Hoffmann, Eta - Das Fraeulein Von Scuderi
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Hoffmann, Eta - Das Fraeulein Von Scuderi as PDF for free.
More details
- Words: 3,054
- Pages: 66
(7$+RIIPDQQ
'DV)UlXOHLQYRQ6FXGHUL (LQH(U]lKOXQJDXVGHP =HLWDOWHU/XGZLJV ;,9
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
,QGHU6WUDH6W+RQRUpZDUGDVNOHLQH+DXVJHOHJHQZHOFKHV 0DJGDOHLQHYRQ6FXGHULEHNDQQWGXUFKLKUHDQPXWLJHQ9HUVH GXUFKGLH*XQVW/XGZLJV ;,9XQGGHU0DLQWHQRQEHZRKQWH
6SlWXP0LWWHUQDFKW± LP+HUEVWHGHV-DKUHV± ZXUGHDQ GLHVHV+DXVKDUWXQGKHIWLJDQJHVFKODJHQGDHVLPJDQ]HQ)OXU ODXWZLGHUKDOOWH± %DSWLVWHGHULQGHV)UlXOHLQVNOHLQHP+DXVKDOW .RFK%HGLHQWHQXQG7UVWHKHU]XJOHLFKYRUVWHOOWHZDUPLW (UODXEQLVVHLQHU+HUUVFKDIWEHU/DQGJHJDQJHQ]XU+RFK]HLW VHLQHU6FKZHVWHUXQGVRNDPHVGDGLH0DUWLQLHUHGHV )UlXOHLQV.DPPHUIUDXDOOHLQLP+DXVHQRFKZDFKWH6LHK|UWHGLH ZLHGHUKROWHQ6FKOlJHHVILHOLKUHLQGD%DSWLVWHIRUWJHJDQJHQ XQGVLHPLWGHP)UlXOHLQRKQHZHLWHUQ6FKXW]LP+DXVHJHEOLHEHQ VHL DOOHU)UHYHOYRQ(LQEUXFK'LHEVWDKOXQG0RUGZLHHUMHPDOV LQ3DULVYHUEWZRUGHQNDPLKULQGHQ6LQQHVZXUGHLKUJHZL GDLUJHQGHLQ+DXIHQ0HXWHUHUYRQGHU(LQVDPNHLWGHV+DXVHV XQWHUULFKWHWGDGUDXHQWREHXQGHLQJHODVVHQHLQE|VHV 9RUKDEHQJHJHQGLH+HUUVFKDIWDXVIKUHQZROOHXQGVREOLHEVLH LQLKUHP=LPPHU]LWWHUQGXQG]DJHQGXQGGHQ%DSWLVWH YHUZQVFKHQGVDPWVHLQHU6FKZHVWHU+RFK]HLW8QWHUGHVVHQ GRQQHUWHQGLH6FKOlJHLPPHUIRUWXQGHVZDULKUDOVUXIHHLQH 6WLPPHGD]ZLVFKHQ 6RPDFKWGRFKQXUDXIXP&KULVWXVZLOOHQ VRPDFKWGRFKQXUDXI(QGOLFKLQVWHLJHQGHU$QJVWHUJULIIGLH 0DUWLQLHUHVFKQHOOGHQ/HXFKWHUPLWGHUEUHQQHQGHQ.HU]HXQG UDQQWHKLQDXVDXIGHQ)OXU GDYHUQDKPVLHJDQ]GHXWOLFKGLH 6WLPPHGHV$QSRFKHQGHQ 8P&KULVWXVZLOOHQVRPDFKWGRFKQXU DXI,QGHU7DWGDFKWHGLH0DUWLQLHUHVRVSULFKWGRFKZRKONHLQ 5lXEHU ZHUZHLREQLFKWJDUHLQ9HUIROJWHU=XWULWWVXFKWEHL PHLQHU+HUUVFKDIWGLHMDJHQHLJWLVW]XMHGHU:RKOWDW$EHUODW XQVYRUVLFKWLJVHLQ± 6LH|IIQHWHHLQ)HQVWHUXQGULHIKLQDEZHU GHQQGDXQWHQLQVRVSlWHU1DFKWVRDQGHU+DXVWUWREHXQG DOOHVDXVGHP6FKODIHZHFNHLQGHPVLHLKUHUWLHIHQ6WLPPHVR YLHO0lQQOLFKHV]XJHEHQVLFKEHPKWHDOVQXUP|JOLFK,QGHP 6FKLPPHUGHU0RQGHVVWUDKOHQGLHHEHQGXUFKGLHILQVWHUQ :RONHQEUDFKHQJHZDKUWHVLHHLQHODQJHLQHLQHQKHOOJUDXHQ 0DQWHOJHZLFNHOWH*HVWDOWGLHGHQEUHLWHQ+XWWLHILQGLH$XJHQ JHGUFNWKDWWH6LHULHIQXQPLWODXWHU6WLPPHVRGDHVGHU XQWHQYHUQHKPHQNRQQWH%DSWLVWH&ODXGH3LHUUHVWHKWDXIXQG VHKWHLQPDO]XZHOFKHU7DXJHQLFKWVXQVGDV+DXVHLQVFKODJHQ ZLOO'DVSUDFKHVDEHUPLWVDQIWHUEHLQDKHNODJHQGHU6WLPPH
YRQXQWHQKHUDXI$FKOD 0DUWLQLHUHLFKZHLMDGD,KUHVVHLG OLHEH)UDXVRVHKU,KU(XUH6WLPPH]XYHUVWHOOHQWUDFKWHWLFK ZHLMDGD%DSWLVWHEHU/DQGJHJDQJHQLVWXQG,KUPLW(XUHU +HUUVFKDIWDOOHLQLP+DXVHVHLG0DFKWPLUQXUJHWURVWDXI EHIUFKWHWQLFKWV,FKPXGXUFKDXVPLW(XUHP)UlXOHLQ VSUHFKHQQRFKLQGLHVHU0LQXWH:RGHQNW,KUKLQHUZLGHUWH 0DUWLQLHUHPHLQ)UlXOHLQZROOW,KUVSUHFKHQPLWWHQLQGHU1DFKW" :LW,KUGHQQQLFKWGDVLHOlQJVWVFKOlIWXQGGDLFKVLHXP NHLQHQ3UHLVZHFNHQZHUGHDXVGHPHUVWHQVHVWHQ6FKOXPPHU GHVVHQVLHLQLKUHQ-DKUHQZRKOEHGDUI,FKZHLVSUDFKGHU 8QWHQVWHKHQGHLFKZHLGD(XHU)UlXOHLQVRHEHQGDV 0DQXVNULSWLKUHV5RPDQV&OHOLDJHKHLHQDQGHPVLHUDVWORV DUEHLWHWEHLVHLWHJHOHJWKDWXQGMHW]WHLQLJH9HUVHDXIVFKUHLEWGLH VLHPRUJHQEHLGHU0DUTXLVHGH0DLQWHQRQYRU]XOHJHQJHGHQNW ,FKEHVFKZ|UH(XFK)UDX0DUWLQLHUHKDEWGLH%DUPKHU]LJNHLWXQG |IIQHWPLUGLH7UH:LWGDHVGDUDXIDQNRPPWHLQHQ 8QJOFNOLFKHQYRP9HUGHUEHQ]XUHWWHQZLWGD(KUH)UHLKHLW MDGDV/HEHQHLQHV0HQVFKHQDEKlQJWYRQGHP$XJHQEOLFNLQ GHPLFK(XHU)UlXOHLQVSUHFKHQPX%HGHQNWGD(XUHU *HELHWHULQ=RUQHZLJDXI(XFKODVWHQZUGHZHQQ6LHHUIKUH GD,KUHVZDUHWGLHGHQ8QJOFNOLFKHQZHOFKHUNDPLKUH+LOIH ]XHUIOHKHQKDUWKHU]LJYRQGHU7UHZLHVHW$EHU ZDUXPVSUHFKW ,KUGHQQPHLQHV)UlXOHLQV0LWOHLGDQLQGLHVHUXQJHZ|KQOLFKHQ 6WXQGHNRPPWPRUJHQ]XJXWHU=HLWZLHGHUVRVSUDFKGLH 0DUWLQLHUHKHUDE GDHUZLGHUWHGHUXQWHQ .HKUWVLFKGHQQGDV 6FKLFNVDOZHQQHVYHUGHUEHQGZLHGHUW|WHQGH%OLW]HLQVFKOlJW DQ=HLWXQG6WXQGH"'DUIZHQQQXUHLQ$XJHQEOLFN5HWWXQJQRFK P|JOLFKLVWGLH+LOIHDXIJHVFKREHQZHUGHQ"|IIQHWPLUGLH7UH IUFKWHWGRFKQXUQLFKWVYRQHLQHP(OHQGHQGHUVFKXW]ORV YHUODVVHQYRQDOOHU:HOWYHUIROJWEHGUlQJWYRQHLQHP XQJHKHXUHQ *HVFKLFN(XHU)UlXOHLQXP5HWWXQJDQIOHKHQZLOODXV GURKHQGHU*HIDKU'LH0DUWLQLHUHYHUQDKPZLHGHU 8QWHQVWHKHQGHEHLGLHVHQ:RUWHQYRUWLHIHP6FKPHU]VW|KQWH XQGVFKOXFK]WH GDEHLZDUGHU7RQYRQVHLQHU6WLPPHGHUHLQHV -QJOLQJVVDQIWXQGHLQGULQJHQG WLHILQGLH%UXVW6LHIKOWHVLFK LP,QQHUVWHQEHZHJWRKQHVLFKZHLWHUODQJH]XEHVLQQHQKROWH VLHGLH6FKOVVHOKHUEHL 6RZLHVLHGLH7UHNDXPJH|IIQHWGUlQJWHVLFKXQJHVWPGLHLQ GHQ0DQWHOJHKOOWH*HVWDOWKLQHLQXQGULHIDQGHU0DUWLQLHUH
YRUEHLVFKUHLWHQGLQGHQ)OXUPLWZLOGHU6WLPPH )KUWPLFK]X (XUHP)UlXOHLQ(UVFKURFNHQKREGLH0DUWLQLHUHGHQ/HXFKWHULQ GLH+|KHXQGGHU.HU]HQVFKLPPHUILHOLQHLQWRGEOHLFKHV IXUFKWEDUHQWVWHOOWHV-QJOLQJVDQWOLW]9RU6FKUHFNHQKlWWHGLH 0DUWLQLHUH]X%RGHQVLQNHQP|JHQDOVQXQGHU0HQVFKGHQ 0DQWHODXVHLQDQGHUVFKOXJXQGGHUEODQNH*ULIIHLQHV6WLOHWWVDXV GHP%UXVWODW]KHUYRUUDJWH(VEOLW]WHGHU0HQVFKVLHDQPLW IXQNHOQGHQ$XJHQXQGULHIQRFKZLOGHUDOV]XYRU )KUWPLFK]X (XUHP)UlXOHLQVDJHLFK(XFK1XQVDKGLH0DUWLQLHUHLKU)UlXOHLQ LQGHUGULQJHQGVWHQ*HIDKUDOOH/LHEH]XGHUWHXUHQ+HUUVFKDIWLQ GHUVLH]XJOHLFKGLHIURPPHWUHXH0XWWHUHKUWHIODPPWHVWlUNHU DXILP,QQHUQXQGHU]HXJWHHLQHQ0XWGHVVHQVLHZRKOVHOEVWVLFK QLFKWIlKLJJHJODXEWKlWWH6LHZDUIGLH7UHLKUHV*HPDFKVGLH VLHRIIHQJHODVVHQVFKQHOO]XWUDWYRUGLHVHOEHXQGVSUDFKVWDUN XQGIHVW ,QGHU7DW(XHUWROOHV%HWUDJHQKLHULP+DXVHSDW VFKOHFKW]X(XUHQNOlJOLFKHQ:RUWHQGDGUDXHQGLHZLHLFKQXQ ZRKOPHUNHPHLQ0LWOHLGHQVHKU]XXQUHFKWHU=HLWHUZHFNW KDEHQ0HLQ)UlXOHLQVROOWXQGZHUGHW,KUMHW]WQLFKWVSUHFKHQ +DEW,KUQLFKWV%|VHVLP6LQQGUIW,KUGHQ7DJQLFKWVFKHXHQ VRNRPPWPRUJHQZLHGHUXQGEULQJW(XUH6DFKHDQ± -HW]W VFKHUW(XFKDXVGHP+DXVH'HU0HQVFKVWLHHLQHQGXPSIHQ 6HXI]HUDXVEOLFNWHGLH0DUWLQLHUHVWDUUDQPLWHQWVHW]OLFKHP%OLFN XQGJULIIQDFKGHP6WLOHWW'LH0DUWLQLHUHEHIDKOLPVWLOOHQLKUH 6HHOHGHP+HUUQGRFKEOLHEVLHVWDQGKDIWXQGVDKGHP 0HQVFKHQNHFNLQV$XJHLQGHPVLHVLFKIHVWHUDQGLH7UHGHV *HPDFKVGUFNWHGXUFKZHOFKHVGHU0HQVFKJHKHQPXWHXP ]XGHP)UlXOHLQ]XJHODQJHQ/DWPLFK]X(XUHP)UlXOHLQVDJH LFK(XFKULHIGHU0HQVFKQRFKPDOV7XWZDV,KUZROOWHUZLGHUWH GLH0DUWLQLHUHLFKZHLFKHQLFKWYRQGLHVHP3ODW]YROOHQGHWQXU GLHE|VH7DWGLH,KUEHJRQQHQDXFK,KUZHUGHWGHQ VFKPDFKYROOHQ7RGILQGHQDXIGHP*UHYHSODW]ZLH(XUH YHUUXFKWHQ6SLHJHVHOOHQ+DVFKULHGHU0HQVFKDXI,KUKDEW UHFKWOD 0DUWLQLHUHLFKVHKHDXVLFKELQEHZDIIQHWZLHHLQ YHUUXFKWHU5lXEHUXQG0|UGHUDEHUPHLQH6SLHJHVHOOHQVLQG QLFKWJHULFKWHWVLQGQLFKWJHULFKWHW± 8QGGDPLW]RJHUJLIWLJH %OLFNHVFKLHHQGDXIGLH]XP7RGHJHlQJVWLJWH)UDXGDV6WLOHWW KHUDXV-HVXVULHIVLHGHQ7RGHVVWRHUZDUWHQGDEHULQGHP $XJHQEOLFNOLHVLFKDXIGHU6WUDHGDV*HNOLUUYRQ:DIIHQGHU +XIWULWWYRQ3IHUGHQK|UHQ'LH0DUHFKDXVVHH± GLH 0DUHFKDXVVHH+LOIH+LOIHVFKULHGLH0DUWLQLHUH(QWVHW]OLFKHV
:HLEGXZLOOVWPHLQ9HUGHUEHQ± QXQLVWDOOHVDXVDOOHVDXV± QLPP± QLPP JLEGDVGHP)UlXOHLQKHXWHQRFK± PRUJHQZHQQ GXZLOOVW± GLHVOHLVHPXUPHOQGKDWWHGHU0HQVFKGHU0DUWLQLHUH GHQ/HXFKWHUZHJJHULVVHQGLH.HU]HQYHUO|VFKWXQGLKUHLQ .lVWFKHQLQGLH+lQGHJHGUFNW8PGHLQHU6HOLJNHLWZLOOHQJLE GDV.lVWFKHQGHP)UlXOHLQULHIGHU0HQVFKXQGVSUDQJ]XP +DXVHKLQDXV'LH0DUWLQLHUHZDU]X%RGHQJHVXQNHQPLW0KH VWDQGVLHDXIXQGWDSSWHVLFKLQGHU)LQVWHUQLV]XUFNLQLKU *HPDFKZRVLHJDQ]HUVFK|SIWNHLQHV/DXWHVPlFKWLJLQGHQ /HKQVWXKOVDQN1XQK|UWHVLHGLH6FKOVVHONOLUUHQGLHVLHLP 6FKORGHU+DXVWUHKDWWHVWHFNHQODVVHQ'DV+DXVZXUGH ]XJHVFKORVVHQXQGOHLVHXQVLFKHUH7ULWWHQDKWHQVLFKGHP *HPDFK)HVWJHEDQQWRKQH.UDIWVLFK]XUHJHQHUZDUWHWHVLH GDV*UlOLFKH GRFKZLHJHVFKDKLKU DOVGLH7UHDXIJLQJXQGVLH EHLGHP6FKHLQHGHU1DFKWODPSHDXIGHQHUVWHQ%OLFNGHQ HKUOLFKHQ%DSWLVWHHUNDQQWH GHUVDKOHLFKHQEODDXVXQGJDQ] YHUVW|UW8PDOOHU+HLOLJHQZLOOHQILQJHUDQXPDOOHU+HLOLJHQ ZLOOHQVDJWPLU)UDX0DUWLQLHUHZDVLVWJHVFKHKHQ"$FKGLH $QJVWGLH$QJVW± ,FKZHLQLFKWZDVHVZDUDEHUIRUWJHWULHEHQ KDWHVPLFKYRQGHU+RFK]HLWJHVWHUQ$EHQGPLW*HZDOW± 8QG QXQNRPPHLFKLQGLH6WUDH)UDX0DUWLQLHUHGHQN LFKKDW HLQHQOHLVHQ6FKODIGLHZLUG VZRKOK|UHQZHQQLFKOHLVHXQG VlXEHUOLFKDQSRFKHDQGLH+DXVWUHXQGPLFKKLQHLQODVVHQ'D NRPPWPLUHLQHVWDUNH3DWURXLOOHHQWJHJHQ5HLWHU)XYRONELVDQ GLH=lKQHEHZDIIQHWXQGKlOWPLFKDQXQGZLOOPLFKQLFKW IRUWODVVHQ$EHU]XP*OFNLVW'HVJUDLVGDEHLGHU0DUHFKDXVVHH /HXWQDQWGHUPLFKUHFKWJXWNHQQW GHUVSULFKWDOVVLHPLUGLH /DWHUQHXQWHUGLH1DVHKDOWHQ (L%DSWLVWHZRNRPPVWGXKHUGHV :HJVLQGHU1DFKW"'XPXWIHLQLP+DXVHEOHLEHQXQGHVKWHQ +LHULVWHVQLFKWJHKHXHUZLUGHQNHQQRFKLQGLHVHU1DFKWHLQHQ JXWHQ)DQJ]XPDFKHQ,KUJODXEWJDUQLFKW)UDX0DUWLQLHUHZLH PLUGLHVH:RUWHDXIV+HU]ILHOHQ8QGQXQWUHWHLFKDXIGLH 6FKZHOOHXQGGDVWU]WHLQYHUKOOWHU0HQVFKDXVGHP+DXVH GDVEODQNH6WLOHWWLQGHU)DXVWXQGUHQQWPLFKXPXQGXP± GDV +DXVLVWRIIHQGLH6FKOVVHOVWHFNHQLP6FKORVVH± VDJWZDVKDW GDVDOOHV]XEHGHXWHQ"'LH0DUWLQLHUHYRQLKUHU7RGHVDQJVW EHIUHLWHU]lKOWHZLHVLFKDOOHVEHJHEHQ%HLGHVLHXQG%DSWLVWH JLQJHQLQGHQ+DXVIOXUVLHIDQGHQGHQ/HXFKWHUDXIGHP%RGHQ ZRGHUIUHPGH 0HQVFKLKQLP(QWIOLHKHQKLQJHZRUIHQ(VLVWQXU ]XJHZLVSUDFK%DSWLVWHGDXQVHU)UlXOHLQEHUDXEWXQGZRKO
JDUHUPRUGHWZHUGHQVROOWH'HU0HQVFKZXWHZLH,KUHU]lKOW GD,KUDOOHLQZDUHWPLWGHP)UlXOHLQMDVRJDUGDVLHQRFK ZDFKWHEHLLKUHQ6FKULIWHQ JHZLZDUHVHLQHUYRQGHQ YHUIOXFKWHQ*DXQHUQXQG6SLW]EXEHQGLHELVLQV,QQHUHGHU +lXVHUGULQJHQDOOHVOLVWLJDXVNXQGVFKDIWHQGZDVLKQHQ]XU $XVIKUXQJLKUHUWHXIOLVFKHQ$QVFKOlJHGLHQOLFK8QGGDVNOHLQH .lVWFKHQ)UDX0DUWLQLHUHGDVGHQN LFKZHUIHQZLULQGLH6HLQH ZRVLHDPWLHIVWHQLVW:HUVWHKWXQVGDIUGDQLFKWLUJHQGHLQ YHUUXFKWHU8QKROGXQVHUPJXWHQ)UlXOHLQQDFKGHP/HEHQ WUDFKWHWGDVLHGDV.lVWFKHQ|IIQHQGQLFKWWRWQLHGHUVLQNWZLH GHUDOWH0DUTXLVYRQ7RXUQD\DOVHUGHQ%ULHIDXIPDFKWHGHQHU YRQXQEHNDQQWHU+DQGHUKDOWHQ± /DQJHUDWVFKODJHQG EHVFKORVVHQGLH*HWUHXHQHQGOLFKGHP)UlXOHLQDPDQGHUQ 0RUJHQDOOHV]XHU]lKOHQXQGLKUDXFKGDVJHKHLPQLVYROOH .lVWFKHQHLQ]XKlQGLJHQGDVMDPLWJHK|ULJHU9RUVLFKWJH|IIQHW ZHUGHQN|QQH%HLGHHUZlJWHQVLHJHQDXMHGHQ8PVWDQGGHU (UVFKHLQXQJGHVYHUGlFKWLJHQ)UHPGHQPHLQWHQGDZRKOHLQ EHVRQGHUHV*HKHLPQLVLP6SLHOHVHLQN|QQHEHUGDVVLH HLJHQPlFKWLJQLFKWVFKDOWHQGUIWHQVRQGHUQGLH(QWKOOXQJLKUHU +HUUVFKDIWEHUODVVHQPXWHQ ± %DSWLVWHV%HVRUJQLVVHKDWWHQLKUHQJXWHQ*UXQG*HUDGH]XGHU =HLWZDU3DULVGHU6FKDXSODW]GHUYHUUXFKWHVWHQ*UHXHOWDWHQ JHUDGH]XGHU=HLWERWGLHWHXIOLVFKH(UILQGXQJGHU+|OOHGLH OHLFKWHVWHQ0LWWHOGD]XGDU
*ODVHUHLQGHXWVFKHU$SRWKHNHUGHUEHVWH&KHPLNHUVHLQHU=HLW EHVFKlIWLJWVLFKZLHHVEHL/HXWHQYRQVHLQHU:LVVHQVFKDIWZRKO ]XJHVFKHKHQSIOHJWPLWDOFK\PLVWLVFKHQ9HUVXFKHQ(UKDWWHHV GDUDXIDEJHVHKHQGHQ6WHLQGHU:HLVHQ]XILQGHQ,KPJHVHOOWH VLFKHLQ,WDOLHQHU]X1DPHQV([LOL'LHVHPGLHQWHDEHUGLH *ROGPDFKHUNXQVWQXU]XP9RUZDQGH1XUGDV0LVFKHQ.RFKHQ 6XEOLPLHUHQGHU*LIWVWRIIHLQGHQHQ*ODVHUVHLQ+HLO]XILQGHQ KRIIWHZROOW HUHUOHUQHQXQGHVJHODQJLKPHQGOLFKMHQHVIHLQH *LIW]XEHUHLWHQGDVRKQH*HUXFKRKQH*HVFKPDFNHQWZHGHU DXIGHU6WHOOHRGHUODQJVDPW|WHQGGXUFKDXVNHLQH6SXULP PHQVFKOLFKHQ.|USHU]XUFNOlWXQGDOOH.XQVWDOOH:LVVHQVFKDIW GHU$U]WHWlXVFKWGLHGHQ*LIWPRUGQLFKWDKQHQGGHQ7RGHLQHU QDWUOLFKHQ8UVDFKH]XVFKUHLEHQPVVHQ6RYRUVLFKWLJ([LOLDXFK
]X:HUNHJLQJVRNDPHUGRFKLQGHQ9HUGDFKWGHV*LIWYHUNDXIV XQGZXUGHQDFKGHU%DVWLOOHJHEUDFKW,QGDVVHOEH=LPPHU VSHUUWHPDQEDOGGDUDXIGHQ+DXSWPDQQ*RGLQGH6DLQWH&URL[ HLQ'LHVHUKDWWHPLWGHU0DUTXLVHGH%ULQYLOOLHUODQJH=HLWLQ HLQHP9HUKlOWQLVVHJHOHEWZHOFKHV6FKDQGHEHUGLHJDQ]H )DPLOLHEUDFKWHXQGHQGOLFKGDGHU0DUTXLVXQHPSILQGOLFKEOLHE IUGLH9HUEUHFKHQVHLQHU*HPDKOLQLKUHQ9DWHU'UHX[G $XEUD\ =LYLO/HXWQDQW]X3DULVQ|WLJWHGDVYHUEUHFKHULVFKH3DDUGXUFK HLQHQ9HUKDIWVEHIHKO]XWUHQQHQGHQHUZLGHUGHQ+DXSWPDQQ DXVZLUNWH/HLGHQVFKDIWOLFKRKQH&KDUDNWHU)U|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|UGHU JLEWGDVHQWVHW]OLFKH%HLVSLHOGD9HUEUHFKHQGHU$UW]XU XQZLGHUVWHKOLFKHQ/HLGHQVFKDIWZHUGHQ2KQHZHLWHUHQ=ZHFN DXVUHLQHU/XVWGDUDQZLHGHU&KHPLNHU([SHULPHQWHPDFKW]X VHLQHP9HUJQJHQKDEHQRIW*LIWP|UGHU3HUVRQHQJHPRUGHW GHUHQ/HEHQRGHU7RGLKQHQY|OOLJJOHLFKVHLQNRQQWH'DV SO|W]OLFKH+LQVWHUEHQPHKUHUHU$UPHQLP+RWHO'LHXHUUHJWH VSlWHUGHQ9HUGDFKWGDGLH%URWHZHOFKHGLH%ULQYLOOLHUGRUW Z|FKHQWOLFKDXV]XWHLOHQSIOHJWHXPDOV0XVWHUGHU)U|PPLJNHLW XQGGHV:RKOWXQV]XJHOWHQYHUJLIWHWZDUHQ*HZLLVWHVDEHU GDVLH7DXEHQSDVWHWHQYHUJLIWHWHXQGVLHGHQ*lVWHQGLHVLH JHODGHQYRUVHW]WH'HU&KHYDOLHUGX *XHWXQGPHKUHUHDQGHUH 3HUVRQHQILHOHQDOV2SIHUGLHVHUK|OOLVFKHQ0DKO]HLWHQ6DLQWH &URL[VHLQ*HKLOIHOD &KDXVVHHGLH%ULQYLOOLHUZXWHQODQJH=HLW LKUHJUlOLFKHQ8QWDWHQLQXQGXUFKGULQJOLFKH6FKOHLHU]XKOOHQ GRFKZHOFKHYHUUXFKWH/LVWYHUZRUIHQHU0HQVFKHQYHUPDJ]X EHVWHKHQKDWGLHHZLJH0DFKWGHV+LPPHOVEHVFKORVVHQVFKRQ KLHUDXI(UGHQGLH)UHYOHU]XULFKWHQ± 'LH*LIWHZHOFKH6DLQWH
&URL[EHUHLWHWHZDUHQVRIHLQGDODJGDV3XOYHU SRXGUHGH VXFFHVVLRQ QDQQWHQHVGLH3DULVHU EHL GHU%HUHLWXQJRIIHQHLQ HLQ]LJHU$WHP]XJKLQUHLFKWHVLFKDXJHQEOLFNOLFKGHQ7RG]X JHEHQ6DLQWH&URL[WUXJGHVKDOEEHLVHLQHQ2SHUDWLRQHQHLQH 0DVNHYRQIHLQHP*ODVH'LHVHILHOHLQHV7DJVDOVHUHEHQHLQ IHUWLJHV*LIWSXOYHULQHLQH3KLROHVFKWWHQZROOWHKHUDEXQGHU VDQNGHQIHLQHQ6WDXEGHV*LIWHVHLQDWPHQGDXJHQEOLFNOLFKWRW QLHGHU'DHURKQH(UEHQYHUVWRUEHQHLOWHQGLH*HULFKWHKHUEHL XPGHQ1DFKODXQWHU6LHJHO]XQHKPHQ'DIDQGVLFKLQHLQHU .LVWHYHUVFKORVVHQGDVJDQ]HK|OOLVFKH$UVHQDO GHV*LIWPRUGVGDV GHPYHUUXFKWHQ6DLQWH&URL[]X*HERWHJHVWDQGHQDEHUDXFKGLH %ULHIHGHU%ULQYLOOLHUZXUGHQDXIJHIXQGHQGLHEHULKUH8QWDWHQ NHLQHQ=ZHLIHOOLHHQ6LHIORKQDFK/WWLFKLQHLQ.ORVWHU 'HVJUDLVHLQ%HDPWHUGHU0DUHFKDXVVHHZXUGHLKU QDFKJHVHQGHW$OV*HLVWOLFKHUYHUNOHLGHWHUVFKLHQHULQGHP .ORVWHUZRVLHVLFKYHUERUJHQ(VJHODQJLKPPLWGHP HQWVHW]OLFKHQ:HLEHHLQHQ/LHEHVKDQGHODQ]XNQSIHQXQGVLH]X HLQHUKHLPOLFKHQ=XVDPPHQNXQIWLQHLQHPHLQVDPHQ*DUWHQYRU GHU6WDGW]XYHUORFNHQ.DXPGRUWDQJHNRPPHQZXUGHVLHDEHU YRQ'HVJUDLV +lVFKHUQXPULQJWGHUJHLVWOLFKH/LHEKDEHU YHUZDQGHOWHVLFKSO|W]OLFKLQGHQ%HDPWHQGHU0DUHFKDXVVHHXQG Q|WLJWHVLHLQGHQ:DJHQ]XVWHLJHQGHUYRUGHP*DUWHQEHUHLW VWDQGXQGYRQGHQ+lVFKHUQ XPULQJWJHUDGHZHJVQDFK3DULV DEIXKU/D &KDXVVHHZDUVFKRQIUKHUHQWKDXSWHWZRUGHQGLH %ULQYLOOLHUOLWWGHQVHOEHQ7RGLKU.|USHUZXUGHQDFKGHU +LQULFKWXQJYHUEUDQQWXQGGLH$VFKHLQGLH/IWH]HUVWUHXW
'LH3DULVHUDWPHWHQDXIDOVGDV8QJHKHXHUYRQGHU:HOWZDUGDV GLHKHLPOLFKHP|UGHULVFKH:DIIHXQJHVWUDIWULFKWHQNRQQWHJHJHQ GHQ)HLQGXQG)UHXQG'RFKEDOGWDWHVVLFKNXQGGDGHV YHUUXFKWHQ/D &URL[HQWVHW]OLFKH.XQVWVLFKIRUWYHUHUEWKDWWH:LH HLQXQVLFKWEDUHVWFNLVFKHV*HVSHQVWVFKOLFKGHU0RUGVLFKHLQLQ GLHHQJVWHQ.UHLVHZLHVLH9HUZDQGWVFKDIW± /LHEH± )UHXQGVFKDIW QXUELOGHQN|QQHQXQGHUIDWHVLFKHUXQGVFKQHOOGLH XQJOFNOLFKHQ2SIHU'HUGHQPDQKHXWHLQEOKHQGHU *HVXQGKHLWJHVHKHQZDQNWHPRUJHQNUDQNXQGVLHFKXPKHUXQG NHLQH.XQVWGHUbU]WHNRQQWHLKQYRUGHP7RGHUHWWHQ5HLFKWXP ± HLQHUWUlJOLFKHV$PW± HLQVFK|QHVYLHOOHLFKW]XMXJHQGOLFKHV :HLE± GDVJHQJWH]XU9HUIROJXQJDXIGHQ7RG'DV JUDXVDPVWH 0LWUDXHQWUHQQWHGLHKHLOLJVWHQ%DQGH'HU*DWWH]LWWHUWHYRUGHU
*DWWLQ± GHU9DWHUYRUGHP6RKQ± GLH6FKZHVWHUYRUGHP %UXGHU± 8QEHUKUWEOLHEHQGLH6SHLVHQEOLHEGHU:HLQEHLGHP 0DKOGDVGHU)UHXQGGHQ)UHXQGHQJDEXQGZRVRQVW/XVWXQG 6FKHU]JHZDUWHWVSlKWHQYHUZLOGHUWH%OLFNHQDFKGHP YHUNDSSWHQ0|UGHU0DQVDK)DPLOLHQYlWHUlQJVWOLFKLQHQWIHUQWHQ *HJHQGHQ/HEHQVPLWWHOHLQNDXIHQXQGLQGLHVHURGHUMHQHU VFKPXW]LJHQ*DUNFKHVHOEVWEHUHLWHQLQLKUHPHLJHQHQ+DXVH WHXIOLVFKHQ9HUUDWIUFKWHQG8QGGRFKZDUPDQFKPDOGLHJU|WH EHGDFKWHVWH9RUVLFKWYHUJHEHQV 'HU.|QLJGHP8QZHVHQGDVLPPHUPHKUEHUKDQGQDKP]X VWHXHUQHUQDQQWHHLQHQHLJHQHQ*HULFKWVKRIGHPHU DXVVFKOLHOLFKGLH8QWHUVXFKXQJXQG%HVWUDIXQJGLHVHUKHLPOLFKHQ 9HUEUHFKHQEHUWUXJ'DVZDUGLHVRJHQDQQWH&KDPEUHDUGHQWH GLHLKUH6LW]XQJHQXQIHUQGHU%DVWLOOHKLHOWXQGZHOFKHUOD 5HJQLH DOV3UlVLGHQWYRUVWDQG0HKUHUH=HLWKLQGXUFKEOLHEHQ5HJQLHV %HPKXQJHQVRHLIULJVLHDXFKVHLQPRFKWHQIUXFKWORVGHP YHUVFKODJHQHQ'HVJUDLVZDUHVYRUEHKDOWHQGHQJHKHLPVWHQ 6FKOXSIZLQNHOGHV9HUEUHFKHQV]XHQWGHFNHQ± ,QGHU9RUVWDGW 6DLQW*HUPDLQZRKQWHHLQDOWHV:HLEOD 9RLVLQJHKHLHQGLHVLFK PLW:DKUVDJHQXQG*HLVWHUEHVFKZ|UHQDEJDEXQGPLW+LOIHLKUHU 6SLHJHVHOOHQOH 6DJHXQGOH 9LJRXUHX[DXFKVHOEVW3HUVRQHQ GLHHEHQQLFKWVFKZDFKXQGOHLFKWJOlXELJ]XQHQQHQLQ)XUFKW XQG(UVWDXQHQ]XVHW]HQZXWH$EHUVLHWDWPHKUDOVGLHVHV ([LOLV6FKOHULQZLHOD &URL[EHUHLWHWHVLHZLHGLHVHUGDVIHLQH VSXUORVH*LIWXQGKDOIDXIGLHVH:HLVHUXFKORVHQ6|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lILQYRQ6RLVVRQV GHUHQ1DPHQPDQDXIGHU/LVWHJHIXQGHQGHU9HUELQGXQJPLW GHPWHXIOLVFKHQ:HLEHDQJHNODJWXQGVHOEVW)UDQoRLV+HQUL GH 0RQWPRUHQFL%RXGHEHOOH+HU]RJYRQ/X[HPEXUJ3DLUXQG
0DUVFKDOOGHV5HLFKVEOLHEQLFKWYHUVFKRQW$XFKLKQYHUIROJWHGLH IXUFKWEDUH&KDPEUHDUGHQWH(UVWHOOWHVLFKVHOEVW]XP *HVWlQGQLVLQGHU%DVWLOOHZRLKQ/RXYRLVXQGOD 5HJQLHV+DLQ HLQVHFKV)XKRKHV/RFKHLQVSHUUHQOLH0RQDWHYHUJLQJHQHKH HVVLFKYROONRPPHQDXVPLWWHOWHGDGHV+HU]RJV9HUEUHFKHQ NHLQH5JHYHUGLHQHQNRQQWH(UKDWWHVLFKHLQPDOYRQOH 6DJH GDV+RURVNRSVWHOOHQODVVHQ
*HZLLVWHVGDEOLQGHU(LIHUGHQ3UlVLGHQWHQOD 5HJQLH]X *HZDOWVWUHLFKHQXQG*UDXVDPNHLWHQYHUOHLWHWH'DV7ULEXQDO QDKPJDQ]GHQ&KDUDNWHUGHU,QTXLVLWLRQDQGHUJHULQJIJLJVWH 9HUGDFKWUHLFKWHKLQ]XVWUHQJHU(LQNHUNHUXQJXQGRIWZDUHV GHP=XIDOOEHUODVVHQGLH8QVFKXOGGHVDXIGHQ7RG$QJHNODJWHQ GDU]XWXQ'DEHLZDU5HJQLHYRQJDUVWLJHP$QVHKHQXQG KHLPWFNLVFKHP:HVHQVRGDHUEDOGGHQ+DGHUHUDXIVLFK OXGGHUHQ5lFKHURGHU6FKW]HU]XVHLQHUEHUXIHQZXUGH 'LH +HU]RJLQYRQ%RXLOORQYRQLKPLP9HUK|UHJHIUDJWREVLHGHQ 7HXIHOJHVHKHQHUZLGHUWH PLFKGQNWLFKVHKHLKQLQGLHVHP $XJHQEOLFN
:lKUHQGQXQDXIGHP*UHYHSODW]GDV%OXW6FKXOGLJHUXQG 9HUGlFKWLJHULQ6WU|PHQIORXQGHQGOLFKGHUKHLPOLFKH*LIWPRUG VHOWHQHUXQGVHOWHQHUZXUGH]HLJWHVLFKHLQ8QKHLODQGHUHU$UW ZHOFKHVQHXH%HVWU]XQJYHUEUHLWHWH(LQH*DXQHUEDQGHVFKLHQ HVGDUDXIDQJHOHJW]XKDEHQDOOH-XZHOHQLQLKUHQ%HVLW]]X EULQJHQ'HUUHLFKH6FKPXFNNDXPJHNDXIWYHUVFKZDQGDXI XQEHJUHLIOLFKH:HLVHPRFKWHHUYHUZDKUWVHLQZLHHUZROOWH1RFK YLHOlUJHUZDUHVDEHUGDMHGHUGHUHVZDJWH]XU$EHQG]HLW -XZHOHQEHLVLFK]XWUDJHQDXIRIIHQHU6WUDHRGHULQILQVWHUQ *lQJHQGHU+lXVHUEHUDXEWMDZRKOJDUHUPRUGHWZXUGH'LHPLW GHP/HEHQGDYRQJHNRPPHQVDJWHQDXVHLQ)DXVWVFKODJDXIGHQ .RSIKDEHVLHZLHHLQ:HWWHUVWUDKOQLHGHUJHVWU]WXQGDXVGHU %HWlXEXQJHUZDFKWKlWWHQVLHVLFKEHUDXEWXQGDPJDQ]DQGHUQ 2UWDOVGDZRVLHGHU6FKODJJHWURIIHQZLHGHUJHIXQGHQ'LH (UPRUGHWHQZLHVLHEHLQDKHMHGHQ0RUJHQDXIGHU6WUDHRGHULQ GHQ+lXVHUQODJHQKDWWHQDOOHGLHVHOEHW|GOLFKH:XQGH(LQHQ 'ROFKVWLFKLQV+HU]QDFKGHP8UWHLOGHU$U]WHVRVFKQHOOXQG VLFKHUW|WHQGGDGHU9HUZXQGHWHNHLQHV/DXWHVPlFKWLJ]X %RGHQVLQNHQPXWH:HU ZDUDQGHPSSLJHQ+RIH /XGZLJV ;,9GHUQLFKWLQHLQHQJHKHLPHQ/LHEHVKDQGHO YHUVWULFNWVSlW]XU*HOLHEWHQVFKOLFKXQGPDQFKPDOHLQUHLFKHV
*HVFKHQNEHLVLFKWUXJ"± $OVVWQGHQGLH*DXQHUPLW*HLVWHUQLP %XQGHZXWHQVLHJHQDXZHQQVLFKVRHWZDV]XWUDJHQVROOWH2IW HUUHLFKWHGHU8QJOFNOLFKHQLFKWGDV+DXVZRHU/LHEHVJOFN]X JHQLHHQGDFKWHRIWILHOHUDXIGHU6FKZHOOHMDYRUGHP=LPPHU GHU*HOLHEWHQGLHPLW(QWVHW]HQGHQEOXWLJHQ/HLFKQDPIDQG
9HUJHEHQVOLH$UJHQVRQGHU3ROL]HLPLQLVWHUDOOHVDXIJUHLIHQLQ 3DULVZDVYRQGHP9RONQXULUJHQGYHUGlFKWLJVFKLHQYHUJHEHQV ZWHWHOD 5HJQLHXQGVXFKWH*HVWlQGQLVVH]XHUSUHVVHQ YHUJHEHQVZXUGHQ:DFKHQ3DWURXLOOHQYHUVWlUNWGLH6SXUGHU 7lWHUZDUQLFKW]XILQGHQ1XUGLH9RUVLFKWVLFKELVDQGLH=lKQH ]XEHZDIIQHQXQGVLFKHLQH/HXFKWHYRUWUDJHQ]XODVVHQKDOI HLQLJHUPDHQXQGGRFKIDQGHQVLFK%HLVSLHOHGDGHU'LHQHUPLW 6WHLQZUIHQJHlQJVWHWXQGGHU+HUULQGHPVHOEHQ$XJHQEOLFN HUPRUGHWXQGEHUDXEWZXUGH 0HUNZUGLJZDUHVGDDOOHU1DFKIRUVFKXQJHQDXIDOOHQ3OlW]HQ ZR-XZHOHQKDQGHOQXUP|JOLFKZDUXQHUDFKWHWQLFKWGDV PLQGHVWHYRQGHQJHUDXEWHQ.OHLQRGLHQ]XP9RUVFKHLQNDPXQG DOVRDXFKKLHUNHLQH6SXUVLFK]HLJWHGLHKlWWHYHUIROJWZHUGHQ N|QQHQ
'HVJUDLVVFKlXPWHYRU:XWGDVHOEVWVHLQHU/LVWGLH6SLW]EXEHQ ]XHQWJHKHQZXWHQ'DV9LHUWHOGHU6WDGWLQGHPHUVLFKJHUDGH EHIDQGEOLHEYHUVFKRQWZlKUHQGLQGHQDQGHUQZRNHLQHU%|VHV JHDKQWGHU5DXEPRUGVHLQHUHLFKHQ2SIHUHUVSlKWH 'HVJUDLVEHVDQQVLFKDXIHLQ.XQVWVWFNPHKUHUH'HVJUDLV]X VFKDIIHQVLFKXQWHUHLQDQGHUVRlKQOLFKDQ*DQJ6WHOOXQJ 6SUDFKH)LJXU*HVLFKWGDVHOEVWGLH+lVFKHUQLFKWZXWHQZR GHUUHFKWH'HVJUDLVVWHFNH8QWHUGHVVHQODXVFKWHHUVHLQ/HEHQ ZDJHQGDOOHLQLQGHQJHKHLPVWHQ6FKOXSIZLQNHOQXQGIROJWHYRQ ZHLWHPGLHVHPRGHUMHQHPGHUDXIVHLQHQ$QODHLQHQUHLFKHQ 6FKPXFNEHLVLFKWUXJ'HU EOLHEXQDQJHIRFKWHQ DOVRDXFKYRQ GLHVHU 0DUHJHOZDUHQGLH*DXQHUXQWHUULFKWHW'HVJUDLVJHULHWLQ 9HU]ZHLIOXQJ (LQHV0RUJHQVNRPPW'HVJUDLV]XGHP3UlVLGHQWHQOD 5HJQLH EODHQWVWHOOWDXHUVLFK± :DVKDEW,KUZDVIU1DFKULFKWHQ"± )DQGHW,KUGLH6SXU"UXIWLKPGHU3UlVLGHQWHQWJHJHQ+D± JQlGLJHU+HUUIlQJW'HVJUDLVDQYRU:XWVWDPPHOQGKD
JQlGLJHU+HUU± JHVWHUQLQGHU1DFKW± XQIHUQGHV/RXYUHLVWGHU 0DUTXLVGH OD )DUHDQJHIDOOHQZRUGHQLQPHLQHU*HJHQZDUW +LPPHOXQG(UGHMDXFK]WOD 5HJQLHDXIYRU)UHXGH± ZLUKDEHQ VLH± 2 K|UWQXUIlOOW'HVJUDLVPLWELWWHUP/lFKHOQHLQR K|UW QXUHUVWZLHVLFKDOOHVEHJHEHQ± $P/RXYUHVWHK LFKDOVRXQG SDVVHGLHJDQ]H+|OOHLQGHU%UXVWDXIGLH7HXIHOGLHPHLQHU VSRWWHQ'DNRPPWPLWXQVLFKHUHQ6FKULWWLPPHUKLQWHUVLFK VFKDXHQGHLQH*HVWDOWGLFKWEHLPLUYRUEHURKQHPLFK]XVHKHQ ,P0RQGHVVFKLPPHUHUNHQQHLFKGHQ0DUTXLVGH OD )DUH,FK NRQQW LKQGDHUZDUWHQLFKZXWHZRHUKLQVFKOLFK.DXPLVWHU ]HKQ± ]Z|OI6FKULWWHEHLPLUYRUEHUGDVSULQJWZLHDXVGHU(UGH KHUDXIHLQH)LJXUVFKPHWWHUWLKQQLHGHUXQGIlOOWEHULKQKHU 8QEHVRQQHQEHUUDVFKWYRQGHP$XJHQEOLFNGHUGHQ0|UGHULQ PHLQH+DQGOLHIHUQNRQQWHVFKULHLFKODXWDXIXQGZLOOPLWHLQHP JHZDOWLJHQ6SUXQJHDXVPHLQHP6FKOXSIZLQNHOKHUDXVDXILKQ ]XVHW]HQ GDYHUZLFNOHLFKPLFKLQGHQ0DQWHOXQGIDOOHKLQ,FK VHKHGHQ0HQVFKHQZLHDXIGHQ)OJHOQGHV:LQGHVIRUWHLOHQLFK UDSSOHPLFKDXIXQGUHQQHLKPQDFK± ODXIHQGVWRHLFKLQPHLQ +RUQ± DXVGHU)HUQHDQWZRUWHQGLH3IHLIHQGHU+lVFKHU± HVZLUG OHEHQGLJ± :DIIHQJHNOLUU3IHUGHJHWUDSSHOYRQDOOHQ6HLWHQ± +LHUKHU± KLHUKHU± 'HVJUDLV± 'HVJUDLVVFKUHLHLFKGDHVGXUFK GLH6WUDHQKDOOW± ,PPHUVHKHLFKGHQ0HQVFKHQYRUPLULP KHOOHQ0RQGVFKHLQZLHHUPLFK]XWlXVFKHQGD± GRUW± HLQELHJW ZLUNRPPHQLQGLH6WUDH1LFDLVHGDVFKHLQHQVHLQH .UlIWH]XVLQNHQLFKVWUHQJHGLHPHLQLJHQGRSSHOWDQ± QRFK IQI]HKQ6FKULWWHK|FKVWHQVKDWHU9RUVSUXQJ± ,KUKROWLKQHLQ± ,KUSDFNWLKQGLH+lVFKHUNRPPHQUXIWOD 5HJQLHPLWEOLW]HQGHQ $XJHQLQGHPHU'HVJUDLVEHLP$UPHUJUHLIWDOVVHLGHU GHU IOLHKHQGH0|UGHUVHOEVW± )QI]HKQ6FKULWWHIlKUW'HVJUDLVPLW GXPSIHU6WLPPHXQG PKVDPDWPHQGIRUWIQI]HKQ6FKULWWHYRU PLUVSULQJWGHU0HQVFKDXIGLH6HLWHLQGHQ6FKDWWHQXQG YHUVFKZLQGHWGXUFKGLH0DXHU9HUVFKZLQGHW"± GXUFKGLH0DXHU ± 6HLG,KUUDVHQGUXIWOD 5HJQLHLQGHPHU]ZHL6FKULWWH]XUFN WULWWXQGGLH+lQGH]XVDPPHQVFKOlJW1HQQWPLFKIlKUW'HVJUDLV IRUWVLFKGLH6WLUQHUHLEHQGZLHHLQHUGHQE|VH*HGDQNHQSODJHQ QHQQWPLFKJQlGLJHU+HUULPPHUKLQHLQHQ5DVHQGHQHLQHQ W|ULFKWHQ*HLVWHUVHKHUDEHUHVLVWQLFKWDQGHUVDOVZLHLFKHV (XFKHU]lKOH(UVWDUUWVWHKHLFKYRUGHU0DXHUDOVPHKUHUH +lVFKHUDWHPORVKHUEHLNRPPHQ PLWLKQHQGHU0DUTXLV GH OD )DUHGHUVLFKDXIJHUDIIWGHQEORHQ'HJHQLQGHU+DQG:LU
]QGHQGLH)DFNHOQDQZLUWDSSHQDQGHU0DXHUKLQXQGKHU NHLQH6SXUHLQHU7UHHLQHV)HQVWHUVHLQHUgIIQXQJ(VLVWHLQH VWDUNHVWHLQHUQH+RIPDXHUGLHVLFKDQHLQ+DXVOHKQWLQGHP /HXWHZRKQHQJHJHQGLHDXFKQLFKWGHUOHLVHVWH9HUGDFKW DXINRPPW1RFKKHXWHKDEHLFKDOOHVLQJHQDXHQ$XJHQVFKHLQ JHQRPPHQ± 'HU7HXIHOVHOEVWLVWHVGHUXQVIRSSW'HVJUDLV *HVFKLFKWHZXUGHLQ3DULVEHNDQQW'LH.|SIHZDUHQHUIOOWYRQ GHQ=DXEHUHLHQ*HLVWHUEHVFKZ|UXQJHQ7HXIHOVEQGQLVVHQGHU 9RLVLQGHV9LJRXUHX[GHVEHUFKWLJWHQ3ULHVWHUVOH 6DJH XQG ZLHHVGHQQQXQLQXQVHUHUHZLJHQ1DWXUOLHJWGDGHU+DQJ]XP hEHUQDWUOLFKHQ]XP:XQGHUEDUHQDOOH9HUQXQIWEHUELHWHWVR JODXEWHPDQEDOGQLFKWV*HULQJHUHVDOVGDZLH'HVJUDLVQXULP 8QPXWJHVDJWZLUNOLFKGHU7HXIHOVHOEVWGLH9HUUXFKWHQVFKW]H GLHLKPLKUH6HHOHQYHUNDXIW0DQNDQQHVVLFKGHQNHQGD 'HVJUDLV *HVFKLFKWHPDQFKHUOHLWROOHQ6FKPXFNHUKLHOW'LH (U]lKOXQJGDYRQPLWHLQHP+RO]VFKQLWWGDUEHUHLQHJUlOLFKH 7HXIHOVJHVWDOWYRUVWHOOHQGGLHYRUGHPHUVFKURFNHQHQ'HVJUDLVLQ GLH(UGHYHUVLQNWZXUGHJHGUXFNWXQGDQDOOHQ(FNHQYHUNDXIW *HQXJGDV9RONHLQ]XVFKFKWHUQXQGVHOEVWGHQ+lVFKHUQDOOHQ 0XW]XQHKPHQGLHQXQ]XU1DFKW]HLWPLW=LWWHUQXQG=DJHQGLH 6WUDHQGXUFKLUUWHQPLW$PXOHWWHQEHKlQJWXQGHLQJHZHLKWLQ :HLKZDVVHU $UJHQVRQVDKGLH%HPKXQJHQGHU&KDPEUHDUGHQWH VFKHLWHUQ XQGJLQJGHQ .|QLJDQIUGDVQHXH9HUEUHFKHQHLQHQ *HULFKWVKRI]XHUQHQQHQGHUPLWQRFKDXVJHGHKQWHUHU0DFKWGHQ 7lWHUQQDFKVSUHXQGVLHVWUDIH'HU.|QLJEHU]HXJWVFKRQGHU &KDPEUHDUGHQWH ]XYLHO*HZDOWJHJHEHQ]XKDEHQHUVFKWWHUW YRQGHP*UHXHOXQ]lKOLJHU+LQULFKWXQJHQGLHGHUEOXWJLHULJH OD 5HJQLHYHUDQODWZLHVGHQ9RUVFKODJJlQ]OLFKYRQGHU+DQG 0DQZlKOWHHLQDQGHUHV0LWWHOGHQ.|QLJIUGLH6DFKH]X EHOHEHQ
,QGHQ=LPPHUQGHU0DLQWHQRQZRVLFKGHU.|QLJQDFKPLWWDJV DXI]XKDOWHQXQGZRKODXFKPLW VHLQHQ0LQLVWHUQELVLQGLHVSlWH 1DFKWKLQHLQ]XDUEHLWHQSIOHJWHZXUGHLKPHLQ*HGLFKW EHUUHLFKWLP1DPHQGHUJHIlKUGHWHQ/LHEKDEHUZHOFKHNODJWHQ GDJHELHWHLKQHQGLH*DODQWHULHGHU*HOLHEWHQHLQUHLFKHV *HVFKHQN]XEULQJHQVLHDOOHPDOLKU/HEHQGDUDQVHW]HQPWHQ (KUHXQG/XVWVHLHVLPULWWHUOLFKHQ.DPSIVHLQ%OXWIUGLH
*HOLHEWH]XYHUVSULW]HQ DQGHUVYHUKDOWHHVVLFKDEHUPLWGHP KHLPWFNLVFKHQ$QIDOOGHV0|UGHUVZLGHUGHQPDQVLFKQLFKW ZDSSQHQN|QQH/XGZLJGHUOHXFKWHQGH3RODUVWHUQDOOHU/LHEH XQG*DODQWHULHGHUP|JHKHOODXIVWUDKOHQGGLHILQVWUH1DFKW ]HUVWUHXHQXQGVRGDVVFKZDU]H*HKHLPQLVGDVGDULQYHUERUJHQ HQWKOOHQ'HUJ|WWOLFKH+HOGGHUVHLQH)HLQGH QLHGHUJHVFKPHWWHUWZHUGHQXQDXFKVHLQVLHJUHLFKIXQNHOQGHV 6FKZHUW]XFNHQXQGZLH+HUNXOHVGLH/HUQlLVFKH6FKODQJHZLH 7KHVHXVGHQ0LQRWDXUGDVEHGURKOLFKH8QJHKHXHUEHNlPSIHQ GDVDOOH/LHEHVOXVWZHJ]HKUHXQGDOOH)UHXGHYHUGVWUHLQWLHIHV /HLGLQWURVWORVH7UDXHU
6RHUQVWGLH6DFKHDXFKZDUVRIHKOWHHVGLHVHP*HGLFKWGRFK QLFKWYRU]JOLFKLQGHU6FKLOGHUXQJZLHGLH/LHEKDEHUDXIGHP KHLPOLFKHQ6FKOHLFKZHJH]XU*HOLHEWHQVLFKlQJVWLJHQPWHQ ZLHGLH$QJVWVFKRQDOOH/LHEHVOXVWMHGHVVFK|QH$EHQWHXHUGHU *DODQWHULHLP$XINHLPHQW|WHDQJHLVWUHLFKZLW]LJHQ:HQGXQJHQ .DPQXQQRFKKLQ]XGDEHLP6FKOXDOOHVLQHLQHQ KRFKWUDEHQGHQ3DQHJ\ULNXVDXI/XGZLJ ;,9DXVJLQJVRNRQQWH HVQLFKWIHKOHQGDGHU.|QLJGDV*HGLFKWPLWVLFKWOLFKHP :RKOJHIDOOHQGXUFKODV'DPLW]XVWDQGHJHNRPPHQGUHKWHHUVLFK GLH$XJHQQLFKWZHJZHQGHQGYRQGHP3DSLHUUDVFKXP]XU 0DLQWHQRQODVGDV*HGLFKWQRFKHLQPDOPLWODXWHU6WLPPHDEXQG IUDJWHGDQQDQPXWLJOlFKHOQGZDVVLHYRQGHQ:QVFKHQGHU JHIlKUGHWHQ/LHEKDEHUKDOWH'LH0DLQWHQRQLKUHPHUQVWHQ6LQQH WUHXXQGLPPHULQGHU)DUEHHLQHUJHZLVVHQ)U|PPLJNHLW HUZLGHUWHGDJHKHLPHYHUERWHQH:HJHHEHQNHLQHVEHVRQGHUHQ 6FKXW]HVZUGLJGLHHQWVHW]OLFKHQ9HUEUHFKHUDEHUZRKO EHVRQGHUHU0DUHJHOQ]XLKUHU9HUWLOJXQJZHUWZlUHQ'HU.|QLJ PLWGLHVHUVFKZDQNHQGHQ$QWZRUWXQ]XIULHGHQVFKOXJGDV3DSLHU ]XVDPPHQXQGZROOWH]XUFN]XGHP6WDDWVVHNUHWlUGHULQGHP DQGHUQ=LPPHUDUEHLWHWHDOVLKPEHLHLQHP%OLFNGHQHU VHLWZlUWVZDUIGLH6FXGHULLQV$XJHILHOGLH]XJHJHQZDUXQG HEHQXQIHUQGHU0DLQWHQRQDXIHLQHPNOHLQHQ/HKQVHVVHO3ODW] JHQRPPHQKDWWH$XIGLHVHVFKULWWHUQXQORV GDVDQPXWLJH /lFKHOQGDVHUVWXP0XQGXQG:DQJHQVSLHOWHXQGGDV YHUVFKZXQGHQJHZDQQZLHGHU2EHUKDQGXQGGLFKWYRUGHP )UlXOHLQVWHKHQGXQGGDV*HGLFKWZLHGHUDXVHLQDQGHUIDOWHQG VSUDFKHUVDQIW 'LH0DUTXLVHPDJQXQHLQPDOYRQGHQ *DODQWHULHQXQVHUHUYHUOLHEWHQ+HUUHQQLFKWVZLVVHQXQGZHLFKW
PLUDXVDXI:HJHQGLHQLFKWVZHQLJHUDOVYHUERWHQVLQG$EHU ,KUPHLQ)UlXOHLQZDVKDOWHW,KUYRQGLHVHUGLFKWHULVFKHQ 6XSSOLN"± 'LH6FXGHULVWDQGHKUHUELHWLJDXIYRQLKUHP /HKQVHVVHOHLQIOFKWLJHV5RWEHUIORJZLH$EHQGSXUSXUGLH EODVVHQ:DQJHQGHUDOWHQZUGLJHQ'DPHVLHVSUDFKVLFKOHLVH YHUQHLJHQGPLWQLHGHUJHVFKODJHQHQ$XJHQ
8QDPDQWTXLFUDLQWOHVYROHXUV Q HVWSRLQWGLJQHG DPRXU
'HU.|QLJJDQ]HUVWDXQWEHUGHQULWWHUOLFKHQ*HLVWGLHVHU ZHQLJHQ:RUWHGLHGDVJDQ]H*HGLFKWPLWVHLQHQHOOHQODQJHQ 7LUDGHQ]X%RGHQVFKOXJHQULHIPLWEOLW]HQGHQ$XJHQ %HLP KHLOLJHQ'LRQ\V,KUKDEWUHFKW)UlXOHLQ.HLQHEOLQGH0DUHJHO GLHGHQ8QVFKXOGLJHQWULIIWPLWGHP6FKXOGLJHQVROOGLH)HLJKHLW VFKW]HQ P|JHQ$UJHQVRQXQGOD 5HJQLHGDV,KULJHWXQ
$OOHGLH*UHXHOGHU=HLWVFKLOGHUWHQXQGLH0DUWLQLHUHPLWGHQ OHEKDIWHVWHQ)DUEHQDOVVLHDPDQGHUQ0RUJHQLKUHP)UlXOHLQ HU]lKOWHZDVVLFKLQYRULJHU1DFKW]XJHWUDJHQXQGEHUJDELKU ]LWWHUQGXQG]DJHQGGDVJHKHLPQLVYROOH.lVWFKHQ6RZRKOVLHDOV %DSWLVWHGHUJDQ]YHUEODWLQGHU(FNHVWDQGXQGYRU$QJVWXQG %HNORPPHQKHLWGLH1DFKWPW]HLQGHQ+lQGHQNQHWHQGNDXP VSUHFKHQNRQQWHEDWHQGDV)UlXOHLQDXIGDV:HKPWLJVWHXP DOOHU+HLOLJHQZLOOHQGRFKQXUPLWP|JOLFKVWHU%HKXWVDPNHLWGDV .lVWFKHQ ]X|IIQHQ'LH6FXGHULGDVYHUVFKORVVHQH*HKHLPQLVLQ GHU+DQGZLHJHQGXQGSUIHQGVSUDFKOlFKHOQG ,KUVHKWEHLGH *HVSHQVWHU± 'DLFKQLFKWUHLFKELQGDEHLPLUNHLQH6FKlW]H HLQHV0RUGHVZHUW]XKROHQVLQGGDVZLVVHQGLHYHUUXFKWHQ 0HXFKHOP|UGHUGDGUDXHQGLHZLHLKUVHOEVWVDJWGDV,QQHUVWH GHU+lXVHUHUVSlKHQZRKOHEHQVRJXWDOVLFKXQGLKU$XIPHLQ /HEHQVROOHVDEJHVHKHQVHLQ":HPNDQQZDVDQGHP7RGH OLHJHQHLQHU3HUVRQYRQGUHLXQGVLHE]LJ-DKUHQGLHQLHPDOVDQGHUH YHUIROJWHDOVGLH%|VHZLFKWHUXQG)ULHGHQVVW|UHULQGHQ5RPDQHQ GLHVLHVHOEVWVFKXIGLHPLWWHOPlLJH9HUVHPDFKWZHOFKH QLHPDQGHV1HLGHUUHJHQN|QQHQGLHQLFKWVKLQWHUODVVHQZLUGDOV GHQ6WDDWGHVDOWHQ)UlXOHLQVGDVELVZHLOHQDQGHQ+RIJLQJXQG HLQSDDU'XW]HQGJXWHLQJHEXQGHQHU%FKHUPLWYHUJROGHWHP 6FKQLWW8QGGX0DUWLQLHUHGXPDJVWQXQGLH(UVFKHLQXQJGHV IUHPGHQ0HQVFKHQVRVFKUHFNKDIWEHVFKUHLEHQZLHGXZLOOVWGRFK NDQQLFKQLFKWJODXEHQGDHU%|VHVLP6LQQHJHWUDJHQ
$OVR±
'LH0DUWLQLHUHSUDOOWHGUHL 6FKULWWH]XUFN%DSWLVWHVDQNPLW HLQHPGXPSIHQ$FKKDOELQGLH.QLHDOVGDV)UlXOHLQQXQDQ HLQHQKHUYRUUDJHQGHQVWlKOHUQHQ.QRSIGUFNWHXQGGHU'HFNHO GHV.lVWFKHQVPLW*HUlXVFKDXIVSUDQJ
:LHHUVWDXQWHGDV)UlXOHLQDOVLKUDXVGHP.lVWFKHQHLQ3DDU JROGQHUHLFKPLW-XZHOHQEHVHW]WH$UPElQGHUXQGHEHQHLQ VROFKHU+DOVVFKPXFNHQWJHJHQIXQNHOWHQ6LHQDKPGDV *HVFKPHLGHKHUDXVXQGLQGHPVLHGLHZXQGHUYROOH$UEHLWGHV +DOVVFKPXFNOREWHEHlXJHOWHGLH0DUWLQLHUHGLHUHLFKHQ $UPElQGHUXQGULHIHLQ0DOEHUGDVDQGHUHGDMDVHOEVWGLH HLWOH0RQWHVSDQQLFKWVROFKHQ6FKPXFNEHVLW]H$EHUZDVVROO GDVZDVKDWGDV]XEHGHXWHQVSUDFKGLH6FXGHUL,QGHP $XJHQEOLFNJHZDKUWHVLHDXIGHP%RGHQGHV.lVWFKHQVHLQHQ NOHLQHQ]XVDPPHQJHIDOWHWHQ=HWWHO0LW5HFKWKRIIWHVLHGHQ $XIVFKOXGHV*HKHLPQLVVHVGDULQ]XILQGHQ'HU=HWWHONDXP KDWWHVLHZDVHUHQWKLHOWJHOHVHQHQWILHOLKUHQ]LWWHUQGHQ +lQGHQ6LHZDUIHLQHQVSUHFKHQGHQ%OLFN]XP+LPPHOXQGVDQN GDQQZLHKDOERKQPlFKWLJLQGHQ/HKQVHVVHO]XUFN(UVFKURFNHQ VSUDQJGLH0DUWLQLHUHVSUDQJ%DSWLVWHLKUEHL2ULHIVLHQXQPLW YRQ7UlQHQKDOEHUVWLFNWHU6WLPPHR GHU.UlQNXQJR GHUWLHIHQ %HVFKlPXQJ0XPLUGDVQRFKJHVFKHKHQLPKRKHQ$OWHU+DE LFKGHQQLPW|ULFKWHQ/HLFKWVLQQJHIUHYHOWZLHHLQMXQJHV XQEHVRQQHQHV'LQJ"± 2 *RWWVLQG:RUWHKDOELP6FKHU] KLQJHZRUIHQVROFKHUJUlOLFKHQ'HXWXQJIlKLJ± 'DUIPDQPLFK GLHLFKGHU7XJHQGJHWUHXXQGGHU)U|PPLJNHLWWDGHOORVEOLHEYRQ .LQGKHLWDQGDUIGDQQPLFKGDV9HUEUHFKHQGHVWHXIOLVFKHQ %QGQLVVHV ]HLKHQ"
'DV)UlXOHLQKLHOWGDV6FKQXSIWXFKYRUGLH$XJHQXQGZHLQWHXQG VFKOXFK]WHKHIWLJVRGDGLH0DUWLQLHUHXQG%DSWLVWHJDQ] YHUZLUUWXQGEHNORPPHQQLFKWZXWHQZLHLKUHUJXWHQ+HUUVFKDIW EHLVWHKHQLQLKUHPJURHQ6FKPHU] 'LH0DUWLQLHUHKDWWHGHQYHUKlQJQLVYROOHQ=HWWHOYRQGHU(UGH DXIJHKREHQ$XIGHPVHOEHQVWDQG
8QDPDQWTXLFUDLQWOHVYROHXUV Q HVWSRLQWGLJQHG DPRXU
(XHUVFKDUIVLQQLJHU*HLVWKRFKJHHKUWH'DPHKDWXQVGLHZLUDQ GHU6FKZlFKHXQG)HLJKHLWGDV5HFKWGHV6WlUNHUQEHQXQGXQV 6FKlW]H]XHLJQHQGLHDXIXQZUGLJH:HLVHYHUJHXGHWZHUGHQ VROOWHQYRUJURHU9HUIROJXQJHUUHWWHW$OVHLQHQ%HZHLVXQVHUHU 'DQNEDUNHLWQHKPHWJWLJGLHVHQ6FKPXFNDQ(VLVWGDV .RVWEDUVWHZDVZLUVHLWODQJHU=HLWKDEHQ DXIWUHLEHQN|QQHQ ZLHZRKO(XFKZUGLJH'DPHYLHOVFK|QHUHV*HVFKPHLGH]LHUHQ VROOWHDOVGLHVHVQXQHEHQLVW:LUELWWHQGD,KUXQV(XUH )UHXQGVFKDIWXQG(XHUKXOGYROOHV$QGHQNHQQLFKWHQW]LHKHQ P|JHW
'LH8QVLFKWEDUHQ
,VWHVP|JOLFKULHIGLH6FXGHULDOVVLHVLFKHLQLJHUPDHQHUKROW KDWWHLVWHVP|JOLFKGDPDQGLHVFKDPORVH)UHFKKHLWGHQ YHUUXFKWHQ+RKQVRZHLWWUHLEHQNDQQ"± 'LH6RQQHVFKLHQKHOO GXUFKGLH)HQVWHUJDUGLQHQYRQKRFKURWHU6HLGHXQGVRNDPHV GDGLH%ULOODQWHQZHOFKHDXI GHP7LVFKHQHEHQGHPRIIHQHQ .lVWFKHQODJHQLQU|WOLFKHP6FKLPPHUDXIEOLW]WHQ+LQEOLFNHQG YHUKOOWHGLH6FXGHULYROO(QWVHW]HQGDV*HVLFKWXQGEHIDKOGHU 0DUWLQLHUHGDVIUFKWHUOLFKH*HVFKPHLGHDQGHPGDV%OXWGHU (UPRUGHWHQNOHEHDXJHQEOLFNOLFKIRUW]XVFKDIIHQ'LH0DUWLQLHUH QDFKGHPVLH+DOVVFKPXFNXQG$UPElQGHUVRJOHLFKLQGDV .lVWFKHQYHUVFKORVVHQPHLQWHGDHVZRKODPJHUDWHQVWHQVHLQ ZUGHGLH-XZHOHQGHP3ROL]HLPLQLVWHU]XEHUJHEHQXQGLKP]X YHUWUDXHQZLHVLFKDOOHVPLWGHUEHlQJVWLJHQGHQ (UVFKHLQXQJGHV MXQJHQ0HQVFKHQXQGGHU(LQKlQGLJXQJGHV.lVWFKHQV ]XJHWUDJHQ
'LH6FXGHULVWDQGDXIXQGVFKULWWVFKZHLJHQGODQJVDPLP=LPPHU DXIXQGQLHGHUDOVVLQQHVLHHUVWQDFKZDVQXQ]XWXQVHL'DQQ EHIDKOVLHGHP%DSWLVWHHLQHQ7UDJVHVVHO]XKROHQGHU0DUWLQLHUH DEHUVLHDQ]XNOHLGHQZHLOVLHDXIGHU6WHOOHKLQZROOH]XU 0DUTXLVHGH 0DLQWHQRQ
6LHOLHVLFKKLQWUDJHQ]XU0DUTXLVHJHUDGH]XGHU6WXQGHDOV GLHVHZLHGLH6FXGHULZXWHVLFKDOOHLQLQLKUHQ*HPlFKHUQ EHIDQG'DV.lVWFKHQPLWGHQ-XZHOHQQDKPVLHPLWVLFK
:RKOPXWHGLH0DUTXLVHVLFKKRFKYHUZXQGHUQDOVVLHGDV )UlXOHLQVRQVWGLH:UGHMDWURW]LKUHUKRKHQ-DKUHGLH /LHEHQVZUGLJNHLWGLH$QPXWVHOEVWHLQWUHWHQVDKEODHQWVWHOOW PLWZDQNHQGHQ6FKULWWHQ:DVXPDOOHU+HLOLJHQZLOOHQLVW(XFK ZLGHUIDKUHQ"ULHIVLHGHUDUPHQEHlQJVWHWHQ'DPHHQWJHJHQ GLHJDQ]DXHUVLFKVHOEVWNDXPLPVWDQGHVLFKDXIUHFKW]X HUKDOWHQQXUVFKQHOOGHQ/HKQVHVVHO]XHUUHLFKHQVXFKWHGHQLKU GLH0DUTXLVHKLQVFKRE(QGOLFKGHV:RUWHVZLHGHUPlFKWLJ HU]lKOWHGDV)UlXOHLQZHOFKHWLHIHQLFKW]XYHUVFKPHU]HQGH .UlQNXQJLKUMHQHUXQEHGDFKWVDPH6FKHU]PLWGHPVLHGLH 6XSSOLNGHUJHIlKUGHWHQ/LHEKDEHUEHDQWZRUWHW]XJH]RJHQKDEH 'LH0DUTXLVHQDFKGHPVLHDOOHVYRQ0RPHQW]X0RPHQW HUIDKUHQXUWHLOWHGDGLH6FXGHULVLFKGDVVRQGHUEDUH(UHLJQLV YLHO]XVHKU]X+HU]HQQHKPHGDGHU+RKQYHUUXFKWHQ*HVLQGHOV QLHHLQIURPPHVHGOHV*HPWWUHIIHQN|QQHXQGYHUODQJWH ]XOHW]WGHQ6FKPXFN]XVHKHQ 'LH6FXGHULJDELKUGDVJH|IIQHWH.lVWFKHQXQGGLH0DUTXLVH NRQQWHVLFKDOVVLHGDVN|VWOLFKH*HVFKPHLGHHUEOLFNWHGHV ODXWHQ$XVUXIVGHU9HUZXQGHUXQJQLFKWHUZHKUHQ6LHQDKPGHQ +DOVVFKPXFNGLH$UPElQGHUKHUDXVXQGWUDWGDPLWDQGDV )HQVWHUZRVLHEDOGGLH-XZHOHQDQGHU6RQQHVSLHOHQOLHEDOG GLH]LHUOLFKH*ROGDUEHLWJDQ]QDKHYRUGLH$XJHQKLHOWXPQXU UHFKW]XHUVFKDXHQPLWZHOFKHUZXQGHUYROOHQ.XQVWMHGHVNOHLQH +lNFKHQGHUYHUVFKOXQJHQHQ.HWWHQJHDUEHLWHWZDU
$XIHLQPDOZDQGWHVLFKGLH0DUTXLVHUDVFKXPQDFKGHP)UlXOHLQ XQGULHI :LW,KUZRKO)UlXOHLQGDGLHVH$UPElQGHUGLHVHQ +DOVVFKPXFNQLHPDQGDQGHUVJHDUEHLWHWKDEHQNDQQDOV5HQp &DUGLOODF"± 5HQp&DUGLOODFZDUGDPDOVGHUJHVFKLFNWHVWH *ROGDUEHLWHULQ3DULVHLQHUGHUNXQVWUHLFKVWHQXQG]XJOHLFK VRQGHUEDUVWHQ0HQVFKHQVHLQHU=HLW(KHUNOHLQDOVJURDEHU EUHLWVFKXOWULJXQGYRQVWDUNHPPXVNXO|VHP.|USHUEDXKDWWH &DUGLOODFKRFKLQGLHIQI]LJHU-DKUHYRUJHUFNWQRFKGLH.UDIW GLH%HZHJOLFKNHLWGHV-QJOLQJV9RQGLHVHU.UDIWGLH XQJHZ|KQOLFK]XQHQQHQ]HXJWHDXFKGDVGLFNHNUDXVHU|WOLFKH +DXSWKDDUXQGGDVJHGUXQJHQHJOHLHQGH$QWOLW]:lUH&DUGLOODF
QLFKWLQ3DULVDOVGHUUHFKWOLFKVWH(KUHQPDQQXQHLJHQQW]LJ RIIHQRKQH+LQWHUKDOWVWHWV]XKHOIHQEHUHLWEHNDQQWJHZHVHQ VHLQJDQ]EHVRQGHUHU%OLFNDXVNOHLQHQWLHIOLHJHQGHQJUQ IXQNHOQGHQ$XJHQKlWWHQLKQLQGHQ9HUGDFKWKHLPOLFKHU7FNH XQG%RVKHLWEULQJHQN|QQHQ:LHJHVDJW&DUGLOODFZDULQVHLQHU .XQVWGHU*HVFKLFNWHVWHQLFKWVRZRKOLQ3DULVDOVYLHOOHLFKW EHUKDXSWVHLQHU=HLW,QQLJYHUWUDXWPLWGHU1DWXUGHU (GHOVWHLQHZXWHHUVLHDXIHLQH$UW]XEHKDQGHOQXQG]XIDVVHQ GDGHU6FKPXFNGHUHUVWIUXQVFKHLQEDUJHJROWHQDXV &DUGLOODFV:HUNVWDWWKHUYRUJLQJLQJOlQ]HQGHU3UDFKW-HGHQ $XIWUDJEHUQDKPHUPLWEUHQQHQGHQ%HJLHUGHXQGPDFKWHHLQHQ 3UHLVGHU VRJHULQJHUZDUPLWGHU$UEHLWLQNHLQHP9HUKlOWQLV ]XVWHKHQVFKLHQ'DQQOLHLKPGDV:HUNNHLQH5XKH7DJXQG 1DFKWK|UWHPDQLKQLQVHLQHU:HUNVWDWWKlPPHUQXQGRIWZDU GLH$UEHLWEHLQDKHYROOHQGHWPLILHOLKPSO|W]OLFKGLH)RUPHU ]ZHLIHOWHDQGHU=LHUOLFKNHLWLUJHQGHLQHU)DVVXQJGHU-XZHOHQ LUJHQGHLQHVNOHLQHQ+lNFKHQV± $QODJHQXJGLHJDQ]H$UEHLW ZLHGHULQGHQ6FKPHO]WLHJHO]XZHUIHQXQGYRQQHXHP DQ]XIDQJHQ6RZXUGHMHGH$UEHLWHLQUHLQHVXQEHUWUHIIOLFKHV 0HLVWHUZHUNGDVGHQ%HVWHOOHULQ(UVWDXQHQVHW]WH$EHUQXQZDU HVNDXPP|JOLFKGLHIHUWLJH$UEHLWYRQLKP]XHUKDOWHQ8QWHU WDXVHQG9RUZl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ª5HQp&DUGLOODFP|FKWHW,KUQLFKWHLQHQVFK|QHQ +DOVVFKPXFNPDFKHQIUPHLQH%UDXW± $UPElQGHUIUPHLQ 0lGFKHQXVZGDQQVWDQGHUSO|W]OLFKVWLOOEOLW]WHGHQDQPLW VHLQHQNOHLQHQ$XJHQXQGIUDJWHGLH+lQGHUHLEHQG :DVKDEW ,KUGHQQ"'HU]LHKWQXQHLQ6FKlFKWHOFKHQKHUYRUXQGVSULFKW +LHUVLQG-XZHOHQYLHO6RQGHUOLFKHVLVWHVQLFKWJHPHLQHV=HXJ GRFKXQWHU(XUHQ+lQGHQ± &DUGLOODFOlWLKQQLFKWDXVUHGHQ
UHLWLKPGDV6FKlFKWHOFKHQDXV GHQ+lQGHQQLPPWGLH-XZHOHQ KHUDXVGLHZLUNOLFKQLFKWYLHOZHUWVLQGKlOWVLHJHJHQGDV/LFKW XQGUXIWYROO(QW]FNHQ +R KR± JHPHLQHV=HXJ"± PLWQLFKWHQ± KEVFKH6WHLQH± KHUUOLFKH6WHLQHODWPLFKQXUPDFKHQ± XQG ZHQQHV(XFKDXIHLQH+DQGYROO/RXLVQLFKWDQNRPPWVRZLOOLFK QRFKHLQSDDU6WHLQFKHQKLQHLQEULQJHQGLH(XFKLQGLH$XJHQ IXQNHOQVROOHQZLHGLHOLHEH6RQQHVHOEVW± 'HUVSULFKW ,FK EHUODVVH(XFKDOOHV0HLVWHU5HQpXQG]DKOHZDV,KUZROOW 2KQH8QWHUVFKLHGPDJHUQXQHLQUHLFKHU%UJHUVPDQQRGHUHLQ YRUQHKPHU+HUUYRP+RIHVHLQZLUIWVLFK&DUGLOODFXQJHVWPDQ VHLQHQ+DOVXQGGUFNWXQGNWLKQXQGVSULFKWQXQVHLHU ZLHGHUJDQ]JOFNOLFKXQGLQDFKW7DJHQZHUGHGLH$UEHLWIHUWLJ VHLQ(UUHQQWEHU+DOVXQG.RSIQDFK+DXVHKLQHLQLQGLH :HUNVWDWWXQGKlPPHUWGDUDXIORVXQGLQDFKW7DJHQLVWHLQ 0HLVWHUZHUN]XVWDQGHJHEUDFKW$EHUVRZLHGHUGHUHVEHVWHOOWH NRPPWPLW)UHXGHQGLHJHIRUGHUWHJHULQJH6XPPHEH]DKOHQXQG GHQIHUWLJHQ6FKPXFNPLWQHKPHQZLOOZLUG&DUGLOODFYHUGULHOLFK JUREWURW]LJ± $EHU0HLVWHU&DUGLOODFEHGHQNWPRUJHQLVWPHLQH +RFK]HLW± :DVVFKHUWPLFK(XUH+RFK]HLWIUDJWLQYLHU]HKQ 7DJHQZLHGHUQDFK± 'HU6FKPXFNLVWIHUWLJKLHUOLHJWGDV*HOG LFKPXLKQKDEHQ± 8QGLFK VDJH(XFKGDLFKQRFKPDQFKHV DQGHP6FKPXFNlQGHUQPXXQGLKQKHXWHQLFKWKHUDXVJHEHQ ZHUGH± 8QGLFK VDJH(XFKGDZHQQ,KUPLUGHQ6FKPXFN GHQLFK(XFKDOOHQIDOOVGRSSHOWEH]DKOHQZLOOQLFKWKHUDXVJDEWLP *XWHQ,KUPLFKJOHLFKPLW$UJHQVRQVGLHQVWEDUHQ7UDEDQWHQ DQUFNHQVHKHQVROOW± 1XQVRTXlOH(XFKGHU6DWDQPLWKXQGHUW JOKHQGHQ.QHLS]DQJHQXQGKlQJHGUHL=HQWQHUDQGHQ +DOVVFKPXFNGDPLWHU(XUH%UDXWHUGUROH± 8QGGDPLWVWHFNWH &DUGLOODFGHP%UlXWLJDPGHQ6FKPXFNLQGLH%XVHQWDVFKH HUJUHLIWLKQEHLP$UPZLUIWLKQ]XU6WXEHQWUKLQDXVGDHUGLH JDQ]H7UHSSHKLQDESROWHUWXQGODFKWZLHGHU7HXIHO]XP)HQVWHU KLQDXVZHQQHUVLHKWZLHGHUDUPHMXQJH0HQVFKGDV 6FKQXSIWXFKYRUGHUEOXWLJHQ1DVHDXVGHP+DXVHKLQDXVKLQNW± *DUQLFKW]XHUNOlUHQZDUHVDXFKGD&DUGLOODFRIWZHQQHUPLW (QWKXVLDVPXVHLQH$UEHLWEHUQDKPSO|W]OLFKGHQ%HVWHOOHUPLW DOOHQ=HLFKHQGHVLP,QQHUVWHQDXIJHUHJWHQ*HPWVPLWGHQ HUVFKWWHUQGVWHQ%HWHXHUXQJHQMDXQWHU6FKOXFK]HQXQG7UlQHQ EHLGHU-XQJIUDXXQGDOOHQ+HLOLJHQEHVFKZRULKPGDV XQWHUQRPPHQH:HUN]XHUODVVHQ0DQFKHGHUYRQGHP.|QLJH YRQGHP9RONHKRFKJHDFKWHWVWHQ3HUVRQHQKDWWHQYHUJHEHQV
JURH6XPPHQJHERWHQXPQXUGDVNOHLQVWH:HUNYRQ&DUGLOODF ]XHUKDOWHQ(UZDUIVLFKGHP.|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|UHDUEHLWHWHUMHW]W IOHLLJHUDOVMHXQGOLHIHUWVHLQH$UEHLWDEDXIGHU6WHOOHMHGRFK QRFKLPPHUPLWWLHIHP9HUGUXXQGZHJJHZDQGWHP*HVLFKW'LH 6FXGHULGHUDXFKYLHOGDUDQJHOHJHQGDVHLHVQRFKP|JOLFK GHU6FKPXFNEDOGLQGLH+lQGHGHVUHFKWPlLJHQ(LJHQWPHUV NRPPHPHLQWHGDPDQGHP 0HLVWHU6RQGHUOLQJMDJOHLFKVDJHQ ODVVHQN|QQHZLHPDQNHLQH$UEHLWVRQGHUQQXUVHLQ8UWHLOEHU -XZHOHQYHUODQJH'DVELOOLJWHGLH0DUTXLVH(VZXUGHQDFK &DUGLOODFJHVFKLFNWXQGDOVVHLHUVFKRQDXIGHP:HJHJHZHVHQ WUDWHUQDFK9HUODXIZHQLJHU=HLWLQGDV=LPPHU
(UVFKLHQDOVHUGLH6FXGHULHUEOLFNWHEHWUHWHQXQGZLHHLQHU GHUYRQGHP8QHUZDUWHWHQSO|W]OLFKJHWURIIHQGLH$QVSUFKHGHV 6FKLFNOLFKHQZLHVLHGHU$XJHQEOLFNGDUELHWHWYHUJLWQHLJWHHU VLFK]XHUVWWLHIXQGHKUIXUFKWVYROOYRUGLHVHUHKUZUGLJHQ'DPH XQGZDQGWHVLFKGDQQHUVW]XU0DUTXLVH'LHIUXJLKQKDVWLJ LQGHPVLHDXIGDV*HVFKPHLGHZLHVGDVDXIGHPGXQNHOJUQ EHKlQJWHQ7LVFKIXQNHOWHREGDVVHLQH$UEHLWVHL"&DUGLOODFZDUI NDXPHLQHQ%OLFNGDUDXIXQGSDFNWHGHU0DUTXLVHLQV*HVLFKW VWDUUHQG$UPElQGHUXQG+DOVVFKPXFNVFKQHOOHLQLQGDV .lVWFKHQGDVGDQHEHQVWDQGXQGGDVHUPLW+HIWLJNHLWYRQVLFK ZHJVFKRE1XQVSUDFKHULQGHPHLQKlOLFKHV/lFKHOQDXI VHLQHPURWHQ$QWOLW]JOHLWH ,QGHU7DW)UDX0DUTXLVHPDQPX 5HQp&DUGLOODFV$UEHLWVFKOHFKWNHQQHQXPQXUHLQHQ$XJHQEOLFN ]XJODXEHQGDLUJHQGHLQDQGHUHU*ROGVFKPLHGLQGHU:HOW VROFKHQ6FKPXFNIDVVHQN|QQH)UHLOLFKLVWGDVPHLQH$UEHLW6R VDJWGHQQIXKUGLH0DUTXLVHIRUWIUZHQ,KUGLHVHQ6FKPXFN JHIHUWLJWKDEW)UPLFKJDQ]DOOHLQHUZLGHUWH&DUGLOODFMD,KU
P|JHWIXKUHUIRUWDOVEHLGHGLH0DLQWHQRQXQGGLH6FXGHULLKQ JDQ]YHUZXQGHUWDQEOLFNWHQMHQHYROO0LWUDXHQGLHVHYROO EDQJHU(UZDUWXQJZLHVLFKQXQGLH6DFKHZHQGHQZUGHMD,KU P|JHWGDVQXQVHOWVDPILQGHQ)UDX0DUTXLVHDEHUHVLVWGHPVR %ORGHUVFK|QHQ$UEHLWZLOOHQVXFKWHLFKPHLQHEHVWHQ6WHLQH ]XVDPPHQXQGDUEHLWHWHDXV)UHXGHGDUDQIOHLLJHUXQG VRUJIlOWLJHUDOVMHPDOV9RUZHQLJHU=HLWYHUVFKZDQGGHU6FKPXFN DXVPHLQHU:HUNVWDWW DXIXQEHJUHLIOLFKH:HLVH'HP+LPPHOVHL HVJHGDQNWULHIGLH6FXGHULLQGHPLKUGLH$XJHQYRU)UHXGH IXQNHOWHQXQGVLHUDVFKXQGEHKHQGHZLHHLQMXQJHV0lGFKHQYRQ LKUHP/HKQVWXKODXIVSUDQJDXIGHQ&DUGLOODFORVVFKULWWXQGEHLGH +lQGHDXIVHLQH6FKXOWHUQOHJWHHPSIDQJWVSUDFKVLHGDQQ HPSIDQJW0HLVWHU5HQpGDV(LJHQWXPGDV(XFKYHUUXFKWH 6SLW]EXEHQUDXEWHQZLHGHU]XUFN1XQHU]lKOWHVLHDXVIKUOLFK ZLHVLH]XGHP6FKPXFNJHNRPPHQ&DUGLOODFK|UWHDOOHV VFKZHLJHQGPLWQLHGHUJHVFKODJHQHQ$XJHQDQ1XUPLWXQWHUVWLH HUHLQXQYHUQHKPOLFKHV+P± 6R± (L± +RKR± DXVXQGZDUI EDOGGLH+lQGHDXIGHQ5FNHQEDOGVWUHLFKHOWHHUOHLVH.LQQXQG :DQJH$OVQXQGLH6FXGHULJHHQGHWZDUHVDOVNlPSIH&DUGLOODF PLWJDQ]EHVRQGHUHQ*HGDQNHQGLHZlKUHQGGHVVHQLKP JHNRPPHQXQGDOVZROOHLUJHQGHLQ(QWVFKOXVLFKQLFKWIJHQ XQGI|UGHUQ(UULHEVLFKGLH6WLUQHHUVHXI]WHHUIXKUPLWGHU +DQGEHUGLH$XJHQZRKOJDUXPKHUYRUEUHFKHQGH7UlQHQ]X VWHXHUQ(QGOLFKHUJULIIHUGDV.lVWFKHQGDVLKPGLH6FXGHUL GDUERWOLHVLFKDXIHLQ.QLHODQJVDPQLHGHUXQGVSUDFK (XFK HGOHVZUGLJHV)UlXOHLQKDWGDV9HUKlQJQLVGLHVHQ6FKPXFN EHVWLPPW-DQXQZHLLFKHVHUVWGDLFKZlKUHQGGHU$UEHLWDQ (XFKGDFKWHMDIU(XFKDUEHLWHWH9HUVFKPlKWHVQLFKWGLHVHQ 6FKPXFNDOVGDV%HVWHZDVLFKZRKOVHLWODQJHU=HLWJHPDFKW YRQPLUDQ]XQHKPHQXQG]XWUDJHQ(LHLHUZLGHUWHGLH6FXGHUL DQPXWLJVFKHU]HQGZRGHQNW,KUKLQ0HLVWHU5HQpVWHKWHVPLU GHQQDQLQPHLQHQ-DKUHQPLFKQRFKVRKHUDXV]XSXW]HQPLW EODQNHQ6WHLQHQ"± 8QGZLHNRPPW,KUGHQQGD]XPLFKVR EHUUHLFK]XEHVFKHQNHQ"*HKWJHKW0HLVWHU5HQpZlU LFKVR VFK|QZLHGLH0DUTXLVHGH )RQWDQJHXQGUHLFKLQGHU7DWLFK OLHHGHQ6FKPXFNQLFKWDXVGHQ+lQGHQDEHUZDVVROOGLHVHQ ZHONHQ$UPHQGLHHLWOH 3UDFKWZDVVROOGLHVHPYHUKOOWHQ+DOV GHUJOlQ]HQGH3XW]"&DUGLOODFKDWWHVLFKLQGHVVHQHUKREHQXQG VSUDFKZLHDXHUVLFKPLWYHUZLOGHUWHP%OLFNLQGHPHU IRUWZlKUHQGGDV.lVWFKHQGHU6FXGHULKLQKLHOW 7XWPLUGLH
%DUPKHU]LJNHLW)UlXOHLQXQGQHKPWGHQ6FKPXFN,KUJODXEWHV QLFKWZHOFKHWLHIH9HUHKUXQJLFKIU(XUH7XJHQGIU(XUHKRKHQ 9HUGLHQVWHLP+HU]HQWUDJH1HKPWGRFKPHLQJHULQJHV*HVFKHQN QXUIUGDV%HVWUHEHQDQ(XFKUHFKWPHLQHLQQHUVWH*HVLQQXQJ ]XEHZHLVHQ± $OVQXQGLH6FXGHULLPPHU QRFK]|JHUWHQDKPGLH 0DLQWHQRQGDV.lVWFKHQDXV&DUGLOODFV+lQGHQVSUHFKHQG 1XQ EHLP+LPPHO)UlXOHLQLPPHUUHGHW,KUYRQ(XHUQKRKHQ-DKUHQ ZDVKDEHQZLULFKXQG,KUPLWGHQ-DKUHQ]XVFKDIIHQXQGLKUHU /DVW± 8QGWXW,KUGHQQQLFKWHEHQZLHHLQ MXQJHVYHUVFKlPWHV 'LQJGDVJHUQ]XODQJHQP|FKWHQDFKGHUGDUJHERWQHQVHQ )UXFKWN|QQWHGDVQXUJHVFKHKHQRKQH+DQGXQGRKQH)LQJHU± 6FKODJWGHPZDFNHUQ0HLVWHU5HQpQLFKWDEGDVIUHLZLOOLJDOV *HVFKHQN]XHPSIDQJHQZDVWDXVHQGDQGHUHQLFKWHUKDOWHQ N|QQHQDOOHV*ROGHVDOOHV%LWWHQVXQG)OHKHQVXQHUDFKWHW ± 'LH0DLQWHQRQKDWWHGHU6FXGHULGDV.lVWFKHQZlKUHQGGHVVHQ DXIJHGUXQJHQXQGQXQVWU]WH&DUGLOODFQLHGHUDXIGLH.QLH± NWHGHU6FXGHULGHQ5RFN± GLH+lQGH± VW|KQWH± VHXI]WH± ZHLQWHVFKOXFK]WH± VSUDQJDXI± UDQQWHZLHXQVLQQLJ6HVVHO± 7LVFKHXPVWU]HQGGD3RU]HOODQ*OlVHU]XVDPPHQNOLUUWHQLQ WROOHU+DVWYRQGDQQHQ ±
*DQ]HUVFKURFNHQULHIGLH6FXGHUL 8PDOOHU+HLOLJHQZLOOHQZDV ZLGHUIlKUWGHP0HQVFKHQ'RFKGLH0DUTXLVHLQEHVRQGHUHU KHLWHUHU/DXQHELV]XVRQVWLKUJDQ]IUHPGHP0XWZLOOHQVFKOXJ HLQHKHOOH/DFKHDXIXQGVSUDFK 'DKDEHQZLU V)UlXOHLQ0HLVWHU 5HQpLVWLQ(XFKVWHUEOLFKYHUOLHEWXQGEHJLQQWQDFKULFKWLJHP %UDXFKXQGEHZlKUWHU6LWWHHFKWHU*DODQWHULH(XHU+HU]]X EHVWUPHQPLWUHLFKHQ*HVFKHQNHQ'LH0DLQWHQRQIKUWHGLHVHQ 6FKHU]ZHLWHUDXVLQGHPVLHGLH6FXGHULHUPDKQWHQLFKW]X JUDXVDP]XVHLQJHJHQGHQYHU]ZHLIHOWHQ/LHEKDEHUXQGGLHVH ZXUGH5DXPJHEHQGDQJHERUQHU/DXQHKLQJHULVVHQLQGHQ VSUXGHOQGHQ6WURPWDXVHQGOXVWLJHU(LQIlOOH6LHPHLQWHGDVLH VWQGHQGLH6DFKHQQXQHLQPDOVRHQGOLFKEHVLHJWZRKOQLFKW ZHUGHXPKLQN|QQHQGHU:HOWGDVXQHUK|UWH%HLVSLHOHLQHU GUHLXQGVLHE]LJMlKULJHQ*ROGVFKPLHGV%UDXWYRQXQWDGHOLJHP$GHO DXI]XVWHOOHQ'LH0DLQWHQRQHUERWVLFKGLH%UDXWNURQH]XIOHFKWHQ XQGVLHEHUGLH3IOLFKWHQHLQHUJXWHQ+DXVIUDX]XEHOHKUHQ ZRYRQIUHLOLFKVRHLQNOHLQHU.LFNLQGLHZHOWYRQ0lGFKHQQLFKWYLHO ZLVVHQN|QQH
'DQXQHQGOLFKGLH6FXGHULDXIVWDQGXPGLH0DUTXLVH]X YHUODVVHQZXUGHVLHDOOHVODFKHQGHQ6FKHU]HV XQJHDFKWHWGRFK ZLHGHUVHKUHUQVWDOVLKUGDV6FKPXFNNlVWFKHQ]XU+DQGNDP 6LHVSUDFK 'RFK)UDX0DUTXLVHZHUGHLFKPLFKGLHVHV 6FKPXFNHVQLHPDOVEHGLHQHQN|QQHQ(ULVWPDJHVVLFKQXQ ]XJHWUDJHQKDEHQZLHHVZLOOHLQPDOLQGHQ+lQGHQMHQHU K|OOLVFKHQ*HVHOOHQJHZHVHQGLHPLWGHU)UHFKKHLWGHV7HXIHOVMD ZRKOJDULQYHUGDPPWHP%QGQLVPLWLKPUDXEHQXQGPRUGHQ 0LUJUDXVWYRUGHP%OXWHGDVDQGHPIXQNHOQGHQ*HVFKPHLGH]X NOHEHQVFKHLQW± 8QGQXQKDWVHOEVW&DUGLOODFV%HWUDJHQLFKPX HVJHVWHKHQIUPLFKHWZDVVRQGHUEDUbQJVWOLFKHVXQG 8QKHLPOLFKHV1LFKWHUZHKUHQNDQQLFKPLFKHLQHUGXQNOHQ $KQXQJGDKLQWHUGLHVHPDOOHPLUJHQGHLQJUDXHQYROOHV HQWVHW]OLFKHV*HKHLPQLVYHUERUJHQXQGEULQJHLFKPLUGLHJDQ]H 6DFKHUHFKWGHXWOLFKYRU$XJHQPLWMHGHP8PVWDQGVRNDQQLFK GRFKZLHGHUJDUQLFKWDXFKQXUDKQHQZRULQGDV*HKHLPQLV EHVWHKHXQGZLHEHUKDXSWGHUHKUOLFKHZDFNHUH0HLVWHU5HQp GDV9RUELOGHLQHVJXWHQIURPPHQ%UJHUVPLWLUJHQGHWZDV %|VHP9HUGDPPOLFKHP]XWXQKDEHQVROO6RYLHO LVWDEHUJHZL GDLFKQLHPDOVPLFKXQWHUVWHKHQZHUGHGHQ6FKPXFN DQ]XOHJHQ 'LH0DUTXLVHPHLQWHGDVKLHHGLH6NUXSHO]XZHLWWUHLEHQ DOV QXQDEHUGLH6FXGHULVLHDXILKU*HZLVVHQIUDJWHZDVVLHLQLKUHU GHU6FXGHUL/DJHZRKOWXQZUGHDQWZRUWHWHVLHHUQVWXQGIHVW ZHLWHKHUGHQ6FKPXFNLQGLH6HLQHZHUIHQDOVLKQMHPDOV WUDJHQ
'HQ$XIWULWWPLWGHP0HLVWHU5HQpEUDFKWHGLH6FXGHULLQJDU DQPXWLJH9HUVHGLHVLHGHQIROJHQGHQ$EHQGLQGHQ*HPlFKHUQ GHU0DLQWHQRQGHP.|QLJHYRUODV:RKOPDJHVVHLQGDVLHDXI .RVWHQ0HLVWHU5HQpVDOOH6FKDXGHUXQKHLPOLFKHU$KQXQJ EHVLHJHQGGDVHUJ|W]OLFKH%LOGGHUGUHLXQGVLHE]LJMlKULJHQ *ROGVFKPLHGV%UDXWYRQXUDOWHP$GHOPLWOHEHQGLJHQ)DUEHQ GDU]XVWHOOHQJHZXW*HQXJGHU.|QLJODFKWHELVLQV,QQHUVWH KLQHLQXQGVFKZXUGD%RLOHDX'HVSUpDX[VHLQHQ0HLVWHU JHIXQGHQZHVKDOEGHU6FXGHUL*HGLFKWIUGDV:LW]LJVWHJDOWGDV MHPDOVJHVFKULHEHQ 0HKUHUH0RQDWHZDUHQYHUJDQJHQDOVGHU=XIDOOHVZROOWHGD GLH6FXGHULLQGHU*ODVNXWVFKHGHU+HU]RJLQYRQ0RQWDQVLHUEHU
GHQ3RQWQHXIIXKU1RFKZDUGLH(UILQGXQJGHU]LHUOLFKHQ *ODVNXWVFKHQVRQHXGDGDVQHXJLHULJH9RONVLFK]XGUlQJWH ZHQQHLQ)XKUZHUNGHU$UWDXIGHQ6WUDHQHUVFKLHQ6RNDPHV GHQQDXFKGDGHUJDIIHQGH3|EHODXIGHP3HQWQHXIGLH.XWVFKH GHU 0RQWDQVLHUXPULQJWHEHLQDKHGHQ6FKULWWGHU3IHUGH KHPPHQG'DYHUQDKPGLH6FXGHULSO|W]OLFKHLQ*HVFKLPSIHXQG *HIOXFKHXQGJHZDKUWHZLHHLQ0HQVFKPLW)DXVWVFKOlJHQXQG 5LSSHQVW|HQVLFK3ODW]PDFKWHGXUFKGLHGLFNVWH0DVVH8QGZLH HUQlKHUNDPWUDIHQVLHGLHGXUFKERKUHQGHQ%OLFNHHLQHV WRGEOHLFKHQJUDPYHUVW|UWHQ-QJOLQJV$QWOLW]HV8QYHUZDQGW VFKDXWHGHUMXQJH0HQVFKVLHDQZlKUHQGHUPLW(OOERJHQXQG )lXVWHQUVWLJYRUVLFKZHJDUEHLWHWHELVHUDQGHQ6FKODJGHV :DJHQVNDPGHQHUPLWVWUPHQGHU +DVWLJNHLWDXIULGHU 6FXGHULHLQHQ=HWWHOLQGHQ6FKRZDUIXQG6W|H)DXVWVFKOlJH DXVWHLOHQGXQGHPSIDQJHQGYHUVFKZDQGZLHHUJHNRPPHQ0LW HLQHP6FKUHLGHV(QWVHW]HQVZDUVRZLHGHU0HQVFKDP .XWVFKHQVFKODJHHUVFKLHQGLH0DUWLQLHUHGLHVLFKEHLGHU6FXGHUL EHIDQGHQWVHHOWLQGLH:DJHQNLVVHQ]XUFNJHVXQNHQ9HUJHEHQV ULGLH6FXGHULDQGHU6FKQXUULHIGHP.XWVFKHU]XGHUZLHYRP E|VHQ*HLVWHJHWULHEHQSHLWVFKWHDXIGLH3IHUGHORVGLHGHQ 6FKDXPYRQGHQ0lXOHUQZHJVSULW]HQGXPVLFKVFKOXJHQVLFK ElXPWHQHQGOLFKLQVFKDUIHP7UDEIRUWGRQQHUWHQEHUGLH %UFNH'LH6FXGHULJRLKU5LHFKIOlVFKFKHQEHUGLH RKQPlFKWLJH)UDXDXVGLHHQGOLFKGLH$XJHQDXIVFKOXJXQG ]LWWHUQGXQGEHEHQGVLFKNUDPSIKDIWIHVWNODPPHUQGDQGLH +HUUVFKDIW$QJVWXQG(QWVHW]HQLPEOHLFKHQ$QWOLW]PKVDP VW|KQWH 8PGHUKHLOLJHQ-XQJIUDXZLOOHQZDVZROOWHGHU IUFKWHUOLFKH0HQVFK"± $FKHUZDUHVMDHUZDUHVGHUVHOEH GHU(XFKLQMHQHUVFKDXHUYROOHQ1DFKWGDV.lVWFKHQEUDFKWH± 'LH6FXGHULEHUXKLJWHGLH$UPHLQGHPVLHLKUYRUVWHOOWHGDMD GXUFKDXVQLFKWV%|VHVJHVFKHKHQXQGGDHVQXUGDUDXI DQNRPPH]XZLVVHQZDVGHU=HWWHOHQWKDOWH6LHVFKOXJGDV %OlWWFKHQDXVHLQDQGHUXQGIDQGGLH:RUWH ª(LQE|VHV9HUKlQJQLVGDV,KUDEZHQGHQNRQQWHWVW|WPLFKLQ GHQ$EJUXQG± ,FKEHVFKZ|UH(XFKZLHGHU6RKQGLH0XWWHU YRQGHUHUQLFKWODVVHQNDQQLQGHUYROOVWHQ*OXWNLQGOLFKHU/LHEH GHQ+DOVVFKPXFNXQGGLH$UPElQGHUGLH,KUGXUFKPLFK HUKLHOWHWXQWHULUJHQGHLQHP9RUZDQG± XPLUJHQGHWZDVGDUDQ EHVVHUQ± lQGHUQ]X ODVVHQ]XP0HLVWHU5HQp&DUGLOODF]X
VFKDIIHQ (XHU:RKO(XHU/HEHQKlQJWGDYRQDE7XW,KUHVQLFKW ELVEHUPRUJHQVRGULQJHLFKLQ(XUH:RKQXQJXQGHUPRUGH PLFKYRU(XUHQ$XJHQ© 1XQLVWHVJHZLVSUDFKGLH6FXGHULDOVVLHGLHVJHOHVHQGD PDJGHUJHKHLPQLVYROOH0HQVFKDXFKZLUNOLFK]XGHU%DQGH YHUUXFKWHU'LHEHXQG0|UGHUJHK|UHQHUGRFKJHJHQPLFKQLFKWV %|VHVLP6FKLOGHIKUW:lUHHVLKPJHOXQJHQPLFKLQMHQHU 1DFKW]XVSUHFKHQZHUZHLZHOFKHVVRQGHUEDUH(UHLJQLVZHOFK GXQNOHV9HUKlOWQLVGHU'LQJHPLUNODUZRUGHQYRQGHPLFKMHW]W DXFKQXUGLHOHLVHVWH$KQXQJYHUJHEHQVLQPHLQHU6HHOHVXFKH 0DJDEHUDXFKGLH6DFKHVLFKQXQYHUKDOWHQZLHVLHZLOOGDVZDV PLULQGLHVHP%ODWWJHERWHQZLUGZHUGHLFKWXQXQGJHVFKlKHHV DXFKQXUXPGHQ XQVHOLJHQ6FKPXFNORV]XZHUGHQGHUPLUHLQ K|OOLVFKHU7DOLVPDQGHV%|VHQVHOEVWGQNW&DUGLOODFZLUGLKQ GRFKZRKOQXQVHLQHUDOWHQ6LWWHJHWUHXQLFKWVROHLFKWZLHGHU DXVGHQ+lQGHQJHEHQZROOHQ
6FKRQDQGHUQ7DJHVJHGDFKWHGLH6FXGHULVLFKPLWGHP6FKPXFN ]XGHP*ROGVFKPLHG]XEHJHEHQ'RFKZDUHVDOVKlWWHQDOOH VFK|QHQ*HLVWHUYRQJDQ]3DULVVLFKYHUDEUHGHWJHUDGHDQGHP 0RUJHQGDV)UlXOHLQPLW9HUVHQ6FKDXVSLHOHQ$QHNGRWHQ]X EHVWUPHQ.DXPKDWWHOD &KDSHOOHGLH6]HQHHLQHV7UDXHUVSLHOV JHHQGHWXQGVFKODXYHUVLFKHUWGDHUQXQZRKO5DFLQH]X VFKODJHQJHGHQNHDOVGLHVHUVHOEVWHLQWUDWXQGLKQPLWLUJHQG HLQHV.|QLJVSDWKHWLVFKHU5HGH]X%RGHQVFKOXJELV%RLOHDXVHLQH /HXFKWNXJHOQLQGHQVFKZDU]HQWUDJLVFKHQ+LPPHOVWHLJHQOLH XPQXUQLFKWHZLJYRQGHU.RORQQDGHGHV/RXYUHVFKZDW]HQ]X K|UHQLQGLHLKQGHUDUFKLWHNWLVFKH'RNWRU3HUUDXOWKLQHLQJHHQJW +RKHU0LWWDJZDUJHZRUGHQGLH6FXGHULPXWH]XU+HU]RJLQ 0RQWDQVLHUXQGVREOLHEGHU%HVXFKEHL0HLVWHU5HQp&DUGLOODFELV ]XPDQGHUQ0RUJHQYHUVFKREHQ 'LH6FXGHULIKOWHVLFKYRQHLQHUEHVRQGHUHQ8QUXKHJHSHLQLJW %HVWlQGLJYRU$XJHQVWDQGLKUGHU-QJOLQJXQGDXVGHPWLHIVWHQ ,QQHUQZROOWHVLFKHLQHGXQNOH(ULQQHUXQJDXIUHJHQDOVKDEHVLH GLHV$QWOLW]GLHVH=JHVFKRQJHVHKHQ'HQOHLVHVWHQ6FKOXPPHU VW|UWHQlQJVWOLFKH7UlXPHHVZDULKUDOVKDEHVLHOHLFKWVLQQLJMD VWUDIZUGLJYHUVlXPWGLH+DQGKLOIUHLFK]XHUIDVVHQGLHGHU 8QJOFNOLFKHLQGHQ$EJUXQGYHUVLQNHQGQDFKLKU
HPSRUJHVWUHFNWMDDOVVHLHVDQLKUJHZHVHQLUJHQGHLQHP YHUGHUEOLFKHQ(UHLJQLVHLQHPKHLOORVHQ9HUEUHFKHQ]XVWHXHUQ± 6RZLHHVQXUKRKHU0RUJHQOLHVLHVLFKDQNOHLGHQXQGIXKUPLW GHP6FKPXFNNlVWFKHQYHUVHKHQ]XGHP*ROGVFKPLHGKLQ
1DFKGHU6WUDH1LFDLVHGRUWKLQZR&DUGLOODFZRKQWHVWU|PWH GDV9RONVDPPHOWHVLFKYRUGHU+DXVWUH± VFKULHOlUPWHWREWH ± ZROOWHVWUPHQGKLQHLQPLW0KHDEJHKDOWHQYRQGHU 0DUHFKDXVVHHGLHGDV+DXVXPVWHOOW,PZLOGHQYHUZLUUWHQ *HW|VHULHIHQ]RUQLJH6WLPPHQ =HUUHLW]HUPDOPWGHQ YHUIOXFKWHQ0|UGHU± (QGOLFK HUVFKHLQW'HVJUDLVPLW]DKOUHLFKHU 0DQQVFKDIWGLH ELOGHWGXUFKGHQGLFNVWHQ+DXIHQHLQH*DVVH'LH +DXVWUHVSULQJWDXIHLQ0HQVFKPLW.HWWHQEHODVWHWZLUG KLQDXVJHEUDFKWXQGXQWHUGHQJUHXOLFKVWHQ9HUZQVFKXQJHQGHV ZWHQGHQ3|EHOVIRUWJHVFKOHSSW± ,QGHP$XJHQEOLFNDOVGLH 6FXGHULKDOEHQWVHHOWYRU6FKUHFNXQGIXUFKWEDUHU$KQXQJGLHV JHZDKUWGULQJWHLQJHOOHQGHV-DPPHUJHVFKUHLLKULQGLH2KUHQ 9RU± ZHLWHUYRUUXIWVLHJDQ]DXHUVLFKGHP.XWVFKHU]XGHU PLWHLQHUJHVFKLFNWHQUDVFKHQ:HQGXQJGHQGLFNHQ+DXIHQ DXVHLQDQGHUVWlXEWXQGGLFKWYRU&DUGLOODFV+DXVWUHKlOW'D VLHKWGLH6FXGHUL'HVJUDLVXQG]XVHLQHQ)HQHLQMXQJHV 0lGFKHQVFK|QZLHGHU7DJPLWDXIJHO|VWHQ+DDUHQKDOE HQWNOHLGHWZLOGH$QJVWWURVWORVH9HU]ZHLIOXQJLP$QWOLW]GLH KlOW VHLQH.QLHXPVFKOXQJHQXQGUXIWPLWGHP7RQGHV HQWVHW]OLFKVWHQVFKQHLGHQGVWHQ7RGHVVFKPHU]HV (ULVWMD XQVFKXOGLJ± HULVWXQVFKXOGLJ9HUJHEHQVVLQG'HVJUDLV YHUJHEHQVVHLQHU/HXWH%HPKXQJHQVLHORV]XUHLHQVLHYRP %RGHQDXI]XULFKWHQ(LQVWDUNHUXQJHVFKODFKWHU.HUOHUJUHLIW HQGOLFKPLWSOXPSHQ)lXVWHQGLH$UPH]HUUWVLHPLW*HZDOWZHJ YRQ'HVJUDLVVWUDXFKHOWXQJHVFKLFNWOlWGDV0lGFKHQIDKUHQ GLHKLQDEVFKOlJWGLHVWHLQHUQHQ6WXIHQXQGODXWORV± ZLHWRWDXI GHU6WUDHOLHJHQEOHLEW/lQJHUNDQQGLH6FXGHULVLFKQLFKW KDOWHQ,Q&KULVWXV1DPHQZDVLVWJHVFKHKHQZDVJHKWKLHUYRU" UXIWVLH|IIQHWUDVFKGHQ6FKODJVWHLJWDXV± (KUHUELHWLJZHLFKW GDV9RONGHUZUGLJHQ'DPHGLHDOVVLHVLHKWZLHHLQSDDU PLWOHLGLJH:HLEHUGDV0lGFKHQ DXIJHKREHQDXIGLH6WXIHQ JHVHW]WKDEHQLKUGLH6WLUQHPLWVWDUNHP:DVVHUUHLEHQVLFK GHP'HVJUDLVQlKHUWXQGPLW+HIWLJNHLWLKUH)UDJHZLHGHUKROW(V LVWGDV(QWVHW]OLFKHJHVFKHKHQVSULFKW'HVJUDLV5HQp&DUGLOODF ZXUGHKHXWH0RUJHQGXUFKHLQHQ'ROFKVWLFKHUPRUGHWJHIXQGHQ
6HLQ*HVHOOH2OLYLHU%UXRQLVWGHU0|UGHU(EHQZXUGHHU IRUWJHIKUWLQV*HIlQJQLV8QGGDV0lGFKHQ"UXIWGLH6FXGHULLVW IlOOW'HVJUDLVHLQLVW0DGHORQ&DUGLOODFV7RFKWHU'HUYHUUXFKWH 0HQVFKZDULKU*HOLHEWHU1XQZHLQWXQG KHXOWVLHXQGVFKUHLW HLQPDOEHUVDQGHUHGD2OLYLHUXQVFKXOGLJVHLJDQ]XQVFKXOGLJ $P(QGHZHLVLHYRQGHU7DWXQGLFKPXVLHDXFKQDFKGHU &RQFLHUJHULHEULQJHQODVVHQ'HVJUDLVZDUIDOVHUGLHVVSUDFK HLQHQWFNLVFKHQVFKDGHQIURKHQ%OLFNDXIGDV0lGFKHQYRUGHP GLH6FXGHULHUEHEWH(EHQEHJDQQGDV0lGFKHQOHLVH]XDWPHQ GRFKNHLQHV/DXWVNHLQHU%HZHJXQJPlFKWLJPLWJHVFKORVVHQHQ $XJHQODJVLHGDXQGPDQZXWHQLFKWZDV]XWXQVLHLQV+DXV EULQJHQRGHULKUQRFKOlQJHUEHLVWHKHQELV]XP(UZDFKHQ7LHI EHZHJW7UlQHQLQGHQ$XJHQEOLFNWHGLH6FXGHULGHQ XQVFKXOGVYROOHQ(QJHODQLKUJUDXWHYRU'HVJUDLVXQGVHLQHQ *HVHOOHQ'DSROWHUWHHVGXPSIGLH7UHSSHKHUDEPDQEUDFKWH &DUGLOODFV/HLFKQDP6FKQHOOHQWVFKORVVHQULHIGLH6FXGHULODXW ,FKQHKPHGDV0lGFKHQPLWPLU,KUP|JHWIUGDVEULJH VRUJHQ'HVJUDLV(LQGXPSIHV0XUPHOQGHV%HLIDOOVOLHIGXUFKGDV 9RON'LH:HLEHUKREHQGDV0lGFKHQLQGLH+|KHDOOHVGUlQJWH VLFKKLQ]XKXQGHUW+lQGHPKWHQVLFKLKQHQEHL]XVWHKHQXQG ZLHLQGHQ/IWHQVFKZHEHQGZXUGHGDV0lGFKHQLQGLH.XWVFKH JHWUDJHQLQGHP6HJQXQJHQGHUZUGLJHQ'DPHGLHGLH 8QVFKXOGGHP%OXWJHULFKWHQWULVVHQYRQDOOHQ/LSSHQVWU|PWHQ
6HURQVGHVEHUKPWHVWHQ$U]WHVLQ3DULV%HPKXQJHQJHODQJHV HQGOLFK0DGHORQGLHVWXQGHQODQJLQVWDUUHU%HZXWORVLJNHLW JHOHJHQZLHGHU]XVLFKVHOEVW]XEULQJHQ'LH6FXGHULYROOHQGHWH ZDVGHU$U]WEHJRQQHQLQGHPVLHPDQFKHQPLOGHQ +RIIQXQJVVWUDKOOHXFKWHQOLHLQGHV0lGFKHQV6HHOHELVHLQ KHIWLJHU7UlQHQVWURPGHUDXVLKUHQ$XJHQVWU]WHLKU/XIW PDFKWH6LHYHUPRFKWHLQGHPQXUGDQQXQGZDQQGLHhEHUPDFKW GHVGXUFKERKUHQGVWHQ6FKPHU]HVGLH:RUWHLQWLHIHP6FKOXFK]HQ HUVWLFNWH]XHU]lKOHQZLHVLFKDOOHVEHJHEHQ 8P0LWWHUQDFKWZDUVLHGXUFKOHLVHV.ORSIHQDQLKUHU6WXEHQWUH JHZHFNWZRUGHQXQGKDWWH2OLYLHUV6WLPPHYHUQRPPHQGHUVLH EHVFKZRUHQGRFKQXUJOHLFKDXI]XVWHKHQZHLOGHU9DWHULP 6WHUEHQOLHJH(QWVHW]WVHLVLHDXIJHVSUXQJHQXQGKDEHGLH7U JH|IIQHW2OLYLHUEOHLFKXQGHQWVWHOOWYRQ6FKZHLWULHIHQGVHL GDV/LFKWLQ GHU+DQGPLWZDQNHQGHQ6FKULWWHQQDFKGHU :HUNVWDWWJHJDQJHQVLHLKPJHIROJW'DKDEHGHU9DWHUJHOHJHQ
PLWVWDUUHQ$XJHQXQGJHU|FKHOWLP7RGHVNDPSIH-DPPHUQG KDEHVLHVLFKDXILKQJHVWU]WXQGQXQHUVWVHLQEOXWLJHV+HPGH EHPHUNW2OLYLHUKDEHVLHVDQIWZHJJH]RJHQXQGVLFKGDQQ EHPKWHLQH:XQGHDXIGHUOLQNHQ%UXVWGHV9DWHUVPLW :XQGEDOVDP]XZDVFKHQXQG]XYHUELQGHQ:lKUHQGGHVVHQVHL GHV9DWHUV%HVLQQXQJ]XUFNJHNHKUWHUKDEH]XU|FKHOQ DXIJHK|UWXQGVLHGDQQDEHU2OLYLHUPLWVHHOHQYROOHP%OLFN DQJHVFKDXWLKUH+DQGHUJULIIHQVLHLQ2OLYLHUV+DQGJHOHJWXQG EHLGHKHIWLJJHGUFNW%HLGH2OLYLHUXQGVLHZlUHQEHLGHP/DJHU GHV9DWHUVDXIGLH.QLHJHIDOOHQHUKDEHVLFKPLWHLQHP VFKQHLGHQGHQ/DXWLQGLH+|KHJHULFKWHWVHLDEHUJOHLFKZLHGHU ]XUFNJHVXQNHQXQGPLWHLQHPWLHIHQ6HXI]HUYHUVFKLHGHQ1XQ KlWWHQVLHEHLGHODXWJHMDPPHUWXQGJHNODJW2OLYLHUKDEHHU]lKOW ZLHGHU0HLVWHUDXIHLQHP*DQJHGHQHUPLWLKPDXIVHLQ*HKHL LQGHU1DFKWKDEHPDFKHQPVVHQLQVHLQHU*HJHQZDUWHUPRUGHW ZRUGHQXQGZLHHUPLWGHUJU|WHQ$QVWUHQJXQJGHQVFKZHUHQ 0DQQGHQHUQLFKWDXIGHQ7RGYHUZXQGHWJHKDOWHQQDFK+DXVH JHWUDJHQ6RZLHGHU0RUJHQDQJHEURFKHQZlUHQGLH+DXVOHXWH GHQHQGDV*HSROWHUGDVODXWH:HLQHQXQG-DPPHUQLQGHU1DFKW DXIJHIDOOHQKHUDXIJHNRPPHQXQGKlWWHQVLHQRFKJDQ]WURVWORV EHLGHU/HLFKHGHV9DWHUVNQLHQGJHIXQGHQ1XQVHL/lUP HQWVWDQGHQGLH0DUHFKDXVVHHHLQJHGUXQJHQXQG2OLYLHUDOV 0|UGHUVHLQHV0HLVWHUVLQV*HIlQJQLVJHVFKOHSSWZRUGHQ0DGHORQ IJWHQXQGLHUKUHQGVWH6FKLOGHUXQJYRQGHU7XJHQGGHU )U|PPLJNHLWGHU7UHXHLKUHVJHOLHEWHQ2OLYLHUKLQ]X:LHHUGHQ 0HLVWHUDOVVHLHUVHLQHLJHQHU9DWHUKRFKLQ(KUHQJHKDOWHQZLH GLHVHUVHLQH/LHEHLQYROOHP0DHUZLGHUWZLHHULKQWURW]VHLQHU $UPXW]XP(LGDPHUNRUHQZHLOVHLQH*HVFKLFNOLFKNHLWVHLQHU 7UHXHVHLQHPHGOHQ*HPWJOHLFKJHNRPPHQ'DVDOOHVHU]lKOWH 0DGHORQDXVGHPLQQHUVWHQ+HU]HQKHUDXVXQGVFKORGDPLWGD ZHQQ2OLYLHULQLKUHP%HLVHLQGHP9DWHUGHQ'ROFKLQGLH%UXVW JHVWRHQKlWWHVLHGLHVHKHUIUHLQ%OHQGZHUNGHV6DWDQV KDOWHQDOVGDUDQJODXEHQZUGHGD2OLYLHUHLQHVVROFKHQ HQWVHW]OLFKHQJUDXHQYROOHQ9HUEUHFKHQVIlKLJVHLQN|QQH 'LH6FXGHULYRQ0DGHORQVQDPHQORVHQ/HLGHQDXIGDVWLHIVWH JHUKUWXQGJDQ]JHQHLJWGHQDUPHQ2OLYLHUIUXQVFKXOGLJ]X KDOWHQ]RJ(UNXQGLJXQJHQHLQXQGIDQGDOOHVEHVWlWLJWZDV 0DGHORQEHUGDVKlXVOLFKH9HUKlOWQLVGHV0HLVWHUVPLWVHLQHP *HVHOOHQHU]lKOWKDWWH'LH+DXVOHXWHGLH1DFKEDUQUKPWHQ
HLQVWLPPLJGHQ2OLYLHUDOVGDV0XVWHUHLQHVVLWWLJHQIURPPHQ WUHXHQIOHLLJHQ%HWUDJHQVQLHPDQGZXWH%|VHVYRQLKPXQG GRFKZDUYRQGHUJUlOLFKHQ7DWGLH5HGH]XFNWHMHGHUGLH $FKVHOQXQGPHLQWHGDULQOLHJHHWZDV8QEHJUHLIOLFKHV
2OLYLHUYRUGLH&KDPEUHDUGHQWH JHVWHOOWOHXJQHWHZLHGLH 6FXGHULYHUQDKPPLWGHUJU|WHQ6WDQGKDIWLJNHLWPLWGHP KHOOVWHQ)UHLPXWGLHLKPDQJHVFKXOGLJWH7DWXQGEHKDXSWHWHGD VHLQ0HLVWHULQVHLQHU*HJHQZDUWDXIGHU6WUDHDQJHIDOOHQXQG QLHGHUJHVWRHQZRUGHQGDHULKQDEHUQRFKOHEHQGLJQDFK +DXVHJHVFKOHSSWZRHUVHKUEDOGYHUVFKLHGHQVHL$XFKGLHV VWLPPWHDOVRPLW0DGHORQV(U]lKOXQJEHUHLQ
,PPHUXQGLPPHUZLHGHUOLHVLFKGLH6FXGHULGLHNOHLQVWHQ 8PVWlQGHGHVVFKUHFNOLFKHQ(UHLJQLVVHVZLHGHUKROHQ6LHIRUVFKWH JHQDXREMHPDOVHLQ6WUHLW]ZLVFKHQ0HLVWHUXQG*HVHOOHQ YRUJHIDOOHQREYLHOOHLFKW2OLYLHUQLFKWJDQ]IUHLYRQMHQHP-lK]RUQ VHLGHURIWZLHHLQEOLQGHU:DKQVLQQGLHJXWPWLJVWHQ0HQVFKHQ EHUIlOOWXQG]X7DWHQYHUOHLWHWGLHDOOH:LOONUGHV+DQGHOQV DXV]XVFKOLHHQVFKHLQHQ'RFKMHEHJHLVWHUWHU0DGHORQYRQGHP UXKLJHQKlXVOLFKHQ*OFNVSUDFKLQGHPGLHGUHL 0HQVFKHQLQ LQQLJVWHU/LHEHYHUEXQGHQOHEWHQGHVWRPHKUYHUVFKZDQGMHGHU 6FKDWWHQGHV9HUGDFKWVZLGHUGHQDXIGHQ7RGDQJHNODJWHQ 2OLYLHU*HQDXDOOHVSUIHQGGDYRQDXVJHKHQGGD2OLYLHU XQHUDFKWHWDOOHVGHVVHQZDVODXWIUVHLQH8QVFKXOGVSUlFKH GHQQRFK&DUGLOODFV0|UGHUJHZHVHQIDQGGLH6FXGHULLP5HLFK GHU0|JOLFKNHLWNHLQHQ%HZHJJUXQG]XGHUHQWVHW]OLFKHQ7DWGLH LQMHGHP)DOO2OLYLHUV*OFN]HUVW|UHQPXWH± (ULVWDUPDEHU JHVFKLFNW± (VJHODQJLKPGLH=XQHLJXQJGHVEHUKPWHVWHQ 0HLVWHUV]XJHZLQQHQHUOLHEWGLH7RFKWHUGHU0HLVWHUEHJQVWLJW VHLQH/LHEH*OFN:RKOVWDQGIUVHLQJDQ]HV/HEHQZLUGLKP HUVFKORVVHQ± 6HLHVDEHUQXQGD*RWWZHLDXIZHOFKH:HLVH JHUHL]W2OLYLHUYRP=RUQEHUPDQQWVHLQHQ:RKOWlWHUVHLQHQ 9DWHUP|UGHULVFKDQILHOZHOFKHWHXIOLVFKH+HXFKHOHLJHK|UWGD]X QDFKGHU7DWVLFKVR]XEHWUDJHQDOVHVZLUNOLFKJHVFKDK± 0LW GHUIHVWHQhEHU]HXJXQJYRQ2OLYLHUV8QVFKXOGIDWHGLH6FXGHUL GHQ(QWVFKOXGHQXQVFKXOGLJHQ-QJOLQJ]XUHWWHQNRVWHHV ZDVHVZROOH (VVFKLHQLKUHKHVLHGLH+XOGGHV.|QLJVVHOEVWYLHOOHLFKWDQUXIH DPJHUDWHQVWHQVLFKDQGHQ3UlVLGHQWHQOD 5HJQLH]XZHQGHQ
LKQDXIDOOH8PVWlQGHGLHIU2OLYLHUV8QVFKXOGVSUHFKHQ PXWHQDXIPHUNVDP]XPDFKHQXQGVRYLHOOHLFKWLQGHV 3UlVLGHQWHQ6HHOHHLQHLQQHUHGHP$QJHNODJWHQJQVWLJH hEHU]HXJXQJ]XHUZHFNHQGLHVLFKZRKOWlWLJGHQ5LFKWHUQ PLWWHLOHQVROOWH
/D5HJQLHHPSILQJGLH6FXGHULPLWGHUKRKHQ$FKWXQJDXIGLHGLH ZUGLJH'DPHYRQGHP.|QLJHVHOEVWKRFKJHHKUWJHUHFKWHQ $QVSUXFKPDFKHQNRQQWH(UK|UWHUXKLJDOOHVDQZDVVLHEHU GLHHQWVHW]OLFKH7DWEHU2OLYLHUV9HUKlOWQLVVHEHUVHLQHQ &KDUDNWHUYRUEUDFKWH(LQIHLQHVEHLQDKHKlPLVFKHV/lFKHOQZDU LQGHVVHQDOOHVZRPLWHUEHZLHVGDGLH%HWHXUXQJHQGLHYRQ KlXILJHQ7UlQHQEHJOHLWHWHQ(UPDKQXQJHQZLHMHGHU5LFKWHU QLFKWGHU)HLQGGHV$QJHNODJWHQVHLQVRQGHUQDXFKDXIDOOHV DFKWHQPVVHZDV]XVHLQHQ*XQVWHQVSUlFKHQLFKWDQJlQ]OLFK WDXEHQ2KUHQYRUEHUJOLWWHQ$OVGDV)UlXOHLQQXQHQGOLFKJDQ] HUVFK|SIWGLH7UlQHQYRQGHQ$XJHQZHJWURFNQHQGVFKZLHJILQJ OD 5HJQLHDQ (VLVWJDQ](XUHVYRUWUHIIOLFKHQ+HU]HQVZUGLJ PHLQ)UlXOHLQGD,KUJHUKUWYRQGHQ7UlQHQHLQHVMXQJHQ YHUOLHEWHQ0lGFKHQVDOOHVJODXEWZDVVLHYRUEULQJWMDGD,KU QLFKWIlKLJVHLGGHQ*HGDQNHQHLQHUHQWVHW]OLFKHQ8QWDW]X IDVVHQDEHUDQGHUVLVWHVPLWGHP5LFKWHUGHUJHZRKQWLVW IUHFKHU+HXFKHOHLGLH/DUYHDE]XUHLHQ:RKOPDJHVQLFKW PHLQHV$PWHVVHLQMHGHPGHUPLFKIUlJWGHQ*DQJHLQHV .ULPLQDOSUR]HVVHV]XHQWZLFNHOQ)UlXOHLQLFKWXHPHLQH3IOLFKW ZHQLJNPPHUWPLFKGDV8UWHLOGHU:HOW=LWWHUQVROOHQGLH %|VHZLFKWHUYRUGHU&KDPEUHDUGHQWHGLHNHLQH6WUDIHNHQQWDOV %OXWXQG)HXHU$EHUYRQ(XFKPHLQZUGLJHV)UlXOHLQP|FKW LFKQLFKWIUHLQ8QJHKHXHUJHKDOWHQZHUGHQDQ+lUWHXQG *UDXVDPNHLWGDUXPYHUJ|QQWPLUGDLFK(XFKPLWZHQLJHQ :RUWHQGLH%OXWVFKXOGGHVMXQJHQ%|VHZLFKWVGHUGHP+LPPHO VHLHVJHGDQNWGHU5DFKHYHUIDOOHQLVWNODUYRU$XJHQOHJH(XHU VFKDUIVLQQLJHU*HLVWZLUGGDQQVHOEVWGLH*XWPWLJNHLW YHUVFKPlKHQ GLH(XFK(KUHPDFKWPLUDEHUJDUQLFKWDQVWHKHQ ZUGH± $OVR± $P0RUJHQZLUG5HQp&DUGLOODFGXUFKHLQHQ 'ROFKVWRHUPRUGHWJHIXQGHQ1LHPDQGLVWEHLLKPDOVVHLQ *HVHOOH2OLYLHU%UXRQXQGGLH7RFKWHU,Q2OLYLHUV.DPPHUXQWHU DQGHUHPILQGHWPDQHLQHQ'ROFKYRQIULVFKHP%OXWHJHIlUEWGHU JHQDXLQGLH:XQGHSDW&DUGLOODFLVWVSULFKW2OLYLHULQGHU 1DFKWYRUPHLQHQ$XJHQQLHGHUJHVWRHQZRUGHQ± 0DQZROOWH
LKQEHUDXEHQ"'DVZHLLFKQLFKW± 'XJLQJVWPLWLKPXQGHV ZDUGLUQLFKWP|JOLFKGHP0|UGHU]XZHKUHQ"± LKQIHVW]XKDOWHQ" XP+LOIH]XUXIHQ")QI]HKQZRKO]ZDQ]LJ6FKULWWHYRUPLUJLQJ GHU0HLVWHULFKIROJWHLKP:DUXPLQDOOHU:HOWVRHQWIHUQW"± 'HU0HLVWHUZROOW HVVR:DVKDWWHEHUKDXSW0HLVWHU&DUGLOODFVR VSlWDXIGHU6WUDH]XWXQ"± 'DVNDQQLFKQLFKWVDJHQ6RQVWLVW HUDEHUGRFKQLHPDOVQDFKQHXQ8KUDEHQGVDXVGHP+DXVH JHNRPPHQ"± +LHUVWRFNW2OLYLHUHULVWEHVWU]WHUVHXI]WHU YHUJLHW7UlQHQHUEHWHXHUWEHLDOOHPZDVKHLOLJGD&DUGLOODF ZLUNOLFKLQMHQHU1DFKWDXVJHJDQJHQVHLXQGVHLQHQ7RGJHIXQGHQ KDEH1XQPHUNWDEHUZRKODXIPHLQ)UlXOHLQ(UZLHVHQLVWHVELV ]XUYROONRPPHQVWHQ*HZLKHLWGD&DUGLOODFLQMHQHU1DFKWGDV +DXVQLFKWYHUOLHPLWKLQLVW2OLYLHUV%HKDXSWXQJHUVHLPLWLKP ZLUNOLFKDXVJHJDQJHQHLQHIUHFKH/JH'LH+DXVWUHLVWPLW HLQHPVFKZHUHQ6FKORYHUVHKHQZHOFKHVEHLGHP$XI XQG =XVFKOLHHQHLQGXUFKGULQJHQGHV*HUlXVFKPDFKWGDQQDEHU EHZHJWVLFKGHU7UIOJHOZLGULJNQDUUHQGXQGKHXOHQGLQGHQ $QJHOQVRGDZLHHVDQJHVWHOOWH9HUVXFKHEHZlKUWKDEHQ VHOEVWLPREHUVWHQ6WRFNGHV+DXVHVGDV*HW|VHZLGHUKDOOW1XQ ZRKQWLQGHPXQWHUVWHQ6WRFNDOVRGLFKWQHEHQGHU+DXVWUGHU DOWH0HLVWHU&ODXGH3DWUXPLWVHLQHU$XIZlUWHULQHLQHU3HUVRQYRQ EHLQDKHDFKW]LJ-DKUHQDEHUQRFKPXQWHUXQGUKULJ'LHVH EHLGHQ3HUVRQHQK|UWHQZLH&DUGLOODFQDFKVHLQHUJHZ|KQOLFKHQ :HLVHDQMHQHP$EHQG3XQNWQHXQ8KUGLH7UHSSHKLQDENDPGLH 7UHPLWYLHOHP*HUlXVFKYHUVFKORXQGYHUUDPPHOWHGDQQ ZLHGHUKLQDXIVWLHJGHQ$EHQGVHJHQODXWODVXQGGDQQZLHPDQ HVDQGHP=XVFKODJHQGHU7UHYHUQHKPHQNRQQWHLQVHLQ 6FKODI]LPPHUJLQJ0HLVWHU&ODXGHOHLGHWDQ6FKODIORVLJNHLWZLH HVDOWHQ/HXWHQZRKO]XJHKHQSIOHJW$XFKLQMHQHU1DFKWNRQQWH HUNHLQ$XJH]XWXQ'LH$XIZlUWHULQVFKOXJGDKHUHVPRFKWHKDOE ]HKQ8KUVHLQLQGHU.FKHLQGLHVLHEHUGHQ+DXVIOXUJHKHQG JHODQJW/LFKWDQXQGVHW]WHVLFK]XP0HLVWHU&ODXGHDQGHQ7LVFK PLWHLQHUDOWHQ&KURQLNLQGHUVLHODVZlKUHQGGHU$OWHVHLQHQ *HGDQNHQQDFKKlQJHQGEDOGVLFKLQGHQ/HKQVWXKOVHW]WHEDOG ZLHGHUDXIVWDQGXQGXP0GLJNHLWXQG6FKODI]XJHZLQQHQLP =LPPHUOHLVHXQGODQJVDPDXIXQGDEVFKULWW(VEOLHEDOOHVVWLOO XQGUXKLJELVQDFK0LWWHUQDFKW'DK|UWHQVLHEHUVLFKVFKDUIH 7ULWWHHLQHQKDUWHQ)DOODOVVWU]HHLQHVFKZHUH/DVW]X%RGHQ XQGJOHLFKGDUDXIHLQGXPSIHV6W|KQHQ,QEHLGHNDPHLQH VHOWVDPH$QJVWXQG%HNORPPHQKHLW'LH6FKDXHUGHU
HQWVHW]OLFKHQ7DWGLHHEHQEHJDQJHQJLQJHQEHLLKQHQYRUEHU ± 0LWGHPKHOOHQ0RUJHQWUDWGDQQDQV/LFKWZDVLQGHU)LQVWHUQLV EHJRQQHQ± $EHUILHO GLH6FXGHULHLQDEHUXPDOOHU+HLOLJHQ ZLOOHQN|QQW,KUEHLDOOHQ8PVWlQGHQGLHLFKHUVWZHLWOlXILJ HU]lKOWH(XFKGHQQLUJHQGHLQHQ$QOD]XGLHVHU7DWGHU+|OOH GHQNHQ"± +PHUZLGHUWHOD 5HJQLH&DUGLOODFZDUQLFKWDUP± LP %HVLW]YRUWUHIIOLFKHU6WHLQH%HNDPIXKUGLH6FXGHULIRUWEHNDP GHQQQLFKWDOOHVGLH7RFKWHU"± ,KUYHUJHWGD2OLYLHU&DUGLOODFV 6FKZLHJHUVRKQZHUGHQVROOWH(UPXWHYLHOOHLFKWWHLOHQRGHUJDU QXUIUDQGHUHPRUGHQVSUDFKOD 5HJQLH7HLOHQIUDQGHUH PRUGHQ"IUDJWHGLH6FXGHULLQYROOHP(UVWDXQHQ:LWIXKUGHU 3UlVLGHQWIRUWZLWPHLQ)UlXOHLQGD2OLYLHUVFKRQOlQJVW JHEOXWHWKlWWHDXIGHP*UHYHSODW]VWQGHVHLQH7DWQLFKWLQ %H]LHKXQJPLWGHPGLFKWYHUVFKOHLHUWHQ*HKHLPQLVGDVELVKHUVR EHGURKOLFKEHUJDQ]3DULVZDOWHWH2OLYLHUJHK|UWRIIHQEDU]X MHQHUYHUUXFKWHQ%DQGHGLHDOOH$XIPHUNVDPNHLWDOOH0KHDOOHV )RUVFKHQGHU*HULFKWVK|IHYHUVSRWWHQGLKUH6WUHLFKHVLFKHUXQG XQJHVWUDIW]XIKUHQZXWH'XUFKLKQZLUG± PXDOOHVNODU ZHUGHQ'LH:XQGH&DUGLOODFVLVWGHQHQJDQ]lKQOLFKGLHDOOHDXI GHQ6WUDHQLQGHQ+lXVHUQ(UPRUGHWHXQG%HUDXEWHWUXJHQ 'DQQDEHUGDV(QWVFKHLGHQGVWHVHLWGHU=HLWGD2OLYLHU%UXRQ YHUKDIWHWLVWKDEHQDOOH0RUGWDWHQDOOH%HUDXEXQJHQDXIJHK|UW 6LFKHUVLQGGLH6WUDHQ]XU1DFKW]HLWZLHDP7DJH%HZHLVJHQXJ GD2OLYLHUYLHOOHLFKWDQGHU6SLW]HMHQHU0RUGEDQGHVWDQG1RFK ZLOOHUQLFKWEHNHQQHQDEHUHVJLEW0LWWHOLKQVSUHFKHQ]X PDFKHQZLGHUVHLQHQ:LOOHQ8QG0DGHORQULHIGLH6FXGHULXQG 0DGHORQGLHWUHXHXQVFKXOGLJH7DXEH± (LVSUDFKOD 5HJQLHPLW HLQHPJLIWLJHQ/lFKHOQHLZHUVWHKWPLUGDIUGDVLHQLFKWPLW LP.RPSORWWLVW:DVLVWLKUDQGHP9DWHUJHOHJHQQXUGHP 0RUGEXEHQJHOWHQLKUH7UlQHQ:DVVDJW,KUVFKULHGLH6FXGHUL HVLVWQLFKWP|JOLFK GHQ9DWHUGLHVHV0lGFKHQ± 2IXKU OD 5HJQLHIRUWRGHQNWGRFKQXUDQGLH%ULQYLOOLHU,KUP|JHWHV PLUYHU]HLKHQZHQQLFKPLFKYLHOOHLFKWEDOGJHQ|WLJWVHKH(XFK (XUHQ6FKW]OLQJ]XHQWUHLHQXQGLQGLH&RQFLHUJHULHZHUIHQ]X ODVVHQ± 'HU6FXGHULJLQJHLQ*UDXVHQ DQEHLGLHVHP HQWVHW]OLFKHQ9HUGDFKW(VZDULKUDOVN|QQHYRUGLHVHP VFKUHFNOLFKHQ0DQQHNHLQH7UHXHNHLQH7XJHQGEHVWHKHQDOV VSlKHHULQGHQWLHIVWHQJHKHLPVWHQ*HGDQNHQ0RUGXQG %OXWVFKXOG6LHVWDQGDXI6HLGPHQVFKOLFKGDVZDUDOOHVZDVVLH EHNORPPHQPKVDPDWPHQGKHUYRUEULQJHQNRQQWH6FKRQLP
%HJULIIGLH7UHSSHKLQDE]XVWHLJHQELV]XGHUGHU3UlVLGHQWVLH PLW]HUHPRQL|VHU$UWLJNHLWEHJOHLWHWKDWWHNDPLKUVHOEVWZXWH VLHQLFKWZLHHLQVHOWVDPHU*HGDQNH:UG HVPLUZRKOHUODXEW VHLQGHQXQJOFNOLFKHQ2OLYLHU%UXRQ]XVHKHQ"6RIUDJWHVLH GHQ3UlVLGHQWHQVLFKUDVFKXPZHQGHQG'LHVHUVFKDXWHVLHPLW EHGHQNOLFKHU0LHQHDQGDQQYHU]RJVLFKVHLQ*HVLFKWLQMHQHV ZLGULJH/lFKHOQGDVLKPHLJHQ*HZLVSUDFKHUJHZLZROOW,KU QXQPHLQZUGLJHV)UlXOHLQ(XUHP*HIKOGHULQQHUQ6WLPPH PHKUYHUWUDXHQGDOVGHPZDVYRUXQVHUQ$XJHQJHVFKHKHQ VHOEVW2OLYLHUV6FKXOGRGHU8QVFKXOGSUIHQ6FKHXW,KUQLFKWGHQ GVWHUQ$XIHQWKDOWGHV9HUEUHFKHQVLVWHV(XFKQLFKWJHKlVVLJ GLH%LOGHUGHU9HUZRUIHQKHLWLQDOOHQ$EVWXIXQJHQ]XVHKHQVR VROOHQIU(XFKLQ]ZHL6WXQGHQGLH7RUHGHU&RQFLHUJHULHRIIHQ VHLQ0DQZLUG(XFKGLHVHQ2OLYLHUGHVVHQ6FKLFNVDO(XUH 7HLOQDKPHHUUHJWYRUVWHOOHQ
,QGHU7DWNRQQWHVLFKGLH6FXGHULYRQGHU6FKXOGGHVMXQJHQ 0HQVFKHQQLFKWEHU]HXJHQ$OOHVVSUDFKZLGHULKQMDNHLQ 5LFKWHULQGHU:HOWKlWWHDQGHUVJHKDQGHOWZLHOD 5HJQLHEHL VROFKHQWVFKHLGHQGHQ7DWVDFKHQ$EHUGDV%LOGKlXVOLFKHQ*OFNV ZLHHV0DGHORQPLWGHQOHEHQGLJVWHQ=JHQGHU6FXGHULYRU $XJHQJHVWHOOWEHUVWUDKOWHMHGHQE|VHQ9HUGDFKWXQGVR PRFKWHVLHOLHEHUHLQXQHUNOlUOLFKHV*HKHLPQLVDQQHKPHQDOV GDUDQJODXEHQZRJHJHQLKUJDQ]HV,QQHUHVVLFKHPS|UWH 6LHJHGDFKWHVLFKYRQ2OLYLHUQRFKHLQPDODOOHVZLHHVVLFKLQ MHQHUYHUKlQJQLVYROOHQ1DFKWEHJHEHQHU]lKOHQ]XODVVHQXQGVR YLHOZLHP|JOLFKLQHLQ*HKHLPQLV]XGULQJHQGDVYLHOOHLFKWGHQ 5LFKWHUQYHUVFKORVVHQJHEOLHEHQZHLOHVZHUWORVVFKLHQVLFK ZHLWHUGDUXP]XEHNPPHUQ ,QGHU&RQFLHUJHULHDQJHNRPPHQIKUWHPDQGLH6FXGHULLQHLQ JURHVKHOOHV*HPDFK1LFKWODQJHGDUDXIYHUQDKPVLH .HWWHQJHUDVVHO2OLYLHU%UXRQZXUGHJHEUDFKW'RFKVRZLHHULQ GLH7UHWUDWVDQNDXFKGLH6FXGHULRKQPlFKWLJQLHGHU$OVVLH VLFKHUKROWKDWWHZDU2OLYLHUYHUVFKZXQGHQ6LHYHUODQJWHPLW +HIWLJNHLWGDPDQVLHQDFKGHP:DJHQEULQJHIRUW DXJHQEOLFNOLFKIRUWZROOWHVLHDXVGHQ*HPlFKHUQGHUIUHYHOQGHQ 9HUUXFKWKHLW$FK± DXIGHQHUVWHQ%OLFNKDWWHVLHLQ2OLYLHU %UXRQGHQMXQJHQ0HQVFKHQHUNDQQWGHUDXIGHP3RQWQHXI MHQHV%ODWWLKULQGHQ:DJHQJHZRUIHQGHULKUGDV.lVWFKHQPLW
GHQ-XZHOHQJHEUDFKWKDWWH± 1XQZDUMDMHGHU=ZHLIHOJHKREHQ OD 5HJQLHVVFKUHFNOLFKH9HUPXWXQJJDQ]EHVWlWLJW2OLYLHU%UXRQ JHK|UW]XGHUIUFKWHUOLFKHQ0RUGEDQGHJHZLHUPRUGHWHHUDXFK GHQ0HLVWHU± 8QG0DGHORQ"± 6RELWWHUQRFKQLHYRPLQQHUQ *HIKOJHWlXVFKWDXIGHQ7RGDQJHSDFNWYRQGHUK|OOLVFKHQ 0DFKWDXI(UGHQDQGHUHQ'DVHLQVLHQLFKWJHJODXEWYHU]ZHLIHOWH GLH6FXGHULDQDOOHU:DKUKHLW6LHJDE5DXPGHPHQWVHW]OLFKHQ 9HUGDFKWGD0DGHORQPLWYHUVFKZRUHQ VHLQXQGWHLOKDEHQ N|QQHDQGHUJUlOLFKHQ%OXWVFKXOG:LHHVGHQQJHVFKLHKWGD GHUPHQVFKOLFKH*HLVWLVWLKPHLQ%LOGDXIJHJDQJHQHPVLJ )DUEHQVXFKWXQGILQGHWHVJUHOOHUXQGJUHOOHUDXV]XPDOHQVR IDQGDXFKGLH6FXGHULMHGHQ8PVWDQGGHU7DW0DGHORQV %HWUDJHQLQGHQNOHLQVWHQ=JHQHUZlJHQGJDUYLHOHVMHQHQ 9HUGDFKW]XQlKUHQ6RZXUGHPDQFKHVZDVLKUELVKHUDOV %HZHLVGHU8QVFKXOGXQG5HLQKHLWJHJROWHQVLFKHUHV0HUNPDO IUHYHOLJHU%RVKHLWVWXGLHUWHU+HXFKHOHL-HQHUKHU]]HUUHLHQGH -DPPHUGLHEOXWLJHQ7UlQHQNRQQWHQZRKOHUSUHWVHLQYRQGHU 7RGHVDQJVWQLFKWGHQ*HOLHEWHQEOXWHQ]XVHKHQQHLQ± VHOEVW]X IDOOHQXQWHUGHU+DQGGHV+HQNHUV*OHLFKVLFKGLH6FKODQJHGLH VLHLP%XVHQQlKUHYRP+DOVH]XVFKDIIHQ PLWGLHVHP(QWVFKOX VWLHJGLH 6FXGHULDXVGHP:DJHQ,QLKU*HPDFKHLQJHWUHWHQ ZDUI0DGHORQVLFKLKU]X)HQ'LH+LPPHOVDXJHQHLQ(QJHO *RWWHVKDWVLHQLFKWWUHXHU]XLKUHPSRUJHULFKWHWGLH+lQGHYRU GHUZDOOHQGHQ%UXVW]XVDPPHQJHIDOWHWMDPPHUWHXQGIOHKWHVLH ODXWXP+LOIHXQG 7URVW'LH6FXGHULVLFKPKVDP ]XVDPPHQIDVVHQGVSUDFKLQGHPVLHGHP7RQLKUHU6WLPPHVR YLHO(UQVWXQG5XKH]XJHEHQVXFKWHDOVLKUP|JOLFK *HK ± JHK ± WU|VWHGLFKQXUEHUGHQ0|UGHUGHQGLHJHUHFKWH6WUDIHVHLQHU 6FKDQGWDWHQHUZDUWHW± 'LHKHLOLJH-XQJIUDXP|JHYHUKWHQGD QLFKWDXIGLUVHOEVWHLQH%OXWVFKXOGVFKZHUODVWH$FKQXQLVWDOOHV YHUORUHQ± 0LWGLHVHPJHOOHQGHQ$XVUXIVWU]WH0DGHORQ RKQPlFKWLJ]X%RGHQ'LH6FXGHULEHUOLHGLH6RUJHXPGDV 0lGFKHQGHU0DUWLQLHUHXQGHQWIHUQWHVLFK LQHLQDQGHUHV *HPDFK ± *DQ]]HUULVVHQLP,QQHUQHQW]ZHLPLWDOOHP,UGLVFKHQZQVFKWH GLH6FXGHULQLFKWPHKULQHLQHU:HOWYROOK|OOLVFKHQ7UXJHV]X OHEHQ6LHNODJWHGDV9HUKlQJQLVDQGDVLQELWWHUP+RKQLKUVR YLHOH-DKUHJHJ|QQWLKUHQ*ODXEHQDQ7XJHQGXQG7UHXH]X
VWlUNHQXQGQXQLQLKUHP$OWHUGDVVFK|QH%LOGYHUQLFKWHZHOFKHV LKULP/HEHQJHOHXFKWHW
6LHYHUQDKPZLHGLH0DUWLQLHUH0DGHORQIRUWEUDFKWHGLHOHLVH VHXI]WHXQGMDPPHUWH $FK± DXFKVLH± DXFKVLH KDEHQGLH *UDXVDPHQEHW|UW± ,FK(OHQGH± DUPHUXQJOFNOLFKHU2OLYLHU± 'LH7|QHGUDQJHQGHU6FXGHULLQV+HU]XQGDXIVQHXHUHJWHVLFK DXVGHPWLHIVWHQ,QQHUQKHUDXVGLH$KQXQJHLQHV*HKHLPQLVVHV GHU*ODXEHDQ2OLYLHUV8QVFKXOG%HGUlQJWYRQGHQ ZLGHUVSUHFKHQGVWHQ*HIKOHQJDQ]DXHUVLFKULHIGLH6FXGHUL :HOFKHU*HLVWGHU+|OOHKDWPLFKLQGLHHQWVHW]OLFKH*HVFKLFKWH YHUZLFNHOWGLHPLUGDV/HEHQNRVWHQZLUG± ,QGHP$XJHQEOLFN WUDW%DSWLVWHKLQHLQEOHLFKXQGHUVFKURFNHQPLWGHU1DFKULFKW GD'HVJUDLVGUDXHQVHL6HLWGHPDEVFKHXOLFKHQ3UR]HGHU OD 9RLVLQZDU'HVJUDLV (UVFKHLQXQJLQHLQHP+DXVHGHUJHZLVVH 9RUERWHLUJHQGHLQHUSHLQOLFKHQ$QNODJHGDKHUNDP%DSWLVWHV 6FKUHFNGHVKDOEIUDJWHLKQGDV)UlXOHLQPLWPLOGHP/lFKHOQ :DV LVWGLU%DSWLVWH"± 1LFKWZDKU± GHU1DPH6FXGHULEHIDQGVLFK DXIGHU/LVWHGHUOD 9RLVLQ"$FKXP&KULVWXVZLOOHQHUZLGHUWH %DSWLVWHDPJDQ]HQ/HLEH]LWWHUQGZLHP|JHW,KUQXUVRHWZDV DXVVSUHFKHQDEHU'HVJUDLV± GHUHQWVHW]OLFKH'HVJUDLVWXWVR JHKHLPQLVYROOVRGULQJHQGHUVFKHLQWHVJDUQLFKWHUZDUWHQ]X N|QQHQ(XFK]XVHKHQ± 1XQVSUDFKGLH6FXGHULQXQ%DSWLVWH VRIKUWLKQQXUJOHLFKKHUHLQGHQ0HQVFKHQGHU(XFKVR IUFKWHUOLFKLVWXQGGHUPLU ZHQLJVWHQVNHLQH%HVRUJQLVHUUHJHQ NDQQ± 'HU3UlVLGHQWVSUDFK'HVJUDLVDOVHULQV*HPDFK JHWUHWHQGHU3UlVLGHQWOD 5HJQLHVFKLFNWPLFK]X(XFKPHLQ )UlXOHLQPLWHLQHU%LWWHDXIGHUHQ(UIOOXQJHUJDUQLFKWKRIIHQ ZUGHNHQQWHHUQLFKW(XUH7XJHQG(XHUQ0XWOlJHQLFKWGDV OHW]WH0LWWHOHLQHE|VH%OXWVFKXOGDQGHQ7DJ]XEULQJHQLQ (XHUQ+lQGHQKlWWHW,KUQLFKWVHOEVWVFKRQWHLOJHQRPPHQDQ GHPE|VHQ3UR]HGHUGLH&KDPEUHDUGHQWHXQVDOOHLQ$WHP KlOW2OLYLHU%UXRQVHLWGHPHU(XFKJHVHKHQKDWLVWKDOE UDVHQG6RVHKUHUVFKRQ]XP%HNHQQWQLVVLFK]XQHLJHQVFKLHQ VRVFKZ|UWHU GRFKMHW]WDXIVQHXHEHL&KULVWXVXQGDOOHQ+HLOLJHQ GDHUDQGHP0RUGH&DUGLOODFVJDQ]XQVFKXOGLJVHLZLHZRKOHU GHQ7RGJHUQOHLGHQZROOHGHQHUYHUGLHQWKDEH%HPHUNWPHLQ )UlXOHLQGDGHUOHW]WH=XVDW]RIIHQEDUDXIDQGHUH9HUEUHFKHQ GHXWHWGLHDXILKPODVWHQ'RFKYHUJHEHQVLVWDOOH0KHQXUHLQ :RUWZHLWHUKHUDXV]XEULQJHQVHOEVWGLH'URKXQJPLWGHU7RUWXU
KDWQLFKWVJHIUXFKWHW(UIOHKWHUEHVFKZ|UWXQVLKPHLQH 8QWHUUHGXQJPLW(XFK]XYHUVFKDIIHQ(XFK QXU(XFK DOOHLQZLOOHU DOOHVJHVWHKHQ/DW(XFKKHUDEPHLQ)UlXOHLQ%UXRQV %HNHQQWQLV]XK|UHQ:LHULHIGLH6FXGHULJDQ]HQWUVWHWVROOLFK GHP%OXWJHULFKW]XP2UJDQGLHQHQVROOLFKGDV9HUWUDXHQGHV XQJOFNOLFKHQ0HQVFKHQPLEUDXFKHQLKQDXIV%OXWJHUVW]X EULQJHQ"± 1HLQ'HVJUDLVPDJ%UXRQDXFKHLQYHUUXFKWHU 0|UGHUVHLQQLHZlU HVPLUGRFKP|JOLFKLKQVRVSLW]EELVFK]X KLQWHUJHKHQ1LFKWVPDJLFKYRQVHLQHQ*HKHLPQLVVHQHUIDKUHQ GLHZLHHLQHKHLOLJH%HLFKWHLQPHLQHU%UXVWYHUVFKORVVHQEOHLEHQ ZUGHQ9LHOOHLFKWYHUVHW]WH 'HVJUDLVPLWHLQHPIHLQHQ/lFKHOQ YLHOOHLFKWPHLQ)UlXOHLQlQGHUWVLFK(XUH*HVLQQXQJZHQQ,KU %UXRQJHK|UWKDEW%DWHW,KUGHQ3UlVLGHQWHQQLFKWVHOEVWHU VROOWHPHQVFKOLFKVHLQ"(UWXWHVLQGHPHUGHPW|ULFKWHQ 9HUODQJHQ%UXRQVQDFKJLEWXQGVRGDVOHW]WH0LWWHOYHUVXFKW HKHHUGLH7RUWXUYHUKlQJW]XGHU%UXRQOlQJVWUHLILVW'LH 6FXGHULVFKUDNXQZLOONUOLFK]XVDPPHQ6HKWIXKU'HVJUDLVIRUW VHKWZUGLJH'DPHPDQZLUG(XFKNHLQHVZHJV]XPXWHQQRFK HLQPDOLQMHQHILQVWHUHQ*HPlFKHU]XWUHWHQGLH(XFKPLW *UDXVHQXQG$EVFKHXHUIOOHQ,QGHU6WLOOHGHU1DFKWRKQHDOOHV $XIVHKHQEULQJWPDQ2OLYLHU%UXRQZLHHLQHQIUHLHQ0HQVFKHQ]X (XFKLQ(XHU+DXV1LFKWHLQPDOEHODXVFKWGRFKZRKOEHZDFKW PDJHU(XFKGDQQ]ZDQJORVDOOHVEHNHQQHQ'D,KUIU(XFK VHOEVWQLFKWVYRQGHP(OHQGHQ]XIUFKWHQKDEWGDIUVWHKHLFK (XFKPLWPHLQHP/HEHQHLQ(UVSULFKWYRQ(XFKPLWLQEUQVWLJHU 9HUHKUXQJ(UVFKZ|UWGDQXUGDVGVWUH9HUKlQJQLVZHOFKHV LKPYHUZHKUWKDEH(XFKIUKHU]XVHKHQLKQLQGHQ7RG JHVWU]W8QGGDQQVWHKWHVMDEHL(XFKYRQGHPZDV(XFK %UXRQHQWGHFNWVRYLHO]XVDJHQDOV(XFKEHOLHEW.DQQPDQ (XFK]XPHKUHUHP]ZLQJHQ" 'LH6FXGHULVDKWLHIVLQQHQGYRUVLFKQLHGHU(VZDULKUDOVPVVH VLHGHUK|KHUHQ0DFKWJHKRUFKHQGLHGHQ$XIVFKOXLUJHQGHLQHV HQWVHW]OLFKHQ*HKHLPQLVVHVYRQLKUYHUODQJHDOVN|QQHVLHVLFK QLFKWPHKUGHQZXQGHUEDUHQ9HUVFKOLQJXQJHQHQW]LHKHQLQGLH VLHZLOOHQORVJHUDWHQ3O|W]OLFKHQWVFKORVVHQVSUDFKVLHPLW:UGH *RWWZLUGPLU)DVVXQJXQG6WDQGKDIWLJNHLWJHEHQ IKUWGHQ %UXRQKHULFKZLOOLKQVSUHFKHQ
6RZLHGDPDOVDOV%UXRQGDV.lVWFKHQEUDFKWHZXUGHXP 0LWWHUQDFKWDQGLH+DXVWUGHU6FXGHULJHSRFKW%DSWLVWHYRQ GHPQlFKWOLFKHQ%HVXFKXQWHUULFKWHW|IIQHWH(LVNDOWHU6FKDXHU EHUOLHIGLH6FXGHULDOVVLHDQGHQOHLVHQ7ULWWHQDQGHP GXPSIHQ*HPXUPHOZDKUQDKPGDGLH:lFKWHUGLHGHQ%UXRQ JHEUDFKWVLFKLQGHQ*lQJHQGHV+DXVHVYHUWHLOWHQ
(QGOLFKJLQJOHLVHGLH7UHGHV*HPDFKVDXI'HVJUDLVWUDWKHUHLQ KLQWHULKP2OLYLHU%UXRQIHVVHOIUHLLQDQVWlQGLJHQ.OHLGHUQ+LHU LVWVSUDFK'HVJUDLV VLFKHKUHUELHWLJYHUQHLJHQGKLHULVW%UXRQ PHLQZUGLJHV)UlXOHLQXQGYHUOLHGDV=LPPHU %UXRQVDQNYRUGHU6FXGHULQLHGHUDXIEHLGH.QLHIOHKHQGHUKRE HUGLHJHIDOWHWHQ+lQGHLQGHPKlXILJH7UlQHQLKPDXVGHQ $XJHQUDQQHQ
'LH6FXGHULVFKDXWHHUEODWNHLQHV:RUWHVPlFKWLJDXILKQ KHUDE6HOEVWEHLGHQHQWVWHOOWHQMDGXUFK*UDPGXUFKJULPPHQ 6FKPHU]YHU]HUUWHQ=JHQVWUDKOWHGHUUHLQH$XVGUXFNGHV WUHXVWHQ*HPWVDXVGHP-QJOLQJVDQWOLW]-HOlQJHUGLH6FXGHUL LKUH$XJHQDXI%UXRQV*HVLFKWUXKHQOLHGHVWROHEKDIWHUWUDW GLH(ULQQHUXQJDQLUJHQGHLQHJHOLHEWH3HUVRQKHUYRUDXIGLHVLH VLFKQXUQLFKWGHXWOLFK]XEHVLQQHQYHUPRFKWH$OOH6FKDXHU ZLFKHQYRQLKUVLHYHUJDGD&DUGLOODFV0|UGHUYRULKUNQLHH VLHVSUDFKPLWGHPDQPXWLJHQ7RQHGHVUXKLJHQ:RKOZROOHQVGHU LKUHLJHQ 1XQ%UXRQZDVKDEW,KUPLU]XVDJHQ"'LHVHUQRFK LPPHUNQLHQGVHXI]WHDXIYRUWLHIHULQEUQVWLJHU:HKPXWXQG VSUDFKGDQQ 2 PHLQZUGLJHVPHLQKRFKYHUHKUWHV)UlXOHLQLVW GHQQMHGH6SXUGHU(ULQQHUXQJDQPLFKYHUIORJHQ"'LH6FXGHUL LKQQRFKDXIPHUNVDPHUEHWUDFKWHQGHUZLGHUWHGDVLHDOOHUGLQJV LQVHLQHQ=JHQGLHbKQOLFKNHLWPLWHLQHUYRQLKUJHOLHEWHQ3HUVRQ JHIXQGHQXQGGDHUQXUGLHVHUbKQOLFKNHLWHVYHUGDQNHZHQQ VLHGHQWLHIHQ$EVFKHXYRUGHP0|UGHUEHUZLQGHXQGLKQUXKLJ DQK|UH%UXRQVFKZHUYHUOHW]WGXUFKGLHVH:RUWHHUKREVLFK VFKQHOOXQGWUDWGHQILQVWHUQ%OLFN]X%RGHQJHVHQNWHLQHQ 6FKULWW]XUFN'DQQVSUDFKHUPLWGXPSIHU6WLPPH +DEW,KU GHQQ$QQH*XLRWJDQ]YHUJHVVHQ"± LKU6RKQ2OLYLHU ± GHU.QDEH GHQ,KURIWDXI(XUHQ.QLHQVFKDXNHOWHWLVWHVGHUYRU(XFK VWHKW2 XPDOOHU+HLOLJHQZLOOHQULHIGLH6FXGHULLQGHPVLHPLW EHLGHQ+lQGHQGDV*HVLFKWEHGHFNHQGLQGLH3ROVWHU]XUFNVDQN 'DV)UlXOHLQKDWWHZRKO8UVDFKHJHQXJVLFKDXIGLHVH:HLVH]X
HQWVHW]HQ$QQH*XLRWGLH7RFKWHUHLQHVYHUDUPWHQ%UJHUVZDU YRQNOHLQDXIEHLGHU6FXGHULGLHVLHZLHGLH0XWWHUGDVOLHEH .LQGHU]RJPLWDOOHU7UHXXQG6RUJIDOW$OVVLHQXQ KHUDQJHZDFKVHQIDQGVLFKHLQKEVFKHUVLWWLJHU-QJOLQJ&ODXGH %UXRQJHKHLHQHLQGHUXPGDV0lGFKHQZDUE'DHUQXQHLQ JUXQGJHVFKLFNWHU8KUPDFKHUZDUGHUVHLQUHLFKOLFKHV%URWLQ 3DULVILQGHQPXWH$QQHLKQDXFKKHU]OLFKOLHEJHZRQQHQKDWWH VRWUXJGLH6FXGHULJDUNHLQ%HGHQNHQLQGLH+HLUDWLKUHU 3IOHJHWRFKWHU]XZLOOLJHQ'LHMXQJHQ/HXWHULFKWHWHQVLFKHLQ OHEWHQLQVWLOOHUJOFNOLFKHU+lXVOLFKNHLWXQGZDVGHQ/LHEHVEXQG QRFKIHVWHUNQSIWHZDUGLH*HEXUWHLQHVZXQGHUVFK|QHQ.QDEHQ GHUKROGHQ0XWWHUWUHXHV(EHQELOG (LQHQ$EJRWWPDFKWHGLH6FXGHULDXVGHPNOHLQHQ2OLYLHUGHQVLH VWXQGHQWDJHODQJGHU0XWWHUHQWULXPLKQ]XOLHENRVHQ]X KlWVFKHOQ'DKHUNDPHVGDGHU-XQJHVLFKJDQ]DQVLH JHZ|KQWHXQGHEHQVRJHUQEHLLKUZDUDOVEHLGHU0XWWHU'UHL -DKUHZDUHQ YRUEHUDOVGHU%URWQHLGGHU.XQVWJHQRVVHQ %UXRQVHVGDKLQEUDFKWHGDVHLQH$UEHLWPLWMHGHP7DJH DEQDKPVRGDHU]XOHW]WNDXPVLFKNPPHUOLFKHUQlKUHQ NRQQWH'D]XNDPGLH6HKQVXFKWQDFKVHLQHPVFK|QHQ KHLPDWOLFKHQ*HQIXQGVRJHVFKDKHVGDGLHNOHLQH)DPLOLH GRUWKLQ]RJGHV:LGHUVWUHEHQVGHU6FXGHULGLHDOOHQXUP|JOLFKH 8QWHUVWW]XQJYHUVSUDFKXQHUDFKWHW1RFKHLQSDDUPDOVFKULHE $QQHDQLKUH3IOHJHPXWWHUGDQQVFKZLHJVLHXQGGLHVHPXWH JODXEHQGDGDVJOFNOLFKH/HEHQLQ%UXRQV+HLPDWGDV $QGHQNHQDQGLHIUKHUYHUOHEWHQ7DJHQLFKWPHKUDXINRPPHQ ODVVH (VZDUHQMHW]WJHUDGHGUHLXQG]ZDQ]LJ-DKUHKHUDOV%UXRQPLW VHLQHP:HLEHXQG.LQGH3DULVYHUODVVHQXQGQDFK*HQIJH]RJHQ
2HQWVHW]OLFKULHIGLH6FXGHULDOVVLHVLFKHLQLJHUPDHQZLHGHU HUKROWKDWWHR HQWVHW]OLFK± 2OLYLHUELVWGX"± GHU6RKQPHLQHU $QQH± 8QGMHW]W± :RKOYHUVHW]WH2OLYLHUUXKLJXQGJHIDW ZRKOPHLQZUGLJHV)UlXOHLQKlWWHW,KUQLPPHUPHKUDKQHQ N|QQHQGDGHU.QDEHGHQ,KUZLHGLH]lUWOLFKVWH0XWWHU KlWVFKHOWHWGHP,KUDXI(XUHP6FKRLKQVFKDXNHOQG1lVFKHUHL DXI1lVFKHUHLLQGHQ0XQGVWHFNWHWGHP,KUGLHVHVWHQ1DPHQ JDEW]XP-QJOLQJJHUHLIWGHUHLQVWYRU(XFKVWHKHQZUGH JUlOLFKHU%OXWVFKXOGDQJHNODJW± ,FKELQQLFKWYRUZXUIVIUHLGLH
&KDPEUH DUGHQWH NDQQPLFKPLW5HFKWHLQHV9HUEUHFKHQV]HLKHQ DEHUVRZDKULFKVHOLJ]XVWHUEHQKRIIHVHLHVDXFKGXUFKGHV +HQNHUV+DQGUHLQELQLFKYRQMHGHU%OXWVFKXOGQLFKWGXUFK PLFKQLFKWGXUFKPHLQ9HUVFKXOGHQILHOGHUXQJOFNOLFKH &DUGLOODF± 2OLYLHUJHULHWEHLGLHVHQ:RUWHQLQHLQ=LWWHUQXQG 6FKZDQNHQ6WLOOVFKZHLJHQGZLHVGLH6FXGHULDXIHLQHQNOHLQHQ 6HVVHOGHU2OLYLHU]XU6HLWHVWDQG(UOLHVLFKODQJVDPQLHGHU
,FKKDWWH=HLWJHQXJILQJHUDQPLFKDXIGLH8QWHUUHGXQJPLW (XFKGLHLFKDOVGLHOHW]WH*XQVWGHVYHUV|KQWHQ+LPPHOV EHWUDFKWHYRU]XEHUHLWHQXQGVRYLHO5XKHXQG)DVVXQJ]X JHZLQQHQDOVQ|WLJ(XFKGLH*HVFKLFKWHPHLQHVHQWVHW]OLFKHQ XQHUK|UWHQ0LJHVFKLFNV]XHU]lKOHQ(U]HLJWPLUGLH %DUPKHU]LJNHLWPLFKUXKLJDQ]XK|UHQVRVHKU(XFKDXFKGLH (QWGHFNXQJHLQHV*HKHLPQLVVHVGDV,KUJHZLQLFKWJHDKQW EHUUDVFKHQMDPLW*UDXVHQHUIOOHQPDJ± +lWWHPHLQDUPHU 9DWHU3DULVGRFKQLHPDOVYHUODVVHQ± 6RZHLWPHLQH(ULQQHUXQJ DQ*HQIUHLFKWILQGHLFKPLFKZLHGHUYRQGHQWURVWORVHQ (OWHUQ PLW7UlQHQEHQHW]WYRQLKUHQ.ODJHQGLHLFKQLFKWYHUVWDQG VHOEVW]X7UlQHQJHEUDFKW6SlWHUNDPPLUGDVGHXWOLFKH*HIKO GDVYROOH%HZXWVHLQGHVGUFNHQGHQ0DQJHOVGHVWLHIHQ(OHQGV LQGHPPHLQH(OWHUQOHEWHQ0HLQ9DWHUIDQGVLFKLQDOOHQVHLQHQ +RIIQXQJHQJHWlXVFKW9RQWLHIHP*UDPQLHGHUJHEHXJWHUGUFNW VWDUEHULQGHP$XJHQEOLFNDOVHVLKPJHOXQJHQZDUPLFKEHL HLQHP*ROGVFKPLHGDOV/HKUMXQJHQXQWHU]XEULQJHQ0HLQH0XWWHU VSUDFKYLHOYRQ(XFKVLHZROOWH(XFKDOOHVNODJHQDEHUGDQQ EHUILHOVLHGLH0XWORVLJNHLWZHOFKHYRP(OHQGHU]HXJWZLUG'DV XQGDXFKZRKOIDOVFKH6FKDPGLHRIWDQGHPWRGZXQGHQ*HPWH QDJWKLHOWVLHYRQLKUHP(QWVFKOX]XUFN:HQLJH0RQGHQQDFK GHP7RGHPHLQHV9DWHUVIROJWHLKPPHLQH0XWWHULQV*UDE$UPH $QQHDUPH$QQHULHIGLH6FXGHULYRQ6FKPHU]EHUZlOWLJW'DQN XQG3UHLVGHUHZLJHQ0DFKWGHV+LPPHOVGDVLHKLQEHULVWXQG QLFKWIDOOHQVLHKWGHQJHOLHEWHQ6RKQXQWHUGHU+DQGGHV+HQNHUV PLW6FKDQGHJHEUDQGPDUNW6RVFKULH2OLYLHUODXWDXILQGHPHU HLQHQZLOGHQHQWVHW]OLFKHQ%OLFNLQGLH+|KHZDUI(VZXUGH GUDXHQXQUXKLJPDQJLQJKLQXQGKHU+RKRVSUDFK2OLYLHU PLWHLQHPELWWHUQ/lFKHOQ'HVJUDLVZHFNWVHLQH6SLHJHVHOOHQ DOVRELFKKLHU HQWIOLHKHQN|QQWH± 'RFKZHLWHU± ,FKZXUGHYRQ PHLQHP0HLVWHUKDUWJHKDOWHQXQHUDFKWHWLFKEDOGDPEHVWHQ DUEHLWHWHMDZRKOHQGOLFKGHQ0HLVWHUZHLWEHUWUDI(VEHJDE
VLFKGDHLQVWHLQ)UHPGHULQXQVHUH:HUNVWDWWNDPXPHLQLJHV *HVFKPHLGH]XNDXIHQ$OVGHUQXQHLQHQVFK|QHQ+DOVVFKPXFN VDKGHQLFKJHDUEHLWHWNORSIWHHUPLUPLWIUHXQGOLFKHU0LHQHDXI GLH6FKXOWHULQGHPHUGHQ6FKPXFNEHlXJHOQGVSUDFK (LHL PHLQMXQJHU)UHXQGGDVLVWMDJDQ]YRUWUHIIOLFKH$UEHLW,FKZWH LQGHU7DWQLFKWZHU(XFKQRFKDQGHUVEHUWUHIIHQVROOWHDOV5HQp &DUGLOODFGHUIUHLOLFKGHUHUVWH*ROGVFKPLHGLVWGHQHVDXIGHU :HOWJLEW=XGHPVROOWHW,KUKLQJHKHQ PLW)UHXGHQQLPPWHU (XFKLQVHLQH:HUNVWDWWGHQQQXU,KU N|QQWLKPEHLVWHKHQLQ VHLQHUNXQVWYROOHQ$UEHLWXQGQXUYRQLKPDOOHLQN|QQW,KU GDJHJHQQRFKOHUQHQ'LH:RUWHGHV)UHPGHQZDUHQWLHILQPHLQH 6HHOHJHIDOOHQ,FKKDWWHNHLQH5XKHPHKULQ*HQIPLFK]RJHV IRUWPLW*HZDOW(QGOLFKJHODQJHVPLUPLFKYRQPHLQHP0HLVWHU ORV]XPDFKHQ,FKNDPQDFK3DULV5HQp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± +DWMHHLQ0HQVFKVRJHOLHEWDOVLFK8QGQXQ± 2 0DGHORQ 2OLYLHUNRQQWH YRU:HKPXWQLFKWZHLWHUVSUHFKHQ(UKLHOWEHLGH +lQGHYRUV*HVLFKWXQGVFKOXFK]WHKHIWLJ(QGOLFKPLW*HZDOWGHQ ZLOGHQ6FKPHU]GHULKQHUIDWQLHGHUNlPSIHQGVSUDFKHUZHLWHU
0DGHORQEOLFNWHPLFKDQPLWIUHXQGOLFKHQ$XJHQ6LHNDP|IWHU XQG|IWHULQGLH:HUNVWDWW0LW(QW]FNHQJHZDKUWHLFKLKUH/LHEH 6RVWUHQJGHU9DWHUXQVEHZDFKWHPDQFKHUYHUVWRKOQH +lQGHGUXFNJDOWDOV=HLFKHQGHVJHVFKORVVHQHQ%XQGHV&DUGLOODF VFKLHQQLFKWV]XPHUNHQ,FKJHGDFKWHKlWWHLFKHUVWVHLQH*XQVW JHZRQQHQXQGNRQQWHLFKGLH0HLVWHUVFKDIWHUODQJHQXP 0DGHORQ]XZHUEHQ(LQHV0RUJHQVDOVLFKPHLQH$UEHLWEHJLQQHQ ZROOWHWUDW&DUGLOODFYRUPLFKKLQ=RUQXQG9HUDFKWXQJLP ILQVWHUQ%OLFN,FKEHGDUIGHLQHU$UEHLWQLFKWPHKUILQJHUDQIRUW
DXVGHP+DXVHQRFKLQGLHVHU6WXQGHXQGODGLFKQLHPHKUYRU PHLQHQ$XJHQVHKHQ:DUXPLFKGLFKKLHUQLFKWPHKUGXOGHQ NDQQEUDXFKHLFKGLUQLFKW]XVDJHQ)UGLFKDUPHQ6FKOXFNHU KlQJWGLHVH)UXFKW]XKRFKQDFKGHUGXWUDFKWHVW,FKZROOWH UHGHQHUSDFNWHPLFKDEHUPLWVWDUNHU)DXVWXQGZDUIPLFK]XU 7UHKLQDXVGDLFKQLHGHUVWU]WHXQGPLFKKDUWYHUZXQGHWHDQ .RSIXQG$UP± (PS|UW]HUULVVHQYRPJULPPHQ6FKPHU]YHUOLH LFKGDV+DXVXQGIDQGHQGOLFKDPlXHUVWHQ(QGHGHU9RUVWDGW 6W 0DUWLQHLQHQJXWPWLJHQ%HNDQQWHQGHUPLFKDXIQDKPLQ VHLQH%RGHQNDPPHU,FKKDWWHNHLQH5XKHNHLQH5DVW=XU 1DFKW]HLWXPVFKOLFKLFK&DUGLOODFV+DXVZlKQHQGGD0DGHORQ PHLQH6HXI]HUPHLQH.ODJHQYHUQHKPHQGDHVLKUYLHOOHLFKW JHOLQJHQZHUGHPLFKYRP)HQVWHUKHUDEXQEHODXVFKW]X VSUHFKHQ$OOHUOHLYHUZHJHQH3OlQHNUHX]WHQLQPHLQHP*HKLUQ ]XGHUHQ$XVIKUXQJLFKVLH]XEHUHGHQKRIIWH$Q&DUGLOODFV+DXV LQGHU6WUDH1LFDLVHVFKOLHWVLFKHLQHKRKH0DXHUPLW%OHQGHQ XQGDOWHQKDOE]HUVWFNHOWHQ6WHLQELOGHUQGDULQ'LFKWEHLHLQHP VROFKHQ6WHLQELOGHVWHKHLFKLQHLQHU1DFKWXQGVHKHKLQDXIQDFK GHQ)HQVWHUQGHV+DXVHVGLHLQGHQ+RIJHKHQGHQGLH0DXHU HLQVFKOLHW'DJHZDKUHLFKSO|W]OLFK/LFKWLQ&DUGLOODFV:HUNVWDWW (VLVW0LWWHUQDFKWQLHZDUVRQVW&DUGLOODF]XGLHVHU6WXQGHZDFK HUSIOHJWHVLFKDXIGHQ6FKODJQHXQ8KU]XU5XKH]XEHJHEHQ0LU SRFKWHGDV+HU]YRUEDQJHU$KQXQJLFKGHQNHDQLUJHQGHLQ (UHLJQLVGDVPLUYLHOOHLFKWGHQ(LQJDQJEDKQW'RFKJOHLFK YHUVFKZLQGHWGDV/LFKWZLHGHU,FKGUFNHPLFKDQGDV6WHLQELOG LQ GLH%OHQGHKLQHLQGRFKHQWVHW]WSUDOOHLFK]XUFNDOVLFKHLQHQ *HJHQGUXFNIKOHDOVVHLGDV%LOGOHEHQGLJZRUGHQ,QGHP GlPPHUQGHQ6FKLPPHUGHU1DFKWJHZDKUHLFKQXQGDGHU 6WHLQVLFKODQJVDPGUHKWXQGKLQWHUGHPVHOEHQHLQHILQVWUH *HVWDOWKHUYRUVFKOSIWGLHOHLVHQ7ULWWHVGLH6WUDHKLQDEJHKW,FK VSULQJHDQGDV6WHLQELOGKLQDQHVVWHKWZLH]XYRUGLFKWDQGHU 0DXHU8QZLOONUOLFKZLHYRQHLQHULQQHUQ0DFKWJHWULHEHQ VFKOHLFKHLFKKLQWHUGHU*HVWDOWKHU*HUDGHEHLHLQHP0DULHQELOGH VFKDXWGLH*HVWDOWVLFKXPGHUYROOH6FKHLQGHUKHOOHQ/DPSHGLH YRUGHP%LOGHEUHQQWIlOOWLKULQV$QWOLW](VLVW&DUGLOODF(LQH XQEHJUHLIOLFKH$QJVWHLQXQKHLPOLFKHV*UDXHQEHUIlOOWPLFK:LH GXUFK=DXEHUIHVWJHEDQQWPXLFKIRUW± QDFK± GHP JHVSHQVWLVFKHQ1DFKWZDQGHUHU'DIUKDOWHLFKGHQ0HLVWHU XQHUDFKWHWQLFKWGLH=HLWGHV9ROOPRQGVLVWLQGHUVROFKHU6SXN GLH6FKODIHQGHQEHW|UW(QGOLFKYHUVFKZLQGHW&DUGLOODFVHLWZlUWV
LQGHQWLHIHQ6FKDWWHQ$QHLQHPNOHLQHQPLUZRKOEHNDQQWHQ 5lXVSHUQJHZDKUHLFKLQGHVVHQGDHULQGLH(LQIDKUWHLQHV +DXVHVJHWUHWHQLVW:DVEHGHXWHWGDVZDVZLUGHUEHJLQQHQ"± 6RIUDJHLFKPLFKVHOEVWYROO(UVWDXQHQXQGGUFNHPLFKGLFKWDQ GLH+lXVHU1LFKWODQJHGDXHUW VVRNRPPWVLQJHQGXQG WULOOHULHUHQGHLQ0DQQGDKHUPLWOHXFKWHQGHP)HGHUEXVFKXQG NOLUUHQGHQ6SRUHQ:LHHLQ7LJHUDXIVHLQHQ5DXEVWU]WVLFK &DUGLOODFDXVVHLQHP6FKOXSIZLQNHODXIGHQ0DQQGHULQ GHPVHOEHQ$XJHQEOLFNU|FKHOQG]X%RGHQVLQNW0LWHLQHP6FKUHL GHV(QWVHW]HQVVSULQJHLFKKHUDQ&DUGLOODFLVWEHUGHQ0DQQGHU ]X%RGHQOLHJWKHU0HLVWHU&DUGLOODFZDVWXW,KUUXIHLFKODXW 9HUPDOHGHLWHUEUOOW&DUGLOODFUHQQWPLW%OLW]HVVFKQHOOHEHLPLU YRUEHLXQGYHUVFKZLQGHW*DQ]DXHUPLUNDXPGHU6FKULWWH PlFKWLJQlKHUHLFKPLFKGHP1LHGHUJHZRUIHQHQ ,FKNQLHEHL LKPQLHGHUYLHOOHLFKWGHQN LFKLVWHUQRFK]XUHWWHQDEHUNHLQH 6SXUGHV/HEHQVLVWPHKULQLKP,QPHLQHU7RGHVDQJVWJHZDKUH LFKNDXPGDPLFKGLH0DUHFKDXVVHHXPULQJWKDW6FKRQZLHGHU HLQHUYRQGHQ7HXIHOQQLHGHUJHVWUHFNW± KH KH± MXQJHU0HQVFK ZDVPDFKVWGXGD± ELVWHLQHUYRQGHU%DQGH"± IRUWPLWGLU6R VFKULHQVLHGXUFKHLQDQGHUXQGSDFNHQPLFKDQ.DXPYHUPDJLFK ]XVWDPPHOQGDLFKVROFKHJUlOLFKH8QWDWMDJDUQLFKWKlWWH EHJHKHQN|QQHQXQGGDVLHPLFKLQ)ULHGHQ]LHKHQODVVHQ P|FKWHQ'DOHXFKWHWPLUHLQHULQV*HVLFKWXQGUXIWODFKHQG 'DV LVW2OLYLHU%UXRQGHU*ROGVFKPLHGVJHVHOOHGHUEHLXQVHUP HKUOLFKHQEUDYHQ0HLVWHU5HQp&DUGLOODFDUEHLWHW± MD± GHU ZLUG GLH/HXWHDXIGHU6WUDHPRUGHQ± VLHKWPLUUHFKWGDQDFKDXV± LVWUHFKWQDFKGHU$UWGHU0RUGEXEHQGDVLHEHLP/HLFKQDP ODPHQWLHUHQXQGVLFKIDQJHQODVVHQZHUGHQ± :LHZDU V-XQJH"± HU]lKOHGUHLVW'LFKWYRUPLUVSUDFKLFKVSUDQJHLQ0HQVFKDXI GHQGRUWORVVWLHLKQQLHGHUXQGUDQQWHEOLW]VFKQHOOGDYRQ DOV LFKODXWDXIVFKULH,FKZROOW GRFKVHKHQREGHU1LHGHUJHZRUIHQH QRFK]XUHWWHQZlUH1HLQPHLQ6RKQUXIWHLQHUYRQGHQHQGLH GHQ/HLFKQDPDXIJHKREHQGHULVWKLQGXUFKV+HU]ZLH JHZ|KQOLFKJHKWGHU'ROFKVWLFK7HXIHOVSULFKWHLQDQGHUHU NDPHQZLUGRFKZLHGHU]XVSlWZLHYRUJHVWHUQ GDPLWHQWIHUQHQ VLHVLFKPLWGHP/HLFKQDP
:LHPLU]XPXWHZDUNDQQLFKJDUQLFKWVDJHQ LFKIKOWHPLFKDQ REQLFKWHLQE|VHU7UDXPPLFKQHFNHHVZDUPLUDOVPW LFK QXQJOHLFKHUZDFKHQXQGPLFKZXQGHUQEHU GDVWROOH7UXJELOG±
&DUGLOODF± GHU9DWHUPHLQHU0DGHORQHLQYHUUXFKWHU0|UGHU± ,FKZDUNUDIWORVDXIGLHVWHLQHUQHQ6WXIHQHLQHV+DXVHV JHVXQNHQ,PPHUPHKUXQGPHKUGlPPHUWHGHU0RUJHQKHUDXI HLQ2IIL]LHUVKXWUHLFKPLW)HGHUQJHVFKPFNWODJYRUPLUDXI GHP3IODVWHU&DUGLOODFVEOXWLJH7DWDXIGHU6WHOOHEHJDQJHQZR LFKVDJLQJYRUPLUKHOODXI(QWVHW]WUDQQWHLFKYRQGDQQHQ
*DQ]YHUZLUUWEHLQDKHEHVLQQXQJVORVVLW]HLFKLQPHLQHU 'DFKNDPPHUGDJHKWGLH7UDXIXQG5HQp&DUGLOODFWULWWKHUHLQ 8P&KULVWXVZLOOHQZDVZROOW,KU"VFKULHLFKLKPHQWJHJHQ(U GDVJDUQLFKWDFKWHQGNRPPWDXIPLFK]XXQGOlFKHOWPLFKDQ PLWHLQHU5XKHXQG/HXWVHOLJNHLWGLHPHLQHQLQQHUQ$EVFKHX YHUPHKUW(UUFNWHLQHQDOWHQJHEUHFKOLFKHQ6FKHPHOKHUDQXQG VHW]WVLFK]XPLUGHULFKQLFKWYHUPDJPLFKYRQGHP6WURKODJHU ]XHUKHEHQDXIGDVLFKPLFKJHZRUIHQ1XQ2OLYLHUIlQJWHUDQ ZLHJHKWHVGLUDUPHU-XQJH",FKKDEHPLFKLQGHU7DWJDUVWLJ EHUHLOWDOVLFKGLFKDXVGHP+DXVHVWLHGXIHKOVWPLUDQDOOHQ (FNHQXQG(QGHQ(EHQMHW]WKDEHLFKHLQ:HUNYRUGDVLFKRKQH GHLQH+LOIHJDUQLFKWYROOHQGHQNDQQ:LHZlU VZHQQGXZLHGHU LQPHLQHU:HUNVWDWWDUEHLWHWHVW"± 'XVFKZHLJVW"±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± GXNDQQVWYLHOOHLFKWKHXWH QRFKQLFKWPLWPLUNRPPHQGXKDVWDQGHUH'LQJHYRU± GXZLOOVW YLHOOHLFKW'HVJUDLVEHVXFKHQRGHUGLFKJDUHLQIKUHQODVVHQEHL G $UJHQVRQRGHUOD 5HJQLH1LPPGLFKLQDFKW%XUVFKHGDGLH .UDOOHQGLHGXKHUYRUORFNHQZLOOVW]XDQGHUHU/HXWH9HUGHUEHQ GLFKQLFKWVHOEVWIDVVHQXQG]HUUHLHQ'DPDFKWVLFKPHLQWLHI HPS|UWHV*HPWSO|W]OLFK/XIW0|JHQGLHUXIHLFKP|JHQGLH GLHVLFKJUlOLFKHU8QWDWEHZXWVLQGMHQH1DPHQIKOHQGLH,KU HEHQQDQQWHWLFK GDUIGDVQLFKW± LFKKDEHQLFKWVPLWLKQHQ]X VFKDIIHQ(LJHQWOLFKVSULFKW&DUGLOODFZHLWHUHLJHQWOLFK2OLYLHU PDFKWHVGLU(KUHZHQQGXEHLPLUDUEHLWHVWEHLPLUGHP
EHUKPWHQ0HLVWHUVHLQHU=HLWEHUDOOKRFKJHDFKWHWZHJHQ VHLQHU7UHXHXQG5HFKWVFKDIIHQKHLWVRGDMHGHE|VH 9HUOHXPGXQJVFKZHU]XUFNIDOOHQZUGHDXIGDV+DXSWGHV 9HUOHXPGHUV± :DVQXQ0DGHORQEHWULIIWVRPXLFKGLUQXU JHVWHKHQGDGXPHLQH1DFKJLHELJNHLWLKUDOOHLQYHUGDQNHVW6LH OLHEWGLFKPLWHLQHU+HIWLJNHLWGLHLFKGHP]DUWHQ.LQGHJDUQLFKW ]XWUDXHQNRQQWH*OHLFKDOVGXIRUWZDUVWILHOVLHPLU]X)HQ XPVFKODQJPHLQH.QLHXQGJHVWDQGXQWHUWDXVHQG7UlQHQGD VLHRKQHGLFKQLFKWOHEHQN|QQH,FKGDFKWHVLHELOGHVLFKGDVQXU HLQZLHHVGHQQEHLMXQJHQYHUOLHEWHQ'LQJHUQ]XJHVFKHKHQ SIOHJWGDVLHJOHLFKVWHUEHQZROOHQZHQQGDVHUVWH0LOFKJHVLFKW VLHIUHXQGOLFKDQEOLFNW$EHULQGHU7DWPHLQH0DGHORQZXUGH VLHFKXQGNUDQNXQGZLHLFKLKUGHQQGDVWROOH=HXJDXVUHGHQ ZROOWHULHIVLHKXQGHUWPDOGHLQHQ1DPHQ:DVNRQQW LFKHQGOLFK WXQZROOW LFKVLHQLFKWYHU]ZHLIHOQODVVHQ*HVWHUQ$EHQGVDJW LFKLKULFKZLOOLJHLQDOOHVXQGZHUGHGLFKKHXWHKROHQ'DLVWVLH EHU1DFKWDXIJHEOKWZLHHLQH5RVHXQGKDUUWQXQDXIGLFKJDQ] DXHUVLFKYRU/LHEHVVHKQVXFKW± 0DJHVPLUGLHHZLJH0DFKW GHV+LPPHOVYHU]HLKHQDEHUVHOEVWZHLLFKQLFKWZLHHV JHVFKDKGDLFKSO|W]OLFKLQ&DUGLOODFV+DXVHVWDQGGD0DGHORQ ODXWDXIMDXFK]HQG 2OLYLHU± PHLQ2OLYLHU± PHLQ*HOLHEWHU± PHLQ *DWWHDXIPLFKJHVWU]WPLFKPLWEHLGHQ$UPHQXPVFKODQJ PLFKIHVWDQLKUH%UXVWGUFNWHGDLFKLPhEHUPDGHV K|FKVWHQ(QW]FNHQVEHLGHU-XQJIUDXXQGDOOHQ+HLOLJHQVFKZRU VLHQLPPHUQLPPHU]XYHUODVVHQ© (UVFKWWHUWYRQGHP$QGHQNHQDQGLHVHQHQWVFKHLGHQGHQ $XJHQEOLFNPXWH2OLYLHULQQHKDOWHQ'LH6FXGHULYRQ*UDXVHQ HUIOOWEHUGLH8QWDWHLQHV0DQQHVGHQVLHIUGLH7XJHQGGLH 5HFKWVFKDIIHQKHLWVHOEVWJHKDOWHQULHI (QWVHW]OLFK± 5HQp &DUGLOODFJHK|UW]XGHU0RUGEDQGHGLHXQVHUHJXWH6WDGWVR ODQJH]XU5lXEHUK|KOHPDFKWH":DVVDJW,KUPHLQ)UlXOHLQ VSUDFK2OLYLHU]XU%DQGH"1LHKDWHVHLQHVROFKH%DQGHJHJHEHQ &DUGLOODFDOOHLQ ZDUHVGHUPLWYHUUXFKWHU7lWLJNHLWLQGHUJDQ]HQ 6WDGWVHLQH6FKODFKWRSIHUVXFKWHXQGIDQG'DHUHVDOOHLQ ZDU GDULQOLHJWGLH6LFKHUKHLWZRPLWHUVHLQH6WUHLFKHIKUWHGLH XQEHUZXQGHQH6FKZLHULJNHLWGHP0|UGHUDXIGLH6SXU]X NRPPHQ± 'RFKODWPLFKIRUWIDKUHQGHU9HUIROJZLUG(XFKGLH *HKHLPQLVVHGHVYHUUXFKWHVWHQXQG]XJOHLFKXQJOFNOLFKVWHQDOOHU 0HQVFKHQDXINOlUHQ± 'LH/DJHLQGHULFKPLFKQXQEHLGHP
0HLVWHUEHIDQGMHGHUPDJGLH VLFKOHLFKWGHQNHQ'HU6FKULWWZDU JHVFKHKHQLFKNRQQWHQLFKWPHKU]XUFN=XZHLOHQZDUHVPLU DOVVHLLFKVHOEVW&DUGLOODFV0RUGJHKLOIHJHZRUGHQQXULQ 0DGHORQV/LHEHYHUJDLFKGLHLQQHUH3HLQGLHPLFKTXlOWHQXU EHLLKUNRQQW HVPLUJHOLQJHQMHGHlXHUH6SXUQDPHQORVHQ *UDPVZHJ]XWLOJHQ$UEHLWHWHLFKPLWGHP$OWHQLQGHU:HUNVWDWW QLFKWLQV$QWOLW]YHUPRFKWHLFKLKP]XVFKDXHQNDXPHLQ:RUW]X UHGHQYRUGHP*UDXVHQGDVPLFKGXUFKEHEWHLQGHU1lKHGHV HQWVHW]OLFKHQ0HQVFKHQGHUDOOH7XJHQGHQGHVWUHXHQ]lUWOLFKHQ 9DWHUVGHVJXWHQ%UJHUVHUIOOWHZlKUHQGGLH1DFKWVHLQH 8QWDWHQYHUVFKOHLHUWH0DGHORQGDVIURPPHHQJHOVUHLQH.LQG KLQJDQLKPPLWDEJ|WWLVFKHU/LHEH'DV+HU]GXUFKERKUW HVPLU ZHQQLFKGDUDQGDFKWHGDWUlIHHLQPDOGLH5DFKHGHQ HQWODUYWHQ%|VHZLFKWVLHMDPLWDOOHUK|OOLVFKHQ/LVWGHV6DWDQV JHWlXVFKWGHUJUlOLFKVWHQ9HU]ZHLIOXQJXQWHUOLHJHQPVVH 6FKRQGDVYHUVFKORPLUGHQ0XQGXQGKlWW LFKGHQ7RGGHV 9HUEUHFKHUVGDUXPGXOGHQPVVHQ8QHUDFKWHWLFKDXVGHQ5HGHQ 0DUHFKDXVVHHJHQXJHQWQHKPHQNRQQWHZDUHQPLU&DUGLOODFV 8QWDWHQLKU0RWLYGLH$UWVLHDXV]XIKUHQHLQ5lWVHO GLH $XINOlUXQJEOLHEQLFKWODQJHDXV(LQHV7DJHVZDU&DUGLOODFGHU VRQVWPHLQHQ$EVFKHXHUUHJHQGEHLGHU$UEHLWLQGHUKHLWHUVWHQ /DXQHVFKHU]WHXQGODFKWHVHKUHUQVWXQGLQVLFKJHNHKUW 3O|W]OLFKZDUIHUGDV*HVFKPHLGHZRUDQHUHEHQDUEHLWHWH EHLVHLWHGD6WHLQXQG3HUOHQDXVHLQDQGHUUROOWHQVWDQGKHIWLJ DXIXQGVSUDFK 2OLYLHU± HVNDQQ]ZLVFKHQXQVEHLGHQQLFKWVR EOHLEHQGLHV9HUKlOWQLVLVWPLUXQHUWUlJOLFK± :DVGHUIHLQVWHQ 6FKODXKHLW'HVJUDLV XQGVHLQHU6SLHJHVHOOHQQLFKWJHODQJ]X HQWGHFNHQGDVVSLHOWHGLUGHU=XIDOOLQGLH+lQGH'XKDVWPLFK JHVFKDXWLQGHUQlFKWOLFKHQ$UEHLW]XGHUPLFKPHLQE|VHU6WHUQ WUHLEWNHLQ:LGHUVWDQGLVWP|JOLFK± ± $XFKGHLQE|VHU6WHUQZDU HVGHUGLFKPLUIROJHQOLHGHUGLFKLQXQGXUFKGULQJOLFKH6FKOHLHU KOOWHGHUGHLQHP)XWULWWGLH/HLFKWLJNHLWJDEGDGXXQK|UEDU ZDQGHOWHVWZLHGDVNOHLQVWH7LHUVRGDLFKGHULFKLQGHUWLHIVWHQ 1DFKWNODUVFKDXHZLHGHU7LJHUGHULFK6WUDHQZHLWGDVNOHLQVWH *HUlXVFKGDV6XPVHQGHU0FNHYHUQHKPHGLFKQLFKW EHPHUNWH'HLQE|VHU6WHUQKDWGLFKPHLQHQ*HIlKUWHQPLU ]XJHIKUW$Q9HUUDWLVWVRZLHGXMHW]WVWHKVWQLFKWPHKU]X GHQNHQ'DUXPPDJVWGXDOOHVZLVVHQ1LPPHUPHKUZHUG LFK GHLQ*HIlKUWHVHLQKHXFKOHULVFKHU%|VHZLFKW6RZROOW LFK DXIVFKUHLHQDEHUGDVLQQHUH(QWVHW]HQGDVPLFKEHL&DUGLOODFV
:RUWHQHUIDWVFKQUWHPLUGLH.HKOH]X6WDWWGHU:RUWH YHUPRFKWHLFKQXUHLQHQXQYHUVWlQGOLFKHQ/DXWDXV]XVWRHQ &DUGLOODFVHW]WHVLFKZLHGHULQVHLQHQ$UEHLWVVWXKO(UWURFNQHWH VLFKGHQ6FKZHLYRQGHU6WLUQH(UVFKLHQYRQGHU(ULQQHUXQJ GHV9HUJDQJHQHQKDUWEHUKUWVLFK PKVDP]XIDVVHQ(QGOLFK ILQJHUDQ :HLVH0lQQHUVSUHFKHQYLHOYRQGHQVHOWVDPHQ (LQGUFNHQGHUHQ)UDXHQLQJXWHU+RIIQXQJIlKLJVLQGYRQGHP ZXQGHUEDUHQ(LQIOXVROFKOHEKDIWHQZLOOHQORVHQ(LQGUXFNVYRQ DXHQKHUDXIGDV.LQG9RQPHLQHU0XWWHUHU]lKOWHPDQPLUHLQH ZXQGHUOLFKH*HVFKLFKWH$OVVLHPLWPLULPHUVWHQ0RQDW VFKZDQJHUJLQJVFKDXWHVLHPLWDQGHUQ:HLEHUQHLQHP JOlQ]HQGHQ+RIIHVW]XGDVLQ7ULDQRQJHJHEHQZXUGH'DILHOLKU %OLFNDXIHLQHQ.DYDOLHULQVSDQLVFKHU.OHLGXQJPLWHLQHU EOLW]HQGHQ-XZHOHQNHWWHXPGHQ+DOVYRQGHUVLHGLH$XJHQJDU QLFKWPHKUDEZHQGHQNRQQWH,KUJDQ]HV:HVHQZDU%HJLHUGH QDFKGHQIXQNHOQGHQ6WHLQHQGLHLKUHLQEHULUGLVFKHV*XW GQNWHQ'HUVHOEH.DYDOLHUKDWWHYRUPHKUHUHQ-DKUHQDOVPHLQH 0XWWHUQRFKQLFKWYHUKHLUDWHWLKUHU7XJHQGQDFKJHVWHOOWZDUDEHU PLW$EVFKHX]XUFNJHZLHVHQZRUGHQ0HLQH0XWWHUHUNDQQWHLKQ ZLHGHUDEHUMHW]WZDUHVLKUDOVVHLHULP*ODQ]GHUVWUDKOHQGHQ 'LDPDQWHQHLQ:HVHQK|KHUHU$UWGHU,QEHJULIIDOOHU6FK|QKHLW 'HU.DYDOLHUEHPHUNWHGLHVHKQVXFKWVYROOHQIHXULJHQ%OLFNH PHLQHU0XWWHU(UJODXEWHMHW]WJOFNOLFKHU]XVHLQDOVYRUPDOV(U ZXWHVLFKLKU]XQlKHUQQRFKPHKUVLHYRQLKUHQ%HNDQQWHQ IRUWDQHLQHQHLQVDPHQ2UW]XORFNHQ'RUWVFKOXJHUVLHEUQVWLJ LQVHLQH$UPHPHLQH0XWWHUIDWHQDFKGHUVFK|QHQ.HWWHDEHU LQGHPVHOEHQ$XJHQEOLFNVDQNHUQLHGHUXQGULPHLQH0XWWHUPLW VLFK]X%RGHQ6HLHVGDLKQGHU6FKODJSO|W]OLFKJHWURIIHQRGHU DXVHLQHUDQGHUQ8UVDFKH JHQXJHUZDUWRW9HUJHEHQVZDUGDV 0KHQPHLQHU0XWWHUVLFKGHQLP7RGHVNUDPSIHUVWDUUWHQ$UPHQ GHV/HLFKQDPV]XHQWZLQGHQ'LHKRKOHQ$XJHQGHUHQ6HKNUDIW HUORVFKHQDXIVLHJHULFKWHWZlO]WHGHU7RWHVLFKPLWLKUDXIGHP %RGHQ,KUJHOOHQGHV+LOIHJHVFKUHLGUDQJHQGOLFKELV]XLQGHU )HUQH9RUEHUJHKHQGHQGLHKHUEHLHLOWHQXQGVLHUHWWHWHQDXVGHQ $UPHQGHVJUDXVLJHQ/LHEKDEHUV'DV(QWVHW]HQZDUIPHLQH 0XWWHUDXIHLQVFKZHUHV.UDQNHQODJHU0DQJDEVLHPLFK YHUORUHQGRFKVLHJHVXQGHWHXQGGLH(QWELQGXQJZDUJOFNOLFKHU DOVPDQMHKlWWHDKQHQN|QQHQ $EHUGLH6FKUHFNHQMHQHV IUFKWHUOLFKHQ$XJHQEOLFNVKDWWHQPLFK JHWURIIHQ0HLQE|VHU 6WHUQZDUDXIJHJDQJHQXQGKDWWHGHQ)XQNHQKLQDEJHVFKRVVHQ
GHULQPLUHLQHGHUVHOWVDPVWHQXQGYHUGHUEOLFKVWHQ /HLGHQVFKDIWHQHQW]QGHW6FKRQLQGHUIUKHVWHQ.LQGKHLW JLQJHQ PLUJOlQ]HQGH'LDPDQWHQJROGHQHV*HVFKPHLGHEHUDOOHV0DQ KLHOWGDVIUJHZ|KQOLFKHNLQGLVFKH1HLJXQJ$EHUHV]HLJWHVLFK DQGHUVGHQQDOV.QDEHVWDKOLFK*ROGXQG-XZHOHQZRLFKLKUHU KDEKDIWZHUGHQNRQQWH:LHGHUJHEWHVWH.HQQHUXQWHUVFKLHG LFKDXV,QVWLQNWXQHFKWHV*HVFKPHLGHYRQHFKWHP1XUGLHVHV ORFNWHPLFKXQHFKWHVVRZLHJHSUlJWHV*ROGOLHLFKXQEHDFKWHW OLHJHQ'HQJUDXVDPVWHQ=FKWLJXQJHQGHV9DWHUVPXWHGLH DQJHERUQH%HJLHUGHZHLFKHQ8PQXUPLW*ROGXQGHGOHQ6WHLQHQ KDQWLHUHQ]XN|QQHQZDQGWHLFKPLFK]XU*ROGVFKPLHGV 3URIHVVLRQ,FKDUEHLWHWHPLW/HLGHQVFKDIWXQGZXUGHEDOGGHU HUVWH0HLVWHUGLHVHU$UW1XQEHJDQQHLQH3HULRGHLQGHUGHU DQJHERUQH7ULHEVRODQJHQLHGHUJHGUFNWPLW*HZDOW HPSRUGUDQJXQGPLW0DFKWZXFKVDOOHVXPVLFKKHUZHJ]HKUHQG 6RZLHLFKHLQ*HVFKPHLGHJHIHUWLJWXQGDEJHOLHIHUWILHOLFKLQHLQH 8QUXKHLQHLQH7URVWORVLJNHLWGLHPLU6FKODI*HVXQGKHLW± /HEHQVPXWUDXEWH± :LHHLQ*HVSHQVWVWDQG7DJXQG1DFKWGLH 3HUVRQIUGLHLFKJHDUEHLWHWPLUYRU $XJHQJHVFKPFNWPLW PHLQHP*HVFKPHLGHXQGHLQH6WLPPHUDXQWHPLULQGLH2KUHQ (VLVWMDGHLQ± HVLVWMDGHLQ± QLPPHVGRFK± ZDVVROOHQGLH 'LDPDQWHQGHP7RWHQ± 'DOHJW LFKPLFKHQGOLFKDXI 'LHEHVNQVWH,FKKDWWH=XWULWWLQGHQ+lXVHUQGHU*URHQLFK QW]WHVFKQHOOGLH*HOHJHQKHLWNHLQ6FKORZLGHUVWDQGPHLQHP *HVFKLFNXQGEDOGZDUGHU6FKPXFNGHQLFKJHDUEHLWHWZLHGHULQ PHLQHQ+lQGHQ± $EHUQXQYHUWULHEVHOEVWGDVQLFKWPHLQH 8QUXKH-HQHXQKHLPOLFKH6WLPPHOLHVLFKGHQQRFKYHUQHKPHQ XQGK|KQWHPLFKXQGULHI +R KRGHLQ*HVFKPHLGHWUlJWHLQ 7RWHU± 6HOEVWZXWHLFKQLFKWZLHHVNDPGDLFKHLQHQ XQDXVVSUHFKOLFKHQ+DDXIGLHZDUIGHQHQLFK6FKPXFNJHIHUWLJW -DLPWLHIVWHQ,QQHUQUHJWHVLFKHLQH0RUGOXVWJHJHQVLHYRUGHU LFKVHOEVW HUEHEWH± ,QGLHVHU=HLWNDXIWHLFKGLHVHV+DXV,FK ZDUPLWGHP%HVLW]HUKDQGHOVHLQLJJHZRUGHQKLHULQGLHVHP *HPDFKVDHQZLUHUIUHXWEHUGDVJHVFKORVVHQH*HVFKlIW EHLVDPPHQXQGWUDQNHQHLQH)ODVFKH:HLQ(VZDU1DFKW JHZRUGHQLFKZROOWHDXIEUHFKHQ GDVSUDFKPHLQ9HUNlXIHU +|UW 0HLVWHU5HQpHKH,KUIRUWJHKWPXLFK(XFKPLWHLQHP *HKHLPQLVGLHVHV+DXVHVEHNDQQWPDFKHQ'DUDXIVFKORHU MHQHQLQGLH0DXHUHLQJHIKUWHQ6FKUDQNDXIVFKREGLH +LQWHUZDQGIRUWWUDWLQHLQNOHLQHV*HPDFKEFNWHVLFK QLHGHU
KREHLQH)DOOWUDXI(LQHVWHLOHVFKPDOH7UHSSHVWLHJHQZLU KLQDENDPHQDQHLQVFKPDOHV3I|UWFKHQGDVHUDXIVFKORWUDWHQ KLQDXVLQGHQIUHLHQ+RI1XQVFKULWWGHUDOWH+HUUPHLQ 9HUNlXIHUKLQDQDQGLH0DXHUVFKREDQHLQHPQXUZHQLJ KHUYRUUDJHQGHQ(LVHQXQGDOVEDOGGUHKWHVLFKHLQ6WFN0DXHU ORVVRGDHLQ0HQVFKEHTXHPGXUFKGLHgIIQXQJVFKOSIHQXQG DXIGLH6WUDHJHODQJHQNRQQWH'XPDJVWHLQPDOGDV.XQVWVWFN VHKHQ2OLYLHUGDVZDKUVFKHLQOLFKVFKODXH0|QFKHGHV.ORVWHUV ZHOFKHVHKHPDOVKLHUODJIHUWLJHQOLHHQXPKHLPOLFKDXV XQG HLQVFKOSIHQ]XN|QQHQ(VLVWHLQ6WFN+RO]QXUYRQDXHQ JHP|UWHOWXQGJHWQFKWLQGDVYRQDXHQKHUHLQH%LOGVlXOHDXFK QXUYRQ+RO]GRFKJDQ]ZLH6WHLQHLQJHIJWLVWZHOFKHVVLFK PLWVDPWGHU%LOGVlXOHDXIYHUERUJHQHQ$QJHOQGUHKW± 'XQNOH *HGDQNHQVWLHJHQLQPLUDXIDOVLFKGLHVH(LQULFKWXQJVDKHVZDU PLUDOVVHLYRUJHDUEHLWHWVROFKHQ7DWHQGLHPLUVHOEVWQRFKHLQ *HKHLPQLVEOLHEHQ(EHQKDWW LFKHLQHP+HUUQYRP+RIHHLQHQ UHLFKHQ6FKPXFN DEJHOLHIHUWGHULFKZHLHVHLQHU 2SHUQWlQ]HULQEHVWLPPWZDU'LH7RGHVIROWHUEOLHEQLFKWDXV± GDV*HVSHQVWKLQJVLFKDQPHLQH6FKULWWH± GHUOLVSHOQGH6DWDQ DQPHLQ2KU± ,FK]RJHLQLQGDV+DXV,QEOXWLJHP$QJVWVFKZHL JHEDGHWZlO]WHLFKPLFKVFKODIORVDXIGHP/DJHU,FKVHK LP *HLVWHGHQ0HQVFKHQ]XGHU7lQ]HULQVFKOHLFKHQPLWPHLQHP 6FKPXFN9ROOHU:XWVSULQJHLFKDXI± ZHUIHGHQ0DQWHOXP± VWHLJHKHUDEGLHJHKHLPH7UHSSH± IRUWGXUFKGLH0DXHUQDFKGHU 6WUDH1LFDLVH± (UNRPPWLFKIDOOHEHULKQKHUHUVFKUHLWDXI GRFKYRQKLQWHQIHVWJHSDFNWVWRHLFKLKPGHQ'ROFKLQV+HU]± GHU6FKPXFNLVWPHLQ± 'LHVJHWDQIKOWHLFKHLQH5XKHHLQH =XIULHGHQKHLWLQPHLQHU6HHOHZLHVRQVWQLHPDOV'DV*HVSHQVW ZDUYHUVFKZXQGHQGLH6WLPPHGHV6DWDQVVFKZLHJ1XQZXWH LFKZDVPHLQE|VHU6WHUQZROOWHLFKPXW LKPQDFKJHEHQRGHU XQWHUJHKHQ± 'XEHJUHLIVWMHW]WPHLQJDQ]HV7XQXQG7UHLEHQ 2OLYLHU± *ODXEHQLFKWGDLFKGDUXPZHLOLFKWXQPXZDVLFK QLFKWODVVHQNDQQMHQHP*HIKOGHV0LWOHLGVGHV(UEDUPHQVZDV LQGHU1DWXUGHV0HQVFKHQEHGLQJWVHLQVROOUHLQHQWVDJWKDEH 'XZHLWZLHVFKZHUHVPLUZLUGHLQHQ6FKPXFNDE]XOLHIHUQ ZLH LFKIUPDQFKHGHUHQ7RGLFKQLFKWZLOOJDUQLFKWDUEHLWHMDZLH LFKVRJDUZHLLFKGDDPPRUJHQGHQ7DJH%OXWPHLQ*HVSHQVW YHUEDQQHQZLUGKHXWHHVEHLHLQHPWFKWLJHQ)DXVWVFKODJH EHZHQGHQODVVHGHUGHQ%HVLW]HUPHLQHV.OHLQRGV]X%RGHQ VWUHFNWXQGPLUGLHVHVLQGLH+DQGOLHIHUW± 'LHVDOOHVJHVSURFKHQ
IKUWHPLFK&DUGLOODFLQGDVKHLPOLFKH*HZ|OEHXQG J|QQWHPLU GHQ$QEOLFNVHLQHV-XZHOHQ.DELQHWWV'HU.|QLJEHVLW]WHVQLFKW UHLFKHU%HLMHGHP6FKPXFNVWFNZDUDXIHLQHPNOHLQHQGDUDQ JHKlQJWHQ=HWWHOJHQDXEHPHUNWIUZHQHVJHDUEHLWHWZDQQHV GXUFK'LHEVWDKO5DXERGHU0RUGJHQRPPHQZRUGHQ$QGHLQHP +RFK]HLWVWDJHVSUDFK&DUGLOODFGXPSIXQGIHLHUOLFKDQGHLQHP +RFK]HLWVWDJH2OLYLHUZLUVWGXPLUGLH+DQGJHOHJWDXIGHV JHNUHX]LJWHQ&KULVWXV%LOGHLQHQKHLOLJHQ(LGVFKZ|UHQVRZLHLFK JHVWRUEHQDOOHGLHVH5HLFKWPHULQ6WDXE]XYHUQLFKWHQGXUFK 0LWWHOGLHLFKGLUEHNDQQWPDFKHQZHUGH,FKZLOOQLFKWGD LUJHQGHLQPHQVFKOLFKHV:HVHQXQGDPZHQLJVWHQ0DGHORQXQG GXLQGHQ%HVLW]GHVPLW%OXWHUNDXIWHQ+RUWVNRPPH*HIDQJHQ LQGLHVHP/DE\ULQWKGHV9HUEUHFKHQV]HUULVVHQYRQ/LHEHXQG $EVFKHXYRQ:RQQHXQG(QWVHW]HQZDULFKGHP9HUGDPPWHQ]X YHUJOHLFKHQGHPHLQKROGHU(QJHOPLOGOlFKHOQGKLQDXIZLQNWDEHU PLWJOKHQGHQ.UDOOHQIHVWJHSDFNWKlOWLKQGHU6DWDQXQGGHV IURPPHQ(QJHOV/LHEHVOlFKHOQLQGHPVLFKDOOH6HOLJNHLWGHV KRKHQ+LPPHOVDEVSLHJHOWZLUGLKP]XUJULPPLJVWHQVHLQHU 4XDOHQ± ,FKGDFKWHDQ)OXFKW± MDDQ6HOEVWPRUG± DEHU 0DGHORQ± 7DGHOWPLFKWDGHOWPLFKPHLQZUGLJHV)UlXOHLQGD LFK]XVFKZDFKZDUPLW*HZDOWHLQH/HLGHQVFKDIW QLHGHU]XNlPSIHQGLHPLFKDQGDV9HUEUHFKHQIHVVHOWH DEHU EHLFKQLFKWGDIUPLWVFKPDFKYROOHP7RGH"± (LQHV7DJHVNDP &DUGLOODFQDFK+DXVHXQJHZ|KQOLFKKHLWHU(UOLHENRVWH0DGHORQ ZDUIPLUGLHIUHXQGOLFKVWHQ%OLFNH]XWUDQNEHL7LVFKHHLQH )ODVFKHHGOHQ:HLQVZLHHUHVQXUDQKRKHQ)HVW XQG )HLHUWDJHQ ]XWXQSIOHJWHVDQJXQGMXELOLHUWH0DGHORQKDWWHXQVYHUODVVHQ LFKZROOWHLQGLH:HUNVWDWW %OHLEVLW]HQ-XQJHULHI&DUGLOODF KHXW NHLQH$UEHLWPHKUODXQVQRFKHLQVWULQNHQDXIGDV:RKO GHUDOOHUZUGLJVWHQYRUWUHIIOLFKVWHQ'DPHLQ3DULV1DFKGHPLFK PLWLKPDQJHVWRHQXQGHUHLQYROOHV*ODVJHOHHUWKDWWHVSUDFK HU 6DJ DQ2OLYLHUZLHJHIDOOHQGLUGLH9HUVH
8QDPDQWTXLFUDLQWOHVYROHXUV Q HVWSRLQWGLJQHG DPRXU
(UHU]lKOWHQXQZDVVLFKLQGHQ*HPlFKHUQGHU0DLQWHQRQPLW (XFKXQGGHP.|QLJEHJHEHQXQGIJWHKLQ]XGDHU(XFKYRQ MHKHUYHUHKUWKDEHZLHVRQVWNHLQPHQVFKOLFKHV:HVHQXQGGD ,KUPLWVROFKKRKHU7XJHQGEHJDEWYRUGHUGHUE|VH6WHUQ NUDIWORVHUEOHLFKHVHOEVWGHQVFK|QVWHQYRQLKPJHIHUWLJWHQ
6FKPXFNWUDJHQGQLHPDOVHLQE|VHV*HVSHQVW0RUGJHGDQNHQLQ LKPHUUHJHQZUGHW+|UH2OLYLHUVSUDFKHUZR]XLFK HQWVFKORVVHQ9RUODQJHU=HLWVROOW LFK+DOVVFKPXFNXQG $UPElQGHUIHUWLJHQIU+HQULHWWHYRQ(QJODQGXQGVHOEVWGLH 6WHLQHGD]XOLHIHUQ'LH$UEHLWJHODQJPLUZLHNHLQHDQGHUHDEHU HV]HUULPLUGLH%UXVWZHQQLFKGDUDQGDFKWHPLFKYRQGHP 6FKPXFNGHUPHLQ+HU]HQVNOHLQRGJHZRUGHQWUHQQHQ]X PVVHQ'XZHLWGHU3ULQ]HVVLQXQJOFNOLFKHQ7RGGXUFK 0HXFKHOPRUG,FKEHKLHOWGHQ6FKPXFNXQGZLOOLKQDOVHLQ =HLFKHQPHLQHU(KUIXUFKWPHLQHU'DQNEDUNHLWGHP)UlXOHLQYRQ 6FXGHULVHQGHQLP1DPHQGHUYHUIROJWHQ%DQGH± $XHUGHP GDGLH6FXGHULGDVVSUHFKHQGH=HLFKHQLKUHV7ULXPSKVHUKlOW YHUK|KQHLFKDXFK'HVJUDLVXQGVHLQH*HVHOOHQZLHVLHHV YHUGLHQHQ± 'XVROOVWLKUGHQ6FKPXFNKLQWUDJHQ6RZLH&DUGLOODF (XUHQ1DPHQQDQQWH)UlXOHLQZDUHVDOVZUGHQVFKZDU]H 6FKOHLHUZHJJH]RJHQXQGGDVVFK|QHOLFKWH%LOGPHLQHU JOFNOLFKHQ.LQGHU]HLWJLQJHZLHGHUDXILQEXQWHQJOlQ]HQGHQ )DUEHQ(VNDPHLQZXQGHUEDUHU7URVWLQPHLQH6HHOHHLQ +RIIQXQJVVWUDKOYRUGHPGLHILQVWHUQ*HLVWHUVFKZDQGHQ &DUGLOODFPRFKWHGHQ(LQGUXFNGHQVHLQH:RUWHDXIPLFK JHPDFKWZDKUQHKPHQXQGQDFKVHLQHU$UWGHXWHQ'LUVFKHLQW VSUDFKHUPHLQ9RUKDEHQ]XEHKDJHQ*HVWHKHQNDQQLFKZRKO GDHLQHWLHI LQQHUH6WLPPHVHKUYHUVFKLHGHQYRQGHUZHOFKH %OXWRSIHUYHUODQJWZLHHLQJHIUlLJHV5DXEWLHUPLUEHIRKOHQKDW GDLFKVROFKHVWXH± 0DQFKPDOZLUGPLUZXQGHUOLFKLP*HPWH ± HLQHLQQHUH$QJVWGLH)XUFKWYRULUJHQGHWZDV(QWVHW]OLFKHP GHVVHQ6FKDXHUDXVHLQHPIHUQHQ-HQVHLWVKHUEHUZHKHQLQGLH =HLWHUJUHLIWPLFKJHZDOWVDP(VLVWPLUGDQQVRJDUDOVREGDV ZDVGHUE|VH6WHUQEHJRQQHQGXUFKPLFKPHLQHUXQVWHUEOLFKHQ 6HHOHGLHGDUDQNHLQHQ7HLOKDW]XJHUHFKQHWZHUGHQN|QQH ,Q VROFKHU6WLPPXQJEHVFKORLFKIUGLHKHLOLJH-XQJIUDXLQGHU .LUFKH6W (XVWDFKHHLQHVFK|QH'LDPDQWHQ.URQH]XIHUWLJHQ $EHUMHQHXQEHJUHLIOLFKH$QJVWEHUILHOPLFKVWlUNHUVRRIWLFKGLH $UEHLWEHJLQQHQZROOWHGDXQWHUOLHLFK VJDQ]-HW]WLVWHVPLU DOVZHQQLFKGHU7XJHQGXQG)U|PPLJNHLWVHOEVWGHPXWVYROOHLQ 2SIHUEULQJHXQGZLUNVDPH)UVSUDFKHHUIOHKHLQGHPLFKGHU 6FXGHULGHQVFK|QVWHQ6FKPXFNVHQGHGHQLFKMHPDOVJHDUEHLWHW ± &DUGLOODFPLW(XUHUJDQ]HQ/HEHQVZHLVHPHLQ)UlXOHLQDXIGDV JHQDXHVWHEHNDQQWJDEPLUQXQ$UWXQG:HLVHVRZLHGLH6WXQGH DQZLHXQGZDQQLFKGHQ6FKPXFNGHQHULQHLQVDXEHUHV
.lVWFKHQVFKORDEOLHIHUQVROOH0HLQJDQ]HV:HVHQZDU (QW]FNHQGHQQGHU+LPPHOVHOEVW]HLJWHPLUGXUFKGHQ IUHYHOLFKHQ&DUGLOODFGHQ:HJPLFK]XUHWWHQDXVGHU+|OOHLQ GHULFKHLQYHUVWRHQHU6QGHUVFKPDFKWH6RGDFKW LFK*DQ] JHJHQ&DUGLOODFV:LOOHQZROOW LFKELV]X(XFKGULQJHQ$OV$QQH %UXRQV6RKQDOV(XHU3IOHJOLQJJHGDFKW LFKPLFK(XFK]X )HQ]XZHUIHQXQG(XFKDOOHV± DOOHV]XHQWGHFNHQ,KUKlWWHW JHUKUWYRQGHPQDPHQVORVHQ(OHQGGDVGHUDUPHQ XQVFKXOGLJHQ0DGHORQGURKWHEHLGHU(QWGHFNXQJGDV*HKHLPQLV JHDFKWHWDEHU(XHUKRKHUVFKDUIVLQQLJHU*HLVWIDQGJHZLVLFKUH 0LWWHORKQHMHQH(QWGHFNXQJGHUYHUUXFKWHQ%RVKHLW&DUGLOODFV]X VWHXHUQ)UDJWPLFKQLFKWZRULQGLHVH0LWWHOKlWWHQEHVWHKHQ VROOHQLFKZHLHVQLFKW± DEHUGD,KU0DGHORQXQGPLFKUHWWHQ ZUGHWGDYRQODJGLHhEHU]HXJXQJIHVWLQPHLQHU6HHOHZLHGHU *ODXEHDQGLHWURVWUHLFKH+LOIHGHUKHLOLJHQ-XQJIUDX± ,KUZLW )UlXOHLQGDPHLQH$EVLFKWLQMHQHU1DFKWIHKOVFKOXJ,FKYHUORU QLFKWGLH+RIIQXQJHLQDQGHUPDOJOFNOLFKHU]XVHLQ'DJHVFKDK HVGD&DUGLOODFSO|W]OLFKDOOH0XQWHUNHLWYHUORU(UVFKOLFKWUEH XPKHUVWDUUWHYRUVLFKKLQPXUPHOWHXQYHUVWlQGOLFKH:RUWH IRFKWPLWGHQ+lQGHQ)HLQGOLFKHVYRQVLFKDEZHKUHQGVHLQ*HLVW VFKLHQJHTXlOWYRQE|VHQ*HGDQNHQ6RKDWWHHUHVHLQHQJDQ]HQ 0RUJHQJHWULHEHQ(QGOLFKVHW]WHHUVLFKDQGHQ:HUNWLVFKVSUDQJ XQPXWLJZLHGHUDXIVFKDXWH GXUFKV)HQVWHUVSUDFKHUQVWXQG GVWHU ,FKZROOWHGRFK+HQULHWWHYRQ(QJODQGKlWWHPHLQHQ 6FKPXFNJHWUDJHQ± 'LH:RUWHHUIOOWHQPLFKPLW(QWVHW]HQ1XQ ZXW LFKGDVHLQLUUHU*HLVWZLHGHUHUIDWZDUYRQGHP DEVFKHXOLFKHQ0RUGJHVSHQVWGDGHV6DWDQV6WLPPHZLHGHUODXW ZRUGHQYRUVHLQHQ2KUHQ,FKVDK(XHU/REHQEHGURKWYRQGHP YHUUXFKWHQ0RUGWHXIHO+DWWH&DUGLOODFQXUVHLQHQ6FKPXFN ZLHGHULQ+lQGHQVRZDU W,KUJHUHWWHW0LWMHGHP$XJHQEOLFN ZXFKVGLH*HIDKU'DEHJHJQHWHLFK(XFKDXIGHP3RQWQHXI GUlQJWHPLFKDQ(XUH.XWVFKHZDUI(XFKMHQHQ=HWWHO]XGHU (XFKEHVFKZRUGRFKQXUJOHLFKGHQHUKDOWHQHQ6FKPXFNLQ &DUGLOODFV+lQGH]XEULQJHQ,KUNDPWQLFKW0HLQH$QJVWVWLHJELV ]XU9HU]ZHLIOXQJDOVDQGHUQ7DJV&DUGLOODFYRQQLFKWVDQGHUP VSUDFKDOVYRQGHPN|VWOLFKHQ6FKPXFNGHULKPLQGHU1DFKW YRU$XJHQJHNRPPHQ,FKNRQQWHGDVQXUDXI(XHUQ6FKPXFN GHXWHQXQGHVZXUGHPLUJHZLGDHUEHULUJHQGHLQHP 0RUGDQVFKODJEUWHGHQHUJHZLVFKRQLQGHU1DFKW DXV]XIKUHQVLFKYRUJHQRPPHQ(XFKUHWWHQPXW LFKXQGVROOW
HV&DUGLOODFV/HEHQNRVWHQ6RZLH&DUGLOODFQDFKGHP$EHQGJHEHW VLFKZLHJHZ|KQOLFKHLQJHVFKORVVHQVWLHJLFKGXUFKHLQ)HQVWHULQ GHQ+RIVFKOSIWHGXUFKGLHgIIQXQJLQGHU0DXHUXQGVWHOOWH PLFKXQIHUQLQGHQWLHIHQ6FKDWWHQ1LFKWODQJHGDXHUWHHVVR NDP&DUGLOODFKHUDXVXQGVFKOLFKOHLVHGXUFKGLH6WUDHIRUW,FK KLQWHULKPKHU(UJLQJQDFKGHU6WUDH6W +RQRUpPLUEHEWHGDV +HU]&DUGLOODFZDUPLWHLQHPPDOPLUHQWVFKZXQGHQ,FK EHVFKORPLFKDQ(XUH+DXVWUH]XVWHOOHQ'DNRPPWVLQJHQG XQGWULOOHUQGZLHGDPDOVDOVGHU=XIDOOPLFK]XP=XVFKDXHUYRQ &DUGLOODFV0RUGWDWPDFKWHHLQ2IIL]LHUEHLPLUYRUEHURKQHPLFK ]XJHZDKUHQ$EHULQGHPVHOEHQ$XJHQEOLFNVSULQJWHLQH VFKZDU]H*HVWDOWKHUYRUXQGIlOOWEHULKQKHU(VLVW&DUGLOODF 'LHVHQ0RUGZLOOLFKKLQGHUQPLWHLQHPODXWHQ6FKUHLELQLFKLQ ]ZHL± GUHL6lW]HQ]XU6WHOOH± 1LFKWGHU2IIL]LHU± &DUGLOODFVLQNW ]XP7RGHJHWURIIHQU|FKHOQG]X%RGHQ'HU2IIL]LHUOlWGHQ 'ROFKIDOOHQUHLWGHQ'HJHQDXVGHU6FKHLGHVWHOOWVLFK ZlKQHQGLFKVHLGHV0|UGHUV*HVHOOHNDPSIIHUWLJPLUHQWJHJHQ HLOWDEHUVFKQHOOGDYRQDOVHUJHZDKUWGDLFKRKQHPLFKXPLKQ ]XNPPHUQQXUGHQ/HLFKQDPXQWHUVXFKH&DUGLOODFOHEWHQRFK ,FKOXGLKQQDFKGHPLFKGHQ'ROFKGHQGHU2IIL]LHUKDWWHIDOOHQ ODVVHQ]XPLUJHVWHFNWDXIGLH6FKXOWHUQXQGVFKOHSSWHLKQ PKVDPIRUWQDFK+DXVHXQGGXUFKGHQJHKHLPHQ*DQJKLQDXILQ GLH:HUNVWDWW± 'DVEULJHLVW(XFKEHNDQQW,KUVHKWPHLQ ZUGLJHV)UlXOHLQGDPHLQHLQ]LJHV9HUEUHFKHQQXUGDULQ EHVWHKWGDLFK0DGHORQV9DWHUQLFKWGHQ*HULFKWHQYHUULHWXQG VRVHLQHQ8QWDWHQHLQ(QGHPDFKWH5HLQELQLFKYRQMHGHU %OXWVFKXOG± .HLQH0DUWHUZLUGPLUGDV*HKHLPQLVYRQ&DUGLOODFV 8QWDWHQDE]ZLQJHQ,FKZLOOQLFKWGDGHUHZLJHQ0DFKWGLHGHU WXJHQGKDIWHQ7RFKWHUGHV9DWHUVJUlOLFKH%OXWVFKXOG YHUVFKOHLHUWH]XP7URW]GDVJDQ]H(OHQGGHU9HUJDQJHQKHLW LKUHVJDQ]HQ6HLQVQRFKMHW]WW|WHQGDXIVLHHLQEUHFKHGDQRFK MHW]WGLHZHOWOLFKH5DFKHGHQ/HLFKQDPDXIZKOHDXVGHU(UGHGLH LKQGHFNW GDQRFKMHW]WGHU+HQNHUGLHYHUPRGHUWHQ*HEHLQH PLW6FKDQGHEUDQGPDUNH± 1HLQ± PLFKZLUGGLH*HOLHEWH PHLQHU6HHOHEHZHLQHQDOVGHQXQVFKXOGLJ*HIDOOHQHQGLH=HLW ZLUGLKUHQ6FKPHU]OLQGHUQDEHUXQEHUZLQGOLFKZUGHGHU -DPPHUVHLQEHUGHVJHOLHEWHQ9DWHUVHQWVHW]OLFKH7DWHQGHU +|OOH ±
2OLYLHUVFKZLHJDEHUQXQVWU]WHSO|W]OLFKHLQ7UlQHQVWURPDXV VHLQHQ$XJHQHUZDUIVLFKGHU6FXGHUL]X)HQXQGIOHKWH ,KU VHLGYRQPHLQHU8QVFKXOGEHU]HXJW± JHZL,KUVHLGHV± +DEW (UEDUPHQPLWPLUVDJWZLHVWHKWHVXP0DGHORQ"± 'LH6FXGHUL ULHIGLH0DUWLQLHUHXQGQDFKZHQLJHQ$XJHQEOLFNHQIORJ0DGHORQ DQ2OLYLHUV+DOV1XQLVWDOOHVJXWGDGXKLHUELVW± LFKZXW HV MDGDGLHHGHOPWLJVWH'DPHGLFKUHWWHQZUGH6RULHI0DGHORQ HLQ0DOEHUGDVDQGHUHXQG2OLYLHUYHUJDVHLQ6FKLFNVDODOOHV ZDVLKPGURKWHHUZDUIUHLXQGVHOLJ$XIGDVUKUHQGVWHNODJWHQ EHLGHVLFKZDVVLHXPHLQDQGHUJHOLWWHQXQGXPDUPWHQVLFKGDQQ DXIVQHXHXQGPHLQWHQYRU(QW]FNHQGDVLHVLFK ZLHGHUJHIXQGHQ :lUHGLH6FXGHULQLFKWYRQ2OLYLHUV8QVFKXOGVFKRQEHU]HXJW JHZHVHQGHU*ODXEHGDUDQPWHLKUMHW]WJHNRPPHQVHLQGD VLH GLHEHLGHQEHWUDFKWHWHGLHLQGHU6HOLJNHLWGHVLQQLJVWHQ /LHEHVEQGQLVVHVGLH:HOWYHUJDHQXQGLKU(OHQGXQGLKU QDPHQORVHV/HLGHQ1HLQULHIVLHVROFKVHOLJHU9HUJHVVHQKHLWLVW QXUHLQUHLQHV+HU]IlKLJ 'LHKHOOHQ6WUDKOHQGHV0RUJHQVEUDFKHQGXUFKGDV)HQVWHU 'HVJUDLVNORSIWHOHLVHDQGLH7UHGHV*HPDFKVXQGHULQQHUWH GDHV=HLWVHL2OLYLHU%UXRQIRUW]XVFKDIIHQGDRKQH$XIVHKHQ ]XHUUHJHQGDVVSlWHUQLFKWJHVFKHKHQN|QQH'LH/LHEHQGHQ PXWHQVLFKWUHQQHQ ±
'LHGXQNOHQ$KQXQJHQYRQGHQHQ GHU6FXGHUL*HPWEHIDQJHQ VHLW%UXRQVHUVWHP(LQWULWWLQLKU+DXVKDWWHQVLFKQXQ]XP /HEHQJHVWDOWHWDXIIXUFKWEDUH:HLVH'HQ6RKQLKUHUJHOLHEWHQ $QQHVDKVLHVFKXOGORVYHUVWULFNWDXIHLQH$UWGDLKQYRP VFKPDFKYROOHQ7RG]XUHWWHQNDXPGHQNEDUVFKLHQ6LHHKUWHGHV -QJOLQJV+HOGHQVLQQGHUOLHEHUVFKXOGEHODGHQVWHUEHQDOVHLQ *HKHLPQLVYHUUDWHQZROOWHGDVVHLQHU0DGHORQGHQ7RGEULQJHQ PXWH,PJDQ]HQ5HLFKHGHU0|JOLFKNHLWIDQGVLHNHLQ0LWWHOGHQ bUPVWHQGHPJUDXVDPHQ*HULFKWVKRIH]XHQWUHLHQ8QGGRFK VWDQGHVIHVWLQLKUHU6HHOHGDVLHNHLQ2SIHUVFKHXHQPVVH GDVKLPPHOVFKUHLHQGH8QUHFKWDE]XZHQGHQGDVPDQ]XEHJHKHQ LP%HJULIIHZDU± 6LHTXlOWHVLFKPLWDOOHUOHL(QWZUIHQXQG 3OlQHQGLHELVDQGDV$EHQWHXHUOLFKHVWUHLIWHQXQGGLHVLHHEHQVR VFKQHOOYHUZDUIDOVDXIIDWH,PPHUPHKUYHUVFKZDQGMHGHU +RIIQXQJVVFKLPPHUVRGDVLHYHU]ZHLIHOQZROOWH$EHU0DGHORQV
XQEHGLQJWHVNLQGOLFKHV9HUWUDXHQGLH9HUNOlUXQJPLWGHUVLHYRQ GHP*HOLHEWHQVSUDFKGHUQXQEDOGIUHLJHVSURFKHQYRQMHGHU 6FKXOGVLHDOV*DWWLQXPDUPHQZHUGHULFKWHWHGLH6FXGHULLQ HEHQGHP*UDGZLHGHUDXIDOVVLHGDYRQELVWLHILQV+HU]JHUKUW ZXUGH
8PQXQHQGOLFKHWZDV]XWXQVFKULHEGLH6FXGHULDQOD 5HJQLH HLQHQODQJHQ%ULHIZRULQVLHLKPVDJWHGD2OLYLHU%UXRQLKUDXI GLHJODXEZUGLJVWH:HLVHVHLQHY|OOLJH8QVFKXOGDQ&DUGLOODFV 7RGHGDUJHWDQKDEHXQGGDQXUGHUKHOGHQPWLJH(QWVFKOX HLQ*HKHLPQLVLQGDV*UDE]XQHKPHQGHVVHQ(QWKOOXQJGLH 8QVFKXOGXQG7XJHQGVHOEVWYHUGHUEHQZUGHLKQ]XUFNKDOWH GHP*HULFKWHLQ*HVWlQGQLVDE]XOHJHQGDVLKQYRQGHP HQWVHW]OLFKHQ9HUGDFKWQLFKWDOOHLQGDHU&DUGLOODFHUPRUGHW VRQGHUQGDHUDXFK]XU%DQGHYHUUXFKWHU0|UGHUJHK|UH EHIUHLHQPVVH$OOHVZDVJOKHQGHU(LIHUZDVJHLVWYROOH %HUHGVDPNHLWYHUPDJKDWWHGLH6FXGHULDXIJHERWHQOD 5HJQLHV KDUWHV+HU]]XHUZHLFKHQ1DFKZHQLJHQ6WXQGHQDQWZRUWHWH OD 5HJQLHZLHHVLKQKHU]OLFKIUHXHZHQQ2OLYLHU%UXRQVLFKEHL VHLQHUKRKHQZUGLJHQ*|QQHULQJlQ]OLFKJHUHFKWIHUWLJWKDEH :DV2OLYLHUVKHOGHQPWLJHQ(QWVFKOXEHWUHIIHHLQ*HKHLPQLV GDVVLFKDXIGLH7DWEH]LHKHPLWLQV*UDEQHKPHQ]XZROOHQVR WXHHVLKPOHLGGDGLH&KDPEUHDUGHQWH GHUJOHLFKHQ+HOGHQPXW QLFKWHKUHQN|QQHGHQVHOEHQYLHOPHKUGXUFKGLHNUlIWLJVWHQ 0LWWHO]XEUHFKHQVXFKHQPVVH1DFKGUHL7DJHQKRIIHHULP %HVLW]GHVVHOWVDPHQ*HKHLPQLVVHV]XVHLQGDVZDKUVFKHLQOLFK JHVFKHKHQH:XQGHUDQGHQ7DJEULQJHQZHUGH
1XU]XJXWZXWHGLH6FXGHULZDVGHUIUFKWHUOLFKHOD 5HJQLHPLW MHQHQ0LWWHOQGLH%UXRQV+HOGHQPXWEUHFKHQVROOWHQPHLQWH 1XQZDUHVJHZLGDGLH7RUWXUEHUGHQ8QJOFNOLFKHQ YHUKlQJWZDU,QGHU7RGHVDQJVWILHOGHU6FXGHULHQGOLFKHLQGD XPQXU$XIVFKXE]XHUODQJHQGHU5DWHLQHV5HFKWVYHUVWlQGLJHQ GLHQOLFKVHLQN|QQH3LHUUH$UQDXGG $QGLOO\ZDUGDPDOVGHU EHUKPWHVWH$GYRNDWLQ3DULV6HLQHUWLHIHQ:LVVHQVFKDIWVHLQHP XPIDVVHQGHQ9HUVWDQGHZDUVHLQH5HFKWVFKDIIHQKHLWVHLQH 7XJHQGJOHLFK=XGHPEHJDEVLFKGLH6FXGHULXQGVDJWHLKP DOOHVVRZHLWHVP|JOLFKZDU RKQH%UXRQV*HKHLPQLV]X YHUOHW]HQ6LHJODXEWHGDG $QGLOO\PLW(LIHUVLFKGHV 8QVFKXOGLJHQDQQHKPHQZHUGHLKUH+RIIQXQJZXUGHDEHUDXIGDV ELWWHUVWHJHWlXVFKW' $QGLOO\KDWWHUXKLJDOOHVDQJHK|UWXQG
HUZLGHUWHGDQQOlFKHOQGPLW%RLOHDXV:RUWHQ /HYUDLSHXW TXHOTXHIRLVQ rWUHSDVYUDLVHPEODEOH± (UEHZLHVGHU6FXGHUL GDGLHDXIIDOOHQGVWHQ9HUGDFKWVJUQGHZLGHU%UXRQVSUlFKHQ GDOD 5HJQLHV9HUIDKUHQNHLQHVZHJVJUDXVDPXQGEHUHLOW]X QHQQHQYLHOPHKUJDQ]JHVHW]OLFKVHLMDGDHUQLFKWDQGHUV KDQGHOQN|QQHRKQHGLH3IOLFKWHQGHV5LFKWHUV]XYHUOHW]HQ(U G $QGLOO\VHOEVWJHWUDXHVLFKQLFKWGXUFKGLHJHVFKLFNWHVWH 9HUWHLGLJXQJ%UXRQYRQGHU7RUWXU]XUHWWHQ1XU%UXRQVHOEVW N|QQHGDVHQWZHGHUGXUFKDXIULFKWLJHV*HVWlQGQLVRGHU ZHQLJVWHQVGXUFKGLHJHQDXHVWH(U]lKOXQJGHU8PVWlQGHEHLGHP 0RUGH&DUGLOODFVGLHGDQQYLHOOHLFKWHUVW]XQHXHQ $XVPLWWHOXQJHQ$QODJHEHQZUGHQ6RZHUIHLFKPLFKGHP .|QLJH]X)HQXQGIOHKHXP*QDGHVSUDFKGLH6FXGHULDXHU VLFKPLWYRQ7UlQHQKDOEHUVWLFNWHU 6WLPPH7XWGDVULHI G $QGLOO\WXWGDVQXQXPGHV+LPPHOVZLOOHQQLFKWPHLQ )UlXOHLQ± 6SDUW(XFKGLHVHVOHW]WH+LOIVPLWWHODXIGDVVFKOXJHV HLQPDOIHKO(XFKIULPPHUYHUORUHQLVW'HU.|QLJZLUGQLPPHU HLQHQ9HUEUHFKHUGHU $UWEHJQDGLJHQGHUELWWHUVWH9RUZXUIGHV JHIlKUGHWHQ9RONVZUGHLKQWUHIIHQ0|JOLFKLVWHVGD%UXRQ GXUFK(QWGHFNXQJVHLQHV*HKHLPQLVVHVRGHUVRQVW0LWWHOILQGHW GHQZLGHULKQVWUHLWHQGHQ9HUGDFKWDXI]XKHEHQ'DQQLVWHV=HLW GHV.|QLJV*QDGH]XHUIOHKHQGHUQLFKWGDQDFKIUDJHQZDVYRU *HULFKWEHZLHVHQLVWRGHUQLFKWVRQGHUQVHLQHLQQHUH hEHU]HXJXQJ]X5DWH]LHKHQZLUG± 'LH6FXGHULPXWHGHP WLHIHUIDKUQHQG $QGLOO\QRWJHGUXQJHQEHLSIOLFKWHQ± ,QWLHIHP .XPPHUYHUVHQNWVLQQHQGXQGVLQQHQGZDVXPGHU-XQJIUDX XQGDOOHU+HLOLJHQZLOOHQVLHQXQDQIDQJHQVROOHXPGHQ XQJOFNOLFKHQ%UXRQ]XUHWWHQVDVLHDPVSlWHQ$EHQGLQ LKUHP*HPDFKDOVGLH0DUWLQLHUHHLQWUDWXQGGHQ*UDIHQYRQ 0LRVVHQV2EULVWHQYRQGHU*DUGHGHV.|QLJVPHOGHWHGHU GULQJHQGZQVFKHGDV)UlXOHLQ]XVSUHFKHQ 9HU]HLKWVSUDFK0LRVVHQVLQGHPHUVLFKPLWVROGDWLVFKHP $QVWDQGHYHUEHXJWHYHU]HLKWPHLQ)UlXOHLQZHQQLFK(XFKVR VSlWVR]XXQJHOHJHQHU=HLWEHUODXIH:LU6ROGDWHQPDFKHQHV QLFKWDQGHUVXQG]XGHPELQLFKPLW]ZHL:RUWHQHQWVFKXOGLJW± 2OLYLHU%UXRQIKUWPLFK]X(XFK'LH6FXGHULKRFKJHVSDQQW ZDVVLHMHW]WZLHGHUHUIDKUHQZHUGHULHIODXW 2OLYLHU%UXRQ"GHU 8QJOFNOLFKVWHDOOHU0HQVFKHQ"± ZDVKDEW,KUPLWGHP"± 'DFKW LFK VGRFKVSUDFK0LRVVHQVOlFKHOQGZHLWHUGD(XUHV
6FKW]OLQJV1DPHQKLQUHLFKHQZXUGHPLUEHL(XFKHLQJHQHLJWHV 2KU]XYHUVFKDIIHQ'LHJDQ]H:HOWLVWYRQ%UXRQV6FKXOG EHU]HXJW,FKZHLGD,KUHLQHDQGHUH0HLQXQJKHJWGLHVLFK IUHLOLFKQXUDXIGLH%HWHXUXQJHQGHV$QJHNODJWHQVWW]HQVROOZLH PDQJHVDJWKDW0LWPLULVWHVDQGHUV1LHPDQGDOVLFKNDQQ EHVVHUEHU]HXJWVHLQYRQ%UXRQV8QVFKXOGDQGHP7RGH &DUGLOODFV5HGHWR UHGHWULHIGLH6FXGHULLQGHPLKUGLH$XJHQ JOlQ]WHQYRU(QW]FNHQ,FKVSUDFK0LRVVHQVPLW1DFKGUXFNLFK ZDUHVVHOEVWGHUGHQDOWHQ*ROGVFKPLHGQLHGHUVWLHLQGHU 6WUDH6W +RQRUpXQIHUQ(XUHP+DXVH8PDOOHU+HLOLJHQZLOOHQ ,KU± ,KUULHIGLH6FXGHUL8QGIXKU0LRVVHQVIRUWXQGLFK VFKZ|UHHV(XFKPHLQ)UlXOHLQGDLFKVWRO]ELQDXIPHLQH7DW :LVVHWGD&DUGLOODFGHUYHUUXFKWHVWHKHXFKOHULVFKH%|VHZLFKW GDHUHVZDUGHULQGHU1DFKWKHLPWFNLVFKPRUGHWHXQGUDXEWH XQGVRODQJHDOOHQ6FKOLQJHQHQWJLQJ,FKZHLVHOEVWQLFKWZLHHV NDPGDHLQLQQHUHU9HUGDFKWVLFKLQPLUJHJHQGHQDOWHQ %|VHZLFKWUHJWHDOV HUYROOVLFKWEDUHU8QUXKHGHQ6FKPXFN EUDFKWHGHQLFKEHVWHOOWDOVHUVLFKJHQDXHUNXQGLJWHIUZHQLFK GHQ6FKPXFNEHVWLPPWXQGDOVHUDXIUHFKWOLVWLJH$UWPHLQHQ .DPPHUGLHQHUDXVJHIUDJWKDWWHZDQQLFKHLQHJHZLVVH'DPH]X EHVXFKHQSIOHJH± /lQJVWZDUHVPLUDXIJHIDOOHQGDGLH XQJOFNOLFKHQ6FKODFKWRSIHUGHUDEVFKHXOLFKHQ5DXEJLHUDOOH GLHVHOEH7RGHVZXQGHWUXJHQ(VZDUPLUJHZLGDGHU0|UGHU DXIGHQ6WRGHUDXJHQEOLFNOLFKW|WHQPXWHHLQJHEWZDUXQG GDUDXIUHFKQHWH6FKOXJGHUIHKOVRJDOWHVGHQJOHLFKHQ.DPSI 'LHVOLHPLFKHLQH9RUVLFKWVPDUHJHOEUDXFKHQGLHVRHLQIDFK LVWGDLFKQLFKWEHJUHLIHZLHDQGHUHQLFKWOlQJVWGDUDXIILHOHQ XQGVLFKUHWWHWHQYRQGHPEHGURKOLFKHQ0RUGZHVHQ,FKWUXJ HLQHQOHLFKWHQ%UXVWKDUQLVFKXQWHUGHU:HVWH&DUGLOODFILHOPLFK YRQKLQWHQDQ(UXPIDWHPLFKPLW5LHVHQNUDIWDEHUGHUVLFKHU JHIKUWH6WRJOLWWDEDQGHP(LVHQ,QGHPVHOEHQ$XJHQEOLFN HQWZDQGLFKPLFKLKPXQGVWLHLKPGHQ'ROFKGHQLFKLQ %HUHLWVFKDIWKDWWHLQGLH%UXVW8QG,KUVFKZLHJWIUDJWHGLH 6FXGHUL,KU]HLJWHWGHQ*HULFKWHQQLFKWDQZDVJHVFKHKHQ" (UODXEWVSUDFK0LRVVHQVZHLWHUHUODXEWPHLQ)UlXOHLQ]X EHPHUNHQGDHLQHVROFKH$Q]HLJHPLFKZRQLFKWJHUDGH]XLQV 9HUGHUEHQGRFKLQGHQDEVFKHXOLFKHQ3UR]HYHUZLFNHOQNRQQWH +lWWHOD 5HJQLHEHUDOO9HUEUHFKHQZLWWHUQGPLU VGHQQ JHUDGHKLQJHJODXEWZHQQLFK GHQUHFKWVFKDIIHQHQ&DUGLOODFGDV 0XVWHUDOOHU)U|PPLJNHLWXQG7XJHQGGHVYHUVXFKWHQ0RUGHV
DQJHNODJW":LHZHQQGDV6FKZHUWGHU*HUHFKWLJNHLWVHLQH6SLW]H ZLGHUPLFK VHOEVWJHZDQGW"'DVZDUQLFKWP|JOLFKULHIGLH 6FXGHUL(XUH*HEXUW± (XHU6WDQG± 2IXKU0LRVVHQVIRUWGHQNW GRFKDQGHQ0DUVFKDOOYRQ/X[HPEXUJGHQGHU(LQIDOOVLFKYRQ OH 6DJHGDV+RURVNRSVWHOOHQ]XODVVHQLQGHQ9HUGDFKWGHV *LIWPRUGHVXQGLQGLH%DVWLOOHEUDFKWH1HLQEHLP6W 'LRQ\V QLFKWHLQH6WXQGH)UHLKHLWQLFKWPHLQHQ2KU]LSIHOJHK LFKSUHLV GHPUDVHQGHQOD 5HJQLHGHUVHLQ0HVVHUJHUQDQXQVHUDOOHU .HKOHQVHW]WH$EHUVREULQJW,KUMDGHQXQVFKXOGLJHQ%UXRQDXIV 6FKDIIRWW"ILHOGLH6FXGHULLQV:RUW8QVFKXOGLJHUZLGHUWH 0LRVVHQVXQVFKXOGLJPHLQ)UlXOHLQQHQQW,KUGHVYHUVXFKWHQ &DUGLOODFV6SLHJHVHOOHQ"± GHULKPEHLVWDQGLQVHLQHQ7DWHQ"GHU GHQ7RGKXQGHUWPDOYHUGLHQWKDW"± 1HLQLQGHU7DWGHU EOXWHW PLW5HFKWXQGGDLFK(XFKPHLQKRFKYHUHKUWHV)UlXOHLQGHQ ZDKUHQ=XVDPPHQKDQJGHU6DFKHHQWGHFNWHJHVFKDKLQGHU 9RUDXVVHW]XQJGD,KURKQHPLFKLQGLH+lQGHGHU&KDPEUH DUGHQWH ]XOLHIHUQGRFKPHLQ*HKHLPQLVDXILUJHQGHLQH:HLVHIU (XUHQ6FKW]OLQJ]XQW]HQYHUVWHKHQZUGHW 'LH6FXGHULLP,QQHUVWHQHQW]FNWLKUHhEHU]HXJXQJYRQ %UXRQV8QVFKXOGDXIVROFKHQWVFKHLGHQGH:HLVHEHVWlWLJW]X VHKHQQDKPJDUNHLQHQ$QVWDQGGHP*UDIHQGHU&DUGLOODFV 9HUEUHFKHQMDVFKRQNDQQWHDOOHV]XHQWGHFNHQXQGLKQ DXI]XIRUGHUQVLFKPLWLKU]XG $QGLOO\]XEHJHEHQ'HP VROOWH XQWHUGHP6LHJHOGHU9HUVFKZLHJHQKHLWDOOHVHQWGHFNWZHUGHQ GHU VROOWHGDQQ5DWHUWHLOHQZDVQXQ]XEHJLQQHQ
' $QGLOO\QDFKGHPGLH6FXGHULLKPDOOHVDXIGDVJHQDXHVWH HU]lKOWKDWWHHUNXQGLJWHVLFKQRFKPDOVQDFKGHQJHULQJIJLJVWHQ 8PVWlQGHQ,QVEHVRQGHUHIUDJWHHUGHQ*UDIHQ0LRVVHQVREHU DXFKGLHIHVWHhEHU]HXJXQJKDEHGDHUYRQ&DUGLOODF DQJHIDOOHQXQGREHU2OLYLHU%UXRQDOVGHQMHQLJHQZUGHZLHGHU HUNHQQHQN|QQHQGHUGHQ/HLFKQDPIRUWJHWUDJHQ$XHUGHP HUZLGHUWH0LRVVHQVGDLFKLQGHUPRQGKHOOHQ1DFKWGHQ *ROGVFKPLHGUHFKWJXWHUNDQQWHKDEHLFKDXFKEHLOD 5HJQLH VHOEVWGHQ'ROFKJHVHKHQPLWGHP&DUGLOODFQLHGHUJHVWRHQ ZXUGH(VLVWGHUPHLQLJHDXVJH]HLFKQHWGXUFKGLH]LHUOLFKH $UEHLWGHV*ULIIV1XUHLQHQ6FKULWWYRQLKPVWHKHQGJHZDKUWHLFK DOOH=JHGHV-QJOLQJVGHPGHU+XWYRP.RSIJHIDOOHQXQG ZUGHLKQDOOHUGLQJVZLHGHUHUNHQQHQN|QQHQ
' $QGLOO\VDKVFKZHLJHQGHLQLJH$XJHQEOLFNHYRUVLFKQLHGHUGDQQ VSUDFKHU $XIJHZ|KQOLFKHP:HJHLVW%UXRQDXVGHQ+lQGHQ GHU-XVWL]QXQJDQ]XQGJDUQLFKW]XUHWWHQ(UZLOO0DGHORQV KDOEHU&DUGLOODFQLFKWDOV0RUGUlXEHUQHQQHQ'DVPDJHUWXQ GHQQVHOEVWZHQQHVLKPJHOLQJHQZUGHGXUFK(QWGHFNXQJGHV KHLPOLFKHQ$XVJDQJVGHV]XVDPPHQJHUDXEWHQ6FKDW]HVGLHV QDFK]XZHLVHQPWHLKQGRFKDOV0LWYHUEXQGHQHQGHU7RG WUHIIHQ'DVVHOEH9HUKlOWQLVEOHLEWVWHKHQZHQQGHU*UDI 0LRVVHQVGLH%HJHEHQKHLWPLWGHP*ROGVFKPLHGZLHVLHZLUNOLFK VLFK]XWUXJGHQ5LFKWHUQHQWGHFNHQVROOWH$XIVFKXE LVWGDV HLQ]LJHZRQDFKJHWUDFKWHWZHUGHQPX*UDI0LRVVHQVEHJLEW VLFKQDFKGHU&RQFLHUJHULHOlWVLFK2OLYLHU%UXRQYRUVWHOOHQXQG HUNHQQWLKQIUGHQGHUGHQ/HLFKQDP&DUGLOODFVIRUWVFKDIIWH(U HLOW]XOD 5HJQLHXQGVDJW ,QGHU6WUDH6W +RQRUpVDKLFKHLQHQ 0HQVFKHQQLHGHUVWRHQLFKVWDQGGLFKWQHEHQGHP/HLFKQDPDOV HLQDQGHUHUKLQ]XVSUDQJVLFK]XP/HLFKQDPQLHGHUEFNWHLKQ GDHUQRFK/HEHQVSUWHDXIGLH6FKXOWHUQOXGXQGIRUWWUXJ,Q 2OLYLHU%UXRQKDEHLFKGLHVHQ0HQVFKHQHUNDQQW'LHVH$XVVDJH YHUDQODW%UXRQVQRFKPDOLJH9HUQHKPXQJ=XVDPPHQVWHOOXQJ PLWGHP*UDIHQ0LRVVHQV*HQXJGLH7RUWXUXQWHUEOHLEWXQGPDQ IRUVFKWZHLWHUQDFK'DQQLVWHV=HLWVLFKDQGHQ.|QLJVHOEVW]X ZHQGHQ(XHUP6FKDUIVLQQPHLQ)UlXOHLQEOHLEWHVEHUODVVHQ GLHV DXIGLHJHVFKLFNWHVWH:HLVH]XWXQ1DFKPHLQHP 'DIUKDOWHQZUG HVJXWVHLQGHP.|QLJHGDVJDQ]H*HKHLPQLV ]XHQWGHFNHQ'XUFKGLHVH$XVVDJHGHV*UDIHQ0LRVVHQVZHUGHQ %UXRQV*HVWlQGQLVVHXQWHUVWW]W'DVVHOEHJHVFKLHKWYLHOOHLFKW GXUFKJHKHLPH1DFKIRUVFKXQJHQLQ&DUGLOODFV+DXVH.HLQ 5HFKWVVSUXFKDEHUGHV.|QLJV(QWVFKHLGXQJDXILQQHUHV*HIKO GDVGDZRGHU5LFKWHUVWUDIHQPX*QDGHDXVVSULFKWJHVWW]W NDQQGDVDOOHVEHJUQGHQ± *UDI0LRVVHQVEHIROJWHJHQDXZDV G $QGLOO\JHUDWHQXQGHVJHVFKDKZLUNOLFKZDVGLHVHU YRUKHUJHVHKHQ
1XQNDPHVGDUDXIDQGHQ.|QLJDQ]XJHKHQXQGGLHVZDUGHU VFKZLHULJVWH3XQNWGDHUJHJHQ%UXRQGHQHUDOOHLQIUGHQ HQWVHW]OLFKHQ5DXEP|UGHUKLHOWZHOFKHUVRODQJH=HLWKLQGXUFK JDQ]3DULVLQ$QJVWXQG6FKUHFNHQJHVHW]WKDWWHVROFKHQ$EVFKHX KHJWH GDHUQXUOHLVHHULQQHUWDQGHQEHUFKWLJWHQ3UR]HLQ GHQKHIWLJVWHQ=RUQJHULHW'LH0DLQWHQRQLKUHP*UXQGVDW]GHP .|QLJHQLHYRQXQDQJHQHKPHQ'LQJHQ]XUHGHQJHWUHXYHUZDUI
GLH9HUPLWWOXQJXQGVRZDU%UXRQV6FKLFNVDOJDQ]LQGLH+DQG GHU6FXGHULJHOHJW1DFKODQJHP6LQQHQIDWHVLHHLQHQ(QWVFKOX HEHQVRVFKQHOODOVVLHLKQDXVIKUWH6LHNOHLGHWHVLFKLQHLQH VFKZDU]H5REHYRQVFKZHUHP6HLGHQ]HXJVFKPFNWHVLFKPLW &DUGLOODFVN|VWOLFKHP*HVFKPHLGHKLQJHLQHQODQJHQVFKZDU]HQ 6FKOHLHUEHUXQGHUVFKLHQVRLQGHQ*HPlFKHUQGHU0DLQWHQRQ ]XU6WXQGHGDREHQGHU.|QLJ]XJHJHQ'LHHGOH*HVWDOWGHV HKUZUGLJHQ)UlXOHLQVLQGLHVHPIHLHUOLFKHQ$Q]XJHKDWWHHLQH 0DMHVWlWGLHWLHIH(KUIXUFKWHUZHFNHQPXWHVHOEVWEHLGHPORVHQ 9RONGDVJHZRKQWLVW LQGHQ9RU]LPPHUQVHLQOHLFKWVLQQLJQLFKWV EHDFKWHQGHV:HVHQ]XWUHLEHQ$OOHVZLFKVFKHX]XU6HLWHXQG DOVVLHQXQHLQWUDWVWDQGVHOEVWGHU.|QLJJDQ]YHUZXQGHUWDXI XQGNDPLKUHQWJHJHQ'DEOLW]WHQLKPGLHN|VWOLFKHQ'LDPDQWHQ GHV+DOVEDQGVGHU$UPElQGHULQV$XJHXQGHUULHI %HLP +LPPHOGDVLVW&DUGLOODFV*HVFKPHLGH8QGGDQQVLFK]XU 0DLQWHQRQZHQGHQGIJWHHUPLWDQPXWLJHP/lFKHOQKLQ]X 6HKW)UDX0DUTXLVHZLHXQVHUHVFK|QH%UDXWXPLKUHQ %UlXWLJDPWUDXHUW(LJQlGLJHU+HUUILHOGLH6FXGHULZLHGHQ 6FKHU]IRUWVHW]HQGHLQZLHZUG HV]LHPHQHLQHU VFKPHU]HUIOOWHQ%UDXWVLFKVRJODQ]YROO]XVFKPFNHQ"1HLQLFK KDEHPLFKJDQ]ORVJHVDJWYRQGLHVHP*ROGVFKPLHGXQGGlFKWH QLFKWPHKUDQLKQWUlWHPLUQLFKWPDQFKPDOGDVDEVFKHXOLFKH %LOGZLHHU HUPRUGHWGLFKWEHLPLUYRUEHUJHWUDJHQZXUGHYRU $XJHQ:LHIUDJWHGHU.|QLJZLH,KUKDEWLKQJHVHKHQGHQ DUPHQ7HXIHO"'LH6FXGHULHU]lKOWHQXQPLWNXU]HQ:RUWHQZLH VLHGHU=XIDOO QRFKHUZlKQWHVLHQLFKWGHU(LQPLVFKXQJ%UXRQV YRU&DUGLOODFV+DXVJHEUDFKWDOVHEHQGHU0RUGHQWGHFNWZRUGHQ 6LHVFKLOGHUWH0DGHORQVZLOGHQ6FKPHU]GHQWLHIHQ(LQGUXFNGHQ GDV+LPPHOVNLQGDXIVLHJHPDFKWGLH$UWZLHVLHGLH$UPHXQWHU =XMDXFK]HQGHV9RONVDXV'HVJUDLV +lQGHQJHUHWWHW0LWLPPHU VWHLJHQGHPXQGVWHLJHQGHP,QWHUHVVHEHJDQQHQQXQGLH6]HQHQ PLWOD 5HJQLH± PLW'HVJUDLV± PLW2OLYLHU%UXRQVHOEVW'HU .|QLJKLQJHULVVHQYRQGHU*HZDOWGHVOHEHQGLJVWHQ/HEHQVGDV LQGHU6FXGHUL5HGHJOKWHJHZDKUWHQLFKWGDYRQGHP JHKlVVLJHQ3UR]HGHVLKPDEVFKHXOLFKHQ%UXRQVGLH5HGHZDU YHUPRFKWHQLFKWHLQ:RUWKHUYRU]XEULQJHQNRQQWHQXUGDQQXQG ZDQQPLWHLQHP$XVUXI/XIWPDFKHQGHULQQHUQ%HZHJXQJ(KHHU VLFK VYHUVDKJDQ]DXHUVLFKEHUGDV8QHUK|UWHZDVHU HUIDKUHQXQGQRFKQLFKWYHUP|JHQGDOOHV]XRUGQHQODJGLH 6FXGHULVFKRQ]XVHLQHQ)HQXQGIOHKWHXP*QDGHIU2OLYLHU
%UXRQ:DVWXW,KUEUDFKGHU.|QLJORVLQGHPHUVLHEHLEHLGHQ +lQGHQIDWHXQGLQGHQ6HVVHOQ|WLJWHZDVWXW,KUPHLQ )UlXOHLQ± ,KUEHUUDVFKWPLFKDXIVHOWVDPH:HLVH± 'DVLVWMD HLQHHQWVHW]OLFKH*HVFKLFKWH± :HUEUJWIUGLH:DKUKHLWGHU DEHQWHXHUOLFKHQ(U]lKOXQJ%UXRQV"©'DUDXIGLH6FXGHUL 0LRVVHQV $XVVDJH± GLH8QWHUVXFKXQJLQ&DUGLOODFV+DXVH± LQQHUHhEHU]HXJXQJ± DFK0DGHORQVWXJHQGKDIWHV+HU]GDV JOHLFKH7XJHQGLQGHPXQJOFNOLFKHQ%UXRQHUNDQQWH± 'HU .|QLJLP%HJULIIHWZDV]XHUZLGHUQZDQGWHVLFKDXIHLQ *HUlXVFKXPGDVDQGHU7UHHQWVWDQG/RXYRLVGHUHEHQLP DQGHUQ*HPDFKDUEHLWHWHVDKKLQHLQPLWEHVRUJOLFKHU0LHQH'HU .|QLJVWDQGDXIXQGYHUOLH/RXYRLVIROJHQGGDV=LPPHU%HLGH GLH6FXGHULGLH0DLQWHQRQKLHOWHQGLHVH8QWHUEUHFKXQJIU JHIlKUOLFKGHQQHLQPDOEHUUDVFKWPRFKWHGHU.|QLJVLFKKWHQ LQGLHJHVWHOOWH)DOOH]XP]ZHLWHQPDO]XJHKHQ'RFKQDFK HLQLJHQ0LQXWHQWUDWGHU.|QLJZLHGHUKLQHLQVFKULWWUDVFKHLQ SDDUPDOLP=LPPHUDXIXQGDEVWHOOWHVLFKGDQQGLH+lQGHEHU GHQ5FNHQJHVFKODJHQGLFKWYRUGHU6FXGHULKLQXQGVSUDFK RKQHVLHDQ]XEOLFNHQKDOEOHLVH :RKOP|FKW LFK(XUH0DGHORQ VHKHQ± 'DUDXIGLH6FXGHUL 2 PHLQJQlGLJHU+HUUZHOFKHV KRKHQ± KRKHQ*OFNVZUGLJW,KUGDVDUPHXQJOFNOLFKH.LQG± DFKQXU(XUHV:LQNVEHGXUIW HVMDGLH.OHLQH]X(XUHQ)HQ]X VHKHQ8QGWULSSHOWHGDQQVRVFKQHOOVLHHVLQGHQVFKZHUHQ .OHLGHUQYHUPRFKWHQDFKGHU7UXQGULHIKLQDXVGHU.|QLJZROOH 0DGHORQ&DUGLOODFYRUVLFKODVVHQXQGNDP]XUFNXQGZHLQWH XQGVFKOXFK]WHYRQ(QW]FNHQXQG5KUXQJ'LH6FXGHULKDWWH VROFKH*XQVWJHDKQWXQGGDKHU0DGHORQPLWJHQRPPHQGLHEHL GHU0DUTXLVH.DPPHUIUDXZDUWHWHPLWHLQHUNXU]HQ%LWWVFKULIWLQ GHQ+lQGHQGLHLKUG $QGLOO\DXIJHVHW]W,QZHQLJHQ$XJHQEOLFNHQ ODJVLHVSUDFKORVGHP.|QLJH]X)HQ$QJVW± %HVWU]XQJ± VFKHXH(KUIXUFKW± /LHEHXQG6FKPHU]± WULHEHQGHU$UPHQ UDVFKHUXQGUDVFKHUGDVVLHGHQGH%OXWGXUFKDOOH$GHUQ,KUH :DQJHQJOKWHQLQKRKHP3XUSXU± GLH$XJHQJOlQ]WHQYRQ KHOOHQ7UlQHQSHUOHQGLHGDQQXQGZDQQKLQDEILHOHQGXUFKGLH VHLGHQHQ:LPSHUQDXIGHQVFK|QHQ/LOLHQEXVHQ'HU.|QLJVFKLHQ EHWURIIHQEHUGLHZXQGHUEDUH6FK|QKHLWGHV(QJHOVNLQGHV(U KREGDV0lGFKHQVDQIWDXIGDQQPDFKWHHUHLQH%HZHJXQJDOV ZROOHHULKUH+DQGGLHHUJHIDWNVVHQ(UOLHVLHZLHGHUXQG VFKDXWHGDVKROGH.LQGDQPLWWUlQHQIHXFKWHP%OLFNGHUYRQGHU WLHIVWHQLQQHUQ5KUXQJ]HXJWH/HLVHOLVSHOWHGLH0DLQWHQRQGHU
6FXGHUL]X 6LHKWVLHQLFKWGHUOD 9DOOLHUHlKQOLFKDXIHLQ+DDUGDV NOHLQH'LQJ"± 'HU.|QLJVFKZHOJWLQGHQVHVWHQ(ULQQHUXQJHQ (XHU6SLHOLVWJHZRQQHQ± 6ROHLVHGLHVDXFKGLH0DLQWHQRQ VSUDFKGRFKVFKLHQHVGHU.|QLJYHUQRPPHQ]XKDEHQ(LQH5|WH EHUIORJVHLQ*HVLFKWVHLQ%OLFNVWUHLIWHEHLGHU0DLQWHQRQ YRUEHUHUODVGLH6XSSOLNGLH0DGHORQLKPEHUUHLFKWXQG VSUDFKGDQQPLOGXQGJWLJ ,FKZLOOVZRKOJODXEHQGDGXPHLQ OLHEHV.LQGYRQGHLQHV*HOLHEWHQ8QVFKXOGEHU]HXJWELVWDEHU K|UHQZLUZDVGLH&KDPEUHDUGHQWH GD]XVDJW± (LQHVDQIWH %HZHJXQJPLWGHU+DQGYHUDEVFKLHGHWHGLH.OHLQHGLHLQ7UlQHQ YHUVFKZLPPHQZROOWH± 'LH6FXGHULJHZDKUWH]XLKUHP6FKUHFN GDGLH(ULQQHUXQJDQGLH9DOOLHUHVRHUVSULHOLFKVLHDQIDQJV JHVFKLHQHQGHV.|QLJV6LQQ JHlQGHUWKDWWHVRZLHGLH0DLQWHQRQ GHQ1DPHQJHQDQQW0RFKW HVVHLQGDGHU.|QLJVLFKDXI XQ]DUWH:HLVHGDUDQHULQQHUWIKOWHGDHULP%HJULIIVWHKHGDV VWUHQJH5HFKWGHU6FK|QKHLWDXI]XRSIHUQRGHUYLHOOHLFKWJLQJHV GHP.|QLJHZLHGHP7UlXPHUGHPKDUWDQJHUXIHQGLHVFK|QHQ =DXEHUELOGHUGLHHU]XXPIDVVHQJHGDFKWHVFKQHOOYHUVFKZLQGHQ 9LHOOHLFKWVDKHUQXQQLFKWPHKUVHLQH9DOOLHUHYRUVLFKVRQGHUQ GDFKWHQXUDQGLH6RHXU/RXLVHGHODPLVpULFRUGH GHU9DOOLHUH .ORVWHUQDPHEHLGHQ.DUPHOLWHUQRQQHQ GLHLKQSHLQLJWHPLWLKUHU )U|PPLJNHLWXQG%XH± :DVZDUMHW]WDQGHUV]XWXQDOVGHV .|QLJV%HVFKOVVHUXKLJDE]XZDUWHQ 'HV*UDIHQ0LRVVHQV$XVVDJHYRUGHU&KDPEUHDUGHQWH ZDU LQGHVVHQEHNDQQWJHZRUGHQXQGZLHHV]XJHVFKHKHQSIOHJWGD GDV9RONOHLFKWJHWULHEHQZLUGYRQHLQHP([WUHP]XPDQGHUQVR ZXUGHGHUVHOEHGHQPDQHUVWDOVGHQYHUUXFKWHVWHQ0|UGHU YHUIOXFKWHXQGGHQPDQ]X]HUUHLHQGURKWHQRFKHKHHUGLH %OXWEKQHEHVWLHJHQDOVXQVFKXOGLJHV2SIHUHLQHUEDUEDULVFKHQ -XVWL]EHNODJW1XQHUVWHULQQHUWHQVLFKGLH1DFKEDUVOHXWHVHLQHV WXJHQGKDIWHQ:DQGHOVGHUJURHQ/LHEH]X0DGHORQGHU7UHXH GHU(UJHEHQKHLWPLW/HLEXQG6HHOHGLHHU]XGHPDOWHQ *ROGVFKPLHGJHKHJW± *DQ]H=JHGHV9RONVHUVFKLHQHQRIWDXI EHGURKOLFKH:HLVHYRUOD 5HJQLHV3DODVWXQGVFKULHQ *LEXQV 2OLYLHU%UXRQKHUDXVHULVWXQVFKXOGLJXQGZDUIHQZRKOJDU 6WHLQHQDFKGHQ)HQVWHUQVRGDOD 5HJQLHJHQ|WLJWZDUEHLGHU 0DUHFKDXVVHH6FKXW]]XVXFKHQYRUGHPHU]UQWHQ3|EHO 0HKUHUH7DJHYHUJLQJHQRKQHGDGHU6FXGHULYRQ2OLYLHU %UXRQV3UR]HQXUGDVPLQGHVWHEHNDQQWZXUGH*DQ]WURVWORV
EHJDEVLHVLFK]XU0DLQWHQRQGLHDEHUYHUVLFKHUWHGDGHU.|QLJ EHUGLH6DFKHVFKZHLJHXQGHVJDUQLFKWJHUDWHQVFKHLQHLKQ GDUDQ]XHULQQHUQ)UDJWHVLHQXQQRFKPLWVRQGHUEDUHP/lFKHOQ ZDVGHQQGLHNOHLQH9DOOLHUHPDFKH"VREHU]HXJWHVLFKGLH 6FXGHULGDWLHILP,QQHUQGHUVWRO]HQ)UDXVLFKHLQ9HUGUXEHU HLQH$QJHOHJHQKHLWUHJWHGLHGHQUHL]EDUHQ.|QLJLQHLQ*HELHW ORFNHQNRQQWHDXIGHVVHQ=DXEHUVLHVLFKQLFKWYHUVWDQG9RQGHU 0DLQWHQRQNRQQWHVLHGDKHUJDUQLFKWVKRIIHQ
(QGOLFKPLWG $QGLOO\V+LOIHJHODQJHVGHU6FXGHUL DXV]XNXQGVFKDIWHQGDGHU.|QLJHLQHODQJHJHKHLPH 8QWHUUHGXQJPLWGHP*UDIHQ0LRVVHQVJHKDEW)HUQHUGD %RQWHPVGHV.|QLJVYHUWUDXWHVWHU.DPPHUGLHQHUXQG *HVFKlIWVWUlJHULQGHU&RQFLHUJHULHJHZHVHQXQGPLW%UXRQ JHVSURFKHQGDHQGOLFKLQHLQHU1DFKWHEHQGHUVHOEH%RQWHPVPLW PHKUHUHQ/HXWHQLQ&DUGLOODFV+DXVHJHZHVHQXQGVLFKODQJH GDULQDXIJHKDOWHQ&ODXGH3DWUXGHU%HZRKQHUGHVXQWHUQ 6WRFNVYHUVLFKHUWHGLHJDQ]H1DFKWKDEHHVEHUVHLQHP.RSIH JHSROWHUWXQGJHZLVHL2OLYLHUGDEHLJHZHVHQGHQQHUKDEH VHLQH6WLPPHJHQDXHUNDQQW6RYLHOZDUDOVRJHZLGDGHU .|QLJVHOEVWGHPZDKUHQ=XVDPPHQKDQJHGHU6DFKH QDFKIRUVFKHQOLHXQEHJUHLIOLFKEOLHEDEHUGLHODQJH9HU]|JHUXQJ GHV%HVFKOXVVHV/D 5HJQLHPRFKWHDOOHVDXIELHWHQGDV2SIHU GDVLKPHQWULVVHQZHUGHQVROOWH]ZLVFKHQGHQ=lKQHQ IHVW]XKDOWHQ'DVYHUGDUEMHGH+RIIQXQJLP$XINHLPHQ %HLQDKHHLQ0RQDWZDUYHUJDQJHQGDOLHGLH0DLQWHQRQGHU 6FXGHULVDJHQGHU.|QLJZQVFKHVLHKHXWH$EHQGLQLKUHQGHU 0DLQWHQRQ*HPlFKHUQ]XVHKHQ 'DV+HU]VFKOXJGHU6FXGHULKRFKDXIVLHZXWHGD%UXRQV 6DFKHVLFKQXQHQWVFKHLGHQZUGH6LHVDJWHHVGHUDUPHQ 0DGHORQGLH]XU-XQJIUDX]XDOOHQ+HLOLJHQLQEUQVWLJEHWHWH GDVLHGRFKQXULQGHP.|QLJGLHhEHU]HXJXQJYRQ%UXRQV 8QVFKXOGHUZHFNHQP|FKWHQ
8QGGRFKVFKLHQHVDOVKDEHGHU.|QLJGLHJDQ]H6DFKH YHUJHVVHQGHQQZLHVRQVWZHLOHQGLQDQPXWLJHQ*HVSUlFKHQPLW GHU0DLQWHQRQXQGGHU6FXGHULJHGDFKWHHUQLFKWPLWHLQHU6LOEH GHVDUPHQ%UXRQV(QGOLFKHUVFKLHQ%RQWHPVQlKHUWHVLFKGHP .|QLJHXQGVSUDFKHLQLJH:RUWHVROHLVHGDEHLGH'DPHQQLFKWV
GDYRQYHUVWDQGHQ± 'LH6FXGHULHUEHEWHLP,QQHUQ'DVWDQGGHU .|QLJDXIVFKULWWDXIGLH6FXGHUL]XXQGVSUDFKPLWOHXFKWHQGHQ %OLFNHQ ,FKZQVFKH(XFK*OFNPHLQ)UlXOHLQ± (XHU 6FKW]OLQJ2OLYLHU%UXRQLVWIUHL± 'LH6FXGHULGHUGLH7UlQHQ DXVGHQ$XJHQVWU]WHQNHLQHV:RUWHVPlFKWLJZROOWHVLFKGHP .|QLJH]X)HQZHUIHQ'HU KLQGHUWHVLHGDUDQVSUHFKHQG *HKWJHKW)UlXOHLQ,KUVROOWHW3DUODPHQWVDGYRNDWVHLQXQG PHLQH5HFKWVKlQGHODXVIHFKWHQGHQQEHLPKHLOLJHQ'LRQ\V (XUHU%HUHGVDPNHLWZLGHUVWHKWQLHPDQGDXI(UGHQ± 'RFKIJWH HUHUQVWHUKLQ]XGRFKZHQGLH7XJHQGVHOEVWLQ6FKXW]QLPPW PDJGHUQLFKWVLFKHUVHLQYRUMHGHUE|VHQ$QNODJHYRUGHU &KDPEUHDUGHQWH XQGDOOHQ*HULFKWVK|IHQLQGHU:HOW± 'LH 6FXGHULIDQGQXQ:RUWHGLHVLFKLQGHQJOKHQGVWHQ'DQN HUJRVVHQ'HU.|QLJXQWHUEUDFKVLHLKUDQNQGLJHQGGDLQ LKUHP+DXVHVLHVHOEVWYLHOIHXULJHUHU'DQNHUZDUWHDOVHUYRQLKU IRUGHUQN|QQHGHQQZDKUVFKHLQOLFKXPDUPHLQGLHVHP $XJHQEOLFNGHUJOFNOLFKH2OLYLHUVFKRQVHLQH0DGHORQ%RQWHPV VRVFKORGHU.|QLJ%RQWHPVVROO(XFKWDXVHQG/RXLVDXV]DKOHQ GLHJHEWLQPHLQHP1DPHQGHU.OHLQHQDOV%UDXWVFKDW]0DJVLH LKUHQ%UXRQGHUVROFKHLQ*OFNJDUQLFKWYHUGLHQWKHLUDWHQ DEHUGDQQVROOHQEHLGHIRUWDXV3DULV'DVLVWPHLQ:LOOH 'LH0DUWLQLHUHNDPGHU6FXGHULHQWJHJHQPLWUDVFKHQ6FKULWWHQ KLQWHULKUKHU%DSWLVWHEHLGHPLWYRU)UHXGHJOlQ]HQGHQ *HVLFKWHUQEHLGHMDXFK]HQGVFKUHLHQG (ULVWKLHU± HULVWIUHL± R GLHOLHEHQMXQJHQ/HXWH'DVVHOLJH3DDUVWU]WHGHU6FXGHUL]X )HQ2 LFKKDEHHVMDJHZXWGD,KU,KUDOOHLQPLUGHQ *DWWHQUHWWHQZUGHWULHI0DGHORQ$FKGHU*ODXEHDQ(XFK PHLQH0XWWHUVWDQGMDIHVWLQPHLQHU6HHOHULHI2OLYLHUXQG EHLGHNWHQGHUZUGLJHQ'DPHGLH+lQGHXQGYHUJRVVHQ WDXVHQGKHLH7UlQHQ8QGGDQQXPDUPWHQVLHVLFKZLHGHUXQG EHWHXHUWHQGDGLHEHULUGLVFKH6HOLJNHLWGLHVHV$XJHQEOLFNVDOOH QDPHQORVHQ/HLGHQGHUYHUJDQJHQHQ7DJHDXIZLHJHXQG VFKZRUHQQLFKWYRQHLQDQGHU]XODVVHQELVLQGHQ7RG
1DFKZHQLJHQ7DJHQZXUGHQVLHYHUEXQGHQGXUFKGHQ6HJHQGHV 3ULHVWHUV:lUHHVDXFKQLFKWGHV.|QLJV:LOOHJHZHVHQ%UXRQ KlWWHGRFKQLFKWLQ3DULVEOHLEHQN|QQHQZRLKQDOOHVDQMHQH HQWVHW]OLFKH=HLWGHU8QWDWHQ&DUGLOODFVHULQQHUWHZRLUJHQGHLQ =XIDOOGDVE|VH*HKHLPQLVQXQQRFKPHKUHUHQ3HUVRQHQEHNDQQW ZRUGHQIHLQGVHOLJHQWKOOHQXQGVHLQIULHGOLFKHV/HEHQDXILPPHU
YHUVW|UHQNRQQWH*OHLFKQDFKGHU+RFK]HLW]RJHUYRQGHQ 6HJQXQJHQGHU6FXGHULEHJOHLWHWPLWVHLQHPMXQJHQ:HLEHQDFK *HQI5HLFKDXVJHVWDWWHWGXUFK0DGHORQV%UDXWVFKDW]EHJDEWPLW VHOWHQHU*HVFKLFNOLFKNHLWLQVHLQHP+DQGZHUNPLWMHGHU EUJHUOLFKHQ7XJHQGZDUGLKPGRUWHLQJOFNOLFKHVVRUJHQIUHLHV /HEHQ,KPZXUGHQGLH+RIIQXQJHQHUIOOWGLHGHQ9DWHU JHWlXVFKWKDWWHQELVLQGDV*UDEKLQHLQ
(LQ-DKUZDUYHUJDQJHQVHLWGHU$EUHLVH%UXRQVDOVHLQH |IIHQWOLFKH%HNDQQWPDFKXQJHUVFKLHQJH]HLFKQHWYRQ+DUOR\ GH &KDXYDORQ(U]ELVFKRIYRQ3DULVXQGYRQGHP 3DUODPHQWVDGYRNDWHQ3LHUUH$UQDXGG $QGLOO\GHV,QKDOWVGDHLQ UHXLJHU6QGHUXQWHUGHP6LHJHOGHU%HLFKWHGHU.LUFKHHLQHQ UHLFKHQJHUDXEWHQ6FKDW]DQ-XZHOHQXQG*HVFKPHLGH EHUJHEHQ-HGHUGHPHWZDELV]XP(QGHGHV-DKUHV YRU]JOLFKGXUFKP|UGHULVFKHQ$QIDOODXI|IIHQWOLFKHU6WUDHHLQ 6FKPXFNJHUDXEWZRUGHQVROOHVLFKEHLG $QGLOO\PHOGHQXQG ZHUGHWUHIIHGLH%HVFKUHLEXQJGHVLKPJHUDXEWHQ6FKPXFNVPLW LUJHQGHLQHPYRUJHIXQGHQHQ.OHLQRGJHQDXEHUHLQXQGILQGH VRQVWNHLQ=ZHLIHOJHJHQGLH5HFKWPlLJNHLWGHV$QVSUXFKVVWDWW GHQ6FKPXFNZLHGHUHUKDOWHQ± 9LHOHGLHLQ&DUGLOODFV/LVWHDOV QLFKWHUPRUGHWVRQGHUQEORGXUFKHLQHQ)DXVWVFKODJEHWlXEW DXIJHIKUWZDUHQIDQGHQVLFKQDFKXQGQDFKEHLGHP 3DUODPHQWVDGYRNDWHQHLQXQGHUKLHOWHQ]XLKUHPQLFKWJHULQJHQ (UVWDXQHQGDVLKQHQJHUDXEWH*HVFKPHLGH]XUFN'DVEULJHILHO GHP6FKDW]GHU.LUFKH]X6W (XVWDFKHDQKHLP
'DV)UlXOHLQYRQ6FXGHUL (LQH(U]lKOXQJDXVGHP =HLWDOWHU/XGZLJV ;,9
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
,QGHU6WUDH6W+RQRUpZDUGDVNOHLQH+DXVJHOHJHQZHOFKHV 0DJGDOHLQHYRQ6FXGHULEHNDQQWGXUFKLKUHDQPXWLJHQ9HUVH GXUFKGLH*XQVW/XGZLJV ;,9XQGGHU0DLQWHQRQEHZRKQWH
6SlWXP0LWWHUQDFKW± LP+HUEVWHGHV-DKUHV± ZXUGHDQ GLHVHV+DXVKDUWXQGKHIWLJDQJHVFKODJHQGDHVLPJDQ]HQ)OXU ODXWZLGHUKDOOWH± %DSWLVWHGHULQGHV)UlXOHLQVNOHLQHP+DXVKDOW .RFK%HGLHQWHQXQG7UVWHKHU]XJOHLFKYRUVWHOOWHZDUPLW (UODXEQLVVHLQHU+HUUVFKDIWEHU/DQGJHJDQJHQ]XU+RFK]HLW VHLQHU6FKZHVWHUXQGVRNDPHVGDGLH0DUWLQLHUHGHV )UlXOHLQV.DPPHUIUDXDOOHLQLP+DXVHQRFKZDFKWH6LHK|UWHGLH ZLHGHUKROWHQ6FKOlJHHVILHOLKUHLQGD%DSWLVWHIRUWJHJDQJHQ XQGVLHPLWGHP)UlXOHLQRKQHZHLWHUQ6FKXW]LP+DXVHJHEOLHEHQ VHL DOOHU)UHYHOYRQ(LQEUXFK'LHEVWDKOXQG0RUGZLHHUMHPDOV LQ3DULVYHUEWZRUGHQNDPLKULQGHQ6LQQHVZXUGHLKUJHZL GDLUJHQGHLQ+DXIHQ0HXWHUHUYRQGHU(LQVDPNHLWGHV+DXVHV XQWHUULFKWHWGDGUDXHQWREHXQGHLQJHODVVHQHLQE|VHV 9RUKDEHQJHJHQGLH+HUUVFKDIWDXVIKUHQZROOHXQGVREOLHEVLH LQLKUHP=LPPHU]LWWHUQGXQG]DJHQGXQGGHQ%DSWLVWH YHUZQVFKHQGVDPWVHLQHU6FKZHVWHU+RFK]HLW8QWHUGHVVHQ GRQQHUWHQGLH6FKOlJHLPPHUIRUWXQGHVZDULKUDOVUXIHHLQH 6WLPPHGD]ZLVFKHQ 6RPDFKWGRFKQXUDXIXP&KULVWXVZLOOHQ VRPDFKWGRFKQXUDXI(QGOLFKLQVWHLJHQGHU$QJVWHUJULIIGLH 0DUWLQLHUHVFKQHOOGHQ/HXFKWHUPLWGHUEUHQQHQGHQ.HU]HXQG UDQQWHKLQDXVDXIGHQ)OXU GDYHUQDKPVLHJDQ]GHXWOLFKGLH 6WLPPHGHV$QSRFKHQGHQ 8P&KULVWXVZLOOHQVRPDFKWGRFKQXU DXI,QGHU7DWGDFKWHGLH0DUWLQLHUHVRVSULFKWGRFKZRKONHLQ 5lXEHU ZHUZHLREQLFKWJDUHLQ9HUIROJWHU=XWULWWVXFKWEHL PHLQHU+HUUVFKDIWGLHMDJHQHLJWLVW]XMHGHU:RKOWDW$EHUODW XQVYRUVLFKWLJVHLQ± 6LH|IIQHWHHLQ)HQVWHUXQGULHIKLQDEZHU GHQQGDXQWHQLQVRVSlWHU1DFKWVRDQGHU+DXVWUWREHXQG DOOHVDXVGHP6FKODIHZHFNHLQGHPVLHLKUHUWLHIHQ6WLPPHVR YLHO0lQQOLFKHV]XJHEHQVLFKEHPKWHDOVQXUP|JOLFK,QGHP 6FKLPPHUGHU0RQGHVVWUDKOHQGLHHEHQGXUFKGLHILQVWHUQ :RONHQEUDFKHQJHZDKUWHVLHHLQHODQJHLQHLQHQKHOOJUDXHQ 0DQWHOJHZLFNHOWH*HVWDOWGLHGHQEUHLWHQ+XWWLHILQGLH$XJHQ JHGUFNWKDWWH6LHULHIQXQPLWODXWHU6WLPPHVRGDHVGHU XQWHQYHUQHKPHQNRQQWH%DSWLVWH&ODXGH3LHUUHVWHKWDXIXQG VHKWHLQPDO]XZHOFKHU7DXJHQLFKWVXQVGDV+DXVHLQVFKODJHQ ZLOO'DVSUDFKHVDEHUPLWVDQIWHUEHLQDKHNODJHQGHU6WLPPH
YRQXQWHQKHUDXI$FKOD 0DUWLQLHUHLFKZHLMDGD,KUHVVHLG OLHEH)UDXVRVHKU,KU(XUH6WLPPH]XYHUVWHOOHQWUDFKWHWLFK ZHLMDGD%DSWLVWHEHU/DQGJHJDQJHQLVWXQG,KUPLW(XUHU +HUUVFKDIWDOOHLQLP+DXVHVHLG0DFKWPLUQXUJHWURVWDXI EHIUFKWHWQLFKWV,FKPXGXUFKDXVPLW(XUHP)UlXOHLQ VSUHFKHQQRFKLQGLHVHU0LQXWH:RGHQNW,KUKLQHUZLGHUWH 0DUWLQLHUHPHLQ)UlXOHLQZROOW,KUVSUHFKHQPLWWHQLQGHU1DFKW" :LW,KUGHQQQLFKWGDVLHOlQJVWVFKOlIWXQGGDLFKVLHXP NHLQHQ3UHLVZHFNHQZHUGHDXVGHPHUVWHQVHVWHQ6FKOXPPHU GHVVHQVLHLQLKUHQ-DKUHQZRKOEHGDUI,FKZHLVSUDFKGHU 8QWHQVWHKHQGHLFKZHLGD(XHU)UlXOHLQVRHEHQGDV 0DQXVNULSWLKUHV5RPDQV&OHOLDJHKHLHQDQGHPVLHUDVWORV DUEHLWHWEHLVHLWHJHOHJWKDWXQGMHW]WHLQLJH9HUVHDXIVFKUHLEWGLH VLHPRUJHQEHLGHU0DUTXLVHGH0DLQWHQRQYRU]XOHJHQJHGHQNW ,FKEHVFKZ|UH(XFK)UDX0DUWLQLHUHKDEWGLH%DUPKHU]LJNHLWXQG |IIQHWPLUGLH7UH:LWGDHVGDUDXIDQNRPPWHLQHQ 8QJOFNOLFKHQYRP9HUGHUEHQ]XUHWWHQZLWGD(KUH)UHLKHLW MDGDV/HEHQHLQHV0HQVFKHQDEKlQJWYRQGHP$XJHQEOLFNLQ GHPLFK(XHU)UlXOHLQVSUHFKHQPX%HGHQNWGD(XUHU *HELHWHULQ=RUQHZLJDXI(XFKODVWHQZUGHZHQQ6LHHUIKUH GD,KUHVZDUHWGLHGHQ8QJOFNOLFKHQZHOFKHUNDPLKUH+LOIH ]XHUIOHKHQKDUWKHU]LJYRQGHU7UHZLHVHW$EHU ZDUXPVSUHFKW ,KUGHQQPHLQHV)UlXOHLQV0LWOHLGDQLQGLHVHUXQJHZ|KQOLFKHQ 6WXQGHNRPPWPRUJHQ]XJXWHU=HLWZLHGHUVRVSUDFKGLH 0DUWLQLHUHKHUDE GDHUZLGHUWHGHUXQWHQ .HKUWVLFKGHQQGDV 6FKLFNVDOZHQQHVYHUGHUEHQGZLHGHUW|WHQGH%OLW]HLQVFKOlJW DQ=HLWXQG6WXQGH"'DUIZHQQQXUHLQ$XJHQEOLFN5HWWXQJQRFK P|JOLFKLVWGLH+LOIHDXIJHVFKREHQZHUGHQ"|IIQHWPLUGLH7UH IUFKWHWGRFKQXUQLFKWVYRQHLQHP(OHQGHQGHUVFKXW]ORV YHUODVVHQYRQDOOHU:HOWYHUIROJWEHGUlQJWYRQHLQHP XQJHKHXUHQ *HVFKLFN(XHU)UlXOHLQXP5HWWXQJDQIOHKHQZLOODXV GURKHQGHU*HIDKU'LH0DUWLQLHUHYHUQDKPZLHGHU 8QWHQVWHKHQGHEHLGLHVHQ:RUWHQYRUWLHIHP6FKPHU]VW|KQWH XQGVFKOXFK]WH GDEHLZDUGHU7RQYRQVHLQHU6WLPPHGHUHLQHV -QJOLQJVVDQIWXQGHLQGULQJHQG WLHILQGLH%UXVW6LHIKOWHVLFK LP,QQHUVWHQEHZHJWRKQHVLFKZHLWHUODQJH]XEHVLQQHQKROWH VLHGLH6FKOVVHOKHUEHL 6RZLHVLHGLH7UHNDXPJH|IIQHWGUlQJWHVLFKXQJHVWPGLHLQ GHQ0DQWHOJHKOOWH*HVWDOWKLQHLQXQGULHIDQGHU0DUWLQLHUH
YRUEHLVFKUHLWHQGLQGHQ)OXUPLWZLOGHU6WLPPH )KUWPLFK]X (XUHP)UlXOHLQ(UVFKURFNHQKREGLH0DUWLQLHUHGHQ/HXFKWHULQ GLH+|KHXQGGHU.HU]HQVFKLPPHUILHOLQHLQWRGEOHLFKHV IXUFKWEDUHQWVWHOOWHV-QJOLQJVDQWOLW]9RU6FKUHFNHQKlWWHGLH 0DUWLQLHUH]X%RGHQVLQNHQP|JHQDOVQXQGHU0HQVFKGHQ 0DQWHODXVHLQDQGHUVFKOXJXQGGHUEODQNH*ULIIHLQHV6WLOHWWVDXV GHP%UXVWODW]KHUYRUUDJWH(VEOLW]WHGHU0HQVFKVLHDQPLW IXQNHOQGHQ$XJHQXQGULHIQRFKZLOGHUDOV]XYRU )KUWPLFK]X (XUHP)UlXOHLQVDJHLFK(XFK1XQVDKGLH0DUWLQLHUHLKU)UlXOHLQ LQGHUGULQJHQGVWHQ*HIDKUDOOH/LHEH]XGHUWHXUHQ+HUUVFKDIWLQ GHUVLH]XJOHLFKGLHIURPPHWUHXH0XWWHUHKUWHIODPPWHVWlUNHU DXILP,QQHUQXQGHU]HXJWHHLQHQ0XWGHVVHQVLHZRKOVHOEVWVLFK QLFKWIlKLJJHJODXEWKlWWH6LHZDUIGLH7UHLKUHV*HPDFKVGLH VLHRIIHQJHODVVHQVFKQHOO]XWUDWYRUGLHVHOEHXQGVSUDFKVWDUN XQGIHVW ,QGHU7DW(XHUWROOHV%HWUDJHQKLHULP+DXVHSDW VFKOHFKW]X(XUHQNOlJOLFKHQ:RUWHQGDGUDXHQGLHZLHLFKQXQ ZRKOPHUNHPHLQ0LWOHLGHQVHKU]XXQUHFKWHU=HLWHUZHFNW KDEHQ0HLQ)UlXOHLQVROOWXQGZHUGHW,KUMHW]WQLFKWVSUHFKHQ +DEW,KUQLFKWV%|VHVLP6LQQGUIW,KUGHQ7DJQLFKWVFKHXHQ VRNRPPWPRUJHQZLHGHUXQGEULQJW(XUH6DFKHDQ± -HW]W VFKHUW(XFKDXVGHP+DXVH'HU0HQVFKVWLHHLQHQGXPSIHQ 6HXI]HUDXVEOLFNWHGLH0DUWLQLHUHVWDUUDQPLWHQWVHW]OLFKHP%OLFN XQGJULIIQDFKGHP6WLOHWW'LH0DUWLQLHUHEHIDKOLPVWLOOHQLKUH 6HHOHGHP+HUUQGRFKEOLHEVLHVWDQGKDIWXQGVDKGHP 0HQVFKHQNHFNLQV$XJHLQGHPVLHVLFKIHVWHUDQGLH7UHGHV *HPDFKVGUFNWHGXUFKZHOFKHVGHU0HQVFKJHKHQPXWHXP ]XGHP)UlXOHLQ]XJHODQJHQ/DWPLFK]X(XUHP)UlXOHLQVDJH LFK(XFKULHIGHU0HQVFKQRFKPDOV7XWZDV,KUZROOWHUZLGHUWH GLH0DUWLQLHUHLFKZHLFKHQLFKWYRQGLHVHP3ODW]YROOHQGHWQXU GLHE|VH7DWGLH,KUEHJRQQHQDXFK,KUZHUGHWGHQ VFKPDFKYROOHQ7RGILQGHQDXIGHP*UHYHSODW]ZLH(XUH YHUUXFKWHQ6SLHJHVHOOHQ+DVFKULHGHU0HQVFKDXI,KUKDEW UHFKWOD 0DUWLQLHUHLFKVHKHDXVLFKELQEHZDIIQHWZLHHLQ YHUUXFKWHU5lXEHUXQG0|UGHUDEHUPHLQH6SLHJHVHOOHQVLQG QLFKWJHULFKWHWVLQGQLFKWJHULFKWHW± 8QGGDPLW]RJHUJLIWLJH %OLFNHVFKLHHQGDXIGLH]XP7RGHJHlQJVWLJWH)UDXGDV6WLOHWW KHUDXV-HVXVULHIVLHGHQ7RGHVVWRHUZDUWHQGDEHULQGHP $XJHQEOLFNOLHVLFKDXIGHU6WUDHGDV*HNOLUUYRQ:DIIHQGHU +XIWULWWYRQ3IHUGHQK|UHQ'LH0DUHFKDXVVHH± GLH 0DUHFKDXVVHH+LOIH+LOIHVFKULHGLH0DUWLQLHUH(QWVHW]OLFKHV
:HLEGXZLOOVWPHLQ9HUGHUEHQ± QXQLVWDOOHVDXVDOOHVDXV± QLPP± QLPP JLEGDVGHP)UlXOHLQKHXWHQRFK± PRUJHQZHQQ GXZLOOVW± GLHVOHLVHPXUPHOQGKDWWHGHU0HQVFKGHU0DUWLQLHUH GHQ/HXFKWHUZHJJHULVVHQGLH.HU]HQYHUO|VFKWXQGLKUHLQ .lVWFKHQLQGLH+lQGHJHGUFNW8PGHLQHU6HOLJNHLWZLOOHQJLE GDV.lVWFKHQGHP)UlXOHLQULHIGHU0HQVFKXQGVSUDQJ]XP +DXVHKLQDXV'LH0DUWLQLHUHZDU]X%RGHQJHVXQNHQPLW0KH VWDQGVLHDXIXQGWDSSWHVLFKLQGHU)LQVWHUQLV]XUFNLQLKU *HPDFKZRVLHJDQ]HUVFK|SIWNHLQHV/DXWHVPlFKWLJLQGHQ /HKQVWXKOVDQN1XQK|UWHVLHGLH6FKOVVHONOLUUHQGLHVLHLP 6FKORGHU+DXVWUHKDWWHVWHFNHQODVVHQ'DV+DXVZXUGH ]XJHVFKORVVHQXQGOHLVHXQVLFKHUH7ULWWHQDKWHQVLFKGHP *HPDFK)HVWJHEDQQWRKQH.UDIWVLFK]XUHJHQHUZDUWHWHVLH GDV*UlOLFKH GRFKZLHJHVFKDKLKU DOVGLH7UHDXIJLQJXQGVLH EHLGHP6FKHLQHGHU1DFKWODPSHDXIGHQHUVWHQ%OLFNGHQ HKUOLFKHQ%DSWLVWHHUNDQQWH GHUVDKOHLFKHQEODDXVXQGJDQ] YHUVW|UW8PDOOHU+HLOLJHQZLOOHQILQJHUDQXPDOOHU+HLOLJHQ ZLOOHQVDJWPLU)UDX0DUWLQLHUHZDVLVWJHVFKHKHQ"$FKGLH $QJVWGLH$QJVW± ,FKZHLQLFKWZDVHVZDUDEHUIRUWJHWULHEHQ KDWHVPLFKYRQGHU+RFK]HLWJHVWHUQ$EHQGPLW*HZDOW± 8QG QXQNRPPHLFKLQGLH6WUDH)UDX0DUWLQLHUHGHQN LFKKDW HLQHQOHLVHQ6FKODIGLHZLUG VZRKOK|UHQZHQQLFKOHLVHXQG VlXEHUOLFKDQSRFKHDQGLH+DXVWUHXQGPLFKKLQHLQODVVHQ'D NRPPWPLUHLQHVWDUNH3DWURXLOOHHQWJHJHQ5HLWHU)XYRONELVDQ GLH=lKQHEHZDIIQHWXQGKlOWPLFKDQXQGZLOOPLFKQLFKW IRUWODVVHQ$EHU]XP*OFNLVW'HVJUDLVGDEHLGHU0DUHFKDXVVHH /HXWQDQWGHUPLFKUHFKWJXWNHQQW GHUVSULFKWDOVVLHPLUGLH /DWHUQHXQWHUGLH1DVHKDOWHQ (L%DSWLVWHZRNRPPVWGXKHUGHV :HJVLQGHU1DFKW"'XPXWIHLQLP+DXVHEOHLEHQXQGHVKWHQ +LHULVWHVQLFKWJHKHXHUZLUGHQNHQQRFKLQGLHVHU1DFKWHLQHQ JXWHQ)DQJ]XPDFKHQ,KUJODXEWJDUQLFKW)UDX0DUWLQLHUHZLH PLUGLHVH:RUWHDXIV+HU]ILHOHQ8QGQXQWUHWHLFKDXIGLH 6FKZHOOHXQGGDVWU]WHLQYHUKOOWHU0HQVFKDXVGHP+DXVH GDVEODQNH6WLOHWWLQGHU)DXVWXQGUHQQWPLFKXPXQGXP± GDV +DXVLVWRIIHQGLH6FKOVVHOVWHFNHQLP6FKORVVH± VDJWZDVKDW GDVDOOHV]XEHGHXWHQ"'LH0DUWLQLHUHYRQLKUHU7RGHVDQJVW EHIUHLWHU]lKOWHZLHVLFKDOOHVEHJHEHQ%HLGHVLHXQG%DSWLVWH JLQJHQLQGHQ+DXVIOXUVLHIDQGHQGHQ/HXFKWHUDXIGHP%RGHQ ZRGHUIUHPGH 0HQVFKLKQLP(QWIOLHKHQKLQJHZRUIHQ(VLVWQXU ]XJHZLVSUDFK%DSWLVWHGDXQVHU)UlXOHLQEHUDXEWXQGZRKO
JDUHUPRUGHWZHUGHQVROOWH'HU0HQVFKZXWHZLH,KUHU]lKOW GD,KUDOOHLQZDUHWPLWGHP)UlXOHLQMDVRJDUGDVLHQRFK ZDFKWHEHLLKUHQ6FKULIWHQ JHZLZDUHVHLQHUYRQGHQ YHUIOXFKWHQ*DXQHUQXQG6SLW]EXEHQGLHELVLQV,QQHUHGHU +lXVHUGULQJHQDOOHVOLVWLJDXVNXQGVFKDIWHQGZDVLKQHQ]XU $XVIKUXQJLKUHUWHXIOLVFKHQ$QVFKOlJHGLHQOLFK8QGGDVNOHLQH .lVWFKHQ)UDX0DUWLQLHUHGDVGHQN LFKZHUIHQZLULQGLH6HLQH ZRVLHDPWLHIVWHQLVW:HUVWHKWXQVGDIUGDQLFKWLUJHQGHLQ YHUUXFKWHU8QKROGXQVHUPJXWHQ)UlXOHLQQDFKGHP/HEHQ WUDFKWHWGDVLHGDV.lVWFKHQ|IIQHQGQLFKWWRWQLHGHUVLQNWZLH GHUDOWH0DUTXLVYRQ7RXUQD\DOVHUGHQ%ULHIDXIPDFKWHGHQHU YRQXQEHNDQQWHU+DQGHUKDOWHQ± /DQJHUDWVFKODJHQG EHVFKORVVHQGLH*HWUHXHQHQGOLFKGHP)UlXOHLQDPDQGHUQ 0RUJHQDOOHV]XHU]lKOHQXQGLKUDXFKGDVJHKHLPQLVYROOH .lVWFKHQHLQ]XKlQGLJHQGDVMDPLWJHK|ULJHU9RUVLFKWJH|IIQHW ZHUGHQN|QQH%HLGHHUZlJWHQVLHJHQDXMHGHQ8PVWDQGGHU (UVFKHLQXQJGHVYHUGlFKWLJHQ)UHPGHQPHLQWHQGDZRKOHLQ EHVRQGHUHV*HKHLPQLVLP6SLHOHVHLQN|QQHEHUGDVVLH HLJHQPlFKWLJQLFKWVFKDOWHQGUIWHQVRQGHUQGLH(QWKOOXQJLKUHU +HUUVFKDIWEHUODVVHQPXWHQ ± %DSWLVWHV%HVRUJQLVVHKDWWHQLKUHQJXWHQ*UXQG*HUDGH]XGHU =HLWZDU3DULVGHU6FKDXSODW]GHUYHUUXFKWHVWHQ*UHXHOWDWHQ JHUDGH]XGHU=HLWERWGLHWHXIOLVFKH(UILQGXQJGHU+|OOHGLH OHLFKWHVWHQ0LWWHOGD]XGDU
*ODVHUHLQGHXWVFKHU$SRWKHNHUGHUEHVWH&KHPLNHUVHLQHU=HLW EHVFKlIWLJWVLFKZLHHVEHL/HXWHQYRQVHLQHU:LVVHQVFKDIWZRKO ]XJHVFKHKHQSIOHJWPLWDOFK\PLVWLVFKHQ9HUVXFKHQ(UKDWWHHV GDUDXIDEJHVHKHQGHQ6WHLQGHU:HLVHQ]XILQGHQ,KPJHVHOOWH VLFKHLQ,WDOLHQHU]X1DPHQV([LOL'LHVHPGLHQWHDEHUGLH *ROGPDFKHUNXQVWQXU]XP9RUZDQGH1XUGDV0LVFKHQ.RFKHQ 6XEOLPLHUHQGHU*LIWVWRIIHLQGHQHQ*ODVHUVHLQ+HLO]XILQGHQ KRIIWHZROOW HUHUOHUQHQXQGHVJHODQJLKPHQGOLFKMHQHVIHLQH *LIW]XEHUHLWHQGDVRKQH*HUXFKRKQH*HVFKPDFNHQWZHGHU DXIGHU6WHOOHRGHUODQJVDPW|WHQGGXUFKDXVNHLQH6SXULP PHQVFKOLFKHQ.|USHU]XUFNOlWXQGDOOH.XQVWDOOH:LVVHQVFKDIW GHU$U]WHWlXVFKWGLHGHQ*LIWPRUGQLFKWDKQHQGGHQ7RGHLQHU QDWUOLFKHQ8UVDFKH]XVFKUHLEHQPVVHQ6RYRUVLFKWLJ([LOLDXFK
]X:HUNHJLQJVRNDPHUGRFKLQGHQ9HUGDFKWGHV*LIWYHUNDXIV XQGZXUGHQDFKGHU%DVWLOOHJHEUDFKW,QGDVVHOEH=LPPHU VSHUUWHPDQEDOGGDUDXIGHQ+DXSWPDQQ*RGLQGH6DLQWH&URL[ HLQ'LHVHUKDWWHPLWGHU0DUTXLVHGH%ULQYLOOLHUODQJH=HLWLQ HLQHP9HUKlOWQLVVHJHOHEWZHOFKHV6FKDQGHEHUGLHJDQ]H )DPLOLHEUDFKWHXQGHQGOLFKGDGHU0DUTXLVXQHPSILQGOLFKEOLHE IUGLH9HUEUHFKHQVHLQHU*HPDKOLQLKUHQ9DWHU'UHX[G $XEUD\ =LYLO/HXWQDQW]X3DULVQ|WLJWHGDVYHUEUHFKHULVFKH3DDUGXUFK HLQHQ9HUKDIWVEHIHKO]XWUHQQHQGHQHUZLGHUGHQ+DXSWPDQQ DXVZLUNWH/HLGHQVFKDIWOLFKRKQH&KDUDNWHU)U|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|UGHU JLEWGDVHQWVHW]OLFKH%HLVSLHOGD9HUEUHFKHQGHU$UW]XU XQZLGHUVWHKOLFKHQ/HLGHQVFKDIWZHUGHQ2KQHZHLWHUHQ=ZHFN DXVUHLQHU/XVWGDUDQZLHGHU&KHPLNHU([SHULPHQWHPDFKW]X VHLQHP9HUJQJHQKDEHQRIW*LIWP|UGHU3HUVRQHQJHPRUGHW GHUHQ/HEHQRGHU7RGLKQHQY|OOLJJOHLFKVHLQNRQQWH'DV SO|W]OLFKH+LQVWHUEHQPHKUHUHU$UPHQLP+RWHO'LHXHUUHJWH VSlWHUGHQ9HUGDFKWGDGLH%URWHZHOFKHGLH%ULQYLOOLHUGRUW Z|FKHQWOLFKDXV]XWHLOHQSIOHJWHXPDOV0XVWHUGHU)U|PPLJNHLW XQGGHV:RKOWXQV]XJHOWHQYHUJLIWHWZDUHQ*HZLLVWHVDEHU GDVLH7DXEHQSDVWHWHQYHUJLIWHWHXQGVLHGHQ*lVWHQGLHVLH JHODGHQYRUVHW]WH'HU&KHYDOLHUGX *XHWXQGPHKUHUHDQGHUH 3HUVRQHQILHOHQDOV2SIHUGLHVHUK|OOLVFKHQ0DKO]HLWHQ6DLQWH &URL[VHLQ*HKLOIHOD &KDXVVHHGLH%ULQYLOOLHUZXWHQODQJH=HLW LKUHJUlOLFKHQ8QWDWHQLQXQGXUFKGULQJOLFKH6FKOHLHU]XKOOHQ GRFKZHOFKHYHUUXFKWH/LVWYHUZRUIHQHU0HQVFKHQYHUPDJ]X EHVWHKHQKDWGLHHZLJH0DFKWGHV+LPPHOVEHVFKORVVHQVFKRQ KLHUDXI(UGHQGLH)UHYOHU]XULFKWHQ± 'LH*LIWHZHOFKH6DLQWH
&URL[EHUHLWHWHZDUHQVRIHLQGDODJGDV3XOYHU SRXGUHGH VXFFHVVLRQ QDQQWHQHVGLH3DULVHU EHL GHU%HUHLWXQJRIIHQHLQ HLQ]LJHU$WHP]XJKLQUHLFKWHVLFKDXJHQEOLFNOLFKGHQ7RG]X JHEHQ6DLQWH&URL[WUXJGHVKDOEEHLVHLQHQ2SHUDWLRQHQHLQH 0DVNHYRQIHLQHP*ODVH'LHVHILHOHLQHV7DJVDOVHUHEHQHLQ IHUWLJHV*LIWSXOYHULQHLQH3KLROHVFKWWHQZROOWHKHUDEXQGHU VDQNGHQIHLQHQ6WDXEGHV*LIWHVHLQDWPHQGDXJHQEOLFNOLFKWRW QLHGHU'DHURKQH(UEHQYHUVWRUEHQHLOWHQGLH*HULFKWHKHUEHL XPGHQ1DFKODXQWHU6LHJHO]XQHKPHQ'DIDQGVLFKLQHLQHU .LVWHYHUVFKORVVHQGDVJDQ]HK|OOLVFKH$UVHQDO GHV*LIWPRUGVGDV GHPYHUUXFKWHQ6DLQWH&URL[]X*HERWHJHVWDQGHQDEHUDXFKGLH %ULHIHGHU%ULQYLOOLHUZXUGHQDXIJHIXQGHQGLHEHULKUH8QWDWHQ NHLQHQ=ZHLIHOOLHHQ6LHIORKQDFK/WWLFKLQHLQ.ORVWHU 'HVJUDLVHLQ%HDPWHUGHU0DUHFKDXVVHHZXUGHLKU QDFKJHVHQGHW$OV*HLVWOLFKHUYHUNOHLGHWHUVFKLHQHULQGHP .ORVWHUZRVLHVLFKYHUERUJHQ(VJHODQJLKPPLWGHP HQWVHW]OLFKHQ:HLEHHLQHQ/LHEHVKDQGHODQ]XNQSIHQXQGVLH]X HLQHUKHLPOLFKHQ=XVDPPHQNXQIWLQHLQHPHLQVDPHQ*DUWHQYRU GHU6WDGW]XYHUORFNHQ.DXPGRUWDQJHNRPPHQZXUGHVLHDEHU YRQ'HVJUDLV +lVFKHUQXPULQJWGHUJHLVWOLFKH/LHEKDEHU YHUZDQGHOWHVLFKSO|W]OLFKLQGHQ%HDPWHQGHU0DUHFKDXVVHHXQG Q|WLJWHVLHLQGHQ:DJHQ]XVWHLJHQGHUYRUGHP*DUWHQEHUHLW VWDQGXQGYRQGHQ+lVFKHUQ XPULQJWJHUDGHZHJVQDFK3DULV DEIXKU/D &KDXVVHHZDUVFKRQIUKHUHQWKDXSWHWZRUGHQGLH %ULQYLOOLHUOLWWGHQVHOEHQ7RGLKU.|USHUZXUGHQDFKGHU +LQULFKWXQJYHUEUDQQWXQGGLH$VFKHLQGLH/IWH]HUVWUHXW
'LH3DULVHUDWPHWHQDXIDOVGDV8QJHKHXHUYRQGHU:HOWZDUGDV GLHKHLPOLFKHP|UGHULVFKH:DIIHXQJHVWUDIWULFKWHQNRQQWHJHJHQ GHQ)HLQGXQG)UHXQG'RFKEDOGWDWHVVLFKNXQGGDGHV YHUUXFKWHQ/D &URL[HQWVHW]OLFKH.XQVWVLFKIRUWYHUHUEWKDWWH:LH HLQXQVLFKWEDUHVWFNLVFKHV*HVSHQVWVFKOLFKGHU0RUGVLFKHLQLQ GLHHQJVWHQ.UHLVHZLHVLH9HUZDQGWVFKDIW± /LHEH± )UHXQGVFKDIW QXUELOGHQN|QQHQXQGHUIDWHVLFKHUXQGVFKQHOOGLH XQJOFNOLFKHQ2SIHU'HUGHQPDQKHXWHLQEOKHQGHU *HVXQGKHLWJHVHKHQZDQNWHPRUJHQNUDQNXQGVLHFKXPKHUXQG NHLQH.XQVWGHUbU]WHNRQQWHLKQYRUGHP7RGHUHWWHQ5HLFKWXP ± HLQHUWUlJOLFKHV$PW± HLQVFK|QHVYLHOOHLFKW]XMXJHQGOLFKHV :HLE± GDVJHQJWH]XU9HUIROJXQJDXIGHQ7RG'DV JUDXVDPVWH 0LWUDXHQWUHQQWHGLHKHLOLJVWHQ%DQGH'HU*DWWH]LWWHUWHYRUGHU
*DWWLQ± GHU9DWHUYRUGHP6RKQ± GLH6FKZHVWHUYRUGHP %UXGHU± 8QEHUKUWEOLHEHQGLH6SHLVHQEOLHEGHU:HLQEHLGHP 0DKOGDVGHU)UHXQGGHQ)UHXQGHQJDEXQGZRVRQVW/XVWXQG 6FKHU]JHZDUWHWVSlKWHQYHUZLOGHUWH%OLFNHQDFKGHP YHUNDSSWHQ0|UGHU0DQVDK)DPLOLHQYlWHUlQJVWOLFKLQHQWIHUQWHQ *HJHQGHQ/HEHQVPLWWHOHLQNDXIHQXQGLQGLHVHURGHUMHQHU VFKPXW]LJHQ*DUNFKHVHOEVWEHUHLWHQLQLKUHPHLJHQHQ+DXVH WHXIOLVFKHQ9HUUDWIUFKWHQG8QGGRFKZDUPDQFKPDOGLHJU|WH EHGDFKWHVWH9RUVLFKWYHUJHEHQV 'HU.|QLJGHP8QZHVHQGDVLPPHUPHKUEHUKDQGQDKP]X VWHXHUQHUQDQQWHHLQHQHLJHQHQ*HULFKWVKRIGHPHU DXVVFKOLHOLFKGLH8QWHUVXFKXQJXQG%HVWUDIXQJGLHVHUKHLPOLFKHQ 9HUEUHFKHQEHUWUXJ'DVZDUGLHVRJHQDQQWH&KDPEUHDUGHQWH GLHLKUH6LW]XQJHQXQIHUQGHU%DVWLOOHKLHOWXQGZHOFKHUOD 5HJQLH DOV3UlVLGHQWYRUVWDQG0HKUHUH=HLWKLQGXUFKEOLHEHQ5HJQLHV %HPKXQJHQVRHLIULJVLHDXFKVHLQPRFKWHQIUXFKWORVGHP YHUVFKODJHQHQ'HVJUDLVZDUHVYRUEHKDOWHQGHQJHKHLPVWHQ 6FKOXSIZLQNHOGHV9HUEUHFKHQV]XHQWGHFNHQ± ,QGHU9RUVWDGW 6DLQW*HUPDLQZRKQWHHLQDOWHV:HLEOD 9RLVLQJHKHLHQGLHVLFK PLW:DKUVDJHQXQG*HLVWHUEHVFKZ|UHQDEJDEXQGPLW+LOIHLKUHU 6SLHJHVHOOHQOH 6DJHXQGOH 9LJRXUHX[DXFKVHOEVW3HUVRQHQ GLHHEHQQLFKWVFKZDFKXQGOHLFKWJOlXELJ]XQHQQHQLQ)XUFKW XQG(UVWDXQHQ]XVHW]HQZXWH$EHUVLHWDWPHKUDOVGLHVHV ([LOLV6FKOHULQZLHOD &URL[EHUHLWHWHVLHZLHGLHVHUGDVIHLQH VSXUORVH*LIWXQGKDOIDXIGLHVH:HLVHUXFKORVHQ6|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lILQYRQ6RLVVRQV GHUHQ1DPHQPDQDXIGHU/LVWHJHIXQGHQGHU9HUELQGXQJPLW GHPWHXIOLVFKHQ:HLEHDQJHNODJWXQGVHOEVW)UDQoRLV+HQUL GH 0RQWPRUHQFL%RXGHEHOOH+HU]RJYRQ/X[HPEXUJ3DLUXQG
0DUVFKDOOGHV5HLFKVEOLHEQLFKWYHUVFKRQW$XFKLKQYHUIROJWHGLH IXUFKWEDUH&KDPEUHDUGHQWH(UVWHOOWHVLFKVHOEVW]XP *HVWlQGQLVLQGHU%DVWLOOHZRLKQ/RXYRLVXQGOD 5HJQLHV+DLQ HLQVHFKV)XKRKHV/RFKHLQVSHUUHQOLH0RQDWHYHUJLQJHQHKH HVVLFKYROONRPPHQDXVPLWWHOWHGDGHV+HU]RJV9HUEUHFKHQ NHLQH5JHYHUGLHQHQNRQQWH(UKDWWHVLFKHLQPDOYRQOH 6DJH GDV+RURVNRSVWHOOHQODVVHQ
*HZLLVWHVGDEOLQGHU(LIHUGHQ3UlVLGHQWHQOD 5HJQLH]X *HZDOWVWUHLFKHQXQG*UDXVDPNHLWHQYHUOHLWHWH'DV7ULEXQDO QDKPJDQ]GHQ&KDUDNWHUGHU,QTXLVLWLRQDQGHUJHULQJIJLJVWH 9HUGDFKWUHLFKWHKLQ]XVWUHQJHU(LQNHUNHUXQJXQGRIWZDUHV GHP=XIDOOEHUODVVHQGLH8QVFKXOGGHVDXIGHQ7RG$QJHNODJWHQ GDU]XWXQ'DEHLZDU5HJQLHYRQJDUVWLJHP$QVHKHQXQG KHLPWFNLVFKHP:HVHQVRGDHUEDOGGHQ+DGHUHUDXIVLFK OXGGHUHQ5lFKHURGHU6FKW]HU]XVHLQHUEHUXIHQZXUGH 'LH +HU]RJLQYRQ%RXLOORQYRQLKPLP9HUK|UHJHIUDJWREVLHGHQ 7HXIHOJHVHKHQHUZLGHUWH PLFKGQNWLFKVHKHLKQLQGLHVHP $XJHQEOLFN
:lKUHQGQXQDXIGHP*UHYHSODW]GDV%OXW6FKXOGLJHUXQG 9HUGlFKWLJHULQ6WU|PHQIORXQGHQGOLFKGHUKHLPOLFKH*LIWPRUG VHOWHQHUXQGVHOWHQHUZXUGH]HLJWHVLFKHLQ8QKHLODQGHUHU$UW ZHOFKHVQHXH%HVWU]XQJYHUEUHLWHWH(LQH*DXQHUEDQGHVFKLHQ HVGDUDXIDQJHOHJW]XKDEHQDOOH-XZHOHQLQLKUHQ%HVLW]]X EULQJHQ'HUUHLFKH6FKPXFNNDXPJHNDXIWYHUVFKZDQGDXI XQEHJUHLIOLFKH:HLVHPRFKWHHUYHUZDKUWVHLQZLHHUZROOWH1RFK YLHOlUJHUZDUHVDEHUGDMHGHUGHUHVZDJWH]XU$EHQG]HLW -XZHOHQEHLVLFK]XWUDJHQDXIRIIHQHU6WUDHRGHULQILQVWHUQ *lQJHQGHU+lXVHUEHUDXEWMDZRKOJDUHUPRUGHWZXUGH'LHPLW GHP/HEHQGDYRQJHNRPPHQVDJWHQDXVHLQ)DXVWVFKODJDXIGHQ .RSIKDEHVLHZLHHLQ:HWWHUVWUDKOQLHGHUJHVWU]WXQGDXVGHU %HWlXEXQJHUZDFKWKlWWHQVLHVLFKEHUDXEWXQGDPJDQ]DQGHUQ 2UWDOVGDZRVLHGHU6FKODJJHWURIIHQZLHGHUJHIXQGHQ'LH (UPRUGHWHQZLHVLHEHLQDKHMHGHQ0RUJHQDXIGHU6WUDHRGHULQ GHQ+lXVHUQODJHQKDWWHQDOOHGLHVHOEHW|GOLFKH:XQGH(LQHQ 'ROFKVWLFKLQV+HU]QDFKGHP8UWHLOGHU$U]WHVRVFKQHOOXQG VLFKHUW|WHQGGDGHU9HUZXQGHWHNHLQHV/DXWHVPlFKWLJ]X %RGHQVLQNHQPXWH:HU ZDUDQGHPSSLJHQ+RIH /XGZLJV ;,9GHUQLFKWLQHLQHQJHKHLPHQ/LHEHVKDQGHO YHUVWULFNWVSlW]XU*HOLHEWHQVFKOLFKXQGPDQFKPDOHLQUHLFKHV
*HVFKHQNEHLVLFKWUXJ"± $OVVWQGHQGLH*DXQHUPLW*HLVWHUQLP %XQGHZXWHQVLHJHQDXZHQQVLFKVRHWZDV]XWUDJHQVROOWH2IW HUUHLFKWHGHU8QJOFNOLFKHQLFKWGDV+DXVZRHU/LHEHVJOFN]X JHQLHHQGDFKWHRIWILHOHUDXIGHU6FKZHOOHMDYRUGHP=LPPHU GHU*HOLHEWHQGLHPLW(QWVHW]HQGHQEOXWLJHQ/HLFKQDPIDQG
9HUJHEHQVOLH$UJHQVRQGHU3ROL]HLPLQLVWHUDOOHVDXIJUHLIHQLQ 3DULVZDVYRQGHP9RONQXULUJHQGYHUGlFKWLJVFKLHQYHUJHEHQV ZWHWHOD 5HJQLHXQGVXFKWH*HVWlQGQLVVH]XHUSUHVVHQ YHUJHEHQVZXUGHQ:DFKHQ3DWURXLOOHQYHUVWlUNWGLH6SXUGHU 7lWHUZDUQLFKW]XILQGHQ1XUGLH9RUVLFKWVLFKELVDQGLH=lKQH ]XEHZDIIQHQXQGVLFKHLQH/HXFKWHYRUWUDJHQ]XODVVHQKDOI HLQLJHUPDHQXQGGRFKIDQGHQVLFK%HLVSLHOHGDGHU'LHQHUPLW 6WHLQZUIHQJHlQJVWHWXQGGHU+HUULQGHPVHOEHQ$XJHQEOLFN HUPRUGHWXQGEHUDXEWZXUGH 0HUNZUGLJZDUHVGDDOOHU1DFKIRUVFKXQJHQDXIDOOHQ3OlW]HQ ZR-XZHOHQKDQGHOQXUP|JOLFKZDUXQHUDFKWHWQLFKWGDV PLQGHVWHYRQGHQJHUDXEWHQ.OHLQRGLHQ]XP9RUVFKHLQNDPXQG DOVRDXFKKLHUNHLQH6SXUVLFK]HLJWHGLHKlWWHYHUIROJWZHUGHQ N|QQHQ
'HVJUDLVVFKlXPWHYRU:XWGDVHOEVWVHLQHU/LVWGLH6SLW]EXEHQ ]XHQWJHKHQZXWHQ'DV9LHUWHOGHU6WDGWLQGHPHUVLFKJHUDGH EHIDQGEOLHEYHUVFKRQWZlKUHQGLQGHQDQGHUQZRNHLQHU%|VHV JHDKQWGHU5DXEPRUGVHLQHUHLFKHQ2SIHUHUVSlKWH 'HVJUDLVEHVDQQVLFKDXIHLQ.XQVWVWFNPHKUHUH'HVJUDLV]X VFKDIIHQVLFKXQWHUHLQDQGHUVRlKQOLFKDQ*DQJ6WHOOXQJ 6SUDFKH)LJXU*HVLFKWGDVHOEVWGLH+lVFKHUQLFKWZXWHQZR GHUUHFKWH'HVJUDLVVWHFNH8QWHUGHVVHQODXVFKWHHUVHLQ/HEHQ ZDJHQGDOOHLQLQGHQJHKHLPVWHQ6FKOXSIZLQNHOQXQGIROJWHYRQ ZHLWHPGLHVHPRGHUMHQHPGHUDXIVHLQHQ$QODHLQHQUHLFKHQ 6FKPXFNEHLVLFKWUXJ'HU EOLHEXQDQJHIRFKWHQ DOVRDXFKYRQ GLHVHU 0DUHJHOZDUHQGLH*DXQHUXQWHUULFKWHW'HVJUDLVJHULHWLQ 9HU]ZHLIOXQJ (LQHV0RUJHQVNRPPW'HVJUDLV]XGHP3UlVLGHQWHQOD 5HJQLH EODHQWVWHOOWDXHUVLFK± :DVKDEW,KUZDVIU1DFKULFKWHQ"± )DQGHW,KUGLH6SXU"UXIWLKPGHU3UlVLGHQWHQWJHJHQ+D± JQlGLJHU+HUUIlQJW'HVJUDLVDQYRU:XWVWDPPHOQGKD
JQlGLJHU+HUU± JHVWHUQLQGHU1DFKW± XQIHUQGHV/RXYUHLVWGHU 0DUTXLVGH OD )DUHDQJHIDOOHQZRUGHQLQPHLQHU*HJHQZDUW +LPPHOXQG(UGHMDXFK]WOD 5HJQLHDXIYRU)UHXGH± ZLUKDEHQ VLH± 2 K|UWQXUIlOOW'HVJUDLVPLWELWWHUP/lFKHOQHLQR K|UW QXUHUVWZLHVLFKDOOHVEHJHEHQ± $P/RXYUHVWHK LFKDOVRXQG SDVVHGLHJDQ]H+|OOHLQGHU%UXVWDXIGLH7HXIHOGLHPHLQHU VSRWWHQ'DNRPPWPLWXQVLFKHUHQ6FKULWWLPPHUKLQWHUVLFK VFKDXHQGHLQH*HVWDOWGLFKWEHLPLUYRUEHURKQHPLFK]XVHKHQ ,P0RQGHVVFKLPPHUHUNHQQHLFKGHQ0DUTXLVGH OD )DUH,FK NRQQW LKQGDHUZDUWHQLFKZXWHZRHUKLQVFKOLFK.DXPLVWHU ]HKQ± ]Z|OI6FKULWWHEHLPLUYRUEHUGDVSULQJWZLHDXVGHU(UGH KHUDXIHLQH)LJXUVFKPHWWHUWLKQQLHGHUXQGIlOOWEHULKQKHU 8QEHVRQQHQEHUUDVFKWYRQGHP$XJHQEOLFNGHUGHQ0|UGHULQ PHLQH+DQGOLHIHUQNRQQWHVFKULHLFKODXWDXIXQGZLOOPLWHLQHP JHZDOWLJHQ6SUXQJHDXVPHLQHP6FKOXSIZLQNHOKHUDXVDXILKQ ]XVHW]HQ GDYHUZLFNOHLFKPLFKLQGHQ0DQWHOXQGIDOOHKLQ,FK VHKHGHQ0HQVFKHQZLHDXIGHQ)OJHOQGHV:LQGHVIRUWHLOHQLFK UDSSOHPLFKDXIXQGUHQQHLKPQDFK± ODXIHQGVWRHLFKLQPHLQ +RUQ± DXVGHU)HUQHDQWZRUWHQGLH3IHLIHQGHU+lVFKHU± HVZLUG OHEHQGLJ± :DIIHQJHNOLUU3IHUGHJHWUDSSHOYRQDOOHQ6HLWHQ± +LHUKHU± KLHUKHU± 'HVJUDLV± 'HVJUDLVVFKUHLHLFKGDHVGXUFK GLH6WUDHQKDOOW± ,PPHUVHKHLFKGHQ0HQVFKHQYRUPLULP KHOOHQ0RQGVFKHLQZLHHUPLFK]XWlXVFKHQGD± GRUW± HLQELHJW ZLUNRPPHQLQGLH6WUDH1LFDLVHGDVFKHLQHQVHLQH .UlIWH]XVLQNHQLFKVWUHQJHGLHPHLQLJHQGRSSHOWDQ± QRFK IQI]HKQ6FKULWWHK|FKVWHQVKDWHU9RUVSUXQJ± ,KUKROWLKQHLQ± ,KUSDFNWLKQGLH+lVFKHUNRPPHQUXIWOD 5HJQLHPLWEOLW]HQGHQ $XJHQLQGHPHU'HVJUDLVEHLP$UPHUJUHLIWDOVVHLGHU GHU IOLHKHQGH0|UGHUVHOEVW± )QI]HKQ6FKULWWHIlKUW'HVJUDLVPLW GXPSIHU6WLPPHXQG PKVDPDWPHQGIRUWIQI]HKQ6FKULWWHYRU PLUVSULQJWGHU0HQVFKDXIGLH6HLWHLQGHQ6FKDWWHQXQG YHUVFKZLQGHWGXUFKGLH0DXHU9HUVFKZLQGHW"± GXUFKGLH0DXHU ± 6HLG,KUUDVHQGUXIWOD 5HJQLHLQGHPHU]ZHL6FKULWWH]XUFN WULWWXQGGLH+lQGH]XVDPPHQVFKOlJW1HQQWPLFKIlKUW'HVJUDLV IRUWVLFKGLH6WLUQHUHLEHQGZLHHLQHUGHQE|VH*HGDQNHQSODJHQ QHQQWPLFKJQlGLJHU+HUULPPHUKLQHLQHQ5DVHQGHQHLQHQ W|ULFKWHQ*HLVWHUVHKHUDEHUHVLVWQLFKWDQGHUVDOVZLHLFKHV (XFKHU]lKOH(UVWDUUWVWHKHLFKYRUGHU0DXHUDOVPHKUHUH +lVFKHUDWHPORVKHUEHLNRPPHQ PLWLKQHQGHU0DUTXLV GH OD )DUHGHUVLFKDXIJHUDIIWGHQEORHQ'HJHQLQGHU+DQG:LU
]QGHQGLH)DFNHOQDQZLUWDSSHQDQGHU0DXHUKLQXQGKHU NHLQH6SXUHLQHU7UHHLQHV)HQVWHUVHLQHUgIIQXQJ(VLVWHLQH VWDUNHVWHLQHUQH+RIPDXHUGLHVLFKDQHLQ+DXVOHKQWLQGHP /HXWHZRKQHQJHJHQGLHDXFKQLFKWGHUOHLVHVWH9HUGDFKW DXINRPPW1RFKKHXWHKDEHLFKDOOHVLQJHQDXHQ$XJHQVFKHLQ JHQRPPHQ± 'HU7HXIHOVHOEVWLVWHVGHUXQVIRSSW'HVJUDLV *HVFKLFKWHZXUGHLQ3DULVEHNDQQW'LH.|SIHZDUHQHUIOOWYRQ GHQ=DXEHUHLHQ*HLVWHUEHVFKZ|UXQJHQ7HXIHOVEQGQLVVHQGHU 9RLVLQGHV9LJRXUHX[GHVEHUFKWLJWHQ3ULHVWHUVOH 6DJH XQG ZLHHVGHQQQXQLQXQVHUHUHZLJHQ1DWXUOLHJWGDGHU+DQJ]XP hEHUQDWUOLFKHQ]XP:XQGHUEDUHQDOOH9HUQXQIWEHUELHWHWVR JODXEWHPDQEDOGQLFKWV*HULQJHUHVDOVGDZLH'HVJUDLVQXULP 8QPXWJHVDJWZLUNOLFKGHU7HXIHOVHOEVWGLH9HUUXFKWHQVFKW]H GLHLKPLKUH6HHOHQYHUNDXIW0DQNDQQHVVLFKGHQNHQGD 'HVJUDLV *HVFKLFKWHPDQFKHUOHLWROOHQ6FKPXFNHUKLHOW'LH (U]lKOXQJGDYRQPLWHLQHP+RO]VFKQLWWGDUEHUHLQHJUlOLFKH 7HXIHOVJHVWDOWYRUVWHOOHQGGLHYRUGHPHUVFKURFNHQHQ'HVJUDLVLQ GLH(UGHYHUVLQNWZXUGHJHGUXFNWXQGDQDOOHQ(FNHQYHUNDXIW *HQXJGDV9RONHLQ]XVFKFKWHUQXQGVHOEVWGHQ+lVFKHUQDOOHQ 0XW]XQHKPHQGLHQXQ]XU1DFKW]HLWPLW=LWWHUQXQG=DJHQGLH 6WUDHQGXUFKLUUWHQPLW$PXOHWWHQEHKlQJWXQGHLQJHZHLKWLQ :HLKZDVVHU $UJHQVRQVDKGLH%HPKXQJHQGHU&KDPEUHDUGHQWH VFKHLWHUQ XQGJLQJGHQ .|QLJDQIUGDVQHXH9HUEUHFKHQHLQHQ *HULFKWVKRI]XHUQHQQHQGHUPLWQRFKDXVJHGHKQWHUHU0DFKWGHQ 7lWHUQQDFKVSUHXQGVLHVWUDIH'HU.|QLJEHU]HXJWVFKRQGHU &KDPEUHDUGHQWH ]XYLHO*HZDOWJHJHEHQ]XKDEHQHUVFKWWHUW YRQGHP*UHXHOXQ]lKOLJHU+LQULFKWXQJHQGLHGHUEOXWJLHULJH OD 5HJQLHYHUDQODWZLHVGHQ9RUVFKODJJlQ]OLFKYRQGHU+DQG 0DQZlKOWHHLQDQGHUHV0LWWHOGHQ.|QLJIUGLH6DFKH]X EHOHEHQ
,QGHQ=LPPHUQGHU0DLQWHQRQZRVLFKGHU.|QLJQDFKPLWWDJV DXI]XKDOWHQXQGZRKODXFKPLW VHLQHQ0LQLVWHUQELVLQGLHVSlWH 1DFKWKLQHLQ]XDUEHLWHQSIOHJWHZXUGHLKPHLQ*HGLFKW EHUUHLFKWLP1DPHQGHUJHIlKUGHWHQ/LHEKDEHUZHOFKHNODJWHQ GDJHELHWHLKQHQGLH*DODQWHULHGHU*HOLHEWHQHLQUHLFKHV *HVFKHQN]XEULQJHQVLHDOOHPDOLKU/HEHQGDUDQVHW]HQPWHQ (KUHXQG/XVWVHLHVLPULWWHUOLFKHQ.DPSIVHLQ%OXWIUGLH
*HOLHEWH]XYHUVSULW]HQ DQGHUVYHUKDOWHHVVLFKDEHUPLWGHP KHLPWFNLVFKHQ$QIDOOGHV0|UGHUVZLGHUGHQPDQVLFKQLFKW ZDSSQHQN|QQH/XGZLJGHUOHXFKWHQGH3RODUVWHUQDOOHU/LHEH XQG*DODQWHULHGHUP|JHKHOODXIVWUDKOHQGGLHILQVWUH1DFKW ]HUVWUHXHQXQGVRGDVVFKZDU]H*HKHLPQLVGDVGDULQYHUERUJHQ HQWKOOHQ'HUJ|WWOLFKH+HOGGHUVHLQH)HLQGH QLHGHUJHVFKPHWWHUWZHUGHQXQDXFKVHLQVLHJUHLFKIXQNHOQGHV 6FKZHUW]XFNHQXQGZLH+HUNXOHVGLH/HUQlLVFKH6FKODQJHZLH 7KHVHXVGHQ0LQRWDXUGDVEHGURKOLFKH8QJHKHXHUEHNlPSIHQ GDVDOOH/LHEHVOXVWZHJ]HKUHXQGDOOH)UHXGHYHUGVWUHLQWLHIHV /HLGLQWURVWORVH7UDXHU
6RHUQVWGLH6DFKHDXFKZDUVRIHKOWHHVGLHVHP*HGLFKWGRFK QLFKWYRU]JOLFKLQGHU6FKLOGHUXQJZLHGLH/LHEKDEHUDXIGHP KHLPOLFKHQ6FKOHLFKZHJH]XU*HOLHEWHQVLFKlQJVWLJHQPWHQ ZLHGLH$QJVWVFKRQDOOH/LHEHVOXVWMHGHVVFK|QH$EHQWHXHUGHU *DODQWHULHLP$XINHLPHQW|WHDQJHLVWUHLFKZLW]LJHQ:HQGXQJHQ .DPQXQQRFKKLQ]XGDEHLP6FKOXDOOHVLQHLQHQ KRFKWUDEHQGHQ3DQHJ\ULNXVDXI/XGZLJ ;,9DXVJLQJVRNRQQWH HVQLFKWIHKOHQGDGHU.|QLJGDV*HGLFKWPLWVLFKWOLFKHP :RKOJHIDOOHQGXUFKODV'DPLW]XVWDQGHJHNRPPHQGUHKWHHUVLFK GLH$XJHQQLFKWZHJZHQGHQGYRQGHP3DSLHUUDVFKXP]XU 0DLQWHQRQODVGDV*HGLFKWQRFKHLQPDOPLWODXWHU6WLPPHDEXQG IUDJWHGDQQDQPXWLJOlFKHOQGZDVVLHYRQGHQ:QVFKHQGHU JHIlKUGHWHQ/LHEKDEHUKDOWH'LH0DLQWHQRQLKUHPHUQVWHQ6LQQH WUHXXQGLPPHULQGHU)DUEHHLQHUJHZLVVHQ)U|PPLJNHLW HUZLGHUWHGDJHKHLPHYHUERWHQH:HJHHEHQNHLQHVEHVRQGHUHQ 6FKXW]HVZUGLJGLHHQWVHW]OLFKHQ9HUEUHFKHUDEHUZRKO EHVRQGHUHU0DUHJHOQ]XLKUHU9HUWLOJXQJZHUWZlUHQ'HU.|QLJ PLWGLHVHUVFKZDQNHQGHQ$QWZRUWXQ]XIULHGHQVFKOXJGDV3DSLHU ]XVDPPHQXQGZROOWH]XUFN]XGHP6WDDWVVHNUHWlUGHULQGHP DQGHUQ=LPPHUDUEHLWHWHDOVLKPEHLHLQHP%OLFNGHQHU VHLWZlUWVZDUIGLH6FXGHULLQV$XJHILHOGLH]XJHJHQZDUXQG HEHQXQIHUQGHU0DLQWHQRQDXIHLQHPNOHLQHQ/HKQVHVVHO3ODW] JHQRPPHQKDWWH$XIGLHVHVFKULWWHUQXQORV GDVDQPXWLJH /lFKHOQGDVHUVWXP0XQGXQG:DQJHQVSLHOWHXQGGDV YHUVFKZXQGHQJHZDQQZLHGHU2EHUKDQGXQGGLFKWYRUGHP )UlXOHLQVWHKHQGXQGGDV*HGLFKWZLHGHUDXVHLQDQGHUIDOWHQG VSUDFKHUVDQIW 'LH0DUTXLVHPDJQXQHLQPDOYRQGHQ *DODQWHULHQXQVHUHUYHUOLHEWHQ+HUUHQQLFKWVZLVVHQXQGZHLFKW
PLUDXVDXI:HJHQGLHQLFKWVZHQLJHUDOVYHUERWHQVLQG$EHU ,KUPHLQ)UlXOHLQZDVKDOWHW,KUYRQGLHVHUGLFKWHULVFKHQ 6XSSOLN"± 'LH6FXGHULVWDQGHKUHUELHWLJDXIYRQLKUHP /HKQVHVVHOHLQIOFKWLJHV5RWEHUIORJZLH$EHQGSXUSXUGLH EODVVHQ:DQJHQGHUDOWHQZUGLJHQ'DPHVLHVSUDFKVLFKOHLVH YHUQHLJHQGPLWQLHGHUJHVFKODJHQHQ$XJHQ
8QDPDQWTXLFUDLQWOHVYROHXUV Q HVWSRLQWGLJQHG DPRXU
'HU.|QLJJDQ]HUVWDXQWEHUGHQULWWHUOLFKHQ*HLVWGLHVHU ZHQLJHQ:RUWHGLHGDVJDQ]H*HGLFKWPLWVHLQHQHOOHQODQJHQ 7LUDGHQ]X%RGHQVFKOXJHQULHIPLWEOLW]HQGHQ$XJHQ %HLP KHLOLJHQ'LRQ\V,KUKDEWUHFKW)UlXOHLQ.HLQHEOLQGH0DUHJHO GLHGHQ8QVFKXOGLJHQWULIIWPLWGHP6FKXOGLJHQVROOGLH)HLJKHLW VFKW]HQ P|JHQ$UJHQVRQXQGOD 5HJQLHGDV,KULJHWXQ
$OOHGLH*UHXHOGHU=HLWVFKLOGHUWHQXQGLH0DUWLQLHUHPLWGHQ OHEKDIWHVWHQ)DUEHQDOVVLHDPDQGHUQ0RUJHQLKUHP)UlXOHLQ HU]lKOWHZDVVLFKLQYRULJHU1DFKW]XJHWUDJHQXQGEHUJDELKU ]LWWHUQGXQG]DJHQGGDVJHKHLPQLVYROOH.lVWFKHQ6RZRKOVLHDOV %DSWLVWHGHUJDQ]YHUEODWLQGHU(FNHVWDQGXQGYRU$QJVWXQG %HNORPPHQKHLWGLH1DFKWPW]HLQGHQ+lQGHQNQHWHQGNDXP VSUHFKHQNRQQWHEDWHQGDV)UlXOHLQDXIGDV:HKPWLJVWHXP DOOHU+HLOLJHQZLOOHQGRFKQXUPLWP|JOLFKVWHU%HKXWVDPNHLWGDV .lVWFKHQ ]X|IIQHQ'LH6FXGHULGDVYHUVFKORVVHQH*HKHLPQLVLQ GHU+DQGZLHJHQGXQGSUIHQGVSUDFKOlFKHOQG ,KUVHKWEHLGH *HVSHQVWHU± 'DLFKQLFKWUHLFKELQGDEHLPLUNHLQH6FKlW]H HLQHV0RUGHVZHUW]XKROHQVLQGGDVZLVVHQGLHYHUUXFKWHQ 0HXFKHOP|UGHUGDGUDXHQGLHZLHLKUVHOEVWVDJWGDV,QQHUVWH GHU+lXVHUHUVSlKHQZRKOHEHQVRJXWDOVLFKXQGLKU$XIPHLQ /HEHQVROOHVDEJHVHKHQVHLQ":HPNDQQZDVDQGHP7RGH OLHJHQHLQHU3HUVRQYRQGUHLXQGVLHE]LJ-DKUHQGLHQLHPDOVDQGHUH YHUIROJWHDOVGLH%|VHZLFKWHUXQG)ULHGHQVVW|UHULQGHQ5RPDQHQ GLHVLHVHOEVWVFKXIGLHPLWWHOPlLJH9HUVHPDFKWZHOFKH QLHPDQGHV1HLGHUUHJHQN|QQHQGLHQLFKWVKLQWHUODVVHQZLUGDOV GHQ6WDDWGHVDOWHQ)UlXOHLQVGDVELVZHLOHQDQGHQ+RIJLQJXQG HLQSDDU'XW]HQGJXWHLQJHEXQGHQHU%FKHUPLWYHUJROGHWHP 6FKQLWW8QGGX0DUWLQLHUHGXPDJVWQXQGLH(UVFKHLQXQJGHV IUHPGHQ0HQVFKHQVRVFKUHFNKDIWEHVFKUHLEHQZLHGXZLOOVWGRFK NDQQLFKQLFKWJODXEHQGDHU%|VHVLP6LQQHJHWUDJHQ
$OVR±
'LH0DUWLQLHUHSUDOOWHGUHL 6FKULWWH]XUFN%DSWLVWHVDQNPLW HLQHPGXPSIHQ$FKKDOELQGLH.QLHDOVGDV)UlXOHLQQXQDQ HLQHQKHUYRUUDJHQGHQVWlKOHUQHQ.QRSIGUFNWHXQGGHU'HFNHO GHV.lVWFKHQVPLW*HUlXVFKDXIVSUDQJ
:LHHUVWDXQWHGDV)UlXOHLQDOVLKUDXVGHP.lVWFKHQHLQ3DDU JROGQHUHLFKPLW-XZHOHQEHVHW]WH$UPElQGHUXQGHEHQHLQ VROFKHU+DOVVFKPXFNHQWJHJHQIXQNHOWHQ6LHQDKPGDV *HVFKPHLGHKHUDXVXQGLQGHPVLHGLHZXQGHUYROOH$UEHLWGHV +DOVVFKPXFNOREWHEHlXJHOWHGLH0DUWLQLHUHGLHUHLFKHQ $UPElQGHUXQGULHIHLQ0DOEHUGDVDQGHUHGDMDVHOEVWGLH HLWOH0RQWHVSDQQLFKWVROFKHQ6FKPXFNEHVLW]H$EHUZDVVROO GDVZDVKDWGDV]XEHGHXWHQVSUDFKGLH6FXGHUL,QGHP $XJHQEOLFNJHZDKUWHVLHDXIGHP%RGHQGHV.lVWFKHQVHLQHQ NOHLQHQ]XVDPPHQJHIDOWHWHQ=HWWHO0LW5HFKWKRIIWHVLHGHQ $XIVFKOXGHV*HKHLPQLVVHVGDULQ]XILQGHQ'HU=HWWHONDXP KDWWHVLHZDVHUHQWKLHOWJHOHVHQHQWILHOLKUHQ]LWWHUQGHQ +lQGHQ6LHZDUIHLQHQVSUHFKHQGHQ%OLFN]XP+LPPHOXQGVDQN GDQQZLHKDOERKQPlFKWLJLQGHQ/HKQVHVVHO]XUFN(UVFKURFNHQ VSUDQJGLH0DUWLQLHUHVSUDQJ%DSWLVWHLKUEHL2ULHIVLHQXQPLW YRQ7UlQHQKDOEHUVWLFNWHU6WLPPHR GHU.UlQNXQJR GHUWLHIHQ %HVFKlPXQJ0XPLUGDVQRFKJHVFKHKHQLPKRKHQ$OWHU+DE LFKGHQQLPW|ULFKWHQ/HLFKWVLQQJHIUHYHOWZLHHLQMXQJHV XQEHVRQQHQHV'LQJ"± 2 *RWWVLQG:RUWHKDOELP6FKHU] KLQJHZRUIHQVROFKHUJUlOLFKHQ'HXWXQJIlKLJ± 'DUIPDQPLFK GLHLFKGHU7XJHQGJHWUHXXQGGHU)U|PPLJNHLWWDGHOORVEOLHEYRQ .LQGKHLWDQGDUIGDQQPLFKGDV9HUEUHFKHQGHVWHXIOLVFKHQ %QGQLVVHV ]HLKHQ"
'DV)UlXOHLQKLHOWGDV6FKQXSIWXFKYRUGLH$XJHQXQGZHLQWHXQG VFKOXFK]WHKHIWLJVRGDGLH0DUWLQLHUHXQG%DSWLVWHJDQ] YHUZLUUWXQGEHNORPPHQQLFKWZXWHQZLHLKUHUJXWHQ+HUUVFKDIW EHLVWHKHQLQLKUHPJURHQ6FKPHU] 'LH0DUWLQLHUHKDWWHGHQYHUKlQJQLVYROOHQ=HWWHOYRQGHU(UGH DXIJHKREHQ$XIGHPVHOEHQVWDQG
8QDPDQWTXLFUDLQWOHVYROHXUV Q HVWSRLQWGLJQHG DPRXU
(XHUVFKDUIVLQQLJHU*HLVWKRFKJHHKUWH'DPHKDWXQVGLHZLUDQ GHU6FKZlFKHXQG)HLJKHLWGDV5HFKWGHV6WlUNHUQEHQXQGXQV 6FKlW]H]XHLJQHQGLHDXIXQZUGLJH:HLVHYHUJHXGHWZHUGHQ VROOWHQYRUJURHU9HUIROJXQJHUUHWWHW$OVHLQHQ%HZHLVXQVHUHU 'DQNEDUNHLWQHKPHWJWLJGLHVHQ6FKPXFNDQ(VLVWGDV .RVWEDUVWHZDVZLUVHLWODQJHU=HLWKDEHQ DXIWUHLEHQN|QQHQ ZLHZRKO(XFKZUGLJH'DPHYLHOVFK|QHUHV*HVFKPHLGH]LHUHQ VROOWHDOVGLHVHVQXQHEHQLVW:LUELWWHQGD,KUXQV(XUH )UHXQGVFKDIWXQG(XHUKXOGYROOHV$QGHQNHQQLFKWHQW]LHKHQ P|JHW
'LH8QVLFKWEDUHQ
,VWHVP|JOLFKULHIGLH6FXGHULDOVVLHVLFKHLQLJHUPDHQHUKROW KDWWHLVWHVP|JOLFKGDPDQGLHVFKDPORVH)UHFKKHLWGHQ YHUUXFKWHQ+RKQVRZHLWWUHLEHQNDQQ"± 'LH6RQQHVFKLHQKHOO GXUFKGLH)HQVWHUJDUGLQHQYRQKRFKURWHU6HLGHXQGVRNDPHV GDGLH%ULOODQWHQZHOFKHDXI GHP7LVFKHQHEHQGHPRIIHQHQ .lVWFKHQODJHQLQU|WOLFKHP6FKLPPHUDXIEOLW]WHQ+LQEOLFNHQG YHUKOOWHGLH6FXGHULYROO(QWVHW]HQGDV*HVLFKWXQGEHIDKOGHU 0DUWLQLHUHGDVIUFKWHUOLFKH*HVFKPHLGHDQGHPGDV%OXWGHU (UPRUGHWHQNOHEHDXJHQEOLFNOLFKIRUW]XVFKDIIHQ'LH0DUWLQLHUH QDFKGHPVLH+DOVVFKPXFNXQG$UPElQGHUVRJOHLFKLQGDV .lVWFKHQYHUVFKORVVHQPHLQWHGDHVZRKODPJHUDWHQVWHQVHLQ ZUGHGLH-XZHOHQGHP3ROL]HLPLQLVWHU]XEHUJHEHQXQGLKP]X YHUWUDXHQZLHVLFKDOOHVPLWGHUEHlQJVWLJHQGHQ (UVFKHLQXQJGHV MXQJHQ0HQVFKHQXQGGHU(LQKlQGLJXQJGHV.lVWFKHQV ]XJHWUDJHQ
'LH6FXGHULVWDQGDXIXQGVFKULWWVFKZHLJHQGODQJVDPLP=LPPHU DXIXQGQLHGHUDOVVLQQHVLHHUVWQDFKZDVQXQ]XWXQVHL'DQQ EHIDKOVLHGHP%DSWLVWHHLQHQ7UDJVHVVHO]XKROHQGHU0DUWLQLHUH DEHUVLHDQ]XNOHLGHQZHLOVLHDXIGHU6WHOOHKLQZROOH]XU 0DUTXLVHGH 0DLQWHQRQ
6LHOLHVLFKKLQWUDJHQ]XU0DUTXLVHJHUDGH]XGHU6WXQGHDOV GLHVHZLHGLH6FXGHULZXWHVLFKDOOHLQLQLKUHQ*HPlFKHUQ EHIDQG'DV.lVWFKHQPLWGHQ-XZHOHQQDKPVLHPLWVLFK
:RKOPXWHGLH0DUTXLVHVLFKKRFKYHUZXQGHUQDOVVLHGDV )UlXOHLQVRQVWGLH:UGHMDWURW]LKUHUKRKHQ-DKUHGLH /LHEHQVZUGLJNHLWGLH$QPXWVHOEVWHLQWUHWHQVDKEODHQWVWHOOW PLWZDQNHQGHQ6FKULWWHQ:DVXPDOOHU+HLOLJHQZLOOHQLVW(XFK ZLGHUIDKUHQ"ULHIVLHGHUDUPHQEHlQJVWHWHQ'DPHHQWJHJHQ GLHJDQ]DXHUVLFKVHOEVWNDXPLPVWDQGHVLFKDXIUHFKW]X HUKDOWHQQXUVFKQHOOGHQ/HKQVHVVHO]XHUUHLFKHQVXFKWHGHQLKU GLH0DUTXLVHKLQVFKRE(QGOLFKGHV:RUWHVZLHGHUPlFKWLJ HU]lKOWHGDV)UlXOHLQZHOFKHWLHIHQLFKW]XYHUVFKPHU]HQGH .UlQNXQJLKUMHQHUXQEHGDFKWVDPH6FKHU]PLWGHPVLHGLH 6XSSOLNGHUJHIlKUGHWHQ/LHEKDEHUEHDQWZRUWHW]XJH]RJHQKDEH 'LH0DUTXLVHQDFKGHPVLHDOOHVYRQ0RPHQW]X0RPHQW HUIDKUHQXUWHLOWHGDGLH6FXGHULVLFKGDVVRQGHUEDUH(UHLJQLV YLHO]XVHKU]X+HU]HQQHKPHGDGHU+RKQYHUUXFKWHQ*HVLQGHOV QLHHLQIURPPHVHGOHV*HPWWUHIIHQN|QQHXQGYHUODQJWH ]XOHW]WGHQ6FKPXFN]XVHKHQ 'LH6FXGHULJDELKUGDVJH|IIQHWH.lVWFKHQXQGGLH0DUTXLVH NRQQWHVLFKDOVVLHGDVN|VWOLFKH*HVFKPHLGHHUEOLFNWHGHV ODXWHQ$XVUXIVGHU9HUZXQGHUXQJQLFKWHUZHKUHQ6LHQDKPGHQ +DOVVFKPXFNGLH$UPElQGHUKHUDXVXQGWUDWGDPLWDQGDV )HQVWHUZRVLHEDOGGLH-XZHOHQDQGHU6RQQHVSLHOHQOLHEDOG GLH]LHUOLFKH*ROGDUEHLWJDQ]QDKHYRUGLH$XJHQKLHOWXPQXU UHFKW]XHUVFKDXHQPLWZHOFKHUZXQGHUYROOHQ.XQVWMHGHVNOHLQH +lNFKHQGHUYHUVFKOXQJHQHQ.HWWHQJHDUEHLWHWZDU
$XIHLQPDOZDQGWHVLFKGLH0DUTXLVHUDVFKXPQDFKGHP)UlXOHLQ XQGULHI :LW,KUZRKO)UlXOHLQGDGLHVH$UPElQGHUGLHVHQ +DOVVFKPXFNQLHPDQGDQGHUVJHDUEHLWHWKDEHQNDQQDOV5HQp &DUGLOODF"± 5HQp&DUGLOODFZDUGDPDOVGHUJHVFKLFNWHVWH *ROGDUEHLWHULQ3DULVHLQHUGHUNXQVWUHLFKVWHQXQG]XJOHLFK VRQGHUEDUVWHQ0HQVFKHQVHLQHU=HLW(KHUNOHLQDOVJURDEHU EUHLWVFKXOWULJXQGYRQVWDUNHPPXVNXO|VHP.|USHUEDXKDWWH &DUGLOODFKRFKLQGLHIQI]LJHU-DKUHYRUJHUFNWQRFKGLH.UDIW GLH%HZHJOLFKNHLWGHV-QJOLQJV9RQGLHVHU.UDIWGLH XQJHZ|KQOLFK]XQHQQHQ]HXJWHDXFKGDVGLFNHNUDXVHU|WOLFKH +DXSWKDDUXQGGDVJHGUXQJHQHJOHLHQGH$QWOLW]:lUH&DUGLOODF
QLFKWLQ3DULVDOVGHUUHFKWOLFKVWH(KUHQPDQQXQHLJHQQW]LJ RIIHQRKQH+LQWHUKDOWVWHWV]XKHOIHQEHUHLWEHNDQQWJHZHVHQ VHLQJDQ]EHVRQGHUHU%OLFNDXVNOHLQHQWLHIOLHJHQGHQJUQ IXQNHOQGHQ$XJHQKlWWHQLKQLQGHQ9HUGDFKWKHLPOLFKHU7FNH XQG%RVKHLWEULQJHQN|QQHQ:LHJHVDJW&DUGLOODFZDULQVHLQHU .XQVWGHU*HVFKLFNWHVWHQLFKWVRZRKOLQ3DULVDOVYLHOOHLFKW EHUKDXSWVHLQHU=HLW,QQLJYHUWUDXWPLWGHU1DWXUGHU (GHOVWHLQHZXWHHUVLHDXIHLQH$UW]XEHKDQGHOQXQG]XIDVVHQ GDGHU6FKPXFNGHUHUVWIUXQVFKHLQEDUJHJROWHQDXV &DUGLOODFV:HUNVWDWWKHUYRUJLQJLQJOlQ]HQGHU3UDFKW-HGHQ $XIWUDJEHUQDKPHUPLWEUHQQHQGHQ%HJLHUGHXQGPDFKWHHLQHQ 3UHLVGHU VRJHULQJHUZDUPLWGHU$UEHLWLQNHLQHP9HUKlOWQLV ]XVWHKHQVFKLHQ'DQQOLHLKPGDV:HUNNHLQH5XKH7DJXQG 1DFKWK|UWHPDQLKQLQVHLQHU:HUNVWDWWKlPPHUQXQGRIWZDU GLH$UEHLWEHLQDKHYROOHQGHWPLILHOLKPSO|W]OLFKGLH)RUPHU ]ZHLIHOWHDQGHU=LHUOLFKNHLWLUJHQGHLQHU)DVVXQJGHU-XZHOHQ LUJHQGHLQHVNOHLQHQ+lNFKHQV± $QODJHQXJGLHJDQ]H$UEHLW ZLHGHULQGHQ6FKPHO]WLHJHO]XZHUIHQXQGYRQQHXHP DQ]XIDQJHQ6RZXUGHMHGH$UEHLWHLQUHLQHVXQEHUWUHIIOLFKHV 0HLVWHUZHUNGDVGHQ%HVWHOOHULQ(UVWDXQHQVHW]WH$EHUQXQZDU HVNDXPP|JOLFKGLHIHUWLJH$UEHLWYRQLKP]XHUKDOWHQ8QWHU WDXVHQG9RUZl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ª5HQp&DUGLOODFP|FKWHW,KUQLFKWHLQHQVFK|QHQ +DOVVFKPXFNPDFKHQIUPHLQH%UDXW± $UPElQGHUIUPHLQ 0lGFKHQXVZGDQQVWDQGHUSO|W]OLFKVWLOOEOLW]WHGHQDQPLW VHLQHQNOHLQHQ$XJHQXQGIUDJWHGLH+lQGHUHLEHQG :DVKDEW ,KUGHQQ"'HU]LHKWQXQHLQ6FKlFKWHOFKHQKHUYRUXQGVSULFKW +LHUVLQG-XZHOHQYLHO6RQGHUOLFKHVLVWHVQLFKWJHPHLQHV=HXJ GRFKXQWHU(XUHQ+lQGHQ± &DUGLOODFOlWLKQQLFKWDXVUHGHQ
UHLWLKPGDV6FKlFKWHOFKHQDXV GHQ+lQGHQQLPPWGLH-XZHOHQ KHUDXVGLHZLUNOLFKQLFKWYLHOZHUWVLQGKlOWVLHJHJHQGDV/LFKW XQGUXIWYROO(QW]FNHQ +R KR± JHPHLQHV=HXJ"± PLWQLFKWHQ± KEVFKH6WHLQH± KHUUOLFKH6WHLQHODWPLFKQXUPDFKHQ± XQG ZHQQHV(XFKDXIHLQH+DQGYROO/RXLVQLFKWDQNRPPWVRZLOOLFK QRFKHLQSDDU6WHLQFKHQKLQHLQEULQJHQGLH(XFKLQGLH$XJHQ IXQNHOQVROOHQZLHGLHOLHEH6RQQHVHOEVW± 'HUVSULFKW ,FK EHUODVVH(XFKDOOHV0HLVWHU5HQpXQG]DKOHZDV,KUZROOW 2KQH8QWHUVFKLHGPDJHUQXQHLQUHLFKHU%UJHUVPDQQRGHUHLQ YRUQHKPHU+HUUYRP+RIHVHLQZLUIWVLFK&DUGLOODFXQJHVWPDQ VHLQHQ+DOVXQGGUFNWXQGNWLKQXQGVSULFKWQXQVHLHU ZLHGHUJDQ]JOFNOLFKXQGLQDFKW7DJHQZHUGHGLH$UEHLWIHUWLJ VHLQ(UUHQQWEHU+DOVXQG.RSIQDFK+DXVHKLQHLQLQGLH :HUNVWDWWXQGKlPPHUWGDUDXIORVXQGLQDFKW7DJHQLVWHLQ 0HLVWHUZHUN]XVWDQGHJHEUDFKW$EHUVRZLHGHUGHUHVEHVWHOOWH NRPPWPLW)UHXGHQGLHJHIRUGHUWHJHULQJH6XPPHEH]DKOHQXQG GHQIHUWLJHQ6FKPXFNPLWQHKPHQZLOOZLUG&DUGLOODFYHUGULHOLFK JUREWURW]LJ± $EHU0HLVWHU&DUGLOODFEHGHQNWPRUJHQLVWPHLQH +RFK]HLW± :DVVFKHUWPLFK(XUH+RFK]HLWIUDJWLQYLHU]HKQ 7DJHQZLHGHUQDFK± 'HU6FKPXFNLVWIHUWLJKLHUOLHJWGDV*HOG LFKPXLKQKDEHQ± 8QGLFK VDJH(XFKGDLFKQRFKPDQFKHV DQGHP6FKPXFNlQGHUQPXXQGLKQKHXWHQLFKWKHUDXVJHEHQ ZHUGH± 8QGLFK VDJH(XFKGDZHQQ,KUPLUGHQ6FKPXFN GHQLFK(XFKDOOHQIDOOVGRSSHOWEH]DKOHQZLOOQLFKWKHUDXVJDEWLP *XWHQ,KUPLFKJOHLFKPLW$UJHQVRQVGLHQVWEDUHQ7UDEDQWHQ DQUFNHQVHKHQVROOW± 1XQVRTXlOH(XFKGHU6DWDQPLWKXQGHUW JOKHQGHQ.QHLS]DQJHQXQGKlQJHGUHL=HQWQHUDQGHQ +DOVVFKPXFNGDPLWHU(XUH%UDXWHUGUROH± 8QGGDPLWVWHFNWH &DUGLOODFGHP%UlXWLJDPGHQ6FKPXFNLQGLH%XVHQWDVFKH HUJUHLIWLKQEHLP$UPZLUIWLKQ]XU6WXEHQWUKLQDXVGDHUGLH JDQ]H7UHSSHKLQDESROWHUWXQGODFKWZLHGHU7HXIHO]XP)HQVWHU KLQDXVZHQQHUVLHKWZLHGHUDUPHMXQJH0HQVFKGDV 6FKQXSIWXFKYRUGHUEOXWLJHQ1DVHDXVGHP+DXVHKLQDXVKLQNW± *DUQLFKW]XHUNOlUHQZDUHVDXFKGD&DUGLOODFRIWZHQQHUPLW (QWKXVLDVPXVHLQH$UEHLWEHUQDKPSO|W]OLFKGHQ%HVWHOOHUPLW DOOHQ=HLFKHQGHVLP,QQHUVWHQDXIJHUHJWHQ*HPWVPLWGHQ HUVFKWWHUQGVWHQ%HWHXHUXQJHQMDXQWHU6FKOXFK]HQXQG7UlQHQ EHLGHU-XQJIUDXXQGDOOHQ+HLOLJHQEHVFKZRULKPGDV XQWHUQRPPHQH:HUN]XHUODVVHQ0DQFKHGHUYRQGHP.|QLJH YRQGHP9RONHKRFKJHDFKWHWVWHQ3HUVRQHQKDWWHQYHUJHEHQV
JURH6XPPHQJHERWHQXPQXUGDVNOHLQVWH:HUNYRQ&DUGLOODF ]XHUKDOWHQ(UZDUIVLFKGHP.|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|UHDUEHLWHWHUMHW]W IOHLLJHUDOVMHXQGOLHIHUWVHLQH$UEHLWDEDXIGHU6WHOOHMHGRFK QRFKLPPHUPLWWLHIHP9HUGUXXQGZHJJHZDQGWHP*HVLFKW'LH 6FXGHULGHUDXFKYLHOGDUDQJHOHJHQGDVHLHVQRFKP|JOLFK GHU6FKPXFNEDOGLQGLH+lQGHGHVUHFKWPlLJHQ(LJHQWPHUV NRPPHPHLQWHGDPDQGHP 0HLVWHU6RQGHUOLQJMDJOHLFKVDJHQ ODVVHQN|QQHZLHPDQNHLQH$UEHLWVRQGHUQQXUVHLQ8UWHLOEHU -XZHOHQYHUODQJH'DVELOOLJWHGLH0DUTXLVH(VZXUGHQDFK &DUGLOODFJHVFKLFNWXQGDOVVHLHUVFKRQDXIGHP:HJHJHZHVHQ WUDWHUQDFK9HUODXIZHQLJHU=HLWLQGDV=LPPHU
(UVFKLHQDOVHUGLH6FXGHULHUEOLFNWHEHWUHWHQXQGZLHHLQHU GHUYRQGHP8QHUZDUWHWHQSO|W]OLFKJHWURIIHQGLH$QVSUFKHGHV 6FKLFNOLFKHQZLHVLHGHU$XJHQEOLFNGDUELHWHWYHUJLWQHLJWHHU VLFK]XHUVWWLHIXQGHKUIXUFKWVYROOYRUGLHVHUHKUZUGLJHQ'DPH XQGZDQGWHVLFKGDQQHUVW]XU0DUTXLVH'LHIUXJLKQKDVWLJ LQGHPVLHDXIGDV*HVFKPHLGHZLHVGDVDXIGHPGXQNHOJUQ EHKlQJWHQ7LVFKIXQNHOWHREGDVVHLQH$UEHLWVHL"&DUGLOODFZDUI NDXPHLQHQ%OLFNGDUDXIXQGSDFNWHGHU0DUTXLVHLQV*HVLFKW VWDUUHQG$UPElQGHUXQG+DOVVFKPXFNVFKQHOOHLQLQGDV .lVWFKHQGDVGDQHEHQVWDQGXQGGDVHUPLW+HIWLJNHLWYRQVLFK ZHJVFKRE1XQVSUDFKHULQGHPHLQKlOLFKHV/lFKHOQDXI VHLQHPURWHQ$QWOLW]JOHLWH ,QGHU7DW)UDX0DUTXLVHPDQPX 5HQp&DUGLOODFV$UEHLWVFKOHFKWNHQQHQXPQXUHLQHQ$XJHQEOLFN ]XJODXEHQGDLUJHQGHLQDQGHUHU*ROGVFKPLHGLQGHU:HOW VROFKHQ6FKPXFNIDVVHQN|QQH)UHLOLFKLVWGDVPHLQH$UEHLW6R VDJWGHQQIXKUGLH0DUTXLVHIRUWIUZHQ,KUGLHVHQ6FKPXFN JHIHUWLJWKDEW)UPLFKJDQ]DOOHLQHUZLGHUWH&DUGLOODFMD,KU
P|JHWIXKUHUIRUWDOVEHLGHGLH0DLQWHQRQXQGGLH6FXGHULLKQ JDQ]YHUZXQGHUWDQEOLFNWHQMHQHYROO0LWUDXHQGLHVHYROO EDQJHU(UZDUWXQJZLHVLFKQXQGLH6DFKHZHQGHQZUGHMD,KU P|JHWGDVQXQVHOWVDPILQGHQ)UDX0DUTXLVHDEHUHVLVWGHPVR %ORGHUVFK|QHQ$UEHLWZLOOHQVXFKWHLFKPHLQHEHVWHQ6WHLQH ]XVDPPHQXQGDUEHLWHWHDXV)UHXGHGDUDQIOHLLJHUXQG VRUJIlOWLJHUDOVMHPDOV9RUZHQLJHU=HLWYHUVFKZDQGGHU6FKPXFN DXVPHLQHU:HUNVWDWW DXIXQEHJUHLIOLFKH:HLVH'HP+LPPHOVHL HVJHGDQNWULHIGLH6FXGHULLQGHPLKUGLH$XJHQYRU)UHXGH IXQNHOWHQXQGVLHUDVFKXQGEHKHQGHZLHHLQMXQJHV0lGFKHQYRQ LKUHP/HKQVWXKODXIVSUDQJDXIGHQ&DUGLOODFORVVFKULWWXQGEHLGH +lQGHDXIVHLQH6FKXOWHUQOHJWHHPSIDQJWVSUDFKVLHGDQQ HPSIDQJW0HLVWHU5HQpGDV(LJHQWXPGDV(XFKYHUUXFKWH 6SLW]EXEHQUDXEWHQZLHGHU]XUFN1XQHU]lKOWHVLHDXVIKUOLFK ZLHVLH]XGHP6FKPXFNJHNRPPHQ&DUGLOODFK|UWHDOOHV VFKZHLJHQGPLWQLHGHUJHVFKODJHQHQ$XJHQDQ1XUPLWXQWHUVWLH HUHLQXQYHUQHKPOLFKHV+P± 6R± (L± +RKR± DXVXQGZDUI EDOGGLH+lQGHDXIGHQ5FNHQEDOGVWUHLFKHOWHHUOHLVH.LQQXQG :DQJH$OVQXQGLH6FXGHULJHHQGHWZDUHVDOVNlPSIH&DUGLOODF PLWJDQ]EHVRQGHUHQ*HGDQNHQGLHZlKUHQGGHVVHQLKP JHNRPPHQXQGDOVZROOHLUJHQGHLQ(QWVFKOXVLFKQLFKWIJHQ XQGI|UGHUQ(UULHEVLFKGLH6WLUQHHUVHXI]WHHUIXKUPLWGHU +DQGEHUGLH$XJHQZRKOJDUXPKHUYRUEUHFKHQGH7UlQHQ]X VWHXHUQ(QGOLFKHUJULIIHUGDV.lVWFKHQGDVLKPGLH6FXGHUL GDUERWOLHVLFKDXIHLQ.QLHODQJVDPQLHGHUXQGVSUDFK (XFK HGOHVZUGLJHV)UlXOHLQKDWGDV9HUKlQJQLVGLHVHQ6FKPXFN EHVWLPPW-DQXQZHLLFKHVHUVWGDLFKZlKUHQGGHU$UEHLWDQ (XFKGDFKWHMDIU(XFKDUEHLWHWH9HUVFKPlKWHVQLFKWGLHVHQ 6FKPXFNDOVGDV%HVWHZDVLFKZRKOVHLWODQJHU=HLWJHPDFKW YRQPLUDQ]XQHKPHQXQG]XWUDJHQ(LHLHUZLGHUWHGLH6FXGHUL DQPXWLJVFKHU]HQGZRGHQNW,KUKLQ0HLVWHU5HQpVWHKWHVPLU GHQQDQLQPHLQHQ-DKUHQPLFKQRFKVRKHUDXV]XSXW]HQPLW EODQNHQ6WHLQHQ"± 8QGZLHNRPPW,KUGHQQGD]XPLFKVR EHUUHLFK]XEHVFKHQNHQ"*HKWJHKW0HLVWHU5HQpZlU LFKVR VFK|QZLHGLH0DUTXLVHGH )RQWDQJHXQGUHLFKLQGHU7DWLFK OLHHGHQ6FKPXFNQLFKWDXVGHQ+lQGHQDEHUZDVVROOGLHVHQ ZHONHQ$UPHQGLHHLWOH 3UDFKWZDVVROOGLHVHPYHUKOOWHQ+DOV GHUJOlQ]HQGH3XW]"&DUGLOODFKDWWHVLFKLQGHVVHQHUKREHQXQG VSUDFKZLHDXHUVLFKPLWYHUZLOGHUWHP%OLFNLQGHPHU IRUWZlKUHQGGDV.lVWFKHQGHU6FXGHULKLQKLHOW 7XWPLUGLH
%DUPKHU]LJNHLW)UlXOHLQXQGQHKPWGHQ6FKPXFN,KUJODXEWHV QLFKWZHOFKHWLHIH9HUHKUXQJLFKIU(XUH7XJHQGIU(XUHKRKHQ 9HUGLHQVWHLP+HU]HQWUDJH1HKPWGRFKPHLQJHULQJHV*HVFKHQN QXUIUGDV%HVWUHEHQDQ(XFKUHFKWPHLQHLQQHUVWH*HVLQQXQJ ]XEHZHLVHQ± $OVQXQGLH6FXGHULLPPHU QRFK]|JHUWHQDKPGLH 0DLQWHQRQGDV.lVWFKHQDXV&DUGLOODFV+lQGHQVSUHFKHQG 1XQ EHLP+LPPHO)UlXOHLQLPPHUUHGHW,KUYRQ(XHUQKRKHQ-DKUHQ ZDVKDEHQZLULFKXQG,KUPLWGHQ-DKUHQ]XVFKDIIHQXQGLKUHU /DVW± 8QGWXW,KUGHQQQLFKWHEHQZLHHLQ MXQJHVYHUVFKlPWHV 'LQJGDVJHUQ]XODQJHQP|FKWHQDFKGHUGDUJHERWQHQVHQ )UXFKWN|QQWHGDVQXUJHVFKHKHQRKQH+DQGXQGRKQH)LQJHU± 6FKODJWGHPZDFNHUQ0HLVWHU5HQpQLFKWDEGDVIUHLZLOOLJDOV *HVFKHQN]XHPSIDQJHQZDVWDXVHQGDQGHUHQLFKWHUKDOWHQ N|QQHQDOOHV*ROGHVDOOHV%LWWHQVXQG)OHKHQVXQHUDFKWHW ± 'LH0DLQWHQRQKDWWHGHU6FXGHULGDV.lVWFKHQZlKUHQGGHVVHQ DXIJHGUXQJHQXQGQXQVWU]WH&DUGLOODFQLHGHUDXIGLH.QLH± NWHGHU6FXGHULGHQ5RFN± GLH+lQGH± VW|KQWH± VHXI]WH± ZHLQWHVFKOXFK]WH± VSUDQJDXI± UDQQWHZLHXQVLQQLJ6HVVHO± 7LVFKHXPVWU]HQGGD3RU]HOODQ*OlVHU]XVDPPHQNOLUUWHQLQ WROOHU+DVWYRQGDQQHQ ±
*DQ]HUVFKURFNHQULHIGLH6FXGHUL 8PDOOHU+HLOLJHQZLOOHQZDV ZLGHUIlKUWGHP0HQVFKHQ'RFKGLH0DUTXLVHLQEHVRQGHUHU KHLWHUHU/DXQHELV]XVRQVWLKUJDQ]IUHPGHP0XWZLOOHQVFKOXJ HLQHKHOOH/DFKHDXIXQGVSUDFK 'DKDEHQZLU V)UlXOHLQ0HLVWHU 5HQpLVWLQ(XFKVWHUEOLFKYHUOLHEWXQGEHJLQQWQDFKULFKWLJHP %UDXFKXQGEHZlKUWHU6LWWHHFKWHU*DODQWHULH(XHU+HU]]X EHVWUPHQPLWUHLFKHQ*HVFKHQNHQ'LH0DLQWHQRQIKUWHGLHVHQ 6FKHU]ZHLWHUDXVLQGHPVLHGLH6FXGHULHUPDKQWHQLFKW]X JUDXVDP]XVHLQJHJHQGHQYHU]ZHLIHOWHQ/LHEKDEHUXQGGLHVH ZXUGH5DXPJHEHQGDQJHERUQHU/DXQHKLQJHULVVHQLQGHQ VSUXGHOQGHQ6WURPWDXVHQGOXVWLJHU(LQIlOOH6LHPHLQWHGDVLH VWQGHQGLH6DFKHQQXQHLQPDOVRHQGOLFKEHVLHJWZRKOQLFKW ZHUGHXPKLQN|QQHQGHU:HOWGDVXQHUK|UWH%HLVSLHOHLQHU GUHLXQGVLHE]LJMlKULJHQ*ROGVFKPLHGV%UDXWYRQXQWDGHOLJHP$GHO DXI]XVWHOOHQ'LH0DLQWHQRQHUERWVLFKGLH%UDXWNURQH]XIOHFKWHQ XQGVLHEHUGLH3IOLFKWHQHLQHUJXWHQ+DXVIUDX]XEHOHKUHQ ZRYRQIUHLOLFKVRHLQNOHLQHU.LFNLQGLHZHOWYRQ0lGFKHQQLFKWYLHO ZLVVHQN|QQH
'DQXQHQGOLFKGLH6FXGHULDXIVWDQGXPGLH0DUTXLVH]X YHUODVVHQZXUGHVLHDOOHVODFKHQGHQ6FKHU]HV XQJHDFKWHWGRFK ZLHGHUVHKUHUQVWDOVLKUGDV6FKPXFNNlVWFKHQ]XU+DQGNDP 6LHVSUDFK 'RFK)UDX0DUTXLVHZHUGHLFKPLFKGLHVHV 6FKPXFNHVQLHPDOVEHGLHQHQN|QQHQ(ULVWPDJHVVLFKQXQ ]XJHWUDJHQKDEHQZLHHVZLOOHLQPDOLQGHQ+lQGHQMHQHU K|OOLVFKHQ*HVHOOHQJHZHVHQGLHPLWGHU)UHFKKHLWGHV7HXIHOVMD ZRKOJDULQYHUGDPPWHP%QGQLVPLWLKPUDXEHQXQGPRUGHQ 0LUJUDXVWYRUGHP%OXWHGDVDQGHPIXQNHOQGHQ*HVFKPHLGH]X NOHEHQVFKHLQW± 8QGQXQKDWVHOEVW&DUGLOODFV%HWUDJHQLFKPX HVJHVWHKHQIUPLFKHWZDVVRQGHUEDUbQJVWOLFKHVXQG 8QKHLPOLFKHV1LFKWHUZHKUHQNDQQLFKPLFKHLQHUGXQNOHQ $KQXQJGDKLQWHUGLHVHPDOOHPLUJHQGHLQJUDXHQYROOHV HQWVHW]OLFKHV*HKHLPQLVYHUERUJHQXQGEULQJHLFKPLUGLHJDQ]H 6DFKHUHFKWGHXWOLFKYRU$XJHQPLWMHGHP8PVWDQGVRNDQQLFK GRFKZLHGHUJDUQLFKWDXFKQXUDKQHQZRULQGDV*HKHLPQLV EHVWHKHXQGZLHEHUKDXSWGHUHKUOLFKHZDFNHUH0HLVWHU5HQp GDV9RUELOGHLQHVJXWHQIURPPHQ%UJHUVPLWLUJHQGHWZDV %|VHP9HUGDPPOLFKHP]XWXQKDEHQVROO6RYLHO LVWDEHUJHZL GDLFKQLHPDOVPLFKXQWHUVWHKHQZHUGHGHQ6FKPXFN DQ]XOHJHQ 'LH0DUTXLVHPHLQWHGDVKLHHGLH6NUXSHO]XZHLWWUHLEHQ DOV QXQDEHUGLH6FXGHULVLHDXILKU*HZLVVHQIUDJWHZDVVLHLQLKUHU GHU6FXGHUL/DJHZRKOWXQZUGHDQWZRUWHWHVLHHUQVWXQGIHVW ZHLWHKHUGHQ6FKPXFNLQGLH6HLQHZHUIHQDOVLKQMHPDOV WUDJHQ
'HQ$XIWULWWPLWGHP0HLVWHU5HQpEUDFKWHGLH6FXGHULLQJDU DQPXWLJH9HUVHGLHVLHGHQIROJHQGHQ$EHQGLQGHQ*HPlFKHUQ GHU0DLQWHQRQGHP.|QLJHYRUODV:RKOPDJHVVHLQGDVLHDXI .RVWHQ0HLVWHU5HQpVDOOH6FKDXGHUXQKHLPOLFKHU$KQXQJ EHVLHJHQGGDVHUJ|W]OLFKH%LOGGHUGUHLXQGVLHE]LJMlKULJHQ *ROGVFKPLHGV%UDXWYRQXUDOWHP$GHOPLWOHEHQGLJHQ)DUEHQ GDU]XVWHOOHQJHZXW*HQXJGHU.|QLJODFKWHELVLQV,QQHUVWH KLQHLQXQGVFKZXUGD%RLOHDX'HVSUpDX[VHLQHQ0HLVWHU JHIXQGHQZHVKDOEGHU6FXGHUL*HGLFKWIUGDV:LW]LJVWHJDOWGDV MHPDOVJHVFKULHEHQ 0HKUHUH0RQDWHZDUHQYHUJDQJHQDOVGHU=XIDOOHVZROOWHGD GLH6FXGHULLQGHU*ODVNXWVFKHGHU+HU]RJLQYRQ0RQWDQVLHUEHU
GHQ3RQWQHXIIXKU1RFKZDUGLH(UILQGXQJGHU]LHUOLFKHQ *ODVNXWVFKHQVRQHXGDGDVQHXJLHULJH9RONVLFK]XGUlQJWH ZHQQHLQ)XKUZHUNGHU$UWDXIGHQ6WUDHQHUVFKLHQ6RNDPHV GHQQDXFKGDGHUJDIIHQGH3|EHODXIGHP3HQWQHXIGLH.XWVFKH GHU 0RQWDQVLHUXPULQJWHEHLQDKHGHQ6FKULWWGHU3IHUGH KHPPHQG'DYHUQDKPGLH6FXGHULSO|W]OLFKHLQ*HVFKLPSIHXQG *HIOXFKHXQGJHZDKUWHZLHHLQ0HQVFKPLW)DXVWVFKOlJHQXQG 5LSSHQVW|HQVLFK3ODW]PDFKWHGXUFKGLHGLFNVWH0DVVH8QGZLH HUQlKHUNDPWUDIHQVLHGLHGXUFKERKUHQGHQ%OLFNHHLQHV WRGEOHLFKHQJUDPYHUVW|UWHQ-QJOLQJV$QWOLW]HV8QYHUZDQGW VFKDXWHGHUMXQJH0HQVFKVLHDQZlKUHQGHUPLW(OOERJHQXQG )lXVWHQUVWLJYRUVLFKZHJDUEHLWHWHELVHUDQGHQ6FKODJGHV :DJHQVNDPGHQHUPLWVWUPHQGHU +DVWLJNHLWDXIULGHU 6FXGHULHLQHQ=HWWHOLQGHQ6FKRZDUIXQG6W|H)DXVWVFKOlJH DXVWHLOHQGXQGHPSIDQJHQGYHUVFKZDQGZLHHUJHNRPPHQ0LW HLQHP6FKUHLGHV(QWVHW]HQVZDUVRZLHGHU0HQVFKDP .XWVFKHQVFKODJHHUVFKLHQGLH0DUWLQLHUHGLHVLFKEHLGHU6FXGHUL EHIDQGHQWVHHOWLQGLH:DJHQNLVVHQ]XUFNJHVXQNHQ9HUJHEHQV ULGLH6FXGHULDQGHU6FKQXUULHIGHP.XWVFKHU]XGHUZLHYRP E|VHQ*HLVWHJHWULHEHQSHLWVFKWHDXIGLH3IHUGHORVGLHGHQ 6FKDXPYRQGHQ0lXOHUQZHJVSULW]HQGXPVLFKVFKOXJHQVLFK ElXPWHQHQGOLFKLQVFKDUIHP7UDEIRUWGRQQHUWHQEHUGLH %UFNH'LH6FXGHULJRLKU5LHFKIOlVFKFKHQEHUGLH RKQPlFKWLJH)UDXDXVGLHHQGOLFKGLH$XJHQDXIVFKOXJXQG ]LWWHUQGXQGEHEHQGVLFKNUDPSIKDIWIHVWNODPPHUQGDQGLH +HUUVFKDIW$QJVWXQG(QWVHW]HQLPEOHLFKHQ$QWOLW]PKVDP VW|KQWH 8PGHUKHLOLJHQ-XQJIUDXZLOOHQZDVZROOWHGHU IUFKWHUOLFKH0HQVFK"± $FKHUZDUHVMDHUZDUHVGHUVHOEH GHU(XFKLQMHQHUVFKDXHUYROOHQ1DFKWGDV.lVWFKHQEUDFKWH± 'LH6FXGHULEHUXKLJWHGLH$UPHLQGHPVLHLKUYRUVWHOOWHGDMD GXUFKDXVQLFKWV%|VHVJHVFKHKHQXQGGDHVQXUGDUDXI DQNRPPH]XZLVVHQZDVGHU=HWWHOHQWKDOWH6LHVFKOXJGDV %OlWWFKHQDXVHLQDQGHUXQGIDQGGLH:RUWH ª(LQE|VHV9HUKlQJQLVGDV,KUDEZHQGHQNRQQWHWVW|WPLFKLQ GHQ$EJUXQG± ,FKEHVFKZ|UH(XFKZLHGHU6RKQGLH0XWWHU YRQGHUHUQLFKWODVVHQNDQQLQGHUYROOVWHQ*OXWNLQGOLFKHU/LHEH GHQ+DOVVFKPXFNXQGGLH$UPElQGHUGLH,KUGXUFKPLFK HUKLHOWHWXQWHULUJHQGHLQHP9RUZDQG± XPLUJHQGHWZDVGDUDQ EHVVHUQ± lQGHUQ]X ODVVHQ]XP0HLVWHU5HQp&DUGLOODF]X
VFKDIIHQ (XHU:RKO(XHU/HEHQKlQJWGDYRQDE7XW,KUHVQLFKW ELVEHUPRUJHQVRGULQJHLFKLQ(XUH:RKQXQJXQGHUPRUGH PLFKYRU(XUHQ$XJHQ© 1XQLVWHVJHZLVSUDFKGLH6FXGHULDOVVLHGLHVJHOHVHQGD PDJGHUJHKHLPQLVYROOH0HQVFKDXFKZLUNOLFK]XGHU%DQGH YHUUXFKWHU'LHEHXQG0|UGHUJHK|UHQHUGRFKJHJHQPLFKQLFKWV %|VHVLP6FKLOGHIKUW:lUHHVLKPJHOXQJHQPLFKLQMHQHU 1DFKW]XVSUHFKHQZHUZHLZHOFKHVVRQGHUEDUH(UHLJQLVZHOFK GXQNOHV9HUKlOWQLVGHU'LQJHPLUNODUZRUGHQYRQGHPLFKMHW]W DXFKQXUGLHOHLVHVWH$KQXQJYHUJHEHQVLQPHLQHU6HHOHVXFKH 0DJDEHUDXFKGLH6DFKHVLFKQXQYHUKDOWHQZLHVLHZLOOGDVZDV PLULQGLHVHP%ODWWJHERWHQZLUGZHUGHLFKWXQXQGJHVFKlKHHV DXFKQXUXPGHQ XQVHOLJHQ6FKPXFNORV]XZHUGHQGHUPLUHLQ K|OOLVFKHU7DOLVPDQGHV%|VHQVHOEVWGQNW&DUGLOODFZLUGLKQ GRFKZRKOQXQVHLQHUDOWHQ6LWWHJHWUHXQLFKWVROHLFKWZLHGHU DXVGHQ+lQGHQJHEHQZROOHQ
6FKRQDQGHUQ7DJHVJHGDFKWHGLH6FXGHULVLFKPLWGHP6FKPXFN ]XGHP*ROGVFKPLHG]XEHJHEHQ'RFKZDUHVDOVKlWWHQDOOH VFK|QHQ*HLVWHUYRQJDQ]3DULVVLFKYHUDEUHGHWJHUDGHDQGHP 0RUJHQGDV)UlXOHLQPLW9HUVHQ6FKDXVSLHOHQ$QHNGRWHQ]X EHVWUPHQ.DXPKDWWHOD &KDSHOOHGLH6]HQHHLQHV7UDXHUVSLHOV JHHQGHWXQGVFKODXYHUVLFKHUWGDHUQXQZRKO5DFLQH]X VFKODJHQJHGHQNHDOVGLHVHUVHOEVWHLQWUDWXQGLKQPLWLUJHQG HLQHV.|QLJVSDWKHWLVFKHU5HGH]X%RGHQVFKOXJELV%RLOHDXVHLQH /HXFKWNXJHOQLQGHQVFKZDU]HQWUDJLVFKHQ+LPPHOVWHLJHQOLH XPQXUQLFKWHZLJYRQGHU.RORQQDGHGHV/RXYUHVFKZDW]HQ]X K|UHQLQGLHLKQGHUDUFKLWHNWLVFKH'RNWRU3HUUDXOWKLQHLQJHHQJW +RKHU0LWWDJZDUJHZRUGHQGLH6FXGHULPXWH]XU+HU]RJLQ 0RQWDQVLHUXQGVREOLHEGHU%HVXFKEHL0HLVWHU5HQp&DUGLOODFELV ]XPDQGHUQ0RUJHQYHUVFKREHQ 'LH6FXGHULIKOWHVLFKYRQHLQHUEHVRQGHUHQ8QUXKHJHSHLQLJW %HVWlQGLJYRU$XJHQVWDQGLKUGHU-QJOLQJXQGDXVGHPWLHIVWHQ ,QQHUQZROOWHVLFKHLQHGXQNOH(ULQQHUXQJDXIUHJHQDOVKDEHVLH GLHV$QWOLW]GLHVH=JHVFKRQJHVHKHQ'HQOHLVHVWHQ6FKOXPPHU VW|UWHQlQJVWOLFKH7UlXPHHVZDULKUDOVKDEHVLHOHLFKWVLQQLJMD VWUDIZUGLJYHUVlXPWGLH+DQGKLOIUHLFK]XHUIDVVHQGLHGHU 8QJOFNOLFKHLQGHQ$EJUXQGYHUVLQNHQGQDFKLKU
HPSRUJHVWUHFNWMDDOVVHLHVDQLKUJHZHVHQLUJHQGHLQHP YHUGHUEOLFKHQ(UHLJQLVHLQHPKHLOORVHQ9HUEUHFKHQ]XVWHXHUQ± 6RZLHHVQXUKRKHU0RUJHQOLHVLHVLFKDQNOHLGHQXQGIXKUPLW GHP6FKPXFNNlVWFKHQYHUVHKHQ]XGHP*ROGVFKPLHGKLQ
1DFKGHU6WUDH1LFDLVHGRUWKLQZR&DUGLOODFZRKQWHVWU|PWH GDV9RONVDPPHOWHVLFKYRUGHU+DXVWUH± VFKULHOlUPWHWREWH ± ZROOWHVWUPHQGKLQHLQPLW0KHDEJHKDOWHQYRQGHU 0DUHFKDXVVHHGLHGDV+DXVXPVWHOOW,PZLOGHQYHUZLUUWHQ *HW|VHULHIHQ]RUQLJH6WLPPHQ =HUUHLW]HUPDOPWGHQ YHUIOXFKWHQ0|UGHU± (QGOLFK HUVFKHLQW'HVJUDLVPLW]DKOUHLFKHU 0DQQVFKDIWGLH ELOGHWGXUFKGHQGLFNVWHQ+DXIHQHLQH*DVVH'LH +DXVWUHVSULQJWDXIHLQ0HQVFKPLW.HWWHQEHODVWHWZLUG KLQDXVJHEUDFKWXQGXQWHUGHQJUHXOLFKVWHQ9HUZQVFKXQJHQGHV ZWHQGHQ3|EHOVIRUWJHVFKOHSSW± ,QGHP$XJHQEOLFNDOVGLH 6FXGHULKDOEHQWVHHOWYRU6FKUHFNXQGIXUFKWEDUHU$KQXQJGLHV JHZDKUWGULQJWHLQJHOOHQGHV-DPPHUJHVFKUHLLKULQGLH2KUHQ 9RU± ZHLWHUYRUUXIWVLHJDQ]DXHUVLFKGHP.XWVFKHU]XGHU PLWHLQHUJHVFKLFNWHQUDVFKHQ:HQGXQJGHQGLFNHQ+DXIHQ DXVHLQDQGHUVWlXEWXQGGLFKWYRU&DUGLOODFV+DXVWUHKlOW'D VLHKWGLH6FXGHUL'HVJUDLVXQG]XVHLQHQ)HQHLQMXQJHV 0lGFKHQVFK|QZLHGHU7DJPLWDXIJHO|VWHQ+DDUHQKDOE HQWNOHLGHWZLOGH$QJVWWURVWORVH9HU]ZHLIOXQJLP$QWOLW]GLH KlOW VHLQH.QLHXPVFKOXQJHQXQGUXIWPLWGHP7RQGHV HQWVHW]OLFKVWHQVFKQHLGHQGVWHQ7RGHVVFKPHU]HV (ULVWMD XQVFKXOGLJ± HULVWXQVFKXOGLJ9HUJHEHQVVLQG'HVJUDLV YHUJHEHQVVHLQHU/HXWH%HPKXQJHQVLHORV]XUHLHQVLHYRP %RGHQDXI]XULFKWHQ(LQVWDUNHUXQJHVFKODFKWHU.HUOHUJUHLIW HQGOLFKPLWSOXPSHQ)lXVWHQGLH$UPH]HUUWVLHPLW*HZDOWZHJ YRQ'HVJUDLVVWUDXFKHOWXQJHVFKLFNWOlWGDV0lGFKHQIDKUHQ GLHKLQDEVFKOlJWGLHVWHLQHUQHQ6WXIHQXQGODXWORV± ZLHWRWDXI GHU6WUDHOLHJHQEOHLEW/lQJHUNDQQGLH6FXGHULVLFKQLFKW KDOWHQ,Q&KULVWXV1DPHQZDVLVWJHVFKHKHQZDVJHKWKLHUYRU" UXIWVLH|IIQHWUDVFKGHQ6FKODJVWHLJWDXV± (KUHUELHWLJZHLFKW GDV9RONGHUZUGLJHQ'DPHGLHDOVVLHVLHKWZLHHLQSDDU PLWOHLGLJH:HLEHUGDV0lGFKHQ DXIJHKREHQDXIGLH6WXIHQ JHVHW]WKDEHQLKUGLH6WLUQHPLWVWDUNHP:DVVHUUHLEHQVLFK GHP'HVJUDLVQlKHUWXQGPLW+HIWLJNHLWLKUH)UDJHZLHGHUKROW(V LVWGDV(QWVHW]OLFKHJHVFKHKHQVSULFKW'HVJUDLV5HQp&DUGLOODF ZXUGHKHXWH0RUJHQGXUFKHLQHQ'ROFKVWLFKHUPRUGHWJHIXQGHQ
6HLQ*HVHOOH2OLYLHU%UXRQLVWGHU0|UGHU(EHQZXUGHHU IRUWJHIKUWLQV*HIlQJQLV8QGGDV0lGFKHQ"UXIWGLH6FXGHULLVW IlOOW'HVJUDLVHLQLVW0DGHORQ&DUGLOODFV7RFKWHU'HUYHUUXFKWH 0HQVFKZDULKU*HOLHEWHU1XQZHLQWXQG KHXOWVLHXQGVFKUHLW HLQPDOEHUVDQGHUHGD2OLYLHUXQVFKXOGLJVHLJDQ]XQVFKXOGLJ $P(QGHZHLVLHYRQGHU7DWXQGLFKPXVLHDXFKQDFKGHU &RQFLHUJHULHEULQJHQODVVHQ'HVJUDLVZDUIDOVHUGLHVVSUDFK HLQHQWFNLVFKHQVFKDGHQIURKHQ%OLFNDXIGDV0lGFKHQYRUGHP GLH6FXGHULHUEHEWH(EHQEHJDQQGDV0lGFKHQOHLVH]XDWPHQ GRFKNHLQHV/DXWVNHLQHU%HZHJXQJPlFKWLJPLWJHVFKORVVHQHQ $XJHQODJVLHGDXQGPDQZXWHQLFKWZDV]XWXQVLHLQV+DXV EULQJHQRGHULKUQRFKOlQJHUEHLVWHKHQELV]XP(UZDFKHQ7LHI EHZHJW7UlQHQLQGHQ$XJHQEOLFNWHGLH6FXGHULGHQ XQVFKXOGVYROOHQ(QJHODQLKUJUDXWHYRU'HVJUDLVXQGVHLQHQ *HVHOOHQ'DSROWHUWHHVGXPSIGLH7UHSSHKHUDEPDQEUDFKWH &DUGLOODFV/HLFKQDP6FKQHOOHQWVFKORVVHQULHIGLH6FXGHULODXW ,FKQHKPHGDV0lGFKHQPLWPLU,KUP|JHWIUGDVEULJH VRUJHQ'HVJUDLV(LQGXPSIHV0XUPHOQGHV%HLIDOOVOLHIGXUFKGDV 9RON'LH:HLEHUKREHQGDV0lGFKHQLQGLH+|KHDOOHVGUlQJWH VLFKKLQ]XKXQGHUW+lQGHPKWHQVLFKLKQHQEHL]XVWHKHQXQG ZLHLQGHQ/IWHQVFKZHEHQGZXUGHGDV0lGFKHQLQGLH.XWVFKH JHWUDJHQLQGHP6HJQXQJHQGHUZUGLJHQ'DPHGLHGLH 8QVFKXOGGHP%OXWJHULFKWHQWULVVHQYRQDOOHQ/LSSHQVWU|PWHQ
6HURQVGHVEHUKPWHVWHQ$U]WHVLQ3DULV%HPKXQJHQJHODQJHV HQGOLFK0DGHORQGLHVWXQGHQODQJLQVWDUUHU%HZXWORVLJNHLW JHOHJHQZLHGHU]XVLFKVHOEVW]XEULQJHQ'LH6FXGHULYROOHQGHWH ZDVGHU$U]WEHJRQQHQLQGHPVLHPDQFKHQPLOGHQ +RIIQXQJVVWUDKOOHXFKWHQOLHLQGHV0lGFKHQV6HHOHELVHLQ KHIWLJHU7UlQHQVWURPGHUDXVLKUHQ$XJHQVWU]WHLKU/XIW PDFKWH6LHYHUPRFKWHLQGHPQXUGDQQXQGZDQQGLHhEHUPDFKW GHVGXUFKERKUHQGVWHQ6FKPHU]HVGLH:RUWHLQWLHIHP6FKOXFK]HQ HUVWLFNWH]XHU]lKOHQZLHVLFKDOOHVEHJHEHQ 8P0LWWHUQDFKWZDUVLHGXUFKOHLVHV.ORSIHQDQLKUHU6WXEHQWUH JHZHFNWZRUGHQXQGKDWWH2OLYLHUV6WLPPHYHUQRPPHQGHUVLH EHVFKZRUHQGRFKQXUJOHLFKDXI]XVWHKHQZHLOGHU9DWHULP 6WHUEHQOLHJH(QWVHW]WVHLVLHDXIJHVSUXQJHQXQGKDEHGLH7U JH|IIQHW2OLYLHUEOHLFKXQGHQWVWHOOWYRQ6FKZHLWULHIHQGVHL GDV/LFKWLQ GHU+DQGPLWZDQNHQGHQ6FKULWWHQQDFKGHU :HUNVWDWWJHJDQJHQVLHLKPJHIROJW'DKDEHGHU9DWHUJHOHJHQ
PLWVWDUUHQ$XJHQXQGJHU|FKHOWLP7RGHVNDPSIH-DPPHUQG KDEHVLHVLFKDXILKQJHVWU]WXQGQXQHUVWVHLQEOXWLJHV+HPGH EHPHUNW2OLYLHUKDEHVLHVDQIWZHJJH]RJHQXQGVLFKGDQQ EHPKWHLQH:XQGHDXIGHUOLQNHQ%UXVWGHV9DWHUVPLW :XQGEDOVDP]XZDVFKHQXQG]XYHUELQGHQ:lKUHQGGHVVHQVHL GHV9DWHUV%HVLQQXQJ]XUFNJHNHKUWHUKDEH]XU|FKHOQ DXIJHK|UWXQGVLHGDQQDEHU2OLYLHUPLWVHHOHQYROOHP%OLFN DQJHVFKDXWLKUH+DQGHUJULIIHQVLHLQ2OLYLHUV+DQGJHOHJWXQG EHLGHKHIWLJJHGUFNW%HLGH2OLYLHUXQGVLHZlUHQEHLGHP/DJHU GHV9DWHUVDXIGLH.QLHJHIDOOHQHUKDEHVLFKPLWHLQHP VFKQHLGHQGHQ/DXWLQGLH+|KHJHULFKWHWVHLDEHUJOHLFKZLHGHU ]XUFNJHVXQNHQXQGPLWHLQHPWLHIHQ6HXI]HUYHUVFKLHGHQ1XQ KlWWHQVLHEHLGHODXWJHMDPPHUWXQGJHNODJW2OLYLHUKDEHHU]lKOW ZLHGHU0HLVWHUDXIHLQHP*DQJHGHQHUPLWLKPDXIVHLQ*HKHL LQGHU1DFKWKDEHPDFKHQPVVHQLQVHLQHU*HJHQZDUWHUPRUGHW ZRUGHQXQGZLHHUPLWGHUJU|WHQ$QVWUHQJXQJGHQVFKZHUHQ 0DQQGHQHUQLFKWDXIGHQ7RGYHUZXQGHWJHKDOWHQQDFK+DXVH JHWUDJHQ6RZLHGHU0RUJHQDQJHEURFKHQZlUHQGLH+DXVOHXWH GHQHQGDV*HSROWHUGDVODXWH:HLQHQXQG-DPPHUQLQGHU1DFKW DXIJHIDOOHQKHUDXIJHNRPPHQXQGKlWWHQVLHQRFKJDQ]WURVWORV EHLGHU/HLFKHGHV9DWHUVNQLHQGJHIXQGHQ1XQVHL/lUP HQWVWDQGHQGLH0DUHFKDXVVHHHLQJHGUXQJHQXQG2OLYLHUDOV 0|UGHUVHLQHV0HLVWHUVLQV*HIlQJQLVJHVFKOHSSWZRUGHQ0DGHORQ IJWHQXQGLHUKUHQGVWH6FKLOGHUXQJYRQGHU7XJHQGGHU )U|PPLJNHLWGHU7UHXHLKUHVJHOLHEWHQ2OLYLHUKLQ]X:LHHUGHQ 0HLVWHUDOVVHLHUVHLQHLJHQHU9DWHUKRFKLQ(KUHQJHKDOWHQZLH GLHVHUVHLQH/LHEHLQYROOHP0DHUZLGHUWZLHHULKQWURW]VHLQHU $UPXW]XP(LGDPHUNRUHQZHLOVHLQH*HVFKLFNOLFKNHLWVHLQHU 7UHXHVHLQHPHGOHQ*HPWJOHLFKJHNRPPHQ'DVDOOHVHU]lKOWH 0DGHORQDXVGHPLQQHUVWHQ+HU]HQKHUDXVXQGVFKORGDPLWGD ZHQQ2OLYLHULQLKUHP%HLVHLQGHP9DWHUGHQ'ROFKLQGLH%UXVW JHVWRHQKlWWHVLHGLHVHKHUIUHLQ%OHQGZHUNGHV6DWDQV KDOWHQDOVGDUDQJODXEHQZUGHGD2OLYLHUHLQHVVROFKHQ HQWVHW]OLFKHQJUDXHQYROOHQ9HUEUHFKHQVIlKLJVHLQN|QQH 'LH6FXGHULYRQ0DGHORQVQDPHQORVHQ/HLGHQDXIGDVWLHIVWH JHUKUWXQGJDQ]JHQHLJWGHQDUPHQ2OLYLHUIUXQVFKXOGLJ]X KDOWHQ]RJ(UNXQGLJXQJHQHLQXQGIDQGDOOHVEHVWlWLJWZDV 0DGHORQEHUGDVKlXVOLFKH9HUKlOWQLVGHV0HLVWHUVPLWVHLQHP *HVHOOHQHU]lKOWKDWWH'LH+DXVOHXWHGLH1DFKEDUQUKPWHQ
HLQVWLPPLJGHQ2OLYLHUDOVGDV0XVWHUHLQHVVLWWLJHQIURPPHQ WUHXHQIOHLLJHQ%HWUDJHQVQLHPDQGZXWH%|VHVYRQLKPXQG GRFKZDUYRQGHUJUlOLFKHQ7DWGLH5HGH]XFNWHMHGHUGLH $FKVHOQXQGPHLQWHGDULQOLHJHHWZDV8QEHJUHLIOLFKHV
2OLYLHUYRUGLH&KDPEUHDUGHQWH JHVWHOOWOHXJQHWHZLHGLH 6FXGHULYHUQDKPPLWGHUJU|WHQ6WDQGKDIWLJNHLWPLWGHP KHOOVWHQ)UHLPXWGLHLKPDQJHVFKXOGLJWH7DWXQGEHKDXSWHWHGD VHLQ0HLVWHULQVHLQHU*HJHQZDUWDXIGHU6WUDHDQJHIDOOHQXQG QLHGHUJHVWRHQZRUGHQGDHULKQDEHUQRFKOHEHQGLJQDFK +DXVHJHVFKOHSSWZRHUVHKUEDOGYHUVFKLHGHQVHL$XFKGLHV VWLPPWHDOVRPLW0DGHORQV(U]lKOXQJEHUHLQ
,PPHUXQGLPPHUZLHGHUOLHVLFKGLH6FXGHULGLHNOHLQVWHQ 8PVWlQGHGHVVFKUHFNOLFKHQ(UHLJQLVVHVZLHGHUKROHQ6LHIRUVFKWH JHQDXREMHPDOVHLQ6WUHLW]ZLVFKHQ0HLVWHUXQG*HVHOOHQ YRUJHIDOOHQREYLHOOHLFKW2OLYLHUQLFKWJDQ]IUHLYRQMHQHP-lK]RUQ VHLGHURIWZLHHLQEOLQGHU:DKQVLQQGLHJXWPWLJVWHQ0HQVFKHQ EHUIlOOWXQG]X7DWHQYHUOHLWHWGLHDOOH:LOONUGHV+DQGHOQV DXV]XVFKOLHHQVFKHLQHQ'RFKMHEHJHLVWHUWHU0DGHORQYRQGHP UXKLJHQKlXVOLFKHQ*OFNVSUDFKLQGHPGLHGUHL 0HQVFKHQLQ LQQLJVWHU/LHEHYHUEXQGHQOHEWHQGHVWRPHKUYHUVFKZDQGMHGHU 6FKDWWHQGHV9HUGDFKWVZLGHUGHQDXIGHQ7RGDQJHNODJWHQ 2OLYLHU*HQDXDOOHVSUIHQGGDYRQDXVJHKHQGGD2OLYLHU XQHUDFKWHWDOOHVGHVVHQZDVODXWIUVHLQH8QVFKXOGVSUlFKH GHQQRFK&DUGLOODFV0|UGHUJHZHVHQIDQGGLH6FXGHULLP5HLFK GHU0|JOLFKNHLWNHLQHQ%HZHJJUXQG]XGHUHQWVHW]OLFKHQ7DWGLH LQMHGHP)DOO2OLYLHUV*OFN]HUVW|UHQPXWH± (ULVWDUPDEHU JHVFKLFNW± (VJHODQJLKPGLH=XQHLJXQJGHVEHUKPWHVWHQ 0HLVWHUV]XJHZLQQHQHUOLHEWGLH7RFKWHUGHU0HLVWHUEHJQVWLJW VHLQH/LHEH*OFN:RKOVWDQGIUVHLQJDQ]HV/HEHQZLUGLKP HUVFKORVVHQ± 6HLHVDEHUQXQGD*RWWZHLDXIZHOFKH:HLVH JHUHL]W2OLYLHUYRP=RUQEHUPDQQWVHLQHQ:RKOWlWHUVHLQHQ 9DWHUP|UGHULVFKDQILHOZHOFKHWHXIOLVFKH+HXFKHOHLJHK|UWGD]X QDFKGHU7DWVLFKVR]XEHWUDJHQDOVHVZLUNOLFKJHVFKDK± 0LW GHUIHVWHQhEHU]HXJXQJYRQ2OLYLHUV8QVFKXOGIDWHGLH6FXGHUL GHQ(QWVFKOXGHQXQVFKXOGLJHQ-QJOLQJ]XUHWWHQNRVWHHV ZDVHVZROOH (VVFKLHQLKUHKHVLHGLH+XOGGHV.|QLJVVHOEVWYLHOOHLFKWDQUXIH DPJHUDWHQVWHQVLFKDQGHQ3UlVLGHQWHQOD 5HJQLH]XZHQGHQ
LKQDXIDOOH8PVWlQGHGLHIU2OLYLHUV8QVFKXOGVSUHFKHQ PXWHQDXIPHUNVDP]XPDFKHQXQGVRYLHOOHLFKWLQGHV 3UlVLGHQWHQ6HHOHHLQHLQQHUHGHP$QJHNODJWHQJQVWLJH hEHU]HXJXQJ]XHUZHFNHQGLHVLFKZRKOWlWLJGHQ5LFKWHUQ PLWWHLOHQVROOWH
/D5HJQLHHPSILQJGLH6FXGHULPLWGHUKRKHQ$FKWXQJDXIGLHGLH ZUGLJH'DPHYRQGHP.|QLJHVHOEVWKRFKJHHKUWJHUHFKWHQ $QVSUXFKPDFKHQNRQQWH(UK|UWHUXKLJDOOHVDQZDVVLHEHU GLHHQWVHW]OLFKH7DWEHU2OLYLHUV9HUKlOWQLVVHEHUVHLQHQ &KDUDNWHUYRUEUDFKWH(LQIHLQHVEHLQDKHKlPLVFKHV/lFKHOQZDU LQGHVVHQDOOHVZRPLWHUEHZLHVGDGLH%HWHXUXQJHQGLHYRQ KlXILJHQ7UlQHQEHJOHLWHWHQ(UPDKQXQJHQZLHMHGHU5LFKWHU QLFKWGHU)HLQGGHV$QJHNODJWHQVHLQVRQGHUQDXFKDXIDOOHV DFKWHQPVVHZDV]XVHLQHQ*XQVWHQVSUlFKHQLFKWDQJlQ]OLFK WDXEHQ2KUHQYRUEHUJOLWWHQ$OVGDV)UlXOHLQQXQHQGOLFKJDQ] HUVFK|SIWGLH7UlQHQYRQGHQ$XJHQZHJWURFNQHQGVFKZLHJILQJ OD 5HJQLHDQ (VLVWJDQ](XUHVYRUWUHIIOLFKHQ+HU]HQVZUGLJ PHLQ)UlXOHLQGD,KUJHUKUWYRQGHQ7UlQHQHLQHVMXQJHQ YHUOLHEWHQ0lGFKHQVDOOHVJODXEWZDVVLHYRUEULQJWMDGD,KU QLFKWIlKLJVHLGGHQ*HGDQNHQHLQHUHQWVHW]OLFKHQ8QWDW]X IDVVHQDEHUDQGHUVLVWHVPLWGHP5LFKWHUGHUJHZRKQWLVW IUHFKHU+HXFKHOHLGLH/DUYHDE]XUHLHQ:RKOPDJHVQLFKW PHLQHV$PWHVVHLQMHGHPGHUPLFKIUlJWGHQ*DQJHLQHV .ULPLQDOSUR]HVVHV]XHQWZLFNHOQ)UlXOHLQLFKWXHPHLQH3IOLFKW ZHQLJNPPHUWPLFKGDV8UWHLOGHU:HOW=LWWHUQVROOHQGLH %|VHZLFKWHUYRUGHU&KDPEUHDUGHQWHGLHNHLQH6WUDIHNHQQWDOV %OXWXQG)HXHU$EHUYRQ(XFKPHLQZUGLJHV)UlXOHLQP|FKW LFKQLFKWIUHLQ8QJHKHXHUJHKDOWHQZHUGHQDQ+lUWHXQG *UDXVDPNHLWGDUXPYHUJ|QQWPLUGDLFK(XFKPLWZHQLJHQ :RUWHQGLH%OXWVFKXOGGHVMXQJHQ%|VHZLFKWVGHUGHP+LPPHO VHLHVJHGDQNWGHU5DFKHYHUIDOOHQLVWNODUYRU$XJHQOHJH(XHU VFKDUIVLQQLJHU*HLVWZLUGGDQQVHOEVWGLH*XWPWLJNHLW YHUVFKPlKHQ GLH(XFK(KUHPDFKWPLUDEHUJDUQLFKWDQVWHKHQ ZUGH± $OVR± $P0RUJHQZLUG5HQp&DUGLOODFGXUFKHLQHQ 'ROFKVWRHUPRUGHWJHIXQGHQ1LHPDQGLVWEHLLKPDOVVHLQ *HVHOOH2OLYLHU%UXRQXQGGLH7RFKWHU,Q2OLYLHUV.DPPHUXQWHU DQGHUHPILQGHWPDQHLQHQ'ROFKYRQIULVFKHP%OXWHJHIlUEWGHU JHQDXLQGLH:XQGHSDW&DUGLOODFLVWVSULFKW2OLYLHULQGHU 1DFKWYRUPHLQHQ$XJHQQLHGHUJHVWRHQZRUGHQ± 0DQZROOWH
LKQEHUDXEHQ"'DVZHLLFKQLFKW± 'XJLQJVWPLWLKPXQGHV ZDUGLUQLFKWP|JOLFKGHP0|UGHU]XZHKUHQ"± LKQIHVW]XKDOWHQ" XP+LOIH]XUXIHQ")QI]HKQZRKO]ZDQ]LJ6FKULWWHYRUPLUJLQJ GHU0HLVWHULFKIROJWHLKP:DUXPLQDOOHU:HOWVRHQWIHUQW"± 'HU0HLVWHUZROOW HVVR:DVKDWWHEHUKDXSW0HLVWHU&DUGLOODFVR VSlWDXIGHU6WUDH]XWXQ"± 'DVNDQQLFKQLFKWVDJHQ6RQVWLVW HUDEHUGRFKQLHPDOVQDFKQHXQ8KUDEHQGVDXVGHP+DXVH JHNRPPHQ"± +LHUVWRFNW2OLYLHUHULVWEHVWU]WHUVHXI]WHU YHUJLHW7UlQHQHUEHWHXHUWEHLDOOHPZDVKHLOLJGD&DUGLOODF ZLUNOLFKLQMHQHU1DFKWDXVJHJDQJHQVHLXQGVHLQHQ7RGJHIXQGHQ KDEH1XQPHUNWDEHUZRKODXIPHLQ)UlXOHLQ(UZLHVHQLVWHVELV ]XUYROONRPPHQVWHQ*HZLKHLWGD&DUGLOODFLQMHQHU1DFKWGDV +DXVQLFKWYHUOLHPLWKLQLVW2OLYLHUV%HKDXSWXQJHUVHLPLWLKP ZLUNOLFKDXVJHJDQJHQHLQHIUHFKH/JH'LH+DXVWUHLVWPLW HLQHPVFKZHUHQ6FKORYHUVHKHQZHOFKHVEHLGHP$XI XQG =XVFKOLHHQHLQGXUFKGULQJHQGHV*HUlXVFKPDFKWGDQQDEHU EHZHJWVLFKGHU7UIOJHOZLGULJNQDUUHQGXQGKHXOHQGLQGHQ $QJHOQVRGDZLHHVDQJHVWHOOWH9HUVXFKHEHZlKUWKDEHQ VHOEVWLPREHUVWHQ6WRFNGHV+DXVHVGDV*HW|VHZLGHUKDOOW1XQ ZRKQWLQGHPXQWHUVWHQ6WRFNDOVRGLFKWQHEHQGHU+DXVWUGHU DOWH0HLVWHU&ODXGH3DWUXPLWVHLQHU$XIZlUWHULQHLQHU3HUVRQYRQ EHLQDKHDFKW]LJ-DKUHQDEHUQRFKPXQWHUXQGUKULJ'LHVH EHLGHQ3HUVRQHQK|UWHQZLH&DUGLOODFQDFKVHLQHUJHZ|KQOLFKHQ :HLVHDQMHQHP$EHQG3XQNWQHXQ8KUGLH7UHSSHKLQDENDPGLH 7UHPLWYLHOHP*HUlXVFKYHUVFKORXQGYHUUDPPHOWHGDQQ ZLHGHUKLQDXIVWLHJGHQ$EHQGVHJHQODXWODVXQGGDQQZLHPDQ HVDQGHP=XVFKODJHQGHU7UHYHUQHKPHQNRQQWHLQVHLQ 6FKODI]LPPHUJLQJ0HLVWHU&ODXGHOHLGHWDQ6FKODIORVLJNHLWZLH HVDOWHQ/HXWHQZRKO]XJHKHQSIOHJW$XFKLQMHQHU1DFKWNRQQWH HUNHLQ$XJH]XWXQ'LH$XIZlUWHULQVFKOXJGDKHUHVPRFKWHKDOE ]HKQ8KUVHLQLQGHU.FKHLQGLHVLHEHUGHQ+DXVIOXUJHKHQG JHODQJW/LFKWDQXQGVHW]WHVLFK]XP0HLVWHU&ODXGHDQGHQ7LVFK PLWHLQHUDOWHQ&KURQLNLQGHUVLHODVZlKUHQGGHU$OWHVHLQHQ *HGDQNHQQDFKKlQJHQGEDOGVLFKLQGHQ/HKQVWXKOVHW]WHEDOG ZLHGHUDXIVWDQGXQGXP0GLJNHLWXQG6FKODI]XJHZLQQHQLP =LPPHUOHLVHXQGODQJVDPDXIXQGDEVFKULWW(VEOLHEDOOHVVWLOO XQGUXKLJELVQDFK0LWWHUQDFKW'DK|UWHQVLHEHUVLFKVFKDUIH 7ULWWHHLQHQKDUWHQ)DOODOVVWU]HHLQHVFKZHUH/DVW]X%RGHQ XQGJOHLFKGDUDXIHLQGXPSIHV6W|KQHQ,QEHLGHNDPHLQH VHOWVDPH$QJVWXQG%HNORPPHQKHLW'LH6FKDXHUGHU
HQWVHW]OLFKHQ7DWGLHHEHQEHJDQJHQJLQJHQEHLLKQHQYRUEHU ± 0LWGHPKHOOHQ0RUJHQWUDWGDQQDQV/LFKWZDVLQGHU)LQVWHUQLV EHJRQQHQ± $EHUILHO GLH6FXGHULHLQDEHUXPDOOHU+HLOLJHQ ZLOOHQN|QQW,KUEHLDOOHQ8PVWlQGHQGLHLFKHUVWZHLWOlXILJ HU]lKOWH(XFKGHQQLUJHQGHLQHQ$QOD]XGLHVHU7DWGHU+|OOH GHQNHQ"± +PHUZLGHUWHOD 5HJQLH&DUGLOODFZDUQLFKWDUP± LP %HVLW]YRUWUHIIOLFKHU6WHLQH%HNDPIXKUGLH6FXGHULIRUWEHNDP GHQQQLFKWDOOHVGLH7RFKWHU"± ,KUYHUJHWGD2OLYLHU&DUGLOODFV 6FKZLHJHUVRKQZHUGHQVROOWH(UPXWHYLHOOHLFKWWHLOHQRGHUJDU QXUIUDQGHUHPRUGHQVSUDFKOD 5HJQLH7HLOHQIUDQGHUH PRUGHQ"IUDJWHGLH6FXGHULLQYROOHP(UVWDXQHQ:LWIXKUGHU 3UlVLGHQWIRUWZLWPHLQ)UlXOHLQGD2OLYLHUVFKRQOlQJVW JHEOXWHWKlWWHDXIGHP*UHYHSODW]VWQGHVHLQH7DWQLFKWLQ %H]LHKXQJPLWGHPGLFKWYHUVFKOHLHUWHQ*HKHLPQLVGDVELVKHUVR EHGURKOLFKEHUJDQ]3DULVZDOWHWH2OLYLHUJHK|UWRIIHQEDU]X MHQHUYHUUXFKWHQ%DQGHGLHDOOH$XIPHUNVDPNHLWDOOH0KHDOOHV )RUVFKHQGHU*HULFKWVK|IHYHUVSRWWHQGLKUH6WUHLFKHVLFKHUXQG XQJHVWUDIW]XIKUHQZXWH'XUFKLKQZLUG± PXDOOHVNODU ZHUGHQ'LH:XQGH&DUGLOODFVLVWGHQHQJDQ]lKQOLFKGLHDOOHDXI GHQ6WUDHQLQGHQ+lXVHUQ(UPRUGHWHXQG%HUDXEWHWUXJHQ 'DQQDEHUGDV(QWVFKHLGHQGVWHVHLWGHU=HLWGD2OLYLHU%UXRQ YHUKDIWHWLVWKDEHQDOOH0RUGWDWHQDOOH%HUDXEXQJHQDXIJHK|UW 6LFKHUVLQGGLH6WUDHQ]XU1DFKW]HLWZLHDP7DJH%HZHLVJHQXJ GD2OLYLHUYLHOOHLFKWDQGHU6SLW]HMHQHU0RUGEDQGHVWDQG1RFK ZLOOHUQLFKWEHNHQQHQDEHUHVJLEW0LWWHOLKQVSUHFKHQ]X PDFKHQZLGHUVHLQHQ:LOOHQ8QG0DGHORQULHIGLH6FXGHULXQG 0DGHORQGLHWUHXHXQVFKXOGLJH7DXEH± (LVSUDFKOD 5HJQLHPLW HLQHPJLIWLJHQ/lFKHOQHLZHUVWHKWPLUGDIUGDVLHQLFKWPLW LP.RPSORWWLVW:DVLVWLKUDQGHP9DWHUJHOHJHQQXUGHP 0RUGEXEHQJHOWHQLKUH7UlQHQ:DVVDJW,KUVFKULHGLH6FXGHUL HVLVWQLFKWP|JOLFK GHQ9DWHUGLHVHV0lGFKHQ± 2IXKU OD 5HJQLHIRUWRGHQNWGRFKQXUDQGLH%ULQYLOOLHU,KUP|JHWHV PLUYHU]HLKHQZHQQLFKPLFKYLHOOHLFKWEDOGJHQ|WLJWVHKH(XFK (XUHQ6FKW]OLQJ]XHQWUHLHQXQGLQGLH&RQFLHUJHULHZHUIHQ]X ODVVHQ± 'HU6FXGHULJLQJHLQ*UDXVHQ DQEHLGLHVHP HQWVHW]OLFKHQ9HUGDFKW(VZDULKUDOVN|QQHYRUGLHVHP VFKUHFNOLFKHQ0DQQHNHLQH7UHXHNHLQH7XJHQGEHVWHKHQDOV VSlKHHULQGHQWLHIVWHQJHKHLPVWHQ*HGDQNHQ0RUGXQG %OXWVFKXOG6LHVWDQGDXI6HLGPHQVFKOLFKGDVZDUDOOHVZDVVLH EHNORPPHQPKVDPDWPHQGKHUYRUEULQJHQNRQQWH6FKRQLP
%HJULIIGLH7UHSSHKLQDE]XVWHLJHQELV]XGHUGHU3UlVLGHQWVLH PLW]HUHPRQL|VHU$UWLJNHLWEHJOHLWHWKDWWHNDPLKUVHOEVWZXWH VLHQLFKWZLHHLQVHOWVDPHU*HGDQNH:UG HVPLUZRKOHUODXEW VHLQGHQXQJOFNOLFKHQ2OLYLHU%UXRQ]XVHKHQ"6RIUDJWHVLH GHQ3UlVLGHQWHQVLFKUDVFKXPZHQGHQG'LHVHUVFKDXWHVLHPLW EHGHQNOLFKHU0LHQHDQGDQQYHU]RJVLFKVHLQ*HVLFKWLQMHQHV ZLGULJH/lFKHOQGDVLKPHLJHQ*HZLVSUDFKHUJHZLZROOW,KU QXQPHLQZUGLJHV)UlXOHLQ(XUHP*HIKOGHULQQHUQ6WLPPH PHKUYHUWUDXHQGDOVGHPZDVYRUXQVHUQ$XJHQJHVFKHKHQ VHOEVW2OLYLHUV6FKXOGRGHU8QVFKXOGSUIHQ6FKHXW,KUQLFKWGHQ GVWHUQ$XIHQWKDOWGHV9HUEUHFKHQVLVWHV(XFKQLFKWJHKlVVLJ GLH%LOGHUGHU9HUZRUIHQKHLWLQDOOHQ$EVWXIXQJHQ]XVHKHQVR VROOHQIU(XFKLQ]ZHL6WXQGHQGLH7RUHGHU&RQFLHUJHULHRIIHQ VHLQ0DQZLUG(XFKGLHVHQ2OLYLHUGHVVHQ6FKLFNVDO(XUH 7HLOQDKPHHUUHJWYRUVWHOOHQ
,QGHU7DWNRQQWHVLFKGLH6FXGHULYRQGHU6FKXOGGHVMXQJHQ 0HQVFKHQQLFKWEHU]HXJHQ$OOHVVSUDFKZLGHULKQMDNHLQ 5LFKWHULQGHU:HOWKlWWHDQGHUVJHKDQGHOWZLHOD 5HJQLHEHL VROFKHQWVFKHLGHQGHQ7DWVDFKHQ$EHUGDV%LOGKlXVOLFKHQ*OFNV ZLHHV0DGHORQPLWGHQOHEHQGLJVWHQ=JHQGHU6FXGHULYRU $XJHQJHVWHOOWEHUVWUDKOWHMHGHQE|VHQ9HUGDFKWXQGVR PRFKWHVLHOLHEHUHLQXQHUNOlUOLFKHV*HKHLPQLVDQQHKPHQDOV GDUDQJODXEHQZRJHJHQLKUJDQ]HV,QQHUHVVLFKHPS|UWH 6LHJHGDFKWHVLFKYRQ2OLYLHUQRFKHLQPDODOOHVZLHHVVLFKLQ MHQHUYHUKlQJQLVYROOHQ1DFKWEHJHEHQHU]lKOHQ]XODVVHQXQGVR YLHOZLHP|JOLFKLQHLQ*HKHLPQLV]XGULQJHQGDVYLHOOHLFKWGHQ 5LFKWHUQYHUVFKORVVHQJHEOLHEHQZHLOHVZHUWORVVFKLHQVLFK ZHLWHUGDUXP]XEHNPPHUQ ,QGHU&RQFLHUJHULHDQJHNRPPHQIKUWHPDQGLH6FXGHULLQHLQ JURHVKHOOHV*HPDFK1LFKWODQJHGDUDXIYHUQDKPVLH .HWWHQJHUDVVHO2OLYLHU%UXRQZXUGHJHEUDFKW'RFKVRZLHHULQ GLH7UHWUDWVDQNDXFKGLH6FXGHULRKQPlFKWLJQLHGHU$OVVLH VLFKHUKROWKDWWHZDU2OLYLHUYHUVFKZXQGHQ6LHYHUODQJWHPLW +HIWLJNHLWGDPDQVLHQDFKGHP:DJHQEULQJHIRUW DXJHQEOLFNOLFKIRUWZROOWHVLHDXVGHQ*HPlFKHUQGHUIUHYHOQGHQ 9HUUXFKWKHLW$FK± DXIGHQHUVWHQ%OLFNKDWWHVLHLQ2OLYLHU %UXRQGHQMXQJHQ0HQVFKHQHUNDQQWGHUDXIGHP3RQWQHXI MHQHV%ODWWLKULQGHQ:DJHQJHZRUIHQGHULKUGDV.lVWFKHQPLW
GHQ-XZHOHQJHEUDFKWKDWWH± 1XQZDUMDMHGHU=ZHLIHOJHKREHQ OD 5HJQLHVVFKUHFNOLFKH9HUPXWXQJJDQ]EHVWlWLJW2OLYLHU%UXRQ JHK|UW]XGHUIUFKWHUOLFKHQ0RUGEDQGHJHZLHUPRUGHWHHUDXFK GHQ0HLVWHU± 8QG0DGHORQ"± 6RELWWHUQRFKQLHYRPLQQHUQ *HIKOJHWlXVFKWDXIGHQ7RGDQJHSDFNWYRQGHUK|OOLVFKHQ 0DFKWDXI(UGHQDQGHUHQ'DVHLQVLHQLFKWJHJODXEWYHU]ZHLIHOWH GLH6FXGHULDQDOOHU:DKUKHLW6LHJDE5DXPGHPHQWVHW]OLFKHQ 9HUGDFKWGD0DGHORQPLWYHUVFKZRUHQ VHLQXQGWHLOKDEHQ N|QQHDQGHUJUlOLFKHQ%OXWVFKXOG:LHHVGHQQJHVFKLHKWGD GHUPHQVFKOLFKH*HLVWLVWLKPHLQ%LOGDXIJHJDQJHQHPVLJ )DUEHQVXFKWXQGILQGHWHVJUHOOHUXQGJUHOOHUDXV]XPDOHQVR IDQGDXFKGLH6FXGHULMHGHQ8PVWDQGGHU7DW0DGHORQV %HWUDJHQLQGHQNOHLQVWHQ=JHQHUZlJHQGJDUYLHOHVMHQHQ 9HUGDFKW]XQlKUHQ6RZXUGHPDQFKHVZDVLKUELVKHUDOV %HZHLVGHU8QVFKXOGXQG5HLQKHLWJHJROWHQVLFKHUHV0HUNPDO IUHYHOLJHU%RVKHLWVWXGLHUWHU+HXFKHOHL-HQHUKHU]]HUUHLHQGH -DPPHUGLHEOXWLJHQ7UlQHQNRQQWHQZRKOHUSUHWVHLQYRQGHU 7RGHVDQJVWQLFKWGHQ*HOLHEWHQEOXWHQ]XVHKHQQHLQ± VHOEVW]X IDOOHQXQWHUGHU+DQGGHV+HQNHUV*OHLFKVLFKGLH6FKODQJHGLH VLHLP%XVHQQlKUHYRP+DOVH]XVFKDIIHQ PLWGLHVHP(QWVFKOX VWLHJGLH 6FXGHULDXVGHP:DJHQ,QLKU*HPDFKHLQJHWUHWHQ ZDUI0DGHORQVLFKLKU]X)HQ'LH+LPPHOVDXJHQHLQ(QJHO *RWWHVKDWVLHQLFKWWUHXHU]XLKUHPSRUJHULFKWHWGLH+lQGHYRU GHUZDOOHQGHQ%UXVW]XVDPPHQJHIDOWHWMDPPHUWHXQGIOHKWHVLH ODXWXP+LOIHXQG 7URVW'LH6FXGHULVLFKPKVDP ]XVDPPHQIDVVHQGVSUDFKLQGHPVLHGHP7RQLKUHU6WLPPHVR YLHO(UQVWXQG5XKH]XJHEHQVXFKWHDOVLKUP|JOLFK *HK ± JHK ± WU|VWHGLFKQXUEHUGHQ0|UGHUGHQGLHJHUHFKWH6WUDIHVHLQHU 6FKDQGWDWHQHUZDUWHW± 'LHKHLOLJH-XQJIUDXP|JHYHUKWHQGD QLFKWDXIGLUVHOEVWHLQH%OXWVFKXOGVFKZHUODVWH$FKQXQLVWDOOHV YHUORUHQ± 0LWGLHVHPJHOOHQGHQ$XVUXIVWU]WH0DGHORQ RKQPlFKWLJ]X%RGHQ'LH6FXGHULEHUOLHGLH6RUJHXPGDV 0lGFKHQGHU0DUWLQLHUHXQGHQWIHUQWHVLFK LQHLQDQGHUHV *HPDFK ± *DQ]]HUULVVHQLP,QQHUQHQW]ZHLPLWDOOHP,UGLVFKHQZQVFKWH GLH6FXGHULQLFKWPHKULQHLQHU:HOWYROOK|OOLVFKHQ7UXJHV]X OHEHQ6LHNODJWHGDV9HUKlQJQLVDQGDVLQELWWHUP+RKQLKUVR YLHOH-DKUHJHJ|QQWLKUHQ*ODXEHQDQ7XJHQGXQG7UHXH]X
VWlUNHQXQGQXQLQLKUHP$OWHUGDVVFK|QH%LOGYHUQLFKWHZHOFKHV LKULP/HEHQJHOHXFKWHW
6LHYHUQDKPZLHGLH0DUWLQLHUH0DGHORQIRUWEUDFKWHGLHOHLVH VHXI]WHXQGMDPPHUWH $FK± DXFKVLH± DXFKVLH KDEHQGLH *UDXVDPHQEHW|UW± ,FK(OHQGH± DUPHUXQJOFNOLFKHU2OLYLHU± 'LH7|QHGUDQJHQGHU6FXGHULLQV+HU]XQGDXIVQHXHUHJWHVLFK DXVGHPWLHIVWHQ,QQHUQKHUDXVGLH$KQXQJHLQHV*HKHLPQLVVHV GHU*ODXEHDQ2OLYLHUV8QVFKXOG%HGUlQJWYRQGHQ ZLGHUVSUHFKHQGVWHQ*HIKOHQJDQ]DXHUVLFKULHIGLH6FXGHUL :HOFKHU*HLVWGHU+|OOHKDWPLFKLQGLHHQWVHW]OLFKH*HVFKLFKWH YHUZLFNHOWGLHPLUGDV/HEHQNRVWHQZLUG± ,QGHP$XJHQEOLFN WUDW%DSWLVWHKLQHLQEOHLFKXQGHUVFKURFNHQPLWGHU1DFKULFKW GD'HVJUDLVGUDXHQVHL6HLWGHPDEVFKHXOLFKHQ3UR]HGHU OD 9RLVLQZDU'HVJUDLV (UVFKHLQXQJLQHLQHP+DXVHGHUJHZLVVH 9RUERWHLUJHQGHLQHUSHLQOLFKHQ$QNODJHGDKHUNDP%DSWLVWHV 6FKUHFNGHVKDOEIUDJWHLKQGDV)UlXOHLQPLWPLOGHP/lFKHOQ :DV LVWGLU%DSWLVWH"± 1LFKWZDKU± GHU1DPH6FXGHULEHIDQGVLFK DXIGHU/LVWHGHUOD 9RLVLQ"$FKXP&KULVWXVZLOOHQHUZLGHUWH %DSWLVWHDPJDQ]HQ/HLEH]LWWHUQGZLHP|JHW,KUQXUVRHWZDV DXVVSUHFKHQDEHU'HVJUDLV± GHUHQWVHW]OLFKH'HVJUDLVWXWVR JHKHLPQLVYROOVRGULQJHQGHUVFKHLQWHVJDUQLFKWHUZDUWHQ]X N|QQHQ(XFK]XVHKHQ± 1XQVSUDFKGLH6FXGHULQXQ%DSWLVWH VRIKUWLKQQXUJOHLFKKHUHLQGHQ0HQVFKHQGHU(XFKVR IUFKWHUOLFKLVWXQGGHUPLU ZHQLJVWHQVNHLQH%HVRUJQLVHUUHJHQ NDQQ± 'HU3UlVLGHQWVSUDFK'HVJUDLVDOVHULQV*HPDFK JHWUHWHQGHU3UlVLGHQWOD 5HJQLHVFKLFNWPLFK]X(XFKPHLQ )UlXOHLQPLWHLQHU%LWWHDXIGHUHQ(UIOOXQJHUJDUQLFKWKRIIHQ ZUGHNHQQWHHUQLFKW(XUH7XJHQG(XHUQ0XWOlJHQLFKWGDV OHW]WH0LWWHOHLQHE|VH%OXWVFKXOGDQGHQ7DJ]XEULQJHQLQ (XHUQ+lQGHQKlWWHW,KUQLFKWVHOEVWVFKRQWHLOJHQRPPHQDQ GHPE|VHQ3UR]HGHUGLH&KDPEUHDUGHQWHXQVDOOHLQ$WHP KlOW2OLYLHU%UXRQVHLWGHPHU(XFKJHVHKHQKDWLVWKDOE UDVHQG6RVHKUHUVFKRQ]XP%HNHQQWQLVVLFK]XQHLJHQVFKLHQ VRVFKZ|UWHU GRFKMHW]WDXIVQHXHEHL&KULVWXVXQGDOOHQ+HLOLJHQ GDHUDQGHP0RUGH&DUGLOODFVJDQ]XQVFKXOGLJVHLZLHZRKOHU GHQ7RGJHUQOHLGHQZROOHGHQHUYHUGLHQWKDEH%HPHUNWPHLQ )UlXOHLQGDGHUOHW]WH=XVDW]RIIHQEDUDXIDQGHUH9HUEUHFKHQ GHXWHWGLHDXILKPODVWHQ'RFKYHUJHEHQVLVWDOOH0KHQXUHLQ :RUWZHLWHUKHUDXV]XEULQJHQVHOEVWGLH'URKXQJPLWGHU7RUWXU
KDWQLFKWVJHIUXFKWHW(UIOHKWHUEHVFKZ|UWXQVLKPHLQH 8QWHUUHGXQJPLW(XFK]XYHUVFKDIIHQ(XFK QXU(XFK DOOHLQZLOOHU DOOHVJHVWHKHQ/DW(XFKKHUDEPHLQ)UlXOHLQ%UXRQV %HNHQQWQLV]XK|UHQ:LHULHIGLH6FXGHULJDQ]HQWUVWHWVROOLFK GHP%OXWJHULFKW]XP2UJDQGLHQHQVROOLFKGDV9HUWUDXHQGHV XQJOFNOLFKHQ0HQVFKHQPLEUDXFKHQLKQDXIV%OXWJHUVW]X EULQJHQ"± 1HLQ'HVJUDLVPDJ%UXRQDXFKHLQYHUUXFKWHU 0|UGHUVHLQQLHZlU HVPLUGRFKP|JOLFKLKQVRVSLW]EELVFK]X KLQWHUJHKHQ1LFKWVPDJLFKYRQVHLQHQ*HKHLPQLVVHQHUIDKUHQ GLHZLHHLQHKHLOLJH%HLFKWHLQPHLQHU%UXVWYHUVFKORVVHQEOHLEHQ ZUGHQ9LHOOHLFKWYHUVHW]WH 'HVJUDLVPLWHLQHPIHLQHQ/lFKHOQ YLHOOHLFKWPHLQ)UlXOHLQlQGHUWVLFK(XUH*HVLQQXQJZHQQ,KU %UXRQJHK|UWKDEW%DWHW,KUGHQ3UlVLGHQWHQQLFKWVHOEVWHU VROOWHPHQVFKOLFKVHLQ"(UWXWHVLQGHPHUGHPW|ULFKWHQ 9HUODQJHQ%UXRQVQDFKJLEWXQGVRGDVOHW]WH0LWWHOYHUVXFKW HKHHUGLH7RUWXUYHUKlQJW]XGHU%UXRQOlQJVWUHLILVW'LH 6FXGHULVFKUDNXQZLOONUOLFK]XVDPPHQ6HKWIXKU'HVJUDLVIRUW VHKWZUGLJH'DPHPDQZLUG(XFKNHLQHVZHJV]XPXWHQQRFK HLQPDOLQMHQHILQVWHUHQ*HPlFKHU]XWUHWHQGLH(XFKPLW *UDXVHQXQG$EVFKHXHUIOOHQ,QGHU6WLOOHGHU1DFKWRKQHDOOHV $XIVHKHQEULQJWPDQ2OLYLHU%UXRQZLHHLQHQIUHLHQ0HQVFKHQ]X (XFKLQ(XHU+DXV1LFKWHLQPDOEHODXVFKWGRFKZRKOEHZDFKW PDJHU(XFKGDQQ]ZDQJORVDOOHVEHNHQQHQ'D,KUIU(XFK VHOEVWQLFKWVYRQGHP(OHQGHQ]XIUFKWHQKDEWGDIUVWHKHLFK (XFKPLWPHLQHP/HEHQHLQ(UVSULFKWYRQ(XFKPLWLQEUQVWLJHU 9HUHKUXQJ(UVFKZ|UWGDQXUGDVGVWUH9HUKlQJQLVZHOFKHV LKPYHUZHKUWKDEH(XFKIUKHU]XVHKHQLKQLQGHQ7RG JHVWU]W8QGGDQQVWHKWHVMDEHL(XFKYRQGHPZDV(XFK %UXRQHQWGHFNWVRYLHO]XVDJHQDOV(XFKEHOLHEW.DQQPDQ (XFK]XPHKUHUHP]ZLQJHQ" 'LH6FXGHULVDKWLHIVLQQHQGYRUVLFKQLHGHU(VZDULKUDOVPVVH VLHGHUK|KHUHQ0DFKWJHKRUFKHQGLHGHQ$XIVFKOXLUJHQGHLQHV HQWVHW]OLFKHQ*HKHLPQLVVHVYRQLKUYHUODQJHDOVN|QQHVLHVLFK QLFKWPHKUGHQZXQGHUEDUHQ9HUVFKOLQJXQJHQHQW]LHKHQLQGLH VLHZLOOHQORVJHUDWHQ3O|W]OLFKHQWVFKORVVHQVSUDFKVLHPLW:UGH *RWWZLUGPLU)DVVXQJXQG6WDQGKDIWLJNHLWJHEHQ IKUWGHQ %UXRQKHULFKZLOOLKQVSUHFKHQ
6RZLHGDPDOVDOV%UXRQGDV.lVWFKHQEUDFKWHZXUGHXP 0LWWHUQDFKWDQGLH+DXVWUGHU6FXGHULJHSRFKW%DSWLVWHYRQ GHPQlFKWOLFKHQ%HVXFKXQWHUULFKWHW|IIQHWH(LVNDOWHU6FKDXHU EHUOLHIGLH6FXGHULDOVVLHDQGHQOHLVHQ7ULWWHQDQGHP GXPSIHQ*HPXUPHOZDKUQDKPGDGLH:lFKWHUGLHGHQ%UXRQ JHEUDFKWVLFKLQGHQ*lQJHQGHV+DXVHVYHUWHLOWHQ
(QGOLFKJLQJOHLVHGLH7UHGHV*HPDFKVDXI'HVJUDLVWUDWKHUHLQ KLQWHULKP2OLYLHU%UXRQIHVVHOIUHLLQDQVWlQGLJHQ.OHLGHUQ+LHU LVWVSUDFK'HVJUDLV VLFKHKUHUELHWLJYHUQHLJHQGKLHULVW%UXRQ PHLQZUGLJHV)UlXOHLQXQGYHUOLHGDV=LPPHU %UXRQVDQNYRUGHU6FXGHULQLHGHUDXIEHLGH.QLHIOHKHQGHUKRE HUGLHJHIDOWHWHQ+lQGHLQGHPKlXILJH7UlQHQLKPDXVGHQ $XJHQUDQQHQ
'LH6FXGHULVFKDXWHHUEODWNHLQHV:RUWHVPlFKWLJDXILKQ KHUDE6HOEVWEHLGHQHQWVWHOOWHQMDGXUFK*UDPGXUFKJULPPHQ 6FKPHU]YHU]HUUWHQ=JHQVWUDKOWHGHUUHLQH$XVGUXFNGHV WUHXVWHQ*HPWVDXVGHP-QJOLQJVDQWOLW]-HOlQJHUGLH6FXGHUL LKUH$XJHQDXI%UXRQV*HVLFKWUXKHQOLHGHVWROHEKDIWHUWUDW GLH(ULQQHUXQJDQLUJHQGHLQHJHOLHEWH3HUVRQKHUYRUDXIGLHVLH VLFKQXUQLFKWGHXWOLFK]XEHVLQQHQYHUPRFKWH$OOH6FKDXHU ZLFKHQYRQLKUVLHYHUJDGD&DUGLOODFV0|UGHUYRULKUNQLHH VLHVSUDFKPLWGHPDQPXWLJHQ7RQHGHVUXKLJHQ:RKOZROOHQVGHU LKUHLJHQ 1XQ%UXRQZDVKDEW,KUPLU]XVDJHQ"'LHVHUQRFK LPPHUNQLHQGVHXI]WHDXIYRUWLHIHULQEUQVWLJHU:HKPXWXQG VSUDFKGDQQ 2 PHLQZUGLJHVPHLQKRFKYHUHKUWHV)UlXOHLQLVW GHQQMHGH6SXUGHU(ULQQHUXQJDQPLFKYHUIORJHQ"'LH6FXGHUL LKQQRFKDXIPHUNVDPHUEHWUDFKWHQGHUZLGHUWHGDVLHDOOHUGLQJV LQVHLQHQ=JHQGLHbKQOLFKNHLWPLWHLQHUYRQLKUJHOLHEWHQ3HUVRQ JHIXQGHQXQGGDHUQXUGLHVHUbKQOLFKNHLWHVYHUGDQNHZHQQ VLHGHQWLHIHQ$EVFKHXYRUGHP0|UGHUEHUZLQGHXQGLKQUXKLJ DQK|UH%UXRQVFKZHUYHUOHW]WGXUFKGLHVH:RUWHHUKREVLFK VFKQHOOXQGWUDWGHQILQVWHUQ%OLFN]X%RGHQJHVHQNWHLQHQ 6FKULWW]XUFN'DQQVSUDFKHUPLWGXPSIHU6WLPPH +DEW,KU GHQQ$QQH*XLRWJDQ]YHUJHVVHQ"± LKU6RKQ2OLYLHU ± GHU.QDEH GHQ,KURIWDXI(XUHQ.QLHQVFKDXNHOWHWLVWHVGHUYRU(XFK VWHKW2 XPDOOHU+HLOLJHQZLOOHQULHIGLH6FXGHULLQGHPVLHPLW EHLGHQ+lQGHQGDV*HVLFKWEHGHFNHQGLQGLH3ROVWHU]XUFNVDQN 'DV)UlXOHLQKDWWHZRKO8UVDFKHJHQXJVLFKDXIGLHVH:HLVH]X
HQWVHW]HQ$QQH*XLRWGLH7RFKWHUHLQHVYHUDUPWHQ%UJHUVZDU YRQNOHLQDXIEHLGHU6FXGHULGLHVLHZLHGLH0XWWHUGDVOLHEH .LQGHU]RJPLWDOOHU7UHXXQG6RUJIDOW$OVVLHQXQ KHUDQJHZDFKVHQIDQGVLFKHLQKEVFKHUVLWWLJHU-QJOLQJ&ODXGH %UXRQJHKHLHQHLQGHUXPGDV0lGFKHQZDUE'DHUQXQHLQ JUXQGJHVFKLFNWHU8KUPDFKHUZDUGHUVHLQUHLFKOLFKHV%URWLQ 3DULVILQGHQPXWH$QQHLKQDXFKKHU]OLFKOLHEJHZRQQHQKDWWH VRWUXJGLH6FXGHULJDUNHLQ%HGHQNHQLQGLH+HLUDWLKUHU 3IOHJHWRFKWHU]XZLOOLJHQ'LHMXQJHQ/HXWHULFKWHWHQVLFKHLQ OHEWHQLQVWLOOHUJOFNOLFKHU+lXVOLFKNHLWXQGZDVGHQ/LHEHVEXQG QRFKIHVWHUNQSIWHZDUGLH*HEXUWHLQHVZXQGHUVFK|QHQ.QDEHQ GHUKROGHQ0XWWHUWUHXHV(EHQELOG (LQHQ$EJRWWPDFKWHGLH6FXGHULDXVGHPNOHLQHQ2OLYLHUGHQVLH VWXQGHQWDJHODQJGHU0XWWHUHQWULXPLKQ]XOLHENRVHQ]X KlWVFKHOQ'DKHUNDPHVGDGHU-XQJHVLFKJDQ]DQVLH JHZ|KQWHXQGHEHQVRJHUQEHLLKUZDUDOVEHLGHU0XWWHU'UHL -DKUHZDUHQ YRUEHUDOVGHU%URWQHLGGHU.XQVWJHQRVVHQ %UXRQVHVGDKLQEUDFKWHGDVHLQH$UEHLWPLWMHGHP7DJH DEQDKPVRGDHU]XOHW]WNDXPVLFKNPPHUOLFKHUQlKUHQ NRQQWH'D]XNDPGLH6HKQVXFKWQDFKVHLQHPVFK|QHQ KHLPDWOLFKHQ*HQIXQGVRJHVFKDKHVGDGLHNOHLQH)DPLOLH GRUWKLQ]RJGHV:LGHUVWUHEHQVGHU6FXGHULGLHDOOHQXUP|JOLFKH 8QWHUVWW]XQJYHUVSUDFKXQHUDFKWHW1RFKHLQSDDUPDOVFKULHE $QQHDQLKUH3IOHJHPXWWHUGDQQVFKZLHJVLHXQGGLHVHPXWH JODXEHQGDGDVJOFNOLFKH/HEHQLQ%UXRQV+HLPDWGDV $QGHQNHQDQGLHIUKHUYHUOHEWHQ7DJHQLFKWPHKUDXINRPPHQ ODVVH (VZDUHQMHW]WJHUDGHGUHLXQG]ZDQ]LJ-DKUHKHUDOV%UXRQPLW VHLQHP:HLEHXQG.LQGH3DULVYHUODVVHQXQGQDFK*HQIJH]RJHQ
2HQWVHW]OLFKULHIGLH6FXGHULDOVVLHVLFKHLQLJHUPDHQZLHGHU HUKROWKDWWHR HQWVHW]OLFK± 2OLYLHUELVWGX"± GHU6RKQPHLQHU $QQH± 8QGMHW]W± :RKOYHUVHW]WH2OLYLHUUXKLJXQGJHIDW ZRKOPHLQZUGLJHV)UlXOHLQKlWWHW,KUQLPPHUPHKUDKQHQ N|QQHQGDGHU.QDEHGHQ,KUZLHGLH]lUWOLFKVWH0XWWHU KlWVFKHOWHWGHP,KUDXI(XUHP6FKRLKQVFKDXNHOQG1lVFKHUHL DXI1lVFKHUHLLQGHQ0XQGVWHFNWHWGHP,KUGLHVHVWHQ1DPHQ JDEW]XP-QJOLQJJHUHLIWGHUHLQVWYRU(XFKVWHKHQZUGH JUlOLFKHU%OXWVFKXOGDQJHNODJW± ,FKELQQLFKWYRUZXUIVIUHLGLH
&KDPEUH DUGHQWH NDQQPLFKPLW5HFKWHLQHV9HUEUHFKHQV]HLKHQ DEHUVRZDKULFKVHOLJ]XVWHUEHQKRIIHVHLHVDXFKGXUFKGHV +HQNHUV+DQGUHLQELQLFKYRQMHGHU%OXWVFKXOGQLFKWGXUFK PLFKQLFKWGXUFKPHLQ9HUVFKXOGHQILHOGHUXQJOFNOLFKH &DUGLOODF± 2OLYLHUJHULHWEHLGLHVHQ:RUWHQLQHLQ=LWWHUQXQG 6FKZDQNHQ6WLOOVFKZHLJHQGZLHVGLH6FXGHULDXIHLQHQNOHLQHQ 6HVVHOGHU2OLYLHU]XU6HLWHVWDQG(UOLHVLFKODQJVDPQLHGHU
,FKKDWWH=HLWJHQXJILQJHUDQPLFKDXIGLH8QWHUUHGXQJPLW (XFKGLHLFKDOVGLHOHW]WH*XQVWGHVYHUV|KQWHQ+LPPHOV EHWUDFKWHYRU]XEHUHLWHQXQGVRYLHO5XKHXQG)DVVXQJ]X JHZLQQHQDOVQ|WLJ(XFKGLH*HVFKLFKWHPHLQHVHQWVHW]OLFKHQ XQHUK|UWHQ0LJHVFKLFNV]XHU]lKOHQ(U]HLJWPLUGLH %DUPKHU]LJNHLWPLFKUXKLJDQ]XK|UHQVRVHKU(XFKDXFKGLH (QWGHFNXQJHLQHV*HKHLPQLVVHVGDV,KUJHZLQLFKWJHDKQW EHUUDVFKHQMDPLW*UDXVHQHUIOOHQPDJ± +lWWHPHLQDUPHU 9DWHU3DULVGRFKQLHPDOVYHUODVVHQ± 6RZHLWPHLQH(ULQQHUXQJ DQ*HQIUHLFKWILQGHLFKPLFKZLHGHUYRQGHQWURVWORVHQ (OWHUQ PLW7UlQHQEHQHW]WYRQLKUHQ.ODJHQGLHLFKQLFKWYHUVWDQG VHOEVW]X7UlQHQJHEUDFKW6SlWHUNDPPLUGDVGHXWOLFKH*HIKO GDVYROOH%HZXWVHLQGHVGUFNHQGHQ0DQJHOVGHVWLHIHQ(OHQGV LQGHPPHLQH(OWHUQOHEWHQ0HLQ9DWHUIDQGVLFKLQDOOHQVHLQHQ +RIIQXQJHQJHWlXVFKW9RQWLHIHP*UDPQLHGHUJHEHXJWHUGUFNW VWDUEHULQGHP$XJHQEOLFNDOVHVLKPJHOXQJHQZDUPLFKEHL HLQHP*ROGVFKPLHGDOV/HKUMXQJHQXQWHU]XEULQJHQ0HLQH0XWWHU VSUDFKYLHOYRQ(XFKVLHZROOWH(XFKDOOHVNODJHQDEHUGDQQ EHUILHOVLHGLH0XWORVLJNHLWZHOFKHYRP(OHQGHU]HXJWZLUG'DV XQGDXFKZRKOIDOVFKH6FKDPGLHRIWDQGHPWRGZXQGHQ*HPWH QDJWKLHOWVLHYRQLKUHP(QWVFKOX]XUFN:HQLJH0RQGHQQDFK GHP7RGHPHLQHV9DWHUVIROJWHLKPPHLQH0XWWHULQV*UDE$UPH $QQHDUPH$QQHULHIGLH6FXGHULYRQ6FKPHU]EHUZlOWLJW'DQN XQG3UHLVGHUHZLJHQ0DFKWGHV+LPPHOVGDVLHKLQEHULVWXQG QLFKWIDOOHQVLHKWGHQJHOLHEWHQ6RKQXQWHUGHU+DQGGHV+HQNHUV PLW6FKDQGHJHEUDQGPDUNW6RVFKULH2OLYLHUODXWDXILQGHPHU HLQHQZLOGHQHQWVHW]OLFKHQ%OLFNLQGLH+|KHZDUI(VZXUGH GUDXHQXQUXKLJPDQJLQJKLQXQGKHU+RKRVSUDFK2OLYLHU PLWHLQHPELWWHUQ/lFKHOQ'HVJUDLVZHFNWVHLQH6SLHJHVHOOHQ DOVRELFKKLHU HQWIOLHKHQN|QQWH± 'RFKZHLWHU± ,FKZXUGHYRQ PHLQHP0HLVWHUKDUWJHKDOWHQXQHUDFKWHWLFKEDOGDPEHVWHQ DUEHLWHWHMDZRKOHQGOLFKGHQ0HLVWHUZHLWEHUWUDI(VEHJDE
VLFKGDHLQVWHLQ)UHPGHULQXQVHUH:HUNVWDWWNDPXPHLQLJHV *HVFKPHLGH]XNDXIHQ$OVGHUQXQHLQHQVFK|QHQ+DOVVFKPXFN VDKGHQLFKJHDUEHLWHWNORSIWHHUPLUPLWIUHXQGOLFKHU0LHQHDXI GLH6FKXOWHULQGHPHUGHQ6FKPXFNEHlXJHOQGVSUDFK (LHL PHLQMXQJHU)UHXQGGDVLVWMDJDQ]YRUWUHIIOLFKH$UEHLW,FKZWH LQGHU7DWQLFKWZHU(XFKQRFKDQGHUVEHUWUHIIHQVROOWHDOV5HQp &DUGLOODFGHUIUHLOLFKGHUHUVWH*ROGVFKPLHGLVWGHQHVDXIGHU :HOWJLEW=XGHPVROOWHW,KUKLQJHKHQ PLW)UHXGHQQLPPWHU (XFKLQVHLQH:HUNVWDWWGHQQQXU,KU N|QQWLKPEHLVWHKHQLQ VHLQHUNXQVWYROOHQ$UEHLWXQGQXUYRQLKPDOOHLQN|QQW,KU GDJHJHQQRFKOHUQHQ'LH:RUWHGHV)UHPGHQZDUHQWLHILQPHLQH 6HHOHJHIDOOHQ,FKKDWWHNHLQH5XKHPHKULQ*HQIPLFK]RJHV IRUWPLW*HZDOW(QGOLFKJHODQJHVPLUPLFKYRQPHLQHP0HLVWHU ORV]XPDFKHQ,FKNDPQDFK3DULV5HQp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± +DWMHHLQ0HQVFKVRJHOLHEWDOVLFK8QGQXQ± 2 0DGHORQ 2OLYLHUNRQQWH YRU:HKPXWQLFKWZHLWHUVSUHFKHQ(UKLHOWEHLGH +lQGHYRUV*HVLFKWXQGVFKOXFK]WHKHIWLJ(QGOLFKPLW*HZDOWGHQ ZLOGHQ6FKPHU]GHULKQHUIDWQLHGHUNlPSIHQGVSUDFKHUZHLWHU
0DGHORQEOLFNWHPLFKDQPLWIUHXQGOLFKHQ$XJHQ6LHNDP|IWHU XQG|IWHULQGLH:HUNVWDWW0LW(QW]FNHQJHZDKUWHLFKLKUH/LHEH 6RVWUHQJGHU9DWHUXQVEHZDFKWHPDQFKHUYHUVWRKOQH +lQGHGUXFNJDOWDOV=HLFKHQGHVJHVFKORVVHQHQ%XQGHV&DUGLOODF VFKLHQQLFKWV]XPHUNHQ,FKJHGDFKWHKlWWHLFKHUVWVHLQH*XQVW JHZRQQHQXQGNRQQWHLFKGLH0HLVWHUVFKDIWHUODQJHQXP 0DGHORQ]XZHUEHQ(LQHV0RUJHQVDOVLFKPHLQH$UEHLWEHJLQQHQ ZROOWHWUDW&DUGLOODFYRUPLFKKLQ=RUQXQG9HUDFKWXQJLP ILQVWHUQ%OLFN,FKEHGDUIGHLQHU$UEHLWQLFKWPHKUILQJHUDQIRUW
DXVGHP+DXVHQRFKLQGLHVHU6WXQGHXQGODGLFKQLHPHKUYRU PHLQHQ$XJHQVHKHQ:DUXPLFKGLFKKLHUQLFKWPHKUGXOGHQ NDQQEUDXFKHLFKGLUQLFKW]XVDJHQ)UGLFKDUPHQ6FKOXFNHU KlQJWGLHVH)UXFKW]XKRFKQDFKGHUGXWUDFKWHVW,FKZROOWH UHGHQHUSDFNWHPLFKDEHUPLWVWDUNHU)DXVWXQGZDUIPLFK]XU 7UHKLQDXVGDLFKQLHGHUVWU]WHXQGPLFKKDUWYHUZXQGHWHDQ .RSIXQG$UP± (PS|UW]HUULVVHQYRPJULPPHQ6FKPHU]YHUOLH LFKGDV+DXVXQGIDQGHQGOLFKDPlXHUVWHQ(QGHGHU9RUVWDGW 6W 0DUWLQHLQHQJXWPWLJHQ%HNDQQWHQGHUPLFKDXIQDKPLQ VHLQH%RGHQNDPPHU,FKKDWWHNHLQH5XKHNHLQH5DVW=XU 1DFKW]HLWXPVFKOLFKLFK&DUGLOODFV+DXVZlKQHQGGD0DGHORQ PHLQH6HXI]HUPHLQH.ODJHQYHUQHKPHQGDHVLKUYLHOOHLFKW JHOLQJHQZHUGHPLFKYRP)HQVWHUKHUDEXQEHODXVFKW]X VSUHFKHQ$OOHUOHLYHUZHJHQH3OlQHNUHX]WHQLQPHLQHP*HKLUQ ]XGHUHQ$XVIKUXQJLFKVLH]XEHUHGHQKRIIWH$Q&DUGLOODFV+DXV LQGHU6WUDH1LFDLVHVFKOLHWVLFKHLQHKRKH0DXHUPLW%OHQGHQ XQGDOWHQKDOE]HUVWFNHOWHQ6WHLQELOGHUQGDULQ'LFKWEHLHLQHP VROFKHQ6WHLQELOGHVWHKHLFKLQHLQHU1DFKWXQGVHKHKLQDXIQDFK GHQ)HQVWHUQGHV+DXVHVGLHLQGHQ+RIJHKHQGHQGLH0DXHU HLQVFKOLHW'DJHZDKUHLFKSO|W]OLFK/LFKWLQ&DUGLOODFV:HUNVWDWW (VLVW0LWWHUQDFKWQLHZDUVRQVW&DUGLOODF]XGLHVHU6WXQGHZDFK HUSIOHJWHVLFKDXIGHQ6FKODJQHXQ8KU]XU5XKH]XEHJHEHQ0LU SRFKWHGDV+HU]YRUEDQJHU$KQXQJLFKGHQNHDQLUJHQGHLQ (UHLJQLVGDVPLUYLHOOHLFKWGHQ(LQJDQJEDKQW'RFKJOHLFK YHUVFKZLQGHWGDV/LFKWZLHGHU,FKGUFNHPLFKDQGDV6WHLQELOG LQ GLH%OHQGHKLQHLQGRFKHQWVHW]WSUDOOHLFK]XUFNDOVLFKHLQHQ *HJHQGUXFNIKOHDOVVHLGDV%LOGOHEHQGLJZRUGHQ,QGHP GlPPHUQGHQ6FKLPPHUGHU1DFKWJHZDKUHLFKQXQGDGHU 6WHLQVLFKODQJVDPGUHKWXQGKLQWHUGHPVHOEHQHLQHILQVWUH *HVWDOWKHUYRUVFKOSIWGLHOHLVHQ7ULWWHVGLH6WUDHKLQDEJHKW,FK VSULQJHDQGDV6WHLQELOGKLQDQHVVWHKWZLH]XYRUGLFKWDQGHU 0DXHU8QZLOONUOLFKZLHYRQHLQHULQQHUQ0DFKWJHWULHEHQ VFKOHLFKHLFKKLQWHUGHU*HVWDOWKHU*HUDGHEHLHLQHP0DULHQELOGH VFKDXWGLH*HVWDOWVLFKXPGHUYROOH6FKHLQGHUKHOOHQ/DPSHGLH YRUGHP%LOGHEUHQQWIlOOWLKULQV$QWOLW](VLVW&DUGLOODF(LQH XQEHJUHLIOLFKH$QJVWHLQXQKHLPOLFKHV*UDXHQEHUIlOOWPLFK:LH GXUFK=DXEHUIHVWJHEDQQWPXLFKIRUW± QDFK± GHP JHVSHQVWLVFKHQ1DFKWZDQGHUHU'DIUKDOWHLFKGHQ0HLVWHU XQHUDFKWHWQLFKWGLH=HLWGHV9ROOPRQGVLVWLQGHUVROFKHU6SXN GLH6FKODIHQGHQEHW|UW(QGOLFKYHUVFKZLQGHW&DUGLOODFVHLWZlUWV
LQGHQWLHIHQ6FKDWWHQ$QHLQHPNOHLQHQPLUZRKOEHNDQQWHQ 5lXVSHUQJHZDKUHLFKLQGHVVHQGDHULQGLH(LQIDKUWHLQHV +DXVHVJHWUHWHQLVW:DVEHGHXWHWGDVZDVZLUGHUEHJLQQHQ"± 6RIUDJHLFKPLFKVHOEVWYROO(UVWDXQHQXQGGUFNHPLFKGLFKWDQ GLH+lXVHU1LFKWODQJHGDXHUW VVRNRPPWVLQJHQGXQG WULOOHULHUHQGHLQ0DQQGDKHUPLWOHXFKWHQGHP)HGHUEXVFKXQG NOLUUHQGHQ6SRUHQ:LHHLQ7LJHUDXIVHLQHQ5DXEVWU]WVLFK &DUGLOODFDXVVHLQHP6FKOXSIZLQNHODXIGHQ0DQQGHULQ GHPVHOEHQ$XJHQEOLFNU|FKHOQG]X%RGHQVLQNW0LWHLQHP6FKUHL GHV(QWVHW]HQVVSULQJHLFKKHUDQ&DUGLOODFLVWEHUGHQ0DQQGHU ]X%RGHQOLHJWKHU0HLVWHU&DUGLOODFZDVWXW,KUUXIHLFKODXW 9HUPDOHGHLWHUEUOOW&DUGLOODFUHQQWPLW%OLW]HVVFKQHOOHEHLPLU YRUEHLXQGYHUVFKZLQGHW*DQ]DXHUPLUNDXPGHU6FKULWWH PlFKWLJQlKHUHLFKPLFKGHP1LHGHUJHZRUIHQHQ ,FKNQLHEHL LKPQLHGHUYLHOOHLFKWGHQN LFKLVWHUQRFK]XUHWWHQDEHUNHLQH 6SXUGHV/HEHQVLVWPHKULQLKP,QPHLQHU7RGHVDQJVWJHZDKUH LFKNDXPGDPLFKGLH0DUHFKDXVVHHXPULQJWKDW6FKRQZLHGHU HLQHUYRQGHQ7HXIHOQQLHGHUJHVWUHFNW± KH KH± MXQJHU0HQVFK ZDVPDFKVWGXGD± ELVWHLQHUYRQGHU%DQGH"± IRUWPLWGLU6R VFKULHQVLHGXUFKHLQDQGHUXQGSDFNHQPLFKDQ.DXPYHUPDJLFK ]XVWDPPHOQGDLFKVROFKHJUlOLFKH8QWDWMDJDUQLFKWKlWWH EHJHKHQN|QQHQXQGGDVLHPLFKLQ)ULHGHQ]LHKHQODVVHQ P|FKWHQ'DOHXFKWHWPLUHLQHULQV*HVLFKWXQGUXIWODFKHQG 'DV LVW2OLYLHU%UXRQGHU*ROGVFKPLHGVJHVHOOHGHUEHLXQVHUP HKUOLFKHQEUDYHQ0HLVWHU5HQp&DUGLOODFDUEHLWHW± MD± GHU ZLUG GLH/HXWHDXIGHU6WUDHPRUGHQ± VLHKWPLUUHFKWGDQDFKDXV± LVWUHFKWQDFKGHU$UWGHU0RUGEXEHQGDVLHEHLP/HLFKQDP ODPHQWLHUHQXQGVLFKIDQJHQODVVHQZHUGHQ± :LHZDU V-XQJH"± HU]lKOHGUHLVW'LFKWYRUPLUVSUDFKLFKVSUDQJHLQ0HQVFKDXI GHQGRUWORVVWLHLKQQLHGHUXQGUDQQWHEOLW]VFKQHOOGDYRQ DOV LFKODXWDXIVFKULH,FKZROOW GRFKVHKHQREGHU1LHGHUJHZRUIHQH QRFK]XUHWWHQZlUH1HLQPHLQ6RKQUXIWHLQHUYRQGHQHQGLH GHQ/HLFKQDPDXIJHKREHQGHULVWKLQGXUFKV+HU]ZLH JHZ|KQOLFKJHKWGHU'ROFKVWLFK7HXIHOVSULFKWHLQDQGHUHU NDPHQZLUGRFKZLHGHU]XVSlWZLHYRUJHVWHUQ GDPLWHQWIHUQHQ VLHVLFKPLWGHP/HLFKQDP
:LHPLU]XPXWHZDUNDQQLFKJDUQLFKWVDJHQ LFKIKOWHPLFKDQ REQLFKWHLQE|VHU7UDXPPLFKQHFNHHVZDUPLUDOVPW LFK QXQJOHLFKHUZDFKHQXQGPLFKZXQGHUQEHU GDVWROOH7UXJELOG±
&DUGLOODF± GHU9DWHUPHLQHU0DGHORQHLQYHUUXFKWHU0|UGHU± ,FKZDUNUDIWORVDXIGLHVWHLQHUQHQ6WXIHQHLQHV+DXVHV JHVXQNHQ,PPHUPHKUXQGPHKUGlPPHUWHGHU0RUJHQKHUDXI HLQ2IIL]LHUVKXWUHLFKPLW)HGHUQJHVFKPFNWODJYRUPLUDXI GHP3IODVWHU&DUGLOODFVEOXWLJH7DWDXIGHU6WHOOHEHJDQJHQZR LFKVDJLQJYRUPLUKHOODXI(QWVHW]WUDQQWHLFKYRQGDQQHQ
*DQ]YHUZLUUWEHLQDKHEHVLQQXQJVORVVLW]HLFKLQPHLQHU 'DFKNDPPHUGDJHKWGLH7UDXIXQG5HQp&DUGLOODFWULWWKHUHLQ 8P&KULVWXVZLOOHQZDVZROOW,KU"VFKULHLFKLKPHQWJHJHQ(U GDVJDUQLFKWDFKWHQGNRPPWDXIPLFK]XXQGOlFKHOWPLFKDQ PLWHLQHU5XKHXQG/HXWVHOLJNHLWGLHPHLQHQLQQHUQ$EVFKHX YHUPHKUW(UUFNWHLQHQDOWHQJHEUHFKOLFKHQ6FKHPHOKHUDQXQG VHW]WVLFK]XPLUGHULFKQLFKWYHUPDJPLFKYRQGHP6WURKODJHU ]XHUKHEHQDXIGDVLFKPLFKJHZRUIHQ1XQ2OLYLHUIlQJWHUDQ ZLHJHKWHVGLUDUPHU-XQJH",FKKDEHPLFKLQGHU7DWJDUVWLJ EHUHLOWDOVLFKGLFKDXVGHP+DXVHVWLHGXIHKOVWPLUDQDOOHQ (FNHQXQG(QGHQ(EHQMHW]WKDEHLFKHLQ:HUNYRUGDVLFKRKQH GHLQH+LOIHJDUQLFKWYROOHQGHQNDQQ:LHZlU VZHQQGXZLHGHU LQPHLQHU:HUNVWDWWDUEHLWHWHVW"± 'XVFKZHLJVW"±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± GXNDQQVWYLHOOHLFKWKHXWH QRFKQLFKWPLWPLUNRPPHQGXKDVWDQGHUH'LQJHYRU± GXZLOOVW YLHOOHLFKW'HVJUDLVEHVXFKHQRGHUGLFKJDUHLQIKUHQODVVHQEHL G $UJHQVRQRGHUOD 5HJQLH1LPPGLFKLQDFKW%XUVFKHGDGLH .UDOOHQGLHGXKHUYRUORFNHQZLOOVW]XDQGHUHU/HXWH9HUGHUEHQ GLFKQLFKWVHOEVWIDVVHQXQG]HUUHLHQ'DPDFKWVLFKPHLQWLHI HPS|UWHV*HPWSO|W]OLFK/XIW0|JHQGLHUXIHLFKP|JHQGLH GLHVLFKJUlOLFKHU8QWDWEHZXWVLQGMHQH1DPHQIKOHQGLH,KU HEHQQDQQWHWLFK GDUIGDVQLFKW± LFKKDEHQLFKWVPLWLKQHQ]X VFKDIIHQ(LJHQWOLFKVSULFKW&DUGLOODFZHLWHUHLJHQWOLFK2OLYLHU PDFKWHVGLU(KUHZHQQGXEHLPLUDUEHLWHVWEHLPLUGHP
EHUKPWHQ0HLVWHUVHLQHU=HLWEHUDOOKRFKJHDFKWHWZHJHQ VHLQHU7UHXHXQG5HFKWVFKDIIHQKHLWVRGDMHGHE|VH 9HUOHXPGXQJVFKZHU]XUFNIDOOHQZUGHDXIGDV+DXSWGHV 9HUOHXPGHUV± :DVQXQ0DGHORQEHWULIIWVRPXLFKGLUQXU JHVWHKHQGDGXPHLQH1DFKJLHELJNHLWLKUDOOHLQYHUGDQNHVW6LH OLHEWGLFKPLWHLQHU+HIWLJNHLWGLHLFKGHP]DUWHQ.LQGHJDUQLFKW ]XWUDXHQNRQQWH*OHLFKDOVGXIRUWZDUVWILHOVLHPLU]X)HQ XPVFKODQJPHLQH.QLHXQGJHVWDQGXQWHUWDXVHQG7UlQHQGD VLHRKQHGLFKQLFKWOHEHQN|QQH,FKGDFKWHVLHELOGHVLFKGDVQXU HLQZLHHVGHQQEHLMXQJHQYHUOLHEWHQ'LQJHUQ]XJHVFKHKHQ SIOHJWGDVLHJOHLFKVWHUEHQZROOHQZHQQGDVHUVWH0LOFKJHVLFKW VLHIUHXQGOLFKDQEOLFNW$EHULQGHU7DWPHLQH0DGHORQZXUGH VLHFKXQGNUDQNXQGZLHLFKLKUGHQQGDVWROOH=HXJDXVUHGHQ ZROOWHULHIVLHKXQGHUWPDOGHLQHQ1DPHQ:DVNRQQW LFKHQGOLFK WXQZROOW LFKVLHQLFKWYHU]ZHLIHOQODVVHQ*HVWHUQ$EHQGVDJW LFKLKULFKZLOOLJHLQDOOHVXQGZHUGHGLFKKHXWHKROHQ'DLVWVLH EHU1DFKWDXIJHEOKWZLHHLQH5RVHXQGKDUUWQXQDXIGLFKJDQ] DXHUVLFKYRU/LHEHVVHKQVXFKW± 0DJHVPLUGLHHZLJH0DFKW GHV+LPPHOVYHU]HLKHQDEHUVHOEVWZHLLFKQLFKWZLHHV JHVFKDKGDLFKSO|W]OLFKLQ&DUGLOODFV+DXVHVWDQGGD0DGHORQ ODXWDXIMDXFK]HQG 2OLYLHU± PHLQ2OLYLHU± PHLQ*HOLHEWHU± PHLQ *DWWHDXIPLFKJHVWU]WPLFKPLWEHLGHQ$UPHQXPVFKODQJ PLFKIHVWDQLKUH%UXVWGUFNWHGDLFKLPhEHUPDGHV K|FKVWHQ(QW]FNHQVEHLGHU-XQJIUDXXQGDOOHQ+HLOLJHQVFKZRU VLHQLPPHUQLPPHU]XYHUODVVHQ© (UVFKWWHUWYRQGHP$QGHQNHQDQGLHVHQHQWVFKHLGHQGHQ $XJHQEOLFNPXWH2OLYLHULQQHKDOWHQ'LH6FXGHULYRQ*UDXVHQ HUIOOWEHUGLH8QWDWHLQHV0DQQHVGHQVLHIUGLH7XJHQGGLH 5HFKWVFKDIIHQKHLWVHOEVWJHKDOWHQULHI (QWVHW]OLFK± 5HQp &DUGLOODFJHK|UW]XGHU0RUGEDQGHGLHXQVHUHJXWH6WDGWVR ODQJH]XU5lXEHUK|KOHPDFKWH":DVVDJW,KUPHLQ)UlXOHLQ VSUDFK2OLYLHU]XU%DQGH"1LHKDWHVHLQHVROFKH%DQGHJHJHEHQ &DUGLOODFDOOHLQ ZDUHVGHUPLWYHUUXFKWHU7lWLJNHLWLQGHUJDQ]HQ 6WDGWVHLQH6FKODFKWRSIHUVXFKWHXQGIDQG'DHUHVDOOHLQ ZDU GDULQOLHJWGLH6LFKHUKHLWZRPLWHUVHLQH6WUHLFKHIKUWHGLH XQEHUZXQGHQH6FKZLHULJNHLWGHP0|UGHUDXIGLH6SXU]X NRPPHQ± 'RFKODWPLFKIRUWIDKUHQGHU9HUIROJZLUG(XFKGLH *HKHLPQLVVHGHVYHUUXFKWHVWHQXQG]XJOHLFKXQJOFNOLFKVWHQDOOHU 0HQVFKHQDXINOlUHQ± 'LH/DJHLQGHULFKPLFKQXQEHLGHP
0HLVWHUEHIDQGMHGHUPDJGLH VLFKOHLFKWGHQNHQ'HU6FKULWWZDU JHVFKHKHQLFKNRQQWHQLFKWPHKU]XUFN=XZHLOHQZDUHVPLU DOVVHLLFKVHOEVW&DUGLOODFV0RUGJHKLOIHJHZRUGHQQXULQ 0DGHORQV/LHEHYHUJDLFKGLHLQQHUH3HLQGLHPLFKTXlOWHQXU EHLLKUNRQQW HVPLUJHOLQJHQMHGHlXHUH6SXUQDPHQORVHQ *UDPVZHJ]XWLOJHQ$UEHLWHWHLFKPLWGHP$OWHQLQGHU:HUNVWDWW QLFKWLQV$QWOLW]YHUPRFKWHLFKLKP]XVFKDXHQNDXPHLQ:RUW]X UHGHQYRUGHP*UDXVHQGDVPLFKGXUFKEHEWHLQGHU1lKHGHV HQWVHW]OLFKHQ0HQVFKHQGHUDOOH7XJHQGHQGHVWUHXHQ]lUWOLFKHQ 9DWHUVGHVJXWHQ%UJHUVHUIOOWHZlKUHQGGLH1DFKWVHLQH 8QWDWHQYHUVFKOHLHUWH0DGHORQGDVIURPPHHQJHOVUHLQH.LQG KLQJDQLKPPLWDEJ|WWLVFKHU/LHEH'DV+HU]GXUFKERKUW HVPLU ZHQQLFKGDUDQGDFKWHGDWUlIHHLQPDOGLH5DFKHGHQ HQWODUYWHQ%|VHZLFKWVLHMDPLWDOOHUK|OOLVFKHQ/LVWGHV6DWDQV JHWlXVFKWGHUJUlOLFKVWHQ9HU]ZHLIOXQJXQWHUOLHJHQPVVH 6FKRQGDVYHUVFKORPLUGHQ0XQGXQGKlWW LFKGHQ7RGGHV 9HUEUHFKHUVGDUXPGXOGHQPVVHQ8QHUDFKWHWLFKDXVGHQ5HGHQ 0DUHFKDXVVHHJHQXJHQWQHKPHQNRQQWHZDUHQPLU&DUGLOODFV 8QWDWHQLKU0RWLYGLH$UWVLHDXV]XIKUHQHLQ5lWVHO GLH $XINOlUXQJEOLHEQLFKWODQJHDXV(LQHV7DJHVZDU&DUGLOODFGHU VRQVWPHLQHQ$EVFKHXHUUHJHQGEHLGHU$UEHLWLQGHUKHLWHUVWHQ /DXQHVFKHU]WHXQGODFKWHVHKUHUQVWXQGLQVLFKJHNHKUW 3O|W]OLFKZDUIHUGDV*HVFKPHLGHZRUDQHUHEHQDUEHLWHWH EHLVHLWHGD6WHLQXQG3HUOHQDXVHLQDQGHUUROOWHQVWDQGKHIWLJ DXIXQGVSUDFK 2OLYLHU± HVNDQQ]ZLVFKHQXQVEHLGHQQLFKWVR EOHLEHQGLHV9HUKlOWQLVLVWPLUXQHUWUlJOLFK± :DVGHUIHLQVWHQ 6FKODXKHLW'HVJUDLV XQGVHLQHU6SLHJHVHOOHQQLFKWJHODQJ]X HQWGHFNHQGDVVSLHOWHGLUGHU=XIDOOLQGLH+lQGH'XKDVWPLFK JHVFKDXWLQGHUQlFKWOLFKHQ$UEHLW]XGHUPLFKPHLQE|VHU6WHUQ WUHLEWNHLQ:LGHUVWDQGLVWP|JOLFK± ± $XFKGHLQE|VHU6WHUQZDU HVGHUGLFKPLUIROJHQOLHGHUGLFKLQXQGXUFKGULQJOLFKH6FKOHLHU KOOWHGHUGHLQHP)XWULWWGLH/HLFKWLJNHLWJDEGDGXXQK|UEDU ZDQGHOWHVWZLHGDVNOHLQVWH7LHUVRGDLFKGHULFKLQGHUWLHIVWHQ 1DFKWNODUVFKDXHZLHGHU7LJHUGHULFK6WUDHQZHLWGDVNOHLQVWH *HUlXVFKGDV6XPVHQGHU0FNHYHUQHKPHGLFKQLFKW EHPHUNWH'HLQE|VHU6WHUQKDWGLFKPHLQHQ*HIlKUWHQPLU ]XJHIKUW$Q9HUUDWLVWVRZLHGXMHW]WVWHKVWQLFKWPHKU]X GHQNHQ'DUXPPDJVWGXDOOHVZLVVHQ1LPPHUPHKUZHUG LFK GHLQ*HIlKUWHVHLQKHXFKOHULVFKHU%|VHZLFKW6RZROOW LFK DXIVFKUHLHQDEHUGDVLQQHUH(QWVHW]HQGDVPLFKEHL&DUGLOODFV
:RUWHQHUIDWVFKQUWHPLUGLH.HKOH]X6WDWWGHU:RUWH YHUPRFKWHLFKQXUHLQHQXQYHUVWlQGOLFKHQ/DXWDXV]XVWRHQ &DUGLOODFVHW]WHVLFKZLHGHULQVHLQHQ$UEHLWVVWXKO(UWURFNQHWH VLFKGHQ6FKZHLYRQGHU6WLUQH(UVFKLHQYRQGHU(ULQQHUXQJ GHV9HUJDQJHQHQKDUWEHUKUWVLFK PKVDP]XIDVVHQ(QGOLFK ILQJHUDQ :HLVH0lQQHUVSUHFKHQYLHOYRQGHQVHOWVDPHQ (LQGUFNHQGHUHQ)UDXHQLQJXWHU+RIIQXQJIlKLJVLQGYRQGHP ZXQGHUEDUHQ(LQIOXVROFKOHEKDIWHQZLOOHQORVHQ(LQGUXFNVYRQ DXHQKHUDXIGDV.LQG9RQPHLQHU0XWWHUHU]lKOWHPDQPLUHLQH ZXQGHUOLFKH*HVFKLFKWH$OVVLHPLWPLULPHUVWHQ0RQDW VFKZDQJHUJLQJVFKDXWHVLHPLWDQGHUQ:HLEHUQHLQHP JOlQ]HQGHQ+RIIHVW]XGDVLQ7ULDQRQJHJHEHQZXUGH'DILHOLKU %OLFNDXIHLQHQ.DYDOLHULQVSDQLVFKHU.OHLGXQJPLWHLQHU EOLW]HQGHQ-XZHOHQNHWWHXPGHQ+DOVYRQGHUVLHGLH$XJHQJDU QLFKWPHKUDEZHQGHQNRQQWH,KUJDQ]HV:HVHQZDU%HJLHUGH QDFKGHQIXQNHOQGHQ6WHLQHQGLHLKUHLQEHULUGLVFKHV*XW GQNWHQ'HUVHOEH.DYDOLHUKDWWHYRUPHKUHUHQ-DKUHQDOVPHLQH 0XWWHUQRFKQLFKWYHUKHLUDWHWLKUHU7XJHQGQDFKJHVWHOOWZDUDEHU PLW$EVFKHX]XUFNJHZLHVHQZRUGHQ0HLQH0XWWHUHUNDQQWHLKQ ZLHGHUDEHUMHW]WZDUHVLKUDOVVHLHULP*ODQ]GHUVWUDKOHQGHQ 'LDPDQWHQHLQ:HVHQK|KHUHU$UWGHU,QEHJULIIDOOHU6FK|QKHLW 'HU.DYDOLHUEHPHUNWHGLHVHKQVXFKWVYROOHQIHXULJHQ%OLFNH PHLQHU0XWWHU(UJODXEWHMHW]WJOFNOLFKHU]XVHLQDOVYRUPDOV(U ZXWHVLFKLKU]XQlKHUQQRFKPHKUVLHYRQLKUHQ%HNDQQWHQ IRUWDQHLQHQHLQVDPHQ2UW]XORFNHQ'RUWVFKOXJHUVLHEUQVWLJ LQVHLQH$UPHPHLQH0XWWHUIDWHQDFKGHUVFK|QHQ.HWWHDEHU LQGHPVHOEHQ$XJHQEOLFNVDQNHUQLHGHUXQGULPHLQH0XWWHUPLW VLFK]X%RGHQ6HLHVGDLKQGHU6FKODJSO|W]OLFKJHWURIIHQRGHU DXVHLQHUDQGHUQ8UVDFKH JHQXJHUZDUWRW9HUJHEHQVZDUGDV 0KHQPHLQHU0XWWHUVLFKGHQLP7RGHVNUDPSIHUVWDUUWHQ$UPHQ GHV/HLFKQDPV]XHQWZLQGHQ'LHKRKOHQ$XJHQGHUHQ6HKNUDIW HUORVFKHQDXIVLHJHULFKWHWZlO]WHGHU7RWHVLFKPLWLKUDXIGHP %RGHQ,KUJHOOHQGHV+LOIHJHVFKUHLGUDQJHQGOLFKELV]XLQGHU )HUQH9RUEHUJHKHQGHQGLHKHUEHLHLOWHQXQGVLHUHWWHWHQDXVGHQ $UPHQGHVJUDXVLJHQ/LHEKDEHUV'DV(QWVHW]HQZDUIPHLQH 0XWWHUDXIHLQVFKZHUHV.UDQNHQODJHU0DQJDEVLHPLFK YHUORUHQGRFKVLHJHVXQGHWHXQGGLH(QWELQGXQJZDUJOFNOLFKHU DOVPDQMHKlWWHDKQHQN|QQHQ $EHUGLH6FKUHFNHQMHQHV IUFKWHUOLFKHQ$XJHQEOLFNVKDWWHQPLFK JHWURIIHQ0HLQE|VHU 6WHUQZDUDXIJHJDQJHQXQGKDWWHGHQ)XQNHQKLQDEJHVFKRVVHQ
GHULQPLUHLQHGHUVHOWVDPVWHQXQGYHUGHUEOLFKVWHQ /HLGHQVFKDIWHQHQW]QGHW6FKRQLQGHUIUKHVWHQ.LQGKHLW JLQJHQ PLUJOlQ]HQGH'LDPDQWHQJROGHQHV*HVFKPHLGHEHUDOOHV0DQ KLHOWGDVIUJHZ|KQOLFKHNLQGLVFKH1HLJXQJ$EHUHV]HLJWHVLFK DQGHUVGHQQDOV.QDEHVWDKOLFK*ROGXQG-XZHOHQZRLFKLKUHU KDEKDIWZHUGHQNRQQWH:LHGHUJHEWHVWH.HQQHUXQWHUVFKLHG LFKDXV,QVWLQNWXQHFKWHV*HVFKPHLGHYRQHFKWHP1XUGLHVHV ORFNWHPLFKXQHFKWHVVRZLHJHSUlJWHV*ROGOLHLFKXQEHDFKWHW OLHJHQ'HQJUDXVDPVWHQ=FKWLJXQJHQGHV9DWHUVPXWHGLH DQJHERUQH%HJLHUGHZHLFKHQ8PQXUPLW*ROGXQGHGOHQ6WHLQHQ KDQWLHUHQ]XN|QQHQZDQGWHLFKPLFK]XU*ROGVFKPLHGV 3URIHVVLRQ,FKDUEHLWHWHPLW/HLGHQVFKDIWXQGZXUGHEDOGGHU HUVWH0HLVWHUGLHVHU$UW1XQEHJDQQHLQH3HULRGHLQGHUGHU DQJHERUQH7ULHEVRODQJHQLHGHUJHGUFNWPLW*HZDOW HPSRUGUDQJXQGPLW0DFKWZXFKVDOOHVXPVLFKKHUZHJ]HKUHQG 6RZLHLFKHLQ*HVFKPHLGHJHIHUWLJWXQGDEJHOLHIHUWILHOLFKLQHLQH 8QUXKHLQHLQH7URVWORVLJNHLWGLHPLU6FKODI*HVXQGKHLW± /HEHQVPXWUDXEWH± :LHHLQ*HVSHQVWVWDQG7DJXQG1DFKWGLH 3HUVRQIUGLHLFKJHDUEHLWHWPLUYRU $XJHQJHVFKPFNWPLW PHLQHP*HVFKPHLGHXQGHLQH6WLPPHUDXQWHPLULQGLH2KUHQ (VLVWMDGHLQ± HVLVWMDGHLQ± QLPPHVGRFK± ZDVVROOHQGLH 'LDPDQWHQGHP7RWHQ± 'DOHJW LFKPLFKHQGOLFKDXI 'LHEHVNQVWH,FKKDWWH=XWULWWLQGHQ+lXVHUQGHU*URHQLFK QW]WHVFKQHOOGLH*HOHJHQKHLWNHLQ6FKORZLGHUVWDQGPHLQHP *HVFKLFNXQGEDOGZDUGHU6FKPXFNGHQLFKJHDUEHLWHWZLHGHULQ PHLQHQ+lQGHQ± $EHUQXQYHUWULHEVHOEVWGDVQLFKWPHLQH 8QUXKH-HQHXQKHLPOLFKH6WLPPHOLHVLFKGHQQRFKYHUQHKPHQ XQGK|KQWHPLFKXQGULHI +R KRGHLQ*HVFKPHLGHWUlJWHLQ 7RWHU± 6HOEVWZXWHLFKQLFKWZLHHVNDPGDLFKHLQHQ XQDXVVSUHFKOLFKHQ+DDXIGLHZDUIGHQHQLFK6FKPXFNJHIHUWLJW -DLPWLHIVWHQ,QQHUQUHJWHVLFKHLQH0RUGOXVWJHJHQVLHYRUGHU LFKVHOEVW HUEHEWH± ,QGLHVHU=HLWNDXIWHLFKGLHVHV+DXV,FK ZDUPLWGHP%HVLW]HUKDQGHOVHLQLJJHZRUGHQKLHULQGLHVHP *HPDFKVDHQZLUHUIUHXWEHUGDVJHVFKORVVHQH*HVFKlIW EHLVDPPHQXQGWUDQNHQHLQH)ODVFKH:HLQ(VZDU1DFKW JHZRUGHQLFKZROOWHDXIEUHFKHQ GDVSUDFKPHLQ9HUNlXIHU +|UW 0HLVWHU5HQpHKH,KUIRUWJHKWPXLFK(XFKPLWHLQHP *HKHLPQLVGLHVHV+DXVHVEHNDQQWPDFKHQ'DUDXIVFKORHU MHQHQLQGLH0DXHUHLQJHIKUWHQ6FKUDQNDXIVFKREGLH +LQWHUZDQGIRUWWUDWLQHLQNOHLQHV*HPDFKEFNWHVLFK QLHGHU
KREHLQH)DOOWUDXI(LQHVWHLOHVFKPDOH7UHSSHVWLHJHQZLU KLQDENDPHQDQHLQVFKPDOHV3I|UWFKHQGDVHUDXIVFKORWUDWHQ KLQDXVLQGHQIUHLHQ+RI1XQVFKULWWGHUDOWH+HUUPHLQ 9HUNlXIHUKLQDQDQGLH0DXHUVFKREDQHLQHPQXUZHQLJ KHUYRUUDJHQGHQ(LVHQXQGDOVEDOGGUHKWHVLFKHLQ6WFN0DXHU ORVVRGDHLQ0HQVFKEHTXHPGXUFKGLHgIIQXQJVFKOSIHQXQG DXIGLH6WUDHJHODQJHQNRQQWH'XPDJVWHLQPDOGDV.XQVWVWFN VHKHQ2OLYLHUGDVZDKUVFKHLQOLFKVFKODXH0|QFKHGHV.ORVWHUV ZHOFKHVHKHPDOVKLHUODJIHUWLJHQOLHHQXPKHLPOLFKDXV XQG HLQVFKOSIHQ]XN|QQHQ(VLVWHLQ6WFN+RO]QXUYRQDXHQ JHP|UWHOWXQGJHWQFKWLQGDVYRQDXHQKHUHLQH%LOGVlXOHDXFK QXUYRQ+RO]GRFKJDQ]ZLH6WHLQHLQJHIJWLVWZHOFKHVVLFK PLWVDPWGHU%LOGVlXOHDXIYHUERUJHQHQ$QJHOQGUHKW± 'XQNOH *HGDQNHQVWLHJHQLQPLUDXIDOVLFKGLHVH(LQULFKWXQJVDKHVZDU PLUDOVVHLYRUJHDUEHLWHWVROFKHQ7DWHQGLHPLUVHOEVWQRFKHLQ *HKHLPQLVEOLHEHQ(EHQKDWW LFKHLQHP+HUUQYRP+RIHHLQHQ UHLFKHQ6FKPXFN DEJHOLHIHUWGHULFKZHLHVHLQHU 2SHUQWlQ]HULQEHVWLPPWZDU'LH7RGHVIROWHUEOLHEQLFKWDXV± GDV*HVSHQVWKLQJVLFKDQPHLQH6FKULWWH± GHUOLVSHOQGH6DWDQ DQPHLQ2KU± ,FK]RJHLQLQGDV+DXV,QEOXWLJHP$QJVWVFKZHL JHEDGHWZlO]WHLFKPLFKVFKODIORVDXIGHP/DJHU,FKVHK LP *HLVWHGHQ0HQVFKHQ]XGHU7lQ]HULQVFKOHLFKHQPLWPHLQHP 6FKPXFN9ROOHU:XWVSULQJHLFKDXI± ZHUIHGHQ0DQWHOXP± VWHLJHKHUDEGLHJHKHLPH7UHSSH± IRUWGXUFKGLH0DXHUQDFKGHU 6WUDH1LFDLVH± (UNRPPWLFKIDOOHEHULKQKHUHUVFKUHLWDXI GRFKYRQKLQWHQIHVWJHSDFNWVWRHLFKLKPGHQ'ROFKLQV+HU]± GHU6FKPXFNLVWPHLQ± 'LHVJHWDQIKOWHLFKHLQH5XKHHLQH =XIULHGHQKHLWLQPHLQHU6HHOHZLHVRQVWQLHPDOV'DV*HVSHQVW ZDUYHUVFKZXQGHQGLH6WLPPHGHV6DWDQVVFKZLHJ1XQZXWH LFKZDVPHLQE|VHU6WHUQZROOWHLFKPXW LKPQDFKJHEHQRGHU XQWHUJHKHQ± 'XEHJUHLIVWMHW]WPHLQJDQ]HV7XQXQG7UHLEHQ 2OLYLHU± *ODXEHQLFKWGDLFKGDUXPZHLOLFKWXQPXZDVLFK QLFKWODVVHQNDQQMHQHP*HIKOGHV0LWOHLGVGHV(UEDUPHQVZDV LQGHU1DWXUGHV0HQVFKHQEHGLQJWVHLQVROOUHLQHQWVDJWKDEH 'XZHLWZLHVFKZHUHVPLUZLUGHLQHQ6FKPXFNDE]XOLHIHUQ ZLH LFKIUPDQFKHGHUHQ7RGLFKQLFKWZLOOJDUQLFKWDUEHLWHMDZLH LFKVRJDUZHLLFKGDDPPRUJHQGHQ7DJH%OXWPHLQ*HVSHQVW YHUEDQQHQZLUGKHXWHHVEHLHLQHPWFKWLJHQ)DXVWVFKODJH EHZHQGHQODVVHGHUGHQ%HVLW]HUPHLQHV.OHLQRGV]X%RGHQ VWUHFNWXQGPLUGLHVHVLQGLH+DQGOLHIHUW± 'LHVDOOHVJHVSURFKHQ
IKUWHPLFK&DUGLOODFLQGDVKHLPOLFKH*HZ|OEHXQG J|QQWHPLU GHQ$QEOLFNVHLQHV-XZHOHQ.DELQHWWV'HU.|QLJEHVLW]WHVQLFKW UHLFKHU%HLMHGHP6FKPXFNVWFNZDUDXIHLQHPNOHLQHQGDUDQ JHKlQJWHQ=HWWHOJHQDXEHPHUNWIUZHQHVJHDUEHLWHWZDQQHV GXUFK'LHEVWDKO5DXERGHU0RUGJHQRPPHQZRUGHQ$QGHLQHP +RFK]HLWVWDJHVSUDFK&DUGLOODFGXPSIXQGIHLHUOLFKDQGHLQHP +RFK]HLWVWDJH2OLYLHUZLUVWGXPLUGLH+DQGJHOHJWDXIGHV JHNUHX]LJWHQ&KULVWXV%LOGHLQHQKHLOLJHQ(LGVFKZ|UHQVRZLHLFK JHVWRUEHQDOOHGLHVH5HLFKWPHULQ6WDXE]XYHUQLFKWHQGXUFK 0LWWHOGLHLFKGLUEHNDQQWPDFKHQZHUGH,FKZLOOQLFKWGD LUJHQGHLQPHQVFKOLFKHV:HVHQXQGDPZHQLJVWHQ0DGHORQXQG GXLQGHQ%HVLW]GHVPLW%OXWHUNDXIWHQ+RUWVNRPPH*HIDQJHQ LQGLHVHP/DE\ULQWKGHV9HUEUHFKHQV]HUULVVHQYRQ/LHEHXQG $EVFKHXYRQ:RQQHXQG(QWVHW]HQZDULFKGHP9HUGDPPWHQ]X YHUJOHLFKHQGHPHLQKROGHU(QJHOPLOGOlFKHOQGKLQDXIZLQNWDEHU PLWJOKHQGHQ.UDOOHQIHVWJHSDFNWKlOWLKQGHU6DWDQXQGGHV IURPPHQ(QJHOV/LHEHVOlFKHOQLQGHPVLFKDOOH6HOLJNHLWGHV KRKHQ+LPPHOVDEVSLHJHOWZLUGLKP]XUJULPPLJVWHQVHLQHU 4XDOHQ± ,FKGDFKWHDQ)OXFKW± MDDQ6HOEVWPRUG± DEHU 0DGHORQ± 7DGHOWPLFKWDGHOWPLFKPHLQZUGLJHV)UlXOHLQGD LFK]XVFKZDFKZDUPLW*HZDOWHLQH/HLGHQVFKDIW QLHGHU]XNlPSIHQGLHPLFKDQGDV9HUEUHFKHQIHVVHOWH DEHU EHLFKQLFKWGDIUPLWVFKPDFKYROOHP7RGH"± (LQHV7DJHVNDP &DUGLOODFQDFK+DXVHXQJHZ|KQOLFKKHLWHU(UOLHENRVWH0DGHORQ ZDUIPLUGLHIUHXQGOLFKVWHQ%OLFNH]XWUDQNEHL7LVFKHHLQH )ODVFKHHGOHQ:HLQVZLHHUHVQXUDQKRKHQ)HVW XQG )HLHUWDJHQ ]XWXQSIOHJWHVDQJXQGMXELOLHUWH0DGHORQKDWWHXQVYHUODVVHQ LFKZROOWHLQGLH:HUNVWDWW %OHLEVLW]HQ-XQJHULHI&DUGLOODF KHXW NHLQH$UEHLWPHKUODXQVQRFKHLQVWULQNHQDXIGDV:RKO GHUDOOHUZUGLJVWHQYRUWUHIIOLFKVWHQ'DPHLQ3DULV1DFKGHPLFK PLWLKPDQJHVWRHQXQGHUHLQYROOHV*ODVJHOHHUWKDWWHVSUDFK HU 6DJ DQ2OLYLHUZLHJHIDOOHQGLUGLH9HUVH
8QDPDQWTXLFUDLQWOHVYROHXUV Q HVWSRLQWGLJQHG DPRXU
(UHU]lKOWHQXQZDVVLFKLQGHQ*HPlFKHUQGHU0DLQWHQRQPLW (XFKXQGGHP.|QLJEHJHEHQXQGIJWHKLQ]XGDHU(XFKYRQ MHKHUYHUHKUWKDEHZLHVRQVWNHLQPHQVFKOLFKHV:HVHQXQGGD ,KUPLWVROFKKRKHU7XJHQGEHJDEWYRUGHUGHUE|VH6WHUQ NUDIWORVHUEOHLFKHVHOEVWGHQVFK|QVWHQYRQLKPJHIHUWLJWHQ
6FKPXFNWUDJHQGQLHPDOVHLQE|VHV*HVSHQVW0RUGJHGDQNHQLQ LKPHUUHJHQZUGHW+|UH2OLYLHUVSUDFKHUZR]XLFK HQWVFKORVVHQ9RUODQJHU=HLWVROOW LFK+DOVVFKPXFNXQG $UPElQGHUIHUWLJHQIU+HQULHWWHYRQ(QJODQGXQGVHOEVWGLH 6WHLQHGD]XOLHIHUQ'LH$UEHLWJHODQJPLUZLHNHLQHDQGHUHDEHU HV]HUULPLUGLH%UXVWZHQQLFKGDUDQGDFKWHPLFKYRQGHP 6FKPXFNGHUPHLQ+HU]HQVNOHLQRGJHZRUGHQWUHQQHQ]X PVVHQ'XZHLWGHU3ULQ]HVVLQXQJOFNOLFKHQ7RGGXUFK 0HXFKHOPRUG,FKEHKLHOWGHQ6FKPXFNXQGZLOOLKQDOVHLQ =HLFKHQPHLQHU(KUIXUFKWPHLQHU'DQNEDUNHLWGHP)UlXOHLQYRQ 6FXGHULVHQGHQLP1DPHQGHUYHUIROJWHQ%DQGH± $XHUGHP GDGLH6FXGHULGDVVSUHFKHQGH=HLFKHQLKUHV7ULXPSKVHUKlOW YHUK|KQHLFKDXFK'HVJUDLVXQGVHLQH*HVHOOHQZLHVLHHV YHUGLHQHQ± 'XVROOVWLKUGHQ6FKPXFNKLQWUDJHQ6RZLH&DUGLOODF (XUHQ1DPHQQDQQWH)UlXOHLQZDUHVDOVZUGHQVFKZDU]H 6FKOHLHUZHJJH]RJHQXQGGDVVFK|QHOLFKWH%LOGPHLQHU JOFNOLFKHQ.LQGHU]HLWJLQJHZLHGHUDXILQEXQWHQJOlQ]HQGHQ )DUEHQ(VNDPHLQZXQGHUEDUHU7URVWLQPHLQH6HHOHHLQ +RIIQXQJVVWUDKOYRUGHPGLHILQVWHUQ*HLVWHUVFKZDQGHQ &DUGLOODFPRFKWHGHQ(LQGUXFNGHQVHLQH:RUWHDXIPLFK JHPDFKWZDKUQHKPHQXQGQDFKVHLQHU$UWGHXWHQ'LUVFKHLQW VSUDFKHUPHLQ9RUKDEHQ]XEHKDJHQ*HVWHKHQNDQQLFKZRKO GDHLQHWLHI LQQHUH6WLPPHVHKUYHUVFKLHGHQYRQGHUZHOFKH %OXWRSIHUYHUODQJWZLHHLQJHIUlLJHV5DXEWLHUPLUEHIRKOHQKDW GDLFKVROFKHVWXH± 0DQFKPDOZLUGPLUZXQGHUOLFKLP*HPWH ± HLQHLQQHUH$QJVWGLH)XUFKWYRULUJHQGHWZDV(QWVHW]OLFKHP GHVVHQ6FKDXHUDXVHLQHPIHUQHQ-HQVHLWVKHUEHUZHKHQLQGLH =HLWHUJUHLIWPLFKJHZDOWVDP(VLVWPLUGDQQVRJDUDOVREGDV ZDVGHUE|VH6WHUQEHJRQQHQGXUFKPLFKPHLQHUXQVWHUEOLFKHQ 6HHOHGLHGDUDQNHLQHQ7HLOKDW]XJHUHFKQHWZHUGHQN|QQH ,Q VROFKHU6WLPPXQJEHVFKORLFKIUGLHKHLOLJH-XQJIUDXLQGHU .LUFKH6W (XVWDFKHHLQHVFK|QH'LDPDQWHQ.URQH]XIHUWLJHQ $EHUMHQHXQEHJUHLIOLFKH$QJVWEHUILHOPLFKVWlUNHUVRRIWLFKGLH $UEHLWEHJLQQHQZROOWHGDXQWHUOLHLFK VJDQ]-HW]WLVWHVPLU DOVZHQQLFKGHU7XJHQGXQG)U|PPLJNHLWVHOEVWGHPXWVYROOHLQ 2SIHUEULQJHXQGZLUNVDPH)UVSUDFKHHUIOHKHLQGHPLFKGHU 6FXGHULGHQVFK|QVWHQ6FKPXFNVHQGHGHQLFKMHPDOVJHDUEHLWHW ± &DUGLOODFPLW(XUHUJDQ]HQ/HEHQVZHLVHPHLQ)UlXOHLQDXIGDV JHQDXHVWHEHNDQQWJDEPLUQXQ$UWXQG:HLVHVRZLHGLH6WXQGH DQZLHXQGZDQQLFKGHQ6FKPXFNGHQHULQHLQVDXEHUHV
.lVWFKHQVFKORDEOLHIHUQVROOH0HLQJDQ]HV:HVHQZDU (QW]FNHQGHQQGHU+LPPHOVHOEVW]HLJWHPLUGXUFKGHQ IUHYHOLFKHQ&DUGLOODFGHQ:HJPLFK]XUHWWHQDXVGHU+|OOHLQ GHULFKHLQYHUVWRHQHU6QGHUVFKPDFKWH6RGDFKW LFK*DQ] JHJHQ&DUGLOODFV:LOOHQZROOW LFKELV]X(XFKGULQJHQ$OV$QQH %UXRQV6RKQDOV(XHU3IOHJOLQJJHGDFKW LFKPLFK(XFK]X )HQ]XZHUIHQXQG(XFKDOOHV± DOOHV]XHQWGHFNHQ,KUKlWWHW JHUKUWYRQGHPQDPHQVORVHQ(OHQGGDVGHUDUPHQ XQVFKXOGLJHQ0DGHORQGURKWHEHLGHU(QWGHFNXQJGDV*HKHLPQLV JHDFKWHWDEHU(XHUKRKHUVFKDUIVLQQLJHU*HLVWIDQGJHZLVLFKUH 0LWWHORKQHMHQH(QWGHFNXQJGHUYHUUXFKWHQ%RVKHLW&DUGLOODFV]X VWHXHUQ)UDJWPLFKQLFKWZRULQGLHVH0LWWHOKlWWHQEHVWHKHQ VROOHQLFKZHLHVQLFKW± DEHUGD,KU0DGHORQXQGPLFKUHWWHQ ZUGHWGDYRQODJGLHhEHU]HXJXQJIHVWLQPHLQHU6HHOHZLHGHU *ODXEHDQGLHWURVWUHLFKH+LOIHGHUKHLOLJHQ-XQJIUDX± ,KUZLW )UlXOHLQGDPHLQH$EVLFKWLQMHQHU1DFKWIHKOVFKOXJ,FKYHUORU QLFKWGLH+RIIQXQJHLQDQGHUPDOJOFNOLFKHU]XVHLQ'DJHVFKDK HVGD&DUGLOODFSO|W]OLFKDOOH0XQWHUNHLWYHUORU(UVFKOLFKWUEH XPKHUVWDUUWHYRUVLFKKLQPXUPHOWHXQYHUVWlQGOLFKH:RUWH IRFKWPLWGHQ+lQGHQ)HLQGOLFKHVYRQVLFKDEZHKUHQGVHLQ*HLVW VFKLHQJHTXlOWYRQE|VHQ*HGDQNHQ6RKDWWHHUHVHLQHQJDQ]HQ 0RUJHQJHWULHEHQ(QGOLFKVHW]WHHUVLFKDQGHQ:HUNWLVFKVSUDQJ XQPXWLJZLHGHUDXIVFKDXWH GXUFKV)HQVWHUVSUDFKHUQVWXQG GVWHU ,FKZROOWHGRFK+HQULHWWHYRQ(QJODQGKlWWHPHLQHQ 6FKPXFNJHWUDJHQ± 'LH:RUWHHUIOOWHQPLFKPLW(QWVHW]HQ1XQ ZXW LFKGDVHLQLUUHU*HLVWZLHGHUHUIDWZDUYRQGHP DEVFKHXOLFKHQ0RUGJHVSHQVWGDGHV6DWDQV6WLPPHZLHGHUODXW ZRUGHQYRUVHLQHQ2KUHQ,FKVDK(XHU/REHQEHGURKWYRQGHP YHUUXFKWHQ0RUGWHXIHO+DWWH&DUGLOODFQXUVHLQHQ6FKPXFN ZLHGHULQ+lQGHQVRZDU W,KUJHUHWWHW0LWMHGHP$XJHQEOLFN ZXFKVGLH*HIDKU'DEHJHJQHWHLFK(XFKDXIGHP3RQWQHXI GUlQJWHPLFKDQ(XUH.XWVFKHZDUI(XFKMHQHQ=HWWHO]XGHU (XFKEHVFKZRUGRFKQXUJOHLFKGHQHUKDOWHQHQ6FKPXFNLQ &DUGLOODFV+lQGH]XEULQJHQ,KUNDPWQLFKW0HLQH$QJVWVWLHJELV ]XU9HU]ZHLIOXQJDOVDQGHUQ7DJV&DUGLOODFYRQQLFKWVDQGHUP VSUDFKDOVYRQGHPN|VWOLFKHQ6FKPXFNGHULKPLQGHU1DFKW YRU$XJHQJHNRPPHQ,FKNRQQWHGDVQXUDXI(XHUQ6FKPXFN GHXWHQXQGHVZXUGHPLUJHZLGDHUEHULUJHQGHLQHP 0RUGDQVFKODJEUWHGHQHUJHZLVFKRQLQGHU1DFKW DXV]XIKUHQVLFKYRUJHQRPPHQ(XFKUHWWHQPXW LFKXQGVROOW
HV&DUGLOODFV/HEHQNRVWHQ6RZLH&DUGLOODFQDFKGHP$EHQGJHEHW VLFKZLHJHZ|KQOLFKHLQJHVFKORVVHQVWLHJLFKGXUFKHLQ)HQVWHULQ GHQ+RIVFKOSIWHGXUFKGLHgIIQXQJLQGHU0DXHUXQGVWHOOWH PLFKXQIHUQLQGHQWLHIHQ6FKDWWHQ1LFKWODQJHGDXHUWHHVVR NDP&DUGLOODFKHUDXVXQGVFKOLFKOHLVHGXUFKGLH6WUDHIRUW,FK KLQWHULKPKHU(UJLQJQDFKGHU6WUDH6W +RQRUpPLUEHEWHGDV +HU]&DUGLOODFZDUPLWHLQHPPDOPLUHQWVFKZXQGHQ,FK EHVFKORPLFKDQ(XUH+DXVWUH]XVWHOOHQ'DNRPPWVLQJHQG XQGWULOOHUQGZLHGDPDOVDOVGHU=XIDOOPLFK]XP=XVFKDXHUYRQ &DUGLOODFV0RUGWDWPDFKWHHLQ2IIL]LHUEHLPLUYRUEHURKQHPLFK ]XJHZDKUHQ$EHULQGHPVHOEHQ$XJHQEOLFNVSULQJWHLQH VFKZDU]H*HVWDOWKHUYRUXQGIlOOWEHULKQKHU(VLVW&DUGLOODF 'LHVHQ0RUGZLOOLFKKLQGHUQPLWHLQHPODXWHQ6FKUHLELQLFKLQ ]ZHL± GUHL6lW]HQ]XU6WHOOH± 1LFKWGHU2IIL]LHU± &DUGLOODFVLQNW ]XP7RGHJHWURIIHQU|FKHOQG]X%RGHQ'HU2IIL]LHUOlWGHQ 'ROFKIDOOHQUHLWGHQ'HJHQDXVGHU6FKHLGHVWHOOWVLFK ZlKQHQGLFKVHLGHV0|UGHUV*HVHOOHNDPSIIHUWLJPLUHQWJHJHQ HLOWDEHUVFKQHOOGDYRQDOVHUJHZDKUWGDLFKRKQHPLFKXPLKQ ]XNPPHUQQXUGHQ/HLFKQDPXQWHUVXFKH&DUGLOODFOHEWHQRFK ,FKOXGLKQQDFKGHPLFKGHQ'ROFKGHQGHU2IIL]LHUKDWWHIDOOHQ ODVVHQ]XPLUJHVWHFNWDXIGLH6FKXOWHUQXQGVFKOHSSWHLKQ PKVDPIRUWQDFK+DXVHXQGGXUFKGHQJHKHLPHQ*DQJKLQDXILQ GLH:HUNVWDWW± 'DVEULJHLVW(XFKEHNDQQW,KUVHKWPHLQ ZUGLJHV)UlXOHLQGDPHLQHLQ]LJHV9HUEUHFKHQQXUGDULQ EHVWHKWGDLFK0DGHORQV9DWHUQLFKWGHQ*HULFKWHQYHUULHWXQG VRVHLQHQ8QWDWHQHLQ(QGHPDFKWH5HLQELQLFKYRQMHGHU %OXWVFKXOG± .HLQH0DUWHUZLUGPLUGDV*HKHLPQLVYRQ&DUGLOODFV 8QWDWHQDE]ZLQJHQ,FKZLOOQLFKWGDGHUHZLJHQ0DFKWGLHGHU WXJHQGKDIWHQ7RFKWHUGHV9DWHUVJUlOLFKH%OXWVFKXOG YHUVFKOHLHUWH]XP7URW]GDVJDQ]H(OHQGGHU9HUJDQJHQKHLW LKUHVJDQ]HQ6HLQVQRFKMHW]WW|WHQGDXIVLHHLQEUHFKHGDQRFK MHW]WGLHZHOWOLFKH5DFKHGHQ/HLFKQDPDXIZKOHDXVGHU(UGHGLH LKQGHFNW GDQRFKMHW]WGHU+HQNHUGLHYHUPRGHUWHQ*HEHLQH PLW6FKDQGHEUDQGPDUNH± 1HLQ± PLFKZLUGGLH*HOLHEWH PHLQHU6HHOHEHZHLQHQDOVGHQXQVFKXOGLJ*HIDOOHQHQGLH=HLW ZLUGLKUHQ6FKPHU]OLQGHUQDEHUXQEHUZLQGOLFKZUGHGHU -DPPHUVHLQEHUGHVJHOLHEWHQ9DWHUVHQWVHW]OLFKH7DWHQGHU +|OOH ±
2OLYLHUVFKZLHJDEHUQXQVWU]WHSO|W]OLFKHLQ7UlQHQVWURPDXV VHLQHQ$XJHQHUZDUIVLFKGHU6FXGHUL]X)HQXQGIOHKWH ,KU VHLGYRQPHLQHU8QVFKXOGEHU]HXJW± JHZL,KUVHLGHV± +DEW (UEDUPHQPLWPLUVDJWZLHVWHKWHVXP0DGHORQ"± 'LH6FXGHUL ULHIGLH0DUWLQLHUHXQGQDFKZHQLJHQ$XJHQEOLFNHQIORJ0DGHORQ DQ2OLYLHUV+DOV1XQLVWDOOHVJXWGDGXKLHUELVW± LFKZXW HV MDGDGLHHGHOPWLJVWH'DPHGLFKUHWWHQZUGH6RULHI0DGHORQ HLQ0DOEHUGDVDQGHUHXQG2OLYLHUYHUJDVHLQ6FKLFNVDODOOHV ZDVLKPGURKWHHUZDUIUHLXQGVHOLJ$XIGDVUKUHQGVWHNODJWHQ EHLGHVLFKZDVVLHXPHLQDQGHUJHOLWWHQXQGXPDUPWHQVLFKGDQQ DXIVQHXHXQGPHLQWHQYRU(QW]FNHQGDVLHVLFK ZLHGHUJHIXQGHQ :lUHGLH6FXGHULQLFKWYRQ2OLYLHUV8QVFKXOGVFKRQEHU]HXJW JHZHVHQGHU*ODXEHGDUDQPWHLKUMHW]WJHNRPPHQVHLQGD VLH GLHEHLGHQEHWUDFKWHWHGLHLQGHU6HOLJNHLWGHVLQQLJVWHQ /LHEHVEQGQLVVHVGLH:HOWYHUJDHQXQGLKU(OHQGXQGLKU QDPHQORVHV/HLGHQ1HLQULHIVLHVROFKVHOLJHU9HUJHVVHQKHLWLVW QXUHLQUHLQHV+HU]IlKLJ 'LHKHOOHQ6WUDKOHQGHV0RUJHQVEUDFKHQGXUFKGDV)HQVWHU 'HVJUDLVNORSIWHOHLVHDQGLH7UHGHV*HPDFKVXQGHULQQHUWH GDHV=HLWVHL2OLYLHU%UXRQIRUW]XVFKDIIHQGDRKQH$XIVHKHQ ]XHUUHJHQGDVVSlWHUQLFKWJHVFKHKHQN|QQH'LH/LHEHQGHQ PXWHQVLFKWUHQQHQ ±
'LHGXQNOHQ$KQXQJHQYRQGHQHQ GHU6FXGHUL*HPWEHIDQJHQ VHLW%UXRQVHUVWHP(LQWULWWLQLKU+DXVKDWWHQVLFKQXQ]XP /HEHQJHVWDOWHWDXIIXUFKWEDUH:HLVH'HQ6RKQLKUHUJHOLHEWHQ $QQHVDKVLHVFKXOGORVYHUVWULFNWDXIHLQH$UWGDLKQYRP VFKPDFKYROOHQ7RG]XUHWWHQNDXPGHQNEDUVFKLHQ6LHHKUWHGHV -QJOLQJV+HOGHQVLQQGHUOLHEHUVFKXOGEHODGHQVWHUEHQDOVHLQ *HKHLPQLVYHUUDWHQZROOWHGDVVHLQHU0DGHORQGHQ7RGEULQJHQ PXWH,PJDQ]HQ5HLFKHGHU0|JOLFKNHLWIDQGVLHNHLQ0LWWHOGHQ bUPVWHQGHPJUDXVDPHQ*HULFKWVKRIH]XHQWUHLHQ8QGGRFK VWDQGHVIHVWLQLKUHU6HHOHGDVLHNHLQ2SIHUVFKHXHQPVVH GDVKLPPHOVFKUHLHQGH8QUHFKWDE]XZHQGHQGDVPDQ]XEHJHKHQ LP%HJULIIHZDU± 6LHTXlOWHVLFKPLWDOOHUOHL(QWZUIHQXQG 3OlQHQGLHELVDQGDV$EHQWHXHUOLFKHVWUHLIWHQXQGGLHVLHHEHQVR VFKQHOOYHUZDUIDOVDXIIDWH,PPHUPHKUYHUVFKZDQGMHGHU +RIIQXQJVVFKLPPHUVRGDVLHYHU]ZHLIHOQZROOWH$EHU0DGHORQV
XQEHGLQJWHVNLQGOLFKHV9HUWUDXHQGLH9HUNOlUXQJPLWGHUVLHYRQ GHP*HOLHEWHQVSUDFKGHUQXQEDOGIUHLJHVSURFKHQYRQMHGHU 6FKXOGVLHDOV*DWWLQXPDUPHQZHUGHULFKWHWHGLH6FXGHULLQ HEHQGHP*UDGZLHGHUDXIDOVVLHGDYRQELVWLHILQV+HU]JHUKUW ZXUGH
8PQXQHQGOLFKHWZDV]XWXQVFKULHEGLH6FXGHULDQOD 5HJQLH HLQHQODQJHQ%ULHIZRULQVLHLKPVDJWHGD2OLYLHU%UXRQLKUDXI GLHJODXEZUGLJVWH:HLVHVHLQHY|OOLJH8QVFKXOGDQ&DUGLOODFV 7RGHGDUJHWDQKDEHXQGGDQXUGHUKHOGHQPWLJH(QWVFKOX HLQ*HKHLPQLVLQGDV*UDE]XQHKPHQGHVVHQ(QWKOOXQJGLH 8QVFKXOGXQG7XJHQGVHOEVWYHUGHUEHQZUGHLKQ]XUFNKDOWH GHP*HULFKWHLQ*HVWlQGQLVDE]XOHJHQGDVLKQYRQGHP HQWVHW]OLFKHQ9HUGDFKWQLFKWDOOHLQGDHU&DUGLOODFHUPRUGHW VRQGHUQGDHUDXFK]XU%DQGHYHUUXFKWHU0|UGHUJHK|UH EHIUHLHQPVVH$OOHVZDVJOKHQGHU(LIHUZDVJHLVWYROOH %HUHGVDPNHLWYHUPDJKDWWHGLH6FXGHULDXIJHERWHQOD 5HJQLHV KDUWHV+HU]]XHUZHLFKHQ1DFKZHQLJHQ6WXQGHQDQWZRUWHWH OD 5HJQLHZLHHVLKQKHU]OLFKIUHXHZHQQ2OLYLHU%UXRQVLFKEHL VHLQHUKRKHQZUGLJHQ*|QQHULQJlQ]OLFKJHUHFKWIHUWLJWKDEH :DV2OLYLHUVKHOGHQPWLJHQ(QWVFKOXEHWUHIIHHLQ*HKHLPQLV GDVVLFKDXIGLH7DWEH]LHKHPLWLQV*UDEQHKPHQ]XZROOHQVR WXHHVLKPOHLGGDGLH&KDPEUHDUGHQWH GHUJOHLFKHQ+HOGHQPXW QLFKWHKUHQN|QQHGHQVHOEHQYLHOPHKUGXUFKGLHNUlIWLJVWHQ 0LWWHO]XEUHFKHQVXFKHQPVVH1DFKGUHL7DJHQKRIIHHULP %HVLW]GHVVHOWVDPHQ*HKHLPQLVVHV]XVHLQGDVZDKUVFKHLQOLFK JHVFKHKHQH:XQGHUDQGHQ7DJEULQJHQZHUGH
1XU]XJXWZXWHGLH6FXGHULZDVGHUIUFKWHUOLFKHOD 5HJQLHPLW MHQHQ0LWWHOQGLH%UXRQV+HOGHQPXWEUHFKHQVROOWHQPHLQWH 1XQZDUHVJHZLGDGLH7RUWXUEHUGHQ8QJOFNOLFKHQ YHUKlQJWZDU,QGHU7RGHVDQJVWILHOGHU6FXGHULHQGOLFKHLQGD XPQXU$XIVFKXE]XHUODQJHQGHU5DWHLQHV5HFKWVYHUVWlQGLJHQ GLHQOLFKVHLQN|QQH3LHUUH$UQDXGG $QGLOO\ZDUGDPDOVGHU EHUKPWHVWH$GYRNDWLQ3DULV6HLQHUWLHIHQ:LVVHQVFKDIWVHLQHP XPIDVVHQGHQ9HUVWDQGHZDUVHLQH5HFKWVFKDIIHQKHLWVHLQH 7XJHQGJOHLFK=XGHPEHJDEVLFKGLH6FXGHULXQGVDJWHLKP DOOHVVRZHLWHVP|JOLFKZDU RKQH%UXRQV*HKHLPQLV]X YHUOHW]HQ6LHJODXEWHGDG $QGLOO\PLW(LIHUVLFKGHV 8QVFKXOGLJHQDQQHKPHQZHUGHLKUH+RIIQXQJZXUGHDEHUDXIGDV ELWWHUVWHJHWlXVFKW' $QGLOO\KDWWHUXKLJDOOHVDQJHK|UWXQG
HUZLGHUWHGDQQOlFKHOQGPLW%RLOHDXV:RUWHQ /HYUDLSHXW TXHOTXHIRLVQ rWUHSDVYUDLVHPEODEOH± (UEHZLHVGHU6FXGHUL GDGLHDXIIDOOHQGVWHQ9HUGDFKWVJUQGHZLGHU%UXRQVSUlFKHQ GDOD 5HJQLHV9HUIDKUHQNHLQHVZHJVJUDXVDPXQGEHUHLOW]X QHQQHQYLHOPHKUJDQ]JHVHW]OLFKVHLMDGDHUQLFKWDQGHUV KDQGHOQN|QQHRKQHGLH3IOLFKWHQGHV5LFKWHUV]XYHUOHW]HQ(U G $QGLOO\VHOEVWJHWUDXHVLFKQLFKWGXUFKGLHJHVFKLFNWHVWH 9HUWHLGLJXQJ%UXRQYRQGHU7RUWXU]XUHWWHQ1XU%UXRQVHOEVW N|QQHGDVHQWZHGHUGXUFKDXIULFKWLJHV*HVWlQGQLVRGHU ZHQLJVWHQVGXUFKGLHJHQDXHVWH(U]lKOXQJGHU8PVWlQGHEHLGHP 0RUGH&DUGLOODFVGLHGDQQYLHOOHLFKWHUVW]XQHXHQ $XVPLWWHOXQJHQ$QODJHEHQZUGHQ6RZHUIHLFKPLFKGHP .|QLJH]X)HQXQGIOHKHXP*QDGHVSUDFKGLH6FXGHULDXHU VLFKPLWYRQ7UlQHQKDOEHUVWLFNWHU 6WLPPH7XWGDVULHI G $QGLOO\WXWGDVQXQXPGHV+LPPHOVZLOOHQQLFKWPHLQ )UlXOHLQ± 6SDUW(XFKGLHVHVOHW]WH+LOIVPLWWHODXIGDVVFKOXJHV HLQPDOIHKO(XFKIULPPHUYHUORUHQLVW'HU.|QLJZLUGQLPPHU HLQHQ9HUEUHFKHUGHU $UWEHJQDGLJHQGHUELWWHUVWH9RUZXUIGHV JHIlKUGHWHQ9RONVZUGHLKQWUHIIHQ0|JOLFKLVWHVGD%UXRQ GXUFK(QWGHFNXQJVHLQHV*HKHLPQLVVHVRGHUVRQVW0LWWHOILQGHW GHQZLGHULKQVWUHLWHQGHQ9HUGDFKWDXI]XKHEHQ'DQQLVWHV=HLW GHV.|QLJV*QDGH]XHUIOHKHQGHUQLFKWGDQDFKIUDJHQZDVYRU *HULFKWEHZLHVHQLVWRGHUQLFKWVRQGHUQVHLQHLQQHUH hEHU]HXJXQJ]X5DWH]LHKHQZLUG± 'LH6FXGHULPXWHGHP WLHIHUIDKUQHQG $QGLOO\QRWJHGUXQJHQEHLSIOLFKWHQ± ,QWLHIHP .XPPHUYHUVHQNWVLQQHQGXQGVLQQHQGZDVXPGHU-XQJIUDX XQGDOOHU+HLOLJHQZLOOHQVLHQXQDQIDQJHQVROOHXPGHQ XQJOFNOLFKHQ%UXRQ]XUHWWHQVDVLHDPVSlWHQ$EHQGLQ LKUHP*HPDFKDOVGLH0DUWLQLHUHHLQWUDWXQGGHQ*UDIHQYRQ 0LRVVHQV2EULVWHQYRQGHU*DUGHGHV.|QLJVPHOGHWHGHU GULQJHQGZQVFKHGDV)UlXOHLQ]XVSUHFKHQ 9HU]HLKWVSUDFK0LRVVHQVLQGHPHUVLFKPLWVROGDWLVFKHP $QVWDQGHYHUEHXJWHYHU]HLKWPHLQ)UlXOHLQZHQQLFK(XFKVR VSlWVR]XXQJHOHJHQHU=HLWEHUODXIH:LU6ROGDWHQPDFKHQHV QLFKWDQGHUVXQG]XGHPELQLFKPLW]ZHL:RUWHQHQWVFKXOGLJW± 2OLYLHU%UXRQIKUWPLFK]X(XFK'LH6FXGHULKRFKJHVSDQQW ZDVVLHMHW]WZLHGHUHUIDKUHQZHUGHULHIODXW 2OLYLHU%UXRQ"GHU 8QJOFNOLFKVWHDOOHU0HQVFKHQ"± ZDVKDEW,KUPLWGHP"± 'DFKW LFK VGRFKVSUDFK0LRVVHQVOlFKHOQGZHLWHUGD(XUHV
6FKW]OLQJV1DPHQKLQUHLFKHQZXUGHPLUEHL(XFKHLQJHQHLJWHV 2KU]XYHUVFKDIIHQ'LHJDQ]H:HOWLVWYRQ%UXRQV6FKXOG EHU]HXJW,FKZHLGD,KUHLQHDQGHUH0HLQXQJKHJWGLHVLFK IUHLOLFKQXUDXIGLH%HWHXUXQJHQGHV$QJHNODJWHQVWW]HQVROOZLH PDQJHVDJWKDW0LWPLULVWHVDQGHUV1LHPDQGDOVLFKNDQQ EHVVHUEHU]HXJWVHLQYRQ%UXRQV8QVFKXOGDQGHP7RGH &DUGLOODFV5HGHWR UHGHWULHIGLH6FXGHULLQGHPLKUGLH$XJHQ JOlQ]WHQYRU(QW]FNHQ,FKVSUDFK0LRVVHQVPLW1DFKGUXFNLFK ZDUHVVHOEVWGHUGHQDOWHQ*ROGVFKPLHGQLHGHUVWLHLQGHU 6WUDH6W +RQRUpXQIHUQ(XUHP+DXVH8PDOOHU+HLOLJHQZLOOHQ ,KU± ,KUULHIGLH6FXGHUL8QGIXKU0LRVVHQVIRUWXQGLFK VFKZ|UHHV(XFKPHLQ)UlXOHLQGDLFKVWRO]ELQDXIPHLQH7DW :LVVHWGD&DUGLOODFGHUYHUUXFKWHVWHKHXFKOHULVFKH%|VHZLFKW GDHUHVZDUGHULQGHU1DFKWKHLPWFNLVFKPRUGHWHXQGUDXEWH XQGVRODQJHDOOHQ6FKOLQJHQHQWJLQJ,FKZHLVHOEVWQLFKWZLHHV NDPGDHLQLQQHUHU9HUGDFKWVLFKLQPLUJHJHQGHQDOWHQ %|VHZLFKWUHJWHDOV HUYROOVLFKWEDUHU8QUXKHGHQ6FKPXFN EUDFKWHGHQLFKEHVWHOOWDOVHUVLFKJHQDXHUNXQGLJWHIUZHQLFK GHQ6FKPXFNEHVWLPPWXQGDOVHUDXIUHFKWOLVWLJH$UWPHLQHQ .DPPHUGLHQHUDXVJHIUDJWKDWWHZDQQLFKHLQHJHZLVVH'DPH]X EHVXFKHQSIOHJH± /lQJVWZDUHVPLUDXIJHIDOOHQGDGLH XQJOFNOLFKHQ6FKODFKWRSIHUGHUDEVFKHXOLFKHQ5DXEJLHUDOOH GLHVHOEH7RGHVZXQGHWUXJHQ(VZDUPLUJHZLGDGHU0|UGHU DXIGHQ6WRGHUDXJHQEOLFNOLFKW|WHQPXWHHLQJHEWZDUXQG GDUDXIUHFKQHWH6FKOXJGHUIHKOVRJDOWHVGHQJOHLFKHQ.DPSI 'LHVOLHPLFKHLQH9RUVLFKWVPDUHJHOEUDXFKHQGLHVRHLQIDFK LVWGDLFKQLFKWEHJUHLIHZLHDQGHUHQLFKWOlQJVWGDUDXIILHOHQ XQGVLFKUHWWHWHQYRQGHPEHGURKOLFKHQ0RUGZHVHQ,FKWUXJ HLQHQOHLFKWHQ%UXVWKDUQLVFKXQWHUGHU:HVWH&DUGLOODFILHOPLFK YRQKLQWHQDQ(UXPIDWHPLFKPLW5LHVHQNUDIWDEHUGHUVLFKHU JHIKUWH6WRJOLWWDEDQGHP(LVHQ,QGHPVHOEHQ$XJHQEOLFN HQWZDQGLFKPLFKLKPXQGVWLHLKPGHQ'ROFKGHQLFKLQ %HUHLWVFKDIWKDWWHLQGLH%UXVW8QG,KUVFKZLHJWIUDJWHGLH 6FXGHUL,KU]HLJWHWGHQ*HULFKWHQQLFKWDQZDVJHVFKHKHQ" (UODXEWVSUDFK0LRVVHQVZHLWHUHUODXEWPHLQ)UlXOHLQ]X EHPHUNHQGDHLQHVROFKH$Q]HLJHPLFKZRQLFKWJHUDGH]XLQV 9HUGHUEHQGRFKLQGHQDEVFKHXOLFKHQ3UR]HYHUZLFNHOQNRQQWH +lWWHOD 5HJQLHEHUDOO9HUEUHFKHQZLWWHUQGPLU VGHQQ JHUDGHKLQJHJODXEWZHQQLFK GHQUHFKWVFKDIIHQHQ&DUGLOODFGDV 0XVWHUDOOHU)U|PPLJNHLWXQG7XJHQGGHVYHUVXFKWHQ0RUGHV
DQJHNODJW":LHZHQQGDV6FKZHUWGHU*HUHFKWLJNHLWVHLQH6SLW]H ZLGHUPLFK VHOEVWJHZDQGW"'DVZDUQLFKWP|JOLFKULHIGLH 6FXGHUL(XUH*HEXUW± (XHU6WDQG± 2IXKU0LRVVHQVIRUWGHQNW GRFKDQGHQ0DUVFKDOOYRQ/X[HPEXUJGHQGHU(LQIDOOVLFKYRQ OH 6DJHGDV+RURVNRSVWHOOHQ]XODVVHQLQGHQ9HUGDFKWGHV *LIWPRUGHVXQGLQGLH%DVWLOOHEUDFKWH1HLQEHLP6W 'LRQ\V QLFKWHLQH6WXQGH)UHLKHLWQLFKWPHLQHQ2KU]LSIHOJHK LFKSUHLV GHPUDVHQGHQOD 5HJQLHGHUVHLQ0HVVHUJHUQDQXQVHUDOOHU .HKOHQVHW]WH$EHUVREULQJW,KUMDGHQXQVFKXOGLJHQ%UXRQDXIV 6FKDIIRWW"ILHOGLH6FXGHULLQV:RUW8QVFKXOGLJHUZLGHUWH 0LRVVHQVXQVFKXOGLJPHLQ)UlXOHLQQHQQW,KUGHVYHUVXFKWHQ &DUGLOODFV6SLHJHVHOOHQ"± GHULKPEHLVWDQGLQVHLQHQ7DWHQ"GHU GHQ7RGKXQGHUWPDOYHUGLHQWKDW"± 1HLQLQGHU7DWGHU EOXWHW PLW5HFKWXQGGDLFK(XFKPHLQKRFKYHUHKUWHV)UlXOHLQGHQ ZDKUHQ=XVDPPHQKDQJGHU6DFKHHQWGHFNWHJHVFKDKLQGHU 9RUDXVVHW]XQJGD,KURKQHPLFKLQGLH+lQGHGHU&KDPEUH DUGHQWH ]XOLHIHUQGRFKPHLQ*HKHLPQLVDXILUJHQGHLQH:HLVHIU (XUHQ6FKW]OLQJ]XQW]HQYHUVWHKHQZUGHW 'LH6FXGHULLP,QQHUVWHQHQW]FNWLKUHhEHU]HXJXQJYRQ %UXRQV8QVFKXOGDXIVROFKHQWVFKHLGHQGH:HLVHEHVWlWLJW]X VHKHQQDKPJDUNHLQHQ$QVWDQGGHP*UDIHQGHU&DUGLOODFV 9HUEUHFKHQMDVFKRQNDQQWHDOOHV]XHQWGHFNHQXQGLKQ DXI]XIRUGHUQVLFKPLWLKU]XG $QGLOO\]XEHJHEHQ'HP VROOWH XQWHUGHP6LHJHOGHU9HUVFKZLHJHQKHLWDOOHVHQWGHFNWZHUGHQ GHU VROOWHGDQQ5DWHUWHLOHQZDVQXQ]XEHJLQQHQ
' $QGLOO\QDFKGHPGLH6FXGHULLKPDOOHVDXIGDVJHQDXHVWH HU]lKOWKDWWHHUNXQGLJWHVLFKQRFKPDOVQDFKGHQJHULQJIJLJVWHQ 8PVWlQGHQ,QVEHVRQGHUHIUDJWHHUGHQ*UDIHQ0LRVVHQVREHU DXFKGLHIHVWHhEHU]HXJXQJKDEHGDHUYRQ&DUGLOODF DQJHIDOOHQXQGREHU2OLYLHU%UXRQDOVGHQMHQLJHQZUGHZLHGHU HUNHQQHQN|QQHQGHUGHQ/HLFKQDPIRUWJHWUDJHQ$XHUGHP HUZLGHUWH0LRVVHQVGDLFKLQGHUPRQGKHOOHQ1DFKWGHQ *ROGVFKPLHGUHFKWJXWHUNDQQWHKDEHLFKDXFKEHLOD 5HJQLH VHOEVWGHQ'ROFKJHVHKHQPLWGHP&DUGLOODFQLHGHUJHVWRHQ ZXUGH(VLVWGHUPHLQLJHDXVJH]HLFKQHWGXUFKGLH]LHUOLFKH $UEHLWGHV*ULIIV1XUHLQHQ6FKULWWYRQLKPVWHKHQGJHZDKUWHLFK DOOH=JHGHV-QJOLQJVGHPGHU+XWYRP.RSIJHIDOOHQXQG ZUGHLKQDOOHUGLQJVZLHGHUHUNHQQHQN|QQHQ
' $QGLOO\VDKVFKZHLJHQGHLQLJH$XJHQEOLFNHYRUVLFKQLHGHUGDQQ VSUDFKHU $XIJHZ|KQOLFKHP:HJHLVW%UXRQDXVGHQ+lQGHQ GHU-XVWL]QXQJDQ]XQGJDUQLFKW]XUHWWHQ(UZLOO0DGHORQV KDOEHU&DUGLOODFQLFKWDOV0RUGUlXEHUQHQQHQ'DVPDJHUWXQ GHQQVHOEVWZHQQHVLKPJHOLQJHQZUGHGXUFK(QWGHFNXQJGHV KHLPOLFKHQ$XVJDQJVGHV]XVDPPHQJHUDXEWHQ6FKDW]HVGLHV QDFK]XZHLVHQPWHLKQGRFKDOV0LWYHUEXQGHQHQGHU7RG WUHIIHQ'DVVHOEH9HUKlOWQLVEOHLEWVWHKHQZHQQGHU*UDI 0LRVVHQVGLH%HJHEHQKHLWPLWGHP*ROGVFKPLHGZLHVLHZLUNOLFK VLFK]XWUXJGHQ5LFKWHUQHQWGHFNHQVROOWH$XIVFKXE LVWGDV HLQ]LJHZRQDFKJHWUDFKWHWZHUGHQPX*UDI0LRVVHQVEHJLEW VLFKQDFKGHU&RQFLHUJHULHOlWVLFK2OLYLHU%UXRQYRUVWHOOHQXQG HUNHQQWLKQIUGHQGHUGHQ/HLFKQDP&DUGLOODFVIRUWVFKDIIWH(U HLOW]XOD 5HJQLHXQGVDJW ,QGHU6WUDH6W +RQRUpVDKLFKHLQHQ 0HQVFKHQQLHGHUVWRHQLFKVWDQGGLFKWQHEHQGHP/HLFKQDPDOV HLQDQGHUHUKLQ]XVSUDQJVLFK]XP/HLFKQDPQLHGHUEFNWHLKQ GDHUQRFK/HEHQVSUWHDXIGLH6FKXOWHUQOXGXQGIRUWWUXJ,Q 2OLYLHU%UXRQKDEHLFKGLHVHQ0HQVFKHQHUNDQQW'LHVH$XVVDJH YHUDQODW%UXRQVQRFKPDOLJH9HUQHKPXQJ=XVDPPHQVWHOOXQJ PLWGHP*UDIHQ0LRVVHQV*HQXJGLH7RUWXUXQWHUEOHLEWXQGPDQ IRUVFKWZHLWHUQDFK'DQQLVWHV=HLWVLFKDQGHQ.|QLJVHOEVW]X ZHQGHQ(XHUP6FKDUIVLQQPHLQ)UlXOHLQEOHLEWHVEHUODVVHQ GLHV DXIGLHJHVFKLFNWHVWH:HLVH]XWXQ1DFKPHLQHP 'DIUKDOWHQZUG HVJXWVHLQGHP.|QLJHGDVJDQ]H*HKHLPQLV ]XHQWGHFNHQ'XUFKGLHVH$XVVDJHGHV*UDIHQ0LRVVHQVZHUGHQ %UXRQV*HVWlQGQLVVHXQWHUVWW]W'DVVHOEHJHVFKLHKWYLHOOHLFKW GXUFKJHKHLPH1DFKIRUVFKXQJHQLQ&DUGLOODFV+DXVH.HLQ 5HFKWVVSUXFKDEHUGHV.|QLJV(QWVFKHLGXQJDXILQQHUHV*HIKO GDVGDZRGHU5LFKWHUVWUDIHQPX*QDGHDXVVSULFKWJHVWW]W NDQQGDVDOOHVEHJUQGHQ± *UDI0LRVVHQVEHIROJWHJHQDXZDV G $QGLOO\JHUDWHQXQGHVJHVFKDKZLUNOLFKZDVGLHVHU YRUKHUJHVHKHQ
1XQNDPHVGDUDXIDQGHQ.|QLJDQ]XJHKHQXQGGLHVZDUGHU VFKZLHULJVWH3XQNWGDHUJHJHQ%UXRQGHQHUDOOHLQIUGHQ HQWVHW]OLFKHQ5DXEP|UGHUKLHOWZHOFKHUVRODQJH=HLWKLQGXUFK JDQ]3DULVLQ$QJVWXQG6FKUHFNHQJHVHW]WKDWWHVROFKHQ$EVFKHX KHJWH GDHUQXUOHLVHHULQQHUWDQGHQEHUFKWLJWHQ3UR]HLQ GHQKHIWLJVWHQ=RUQJHULHW'LH0DLQWHQRQLKUHP*UXQGVDW]GHP .|QLJHQLHYRQXQDQJHQHKPHQ'LQJHQ]XUHGHQJHWUHXYHUZDUI
GLH9HUPLWWOXQJXQGVRZDU%UXRQV6FKLFNVDOJDQ]LQGLH+DQG GHU6FXGHULJHOHJW1DFKODQJHP6LQQHQIDWHVLHHLQHQ(QWVFKOX HEHQVRVFKQHOODOVVLHLKQDXVIKUWH6LHNOHLGHWHVLFKLQHLQH VFKZDU]H5REHYRQVFKZHUHP6HLGHQ]HXJVFKPFNWHVLFKPLW &DUGLOODFVN|VWOLFKHP*HVFKPHLGHKLQJHLQHQODQJHQVFKZDU]HQ 6FKOHLHUEHUXQGHUVFKLHQVRLQGHQ*HPlFKHUQGHU0DLQWHQRQ ]XU6WXQGHGDREHQGHU.|QLJ]XJHJHQ'LHHGOH*HVWDOWGHV HKUZUGLJHQ)UlXOHLQVLQGLHVHPIHLHUOLFKHQ$Q]XJHKDWWHHLQH 0DMHVWlWGLHWLHIH(KUIXUFKWHUZHFNHQPXWHVHOEVWEHLGHPORVHQ 9RONGDVJHZRKQWLVW LQGHQ9RU]LPPHUQVHLQOHLFKWVLQQLJQLFKWV EHDFKWHQGHV:HVHQ]XWUHLEHQ$OOHVZLFKVFKHX]XU6HLWHXQG DOVVLHQXQHLQWUDWVWDQGVHOEVWGHU.|QLJJDQ]YHUZXQGHUWDXI XQGNDPLKUHQWJHJHQ'DEOLW]WHQLKPGLHN|VWOLFKHQ'LDPDQWHQ GHV+DOVEDQGVGHU$UPElQGHULQV$XJHXQGHUULHI %HLP +LPPHOGDVLVW&DUGLOODFV*HVFKPHLGH8QGGDQQVLFK]XU 0DLQWHQRQZHQGHQGIJWHHUPLWDQPXWLJHP/lFKHOQKLQ]X 6HKW)UDX0DUTXLVHZLHXQVHUHVFK|QH%UDXWXPLKUHQ %UlXWLJDPWUDXHUW(LJQlGLJHU+HUUILHOGLH6FXGHULZLHGHQ 6FKHU]IRUWVHW]HQGHLQZLHZUG HV]LHPHQHLQHU VFKPHU]HUIOOWHQ%UDXWVLFKVRJODQ]YROO]XVFKPFNHQ"1HLQLFK KDEHPLFKJDQ]ORVJHVDJWYRQGLHVHP*ROGVFKPLHGXQGGlFKWH QLFKWPHKUDQLKQWUlWHPLUQLFKWPDQFKPDOGDVDEVFKHXOLFKH %LOGZLHHU HUPRUGHWGLFKWEHLPLUYRUEHUJHWUDJHQZXUGHYRU $XJHQ:LHIUDJWHGHU.|QLJZLH,KUKDEWLKQJHVHKHQGHQ DUPHQ7HXIHO"'LH6FXGHULHU]lKOWHQXQPLWNXU]HQ:RUWHQZLH VLHGHU=XIDOO QRFKHUZlKQWHVLHQLFKWGHU(LQPLVFKXQJ%UXRQV YRU&DUGLOODFV+DXVJHEUDFKWDOVHEHQGHU0RUGHQWGHFNWZRUGHQ 6LHVFKLOGHUWH0DGHORQVZLOGHQ6FKPHU]GHQWLHIHQ(LQGUXFNGHQ GDV+LPPHOVNLQGDXIVLHJHPDFKWGLH$UWZLHVLHGLH$UPHXQWHU =XMDXFK]HQGHV9RONVDXV'HVJUDLV +lQGHQJHUHWWHW0LWLPPHU VWHLJHQGHPXQGVWHLJHQGHP,QWHUHVVHEHJDQQHQQXQGLH6]HQHQ PLWOD 5HJQLH± PLW'HVJUDLV± PLW2OLYLHU%UXRQVHOEVW'HU .|QLJKLQJHULVVHQYRQGHU*HZDOWGHVOHEHQGLJVWHQ/HEHQVGDV LQGHU6FXGHUL5HGHJOKWHJHZDKUWHQLFKWGDYRQGHP JHKlVVLJHQ3UR]HGHVLKPDEVFKHXOLFKHQ%UXRQVGLH5HGHZDU YHUPRFKWHQLFKWHLQ:RUWKHUYRU]XEULQJHQNRQQWHQXUGDQQXQG ZDQQPLWHLQHP$XVUXI/XIWPDFKHQGHULQQHUQ%HZHJXQJ(KHHU VLFK VYHUVDKJDQ]DXHUVLFKEHUGDV8QHUK|UWHZDVHU HUIDKUHQXQGQRFKQLFKWYHUP|JHQGDOOHV]XRUGQHQODJGLH 6FXGHULVFKRQ]XVHLQHQ)HQXQGIOHKWHXP*QDGHIU2OLYLHU
%UXRQ:DVWXW,KUEUDFKGHU.|QLJORVLQGHPHUVLHEHLEHLGHQ +lQGHQIDWHXQGLQGHQ6HVVHOQ|WLJWHZDVWXW,KUPHLQ )UlXOHLQ± ,KUEHUUDVFKWPLFKDXIVHOWVDPH:HLVH± 'DVLVWMD HLQHHQWVHW]OLFKH*HVFKLFKWH± :HUEUJWIUGLH:DKUKHLWGHU DEHQWHXHUOLFKHQ(U]lKOXQJ%UXRQV"©'DUDXIGLH6FXGHUL 0LRVVHQV $XVVDJH± GLH8QWHUVXFKXQJLQ&DUGLOODFV+DXVH± LQQHUHhEHU]HXJXQJ± DFK0DGHORQVWXJHQGKDIWHV+HU]GDV JOHLFKH7XJHQGLQGHPXQJOFNOLFKHQ%UXRQHUNDQQWH± 'HU .|QLJLP%HJULIIHWZDV]XHUZLGHUQZDQGWHVLFKDXIHLQ *HUlXVFKXPGDVDQGHU7UHHQWVWDQG/RXYRLVGHUHEHQLP DQGHUQ*HPDFKDUEHLWHWHVDKKLQHLQPLWEHVRUJOLFKHU0LHQH'HU .|QLJVWDQGDXIXQGYHUOLH/RXYRLVIROJHQGGDV=LPPHU%HLGH GLH6FXGHULGLH0DLQWHQRQKLHOWHQGLHVH8QWHUEUHFKXQJIU JHIlKUOLFKGHQQHLQPDOEHUUDVFKWPRFKWHGHU.|QLJVLFKKWHQ LQGLHJHVWHOOWH)DOOH]XP]ZHLWHQPDO]XJHKHQ'RFKQDFK HLQLJHQ0LQXWHQWUDWGHU.|QLJZLHGHUKLQHLQVFKULWWUDVFKHLQ SDDUPDOLP=LPPHUDXIXQGDEVWHOOWHVLFKGDQQGLH+lQGHEHU GHQ5FNHQJHVFKODJHQGLFKWYRUGHU6FXGHULKLQXQGVSUDFK RKQHVLHDQ]XEOLFNHQKDOEOHLVH :RKOP|FKW LFK(XUH0DGHORQ VHKHQ± 'DUDXIGLH6FXGHUL 2 PHLQJQlGLJHU+HUUZHOFKHV KRKHQ± KRKHQ*OFNVZUGLJW,KUGDVDUPHXQJOFNOLFKH.LQG± DFKQXU(XUHV:LQNVEHGXUIW HVMDGLH.OHLQH]X(XUHQ)HQ]X VHKHQ8QGWULSSHOWHGDQQVRVFKQHOOVLHHVLQGHQVFKZHUHQ .OHLGHUQYHUPRFKWHQDFKGHU7UXQGULHIKLQDXVGHU.|QLJZROOH 0DGHORQ&DUGLOODFYRUVLFKODVVHQXQGNDP]XUFNXQGZHLQWH XQGVFKOXFK]WHYRQ(QW]FNHQXQG5KUXQJ'LH6FXGHULKDWWH VROFKH*XQVWJHDKQWXQGGDKHU0DGHORQPLWJHQRPPHQGLHEHL GHU0DUTXLVH.DPPHUIUDXZDUWHWHPLWHLQHUNXU]HQ%LWWVFKULIWLQ GHQ+lQGHQGLHLKUG $QGLOO\DXIJHVHW]W,QZHQLJHQ$XJHQEOLFNHQ ODJVLHVSUDFKORVGHP.|QLJH]X)HQ$QJVW± %HVWU]XQJ± VFKHXH(KUIXUFKW± /LHEHXQG6FKPHU]± WULHEHQGHU$UPHQ UDVFKHUXQGUDVFKHUGDVVLHGHQGH%OXWGXUFKDOOH$GHUQ,KUH :DQJHQJOKWHQLQKRKHP3XUSXU± GLH$XJHQJOlQ]WHQYRQ KHOOHQ7UlQHQSHUOHQGLHGDQQXQGZDQQKLQDEILHOHQGXUFKGLH VHLGHQHQ:LPSHUQDXIGHQVFK|QHQ/LOLHQEXVHQ'HU.|QLJVFKLHQ EHWURIIHQEHUGLHZXQGHUEDUH6FK|QKHLWGHV(QJHOVNLQGHV(U KREGDV0lGFKHQVDQIWDXIGDQQPDFKWHHUHLQH%HZHJXQJDOV ZROOHHULKUH+DQGGLHHUJHIDWNVVHQ(UOLHVLHZLHGHUXQG VFKDXWHGDVKROGH.LQGDQPLWWUlQHQIHXFKWHP%OLFNGHUYRQGHU WLHIVWHQLQQHUQ5KUXQJ]HXJWH/HLVHOLVSHOWHGLH0DLQWHQRQGHU
6FXGHUL]X 6LHKWVLHQLFKWGHUOD 9DOOLHUHlKQOLFKDXIHLQ+DDUGDV NOHLQH'LQJ"± 'HU.|QLJVFKZHOJWLQGHQVHVWHQ(ULQQHUXQJHQ (XHU6SLHOLVWJHZRQQHQ± 6ROHLVHGLHVDXFKGLH0DLQWHQRQ VSUDFKGRFKVFKLHQHVGHU.|QLJYHUQRPPHQ]XKDEHQ(LQH5|WH EHUIORJVHLQ*HVLFKWVHLQ%OLFNVWUHLIWHEHLGHU0DLQWHQRQ YRUEHUHUODVGLH6XSSOLNGLH0DGHORQLKPEHUUHLFKWXQG VSUDFKGDQQPLOGXQGJWLJ ,FKZLOOVZRKOJODXEHQGDGXPHLQ OLHEHV.LQGYRQGHLQHV*HOLHEWHQ8QVFKXOGEHU]HXJWELVWDEHU K|UHQZLUZDVGLH&KDPEUHDUGHQWH GD]XVDJW± (LQHVDQIWH %HZHJXQJPLWGHU+DQGYHUDEVFKLHGHWHGLH.OHLQHGLHLQ7UlQHQ YHUVFKZLPPHQZROOWH± 'LH6FXGHULJHZDKUWH]XLKUHP6FKUHFN GDGLH(ULQQHUXQJDQGLH9DOOLHUHVRHUVSULHOLFKVLHDQIDQJV JHVFKLHQHQGHV.|QLJV6LQQ JHlQGHUWKDWWHVRZLHGLH0DLQWHQRQ GHQ1DPHQJHQDQQW0RFKW HVVHLQGDGHU.|QLJVLFKDXI XQ]DUWH:HLVHGDUDQHULQQHUWIKOWHGDHULP%HJULIIVWHKHGDV VWUHQJH5HFKWGHU6FK|QKHLWDXI]XRSIHUQRGHUYLHOOHLFKWJLQJHV GHP.|QLJHZLHGHP7UlXPHUGHPKDUWDQJHUXIHQGLHVFK|QHQ =DXEHUELOGHUGLHHU]XXPIDVVHQJHGDFKWHVFKQHOOYHUVFKZLQGHQ 9LHOOHLFKWVDKHUQXQQLFKWPHKUVHLQH9DOOLHUHYRUVLFKVRQGHUQ GDFKWHQXUDQGLH6RHXU/RXLVHGHODPLVpULFRUGH GHU9DOOLHUH .ORVWHUQDPHEHLGHQ.DUPHOLWHUQRQQHQ GLHLKQSHLQLJWHPLWLKUHU )U|PPLJNHLWXQG%XH± :DVZDUMHW]WDQGHUV]XWXQDOVGHV .|QLJV%HVFKOVVHUXKLJDE]XZDUWHQ 'HV*UDIHQ0LRVVHQV$XVVDJHYRUGHU&KDPEUHDUGHQWH ZDU LQGHVVHQEHNDQQWJHZRUGHQXQGZLHHV]XJHVFKHKHQSIOHJWGD GDV9RONOHLFKWJHWULHEHQZLUGYRQHLQHP([WUHP]XPDQGHUQVR ZXUGHGHUVHOEHGHQPDQHUVWDOVGHQYHUUXFKWHVWHQ0|UGHU YHUIOXFKWHXQGGHQPDQ]X]HUUHLHQGURKWHQRFKHKHHUGLH %OXWEKQHEHVWLHJHQDOVXQVFKXOGLJHV2SIHUHLQHUEDUEDULVFKHQ -XVWL]EHNODJW1XQHUVWHULQQHUWHQVLFKGLH1DFKEDUVOHXWHVHLQHV WXJHQGKDIWHQ:DQGHOVGHUJURHQ/LHEH]X0DGHORQGHU7UHXH GHU(UJHEHQKHLWPLW/HLEXQG6HHOHGLHHU]XGHPDOWHQ *ROGVFKPLHGJHKHJW± *DQ]H=JHGHV9RONVHUVFKLHQHQRIWDXI EHGURKOLFKH:HLVHYRUOD 5HJQLHV3DODVWXQGVFKULHQ *LEXQV 2OLYLHU%UXRQKHUDXVHULVWXQVFKXOGLJXQGZDUIHQZRKOJDU 6WHLQHQDFKGHQ)HQVWHUQVRGDOD 5HJQLHJHQ|WLJWZDUEHLGHU 0DUHFKDXVVHH6FKXW]]XVXFKHQYRUGHPHU]UQWHQ3|EHO 0HKUHUH7DJHYHUJLQJHQRKQHGDGHU6FXGHULYRQ2OLYLHU %UXRQV3UR]HQXUGDVPLQGHVWHEHNDQQWZXUGH*DQ]WURVWORV
EHJDEVLHVLFK]XU0DLQWHQRQGLHDEHUYHUVLFKHUWHGDGHU.|QLJ EHUGLH6DFKHVFKZHLJHXQGHVJDUQLFKWJHUDWHQVFKHLQHLKQ GDUDQ]XHULQQHUQ)UDJWHVLHQXQQRFKPLWVRQGHUEDUHP/lFKHOQ ZDVGHQQGLHNOHLQH9DOOLHUHPDFKH"VREHU]HXJWHVLFKGLH 6FXGHULGDWLHILP,QQHUQGHUVWRO]HQ)UDXVLFKHLQ9HUGUXEHU HLQH$QJHOHJHQKHLWUHJWHGLHGHQUHL]EDUHQ.|QLJLQHLQ*HELHW ORFNHQNRQQWHDXIGHVVHQ=DXEHUVLHVLFKQLFKWYHUVWDQG9RQGHU 0DLQWHQRQNRQQWHVLHGDKHUJDUQLFKWVKRIIHQ
(QGOLFKPLWG $QGLOO\V+LOIHJHODQJHVGHU6FXGHUL DXV]XNXQGVFKDIWHQGDGHU.|QLJHLQHODQJHJHKHLPH 8QWHUUHGXQJPLWGHP*UDIHQ0LRVVHQVJHKDEW)HUQHUGD %RQWHPVGHV.|QLJVYHUWUDXWHVWHU.DPPHUGLHQHUXQG *HVFKlIWVWUlJHULQGHU&RQFLHUJHULHJHZHVHQXQGPLW%UXRQ JHVSURFKHQGDHQGOLFKLQHLQHU1DFKWHEHQGHUVHOEH%RQWHPVPLW PHKUHUHQ/HXWHQLQ&DUGLOODFV+DXVHJHZHVHQXQGVLFKODQJH GDULQDXIJHKDOWHQ&ODXGH3DWUXGHU%HZRKQHUGHVXQWHUQ 6WRFNVYHUVLFKHUWHGLHJDQ]H1DFKWKDEHHVEHUVHLQHP.RSIH JHSROWHUWXQGJHZLVHL2OLYLHUGDEHLJHZHVHQGHQQHUKDEH VHLQH6WLPPHJHQDXHUNDQQW6RYLHOZDUDOVRJHZLGDGHU .|QLJVHOEVWGHPZDKUHQ=XVDPPHQKDQJHGHU6DFKH QDFKIRUVFKHQOLHXQEHJUHLIOLFKEOLHEDEHUGLHODQJH9HU]|JHUXQJ GHV%HVFKOXVVHV/D 5HJQLHPRFKWHDOOHVDXIELHWHQGDV2SIHU GDVLKPHQWULVVHQZHUGHQVROOWH]ZLVFKHQGHQ=lKQHQ IHVW]XKDOWHQ'DVYHUGDUEMHGH+RIIQXQJLP$XINHLPHQ %HLQDKHHLQ0RQDWZDUYHUJDQJHQGDOLHGLH0DLQWHQRQGHU 6FXGHULVDJHQGHU.|QLJZQVFKHVLHKHXWH$EHQGLQLKUHQGHU 0DLQWHQRQ*HPlFKHUQ]XVHKHQ 'DV+HU]VFKOXJGHU6FXGHULKRFKDXIVLHZXWHGD%UXRQV 6DFKHVLFKQXQHQWVFKHLGHQZUGH6LHVDJWHHVGHUDUPHQ 0DGHORQGLH]XU-XQJIUDX]XDOOHQ+HLOLJHQLQEUQVWLJEHWHWH GDVLHGRFKQXULQGHP.|QLJGLHhEHU]HXJXQJYRQ%UXRQV 8QVFKXOGHUZHFNHQP|FKWHQ
8QGGRFKVFKLHQHVDOVKDEHGHU.|QLJGLHJDQ]H6DFKH YHUJHVVHQGHQQZLHVRQVWZHLOHQGLQDQPXWLJHQ*HVSUlFKHQPLW GHU0DLQWHQRQXQGGHU6FXGHULJHGDFKWHHUQLFKWPLWHLQHU6LOEH GHVDUPHQ%UXRQV(QGOLFKHUVFKLHQ%RQWHPVQlKHUWHVLFKGHP .|QLJHXQGVSUDFKHLQLJH:RUWHVROHLVHGDEHLGH'DPHQQLFKWV
GDYRQYHUVWDQGHQ± 'LH6FXGHULHUEHEWHLP,QQHUQ'DVWDQGGHU .|QLJDXIVFKULWWDXIGLH6FXGHUL]XXQGVSUDFKPLWOHXFKWHQGHQ %OLFNHQ ,FKZQVFKH(XFK*OFNPHLQ)UlXOHLQ± (XHU 6FKW]OLQJ2OLYLHU%UXRQLVWIUHL± 'LH6FXGHULGHUGLH7UlQHQ DXVGHQ$XJHQVWU]WHQNHLQHV:RUWHVPlFKWLJZROOWHVLFKGHP .|QLJH]X)HQZHUIHQ'HU KLQGHUWHVLHGDUDQVSUHFKHQG *HKWJHKW)UlXOHLQ,KUVROOWHW3DUODPHQWVDGYRNDWVHLQXQG PHLQH5HFKWVKlQGHODXVIHFKWHQGHQQEHLPKHLOLJHQ'LRQ\V (XUHU%HUHGVDPNHLWZLGHUVWHKWQLHPDQGDXI(UGHQ± 'RFKIJWH HUHUQVWHUKLQ]XGRFKZHQGLH7XJHQGVHOEVWLQ6FKXW]QLPPW PDJGHUQLFKWVLFKHUVHLQYRUMHGHUE|VHQ$QNODJHYRUGHU &KDPEUHDUGHQWH XQGDOOHQ*HULFKWVK|IHQLQGHU:HOW± 'LH 6FXGHULIDQGQXQ:RUWHGLHVLFKLQGHQJOKHQGVWHQ'DQN HUJRVVHQ'HU.|QLJXQWHUEUDFKVLHLKUDQNQGLJHQGGDLQ LKUHP+DXVHVLHVHOEVWYLHOIHXULJHUHU'DQNHUZDUWHDOVHUYRQLKU IRUGHUQN|QQHGHQQZDKUVFKHLQOLFKXPDUPHLQGLHVHP $XJHQEOLFNGHUJOFNOLFKH2OLYLHUVFKRQVHLQH0DGHORQ%RQWHPV VRVFKORGHU.|QLJ%RQWHPVVROO(XFKWDXVHQG/RXLVDXV]DKOHQ GLHJHEWLQPHLQHP1DPHQGHU.OHLQHQDOV%UDXWVFKDW]0DJVLH LKUHQ%UXRQGHUVROFKHLQ*OFNJDUQLFKWYHUGLHQWKHLUDWHQ DEHUGDQQVROOHQEHLGHIRUWDXV3DULV'DVLVWPHLQ:LOOH 'LH0DUWLQLHUHNDPGHU6FXGHULHQWJHJHQPLWUDVFKHQ6FKULWWHQ KLQWHULKUKHU%DSWLVWHEHLGHPLWYRU)UHXGHJOlQ]HQGHQ *HVLFKWHUQEHLGHMDXFK]HQGVFKUHLHQG (ULVWKLHU± HULVWIUHL± R GLHOLHEHQMXQJHQ/HXWH'DVVHOLJH3DDUVWU]WHGHU6FXGHUL]X )HQ2 LFKKDEHHVMDJHZXWGD,KU,KUDOOHLQPLUGHQ *DWWHQUHWWHQZUGHWULHI0DGHORQ$FKGHU*ODXEHDQ(XFK PHLQH0XWWHUVWDQGMDIHVWLQPHLQHU6HHOHULHI2OLYLHUXQG EHLGHNWHQGHUZUGLJHQ'DPHGLH+lQGHXQGYHUJRVVHQ WDXVHQGKHLH7UlQHQ8QGGDQQXPDUPWHQVLHVLFKZLHGHUXQG EHWHXHUWHQGDGLHEHULUGLVFKH6HOLJNHLWGLHVHV$XJHQEOLFNVDOOH QDPHQORVHQ/HLGHQGHUYHUJDQJHQHQ7DJHDXIZLHJHXQG VFKZRUHQQLFKWYRQHLQDQGHU]XODVVHQELVLQGHQ7RG
1DFKZHQLJHQ7DJHQZXUGHQVLHYHUEXQGHQGXUFKGHQ6HJHQGHV 3ULHVWHUV:lUHHVDXFKQLFKWGHV.|QLJV:LOOHJHZHVHQ%UXRQ KlWWHGRFKQLFKWLQ3DULVEOHLEHQN|QQHQZRLKQDOOHVDQMHQH HQWVHW]OLFKH=HLWGHU8QWDWHQ&DUGLOODFVHULQQHUWHZRLUJHQGHLQ =XIDOOGDVE|VH*HKHLPQLVQXQQRFKPHKUHUHQ3HUVRQHQEHNDQQW ZRUGHQIHLQGVHOLJHQWKOOHQXQGVHLQIULHGOLFKHV/HEHQDXILPPHU
YHUVW|UHQNRQQWH*OHLFKQDFKGHU+RFK]HLW]RJHUYRQGHQ 6HJQXQJHQGHU6FXGHULEHJOHLWHWPLWVHLQHPMXQJHQ:HLEHQDFK *HQI5HLFKDXVJHVWDWWHWGXUFK0DGHORQV%UDXWVFKDW]EHJDEWPLW VHOWHQHU*HVFKLFNOLFKNHLWLQVHLQHP+DQGZHUNPLWMHGHU EUJHUOLFKHQ7XJHQGZDUGLKPGRUWHLQJOFNOLFKHVVRUJHQIUHLHV /HEHQ,KPZXUGHQGLH+RIIQXQJHQHUIOOWGLHGHQ9DWHU JHWlXVFKWKDWWHQELVLQGDV*UDEKLQHLQ
(LQ-DKUZDUYHUJDQJHQVHLWGHU$EUHLVH%UXRQVDOVHLQH |IIHQWOLFKH%HNDQQWPDFKXQJHUVFKLHQJH]HLFKQHWYRQ+DUOR\ GH &KDXYDORQ(U]ELVFKRIYRQ3DULVXQGYRQGHP 3DUODPHQWVDGYRNDWHQ3LHUUH$UQDXGG $QGLOO\GHV,QKDOWVGDHLQ UHXLJHU6QGHUXQWHUGHP6LHJHOGHU%HLFKWHGHU.LUFKHHLQHQ UHLFKHQJHUDXEWHQ6FKDW]DQ-XZHOHQXQG*HVFKPHLGH EHUJHEHQ-HGHUGHPHWZDELV]XP(QGHGHV-DKUHV YRU]JOLFKGXUFKP|UGHULVFKHQ$QIDOODXI|IIHQWOLFKHU6WUDHHLQ 6FKPXFNJHUDXEWZRUGHQVROOHVLFKEHLG $QGLOO\PHOGHQXQG ZHUGHWUHIIHGLH%HVFKUHLEXQJGHVLKPJHUDXEWHQ6FKPXFNVPLW LUJHQGHLQHPYRUJHIXQGHQHQ.OHLQRGJHQDXEHUHLQXQGILQGH VRQVWNHLQ=ZHLIHOJHJHQGLH5HFKWPlLJNHLWGHV$QVSUXFKVVWDWW GHQ6FKPXFNZLHGHUHUKDOWHQ± 9LHOHGLHLQ&DUGLOODFV/LVWHDOV QLFKWHUPRUGHWVRQGHUQEORGXUFKHLQHQ)DXVWVFKODJEHWlXEW DXIJHIKUWZDUHQIDQGHQVLFKQDFKXQGQDFKEHLGHP 3DUODPHQWVDGYRNDWHQHLQXQGHUKLHOWHQ]XLKUHPQLFKWJHULQJHQ (UVWDXQHQGDVLKQHQJHUDXEWH*HVFKPHLGH]XUFN'DVEULJHILHO GHP6FKDW]GHU.LUFKH]X6W (XVWDFKHDQKHLP
Related Documents
Hoffmann, Eta - Das Fraeulein Von Scuderi
April 2020 3
Das Kristallherz Von Der Prinzessin
November 2019 32
Das Experiment (von Felix & Tim)
November 2019 5
Eta
November 2019 46
