)UlXOHLQ7KLHUVFK+lWWHHLQ'ULWWHUGDV *HVSUlFKPLWJHK|UWGDQQZUGHHUEHVWHQIDOOVJHGDFKWKDEHQ
GHU$QUXIHUKDEHHLQHQIDOVFKHQ$QVFKOXJHZlKOW9LHOOHLFKW ZUGHHUVRJDU0LWOHLGPLWGHP0DQQHPSIXQGHQKDEHQGHU YHUVLFKHUWHGLHJHZlKOWH1XPPHUVHLLKPYRQ)UlXOHLQ 7KLHUVFKJHQDQQWZRUGHQRGHU6FKDGHQIUHXGHZHLOEHVDJWHV )UlXOHLQRIIHQEDUHLQHQOlVWLJHQ9HUHKUHULQGLH,UUHJHIKUW KDWWH6RHWZDVVROOHVMDJHEHQ 0LWGHP)UlXOHLQ7KLHUVFKKDWHVHLQHEHVRQGHUH%HZDQGW QLV'LHVHU1DPHLVWGDV&RGHZRUWIUHLQGULQJHQGQRW ZHQGLJHV=XVDPPHQWUHIIHQ(UQHQQW]XJOHLFKGHQ2UWDQ GHPGLH%HJHJQXQJVWDWWILQGHQVROOª7KLHUVFK©VWHKWIU :LHVEDGHQZHLOHVHLQ3URIHVVRU)ULHGULFKYRQ7KLHUVFKZDU GHUGLH3OlQHIUGDVGRUWLJH.XUKDXVVFKXIGLHVHVMHQVHLWV GHV7HLFKHVJHOHJHQH.XUKDXVGHVVHQLRQLVFKH6lXOHQMHW]W ODQJH6FKDWWHQZHUIHQ :HUQHUKlOWVLFKDXIGHUDQGHUHQ6HLWHGHUEUHLWHQ3URPH QDGHXQGJHKWYRUEHU(UELHJWLQHLQHQ6HLWHQZHJHLQXQG EOHLEWDQHLQHP5RQGHOOVWHKHQEHLGHP:LQQLH]XLKPVW|W )U$XHQVWHKHQGHLVWGDVHLQH]XIlOOLJH%HJHJQXQJZLHPDQ VLHLP.XUSDUNMHGHQ$XJHQEOLFNHUOHEW ª$OOHVLQ2UGQXQJ©VDJW:LQQLHXQGOlW:HUQHUGDPLW ZLVVHQGDLKPQLHPDQGJHIROJWLVWª,FKELQQLFKWIUKHU ZHJJHNRPPHQ:REUHQQWHVGHQQ"© ª2EHUVW%ULQNPDQQLVWWRW©(UYHUEHVVHUWVLFK ªLVW HUPRUGHWZRUGHQ8QGLFKKDEHGLH/HLFKHJHIXQGHQLP $XIWUDJ:LHVHQHFNV© 6LHOlFKHOWLKQDQXQGKDNWVLFKORFNHUEHLLKPHLQ'HU 5LONHEDQGLVWLQLKUHU8PKlQJHWDVFKHYHUVFKZXQGHQ,Q HLQHPVDQGIDUEHQHQ6WUDHQNRVWPYRQGHPVLFKLKUNXS IHUURWHV+DDUDWWUDNWLYDEKHEWVLHKWVLHVHKUHOHJDQWXQG IUDXOLFKDXV:RKOJHIlOOLJEHWUDFKWHQ]ZHLDOWH'DPHQDP :HJHGLHEHLGHQXQGVLQGVLFKHLQLJGDGDVHLQVFK|QHV3DDU VHL*HQDXGLHVHU(LQGUXFNVROOHUZHFNWZHUGHQ ª'LHVSDQLVFKHQ6WFNH©YRQ)LVFKHUWU|SIHOWHQVFKRQ XQDXVJHVHW]WDXVGHQ/DXWVSUHFKHUQGHVª5HLFKVUXQGIXQNV© DOV:HUQHU%UHGHEXVFKQRFKHLQ-XQJHZDUXQGPHLQWH6FKXO DUEHLWHQQLFKWRKQH5DGLRPXVLNPDFKHQ]XN|QQHQ-HW]W
VSLHOWVLHGDV.XURUFKHVWHUEHLVHLQHUDEHQGOLFKHQ6HUHQDGH DEHUGLH0HORGLHQNOLQJHQQXUOHLVHKHUEHUXQGVW|UHQQLFKW :HUQHU%UHGHEXVFKEHULFKWHW:LQQLHXQWHUEULFKWLKQQLFKW 6LHKlOWDXFKGDV/lFKHOQIHVWGDVVLHWUlJWVHLWVLH$UPLQ $UPPLWLKPJHKW'LHEHLGHQ.XQGVFKDIWHUN|QQHQVLFKRIIHQ PLWHLQDQGHUVHKHQODVVHQVHLWVLHVLFKHLQPDOEHLHLQHP RIIL]LHOOHQ(PSIDQJGHU3XEOLF5HODWLRQV$EWHLOXQJYRQ :HJHQHU 0RVVEHJHJQHWXQGHLQDQGHUYRUJHVWHOOWZRUGHQ VLQG'DIUJLEWHVHLQH0HQJH=HXJHQ2EHUVWD'.U|VLQJ HLQJHVFKORVVHQXQGQLHPDQGNDQQHWZDVGDEHLILQGHQGDGHU JXWDXVVHKHQGH/XIWZDIIHQRIIL]LHUPLWGHQHUJUDXHQGHQ 6FKOlIHQ-XQJJHVHOOHREHQGUHLQGLHVRHQWVWDQGHQH%H NDQQWVFKDIWPLWGHUFKDUPDQWHQ)RWRJUDILQJHOHJHQWOLFK SIOHJW*HOHJHQWOLFKVLHPDFKHQQXUVSDUVDPYRQGHU 0|JOLFKNHLW]X%HJHJQXQJHQLQGHUgIIHQWOLFKNHLW*HEUDXFK $XFKGDVJHK|UW]XUNRQVSLUDWLYHQ$UEHLW(VPXYHUKLQGHUW ZHUGHQGDHLQHUGHQDQGHUHQP|JOLFKHUZHLVHJHIlKUGHW :HGHUGHU0LOLWlULVFKH$EVFKLUPGLHQVWQRFKGDV%XQGHVDPW IU9HUIDVVXQJVVFKXW]VFKODIHQXQGJLEWHVEHLLKQHQHUVW HLQPDOGHQ$QIOXJHLQHV9HUGDFKWVGDQQIDQJHQVLHLQVJHKHLP XQGXQEHPHUNWVRIRUWDQGDV8PIHOGGHUDXIV.RUQJH QRPPHQHQ3HUVRQV\VWHPDWLVFK]XGXUFKOHXFKWHQ)OFKWLJH %HNDQQWVFKDIWHQQDVFK|QGLHKDWMHGHU$EHUEHLPHKU 8QG:LQQLH:LQNHOPDQQLVWIUGLH9HUELQGXQJ:HUQHU %UHGHEXVFKVPLWGHQ*HQRVVHQLQ%HUOLQYHUDQWZRUWOLFKLVW VR]XVDJHQVHLQJXWHU*HLVWGDV%LQGHJOLHG]ZLVFKHQLKPXQG GHUVR]LDOLVWLVFKHQ+HLPDWDXFKHLQELFKHQ6FKXW]HQJHO =XJHJHEHQPDQFKPDOIlOOWLKPVHLQH=XUFNKDOWXQJJDUQLFKW OHLFKW (LQH3DXVHHQWVWHKW6LHVFKOHQGHUQXPGHQ7HLFKKHUXP XQGJHKHQDQGHP6HLWHQIOJHOGHV7KLHUVFKHQ.XUKDXVHV HQWODQJLQGHPGLH6SLHOEDQNLKUH5RXOHWWHWLVFKHKDWª)DLWH YRWUHMHX[5LHQQHYDSOXV0DFKHQ6LH,KU6SLHO1LFKWV JHKWPHKU©(LQKQHQKDIWHU3I|UWQHULQHLQHU2SHUHWWHQOLYUHH JUHLIWVFKRQQDFKGHU7UNOLQNHDEHU:LQQLHXQG:HUQHU JHKHQYRUEHU'HU6SLHOEDQNEHVXFKHUPXHLQH.DUWHHU
ZHUEHQXQGVLFKOHJLWLPLHUHQ HUZLUGUHJLVWULHUW'LHEHLGHQ ZROOHQLKUHQ%HVXFKLQ:LHVEDGHQQLFKWDNWHQNXQGLJJHPDFKW VHKHQ ª1DWUOLFKJLEWHVPDQFKPDO8QIlOOHPLW-DJGZDIIHQ©VDJW :LQQLH:LQNHOPDQQVFKOLHOLFKJHGHKQWª$XFKHUIDKUHQH :HLGPlQQHUVLQGGDYRUQLFKWVLFKHU'DVZHLMHGHU,QVRIHUQ LVWGLH*HVFKLFKWHUHFKWJHVFKLFNWHLQJHIlGHOW:HQQPDQ QLFKWVEHU%ULQNPDQQZWHGRFKVR (LQ0DQQVWHOOWVLFK TXHU6LFKHUOLFKKDWPDQYHUVXFKWLKQ]XP(LQVFKZHQNHQ]X EHZHJHQ9HUJHEOLFK(UEOLHEGHU6WHLQLP:HJ8QGGLHVHQ :HJZROOWHPDQIUHLKDEHQ© :HUQHUQLFNWª$OVRYHUIXKUPDQQDFKNODVVLVFKHP9RUELOG 'LH*HVFKLFKWHNHQQWYLHOH%HLVSLHOHlKQOLFKHU$UW'HQNQXU DQ%DUWKRX'HUIUDQ]|VLVFKH$XHQPLQLVWHUZXUGHYLHU XQGGUHLLJYRQ$JHQWHQ+LWOHUVHUPRUGHWZHLOHUIUHLQ %QGQLVVHLQHV/DQGHVPLWGHU6RZMHWXQLRQHLQWUDW,Q 0DUVHLOOH© 6LHVWUDKOWLKQDQ9RQZHLWHPZLUNWGDVDOVZROOHGLH)UDX LKUHP3DUWQHUJHUDGHHWZDVEHVRQGHUV/LHEHVVDJHQ6WDWW GHVVHQEHVWlWLJWVLHPLWGHU(UZlKQXQJGHV$WWHQWDWVYRQ 0DUVHLOOHKDEH:HUQHUEHUHLWVGLH*U|HQRUGQXQJDQJHGHX WHWXQGGHQ6WHOOHQZHUWGHQVLHGHPª)DOO%ULQNPDQQ©]X PHVVHQPWHQ1DWUOLFKJHKHQGLH/HXWHGHQHQGHU2EHUVW LP:HJHZDUEHU/HLFKHQ'RFKHVOLHJWDXFKLQLKUHP ,QWHUHVVHQLFKWEHUPlLJDXIVLFKDXIPHUNVDP]XPDFKHQ -HGRFKLVW0RUGGDVOHW]WH0LWWHOXQGLPPHUHLQ5LVLNRVR ODQJHHVKHOOK|ULJH/HXWHJLEWGLHQDFKGHQ+LQWHUJUQGHQ VXFKHQ:lUHGDVGXUFK%ULQNPDQQHQWVWDQGHQH3UREOHP GXUFKHLQHHKUHQYROOH3HQVLRQLHUXQJGHV2EHUVWHQDXVGHU :HOW]XVFKDIIHQJHZHVHQKlWWHPDQHVDXIGLHVH:HLVH EHUHLQLJW ª'DPLWZlUH%ULQNPDQQQLFKWDEJHKDOWHQZRUGHQVHLQH 7KHVHYRPhEHUJDQJVFKDUDNWHUGHUJHJHQZlUWLJHQ/XIWZDIIH ZHLWHU]XYHUWUHWHQ(UZROOWHHLQH/XIWZDIIHGLHVLHJWZHQQ VLHDQJUHLIW9RQVHLQHP6WDQGSXQNWDXVZDUGDVGXUFKDXV ORJLVFK HUKDWWHMDVHLQH(UIDKUXQJHQ2EZRKO©
ª-D"©HUPXQWHUW:LQQLH ª,FKNHQQHVHLQH%HZHJJUQGHQLFKWXQQDKEDUZLHHUVLFK JDEDEHU hEHUJDQJVFKDUDNWHUKLQRGHUKHU QDWUOLFKLVW GLHVH/XIWZDIIHHLQJHIlKUOLFKHV,QVWUXPHQWXQGGXUFKDXVLQ GHU/DJHLQQHUKDOEGHU1$72JHZLVVH$XIJDEHQ]XHUIOOHQ 'DVKDWHUPLQGHVWHQVVRJXWJHZXWZLHZLU:DVZROOWHHU GHQQPHKU"© 6LHEOHLEHQDQHLQHP6SULQJEUXQQHQVWHKHQ,QGHVVHQ %HFNHQJLEWHV*ROGILVFKHGLHEHKlELJEHUIWWHUWXQGIHWW LKUH.UHLVH]LHKHQ$OVGLH6FKDWWHQGHUEHLGHQ0HQVFKHQDXIV :DVVHUIDOOHQNRPPHQVLHJOHLFKQlKHUª'LH1LHGHUODJHQGHU EHLGHQ:HOWNULHJHDXV]XPHU]HQXQGLKUH(UJHEQLVVH]X NRUULJLHUHQGDUDXI]LHOWHHUZRKO©ZLUIWGLH)RWRJUDILQKLQ ª8QGHUZROOWHHVYHUPXWOLFKHQWVFKHLGHQGYRQGHQHLJHQHQ /HXWHQJHWDQVHKHQ$PGHXWVFKHQ:HVHQVROOGLH:HOW JHQHVHQ© :HUQHUVWW]WVLFKDXIGLH6DQGVWHLQIDVVXQJGHV%HFNHQV ª'DVLVWGLHHLQH6HLWH©VDJWHUª(UVWHKWPLWVHLQHU7KHRULH QLFKWHLQPDODOOHLQ'DVKDWGHQ0RUGQLFKWDXVJHO|VWZHQQ GXPLFKIUDJVW,FKHULQQHUHPLFKJHQDXDQVHLQH:RUWHGD HVQRFKDQGHUH0LWWHOJlEHVHLQHLQGHUEHZXWHQ9RUODJH QLHGHUJHOHJWHQ(UNHQQWQLVVH]XYHUWUHWHQXQGGDVPXGHU +DNHQVHLQ©(UZHQGHWVLFK:LQQLH]Xª'LH%ULVDQ]GHU 6LWXDWLRQLVWEHNDQQW'LHXQYHUEHVVHUOLFKHQ2VWODQGUHLWHUXQG LKUH(SLJRQHQEHUVFKODJHQVLFK'LH9HUWHXIHOXQJGHVVR ]LDOLVWLVFKHQ/DJHUVKDWHLQQLHJHNDQQWHV$XVPDHUUHLFKW .HLQH=HLWXQJXQGNHLQH5DGLRVHQGXQJPHKURKQHGLH3KUDVH YRQGHU%HIUHLXQJGHU %UGHUXQG6FKZHVWHUQLQGHU2VW ]RQH!'HU)ULHGHKlQJWDQHLQHPVHLGHQHQ)DGHQ,QGLHVHU /DJHNDQQPDQQLFKW]XODVVHQGDGDV%LOGYRQGHU6FKODJ NUDIWGHU%XQGHVZHKUXQGLKUHU)OLHJHUYHUElQGHLQLUJHQG HLQHU:HLVHDXFKQXUDQJHNUDW]WZLUGLQDOOHUgIIHQWOLFKNHLW ZRP|JOLFK© ª+DWHUGLH.RQVHTXHQ]VHLQHV9HUKDOWHQVQLFKWYRUDXV VHKHQN|QQHQ"© ª1DWUOLFKKDWHU©HUZLGHUW:HUQHUWURFNHQª$EHUVROFKH
/HXWHZLHGHU2EHUVWKDEHQHLQHQEHVRQGHUHQ(KUHQNRGH[ 'HQNHDQGHQ.DSLWlQGHUHEHQPLWVHLQHP6FKLIIXQWHUJHKHQ PXZHQQHUQLFKWGDV*HVLFKWYHUOLHUHQZLOO%ULQNPDQQKDW ]XPLQGHVWJHDKQWZDVDXILKQ]XNRPPHQZUGH7URW]GHP (UKDWVHLQHQ7RGHLQNDONXOLHUWMDYLHOOHLFKWVRJDULQ5HFK QXQJJHVWHOOWGDHUVHLQHP&UHGR]XVlW]OLFK*HZLFKWYHU OHLKHQZHUGH© :LQQLHZLUIWHLQ6WHLQFKHQLQV:DVVHU6ROFKH%HKDQGOXQJ P|JHQGLH*ROGILVFKHQLFKW6LH]LHKHQVLFK]XUFNª8QGZR EHILQGHWVLFK%ULQNPDQQV9HUPlFKWQLV"© ª'DVLVWKLHUGLH)UDJH©EHVWlWLJW:HUQHUª=ZHLIHOORV ZXWHGHU2EHUVWPHKUDOVZLUDOOH]XVDPPHQ(UKDWWH=XJDQJ ]X*HKHLPGRVVLHUVXQG]X3ODQXQJVXQWHUODJHQGLHHLQHUZLH LFKEHVWHQIDOOVLPYHUVLHJHOWHQ8PVFKODJYRQ=LPPHU]X =LPPHUWUDJHQGDUI$XHU+DXVHEHI|UGHUWVLHQXUGHU .XULHUGLHQVWXQGGDVP|JOLFKVWQRFKPLW)HOGMlJHUHVNRUWH 'XUFKDXVZDKUVFKHLQOLFKGDHVLQVHLQHP&UHGR%H]JHDXI VROFKH3OlQHJLEWPLW$QJDEHYRQ6WUDH+DXVQXPPHUXQG SUl]LVHQ'DWHQ'HVKDOEKDWGHU0LOLWlULVFKH$EVFKLUPGLHQVW LP%ORFNKDXVGDQDFKJHVXFKW© :LQQLH:LQNHOPDQQV%OLFNIROJWGHU:DVVHUIRQWlQHELV KLQDXI]XLKUHU6SLW]H'LHJOLW]HUWVLOEULJLQGHU$EHQGVRQQH XQGVWHKWKHOOJHJHQGHQEODXHQ+LPPHOª2KQHHV]XILQ GHQ© ª:HQLJVWHQVVRODQJHLFKGRUWZDU8QGDXFKEHL:LHVHQHFN NDPZlKUHQGGHV(VVHQVNHLQHHQWVSUHFKHQGH%HQDFKULFKWL JXQJ+lWWHGHU*HQHUDOHLQH(UIROJVPHOGXQJHUKDOWHQVR ZlUHHVLKPDQ]XVHKHQJHZHVHQ© 'LH)RWRJUDILQVFKDXWQRFKLPPHUQDFKREHQª'DV'RNX PHQWZUGHXQVQW]HQ©VDJWVLHJDQ]OHLFKWKLQª(VZUGH XQVVRJDUVHKUKHOIHQJODXEHLFK© 'HU.XQGVFKDIWHUKROWWLHI/XIW6HKUJOFNOLFKZLUNWHU QLFKWLQGLHVHP$XJHQEOLFN:LQQLHV6FKOXIROJHUXQJLVWOR JLVFKDEHU0LWGHU8QWHUVXFKXQJVJUXSSHª%RQQHLQV©KDW YRQ:LHVHQHFNVLFKHUGLHEHVWHQ/HXWH]XP%ORFNKDXVLQ 0DUVFKJHVHW]WEHUGLHGHU0$'LQGHUª+DXSWVWDGW©YHU
IJW8QGZRVLHELVKHUPLWLKUHQ6SH]LDONHQQWQLVVHQXQGLQ YROOHU/HJDOLWlWQLFKWVDXVJHULFKWHWKDEHQVROO:HUQHU%UH GHEXVFKLQVJHKHLPXQGLOOHJDOHUIROJUHLFKVHLQ"$EHUGD]XLVW HUMDKLHUª+DOOHOXMD©VDJWHUVHXI]HQGXQGVLHKWHLQHP VFKZDU]KDDULJHQ0lGFKHQQDFKGDVPLWZLHJHQGHQ+IWHQ ]XU6SLHOEDQNKLQEHUJHKWª/LDQHDXVGHP8UZDOG]XUFN© ODXWHWHKHXWHIUKHLQH=HLWXQJVDQQRQFHª+DWQRFK7HUPLQH IUHL©1DMD'LHGDGUEHQVLHKWMHGHQIDOOVVHKUKEVFKDXV ª,FKZHUGHHVYHUVXFKHQ:LQQLH9LHO+RIIQXQJKDEHLFK QLFKW6LFKHUOLFKELHWHWGDV%ULQNPDQQ3DSLHUHLQSDDUJXWH =XVDW]LQIRUPDWLRQHQYLHOOHLFKWVRJDUZHUWYROOHEOR© 'LH)RWRJUDILQQLPPWZLHGHUVHLQHQ$UPXQGIKUWLKQYRP 6SULQJEUXQQHQIRUW'HU.XUSDUNLVWLPPHUQRFKEHOHEWDEHU GLH6FKDUGHU6SD]LHUJlQJHUOLFKWHWVLFKDOOPlKOLFK(VZLUG VWLOOHU'LHDEHQGOLFKH6HUHQDGHYHUNODQJ'LH0XVLNHUKDEHQ GHQ0XVLNSDYLOORQYHUODVVHQ%HVFKDXOLFKNHLWEUHLWHWVLFKDXV 'LH0HKU]DKOGHU%HVXFKHUJHKWQDFK+DXVHPLWGHUhEHU ]HXJXQJHLQHQVFK|QHQXQGIULHGYROOHQ1DFKPLWWDJYHUEUDFKW ]XKDEHQ$KQHQGLH/HXWHZLHWUJHULVFKGLHEUHLWH%H KlELJNHLWLKUHV6RQQWDJVLVW":ROOHQVLHGDVEHUKDXSWZLVVHQ" 'LHPHLVWHQZDKUVFKHLQOLFKQLFKW6LHVLQGJDQ]EHVFKlIWLJW PLWGHP.DPSIXPHLQHQ/RJHQSODW]LQGHU:RKOVWDQGV JHVHOOVFKDIWDXVJHEXFKWPLWGHU*LHUQDFK%HVLW]XQG6HOEVW EHKDXSWXQJXQGEHVWUHEWGXUFKKHIWLJHQ*HEUDXFKGHU(OOHQ ERJHQLQGLH&KHIHWDJHXQGGDPLW]XP3ODW]DQGHU6RQQH DXI]XVWHLJHQ'HQQDXI]XVWHLJHQLVWDOOHV]XEHVLW]HQLVWDOOHV QXUZHULP:RKOVWDQGOHEWOHEWDQJHQHKP'LHVHV.RQVXP GHQNHQEULQJWHLQHHUVFKUHFNHQGH2EHUIOlFKOLFKNHLWLQSROL WLVFKHQ'LQJHQPLWVLFK0LWGHUHLJHQHQ3HUVRQXQGGHP HLJHQHQ-REKDWPDQJHQXJ]XWXQ XP3ROLWLNVROOHQVLFKGRFK ELWWHGLHNPPHUQGLHGDIUEH]DKOWZHUGHQ8QGGDVWXQVLH GHQQDXFKXQGGLH9HUJHOLFKNHLWGHU/HXWHNRPPWLKQHQVHKU HQWJHJHQ:HUGHQNWVFKRQLQGHU%OWH]HLWGHV:LUWVFKDIWV ZXQGHUVQRFKGDUDQGDHUVLFKHLQPDOJHVFKZRUHQKDWOLHEHU VHLQ/HEHQODQJWURFNHQHV%URW]XHVVHQDOVQRFKHLQPDOGLH 6FKUHFNHQGHU%RPEHQQlFKWH]XHUOHEHQ"0DQLVWMDZLHGHU
ZHUXQGIKOWVLFKJURXQGPlFKWLJPLWGHQ$PHULNDQHUQLP 5FNHQ :HUQHU%UHGHEXVFKKDWGLHVHV/DQGKLHUJUQGOLFKVDWW(U LVWODQJHJHQXJKLHUXPYRP&KURPJODQ]GHU/X[XVOLPRXVL QHQXQGGHQJUHOOHQ)DUEHQGHU1HRQOLFKWHUQLFKWPHKU JHEOHQGHW]XZHUGHQ'D]XZDUHQLKP]XWLHIH%OLFNHKLQWHU GLH)DVVDGHP|JOLFKGD]XKDWHUGLH5HVWDXUDWLRQYHUGHUE OLFKHQDOWHQ8QJHLVWHVFKDXYLQLVWLVFKHUXQGUHYDQFKLVWLVFKHU 3UlJXQJ]XKDXWQDKPLWHUOHEW8QGGDVVROODXIGLH'DXHUHLQH 3HUVSHNWLYHKDEHQ" 6LHJHKHQQRFKHLQ6WFN:HJHVJHPHLQVDPGDQQWUHQQHQ VLHVLFK(LQH]XIlOOLJH%HJHJQXQJXQGHLQH6WXQGHIUHXQG OLFKHQ*HGDQNHQDXVWDXVFKHV]ZLVFKHQDOWHQ%HNDQQWHQVLQG ]X(QGHJHJDQJHQ:HUVROOWHGDUDQHWZDVYHUGlFKWLJILQ GHQ" :LQQLHZHQGHWVLFKDOOHLQGHP$XVJDQJGHV.XUSDUNV]X XQGOlXIW]XGHPHQWIHUQWHQ3DUNSODW]DXIGHPLKU$XWRVWHKW 'HU0RWRULVWQRFKZDUP HVZDUHLQNXU]HU$XIHQWKDOWLQ :LHVEDGHQ9RUKLQZDUHQGLH6WUDHQOHHU-HW]WTXlOWVLFKGHU JURH%0:LQPLWWHQGHU%OHFKODZLQHYRQ6RQQWDJVDXVIOJ OHUQGDKLQGLHDXIGHP+HLPZHJVLQG'LH)RWRJUDILQZlKOW VFKRQ1HEHQVWUDHQXPEHVVHUYRUDQ]XNRPPHQDEHUVR VFKODXVLQGDQGHUHDXFK6LHIJWVLFKLQV8QYHUPHLGOLFKH,KUH hEHUOHJXQJHQNUHLVHQXP:HUQHUV%HULFKW(LQZHLWHUHU6WHLQ IUGDV0RVDLNELOGGDVGLH$XINOlUXQJ]XVDPPHQVHW]WXQG IRUWZlKUHQGDXIGHQQHXHVWHQ6WDQGEULQJWLVWGDV1LFKW PHKU"$XIMHGHQ)DOOZLFKWLJJHQXJGHU6DFKHQDFK ]XJHKHQ :HUQHU%UHGHEXVFKEHWULWWGDV.XUKDXVUHVWDXUDQWEHVWHOOW HLQ$EHQGHVVHQXQGEOlWWHUWVFKHLQEDUGXUFKDXVPLWGHU:HOW ]XIULHGHQlXHUOLFKHLQEHWXFKWHU%UJHUPLWXQJHEURFKHQHP 6HOEVWZHUWJHIKOJHODVVHQLP:LHVEDGHQHUª.XULHU©8QG ZLHGHUHLQPDOHLQ5HJLHUXQJVOFRPPXQLTXHPLWGHU)RUGHUXQJ DQGLH.DXIOHXWHGLHª2VW]RQH©]XER\NRWWLHUHQ)RWRVYRQ .RQUDG$GHQDXHUXQG9L]HNDQ]OHU(UKDUG:HUQHUVFKLHEW GDV%ODWWYRQVLFK
(UEOHLEWELVGHU5FNVWURPDXIGHQ6WUDHQDENOLQJW'DQQ HUVWIlKUWHUXQGGLH/LFKWNHJHOGHU6FKHLQZHUIHUKHEHQ QXQPHKUGDV*UDXGHV$VSKDOWVDXVGHU'XQNHOKHLW(UOlW VLFK=HLW1XQHUVWVSUWHUZLHDEJHVSDQQWXQGPGHHULVW $OVHULQGHU7LHIJDUDJHGHV1HXEDXVDXVVWHLJWLQGHPHUHLQH =ZHL]LPPHU.RPIRUWZRKQXQJJHPLHWHWKDWUHFNWHUVLFKXQG JlKQW'DVZDUHLQ6RQQWDJPLWYROOHP3URJUDPP 'HQ)DKUVWXKOGHULKQLQGHQVLHEHQWHQ6WRFNEULQJWEH QXW]HQDXFKDQGHUH0LHWHU0DQJUWVLFKXQGVFKZHLJWVLFK DQPDQNHQQWVLFKQLFKWMHGHUKDWJHQXJPLWVLFKVHOEVW]X WXQ 'LH:RKQXQJVWUNODSSW]X/LFKW$OOH7UHQVLQGJH|II QHW ELVDXIGDV7LFNHQHLQHU8KULVWDOOHVVWLOO7URW]GHP VFKDOWHW:HUQHUEHUDOOGLH%HOHXFKWXQJHLQXQGJHKWHUVW HLQPDOGXUFKGLHJHVDPWH%HKDXVXQJ'DVPXWHWDQZLHHLQ 5LWXDO(VLVWDXFKHLQV6FKOLHOLFKLVW$FKLP'HWMHQQLFKWQXU HLQEHOLHELJHU0DMRUGHU%XQGHVOXIWZDIIHHULVWHEHQVRJXWGHU ''5.XQGVFKDIWHU:HUQHU%UHGHEXVFKGHUVLFK8QDXI PHUNVDPNHLWXQG/HLFKWVLQQQLFKWOHLVWHQNDQQ'DHUQRFK QLFKWHQWWDUQWZRUGHQLVWXQGLQDOOGHQ-DKUHQVHLQHUJHIDKU YROOHQ$UEHLWNHLQHQ9HUGDFKWDXIVLFKJH]RJHQKDWGDQNWHU QLFKW]XOHW]WVHLQHU6HOEVWGLV]LSOLQVRYLHO.UDIWXQGhEHU ZLQGXQJVLHJHOHJHQWOLFKDXFKNRVWHW :HUQHU%UHGHEXVFKHUEODW(UVLHKWHLQ]ZHLWHVPDOKLQ 1HLQHLQ,UUWXPLVWDXVJHVFKORVVHQ'LH+DDUVLFKHUXQJDQGHU PLWWOHUHQ6FKUHLEWLVFKVFKXEODGHLVW]HUVW|UW'DV+DDUKlQJW KHUDE:HULPPHULQVHLQHU$EZHVHQKHLWGHQ6FKUHLEWLVFK JH|IIQHWKDWDFKWHWHQLFKWDXIGDVZLH]XIlOOLJ]ZLVFKHQ)K UXQJVVFKLHQHXQG/DGHHLQJHNOHPPWH+DDU 'DV)DFKLVWRUGQXQJVJHPlYHUVFKORVVHQ'HU0HFKDQLV PXVVFKOLHWVLFKZLHLPPHU QLFKWVGHXWHWDXIHLQHQIUHPGHQ RGHUJDUJHZDOWVDPHQ(LQJULIIKLQ8QGGULQLVWDXFKDOOHV XQYHUlQGHUWDOOHVOLHJWDQVHLQHP3ODW]1LFKWHLQPDOGHU 8PVFKODJPLWGHQGUHLKXQGHUWIQI]LJ0DUNIHKOW+LHUZDUHQ GHPQDFK3URILVDP:HUNDEHUQLFKWYRQGHUNULPLQHOOHQ 6RUWH'LHVHª)LOLJUDQWHFKQLNHU©KDEHQHWZDVDQGHUHVJH VXFKW:DV"
%UHGHEXVFKJLHWVLFKHLQHQ0DJHQELWWHUHLQXQGWULQNWLKQ LQNOHLQHQ6FKOXFNHQ,QGHU7DWGLHhEHUUDVFKXQJLVWLKPDXI GHQ0DJHQJHVFKODJHQ'DQXW]WHVQLFKWVGLHDEVROXWH*H ZLKHLW]XKDEHQGDHVLQGLHVHU:RKQXQJQLFKWVJLEWZDV LKQEHODVWHQN|QQWH'DUDXIDFKWHWHUVRUJVDP 6RVWHKWHUODQJHHLQ)UHPGHULQGHQHLJHQHQYLHU:lQGHQ XQGODXVFKWGHP7LFNHQGHU8KU :DUXP"$XIGLHVH)UDJHEOHLEWHUVLFKGLH$QWZRUWVFKXOGLJ (LQª:HU"©LVWOHLFKWHU]XHUNOlUHQ3ROL]LVWHQNRPPHQRIIL ]LHOOXQGPLW+DXVVXFKXQJVEHIHKOHQ'DVGDLVW*HKHLPGLHQVW DUEHLW8QGGHU$QOD" (UVHW]WVLFKKLQ(UVFKUDXEWPHFKDQLVFKGLH0XVFKHOYRP 7HOHIRQK|UHU1HLQHLQHª:DQ]H©LVWKLHUQLFKWHLQJHEDXW ZRUGHQ,KPLVWJDUQLFKWZRKOLQVHLQHU+DXW:DVLVWGDLP *DQJH"$XIHLQPDOKDWHUGDV*HIKOGDLKQGLH:lQGH EHODXHUQ%XFKUFNHQLKQDEVFKlW]HQGPXVWHUQGLHZHLH DXJHQORVH*HVLFKWVPDVNHGLHHUGDPDOVDXV3RUWXJDOPLW JHEUDFKWKDWLKQKlPLVFKDQJULQVW %ORNHLQH3DQLN6LFKQLFKWGXUFK1HUYRVLWlWYHUUDWHQ 1LFKW]XHUNHQQHQJHEHQGDHUHLQH6SXUGHU/HXWHHQWGHFNW KDWGLH:HUWGDUDXIOHJWHQXQEHPHUNW]XEOHLEHQ(UKDWVLH QLFKWZDKUJHQRPPHQ HULVWJDQ]XQEHIDQJHQ (UJHKW]XP)HUQVHKHUXQGVFKDOWHWLKQHLQ(LQJHZ|KQ OLFKHU6RQQWDJDEHQG $EHUGLH)UDJHQEOHLEHQ
'LHVH0KOHVWHKW]ZDUDQHLQHPUDXVFKHQGHQ%DFKDEHUVLH NODSSHUWQLFKW'DV0KOUDGLVWWURFNHQXQGKDWLP$XJHQEOLFN OHGLJOLFKGHNRUDWLYHQ&KDUDNWHU'DV:DVVHUZLUGHUVWZLHGHU GDUDXIJHOHLWHWZHUGHQZHQQGLH5HQRYLHUXQJGHV$XVIOXJV KRWHOVª=XU0KOH©DEJHVFKORVVHQLVWXQGGDV+DXVQHXHU |IIQHWVHLQZLUG-HW]WVLQGQRFK/HLWHUQXQG%DXJHUVWHGD
%DONHQOLHJHQDXIHLQHP6WDSHOXQGGHU*HVDPWHLQGUXFNLVW ]LHPOLFKZVW (LQOHLVHU1DFKWZLQGKDWVLFKDXIJHPDFKW'DV0KOHQKRWHO OLHJWJDQ]GXQNHOGDXQGPXWHWYHUODVVHQDQPLWVHLQHQJH VFKORVVHQHQ)HQVWHUOlGHQ'HU(LQGUXFNWlXVFKW:HQQHLQHU JHQDXKLQVLHKWHQWGHFNWHUGDXQGGRUW/LFKWLQ5LW]HQGHU /lGHQXQGEHUGHP6FKRUQVWHLQ5DXFKGHQGHU1DFKWZLQG VFKQHOO]HUWHLOW5DVFKHU]LHKHQGLH:RONHQDP+LPPHOXQG JHEHQIU6HNXQGHQGLHVFKPDOH6LFKHOGHV0RQGHVIUHL'LH 7DQQHQULQJVXPEHXJHQGLH:LSIHO'DVbFK]HQGHVDUEHLWHQ GHQ+RO]HVLVWGDHLQ:DOGNDX]PHOGHWVLFKXQGGLHRIIHQHQ 7RUIOJHOGHUOHHUHQ*DUDJHVFKODJHQLQLKUHQ+DOWHUXQJHQ (LQHJXWH3ULYDWVWUDHGLHYRQGHU&KDXVVHH]ZLVFKHQ $VFKDIIHQEXUJXQG:U]EXUJLQGHQ6SHVVDUWKLQHLQDE]ZHLJW IKUWELVKLHUKHU'HU)DKUHUGHV:DJHQVGHVVHQ6FKHLQ ZHUIHU/LFKWEDKQHQLQGLH'XQNHOKHLWVFKLHEHQNHQQWVLFK DXV2KQH]X]|JHUQVWHXHUWHUEHUGHQOHHUHQ3DUNSODW] KLQZHJXQGJHQDXLQGLH*DUDJHKLQHLQ,PVHOEHQ0RPHQW YHUO|VFKHQGLH/LFKWHUXQGHLQKHPGVlUPOLJHU0DQQLVWGD GLH7RUIOJHO]XVFKOLHHQª,PNOHLQHQ6DDO+HUU%RUQ©VDJW HUQXU 9RQGHU*DUDJHDXVIKUWHLQH(LVHQWULQV+DXV'HU&KHI GHU5+(,10$,1'(7(.7(,LQ)UDQNIXUWJHKWHLQHQ PlLJHUKHOOWHQ*DQJKLQXQWHUXQG|IIQHWHLQH7URKQH DQ]XNORSIHQRGHUHLQª+HUHLQ©DE]XZDUWHQ'DQQEOHLEWHU VWHKHQ+LHULVWNHLQH/DPSHDQ1XUGDV.DPLQIHXHUEUHQQW LP5DXFKIDQJKHXOWGHU:LQGXQGGLHXQUXKLJHQ)ODPPHQ ZHUIHQ]XFNHQGHQ)HXHUVFKHLQEHUVFKZHUH(LFKHQP|EHO XQGVWHLQHUQH:lQGHª6LHKDEHQVLFKGUHLLJ6HNXQGHQYHU VSlWHW©VDJWHLQH6WLPPHKLQWHUGHUKRKHQ/HKQHHLQHVYRU GHQ.DPLQJHUFNWHQ6HVVHOVKHUYRUGLHEUFKLJH6WLPPH HLQHVDOWHQ0DQQHVGHUHVQLFKWJHZRKQWLVW]XZDUWHQ %RUQVHW]W]XHLQHUZRUWUHLFKHQ(QWVFKXOGLJXQJPLWZLGUL JHQ8PVWlQGHQDQGRFKGHUDQGHUHXQWHUEULFKWLKQJOHLFK ª*HVFKHQNW.DPHUDG%RUQ+LHUKHU1XQ"© 'HUVSlWH*DVWJHKWXPGHQ/HKQVHVVHOKHUXPª3ODQPlLJ
JHODXIHQ+HUU)ULWVFK©PHOGHWHUª'DV8UWHLOLVWYROOVWUHFNW© 'HU$OWHQLFNWJHODVVHQ'DVKDWHUHUZDUWHW(UEHXJWVLFK HLQZHQLJYRUXQGVWUHFNWVHLQHNQRFKLJHQ+lQGHQlKHUDQV )HXHU6HLQVFKPDOHVKDJHUHV*HVLFKWLVWXQEHZHJWDOVHULQ GLH)ODPPHQKLQHLQIUDJW ª6LHKDEHQGDV3DSLHU":DVVWHKW GULQ"© ª(VZDUQLFKWLP%ORFNKDXV:LUKDEHQKLQWHUKHUHLQH JHQDXH'XUFKVXFKXQJJHPDFKW%ULQNPDQQPXHVDQ GHUVZR©%RUQEULFKWDE9RUGLHVHP$XJHQEOLFNKDWHUVLFK JHIUFKWHW)ULWVFKPDJ0LHUIROJHQLFKW GLHHPSILQGHWGHU &KHIGHU2'(66$DOVSHUV|QOLFKH%HOHLGLJXQJ(UZLUGGLH HUWHLOWH$XVNXQIWQLFKWKLQQHKPHQ8QZLOONUOLFKVWUDIIWVLFK GHU/HLWHUGHU5+(,10$,1'(7(.7(, )ULWVFKPXVWHUWLKQYRQREHQELVXQWHQ0HKUXQGPHKU GHQNWHUHUIOOWGLHVHU0HQVFKZHQLJHUGLH(UZDUWXQJHQGLH GLH2'(66$LQGHQ'LUHNWRULKUHV6LFKHUKHLWVGLHQVWHVVHW]W -HlOWHU%RUQZLUGGHVWREHTXHPHUZLUGHUDXFK=HLWVLFK QDFKHLQHP1DFKIROJHUXP]XVHKHQ0DQKDW%RUQGLH 5+(,10$,1'(7(.7(,QLFKWDQYHUWUDXWGDPLWHUVLHDOV DQJHQHKPH3IUQGHEHWUDFKWHWDXVGHUHU0LWWHOXQG=HLW IUVHLQH]DKOUHLFKHQ'DPHQEHNDQQWVFKDIWHQ]LHKW'DVLVWMD VFKRQHLQ.RPSOH[EHLLKP8QGKDWHUQLFKWHLQZHQLJ]XYLHOH )HKOVFKOlJHDXIVHLQHP.RQWR"6LFKHUGLHELOGHQGLH$XV QDKPHJHPHLQKLQLVWGLH2UJDQLVDWLRQPLWGHP$SSDUDW]X IULHGHQDEHUVFKRQHLQHLQ]LJHU)HKOVFKODJLVWLP3ULQ]LSHLQHU ]XYLHO8QGHVN|QQWHQPHKUZHUGHQZHQQPDQHVVFKOHSSHQ OlW(U)ULWVFKKDWLPPHUHLQHQVHFKVWHQ6LQQGDIUJHKDEW GHQ=HLWSXQNW]XHUNHQQHQDQGHPHLQ:HFKVHO:XQGHU ZLUNW'DV0DLVWYROO$OOHUGLQJVZRKHUQLPPWHUJOHLFK HLQHQ0DQQGHQHUVRIHVWLQGHU+DQGKDWXQGGHUVRVHKU VHLQ:HUN]HXJLVW"1LFKWVEHUVWU]HQ 'HU$OWHZHQGHWVLFK]XUFN]XP)HXHUXQGVWDUUWLQGLH *OXW(UVFKLHEWGLH5HFKWHXQWHUGDV6DNNRXQGPDVVLHUW EHKXWVDPGLH+HU]JHJHQG'LHVH6WLFKH6REDOGHUVLFKDXI UHJWVLQGVLHGDª,KUH6FKOXIROJHUXQJHQ"©IUDJWHUXQYHU PLWWHOW
%RUQZLUGVHKUHLIULJ=XQlFKVWXQWHUVWUHLFKWHUGLHHLJHQH 7FKWLJNHLWPLWGHU0LWWHLOXQJGDDXFKGLH8QWHUVXFKXQJV JUXSSHª%RQQHLQV©LP%ORFNKDXVQLFKWVJHIXQGHQKDEH'DV ZLVVHHUYRQ*HQHUDOYRQ:LHVHQHFN6LHVHLHQGDQQVRYHU EOLHEHQGDGHU*HQHUDOHVEHUQDKPGLH:RKQXQJ%ULQN PDQQV]XUlXPHQLQGHPHUGLH:LWZH]XLKUHP6RKQQDFK 5HJHQVEXUJEULQJHQOLH(UVLFKHUWHDXFK]XGDGHU0$' HUVWPRUJHQLQGHU:RKQXQJ1DFKVFKDXKDOWHQZHUGHGDPLW GLH5+(,10$,1'(7(.7(,9RUODXIKDEH,QGLHVHP $XJHQEOLFNXQGKLHUVFKDXW%RUQDXIGLH8KUVHLHQ +HU]RJ6FKZHGOHUXQG6SH]LDOLVWHQDQGHU$UEHLW9RQGHP (UJHEQLVZHUGH2'(66$VRIRUWXQWHUULFKWHW )ULWVFKQLPPWGDV]XU.HQQWQLV(UOlWGHQ%OLFNQLFKWYRQ GHQ)ODPPHQ,PPHUQRFKPDVVLHUWHUVHLQ+HU]ª:LHZDU HVPLW%ULQNPDQQ"©ZLOOHUZLVVHQ 6WDWWHLQHU$QWZRUW]LHKW%RUQDXVGHU,QQHQWDVFKHVHLQHV :LOGOHGHUMDFNHWWVHLQH6WHQRUHWWHHLQNOHLQHV7RQEDQGJHUlW (VLVWQLFKWJU|HUDOVHLQHOHNWULVFKHU5DVLHUDSSDUDWXQGKDOE VRKRFK(LQOHLVWXQJVIlKLJHV0LNURIRQZXUGHHLQJHEDXWGDV DXFKDOV/DXWVSUHFKHUIXQJLHUWZHQQPDQZLH%RUQMHW]WGHQ 3ODVWLNGHFNHOEHUGHQ6SXOHQ|IIQHW(LQH'DXPHQEHZHJXQJ GHU6FKDOWHUUFNWDXIª2Q©GDV*HUlWVSLHOW (VUHJQHWLQ6WU|PHQ6FKPDW]HQGH6FKULWWHDXIQDVVHP 0RRV(LQ0HWDOONORSIHUGU|KQW%RUQV6WLPPHUXIW ª.DPH UDG%ULQNPDQQ©1RFKHLQPDOGHU.ORSIHU$XIHLQPDOJDQ] LQGHU1lKHHLQHDQGHUH6WLPPH ª:ROOHQ6LH]XPLU"©'LH $QWZRUW ª.DPHUDG%ULQNPDQQ,FKGDFKWHVFKRQLFKKDEH GLH)DKUWXPVRQVWJHPDFKW6DXZHWWHU©(LQ+XQGEHOOW ª.HLQH%DQJH%HOODLVWHLQ]lUWOLFKHV0lGFKHQXQGQXUDXI 1LHGHUZLOGVFKDUI© (LQH7UZLUGJH|IIQHWXQGZLHGHUJHVFKORVVHQ(LQHDQGHUH JHKWDXI%ULQNPDQQVDJWIUHXQGOLFK ª*DQ]VFK|QQDELVWGX %HOOD%OHLEVWJOHLFKKLHU1DORVUHLQPLWGLU©(LQHZHLWHUH 7UGLHJH|IIQHWZLUGª%LWWH© ª'DUILFKUDXFKHQ"©HUNXQGLJWVLFK%RUQLP$XVIOXJVKRWHO ª=XU0KOH©QHUY|V:HLGHU7HXIHOVRDEJHEUKWNDQQ
NHLQHUVHLQGDHVLKQEHLGHUSUl]LVHQDNXVWLVFKHQ:LHGHU KROXQJHLQHUVROFKHQ6WXQGHQLFKWEHUPDQQW(UKDWHLQHQ 0DQQHUVFKRVVHQXQGZHQQHUDXFKPDQFKHVDXIVHLQHP .HUEKRO]KDWHLQEHUXIVPlLJHU.LOOHULVWHUQLFKW:HL*RWW HVLVWLKPQLFKWOHLFKWJHIDOOHQ$EHUZDVVROOWHHUPDFKHQ"(V ZDUHLQ%HIHKOYRQ)ULWVFK(UPXWHJHKRUFKHQ HUPX LPPHUJHKRUFKHQ,KPEOHLEWNHLQHDQGHUH:DKOPHKU ª5DXFKHQ6LH©PXUPHOW)ULWVFKXQGOHKQWVLFK]XUFN(U OHJW]XHUVWGLH)LQJHUVSLW]HQXQGGDQQDXFKQRFKGLH+DQG IOlFKHQDQHLQDQGHU:HQQHUQXQQRFKGLH$XJHQVFKOLHWKDW HUGDV%LOGXQGGLH6]HQHGHXWOLFKYRUVLFK (UVFKOLHWGLH$XJHQ'DV%DQGOlXIW ª+EVFKKLHU:LUNOLFKKEVFK© (LQH)ODVFKHZLUGHQWNRUNW*OlVHUNOLUUHQDXIGHP7LVFK ª6LHVLQGGRFKQLFKWKLHUKHUJHNRPPHQXPPHLQ%ORFNKDXV ]XEHVLFKWLJHQ.DPHUDG%RUQ© ª1DWUOLFKQLFKW2EHUJUXSSHQIKUHU)ULWVFKKDWPLFKJH EHWHQ© 6HKUWURFNHQHQWJHJQHW%ULQNPDQQ ª'DVKHLW6LHEULQJHQ PLUGLH(LQODGXQJ]XU2'(66$7DJXQJ,FKKDEHPLFKVFKRQ JHZXQGHUW6LHLVWOlQJVWEHUIlOOLJ7ULQNHQ6LH%HLVROFKHP :HWWHUKlOWHLQJXWHU.RJQDN/HLEXQG6HHOH]XVDPPHQ© 1DFKHLQHUZLQ]LJHQ3DXVHVDJW%RUQ ª(LQVDPH*HJHQG KLHU© %ULQNPDQQKXVWHWª0LUJHIlOOWVLH1LUJHQGZROlWHVVLFK VRJXWQDFKGHQNHQZLHLQGHU(LQVDPNHLW,FKDUEHLWHDQ PHLQHQ.ULHJVHULQQHUXQJHQZLVVHQ6LH"'HU/XIWNULHJDXV GHU6LFKWGHV*HQHUDOVWDEHV©(VJLEWHLQVFKDUUHQGHV *HUlXVFKDOVREHLQ6WXKOJHUFNWZUGHª$OVR":RLVWGLH (LQODGXQJ"© 'DUDXIJHKW%RUQQLFKWHLQ0LWHLQHPQHXHQ$QVDW] JOHLFKVDPJHVFKlIWVPlLJHUNOlUWHU ª.DPHUDG)ULWVFKLVW]X 2KUHQJHNRPPHQGD6LH6RUJHQKDEHQ:LUZUGHQ,KQHQ JHUQKHOIHQ'HVKDOEELQLFKKLHU© 1HXHUOLFKUFNWHLQ6WXKO6FKULWWHJHKHQKLQXQGKHU ª'DVLVWHV":HQQLFK6LHUHFKWYHUVWHKH%RUQVLQG6LH
YHUJDWWHUWPLFK]XU2UGQXQJ]XUXIHQ"/DVVHQ6LHPLFK DXVUHGHQ6LHVROOHQPLFKGDUDQHULQQHUQGDLFKGHU 2'(66$DXI*HGHLKXQG9HUGHUEYHUVFKZRUHQELQXQGGD %HVFKOVVHGHU2UJDQLVDWLRQIUPLFKELQGHQGVLQG,VWHVVR"© ª-DGDVLVWVR© 'LH6FKULWWHK|UHQDXI%ULQNPDQQLVWVWHKHQJHEOLHEHQ ª$XIGHXWVFKJHVDJW ,FKKDEHGDV0DXO]XKDOWHQ© ª$XIJXWGHXWVFKJHVDJW -D© $EHUPDOVUFNWHLQ6WXKO,QGLHODXIHQGH7RQEDQGZLHGHU JDEHKLQHLQHUNOlUW%RUQ)ULWVFK ª,FKKDWWHGDV*HIKOGD HUHWZDVDKQWH(UVDKPHKUIDFK]XVHLQHP-DJGJHZHKUKLQ EHUGDVDP6FKUHLEVHNUHWlUOHKQWH,FKGDFKWHMHGHVPDOHU ZUGHJHKHQXQGGDV*HZHKU]XVHLQHQDQGHUHQLQGHQ*H ZHKUVFKUDQNVWHOOHQ1LFKWVGDYRQ'DKDEHLFKEHJULIIHQGD HUVLFKQXUEHU]HXJWHGDGLH:DIIHQRFKGDVWDQG,FKVDK GDGHU6LFKHUXQJVEJHOXPJHOHJWZDU,FKVFKORGDUDXVGD LFKHLQHJHODGHQH%FKVHYRUPLUKDWWH$OVKDEHHUPHLQHQ %HVXFKHUZDUWHW© %RUQV6WLPPHLVWZLHGHULP/DXWVSUHFKHU ª'HU6RPPHU HLQXQGVHFK]LJLVWSURJUDPPLHUWXQGGDUlVRQLHUHQ6LHPLW ,KUHQ9RUEHKDOWHQPLW,KUHU7KHRULHYRQXQJHQJHQGHU 9RUEHUHLWXQJPLW,KUHU)RUGHUXQJQDFK9HUVFKLHEXQJGHU (QWVFKHLGXQJ6LHEULQJHQXQVHUHVWUDWHJLVFKH.RQ]HSWLRQLQ *HIDKU'LH2UJDQLVDWLRQVHW]W+LPPHOXQG+|OOHLQ%H ZHJXQJXQG6LH":LUEHJUHLIHQ,KUH(LQVWHOOXQJQLFKW© 'LH6FKULWWH%ULQNPDQQVDXIURKHQ+RO]ERKOHQVFKQHOOHU DOVYRUKLQHUUHJWHU(LQKLQJHZRUIHQHVª,FKKDEHGLHJU|WH +RFKDFKWXQJYRUGHP%HPKHQGHU2UJDQLVDWLRQXPEDOG P|JOLFKVWH%HIUHLXQJ0LWWHOGHXWVFKODQGVYRP.RPPXQLV PXV$EHU©6HLQH6WLPPHZLUGHLQGULQJOLFKIDVWEH VFKZ|UHQG ª6LHDOOHHUOLHJHQHLQHP:XQVFKGHQNHQ,FKIU PHLQHQ7HLOP|FKWHYHUPHLGHQGDHLQGHXWVFKHU*HQHUDOVWDE LP$XJXVWHLQXQGVHFK]LJ]XPGULWWHQPDOLQGLHVHP-DKU KXQGHUWHLQHYHUQLFKWHQGH1LHGHUODJHKLQQHKPHQPX© ª'DVLVWVHLQHDOWH/HLHU©EHPHUNW)ULWVFKNDOW ª1DWUOLFK©IlKUWGHU2EHUVWDXIGHP7RQEDQGIRUW
ªZHUGHQZLUHLQHV7DJHVPDUVFKLHUHQ'RFKHVMHW]W]XWXQ ZlUH6HOEVWPRUG© ª0LWGLHVHU0HLQXQJVWHKHQ6LHDOOHLQ© 6WLOOH%ULQNPDQQVWHKWZLHGHU'DQQVDJWHUIHVW ª,FKZHL PLFKLP5HFKW7HLOHQ6LH.DPHUDG)ULWVFKPLWGDLFKPLFK GDLFKNHLQHDQGHUH7ULEQHPHKUKDEHDQGDV1$72 +HDGTXDUWHUVZHQGHQZHUGH,QGHU+RIIQXQJGDVLFK ZHQLJVWHQVGRUWQRFKHLQLJH/HXWHHLQHQNODUHQ.RSIEHZDKUW KDEHQ,FKJODXEHQLFKWGDGLH9HUHLQLJWHQ6WDDWHQRGHUDXFK GDV8QLWHG.LQJGRPRGHU)UDQNUHLFKYRQGHU$XVVLFKWEH JHLVWHUWZlUHQLQHLQHZHOWZHLWH$XVHLQDQGHUVHW]XQJKLQ HLQJH]RJHQ]XZHUGHQGXUFKHLQH$NWLRQGLHYRQHLQHU +DQGYROO/HXWHQRUJDQLVLHUWZLUG8QGDOOHLQ",FKEHWRQH QRFKHLQPDOZLUVLQGQLFKWVRZHLW0HLQ(QWVFKOXLVWHQG JOWLJ© ª,KUOHW]WHV:RUW.DPHUDG%ULQNPDQQ"© ª0HLQOHW]WHV:RUW+HUU%RUQ© 3ROWHUQGIlOOWHLQ6WXKOXP*DQ]VFKQHOOH6FKULWWHLQJOHLFK EOHLEHQGHU1lKHYRP0LNURIRQ'DVKHLWHVLVWGHU&KHIGHU 5+(,10$,1'(7(.7(,GHUUHQQW(LQPHWDOOLVFKHV .OLFNHQ %ULQNPDQQVHKUODXW ª:RKOZDKQVLQQLJJHZRUGHQ":DIIH ZHJ%RUQ©1lKHUNRPPHQGH6FKULWWHKDVWLJXQGXQJOHLFK PlLJ.HXFKHQ(LQ]ZHLWHU6WXKONLSSW9RP0LNURIRQ JHUDGHQRFKDXIJHIDQJHQLVWGDVUDVHQGH%HOOHQGHVHLQ JHVSHUUWHQ+XQGHVPHKU]XDKQHQDOV]XK|UHQ (LQ6FKX %RUQVFKDOWHWGDV*HUlWDXV(ULVWEOD6HLQH6WLPPHLVW UDXKXQGEHOHJWXQGHUPXVLFKHUVWUlXVSHUQHKHHUEHWRQW VDFKOLFKHUNOlUHQNDQQ ª,FKKDWWHQDWUOLFKHLQHVFKDOO JHGlPSIWH3LVWROHPLWJHEUDFKW)UHPGIDEULNDWEHLXQVQLFKW UHJLVWULHUW'DQQVDKLFKGDV-DJGJHZHKU'DVZUGHYLHO QDWUOLFKHUZLUNHQGDFKWHLFK,FKKDWWHGLH%FKVHYRULKP LQGHU+DQGDEHUHUEHNDPVLHQRFK]XIDVVHQ*HQXW]WKDW HVLKPQLFKWV© )ULWVFKOHJWEHWXOLFKGLH:ROOGHFNHEHLVHLWHXQGHUKHEWVLFK
DXVGHP6HVVHO6HLQ*HVLFKWEOHLEWY|OOLJDXVGUXFNVORV2KQH GLHJHULQJVWH5HJXQJEHPHUNWHU ª:DUXPVRYLHO=HLWYHU VFKZHQGXQJ"6ROFKH/HXWHQHKPHQNHLQH9HUQXQIWDQ$EHU GHU(LQIDOOPLWGHP-DJGJHZHKUZDUJXW*HEHQ6LHPLUGDV %DQG© %RUQJHKRUFKW(UWXWHVXQJHUQGRFKHUYHUVWHKWGD )ULWVFKGLH$XIQDKPHKDEHQZLOOZHLOHUPHKUIDFKHUZlKQW ZLUGXQGZHLOGLH7RQEDQGDXI]HLFKQXQJVROOWHVLHLQIDOVFKH +lQGHJHUDWHQ(KHGHU$OWHGLH6SXOHHLQVWHFNWYHU JHZLVVHUWHUVLFKVRJDUGDHVNHLQH.RSLHJLEW%RUQNHQQW GLH6SLHOUHJHOQGHU2UJDQLVDWLRQ]XJHQDXXPDQHLQHVROFKH 0|JOLFKNHLWDXFKEORJHGDFKW]XKDEHQ ª1DFKGHP6FKXNDPHQPHLQH/HXWH:LUVLQGXQEHPHUNW LQGHU1lKHGHV%ORFNKDXVHVJHEOLHEHQELVGHU0$'HUVFKLHQ (VZDUXQVEHNDQQWGD0DMRU'HWMHQGHQ7RWHQILQGHQ ZUGH+HUUYRQ:LHVHQHFNKDWWHPLUJHJHQEHUHUZlKQWHV VHLGHQNEDUGDGHU2EHUVWVHLQHQ6WHOOYHUWUHWHU]XEHHLQIOXV VHQYHUVXFKWKDEHMDGD0DMRU'HWMHQHYHQWXHOOYRQ1LHGHU VFKULIWHQ%ULQNPDQQVZLVVHXQGVLFKEHPLJWIKOHQN|QQH VROFKH1LHGHUVFKULIWHQDQGLH%UVVHOHU)UHXQGHGHV2EHUVWHQ ZHLWHU]XOHLWHQLQY|OOLJHU8QNHQQWQLVGHU=XVDPPHQKlQJH QDWUOLFK'HU0DMRUZDUVRIUHXQGOLFKVRIRUWGLH)HQVWHU OlGHQ]X|IIQHQQDFKGHPHULP+DXVZDU© )ULWVFKVFKDXWLKQQXUDQXQGGDQLPPWHUHLQHQ%ULHIXP VFKODJPLW)RWRJUDILHQKHUDXV0LWHLQHU7HOHNDPHUDDXI JHQRPPHQGRNXPHQWLHUHQVLHOFNHQORV'HWMHQV$XIHQWKDOW LQGHU-DJGKWWH'LHVH%LOGHUVHKHQDXVDOVKlWWHGHU$XI QHKPHQGHVHOEVWPLWLP=LPPHUJHVWDQGHQ ª'HU0DMRUKDWVLFKZHQLJHUDOVHLQH0LQXWHLP%ORFNKDXV DXIJHKDOWHQSUl]LVVHFKVXQGYLHU]LJ6HNXQGHQ(UKDWQLFKWV EHUKUWXQGQLFKWVJHVXFKW6HLQ9HUKDOWHQLVWLQMHGHU3KDVH GXUFKDXVNRUUHNWJHZHVHQ© )ULWVFKYHU]LHKWHLQZHQLJGHQ0XQGª6LHP|JHQGHQ0DQQ MD"© ª:DVKHLW P|JHQ!©ZHLFKWGHU&KHIGHU5+(,10$,1 '(7(.7(,DXVª*HOHJHQWOLFKH=XVDPPHQDUEHLWPLWLKPKDW
VLFKDOVQW]OLFKHUZLHVHQ,FKGDUIGDUDQHULQQHUQGD'HWMHQ VHLQHU]HLWDXIGHP U|PLVFKHQ:HJ!QDFK6GDPHULNDJH VFKOHXVWZXUGH'LH)UDQ]RVHQKDWWHQLKQDOV.ULHJVYHUEUH FKHUJHVXFKW© 'HU0DQQLP2KUHQVHVVHOQLFNWXQGUFNWGDV3ODLGDXI VHLQHQ.QLHQ]XUHFKW'DVLVWLKPEHNDQQW :HUDXIGHP ªU|PLVFKHQ:HJ©DXHU/DQGHVJHEUDFKWZXUGHLVWLQGHQ $XJHQGHU2UJDQLVDWLRQGHUHKHPDOLJHQ66$QJHK|ULJHQHLQH YHUOlOLFKH3HUV|QOLFKNHLW'DMHQHU)OLHJHUXQGLQIROJHGHV VHQORJLVFKHUZHLVHNHLQ$QJHK|ULJHUGHU66ZDUVSLHOWNHLQH 5ROOHGLH2'(66$KDWVLFKLPPHUIUGDV*DQ]HYHUDQW ZRUWOLFKJHIKOWXQGGHQ:HUWHLQHV0DQQHVPHKUDQVHLQHU +DOWXQJDOVDP%HVLW]HLQHV0LWJOLHGVEXFKHVJHPHVVHQ 'HWMHQV$XIWUHWHQKDWQLHPDOV$QOD]XU.ULWLNJHJHEHQ 'LH)ODPPHQLP.DPLQ]XFNHQ,KUU|WOLFKHV/LFKWVSLHOW DXI%RUQV*HVLFKW'HU'XIWYRQ%LUNHQKRO]IOOWGHQ5DXP %LUNHQKRO]'RSSHOWVRGLFNXQGKDOEPHWHUODQJVLQG VHLQHU]HLWGLH6FKHLWHJHZHVHQPLWGHQHQGDPDOVLPUXV VLVFKHQ/DJHUZHLWKLQWHU0RVNDXJHKHL]WZXUGH'LHVHELWWHUH .lOWHYLHU]LJ*UDGPLQXVZRFKHQODQJGDQQVRJDUIQI]LJ *UDG8QGGLHJHPDXHUWHQgIHQIUDHQ6REDOGVLHGXUFK JHEUDQQWZDUHQZHQQGDV+RO]QXUQRFKHLQHGXUFKJOKWH 0DVVHELOGHWHZXUGHREHQLP2IHQHLQH.ODSSHJH|IIQHWXQG GHU=XJGXUFKHLQHQHLVHUQHQ'HFNHOJHVWRSSW'HU6FKQHHODJ PHWHUKRFKXQGEHXJWHGLH%lXPHWLHI6LHVWDQGHQUHJORVHV ZHKWHQLFKWGHUOHLVHVWH:LQGXQGEHUGHPJDQ]HQ.ULHJV JHIDQJHQHQODJHUODJGLHVHU'XIWYRQEUHQQHQGHP%LUNHQKRO] ,QMHQHP/DJHUKDEHQVLHVLFKNHQQHQJHOHUQW$FKLP'HWMHQ XQGHU%RUQ'HU=XIDOONHWWHWHVLHDQHLQDQGHUXQGLPPHUZLH GHUKDEHQVLFKLKUH:HJHJHNUHX]W%RUQLVWRKQH$UJZRKQ JHJHQEHUGHPHKHPDOLJHQ-DJGIOLHJHUHUIKOWVRJDUHLQH JHZLVVH=XQHLJXQJIULKQDEHUIU(PRWLRQHQLVWLQGHU 2UJDQLVDWLRQNHLQ3ODW],PPHUKLQKDWVLH%ULQNPDQQ]XP 7RGHYHUXUWHLOWXQG%ULQNPDQQEHVDHLQHQ(KUHQULQJGHV 5HLFKVIKUHUV668QGZDVZlUHPLWLKPVHOEVW%RUQJH VFKHKHQZHQQHUVLFKGHP%HIHKOZLHGHUVHW]WKlWWH"7URW]
GHV.DPLQIHXHUVIU|VWHOWHVGHQ&KHIGHU5+(,10$,1 '(7(.7(, ,QGDV6FKZHLJHQKLQHLQNORSIWHVXQGGHUVHOEH0DQQHU VFKHLQWGHU%RUQLQGHU*DUDJHLQ(PSIDQJJHQRPPHQKDW (UKlOWHLQ7HOHIRQLQGHU+DQGXQGIKUWGDV.DEHOLQGHQ $QVFKOXVWHFNHUHLQª)U6LH©VDJWHUQXUXQGUHLFKW%RUQ GHQ+|UHU ,QGLHVHP$XJHQEOLFNZQVFKWGHUYRQJDQ]HP+HU]HQ VHLQH/HXWHP|FKWHQHLQH6LHJHVIDQIDUHEODVHQXQGPHOGHQ GDVYHUIOXFKWH%ULQNPDQQSDSLHUVHLVLFKHUJHVWHOOWZRUGHQ :LHLKQGDVEHLGHP$OWHQDXIZHUWHQZUGH$EHUDPDQGHUHQ (QGHGHU/HLWXQJVDJWH:ROI'LHWHU6FKZHGOHUEOR ª1HJD WLY&KHI:DVVROOHQZLUWXQ"© %RUQKDWLKQGHVZHJHQhEHUKDXSWUHL]WLKQGLHJDQ]H VIILVDQWDUURJDQWH$UWGLHVHV'LSORPNULPLQDOLVWHQVHLQ PRNDQWHV/lFKHOQVHLQ9RQREHQ+HUDE6SHNXOLHUWHUQLFKW VFKRQDXIVHLQHQ%RUQV6FKUHLEWLVFKVHVVHOXQGIUHXWVLFK ZHQQGHU&KHIDXIV.UHX]IlOOW"(UZHLNHLQH$QWZRUWDXI GLHDXIJHZRUIHQH)UDJH HUOHJWHLQIDFKDXI )ULWVFKVLHKWLKQDQXQGZHLDOOHVª:DVPDFKHQ6LH QXQ"©
bXHUOLFKLVW0DMRU'HWMHQY|OOLJXQYHUlQGHUWDOVHUDP 0RQWDJPRUJHQ]XP'LHQVWDXIGHU+DUGWK|KHHUVFKHLQW(V LVWDOOHVLQ2UGQXQJHVPXDOOHVLQ2UGQXQJVHLQ3QNWOLFK ]HKQ0LQXWHQYRUGHU=HLWEHWULWWHUGDV+DXVXPDXIGLH 6HNXQGHJHQDXGHQ6WXKODQVHLQHQ6FKUHLEWLVFKKHUDQ]XUN NHQ:LHHVVLFKJHK|UWHUVFKHLQHQUDQJJOHLFKH2IIL]LHUHPLW LKPZlKUHQGUDQJQLHGHUHEHUHLWV]ZHL0LQXWHQDQZHVHQG VLQG'LHDEJHVWXIWH=HLWHQIROJHZLUGELV]XP2EHUVWSUl]LVH HLQJHKDOWHQ2EHUVWHEHWUHWHQGDV+DXVPLWGHP*ORFNHQ VFKODJDFKWXQGQXUEHL*HQHUDOHQLVWHVHLQELFKHQDQGHUV
(LQSDDU:RUWHKLQXQGKHU$OOJHPHLQHVEHUGDV:RFKHQ HQGH0DMRU6FKPLWWHU]lKOWVFKRQLP3DWHUQRVWHUYRQGHP ª*HQHUDODQJULII©PLWGHPVHLQH(QNHOGHQ9RUVDW]]XQLFKWH PDFKWHQVLFKPDOULFKWLJDXV]XVFKODIHQ GHU6RQQWDJZDUVR DQVWUHQJHQGGDHUVLFKHUVWHLQPDOGDYRQHUKROHQPXª0DQ VROOWHVLFKDXFKVR QH-DJGKWWHDQ/DQG]LHKHQZLHGHU&KHI 8QHUUHLFKEDUVHLQ© ª$XFK%ULQNPDQQKDWWHVHLQH6RUJHQ1DMHW]WQLFKWPHKU© 6LHVLQGDOOHLQLP3DWHUQRVWHU'HWMHQWULWWGLFKWHUDQGHQ DQGHUHQKHUDQXQGIlKUWOHLVHIRUW ª(ULVWWRW6HOEVWPRUG,Q GHU1DFKWYRP6DPVWDJ]XP6RQQWDJ$EHUEHKDOWHQ6LH VIU VLFKELVHVRIIL]LHOOEHNDQQWJHJHEHQZLUG© 6FKPLWWV%HWURIIHQKHLWLVWYRQVHLQHP*HVLFKWDEOHVEDU 2EHQJHKWHUJOHLFKLQVHLQ=LPPHUXQGKDWEHL)UDX0DUVFKQHU QXUHLQIOFKWLJHV.RSIQLFNHQIU+DXSWPDQQ5RWKH'HUZDU JHVWHUQPLWVHLQHU)DPLOLHLQ6W*RDU(UKDWVLFKGRUWUHFKW ]HLWLJEHLGHP:LQ]HULQ(ULQQHUXQJJHEUDFKWEHLGHPHU VHLQHQ:HLQNDXIWLP'LUHNWEH]XJGHQQGDVLVWELOOLJHUª8QG HLQ:HLQLVWGDV© ª,QWHUHVVLHUWPLFK©ZLUIW$FKLPKLQª%ULQJHQ6LHGRFKPDO HLQH.RVWSUREHGDYRQPLW©6RDOOWlJOLFKZLHP|JOLFK *HQDX]ZHL0LQXWHQQDFKDFKW8KUNOLQJHOWGDV7HOHIRQDXI 'HWMHQV6FKUHLEWLVFK$FKLPQLPPWGHQ+|UHUDEXQGVWHKW DXIZLHVLFK VVFKLFNWZHQQPDQPLWHLQHP9RUJHVHW]WHQ VSULFKW'HU0DMRUHUKlOW$QZHLVXQJDXV%ULQNPDQQV$U EHLWV]LPPHUHLQH$NWHPLWGHU1XPPHU-]XHQWQHK PHQXQGVLHXPJHKHQGGHP$QUXIHU]XEHUEULQJHQ'LH$NWH EHILQGHVLFKLP3DQ]HUVFKUDQN GLH6LFKHUKHLWVDEWHLOXQJVHL DQJHZLHVHQ'HWMHQGHQ6FKOVVHODXV]XKlQGLJHQ1DFK(QW QDKPHKDEHGHU0DMRU3DQ]HUVFKUDQNXQG$UEHLWV]LPPHU]X YHUVFKOLHHQXQGGLH6FKOVVHOPLWVDPWGHQ8QWHUODJHQDE ]XJHEHQ.HLQ:RUWZHVKDOEXQGZDUXP $FKLPEHJLEWVLFK]XP6LFKHUKHLWVEURTXLWWLHUWXQGNHKUW PLWGHP6FKOVVHO]XUFN)UDX0DUVFKQHUEOLFNWLKQIUDJHQG DQGRFKHUKHEWQXUGLH6FKXOWHUQXQGYHUVFKZLQGHWLQ%ULQN PDQQV5DXP3DQ]HUVFKUDQNDXIGDOLHJWGLH$NWH'HWMHQ
NHQQWVLHVLHLVWDXFKEHUVHLQHQ7LVFKJHJDQJHQ,PEULJHQ LVWGHU6DIHVRJXWZLHOHHU %ULQNPDQQKDWWHLKQYRUVHLQHP 8UODXEDXIJHUlXPW'LH'LHQVWSLVWROHGHV2EHUVWHQXQGHLQH 6FKDFKWHO0XQLWLRQKDEHQHLQJDQ]HV)DFKIUVLFKDOOHLQ $FKLPQLPPWGHQ2UGQHUKHUDXVGDVLVWGDV:HUNYRQ6H NXQGHQVFKOLHWGHQOHHUHQ3DQ]HUVFKUDQN]XXQGZHQGHWVLFK ]XUFN]XU7U 'D]|JHUWHUEHLWVLFKDXIGLH/LSSHQXQGLVWJOHLFKPLW ]ZHLGUHL6FKULWWHQDQ%ULQNPDQQV6FKUHLEWLVFK(UJHKWHLQ 5LVLNRHLQGDVZHLHUDEHUGLH*HOHJHQKHLWLVWVRXQJODXEOLFK JQVWLJXQGYHUORFNHQG+LQ]XNRPPWGDDOOH6FKUHLEWLVFKH LP5HIHUDWDXVGHUVHOEHQ3URGXNWLRQVVHULHVWDPPHQXQGPLW EHUHLQVWLPPHQGHQ6FKO|VVHUQYHUVHKHQVLQG0KHORVOlW VLFK%ULQNPDQQV6FKUHLEWLVFK|IIQHQ'HWMHQPDFKWQXUGLH 6FKXEODGHREHQOLQNVDXI'RUWOLHJWGLHSULYDWH6FKUHLEPDSSH GHV2EHUVWHQ HUKDWVLHRIWJHQXJJHVHKHQ(KHHUVLHKHU DXVQLPPWZLUGHUVLFKEHZXWGDHUNHLQH)LQJHUDEGUFNH KLQWHUODVVHQGDUI0LWHLQHP3DSLHUWDVFKHQWXFKEHKLOIWHUVLFK 8PVFKOlJHXQG%ULHIERJHQPLWYRUJHGUXFNWHU$QVFKULIW9LHU YHUVFKLHGHQIDUELJH.XJHOVFKUHLEHUHLQ5HFKHQVFKLHEHU'LH 6HLWHQIlFKHU)RWRV )UDX%ULQNPDQQGHU6HWWHU*UXSSHQELOG HLQHU.ODVVHPLWLKUHP/HKUHU'HU6RKQGLHbKQOLFKNHLWLVW XQYHUNHQQEDU0HKUHUH%ULHIH%HODQJORVYRQIUHPGHU+DQG (LQHUGHQ%ULQNPDQQJHVFKULHEHQKDW1XUDQJHIDQJHQQLFKW ]X(QGHJHIKUW'LH$QUHGHODXWHW ª0HLQ/LHEHU©8QGGDQQ VWHKWGDQRFK ª$OVLFKJHVWHUQZLHGHUGUDXHQZDUXQGYRU GHP%LOGVWDQGKDEHLFKPHLQHP+HU]HQHLQHQ6WRJHJHEHQ 'XKDVW]ZDUQLHHWZDVJHVDJWDEHUPHLQHPZHLGPlQQLVFKHQ 6FKDUIEOLFNLVWWURW]GHPQLFKWHQWJDQJHQZLHEHJHLVWHUW'X YRUGHP :LOGEUHWKlQGOHU!JHVWDQGHQKDVW,FKP|FKWH'LU HLQH)UHXGHPDFKHQ'LH.RSLHJHK|UW'LU,FKELQVLFKHUGD 'XHLQHQJXWHQ3ODW]GDIUILQGHQZLUVWXQGEHLLKUHU%H WUDFKWXQJPDQFKPDODQXQVHUHJHPHLQVDPHQ3LUVFKJlQJH GHQNVW'XKDVWHLQPDOJHVDJWGDGDV%LOGVHLQHYROOH :LUNXQJHUVWEHLULFKWLJHU%HOHXFKWXQJHU]LHOHQXQ'XKDVW VLFKHU©0LWWHQLP6DW]DEJHEURFKHQDOVVHL%ULQNPDQQDQ
GLHVHU6WHOOHJHVW|UWZRUGHQXQGKDEHGHQ%ULHIHLQVWZHLOHQ LQGLH0DSSHJHJHEHQ $FKLP]|JHUW(ULVWVFKRQYHUVXFKWGHQ%ULHIDQVHLQHQ 3ODW]]XUFN]XVFKLHEHQXQG]XYHUJHVVHQ:LHGHU]|JHUWHU ,Q6HNXQGHQEUXFKWHLOHQ]LHKHQGLH9RUJlQJHLQGHU-DJGKWWH QRFKHLQPDODQLKPYRUEHUGLHILHEHUKDIWH6XFKHGHU %HDPWHQYRQª%RQQHLQV©GHUHLJHQH9HUGDFKWHVJHKHXP %ULQNPDQQV3DSLHUH0DQKDWWHDXFKGDV%LOGYRQGHU:DQG JHQRPPHQXQGGDKLQWHUJHVHKHQ0HKUQLFKW*DEHVGDYLHO OHLFKWHLQHQ+RKOUDXPLP5DKPHQHLQ9HUVWHFN]ZLVFKHQ 0DOJUXQGXQG5FNSODWWH"$EHUGDVZlUHGRFKGLHVHQ3URILV QLFKWHQWJDQJHQ'DNDQQQLFKWVVHLQ 7URW]GHP(LQHUMlKHQ(LQJHEXQJIROJHQGVWHFNW'HWMHQ GHQXQYROOHQGHWHQ%ULHIHLQ'HULVWVRPHUNZUGLJDEJHIDW GHUPXWHWDQDOVZROOHHUGHQ(PSIlQJHUPLWGHU1DVHDXI HWZDVVWRHQ(UNDQQVLFKKLHUQLFKWHZLJDXIKDOWHQ'HVKDOE YHUVHW]WHUGHQ6FKUHLEWLVFKLQVHLQHQDOWHQ=XVWDQG]XUFN XQGJHKW$NWHXQG6FKOVVHODE]XJHEHQZLHEHIRKOHQ $OVHUZLHGHUDQVHLQHP3ODW]VLW]WOlWLKQGHU%ULHIQLFKW ORV-HOlQJHUHUGDUEHUQDFKGHQNWGHVWRPHUNZUGLJHUHU VFKHLQHQLKPGLH)RUPXOLHUXQJHQ%HVLW]HQVLHQLFKWHWZDV 6XJJHVWLYHV":ROOHQVLHQLFKWMHPDQGHPHLQ,QWHUHVVHHLQ UHGHQGDVGHU%HWUHIIHQGHJDUQLFKWEHNXQGHWKDW"8QG ZDUXPOHJWH%ULQNPDQQVRYLHO:HUWDXIGLH%HWRQXQJGHU %HOHXFKWXQJ":DVN|QQWHVLHGHQQ]X7DJHI|UGHUQZDVQLFKW DXFKEHLJHZ|KQOLFKHP7DJHVOLFKW]XVHKHQJHZHVHQZlUH" (LQKHOOHVIUHXQGOLFKHV%LOG(LQHEORH.RSLHQRFKGD]X 0DOHULVFKH%HVRQGHUKHLWHQNDQQGHU2EHUVWQLFKWLP$XJHQ JHKDEWKDEHQ:DVDEHUGDQQ" $XIGHU7RLOHWWHOLHVW$FKLPGLHZHQLJHQ=HLOHQQRFKHLQPDO XQGSUlJWVLHVLFKHLQVRJXWHVJHKW'DQQ]HUUHLWHUGHQ %RJHQLQZLQ]LJH)HW]HQXQGVSOWLKQZHJ)UDOOH)lOOH 'LH=HLJHUGHUHOHNWULVFKHQ7LVFKXKUVWHKHQDXIQHXQDOV )UDX0DUVFKQHUGHQ0DMRULQV9RU]LPPHUELWWHW'DEHLJLEW VLHLKPPLWWRQORVEHZHJWHQ/LSSHQ]XYHUVWHKHQZHUGUDXHQ LVW ª'HU0$'©
9RQ:LHVHQHFNSHUV|QOLFKVWHKWGDXQGPLWLKPJHNRPPHQ VLQGZLHGHUXPGLH/HXWHGHU8QWHUVXFKXQJVJUXSSHª%RQQ HLQV©'HWMHQEDXWVLFKDXIXQGNODSSWGLH+DFNHQ]XVDPPHQ ª+HUU0DMRU©VDJWGHU*HQHUDOVHKUGLHQVWOLFKªNRPPHQ 6LHPLW6LHZHUGHQIUGDV3URWRNROOJHEUDXFKW© (LQHUGHU0$'/HXWHKDWGLHYRUKLQYRQ$FKLPEHQXW]WHQ 6FKOVVHO|IIQHW%ULQNPDQQV=LPPHUXQGOlWGHP*HQHUDO GHQ9RUWULWW'HUOHKQWVLFKPLWGHP5FNHQDQV)HQVWHU ZlKUHQGGLH6SH]LDOLVWHQEHJLQQHQGHQ5DXP]XGXUFK VXFKHQ'HWMHQVWHKWGDEHLXQGDFKWHWGDUDXIQLFKWDOO]XVHKU LP:HJH]XVHLQ$EHUPDOVEHPHUNWHUGLHDXHURUGHQWOLFKH 3HUIHNWLRQPLWGHUª%RQQHLQV©DUEHLWHWHLQLQHLQDQ GHUJUHLIHQGHV5lGHUZHUNGHPQLFKWVHQWULQQW'DVLVWVR HLQJHVSLHOWGDHVNHLQHU9HUVWlQGLJXQJ]ZLVFKHQGHQ 0lQQHUQEHGDUI-HGHUNHQQWVHLQH$XIJDEHXQGMHGHULVWHLQ 0HLVWHUVHLQHV)DFKHV -HW]WKDEHQVLHGHQ6FKUHLEWLVFKHUUHLFKW2IIHQVLFKWOLFKLVW LKQHQQLFKWEHNDQQWGDVLFKDOOH6FKUHLEWLVFKHGHV5HIHUDWV PLWGHPJOHLFKHQ6FKOVVHO|IIQHQODVVHQ VLHEHGLHQHQVLFK HLQHVNRPSOL]LHUWHQ9HUVWHOOVFKOVVHOV'HWMHQYHU]LHKWNHLQH 0LHQH'LH6FKXEODGHREHQOLQNVGLH6FKUHLEPDSSH1DFK )LQJHUDEGUFNHQVXFKWPDQQLFKW ª=XOHW]WZDUHQ6LHLP=LPPHU+HUU0DMRU"©IUDJW+DXSW PDQQ(EHUVEDFKVDFKOLFK ª9RUHLQHU6WXQGHHWZD©EHVWlWLJW$FKLPLPJOHLFKHQ 7RQIDOOª,P3DQ]HUVFKUDQNEHIDQGVLFK© ª,FKZHL'DQNH©XQWHUEULFKWLKQGHU+DXSWPDQQ 8PVFKOlJHXQG%RJHQPLWDXIJHGUXFNWHU$GUHVVH)RWRV )UDX%ULQNPDQQGHU6HWWHU*UXSSHQELOGHLQHU.ODVVHPLW LKUHP/HKUHU0HKUHUH%ULHIHYRQIUHPGHU+DQG6LHYHU VFKZLQGHQLQHLQHU3ODVWLNWWH'D]XGLHREHQDXIOLHJHQGHQ %RJHQXQGGDV/|VFKEODWW ª/DERUXQWHUVXFKXQJ©EHVWLPPW(EHUVEDFKZRUWNDUJ ª'XUFKJHGUFNWH6FKULIW/|VFKDEGUFNH6LHZLVVHQVFKRQ %LWWH+HUU0DMRUKDW+HUU%ULQNPDQQRIW.XJHOVFKUHLEHU EHQXW]W"©
ª6RYLHOPLUEHNDQQWLVWQXUVHOWHQ©VWHOOW$FKLPULFKWLJ ª,FKJODXEHHU]RJGLHJXWHDOWH)OOIHGHUYRU© 1DWUOLFKNDQQGHU%ULHIGHQHUYHUVFKZLQGHQOLHJDQ] RGHU]X7HLOHQLQ6SLHJHOVFKULIWDXIGHP/|VFKEODWWZLHGHU ]XILQGHQVHLQ)ULKQHUZlFKVWGDUDXVNHLQH*HIDKU %ULHIH ZHUGHQJHVFKULHEHQGDPLWPDQVLHDEVFKLFNW +DXSWPDQQ(EHUVEDFKJHKWKLQDXVXQGOlWVLFKYRQ)UDX 0DUVFKQHUGLH7DJHVNODGGH%ULQNPDQQVJHEHQGDV+HIWLQ GHP(PSIDQJXQG:HLWHUJDEHYRQ$NWHQHEHQVRIHVWJHKDOWHQ ZHUGHQZLH%HVSUHFKXQJHQ'LHQVWUHLVHQXQG%HVXFKH'DULQ VWHKWDXFKZRDEZHVHQGH0LWDUEHLWHUZDQQXQGZLH]XHU UHLFKHQVLQG ª*HEHQ6LHPDOKHU©VDJWYRQ:LHVHQHFNª)UDX0DUVFKQHU VROOHLQHQHXHDQOHJHQ'LHVH.ODGGH]XGHQ$VVHUYDWHQ© ª%RQQHLQV©VXFKWZHLWHU:lKUHQGHUEHREDFKWHWZLHGLH 0lQQHUGDVPDFKHQGDGHQNW'HWMHQDQGHQKHLPOLFKHQ %HVXFKLQVHLQHU:RKQXQJ(ULVWYHUVXFKWLKQGLHVHU0DQQ VFKDIWKLHUDQ]XODVWHQ'DVLHDOOHUGLQJVGLH+DDUVLFKHUXQJ DQVHLQHP6FKUHLEWLVFKEHUVHKHQKDW :DVVLH]XILQGHQJHKRIIWKDEHQHQWGHFNHQ+DXSWPDQQ (EHUVEDFKXQGVHLQH0lQQHULQ%ULQNPDQQV$UEHLWV]LPPHU QLFKW$FKLPEHPHUNWGDGHU/HLWHUGHU*UXSSHGLH6FKXOWHUQ KHEWDOVHU]XYRQ:LHVHQHFNDQV)HQVWHUWULWW*OHLFKGDUDXI ]LHKWª%RQQHLQV©DE,P9RUEHLJHKHQOlW(EHUVEDFK$FKLP ZLVVHQPDQZHUGHLKPDP1DFKPLWWDJGDV'XUFKVXFKXQJV SURWRNROO]XU8QWHUVFKULIWYRUOHJHQ HVPVVHMDDOOHVVHLQH 2UGQXQJKDEHQ 'HU*HQHUDOEOHLEW0LWHLQHUOlVVLJHQ+DQGEHZHJXQJ IRUGHUWHU'HWMHQDXILQHLQHPGHU6HVVHO3ODW]]XQHKPHQ 'DQQVWRSIWHUEHWXOLFKVHLQH3IHLIHXQGIUDJWZLHQHEHQKHU XQGVHKUIUHXQGOLFK ª:DVKDEHQ6LHHLJHQWOLFK]XYHUEHUJHQ 'HWMHQ"© ª9RU,KQHQQLFKWV+HUU*HQHUDO©DQWZRUWHW$FKLPZLHDXV GHU3LVWROHJHVFKRVVHQ(UEULQJWHVVRJDUIHUWLJ]XODFKHQDOV KDOWHHUGLH)UDJHIUHLQHQJXWHQ:LW],Q:DKUKHLWEHUOHJW HUILHEHUKDIWZDVVHLQ*HJHQEHUPHLQHQN|QQWH0LWVHLQHP
DQGHUHQ,FKKDWWHHVJHZLQLFKWV]XWXQ :lUHPDQGHP .XQGVFKDIWHUGHV0LQLVWHULXPVIU6WDDWVVLFKHUKHLWDXIGLH 6SXUJHNRPPHQVRZUGHGDVQLFKWXQWHUYLHU$XJHQDEJHWDQ ZHUGHQ 'LH3IHLIHEUHQQW:HLJUDXH5DXFKVFKZDGHQ]LHKHQ GXUFKV=LPPHUª6R"©IUDJWYRQ:LHVHQHFNª0DFKHQZLU GRFKPDOGLH3UREHDXIV([HPSHO:RZDUHQ6LHJHVWHUQ QDFKPLWWDJ"© (UKlWWHGRFKLQGLH6SLHOEDQNJHKHQVROOHQ'DQQN|QQWH HUMHW]WPLWUXKLJHP*HZLVVHQVDJHQ 5XIHQ6LHGDV&DVLQR LQ:LHVEDGHQDQ'RUWKDEHQVLHPHLQHQJHVWULJHQ%HVXFKLQ GHU.DUWHL$EHUGDVJHKWQLFKW(UVFKOlJWHQWVSDQQWHLQ%HLQ EHUVDQGHUHª*XWJHJHVVHQJXWJHODXQW©VDJWHUOlFKHOQG ª6FK|QHV:HWWHUKDWIUPLFKZDV/RFNHQGHV(UVWZROOWHLFK LQGHQ)OLHJHUNOXEGRFKGD]XZDUHVHLJHQWOLFKVFKRQ]XVSlW ,FKELQDXIV*HUDWHZRKODP5KHLQHQWODQJJHIDKUHQHLQIDFK VR8PGLHVH=HLWVLQGGLH6WUDHQOHHU NHLQ0HQVFKKXSW ZHQQPDQHLQELFKHQWU|GHOW DXIGHUHLQHQ6HLWHGHU)OX DXIGHUDQGHUHQ:HLQEHUJH]DXEHUKDIW(LJHQWOLFKZROOWHLFK PLUPDOGLH)HVWH(KUHQEUHLWVWHLQDQVHKHQLFKZDUQRFKQLH GRUWHLQH6FKDQGH'DLFKDEHUGLH$EIDKUWYHUSDWKDEHELQ LFKQDFK:LHVEDGHQJHNRPPHQ-DGRUWKDEHLFKHLQHQ +DSSHQJHJHVVHQLP.XUKDXVEULJHQVXQGPLWGHP&DVLQR JHOLHElXJHOW5HFKW]HLWLJILHOPLUGDV:HKUHWGHQ$QIlQJHUQ HLQ'HVKDOEEOLHEHVEHLHLQHPNOHLQHQ6SD]LHUJDQJ© (UZLUGGDVXQJXWH*HIKOQLFKWORVGDHU]XYLHOUHGHW :LHVEDGHQPXWHHUQHQQHQGDVZDUQLFKW]XXPJHKHQ0DQ N|QQWHLKQEHREDFKWHWKDEHQ$EHUZDUXPLQGUHL7HXIHOV 1DPHQ"8QGGDQQPWHMHW]WGLH)UDJHQDFKGHU'DPH :LQQLHNRPPHQGLHHUª]XIlOOLJ©LP.XUSDUNJHWURIIHQKDW 'LH)UDJHIlOOWQLFKW9RQ:LHVHQHFNZLQNWVRJDUDE1HLQ YRQ:LQQLH:LQNHOPDQQZHLHUDQVFKHLQHQGQLFKWV HUKDW ZRKOQXUDXIGHQ%XVFKJHNORSIW'DJHKW'HWMHQVHLQHUVHLWV ]XP$QJULIIEHUª6RVFK|QGLH)DKUWZDULFKEHUHXHVLH 0HLQH:RKQXQJLVWGXUFKVXFKWZRUGHQZlKUHQGLFKDE ZHVHQGZDU=XP*OFNIHKOWQLFKWV6RQVWKlWWHLFKQDWUOLFK GLH.ULSRYHUVWlQGLJW©
'HU*HQHUDOSDIIWª$FK":LHKDEHQ6LHGDVIHVWJHVWHOOW"© $FKLPJULQVWª'UEHQLQ$UJHQWLQLHQJDEHVHLQH0HQJH HUIDKUHQHU6LFKHUKHLWVOHXWH+HUU*HQHUDO'LHHUZlKQWHQ JHOHJHQWOLFKPDOHLQSDDUHLQIDFKH.QLIIHGHUHQ$QZHQGXQJ GDYRUEHZDKUHQNDQQGXPP]XVWHUEHQ0LUKDWGDVJHIDOOHQ 8QGGLHVFKOLFKWH+DDUVLFKHUXQJDQPHLQHP6FKUHLEWLVFKLVW JHVWHUQDXFKSURPSWEHUVHKHQZRUGHQ© 9RQ:LHVHQHFNQLFNWª,QGHU7DW,FKGDQNH,KQHQIU,KUH (KUOLFKNHLW'HWMHQ:LHLFKLPPHUJHVDJWKDEH 'LHDOWHQ $UJHQWLQLHUVLQGHLQEHVRQGHUHV9|ONFKHQ1D,KUHIDPRVH +DDUVLFKHUXQJNULHJWGHU(EHUVEDFKSRVWZHQGHQGDXIV%XW WHUEURW© 'DVLVWHLQ(LQJHVWlQGQLV ª:DUXP+HUU*HQHUDO"© 9RQ:LHVHQHFNKDQWLHUWPLWGHP3IHLIHQEHVWHFNª(VZlUH PLUOLHEHU6LHKlWWHQHVQLFKWEHPHUNW6RZLHZLUPLWHLQDQGHU VWHKHQ XQVYHUELQGHWYLHOHV:HQQLFKGDQXUDQ,KUHQ(LQVDW] DOV9HUVLFKHUXQJVGHWHNWLYLQ3RUWXJDOGHQNH$QGHUHUVHLWV (V JLEW'LQJHGLHHLQIDFKJHWDQZHUGHQPVVHQRKQH$QVHKHQ GHU3HUVRQRKQH5FNVLFKWDXILQGLYLGXHOOH6\PSDWKLHQRGHU $QWLSDWKLHQ:HQQHLQVR KRKHU2IIL]LHUZLH%ULQNPDQQDXI VROFKH:HLVHDXVGHP/HEHQVFKHLGHWELQLFKJH]ZXQJHQLQ VHLQHP8PIHOG]XUHFKHUFKLHUHQ© ª'DIUKDEHLFKYROOHV9HUVWlQGQLV+HUU*HQHUDO©HUZLGHUW $FKLP(ULVWLQ%RQQLPPHUDOVYRUELOGOLFKHU6ROGDWDXI JHWUHWHQ GDVPXDXFKVREOHLEHQ8QGGLH%HNDQQWVFKDIWPLW GHP0$'*HQHUDOKDWLKPJHQXW]W HUNDQQXQGGDUIVLHVLFK QLFKWGXUFK(PSILQGOLFKNHLWHQYHUVFKHU]HQ'HWMHQVSULQJW DXIDOVVLFKYRQ:LHVHQHFNHUKHEW ª,FKKDEHQLFKWVDQGHUHVHUZDUWHW©(UWULWWZLHGHUDQV )HQVWHUª(VLVWGRFKPHUNZUGLJ(LQ0DQQOHJW+DQGDQVLFK ZHLOHURIIHQVLFKWOLFKQLFKWPLW'LIIHUHQ]HQIHUWLJJHZRUGHQ LVWGLHHV]ZLVFKHQLKPXQGYRUJHVHW]WHQbPWHUQJHJHEHQKDW )KOWVLFKYHUNDQQWPLDFKWHWYLHOOHLFKWVRJDUYHUODFKW 1DWUOLFKLVWHUVLFKEHZXWGDHUPLWVHLQHP)UHLWRGZH QLJVWHQVLQGHQXQWHUULFKWHWHQ.UHLVHQ$XIVHKHQHUUHJW
:DUXPKDWHUGLHVHV$XIVHKHQQLFKWJHQXW]WXPQRFKHLQPDO DXIVHLQH3UREOHPHDXIPHUNVDP]XPDFKHQ":LUJHKHQGDYRQ DXVGDGHU0DQQHWZDVKLQWHUODVVHQKDEHQPX'DVHUNOlUW XQVHUH$NWLYLWlWHQ GHQQGHU3RVWHQGHQ%ULQNPDQQLQQH KDWWHXQGGLH,QIRUPDWLRQHQGLHLKP]XJlQJOLFKZDUHQOHJHQ GLH9HUPXWXQJQDKHGDVHLQ1DFKODLQXQULFKWLJH+lQGH JHODQJW6LHYHUVWHKHQ"© ª,FKYHUVWHKH+HUU*HQHUDO© (UYHUVWHKWYRUDOOHPGDGHU0$'2IIL]LHUGLH6HOEVW PRUGYDULDQWHDXIUHFKWHUKlOWXPVHLQH1DFKIRUVFKXQJHQ]X PRWLYLHUHQ%HL-DJGXQIlOOHQJLEWHVNHLQHHQWVSUHFKHQGH +LQWHUODVVHQVFKDIWZHLOVLHXQYRUKHUJHVHKHQXQGEHU UDVFKHQGHLQWUHWHQ'HU9HUGDFKWGHQ:HUQHUXQG:LQQLH EHVSURFKHQKDEHQJHZLQQWQHXH1DKUXQJ 9RQ:LHVHQHFNNORSIWGLHOHHUJHEUDQQWH3IHLIHDXV(U UHFKQHVHOEVWYHUVWlQGOLFKGDPLWVDJWHUGD'HWMHQKLHULP $PW$XJHQXQG2KUHQRIIHQKDOWHXQGLKQYHUVWlQGLJHZHQQ LUJHQGZHOFKHQHXHQ*HVLFKWVSXQNWH(UVHLMDKLHU]X +DXVHXQGLKPJHJHQEHUZUGHQGLH+HUUHQ.DPHUDGHQ JHZLNHLQ%ODWWYRUGHQ0XQGQHKPHQ9LHOOHLFKWJHEHHV %H]LHKXQJHQ%ULQNPDQQV]X'ULWWHQYRQGHQHQQRFKQLHPDQG ZLVVH0|JOLFKHUZHLVHVWRHHUDXIVRHWZDVGDHUMDQXQZRKO DPWLHUHQGHU5HIHUDWVOHLWHUVHL ª=ZDQJVOlXILJ©UlXPW$FKLPHLQªELVHLQ1DFKIROJHUIU GHQ+HUUQ2EHUVWJHIXQGHQLVW© ª:HQQLFKKLHUZDV]XVDJHQKlWWH'HWMHQ 6RODQJHZLH6LH VFKRQEHLP%XQGVLQG'D]X,KUH.ULHJVHUIDKUXQJ8QGHLQ DOWHU$UJHQWLQLHUVLQG6LHDXFK© $FKLPJLEWVLFKJHVFKPHLFKHOW$EHUHUGHQNWGHU+LPPHO P|JHLKQGDYRUEHZDKUHQGLH7UHSSHKLQDXIXQGDXI%ULQN PDQQV6WXKO]XIDOOHQ-HK|KHUHULQGHU0LOLWlUKLHUDUFKLH VWHLJWXQGGDHUVWHLJWLVWXQYHUPHLGOLFKXQWHUGHQRE ZDOWHQGHQ8PVWlQGHQXQGGDQNGHUª9HUGLHQVWH©GHVHKH PDOLJHQ-DJGIOLHJHUDV $FKLP'HWMHQGHVWRPHKUZLUGDXFK VHLQH%HZHJXQJVIUHLKHLWHLQJHHQJW$OVHUDOV.U|VLQJV$G MXWDQWDXV6GDPHULNDLQGLH%5'NDPZDUVHLQ$NWLRQV
UDGLXVSUDNWLVFKXQEHJUHQ]W(UVFKUXPSIWHPHKUXQGPHKU MHJU|HUGDV5HIHUDWZXUGHXQGMHZLFKWLJHUH$XIJDEHQLKP EHUWUDJHQZXUGHQ8PVRPHKU/HXWHLKQNDQQWHQXPVR PHKUVWDQGHULP%OLFNIHOG8QGZHQQPDQLKQQXQJDUDXI %ULQNPDQQV6HVVHONDWDSXOWLHUWGDQQLVWHVY|OOLJDXV GHQQ HLQ5HIHUDWVOHLWHUWXWZHQLJªYRU2UW©GRUWKLQEHILHKOWHU DQGHUHXQGOlWVLFK%HULFKWHUVWDWWHQ,QGHU1DWXUGHU6DFKH OLHJWGDVROFKH%HULFKWHUVWDWWXQJDQGHUH6FKZHUSXQNWH KDEHQPXDOVVLHVLFKHLQ.XQGVFKDIWHUVWHOOHQZUGH 6ROOHUVLFKNQIWLJJDQ]DXIGLH$XVZHUWXQJGHU0DWHULDOLHQ EHVFKUlQNHQGLHEHUVHLQHQ6FKUHLEWLVFKJHKHQ"'DVLVW QDWUOLFKXQJHKHXHUZLFKWLJEORGDVDOOHLQPDFKWLKQQLFKW JOFNOLFK(UKDWUHFKWJHUQHLQELFKHQ:LQGXPGLH1DVH ,P9RU]LPPHUOlWYRQ:LHVHQHFNGLH0LWDUEHLWHUGHV 5HIHUDWV]XVDPPHQUXIHQHLQ'XW]HQG0lQQHULQ8QLIRUPHQ )UDX0DUVFKQHUXQGGUHLZHLWHUH=LYLODQJHVWHOOWH6FKUHLE NUlIWH ª,FKELQEHDXIWUDJW©HUNOlUW'HWMHQVSU|GHª6LHYRQIRO JHQGHPLQ.HQQWQLV]XVHW]HQ 8QVHUKRFKYHUHKUWHU&KHI +HUU2EHUVW%ULQNPDQQKDWLQGHU1DFKWYRP6DPVWDJ]XP 6RQQWDJLQVHLQHP-DJGKDXV6HOEVWPRUGEHJDQJHQ$QGLHVHP 6DFKYHUKDOWEHVWHKWQDFKGHQ(UNHQQWQLVVHQGHV0LOLWlULVFKHQ $EVFKLUPGLHQVWHVNHLQ=ZHLIHO:LUZHUGHQGHP7RWHQHLQ HKUHQGHV$QGHQNHQEHZDKUHQ,FKELWWH6LH*HUFKWHQHQW JHJHQ]XWUHWHQGLHLP=XVDPPHQKDQJPLWGHP7RGDXI NRPPHQN|QQWHQ0LWGHU:DKUQHKPXQJGHU*HVFKlIWHGHV 5HIHUDWVELQLFKEHDXIWUDJW*LEWHVGD]X)UDJHQ",FKGDQNH ,KQHQ© $OVHUZLHGHUDQVHLQHP6FKUHLEWLVFKVLW]WEULQJWLKP)UDX 0DUVFKQHU.DIIHH%HWURIIHQZDUHQDOOHDEHUVLHKDWJHZHLQW )UDX0DUVFKQHULVWYRQ$QIDQJDQGDEHL VLHKDWGLH&KHIV NRPPHQXQGJHKHQVHKHQXQGLVWLKQHQDOOHQXQHQWEHKUOLFK JHZHVHQ ª6RZLH%ULQNPDQQKDWXQVQRFKNHLQHUYHUODVVHQ©VDJWVLH OHLVHª'DVSDWJDUQLFKW]XLKPDEHUZHQQHVGHU0$' IHVWJHVWHOOWKDWZLUGHVZRKOVWLPPHQ©
$FKLPQLFNWQXU'DQQZLHGHUDOOHLQNHKUWHUPLWVHLQHQ *HGDQNHQ]XGHP%ULHI]XUFN(UNRPPWQLFKWGDYRQORV YRQ:LHVHQHFNV%HKDXSWXQJ%ULQNPDQQPVVHHWZDVKLQWHU ODVVHQKDEHQXQGGLHLPPHUQRFKYHUJHEOLFKH6XFKHYRQ ª%RQQHLQV©]ZLQJHQLKQI|UPOLFKVHLQH3KDQWDVLHVSLHOHQ]X ODVVHQ:HVKDOEGUlQJWHGHU2EHUVWGHQ(PSIlQJHUGHVXQ YROOHQGHWHQ%ULHIHVVRGDV%LOGGHVª:LOGEUHWKlQGOHUV©JH ZLVVHUPDHQPLW(IIHNWEHOHXFKWXQJ]XEHWUDFKWHQ":DV VROOWHGHQQGDEHL]XWDJHWUHWHQ" (U WURPPHOWQHUY|VPLWGHQ)LQJHUVSLW]HQDXIVHLQH*ODV SODWWHXQGVWDUUWDXIGDV)RWRGDVGDUXQWHUOLHJW*URIRU PDWLJXQGKRFKJOlQ]HQG]HLJWHVHLQH0H PLWEXQW VFKHFNLJHP7DUQDQVWULFKMHQHQ)OXJ]HXJW\SGHQGHUHFKWH $FKLP'HWMHQELV]XVHLQHP$EVFKX EHUGHU6RZMHW XQLRQIORJ0LWVHLQHQ6WXQGHQNLORPHWHUQHLQPDODOVGDV ªVFKQHOOVWH/DQGIOXJ]HXJGHU:HOW©JHIHLHUWZDUGLHVHU 6WDQGDUGMlJHUGHUIDVFKLVWLVFKHQGHXWVFKHQ/XIWZDIIHYRQ DQGHQDOOLLHUWHQ-DJGIOXJ]HXJHQEHUHLWVXQWHUOHJHQ 'HQQRFKZXUGHHUELV]XP.ULHJVHQGHZHLWHUJHEDXW'DV)RWR KLHUJHK|UW]XU/HJHQGH:HUQHU%UHGHEXVFKVDOVHLQ6WFN ªOLHEH©(ULQQHUXQJ 9RP)HQVWHUKHUIlOOW/LFKWDXIGLH*ODVSODWWHXQGHU]HXJW 5HIOH[H(VOHJWDXFK*ODQ]SXQNWHDXIGDV)RWRDXIGDV %DONHQNUHX]XQGGHQGUHLIOJOLJHQ3URSHOOHU:UGHPDQGHQ ª:LOGEUHWKlQGOHU©VREHOHXFKWHQZDVZUGHHVGD]XVHKHQ JHEHQ" (UNRPPWQLFKWGDUDXI HUPXVLFKGDV%LOGQRFKHLQPDO DQVFKDXHQ
$ORLV0HQ]HOLVWHLQ=HLWXQJVOHVHUEHVRQGHUHU$UW(UKDWEHLP /HVHQLPPHUHLQHQ%OHLVWLIWLQGHU+DQGXQGPDFKWJHOHJHQW OLFKKLHUXQGGDHLQHQGQQHQ6WULFK0HLVWVLQGHV7RGHV
DQ]HLJHQGLHLKQEHVFKlIWLJHQRGHUDXFK0HOGXQJHQYRP $EOHEHQPHKURGHUZHQLJHUEHGHXWHQGHU3HUV|QOLFKNHLWHQ6R HLQHKDWHUMHW]WYRUVLFK ª9DUQGRUI(LIHO8QWHUQRFKQLFKW QlKHUJHNOlUWHQ8PVWlQGHQNDPDP:RFKHQHQGHLQVHLQHU -DJGKWWHQDKHEHL9DUQGRUIGHU-DJGSlFKWHU%ULQNPDQQXPV /HEHQ%ULQNPDQQGHULP5DQJHHLQHV2EHUVWHQGHU/XIW ZDIIHVWDQGXQGGDV+DXVYRU-DKUHQYRQGHPDOOVHLWV JHDFKWHWHQ%DXXQWHUQHKPHU/XFLXV%RFNEHUQRPPHQKDWWH JHQRLQGHQ-lJHUNUHLVHQGHU8PJHEXQJKRKHV$QVHKHQYRU DOOHPGDQNGHUEHPKWHQ3IOHJHGHV1LHGHUZLOGHVGDVLKP EHVRQGHUVDP+HU]HQODJ,QVEHVRQGHUHKDWVLFK2EHUVW%ULQN PDQQXPGLH(LQIXKUXQG$QVLHGOXQJGHVLQGHU9HUJDQJHQKHLW JlQ]OLFKDXVJHURWWHWHQ)DVDQVYHUGLHQWJHPDFKW:LHGLH 5HGDNWLRQHUIlKUWZXUGHGHU/HLFKQDPGHVEHJHLVWHUWHQ :HLGPDQQHVLQ]ZLVFKHQLQVHLQHQ+HLPDWRUWEHUJHIKUW© $ORLV0HQ]HOOHJWGHQª(LIHO.XULHU©EHLVHLWHUFNWVHLQH 1LFNHOEULOOHK|KHUDXIGLH1DVHXQGGHQNWQDFK(LQ-DJG SlFKWHUDOVRGD]XHLQ2EHUVWHLQJXWVLWXLHUWHU0DQQ8QG HUKDWGLH-DJGKWWHODQJHJHKDEW'DVKHLWHUKDWHVVLFKGDULQ DQJHQHKPXQGEHKDJOLFKJHPDFKW9LHOOHLFKW9LHOOHLFKW DXFKQLFKW(UNDQQMDPLWHLQHP)HOGEHWWDXVJHNRPPHQ VHLQ'DVZlUHDEHUVHKUlUJHUOLFK 'HU0DQQVWHKWDXINUDPWLP6FKUDQNXQGOHJWDXIGHQ 7LVFKHLQHQJDQ]HQ6WR/DQGNDUWHQYRQGHU$UWGLH7DQN VWHOOHQDOV:HUEHJHVFKHQNHGHU0LQHUDO|OILUPHQYHUWHLOHQ ZHQQHLQHUPHKUDOVGUHLLJ/LWHUWDQNW0HQ]HOVXFKWXQG ILQGHWGDVULFKWLJH%ODWWXQGIlKUWQDFK9DUQGRUIYRUHUVWQXU PLWGHP)LQJHUDXIGHU.DUWH(UEHUUHFKQHWGLH(QWIHUQXQJ YRQ)UDQNIXUWXQGZLHJWGHQ.RSI$QV)HQVWHUVWHOOWHUVLFK XQGVFKDXWKLQDXVDXIGHQ6GEDKQKRIGXUFKGHQIDVWODXWORV GLHHOHNWULVFKHQ=JHIDKUHQ,QGHU1DFKPLWWDJVVRQQHJOlQ ]HQGLHDOXPLQLXPEHSODQNWHQ:DJHQ 0HQ]HOVLHKWDXIGLH8KU(UOLHJWJXWLQGHU=HLW:HQQVLH JOHLFKORVIKUHQZlUHQVLHQRFKYRU$QEUXFKGHU'XQNHOKHLW LQ9DUQGRUIN|QQWHQVLFKRULHQWLHUHQXQGGDV'LQJLQDOOHU 5XKHDXVEDOGRZHUQ6ROOHURGHUVROOHUQLFKW"(UILQJHUWHLQ
*HOGVWFNDXVGHU+RVHQWDVFKHZLUIWHVKRFKXQGIlQJWHVDXI (VLVWHLQ*URVFKHQXQGGLH5FNVHLWHVLHKWLKQDQ)QI (LFKHQEOlWWHUKDEHQIU$ORLVHWZDV6ROLGHV LQLKUHP=HLFKHQ KDWHUELVKHULPPHU*OFNJHKDEWVRRIWHUGLH0Q]HDXFK ZDUI (UJHKWDQV7HOHIRQGDVLP)OXUVWHKWZlKOWHLQH1XPPHU XQGELWWHWGLH)UDXGLHVLFKPHOGHW)UDQ]DQGHQ$SSDUDW]X UXIHQ(UKlWWHGDZDVVDJWHUGDQQXQGZHQQ)UDQ]KHXWH DEHQG=HLWKDEHXQGPLWLKPDUEHLWHQZROOH )UDQ]VDJW]X ª,FKIDKUHQRFKPDOZHJ/\GLD©ZHQGHWVLFK0HQ]HODQ VHLQH)UDXGLHXQWHUGHVVHQLQGHQ)OXUJHNRPPHQLVWª,FK ELQQDWUOLFK]XP'LHQVW© ª0LW P)UDQ]MD"©IUDJWVLH]XUFNª1LPPGHQZDUPHQ 3XOORYHU$ORLVXQGGHQNDQGHLQH1LHUHQ,QGHU(LIHOLVWHV QDFKWVNDOW© (U]LHKWK|UEDUGLH/XIWGXUFKGLH1DVHª+DVWGXZLHGHU VSLRQLHUWZDV",FKKDVVHGDV/\GLD8QGGXZHLWGDVJDQ] JHQDX© 6LHPXGDVOHW]WH:RUWKDEHQª:HQQLFKGHLQH=HLWXQJHQ QLFKWLPPHUYHUEUHQQHQZUGHGLH%XOOHQZlUHQGLUVFKRQ OlQJVWDXIGLH6FKOLFKHJHNRPPHQ,FKPHLQHHVQXUJXW© ª,VWMDJHULW]W©HUZLGHUWHUEUXPPHQGXQGNORSIWLKUDXIGHQ +LQWHUQª9HUJLGHQbSSHOZRLQLFKW,FKEUDXFKHLKQGD QDFK© ª'HQKDEHLFKMDZRKOQRFKQLHYHUJHVVHQ© .XU]GDUDXIYHUOlW0HQ]HOGDV+DXV(UKDWGLH-RSSH RIIHQXQGXQWHUP$UPGLHDEJHZHW]WH$NWHQWDVFKHDXVGHU GLH7KHUPRVIODVFKHUDJW-HGHQ7DJJHKWHUVRVHLQHQ'LHQVW DOV1DFKWZlFKWHUHLQHUVWLOOJHOHJWHQ)DEULNLQ3UDXQKHLP DQ]XWUHWHQHLQHQLFKWVVDJHQGH(UVFKHLQXQJIQI]LJMlKULJ XQGNDKON|SILJHLQEHVFKHLGHQHU$OOWDJVPHQVFKGHUQXUQRFK JHULQJH$QVSUFKHDQGDV/HEHQVWHOOW IUHXQGOLFKKLOIVEHUHLW LPPHUJHZLOOWHLQHQWURSIHQGHQ:DVVHUKDKQ]XUHSDULHUHQ RGHUHLQHQYHUVWRSIWHQ$XVJX]XUHLQLJHQ(ULVWLQGHP+DXV PLWGHQ]ZHLXQG]ZDQ]LJ0LHWVSDUWHVHQHLQHJHDFKWHWHMD
XQHQWEHKUOLFKH3HUV|QOLFKNHLW1LHPDQGZHLGD$ORLV 0HQ]HOHKHHUKLHUKHU]RJXP+DDUHVEUHLWHHLQHUJHSIHIIHU WHQ*HIlQJQLVVWUDIHZHJHQIRUWJHVHW]WHQHLQIDFKHQXQG VFKZHUHQ'LHEVWDKOVQXUGDGXUFKHQWJLQJGDLKPVHLQH MHW]LJH)UDXHLQKDQGIHVWHV$OLELYHUVFKDIIWH'HQQVHLWKHULVW $ORLV0HQ]HOLQGHQ$NWHQGHU)UDQNIXUWHU3ROL]HLQLFKW ZLHGHUDQKlQJLJJHZRUGHQ :lKUHQGHUPLWGHU6WUDHQEDKQHUVW]XP*RHWKHSODWH IlKUWGRUWXPVWHLJWXQGPLWHLQHUDQGHUHQ/LQLHGLH)DKUWQDFK 3UDXQKHLPIRUWVHW]WGHQNW0HQ]HODQMHQHDOWHQ=HLWHQ'LH IDOOHQLKPLPPHUHLQZHQQHUHLQQHXHV8QWHUQHKPHQDQIlQJW 'DVZDUHQ*HVFKlIWH'DPDOVKDWHULQGHU9ROWDVWUDHJH ZRKQWJDQ]QDKHDP*WHUEDKQKRIXQGPDQFKH:DJJRQV JLQJHQZLHYRQDOOHLQDXI9RUDOOHPPLWQXUHLQHPELFKHQ 1DFKKLOIHGLHGLHLQ%UHPHUKDYHQGHQ.RQVHUYHQQDFKVFKXE IUGLH86$UP\DXIJHQRPPHQKDWWHQXQGHVZDUNXU]QDFK GHP=XVDPPHQEUXFKGHU6FKZDU]PDUNWSUHLVHQRUPKRFK (LQH6WDQJHª&DPHO©VWHOOWHHLQ9HUP|JHQGDU1DMD $ORLV0HQ]HOZLUGEHKHQGHVREDOGHUGLH)DEULNEHWUHWHQ KDW'DIlOOWDOOH*HPlFKOLFKNHLWYRQLKPDE'LH$NWHQWDVFKH PLWGHU7KHUPRVIODVFKHVWHOOWHUDFKWORVEHLVHLWH8QWHU0D VFKLQHQWHLOHQ]LHKWHUHLQHIODFKH:HUN]HXJNLVWHPLW7UD JHULHPHQKHUYRUZLHVLH0RQWHXUHEHQXW]HQ+LQHLQ]XVHKHQ LVWEHUIOVVLJDOOHVLVWDQVHLQHP3ODW]VDXEHUJHRUGQHW IXQNWLRQVWFKWLJ0HQ]HOWUlJWGLH.LVWHLQHLQHOHHUH+DOOH KLQXQWHUXQG]LHKWHLQH3ODQHZHJ'DVWHKWVHLQ.OHLQWUDQV SRUWHUIDKUEHUHLWHLQ:DJHQXQEHVWLPPEDUHQ7\SV,QGHU JDQ]HQ6WUDHLQGHU0HQ]HOZRKQWZHLQLHPDQGGDHU EHUKDXSWHLQ)DKU]HXJEHVLW]W(UEHU]HXJWVLFKGD%H OHXFKWXQJXQG%UHPVOLFKWHUHLQZDQGIUHLIXQNWLRQLHUHQ 1XQQRFKHLQ.OHLGXQJVZHFKVHO,QHLQHYHUZDVFKHQH 0RQWHXUNRPELQDWLRQVFKOSIWHURKQH]XYHUJHVVHQGHQYRQ /\GLDLQGLH$NWHQWDVFKHJHVWRSIWHQ3XOORYHUXQWHU]X]LHKHQ VWHLJWLQVHLQ$XWRXQGYHUOlWGLHHKHPDOLJH0DVFKLQHQIDEULN /DQJZLW] 6|KQHGXUFKHLQHKLQWHUH$XVIDKUW'HUDOWH *HElXGHNRPSOH[GHUGHPQlFKVWDEJHULVVHQZHUGHQXQGDQ
GHVVHQ6WHOOHHLQHQDJHOQHXH3URGXNWLRQVVWlWWHHQWVWHKHQVROO EOHLEWGVWHUXQGGXQNHO]XUFNXQGZHQLJVSlWHUQLPPW 0HQ]HODP2UWVDXVJDQJYRQ2EHUXUVHO)UDQ]DQ%RUG'HU KRFNWGDDOVKDEHHUHLQH3DQQHQHEHQVHLQHP0RSHG6LH VFKLHEHQGDV.UDGKLQWHQDXIGLH/DGHIOlFKHXQGEHIHVWLJHQ HVPLW5LHPHQDQGHU6HLWHQZDQG'LH6FKQHOOLJNHLWPLWGHU GDVYRUVLFKJHKWYHUUlWhEXQJ'DQQJHKWGLH)DKUWZHLWHU ,UJHQGZRXQWHUZHJVKDOWHQVLHEHVWHOOHQLQHLQHU/DQGJDVW VWlWWHHLQSDDU:UVWHXQG&RODXQGNDXIHQHLQH=HKQHU SDFNXQJ$O&DSRQH=LJDUUHQ 6SlWHUKDOWHQVLHLP:DOG]LHPOLFKZHLWHQWIHUQWQRFKYRQ %ULQNPDQQV-DJGKWWH'DV0RSHGZLUGZLHGHUDEJHODGHQ XQG0HQ]HOVFKZLQJWVLFKKLQWHU)UDQ]DXIGLH6LW]EDQN'HU 0DQQLQGHU0RQWHXUNRPELQDWLRQKlOWMHW]WHLQHQ%HQ]LQ NDQLVWHULQGHU+DQG(VN|QQWHLKQHQMDMHPDQGEHJHJQHQXQG GHUVROOGDQQGHQNHQGHUbOWHUHVHLPLWVHLQHP:DJHQOLHJHQ JHEOLHEHQXQGKDEHGHQ-QJHUHQGD]XEHZHJHQLKQ]XUQlFK VWHQ7DQNVWHOOHXQG]XUFN]XEULQJHQ'LH.OHLQLJNHLWHQKD EHQHV0HQ]HODQJHWDQ 1HLQVLHVLQGQLFKW]XHLQHUODQJZLHULJHQ6XFKDNWLRQJH ]ZXQJHQ9RQGHU/DQGJDVWVWlWWHDXVKDW$ORLVQlPOLFKGHQ 9DUQGRUIHU%UJHUPHLVWHUDQJHUXIHQª%LOG]HLWXQJ+DPEXUJ 6FKU|GHU©KDWHUJHVDJWXQGVLFKEHPKWVHLQHU6WLPPHHLQ ZHQLJ6FKQHLG]XJHEHQ'DVKDWHUVFKRQ|IWHUJHPDFKWXQG GLH0DVFKH]LHKWLPPHUª:LUKDEHQGDHLQH6WRU\EHU%ULQN PDQQ6LHPVVHQLKQJHNDQQWKDEHQ6DJHQ6LHGRFKPDOGUHL 6lW]HEHULKQ,KUJDQ]SHUV|QOLFKHU(LQGUXFN",PPHU]X,FK QRWLHUHVFKRQ1DWUOLFKEHNRPPHQ6LHHLQ+RQRUDU:XQ GHUEDU:ROLHJWGHQQHLJHQWOLFKGLHVHV-DJGKDXV":LHNRPPW GHU)RWRJUDIGDKLQ"© 0LWVROFKHP:LVVHQDXVJHVWDWWHWIDKUHQVLHJHQDXDXILKU =LHO]X *HQHUDOYRQ:LHVHQHFNOHJWGHQ%ULHIODQJVDPDXIGHQ7LVFK ]XUFNXQGQLFNW+DXSWPDQQ(EHUVEDFKDQHUNHQQHQG]X ª6HKUJXW©EHPHUNWHUª,FKGDQNH,KQHQGD6LHPLFKVRIRUW YHUVWlQGLJWKDEHQ©
'HU+DXSWPDQQYHU]LHKWNHLQH0LHQH9RQ:LHVHQHFNVLHKW LKQNDXP,PSULYDWHQ$UEHLWV]LPPHUGHV*HQHUDOVEUHQQWQXU GLH6FKUHLEWLVFKODPSHXQGLKU/LFKWJHQJWQLFKWGHQJURHQ 5DXPDXV]XOHXFKWHQ(UYHUVLQNWLP'XQNHOQXQGLQGLHVHU 'XQNHOKHLWYHUVFKZLQGHW(EHUVEDFKLQVHLQHPEODXHQ1\ORQ PDQWHOXQGPLWGHP+XWLQGHU+DQGª$OOHVDQGHUHZDU XQLQWHUHVVDQW IQIXQGYLHU]LJ%HLOHLGVWHOHJUDPPHHLQKXQ GHUWIQI]LJJHGUXFNWH.RQGXODWLRQHQVLHEHQXQG]ZDQ]LJ +DQGVFKUHLEHQGLHVHVQLFKWPLWJH]lKOW© ª%LVMHW]W©VFKUlQNWGHU*HQHUDOHLQª'LH3RVWEHU ZDFKXQJZLUGELVDXIZHLWHUHVDXIUHFKWHUKDOWHQ© ª=X%HIHKO+HUU*HQHUDO© ª:DVPHOGHW5HJHQVEXUJ"© ª.HLQHEHVRQGHUHQ9RUNRPPQLVVH+HUU*HQHUDO1LFKWV ZDV$QODJHEHQN|QQWH5HFKHUFKHQDQ]XVWHOOHQ©'HU +DXSWPDQQUlXVSHUWVLFKª:DVEHIHKOHQ6LH]XYHUDQODVVHQ"© ª,FKEHKDOWHGHQ%ULHIKLHU©HQWJHJQHWYRQ:LHVHQHFNXQG VWHKWDXI ª*XWH1DFKW+HUU*HQHUDO© 'HU*HQHUDOJUHLIW]XP+|UHUZlKOW,QVHLQHU'LHQVWVWHOOH PHOGHWVLFKGHUGLHQVWKDEHQGH2IIL]LHUQXUPLWGHU7HOH IRQQXPPHURKQH'LHQVWJUDG1DPHQXQG$PW]XQHQQHQ ª9RQ:LHVHQHFN,FKEUDXFKHVRIRUWDOOH$QJDEHQEHU HLQHQ1RWLHUHQ6LHPDO 6LU5HJLQDOG'RXJODV%UVVHO5XH GH6XLVVHRGHU6ZLW]HUODQG6WUDDW1XPPHUDFKWXQGYLHU]LJ 9HUPXWOLFKEHLP1$72+HDGTXDUWHUV5XIHQ6LH]XUFN JOHLFKJOWLJZLHODQJHHVGDXHUW© (UQLPPWZLHGHU3ODW]XQGJUHLIWQHXHUOLFK]XP7HOHIRQ'LH 5+(,10$,1'(7(.7(,DQ]XZlKOHQKlOWHUIU]ZHFNORV HUUXIWJOHLFKEHL%RUQ]X+DXVHDQª,FKP|FKWH6LHPRUJHQ IUKXPKDOEDFKW8KUEHLPLUVHKHQ©VDJWHUNQDSSª%HLPLU LQ%DG*RGHVEHUJ(QGH© 'HU*HQHUDOOHJWDXIUDXFKWEOLFNWDXIGHQ$SSDUDW'HU VFKZHLJW9RQ:LHVHQHFNZDUWHW,PJHOEOLFKHQ/LFKWNUHLVGHU 6FKUHLEWLVFKODPSHOLHJWGHU%ULHI (QGOLFK'LH7HOHIRQNOLQJHO
ª-D"© ª'LHDQJHIUDJWH3HUVRQ+HUU*HQHUDO 6LU5HJLQDOG'RX JODVJHERUHQHUVWHQ]Z|OIWHQ]HKQ&RORQHOGHU5R\DO$LU )RUFH:lKUHQGGHV.ULHJHV&KHIGHV6WDEHVEHLP%H IHKOVKDEHUGHUHOIWHQ*URXS5$)/XIWPDUVFKDOO.HLWK3DUN )U9HUGLHQVWHXPGLH9HUWHLGLJXQJGHV/RQGRQHU/XIWUDXPV KRFKGHNRULHUW,KPZLUGZHVHQWOLFKHU$QWHLODQGHU(QWZLFN OXQJGHU6SH]LIL]LHUXQJYRQ.DPSIDXIWUlJHQIUGLH-DJG VWDIIHOQGHV)LJKWHU&RPPDQG]XJHVFKULHEHQ QDFKGHUYRQ LKPPLWJHVFKDIIHQHQ7DNWLNJULIIHQGLHVFKQHOOHUVWHLJHQGHQ 6SLWILUHHLQIOLHJHQGHGHXWVFKH-DJGXQGGLHODQJVDPVWHLJHQ GHQ+XUULFDQH%RPEHUYHUElQGHDQ'XUFKGLHVH7DNWLNGHU %ULWHQVWLHJHQGDPDOVGLHGHXWVFKHQ9HUOXVWHVHKU6LU5H JLQDOGJHK|UWVHLWGUHL-DKUHQGHP/XIWZDIIHQVWDEEHLP 1$72+HDGTXDUWHUVDQ(ULVWYHUKHLUDWHWPLW© ª'DQNH©XQWHUEULFKWYRQ:LHVHQHFNª+DEHQZLUHWZDV EHUSHUV|QOLFKH9HUELQGXQJHQ]XHLJHQHQ2IIL]LHUHQ"© ª,FKEHGDXUH+HUU*HQHUDO%HIHKOHQ6LHEHLP%I9QDFK ]XIDVVHQ"© ª1HLQ© $XFKQRFKGDV%XQGHVDPWIU9HUIDVVXQJVVFKXW]DXI PHUNVDP]XPDFKHQZLGHUVWUHEWLKP'DIULVWLKPGLH6DFKH GRFK]XGHOLNDW MHZHQLJHU/HXWHYRQLKUZLVVHQGHVWREHVVHU 8QGZDVHUHUIDKUHQZROOWHZHLHU%HVRQGHUVKHLWHUVWLPPW HVLKQQLFKW%HXQUXKLJHQGHU*HGDQNH%ULQNPDQQV1DFKOD N|QQWHDXVJHUHFKQHWLQGLH+lQGHMHQHVDGOLJHQ/XIWZDI IHQREHUVWHQ,KUHUEULWLVFKHQ0DMHVWlWJHUDWHQVHLQ'HUKDWLQ GHU©/XIWVFKODFKWXP(QJODQGªKLQOlQJOLFK%HNDQQWVFKDIWPLW +LWOHUV.ULHJVPDVFKLQHJHPDFKWWRWHXQG YHUZXQGHWH=LYLOLVWHQDOOHLQLP]ZHLWHQ+DOEMDKU ZHQQ VLFKYRQ:LHVHQHFNULFKWLJHULQQHUW8QYHUVWlQGOLFKGDPDQ HLQHQVROFKHQ0DQQEHUKDXSWLQV1$72+DXSWTXDUWLHU VFKLFNW'HUPXGRFKYROOJHVWRSIWVHLQPLW9RUEHKDOWHQXQG 0LWUDXHQJHJHQEHUGHP3DUWQHU%XQGHVUHSXEOLNLPDWODQ WLVFKHQ9HUWHLGLJXQJVV\VWHPGHUPXGRFKGLH)UDJHDXIGHU =XQJHKDEHQVRRIWLKP%RQQHU2IIL]LHUHLQ%ULQNPDQQV$OWHU
JHJHQEHUVWHKHQREGLHQLFKWGLH%RPEHUNRPPDQGLHUW KDEHQGLHHUXQGVHLQH/HXWHDEIDQJHQPXWHQ.DQQHLQ VROFKHU0DQQGLHQHXHVWUDWHJLVFKH/DJHLQ0LWWHOHXURSD REMHNWLYEHXUWHLOHQ")KOWHUVLFKLQVHLQHUKHXWLJHQ3RVLWLRQ QLFKWYLHOPHKUDOVHLQH$UW:DFKKXQGGHUDXISDVVHQPXGD GLHQHXHQ)UHXQGHDQ5KHLQXQG5XKUQLFKW]XPlFKWLJQLFKW ]XDNWLRQVIlKLJZHUGHQXQGGDHVNHLQHXQOLHEVDPHQhEHU UDVFKXQJHQJLEW" 6LU5HJLQDOG'RXJODVXQG2EHUVW%ULQNPDQQNDQQWHQHLQ DQGHU'HU%ULHIOlWGHQ6FKOX]XGDVLHVLFKVRJDUUHFKW JXWNDQQWHQ'DEHLEOHLEWRIIHQRE6LU5HJLQDOGGLHVH9HU ELQGXQJQLFKWYRUZLHJHQGJHSIOHJWKDWXPJHZLVVH,QIRUPD WLRQHQ]XHUKDOWHQ'DV%ULQNPDQQSDSLHULQVHLQHQ+lQGHQ ZlUHGDVQLFKWGDV(QGHGHU&KDQFHLQGLHVHP6RPPHU GLH=XVWlQGHMHQVHLWVGHU(OEHJUXQGVlW]OLFK]XlQGHUQ" 8QYHUVHKHQVKDWGHU*HQHUDO6FKZHLSHUOHQDXIGHU6WLUQ :HQQPDQQXUZWHZDVHVPLWGLHVHPYHUIOXFKWHQ%LOG DXIVLFKKDW(EHUVEDFKXQGVHLQH0lQQHUKDEHQGRFKDOOHV XQWHUVXFKW HUVHOEVWKDWVLFK'HWMHQJHJHQEHU]XPª:LOG EUHWKlQGOHU©JHlXHUWXQGQLFKWPHKUJHVHKHQDOVHLQHJXWH .RSLH:DUXPKDWVLH%ULQNPDQQ6LU5HJLQDOG'RXJODVVR ZDUPDQV+HU]JHOHJW"'DVLVWGRFKVHKUPHUNZUGLJ
=XVSlW$FKLP'HWMHQVWHKWPLWWHQLQGHU-DJGKWWH'HU JUHOOZHLH/LFKWVWUDKOVHLQHU7DVFKHQODPSHWDVWHWEHUGLH =LPPHUZlQGH6LHVLQGOHHUYHUVFKZXQGHQGDV=LQQJHVFKLUU YHUVFKZXQGHQGLHDOWHQ-DJGZDIIHQZHJDXFKª'HU:LOG EUHWKlQGOHU©'LH/HHUHJlKQW (UPDFKWGLH/DPSHDXVVWHKWVFKLHEWJHGDQNHQORVGLH 3LVWROHLQGLH7DVFKH+HUDXVJHQRPPHQKDWHUVLHZHLOGLH7U RIIHQZDUDOVHUHLQWUDI6LH]HLJWHGHXWOLFKH6SXUHQJHZDOW VDPHU(LQZLUNXQJPLWHLQHP%UHFKHLVHQHVKDWWHZRKOVFKQHOO JHKHQVROOHQ JHVSOLWWHUWHV+RO]KHOOHUDQGHQ%UXFKVWHOOHQ 6HOWVDPKLOIORVNRPPWHUVLFKYRU$XVHLQHUJUQGOLFKHQ 8QWHUVXFKXQJGHV%LOGHVZLUGQLFKWV(UNDQQVLFKQXUQRFK DXVGHP6WDXEHPDFKHQXQGGHP+LPPHOGDQNHQGDHU
YRUVLFKWVKDOEHUGHQª.lIHU©HLQHQKDOEHQ.LORPHWHUHQWIHUQW DEJHVWHOOWKDW'LH6SXUHQVLFKHUXQJYROOEULQJWPDQFKPDO ZDKUH:XQGHUXQGVLFKHUOLFKZLUGPDQGLHQlKHUH8PJHEXQJ GHV-DJGKDXVHVQDFK5HLIHQDEGUFNHQDEVXFKHQ'HUZHLFKH :DOGERGHQ'HWMHQDWPHWDXIDOVHUZLHGHU$VSKDOWXQWHU GHQ5HLIHQVSUW2EZRKOHUHLJHQWOLFKQLFKWV]XIUFKWHQ EUDXFKWIlKUWHUHLQHQZHLWHQ8PZHJ(UWDQNWXQWHUZHJVXQG OlWGHQ:DJHQVRJDUGXUFKGLH:DVFKDQODJHUROOHQ$OOH 6SXUHQGHU:DOGIDKUWEHVHLWLJHQ(LQ*OFNGDMHGHJU|HUH 7DQNVWHOOHHLQHVROFKH:DVFKDQODJHKDW =ZHL)UDJHQVLQGGD :HULVWLQGLH+WWHHLQJHEURFKHQ" 6LQG.ULPLQHOOHDP:HUNJHZHVHQRGHUZXUGHHLQHNULPLQHOOH +DQGOXQJQXUYRUJHWlXVFKWXP6SXUHQ]XYHUZLVFKHQ":HQQ MDYRQZHP" 9RP0$'QLFKW'HUKlWWHMHGHU]HLWGLH0|JOLFKNHLWJH KDEWGDV%LOGLP5DKPHQVHLQHU1DFKIRUVFKXQJHQ]XGHQ $VVHUYDWHQ]XQHKPHQ9RQZHPGDQQ"'RFK.ULPLQHOOH" $EHUJHUDGH]XGLHVHP=HLWSXQNW":lUHGDQLFKWGHU .D PHUDG=XIDOO!]XYRUGHUJUQGLJLP6SLHO":HUDXHUGHP 0$'"$EHUHVIKUW]XQLFKWVVLFKLQ6SHNXODWLRQHQ]X YHUOLHUHQ9LHOOHLFKWGHU0DQQDQGHQGHUDQJHIDQJHQH%ULHI JHULFKWHWZDU"%ULQNPDQQNDQQLKQQRFKHLQPDOJHVFKULHEHQ NDQQLKQDXFKHLQGHXWLJHUIRUPXOLHUWKDEHQ$EHUGHVKDOE" 'DVLVW8QVLQQ (UZLVFKWGHQ*HGDQNHQZHJXQGHUHUWDSSWVLFKEHLGHU )HVWVWHOOXQJGDHUGDV%LOGQRFKQLHIUVRZLFKWLJJHKDOWHQ KDWZLHMHW]WGDHVLKPQLFKWPHKU]XJlQJOLFKLVW %RUQHUZDUWHW6FKZHGOHUXQG5RORIILQGHU*DVWVWlWWHª=XGHQ GUHL(LFKHQ©'DVLVWGLHVHOEHLQGHUJHVWHUQHLQXQVFKHLQEDUHU NDKON|SILJHU)QI]LJHULPYHUZDVFKHQHQ0RQWHXUDQ]XJ :UVWFKHQJHJHVVHQXQGGHP%UJHUPHLVWHUYRQ9DUQGRUI WHOHIRQLVFKHLQ+RQRUDUGHUª%LOG]HLWXQJ©YHUVSURFKHQKDW 6FKZHGOHUEHVWHOOWVFKRQEHLP%HWUHWHQGHUUXVWLNDOHLQ JHULFKWHWHQ6FKDQNVWXEHPLWGHQEODQNJHVFKHXHUWHQ(LFKHQ WLVFKHQHLQ)UKVWFN5RORII]LHKWPLW'DVZHOWPlQQLVFKH
*HEDUHQVHLQHV.ROOHJHQEHHLQGUXFNWLKQLPPHU(UNRSLHUW HVVRJXWHUNDQQ ª0XGDVVHLQ"©VDJW%RUQNQXUUHQG(UVLHKWDXIGLH8KU ª(VHLOWHLQZHQLJ© :ROI'LHWHU6FKZHGOHUUFNWDP*ROGJHVWHOOVHLQHU%ULOOH XQGHUZLGHUWLQPRNDQWHU:HLVH ª%OLQGHU(LIHUVFKDGHWQXU &KHIZLHGDVDOWH6SULFKZRUWVRULFKWLJVDJW©8QGGHU.HOO QHULQGLHMXVWGDV5KUHLPLW6SHFNDXIJHVFKQLWWHQHQ/DQG VFKLQNHQ.UlXWHUEXWWHUQDKH]XXQWHUDUPODQJH%URWVFKHLEHQ YRQHLQHPUXQGHQ/DLEXQGHLQHQ]ZLHEHOJDUQLHUWHQ+DQGNlV VHUYLHUWEHILHKOWHU ª$FKOHJHQ6LHIUGHQ+HUUQGRFKDXFK QRFKHLQ*HGHFNDXI©,QGHQ$XJHQGHUMXQJHQ)UDXLVW GDUDXIKLQHUGHU&KHI 'HU.DIIHHLVWDXVJH]HLFKQHW%RUQQLPPWHLQHQ6FKOXFN XQG]LHKWDQVFKOLHHQGVHLQHQ1RWL]EORFNDXVGHU7DVFKH'D VHLQH0LWDUEHLWHUJHQOLFKHVVHQXQGYRUHUVWJDQ]DXIGLHVH VLQQYROOH%HVFKlIWLJXQJNRQ]HQWULHUWVLQGEHUGHQNWHUQRFK HLQPDOGDVNXU]HPRUJHQGOLFKH*HVSUlFKLP+DXVYRQ :LHVHQHFNV$XFKGRUWZXUGHJHUDGHJHIUKVWFNW ª6LHPVVHQZLHGHUQDFK9DUQGRUIIDKUHQ©KDWWHGHU *HQHUDOJHVDJWXQGHLQ(LJHN|SIWª6LFKHUOLFKLVW,KQHQGDV XQDQJHQHKPDEHUHVJHKWQLFKWDQGHUV'LHVHU%ULHIGD /HVHQ6LH© %RUQODV ª6HKUYHUHKUWHJQlGLJH)UDX(UODXEHQ6LHPLU ,KQHQPHLQWLHIHPSIXQGHQHV%HLOHLG]XGHPVFKZHUHQ9HUOXVW DXV]XVSUHFKHQYRQGHPLFKVRHEHQPLW(UVFKWWHUXQJHU IDKUHQKDEH'LHVLVWPLUXPVRPHKUHLQ%HGUIQLVGDLFKLQ PHKUMlKULJHU=XVDPPHQDUEHLW*HOHJHQKHLWKDWWH+HUUQ 2EHUVW%ULQNPDQQDOVHLQHQDXIUHFKWHQXQGYHUDQWZRUWXQJV YROOHQ.DPHUDGHQVFKlW]HQ]XOHUQHQ,FKGDUIVDJHQGDLFK HVQLFKW]XOHW]W,KUHP*DWWHQGDQNHZHQQLFKJHOHUQWKDEH GHQ*HJQHUYRQHLQVWPLWDQGHUHQ$XJHQ]XVHKHQ(VZDUIU PLFKEHUXKLJHQG]XZLVVHQGDHVLQGHU)KUXQJVVSLW]HGHU %XQGHVZHKU3HUV|QOLFKNHLWHQPLWVRNODUHP%OLFNIU5HDOL WlWHQXQGDQDO\WLVFKHP9HUVWHKHQIU0|JOLFKHVXQG8Q P|JOLFKHVJLEWDEKROGMHJOLFKHP9DEDQTXHVSLHO6HLHQ6LH
YHUVLFKHUWYHUHKUWHJQlGLJH)UDXGDLFK,KUHP*DWWHQHLQ EOHLEHQGHV$QGHQNHQEHZDKUHQZHUGH 1RFKYRUZHQLJHQ7DJHQVFKULHEHUPLUDXV9DUQGRUIXQG KDWWHGLH/LHEHQVZUGLJNHLWVLFKPHLQHU%HJHLVWHUXQJIUHLQ %LOGLQVHLQHU-DJGKWWH]XHULQQHUQGDV 'HU:LOGEUHWKlQG OHU!KHLWXQGGDVHUPLU]XHLJQHWH9RUDXVJHVHW]WLPPHUGD 6LHYHUHKUWHJQlGLJH)UDXQLFKWDQGHUZHLWLJEHUGDV*H PlOGHGLVSRQLHUHQP|FKWHQZUGHLFKLKPJHUQHLQHQ(KUHQ SODW]DXI'RXJODV&DVWOHJHEHQ=XJOHLFKHUODXEHLFKPLU6LH LQPHLQHPHLJHQHQXQGLP1DPHQYRQ/DG\$PHO\KHU]OLFK ]XELWWHQHLQLJH:RFKHQEHLXQV]XYHUEULQJHQ 6HKUYHUHKUWHJQlGLJH)UDX,FKZHUGHGLH(KUHKDEHQDQ GHU*UDEOHJXQJ,KUHV*DWWHQWHLO]XQHKPHQDOVGHVVHQHU JHEHQHQ)UHXQGLFKPLFK]XEHWUDFKWHQELWWH ,Q9HUEXQGHQKHLW 6LU5HJLQDOG'RXJODV&RORQHO5$)© %RUQKDWWHGHQ%ULHIVWXGLHUWXQGGHQ*HQHUDOIUDJHQG DQJHVHKHQ9RQ:LHVHQHFNEHVWULFKHLQH6FKHLEH7RDVWPLW .RQILWUH:lKUHQGHUHLQHQZLQ]LJHQ%LVVHQNDXWHZDUIHU KLQ ª,FKKDEHEHUHLWVHLQSDDU1DFKIRUVFKXQJHQDQJHVWHOOW (VVWLPPWGD'RXJODVPHKUPDOVEHLXQVZDU8QWHUDQGHUHP LP=XVDPPHQKDQJPLWGHU%HUOLQHU/XIWEUFNH$EHULQ 9DUQGRUIOLHEHU%RUQLVWHUQLHJHZHVHQ(UJR (UNDQQGDV %LOGYRP :LOGEUHWKlQGOHU!QLHJHVHKHQKDEHQZHQLJVWHQV QLFKWGLHVH.RSLHLQGHU-DJGKWWH$EHUDXIGLHLVWHUJDQ] VFKDUIXQGGDVLVW%ULQNPDQQV*HVFKR,FKIXUFKWHXQVLVW GDHWZDVGXUFKGLH/DSSHQJHJDQJHQ,KUH$XIJDEH %H PlFKWLJHQ6LHVLFKGHV%LOGHV9HUVWHKHQ6LH"(VPXHLQIDFK MHGHP=XJULIIHQW]RJHQZHUGHQPXYHUVFKZXQGHQVHLQ'DV EHZHUNVWHOOLJHQ6LHOHLFKWHUDOVLFKPLWPHLQHPEURNUDWLVFKHQ $SSDUDWEHLGHP$VVHUYDWHGDVHZLJH/HEHQKDEHQ+HUU )ULWVFKLVWGHUJOHLFKHQ0HLQXQJ© 'DUDXIKLQKDWWH%RUQ6FKZHGOHUXQG5RORIILQGLHVH*DVW VWlWWHEHVWHOOW (UQHQQWLKQHQQXUGLH$XIJDEHQLFKWDEHUGHQ*UXQG'DQQ OlW%RUQVHLQHQ0HUFHGHVVWHKHQXQGVWHLJW]XVHLQHQ/HXWHQ
LQGHQKRFKEHLQLJHQ/DQGURYHUGHUIUGLH)DKUWDXIXQ EHIHVWLJWHQ6WUDHQEHVVHUJHHLJQHWLVW 6LHNRPPHQJDUQLFKWDQGDV/DQGKDXVKHUDQ'DVWHKHQ QlPOLFKPHKUHUHJUQZHLH)DKU]HXJHGHU/DQGSROL]HL8QWHU GLHVHQ8PVWlQGHQKlOWHV%RUQIUDQJHPHVVHQLQHLQH :HJDE]ZHLJXQJHLQELHJHQ]XODVVHQ5RORIIZLUGDOV$XI NOlUHUKLQEHUJHVFKLFNWXQGPLVFKWVLFKXQWHUGLH1HXJLHUL JHQ )RUVWDUEHLWHUXQG'RUIEHZRKQHU ª'DV-DJGKDXVLVWOHW]WH1DFKWJHSOQGHUWZRUGHQ©PHOGHW HUVFKOLHOLFKª)RUVWDUEHLWHUKDEHQLQDOOHU+HUUJRWWVIUKHGLH RIIHQH7UJHVHKHQ,FKELQDQV)HQVWHUJHJDQJHQ$OOHVZHJ $XFKGDV%LOG6LHVXFKHQQRFK6SXUHQ© )ULWVFKGHQNW%RUQXQGZLUGJDQ]EOD1DWUOLFKODVWHWHU PLUGDVDQ,FKELQHLQIDFKYLHO]XVSlWYHUVWlQGLJWZRUGHQ 6FKZHGOHUHQWJHKWQLFKWGDGHU&KHIGHQ+HPGNUDJHQ |IIQHWXQGVFKZHUDWPHWª*XWGDZLUJHIUKVWFNWKDEHQ© VDJWHU]XIULHGHQª'LHVHU6FKUHFNDXIQFKWHUQHQ0DJHQ 1LFKW]XYHUNUDIWHQ© ª6FKQDX]H0HQVFK©IDXFKWLKQ%RUQDQª,FKKDEHHLQHQ LQWHUHVVDQWHQ-RE6LHN|QQHQHQGOLFKPDO]HLJHQZDV6LH JHOHUQWKDEHQ6FKDIIHQ6LHGDV%LOGKHU'DVNDQQGRFKIU 6LHNHLQ3UREOHPVHLQ© 6FKZHGOHULVWQLFKWDXVGHU)DVVXQJ]XEULQJHQª%LVZDQQ &KHI"©IUDJWHUQRQFKDODQW]XUFN ª7HUPLQ JHVWHUQ©HUZLGHUW%RUQNDOW
ª'HUJDQ]H$XIULGHQGHU0$'GHVZHJHQYHUDQVWDOWHWOlW PLFKDQQHKPHQGDHVVLFKEHLGHQRPLQ|VHQ%ULQNPDQQ SDSLHUHQXPVREULVDQWHV0DWHULDOKDQGHOW©VFKOLHW:HUQHU %UHGHEXVFKVHLQH]XVDPPHQIDVVHQGH6FKLOGHUXQJGHUOHW]WHQ (UHLJQLVVHLP=XVDPPHQKDQJPLWGHP7RGH%ULQNPDQQV ª,FKJODXEHVLH]XNHQQHQZUGHPHKUEHGHXWHQDOVHLQHEORH
=XVDW]LQIRUPDWLRQ$EHUQDFKGLHVHPGXPPHQ(LQEUXFKLQ GLH-DJGKWWH,FKZHLQLFKWZHLWHU© :LQQLH:LQNHOPDQQQLFNWª'LHVHU%ULHIDQIDQJDXVVHLQHU 0DSSHJLEWPLUDXFK]XGHQNHQ'DVLVWGRFKHLQGHXWOLFKHU +LQZHLV$EHUZRUDXI"© +HXWHGLHQWLKQHQGHU.|OQHU=RRORJLVFKH*DUWHQDOV7UHII SXQNW6LHJHKHQLP%HVXFKHUVWURPGHUDQGLHVHPVFK|QHQ )UKOLQJVQDFKPLWWDJJURLVWODVVHQVLFKWUHLEHQXQGYHU ZHLOHQGDXQGGRUWYRUGHQ*HKHJHQ:HUQHUVFKPXQ]HOWDOV JDQ]LQVHLQHU1lKHHLQNOHLQHU-XQJHVHLQH0XWWLYRU=HEUDV YHUZXQGHUWIUDJWZDUXPGHQQGLHVH3IHUGHDOOHHLQHQ6FKODI DQ]XJDQKDEHQ1DMXQJH)UDXGHQNWGHU.XQGVFKDIWHUQXQ ILQGHQ6LHPDOGDUDXIHLQH$QWZRUW :DVVLHHUZLGHUWK|UWHUQLFKWPHKU:LQQLHLVWZHLWHU JHJDQJHQXQGHUVFKOLHW]XLKUDXI 8QYHUPLWWHOWVHW]WVLHQHXDQ ª:DVLVWPLW &KHFNPDWH!"© ª,FKKDEHNHLQHQHXHQ,QIRUPDWLRQHQ'HU7HUPLQIUGDV 0DQ|YHUEOHLEWXQYHUlQGHUW$XJXVW6HSWHPEHU'LHELVKHU JU|WH.RQ]HQWUDWLRQYRQ1$72.DPSIYHUElQGHQLQHLQHP 0DQ|YHU =DKOHQKDVWGXMDVFKRQ©:HUQHUQLPPWVLHDP $UPª(QGJOWLJLVWGDVDOOHVQLFKW6REDOGLFKHWZDVKDEH© ª-D©VDJWVLHHLQIDFKXQGZlKUHQGLKUH*HGDQNHQEHL ª&KHFNPDWH©VLQGIlOOWLKUMHQHU$UWLNHOLQGHUª%RQQHU 5XQGVFKDX©HLQLQGHPGHU$GHQDXHU,QWLPXV5REHUW,QJULP HUNOlUWKDWGLH1$720lFKWHPWHQ]XGLHVHP=HLWSXQNW LQGHU/DJHVHLQªDOOH0LWWHOGHV.ULHJHVGHV1HUYHQNULHJHV XQGGHV6FKLHNULHJHVDQ]XZHQGHQ'D]XJHK|UHQQLFKWQXU KHUN|PPOLFKH6WUHLWNUlIWHXQG5VWXQJHQVRQGHUQDXFKGLH 8QWHUZKOXQJGDV$QKHL]HQGHVLQQHUHQ:LGHUVWDQGVGLH $UEHLWLP8QWHUJUXQGGLH=HUVHW]XQJGHU2UGQXQJGLH6DER WDJHGLH6W|UXQJYRQ9HUNHKUXQG:LUWVFKDIWGHU8QJHKRU VDPGHU$XIUXKU©6ROOGHUNDOWH.ULHJJHJHQGLH'HXWVFKH 'HPRNUDWLVFKH5HSXEOLNVHLQHQ*LSIHOSXQNWHUUHLFKWKDEHQ ZHQQGLH1$72.DPSIYHUElQGH]XVDPPHQJH]RJHQVLQGXQG *HZHKUEHL)XVWHKHQ"ª'HV1HUYHQNULHJHVXQGGHV6FKLH NULHJHV©'HU1HUYHQNULHJZLUGMDZRKOVFKRQDXIGLH6SLW]H JHWULHEHQ
:LQQLHIUDJW:HUQHUREHUGDVDXFKJHOHVHQKDEH (UQLFNWª-DXQGLFKEHZXQGHUHGLH/DQJPXWGHU*HQRVVHQ LQ%HUOLQ©
'DV3HUVRQDOEURGHU(OHNWURQLN*HUlWHXQG$QODJHQEDX GDVHLQ'LUHNWRUQDPHQV'RQQHUOHLWHWOLHJWLPIQI]HKQWHQ 6WRFNZHUNHLQHVPRGHUQHQ+RFKKDXVHVXQGKDWVRJXWZLH NHLQHQ%HVXFKHUYHUNHKU'HU)DKUVWXKOHQGHWLPYLHU]HKQWHQ 6WRFN1XUZHQLJH(LQJHZHLKWHKDEHQHLQHQ6FKOVVHO]XGHP VHSDUDWHQ$XI]XJGHUQRFKHLQH(WDJHK|KHUIlKUW*lVWHIU 'LUHNWRU'RQQHUZHUGHQQDFKYRUKHULJHU$QPHOGXQJYRQ HLQHPVHLQHU0LWDUEHLWHUXQWHQLQ(PSIDQJJHQRPPHQXQG QDFKREHQJHOHLWHW,PIQI]HKQWHQ6WRFNVHKHQVLHOHGLJOLFK GDV'RPL]LO'RQQHUVGHVVHQEUHLWH)HQVWHUHLQHQUHL]YROOHQ %OLFNDXIGDV3DQRUDPDYRQ.|OQJHVWDWWHQ'DVDQJUHQ]HQGH *URUDXPEURPLWGHUNKOHQ6DFKOLFKNHLWVHLQHU]X:DEHQ ]XVDPPHQJHVWHOOWHQ9DULR0|EHOXQGVFKDOOVFKOXFNHQGHQ :DQGYHUNOHLGXQJHQEOHLEWLKQHQYHUERUJHQ 2EHUVWD'*QWHU.U|VLQJVWHKWDXI(ULVWUHFKW]XIULHGHQ PLWGHP*HVSUlFKLQGHVVHQ9HUODXIHUDXFKVHLQH9RUVFKOlJH KLQVLFKWOLFK'HWMHQVDXIGHQ7LVFKJHOHJWKDW,KPLVWQLFKW HQWJDQJHQGD'LUHNWRU'RQQHUEHUUDVFKWGLH6WLUQLQ)DOWHQ JH]RJHQKDWDOVGHU'LHQVWJUDG$FKLPV]XU6SUDFKHJH NRPPHQLVW(LQ0DMRUVFKHLQWLKPGHQQZRKOGRFKHLQZHQLJ ]XNOHLQIUGLH$XIJDEH]XVHLQ(UVDJWGDVDXFKDEHU.U|VLQJ ZLVFKWGHQ(LQZDQGPLWGHULP%UXVWWRQGHUhEHU]HXJXQJ YRUJHEUDFKWHQ(UNOlUXQJZHJPDQKDEHHVPLWHLQHP0DQQ YRQ=XNXQIW]XWXQGHULQ.U]HDYDQFLHUHQZHUGH-HHKHU PDQVLFKVHLQHUYHUVLFKHUHGHVWREHVVHUKDEHPDQLKQLQGHU +DQGXQGGHVWR]LHOJHULFKWHWHUN|QQHPDQLKQDXIEDXHQ'DV VHLHLQH,QYHVWLWLRQDXIODQJH6LFKWVR]XVDJHQ'LHEHLGHQVLQG EHUHLQJHNRPPHQGDGHU2EHUVW]XQlFKVWHLQPDOLQXQ YHUELQGOLFKHU:HLVH'HWMHQVJUXQGVlW]OLFKH%HUHLWVFKDIWDXV IRUVFKHQZHUGH.U|VLQJYHUVSUDFK'RQQHUYRP(UJHEQLVLQ .HQQWQLV]XVHW]HQ 'RQQHUOlWHVVLFKQLFKWQHKPHQVHLQHQ%HVXFKHUSHU
V|QOLFKELV]XP+DXSWIDKUVWXKOHLQ6WRFNZHUNWLHIHU]XJH OHLWHQ*DQ]EHLOlXILJHUNXQGLJWHUVLFKXQWHUZHJVQDFKGHP 6WDQGGHU$UEHLWHQDQGHUªEHUKPWHQ©05&$$OO]XYLHOZHL .U|VLQJGD]XQLFKW]XVDJHQ'LH(QWVFKHLGXQJGHV9HU WHLGLJXQJVDXVVFKXVVHVGHV%XQGHVWDJHVVWHKHQRFKDXVHU ZLGHUWHUXQGQXW]WJOHLFKGLH*HOHJHQKHLW]XHUZlKQHQGLH JHVDPWHQ9RUODJHQVHLHQEHUGLH6FKUHLEWLVFKHGHV5HIHUDWHV JHJDQJHQLQGHP0DMRU'HWMHQDUEHLWH ª$KD©VDJW'RQQHUª1XQMDGLH$EWHLOXQJ%ULQNPDQQ 6DJHQ6LH+HUU.U|VLQJPXPDQGDQRFKPLW:HLWHUXQJHQ UHFKQHQ"© ª.DXP©HUZLGHUWGHU%HVXFKHUª'HU6DFKYHUKDOWLVWGRFK ZLHLFKDXVVLFKHUHU4XHOOHHUIDKUHQKDEHHLQGHXWLJJHNOlUW (LQEHGDXHUOLFKHU8QIDOOGHUZLHHLQ6HOEVWPRUGDXVVLHKW 6FKDGHXPGHQ0DQQ© ª-DVFKDGH©VFKOLHWVLFK'RQQHUGHP1HNURORJIUGHQ SDVVLRQLHUWHQ-lJHUDQ'DQQ|IIQHWHUGHP2EHUVW]XYRUNRP PHQGGLH)DKUVWXKOWU (UVHOEVWNHKUWLQGHQIQI]HKQWHQ6WRFN]XUFNGRFK EHWULWWHUVWDWWVHLQHV=LPPHUVPLWGHUVFK|QHQ0DKDJRQLWl IHOXQJGHQ*URUDXP+LHUVLQGDOOH*HUlXVFKHPHUNZUGLJ JHGlPSIW'RQQHUJHKW]ZLVFKHQ5DXPWHLOHUQXQGLQVLFK JHVFKORVVHQHQ$UEHLWVEHUHLFKHQKLQGXUFK(UZHFKVHOWKLHU XQGGDHLQSDDU:RUWHPLWKHPGVlUPHOLJHQ6DFKEHDUEHL WHUQXQGOlWVLFKGDXQGGRUWEHU(UJHEQLVVHXQWHUULFKWHQ ,QMHGHU$EWHLOXQJVWHKWGHU6FKUHLEWLVFKGHV*UXSSHQOHLWHUV IUHLZlKUHQGGLH$UEHLWVSOlW]HVHLQHU0LWDUEHLWHUQDFKHLQHP DXVJHNOJHOWHQ6\VWHPNRPSOH[ZHLVHDQHLQDQGHUJHUFNWXQG ]XJHRUGQHWVLQG.DUWHLXQG$NWHQVFKUlQNHWUHQQHQVLHYRQ HLQDQGHUEHUIUHLVWHKHQGHQ3DQ]HUWUHVRUHQLVWDQGHU'HFNH HLQH9LGHRNDPHUDLQ%HWULHEXQGDXI$NWHQZDJHQZHUGHQ 6W|HYRQ+HIWHUQKLQXQGKHUJHIDKUHQ2EZRKOVWlQGLJ 0HQVFKHQLQ%HZHJXQJVLQGLVWNHLQ6FKULWW]XK|UHQ 'HU*UXSSHQOHLWHUEHLGHPGHU'LUHNWRU]XHUVWVWHKHQ EOHLEWVLHKWQXUDXIXQGEHJLQQWRKQH8PVFKZHLIHVDFKOLFK ]XUHIHULHUHQ'DHUZHGHUDXIVWHKWQRFKHLQHQ6WXKODQELHWHW
EHGHXWHWNHLQH8QK|IOLFKNHLWJHJHQEHUGHP&KHI(VLVWQXU UDWLRQHOOXQGGHVKDOEXQJHVFKULHEHQHV*HVHW](LQ6WXKOLVWMD GDZHQQVLFKGHU&KHIVHW]HQZLOOZLUGHUGDVWXQ)ORVNHOQ VLQGKLHUXQHUZQVFKWPDQOHJW:HUWDXIYHUVDFKOLFKWH$U EHLWVEH]LHKXQJHQXQGKDWGDGXUFKHLQH0HQJHXQQ|WLJHQ /HHUODXIDXVJHVFKDOWHW:HULQGLHVHP*URUDXPDUEHLWHW ZLUGQLFKWQDFKGHU7LHIHVHLQHU9HUEHXJXQJHQJHZHUWHW VRQGHUQDOOHLQQDFKVHLQHU/HLVWXQJ1DWUOLFKHU]HXJWGHU (UIROJV]ZDQJXQWHUGHPMHGHUVWHKWLQEHVRQGHUVKRKHP 0DH6WUHDEHUVLFKGHPDXV]XVHW]HQLVWGHU3UHLVIUEHU GXUFKVFKQLWWOLFKH*HKlOWHU1HLQ/HHUODXIJLEWHVKLHUQLFKW XQGHUZLUGDXFKQLFKWYHUPLW 'LH$EZHUEXQJTXDOLIL]LHUWHU)DFKNUlIWHDXVGHUª=RQH© OlXIWDXIYROOHQ7RXUHQ0DQZLUGLQGHU/DJHVHLQXQGGDV HQWVSULFKWGHU$XIJDEHQVWHOOXQJGDVJHSODQWHQHXH=ZHLJ ZHUNLP6DXHUODQGZHLWJHKHQGPLWVROFKHP3HUVRQDO]XYHU VRUJHQ'LH9HUIDKUHQVZHLVHQ HUVWHQVGDV$QVSUHFKHQDXV JHVXFKWHU/HXWHGXUFKEHUHLWVLQGHU%XQGHVUHSXEOLNOHEHQGH HKHPDOLJH.ROOHJHQXQG)UHXQGHHLQH$UWª3DWHQVFKDIWV V\VWHP© ]ZHLWHQVGHU(LQVDW]YRQª6FKOHSSHUQ©GLHªGU EHQ©JH]LHOWPLWHLQHPLQ)UDJHNRPPHQGHQ3HUVRQHQNUHLV .RQWDNWDXIQHKPHQXQGZHLWHUH9HUELQGXQJVPlQQHUJH ZLQQHQXQGGULWWHQVGLH$UEHLWPLWHUKDOWHQJHEOLHEHQHQ 3HUVRQDONDUWHLHQYRQ%HWULHEHQGHUHQIUKHUH=ZHLJZHUNHLP 2VWHQHQWHLJQHWZXUGHQ'LHGULWWH9DULDQWHKDWVLFKEHVRQGHUV EHZlKUWGDHVGHQ$QJHVFKULHEHQHQRIIHQEDU)UHXGHPDFKW VLFKXQYHUJHVVHQXQGZLHGHUJHEUDXFKW]XVHKHQ'LHVXPVR PHKUDQJHVLFKWVGHUYHUVSURFKHQHQXQGPLW$NULELHDXFK JHZlKUWHQ5HJHOXQJVR]LDOHU%HODQJHLP)DOOHGHV$EVHW]HQV DXV2VWGHXWVFKODQGDOVGDVLQG :RKQXQJVEHVFKDIIXQJhEHU EUFNXQJVJHOGHU(QWVFKlGLJXQJIU9HUORUHQHV%OHQGHQGH =XVDPPHQDUEHLWPLWGHQVWDDWOLFKHQ6WHOOHQ:DVGLH*UXSSH VHOEVWQDWUOLFKQLFKWGHU$XIJDEHHQWKHEWªGUEHQ©LPPHU QHXH6FKZDFKSXQNWH]XILQGHQXQGLQVLHKLQHLQ]XVWRHQ 'DVYHUVWHKWVLFKIU'RQQHUGDUEHUYHUOLHUWHUNHLQ:RUW (UZUGHHVVRJDUEHOQHKPHQZHQQGHU*UXSSHQOHLWHUGLH
3V\FKRORJHQHUZlKQHQZUGHGLH]XP$EIDVVHQGHUª(U LQQHUXQJVEULHIH©KLQ]XJH]RJHQZHUGHQ6HOEVWYHUVWlQGOLFK NHLWHQ ª:DQQ©IUDJWHUWURFNHQªN|QQHQZLUEHUGLH3URIHVVRUHQ =DHUUXKQ0DW]XQG%ODQNHQEXUJYHUIJHQ"© 'HU*UXSSHQOHLWHUYHU]LHKWNHLQH0LHQHª3URIHVVRU =DHUUXKQXQGVHLQH)DPLOLHVLQGKHXWHPRUJHQYLD:HVWEHUOLQ LQ.|OQJHODQGHW,FKKDEHLKQLP+RWHO 6FKZHL]HU+RI! XQWHUJHEUDFKW8QVHU+HUU%HUJQHUEHWUHXWLKQ'DV/DJHU )ULHGODQGLVWLQIRUPLHUW GLH)RUPDOLWlWHQHUOHGLJHQZLU3UR IHVVRU0DW]KDWVHLQH=XVDJHIUXQV]XDUEHLWHQZLGHUUXIHQ (UWUHQQWVLFKQLFKWYRQ'UHVGHQ:LUEOHLEHQGUDQ3URIHVVRU %ODQNHQEXUJKDW3HFKJHKDEW'LH)RUVFKXQJVXQWHUODJHQGLH HUPLWEULQJHQVROOWH,KU)HKOHQLVWHQWGHFNWZRUGHQ GLH 6WDDWVVLFKHUKHLWKDWLKQLQ.|QLJV:XVWHUKDXVHQDEJHIDQJHQ DOVHULQGLH6%DKQVWHLJHQZROOWH8QVHU0DQQZDUVFKRQLQ VHLQHU1lKH YRUHLQHUKDOEHQ6WXQGHNDPVHLQ$QUXIDXV :HVWEHUOLQ(LQ]HOKHLWHQLP7DJHVEHULFKW© 'RQQHUQLFNWXQGJHKWZHLWHU5DXPWHLOHU6WHOOZlQGH1XQ .RSLHUPDVFKLQHQ8QG%HUJHYRQ)DFK]HLWVFKULIWHQDXVDOOHU :HOW9RQGLHVHU*UXSSHZHUGHQ3XEOLNDWLRQHQQDFK9HU |IIHQWOLFKXQJHQGXUFKIRUVFKWGLHGLH$UEHLWGHU(*$WDQ JLHUHQ7KHPDWLVFKVRUWLHUWJHKHQGLH.RSLHQGHU,QJHQLHXU DEWHLOXQJ]XGLHVLHQDFKVSH]LHOOHQ*HVLFKWVSXQNWHQDQDO\ VLHUWXQGLKUHUVHLWVZHLWHUJHKHQGH8QWHUVXFKXQJHQYHUDQODW VRIHUQGDVQW]OLFKHUVFKHLQW $OV'RQQHUQlKHUWULWWZLUGJHUDGHGLHDPHULNDQLVFKH=HLW VFKULIWª$YLDWLRQ:HHN©DEJHOLFKWHWGLHVLFKLQ)DFKNUHLVHQ GXUFKLKUHH[WHQVLYHQ5HFKHUFKHQ]XDNWXHOOHQ/XIWIDKUW WKHPHQHLQHQ1DPHQJHPDFKWKDW'HU$UWLNHOGHUNRSLHUW ZLUGEHUKUWGDV$UEHLWVJHELHWGHUHLJHQHQ(OHNWURQLNHU =XGLHVHP0DWHULDOZLUGNHLQHGHXWVFKVSUDFKLJH,QKDOWV DQJDEHDQJHIHUWLJW'RQQHUHUZDUWHWYRQVHLQHQ0LWDUEHLWHUQ GDVLH(QJOLVFKXQG)UDQ]|VLVFKEHKHUUVFKHQ%HLWUlJHDXV VRZMHWLVFKHQ4XHOOHQHEHQVRZLHDXVMDSDQLVFKHQHUKDOWHQ ([]HUSWH:HUVSULFKWVFKRQMDSDQLVFKRGHUUXVVLVFK"'HU
MXQJH0DQQGHUIU5XVVLVFK]XVWlQGLJLVWKDWHLQHJXWH1DVH EHZLHVHQDOVHU6ODZLVWLNVWXGLHUWHQRFKLVWGLH1DFKIUDJH JU|HUDOVGDV$QJHERW)U-DSDQLVFKKDWPDQVLFKHLQH'DPH DXVGHP/DQGHGHUDXIJHKHQGHQ6RQQHKROHQPVVHQ6LHKDW LQ
