This study focuses on the significance and functions of last letters written before death in the literature and culture
294 25 3MB
German Pages 306 [308] Year 2012
Table of contents :
1. „Ich sterbe, lieber Klopstock“: Nachdenken über eine Briefsorte
1.1 ‚Abschied‘ und ,Abschiedsbrief‘: Ritual, Etymologie, Definitionen
1.2 Im Grenzbereich der Briefforschung: eine Bestandsaufnahme
1.3 Eine Briefsorte des 18.Jahrhunderts: Programmatisches, Anliegen und Aufbau
2. Modelle des Sprechens und Schreibens vor dem Tod von der Antike bis ins 18. Jahrhundert: ein vergleichender Überblick in Beispielen
2.1 Phaidra und Sokrates: Extrem und Exempel
2.2 Zwischen Ritualisierung und Narrenfreiheit: letzte Worte im christlichen Mittelalter und in der Frühen Neuzeit
2.3 Diskurse über Abschiedsbriefe und letzte Worte bis zur Mitte des 18.Jahrhunderts: Testament [...]vff eintzehle Zettelein, Rebels no Saints, Sterbe=Bibel
2.4 Gleichzeitigkeit des Ungleichzeitigen im 18. Jahrhundert: Subjektivität und Konvention in Briefkultur, Literatur und Sterbekünsten
3. Von Sterbenden lernen: Abschiedsbriefe als Erbauungs-, Erziehungs- und Trostliteratur
3.1 Elizabeth Singer Rowes Letters Moral I: Totenbriefe, ,death-bed repentance‘, fiktionale Abschiedsbotschaften
3.2 Elizabeth Singer Rowes Letters Moral II: Rowes private letzte Briefe
3.3 Künstlichkeit, Realismus, ‚Authentizität‘: Moralische Briefe zur Bildung des Herzens und Briefe von Sterbenden
4. Überraschung, Rache, Rücksicht: Variationen des Exempels
4.1 Wenn der schriftliche Abschied nicht der letzte ist: Gellerts Leben der Schwedischen Gräfinn von G***
4.2 „Hear me, [...] as one speaking from the dead“: Richardsons Clarissa
4.3 Vom Rückzug des Sterbenden hinter die Schrift: Abschiedsbriefe in ausgewählten Werken Sophie von La Roches
5. Phaidras schweigsame Schwestern: Abschiedsbriefe als Geheimnis träger
5.1 Befreiung vom und Freiheit zum Geheimnis
5.2 Das geheime Leben und Lieben der Frauen I: Pflicht und Desillusionierung
5.3 Das geheime Leben und Lieben der Frauen II: Julies verräterisches Herz
5.4 Luise und „Charlotte. Unglükliche Selbst und Kindesmörderin [...]“: Schreiben jenseits von Schweigegebot und Schande
6. Botschaften aus dem jenseits der Gesellschaft? Abschiedsbriefe von Selbstmördern
6.1 Kontinuität und Veränderung: die suizidäre Sterbekunst
6.2 Die Nachwelt liest mit: Exempelwirkung und Philosophien
6.3 Abschiedsbriefe im Suiziddiskurs: Erfahrungsseelenkunde, Fälle, Fiktionen
7. Literatur und Wirklichkeit: Werther, der Brief an Lotte und was aus den Sterbekünsten wurde
7.1 Von Jerusalem zu Werther: Botschaften an Familie und Freunde
7.2 Der Abschiedsbrief an Lotte: Liebe, Wahn und scheiternde Exempel
7.3 Kritische Reaktionen und kreative Reinkarnationen
7.4 „Ich schreibe Ihnen vom Sterbebette aus“: das Fortleben der Sterbekünste in letzten Briefen von Selbstmördern
8. Am Ende ein Anfang: Schlussbemerkungen
Abkürzungsverzeichnis
Bibliographie
Quellen
Anthologien letzter Briefe
Wörterbücher und Lexika
Forschungsliteratur
Personen- und Werkregister
Marie Isabel Schlinzig Abschiedsbriefe in Literatur und Kultur des 18. Jahrhunderts
spectrum Literaturwissenschaft / spectrum Literature Komparatistische Studien / Comparative Studies
Herausgegeben von / Edited by Angelika Corbineau-Hoffmann · Werner Frick
Wissenschaftlicher Beirat / Editorial Board Sam-Huan Ahn · Peter-Andre´ Alt · Aleida Assmann · Francis Claudon Marcus Deufert · Wolfgang Matzat · Fritz Paul · Terence James Reed Herta Schmid · Simone Winko · Bernhard Zimmermann Theodore Ziolkowski
25
De Gruyter
Marie Isabel Schlinzig
Abschiedsbriefe in Literatur und Kultur des 18. Jahrhunderts
De Gruyter
Gedruckt mit freundlicher Unterstützung der FAZIT-Stiftung, der Association for German Studies in Great Britain and Ireland und des Fiedler Memorial Fund.
ISBN 978-3-11-025378-8 e-ISBN 978-3-11-025379-5 ISSN 1860-210X Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.dnb.de abrufbar. 쑔 2012 Walter de Gruyter GmbH, Berlin/Boston Einbandabbildung: Ralf Hiemisch/Getty Images Druck: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com
0HLQHQ0HQVFKHQ
'DQN
-HGHV %XFK KDW VHLQH HLJHQH *HVFKLFKWH 'LHVHV KLHU EHJDQQ PLW GHP 1DFKGHQNHQEHUGLH%ULHIH+HLQULFKYRQ.OHLVWVZXFKVVLFKDXV]XHLQHU 3URPRWLRQXQGJLQJQDFKGHPGLHVHWHLOVEHUDUEHLWHWWHLOVNRUULJLHUWZDU LQ 'UXFN ² RKQH YLHOH :RUWH EHU GHQ SUHXLVFKHQ 'LFKWHU YHUORUHQ ]X KDEHQ 'RFK ZDV QLFKW LVW ZLUG ZHUGHQ $Q GLHVHU 6WHOOH VROOHQ DOO MHQH EHGDFKWVHLQGLHGLHKLHUSUlVHQWLHUWH6WXGLHEHUPHKUHUHEHZHJWH-DKUH KLQZHJ HUP|JOLFKW XQG EHJOHLWHW KDEHQ *HGDQNW VHL ]XQlFKVW 6W+LOGD·V &ROOHJH XQG 6W+XJK·V &ROOHJH IU ILQDQ]LHOOH 8QWHUVWW]XQJ XQG HLQ =XKDXVH DXI =HLW GHP $UWV +XPDQLWLHV 5HVHDUFK &RXQFLO XQG GHP 'HXWVFKHQ $NDGHPLVFKHQ $XVWDXVFKGLHQVW IU 6WLSHQGLHQ GLH GUHL -DKUH UXKLJHQ $UEHLWHQV HUODXEWHQ GHU )$=,76WLIWXQJ GLH QLFKW QXU KDOI DOV GLH 3URPRWLRQ LQ GHQ 6FKOXVVVSXUW JLQJ VRQGHUQ DXFK GHQ /|ZHQDQWHLO GHU 'UXFNNRVWHQ EHUQRPPHQ KDW GHU $VVRFLDWLRQ IRU *HUPDQ 6WXGLHV LQ *UHDW %ULWDLQ DQG ,UHODQG IU GLH =XHUNHQQXQJ LKUHV 3XEOLFDWLRQ 6FKRODUVKLSGHP)LHGOHU0HPRULDO)XQGGHUHLQHHUWUDJUHLFKH5HLVHQDFK %HUOLQ XQG $XJVEXUJ HUP|JOLFKWH XQG VLFK HEHQIDOOV DQ GHU 3XEOLNDWLRQ EHWHLOLJWKDWXQGVFKOLHOLFKPHLQHQGHU]HLWLJHQ$UEHLWJHEHUQGHP/HYHU KXOPH7UXVWXQGGHP-RKQ)HOO)XQGLQ$VVR]LDWLRQPLWGHU8QLYHUVLW\ RI 2[IRUG GDQN GHUHU LFK GLH OHW]WHQ .RUUHNWXUHQ DP 0DQXVNULSW LQ YHUKlOWQLVPlLJHU 5XKH YRUQHKPHQ NRQQWH 2KQH PHLQHQ 'RNWRUYDWHU -LP5HHGZlUHGLHVH6WXGLHYLHOOHLFKWQLHHQWVWDQGHQ6HLQHU%HUHLWVFKDIW VLH ² XQG PLFK ² ]X EHWUHXHQ REZRKO GLH )UHLKHLW YRQ GHUDUWLJHQ 9HU SIOLFKWXQJHQORFNWHVHLQHP(QWKXVLDVPXVXQGVHLQHUDXIPHUNVDPHQ*H GXOG YHUGDQNH LFK YLHO .HYLQ +LOOLDUG KDW PLU VWHWV ]XU UHFKWHQ =HLW PLW 5DW7DWXQG(UPXWLJXQJ]XU6HLWHJHVWDQGHQZDVLFKLKPQLFKWYHUJHVVHQ ZHUGH +HU]OLFK JHGDQNW VHL DXHUGHP &KULVWLQH +HQVFKHO RKQH GLH GDV %XFK VLFKHU QLFKW ]XU YRUOLHJHQGHQ )RUP JHIXQGHQ KlWWH (LQ IUHXQG VFKDIWOLFKHV 'DQNHVFK|Q JHKW LQ GLH )HUQH DQ 0DUHW IU *HVSUlFKH 5HFKHUFKHQXQGKHUUOLFKH%ULHIHDQ'DQLHOIU8QWHUVWW]XQJ8QWHUNXQIW XQGHLQHQXQYHUJHVVOLFKHQ6SD]LHUJDQJDP6HHXQGDQ0HDJKDQIU3RVW NDUWHQ)RWRJUDILHQXQGGDVULFKWLJH:RUW]XUULFKWLJHQ=HLW*HGDQNWVHL QLFKW]XOHW]WDOOMHQHQKLHUQDPHQWOLFKQLFKW(UZlKQWHQGLHPLFKEHUDWHQ JHI|UGHUWRGHULQPDQFKHU0LQXWHHLQIDFKQXUHUWUDJHQKDEHQ7LHIHPS IXQGHQH 'DQNEDUNHLW XQG PHKU JHEKUW VFKOLHOLFK $ODVWDLU PHLQHP 0DQQ XQG PHLQHU )DPLOLH ² PHLQHU *URPXWWHU (ULND PHLQHU 0XWWHU
9,,,
'DQN
(YD0DULDPHLQHP9DWHU5GLJHUPHLQHU6FKZHVWHU.ULVWLQDVRZLH7KR PDVPHLQHP6FKZDJHUXQG(OL]DPHLQHU1LFKWH²IULKUH+LOIHLQZLUN OLFKDOOHQ'LQJHQGHV/HEHQVIULKUHQQLHYHUVLHJHQGHQ*ODXEHQDQPLFK IUGDV9RUELOGGDVPLUMHGHUYRQLKQHQDXIVHLQH:HLVHLVWXQGYRUDOOHP IULKUH/LHEH'LHVLVWDXFKLKUH*HVFKLFKWH 2[IRUGLP6RPPHU 0DULH,VDEHO6FKOLQ]LJ
,QKDOW Å,FKVWHUEHOLHEHU.ORSVWRFN´ 1DFKGHQNHQEHUHLQH%ULHIVRUWH Ä$EVFKLHG¶XQGÄ$EVFKLHGVEULHI¶5LWXDO(W\PRORJLH'HILQLWLRQHQ ,P*UHQ]EHUHLFKGHU%ULHIIRUVFKXQJHLQH%HVWDQGVDXIQDKPH (LQH%ULHIVRUWHGHV-DKUKXQGHUWV 3URJUDPPDWLVFKHV$QOLHJHQXQG$XIEDX 0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RGYRQGHU$QWLNH ELVLQV-DKUKXQGHUWHLQYHUJOHLFKHQGHUhEHUEOLFNLQ%HLVSLHOHQ 3KDLGUDXQG6RNUDWHV([WUHPXQG([HPSHO =ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW OHW]WH:RUWHLPFKULVWOLFKHQ0LWWHODOWHUXQGLQGHU)UKHQ1HX]HLW 'LVNXUVHEHU$EVFKLHGVEULHIHXQGOHW]WH:RUWH ELV]XU0LWWHGHV-DKUKXQGHUWV7HVWDPHQW>«@YIIHLQW]HKOH=HWWHOHLQ 5HEHOVQR6DLQWV6WHUEH %LEHO *OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW6XEMHNWLYLWlW XQG.RQYHQWLRQLQ%ULHINXOWXU/LWHUDWXUXQG6WHUEHNQVWHQ 9RQ6WHUEHQGHQOHUQHQ $EVFKLHGVEULHIHDOV(UEDXXQJV(U]LHKXQJVXQG7URVWOLWHUDWXU (OL]DEHWK6LQJHU5RZHV/HWWHUV0RUDO, 7RWHQEULHIHÄGHDWKEHGUHSHQWDQFH¶ILNWLRQDOH$EVFKLHGVERWVFKDIWHQ (OL]DEHWK6LQJHU5RZHV/HWWHUV0RUDO,, 5RZHVSULYDWHOHW]WH%ULHIH .QVWOLFKNHLW5HDOLVPXV$XWKHQWL]LWlW¶ 0RUDOLVFKH%ULHIH]XU%LOGXQJGHV+HU]HQVXQG%ULHIHYRQ6WHUEHQGHQ hEHUUDVFKXQJ5DFKH5FNVLFKW9DULDWLRQHQGHV([HPSHOV :HQQGHUVFKULIWOLFKH$EVFKLHGQLFKWGHUOHW]WHLVW *HOOHUWV/HEHQGHU6FKZHGLVFKHQ*UlILQQYRQ*
Å+HDUPH>«@DVRQHVSHDNLQJIURPWKHGHDG´5LFKDUGVRQV&ODULVVD 9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW $EVFKLHGVEULHIHLQDXVJHZlKOWHQ:HUNHQ6RSKLHYRQ/D5RFKHV
;
,QKDOW
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ$EVFKLHGVEULHIHDOV*HKHLPQLVWUlJHU %HIUHLXQJYRPXQG)UHLKHLW]XP*HKHLPQLV 'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ, 3IOLFKWXQG'HVLOOXVLRQLHUXQJ 'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,, -XOLHVYHUUlWHULVFKHV+HU] /XLVHXQGÅ&KDUORWWH8QJONOLFKH6HOEVWXQG.LQGHVP|UGHULQ>«@´ 6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERWXQG6FKDQGH %RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW" $EVFKLHGVEULHIHYRQ6HOEVWP|UGHUQ .RQWLQXLWlWXQG9HUlQGHUXQJGLHVXL]LGlUH6WHUEHNXQVW 'LH1DFKZHOWOLHVWPLW([HPSHOZLUNXQJXQG3KLORVRSKLHQ $EVFKLHGVEULHIHLP6XL]LGGLVNXUV (UIDKUXQJVVHHOHQNXQGH)lOOH)LNWLRQHQ /LWHUDWXUXQG:LUNOLFKNHLW:HUWKHUGHU%ULHIDQ/RWWH XQGZDVDXVGHQ6WHUEHNQVWHQZXUGH 9RQ-HUXVDOHP]X:HUWKHU%RWVFKDIWHQDQ)DPLOLHXQG)UHXQGH 'HU$EVFKLHGVEULHIDQ/RWWH/LHEH:DKQXQGVFKHLWHUQGH([HPSHO .ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´ GDV)RUWOHEHQGHU6WHUEHNQVWHLQOHW]WHQ%ULHIHQYRQ6HOEVWP|UGHUQ $P(QGHHLQ$QIDQJ6FKOXVVEHPHUNXQJHQ $ENU]XQJVYHU]HLFKQLV %LEOLRJUDSKLH 4XHOOHQ $QWKRORJLHQOHW]WHU%ULHIH :|UWHUEFKHUXQG/H[LND )RUVFKXQJVOLWHUDWXU 3HUVRQHQXQG:HUNUHJLVWHU
Å,FKVWHUEHOLHEHU.ORSVWRFN´ 1DFKGHQNHQEHUHLQH%ULHIVRUWH Ä$EVFKLHG¶XQGÄ$EVFKLHGVEULHI¶ 5LWXDO(W\PRORJLH'HILQLWLRQHQ
Å%ULHIH VFKUHLEHQ ILQJLHUW /HEHQGLJHV LP 0HGLXP GHVHUVWDUUWHQ :RUWV´ KHLWHVEHL7KHRGRU:$GRUQRÅ,P%ULHIYHUPDJPDQGLH$EJHVFKLH GHQKHLW]XYHUOHXJQHQXQGJOHLFKZRKOGHU)HUQH$EJHVFKLHGHQH]XEOHL EHQ´(LQHEHVRQGHUH%OWHHUOHEWHGLHVHJDWWXQJVW\SLVFKH5KHWRULNYRQ VLPXOLHUWHU$QZHVHQKHLWXQG8QPLWWHOEDUNHLWLPGHP-DKUKXQGHUWGHV %ULHIHV$OOHUGLQJVYHUlQGHUWHVLFKGHUHQ4XDOLWlWZHQQVLFKGDVWHPSR UlUHYLHOOHLFKWJHVXFKWHLQHLQHQGJOWLJHV$EJHVFKLHGHQVHLQYHUZDQGHOWH ZHQQ HV GLH 7UHQQXQJ YRQ GHU :HOW EHGHXWHWH HLQ %ULHI GHU OHW]WH VHLQ VROOWH²HLQ$EVFKLHGVEULHI 'LHVHU%HJULIIPHLQWKLHUDXVVFKOLHOLFK%RWVFKDIWHQGLHHLQ0HQVFK EHZXVVWPRWLYLHUWGXUFKGDV%HYRUVWHKHQVHLQHVHLJHQHQ7RGHVDQ9HU ZDQGWH )UHXQGH RGHU GLH 1DFKZHOW DOOJHPHLQ YHUIDVVW $EVFKLHGVEULHIH PDUNLHUHQ YLHOIDFKH PLWHLQDQGHU GXUFK GLH VSH]LILVFKHQ 8PVWlQGH GHV 9HUIDVVHQV VRZLH GLH %HGLQJXQJHQ GHV 0HGLXPV YHUNQSIWH *UHQ]EHU VFKUHLWXQJHQ ]ZLVFKHQ /HEHQ XQG 7RG .RPPXQL]LHUHQ XQG 9HUVWXP PHQ6SUHFKHQXQG6FKUHLEHQ$QZHVHQKHLWXQG$EZHVHQKHLW+LVWRULVFK XQGNXOWXUHOOYDULDEOH5LWXDOHOHW]WHQ$EVFKLHGQHKPHQVVRZLHGLHUHOLJL| VHQVR]LDOHQXQGSHUV|QOLFKHQ8PVWlQGHGHV6WHUEHQGHQEHVWLPPHQGLH 6FKUHLEVLWXDWLRQ 6LH DOOH JHPHLQVDP SUlJHQ JHUDKPW GXUFK ]HLWJHQ|VVL VFKH %ULHINRQYHQWLRQHQ 0DWHULDOLWlW VSUDFKOLFKH )RUP XQG ,QKDOWH GHU %RWVFKDIWEHHLQIOXVVHQGHUHQhEHUPLWWOXQJ)XQNWLRQXQG5H]HSWLRQ BBBBBBBBBBBBB
>-RKDQQ /XGZLJ@ *OHLP DQ >)ULHGULFK *RWWOLHE@ .ORSVWRFN Å+DOEHUVWDGW GHQ WHQ -DQ ´ LQ )ULHGULFK *RWWOLHE .ORSVWRFN :HUNH XQG %ULHIH +LVWRULVFK.ULWLVFKH $XVJDEH KUVJ YRQ+RUVW*URQHPH\HUXD%HUOLQXQG1HZ+HUYRUKHEXQJHQLP2ULJLQDO@ 9DQ*HQQHSJHKWQLFKWQlKHUDXI6WHUEHULWXDOHHLQEH]HLFKQHWDOOHUGLQJVGLHOHW]WHgOXQJ LPNDWKROLVFKHQ*ODXEHQDOV7HLOHLQHV$QJOLHGHUXQJVULWXVYJOGHUV5LWHV6 9JOGD]XYDQ*HQQHS5LWHV6VRZLH.DS9,,,Ä/HV)XQpUDLOOHV¶ 9JO&DUROD2WWHUVWHGW$EVFKLHGLP$OOWDJ*UXIRUPHQXQG$EVFKLHGVJHVWDOWXQJLPLQWHUNXOWXUHOOHQ 9HUJOHLFK0QFKHQ,XGLFLXP 6II 9JO]XP%HJULIIGHVÄ*UHQ]JlQJHUV¶6\OYLD06FKRPEXUJ6FKHUIIÄ1DFKZRUW¶]X$UQROG YDQ*HQQHShEHUJDQJVULWHQ/HVULWHVGHSDVVDJH DXVGHP)UDQ]|VLVFKHQYRQ.ODXV6FKRP EXUJ XQG 6\OYLD0 6FKRPEXUJ6FKHUII PLW HLQHP 1DFKZRUW YRQ 6\OYLD0 6FKRPEXUJ 6FKHUIIHUZHLWHUWH$XIODJH)UDQNIXUWD0XQG1HZ«@GLH.RQNXUUHQ]IRUPYRQGHPDXVGHPUHGXSOL]LHUHQGHQ 9HUEDEVFKHLGHQÄVLFK WUHQQHQ¶JHELOGHWHQQXUZHQLJMQJHUHQ$EVFKHLGP GDV LP -K GXUFK $EVFKLHG YHUGUlQJW ZLUG´ %HLGH 1RPHQ E]Z 9DULDQWHQ VLQGVHLWGHP6SlWPLWWHODOWHULQGHQ%HGHXWXQJHQÄ7RG¶E]Z Ä6WHUEHQ¶ QDFKZHLVEDU ZHOFKH VLH LP )UKQHXKRFKGHXWVFKHQ QRFK PLW GHP:RUWÄDEVFKHLGXQJ¶WHLOHQ%HLVSLHOJHEHQGIUGLHVHV:RUWYHUVWlQG QLV ZDUHQ ZRKO LQ HUVWHU /LQLH )RUPXOLHUXQJHQ FKULVWOLFKHU 3UlJXQJ GLH GLH /RVO|VXQJ GHV HZLJHQ YRP VWHUEOLFKHQ 7HLO GHQ Å$EVFKH\G GHU VHHO YRPOH\E´ XQGGDPLWGHQWUHQQHQGHQhEHUJDQJYRQGHULUGLVFKHQ LQ GLH MHQVHLWLJH :HOW EHVFKULHEHQ 7HLOV VWHOOWH PDQ ² YHUHLQGHXWLJHQG XQGEHGHXWXQJVVWHLJHUQG²GHP6XEVWDQWLYGDV$GMHNWLYÄOHW]WHU¶YRUDQ (LQH GHU ZLUNXQJVUHLFKVWHQ%HOHJVWHOOHQ IU GDV 9HUE ÄDEVFKHLGHQ¶ OLHIHUW
BBBBBBBBBBBBB
(W\PRORJLVFKHV:|UWHUEXFK GHV 'HXWVFKHQ HUDUEHLWHW LP=HQWUDOLQVWLWXW IU 6SUDFKZLVVHQVFKDIW %HUOLQ XQWHU GHU /HLWXQJ YRQ :ROIJDQJ 3IHLIHU XQJHNU]WH GXUFKJHVHKHQH $XVJDEH 0QFKHQ 'HXWVFKHU 7DVFKHQEXFK 9HUODJ 6 >+HUYRUKHEXQJ LP 2ULJLQDO@ YJO HEG6VRZLH):%KUVJYRQ5REHUW5$QGHUVRQXD%HUOLQXQG1HZ$EVFKLHG@QHKPHQ¾SRHW¿VWHUEHQ´ 3DXO 'HXWVFKHV :|UWHUEXFK 6 YJO HUJlQ]HQG YD GLH (LQWUlJH ]X GHQ 6WLFKZRUWHQ ÄDE VFKHLGHQ¶HEG XQGÄYHUVFKHLGHQ¶HEG6 /H[HU0LWWHOKRFKGHXWVFKHV+DQGZ|UWHUEXFK,6S 9JO .DUO (UQVW *HRUJHV $XVIKUOLFKHV /DWHLQLVFK'HXWVFKHV +DQGZ|UWHUEXFK %GH 'DUP VWDGW :LVVHQVFKDIWOLFKH %XFKJHVHOOVFKDIW ,, 6S VRZLH 3DXO 'HXWVFKHV :|UWHU EXFK6
Å,FKVWHUEHOLHEHU.ORSVWRFN´
Ä6FKHLGXQJVXUNXQGH¶'DV)UKQHXKRFKGHXWVFKHYHUVWHKWHLQHQÄ$EVFKHL GHEULHI¶LQDOOJHPHLQHUHP6LQQHDOVÅ8UNXQGHEHUGLH(QWVFKHLGXQJHLQHU 5HFKWVLQVWDQ]´GDV1RPHQÄ%ULHI¶HUVFKHLQWLQVlPWOLFKHQGLHVHU%HLVSLHOH LQ VHLQHU KHXW]XWDJH LP 'HXWVFKHQ JHVFKZXQGHQHQ %HGHXWXQJ DOV MXULV WLVFKHV'RNXPHQW'LHVH'HILQLWLRQGRPLQLHUWDXFK=HGOHUV$XVIKUXQ JHQ]XP6WLFKZRUWÄ$EVFKLHGVEULHI¶$GHOXQJXQG&DPSHVFKOLHHQVLFK GHP DQ IJHQ MHGRFK GLH HEHQIDOOV VHLW ODQJHP JlQJLJH %HGHXWXQJ GHV 'LHQVW RGHU (QWODVVXQJV]HXJQLVVHV KLQ]X DXFK NXU] Ä$EVFKLHG¶ JH QDQQW 'DUEHU KLQDXV IKUHQ VLH HLQH QHXWUDOH 'HILQLWLRQ DQ GLH DOO JHPHLQ]ZLVFKHQPHQVFKOLFKH%H]LHKXQJHQLQGHQ%OLFNQLPPWÅ(LQ%ULHI ZRULQ PDQ YRQ MHPDQGHQ $EVFKLHG QLPPW´ ,Q GHU (UVWDXVJDEH GHV *ULPP·VFKHQ :|UWHUEXFKHV HUVFKHLQW /HW]WHUHV DXI GLH %HGHXWXQJ ÄVFKHLGEULHI¶UHGX]LHUWLPhEULJHQEHUZLHJWGLHUHFKWOLFKWHFKQLVFKH'H ILQLWLRQ 'LIIHUHQ]LHUWHU JHVWDOWHW VLFK GLH 1HXEHDUEHLWXQJ GHV HUVWHQ %DQGVGHV'HXWVFKHQ:|UWHUEXFKV GLHQHEHQGHQEHUHLWVDQJHIKUWHQ :RUWEHGHXWXQJHQ]ZHL%HOHJVWHOOHQ]XPÄ$EVFKLHGVEULHI¶DQIKUWZLHHU KLHU YHUVWDQGHQ ZLUG (LQ 1DFKZHLV VWDPPW DXV *HRUJ 3KLOLSS +DUV G|UIIHUV+HUDFOLWXVXQG'HPRFULWXV HLQ]ZHLWHUEH]LHKWVLFKDXIOHW]WH %ULHIH YRQ 6ROGDWHQ GHV IUKHQ -DKUKXQGHUWV 6SlWHUH 'HILQLWLRQHQ GHV 'XGHQ EOHLEHQ KLQVLFKWOLFK GHU (LQGHXWLJNHLW GDKLQWHU ]XUFN 0LW %H]XJDXIGDV:RUWÄ$EVFKLHGVEULHI¶WUlJWGDPLWELVKHXWHHLQH0HKUKHLW GHU :|UWHUEFKHU XQG /H[LND GHP DOOJHPHLQHQ ZLH OLWHUDULVFKHQ 6SUDFK JHEUDXFKQLFKWYROOVWlQGLJ5HFKQXQJ BBBBBBBBBBBBB
):%,6S 8QLYHUVDO/H[LFRQ,6S 9JO):%,6SQÄDEVFKLHGEULHI¶ ÄDEVFKLHG]HWWHO¶ $GHOXQJ:|UWHUEXFK ,6S9JO&DPSH:|UWHUEXFK ,6S/HW]WHUHUIKUWDQJOHLFKHU 6WHOOHGLHÄ$EVFKLHGVNDUWH¶DQÅHLQH.DUWHHLQ%ODWWZRUDXIPDQPLWZHQLJHQ:RUWHQYRQ MHPDQG$EVFKLHGQLPPWXQGGLHPDQDQLKQDEJLHEWRGHUDEJHEHQOlW´ *ULPP:|UWHUEXFK,6S 'HXWVFKHV:|UWHUEXFKYRQ-DFREXQG:LOKHOP*ULPP1HXEHDUEHLWXQJKUVJYRQGHU$NDGHPLHGHU :LVVHQVFKDIWHQGHU''5VSlWHU%HUOLQ%UDQGHQEXUJLVFKH$NDGHPLHGHU:LVVHQVFKDIWHQ LQ =XVDPPHQDUEHLW PLW GHU $NDGHPLHGHU :LVVHQVFKDIWHQ ]X*|WWLQJHQ /HLS]LJ +LU]HO ² , 6S9JO*HRUJ3KLOLSS+DUVG|UIIHUÅ'HUYHUUDHWKHULVFKH)UHXQG´ LQGHUV+HUDFOLWXVXQG'HPRFULWXV'DVLVW&)U|OLFKHXQG7UDXULJH*HVFKLFKWHJHGROPHWVFKW$XVGHQ OHKUUHLFKHQ 6FKULIIWHQ ->HDQ@ 3>LHUUH@ &DPXV >«@ 1UQEHUJ (QGWHU 6² KLHU 6'LH1HXEHDUEHLWXQJHQWKlOW]XGHPHLQHQ(LQWUDJ]XP%HJULIIÄ$EVFKHLGVEULHI¶GHU VLFK DXVVFKOLHOLFK DXI GHQ MXULVWLVFKHQ XQG JHVFKlIWOLFKHQ %HUHLFK EH]LHKW YJO 'HXWVFKHV :|UWHUEXFK1HXEHDUEHLWXQJ,6SQI 9JO 'XGHQ 'DV JURH :|UWHUEXFK GHU GHXWVFKHQ 6SUDFKH 6 Å$EVFKLHGVEULHI GHU %ULHI LQ GHPMPGIUOlQJHUH=HLWRGIULPPHUYRQMPGP$EVFKLHGQLPPW´(KHUZXUGHGHU7HUPLQXVPLW %H]XJDXI/LHEHVDEVFKLHGHTXDOLIL]LHUW9JOGD]X%URFNKDXV:DKULJ,6 'HU%HJULIIZLUGJHKlXIWDVVR]LLHUWPLWXQGYHUZHQGHWLP.RQWH[WYRQ6XL]LGHQ9JOEHL VSLHOVZHLVH GHQ :LNLSHGLD(LQWUDJ ]XP 6WLFKZRUW Ä/HW]WH :RUWH¶ KWWSGHZLNLSH GLDRUJZLNL/HW]WHB:RUWH!>DXIJHUXIHQDP@
Ä$EVFKLHG¶XQGÄ$EVFKLHGVEULHI¶
1LFKWQXU$XWRUHQYRQ:|UWHUEFKHUQXQG/H[LNDYHUVlXPWHQHVGLH %HGHXWXQJGHV$EVFKLHGVEULHIVDOV6WHUEHERWVFKDIWDQGHUVDOVLPSOL]LWGK DXIJHKREHQLQHLQHUDOOJHPHLQHUHQ'HILQLWLRQ]XYHU]HLFKQHQ'HU%OLFN LQHLQH$XVZDKOYRQGHXWVFKVSUDFKLJHQ%ULHIVWHOOHUQSXEOL]LHUW]ZLVFKHQ XQG HUJLEW HLQ JDQ] lKQOLFKHV %LOG $XFK KLHU JHOWHQ Å$EVFKLHGV 6FKUHLEHQ´ ²VR PDQVLH EHUKDXSW HUZlKQW ² EHUZLHJHQG DOVÅ*HEKU 6FKUHLEHQGDZLUEH\GHU$EUHLVHYRQHLQHP2UWHXQVGH QHQ JXWHQ )UHXQGHQ XQG 3DWURQHQ LQ LKU JHQHLJWHV $QGHQFNHQ UHFRP PHQGLUHQ XQG YRU DOOH JHQRVVHQH :RKOWKDWHQ'DQFN VDJHQ´ hEHU GLH NRUUHNWH )RUP YRQ .RQGROHQ] XQG 7URVWVFKUHLEHQ RGHU 7HVWDPHQWHQ ZLUGGHU/HVHUGDJHJHQEOLFKHUZHLVHLQIRUPLHUW 'DVLQ%ULHIVWHOOHUQSUlVHQWLHUWH.RQ]HSWDOOWlJOLFKHU$EVFKLHGVVFKUHL EHQRGHUELOOHWVHQWKlOWJOHLFKZRKO(OHPHQWHGLHPDQDXFKLQ]HLWJHQ|V VLVFKHQ %ULHIHQ 6WHUEHQGHU ILQGHW 7DODQGHU HWZD lXHUW VLFK DXVIKUOLFK ]X Å$EVFKLHGV 6FKUHLEHQ´ 2EZRKO GLHVWUHQJH UKHWRULVFKH 6WUXNWXULH UXQJ XQG GHU 6FKUHLEVWLO GLH HU SURSDJLHUW LP -DKUKXQGHUW DXV GHU 0RGH NRPPHQ EOHLEW VHLQ 9HUVWlQGQLV YRQ =ZHFN XQG 1XW]HQ HLQHV $EVFKLHGVEULHIHVGXUFKDXVJOWLJ(ULVWVR]LDOH9HUSIOLFKWXQJXQGKDWSUL PlUKDUPRQLVLHUHQGH)XQNWLRQHUJLOWDOV*HVWHGHU+|IOLFKNHLWGHV'DQ NHVXQGJLEWGLH0|JOLFKNHLWGHP*HJHQEHU:RKOHUJHKHQ]XZQVFKHQ HV]XELWWHQVLFKDQHLQHQ]XHULQQHUQXQGHVGHUHLJHQHQIRUWJHVHW]WHQ =XQHLJXQJ]XYHUVLFKHUQ 8QJHDFKWHWGHV0DQJHOVDQV\VWHPDWLVFKHU(UIDVVXQJRGHUEULHIWKHR UHWLVFKHU5HIOH[LRQLVWGDV.RQ]HSWOHW]WHU%RWVFKDIWHQLP-DKUKXQGHUW BBBBBBBBBBBBB
+HLQULFK9ROFNYRQ:HUWKHLP$XIQHXH0DQLHUDEJHIDWHUXQGDOO]HLWIHUWLJHU%ULHI 6WHOOHU>«@ 0LW JHK|ULJHQ 5HJLVWHUQ YHUVHKHQ YRQ QHXHQ GXUFKJHJDQJHQ XQG XP GLH +HOIIWH YHUPHKUWHU KUVJ YRQ %HUQKDUG 'LHWULFK YRQ 6FKDUIIHQEHUJ &KHPQLW] 6W|HOQ 6 (EHQVR IDQGHQ VLFK+LQZHLVH]XPÄ$EVFKLHG¶DOV'LHQVW]HXJQLVYJOXD>$QRQ@$OOJHPHLQHUREHUVlFKVLVFKHU %ULHIVWHOOHU RGHU GLH .XQVW ULFKWLJ ]X VFKUHLEHQ XQG DOOH $UWHQ YRQ VFKULIWOLFKHQ $XIVlW]HQ ]ZHFNPlLJ XQG LQ HLQHP JHELOGHWHQ 6WLO DE]XIDVVHQ >«@ /HLS]LJ LP-RDFKLPVFKHQ OLWWHUDULVFKHQ 0DJD]LQ >@ 6 $QJDEHQ]XZHLWHUHQNRQVXOWLHUWHQ%ULHIVWHOOHUQILQGHQVLFKLQGHU%LEOLR JUDSKLH 9JO XD >-RKDQQ %XUFNKDUG 0HQFNH@ 'HU QHXHVWH XQG YROOVWlQGLJVWH %ULHIIVWHOOHU ZHOFKHU HLQH JUQGOLFKH $QOHLWXQJ %ULHIH ]X VFKUHLEHQ >«@ YRU $XJHQ OHJHW >«@ YHUIHUWLJHW XQG DXIV QHXH GXUFKJHJDQJHQXQGYHUEHVVHUWDXFKPLWQ|WKLJHQ5HJLVWHUQYHUVHKHQYRQ3KLODQGHU>-% 0HQFNH@)UDQNIXUWD0XQG/HLS]LJ%U|QQHU 6 7DODQGHU >$XJXVW %RKVH@ 'HU DOO]HLWIHUWLJH %ULHIIVWHOOHU >«@ )UDQNIXUW D0 XQG /HLS]LJ %RHWLR 6II 9JO7DODQGHU%ULHIIVWHOOHU6²9JOKLHU]XDXFK&DUPHQ)XJHU%ULHIVWHOOHU'DV0H GLXPÄ%ULHI¶LPXQGIUKHQ-DKUKXQGHUW.|OQXD%|KODX YD6I² =XP 9HUJOHLFK (QJOLVFKH %ULHIVWHOOHU EHLVSLHOVZHLVH UHIOHNWLHUHQ ]ZDU NDXP WKHRUHWLVFK EHU $EVFKLHGVEULHIH 6WHUEHQGHU QHKPHQ DEHU ILNWLRQDOH VRZLH UHDOKLVWRULVFKH %HLVSLHOH VROFKHU7H[WHDXIYJO]%>$QRQ@7KH&RPSOHWH/HWWHU:ULWHURU3ROLWH(QJOLVK6HFUHWDU\>«@ $XIODJH>/RQGRQ6FDWFKHUGXQG6DOLVEXU\&ROOLQV@" XD6²² I0HKUGD]XLQ.DSLWHO
Å,FKVWHUEHOLHEHU.ORSVWRFN´
IHVWHWDEOLHUW,Q$OOWDJXQG)LNWLRQ²ZLHLQ*HOOHUWV/HEHQGHU6FKZHGLVFKHQ *UlILQQYRQ*
RGHUGHPDQRQ\PHUVFKLHQHQHQ$EGXO(U ]HUXP·V QHXH SHUVLVFKH %ULHIH ² ZLUG Ä$EVFKLHGVEULHI¶ LP 6LQQH HLQHU 6WHUEHQVE]Z7RGHVQDFKULFKWJHEUDXFKW=HLWJOHLFKVLQGDOWHUQDWLYH%H JULIIHLQ*HEUDXFK(LQHGHUGDPDOVZLHKHXWHZRKOJlQJLJVWHQXQGlOWHV WHQ%H]HLFKQXQJHQLVWGHUÄOHW]WH%ULHI¶:HLWHUH:HQGXQJHQZLHÄ%ULHIH YRQ 6WHUEHQGHQ¶ RGHU ÄOHW]WHU $XIVD]¶ VLQG VHOWHQHU E]Z WDXFKHQ EHYRU ]XJWLQVSH]LILVFKHQ.RQWH[WHQDXI,P(QJOLVFKHQXQG)UDQ]|VLVFKHQVR VHL HUJlQ]W ILQGHQ VLFK GHQ EOLFKHQ GHXWVFKHQ %H]HLFKQXQJHQ HQWVSUH FKHQGHÄIDUHZHOOOHWWHU¶ÄIDUHZHOOQRWH¶XQGÄODVW¶DOWHUQDWLYÄILQDO¶ ÄOHWWHU¶ VRZLHÄODVWQRWH¶E]ZÄOHWWUHG·DGLHX¶ÄGHUQLqUHOHWWUH¶RGHUDXFKÄPHVVDJH G·DGLHX¶ ,Q GHU *HVDPWVFKDX ZHLVW ELV KHXWH GLH HQJOLVFKH 6SUDFKH GLH GLIIHUHQ]LHUWHVWH7HUPLQRORJLH DXI ZDV DOV+LQZHLVGDUDXI JHZHUWHW ZHU GHQNDQQGDVVGLH7UDGLWLRQOHW]WHQ6FKUHLEHQVLPHQJOLVFKHQ6SUDFKUDXP EHVRQGHUVJHSIOHJWUHIOHNWLHUWXQGDOVYLHOIlOWLJHV3KlQRPHQLPNXOWXUHOOHQ *HGlFKWQLVYHUDQNHUWZXUGH1HEHQGHQJHQDQQWHQVWHKHQ]XVlW]OLFKGLH %HJULIIHÄGHDWKEHGOHWWHU¶ÄVXLFLGHQRWH¶DXFKÄGHDWKQRWH¶ VRZLHÄVXLFLGH OHWWHU¶ IUDQ]|VLVFK ÄOHWWUH GH VXLFLGH¶ ]XU 9HUIJXQJ /HW]WHUH ZHLVHQ GLUHNWDXIPLWGHP6FKUHLEHQYHUEXQGHQH7RGHVDUWHQKLQXQGGDPLWDXFK DXI ]ZHL 7\SHQ YRQ $EVFKLHGVEULHIHQ MHQH YRQ 7RGNUDQNHQ XQG 6XL]L GHQWHQ'D]XNRPPHQ%RWVFKDIWHQYRQ6ROGDWHQVRZLHYRQ]XP7RGH 9HUXUWHLOWHQ XQG ,QKDIWLHUWHQ PLW %OLFN DXI GLH MQJHUH 9HUJDQJHQKHLW VFKOLHWGDVEHLVSLHOVZHLVHDXFKOHW]WH%ULHIHDXV$UEHLWVRGHU.RQ]HQWUD WLRQVODJHUQHLQ GLHMHZHLOVPLWLKUHP7RGUHFKQHQ BBBBBBBBBBBBB
9JO&KULVWLDQ)UFKWHJRWW*HOOHUW/HEHQGHU6FKZHGLVFKHQ*UlILQQYRQ*
LQGHUV*HVDP PHOWH6FKULIWHQNULWLVFKHNRPPHQWLHUWH$XVJDEHKUVJYRQ%HUQG:LWWHXD%GH%HUOLQXQG 1HZ-RKDQQ 3H]]O@ $EGXO (U]HUXP·V QHXH SHUVLVFKH%ULHIH:LHQXQG/HLS]LJ-RVHSK6WDKHO 6+LHULVWGLH5HGHYRQHLQHP Å$EVFKLHGV RGHU /HEHQV XQG 6WHUEHQVEULHI´ )UGHQ+LQZHLV DXIGLHVHV %XFK VRZLH GLH $XWRUHQ]XVFKUHLEXQJGDQNHLFK5LWFKLH115REHUWVRQ (LQH %HOHJVWHOOH DXV GHP -DKU ILQGHW VLFK LQ *HRUJ :LFNUDP 6lPWOLFKH :HUNH KUVJ YRQ +DQV*HUW 5RORII %GH%HUOLQ GH *UX\WHU² ,, *DEULRWWR XQG 5HLQKDUW 6 %H]HLFKQHQGHUZHLVH JHVWHKW HWZD GDV 2[IRUG (QJOLVK 'LFWLRQDU\ QXU GHQ EHLGHQ /HW]W JHQDQQWHQ XQWHU GHP 6WLFKZRUW ÄVXLFLGH¶ HLQHQ HLJHQHQ (LQWUDJ ]X YJO HEG KWWSZZZRHGFRPYLHZ(QWU\"UHGLUHFWHG)URP VXLFLGHQRWHHLG ! >DXIJHUXIHQDP @ (QWVSUHFKHQGHV JLOWDXFK IU GLH HQJOLVFKVSUDFKLJH:LNL SHGLD GLH OHGLJOLFK ÄVXLFLGH QRWH¶ DOV HLJHQVWlQGLJHV 6WLFKZRUW YHU]HLFKQHW YJO KWWSHQZLNLSHGLDRUJZLNL6XLFLGHBQRWH!>DXIJHUXIHQDP@ 'LH%HJULIIHÄ6XL]LG¶Ä6XL]LGHQW¶Ä6HOEVWPRUG¶Ä6HOEVWP|UGHU¶XQGÄ6HOEVWW|WXQJ¶ZHUGHQLP )ROJHQGHQ V\QRQ\P XQG RKQH :HUWXQJ JHEUDXFKW 8QWHUVFKLHGOLFKH %HGHXWXQJV]X VFKUHLEXQJHQGLHVHU7HUPLQLGLVNXWLHUWXD&ODXGLD/HPEDFK6HOEVWPRUG)UHLWRG6XL]LG'LV NXUVHEHUGDV8QVlJOLFKH0QFKHQ$NDGHPLVFKHU9HUODJ 6II
,P*UHQ]EHUHLFKGHU%ULHIIRUVFKXQJ
,P*UHQ]EHUHLFKGHU%ULHIIRUVFKXQJ HLQH%HVWDQGVDXIQDKPH 'HPZHLWJHKHQGHQ6FKZHLJHQGHU:|UWHUEFKHU/H[LNDXQG%ULHIVWHOOHU GHV ELV -DKUKXQGHUWV HQWVSUHFKHQG LVW $EVFKLHGVEULHIHQ 6WHUEHQ GHU LQ GHQ 6SUDFK /LWHUDWXU XQG .XOWXUZLVVHQVFKDIWHQ ELVODQJ ZHQLJ $XIPHUNVDPNHLW ]XWHLOJHZRUGHQ 'DV LQ GHQ OHW]WHQ EHLGHQ -DKU]HKQWHQ VWlUNHU JHZDFKVHQH ,QWHUHVVH DP %ULHIJHQUH KDW ]ZDU VSH]LHOO ]XU %ULHI OLWHUDWXUXQGNXOWXUGHV-DKUKXQGHUWV]DKOUHLFKH3XEOLNDWLRQHQKHUYRU JHEUDFKWXQGDXFKWKDQDWRORJLVFKH7KHPHQEOHLEHQDOV8QWHUVXFKXQJV JHJHQVWDQG lXHUVW OHEHQGLJ =X UHDOKLVWRULVFKHQ XQG ILNWLRQDOHQ $E VFKLHGVEULHIHQ OLHJHQ MHGRFK ELVODQJ NDXP $UEHLWHQ YRU XQG YRQ GLHVHQ ZLGPHWVLFKZLHGHUXPQXUHLQNOHLQHU7HLO)RUPHQRGHU)XQNWLRQHQOHW] WHU %RWVFKDIWHQ LP -DKUKXQGHUW GHV %ULHIHV $XVIKUOLFKHUH 5HIOH[LRQHQ EHUEULHIWKHRUHWLVFKH%HVRQGHUKHLWHQYRQ$EVFKLHGVEULHIHQEHVLW]HQ6HO WHQKHLWVZHUW LQ 6WDQGDUGZHUNHQ ]XP 0HGLXP VXFKW PDQ VLH YHUJHE OLFK'LHVH6LWXDWLRQHUVWDXQWXPVRPHKUDOV$EVFKLHGVEULHIHLP$OOWDJ DOV*HEUDXFKVWH[WJlQJLJVRZLHLQ.XQVW/LWHUDWXUXQG)LOPDOV0RWLYZLH )RUP IHVW HWDEOLHUW VLQG ,P ,QWHUQHW ILQGHW PDQ VHLW GHU -DKUWDXVHQG ZHQGHHLQHZDFKVHQGH=DKOYRQ:HEVHLWHQDXIGHQHQGLH3UD[LVOHW]WHQ 6FKUHLEHQV PLW PRGHUQVWHQ 0LWWHOQ IU GDV -DKUKXQGHUW DXIEHUHLWHW
BBBBBBBBBBBBB
(LQHQNRPPHQWLHUWHQZHQQDXFKLQ]ZLVFKHQHUJlQ]XQJVEHGUIWLJHQ)RUVFKXQJVEHUEOLFN OLHIHUW 7DQMD 5HLQOHLQ 'HU %ULHI DOV 0HGLXP GHU (PSILQGVDPNHLW (UVFKULHEHQH ,GHQWLWlWHQ XQG ,QV]HQLHUXQJVSRWHQWLDOH:U]EXUJ.|QLJVKDXVHQXQG1HXPDQQ 6² 9JO GD]X XD 7KRPDV $Q] Å6]HQDULHQ XQG ,QV]HQLHUXQJHQ GHV 7RGHV =DKOUHLFKH WKD QDWRORJLVFKH 1HXHUVFKHLQXQJHQ JHEHQ $QODVV ]X 5HIOH[LRQHQ EHU .XOWXUWHFKQLNHQ GHU (PRWLRQDOLVLHUXQJ ,´ OLWHUDWXUNULWLNGH KWWSZZZOLWHUDWXUNULWLNGHSXEOLFUH ]HQVLRQSKS"UH]BLG DXVJDEH !>DXIJHUXIHQDP@ 'LH%HJULIIHÄUHDOKLVWRULVFK¶XQGÄILNWLRQDO¶VROOHQLQGHPVLHGLHWKHRUHWLVFKlXHUVWHQ(Q GHQGHV6SHNWUXPVEULHIOLFKHQ6FKUHLEHQVEH]HLFKQHQKHOIHQGLH%H]JHHLQHU%RWVFKDIW ]XU ]HLWJHQ|VVLVFKHQ *HJHQZDUW GK LQVEHVRQGHUH LKUH (QWVWHKXQJVEHGLQJXQJHQ VRZLH GHUHQ(LQIOXVVDXI3ULPlUE]Z6HNXQGlUOHNWUHGHV7H[WHV]XUHIOHNWLHUHQ'DEHLZHUGHQ GLH *UHQ]HQ ]ZLVFKHQ )DNW XQG )LNWLRQ VRZLH 3ULYDWKHLW XQG gIIHQWOLFKNHLW LP -DKU KXQGHUWDOVIOLHHQGJHGDFKW9JO.DSLWHOVRZLHGLHSURJUDPPDWLVFKHQhEHUOHJXQJHQ YRQ&ODUH%UDQW(LJKWHHQWK&HQWXU\/HWWHUVDQG%ULWLVK&XOWXUH+RXQGPLOOV%DVLQJVWRNH1HZ DXIJHUXIHQDP@ 9JOXD5HLQKDUG0*1LFNLVFK%ULHI6WXWWJDUW0HW]OHU
Å,FKVWHUEHOLHEHU.ORSVWRFN´
ZLUGIUHLQLJHVLQG$EVFKLHGVEULHIHVRJDU]XP*HVFKlIWVPRGHOOJHZRU GHQ 0LW YLHOIlOWLJHQ ,QWHUHVVHQ YHUNQSIW VLQG DXFK GLH LQ GHQ OHW]WHQ NQDSSHLQKXQGHUW-DKUHQLQQLFKWXQHUKHEOLFKHU=DKOYRUJHOHJWHQ$QWKR ORJLHQXQG7H[WVDPPOXQJHQGLH$EVFKLHGVVFKUHLEHQHQWKDOWHQ'LHPHLV WHQ GLHVHU 3XEOLNDWLRQHQ ZHOFKH WHLOV PLW HLQHP HKHU XQVFKDUIHQ %HJULII GHVÄOHW]WHQ¶%ULHIVDUEHLWHQNRQ]HQWULHUHQVLFKDXIUHDOKLVWRULVFKH'RNX PHQWHQXUZHQLJHEH]LHKHQILNWLRQDOH7H[WHHLQE]ZVLQGGLHVHQJHZLG PHW6LHDOOHEHOHJHQMHGRFKHLQIRUWJHVHW]WHVVSH]LILVFKHV,QWHUHVVHDP 6FKUHLEHQ LQ H[WUHPLV 9RUZRUWH lOWHUHU VRZLH DXI HLQ EUHLWHV 3XEOLNXP DQJHOHJWHU $QWKRORJLHQ ELHWHQ HVVD\LVWLVFKH E]Z IHXLOOHWRQLVWLVFKH hEHU OHJXQJHQ ]X 1DWXU ZLHGHUNHKUHQGHQ ,QKDOWHQ RGHU )RUPHLJHQVFKDIWHQ YRQ$EVFKLHGVEULHIHQGHQDXVJHZlKOWHQ%ULHIHQZHUGHQLQGHU5HJHOELR JUDSKLVFKH,QIRUPDWLRQHQ]XP$XWRUYRUDQJHVWHOOW7HLOVVLQGGLHVH$XV IKUXQJHQ VWDUN YRP =HLWJHLVW RGHU GHU SROLWLVFKHQ 2ULHQWLHUXQJ GHU +HUDXVJHEHUJHSUlJW(LQLJHGHULQMQJHUHU9HUJDQJHQKHLWHUVFKLHQHQHQ %ULHIVDPPOXQJHQ EUHFKHQ PLW GLHVHP 0XVWHU $XVJHKHQG YRQ OHW]WHQ %RWVFKDIWHQHLQHUEHVWLPPWHQ6FKUHLEHUJUXSSHYHURUWHQVLHNHQQWQLVUHLFK LKU 0DWHULDO LP HQWVSUHFKHQGHQ KLVWRULVFKHQ .RQWH[W XQG JHKHQ GDEHL GLIIHUHQ]LHUWHUDOVLKUH9RUJlQJHUDXIEHUJUHLIHQGH7HQGHQ]HQ²]XPHLVW LQKDOWOLFKHU1DWXU²LQGHQYHUVDPPHOWHQ7H[WHQVRZLHGLHLQGLYLGXHOOHQ 6FKLFNVDOHGHU$XWRUHQHLQ 7URW]GLHVHUHKHULVROLHUWHQ$QVlW]H]X6\VWHPDWLVLHUXQJXQG$QDO\VH NODIIHQ3UlVHQ]XQGNULWLVFKH5HIOH[LRQOHW]WHU%RWVFKDIWHQLQVJHVDPWZHLW DXVHLQDQGHU(LQHOLWHUDWXUZLVVHQVFKDIWOLFKNXOWXUKLVWRULVFKH6WXGLH]X$E BBBBBBBBBBBBB
9JO $IWHUOLIH /HWWHUV ZZZP\ODVWOHWWHUFRXN! >DXIJHUXIHQ DP @ ² HLQ ,QWHUQHW XQWHUQHKPHQEHLGHPPDQ$EVFKLHGVEULHIHLQHOHNWURQLVFKHU)RUPKLQWHUOHJHQNDQQ,Q IRUPDWLRQHQ]XHLQHUEUHLWHQ$XVZDKOZHLWHUHUHQJOLVFKVSUDFKLJHU:HEVHLWHQGLHGHQJOHL FKHQ6HUYLFHWHLOVNRVWHQORVWHLOVNRVWHQSIOLFKWLJVRZLHLQ9HUELQGXQJPLWDQGHUHQ'LHQVW OHLVWXQJHQ DQELHWHQ ILQGHQ VLFKXQWHU ÅWKHGLJLWDOEH\RQG'LJLWDO'HDWKDQG $IWHUOLIH 2Q OLQH 6HUYLFHV´ KWWSZZZWKHGLJLWDOEH\RQGFRPRQOLQHVHUYLFHVOLVW! >DXIJHUXIHQ DP @ 6WHOOYHUWUHWHQGJHQDQQWVHLHQ/DYLHjHQPRXULU/HWWUHVGHIXVLOOpV²DXVJHZlKOWXQG SUlVHQWLHUWYRQ*X\.ULYRSLVVNR3DULV6HXLO Ä'LHVVLQGQXQDOVRGLHOHW]WHQ=HLOHQ«¶ 'LHOHW]WHQ%ULHIHJURHU3HUV|QOLFKNHLWHQKUVJYRQ:HUQHU)XOG)UDQNIXUWD0.UJHU 5RVH 5RXVH/DVW /HWWHUVWR /RYHG 2QHV /RQGRQ 0HWUR YJO DXFK'HU )UHLWRG ² HLQH OLWHUDULVFKH$QWKRORJLH7H[WHDXVGHUGHXWVFKHQ/LWHUDWXUYRP0LWWHODOWHUELV]XU*HJHQZDUWKUVJXQG HLQJHOHLWHWYRQ$UPLQ6WURKPH\HU7ELQJHQ.O|SIHUXQG0H\HU :HLWHUH$QJDEHQ ]XNRQVXOWLHUWHQ$QWKRORJLHQILQGHQVLFKLQGHU%LEOLRJUDSKLH 9JO XD 5RXVH /DVW /HWWHUV 6[Y²[YLLL MRXUQDOLVWLVFK (UNlPSIW GDV 0HQVFKHQUHFKW /HEHQV ELOGHUXQGOHW]WH%ULHIHDQWLIDVFKLVWLVFKHU:LGHUVWDQGVNlPSIHU'VVHOGRUI1HXHU:HJ 6I 9RUZRUWYRQ:LOKHOP3LHFN 1DFKZRUWYRQ+DQQH+LRESROLWLVFK 9JOYD'LHVVLQGPHLQHOHW]WHQ:RUWH«%ULHIHDXVGHU6KRDKKUVJYRQ:DOWHU=ZL%DFKDUDFK *|WWLQJHQ:DOOVWHLQ VRZLH6LkQ3ULFH,IG@LH )LNWLRQ GHV (QGHV >«@ DXFK GDV (QGH GHU )LNWLRQ ,QGHP HV GLH *UHQ]H GDU]XVWHOOHQVXFKWJHUlWGDV'DUVWHOOHQDQVHLQHHLJHQHDQGHUHVVLFKSURGXNWLY DEUDFNHUW XQG GLH HV XP VLH EHUKDXSW ]LHKHQ ]X N|QQHQ VFKRQ ZLHGHU EHU VFKULWWHQKDEHQPX
'HUDUW UFNW GHU $EVFKLHGVEULHI DXI GLH HLQH ZLH DQGHUH :HLVH DQ GLH *UHQ]H ]XU )LNWLRQ UHLFKW LQ PDQFKHP )DOO GDUEHU KLQDXV %HKDXSWHW ZHUGHQVROOGHVKDOEQLFKWGDVVMHGHOHW]WH%RWVFKDIWOLWHUDULVFKH4XDOLWlWHQ EHVLW]W 'HQQRFK WHLOW GLH %ULHIVRUWH PLW /LWHUDWXU HLQHQ 8UVSUXQJVSXQNW XQGEH]LHKWZLHZHLWHUKLQLOOXVWULHUWZHUGHQZLUGLKUH0RWLYDWLRQ$XWRUL WlWXQG:LUNVDPNHLWDXVHEHQGLHVHP bKQOLFKIOLHHQGZLHGLH*UHQ]HQ]ZLVFKHQ)DNWXQG)LNWLRQJHVWDOWHQ VLFKLQGHU%ULHINXOWXUGHV-DKUKXQGHUWVMHQH]ZLVFKHQ3ULYDWKHLWXQG gIIHQWOLFKNHLW $XFK GHVKDOE ZHUGHQ KLHU KDXSWVlFKOLFK OHW]WH %RW VFKDIWHQEHWUDFKWHWGLHVFKRQ=HLWJHQRVVHQLQJHGUXFNWHU)RUPYRUODJHQ 1LFKW QXU ÄYHUOHLKW¶ GHU $NW GHU 3XEOLNDWLRQ ÄHLQHP 7H[W ]XVlW]OLFKH %HGHXWXQJ¶ HU EH]HXJW HLQ HUK|KWHV $XIPHUNVDPNHLWVSRWHQWLDO LQ PDQFKHP)DOOhEHUOLHIHUXQJVEHZXVVWVHLQ/HW]WHUHPOHLVWHWGHU]HLWJHQ|V VLVFKH Å'LVNXUV GHU %ULHINXOWXU´ VHOEVW 9RUVFKXE LQVRIHUQ DOV %RWVFKDI WHQEHVRQGHUVYRQ/LWHUDWHQQLFKWQXUDXIGHQ$GUHVVDWHQVRQGHUQÅLP SOL]LW>²@DXIHLQHQRFKXQEHVWLPPWH=XNXQIW´DE]LHOHQ$EVFKLHGVEULHIH VR ZLUG ]X ]HLJHQ VHLQ NRQNUHWLVLHUHQ GLHVHQ $QVSUXFK PDFKHQ LKQ H[ SOL]LW0LW%OLFNDXIJHGUXFNWH$EVFKLHGVEULHIHXQGGLH.RQWH[WHLQGHQHQ
BBBBBBBBBBBBB
9JO0DQIUHG-XUJHQVHQÄ'LHIDEHOKDIWHVWH6DFKHYRQGHU:HOW¶'HU7RGLQGHUGHXWVFKHQ/LWHUDWXU 7ELQJHQ6WDXIIHQEXUJ 6 9JO-XUJHQVHQÄ'LHIDEHOKDIWHVWH6DFKH¶6 -XUJHQVHQÄ'LHIDEHOKDIWHVWH6DFKH¶6 &KULVWLDDQ/+DUW1LEEULJbVWKHWLNGHV7RGHV)UDQNIXUWD0XQG/HLS]LJ,QVHO 6 9JO KLHU]X GLH XQWHUVFKLHGOLFKHQ 5HIOH[LRQHQ YRQ +HFNHQGRUQ &RRN (SLVWRODU\ %RGLHV 6²7KRPDV2%HHEHH(SLVWRODU\)LFWLRQLQ(XURSH²&DPEULGJH&DPEULGJH 8QLYHUVLW\3UHVV YD6%UDQW(LJKWHHQWK&HQWXU\/HWWHUV6² %UDQW(LJKWHHQWK&HQWXU\/HWWHUV6 -RFKHQ6WUREHOÅ9RP9HUNHKUPLW'LFKWHUQXQG*HVSHQVWHUQ)LJXUHQGHU$XWRUVFKDIWLQ GHU %ULHINXOWXU´ LQ 9RP 9HUNHKU PLW 'LFKWHUQ XQG *HVSHQVWHUQ )LJXUHQ GHU $XWRUVFKDIW LQ GHU %ULHINXOWXU KUVJ YRQ GHPV +HLGHOEHUJ :LQWHU 6² KLHU 6 'LHV LVW HLQH VSH]LHOOHEHZXVVWH$XVIRUPXQJGHU6RUJHXPXQG$XVULFKWXQJDXI=XNQIWLJHVGLHGHP %ULHIJHQUHDOOJHPHLQHLJQHWYJOGD]X-DQHW*XUNLQ$OWPDQ(SLVWRODULW\$SSURDFKHVWRD)RUP &ROXPEXV2KLR6WDWH8QLYHUVLW\3UHVV 6
(LQH%ULHIVRUWHGHV-DKUKXQGHUWV
VLHDXIWDXFKHQOlVVWVLFKQDFK]HLFKQHQZHOFKH5ROOHXQG%HGHXWXQJGHU %ULHIVRUWHLP|IIHQWOLFKHQ'LVNXUV]XJHVFKULHEHQZXUGHZHOFKH9RUVWHO OXQJHQYRQ$EVFKLHGVEULHIHQYRUKHUUVFKWHQXQGVFKOLHOLFKZHOFKH)XQN WLRQHQXQG&KDUDNWHULVWLND$XWRUHQZLH/HVHUGDPLWDVVR]LLHUWHQ1LFKW ]XOHW]W NRQQWHQ MHQH %ULHIH GLH HLQHP JU|HUHQ 3XEOLNXP ]XJlQJOLFK ZDUHQDPHKHVWHQDOV0RGHOOHIUDQGHUH6FKUHLEHQ%UHLWHQZLUNXQJHQW ZLFNHOQ 'HU VLFK DP KLVWRULVFKHQ *HEUDXFK GHU %ULHIVRUWH RULHQWLHUHQGH UH NRQVWUXNWLYH$QVDW]GLHVHV%XFKHVJUQGHWDXIHLQHPFORVHUHDGLQJGHXWVFK HQJOLVFKXQGIUDQ]|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lJXQJHQ ]X QLYHOOLHUHQ 'LH LQWHUQDWLRQDOH 3HUVSHNWLYH EHUFNVLFKWLJW QLFKW ]XOHW]W GLH PRGHOO JHEHQGH :LUNXQJ IUDQ]|VLVFKHU XQG HQJOLVFKHU $XWRUHQ IU GLH GHXWVFK VSUDFKLJH /LWHUDWXU XQG LQVEHVRQGHUH GLH %ULHIOLWHUDWXU XQG UHIOHNWLHUW ]XGHPGDV/HVHYHUKDOWHQ*HELOGHWHULP-DKUKXQGHUW6FKOLHOLFKNDQQ VR DXIJH]HLJW ZHUGHQ ZHOFKH $UWHQ YRQ $EVFKLHGVEULHIHQ EHU /DQGHV JUHQ]HQKLQDXV%HDFKWXQJIDQGHQEHUVHW]WGLVNXWLHUWRGHULPLWLHUWZXU GHQ.RPSDUDWLVWLVFKHhEHUOHJXQJHQQHKPHQKLHUEHLHLQHQDFKJHRUGQHWH 3RVLWLRQ HLQ 1DWUOLFK EHVFKUlQNW GLHVH 7H[WDXVZDKO GLH HUPLWWHOWHQ (U JHEQLVVH]X]HLWJHQ|VVLVFKHQ$XIIDVVXQJHQOHW]WHQ6FKUHLEHQVZHLWJHKHQG DXIJHELOGHWH6FKLFKWHQ1DFKJH]HLFKQHWZHUGHQKLHUDOVRHLQWHQGHQ]LHOO HOLWlUHU 'LVNXUV VRZLH HLQH 3UD[LV GHUHQ 7HLOQHKPHU]DKO E]Z 3XEOLNXP DOOHUGLQJV GXUFK GLH LP -DKUKXQGHUW ZDFKVHQGH /HVH XQG 6FKUHLE IlKLJNHLW JU|HUH 7HLOH GHU%HY|ONHUXQJ HUIDVVWH DOV MH ]XYRU =XGHP HU ODXEWH HV ZLH VLFK HEHQIDOOV ]HLJHQ ZLUG GLH %ULHIVRUWH DXFK0LWJOLHGHUQ ELOGXQJVIHUQHU6FKLFKWHQZLUNVDPDP|IIHQWOLFKHQ'LVNXUVWHLO]XQHKPHQ 'LHVLVWQXUHLQ,QGL]GDIUGDVV$EVFKLHGVZLHDQGHUHVFKULIWOLFKH%RW VFKDIWHQ QLFKW QXU $XVGUXFN KLVWRULVFKHU VR]LDOHU ZLH OLWHUDULVFK WH[WXHOOHU :LUNOLFKNHLWHQ VLQG VRQGHUQ GLHVH LKUHUVHLWV PLWSUlJHQ %H BBBBBBBBBBBBB
6LFK ZHLWJHKHQG DXI 'UXFNHU]HXJQLVVH ]X EHVFKUlQNHQ KLOIW ]XGHP VR %UDQW GLH ÅDQWL WKHVLVEHWZHHQSULYDWHDQGSXEOLFWKDWLVDOOWRRHDVLO\FRQYHUWHGLQWRDQDQWLWKHVLVEHWZHHQ PDQXVFULSWDQGSULQW´]XYHUPHLGHQGLHV(LJKWHHQWK&HQWXU\/HWWHUV6 'LHV VWHOOW 7KRPDV2 %HHEHH PLW %OLFN DXI %ULHIH DOOJHPHLQ IHVW YJO GHUV (SLVWRODU\ )LFWLRQ LQ (XURSH 6 %UDQW PRGLIL]LHUW GLHV PLW %OLFN DXI %HLOHLGV XQG *OFNZXQVFK
Å,FKVWHUEHOLHEHU.ORSVWRFN´
WUDFKWHWZLUGOHW]WHV6FKUHLEHQGDKHUYRUGHP+LQWHUJUXQGYHUVFKLHGHQHU LQHLQDQGHUJUHLIHQGHU 3UR]HVVH GHU (QWZLFNOXQJ GHU ]HLWJHQ|VVLVFKHQ %ULHINXOWXU XQG OLWHUDWXU VRZLH GHU (LQVWHOOXQJHQ ]X 7RG XQG 6WHUEHQ VRZLHGHUWHLOVUDGLNDOHQJHVHOOVFKDIWOLFKHQJHLVWHVXQGPHGLHQJHVFKLFKW OLFKHQ9HUlQGHUXQJHQLP=HLWDOWHUYRQ3LHWLVPXV$XINOlUXQJ6WXUPXQG 'UDQJXQG(PSILQGVDPNHLW $OV %ULHI VHL KLHU QRFK YRUDXVVFKLFNHQG IHVWJHKDOWHQ LVW DXFK GHU OHW]WH JUXQGVlW]OLFK VHUPR DEVHQWLV DG DEVHQWHP HLQ 0HGLXP GHVVHQ 1RW ZHQGLJNHLWVLFKDXVGHU]HLWUlXPOLFKHQ6HSDUDWLRQGHU.RPPXQLNDWLRQV SDUWQHUHUJLEW,P8QWHUVFKLHG]XOHW]WHQ:RUWHQVWHOOHQ$EVFKLHGVEULHIH GDXHUKDIWH KlXILJ NRPSOH[H 7H[W]HXJQLVVH GDU 'LHV VFKOLHW 0DQLSX ODWLRQHQQLFKWDXVHUVFKZHUWMHGRFKGLHNUHDWLYH0XOWLSOLNDWLRQJOHLFKPl LJÄDXWKHQWLVFKHU¶hEHUOLHIHUXQJVYDULDQWHQZLHPDQVLHYRQPQGOLFKHQ $EVFKLHGVZRUWHQ NHQQW 'HU OHW]WH %ULHI DOV ÅJHVFKULHEHQH 7RWHQPDV NH´ZLUGDXFKGHVKDOEDQGHUVJHKDQGKDEWXQGWUDGLHUWZHLOHUDOV2E MHNW ,QWHUDNWLRQ HUODXEW HWZD LQ )RUP YRQ *HGHQNHQ RGHU )HWLVFKLVLH UXQJ'DKHULVWEHLGHU%HWUDFKWXQJGHU%ULHIVRUWHGDVVSH]LILVFKH9HUKlOW QLVYRQOHW]WHP6FKUHLEHQXQG.|USHUE]Z/HLFKQDPGHV6FKUHLEHQGHQ ]X EHUFNVLFKWLJHQ Å(V VLQG GLH .|USHU GLH LP Ä7RG¶ GHV %XFKVWDEHQV PLW]X7RGHNRPPHQ´FKDUDNWHULVLHUW$OEUHFKW.RVFKRUNHGLHHPSILQG VDPH%ULHINXOWXUÅXQGHVVLQGGLH6HHOHQGLHGXUFKGHQÄ*HLVW¶GHU6FKULIW EHUDOOH$N]LGHQ]LHQYRQ5DXPXQG=HLWKLQZHJVFKZHUHORV]XHLQDQGHU ILQGHQ´ $OV 0HWDSKHU DOOWlJOLFKHU VFKULIWOLFKHU .RPPXQLNDWLRQ NDQQ GLHVH%HVFKUHLEXQJGLVNXWLHUWLQ%H]XJDXI$EVFKLHGVEULHIHXQGGLHDQVLH JHNQSIWHQ9RUVWHOOXQJHQPXVVVLHIDVWZ|UWOLFKJHQRPPHQZHUGHQ/HW] WH %ULHIH VLQG LQ UDGLNDOHP 6LQQH 6WHOOYHUWUHWHU XQG %RWHQ GHU $EZHVHQ KHLWZREHLVLFKLKUHSLVWRODUHU+DQGOXQJVFKDUDNWHUDXIHLQPDOLJH$UWHQW IDOWHW6LHQHKPHQGHQ7RGLKUHV$XWRUVYRUZHJXQGEH]HXJHQLKQVSlWHU VLHDQWL]LSLHUHQLP%HZXVVWVHLQGHUHLJHQHQ)LQDOLWlWEHUHLWVLKUHQ(IIHNW DOV(UEVWFNZLUNHQVLHYHUELQGOLFK ,P$QVFKOXVVDQGHQKLVWRULVFKHQ$EULVVLP]ZHLWHQ.DSLWHOGDVXQ WHUDQGHUHPDXI]HLJWZLHGDV6FKUHLEHQ²JOHLFKGHP6SUHFKHQ²LQH[WUH PLV LQ GHU FKULVWOLFKHQ 6WHUEHWUDGLWLRQ PLW EHVRQGHUHU $XWRULWlW DXVJH VWDWWHW ZLUG GLVNXWLHUW GDV GULWWH .DSLWHO ZLH GDV -DKUKXQGHUW $E BBBBBBBBBBBBB
VFKUHLEHQGHQHQVLHHLQHQEHVRQGHUVSUlJHQGHQ(LQIOXVVDXIGLHPLWLKQHQDVVR]LLHUWHQ(U HLJQLVVH]XVFKUHLEWYJOGLHV(LJKWHHQWK&HQWXU\/HWWHUV6 9JO*XWKNH/HW]WH:RUWHXD6² 'HUOHW]WH%ULHIKUVJYRQ)ULHGULFK5HFN0DOOHF]HZHQ$XIODJH)UDQNIXUWD0/XW]H\HU 6 $OEUHFKW.RVFKRUNHÅ$OSKDEHWLVDWLRQXQG(PSILQGVDPNHLW´LQ'HUJDQ]H0HQVFK$QWKUR SRORJLHXQG/LWHUDWXULP-DKUKXQGHUWKUVJYRQ+DQV-UJHQ6FKLQJV6WXWWJDUWXQG:HLPDU 0HW]OHU 6²KLHU6 9JO)URVW%HQHGLNWÅ9DOHGLFWRU\7H[WV´
(LQH%ULHIVRUWHGHV-DKUKXQGHUWV
VFKLHGVEULHIH GLH ]HLWJHQ|VVLVFKHQ 6WHUEHLGHDOHQ HQWVSUHFKHQ DOV GLGDN WLVFKH)RUPLQHUEDXOLFKHU]LHKHULVFKHU)XQNWLRQQXW]W0LW)RNXVDXIGLH HQJOLVFKH 'LFKWHULQ XQG 6FKULIWVWHOOHULQ (OL]DEHWK 6LQJHU 5RZH ² GHUHQXQJHZ|KQOLFKHU8PJDQJPLWGHU%ULHIVRUWHGDPDOVDNWXHOOH 7HQGHQ]HQ NUHDWLY DXIQLPPW IKUW GDV .DSLWHO DXHUGHP YRU ZLH UHDO KLVWRULVFKHV XQG ILNWLRQDOHV OHW]WHV 6FKUHLEHQ QLFKW QXU HQJ QHEHQ VRQ GHUQDXFKLQHLQDQGHUJHIKUWZHUGHQN|QQHQ'LHVHV7KHPDIRUWVHW]HQG ZLGPHW VLFK GDV YLHUWH .DSLWHO YRUELOGOLFKHQ $EVFKLHGVERWVFKDIWHQ DOV 0RWLY LQ 5RPDQ XQG (U]lKOXQJ GHV -DKUKXQGHUWV $XFK LQ GLHVHP .RQWH[WHUIOOHQVLHGLGDNWLVFKH)XQNWLRQXQGGLHQHQGHV:HLWHUHQGD]X GLHFRQGLWLRKXPDQDVR]LDOH%H]LHKXQJHQE]Z)LJXUHQ]XFKDUDNWHULVLHUHQ $QKDQG GHU $EVFKLHGVERWVFKDIWHQ LQ 6DPXHO 5LFKDUGVRQV %ULHIURPDQ &ODULVVD XQG LQ DXVJHZlKOWHQ :HUNHQ 6RSKLH YRQ /D 5RFKHV ZLUG DXIJH]HLJW ZLH VLFK EHHLQIOXVVW GXUFK 6lNXODULVLHUXQJV XQG 6HQWLPHQWDOLVLHUXQJVSUR]HVVH GDV FKULVWOLFKH 6WHUEHLGHDO YRP )URPP 6XEMHNWEH]RJHQHQ ]XP 7XJHQGKDIW$OWUXLVWLVFKHQ KLQ HQWZLFNHOW $OV VR ]HQWUDO ZLH SUREOHPDWLVFK HUZHLVW VLFK LQ GLHVHP .RQWH[W GLH 'LVWDQ] ZHOFKH $EVFKLHGVEULHIH ]ZLVFKHQ 6WHUEHQGHQ XQG +LQWHUEOLHEHQHQ KHU VWHOOHQKHOIHQ $OVHLQGXUFKGHQ7RGSRWHQ]LHUWHU$VSHNWOHW]WHQ6FKUHLEHQVGHUGDV 9HUKlOWQLVGHU.RPPXQLNDWLRQVSDUWQHUUHIOHNWLHUWVSLHOWGLHVH'LVWDQ]LQ GHQOHW]WHQGUHLWKHPDWLVFKHQ.DSLWHOQHEHQIDOOVHLQHHQWVFKHLGHQGH5ROOH XQG]ZDUVSH]LHOOPLW%H]XJDXIGHQ,QKDOWGHUEHWUDFKWHWHQ%ULHIH:lK UHQG GDV IQIWH .DSLWHO YRUIKUW GDVV OHW]WH %RWVFKDIWHQ DOV *HKHLP QLVWUlJHU ² QLFKW ]XOHW]W DXIJUXQG LKUHV VXEYHUVLYHQ 3RWHQWLDOV ² LQ GHU /LWHUDWXU GHV -DKUKXQGHUWV HLQ ZLHGHUKROW YDULLHUWHV 0RWLY GDUVWHOOHQ ZLGPHQ VLFK .DSLWHO VHFKV XQG VLHEHQ $EVFKLHGVVFKUHLEHQ YRQ 6HOEVW P|UGHUQLP|IIHQWOLFKJHELOGHWHQ'LVNXUVXQGLQGHU/LWHUDWXU$XIJH]HLJW ZLUG LQZLHIHUQ GLH .RQYHQWLRQHQ GHU %ULHIVRUWH LKUH ,QKDOWH )RUPHQ XQG )XQNWLRQHQ LP 5DKPHQ GHV UHJHQ 6XL]LGGLVNXUVHV PRGLIL]LHUW ZHU GHQ ,Q GHQ %RWVFKDIWHQ GHU 6HOEVWP|UGHU ZLH GHQ JHKHLPQLVHQWKOOHQ GHQ WULWWEHVRQGHUVGHXWOLFK]XWDJHGDVVGLH7lWLJNHLWGHVOHW]WHQ6FKUHL EHQVHLQHSV\FKLVFKH(QWODVWXQJGHV$XWRUVEHGHXWHW'DEHLHUODQJHQ]ZHL JUXQGOHJHQGH (LJHQVFKDIWHQ SULYDWHU %ULHIH YHUVWlUNW H[LVWHQWLHOOH %HGHX WXQJ 6LH VLQG %HNHQQWQLV XQG %HLFKWHUVDW] *HUDGH 6HOEVWP|UGHUQ HU |IIQHWGHU$EVFKLHGVEULHIHLQH9HUELQGXQJ]XU$XHQXQG1DFKZHOWGLH LKQHQ DXI DQGHUH :HLVH YHUVFKORVVHQEOLHEH (LQHUVHLWVGHXWHW GDV 9RU BBBBBBBBBBBBB
%UJHOÅ3ULYDWEULHI´6 9JOGD]X+RUVW%HONHGHUDXIGLHÅ9HQWLOIXQNWLRQ´GHV%ULHIHVDOVGHPÅHLQ]LJH>Q@YHUEOHL EHQGH>Q@$XVGUXFNVXQG.RPPXQLNDWLRQVPLWWHO>LQ@=HLWHQGHU,VRODWLRQXQG%HGUlQJQLV LQ $XVQDKPHVLWXDWLRQHQ ZLH (PLJUDWLRQ 8QWHUGUFNXQJ .ULHJ *HIDQJHQVFKDIW +DIW´ HLQJHKWLQGHUV/LWHUDULVFKH*HEUDXFKVIRUPHQ'VVHOGRUI%HUWHOVPDQQ 6
Å,FKVWHUEHOLHEHU.ORSVWRFN´
KDQGHQVHLQHLQHUOHW]WHQ%RWVFKDIWQLFKWQXULQGLHVHP.RQWH[W DXIHLQ LQVSH]LILVFKHU:HLVHHLQVDPHV6WHUEHQKLQ$QGHUHUVHLWVHUZHLVWVLFKGLH 1DWXU GHV %ULHIHV DOV Å0HGLXP VSUDFKOLFK YHUPLWWHOWHQ VR]LDOHQ +DQ GHOQV´JHUDGHLQ6LWXDWLRQHQVHOEVWJHZlKOWHURGHUJHVHOOVFKDIWOLFKNRQVWL WXLHUWHU ,VRODWLRQ DOV HQWVFKHLGHQG 5H]LSUR]LWlW VR ]HLJW VLFK KLHU DP GHXWOLFKVWHQLVWGHP$EVFKLHGVEULHIZHVHQVIUHPGZHQQEHUKDXSWYROO ]LHKW VLFK GLH $QWZRUW DOV +DQGOXQJ HWZD LQGHP VFKULIWOLFK NRPPX QL]LHUWHQ$QZHLVXQJHQRGHU:QVFKHQQDFKJHNRPPHQZLUG :HOFKIDWDOHV:LUNXQJVSRWHQWLDOILNWLRQDOHQ$EVFKLHGVEULHIHQLPOHW] WHQ 'ULWWHO GHV -DKUKXQGHUWV ]XJHVFKULHEHQ ZHUGHQ NRQQWH GHPRQV WULHUW DQKDQG GHU 5H]HSWLRQ GHV OHW]WHQ 6FKUHLEHQV :HUWKHUV DQ /RWWH LQ *RHWKHV:HUWKHU VFKOLHOLFKGDVVLHEWH.DSLWHO'LH%RWVFKDIWZLUG ]XQlFKVWPLW%OLFNDXI]HLWJHQ|VVLVFKH6XL]LGGLVNXUVHJHGHXWHWXQG:HFK VHOZLUNXQJHQ YRQ UHDOKLVWRULVFKHP XQG OLWHUDULVFKHP 6FKUHLEHQ YRU GHP 6XL]LGQDFKJHZLHVHQ'HU6FKOXVVWHLOGHV.DSLWHOVYHUDQVFKDXOLFKWLQZLH IHUQ.RQYHQWLRQHQYRUELOGOLFKHU.RPPXQLNDWLRQLQH[WUHPLVDP(QGHGHV -DKUKXQGHUWV UHDOKLVWRULVFKHQ OHW]WHQ %ULHIHQ YRQ 6XL]LGHQWHQ EHL .ULWL NHUQ $N]HSWDQ] YHUVFKDIIHQ HLQ 3UR]HVV GHQ VLFK YHUlQGHUQGH (LQVWHO OXQJHQVRZRKOJHJHQEHUGHP,QGLYLGXXPDOVDXFKGHP6XL]LGPDJHE OLFK I|UGHUQ $EVFKLHGVEULHIH VR ZLUG DP (QGH GHV %XFKHV DXI QHXH :HLVHHUNHQQEDUVLQG]XDOOHUHUVWDXWRELRJUDSKLVFKH=HXJQLVVHGLHOHW]WH 0|JOLFKNHLW HLQHV 0HQVFKHQ VLFK ² DXFK YRU VLFK VHOEVW ² GDU]XVWHOOHQ VLFKDQGHUHQPLW]XWHLOHQVHOEVWEHVWLPPW]XKDQGHOQ²XQGGDPLWHLQ/H EHQV]HLFKHQ
BBBBBBBBBBBBB
(UPHUW%ULHIVRUWHQ6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQV YRUGHP7RGYRQGHU$QWLNHELVLQV-DKUKXQGHUW HLQYHUJOHLFKHQGHUhEHUEOLFNLQ%HLVSLHOHQ
3KDLGUDXQG6RNUDWHV([WUHPXQG([HPSHO 0QGOLFKHZLHVFKULIWOLFKH$EVFKLHGVZRUWH6WHUEHQGHUGLHQWHQEHUHLWVDQ WLNHQ XQG VSlWDQWLNHQ $XWRUHQ DOV OLWHUDULVFKHV 0RWLY ,P 5DKPHQ GHV H[LWXV FODURUXP YLURUXP VLQG OHW]WH JHVSURFKHQH :RUWH IHVWHU %HVWDQGWHLO KLVWRULRJUDSKLVFKELRJUDSKLVFKHU/LWHUDWXU+LVWRULVFKEHOHJWHZLHHUIXQ GHQH $EVFKLHGVERWVFKDIWHQ ILQGHW PDQ LQ ([HPSHOVDPPOXQJHQ GLH GHU UKHWRULVFKHQ 6FKXOXQJ GLHQWHQ 2IW LVW YRQ HLQHP OHW]WHQ $XVUXI RGHU 6DW]GLH5HGHGHUXOWLPDYR[GLHVRGLH9RUVWHOOXQJGDV/HEHQGHV6WHU EHQGHQ PDUNDQW DXI GHQ 3XQNW EULQJH XQG GLH Å(QGVXPPD VHLQHV /H EHQV´HQWKDOWHE]ZYRQHLQHPOHW]WHQ*HVSUlFKVSlWHUDXFKYRQÅ$E VFKLHGVUHGHQ´,QVJHVDPWJLOWOHW]WHQ:RUWHQREGHUHLQPDOLJHQ6SUHFK VLWXDWLRQ²XQGXQDEKlQJLJYRQLKUHU$XWKHQWL]LWlW²JURHV,QWHUHVVHVLH ZHUGHQ EHU *HQHUDWLRQHQ WUDGLHUW XQG LKQHQ IlOOW EHVRQGHUH $XWRULWlW ]X 'DV 0RWLY GHV $EVFKLHGVEULHIHV ILJXULHUW LQ GHU DQWLNHQ JULHFKLVFK U|PLVFKHQ/LWHUDWXULP'UDPDLP%ULHIURPDQXQGLQGHU/\ULN(LQH$Q ]DKO GHU P\WKLVFKHQ +HOGLQQHQ LQ 2YLGV +HURLGHV FD ² Y&KU VFKUHLEWLQDUWLFXORPRUWLVXQWHUDQGHUHQ'LGR'HLDQLUDXQG&DQDFH9RQ LKUHP 9DWHU ]XP 6HOEVWPRUG YHUXUWHLOW ZHQGHW VLFK EHLVSLHOVZHLVH /HW] WHUHDQ0DFDUHXVGHQ%UXGHUXQG*HOLHEWHQXPLKPYRQLKUHP6FKLFNVDO
BBBBBBBBBBBBB
6LHKHGD]XYD:LOOLEDOG6FKPLGWÅ'HXOWLPLVPRULHQWLXPYHUELV´XQYHU|IIHQWOLFKWH'LV VHUWDWLRQ]XU(UODQJXQJGHV'RNWRUJUDGHV8QLYHUVLWlW0DUEXUJ *XWKNH/HW]WH:RUWH6 9JO 5HDOOH[LNRQ IU $QWLNH XQG &KULVWHQWXP 6DFKZ|UWHUEXFK ]XU $XVHLQDQGHUVHW]XQJ GHV &KULVWHQ WXPV PLW GHU DQWLNHQ :HOW KUVJ YRQ 7KHRGRU .ODXVHU XD 6WXWWJDUW $QWRQ +LHUVHPDQQ ² 9,/IJ 6SQ² 5HDOOH[LNRQ,/IJ 6SQIIXQG*XWKNH/HW]WH:RUWH6 *XWKNH/HW]WH:RUWH6 1DFKZLHYRU6WDQGDUGZHUN]XU*HVFKLFKWHGHUKHURLVFKHQ(SLVWHOELVLQV-DKUKXQGHUW IUZHOFKHGLH+HURLGHVGDVHQWVFKHLGHQGH0RGHOOOLHIHUWHQLVW+HLQULFK'|UULH'HUKHURLVFKH %ULHI %HVWDQGVDXIQDKPH *HVFKLFKWH .ULWLN HLQHU KXPDQLVWLVFKEDURFNHQ /LWHUDWXUJDWWXQJ %HUOLQ GH *UX\WHU YJO KLHU 6 ]X 2YLG LQVJHVDPW E]Z 1DFKDKPXQJHQ VHLQHU (SLVWHOQ YJOHEG6²²
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
XQGGHPGHVJHPHLQVDPHQ.LQGHV]XEHULFKWHQ2YLGHQWZLUIWPLW%OLFN DXIGLHYHU]ZHLIHOWH6LWXDWLRQGHVO\ULVFKHQ,FKVHLQHDUWLIL]LHOOHXQGGHQ QRFK DQUKUHQGH )LJXUHQSV\FKRORJLH )U GLH *HVFKLFKWH GHU %ULHIVRUWH EHGHXWHQGLVWGLH(SLVWHOYRUDOOHPDXV]ZHL*UQGHQDXIJUXQGGHU3RVL WLRQVHOEVWEHZXVVWHUNULWLVFKHU6WlUNHGLHVLFK&DQDFHDQJHVLFKWVGHV7R GHVHUVFKUHLEWVRZLHDXIJUXQGGHU%H]LHKXQJ]ZLVFKHQ6FKUHLEXQG6WHU EHSUR]HVVZHOFKHVLH]X%HJLQQLKUHU%RWVFKDIWKHUVWHOOW :HQQDEHUWHLOVGHU7H[WYRQHQWVWHOOHQGHQ)OHFNHQYHUZLVFKWLVW GDQQKDWGHU6FKUHLEHULQ7RGEOXWLJGDV6FKUHLEHQYHUVFKPLHUW ,QGHU5HFKWHQGLH)HGHUGDV6FKZHUWJH]FNWLQGHU/LQNHQ YRUPLUOLHJWHQWUROOWDXIGHP6FKRGDV3DSLHU $HROXV·7RFKWHUVFKUHLEWLKUHP%UXGHU²GLHVLVWLKU%LOGQLV KDUWLVWPHLQ9DWHUQXUVRJODXELFKJHIDOOHLFKLKP
'LH DXI GUDVWLVFKH :HLVH LQV]HQLHUWH (QJIKUXQJ YRQ ÅHQWVWHOOWHU´ $E VFKLHGVERWVFKDIW XQG YHUVHKUWHP .|USHU ZLUG LQ GHU OLWHUDULVFKHQ *H VWDOWXQJOHW]WHU%ULHIH]XHLQHPIHVWVWHKHQGHQ7RSRV,QYLUWXRVHUWHPSR UDOHU 9HUVFKUlQNXQJ IKUW 2YLG GLH PLW ZLH JHJHQHLQDQGHU ZLUNHQGHQ 5ROOHQGHVOHW]WHQ7H[WHVDOV=HXJQLVXQG=HXJHYRUGKDOVHLQHYRQGHU 6FKUHLEHQGHQ XQG LKUHP Å7RG´ JHPHLQVDP JHIRUPWH 'DUVWHOOXQJ HLQHV 6HOEVW bKQOLFK VSHNWDNXOlU ZLUNW PDQFK OHW]WH %RWVFKDIW LP DQWLNHQ %ULHI URPDQ6RHQGHWHWZD&KLRQDXV+HUDNOHLDZDKUVFKHLQOLFK-KQ&KU PLW HLQHP $EVFKLHGVEULHI &KLRQV DQ 3ODWRQ LQ GHP MHQHU DQNQGLJW 7\UDQ QHQPRUGEHJHKHQ]XZROOHQXQGVHLQHP7RGHQWJHJHQVLHKW$XFKLQGHU KLVWRULVFKHQ*HJHQZDUWVXFKWHQ0HQVFKHQLKUHP6WHUEHQPLW+LOIHOHW]WHU 6FKUHLEHQHLQHQVHOEVWEHVWLPPWHQ6LQQ]XYHUOHLKHQXQGGDPLWGLH1DFK ZHOW ]X JDQ] VSH]LILVFKHQ ,QWHUSUHWDWLRQHQ DQ]XUHJHQ 'LHV EHOHJHQ GLH $EVFKLHGVEULHIHYRQ,JQDWLXV%LVFKRIYRQ$QWLRFKLDJHVWVSlWHVWHQV Q&KU (QWVWDQGHQ DXI GHP :HJ ]X VHLQHU YRQ GHQ 5|PHUQ DQJHRUG QHWHQ +LQULFKWXQJ YHUOHLKHQ VLH VHLQHP :XQVFK $XVGUXFN Å*RWW JH RSIHUW >]X@ ZHUGHQ XP DXI GLHVH :HLVH ]X *RWW ]X NRPPHQ´ 'HUDUW IOOWHQXQWHUVFKLHGOLFKH7RSRLGLH%ULHIVRUWH/LHEHVDIIlUHQXQG)DPLOLHQ ]ZLVW SROLWLVFKHU .RQIOLNW XQG *ODXEHQVEHNHQQWQLVVH ]XGHP LVW LQ GHQ BBBBBBBBBBBBB
3XEOLXV 2YLGLXV 1DVR /LHEHVEULHIH +HURLGHV(SLVWXODH /DWHLQLVFKGHXWVFK KUVJ XQG EHU VHW]WYRQ%UXQR:+lXSWOL=ULFK$UWHPLV :LQNOHU 6 9JODXFKGHQ$EVFKLHGVEULHIYRQ$UWHSLWK\PXVDQ&QLVR]RPXVLQGHQILNWLRQDOHQ(SLVWX ODH-KQ&KU GHV$ONLSKURQ(LQHHQJOLVFKHhEHUVHW]XQJGLHVHU%ULHIHXQGZHLWHUH$Q JDEHQ]XGHQVHOWHQSXEOL]LHUWHQ:HUNHQELHWHW3DWULFLD$5RVHQPH\HU$QFLHQW*UHHN/LWH UDU\/HWWHUV6HOHFWLRQVLQ7UDQVODWLRQ/RQGRQXQG1HZ«@$EVFKLHGVZRUWHX>QG@7URVWUHGHQLPHQJVWHQ.UHLV>«@´VR ZLH SROLWLVFKHV E]Z LQ 6RNUDWHV· )DOO SKLORVRSKLVFKHV 7HVWDPHQW XQG 9HUPlFKWQLV 'HQ H[HPSODULVFKHQ 0RGHOOFKDUDNWHU GHV VRNUDWLVFKSKLORVRSKLVFKHQ 6WHUEHQVGHUEHUGLH$QWLNHKLQDXVZLUNWHHUNDQQWHQEHUHLWV=HLWJHQRV VHQ'DEHLZDUHVVSH]LHOOGLH'LVNXVVLRQEHUGLH)RUWH[LVWHQ]GHU6HHOH ZHOFKH GHQ 3KDLGRQ LQ GHU $QWLNH ]XU SRSXOlUHQ (UEDXXQJVOHNWUH IU 6WHUEHQGHZHUGHQOLH:LH3OXWDUFKEHULFKWHW%LRLSDUDOOHORLFD² Q&KU ODVEHLVSLHOVZHLVH&DWR8WLFHQVLVGHUVHLQHUVHLWVVSlWHU]XP9RU ELOG IU 6XL]LGHQWHQ ZHUGHQ VROOWH YRU VHLQHP 7RG LP 3KDLGRQ 7DW VlFKOLFKELOGHWGLHJH]LHOWH/HNWUHLQH[WUHPLVGLHGHQ6WHUEHQGHQZLHVHLQ /HEHQVHQGHNHQQ]HLFKQHWHLQHQHLJHQHQ7RSRVGHUHQJPLWGHU7UDGLWLRQ OHW]WHQ6SUHFKHQVXQG6FKUHLEHQVYHUNQSIWLVWXQGEHU-DKUKXQGHUWHLQ /LWHUDWXU ZLH /HEHQ DNWXHOO EOLHE ,P &KULVWHQWXP VROOWH GDV /HVHQ RGHU 9RUOHVHQ DXV GHU %LEHO ]XP %HVWDQGWHLO GHU 6WHUEHYRUEHUHLWXQJ ZHUGHQ VHLWGHPVSlWHQ0LWWHODOWHUVSLHOHQ7H[WHGHU6WHUEHNXQVWGLHJDQ]NRQNUHW BBBBBBBBBBBBB
5HDOOH[LNRQ,6S 9JO5HDOOH[LNRQ9,6SQI
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
DXIGLH6LWXDWLRQDXVJHULFKWHWVLQGHLQH]HQWUDOH5ROOH,P=XJHYRQ6l NXODULVLHUXQJXQG0RGHUQHZLUG]XGHPDXIDOWHUQDWLYHZHOWOLFKH6FKULIWHQ ]XUFNJHJULIIHQ 0LW %OLFN DXI (XULSLGHV· 'UDPD XQG 3ODWRQV 'LDORJ OlVVW VLFK GDV 9HUKlOWQLVYRQ$EVFKLHGVZRUWHQXQG$EVFKLHGVEULHILQGHUDQWLNHQ/LWH UDWXU]XPLQGHVWVNL]]LHUHQ/HW]WHPQGOLFKH:RUWHVFKHLQHQVFKULIWOLFKHQ 1DFKULFKWHQLQVRIHUQEHUOHJHQDOVVLH7HLOHLQHVJHPHLQVFKDIWOLFKHQ$XV WDXVFKHV XQG GDPLW HLQHU IU DOOH %HWHLOLJWHQ GLIIHUHQ]LHUWHUHQ (UIDKUXQJ ZHUGHQN|QQHQ'LHEH]HXJHQGH$QZHVHQKHLWGHU-QJHULVWIU6RNUDWHV· 6WHUEHQ²ZLHVSlWHUIUGDV6WHUEHQ-HVXV·²HVVHQWLHOOYHUVFKDIIWVLHGHP OHW]WHQ:RUWGRFKQLFKWQXUHLQHXQPLWWHOEDUH5HIOH[LRQVIOlFKHDXIGHUHV VHLQH:LUNXQJHQWIDOWHQNDQQVRQGHUQYHUDQNHUWHVJOHLFK]HLWLJDOV(UHLJ QLVLP*HGlFKWQLVGHV(LQ]HOQHQZLHGHU*HPHLQVFKDIW'DEHLSDVVWHV]X GHQ LQ 3ODWRQV 3KDLGURV HQWVWDQGHQ LQ GHU ]ZHLWHQ +lOIWH GHU VHFK]LJHU RGHU LQ GHQ IQI]LJHU -DKUHQ GHV -K Y&KU JHWURIIHQHQ $XVVDJHQ ]X GHU PQGOLFKHU 5HGH QDFKJHRUGQHWHQ 1DWXU YRQ 6FKULIW GDVV 6RNUDWHV NHLQHQ$EVFKLHGVWH[WYHUIDVVW 'DV*HJHQVWFN]X)UHLKHLWXQG8QDQJUHLIEDUNHLWLQGHU'LVWDQ]ZHO FKHGDV6FKUHLEHQYRUGHP7RGDXV]HLFKQHQLVWGLH9HUHLQ]HOXQJYRQ$X WRUZLH]XPLQGHVW]XQlFKVW(PSIlQJHU'HU%ULHIERWVFKDIWHLJQHQHLQH JHZLVVH6WDWLNDEHUDXFK'DXHUXQG3Ul]LVLRQ,KU:RUWODXWEOHLEWXQDE KlQJLJYRQGHUP|JOLFKHUZHLVHXQ]XYHUOlVVLJHQXQWHU8PVWlQGHQYHUIlO VFKHQGHQ (ULQQHUXQJ +LQWHUEOLHEHQHU GLH $XWRUVFKDIW GHV 6WHUEHQGHQ ZLUG VR DXWRULWDWLY IL[LHUW XQG LVW DOV DXWKHQWLVFK QDFKZHLVEDU 'DV 0H GLXP NRQVWLWXLHUW ]XGHP HLQ 2EMHNW HLQ PDWHULHOOHV 6\PERO GHU LQ]ZL VFKHQ DEZHVHQGHQ ([LVWHQ] 'HU HLJHQKlQGLJH %ULHI ZLUG ]XP $EELOG VR]LDOHU %H]LHKXQJHQ XQG 6WHOOYHUWUHWHU GHV ,QGLYLGXXPV LQVRIHUQ VLFK BBBBBBBBBBBBB
9JOXD&KULVWLDQ.LHQLQJÅ,QV]HQLHUWH7RGHULWXDOLVLHUWH7H[WH'LH7RWHQNODJHQXP,VD EHOODYRQ%RXUERQ XQG0DULDYRQ%XUJXQG ´LQÄ$XIIKUXQJ¶XQGÄ6FKULIW¶LQ 0LWWHODOWHU XQG )UKHU 1HX]HLW KUVJ YRQ -DQ'LUN 0OOHU 6WXWWJDUW XQG :HLPDU 0HW]OHU 6²KLHU6YJOGD]XDXFK.DSLWHO =XU VlNXODUHQ 6WHUEHOHNWUH ]lKOWHQ QHEHQ OLWHUDULVFKHQ :HUNHQ XD DXFK KLVWRULVFKH $EVFKLHGVEULHIH'LHVEHOHJWHWZD.XUW7XFKROVN\VOHW]WHV6FKUHLEHQLQGHPHUDXI+HQULN ,EVHQV3HHU *\QW XQG +HLQULFK YRQ .OHLVWV $EVFKLHGVERWVFKDIWDQ VHLQH 6FKZHVWHU 8OULNHYHUZHLVWXPVHLQH6LWXDWLRQYHUVWlQGOLFKHU]XPDFKHQ9JO$EVFKLHGVEULHIHKUVJXQG PLWHLQHP(VVD\YRQ.DWMD%HKUHQV'VVHOGRUI&ODDVVHQ 6 $OOHUGLQJV EOLHE GHU(UKDOW YRQ 6RNUDWHV· $EVFKLHGVERWVFKDIW OHW]WOLFK DXI GLH VFKULIWOLFKH hEHUOLHIHUXQJ DQJHZLHVHQ YJO )URVW Å2Q 5HDGLQJ 9DOHGLFWRU\ 7H[WV´ 3DUDJUDSKHQ ² 'LH$XWRULQJHKWXDDXIGHQ:LGHUVSUXFKHLQ]ZLVFKHQGHU$EOHKQXQJGHVVFKULIW OLFKHQ0HGLXPVDOV*HIDKUIUGLHHLJHQH(ULQQHUXQJXQGGHP6FKUHLEHQDOV9HUVXFKHW ZDVYRUGHPDEVROXWHQ9HUJHVVHQ]XEHZDKUHQ'LHLQGLHVHP=XVDPPHQKDQJJHWURIIHQH $XVVDJH3ODWRQV(QWVFKHLGXQJIUGDV)HVWKDOWHQXQGGLH5HNRQVWUXNWLRQGHVEHUHLWV*H VFKHKHQHQ LQ GHU 6FKULIW NRPPH GHP 6FKUHLEHQ YRQ OHW]WHQ =HXJQLVVHQ RGHU :LOOHQV HUNOlUXQJHQZLHGHP7HVWDPHQWE]ZGHP6HOEVWP|UGHUDEVFKLHGVEULHIJOHLFKYHUNHQQWGLH VSH]LHOOH1DWXUGHU%ULHIVRUWHVRZLH8QWHUVFKLHGH]ZLVFKHQOHW]WHQ6FKUHLEHQXQG5HGHQ
3KDLGUDXQG6RNUDWHV([WUHPXQG([HPSHO
GLHVHV²IUVLFKXQGVHLQHQ$GUHVVDWHQ²GDULQ]XPOHW]WHQ0DOHQWZLUIW XQG IHVWKlOW (LQH VROFKH %RWVFKDIW YHUIKUW ZLH 7KHVHXV· 5HDNWLRQ EH OHJW GHQ /HVHU ]X GHU $QQDKPH HU N|QQH DQKDQG GLHVHV YHUOlVVOLFK SHUV|QOLFKHQ VRZLH SHUVRQDOLVLHUWHQ *HJHQVWDQGHV PLW HLQHP 9HUVWRUEH QHQLQ9HUELQGXQJWUHWHQ *HVSURFKHQH ZLH VFKULIWOLFK IL[LHUWH OHW]WH :RUWH N|QQHQ JOHLFKHU PDHQ ]X %HWUXJ RGHU (QWKOOXQJ JHEUDXFKW ZHUGHQ,P 9HUJOHLFK ]XP %ULHI KLQWHUOlVVW GDV JHVSURFKHQH :RUW DOOHUGLQJV NHLQH JUHLIEDUHQ %H ZHLVH'LH%RWVFKDIWELOGHWHLQFRUSXVGHOLFWLGDVGLH,QWHUHVVHQGHV$XWRUV VFKW]HQVROOLKPHUODXEWEHUGLH*UHQ]HGHVHLJHQHQ/HEHQVKLQDXV]X KDQGHOQ LKQ DEHU DXFK EHUIKUHQ KHOIHQ NDQQ ,Q OHW]WHU ,QVWDQ] EHVWLPPW GLH 1DFKZHOW ZLH ZLUNVDP RGHU ODQJOHELJ EHLGH $UWHQ OHW]WHU :RUWHVLQGJOHLFKHUPDHQRIIHQIU,QWHUSUHWDWLRQHQVLQGVLHDOOHPDO 1HEHQ$XWRULWlWXQG3DWKRVHLJQHW$EVFKLHGVUHGHZLHEULHIHLQHÄGUD PDWLVFKH¶ 4XDOLWlW 0LW LKUHU +LOIH ZLUG GHU 7RG ]X HLJHQ ZLH JHPHLQ QW]LJHQ =ZHFNHQ LQV]HQLHUW XQG LQVWUXPHQWDOLVLHUW 'DEHL HQWVFKHLGHW GHU *HVWDOWXQJVZLOOH GHV 6WHUEHQGHQ GDUEHU LQZLHIHUQ HU GDV 3RWHQWLDO GHU H[SRQLHUWHQ 6SUHFKVLWXDWLRQ XPVHW]W 6RNUDWHV ZLH 3KDLGUD VLQG JOHL FKHUPDHQHQWVFKORVVHQHLQOHW]WHV0DODXIGLH:HOWHLQ]XZLUNHQXQGVLH JHVWDOWHQ LKUHQ 7RG LQ GHP %HZXVVWVHLQ GDVV HU QHEHQ GHU LQWLPHQ HLQH |IIHQWOLFKH.RPSRQHQWHEHVLW]WLKQHQHLQH%KQHVRZLHHLQK|FKVWDXI PHUNVDPHV3XEOLNXPEHUHLWVWHOOW$XVGUFNOLFKLQ0HWDSKHUQGHV7KHD WHUV²ZHQQDXFKXQWHUHWZDVDQGHUHQ3UlPLVVHQ²UHIOHNWLHUWGHQQDXFK 6HQHFD LQ GHQ (SLVWXODH PRUDOHV DG /XFLOLXP Q&KU GLH .XQVW GHV OHW]WHQ/HEHQVDXJHQEOLFNHV 0LWGHP/HEHQLVWHVZLHPLWHLQHP%KQHQVWFN:LFKWLJLVWQLFKWZLHODQJHHV JHGDXHUW KDW VRQGHUQ ZLH JXW HV JHVSLHOW ZRUGHQ LVW (V LVW QHEHQVlFKOLFK DQ ZHOFKHU6WHOOHGXDXIK|UVW+|UHDXIZRGXZLOOVWQXUVFKOLHHPLWHLQHPJXWHQ 6FKOX
'LHVH$XVVDJHKDWPRUDOLVFKHXQG²QLFKWQXUDEHUEHVRQGHUVPLW%OLFN DXI GLH /LWHUDWXU ² lVWKHWLVFKH .RQVHTXHQ]HQ (V LVW QHEHQ GHU JXW JH VSLHOWHQ/HEHQV]HLWGHUOHW]WH$NWDXIGHQHVDQNRPPWXQGGHVVHQ*H VWDOWXQJGHU(LQ]HOQHYHUSIOLFKWHWLVW²HLQ*HGDQNHGHUEHUGLHIROJHQ GHQ -DKUKXQGHUWH KLQZHJ GLH FKULVWOLFKH 6WHUEHSUD[LV EHKHUUVFKHQ VROOWH 6HQHFDO|VWHVHLQH)RUGHUXQJVHOEVWHLQ(ULQV]HQLHUWHVHLQHQ7RGLP6WLOH 6RNUDWHV· EHJQJWH VLFK DOOHUGLQJV QLFKW GDPLW )UHXQGH PQGOLFK ]X BBBBBBBBBBBBB
9JO)URVWÅ2Q5HDGLQJ9DOHGLFWRU\7H[WV´3DUDJUDSKHQI 9JO5HDOOH[LNRQ9,6S 9JO*XWKNH/HW]WH:RUWH6 /XFLXV$QQDHXV6HQHFDÅ%ULHIHDQ/XFLOLXV´%ULHILQ$UV0RULHQGL'LH.XQVWJXW]XOH EHQXQGJXW]XVWHUEHQ7H[WHYRQ&LFHURELV/XWKHUKUVJHLQJHOHLWHWXQGEHUVHW]WYRQ-DFTXHV /DDJHU=ULFK0DQHVVH 6²KLHU6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
YHUDEVFKLHGHQVRQGHUQGLNWLHUWHVHLQHOHW]WHQ:RUWHHLQHP6HNUHWlU'DV HQWVWDQGHQH 6FKULIWVWFN EHULFKWHW 7DFLWXV LP IQI]HKQWHQ %XFK GHU $QQDOHV ² Q&KU PDFKWH PDQ GHU gIIHQWOLFKNHLW ]XJlQJOLFK =HXJHQ XQG $XWRUVFKDIW VROOWHQ HLQDQGHU JHJHQVHLWLJ YHUVLFKHUQ ² XQG SRWHQ]LHUHQ ,Q3KDLGUDXQG6RNUDWHVVRLVWIHVW]XKDOWHQVWHKHQVLFK([WUHPXQG ([HPSHO JHJHQEHU 'DEHL VWHOOW QLFKW GLH :DKO GHV VFKULIWOLFKHQ 0H GLXPV DQ VLFK VRQGHUQ GHU PDQLSXODWLYH *HEUDXFK GHQ 3KDLGUD GDYRQ PDFKW HLQH 1RUPYHUOHW]XQJ GDU $OOHUGLQJV IROJW LKU 9HUKDOWHQ HEHQ MH QHP 7UHQG ]X NRQIOLNWUHLFKHQ ,QKDOWHQ 2SSRVLWLRQ XQG 6HOEVWHUPlFKWL JXQJ GHU LP +LQEOLFN DXI GLH %ULHIVRUWH VFKRQ ]X %HJLQQ NRQVWDWLHUW ZXUGH hEHU GHVVHQ JHQDXH *UQGH RGHU 5HSUlVHQWDWLYLWlW VROO KLHU DXI JUXQGGHUJHULQJHQ$Q]DKOYRQ=HXJQLVVHQQLFKWVSHNXOLHUWZHUGHQ)HVW KDOWHQOlVVWVLFKMHGRFKGDVVHLQH5HLKHDQWLNHU'LFKWHUXQG6FKULIWVWHOOHU GDV3RWHQWLDOGHU7H[WVRUWH$EVFKLHGVEULHIHLQGXUFK7RGZLH6FKULIWOLFK NHLW LQ VHLQHQ 6HOEVWlXHUXQJHQ EHIUHLWHV XQG JHVFKW]WHV ,QGLYLGXXP LQ H[WUHPLV ]X JHVWDOWHQ HUNDQQWHQ XQG DOV OLWHUDULVFK DWWUDNWLY HPSIDQGHQ 3KDLGUDXPEHLLKUHP%HLVSLHO]XEOHLEHQHQW]LHKWVLFKGHU*HPHLQVFKDIW DXI UDGLNDOH :HLVH XP QDFK HLJHQHU 0DJDEH DXI VLHHLQZLUNHQ ]X N|Q QHQ 'HU QRQNRQIRUPH &KDUDNWHU LKUHV $EVFKLHGVEULHIHV OLHJW LQ HUVWHU /LQLHGDULQGDVVHUDXIGLH1DFKZHOWGHVWDELOLVLHUHQGZLUNW'LHVVWHKWLQ NUDVVHP.RQWUDVW]X6RNUDWHV·7RG6HLQ6WHUEHQVWLIWHW*HPHLQVFKDIWXQG KLQWHUOlVVW GLHVHU HLQ WU|VWOLFKHUEDXOLFKHV Ä*ODXEHQVPRGHOO¶ GDV ]XU 1DFKDKPXQJ DQUHJW KLOIW NRQVWUXNWLY PLW GHP 7RG XP]XJHKHQ XQG VRPLW6WDELOLWlWHU]HXJW (XULSLGHV ZLH 3ODWRQ VFK|SIHQ GDV UKHWRULVFKH 3RWHQWLDO OHW]WHU /H EHQVlXHUXQJHQXQWHUMHZHLOVXQWHUVFKLHGOLFKHQlVWKHWLVFKHQSKLORVRSKL VFKHQE]ZNULWLVFKHQ0DJDEHQDXV'LHVLFKLP9HUJOHLFKGLHVHUEHLGHQ DQWLNHQ 6WHUEHGDUVWHOOXQJHQ DE]HLFKQHQGHQ ([WUHPH QRQNRQIRUPHQ XQG H[HPSODULVFKHQ.RPPXQLNDWLRQVYHUKDOWHQVLP$QJHVLFKWGHV7RGHVVROO WHQIUGLH*HVFKLFKWHOHW]WHU:RUWHVWUXNWXUJHEHQGZHUGHQ'LHVJLOWZLH EHUHLWV DQJHGHXWHW ZXUGH XQG ZLH LP :HLWHUHQ QlKHU DXV]XIKUHQ VHLQ ZLUGJDQ]EHVRQGHUVIUGLH*HVFKLFKWHGHV$EVFKLHGVEULHIHVXQGGHVVHQ .RQYHQWLRQHQ XQG )XQNWLRQHQ LQ $OOWDJ ZLH /LWHUDWXU LQ GHQ IROJHQGHQ -DKUKXQGHUWHQ BBBBBBBBBBBBB
'LH6FKLOGHUXQJLP3KDLGRQVWHOOWQXUHLQH$XVIRUPXQJGHV0RWLYVGHVH[LWXVFODURUXPYLUR UXP GDU 'HP KHOGHQKDIW IU VHLQH hEHU]HXJXQJ 6WHUEHQGHQ VWHKW EHLVSLHOVZHLVH GHU ]X PHLVWWUDJLVFKHQGHQGH7\UDQQJHJHQEHUGHVVHQ7RGZLUGPLWGHPGHV:HLVHQNRQWUDV WLHUW 'LHVHV 6FKHPD EHUQDKPHQ FKULVWOLFKH $XWRUHQ ZREHL IU VLH GLH (LQVWHOOXQJ GHV 6WHUEHQGHQ ]XP *ODXEHQ HQWVFKHLGHQG ZXUGH YJO 5HDOOH[LNRQ 9, 6SQ² YJO DXFK*XWKNH/HW]WH:RUWH6
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW OHW]WH:RUWHLPFKULVWOLFKHQ0LWWHODOWHU XQGLQGHU)UKHQ1HX]HLW &KULVWOLFKH5LWXDOLVLHUXQJHQGHV$EVFKLHGQHKPHQVYRQGHU:HOWVFKULHEHQ LP/DXIHGHUIROJHQGHQ-DKUKXQGHUWHGHP6WHUEHYHUKDOWHQGHV*OlXELJHQ XQG GHVVHQ OHW]WHQ :RUWHQ ]XQHKPHQG VSH]LILVFKH )XQNWLRQHQ ]X YRU QHKPOLFK PLW %OLFN DXI GDV )RUWOHEHQ QDFK GHP 7RGH 1HEHQ 'DUVWHO OXQJHQ GHV .UHX]HVWRGHV XQG GHU OHW]WHQ 5HGHQ -HVX &KULVWL LP 1HXHQ 7HVWDPHQW VRZLH GHV 6WHUEHQV LKP QDFKIROJHQGHU 0lUW\UHU XQG +HLOLJHU EHUQDKP LQ 0LWWHODOWHU XQG IUKHU 1HX]HLW YRU DOOHP GLH DSRNU\SKH 6FKLOGHUXQJYRQ0DULDV7RGHLQH9RUELOGIXQNWLRQ 0LW%OLFN]XUFNDXIGLHQLFKWFKULVWOLFKH$QWLNHLVWIHVW]XKDOWHQGDVV -HVXV· OHW]WH 5HGHQ (OHPHQWH HQWKDOWHQ GLH WURW] LKUHU WKHRORJLVFKHQ (LQEHWWXQJDQ6RNUDWHV·$EVFKLHGVZRUWHHULQQHUQ'LHVVXJJHULHUW3DUDOOH OHQE]ZHLQHJHZLVVH.RQWLQXLWlW]ZLVFKHQEHLGHQ([HPSHOQ6RZHLVW GHU*RWWHVVRKQVHLQH-QJHUDQZLHVLHLKUNQIWLJHV/HEHQ]XIKUHQKD EHQ YHUOHLKW VHLQHP 7RG 6LQQ YHUZDQGHOW DQJHVLFKWV GHU :LHGHUDXIHU VWHKXQJ7UDXHULQ)UHXGHEHWHWIUGLH-QJHUWU|VWHWVLHXQGXQWHUZLUIW VLFK GHP J|WWOLFKHQ :LOOHQ 1HEHQ VHLQHP 9HUKDOWHQ DOV ,QGLYLGXXP LVW -HVXV·8PJDQJPLWGHU*HPHLQVFKDIWEHGHXWVDP(UYHUDEVFKLHGHWVHLQH -QJHU EHLP $EHQGPDKO GXUFK ZHOFKHV HU JOHLFK]HLWLJ GDV 5LWXDO VHLQHV $QGHQNHQV VWLIWHW XQG ZHQGHW VLFK HUVW LP *DUWHQ *HWKVHPDQH HLQ]LJ XQG DOOHLQ *RWW ]X -HVXV· 6WHUEHQ DP .UHX] EHJOHLWHQ QHEHQ DQGHUHQ 0DULDXQGGHU/LHEOLQJVMQJHU-RKDQQHVYJO-RK² 9RP 7RG GHU *RWWHVPXWWHU HU]lKOW VR DXVIKUOLFK ZLH OHJHQGHQ ELOGHQGGHUYRQHLQHPXQEHNDQQWHQ9HUIDVVHUVWDPPHQGH7H[W'HWUDQVLWX EHDWDH 0DULDH YLUJLQLV DXV GHP -DKUKXQGHUW %HLVSLHOJHEHQG IU VSlWHUH *OlXELJH HEHQVR ZLHIU 6FKLOGHUXQJHQ H[HPSODULVFKHQ 6WHUEHQV ZLUNHQ ZLH .ODXV 6FKUHLQHU KHUYRUKHEW YRU DOOHP IROJHQGH 8PVWlQGH GHV ILNWL YHQÅ+HLPJDQJ0DULHQV´ BBBBBBBBBBBBB
9JO5HDOOH[LNRQ9,6S 9JO .ODXV 6FKUHLQHU 0DULD /HEHQ /HJHQGHQ 6\PEROH 0QFKHQ %HFN 6² %HGHXWXQJXQG5H]HSWLRQGHV0DULHQWRGHVEHOHXFKWHWGHUVHOEH$XWRUDXVIKUOLFKLQÅ'HU 7RG0DULDVDOV,QEHJULIIFKULVWOLFKHQ6WHUEHQV6WHUEHNXQVWLP6SLHJHOPLWWHODOWHUOLFKHU/H JHQGHQELOGXQJ´LQ7RGLP0LWWHODOWHUKUVJYRQ$UQR%RUVWXD.RQVWDQ]8QLYHUVLWlWVYHU ODJ .RQVWDQ] 6² VLHKH DXFK 8OL :XQGHUOLFK6DUJ XQG +RFK]HLWVEHWW VR QDKH YHUZDQGW 7RGHVELOGHU LQ 5RPDQHQ GHU $XINOlUXQJ 6W,QJEHUW 5|KULJ 6² $XFK GDV9HUKDOWHQXQGGLHOHW]WHQ5HGHQGHUÄ*RWWHVPlQQHU¶GHV$OWHQ7HVWDPHQWVGLHQWHQDOV ([HPSHO YRUELOGOLFKHQ 6WHUEHQV ,KUH $EVFKLHGVUHGHQ ZXUGHQ VWUXNWXUHOOHV 9RUELOG GHU YLHOIlOWLJHQOHW]WHQ5HGHQGHV1HXHQ7HVWDPHQWVYJOXD5HDOOH[LNRQ,6S
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
'UHL7DJHYRULKUHP7RGZDUVLFK0DULDGDQNJ|WWOLFKHU(LQJHEXQJGDUEHULP NODUHQ GD VLH VWHUEHQ PXWH >«@ 0DULD VWDUE QLFKW DOOHLQ VRQGHUQ LQ GHU *H PHLQVFKDIWGHU$SRVWHOLKUHU1DFKEDUQXQG9HUZDQGWHQ>«@'LH$SRVWHOSVDO PRGLHUWHQ²HLQ9RUJDQJGHUGHQhEHUOHEHQGHQ*HEHWVKLOIHQIUGLH6WHUEHQGHQ ]XU3IOLFKWPDFKW:lKUHQGLKUHV*HEHWHVKDWWHQGLH$SRVWHO/DPSHQDQJH]Q GHW>«@
(OHPHQWHEHLGHU0RGHOOHH[HPSODULVFKHQ$EVFKLHGQHKPHQVODVVHQVLFKLQ IUKHQVFKULIWOLFKHQ6WHUEHERWVFKDIWHQILQGHQGLHDXVGHPJHLVWOLFKHQ%H UHLFKEHUOLHIHUWVLQG6RELWWHWHLQ8QEHNDQQWHUP|JOLFKHUZHLVH$QJHK| ULJHU HLQHU 2UGHQVJHPHLQVFKDIW LQ HLQHP LQ 7RQ JHULW]WHQ NRSWLVFKHQ %ULHIDXVGHP-DKUKXQGHUWÅ>>L@P1DPHQGHV9DWHUVXQGGHV@6RKQHV XQGGHV+HLOLJHQ*HLVWHV´VHLQHÅ%UGHU´Å6HLGVRJXWEHWHW>IUPLFK GDVV*RWW@PHLQHU6HHOHJQlGLJVHL>LQGHU6WXQGH@PHLQHU7RGHVQRWXQG >HU PLFK HUUHWWH DXV@ GHQ )DOOVWULFNHQ GHV 7HXIHOV DOOH >7DJH@ PHLQHV /HEHQV > ² /HEW@ ZRKO LP +HUUQ´ 'LH QlKHUHQ 8PVWlQGH GHV 7H[WHV VLQGQLFKWEHNDQQWGRFKIKUWHUYRUZLHHLQ*OlXELJHULP*HGHQNHQDQ GHQHLJHQHQ7RGVFKULIWOLFKHEHQMHQHJHLVWOLFKH*HPHLQVFKDIWKHU]XVWHO OHQVXFKWHGLHGDV6WHUEHQYRUQHKPOLFK0DULDVJHSUlJWKDWWH ,QZHLWDXVNRPSOH[HUHU)RUPSUlVHQWLVWGLHVHU*HGDQNHLQGHQ$E VFKLHGVERWVFKDIWHQ %HQHGLNWV YRQ $QLDQH YRU ² ² GHU ÅDQ $EW *HRUJ XQG GLH *HPHLQVFKDIW YRQ $QLDQH´ GLH DP (QGH GHU YRQ $UGR YHUIDVVWHQ9LWDXP VWHKWVRZLHGHUÅDQ(U]ELVFKRI1LEULGLXV´GLH /HW]WHUHUVSlWHUKLQ]XJHIJWZXUGH$XFK%HQHGLNWHUELWWHWVLFKÅOLWXUJL VFKHV*HEHWVJHGHQNHQ´GDUEHUKLQDXVZLUNWHUEHPKWÅVHLQHHLJHQH 0HPRULD´ VLFKHU]XVWHOOHQ XQG GDIU ]X VRUJHQ GDVV ÅGLH .O|VWHU ]X GHQHQHULQHLQHEHVRQGHUH9HUELQGXQJJHWUHWHQZDU>«@GHQYRQLKPIU ULFKWLJJHKDOWHQHQ:HJPRQDVWLVFKHU/HEHQVSUD[LVQLFKWYHUOLHHQ´$OV 6HOEVWZLH*ODXEHQV]HXJQLVVHEHVLW]HQGLH$EVFKLHGVEULHIH%HQHGLNWVGHQ BBBBBBBBBBBBB
6FKUHLQHU0DULD6 6WLPPHQ DXV GHP :VWHQVDQG %ULHINXOWXU LP JULHFKLVFKU|PLVFKHQ bJ\SWHQ KUVJ YRQ &ODXGLD .UHX]VDOHUXD:LHQ3KRLERV 6 9JO .DSLWHO XQG GHU Ä9LWD %HQHGLFWL $QLDQHQVLV¶ (GLWLRQ PLW hEHUVHW]XQJ LQ :DOWHU .HWWHPDQQ6XEVLGLD$QLDQHQVLDhEHUOLHIHUXQJVXQGWH[WJHVFKLFKWOLFKH8QWHUVXFKXQJHQ]XU*HVFKLFKWH :LWL]D%HQHGLNWVVHLQHV.ORVWHUV$QLDQHXQG]XUVRJHQDQQWHQÄDQLDQLVFKHQ5HIRUP¶0LWNRPPHQWLHUWHQ (GLWLRQHQGHUÄ9LWD%HQHGLFWL$QLDQHQVLV¶Ä1RWLWLDGHVHUYLWLRPRQDVWHULRUXP¶GHVÄ&KURQLFRQ0RLVVLD FHQVH$QLDQHQVH¶VRZLH]ZHLHU/RNDOWUDGLWLRQHQDXV$QLDQH7HLOHOHNWURQLVFKSXEOL]LHUWH'LV VHUWDWLRQ *HUKDUG0HUFDWRU8QLYHUVLWlW ² *HVDPWKRFKVFKXOH 'XLVEXUJ 6² VRZLH ]XU hEHUOLHIHUXQJVJHVFKLFKWH GHU 9LWD XQG $EVFKLHGVEULHIH HEG 6 XQG Å%HLODJH 'LH hEHUOLHIHUXQJ GHU Ä9LWD %HQHGLFWL $QLDQHQVLV¶ ELV LQV -DKUKXQGHUW´ KWWSGXHSXEOLFRXQLGXLVEXUJHVVHQGHVHUYOHWV'HULYDWH6HUYOHW'HULYDWH.HW WHPDQQB'LVVSGI! >DXIJHUXIHQ DP@ )U GHQ+LQZHLV DXI%HQHGLNWV $EVFKLHGV EULHIHGDQNHLFKKHU]OLFK6LWD6WHFNHOXQG7KRPDV*UXEHU .HWWHPDQQ6XEVLGLD$QLDQHQVLD6I$QP .HWWHPDQQ6XEVLGLD$QLDQHQVLD6I$QP
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
&KDUDNWHU HLQHV 9HUPlFKWQLVVHV GDV QLFKW ]XOHW]W GHVKDOE DQ GDV YRQ -HVXV HULQQHUW ZHLO HV GLH .RQWLQXLWlW XQG 6WDELOLWl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lUWLJVLFK²DXFK SK\VLVFK ² YROO]LHKHQGHQ 3UR]HVV GHVVHQ (QGH HU DQWL]LSLHUW Å>,@FK NlPSIH MHW]W VFKRQ PLW GHP 7RGH XQG HLOH GHP =LHO HQWJHJHQ 6FKRQ WUHQQW VLFK GLH 6HHOH YRP .|USHU XQG LQ GLHVHU :HOW VHKH LFK 'LFK PLW GHQ$XJHQGHV/HLEHVVLFKHUQLFKWPHKU ´'LH(LQELQGXQJGHUOHW]WHQ %RWVFKDIWDQ*HRUJLQGLH9LWDEHUOlVVWGHP+HLOLJHQEHZXVVWGDVOHW]WH :RUW GLHVH 3RVLWLRQLHUXQJ JHPHLQVDP PLW GHP VSlWHUHQ $QIJHQ GHV ]ZHLWHQ$EVFKLHGVEULHIHVEHOHJWHLQ%HZXVVWVHLQGHU7H[WVRUWHDOVHLJHQ VWlQGLJH)RUPGLHHVORKQW]XEHZDKUHQXQGDOVDXWKHQWLVFKHV¶ELRJUD SKLVFKHV=HXJQLV :LH LQ $QWLNH XQG 6SlWDQWLNH EOLHEHQ VFKULIWOLFKH $EVFKLHGVERW VFKDIWHQLP9HUJOHLFK]XPQGOLFKHQ6WHUEHZRUWHQLQ0LWWHODOWHUZLH)U KHU1HX]HLWHLQUDQGVWlQGLJHV3KlQRPHQ(VZDUGDV6SUHFKHQLQH[WUHPLV GDV YRUUDQJLJ %HGHXWXQJ EHVD XQG GHVVHQ 5LWXDOLVLHUXQJ WKHRORJLVFKH 7H[WH ]XQHKPHQG V\VWHPDWLVFK EHWULHEHQ +LQWHUJUXQG GLHVHU (QWZLFN OXQJ ZDU GLH 9RUVWHOOXQJ GDVV VLFK ÄJXWHV¶ 6WHUEHQ DQKDQG GHU UHFKWHQ 9RUELOGHUXQG5HJHOQHUOHUQHQODVVH:lKUHQGGHP.UHX]HVWRG-HVXDXI JUXQG VHLQHU V\PEROLVFKHQ .UDIW ZHLWHUKLQ ]HQWUDOH %HGHXWXQJ ]XNDP YHUOLHK GLH LP /DXIH GHV -DKUKXQGHUWV DXINRPPHQGH XQG DQ lOWHUH 6WHUEHNXQVW7UDGLWLRQHQDQNQSIHQGHDUVPRULHQGLHKHUGHP,GHDOGHVYHU JOHLFKVZHLVH ÄQDWUOLFKHQ¶ 7RGHV 0DULDV OLWHUDULVFKGLGDNWLVFKH *HVWDOW BBBBBBBBBBBBB
9JO.HWWHPDQQ6XEVLGLD$QLDQHQVLD6I$QP 9JOÄ9LWD%HQHGLFWL$QLDQHQVLV¶LQ.HWWHPDQQ6XEVLGLD$QLDQHQVLD6 9JOÄ9LWD%HQHGLFWL$QLDQHQVLV¶LQ.HWWHPDQQ6XEVLGLD$QLDQHQVLD6Å'RFKGDLFKDP (QGHPHLQHV/HEHQVVWHKHXQGQLFKWZHLRELFKPLFKQRFK XP(XFKNPPHUQNDQQ KDEHLFK(XFKPHLQ+HU]LQ/LHEH]XJHZHQGHWXQG:HUWGDUDXIJHOHJW(XFKHLQLJH:RUWH VRZRKOGXUFK)UHXQGHZLHDXFKVFKULIWOLFK]XNRPPHQ]XODVVHQ´ Ä9LWD%HQHGLFWL$QLDQHQVLV¶LQ.HWWHPDQQ6XEVLGLD$QLDQHQVLD6 :XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6$EKDQGOXQJHQ]XU6WHUEHNXQVWDOOJHPHLQVLQGLQ :HVWHXURSD ODXW 0DUN &KLQFD EHUHLWV VHLW GHP -DKUKXQGHUW QDFKZHLVEDU ÅV\VWHPD WLVFKHXQGDOV/HKUHRGHU.XQVWEH]HLFKQHWH$QOHLWXQJHQ]XU0HGLWDWLRQEHUGLH/HW]WHQ 'LQJH´ZLHVLHKLHULP9RUGHUJUXQGVWHKHQÅHUVFKHLQHQ>«@DOOHUGLQJVHUVWVHLWGHU]ZHL WHQ +lOIWH GHV -KV >VLF@´ YJO GHUV Å6WHUEHQ ZLH HV LP %XFKH VWHKW =X .RQWLQXLWlW XQG:DQGHOGHU$UVPRULHQGL]ZLVFKHQ0LWWHODOWHUXQGIUKHU1HX]HLW´69RUWUDJJH KDOWHQ DP LP 5DKPHQ GHU 5LQJYRUOHVXQJ Å0LWWHODOWHU XQG 5HQDLVVDQFH)RU
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
6SUDFK +DQGOXQJHQ ZLH VLH GDV 6WHUEHQ LQ PRQDVWLVFKHQ *HPHLQ VFKDIWHQ EHJOHLWHWHQ ZXUGHQ EHZXVVW IU GHQ *HEUDXFK GXUFK 3ULHVWHU ZLH/DLHQÅVFKULIWOLFK>«@NRGLIL]LHU>W@´XQGGDPLWIUGDV6WHUEHYHUKDOWHQ JU|HUHUQLFKWNOHULNDOHU%HY|ONHUXQJVWHLOHYHUELQGOLFK %HHLQIOXVVWXQGEHI|UGHUWZXUGHGLHVHU3UR]HVVGXUFKGLHJHVHOOVFKDIW OLFKH6LWXDWLRQGHU=HLW,Q5HDNWLRQYRUDOOHPDXIGLHYHUKHHUHQGHQ3HVW HSLGHPLHQ YHUVFKRE VLFK GHU )RNXV WKHRORJLVFKHU bXHUXQJHQ EHU 6WHUEHQXQG7RG]XYRUDXIHLQHDUVYLYHQGLDXVJHULFKWHW]XQHKPHQGÅDXI GHQ 6WHUEHSUR]H VHOEVW DXI GLH 6WHUEHVWXQGH XQG DXI GLH JHLVWOLFKH %H JOHLWXQJLQGLHVHP3UR]H´'DVVVLFKGDV%LOGYRQGHUKRUDPRUWLVZHO FKHGLH6WHUEHNQVWHHQWZHUIHQQLFKWDP$OOWDJRULHQWLHUWVRQGHUQHLQHQ ÅSULYLOHJLHUWH>Q@ 7RG PLW NODUHQ .RQWXUHQ XQG 9HUODXIVIRUPHQ´ LQV]H QLHUW NDQQ PDQ PLW &KULVWLDQ .LHQLQJ GXUFKDXV YHUVWHKHQ DOV *HJHQ HQWZXUI]XUHKHUÄQFKWHUQHQ¶:LUNOLFKNHLWGLHHLQHGHUDUWLJHÅlVWKHWLVFKH 7UDQVIRUPDWLRQKHUDXVIRUGHUWH´ $OV HLQ +DXSWDQVWR GHU (QWVWHKXQJ XQG *UXQGODJH VSlWPLWWHODOWHU OLFKHU6WHUEHNXQVWJLOWGHUGULWWH7HLOYRQ-RKDQQHV*HUVRQV² BBBBBBBBBBBBB
VFKXQJHQ´ GHV 0LWWHODOWHU]HQWUXPV GHU 8QLYHUVLWlW )UHLEXUJ XQG GHV 0DVWHUVWXGLHQJDQJV Å0LWWHODOWHUXQG5HQDLVVDQFH6WXGLHQ´ ,FKGDQNHGHP$XWRUGDIUGDVVHUPLUGDVQRFK XQYHU|IIHQWOLFKWH 6NULSW VHLQHV 9RUWUDJHV ]XU 9HUIJXQJ JHVWHOOW KDW XQG PLU HUODXEW GDUDXV]X]LWLHUHQ 1LJHO ) 3DOPHU Å$UV PRULHQGL XQG 7RWHQWDQ] =XU 9HUELOGOLFKXQJ GHV 7RGHV LP 6SlW PLWWHODOWHU0LWHLQHU%LEOLRJUDSKLH]XUÄ$UVPRULHQGL¶LQ7RGLP0LWWHODOWHUKUVJYRQ$UQR %RUVW XD 6² KLHU 6I I %HVRQGHUV DQVFKDXOLFK ZLUG GLHV ZLH 3DOPHU ]HLJWLQHLQHPGHUXPIDQJUHLFKVWHQXQGDPZHLWHVWHQYHUEUHLWHWHQ%FKHU]XU6WHUEHNXQVW GHP 6SHFXOXP DUWLV EHQH PRULHQGL ZHOFKHV GHU $XWRU LQ GDV ]ZHLWH 9LHUWHO GHV -DKUKXQ GHUWVGDWLHUWYJOHEG $QGLHVHU6WHOOHP|FKWHLFK1LJHO3DOPHUDXVGUFNOLFKGDQNHQIU VHKULQVWUXNWLYH*HVSUlFKH]XUDUVPRULHQGLVRZLH]XDQJUHQ]HQGHQ7KHPHQ +HOPXW5ROIHVÅ$UVPRULHQGL(LQH6WHUEHNXQVWDXVGHU6RUJHXPGDVHZLJH+HLO´LQ$UV 0RULHQGL(UZlJXQJHQ]XU.XQVWGHV6WHUEHQVKUVJYRQ+DUDOG:DJQHU:LHQ+HUGHU 6² KLHU 6 YJO ]XGHP GHQ QDFK ZLH YRU DOV 6WDQGDUGZHUN JHOWHQGHQ %DQG YRQ 5DLQHU5XGROI$UV0RULHQGL9RQGHU.XQVWGHVKHLOVDPHQ/HEHQVXQG6WHUEHQV.|OQXQG*UD] %|KODX 1HEHQMHQHQ7H[WHQGLHVLFKVSH]LHOODXIGLHKRUDPRUWLVXQGGLHSUDNWLVFKH 6WHUEHEHJOHLWXQJ NRQ]HQWULHUHQ JLEW HV ]DKOUHLFKH WHLOV VHKUEHOLHEWHXQG ZHLW YHUEUHLWHWH DUVPRULHQGL7H[WHGLHGLH$XVVLFKWDXIGHQ7RGXQGGLHQRWZHQGLJH9RUEHUHLWXQJGDUDXI ]XP$QODVVQHKPHQGHQ/HVHU]XJRWWJHIlOOLJHU/HEHQVIKUXQJDQ]XOHLWHQ(LQHGHUZLU NXQJVUHLFKVWHQ$EKDQGOXQJHQGLHVHU$UWILQGHWVLFKLQ+HLQULFK6HXVHV² %FK OHLQ GHU HZLJHQ :HLVKHLW FD² YJO 7RG XQG 6WHUEHQ /DWHLQLVFKH XQG GHXWVFKH 6WHUEH OLWHUDWXUGHV6SlWPLWWHODOWHUVEHDUEHLWHWYRQ+LUDP.PSHUPLWHLQHP%HLWUDJ]XU%LOGHU$UV PRULHQGL YRQ $QGUHD %HUOLQ 'XLVEXUJ XQG .|OQ :L.X9HUODJ 'U 6WHLQ 6I .RPPHQWDU ² 7H[W ,P JOHLFKHQ %DQG ILQGHQVLFK HLQ MQJHUHU)RUVFKXQJVEHU EOLFN VRZLH HLQH JURH $XVZDKO HLQVFKOlJLJHU WHLOV XQYHU|IIHQWOLFKWHU 3ULPlUTXHOOHQ ]XP 7KHPD9JO]XGHPGLH/LWHUDWXUKLQZHLVHXQG.XU]GLVNXVVLRQDXVJHZlKOWHU6WHUEHEFKHU LQ8WH0HQQHFNH+DXVWHLQ/XWKHUV7URVWEULHIH*WHUVORK0RKQ 6² .LHQLQJ Å,QV]HQLHUWH 7RGH ULWXDOLVLHUWH 7H[WH´ 6 YJO 3DOPHU Å$UV PRULHQGL XQG 7RWHQWDQ]´6
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
2SXVWULSDUWLWXPÅ'HDUWHPRULHQGL´XP 'HU7H[WZHOFKHUYRP 8PJDQJPLW6WHUEHQGHQXQGYRQGHUULFKWLJHQ9RUEHUHLWXQJDXIGHQ7RG KDQGHOW ZXUGH IU YLHOH $XWRUHQ VSlWHUHU 6WHUEHEFKOHLQ LQ GHXWVFKHU HQJOLVFKHU ZLH IUDQ]|VLVFKHU 6SUDFKH PDJHEHQG *HUVRQV DUV EHVWHKW DXVYLHU7HLOHQH[KRUWDWLRQHVLQWHUURJDWLRQHVRUDWLRQHVXQGREVHUYDWLRQHV²Å(U PDKQXQJHQ %HIUDJXQJHQ *HEHWH´ XQG Å]XVlW]OLFKH $QPHUNXQJHQ´ '$0 XQGULFKWHWHVLFKDQSURIHVVLRQHOOH6HHOVRUJHUVRZLHJHELOGHWH /DLHQ (UVWHUH VROOWHQ OHUQHQ ÅZLH PDQ 0HQVFKHQ GLH YRU LKUHP 7RG VWHKHQ]XUHGHQVROO´/HW]WHUHPRFKWHQGXUFKGLH/HNWUHÅGLH.XQVWXQG .HQQWQLV HUODQJHQ >«@ ZLH PDQ JXW VWHUEHQ NDQQ´ '$0 'HU 6WHUEHEHJOHLWHU VROOWH GHP 6WHUEHQGHQ DOV Å)UHXQG´ GLHQHQ LKP *HVHOO VFKDIW OHLVWHQ XQG KHOIHQ ÅLQ HLQHP 3UR]H JOlXELJHU .RPPXQLNDWLRQ >«@]XMHQHQ(QWVFKHLGXQJHQ>]X@ILQGHQGLH]XPHZLJHQ+HLOIKUHQ´ 0LW%OLFNDXI0RGHOOHPQGOLFKHQ$EVFKLHGQHKPHQVGLHDXFK.RQYHQ WLRQHQOHW]WHQ6FKUHLEHQVSUlJHQVROOWHQLVW*HUVRQV6WHUEHNXQVWLQVRIHUQ EHGHXWVDPDOVVLH/HEHQVlXHUXQJHQLQH[WUHPLVIU&KULVWHQDOOJHPHLQDOV 7HLOHLQHVULWXDOLVLHUWHQ*HVSUlFKHVXQWHUÅ)UHXQGHQ´NRQ]LSLHUWZHOFKHV GDV6HHOHQKHLOGHV6WHUEHQGHQVLFKHUQVROO'LHGHUDUWÅIHVWJHVFKULHEHQHQ 6SUDFKKDQGOXQJHQ´ELOGHQVR0DUN&KLQFD (OHPHQWH HLQHV YHUKDOWHQVQRUPLHUHQGHQ 0XVWHUV GDV GHQ 6WHUEHSUR]HVV ² YRU DOOHPLQGHUOHW]WHQ6WXQGH²DOVEXFKJHOHLWHWHVXQGEXFKNRQIRUPHV6SUDFKULWXDO ]X JHVWDOWHQ YHUVXFKWH 'LHVHV 0XVWHU >«@ KDW GLH ZHVWHXURSlLVFKH )U|PPLJ NHLWVNXOWXUXQJHDFKWHWDOOHUUHOLJL|VHQ8PZlO]XQJHQXQGNRQIHVVLRQHOOHQ8QWHU VFKLHGH]ZLVFKHQGHPXQGGHP-DKUKXQGHUWDQKDOWHQGJHSUlJW
,P (LQ]HOQHQ HQWIDOWHW VLFK *HUVRQV DUV ZLH IROJW =XQlFKVW KHOIHQ Å(U PDKQXQJHQ´ GHP 6WHUEHQGHQ LQ HLQHQ 'LDORJ PLW VLFK VHOEVW XQG *RWW HLQ]XWUHWHQ 0DQ HULQQHUW LKQ DQ GLH %HGLQJXQJHQ VHLQHV 0HQVFKVHLQV ² GLH9HUJlQJOLFKNHLWDOOHV,UGLVFKHQGHQ6WDWXVDOV3LOJHULQGLHVHU:HOW² XQG IRUGHUW LKQ GD]X DXI *RWW GDIU ]X GDQNHQ GDVV HU LKP HLQHQ ÅSO|W]OLFKHQ7RG´HUVSDUHXQGÅGLH(UNHQQWQLVVHLQHU>GK*RWWHV0,6@ VHOEVW YHUOHLKW´ '$0 (LQ XQHUZDUWHWHU 7RG JDOW ELV LQV IUKH BBBBBBBBBBBBB
9JO-RKDQQHV*HUVRQÅhEHUGLH.XQVW]XVWHUEHQ´LQ$UV0RULHQGL'LH.XQVWJXW]XOHEHQ XQGJXW]XVWHUEHQKUVJYRQ-DFTXHV/DDJHU6²,P)ROJHQGHQDEJHNU]WDOV'$0 JHIROJW YRQ GHU 6HLWHQ]DKO 'LH KLHU SUlVHQWLHUWHQ $XVIKUXQJHQ XQG =LWDWH IROJHQ HLQHU QHXGHXWVFKHQ hEHUVHW]XQJ GHV 7H[WHV GHU XUVSUQJOLFK DXI /DWHLQ YHUIDVVW XQG HUVW LQV )UDQ]|VLVFKHVRZLHVSlWHUGXUFK-RKDQQ*HLOHUYRQ.D\VHUEHUJJHVW LQV'HXWVFKH EHUWUDJHQZXUGHYJO3DOPHUÅ$UVPRULHQGLXQG7RWHQWDQ]´6VRZLH7RGXQG6WHU EHQ/DWHLQLVFKHXQGGHXWVFKH6WHUEHOLWHUDWXUGHV6SlWPLWWHODOWHUV6I /H[LNRQ GHV 0LWWHODOWHUV %GH 0QFKHQ XQG =ULFK $UWHPLV/H[PD ² , 6SQ ² 8QWHU DQGHUHP ]LWLHUW LKQ GDV 6SHFXOXP YJO 3DOPHU Å$UV PRULHQGLXQG7RWHQWDQ]´6 5ROIHVÅ$UV0RULHQGL´6 &KLQFDÅ6WHUEHQZLHHVLP%XFKHVWHKW´6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
-DKUKXQGHUWDOV8QKHLOGDHUNHLQH=HLW]XUVSLULWXHOOHQ9RUEHUHLWXQJ OLH XQG GDPLW GDV 6HHOHQKHLO GHV 6WHUEHQGHQ LQ *HIDKU EUDFKWH E]Z YHUVSLHOWH 6FKOLHOLFK ZLUG GHU 6WHUEHQGH HUPDKQW XP GLH 9HUJHEXQJ VHLQHU 6QGHQ ]X ELWWHQ XQG VLFK YROONRPPHQ YRQ DOOHP ,UGLVFKHQ DE VRZLHDXVVFKOLHOLFK*RWW]X]XZHQGHQGDVVHOEHVROOHQGLHDP6WHUEHEHWW $QZHVHQGHQWXQ $QYHUWUDXH GLFK *RWW XQG EHUODVVH HV LKP GHU DOOPlFKWLJ JXW XQG ZHLVH LVW GLFK GDV 'HLQH XQG GLH $QJHOHJHQKHLWHQ GHU 'HLQHQ ]X OHQNHQ 5LFKWH IHUQHU GHLQ JDQ]HV 'HQNHQ DXI LKQ XQG ELWWH GLH ZHOFKH GLU %HLVWDQGOHLVWHQ XQG GLFK EHUOHEHQ ZHUGHQ OHGLJOLFK GDUXP LQ LKUHQ *HEHWHQ *RWW IU GHLQ +HLO DQ]X IOHKHQ'$0
'DUDXIIROJHQGLHÅ%HIUDJXQJHQ´GLHVSlWHUH.RQYHQWLRQHQOHW]WHQ6SUH FKHQVZLH6FKUHLEHQVEHVRQGHUVEHHLQIOXVVWHQ'HU'LDORJLVWIHVWJHUHJHOW LQGLYLGXHOOH *HVWDOWXQJVP|JOLFKNHLWHQ EOHLEHQ PLQLPDO 'HU )UHXQG VWHOOWGHP6WHUEHQGHQ)UDJHQGLHGLHVHUSRVLWLY]XEHDQWZRUWHQKDWÅ-D´ Å-D LFK ELWWH LKQ >GK *RWW 0,6@ GDUXP´ Å,FK ZLOO HV´ 'LH $UW GHU )UDJHQ OlVVW LKUH %HDQWZRUWXQJ ]XU UHOLJL|VHQ +DQGOXQJ ZHUGHQ $P $QIDQJ VWHKHQ GDV *ODXEHQVEHNHQQWQLV *RWW XQG GHU .LUFKH JHJHQEHU VRZLHGLH%LWWHXP9HUJHEXQJÅGHU6QGHQXQG>«@8QWHUODVVXQJHQYRU *RWW´'$0 'DUDXIYHUVSULFKWPDQ%HVVHUXQJ²VROOWHPDQZLGHU (UZDUWHQ DP /HEHQ EOHLEHQ 'HU )UHXQG UlW GHP 6WHUEHQGHQ VHLQ *H ZLVVHQPLW*RWWHV+LOIHLQWHQVLY]XHUIRUVFKHQZDVQLFKWQXUGHU%HLFKWH GLHQW .RQNUHW ZLUG PDQ GD]X DXIJHIRUGHUW Å(QWZHQGHWHV´ ]XUFN]X HUVWDWWHQE]ZDXIDQGHUH:HLVH]XHQWVFKlGLJHQ(VLVWDQ]XQHKPHQGDVV GLHV GLH %HJOHLFKXQJ DXVVWHKHQGHU 6FKXOGHQ LPSOL]LHUWH 9HUEXQGHQ LVW GLHVPLWHLQHUDQGHUHQ)RUPGHU:LHGHUJXWPDFKXQJ'HU)UHXQGIUDJW 8QGELWWHVWGXYRU*RWWXQGGHQ0HQVFKHQXP9HUJHEXQJGHLQHV8QUHFKWV"² 9HUJLEVWGXDXVJDQ]HP+HU]HQGHQHQGLHGLU6FKDGHQ]XJHIJWDXV(KUIXUFKW XQG /LHEH ]X XQVHUHP +HUUQ -HVXV &KULVWXV YRQ GHP DXFK GX 9HU]HLKXQJ HUKRIIVW"%LWWHVWGXLQJOHLFKHU:HLVHGDGLUYRQMHQHQYHUJHEHQXQGYHU]LHKHQ ZHUGHGLHGXPLW:RUWHQXQG7DWHQYHUOHW]WKDVW"'$0
'HU $XVJOHLFK PDWHULHOOHU XQG LGHHOOHU 6FKXOG KDWWH QHEHQ GHU UHOLJL|VHQ DXFKHLQH)XQNWLRQIUGLH]ZLVFKHQPHQVFKOLFKHQ%H]LHKXQJHQGHV6WHU EHQGHQXQGZLUNWHDXIDOOH%HWHLOLJWHQEHUXKLJHQGZLHVWDELOLVLHUHQG(LQ 0HQVFKNRQQWHVLFKHUVWYRQGHU:HOWO|VHQVRGLH,GHHZHQQHUVHLQHQ
BBBBBBBBBBBBB
'LH5HLKHDXV)UDJHQXQG$QWZRUWHQGLH*HUVRQHQWZLFNHOWXQGÅGLHDQDOOH&KULVWHQ2U GHQVOHXWHZLH/DLHQJHULFKWHWLVW´3DOPHUÅ$UVPRULHQGLXQG7RWHQWDQ]´6 KDWHLQ NOHULNDOHVbTXLYDOHQWLQGHU$QVHOPYRQ&DQWHUEXU\]XJHVFKULHEHQHQ$GPRQLWLRPRULHQWLGLH HLQHQ.DWDORJYRQ)UDJHQDQHLQHQVWHUEHQGHQ*HLVWOLFKHQVRZLHGHVVHQHUZQVFKWH$QW ZRUWHQ YHUVDPPHOW ,KU (LQIOXVV UHLFKW LQ VSlWPLWWHODOWHUOLFKH 6WHUEHEFKHU KLQHLQ VRZLH EHU GLHVH KLQDXV YJO GD]X 7RG XQG 6WHUEHQ /DWHLQLVFKH XQG GHXWVFKH 6WHUEHOLWHUDWXU GHV 6SlW PLWWHODOWHUV6I.RPPHQWDU ²7H[W
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
9HUSIOLFKWXQJHQ LP +LHU XQG -HW]W QDFKJHNRPPHQ ZDU $XVJOHLFK (LQ VLFKW %XH %LWWH XQG 'DQN YHUYROONRPPQHWHQ XQG EHVFKORVVHQ VHLQH ([LVWHQ]XQGVLFKHUWHQJOHLFK]HLWLJGDVVRHQWVFKHLGHQGH:RKOZROOHQGHU /HEHQGHQGHUHQ)UELWWHVHLQH6HHOHLP-HQVHLWVEHGXUIWH :DU GLHV YROOEUDFKW ZDQGWH VLFK GHU 6WHUEHQGH OHW]WJOWLJ YRQ DOOHP ,UGLVFKHQDEXQGYHUVHQNWHVLFKLQVHLQ9HUKlOWQLV]X*RWWLQQHUH(LQNHKU XQG *HEHW ULFKWHWHQ GHQ %OLFN DXI -HQVHLWLJHV 'LH LP 2SXV DQJHIKUWHQ *HEHWHEHJLQQHQPLWGHQOHW]WHQ:RUWHQGHVJHNUHX]LJWHQ-HVXVÅ9DWHU LFKEHIHKOHPHLQHQ*HLVWLQ'HLQH+lQGH´/N 'DUDXIKLQELWWHW GHU 6WHUEHQGH XP %HLVWDQG DUWLNXOLHUW (UO|VXQJVKRIIQXQJ HUKlOW OHW]WH 6DNUDPHQWHXQGZLGPHWVLFKVFKOLHOLFKGHUJHPHLQVDPHQJHLVWOLFKHQ/HN WUH VRZLH GHU HUEDXOLFKHQ %HWUDFKWXQJ YRQ *RWWHV E]Z +HLOLJHQELOG QLVVHQ 'DV /HVHQ LQ KRUD PRUWLV ZHOFKHV VFKRQ GLH $QWLNH NDQQWH ZLUG KLHUJOHLFKVDPLQVWLWXWLRQDOLVLHUW:lKUHQGGLH%HIUDJXQJHQGHXWOLFKYRQ HLQHUVR]LDOHQ.RPSRQHQWHJHSUlJWVLQGILQGHWVLFKDQGLHVHU6WHOOHHLQH 0DKQXQJ DQ GHQ 6WHUEHEHJOHLWHU GLH VSlWHUH 6WHUEHNXQVW7H[WH ]XU $Q IHFKWXQJVWHLJHUQVROOWHQ .HLQHVZHJVRGHUVRZHQLJDOVP|JOLFKVROOPDQGHP6WHUEHQGHQZHOWOLFKJHVLQQWH )UHXQGH:HLE.LQGHURGHU9HUP|JHQLQ(ULQQHUXQJUXIHQDXHUGDVJHLVWOLFKH :RKO GHV .UDQNHQ YHUODQJH HV RGHU ZHQQ HV VRQVW DQJHPHVVHQHUZHLVH QLFKW XQWHUODVVHQZHUGHQNDQQ'$0I
'LH(QWVFKLHGHQKHLWPLWGHU*HUVRQGDVDXVUHOLJL|VHQ*UQGHQQRWZHQ GLJH $EZHQGHQ DXFK YRQ GHU )DPLOLH YHUWULWW VFKZlFKW VLFK ]XP (QGH GHU $QZHLVXQJHQ KLQ ]ZDU DE EOHLEW MHGRFK LP 7HQRU HLQGHXWLJ 'HU *OlXELJHVROOWHLP$XJHQEOLFNGHV7RGHVDOOHLQVHLQPLW*RWW 6SlWHUH 6WHUEHNXQVW7H[WH QDPHQWOLFK GLH VRJHQDQQWH %LOGHU$UV ZHOFKHVLFKZLHGHUXPDQ3ULHVWHUZLH/DLHQULFKWHWHLQV]HQLH UHQGDV5LQJHQXP6HHOHQKHLOLQKRUDPRUWLVDOVHLQHQGUDPDWLVFKHQ:HWW VWUHLWKLPPOLVFKHUXQGK|OOLVFKHU0lFKWHGLHXPGDV6WHUEHEHWWJHVFKDUW GHQ6WHUEHQGHQHLQHUOHW]WHQDOOHVHQWVFKHLGHQGHQ3UIXQJXQWHU]LHKHQ 8QEHUKUWGDYRQEOLHEHQGLHJUXQGVlW]OLFKHQ*HVWHQGLHDXFK*HUVRQLQ VHLQHUDUVYHUVDPPHOWKDWWH*ODXEHQVEHNHQQWQLV*HZLVVHQVHUIRUVFKXQJ BBBBBBBBBBBBB
9JODXVIKUOLFKGD]X6FKUHLQHUÅ'HU7RG0DULDV´6² -DFTXHV/DDJHUZHLVWLQVHLQHP.XU]NRPPHQWDU]X*HUVRQVDUVGDUDXIKLQGDVVGLHVHULP Å9HUJOHLFK>]X@GHQÄ$QVHOPLVFKHQ)UDJHQ¶>«@EHVRQGHUHQ:HUWGDUDXIOHJWDXFKGLH0LW PHQVFKHQ XP 9HU]HLKXQJ IU EHJDQJHQHV 8QUHFKW ]X ELWWHQ´ '$0 (EHQ GLHVHV VR]LDOH (OHPHQW VROOWH HLQ IHVWVWHKHQGHU %HVWDQGWHLO VFKULIWOLFKHU $EVFKLHGVERWVFKDIWHQ ZHUGHQ 9JO7RGXQG6WHUEHQ/DWHLQLVFKHXQGGHXWVFKH6WHUEHOLWHUDWXUGHV6SlWPLWWHODOWHUV6².RP PHQWDU%LOGHUXQG7H[W]XHLQHU%LOGHU$UVFD YD6%LOG 7H[W 9JO 3DOPHU Å$UV PRULHQGL XQG 7RWHQWDQ]´ 6I 0HQQHFNH+DXVWHLQ 7URVWEULHIH 6²3KLOLSSH$ULqV/·KRPPHGHYDQWODPRUW3DULV6HXLO 6I
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
%XH 6FKXOGHQDXVJOHLFK $XVWDXVFK YRQ 9HUJHEXQJ XQG 9HU]HLKXQJ $EZHQGHQYRQDOOHP,UGLVFKHQ*HEHWVRZLH=XZHQGXQJ]X*RWW NRQ IHVVLRQVEHUJUHLIHQG IU IROJHQGH *HQHUDWLRQHQ YRQ 6WHUEHEFKHUQ XQG GHUDUWYHUPLWWHOWIUGDV6WHUEHYHUKDOWHQXQGGDVKLHLP(LQ]HOIDOODXFK GDV OHW]WH 6FKUHLEHQ UHOLJL|VHU 0HQVFKHQ ELV LQV -DKUKXQGHUW KLQHLQ SUlJHQG ,P .RQWH[W XQG DOV HLQ (UJHEQLV PLWWHODOWHUOLFKHU 5HJOHPHQ WLHUXQJGHV6WHUEHYHUKDOWHQVIDQGVRHLQH1RUPLHUXQJGHV6SUHFKHQVYRU GHP7RGHVWDWW 'LH hEHUIRUPXQJ LQGLYLGXHOOHU bXHUXQJHQ GXUFKULWXDOLVLHUWH ILQGHW LKUHQ YLHOOHLFKW GHXWOLFKVWHQ $XVGUXFN LQ GHP 8PVWDQG GDVV GLH OHW]WHQ :RUWHGHV*RWWHVVRKQHVDP.UHX]]XUELQGHQGHQ6FKOXVVIRUPHOZXUGHQ PLWGHUMHGHU0HQVFKVHLQ/HEHQEHHQGHQVROOWH.RGLIL]LHUWZXUGHGDV 6WHUEH]XGHPDOV*HPHLQVFKDIWVULWXDO:lKUHQGGHU6WHUEHQGHDQJHOHLWHW GXUFK GHQ 6HHOVRUJHU HLQH LPLWDWLR &KULVWL DQVWUHEWH VWDQGHQ LKP DQGHUH PLW *HEHWHQ XQG *HVlQJHQ EHL 'LH *HPHLQVFKDIW ZDU =HXJH QLFKW ]X OHW]WXPLKUHUVHOEVWZLOOHQ,KUGLHQWHHLQVHOLJHU$EVFKLHGDOV9RUELOGXQG JDE *HOHJHQKHLW ]XU PHGLWDWLR PRUWLV 'LH 6SUDFKKDQGOXQJHQ GHV 6WHUEH ULWXDOVOLHHQVLFKDPDQVFKDXOLFKHQ([HPSHOXPVRHLQGUFNOLFKHUVWXGLH UHQXQGHUOHUQHQ ,P=XJHGHU5HIRUPDWLRQHQWVWHKHQGH6WHUEHEFKHUVFKORVVHQLQYLH OHUOHL +LQVLFKW DQ VSlWPLWWHODOWHUOLFKH 9RUELOGHU DQ 'LHV WULIIW DXFK IU GHQ*HEUDXFKYRQ%LEHOYHUVHQ]XU7U|VWXQJ6WHUEHQGHU]XGHUDOOHUGLQJV ZLH&KLQFDJH]HLJWKDWLQGHUOXWKHULVFKJHSUlJWHQ6HHOVRUJHHLQHJU|HUH 5ROOH VSLHOWH XQG OHW]WOLFK GDV 5HSHUWRLUH GHV 6SUHFKHQV LQ KRUD PRUWLV HU ZHLWHUWH(LQHUVHLWVVROOWHQVR&KLQFD6HHOVRUJHU²3ULHVWHUZLH/DLHQ² GHP 6WHUEHQGHQ DXV GHU %LEHO LVROLHUWH 9HUVH 7URVWVSUFKH¶ JHQDQQW YRUOHVHQDQGHUHUVHLWVZXUGHQ*OlXELJHGD]XDQJHUHJWLKUHOLHEVWHQ9HUVH LQ9RUEHUHLWXQJDXILKU/HEHQVHQGHDXVZHQGLJ]XOHUQHQVRGDVVVLHVLHLQ KRUDPRUWLV]LWLHUHQN|QQWHQ'LHVH(QWZLFNOXQJYHUKDOIQLFKWQXUGHU%LEHO LP9HUJOHLFK]X6WHUEHEFKHUQ]XJU|HUHU%HGHXWXQJDOV*HJHQVWDQGGHU /HNWUH DP /HEHQVHQGH VRQGHUQ VFKXI DXFK 5DXP IU HLQH QHXH )RUP H[HPSODULVFKHQ ZLH ]XJOHLFK ÅLQGLYLGXDOLVLHUWHQ 6WHUEHQV´ GHVVHQ EHJOHL WHQGH 6SUDFKKDQGOXQJHQ VLFK ]XQlFKVW ZHLWHUKLQ DP JHGUXFNWHQ :RUW RULHQWLHUWHQ 'LH WKHRORJLVFKHQ 3UlPLVVHQ UHIRUPDWRULVFKHU 6WHUEHEFKHU YHUlQ GHUWHQVLFK²LP9HUJOHLFK]XLKUHQ9RUJlQJHUQ²YRUDOOHPGDKLQJHKHQG BBBBBBBBBBBBB
9JO:XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6 9JO*XWKNH/HW]WH:RUWH6IIVRZLHXD6FKUHLQHUÅ'HU7RG0DULDV´6 '$0 9JO&KLQFDÅ6WHUEHQZLHHVLP%XFKHVWHKW´6² &KLQFDÅ6WHUEHQZLHHVLP%XFKHVWHKW´6² &KLQFDÅ6WHUEHQZLHHVLP%XFKHVWHKW´6²
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
GDVV DXV GHU 8QJHZLVVKHLW GHV 6HHOHQKHLOV LQ KRUD PRUWLV *HZLVVKHLW ZXU GH 'LHV DXI]X]HLJHQ ZDU HLQ ]HQWUDOHV $QOLHJHQ YRQ 0DUWLQ /XWKHUV 7URVWVFKULIW 6HUPRQ YRQ GHU EHUH\WXQJ ]XP VWHUEHQ =ZDU LVW GLHVH QLFKWDOVSUDNWLVFKH$QOHLWXQJ]XP6WHUEHULWXDONRQ]LSLHUW/XWKHUV$XV IKUXQJHQHWZD]XUVR]LDOHQ9HUDQWZRUWOLFKNHLWGHV6WHUEHQGHQNQSIHQ MHGRFK LQ ,QKDOW ZLH 6WUXNWXU GHXWOLFK DQ VSlWPLWWHODOWHUOLFKH DUV PRULHQGL 7H[WH DQ 'HQ HUVWHQ 7HLO GHV 6WHUEHULWXDOV GHU DXI LUGLVFKH $QJHOHJHQ KHLWHQDXVJHULFKWHWLVWWHLOW/XWKHULQ]ZHL3KDVHQGHQÅOH\SOLFKH>Q@RGHU HXHUOLFKH>Q@ DEVFKLHG´ EHL GHP PDQ VHLQH ZHOWOLFKHQ *WHU WHVWDPHQ WDULVFK RUGQHWXQGGDPLWSRWHQWLHOOHQ(UEVWUHLWLJNHLWHQYRUEHXJWXQGGHQ ÅJH\VWOLFK>HQ@ >«@ DEVFKLHG´ GHU GXUFK GHQ $XVWDXVFK YRQ 9HUJHEXQJ HUIROJWXQGGHU5HLQLJXQJGHU6HHOHYRQLUGLVFKHQ9HUSIOLFKWXQJHQGLHQW ÅDXIIGDVGLHVHHOQLWEOH\EEHKDIIWPLW\UJHQ KDQGHOODXIIHUGHQ´ :LHGHUXP VFKOLHW HUVW GHU REOLJDWRULVFKH OHW]WH %OLFN ]XUFN GDV LUGLVFKH/HEHQDEXQGYHUVFKDIIWGHP6WHUEHQGHQMHQHLQQHUH)UHLKHLWGLH HU]XUHLJHQWOLFKHQ9RUEHUHLWXQJDXIGHQ7RGEHQ|WLJW,VWGHU]ZHLIDFKH LUGLVFKH $EVFKLHG YROOEUDFKW ZHQGHW PDQ VLFK DOOHLQ *RWW ]X LQ GLHVHU 3KDVH GHU 6WHUEHYRUEHUHLWXQJ EHKlOW GLH 3DVVLRQ &KULVWL LKUH DOWKHUJH EUDFKWH 9RUELOGIXQNWLRQ XQG JHZLQQW ]XVlW]OLFK DQ %HGHXWXQJ GDGXUFK GDVVVLHGHP6WHUEHQGHQ(UO|VXQJJDUDQWLHUW'LHLQYRUZLHQDFKUHIRU PDWRULVFKHQ6WHUEHEFKHUQDXVJHIKUWHQWHVWDPHQWDULVFKHQ9HUSIOLFKWXQ JHQGHU1DFKZHOWJHJHQEHUJHKHQPDJHEOLFKDXIGDVYRP*RWWHVVRKQ JHJHEHQH %HLVSLHO VRZLH DQGHUH ELEOLVFKH 9RUELOGHU ]XUFN 'LH $XIIRU GHUXQJ HWZD GLH SRVWKXPH 9HUWHLOXQJ LUGLVFKHU %HVLW]WPHU P|JOLFKVW IUK GRFK VSlWHVWHQV DXI GHP 6WHUEHEHWW ]X UHJHOQ HQWVSULFKW LQ GHQ 3URSKH]HLXQJHQ-HVDMDVGHPJ|WWOLFKHQ*HERWÅ6RVSULFKWGHU+HUU%H VWHOOH GHLQ +DXV GHQQ GX ZLUVW VWHUEHQ XQG QLFKW DP /HEHQ EOHLEHQ´ .|QLJH-HV :LHGHUXPH[SOL]LWPLW%OLFNDXI-HVXV·%HLVSLHOGLIIHUHQ]LHUWHHWZD'H VLGHULXV(UDVPXVYRQ5RWWHUGDPLQVHLQHU6FKULIW'HSUDHSDUDWLRQHDGPRUWHP GLH 9HUSIOLFKWXQJHQ GHV 6WHUEHQGHQ GHQ +LQWHUEOLHEHQHQ JHJHQ EHUXQGPDUNLHUWHGLHVHDOV7HLOGHULPLWDWLR 'HU +HUU KDW NHLQ >VFKULIWOLFKHV@ 7HVWDPHQW DEJHIDW DEHU DQVWHOOH HLQHV 7HVWD PHQWVVWHKWMHQH5HGHYROOHU)HXHUYRQGHU-RKDQQHVDXVIKUOLFKEHULFKWHWXQG
BBBBBBBBBBBBB
9JO $XVWUD 5HLQLV 5HIRUPLQJ WKH $UW RI '\LQJ 7KH ÄDUV PRULHQGL¶ LQ WKH *HUPDQ 5HIRUPDWLRQ ² $OGHUVKRWXQG%XUOLQJWRQ$VKJDWH 0HQQHFNH+DXVWHLQ7URVWEULHIH6XQG5HLQLV5HIRUPLQJXD6 &KLQFDÅ6WHUEHQZLHHVLP%XFKHVWHKW´67RGXQG6WHUEHQ/DWHLQLVFKHXQGGHXWVFKH6WHU EHOLWHUDWXUGHV6SlWPLWWHODOWHUV6 0DUWLQ/XWKHU-+(696²(\Q6HUPRQYRQGHUEHUH\WXQ J]XPVWHUEHQLQ0DUWLQ/XWKHU6WXGLHQ DXVJDEH KUVJ YRQ +DQV8OULFK 'HOLXV XD %GH %HUOLQ (YDQJHOLVFKH 9HUODJVDQVWDOW ² , 6²KLHU6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
GLH(LQVHW]XQJGHV6DNUDPHQWVGHU(XFKDULVWLH]XU(ULQQHUXQJDQVHLQHQHLJHQHQ 7RG$OV7HVWDPHQW]XYHUVWHKHQVLQGDXFKMHQH:RUWHGLHHUDP.UHX]HVSUDFK Ä:HLE VLHKH GHQ 6RKQ¶ XQG ]XP -QJHU JHZHQGHW Ä6LHKH GHLQH 0XWWHU¶ 0DQ NPPHUHVLFKDOVRQXUZHQLJXP'LQJHZHOFKHGLH:HOWEHUKUHQEHIDVVHVLFK DEHUPHKUPLWGHPZDV*ODXEHXQG/LHEHDQJHKW
1LFKWQXU(LJHQWXPVDXFK)DPLOLHQYHUKlOWQLVVHJDOWHVVWDELO]XRUGQHQ EHYRUPDQVLFK]XUDOOHUOHW]WHQ$QGDFKWYRQGHQ$QJHK|ULJHQDEZDQGWH ²HLQ*HGDQNHGHUDQ7KHVHXV·(UZDUWXQJHQDQ3KDLGUDV$EVFKLHGVEULHI VRZLH 6RNUDWHV· 5DWVFKOlJH DQ VHLQH )DPLOLH XQG -QJHU HULQQHUW 'HQ 7RSRVGHU]XUFNJHODVVHQHQ$QJHK|ULJHQDOV$QIHFKWXQJHQWZLFNHOW(UDV PXVPLW+LOIHHLQHVWU|VWOLFKHQ*HGDQNHQVGHUVFKOLHOLFKDXFKGHQ:HJ LQ $EVFKLHGVEULHIH ILQGHQ VROOWH $OV GHU 9HUVXFKHU ² LQ HLQHP ILNWLYHQ 'LDORJ²GHQ7RGJHZHLKWHQEHVFKXOGLJWHUODVVHVHLQH)DPLOLHGXUFKVHL QHQ$EVFKLHGYRQGHU:HOWLP6WLFKOlVVW(UDVPXVGHQ6WHUEHQGHQHQW JHJQHQ GDVV HU VLH LP -HQVHLWV LQ GHU HZLJHQ *HPHLQVFKDIW ZLHGHUVHKHQ ZHUGH²ELVGDKLQEOHLEHGLH)DPLOLHLQGHU2EKXWGHV+HUUQ 'DV VFKULIWOLFKH 7HVWDPHQW GLHV LVW GHU ]LWLHUWHQ 3DVVDJH ]X HQWQHK PHQJDOW$QIDQJGHV-DKUKXQGHUWVDOV1RUP(UDVPXVVWHOOWHGDVYRQ -HVXV PQGOLFK KLQWHUODVVHQH 9HUPlFKWQLV HLQHP VFKULIWOLFKHQ JOHLFK LQGHPHUGHQ+DQGOXQJVFKDUDNWHUVHLQHUOHW]WHQ:RUWHXQGGHUHQ )XQN WLRQ EHWRQWH (QWVSUHFKHQG JDOWHQ GHP 7KHRORJHQ OHW]WH /HEHQVlXH UXQJHQ LQVJHVDPW DOV HQWVFKHLGHQG IU GLH :LUNXQJ HLQHV FKULVWOLFKHQ 7RGHV'DV9HUKDOWHQGHV6WHUEHQGHQEHKLHOW²XQGGLHVJDOWWURW]XQWHU VFKLHGOLFKHU 3UlPLVVHQ EHUNRQIHVVLRQHOO ² GLGDNWLVFKH )XQNWLRQ (V H[HPSOLIL]LHUWHGLH/RJLNGHULPLWDWLRFKULVWLIUGLH*HPHLQVFKDIWDQVHLQHU 6HLWHGLHKRUDPRUWLVGHVHLQHQGLHQWHGHUDUWDOV6FKXOHGHV6WHUEHQVIUDQ GHUH,QGLHVHP.RQWH[WUHIOHNWLHUW(UDVPXVGLHEHVRQGHUH.RPPXQLND WLRQVVLWXDWLRQ GHU KRUD PRUWLV XQG HLQLJH GHU 4XDOLWlWHQ GLH PDQ OHW]WHQ :RUWHQ ]XVFKUHLEW ,Q *UXQG]JHQ IROJW GLHVH %HVFKUHLEXQJ GHU 'DU VWHOOXQJZLHVLHEHUHLWVLP3KDLGRQVRZLH7KHVHXV·8PJDQJPLW3KDLGUDV %ULHIEHJHJQHWH :RUWH YRQ 6WHUEHQGHQ SIOHJHQ PLW JURHU $QWHLOQDKPH DXIJHQRPPHQ ]X ZHU GHQDXFKEOHLEHQVLHWLHILP*HPWGHUHUGLHVLHYHUQRPPHQKDEHQ(LQHUVHLWV GHVZHJHQZHLOPDQJODXEWLP$XJHQEOLFNGHV7RGHVOJHQLHPDQGDQGHUHUVHLWV ZHLOGHU*HLVWEHLVHLQHU7UHQQXQJYRP/HLEGHULKQEHVFKZHUWHWZDVYRQMHQHU )UHLKHLWXQG(UNHQQWQLVPLWWHLOW]XZHOFKHUHUXQWHUZHJVLVW
BBBBBBBBBBBBB
'HVLGHULXV(UDVPXVYRQ5RWWHUGDPÅ9RQGHU9RUEHUHLWXQJ]XP7RGH´LQ$UV0RULHQGL 'LH.XQVWJXW]XOHEHQXQGJXW]XVWHUEHQKUVJYRQ-DFTXHV/DDJHU6²KLHU6 (UDVPXVÅ9RUEHUHLWXQJ´6 9JO(UDVPXVÅ9RUEHUHLWXQJ´6 (UDVPXVÅ9RUEHUHLWXQJ´6
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
'HU2UWOHW]WHU:RUWH²ZLHGHV6WHUEHQGHQVHOEVW²VWHOOWVLFKKLHUGDUDOV 6FKZHOOHQVLWXDWLRQGLHVLFKNRPSOHPHQWlU]XP$EVFKLHGYRQDOOHP:HOW OLFKHQ LQ GHU =XZHQGXQJ ]X *RWW KHUVWHOOW 'DEHL VLQG Ä)UHLKHLW¶ XQG Ä(UNHQQWQLV¶GLH(UDVPXVDQVSULFKWNODUDN]HQWXLHUWDOVEHUHLWVMHQVHLWLJH 'LHVHU 8PVWDQG GLH *HPWVEHZHJXQJ GHU $QZHVHQGHQ XQG LKUH ² ZLH (UDVPXV DQGHXWHW ² NXOWXUHOO YRUJHIRUPWH :DKUQHKPXQJ YRQ 6WHUEH ZRUWHQ DOV ÄZDKUKDIWLJ¶ YHUVWlUNHQ GHQ (LQGUXFN GHV *HK|UWHQ XQG YHU OHLKHQLKPDEVROXWH$XWRULWlWVRZLHK|FKVWHV:LUNXQJVSRWHQWLDO 9RUQHKPOLFK GUHL 4XDOLWlWHQ OHW]WHU :RUWH GLH EHL (UDVPXV DQNOLQ JHQ ZXUGHQ IU GLH *HVWDOWXQJ ILNWLRQDOHU SRVWKXPHU %RWVFKDIWHQ GHV 0LWWHODOWHUV VRZLH YRU DOOHP GHV XQG -DKUKXQGHUWV EHVRQGHUV EH GHXWVDP LKUH H[HPSODULVFKH 1DWXU GLH 9HURUWXQJ LP Ä1LFKW PHKU JDQ] KLHU¶XQGÄ1RFKQLFKWJDQ]GRUW¶VRZLHLKUHJHUDGHEHVFKULHEHQHQÄWUDQV ]HQGHQWHQ¶ 4XDOLWlWHQ ,P 9HUJOHLFK ]X 0RGHOOHQ OHW]WHQ 6SUHFKHQV ZLH VLHDUVPRULHQGL7H[WHXQGDQGHUHDQLKQHQRULHQWLHUWH'DUVWHOOXQJHQ6WHU EHQGHUDXVJHVWDOWHQ²HWZDLQGHUGUDPDWLVFKHQ0RUDOLWlWRGHUGHU7RWHQ NODJH IlOOW EHLP *HEUDXFK YRQ $EVFKLHGVEULHIHQ RGHU GHU YHUZDQGWHQ 7H[WVRUWHGHPOLWHUDULVFKHQ7HVWDPHQWLKUQDUUDWLYHV3RWHQWLDODOVVFKULIW OLFKHV0HGLXPGDV]ZLVFKHQGHU:HOWGHU7RWHQXQGMHQHUGHU/HEHQGHQ YHUPLWWHOW LQV *HZLFKW 'LH 0|JOLFKNHLW HLQHUVHLWV EHU GDV HLJHQH /H EHQVHQGHKLQDXV]XNRPPXQL]LHUHQXQGGDPLWDQGHUHUVHLWVÅHLQH3UlVHQ] GH>V@EHUHLWV>9@HUVWRUEHQHQ´LP7H[W]XÅVLPXOLHU>HQ@´ZLUGZLH&KULV WLQH :DQG:LWWNRZVNL JH]HLJW KDW EHZXVVW IXQNWLRQDOLVLHUW LQ ]ZHL $EVFKLHGVEULHIHQ GHV 3URVDODQFHORW ,, E]Z ,,, EHLGH VSlWHV IUKHV -DKUKXQGHUW GHP 6FKUHLEHQ HLQHV (UPRUGHWHQ DQ VHLQHQ 0|UGHU 0RUGUHW VRZLH GHP %ULHI ÅGHU WRWHQ 'DPH YRQ &KDOORW DQ GLH $UWXV UXQGH´=X5HFKWEHWUDFKWHW:DQG:LWWNRZVNLGLHVH6FKUHLEHQ²GLHLP hEULJHQ EHLGH EHLP /HLFKQDP LKUHV $XWRUV DXIJHIXQGHQ ZHUGHQ ² DOV %HLVSLHOH GDIU ]X ZHOFKHQ ([WUHPHQ GLH Å1DK)HUQ'LDOHNWLN GHV %ULHIV´JHVSDQQWZHUGHQNDQQXQGYHUZHLVWGDPLWDXIHLQHQ$VSHNWGHU BBBBBBBBBBBBB
6WHOOYHUWUHWHQG JHQDQQW VHL KLHU GDV0QFKQHU 6SLHO YRP VWHUEHQGHQ 0HQVFKHQ GDV GUHL YHUVFKLHGHQH 6WHUEHV]HQHQ LQV]HQLHUW XQG GDIU WHLOV GLUHNW DXI GDV 6SHFXOXP ]XUFNJUHLIW &KLQFDÅ6WHUEHQZLHHVLP%XFKHVWHKW´6 YJODXFK.LHQLQJV7RWHQNODJHQ$QDO\VH LQGHUVÅ,QV]HQLHUWH7RGHULWXDOLVLHUWH7H[WH´YD6VRZLH1RUEHUW2KOHU6WHU EHQXQG7RGLP0LWWHODOWHU0QFKHQXQG=ULFK$UWHPLV 6²$XIGLH*HVWDO WXQJPQGOLFKHU$EVFKLHGVZRUWHLQZHLWHUHQOLWHUDULVFKHQ*HQUHVGHV0LWWHODOWHUVNDQQLQ GLHVHP 5DKPHQ QLFKW GHWDLOOLHUW HLQJHJDQJHQ ZHUGHQ GHPHQWVSUHFKHQG HLJQHW DXFK GHQ KLHU JHWURIIHQHQ $XVVDJHQ ]X VFKULIWOLFKHQ $EVFKLHGVERWVFKDIWHQ HLQH JHZLVVH 9RUOlXILJ NHLW &KULVWLQH:DQG:LWWNRZVNL%ULHIHLP0LWWHODOWHU'HUGHXWVFKVSUDFKLJH%ULHIDOVZHOWOLFKHXQGUHOL JL|VH/LWHUDWXU+HUQH9HUODJIU:LVVHQVFKDIWXQG.XQVW 6IVRZLH]XU'DWLH UXQJ6I :DQG:LWWNRZVNL%ULHIHLP0LWWHODOWHU6 :DQG:LWWNRZVNL%ULHIHLP0LWWHODOWHU6I
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
%ULHIVRUWH ZHOFKHU LQ /LWHUDWXU ZLH /HEHQVZLUNOLFKNHLW YRQ ]HQWUDOHU %H GHXWXQJ EOLHE XQG VRYLHO VHL KLHU YRUDXVJHVFKLFNW LP -DKUKXQGHUW VSH]LHOOH $XVSUlJXQJHQ HUIXKU %HPHUNHQVZHUW LVW QHEHQ GHU QDUUDWLYHQ )XQNWLRQDOLVLHUXQJ GHU %ULHIH DOV P|JOLFKHU Å(UVDW] IU HLQH :LHGHUNHKU GHV9HUVWRUEHQHQDOV*HLVW´GHUHQ,QKDOW'HU%ULHIGHU'DPHHQWKOOW GDULQ3KDLGUDV%RWVFKDIWlKQOLFKGLH8UVDFKHLKUHV7RGHV²GLHXQHUIOOWH /LHEH ]X Å/DQF]ORW YRQ GHP /DFK´ 1RFK EHPHUNHQVZHUWHU JHVWDOWHW VLFK GHU %ULHI GHV (UPRUGHWHQ 1LFKW QXU RIIHQEDUW HU 0RUGUHW GLH ,GHQWLWlWVHLQHU(OWHUQHUSURSKH]HLW]XGHPGDVVGLHVHUGXUFKGLH+DQG VHLQHVHLJHQHQ9DWHUVVWHUEHQZHUGH'DVKLHUPLWJHWHLOWH:LVVHQOlVVWGHQ %ULHI ]X HLQHP )RNXVSXQNW ZHUGHQ LQ GHP 9HUJDQJHQKHLW *HJHQZDUW XQG =XNXQIW GHV $GUHVVDWHQ JHEQGHOW HUVFKHLQHQ ,Q EHLGHQ )lOOHQ YHUOHLKWGLH7DWVDFKHGDVVHVVLFKXPHLQH6WHUEHERWVFKDIWKDQGHOWGHUHQ ,QKDOW1DFKGUXFNXQG$XWRULWlW ,Q ]HLWOLFKHU 1lKH ]XP 3URVDODQFHORW PDQLIHVWLHUW VLFK LP *HQUH GHV OLWHUDULVFKHQ 7HVWDPHQWV HLQ VXEYHUVLYHUHU 8PJDQJ PLW OHW]WHQ :RUWHQ ZREHL²ZLHVFKRQLQ3KDLGUDV$EVFKLHGVEULHI²GHUHQYRQ(UDVPXVVSl WHU H[SOL]LHUWH Ä)UHLKHLW¶ DOV HLQH VHKU ZHOWOLFKH ]XWDJH WULWW :lKUHQG GLH IUKHVWHQ%HLVSLHOHOLWHUDULVFKHU7HVWDPHQWHLP-DKUKXQGHUWHUQVWKDIWH =JH WUDJHQ XQG PRUDOLVFKUHOLJL|VH ,QKDOWH LQ GHQ 9RUGHUJUXQG VWHOOHQ EHVLW]HQ VSlWHUH 7H[WH KlXILJ 3DURGLH E]Z 3HUVLIODJHFKDUDNWHU /HGLJ OLFKHUZlKQWVHLKLHU]XQlFKVW²DXIJUXQGGHU*HQUHEHUVFKQHLGXQJ²GDV LQ %ULHIIRUP YHUIDVVWH VDWLULVFKH 7HVWDPHQW (XVWDFKH 'HVFKDPSV· FD ²YRU ZHOFKHV GHQ 7LWHO]XVDW] Å(QYR\p >«@ SDU (XVWDFH OXL HVWDQW PDODGH GH OD PDQLHUH GH VRQ WHVWDPHQW SDU HVEDWHPHQW´ WUlJW /LWHUDWXUKLVWRULVFKZLHPLW%OLFNDXIGLH7UDGLWLRQOHW]WHU%RWVFKDIWHQEH GHXWVDPHULVWGDV*UDQG7HVWDPHQW )UDQoRLV9LOORQVGDVGLHYRQ (UDVPXV XPULVVHQH 6FKZHOOHQVLWXDWLRQ PHKU DOV -DKUH IUKHU IU GLH /LWHUDWXUIUXFKWEDUPDFKW'LHIRUPDOHQ.ULWHULHQPLWWHODOWHUOLFKHU7HVWD PHQWHSDURGLHUHQGLQWHUSUHWLHUW9LOORQGLH]ZLVFKHQZHOWOLFKH3RVLWLRQGHV 6WHUEHQGHQ DOV /L]HQ] ]XU SRHWLVFKUKHWRULVFKHQ 1DUUHQIUHLKHLW ,P 6FKXW] SRVWKXPHU /HNWUH ² XQG GDV KHLW KLHU YRU DOOHP MHQVHLWV GHU .RQYHQWLRQHQ GHU *HVHOOVFKDIW GD OHW]WOLFK YRQ GLHVHU XQHUUHLFKEDU ² VFKHLQWHVGHPO\ULVFKHQ,FKGHV7HVWDPHQWOHJLWLPVLFKNULWLVFKEHUGLHVH ]X lXHUQ 'DVV LKP HUVW GHU 7RG HLQH GHUDUW SULYLOHJLHUWIUHLH 6SUHFK BBBBBBBBBBBBB
:DQG:LWWNRZVNL%ULHIHLP0LWWHODOWHU6 =LWLHUWQDFK:DQG:LWWNRZVNL%ULHIHLP0LWWHODOWHU6 /H[LNRQGHV0LWWHODOWHUV9,,, 6S 9JO°XYUHVFRPSOqWHVGH(XVWDFKH'HVFKDPSVKUVJYRQ*DVWRQ5D\QDXG%GH3DULV)LU PLQ 'LGRW ² 9,,, /HWWUHV EDOODGHV *HWD HW $PSKLWULRQ /D )LFWLRQ GX /\RQ HWF 6I 9JO)UDQoRLV9LOORQ'DV.OHLQHXQGGDV*URH7HVWDPHQW)UDQ]|VLVFK'HXWVFKKUVJEHU VHW]WXQGNRPPHQWLHUWYRQ)UDQN5XWJHU+DXVPDQQ6WXWWJDUW5HFODP 6I
=ZLVFKHQ5LWXDOLVLHUXQJXQG1DUUHQIUHLKHLW
KDOWXQJ YHUVFKDIIW PDFKW GHU ILNWLYH (UEODVVHU VHLQHP /HVHU VHOEVW EH ZXVVW1DFKGHPHU*RWWDQJHUXIHQVHLQH-XJHQG]HLWHULQQHUWVRZLHEHU 9HUJlQJOLFKNHLW XQG EHWURJHQH /LHEH PHGLWLHUW KDW KHLW HV LP $E VFKQLWWÅ4XLPHXUWDVHVORL[GHWRXWGLUH´Å'HU6WHUEHQGHGDUIDOOHVVD JHQ´ ² XQG P|FKWH PDQ HUJlQ]HQ DXFK VFKUHLEHQ :LH &DQDFH GLH 2YLG·VFKH +HOGLQ VWHOOW DXFK GHU 7HVWLHUHQGH HLQH %H]LHKXQJ ]ZLVFKHQ VHLQHP VWHUEHQGHQ .|USHU XQG GHP 6FKUHLEYRUJDQJ KHU (U LVW ]X JH VFKZlFKWXPVHOEVWGLH)HGHUIKUHQ]XN|QQHQGDKHUKlOWHLQ6FKUHLEHU VHLQHOHW]WHQ:RUWHIHVW -HVHQVPRQFXHXUTXLV·DIIRLEOLVW (WSOXVMHQHSXLVSDSLsU )UHPLQVLH]WR\SUHVGHPRQOLW 4XHO·HQQHPHYLHQJQHHVSwHU 3UHQDQFUHWRVWSOXPHSDSSLHU &HTXHQRPPHHVFULSW]YLVWHPHQW 3XLVID\OHSDUWRXWFRSSwHU (WYHF\OHFRPPDQFHPHQW
'DV9HUKlOWQLV]ZLVFKHQUKHWRULVFKHU0DFKWIOOHXQGSK\VLVFKHU.UDIWGHV 7HVWDWRUVN|QQWHJHJHQVlW]OLFKHUQLFKWVHLQ'HPHQWVSULFKWDXIGHUhEHU PLWWOXQJVXQG]HLWOLFKHQ(EHQHGDV%HPKHQXP+HLPOLFKNHLWEHLJOHLFK ]HLWLJHP*HERWGHU9HU|IIHQWOLFKXQJ,QVJHVDPWVLJQDOLVLHUWGHU7H[WGHU DUWGDVVGHQIROJHQGHQbXHUXQJHQHWZDV6XEYHUVLYHV:LFKWLJHVHLJQHW GHVVHQ (UKDOW XQG GDPLW SRWHQWLHOOH :LUNXQJ JHVLFKHUW ZHUGHQ PXVV bKQOLFK 3KDLGUD DOOHUGLQJV DQGHUV PRWLYLHUW YHUVWHFNW VLFK GHU 7HVWDWRU KLQWHUGHU6FKULIW²LQGLHVHP)DOOVRJDUGHUHLQHVDQGHUHQGHUVRDOVHLQ ZHLWHUHUILNWLYHU'RSSHOJlQJHUGHV$XWRUVJHOHVHQZHUGHQNDQQ$XIGHU (EHQHGHV7H[WHVGLHQWGHU6FKUHLEHUDOV9HUWUDXHQVSHUVRQXQG%RWH 'LH1DUUHQIUHLKHLWYRQ9LOORQV7HVWDWRUGHUVLFKEHUGLHEDOGKLQWHU LKP OLHJHQGH :HOW PLW GHUEHQ 6SlHQ OXVWLJ PDFKW GUIWH LP 6SlW PLWWHODOWHU HLQH YRUQHKPOLFK OLWHUDULVFKH (UVFKHLQXQJ JHZHVHQ VHLQ 'HU UHDOHQ%HVRUJQLVXPGDVHLJHQH6HHOHQKHLOLP$QJHVLFKWGHV7RGHVNRQQWH PDQVLFKZRKODPHKHVWHQLQGHU)LNWLRQHQW]LHKHQ*OHLFKZRKOOLHIHUWGDV 7HVWDPHQWHLQEHHLQGUXFNHQGHV=HXJQLVGDIUGDVVHLQUDGLNDOVXEMHNWLYHU LQGLYLGXDOLVLHUWHU 8PJDQJ PLW GHP HLJHQHQ /HEHQVHQGH GHQNEDU XQG LQ OLWHUDULVFKSROHPLVFKHU)RUPDXFKNRPPXQL]LHUEDUZDU BBBBBBBBBBBBB
9LOORQ7HVWDPHQW6 9LOORQ7HVWDPHQW6$EVFKQLWW/;;,;Å0HLQ+HU]ZLUGVFKZDFKLFKIKOHVZRKO NDQQNDXPGHQ0XQG]XP6SUHFKHQ|IIQHQ)LUPLQVHW]·GLFKKLHUGLFKWDQV%HWWGDVV PDQ PLFK QLFKW EHODXVFKHQ NDQQ 1LPP 7LQWH )HGHU XQG 3DSLHU XQG ZDV LFK VDJH VFKUHLEJHVFKZLQGGDQQPDFKHVEHUDOOEHNDQQW8QGKLHULVWDOVRGHU%HJLQQ´ =XU LQVJHVDPW DQDUFKLVFKHQ 1DWXU GHV 7HVWDPHQW VSH]LHOO PLW %OLFN DXI GLH 7RGHVGDU VWHOOXQJ YJO .DUOKHLQ] 6WLHUOH ÅÄ3DUROOH FXLVDQWH¶ 9LOORQV /HKUH YRP =HUIDOO´ LQ 7RG LP 0LWWHODOWHUKUVJYRQ$UQR%RUVWXD6²
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
(LQDQGHUHV9HUKlOWQLV]ZLVFKHQ.|USHUXQG6FKULIWZHOFKHVVLFKLP =XVDPPHQZLUNHQ YRQ EULHIW\SLVFKHP 3KDVHQYHU]XJ 6FKZHOOHQVLWXDWLRQ GHV VWHUEHQG 6FKUHLEHQGHQ XQG 6WHOOYHUWUHWHUIXQNWLRQ GHV 0HGLXPV KHU VWHOOW JHVWDOWHWH -|UJ :LFNUDP FD²FD LQ VHLQHP 5RPDQ *D EULRWWRXQG5HLQKDUW 'DULQOlVVW*DEULRWWRVHLQHU*HOLHEWHQJHPHLQ VDPPLWHLQHP$EVFKLHGVEULHIVHLQHLQEDOVDPLHUWHV+HU]]XVFKLFNHQ'LH 1DWXU GHU %RWVFKDIW HUP|JOLFKW HV GHP HLJHQHQ 7RG YRU]XJUHLIHQ XQG GDV +HU] DOV EHUHLWV LQ GHQ +lQGHQ GHV *HJHQEHUV EHILQGOLFK ]X VFKLO GHUQ'HU%ULHIHUNOlUWHV]XP*HJHQVWDQGGHU(ULQQHUXQJXQG*HIlGHU 6HHOHGHV9HUVWRUEHQHQGLHDXIGLHVH:HLVHQDKEHLGHU*HOLHEWHQEOHLEHQ N|QQH :LH 6XVDQQH 5HLFKOLQ VFKUHLEW ÅHOLPLQLHUW´ *DEULRWWR LQ VHLQHU %RWVFKDIWVRVFKHLQEDU GLH=HLWGLIIHUHQ]GLH]ZLVFKHQ6FKUHLEHQXQG/HVHQOLHJWDOVRGLH=HLWVSDQQHLQ GHU GHU 9HUIDVVHU VWHUEHQ ZLUG (U HU]HXJW GDGXUFK HLQH .RQWLQXLWlW GHV EH VFKULHEHQHQ +HU]HQV GLH GLH 7UDQVIRUPDWLRQ GHV PDWHULHOOHQ +HU]HQV ² YRP .|USHUWHLO]XP=HLFKHQIUHLQHQWRWHQ .|USHU²YHUGHFNW
'DVVGLHVH.RQWLQXLWlWQXUHLQHUKHWRULVFKHU]HXJWH,OOXVLRQLVWXQGGDVV GLH +HU]HQVERWVFKDIW LQ GHU :DKUQHKPXQJ LKUHU $GUHVVDWLQ HLQHUVHLWV 3UlVHQ]KHUVWHOOWDQGHUHUVHLWVDEHUNODUYRQGHUOHW]WJOWLJHQ$EVHQ]GHV $XWRUVNQGHWIKUW5HLFKOLQHEHQIDOOVDXV'LHKLHUVWDWWILQGHQGH$QWL ]LSDWLRQ GHV HLJHQHQ 7RGHV NRQNUHW GHU N|USHUOLFKHQ 7UDQVIRUPDWLRQ VRZLHHLQHEHZXVVWHUHIOHNWLHUWH)XQNWLRQDOLVLHUXQJGHUYRP$XWRUOHGLJ OLFK DOV NQIWLJHU =XVWDQG YRUVWHOOEDUHQ IU GHQ /HVHU MHGRFK 5HDOLWlW JHZRUGHQHQ6SUHFKSRVLWLRQHLQHV9HUVWRUEHQHQILJXULHUWHEHUHLWVLQ&DQD FHV(SLVWHOXQGLVWHLQHVGHUNHQQ]HLFKQHQGHQ0HUNPDOHKLVWRULVFKHUZLH OLWHUDULVFKHU$EVFKLHGVEULHIHGDVVLH]XGHPGHXWOLFKYRQPQGOLFKHQOHW] WHQ:RUWHQDEVHW]W $EVFKOLHHQG VHL QRFK GDV *HQUH GHU KHURLGHV FKULVWLDQDH RGHU KHURLGHV VDFUDH HUZlKQW GDV LP -DKUKXQGHUW hEHUVFKQHLGXQJHQ PLW GHU 7H[W VRUWH $EVFKLHGVEULHI DXIZLHV ,P *HJHQVDW] ]X GHQ ELVKHU EHWUDFKWHWHQ %HLVSLHOHQJHVWDOWHWHHVYRUQHKPOLFKGLHH[HPSODULVFKHUEDXOLFKH4XDOLWlW OHW]WHU :RUWH OLWHUDULVFK 'LH KHURLGHV VDFUDH EHHUEWHQ 2YLGV (SLVWHOVDPP OXQJQXULQIRUPDOlVWKHWLVFKHU+LQVLFKWKDWWHQLPhEULJHQDEHUUHOLJL|V GLGDNWLVFKH )XQNWLRQ 6LH IKUHQ GHP /HVHU YRUELOGKDIWH *OlXELJH YRU KlXILJ0lUW\UHULQQHQXQGGHUHQ/LHEH]X*RWW,QOHW]WHUHQ)lOOHQHQW BBBBBBBBBBBBB
6XVDQQH 5HLFKOLQ Å$QVWHFNXQJ ]XP 7RGH 'LVNRQWLQXLHUOLFKH .RPPXQLNDWLRQ ]ZLVFKHQ /HEHQXQG7RGLQ-|UJ:LFNUDPV*DEULRWWR´LQ7RWHQNXOWH.XOWXUHOOHXQGOLWHUDULVFKH*UHQ]JlQJH ]ZLVFKHQ/HEHQXQG7RGKUVJYRQ3DWULFN(LGHQXD)UDQNIXUWD0XQG1HZ«@:LWK2EVHUYDWLRQVRQWKHVDPH:KHUHLQWKHLUSUHWHQGHG6DQFWLW\LV 5HIXWHGDQGDIXUWKHU,QVSHFWLRQPDGHLQWRWKH/LYHVDQG3UDFWLFHVRIWKRVH8QKDSS\ DQG7UD\WHURXV3ROLWLWLDQV/RQGRQ>GLYHUVH%XFKKlQGOHU@ SXEOL]LHUW ,Q 9HUELQGXQJ PLW GLHVHP *HQUH GUXFNWH PDQ KlXILJ DXFK $E VFKLHGVEULHIH6LHZDUHQXQWHUVFKLHGOLFKODQJ²YRQHLQLJHQ=HLOHQELV]X PHKUHUHQ6HLWHQ+lXILJKHUYRUJHKREHQZXUGHGLH1lKH]ZLVFKHQ6FKUHL BBBBBBBBBBBBB
7HVWDPHQW6YJO.DWKHGHU6 9JO*XWKNH/HW]WH:RUWH6II 9JO-DPHV.HOO\*DOORZV6SHHFKHVIURP(LJKWHHQWK&HQWXU\,UHODQG'XEOLQ)RXU&RXUWV 6 .HOO\ *DOORZV 6SHHFKHV 6I XQG *XWKNH /HW]WH :RUWH 6 'HQ (LQIOXVV UHOLJL|VHU 6WHUEHYRUVFKULIWHQ DXI HQJOLVFKH $EVFKLHGVUHGHQ EHWUDFKWHQ DXVIKUOLFK 7KRPDV )LQNHQ VWDHGWÅ*DOJHQOLWHUDWXU=XU$XIIDVVXQJGHV7RGHVLP(QJODQGGHVXQG-DKUKXQ GHUWV´ '9MV 6² XQG -$6KDUSH Å/DVW '\LQJ 6SHHFKHV 5HOLJLRQ ,GHRORJ\ DQG 3XEOLF ([HFXWLRQ LQ 6HYHQWHHQWK&HQWXU\ (QJODQG´ 3DVW DQG 3UHVHQW 6²YJODXFK%UDQW(LJKWHHQWK&HQWXU\/HWWHUV6²
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
EHQXQG7RGHV]HLWSXQNW²HWZDÄLQGHU1DFKW¶RGHUÄDP0RUJHQYRU¶GHU ([HNXWLRQ GLHV LGHQWLIL]LHUWH GHQ %ULHI HLQGHXWLJ DOV OHW]WHQ XQG VRUJWH GDIU GDVV /HVHU LKP PLW HLQHU HQWVSUHFKHQGHQ (UZDUWXQJVKDOWXQJ EHJHJQHWHQ 'LH GHUDUW VXJJHULHUWH $XWKHQWL]LWlW GHV 6FKULIWVWFNV ² ZLH DXFK GHU JDOORZV VSHHFKHV ² PXVV DOOHUGLQJV LQ YLHOHQ )lOOHQ DOV IUDJOLFK DQJHVHKHQ ZHUGHQ 'HVVHQ XQJHDFKWHW ZXUGHQ EHLGH 7H[WVRUWHQ GHU gIIHQWOLFKNHLWDOVÄHFKWHV¶/HEHQVXQG&KDUDNWHU]HLFKHQGHV$QJHNODJWHQ SUlVHQWLHUW GDV VHLQH /HEHQVJHVFKLFKWH LKUHUVHLWV XQYHU]LFKWEDUHU %H VWDQGWHLOHLQHUMHGHQOHKUUHLFKHQ*DOJHQUHGHLOOXVWULHUHQKDOI :LHGHU7LWHOGHU]XOHW]WJHQDQQWHQ3XEOLNDWLRQ5HEHOVQR6DLQWV>«@ YHUUlWVDKPDQGLHÄ+HLOLJNHLW¶OHW]WHU:RUWHQLFKWPHKUXQWHUDOOHQ8P VWlQGHQ DOV JHJHEHQ DQ VRQGHUQ VXFKWH LP *HJHQWHLO GHUHQ )HKOEDUNHLW YRU]XIKUHQ 9HUVWlQGOLFKHU ZLUG GLHVH .ULWLN ZHQQ PDQ VLH YRU GHP +LQWHUJUXQG GHU JHVHOOVFKDIWOLFKUHOLJL|VHQ %HGHXWXQJ YRQ JDOORZV VSHHFKHV EHWUDFKWHW 'LH OHW]WH 5HGH HLQHV ]XP 7RGH 9HUXUWHLOWHQ VSLHOWH EHL GHU +LQULFKWXQJZLHLQGHQ3XEOLNDWLRQHQGDUEHUHLQH]HQWUDOH5ROOH%DVLH UHQG DXI GHP DOOJHPHLQ YHUEUHLWHWHQ *ODXEHQ DQ GLH (ULQQHUXQJV ZUGLJNHLW OHW]WHU :RUWH VROOWHQ GLHVH SULQ]LSLHOO GHU PRUDOLVFKHQ %HVVH UXQJGHV]XK|UHQGHQE]ZVSlWHUOHVHQGHQ3XEOLNXPVGLHQHQ'LH5HGH ZDU 7HLO GHV ([HPSHOV ZHOFKHV GLH +LQULFKWXQJ VWDWXLHUHQ VROOWH 0DQ HUZDUWHWH YRP 9HUXUWHLOWHQ GDVV HU 5HXH ]HLJWH $EELWWH WDW VHLQ 3XEOL NXP]XU*RWWHVIXUFKWHUPDKQWHXQGYLHOOHLFKWJDUVLFKVHOEVWDOVDEVFKUH FNHQGHV%HLVSLHOEH]HLFKQHWH.ULWLN]RJHQMHQH5HGHQRGHU%ULHIH²ZLH GLH GHU 5HEHOV ² DXI VLFK GLH QLFKW GLHVHQ .RQYHQWLRQHQ HQWVSUDFKHQ VRQGHUQ GLH YHUXUWHLOWH 7DW DOV EHUHFKWLJW RGHU GHQ 7lWHU DOV XQVFKXOGLJ GDUVWHOOWHQ:LH3HXFHUEHGLHQWHQVLFKGLH$XWRUHQIURPPHU)RUPXOLHUXQ JHQXQGJLQJHQPHLVW GDYRQDXV*RWWVHLDXILKUHU6HLWH 'HUDUW VWDQGHQ DXFK $EVFKLHGVEULHIH ² XQG VSHHFKHV ² GHU 5HEHOV XP EHL GLHVHP %HLVSLHO ]X EOHLEHQ ]XQlFKVW JDQ] NRQYHQWLRQHOO LP =HLFKHQ GHU6WHUEHNQVWHXQGILHOHQHQWVSUHFKHQGIRUPHOKDIWDXV6REOHLEWHWZD BBBBBBBBBBBBB
0DQFK 9HUXUWHLOWHU YHUZDKUWH VLFK DXVGUFNOLFK JHJHQ ÅIDOVH SXEOLFDWLRQV´ XQG HUWHLOWH VWDWWGHVVHQEHVWLPPWHQ+LQWHUEOLHEHQHQGLH(UODXEQLVVHLQHÄDXWKHQWLVFKHQ¶%ULHIH]XYHU |IIHQWOLFKHQ 9JO 7KH /DVW /HWWHUV RI 7KRPDV 3RWWV :KR :DV ([HFXWHG DW 3DLVOH\ $XJXVW :ULWWHQWR+LV:LIHDQG)ULHQGV:KLOH8QGHU6HQWHQFHRI'HDWK3DLVOH\-1HLOVRQ 66LHKHGD]XDXFK%UDQWGLHKHUYRUKHEWGDVVHLQLJHGHV6FKUHLEHQVZLH/HVHQV QLFKW PlFKWLJH.ULPLQHOOHLKUH$EVFKLHGVEULHIHYRQDQGHUHQYHUIDVVHQOLHHQ'LHVH$XIJDEHILHO KlXILJ*HLVWOLFKHQ]XZDVGD]XIKUWHGDVVÅYLROHQWPHQVRXQGHGJRGO\LQWKHLUILQDOPHV VDJHV´GLHV(LJKWHHQWK&HQWXU\/HWWHUV6 .HOO\ *DOORZV 6SHHFKHV 6 YJO LQ GLHVHP .RQWH[W DXFK %UDQW(LJKWHHQWK&HQWXU\ /HWWHUV 6² .HOO\*DOORZV6SHHFKHV6 .HOO\*DOORZV6SHHFKHV6II 'LHVH)RUPHOKDIWLJNHLWEOLHELP-DKUKXQGHUWHUKDOWHQYJOXD%UDQW(LJKWHHQWK&HQWXU\ /HWWHUV6
'LVNXUVHEHU$EVFKLHGVEULHIHXQGOHW]WH:RUWH
GDV 6FKUHLEHQ HLQHV JHZLVVHQ -RKQ &RRNH DQ VHLQH 7RFKWHU GDV 9HUKDO WHQVUHJHOQ IU HLQ JRWWJHIlOOLJHV /HEHQ HQWZLUIWXQJHDFKWHW GHU 9HUWUDXW KHLW YRQ 6HQGHU XQG $GUHVVDWLQ UHFKW VFKHPDWLVFK 'LH %ULHIHU|IIQXQJ JLEW MHGRFK $XIVFKOXVV EHU MHQH $UW GHU 6HOEVWGDUVWHOOXQJ ZHOFKH GHU +HUDXVJHEHU GHU $QWKRORJLH IU DQVW|LJ EHIDQG &RRNH HQWZLUIW HLQ PlUW\UHUKDIWHV (ULQQHUXQJVELOG VHLQHU VHOEVW XQG VHW]W GDPLW VWDWW VLFK UHXHYROO DOV VFKXOGLJ ]X EHNHQQHQ GHQ YHUXUWHLOHQGHQ ,QVWLWXWLRQHQ HLQH NRQWUlUH,QWHUSUHWDWLRQVHLQHV9HUKDOWHQVHQWJHJHQ 0\GHDUVZHHW&KLOG /HWWK\QDPH) U H H O R Y H SXWWKHHLQPLQGRIWKHIUHHORYHRI*RGLQ&KULVWLQ JLYLQJWKHHWRPHDQGWK\GHDUPRWKHUDQGNQRZVRVRRQDV*RGJLYHVWKHHDQ\ XQGHUVWDQGLQJ WKDW WKRX DUW WKH &KLOG RI RQH ZKRP *RG FRXQWHG ZRUWK\ WR VXIIHU IRU KLV VDNH DQG WR VHDOH WR WKH 7UXWK RI KLV /DZ DQG *RVSHO ZLWK KLV %ORRG ZKLFK ZLOO EH D JUHDW +RQRXU WR WKHH LQ WKH MXGJHPHQW RI DOO WKDW WUXO\ ORYHDQGIHDU*RG
'DV,QVLVWLHUHQGHV,QGLYLGXXPVDXIHLQHUh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lWOHW]WHU:RUWHJDOWLQPDQFKHP )DOO QLFKW PHKU JHJHEHQ VFKLHQ 'DVV VFKULIWOLFKH bXHUXQJHQ ZLH GLH -RKQ&RRNHVHLQHQ$NWGHUSRVWKXPHQ 6HOEVWEHKDXSWXQJLQVLFKEDUJHQ VWHOOWHIU%HREDFKWHUNHLQHQ:HUWDQVLFKGDUVRQGHUQZXUGHYRUQHKP OLFK DOV 1RUPYHUOHW]XQJ ZDKUJHQRPPHQ $QGHUHUVHLWV JLQJ GDV IRUWJH VHW]WH,QIUDJHVWHOOHQOHW]WHU:RUWHHLQKHUPLWHLQHPZDFKVHQGHQ,QWHUHVVH DQ GHU %LRJUDSKLH GHV 9HUXUWHLOWHQ 1LFKW PHKU QXU VHLQ /HEHQVHQGH LQ ,VRODWLRQVRQGHUQDXFKGHU:HJGHULKQGRUWKLQJHIKUWKDWWHZXUGHYHU BBBBBBBBBBBBB
5HEHOV6 9JO*XWKNH/HW]WH:RUWH6² 'LHVH(UNHQQWQLVHEHQVRZLHGLHXUVSUQJOLFKH(UZDUWXQJVKDOWXQJ IRUPXOLHUWHGHU+HU DXVJHEHUGHU$QWKRORJLH7KH'\LQJ6SHHFKHVDQG%HKDYLRXURIWKH6HYHUDO6WDWH3ULVRQHUV7KDW+DYH %HHQ([HFXWHGWKH/DVW«@
6WlUNHUDOV7D\ORUKRE0HOVFKOLHOLFKGHQEHUZlOWLJHQGHQMDOHEHQVYHU lQGHUQGHQ(IIHNWKHUYRUGHQOHW]WH:RUWHVHLQHV(UDFKWHQVQDFKDXIGLH 1DFKZHOW KDEHQ NRQQWHQ 'DKHU VSULFKW HU YRQ %HNHKUXQJHQ UDGLNDOHU (UQHXHUXQJGHVHLJHQHQ/HEHQVZDQGHOVXQGGDYRQGDVVPDQOHW]WH:RU WHLQ0DUPRUXQGDXI*UDEVWHLQHHLQJUDYLHUHQODVVHXPVLH]XYHUHZLJHQ VLHLQ/HLFKHQSUHGLJWHQUKPHXQGDOVÅN|VWOLFKH3HUOHQ´VFKlW]HVRZLH HVEHUHLWVGLHÅ$OOWHQ´JHPDFKWKlWWHQLQGHPPDQPLWÅ(U]HKOXQJHQGHU OHW]WHQ5HGHQXQG7KDWHQGHU6WHUEHQGHQ>«@GLH/HEHQGHQDXIIPXQWHUWH ]XP ([HPSHO HLQHU KHLOLJHQ 1DFKIROJH´ ,QGHP 0HO VHLQH $XVIKUXQJHQLQHLQHULQ]HLWOLFKH:HLWHQ]XUFNUHLFKHQGHQYHU]ZHLJWHQ 7UDGLWLRQVOLQLH NXOWXUHOOHU 3UDNWLNHQ YHURUWHW EHZHLVW HU LQ PHKUIDFKHP 6LQQHhEHUOLHIHUXQJVEHZXVVWVHLQXQGOHJLWLPLHUWVHLQHQHLJHQHQ$QVDW] (LQJHIJW VHL DQ GLHVHU 6WHOOH HLQ NXU]HU ([NXUV ]XP*HQUH GHU/HL FKHQSUHGLJWHQ GDV ELV ]XU 0LWWH GHV -DKUKXQGHUWV YRUQHKPOLFK LP SURWHVWDQWLVFKHQ%HUHLFKlXHUVWSRSXOlUZDU/HLFKHQSUHGLJWHQHQWKLHOWHQ DQVFKDXOLFKH%HLVSLHOHMHQHU([HPSHOHU]lKOXQJHQYRQGHQHQEHL0HOGLH 5HGHLVW6HLW$QIDQJGHV-DKUKXQGHUWVZLHVHQ/HLFKHQSUHGLJWHQHLQHQ VHSDUDWHQ ELRJUDSKLVFKHQ $EVFKQLWW XQWHU DQGHUHP DOV Ä3HUVRQDOLD¶ EH ]HLFKQHW DXI GHU GHQ /HEHQVZHJ GHV 9HUVWRUEHQHQ XQG RIWPDOV DXFK VHLQ 9HUKDOWHQ LQ GHU 7RGHVVWXQGH DOV IURPPHV ([HPSHO VFKLOGHUWH XQG VSlWHU DXFK VHSDUDW YHU|IIHQWOLFKW ZXUGH 'DVV GLH %HVFKUHLEXQJ GHU BBBBBBBBBBBBB
0HO'LH/HW]WH5HGHQ9RUUHGH]ZHLWH6HLWHQLFKWSDJLQLHUW 0HO'LH/HW]WH5HGHQ9RUUHGHGULWWH6HLWHQLFKWSDJLQLHUW 9JO KLHU]X GLH $XVIKUXQJHQ ]XU Å6WUXNWXU HLQHU /HLFKHQSUHGLJW´ DXI GHU :HEVHLWH GHU )RUVFKXQJVVWHOOH IU 3HUVRQDOVFKULIWHQ $NDGHPLH GHU :LVVHQVFKDIWHQ XQG GHU /LWHUDWXU 0DLQ]KWWSZZZSHUVRQDOVFKULIWHQGHOHLFKHQSUHGLJWHQDXIEDXKWPO!>DXIJHUXIHQDP @ 9JO-LOO%HSOHUÅ3UDFWLFLQJ3LHW\5HSUHVHQWDWLRQVRI:RPHQ·V'\LQJLQ*HUPDQ)XQHUDO 6HUPRQV RI WKH (DUO\ 0RGHUQ 3HULRG´ LQ :RPHQ DQG 'HDWK :RPHQ·V 5HSUHVHQWDWLRQV RI 'HDWKLQ*HUPDQ&XOWXUHVLQFH KUVJYRQ&ODUH%LHOE\XQG$QQD5LFKDUGV5RFKHVWHU 1HZG@DV %HGUIQLV GHU OXWKHULVFKHQ .LUFKH >]XUFN@ ]X ]HLJHQ GDVV DXFK LQ LKUHP 6FKR HLQ VHOLJHV 6WHUEHQ P|JOLFK ZDU´ 'LH 'DUVWHOOXQJ GHV 6WHUEHYHUKDOWHQV IROJWH DOWKHUJH EUDFKWHQIURPPHQ0RGHOOHQbKQOLFKGHU0XWWHU*RWWHVZXVVWHQ%HWURI IHQHKlXILJLP9RUDXVGDVVLKU/HEHQ]X(QGHJHKHQZUGHZDVLKQHQ =HLWJDEVLFKYRQ$QJHK|ULJHQXQG)UHXQGHQ]XYHUDEVFKLHGHQXQGVLFK PLW JHLVWOLFKHP %HLVWDQG DXI GHQ 7RG YRU]XEHUHLWHQ .|USHUOLFKH /HL GHQHUWUXJPDQPLWJU|WHU*HGXOGXQGYROOIURPPHU=XYHUVLFKWKlXILJ ZLUGGDYRQEHULFKWHWGDVVVLFKNXU]YRUGHP$EOHEHQGHU*HVXQGKHLWV ]XVWDQG GHV 6WHUEHQGHQ QRFK HLQPDO EHUUDVFKHQG JHEHVVHUW KDEH 6R K|KHUH 0lFKWH HV QLFKW YHUKLQGHUWHQ ² HWZD GXUFK HLQHQ 8QIDOOWRG ²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
Å*HVFKLFKWHGHU/HLFKHQSUHGLJW´)RUVFKXQJVVWHOOHIU3HUVRQDOVFKULIWHQ KWWSZZZSHUVRQDOVFKULIWHQGHOHLFKHQSUHGLJWHQJHVFKLFKWHKWPO!>DXIJHUXIHQDP @ 'D]XJHK|UWHZLH%HSOHUKHUYRUKHEWGLH$XVZDKOVRZLHWHLOZHLVHGDV9HUIDVVHQEHVWLPP WHU7H[WHGLHLQGHU7RGHVVWXQGHE]ZGDQDFKDOV/HLFKWH[WRGHU,QVFKULIWDXIGHP6DUJ *HEUDXFK ILQGHQ VROOWHQ YJO GLHV Å3UDFWLFLQJ 3LHW\´ 6I 0DQFKPDO VFKULHEHQ 0HQVFKHQ LKUH /HLFKHQUHGH DXFK VHOEVW YJO Å6WUXNWXU HLQHU /HLFKHQSUHGLJW´ KWWSZZZSHUVRQDOVFKULIWHQGHOHLFKHQSUHGLJWHQDXIEDXKWPO! =XU 5ROOH YRQ % FKHUQXQGGHUHQ/HNWUHIUGLHODQJIULVWLJHZLHXQPLWWHOEDUH6WHUEHYRUEHUHLWXQJYJODXFK &RUQHOLD1LHNXV0RRUHÅ3UDHSDUDWLRDG0RUWHP'DV%XFKEHL9RUEHUHLWXQJXQG%HJOHL WXQJGHV6WHUEHQVLPSURWHVWDQWLVFKHQ'HXWVFKODQGGHVXQG-DKUKXQGHUWV´3LHWLVPXV XQG1HX]HLW 6² &KLQFD EHPHUNW LQ GLHVHP =XVDPPHQKDQJ GDV *HQUH GHU /HLFKHQSUHGLJW OLHIHUH GHQ ÅEHU]HXJHQGVWH>Q@%HOHJIUSHUVRQDOLVLHUWH7URVWVSUFKH>«@´GXUFKZHOFKHÅGLH>VH@3UD[LV >«@ 7HLO GHV 5HSHUWRLUHV H[HPSODULVFKHQ 6WHUEHQV XQG HLQHU >«@ EUHLWHQ gIIHQWOLFKNHLW ]XP=ZHFNHGHU,PLWDWLRQ]XJlQJOLFKJHPDFKW>ZLUG@´GHUVÅ6WHUEHQZLHHVLP%XFKH VWHKW´6 9JO KLHU]X -XGLWK3 $LNLQ Å,FK VWHUEH¶7KH &RQVWUXFWLRQ RI WKH '\LQJ 6HOI LQ WKH $G YDQFH3UHSDUDWLRQVIRU'HDWKRI/XWKHUDQ:RPHQLQ(DUO\0RGHUQ*HUPDQ\´LQ:RPHQ DQG'HDWKKUVJYRQ&ODUH%LHOE\XQG$QQD5LFKDUGV6²$LNLQV$XIVDW]EHOHXFKWHW 6WUXNWXU)XQNWLRQXQG5H]HSWLRQGHUJHLVWOLFKHQE]Z6WHUEHOLHGHUbPLOLH-XOLDQHV*UlILQ ]X 6FKZDU]EXUJ5XGROVWDGW ² XQG HUOlXWHUW ZLH 6WHUEHOLHGHU H[HPSODULVFKHV 6WHUEHYHUKDOWHQSURSDJLHUWHQXQGZHOFKH5ROOHVLHEHLGHUOHEHQVODQJHQ6WHUEHYRUEHUHLWXQJ VRZLHLQKRUDPRUWLVVSLHOWHQ 9JO%HSOHUÅ3UDFWLFLQJ3LHW\´6²
'LVNXUVHEHU$EVFKLHGVEULHIHXQGOHW]WH:RUWH
V]HQH WHLOV VHKU DXVIKUOLFK DXV 'RNXPHQWHQ GHV 9HUVWRUEHQHQ ]LWLHUW =ZDUKDQGHOWHVVLFK]XPHLVWQLFKWXP$EVFKLHGVWH[WHLPHQJHUHQ6LQQH GHQQRFK ZLUG MH QDFK *HJHEHQKHLW GXUFKDXV GLH ]HLWOLFKH 1lKH GHV 6FKUHLEHQV]XP7RGHVWDJKHUYRUJHKREHQ'LHVHZLHDQGHUHVHOEVWYHU IDVVWH7H[WHLOOXVWULHUHQYRUJHEOLFK LQGHQHLJHQHQ:RUWHQGHV9HUVWRU EHQHQ GHVVHQ 6HHOHQODJH VHLQ %HPKHQ DQGHUHQ *ODXEHQVLQKDOWH QDKH ]XEULQJHQ VRZLH VHLQH YRUELOGOLFKH )U|PPLJNHLW 6RZRKO LP %ULHIWH[W ZLH LQ GHQ YHUVFKULIWOLFKWHQ PQGOLFKHQ $EVFKLHGVZRUWHQ ZXUGH GLH 6WLPPHGHV7RWHQGXUFKGHQ9RUWUDJ²XQGLQJHZLVVHP6LQQHDXFKEHL GHU/HNWUH²GHU/HLFKHQSUHGLJWOHEHQGLJJHKDOWHQXQGNRQQWHGLUHNWDXI GDV 3XEOLNXP ZLUNHQ $EVHLWV GHU hEHUIRUPXQJ LQGLYLGXHOOHU /HEHQV OlXIHGXUFKH[HPSODULVFKH0XVWHUNRQQWHZLH-LOO%HSOHUKHUYRUKHEWHLQ ,QGLYLGXXP GDV VLFK DNWLY XQG KlXILJ EHU OlQJHUH =HLWUlXPH PLW HUEDXOLFKHQ7H[WHQDXVHLQDQGHUVHW]WHVRDXFK]XHLQHULQJHZLVVHP0DH VXEMHNWLYHQ$XVGUXFNVZHLVHILQGHQ =HLWJHQRVVHQ GUIWHQ GDV NUHDWLYH 3RWHQWLDO GHU LQ /HLFKHQSUHGLJWHQ JHVFKLOGHUWHQOHW]WHQ:RUWHHKHULQGHU$UWYHUVWDQGHQKDEHQZLH0HOHV WDW'HU0RPHQWGHV$EVFKLHGQHKPHQVEHGHXWHWHIULKQGLHOHW]WH:HL WHUHQWZLFNOXQJXQG(UK|KXQJGHU6HHOHHLQHV0HQVFKHQLQGLH7UDQV]HQ GHQ]KLQHLQ'DEHLDVVR]LLHUWH0HOGLHVLFKDQNQGLJHQGH7UHQQXQJYRQ 6HHOH XQG /HLE PLW GHP 9HUOXVW PHQVFKOLFKHU )XUFKW XQG HLQHU QHXHQ )UHLKHLW GHU LQGLYLGXHOOHQ JHLVWLJHQ (QWIDOWXQJ 'HQ *HGDQNHQ GDVVVLFK GLHVHU 9RUJDQJ QLFKW QXU LQ HLQHU H[HPSODULVFKHQ Å4XLQW (VVHQ]´ HQW lXHUQVRQGHUQDXFKDQGHUHV8QHUZDUWHWHVYLHOOHLFKWJDU1RQNRQIRUPHV HQWKOOHQ N|QQWH ² ZLH EHL 9LOORQ 3HXFHU RGHU GHQ 5HEHOV ² HQWKDOWHQ 0HOV/HW]WH5HGHQDOOHQIDOOVLPSOL]LW 'LIIHUHQ]LHUWHUH $XVVDJHQ KLHU]X WUDI GHU 7KHRORJH 6HEDVWLDQ )ULHG ULFK 7UHVFKR² LQ VHLQHU SRSXOlUHQ:LVVHQVFKDIW VHOLJ XQG IURHOLFK ]X VWHUEHQ RGHU 6WHUEH %LEHO LQ 3RHVLH XQG 3URVH 7UHVFKRV DXI GLH BBBBBBBBBBBBB
9JO]%$XJXVW+HUPDQQ)UDQFNH*HGlFKWQL XQG/HLFKHQ 3UHGLJWHQ1HEVWGHQHQ0HKUHQ WKHLOV EHVRQGHUV EH\JHIJWHQ HUEDXOLFKHQ 8PVWlQGHQ GHV /HEHQV XQG VHOLJHQ $EVFKLHGV PDQFKHU &KULVW OLFKHQ 3HUVRQHQ :LH DXFK HLQLJHQ 7UDXHU XQG 7URVW 5HGHQ XQG HLQHP $QKDQJH (WOLFKHU DQGHUQ HEHQGDKLQJHK|ULJHQ0DWHULHQ+DOOHLQ9HUOHJXQJGHV:l\VHQKDXVHV 6 9JO]%)UDQFNH*HGlFKWQL XQG/HLFKHQ 3UHGLJWHQ6²VRZLHYD bKQOLFKHLQGUXFNVYROOZHQQDXFKHLQGHXWLJDOV)LNWLRQHUNHQQEDUGUIWHGLHYRP6DUJDXV JHKDOWHQH $QVSUDFKHGHU 7RWHQ DQGLH 7UDXHUQGHQ JHZLUNW KDEHQ GLH HLQLJH /HLFKHQSUH GLJWHQHQWKLHOWHQ%HSOHUÅ3UDFWLFLQJ3LHW\´6 %HSOHUÅ3UDFWLFLQJ3LHW\´6 =LWLHUWZLUGLP)ROJHQGHQDXVGHU]ZHLWHQ$XIODJH6HEDVWLDQ)ULHGULFK7UHVFKR'LH:LV VHQVFKDIWVHOLJXQGIURHOLFK]XVWHUEHQRGHU6WHUEH %LEHOLQ3RHVLHXQG3URVHYHUEHVVHUWH$XIODJH .|QLJVEHUJXQG/HLS]LJ=HLVHQV:LWZH +DUWXQJV(UEHQ 'LHHUVWH$XIODJHZDU HEHQIDOOV LQ.|QLJVEHUJ SXEOL]LHUW ZRUGHQ 9RQGHU DQGDXHUQGHQ3RSXODULWlW GHV:HUNHV ]HXJWXDHLQHVWDUNJHNU]WH 1HXEHDUEHLWXQJGLHPDQLQGHU]ZHLWHQ+lOIWHGHV-DKU KXQGHUWVPHKUIDFKDXIOHJWHXQWHUGHP7LWHO6HEDVWLDQ)ULHGULFK7UHVFKR·V6WHUEHELEHO(LQH$XV
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
SUDNWLVFKH 6WHUEHYRUEHUHLWXQJ DQJHOHJWHV .RPSHQGLXP LQWHUSUHWLHUW GLH 9HUSIOLFKWXQJHQGHU6WHUEHQGHQGHQ/HEHQGHQJHJHQEHULP$QVDW]HKHU NRQVHUYDWLY (LQ YROOVWlQGLJHV %HNHQQWQLV LQ KRUD PRUWLV VR 7UHVFKR VHL QRWZHQGLJGDÅPLWVLFKYHUJUDEHQH*HKHLPQLVVH>«@HEHQVRYLHO6QGHQ IUGLH(ZLJNHLW´GHV9HUVWRUEHQHQEHGHXWHWHQ9RQHLJHQHU(UIDKUXQJ RGHU /HNWUH DXVJHKHQG VSULFKW HU GHV :HLWHUHQ YRQ GHU Å)UH\PXWKLJ NHLW´ 6WHUEHQGHU GLH QXQPHKU ÅPDQFKH 3HUVRQHQ GLH VLH LP /HEHQ NDQQWHQ XQG GLH VLH ZHJHQ EHVRQGHUHU 8PVWlQGH VFKRQHQ PXWHQ PLW 2IIHQKHU]LJNHLW´ DQUHGHWHQ XQG VR LP 6WHUEHQ HWZDV HUUHLFKHQ NRQQWHQ ZDV VLH LP /HEHQ QLFKW YHUPRFKW KlWWHQ =ZDU EOHLEW GHU DOWUXLVWLVFKH 1XW]HQ XQG UHOLJL|VH 0HKUZHUW GHUDUWLJHU bXHUXQJHQ KLHUEHL YRUGHU JUQGLJ]XJOHLFKPDFKW7UHVFKRMHGRFKGHXWOLFKZLHVLFKDQJHVLFKWVGHV 7RGHV GLH %HGLQJXQJHQ ]ZLVFKHQPHQVFKOLFKHU %H]LHKXQJHQ YHUlQGHUQ XQGGLH+DQGOXQJVP|JOLFKNHLWHQ6WHUEHQGHUSULQ]LSLHOOHUZHLWHUQ6SH]LHOO LVW GHU $XWRU EHPKW GDV =ZLVFKHQUHLFK LQ GHP VLFK /HW]WHUH ZLHGHU ILQGHQXQGGLH+HLOVJHZLVVKHLWDQ]HLJHQGH:DQGOXQJGLHVLHGDULQHUIDK UHQJHQDX]XHUIDVVHQ 6LH SUHLVHQ GLH J|WWOLFKH %DUPKHU]LJNHLW 6LH UHGHQ YRQ GHQ *QDGHQIKUXQJHQ XQG HQWGHFNHQ XQV PDQFKH YHUERUJQH 8PVWlQGH LKUHU 6HHOHQ GLH PDQ YRUKLQ YRQLKQHQQLFKWZXWH(VLVWDOVZHQQVLHLQHLQHU:HOWOHEHQZRPDQVLFKQLFKW PHKU VFKlPHQ GDUI GDV ]X EHNHQQHQ ZDV PDQ VRQVW DXV )XUFKWVDPNHLW RGHU =lUWOLFKNHLWYHUVFKZLHJHQKDW,QVEHVRQGHUHPXPDQGLHVHVDOVHWZDVPHUNZU GLJHVDQVHKHQGDVVLKUHOHW]WHQ5HGHQXQG(PSILQGXQJHQGXUFKDOOHGUH\6WXIHQ GHU ZDKUHQ %HNHKUXQJ DXVJHIKUHW ZHUGHQ 0DQ K|UHW VLH EHU LKU 9HUGHUEHQ XQGEHUYHUERUJQH6QGHQNODJHQ0LWHLQHPPDOVFKZLQJHQVLHVLFKDXVDOOHP LKUHP(OHQGHZHLWEHUGLH6WHUQHXQGEUHFKHQVLFKPLWLKUHP*ODXEHQDQGDV %OXW -(VX GXUFK (QGOLFK ZlFKVHW DXFK GHU *UDG GHU +HLOLJXQJ 6LH EHZHLVHQ
BBBBBBBBBBBBB
ZDKO DXV GHU ]ZHLWHQ $XIODJH YRQ LP $XV]XJH IUHL XPJHDUEHLWHW XQG PLW /LHGHUYHUVHQ YHUVHKHQYRQ(UQVW*HQ]NHQ(LVOHEHQXQG/HLS]LJ>R$@ 7UHVFKR6WHUEH %LEHO6 7UHVFKR6WHUEH %LEHO67UHVFKRVZHLWHUH$XVIKUXQJHQEHOHJHQHUQHXWGDVVGLH9RU VWHOOXQJ 6WHUEHZRUWH VHLHQ RKQH )DOVFK XQG GDKHU EHVRQGHUV HLQGUFNOLFK QDFK ZLH YRU JlQJLJZDU'DEHL]HLJWVLFK7UHVFKRPLW%OLFNDXIGHQMHZHLOLJHQ(UNHQQWQLVZHUWOHW]WHQ 6SUHFKHQV DXIJHNOlUWUHDOLVWLVFK KHEW DOOHUGLQJV XQJHDFKWHW GHVVHQ GLH 8QYHU]LFKWEDUNHLW GHV([HPSHOVDOVGLGDNWLVFKHV0LWWHOKHUYRUXQGIKUWDOV+DQGUHLFKXQJIUGHQ/HVHUHLQH 5HLKH HQWVSUHFKHQGHU %HLVSLHOVDPPOXQJHQ XD YRQ /HLFKHQSUHGLJWHQ DQ YJO HEG XD 6IÅ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«@´
'LVNXUVHEHU$EVFKLHGVEULHIHXQGOHW]WH:RUWH
/LHEH*HGXOW)UHXQGOLFKNHLWXQG+RIQXQJ,KU(QGHLVWZHQQLFKPLFKVRDXV GUFNHQ GDUI HLQ 3HUVSHNWLY LKUHV JDQ]HQ /HEHQV 6LH EHWHQ 6LH YHUODQJHQ 6LH OLHEHQ
'HU )RNXV DXI ]ZLVFKHQPHQVFKOLFKH %H]LHKXQJHQ EHVWLPPW DXFK GHQ $EVFKQLWW Å)UHXQGVFKDIW QDFK GHP 7RGH´ GHU 6WHUEH %LEHO LQ GHP VLFK 7UHVFKRPLWGHUIU6WHUEHQGHZLH+LQWHUEOLHEHQHWU|VWOLFKHQ9RUVWHOOXQJ EHVFKlIWLJWGDVVGDV(QGHGHV/HEHQVQLFKWGDV(QGHIUHXQGVFKDIWOLFKHU %H]LHKXQJHQ EHGHXWH GD PDQ HLQDQGHU LP -HQVHLWV ZLHGHUWUHIIHQ ZHUGH ,Q GLHVHP .RQWH[W JHKW 7UHVFKR DXI GLH EHL =HLWJHQRVVHQ lXHUVW EHOLHEWHQ Ä7RWHQEULHIH¶ DOVR ILNWLRQDOH %ULHIH YRQ 9HUVWRUEHQHQ DQ /HEHQGH HLQ 'LHVH EHVLW]HQ IRUPDO ZLH ]XP 7HLO DXFK LQKDOWOLFK bKQ OLFKNHLWHQ PLW $EVFKLHGVEULHIHQ XQG ZDUHQ DOV HUEDXOLFKXQWHUKDOWVDPHV *HQUH LP 'HQNHQ GHU =HLW HWDEOLHUW 7UHVFKR HUZlKQW GDV QLFKW QXU LP GHXWVFKVSUDFKLJHQ 5DXP lXHUVW HLQIOXVVUHLFKH :HUN YRQ (OL]DEHWK 6LQ JHU 5RZH 'LH )UHXQGVFKDIW QDFK GHP 7RGH LQ %ULHIHQ GHU 9HUVWRUEHQHQ DQ GLH /HEHQGHQQHEVWPRUDOLVFKHQXQGVFKHU]KDIWHQ%ULHIHQ VRZLHGLHGLHVHP LP $QVDW] QDFKHPSIXQGHQHQ %lQGH %ULHIH YRQ 9HUVWRUEHQHQ DQ KLQWHUODVVHQH )UHXQGH YRQ&KULVWRSK0DUWLQ:LHODQGXQG0HWD.ORSVWRFNV%ULHIH YRQ9HUVWRUEHQHQDQ/HEHQGLJH 0LW%H]XJDXIGLH%ULHIVDPPOXQJHQ KHEW 7UHVFKR KHUYRU GDVV PDQ KLHU )LNWLRQ 2IIHQEDUXQJ XQG :DKU VFKHLQOLFKNHLW VRUJIlOWLJ ]X WUHQQHQ KDEH $XV 7KHRORJHQVLFKW ZDU GDV *HQUHGHUÄ7RWHQEULHIH¶REVHLQHU.QVWOLFKNHLWXQG8QZDKUVFKHLQOLFKNHLW LQPDQFKHP)DOOYRQ]ZHLIHOKDIWHP:HUW 'DEHL KDWWH 7UHVFKR VHOEVW PLW .ULWLNHUQ ]X NlPSIHQ ² XQG ]ZDU JHUDGH PLW %OLFN DXI VHLQH .RQ]HSWLRQ FKULVWOLFKHQ 6SUHFKHQV YRU GHP BBBBBBBBBBBBB
7UHVFKR6WHUEH %LEHO6 %HLGHUYRQ7UHVFKRDQJHIKUWHQhEHUVHW]XQJ'LH)UHXQGVFKDIWLP7RGHLQ%ULHIHQGHU9HUVWRU EHQHQDQGLH/HEHQGHQ1HEVWPRUDOLVFKHQXQGVFKHU]KDIWHQ%ULHIHQDXVGHP(QJOLVFKHQGHU)UDX 5RZHQDFKGHUIQIWHQ$XIODJHLQV'HXWVFKHEHUVHW]W*|WWLQJHQ KDQGHOWHVVLFK EHUHLWVXPGLH]ZHLWHhEHUWUDJXQJGHVLP2ULJLQDO)ULHQGVKLSLQ'HDWKLQ7ZHQW\/HWWHUVIURP WKH'HDGWRWKH/LYLQJ EHWLWHOWHQ%DQGHVLQV'HXWVFKH'LHHUVWHhEHUVHW]XQJZDUZLH GDVHQJOLVFKH9RUELOGDQRQ\PHUVFKLHQHQ)UHXQGVFKDIIWLP7RGHGXUFK=ZDQW]LJ%ULHIHYRQGHQ 9HUVWRUEHQHQ DQ GLH /HEHQGLJHQ YRUJHVWHOOHW $XV GHP (QJOLVFKHQ EHUVHW]W YRQ >-RKDQQ@ 0DWWKHVRQ +DPEXUJYRQ:LHULQJV(UEHQ YJO.DSLWHO /HW]WHUH ZXUGHQ SRVWKXP YRQ LKUHP (KHPDQQ YHU|IIHQWOLFKW LQ +LQWHUODQH 6FKULIWHQ YRQ 0DUJDUHWD.ORSVWRFNKUVJXQGGXUFKHLJHQH7H[WHE]Z6FKULIW]HXJQLVVH'ULWWHUHUJlQ]WYRQ )ULHGULFK*RWWOLHE.ORSVWRFN+DPEXUJ%RKQ ,QGLHVHU+LQVLFKWDPVFKOHFKWHVWHQVFKQHLGHWEHL7UHVFKRGHU%DQG(UPDKQXQJHQGHU7RGWHQ LQ%ULHIHQDQGLH/HEHQGLJHQYRQJHZLVVHQ*HLVWHUQEH\GHUOH\*HVFKOHFKWVDQLKUH)UHXQGHRGHU)HLQGHDXI (UGHQ=XU%HI|UGHUXQJGHU5HOLJLRQXQGGHU7XJHQG%HUOLQ+DXGHXQG6SHQHU DEGHQ -RKDQQ*HRUJ3KLOLSS0FKOHU² DXVGHP(QJOLVFKHQLQV'HXWVFKHEHUWUDJHQ KDWWH'HU7LWHOGHVDQRQ\PSXEOL]LHUWHQ2ULJLQDOVODXWHW$GPRQLWLRQVIURPWKH'HDGLQ(SLVW OHVWRWKH/LYLQJ$GGUHVVHGE\&HUWDLQ6SLULWVRIERWK6H[HVWRWKHLU)ULHQGVRU(QHPLHVRQ(DUWK>«@ /RQGRQ5%DOGZLQ
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
7RG 'LHV ]XPLQGHVW OHJHQ $XVVDJHQ LP ]ZHLWHQ 7HLO GHU 6WHUEH %LEHO QDKH (LQPDOZHQQPDQHVIUXQQW]KlOWDXIGDV6WHUEHEHWWHGHU)URPPHQ$FKWXQJ ]X JHEHQ ZDUXP LVW PDQ GHQQ VR DXIPHUNVDP EH\ DOOHQ /HEHQVOlXIHQ GHU *HOHKUWHQ GHU +HOGHQ XQG )UVWHQ QDFK GHQ OHW]WHQ 9HUDQODVVXQJHQ LKUHV (QGHV QDFK GHP ZDV VLH QRFK ]XOHW]W EHVWHOOW JHVSURFKHQ XQG HUOLWWHQ KDEHQ VLFK VRUJIl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«@ :LU VLQG MD VFKRQLQ$EVLFKWQRFKJHVXQGHU/HXWHGLH9HUVWDQGXQG7XJHQGEHVLW]HQYHU EXQGHQGDVVZLUXQVPLWLKQHQ LQHLQ*HVSUlFKHLQODVVHQXP DXVLKUHQ 5HGHQ JXWH*UXQGVlW]H]XIDVVHQZDUXPVROOHQGLH5HGHQGHU6WHUEHQGHQZHQQZLUVLH DXFK QXU DOV JXWH 6LWWHQVSUFKH RGHU DOV (U]lKOXQJHQ LKUHV /HEHQV EHWUDFKWHQ QLFKWHEHQGLHVH$XIPHUNVDPNHLWYHUGLHQHQ"'DUDQQLFKW]XJHGHQNHQGDVVRIW GLH6HHOHGLHQXQVFKRQIDVWJDQ]HQWKOOHWLVWLQGHQOHW]WHQ6WXQGHQYLHOUHLIHUH XQG HLQGUFNOLFKHUH *HGDQNHQ DXV LKUHP 9RUUDWK KHUYRUUHLFKW DOV LQ JHVXQGHQ 7DJHQ
7UHVFKRV$UJXPHQWDWLRQGLHGHQGLGDNWLVFKHQ0HKUZHUWUHOLJL|VHU²XQG EHVRQGHUVSLHWLVWLVFKHU²/HEHQVlXHUXQJHQLQKRUDPRUWLVYRUQHKPOLFKPLW +LOIH HLQHV DOOJHPHLQVlNXODUHQ VRZLH WUDGLWLRQHOOHQ ,QWHUHVVHV DQ OHW]WHQ :RUWHQ DXI]XZHUWHQ VXFKWH ]HXJW YRQ UHOLJLRQV XQG JHLVWHVJHVFKLFKW OLFKHQ9HUlQGHUXQJHQGHUHQ$QIlQJHWHLOVLQVXQG-DKUKXQGHUW]X UFNUHLFKWHQXQGGLHVSlWHVWHQVLQGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWV YROOHQGV VSUEDU ZXUGHQ ,P =XJH GHU 6lNXODULVDWLRQ YHUORUHQ UHOLJL|VH 'RJPDWLNXQGGDPLWDXFKGLH9HUELQGOLFKNHLWHQH[HPSODULVFKHQ6WHUEHQV ]XQHKPHQG DQ %HGHXWXQJ $XVJHKHQG YRQ GHU 9RUVWHOOXQJ HLQHV ZRKO PHLQHQGHQ *RWWHV SURSDJLHUWH PDQFK ]HLWJHQ|VVLVFKH 6FKULIW HLQH QHXH *HODVVHQKHLWKLQVLFKWOLFKGHV$EVFKLHGQHKPHQVYRQGHU:HOW BBBBBBBBBBBBB
7UHVFKR6WHUEH %LEHO6² 6R HWZD LQ %DUWKROG +HLQULFK %URFNHV Å$QOHLWXQJ ]XP YHUJQJWHQ XQG JHODVVHQHQ 6WHU EHQ´GLHSRVWKXPDOV$QKDQJ]XVHLQHP:HUN3K\VLNDOLVFKHXQGPRUDOLVFKH*HGDQNHQEHUGLH GUH\5HLFKHGHU1DWXU1HEVWVHLQHQEULJHQQDFKJHODVVHQHQ*HGLFKWHQDOVGHV,UGLVFKHQ9HUJQJHQVLQ *2771HXQWHUXQGOHW]WHU7KHLO HUVFKLHQYJO*XWKNH/HW]WH:RUWH6²
'LVNXUVHEHU$EVFKLHGVEULHIHXQGOHW]WH:RUWH
,P 5DKPHQ GLHVHU (QWZLFNOXQJ YHUlQGHUWH VLFK GHU %OLFN DXI OHW]WH /HEHQVlXHUXQJHQ5HOLJL|VHQDQGHQ6WHUEHNQVWHQRULHQWLHUWHQ0RGHO OHQZHOFKHIU*OlXELJHXQG7KHRORJHQZHLWHUKLQYHUELQGOLFKEOLHEHQ XQGGHP,GHDOGHVKHOGHQE]ZVWDQGKDIWHQ7RGHVGDVVFKRQGLH$QWLNH DOV YRUELOGKDIW JHSULHVHQ KDWWH WUDW GLH )DV]LQDWLRQ GHV RULJLQHOOHQ 6SUH FKHQV GHV %RQPRWV VRZLH GHV VXEMHNWLYHQ (UOHEHQV GHV 6WHUEHQGHQ ]XU 6HLWH 'DV ,QWHUHVVH DQ /HW]WHUHP VROOWH VLFK LP OHW]WHQ 'ULWWHO GHV -DKUKXQGHUWVPDJHEOLFKLQGHUSXEOL]LVWLVFKOHEKDIWJHIKUWHQ6XL]LG GLVNXVVLRQPDQLIHVWLHUHQGLHVSH]LHOO$EVFKLHGVEULHIHYRQ6HOEVWP|UGHUQ DOV 4XHOOH QHXHU (UNHQQWQLVVH EHU GLH PHQVFKOLFKH1DWXU ]X HQWGHFNHQ EHJDQQ 6HOEVW 7UHVFKR HQWJLQJ GHU 3OXUDOLVLHUXQJ GHU (LQVWHOOXQJHQ ]XU 7R GHVVWXQGH QLFKW Y|OOLJ 6R KLHOW HU HWZD GDV (UOHEHQ LQ KRUD PRUWLV IU JRWWJHJHEHQXQGEH]ZHLIHOWHGDKHUQLFKWGDVVMHPDQGGHULP6FKODIRGHU VFKZHLJHQG VWDUE VHOLJ ZHUGH $QGHUHUVHLWV YHUZXQGHUWH HV LKQ NHLQHV ZHJVGDVV0HQVFKHQGLHDQJHEOLFK QLHPDOVYRQFKULVWOLFKHQ([HPSHOQ JHK|UWRGHUJHOHVHQKlWWHQÅLQGLHVHOEHQ:RUWHDXV>EUDFKHQ@GLHDQGHUH ODQJ %HJQDGLJWH GLH VLH QLFKW NHQQHQ JHUHGHW KDEHQ´ 'HU VWHUEHQGH YRP/HLEOLFKHQVLFKEHIUHLHQGH0HQVFKZDULQVHLQHP6SUHFKHQVRGHU *HGDQNH GHQ 7UHVFKR YRU GHP =XJULII DOO]X DXIJHNOlUWHU $QVLFKWHQ ]X UHWWHQYHUVXFKWH GHUJ|WWOLFKLQVSLULHUWH =XVDPPHQIDVVHQG VHL KLHU IHVWJHKDOWHQ /HW]WH :RUWH XQG ² ZHQQ JOHLFKVHOWHQHU²$EVFKLHGVEULHIHEOLHEHQLQGHU)UKHQ1HX]HLW]HQWUDOHU %HVWDQGWHLOGHU6WHUEHYRUEHUHLWXQJ'HUGLDFKURQH9HUJOHLFKYRQ$QWKR ORJLHQ /HLFKHQSUHGLJWHQ ([HPSHOVDPPOXQJHQ XQG%FKHUQ ]XU 6WHUEH NXQVWOlVVWGDEHLPHKUHUH(QWZLFNOXQJHQHUNHQQHQ=XPHLQHQZXUGHGDV 9HUKDOWHQ GHV 6WHUEHQGHQ ]XQHKPHQG DOV (UJHEQLV HLQHV ELRJUDSKLVFKHQ (QWZLFNOXQJVSUR]HVVHVEHZHUWHWGDEHLQDKPPDQGDV,QGLYLGXXPLQVHL QHU 6XEMHNWLYLWlW XQG VHLQHQ HPRWLRQDOHQ %H]LHKXQJHQ ]X DQGHUHQ 0HQ VFKHQ JHQDXHU ZDKU 6SH]LHOO 7UHVFKRV 6WHUEH %LEHO ELHWHW HLQ HLQGUFN OLFKHV,QGL]GDIUDXIZHOFKH:HLVHGLHVLFKLP-DKUKXQGHUWLQWHQVLYLH UHQGH6HQWLPHQWDOLVLHUXQJ]ZLVFKHQPHQVFKOLFKHU9HUKlOWQLVVHLQGHUWKHR ORJLVFKHQ/LWHUDWXU*HVWDOWDQQDKP 0LWGHP6WHUEHQGHQDOV6XEMHNWJHULHWHQLQV%OLFNIHOGVLFKZHLWHUHQW ZLFNHOQGHU'LVNXUVH]XOHW]WHQ/HEHQVlXHUXQJHQZLHGHUKROWGLH)XUFKW BBBBBBBBBBBBB
9JO QHEHQ 7UHVFKR XD %HUQKDUG :DOWKHU 0DUSHUJHU *HWUHXH $QOHLWXQJ ]XU ZDKUHQ 6HH OHQ &XU EH\ .UDQFNHQ XQG 6WHUEHQGHQ QHXH $XIODJH 1UQEHUJ &KULVWLDQ )ULGHULFK )HLVH >$QRQ@'HU&KULVWDXIGHP7RGW%HWWH2GHUOHW]WH(UPDKQXQJHQHLQHVVWHUEHQGHQ9DWHUVDQ VHLQHQHLQ]LJHQ6RKQ$XIODJH0LQGHQ)UDQFNHQ XQG>$QRQ@$+HDYHQO\5HVWIRUD :HDU\6RXO2U7KH3LOJULPDW+LV-RXUQH\·V(QG%HLQJWKH/DVW/HJDF\RID)DWKHUWR+LV&KLOGUHQ RQKLV'HDWK%HG>«@/RQGRQ0DUWLQ" *XWKNH/HW]WH:RUWH6² 7UHVFKR6WHUEH %LEHO6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
ORVLJNHLW XQG )UHLKHLW GHV 6SUHFKHQV YRU GHP 7RGH GLH WKHRUHWLVLHUHQGH 7KHRORJHQ SULPlU IU HUEDXOLFKH =ZHFNH LQVWUXPHQWDOLVLHUWHQ $OOHUGLQJV PDQLIHVWLHUWHVLFKGLHVH)UHLKHLWLQGHUKLVWRULVFKHQ5HDOLWlWQLFKWQXUDOV HLQHHUNHQQWQLVRGHUIU|PPLJNHLWVI|UGHUQGHVRQGHUQDXHUGHPDOVLQGL YLGXHOOZLGHUVWlQGLJH *HVWH ² HWZD LQ QRQNRQIRUPHQ $EVFKLHGVEULHIHQ RGHULQ*DOJHQUHGHQ'LHVH$UWOHW]WHUbXHUXQJHQSUlVHQWLHUWHQ9HUWUH WHUUHOLJL|VHURGHUSROLWLVFKHU,QVWLWXWLRQHQ|IIHQWOLFKDOVQHJDWLYH*UHQ] EHUVFKUHLWXQJ GLH GDV WUDGLWLRQHOOH 9HUVWlQGQLV YRQ 6WHUEHZRUWHQ DOV DXWRULWDWLYXQWHUK|KOHXQGJOHLFK]HLWLJGDYRQSURILWLHUHXQGGLHHVGHVKDOE ]X ZLGHUOHJHQ JDOW 6SH]LHOO LQ GLHVHQ )lOOHQ ZDU EHGHXWVDP ZLH GLH %ULHIIRUP GLH )UHLKHLW GHV OHW]WHQ :RUWHV HUZHLWHUWH 6LH HUP|JOLFKWH HV =HXJQLVDE]XOHJHQXQGKLHOWGLHVHVYRUGHP=XJULII'ULWWHUYHUERUJHQ(V HQWVWDQG HLQ EOHLEHQGHV ÄDXWKHQWLVFKHV¶ 'RNXPHQW GXUFK GHVVHQ 3XEOL NDWLRQ GHU $XWRU SRVWKXP DP 'LVNXUV EHU VHLQHQ Ä)DOO¶ WHLO]XQHKPHQ YHUPRFKWH'DEHLNRQQWHZLH3HXFHUV%HLVSLHO]HLJWGLH4XDOLWlWGHV$E VFKLHGVEULHIHV RGHU Ä7HVWDPHQWV¶ DOV 2EMHNW VHOEVW 6\PEROFKDUDNWHU DQ QHKPHQXQG7KHPDZHUGHQ 6FKOLHOLFKEHGHXWHWHGLH3OXUDOLVLHUXQJGHU(LQVWHOOXQJHQOHW]WHQ:RU WHQ JHJHQEHU GLH VLFK LP -DKUKXQGHUW EHVFKOHXQLJWH XQG YHUVWlUNWH NHLQHVZHJV GDV 9HUVFKZLQGHQ WUDGLWLRQHOOHU 6WHUEHNQVWH 9HUPLWWHOW GXUFK HUEDXOLFKH 7H[WH SUlJWHQ GLHVH ZHLWHUKLQ GDV 6SUHFKHQ DXI GHP 6WHUEHEHWWVRZLH$EVFKLHGVEULHIHLP$OOWDJXQGZLH]XVHKHQVHLQZLUGLQ GHU/LWHUDWXU(LQH9HUNU]XQJDXIGDV%RQPRWRGHUGLHRULJLQHOOH6HQWHQ] GLH PDQ EHLVSLHOVZHLVH GHQ DXI GHP 6FKDIRWW KLQJHULFKWHWHQ 2SIHUQ GHU )UDQ]|VLVFKHQ5HYROXWLRQ ]XVFKUHLEHQVROOWH EOLHE ZHLWJHKHQG DXI OHW]WH JHVSURFKHQH:RUWHEHVFKUlQNW$EVFKLHGVEULHIHHQWZLFNHOWHQZLHLP)RO JHQGHQ]X]HLJHQVHLQZLUGYRUGHP+LQWHUJUXQG]HLWJHQ|VVLVFKHU%ULHI NXOWXULKUHQ*HVWDOWXQJVVSLHOUDXPZHLWHUXQG]ZDUDOV=HXJQLVVHGHV3UR WHVWV GHV %HNHQQWQLVVHV RGHU GHU (QWKOOXQJ VRZLH DOV 'RNXPHQWH GHV LQGLYLGXHOOHQ$EVFKLHGVYRUGHP7RGH
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW 6XEMHNWLYLWlWXQG.RQYHQWLRQ LQ%ULHINXOWXU/LWHUDWXUXQG6WHUEHNQVWHQ 9RUHLQLJHU=HLWK|UWHLFKHLQSDDU%DXUHQ]XVDPPHQUHGHQZRYRQGHUHLQHHU ]lKOWHZLHHUEHLP$GHUODVVHQLQ2KQPDFKWJHIDOOHQVH\'DUEHUNDPHQVLHDXI GHQ7RG]XVSUHFKHQXQGQDFKGHPVLHHLQH:HLOHHUQVWKDIWGDYRQJHUHGHWKDW WHQNDPLKQHQDXIHLQPDOGLH6DFKHVRVRQGHUEDUYRUGDVVVLHLQHLQODXWHV*H OlFKWHUGDUEHUDXVEUDFKHQ
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
6ROOWH VHOEVW GHU 7RG YLHOOHLFKW ZLUNOLFK HLQHOlFKHUOLFKH 6HLWH KDEHQ" 'LH 9RU VWHOOXQJHQYRQGHPVHOEHQP|JHQQDFKGHUYHUVFKLHGQHQ'HQNDUWXQG)lKLJNHLW GHU.|SIHDXFKHUVWDXQOLFKYHUVFKLHGHQVH\Q
'LHV KLHOW .DUO 3KLOLSS 0RULW] LQ GHP YRQ LKP KHUDXVJHJHEHQHQ 0DJD]LQ ]XU (UIDKUXQJVVHHOHQNXQGH IHVW *HWUHX VHLQHU 6HOEVWYHUSIOLFKWXQJ Å)DNWD´ ]X YHUVDPPHOQ ÅNHLQ PRUDOLVFKHV *HVFKZlW] NHLQHQ 5RPDQ XQGNHLQH.RP|GLH´JHVWDQGHUGHPHLQIDFKHQ9RONHLQH6WLPPH]X² XQGEHWUDFKWHWHGDV(UJHEQLVPLWRIIHQVLFKWOLFKHP(UVWDXQHQ6XEMHNWLYLV PXV XQG (PSLULH LQ .RPELQDWLRQ IKUWHQ ]X HLQHU XQJHDKQWHQ 9LHOIDOW YRQ(LQVWHOOXQJHQ]XP7RGGLHJOHLFKLPHUVWHQ%DQGGHU=HLWVFKULIWLK UHQ1LHGHUVFKODJIDQG'LHVHUYHUVDPPHOWHLQH6FKLOGHUXQJGHVH[HPSOD ULVFKFKULVWOLFKHQ 6WHUEHQV -RKDQQ *HRUJ =LHUOHLQV ² 5HIOH [LRQHQ GHV /HKUHUV .DUO +HLQULFK -|UGHQV ² XQWHU GHP 7LWHO Å9HUVFKLHGHQKHLWXQVHUHU(PSILQGXQJHQEHLGHU9RUVWHOOXQJYRP7RGH´ VRZLHHLQHQ7H[WGHUVLFKDOV$EVFKLHGVEULHIOHVHQOLHÅ(LJHQHU$XIVDW] YRQHLQHP6HOEVWP|UGHUXQPLWWHOEDUYRUGHU7KDW´ (LQHUVHLWVLOOXVWULHUWGDV0DJD]LQVRGLHIRUWJHVFKULWWHQH3OXUDOLVLHUXQJ YRQ'HQNXQG'DUVWHOOXQJVZHLVHQ]XP7KHPD7RGXQG6WHUEHQZREHL DOVV\PSWRPDWLVFK]XEHWUDFKWHQLVWGDVV6FKLOGHUXQJHQLQGHUHUVWHQ3HU VRQSURSRUWLRQDOPHKU3ODW]HLQJHUlXPWZXUGH$QGHUHUVHLWV]HLJW0RULW]· EHUUDVFKWH 5HDNWLRQ GDVV VLFK HLQ %HZXVVWVHLQ GLHVHV (QWZLFNOXQJV SUR]HVVHVQXUVFKULWWZHLVHGXUFKVHW]WH=XGHPEH]HXJWGHUHUVWH%DQGGHV 0DJD]LQV GDVV GHU ÅhEHUJDQJ YRQ HLQHU 'LGDNWLN ]X HLQHU .DVXLVWLN GHV 6WHUEHQV´ GHQ 8OL :XQGHUOLFK KLQVLFKWOLFK GHV HPSILQGVDPHQ 5RPDQV IHVWVWHOOW (QWZLFNOXQJHQ LQ GHU KLVWRULVFKHQ :LUNOLFKNHLW HQWVSUDFK :HLWHUKLQQDKPPDQQDFK0|JOLFKNHLW$EVFKLHGLQ*HPHLQVFKDIWZDUHQ Å6WHUEHQ XQG 7RG HLQHV 0HQVFKHQ >«@ HLQ |IIHQWOLFKHV (UHLJQLV´ GDV UHOLJL|VHQ XQG ULWXHOOHQ &KDUDNWHU EHVD ,P .DWKROL]LVPXV HWZD EHKLHOWHQ OHW]WHU $EVFKLHG XQG 6WHUEHEHJOHLWXQJ LKUH ]HQWUDOH %HGHXWXQJ EHL Å7R GLH ZHOO LV DQ DIIDLU RI WKH PRVW LQFRQFHLYDEOH LPSRUWDQFH´ VFKULHEHWZD%LVFKRI*HRUJH+D\² LQVHLQHP%XFK7KH3LRXV BBBBBBBBBBBBB
$XV 0RULW]· 1DFKEHPHUNXQJ ]X .DUO +HLQULFK -|UGHQV Å9HUVFKLHGHQKHLW XQVHUHU (PS ILQGXQJHQ EHL GHU 9RUVWHOOXQJ YRP7RGH´*QRWKL 6DXWRQ RGHU 0DJD]LQ ]XU (UIDKUXQJVVHHOHQ NXQGHDOVHLQ/HVHEXFKIU*HOHKUWHXQG8QJHOHKUWH 6I 0RULW]0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH6 >.DUO3KLOLSS0RULW]@Å'LHOHW]WHQ6WXQGHQGHVVHHOLJHQ+HUUQ3URIHVVRUV-RKDQQ*HRUJ =LHUOHLQ´0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH6²-|UGHQVÅ9HUVFKLHGHQKHLWXQVH UHU(PSILQGXQJHQEHLGHU9RUVWHOOXQJYRP7RGH´HEG6²&ORRÅ(LJHQHU$XI VDW]YRQHLQHP6HOEVWP|UGHUXQPLWWHOEDUYRUGHU7KDW´0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH 6²]X/HW]WHUHPYJO.DSLWHO :XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6 9JO5LFKDUGYDQ'OPHQ.XOWXUXQG$OOWDJLQGHU)UKHQ1HX]HLW%GH0QFKHQ%HFN ² ,'DV+DXVXQGVHLQH0HQVFKHQ²-DKUKXQGHUW 6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
&KULVWLDQLQVWUXFWHGLQWKHQDWXUH SUDFWLFHRIWKHSULQFLSDOH[HUFLVHVRISLHW\XVHGLQ WKH&DWKROLF&KXUFKEHLQJDWKLUGSDUWWR7KHVLQFHUHDQGGHYRXW&KULVWLDQ Å>2@XUDOOLVWKHQDWVWDNHRXUHWHUQDOGRRPLVWKHUHWREHGHFLGHGHWHUQDO PLVHU\RUHWHUQDOKDSSLQHVVGHSHQGVXSRQLW´*OHLFK]HLWLJYHUlQGHUWH ZLHVFKRQDQJHGHXWHWGHUGXUFK$XINOlUXQJVZLH6lNXODULVDWLRQVSUR]HVVH XQG 7KHVHQ GHU ]HLWJHQ|VVLVFKHQ 3KLORVRSKLH GLIIHUHQ]LHUWHU ZHUGHQGH 'LVNXUV EHU 7RG XQG 6WHUEHQ LQGLYLGXHOOH ZLH |IIHQWOLFKH 6LFKWZHLVHQ DXFK DXI QRQNRQIRUPH OHW]WH :RUWH ² QDPHQWOLFK DXI $EVFKLHGVEULHIH YRQ6XL]LGHQWHQ²QDFKGUFNOLFK 1HEHQ UHOLJL|VHQ PRUDO XQG PHQWDOLWlWVKLVWRULVFKHQ (QWZLFNOXQJHQ ZDUHQVLFKZDQGHOQGHPHGLDOHXQGVR]LDOH6WUXNWXUHQIUHLQH3OXUDOLVLH UXQJ GHU0HLQXQJHQ EHL JOHLFK]HLWLJHU $XIZHUWXQJ GHV,QGLYLGXXPV YHU DQWZRUWOLFK'HUEHVRQGHUVLPOHW]WHQ'ULWWHOGHV-DKUKXQGHUWVUDVDQW ZDFKVHQGH%XFKXQG=HLWVFKULIWHQPDUNWGHUHLQJU|HUZHUGHQGHVOHVH XQG VFKUHLEIlKLJHV 3XEOLNXP EHGLHQWH ERW QHXH 9HU|IIHQWOLFKXQJV XQG 'LVNXVVLRQVNRQWH[WH IU VXEMHNWEH]RJHQH Å%HREDFKWXQJHQ )DOOJHVFKLFK WHQ ([HPSHO´ ² XQG GDPLW DXFK IU $EVFKLHGVEULHIH YHUVFKLHGHQVWHU 3URYHQLHQ] 'DV ]XQHKPHQGH DQWKURSRORJLVFKSV\FKRORJLVFKH (UNHQQW QLVLQWHUHVVH GHU =HLW GDV LP 5DKPHQ GHV *HIKOVNXOWV GHU SLHWLVWLVFK LQVSLULHUWHQ (PSILQGVDPNHLW HLQH V\PSDWKHWLVFKH .RPSRQHQWH HUKLHOW I|UGHUWH QLFKW ]XOHW]W GLH %HVFKlIWLJXQJ PLW GHP ,QGLYLGXXP LQ H[WUHPLV 6FKOLHOLFK NDP GLH 9HU|IIHQWOLFKXQJ OHW]WHU %ULHIH ² DOV JHZLVVHUPDHQ ÄXOWLPDWLYHU¶ 6HOEVW]HXJQLVVH ² HLQHP ZHLWHUHQ 7UHQG GHU =HLW HQWJHJHQ GHU HEHQIDOOV SLHWLVWLVFK JUXQGLHUWHQ (UIRUVFKXQJ GHV HLJHQHQ Ä,FKV¶ GLH GLH3RSXODULWlWDXWRELRJUDSKLVFKHQ6FKUHLEHQVPLWEHJUQGHWHXQGGDV,Q WHUHVVHDP,QQHQOHEHQGHVDQGHUHQYHUVWlUNWH 0LWYHUDQWZRUWOLFKIUGLH+HUDXVELOGXQJGHUDUWUHIOHNWLHUWHU,QGLYLGXD OLWlWZDUGDV]XP7HLOVR]LDOYHUZLUNOLFKWH,GHDOGHUEUJHUOLFKSDWULDUFKD OLVFKHQ.OHLQIDPLOLHGLHHLQHQHXH$UWYRQ,QWLPLWlWLQ]ZLVFKHQPHQVFK BBBBBBBBBBBBB
*HRUJH+D\7KH3LRXV&KULVWLDQLQVWUXFWHGLQWKHQDWXUH SUDFWLFHRIWKHSULQFLSDOH[HUFLVHVRISLHW\ XVHGLQWKH&DWKROLF&KXUFKEHLQJDWKLUGSDUWWR7KHVLQFHUHDQGGHYRXW&KULVWLDQ'XEOLQ3:RJDQ 6 1lKHUHVKLHU]XLQ.DSLWHO -XOLD6FKUHLQHU-HQVHLWVYRP*OFN6XL]LG0HODQFKROLHXQG+\SRFKRQGULHLQGHXWVFKVSUDFKLJHQ7H[WHQ GHVVSlWHQ-DKUKXQGHUWV0QFKHQ2OGHQERXUJ 6(LQHQhEHUEOLFNEHUGLH (QWZLFNOXQJGHV%XFKXQG=HLWVFKULIWHQPDUNWHVXQGGLH9HUlQGHUXQJGHV/HVHYHUKDOWHQV LP -DKUKXQGHUW ELHWHQ GLHV HEG YD 6² 'OPHQ ,,, 5HOLJLRQ 0DJLH $XINOlUXQJ ²-DKUKXQGHUW 6² 5HLQKDUG :LWWPDQQ Å*LEW HV HLQH /HVHUHYROXWLRQ DP (QGH GHV -DKUKXQGHUWV"´ LQ 'LH :HOW GHV /HVHQV 9RQ GHU 6FKULIWUROOH ]XP%LOGVFKLUPKUVJYRQ5RJHU&KDUWLHUXQG*XJOLHOPR&DYDOOR)UDQNIXUWD0XD&DP SXVXD 6²(ULFK6FK|QÅ*HVFKLFKWHGHV/HVHQV'DV-DKUKXQGHUW´LQ +DQGEXFK/HVHQKUVJYRQ%RGR)UDQ]PDQQXD0QFKHQ6DXU 6² 9JO6FKUHLQHU-HQVHLWV6²
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
OLFKH%H]LHKXQJHQHLQ]LHKHQOLH'HUSULYDWH%ULHIZDUGDV0HGLXPLQ GHP VLFK GLHVHU 3UR]HVV DUWLNXOLHUWH XQG DXVIRUPWH Å%ULHIH VFKUHLEHQG HQWIDOWHW VLFK GDV ,QGLYLGXXP LQ VHLQHU 6XEMHNWLYLWlW´ KHLW HV GD]X EHL -UJHQ+DEHUPDVXQGZHLWHU 'DVSV\FKRORJLVFKH,QWHUHVVHZlFKVWYRQ$QEHJLQQLQGHUGRSSHOWHQ%H]LHKXQJ DXIVLFKVHOEVWXQGDXIGHQDQGHUHQ6HOEVWEHREDFKWXQJJHKWHLQHQHXJLHULJHWHLOV WHLOVPLWIKOHQGH9HUELQGXQJHLQPLWGHQVHHOLVFKHQ5HJXQJHQGHVDQGHUHQ,FKV 'DV 7DJHEXFK ZLUG ]X HLQHP DQ GHQ $EVHQGHU DGUHVVLHUWHQ %ULHI GLH ,FK(U ]lKOXQJGDVDQIUHPGH(PSIlQJHUDGUHVVLHUWH6HOEVWJHVSUlFK
*OHLFK]HLWLJ]LHOWHQSULYDWH.RUUHVSRQGHQ]HQKlXILJDXIHLQEUHLWHUHV3XE OLNXP %ULHIH ZXUGHQ ZHLWHUJHUHLFKW JHPHLQVDP VWXGLHUW PLW RGHU RKQH =XVWLPPXQJGHV$XWRUVSXEOL]LHUW²XQGJHQHULHUWHQGDGXUFKQHXH%ULH IH :HU LP -DKUKXQGHUW %ULHIH VFKULHE NRQQWH E]Z PXVVWH PLW PHKU DOV HLQHP /HVHU UHFKQHQ 6WHUEHERWVFKDIWHQ VWHOOWHQ KLHULQ NHLQH $XVQDKPH GDU WHLOZHLVH YHUDQODVVWHQ GHUHQ 9HUIDVVHU VRJDU VHOEVW GDVV LKUHOHW]WHQ=HLOHQGHUgIIHQWOLFKNHLW]XJlQJOLFKJHPDFKWZXUGHQ 9RUDXVVHW]XQJIUGLHVH(QWZLFNOXQJZDUHLQHQWVFKHLGHQGHU:DQGHO GHQGHUGHXWVFKVSUDFKLJH3ULYDWEULHILQGLHVHU=HLWGXUFKOLHIXQGGHULKQ ELVGDKLQYRP.DQ]OHLVWLOGRPLQLHUWYHUVWlUNW]XHLQHP'RNXPHQWLQGL YLGXHOOHQ$XVGUXFNVVRZLHLQWLPHU.RPPXQLNDWLRQZHUGHQOLH8PGLH -DKUKXQGHUWPLWWH PDFKWH &KULVWLDQ )UFKWHJRWW *HOOHUW LQ VHLQHP %ULHI VWHOOHU %ULHIH QHEVW HLQHU SUDNWLVFKHQ $EKDQGOXQJ YRQ GHP JXWHQ *HVFKPDFNH LQ %ULHIHQ ]HLWJHQ|VVLVFKH 7HQGHQ]HQ GLH LQ GHU IUDQ]|VLVFK XQG HQJOLVFKVSUDFKLJHQ %ULHISUD[LV OlQJVW *HOWXQJ EHVDHQ ]XU DOOJHPHLQHQ )RUGHUXQJ DXFK IU GHXWVFKVSUDFKLJH %ULHIDXWRUHQ (LQ %ULHI VROOH LQ $XVGUXFN XQG *HVWXV ÅQDWUOLFK´ XQG ÅOHEKDIW´ VHLQ XQG VHLQHP *HJHQVWDQG LQ VWLOLVWLVFK DQJHPHVVHQHU VSUDFKOLFKHU )RUP EHJHJQHQ 'HUDQDQWLNHU%ULHIWKHRULHRULHQWLHUWH6DW]Å'DVHUVWHZDVXQVEH\HLQHP %ULHIH HLQIlOOW LVW GLHVHV GDVV HU GLH 6WHOOH HLQHV *HVSUlFKV YHUWULWW´ ZLUG ]XP /HLWPRWLY 'DEHL ZDU GHP $XWRU GLH JDQ] HLJHQH '\QDPLN HSLVWRODUHU .RUUHVSRQGHQ]HQ EHZXVVW Å1DWUOLFKNHLW´ EHGHXWHW EHL BBBBBBBBBBBBB
=XU +HUDXVELOGXQJ GHU EUJHUOLFKHQ )DPLOLH XQG LKUHU JHVHOOVFKDIWOLFKHQ %HGHXWXQJ LP -DKUKXQGHUWYJOXD-UJHQ+DEHUPDV6WUXNWXUZDQGHOGHUgIIHQWOLFKNHLW8QWHUVXFKXQJHQ]X HLQHU .DWHJRULH GHU EUJHUOLFKHQ *HVHOOVFKDIW PLW HLQHP 9RUZRUW ]XU 1HXDXIODJH )UDQN IXUWD06XKUNDPS 6²'OPHQ.XOWXU,6² +DEHUPDV6WUXNWXUZDQGHO6I 9JO+DEHUPDV6WUXNWXUZDQGHO6VRZLH9HOOXVLJ6FKULIWOLFKH*HVSUlFKH6YJODXFK 6 9JO$QPLPYRUOLHJHQGHQ.DSLWHO0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6² *HOOHUW*HGDQNHQYRQHLQHPJXWHQGHXWVFKHQ%ULHIHLQGHUV*HVDPPHOWH6FKULIWHQ,95RPDQ%ULHI VWHOOHU6²KLHU6 *HOOHUW%ULHIHQHEVWHLQHUSUDNWLVFKHQ$EKDQGOXQJYRQGHPJXWHQ*HVFKPDFNHLQ%ULHIHQLQGHUV*H VDPPHOWH6FKULIWHQ,95RPDQ%ULHIVWHOOHU6²KLHU6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
*HOOHUW NHLQHVZHJV YHUVFKULIWOLFKWH 0QGOLFKNHLWVRQGHUQ LVW lVWKHWLVFKHU 3URYHQLHQ] GDV KHLW PLW %HGDFKW SURGX]LHUWH NQVWOLFKH $XWKHQWL]LWlW LKUHUVHLWV TXDVL OLWHUDULVFKHU 1DWXU 'HPHQWVSUHFKHQG ZDU PDQ QLFKW HLQIDFK IUHL LQ GHU :DKO VHLQHU $XVGUXFNVPLWWHO VRQGHUQ VROOWH VHLQ 6FKUHLEHQ ]XQlFKVW DP ([HPSHO ² LP *HOOHUW·VFKHQ 6LQQH ² VFKXOHQ EHYRUPDQHLQHQHLJHQHQVHLQHP1DWXUHOOHQWVSUHFKHQGHQ6FKUHLEVWLOHQW ZLFNHOWH (UVW LQ 0RULW]· $OOJHPHLQHP 'HXWVFKHP %ULHIVWHOOHU ZHOFKHU HLQH NOHLQHGHXWVFKH6SUDFKOHKUHGLH+DXSWUHJHOQGHV6W\OVXQGHLQHYROOVWlQGLJH%HLVSLHO VDPPOXQJ DOOHU *DWWXQJHQ YRQ %ULHIHQ HQWKlOW ZXUGH GHU LQGLYLGXHOOH $XVGUXFN]XUHUVWHQXQGDEVROXWHQ1RUP 'LHVH (QWZLFNOXQJ VSLHJHOW GLH HUZlKQWHQ VR]LDOHQ 9HUlQGHUXQJHQ ZLGHU XQG ]HLJWH VLFK XPJHNHKUW GXUFK GLHVH EHI|UGHUW 'DV 6FKUHLEHQ HEHQVRZLHGLH/HNWUHYRQ%ULHIHQZXUGH]XUDOOWlJOLFKHQ+DQGOXQJGHU JHELOGHWHQ 6FKLFKWHQ GHU JHGDQNOLFKH XQG HPRWLRQDOH $XVWDXVFK LP VFKULIWOLFKHQ0HGLXP]XHLQHP&KDUDNWHULVWLNXPSULYDWHU²IDPLOLlUHUZLH IUHXQGVFKDIWOLFKHU²%H]LHKXQJHQ,QVEHVRQGHUHGLH7HQGHQ]HQ]X,Q GLYLGXDOLVLHUXQJ XQG 6HQWLPHQWDOLVLHUXQJ VRZLH ]XU 2ULHQWLHUXQJ DP ([HPSHOLQGHU]HLWJHQ|VVLVFKHQ%ULHINXOWXUEHHLQIOXVVWHQZLHGLHIROJHQ GHQ .DSLWHOQ ]HLJHQ GLH (QWZLFNOXQJ OHW]WHQ HSLVWRODUHQ 6FKUHLEHQV YRU GHP7RG'LHIRUWJHVHW]WH3UlJXQJGXUFK)RUPHOQXQG*HVWHQGLHGHQ 6WHUEHNQVWHQ HQWVWDPPWHQ VRZLH VSH]LHOO PLW GHU %ULHIVRUWH DVVR]LLHUWH .RQYHQWLRQHQRGHU)XQNWLRQDOLVLHUXQJHQEOLHEHQGDJHJHQ$OOHLQVWHOOXQJV PHUNPDOHUHDOKLVWRULVFKHUZLHILNWLRQDOHU$EVFKLHGVEULHIH 'LH 9HUELQGXQJ YRQ 6XEMHNWLYLVPXV bVWKHWLN XQG (PSILQGVDPNHLW GLHVLFKLPHSLVWRODUHQ0HGLXPLQGHU$OOWDJVNXOWXUPDQLIHVWLHUWHELOGHWH GLH *UXQGODJH DQKDQG GHUHU VLFK GLH %ULHIVRUWH DOV OLWHUDULVFKHV 0RWLY VSH]LHOO LP %ULHIURPDQ HQWIDOWHWH ,Q GLHVHP *HQUH GHVVHQ (QWZLFNOXQJ LP-DKUKXQGHUWLKUHQ+|KHSXQNWHUOHEWHIDQGHQVLFK$EVFKLHGVEULHIH JHKlXIW HQWZHGHU ]XVlW]OLFK ]X 6WHUEHV]HQHQ RGHU DQ LKUHU 6WHOOH 6WHUEHERWVFKDIWHQ WDXFKWHQ ]XGHP LQ DQGHUHQ 5RPDQIRUPHQ NU]HUHQ 3URVDHU]lKOXQJHQ VRZLH %ULHIVDPPOXQJHQ DXI =HLWJHQ|VVLVFKH /\ULNHU JHVWDOWHWHQ OHW]WH :RUWH LQ YHUVFKLHGHQHQ *HGLFKWIRUPHQ 0DQ GHQNH BBBBBBBBBBBBB
9JO DOOJHPHLQ ]X *HOOHUWV %ULHIOHKUH XQG LP %HVRQGHUHQ ]X GHQ ÅSRHWLVFKHQ 4XDOLWlWHQ´ 6+HUYRUKHEXQJLP2ULJLQDO VFKULIWOLFKHU.RUUHVSRQGHQ]9HOOXVLJ6FKULIWOLFKH*HVSUl FKH6² *HOOHUW%ULHIH6 5HLQKDUG0* 1LFNLVFK 'LH 6WLOSULQ]LSLHQ LQ GHQ GHXWVFKHQ %ULHIVWHOOHUQ GHV XQG -DKU KXQGHUWV 0LW HLQHU %LEOLRJUDSKLH ]XU %ULHIVFKUHLEOHKUH ² *|WWLQJHQ 9DQGHQKRHFN 5XSUHFKW 6 9JO*HRUJ6WHLQKDXVHQ*HVFKLFKWHGHVGHXWVFKHQ%ULHIHV=XU.XOWXUJHVFKLFKWHGHVGHXWVFKHQ9RONHV %GH'XEOLQXQG=ULFK:HLGPDQQXQYHUlQGHUWHU1DFKGUXFN ,,6² 9HOOXVLJ6FKULIWOLFKH*HVSUlFKH6 9JOGD]XYD.DSLWHOXQG
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
EHLVSLHOVZHLVHDQ*HOOHUWV(OHJLHÅ'HU:HLVHDXIGHP6WHUEHEHWWH´ RGHU )ULHGULFK *RWWOLHE .ORSVWRFNV 2GH Å'HU $EVFKLHG´ 6HLQ O\ULVFKHV *HJHQVWFN ZHQQ DXFK ]XPHLVW NHLQH VWLOLVWLVFKLQKDOWOLFKH (QWVSUHFKXQJ IDQG GHU OLWHUDULVFKH 3URVDDEVFKLHGVEULHI ZLH LQ GHQ -DKUKXQGHUWHQ ]XYRU LQ GHU KHURLVFKHQ (SLVWHO :lKUHQG LP $QJHVLFKW GHV 7RGHV YHUIDVVWH KHURLGHV VDFUDH QXQ HKHU 6HOWHQKHLWVZHUW EHVDHQ HU IUHXWHQ VLFK $EVFKLHGVHSLVWHOQ ZHOWOLFKHQ ,QKDOWV JU|HUHU %HOLHEWKHLW 'RPLQDQW EOLHE GHU 2YLG·VFKH 7RSRV GHU ]XP 7RG HQWVFKORVVHQHQ *H OLHEWHQ GHU PLW %OLFN DXI DQWLNH +HOGLQQHQ RGHU 3HUVRQHQ GHU =HLWJH VFKLFKWH DXVJHVWDOWHW ZXUGH 'LH LQ YHU]ZHLIHOWDQNODJHQGHP 7RQ JHKDO WHQH6WHUEHHSLVWHOEHZLHVGDUEHUKLQDXVLKUH(LJQXQJDOV9HKLNHOSROLWL VFKHU 3URSDJDQGD XQG SRVWKXPHU +HOGHQYHUHKUXQJ ² HLQ 3RWHQWLDO GDV VLHZLHVLFK]HLJHQZLUGPLW3URVDDEVFKLHGVEULHIHQWHLOWH9HUZLHVHQVHLLQ GLHVHP =XVDPPHQKDQJ OHGLJOLFK DXI GLH +pURLGH RX OHWWUH HQ YHUV GH /RXLV 6HL]HjVRQpSRXVH ²HLQHHUIXQGHQH$EVFKLHGVERWVFKDIWGHVIUDQ]|VL VFKHQ.|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|GLH'HUVWHUEHQGH&DWR GLHDQWLNH7UDGLWLRQYRQ OHW]WHQ:RUWHQXQG6WHUEHV]HQHQDXILQGHPHUVHLQHQ3URWDJRQLVWHQVLFK YRU VHLQHP 6HOEVWPRUG ]X 3ODWRQV 8QVWHUEOLFKNHLWVOHKUH EHNHQQHQ OlVVW &DWRV$EVFKLHGVUHGHLVWKDXSWVlFKOLFKGHU=XNXQIW5RPVVRZLHGHUVHLQHU .LQGHU JHZLGPHW 'DEHL VWLOLVLHUW HU VLFK DOV ([HPSHO LP /HEHQ ZLH LP 7RGHQLPPW$EVFKLHGYRQGHQXPVWHKHQGHQ)UHXQGHQXQGZHQGHWVLFK BBBBBBBBBBBBB
'|UULH%ULHI6$OV%HLVSLHOIUGHQFKULVWOLFKHUEDXOLFKHQ*HEUDXFKGHU(SLVWHO IRUPGLHQW'|UULHGHUYRQ'DQLHO6FKLHEHOHUXQG-RKDQQ-RDFKLP(VFKHQEXUJJHPHLQVDP YHUIDVVWH0lUW\UHU%ULHIZHFKVHOYRQÄ&OHPHQV¶XQGGHVVHQ6RKQÄ7KHRGRUXV¶YJO'DQLHO 6FKLHEHOHU $XVHUOHVHQH *HGLFKWH KUVJ YRQ -RKDQQ -RDFKLP (VFKHQEXUJ +DPEXUJ %RGH 6² 'LH (SLVWHO ZXUGH DQRQ\P XQG RKQH $QJDEH YRQ (UVFKHLQXQJVRUW RGHU -DKU YHU|IIHQW OLFKW$XVGHP9RUZRUWGHV'UXFNVOlVVWVLFKDOV(QWVWHKXQJVMDKUVRZLHDOVYHUPXW OLFKHU3XEOLNDWLRQVRUW3DULVDEOHLWHQEHUGLH$XWRUVFKDIWOLHJHQXQWHUVFKLHGOLFKH$QJDEHQ YRU'|UULH%ULHI6 IKUW-%3LFKHGHU.DWDORJGHU%ULWLVK/LEUDU\%66XKHDQ /HW]WHQ OLWHUDULVFKHQ :RUWHQ LP 'UDPD GHU *RHWKH]HLW ZLGPHW VLFK HLQJHKHQG *XWKNH /HW]WH:RUWH6²
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
]XOHW]W PLW %LWWHQ XP 9HUJHEXQJ XQG (UEDUPHQ GHQ *|WWHUQ ]X :lK UHQG*RWWKROG(SKUDLP/HVVLQJVHLQH6DUD6DPSVRQQRFKGHQ7RG HLQHU +HLOLJHQ VWHUEHQ OlVVW GLH OHW]WOLFK YHUJHEOLFK YHUVXFKW HLQH LQWDNWH)DPLOLH]XKLQWHUODVVHQJHEHQ-DKUHVSlWHUGLH$EVFKLHGVZRUWH (PLOLD *DORWWLV GHP =XVFKDXHU 5lWVHO DXI 'DV 6SUHFKHQ DQJHVLFKWV GHV 7RGHV ZLUG KLHU YRUJHIKUW DOV HLQ WHLOZHLVH KHUPHWLVFKHV ZDV GLH ,QGL YLGXDOLWlWGHU6WHUEHQGHQDXIYHUVW|UHQGH:HLVHEHWRQW'LH5H]HSWLRQV JHVFKLFKWH GHV 6WFNV XQG GLH ]DKOUHLFKHQ ,QWHUSUHWDWLRQVYHUVXFKH GHU OHW]WHQ /HEHQVlXHUXQJHQ (PLOLDV ]HLJHQ ZHOFKH %HGHXWXQJ GLHVHQ IU GDV9HUVWlQGQLVLKUHV&KDUDNWHUVEHLJHPHVVHQZXUGH²XQGZLUG1LFKW XQHUZlKQW EOHLEHQ GDUI VFKOLHOLFK GHU 7RGHVPRQRORJ 3HQWKHVLOHDV LQ +HLQULFK YRQ .OHLVWV JOHLFKQDPLJHP 6WFN LQ GHP GDV JHVSUR FKHQH OHW]WH :RUW SHUIRUPDWLY GHQ 7RG GHU $PD]RQHQN|QLJLQ KHUEHL IKUW6SUHFKHQXQG6WHUEHQIDOOHQKLHU²DOV7H[W²LQHLQV'LH5HLKHGHU %HLVSLHOH OLHH VLFK IRUWVHW]HQ )HVW]XKDOWHQ LVW DQKDQG GHU JHQDQQWHQ 6WFNHGDVVVLFKGLH.RQYHQWLRQGHVOHW]WHQ:RUWHVLP'UDPDGHU=HLW ]XP6XEMHNWLYHQ8QNRQYHQWLRQHOOHQWHLOZHLVHGUDVWLVFK5HDOLVWLVFKHQKLQ |IIQHWH ,QGHU/LWHUDWXUZLHLP$OOWDJGHV-DKUKXQGHUWVEHJDQQ]XGHPLQ .RQNXUUHQ] ]X GHQ MDKUKXQGHUWHODQJ YHUELQGOLFKHQ $EVFKLHGVZRUWHQ -HVXHLQHDQGHUH6WHUEHIRUPHO]XIORULHUHQÅ:LUVHKHQXQVZLHGHU´,Q /HVVLQJV3KLORWDV ZLHGHUKROWGHUVWHUEHQGH7LWHOKHOGGLHVH:RUWH PHKUIDFKPLW%OLFNDXIGDVHUKRIIWHÅ(O\VLXP´,PSOL]LWZHUGHQKLHUEHL GLH$QOHLKHQGHXWOLFKZHOFKHGLH)RUPHOEHLDQWLNHQ-HQVHLWVYRUVWHOOXQJHQ BBBBBBBBBBBBB
0HOOHIRQW EH]HLFKQHW VLH DOV Å+HLOLJH´ LKUHV 9DWHUV $QVSUDFKH IROJW GHP FKULVWOLFKHQ 6WHUEHLGHDO Å1LFKW PHKU PHLQH LUGLVFKH 7RFKWHU VFKRQ KDOE HLQ (QJHO ZDV YHUPDJ GHU 6HJHQ HLQHV ZLPPHUQGHQ 9DWHUV DXI HLQHQ *HLVW DXI ZHOFKHQ DOOH 6HJHQ GHV +LPPHOV KHUDEVWU|PHQ" /D PLU HLQHQ 6WUDKO GHV /LFKWHV ZHOFKHV GLFK EHU DOOHV 0HQVFKOLFKH VR ZHLWHUKHEW2GHUELWWH*RWWGHQ*RWWGHUQLFKWVVRJHZLDOVGLH%LWWHQHLQHVIURPPHQ 6WHUEHQGHQHUK|UWELWWHLKQGDVVGLHVHU7DJDXFKGHUOHW]WHPHLQHV/HEHQVVHL´/HVVLQJV :HUNH KUVJ YRQ .XUW :|OIHO %GH )UDQNIXUWD0 ,QVHO , *HGLFKWH ² )DEHOQ ² 'UDPHQ6I 9JO]X6DUDXQG(PLOLD *XWKNH/HW]WH:RUWH6I]X(PLOLDV7RGHVZXQVFK $QGUHDV %lKU Å'LH W|GOLFKH 9HUOHW]XQJ ZHLEOLFKHU (KUH (PLOLD *DORWWL LP .RQWH[W GHU DXINOlUH ULVFKHQ3UREOHPDWLVLHUXQJYRQ6HOEVWW|WXQJ´LQ6WHUEHQYRQHLJHQHU+DQG6HOEVWW|WXQJDOVNXOWX UHOOH3UD[LVKUVJYRQ$QGUHDV%lKUXQG+DQV0HGLFN.|OQXD%|KODX 6² XQG 5LWFKLH 5REHUWVRQ Å9LUWXH YHUVXV Ä6FKZlUPHUHL¶ LQ /HVVLQJ·V (PLOLD *DORWWL´ *// 6² 9JO3HWHUYRQ0DWWÅÄ7KHWRQJXHVRIG\LQJPHQ«¶=XU'UDPDWXUJLHGHU7RGHVV]HQH´ LQGHUV'DV6FKLFNVDOGHU3KDQWDVLH6WXGLHQ]XUGHXWVFKHQ/LWHUDWXU0QFKHQXQG:LHQ+DQ VHU 6²KLHU6² 9JO*XWKNH/HW]WH:RUWH6VRZLHYD(XGR&0DVRQÅÄ:LUVHKHQXQVZLHGHU¶=X HLQHP/HLWPRWLYGHV'LFKWHQVXQG'HQNHQVLP-DKUKXQGHUW´LQ/LWHUDWXUZLVVHQVFKDIWOLFKHV -DKUEXFK 6² /HVVLQJV:HUNH6
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
PDFKW 'LH GRSSHOWH %OLFNULFKWXQJ GHV 6WHUEHQGHQ DXI ,UGLVFKHV XQG +LPPOLVFKHV VFKLHQ LQ GLHVHQ :RUWHQ IL[LHUW 'LH )RUPHO PDQLIHVWLHUWH VLFKDOVOLWHUDULVFKHV3KlQRPHQXQGSDUDOOHOGD]XLQGHU'LVNXVVLRQEHU GLH%HVFKDIIHQKHLWGHV/HEHQVQDFKGHP7RGE]ZGLH8QVWHUEOLFKNHLWGHU 6HHOH/HW]WHUHZXUGHEHVRQGHUVLPVSlWHQ-DKUKXQGHUWKHIWLJJHIKUW ZLH EHLVSLHOVZHLVH &DUO &KULVWLDQ (QJHOV :LU ZHUGHQ XQV ZLHGHUVHKHQ (LQH 8QWHUUHGXQJQHEVWHLQHU(OHJLH EH]HXJW'DUEHUKLQDXVNDPGDVZLH GHUNHKUHQGH$EVFKLHGVPRWWRVLQQJHPlDOV7URVWIRUPHOIU7UDXHUQGHLQ *HEUDXFK 'LHVHXQGDVVR]LLHUWH(QWZLFNOXQJHQEHUXKWHQDXIHLQHUPDJHEOLFKHQ 9HUlQGHUXQJGHU-HQVHLWVYRUVWHOOXQJHQ,QIROJHGHVÅ9HUVXFK>V@(VFKDWR ORJLHXQG)DPLOLHQGHQNHQ´]XYHUHLQHQNDPLP-DKUKXQGHUWYHUVWlUNW GLH ,GHH HLQHU $UW VlNXODULVLHUWHQ Ä+LPPHOV¶ DXI ,QGHP GLH 5HOLJLRQV NULWLN GHU $XINOlUXQJ GLH LUGLVFKH ([LVWHQ] DXIZHUWHWH XQG GDV (UODQJHQ YRQ9HUGLHQVWXQG*OFNDXFKLP'LHVVHLWVIUP|JOLFKHUNOlUWHELOGHWH VLFKGHU*HGDQNHHLQHUHZLJHQ)RUWHQWZLFNOXQJGHV0HQVFKHQKHUDXVGLH EHUGHQ7RGKLQDXVLPMHQVHLWLJHQ/HEHQDQGDXHUQVROOH'LHVH,GHHLQ 9HUELQGXQJ PLW GHU ZDFKVHQGHQ 6HQWLPHQWDOLVLHUXQJ ]ZLVFKHQPHQVFK OLFKHU %H]LHKXQJHQ HU]HXJWH LKUHUVHLWV GDV %HGUIQLV QDFK HLQHP YHUlQ GHUWHQ %LOG MHQVHLWLJHU ([LVWHQ] GDV HV HUODXEH DXFK LQWLPH 9HUKlOWQLVVH IRUW]XIKUHQ RGHU VRJDU QHX ]X NQSIHQ (LQ PDJHEOLFKHU 3URWDJRQLVW GLHVHU /HKUH ZDU (PDQXHO 6ZHGHQERUJ ² 6HLQH DQJHEOLFKHQ -HQVHLWVYLVLRQHQXQWHUPDXHUWYRQHLQHUHLJHQHQ7KHRORJLHGLHHULQPHK UHUHQ :HUNHQ ZLH EHLVSLHOVZHLVH 'H &RHOR HW HLXV PLUDELOLEXV HW GH LQIHUQR XQG GHQ $UFDQD FRHOHVWLD ² GDUOHJWH HQWZDUIHQ HLQ %LOG HZLJHQJHVHOOLJHQ=XVDPPHQOHEHQVXQGNDPHQGDPLWGHQ:QVFKHQVHL QHU=HLWJHQRVVHQHQWJHJHQ1DFKGHP7RGVRGHU*HGDQNHHUZDUWHWH GHQ(LQ]HOQHQGDVÅ/DQGGHV:LHGHUVHKHQV´GDV-HQVHLWVZXUGH LPPHUPHKU]XHLQHUYHUNOlUWHQXQGHUK|KWHQ(UJlQ]XQJGLHVHU:HOWGLHHZLJH *OFNVHOLJNHLW]XHLQHUJHUHLQLJWHQYHUHGHOWHQ(UQHXHUXQJGHVLUGLVFKHQ*OFNV EHLGHUHVQLFKWPHKUDXIGLHNRQWHPSODWLYHYLVLREHDWLILFDVRQGHUQDXIÄXQDXIK|U OLFKH7lWLJNHLW¶DQNRPPW
BBBBBBBBBBBBB
&KULVWLDQYRQ=LPPHUPDQQÅ9HULQQHUOLFKXQJGHU7UDXHU²3XEOL]LWlWGHV/HLGV*HIKOV NXOWXU3ULYDWKHLWXQGgIIHQWOLFKNHLWLQ7UDXHUWH[WHQGHUEUJHUOLFKHQ$XINOlUXQJ´LQ*H IKOVNXOWXULQGHUEUJHUOLFKHQ$XINOlUXQJKUVJYRQ$FKLP$XUQKDPPHUXD7ELQJHQ1LH PH\HU 6²KLHU6I6LHKHDXFK:XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6II )UHLQHDXVIKUOLFKH'DUVWHOOXQJGHU7KHRORJLH6ZHGHQERUJVXQGGHU9HUlQGHUXQJHQGHU -HQVHLWVYRUVWHOOXQJHQLP-DKUKXQGHUWVLHKH%HUQKDUG/DQJXQG&ROOHHQ0F'DQQHOO'HU +LPPHO(LQH.XOWXUJHVFKLFKWHGHVHZLJHQ/HEHQV)UDQNIXUWD06XKUNDPS 6² 0DVRQÅÄ:LUVHKHQXQVZLHGHU¶´6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
'HQ :XQVFK QDFK HLQHP :LHGHUVHKHQ PLW )UHXQGHQ LP -HQVHLWV WKH PDWLVLHUWHZLHEHUHLWVDQJHGHXWHWDXFK7UHVFKRV6WHUEH %LEHO'D*RWW XQIDVVEDU VHL VR GLH ]HLWJHQ|VVLVFKH $UJXPHQWDWLRQ PVVH GHU EHUHLWV YHUWUDXWH0HQVFKDXFKQDFKGHP7RGZHLWHUKLQDOVPRUDOLVFKHV([HPSHO GLHQHQDQGHPPDQGLHHLJHQH3HUVRQIRUWELOGHQN|QQH'LHVHQYHUlQGHU WHQ -HQVHLWVYRUVWHOOXQJHQ HQWVSUDFK DQGHUHUVHLWV GDVV VLFK VSlWHVWHQV DE 0LWWH GHV -DKUKXQGHUWV GLH )XUFKW GHV (LQ]HOQHQ YRU GHP 7RG YHU VWlUNWDOV7UHQQXQJVDQJVWJHVWDOWHWH :LHVLFKGLHVNL]]LHUWHQNXOWXUKLVWRULVFKHQ(QWZLFNOXQJHQLP(LQ]HO QHQDXIGDV9HUIDVVHQXQGGLH5H]HSWLRQYRQ$EVFKLHGVEULHIHQDXVZLUN WHQ VROO KLHU ]XQlFKVW DQ ]ZHL KLVWRULVFKHQ )DOOEHLVSLHOHQ LOOXVWULHUW ZHU GHQGHQOHW]WHQ%RWVFKDIWHQ0DULH$QWRLQHWWHVXQG&DPLOOH'HVPRXOLQV· $XVJHZlKOWZHUGHQKLHU2SIHUGHU)UDQ]|VLVFKHQ5HYROXWLRQXQWHUDQGH UHPGHVKDOEZHLOLKUH%ULHIHQLFKWQXULP3ULYDWHQVRQGHUQDXFKLQGHU gIIHQWOLFKNHLW DXI ,QWHUHVVH VWLHHQ 'LHVH .RQVWHOODWLRQ HUP|JOLFKW HLQH HLQIKUHQGH $QDO\VH NXOWXUHOOHU 8PJDQJVIRUPHQ PLW OHW]WHQ 6FKUHLEHQ 'HV:HLWHUHQHQWVWDQGHQEHLGH%ULHIHLQHLQHP]HLWKLVWRULVFKHQ.RQWH[W XQG LQ (UZDUWXQJ GHU HLJHQHQ +LQULFKWXQJ DOOHUGLQJV XQWHU MH XQWHU VFKLHGOLFKHQ SHUV|QOLFKHQ ZLH SROLWLVFKHQ 9RU]HLFKHQ $QKDQG GHU *H PHLQVDPNHLWHQXQG8QWHUVFKLHGHGLHVHU6FKUHLEHQVROOHLQHUVWHU(LQGUXFN GDYRQ YHUPLWWHOW ZHUGHQ ZHOFKHV 6SHNWUXP DQ 6WUXNWXUHQ XQG ,QKDOWHQ GLH %ULHIVRUWH LP -DKUKXQGHUW DEGHFNWH XQG ZHOFKH 7HQGHQ]HQ VLH SUlJWH :LH JHVWDOWHWHQ VLFK IRUPDO XQG VSUDFKOLFK H[HPSODULVFKHV GDV KHLW GHQ 6WHUEHNQVWHQIROJHQGHV XQG ZLH WHQGHQ]LHOO QRQNRQIRUPHV LQGLYLGXDOLVLHUWHUHV6FKUHLEHQYRUGHP7RG":LHHQJOLHJHQEHLGHEHLVDP PHQ"(UJlQ]HQVLHHLQDQGHU":HOFKHQ)XQNWLRQHQGLHQHQVLHXQGlKQHOQ VLFKGLHVH" 9RUDXVJHVFKLFNW VHLHQ HLQLJH DOOJHPHLQH %HPHUNXQJHQ 8QDEKlQJLJ YRPMHZHLOLJHQ/HEHQVKLQWHUJUXQGGHU%ULHIVFKUHLEHUJHEHQEHLGH'RNX PHQWH $XIVFKOXVV EHU GHQ *HEUDXFK FKULVWOLFKULWXDOLVLHUWHU E]Z VlNX ODULVLHUWHU )RUPHOQ LQ SULYDWHQ $EVFKLHGVEULHIHQ VRZLH EHU DOWHUQDWLYH *HVWDOWXQJVP|JOLFKNHLWHQ :HUGHQ KLHU hEHUHLQVWLPPXQJHQ IHVWJHVWHOOW ]ZLVFKHQ HSLVWRODUHQ )RUPXOLHUXQJHQ XQG NRQYHQWLRQHOO JHZRUGHQHQ :HQGXQJHQ VR VROO GLHV NHLQHVZHJV GLH ,QQLJNHLW GHV *HVWXV GHU GLHVH BBBBBBBBBBBBB
:LH EHOLHEW GLHVHU 7RSRV DOV *HJHQVWDQG GHU SULYDWHQ PHGLWDWLR PRUWLV VRZLH HUEDXOLFKHU 7H[WH EHUHLWV XP GLH :HQGH ]XP -DKUKXQGHUW ZDU ZLUG GLH QlKHUH %HWUDFKWXQJ GHU IUHXQGVFKDIWOLFKHQXQGILNWLRQDOHQ$EVFKLHGVEULHIH(OL]DEHWK6LQJHU5RZHVLPIROJHQGHQ .DSLWHOLOOXVWULHUHQ 7KRPDV$Q]Å'HUVFK|QHXQGGHUKlOLFKH7RG.ODVVLVFKHXQGPRGHUQH1RUPHQOLWHUD ULVFKHU'LVNXUVHEHUGHQ7RG´LQ.ODVVLNXQG0RGHUQH'LH:HLPDUHU.ODVVLNDOVKLVWRULVFKHV (UHLJQLV XQG +HUDXVIRUGHUXQJ LP NXOWXUJHVFKLFKWOLFKHQ 3UR]H KUVJ YRQ .DUO 5LFKWHU XQG -|UJ 6FK|QHUW 6WXWWJDUW 0HW]OHU 6² KLHU 6 =LPPHUPDQQ Å9HULQQHUOL FKXQJ´6I
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
XQGlKQOLFKH%RWVFKDIWHQSUlJWDEZHUWHQ$XFKGLH5HSURGXNWLRQULWXDOL VLHUWHU$EVFKLHGVIRUPHOQ²HEHQVRZLHGLHYRQ7URVWVSUFKHQLPPQG OLFKHQOHW]WHQ6SUHFKHQ²JHKWDXIHLQH(QWVFKHLGXQJGHV$XWRUV]XUFN GLH LKQ DOV ,QGLYLGXXP FKDUDNWHULVLHUW (EHQVR ZHQLJ VROO EHKDXSWHW ZHUGHQGDVVVLFK$EVFKLHGVEULHIHDXIHLQIDFKH0RGHOOHUHGX]LHUHQODVVHQ ,P)DOO0DULH$QWRLQHWWHVZLH&DPLOOH'HVPRXOLQV·OLHGLH,VRODWLRQ GHU $XWRUHQ YRU 9ROOVWUHFNXQJ GHV 7RGHVXUWHLOV GDV VFKULIWOLFKH 0HGLXP ]XU HLQ]LJHQ 0|JOLFKNHLW ZHUGHQ YRQ $QJHK|ULJHQ XQG )UHXQGHQ $E VFKLHG ]X QHKPHQ 0DULH $QWRLQHWWH YHUIDVVWH LKUHQ OHW]WHQ %ULHI LQ GHU 1DFKWYRULKUHU+LQULFKWXQJLQGHU&RQFLHUJHULH,PHUVWHQ6DW]GHVSUl]LVH GDWLHUWHQ6FKUHLEHQV²Å&HEUH>@jKóGXPDWLQ´²GHILQLHUW VLHZLHIUGLH%ULHIVRUWHW\SLVFKGHVVHQ1DWXUDOV7RGHVQDFKULFKW &·HVW j YRXV PD VRHXU TXH M·pFULV SRXU OD GHUQLqUH IRLV MH YLHQV G·rWUH FRQ GDPQpHQRQSDVjXQHPRUWKRQWHXVHHOOHQHO·HVWTXHSRXUOHVFULPLQHOVPDLVj DOOHU UHMRLQGUH YRWUH IUqUH FRPPH OXL LQQRFHQWH M·HVSqUH PRQWUHU OD PrPH IHU PHWpTXHOXLGDQVVHVGHUQLHUVPRPHQWV-HVXLVFDOPHFRPPHRQO·HVWTXDQGOD FRQVLHQFHQHUHSURFKHULHQ-·DLXQSURIRQGUHJUHWG·DEDQGRQQHUPHVSDXYUHVHQ IDQWV 9RXV VDYH] TXH MH Q·H[LVWDLV TXH SRXU HX[ HW YRXV PD ERQQH HW WHQGUH V±XU
'LH]ZHLIDFKHMHZHLOVGXUFK$SSRVLWLRQHUZHLWHUWH$QVSUDFKHGHV*HJHQ EHUV YHUVWlUNW ]XVDPPHQ PLW GHU )RUPHO ÅSRXU OD GHUQLqUH IRLV´ GLH (QGJOWLJNHLWEHWRQWGHQHLQGULQJOLFKHQ*HVWXVGHV%ULHIHV,QGHPVLHLKU HLJHQHV /HEHQVHQGH DOV :LHGHUYHUHLQLJXQJ PLW GHP (KHJDWWHQ LQWHU SUHWLHUWGHVVHQVWDQGKDIWHQ7RG]XP0RGHOOHUKHEWXQGGDVJHJHQVLHHU JDQJHQH 8UWHLO ]XUFNZHLVW YHUGHXWOLFKW GLH $XWRULQ GDVV VLH LQ GLHVHP 7H[W GLH 'HXWXQJVKRKHLW EHU LKU 6WHUEHQ LQQHKDW 'DVV VLH LKU UXKLJHV *HZLVVHQ DQVSULFKW PXVV LQ GLHVHP .RQWH[W DOV UHOLJL|VH *HVWH JHOHVHQ ZHUGHQ GLH LKUH 8QVFKXOG DXFK YRU *RWW EHWRQW 'LH %ULHIHU|IIQXQJ UHIOHNWLHUW 0DULH $QWRLQHWWHV HLJHQH $QQlKHUXQJ DQ GHQ 7RG XQG IKUW JOHLFK]HLWLJ GDV *HJHQEHU DXI WU|VWHQGH :HLVH DQ GDV %HYRUVWHKHQGH KHUDQ 'LH7UHQQXQJYRQGHQ.LQGHUQGHU6FKZlJHULQGHQ)UHXQGHQE]Z LQVEHVRQGHUH*HJHQZDUWXQG=XNXQIWGHU(UVWJHQDQQWHQHQWZLFNHOQVLFK ]XPHUVWHQJURHQ7KHPDGHV%ULHIHV7RFKWHUXQG6RKQGLHGLH6FKUHL EHULQ XQWHU GLH 2EKXW 0DGDPH (OLVDEHWKV JHVWHOOW ZLVVHQ ZLOO HUWHLOW VLHLKUHQOHW]WHQ6HJHQ'HU$EVFKLHGVEULHIZLUGKLHUDXVHUVLFKWOLFKKDWWH HLQH (PSIlQJHULQ GLH GDULQ HQWKDOWHQHQ 0LWWHLOXQJHQ XQG +DQGOXQJV DQZHLVXQJHQDEHUPHKUHUH$GUHVVDWHQ,KUHU7RFKWHUHUOlXWHUWGLH.|QL JLQLQGLHVHP=XVDPPHQKDQJZDJHVLHQLFKWGLUHNW]XVFKUHLEHQGDVLH BBBBBBBBBBBBB
0DULH $QWRLQHWWH &RUUHVSRQGDQFH ² KUVJ YRQ eYHO\QH /HYHU 3DULV 7DOODQGLHU 6I
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
LKUHQ%ULHIZRKOQLFKWHUKDOWHQZUGH'DKHUHQWIDOWHWVLHLKUH5DWVFKOlJH DQ GLH .LQGHU LQ GLHVHP 5DKPHQ KHEW 3ULQ]LSLHQWUHXH 3IOLFKWHUIOOXQJ XQGJHJHQVHLWLJHOHEHQVODQJH)UHXQGVFKDIWXQG)UVRUJHDOV]HQWUDOKHU YRU 0LW%OLFNDXIGLH8PVWlQGHLQGHQHQLKUH%RWVFKDIWHQWVWHKWHUNOlUW 0DULH $QWRLQHWWH VLFK VHOEVW XQG LKU *HJHQEHU ]XP ([HPSHO GHU )UHXQGVFKDIW DQ GHP VLFK GLH .LQGHU RULHQWLHUHQ VROOHQ HLQH (PSIHK OXQJ GLH GDV 9HUKlOWQLV ]X 0DGDPH (OLVDEHWK EHVWlWLJW XQG IHVWLJW $Q GHQ6RKQJHULFKWHWZLHGHUKROWGLH$XWRULQH[SOL]LWGLHOHW]WHQ:RUWHVHL QHV9DWHUV²ÅTX·LOQHFKHUFKHMDPDLVjYHQJHUQRWUHPRUW´GLHGDGXUFK GDVV GLH 0XWWHU LKU HLJHQHV 6FKLFNVDO LQ GDV *HERW PLW HLQVFKOLHW GRS SHOWH$XWRULWlWHUKDOWHQ7DWVlFKOLFKKDWWHGHU.|QLJGHQ6RKQEHLVHLQHP $EVFKLHG VFKZ|UHQ ODVVHQ VHLQHP OHW]WHQ :LOOHQ )ROJH ]X OHLVWHQ 'D GXUFKGDVVVLHGLHOHW]WH%RWVFKDIWLKUHV0DQQHVGHUGHQ5DFKHYHU]LFKW ]XQlFKVWQXUDXIVLFKEH]RJHQKDWWHPRGLIL]LHUWHUZHLWHUWGLH0XWWHUGLH *OWLJNHLWGHVEHUHLWVJHOHLVWHWHQ(LGHV 'LH%LWWHXP1DFKVLFKWLKUHP.LQGJHJHQEHUGLHLQHLQHPVHSDUDWHQ $EVFKQLWW IROJW XQG GHU 9HUV|KQXQJ ]ZLVFKHQ 7DQWH XQG 1HIIHQ GLHQW VSLHOW DXI GHQ 9RUZXUI GHV LQ]HVWX|VHQ 0LVVEUDXFKV GXUFK 0XWWHU XQG 7DQWH DQ ZHOFKHQ GHU .QDEH YRU *HULFKWQDLY EHVWlWLJW KDWWH ,Q GLH VHP HUVWHQ 7HLO GHV 6FKUHLEHQV YHUEOHLEW GHU )RNXV GDPLW GXUFKZHJ DXI GHPLUGLVFKHQDQJHVFKULHEHQHQ*HJHQEHU*HEHWVlKQOLFKH$QUXIXQJHQ *RWWHVGLHEHL3HXFHURGHULQGHQ%ULHIHQGHU5HEHOVEHVWlQGLJGLH.RP PXQLNDWLRQLQV7UDQV]HQGHQWHDXVZHLWHWHQIHKOHQKLHU'LH6RUJHXPGDV :RKOHUJHKHQ GHU $QJHK|ULJHQ VWHKW DOV OHW]WH LUGLVFKH 9HUSIOLFKWXQJ VRZLHDOV/LHEHVXQG)UHXQGVFKDIWVGLHQVW]XQlFKVWJDQ]LP9RUGHUJUXQG 'DEHL EHVLW]W VSH]LHOO 0DULH $QWRLQHWWHV 9HUVXFK LKUH 0XWWHUUROOH DXI 0DGDPH(OLVDEHWK]XEHUWUDJHQXQGVRPLWHLQHQHXH)DPLOLH]XIRUPHQ =JHHLQHULPLWDWLR&KULVWL ,P]ZHLWHQ7HLOGHV$EVFKLHGVEULHIHVYHUVFKLHEWVLFKGLH3HUVSHNWLYH YRP ZHOWOLFKHQ DXI GHQ VSLULWXHOOHQ 7HLO GHU 6WHUEHYRUEHUHLWXQJ ZHUGHQ 7H[WXQG$GUHVVDWHQGLH5ROOHYRQ=HXJHQE]ZGHVDEZHVHQGHQ%HLFKW YDWHUV ]XJHZLHVHQ 0DULH $QWRLQHWWH YRQ GHQ 9HUWUHWHUQ LKUHV *ODXEHQV HEHQVR LVROLHUW ZLH YRQ LKUHQ $QJHK|ULJHQ VFKXI VLFK LP VFKULIWOLFKHQ 0HGLXPGLHQRWZHQGLJHgIIHQWOLFKNHLWXPDXILKUH:HLVH$EVFKLHGYRQ GHU:HOW]XQHKPHQ'DEHLJLQJHVLQHUVWHU/LQLHGDUXPHLQHQQDFKND BBBBBBBBBBBBB
0DULH$QWRLQHWWH&RUUHVSRQGDQFH6 (LQH:LHGHUJDEHGHU$EVFKLHGVZRUWHGHV.|QLJVXQG%HVFKUHLEXQJGHUOHW]WHQ%HJHJQXQJ PLWVHLQHQ.LQGHUQILQGHWVLFKLQ0DULH$QWRLQHWWH&RUUHVSRQGDQFH6$QP 9JOXD0DULH$QWRLQHWWH&RUUHVSRQGDQFH6$QP 'HUDUWLJH1DFKIROJHUHJHOXQJHQXQGGHUHQ*HVWDOWXQJLQOLWHUDULVFKHQ7H[WHQGHV-DKU KXQGHUWV GLVNXWLHUW:XQGHUOLFKYJOGLHV6DUJXQG+RFK]HLWVEHWWXD6
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
WKROLVFKHQ 0DVWlEHQ ÄJXWHQ 7RG¶ ]X VWHUEHQ 'LHV LVW YRU DOOHP GHP (QGH GHV %ULHIHV ]X HQWQHKPHQ GDV SHUIRUPDWLYHQ &KDUDNWHU WUlJW XQG KLHUYROOVWlQGLJZLHGHUJHJHEHQVHL -H PHXUV GDQV OD UHOLJLRQ FDWKROLTXH DSRVWROLTXH HW URPDLQH GDQV FHOOH GH PHV SqUHVGDQVFHOOHRM·DLpWppOHYpHHWTXHM·DLWRXMRXUVSURIHVVpH1·D\DQWDXFXQH FRQVRODWLRQVSLULWXHOOHjDWWHQGUHQHVDFKDQWSDVV·LOH[LVWHHQFRUHLFLGHVSUrWUHV GHFHWWHUHOLJLRQHWPrPHOHOLHXRMHVXLVOHVH[SRVHUDLWWURS VLLOV\HQWUDLHQW XQHIRLV-HGHPDQGHVLQFqUHPHQWSDUGRQj'LHXGHWRXWHVOHVIDXWHVTXHM·DLSX FRPPHWWUH GHSXLV M·H[LVWH M·HVSqUH TXH GDQV VD ERQWp ,O YRXGUD ELHQ UHFHYRLU PHVGHUQLHUVY±X[DLQVLTXHFHX[TXHMHIDLVGHSXLVORQJWHPSVSRXUTX·,OYHXLOOH ELHQUHFHYRLUPRQkPHGDQVVDPLVpULFRUGHHWVDERQWp -H GHPDQGH SDUGRQ j WRXV FHX[ TXH MH FRQQDLV HW j YRXV PD V±XU HQ SDUWLFXOLHU GH WRXWHV OHV SHLQHV TXH VDQV OH YRXORLU M·DXUDLV SX OHXU FDXVHU -H SDUGRQQHjWRXVPHVHQQHPLVOHPDOTX·LOVP·RQWIDLW-HGLVLFLDGLHXjPHVWDQWHV HWjWRXVPHVIUqUHVHWV±XUV-·DYDLVGHVDPLVO·LGpHG·HQrWUHVpSDUpHSRXUMDPDLV HWOHXUVSHLQHVVRQWXQGHVSOXVJUDQGVUHJUHWVTXHM·HPSRUWHHQPRXUDQWTX·LOV VDFKHQWGXPRLQVTXHMXVTX·jPRQGHUQLHUPRPHQWM·DLSHQVpjHX[ $GLHXPDERQQHHWWHQGUHV±XUSXLVVHFHWWHOHWWUHYRXVDUULYHU3HQVH]WRX MRXUVjPRL-HYRXVHPEUDVVHGHWRXWPRQF±XUDLQVLTXHFHVSDXYUHVHWFKHUV HQIDQWV0RQ'LHXTX·LOHVWGpFKLUDQWGHOHVTXLWWHUSRXUWRXMRXUV$GLHXDGLHX MH QH YDLV SOXV P·RFFXSHU TXH GH PHV GHYRLUV VSLULWXHOV &RPPH MH QH VXLV SDV OLEUHGDQVPHVDFWLRQVRQP·DPqQHUDSHXWrWUHXQSUrWUHPDLVMHSURWHVWHLFLTXH MH QH OXL GLUDL SDV XQ PRW HW TXH MH OH WUDLWHUDL FRPPH XQ rWUH DEVROXPHQW pWUDQJHU
'LH6FKUHLEHULQGLHVHV%ULHIHVRULHQWLHUWVLFKHLQGHXWLJDQGHQ5HJHOQGHU 6WHUEHNQVWH )RUPXOLHUW ZHUGHQ GDV *ODXEHQVEHNHQQWQLV HLQH %HLFKWH GLH%LWWHXP*RWWHV9HUJHEXQJHLQH$QHPSIHKOXQJGHUHLJHQHQ6HHOHDQ GHQVHOEHQXQGVFKOLHOLFKGHU:XQVFKQDFKE]ZGLH(UWHLOXQJYRQ9HU JHEXQJ ZHOWOLFKHQ 6FKXOGQHUQ JHJHQEHU 'LH $EVFKLHGVZRUWH DQ 9HU ZDQGWH )UHXQGH XQG .LQGHU EH]HXJHQ ZHOFK KRKHQ 6WHOOHQZHUW 0DULH $QWRLQHWWH ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ HLQUlXPWH ]ZLVFKHQ GHQ =HLOHQ LVW KLHU HLQH HPSILQGVDPH 7HQGHQ] HUNHQQEDU 'HPHQWVSUHFKHQG IRUPXOLHUWGLH.|QLJLQLKUH%LWWHXP(ULQQHUXQJDOVHLQHGLHHLJHQH3HU VRQQLFKWGDVJHJHEHQH([HPSHOEHWUHIIHQG'DV6FKUHLEHQHQGHWE]Z EULFKWDE DQV\PEROLVFKHU6WHOOHQlPOLFKLQGHP0RPHQWGDGLH6FKUHL EHULQHUNOlUWVLFKQXQZLUNOLFKDXVVFKOLHOLFKGHUVSLULWXHOOHQ9RUEHUHLWXQJ DXILKUHQ7RGZLGPHQ]XZROOHQ 7DWVlFKOLFKZHLJHUWHVLFK0DULH$QWRLQHWWHPLWGHQLKU]XJHZLHVHQHQ 3ULHVWHUQ]XVSUHFKHQ'DVLP%ULHIDQJHNQGLJWH9HUKDOWHQEHGHXWHWHLQ UHOLJL|VHUZLHSROLWLVFKHU+LQVLFKWHLQH:LGHUVWDQGVJHVWHGDHV]HLJWHZLH GHXWOLFK GLH 6FKUHLEHQGH GLH QHX HWDEOLHUWH VWDDWOLFKH .LUFKHQRUGQXQJ DEOHKQWH0LW+LOIHGLHVHUXQGlKQOLFKHUEULHIOLFKHU$XVVDJHQVRZLHGHUVLH BBBBBBBBBBBBB
0DULH$QWRLQHWWH&RUUHVSRQGDQFH6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
HLQO|VHQGHQ*HVWHQVXFKWHGLH.|QLJLQDOVEHZXVVW|IIHQWOLFKHXQGSROL WLVFKH 3HUVRQ WURW] LKUHU DXVVLFKWVORVHQ /DJH 3RVLWLRQ ]X EH]LHKHQ XQG +DQGOXQJVIlKLJNHLW]XGHPRQVWULHUHQ6RKLQWHUOLH0DULH$QWRLQHWWHPLW LKUHU$EVFKLHGVERWVFKDIWQLFKW]XOHW]WHLQHQ%HOHJGDIUGDVVVLHGHPVLH YHUXUWHLOHQGHQ6\VWHPPLW9HUDFKWXQJEHJHJQHWH :LHVHKU.|QLJLQZLHOHW]WHV6FKUHLEHQHEHQGLHVHP6\VWHPDXVJHOLH IHUW ZDUHQ XQGGDVV HV 0DULH $QWRLQHWWH GHQQRFK JHODQJ PLW LKUHU %RW VFKDIWHLQ9HUPlFKWQLV]XVFKDIIHQGDVLKUH:LGHUVDFKHUEHUGDXHUQXQG VLH QDFK LKUHP 7RG PHKU DOV UHKDELOLWLHUHQ ZUGH LOOXVWULHUW GLH 5H]HS WLRQVJHVFKLFKWH GLHVHV $EVFKLHGVEULHIHV =XQlFKVW HUUHLFKWH HU ZLH PDQ KHXWHYHUPXWHWZRKOQLHPDOVVHLQ=LHO1LFKWQXUGHU7RG0DGDPH(OLVD EHWKV YHUKLQGHUWH GLHV hEHUVWHOOW ZXUGH GDV 6FKUHLEHQRKQHKLQ QLFKW DQ VLH VRQGHUQ DQ GHQ |IIHQWOLFKHQ $QNOlJHU $QWRLQH 4XHQWLQ )RXTXLHU 7LQYLOOH1DFKGHVVHQ+LQULFKWXQJYHUVFKZDQGGHU%ULHIMDKUHODQJLQGHQ 8QWHUODJHQGHV'HSXWLHUWHQ&RXUWRLVIDQGPDQLKQXQGPDFKWHLKQ ZLH]XYRUGDV7HVWDPHQW/RXLV;9,ZHOFKHVDOOHUGLQJVEHUHLWVXQPLWWHO EDU QDFK GHVVHQ +LQULFKWXQJ HUVWPDOV SXEOL]LHUW XQG XQWHU DQGHUHP LQV (QJOLVFKH EHUVHW]W ZRUGHQ ZDU LQ )RUP HLQHU VRUJIlOWLJ DXVJHIKUWHQ )DNVLPLOH$XVJDEHGHUgIIHQWOLFKNHLW]XJlQJOLFK 'LH=HLWJHQRVVHQVFKLHQHQlXHUVWEHPKWGDVOHW]WH/HEHQV]HXJQLV 0DULH $QWRLQHWWHV P|JOLFKVW SUl]LVH GDV KHLW ÄDXWKHQWLVFK¶ ZLHGHU]X JHEHQ ² XQG ]ZDU VRJDU KLQVLFKWOLFK VHLQHU PDWHULHOOHQ %HVFKDIIHQKHLW 'LHV EHOHJW GHU ZHUEHQGH =XVDW] DXI HLQHP GHU 1DFKGUXFNH Å,PLWDQW SDUIDLWHPHQW O·(FULWXUH GH FHWWH $XJXVWH 3ULQFHVVH ,PSULPpH DYHF VRLQ VXUSDSLHUVHPEODEOHjO·2ULJLQDO´'DVVPDQHVDQDQGHUHU6WHOOHDOOHU GLQJV DEVLFKWOLFK PLW GHU $XWKHQWL]LWlW QLFKW VR JHQDX JHQRPPHQ KDWWH JLQJ DXV HLQHU VSlWHUHQ 9HU|IIHQWOLFKXQJ GHV )DNVLPLOHV GHV 7HVWDPHQWV YRQ /RXLV;9, KHUYRU 'LHVHP ODJ HLQ YHUYROOVWlQGLJWHV ([HPSODU GHU OHW]WHQ 6HLWH GHV $EVFKLHGVEULHIHV YRQ 0DULH $QWRLQHWWH EHL GDV ]HLJWH GDVV GLH 0LWJOLHGHU GHV 5HYROXWLRQVWULEXQDOV GLH %RWVFKDIW JHOHVHQ XQG GDQDFK VLJQLHUW KDWWHQ 'HU +HUDXVJHEHU GHV N|QLJOLFKHQ 7HVWDPHQWV EHJUQGHWH GLH LP HUVWHQ )DNVLPLOH HUIROJWH $XVODVVXQJ GDPLW GDVV GLH VFKUHFNHQVEHKDIWHWHQ8QWHUVFKULIWHQGHU:LUNXQJGHV'RNXPHQWVKlWWHQ VFKDGHQN|QQHQ BBBBBBBBBBBBB
'DVV0DULH$QWRLQHWWHLKUHQ%ULHIQLFKW²ZLH'HVPRXOLQV²QDFKGHPUHSXEOLNDQLVFKHQ VRQGHUQQDFKGHPJUHJRULDQLVFKHQ.DOHQGHUGDWLHUWHNDQQLQGLHVHP.RQWH[WHEHQIDOOVDOV *HVWHGHV:LGHUVWDQGHVJHOHVHQZHUGHQ >$QRQ@&RSLHILJXUpHGX7(67$0(17'(/$5(,1(,PLWDQWSDUIDLWHPHQWO·(FULWXUHGHFHWWH $XJXVWH3ULQFHVVH,PSULPpHDYHFVRLQVXUSDSLHUVHPEODEOHjO·2ULJLQDO3DULV$XGRW >$QRQ@6LPLOHGX7HVWDPHQWGH/RXLV;9,6HXOHpGLWLRQDXWRULVpHSDU6([OH0LQLVWUHGHOD3ROLFH JpQpUDOHFRPPHFRQIRUPHjFHOOHIDLWHVXUO·2ULJLQDO >«@2Q\DMRLQWOHIDFVLPLOHG·XQIUDJPHQWG·(FULW GH0DGDPH(OLVDEHWK(WGHV6LJQDWXUHV'HOD5HLQH0DULH$QWRLQHWWHHWGXMHXQH/RXLV;9,,$F FRPSDJQpVG·XQH1RWLFHVKLVWRULTXHFRQWHQDQVGHVGpWDLOVWUqVLQWpUHVVDQVHWLQFRQQXHVMXVTX·jFHMRXUVXU
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
-DKUHQDFKGHP7RGGHU$XWRULQEHVDGHU%ULHIGHQ6WDWXVHLQHV TXDVLUHOLJL|VHQ$UWHIDNWVGDVDXIJUXQGVHLQHUH[HPSODULVFKHQVRZLHSROL WLVFKHQ $XVVDJHQ LP QDFKUHYROXWLRQlUHQ )UDQNUHLFK SURSDJDQGLVWLVFKHQ :HUW EHVD ² XQG GHVKDOE ZHLWHUKLQ 0DQLSXODWLRQHQ XQWHUZRUIHQ ZDU 0DQEHJDQQGDV6FKUHLEHQÅEHLDOOHQ6HHOHQlPWHUQ]XP*HGlFKWQLVGHU .|QLJLQ YRQ GHQ .DQ]HOQ )UDQNUHLFKV ]X YHUOHVHQ´ :LH GHU 7H[W LP IUKHQ-DKUKXQGHUWZLUNWHLOOXVWULHUWGHU+HUDXVJHEHU.RPPHQWDUGHU ]ZHLWHQHUZlKQWHQ)DNVLPLOH$XVJDEH'LHVHUHUKHEWGHQ$EVFKLHGVEULHI ]XP QDWLRQDOHQ NXOWXUHOOHQ (UEH XQG 0RQXPHQW WXJHQGKDIWIURPPHQ .|QLJWXPV GDV PLW GHP 7HVWDPHQW /RXLV;9, DXI HLQHU 6WXIH VWHKH 0DQYHUVWDQGGLH%RWVFKDIWDOVRSULPlUDOV$XVGUXFNGHVOHW]WHQ:LOOHQV XQG9HUPlFKWQLV0DULH$QWRLQHWWHVXQGEH]HLFKQHWHGDKHUDXFKGHQ%ULHI ²ZLHPHKUDOV-DKUH]XYRU3HXFHUV=HWWHOHLQ²DOV7HVWDPHQW &H 7HVWDPHQW UHVSLUH OD WHQGUHVVH G·XQH PqUH G·XQH V±XU HW G·XQH DPLH OD GLJQLWpG·XQHUHLQHODIHUPHWpG·XQVDJHLOHVWGLJQHG·rWUHHQWHQGXjF{WpGHFH WHVWDPHQW DXJXVWH HW VDLQW TXL PpULWD G·rWUH OX GDQV OD FKDLUH GH YpULWp DSUqV OD SDUROHGH'LHX >«@ >1@RXVODWUDQVPHWWURQVFHWWHOHWWUHHQKpULWDJHjQRVHQIDQVHOOHOHXUDSSUHQGUD TX·LO HVW GHV YHUWXV VXSpULHXUV DX[ pJDUHPHQV GHV VLqFOHV HW TXH OD UHOLJLRQ TXL LQVSLUHFHVYHUWXVHVWGDQVOHF±XUGHV5RLVOHJDJHOHSOXVVUGXERQKHXUGX SHXSOH
'LH6HHOHGHU.|QLJLQPHLQWHQPDQFKH=HLWJHQRVVHQVHLLQGHP6FKUHL EHQGHU1DFKZHOWHUKDOWHQJHEOLHEHQ'HU$EVFKLHGVEULHIDOV%HZDKUHU GHV OHW]WHQ /HEHQVDXJHQEOLFNHV YHUOLHK GLHVHP 'DXHU EHU GHQ 7RG KLQ DXVXQGHUKLHOWGDGXUFKTXDVLWUDQV]HQGHQWH4XDOLWlW'LH|IIHQWOLFKH5H ]HSWLRQGHV6FKUHLEHQVHUZHLWHUWHGHQ9RUELOGFKDUDNWHUYRQ0DULH$QWRL QHWWHVLQWLPHQ%HNHQQWQLVVHQLQV$OOJHPHLQJOWLJH $QGHUV ILHO GLH 6HOEVWLQV]HQLHUXQJ GHV VWHUEHQGHQ $XWRUV VRZLH GLH |IIHQWOLFKH5HDNWLRQLP)DOOYRQ&DPLOOH'HVPRXOLQV·$EVFKLHGVEULHIDQ VHLQH)UDX/XFLOHDXV'HUGHXWVFKVSUDFKLJHQgIIHQWOLFKNHLWHWZDSUlVHQ WLHUWH PDQ GDV DXI GHQ Å'XRGL *HUPLQDO KHXUHV GX PDWLQ´ $SULO GDWLHUWH6FKUHLEHQQLFKWDXIJUXQGGDULQHQWKDOWHQHUSROLWLVFKHU$XV VDJHQ RGHU GHU WXJHQGKDIWHQ +DOWXQJ GHV 6WHUEHQGHQ LP $QJHVLFKW GHV 7RGHV VRQGHUQ DOV KHUDXVUDJHQGHV %HLVSLHO GHV HPSILQGVDPHQ 6WLOV ,P 6HSWHPEHUGUXFNWHGLH=HLWVFKULIW0LQHUYD²P|JOLFKHUZHLVHDQKDQG BBBBBBBBBBBBB
OH7HVWDPHQWGX5RL/RXLV;9,HWVXUO·RULJLQHGXWHVWDPHQWGHOD5HLQH3DULV$XGRWXD>R-@ 6 $EVFKLHGVEULHIHKUVJYRQ.DWMD%HKUHQV6 6LPLOH6 6LPLOH6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
GHV2ULJLQDOWH[WVDXVGHUOHW]WHQ$XVJDEH1U GHV9LHX[&RUGHOLHU²HLQH GHXWVFKH )DVVXQJ ,Q HLQHU %HJOHLWQRWL] SULHV GHU +HUDXVJHEHU GLH EH VRQGHUHQ4XDOLWlWHQGHV6FKUHLEHQV 8QWHUDOOHQ%ULHIHQZRULQXQJOFNOLFKH6FKODFKWRSIHUGHU3DULVHU7\UDQQH\GHQ ,KULJHQ LKU OHW]WHV /HEHZRKO VDJWHQ ]HLFKQHW VLFK GLHVHU DXV GHU QDFK PHLQHU (PSILQGXQJHLQ0HLVWHUVWFNGHUUKUHQGHQ*DWWXQJLVW
0DQ NDQQWH GHPQDFK ZHLWHUH %HLVSLHOH OHW]WHU 6FKUHLEHQ GHUHQ $XWRUHQ 'HVPRXOLQV·6FKLFNVDOWHLOWHQ'DV,QWHUHVVHGHU=HLWJHQRVVHQEHVFKUlQNWH VLFK QLFKW DXI GHQ 0LWWHLOXQJV RGHU GLGDNWLVFKHQ :HUW YRQ $EVFKLHGV EULHIHQ ]XP7RGH 9HUXUWHLOWHU ZDKUJHQRPPHQ ZXUGHQ DXFK LKUH lVWKH WLVFKHQ4XDOLWlWHQ(EHQIDOOVPLW%OLFNDXIGHQVHQWLPHQWDOHQ&KDUDNWHU GHV 7H[WV EHPKWH VLFK GHVVHQ +HUDXVJHEHU LQ GHU0LQHUYD VHLQHQ IUDQ ]|VLVFKHQ 9RUJlQJHU QDFKDKPHQG EHL GHU :LHGHUJDEH GHV $EVFKLHGV EULHIHVXP$XWKHQWL]LWlW0LWIDVWZLVVHQVFKDIWOLFKHU*HQDXLJNHLWVLQGLP )UDQ]|VLVFKHQZLHLP'HXWVFKHQMHQH6WHOOHQPDUNLHUWDQGHQHQGDV2UL JLQDODQJHEOLFK7UlQHQVSXUHQDXIZLHV:LHEHL0DULH$QWRLQHWWHV6FKUHL EHQZDUQHEHQGHP,QKDOWGHV0DQXVNULSWVGHVVHQSK\VLVFKH%HVFKDIIHQ KHLWHQWVFKHLGHQGEHWHLOLJWDQGHU:LUNXQJGLHHVHQWIDOWHQNRQQWH ,Q'HVPRXOLQV·)DOOH[HPSOLIL]LHUHQXQGLOOXVWULHUHQGLH7UlQHQVSXUHQ GDV ]XYRUGHU *HOLHEWHQ 0LWJHWHLOWH Å-·DL IRQGX HQ ODUPHV RX SOXW{W M·DL VDQJORWpHQFULDQWGDQVPRQWRPEHDX/XFLOH/XFLOH{PDFKqUH/XFLOH R HVW WX" ,FL RQ UHPDUTXH OD WUDFH G·XQH ODUPH ´ 9& 'DV 9HUJLHHQ YRQ 7UlQHQ EHLP 6FKUHLEHQ RGHU /HVHQ ZDU ]X GLHVHP =HLW SXQNW LQ GHU ]HLWJHQ|VVLVFKHQ %ULHINXOWXU ]XP 7RSRV JHZRUGHQ GLH YHUVSUDFKOLFKWH ,QWHUSRODWLRQ GHU 7UlQHQ LQ GHQ =HLWVFKULIWHQWH[W ² XQG GDV6FKUHLEHQEHUVLH²VSUDFKGDV0LWJHIKOGHV3XEOLNXPVDQEUDFKWHQ VLH GHP /HVHU GRFK GLH 9HU]ZHLIOXQJ GHV $XWRUV DQJHVLFKWV VHLQHU /DJH VSH]LHOO GHU 7UHQQXQJ YRQ JHOLHEWHQ 0HQVFKHQ QlKHU GLH GXUFK GHQ EULHIOLFKHQ'LDORJXQGGLHGDPLWYHUEXQGHQHJHLVWLJH$QQlKHUXQJDQ6L WXDWLRQ XQG *HJHQEHU XPVR SUlVHQWHU ZXUGH *OHLFK]HLWLJ EHGHXWHWHQ BBBBBBBBBBBBB
&DPLOOH 'HVPRXOLQV Å$EVFKLHGVEULHI YRQ &DPLOOH 'HVPRXOLQV DQ VHLQH )UDX $XV GHP *HIlQJQLV/X[HPEXUJ´0LQHUYD 6²)UHLQ)DNVLPLOHDOOHU$XVJDEHQ GHV 9LHX[ &RUGHOLHU GHUHQ OHW]WH PLW GHP $EVFKLHGVEULHI &DPLOOH 'HVPRXOLQV· HQGHW YJO &DPLOOH 'HVPRXOLQV 2HXYUHV PLW HLQHP 9RUZRUW YRQ $OEHUW 6RERXO LP HUVWHQ %DQG %GH 0QFKHQ .UDXV 5HSULQW XQYHUlQGHUWHU 1DFKGUXFN HLQHV ([HPSODUV GHU %LEOLRWKqTXH +LVWRULTXH GH OD 9LOOH GH 3DULV ; Å/D 7ULEXQH GHV 3DWULRWHV RX -RXUQDO GH OD 0DMRULWp /H 9LHX[ &RUGHOLHU´ 6² $OOH LP )ROJHQGHQ DQJHJHEHQHQ IUDQ]|VLVFKHQ =LWDWH QHEVW 6HLWHQQDFKZHLVHQ VLQG GLHVHU $XVJDEH IRUWDQ ]LWLHUW DOV 9& HQWQRPPHQ 'HU2ULJLQDOVHLWHQ]DKOIROJWGLHGHV1DFKGUXFNV 'HVPRXOLQVÅ$EVFKLHGVEULHI´6 9JOGD]XXD9$&*DWUHOO7KH+DQJLQJ7UHH([HFXWLRQDQGWKH(QJOLVK3HRSOH² 2[IRUG2[IRUG8QLYHUVLW\3UHVV 6I 9JO+DEHUPDVgIIHQWOLFKNHLW66WHLQKDXVHQ*HVFKLFKWH6
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
7UlQHQ]XJOHLFKN|USHUOLFKH6SXUHQGHUHQ9RUKDQGHQVHLQLQHLQHPOHW] WHQ%ULHISRVWKXPXPVRVWlUNHUZLUNWH 'HU$EVFKLHGVEULHI&DPLOOH'HVPRXOLQV·HQWVWDQGLQ]ZHL6FKUHLESKD VHQ(UEHJLQQWQLFKWDOV6WHUEHERWVFKDIWGHQQDOVGHU$XWRUDQIlQJW]X VFKUHLEHQ XQG LQ HPRWLRQDO DQJHVSDQQWHP 7RQ EHU GLH 7UHQQXQJ YRQ GHU *HOLHEWHQ ]X NODJHQ ZHL HU QRFK QLFKW GDVV PDQ LKQ ]XP 7RGH YHUXUWHLOHQ ZLUG 6HLQ *HJHQEHU EHVFKZ|UW HU LQGHPHU XP LKU 3RUWUlW XQGHLQH+DDUORFNHELWWHWRGHU7UlXPH9LVLRQHQXQG(ULQQHUXQJHQVFKLO GHUW I|UPOLFK LQ GDV VFKULIWOLFKH Ä*HVSUlFK¶ KLQHLQ $XVEUXFKDUWLJH $Q UXIXQJHQ KHOIHQ GHP *HIDQJHQHQ ]XPLQGHVW VSUDFKOLFK VHLQH ,VRODWLRQ XQG GHUHQ SV\FKLVFKH $XVZLUNXQJHQ ]X GXUFKEUHFKHQ 8P /HW]WHUH ]X LOOXVWULHUHQZlKOWHUHLQHPLW%OLFNDXIGLHZHLWHUH(QWZLFNOXQJGHV6FKUHL EHQVKHOOVLFKWLJH0HWDSKRULNÅ&·HVWYLYUHHWrWUHPRUWWRXWHQVHPEOHF·HVW Q·H[LVWHUTXHSRXUVHQWLUTX·RQHVWGDQVXQFHUFXHLO´9& (LQZHLWHUHV/HLWPRWLYGLHVHVHUVWHQ%ULHIWHLOVELOGHQGLHPLWGHU(QW IHUQXQJ YRQ )UDX XQG )DPLOLH YHUEXQGHQHQ bQJVWH GLH GLH HU]ZXQJHQH (LQVDPNHLW KHUYRUUXIW *RWW GLHQW GHP $XWRU QLFKW PHKU DOV WURVW VSHQGHQGH*HJHQZDUW6WDWWPLWGHVVHQ6RKQYHUJOHLFKWVLFK'HVPRXOLQV ²ZLHYLHOH5HYROXWLRQlUHXQGZLHGHUXPDKQXQJVYROO²PLWHLQHPDQGH UHQ H[HPSODULVFK IU VHLQH hEHU]HXJXQJ 6WHUEHQGHQ Å6RFUDWH´ VFKUHLEW HU EXW OD FLJXs PDLV DX PRLQV LO YR\RLW GDQV VD SULVRQ VHV DPLV HW VD IHPPH &RPELHQ LO HVW SOXV GXU G·rWUH VpSDUp GH WRL /H SOXV JUDQG FULPLQHO VHURLW WURS SXQLV·LOpWDLWDUUDFKpjXQH/XFLOHDXWUHPHQWTXHSDUODPRUWTXLQHIDLWVHQWLU DXPRLQVTX·XQPRPHQWODGRXOHXUG·XQHWHOOHVHSDUDWLRQ9&
BBBBBBBBBBBBB
=XGLHVHQ]lKOWDXFKGLH(QGHGHV-DKUKXQGHUWVZHLWKLQEHUKPWEHUFKWLJWH&KDUORWWH &RUGD\:LH6WHSKDQLH+LOJHUÅ7KH0XUGHUHVVRQ6WDJH&KULVWLQH:HVWSKDOHQ·V&KDUORWWH &RUGD\ ´LQ:RPHQDQG'HDWKKUVJYRQ&ODUH%LHOE\XQG$QQD5LFKDUGV6² ]HLJW IRUPWH &KULVWLQH :HVWSKDOHQ ² LQ LKUHP 6WFN EHU GLH 5HYROXWLRQlULQ DXV ]ZHL UHDOKLVWRULVFKHQ OHW]WHQ %ULHIHQ &RUGD\V HLQ VHPLILNWLRQDOHV 6FKUHLEHQ GDV LP 6WFN ]X GHUHQ SROLWLVFKHP 7HVWDPHQW ZLUG HEG 6 'DEHL UHLFKHUW :HVWSKDOHQ GHQ 9HUZHLV GHU KLVWRULVFKHQ &RUGD\ DXI Å%UXWXV HW TXHOTXHV DQFLHQV´ ]LWLHUW QDFK +LOJHU HEG6 XPZHLWHUH9RUELOGHUDQ&DWR6RNUDWHV%UXWXV$UULD ²GHUDUWZLUGGLH3URWD JRQLVWLQ LQ HLQHU LOOXVWUHQ 5HLKH KLVWRULVFKHU SROLWLVFKHU )LJXUHQ YHURUWHW GLH VlPWOLFK IU LKUHQ0XWXQGLKUH6WDQGKDIWLJNHLWEHNDQQWVLQGHEG6 0LW+LOIHGHVLP'UDPD|I IHQWOLFKYHUOHVHQHQ $EVFKLHGVEULHIHVIKUW:HVWSKDOHQVR+LOJHULQ:LGHUOHJXQJ]HLWJH Q|VVLVFKHU ,QWHUSUHWDWLRQHQ GHU 3HUVRQ &RUGD\V XQG LKUHU 7DW DOV IUHPGEHVWLPPW UHLQ SULYDWPRWLYLHUWRGHUÄXQZHLEOLFK¶GDVSROLWLVFKKLVWRULVFKH%HZXVVWVHLQVRZLHGLH6HOEVWEH VWLPPWKHLW GHU MXQJHQ )UDX YRU HEG YD 6² 9JO ]XU OHEKDIWHQ LQWHUQDWLRQDOHQ 'LVNXVVLRQXQGOLWHUDULVFKHQ3URGXNWLRQ]X&RUGD\XQGLKUHU7DWXPXD,QJH6WH SKDQÅ'LHHUKDEQH0lQQLQ&RUGD\¶&KULVWLQH:HVWSKDOHQV'UDPD&KDUORWWH&RUGD\ XQGGHU&RUGD\.XOWDP(QGHGHV-DKUKXQGHUWV´LQGLHV,QV]HQLHUWH:HLEOLFKNHLW&RGLH UXQJGHU*HVFKOHFKWHULQGHU/LWHUDWXUGHV-DKUKXQGHUWV.|OQXD%|KODX 6²
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
'LHV LVW QXU HLQHU YRQ PHKUHUHQ %H]JHQ GLH GHU $XWRU LP /DXIH GHV 6FKUHLEHQV ]X DQWLNHQ *HVWDOWHQ KHUVWHOOW XQG%HOHJ GDIU GDVV XQG ZLH GHU7RGGHV3KLORVRSKHQLP-DKUKXQGHUWHLQHWDEOLHUWHU5HIHUHQ]SXQNW ZDUXQGDOV0RGHOOIXQJLHUWH7DWVlFKOLFKGLHQWGLH$VVR]LDWLRQPLWGHP *ULHFKHQ 'HVPRXOLQV YRUQHKPOLFK ]XU HPSILQGVDP JHVWHLJHUWHQ ,QV]H QLHUXQJVHLQHU*HIKOHIU/XFLOH 'HU6FKUHLESUR]HVVZLUGGXUFKHLQ9HUK|U]XGHPPDQ&DPLOOHDE KROW XQWHUEURFKHQ GDQDFK LVW GDV7RGHVXUWHLO DEVHKEDU XQG GDV HLJHQW OLFKOHW]WH6FKUHLEHQVHW]WHLQ'HUDQIlQJOLFK]XUUKHWRULVFKHQ(PSKDVH LQHLQDQGHUYHUVFKOXQJHQH/LHEHVXQG7RGHVGLVNXUVHUKlOWQXQGDHVJLOW IU LPPHU $EVFKLHG ]X QHKPHQ YHUlQGHUWH 5HOHYDQ] JOHLFK]HLWLJ IDOOHQ QXQ GLH JHVHOOVFKDIWOLFKSROLWLVFKHQ +LQWHUJUQGH GHV 7RGHVXUWHLOV LQV *HZLFKW =XQlFKVW VWLOLVLHUW VLFK GHU $XWRU ² LP JOHLFKHQ $WHP]XJ PLW HLQHPHUVWHQ/HEHZRKO²DOOJHPHLQDOVÅXQH[HPSOHGHODEDUEDULHHWGH O·LQJUDWLWXGH GHV KRPPHV´ 9& (V IROJW LP *HVWXV GHU /HEHQVVXPPH lKQOLFK HLQH EHNHQQWQLVKDIWH UFNEOLFNHQGH =XVDPPHQ IDVVXQJ DOOHU $VSHNWH VHLQHV 'DVHLQV *HZLVVHUPDHQ VHLQHQ HLJHQHQ 1DFKUXIYRUZHJQHKPHQGPRQRORJLVLHUW'HVPRXOLQVEHUVHLQHQ&KDUDN WHUVHLQHSROLWLVFKHQ7UlXPHXQGGHUHQ(QWWlXVFKXQJ'DEHLGUFNWGHU $XWRUPLWELWWHUHU,URQLHGLH9HUDFKWXQJDXVZHOFKHHUIUVHLQH5LFKWHU XQGLKPXQWUHXJHZRUGHQH0LWVWUHLWHUHPSILQGHW'LH5ROOHGHVÄ2SIHUV¶ ZHOFKH HU VLFK LQ GLHVHP .RQWH[W ]XZHLVW YHUGHXWOLFKW XQG IL[LHUW VHLQH SROLWLVFKH(LQVWHOOXQJLP7RGH 1RXV SRXYRQV ELHQ HPSRUWHU DYHF QRXV FH WpPRLJQDJH TXH QRXV SpULVVRQV OHV GHUQLHUVGHVUpSXEOLFDLQV3DUGRQFKqUHDPLHPDYpULWDEOHYLHTXHM·DLSHUGXHGX PRPHQW TX·RQ QRXV D VpSDUpV MH P·RFFXSH GH PD PpPRLUH MH GHYURLV ELHQ SOXW{WP·RFFXSHUGHWHODIDLUHRXEOLHU9&II
0LW GHU 6HOEVWHULQQHUXQJ DQ GLH )UVRUJH ZHOFKH HU VHLQHP *HJHQEHU VFKXOGHWHQGHWGDVKDOESHUV|QOLFKKDOESROLWLVFKJHKDOWHQH0RQRORJLVLH UHQ XQG 'HVPRXOLQV ZLGPHW VLFK VFKOLHOLFK JDQ] GHP $EVFKLHG YRQ VHLQHQ$QJHK|ULJHQ'DULQODVVHQVLFK]XPLQGHVW$QNOlQJHDQGLH6WHUEH NQVWH IHVWVWHOOHQ GLH LQGHVVHQ QLFKW IRUPHOKDIW JHEUDXFKW ZHUGHQ $Q ZHLVXQJHQDQGLH)UDX²GHUHQ9HU]HLKHQEHUHLWVLPHUVWHQ7HLOGHV%ULH IHVDOVHQWVFKHLGHQGHVXQGEHUHLWVJHZlKUWHV EH]HLFKQHWZXUGH²/LHEHV ZRUWH IU GHQ 6RKQ GRFK HLQ *ODXEHQVEHNHQQWQLV XQG LP =XVDPPHQ BBBBBBBBBBBBB
$XI DQGHUH :HLVH QLPPW VLFK EHLVSLHOVZHLVH 0RVHV 0HQGHOVVRKQV 3KDHGRQ RGHU hEHU GLH 8QVWHUEOLFKNHLWGHU6HHOH GHVSODWRQLVFKHQ'LDORJVDQ ,P ]ZHLWHQ 7HLO GHV%ULHIHV DVVR]LLHUW'HVPRXOLQV VHLQHQ 7RGlKQOLFK&RUGD\ VR GLUHNW ZLHSROHPLVFKPLWDQWLNHQ9RUELOGHUQ6HLQH*UDEVFKULIWVHLVFKULHEHUÅFHOOHGHV%UXWXV HWGHV&DWRQOHVW\UDQQLFLGHV´9&
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
KDQJ GDPLW GLH =XYHUVLFKW GDVV *RWW VHLQH 7XJHQG XQG )UHLKHLWVOLHEH EHORKQHQZHUGHQHKPHQQLFKWPHKUDOVHLQHQ3DUDJUDSKHQHLQ ,P HQGJOWLJHQ 6FKOXVVDEVDW] GHV %ULHIHV LQ GHP 'HVPRXOLQV VHLQH HQJVWHQ9HUZDQGWHQ²ZLHGHQ6RKQ+RUD]²QDPHQWOLFKDQVSULFKWXQG VLFKYRQLKQHQYHUDEVFKLHGHWILQGHWVLFKVFKOLHOLFKMHQHZHOWOLFKH6WHUEH IRUPHOGLHDXIHLQ:LHGHUVHKHQLP-HQVHLWVKRIIWXQGHUJlQ]WXPZHLWHUH 7URVWIRUPHOQPLWGHP7RGYHUV|KQHQVROO'LHVLFKQXQPHKUVWHLJHUQGHQ $QUXIXQJHQ /XFLOHV HULQQHUQ DQ GHQ %ULHIEHJLQQ XQG VWHKHQ HEHQIDOOV JDQ] LQ GHU 7UDGLWLRQ HPSILQGVDPHU /LHEHVNRPPXQLNDWLRQ 'HVPRXOLQV EHHQGHWVHLQH%RWVFKDIWPLWHLQHU7RGHVYLVLRQGLHVRÅUKUHQG´ZLHGUDV WLVFKGHQ7RGVLPXOWDQDOV7UHQQXQJXQG9HUHLQLJXQJGHU/LHEHQGHQLP 7H[W YHUJHJHQZlUWLJW XQG YROO]LHKW 'LH *UHQ]HQ ]ZLVFKHQ OLWHUDULVFKHP XQGSUDJPDWLVFKHP6FKUHLEHQVLQGLQGLHVHU3DVVDJHYROOHQGVDXIJHKREHQ -HWHUHYHUUDLXQMRXU{/XFLOH{$QQHWWHVHQVLEOHFRPPHMHO·pWRLV/DPRUWTXL PHGpOLYUHGHODYXHGHWDQWGHFULPHVHVWHOOHXQVLJUDQGPDOKHXU"$GLHXORXORX DGLHXPDYLHPRQDPH PDGLYLQLWpVXUODWHUUH>«@-HVHQVIXLUGHYDQWPRLOH ULYDJHGHODYLHMHYRLVHQFRUH/XFLOHMHODYRLVPHVEUDVFURLVpVWHVHUUHQWPHV PDLQVOLpHVW·HPEUDVVHQWHWPDWrWHVpSDUpHUHSRVHVXUWRL-HYDLVPRXULU 9&
$XFK GLHVHU %ULHI KDW ZLH YLHOH DQGHUH VHLQHU $UW VHLQH $GUHVVDWLQ QLH HUUHLFKW6LHZXUGHNXU]QDFKLKUHP0DQQHEHQIDOOVKLQJHULFKWHWZLHPDQ GHQ/HVHUQGHV9LHX[&RUGHOLHUXQGGHU0LQHUYDPLWWHLOWH'LH9HU|IIHQW OLFKXQJ GHV 7H[WHV LVW LKP LQ JHZLVVHP *UDGH EHUHLWV HLQJHVFKULHEHQ *HUDGH LQ GHQ SROLWLVFKGHNODUDWRULVFKHQ 3DVVDJHQ VFKHLQW 'HVPRXOLQV QHEHQVHLQHU$GUHVVDWLQXQGGHUHQ)DPLOLHHLQEUHLWHUHV3XEOLNXPDQVSUH FKHQ ]X ZROOHQ 0DULH $QWRLQHWWHV %RWVFKDIW KlOW WURW] LKUHV ]XPHLVW LQWLPHQ 7RQV GHQ *HVWXV GHU VWDQGKDIW ZUGHYROO XQG PLW NODUHQ $Q VLFKWHQLQGHQ7RGVFKUHLWHQGHQ.|QLJLQGHUDUWDXIUHFKWGDVVKLHUEHLP 6FKUHLEHQ HEHQIDOOV HLQ 6HLWHQEOLFN DXI GLH 1DFKZHOW YHUPXWHW ZHUGHQ GDUI%HLGH$XWRUHQPXVVWHQLQLKUHUH[SRQLHUWHQ3RVLWLRQGDPLWUHFKQHQ GDVVLKUH%ULHIHVHOEVWZHQQVLHGHQ$GUHVVDWHQ]XJHVWHOOWZUGHQ'ULWWHQ LQ GLH +lQGH IDOOHQ NRQQWHQ %HLGH VHW]HQ MHQH 7UDGLWLRQ OHW]WHQ 6FKUHL EHQV IRUW GLH 3HXFHU XQG HLQLJH GHU 5HEHOV SUDNWL]LHUW KDWWHQ LQGHP VLH LKUH$EVFKLHGVEULHIH]XURIIHQZLGHUVWlQGLJHQ6HOEVWGDUVWHOOXQJJHEUDXFK WHQGLHLQWLPHPSILQGVDPHQVRZLHVHPL|IIHQWOLFKHQ&KDUDNWHUEHVD :lKUHQGGLH.|QLJLQPLW+LOIHGHVVFKULIWOLFKHQ0HGLXPVSULPlULKU 6WHUEHQLQUHOLJL|VHU+LQVLFKWVHOEVWEHVWLPPW]XJHVWDOWHQVXFKWHXQGGD EHLSROLWLVFKH$XVVDJHPLWSHUV|QOLFKHUhEHU]HXJXQJYHUVFKPRO]KLQWHU OLH GHU 5HYROXWLRQlU HLQ &KDUDNWHUELOG VHLQHU VHOEVW GDV JOHLFK]HLWLJ OHL GHQVFKDIWOLFKH/LHEHVHUNOlUXQJDQVHLQH)UDXXQGSROLWLVFKHV0DQLIHVWLVW BBBBBBBBBBBBB
'HVPRXOLQVÅ$EVFKLHGVEULHI´6
0RGHOOHGHV6SUHFKHQVXQG6FKUHLEHQVYRUGHP7RG
XQGJHUDGHDXVGLHVHU=ZLWWHUQDWXUVHLQHVSH]LHOOH:LUNXQJJHZLQQW'HQ SRVWKXPHQ(IIHNWGHU%RWVFKDIWHQSUlJWHQHUQHXWLKUH(LJHQVFKDIWHQDOV 7H[WXQG2EMHNW,QEHLGHVFKULHEVLFKGDV,QGLYLGXXPPLW%OLFNDXIGLH 1DFKZHOW HLQ ZRUDXI GLHVH WHLOV PLW lKQOLFKHQ :HUWYRUVWHOOXQJHQ XQG 6HQWLPHQWDOLWlWHQ WHLOV HLJHQHQ 1HLJXQJHQ IROJHQG UHDJLHUWH $XI XQWHU VFKLHGOLFKH :HLVH IKUHQ GLHVH 6FKUHLEHQ ]ZHLHU ]XP 7RGH 9HUXUWHLOWHU YRU LQ ZHOFKHP 9HUKlOWQLV GLH 0DFKWIOOH GHV OHW]WHQ :RUWHV ]XU 2KQ PDFKWGHV$XWRUVDQJHVLFKWVGHUlXHUHQ8PVWlQGHVWHKHQNRQQWH'LHV ELOGHWHVLFKHEHQIDOOVLPSK\VLVFKHQ=XVWDQGGHV%ULHIHVDEVHLHVLP$E EUHFKHQ XQG GHQ QDFKWUlJOLFK JHOHLVWHWHQ 8QWHUVFKULIWHQ LQ 0DULH $QWRL QHWWHV %RWVFKDIW RGHU GHQ 7UlQHQVSXUHQ E]Z GHP hEHUJDQJ YRQ GHU /LHEHV]XU6WHUEHNODJHLP%ULHI'HVPRXOLQV·:LHEHVRQGHUVGDVZHFKVHO KDIWH 6FKLFNVDO GHV %ULHIHV YRQ 0DULH $QWRLQHWWH YHUDQVFKDXOLFKW ZDUHQ $XWRULWlWXQG%HGHXWXQJOHW]WHU%ULHIHLP|IIHQWOLFKHQ'LVNXUVGHVVSlWHQ XQG IUKHQ -DKUKXQGHUWV OHW]WOLFK YRQ GHQ 7RGHVXPVWlQGHQ GHV 6FKUHLEHQGHQ HEHQVR DEKlQJLJ ZLH YRQ GHQ YHUlQGHUOLFKHQ E]Z XQWHU VFKLHGOLFKHQ(LQVWHOOXQJHQGHU/HVHU (QGOLFKEHOHJHQEHLGH)DOOEHLVSLHOHGDVVGLH%ULHIVRUWHGHP(LQIOXVV GHU 6WHUEHNQVWH XQWHUZRUIHQ EOLHE VLFK JOHLFK]HLWLJ DEHU QHXHQ 8P JDQJVZHLVHQ PLW GHU 7UHQQXQJ YRQ GHU :HOW DOWHUQDWLYHQ ,QKDOWHQ 0RGHOOHQXQG:LUNXQJVDEVLFKWHQ|IIQHWH'LH9HUSIOLFKWXQJGHU*HPHLQ VFKDIW JHJHQEHU RE LQ FKULVWOLFKHU RGHU LQ VlNXODULVLHUWHU )RUP EOLHE HUKDOWHQXQGELOGHWHVLFKLQPHKURGHUPLQGHUIHVWHQ)RUPHOQDEDXIGLH $XWRUHQKlXILJEHZXVVWRGHUXQEHZXVVW ]XUFNJULIIHQ6SUDFKOLFKULWXD OLVLHUWH6WHUEHYRUEHUHLWXQJHQNRQQWHQZLHEHL0DULH$QWRLQHWWH]XPJH QXLQHQ 6HOEVWDXVGUXFN ZHUGHQ RGHU ZLH EHL 'HVPRXOLQV 6WUXNWXU XQG 5KHWRULN HLQHV %ULHIHV HKHU DXI GHU LQKDOWOLFKHQ (EHQH SUlJHQ 6XEMHN WLYLWlWLVWLQ$EVFKLHGVZLHDQGHUHQ%ULHIHQGHU=HLWVRLOOXVWULHUHQGLHVH %HLVSLHOH DXFK RIW QLFKW JOHLFKEHGHXWHQG PLW 2ULJLQDOLWlW ZREHL VLFK VSRQWDQLGLRV\QNUDWLVFKHVXQGNRQYHQWLRQHOOHV6FKUHLEHQGXUFKDXVHUJlQ ]HQN|QQHQ (QWVSUHFKHQG ]HLWJHQ|VVLVFKHQ HSLVWRODUHQ .RQYHQWLRQHQ YHUPRFKWH GHU(LQ]HOQHSULQ]LSLHOOEHU7RQ6WLOXQG,QKDOWVHLQHV6FKUHLEHQVVHOEVW ]XHQWVFKHLGHQ'DGDV9HUIDVVHQYRQ%ULHIHQDOOHUGLQJVDQKDQGYRQYRU ELOGKDIWHQ 7H[WHQ HUOHUQW ZXUGH HLJQHWH YLHOHQ %RWVFKDIWHQ SHU VH HLQH JHZLVVH )RUPHOKDIWLJNHLW /HW]WHUH NHQQ]HLFKQHWH $EVFKLHGVVFKUHLEHQ LQEHVRQGHUHU:HLVHGD6WHUEHEFKHU²JOHLFK%ULHIOHKUHQ²GLH6FKXOXQJ DPH[HPSODULVFKHQ0RGHOOSURSDJLHUWHQ'HPHQWVSUHFKHQGNRQQWHQXQG BBBBBBBBBBBBB
(YH 7DYRU %DQQHW (PSLUH RI /HWWHUV /HWWHU 0DQXDOV DQG 7UDQVDWODQWLF &RUUHVSRQGHQFH ² &DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV 6
*OHLFK]HLWLJNHLWGHV8QJOHLFK]HLWLJHQLP-DKUKXQGHUW
VROOWHQ YRUELOGKDIWH OHW]WH %ULHIH VRZRKO 6FKUHLE ZLH 6WHUEHYHUKDOWHQ LKUHU/HVHUDQOHLWHQ $QKDQG DXVJHZlKOWHU )DOOVWXGLHQ ZHUGHQ GLH IROJHQGHQ .DSLWHO YHU GHXWOLFKHQZLHGLHVH(QWZLFNOXQJLQ$OOWDJXQG/LWHUDWXUGHV-DKUKXQ GHUWV*HVWDOWDQQDKP'DEHLZLUGDXFK]XIUDJHQVHLQ]XZHOFKHQ=ZH FNHQ UHDOKLVWRULVFKH E]Z ILNWLRQDOH $EVFKLHGVEULHIH YRQ H[HPSODULVFKHQ E]ZDOWHUQDWLYHQXQGQRQNRQIRUPHQ6FKUHLEPXVWHUQ*HEUDXFKPDFKWHQ XQGZHOFKH$UWHQYRQ6FKUHLEHQVLFKGDEHLHUJDEHQ
9RQ6WHUEHQGHQOHUQHQ $EVFKLHGVEULHIHDOV(UEDXXQJV(U]LHKXQJVXQG 7URVWOLWHUDWXU
(OL]DEHWK6LQJHU5RZHV/HWWHUV0RUDO, 7RWHQEULHIHÄGHDWKEHGUHSHQWDQFH¶ILNWLRQDOH $EVFKLHGVERWVFKDIWHQ bKQOLFK6FKLOGHUXQJHQPQGOLFKHUOHW]WHU:RUWHEHUQDKPHQ$EVFKLHGV EULHIH PLW 9RUELOGFKDUDNWHU LP -DKUKXQGHUW HUEDXOLFKH HU]LHKHULVFKH VRZLH WU|VWHQGH )XQNWLRQHQ 'LHV JDOW IU UHDOKLVWRULVFKH ZLH ILNWLRQDOH 6FKUHLEHQ )ROJWHQ VLH UHOLJL|VHQ E]Z ² LP 6LQQH VlNXODUHU 7XJHQG NRQ]HSWH ² VLWWOLFKHQ 6WHUEHLGHDOHQ SUl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lKUHQG UHOLJL|VH ,QKDOWH LP /DXIH GHV -DKUKXQGHUWV WHQGHQ]LHOO LQ GHQ +LQWHUJUXQG WUDWHQ QDKP QHEHQ $QZHLVXQJHQ ]XP PRUDOLVFK WXJHQGKDIWHQ/HEHQ GHU HPSILQGVDPH *HKDOW OHW]WHQ 6FKUHLEHQV ]X 'LH BBBBBBBBBBBBB
9JO XD >$QRQ@ Å7KH 8QIRUWXQDWH 'DXJKWHU RU &UXHO 6WHS0RWKHU´ 8QLYHUVDO 6SHFWDWRU DQG:HHNO\-RXUQDO0lU] >QLFKWSDJLQLHUW5XEULNÅ1HZV´@-RKDQQ)ULHGULFK .RQUDG&KULVWRSK-DFRELÅ9HUVXFKEHUGHQ&KDUDFWHUGHVJURVVHQ$U]WHVRGHUFULWLVFKH /HEHQVEHVFKUHLEXQJ+HUUQ'+HUPDQQ%RHUKDYHV´LQGHUV*HGDQNHQEHUGLHKHUUVFKHQGH 0RGH JURPWKLJ ]X VWHUEHQ 1HEVW HLQHU $QOHLWXQJ ]X HLQHU YHUQQIWLJHQ XQG &KULVWOLFKHQ *HPWKV YHUIDVVXQJZLHGHUGLH6FKUHFNHQGHV7RGHV+DQQRYHU5LFKWHU 6²YD6II +HQULHWWH )ULGHULNH YRQ +RKHQKDXVHQ Å/HW]WH %LWWHQ HLQHU 6WHUEHQGHQ´ 1HXH /LWWHUDWXU XQG 9|ONHUNXQGH 1RY 6² (7HWVFK Å5XKLJH %OLFNH LQ GHQ 7RG´ %HUOLQLVFKH0RQDWVVFKULIW 6² 'HU%HJULIIÄ([HPSHO¶ZLUGKLHUQLFKWDOV*DWWXQJVEH]HLFKQXQJGKDOVH[HPSOXPLP6LQQH GHU YD LP 0LWWHODOWHU EHOLHEWHQ PRUDOLVFKHQ %HLVSLHOHU]lKOXQJ YHUZHQGHW VRQGHUQ EH VFKUHLEWGHP]HLWJHQ|VVLVFKHQ6SUDFKJHEUDXFKHQWVSUHFKHQGGHQZDKUJHQRPPHQHQLGHD OLVFKHQ0RGHOOFKDUDNWHUHLQHV7H[WHVE]ZHLQHU'DUVWHOOXQJ
9RQ6WHUEHQGHQOHUQHQ
LP FKULVWOLFKHQ 6WHUEHULWXDO YHUDQNHUWH 9HUSIOLFKWXQJ ]XP ZHOWOLFKHQ $EVFKLHGXQGGHVVHQJUXQGVlW]OLFKH(OHPHQWHEHUWUXJHQVLFKLQVlNXOD ULVLHUWH .RQWH[WH $QJHVLFKWV GHU 7DWVDFKH GDVV PDQ ]ZLVFKHQPHQVFK OLFKH %H]LHKXQJHQ ]XQHKPHQG DOV LQWLPHU XQG LQWHQVLYHU ZDKUQDKP ZXUGH QXQ GLH $QWHLOQDKPH GHV 6WHUEHQGHQ DP 6FKLFNVDO GHU +LQWHU EOLHEHQHQ XQG GDPLW GLH 5ROOH GHV $EVFKLHGVEULHIHV LP /HEHQ GHU /HW] WHUHQ DQGHUV JHZLFKWHW 'LH 6WHUEHERWVFKDIW GLHQWH DOV YHUOlQJHUWHU $UP VHLQHV$XWRUVPLWGHVVHQ+LOIHGLHVHUTXDVLGHQ7RGEHUZLQGHQGQRFK SRVWKXP 7URVW $QOHLWXQJ XQG 2ULHQWLHUXQJ ]X ELHWHQ YHUPRFKWH 'HU 7H[W EOLHE VSLULWXHOOHU VRZLH YHUVWlUNW HPRWLRQDO VWW]HQGHU %HJOHLWHU GHU +LQWHUEOLHEHQHQ DXI GHQ VLH LPPHU ZLHGHU ]XUFNJUHLIHQ NRQQWHQ 'LH :LHGHUKROXQJVOHNWUH OHW]WHU %ULHIH LVW HLQ ,QGL] GDIU GDVV PDQ VLH DOV (UEDXXQJVOLWHUDWXUYHUVWDQGXQGQXW]WH(UKDOWHQGDVKHLWOHW]WOLFKXQEH UKUWYRQGHUXPVWlQGHEHGLQJWHQ.ULWLNDQOHW]WHQbXHUXQJHQHWZDDXV NULPLQHOOHURGHUDQGHUZHLWLJXQOLHEVDPHU)HGHUEOLHEHQDXFKLQVlNXODUHQ .RQWH[WHQ $XWRULWlW XQG 3DWKRV H[HPSODULVFKHU 6WHUEHZRUWH 6LH JDUDQ WLHUWHQSRVWKXPHQ%RWVFKDIWHQXQEHGLQJWH$XIPHUNVDPNHLWXQGZXUGHQ ZLH]XVHKHQVHLQZLUGLQYHUVFKLHGHQHQOLWHUDULVFKHQ*HQUHVDXIK|FKVW HIIHNWLYH:HLVHLQV]HQLHUW 'LH VWLOLVWLVFKHQ VRZLH LQKDOWOLFKHQ *UHQ]HQ ]ZLVFKHQ $OOWDJVSUD[LV XQG /LWHUDWXU ZDUHQKLQVLFKWOLFK YRUELOGOLFKHU $EVFKLHGVEULHIH EHVRQGHUV IOLHHQG7HLOZHLVHXQXQWHUVFKHLGEDUJHVWDOWHWHQVLFK)DNWXQG)LNWLRQLP GLFKWHULVFKHQ :HUN XQG LQ GHU 3ULYDWNRUUHVSRQGHQ] (OL]DEHWK 6LQJHU 5RZHV GHUHQ 7RWHQEULHIH ² QHEVW HLQLJHQ LKUHU GHXWVFKHQ $GHSWHQ ² 7UHVFKR HUZlKQWH 'LH 3RSXODULWlW ZHOFKH 5RZHV )ULHQGVKLS LQ 'HDWK LQ 7ZHQW\/HWWHUVIURPWKH'HDGWRWKH/LYLQJ JHQRVVJLEW$XVNXQIWEHU GLH %HOLHEWKHLW GLHVHU VSH]LHOOHQ 7H[WVRUWH GLH =HLWJHQRVVHQ DOV XQWHU KDOWVDPOHKUUHLFKXQGHUEDXOLFKHPSIDQGHQ'HU%DQGZXUGHLQV)UDQ ]|VLVFKHEHUVHW]WGLHHUVWHGHXWVFKH)DVVXQJODJEHUHLWVYRUDOOHLQ BBBBBBBBBBBBB
>(OL]DEHWK6LQJHU5RZH@)ULHQGVKLSLQ'HDWKLQ7ZHQW\/HWWHUVIURPWKH'HDGWRWKH/LYLQJ7R ZKLFKDUHDGGHG7KRXJKWVRQ'HDWK7UDQVODWHGIURPWKH0RUDO(VVD\VRIWKH0HVVLHXUVGX3RUW5R\DO /RQGRQ:RUDOO $XVIKUOLFKPLWÄ7RWHQEULHIHQ¶EHVFKlIWLJWVLFK0DU\.DWKOHHQ0DGLJDQÅ)RUHYHUDXIJHUXIHQDP@ )ULHGULFK*RWWOLHE.ORSVWRFN:HUNHXQG%ULHIH+LVWRULVFK.ULWLVFKH$XVJDEH$EWHLOXQJ%ULHIH,, %ULHIH ² KUVJ YRQ 5DLQHU 6FKPLGW %HUOLQ XQG 1HZ 'LVVHUWDWLRQ@ 5RZH )ULHQGVKLS LQ 'HDWK QLFKW SDJLQLHUW (V OLHJW NHLQH KLVWRULVFKNULWLVFKH $XVJDEH GHU :HUNH 5RZHV YRU QDFK 0|JOLFKNHLW ZHUGHQ KLHU (UVWDXVJDEHQ ]LWLHUW LP )DOO GHU/HWWHUV 0RUDO ZXUGH HLQH $XVJDEH JHZlKOW GLH DOOH GUHL %lQGH YHUVDPPHOW XQG ]X /HE]HLWHQ 5RZHV HUVFKLHQ 'LH 3XEOLNDWLRQVJHVFKLFKWH GHU :HUNH 5RZHV V\VWHPDWLVLHUW KDW /RUL$ 'DYLV3HUU\Å(OL]DEHWK6LQJHU5RZH² $/LWHUDU\+LVWRU\DQG&ULWLFDO$QDO\ VLV´XQYHU|IIHQWOLFKWH'LVVHUWDWLRQ]XU(UODQJXQJGHV'RNWRUJUDGHV%UDQGHLV8QLYHUVLW\ YD6² 9JO0DGLJDQÅ)RUHYHU«@ ,QHYHUZDN·GWLOO QRZ,KDYHEXWMXVWFRPPHQF·GWKHGLJQLW\RID UDWLRQDO EHLQJ ·7LOO WKLV LQVWDQW , KDG D ZURQJ DSSUHKHQVLRQ RI HYHU\ WKLQJ LQ QDWXUH , KDYH SXUVXHG VKDGRZV HQWHUWDLQ·G P\ VHOI ZLWK GUHDPV , KDYH EHHQ WUHDVXULQJ XSGXVWDQGVSRUWLQJP\VHOIZLWKWKHZLQG,ORRNEDFNRQP\SDVWOLIHDQGEXW IRUVRPHPHPRULDOVRILQIDP\DQGJXLOW·WLVDOODEODQNDSHUIHFWYDFDQF\ /0(I
'LH%ULHIILNWLRQGUDPDWLVLHUWMHQH.OlUXQJGHV%OLFNVLQKRUDPRUWLVZHOFKH GLH ]HLWJHQ|VVLVFKH (UEDXXQJVOLWHUDWXU WKHRUHWLVFK XPULVVHQ KDWWH 'LH :LUNXQJ GLHVHV (UNHQQWQLVPRPHQWV ZLUG YHUVWlUNW GXUFK GDV 0HGLXP ZHOFKHV GHQ /HVHU LQ GLH 5ROOH GHV $GUHVVDWHQ HLQWUHWHQ OlVVW XQG GDPLW LQGLUHNW]XPSHUV|QOLFK$QJHVSURFKHQHQPDFKW (LQHQ $GOLJHQ DOV VLWWHQYHUGHUEWHQ 6WHUEHQGHQ ]X VFKLOGHUQ IROJWH ]HLWJHQ|VVLVFKHQ OLWHUDULVFKHQ 6WHUHRW\SHQ XQG EHGLHQWH 6WDQGHVYRUXU WHLOH =XGHP ZDU GHU 7RSRV VSlWHU .RQYHUVLRQ ² LQ .RPELQDWLRQ PLW HLQHU $EVFKLHGVERWVFKDIW ² KLVWRULVFK PLW $GOLJHQ DVVR]LLHUW =X GHQ LP BBBBBBBBBBBBB
9JO5LFKHWWL3RSXODU)LFWLRQ%HIRUH5LFKDUGVRQ6 6R HQWKlOW GHU HUVWH %DQG GHU /HWWHUV 0RUDO GHU GLH PHLVWHQ $EVFKLHGVEULHIH DXIZHLVW 6FKUHLEHQDEHUQXUYLHU6WHUEHERWVFKDIWHQGDUXQWHU]ZHL(SLVWHOQ 9JO'DPUDXÅ(OL]DEHWK6LQJHU5RZH´6 /HW]WHUHU 7RSRV ZXUGH DXFK PLW +LOIH PQGOLFKHU OHW]WHU :RUWH SURSDJLHUW YJO XD GDV DQRQ\P SXEOL]LHUWH 3DPSKOHW 7KH &ULHV RI D :RXQGHG &RQVFLHQFH RU WKH 6RUURZIXO 6LJKV RI D 7UHPEOLQJ6LQQHUDWWKH3RLQWRI'HDWK>%LUPLQJKDP"@>R$@
9RQ6WHUEHQGHQOHUQHQ
-DKUKXQGHUW EHUKPWHVWHQ %HLVSLHOHQ JHK|UWH GHU 3RHW XQG /LEHUWLQ -RKQ:LOPRW]ZHLWHU(DUORI5RFKHVWHU² GHVVHQDQJHEOLFKHU %HNHKUXQJ YRP EHNHQQHQGHQ $WKHLVWHQ ]XP &KULVWHQ LQ OHW]WHU 0LQXWH VHLQ JHLVWOLFKHU %HLVWDQG *LOEHUW %XUQHW LQ 6RPH 3DVVDJHV RI WKH /LIH DQG 'HDWK RI WKH 5LJKW +RQRXUDEOH -RKQ (DUO RI 5RFKHVWHU HLQ EOHLEHQGHV 'HQNPDOJHVHW]WKDWWH:lKUHQGLPVSlWHQXQGIUKHQ-DKUKXQ GHUWNRQVHUYDWLYH7KHRORJHQGLHGHDWKEHGUHSHQWDQFHWHQGHQ]LHOODOVXQZLUN VDPDEOHKQWHQZXUGH5RFKHVWHUVVSlWH.RQYHUVLRQZHLWKLQDOVHLQHUGHU ZHQLJHQ HUIROJUHLFKHQ )lOOH JHZHUWHW XQG JDOW VRJDU DOV H[HPSODULVFK (LQHQWVFKHLGHQGHU*UXQGIUGLHDQHUNHQQHQGH+DOWXQJVHOEVWNULWLVFKHU =HLWJHQRVVHQ ZDU GDVV GHU (DUO VHLQH 5HXH XQG +LQZHQGXQJ ]X *RWW PHKUIDFKVFKULIWOLFKXQWHUDQGHUHPLQ%RWVFKDIWHQDQ%XUQHWXQG)UHXQ GHVRZLHLQHLQHUÅ'\LQJ5HPRQVWUDQFH´QLHGHUOHJWHXQG/HW]WHUHSXEOL ]LHUHQOLHGDPLWVLHLKUH:LUNXQJDXIDQGHUHHQWIDOWHQN|QQH 'LH $EVFKLHGVEULHIH -DPHV /H\V GHV GULWWHQ (DUO RI 0DUOERURXJK ² GHU LQ (UZDUWXQJ GHV 7RGHV LQ GHU 6FKODFKW VHLQH )UHXQGH GD]XDXIIRUGHUWHDXIGHQ3IDGGHU5HOLJLRQ]XUFN]XNHKUHQOLHIHUWHQ$Q KlQJHUQGHUGHDWKEHGUHSHQWDQFHHLQZHLWHUHVJOFNOLFKHV%HLVSLHOGDVKlXILJ JHPHLQVDPPLW5RFKHVWHUVSXEOL]LHUWZXUGH-RKQ'XQWRQV² 7KH+D]DUGRID'HDWK%HG5HSHQWDQFHWKHPDWLVLHUWHEHLGH)lOOHXQGKRE GLHSRVLWLYH:LUNXQJGHU$EVFKLHGVEULHIH/H\VDXIGHVVHQ$GUHVVDWHQDOV %HVWlWLJXQJGHVYRQLKPJHJHEHQHQ([HPSHOVKHUYRU-RVLDK:RRGZDUG ² VFKOLHOLFKGHULQ)DLU:DUQLQJVWRD&DUHOHVV:RUOG HLQH 6WHUEHERWVFKDIW0DUOERURXJKVDQ6LU+XJK3ROODUG² DEGUXFN WH RUGQHWH GHQ 7H[W LQ GHQ ]HLWJHQ|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
BBBBBBBBBBBBB
(V LVW ZDKUVFKHLQOLFK GDVV 5RZH GLHVHV %XFK NDQQWH =XPLQGHVW ZDU VLH PLW %XUQHW DOV $XWRUYHUWUDXWYJO+XJKHVÅ(OL]DEHWK5RZHDQGWKH&RXQWHVVRI+HUWIRUG´6 5REHUW*:DONHUÅ5RFKHVWHUDQGWKH,VVXHRI'HDWKEHG5HSHQWDQFHLQ5HVWRUDWLRQDQG (LJKWHHQWK&HQWXU\(QJODQG´6RXWK$WODQWLF5HYLHZ 6²KLHU6 :DONHUÅ5RFKHVWHU´6 9JO:DONHUÅ5RFKHVWHU´6 -RKQ'XQWRQ7KH+D]DUGRI$'HDWK%HG5HSHQWDQFH$UJXHG)URPWKH5HPRUVHRI&RQVFLHQFHRI :²²²²ODWH'²²²RI'²²²²ZKHQ'\LQJWKH(DUORI0DUOEXUJWKH/RUG5RFKHVWHU>«@$XI ODJH>/RQGRQ@5REHUWV 6I
7RWHQEULHIHÄGHDWKEHGUHSHQWDQFH¶ILNWLRQDOH$EVFKLHGVERWVFKDIWHQ
+RPHWRWDNHJRRG+HHGWRWKHLU6WHSVOHVWE\WKHLUWDNLQJZURQJ&RXUVHVWKH\ FRPHWRDIHDUIXODQGPLVHUDEOH(QG
/H\V %ULHI H[HPSOLIL]LHUW GDV YRQ :RRGZDUG 6NL]]LHUWH XQG ZHLVW (OH PHQWH GHU 6WHUEHNQVWH DXI )HUQDE ZHOWOLFKHU 'LQJH EHUHXW GHU $XWRU VHLQIUKHUHV/HEHQNRQ]HQWULHUWVLFKDXIGLH5HOLJLRQDOVHLQ]LJH4XHOOH ZDKUHQ 7URVWHV XQG HPSILHKOW VLH VHLQHP *HJHQEHU 'HQ %ULHI EH VFKOLHHQ HLQ *ODXEHQVEHNHQQWQLV HLQH $QUXIXQJ *RWWHV XQG 6HJHQV ZQVFKH,P1DFKVDW]ILQGHWVLFKGLHIUGHQ7RSRVGHUGHDWKEHGUHSHQWDQFH HQWVFKHLGHQGH %LWWH GHV (DUO GDV 6FKUHLEHQ QDPHQWOLFK VHLQHP Ä&RXVLQ *ODVFRFN¶VRZLHMHGHPDQGHUHQGHUHVZQVFKHYRU]XOHJHQ'HUSRWHQ WLHOOSRVLWLYH(IIHNWGHV%ULHIHVDXI'ULWWHDOVOHW]WHUVSLULWXHOOHU'LHQVWGHV 6WHUEHQGHQ ZDU7HLO GHV 5HXH XQG%XSUR]HVVHV HLQH JXWH 7DW GLH GLH %HNHKUXQJHUVWZLUNVDPXQGGDPLWJOWLJZHUGHQOLH 'DVGDPLWDVVR]LLHUWH6HQGXQJVEHZXVVWVHLQlXHUWVLFKLQGHP6FKUHL EHQ /H\V DQ *ODVFRFN DXFK LQ GHU %H]XJQDKPH GHV 9HUIDVVHUV DXI GDV 0HGLXP 'HDU &RXVLQ , ILUVW HDUQHVWO\ EHJ *RG $OPLJKW\·V 3DUGRQ DQG \RXUV IRU WKH YHU\ EDG ([DPSOHVDQGPDQ\3URYRFDWLRQVWR6LQ,KDYHJLYHQ\RX1H[W,GRPRVWKHDUWLO\GHVLUH\RX WRPDNH8VHRI\RXUUHPDLQLQJ7LPHLQEHVWRZLQJLWXSRQKLV6HUYLFHZKRRQO\FDQEH\RXU &RPIRUWDWWKHODWHU(QGZKHQDOOWKHIRUPHU3OHDVXUHVRI\RXU/LIHVKDOORQO\OHDYH$QJXLVK DQG5HPRUVH,I*RGKDGVSDU·GP\/LIHLQVWHDGRIWKLV3DSHU,ZRX·GWKUR·KLV*UDFHKDYH HQGHDYRXU·GWRKDYHEHHQDVDVVLVWIXOWR\RXLQPLQGLQJ\RXRIWUXH3LHW\DVWKH&DUHRIPLQH RZQ /LIH FRX·G KDYH HQDEOHG PH 'R QRW WKLQN WKDW 0HODQFKROO\ 9DSRXUV FDXVH WKLV ,W LV *RG·VJUHDW0HUF\WKDWE\WKLV(PSOR\PHQWKDWKPDGHPHNQRZP\VHOIIRUZKLFKKLV1DPH EHIRUHYHUSUDLVHG
'HU $EVFKLHGVEULHI XQG GHVVHQ GDXHUQGH %RWVFKDIW VLQG GLH YRQ *RWW ]XP V\PEROLVFKHQ ÄhEHUOHEHQ¶ %HVWLPPWHQ GLH GHU 6WHUEHQGH DQ VHLQHU 6WDWWDOV%HJOHLWHUGHV/HEHQGHQHLQVHW]W:LHGLH%HLVSLHOH5RFKHVWHUVXQG /H\V GHPRQVWULHUHQ ZDUHQ UHDOKLVWRULVFKH $EVFKLHGVEULHIH DOV HIIHNWLYHV 0LWWHO GHU GHDWKEHG UHSHQWDQFH EHUHLWV HLQ HWDEOLHUWHU %HVWDQGWHLO GHV (U EDXXQJVVFKULIWWXPVDOV5RZHV/HWWHUV0RUDOHUVFKLHQHQ'XUFKGLHVHXQG lKQOLFKH%HLVSLHOHZXVVWHGHU/HVHUZLHHUGHQ%ULHIGHV'XNHRI
DXV ]XOHJHQ KDWWH 'HUDUWLJH ILNWLRQDOH ZLH UHDOKLVWRULVFKH /HEHQVGRNXPHQWH GLHQWHQHLQHP=ZHFNPLW%OLFNDXIGHQMHGHQHUZDUWHQGHQ7RGDOOMHQH]X ZDUQHQGLHHLQVQGKDIWHV/HEHQIKUWHQXQGGDPLWGLH8QYHU]LFKWEDU NHLWGHV*ODXEHQV]XSURSDJLHUHQ(LQHQ+LQZHLVGDUDXIPLWZHOFKNOX JHP(UQVW$EVFKLHGVERWVFKDIWHQKLHUEHLDOV([HPSHOIXQNWLRQDOLVLHUWZXU BBBBBBBBBBBBB
-RVLDK:RRGZDUG)DLU:DUQLQJVWRD&DUHOHVV:RUOGRUWKH6HULRXV3UDFWLFHRI5HOLJLRQ5HFRPPHQ GHGE\WKH$GPRQLWLRQVRI'\LQJ0HQDQGWKH6HQWLPHQWVRI$OO3HRSOHLQ7KHLU0RVW6HULRXV+RXUV >«@/RQGRQ->RVHSK@'>RZQLQJ@ 6 :RRGZDUG:DUQLQJV6² 'XQWRQ+D]DUG6>.XUVLYLHUXQJLP2ULJLQDO@
9RQ6WHUEHQGHQOHUQHQ
GHQ JLEW :RRGZDUG GHU GHQ YRQ LKP ZLHGHUJHJHEHQHQ %ULHIWH[W HLQHU ([HJHVHXQWHU]RJXQGGLHVHPLWWKHRORJLVFKHQ=XVlW]HQYHUVDK =XQlFKVW IlOOW DXI GDVV 5RZHV ILNWLRQDOHU YRQ GHQ HUZlKQWHQ UHDOKLVWRULVFKHQ%ULHIHQVWLOLVWLVFKDEZHLFKW:lKUHQGVLFKGLHKLVWRULVFKHQ %ULHIVFKUHLEHU DXI GDV :HVHQWOLFKH NRQ]HQWULHUHQ XQG LKUH )RUPXOLH UXQJHQ ]ZDU IURPP DEHU YHUKlOWQLVPlLJ NDUJ DXVIDOOHQ VFKPFNW GLH $XWRULQLKUH%RWVFKDIWYRQ5HXHXQG*ODXEHQEHZXVVWPLWUKHWRULVFKHQ 0LWWHOQDXV6FKRQ6DPXHO-RKQVRQSULHV5RZHDOV(UVWHGLHHUIROJUHLFK GHQ9HUVXFKJHZDJWKlWWHÅWRHPSOR\WKHRUQDPHQWVRIURPDQFHLQWKH GHFRUDWLRQRIUHOLJLRQ´'DEHLQXW]WH5RZHGLH0|JOLFKNHLWHQGDV0H GLXPDOVQRFKSRVWKXPPLVVLRQDULVFKHV]XUHIOHNWLHUHQQLFKWYROODXV'LH :LUNXQJ VHLQHV 6FKUHLEHQV EHU GHQ XQPLWWHOEDUHQ (PSIlQJHU KLQDXV NPPHUW GHQ +HU]RJ ZHQLJ ]XGHP VSULFKW HU 3KLODULR NDXP GLUHNW DQ VRQGHUQ lXHUW VLFK HKHU LQ PRQRORJLVFKHVVD\LVWLVFKHU )RUP 6FKOLH OLFK VFKLOGHUW 5RZH LQ GHU )LJXU GHV +HU]RJV NHLQHQ EHNHKUWHQ =XYHU VLFKWOLFKHQVRQGHUQHLQHQ=ZHLIHOQGHQGHUKRIIWXQGPLWHLQHP]XPLQ GHVWPHKUGHXWLJHQ*UXYRQVHLQHP%ULHIJHJHQEHUVFKHLGHWÅ$GLHXP\ GHDU3KLODULR·WLOOZHPHHWLQWKHZRUOGRIVSLULWV´/0(, 5RZHVWHOOWVRGLHGHDWKEHGUHSHQWDQFHDOV2SWLRQGDUDOVOHW]WH&KDQFH ]XU 8PNHKU DEHU NHLQHVZHJV DOV *DUDQWLH 'LHVH $N]HQWXLHUXQJ OlVVW YHUPXWHQ GDVV GLH $XWRULQ LKUH /HVHU QLFKW ]X VSlWHP VRQGHUQ ]X IU KHP(LQOHQNHQDXIGHQÄULFKWLJHQ¶:HJDQUHJHQZROOWHZDVLKUHPSHUV|Q OLFKHQ %HKDUUHQ DXI OHEHQVODQJHU 6WHUEHYRUEHUHLWXQJ HQWVSUlFKH 'DVV VLFK5RZHV)LNWLRQQLFKWVGHVWRZHQLJHUODQJHQHEHQHWDEOLHUWHQ([HPSHOQ EHKDXSWHWHHQWQLPPWPDQHLQHU3XEOLNDWLRQGHUJHJUQGHWHQ5HOL JLRXV7UDFW6RFLHW\GLH5RFKHVWHUV)DOOXQGGHQ%ULHIGHV'XNHRI
LQ PLVVLRQDULVFKHU$EVLFKW]XVDPPHQIKUWH'DVVHVVLFKEHL/HW]WHUHPXP HLQHQILNWLRQDOHQ7H[WKDQGHOWEOLHEGDEHLHEHQVRXQHUZlKQWZLH5RZHV $XWRUVFKDIW²ZDV]lKOWHZDUDOOHLQGLHIURPPH%RWVFKDIW BBBBBBBBBBBBB
:RRGZDUG:DUQLQJV6² -DPHV%RVZHOO/LIHRI-RKQVRQKUVJYRQ5:&KDSPDQ2[IRUGXQG1HZ«@ %XW WKLV LV RFFDVLRQHG SDUWO\ E\ SRULQJ RYHU WKH DIIHFWLQJ ZLOO DQG SRVW KXPRXVOHWWHU:KDWDQDUP\RIWH[WVKDVVKHGUDZQXSLQDUUD\DJDLQVWPHLQWKH ODWWHU&
'LH PLOLWlULVFKH 0HWDSKHU EHOHJW HLQPDO PHKU GLH LP 1DUUDWLY DQJHOHJWH :DKUQHKPXQJGHV$EVFKLHGVEULHIHVDOVLQKlUHQWDJJUHVVLY²LQPLVVLRQD ULVFKHU $EVLFKW 'DVV GHU SRVWKXPH 7H[W /RYHODFH IRUWJHVHW]W DQJUHLIW DXFKLQGHPHUEHVWlQGLJDQ&ODULVVDVÅH[FHOOHQFH´JHPDKQWXQGGXUFKVHL QH 8QEHDQWZRUWEDUNHLW TXlOW ]HLJHQ PHKUIDFKH 9HUZHLVH GDUDXI LQ GHQ %ULHIHQGHV9HUIKUHUVDQ%HOIRUGYJO&I 'LHEULJHQ$GUHVVDWHQHPSILQGHQ]XQlFKVW6FKRFNXQG)XUFKWGDQQ 6FKXOGEHZXVVWVHLQXQG7UDXHU0DQOLHVWGLH%ULHIHPHKUIDFKOlVVWVLHLP )DPLOLHQXQG)UHXQGHVNUHLV]LUNXOLHUHQ'LHVHUHUZHLWHUWHQLQKDOWVWUHXHQ 9HUEUHLWXQJLKUHU7H[WHKDWWH&ODULVVDVHOEVW9RUVFKXEJHOHLVWHWLQGHPVLH HLJHQKlQGLJH.RSLHQGHU%RWVFKDIWHQKLQWHUOLH6LHIXQJLHUHQDOVGHU6L WXDWLRQ DQJHSDVVWH 7URVW E]Z (UEDXXQJVWH[WH ZREHL VRZRKO $XWRULQ ZLH%ULHIHDOVÅEOHVVHG´EHJULIIHQZHUGHQ& 'HUDXWRULWDWLYH BBBBBBBBBBBBB
9JODXFK+DUULV5LFKDUGVRQ6
Å+HDUPH>«@DVRQHVSHDNLQJIURPWKHGHDG´
6WDWXV GHU %ULHIH UHJW VFKOLHOLFK ]XP 9HUJOHLFK PLW GHP 7HVWDPHQW DQ YJO&II *OHLFKZRKOOlVVW5LFKDUGVRQV%HVWUHEHQXPGLIIHUHQ]LHUWH&KDUDNWHU SV\FKRORJLH LKQ DXFK GLH*UHQ]HQ DXI]HLJHQ GLH GHU:LUNXQJ VHOEVW GHV EHHLQGUXFNHQGVWHQ([HPSHOVJHVHW]WVLQG:LHGHUXPJHVWDOWHWHU=ZHLIHO DQGHU:DKUKDIWLJNHLWGHU%RWVFKDIWHQXQG]XGHP8QZLOOHGHQWHVWDPHQ WDULVFKHQ 9HUIJXQJHQ JHJHQEHU 6R PXVV &RORQHO 0RUGHQ DOV $XJHQ ]HXJH DQ &ODULVVDV 6WHUEHEHWW GHP 9DWHU EHVWlWLJHQ GDVV GLH LQ GHQ $E VFKLHGVVFKUHLEHQ DUWLNXOLHUWH *ODXEHQVIHVWLJNHLW WDWVlFKOLFK %HVWDQG KDWWH YJO & ,QGHP HU VLFK PLW /RYHODFH GXHOOLHUW JHK|UW GHU &RORQHO VHOEVW ]X MHQHQ GLH VLFK SRVWKXPHQ *HERWHQ &ODULVVDV ZLGHU VHW]HQJOHLFKZRKOEHUNRPPHQLKQGDQDFK²LP*HGHQNHQDQLKUHQ$E VFKLHGVEULHI²*HZLVVHQV]ZHLIHOYJO& =XGHQGHUDUWVLFKWEDUJHPDFKWHQ(LQVFKUlQNXQJHQSRVWKXPHU$XWR ULWlWWUHWHQDQGHUH0lQJHOVFKULIWOLFKHU$EVFKLHGVNRPPXQLNDWLRQGLH5L FKDUGVRQVSH]LILVFKPLW%OLFNDXIHPSILQGVDPH]ZLVFKHQPHQVFKOLFKH%H ]LHKXQJHQWKHPDWLVLHUW%HUHLWVYRULKUHP7RGVXFKW&ODULVVDJHWUHXGHQ DOWHQ9RUVWHOOXQJHQGHUDUVPRULHQGL'LVWDQ]6LHZQVFKWZHGHU)DPLOLHQ PLWJOLHGHU QRFK )UHXQGH EHL VLFK ]X VHKHQ ,P 9RUGHUJUXQG VWHKW GDEHL ZHQLJHU GDV /HLGHQGHU DQGHUHQ VRQGHUQ ZLHGHUXP JDQ] NRQYHQWLRQHOO GLH8QJHVW|UWKHLWLKUHUVSLULWXHOOHQ6WHUEHYRUEHUHLWXQJYJO& Å*RG ZLOO KDYH QR ULYDOV LQ WKH KHDUWV RI WKRVH KH VDQFWLILHV´ & VFKUHLEWVLH'DVFKULVWOLFKIURPPH,GHDOHUVFKHLQWKLHULQHLQHUDXV6LFKW PLWIKOHQGHU )UHXQGH RGHU $QJHK|ULJHU QLFKW PHKU ]HLWJHPlHQ EH IUHPGOLFKHQ4XDOLWlWGDHVLKUHP%HGUIQLVGHU6WHUEHQGHQ%HLVWDQG]X OHLVWHQ NHLQHQ 5DXP OlVVW 'HQ 7UDXHUQGHQ EOHLEW QXU GLH %HJHJQXQJ PLW GHQ %ULHIHQ ² XQG GHP /HLFKQDP &ODULVVDV & II 'HQGHXWOLFKVWHQ+LQZHLVGDUDXIGDVVH[HPSODULVFKHU6WHUEHYRUEHUHL WXQJZLHVLH5LFKDUGVRQV3URWDJRQLVWLQEHWUHLEWHLQHPHQVFKOLFKSUREOH PDWLVFKH6HLWHHLJQHWJHEHQ$QQD+RZHV6HOEVWYRUZUIHÅ:KRNQRZV´ UXIWVLHGHUYRULKUDXIJHEDKUWHQ/HLFKH]XÅZKRNQRZVKDG,FRPHLQ WLPHZKDWP\FRUGLDOFRPIRUWLQJVPLJKWKDYHGRQHIRUWKHH´& &ODULVVDV9HUKDOWHQEHGHXWHWHLQHQYRU]HLWLJHQQLFKWHPSILQGVDPHQ ,GHDOHQHQWVSUHFKHQGHQ5FN]XJDXVLQWLPHQDXIJHJHQVHLWLJHU)UVRUJH EHUXKHQGHQ %H]LHKXQJHQ 7URVW HUZlFKVW GHU )UHXQGLQ OHGLJOLFK DXV GHU $EVFKLHGVERWVFKDIW &ODULVVDV LQ GHU VLH LKUH 6HOLJNHLW DOV JHJHEHQ EHVFKUHLEWHEG 0LWGHQEULHIOLFKHQ$XVVDJHQVXEVWLWXLHUW$QQDLQLKUHP BBBBBBBBBBBBB
1DFK+DQQDIRUGEHGHXWHWGDV'XHOONHLQHhEHUVFKUHLWXQJVRQGHUQHLQH(UIOOXQJGHU*H ERWH&ODULVVDVGHUVÅ3OD\LQJ´6I 'LHVXQWHUVWHOOW&ODULVVDNRQNUHWH5DFKHDEVLFKWHQ XQGLJQRULHUW0RUGHQVHLJHQHQ(UNHQQWQLVSUR]HVV 9JO&
hEHUUDVFKXQJ5DFKH5FNVLFKW
'LDORJPLWGHP/HLFKQDPGHQQDXFKGHVVHQ5ROOHGDEHLZLUGDOOHUGLQJV HUQHXWGHXWOLFKGDVVGLHKHUPHWLVFKH1DWXUOHW]WHU%RWVFKDIWHQGHQ/HVHU LQHLQHSDVVLYH3RVLWLRQYHUZHLVWYJO& 1LFKW QXU GLHVH 6]HQH HULQQHUW DQ 7KHVHXV· 'LDORJ PLW GHP $E VFKLHGVVFKUHLEHQ VHLQHU )UDX lKQOLFK 3KDLGUD VXFKW &ODULVVD /RYHODFH JHJHQEHULKUHQ/HLFKQDP]XP6SUHFKHQ]XEULQJHQ=XGLHVHP=ZHFN IRUPXOLHUWVLHLP7HVWDPHQWHLQH%RWVFKDIWGLHGHP9HUIKUHUYRUJHOHVHQ ZHUGHQ VROOH IDOOV HU LKUH VWHUEOLFKHQ hEHUUHVWH VHKHQ ZROOH 0LW +LOIH LKUHVWRWHQ.|USHUVNRQVWUXLHUW&ODULVVDHLQPHPHQWRPRULGDVGHQ6FKXOG EHODGHQHQZLHGHUXP]XU5HXHEHZHJHQVROOYJO&Å7KH:LOO´ 'DV %LOG GHU VSUHFKHQGHQ /HLFKH LVW *LSIHOSXQNW HLQHU 9LHO]DKO YRQ 'LVWDQ]LHUXQJVVWUDWHJLHQ GXUFK ZHOFKH &ODULVVD HLQH GLUHNWH %HJHJQXQJ PLW /RYHODFH YHUPHLGHQ XQG LKP MHGH 0|JOLFKNHLW QHKPHQ ZROOWH VLFK LKUHV YRQ LKP VFKRQ HLQPDO JHZDOWVDP LQ %HVLW] JHQRPPHQHQ .|USHUV QRFKPDOV ]X EHPlFKWLJHQ 6FKULIWOLFKNHLW ZLUG GDEHL VR YHUGHXWOLFKW &ODULVVDVÄGUHLIDOWLJH¶$EVFKLHGVERWVFKDIWDQ/RYHODFHDOOHJRULVFKHU%ULHI SRVWKXPHV 6FKUHLEHQ 7HVWDPHQW GDV 0HGLXP PLW GHVVHQ +LOIH VLH ]X DJLHUHQ XQG ZHQQ Q|WLJ DQ]XJUHLIHQ YHUVWHKW 6SH]LHOO PLW %OLFN DXI &ODULVVDV :LGHUVDFKHU ZLUG GDPLW GHXWOLFK ZLH GLHVH OHW]WHQ 7H[WH EH ZXVVW DXV GHU 'LVWDQ] XQG EHU GLHVH KLQZHJ YHUIDVVW EHU GHQ 7RG KLQDXVSUlVHQWEOHLEHQXQGLKULQYRUKHUQLFKWGDJHZHVHQHU:HLVH+DQG OXQJVXQG'HXWXQJVKRKHLWYHUVFKDIIHQ 'LH VNL]]LHUWHQ $QVlW]H YRQ SV\FKRORJLVFKHP 5HDOLVPXV LQ 5LFKDUG VRQV 5RPDQ VHL KLHU ]XQlFKVW EHVFKOLHHQG DQJHPHUNW NRQNXUULHUWHQ OHW]WOLFK PLW GHP SlGDJRJLVFKHQ $QVSUXFK GHV $XWRUV 'LH SRVWKXPHQ %ULHIHGHULP7RGZLHDOV$XWRULQPRGHOOKDIWHQ&ODULVVDVRZLHGHUHQ:LU NXQJOLHHQVLFKOHVHQDOV(UEDXXQJVOLWHUDWXUHEHQVRZLHDOV7HLOHLQHU6WX GLH VR]LDOHQ ZLH LQGLYLGXHOOHQ &KDUDNWHUV 'LH EHZXVVWH )RUPHOKDIWLJNHLW HLQLJHUGHU7H[WHDUWLNXOLHUWHGHPWLJHV3IOLFKWEHZXVVWVHLQXQGJOHLFK]HLWLJ HLQ6WUHEHQQDFK'LVWDQ]E]Z$XWRULWlWGDVVLFKXQWHUDQGHUHPLQ&ODULV VDV5KHWRULNGHVÅQRZ´RGHUGHQ$QOHLKHQEHL7RWHQEULHIHQDXVGUFNWH =XVDPPHQ IXQJLHUWHQ GLHVH 9HUKDOWHQVZHLVHQ DOV $PELYDOHQ]HQ HU]HX JHQGH =HLFKHQ LKUHU 6HOEVWEHVWLPPWKHLW GLH GHQ $GUHVVDWHQ LQ HLQH SUL PlU SDVVLYH3RVLWLRQ UFNWHQ 'HQ EULHIOLFKHQ 6WHOOYHUWUHWHU GHV 6WHUEHQ GHQIKUWH5LFKDUGVRQDOVHEHQVRHIIHNWLYZLHGHIL]LWlUYRU(UNRQQWHGDV %HGDXHUQ HLQLJHU GHU 9HUVWRUEHQHQ QLFKW EHLJHVWDQGHQ ]X KDEHQ QLFKW DXIKHEHQVWHOOWH MHGRFK HLQH WU|VWOLFKH+DQGUHLFKXQJ GDU (U HUODXEWH HV GHU $XWRULQ SRVWKXP DXI QHXH XQG LQWHQVLYH :HLVH DXI GDV /HEHQ DQ BBBBBBBBBBBBB
%URQIHQ/HLFKH6I %URQIHQ/HLFKH6I 9JO%URQIHQ/HLFKH6I
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
GHUHU HLQ]XZLUNHQ XQG VWLH JOHLFK]HLWLJ DQ HEHQ GLHVHU 6WHOOH DXI *UHQ ]HQ
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW $EVFKLHGVEULHIHLQDXVJHZlKOWHQ:HUNHQ 6RSKLHYRQ/D5RFKHV 'LH 'LVWDQ]LHUXQJ GHV 6WHUEHQGHQ YRQ LKP 1DKHVWHKHQGHQ GLH GDPLW YHUEXQGHQH9HUODJHUXQJOHW]WHU:RUWHLQ$EVFKLHGVEULHIHXQGGHUHQSUR EOHPDWLVFKH 6HLWH HQWIDOWHWH 6RSKLH YRQ /D 5RFKH LQ PHKUHUHQ (U ]lKOXQJHQXQG5RPDQHQ]XHLQHPNRPSOH[HQ0RWLY'DEHLZDUIUGLH $XWRULQ²DQGHUVDOVEHL5LFKDUGVRQRGHU'XVFK ²QLFKWPHKUGLHVSLUL WXHOOH5XKHGHV6WHUEHQGHQDXVVFKODJJHEHQGIUGHVVHQ5FN]XJVRQGHUQ GLH YHUVWlUNW DOV WUDXPDWLVLHUHQG HPSIXQGHQH 7UHQQXQJVHUIDKUXQJ GHU +LQWHUEOLHEHQHQ 'LHVH 0RWLYYHUVFKLHEXQJ XQG GHUHQ $QELQGXQJ DQ OHW]WH %RWVFKDIWHQ ]HLJW VLFK EHHLQIOXVVW YRQ 6lNXODULVDWLRQ XQG $XINOl UXQJ HLQHUVHLWV VRZLH YRQ 3LHWLVPXV XQG ZDFKVHQGHU (PSILQGVDPNHLW DQGHUHUVHLWVVLHEHUXKWHDEHUDXFKDXIGHUSHUV|QOLFKHQ9HUOXVWHUIDKUXQJ /D5RFKHVGLHGHQIUKHQ7RGLKUHV6RKQHV)UDQ]DOV]XWLHIVWVFKPHU] OLFKHUOHEWKDWWH 6WHUEHV]HQHQ JHVWDOWHWH /D 5RFKH ]XQlFKVW NRQYHQWLRQHOO DOV /HKU VWFN XQG 'LHQVW DQ GHU *HPHLQVFKDIW RGHU JHJHEHQHQIDOOV DOV DEVFKUH FNHQGHV %HLVSLHO 'HU GLGDNWLVFKH ,PSHWXV FKULVWOLFKH[HPSODULVFKHU 'DUVWHOOXQJHQ GHU KRUD PRUWLV NDP GHU $XWRULQ GLH GXUFK /LWHUDWXU HU ]LHKHQE]ZÅQW]HQ´ZROOWHHQWJHJHQ%ORH9RUELOGKDIWLJNHLWZDUGD EHLQLFKWDOOHLQDXVVFKODJJHEHQG,Q)RUWVHW]XQJHLQHVYRP,GHDOÅWlWLJHU 7XJHQG´ JHSUlJWHQ /HEHQV REODJ HV GHP 6WHUEHQGHQ I|UPOLFK VHLQ *H JHQEHU DNWLY XQG JDQ]KHLWOLFK ]X ELOGHQ LKP HLQH OHW]WH JODXEHQV XQG OHEHQVSUDNWLVFKH /HKUH PLW DXI GHQ :HJ ]X JHEHQ E]Z VHLQ +DQGHOQ QDFKDKPXQJVZUGLJ]XJHVWDOWHQ*OHLFKZRKOPRGLIL]LHUWH/D5RFKHGLH BBBBBBBBBBBBB
9JO GD]X 6LE\OOH 6FK|QERUQ 'DV %XFK GHU 6HHOH 7DJHEXFKOLWHUDWXU ]ZLVFKHQ $XINOlUXQJ XQG .XQVWSHULRGH7ELQJHQ1LHPH\HU 6 9JO 6RSKLH YRQ /D 5RFKH (ULQQHUXQJHQ DXV PHLQHU GULWWHQ 6FKZHL]HUUHLVH 0HLQHP YHUZXQGHWHQ +HU]HQ]XU/LQGHUXQJYLHOOHLFKWDXFKPDQFKHUWUDXUHQGHQ6HHOH]XP7URVW2IIHQEDFK8:HLXQG &/%UHGH YD6I$XIGLHHQJH9HUTXLFNXQJYRQDXWRELRJUDSKLVFKHPXQGOLWHUD ULVFKHP6FKUHLEHQLP:HUNGHU$XWRULQZLUGKLHUQLFKWQlKHUHLQJHJDQJHQ(VVHLOHGLJOLFK GDUDXI KLQJHZLHVHQ GDVV /D 5RFKH GLHVH 9HUOXVWHUIDKUXQJ XD LQ ILNWLRQDOHQ 7H[WHQ JHVWDOWHWH9JOGLHV/LHEH+WWHQ=ZH\WHU7KHLO/HLS]LJ+HLQULFK*UlII 6² 6RSKLHYRQ/D5RFKHÅ$XIVDW]EHUPHLQ/HEHQ´DXV0HOXVLQHQV6RPPHU$EHQGH LQ 6RSKLH YRQ /D 5RFKH /HVHEXFK KUVJ PLW HLQHP 1DFKZRUW YRQ +HOJD 0HLVH .|QLJ VWHLQ7DXQXV+HOPHU 6²KLHU6
hEHUUDVFKXQJ5DFKH5FNVLFKW
VHV 0RGHOO KLQVLFKWOLFK ]HLWJHQ|VVLVFKHU *HVFKOHFKWHUYRUVWHOOXQJHQ ,KUH 0lQQHUILJXUHQ KDQGHOQ VHOEVWUHIOH[LY XQG EHZXVVW DOV /HKUPHLVWHU )UDXHQILJXUHQGDJHJHQZLUNHQKDXSWVlFKOLFKGXUFKLKUH7XJHQGKDIWLJNHLW 'DVVHOEH JLOWIU LKUH ILNWLRQDOHQ $EVFKLHGVERWVFKDIWHQ GLH MH QDFKGHP REVLHYRQHLQHU)UDXRGHUHLQHP0DQQYHUIDVVWE]ZDQZHLEOLFKHRGHU PlQQOLFKH$GUHVVDWHQJHULFKWHWVLQGXQWHUVFKLHGOLFKDXVIDOOHQ ,Q*HVFKLFKWHGHV)UlXOHLQVYRQ6WHUQKHLP JHVWDOWHWGLH$XWRULQHQW VSUHFKHQGGDVÅ6WHUEHEHWWHGHV*HUHFKWHQ´DOV/HKUVWXQGHIUÅHPSILQG VDPH 6HHOH>Q@´ 1RFK PLW OHW]WHU /HEHQVNUDIW DJLHUW 2EHUVW YRQ 6WHUQ KHLP XPULQJW YRQ ÅNQLHQGH>Q@ VFKOXFK]HQGH>Q@+DXVEHGLHQWHQ´ DOV (U ]LHKHU VHLQHU 7RFKWHU )6 'DV JOHLFKH 0RWLY ILQGHW VLFK VSlWHU LQ Å'HUVFKZHUPWKLJH-QJOLQJ´HLQHUGHU0RUDOLVFKHQ(U]lKOXQJHQ /D 5RFKHV %HLGH 7H[WH ODVVHQ HUNHQQHQ ZDV GDV YHUQQIWLJWXJHQGKDIWH 6WHUEHLGHDOGHU$XWRULQZHLWHUKLQLPSOL]LHUWHVWRLVFKH*HODVVHQKHLWVHOEVW EHL VWDUNHQ 6FKPHU]HQ 'HPXW GHP J|WWOLFKHQ 5DWVFKOXVV XQG WlWLJH )UVRUJH E]Z HPSILQGVDPHV 0LWOHLG GHQ +LQWHUEOLHEHQHQ JHJHQEHU 'LHVHV 0RGHOO EDVLHUWH DXI HLQHU LQ JHZLVVHP 0DH EHIULHGHWHQ 9RUVWHO OXQJ GHV 7RGHV DOV YRQ *RWW JHIJWHV QDWUOLFKHV (UHLJQLV 6- XQG EORHU Å8HEHUJDQJ LQ GDV *HELHW GHU 9ROONRPPHQKHLW ZR GLH 7XJHQG %HORKQXQJXQGGDV9HUEUHFKHQHLQHEHVVHUQGH6WUDIH]XHUZDUWHQKDW´ *HIDVVWKHLW HUZDUWHWH GHU 6WHUEHQGH GDKHU DXFK YRQ MHQHQ GLH $QWHLO QDKPHQDQVHLQHP7RG 'DV 9HUKlOWQLV JHJHQVHLWLJHU 9HUSIOLFKWXQJ YRQ 6WHUEHQGHQ XQG /H EHQGHQLQGHPGLH$XWRULWlWEHL(UVWHUHPYHURUWHWLVWEHUXKWHDXIHLQHP *HVHOOVFKDIWVPRGHOOGDVMHGHQDOV*OLHGHLQHUJHQHUDWLRQHQEHUJUHLIHQGHQ .HWWHYRQ(OWHUQ.LQGHUQ(U]LHKHUQXQG)UHXQGHQEHJULII'LHYRQGHQ +LQWHUEOLHEHQHQ DOV ZHLVXQJVIlKLJ DQHUNDQQWH )UVRUJH GHV 6WHUEHQGHQ EHGHXWHWH 7URVW XQG KDOI GLH 6WDELOLWlW GHU *HPHLQVFKDIW ZLHGHUKHU]X VWHOOHQ 'DV ]XJUXQGHJHOHJWH .RQ]HSW YRUELOGOLFKHQ 6WHUEHQV HQWVSULFKW JUXQGVlW]OLFKGHPMHQLJHQGDVGLHGHXWVFKXQGHQJOLVFKVSUDFKLJHQÅ0R UDOLVFKHQ:RFKHQVFKULIWHQ´GHV-DKUKXQGHUWVSURSDJLHUWHQ/D5RFKH ZDU²ZLHDXFK5RZH*HOOHUWRGHU5LFKDUGVRQ²HLQHHLIULJH/HVHULQGHV BBBBBBBBBBBBB
6RSKLH YRQ /D 5RFKH *HVFKLFKWH GHV )UlXOHLQV YRQ 6WHUQKHLP KUVJ YRQ %DUEDUD %HFNHU &DQWDULQR6WXWWJDUW5HFODP 6)RUWDQ]LWLHUWDOV)6JHIROJWYRQGHU6HLWHQ]DKO 6RSKLH YRQ /D 5RFKH Å'HU VFKZHUPWKLJH -QJOLQJ´ LQ GLHV 0RUDOLVFKH (U]lKOXQJHQ GHU )UDX 9HUIDVVHULQ GHU 3RPRQD (UVWH 6DPPOXQJ 6SHLHU (QGHUHV 6² KLHU 6 )RUWDQ]LWLHUWDOV6-JHIROJWYRQGHU6HLWHQ]DKO 6RSKLH YRQ /D 5RFKH 5RVDOLH XQG &OHEHUJ DXI GHP /DQGH 2IIHQEDFK 8:HL XQG &/%UHGH 6)RUWDQ]LWLHUWDOV5&JHIROJWYRQGHU6HLWHQ]DKO 9JOGD]XDXFK6RSKLHYRQ/D5RFKHÅ0L.HU\XQG6RSKLH*DOOHQ´LQGLHV0RUDOLVFKH (U]lKOXQJHQGHU)UDX9HUIDVVHULQGHU3RPRQD=ZH\WH6DPPOXQJ6SHLHU(QGHUHV 6² KLHU6
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
6SHFWDWRUGHULKUHVFKULIWVWHOOHULVFKH7lWLJNHLWQDFKHLJHQHU$XVVDJHQDFK KDOWLJEHHLQIOXVVWH 1HEHQGHUHUZlKQWHQ6WHUEHV]HQHHQWKlOWGLH*HVFKLFKWHGHV)UlXOHLQVYRQ 6WHUQKHLP ]ZHL LQ 7RGHVHUZDUWXQJ YHUIDVVWH $EVFKLHGVWH[WH 'HQ 9HU PlFKWQLVEULHI ÅDQ GHQ 3IDUUHU ]X 6
´ GHV 2EHUVW GHQ GLHVHU ZHQLJH :RFKHQ YRU VHLQHP /HEHQVHQGH VFKUHLEW VRZLH GDV DOV 6WHUEHERWVFKDIW IXQJLHUHQGH 7DJHEXFK 6RSKLHV GDV LQ GHQ ÅVFKRWWLVFKHQ %OH\JHEUJHQ´ HQWVWHKW )6 (UVWHUHU 7H[W NQGHW YRQ +DOWXQJ XQG %HVRUJQLVVHQ GHV $XWRUV LQ KRUD PRUWLV 1HEHQ HUIOOWHQ 9HUSIOLFKWXQJHQ XQG GHU $XV VLFKW DXI HLQH :LHGHUYHUHLQLJXQJ PLWVHLQHU YHUVWRUEHQHQ )UDXSUlJW YRU DOOHP YlWHUOLFKH )UVRUJH GDV 6FKUHLEHQ 'HP $GUHVVDWHQ EHUWUlJW GHU 2EHUVWVHLQH3IOLFKWHQDOV9DWHUVRZLH/HKUHUGHU7RFKWHU'DEHLHQWZLUIW HUHLQ&KDUDNWHUELOG6RSKLHVDOVVRZRKOZROOHQGXQGHPSILQGVDPGDVV]X EHIUFKWHQVHLVLHN|QQHHLQHV7DJHVGHUÅ6FKHLQWXJHQG´HLQHV0DQQHVHU OLHJHQ)6 'LHVH%HPHUNXQJDQWL]LSLHUWGHQZHLWHUHQ+DQGOXQJVYHU ODXIGHV5RPDQVXQGYHUNQSIWVXEWLOGLH$EVFKLHGVERWVFKDIWGHV9DWHUV PLWMHQHUGHU7RFKWHU,QGHU]ZLVFKHQGHQ6FKUHLEDNWHQYHUVWUHLFKHQGHQ =HLW IlOOW VLH 'HUE\V 7lXVFKXQJHQ ]XP 2SIHU QLPPW GHQ VSUHFKHQGHQ 1DPHQÄ0DGDPH/HLGHQV¶DQXQGHUZDUWHWVFKOLHOLFKHQWIKUWXQGXQWHU HUElUPOLFKHQ 8PVWlQGHQ JHIDQJHQ JHKDOWHQ GDVV LKU /HEHQ HLQ (QGH QHKPH 'DV7DJHEXFKlKQHOWGHP$EVFKLHGVEULHIDXFKIRUPDOGDHV6RSKLHV GXUFKGLH(QWIKUXQJXQWHUEURFKHQH%ULHINRPPXQLNDWLRQPLWLKUHU9HU WUDXWHQ (PLOLD IRUWVHW]W 6RSKLH VSULFKW LKU *HJHQEHU GLUHNW DQ EOHLEW VLFK GHU ]HLWUlXPOLFKHQ 'LVWDQ] ]ZLVFKHQ 1LHGHUVFKULIW XQG /HNWUH VFKPHU]OLFK EHZXVVW 'DV VR HQWVWHKHQGH 'LDORJWDJHEXFK LVW ZLH GHU %ULHIDOVSHUV|QOLFKH$XI]HLFKQXQJVIRUPGXUFKGLHSLHWLVWLVFKH7UDGLWLRQ GHU 6HOEVWHUIRUVFKXQJ XQG HQWKOOXQJ EHHLQIOXVVW 'HV (UVWJHQDQQWHQ (LJHQVFKDIW DOV Å6WHOOYHUWUHWHU´ Å9HUPlFKWQLV´ E]Z Å7HVWDPHQW´ QXW]WH DXFK*HOOHUWLQGHU6FKZHGLVFKHQ*UlILQQDOVHUGLH3URWDJRQLVWLQGHPDOWHQ *UDIHQ NXU] YRU VHLQHP 7RG DXV GHVVHQ 7DJHEXFK YRUOHVHQ OLH 'DVV 0DGDPH /HLGHQV LKUH $XI]HLFKQXQJHQ HEHQIDOOV LQ GLHVHP 6LQQH EHJULII ]HLJWGLH:LGPXQJGHV7H[WHVDQ(PLOLD BBBBBBBBBBBBB
9JO XD 6RSKLH YRQ /D 5RFKH+HUEVWWDJH /HLS]LJ +HLQULFK *UlII 6I YJO 0L FKDHO 0DXUHU $XINOlUXQJ XQG $QJORSKLOLH LQ 'HXWVFKODQG *|WWLQJHQ XQG =ULFK 9DQGHQ KRHFN 5XSUHFKW 6:ROIJDQJ0DUWHQV'LH%RWVFKDIWGHU7XJHQG'LH$XINOlUXQJ LP 6SLHJHO GHU GHXWVFKHQ PRUDOLVFKHQ :RFKHQVFKULIWHQ 6WXWWJDUW 0HW]OHU 6² EH VRQGHUV6 9JO6RSKLHYRQ/D5RFKH0HLQ6FKUHLEHWLVFK$Q+HUUQ*53LQ'%GH/HLS]LJ+HLQ ULFK*UlII ,,6]LWLHUWQDFK0DXUHU$XINOlUXQJ6 9JO6FK|QERUQ7DJHEXFKOLWHUDWXU6² 6FK|QERUQ7DJHEXFKOLWHUDWXU6 9JOKLHU]XXD)6
hEHUUDVFKXQJ5DFKH5FNVLFKW
$EHUNRPPGLHVH%OlWWHUVROOHQGLUJHZHLKHWVHLQ9RQ-XJHQGDXIHUJRVVHQVLFK PHLQHJHKHLPVWHQ(PSILQGXQJHQLQGHLQWUHXHV]lUWOLFKHV+HU]GHU=XIDOONDQQ GLHVH3DSLHUHHUKDOWHQVLHN|QQHQGLUQRFK]XNRPPHQXQGGXVROOVWGDULQVHKHQ GD PHLQ +HU] GLH 7XJHQG GHV GHLQLJHQ XQG VHLQH *WH IU PLFK QLHPDOV YHUJHVVHQKDW9LHOOHLFKWEHQHW]WHLQVWHLQH=lKUHGHLQHUIUHXQGVFKDIWOLFKHQ/LHEH GLHVHhEHUEOHLEVHOGHLQHUXQJOFNOLFKHQ6RSKLH)6I
,Q 7RGHVHUZDUWXQJ HUNOlUW 6RSKLH GDV 7DJHEXFK ]XP 6XEVWLWXW LKUHU VHOEVW PLW GHVVHQ +LOIH VLH GLH $EZHVHQKHLW LKUHV *HJHQEHUV NRPSHQ VLHUW ² DXFK GLHV HLQ W\SLVFKHU *HVWXV GHU ]HLWJHQ|VVLVFKHQ %ULHINXOWXU 'DEHL VWHOOW /D5RFKH GHQ7H[W QLFKW QXU DOV 6WHOOYHUWUHWHU GDU PLW GHP GHU /HVHU ]XGHP SK\VLVFK LQWHUDJLHUHQ NDQQ VRQGHUQ DOV TXDVLN|USHU OLFKHQ 7HLO GHU $XWRULQ =X %HJLQQ LKUHU *HIDQJHQVFKDIW KDWWH 6RSKLH GHQQ DXFK EHU LKUH $XI]HLFKQXQJHQ JHVSURFKHQ DOV VHLHQ GLHVH VHOEVW EHOHEWÅ'LHVH%OlWWHUZHUGHQPLWPLUVWHUEHQXQGYHUZHVHQQLHPDQGDOV PHLQ 9HUIROJHU ZLUG PHLQHQ 7RG HUIDKUHQ XQG HU ZLUG IURK VHLQ GLH =HXJQLVVH VHLQHU 8QPHQVFKOLFKNHLW PLW PLU EHJUDEHQ ]X ZLVVHQ´ )6 'DV7DJHEXFKDOVOHW]WHU/HEHQVEHULFKWZLUGKLHU²H[SOL]LWHUDOVEHL &ODULVVDVÅSRVWKXPRXVOHWWHUV´²YHUNQSIWPLWGHP6FKZLQGHQGHUN|U SHUOLFKHQ hEHUUHVWH GHV )UlXOHLQV ,P /DXIH LKUHV 6FKUHLEHQV EHUWUlJW 6RSKLH LKUHP 7H[W VR HLQH )OOH YRQ )XQNWLRQHQ 6R VROO HU 6WHUEH 7UDXHU XQG (ULQQHUXQJVRUW VHLQ *HIl IU *HLVW *HIKO XQG 7UlQHQ SDSLHUQHU.|USHU*UDEVWHOOH 'LH LP 7DJHEXFK SURWRNROOLHUWH VFKHLQEDU ILQDOH /HEHQVSKDVH LKUHU )LJXU LQV]HQLHUW /D 5RFKH DOV ÅOHW]WH 3UREHVWXQGH´ *RWWHV ,Q GLHVHP 9HUVWlQGQLV HQWVFKORVVHQ LKUH 6LWXDWLRQ XQG GHQ 7RG ]X DN]HSWLHUHQ YHUZLUNOLFKW6RSKLHGDV,GHDOVHOEVWORVHU7XJHQG'HUGDPLWHLQKHUJHKHQ GH 3UR]HVV YRQ 6HOEVWHUNHQQWQLV GHPRQVWULHUW GHQ GLGDNWLVFKHQ .HUQ JHGDQNHQGHV5RPDQVQlPOLFKGDVV%LOGXQJXQG(U]LHKXQJGLHHLQ]LJHQ EHU]HLWOLFKHQ *WHU XQG GDKHU *UXQGODJH PHQVFKOLFKHU *OFNVHOLJNHLW VHLHQ)6YJODXFK 6FKULIWDOV0HGLXPGHU.RQVWLWXWLRQXQG 6LFKWEDUPDFKXQJGHV6XEMHNWV XQG7RGDOV9RUDXVVHW]XQJUHIOHNWLHUWHQ 6HOEVWEHZXVVWVHLQV WUHIIHQ LP 7DJHEXFK ]XVDPPHQ XQG ODVVHQ GDV %LOG HLQHU LQGLYLGXHOOHQ 3HUV|QOLFKNHLW HQWVWHKHQ 'DEHL ZLUG GDV YHULQQHU OLFKWH /HEHQVHQGH HUQHXW ]XP 8UVSUXQJ VXEMHNWLY XQDEKlQJLJHQ IUHLHQ XQGEHZXVVWDXWRULWDWLYHQ+DQGHOQV'DV)UlXOHLQEHUQLPPWGLH$XWRU VFKDIW LKUHU /HEHQVJHVFKLFKWH 'DV VLFK HUJHEHQGH %LOG EOHLEW DOOHUGLQJV DPELYDOHQW 6RSKLHV &KDUDNWHU ZLUNW LQ JHZLVVHP *UDG HPDQ]LSLHUW XQG HQWVSULFKW JOHLFK]HLWLJ GHP SURSDJLHUWHQ 7XJHQGLGHDO ² ZLUG ]XU ÅOHKU BBBBBBBBBBBBB
9JO$OEUHFKW.RVFKRUNH.|USHUVWU|PHXQG6FKULIWYHUNHKU0HGLRORJLHGHV-DKUKXQGHUWV0Q FKHQ)LQN XD6II 9JOGD]X/HVHEXFK6VRZLH)6 9JO6FK|QERUQ7DJHEXFKOLWHUDWXU6
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
UHLFKHQ´)LJXU)6 bKQOLFKDQGHUHQ$XWRUHQDOOHQYRUDQ5LFKDUGVRQ PLWVHLQHU&ODULVVDVWHOOW/D5RFKHHLQHHLJHQZLOOLJH6FKPHU]HQVIUDXGDU GHUHQ /HLGHQVJHVFKLFKWH VLFK LQV 5HOLJL|VH YHUOlQJHUQ OlVVW E]Z DQ UHOLJL|VH(U]lKOPXVWHUHULQQHUW 'LHVHV GXUFKDXV ]ZHLGHXWLJH &KDUDNWHUELOG GDV (OHPHQWH GHV DXIJH NOlUWHQ0HQVFKHQELOGHVPLW]HLWJHQ|VVLVFKHU3V\FKRORJLHYHUTXLFNWSUlJW DXFKGLHOHW]WHQDXIGHPYHUPHLQWOLFKHQ6WHUEHEHWWEHVFKULHEHQHQ7DJH EXFKVHLWHQ ,P *HEUDXFK JlQJLJHU $EVFKLHGVIRUPHOQ lKQHOQ GLHVH ]HLW JHQ|VVLVFKHQOHW]WHQ%ULHIHQ(UZDUWXQJVJHPlHUIOOHQ*HODVVHQKHLWXQG 9RUIUHXGH0DGDPH/HLGHQV6FKUHLEHQ)6I (LQHP*HLVWOLFKHQYHU WUDXWVLHLKUH3DSLHUHDQXQGOHJWXQJHIUDJWHLQÅ%HNHQQWQLV>LKUHU@*UXQG VlW]H´DE)6 Å1DFKWVXPQHXQ8KU´EHJLQQWVLHVFKOLHOLFKHLQHQ7D JHEXFKHLQWUDJYRQGHPVLHJODXEWHUZHUGHGHUOHW]WH VHLQÅ'DVOHW]WH PDOPHLQH(PLOLDKDEHLFKPHLQHVFKZDFKHQHQWNUlIWHWHQ$UPHQDFKGHU *HJHQG DXVJHVWUHFNW ZR 6LH ZRKQHQ *RWW VHJQH 6LHXQG EHORKQH ,KUH 7XJHQGXQG,KUH)UHXQGVFKDIWJHJHQPLFK´)6 7HVWDPHQWDULVFKH 9HUIJXQJHQ IROJHQ GLH ZLHGHUXP GHQ LGHDOW\SLVFKHQ &KDUDNWHU GHV )Ul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|SIHLKUHP6FK|SIHU]XUFNJHJHEHQGDLFK]lUWOLFK PHLQH)UHXQGHJHVHJQHWXQGDXIULFKWLJPHLQHQ)HLQGHQYHUJHEHQKDEHHEG
*OHLFK&ODULVVDLQV]HQLHUWGLH6WHUEHQGHQLFKWQXUGDV(QGHLKUHU/HEHQV HU]lKOXQJ VHOEVW VRQGHUQ VXFKW JOHLFK]HLWLJ GHUHQ 9HUEUHLWXQJ ]X UHJHOQ (PLOLDV YHUWUDXWH /HVHU XQG =HXJHQVFKDIW LVW GDIU HQWVFKHLGHQG ²PLW HLQHU JDQ] VSH]LILVFKHQ $XVQDKPH 'HU DOOHUOHW]WH /HEHQVPRPHQW PXVV XQGVROOHLQXQJHWHLOWHUEOHLEHQ 6LH KDEHQ DXFK PLFK EOKHQ XQG ZHONHQ JHVHKHQ QXU GDV OHW]WH 1HLJHQ PHLQHV +DXSWVXQGGHQOHW]WHQ6HXI]HUPHLQHU%UXVWHQW]RJGDV6FKLFNVDO,KUHP%OLFN² (VLVWJXWPHLQH(PLOLDGXZUGHVW]XYLHOOHLGHQZHQQGXPLFKVHKHQN|QQWHVW
BBBBBBBBBBBBB
9JO(YD'%HFNHU'HUGHXWVFKH5RPDQXP6WXWWJDUW0HW]OHU 6 6RKDWHWZD%HUQG+HLGHQUHLFKYRUJHVFKODJHQGUHL/HEHQVVWDWLRQHQ6RSKLHVGKGLH5HVL GHQ]GDV%OH\JHEUJHXQG6H\PRXUKRXVHLP6LQQHGHVFKULVWOLFKHQ0\WKRV]XGHXWHQDOV 9HUVXFKXQJ (UQLHGULJXQJ XQG (UK|KXQJ GHUV 6RSKLH YRQ /D 5RFKH ² HLQH :HUNELRJUDSKLH )UDQNIXUWD0 /DQJ 6 :HLWHUH'HWDLOV ZLH EHLVSLHOVZHLVH GDVV 6RSKLHZLH VSlWHU:HUWKHU YRPÅ.HOFK>LKUHV@/HLGHQV´VSULFKWRGHULKUHÅ:LHGHUDXIHUVWHKXQJ´)6 VSUHFKHQHEHQIDOOVIUHLQHFKULVWOLFKH/HVDUW
hEHUUDVFKXQJ5DFKH5FNVLFKW
²'HU*UXQGPHLQHU6HHOHLVWODXWHU5XKHLFKZHUGHVDQIWHLQVFKODIHQGHQQGDV 9HUKlQJQLVKDWPLFKPGHVHKUPGHJHPDFKW/HEHZRKOEHVWHIUHXQGVFKDIW OLFKH6HHOHODGHLQH7UlQHQXPPLFKUXKLJVHLQZLHGLHGLHXPGLFKLQPHLQHQ WUEHQ$XJHQVFKZLPPHW²²²HEG
'LH'LVWDQ]]ZLVFKHQGHQ)UHXQGLQQHQEHUXKW]ZDUQLFKWDXIHLQHU(QW VFKHLGXQJGHU6WHUEHQGHQZLUGYRQLKUMHGRFKSRVLWLYEHZHUWHW'DV0LW HUOHEHQ HUVHW]W HLQH YRQ LKU YHUIDVVWH VDQIWH )LNWLRQ GHV HLJHQHQ 7RGHV GLH=HXJHQVFKDIWOHGLJOLFKVXJJHULHUWXQGGHP*HJHQEHUGHUDUW/HLGHU VSDUHQ ZLOO 'LHVH 6FKLOGHUXQJ XQWHUOlXIW .RQYHQWLRQHQ FKULVWOLFKH[HP SODULVFKHQ6WHUEHQVE]ZGHVVHQ'DUVWHOOXQJLQVRIHUQDOVGHUHQOHKUKDIWH :LUNXQJXQWHUDQGHUHPDXIGHPXQPLWWHOEDUHQ(UOHEHQXQGGHU5HDNWLRQ GHU $QZHVHQGHQ IXW 'DV 7DJHEXFK 6RSKLHV PDFKW GHQ DEZHVHQGHQ 7RGOHGLJOLFKLQDEJHPLOGHUWHU)RUPÄOHVEDU¶XQGHUP|JOLFKWlKQOLFK&OD ULVVDV$EVFKLHGVEULHIHQÄ7UDXHUDUEHLW¶ ,Q VSlWHUHQ 5RPDQHQ XQG(U]lKOXQJHQ HQWZLFNHOWH /D 5RFKH GLHVHV 0RWLY ZHLWHU ,Q Å*HVFKLFKWH YRQ 0LVV /RQ\´ HWZD YHUKHLPOLFKW GLHWRGNUDQNH3URWDJRQLVWLQZLHHVXPVLHVWHKWXQGEHJLQQWGHV1DFKWV LQDOOHU6WLOOH$EVFKLHGVEULHIHDQ$QJHK|ULJHXQG)UHXQGH]XYHUIDVVHQ 'LH7lWLJNHLWVFKZlFKWLKUHQ.|USHU,QGHPGLH6FKULIWZlFKVWVFKZLQGHW GLH6FKUHLEHQGH,QUDGLNDOHUHU)RUPDOVHWZDEHL0DGDPH/HLGHQVLVWKLHU ]X EHREDFKWHQ ZLH 7RG XQG $XWRUVFKDIW VLFK JHJHQVHLWLJ EHGLQJHQ XQG I|UGHUQ N|QQHQ =XGHP YROO]LHKHQ VLFK EHLGH LP 9HUERUJHQHQ $OV /RQ\VSUWGDVVLKUOHW]WHU/HEHQVDXJHQEOLFNJHNRPPHQLVWEHPKWVLH VLFK LKUH 6FKPHU]HQ QLFKW ]X ]HLJHQ 2EZRKO (KHPDQQ )UHXQGH XQG 9HUZDQGWHGLH6WHUEHQGHLQGLHVHP0RPHQWXPULQJHQEHPHUNWQLHPDQG DXHU LKUHP $U]W GHU DOV (LQ]LJHU XP GLH (UQVWKDIWLJNHLW LKUHU (UNUDQ NXQJZHLXQGLKUH*HODVVHQKHLWLP/HLGHQEHZXQGHUW0/I GDVV GLH MXQJH )UDX QLFKW HLQJHVFKODIHQ VRQGHUQ ÅDXV GHP LUGLVFKHQ LQ GDV KLPPOLVFKH 3DUDGLHV´ EHUJHJDQJHQ LVW 0/ 'DV (UNHQQHQ VHW]W YHU]|JHUWHLQ,KU0DQQGHUVLHEHWUDFKWHWKDWWHRKQH]XEHJUHLIHQZDV HUVDKVFKULFNWSO|W]OLFKDXI'DV%HPKHQGHV$U]WHVLKQ]XEHUXKLJHQ XQG GLH 7RWH DOV 6FKODIHQGH DXV]XJHEHQ LKUHQ .|USHU HUVW PLW VHLQHP +XWGDQQPLWHLQHP6FKOHLHU]XYHUKOOHQVFKHLWHUWDQGHUPLW+HIWLJNHLW JHZLVVZHUGHQGHQ$KQXQJGHV*DWWHQGLHVFKOLHOLFKDOOHXPLKQHUJUHLIW YJOHEG BBBBBBBBBBBBB
6RSKLH YRQ /D 5RFKH Å*HVFKLFKWHYRQ 0LVV /RQ\´ LQ/HVHEXFK KUVJ YRQ +HOJD 0HLVH 6²KLHU6)RUWDQDEJHNU]WDOV0/JHIROJWYRQGHU6HLWHQ]DKO 9JO+HOJD0HLVH'LH8QVFKXOGXQGGLH6FKULIW'HXWVFKH)UDXHQURPDQHLP-DKUKXQGHUW%HUOLQ XQG0DUEXUJ*XWWDQGLQ +RSSH 60HLVHYHUZHLVWKLHUDXI%HFNHU5RPDQ 6 GLH GLH 5ROOH GHV 6WHUEHODJHUV DOV 2UW GHV 6FKUHLEHQV LQ 5RPDQHQ GHV VSlWHQ -DKUKXQGHUWVGLVNXWLHUW
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
,GHDOLVLHUWH*HODVVHQKHLWXQG5FNVLFKWQDKPHODVVHQEHL/D5RFKHVR GHQ 7RG IU XQJHVFKXOWH $XJHQ VDQIW XQG DQPXWLJ HUVFKHLQHQ ²XQG GDPLW XQVLFKWEDU ZHUGHQ 'DKHU YHUIHKOHQ DXFK /RQ\V OHW]WH :RUWH GLH EOLFKH:LUNXQJYJOHEG 'UDPDWLVFKH,URQLHPDFKWGLH6WHUEHV]HQHIU GHQ /HVHU DXI KLQWHUJUQGLJH :HLVH WUDQVSDUHQW HLQGUFNOLFK XQG UK UHQG'HU7RGNRPPWQLFKWGHUXQWHUDQGHUHPYRQ/HVVLQJSURSDJLHUWHQ bVWKHWLNHQWVSUHFKHQGHLQIDFKDOVÅ=ZLOOLQJVEUXGHUGHV6FKODIHV´GDKHU VHLQH6DQIWKHLWEHUXKWDOOHLQDXI6HOEVWEHKHUUVFKXQJ'DVVDQGHUHUVHLWVGLH EHZXVVW GXUFKOHEWH :DKUQHKPXQJ GHV 6WHUEHYRUJDQJV IU GLH +LQWHU EOLHEHQHQ HVVHQWLHOO JHZHVHQ ZlUH YHUGHXWOLFKW GLH VLFK XQPLWWHOEDU DQ VFKOLHHQGH 6]HQH 'HU (KHPDQQ KHEW GHQ 6FKOHLHU DXI ZHOFKHU VHLQH WRWH )UDX EHGHFNW ÅXQG>VDJW@ LQ HLQHP7RQGHU DOOH VFKDXHUQ PDFKW>²@ Ä,FK PX GLFK QRFK VHKHQ /RQ\¶´ 0/ 'LHVH LQ IDWDOHU :HLVH YHUVSlWHWH .RPPXQLNDWLRQ PLW GHU /HLFKH GHU *HOLHEWHQ LOOXVWULHUW ZLH VHKUHVGHQ*DWWHQQDFKHLQHPSHUV|QOLFKHQ$EVFKLHGYHUODQJW/D5RFKH OlVVW GHQ /HVHU GHQ 3UR]HVV GHV 9HUEHUJHQV DOV EHVRQGHUV EHZXQGHUQV ZHUW HUNHQQHQ IKUW DEHU DXFK GHVVHQ .RVWHQ YRU 'DV %HPKHQ GLH +LQWHUEOLHEHQHQ ]X VFKRQHQ EHUDXEW VLH GHU 0|JOLFKNHLW GHQ OHW]WHQ HQWVFKHLGHQGHQ/HEHQVDXJHQEOLFNGHU6WHUEHQGHQWHLOHQ]XGUIHQ:LHLQ &ODULVVDEHGHXWHWGHULP9RUKLQHLQYHUVFKULIWOLFKWH$EVFKLHGQLFKWQXUHLQH DQWL]LSLHUWHVRQGHUQ]XGHPHLQH7UHQQXQJYRUGHU=HLW'HUOHW]WH%ULHI DOV6WHOOYHUWUHWHUGHV7RWHQNDQQGHQ$GUHVVDWHQGDV(UOHEHQQLFKWHUVHW ]HQXQGLVWZHQQPDQLKQ²ZLH7KHVHXVRGHU$QQD+RZH²GDUDXIDQ VSULFKWIDVWHEHQVRVFKZHLJVDPZLHGLH/HLFKHGHUHQJHLVWLJH*HVWDOWHU DP/HEHQHUKDOWHQVROO7URW]GHPGHU7H[WGLHVH(UNHQQWQLVSUlVHQWLHUW EOHLEW EHL /D 5RFKH GLH 1XW]DQZHQGXQJ GHU 6WHUEHV]HQH LP 6LQQH GHV 7XJHQGLGHDOVHUKDOWHQ'LH*HPHLQVFKDIWHUNOlUW/RQ\V*HODVVHQKHLW]XP 9RUELOGXPGLHHLJHQH7UDXHU]XEHZlOWLJHQ0/ /RQ\V LQV 6FKULIWOLFKH YHUODJHUWH 6WHUEHNRPPXQLNDWLRQ EHVWlWLJW VFKOLHOLFKGHQLGHDOLVFKHQ(LQGUXFNGHQGDVYRUKHUJHKHQGH1DUUDWLYYRQ LKUHP &KDUDNWHU HQWZLFNHOW KDWWH ,KU DQ GLH 9HUZDQGWHQ XQG )UHXQGH JHULFKWHWHU Å$XIVDW]´EHZHLVW1lFKVWHQOLHEH1HEHQ JHPHLQQW]LJHQ WHV WDPHQWDULVFKHQ 6WLIWXQJHQ EHJUQGHW /RQ\ (PSILQGVDPNHLW XQG SUDNWL VFKH 7XJHQG YHUNQSIHQG HLQHQ QW]OLFKHQ $QGHQNHQNXOW =X GHQ SHU V|QOLFKHQ(UEE]Z(ULQQHUXQJVJHJHQVWlQGHQZHOFKHVLHYHUVFKLHGHQHQ 3HUVRQHQ ]XVSULFKW JHK|UHQ 3DVVDJHQ DXV LKUHP 7DJHEXFK ZDV GHQ 9HUPlFKWQLVFKDUDNWHUGLHVHU)RUPHUQHXWEHWRQW VRZLH$EVFKLHGVEULHIH /HW]WHUH ZHUGHQ OHGLJOLFK HUZlKQW LKU H[HPSODULVFKHU ,QKDOW QXU NXUVR ULVFKZLHGHUJHJHEHQ6LHHQWKDOWHQ'DQNXQG6HJHQVZQVFKH=HLFKHQGHU
BBBBBBBBBBBBB
*RWWKROG(SKUDLP /HVVLQJ :LH GLH$OWHQGHQ 7RG JHELOGHW LQGHUV:HUNH XQG %ULHIH %GHKUVJYRQ:LOIULHG%DUQHUXD)UDQNIXUWD0'HXWVFKHU.ODVVLNHU9HUODJ² 9,:HUNH²KUVJYRQ.ODXV%RKQHQ 6²KLHU6
hEHUUDVFKXQJ5DFKH5FNVLFKW
)UHXQGVFKDIW /LHEH XQG )UVRUJH (QWVFKXOGLJXQJV XQG 9HUV|KQXQJV JHVWHQGUFNHQ/RQ\V9RUIUHXGHDXIHLQ:LHGHUVHKHQLP-HQVHLWVDXVYJO 0/II Å$P(QGHGHV$XIVDW]HV´ZLUGEHULFKWHW QDKPVLH$EVFKLHGYRQGHUVFK|QHQ1DWXUIUHXWHVLFKEHUGLHVWLOOHVFKPHU] IUHLH1DFKWZRULQVLHVFKULHEHXQGEHUGLH0RUJHQU|WHGLHVLHQRFKYRUGHP $QEOLFNGHVHZLJHQ7DJHVEHULKUHPWWHUOLFKH(UGHVLFKYHUEUHLWHQVHKHÄ+HUU OLFKH*HILOGH%OKHQGYHUODVVHLFKHXFKPLWDOOHQGHQ+RIIQXQJHQGHVHGHOVWHQ *OFNV ZHOFKH GHQ :HJ PHLQHV /HEHQV YRU PLU VFKPFNWHQ 5HGDOO PHLQ *H PDKO0HLQH7DQWH&KDUORWWH/DG\0DWKLOGH$VKO\²XQGPHLQ/HKUHU6LPRQV 'DV %LOG HXUHU 9HUGLHQVWH XQG *WH JHKW PLW PLU LQ GLH DQGUH :HOW 2 GD HV ,KQHQHLQHDQJHQHKPH(ULQQHUXQJVHLVDJHQ]XN|QQHQ:LUKDEHQ/RQ\JOFN OLFK JHPDFKW VR YLHO HV 0HQVFKHQ DXI (UGHQ WXQ N|QQHQ QXQ WXW HV *RWW EHL GHPLKUGDQNEDUHV+HU]IUXQVEHWHW¶0/
/RQ\V*HVWDOWXQJVZLOOHUHLFKWELVLQGHQ7UDXHUSUR]HVVKLQHLQ6LHKLQWHU OlVVWHLQEHUVFKZlQJOLFKSRVLWLYHVWU|VWOLFKHV(ULQQHUXQJVELOGLKUHV$E VFKLHGQHKPHQV YRQ GHU :HOW XQG LKUHU 9RUIUHXGH DXIGDV +LPPHOUHLFK 'LH *HPHLQVFKDIW EHU 5DXP XQG =HLW LQ (ZLJNHLW YHUELQGHQ VROO GDV JHJHQVHLWLJH*HGHQNHQGHVVHQ,QKDOWGLH6WHUEHQGHLQLKUHP7H[WIHVWKlOW XQG VR IU GLH +LQWHUEOLHEHQHQ YRUIRUPXOLHUW 6HOEVWNRQWUROOH LP 7RG IKUW /D 5RFKH YRU JHKW HLQKHU PLW HLQHU .RQWUROOH GHU 7UHQQXQJV VLWXDWLRQEHUKDXSW 'DV 0RWLY GHV VLFK KLQWHU GLH 6FKULIW ]XUFN]LHKHQGHQ 6WHUEHQGHQ UDGLNDOLVLHUW /D 5RFKH VFKOLHOLFK LQ GHQ 5RPDQHQ 5RVDOLH XQG &OHEHUJ DXI GHP /DQGH XQG /LHEH+WWHQ ,Q EHLGHQ 7H[WHQ VRUJW MHZHLOV HLQ VLFK DXI GHQ 7RG YRUEHUHLWHQGHU Å2QFOH´ HLQH $UW (U]LHKHU ILJXU GDIU GDVV HV VHLQHQ $QJHK|ULJHQ RGHU 6FKXW]EHIRKOHQHQ HUVSDUW EOHLEWLKQVWHUEHQ]XVHKHQ(UVWGDV(LQWUHIIHQGHU7RGHVPHOGXQJXQG VHLQHU $EVFKLHGVEULHIH VHW]W GLH +LQWHUEOLHEHQHQ LQV %LOG 'LH 6WUDWHJLHQ YRQ5FN]XJXQG9HUEHUJHQXQWHUVFKHLGHQVLFKLQEHLGHQ5RPDQHQQXU JHULQJIJLJ.DUOV2QFOHLQ/LHEH+WWHQVFKLFNWVHLQHQ1HIIHQXQGGHVVHQ )UDXDXI5HLVHQ'LH1DFKULFKWYRP7RGGHV2QFOHVHUNOlUWGHVVHQ9RU JHKHQÅ,FKODV´EHULFKWHWH.DUO XQ]XVDPPHQKlQJHQGQXUVRYLHOGDGHUOLHEH0DQQPLFKVRZHLWHQWIHUQWHXP PLU EH\ GHU XQKHLOEDUHQ .UDQNKHLW GHU %UXVWZDVVHUVXFKW GHQ $QEOLFN VHLQHU /HLGHQXQGGHQ6FKPHU]VHLQHV6WHUEHQV]XHQW]LHKQXQGGDGXUFKYHUVLFKHUW]X VH\QGDLFKLKPQLFKWVDOV%HZHLVHGHU/LHEH]XGDQNHQKDEHQZUGH(UKDWWH PHLQ%LOGQLVHLQHP6HVVHOJHJHQEHUDXIJHVWHOOWVSUDFKRIWPLWGHPVHOEHQEH VRQGHUVQDFKVWDUNHQ$QIlOOHQGHU%DQJLJNHLWHQVROOHUJHVDJWKDEHQ*XWHU.DUO ZDVKlWWHVWGXJHOLWWHQRKQHPLUKHOIHQ]XN|QQHQ
BBBBBBBBBBBBB
6RSKLHYRQ/D5RFKH/LHEH+WWHQ(UVWHU7KHLO/HLS]LJ+HLQULFK*UlII6WXWWJDUWLP9HU ODJGHV0DJD]LQVIU/LWWHUDWXU*UlII 6I)RUWDQDEJHNU]WDOV/+JHIROJWYRQ
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
'LH:DKUQHKPXQJGHVHLJHQHQ/HLGHQVDOVWUDXPDWLVLHUHQGIUGDVJHOLHE WH *HJHQEHU LPSOL]LHUW HLQH DOWUXLVWLVFK PRWLYLHUWH $EZHUWXQJ YRQ FRP SDVVLR XQG 6WHUEHEHLVWDQG GLH HLQ NKO UDWLRQDOHV (OHPHQW GHV WXJHQG KDIWHQ 6WHUEHLGHDOV RIIHQOHJW 'HU $QEOLFN HLQHV YRQ 6FKPHU]HQ JHSODJ WHQGDKLQVLHFKHQGHQ.|USHUVZLUGDOV(UIDKUXQJVE]Z(ULQQHUXQJVODVW IUDQGHUHHPSIXQGHQGLHHV]XYHUPHLGHQJLOW6SH]LHOOGHP(UOHEQLVDQ JHVLFKWVGHV6WHUEHQVHLQHVJHOLHEWHQ0HQVFKHQKLOIXQGWDWHQORVEOHLEHQ ]X PVVHQ ZLH HV /D 5RFKH NDQQWH LVW VR OHJW GLHVH 'DUVWHOOXQJ QDKH VHOEVWPLWDXINOlUHULVFKHP2SWLPLVPXVQLFKWEHL]XNRPPHQ,Q5HDNWLRQ GDUDXI VXFKWH GHU $EVFKLHGQHKPHQGH VLFK XQG VHLQHQ 7RG ]X LVROLHUHQ KDQGKDEWH GLHVHQ ZLH HLQH LQGLYLGXHOO ]X NRQWUROOLHUHQGH 3ULYDWVDFKH 'HUHQ OHLGYROOH 4XDOLWlW OLH VLFK KLQWHU GHU 6FKULIW ]XPLQGHVW WHLOZHLVH YHUEHUJHQ9HUSIOLFKWXQJHQGHQ/HEHQGHQJHJHQEHUOLHHQVLFKEULHIOLFK ZDKUQHKPHQ ,P*HJHQVDW]]XUYHUJOHLFKVZHLVHLGHDOLVLHUWHQ'DUVWHOOXQJYRQ/RQ\V 7RG OlVVW /D 5RFKH LQ /LHEH+WWHQ DXJHQIlOOLJ ZHUGHQ GDVV GLHVHV %H PKHQ VHLWHQV GHV 6WHUEHQGHQ LQ HLQH 9HUHLQVDPXQJ IKUW GLH OHW]WOLFK DOOH%HWHLOLJWHQEHWULIIW'HUHLQVHLWLJJHIKUWH'LDORJGHV6WHUEHQGHQPLW GHP%LOG.DUOVGDVGLH*HJHQZDUWGHV1HIIHQHUVHW]HQVROOZLUGEHJUHLI EDU DOV *HJHQVWFN ]XU LQV 6FKULIWOLFKH YHUVFKREHQHQ 6WHUEHNRPPX QLNDWLRQ XQG V\PEROLVLHUW JOHLFK]HLWLJ LQ DQUKUHQGHU )RUP ZDV GHU WXJHQGKDIWUFNVLFKWVYROOH 9HU]LFKW DXI 1lKH EHGHXWHW /HW]WHUHV ILQGHW LP $EVFKLHGVEULHI DQ .DUO EHUHGWHQ $XVGUXFN LQ GHP GHU $XWRU VHLQ *HJHQEHU ELWWHW Å1LPP GLHVH 7KUlQHQIOHFNHQ DOV OH]WH 8PDUPXQJ GHLQHV WUHXHQ 2QFOHV DQ´ /+ 'HU LQ GHU ]HLWJHQ|VVLVFKHQ %ULHI NXOWXU HWDEOLHUWH 9HUZHLV DXI 7UlQHQ GHU 5KUXQJ ZXUGH KLHU EHUHLWV LP =XVDPPHQKDQJ PLW 'HVPRXOLQV· $EVFKLHGVEULHI LQ VHLQHU 4XDOLWlW DOV .|USHU]HLFKHQ WKHPDWLVLHUW 'HU 9HUVXFK GHV 2QFOHV LQ /LHEH+WWHQ GLH 7UlQHQVSXUHQ ]X HLQHU OHLEOLFKHQ *HVWH ]X HUZHLWHUQ NRPPXQL]LHUW GDV JUXQGVlW]OLFKH %HGUIQLV QDFK SK\VLVFKHU 1lKHLQ KRUD PRUWLV 'LHVH DGl TXDW]XHUVHW]HQLVWGDV0HGLXPXQIlKLJVR]HLJWVLFKKLHUVHOEVWZHQQHV LQGHU/DJHLVWGDVVWHOOYHUWUHWHQGH=HLFKHQGDXHUKDIW]XKDOWHQ 'LH8PVWlQGHLQ5RVDOLHXQG&OHEHUJJHVWDOWHQVLFKlKQOLFK9RP$U]W LQIRUPLHUWGDVVHU]XPÅ6FKODJIOX´QHLJHYHUIDVVWGHU2QFOHYRUVRUJOLFK HLQÅ%LOOHW´GDVVHLQHU1LFKWH]XP%HVXFKHLQHU)UHXQGLQUlWXQGLKULP )DOO VHLQHV 7RGHV DXVJHKlQGLJW ZHUGHQ VROO ,P $EVFKLHGVEULHI DQ GHQ 1HIIHQ&OHEHUJHUNOlUWHUGLHVHV9RUJHKHQ 0HLQ 7RG LFK KRIIH XQG JODXEH HV ZLUG VFKQHOO VH\Q QXU ELWWH LFK *RWW GD 5RVDOLHNHLQ=HXJHGDYRQZHUGHXQGGDLFK$KQGXQJJHQXJKDEHQP|JHXP
BBBBBBBBBBBBB
GHU6HLWHQ]DKO6lPWOLFKHKLHUYHUZHQGHWHQ9HUZHLVHXQG=LWDWHEH]LHKHQVLFKDXIGHQHUV WHQ7HLOGHV5RPDQV
hEHUUDVFKXQJ5DFKH5FNVLFKW
PLFKYRQLKU]XHQWIHUQHQ(UIOOW*RWWGLHVHPHLQHOHW]WH%LWWHVRVFKLFNHQ6LH VLH JOHLFK ]X 0DULDQH GDPLW LKU LQ GHQ 8PVWlQGHQ ZRULQQ VLH LVW XQG EHL GHU /LHEHGLHVLHIUPLFKKDWPHLQ6WHUEHQXQGPHLQ%HJUlEQLVYHUERUJHQEOHLEH ELV VLH EHL GLHVHU NOXJHQ ]lUWOLFK JHOLHEWHQ )UHXQGLQQ LVW ² GDQQ ODVVHQ 6LH LKU GXUFK0DULDQHQGLHVHQ%ULHIEHUJHEHQZHOFKHUGLHOHW]WHQ%HZHLVHLKUHU/LHEH XQGLKUHV*HKRUVDPVIRUGHUW5&
,Q GLHVHP )DOO IKUW /D 5RFKH SDUDGLJPDWLVFK YRU ZLH SO|W]OLFKHU 7RG XQG HPSILQGVDPH )UVRUJH ]X YHUHLQEDUHQ VLQG 7DWVlFKOLFK VWLUEW GHU 2QFOH EHUUDVFKHQG 5RVDOLH PDFKW VLFK QLFKWVDKQHQG DXI GHQ :HJ ]X LKUHU)UHXQGLQ'LH5FNVLFKWQDKPHGHV2QFOHVZLUGQRFKGDGXUFKYHU VWlUNWGDVVHUHLQH9HUWUDXHQVSHUVRQYRUEHVWLPPWZHOFKHGLH$EVFKLHGV ERWVFKDIWEHUEULQJHQVROOYJODXFK5& 'HUDXWRULWDWLYH:HLVXQJV FKDUDNWHU OHW]WHU 6FKUHLEHQ WULWW KLHULQ ZLH DXFK LQ GHU %RWVFKDIW VHOEVW GHXWOLFK ]X 7DJH 6R VROOHQ HWZD GLH 9HUKDOWHQVYRUVFKULIWHQ IU GLH 7UDXHU]HLW ZHOFKH 5RVDOLH HUKlOW VLFKHUVWHOOHQ GDVV GDV 9RUJHKHQ GHV 2QFOHVGHQJHZQVFKWHQ(IIHNW]HLWLJWYJO5& 'LHHUVWH5HDNWLRQGHU3URWDJRQLVWLQDXIGLH7RGHVQDFKULFKW²Å(UVDK DOVRVHLQHQ7RG"´IUDJWVLHHQWVHW]WÅ8QGHUOLWWHXQGLFKZDUQLFKWXP LKQ"´5& ²GHPRQVWULHUWGDVVLKU*HIKOGLHVH$QVWDOWHQQLFKWJXW KHLW:DVWUDGLWLRQHOODOV3IOLFKWMHGHV(LQ]HOQHQJDOWQlPOLFKDQGHUHQLQ KRUD PRUWLV EHL]XVWHKHQ HUVFKHLQW KLHU UHGX]LHUW DXI HLQH VHQWLPHQWDO ZHLEOLFKH(PSILQGXQJZHOFKHUGHUGLGDNWLVFKH$EVFKLHGVEULHIGHV2QF OHV PLW GHP *HERW GHU *HODVVHQKHLW DQWZRUWHW 'LHVHU VROO DXHUGHP 5RVDOLHV 9HUKDOWHQV XQG )U|PPLJNHLWVSULQ]LSLHQ EHIHVWLJHQ KHOIHQ XQG HULQQHUWVLHDQGLH3IOLFKWHQHLQHU)UDXXQG0XWWHU.RQNUHWWHVWDPHQ WDULVFKH9HUIJXQJHQHQWKlOWGDJHJHQ²HLQHUNRQVHUYDWLYHQ9DULDQWHGHV ]HLWJHQ|VVLVFKHQ*HVFKOHFKWHUPRGHOOVIROJHQG²GHU%ULHIDQ&OHEHUJ 1LFKW]XOHW]WLQ5HDNWLRQDXIGLHÄSK\VLVFKH¶4XDOLWlWGHUDOV(ULQQH UXQJV E]Z (U]LHKXQJVVFKULIWHQ NRQ]LSLHUWHQ $EVFKLHGVWH[WH ZXUGHQ GLHVHZLH/D5RFKHV5RPDQHHEHQIDOOVYRUIKUHQ]X*HJHQVWlQGHQHLQHU HPSILQGVDPHQ $QGHQNHQNXOWXU 'LHVH ]HLJW VLFK EHHLQIOXVVW GXUFK GHQ DOOWlJOLFKHQ 8PJDQJ PLW GHP 0HGLXP VRZLH GHVVHQ ,QV]HQLHUXQJ LQ ]HLWJHQ|VVLVFKHQ %ULHIURPDQHQ 1DFKGHP HWZD 6RSKLH YRQ 6WHUQKHLP ZLGHU HLJHQHV (UZDUWHQ GHP 7RG HQWJDQJHQ LVW JHUDWHQ LKUH ÅhEHU BBBBBBBBBBBBB
*DQ]lKQOLFKJHVWDOWHWVLFKGHU$EVFKLHGVEULHIGHV2QFOHVLQ/LHEH+WWHQDQVHLQH1LFKWH (OLVHGHUKDXSWVlFKOLFKLKUH5ROOHDOV*DWWLQXPUHLWYJO/+² (DJOHWRQEHLVSLHOVZHLVHEHPHUNWEHUGLH9HUZHQGXQJYRQ%ULHIHQEHL5LFKDUGVRQÅ3XU VXHGSURWHFWHGNLVVHGEXULHGZHSWRYHUSK\VLFDOO\DVVDLOHGOHWWHUV>«@DUHWKHVXEMHFWRI DGUDPDHYHU\ELWDVHQWKUDOOLQJDVDQ\PHUHO\KXPDQDGYHQWXUHVWRU\´GHUV7KH5DSHRI &ODULVVD6 )XQNWLRQHOOlKQHOWGDV7DJHEXFKKLHUGHPJUlIOLFKHQ$EVFKLHGVEULHILQ*HOOHUWV6FKZHGLVFKHU *UlILQQ bKQOLFK JHEUDXFKW/D 5RFKH GLH %ULHIVRUWH LQ GHU(U]lKOXQJ Å'LH ]ZHL 6FKZHV WHUQ´ LQGLHV0RUDOLVFKH(U]lKOXQJHQ,6²
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
EOHLEVHO´]XP(UVDW]REMHNWGHUHWZDVDQGHUHQ$UW/RUG5LFKGHU+DOE EUXGHU LKUHV ]XNQIWLJHQ (KHPDQQV PHLQW LQ GHQ 7DJHEXFKEOlWWHUQ GDV Å8UELOG >LKUHU@ 6HHOH´ ]X HUNHQQHQ XQG HUELWWHW VLFK HLQH $EVFKULIW )6 YJO 'HQ$XI]HLFKQXQJHQDOVPHWDSKRULVFKH9HUN|USHUXQJGHU YHUHKUWHQ)UDXXQGJHOLHEWHQ6HHOHJHJHQEHUNDQQGHU/RUGVHLQH=XQHL JXQJ DXFK SK\VLVFK DXVGUFNHQ RKQH GDEHL $QVWDQGV RGHU )UHXQG VFKDIWVUHJHOQ ]X YHUOHW]HQ 6R ÅNWH´ HU VLH XQG ÅGUFNWH VLH DQ VHLQH %UXVW´)6 :lKUHQG GDV 7DJHEXFK KLHU ]XP )HWLVFK JHUlW ZHUGHQ GLH OHW]WHQ %RWVFKDIWHQGHV2QFOHVLQ5RVDOLHXQG&OHEHUJ]XUKHLOLJHQ9HUHKUXQJVVWlWWH Å5RVDOLH´ VDJW 0DULDQH QDFKGHP VLH GHU )UHXQGLQ GLH $EVFKLHGVEULHIH GHV9HUVWRUEHQHQYRUJHOHVHQKDWÅ/HJHQ6LH,KUH+DQGZLHLFKDXIGHQ %ULHI,KUHV2QFOHV²ZLUN|QQHQLKQDOVHLQHQ$OWDUDQVHKHQXQGZROOHQ YHUVSUHFKHQ VHLQH OHW]WH %LWWH XQG :QVFKH JHWUHX ]X HUIOOHQ´ 5& I 'DV:RUWGHVYHUVWRUEHQHQ0DQQHVJHUlWGHQ)UDXHQ]XP*HERW NDXP]XIlOOLJNRQQRWLHUWGLH%H]HLFKQXQJÄ$OWDU¶LQGLHVHP.RQWH[W7RG XQG6WHUEHQ-HVX&KULVWL,QGHP0RPHQWGD5RVDOLHXQG0DULDQHLKUHQ 6FKZXUDEOHJHQNQLHQEHLGHGHQQDXFKDXIGHP%RGHQ6WUXNWXUHOOHLQH UHOLJL|VH+DQGOXQJVLPXOLHUHQGHQWKlOWGLHVH6]HQH(LQVSUHQJVHOYRQDQV 6FKZlUPHULVFKHJUHQ]HQGHP9RNDEXODUGDV]ZLVFKHQGHUIURPPHQXQG GHU HPSILQGVDPHQ %HGHXWXQJVHEHQH YHUPLWWHOW Å0DULDQH´ EHULFKWHW 5RVDOLH IDWH PHLQH +DQG OHJWH VLH PLW GHU LKULJHQ YHUHLQW DXI GLH DXI LKUHP 6WXKO YRU XQV OLHJHQGHQ %ULHIH LFK VWDPPHOWH LKU ZHLQHQG QDFK PHLQ .RSI VDQN DXI GLH %ULHIHGLHLFKNWHXQGPLWPHLQHQ7KUlQHQEHQHW]WH0DULDQHVFKZLHJZLHGHU HLQLJH 0LQXWHQ GDQQ WURFNQHWH VLH LKUH $XJHQ XQG VDJWH PLW HLQHU $UW VDQIWHU )HLHUOLFKNHLW Ä1XQ WKHXUH 5RVDOLH ZROOHQ ZLU ]HLJHQ GD XQVHUH *HOEGH XQV (UQVW ZDUHQ ZLU ZROOHQ JHQDX GLH OHW]WHQ %HIHKOH GHU ZHLVHQ OLHEUHLFKHQ *WH EHIRO JHQ ² 8QVHU YHUHZLJWHU )UHXQG VDJW ,KQHQ Å=HLJH GHLQH /LHEH XQG 9HUHKUXQJ IUPLFKLQGHU%HIROJXQJPHLQHUOHW]WHQ%LWWH²)UHXHGLFKZHQQGXK|UVWGD PHLQ 8HEHUJDQJ LQ GLH (ZLJNHLW OHLFKW XQG VFKQHOO ZDU =HUVW|UH GLH $QVWDOWHQ QLFKWGLHLFKQRFKPDFKHGLUGLHVH%HJHEHQKHLW]XHUOHLFKWHUQ´¶ 'LHVH PLW HLQHP IHLHUOLFKHQ 7RQ YRUJHOHVHQHQ =HLOHQ YROOHQGHWHQ GLH $UW YRQ HQWKXVLDVWLVFKHU 6SDQQXQJ LQ ZHOFKH PLFK GDV 6FKZ|UHQ YRU GHP OHW]WHQ PLUKHLOLJJHZRUGHQHQ%ULHIJHEUDFKWKDWWH,FKVWDQGDXIVHW]WHPLFK]X0DULD QHQXQGEDWVLHPLUDXFKGHQ%ULHI]XOHVHQZHOFKHQVLHHPSIDQJHQKDWWH>«@ GHU%ULHIPHLQHV2QFOHVDQVLHGHUVRYROO/LHEHIUPLFKZDUPDFKWHPLFKZLH GHUZHLQHQ>«@LFKWUDJHLKQEHLPLUGHQOHW]WHQ%ULHIGHVWUHXHQJHOLHEWHQ2QF OHV²0DULDQHKDWPLUHLQHHLJHQH%ULHIWDVFKHGD]XYHUIHUWLJW0LWJHQDXHU%HPHU NXQJGHV*DQJVPHLQHURIWZLHGHUNHKUHQGHQ7UDXHUJHIKOHQDKPVLHYRUJHVWHUQ LKUHQ %ULHI DXV GHU 7DVFKH XQG ZLHV PLU PLFK VWLOOVFKZHLJHQG XPDUPHQG GLH
BBBBBBBBBBBBB
9JO.RVFKRUNH.|USHUVWU|PH6
hEHUUDVFKXQJ5DFKH5FNVLFKW
6WHOOHZRPHLQ2QFOHVLHELWWHW6HLQH5RVDOLH]XHULQQHUQGDHULQGHP*HQX GHU6HOLJNHLWZQVFKWGDVHLQH1LFKWHPLWJHODVVHQHP6FKPHU]XPLKQWUDXUH 5&²
(LQHUVHLWVEHVWlWLJWGLHVH3DVVDJHGHQH[WUHPDXWRULWDWLYHQ6WDWXVYRQ$E VFKLHGVWH[WHQH[HPSODULVFKHU,QGLYLGXHQGLHEHL/D5RFKHQLFKWQXUVLFK VHOEVW LQ KRUD PRUWLV GLV]LSOLQLHUHQ VRQGHUQ DXFK GDV 7UDXHUYHUKDOWHQ GHU +LQWHUEOLHEHQHQ )URPPH )RUPHOQ HUJlQ]W GXUFK EUJHUOLFKH 9HUQXQIW XQG7XJHQGUHJHOQELOGHQGHQ*UXQGVWRFNGHUÄKHLOLJHQ¶6WHUEHERWVFKDIW 'HPHQWVSUHFKHQGOLHVWPDQVLH)DVWJHEHWVPKOHQDUWLJZHUGHQ7HLOHGHV :RUWODXWVZLHGHUKROWELV]XOHW]WHLQHVWXPPH*HVWHDOV9HUZHLVDXVUHLFKW XPGLHDQGDXHUQGH9HUELQGOLFKNHLWGHV7H[WV]XVLJQDOLVLHUHQ $XFKLQGLHVHP)DOOO|VHQGLH$EVFKLHGVEULHIHDOV(UVDW]REMHNWHN|U SHUOLFKH5HDNWLRQHQE]Z,QWHUDNWLRQDXVGLHEHL5RVDOLH7UlQHQ.VVH %HUKUXQJ ]XQlFKVW JDWWXQJVEOLFK DXVIDOOHQ (LQH DQGHUH :LUNXQJ KDW GDJHJHQ GDV ODXWH 9RUOHVHQ ZHOFKHV GLH :RUWH GHV 9HUVWRUEHQHQ YHUJH JHQZlUWLJW ZREHL /D 5RFKH 0DULDQH EHZXVVW GLH 3UlVHQVIRUP ZlKOHQ OlVVW 'LH (LQOHLWXQJ Å8QVHU YHUHZLJWHU )UHXQG VDJW ,KQHQ´ DN]HQWXLHUW GDV *HlXHUWH ² ZLH GHQ $XWRU ² DOV JHJHQZlUWLJ 'LHV VXJJHULHUW GHU %ULHI KDOWH WDWVlFKOLFK HLQH9HUELQGXQJ ]ZLVFKHQ 'LHV XQG-HQVHLWV DXI UHFKW ZDV LKQ GHQ 7RWHQEULHIHQ YHUZDQGW ZHUGHQ OlVVW XQG HLQHQ lKQ OLFKHQ(IIHNWHU]LHOWZLH&ODULVVDVÅQRZ´.RQVHTXHQWHUZHLVHZLUGIUGLH ÄKHLOLJHQ¶$EVFKLHGVEULHIHVFKOLHOLFKHLQH$UW5HOLTXLDUDQJHIHUWLJWLQZHO FKHP VLH GLH $GUHVVDWLQQHQ DXFK GLHV NHLQH XQEOLFKH 3UD[LV GHU %ULHI NXOWXU GHV -DKUKXQGHUWV LP JHJHEHQHQ .RQWH[W DOOHUGLQJV PLW VSH]L ILVFKHU%HGHXWXQJDXIJHODGHQ VWHWVEHLVLFKWUDJHQ ,Q GHU UFNVLFKWVYROOHQ 6HOEVWDEJUHQ]XQJ GHV $EVFKLHGQHKPHQGHQ XQG VHLQHP 9HUEHUJHQ KLQWHU GHU 6FKULIW ZLUG EHL /D 5RFKH HLQ QHXHV EHUK|KWHV6WHUEHLGHDOHUNHQQEDU0LWGHPOHLGHQGHQ.|USHUYHUVFKZLQ GHQHQWZHGHUGLHWUDGLWLRQHOOH'DUVWHOOXQJGHUKRUDPRUWLVXQGGHU0RPHQW GHV7RGHVJDQ]DXVGHUOLWHUDULVFKHQ%HVFKUHLEXQJRGHUEHLGHZHUGHQ]X PLQGHVWPRGLIL]LHUW²GDVKHLWLQGHU5HJHOYHUNU]W²GDUJHVWHOOW'LHLP 9RUDXVYHUIDVVWH%RWVFKDIWEHUQLPPWGLHHLJHQWOLFKH$EVFKLHGVNRPPX QLNDWLRQ6LHHUIOOWGLHEHL/D5RFKHDXFKYRQPQGOLFKHQOHW]WHQ:RUWHQ HUZDUWHWHQ (U]LHKXQJV (UEDXXQJV XQG 7URVWIXQNWLRQHQ XQG HWDEOLHUW GDUEHUKLQDXVHLQH+LHUDUFKLH]ZLVFKHQ7RWHQXQG/HEHQGHQLQGHU(UV WHUHQ GLH :HLVXQJVEHIXJQLV ]XIlOOW 'LH GHVWDELOLVLHUHQGH :LUNXQJ GHV 7RGHVDXI,QGLYLGXXPZLH*HPHLQVFKDIWVROOYHUPLWWHOWGXUFKGDVVFKULIW OLFKH 0HGLXP HLQJHKHJW ZHUGHQ 'DEHL LVW *HODVVHQKHLW QLFKW PHKU QXU BBBBBBBBBBBBB
'LH5HDNWLRQGHU)UDXHQELOGHWDXIILNWLYSULYDWHU(EHQHHLQbTXLYDOHQW]XUUHDOKLVWRULVFK |IIHQWOLFKHQ9HUHKUXQJPLWGHUPDQZHQLJH-DKUHVSlWHU0DULH$QWRLQHWWHV$EVFKLHGVEULHI YRQGHQ.DQ]HOQ)UDQNUHLFKVKHUDEYHUOHVHQVROOWH
9RP5FN]XJGHV6WHUEHQGHQKLQWHUGLH6FKULIW
*QDGHQ]HLFKHQVRQGHUQZLUG6WHUEHQGHQZLH7UDXHUQGHQ]XPREHUVWHQ *HERW -HGRFKIKUHQ/D5RFKHV7H[WHPLWGLHVHPWXJHQGXQGJHIKOVULJR ULVWLVFKHQ,GHDO]XJOHLFKGHVVHQ6FKDWWHQVHLWHQYRU'HU9HUHLQ]HOXQJGHV 6WHUEHQGHQ GHVVHQ %HGUIQLV QDFK %HLVWDQG IRUWEHVWHKW HQWVSULFKW GHU (UIDKUXQJVYHUOXVW GHU hEHUOHEHQGHQ MHPDQGHP GLH 0|JOLFKNHLW ]X YHU VDJHQSHUV|QOLFK$EVFKLHG]XQHKPHQZLUGDOV/HLGYHUXUVDFKHQGH/HHU VWHOOH PDUNLHUW 'LH EHVRQGHUH /HLVWXQJ /D 5RFKHV LVW GDULQ ]X VHKHQ 7HQGHQ]HQ VRZLH .RQVHTXHQ]HQ HLQHV YHUlQGHUWHQ 'HQNHQV EHU XQG 'DUVWHOOHQVYRQ6WHUEHQXQG7RGLP.RQWH[WGHU]HLWJHQ|VVLVFKHQ7DJH EXFKXQG%ULHINXOWXU]XWKHPDWLVLHUHQXQGGDPLWGLH7UDJLNDQ]XGHXWHQ GLH EHLGHQ LQ GLHVHP 3XQNW ]XVDPPHQWUHIIHQGHQ (QWZLFNOXQJHQ LQQH ZRKQHQ NRQQWH /HW]WOLFK LOOXVWULHUHQ GLH VNL]]LHUWHQ 6]HQHQ GLH HPR WLRQDOH+LOIORVLJNHLWGHVDXIJHNOlUWHQ0HQVFKHQGHP7RGJHJHQEHU'D ]X SDVVW GDVV /D 5RFKH LKUH 9HUVXFKH UHLQ VFKULIWOLFK YHUPLWWHOWHV $E VFKLHGQHKPHQDOVHUIROJUHLFKYRU]XIKUHQLPPHUZLHGHUVXEWLOXQWHUOLHI² HWZD LQGHP VLH LKUH 2QFOH)LJXU LQ /LHEH+WWHQ GDV /HLGHQ GHVVHQ 0LWHUOHEHQ HU VHLQHQ $GUHVVDWHQ ]X HUVSDUHQ VXFKW GHQQRFK NRPPX QL]LHUHQOlVVW'LHV]HXJWYRQ/D5RFKHV6LQQIU5HDOLVPXVZLHYRQGHU (UNHQQWQLVGDVVGHU7RGQLFKWHLQPDOLQGHU)LNWLRQ]XEDQQHQLVW 7URW] 8QWHUVFKLHGHQ LP 'HWDLO YHUELQGHW *HOOHUWV 5LFKDUGVRQV XQG /D5RFKHV*HVWDOWXQJGHV0RWLYVH[HPSODULVFKHU$EVFKLHGVEULHIHQHEHQ GHPGLGDNWLVFKHQ$QOLHJHQYRUDOOHPGLH$XVHLQDQGHUVHW]XQJPLW]ZHLGHU *DWWXQJ LQKlUHQWHQ (LJHQVFKDIWHQ GLH DQJHVLFKWV GHV 7RGHV EHVRQGHUH 5HOHYDQ] HUKDOWHQ GLH ,OOXVLRQ YRQ 3UlVHQ] XQG 'LVWDQ] :lKUHQG EHL *HOOHUW GLH %ULHIDXWRUHQ ZHGHU GLH 1RWZHQGLJNHLW ]XP VFKULIWOLFKHQ $EVFKLHG QRFK GHVVHQ EHUUDVFKHQGH 9RUOlXILJNHLW RGHU IDWDOH .RQVH TXHQ]HQEHHLQIOXVVHQNRQQWHQEHGHXWHWHGDVVFKULIWOLFKH0HGLXPIU5L FKDUGVRQVXQG/D5RFKHV6WHUEHQGHSULPlUHLQHPDFKWYROOH(UZHLWHUXQJ LKUHV+DQGOXQJVVSLHOUDXPVEHUGHQHLJHQHQ7RGKLQDXV ,Q GLHVHU DQGHUHQ +DQGKDEXQJ GHU%ULHIVRUWHVSLHJHOWVLFK HLQH 9HU VFKLHEXQJYRP%LOGGHV0HQVFKHQDOV6SLHOEDOOK|KHUHU6FKLFNVDOVPlFKWH ]XP %OLFN DXI GDV ,QGLYLGXXP GDV DQJHVLFKWV GHV HLJHQHQ 7RGHV QHEHQ GHVVHQ 9RUEHUHLWXQJ DXFK GDV SRVWKXPH (U]lKOHQ GDYRQ VHOEVWEHZXVVW XQG ZLUNXQJVUHLFK LQ GLH +DQG QLPPW 'LH YRQ &ODULVVD DXV UHOLJL|VHQ E]Z *UQGHQ GHU 6HOEVWEHKDXSWXQJ JHVXFKWH 'LVWDQ] EHVWLPPWHQ +LQ WHUEOLHEHQHQ JHJHQEHU EHVLW]W GDEHL HLQH XPJHNHKUWH (QWVSUHFKXQJ LP DOWUXLVWLVFKPRWLYLHUWHQ ÄYHUQQIWLJHQ¶ 9HUKDOWHQ/RQ\V RGHU GHU 2QFOHV 6lPWOLFKH 9DULDQWHQ GHV 0RWLYV ILQGHQ VLFK DOOHUGLQJVLQ GHU HUEDXOLFKHQ /LWHUDWXUGHU=HLW 'LH6HOEVWNRQWUROOHGHV6WHUEHQGHQEOLHEHQWVFKHLGHQGHU7HLOYRUELOG OLFKHU0RGHOOHXQGIDQGLKU*HJHQVWFNLPGLV]LSOLQLHUWHQ7UDXHUYHUKDOWHQ
hEHUUDVFKXQJ5DFKH5FNVLFKW
GHU +LQWHUEOLHEHQHQ 'LH H[HPSODULVFKH 6HOEVWNRQWUROOH EHUWUXJ VLFK MH ZHLOVDXIGHQ$EVFKLHGVEULHIGHUVRZRKOLPIURPPHQZLHLPHPSILQGVD PHQ ]XQHKPHQG UHOLJL|VH 6WUXNWXUHQ LQ VlNXODUH EHUWUDJHQGHQ $QGHQ NHQNXOWGHQ6WDWXVHLQHVJHKHLOLJWHQE]ZKHLOLJHQ2EMHNWVHUODQJWH'LHVHU 3UR]HVV ZXUGH QLFKW QXU GXUFK GLH ,QWLPLVLHUXQJ ]ZLVFKHQPHQVFKOLFKHU 9HUKlOWQLVVH EHI|UGHUW VRQGHUQ VWHOOW VLFK DXFK DOV (UJHEQLV HLQHV 9HU GUlQJXQJVSUR]HVVHV GLUHNWHQ (UOHEHQV GXUFK VFKULIWOLFK YHUPLWWHOWHV GDU 6RIKUWHQ5LFKDUGVRQQRFKGHXWOLFKHUDEHU/D5RFKHYRUGDVVGLH%ULHI VRUWHDOV(URGHU=XVDW]HLQHV$EVFKLHGVDP6WHUEHEHWWQLFKWQXULQLQGL YLGXHOOHU 1RWODJH HQWVWDQG'LH EHZXVVWH (QWVFKHLGXQJ IU HLQHQ OHW]WHQ %ULHIDQVWHOOHOHW]WHU:RUWHPRFKWHDOV'LHQVWDPDQGHUHQLQWHQGLHUWVHLQ WUXJMHGRFKLP5HVXOWDW]XP6FKZLQGHQYRQ6WHUEHEHLVWDQGXQG7RGDOV 6FKOVVHOHUOHEQLVVHQ PHQVFKOLFK YHUWUDXWHU *HPHLQVFKDIW EHL $Q%HGHX WXQJ JHZDQQ LQ GLHVHP .RQWH[W GDV 9HUKlOWQLV YRQ .|USHUOLFKNHLW XQG 6FKULIWGDVVLFKZLHVSH]LHOO/D5RFKHV0HWDSKRULN]HLJWHLQGHU]HLWJH Q|VVLVFKHQ%ULHIXQG7DJHEXFKNXOWXU]XQHKPHQGGLIIHUHQ]LHUWJHVWDOWHWH 'HUYRQGHQGUHLKLHUEHVFKULHEHQHQ$XWRUHQYDULLHUWH0RWLYNRPSOH[ GHU QHEHQ GHP 7DJHEXFK DOV 0HGLXP SHUV|QOLFKHU 7RGHVUHIOH[LRQ YHU KHLPOLFKWHV /HLG VHOEVWEHVWLPPW LQ OHW]WH %ULHIH YHUOHJWH $EVFKLHGV NRPPXQLNDWLRQXQGGLH,QV]HQLHUXQJH[HPSODULVFKHQ6WHUEHQVHLQVFKORVV EHUGDXHUWHGDV-DKUKXQGHUWXQGILQGHWVLFKLQ$XVIRUPXQJVlPWOLFKHU JHUDGHJHQDQQWHQ$VSHNWHEHLVSLHOVZHLVHLQGHPSRSXOlUHQ5RPDQ5RVD OLHQV1DFKOD YRQ)ULHGULFK&KULVWLDQ:LOKHOP-DFREV² 'HVVHQ ² ZLH N|QQWH HV DQGHUV VHLQ ² VFKUHLEHQG GHQ 7RG HUZDUWHQGH 3URWDJRQLVWLQ VWLUEW ÅZLH HLQH +HLOLJH´ HEG 6 XQG EOHLEW GDPLW LKUHQOLWHUDULVFKHQ9RUELOGHUQLQPHKUDOVHLQHU+LQVLFKWWUHX=X/HW]WH UHQ]lKOWQHEHQ&ODULVVDLPhEULJHQDXFK-HDQ-DFTXHV5RXVVHDXV1RXYHOOH +pORwVHGHUHQ$EVFKLHGVEULHIDXIJDQ]HLJHQH:HLVHH[HPSODULVFKXQGYRQ *HKHLPKDOWXQJJHSUlJWLVWZLHGDVIROJHQGH.DSLWHO]HLJHQVROO
BBBBBBBBBBBBB
9JO $QQD 5LFKDUGV 7KH :DVWLQJ +HURLQH LQ *HUPDQ )LFWLRQ E\ :RPHQ ² 2[IRUG &ODUHQGRQ3UHVV 6 ,QV([WUHPVWHLJHUWGHQ5FN]XJGHV6WHUEHQGHQE]ZLQGLHVHP)DOOJHQDXHUHLQHVEHUHLWV 7RWHQ KLQWHU GLH 6FKULIW 5HVWLI GH OD %UHWRQQHV/HV 3RVWKXPHV /HWWUHV UHoXHV DSUqV OD PRUW GX PDULSDUVDIHPPHTXLOHFURLWj)ORUHQFHSDUIHX&D]RWWH GHVVHQ8QWHUWLWHOJHUDGHJHQXJ YHUUlWXPHVKLHUEHLHLQHUEORHQ(UZlKQXQJXQGGHP9HUZHLVDXIZHLWHUIKUHQGH/LWH UDWXU]XEHODVVHQ9JOXD$OWPDQ(SLVWRODULW\6I
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ $EVFKLHGVEULHIHDOV*HKHLPQLVWUlJHU
%HIUHLXQJYRPXQG)UHLKHLW]XP*HKHLPQLV (LQDQGHUHV*HJHQVWFN]X/D5RFKHVLGHDOLVLHUWHP6WHUEHQGHQGHUVLFK DXV5FNVLFKWKLQWHUGLH6FKULIW]XUFN]RJELOGHWHGDV,QGLYLGXXPGDVLP 6FKXW] SRVWKXPHU /HNWUH GLH 0|JOLFKNHLW VDK VLFK XQJHKHPPW ]X lX HUQRGHULQWLPVWH*HKHLPQLVVHSUHLV]XJHEHQ²]XP:RKOHRGHU6FKDGHQ DQGHUHU'DEHLVWHOOWHGLH:DKOGHVVFKULIWOLFKHQ0HGLXPV]XGLHVHQ=ZH FNHQ HKHU HLQH 0|JOLFKNHLW DOV GHQ 1RUPDOIDOO GDU %HNHQQWQLVVH LQ KRUD PRUWLV QDKPHQ LP -DKUKXQGHUW JHZ|KQOLFK GLH *HVWDOW HLQHU PQG OLFKHQ %HLFKWH DQ GLH GD]X JHVFKDIIHQ ZDU VLFK YRQ DOOHP ]X EHIUHLHQ ZDVGDV*HZLVVHQEHODVWHWH%HHLQIOXVVWYRQGHUDQWLNHQ7UDGLWLRQOHW]WHU :RUWHHUZDUWHWHPDQFKHUYRQ6WHUEHQGHQÅHLQHRGHUGLHZHOWOLFKH:DKU KHLWEHUGDV]X(QGHJHKHQGH/HEHQGLHZlKUHQGGHV/HEHQVVHOEVWYLHO OHLFKW YHUERUJHQ JHEOLHEHQ RGHU DXFK YHUERUJHQ ZRUGHQ ZDU´ 'LHVH 9RUVWHOOXQJ GHU PDQ DXFK LQ HUEDXOLFKHQ 6FKULIWHQ ]XU 6WHUEHNXQVW EHJHJQHWH DN]HQWXLHUWH ZHQLJHU GLH %HIUHLXQJ YRP DOV GLH )UHLKHLW ]XP *HKHLPQLV (V GRPLQLHUWH GDV ,QWHUHVVH DQ GHU LUGLVFKHQ ([LVWHQ] GHV ,QGLYLGXXPV,QMHGHP)DOOYHUVWDQGHQDQWLNHZLHFKULVWOLFKH7UDGLWLRQHQ GLH 6WHUEHVWXQGH DOV MHQHQ =HLWSXQNW ]X GHP HLQ 0HQVFK VHLQ ,QQHUHV ZLOOHQWOLFK RGHU XQZLOOHQWOLFK HQWEO|HQ ZUGH hEHUDXV XWLOLWDULVWLVFK PXWHWGDGHU7DGHO=HGOHUVDQGHUHVDOVÅODVWHUKDIIWWK|ULFKWXQGXQJH UHFKW´EH]HLFKQHWHÅZHQQ>«@JHVFKLFNWH/HXWHRGHUJDU(UILQGHUQHXHU .QVWH 9RUWKHLOH XQG JHOHKUWHU :DKUKHLWHQ GLHVHV YHUERUJHQH 3IXQG OLHEHU PLW VLFK VWHUEHQ ODVVHQ DOV DXFK QXU HLQHP HLQ]LJHQ GHU :HOW ]X 'LHQVWH RIIHQEDUHQ´ 1DWUOLFK PRFKWH PDQ ZLH GLH YRQ =HGOHU .ULWL VLHUWHQ RGHU ² XP HLQ OLWHUDULVFKHV%HLVSLHO ]X QHQQHQ² GHU 7LWHOKHOG LQ +HLQULFKYRQ.OHLVWV0LFKDHO.RKOKDDV HLQ*HKHLPQLVDXVGHQYHU VFKLHGHQVWHQ*UQGHQDXFKVSULFKZ|UWOLFKPLWLQV*UDEQHKPHQZROOHQ BBBBBBBBBBBBB
.DUO6*XWKNHÅ/HEHQVNXQVWLQH[WUHPLV&RQUDG)HUGLQDQG0H\HUXQGGLH.XOWXUGHVOHW] WHQ:RUWV´LQGHUV'LH(UILQGXQJGHU:HOW*OREDOLWlWXQG*UHQ]HQLQGHU.XOWXUJHVFKLFKWHGHU/L WHUDWXU7ELQJHQ)UDQFNH 6²KLHU6 =HGOHU8QLYHUVDO/H[LFRQ;,, 6S
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
:DV GDJHJHQ KLQGHUWH MHPDQGHQ GHU VLFK RIIHQEDUHQ ZROOWH GDUDQ GLHV DXIGHP6WHUEHEHWW]XWXQ" Å'DV *HKHLPQLV´ PHLQHQ $OHLGD XQG -DQ $VVPDQQ ÅKlOW GLH PHQVFKOLFKH :HOW ]XVDPPHQ LQGHP HV $EVWlQGH VFKDIIW XQG *UHQ]HQ ]LHKW´:DVDXFKLPPHUPDQ]X/HE]HLWHQYHUVFKZLHJHQKDEHQPRFKWH HWZD XP 8QDEKl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
:HUGLH2IIHQEDUXQJYHUERUJHQHQ:LVVHQVDXIHLQHQ=HLWSXQNWQDFKGHP HLJHQHQ7RGYHUVFKLHEWZLOORGHUNDQQGLHGXUFKGDV*HKHLPQLVHWDEOLHUWH *UHQ]]LHKXQJ QLFKW DXIJHEHQ VRODQJH HU OHEW *OHLFK]HLWLJ EHGHXWHW GLH )lKLJNHLW *HKHLPJHKDOWHQHV EOR]XOHJHQ 0DFKWIOOH XQG HWDEOLHUW HLQ KLHUDUFKLVFKHV 9HUKlOWQLV ]ZLVFKHQ GHP :LVVHQGHQ XQG GHQ 1LFKWHLQJH ZHLKWHQGLH]XPHLJHQHQ9RUWHLODXV]XQXW]HQVXEYHUVLYH4XDOLWlWEHVLW]W 3RWHQ]LHUW ZLUG GLHVHV 0LVVYHUKlOWQLV GXUFK GHQ 7RG ZHOFKHU ]ZDU LP SRVLWLYHQZLHQHJDWLYHQ6LQQHHWZDDXV$QJVWYRUMHQVHLWLJHU%HVWUDIXQJ ]XU 3UHLVJDEH YRQ 9HUVFKZLHJHQHP YHUDQODVVHQ PDJ DEHU GHP 6WHUEHQ GHQDXFKHLQGHU*HVHOOVFKDIWHQW]RJHQHV5HIXJLXPELHWHW 'LH$XWRULWlWXQG.RPPXQLNDWLRQVIUHLKHLWGLH$EVFKLHGVEULHIHSULQ ]LSLHOOSUlJHQHUKDOWHQLQGLHVHP.RQWH[W]XVlW]OLFKH5HOHYDQ](LQHUVHLWV ELHWHW HV VLFK I|UPOLFK DQ VFKXOGEHODVWHWH IU DQGHUH YHUKlQJQLVYROOH RGHUZLH3KDLGUDV%HLVSLHO]HLJWHIDOVFKH*HVWlQGQLVVHVFKULIWOLFKVRXQ BBBBBBBBBBBBB
$OHLGDXQG-DQ$VVPDQQÅ'DV*HKHLPQLVXQGGLH$UFKlRORJLHGHUOLWHUDULVFKHQ.RPPX QLNDWLRQ(LQIKUHQGH%HPHUNXQJHQ´LQ6FKOHLHUXQG6FKZHOOH*HKHLPQLVXQGgIIHQWOLFKNHLW$U FKlRORJLHGHUOLWHUDULVFKHQ.RPPXQLNDWLRQ KUVJYRQGHQV0QFKHQ)LQN 6² KLHU6 9JO*HRUJ6LPPHOÅ'DV*HKHLPQLVXQGGLHJHKHLPH*HVHOOVFKDIW´ LQGHUV6R]LR ORJLH 8QWHUVXFKXQJHQ EHU GLH )RUPHQ GHU 9HUJHVHOOVFKDIWXQJ $XIODJH 0QFKHQ XQG /HLS]LJ 'XQFNHU +XPEORW 6²KLHU6-RDFKLP:HVWHUEDUNH\'DV*H KHLPQLV =XU IXQNWLRQDOHQ $PELYDOHQ] YRQ .RPPXQLNDWLRQVVWUXNWXUHQ 2SODGHQ :HVWGHXWVFKHU 9HUODJ 6$OEHUW6SLW]QDJHOÅ(LQOHLWXQJ´LQ*HKHLPQLVXQG*HKHLPKDOWXQJ(UVFKHL QXQJVIRUPHQ ² )XQNWLRQHQ ² .RQVHTXHQ]HQ KUVJ YRQ GHPV *|WWLQJHQ XD +RJUHIH 6² KLHU 6 $ORLV +DKQ Å6R]LRORJLVFKH $VSHNWH YRQ *HKHLPQLVVHQ XQG LKUHQ bTXLYDOHQWHQ´LQ*HKHLPQLVXQGgIIHQWOLFKNHLW6² &RUQHOLD%RKQÅ,QV)HXHUGDPLW=XU6R]LRORJLHGHV%ULHIJHKHLPQLVVHV´LQ*HKHLPQLVXQG gIIHQWOLFKNHLW6²KLHU6YJOGD]X$VVPDQQÅ'DV*HKHLPQLV´6I+DKQÅ6R ]LRORJLVFKH$VSHNWH´6I 9JO6LPPHOÅ*HKHLPQLV´6I
%HIUHLXQJYRPXQG)UHLKHLW]XP*HKHLPQLV
JHVWUDIWZLHJODXEKDIWYRU]XWUDJHQ8PJHNHKUWYHUOHLKWGDVHSLVWRODUH0H GLXPGHQHQHLQH6WLPPHGLHZHQLJHUDXVVFKOHFKWHP*HZLVVHQRGHUPD QLSXODWLYHP %HVWUHEHQ VRQGHUQ DXV )XUFKW VFKZHLJHQ %HLGH *UXSSHQ YHUP|JHQDXIGLHVH:HLVH+LQWHUEOLHEHQHQHLQVHOEVWEHVWLPPWHVYROOVWlQ GLJHV%LOGGHUHLJHQHQ3HUVRQ]XKLQWHUODVVHQXQGVRYLHOOHLFKW]XPHUVWHQ XQGHLQ]LJHQ0DOLQLKUHP/HEHQLP7RGÅVLFKVHOEVWDOV]HLWOLFKHV*DQ ]HV´]XJHZLQQHQ 'LH1DFKZHOWVLHKWVLFKEHLGHUDUWLJHQSRVWKXPHQ%HNHQQWQLVVHQPLW XQJHDKQWHP SRWHQWLHOO NRQIOLNWEHKDIWHWHP :LVVHQ NRQIURQWLHUW 1LFKW YRQXQJHIlKUZlKOWH*HRUJ6LPPHO%HJULIIHDXVGHU3RHWLNGHV'UDPDV DOVHUGHQ(QWKOOXQJVYRUJDQJEHVFKULHE 'DV*HKHLPQLVHQWKlOWHLQH6SDQQXQJGLHLP$XJHQEOLFNGHU2IIHQEDUXQJLKUH /|VXQJILQGHW'LHVHUELOGHWGLH3HULSHWLHLQGHU(QWZLFNOXQJGHV*HKHLPQLVVHV LQLKPVDPPHOQXQGJLSIHOQVLFKQRFKHLQPDOGHVVHQJDQ]H5HL]H>«@
'LHVHVGUDPDWLVFKH 0RPHQW ZDU IU GLH OLWHUDULVFKH *HVWDOWXQJ YRQ *H VWlQGQLVVHQ LQ KRUD PRUWLV YRQ MHKHU SUlJHQG JHZHVHQ 'DEHL HUZLHV VLFK JHUDGHGLH$UWLNXODWLRQXQNRQYHQWLRQHOOHUOHW]WHU*HKHLPQLVVHDOVEHVRQ GHUVDWWUDNWLYQLFKW]XOHW]WZHLOVLFKGDPLWJDQ]LP6LQQH6LPPHOVXQHU ZDUWHWH :HQGXQJHQ LQV]HQLHUHQ OLHHQ 'DUEHU KLQDXV NRQQWHQ OHW]WH (QWKOOXQJHQGHUYHUWLHIHQGHQ3V\FKRORJLVLHUXQJYRQ)LJXUHQXQGGHUHQ %H]LHKXQJHQ]XHLQDQGHUGLHQHQ(LQDQVFKDXOLFKHV%HLVSLHOGDIULVW'RU PXQGVGHDWKEHGUHSHQWHQFHLQ*HOOHUWV/HEHQGHU6FKZHGLVFKHQ*UlILQQYRQ*
'HUHQhEHUUDVFKXQJVHIIHNWHUK|KWGHQ6FKUHFNHQGHQGDV0RUGJHVWlQG QLV YHUXUVDFKW XQG KHEW GLH QHJDWLYH &KDUDNWHU]HLFKQXQJ 'RUPXQGV GXUFKHEHQGLHVHVKHUYRU'DQHEHQELHWHWGLH6]HQH*HOOHUW*HOHJHQKHLW GLH IDWDOHQ .RQVHTXHQ]HQ YRU]XIKUHQ ZHOFKH GHUDUW RIIHQEDUWH 6FKXOG XQWHU8PVWlQGHQIUDQGHUHKDEHQNDQQYJO6*I 'LH 9HUODJHUXQJ HQWKOOHQGHU 6WHUEHZRUWH LQ HLQHQ $EVFKLHGVEULHI YHUlQGHUWHGLH'\QDPLNGHU*HKHLPQLVRIIHQEDUXQJXQGPRGLIL]LHUWHGLH 'DUVWHOOXQJVP|JOLFKNHLWHQ GHV 0RWLYV (QWVFKHLGHQG IU GHVVHQ (IIHNW BBBBBBBBBBBBB
9JO:HVWHUEDUNH\*HKHLPQLV6 +DKQÅ6R]LRORJLVFKH$VSHNWH´6'LHJHVFKLOGHUWHQ8PVWlQGHGHU*HKHLPQLVRIIHQED UXQJZHLVHQGDUDXIKLQZLHHQJGLHVHPLWGHU*HVFKLFKWHGHV6FKZHLJHQVXQGGHVVHQYHU VFKLHGHQHQ)RUPHQE]Z)XQNWLRQHQYHUNQSIWLVWYJOKLHU]XXD&ODXGLD%HQWKLHQ%DUR FNHV 6FKZHLJHQ 5KHWRULN XQG 3HUIRUPDWLYLWlW GHV 6SUDFKORVHQ LP -DKUKXQGHUW 0QFKHQ )LQN XD 6 3HWHU %XUNH Å1RWHV IRU D 6RFLDO +LVWRU\ RI 6LOHQFH LQ (DUO\ 0RGHUQ (XURSH´LQGHUV7KH$UWRI&RQYHUVDWLRQ&DPEULGJH3ROLW\3UHVV 6² 'DV KLVWRULVFKH9HUKlOWQLVYRQ*HKHLPKDOWXQJ6SUHFKHQXQG6FKZHLJHQEHOHXFKWHQDXFK1LN ODV/XKPDQQXQG3HWHU)XFKVÅ*HKHLPQLV=HLWXQG(ZLJNHLW´LQGLHV5HGHQXQG6FKZHL JHQ)UDQNIXUWD06XKUNDPS 6²KLHU6 9JO$VVPDQÅ'DV*HKHLPQLV´6 6LPPHOÅ*HKHLPQLV´6=XU5HOHYDQ]YRQ6LPPHOVhEHUOHJXQJHQIUGLH*HKHLP QLVIRUVFKXQJYJOXD:HVWHUEDUNH\*HKHLPQLV
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
ZXUGHQ QHEHQ GHP =HLWSXQNW GHU /HNWUH GXUFK (PSIlQJHU ² XQG 3XEOLNXP ² =XVWHOOXQJ XQG $GUHVVLHUXQJ GHV %ULHIHV VLH DOOH XQWHUODJHQ ]XPLQGHVWWHLOZHLVHGHU.RQWUROOHGHV6WHUEHQGHQ$QGHUVDOVEHLPQG OLFKHQ$EVFKLHGVZRUWHQNRQQWHPDQYHUVXFKHQ]XVWHXHUQREZDQQXQG ZHUGHQ(QWKOOXQJVSUR]HVVYHUYROOVWlQGLJWHLQGHPHUGDV0LWJHWHLOWHODV DOWHUQDWLYPRFKWHPDQGHQ%ULHIK|KHUHQ0lFKWHQRGHUGHP=XIDOOEHU ODVVHQ 8QWHU ZLGULJHQ 8PVWlQGHQ NRQQWH GLH %RWVFKDIW DXFK LQ IDOVFKH +lQGHJHUDWHQ ,P OLWHUDULVFKHQ *HEUDXFK GHV 0RWLYV ZHUGHQ DXI GLHVH XQG DQGHUH :HLVH7HQGHQ]HQHUNHQQEDUGLHVRZRKOVR]LDOH9HUKlOWQLVVHZLHGHQUHDO KLVWRULVFKHQ *HEUDXFK GHU %ULHIVRUWH UHIOHNWLHUHQ $QJHVLFKWV GHU 7DW VDFKH GDVV )UDXHQ LQ GHU *HVHOOVFKDIW GHV -DKUKXQGHUWV QXU HLQJH VFKUlQNW+DQGOXQJVE]Z5HGHIUHLKHLWEHVDHQEHUUDVFKWQLFKWGDVVHV LQGHU)LNWLRQSULPlUZHLEOLFKH)LJXUHQVLQGGLHLKUHOHW]WHQ*HKHLPQLVVH GHPVFKULIWOLFKHQ0HGLXPDQYHUWUDXHQIUGHVVHQ+DQGKDEXQJGHU]HLW JHQ|VVLVFKH 'LVNXUV EHNDQQWHUPDHQ GDV ÄVFKZDFKH¶ *HVFKOHFKW IU EHVRQGHUV JHHLJQHW KLHOW 'DV 6FKZHLJHQ YRQ )UDXHQ E]Z GHVVHQ SRVWKXPHV $XIKHEHQ NRQQWH VR VWHOOWH HV VLFK GLH /LWHUDWXU YRU VFKDPEHKDIWHW XQG SIOLFKWEHZXVVW DEHU DXFK VXEYHUVLY XQG HPDQ ]LSDWRULVFK VHLQ $EVFKLHGVEULHIH JHVWDWWHWHQ HV GHQ 6FKHLQ YRQ (KU EDUNHLW7XJHQG RGHU)ROJVDPNHLW ELV LQGHQ7RG ]XZDKUHQ XQG ERWHQ JOHLFK]HLWLJ SHUV|QOLFKHQ :DKUKHLWHQ HLQ )RUXP RGHU YHUVFKDIIWHQ LKQHQ DXIGLHVH:HLVH*HOWXQJ ,PGXUFKGHQ7RGJOHLFKHUPDHQYHUVLHJHOWHQZLHHQWKOOWHQ*HKHLP QLV PDQLIHVWLHUW VLFK GHUDUW HLQH %UXFKVWHOOH ]ZLVFKHQ ,QGLYLGXXP XQG *HPHLQVFKDIW IU GLH GHU $EVFKLHGVEULHI ]XP 6\PERO ZLUG %HVRQGHUV RIW XQG EHVRQGHUV GHXWOLFK ]HLJW VLFK GLHV EHL 6HOEVWP|UGHUQ GHUHQ 7R GHVDUWLKUHUÄ1DWXU¶QDFK$EJUHQ]XQJZLH*HKHLPKDOWXQJLPSOL]LHUW'LH 0HKUKHLW GHU KLHU GLVNXWLHUWHQ OHW]WHQ %RWVFKDIWHQ LVW DXFK GDKHU GLUHNW RGHULQGLUHNWPLWHLQHU6HOEVWW|WXQJDVVR]LLHUW$XIJUXQGGHU4XHOOHQODJH NRQ]HQWULHUHQ VLFK GLH IROJHQGHQ $XVIKUXQJHQ DXI HQWKOOHQGH $E VFKLHGVEULHIH DOV OLWHUDULVFKHV 0RWLY XQG)RUP =LHO LVW HV GHVVHQ &KD UDNWHULVWLNDXQG)XQNWLRQHQDXI]X]HLJHQXQG]XGHPRQVWULHUHQGDVVOHW]WH %ULHIH DOV HQWKOOHQGHV 0HGLXP ]ZDU =JH H[HPSODULVFKHQ 6FKUHLEHQV HQWKDOWHQ N|QQHQ LQVJHVDPW DOOHUGLQJV HKHU ]XU 1RQNRQIRUPLWlW QHLJHQ RGHUVRJDUDNWLYGLH'HVWDELOLVLHUXQJEHVWHKHQGHU9HUKlOWQLVVHEHWUHLEHQ
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ, 3IOLFKWXQG'HVLOOXVLRQLHUXQJ 5RZHV/HWWHUV0RUDO6DPPOXQJHQWKlOWHLQHQHQWKOOHQGHQ$EVFKLHGVEULHI GHU KLHU QRFK QLFKW HUZlKQW ZXUGH 'DULQ RIIHQEDUW GLH VWHUEHQGH +HU PLRQH LKUHU 6FKZHVWHU /DG\ 0DU\ GDVV LKU lOWHVWHU 6RKQ QLFKW GDV OHLE OLFKH .LQG LKUHV (KHPDQQV VRQGHUQ (UJHEQLV HLQHV HLQPDOLJHQ ELVODQJ JHKHLPJHKDOWHQHQÄ)HKOWULWWV¶VHL/0(,,² 'DV6FKUHLEHQVWHOOW HLQH 9DULDWLRQ GHU GHDWKEHG UHSHQWDQFH GDU XQG WUlJW =JH HLQHU %HLFKWH +HUPLRQH HPSILQGHW HV DOV LKUH OHW]WH 3IOLFKW XP 9HU]HLKXQJ ]X ELWWHQ XQGLKUH6FKXOG]XEHNHQQHQE]ZZLHGHUJXW]XPDFKHQLQGHPVLHGDIU VRUJWGDVVGLH(UEDQVSUFKHGHUHKHOLFKHQ.LQGHULKUHV0DQQHVJHVLFKHUW ZHUGHQ 1HEHQ GHU VSLULWXHOOHQ XQG PRUDOLVFKHQ NHQQ]HLFKQHW GHQ %ULHI HLQH MXULVWLVFKH 3HUVSHNWLYH :lKUHQG +HUPLRQHV 6HOEVWVWLOLVLHUXQJ ]XP ZDUQHQGHQ ([HPSHO VR HLQH PHKUIDFK GLGDNWLVFKH %RWVFKDIW ELUJW ZHLVW GLH$UWZLHVLHLKU*HKHLPQLVHQWKOOWDXI%HVFKUlQNXQJHQKLQGHQHQVLH ZLHGDV0HGLXPDXVJHVHW]WLVW =ZDU JHZlKUW GHU $EVFKLHGVEULHI .RPPXQLNDWLRQVIUHLKHLW XQG KLOIW HLQHMDKUHODQJLP6WLOOHQJHEWH%XH]XYROOHQGHQGHUELVGDKLQKLPP OLVFKH9HUV|KQXQJDEHUNHLQHLUGLVFKHQ.RQVHTXHQ]HQEHVFKLHGHQZDUHQ /0( ,, 'RFKYHUWUDXWVLFK GLH 6WHUEHQGHQLFKW LKUHP (KH PDQQDQVRQGHUQZHQGHWVLFKELWWHQGDQ/DG\0DU\Å0\GHDU6LVWHUFDQ \RXUULJLG9LUWXHIRUJLYHP\)DXOWDQGSOHDGP\'HIHQFHWRP\LQMXUHG +XVEDQGZKHQ,DPVLOHQWLQWKH'XVW"µ/0( ,, 'LHVZLUIWHLQ NULWLVFKHV/LFKWDXIGDVHKHOLFKH9HUKlOWQLVXQGGHXWHWDQZDUXP+HUPLR QH=XIOXFKWHUVWLP*HKHLPQLVXQGGDQQLPOHW]WHQ%ULHIVXFKW=XGHP ZLOOVLFKGLH$XWRULQDXIGDV0HGLXPDOOHLQQLFKWYHUODVVHQXQGPDFKWGD KHULKU*HJHQEHU]XU0LWZLVVHULQ%RWLQ²XQG$QZlOWLQ 7KLV6HFUHWGHDU/DG\0DU\,PXVWLQWUHDW\RXWRGLVFRYHUWR&RXQW(GJDUDIWHU P\'HDWKWKDWKHPD\GRKLVRZQ&KLOGUHQ-XVWLFHDQGRQO\SURYLGHPRGHUDWHO\ IRU WKH RWKHU $VVXUH KLP WKDW LW ZDV RQO\ LQ WKLV ,QVWDQFH , HYHU ZURQJHG P\ )LGHOLW\ WR KLP 7KLV LV WKH XWPRVW 5HSDUDWLRQ , FDQ PDNH DQG ZLWK D 0LQG XQEXUWKHQHG , QRZ FDVW P\ VHOI RQ LQILQLWH 0HUF\ DQG VPLOH LQ WKH 9LHZ RI 'HDWK /0(,,
5RZHELOGHWLQGLHVHPDOVH[HPSODULVFKNRQQRWLHUWHQ$EVFKLHGVRVR]LDOH +LHUDUFKLHQXQG=ZlQJHDEZHOFKHELVLQGLH7RGHVVWXQGHKLQHLQ'HQ NHQXQG+DQGHOQGHU6FKUHLEHQGHQSUlJHQ,QHUVWHU/LQLHHUVFKHLQW+HU PLRQHV5FN]XJLQGLH6FKULIWOLFKNHLWDOV$NWGHV6HOEVWVFKXW]HVLQGHP VLFK9HUDQWZRUWXQJVJHIKOPLW)XUFKWSDDUW'HQQRFKGUFNWVLFKLQGHU
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
:DKOGHV0HGLXPVGHU$GUHVVDWLQVRZLHGDPLWDVVR]LLHUWYRQ=HLWSXQNW XQG$UWGHU*HKHLPQLVRIIHQEDUXQJHLQJHZLVVHU:LOOH]XU$XWRQRPLHDXV :lKUHQG GLH $XWRUHQ GHU EULJHQ $EVFKLHGVERWVFKDIWHQ LQ 5RZHV 6DPPOXQJHKHUVFKDEORQHQKDIWJH]HLFKQHWVLQGGDVKHLWDXIHLQHQWZH GHU WXJHQG RGHU UHLQ VQGKDIW JHIKUWHV /HEHQ ]XUFNEOLFNHQ YHUOHLKW +HUPLRQHV *HKHLPQLV E]Z LKU 8PJDQJ GDPLW LKUHP &KDUDNWHU HLQH LQGLYLGXHOOHUH'LPHQVLRQ+LHULQVFKHLQWHLQ$QVDW]]XDQVSUXFKVYROOHUHU )LJXUHQSV\FKRORJLH JHJHEHQ GHQ 5RZH DOOHUGLQJV QLFKW HQWZLFNHOW ,KU GLGDNWLVFKHU,PSHWXVEHVFKUlQNWHVLFKGDUDXIDXI]X]HLJHQZLHEHGHXWHQG HLQH YROOHQGHWH %XH IU GLH *HZLVVHQVUXKH GHU 6WHUEHQGHQ ZDU 8QJH DFKWHW GHVVHQ IKUWH VLH LKUHQ /HVHUQ GDPLW HLQH 2SWLRQ YRU 0LW +LOIH HQWKOOHQGHU $EVFKLHGVERWVFKDIWHQ NRQQWH IUDX 3IOLFKWHQ ZDKUQHKPHQ :LHGHUJXWPDFKXQJ OHLVWHQ XQG YHUPLHG QLFKW QXU GHQ YRQ LKUHP *H KHLPQLV %HWURIIHQHQ GLUHNW JHJHQEHUWUHWHQ ]X PVVHQ VRQGHUQ DXFK GDVVGHUHQ5HDNWLRQLKUH*HZLVVHQVUXKHQRFKHLQPDOVW|UWH ,QWLPH*HKHLPQLVVHIKUHQVR6LPPHO]XU(QWZLFNOXQJÅHLQHU]ZHL WHQ :HOW QHEHQ GHU RIIHQEDUHQ´ 9ROO]LHKW VLFK GLH (QWKOOXQJ YHU ERUJHQHU ,QIRUPDWLRQHQ SRVWKXP KHEW HUVW GHU $EVFKLHGVEULHI GLHVH 'LFKRWRPLH DXI E]Z KlOW GLH ]ZHLWH :HOW LQ VLFK SUlVHQW XQG IU ,QWHU SUHWDWLRQHQ RIIHQ ,Q +HUPLRQHV )DOO GLHQW GDV 9HUEHUJHQ GD]X LKUH ÄHUVWH¶:HOW]XVWDELOLVLHUHQXQGDXFKGDV%OROHJHQLKUHV*HKHLPQLVVHVLVW SULPlU GLHVHU YHUSIOLFKWHW 'DJHJHQ ]LHOW GLH $XWRULQ HLQHV GHU EHUKP WHVWHQ $EVFKLHGVEULHIH GHU IUDQ]|VLVFKHQ /LWHUDWXU GHV -DKUKXQGHUWV GLH 3HUVHULQ 5R[DQH LQ 0RQWHVTXLHXV /HWWUHV SHUVDQHV PLW LKUHP 6FKUHLEHQDXI*HJHQWHLOLJHVDEQlPOLFKLKUHZDKUH,GHQWLWlW]XHQWKOOHQ XQGGDGXUFKGLHHUVWH:HOWGLHLKU$GUHVVDW8VEHNEHKHUUVFKWDOV,OOXVLRQ ]XHQWODUYHQ 'HU $EVFKLHGVEULHI LVW (QG ZLH +|KHSXQNW GHV 5RPDQV LQ GHP 9HUVWHOOXQJ XQG 'HVLOOXVLRQLHUXQJ DXI SHUV|QOLFKHU ZLH JHVHOOVFKDIWOLFKHU (EHQH/HLWWKHPHQVLQGVRZLHGHVSHUVLVFKHQLQ8VEHNV6HUDLOVLWXLHUWHQ 1DUUDWLYV /HW]WHUHV GLHQW DOV 9HUJOHLFKVIROLH ]XU HXURSlLVFKHQ E]Z YRU DOOHP]XUIUDQ]|VLVFKHQ.XOWXUXQGLPHQJHUHQ6LQQHDXFKGD]XGLH'\ QDPLNYRQ*HKHLPKDOWXQJXQG7lXVFKXQJDOVVR]LDOH7HFKQLNHQLQHLQHP 6\VWHP GDU]XVWHOOHQ LQ GHP GDV ZHLEOLFKH *HVFKOHFKW YRP PlQQOLFKHQ GHVSRWLVFKXQWHUGUFNWZLUG'LH/HEHQVVLWXDWLRQGHU3HUVHU²XQGVSH ]LHOOGHU)UDXHQLP6HUDLO²XPUHLW5LFDDOVHUPLW%OLFNDXIGLHIUDQ]| VLVFKH.XOWXUVHLQHÄHLJHQH¶FKDUDNWHULVLHUW BBBBBBBBBBBBB
6LPPHOÅ*HKHLPQLV´6 9JOYD6LPPHOÅ*HKHLPQLV´6I 9JO &pOLQH 6SHFWRU 0RQWHVTXLHX /HV Ä/HWWUHV SHUVDQHV¶ GH O·DQWKURSRORJLH j OD SROLWLTXH 3DULV 3UHVVHV8QLYHUVLWDLUHVGH)UDQFH 6²
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,
&KH]QRXVOHVFDUDFWqUHVVRQWWRXVXQLIRUPHVSDUFHTX·LOVVRQWIRUFpVRQQHYRLW SRLQWOHVJHQVWHOVTX·LOVVRQWPDLVWHOVTX·RQ OHVREOLJHG·rWUHGDQVFHWWHVHUYL WXGHGXF±XUHWGHO·HVSULWRQQ·HQWHQGSDUOHUTXHODFUDLQWHTXLQ·DTX·XQODQJD JHHWQRQSDVODQDWXUHTXLV·H[SULPHVLGLIIpUHPPHQWHWTXLSDURvWVRXVWDQWGHV IRUPHV/DGLVVLPXODWLRQFHWDUWSDUPLQRXVVLSUDWLTXpHWVLQpFHVVDLUHHVWLFLLQ FRQQXH
5R[DQHV$EVFKLHGVEULHILOOXVWULHUWGLHEHVFKULHEHQHQ9HUKlOWQLVVH'LHDOV /LHEOLQJVIUDX8VEHNVXQG0XVWHUEHLVSLHOZHLEOLFKHU7XJHQGJHOWHQGH3HU VHULQ JLEW VLFK DP (QGH LKUHV /HEHQV DOV (KHEUHFKHULQ ]X HUNHQQHQ GLH VWUDWHJLVFK *HKHLPKDOWXQJ XQG 7lXVFKXQJ HLQ XQG GDPLW GHQ PlQQ OLFKHQ5HJHOQXQEHPHUNWLKUHHLJHQHQHQWJHJHQJHVHW]WKDWÅ>-@·DLSXYLYUH GDQVODVHUYLWXGH´IRUPXOLHUWVLH PDLV M·DL WRXMRXUV pWp OLEUH M·DL UpIRUPp WHV ORL[ VXU FHOOHV GH OD QDWXUH HW PRQ HVSULW V·HVW WRXMRXUV WHQX GDQV O·LQGpSHQGHQFH >«@ 1RXV pWLRQV WRXV GHX[ KHX UHX[WXPHFUR\RLVWURPSpHHWMHWHWURPSRLV/3
'DV6HUDLOHQWSXSSWVLFKKLHUPLWDOV6\VWHPGDVHLJHQWOLFKYRQGHQ)UDXHQ EHKHUUVFKWZLUGGLHVH8PZHUWXQJGHVYRP0DQQZLOONUOLFKEHJUHQ]WHQ XQGJHUHJHOWHQ5DXPHVLQHLQHQGHUZHLEOLFKHQ)UHLKHLWGUIWHGHQ/HVHU ]XHLQHUYHUlQGHUWHQ/HNWUHGHV5RPDQVYHUDQODVVHQ6SH]LILVFKZLUGHU YLHOOHLFKW]XMHQHP%ULHIYRQ8VEHNDQ5R[DQH]XUFNNHKUHQLQGHPVLFK DQGHXWHWGDVVLKUH(KHGXUFKHLQH9HUJHZDOWLJXQJYROO]RJHQZXUGH 'LHLQQHUHhEHUOHJHQKHLWGHU3HUVHULQEH]HXJWQLFKW]XOHW]WGDV.DO NO PLW GHP VLH VRZRKO LKUH 7RGHVJHZLVVKHLW DOV DXFK LKUH %RWVFKDIWHQ HLQVHW]W 1LFKW ]XOHW]W EHWRQW HV 0RQWHVTXLHXV $UUDQJHPHQW GHU /HWWUHV SHUVDQHV0DQQVROOGHQOHW]WHQ:RUWHQGLHVHU)UDXQLFKWVPHKUHQWJHJHQ VHW]HQ N|QQHQ GDV (QGH LKUHV $EVFKLHGVEULHIHV ² Å-H PH PHXUV´ /3 ²LVWJOHLFKHUPDHQGDVGHV5RPDQV,KUH6WHUEHERWVFKDIWZLH BBBBBBBBBBBBB
0RQWHVTXLHX /HWWUHV SHUVDQHV KUVJ XQG PLW $QPHUNXQJHQ YHUVHKHQ YRQ $QWRLQH $GDP *HQI 'UR] 6 )RUWDQ ]LWLHUW DOV /3 XQWHU $QJDEH YRQ 6HLWHQ]DKO XQG %ULHIQXPPHU 9JO XD 'LDQD - 6FKDXE (URWLF /LEHUDOLVP :RPHQ DQG 5HYROXWLRQ LQ 0RQWHVTXLHX·V Ä3HUVLDQ /HWWHUV¶/DQKDP0DU\ODQGXQG/RQGRQ5RZPDQ /LWWOHILHOG3XEOLVKHUV 6 9JOXD0LFKHO'HORQÅ8QPRQGHG·HXQXTXHV´0RQWHVTXLHX(XURSH5HYXH/LWWpUDLUH0HQ VXHOOH 6²KLHU6 3DXOLQH.UDÅ0RQWHVTXLHXDQG:RPHQ´LQ)UHQFK:RPHQDQGWKH$JHRI(QOLJKWHQPHQWKUVJ YRQ 6DPLD, 6SHQFHU %ORRPLQJWRQ ,QGLDQD 8QLYHUVLW\ 3UHVV 6² KLHU 6 9JO&KULVWRSKHU%HWWV0RQWHVTXLHX/HWWUHVSHUVDQHV/RQGRQ*UDQW &XWOHU 6 'HQ$EVFKLHGVEULHIKDWWH0RQWHVTXLHXJHPHLQVDPPLWDQGHUHQ6FKUHLEHQDXVGHPXQGLQ GDV 6HUDLO EHZXVVW DQV (QGH VHLQHU 6DPPOXQJ JHUFNW XQG GDPLW ]HLWOLFK VSlWHU HQWVWDQ GHQHU .RUUHVSRQGHQ] QDFKJHVWHOOW $QVlW]H HLQHU 9HURUWXQJ GHV $EVFKLHGVEULHIHV LQ GHU 7UDGLWLRQOHW]WHU:RUWHXQG%RWVFKDIWHQLQGHUIUDQ]|VLVFKHQ5RPDQOLWHUDWXUGHV-DKU KXQGHUWV VRZLH HLQH (LQ]HODQDO\VH GHV 6FKUHLEHQV ELHWHW 0RQWHVTXLHX /HWWUHV SHUVDQHV
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
GDV GLHVHU YRUDXVJHKHQGH 6FKUHLEHQ DQ 8VEHN LQ ZHOFKHP 5R[DQH DXI LKUH5HYROWHXQGLKUHQ7RGDQVSLHOW/3I ZHUGHQGDVZHL GLH $XWRULQ HUVW EHLP $GUHVVDWHQ LQ (XURSD HLQWUHIIHQ ZHQQ HV IU LKQ ]XVSlWLVW*HJHQPDQDKPHQ]XHUJUHLIHQ'LH'DXHUGHV%ULHIZHJHVEH JQVWLJW GLH (QWKOOXQJ XQG LVW LQWHJUDOHU %HVWDQGWHLO YRQ 5R[DQHV 6WUD WHJLH 'DEHLPDFKW0RQWHVTXLHXHEHQIDOOVGHXWOLFKGDVVLKU9RUJHKHQNHLQH $OWHUQDWLYH GD]X GDUVWHOOW GLH EHVWHKHQGHQ 9HUKlOWQLVVH ]X YHUlQGHUQ VRQGHUQGLHQXUEHJUHQ]WHPDQ]LSDWRULVFKH9HU]ZHLIOXQJVWDWHLQHV,QGLYL GXXPVLVW'DVV5R[DQHHUVW²LP6FKXW]YRQ7RGXQG6FKULIW²VWHUEHQG LKU 6FKZHLJHQ EUHFKHQ XQG LKUH 3HUV|QOLFKNHLW XQJHKHPPW RIIHQOHJHQ NDQQELOGHWVLFKDOVWUDJLVFKH,URQLHLP$EVFKLHGVEULHIDE'DPLWDN]HQ WXLHUW0RQWHVTXLHXGLHVHLQHU]HLWNRQWURYHUVH9HUWHLGLJXQJGHV5HFKWVDXI HLQHQ6XL]LGZHOFKHHUDXVJHUHFKQHW8VEHNLQGLH)HGHUGLNWLHUWKDWWHLQ DPELYDOHQWHU:HLVH5R[DQHV6HOEVWPRUGLVW%HIUHLXQJVVFKODJXQGOHW] WHU$XVZHJHUHUVFKHLQWDOWHUQDWLYORVYRQlXHUHQ8PVWlQGHQHU]ZXQJHQ XQGZLUGJOHLFK]HLWLJDOV*HVWHGHUXOWLPDWLYHQ6HOEVWEHVWLPPXQJHUNHQQ EDU (LQH DQGHUH 6FKDWWHQVHLWH YRQ 5R[DQHV ]ZHLWHU :HOW PDQLIHVWLHUW VLFKLQGHU)UDJHRELQQHUH8QDEKlQJLJNHLWLQHLQHPGHVSRWLVFKHQ6\VWHP WDWVlFKOLFK JHOHEW ZHUGHQ NDQQ 'LH 6WHUEHQGH WKHPDWLVLHUW GLHVHQ =ZLH VSDOWDOVVLHGLHDQGHUH6HLWHGHU9HUVWHOOXQJHQWKOOW²6HOEVWYHUOHXJQXQJ 7XGHYURLVPHUHQGUHJUDFHVHQFRUHGXVDFULILFHTXHMHW·DLIDLWGHFHTXHMHPH VXLVDEDLVVpHMXVTX·jWHSDURvWUHILGHOOHGHFHTXHM·DLOkFKHPHQWJDUGpGDQVPRQ F±XUFHTXHM·DXURLVGIDLUHSDURvWUHjWRXWHODWHUUH/3
7lXVFKXQJXQG%HWUXJZHUGHQSURYR]LHUWGXUFKGDV6\VWHPLQZHOFKHP IUDX ]X OHEHQ JH]ZXQJHQ LVW EHLGH IKUHQ ]XU 6HOEVWHQWIUHPGXQJ XQG ZHUGHQ DOV HUQLHGULJHQG HPSIXQGHQ 5R[DQHV ÄIHLJHV¶ 6FKZHLJHQ UHVXO WLHUWDXVGHU6SUDFKORVLJNHLWGHU)XUFKWGLH5LFDV]X$QIDQJ]LWLHUWH5HIOH [LRQ DXIJH]HLJW KDWWH 0RQWHVTXLHX EHNUlIWLJWH PLW GLHVHU 'DUVWHOOXQJ NHLQHVZHJVJlQJLJH9RUXUWHLOHGHV-DKUKXQGHUWVEHUGLHZHLEOLFKH1D WXU DOV LQWULJDQWH GLH PDQ ]XP :RKO GHU $OOJHPHLQKHLW XQWHU .RQWUROOH BBBBBBBBBBBBB
&KRL[GHOHWWUHVPLWOHNWUHEHJOHLWHQGHQ.RPPHQWDUHQYRQ&DWKHULQH9ROSLOKDF$XJHU3D ULV*DOOLPDUG 6² 9JOGD]X6FKDXE(URWLF/LEHUDOLVP6 9JO/36II 9JO-HDQ0DULH*RXOHPRWÅ0RQWHVTXLHXGXVXLFLGHOpJLWLPpjO·DSRORJLHGXVXLFLGHKpUR LTXH´LQ*LOEHUW5RPPH² HWVRQWHPSV$FWHVGXFROORTXHWHQXj5LRPHW&OHUPRQW OHV HW MXLQ 3DULV 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH 6² KLHU 6 -HDQHWWH *HIIULDXG 5RVVR 0RQWHVTXLHX HW OD IpPLQLWp 3LVD XD *ROLDUGLFD 6 9JO6FKDXE(URWLF/LEHUDOLVP6.UDÅ0RQWHVTXLHXDQG:RPHQ´6 9JO6SHFWRU0RQWHVTXLHX6
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,
KDOWHQ PVVH ,P *HJHQWHLO OlVVW HU VHLQH 3URWDJRQLVWLQ DP (QGH LKUHV $EVFKLHGVEULHIHVHLQHQ+LQZHLVGDUDXIJHEHQZLHVHKUGLHVLFKZHFKVHO VHLWLJHUJlQ]HQGHQ0HFKDQLVPHQYRQ*HKHLPKDOWXQJXQG8QWHUGUFNXQJ 5R[DQHDOV,QGLYLGXXPJHSUlJWRGHUJHQDXHUYHUVWPPHOWKDEHQ &H ODQJDJH VDQV GRXWH WH SDURvW QRXYHDX 6HURLWLO SRVVLEOH TX·DSUqV W·DYRLU DFFDEOpGHGRXOHXUVMHWHIRUoDVVHHQFRUHG·DGPLUHUPRQFRXUDJH"0DLVF·HQHVW IDLWOHSRLVRQPHFRQVXPH>«@/3
,Q5R[DQHVQHXH6SUDFKHLQGHUVLHLKUH:UGH]XUFN]XHUREHUQVXFKW KDW VLFK HLQ (FKR GHVSRWLVFKHQ 9RNDEXODUV HLQJHVFKOLFKHQ 'HVVHQ (LQ EHWWXQJLQHLQHUKHWRULVFKEOHLEHQGH)UDJHUHODWLYLHUWVHLQH6FKlUIHQXUEH GLQJW 'LH /RVO|VXQJ GHU 6WHUEHQGHQ YRQ 8VEHN HUIROJW NRQVHTXHQWHU ZHLVHHUVWLPZLUNOLFKDOOHUOHW]WHQ$XJHQEOLFNGHV6FKUHLEHQVGDVLFKPLW 5R[DQHV /HEHQ DXFK LKU +DVV YHUOLHUW XQG VLH VRPLW QLFKW HLQPDO PHKU HLQHQHJDWLYH(PRWLRQDQLKQELQGHWÅ>-@HVHQVDIIRLEOLUMXVTX·jPDKDLQH MHPHPHXUV´/3 ,QGLHVHU*OHLFKJOWLJNHLWGLHHLQHIHVWH*U| H YLHOHU OHW]WHU %ULHIH LVW YHUYROOVWlQGLJW VLFK V\PEROLVFK GLH %HIUHLXQJ GHV,QGLYLGXXPVGLHKLHUDXIWUDJLVFKH:HLVHLQHLQVIlOOWPLWGHP(QGH GHV%ULHIHVXQGGHPÄ9HUVFKZLQGHQ¶GHU$XWRULQ /HW]WHUHV PDFKW 5R[DQH IU LKUHQ /HVHU VLFKWEDU LQGHP VLH GHQ 6FKUHLEYRUJDQJLKUHP6WHUEHQSDUDOOHOVHW]W6LHHU|IIQHWGHQ%ULHIPLWGHU $QNQGLJXQJLKU7RGVWHKHXQPLWWHOEDUEHYRUXPVFKOLHOLFKLQGHU3Ul VHQVIRUPGLH:LUNXQJGHV*LIWHV]XEHVFKUHLEHQ7H[WXQG/HEHQHQGHQ ZLHEHUHLWVHUZlKQWPLWGHP9HUEÅVWHUEHQ´GDVSHUIRUPDWLYHQ&KDUDN WHU KDW ,Q GHQ 9RUGHUJUXQG JHUFNW ZLUG KLHUEHL GLH %H]LHKXQJ ]ZL VFKHQ6FKULIW3UlVHQ]XQG.|USHUOLFKNHLWZHOFKHLQGHU'HVLOOXVLRQLHUXQJ GHV(KHPDQQVHLQHHQWVFKHLGHQGH5ROOHVSLHOW5R[DQHV%HNHQQWQLVHLQHQ DQGHUHQ0DQQ8VEHNYRUJH]RJHQXQGGDV6HUDLOZHOFKHVGLH)UDXHQYRU DOOHQHUGHQNOLFKHQ9HUVXFKXQJHQVFKW]HQVROOWHLQHLQHQÅOLHXGHGpOLFHV HWGHSODLVLUV´YHUZDQGHOW]XKDEHQ/3 IKUHQGHP$GUHVVDWHQ GLH$XWRQRPLHLKUHV.|USHUVHEHQVRYRUZLHGLHLKUHV%HJHKUHQV5R[D QHV(QWVFKHLGXQJ]XP6HOEVWPRUGLVWORJLVFKH.RQVHTXHQ]GLHVHUOHLEOL FKHQ8QDEKlQJLJNHLW(QWKOOWZLUGVRDXFKLKUHZDKUHN|USHUOLFKH,GHQ WLWlWGLHGXUFKGLH(QJIKUXQJYRQ6WHUEHQXQG6FKUHLEHQDOVSK\VLVFKHP $NW JOHLFK]HLWLJ DOV HLQH VLFK GHP *HJHQEHU XOWLPDWLY HQW]LHKHQGH JH NHQQ]HLFKQHW ZLUG 5R[DQHV JHLVWLJH ZLH OHLEOLFKH )UHLKHLW YROOHQGHW VLFK PLWLKUHU6WHUEHERWVFKDIW'DVV/HW]WHUHHEHQGLHVHQNXU]HQ0RPHQWGHU BBBBBBBBBBBBB
'LHVEHKDXSWHWXD-XOLD9'RXWKZDLWH([RWLF:RPHQ/LWHUDU\+HURLQHVDQG&XOWXUDO6WUDWH JLHVLQ$QFLHQ5pJLPH)UDQFH3KLODGHOSKLD8QLYHUVLW\RI3HQQV\OYDQLD3UHVV 6 5RVVR0RQWHVTXLHX6I 9JO0DGHOHLQH'RELH)RUHLJQ%RGLHV*HQGHU/DQJXDJHDQG&XOWXUHLQ)UHQFK2ULHQWDOLVP6WDQ IRUG6WDQIRUG8QLYHUVLW\3UHVV 6
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
%HIUHLXQJ GRNXPHQWLHUW XQG IU GDV *HJHQEHU GDXHUKDIW SUlVHQW KlOW VWHOOWGHQYLHOOHLFKWJU|WHQ7ULXPSKGHU6FKUHLEHQGHQGDU 7RSRLXQG5KHWRULNGHV$EVFKLHGVEULHIHVODVVHQYHUVFKLHGHQH9RUELO GHU E]Z (LQIOVVH YHUPXWHQ (LQHUVHLWV GLH JHUDGH LP )UDQNUHLFK GHV -DKUKXQGHUWVVHKUOHEHQGLJH+HURLGHQWUDGLWLRQDQGHUHUVHLWVGUDPDWL VFKH6WHUEHV]HQHQ'LH7LWHOILJXUDXV5DFLQHV%DMD]HW GLH(KHPDQQ XQG/LHEKDEHUKLQWHUJHKWDXV+DVVVFKZHLJWXQGVFKOLHOLFKJHW|WHWZLUG LVWDOVHLQ0RGHOO5R[DQHVYRUJHVFKODJHQZRUGHQ(LQHDQGHUH)LJXU5D FLQHVZHLVWPLW%OLFNDXIGLHXPULVVHQH*OHLFK]HLWLJNHLWYRQHQWKOOHQGHP 6FKUHLEHQXQG6WHUEHQQRFKJU|HUHhEHUHLQVWLPPXQJPLW0RQWHVTXLHXV 3HUVHULQ DXI 3KqGUH GLH 3URWDJRQLVWLQ GHV JOHLFKQDPLJHQ 6WFNV YRQ ,KU6WHUEHPRQRORJGHUGHP(KHPDQQLKUHZDKUHQ*HIKOHXQGGLH 6FKXOG JHJHQEHU +LSSRO\WH RIIHQEDUW OlVVW GHQ =XVFKDXHU DQ GHU :LU NXQJGHV*LIWHVPLWGHPVLHVLFKW|WHWÄXQPLWWHOEDU¶WHLOKDEHQ -·DLSULVM·DLIDLWFRXOHUGDQVPHVEUODQWHVYHLQHV 8QSRLVRQTXH0pGpHDSSRUWDGDQV$WKqQHV 'pMjMXVTX·jPRQF±XUOHYHQLQSDUYHQX 'DQVFHF±XUH[SLUDQWMHWWHXQIURLGLQFRQQX 'pMjMHQHYRLVSOXVTX·jWUDYHUVXQQXDJH (WOHFLHOHWO·pSRX[TXHPDSUpVHQFHRXWUDJH (WODPRUWjPHV\HX[GpUREDQWODFODUWp 5HQGDXMRXUTX·LOVVRXLOODLHQWWRXWHVDSXUHWp
(VZLUNWVRDOVKDEHGHUIDOVFKH:DKUKHLWHQEOROHJHQGH$EVFKLHGVEULHI GHUDQWLNHQ3KDLGUDYHUPLWWHOWGXUFK5DFLQHLQ5R[DQHV6FKUHLEHQQHXH *HVWDOW DQJHQRPPHQ %HLGH )UDXHQILJXUHQ GLH JULHFKLVFKH XQG GLH SHU VLVFKH]LHOHQPLWLKUHQ(QWKOOXQJHQGDUDXIDEDQMHQHPGHQVLHEHWUHI IHQ5DFKH]XQHKPHQ%HLGHVHW]HQLKU*HKHLPQLVZLHLKUH%ULHIHVWUDWH JLVFKHLQXQGYHUZDQGHOQVRLKUHQ6XL]LGLQHLQHOHW]WHGLH1DFKZHOWHU VFKWWHUQGH+DQGOXQJ 6RZRKO GHU HLQJDQJV HUZlKQWH $EVFKLHGVEULHI +HUPLRQHV DOV DXFK 5R[DQHV IKUHQ 0DFKW XQG 2KQPDFKWVYHUKlOWQLVVH ZHLEOLFKHU *HKHLP QLVHQWKOOXQJLQKRUDPRUWLVYRU:lKUHQGGHU%ULHIGHU(QJOlQGHULQHKHU DXI %XH XQG :LHGHUJXWPDFKXQJ GDV KHLW +DUPRQLVLHUXQJ ]LHOW YHU IROJW5R[DQHPLWLKUHP6FKUHLEHQGDVJHQDXH*HJHQWHLO6LHO|VWVLFKYRQ LKUHP (KHPDQQ GHU VLH XQWHUGUFNHQGHQ *HVHOOVFKDIWVRUGQXQJ XQG VXFKW EHLGH GXUFK JH]LHOWH 'HVLOOXVLRQLHUXQJ ]X GHVWDELOLVLHUHQ 'DV VFKULIWOLFKH0HGLXPHUP|JOLFKWEHLGHQ)UDXHQHLQHJHVFKW]WH.RPPXQL NDWLRQPLWGHUHQ+LOIHVLHLKUH:UGH]XZDKUHQE]ZZLHGHUKHU]XVWHOOHQ BBBBBBBBBBBBB
9JO+HFNHQGRUQ&RRN(SLVWRODU\%RGLHV6 9JO5RVVR0RQWHVTXLHX6EHVRQGHUV$QP 5DFLQH -HDQ 3KqGUH KUVJ XQG PLW $QPHUNXQJHQ YHUVHKHQ YRQ &KULVWDQ 'HOPDV XQG *HRUJHV)RUHVWLHU3DULV*DOOLPDUG 6
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,,
VXFKHQ XQG $XWRQRPLH GHPRQVWULHUHQ 5R[DQH HUODXEW GLH EHVRQGHUH 6FKUHLEVLWXDWLRQ LQ ]XYRU QLH GD JHZHVHQHU 2IIHQKHLW LKUH ]ZHLWH :HOW XQG HLJHQWOLFKH ,GHQWLWlW ]X DUWLNXOLHUHQ ,P *HJHQVDW] GD]X IKUW GDV QlFKVWH%HLVSLHOHLQH6WHUEHQGHYRUGLHVLFKODQJHVHOEVWHLQ*HKHLPQLVLVW XQG HUVW DQJHVLFKWV LKUHV 7RGHV LKU ,QQHUHV JDQ] ]X HUNHQQHQ XQG ]X RIIHQEDUHQYHUPDJ
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,, -XOLHVYHUUlWHULVFKHV+HU] %ULHIOLFKH *HKHLPQLVRIIHQEDUXQJ /LHEH XQG 7RG VLQG HQJ YHUNQSIW LQ -HDQ-DFTXHV5RXVVHDXV%ULHIURPDQ-XOLHRX/DQRXYHOOH+pORwVH 'LH RIIHQHQ /LHEHVJHVWlQGQLVVH -XOLHV 6W3UHX[ JHJHQEHU ELOGHQ $XVJDQJV XQG (QGSXQNW GHU +DQGOXQJ ZREHL HUVW VHLQ DQJHGURKWHU GDQQ LKU WDWVlFKOLFKHU7RG]XU9RUDXVVHW]XQJGHU(QWKOOXQJZHUGHQ$VVR]LLHUWLVW GLHVH MHZHLOV PLW GHP 2UW GHU QHEHQ *HIKOHQ XQG (ULQQHUXQJHQ DXFK -XOLHV*HKHLPQLVVHZDKUW²LKUHP+HU]HQÅ,OIDXWGRQF´VFKUHLEWVLHDQ GHQ*HOLHEWHQ O·DYRXHUHQILQFHIDWDOVHFUHWWURSPDOGpJXLVp&RPELHQGHIRLVM·DLMXUpTX·LOQH VRUWLURLW GH PRQ F±XU TX·DYHF OD YLH /D WLHQQH HQ GDQJHU PH O·DUUDFKH LO P·pFKDSHHWO·KRQQHXUHVWSHUGX+pODVM·DLWURSWHQXSDUROHHVWLOXQHPRUWSOXV FUXHOOHTXHGHVXUYLYUHjO·KRQQHXU"/1+I,
:lKUHQG-XOLHIUGLHVHVHUVWH*HVWlQGQLVPLWGHPV\PEROLVFKHQ7RGGHV (KUYHUOXVWVEH]DKOWNRVWHWVLHLKUHOHW]WH(QWKOOXQJGDV/HEHQ6LHHU NDXIHGDPLWVFKUHLEWVLHLQLKUHP$EVFKLHGVEULHIDQ6W3UHX[ÅOHGURLWGH W·DLPHUWRXMRXUVVDQVFULPHHWGHWHOHGLUHHQFRUHXQHIRLV´/1+ 9, 'DEHLVFKDIIWGLH6FKUHLEVLWXDWLRQGLH9RUDXVVHW]XQJHQ]XGLHVHP *HVWlQGQLV*HVFKLFNWIJW-XOLHLKUH9HUZDQGOXQJYRPVFKUHLEHQGHQLQ HLQVFKULIWOLFKHV6XEMHNW²HLQLQGHU%ULHIUKHWRULNGHU=HLWPHWDSKRULVFK GHP6WHUEHQJOHLFKJHVHW]WHU9RUJDQJ²LQHLQVPLWLKUHU(QWIHUQXQJXQG N|USHUOLFKHQ0HWDPRUSKRVHGXUFKGHQ7RG'LHVHUHLQVSUDFKOLFKH2SH UDWLRQEHUXKWDXFKKLHUGDUDXIGDVVGDVVFKUHLEHQGH6HOEVWVHLQHQ=XVWDQG LP0RPHQWGHU/HNWUHGHV*HVFKULHEHQHQGXUFKGHQ$GUHVVDWHQDOVEH BBBBBBBBBBBBB
-HDQ-DFTXHV5RXVVHDX-XOLHRX/DQRXYHOOH+pORwVH/HWWUHVGHGHX[DPDQWVKDELWDQVG·XQHSHWLWH YLOOHDXSLHGGHVDOSHVLQ°XYUHVFRPSOqWHVGH-HDQ-DFTXHV5RXVVHDXKUVJYRQ%HUQDUG*DJQHELQ XQG0DUFHO5D\PRQG>3DULV@*DOOLPDUG² ,,/DQRXYHOOH+pORwVH7KpDWUH3RpVLHV (VVDLVOLWWpUDLUHV 6²)RUWDQ]LWLHUWDOV/1+XQWHU$QJDEHGHU6HLWHQ]DKO%XFK XQG%ULHIQXPPHU 9JO5RELQ-+RZHOOV5RXVVHDX-XOLHRX/D1RXYHOOH+pORwVH/RQGRQXQG:ROIHERUR*UDQW &XWOHU 6VRZLHGHUV5HJUHVVLYH)LFWLRQV*UDIILJQ\5RXVVHDX%HUQDUGLQ/RQGRQ /HJHQGD 6
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
UHLWV JHJHEHQ DQQLPPW ]XGHP JUHLIW -XOLH ]XUFN DXI GHQ 7RSRV GHV :DKUKDIWLJNHLWVJHERWVLQKRUDPRUWLV -·HQ GLV WURS SHXWrWUH HQ FH PRPHQW R OH F±XU QH GpJXLVH SOXV ULHQ « (K SRXUTXRL FUDLQGURLVMH G·H[SULPHU WRXW FH TXH MH VHQV" &H Q·HVW SOXV PRL TXL WH SDUOHMHVXLVGpMDGDQVOHVEUDVGHODPRUW4XDQGWXYHUUDVFHWWH/HWWUHOHVYHUV URQJHURQWOHYLVDJHGHWRQDPDQWHHWVRQF±XURWXQHVHUDVSOXV /1+9,
'LH:DKUQHKPXQJ-XOLHÄVSUHFKH¶QLFKWPHKUDOVVLHVHOEVWKDWQHEHQGHU HPRWLRQDOZLHNRPPXQLNDWLYEHIUHLHQGHQ:LUNXQJWLHIHUH%HGHXWXQJIU GHQ (QWKOOXQJVYRUJDQJ 6LH JHVWDWWHW GHU 3URWDJRQLVWLQ LKUH IUKHUH ([LVWHQ]DOV-XOLHG·(WDQJH XQG*HOLHEWH6W3UHX[·PLWLKUHUMHW]LJHQDOV 0DGDPH GH :ROPDU (KHIUDX XQG 0XWWHU ]X YHUHLQHQ 7RG XQG %RW VFKDIW HUODXEHQ GLHVH XQWHU DQGHUHQ 8PVWlQGHQ XQP|JOLFKH 6\PELRVH XQGVHW]HQLKUJOHLFK]HLWLJHLQHNODUH*UHQ]H 'LHVHDOOHUOHW]WHgIIQXQJGHV+HU]HQVLP6FKUHLEHQDQ6W3UHX[GDV JOHLFKHUPDHQ /LHEHV ZLH $EVFKLHGVEULHI LVW ZLUG LP 5RPDQ VRUJIlOWLJ YRUEHUHLWHW,P/DXIGHU+DQGOXQJZHQGHWVLFK-XOLHLQVJHVDPWGUHLPDODQ GHQ*HOLHEWHQXPLKPGDVOHW]WH/HEHZRKO]XVDJHQ=ZHLGHU6FKUHLEHQ VLQG /LHEHVDEVFKLHGVEULHIH GDV HUVWH HQWVWHKW QDFK GHP 7RG GHU 0XWWHU /1+ I ,,, GDV ]ZHLWH LP $QVFKOXVV DQ GLH +RFK]HLW PLW :ROPDU %HLGH %RWVFKDIWHQ ZLUNHQ ]ZHLGHXWLJ XQG GLH VSlWHUH YRQ EHL GHQ YHUUlW GHXWOLFK GDVV -XOLHV 9HUVWDQG HLQHQ (QWVFKOXVV JHWURIIHQ KDW GHQLKU+HU]QLFKWWHLOW $GLHXPRQDLPDEOHDPLDGLHXSRXUWRXMRXUVDLQVLO·RUGRQQHO·LQIOp[LEOHGHYRLU 0DLVFUR\H]TXHOHF±XUGH-XOLHQHVDLWSRLQWRXEOLHUFHTXLOXLIXWFKHU«PRQ 'LHXTXHIDLVMH"«YRXVOHYHUUH]WURSjO·pWDWGHFHSDSLHU$KQ·HVWLOSDVSHU PLVGHV·DWWHQGULUHQGLVDQWjVRQDPLOHGHUQLHUDGLHX"/1+,,,
-XOLHV ÅGHUQLHU DGLHX´ JHK|UW ]XU EOLFKHQ 5KHWRULN GHV /LHEHVDEVFKLHGV QLPPW LQ GLHVHP .RQWH[W DOOHUGLQJV JHVWHLJHUWH %HGHXWXQJ DQ GD HLQH 7UHQQXQJ GHV 3DDUV -XOLH²6W3UHX[ LP 5RPDQ PHKUIDFK PLW GHP 7RG HLQHV RGHU EHLGHU3DUWQHU DVVR]LLHUW ZLUGYJO XD /1+ , , 'LHV EHVWlWLJW HWZD GHU 6FKOXVVDEVDW] YRQ -XOLHV HUVWHP $E VFKLHGVEULHI DQ 6W3UHX[ GHQ VLH LQ 7RGHVHUZDUWXQJ E]Z KRIIQXQJ VFKUHLEW (U ZHLVW $QNOlQJH DQ GLH LQ OHW]WHQ 1DFKULFKWHQ EOLFKHQ )RU PHOQXQG*HVWHQDXI$QJOHLFKHU6WHOOHZLUG²PDQNHQQWGLHVDXV&ODULVVD BBBBBBBBBBBBB
9JO DXFK -DPHV) -RQHVMU /D 1RXYHOOH +pORwVH 5RXVVHDX DQG 8WRSLD *HQI 'UR] 6 $XVIKUOLFKHU]XGLHVHP7KHPDlXHUWVLFK0DGHOHLQH%(OOLV-XOLHRU/D1RXYHOOH+pORwVH $6\QWKHVLVRI5RXVVHDX·V7KRXJKW² 7RURQWR8QLYHUVLW\RI7RURQWR3UHVV 6
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,,
²GLH]XQHKPHQGH6FKZlFKHGHU6FKUHLEHQGHQPLW+LOIHNXU]HUE]ZIUDJ PHQWDULVFKHU6lW]HXQG6DW]SDXVHQHPSILQGVDPLQV]HQLHUW /DSOXPHpFKDSHGHPDPDLQ>«@-HQHSXLVPHVRXWHQLU«MHVXLVIRUFpHjPH PHWWUHDXOLWHWPHFRQVROHGDQVO·HVSRLUGHQ·HQSRLQWUHOHYHU $GLHXPHVXQL TXHVDPRXUV$GLHXSRXUODGHUQLHUHIRLVFKHUHWWHQGUHDPLGH-XOLH$KVLMHQH GRLVSOXVYLYUHSRXUWRLQ·DLMHSDVGpMDFHVVpGHYLYUH"/1+,,,
,QVJHVDPW YLHUPDO QLPPW -XOLH DOVR ÄIU LPPHU¶ $EVFKLHG YRQ 6W3UHX[ ZREHLGLH+DOEKHU]LJNHLWVSH]LHOOGHU/LHEHVERWVFKDIWHQGLHMHZHLOVYROO]R JHQH7UHQQXQJUHODWLYLHUW'DV]XOHW]W]LWLHUWH6FKUHLEHQQLPPWLQGLHVHP .RQWH[WHLQH=ZLVFKHQSRVLWLRQHLQLQGHPHVVRZRKODXIGHQHUVWHQ*H VWlQGQLVEULHI -XOLHV ]XUFN ZLH DXI GHQ OHW]WHQ $EVFKLHGVEULHI YRUDXV ZHLVW1LFKWGHU(KUYHUOXVWVRQGHUQMHQHUGHV*HJHQEHUVEHGHXWHWKLHU GHQ 7RG HUVW DP (QGH ZLUG QDFKGHP 0DGDPH GH :ROPDU QHEHQ -XOLH G·(WDQJH JHWUHWHQ LVW YRUKHU QLFKW ]X 9HUHLQEDUHQGHV YHUHLQEDU 'LH %HVFKDIIHQKHLWGHUGUHLHUVWHQ6FKUHLEHQDQWL]LSLHUWVSUDFKOLFKZLHLQKDOW OLFK GLH (QWKOOXQJHQ GHV HQGJOWLJ OHW]WHQ $EVFKLHGVEULHIHV -XOLHV 8Q IlKLJNHLW VLFK YRQ 6W3UHX[ ]X WUHQQHQ ZLUG LP OHW]WHQ %ULHI EHNUlIWLJW XQGLQV-HQVHLWVYHUOlQJHUWÅ1RQMHQHWHTXLWWHSDVMHYDLVW·DWWHQGUH/D YHUWX TXL QRXV VpSDUD VXU OD WHUUH QRXV XQLUD GDQV OH VpMRXU pWHUQHO -H PHXUVGDQVFHWWHGRXFHDWWHQWH´/1+9, 9HUEXQGHQ PLW GLHVHU .HWWH DXV ÄOHW]WHQ¶ %ULHIHQ LVW HLQ ZHLWHUHV 7KHPD GHV5RPDQV ZHOFKHV LP/DXI GHV1DUUDWLYV HQWZLFNHOW ZLUG XQG GDV ILQDOH 6FKUHLEHQ YRUEHUHLWHW GLH '\QDPLN YRQ *HKHLPKDOWXQJ XQG 7UDQVSDUHQ]LQ]ZLVFKHQPHQVFKOLFKHQ%H]LHKXQJHQLQGHUGDV0RWLYGHV XQEHUHFKHQEDUHQ+HU]HQVHLQH6FKOVVHOSRVLWLRQHLQQLPPW:lKUHQGLK UHU/LHEHVDIIlUHPLW6W3UHX[LVW-XOLH]XU9HUVWHOOXQJJH]ZXQJHQXPIUHL KDQGHOQ]XN|QQHQYJOXD/1+,,, )ULVFK YHUKHLUDWHWEHUJLEW0DGDPHGH:ROPDUGLH$QJHOHJHQKHLWHQLKUHVQLFKW ]X ElQGLJHQGHQ +HU]HQV *RWW YRU GHP NHLQ 0HQVFK HWZDV YHUEHUJHQ N|QQH/1+,,, :HLWJHKHQGH7UDQVSDUHQ]GHU+HU]HQFKDUDN WHULVLHUW ]XGHP GLH *HVHOOVFKDIW ]X &ODUHQV 1LFKW *HKHLPKDOWXQJ GLH ,QGLYLGXXP ZLH JXWH 6LWWHQ GHU *HPHLQVFKDIW VFKlGLJH YJO /1+ ,9 VRQGHUQ2IIHQKHLWJDUDQWLHUWKLHU7XJHQGKDIWLJNHLWXQG)UHLKHLW 6HLQHP ,GHDO ZLUG DOOHUGLQJV :ROPDU VHOEVW QLFKW JHUHFKW GD HU GHU gIIHQWOLFKNHLW ZLH GHQ .LQGHUQ VHLQHQ $WKHLVPXV YHUVFKZHLJW 'LHVHV *HKHLPQLVPXVVDXFK-XOLHZDKUHQ
BBBBBBBBBBBBB
9JOGD]XDXFK+RZHOOV5RXVVHDX6 9JO(OOLV-XOLH6-HDQ6WDURELQVNL-HDQ-DFTXHV5RXVVHDX/DWUDQVSDUHQFHHWO·REVWDFOHVXLYL GHVHSWHVVDLVVXU5RXVVHDX3DULV*DOOLPDUG 6
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
*OHLFKZRKO LVW GDV ZHVHQWOLFKH ÅVHFUHW´ YRQ &ODUHQV NHLQ JHKHLP JHKDOWHQHUVRQGHUQHLQXQHUJUQGOLFKHU*HJHQVWDQG-XOLHVÄ+HU]¶6HLQH %HVFKUHLEXQJ GXUFK :ROPDU NOLQJW ZLH HLQ (FKR GHU DPELYDOHQWHQ $E VFKLHGVEULHIHÅ8QYRLOHGHVDJHVVHHWG·KRQQrWHWpIDLWWDQWGHUHSOLVDXWRXU GH VRQ F±XU TX·LO Q·HVW SOXV SRVVLEOH j O·±LO KXPDLQ G·\ SpQpWUHU SDV PrPHDXVLHQSURSUH´/1+,9 -XOLHVÄ+HU]¶V\PEROLVLHUWGHQ YHUERUJHQHQ 7HLOV LKUHV 6HOEVW GLH *UHQ]HQ GHV PHQVFKOLFKHQ %HZXVVW VHLQV²GDVQXUGHU(ZLJHJDQ]GXUFKVFKDXW²XQGGHUJHPHLQVFKDIWOLFKHQ 7UDQVSDUHQ] 7DWVlFKOLFK ZDU GDV +HU] IU 5RXVVHDX 6LW] GHU ÅFRQ VFLHQFH´HLQ/HLWRUJDQGHVVHQ*HIKOGHU9HUQXQIWEHUOHJHQYRUDOOHP :LVVHQVWDQGXQGGDV+DQGHOQGHV0HQVFKHQDQOHLWHQVROOWH$OVÅLQVWLQFW GLYLQ´XQGÅFpOHVWHYRL[´JHK|UWHHVVHLQHU9RUVWHOOXQJQDFKLQGLH6SKlUH GHV *RWWJHJHEHQHQ *|WWOLFKHQ GDV GHQ 0HQVFKHQ HUVW ]X GHP PDFKH ZDV HU LVW XQG LKQ GDV PRUDOLVFK *XWH VRZLH GDV PRUDOLVFK 6FKOHFKWH HUNHQQHQ ODVVH $P %HLVSLHO -XOLHV IKUWH 5RXVVHDX YRU GDVV XQG ZLH GLHVHU]HQWUDOH7HLOGHVPHQVFKOLFKHQ6HOEVWGHUHLJHQHQ(UNHQQWQLVIlKLJ NHLWHQW]RJHQVHLQNRQQWH .RQVHTXHQWHUZHLVHHUKlOWGLH3URWDJRQLVWLQ²LQ$QOHKQXQJDQFKULVW OLFKH 9RUVWHOOXQJHQ YRQ HLQHP YHUlQGHUWHQ %HZXVVWVHLQV]XVWDQG LQ KRUD PRUWLV²HUVWLQ7RGHVQlKHYROOVWlQGLJ(LQEOLFNLQLKU,QQHUHV%ORJHOHJW ZLUG KLHUGXUFK DXFK GHU XWRSLVFKILNWLYH &KDUDNWHU YRQ &ODUHQV GHVVHQ Ä+HU]¶ -XOLH OHGLJOLFK DXIJUXQG J|WWOLFK LQVSLULHUWHU 6HOEVWYHUJHVVHQKHLW ]XP 0RGHOO YRQ 7XJHQG XQG 3IOLFKWHUIOOXQJ JHUHLFKHQ NRQQWH ,Q LK UHPOHW]WHQ$EVFKLHGVEULHIHUNOlUWGLH6WHUEHQGH -HPHVXLVORQJWHPVIDLWLOOXVLRQ&HWWHLOOXVLRQPHIXWVDOXWDLUHHOOHVHGpWUXLWDX PRPHQW TXH MH Q·HQ DL SOXV EHVRLQ 9RXV P·DYH] FU JXpULH HW M·DL FU O·rWUH 5HQGRQVJUDFHjFHOXLTXLILWGXUHUFHWWHHUUHXUDXWDQWTX·HOOHpWRLWXWLOHTXLVDLWVL PHYR\DQWVLSUqVGHO·DEvPHODWrWHQHP·HXWSRLQWWRXUQp"2XLM·HXVEHDXYRX ORLUpWRXIIHUOHSUHPLHUVHQWLPHQWTXLP·DIDLWYLYUHLOV·HVWFRQFHQWUpGDQVPRQ F±XU ,O V·\ UHYHLOOH DX PRPHQW TX·LO Q·HVW SOXV jFUDLQGUH LO PH VRXWLHQW TXDQG PHVIRUFHVP·DEDQGRQQHQWLOPHUDQLPHTXDQGMHPHPHXUV0RQDPLMHIDLVFHW DYHXVDQVKRQWHFHVHQWLPHQWUHVWpPDOJUpPRLIXWLQYRORQWDLUHLOQ·DULHQFRWpj PRQ LQQRFHQFH WRXW FH TXL GpSHQG GH PD YRORQWp IXW SRXU PRQ GHYRLU 6L OH F±XUTXLQ·HQGpSHQGSDVIXWSRXUYRXVFHIXWPRQWRXUPHQWHWQRQSDVPRQ
BBBBBBBBBBBBB
9JO+RZHOOV5RXVVHDX6 9JO6WDURELQVNL/DWUDQVSDUHQFH6 ,FKVWW]HPLFKKLHUDXIGLH$XVIKUXQJHQYRQ%\URQ5:HOOV&ODULVVDDQG/D1RXYHOOH+p ORwVH'LDOHFWLFVRI6WUXJJOHZLWK6HOIDQG2WKHUV5DYHQQD/RQJR 6² 9JO6WDURELQVNL/DWUDQVSDUHQFH6YJODXFK6 9JO:HOOV&ODULVVD6I&KULVWLDQ0RVHU9HUIHKOWH*HIKOH:LVVHQ²%HJHKUHQ²'DUVWHOOHQ EHL.OHLVWXQG5RXVVHDX:U]EXUJ.|QLJVKDXVHQ 1HXPDQQ 6II:XQGHUOLFK 6DUJXQG+RFK]HLWVEHWW6I
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,,
FULPH-·DLIDLWFHTXHM·DLGIDLUHODYHUWXPHUHVWHVDQVWDFKHHWO·DPRXUP·HVW UHVWpVDQVUHPRUG/1+I9,
'DV*HKHLPQLVGHV+HU]HQVHEHQVRZLHVHLQH2IIHQEDUXQJHUVFKHLQHQDOV *RWWHVJHVFKHQNGDV-XOLHGLH)RUWGDXHULKUHU/LHEHHUNHQQHQXQGIUHLYRQ 6FKXOGJHIKOHQ DUWLNXOLHUHQ OlVVW 'DV GLHVHP 9RUJDQJ HQWVSUHFKHQGH 0HGLXPLVWGHU$EVFKLHGVEULHIGHVVHQ(QWVWHKXQJXQG/HNWUH'LHVVHLWV XQG-HQVHLWVXPIDVVW0LWVHLQHU+LOIHNDQQ-XOLHLKUH/LHEHlXHUQRKQH GDEHL LQ GLUHNWHU .RQIURQWDWLRQ PLW 6W3UHX[ HLQ OHW]WHV 0DO LQ 9HUVX FKXQJ JHIKUW ]X ZHUGHQ 'LH 3IOLFKW GHP (KHPDQQ JHJHQEHU ZDKUW 0DGDPH GH :ROPDU LQGHP VLH LKPGHQ%ULHI RIIHQEHUUHLFKW XQG LKP GLH(QWVFKHLGXQJEHUOlVVWREHULKQ]XVWHOOW 'LH $EVFKLHGVEULHIEHUJDEH LVW LQV]HQLHUW DOV LQWLPH 6]HQH ]ZLVFKHQ GHQ(KHOHXWHQDP6WHUEHEHWWLQGHUOHW]WH:RUWHXQGVFKULIWOLFKH1DFK ULFKWQHEHQE]ZQDFKHLQDQGHUILJXULHUHQ0DUNLHUWZLUGVRGLH([LVWHQ] GHV*HKHLPQLVVHVXQGGHU%HJLQQYRQ-XOLHVRIIHQHP6FKZHLJHQGDVDOOHV :HLWHUHGHU6FKULIWOLFKNHLWEHUOlVVW,QHLQHP%ULHIDQ6W3UHX[HULQQHUW :ROPDUGDV9HUKDOWHQVHLQHU)UDXZLHIROJW >-@H PHXUV FRQWHQWH PDLV F·HVW GH PRXULU FRPPH M·DL YpFX GLJQH G·rWUH YRWUH pSRXVH 1H P·HQ GHPDQGH] SDV GDYDQWDJH MH QH YRXV GLUDL ULHQ GH SOXV PDLV YRLFL FRQWLQXDWHOOH HQ WLUDQW XQ SDSLHU GH GHVVRXV VRQ FKHYHW R YRXV DFKH YHUH]G·pFODLUFLUFHPLVWHUH&HSDSLHUpWRLWXQH/HWWUHHWMHYLVTX·HOOHYRXVpWRLW DGGUHVVpH>«@-HYRXVSULHGHQHODOLUHTXHTXDQGMHQHVHUDLVSOXVHWMHVXLVVL VUHGHFHTXHYRXVIHUH]jPDSULHUHTXHMHQHYHX[SDVPrPHTXHYRXVPHOH SURPHWLH]/1+9,
'LHVHUXOWLPDWLYH9HUWUDXHQVEHZHLVGHP:ROPDUV5HDNWLRQHQWVSUHFKHQ ZLUG OLHIHUW HLQHQ ZHLWHUHQ +LQZHLV DXI GLH V\PELRWLVFKH 1DWXU GHV $E VFKLHGVEULHIHV GHU -XOLH G·(WDQJH XQG 0DGDPH GH :ROPDU PLW HLQHU 6WLPPH VSUHFKHQ OlVVW 6R DQHPSILHKOW GLH 6WHUEHQGH 6W3UHX[ LQ LKUHQ OHW]WHQ=HLOHQQLFKWQXULKUH.LQGHUXQG&ODLUHVRQGHUQVSH]LHOOGHQ(KH PDQQ 'LH $XVVLFKW DXI HLQ :LHGHUVHKHQ LP -HQVHLWV YRQ GHU -XOLH VFKUHLEWEHGHXWHWKLHU²ZLHVSlWHULQ:HUWKHUV$EVFKLHGVEULHIDQ/RWWH² QLFKW GLH $XVVLFKW DXI HLQ OXVWYROOVLQQOLFKHV 0LWHLQDQGHU ]ZHLHU /LHEHQ BBBBBBBBBBBBB
:LH VRUJIlOWLJ GDV 0RWLY GHV HLJHQZLOOLJHQ +HU]HQV DOV *HIKOV XQG (ULQQHUXQJVRUJDQ NRQVWUXLHUWXQGPLWGHP7RGGHU3URWDJRQLVWLQYHUNQSIWLVW]HLJHQQLFKWQXU-XOLHVGLYHU VH $EVFKLHGVEULHIH VRQGHUQ DXFK HLQH 1RWL] 6W3UHX[· DQGLH HU QDFKLKUHU HUVWHQ 7UHQ QXQJYHUIDVVWÅ1RQQRQFHWHQGUHF±XUP·DLPHMHOHVDLVELHQ0DOJUpOHVRUWPDOJUpOXL PrPHLOP·DLPHUDMXVTX·DXWRPEHDX«´/1+I,, 0HKUIDFKKDEHQ.ULWLNHUGDUDXIKLQJHZLHVHQGDVV-XOLHHUVWLP7RGGLH)UHLKHLWILQGHWLKUH /HLGHQVFKDIW]XJHVWHKHQYJOXD-HDQQHWWH7KRPDV)XFKV7KH3XUVXLWRI9LUWXH$6WXG\RI 2UGHULQ/D1RXYHOOH+pORwVH1HZVLFKZLGHUVSUHFKHQGHQ@1DUUDWLRQHQ´LQGLHV/HL FKH6I 9JO%URQIHQ/HLFKH65XWK37KRPDVÅ7KH'HDWKRIDQ,GHDO)HPDOH6XLFLGHVLQ WKH (LJKWHHQWK&HQWXU\ )UHQFK 1RYHO´ LQ )UHQFK :RPHQ KUVJ YRQ 6DPLD , 6SHQFHU 6²KLHU6YJOGDJHJHQ$QQH'HQH\V7XQQH\eFULWXUHVGXFRUSV'H'HVFDUWHVj /DFORV3DULV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH 6I 'HU YRQ -XOLH VHOEVW LQV]HQLHUWH VFK|QH 7RGHUIOOWHLQHQ ODQJJHKHJWHQ:XQVFK XQGPLW GLHVHPHLQHDOWKHUJHEUDFKWHGLGDNWLVFKH)XQNWLRQFKULVWOLFKHU6WHUEHV]HQHQ GDVVQlPOLFK LKUH OHW]WHQ 6WXQGHQ :ROPDU GHP*ODXEHQ QlKHUEULQJHQ P|JHQ YJO/1+ 9, 'LH:LUNXQJLKUHV7RGHVZLUGLP5RPDQDQJHGHXWHWYJOGD]X(OOLV-XOLH6=HLWJH Q|VVLVFKH/HVHUODVHQGLH6WHUEHV]HQHDOV0RGHOOPLWGHVVHQ+LOIHVLHLKUHHLJHQH7RGHV DQJVWEHZlOWLJHQNRQQWHQ9JO&ODXGH/DEURVVH/LUHDX;9,,,HVLqFOH/D1RXYHOOH+pORwVHHW VHVOHFWHXUV/\RQ3UHVVHV8QLYHUVLWDLUHVGH/\RQ 6 5REHUW)DYUH/DPRUWGDQVODOLWWpUDWXUHHWODSHQVpHIUDQoDLVHVDX[;9,,,HVLqFOH%GH8QLYHU VLWpGH/LOOH6HUYLFHGHUHSURGXFWLRQGHVWKqVHV ,7H[W6IIYJOGD]X DXFK:XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6II
'DVJHKHLPH/HEHQXQG/LHEHQGHU)UDXHQ,,
GHQ6WHUEHQGHQEHUHLWVLP/HEHQW|WHQGHQ9RUJDQJXQGDQGHU5HGXNWLRQ GHVFKULVWOLFKHQ*ODXEHQVDXIHLQH6WHUEHUHOLJLRQGHUHUPDQQXUDP/H EHQVHQGH ]XU $EVROXWLRQ OHEHQVODQJHU 6QGHQ EHGUIH /1+ I 9, -XOLH GLH GDV /HEHQ DOV HLJHQWOLFKH DXVUHLFKHQGH 9RUEHUHLWXQJ DXI GHQ 7RG EHWUDFKWHW NRQ]HQWULHUWVLFK ZlKUHQG LKUHU OHW]WHQ 6WXQGHQ DXI GHQ LUGLVFKHQ $EVFKLHG GHVVHQ 9ROO]XJ GDV FKULVWOLFKH 5LWXDO JOHLFK ZRKO EHHUEW +LHU ZLH LQ LKUHU%RWVFKDIW DQ 6W3UHX[ VLQG GLH 6RUJH XP LKUH$QJHK|ULJHQXQGGLH6WDELOLWlWGHU*HPHLQVFKDIWZHOFKHVLH]XUFN OlVVW ]HQWUDOHV 7KHPD 6R EHPKW VLFK -XOLH XQWHU DQGHUHP LKUH 5ROOH DOV 0XWWHU VRZLH SRWHQWLHOOH 3DUWQHULQ DXI &ODLUH ]X EHUWUDJHQ =X GHQ HKHUNRQYHQWLRQHOOHQ7URVWJUQGHQGLHVLHYRUEULQJWWULWWGLHLKUHVFKULIW OLFKH %RWVFKDIW EHKHUUVFKHQGH (UNHQQWQLV GDVV VLH GXUFK GHQ 7RG HLQHU 9HUVXFKXQJGXUFKLKUHLJHQHV+HU]HQWJHKW 1HEHQGHUHQWKOOHQGHQEHVLW]WGHU$EVFKLHGVEULHIIU6W3UHX[DXFK HLQH WU|VWHQGH )XQNWLRQ =XGHP VXFKW -XOLH GHP *HOLHEWHQ VSH]LILVFKH 3IOLFKWHQ]XYHUPLWWHOQIUGLHHUVLFKDP/HEHQHUKDOWHQVROO/1+ 9, 'DVV:ROPDUGLH6RUJHVHLQHU)UDXXPGHQ)UHXQGGHUEHLHLQHU IUKHUHQ7UHQQXQJ6XL]LGDEVLFKWHQJHlXHUWKDWWHWHLOWEH]HXJWGLH$UW ZLH HU 6W3UHX[ EHU -XOLHV 7RG XQG 6WHUEHERWVFKDIW LQIRUPLHUW Å(OOH YRXV D pFULW $WWHQGH] VD OHWWUH KRQRUH] VHV GHUQLHUHV YRORQWpV ,O YRXV UHVWHGHJUDQGVGHYRLUVjUHPSOLUVXUODWHUUH´/1+9, 'LHPLW JXWHP *UXQG EHWRQWH $XWRULWlW YRQ -XOLHV 6FKUHLEHQ LQVWUXPHQWDOLVLHUW XQGXQWHUOlXIW0DGDPHG·2UEHLQLKUHPGHPOHW]WHQ%ULHIGHV5RPDQV GHU HEHQIDOOV DQ 6W3UHX[ JHULFKWHW LVW $XFK VLH HULQQHUW LKQ DQ VHLQH 3IOLFKWHQ YHUGHXWOLFKW MHGRFK JOHLFK]HLWLJ GDVV VLH NHLQHUOHL LQWLPH %H]LHKXQJ PLW LKP ZQVFKH YJO /1+ I 9, hEHU 6W3UHX[· 5HDNWLRQHUIlKUWGHU/HVHUQLFKWV(UYHUVWXPPWJHPHLQVDPPLW-XOLH(V VFKHLQW DOOHUGLQJV DOV ZHUGH PDQ GHQ OHW]WHQ $QZHLVXQJHQ GHU 3URWD JRQLVWLQLQ+HU]HQVDQJHOHJHQKHLWHQQLFKW)ROJHOHLVWHQ,KUH9HUIJXQJV JHZDOW EHU DQGHUH HQGHW SDVVHQGHUZHLVH DQ HEHQ GHU 6WHOOH DQ GHU VLH VLFKVHOEVW]XP5lWVHOZXUGH (VLVWDEVFKOLHHQGEHWUDFKWHWQLFKWHLQIDFKHLQÄ7ULXPSK¶GHUOHLGHQ VFKDIWOLFKHQ /LHEH GHQ 5RXVVHDX PLW +LOIH GHV HQWKOOHQGHQ $EVFKLHGV BBBBBBBBBBBBB
=XGHQKlXILJEHPHUNWHQhEHUHLQVWLPPXQJHQYRQ-XOLHVPLW5RXVVHDXV*ODXEHQVEHNHQQW QLV YJO XD :XQGHUOLFK6DUJ XQG +RFK]HLWVEHWW 6 -DFN +RZDUG %URRPH 5RXVVHDX $ 6WXG\RIKLV7KRXJKW/RQGRQ$UQROG 6 9JO%URQIHQ/HLFKH6I:XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6 6W3UHX[· 9HUWHLGLJXQJ GHV 5HFKWV DXI 6HOEVWPRUG XQG GDV GLHVHV DEOHKQHQGH $QWZRUW VFKUHLEHQ0\ORUG(GXDUGV/1+6²,,,XQG JHK|UHQ]XGHQOLWHUDULVFKHQ 6FKOVVHOGRNXPHQWHQGHU6XL]LGGLVNXVVLRQLP-DKUKXQGHUW 9JO$OWPDQ(SLVWRODULW\6²
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
EULHIHV JHVWDOWHWH (U IKUWH LP *HJHQWHLO YRU LQZLHIHUQ GLH %HVFKUlQ NXQJHQHLQHUSDWULDUFKDOLVFKHQYRQVWlQGLVFKHQ9RUXUWHLOHQXQGVWUHQJHQ 7XJHQGUHJHOQ JHSUlJWHQ *HVHOOVFKDIW ]X HLQHU (QWIUHPGXQJ GHV ZHLE OLFKHQ,QGLYLGXXPVYRQVLFKVHOEVWIKUHQNRQQWHQ'LH]ZHLWH:HOWZHO FKH LQ -XOLHV YHUERUJHQHP ,QQHUVWHQ H[LVWLHUW DUWLNXOLHUW VLFK SULPlU LQ )RUP HLQHV XQElQGLJHQ XQHUNOlUOLFKHQ +HU]HQVEHJHKUHQV YJO /1+ 9, +LHULQ]HLJHQVLFK$QVlW]HHLQHU3V\FKRORJLHGHV8QEHZXVV WHQ'LHYHUVW|UHQGH(UNHQQWQLVGDVV%HUHLFKHGHVPHQVFKOLFKHQ:HVHQV GHU 9HUIJXQJVJHZDOW YRQ 9HUQXQIW XQG :LOOHQ HQW]RJHQ VHLQ N|QQHQ VXFKWH 5RXVVHDX GDGXUFK ]X UHODWLYLHUHQ GDVV HU VLH GHU J|WWOLFKHQ (LQ IOXVVVSKlUH]XRUGQHWH 'DV +HUEHL]LWLHUHQ WUDQV]HQGHQWHU ,QWHUYHQWLRQ WlXVFKW EHU GLH VR ]LDOHQ XQG LGHRORJLVFKHQ %HGLQJWKHLWHQ GHV JHVFKLOGHUWHQ 9HUGUlQJXQJV SUR]HVVHVDOOHUGLQJVQLFKWKLQZHJ%H]HLFKQHQGHUZHLVHLVWHVHUVWGHU7RG GHUGDV6XEMHNWDXVGHU*HVHOOVFKDIWHQWOlVVWXQGGHVVHQ]ZHLJHWHLOWH1D WXU KHUYRUWUHWHQ OlVVW LQGHP HU VLH DXIKHEW 'LHVH (UIDKUXQJ LKUHP *H OLHEWHQ PLW]XWHLOHQ YHUPDJ GLH 6WHUEHQGH MHGRFK QXU DXV GHU 'LVWDQ] LQ GHU GXUFK SRVWKXPH /HNWUH XQG GDV 8UWHLO LKUHV (KHPDQQHV VDQNWLR QLHUWHQ 6FKULIWOLFKNHLW GHUHQ :LUNXQJ VLH ]X EHHLQIOXVVHQ DEHU QLFKW ]X NRQWUROOLHUHQ YHUPDJ -XOLHV &KDUDNWHU UXQGHW VLFK PLW +LOIH GHV OHW]WHQ $EVFKLHGVEULHIHV HLQH /|VXQJ LKUHV 'LOHPPDV ]ZLVFKHQ /LHEHVEHJHKUHQ XQG3IOLFKWEHZXVVWVHLQEOHLEWGHP-HQVHLWVEHUODVVHQ
/XLVHXQGÅ&KDUORWWH8QJONOLFKH6HOEVWXQG .LQGHVP|UGHULQ>«@´6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERW XQG6FKDQGH 6FKUHLEVLWXDWLRQ XQG %ULHIPHGLXP ELOGHWHQ LQ GHQ ELVKHU EHWUDFKWHWHQ 7H[WHQGLH%HGLQJXQJGHU0|JOLFKNHLWLQWLPH*HKHLPQLVVH]XHQWKOOHQ %HVRQGHUVEHL5RZHXQG5RXVVHDXGHXWHWHVLFKDQGDVVGLHHUIROJUHLFKH .RPPXQLNDWLRQVXEYHUVLYHU:DKUKHLWHQDXFKGDYRQDEKlQJHQNDQQZLH XQGYRQZHPGHU$EVFKLHGVEULHI]XJHVWHOOWZLUG$QOHW]WHUHP8PVWDQG VFKHLWHUWLQ)ULHGULFK6FKLOOHUV.DEDOHXQG/LHEH /XLVHV9HUVXFK)HU GLQDQGLQHLQHPYHUVFKOVVHOWHQ$EVFKLHGVEULHIPLW]XWHLOHQGDVVPDQJH BBBBBBBBBBBBB
9JO]%(OOLV-XOLH6I'DVV5RXVVHDXGHQ$EVFKLHGVEULHIQLFKWDOVUHLQHQVLQJXOlUHQ /LHEHVWULXPSKVRQGHUQVSH]LILVFKLP=XVDPPHQKDQJPLWGHPYRUKHUJHKHQGHQ6FKUHLEHQ :ROPDUVHQWZRUIHQ KDW NDQQPDQGLYHUVHQ 9RUVNL]]HQ ]X-XOLHV $EVFKLHGVEULHI HQWQHK PHQYJO$QPHUNXQJHQ]X6IILQ/1+6II%URRPH5RXVVHDX6 9JO5RQDOG*ULPVOH\-HDQ-DFTXHV5RXVVHDX$6WXG\LQ6HOI$ZDUHQHVV&DUGLII8QLYHUVLW\RI :DOHV3UHVV EHVRQGHUV6IYJODXFK:XQGHUOLFK6DUJXQG+RFK]HLWVEHWW6I
6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERWXQG6FKDQGH
JHQGDV3DDULQWULJLHUHVLH]XP6HOEVWPRUGHQWVFKORVVHQVHLXQGLKQHLQ ODGH LKU ]X IROJHQ 6XL]LGDEVLFKW 6FKULIWVWFN ZLH &RGLHUXQJ UHDJLHUHQ DXIGDV6FKZHLJHJHOEGHZHOFKHV6HNUHWlU:XUPGHU3URWDJRQLVWLQDEJH QRPPHQKDWWHXQGDXIVHLQHQ0LVVEUDXFKGHVEULHIOLFKHQ0HGLXPVÅ0LW HLQHP(LGJHGDFKWHHUVHLQHQ%HWUXJ]XYHUVLHJHOQ"´HUNOlUW/XLVHKDOEDQ LKUHQ9DWHUKDOEDQVLFKVHOEVWJHULFKWHWÅ(LGH>«@ELQGHQZRKOGLH/H EHQGLJHQ LP 7RGH VFKPLO]W DXFK GHU 6DNUDPHQWH HLVHUQHV %DQG )HUGL QDQGZLUGVHLQH/XLVHNHQQHQ²´./9 /HW]WHUHVSRVWXOLHUWHLQ H[NOXVLYHV 9HUVWlQGQLV XQWHU /LHEHQGHQ GDV LKUH .RPPXQLNDWLRQ YRU GHP=XJULII'ULWWHUVFKW]W²HLQH9RUVWHOOXQJGLHLQNUDVVHP*HJHQVDW] VWHKW]XGHQ0LVVYHUVWlQGQLVVHQXQWHUGHQHQGLH%H]LHKXQJGHUIURPPHQ 0XVLNDQWHQWRFKWHU XQG GHV LGHDOLVWLVFKHQ 0DMRUV OHLGHW XQG GLH VLFK HUVW DXIO|VHQDOVEHLGHLKUHQ7RGHUZDUWHQ /XLVHV$EVFKLHGVEULHIEHUKUWLQPHKUIDFKHU+LQVLFKWHLQHVGHUZLFK WLJVWHQ7KHPHQGHV'UDPDV]ZLVFKHQPHQVFKOLFKH.RPPXQLNDWLRQ²GH UHQ%HGLQJWKHLWHQ0LVVEUDXFKXQG6FKHLWHUQ,QGHU0RWLYWUDGLWLRQXQG ZLHVFKRQ2VNDU6HLGOLQEHPHUNWHLQ6FKLOOHUVIUKHP'UDPHQZHUNELOGHW GLH6WHUEHERWVFKDIWHLQH%HVRQGHUKHLW,QVHLQHU$QDO\VHVWHOOW6HLGOLQGHP 6FKUHLEHQ/XLVHVGDV$EVFKLHGV%LOOHW/DG\0LOIRUGV]XU6HLWH +LHUVLQG]ZHL%ULHIH>«@GHUHQ7H[W:DKUKHLWHQDXIGHFNWGLHELVKHUXQWHUGHP 6FKXWW YRQ 9HUVWHOOXQJ XQG E|VDUWLJHU 7lXVFKXQJ YHUERUJHQ ODJHQ >«@ >%@HLGH %RWVFKDIWHQ >«@ VLQG OHW]WH :RUWH WHVWDPHQWDULVFKH (UNOlUXQJHQ =XP HUVWHQ PDOZHUGHQKLHUHFKWH:DKUKHLWHQGXUFKGDV0HGLXPGHV%ULHIHVDXVJHVSURFKHQ ]XPHUVWHQPDOIDOOHQ=HLFKHQXQG6LQQ]XVDPPHQ$EHUVLHN|QQHQQXUGHVZH JHQ ]XVDPPHQIDOOHQ ZHLO GLHVHV =HLFKHQ LQ GHP $XJHQEOLFN JHJHEHQ ZLUG GD VLFK GHU =HLFKHQJHEHU EHUHLWV DXI GHP :HJ LQV $QGHUH LQV Ä-HQVHLWV¶ EHILQGHW
BBBBBBBBBBBBB
)ULHGULFK 6FKLOOHU .DEDOH XQG /LHEH LQ 6lPWOLFKH :HUNH DXIJUXQG GHU 2ULJLQDOGUXFNH KUVJ YRQ *HUKDUG )ULFNH XQG +HUEHUW* *|SIHUW %GH 0QFKHQ +DQVHU ² , *HGLFKWH 'UDPHQ , 6² )RUWDQ ]LWLHUW DOV./ XQWHU $QJDEH YRQ 6HLWHQ]DKO $NWXQG6]HQH 9JOGD]XXD%ULWD+HPSHO6DUD(PLOLD/XLVH²GUHLWXJHQGKDIWH7|FKWHU'DVHPSILQGVDPH3D WULDUFKDW LP EUJHUOLFKHQ 7UDXHUVSLHO EHL /HVVLQJ XQG 6FKLOOHU +HLGHOEHUJ :LQWHU 6 .DUO6*XWKNH6FKLOOHUV'UDPHQ,GHDOLVPXVXQG6NHSVLV7ELQJHQXQG%DVHO)UDQFNH 6² +DQV 3HWHU +HUUPDQQ Å0XVLNPHLVWHU 0LOOHU GLH (PDQ]LSDWLRQ GHU 7|FKWHU XQGGHU GULWWH 2UW GHU/LHEHQGHQ 6FKLOOHUV EUJHUOLFKHV7UDXHUVSLHO LP -DKUKXQGHUW´ -E'6* 6²KLHU6II 9JO :DOWHU 0OOHU6HLGHOÅ'DV VWXPPH 'UDPDGHU/XLVH 0LOOHULQ´ LQ *RHWKH 6²%UXFH.LHIIHUÅ7UDJHG\LQWKH/RJRFHQWULF:RUOG6FKLOOHU·V.DEDOHXQG/LHEH´ *HU65 6² +DQV +HOPXW +LHEHO Å0LYHUVWHKHQ XQG 6SUDFKORVLJNHLW LP Ä%UJHUOLFKHQ 7UDXHUVSLHO¶ =XP KLVWRULVFKHQ :DQGHO GUDPDWLVFKHU 0RWLYDWLRQVIRU PHQ´ -E'6* 6² YD 6² =XP 9HUVDJHQ GHU /LHEH DOV 9HU VWlQGLJXQJVPLWWHOlXHUWVLFKDXFK+HUUPDQQÅ0XVLNPHLVWHU0LOOHU´6
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
:DKUKHLWZLUGNRPPXQL]LHUW:DKUKHLWZLUGNRPPXQL]LHUEDUQXUDOVOHW]WHHQG JOWLJH$EVFKLHGVJHVWH
:lKUHQGGLH$VVR]LDWLRQYRQ$EVFKLHGVVLWXDWLRQXQGJHQXLQHU.RPPX QLNDWLRQ EHUHFKWLJW LVW EHGUIHQ GLH EULJHQ bXHUXQJHQ 6HLGOLQV KLQ VLFKWOLFKGHUYRQLKPQLFKWLGHQWLIL]LHUWHQ0RWLYWUDGLWLRQYRQ*HKHLPQLV HQWKOOXQJXQGOHW]WHP6FKUHLEHQGHU'LIIHUHQ]LHUXQJ0LOIRUGV%RWVFKDIW VWHOOW ZLH /XLVHV HLQHQ EHIUHLHQGHQ $NW GDU EHVLW]W MHGRFK QXU LP EHU WUDJHQHQ6LQQHÅWHVWDPHQWDULVFKHQ´&KDUDNWHUHEHQVRZLHPDQGHQ:HJ JDQJGHU/DG\PHWDSKRULVFKDOVVR]LDOHQ6HOEVWPRUGOHVHQNDQQ $XHU GHPIDOOHQLQ/XLVHV%ULHI=HLFKHQXQG6LQQHEHQQXUEHGLQJW]XVDPPHQ Å'LH %XFKVWDEHQ OLHJHQ ZLH NDOWH /HLFKQDPH GD XQG OHEHQ´ ZLH VLH HUNOlUW ÅQXU GHQ $XJHQ GHU /LHEH´ ./ 9 'LH YRQ LKU DP HLJHQHQ/HLEHUIDKUHQH0DQLSXOLHUEDUNHLWGHV0HGLXPVOlVVWVLH]XU7lX VFKXQJJUHLIHQ$QGHUVDOVGLHEULJHQKLHUGLVNXWLHUWHQ$XWRUHQGHPRQV WULHUW6FKLOOHUGDVVQLFKWHLQPDOGLH)UHLKHLWOHW]WHU:RUWHLPPHUXQGXQ XPVFKUlQNW JLOW ,Q GHU 7DW ZLUNW HV lXHUVW YHUVW|UHQG GDVV VLFK /XLVH JHQ|WLJWVLHKWLKUH6WHUEHZRUWHYRUGHP=XJULII'ULWWHU]XVFKW]HQ:LH EHL 5R[DQH UHLFKW GLH GXUFK QHJDWLYH (UIDKUXQJHQ LP JHVHOOVFKDIWOLFKHQ 8PJDQJYHUXUVDFKWH8QIUHLKHLWELVLQGHQ9HUVXFKKLQHLQVHOEVWEHVWLPPW DXVGHU:HOW]XVFKHLGHQ 8QJHDFKWHWGLHVHU(LQVFKUlQNXQJHQWUlJW/XLVHV%RWVFKDIWHPDQ]LSD WRULVFKH =JH 6LH VXFKW 9HUERWHQHV ]X NRPPXQL]LHUHQ XQG HUVFKUHLEW VLFK GDEHL HLQH 3RVLWLRQ GHU 6WlUNH $NWLRQ XQG 'RPLQDQ] LQ GHU VLH LKUHP *HJHQEHU SRWHQWLHOO EHUOHJHQVFKHLQW 6R ZHLVW VLH HWZD)HUGL QDQGDQZLHHULKU]XIROJHQKDEHQlPOLFKIUHLYRQ6FKZlUPHUHLJDQ]LP 9HUWUDXHQDXIVLH²XQG*RWWÅ*DQ]QXU/LHEHPXWGXNRPPHQGDKHLP ODVVHQ DOO GHLQH +RIIQXQJHQ XQG DOOH GHLQH EUDXVHQGHQ :QVFKH QLFKWV NDQQVW GX EUDXFKHQ DOV GHLQ +HU]´ ./ 9 $P GHXWOLFKVWHQ ]HLJWVLFK/XLVHV6HOEVWEHZXVVWVHLQDP(QGHGHV%ULHIHVDOVVLHGHQ/LHEV WHQSURYR]LHUWLQGHPVLH]HLWJHQ|VVLVFKH*HVFKOHFKWHUNDWHJRULHQYHUVSRW WHWÅ%DQJWGLU²VRGXUFKVWUHLFKHGDV:RUWVWDUNYRUGHLQHP*HVFKOHFKWH GHQQ HLQ0lGFKHQKDW GLFK ]XVFKDQGHQ JHPDFKW´./ I 9 'LH MXQJH )UDX EHZHLVW KLHU XQJHZ|KQOLFKH UKHWRULVFKH .RPSHWHQ] IHUQDE YRQ MHJOLFKHU Å6SUDFKQRW´ ZLH VLH DQ DQGHUHQ 6WHOOHQ LP 'LDORJ PLW BBBBBBBBBBBBB
2VNDU6HLGOLQÅ6FKLOOHUVÄ7UJHULVFKH=HLFKHQ¶'LH)XQNWLRQGHU%ULHIHLQVHLQHQIUKHQ 'UDPHQ´-E'6* 6²KLHU6I 9JO 0OOHU6HLGHO Å'DV VWXPPH 'UDPD´ 6I VRZLH GHQVWDUN IHPLQLVWLVFK JHIlUEWHQ %HLWUDJYRQ+HPSHO6DUD(PLOLD/XLVH6I /XLVHV-HQVHLWVELOGHQWVSULFKWGDPLWJHUDGHQLFKWGHQVLQQOLFKHQ3KDQWDVLHQHLQHV:HUWKHU YJOGD]X.DSLWHO 9JOGDJHJHQ+DQV-UJHQ6FKLQJVÅ/XLVH0LOOHULQGLH$XINOlUXQJ XQGGDV*UlOLFKH´LQÄ.DEDOHXQG/LHEH¶²HLQ'UDPDGHU$XINOlUXQJ"0DUEDFKXQG:HLPDU 'HXWVFKH6FKLOOHUJHVHOOVFKDIWXQG:HLPDUHU6FKLOOHUYHUHLQ 6²KLHU6
6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERWXQG6FKDQGH
)HUGLQDQGRGHUGHP9DWHU]XWDJHWULWW,QGLHVHPVFKULIWOLFKHQ6HOEVWHQW ZXUIHLQHVVWDUNHQZHLEOLFKHQ,QGLYLGXXPVIROJWGHU6FKLOOHU·VFKH7H[WGHU ELVKHUXPULVVHQHQ0RWLYWUDGLWLRQ :LH DEKlQJLJ DOOHUGLQJV /XLVHV 6WlUNH YRP 6FKXW] GHV0HGLXPV ZLH GHV 7RGHVHQWVFKOXVVHV LVW XQG GDVV EHVRQGHUV /HW]WHUHU LKUHP &KDUDNWHU ]XWLHIVWZLGHUVSULFKW]HLJWVLFKLQGHU.RQIURQWDWLRQPLW0LOOHUGHUGHQ %ULHI ]XVWHOOHQ VROO (V OlVVW VLFK QXU GDUEHU VSHNXOLHUHQ ZDUXP /XLVH VLFK DQ GLHVHU 6WHOOH IU GHQ 9DWHU XQG JHJHQ )HUGLQDQG ZLH LKUH HLJHQH (KUHHQWVFKHLGHWLQGHPVLH(UVWHUHPGHQ,QKDOWLKUHV%ULHIHVÄEHUVHW]W¶ (V LKUHU 7RFKWHUSIOLFKW ]X]XVFKUHLEHQ OHXFKWHW HLQ :LOIULHG 0DOVFKV 7KHVH /XLVH PVVH VLFK GHP 9DWHU RIIHQEDUHQ ZHLO HU QXU VR GD]X EH ZHJW ZHUGHQ N|QQH GHQ %ULHI ]X]XVWHOOHQ ZLUNW GDJHJHQ ZHQLJ EHU ]HXJHQG1LFKWYRQXQJHIlKULUULWLHUWHGLHVHV9HUKDOWHQGLH=HLWJHQRVVHQ 6FKLOOHUV'HULQ6DFKHQ6HOEVWPRUGHUIDKUHQH0RULW]NULWLVLHUWHÅ=X$Q IDQJGHVIQIWHQ$FWVHU]lKOW/RXLVHLKUHP9DWHUGDVVVLHVLFKXP·V/HEHQ EULQJHQXQGZLHVLH·VPDFKHQZLOOZHPGDVHLQ(UQVWLVWGHUSIOHJWHEHQ QLFKWYLHOGDYRQYRUKHU]XVSUHFKHQ´'D/XLVHDQJHVLFKWVLKUHU%LQGXQJ DQ)DPLOLH*HVHOOVFKDIWXQG5HOLJLRQNHLQHÄXQVFKXOGLJH¶:DKOP|JOLFKNHLW EOHLEWZlKOWVLHVRVFKHLQWHVGDVJHULQJIJLJHUH9HUJHKHQZHOFKHVGDV 6FKLFNVDOLKUHU6HHOHQDFKGHP7RGQLFKWJHIlKUGHWXQG]HUUHLWGHQ$E VFKLHGVEULHI)HUGLQDQGVÅOHW]WHV*HGlFKWQLV´./9 ,QHUVWHU/LQLH]HLJWHLQ%OLFNDXIGDV(QGHGHV6WFNVPXVV/XLVHV 6FKUHLEHQZRKODXVGUDPDWXUJLVFKHQ*UQGHQRKQH.RQVHTXHQ]HQEOHL BBBBBBBBBBBBB
9JO GDJHJHQ 0OOHU6HLGHO Å'DV VWXPPH 'UDPD´ XQG +LHEHO Å0LYHUVWHKHQ´ %HLGH $XWRUHQ GLH VLFK DXVIKUOLFK PLW /XLVHV Ä6SUDFKORVLJNHLW¶ DXVHLQDQGHUVHW]HQ JHKHQ QLFKW QlKHUDXIGHQ$EVFKLHGVEULHIHLQ'DUEHUKLQDXVYHUQDFKOlVVLJHQVLHGLH$XVHLQDQGHUVHW ]XQJ/XLVHVPLW/DG\0LOIRUGLQZHOFKHUVLHVLFKDOVUKHWRULVFKZLHPRUDOLVFKEHUOHJHQHU ZHLVW .UDIW )UHLKHLW XQG :LUNVDPNHLW YRQ /XLVHV :RUWHQ EHUXKHQ GDUDXI GDVV VLH GLH (QWVFKHLGXQJVLFKGDV/HEHQ]XQHKPHQ]XGLHVHP=HLWSXQNWEHUHLWVJHWURIIHQKDW,QJH 6WHSKDQGLHLQGLHVHU6]HQHHLQH.RQIURQWDWLRQ]ZHLHU)UDXHQW\SHQYHURUWHWEHUVLHKWGLH 6SH]LILN GHU .RPPXQLNDWLRQVVLWXDWLRQ HEHQIDOOV YJO GLHV ÅÄ6R LVW GLH 7XJHQG HLQ *H VSHQVW¶)UDXHQELOGXQG7XJHQGEHJULIILPEUJHUOLFKHQ7UDXHUVSLHOEHL/HVVLQJXQG6FKLO OHU´ /R$@ 'HUYLHUWH %DQG VFKOLHOLFK ]lKOW IQI $EVFKLHGVERWVFKDIWHQ LQ LQVJHVDPW ]Z|OI *HVFKLFKWHQ YJO GHUV%LRJUDSKLHQGHU6HOEVWP|UGHU)UDQNIXUWD0XQG/HLS]LJ>R$@ 'LH]XQHKPHQ GH +lXILJNHLW GHU %ULHIVRUWH N|QQWH DXI GHUHQ VWHLJHQGHQGH %HGHXWXQJ DOV (U]lKOPLWWHO E]ZGHUHQZDFKVHQGHYRP$XWRUEHZXVVWEHGLHQWH3RSXODULWlWGHXWHQ,QGHQYLHU%lQ GHQ GLH $OEUHFKW YHU|IIHQWOLFKW ILQGHQ VLFK LQ (U]lKOXQJHQ LQ UHODWLY JOHLFKPlLJHU 9HUWHLOXQJ LQVJHVDPW HOI OHW]WH 7H[WH , ,, ,,, ,9 YJO -RKDQQ )ULHGULFK (UQVW $OEUHFKW1HXH%LRJUDSKLHQGHU6HOEVWP|UGHU%GH)UDQNIXUWD0XQG/HLS]LJ 0LW%OLFNDXIGHQ*HEUDXFKYRQ$EVFKLHGV]HXJQLVVHQEHL6SLHXQG$OEUHFKWPXVV1HX PH\HUV%HKDXSWXQJEHL$OEUHFKWWUHWHGHU6HOEVWP|UGHUDOVÅ6XEMHNWGHU5HGH´DXIZlK UHQG HU EHL 6SLH QRFK ÅZHLWHVWJHKHQG 2EMHNW GHU 5HGH´ EOHLEH DQWHLOLJ ZLGHUVSURFKHQ ZHUGHQYJO1HXPH\HU$QRPDOLHQ6 6SLH%LRJUDSKLHQ,9 6² $OEUHFKW1HXH%LRJUDSKLHQ ,,, 6²)RUWDQ]LWLHUWDOV&+JHIROJWYRQGHU6HLWHQ ]DKO'LHPHLQHV:LVVHQVQDFKHUVWHGHWDLOOLHUWH'HXWXQJGLHVHU*HVFKLFKWHKDW1HXPH\HU $QRPDOLHQ6² YRUJHOHJW
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
ORWWH$OVQDFKHLQHP-DKUGLH6XFKHDXIJHJHEHQZLUGEHJLQQWGLH0XWWHU GHQÅ6FKUHLEHVFKUDQN´GHU7RFKWHU]XQXW]HQ'LHVHUZLUG]XP(ULQQH UXQJVRUWDQGHPLKULVWDOVREÅGHU*HLVWGHU(QWIHUQWHQVLHXPVFKZHE WH´&+ ,P-DKUGDUDXIHUNUDQNWGLH0XWWHUW|GOLFKQHQQWLP)LHEHU ZDKQ LKUH 7RFKWHU HLQH 6HOEVW XQG .LQGVP|UGHULQ VRZLH GHQ 1DPHQ HLQHVDGOLJHQ)UHXQGHVGHU)DPLOLH$OVLKU(KHPDQQVLHDP6WHUEHEHWWHU VXFKWLKPGDVLP)LHEHUZDKQ*HlXHUWHJDQ]]XHQWKOOHQVFKZHLJWVLH EHUXKLJWLKQXQGELWWHWXP9HUJHEXQJ,QHLQHP*HVSUlFKXQWHUYLHU$X JHQ EHUJLEW GLH 6WHUEHQGH LKUHP %UXGHU HLQ YHUVLHJHOWHV 3DNHW QLPPW LKP]XYRUDEHUHLQ6FKZHLJHJHOEGHDE 6FKZ|UHPLU:LOKHOPVDJWHVLHGDGXPHLQ*HKHLPQLQLHYHUUDWKHQZLOOVWGDV *HKHLPQL ZDV PHLQH &KDUORWWH XQZLVVHQG ]XU VFKUHFNOLFKHQ 6QGHULQ ]XU 0|UGHULQPDFKWHGDV*HKHLPQLZDVPLFKPHLQ/HEHQNRVWHW&+
'DV.RPPXQLNDWLRQVYHUERWJLOWSULPlUGHP(KHPDQQJHJHQEHUVSlWHU VROOZRUDXIQRFK]XUFN]XNRPPHQVHLQZLUGGDVGHP%UXGHU$QYHUWUDX WHGHPZHLEOLFKHQ*HVFKOHFKW]XU:DUQXQJGLHQHQ&+I 'LHVH6]HQH DUWLNXOLHUW GDV GUHLIDFKH $QOLHJHQ $OEUHFKWV ]X EHOHKUHQ ]X XQWHUKDOWHQ XQG]XP1DFKGHQNHQDQ]XUHJHQ)UGHVVHQHUIROJUHLFKH8PVHW]XQJLVW QLFKW]XOHW]WGLHGHQ%LRJUDSKLHQYRUJHVFKDOWHWH%HKDXSWXQJJUXQGOHJHQG GLHVH EHUXKWHQ ÅQXU´ DXI Å:DKUKHLWHQ´ 'LHV EHVWlWLJW DXFK GHU ILNWLYH (U]lKOHU YRQ &KDUORWWHV *HVFKLFKWH 'HQQ QDWUOLFK HUIlKUW GHU /HVHU VWDPPHQGLHLP)ROJHQGHQHLQJHVFKDOWHWHQ$EVFKLHGVEULHIHYRQ7RFKWHU XQG0XWWHUZHOFKHGLH)XQNWLRQ]ZHLHU%LQQHQHU]lKOXQJHQEHUQHKPHQ DXVGHQ+lQGHQGHV%UXGHUVYJO&+ 'LH )UDXHQ HU]lKOHQ NODVVLVFKH 9HUIKUXQJVJHVFKLFKWHQ GHUHQ VFKUHFNOLFKHU 5HL] GDULQ EHVWHKW GDVV GLH PlQQOLFKH )LJXU LQ EHLGHQ LGHQWLVFKLVW&KDUORWWHV%ULHIHUNOlUWZDVVLFKLP)LHEHUZDKQGHU0XWWHU DQGHXWHWH'HUDGOLJH)DPLOLHQIUHXQGKDWWHGDV0lGFKHQYHUIKUWXQGJH VFKZlQJHUW $OV &KDUORWWH DXI HLQHU +HLUDW EHVWDQG HUIXKU VLH GDVV GHU 9DWHU LKUHV .LQGHV DXFK LKU HLJHQHU 9DWHU ZDU ² HU KDWWH GLH 0XWWHU HKHEUFKLJZHUGHQODVVHQ8PVLFKVHOEVWZLHGHU)DPLOLH6FKDQGH]XHU VSDUHQEHVFKORVVVLHVLFKXQGGHP8QJHERUHQHQGDV/HEHQ]XQHKPHQ Å,FK KDEH QLFKW N|QQHQ DXV GLHVHU :HOW JHKHQ XQJOFNOLFKH 0XWWHU´ EHJLQQWLKU$EVFKLHGVEULHIPLWHLQHUW\SLVFKHQ)RUPHO RKQHGLH%HJHEHQKHLWHQPHLQHU7DJHLKQHQPLW]XWKHLOHQGLHVRVFKUHNOLFKVLQG RKQHGHQ*UXQGGHU9HU]ZHLIOXQJDQ]XJHEHQZDUXPXQGLQZHOFKHU>@LFKGLH :HOWYHUODVVHXPQLFKWDOOHVXPPLFKKHUYHU]ZHLIHOQ]XVHKHQ,QGHVVHQOHJLFK
BBBBBBBBBBBBB
9JO.RäHQLQDÅ1DFKZRUW´LQ%LRJUDSKLHQGHU6HOEVWP|UGHUKUVJYRQGHPV6 $OEUHFKW1HXH%LRJUDSKLHQ ,, 6LLLÅ9RUUHGH´ YJOKLHU]X.RäHQLQDÅ1DFKZRUW´ 6II%HQQKROGW7KRPVHQ*X]]RQL'HUÄ$VR]LDOH¶6
6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERWXQG6FKDQGH
GLHVHEHWKUlQWHQ=HLOHQLQGLH+DQGGHV=XIDOOVXQGEHUODVVHHVGHP+LPPHO REHUVLHVRKDUWVWUDIHQZLOOVLH]XILQGHQ&+
,Q &KDUORWWHV $EVFKLHGVEULHI VLQG ]ZHL ]HQWUDOH $EVLFKWHQ HUNHQQEDU (LQHUVHLWV ZLOO GLH 6FKUHLEHQGH GHU HLJHQHQ ZLH GHU )DPLOLHQHKUH HLQ 2SIHU EULQJHQ GXUFK LKU Å9HUVFKZLQGHQ >VROO@ DOOHV GDQQ HLQ GXQNOHV *HKHLPQLV EOHLEHQ´ &+ *OHLFK]HLWLJ LVW HV LKU HLQ %HGUIQLV VLFK GHU PLWVFKXOGLJHQ 0XWWHU JHJHQEHU ]X HUNOlUHQ XQG LKUH 7DW ]X UHFKW IHUWLJHQ,KUH$GUHVVDWLQ]XULFKWHQZLOOVLFKGLH7RFKWHUQLFKWDQPDHQ XQG HUNOlUW GDKHU *RWW E]Z GHQ =XIDOO ]X %ULHIERWHQ 'HUDUW ZLUG GLH %RWVFKDIWKLPPOLVFKHV%HVWUDIXQJVLQVWUXPHQWXQG6\PEROHLQHVYRQK| KHUHQ0lFKWHQYHUIJWHQ6FKLFNVDOV'LHVVXJJHULHUWQLFKW]XOHW]WHLQHbX HUXQJ &KDUORWWHV GLH RE GHV EULVDQWHQ ,QKDOWV LKUHV 6FKUHLEHQV *HZLV VHQV]ZHLIHO SODJHQ Å,FK ELQ ]ZH\PDO ZLOOHQV JHZHVHQ GLHV ]X YHUEUHQ QHQDOOHLQHVZDUDOVZHQQHLQHXQVLFKWEDUH+DQGHVYHUE|WH´&+ 1LFKW QXU $OEUHFKWV )LJXUHQ ZDUHQ W\SLVFK IU GLH ]HLWJHQ|VVLVFKH /LWHUDWXU GLH .LQGV XQG 6HOEVWP|UGHULQ GHU VNUXSHOORVH 9HUIKUHU XQG GLHVFKZDFKH0XWWHUDXFKGLHH[LVWHQWLHOOH$XVPDHDQQHKPHQGH)XUFKW YRU|IIHQWOLFKHP(KUYHUOXVWZDUGHQ=HLWJHQRVVHQDOVOLWHUDULVFKHVZLHDOO WlJOLFKHV 7KHPD EHNDQQW &KDUORWWHV 6FKXOG YHUEODVVW DQJHVLFKWV GHU LKUHU QDWUOLFKHQ (OWHUQ GRFK NRQ]HQWULHUW VLFK $OEUHFKWV 6FKLOGHUXQJ KDXSWVlFKOLFK DXI GDV 0XWWHU7RFKWHU9HUKlOWQLV 'HP EHLVSLHOVZHLVH LQ ]HLWJHQ|VVLVFKHQ)DPLOLHQGUDPHQGRPLQLHUHQGHQ6WHUHRW\SHQWVSUHFKHQG ZLUNW YRU DOOHP (UVWHUH YHUDQWZRUWOLFK IU GDV 6FKLFNVDO GHU 7RFKWHU GD VLH ZLH &KDUORWWH LKU DXFKYRUZLUIW QLFKWUHFKW]HLWLJ YRU GHP 9HUIKUHU JHZDUQW KDEH $OEUHFKW DN]HQWXLHUW GDPLWlKQOLFK *HOOHUW ZLH JHIlKU OLFK GDV 9HUEHUJHQ VFKXOGEHKDIWHWHU *HKHLPQLVVH IU GDV LQQHUIDPLOlUH E]ZZHLWHUHVR]LDOH8PIHOGVHLQNRQQWH $XHUJHZ|KQOLFKHU LVW GHU 8PJDQJ $OEUHFKWV PLW GHP 0RWLY HQW KOOHQGHU $EVFKLHGVEULHIH E]Z GHU %ULHIVRUWH LQVJHVDPW GLH LKP ]XU HLJHQVWlQGLJHQ(U]lKOIRUPJHUHLFKW9RUELOGKDIWN|QQWHKLHUIUGDV*HQUH BBBBBBBBBBBBB
$XFKEHLGHP6HOEVWPRUGHQWVFKOXVVPHLQWVLHOHW]WOLFKYRQÅHLQH>U@K|KHUH>Q@+DQG´JH OHLWHW ]X ZHUGHQ &+ 'DV *HIKO KLPPOLVFKHU =XVWLPPXQJ VRZLH WLHIHV *RWWYHU WUDXHQNHQQ]HLFKQHQGDV6FKUHLEHQDQPHKUHUHQ6WHOOHQYJOXD&+ %HLGHVVLQG(OH PHQWHGLHVLFKLQUHDOKLVWRULVFKHQOHW]WHQ6FKUHLEHQDEHUDXFKILNWLRQDOHQZLHHWZD:HU WKHUV$EVFKLHGVEULHIDQ/RWWHGHQ$OEUHFKWVLFKHUOLFKNDQQWHILQGHQYJOGD]XYD.DSL WHOXQG =X ]HLWJHQ|VVLVFKHQ 9RUVWHOOXQJHQYRQ (KUH (KUYHUOXVW 6FKDQGH XQG6FKDP EHVRQGHUV PLW%OLFNDXIGLHVR]LDOUHFKWOLFKH6WHOOXQJGHU)UDXYJO*HVD'DQHÄ=HWHUXQG0RUGLR¶9HUJH ZDOWLJXQJ LQ 5HFKW XQG /LWHUDWXU *|WWLQJHQ :DOOVWHLQ 6² YJO DXFK 1HX PH\HU$QRPDOLHQ6 9JOGD]XXD0DUWKD.DDUVEHUJ:DOODFKÅ(PLOLDXQGLKUH6FKZHVWHUQ'DVVHOWVDPH9HU VFKZLQGHQ GHU 0XWWHU XQG GLH JHRSIHUWH 7RFKWHU´ LQ 0WWHU ² 7|FKWHU ² )UDXHQ :HLEOLFK NHLWVELOGHU LQ GHU /LWHUDWXU KUVJ YRQ +HOJD .UDIW 6WXWWJDUW XQG :HLPDU 0HW]OHU 6²KLHU6II
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
GHUKHURLVFKHQ(SLVWHOJHZHVHQVHLQGHUHQO\ULVFKHV,FKRIWPDOVDXVIKU OLFK GLH HLJHQH /HLGHQVJHVFKLFKWH ZLHGHUJDE DXFK DQ 'XVFKV %ULHI VDPPOXQJZlUH]XGHQNHQ=XU$XVJHVWDOWXQJYRQ&KDUORWWHV6WHUEHERW VFKDIWEHGLHQWHVLFK$OEUHFKW]XGHPJlQJLJHU7RSRLUHDOKLVWRULVFKHU$E VFKLHGVEULHIHYRQ6HOEVWP|UGHUQZLHGHU'LVNXVVLRQEHUGHQ6XL]LGZDV GHQ 7H[W IU ]HLWJHQ|VVLVFKH /HVHU SV\FKRORJLVFK JODXEKDIWHU JHPDFKW KDEHQ GUIWH 6R HUNOlUW GDV 0lGFKHQ PHKUIDFK HV HPSILQGH EHL GHP *HGDQNHQDQVHLQHQVHOEVWYHUIJWHQ7RGÅ5XKH²NDOWH5XKHDEHUGRFK 5XKHELV]XU(QWVFKORVVHQKHLW´&+ HLQH)RUPXOLHUXQJGLHVRRGHU lKQOLFK KlXILJHU LQ OHW]WHQ %ULHIHQ YRQ 6XL]LGHQWHQ ]X OHVHQ LVW :LH LQ &KDUORWWHV)DOOHUVFKHLQWVLHPDQFKPDOLP9HUEXQGPLWGHU$QQDKPHGLH HPSIXQGHQH 5XKH VHL JOHLFK GHU *HODVVHQKHLW GHV H[HPSODULVFK 6WHUEHQGHQ HLQ =HLFKHQ K|KHUHU =XVWLPPXQJ ,P 9RUZRUW GHV HUVWHQ %DQGHV VHLQHU %LRJUDSKLHQ UHIOHNWLHUW $OEUHFKW DXI GLHVHV $UJXPHQW GDV QLFKW ]XOHW]W GHQ (LQGUXFN YHUVWlUNW &KDUORWWHV (QWVFKOXVV EHUXKH DXI UDWLRQDOHU$EZlJXQJÅ5XKHEHJOHLWHWLKQRIW8QGZHUGLHVH5XKHIKOW N|QQWH PDQ YRQ GHP QLFKW VDJHQ HU LVW UHLI XQG YRQ GHP *RWW REHQ ZDUGLKPGLHVH"´'DPLWGHXWHWGHU$XWRUVHKUYRUVLFKWLJZLH1HXPH\HU ]X 5HFKW EHWRQW HLQHQ IU VHLQH =HLW lXHUVW SURJUHVVLYHQ 6WDQGSXQNW DQ ,QGHUÄ%LRJUDSKLH¶IROJWVFKOLHOLFKRKQHhEHUOHLWXQJGHU$EVFKLHGV EULHI GHU 0XWWHU DXI GHQ GHU 7RFKWHU 'DV GDULQ HQWIDOWHWH 1DUUDWLY UHD JLHUW DXI E]Z HUJlQ]W &KDUORWWHV %RWVFKDIW XQG WHLOW GHUHQ (QWKOOXQJV FKDUDNWHU 'DV $XIILQGHQ GHV 6FKUHLEHQV LQ HLQHP *HKHLPIDFK GHV Å6FKUHLEHVFKUDQNV´ XQG GLH :LUNXQJ GHU /HNWUH VLQG LQ GHU YRQ &KDU ORWWH HWDEOLHUWHQ 6\PEROLN DOV *RWWHVXUWHLO ]X YHUVWHKHQ $OV ÅZRKOYHU GLHQWH6WUDIH´GHVÅ+LPPHOV´YHUVWHKWHVGLH0XWWHUGDVVVLHGDV6FKUHL EHQHQWGHFNWÅ>=@LWWHUQG´VFKUHLEWVLH XQWHUVXFKWHLFKGHQ6FKXEODGHQ,FKIDQGGLH)HGHUGUXFNWH(LQH7KUVSUDQJ DXI XQG MHQH WUDXHUYROOHQ 3DSLHUH ILHOHQ PLU JOHLFK HQWJHJHQ ,FK VHW]WH PLFK QLFKWJOHLFK]XP/HVHQ,FKWUlXPWHQLFKWVDQJHQHKPHV]XK|UHQ>«@ ,FK ODV XQG GHU $WKHP YHUJLHQJ PLU ]ZH\PDO ZlKUHQG GHP /HVHQ ,FK ]ZDQJPLFK]X(QGH]XOHVHQLFKZDUEHWlXEWOHJWHGLH3DSLHUHZLHGHUDQGHQ YHUERUJHQHQ2UWXQGPLFK]X%HWWHZRPLUJOHLFKGLH6LQQHYHUJLHQJHQ,QMHQHU
BBBBBBBBBBBBB
9JO GD]X 1HXPH\HU $QRPDOLHQ 6 GHU &KDUORWWHV )DOO LP .RQWH[W GHU ]HLWJHQ|VVL VFKHQ%HJUQGXQJVPXVWHUXQG$XIIDVVXQJHQ]XP6XL]LGYHURUWHWXQGXDIHVWVWHOOWÅ$O EUHFKWV%LRJUDSKLHEHU&KDUORWWHIROJWGHPVLFKXPHWDEOLHUHQGHQ:DKUQHKPXQJV SDUDGLJPDZRQDFKHLQH6HOEVWW|WXQJGXUFKHLQH*HZLVVHQVUHIOH[LRQEHGLQJWLVW²PLWGHU HQWVFKHLGHQGHQ 0RGLILNDWLRQ LQGHV GDVV GLH 6HOEVWW|WXQJ NHLQH )RUP VHOEVWUHIOH[LY YROO ]RJHQHU6XE-XVWL]¶GDUVWHOOW VRQGHUQ GHQ 9HUVXFK ELOGHWGHQ%HVWUDIXQJVYHUIDKUHQGHU VHOEHQ]XHQWJHKHQ´ $OEUHFKW1HXH%LRJUDSKLHQ,6,9 1HXPH\HU$QRPDOLHQ6
6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERWXQG6FKDQGH
UDVHQGHQ .UDQNKHLW KDWWH LFK PHLQHP 0DQQH :LQNH YRQ GHU *HVFKLFKWH YHUUD WKHQ (U KDWWH GDV %UHDX GXUFKJHVXFKW DEHU QLFKWV JHIXQGHQ :LH LFK YRP .UDQNHQODJHUDXIVWDQGIKOWHLFKGHQ7RGLQPHLQHU%UXVW&+I
'LHlQJVWOLFKH(UZDUWXQJVKDOWXQJXQGGLHHPSILQGVDPHhEHUUHDNWLRQELO GHQ GDV *HJHQVWFN ]X GHQ 0RWLYHQ XQG (PRWLRQHQ ZHOFKH GLH 6XL]L GHQWLQLQ7RGXQG6FKULIWOLFKNHLWIOFKWHQOLHHQ'LHVHV0XVWHUZLUGYRQ GHU0XWWHUSHUSHWXLHUW,KU$EVFKLHGVEULHIWUlJW=JHHLQHUGHDWKEHGUHSHQ WDQFH ZREHL HV KLHU GLH 5HXH VHOEVW LVW GLH ]XP 7RGH IKUW (QWVSUH FKHQG VXFKW GLH 0XWWHU PLW GHU :HLWHUJDEH EHLGHU %RWVFKDIWHQ DQ GHQ %UXGHU LKUHP 7RG ZLH GHP LKUHU 7RFKWHU HLQHQ EHU LKU LQGLYLGXHOOHV 6FKLFNVDO KLQDXVUHLFKHQGHQ 6LQQ ]X YHUOHLKHQ 'DEHL ZLUG GLH )LJXU DOV 6SUDFKURKUGHV$XWRUVHUNHQQEDU6HOEVWPRUGXQGEULHIOLFKH*HKHLPKDO WXQJZHUGHQLQGHU)LNWLRQOHJLWLPLHUWZHLOHUVWVLHHLQHEHVWLPPWH(U]lKO ZHLVH XQG )XQNWLRQDOLVLHUXQJ GHU *HVFKLFKWH HUODXEHQ 'HU YHUVWHFNWH 0HWDWH[WSURILWLHUWGHUZHLOYRQGHU$XWRULWlWGHU6WHUEHQGHQ :HQQLFKHVUHFKWEHGHQNHVRPDFKWGHU+LPPHOGRFKDOOHVZRKO(VLVWZDKU &KDUORWWHQDKPHLQVFKUHFNOLFKHV(QGH$OOHLQZLHYLHOVFKUHFNOLFKHUZlUHLKU/H EHQJHZHVHQ:LHXQJOFNOLFKZlUHQXQVUHEH\GHQ)DPLOLHQJHZRUGHQ6HOEVWGLH (QWGHFNXQJ GHU 6DFKH LP $XJHQEOLFN ZUGH 6FKDXGHU KHUYRU JHEUDFKW KDEHQ XQGPLWGHP6FKDXGHUKlWWHVLFKGHU(LQGUXFNYHUORUHQ6FKDQGHQLFKW%H\VSLHO ZlUHGLH:LUNXQJJHZHVHQ (U]lKOWNDQQVLH0WWHUXQG7|FKWHUZDUQHQNDQQLKQHQHLQ:HJ]XU%HVVH UXQJZHUGHQ8QGGX:LOKHOPZLUVW0LWOHLGHQPLWGHLQHUHUO|WHQ6FKZHVWHUKD EHQGHQQGDVELQLFKZHQQGXGLHVHVOLHW&+
0LW GLHVHU lXHUVW NRQVWUXLHUW ZLUNHQGHQ %HJUQGXQJ DGDSWLHUW $OEUHFKW DXFK GHQ NRQYHQWLRQHOOHQ *HEUDXFK GHU %ULHIVRUWH DOV ([HPSHO/LWHUD WXU'LHYHU]|JHUWH(QWKOOXQJYRQ,QIRUPDWLRQHQGLH,QKDOWZLH)RUP GHV7H[WHVEHVWLPPWOHLVWHWGHPGLGDNWLVFKHQ,PSHWXV9RUVFKXE,QGHP $OEUHFKWPLW+LOIHGHU$EVFKLHGVERWVFKDIWHQIRUWJHVHW]WHLQHbVWKHWLNGHV hEHUUDVFKXQJVHIIHNWHVLQV]HQLHUWHGUIWHHUVHLQH/HVHULQ$WHPJHKDOWHQ XQG GHQ (LQGUXFNVHLQHU Ä%RWVFKDIW¶ GDPLW XPVR HLQGUFNOLFKHU JHVWDOWHW KDEHQ :LH&KDUORWWHVSUlJWVlPWOLFKHGHUKLHUEHWUDFKWHWHQ9DULDQWHQHQWKO OHQGHU$EVFKLHGVEULHIHHLQH'LFKRWRPLHDXVVR]LDOHU=ZDQJVODJHXQGGHP LQGLYLGXHOOHQ%HVWUHEHQQDFK)UHLKHLWXQG:UGHGLH]X'DUVWHOOXQJZLH $XIO|VXQJ HUVW LQ HLQHP YRQ 7RG XQG 6FKULIWOLFKNHLW NRQVWLWXLHUWHQ 6FKXW]UDXP JHODQJW $QKDQG GHU 2IIHQEDUXQJ LQWLPHU ZHLEOLFKHU *H KHLPQLVVH E]Z GHV 9HUVXFKV |IIHQWOLFKHU 6FKDQGH ]X HQWJHKHQ ZHUGHQ BBBBBBBBBBBBB
'LHVH6FKLOGHUXQJHLQHUIDWDOHQ:LUNXQJOHW]WHQ6FKUHLEHQVKDW9RUELOGHULQGHU:HUWKHU 5H]HSWLRQ+LHULVWHVGHU$EVFKLHGVEULHIGHV3URWDJRQLVWHQGHU/RWWH]X7RGHEULQJWYJO .DSLWHO 9JOKLHU]XDXFK1HXPH\HU$QRPDOLHQ6²
3KDLGUDVVFKZHLJVDPH6FKZHVWHUQ
VR GLH (LQVFKUlQNXQJHQ YRUQHKPOLFK GHU VH[XHOOHQ 6HOEVWEHVWLPPWKHLW GHU)UDXDEHUDXFKLKUHLQVJHVDPWVFKZDFKHJHVHOOVFKDIWVSROLWLVFKH3RVL WLRQ LQ HLQHU SDWULDUFKDOLVFKHQ *HVHOOVFKDIW HUNHQQEDU 'DVV ,GHRORJLH XQG6R]LDONULWLNEHLPDQFKHP$XWRUHKHU1HEHQHIIHNWSXEOLNXPVZLUNVD PHU /LHEHVKlQGHO RGHU DQGHUZHLWLJHU $QOLHJHQ GHQQ EHZXVVWH ,QWHQWLRQ JHZHVHQ VHLQ PDJ OlVVW $OEUHFKWV 7H[W YHUPXWHQ =XGHP LVW GDV RSSR VLWLRQHOOH VXEYHUVLYH E]Z HPDQ]LSDWRULVFKH 0RPHQW GDV 5R[DQHV XQG /XLVHV6FKUHLEHQHLJQHW]ZDULQGHQ%ULHIHQGHUDQGHUHQ)UDXHQYRUKDQ GHQ LKUH (QWKOOXQJHQ ]LHOHQ JOHLFKZRKO ² ]XPLQGHVW YRUGHUJUQGLJ ² HKHUDXIHLQH+DUPRQLVLHUXQJRGHU9HUEHVVHUXQJGHU1DFKZHOW-XOLHV$E VFKLHGVEULHIQLPPWLQGLHVHU+LQVLFKWHLQH6RQGHUVWHOOXQJHLQGDHUSULQ ]LSLHOO ZLGHUVWUHLWHQGH PRUDOLVFK ZLH VR]LDO H[HPSODULVFKH XQG QRQNRQ IRUPH$VSHNWHLKUHU3HUV|QOLFKNHLWPLWHLQDQGHUYHUVFKPLO]W 'HUDUWHUODXEWGHU6FKXW]SRVWKXPHU/HNWUH.RPPXQLNDWLRQZLGHU GLH.RQYHQWLRQ²DOOHUGLQJVQXULP9HUERUJHQHQ'HU7RGVRIKUHQGLH 7H[WH YRU LVW GLH 9RUEHGLQJXQJ XQG GHU 3UHLV GHQ GDV ,QGLYLGXXP LQ .DXIQHKPHQPXVVXPIUHLQHQNXU]HQ0RPHQW6HOEVWXQG:HOWZHQLJ VWHQV DXI GHP 3DSLHU LQ (LQNODQJ ]X EULQJHQ $XIUHFKWHUKDOWHQ EOHLEW GDEHL GLH ,VRODWLRQ GHV (LQ]HOQHQ 'LH ]X /HE]HLWHQ YHUPLVVWH *DQ]KHLW GHU HLJHQHQ ,QGLYLGXDOLWlW YHUP|JHQ GLH 6FKUHLEHQGHQ ZHQQ EHUKDXSW QXU KHLPOLFK XQG IU VLFK DOOHLQ ]X JHQLHHQ 'LH 9RUVWHOOXQJ LQ LKUHQ %RWVFKDIWHQZHQLJVWHQVHLQ=HXJQLVLKUHU8QDEKlQJLJNHLW]XKLQWHUODVVHQ ELOGHW GLH ZRKO HLQ]LJH DXHQZLUNVDPH *HQXJWXXQJ -HJOLFKH :LHGHUJXW PDFKXQJ VHLWHQV GHU *HVHOOVFKDIW LVW LKQHQ YHUZHKUW LP *HJHQ]XJ EOHL EHQVLHIUGLH1DFKZHOWXQDQJUHLIEDU²XQGYHUORUHQ 'LH '\QDPLN YRQ ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ *HKHLPKDO WXQJ 7RG XQG SRVWKXPHU (QWKOOXQJ JHVWDOWHQ VlPWOLFKH KLHU EHWUDFK WHWHQ$XWRUHQLQXQWHUVFKLHGOLFKHU:HLVH9RUDOOHPEHL0RQWHVTXLHXXQG 5RXVVHDX VRZLH LQ VSH]LHOOHU *HVWDOW EHL $OEUHFKW KDEHQ GLH $EVFKLHGV EULHIH GHQVHOEHQ hEHUUDVFKXQJVHIIHNW GHQ DXFK PQGOLFKH 6WHUEHZRUWH EHVLW]HQN|QQHQ6LHGLHQHQGHUSV\FKRORJLVFKHQ3URILOLHUXQJGHUVFKUHL EHQGHQ)LJXUXQGLKUHV9HUKlOWQLVVHV]XP$GUHVVDWHQXQGUHJHQGHQ/H VHU ]X HLQHU HUQHXWHQ /HNWUH XQG %HZHUWXQJ GHV YRUDQJHJDQJHQHQ 1DUUDWLYV DQ 'DPLW ZLUG GHU HUVW SRVWKXP DUWLNXOLHUEDUHQ 6LFKW DXI GDV *HVFKHKHQUFNZLUNHQG*HOWXQJYHUVFKDIIW $EVFKOLHHQGXQGYRUDXVZHLVHQGDXIGDVIROJHQGH.DSLWHOVHLHUJlQ]W GDVVHQWKOOHQGHOHW]WH%RWVFKDIWHQLP-DKUKXQGHUWNHLQHVZHJVQXUHLQ OLWHUDULVFKHV3KlQRPHQGDUVWHOOWHQ,P*HJHQWHLOWDXFKWHQVLHLQlKQOLFKHQ .RQWH[WHQ XQG )XQNWLRQDOLVLHUXQJHQ DXI ZLH LQ GHQ KLHU EHVSURFKHQHQ ILNWLRQDOHQ 7H[WHQ 'LHV ]HLJW HWZD HLQ .RPPHQWDU 0DF'RQDOGV XQG 0XUSK\VKLQVLFKWOLFKHLQHV0DQQHVGHULP-DKUHVHLQHU)UDXEULHI OLFKJHVWDQGHLQH$IIlUHJHKDEW]XKDEHQEHYRUHUVLFKGDV/HEHQQDKP
6FKUHLEHQMHQVHLWVYRQ6FKZHLJHJHERWXQG6FKDQGH
Å:KHWKHULWZDVPDQLSXODWHGFRQVFLRXVO\RUXQFRQVFLRXVO\VXLFLGHZDVD ZHDSRQ WKDW FRXOG LQIOLFW JUHDW VXIIHULQJ RQ RWKHUV DQG WKH VXLFLGHQRWH ZDVLWVDLPLQJGHYLFH´
BBBBBBBBBBBBB
0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW" $EVFKLHGVEULHIHYRQ6HOEVWP|UGHUQ
.RQWLQXLWlWXQG9HUlQGHUXQJ GLHVXL]LGlUH6WHUEHNXQVW
Å6ZHHWKHDUW,WKRXJKWLWJRRGWROHDYHWKLV&KDUDFWHUEHIRUH,G\HGXQ NQRZQ WR WKHH IRU WKH SUHVHQW , ODLG LW ZKHUH \RX VKRXOG·VW ILQG LW EH FDXVH LW ZRXOG FOHHU WKHH EHIRUH DOO WKH ZRUOG´ VFKULHE 7KRPDV 0LQFH HLQ6FKXKPDFKHUXQGHKHPDOLJHU6ROGDWDQVHLQH)UDXEHYRUHUVLFKDP 0lU] GDV /HEHQ QDKP $QJHVLFKWV GHU 9HUZLUUXQJ GLH GDV 6FKUHLEHQNHQQ]HLFKQHWXQGGHU$UWVHLQHV9RUKDEHQVEHUUDVFKWGHUDUW YRUDXVVFKDXHQGHV XQG IUVRUJOLFKHV 'HQNHQ 7DWVlFKOLFK EHVWLPPW GLHV QHEHQGHU5HFKWIHUWLJXQJGHVHLJHQHQ7XQV0LQFHV%RWVFKDIW(UVXFKWH VHLQH)UDX]XVFKW]HQXQGVRUJWHVLFKXPLKU6HHOHQKHLO(UEHWHWHIUVLH XQG HUPDKQWH VLH LKUHP &KULVWHQWXP WUHX ]X EOHLEHQ 'LHVHOEH )U|P PLJNHLWZHOFKH=HLWJHQRVVHQDOVYROONRPPHQDEZHJLJHPSIDQGHQSUlJW GLH 6FKOXVVIRUPHO GHV %ULHIHV Å)DUHZHOO P\ /RYH LQ WKH /RUG P\ LP PRUWDO *RG *RG IRUJLYH PH P\ DPLVV UHFHLYH P\ VSLULW LQWR HWHUQDO EOLVV´ 0LQFH ZXVVWH GDVV HU DXV WKHRORJLVFKHU 6LFKW HLQH 6QGH XQG DXV MXULVWLVFKHU 3HUVSHNWLYH HLQH 6WUDIWDW EHJLQJ XQG ZDU GHQQRFK XP HLQHQ P|JOLFKVW ÄJXWHQ¶ ² XQG GDV KLH LQ VHLQHP )DOOH FKULVWOLFKHQ ² 7RG EH PKW 'HU ]HLWJHQ|VVLVFKH .RPPHQWDU YHUQDFKOlVVLJW GLHVHV %HVWUHEHQ XQG LQVWUXPHQWDOLVLHUW GHQ )DOO DXI NRQYHQWLRQHOOH :HLVH DOV ZDUQHQGHV BBBBBBBBBBBBB
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ÅIDOVHVSLULWV´KlWWHQLKQJHSODJW'HUDQRQ\PH+HUDXVJHEHUGHV%ULHIHV YHUPXWHW WHXIOLVFKH (LQIOVVH XQG ZHLVW DOOH 5HFKWIHUWLJXQJVYHUVXFKH GHV 6HOEVWP|UGHUV ]XUFN0DQ6 0LQFH0DQ6
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
%HLVSLHO GDV GLH *ODXEHQVWUHXH GHU /HVHU VWlUNHQ VROOWH $EVHLWV GLHVHU YHUHLQVHLWLJHQGHQ )XQNWLRQDOLVLHUXQJ ]HLJW 0LQFHV $EVFKLHGVERWVFKDIW GDVV6HOEVWP|UGHUYHUVXFKWHQPLW+LOIHOHW]WHU6FKUHLEHQZUGHYROOXQG² XQJHDFKWHWGHU%HZHUWXQJLKUHV7RGHVDOVÄDVR]LDO¶²PLW%OLFNDXI)DPLOLH XQG*HVHOOVFKDIWYHUDQWZRUWOLFK]XVWHUEHQ 2EGLH1DFKZHOWGLHVHV%HPKHQXPHLQHVXL]LGDOH6WHUEHNXQVWZHUW VFKlW]WH KLQJ YRQ LKUHU (LQVWHOOXQJ ]XU 6HOEVWW|WXQJ DE $OOHUGLQJV ZLHV VHOEVWPDQFKDEOHKQHQGHbXHUXQJDXI3UDNWLNHQOHW]WHQ6FKUHLEHQVXQG GDPLW YHUEXQGHQH (UZDUWXQJHQ KLQ ZLH :LOOLDP :LWKHUV· VDWLULVFKH 6FKULIW6RPH7KRXJKWV&RQFHUQLQJ6XLFLGHRU6HOI.LOOLQJ:LWK*HQHUDO'LUHF WLRQV)RUWKHPRUH(DVLH'LVSDWFKRIWKDW$IIDLU:ULWWHQ)RUWKH%HQHILWRIDOO0DOH FRQWHQWVLQ*UHDW%ULWDLQ/RQGRQ>R$@ EH]HXJW$QJHWUHWHQGLH+H URLVLHUXQJGHV6XL]LGVLQHQJOLVFKHQ$GHOVNUHLVHQ]XNULWLVLHUHQYHUIDVVWH :LWKHUVHLQH/LVWHYRQ9HUKDOWHQVPDUHJHOQIUYRUQHKPH6HOEVWP|UGHU XQG YHUSIOLFKWHWH VLH XQWHU DQGHUHP GD]X HLQH $EVFKLHGVERWVFKDIW ]X KLQWHUODVVHQ >:@KRHYHUPDNHVD6HFUHWRIZKDWKHLVDERXWDQGLVVK\RIFRQILGLQJLWHYHQWR KLVWUXO\DQGZHOOEHORY·G3DUWQHURIKLV-R\VDQGRIKLV6RUURZVVKRXOGDWOHDVW WKLQN LW KLV 'XW\ WR OHDYH EHKLQG KLP D VPDOO 6FUROO RI 3DSHU H[SODLQLQJ KLV 5HDVRQVWKLVEHLQJD5HVSHFWWKDWLWFDQQRWEXWEHFRPHKLPWRUHQGHUWRD3HU VRQGHDUHUWKDQ/LIHLWVHOIDQGZKRKDGDOZD\VPDQLIHVWHG>«@DQH[WUDRUGLQDU\ &XULRVLW\WREHVDWLVI\·GRIKLV5HDVRQVIRUHYHU\WKLQJKHZDVGRLQJRUGHVLJQLQJ >«@KHRXJKWWRWKLQNLWKLV'XW\WROHDYHKLV5HDVRQVGUDZQXSLQWKDWPDQQHU DVVXULQJ KLPVHOI WKDW WKH WDNLQJ KLV ILQDO /HDYH ZLWK VXFK D &LUFXPVWDQFH RI &LYLOLW\ZLOOWKHUHIRUHSURYHDGRXEOH6DWLVIDFWLRQWRWKH SRRU/DG\ RYHUDQGDERYH WKH 3OHDVXUH RI ILQGLQJ KHUVHOI WDNHQ QRWLFH RI LQ WKDW KLV SRVWKXPRXV +DQG ZULWLQJ LQ DOO 3UREDELOLW\ DV WKH VROH EXW ZLWKRXW IDLO DV WKH PRVW XUJHQW RU ILUVW PRYLQJ2FFDVLRQRIVXFKDVLJQDO(YHQW
'HU 7H[W EHVWlWLJW LQGLUHNW GDV ZDV HU YHUVSRWWHW 'DVV PDQ EHUHLWV ]X GLHVHP =HLWSXQNW YRQ 6XL]LGHQWHQ HLQH 5HFKWIHUWLJXQJ ZHQQ QLFKW LQ PQGOLFKHUVRGRFKLQVFKULIWOLFKHU)RUPHUZDUWHWH$XIGLH5HDOLWlWKLQ WHUGHU6DWLUHYHUZHLVHQhEHUVFKQHLGXQJHQ]ZLVFKHQ:LWKHUV·XQG0LQFHV 7H[WHQYRUDOOHPGDV%HPKHQXP*HKHLPKDOWXQJVRZLHGLH3IOLFKWHUIO OXQJGHU(KHSDUWQHULQJHJHQEHU:LWKHUV·6WLFKHOHLDXI.RVWHQ/HW]WHUHU BBBBBBBBBBBBB
9JO%HQQKROGW7KRPVHQ*X]]RQL'HUÄ$VR]LDOH¶6² 9JO9HUD/LQG6HOEVWPRUGLQGHU)UKHQ1HX]HLW'LVNXUV/HEHQVZHOWXQGNXOWXUHOOHU:DQGHODP %HLVSLHO GHU +HU]RJWPHU 6FKOHVZLJ XQG+ROVWHLQ*|WWLQJHQ9DQGHQKRHFN 5XSUHFKW 6 9JO0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6 :LWKHUV7KRXJKWV6 :LWKHUV7KRXJKWV6>.XUVLYLHUXQJHQLP2ULJLQDO@
.RQWLQXLWlWXQG9HUlQGHUXQJ
LVW QLFKW ]XOHW]W (FKR GHU WLHIHQ :HUWVFKlW]XQJ SRVWKXPHU $EVFKLHGV ERWVFKDIWHQ %HL0LQFHGHXWHWHVLFKHLQHZHLWHUHÄ+|IOLFKNHLWVJHVWH¶DQGLHIUOHW] WH %RWVFKDIWHQ YRQ 6HOEVWP|UGHUQ LP -DKUKXQGHUW FKDUDNWHULVWLVFK ZXUGH9LHOHYRQLKQHQEHULFKWHWH/RXLV6pEDVWLHQ0HUFLHUÅRQWDGRSWpOD FRXWXPH G·pFULUH SUpDODEOHPHQW XQH OHWWUH DX OLHXWHQDQW GH SROLFH DILQ G·pYLWHU WRXWH GLIILFXOWp DSUqV OHXU GpFqV´ 'LHVH 9RUVRUJH EOLHE LQ 3DULV ZLHDQGHUVZR QLFKWXQEHDFKWHW Å2QUpFRPSHQVHFHWWHDWWHQWLRQHQRU GRQQDQW OHXU VpSXOWXUH´ (LQ )UDQ]RVH GHU QDFK *UHHQZLFK UHLVWH XQG VLFK GRUW GDV /HEHQ QDKP H[HPSOLIL]LHUWH 0HUFLHUV %HREDFKWXQJ 0LW +LOIH VHLQHV $EVFKLHGVEULHIHV GHU DQ GHQ $XIILQGHQGHQ DGUHVVLHUW ZDU ZROOWHHUGLH$XVZLUNXQJHQVHLQHU7DWEHJUHQ]WKDOWHQ²XQG]ZDUVRZRKO DXI LQVWLWXWLRQHOOHU ZLH DXI IDPLOLlUHU (EHQH 'DV $QVSUHFKHQ EHK|UG OLFKHU9HUWUHWHUXQWHUVFKHLGHW6HOEVWP|UGHUERWVFKDIWHQYRQDQGHUHQOHW] WHQ%ULHIHQ(VUHIOHNWLHUWDQVLFKJHJHQVlW]OLFKH%HVWUHEXQJHQ(LQHUVHLWV XQWHUZLUIWVLFKGHU$XWRUGDPLWEHZXVVWGHUVWDDWOLFKHQ*HZDOWDQGHUHU VHLWVVXFKWHUVRSRVWKXP$XWRULWlWDXV]XEHQ(QWVSUHFKHQGlXHUWHQ VLFK QLFKW DOOH GLH GLH 6WUDIEDUNHLW LKUHV +DQGHOQV XQGGLH GDPLW HLQKHU JHKHQGHQ 3UR]HGXUHQ VFKULIWOLFK DQWL]LSLHUWHQ LQ VFKXOGEHZXVVWHU RGHU XQWHUZUILJHU )RUP ,P *HJHQWHLO QXW]WH PDQFKHU ZLH ]X ]HLJHQ VHLQ BBBBBBBBBBBBB
,Q )UDQoRLV %RLVVLHU GH 6DXYDJHV GH OD &URL[· ² 1RVRORJLD PHWKRGLFD VLVWHQV >«@ %GH $PVWHUGDP GH 7RXUQHV ,, 6 JHOWHQ $EVFKLHGVERWVFKDIWHQ QHEHQ GHP7HVWDPHQW DOVIHVWHU%HVWDQGWHLOHLQHVÄHQJOLVFKHQ¶6HOEVWPRUGVÅ$SXG$QJORVHWLDP IUHTXHQVHVWVXLFLGLXPREYLWDHWDHGLXPTXRFDSWLODQJXLGLPRHVWLRPQLXPUHPHGLRUXP SHUWDHVLUHVVXDVFRPSRQXQWWHVWDPHQWDVFULEXQWDPLFLVSHUHSLVWRODVGHLQWUDQVPLWWHQGDV YDOHGLFXQW HW GHLQGH ODTXHR YHQHQR YHO DOLR PRGR YLWDH VXDH ILQHP LPSRQXQW´ ]LWLHUW QDFK )ULHGULFK %HQMDPLQ 2VLDQGHUhEHU GHQ6HOEVWPRUG 6HLQH 8UVDFKHQ $UWHQ PHGL]LQLVFKJH ULFKWOLFKH 8QWHUVXFKXQJ XQG GLH 0LWWHO JHJHQ GHQVHOEHQ (LQH 6FKULIW VRZRKO IU 3ROLFHL XQG -XVWL] %HDPWH DOV IU JHULFKWOLFKH $HU]WH XQG :XQGDHU]WH IU 3V\FKRORJHQ XQG 9RONVOHKUHU +DQQRYHU +DKQ 6I =XP7RSRVGHV6XL]LGVDOVÄHQJOLVFKHU.UDQNKHLW¶YJOXD*HRUJH 0LQRLV+LVWRU\RI6XLFLGH9ROXQWDU\'HDWKLQ:HVWHUQ&XOWXUHEHUVHW]WYRQ/\GLD*&RFKUD QH%DOWLPRUHXQG/RQGRQ-RKQV+RSNLQV8QLYHUVLW\3UHVV 6² /RXLV6pEDVWLHQ0HUFLHU7DEOHDXGH3DULVQHXHNRUULJLHUWHXQGYHUEHVVHUWH$XIODJH%GH $PVWHUGDP >R$@ ² ,,, 6 9JO 0DF'RQDOG0XUSK\ 6OHHSOHVV 6RXOV6 9HU|IIHQWOLFKWZXUGHGHU$EVFKLHGVEULHILQGHXWVFKHUhEHUVHW]XQJLQÅ'UHLPHUNZUGLJH 6HOEVWP|UGHU´'HXWVFKHV0DJD]LQ 6²YJO6 'HQ]XOHW]WJHQDQQWHQ$VSHNWYHUQDFKOlVVLJW1HXPH\HUZHQQHUGXUFKDXVULFKWLJDUJX PHQWLHUW GHU VFKULIWOLFKH (UNOlUXQJVGUDQJ YRQ 6XL]LGHQWHQ HQWVSULQJH GHU .RQGLWLRQLH UXQJ GXUFK HLQH *HVHOOVFKDIW GLH GHQ 6XL]LG DOV 1RUPYHUOHW]XQJ VDQNWLRQLHUW YJO 1HX PH\HU$QRPDOLHQ6 %HVFKUHLEXQJHQ GHV QDWLRQDO XQWHUVFKLHGOLFKHQ EHK|UGOLFKHQ 9RUJHKHQV EHLP $XIILQGHQ YRQ/HLFKQDPHQYHUPXWOLFKHU6HOEVWP|UGHUILQGHQVLFKXDEHL%DXPDQQ5HFKWYD6² XQG 0LFKDHO )UDQN Å'LH IHKOHQGH *HGXOG +LREV 6XL]LG XQG *HVHOOVFKDIW LQ GHU *UDIVFKDIW/LSSH² ´LQ7UDXHU9HU]ZHLIOXQJXQG$QIHFKWXQJ6HOEVWPRUGXQG6HOEVW PRUGYHUVXFKH LQ PLWWHODOWHUOLFKHQ XQG IUKQHX]HLWOLFKHQ *HVHOOVFKDIWHQ KUVJ YRQ *DEULHOD 6LJQRUL 7ELQJHQ HGLWLRQ GLVNRUG 6² KLHU 6² YJO DXFK -HIIUH\ 5RJHUV
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
ZLUGGDV0HGLXPXPGDVLQVWLWXWLRQHOOH9RUJHKHQXQGVHLQHDQJHEOLFKH $EVFKUHFNXQJVZLUNXQJLURQLVFKEHUOHJHQ]XUFN]XZHLVHQ $VVR]LLHUWPLWGLHVHUYHUlQGHUWHQ)XQNWLRQOHW]WHU=HXJQLVVHLVWGHUHQ %HGHXWXQJ DOV FRUSXV GHOLFWL :HU PLW GHU 8QWHUVXFKXQJ XQJHZ|KQOLFKHU 7RGHVIlOOHDPWOLFKEHWUDXWZDUVFKlW]WHHLJHQKlQGLJH$EVFKLHGVERWVFKDI WHQ GD VLFK PLW LKUHU +LOIH GLH 6FKXOGIUDJH VRZLH VFKHLQEDU DXFK MHQH QDFK GHU 0RWLYDWLRQ GHV 6XL]LGHQWHQ GLH GDV -DKUKXQGHUW EHVRQGHUV LQWHUHVVLHUWHKlXILJ NOlUHQ OLH 'DVV GHUDUWLJH 6FKUHLEHQ DOOHUGLQJV NHL QHVZHJVGLH5HJHOZDUHQOlVVWVLFKXQWHUDQGHUHPGDUDXVVFKOLHHQGDVV *HULFKWVPHGL]LQHU GLH VLFK PLW GHU )HVWVWHOOXQJ YRQ 7RGHVXUVDFKHQ EH IDVVWHQ VLH LQ LKUHQ )DOOEHULFKWHQ HKHU VHOWHQ HUZlKQWHQ 7DWVlFKOLFK KLQWHUOLHHQ LP 9HUJOHLFK ]XU *HVDPW]DKO DOOHU 6HOEVWP|UGHU YHUKlOWQLV PlLJZHQLJHOHW]WH%ULHIH²QLFKW]XOHW]WDXIJUXQGPDQJHOQGHU 6FKUHLE IlKLJNHLW*HULFKWVDNWHQJHEHQGDUEHU$XVNXQIWGDVVXQGZLHPDQDXI JHIXQGHQH $EVFKLHGVEULHIH DOV %HZHLVVWFNH EHZHUWHWH $QGHUHUVHLWV EHOHJHQ)DOOEHVFKUHLEXQJHQYRQ6XL]LGHQLQ0RQRJUDSKLHQSHUV|QOLFKHQ $XI]HLFKQXQJHQ RGHU =HLWVFKULIWHQ XQG =HLWXQJHQ GDVV DXFK YLHOH GHU MHQLJHQGLHNHLQH%RWVFKDIWKLQWHUOLHHQHLQHU)RUPGHU6WHUEHNXQVWIROJ BBBBBBBBBBBBB
:DWW&KRRVLQJ'HDWK6XLFLGHDQG&DOYLQLVPLQ(DUO\0RGHUQ*HQHYD.LUNVYLOOH7UXPDQ6WDWH 8QLYHUVLW\3UHVV 6II0LQRLV+LVWRU\6I 9JO2VLDQGHU6HOEVWPRUG6I 'HU $U]W (P>P@DQXHO *RWWOLHE (OYHUW ² EHULFKWHWH LQ VHLQHP %XFK 8HEHU GHQ 6HOEVWPRUG LQ %H]XJ DXI JHULFKWOLFKH $U]QH\NXQGH (LQ 9HUVXFK 7ELQJHQ -DNRE )ULHGULFK +HHUEUDQGW EHLVSLHOVZHLVHHKHUQHEHQEHLPDQKDEHEHLHLQHP7RWHQ3DSLHUHVLFKHU JHVWHOOW 6 bKQOLFK YHUIXKU >-RKDQQ )HUGLQDQG@ +H\IHOGHU ² LQ 'HU 6HOEVW PRUGLQDU]QHLJHULFKWOLFKHUXQGLQPHGLFLQLVFKSROL]HLOLFKHU%H]LHKXQJ%HUOLQ(QVOLQVFKH%XFKKDQG OXQJ :LHGHUXP EOLHEGLH $EVFKLHGVERWVFKDIWQXU VLQJXOlUH 5DQGEHPHUNXQJ Å(LQ %ULHIGHQGHU9HUVWRUEHQH]XUFNJHODVVHQKDWWHHQWKLHOWGLH%HZHLVHGHV6HOEVWPRUGHV´ 6YJODXFK%DXPDQQ5HFKWXD6I /LQG6HOEVWPRUG6I'LH$XWRULQZHLVWGDUDXIKLQGDVVGLHPHLVWHQ6HOEVWP|UGHU GHUELOGXQJVIHUQHQ8QWHUVFKLFKW]X]XUHFKQHQZDUHQLKUHPLW%OLFNDXI0DF'RQDOG0XU SK\JHWURIIHQH$XVVDJHHVKDQGHOHVLFKEHL$EVFKLHGVEULHIHQYRQ6HOEVWP|UGHUQXPHLQH Å0RGHHUVFKHLQXQJ>GLH@HUVWLPVSlWHQ-DKUKXQGHUWYRQGHQJHELOGHWHQ6FKLFKWHQNXO WLYLHUWZXUGH´LVWDOOHUGLQJV²PLW%OLFNDXIGLH7UDGLWLRQOHW]WHQ6FKUHLEHQVVRZLHNRQNUHWH IUKHUH %HLVSLHOH ² ]X NRUULJLHUHQ =X]XVWLPPHQ LVW GDJHJHQ GHP %HIXQG GDVV GHUDUWLJH %RWVFKDIWHQ LP VSlWHQ -DKUKXQGHUW YHUPHKUW YRUOLHJHQ YJO :DWW &KRRVLQJ 'HDWK 6 9JO$QGUHDV%lKUÅÄ,FKKDEHEHL*RWWVRNHLQH*QDGH¶'LH$EVFKLHGVEULHIHGHV0HGL ]LQVWXGHQWHQ &KULVWLDQ )ULHGULFK ,OOLQJ ´ +LVWRULVFKH $QWKURSRORJLH 6² ,OOLQJV %ULHIH VLQG *HJHQVWDQG GHU HUVWHQ XPIDQJUHLFKHQ )DOOVWXGLH LQ %lKUV 5LFKWHU 6²² 9JODXFKHLQHQ)DOOLQGHQ3URFHHGLQJVRIWKH2OG%DLOH\,QGHU*HULFKWV YHUKDQGOXQJ YRP -XOL JHJHQ 6DPXHO %XUW GHU GHV %HWUXJV XQG GHU )lOVFKXQJ DQJHNODJW ZDU YHUVXFKWH GLH 9HUWHLGLJXQJ PLW +LOIH YRQ $EVFKLHGVEULHIHQ ]X EHZHLVHQ GDVVGHU$QJHNODJWHGDVLKPYRUJHZRUIHQH9HUEUHFKHQDXIZHOFKHVGLH7RGHVVWUDIHVWDQG QXUEHJDQJHQKDWWHGDHUGHQ:XQVFKKDWWH]XVWHUEHQYJO7KH3URFHHGLQJVRIWKH2OG%DLOH\ /RQGRQ·V &HQWUDO &ULPLQDO &RXUW WR 5HIHUHQFH W KWWSZZZROG EDLOH\RQOLQHRUJEURZVHMVS"UHI W!>DXIJHUXIHQDP@
.RQWLQXLWlWXQG9HUlQGHUXQJ
WHQ(VOLHVLFKHWZDGDUDQHUNHQQHQZLHMHPDQGVHLQ6WHUEHQLQV]HQLHUWH GDV$XIILQGHQVHLQHV/HLFKQDPVYRUEHUHLWHWHZHOFKH7RGHVDUW=HLWSXQNW RGHU2UWPDQZlKOWH :HU GDJHJHQ HLQH $EVFKLHGVERWVFKDIW YHUIDVVWH YHUZDQGWH JURH 6RUJH DXI GHUHQ =XVWHOOXQJ 6LH ZXUGH DP .|USHU JHWUDJHQ JXW VLFKWEDU DPÄ7DWRUW¶SODW]LHUWRGHUGLUHNWLQGLHVHQÄHLQJHVFKULHEHQ¶EHLVSLHOVZHLVH DXI :lQGH 7LVFKH RGHU )HQVWHU 0DQ VROOWH VLH JHPHLQVDP PLW GHP /HLFKQDPDXIILQGHQXQGJHJHEHQHQIDOOVDQ'ULWWHZHLWHUOHLWHQ'LHVHEH ZXVVWDUUDQJLHUWHUDXP]HLWOLFKH1lKH]ZLVFKHQ6FKULIWXQG/HLFKHEHHLQ IOXVVWH GLH :DKUQHKPXQJ GHV JHVFKULHEHQHQ $EVFKLHGVZRUWHV *UXQG VlW]OLFKHQWVSUDFKHQ7H[WXQG/HLFKHGHV6HOEVWP|UGHUVHLQDQGHULQLKUHU $EJHVFKORVVHQKHLW XQG 2IIHQKHLW IU ,QWHUSUHWDWLRQHQ *OHLFK]HLWLJ VDK VLFKGHU/HVHULQHLQ3DUDGR[YHUZLFNHOW'HUEHLGHU/HNWUHYRQ%ULHIHQ QRUPDOHUZHLVH HU]HXJWH (LQGUXFN HLQHU OHEHQGLJHQ *HJHQZlUWLJNHLW GHV $XWRUVOLHVLFK]ZDUKHUVWHOOHQGLH$QZHVHQKHLWGHVWRWHQ.|USHUVDEHU ZLGHUVSUDFK GLHVHU ,OOXVLRQ XQPLWWHOEDU 'LH NRQYHQWLRQHOO JHZRUGHQH )RUPXOLHUXQJ Å:HQQ 'X GLHVHQ %ULHI LQ +lQGHQ KlOWVW ELQ LFK QLFKW PHKU DP /HEHQ´ GHU EHL 6XL]LGHQ DQ VLFK VFKRQ ]XVlW]OLFKH 6LJQDO ZLUNXQJHLJQHWHZXUGHKLHUNRQNUHWLVLHUW/HLEOLFKHXQGJHLVWLJH1lKHZLH 8QHUUHLFKEDUNHLWYHUVFKPRO]HQLQHLQHU(UIDKUXQJ 'DEHL YHUOLHK ZLH &ODULVVD LQ DQGHUHQ 8PVWlQGHQ YRUJHIKUW KDWWH GHU/HLFKQDPGHU%RWVFKDIWHLQHQ1DFKGUXFNGHQPDQFKHU6XL]LGHQWLQ $XWRULWlW XP]XPQ]HQ YHUVXFKWH (LQ 6SHFNKlQGOHU EHLVSLHOVZHLVH GHU VLFKZDKUVFKHLQOLFKDXV(LIHUVXFKW DQHLQHP%DXPHUKlQJWHEHIHV WLJWH ]XYRU HLQH Å$UW YRQ OHW]WHP :LOOHQ´ GHU XQWHU DQGHUHP ÅGLH 8U VDFKHVHLQHV(QWVFKOXVVHVXPVWlQGOLFKDQ>]HLJWH@´XQGGDQHEHQHLQ3DDU 5XWHQ Å:R]X GLH 5XWKHQGLHQHQ VROOWHQ´ HUOlXWHUWH )ULHGULFK %HQMDPLQ 2VLDQGHU² Å]HLJWHGLHDQJHQDJHOWH6FKULIW0LWGHUHLQHQVROOWH PDQQHPOLFKGLHXQWUHXH(KHKlOIWHXQGPLWGHUDQGHUHQGHQEHQDQQWHQ %XKOHU ]FKWLJHQ´ $QGHUH OLHHQ ZLH $OEUHFKWV &KDUORWWH LKUHQ BBBBBBBBBBBBB
0DJHEOLFKKLHU]X/LQG6HOEVWPRUG6²5LFKDUG&REEKDWLQGLHVHP.RQWH[WGD UDXIKLQJHZLHVHQGDVVHLQLJH6HOEVWP|UGHUIHVWOLFKH.OHLGXQJDQOHJWHQGHUV'HDWKLQ3DULV 7KH 5HFRUGV RI WKH %DVVH*H{OH GH OD 6HLQH 2FWREHU ²6HSWHPEHU 9HQGpPLDLUH 0HQGHOVVRKQ@ 9JO/LQG6HOEVWPRUG6II 9JO6FKUHLQHU-HQVHLWV6II 9JO 5R\ 3RUWHU (QOLJKWHQPHQW %ULWDLQ DQG WKH &UHDWLRQ RI WKH 0RGHUQ :RUOG /RQGRQ /DQH 6%DXPDQQ5HFKW6 9JO6FKUHLQHU-HQVHLWV6²%HQQKROGW7KRPVHQ*X]]RQL'HUÄ$VR]LDOH¶6 9JO 0DF'RQDOG0XUSK\ 6OHHSOHVV 6RXOV 6 %DXPDQQ 5HFKW 6 6FKUHLQHU -HQVHLWV 6 'LH UHJUHVVLYH 3ROLWLN GHU IUDQ]|VLVFKHQ 5HJLHUXQJ JHJHQEHU %HULFKWHUVWDWWXQJHQ EHU6HOEVWPRUGHXQG3XEOLNDWLRQHQ]XP7KHPDEHKLQGHUWHHLQHlKQOLFKUDVDQWH9HUEUHL WXQJYRQ,QIRUPDWLRQHQZLHVLHIU(QJODQGXQGHWZDVVSlWHUDXFKIUGLHGHXWVFKH'LV NXVVLRQSUlJHQGZXUGHYJO0LQRLV+LVWRU\6I
'LH1DFKZHOWOLHVWPLW
KDWWHZXUGHYRUGLHVHP+LQWHUJUXQGYHUlQGHUWH$XIPHUNVDPNHLW]XWHLO $OV SHUV|QOLFKH 'RNXPHQWH GLH VFKHLQEDU =XJDQJ ]XU ,QQHQVLFKW GHV 6HOEVWP|UGHUVYHUVFKDIIWHQVSUDFKHQVLHEUHLWH/HVHUNUHLVHDQ 1HZVSDSHU ZULWHUV ZHUH HVSHFLDOO\ IRQG RI FLUFXPVWDQWLDO GHWDLOV DQG RI VXLFLGH QRWHV7KHRQHDOORZHGWKHPWRSODFHWKHUHDGHUDWWKHVFHQHWKHRWKHUHQDEOHG WKHP WR VSHDN LQ WKH YRLFH RI WKH GHDG WR HQWHU LQWR WKH PLQG RI WKH VXLFLGH KLPVHOI
*HPHLQVDP PLW GHQ YLHOIlOWLJHQ 3XEOLNDWLRQVP|JOLFKNHLWHQ GLH LPPHU PHKUXQGLPPHUEHGHXWHQGHUHQ(LQIOXVVDXIGLH|IIHQWOLFKH0HLQXQJDXV EWHQGUIWHGLHVHV,QWHUHVVHGD]XEHLJHWUDJHQKDEHQGDVVLP9HUJOHLFK HWZD]XU=HLWYRUGHU-DKUKXQGHUWPLWWHQXQYHUKlOWQLVPlLJYLHOH6XL]LG ERWVFKDIWHQYHU|IIHQWOLFKWZXUGHQ 7KH UROH KHUHWRIRUH SOD\HG E\ WKH &KXUFK LQ IL[LQJ LWV >GK GHV 6XL]LGV 0,6@ PHDQLQJ²RYHUZKHOPLQJO\SXQLWLYH²ZDVXVXUSHGE\WKHPHGLDZKRVHOLQHZDV KXPDQLWDULDQ WKURXJK DQG WKURXJK 1HZVSDSHUV DQG PDJD]LQHV WXUQHG VXLFLGHV LQWRÄKXPDQLQWHUHVW¶VWRULHVLQGHHGVHQVDWLRQVDQGHQFRXUDJHGYLFDULRXVRIWHQ PRUELG SXEOLF LQYROYHPHQW ZLWK WKH SULQWLQJ RI VXLFLGH QRWHV ODVW OHWWHUV DQG WDOHVRIEOLJKWHGORYH
0F'RQDOGXQG0XUSK\KDEHQIHVWJHKDOWHQGDVVLP(QJODQGGHV-DKU KXQGHUWV PLW GHU DOOJHPHLQHQ /HVH XQG 6FKUHLEIlKLJNHLW DXFK GLH =DKO GHU$EVFKLHGVEULHIHYRQ6HOEVWP|UGHUQ]XJHQRPPHQKDEHUlXPHQDOOHU GLQJV HLQ GDVV GLH $XWRUHQ EHUZLHJHQG DXV GHQ PLWWOHUHQ 6FKLFKWHQ VWDPPWHQ7URW]GLHVHVhEHUOLHIHUXQJVEHIXQGHVGHQGLHYHUVWlUNWH0H GLHQSUlVHQ]EHHLQIOXVVWHXQGGHUVLFKPLW%OLFNDXIGLHOFNHQKDIWH6HOEVW PRUGVWDWLVWLN ]XPLQGHVW UHODWLYLHUW GUIWH LP $OOWDJ NDXP GHU (LQGUXFN HQWVWDQGHQVHLQGDVVGLHPHLVWHQ6HOEVWP|UGHUHLQHOHW]WH%RWVFKDIWKLQ WHUOLHHQ =XPLQGHVW LP GHXWVFKHQ 6SUDFKUDXP HQWKLHOWHQ VRZRKO ILNWLR QDOH ZLH DXI )DNWHQ EDVLHUHQGH )DOOJHVFKLFKWHQ PHKUKHLWOLFK NHLQH $E VFKLHGVQDFKULFKWHQ DOOHUGLQJV VWLHJ GHUHQ )UHTXHQ] ZLH DQKDQG YRQ 6SLH·XQG$OEUHFKWV%LRJUDSKLHQWKHPDWLVLHUWZXUGH]XP(QGHGHV-DKU KXQGHUWVKLQWHQGHQ]LHOODQ,QGHU7DJHVSUHVVHWDXFKWHQOHW]WH%RWVFKDI WHQEHUZLHJHQGLP5DKPHQNRQNUHWHU)DOOEHULFKWHDXIZLUNOLFKDXHUJH Z|KQOLFKH 7H[WH JDEHQ $QODVV ]X HLQHP $UWLNHO HLQHP (LQ]HOEODWWGUXFN RGHUJDUHLQHU0RQRJUDSKLH :LHDWWUDNWLYGLH%ULHIVRUWHIU$XWRUHQZLH/HVHUZDUOlVVWVLFKGDUDQ HUNHQQHQ GDVV OHW]WH 6FKUHLEHQ EHL GHU OLWHUDULVFKHQ $GDSWLRQ UHDOHU BBBBBBBBBBBBB
:HUWYROOH $QUHJXQJHQ IU GLHVH 'DUVWHOOXQJ YHUGDQNH LFK 0DF'RQDOG0XUSK\ 6OHHSOHVV 6RXOV6² 0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6 3RUWHU(QOLJKWHQPHQW6I 0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
6HOEVWPRUGIlOOHKlXILJÄKLQ]XHUIXQGHQ¶ZXUGHQ-RXUQDOLVWHQVFKlW]WHQGDV SXEOLNXPVZLUNVDPH 0RWLY RIIHQEDU VR VHKU GDVV VLH LKUH %HULFKWHUVWDW WXQJ GXUFK ILNWLYH %RWVFKDIWHQ VSHNWDNXOlUHU ]X JHVWDOWHQ VXFKWHQ 'DV G\QDPLVFKH9HUKlOWQLVYRQ3UHVVHXQG3XEOLNXPGUIWHGLHVHV9HUKDOWHQ EHJQVWLJWKDEHQ%HVRQGHUVVHQVDWLRQHOOH*HVFKLFKWHQIDQGHQLKUHQ:HJ ]XQlFKVW LQ GLH =HLWXQJHQ XP GDQDFK HLQ]HOQ YHU|IIHQWOLFKW ]X ZHUGHQ ZLH HWZD GHU (;75$25',1$5«@ 7ZR WUHDWLVHVRQGXHOOLQJDQGJDPLQJ%GH/RQGRQXD5LYLQJWRQXD ,,6²>IRUWDQ ]LWLHUW DOV ), JHIROJW YRQ %DQGQXPPHU XQG 6HLWHQ]DKO@ ]X 0RRUHV %DQG YJO 0DF'R QDOG0XUSK\6OHHSOHVV6RXOV6 9JO0LQRLV+LVWRU\6²0F0DQQHUV'HDWK6²
'LH1DFKZHOWOLHVWPLW
)UDQNUHLFK (QJODQG XQG 'HXWVFKODQG YHU|IIHQWOLFKW XQG GLVNXWLHUW =HLWJHQRVVHQ EHHLQGUXFNWH GLH IDVW IU|KOLFKH *HODVVHQKHLW PLW GHU GLH MXQJHQ 0lQQHU DQVFKHLQHQG ]XU 7DW JHVFKULWWHQ ZDUHQ 'HU %HJLQQ GHV WHVWDPHQW VWW]W GLH HLQJDQJV ]LWLHUWH %HREDFKWXQJ 0HUFLHUV XQG EHVWLFKW ]XJOHLFKGXUFKNHVVH,URQLH 8QKRPPHTXLPHXUWDYHFFRQQDLVVDQFHQHGRLWULHQODLVVHUjGpVLUHUjFHX[TXL OXLVXUYLYHQW1RXVVRPPHVGDQVFHFDVSOXVTX·DXFXQDXWUH1RWUHLQWHQWLRQHVW G·HPSrFKHU TXH QRV K{WHV QH VRLHQW LQTXLpWpV HW GH IDFLOLWHU OD EHVRJQH j FHX[ TXHODFXULRVLWpVRXVSUpWH[WHGHIRUPDOLWpVHWGHERQRUGUHWUDQVSRUWHUDLFLSRXU QRXVUHQGUHYLVLWH+XPDLQHVWOHSOXVJUDQGGHQRXVGHX[HWPRL%RXUGHDX[MH VXLVOHSOXVSHWLW
'DVV DXFK GLHVHU 7H[W PLW %OLFN DXI GLH /HLFKHQ VHLQHU $XWRUHQ JHOHVHQ ZHUGHQVROOWHZLUG]XGHVVHQ(QGHKLQQRFKGHXWOLFKHUÅ0HVVLHXUVGHOD MXVWLFH QRV FRUSV VRQW j YRWUH GLVFUpWLRQ QRXV OHV PpSULVRQV WURS SRXU QRXVLQTXLpWHUGHOHXUVRUW´&/ 'HU7RQIDOOXQGGDV$UUDQJHPHQW DXV .|USHUQ XQG VFKULIWOLFKHQ %RWVFKDIWHQVWHLJHUQ LKUH :LUNXQJ JHJHQ VHLWLJ XQG ]HXJHQ YRP 6HOEVWEHZXVVWVHLQ GHU'UDJRQHU GLH LKU +DQGHOQ ZHQLJHU ]X UHFKWIHUWLJHQ DOV ]X HUNOlUHQ VXFKWHQ 6LH HUVFKULHEHQ VLFK HLQH3RVLWLRQGHU6WlUNHMHQVHLWVNRQYHQWLRQHOOHU*ODXEHQVPXVWHUXQG%H JULIIOLFKNHLWHQLQGHUHVOHJLWLPHUVFKLHQLKUH(UIDKUXQJZLHLKU+DQGHOQ DOVIUDQGHUH6HOEVWP|UGHUYRUELOGOLFK]XGHNODULHUHQ 6L WRXV OHV PDOKHXUHX[ SRXYDLHQW rWUH VDQV SUpMXJpV HW UHJDUGHU OHXU GHVWUXFWLRQ HQIDFHLOVYHUUDLHQWTX·LOHVWDXVVLDLVpGHUHQRQFHUjO·H[LVWHQFHTXHGHTXLWWHUXQ KDELW GRQW OD FRXOHXU QRXV GpSODvW 2Q SHXW V·HQ UDSSRUWHU j QRWUH H[SpULHQFH &/
(V EHUUDVFKW ZHQLJ GDVV )ULHGULFK 0HOFKLRU %DURQ YRQ *ULPP GLHVH ÅGUDJRQVSKLORVRSKHV´GHUHQ.RQVHTXHQ]LQ:RUWXQG7DWLKQGXUFKDXV EHHLQGUXFNWHPLW5REHFNYHUJOLFK$OVÅWUqVDXWKHQWLTXHV´VHLHQVFKULHE HU GLH $EVFKLHGVWH[WH EHZDKUHQVZHUW Å(OOHV VRQW SHXWrWUH XQ H[HPSOH BBBBBBBBBBBBB
9JO-XOLXV)ULHGULFK.QSSHOQhEHUGHQ6HOEVWPRUG(LQ%XFKIUGLH0HQVFKKHLW*HUD>R$@ 6²),,² =LWLHUWQDFK&RUUHVSRQGDQFHOLWWpUDLUHSKLORVRSKLTXHHWFULWLTXHSDU*ULPP'LGHURW5D\QDO0HLVWHU HWF 5HYXH VXU OHV WH[WHV RULJLQDX[ >«@ QRWLFHV QRWHV WDEOH JpQpUDOH SDU 0DXULFH 7RXUQHX[ %GH 3DULV*DUQLHU² ;>XD-DQXDU@ 6)RUWDQ]LWLHUWDOV&/JH IROJWYRQGHU6HLWHQ]DKO ,P$EVFKLHGVEULHIYRQ%RXUGHDX[ILQGHWVLFKLQGLHVHP=XVDPPHQKDQJGDVHEHQIDOOV]HLW W\SLVFKH$UJXPHQWGHV6HOEVWPRUGVDOV6HOEVWEHVWUDIXQJGHPVLFK%lKUVXQG1HXPH\HUV 0RQRJUDSKLHQ DXVIKUOLFK ZLGPHQ Å-H QH GRLV G·H[FXVH j SHUVRQQH MH GpVHUWH F·HVW XQ FULPHPDLVMHYDLVPHSXQLUHWODORLVHUDVDWLVIDLWH´&/ %RXUGHDX[·6FKUHLEHQYHUWLHIWGLHVHQ*HGDQNHQÅ6LO·RQH[LVWHDSUqVFHWWHYLHHWTX·LO\DLW GX GDQJHU j OD TXLWWHU VDQV SHUPLVVLRQ MH WkFKHUDL G·REWHQLU XQH PLQXWH SRXU YHQLU YRXV O·DSSUHQGUH6·LOQ·\HQDSRLQWMHFRQVHLOOHjWRXVOHVPDOKHXUHX[F·HVWSUHVTXHGLUHjWRXV OHVKRPPHV GHVXLYUHPRQH[HPSOH´&/
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
GHVUDYDJHVTX·XQHSKLORVRSKLHWURSKDUGLHSHXWFDXVHUGDQVGHVWrWHVPDO GLVSRVpHV RX TXL Q·RQW UHoX TX·XQH LQVWUXFWLRQ VXSHUILFLHOOH´ &/ :HQLJHUXP9HUVWlQGQLVDOVXPGHQ5XIGHU3KLORVRSKLHEHVRUJWEHJQJW VLFK*ULPPV.RPPHQWDUQLFKWGDPLWDXIGLHP|JOLFKHUZHLVHÄIHKOHUKDIWH¶ *HPWVEHVFKDIIHQKHLW RGHU PDQJHOQGH %LOGXQJ GHU 6XL]LGHQWHQ KLQ]X ZHLVHQ(UNHQQ]HLFKQHWLKUHPRUDOLVFKHQhEHU]HXJXQJHQDOV]ZHLIHOKDIW XQGVXFKWLKUH$UJXPHQWHPLWHLQHUZHJZHUIHQGZLUNHQGHQ*HVWH]XZL GHUOHJHQ'HUDUWUHDJLHUWH*ULPPZHQLJHUDXIGHQNRQNUHWHQ)DOODOVDXI GHQYRQ=HLWJHQRVVHQJHUQKHUJHVWHOOWHQ.DXVDO]XVDPPHQKDQJ]ZLVFKHQ GHU 9HUEUHLWXQJ ]HLWJHQ|VVLVFKHU 3KLORVRSKLHQ XQG GHQ ² ]XPLQGHVW LQ GHU|IIHQWOLFKHQ:DKUQHKPXQJ²VWHLJHQGHQ6HOEVWPRUGUDWHQ(QWVSUH FKHQG VXFKWH VLFK GHU $XWRU LP 6FKOXVVWHLO VHLQHV .RPPHQWDUV YROOHQGV DXI GHU ÄULFKWLJHQ¶ 6HLWH ]X SRVLWLRQLHUHQ (U ]ROOW EHUKPWHQ 6HOEVWP|U GHUQ GHU $QWLNH 5HVSHNW QXU XP KLQ]X]XIJHQ Å>0@DLV WRXV FHV JUDQGV H[HPSOHVG·XQHPRUWKpURwTXHQHP·{WHQWULHQGHO·HVWLPHTXHM·DLSRXUOD YLH´&/ 'LHVHEHWRQWOHEHQVEHMDKHQGH+DOWXQJHEHQVRZLHGHQLQ WHUHVVLHUWHQ DEHU OHW]WOLFK GRFK NULWLVFKHQ RGHU ZHQLJVWHQV DPELYDOHQWHQ %OLFNDXI6XL]LGHWUDIPDQKlXILJHUEHL3KLORVRSKHQGHU=HLWDQ :HLWDXV VFKZLHULJHU JHVWDOWHWH VLFK GLH $EZHKU VROFKHU 9RUZUIH ZHQQ6HOEVWP|UGHU3KLORVRSKHQQDPHQWOLFKHUZlKQWHQIULKU7XQYHU DQWZRUWOLFKPDFKWHQHVXQWHU%HUXIXQJDXIVLH]XOHJLWLPLHUHQVXFKWHQ² RGHULP*HJHQWHLOJDUGLH=HQVXUDXIGHQ3ODQULHIHQÅ>6R@VROOVLFKHLQ 6WXGHQW´EHULFKWHW2VLDQGHU >«@ GHQ +DOV DEJHVFKQLWWHQ XQG HLQHQ =HWWHO KLQWHUODVVHQ KDEHQ ZRULQ HU EDW PDQ P|FKWH GRFK MD GDIU VRUJHQ GD GLH 6FKHOOLQJVFKH SKLORVRSKLVFKH /HKUH QLFKWZHLWHUVLFKYHUEUHLWHGHQQGLHVHEULQJHLKQ]XP6HOEVWPRUG
'DVZRKOEHUKPWHVWH%HLVSLHOGHUDUWLJHU%H]XJQDKPHQVWDPPWYRQGHP HQJOLVFKHQ 6FKULIWVWHOOHU (XVWDFH %XGJHOO ² GHU YRU VHLQHP 6SUXQJ LQ GLH 7KHPVH VFKULHE Å:KDW &DWR GLG DQG $GGLVRQ DSSURYHG FDQQRW EH ZURQJ´ 1HEHQ GHQ EHNDQQWHQ =HLWJHQRVVHQ WUDW KLHU HLQHV GHU LQ GHU ]HLWJHQ|VVLVFKHQ 'HEDWWH SURPLQHQWHQ DQWLNHQ ([HPSHO GLH DXFK LQ 6HOEVWP|UGHUDEVFKLHGVEULHIHQ YHUVFKLHGHQWOLFK DOV %H]XJVSXQNWH BBBBBBBBBBBBB
9JO0F0DQQHUV'HDWK6II0LQRLV+LVWRU\6 9JO 0F0DQQHUV'HDWK 6 :HLWHUH $EVFKLHGVERWVFKDIWHQ EHL GHQHQ HLQ SKLORVRSKL VFKHU +LQWHUJUXQG RIIHQVLFKWOLFK LVW E]Z VLFK DQJHGHXWHW GLVNXWLHUHQ 0DF'RQDOG0XU SK\6OHHSOHVV6RXOV6I8QWHUDQGHUHPEHVSUHFKHQVLHGHQQRWRULVFKJHZRUGHQHQ)DOO GHVHQJOLVFKHQ(KHSDDUV5LFKDUGXQG%ULGJHW6PLWKGHUHQ6WHUEHEULHIHXQG$SRORJLHGHV 6HOEVWPRUGV HLQH EUHLWH gIIHQWOLFKNHLW *HOHKUWH ZLH 3KLORVRSKHQ ELV LQV -DKUKXQGHUW KLQHLQ EHVFKlIWLJWH HEG 6² HLQH ]HLWJHQ|VVLVFKH 'LVNXVVLRQ GLHVHV )DOOV ILQGHW VLFKEHL0RRUH),,,² 2VLDQGHU6HOEVWPRUG6hEHUQRPPHQZLUGGHU)DOOYRQ'LH]6HOEVWPRUG6 =LWLHUWQDFK0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6
'LH1DFKZHOWOLHVWPLW
GLHQWHQ:lKUHQGGHU)UDQ]|VLVFKHQ5HYROXWLRQEH]RJHQVLFKHWZDSROL WLVFKH6XL]LGHQWHQJOHLFK]XP7RGH9HUXUWHLOWHQ GLUHNWRGHULQGLUHNWDXI KHURLVFKH9RUELOGHUYRUQHKPOLFKDXI&DWR8WLFHQVLV²Y&KU ,KUH $EVFKLHGVERWVFKDIWHQ ZDUHQ JHQDX ZLH GLH YRQ 'HVPRXOLQV RGHU 0DULH $QWRLQHWWH QHEHQ SHUV|QOLFKHQ UHOLJL|VHQ RGHU SKLORVRSKLVFKHQ LPPHU DXFK PRUDOLVFKH E]Z SROLWLVFKH 6WHOOXQJQDKPHQ GLH DXI GLH 1DFKZHOW HLQZLUNHQVROOWHQ :lKUHQG GLH PHLVWHQ 6XL]LGHQWHQ PLW DQWLNHQ ZLH ]HLWJHQ|VVLVFKHQ 3KLORVRSKLHQ DVVR]LLHUWH ,GHHQ 1DPHQ RGHU ([HPSHO HKHU VFKODJZRUW DUWLJEHQXW]WHQHUVFKLHQLQ.|QLJVEHUJHLQHÄSKLORVRSKLVFKH¶6FKULIW GLHGXUFKLKUHQXQJHZ|KQOLFKLQWHOOHNWXHOOHQ$QVSUXFKDXIILHOGLH9RUEH UHLWXQJHQ HLQHV 8QJOFNOLFKHQ ]XP IUH\ZLOOLJHQ 7RGH $XV GHV 9HUIDVVHUV 3DSLHUHQ KHUDXVJHJHEHQYRQ%HUQKDUG*HRUJ.|QLJVEHUJ>R$@ 'HUDQRQ\PH 9HUIDVVHU DQJHEOLFK HUNUDQNW YRQ /HEHQVHNHO HUJULIIHQ XQG GDKHU ]XP 6XL]LGHQWVFKORVVHQIRUPXOLHUWHHLQHDQVHLQH)UHXQGHDGUHVVLHUWH$SROR JLH,QGHPHUYHUVXFKWHGLHJHSODQWH7DWDOVPRUDOLVFKH3IOLFKWJODXEKDIW ]X PDFKHQ VHW]WH HU VLFK VSH]LILVFK PLW .DQWV $UJXPHQWHQ JHJHQ GLH 6HOEVWW|WXQJ DXVHLQDQGHU XQG EHGLHQWH VLFK GD]X %HJULIIOLFKNHLWHQ GHU NULWLVFKHQ3KLORVRSKLH9RQVLFKJDEGHU9HUIDVVHUQXUZHQLJSUHLV(U VHLJHELOGHWDOV3lGDJRJHWlWLJJHZHVHQXQGlOWHUDOV-DKUH98I BBBBBBBBBBBBB
9JOGD]X0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6²XQG0F0DQQHUV'HDWK6 %LOGOLFKH 'DUVWHOOXQJHQ EH]HXJWHQ XQG YHUVWlUNWHQ GDEHL $NWXDOLWlW ZLH 3UlVHQ] DQWLNHU 6XL]LGHQWHQ%HLVSLHOVZHLVH]LHUWLQPDQFKHQ$XVJDEHQHLQ.XSIHUVWLFKGHU6RNUDWHVXQG VHLQH)UHXQGHLQGHP0RPHQWGDLKPGHU6FKLHUOLQJVEHFKHUJHUHLFKWZLUG]HLJWGDV7LWHO EODWW YRQ -RKDQQ *RWWOLHE %XUNKDUGV %ULHIH EHU GHQ 6HOEVWPRUG /HLS]LJ &KULVWLDQ *RWWORE +LOVFKHU 9JO 0LQRLV +LVWRU\ 6² (LQLJH .RQWHUUHYROXWLRQlUH IKUW 0LQRLV DXV EH]RJHQ VLFKGDJHJHQDXIFKULVWOLFKH0lUW\UHU9RUUHYROXWLRQlUH$SRORJHWHQXQG6FKULIWVWHOOHUGHV URPDQWLVFKHQ 6HOEVWPRUGHV ZDQGWHQ LKUH *UXQGVlW]H DXI GDV HLJHQH /HEHQVHQGH DQ DQGHUH OLHHQ VWHOOYHUWUHWHQG DQWLNH H[HPSODULVFKH 6HOEVWP|UGHU DOV OLWHUDULVFKH *HVWDOWHQ ZLHGHUDXIOHEHQ 8QWHU GLHVHP 7LWHO DOV 1DFKGUXFN KHUDXVJHJHEHQ YRQ «@QLFKWXPMXQJHZHLFKH6HHOHQ>«@]XHLQHPVROFKHQ7RGHDOVHLQHU HGHOQ +DQGOXQJ ]X HUPXQWHUQ QLFKW HQGOLFK XP GLH EHNDQQWHQ GRJPDWLVFKHQ 9HUGDPPXQJV8UWKHLOHDXVGHP0XQGHRUWKRGR[HU6XSHUQDWXUDOLVWHQQRFKHLQ PDKOZLHGHUKROW]XVHKHQ98;,I
'HU9HUIDVVHUGHU6FKULIWGDJHJHQKDWWHJHUDGHQLFKWGLH$PELWLRQJHKHJW HUVWHUH ]X SXEOL]LHUHQ 6HLQ Å$XIVDW]´ VFKULHE HU VHL NHLQ ÅlVWKHWLVFKHV .XQVWZHUN´ NHLQH ÅSKLORVRSKLVFKH 'LVVHUWDWLRQ´ DXFK NHLQ Å9HUPlFKW QLV´6LHULFKWHVLFKDOOHLQDQVHLQH)UHXQGH >,@Q, K UH Q$XJHQZQVFKHLFKJHUHFKWIHUWLJW]XVH\Q6 LH VROOHQQLFKWJODXEHQ DOV WULHEHQ PLFK ]X GLHVHP 6FKULWW SO|W]OLFKHU $QIDOO HLQHV VFKZlUPHULVFKHQ 7UEVLQQVRGHULUJHQGHLQHWK|ULFKWH/HLGHQVFKDIWRGHUHQGOLFKJDUEUJHUOLFKH 9HUEUHFKHQ 6 L H VROOHQ ZLVVHQ GD LFK LQ UXKLJHU hEHUOHJXQJ PHKUHUHU -DKUH PHLQHQ :XQVFK JHZRJHQ VHLQH 5HFKWPlLJNHLW JHSUIW XQG PLFK GLHVHU QXQ PHKUR YHUVLFKHUW ]X KDEHQ JODXEH >«@ 0HLQ HLQ]LJHU =ZHFN LVW 6 LH VROOHQ ZHQQ6 LH JHOHVHQKDEHQVFKOLHHQGDLF K EHU]HXJWVH\QN R Q QWH 98QLFKWSDJLQLHUW
9HUZHLVH DXI GLH *UDEOHJH HLQ :LHGHUVHKHQ LP -HQVHLWV /HEHZRKO XQG 'DQNIUGLHLP/HEHQHUZLHVHQH/LHEHVRZLHYHUVFKLHGHQHJXWH:QVFKH UDKPHQ GLH GHWDLOOLHUWH SKLORVRSKLVFKH 'LVNXVVLRQ XQG FKDUDNWHULVLHUHQ GHQ7H[WDOVSULYDWH$EVFKLHGVERWVFKDIWWHLOVNRQYHQWLRQHOOHQ=XVFKQLWWV 'LHGLH6FKULIWEHVFKOLHHQGH$QZHQGXQJGHUJHOHKUWHQhEHUOHJXQJHQDXI GLH HLJHQH /HEHQVJHVFKLFKWH WUlJW =JH HLQHU %HLFKWH 98 I 'DVV GLHVHQLFKW]XDOOHUHUVWDQ*RWWVRQGHUQDQGDVHQJVWHVR]LDOH8PIHOGJH ULFKWHW ZDU YHUGHXWOLFKW HLQ DQYHUZDQGHOWHV %LEHO]LWDW Å5LFKWHW PLFK PHLQH )UHXQGH ULFKWHW PLFK´ 98 *OHLFK DQGHUHQ 6HOEVWP|UGHUQ BBBBBBBBBBBBB
,;,QWHUQDWLRQDOHQ .DQW.RQJUHVVHV KUVJ LP $XIWUDJ GHU .DQW*HVHOOVFKDIW H9 YRQ 9RONHU *HUKDUGW%HUOLQXQG1HZ5H]HQVLRQ ]X 9RUEHUHLWXQJHQ HLQHV 8QJOFNOLFKHQ@ %LEOLRWKHN 6 YJO %DXPDQQ 5HFKW 6 (LQLJHVLQGHU6FKULIWGHXWHWGDUDXIKLQGDVVHVGHP$XWRUSULQ]LSLHOOP|JOLFKJHZHVHQZl UHVHLQ/HEHQSRVLWLY]XYHUlQGHUQ'LHVNRQWHUNDULHUWHVHLQ$UJXPHQW]XP6HOEVWPRUGDOV PRUDOLVFKH1RWZHQGLJNHLWYJO%lKU5LFKWHU6I >5H]HQVLRQ]X9RUEHUHLWXQJHQHLQHV8QJOFNOLFKHQ@%LEOLRWKHN6 9JO%lKU5LFKWHU6XQGYD1HXPH\HU$QRPDOLHQ6² 'HQNUHDWLYHQ8PJDQJHLQHV6XL]LGHQWHQPLWHWDEOLHUWHQUHOLJL|VHQXQGVlNXODUHQ0RGHOOHQ VRZLHGHVVHQ6FKHLWHUQIKUWXD*RHWKHLQVHLQHP:HUWKHUYRUYJOGD]X.DSLWHO
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
PHLQH3IOLFKWEHJULIIGHXWHQQLFKWVGHVWRZHQLJHUGDUDXIKLQGDVVDXFKGDV DXWRQRPHU GHQNHQGH 6XEMHNW REZRKO HV VLFK VHOEVW DOV 0D QDKP LP 6WHUEHQ XQYHUlQGHUW XP GHQ .RQVHQV VHLQHV VR]LDOHQ XQG OHW]WOLFK GHV ZHLWHUHQ JHVHOOVFKDIWOLFKHQ 8PIHOGV UDQJ 'LH .RQIURQWDWLRQ PLW GHP 7RGZXUGHKLHUEHLHUQHXWDOVHUNHQQWQLVI|UGHUQGH6LWXDWLRQZDKUQHKPEDU MHGRFK QLFKW PHKU LP UHOLJL|VHQ VRQGHUQ LP SKLORVRSKLVFKHQ VRZLH LP DQWKURSRORJLVFKHQ6LQQH
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV (UIDKUXQJVVHHOHQNXQGH)lOOH)LNWLRQHQ 'XUFK LKUHQ LQGLYLGXHOOHQ %H]XJ DXI ]HLWJHQ|VVLVFKH 3KLORVRSKLHQ GLH FKULVWOLFKH 6WHUEHNXQVW DQWLNH ([HPSHO RGHU SROLWLVFKH ,QKDOWH ZXUGHQ $EVFKLHGVERWVFKDIWHQYRQ6XL]LGHQWHQ]X6WHOOXQJQDKPHQLQQHUKDOE]HLW JHQ|VVLVFKHU 'LVNXVVLRQHQ GLH LQ GLH 6HOEVWPRUGGHEDWWH KLQHLQ VRZLH WHLOVEHUVLHKLQDXVUHLFKWHQ,QEHVRQGHUHU:HLVHJLOWGDPLWIUGLH%ULHI VRUWH ZDV *XGUXQ 3LOOHU KLQVLFKWOLFK 6HOEVW]HXJQLVVHQ DOOJHPHLQ IHVWKlOW QlPOLFKGDVVGLHVHPHKUVLQGDOVÅEORH5HDNWLRQHQDXI'LVNXUVH´ $OV$QJHK|ULJHGHUJHELOGHWHQ6FKLFKWVLQG$XWRULQQHQXQG$XWRUHQYRQ6HOEVW ]HXJQLVVHQ>«@JOHLFKHUPDHQ5H]LSLHQWHQZLH3URGX]HQWHQ|IIHQWOLFKHU'LVNXU VH ,P 9HUIDVVHQ YRQ 6HOEVW]HXJQLVVHQ SURGX]LHUHQ VLH GLH 'LVNXUVH VHOEVW PLW GHXWHQVLHXPGHILQLHUHQVLHQHXXQGHLJHQVWlQGLJ
(QWVSUHFKHQG EHUQDKPHQ LP VSlWHQ -DKUKXQGHUW OHW]WH %RWVFKDIWHQ YRQ 6XL]LGHQWHQ LQ GHQ 3XEOLNDWLRQHQ IUKHU $QWKURSRORJHQ XQG (UIDK UXQJVVHHOHQNXQGOHU HLQH QHXH ]HQWUDOH 5ROOH 0DQ EHJDQQ VLH QHEHQ $XWRELRJUDSKLHQ 7DJHEFKHUQ XQG lKQOLFKHQ $XI]HLFKQXQJVIRUPHQ DOV 4XHOOH GHU (UNHQQWQLV EHU GLH PHQVFKOLFKH 1DWXU DOOJHPHLQ XQG GHQ 6XL]LG LP %HVRQGHUHQ ]X EHJUHLIHQ 'DPLW ZXUGH EHPHUNW 1HXPH\HU BBBBBBBBBBBBB
*XGUXQ 3LOOHU Å3ULYDWH .|USHU 6FKUHLEHQ EHU GHQ .|USHU LQ 6HOEVW]HXJQLVVHQ GHV -DKUKXQGHUWV´LQ6HOEVW]HXJQLVVHLQGHU)UKHQ1HX]HLW,QGLYLGXDOLVLHUXQJVZHLVHQLQLQWHUGLV]LSOL QlUHU3HUVSHNWLYHKUVJYRQ.DVSDUYRQ*UH\HU]XQWHU0LWDUEHLWYRQ(OLVDEHWK0OOHU/XFN QHU0QFKHQ2OGHQERXUJ 6²KLHU6 =X .RQWH[W XQG NRQNUHWHQ )ROJHQ GLHVHU (QWZLFNOXQJ YJO 1HXPH\HU $QRPDOLHQ YD 6²*HUDOG+DUWXQJÅhEHUGHQ6HOEVWPRUG(LQH*UHQ]EHVWLPPXQJGHVDQWKUR SRORJLVFKHQ'LVNXUVHVLP-DKUXQGHUW´LQ'HUJDQ]H0HQVFK$QWKURSRORJLHXQG/LWHUDWXULP -DKUKXQGHUW KUVJ YRQ +DQV-UJHQ 6FKLQJV 6WXWWJDUW XQG :HLPDU 0HW]OHU 6² /LQG 6HOEVWPRUG YD 6² YD 6 II %DXPDQQ 5HFKW 6I VRZLH HLQ IKUHQG $OH[DQGHU .RäHQLQD /LWHUDULVFKH $QWKURSRORJLH 'LH 1HXHQWGHFNXQJ GHV 0HQVFKHQ %HUOLQ $NDGHPLH 9HUODJ =XU ZDFKVHQGHQ %HGHXWXQJ DXWRELRJUDSKLVFKHU XQG ELRJUDSKLVFKHU$XI]HLFKQXQJHQLQVJHVDPWYJOXD+HOPXW3IRWHQKDXHU/LWHUDULVFKH$QWKUR SRORJLH6HOEVWELRJUDSKLHQ XQG LKUH *HVFKLFKWH ²DP /HLWIDGHQ GHV /HLEHV6WXWWJDUW 0HW]OHU XQG6FKUHLQHU-HQVHLWV6²9JODXFKGLH)DOOVWXGLHQYRQ0DUWLQD:DJQHU(JHOKDDI
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
ÅGHU6HOEVWP|UGHUQXQYRP2EMHNWDOVGDVHULQGHQZLVVHQVFKDIWOLFKHQ 7UDNWDWHQLQGHQ%OLFNJHUlW]XP6XEMHNWGHU$XVVDJH´ZDVIUGLH:DKU QHKPXQJ %HJUQGXQJ XQG %HZHUWXQJ GHV 6HOEVWPRUGV VR GHU $XWRU ZHLWHUZHLWUHLFKHQGH)ROJHQKDEHQVROOWH (EHQVR DXIVFKOXVVUHLFK ZLH KHOOVLFKWLJ FKDUDNWHULVLHUWH GHU Ä9DWHU GHU .ULPLQDOJHVFKLFKWH¶ $XJXVW *RWWOLHE 0HLQHU ² GLH 1DWXU GLHVHV,QWHUHVVHVDXV6LFKWGHU=HLWJHQRVVHQ 'LH OHW]WHQ :RUWH YRQ 6WHUEHQGHQ SIOHJW PDQ VRQVW XQG ]ZDU ELOOLJ KRFK]X VFKlW]HQ GHQQ PHLVWHQWKHLOV VLQG VLH :DKUKHLW >«@ 'RFK QLFKW PLQGHU PHUN ZUGLJVLQGREVFKRQLQJDQ]DQGHUHU5FNVLFKWGLH$XIVl]HGHUMHQLJHQGLHIUHL ZLOOLJYRP/HEHQ$EVFKLHGQHKPHQXQGHKVLHHVWKXQLKUHQ(QWVFKOXVQRFK]X UHFKWIHUWLJHQ VXFKHQ :LH RIW 9HU]ZHLIOXQJ PLW K|FKVWHU .lOWH VFKZlU]VWHU 7UEVLQQPLWKHLWHUVWHP6HOEVWJHIKOJlQ]OLFKH9HULUUXQJGHU6HHOHPLWDQVFKHL QHQGHP 6FKDUIVLQQ JUHQ]HQ ZLH OHLFKW )U|PPLJNHLW LQ $EHUJODXEH PLVYHUVWDQ GHQH 3KLORVRSKLH LQ 8QJODXEHQ DXVDUWHQ ZLH RIW GHU 0HQVFK QLFKWV VHKQOLFKHU VXFKHQNDQQDOVVLFKVHOEVW]XEHWUJHQGDVILQGHWPDQQLUJHQGVVRGHXWOLFKDOV LQGHQ.RGL]LOOHQGLHVHU8QJONOLFKHQ
(LQIKOXQJVYHUP|JHQ XQG GDV %HPKHQ GLH NRPSOH[H (PRWLRQDOLWlW XQG 3V\FKH GHV 0HQVFKHQ DQDO\WLVFK ]X YHUVWHKHQ UHLFKHQ VLFK KLHU GLH +DQG'LH%HJULIIHÅ$XIVD]´XQGÅ.RGL]LO´LOOXVWULHUHQ6FKRQ=HLWJHQRV VHQ QHKPHQ ZDKU GDVV VLFK LQ 6HOEVW]HXJQLVVHQ YRQ 6XL]LGHQWHQ KlXILJ YHUVFKLHGHQH 7H[WLQKDOWH E]Z IRUPHQ PLVFKHQ DOOHQ YRUDQ %HLFKWH E]Z/HJLWLPDWLRQVVFKULIW 7DJHEXFK(VVD\7HVWDPHQWXQG3ULYDWEULHI $EVFKLHGVWH[WH LQ 9HUVIRUP ZDUHQ VHOWHQHU 0HLQHUV 8QWHUVFKHLGXQJ YRQ OHW]WHQ :RUWHQ XQG 6HOEVWP|UGHUERWVFKDIWHQ EH]HXJW GLH 6RQGHU VWHOOXQJ /HW]WHUHU XQG LPSOL]LHUW DQGHUHUVHLWV GDVV GLH 7UDGLWLRQ IURPP H[HPSODULVFKHQ 6SUHFKHQV XQG 6FKUHLEHQV GLH ]HLWJHQ|VVLVFKH :DKUQHK PXQJZHLWHUKLQSUlJWHXQGGDPLWDXFKGLH5HDNWLRQDXI$EVFKLHGVEULHIH BBBBBBBBBBBBB
Å0HODQFKROLVFKHU 'LVNXUV XQG OLWHUDOHU 6HOEVWPRUG 'HU )DOO $GDP %HUQG´ LQ 7UDXHU 9HU]ZHLIOXQJ $QIHFKWXQJ 6² XQG +DQV-UJHQ 6FKLQJV Å$GDP %HUQG $QDWRPLH GHU0HODQFKROLHDOV$XWRELRJUDSKLH´LQGHUV0HODQFKROLHXQG$XINOlUXQJ0HODQFKROLNHUXQG LKUH.ULWLNHULQ(UIDKUXQJVVHHOHQNXQGHXQG/LWHUDWXUGHV-DKUKXQGHUWV6WXWWJDUW0HW]OHU 6² 1HXPH\HU$QRPDOLHQ6 >$XJXVW*RWWOLHE0HLQHU@Å/H]WHU$XIVDW]HLQHV6HOEVWP|UGHUV´)U$HOWHUH/LWWHUDWXUXQG 1HXHUH/HFWUH 6²KLHU6 %HLVSLHOH YRQ $EVFKLHGVJHGLFKWHQ IKUW XD 2VLDQGHU 6HOEVWPRUG 6I I DQ YJO DXHUGHP 0DF'RQDOG0XUSK\6OHHSOHVV6RXOV 6 $XFK.UDQNH YHUIDVVWHQ Ä0LVFKWH[ WH¶GLHQLFKWLPVWUHQJHQ6LQQH%ULHIHZDUHQDEHUGHQ&KDUDNWHUHLQHU%RWVFKDIWEHVDHQ EHL6HOEVWP|UGHUQZLUGGDYRQDOOHUGLQJVJHKlXIWEHULFKWHW'DV,QWHUHVVHDQOHW]WHQ:RU WHQ ZHOFKHV 0HLQHU DQVSUDFK EHVWlWLJWH VLFK EHLVHLQHP HLJHQHQ 7RG8QWHU GHU hEHU VFKULIWÅ0HLQHU·VOHW]WH*HGLFKWH´GUXFNWHGLH%HUOLQLVFKH0RQDWVVFKULIW6² MHQH UKUHQGHQDQVHLQHNXU]]XYRUYHUVWRUEHQH7RFKWHUDGUHVVLHUWHQ9HUVHDEGLHGHU3URIHV VRU GHU bVWKHWLN XQG NODVVLVFKHQ 3KLORORJLH ZlKUHQG VHLQHU OHW]WHQ .UDQNKHLW YHUIDVVW KDWWH
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
YRQ 6XL]LGHQWHQ EHHLQIOXVVWH %HVRQGHUV GHXWOLFK ZLUG GLHV LQ 3LHUUH /H IqYUHGH%HDXYUD\VJHE 'LFWLRQQDLUHVRFLDOHWSDWULRWLTXH GHVVHQ (LQWUDJ XQWHU GHP 6WLFKZRUW Ä6XLFLGH¶ VLFK ZLH HLQ LQV (UQVWKDIWH JH ZHQGHWHV3HQGDQWGHU6FKULIW:LWKHUV·OLHVW ,OVHURLWjVRXKDLWHU>«@TX·XQ+RPPHXQHIRLVGpWHUPLQp SUrWjV·DUUDFKHUOD YLHYRXOWELHQLQVWUXLUHOHV6XUYLYDQVGHVSHQVpHVTX·LODYRLWHQFHPRPHQWVXU O·pWDWGHVRQDPHDSUqVODPRUW&HVVRUWHVGH0pPRLUHVVHURLHQWWUqVLQWpUHVVDQW VHUYLURLHQWVDQVGRXWHjO·+LVWRLUHGHO·(VSULWKXPDLQ
'DV VSH]LILVFKH (UNHQQWQLVLQWHUHVVH DUWLNXOLHUW VLFK LQ HLQHU IDVW NKO ZLVVHQVFKDIWOLFKHQ )RUGHUXQJ HULQQHUW MHGRFK LQ 6WLO ZLH .RQ]HQWUDWLRQ DXIGHQMHQVHLWLJHQ=XVWDQGGHU6HHOHDQFKULVWOLFKH(UEDXXQJVXQG6WHU EHEFKHU+RIIWHPDQLPUHOLJL|VHQ.RQWH[WDQJOHLFKHU6WHOOHDXI(UIDK UXQJHQ WUDQV]HQGHQWHU 1DWXU LQWHUHVVLHUWH KLHU GDV LQGLYLGXHOOH 'HQNHQ XQG)KOHQMHQHUGLHVLFKXQJHUXIHQDQGLH6FKZHOOHYRQ/HEHQXQG7RG YRUZDJWHQ 'DVV PDQ GHQ (UNHQQWQLVZHUW GHUDUWLJHU $EVFKLHGVDXI]HLFKQXQJHQ HUNDQQWKDWWHKLHZLHVLFKEHUHLWVDQGHXWHWHQLFKWGDVVVLHLQHLQVFKOl JLJHQ 3XEOLNDWLRQHQ VWHWV EHUSURSRUWLRQDO KlXILJ DQ]XWUHIIHQ ZDUHQ 6R JHK|UWH6HOEVWPRUGHWZD]XMHQHQ3KlQRPHQHQPHQVFKOLFKHQ9HUKDOWHQV GLHVHLWHQVGHV²HUVFKHLQHQGHQ0DJD]LQV]XU(UIDKUXQJVVHHOHQNXQGH EHVRQGHUH$XIPHUNVDPNHLWHUIXKUHQ,QVJHVDPW6XL]LGIlOOHZREHLDFKW GDYRQ0RUGXQG6HOEVWPRUGYHUPLVFKHQXQGHLQZHLWHUHUOHGLJOLFKVXL]L GlUH $EVLFKWHQVFKLOGHUW VLQG IUVlPWOLFKH -DKUJlQJH GHU =HLWVFKULIW ]X YHU]HLFKQHQ -HGRFK ZXUGHQ QXU EHL YLHU GHU ÄUHLQHQ¶ 6HOEVWPRUGIlOOH $EVFKLHGVEULHIHE]ZLP7DWYRUIHOG$XIJH]HLFKQHWHVDEJHGUXFNWRGHU]X VDPPHQJHIDVVW ZLHGHUJHJHEHQ /HGLJOLFK HLQHU GLHVHU 7H[WH GLHQWH DOV $XVJDQJVSXQNW HLQHV %HLWUDJV XQG ZXUGH DXVIKUOLFK NRPPHQWLHUW GHU Å(LJHQH$XIVDW]YRQHLQHP6HOEVWP|UGHUXQPLWWHOEDUYRUGHU7KDW´GHV +RIJHULFKWV$VVLVWHQ]UDWV&ORR BBBBBBBBBBBBB
3LHUUH/HIqYUHGH%HDXYUD\'LFWLRQQDLUHVRFLDOHWSDWULRWLTXHRX3UpFLVUDLVRQQpGHFRQQRLVVDQFHVUH ODWLYHVjO·pFRQRPLHPRUDOHFLYLOH SROLWLTXH$PVWHUGDP>R$@ 6I 9JO+DQV3HWHU(FNHUÅÄ9LHOOHLFKWDXFKHLQELFKHQ*HVFKZlW]¶=XU'LIIHUHQ]YRQ$Q VSUXFKXQG5HDOLWlWLQ.DUO3KLOLSS0RULW]·Ä0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH¶DP%HL VSLHOGHU6HOEVWPRUGIlOOH´LQ/LWHUDWXUJHVFKLFKWHDOV3URIHVVLRQ)HVWVFKULIWIU'LHWULFK-|QVKUVJ YRQ +DUWPXW /DXIKWWH XQWHU 0LWZLUNXQJ YRQ -UJHQ /DQGZHKU7ELQJHQ1DUU 6²YD66HOEVWPRUGJHK|UWH]XGHQ7KHPHQGLH0RULW]EHUHLWVLQVHLQHP Å9RUVFKODJ]XHLQHP0DJD]LQHLQHU(UIDKUXQJV6HHOHQNXQGH´HUZlKQWYJOGHUV'HXWVFKHV 0XVHXP 6² KLHU 6 $OOJHPHLQHU ]XU (QWZLFNOXQJ GHU SV\FKRORJL VFKHQ(LQ]HOIDOOVWXGLHPLW%OLFNDXIGDV0DJD]LQYJO$QGUHDV*DLOXVÅ$&DVHRI,QGLYLGX DOLW\.DUO3KLOLSS0RULW]DQGWKHÄ0DJD]LQHIRU(PSLULFDO3V\FKRORJ\¶´1HZ*HUPDQ&ULW LTXH6RQGHUDXVJDEH]X(LJKWHHQWK&HQWXU\/LWHUDWXUHDQG7KRXJKW 6² 0DJD]LQ ]XU (UIDKUXQJVVHHOHQNXQGH 6² )RUWDQ ]LWLHUW DOV($ JHIROJW YRQ GHU 6HLWHQ]DKO 'LHVHU 7H[W LVW LQ GHU KLVWRULVFKHQ 6XL]LGIRUVFKXQJ XQG KLVWRULVFKHQ $Q WKURSRORJLHEHUHLWVPHKUIDFKDQDO\VLHUWZRUGHQYJO%DXPDQQ5HFKW6²%lKU5LFK
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
'HU7H[WWUlJW=JHSLHWLVWLVFKHU6HOEVWHUNXQGXQJXQGHQWKlOWEOLFKH (OHPHQWHOHW]WHU%ULHIHZLH'DQN7URVW)UELWWHXQG*HEHWH(UJHZlKUW (LQEOLFNLQGLH*HGDQNHQJlQJHGHV$XWRUVEHUHLQHQOlQJHUHQ=HLWUDXP KLQZHJELV]XP7DJVHLQHU6HOEVWW|WXQJ1HEHQDEVROXWHP*RWWYHUWUDXHQ SUlJW &ORR· 'HQNHQ HLQH ULJLGH 3IOLFKWHWKLN DQKDQG GHUHU HU VHLQHQ (QWVFKOXVV]XVWHUEHQEHJUQGHW'DHLQQLFKWHLQGHXWLJEHQDQQWHV/HLGHQ VHLQHPHQWDOH/HLVWXQJVIlKLJNHLWPLQGHUHVHKHHUVLFKQLFKWOlQJHULQGHU /DJH VHLQH 3IOLFKWHQ DQGHUHQ JHJHQEHU ]X HUIOOHQ XQG IUFKWH EDOG YROOVWlQGLJ GHQ 9HUVWDQG ]X YHUOLHUHQ 6HOEVWPRUG HUVFKHLQH LQ GLHVHU 6L WXDWLRQ DOV HLQ]LJHU $XVZHJ DOV *RWWHVXUWHLO JDU IU GHVVHQ $XVIKUXQJ &ORRKLPPOLVFKHQ%HLVWDQGHUIOHKW($I bKQOLFKGHPDQRQ\ PHQ $XWRU GHU 9RUEHUHLWXQJHQ VWHOOW &ORR VHLQH 6HOEVWW|WXQJ DOV 3IOLFKW XQGGDPLWDOVOHW]WH0|JOLFKNHLWGDUPRUDOLVFKKDQGHOQ]XN|QQHQ (LQSIOLFKWZLGULJHV/HEHQLVWIUPLFKPRUDOLVFKHU7RGXQGGLHVHUlUJHUDOVGHU SK\VLVFKH ² IU GLH ZHQLJHQ GHQHQ LFK QXQ VFKRQ LKU 'DVH\Q QLFKW HUOHLFKWHUQ NDQQLVWVZHQLJVWHQV3IOLFKWHVLKQHQQLFKW]XHUVFKZHUHQXQGHLQH%UGHLKQHQ DE]XQHKPHQGLHEHUNXU]RGHUODQJVLHGUFNHQPWH($I
'HP$XIVDW]LVWLP0DJD]LQGHU.RPPHQWDUHLQHV.ROOHJHQ&DUO*HRUJH *RWWIULHG *ODYH DQJHVFKORVVHQ 'LHVHU LQIRUPLHUW EHU GLH 3HUVRQ GHV 6HOEVWP|UGHUV HUVWHOOW HLQH $UW $QDPQHVH XQG JHKW GDEHL SXQNWXHOO DXI GHVVHQ ÅOHW]WHQ $XIVDW]´ HLQ 5 9RU DOOHP GHP DQJHIKUWHQ 7DW PRWLYGHU)XUFKWYRUGHP:DKQVLQQXQG&ORR·HKUOLFKHP%HNHQQWQLV GD]X]ROOW*ODYH5HVSHNW,P.RQWUDVW]XGLHVHUUHODWLYVDFKOLFKHQ6FKLO GHUXQJVWHKHQ$QIDQJXQG(QGHGHV.RPPHQWDUV(LQJDQJVUHNDSLWXOLHUW *ODYHGHQEUXWDOHQ7DWKHUJDQJXQGVLFKHUWVLFKGLH$XIPHUNVDPNHLWGHV 3XEOLNXPVLQGHPHUHVDQGHQ6FKDXSODW]GHV*HVFKHKHQVYHUVHW]WÅ'X EHEHVW /HVHU ZRKO EHEH 'DV LVW GHU 0HQVFK 9HUQXQIW XQG 8QVLQQ IKUHQLKQVRRIW]XGHPVHOEHQ3XQNWH$EHUYHUZHLOHQRFKEHLGHPEOX WHQGHQ/HLFKQDP´5 'LHVHHPRWLRQDOLVLHUHQGHOHVHUOHQNHQGH5KH WRULNHULQQHUWDQ6HQVDWLRQVJHVFKLFKWHQjOD6SLHE]ZQLPPWGLHVHYRU ZHJ $P (QGH OlVVW *ODYH &ORR LQ YHUNU]WHU )RUP VHOEVW ]X :RUW NRPPHQ Å0HLQ (QWVFKOX LVW QLFKW 6WDQGKDIWLJNHLW VRQGHUQ 1RWK GHU BBBBBBBBBBBBB
WHU6²GHUGHQ)DOODOVHLQHQGHUGHXWOLFKVWHQ%HZHLVHIUVHLQH7KHVHDXVIKUOLFK EHVSULFKW1HXPH\HU$QRPDOLHQ6² &DUO *HRUJH *RWWIULHG *ODYH Å(LQLJH 5HIOH[LRQHQ EHU GHQ YRUKHUJHKHQGHQ $XIVDW]´ 0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH 6²)RUWDQ]LWLHUWDOV5JHIROJWYRQGHU 6HLWHQ]DKO &ORRYHUOHW]WHVLFK]XQlFKVWDP+DOVXQG|IIQHWHGDQQVHLQH3XOVDGHUQ$OVHUVFKOLHOLFK GXUFK HLQ )HQVWHU VHLQH )UDX YRP .LUFKJDQJ QDFK +DXVH NRPPHQ VDK VWLH HU VLFK HLQ 0HVVHULQV+HU]YJO5
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
6HHOH´ 5 XQG VFKOLHW LQ HLQHU 0LVFKXQJ DXV ,QV]HQLHUXQJ XQG VSULFKZ|UWOLFKJHZRUGHQHP%LEHO]LWDWGHQ:DKUQHKPXQJVUDKPHQGHQHU ]X%HJLQQHWDEOLHUWH 'LHVLVWGDVUHGOLFKH%HNHQQWQLVGHV%OXWHQGHQGHUXQVPHLQH/HVHUKLHU]XVDP PHQEUDFKWH :LU KDEHQ LKQ QXQ JHVHKHQ /DW XQV ZLHGHU ]X XQVHUP %HUXIH JHKHQ(VJHVFKLHKHWQLFKWVQHXHVXQWHUGHU6RQQH5
'DV ILNWLYH =XVDPPHQWUHIIHQ YRQ $XWRU /HVHU XQG /HLFKQDP LP 7H[W OlVVWGLH*HPHLQVFKDIWUHWURVSHNWLYQDFKDOWHP0RGHOO]X=HXJHQZHUGHQ GLHGHQ6XL]LGHQWHQXQGGHVVHQ7RGEHWUDFKWHQEHJOHLWHQ²XQGEHZHUWHQ VROOHQ 'DEHL ZHUGHQ OHW]WH %RWVFKDIW XQG YHUZXQGHWHU .|USHU HQWODQJ HEHQMHQHV0XVWHUVÄVSUHFKHQGHU/HLFKHQ¶LQ6]HQHJHVHW]WGDVEHLVSLHOV ZHLVHPLW%OLFNDXI.OHLVWVXQG+HQULHWWH9RJHOV$EVFKLHGVEULHI]XU6SUD FKHNDP :lKUHQGVLFKGHUDUWLJHOLWHUDULVFKH7HFKQLNHQEHL*ODYHLP.HUQDXI GDV KLHU %HVFKULHEHQH EHVFKUlQNHQ NHQQ]HLFKQHW DQGHUH 6HOEVWPRUG EHULFKWH LP 0DJD]LQ ² ZLH LQ DQGHUHQ HLQVFKOlJLJHQ 3XEOLNDWLRQHQ ² HLQ LQVJHVDPWXQWHUKDOWVDPHU7RQ$Q]DKOXQG3UlVHQWDWLRQGHU$EVFKLHGV WH[WHDOOHU-DKUJlQJHODVVHQGHQ6FKOXVV]XGDVVGDV0DJD]LQGLHVH4XHO OHQDUWQLFKWV\VWHPDWLVFKVDPPHOWHXQGVLFKVHLQHGDKLQJHKHQGH/HLVWXQJ GDKHUDXI(LQ]HOIDOOEHVSUHFKXQJHQEHVFKUlQNW0RQRJUDSKLHQ]XP7KH PD6HOEVWPRUGGLHLPOHW]WHQ'ULWWHOGHVVRZLH$QIDQJGHV-DKU KXQGHUWV LPPHU ]DKOUHLFKHU HUVFKLHQHQ HQWKLHOWHQ WHLOVDXVIKUOLFKH )DOO VDPPOXQJHQ SURSRUWLRQDO JHVHKHQ HUZlKQW QXU HLQH 0LQGHUKHLW GDYRQ $EVFKLHGVQDFKULFKWHQ =XGHP OLHHQ VLFK DXFK GLHVH ]X ÄZLVVHQVFKDIWOL FKHQ¶=ZHFNHQYHUVDPPHOWHQ)DOOVWXGLHQHLQVFKOLHOLFK$EVFKLHGVEULHIHQ XQG DQGHUHU ÄOHW]WHU¶ 7H[WH DXIJUXQG LKUHU *HVWDOWXQJ QLFKW LPPHU HLQ GHXWLJYRQILNWLRQDOHQ6HOEVWP|UGHUJHVFKLFKWHQXQWHUVFKHLGHQ 'LHV ]HLJW VLFK XQWHU DQGHUHP LQ +HLQULFK *RWWOLHE 7]VFKLUQHUV ² /HEHQXQG(QGHPHUNZUGLJHU6HOEVWP|UGHU1HEVWHLQLJHQGHQ6HOEVW BBBBBBBBBBBBB
9ROOVWlQGLJ ODXWHW GLH 3DVVDJH Å(V LVW QLFKW 6WDQGKDIWLJNHLW GHU 6HHOH GLHVHU (QWVFKOX ZLHZRKOPDQ:HLVHGDUXPIUZHLVHJHKDOWHQZHLOVLHLKQHUJUHLIHQNRQQWHQ$EHUHVLVW 1RWKGLHPHLQH6HHOHDXVGHP=LUNHOGUlQJHWZRULQQHQVLHELVKHUDOVHLQ)UHPGOLQJJH ZDQGHOWKDW²'XZLUVWVLHQLFKWGDUXPYHUZHUIHQPHLQ*RWW´($ 'LH$QVSLHOXQJ DXIDQWLNH9RUELOGHULQ.RPELQDWLRQPLWGHU*RWWHVDQUXIXQJVRZLHGHUYHUVWHFNWH+LQZHLV DXIHLQHVFKHLQEDUXQHUIOOWH/HEHQVSRVLWLRQKLHOW*ODYHPLW%OLFNDXIVHLQHLJHQHV$UJX PHQWP|JOLFKHUZHLVHIUXQSDVVHQG*HUHFKWZXUGHHU&ORRGDPLWQLFKW 9JO3UHGLJHUÅ(VJHVFKLHKWQLFKWV1HXHVXQWHUGHU6RQQH´ (FNHUÅÄ9LHOOHLFKWDXFKHLQELFKHQ*HVFKZlW]¶´6YD$QP(FNHUVFKOLHWVLFK KLHU 6\ELOOH )ULFNPDQQ DQ GLH DXI GHQ OLWHUDULVFKHQ VFKZHU YRQ ILNWLRQDOHQ *HVFKLFKWHQ DE]XJUHQ]HQGHQ &KDUDNWHU HLQLJHU 0DJD]LQEHLWUlJH KLQJHZLHVHQ KDWWH YJO GLHV ÅÄ-HGHU 0HQVFK QDFK GHP LKP HLJQHQ 0D¶ ² .DUO 3KLOLSS 0RULW]· .RQ]HSW HLQHU Ä6HHOHQNUDQN KHLWVNXQGH¶´*4 6²KLHU6 (FNHUÅÄ9LHOOHLFKWDXFKHLQELFKHQ*HVFKZlW]¶´6
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
PRUG EHWUHIIHQGHQ $EKDQGOXQJHQ :HLHQIHOV XQG /HLS]LJ %|VH GDV HEHQIDOOVYRQ&ORREHULFKWHW$XV7HLOHQYRQ*ODYHV.RPPHQWDUXQG GHP $EVFKLHGVDXIVDW] IRUPWH 7]VFKLUQHU HLQH FKURQRORJLVFK JHJOLHGHUWH ELRJUDSKLVFKHÄ(U]lKOXQJ¶GHUHQÄ+HOG¶&ORRLVWXQGGLHPLWHLQHPNXU ]HQ +HUDXVJHEHU.RPPHQWDU VFKOLHW 'D]X KDWWH 7]VFKLUQHU DXV GHP $XIVDW] JH]LHOW 3DVVDJHQ ]X 0RWLYDWLRQ XQG (PRWLRQHQ GHV $XWRUV DXV JHZlKOW)DPLOLlUHVEHWUHIIHQGH%HPHUNXQJHQILHOHQZHJ7]VFKLUQHUVVH OHNWLYHV,QWHUHVVHUHGX]LHUWHGLH.RPSOH[LWlWGHU$EVFKLHGVERWVFKDIWXQG GDPLWLKUHV$XWRUVDOV,QGLYLGXXPXQGVR]LDOHV:HVHQ&ORRZXUGH]XP 3URWDJRQLVWHQ HLQHV VWUXNWXULHUWHQ 1DUUDWLYV GDV GHU ,OOXVWUDWLRQ YRQ 7]VFKLUQHUV6XL]LGNRQ]HSWGLHQWH%HHLQIOXVVWGXUFK]HLWJHQ|VVLVFKH7HQ GHQ]HQ]XU3DWKRORJLVLHUXQJGHU7DW²XQGDQGHUVDOVHWZD*ODYH²EH JULII GLHVHU GHQ 6HOEVWPRUG DOV 5HVXOWDW ÅIHKOHUKDIWH>U@ %HVFKDIIHQKHLWHQ GHV 0HQVFKHQ´ 1HEHQ &ORR· *HVFKLFKWH IDQGHQ VLFK EHL 7]VFKLUQHU 6XL]LGIlOOHDXVGHU$QWLNHELVLQGLH*HJHQZDUWGLHJDQ]XQWHUVFKLHGOLFKHQ 4XHOOHQ HQWOHKQW VLQG XQG DXIJUXQG LKUHU QDUUDWLYHQ )RUP ILNWLRQDOHQ 6HOEVWP|UGHUELRJUDSKLHQlKQHOQ BBBBBBBBBBBBB
'LHZHLWHUH5H]HSWLRQGHU$XI]HLFKQXQJHQ&ORR·ELHWHWHLQ%HLVSLHOGDIUZLHPDQ6XL ]LGERWVFKDIWHQXQGGDVVLHKlXILJEHJOHLWHQGHELRJUDSKLVFKH1DUUDWLYEHDUEHLWHWHXQGWHLOV ELV]XU8QNHQQWOLFKNHLWYHUlQGHUWH'HU$U]W-RKDQQ9DOHQWLQ0OOHUVFKLOGHUWHGHQ)DOODOV 6HOEVWPRUG DXV Å/HEHQVEHUGUX´ GHUV 6HOEVWPRUG QDFK VHLQHQ PHGL]LQLVFKHQ XQG PRUDOLVFKHQ 8UVDFKHQEHWUDFKWHWPLWEHLJHIJWHQ/HEHQVUHJHOQXQG5H]HSWHQ]XP%HVWHQK\SRFKRQGULVFKHUXQGPHODQ FKROLVFKHU3HUVRQHQ>«@)UDQNIXUWD0$QGUHl 6I :LH0OOHUSUlVHQWLHUWH'LH] 6HOEVWPRUG6I &ORR·%HLVSLHOHUKHEOLFKJHNU]W$OV4XHOOHJDEHU-HDQ3LHUUH)DOUHWV ² 'H O·K\SRFKRQGULH HW GX VXLFLGH 3DULV >R$@ GHXWVFK /HLS]LJ ,QGXVWULH &RPSWRLU DQ ,QIRUPDWLRQHQ ]XP XUVSUQJOLFKHQ 9HU|IIHQWOLFKXQJVNRQWH[W VFKLHQHQYHUORUHQJHJDQJHQ]XVHLQQXUHLQ5XPSIZDUEULJJHEOLHEHQYRQGHPHLJHQWOLFK PHKUVHLWLJHQ $XIVDW] VRZLH *ODYHV .RPPHQWDU $OV DEJHVFKORVVHQH %HLVSLHODQHNGRWH GLHQWGDV$PDOJDPDW'LH]]XU,OOXVWUDWLRQHLQHV6HOEVWPRUGHVDXVÅ*HLVWHVYHUZLUUXQJ´GHU DXI Å>L@UULJH>Q@ %HJULIIH>Q@ XQG $QVLFKWHQ´ EHUXKH HEG 6 1LFKW GDV ,QWHUHVVH DP LQGLYLGXHOOHQ6HOEVW]HXJQLVRGHUDQGHQMHZHLOLJHQ=HLWXPVWlQGHQZDUKLHUYRUGHUJUQGLJ VRQGHUQ GHVVHQ EORH )XQNWLRQDOLVLHUXQJ DOV UHSUlVHQWDWLYHV )DOOEHLVSLHO LP $UJXPHQWD WLRQVUDKPHQGHVMHZHLOLJHQ$XWRUV 7]VFKLUQHU/HEHQXQG(QGH6 7]VFKLUQHU/HEHQXQG(QGH6,9YJO1HXPH\HU$QRPDOLHQ6² 'LHVH bKQOLFKNHLW YHUIKUWH %DXPDQQ GD]X 7]VFKLUQHUV %XFKHKHU LUUHIKUHQG DOV HLQHQ Å1DFK]JOHU´GHU%LRJUDSKLHQ6SLH·XQG$OEUHFKWV]XEH]HLFKQHQ'DVV7]VFKLUQHUHLQH $QWKRORJLHPLWYRQDQGHUHQ$XWRUHQDGDSWLHUWHQ7H[WHQYRUOHJWHGLHZHQLJVWHQVWHLOZHLVH DXI QDFKZHLVOLFK KLVWRULVFKHQ )lOOHQ EHUXKHQ XQG VRJDU4XHOOHQQDFKZHLVH DQJDE EHDFK WHWH%DXPDQQEHLGLHVHU(LQRUGQXQJVFKHLQEDUQLFKWYJOGLHV5HFKW6$QP 'HU DQJOHLFKHU6WHOOHDQJHIKUWH%LOGHUVDDOVHOWHQHU6HOEVWP|UGHU(LQ%HLWUDJ]XU%HXUWKHLOXQJGHU6LWW OLFKNHLWGHV6HOEVWPRUGHV%HUOLQ&4XLHQ GDJHJHQHQWKlOWPLWKRKHU:DKUVFKHLQOLFK NHLW WDWVlFKOLFK HUIXQGHQH )DOOJHVFKLFKWHQ 'HUHQ DQRQ\PHU 9HUIDVVHU VSLHOW EHZXVVW DXI GLHXQVLFKHUHQ*UHQ]HQ]ZLVFKHQ5HDOLWlWXQG)LNWLRQDQZHQQHUHVVHLQHQ/HVHUQEHU OlVVWREVLHVHLQHÅ(U]lKOXQJHQIUZDKUH*HVFKLFKWHQIUKDOEHRGHUJDQ]H'LFKWXQJHQ >KDOWHQ@ZROOHQ´HEG6;,; 1XUHLQHUGHU7H[WHHQWKlOWHLQHQ$EVFKLHGVDXIVDW]GHUGLH 0HGLWDWLRQHLQHV6HOEVWP|UGHUVEHU/HEHQXQG7RGZLHGHUJLEWHEG6²
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
%HGLHQW KDWWH VLFK 7]VFKLUQHU XQWHU DQGHUHP EHL -XOLXV )ULHGULFK .QSSHOQ ² XQG &DUO )ULHGULFK 3RFNHOV ² HLQHP GHU VSlWHUHQ 0LWKHUDXVJHEHU GHV 0DJD]LQV 'LH 3XEOLNDWLRQHQ GLHVHU EHL GHQELHWHQZHLWHUH+LQZHLVHGDUDXIZLH$EVFKLHGVEULHIHYRQ6XL]LGHQWHQ LQ HUIDKUXQJVVHHOHQNXQGOLFKHP ,QWHUHVVH SUlVHQWLHUW ZXUGHQ )U .QS SHOQZDUHQ)DOOJHVFKLFKWHQGHU6FKOVVHO]XVHLQHP9RUKDEHQGDVÅ:H VHQGHV6HOEVWPRUGV´GDU]XVWHOOHQ,QGHPHUDXIGHUÄ$XWKHQWL]LWlW¶GHU YRQLKP]XVDPPHQJHWUDJHQHQ%HLVSLHOHEHKDUUWHh6 ZLHGHUKROWHHU HLQH DOOJHPHLQ JlQJLJH )RUPHO GLH DXFK LQ GHUILNWLRQDOHQ 6XL]LGOLWHUDWXU 7RSRVZDU)ULKQEHVDVLHDOOHUGLQJVPHWKRGLVFKH%HGHXWXQJGHQQVR GHU $XWRU QXU PLW +LOIH XQYHUIlOVFKWHU %HULFKWH N|QQH PDQ VHLQH Å.HQQWQLVVHYRQGHU0HQVFKOLFKHQ1DWXU>«@HUZHLWHUQ´h6I :LH 1HXPH\HUKHUYRUJHKREHQKDWYHUEDQGVLFKGLHVEHL.QSSHOQDOOHUGLQJV PLW HLQHP GLGDNWLVFKHQ,PSHWXV JHQDXHU HLQHU Å1RUPLHUXQJV ZLH 1RU PDOLVLHUXQJVIXQNWLRQ´ 'DGXUFK ZXUGH GLH 5ROOH GHU )DOOVWXGLHQ XQG $EVFKLHGV]HXJQLVVH DOV1HJDWLYH[HPSHO]XPLQGHVWLPSOL]LWDNWLYLHUW .QSSHOQKDWWH)lOOHYRQ6HOEVWPRUGGDUXQWHU]ZHL'RSSHOVHOEVW PRUGH ]XVDPPHQJHWUDJHQZREHLGLH/lQJHGHU%HULFKWHXQGGHUGD]XJH K|ULJHQ.RPPHQWDUHYRQZHQLJHQ6lW]HQELV]XPHKUHUHQ6HLWHQUHLFKW (LQYHUJOHLFKVZHLVHJURHU$QWHLO%HULFKWHHUZlKQWHLQHQRGHUPHKUH UH$EVFKLHGVEULHIHHLQVFKOLHOLFKHLQHV7DJHEXFKVVRZLHOHW]WHU'LFKWXQ JHQ (LQLJH 6WHUEHERWVFKDIHQ ZHUGHQ ² DEJHVHKHQ YRQ HLQHP NXU]HQ (LQOHLWXQJVVDW]²XQNRPPHQWLHUWDEJHGUXFNWXQGODGHQGHQ/HVHU]XUHL JHQHQ$QDO\VHHLQYJOh6²² 'HQ(UNHQQWQLVZHUWGHU %ULHIVRUWH VFKlW]WH .QSSHOQ RIIHQVLFKWOLFK YRU DOOHP PLW %H]XJ DXI LQ GHQ7H[WHQDQJHJHEHQH7DWPRWLYHPLWGHUHQ+LOIHHUYHUVFKLHGHQH$UWHQ GHV6HOEVWPRUGHV]XXQWHUVFKHLGHQVXFKWH 'LH EHKDXSWHWH Ä$XWKHQWL]LWlW¶ HLQ]HOQHU 6FKUHLEHQ OlVVW VLFK QXU VFKZHUSUIHQGD.QSSHOQIDVWNHLQH4XHOOHQDQJDEHQPDFKW(LQIDFKLVW GHU1DFKZHLVEHLEHNDQQWHQLQGHU3UHVVHZHLWKLQSXEOL]LHUWHQ)lOOHQZLH GHP GHU IUDQ]|VLVFKHQ 'UDJRQHU RGHU GHU (QJOlQGHULQ )DQQ\ %UDGGRFN h6² %HLHLQLJHQ%HLVSLHOHQGHUHQ6FKLOGHUXQJHKHUHSLVRGLVFK DOV IDNWHQRULHQWLHUW LVW XQG YRP LQVJHVDPW HKHU QFKWHUQHQ %HULFKWVVWLO .QSSHOQV DEZHLFKW VLQG GDJHJHQ =ZHLIHO DQ LKUHU +LVWRUL]LWlW DQJH EUDFKW %HVRQGHUV ]ZHL *HVFKLFKWHQ GLH MHZHLOV $EVFKLHGVEULHIH HQWKDO WHQIDOOHQLQGHU6DPPOXQJDXI%HLGHWKHPDWLVLHUHQ)HKOHUGHVHOWHUOLFKHQ 8PJDQJVPLWMXQJHQ)UDXHQ,QGHUHUVWHQZLUGGLHDQVWlQGLJHÅ-XOLH%´ PLWHLQHPXQZUGLJHQ0DQQ]ZDQJVYHUKHLUDWHWXQGUHWWHWVLFKVFKOLHOLFK LQGHQ7RGYJOh6² ,KUQHJDWLYHVDOWHUHJRLQGHU]ZHLWHQ(U]lK
BBBBBBBBBBBBB
.QSSHOQ6HOEVWPRUG6)RUWDQ]LWLHUWDOVh6JHIROJWYRQGHU6HLWHQ]DKO 1HXPH\HU$QRPDOLHQ6 )U'HWDLOV]XOHW]WJHQDQQWHP)DOOYJO0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6²
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
OXQJÅ0DULDQH´OHLGHWGDJHJHQDQGHQ)ROJHQDOO]XZHOWOLFKHU(U]LHKXQJ LQ HLQHU 3DULVHU 3HQVLRQ XQG QLPPW VLFK OHW]WOLFK DXV 6FKDP GDV /HEHQ YJOh6² /HW]WHUH(SLVRGHNRPPHQWLHUW.QSSHOQDXVIKUOLFK XQGPRUDOLVLHUHQGZDVVLHYRQGHQDQGHUHQ)DOOEHVFKUHLEXQJHQGHXWOLFK DEKHEW1HEHQGHU(U]LHKXQJVIUDJHVSUHFKHQEHLGH*HVFKLFKWHQZHLWHUH JHVHOOVFKDIWVNULWLVFKH XQG OLWHUDULVFKH 7RSRL DQ GLH .RQIOLNWH ]ZLVFKHQ 6WDGW XQG /DQG %UJHUWXP XQG $GHO (OWHUQ XQG .LQGHUQ 'LH $EVFKLHGVVFKUHLEHQ GHU 3URWDJRQLVWLQQHQ NHQQ]HLFKQHW HLQ HPSILQGVDP GUDPDWLVLHUHQGHUVWHOOHQZHLVHEHOHKUHQGHU*HVWXV6HOEVWZHQQEHLGH)lOOH DXI DXWKHQWLVFKHQ (UHLJQLVVHQ EHUXKHQ VROOWHQ OlVVW VLH LKUH 6FKLOGHUXQJ LQKDOWOLFKZLHVWLOLVWLVFKILNWLRQDOHQ6HOEVWP|UGHUJHVFKLFKWHQH[WUHPQDKH ZLUNHQ 'LH OLWHUDULVFKH 4XDOLWlW GLHVHU XQG HLQLJHU DQGHUHU 'DUVWHOOXQJHQ N|QQWHHLQHUGHU*UQGHJHZHVHQVHLQZDUXP.QSSHOQV)DOOVDPPOXQJ DXV GHP %DQG KHUDXVJHO|VW ZXUGH XQG HLQ SDDU -DKUH VSlWHU RKQH MHGHQ %H]XJDXILKUHQ2ULJLQDONRQWH[WXQGPLWQXUZHQLJHQ(UJlQ]XQJHQXQWHU HLQHP EHZXVVW VXJJHVWLYHQ 7LWHO QHX HUVFKLHQ %LRJUDSKLVFKH 6NL]]HQ YRQ 6HOEVWP|UGHUQDOVHLQH1DFKOHVH]XGHQ%LRJUDSKLHQGHU6HOEVWP|UGHU/HLS]LJXQG %HUOLQ >R$@ 7LWHO ZLH 7LWHONXSIHU VXFKHQ RIIHQVLFKWOLFK DQ GLH 9HUNDXIVHUIROJH YRQ 6SLH $OEUHFKW XQG *RHWKHV :HUWKHU DQ]XNQSIHQ 'LH ,OOXVWUDWLRQ ]HLJW HLQHQ 0DQQ DP 6FKUHLEWLVFK VLW]HQG GHU VLFK HLQH 3LVWROHDQGLH6WLUQVHW]WXQGLP%HJULIILVWDE]XGUFNHQDXIGHU6FKUHLE SODWWH OLHJHQ %FKHU XQG 3DSLHU HLQH )HGHU VWHFNW LP 7LQWHQIDVV 'LHVH HLQGHXWLJDP:HUWKHURULHQWLHUWH,NRQRJUDSKLHKlOWHLQHQ=XVDPPHQKDQJ BBBBBBBBBBBBB
9JO%DXPDQQ5HFKW6 %lKUDQDO\VLHUWEHLGH$EVFKLHGVEULHIHDOVKLVWRULVFKH6HOEVW]HXJQLVVHRKQHLKUH$XWKHQWL ]LWlW]XKLQWHUIUDJHQYJOGHUV5LFKWHU6² DXFK1HXPH\HUEHKDQGHOWÅ-XOLH%´V )DOODOVKLVWRULVFKHQYJOGHUV$QRPDOLHQ6² 6FKUHLQHU -HQVHLWV 6 $QP VRZLH .RäHQLQD Å1DFKZRUW´ 6 RUGQHQ GLHVH 3XEOLNDWLRQ+HLQULFK*HRUJ+RII²" ]XXQG]lKOHQVLH]XGHQYRQ6SLH·%LRJUD SKLHQ DQJHUHJWHQ )RUWVHW]XQJHQ E]Z 1DFKDKPXQJHQ (LQ (LQWUDJ LP 'HXWVFKHQ %LRJUDSKL VFKHQ $UFKLY QDFK 'DV JHOHKUWH 7HXWVFKODQG RGHU /H[LNRQ GHU MHW]W OHEHQGHQ WHXWVFKHQ 6FKULIWVWHOOHU DQJHIDQJHQ YRQ *HRUJ &KULVWRSK +DPEHUJHU IRUWJHVHW]W YRQ -RKDQQ *HRUJ 0HXVHO GXUFKDXV YHUPHKUWH XQG YHUEHVVHUWH $XIODJH %GH /HPJR 0H\HU ² ,; >R$@ EHVWlWLJWGLHVH$XWRU]XVFKUHLEXQJ'LHIDVWYROOVWlQGLJH'HFNXQJVJOHLFKKHLW GHU %LRJUDSKLVFKHQ 6NL]]HQ PLW GHU .QSSHOQ·VFKHQ )DOOVDPPOXQJ VFKHLQW EHLGHQ $XWRUHQ HQWJDQJHQ ]X VHLQ 'DJHJHQ ZXUGH .QSSHOQV $XWRUVFKDIW EHUHLWV LQ GHU lOWHUHQ )RU VFKXQJVOLWHUDWXU DQJHPHUNW XQG GDV %XFK VRJDU DOV $QWL:HUWKHU6FKULIW HLQJHRUGQHW YJO (UQD$UQKROG*RHWKHV%HUOLQHU%H]LHKXQJHQ>R2@.ORW] 6 (VEOHLEWXQJHNOlUW RE +RII .QSSHOQ EHLGH RGHU HLQ 'ULWWHU IU GLH 3XEOLNDWLRQ GHU %LRJUDSKLVFKHQ 6NL]]HQ YHUDQWZRUWOLFK ]HLFKQHWHQ XQG ZHU GLH 9HUlQGHUXQJHQ DQ GHU XUVSUQJOLFKHQ )DOOVDPP OXQJYRUJHQRPPHQKDW'HU.DWDORJGHU6WDDWVXQG6WDGWELEOLRWKHN$XJVEXUJIKUWEHLGH $XWRUHQJOHLFKEHUHFKWLJWDQ
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
YRQ6FKUHLEHQXQG6XL]LGIHVW'HU7RGVRZLUGVXJJHULHUWIROJWXQPLWWHO EDUDXIGLH)HUWLJVWHOOXQJGHUOHW]WHQ%RWVFKDIW (EHQGLHVHU$VSHNWWDXFKWLQHLQHU)DOOEHVFKUHLEXQJYRQ3RFNHOVDXI GHU ODXW HLJHQHP %HNXQGHQ HEHQIDOOV HLQHQ %HLWUDJ ]XU ÅDOOJHPHLQHQ :DKUKHLWVILQGXQJ´ OHLVWHQ ZROOWH *OHLFKHUPDHQ YHKHPHQW ZLH .QS SHOQ OHKQWH HU ÅGLFKWHULVFKH XQG DXVJHVFKPFNWH (U]lKOXQJHQ´ VRZLH 6HOEVW]HXJQLVVHDEGLHÅYROOHU$XVZFKVHHLQHUVFKZlUPHULVFKHQ3KDQWD VLH VLQG´ 1% 9 ; GD GLHVH $UW GHU 6FKLOGHUXQJ GHQ (UNHQQWQLVZHUW PLQGHUH ,P hEULJHQ KHUUVFKH HLQ EHNODJHQVZHUWHU 0DQJHO DQ SV\FKROR JLVFK ZHUWYROOHQ VFKULIWOLFK QLHGHUJHOHJWHQ %HREDFKWXQJHQ VRGDVV HV EHJUHQVZHUWZlUHZHQQ VLFKGLHÅEHVVHUQ.|SIHXQVHUHU1DWLRQ´]XU Å$XI]HLFKQXQJ P|JOLFKVW JHWUHXHU P|JOLFKVW VFKDUIVLQQLJHU XQG P|J OLFKVWDXIULFKWLJHUSV\FKRORJLVFKHU7DJHEFKHU´EHUHLWHUNOlUWHQ1%;, 'HUVRHLQJHIKUWH%DQGYHUVDPPHOW]HKQ%HLWUlJH]XXQWHUVFKLHGOLFKHQ 7KHPHQ GLH YRQ :DKQVLQQ XQG EHUWULHEHQHP *HL] ELV ]X Å/HVVLQJV 6SLHOVXFKW´ UHLFKHQ =ZHL .DSLWHO VLQG 6HOEVWPRUGIlOOHQ JHZLGPHW XQG HQWKDOWHQ GHP EHNXQGHWHQ ,QWHUHVVH DQ 6HOEVW]HXJQLVVHQ JHPl EHLGH $EVFKLHGVVFKUHLEHQE]ZOHW]WH$XI]HLFKQXQJHQ (LQHQ HQWVSUHFKHQGHQ 6FKZHUSXQNW VHW]HQ7LWHO XQG *HVWDOWXQJ GHV HUVWHQ %HLWUDJV Å%ULHIH HLQHV 6HOEVWHQWOHLEHUV NXU] YRU VHLQHP 7RG JH VFKULHEHQ´GHU YRP 6XL]LGHLQHV 2IIL]LHUV GHV ÅXQJOFNOLFKHQ %´ KDQ GHOW 1% =ZHL %RWVFKDIWHQ JHULFKWHW DQ HLQHQ 2IIL]LHUVNROOHJHQ XQG DQ VHLQH *HOLHEWH VLQG DQVFKHLQHQG YROOVWlQGLJ ZLHGHUJHJHEHQ HLQ GULWWHV 6FKUHLEHQ DQ HLQHQ =ROOYHUZDOWHU GHU GHQ 8QWHUKDOW GHV 9DWHUV EHVRUJW ZLUG QXU HUZlKQW (UVWJHQDQQWH 6FKUHLEHQ EHJLQQHQ PLW HLQHU 5HFKWIHUWLJXQJVJHVWH%YHUVLFKHUWEHLGHQ$GUHVVDWHQLKQEHZHJHÅNHLQH EHJDQJHQH VFKOHFKWH +DQGOXQJ´ VRQGHUQ LQQHUH =ZlQJH GD]X VLFK GDV /HEHQ]XQHKPHQ1% 'HUHUVWH%ULHILVWNU]HUXQGHQWKlOW JDQ] NRQYHQWLRQHOO WHVWDPHQWDULVFKH 9HUIJXQJHQ VRZLH )RUPHOQ GHV 'DQNHV *UXHV XQG 6HJHQV ,Q GHU ]ZHLWHQ HPSILQGVDPHUHQ %RWVFKDIW NRQ]HQWULHUWVLFK%JDQ]DXIVHLQ/LHEHVYHUKlOWQLVGDQNWWU|VWHWHUELWWHW 9HUJHEXQJ %HPKW GHQ 6FKPHU] GHQ HU EHUHLWHW ]X PLOGHUQ VWHOOW HU VHLQH 7DW LQ HLJHQZLOOLJHU /RJLN DOV QRWZHQGLJHV 2SIHU GDU (U ZHUGH VHLQH *HOLHEWH DXIJUXQG VHLQHU ÅXQJOFNOLFKHQ 6WLPPXQJ´ QLH JOFNOLFK PDFKHQN|QQHQXQGGDUDXVOHLWHWHUGLHÅ3IOLFKW´DEVLFKGDV/HEHQ]X QHKPHQ1% :LHVFKZHU%GLH$UWLNXODWLRQVHLQHU0RWLYHIlOOWXQG BBBBBBBBBBBBB
9JOGD]X.DSLWHOXQG &DUO)ULHGULFK3RFNHOV1HXH%H\WUlJH]XU%HUHLFKHUXQJGHU0HQVFKHQNXQGHEHUKDXSWXQGGHU(U IDKUXQJVVHHOHQOHKUH LQVEHVRQGHUH >«@+DPEXUJ +RIIPDQ 69, )RUWDQ ]LWLHUW DOV 1% JHIROJWYRQGHU6HLWHQ]DKO 'LHVHQ)DOOGLVNXWLHUWDXFK1HXPH\HUXDLQ$QRPDOLHQ6² 9JO1HXPH\HU$QRPDOLHQ6I
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
GDVVHUYLHOOHLFKWDXFKGHVKDOEDXIHWDEOLHUWH0XVWHUOHW]WHQ6SUHFKHQVXQG 6FKUHLEHQV]XUFNJUHLIWLOOXVWULHUWGDV(QGHGHV%ULHIHV 0HKUNDQQLFKGLUJXWHEHVWH6HHOHQLFKWVDJHQGHQQZDVLFKLQGLHVHP$XJHQ EOLFN OHLGH LVW X QDX V V SU H F KO L F K 'X ZLUVW PHLQ OHW]WHU *HGDQNH LP 7RGHV NDPSIHVH\QXQGPHLQOHW]WHU+DXFKIUGLFKJXWH6HHOHDOV*HEHW]XGHP$OO EDUPKHU]LJHQKLQDXIVWHLJHQWKXHHLQ*OHLFKHVIUPLFKVRZLUGVLFK*RWWJHZL JQlGLJHUEDUPHQGHLQHVXQJOFNOLFKHQ %1%I
8QVDJEDUNHLWVWRSRV XQG 6FKOXVVIRUPHO DGDSWLHUHQ LQ XQWHUVFKLHGOLFKHU )RUPIURPPHPSILQGVDPH0XVWHUYRUDOOHP/HW]WHUHEHOHEWGHQ*HGDQ NHQ GHU JHPHLQVFKDIWOLFKHQ )UELWWH YRQ /HEHQGHQ XQG 6WHUEHQGHQ XQG PVVWHXQWHUDQGHUHQ8PVWlQGHQDOVH[HPSODULVFKJHOWHQ ,QEHLGHQ%ULHIHQIROJHQDXIGLH6FKOXVVIRUPHO=XVlW]HGLH9HUJHVVH QHV QDFKWUDJHQ E]Z EHUHLWV *HVDJWHV ZLHGHUKROHQ XQG GDPLW EHNUlIWL JHQ ,Q GLHVHQ 1DFKVFKULIWHQ ZHOFKH VLFK LQ $EVFKLHGVERWVFKDIWHQ KlXILJILQGHQVFKHLQWGHU8PVWDQGGDVVHUQXQVHLQHWDWVlFKOLFKOHW]WHQ :RUWHQLHGHUVFKUHLEHQZUGHLP%HZXVVWVHLQGHV2IIL]LHUV*HVWDOWDQ]X QHKPHQ*OHLFK]HLWLJJHEHQVLH$XVNXQIWEHU9RUNHKUXQJHQGLHGHU6XL ]LGHQW HUVW NXU] YRU VHLQHU 7DW WUDI 'DUDXI YHUZHLVW HLQ )UHXQG %V GHVVHQ%HULFKW EHU &KDUDNWHU XQG 8PVWlQGH GHV 9HUVWRUEHQHQ3RFNHOV GHQ $EVFKLHGVEULHIHQ DXV]XJVZHLVH IROJHQ OlVVW EHYRU HU VLFK VHOEVW lX HUWYJO1% 'HU)UHXQGZDU$XJHQ]HXJHDOVPDQ%V/HLFKHDXI IDQGXQGNRQQWHGDKHUQHEHQGHPWRWHQ.|USHUDXFKGHQ7DWRUWHQGpWDLO EHVFKUHLEHQ $XI GHP EH\ LKP VWHKHQGHQ 7LVFKH ODJ HLQ 3DSLHU PLW 6FKLHSXOYHU XQG GDV /LFKWZDUDXIGHP/HXFKWHU JDQ]DXVJHEUDQQW$XIGHU(UGH]ZLVFKHQGHP7L VFKH XQG GHU :DQG ODJ GLH YHUVLHJHOWH $QODJH LQ GHU VLFK VHLQ %UHDXVFKOVVHO HLQ%ULHIDQVHLQH%UDXWXQGHLQHUPLW5WKOUDQGHQ=ROOYHUZDOWHU6W³]X+ EHIDQG >«@ ² (V ZDU IU PLFK HLQ K|FKVW UKUHQGHU $QEOLFN LQ GHU XQWHUQ 6FKUHLEODGHVHLQHV%UHDXVQRFKGLHQDVVH)HGHU]XILQGHQZRPLWHU]XOHW]WJH VFKULHEHQ KDWWH 8KU .QLHVFKQDOOHQ *HOGEHXWHO (SDXOHWV >«@ ODJHQ RUGHQWOLFK KLQJHOHJW /LQNV DXV GHU REHUQ 6FKLHEODGH KLQJ HLQ KDQGEUHLWHU =HWWHO KHUDXV ZRUDXI JHVFKULHEHQZDUKLHULQVLQG5WKOUJOSI&RPSDJQLHJHOGZHOFKHVVLFK DXFK ULFKWLJ VR EHIDQG $XHUGHP DEHU IDQGHQ ZLU QRFK HLQLJH 5WKO EDDU *HOG1%I
% KDWWH RIIHQVLFKWOLFK HLQLJH 6RUJIDOW GDUDXI YHUZDQGW VHLQH $QJHOHJHQ KHLWHQ]XRUGQHQXQGYRUDOOHPVHLQHQ5XIYRUGHP9RUZXUIGHU8QWHU VFKODJXQJ]XEHZDKUHQ BBBBBBBBBBBBB
'LH:LHGHUKROXQJYRQEHUHLWV0LWJHWHLOWHPN|QQWHGDUDXIKLQZHLVHQGDVVGDV*HVFKULHEH QHQLFKWQRFKHLQPDOGXUFKJHOHVHQZXUGH
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
'LH5HDNWLRQGLHGHU$QEOLFNGHUQRFKIHXFKWHQ6FKUHLEIHGHU%VKHU YRUUXIW VWHOOW GHQ HLQ]LJHQ 0RPHQW WLHIHU (PSILQGXQJ LP DQVRQVWHQ QFKWHUQHQ %HULFKW GHV )UHXQGHV GDU =XP WRWHQ .|USHU GHV )UHXQGHV OLHVLFKHLQH9HUELQGXQJVHQWLPHQWDOHU1DWXUVFKZHUOLFKKHUVWHOOHQDEHU ]XU )HGHU DOV 6\PERO GHU OHW]WHQ GHP /HEHQ ]XJHZDQGWHQ $NWLYLWlW GXUFKDXV1LFKW%V%OXWVRQGHUQGLHQRFKQLFKWHLQJHWURFNQHWH7LQWHHU LQQHUW KLHU DQ GLH NXU]H 'LVWDQ] ]ZLVFKHQ 'DVHLQ XQG 7RG 6FKUHLEPD WHULDOZLHJHVFKULHEHQHV:RUWKDOWHQLQGHU:DKUQHKPXQJGHU+LQWHUEOLH EHQHQMHQHOHEHQGLJH*HJHQZDUWIHVWGLHGHPWRWHQ.|USHUIHKOWXQGGLH HUZLHEHUHLWVWKHPDWLVLHUWGXUFKVHLQH3UlVHQ]DOVEORH,OOXVLRQHQWODUYW 3RFNHOVNRPPHQWLHUWHGLH%ULHIHHLQIKOVDPRKQHPRUDOLVFKHV9RUXU WHLO0LW%OLFNDXIGLHEULHIOLFKH'DUVWHOOXQJGHV6HOEVWPRUGVDOVÅ3IOLFKW´ GLHHUEHVRQGHUVÅUKUHQGXQGDXIIDOOHQG´IDQG1% YHUVXFKWH3R FNHOV%V6HHOHQODJH]XUHNRQVWUXLHUHQ 'LH $XVEXQJ GHU 3IOLFKW PDFKWH VREDOG GHU .DPSI GHV OLHEHQGHQ +HU]HQV EHUVWDQGHQ XQG GXUFK GHQ *HGDQNHQ DQ HLQH PRUDOLVFKH 1RWKZHQGLJNHLW GHU +DQGOXQJ HQGOLFK YROOHQGHW ZDU GHQ 6FKULWW VHOEVW O H LF K W XQG GHQ 8QJOFNOL FKHQ IHVW XQG PXWKLJ RKQH 9HUZLUUXQJ VHLQH OHW]WHQ KlXVOLFKHQ *HVFKlIWH ]X RUGQHQXQGVLFKUXKLJLQVHLQHQ%ULHIHQEHUVHLQHQ7RGDXV]XGUFNHQ 1%
6HOEVWP|UGHU GLH ZLH % RGHU &ORR LKUHQ 7RG DOV OHW]WH 0|JOLFKNHLW PRUDOLVFKHQ +DQGHOQV SUlVHQWLHUWHQ GXUIWHQ VHOWHQ PLW GHUDUWLJHP 9HU VWlQGQLV UHFKQHQ 'LH 5H]HQVLRQHQ ]X GHQ 9RUEHUHLWXQJHQ XQG *ODYHV .RPPHQWDUH]HLJHQGDVVPDQFKHU=HLWJHQRVVHEHUHLWZDUGLHVXEMHNWLYH hEHU]HXJXQJ GHV 6XL]LGHQWHQ DQ]XHUNHQQHQ 3RFNHOV JLQJ QRFK HLQHQ 6FKULWWZHLWHUYRUDOOHPGDHU%V(QWVFKHLGXQJDOVHLQHQ$NWGHU5FN VLFKWQDKPHLQWHUSUHWLHUWH $P(QGHVHLQHU$XVIKUXQJHQIRUGHUWHGHU(UIDKUXQJVVHHOHQNXQGOHU GDV 3XEOLNXP VFKOLHOLFK ]XP :HLWHUGHQNHQ EHU GLH OHW]WHQ 7H[WH DXI Å:LU EHUODVVHQ DQGHUH PHUNZUGLJH 6WHOOHQ VHLQHU %ULHIH GHU %HXUWKHL OXQJGHVQDFKGHQNHQGHQ/HVHUV´1% 'LHVWDWHLQDQRQ\PHU$X WRULQHLQHUYRQ3RFNHOVZRKONDXPLQWHQGLHUWHQ:HLVHDOVHU%V%ULHIH ]XP.HUQVWFNVHLQHV3OlGR\HUVJHJHQGHQ6HOEVWPRUGPDFKWH'HU7LWHO GHV %DQGHV DUWLNXOLHUW GHVVHQ )XQNWLRQ (WZDV EHU GHQ 6HOEVWPRUG LQ HLQHU ZDKUHQ*HVFKLFKWH]XU:DUQXQJGDUJHVWHOOWXQGKHUDXVJHJHEHQPLWHLQHU9RUUHGHYRQ GHP)UHXQGHGHVJUDXHQ0DQQHV)UDQNIXUWD0+HUPDQQ 'HU$QR Q\PXV EHNXQGHW 0LWOHLG PLW % JOHLFKZRKO XQWHU]LHKW HU GHVVHQ $E VFKLHGVEULHIHHLQHUDXVIKUOLFKHQNULWLVFKHQÄ$XVOHJXQJ¶'LHVH]LHOWQLFKW BBBBBBBBBBBBB
9JO%lKU5LFKWHU6² 1HXPH\HUQLPPWGLHVH$XVVDJHDOVEHUHFKWLJWHQ+LQZHLVGDUDXIGDVV3RFNHOVÅPLWVHLQHU $QDO\VH>«@NHLQHVZHJVDOOH:LGHUVSUFKH´KDEHNOlUHQN|QQHQGHUV$QRPDOLHQ6
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
DXI(UNHQQWQLVJHZLQQVRQGHUQDOOHLQGDUDXI]XEHVWlWLJHQGDVVGLHFKULVW OLFKH5HOLJLRQGDVHLQ]LJHXQGZDKUH+HLOPLWWHOJHJHQVlPWOLFKHÅ$QIHFK WXQJHQ´HLQVFKOLHOLFKGHV6HOEVWPRUGVGDUVWHOOH'LH%RWVFKDIWHQZHUGHQ KLHULQDOWKHUJHEUDFKWHU:HLVHJHEUDXFKWDOV([HPSHOGHUHQ([HJHVHHLQ YRUEHVWLPPWHVQHJDWLYHV(UJHEQLVKDW%V%ULHIHVHLQH5HFKWIHUWLJXQJV YHUVXFKH LQWHUHVVLHUHQ ]XGHP QLFKW DOV LQGLYLGXHOOH VRQGHUQ LQ XQ]XOlV VLJHU 9HUDOOJHPHLQHUXQJ DOV IU GLH %ULHIVRUWH LQVJHVDPW UHSUlVHQWDWLYH =HXJQLVVH8PGLH/HVHUÅQlKHU]XEHU]HXJHQZLHZHQLJGDV9HUIDKUHQ GHV 6HOEVWP|UGHUV ]X YHUWKHLGLJHQ RGHU ]X HQWVFKXOGLJHQ VH\´ VFKUHLEW GHU$QRQ\PXVGDKHU ZROOHQ ZLU GD GLHMHQLJHQ VR VLFK VHOEVW HQWOHLEHQ LQ LKUHQ VFKULIWOLFKHQ 1DFK OlVVHQ]LHPOLFKJOHLFKHXQGEHUHLQVWLPPHQGH*UXQGVlW]HlXVVHUQIUGLHVHVPDO QXUDOOHLQGLH*UQGHGHV+HUUQYRQ%DQK|UHQXQGHWZDVJHQDXHUSUIHQ
'LH VR XQWHUVFKLHGOLFKH )XQNWLRQDOLVLHUXQJ GHU $EVFKLHGVEULHIH %V LQ ]ZHL]HLWOLFKUHODWLYQDKEHLHLQDQGHUOLHJHQGHQ3XEOLNDWLRQHQYHUGHXWOLFKW GDV 1HEHQHLQDQGHU YRQ .RQWLQXLWlW VSH]LHOO GHV NRQVHUYDWLYWKHRORJL VFKHQ8UWHLOVXQGODQJVDPHU,QQRYDWLRQLQXQGGXUFKGLHVLFKHQWZLFNHOQ GHQ+XPDQZLVVHQVFKDIWHQLP8PJDQJPLW6HOEVWP|UGHUERWVFKDIWHQ 'LH]ZHLWHLQGHQ1HXHQ%H\WUlJHQQDFKJH]HLFKQHWH)DOOVWXGLHPDFKWGLH JDQ] SUDNWLVFKHQ *UHQ]HQ GLH GHU $QDO\VH YRQ 6HOEVW]HXJQLVVHQ JHVHW]W ZDUHQ GHXWOLFK :LHGHUXP NRPELQLHUW PLW +LQWHUJUXQGLQIRUPDWLRQHQ EHU GHQ 6XL]LGHQWHQ XQG GHQ ZDKUVFKHLQOLFKHQ 7DWKHUJDQJ GUXFNWH 3RFNHOV $XI]HLFKQXQJHQ GLH PDQ QDFK GHVVHQ 6HOEVWPRUG DXIJHIXQGHQ KDWWH 'LH VLFK LQ GHQ 7H[WHQ RIIHQEDUHQGH 9HUZLUUXQJ GHV $XWRUV XQG HLQ 0DQJHO DQ :LVVHQ EHU GHVVHQ IDPLOLlUH 8PVWlQGH OLHHQ GLH %RW VFKDIWHQ IU GHQ ,QWHUSUHWHQ VWHOOHQZHLVH KHUPHWLVFK ZLUNHQ YJO 1% 9LHOOHLFKWUFNWH3RFNHOVGHVKDOEDQGHUVDOV]XYRUVHLQH.RPPHQ WDUHQXQGLUHNWLQGLH7H[WHHLQ'LH%RWVFKDIWHQIROJWHQHUOlXWHUWHUZHLW JHKHQG GHU JHVSURFKHQHQ 6SUDFKH YRQ PHKUHUHQ 7H[WHQ VHLHQ ]XGHP 7HLOHDEJHULVVHQZRUGHQXQGGDPLW,QIRUPDWLRQHQYHUORUHQJHJDQJHQ2E GLHVHU$NWGHU=HQVXUGXUFKGHQ$XWRURGHUGLH+LQWHUEOLHEHQHQJHVFKDK PXVV6SHNXODWLRQEOHLEHQ'LH%RWVFKDIWHQHQWKDOWHQ(OHPHQWHGHV*H EHWHVGHU%HLFKWHXQGGHU6RUJHXPDQGHUH1HEHQGHPHLJHQHQ/HLGHQ BBBBBBBBBBBBB
(WZDVEHUGHQ6HOEVWPRUG6 9JO1HXPH\HU$QRPDOLHQXD6IYJODXFK.DSLWHO 'DV 8QWHUGUFNHQ YRQ 6HOEVWP|UGHUDEVFKLHGVERWVFKDIWHQ E]Z GHUHQ 9HUVWPPHOXQJ GXUFK)DPLOLHQPLWJOLHGHUGUIWHKlXILJHUYRUJHNRPPHQVHLQ1DFKGHP6HOEVWPRUG)DQQ\ ,POD\V² GHU7RFKWHU0DU\:ROOVWRQHFUDIWV² ULVVMHPDQGGDV(QGH LKUHU $EVFKLHGVQRWL] DXI GHP ZRKO LKU 1DPH VWDQG DE ,KU/HLFKQDPEOLHE GDPLW QLFKW LGHQWLIL]LHUEDULKUH)DPLOLHNPPHUWHVLFKQLFKWGDUXPYJO-DQHW7RGGÅ6XLFLGHDQGELR JUDSK\´ LQ &RPSDUDWLYH &ULWLFLVP Å/LYHV RI WKH 'LVFLSOLQHV &RPSDUDWLYH %LRJUDSK\´ 6²KLHU6
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
ILJXULHUHQ6FKXOGXQG9HUDQWZRUWXQJVEHZXVVWVHLQGHU)DPLOLHJHJHQEHU DOV*UQGHIUGHQ6XL]LG (VPXVEDOGWDXIHLQHRGHUGLHDQGHUH$KUWVLFKHQGHQVRLVHVQLFKWPHKU]XHU WUDJHQPLFKMDPPHUWGDVLFKVRYLHOOHLGHQDXFKPXVDQGHUHQDOVLP+DXVHYHU XKUVDFKHQ :lVHQ DOOHU GLQJH (UEDUPH GLFK GRFK 2K JHGHQNH PHLQHU GRFK ZLHGHUPLW*QDGHMDK :HQHVJHVFKHQVRPDFKWNHLQHQ/lUPLFKNRQWHVRQLFKWPHKUOlEHQVDJW HVZlUHGXUFKYHUVHKHQJHVFKHQQLFKWPLWYRUVDW]WUDXUWQLFKWVRDOVPLWVFKZDU W]HQ.OHLGHUQODVWPHLQHQ.|USHUGHV0RUJHQVLQGLH(UGHOlJHQ1%
:LH EHL 0LQFH EHUUDVFKW GLH .RPELQDWLRQ DXV *HLVWHVJHJHQZDUW XQG 9HUZLUUXQJ GLH DXFK 0HLQHU DOV W\SLVFKHV 0HUNPDO OHW]WHU %ULHIH YRQ 6XL]LGHQWHQGHILQLHUWKDWWH'LH%LWWHXP9HUVFKOHLHUXQJGHU7DWXPVWlQGH GLHPDQHEHQIDOOVKlXILJHUOLHVWNRQQWHGDUDXIDE]LHOHQGHQHLJHQHQ5XI E]ZGLH)DPLOLHYRU(UPLWWOXQJHQGXUFKGLH%HK|UGHQRGHUVR]LDOHU6WLJ PDWLVLHUXQJ]XVFKW]HQ 'DVV 3RFNHOV 6HOEVW]HXJQLVVH QLFKW LPPHU YROOVWlQGLJ YRUODJHQ RGHU HV *UQGH JHEHQ PRFKWH VLH QLFKW LQ *lQ]H ]X YHU|IIHQWOLFKHQ GHXWHW VLFK QLFKW QXU KLHU DQ ,Q HLQHU DQGHUQRUWV SXEOL]LHUWHQ 6WXGLH ]X HLQHP ZRKODXV/LHEHVNXPPHUYHUEWHQ6XL]LGHUZlKQW3RFNHOVGLH$EVFKLHGV EULHIHOHGLJOLFKXQGIDVVWLKUHQ,QKDOWJURE]XVDPPHQ$XIVFKOXVVUHLFK LVWLQGLHVHP.RQWH[WDOOHUGLQJVGDVOLWHUDULVFKH*HVWDOWXQJVYHUP|JHQPLW GHP3RFNHOVGLHOHW]WHQ6WXQGHQGHV6HOEVWP|UGHUVUHNRQVWUXLHUW *HJHQ $EHQG OLH HU VLFK HLQ NOHLQHV 0DKO EHUHLWHQ XQG WUDQN HLQLJH *OlVHU :HLQZRGXUFKVHLQH(LQELOGXQJVNUDIWXQGVHLQ9RUVDW]YLHOOHLFKWQRFKOHEKDIWHU JHPDFKWZXUGH(U]RJGDUDXIVHLQHEHVWHQ.OHLGHUDQDOVZRULQHUQDFKVHLQHU 9RUVFKULIW EHHUGLJW VH\Q ZROOWH XQG ODGHWH ]ZHL 3LVWROHQ LP )DOO HWZD GLH HLQH YHUVDJHQP|JWH8PGLH6FHQHJOHLFKVDPIHLHUOLFKHU]XPDFKHQ]QGHWHHU]ZHL /LFKWHUDQXQGHUZDUWHWHVRGLH$QNXQIWGHU0RUGQDFKW$XFKVFKLHQHUXQWHU GHVVHQLQGHP7UDXHUVSLHO5RPHRXQG-XOLHJHOHVHQ]XKDEHQ(QGOLFKZDUDOOHV LP +DXVH VWLOO JHZRUGHQ XQG QXQ IKUWH HU DXFK DXJHQEOLFNOLFK VHLQHQ 9RUVDW] DXV LQGHP HU DXI GHP %HWWH VLW]HQG VLFK GLH W|GOLFKH .XJHO JUDGH GXUFKV +HU] VFKR0DQIDQGGHQDQGHUQ0RUJHQQRFKHLQSDDU%ULHIHYRQVHLQHU*HOLHEWHQ LQVHLQHU7DVFKH
'HUHLQIKOVDPH7RQIDOOXQGGLHIDVWGXUFKJlQJLJVWDELOH)LJXUHQSHUVSHN WLYHODVVHQGLHHQWZRUIHQH6]HQHHKHUDOV7HLOHLQHU(U]lKOXQJGHQQHLQHU )DOOEHVFKUHLEXQJ ZLUNHQ 3RFNHOV HQWGHFNW LQ GHP 9HUKDOWHQ GHV 6HOEVW P|UGHUVHLQÅJOHLFKVDPKHUEHLJHVXFKWH>V@(UPRUGXQJVFHUHPRQLHO´GDVHU BBBBBBBBBBBBB
&DUO)ULHGULFK3RFNHOVÅ(LQPLWODQJVDPHU8HEHUOHJXQJYHUEWHU6HOEVWPRUGDXV/LHEH´ LQGHUV'HQNZUGLJNHLWHQ]XU%HUHLFKHUXQJGHU(UIDKUXQJVVHHOHQOHKUHXQG&KDUDFWHUNXQGH(LQ/HVH EXFKIU*HOHKUWHXQG8QJHOHKUWHHUVWH6DPPOXQJ+DOOHLQGHU5HQJHUVFKHQ%XFKKDQGOXQJ 6²'LHVHQ)DOOEHUQLPPWDXFK7]VFKLUQHU/HEHQXQG(QGH6² 3RFNHOV'HQNZUGLJNHLWHQ6I
$EVFKLHGVEULHIHLP6XL]LGGLVNXUV
DXIGHVVHQÅLQQHUOLFKH>«@)XUFKWVDPNHLW´GDVKHLWGHQ9HUVXFKGLH7DW KLQDXV]X]|JHUQ]XUFNIKUW(LQ7HVWDPHQWPHKUHUH$EVFKLHGVEULHIH GDV IHVWOLFKH $QNOHLGHQ GDV OHW]WH 0DKO GDV $Q]QGHQ GHU .HU]HQ GLH SDVVHQGHH[HPSODULVFKH¶/HNWUHXQGVFKOLHOLFKGLH:DKOGHV%HWWHVDOV 6WHUEHRUW ² GLHV DOOHV VLQG +DQGOXQJHQ GLH VLFK WHLOV DP WUDGLWLRQHOOHQ 6WHUEHULWXDOWHLOVDQGHUVXL]LGlUHQ6WHUEHNXQVWRULHQWLHUHQXQGIUGHUHQ 6FKLOGHUXQJ 3RFNHOV HQWVSUHFKHQGH (U]lKOPXVWHU DGDSWLHUWH bKQOLFKNHL WHQ LQ GHU 'DUVWHOOXQJ YRQ7DWYRUEHUHLWXQJ XQG 0RWLY ]X *RHWKHV :HU WKHULP6SH]LHOOHQGHVVHQLPLWDWLRGHV$EHQGPDKOVGDV%H]HLFKQHQVHLQHU %HJUlEQLVNOHLGHUXQGGLHOHW]WH/HNWUHHLQHV7UDXHUVSLHOVGDVYRQ6HOEVW PRUGKDQGHOWODVVHQ]XGHPDXIHLQHYHUPLWWHOQGH)XQNWLRQGHVJHQDQQ WHQ %ULHIURPDQV VFKOLHHQXQG ]ZDUVRZRKO IU GHQ 6XL]LGHQWHQ ZLH IU GHQHU]lKOHQGHQ(UIDKUXQJVVHHOHQNXQGOHU ,QGHQ7H[WHQYRQ3RFNHOVXQGlKQOLFKJHVLQQWHQ$XWRUHQVLQGVRVHL KLHUNXU]]XVDPPHQJHIDVVWGLHHUVWHQ$QIlQJHHLQHUSV\FKRORJLVFKRULHQ WLHUWHQ,QWHUSUHWDWLRQOHW]WHU6FKULIW]HXJQLVVHHUNHQQEDU,QVWUHQJZLVVHQ VFKDIWOLFKHU+LQVLFKWZDUGHUREMHNWLYH:HUWYLHOHU)DOOVWXGLHQEHVFKUlQNW %HLVSLHOVZHLVH NRQ]HQWULHUWHQ VLH VLFK DXI EHPHUNHQVZHUWH (LQ]HOIlOOH QDKPHQ NDXP 6\VWHPDWLVLHUXQJHQ YRU XQG ZXUGHQ KlXILJ YRQ OLWHUDUL VFKHQ6WUXNWXUHQE]Z6WLOPLWWHOQEHUIRUPWSUlVHQWLHUW$XHUGHPGDUI QLFKW YHUJHVVHQ ZHUGHQ GDVV ZLH 1HXPH\HU KHUDXVJHDUEHLWHW KDW $E VFKLHGVWH[WHZLHGHUHQ,QWHUSUHWDWLRQGXUFK$GUHVVDWHQRGHU'ULWWHVSH ]LHOO ]HLWJHQ|VVLVFKH *HOHKUWH YHUVFKLHGHQVWHU 'HQNDUW OHGLJOLFK ÅLQWHU SUHWDWLYH .RQVWUXNWLRQHQ´ GDUVWHOOHQ GHUHQ $XVVDJHZHUW DOOHQIDOOV HLQ UHODWLYHULVWXQGGLHHWZDEHUGLHWDWVlFKOLFKH0RWLYDWLRQGHV6XL]LGHQWHQ HQWZHGHUNHLQHRGHUNDXP$XVNXQIWJHEHQPVVHQ (UNHQQEDUZHUGHQOLHHQGLH)DOOVWXGLHQDOOHUGLQJVGLH]HQWUDOH5ROOH GLH OHW]WH %RWVFKDIWHQ DOV 0LWWHLOXQJVIRUP XQG 2EMHNW LQ GHU VXL]LGlUHQ 6WHUEHNXQVW IU +LQWHUEOLHEHQH VRZLH WHLOZHLVH YHUPLWWHOW EHU OLWHUDUL VFKHRGHUMRXUQDOLVWLVFKH(U]lKOPXVWHU LQGHUGHQ7DWYRUJDQJUHNRQVWUX LHUHQGHQ6FKLOGHUXQJGHU(UIDKUXQJVVHHOHQNXQGOHUVSLHOWHQ7KHRUHWLVFKHU 5HIOH[LRQ]XEULHIVRUWHQVSH]LILVFKHQ&KDUDNWHULVWLNDZLH]XP%HLVSLHOZLH GHUNHKUHQGHQ $UJXPHQWDWLRQVPXVWHUQ EHJHJQHWH PDQ HKHU VHOWHQ LP .RQWH[W YRQ 6HOEVWP|UGHUDEVFKLHGVEULHIHQ 0HLQHUV GLIIHUHQ]LHUHQGHP $QVDW]VWDQGGDEHLHWZDGLHUHGXNWLYH3DXVFKDOLVLHUXQJMHQHU$XWRUHQJH JHQEHUGLHZLHGHUÅ)UHXQGGHVJUDXHQ0DQQHV´GDFKWHQ BBBBBBBBBBBBB
3RFNHOV'HQNZUGLJNHLWHQ6 bKQOLFKHV JLOW IU 0RQRJUDSKLHQ PLW (LQ]HOIDOOVWXGLHQ ZLH ]% )ULHGULFK: )HUGLQDQG 6FKXOW]·'HUQDWUOLFKH6HOEVWPRUGHLQHSV\FKRORJLVFKH$EKDQGOXQJ%HUOLQ0DXUHUVFKH%XFKKDQG OXQJ YJO%DXPDQQ5HFKW6 1HXPH\HU$QRPDOLHQXD6IGHUVÅÄ:RKOGDQQLFKRSIUHPLFK>«@¶´6
%RWVFKDIWHQDXVGHP-HQVHLWVGHU*HVHOOVFKDIW"
(UVW0LWWHGHV-DKUKXQGHUWVEHJDQQHQ:LVVHQVFKDIWOHUGDPLW$E VFKLHGVWH[WH YHUVFKLHGHQHU $XWRUHQ REMHNWLY GHWDLOOLHUW XQG V\VWHPDWLVFK ]XXQWHUVXFKHQ²RKQHGDEHLGDV,QGLYLGXXPDXVGHQ$XJHQ]XYHUOLHUHQ 3LRQLHUDUEHLWDXIGLHVHP*HELHWOHLVWHWHGHU)UDQ]RVH$OH[DQGUH%ULHUUHGH %RLVPRQW ² GHU GDV GULWWH .DSLWHO VHLQHU 8QWHUVXFKXQJ 'X VXLFLGH HW GH OD IROLH VXLFLGH FRQVLGpUpV GDQV OHXUV UDSSRUWV DYHF OD VWDWLVWLTXH OD PpGHFLQHHWODSKLORVRSKLH3DULV/RQGRQXQG1HZÅ$Q )DQQ\´@ YJO :. -DPHV 0DFSKHUVRQV ² 2VVLDQ 'LFKWXQJHQVRZLH5RXVVHDXV1RXYHOOH+pORwVH7DWVlFKOLFKJLOWLQGHU)RU VFKXQJ DOV HWDEOLHUW GDVV Å:HUWKHUV $EVFKLHGVEULHI DQ /RWWH >«@ XQYHU NHQQEDU DOV 5HSOLN DXI GHQ %ULHI GHU VWHUEHQGHQ -XOLH DQ 6W3UHX[ >«@ DQJHOHJW´VHL:. :LHJHQDXJHVWDOWHWVLFKMHGRFKGLH%H]LHKXQJGHU EHLGHQ 7H[WH EHVRQGHUV ZHQQ PDQ GLH%ULHIVRUWHQ E]Z 0RWLYWUDGLWLRQ EHUFNVLFKWLJW" =XQlFKVW XQWHUVFKHLGHW VLFK LKUH QDUUDWLYH (LQELQGXQJ -XOLHV%ULHIZLUGZLHLQGHUOLWHUDULVFKHQ7UDGLWLRQLQMRXUQDOLVWLVFKHQXQG VSlWHU LQ SV\FKRORJLVFKHQ 'DUVWHOOXQJHQ LQVJHVDPW EOLFK YROOVWlQGLJ SRVWKXP XQG RKQH NRPPHQWLHUHQGH (LQVFKEH ZLHGHUJHJHEHQ 'HP JHJHQEHU SUlVHQWLHUW GHU +HUDXVJHEHU :HUWKHUV $EVFKLHGVEULHI ÅGHQ PDQQDFKVHLQHP7RGHYHUVLHJHOWDXIVHLQHP6FKUHLEWLVFKHJHIXQGHQXQG LKU>GK/RWWH@EHUEUDFKWKDW´LQIQI6FKUHLEDEVFKQLWWHQ: ZDV VXJJHULHUWGDVVHUGDV*HVFKHKHQHVRDNNXUDWZLHP|JOLFK]XUHNRQVWUX LHUHQVXFKW'HU/HVHUVROO:HUWKHUDXVGHU$XHQZLHGHU,QQHQSHUVSHN WLYH EHWUDFKWHQ ZREHL LKP GLH NRQWUDVWLYH $EIROJH YRQ %HULFKW XQG %ULHIIRUP]XJOHLFKGLHZHFKVHOVHLWLJH'\QDPLNYRQ+DQGHOQXQG6FKUHL
BBBBBBBBBBBBB
3DXOLQ-HUXVDOHP6=XU'LVNXVVLRQGHU:LHGHUVHKHQVIRUPHOHLQVFKOlJLJVLQGQDFKZLH YRU0DVRQÅÄ:LUVHKHQXQVZLHGHU¶´XQG3DXOLQÅÄ:LUZHUGHQXQVZLHGHUVHKQ¶´ 9JO GD]X 6FK|IIOHU Å/HLGHQ´ (LQH hEHUVLFKW EHU GLH %LEHO]LWDWH LP :HUWKHU ELHWHW GHU .RPPHQWDULQ*RHWKHV:HUNH+DPEXUJHU$XVJDEHPLW$QPHUNXQJHQYHUVHKHQYRQ%HQQR YRQ :LHVH XQG (ULFK 7UXQ] WH[WNULWLVFK GXUFKJHVHKHQ YRQ (ULFK7UXQ] %GH +DP EXUJ:HJQHU² 9,5RPDQHXQG1RYHOOHQ(UVWHU%DQG 6I 'D]X]lKOHQ)LQJDODQ$QFLHQW(SLF3RHPLQ6L[%RRNVWRJHWKHUZLWK6HYHUDO2WKHU3RHPVFRPSRVHG E\2VVLDQWKH6RQRI)LQJDOWUDQVODWHGIURPWKH*DHOLF/DQJXDJH XQG7HPRUD 0RGHOOJHEHQGLVWKLHUGDVLQ$OOWDJZLH/LWHUDWXUEOLFKH9HUIDKUHQ3ULYDWEULHIHEHUHLQHQ OlQJHUHQ=HLWUDXPKLQZHJE]ZPLW8QWHUEUHFKXQJHQ]XYHUIDVVHQ
/LWHUDWXUXQG:LUNOLFKNHLW
EHQYRUIKUW6LFKWEDUZLUGGDEHLDXFKGLH.OXIW]ZLVFKHQGHP6HOEVW P|UGHU GHU ZLHGHUKROW DXI GDV VFKULIWOLFKH 0HGLXP ]XUFNJHZRUIHQ LVW XP VLFK XQYHUVWHOOW ]X DUWLNXOLHUHQ XQG GHQ DQGHUHQ²DOOHQ YRUDQ/RWWH XQG $OEHUW ,QGHP GHU +HUDXVJHEHU HLQJDQJV VRZRKO DXI GLH 8PVWl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|VVHUH6VVLJNHLWZHLVDOVVLFKPLW'LU]XXQWHU KDOWHQ:
'LH LP HUVWHQ 6DW] EHWHXHUWH *HODVVHQKHLW NRQWUDVWLHUW PLW GHU 6HOEVW EHVFKUHLEXQJLP]ZHLWHQ(EHQVRZLGHUVSUFKOLFKIlOOWGDV(QGHGHVHUV WHQ%ULHIDEVFKQLWWHVDXVGDVLFK:HUWKHULQGHU0DQLHUYRQ*UD\VÅ(OHJ\ :ULWWHQ LQ D &RXQWU\ &KXUFK«@´ HEHQVR ZLH ÅDOOH>U@ ]XQlFKVW SODXVLEHO ZLUNHQGHQ $OWHU QDWLYPRGHOOH>²@´ZHOFKH6FKPLHGWDP(QGHVHLQHU$XVIKUXQJHQVNL]]LHUWGHUVÅ:RUDQ VFKHLWHUW:HUWKHU"´6 $XFKDQJHVLFKWVGLHVHV%HIXQGHVLVWGHU7KHVH%lKUV]XZLGHUVSUHFKHQÅ:HUWKHUV6HOEVW W|WXQJ >JUQGH@ VLFK DXI HLQ PRUDOLVFKHV 8UWHLO GDV GLHVHU JHJHQ VLFK VHOEVW´ DXVVSUHFKH YJO GHUV ÅÄ,FK KDEH GHQ )ULHGHQ GHLQHV +DXVHV JHVW|UW¶ :HUWKHUV W|GOLFKH /HLGHQ LP 6SDQQXQJVIHOGYRQ/LWHUDWXU5HFKWXQG0RUDO´,$6/ 6²KLHU6
'HU$EVFKLHGVEULHIDQ/RWWH
9HUJOHLFK ]ZLVFKHQ GHQ EHLGHQ $EVFKLHGVEULHIHQ ZLUG GLH LGHDOW\SLVFKH &KDUDNWHU]HLFKQXQJ -XOLHV HEHQVR GHXWOLFK ZLH GDV ]ZDU OLWHUDULVFK NRQ VWUXLHUWH DEHU GHQQRFK UHDOLVWLVFK ZLUNHQGH SV\FKRORJLVFKH 3URILO GDV :HUWKHUVOHW]WH%RWVFKDIWNRPPXQL]LHUW,QVHLQHU'DUVWHOOXQJGHV$XIO| VXQJVSUR]HVVHV ELV GDWR YHUELQGOLFKHU .RQYHQWLRQHQ XQG ([HPSHO YHU GLFKWHWHXQGUDGLNDOLVLHUWH*RHWKHHLQH(QWZLFNOXQJGLHVLFKDXFKLQKLV WRULVFKHQ $EVFKLHGVERWVFKDIWHQ YRQ 6XL]LGHQWHQ DE]HLFKQHWH 'DVV GLH DUJXPHQWDWLYH0DQLSXODWLRQYRUJHJHEHQHU0RGHOOHLP%HUHLFKGHU3KLOR VRSKLH ² GLH LP :HUWKHU H[SOL]LW DXHQ YRU EOHLEW ² ]XPLQGHVW DXV VXE MHNWLYHU6LFKWDXVVLFKWVYROOHUVHLQNRQQWHVROOWHQVSlWHVWHQVGLHYRQ*HRUJ KHUDXVJHJHEHQHQ9RUEHUHLWXQJHQ]HLJHQ $QJHVLFKWVGHVKLHUQDFKJH]HLFKQHWHQQHJDWLYHQ(UNHQQWQLVSUR]HVVHV ZLUNWHVNRQVHTXHQWGDVVVLFK:HUWKHUVFKOLHOLFKDXIVHLQHOHW]WHLUGLVFKH $XVVLFKWVHLQ%HJUlEQLVXQGGDV*HGHQNHQDQLKQNRQ]HQWULHUWXQGGLHV ZLHHLQÅ.LQG´HQJPLW/RWWHE]ZPLW(ULQQHUXQJHQDQVLHXQGPLW*H JHQVWlQGHQ YRU DOOHP GHU ÅEODURWKH>Q@ 6FKOHLIH´ YHUNQSIW : $P (QGH HLQHV ]XQHKPHQG IUDJPHQWDULVLHUWHQ 6FKUHLEHQV EOHLEHQ (QW WlXVFKXQJHUQHXWH6HOEVWEHVFKZ|UXQJ]XUÄ5XKH¶ XQGGDVWUDJLVFKH(U JHEHQLQHLQVHOEVWYHUIJWHV6FKLFNVDO $FKLFKGDFKWHQLFKWGDPLFKGHU:HJKLHUKHUIKUHQVROOWH²²6H\UXKLJLFK ELWWHGLFKVH\UXKLJ² 6LHVLQGJHODGHQ²HVVFKOlJW]Z|OIH²6RVH\·VGHQQ²/RWWH/RWWHOHEZRKO /HEZRKO:II
9RQHLQHP:LHGHUVHKHQVSULFKW:HUWKHUDQGLHVHUHQWVFKHLGHQGHQ6WHOOH QLFKW PHKU REZRKO /RWWH ² XQG QLFKW *RWW ² VHLQ OHW]WHU *UX JLOW 'HVVHQ LPSHUDWLYHQ *HVWXV EHWRQW GLH :LHGHUKROXQJ 'DV 6WHUEHQ GHV 3URWDJRQLVWHQGDXHUW]Z|OITXDOYROOH6WXQGHQ$XIGLH7UDXHUGHU+HU BBBBBBBBBBBBB
0RUDOLVFKH (UZlJXQJHQ XQG .RQYHQWLRQHQ XQWHUOLHJHQ OHW]WOLFK GHPVHOEHQ $XIO|VXQJV SUR]HVV ZLH VlPWOLFKH DQGHUH 0RGHOOH GLH :HUWKHU ]LWLHUW (LQ $QHUNHQQHQ YRQ 6FKXOG XQGHLQHGDUDXIEHUXKHQGH6HOEVWEHVWUDIXQJVLQGLKPQLFKWP|JOLFKYJOGD]X6DXOÅ)UDJ PHQWlVWKHWLN´ 6 YJO LQ GLHVHP .RQWH[W DXFK GLH $XVIKUXQJHQ YRQ 1HXPH\HU $QRPDOLHQ6² GHU:HUWKHUV)L[LHUXQJDXI/RWWHDOVHLQHQP|JOLFKHQGHP6XL]L GHQWHQDOOHUGLQJVXQEHZXVVWEOHLEHQGHQ,PSXOVIUGLH6HOEVWW|WXQJLGHQWLIL]LHUW 6HOEVWHUNHQQWQLV DQJHVLFKWV GHV 7RGHV IKUHQ GDPLW VRZRKO GHU $EVFKLHGVEULHI -XOLHV DOV DXFK GHU :HUWKHUV YRU ² DOOHUGLQJV PLW VHKU XQWHUVFKLHGOLFKHQ 5HVXOWDWHQ YJO GD]X .ODXV56FKHUSH:HUWKHUXQG:HUWKHUZLUNXQJ=XP6\QGURPEUJHUOLFKHU*HVHOOVFKDIWVRUGQXQJLP -DKUKXQGHUW %DG +RPEXUJ YG+ XD *HKOHQ 6 I 'LH KLHU HEHQIDOOV YRUJHEUDFKWH 7KHVH :HUWKHUV LP $EVFKLHGVEULHI QLHGHUJHOHJWH -HQVHLWVSKDQWDVLHQ VHLHQ ÅIDVWVFKRQLQGHU0HWDSKRULNHLQHV.RQGROHQ]EULHIHVJHKDOWHQ´YHUNHQQWGLH.RQYHQWLR QHQ OHW]WHQ 6FKUHLEHQV VRZLH GHQ LP $EVFKLHGVVFKUHLEHQGHQ SURWRNROOLHUWHQ (QWZLFN OXQJVSUR]HVV 'LH 6FKLOGHUXQJ YRQ :HUWKHUV OHLGYROOHP 6WHUEHQ ZLUG DOOJHPHLQ DOV 3OlGR\HU JHJHQGHQ 6HOEVWPRUG JHOHVHQ YJO %DWOH\ Å:HUWKHU·V )LQDO $FW´ 6 %ULJLWWH +DXJHU ,QGLYLGXD
/LWHUDWXUXQG:LUNOLFKNHLW
EHLJHHLOWHQGLHLQWUDGLWLRQHOODQPXWHQGHU6]HQHVHLQ%HWWXPJHEHQYHU PDJ :HUWKHU QLFKW PHKU ]X UHDJLHUHQ 6HLQ VFKULIWOLFKHV Å/HE ZRKO´ DQ /RWWH EOHLEW VHLQ OHW]WHV EHZXVVW JHVHW]WHV :RUWVHLQH %ULHIH XQG GHUHQ $GUHVVDWHQGLHYRQLKPJHZlKOWHQ6WHUEHEHJOHLWHU'LH=XUFNKDOWXQJLQ GHQ $EVFKLHGVEULHIHQ DQ :LOKHOP XQG GLH 0XWWHU VRZLH DQ $OEHUW ZLUG PLW %OLFN DXI :HUWKHUV /LHEHVREVHVVLRQ XQG GHUHQ %HGHXWXQJ IU VHLQ 'HQNHQ +DQGHOQ XQG 6WHUEHQ YHUVWlQGOLFKHU .HLQHU DQGHUHQ DOV /RWWH GLHYRQLKUHUHUVWHQ%HJHJQXQJDQ]XU3URMHNWLRQVIOlFKHVHLQHULQWLPVWHQ *HIKOH :QVFKH XQG *HGDQNHQ ZXUGH NRQQWH :HUWKHU GLHVHQ %ULHI VFKUHLEHQ %HWUDFKWHW PDQ GLH PHKUIDFK XPVFKODJHQGHQ (UNHQQWQLVSUR]HVVH VRZLH GDV 6SHNWUXP YRQ *HIKOHQ ZHOFKHV :HUWKHU ZlKUHQG GHV 9HU IDVVHQV GLHVHV $EVFKLHGVEULHIHV GXUFKOlXIW ZLUG KLQWHU GHU $XIVSDOWXQJ GHV %ULHIHV LQ IQI 7HLOH QHEHQ GHP %HPKHQ XP $XWKHQWL]LWlW ]XPLQ GHVWHLQZHLWHUHVOLWHUDULVFKHV.RPSRVLWLRQVSULQ]LSHUNHQQEDU'LH'\QD PLNGHU6FKUHLEDEVFKQLWWHEHWRQWGXUFKGLHLKU]XJHRUGQHWHQ+DQGOXQJV VWUlQJH NRPPW GHU HLQHV IQIDNWLJHQ 'UDPDV QDKH GDV VLFK PLW GHU 6FKLFNVDOKDIWLJNHLW HLQHU 7UDJ|GLH HQWZLFNHOW *RHWKH PDJ ]XGHP YRQ GHU 6WUXNWXU ]HLWJHQ|VVLVFKHU PHGL]LQLVFKHU )DOOJHVFKLFKWHQ EHHLQIOXVVW JHZHVHQ VHLQ :LH QDKH VLFK LQ GHQ $XJHQ GHV $XWRUV EHLGH *HQUHV JHZHVHQ VHLQ N|QQWHQ VSLHJHOW HLQH 6HOEVWDXVVDJH ODXW ZHOFKHU LKP HUVW ÅHLQ OHEKDIWHV SDWKRORJLVFKHV ,QWHUHVVH´ ]XU 9RUDXVVHW]XQJ ZXUGH XP ÅHLQHWUDJLVFKH6LWXDWLRQ]XEHDUEHLWHQ´ $OOHUGLQJV EH]HXJW GHU $EVFKLHGVEULHI DXFK :HUWKHUV *HVWDOWXQJV ZLOOHQ (U QXW]W QLFKW QXU EHZXVVW GLH :LUNNUDIW OHW]WHU :RUWH RGHU BBBBBBBBBBBBB
OLVPXVXQGDXINOlUHULVFKH.ULWLN-RKDQQ:ROIJDQJYRQ*RHWKH'LH/HLGHQGHVMXQJHQ:HUWKHU)ULHGULFK 1LFRODL)UHXGHQGHVMXQJHQ:HUWKHUV6WXWWJDUW.OHWW 6 'HU 5RPDQ LP *DQ]HQ LVW KlXILJ DOV ÄWUDJLVFK¶ EHVFKULHEHQ ZRUGHQ YJO 7UXQ]· $QPHU NXQJHQ LQ *RHWKHV :HUNH 9, 6I .ULWLVLHUW KDW GLHVH 3RVLWLRQ XD 6FKHUSH :HUWKHU ZLUNXQJ6 )UGLHVH KDW1LFRODV 3HWKHV IROJHQGHVÅQDUUDWLYHV 6FKHPD >YRUJHVFKODJHQ@ GDV EHUGDV 3ULQ]LS GHU 6WHLJHUXQJ ]X HLQHU NULVHQKDIWHQ =XVSLW]XQJ IKUW´ ,QWURGXNWLRQ :HQGH SXQNWH([LWXVGHUVÅ9RP(LQ]HOIDOO]XU0HQVFKKHLW'LH)DOOJHVFKLFKWHDOV0HGLXPGHU :LVVHQVSRSXODULVLHUXQJ]ZLVFKHQ5HFKW0HGL]LQXQG/LWHUDWXU´LQ3RSXODULVLHUXQJXQG3RSX ODULWlWKUVJYRQ*HUHRQ%ODVHLRXD.|OQ'X0RQW 6²KLHU6 =LWLHUWQDFK0H\HU.DONXVÅ:HUWKHUV.UDQNKHLW´69HUZLHVHQVHLDXFKDXI*RHWKHV GXUFK /DYDWHU EHUOLHIHUWH bXHUXQJ HU KDEH PLW GHP :HUWKHU HLQH ÅKLVWRULDP PRUEL >«@ VFKUHLEHQ>ZROOHQ@RKQHXQWHQDQJHJHEHQH/HKUHQDEFG´YJO/DYDWHUDQHLQHQ)UHXQG -XOL LQ 0OOHU 'HU MXQJH *RHWKH 6 ,Q GHU )RUVFKXQJ LVW HQWVSUHFKHQG GHU %ULHIURPDQ LQVJHVDPW DOV .UDQNHQJHVFKLFKWH JHOHVHQ ZRUGHQ YJO XD .ODXV 2HWWLQJHU ÅÄ(LQH.UDQNKHLW]XP7RGH¶=XP6NDQGDOXP:HUWKHUV6HOEVWPRUG´'HU'HXWVFKXQWHUULFKW 6²KLHU6² (LQHQGHUMQJVWHQ%HLWUlJH]XU'LVNXVVLRQGHV:HU WKHUDOV)DOOJHVFKLFKWHOLHIHUW&KULVWLDQH)UH\VÅÄ,VWGDVQLFKWGHU)DOOGHU.UDQNKHLW"¶'HU OLWHUDULVFKH )DOO DP %HLVSLHO YRQ *RHWKHV Ä:HUWKHU¶´ =HLWVFKULIW IU *HUPDQLVWLN 1) 6²KLHU6
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ
LQWHUWH[WXHOOH %H]JH XP VHLQH $XVHLQDQGHUVHW]XQJ PLW GHP 7RG ]X LQV]HQLHUHQHUHQWZLFNHOWDXHUGHP0RWLYHDXVIUKHUHQ%ULHIHQZHLWHU 'DVV:HUWKHUVHLQH7H[WHDXFKDOV/HVHUZDKUQLPPWXQGLKQHQGDKHUZLH %HUQKDUG- 'RW]OHU EHPHUNW KDW VHOEVW Å]XP 2SIHU´ IlOOW EHVWlWLJW GLH 6WHUEHERWVFKDIW GD VLH GHQ $XWRU VHOEVW ]X 7UlQHQ UKUW :HUWKHUV 5LQJHQXP(QWVFKORVVHQKHLWXQG6LQQJHEXQJVRZLHGLHZLHGHUKROWHQ%H VFKZ|UXQJVIRUPHOQXQG$XVUXIHGLHVRZRKO/RWWHZLHLKPVHOEVW]XJHO WHQ VFKHLQHQ VLQG %HZHLV GDIU GDVV HU QLFKW QXU DQ XQG IU GLH *H OLHEWHVFKUHLEWVRQGHUQYRUDOOHPDXFKDQVLFKVHOEVW ,P %ULHI DQ /RWWH NXOPLQLHUW GDPLW QLFKW QXU GLH LP 5RPDQJDQ]HQ QDFKJH]HLFKQHWHÅ.UDQNKHLW´VRQGHUQH[SOL]LWHLQ6FKUHLEHQÅ]XP7RGH´ : $OV Å7RGHVHQWHOHFKLH´ YRQ :HUWKHUV %ULHIHQ KDW VFKRQ $O EUHFKW 6FK|QH GLHV EH]HLFKQHW $OOH IUKHUHQ %RWVFKDIWHQ PQGHQ OHW]W OLFKLQGLHVHHLQHDQ/RWWH'HU$EVFKLHGVEULHIVROLHHVLFK]XOHW]WDQ KDQG GHU HLQ]LJHQ EHUOLHIHUWHQ 9RUVWXGLH ]XP :HUWKHU VSHNXOLHUHQ GLH ]HQWUDOH0RWLYHDXVGHP6FKUHLEHQHQWKlOWYJO:.I N|QQWHQLFKW QXU=LHOVRQGHUQDXFK$XVJDQJVSXQNWYRQ*RHWKHV.RPSRVLWLRQJHZH VHQ VHLQ 'HU SRVWKXPH 'RSSHOEOLFN GHU GDV 6FKUHLEHQ ZLH GLH /HNWUH GHV$EVFKLHGVEULHIHVNHQQ]HLFKQHWLVWIUGHQ5RPDQMHGHQIDOOVJOHLFKHU PDHQVWUXNWXUJHEHQG
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ =HLWJHQRVVHQEHPlQJHOWHQ:HUWKHUVDQKDOWHQGH5HIOH[LRQVIlKLJNHLW²EH VRQGHUVLP%ULHIDQ/RWWH²DOVXQJODXEZUGLJXQGGDPLWLQGHU'DUVWHO OXQJQLFKWVWLPPLJÅ:LHNDQQGLHVHU0HQVFKGHULPPHUDXVVHUVLFKLVW LPPHUVREHUVLFKVHOEVW8HEHUOHJXQJHQPDFKHQ"8QGGLH8HEHUOHJXQ JHQELVDG$UWLFXOXPPRUWLVDXIVFKUHLEHQ"´IUDJWH%RGPHU'LH6WHUEH BBBBBBBBBBBBB
9JO3DXOLQÅÄ:LUZHUGHQXQVZLHGHUVHKQ¶´YD6I0OOHU6DOJHWÅ6WUXNWXU´6 %HUQKDUG- 'RW]OHU Å:HUWKHUV /HVHU´ 0/1 6² KLHU 6 YJO DXFK69JOLQGLHVHP.RQWH[WGHQ$QIDQJGHV%ULHIHVYRP0DL: XQG +DYHUNDPSÅ,OOXVLRQXQG(PSDWKLH´6 =X HLQHP YHUJOHLFKEDUHQ 6FKOXVV JHODQJW DOOHUGLQJV DP (QGH HLQHV DQGHUHQ $UJXPHQWD WLRQVJDQJVXQGPLWDQGHUHQ3UlPLVVHQ1HXPH\HU$QRPDOLHQ6'LHDQJOHLFKHU6WHOOH JHlXHUWH)ROJHUXQJDOOH%ULHIH:HUWKHUVVHLHQGHVKDOEDOV$EVFKLHGVEULHIH]XEH]HLFKQHQ WHLOWGLH$XWRULQYRUOLHJHQGHU6WXGLHQLFKW $OEUHFKW6FK|QHÅhEHU*RHWKHV%ULHIDQ%HKULVFKYRP1RYHPEHU´LQ)HVWVFKULIW IU5LFKDUG$OHZ\QKUVJYRQ+HUEHUW6LQJHUXQG%HQQRYRQ:LHVH.|OQXQG*UD]%|K ODX 6²KLHU69JOGD]XDXFKGLHHKHUZHQLJEHU]HXJHQGH$UEHLWYRQ -DVPLQ+HUPDQQ+XZHÄ3DWKRORJLHXQG3DVVLRQ¶LQ*RHWKHV5RPDQÄ'LH/HLGHQGHVMXQJHQ:HUWKHU¶ )UDQNIXUWD0/DQJ 6 %RGPHUDQ6FKLQ]1RYHPEHU]LWLHUWQDFK0OOHU'HUMXQJH*RHWKH6
/LWHUDWXUXQG:LUNOLFKNHLW
VWXQGHHLQHV6HOEVWP|UGHUVVFKLHQHUVLFKDQGHUVYRU]XVWHOOHQ$QGHUHQ ILHO GLH %RWVFKDIW GDJHJHQ SRVLWLY DXI -RKDQQ -DNRE :LOKHOP +HLQVH ]lKOWHVLHÅXQWHUGDV9RUWUHIOLFKVWH>«@ZDVGDVVWDUNIKOHQGH+HU]GHU VWlUNVWHQ *HLVWHU MH KHUYRUJHEUDFKW KDW´ 'DVV DXFK OHW]WH %ULHIH YRQ UHDOKLVWRULVFKHQ6HOEVWP|UGHUQOLWHUDULVFKH4XDOLWlWHQDXIZHLVHQNRQQWHQ KDWWHEHUHLWVHLQH(QJOlQGHULQYRUJHIKUWGLHVLFKDXIJUXQGYRQ/LH EHVKlQGHOQ HUWUlQNWH =XWLHIVW EHVFKlPW XQG XP LKUHQ 5XI EHVRUJW VFKLOGHUWH VLH LKU 6FKLFNVDO DOV 9HUIKUXQJVJHVFKLFKWH XQG :DUQXQJ 0DF'RQDOG XQG 0XUSK\ ZHLVHQ DXI 4XHOOHQ KLQ GLH GLHVHQ $EVFKLHGV EULHI JHSUlJW KDEHQ N|QQWHQ 7UDJ|GLHQ 5RPDQH XQG (UEDXXQJVVFKULI WHQ HLQH bKQOLFKNHLW PLW G\LQJ VSHHFKHV ZLUG DQJHPHUNW 'HU 7RSRV GHU XQJOFNOLFKHQ*HOLHEWHQOlVVWZLHGHUXPDQGLHKHURLVFKH(SLVWHODOV9RU ELOGGHQNHQ )UGLHOLWHUDULVFKH5H]HSWLRQGHV$EVFKLHGVEULHIHVDQ/RWWHERWVLFK GDV ]XOHW]W JHQDQQWH *HQUH ² QHEHQ 5ROOHQJHGLFKW XQG /LHG ²JHUDGH]X DQ'LHLQ'HXWVFKODQG(QJODQG)UDQNUHLFKXQGDQGHUHQ/lQGHUQHQW BBBBBBBBBBBBB
9JO2HWWLQJHUÅÄ.UDQNKHLW¶´6 0OOHU 'HU MXQJH *RHWKH 6 5H]HQVLRQ ]XHUVW YHU|IIHQWOLFKW LQ,ULV 'H]HPEHU 6² 9JO 0DF'RQDOG0XUSK\ 6OHHSOHVV 6RXOV 6I XUVSUQJOLFK YHU|IIHQWOLFKW LP /RQGRQ -RXUQDO-XQL 6 ,PGHXWVFKHQ6SUDFKUDXPZUGHQGLHVVSlWHVWHQV GLH$EVFKLHGVEULHIH.OHLVWV]HLJHQ=X/HW]WHUHQOLHJHQ]DKOUHLFKH)RUVFKXQJVDUEHLWHQYRU 6WHOOYHUWUHWHQGJHQDQQWVHLHQ+ROJHU+HOELJÅ+HUUYRQ.OHLVWXQG)UDX9RJHOEHVFKOLHHQ LKUHQ7RGXQGYHUZLUUHQGLH:LVVHQVFKDIW'HU%ULHIZHFKVHO]ZLVFKHQ+HLQULFKYRQ.OHLVW XQG+HQULHWWH9RJHODOVSKLORORJLVFKH*UHQ]VLWXDWLRQ´LQ*UHQ]VLWXDWLRQHQKUVJYRQ'RUR WKHD/DXWHUEDFKXD6²%HWWLQH0HQNHÅÄ/LWHUDWXUXQG6HOEVWW|WXQJ¶DP%HLVSLHO +HLQULFK YRQ .OHLVWV 2GHU 'LH :RUWH XQG GLH :LUNOLFKNHLW´ LQ 6WHUEHQ YRQ HLJHQHU +DQG KUVJ YRQ $QGUHDV %lKU XQG +DQV 0HGLFN 6² %ODPEHUJHU ÅgNRQRPLH GHV 2S IHUV´69JODXFK0DULH,VDEHO6FKOLQ]LJÅ+HLQULFKYRQ.OHLVWVXQG+HQULHWWH9RJHOV $EVFKLHGVEULHIH LP 6SLHJHOGHU .RQYHQWLRQHQ OHW]WHQ 6FKUHLEHQV XP ´ LQ*HVSUlFKV VSLHOHXQG,GHHQPDJD]LQH+HLQULFKYRQ.OHLVWXQGGLH%ULHINXOWXUXPKUVJYRQ,QJR%UHXHU XD.|OQXD%|KODXJHSODQWIU (QWVSUHFKHQGGHVGLGDNWLVFKHQ,PSHWXVZHLVWGHU%ULHIW\SLVFKH0HUNPDOHH[HPSODULVFKHQ 6FKUHLEHQVDXIYJO0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6I 0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6 $XFK GHU $EVFKLHGVEULHI GHU MXQJHQ (OHDQRU -RKQVRQ GLH VLFK LQ HLQHQ GXQNHOKlXWLJHQ 0DQQ YHUOLHEW KDWWH XQG VLFK VFKHLQEDU QDFK HLQHP 'LVSXW PLW LKP GDV /HEHQ QDKP KDWWHOLWHUDULVFKHV3RWHQWLDOYJO0DF'RQDOG0XUSK\6OHHSOHVV6RXOV6I]XHUVWYHU|I IHQWOLFKWXQWHUGHU5XEULNÅ6XLFLGH´7KH7LPHV6HSWHPEHU 6 'LHOHEKDIWH5HDNWLRQ]HLWJHQ|VVLVFKHU/HVHU.ULWLNHUXQG6FKULIWVWHOOHUDXIGHQ:HUWKHULVW LQGHU)RUVFKXQJDXVIKUOLFKEHVFKULHEHQZRUGHQ'DLPKLHU]XGLVNXWLHUHQGHQ.RQWH[W YDMHQH7H[WHLQWHUHVVLHUHQGLHGLUHNWRGHULQGLUHNWDXI:HUWKHUV$EVFKLHGVEULHIHUHDJLH UHQVHLGDKHUQXUDXIHLQH$XVZDKOYRQ%HLWUlJHQ]XU:HUWKHU5H]HSWLRQDOOJHPHLQKLQJH ZLHVHQXQG]ZDUD ]XU]HLWJHQ|VVLVFKHQNULWLVFKHQVRZLHE ]XUOLWHUDULVFKHQD 'HUMXQJH *RHWKHEHDUEHLWHWXQGHLQJHOHLWHWYRQ0OOHU*RHWKHVÄ:HUWKHU¶DOV0RGHOOIUNULWLVFKHV/HVHQ 0DWHULDOLHQ ]XU 5H]HSWLRQVJHVFKLFKWH ]XVDPPHQJHVWHOOW XQG HLQJHOHLWHW YRQ .DUO +RW] 6WXWWJDUW .OHWW 6FKHUSH :HUWKHU XQG :HUWKHUZLUNXQJ *HRUJ -lJHU Å'LH :HUWKHU ZLUNXQJ(LQUH]HSWLRQVlVWKHWLVFKHU0RGHOOIDOO´LQ*RHWKHVÄ:HUWKHU¶KUVJYRQ+DQV3HWHU
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ
VWHKHQGHQO\ULVFKHQ:HUWKHULDGHQIRNXVVLHUWHQEHUZLHJHQGDXIGDVHPS ILQGVDPH0RPHQWGHV/LHEHVDEVFKLHGHVXQG:HUWKHUDOVNODJHQGHQ-QJ OLQJ7HLOZHLVHJHVFKDKGLHVLQHQJHU$QOHKQXQJDQ*RHWKHV7H[WZLHLQ GHP DQRQ\P HUVFKLHQHQHQ *HGLFKW Å/HW]WHU $XIVDW] :HUWKHUV DQ /RWWHQQDFKWVQDFKHLOI8KU´'LHVH9HUVLILNDWLRQZHOFKHYRUQHKPOLFK 0RWLYHGHVIQIWHQ%ULHIDEVFKQLWWHVDXIQLPPWNDQQDOVHLQHGHUJHOXQJH QHUHQ JHOWHQ )U GLH O\ULVFKHQ :HUWKHULDGHQ ZHOFKH GLH %RWVFKDIW DQ /RWWH YHUDUEHLWHWHQ JLOW OHLGHU GDVVHOEH ZLH IU YLHOH 3URVDWH[WH GLH GHQ JDQ]HQ 5RPDQ QDFKDKPHQ GDVV LKUH OLWHUDULVFKlVWKHWLVFKH 4XDOLWlW GHU GHV2ULJLQDOVLQNHLQHU:HLVHQDKHNRPPW .DULQ9RUGHUVWHPDQQKDWDQJHPHUNWGDVVIDVWDOOHGHXWVFKVSUDFKLJHQ 5ROOHQJHGLFKWHGLH:HUWKHU]X/HE]HLWHQ]XJHVFKULHEHQZXUGHQDXIGDV $EVFKLHGVVFKUHLEHQ %H]XJ QHKPHQ 1LFKW LPPHU YHUZLHVHQ $XWRUHQ GLUHNW DXI GLH %ULHIIRUP LPSOL]LW LVW GLHVH JOHLFKZRKO LQ GHU KlXILJ WLWHO JHEHQGHQ $GUHVVH Å:HUWKHU DQ /RWWH´ HQWKDOWHQ 8P GLH HPRWLRQDOH :LUNXQJGHU'LFKWXQJHQ]XHUK|KHQEHWRQWHPDQGLH]HLWOLFKH1lKHYRQ 6FKUHLEHQXQG7RGZLHLPHEHQIDOOVDQRQ\PYHU|IIHQWOLFKWHQÅ:HUWHUWR &KDUORWWH6XSSRVHGWREHZULWWHQE\+,0DIHZKRXUVEHIRUHKLV'HDWK´ 'DEHLVFKHLQHQLP5H]HSWLRQVSUR]HVVGLH*UHQ]HQ]ZLVFKHQ2ULJLQDOXQG ,PLWDWLRQIOLHHQG'DVHEHQHUZlKQWH*HGLFKWEHLVSLHOVZHLVHILQGHWVLFK LP$QKDQJGHU]ZHLWHQhEHUVHW]XQJGHV*RHWKH·VFKHQ5RPDQVLQV(QJOL VFKH XQG ZXUGH YRQ =HLWJHQRVVHQ HLQIDFK DOV HLQH ZHLWHUH ÄSRVWKXPH¶ %RWVFKDIW:HUWKHUVJHZHUWHWYJO),,,$QPR BBBBBBBBBBBBB
+HUUPDQQ 6² %HUQG /HLVWQHU Å*RHWKHV Ä:HUWKHU¶ XQG VHLQH ]HLWJHQ|VVLVFKHQ .ULWLNHU´ *RHWKH 6² E 6WXDUW 3UDWW $WNLQV 7KH 7HVWDPHQW RI :HUWKHU LQ 3RHWU\DQG'UDPD&DPEULGJH0DVV+DUYDUG8QLYHUVLW\3UHVV ,QJULG(QJHO:HUWKHU XQG GLH :HUWKHULDGHQ (LQ %HLWUDJ ]XU :LUNXQJVJHVFKLFKWH 6W,QJEHUW 5|KULJ $QGUHH :HQQ7H[WHW|WHQ.DULQ9RUGHUVWHPDQQÄ$XVJHOLWWHQKDVWGX²DXVJHUXQJHQ¶/\ULVFKH:HUWKHULDGHQ LPXQG-DKUKXQGHUW+HLGHOEHUJ:LQWHU 'LHIROJHQGHQ$XVIKUXQJHQVWW]HQVLFKPDJHEOLFKDXI9RUGHUVWHPDQQYJO]X9DULDQ WHQ XQG %LEOLRJUDSKLHQ KLHU UHOHYDQWHU GHXWVFKVSUDFKLJHU :HUWKHULDGHQ GLHV Ä$XVJHOLWWHQ¶ YD6²IIVRZLH²IUHLQHGHWDLOOLHUWH,QWHUSUHWDWLRQGLHVHU7H[WH )ULW] $GROI +QLFK Å'LH GHXWVFKHQ :HUWKHU*HGLFKWH´ LQ -DKUEXFK GHU 6DPPOXQJ .LSSHQ EHUJ/HLS]LJ,QVHO 6²KLHU6²]XHUVWYHU|IIHQWOLFKWLQ'HUVDW\ ULVFKH %LHGHUPDQQ (LQH :RFKHQVFKULIW >R$@ YJO 9RUGHUVWHPDQQ Ä$XVJHOLWWHQ¶ 6² 9RUGHUVWHPDQQÄ$XVJHOLWWHQ¶6I 9RUGHUVWHPDQQÄ$XVJHOLWWHQ¶6IYJODXFK6I 'DEHLNRQQWHHVVLFKDOOHUGLQJVDXFKXP%RWVFKDIWHQDXVGHP-HQVHLWVKDQGHOQGLH:HU WKHUHEHQIDOOVVRZRKOLQ3URVDDOVDXFKLQ*HGLFKWIRUP]XJHVFKULHEHQZXUGHQYJO9RU GHUVWHPDQQV $QDO\VH GHV *HGLFKWV Å:HUWKHU DQ /RWWH´ YRQ *HRUJ (UQVW YRQ 5OLQJ ² Ä$XVJHOLWWHQ¶6II]XHUVWYHU|IIHQWOLFKWLQ'HU7HXWVFKH0HUNXU$X JXVW 6I 9JO DXFK ,VDDN 'DQLHO 'LOWKH\V ² :HUWKHU DQ VHLQHQ )UHXQG :LOKHOPDXVGHP5HLFKHGHU7RGWHQ Å:HUWHUWR&KDUORWWH6XSSRVHGWREHZULWWHQE\+,0DIHZKRXUVEHIRUHKLV'HDWK´LQ :HUWHUDQG&KDUORWWH$*HUPDQ6WRU\/RQGRQ3DUVRQV 6²$XFKGHUHUVWHQ
/LWHUDWXUXQG:LUNOLFKNHLW
'LHVH 9HUPLVFKXQJ JHUHLFKWH GHP 2ULJLQDO LQ .ULWLNHUDXJHQ QLFKW ]XP9RUWHLOXQWHUDQGHUHPGD9HUVLILNDWLRQHQGHV$EVFKLHGVEULHIHVGHV VHQ'UDPDWLNQRFKHPSILQGVDPVWHLJHUWHQ'DV(QGHYRQ6DPXHOeOLVpH GH%ULGHOV² Å/HWWUHGH9HUWKHUj&KDUORWWH´HWZDYHUNU]WGLH 6SDQQH ]ZLVFKHQ %ULHIVFKOXVV XQG 6FKXVV DXI HLQH $XJHQEHZHJXQJ Å0LQXLWIUDSSH«LOHVWWHPSV«DGLHX&KDUORWWHDGLHX/HFRXSSDUW ´ 'LH +HURLGH VWHKW ]XGHP JDQ] LP =HLFKHQ YRQ :HUWKHUV 7UlQHQ Å-H W·pFULV FH SDSLHU HVW EDLJQp GHV PHV ODUPHV´ 'DV :HLQHQ GHV *RH WKH·VFKHQ +HOGHQ DP (QGH GHV HUVWHQ %ULHIDEVFKQLWWHV HUVFKHLQW DXVJH GHKQWDXIGHQJHVDPWHQ7H[W(LQ*HJHQVWFNKLHU]XOLHIHUW(GZDUG7D\ ORUV :HUWHU WR &KDUORWWH $ SRHP /RQGRQ 0XUUD\ GHVVHQ O\ULVFKHV ,FKQRFKH[WUHPHUHSK\VLVFKHZLHHPRWLRQDOH(UUHJXQJYRQVHLQHU$GUHV VDWLQHUZDUWHW 7UDFHHY·U\SDQJDQGWUHPEOHZKLOH\RXUHDG :KDWGLUHHIIHFWVIURPKDSOHVVORYHSURFHHG >«@ DWHY·U\OLQHWKHJXVKLQJWHDUVVKDOOVWDUW $QGWKULOOLQJSDLQVVKDOOYLEUDWHWKURXJKWK\KHDUW 6WDLQ·GE\WK\WHDUVWKHZRUGVVKDOOIDLQWO\VKHZ 7LOOVHQVHLVORVWDPLGDFORXGRIZRHHEG6
(LQHUVHLWVEHZHLVWGLHYLHOIDFKH1DFKJHVWDOWXQJGHU%RWVFKDIWGDVVJHUDGH GLHVHV 0RWLY GLH *HPWHU EHVRQGHUV EHUKUWH XQG IDV]LQLHUWH .ULWLNHU EHZHUWHWHQGHVVHQ$OOHLQVWHOOXQJJOHLFKZRKOQHJDWLYGDVLHGDVÄIHKOJHOHL WHWH¶ 0LWOHLG IU :HUWKHUV *HVFKLFKWH XQG GDPLW GHUHQ VFKlGOLFKH :LU NXQJSRWHQ]LHUH 'DEHL UHLFKWHQ EHUHLWV =LWDWH DXV GHP $EVFKLHGVEULHI ² VSH]LHOO GLH OHW]WHQ 6lW]H :HUWKHUV PDQFKPDO HUJlQ]W XP DQGHUH 3DVVDJHQ DXV GHP 5RPDQ²XPGLH3KDQWDVLHGHU=HLWJHQRVVHQ]XHQW]QGHQ$GDSWLRQHQ GLHVHU $UW ILQGHQ VLFK VRZRKO LQ ILNWLRQDOHQ ZLH UHDOKLVWRULVFKHQ %H]XJ QDKPHQ DXI :HUWKHU (LQ ILNWLYHV %HLVSLHO ELHWHW GLH (U]lKOXQJ Å:LUNOLFK EHVVHU PDQ KlWWH NHLQH DOV VROFKH .LQGHU´ LQ .DUO YRQ (FNDUWVKDXVHQV ² 6DPPOXQJ 2ULJLQDOEULHIH XQJOFNOLFKHU 0HQVFKHQ DOV %H\WUlJH ]XU *HVFKLFKWH GHV PHQVFKOLFKHQ (OHQGHV GHQ )UHXQGHQ GHU 0HQVFKKHLW JHZHLKW 0QFKHQ-RVHSK/HQWQHU 'DULQZLUG/XGZLJHLQGXUFK,QWULJHQ BBBBBBBBBBBBB
hEHUVHW]XQJLQV(QJOLVFKHLVWHLQHVROFKH:HUWKHULDGHDQJHVFKORVVHQYJO5LFKDUG*UDYHV ² Å:HUWHU WR &KDUORWWH$ OLWWOH EHIRUHKLV 'HDWK´LQ 7KH 6RUURZV RI :HUWHU$ *HUPDQ6WRU\1HXDXVJDEH%GH/RQGRQ'RGVOH\ ,,6I 6DPXHOeOLVpHGH%ULGHO/HV'pODVVHPHQV3RpWLTXHV3DU0
/DXVDQQHXQG3DULV/D&RPEH 6²KLHU6YJO$WNLQV7HVWDPHQW6I %ULGHO/HV'pODVVHPHQV6 6R 0RRUH PLW %OLFN DXI GDV OHW]WH YRQ IQI 6RQHWWHQ GLH &KDUORWWH 6PLWK ² :HUWKHUYHUIDVVHQOLHYJO),,,$QP[9RUGHUVWHPDQQÄ$XVJHOLWWHQ¶6I
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ
XP VHLQ 9HUP|JHQ VRZLH XP VHLQH *HOLHEWH -XOLH JHEUDFKWHU MXQJHU 0DQQDXV1RWZHKU]XP%UXGHUP|UGHUXQGQLPPWVLFKVFKOLHOLFKYHU DUPWHQWHKUWXQGRKQH$XVVLFKWDXIHLQHHUIOOWH%H]LHKXQJ]X-XOLHGDV /HEHQ(UVFKUHLEW]ZHL$EVFKLHGVEULHIH,PHUVWHQDQHLQHQ)UHXQGVWHOOW HU VLFK DOV ELVODQJ 'XOGVDPHU GDU GHU QXQ LQ HLQHU 0LVFKXQJ DXV 6FKXOGJHIKOHQ 6HOEVWYHUDFKWXQJ XQG /LHEHVYHU]ZHLIOXQJ VHLQ 6FKLFNVDO VHOEVWLQGLH+lQGHQHKPH'HU)UHXQGHLOWDXIGHQ%ULHIKLQ]XU+LOIH NRPPW DEHU ]X VSlW /XGZLJ KDW DXI VLFK JHVFKRVVHQ OHEW ]ZDU QRFK VWLUEWDEHUHLQLJH6WXQGHQVSlWHU'LH6FKLOGHUXQJYRQ7DWXPVWlQGHQXQG RUW RULHQWLHUW VLFK DP :HUWKHU·VFKHQ 0RGHOO ZREHL VWDWW (PLOLD *DORWWL Å/+@Å%UDXWEULHIH.LHO$XJXVW²0lU]YRQ/XFLH$XJXVWH)ULHGHUL FD-HQVHQ DQ-RKDQQ (KUHQIULHG -DFRE 'DKOPDQQ LQ:LVPDU´ =HLWVFKULIW GHU *HVHOOVFKDIWIU 6FKOHVZLJ+ROVWHLQ/DXHQEXUJLVFKH *HVFKLFKWH 6² KLHU 6I YJO $QGUHH :HQQ7H[WHW|WHQ6I Å%UDXWEULHIH´6 $QGUHH:HQQ7H[WHW|WHQ6I
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ
7LWHO Å/H]WHU $XIVD] HLQHV 6HOEVWP|UGHUV´ +HUDXVJHEHU 0HLQHU GHU GLHVHQ NRPPHQWLHUWH YHUZLHV LP 9RUIHOG XQWHU DQGHUHP DXI GLH $E VFKLHGVEULHIHHLQHVÅ2IILFLHUVYRQ$GHUYRUZHQLJ-DKUHQLQ'U VLFK HUVFKRVV´ Å'HU JHODVVHQ UDLVRQQLHUHQGH 7RQ VHLQHU ]XUFNJHODVVHQHQ (SLVWHOQ´ VR 0HLQHU VHL GDPDOV YLHOHQ ÅXQEHJUHLIOLFK´ JHZHVHQ 0HLQHUV =ZHLIHO lKQHOW %RGPHUV :HUWKHU.ULWLN ZDU LQ GHU 5H]HSWLRQ OHW]WHU%RWVFKDIWHQYRQ6XL]LGHQWHQ]XGLHVHP=HLWSXQNWDOOHUGLQJVVFKRQ 7RSRVJHZRUGHQÅ$´KLHYROOVWlQGLJ*RWWOLHE*HRUJ(UQVWYRQ$UHQV ZDOG " ² XQG ZXUGH HEHQIDOOV ]X GHQ :HUWKHU6HOEVWP|UGHUQ JH]lKOW 6HLQH $EVFKLHGVEULHIH ZHUGHQ QRFK ]XU 6SUDFKH NRPPHQ YRU DXVJHVFKLFNWVHLKLHUOHGLJOLFK,KPZLHGHP$XWRUGHVÅ$XIVD]HV´JHJHQ EHUZXUGHXQWHUDQGHUHPPLW%OLFNDXIGHQ*RHWKH5RPDQGHUKlXILJ YRUJHEUDFKWH 9RUZXUIÄIDOVFKHU¶/HNWUHODXW0HLQHUIUDJWHVLFKEHLGHU *HOHJHQKHLW RE GLHVHU GHQQ PLW %OLFN DXI /HW]WHUHQ EHUHFKWLJW VHL XQG VFKORVV ÅGD HV VLFK ZLUNOLFK HLQPDO GHU 0KH YHUORKQWH GHVIDOV HLQH JHQDXHUH8QWHUVXFKXQJDQ]XVWHOOHQ´ 'DEHLKlWWHLKPDXIIDOOHQPVVHQGDVV3DUDOOHOHQEHVWDQGHQ]ZLVFKHQ GHPÅ$XIVD]´XQG*RHWKHV5RPDQ%HUHLWVGHU%ULHIEHJLQQ²Å'DV/H EHQGHV0HQVFKHQLVWHLQ7UDXP´²HULQQHUWDQ:HUWKHUV6FKUHLEHQYRP 0DL(VIROJWHLQHUHOLJLRQVEH]RJHQH$UJXPHQWDWLRQGLHGDVLQ GHU ]HLWJHQ|VVLVFKHQ 6XL]LGGLVNXVVLRQ JlQJLJH %LEHO]LWDW Å5LFKWHW QLFKW VRZHUGHWLKUDXFKQLFKWJHULFKWHW´/N0DW XQGGDUDXIKLQ²LQ YHUlQGHUWHU .RQWH[WXDOLVLHUXQJ ² GLH :LHGHUVHKHQV QHEHQ DQGHUHQ $E VFKLHGVEULHIIRUPHOQDQIKUW'HU]ZLQJHQGVWHLQWHUWH[WXHOOH%H]XJ]XP :HUWKHULVWMHGRFKGLHHLJHQZLOOLJHLPLWDWLR&KULVWLGHV$XWRUVÅ'HQ5XIGHV 9DWHUV PX PDQ QLH YHUZHUIHQ XQVHU JURHU /HKUHU IROJWH LKP GLHVHU UXIWHDXFKXP(QGLJXQJVHLQHU/HLGHQVROOWHLFKDOV0HQVFKGDV]XWKXQ PLFK VFKlPHQ"´ 0DQ N|QQWH HLQZHQGHQ GDVV HV VLFKKLHUEHL HEHQIDOOV XP HLQ 9HUVDW]VWFN ]HLWJHQ|VVLVFKHU 6HOEVWPRUGGLVNXUVH KDQGHOW *DQ] DXVVFKOLHHQ OlVVWVLFK GDPLW HLQH ZHQQ DXFK YLHOOHLFKW GLIIXVH :LUNXQJ
BBBBBBBBBBBBB
0HLQHUÅ/H]WHU$XIVD]´6 0HLQHUÅ/H]WHU$XIVD]´6I 0HLQHUÅ/H]WHU$XIVD]´6YJO]XGLHVHP7H[WDXFK%DXPDQQ5HFKW6 'LH$X WRULQYHUZHLVWDXI&DOGHUyQXQGZHUWHWGHQ%H]XJDOV=HXJQLVGHUOLWHUDULVFKHQ%LOGXQJGHV %ULHIVFKUHLEHUVGLH3DUDOOHOH]X:HUWKHUIlOOWLKUKLHUZLHDQDQGHUHU6WHOOHQLFKWDXI/HGLJ OLFKGLHDQJHGHXWHWH6WlQGHNULWLNGHV6HOEVWP|UGHUVEULQJWVLHPLW*RHWKHV5RPDQLQ9HU ELQGXQJ 0HLQHUÅ/H]WHU$XIVD]´6I-RKDQQ&DVSDU/DYDWHUHWZDQXW]WHGDV%LEHO]LWDWLQhEHU GHQ6HOEVWPRUG(LQH3UHGLJWhEHU*HVFKLFKWEXFK;9,²EH\HLQHUEHVRQGHUQ9HUDQODVVXQJJH KDOWHQEH\6W3HWHULQ=ULFK>«@:LQWHUWKXU6WHLQHU 6 0HLQHUÅ/H]WHU$XIVD]´6I
/LWHUDWXUXQG:LUNOLFKNHLW
GHV :HUWKHU MHGRFK QLFKW XPJHNHKUW EHWUDFKWHW ZUGH GHU Å$XIVD]´ VR GHQ5HDOLVPXVGHUILNWLYHQ$EVFKLHGVERWVFKDIWEHVWlWLJHQ $XFK DOV %ULHIHUVDW] ]XU EORHQ IU ,QWHUSUHWDWLRQHQ RIIHQHQ *HVWH UHGX]LHUW²ZLHEHL*RHWKH(PLOLD*DORWWL²ZXUGHGDV6FKUHLEHQDQ/RWWH JHQXW]W XQG HUZLHV VLFK DOV HIIHNWLYHV 6LJQDO DQ GLH 1DFKZHOW 6R ODJ DQJHEOLFK EHL HLQHP MXQJHQ 6HOEVWP|UGHU DOV HLQ]LJH %RWVFKDIW DXI GHP 7LVFK ÅGHU :HUWKHU DXIJHVFKODJHQ 6 ZR HV KHLW HV LVW ]Z|OI ² VLH VLQG JHODGHQ XVZ´ 6HOEVW ZHQQ LP NRQNUHWHQ )DOO =ZHLIHO DQ GHU 9RUELOGZLUNXQJ GHU :HUWKHU·VFKHQ DXI UHDOH 6HOEVWP|UGHUERWVFKDIWHQ DQJHEUDFKWEOLHEHQRGHUGLHVHEHUKDXSWQLFKWQDFKZHLVEDUZDU ZLUNWH GHU%ULHIGRFKDOV:DKUQHKPXQJVIROLH.ULWLNHUEHQXW]WHQGDV6FKUHLEHQ DQ/RWWHDOV0RGHOOXPUHDOKLVWRULVFKH$EVFKLHGVEULHIH]XFKDUDNWHULVLH UHQE]Z]XNDWHJRULVLHUHQ6REHULFKWHWH2VLDQGHUYRQHLQHPN|QLJOLFKHQ %HGLHQVWHWHQGHUVLFKÅDXVZDKQVLQQLJHU/LHEH>HUVFKR@QDFKGHPHUHUVW HLQHQ %ULHI j OD :HUWKHU JHVFKULHEHQ KDWWH´ 'DVV PDQ PDQFKHQ GHU +DQG DQ VLFK VHOEVW JHOHJW KDWWH PLW GHP :HUWKHU ÅRGHU HLQHP DQGHUQ lKQOLFKHQ 5RPDQ RGHU PLW HLQHU $SRORJLH EHU GHQ 6HOEVWPRUG LQ GHU 7DVFKHRGHUQHEHQOLHJHQG´DXIIDQGHUNOlUWHGHU$U]WHEHQIDOOV]XHLQHP :HUWKHU(IIHNW'DVV:HUWKHUHLQKLVWRULVFKHV9RUELOG]XJUXQGHODJXQG GDVV GLH EHVFKULHEHQHQ 6XL]LGHQWHQ LP *UXQGH OHGLJOLFK HLQH ELV LQ GLH $QWLNH ]XUFNUHLFKHQGH 7UDGLWLRQ GHU HUNOlUHQGHQ $EVFKLHGVERWVFKDIW E]ZOHW]WHQV\PEROLVFKHQ/HNWUHYRUGHP6XL]LGIRUWVHW]WHQJLQJDQJH VLFKWVGHV(LIHUVGHP*RHWKH·VFKHQ5RPDQVFKlGOLFKH:LUNXQJHQQDFK ]XZHLVHQXQWHU BBBBBBBBBBBBB
/HGLJOLFK KLQJHZLHVHQ VHL QRFK DXI GHQ )DOO )UDQ] ;DYHU YRQ =ZDFNV ² GHQ %lKU LP .RQWH[W GHU :HUWKHU5H]HSWLRQ DQDO\VLHUW 9RQ =ZDFN WlXVFKWH VHLQHQ 6HOEVW PRUG]ZDUQXUYRUYHUIDVVWHMHGRFK$EVFKLHGVEULHIHVRZLHHLQH6FKULIWLQGLHHUOlQJHUH 3DVVDJHQ DXV GHP :HUWKHU HLQUFNWH YJO %lKU 5LFKWHU 6² .RUULJLHUW VHL XQWHU +LQZHLV DXI GLH ELVKHULJHQ $XVIKUXQJHQ GLH %HPHUNXQJ %lKUV GDVV VLFK GLH .HUNHU 0HWDSKHUZHOFKH=ZDFNEHQXW]WHLQ*RHWKHV7H[WQLFKWILQGHHEG6 'LH%ULHIH =ZDFNV VLQG LQ IROJHQGHP %DQG HQWKDOWHQ >$QRQ@ (LQLJH 2ULJLQDOVFKULIWHQ GHV ,OOXPLQDWHQ RUGHQVZHOFKHEH\GHPJHZHVHQHQ5HJLHUXQJVUDWK=ZDFNGXUFKYRUJHQRPPHQH+DXVYLVLWDWLRQ]X/DQGVKXW GHQ XQG 2NWRE F YRUJHIXQGHQ ZRUGHQ 0QFKHQ $QWRQ )UDQ] >@ 6² =ZDFNV:HUWKHU5H]HSWLRQWKHPDWLVLHUWHQLPhEULJHQVFKRQ=HLWJHQRVVHQYJOGLHLQ 5HDNWLRQDXIYRUJHQDQQWH3XEOLNDWLRQHUVFKLHQHQHQ>$QRQ@%HPHUNXQJHQEHUHLQLJH2ULJLQDO VFKULIWHQ GHV ,OOXPLQDWHQRUGHQV ZHOFKH EH\ GHP JHZHVHQHQ 5HJLHUXQJVUDWK =ZDFN GXUFK YRUJHQRPPHQH +DXVYLVLWDWLRQ]X/DQGVKXWGHQXQG2NWREFVROOHQJHIXQGHQXQGDXIK|FKVWHQ%HIHKO 6U .XUIUVWOLFKHQ 'XUFKODXFKW ]XP 'UXFN EHI|UGHUW ZRUGHQ VH\Q )UDQNIXUWD0 XQG /HLS]LJ >R$@ 6² >6FK@Å(LQQHXHU:HUWKHU´0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH 6²KLHU 6 2VLDQGHU6HOEVWPRUG6 2VLDQGHU6HOEVWPRUG62VLDQGHUQHQQWKLHUPHKUHUH)lOOHLQGHQHQXQWHUVFKLHGOLFKH 6FKULIWHQKlXILJ]XVDPPHQPLW$EVFKLHGVEULHIHQEHL6HOEVWP|UGHUQYRUJHIXQGHQZXUGHQ YJOHEG6II
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ
'DEHL EHVFKUlQNWH VLFK GLH *HIlKUOLFKNHLW GHV $EVFKLHGVEULHIHV NHL QHVZHJV DXI GLH $XWRUHQVHLWH GDV KHLW MHQH DP /HEHQ 9HU]ZHLIHOQGHQ GLHVLFK:HUWKHU]XP9RUELOGQHKPHQPRFKWHQ0LQGHVWHQVHEHQVRIDV ]LQLHUW ZDUHQ /LWHUDWHQ ZLH /HVHU GDYRQ ZLH GLH LQ GLH %RWVFKDIW HLQEH VFKULHEHQH$GUHVVDWLQXQGGHUHQ(KHPDQQZRKOUHDJLHUWKDEHQPRFKWHQ *RHWKHV 5RPDQEHVFKUHLEW GHQ0RPHQW GHU /HNWUHQLFKW0DQ HUIlKUW YRQÅ$OEHUWV%HVWU]XQJ´XQGÅ/RWWHQV-DPPHU´XQGNXU]GDUDXIKHLW HVÅ0DQIUFKWHWHIU/RWWHV/HEHQ´: 7KRPDV36DLQHKDW GDIUGDVVLKU=XVWDQGVLFKGHUDUWYHUVFKOHFKWHUWXQG$OEHUWQLFKWDQGHU %HHUGLJXQJ WHLOQLPPW :HUWKHUV $EVFKLHGVEULHI DQ /RWWH YHUDQWZRUWOLFK JHPDFKW 'LHVHU VHL GDUDXI DQJHOHJW VLH LQ DOOH (ZLJNHLW ]X ÄYHUQLFKWHQ¶ LKUH(KH]X]HUVW|UHQ:HUWKHUHUZDUWHP|JOLFKHUZHLVHJDUVLHZHUGHLKP LQGHQ7RGIROJHQ=ZDUEOHLEWGLHVH/HVDUWVSHNXODWLYGHQQRFKZLUNWVLH ZLH HLQ (FKR ]HLWJHQ|VVLVFKHU 5HDNWLRQHQ GLH GHU %RWVFKDIW QLFKW QXU IDWDOH:LUNXQJHQDXI/RWWH]XVFKULHEHQVRQGHUQ]XGHPHLQHQQHJDWLYHQ (IIHNWDXIMHQH/HVHULQQHQGLHVLFK]XVHKUPLWGHU5RPDQKHOGLQLGHQWL IL]LHUWHQ (UVWHUHQ 7UHQG EH]HXJW $XJXVW &RUQHOLXV 6WRFNPDQQV ² 'LH /HLGHQ GHU MXQJHQ :HUWKHULQQ (LVHQDFK *ULHVEDFK GHU GLH (UHLJQLVVHXP:HUWKHUDXV/RWWHV6LFKWHU]lKOW'HVVHQ%ULHIHUKlOWVLH² DQGHUV DOV EHL *RHWKH ² YRQ $OEHUW XQJHOHVHQ XQG PLW ]ZHL :RFKHQ 9HUVSlWXQJ YJO :,1 /RWWHV 5HDNWLRQ DXI GHQ %ULHI ZLUG DOV EHUWULHEHQKHIWLJJHNHQQ]HLFKQHW6FKRQEHLPgIIQHQZHLQWVLHHUOHLGHW Å%HNOHPPXQJHQ 2KQPDFKWHQ XQG DOOHV ZDV GLHVHU OHLGHQVFKDIWOLFKHQ :LUWKVFKDIW QXU EH\JH]lKOW ZHUGHQ NDQQ´ :,1 'LH /HNWUH EH JOHLWHQ=LWWHUQ7UlQHQPHKUIDFKPXVV/RWWHSDXVLHUHQ/HW]WOLFKOLHVWVLH GHQ$EVFKLHGVEULHIHEHQVRDQGlFKWLJZLH/D5RFKHV&KDUDNWHUHH[HPSOD ULVFKH %RWVFKDIWHQ ZLHGHU XQG ZLHGHU ELV ÅHLQ MHGHV :RUW HLQH MHGH :HQGXQJ HLQ>²@ MHGH>U@ $XVUXI WLHI LQ LKUH 6HHOH JHSUlJW >ZDU@ WLHI GD QLFKWV JDU QLFKWV DXFK VHOEVW GLH =HLW HV QLFKW ZLHGHU KHUDXVWLOJHQ N|QQWH´ :,1 (UJHEQLV GLHVHU HPSILQGVDPHQ 5H]HSWLRQ LVW QLFKW BBBBBBBBBBBBB
9JO6DLQHÅ3DVVLRQDQG$JJUHVVLRQ´6I$XFK6FKPLHGWLQVLQXLHUW:HUWKHUYHU IROJH PLW VHLQHP $EVFKLHGVEULHI GHUDUWLJH $EVLFKWHQ YJO GHUV Å:RUDQ VFKHLWHUW :HU WKHU"´6 YJOGDJHJHQ1HXPH\HU$QRPDOLHQ6² =XU JHVFKOHFKWVVSH]LILVFKHQ 5H]HSWLRQVNULWLN YJO XD /HLVWQHU Å*RHWKHV Ä:HUWKHU¶´ 6I )RUWDQDEJHNU]WDOV:,1JHIROJWYRQGHU6HLWHQ]DKO 9JO $QGUHH :HQQ 7H[WH W|WHQ 6I =X GLHVHU XQG DQGHUHQ Ä/RWWLDGHQ¶ YJO (FNKDUGW 0H\HU.UHQWOHUÅ'LH/HLGHQGHUMXQJHQ:HUWKHULQ:HLEOLFKH6R]LDOLVDWLRQGXUFKGLH/LWH UDWXULPVSlWHQ-DKUKXQGHUW´LQ=ZLVFKHQ$XINOlUXQJXQG5HVWDXUDWLRQ6R]LDOHU:DQGHOLQ GHU GHXWVFKHQ /LWHUDWXU ² )HVWVFKULIW IU :ROIJDQJ 0DUWHQV KUVJ YRQ :ROIJDQJ )UKZDOGXQG$OEHUWR0DUWLQR7ELQJHQ1LHPH\HU 6²YD6I =XU:LHGHUKROXQJVOHNWUHYJO$QGUHH:HQQ7H[WHW|WHQ6I
/LWHUDWXUXQG:LUNOLFKNHLW
(UEDXXQJ VRQGHUQ HLQ REVHVVLYHU LQQHUHU 'LDORJ ]ZLVFKHQ /HVHULQ XQG 7H[WGHUHLQ(LJHQOHEHQHQWIDOWHW/RWWHVXFKW:HUWKHUV=HLOHQ]XQlFKVW WXJHQGKDIW XQG EHVFKHLGHQ ]X EHJHJQHQ NDQQ VLFK DEHU VFKOLHOLFK GHU GXUFKGDV6FKUHLEHQSURYR]LHUWHQ6FKXOGXQG5HXHJHIKOHQLFKWHUZHK UHQXQGYHUOLHUWDOOHLQQHUH5XKH:,1I $QKDQG YRQ /RWWHV 8PJDQJ PLW GHU 6WHUEHERWVFKDIW IKUWH 6WRFN PDQQMHQHVHPSDWKLVFKH/HVHYHUKDOWHQYRUIUGDVPDQ:HUWKHU$QKlQJHU JHPHLQKLQNULWLVLHUWH²XQGVHLQHSRWHQWLHOOYHUKHHUHQGHQ.RQVHTXHQ]HQ 6WRFNPDQQ WDW GLHV LQ XQWHUKDOWVDPEHOHKUHQGHU )RUP VWLOLVWLVFK MHGRFK HKHU XQJHVFKLFNW (LQH /HNWUHKDOWXQJ ZLH VLH LQ /RWWHV %HLVSLHO YRUJH IKUWZLUG²GLHKLHULP8QWHUVFKLHG]XP*RHWKH·VFKHQ2ULJLQDOHLQEHU ]RJHQHPSILQGVDPHU&KDUDNWHULVW²OlVVWGHU7H[WJHUDGHQLFKW]X(LQH DXNWRULDOH$XWRUILJXUVRZLHHLQDQRQ\PHUÅ(U]lKOHU´GLHEHLGHDOVXQ]X YHUOlVVLJLQV]HQLHUWZHUGHQNRPPHQWLHUHQXQDXIK|UOLFKXQGDQGHQ/HVHU JHZDQGWGLH+DQGOXQJVRZLHGLH$UWLKUHU3UlVHQWDWLRQ:,1 'LHVHV 6SLHOPLW)LNWLRQVHEHQHQXQGGLHPHKUIDFKJHEURFKHQH3HUVSHNWLYHHU]HX JHQ 'LVWDQ] ]XP (U]lKOWHQ *OHLFK]HLWLJ ZLUG GHU /HVHU DXI SURYRNDQWH :HLVHLPPHUZLHGHUGLUHNWGD]XHLQJHODGHQVHLQHU(LQELOGXQJVNUDIWIUHLHQ /DXI]XODVVHQ:,1I 'DEHL VHW]WH 6WRFNPDQQ QLFKW RKQH 6HOEVWLURQLH YRUDXV GDVV VHLQH /HVHU GHQ :RUWODXW GHV *RHWKH·VFKHQ 5RPDQV JHQDX NDQQWHQ :HQQ /RWWH HLQJHVWHKW Å,FK LFK JR GDV KHLPOLFKH )HXHU LQ VHLQH 6HHOH LFK UHLFKWHLKPGHQ0RUGNHOFKXQGHU²HU]DJWHQLFKW´:,1 YHUVWDQG GDVHLQJHZHLKWH3XEOLNXPZLH:HUWKHUV=HLOHQZLUNHQ/RWWHPDFKWVLFK VHLQH 6SUDFKH ]X HLJHQ EH]LHKW JDU =LWDWH DXV GHU JHPHLQVDPHQ 2VVLDQ /HNWUHLQLKUH.ODJHHLQ:,1 6HOEVW:HUWKHUV8QUXKHEHUWUlJW VLFKDXIVLHXQGZLUNWYHU]HKUHQG:,1 6FKOLHOLFKHUOLHJW/RWWH HLQHUÅW|GWOLFKHQ.UDQNKHLW´:,1 VWLUEWHLQHVUXKLJHQLP=HLFKHQ GHU(PSILQGVDPNHLWJHVFKLOGHUWHQ7RGHVGLH7URVWIRUPHOÅ:LUVHKHQXQV ZLHGHU´DXIGHQ/LSSHQ'DUDXIDQWZRUWHW:HUWKHUVÅ6HHOH´'HVVHQEHL *RHWKHQRFKVFKULIWOLFKLQV-HQVHLWVYRUJUHLIHQGHU7ULXPSKVFKUHLÅ6LHLVW PHLQ 'X ELVW PHLQ -D /RWWH DXI HZLJ ²´ :,1 ZLUG EHL 6WRFNPDQQ ]XP ÄGRUW¶ DXVJHVSURFKHQHQ :LOONRPPHQVZRUW HLQH $GDS WLRQGLHDXIHLJHQZLOOLJH:HLVHDQGLH1lKHYRQOHW]WHQ%RWVFKDIWHQXQG VROFKHQDXVGHP-HQVHLWVHULQQHUW'HU$EVFKLHGVEULHIIKUW:HUWKHUVHLQH /RWWH ]X 'DV DP 5RPDQHQGH ]ZHLPDO ZLHGHUKROWH *RHWKH=LWDW ZLUNW ZLH HLQ (FKR GHV %XFKWLWHOV LQ GHP GLH 9HUHLQQDKPXQJ /RWWHV GXUFK :HUWKHUMDEHUHLWVEXFKVWlEOLFKJHZRUGHQZDU BBBBBBBBBBBBB
9JO$QGUHH:HQQ7H[WHW|WHQ6² 9JO0H\HU.UHQWOHUÅ'LH/HLGHQGHUMXQJHQ:HUWKHULQ´6 9JO$QGUHH:HQQ7H[WHW|WHQ6
.ULWLVFKH5HDNWLRQHQXQGNUHDWLYH5HLQNDUQDWLRQHQ
$OV ÅIDWDO VFUROO´ HUZHLVW VLFK GLH 6WHUEHERWVFKDIW HEHQIDOOV LQ -RKQ $UPVWURQJV² 7KHFRQILGHQWLDOOHWWHUVRI$OEHUWIURPKLVILUVWDWWDFK PHQW WR &KDUORWWH WR KHU GHDWK )URP WKH 6RUURZV RI :HUWHU /RQGRQ &URZ GHU5RELQVRQ 6 ² QLFKW MHGRFK RKQH GLH (KHOHXWH ]XYRU HQW]ZHLW]XKDEHQ:HUWKHUV7RGIRUGHUWKLHUQLFKWQXUHLQVRQGHUQLQV JHVDPW GUHL )UDXHQOHEHQ /RWWHV GDV YRQ Å0LVV%´ VRZLH GDV HLQHU &DUROLQH :DOVWHLQ GLH LKQ XQJOFNOLFK ² XQG XQEHPHUNW ² OLHEWH 'LHVHV *HKHLPQLV JLEW VLH DOOHUGLQJV HUVW LQ LKUHP HLJHQHQ $EVFKLHGVEULHI SUHLV GHQ LKUH )UHXQGLQ /RWWH XQPLWWHOEDU QDFK GHP YRQ :HUWKHU HUKlOW 'HU LQV $EVXUGH EHU]RJHQHQ $WWUDNWLYLWlW GHV 6HOEVWP|UGHUV VRZLH GHU W|G OLFKHQ6HQWLPHQWDOLWlWVHLQHUZHLEOLFKHQ)UHXQGHHQWVSULFKWGLHJOHLFKIDOOV DOVHPSILQGVDPJH]HLFKQHWH)LJXU$OEHUWVGHUVLFKVHOWHQNULWLVFKlXHUW $QODVVGD]XJLEWLKPDOOHUGLQJVGLH/HNWUHGHU$EVFKLHGVEULHIH&DUROLQHV XQG :HUWKHUV GLH HU HEHQIDOOV PHKUIDFK VWXGLHUW :lKUHQG $OEHUW XP &DUROLQH ZHLQW UHDJLHUW HU ]XQlFKVW HLIHUVFKWLJ GDQQ HQWUVWHW DXI GDV 6FKUHLEHQ :HUWKHUV $OV ÄJUDXVDP¶ XQG ÄXQJHUHFKW¶ HPSILQGHW HU GHVVHQ 'DUVWHOOXQJ /RWWHV DOV 7RGHVERWLQ XQG EHVFKXOGLJW LKQ VLH GDPLW LQV 9HUGHUEHQ]XVWU]HQ'RFKGLH/HNWUHJHKWDXFKDQLKPDOOHVDQGHUH DOVVSXUORVYRUEHL(UEH]HLFKQHWVLFKVFKOLHOLFKVHOEVWDOVGHQHLJHQWOLFK 6FKXOGLJHQ $UPVWURQJV GLGDNWLVFKHV $QOLHJHQ ² RGHU /HNWUHNRPPHQWDU GHV *RHWKH·VFKHQ5RPDQV²EOLHEDXI$QGHXWXQJHQEHVFKUlQNW,P9HUJOHLFK GD]XHQWIDOWHWH:LOOLDP-DPHV·7KH/HWWHUVRI&KDUORWWH'XULQJ+HU&RQQH[LRQ :LWK:HUWHU%GH'XEOLQ&KDPEHUODLQHXD VHLQH%RWVFKDIWDQ GHQ/HVHUHIIHNWYROOHU6HLQHDQJORSKLOH/RWWHUHDJLHUW]XQlFKVWHUVFKWWHUW DXI:HUWKHUV6FKUHLEHQXQGEHJLQQWZLH6WRFNPDQQV3URWDJRQLVWLQHLQHQ 'LDORJ PLW GHP 7RWHQ E]Z PLW VHLQHP 7H[W DXV GHP VLH VWHOOHQZHLVH ]LWLHUW ,KUH 5HDNWLRQ HUVFK|SIW VLFK JOHLFKZRKO QLFKW LQ HPSILQGVDPHU 5KUXQJ DQJHVLFKWV GHU VFK|QHQ (ULQQHUXQJHQ GLH GLH /HNWUH KHUDXI EHVFKZ|UW VRQGHUQ LVW :HUWKHUV OHW]WHU %RWVFKDIW JHJHQEHU GXUFKDXV NULWLVFKYHUXUWHLOWVHLQHQ6HOEVWPRUGDOV7RGVQGH²XQGEHWHWGRFKDP (QGHIULKQYJOHEG,,6² :LH DEHU VDK LP 9HUJOHLFK GD]X GLH 5HDNWLRQ MHQHU :HUWKHU/H VHULQQHQ DXI GHQ $EVFKLHGVEULHI DXV GLH GXUFK 9HUKDOWHQ E]Z JHJH EHQHQIDOOV YHUKlQJQLVYROOHV 6FKLFNVDO GHU ILNWLYHQ /RWWHQ DEJHVFKUHFNW ZHUGHQ VROOWHQ" 'HU %ULHI HLQHVMXQJHQ0lGFKHQV QDPHQV $XJXVWH YRP 'H]HPEHU JLEW HLQH P|JOLFKH $QWZRUW DXI GLHVH )UDJH Å>:@DV IKOWHLFK´VFKUHLEWVLH EH\ GHU 6WHOOH ÅHV VFKOlJW GLH 3LVWROH LVW JHODGHQ VR VH\ HV GHQQ OHE ZRKO /RWWH OHE HZLJ ZRKO ´ KLOI +LPPHO LFK JODXEH /RWWH6HOEVW NRQQWH GDEH\ QLFKW
BBBBBBBBBBBBB
$UPVWURQJ&RQILGHQWLDO/HWWHUV6I
/LWHUDWXUXQG:LUNOLFKNHLW
0HKUHPSIXQGHQKDEHQ²9LHO JHVDJW+LHU IOLHVHQ QHXH7KUlQHQ²ZHOFKHLQH 7KRUKHLW RGDFKWHLFKLQGHP$XJHQEOLFNHVLVWGRFKQLFKWVVRVFKOLPPHVLVW]X HWZDV JXW ZHOFK HLQH IKOEDUH 8QJOFNOLFKH &UHDWXU ZUGHVW GX VHLQ ZHQQ OHLFKWVLQ XQG (LWHONHLW GLFK QLFKW HLQHV VR VFKUHFNOLFKHQ DWWDFKHPHQV XQIlKLJ PDFKWHQ²
)UDX ODV GHQ :HUWKHU DOVR GXUFKDXV HPSILQGVDP ZHLQWH EHU GDV (QGH VHLQHV$EVFKLHGVEULHIHVYHUJOLFKGLHHLJHQH5KUXQJPLW/RWWHVXQGOLH VLFKYRQGHU(ULQQHUXQJGDUDQHUQHXW]X7UlQHQUKUHQ²XQGYHUPRFKWH WURW] DOOHGHP HLQH JHVXQGH 'LVWDQ] DXIUHFKW]XHUKDOWHQ ]ZLVFKHQ /HEHQ XQG/LWHUDWXU +lOW PDQ GLHVHU KLVWRULVFKHQ 6FKLOGHUXQJ HLQH OLWHUDULVFKH HQWJHJHQ ZLHLQ(UQVW$XJXVW$QWRQ)UHLKHUUYRQ*|FKKDXVHQV² 3DUR GLH 'DV :HUWKHU)LHEHU (LQ XQYROOHQGHWHV )DPLOLHQVWFN 1LHGHU7HXWVFKODQG >R$@ EHVWlWLJWVLFKGHU*HGDQNHGDVVGLHEHVFKZRUHQHVFKlGOLFKH :LUNXQJGHV:HUWKHULQYLHOIDFKHU+LQVLFKWHLQ0HGLHQXQGYRUDOOHPHLQ OLWHUDULVFKHV3KlQRPHQZDU*|FKKDXVHQV3URWDJRQLVWLQ-XQJIHU9LSV LVW HLQH :HUWKHU/HVHULQ XQG NHQQW GHQ 5RPDQ ² QDWUOLFK ² DXVZHQGLJ $OV VLH LQ GHU 1DFKW YRU GHP :HLKQDFKWVIHVW DQ 6FKODIORVLJNHLW OHLGHW VSLHOW VLH PLW LKUHQ 3XSSHQ Å:HUWKHU XQG /RWWH´ GLH +DQGOXQJ GHV %XFKHV QDFK 'DV PLWWHUQlFKWOLFKH 6FKODJHQ LKUHU 8KU ZLUG GDEHL ]XP DNXVWLVFKHQ6LJQDOIUGLHYHULQQHUOLFKWH)LNWLRQGLH:DKUQHKPXQJLKUHU /HVHULQ]XEHUQHKPHQ ,QGHPVFKOXJV²6LHVLQGJHODGHQ²HVVFKOlJW²6RVH\·VGHQQ²/RWWH² /RWWHOHEHZRKO²/HEZRKO ULHILKUH3KDQWDVLHXQGVLHVFKDXGHUWHXQGEHEWH 'LH &ULVLV HQGLJWH VLFK PLW HLQHP 7KUlQHQJX ,KU +HUW] ZDU VR VHKU GDEH\ LQWHUHVVLUW GD HV IU GLH HZLJH :RQQH GHV XQJOFNOLFKHQ -QJOLQJV GLH JO KHQGVWHQ*HEHWHDEVHQGHWH
=ZLVFKHQ7H[WXQG/HVHULQ5HDOLWlWXQG)LNWLRQVLQGKLHU²lKQOLFKZLH EHL6WRFNPDQQV/RWWH²MHJOLFKH*UHQ]HQDXIJHKREHQ'DV(QGHGHV$E VFKLHGVEULHIHV ZLUG QLFKW HULQQHUW VRQGHUQ HUOHEW XQG GDPLW 7HLO GHU SHUV|QOLFKHQ(UIDKUXQJGHU-XQJIHUGLHGLHJDQ]H3HUVRQHUIDVVW6LHUHD JLHUW N|USHUOLFK HPRWLRQDO XQG JHLVWLJ DXI :HUWKHUV %RWVFKDIW PLW =LW WHUQ7UlQHQ XQG *HEHWHQ6HOEVW ZHQQ *|FKKDXVHQV7H[W DOV .ULWLN DQ IDOVFKHP/HVHYHUKDOWHQVDQJHOHJWZDUEHVWlWLJWHXQGSHUSHWXLHUWHHUGDULQ HUQHXWGLH(LQSUlJVDPNHLWXQGWUDJLVFKH6\PEROLNGHUOHW]WHQ=HLOHQGHV BBBBBBBBBBBBB
=LWLHUWQDFK)ULW]$GROI+QLFKÅ$XVGHU:HUWKHU]HLW´LQ-DKUEXFKGHU6DPPOXQJ.LSSHQEHUJ /HLS]LJ,QVHO 6²KLHU6 9JO GD]X $QGUHH :HQQ 7H[WH W|WHQ 1HXPH\HU $QRPDOLHQ 6² 6FKUHLQHU -HQVHLWV 6² *|FKKDXVHQ:HUWKHU)LHEHU6 *|FKKDXVHQ:HUWKHU)LHEHU6
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
$EVFKLHGVEULHIHV ² ZLH GHV %XFKHV LQVJHVDPW (EHQ MHQH /HVHKDOWXQJ ZHOFKH:HUWKHULQVHLQHUOHW]WHQ%RWVFKDIWIU/RWWHLPDJLQLHUWKDWWHEOLHE VRPLWVHOEVWQRFKIUGLH3DURGLHGHU5RPDQOHNWUHYHUELQGOLFK .HLQ DQGHUHV $EVFKLHGVVFKUHLEHQ ZXUGHVR OlVVWVLFKDQJHVLFKWVGHU KLHUVNL]]LHUWHQ7H[W]HXJQLVVHIHVWVWHOOHQLPVSlWHQ-DKUKXQGHUWGHUDUW LQWHQVLY UH]LSLHUW ZLH :HUWKHUV %RWVFKDIW DQ /RWWH 'DVV VLH WURW] GHU H[LVWHQWLHOOHQ 9HUXQVLFKHUXQJ XQG QDFKKDOWLJHQ 'HVLOOXVLRQLHUXQJ GLHVLH SUlJHQ ]X HLQHP GHUDUW ZLUNVDPHQ 0RGHOO ZXUGH LVW YRUQHKPOLFK EH GLQJW GXUFK GLH H[WUHPH 5HGXNWLRQ GLH GHU %ULHIWH[W LP 5H]HSWLRQVSUR ]HVV HUIXKU 'DEHL HUZLHVHQ VLFK YRU DOOHP GHU %ULHIVFKOXVV VRZLH GLH :LHGHUVHKHQVIRUPHO DOV EHVRQGHUV SRSXOlU %HLGH ZDUHQ LQ -HUXVDOHPV 6FKUHLEHQ YRUJHSUlJW XQG LP :HUWKHU PLW HLQHP ]HLWJHQ|VVLVFKH %HILQG OLFKNHLWHQUHIOHNWLHUHQGHQHPSILQGVDPWUDJLVFKHQ6FKLFNVDODVVR]LLHUWXQG VR LQ LKUHU :LUNXQJ QRFK JHVWHLJHUW ZRUGHQ $XFK GLH .HOFK0HWDSKHU JHULHW ZLH ,QJULG (QJHO KHUDXVJHDUEHLWHW KDW ]XP ZLHGHUNHKUHQGHQ (OH PHQWLQILNWLRQDOHQ$EVFKLHGVEULHIHQHLQLJHU1DFKIROJHU:HUWKHUV'LH $WWUDNWLYLWlWGHV*RHWKH·VFKHQ%ULHIWH[WHVEHUXKWHQLFKWQXUDXIGHPDOWHQ 0RWLYGHV/LHEHVWRGHVVRQGHUQDXFKDXIDQGHUHQVSUDFKOLFKZLHNXOWXUHOO HEHQVR WLHI YHUZXU]HOWHQ .RQ]HSWHQ )RUPHOQ GHV 7URVWHV ZLH GHV $E VFKLHGVGLHGHU/HVHUXQWHUDQGHUHPDXVGHU/LWHUDWXUXQGDXVHUEDXOLFKHQ 6FKULIWHQNDQQWH
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´ GDV)RUWOHEHQGHU6WHUEHNQVWH LQOHW]WHQ%ULHIHQYRQ6HOEVWP|UGHUQ 9RUQHKPOLFK$XVVDJHQUHOLJL|VHQ,QKDOWVWUDGLWLRQHOOPLWH[HPSODULVFKHP 6WHUEHYHUKDOWHQDVVR]LLHUWKDWWHQVLFKLQGHU5H]HSWLRQOHW]WHU%RWVFKDIWHQ YRQ UHDOKLVWRULVFKHQ ZLH ILNWLRQDOHQ 6XL]LGHQWHQ DOV EHVRQGHUV ZLUNXQJV YROO DEHU DXFK EHVRQGHUV NRQWURYHUV HUZLHVHQ $Q GHU 6FKZHOOH ]XP -DKUKXQGHUW ]HLFKQHWH VLFK DXI 6HLWHQ KLHULQ NRQVHUYDWLY 'HQNHQGHU HLQDOOPlKOLFKHU:DQGHODEKLQ]XHLQHUHWZDVGLIIHUHQ]LHUWHUHQ:DKUQHK PXQJZLHVLHPDQFKHU(UIDKUXQJVVHHOHQNXQGOHUPDQGHQNHDQ3RFNHOV VFKRQOlQJHU]XYHUEUHLWHQJHVXFKWKDWWH'HU7DWEHVWDQGGHU6HOEVWW|WXQJ ZDUQLFKWPHKUDOOHLQDXVVFKODJJHEHQGXPHLQHQ6XL]LGHQWHQSDXVFKDO]X BBBBBBBBBBBBB
9JO$QGUHH:HQQ7H[WHW|WHQ6 9JO(QJHO:HUWKHULDGHQ6'LHKLHUJHQDQQWHQ%HLVSLHOHVWDPPHQDXV-HDQ3DXOV$EH ODUGXQG+pORwVH XQG.DUO$OEUHFKWV>7KHRSKLO$OEUHFKW+HLGHPDQQ²Q@ $HPLOXQG-XOLHRGHUGLH8Q]HUWUHQQOLFKHQ(LQ6HLWHQVWFN]X:HUWKHUV/HLGHQ 9JO$QGUHH:HQQ7H[WHW|WHQ6²
/LWHUDWXUXQG:LUNOLFKNHLW
YHUXUWHLOHQ 'HU LQGLYLGXHOOH ,QKDOW OHW]WHU %RWVFKDIWHQ EHVRQGHUV GDV 0DLKUHUhEHUHLQVWLPPXQJPLW.RQYHQWLRQHQYRUELOGOLFKHQ6FKUHLEHQV JHZDQQDQ(LQIOXVVDXIGLH%HZHUWXQJ'DEHLEHUQDKPHQZLHDEVFKOLH HQG JH]HLJW ZHUGHQ VROO JlQJLJH )RUPHOQ GHV ÄLUGLVFKHQ¶ GDV KHLW PLW %OLFN DXI GLH *HVHOOVFKDIW YHUDQWZRUWOLFKHQ $EVFKLHGQHKPHQV HLQH 0LWWOHUIXQNWLRQ²DXFKLQDQVRQVWHQKHWHURGR[HQRGHUKHWHURJHQHQ7H[ WHQ 7URW] ZDFKVHQGHU 7ROHUDQ] EOLHEHQ GLH 5HDNWLRQHQ DXI UHOLJL|VH bXHUXQJHQYRQ6XL]LGHQWHQMHGRFKOHW]WOLFKJHVSDOWHQ $QJHVLFKWV GHU ODQJKLQ DOV HWDEOLHUW JHOWHQGHQ 8QYHUHLQEDUNHLW YRQ *ODXEH XQG 6HOEVWPRUG ZXUGHQ 6XL]LGHQWHQ GLH VLFK DXI *RWW EHULHIHQ LP -DKUKXQGHUW JHZ|KQOLFK GHQ Å6FKZlUPHUQ´ ]XJHRUGQHW =ZL VFKHQ EULHIOLFKHQ $XVVDJHQ GLH DXI SDWKRORJLVFKH *HLVWHV]XVWlQGH ]XUFNJLQJHQ XQG VROFKHQ GLH XQRUWKRGR[H *ODXEHQVEHU]HXJXQJHQ DUWLNXOLHUWHQXQWHUVFKLHGGLHVH.DWHJRULVLHUXQJQLFKW$QGHU3UlVHQWDWLRQ HQWVSUHFKHQGHU 6HOEVW]HXJQLVVH OlVVWVLFK ² ZLHVFKRQ LP OHW]WHQ .DSLWHO ]X VHKHQ ZDU ² DOOHUGLQJV DEOHVHQ ZHOFKHV (UNHQQWQLV RGHU :LUNXQJV LQWHUHVVH GHU MHZHLOLJH $XWRU YHUIROJWH 6R EHULFKWHWH HWZD 2VLDQGHU YRQ HLQHPJHZLVVHQ0DWKLHX/RYDWGHUVLFKNUHX]LJWHYRUKHUDEHUHLQHQ =HWWHO VFKULHE ÅZRULQ HU GHU *HULFKWVEHK|UGH PHOGHW>H@ GD VHLQ 7RG QLFKW GDV :HUN HLQHV $QGHUQ VH\ VRQGHUQ GHU :LOOH GHV +|FKVWHQ LKP GHQ .UHXW]HVWRG DXIHUOHJW KDEH´ /RYDWV *ODXEH DQ J|WWOLFKH %HVWLP PXQJ GHU IU PDQFKHQ 7KHRORJHQ VRJDU DOV IDOVFKH hEHU]HXJXQJ GHQ 6XL]LG JHUHFKWIHUWLJW KlWWH EHDFKWHWH 2VLDQGHU QLFKW 6HLQ $XJHQPHUN ULFKWHWH VLFK DXI GLH .RPELQDWLRQ DXV :DKQVLQQ XQG 0HWKRGH GLH GHU )DOOVHLQHU0HLQXQJQDFKLOOXVWULHUHQKDOI BBBBBBBBBBBBB
9JO ]X UHOLJL|VHQ 6FKZlUPHUQ +DQV0DUWLQ .LUQ ÅÄ,FK VWHUEH DOV EHQGH &KULVWLQ «¶ =XP6XL]LGYHUVWlQGQLVLP6SDQQXQJVIHOGYRQ6SlWDXINOlUXQJXQG3LHWLVPXV´LQ3LHWLVPXV XQG 1HX]HLW ² (LQ -DKUEXFK ]XU *HVFKLFKWH GHV QHXHUHQ 3URWHVWDQWLVPXV KUVJ YRQ 0DUWLQ %UHFKW XD ;;,9 %HLWUlJH ]XU *HVFKLFKWH GHV ZUWWHPEHUJLVFKHQ 3LHWLVPXV )HVWVFKULIW IU *HUKDUG 6FKlIHU ]XP*HEXUWVWDJDP-XQLXQG0DUWLQ%UHFKW]XP*HEXUWVWDJDP0lU]KUVJ YRQ +HUPDQQ (KPHU XQG 8GR 6WUlWHU *|WWLQJHQ 9DQGHQKRHFN 5XSUHFKW 6²KLHU6]XP%HJULIIGHV6FKZlUPHUVJHQHUHOOYJO9LFWRU/DQJHÅ=XU*H VWDOW GHV 6FKZlUPHUV LP GHXWVFKHQ 5RPDQ GHV -DKUKXQGHUWV´ LQ )HVWVFKULIWIU 5LFKDUG $OHZ\Q KUVJ YRQ +HUEHUW 6LQJHU XQG %HQQR YRQ :LHVH 6² *HUKDUG 6DXGHU (PSILQGVDPNHLW, 9RUDXVVHW]XQJHQ XQG (OHPHQWH 6WXWWJDUW 0HW]OHU 6² 0DQ IUHG (QJHO Å'DV Ä:DKUH¶ GDV Ä*XWH¶ XQG GLH Ä=DXEHUODWHUQH GHU EHJHLVWHUWHQ 3KDQWDVLH¶ /HJLWLPDWLRQVSUREOHPHGHU9HUQXQIWLQGHUVSlWDXINOlUHULVFKHQ6FKZlUPHUGHEDWWH´*// 6² 2VLDQGHU6HOEVWPRUG6²KLHU6YJODXFK>$QRQ@Å*HVFKLFKWHHLQHV6HOEVW PRUGV DXV 9HUODQJHQ VHHOLJ ]X ZHUGHQ´ 0DJD]LQ ]XU (UIDKUXQJVVHHOHQNXQGH 6²Å(OHRQRUH'DOKHLP6HOEVWP|UGHULQQDXV6FKZlUPHUHL´LQ6SLH.RäHQLQD%LR JUDSKLHQ6²0OOHU6HOEVWPRUG6 9JO*RWWIULHG/H9RP6HOEVWPRUGH*|WWLQJHQ9DQGHQKRHFN 6² 2VLDQGHU6HOEVWPRUG6
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
,P 8QWHUVFKLHG GD]X VWDQG -RKDQQ (ULFK %LHVWHUV ² Å$QHNGRWH´ EHU Å=ZHL VFKZlUPHULVFKH 6HOEVWP|UGHU´ JDQ] LP =HL FKHQWKHRORJLVFKHU3URSDJDQGDJHJHQGHQ6XL]LGXQGÄIDOVFKH¶5HOLJLRQV HU]LHKXQJVRZLHHQWVSUHFKHQGH/HNWUHZHLVHQ =ZHL0lQQHUKDWWHQVLFK LP$EVWDQGYRQ7DJHQJHW|WHWXQGlKQOLFKH$EVFKLHGVERWVFKDIWHQKLQ WHUODVVHQ'HUHUVWHVFKULHEPLW.UHLGHDXIHLQHQ7LVFKÅGDV%OXW&KULVWL PDFKWXQVUHLQYRQDOOHQ6QGHQ´GHU]ZHLWHKLQWHUOLHHLQHQ%ULHIDQ VHLQH$QJHK|ULJHQGHUPLWGHQ:RUWHQVFKORVVÅ*XWH1DFKW,KUPHLQH )UHXQGH 'HQQ ,KU VROOW XP PLFK QLFKW ZHLQHQ GHQQ GLH 6FKXOG LVW DOO]XPDKOEH]DKOWGXUFK&KULVWLWKHXUHV%OXWPDFKQXUPHLQOHW]WHV(QGH JXW´ %HLGHQ 6HOEVWP|UGHUQ KDOI LKU *ODXEHQVYHUVWlQGQLV GDEHL LKUH 7DW ]X OHJLWLPLHUHQ :lKUHQG GLH HUVWH %RWVFKDIW ZRKO ELEOLVFKHQ 8U VSUXQJV LVW YJO 2IIE -RK VWDPPW GHU 9HUV ÅGHQQ GLH 6FKXOG >«@ WKHXUHV%OXW´ DXV -XVWXV *HVHQLXV· ² 3DVVLRQVOLHG Å:HQQ PHLQH 6QG PLFK NUlQNHQ´ 'LH ]LWLHUWHQ 3DVVDJHQ UXIHQ MHZHLOV GLH /HLGHQ &KULVWL DOV 5HFKWIHUWLJXQJ DXI XQG EHVWlWLJHQ VR GHQ GLUHNWHQ(LQIOXVVHUEDXOLFKHU7H[WHDXI6HOEVWP|UGHUXQGLKUH$EVFKLHGV EULHIH 0LW %OLFN DXI GLHVH )lOOH DUJXPHQWLHUWH %LHVWHU PDQ VROOH ÅP\VWLVFKH XQG VFKZlUPHULVFKH´ (UEDXXQJV XQG *HVDQJEFKHU GXUFK ÅYHUQQIWLJVFKULIWOLFKH´ HUVHW]HQ 'LH GDPLW YHUEXQGHQH 7KHRORJHQ VFKHOWH ]LHOWH ZRKO DXI XPVWULWWHQH SLHWLVWLVFKH $XVOHJXQJHQ GHU 9HUV|K QXQJVOHKUH,P'LHQVWVHLQHU$UJXPHQWDWLRQUHGX]LHUWH%LHVWHUYRUDOOHP GDV ]ZHLWH $EVFKLHGVVFKUHLEHQ DXI GDV LKP 'LHQOLFKH ZHGHU WU|VWOLFKH *HVWHQ GHQ +LQWHUEOLHEHQHQ JHJHQEHU QRFK bXHUXQJHQ LQGLYLGXHOOHQ (PSILQGHQVLQWHUHVVLHUWHQLKQ 'DVV NRQVHUYDWLYH 7KHRORJHQ HLQH 6HOEVWP|UGHUERWVFKDIW OHGLJOLFK ]XP $QODVV QDKPHQ YRUJHIDVVWH 0HLQXQJHQ ]X SURSDJLHUHQ ZDU QLFKWV 8QJHZ|KQOLFKHV /LH VLFK HLQ *ODXEHQVYHUWUHWHU DXI $EVFKLHGV ERWVFKDIWHQXQGGHUHQ9HUIDVVHUWDWVlFKOLFKHLQNRQQWHVLFKGDJHJHQHLQ GLIIHUHQ]LHUWHUHV %LOG HUJHEHQ 'LHV ]HLJW GLH 0RQRJUDSKLH $XWKHQWLVFKH %ULHIHGHV+DXSWPDQQVYRQ$UHQVZDOGGHUVLFKDPVWHQ6HSWHPEUHUVFKR QHEVWGHU*HVFKLFKWHVHLQHV7RGHVPLW$QPHUNXQJHQKHUDXVJHJHEHQ)UDQNIXUWXQG /HLS]LJ>R$@ GLHGHU7KHRORJH&DUO*RWWIULHG.WWQHUYHU|IIHQW BBBBBBBBBBBBB
-RKDQQ (ULFK %LHVWHUÅ=ZHL VFKZlUPHULVFKHU 6HOEVWP|UGHU´ %HUOLQLVFKH0RQDWVVFKULIW 1R YHPEHU 6I %LHVWHUÅ6HOEVWP|UGHU´6 %LHVWHUÅ6HOEVWP|UGHU´6 9JODXFK0OOHU6HOEVWPRUG6 %LHVWHUÅ6HOEVWP|UGHU´6 .LUQHUZlKQWZHLWHUHHEHQIDOOVDXIÄIDOVFKHQ¶5HOLJLRQVEHJULIIHQE]ZGHU8QYHUHLQEDUNHLW YRQ *ODXEH XQG 6XL]LG EHKDUUHQGH $XVOHJXQJHQ UHOLJL|V JHSUlJWHU $EVFKLHGVERWVFKDIWHQ YJOGHUVÅÄ,FKVWHUEH¶´6I
/LWHUDWXUXQG:LUNOLFKNHLW
OLFKWH *RWWOLHE *HRUJ (UQVW YRQ $UHQVZDOG " ² KDWWH EHL GHU/HLE*UHQDGLHU*DUGHLQ'UHVGHQJHGLHQWVHLQ1DPHLVWLP=XVDP PHQKDQJ PLW GHQ :HUWKHU6HOEVWPRUGHQ EHUHLWV HUZlKQW ZRUGHQ ,Q VHL QHQ$EVFKLHGVERWVFKDIWHQHUNOlUWHHUHUEHHQGHVHLQ/HEHQGDLKQGLHEH WUJHULVFKHQ0DFKHQVFKDIWHQHLQHV%HNDQQWHQLQ6FKXOGHQJHVWU]WKlWWHQ XQGHUGHQGDUDXVUHVXOWLHUHQGHQ(KUYHUOXVWQLFKWHUWUDJH9RQ$UHQVZDOG KLQWHUOLH QLFKW ZHQLJHU DOV ]Z|OI %ULHIH LQ GHU 0HKU]DKO ZDUHQ VLH DQ )UHXQGHJHULFKWHW.WWQHUV%DQGHQWKlOWDFKWGDYRQ]ZHLGHU6FKUHLEHQ ZHUGHQ VXPPDULVFK ZLHGHUJHJHEHQ HLQ %LOOHW DQ HLQHQ %HGLHQVWHWHQ QD PHQV +lQGHO LQ 7HLOHQ ]LWLHUW (UZlKQW ZLUG DXHUGHP HLQ Å$XIVDW]´ $%+$ .WWQHU ZDU DQJHWUHWHQ DQKDQG GHV NRQNUHWHQ %HLVSLHOV *UXQGVlW] OLFKHV]XYHUKDQGHOQ(VJDOW]XZLGHUOHJHQÅÄGDHLQ1DWXUDOLVWHEHQVR UXKLJHEHQVRVWDQGKDIWVWHUEHQNDQQDOVHLQ&KULVW¶´²HLQH%HKDXSWXQJ GLHVRGHU$XWRUYRQ$UHQVZDOGV%ULHIHSURYR]LHUWKlWWHQ$%+$ 'DEHL ZROOWH .WWQHU GLH EHUOHJHQH $XWRULWlW GHU FKULVWOLFKHQ 5HOLJLRQ JHJHQEHUSKLORVRSKLVFKHQ/HKUHQDXI]HLJHQXQGGHUDUWSRWHQWLHOOH1DFK DKPHUDEVFKUHFNHQYJO$%+$ )UMHGHQGHUZLH.WWQHUPHLQ WH6HOEVWPRUGVHLZHGHULQQHUKDOEGHU*UXQGVlW]HGHV&KULVWHQWXPVQRFK GXUFK9HUQXQIWJUQGH]XUHFKWIHUWLJHQYJO$%+$ VWHOOWHQGLH$E VFKLHGVERWVFKDIWHQYRQ$UHQVZDOGVRIIHQEDUHLQH+HUDXVIRUGHUXQJGDU 'HVVHQ XQJHDFKWHW EHZHUWHW GHU 7KHRORJH ZHGHU $XWRU QRFK %ULHIH VRQHJDWLYZLHPDQPLW%OLFNDXIVHLQ3URJUDPPKlWWHHUZDUWHQN|QQHQ ,P *HJHQWHLO ]HXJW GLH $UW ZLH HU GLH 3XEOLNDWLRQ GHU 6FKUHLEHQ UHFKW IHUWLJWYRQHFKWHP,QWHUHVVHXQGVRJDU5HVSHNW 'LH OHW]WHQ %ULHIH GLHVHV XQJOFNOLFKHQ 0DQQHV VLQG HLQ VR VFKlW]EDUHU %H\WUDJ ]XU*HVFKLFKWHGHVPHQVFKOLFKHQ+HU]HQVVLHHQWKDOWHQVRYLHO]XP/REHGHUMH QLJHQDQGLHVLHJHULFKWHWVLQGVLHKDEHQVRZHQLJ%HOHLGLJHQGHVIULUJHQGHLQH PHQVFKOLFKH 6HHOH XQG VLQG GRFK LQ LKUHU $UW IU DOOH GHQNHQGH XQG HPSILQ GHQGH/HVHUVRLQWHUHVVDQWGDPLULKUH%HNDQQWPDFKXQJHKHU]XP9HUGLHQVWDOV ]XP9RUZXUIJHUHLFKHQPX0DQGUXFNWGLH%ULHIHGHU.|QLJH)UVWHQ0LQL VWHU :HOWZHLVHQ 'LFKWHU XQG 5HGQHU QDFK LKUHP 7RGH XQG OLHW VLH XP GHVWR OLHEHUMHZHQLJHUVLHIUGLH3UHVVHEHVWLPPWZDUHQVREDOGVLHQXUHWZDVHQWKDO WHQZDVGLH1HXJLHUGHUHL]HQ1XW]HQEHI|UGHUQXQG9HUJQJHQXQG8QWHUKDO WXQJJHZlKUHQNDQQ$%+$Å9RUEHULFKW´QLFKWSDJLQLHUW
BBBBBBBBBBBBB
'HU%DQG HUVFKLHQ DQRQ\P'LH=XVFKUHLEXQJ HUIROJW LQ $QOHKQXQJ DQ GHQ.DWDORJ GHU 8QLYHUVLWlWVELEOLRWKHN :U]EXUJ 'HU 7H[W ZLUG QDFKIROJHQG ]LWLHUW DOV $%+$ JHIROJW YRQGHU6HLWHQ]DKO 'DVVGLHVDXFKELWWHUQ|WLJVHLEHVWlWLJWHLQ5H]HQVHQWYJO>$QRQ@>5H]HQVLRQ]X$XWKHQ WLVFKH %ULHIH@ *|WWLQJLVFKH $Q]HLJHQ YRQ JHOHKUWHQ 6DFKHQ 0lU] 6² KLHU 6 %HPHUNHQVZHUWVFKHLQWKLHUGLH6RUJHXPGDV%ULHIJHKHLPQLVGLH.WWQHUDOOHUGLQJVGXUFK GHQ +LQZHLV HQWNUlIWHWH GLH (PSIlQJHU KlWWHQ GLH %ULHIH ]XU $EVFKULIW IUHLJHJHEHQ XQG PHKUIDFKYHUVFKLFNWDOVRVHLgIIHQWOLFKNHLWEHUHLWVKHUJHVWHOOW
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
'LHGHQ%ULHIHQYRUJHVFKDOWHWH&KDUDNWHUVNL]]HYJO$%+$II GHV6XL ]LGHQWHQIlOOWGHPJHPlDPELYDOHQWDXV.WWQHUVFKLOGHUWYRQ$UHQVZDOG DOV JHELOGHW XQG DXHUJHZ|KQOLFK WXJHQGKDIW XP LKQ DQVFKOLHHQG DOV 2SIHUIDOVFKHU/HNWUHQHEHQGHP:HUWKHUXQGÅ7UDXHUVSLHOH>Q@GLHVLFK PLWGHP6HOEVWPRUGHHQGLJHQ´$%+$ ZHUGHQ+HOYpWLXV9ROWDLUH XQG5RXVVHDXJHQDQQW XQGVFKOHFKWHU9RUELOGHUGDU]XVWHOOHQGXUFKGLH HUVHLQHQ*ODXEHQYHUORUHQKDEH9HUZHLVHDXIEHUWULHEHQH(KUEHJULIIH HPSILQGVDPH 9RUVWHOOXQJHQ XQG HLQH DQJHEOLFK ÅEHUVSDQQWH (LQELO GXQJVNUDIW´ $%+$ UXQGHQ GDV %LOG YRQ $UHQVZDOGV VFKZlUPHUL VFKHQ7HQGHQ]HQDE 0LW +LOIH GLHVHU ]ZHFNGLHQOLFKHQ 7\SLVLHUXQJ ZHUGHQ DXI EOLFKH :HLVH GHP ,QGLYLGXXP 3UlGLVSRVLWLRQHQ HKHU ]XJHVFKULHEHQ DOV GHVVHQ HLJHQH HUNHQQEDU JHPDFKW 'DEHL ]HLJHQ VLFK LURQLVFKHUZHLVH ZLHGHUXP 6XL]LGHQW ZLH .ULWLNHU OLWHUDULVFK EHHLQIOXVVW .WWQHUV 'DUVWHOOXQJ GHU OHW]WHQ /HEHQVVWXQGHQ GHV +DXSWPDQQV VRZLH GHU 6LWXDWLRQ LQ ZHOFKHU +lQGHOGHVVHQ/HLFKQDPDXIJHIXQGHQKDWWHlKQHOQHQWVSUHFKHQGHQ6]H QHQ LP :HUWKHU *OHLFKZRKO OLHIHUWH YRQ $UHQVZDOG GHQ GHXWOLFKVWHQ +LQZHLV DXI HLQH *RHWKH5H]HSWLRQ DOV HU GHQ ]XOHW]W YHUVFKORVVHQHQ VHLQHU$EVFKLHGVEULHIHGHUEHUHLQHQ=HLWUDXPYRQZHQLJVWHQVIQI7D JHQHQWVWDQGHQZDUZLHIROJWEHHQGHWHYJO$%+$² 'LHHQWVFKHLGHQGH6WXQGHLVWGD'LH3LVWROHQVLQGJHODGHQHLOI%ULHIHJHVFKORV VHQVRZLHHVGLHVHUQXQDXFKLVW²6RLVWGDV/HEHQKLHUDXV²,FKKRIIHDXIHLQ EHVVHUHVXQGELQLQGHQOHW]WHQ$XJHQEOLFNHQPHLQHV/HEHQVJDQ] ,KU )UHXQGY$UHQVZDOG GHQ6HSW KDOE8KU1DFKWV$%+$
'DV 6LHJHOQ GHU %ULHIH HUVFKLHQ YRQ $UHQVZDOG DOV V\PEROLVFKHU $NW 7RGHVEHUHLWVFKDIW VWHOOWH VLFK IU LKQ HUVW PLW GHUHQ 9HUIDVVHQ KHU Å,FK NDQQ QLFKW DXV GHU :HOW JHKHQ´ VFKULHE HU HLQHP )UHXQG ÅRKQH ,KQHQ HLQNOHLQHV0HUNPDKOPHLQHU)UHXQGVFKDIW]XKLQWHUODVVHQ´$%+$ 'HULPFKULVWOLFKHQ5LWXDOYHUSIOLFKWHQGHLUGLVFKH$EVFKLHGZDUGHP6XL BBBBBBBBBBBBB
8P GHQ VFKlGOLFKHQ (LQIOXVV GHV :HUWKHU ]X XQWHUPDXHUQ IKUW .WWQHU HLQHQ ZHLWHUHQ 6HOEVWPRUGIDOODQ+LHUVHLGHU5RPDQDXIJHVFKODJHQDP7DWRUWJHIXQGHQZRUGHQ]XGHP KDEHGHU 6XL]LGHQWDP $EHQG YRUGHU7DWGLH:HUWKHULDGH&DUO(UQVW)UHLKHUUYRQ5HLW ]HQVWHLQV Å/RWWH EH\ :HUWKHUV *UDE´ JHVXQJHQ YJO $+%$ YJO 9RUGHUVWH PDQQÄ$XVJHOLWWHQ¶6²$QGUHH:HQQ7H[WHW|WHQ6I *OHLFKVDPDOV*HJHQJLIWQHQQW.WWQHU]XVlW]OLFKÅ9HUWHLGLJHUGHV*ODXEHQV´$%+$ ]XGHQHQXDGLH*|WWLQJHU7KHRORJHQ-RKDQQ/RUHQ]YRQ0RVKHLP² XQGGHU JHPlLJWHUH *RWWIULHG /H ² ]lKOHQ YJO ]X EHLGHQ /LQG 6HOEVWPRUG 6 I .WWQHUV.RPPHQWDUOlVVWHLQHQ(LQIOXVVYRQ/HHUNHQQHQ 9JO$QGUHH:HQQ7H[WHW|WHQ6IIKLHU6
/LWHUDWXUXQG:LUNOLFKNHLW
]LGHQWHQ]XPYHULQQHUOLFKWHQ%HGUIQLVXQG7HLOGHV)UHXQGVFKDIWVNXOWHV JHZRUGHQ ,QGHUVFKLHUHQ$Q]DKOGHU$EVFKLHGVERWVFKDIWHQIDQGMHQH*HODVVHQ KHLW GLH 0HLQHU XQG VHLQH =HLWJHQRVVHQ HUVWDXQWH DXFK PDWHULHOO $XV GUXFNÅ:HQQGLH5XKHLQGHQOHW]WHQ6WXQGHQHLQ%HZHLGHU5LFKWLJNHLW HLQHV DQJHQRPPHQHQ 6\VWHPV LVW VR LVW GDV PHLQLJH JHZL ULFKWLJ´ $%+$ VFKULHEYRQ$UHQVZDOG.WWQHUWULWWGHPHQWJHJHQLQGHP HUGHP6XL]LGHQWHQIHVWHDEHULPWKHRORJLVFKHQ6LQQHQLFKWULFKWLJHhEHU ]HXJXQJHQ$+%$ EHVWlWLJW'HP7RGUXKLJ]XEHJHJQHQVHLÅNHLQ DXVVFKOLHVVHQGHV 9RUUHFKW GHV &KULVWHQ´ VRQGHUQ KlQJH XQWHU DQGHUHP YRP &KDUDNWHU GHV 6WHUEHQGHQ DE ,P hEULJHQ lXHUW VLFK .WWQHU DQ GLHVHU 6WHOOH YHUJOHLFKVZHLVH ]XUFNKDOWHQG YHUZHLVW DXI ÅHLQHQ K|KHUHQ 5LFKWHUVWXKO´XQGUlXPWHLQHVVHLÅVFKOHFKWHUGLQJVNHLQHV0HQVFKHQ6D FKHGLHLQQHUH0RUDOLWlWGHU+DQGOXQJHQVLFKHU]XEHXUWKHLOHQ´$%+$ $QNODQJEHL.WWQHUIDQGHQMHQH*HVWHQYRQ$UHQVZDOGVGLHZLHGHU 7KHRORJHVHLQHU GLGDNWLVFKHQ $EVLFKW HQWVSUHFKHQG XQG ZRKO DXFK JDQ] ]X 5HFKW EHPHUNWH GHVVHQ FKULVWOLFKHU (U]LHKXQJ HQWVSUDQJHQ %HPKW VHLQH0XWWHU]XVFKRQHQKDWWHGHU+DXSWPDQQHLQHQ)UHXQGJHEHWHQLKU PLW]XWHLOHQ LKU 6RKQ VHL ÅQDFK HLQHU ]ZH\ RGHU GUH\ Z|FKHQWOLFKHQ .UDQNKHLWPLWDOOHQJHZ|KQOLFKHQFKULVWOLFKHQ:HJZHLVHUQYHUVHKHQLQGLH DQGHUH :HOW JHJDQJHQ´ $%+$ 9HUWUDXW PLW JlQJLJHQ 6WHUEH LGHDOHQ YHUVXFKWH YRQ $UHQVZDOG KLHU ZLH DQ DQGHUHU 6WHOOH GHU $XHQ ZHOW JHJHQEHU GHQ 6FKHLQ ]X ZDKUHQ $XFK HLQ 6DW] ZLH Å,FK VFKUHLEH ,KQHQ YRP 6WHUEHEHWWH DXV´ $%+$ EH]HXJW GLHV XQG OHJW ]XGHP QDKH GDVV GHU %ULHIDXWRU .RQYHQWLRQHQ OHW]WHQ 6FKUHLEHQV NDQQWH 'DV GHUDUWHYR]LHUWH%LOGHLQHVUXKLJHQ6WHUEHQVVROOWHKHOIHQGLH*HZDOWVDP NHLW VHLQHU 7RGHVDUW ]X YHUVFKOHLHUQ :lKUHQG .WWQHU GLH 5FNVLFKW BBBBBBBBBBBBB
.WWQHUHUZlKQWHLQHQZHLWHUHQ6XL]LGHQWHQGHUSHU$EVFKLHGVERWVFKDIWQDFKHLQHP:HJ VXFKWHVHLQHU0XWWHUGLH1DFKULFKWYRQVHLQHP7RGEHUEULQJHQ]XODVVHQÅRKQHLKUHLQ 6FKUHFNHQ]XPDFKHQ´YJO$%+$I=LWDW 9JODXFKGHQYRQ%lKU]LWLHUWHQ$E VFKLHGVEULHI -RKDQQ -DFRE 3HWHUV ² LQ GHP GHU 6XL]LGHQW GDUXP ELWWHW DOV Å1DFKWZDQGOHU´GDUJHVWHOOW]XZHUGHQGHVVHQ7RGQXUHLQ8QIDOOJHZHVHQVHLYJOGHUV 5LFKWHU 6 'HUDUWLJH VFKULIWOLFK DQJHVWUHQJWH 9HUKHLPOLFKXQJVYHUVXFKH NRQQWHQ ]XU 6WDDWVDIIlUHZHUGHQZLHHWZDLP)DOOYRQ&DUO+HLQULFK*UDIYRQ+R\P² GHU VLFKZlKUHQGVHLQHU+DIWDXIGHU)HVWXQJ.|QLJVWHLQGDV/HEHQQDKP6HLQH'LHQHUZLHV HULQHLQHU$EVFKLHGVQDFKULFKWDQVHLQH7RGHVDUW]XYHUWXVFKHQXQGERWLKQHQGDIUHLQH %HORKQXQJ GLH VHLQH )DPLOLH EHL 9RU]HLJHQ GHV 6FKUHLEHQV DXV]DKOHQ ZUGH 'HU %ULHI ZXUGHPHKUIDFKYHU|IIHQWOLFKWXQGKHIWLJNULWLVLHUWYJO([WUDFWDXVGHQHQ/HLS]LJHU=HLWXQJHQ 'HQ6HOEVW0RUGGHV*UDIHQVYRQ+R\PXQG'HVVHQOHW]WHQ:LOOHQEHWUHIIHQG'UHVGHQ>R$@ VRZLH,KUHU.|QLJO0DM,Q3RKOHQXDOV.KXU)UVWHQV]X6DFKHQ0$1'$7&DUO+HLQULFKV *UDIHQV YRQ +R\P EHJDQJHQH 9HUEUHFKHQ DXFK 6HOEVW0RUG LQJOHLFKHQ GLH &RQILVFDWLRQ VHLQHV VlPPW OLFKHQ$OORGLDO9HUP|JHQVXQGZDVGHPDQKlQJLJEHWUHIIHQG(UJDQJHQ'H'DWR'UHGHQGHQVWHQ )HEUXDULL$QQ
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
QDKPH YRQ $UHQVZDOGV GHU 0XWWHU JHJHQEHU DOV YRUELOGOLFK HPSIDQG OHKQWHHUGHVVHQ7lXVFKXQJVYHUVXFKHDQVLFKDE'DVVGLH$EVFKLHGVEULHIH XQWHU GLHVHQ 8PVWlQGHQ LKUH 6WHOOYHUWUHWHUIXQNWLRQ HUIOOWHQ HUNDQQWH .WWQHUDQHLQFKULVWOLFKHU7RGVRGHU7KHRORJHZlUHMHGRFKEHVVHUXQG GDPLWÅDOOHGDV*HVFKUHLEHQLFKWQ|WKLJJHZHVHQ´$%+$ %HVRUJW XP VHLQHQ SRVWKXPHQ 5XI YHUVXFKWH YRQ $UHQVZDOG PLW +LOIHGHU6WHUEHERWVFKDIWHQGLHHUZDUWEDUQHJDWLYHQ$XVZLUNXQJHQVHLQHU 6HOEVWW|WXQJ ]X EHJUHQ]HQ (U EHVFKZRU GLH $GUHVVDWHQ LKQ QLFKW DOOHLQ DXIJUXQGVHLQHU7RGHVDUW]XYHUXUWHLOHQVRQGHUQVLFKDQVHLQOHEHQVODQJHV %HVWUHEHQ QDFK 5HFKWVFKDIIHQKHLW XQG )U|PPLJNHLW ]X HULQQHUQ YJO $+%$ 6HLQH 6WHUEHVWXQGH DOV +|KHSXQNW HLQHV WXJHQGKDIWHQ /HEHQVGDUVWHOOHQGDVGHU1DFKZHOW]XP9RUELOGJHUHLFKHQZUGHNRQQ WHYRQ$UHQVZDOGQLFKW.WWQHUV)UDJHREGHU+DXSWPDQQÅHLQ%H\VSLHO JHJHEHQ>KDEH@GDVQDFKJHDKPW]XZHUGHQYHUGLHQWH"´$%+$ LVWLQ GLHVHP .RQWH[W UHLQ SROHPLVFKHU 1DWXU XQG GLHQW OHGLJOLFK GD]X VHLQ ,GHDO GHV ÅDXIJHNOlUWH>Q@ &KULVWHQ´ ]X SURSDJLHUHQ $%+$ (QW VSUHFKHQG EHXUWHLOW .WWQHU YRQ $UHQVZDOGV LQVWDELOH *ODXEHQVYRU VWHOOXQJHQ(LQHUVHLWVKRIIWHGHU+DXSWPDQQEOLQGDXIHLQHQYHUJHEHQGHQ *RWWVRZLHHLQMHQVHLWLJHV:LHGHUVHKHQPLW)UHXQGHQDQGHUHUVHLWV]ZHL IHOWHHUREHVEHUKDXSWHLQ/HEHQQDFKGHP7RGJHEH²HLQH8QVLFKHU KHLWGLHLKQDOOHUGLQJVQLFKWEHXQUXKLJWH$%+$ .WWQHUPXVVGLHV LQDN]HSWDEHO $%+$ ILQGHQ XQG EHWRQW HLQ]LJ GLH 5HOLJLRQ ELHWH ZLUNVDP6FKXW]JHJHQGLH9HUVXFKXQJGHV6HOEVWPRUGHV 6HOEVW ZHQQ HV LQ VlPWOLFKHQ GHU JHVFKLOGHUWHQ 3XQNWH DQ FKULVWOLFKH 6WHUEHLGHDOH QLFKW ZLUNOLFK KHUDQUHLFKWH LQ ]ZHL GHU %RWVFKDIWHQ ZXUGH YRQ$UHQVZDOGV6FKUHLEHQGHUH[HPSODULVFKHQ7UDGLWLRQJHUHFKW(LQPDO ULHWHUHLQHPMXQJHQ)UHXQGDXVVHLQHP%HLVSLHO]XOHUQHQ,QHLQHUHPS ILQGVDPHQ 9DULDWLRQ GHU GHDWKEHG UHSHQWDQFH ZDUQWH GHU +DXSWPDQQ GDV *HJHQEHUYRUGHVVHQHLJHQHU(PRWLRQDOLWlWÅ6WHKHQ6LHJHJHQ,KUHLJHQ +HU]DXI,KUHU+XWXQGODVVHQ6LHVLFKQLFKWYRQVROFKHQ0HQVFKHQHLQ QHKPHQ GLH GLH )UHXQGVFKDIW QXU DXI GHU =XQJH DEHU QLFKW LP +HU]HQ KDEHQ´$%+$I 'HUDUWOLHHUGHQ(UNHQQWQLVSUR]HVVZHOFKHULKQ ]XP6HOEVWPRUGIKUWHGHP+LQWHUEOLHEHQHQQW]OLFKZHUGHQ5HJHOUHFKW EHJHLVWHUW ZDU .WWQHU MHGRFK YRQ GHP $EVFKLHGVEULHI DQ HLQH MXQJH BBBBBBBBBBBBB
1LFKWQXUXPGLHLKP1DKHVWHKHQGHQVRUJWHVLFKYRQ$UHQVZDOGVRQGHUQDXFKXPVHLQH .RPSDQLH XQG +lQGHO (U HPSIDKO EHLGH VHLQHP $PWVQDFKIROJHU ZREHL HU VLFK DP EH NDQQWHQDQWLNHQ([HPSHORULHQWLHUWHÅ,FKELQZLH6 R N U D W H V GHUYHUPDFKWHVHLQH.LQGHU VHLQHQ)UHXQGHQ+lWWHLFKZHOFKHLFKYHUPDFKWHVLH,KQHQZDKUKDIWLJDXFK´$+%$ >+HUYRUKHEXQJLP2ULJLQDO@ 0RUDOLVFKHhEHUOHJHQKHLWLPFKULVWOLFKHQ6LQQHEHZLHVYRQ$UHQVZDOGDOVHUGHP+DXSW YHUDQWZRUWOLFKHQIUVHLQH9HUVFKXOGXQJYHUJDE$%+$
/LWHUDWXUXQG:LUNOLFKNHLW
OHGLJH )UHXQGLQ =HLWJHQ|VVLVFKH :HLEOLFKNHLWVLGHDOH EHVWlWLJHQG HUWHLOH YRQ$UHQVZDOGGDULQ5DWVFKOlJH]XUULFKWLJHQ(KHIKUXQJXQGVFKUHLEH >«@VRYLHOJXWHVUHLIHVXQGGXUFKGDFKWHVEHUGLH.LQGHU]XFKWEHUGLH/LHEH XQG (KUHUELHWKXQJ GLH VLH LKUHQ $HOWHUQ VFKXOGLJ VH\ XQG EHU GLH ZLFKWLJVWHQ 3IOLFKWHQGHV/HEHQVGDGLHV9HUPlFKWQLVGHP*HLVWXQG+HU]HQHLQHU%HDX PRQW (KUH PDFKHQ ZUGH (U JHKW WLHI LQ LKUHQ &KDUDFWHU KLQHLQ (U VFKLOGHUW LKUH7XJHQGHQXQGLKUH)HKOHU(UOREHWWDGHOWZDUQHWELWWHWXQGEHVFKZ|UW²² DOVHLQVWHUEHQGHU)UHXQG$%+$
'HU9HUJOHLFKPLWGHUIUDQ]|VLVFKHQ$XWRULQXQG0RUDOLVWLQ-HDQQH0DULH /HSULQFHGH%HDXPRQW² ]XGHUHQSlGDJRJLVFKHQ6FKULIWHQGLH ,QVWUXFWLRQVSRXUOHVMHXQHVGDPHVTXLHQWUHQWGDQVOHPRQGHHWVHPDULHQWOHXUVGHYRLUV GDQVFHWpWDWHWHQYHUVOHXUVHQIDQV JHK|UWHQEHVWlWLJWGHP6HOEVWP|UGHU XQJHZ|KQOLFKH.RPSHWHQ],QGHP.WWQHUDXHUGHPDQYRQ$UHQVZDOGV .RQIURQWDWLRQ PLW GHP 7RG HULQQHUW JHVWHKW HU GHP 6XL]LGHQWHQ GLH PRUDOLVFKH$XWRULWlWH[HPSODULVFK6WHUEHQGHU]X0|JOLFKZXUGHGLHVGD YRQ$UHQVZDOGV6FKUHLEHQLQGLHVHP)DOODOOJHPHLQYHUELQGOLFKH.RQYHQ WLRQHQXQG,GHDOHEHVWlWLJWH ,P/DXIHVHLQHU%ULHIDQDO\VHILHOVFKOLHOLFKGHP]HLWJHQ|VVLVFKHQ.UL WLNHUVHOEVWDXIZLHNRPSOH[XQGHNOHNWLVFKGHU6HOEVWP|UGHUVLFKlXHUWH XQG GDVV PRUDOLVFKHV %HZXVVWVHLQ *ODXEHQVEHU]HXJXQJ VRZLH GHU (QWVFKOXVV VLFK JHJHQ DOOH JHVHOOVFKDIWOLFKHQ XQG UHOLJL|VHQ 5HJHOQ GDV /HEHQ ]X QHKPHQ HLQDQGHU NHLQHVZHJV DXVVFKORVVHQ'DVV .WWQHU YRQ $UHQVZDOGV +DQGHOQ GHU )UHXQGLQ JHJHQEHU DOV YRUELOGOLFK DQHUNDQQWH NDQQDOV+LQZHLVGDUDXIJHOHVHQZHUGHQDXIZHOFKH:HLVHVLFKLPVSlWHQ -DKUKXQGHUWGLH(LQVWHOOXQJ6XL]LGHQWHQJHJHQEHUDXI7KHRORJHQVHLWH ]X GLIIHUHQ]LHUHQ EHJDQQ $EVFKLHGVEULHIH DOV 6HOEVW]HXJQLVVH VSLHOWHQ LQ GLHVHP3UR]HVVHLQH6FKOVVHOUROOH 'DVVVLFKQLFKWQXUGLH5H]HSWLRQILNWLRQDOHUVRQGHUQDXFKGLHMHQLJH UHDOKLVWRULVFKHU $EVFKLHGVEULHIH LQWHQVLY XQG YLHOIlOWLJ JHVWDOWHQ NRQQWH OlVVW VLFK DQKDQG YRQ $UHQVZDOGV %HLVSLHO HEHQIDOOV GHPRQVWULHUHQ (LQ UlXPOLFK ZLH ]HLWOLFK QDKHV (FKR IDQG HV ]XQlFKVW LP GULWWHQ 7HLO YRQ 'RURWKHD+HQULHWWHYRQ5XQFNHOV6DPPOXQJIUHXQGVFKDIWOLFKHU2ULJLQDOEULHIH 'HUHQGLGDNWLVFKH$EVLFKWZDUHV)UDXHQ%ULHIPXVWHU]XU6FKXOXQJLKUHV 6FKUHLEVWLOV VRZLH ]XU PRUDOLVFKUHOLJL|VHQ +HU]HQVELOGXQJ DQ GLH +DQG ]X JHEHQ 9RQ $UHQVZDOGV )DOO ZLUG GHPHQWVSUHFKHQG SUlVHQWLHUW DOV 1HJDWLYEHLVSLHO PLW GHVVHQ +LOIH GHU -XJHQG GHU 6XL]LG ÅLQ VHLQHU HQW BBBBBBBBBBBBB
9JO'RURWKHD+HQULHWWHYRQ5XQFNHO6DPPOXQJIUHXQGVFKDIWOLFKHU2ULJLQDOEULHIH]XU%LOGXQJGHV *HVFKPDFNV IU )UDXHQ]LPPHU %GH 'UHVGHQ >R$@ ² 6WHQGDO )UDQ]HQ XQG *URVVH ,,,6WHQGDO 6²)RUWDQDEJHNU]WDOV6)2JHIROJWYRQ%DQG QXPPHUXQG6HLWHQ]DKO 9JO5XQFNHOV9RUZRUWLPHUVWHQ7HLOLKUHU6DPPOXQJKLHUEHQXW]WH$XVJDEHYHUlQGHUWH $XIODJH6WHQGDO)UDQ]HQXQG*URVVH ,6LLL²YLL
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
HKUHQGHQVFKLPSIOLFKHQ*HVWDOW´DOV)ROJHIDOVFKHU(KUEHJULIIHYHUVDJHQ GHU3KLORVRSKLHXQGPDQJHOQGHU5HOLJLRVLWlWYRUJHIKUWZHUGHQVROO6)2 ,,,² 'LH'DUVWHOOXQJGHU7DWLKUHU+LQWHUJUQGHXQGGHU:RUW ODXW GHU DEJHGUXFNWHQ $EVFKLHGVEULHIH ZHLFKHQ WHLOZHLVH VR VWDUN YRQ .WWQHUV 9HUVLRQ DE GDVV PDQ GDYRQ DXVJHKHQ NDQQ GDVV ZHQLJVWHQV HLQHGULWWH4XHOOHYRUODJ=XOHVHQVLQGQHEHQZHLWHUHQ'HWDLOVGHV%LOOHWV DQ+lQGHO6)2 ,,, DXFK3DVVDJHQDXVGHP%ULHIDQGHQÄ)UHXQG¶ GHUIUYRQ$UHQVZDOGV6FKXOGHQYHUDQWZRUWOLFKZDU9RQYLHUOHW]WHQ %RWVFKDIWHQ GLH 5XQFNHO DEGUXFNW ILQGHW VLFK QXU HLQH DQ HLQHQ *HLVW OLFKHQ DXFK EHL .WWQHU YJO 6)2 ,,, I XQG $%+$ I 6HOEVW ]ZLVFKHQ GLHVHQ EHLGHQ 7H[WHQ EHVWHKHQ 'LVNUHSDQ]HQ GLH )ROJH XQJH QDXHU $EVFKULIWHQ GHU 2ULJLQDOH RGHU DEVLFKWVYROOHU %HDUEHLWXQJ VHLWHQV GHU+HUDXVJHEHQGHQVHLQN|QQWHQ (LQHU GHU EHL 5XQFNHO ZLHGHUJHJHEHQHQ %ULHIH N|QQWH LGHQWLVFK PLW MHQHP DQ GLH MXQJH )UHXQGLQ GHV +DXSWPDQQV VHLQ GHQ .WWQHU VR YRUELOGOLFK JHIXQGHQ KDWWH YJO 6)2 ,,, ² 'DIU VSULFKW HWZD GDVVYRQ$UHQVZDOGKLHUPLWGHP3DWKRVGHVOHW]WHQ:RUWHVDUJXPHQWLHUW XQG EHLVSLHOVZHLVH ÅVFKRQ KDOE LP *UDEH´ VHLQH $GUHVVDWLQ DQ GDV 9HU VSUHFKHQ HULQQHUW LKU .LQG VHOEVW ]X VWLOOHQ 6)2 ,,, 'DEHL LVW HU VLFK EHZXVVW GDVV VHLQ 6HOEVWPRUG HEHQ GLHVH $XWRULWlW XQWHUJUDEHQ N|QQWHÅ9HUDFKWHQ6LHPHLQHYLHOIDFKHQ(UPDKQXQJHQGLHLFK,KQHQDXV VRUHGOLFKHP+HU]HQJHJHEHQKDEHQLFKWHWZDZHJHQGHU$UWZLHLFKGLH :HOWYHUODVVH´6)2 ,,, 'HUEHL5XQFNHOLP9HUJOHLFK]X.WWQHU NU]HUH.RPPHQWDU]XYRQ$UHQVZDOGV%ULHIHQWHLOWOHW]WOLFKGLH]ZLHVSlO WLJH+DOWXQJGHV7KHRORJHQ:LHGHUXPVWHKWGHU$EOHKQXQJGHV6XL]LGV XQGGHP9RUZXUIGHU,UUHOLJLRVLWlWUHODWLYXQYHUPLWWHOWGDV/REIUHLQLJH GHU VR]LDO E]Z PRUDOLVFK NRQVHQVIlKLJHQ *HVWHQ DOV DXFK IU GHQ 6FKUHLEVWLO YRQ $UHQVZDOGV JHJHQEHU (EHQVR GHXWOLFK ZLUG GHU YLHO IlOWLJH (UNHQQWQLVZHUW GHU GHQ $EVFKLHGVEULHIHQ ]XJHVFKULHEHQ ZLUG Å$OOH>«@YHUGLHQWHQJHGUXFNW]XZHUGHQVRVFK|QVRJXWXQGOHKUUHLFK VLQGVLH´6)2,,, 'LH4XDOLWlWGHU%RWVFKDIWHQOLHGHQ)DOOEHU/lQGHUJUHQ]HQKLQDXV EHNDQQW ZHUGHQ 'DIU GDVV YRQ $UHQVZDOGV %ULHIH QDFK (QJODQG JH ODQJWHQ VRUJWH XQWHU DQGHUHP +HQU\ 3DXO 0DW\ ² GHU .WW QHUV 0RQRJUDSKLH EHVSUDFK XQG HLQH EHDUEHLWHWH WHLOV XQJHQDX EHU VHW]WH 9HUVLRQGHU$XVIKUXQJHQGHV7KHRORJHQVLHEHQGHU$EVFKLHGV EULHIH XQG VXPPDULVFK GDV %LOOHW DQ +lQGHO YHU|IIHQWOLFKWH 0DW\V BBBBBBBBBBBBB
.WWQHUJLEWGLHVH%RWVFKDIWVXPPDULVFKZLHGHUYJO$%+$ )U(UVWHUHVVSULFKWHLQH%HPHUNXQJ.WWQHUVHUKlWWHYRQHLQHP%ULHIQXUHLQHÅIOFKWLJH XQGXQOHVHUOLFKH&RSLH´JHVHKHQ$%+$ 9JO+HQU\3DXO0DW\Å$UW9´$1HZ5HYLHZZLWK/LWHUDU\&XULRVLWLHVDQG/LWHUDU\,QWHOOLJHQFH ,9 6²
/LWHUDWXUXQG:LUNOLFKNHLW
7H[WDXVZDKO XQG VHLQ .RPPHQWDU ]HXJHQ YRQ HLQHU YHUJOHLFKVZHLVH VWUHQJHUHQ %HXUWHLOXQJ GHV 6XL]LGHQWHQ 6HLQH $EOHKQXQJ EHUXKW DXI JH VHOOVFKDIWOLFKHQ3ULQ]LSLHQXQGOlVVWLKQSRVLWLYHZLHQHJDWLYH$VSHNWHGHU 6HOEVWGDUVWHOOXQJYRQ$UHQVZDOGVDQGHUVJHZLFKWHQ-HGHUGHUVHLQH9HU SIOLFKWXQJHQDQGHUHQJHJHQEHUYRU]HLWLJDXINQGLJHVHLVR0DW\Å>Q@RW ZLWKVWDQGLQJVRPHDSSHDUDQFHVWRWKHFRQWUDU\DQGVRPHUHDOYLUWXHV>«@ D PHDQ GLVKRQHVW DQG IRROLVK FRZDUG´ 'LH VR]LDOH 'LPHQVLRQ ELOGHW QHEHQ YRQ $UHQVZDOGV DQJHEOLFK PDQJHOQGHU 5HOLJLRVLWlW HEHQIDOOV GHQ 6FKZHUSXQNWLQ&KDUOHV0RRUHV'LVNXVVLRQGHV)DOOVYJO),,,² YD 'LH HQWVFKORVVHQH *HODVVHQKHLW GHV +DXSWPDQQV EHXUWHLOW 0RRUH²ZLH.WWQHU²DOVYRQ&KDUDNWHUVWlUNH]HXJHQGQLFKWDOV5HFKW IHUWLJXQJHLQVROFKHV%HLVSLHOVHLIUDQGHUHIUHLOLFKEHVRQGHUVJHIlKUOLFK ), ,, ² 'LH VRUJIlOWLJHQ 7DWYRUEHUHLWXQJHQ YRQ $UHQVZDOGV HLQVFKOLHOLFK VHLQHU ÅFDOP OHWWHUV´ EHZHUWHW 0RRUH DOV VWUDWHJLVFKH 6HOEVWWlXVFKXQJHQ GLH VLFKHUVWHOOHQ VROOWHQ GDVV GHU +DXSWPDQQ LP 0RPHQW GHU 7DW UXKLJ EOHLEHQ ZUGH 'HU %HWUXJ HUVWUHFNH VLFK ]XGHP DXI GDV VR]LDOH 8PIHOG GHV 6XL]LGHQWHQ 'HQ |IIHQWOLFK YROO]RJHQHQ 6HOEVWPRUG LQ GHU $QWLNH LGHDOLVLHUHQG YHUXUWHLOW 0RRUH MHJOLFKHV %HP KHQXP*HKHLPKDOWXQJVHLWHQVGHV6XL]LGHQWHQ 7KLV>GKHLQ6XL]LGLQDOOHUgIIHQWOLFKNHLW0,6@ZDVDPHWKRGDSSDUHQWO\PRUH KRQRXUDEOHDQGSUDLVHZRUWK\WKDQSULYDWHO\WRVFXONRXWRIOLIHXQGHUDFORXGRI GHFHLWVHFUHF\DQGGDUNQHVVDQGWKHQWROHDYHVRPHSRVWKXPRXVGHIHQFHRIWKH DFWLRQLQWKHVKDSHRIHVVD\VRUOHWWHUVZKRVHFRQWHQWVWKHLUZULWHUVGLGQRWGDUH RSHQO\WRDYRZZKLOHOLYLQJ),,,YJODXFK
'DVVDXVJHUHFKQHWGLH%HVFKDIIHQKHLWJHVHOOVFKDIWOLFKHU9HUKlOWQLVVHGDIU PLWYHUDQWZRUWOLFK VHLQ NRQQWH GDVV VLFK HLQ ,QGLYLGXXP LQ GHQ 6FKXW] YRQ6FKULIWOLFKNHLWXQG7RG]XUFN]X]LHKHQEHVFKORVVNDP0RRUHQLFKW LQGHQ6LQQ:HUVLFK]XU*HKHLPKDOWXQJJH]ZXQJHQIKOHEH]ZHLIOHGLH /HJLWLPLWlW VHLQHV +DQGHOQV XQG N|QQH GDKHU NHLQHVIDOOV EHKDXSWHQ DQ GHUH GXUFK VHLQHQ 5FN]XJ VFKRQHQ ]X ZROOHQ ), ,, I /HGLJOLFK ]ZHL +DQGOXQJHQ YRQ $UHQVZDOGV OLH0RRUH JHOWHQ HUVWHQV GHVVHQ%H PKXQJHQVHLQHU 0XWWHU GLH $UWVHLQHV 7RGHV ]X YHUKHLPOLFKHQ 6HOEVW PRUGVWHOOWHIU0RRUHPLW%OLFNDXIGLH+LQWHUEOLHEHQHQGLHVFKOLPPVWH $UW ]X VWHUEHQ GDU LKQHQ GLH 7DWXPVWlQGH ]X YHUEHUJHQ EHZHUWHWH HU GDKHU VHLQH HLJHQHQ 3ULQ]LSLHQ WHLOZHLVH XQWHUODXIHQG SRVLWLY ), , 'HV :HLWHUHQ LPSRQLHUWH LKP GHU HUZlKQWH %ULHI YRQ $UHQVZDOGV DQ VHLQHQ MXQJHQ )UHXQG GD HU YRU HLQHU HWZD IU :HUWKHU W|GOLFKHQ (PRWLRQDOLWlWZDUQH),,, BBBBBBBBBBBBB
0DW\Å$UW9´6 -HQVHLWV UHOLJL|VPRUDOLVFKHU 'LVNXVVLRQHQ YHU|IIHQWOLFKWH DP $SULO GDV DPHULND QLVFKH/DGLHV0XVHXPYRQ$UHQVZDOGV*HVFKLFKWHDOVHPSILQGVDPHV.XULRVXPXQWHUGHP
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
JULIIPLW7]VFKLUQHUVFKOLHOLFKHLQZHLWHUHUGHXWVFKHU7KHRORJH GHU ZLH LP YRULJHQ .DSLWHO DQJHGHXWHW 6HOEVWPRUG JUXQGVlW]OLFK YHUXU WHLOWHGHQ)DOODXI$EJHVHKHQYRP%LOOHWDQ+lQGHO]LWLHUWHULQVHLQHP %HULFKW NHLQHQ GHU $EVFKLHGVEULHIH (U HUZlKQW VLH QXU XQG IDVVW HLQLJH LKUHU ]HQWUDOHQ )XQNWLRQHQ ]XVDPPHQ $EVFKLHG (QWVFKXOGLJXQJ XQG 6FKRQXQJGHU0XWWHU%HHLQGUXFNW]HLJWHVLFKVFKOLHOLFKDXFK7]VFKLU QHU GDYRQ ZLH YRQ $UHQVZDOG LQ VHLQHQ %ULHIHQ GLH 6WHUEHNQVWH DGDS WLHUWHYRUDOOHPXPVR]LDOH9HUSIOLFKWXQJHQZDKU]XQHKPHQ $XHUGHPZLUG$UHQVZDOG>«@ GDGXUFKLQWHUHVVDQWGDHUGHQ XQDQJHQHKPHQ )ROJHQXQG(LQGUFNHQZHOFKHVHLQ7KDWKHUYRUEULQJHQNRQQWHVRYLHODOVP|J OLFKYRU]XEHXJHQVXFKWH>«@:HQQHVGHPJHZ|KQOLFKHQ6HOEVWP|UGHUQXUGD UXP ]X WKXQ LVW GDV /HEHQ GDV LKP ]XU /DVW ZLUG YRQ VLFK ]X ZHUIHQ XQG HU VLFK ZHQLJ XP GHQ (LQGUXFN GHQ VHLQH 7KDW DXI $QGHUH PDFKHQ XQG XP GLH )ROJHQGLHVLHIUVLHKDEHQN|QQWH]XEHNPPHUQSIOHJWVRVXFKWH$UHQVZDOG GDV6FKLFNVDOVHLQHVWUHXHQ%HGLHQWHQ]XHUOHLFKWHUQGHQ.XPPHUVHLQHU0XWWHU ]XYHUPLQGHUQXQG]XYHUKWHQGDLKQ QLFKWVHLQH7KDWXPGLH$FKWXQJXQG /LHEHVHLQHU)UHXQGHEULQJH
7]VFKLUQHUV DQHUNHQQHQGH +DOWXQJ VWHKW LQ VWDUNHP .RQWUDVW ]X GHQ %HZHUWXQJHQ GHU HQJOLVFKHQ $XWRUHQ XQG GHPRQVWULHUW HLQH ]XPLQGHVW WHQGHQ]LHOO SURJUHVVLYH +DOWXQJ 'HU 9HUJOHLFK PLW DQGHUHQ 6XL]LGHQWHQ OLHYRQ$UHQVZDOG]XHLQHPSRVLWLYHQ%HLVSLHOLQHLQHULQVJHVDPWQHJDWLY EHZHUWHWHQ6LWXDWLRQZHUGHQ 'LH KLHU LP $QVDW] XPULVVHQH 5H]HSWLRQ GHU *HVFKLFKWH XQG OHW]WHQ %RWVFKDIWHQ GHV +DXSWPDQQV EH]HXJW HUQHXW GDV JURH LQWHUQDWLRQDOH ,QWHUHVVH DQ )lOOHQ YRQ 6XL]LG XQG GDPLW DVVR]LLHUWHQ $EVFKLHGVEULHIHQ XPGLH:HQGH]XP-DKUKXQGHUW:lKUHQGVlPWOLFKHGHUKLHU]LWLHUWHQ $XWRUHQ GLH 7DW JUXQGVlW]OLFK YHUXUWHLOWHQ ILHOHQ LKUH 6WHOOXQJQDKPHQ GHP,QGLYLGXXPYRQ$UHQVZDOGXQGVHLQHQ$EVFKLHGVEULHIHQJHJHQEHU EHUZLHJHQG GLIIHUHQ]LHUW WHLOZHLVH VRJDU SRVLWLY DXV 'DEHL HUZLUNWHQ ZHUWNRQIRUPHbXHUXQJHQXQG*HVWHQGLHFKULVWOLFKH6WHUEHULWXDOHE]Z LGHDOHXP]XVHW]HQRGHUVLHZHQLJVWHQV]XDGDSWLHUHQVXFKWHQEHVRQGHUHQ 5HVSHNW=HQWUDOIUVlPWOLFKH%HZHUWXQJHQZDUGDVVR]LDOH9HUKDOWHQGHV 6XL]LGHQWHQ GDV YRUQHKPOLFK LQ VHLQHQ OHW]WHQ %RWVFKDIWHQ *HVWDOW DQ QDKP 0HKU RGHU PLQGHU HLQLJ ZDU PDQ VLFK GDJHJHQ GDVV GLH *ODX EHQVJUXQGVlW]HYRQ$UHQVZDOGVIUGHUHQ)HKOHUKDIWLJNHLWGHU6XL]LGGHU BBBBBBBBBBBBB
7LWHOÅ$5HPDUNDEOH$FWRI6XLFLGH0DQQHYHUVDZVXFKDKRVWRIDUPHGPHQDWRQFHLQWHDUVEH IRUH´YJO6HQVDWLRQDOLVW/LWHUDWXUHDQG3RSXODU&XOWXUHLQWKH(DUO\$PHULFDQ5HSXEOLF$Q$QWKRO RJ\ RI ([RWLF 1RQILFWLRQ :RQGHU 7DOHV DQG :KRSSHUV ]XVDPPHQJHVWHOOW XQG KUVJ YRQ (G ZDUG:53LWFKHUXQG6HDQ+DUWLJDQ/HZLVWRQ0HOOHQ3UHVV 6I 9JO7]VFKLUQHU/HEHQXQG(QGH6² 9JO7]VFKLUQHU/HEHQXQG(QGH6 7]VFKLUQHU/HEHQXQG(QGH6
/LWHUDWXUXQG:LUNOLFKNHLW
EHVWH%HZHLVVFKLHQ]XYHUXUWHLOHQZDUHQ+LQWHUJUXQGVSH]LHOOGHUWKHR ORJLVFKHQ $UJXPHQWDWLRQ ELOGHWH QHEHQ GHU 6HOEVWPRUGGHEDWWH GLH DOOJH PHLQHUH $XVHLQDQGHUVHW]XQJ GHU =HLW XP GLH $XWRULWlW GHV *ODXEHQV LQ HLQHU]XQHKPHQGVlNXODUHQ*HVHOOVFKDIW 1XU LQ (LQ]HOIlOOHQ ZXUGH ZLH +DQV0DUWLQ .LUQ LQ HLQHU 6WXGLH ]X -RKDQQ /XGZLJ (ZDOG² HLQHPUHIRUPLHUWHQ 7KHRORJHQ DXI JH]HLJW KDW ÅLP .RQWH[W YRQ 6SlWDXINOlUXQJ XQG 3LHWLVPXV´ HLQ SUl PHGLWLHUWHU 6HOEVWPRUG VFKULWWZHLVH ÅDOV 7DW GHV *ODXEHQV GHQNEDU´ (LQH HQWVFKHLGHQGH 5ROOH VSLHOWH GDEHL VR .LUQ ÅGLH SLHWLVWLVFKH )U|P PLJNHLW´ ZHOFKH ÅGHQ 5HVSHNW YRU GHU DXWKHQWLVFKHQ 6HOEVWGHXWXQJ GHV 6XL]LGDQWHQ´ JHI|UGHUW XQG HV HUODXEW KDEH LQ $EVFKLHGVEULHIHQ GDUJH OHJWH*ODXEHQV]HXJQLVVHQHX]XJHZLFKWHQ(UNHQQHQOlVVWVLFKGLHVLP .RPPHQWDU GHV *HLVWOLFKHQ /XGZLJ )ULHGULFK $XJXVW YRQ &|OOQ ² ]XGUHL$EVFKLHGVEULHIHQHLQHU6HOEVWP|UGHULQGLHLQGHUYRQ (ZDOG KHUDXVJHJHEHQ =HLWVFKULIW 8UDQLD IU .RSI XQG +HU] HUVFKLHQHQ 'HQ6FKUHLEHQLVW]XHQWQHKPHQGDVVGLH)UDXODQJHXQWHUGHQ0LVVKDQG OXQJHQXQG'HPWLJXQJHQLKUHV0DQQHVXQGVHLQHU)DPLOLHJHOLWWHQKDWWH $OVHULKUHQGOLFKHLQHQ(KHEUXFKYRUZDUIGHQVLHQLFKWEHJDQJHQKDWWH LKU GHVKDOE MHGRFK |IIHQWOLFKH 6FKDQGH GURKWH HQWVFKORVV VLH VLFK ]XP 6HOEVWPRUG ² REZRKO VLH ZXVVWH GDVV GLHVH 7DW VLH VFKXOGLJ YRU *RWW ZHUGHQOLH,KUH%RWVFKDIWHQVLQGYROOHUIURPPHU*HVWHQ6LHELWWHWXP 9HUJHEXQJ EHLFKWHW EHWHW HUOHGLJW OHW]WH $QJHOHJHQKHLWHQ XQG EHWHXHUW Å,FK VWHUEH DOV HLQH EVVHQGH &KULVWLQQ´ 'LHVH *HVWHQ EH]HXJHQ LKU 6HOEVWXQG*ODXEHQVYHUVWlQGQLVZLHGHQ9HUVXFKGHU1DFKZHOWHLQJDQ] EHVWLPPWHV %LOG LKUHU 3HUVRQ DOV XQVFKXOGLJ IURPP XQG QDFK ODQJHP /HLGHQVZHJYHU]ZHLIHOW]XYHUPLWWHOQ ([SOL]LWDXIGDV]HLWJHQ|VVLVFKHSV\FKRORJLVFKH,QWHUHVVHYHUZHLVHQG EHZHUWHWHYRQ&|OOQ%ULHIHZLH$XWRULQlXHUVWV\PSDWKHWLVFK'LH5XKH BBBBBBBBBBBBB
.LUQ ÅÄ,FK VWHUEH¶´ 6I .LUQ EHKDQGHOW $EVFKLHGVEULHIH DOV HLQH Å*DWWXQJ´ QHEHQ Å6FKXO XQG +DXVEXFK (QWZUIHQ IU GHQ 5HOLJLRQVXQWHUULFKW .DVXDOUHGH 3DVVLRQV SUHGLJW XQG 6HHOVRUJHEULHI´ DQKDQG GHUHU VLFK GLH 1HXEHZHUWXQJ GHV 6XL]LGV EHL (ZDOG XQGlKQOLFK*HVLQQWHQDXI]HLJHQODVVH(UZHLVW]XGHPDXIJHQUHVSH]LILVFKHIRUPDOH(OH PHQWH OHW]WHU %RWVFKDIWHQ KLQ Å'DQN XQG :QVFKH LP %OLFN DXI GLH +LQWHUEOLHEHQHQ 6HOEVWDQVFKXOGLJXQJHQ DXFK GHU 2UW GHV 6QGHQEHNHQQWQLVVHV %LWWHQ XP 9HU]HLKXQJ XQG (LQYHUVWlQGQLV $QNODJHQ UHOLJL|VH 9HUJHZLVVHUXQJHQ XQG WHVWDPHQWDULVFKH %HVWLP PXQJHQ´RKQHMHGRFKDXIGHUHQ+HUNXQIWGHQ6WDWXVYRQ6HOEVWP|UGHUERWVFKDIWHQRGHU DQGHUH$VSHNWHGHU%ULHIVRUWHHLQ]XJHKHQYJOHEG6 .LUQÅÄ,FKVWHUEH¶´6 /XGZLJ )ULHGULFK $XJXVW YRQ &|OOQ Å'LH OH]WHQ (UJVVH HLQHU XQJONOLFKHQ 6HOEVWP|U GHULQQPLWHLQHP%ULHIH´8UDQLDIU.RSIXQG+HU] , 6²'LH6FKUHLEHQ GHUJHEUWLJHQ)UDQ]|VLQZDUHQLQV'HXWVFKHEHUVHW]WZRUGHQ &|OOQÅ(UJVVH´6 &|OOQÅ(UJVVH´6IUHLQHDXVIKUOLFKH$QDO\VHGHU%ULHIHYJO.LUQÅÄ,FKVWHUEH¶´ 6²
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
XQG)U|PPLJNHLWZHOFKHLKU6FKUHLEHQSUlJHQEHXUWHLOWHHUDOV=HLFKHQ ÅHLQH>V@QLFKWPLWWHOPlVVLJHQ&KDUDNWHU>V@´bKQOLFKKDWWH.WWQHUYRQ $UHQVZDOGV*HODVVHQKHLWJHGHXWHW%HPHUNHQVZHUWHUZHLVHYHU]LFKWHWHYRQ &|OOQ GDUDXI GHQ)DOO DOV ZDUQHQGHV%HLVSLHO ]X LQVWUXPHQWDOLVLHUHQ )U LKQZDUGHU6XL]LGHLQ5HVXOWDWLQGLYLGXHOOHQVRZLHJHVHOOVFKDIWOLFKHQ9HU VDJHQV$XVIKUOLFKVFKLOGHUWHHUGLHXQJQVWLJHQVR]LDOHQ9HUKlOWQLVVHLQ GHQHQGLH)UDXVLFKEHIXQGHQKDWWHXQGJLQJVFKOLHOLFKVRZHLWGLHPR UDOLVFKH ,QWHJULWlW MHQHU ]X EH]ZHLIHOQ GLH 6HOEVWP|UGHU SDXVFKDO YHU XUWHLOWHQ :DV VLFK EHL .WWQHU QXU DQGHXWHWH QlPOLFK ÅZHQLJVWHQV SXQNWXHOO GLH $ENHKU YRQ WUDGLWLRQHOOHQ 'HXWXQJV XQG 9HUKDOWHQVPXV WHUQGHU'LVWDQ]LHUXQJ´XQGGDVKHLWYRUDOOHPYRQ|IIHQWOLFKNHLWVZLUN VDPHU 9HUGDPPXQJ XQG 3DWKRORJLVLHUXQJ WUDW EHL YRQ &|OOQ GHXWOLFK KHUYRU 'DEHL GUIWH VHLQH ZLH (ZDOGV 1HXEHZHUWXQJ VXL]LGDOHQ 'HQNHQVXQG*ODXEHQV DXIJHQDXMHQHP.RQ]HSWGHU$OOYHUV|KQXQJV KRIIQXQJ EHUXKW KDEHQ ZHOFKHV %LHVWHU LQ VHLQHU Å$QHNGRWH´ DXVGUFN OLFKYHUXUWHLOWKDWWH =XUGLIIHUHQ]LHUWHQ:DKUQHKPXQJYRQ&|OOQVPDJ]XGHPGLHDXHU JHZ|KQOLFKH.RPSOH[LWlW2IIHQKHLWXQG,QWHQVLWlWPLWZHOFKHUGLH6XL]L GHQWLQ LKUH *HIKOH XQG *HGDQNHQ VFKLOGHUWH EHLJHWUDJHQ KDEHQ Å>'@LH $EVFKLHGVEULHIHEHUQHKPHQ´KlOW.LUQKLHU]XIHVW GLH)XQNWLRQOHW]WHU:RUWH'DPLW|IIQHWVLFKGLHYRPJHLVWOLFKHQ7DJHEXFKEH VWLPPWH7UDGLWLRQPRGHUQHU$XWRELRJUDSKLNPLWLKUHQ0|JOLFKNHLWHQGHU6HOEVW GHXWXQJXQG5HFKWIHUWLJXQJDXFKIUGHQ6XL]LG
=ZDU JUHLIW GLH HLQJDQJV YRUJHQRPPHQH *OHLFKVHW]XQJ VFKULIWOLFKHU PLW PQGOLFKHQ$EVFKLHGVZRUWHQ]XNXU]GRFKHUKHOOW.LUQQHEHQPRGHUQHQ 7HQGHQ]HQ LQGLYLGXHOOHU 5HIOH[LRQ LQ 6HOEVWP|UGHUDEVFKLHGVEULHIHQ GHV VSlWHQ-DKUKXQGHUWVPLWGHPJHLVWOLFKHQ7DJHEXFKHLQZHLWHUHV*HQUH GDVhEHUVFKQHLGXQJHQPLWGHU%ULHIVRUWHDXIZHLVHQNDQQ:DVHULQGLH VHP .RQWH[W ]X YHUQDFKOlVVLJHQ VFKHLQW LVW GDVV Å6HOEVWGHXWXQJ´ XQG Å5HFKWIHUWLJXQJ´ ZHQQ DXFK XQWHU WHLOV DQGHUHQ 3UlPLVVHQ ]X GLHVHP =HLWSXQNWEHUHLWVHLQHODQJH7UDGLWLRQLQOHW]WHQ6FKUHLEHQQLFKWQXU YRQ 6XL]LGHQWHQ KDWWHQ XQG YRQ GHU gIIHQWOLFKNHLW ZDKUJHQRPPHQ XQG GLV NXWLHUWZXUGHQ :HOFKH 9HUlQGHUXQJHQ GLHVHU VLFK XP GLH -DKUKXQGHUWZHQGH DE ]HLFKQHQGH(LQVWHOOXQJVZDQGHO6HOEVWP|UGHUQJHJHQEHUZLHGHUXPLQGHU ILNWLRQDOHQ'DUVWHOOXQJYRQ7DW7lWHUXQGOHW]WHU%RWVFKDIWVRZLHGHUHQ BBBBBBBBBBBBB
&|OOQÅ(UJVVH´6 &|OOQÅ(UJVVH´6I .LUQÅÄ,FKVWHUEH¶´6 9JO.LUQÅÄ,FKVWHUEH¶´6I .LUQÅÄ,FKVWHUEH¶´6
/LWHUDWXUXQG:LUNOLFKNHLW
5H]HSWLRQ KHUEHLIKUHQ NRQQWH VROO DEVFKOLHHQG DQKDQG HLQHV :HUNHV LOOXVWULHUW ZHUGHQ GDV QLFKW QXU =HLWWHQGHQ]HQ VSLHJHOW VRQGHUQ ]XGHP PHKUHUH GHU KLHU HUZlKQWHQ OLWHUDULVFKHQ 9RUELOGHU EHHUEW GHU LQ /HLS]LJ DQRQ\P YHU|IIHQWOLFKWH YRUJHEOLFK DXV GHP )UDQ]|VLVFKHQ LQV 'HXWVFKHEHUWUDJHQH7ULYLDOURPDQPLWGHPYLHOVDJHQGHQ7LWHO'HU6HOEVW P|UGHU 0HKU DOV 5RPDQ (U]lKOW ZLUG XQWHU DQGHUHP LQ $QOHKQXQJ DQ 5RXVVHDXV 1RXYHOOH +pORwVH GLH *HVFKLFKWH $OIUHGV XQG VHLQHU XQJOFN OLFKHQ/LHEH]X(OLVHGLH]XQlFKVWDQJHVHOOVFKDIWOLFKHQ9RUXUWHLOHQGDQQ DP 9HUERW HLQHU =ZHLWKHLUDW VFKHLWHUW $P (QGH VWLUEW (OLVH $OIUHG EH JHKW 6HOEVWPRUG 'LH 'HWDLOV GHU 5RPDQKDQGOXQJ VHLHQ DXHQ YRU JH ODVVHQ %HGHXWVDP LVW KLHU OHGLJOLFK GDVV 6WHUEHV]HQHQ $EVFKLHGVEULHIH XQGYHUVXFKWHURGHUHUIROJUHLFKHU6HOEVWPRUGZLHGHUNHKUHQGH0RWLYHGDU VWHOOHQ0LWHLQHU$XVQDKPHGHP(OLVHDQJHWUDXWHQ*UDIHQGHVVHQ(QGH HLQ DEVFKUHFNHQGHV %HLVSLHO JLEW ZLUG VlPWOLFKHQ DQGHUHQ &KDUDNWHUHQ GLH LP /DXIH GHU +DQGOXQJ VWHUEHQ DOVR $OIUHGV 9DWHU VHLQHU 0XWWHU VHLQHP)UHXQG(GXDUG(OLVHXQG$OIUHGVHOEVWHLQUXKLJHU7RG]XWHLO'DV 6WHUEHQ GHU )UDXHQ ZLUG LQ WUDGLWLRQHOOHU 0DQLHU DOV PRUDOLVFK RGHU UHOL JL|VYRUELOGOLFKLQV]HQLHUW(OLVHVOHW]WH/LHEHVHUNOlUXQJDQ$OIUHGHULQQHUW ]ZDUDQ-XOLHV$EVFKLHGVEULHIGRFKVWLUEW(OLVHDOVH[HPSODULVFKH.DWKR OLNLQ 6WHUEHERWVFKDIWHQVLQGIHVWHU%HVWDQGWHLOGHV1DUUDWLYV$OIUHGV9DWHU VFKUHLEWEHYRUHULQGHQ:LUUHQGHU)UDQ]|VLVFKHQ5HYROXWLRQKLQJHULFK WHW ZLUG DQ GHVVHQ0XWWHU JHPDKQW VLH DQ LKUH 3IOLFKWHQ XQG YHUVLFKHUW VLHVHLQHU/LHEH$OV$OIUHGVLFKQDFKGHP7RGVHLQHU0XWWHU]XPHUVWHQ 0DO GDV /HEHQ QHKPHQ ZLOO KLQWHUOlVVW HU HLQH %RWVFKDIW GLH EHVDJW HU KDEHÅKLHQLGHQNHLQH3IOLFKWPHKU]XHUIOOHQ´'6 9LHU$EVFKLHGV EULHIH YHUIDVVW $OIUHG VFKOLHOLFK YRU VHLQHP WDWVlFKOLFKHQ 7RG GHU HEHQIDOOVYRQHLJHQHU+DQGHUIROJW 'LHVH%ULHIHLOOXVWULHUHQZLHVRUJIlOWLJ$OIUHGVHLQHQ6XL]LGYRUEHUHL WHW*OHLFK:HUWKHUELWWHWHUHLQHQ)UHXQG'HOLYHLKPIHUQ]XEOHLEHQELV HU HLQHQ ZHLWHUHQ %ULHI HUKDOWH ,Q GLHVHP VHLQHU HUVWHQ $EVFKLHGV ERWVFKDIW DQ GHQ )UHXQG VFKLOGHUW $OIUHG DXVIKUOLFK GHQ *UXQG IU VHLQHQ(QWVFKOXVV²TXlOHQGH(ULQQHUXQJHQDQYHUJDQJHQH/HLGHQ+RII QXQJVORVLJNHLW XQG /HEHQVPGLJNHLW ² VRZLH GLH (UIDKUXQJ GHU OHW]WHQ 1DFKWYRUVHLQHP7RGbKQOLFK:HUWKHUEHREDFKWHWHUGLH1DWXUGUDXHQ GXUFK VHLQ )HQVWHU IKUW HLQHQ LQQHUHQ 'LDORJ PLW LKU $XFK LKP YHU VFKDIIWGLHVQXUYRUEHUJHKHQG/LQGHUXQJZLUGVWDWWGHVVHQ]XP.DWDO\ VDWRUVFKPHU]OLFKHU(ULQQHUXQJHQ(LQH]HQWUDOH3RVLWLRQLP%ULHIQLPPW GLH )UDJH GHU 9HUDQWZRUWXQJ IU DQGHUH XQG GHUHQ :LGHUVWUHLW PLW GHU BBBBBBBBBBBBB
:HGHUGHU1DPHGHV$XWRUVQRFK2ULJLQDOWLWHORGHU(UVFKHLQXQJVMDKUGHV2ULJLQDOVZDUHQ DXI]XILQGHQ'HU5RPDQZLUGQDFKIROJHQG]LWLHUWDOV'6JHIROJWYRQGHU6HLWHQ]DKO
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
3IOLFKWGHV,QGLYLGXXPVVLFKVHOEVWJHJHQEHUHLQ'LH6RUJHXPGLH+LQ WHUEOLHEHQHQ KDWWH EHUHLWV GDV VHOLJH 6WHUEHQ GHU 0XWWHU (OLVHV XQG (GXDUGVJHSUlJWEHL$OIUHGGHUQXUQRFK'HOLYHYHUEXQGHQLVWJHVWDOWHW VLFK GLH 6LWXDWLRQ DQGHUV 'LHVH )UHXQGVFKDIW YHUSIOLFKWHW ]XU 5HFKW IHUWLJXQJEHJUHQ]WDEHUDXFKGHQ$QVSUXFKGHV*HJHQEHUVGDHVJHOWH ÅQLFKWV]XYHUODQJHQYRQGHP)UHXQGHZDVGHPHLQHQVFKPHU]OLFKHUDOV GHPDQGHUQIUHXGLJHUZlUH´'6 'DVV VHLQ 6XL]LG LQUHOLJL|VHU ZLH JHVHOOVFKDIWOLFKHU +LQVLFKW HLQ 9HU JHKHQGDUVWHOOWLVW$OIUHGEHZXVVWZREHLHUVHLQH$UJXPHQWH]XP*HVHOO VFKDIWOLFKHQ 5RXVVHDX HQWQLPPW ,Q NRPSULPLHUWHU )RUP XQG PLW GHP 2ULJLQDO JHJHQOlXILJHU 7HQGHQ] ]LWLHUW HU 0\ORUG (GXDUGV %ULHI DQ 6W3UHX[LQGHP(UVWHUHUVHLQ*HJHQEHUHLJHQWOLFKYRP6HOEVWPRUGDE KDOWHQ ZLOO ÅÄ6LHKH ]X RE GX NHLQH 8QJOFNOLFKHQ KLQWHUOlVVW GLH GHLQHU +LOIHEHGUIHQXQGZHQQGLHVHU*HGDQNHGLFKQLFKWDXIKlOWVRVWLUEGX YHUGLHQHVW GDV /HEHQ QLFKW¶´ '6 2EZRKO LKQ GLHVH (UZlJXQJ QLFKW DXIKDOWHQ NDQQ VXFKW $OIUHG GHQQRFK VHLQH JHVHOOVFKDIWOLFKH 9HUDQWZRUWXQJZDKU]XQHKPHQ*DQ]LP6LQQHGHVSUDNWLVFKHQ7XJHQG EHJULIIV GHV -DKUKXQGHUWV YHUSIOLFKWHW HU GDKHU 'HOLYH LQ VHLQHP 1DPHQ+LOIVEHGUIWLJH]XXQWHUVWW]HQ 'HU%ULHIHQGHWPLWHLQHU%LWWHDQ*RWWXP1DFKVLFKW:QVFKHQ]XU *UDEOHJH VRZLH HLQHP *HEHW IU DQGHUH XQG GLH 1DWLRQ 'LH $UJXPHQ WDWLRQ $OIUHGV LVW WHLOZHLVH ZLGHUVSUFKOLFK GLH 9HUNQSIXQJ YRQ HPS ILQGVDPHP )UHXQGVFKDIWVEHJULII URPDQWLVFKHQ 0RWLYHQ PRUDOLVFKHQ IURPPVlNXODULVLHUWHQ*HVWHQVRZLHSROLWLVFKQDWLRQDOHP'HQNHQLVWQLFKW ]XOHW]W VWLOLVWLVFK ZHQLJ EHU]HXJHQG 9HUVFKLHGHQH ILNWLYH 9RUELOGHU VFKHLQHQVLFKLQGHP6FKUHLEHQ]XYHUPHQJHQ6W3UHX[:HUWKHU-DFRSR 2UWLVDEHUDXFKH[HPSODULVFKH)LJXUHQZLHGLHÅ2QFOHV´/D5RFKHV'LH VHU 0LVFKXQJ LQ GHU QHEHQ HPSILQGVDPHQ WXJHQGKDIWH (OHPHQWH EHU ZLHJHQHQWVSULFKWGLHHLJHQZLOOLJHWUDGLWLRQHOOH6WHUEHV]HQHQDGDSWLHUHQGH 'DUVWHOOXQJGHV6XL]LGVVHOEVW $OV'HOLYHGHQ$EVFKLHGVEULHIQHEVW7HVWDPHQWXQGDQGHUHQ3DSLHUHQ HUKlOWPDFKWHUVLFKVRIRUWDXIGHQ:HJ²NRPPWMHGRFKZLH]XHUZDUWHQ ZDU ]X VSlW $OIUHG KDWWH VHLQHQ 'LHQHU PLW HLQHU ZHLWHUHQ $EVFKLHGV ERWVFKDIW ]XP |UWOLFKHQ )ULHGHQVULFKWHU JHVFKLFNW XQG VLFK ZlKUHQG GHVVHQPLWHLQHUhEHUGRVLV2SLXPJHW|WHW0DQILQGHWLKQÅLP%DGH´ VHLQ+DXSWZDUDXIGLHOLQNH6HLWHJHVXQNHQVHLQH+lQGHEHUGHP:DVVHUDXV JHVWUHFNW XQG DXI HLQ NOHLQHV 3XOW YRQ OHLFKWHP VFKZLPPHQGHQ +RO]H JHVWW]W $XIGHP3XOWHODJHQGLH3RUWUDLWHYRQVHLQHP9DWHUVHLQHU0XWWHUXQGYRQ(OL
BBBBBBBBBBBBB
%HUHLWV]XYRUKDWWHVLFK$OIUHGPLW6W3UHX[LGHQWLIL]LHUWXQG(OLVHPLW-XOLHYHUJOLFKHQYJO '6/1+,,, (LQHQhEHUEOLFNEHU%HGHXWXQJHQGHV7XJHQGEHJULIIVLP-DKUKXQGHUWELHWHW5REHUW VRQÅ9LUWXH´6²
/LWHUDWXUXQG:LUNOLFKNHLW
VHQ$XIVROFKH:HLVHKDWWHHUVLHVHLQHP/HEHQVHQGHEHLZRKQHQODVVHQXQGVLFK GXUFKHLQ6SLHOVHLQHU3KDQWDVLHQRFKVRODQJHDOVP|JOLFKLQGHU0LWWHDOOHUVHL QHU /LHEHQ YHUZHLOW (LQ %LOOHW PLW %OH\VWLIW $EVDW]ZHLVH JHVFKULHEHQ ODJ GDQH EHQ2EHQVWDQGHQGLH:RUWH$Q'HOLYH'6I
'LH JHZ|KQOLFK XP GDV 6WHUEHEHWW YHUVDPPHOWHQ $QJHK|ULJHQ VLQG KLHU PLW+LOIHYRQ$EELOGHUQXQGHLQHV]ZHLWHQ$EVFKLHGVEULHIHVSUlVHQW0DQ HULQQHUH VLFK DQ MHQHQ Å2QFOH´ /D 5RFKHV GHU LP 6WHUEHQ HEHQIDOOV HLQ 3RUWUlW VHLQHV DEZHVHQGHQ 9HUZDQGWHQ EHL VLFK KDWWH 'D DOOHUGLQJV Vl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·VHQ+RIIQXQJHQJLHEWHUPLFKKLQ )UHXQGZLHLVWPHLQ7RGVRVDQIW>«@ ,FK VWHKH DQ GHP =LHO PHLQHU 5HLVH ,FK KDEH VLH YROOEUDFKW XQG K|UH GHQ IUHXGLJHQ*UXGHUHUGLHPHLQH$QNXQIWHUZDUWHQXQGPLUDOOHVELHWHQZDVGHQ PGHQ:DOOHUHUTXLFNHQNDQQ'6I
,P *HJHQVDW] ]X :HUWKHUV HURWLVLHUWHU 3KDQWDVLH EHU VHLQ /HEHQ QDFK GHP 7RGH XQG VHLQHU HKHU ]ZHLIHOKDIWHQ Ä(UOHXFKWXQJ¶ ÅDP *UDEH´ VFKHLQW $OIUHG WDWVlFKOLFK ]XWHLO ]X ZHUGHQ ZDV YRUPDOV QXU IURPP 6WHUEHQGHQ ² ZLH 5RZHV 6DOO\ ² ]XNDP (PSILQGVDP YHUNOlUW LVW DOOHU GLQJVDXFKGLHVH-HQVHLWVVFKDX²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²DOOGLHV(OHPHQWHGLHPDQDXVUHDOKLVWRULVFKHQ 6FKUHLEHQ NHQQW 'LH 9HUDQWZRUWXQJ $OIUHGV GHU LKQ XPJHEHQGHQ *H PHLQVFKDIW JHJHQEHU VRZLH GLH 9HUV|KQXQJ PLW GLHVHU LVW KLHU ZLH LP 6FKUHLEHQDQGHQ3ULHVWHUZLHGHUXP]HQWUDOYJO'6 'HU SIOLFKWEHZXVVWHQ XQG GHQQRFK QRQNRQIRUPHQ 6HOEVWGDUVWHOOXQJ $OIUHGV HQWVSUHFKHQ GLH JHPLVFKWHQ 5HDNWLRQHQ GHU $GUHVVDWHQ GLH GHU 7H[W LQV]HQLHUW 'HU )ULHGHQVULFKWHU ]HLJW VLFK EHUKUW XQG RUGQHW GHQ
Å,FKVFKUHLEH,KQHQYRP6WHUEHEHWWHDXV´
QRFK HLQH 2EGXNWLRQ DQ 'HU *HLVWOLFKH OLHVW $OIUHGV $EVFKLHGVEULHI ZHLQHQG PLW ]LWWHUQGHQ +lQGHQ NDQQ LKP DEHU NHLQH NLUFKOLFKH %HHU GLJXQJ HUP|JOLFKHQ 'HQQRFK YHUVDPPHOW VLFK HLQH JURH 7UDXHUJH PHLQGH GHU 3ULHVWHU VSULFKW OREHQG EHU GHQ 6XL]LGHQWHQ XQG OHLWHW DXV GHVVHQ Å:RKOWKlWLJNHLW >«@ 5HFKWH DXI GLH K|FKVWH 6HOLJNHLW DE´ '6 'LH LQVWLWXWLRQHOO IHVWJHOHJWHQ 9RUJHKHQVZHLVHQ ODVVHQ VLFK ]ZDU QLFKWHUKHEOLFKGXUFKGLH$EVFKLHGVEULHIHEHHLQIOXVVHQDEHULQGHUHPR WLRQDOHQ5HDNWLRQGHURIIL]LHOOHQ3HUVRQHQZLHGHU*HPHLQGHVSLHJHOWVLFK HLQ 8PGHQNHQ DXI SULYDWHU (EHQH GDV GHP ,QGLYLGXXP PLW 6\PSDWKLH EHJHJQHWXQGGHVVHQ/HEHQXQG7RGIUHLYRQ9RUXUWHLOHQJHJHQHLQDQGHU DE]XZlJHQ YHUVWHKW :LH EHL YRQ $UHQVZDOG HUODQJHQ YRU DOOHP $OIUHGV IUVRUJOLFKH*HVWHQ$QHUNHQQXQJEHLGHU1DFKZHOW'LH'DUVWHOOXQJVHL QHV6XL]LGVZLUNWQLFKW]XOHW]WGHVKDOESRVLWLYGDHLQHHUKHEOLFKH$Q]DKO MHQHU(OHPHQWHGHU6WHUEHNXQVWLQGLH*HVWDOWXQJGHU$EVFKLHGVEULHIHVR ZLHGHU6WHUEHV]HQHHLQJHIORVVHQVLQGGLHPDQPLWHLQHPJXWHQ7RGDVVR ]LLHUWH 'HQQRFKQXUZHQLJDEJHZLQQHQNRQQWHGHP5RPDQGHU/LWHUDWXUNUL WLNHU&DUO/XGZLJ%|UQH,QVEHVRQGHUHGLH$UWZLH$OIUHGVHLQHQDOOHU OHW]WHQ %ULHI YHUIDVVW DPVLHUWH LKQ Å*HZ|KQOLFK VFKUHLEHQ GLH 6HOEVW P|UGHU LKUH OH]WHQ %ULHIH EH\ JHVXQGHP /HLEH XQG HUVW ZHQQ VLH GDPLW IHUWLJ VLQG PDFKHQ VLH GLH $QVWDOWHQ ]XP 7RGH´ PHLQW %|UQH Å8QVHU 6HOEVWP|UGHU DEHU ZLOO ZLH HLQ +HOG PLW GHU )HGHU LQ GHU +DQG VWHU EHQ´'DUDXIKLQ]LWLHUWHUGDV(QGHGHV$EVFKLHGVEULHIHVXQGUXIWDXV Å'DV KHLW ZDKUOLFK PLW *HLVWHVJHJHQZDUW GHQ *HLVW DXIJHEHQ ² ²´ 'LH.ULWLNHULQQHUWDQMHQHGLH%RGPHUDQ:HUWKHUV%ULHIDQ/RWWHEWH ]LHOW DOOHUGLQJV VWlUNHU DOV GLHVH DXI GLH 4XDOLWlW GHU OLWHUDULVFKHQ 'DU VWHOOXQJ/LWHUDWXU²PDQGHQNHDQ5R[DQH²ZLH:LUNOLFKNHLWZLGHUOHJWHQ %|UQHVHUVWJHQDQQWH%HGHQNHQ6HOEVWP|UGHUVWDUEHQWDWVlFKOLFKÅPLWGHU )HGHU LQ GHU +DQG´ LKUHQ 7RG SURWRNROOLHUHQG ZREHL DXV GHP ÄKHUR LVFKHQ¶ WHLOV HLQ NKOZLVVHQVFKDIWOLFKHU *HVWXV ZXUGH =XJOHLFK OlVVW VLFK%|UQHV%HLWUDJHQWQHKPHQGDVVGLH)LJXUGHV$EVFKLHGVEULHIHVFKUHL EHQGHQ 6HOEVWP|UGHUV DOV 0RWLY ZLH *HJHQVWDQG GHU $OOWDJVNXOWXU LP %HZXVVWVHLQGHU=HLWIHVWHWDEOLHUWZDUXQGGDVVVHOEVWHLQVRVDQIWHU7RG ZLHGHU$OIUHGV]XPLQGHVWGHQ/LWHUDWXUNULWLNHULQHUVWHU/LQLHDXVlVWKHWL VFKHQ XQG HEHQ QLFKW DXV UHOLJL|VHQ RGHU PRUDOLVFKHQ *UQGHQ HQWJHLV WHUWH BBBBBBBBBBBBB
9JO&DUO/XGZLJ%|UQHÅ5RPDQHNHLQH5RPDQHPHKUDOV5RPDQH´'LH:DJH(LQH=HLW VFKULIWIU%UJHUOHEHQ:LVVHQVFKDIWXQG.XQVW 6² %|UQHÅ5RPDQH´6I %|UQHÅ5RPDQH´6 9JOGH%RLVPRQW'XVXLFLGH6²
$P(QGHHLQ$QIDQJ6FKOXVVEHPHUNXQJHQ
,P -DKUKXQGHUW HQWVWHKW LP 5DKPHQ LQHLQDQGHUJUHLIHQGHU 9HUlQGH UXQJVSUR]HVVH ² DOOHQ YRUDQ IRUWVFKUHLWHQGH $XINOlUXQJ XQG 6XEMHNWLYLH UXQJGHU%ULHINXOWXU²HLQQHXHV]XQHKPHQGPRGHUQHV9HUVWlQGQLVYRQ $EVFKLHGVEULHIHQ ,Q /LWHUDWXU ZLH SXEOL]LVWLVFKHU gIIHQWOLFKNHLW HQW ZLFNHOW VLFK HLQ YLHOVWLPPLJHU 'LVNXUV EHU GLH UHOLJL|VHQ XQG VR]LDOHQ )XQNWLRQHQ GDV *HVWDOWXQJVSRWHQWLDO XQG GHQ 1XW]HQ YRQ 6WHUEHERW VFKDIWHQDOV:LVVHQVTXHOOH6SH]LHOOGLH$VVR]LDWLRQGHU7H[WVRUWHPLWGHP 6XL]LGXQGGLHGDPLWYHUEXQGHQH(UZDUWXQJVKDOWXQJGDVVZHU+DQGDQ VLFK OHJW LQ HLQHP OHW]WHQ %ULHI RGHU Ä$XIVDW]¶ VHLQH *UQGH GDUOHJHQ ZHUGHZLUGGXUFKGLHLQWHQVLYH'HEDWWHEHU6HOEVWW|WXQJDP(QGHGHV -DKUKXQGHUWVVWlUNHULPNXOWXUHOOHQ%HZXVVWVHLQYHUDQNHUW ,QGLHVHP.RQWH[WNULVWDOOLVLHUHQVLFK$EVFKLHGVEULHIHYRQ6HOEVWP|U GHUQ SRLQWLHUWHU DOV HLJHQHU 7\SXV OHW]WHU 6FKUHLEHQ KHUDXV ZDV ]XU .DWHJRULVLHUXQJ GHU 7H[WVRUWH HQWODQJ GHU 7RGHVXPVWlQGH GHV $XWRUV EHLWUlJW,QGHP0RPHQWGDPDQEHJLQQWOHW]WH%RWVFKDIWHQDOVZLVVHQ VFKDIWOLFKH4XHOOHQ]XQXW]HQPLVVWPDQ]XGHPLKUHP6WDWXVDOVÄDXWKHQ WLVFKH¶ 'RNXPHQWH JU|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lQGH HUODXEHQ HLQ OHW]WHV 0DO ]XU VLQQJHEHQGHQ'DUVWHOOXQJVHLQHUVHOEVWJHODQJHQNDQQ'LHLP6FKXW]UDXP YRQ6FKULIWXQG7RGHQWVWHKHQGH)UHLKHLWXQG0DFKWIOOHSUlJHQGLH*H VFKLFKWH GHU %ULHIVRUWH HQWVFKHLGHQG 'LH GDPLW HLQKHUJHKHQGH 7HQGHQ] ]X LKUHP QRQNRQIRUPHP *HEUDXFK LVW HQWVSUHFKHQG EHU ODQJH =HLW UlXPHEHREDFKWEDU6LHYHUVWlUNWVLFKLP-DKUKXQGHUWEHI|UGHUWGXUFK SOXUDOLVLHUWH (LQVWHOOXQJHQ ]X 5HOLJLRQ *HVHOOVFKDIW XQG 6XEMHNW GXUFK GLH $XVGLIIHUHQ]LHUXQJ GHU 0HGLHQODQGVFKDIW VRZLH GXUFK GLH ]XQHK PHQGH6FKUHLEXQG/HVHIlKLJNHLWLQJU|HUHQ7HLOHQGHU%HY|ONHUXQJ
$P(QGHHLQ$QIDQJ6FKOXVVEHPHUNXQJHQ
1DFKKDOWLJEHHLQIOXVVWVLQG6WUXNWXUHQXQG,QKDOWHGHU7H[WVRUWHLKUH )XQNWLRQDOLVLHUXQJ VRZLH LKUH $XHQZLUNXQJ GXUFK 5LWXDOLVLHUXQJHQ GHV 6WHUEHQV VHLW GHP FKULVWOLFKHQ 0LWWHODOWHU 'HUHQ /DQJOHELJNHLW PDWHULDOL VLHUW VLFK DP NODUVWHQ LQ GHQ DOV H[HPSODULVFK ZDKUJHQRPPHQHQ OHW]WHQ %ULHIHQ GHV -DKUKXQGHUWV VLH VLQG MHGRFK HEHQVR SUlVHQW LQ QRQNRQ IRUPHQ 7H[WHQ *OHLFK]HLWLJ LVW LQ GHQ 6WHUEHERWVFKDIWHQ GHU =HLW ]X EHREDFKWHQZLHVLFKGDVVFKUHLEHQGHXQGEHUVLFKVHOEVWUHIOHNWLHUHQGH ,QGLYLGXXP YRQ HWDEOLHUWHQ FKULVWOLFKHQ 6SUDFK XQG 6WHUEHIRUPHOQ ]X O|VHQEHJLQQWXQG]XP(U]lKOHUGHUHLJHQHQ/HEHQVJHVFKLFKWHGHVHLJH QHQ7RGHVXQGPDQFKPDOVRJDUGHVHLJHQHQ1DFKOHEHQVZLUG,QGLHVHP =XVDPPHQKDQJ WULWW DXFK GHU NRQVWUXNWLYH WHLOV ILNWLRQDOH &KDUDNWHU OHW]WHU%ULHIHGHUGHQ/HVHU]XQHKPHQG]XU,QWHUSUHWDWLRQGHV0LWJHWHLO WHQ]ZLQJWGHXWOLFKHUKHUYRU 9HUPLWWHOW ZHUGHQ XUVSUQJOLFK FKULVWOLFKH *HVWHQ XQG 6SUDFKUHJH OXQJHQGLHVFKOLHOLFKLQUHLQHURGHUVlNXODULVLHUWHU)RUP(LQJDQJLQOHW]WH %ULHIH ILQGHQ ]XQlFKVW EHU 6WHUEHEFKHU GLH %LEHO XQG DQGHUH HUEDX OLFKH /HNWUH GLH LP VSlWHQ -DKUKXQGHUW ]ZDUWHLOZHLVH YRQ EHOOHWULV WLVFKHU/LWHUDWXUDEJHO|VWZLUGGXUFKLKUHQ(LQIOXVVDXIGLHVHDEHULQGLUHNW SUlVHQWEOHLEW=XHUZlKQHQLVWLQGLHVHP=XVDPPHQKDQJDXFKGDV/HVHQ ]XU 6WHUEHYRUEHUHLWXQJ GDV EHUHLWV LQ GHU $QWLNH YHUEUHLWHW LVW XQG LQ 0LWWHODOWHU ZLH )UKHU 1HX]HLW IRUWJHIKUW ZLUG =X .RQWURYHUVHQ UHJW GLHVH3UD[LVLPVSlWHQ-DKUKXQGHUWDQGDVLHVLFKLQGHU6FKQLWWPHQJH YRQ 6XL]LG XQG /HVHGHEDWWH ZLHGHUILQGHW $XI WHLOV NUDVVH :HLVH ZLUG KLHUEHL HUNHQQEDU ZLH VHKU GLH VXEMHNWLYH $QHLJQXQJ GHV JHGUXFNWHQ HEHQVR ZLH GHV VHOEVW JHVFKULHEHQHQ :RUWHV DQ %HGHXWXQJ JHZRQQHQ KDWXQGHLQHU,QGLYLGXDOLVLHUXQJE]Z3ULYDWLVLHUXQJGHV7RGHVGLHHEHQVR LQQLFKWVXL]LGlUHQ.RQWH[WHQEHREDFKWEDULVW9RUVFKXEOHLVWHW bKQOLFKNHLWHQ ]ZLVFKHQ ILNWLRQDOHQ ZLH UHDOKLVWRULVFKHQ OHW]WHQ %ULH IHQ YHUVFKLHGHQHU $XWRUHQ VWHOOHQ VLFK LP -DKUKXQGHUW VFKOLHOLFK DOV 3URGXNW NXOWXUHOO WUDGLHUWHU XQG NRPPXQL]LHUWHU WH[WVRUWHQVSH]LILVFKHU .RQYHQWLRQHQGDUGLHLQQHUKDOEGHU%ULHIVRUWHXQJHDFKWHWGHU9LHOVHLWLJ NHLW XQG 9DULDELOLWlW GHU *DWWXQJ DQ VLFK +RPRJHQLWlW KHUVWHOOHQ $XI GLHVH$UWELOGHWGLH%ULHIVRUWHQLFKW]XOHW]WDXIJUXQGGHUVRH[SRQLHUWHQ ZLHSULYLOHJLHUWHQ3RVLWLRQLQGHUVLFK6FKUHLEHQGHEHILQGHQXQGDXIGLH /HVHUHQWVSUHFKHQGUHDJLHUHQVRZRKO6SLHJHOELOGZLH3DUDPHWHUJHLVWHVJH VFKLFKWOLFKHU XQG JHVHOOVFKDIWOLFKHU (QWZLFNOXQJHQ EHKHUUVFKHQGHU 'LV NXUVH²XQGQLFKW]XOHW]W.RQIOLNWOLQLHQ'HQQZDVDP(QGH]XP6FKUHL EHQPRWLYLHUWHUZHLVWVLFKLQGHQPHLVWHQ)lOOHQVFKRQDOOHLQGHVKDOEDOV HVVHQWLHOOZLFKWLJXQGKlOWQLFKW]XOHW]WGLH%ULHIVRUWHOHEHQGLJ
$ENU]XQJVYHU]HLFKQLV =HLWVFKULIWHQ-DKUEFKHU1DFKVFKODJHZHUNH '9MV ):% *HU65 *// *RHWKH *4 ,$6/ -E'6* /DXIJHUXIHQDP@ $OEUHFKW -RKDQQ )ULHGULFK (UQVW 1HXH %LRJUDSKLHQ GHU 6HOEVWP|UGHU %GH )UDQN IXUWD0XQG/HLS]LJ >$QRQ@$+HDYHQO\5HVWIRUD:HDU\6RXO2U7KH3LOJULPDW+LV-RXUQH\·V(QG%HLQJWKH /DVW/HJDF\RID)DWKHUWR+LV&KLOGUHQRQKLV'HDWK%HG>«@/RQGRQ0DUWLQ" >$QRQ@$GPRQLWLRQVIURPWKH'HDGLQ(SLVWOHVWRWKH/LYLQJ$GGUHVVHGE\&HUWDLQ6SLULWVRI ERWK6H[HVWRWKHLU)ULHQGVRU(QHPLHVRQ(DUWK>«@/RQGRQ5%DOGZLQ >$QRQ@$OOJHPHLQHUREHUVlFKVLVFKHU%ULHIVWHOOHURGHUGLH.XQVWULFKWLJ]XVFKUHLEHQXQGDOOH$UWHQ YRQVFKULIWOLFKHQ$XIVlW]HQ]ZHFNPlLJXQGLQHLQHPJHELOGHWHQ6WLODE]XIDVVHQ>«@/HLS ]LJLP-RDFKLPVFKHQOLWWHUDULVFKHQ0DJD]LQ>@ >$QRQ@ >5H]HQVLRQ ]X $XWKHQWLVFKH %ULHIH@ *|WWLQJLVFKH $Q]HLJHQ YRQ JHOHKUWHQ 6DFKHQ 0lU] 6² >$QRQ@ %HPHUNXQJHQ EHU HLQLJH 2ULJLQDOVFKULIWHQ GHV ,OOXPLQDWHQRUGHQV ZHOFKH EH\ GHP JHZH VHQHQ 5HJLHUXQJVUDWK =ZDFN GXUFK YRUJHQRPPHQH +DXVYLVLWDWLRQ ]X /DQGVKXW GHQ XQG 2NWREFVROOHQJHIXQGHQXQGDXIK|FKVWHQ%HIHKO6U.XUIUVWOLFKHQ'XUFKODXFKW ]XP'UXFNEHI|UGHUWZRUGHQVH\Q)UDQNIXUWD0XQG/HLS]LJ>R$@ >$QRQ@%HUOLQLVFKHU%ULHIVWHOOHUIUGDV*HPHLQH/HEHQ>«@=XP*HEUDXFKIUGHXWVFKH6FKX OHQXQGIUMHGHQGHULQGHU%ULHIVWHOOHUHL8QWHUULFKWEHGDUIXQGYHUODQJWYHUPHKUWHXQG YHUEHVVHUWH$XIODJH%HUOLQ+LPEXUJ >$QRQ@%LOGHUVDDOVHOWHQHU6HOEVWP|UGHU(LQ%HLWUDJ]XU%HXUWKHLOXQJGHU6LWWOLFKNHLWGHV6HOEVW PRUGHV%HUOLQ&4XLHQ >$QRQ@ >5H]HQVLRQ ]X@ %ULHIH YRQ 6WHUEHQGHQ >«@ $OOJHPHLQH WKHRORJLVFKH %LEOLRWKHN 6² >$QRQ@&RSLHILJXUpHGX7(67$0(17'( /$ 5(,1( ,PLWDQWSDUIDLWHPHQWO·(FULWXUH GHFHWWH$XJXVWH3ULQFHVVH,PSULPpHDYHFVRLQVXUSDSLHUVHPEODEOHjO·2ULJLQDO3DULV$X GRW >$QRQ@ 'HU &KULVW DXI GHP 7RGW%HWWH 2GHU OHW]WH (UPDKQXQJHQ HLQHV VWHUEHQGHQ 9DWHUV DQ VHLQHQHLQ]LJHQ6RKQ$XIODJH0LQGHQ)UDQFNHQ >$QRQ@'HU6HOEVWP|UGHU0HKUDOV5RPDQ/HLS]LJ>R$@ >$QRQ@Å'UHLPHUNZUGLJH6HOEVWP|UGHU´'HXWVFKHV0DJD]LQ 6²
%LEOLRJUDSKLH
>$QRQ@(LQLJH2ULJLQDOVFKULIWHQGHV,OOXPLQDWHQRUGHQVZHOFKHEH\GHPJHZHVHQHQ5HJLHUXQJVUDWK =ZDFNGXUFKYRUJHQRPPHQH+DXVYLVLWDWLRQ]X/DQGVKXWGHQXQG2NWREF YRUJHIXQGHQZRUGHQ0QFKHQ$QWRQ)UDQ]>@ >$QRQ@(UPDKQXQJHQGHU7RGWHQLQ%ULHIHQDQGLH/HEHQGLJHQYRQJHZLVVHQ*HLVWHUQEH\GHUOH\ *HVFKOHFKWV DQ LKUH )UHXQGH RGHU )HLQGH DXI (UGHQ =XU %HI|UGHUXQJ GHU 5HOLJLRQ XQG GHU 7XJHQGDXVGHP(QJOLVFKHQ%HUOLQ+DXGHXQG6SHQHU >$QRQ@ (WZDV EHU GHQ 6HOEVWPRUG LQ HLQHU ZDKUHQ *HVFKLFKWH ]XU :DUQXQJ GDUJHVWHOOW XQG KHUDXVJHJHEHQ PLW HLQHU 9RUUHGH YRQ GHP )UHXQGH GHV JUDXHQ 0DQQHV )UDQNIXUWD0 +HUPDQQ >$QRQ@(;75$25',1$5R-@ >$QRQ@ 7KH &RPSOHWH /HWWHU :ULWHU &RQWDLQLQJ )DPLOLDU /HWWHUV RQ 7KH PRVW FRPPRQ 2FFD VLRQVLQ/LIH>«@(GLQEXUJK:'DUOLQJ >$QRQ@7KH&RPSOHWH/HWWHU:ULWHURU3ROLWH(QJOLVK6HFUHWDU\>«@$XIODJH>/RQGRQ 6FDWFKHUGXQG6DOLVEXU\&ROOLQV@" >$QRQ@7KH&ULHVRID:RXQGHG&RQVFLHQFHRUWKH6RUURZIXO6LJKVRID7UHPEOLQJ6LQQHUDWWKH 3RLQWRI'HDWK>%LUPLQJKDP"@>R$@ >$QRQ@ 7KH '\LQJ 6SHHFKHV DQG %HKDYLRXU RI WKH 6HYHUDO 6WDWH 3ULVRQHUV 7KDW +DYH %HHQ ([HFXWHG WKH /DVW $QRQ@7KH/DGLHV&RPSOHWH/HWWHU:ULWHU>«@%HLQJD&ROOHFWLRQRI/HWWHUV:ULWWHQ%\/D GLHV1RWRQO\RQWKHPRUH,PSRUWDQW5(/,*,286025$/DQG62&,$/'87,(6 EXWRQ6XEMHFWVRIHYHU\RWKHU.LQGWKDWXVXDOO\LQWHUHVWWKH)$,56(;7+(:+2/( )250,1*D3ROLWHDQG,PSURYLQJ0$18$/)RUWKHLU8VH,QVWUXFWLRQDQG5DWLRQDO (QWHUWDLQPHQW>«@/RQGRQ/RZQGV >$QRQ@ 7KH 5HSHQWDQFH DQG +DSS\ 'HDWK RI WKH &HOHEUDWHG (DUO RI 5RFKHVWHU 7R ZKLFK LV DGGHG$/HWWHUIURPD1REOHPDQRQKLV'HDWK%HGWRD3URIOLJDWH&RPSDQLRQ7UDFW1R &KHOVHD7LOOLQJXQG+XJKHV" >$QRQ@ 7KH WURXEOHG VSLULWHG 0DQV GHSDUWLQJ 2U D ZRQGHUIXO 5HODWLRQ 2I WKH ZLOIXOO 0XUGHU FRPPLWWHGE\7KRPDV0LQFH/DWHRI&ROORQHO:KDOH\V5HJLPHQWXSRQKLVRZQSHUVRQLQWKH 3DULVK RI 6DLQW *LOHV &ULSSOHJDWH /RQGRQ RQ 7KXUVGD\ WKH RI 0DUFK :LWK WKH WUXH&RS\RID /HWWHUZULWWHQE\KLV RZQKDQGOHIWZLWKKLVZLIH LPPHGLDWHO\EHIRUHKH FRP PLWWHGWKH)DFW'LUHFWHG7RDOOWKH6DLQWVRIWKHPRVW+LJK*RG:KHUHLQKHPDNHV NQRZQXQWRWKHPVRPH5HDRQVRIKLV'LVFRQWHQW ODERUHWKWRMXVWLILHWKHIDFWZLWKKLVVWUDQJH 2SLQLRQVWKHDFWRINLOOLQJKLPVHOIDQGRWKHUWKLQJVYHU\REVHUYDEOHDVWKH\ZHUHSURYHGXSRQ 2DWKEHIRUHWKH&RURQHUV,QTXHVWRQ)ULGD\WKHRI0DUFK/RQGRQ&ORZHV >$QRQ@ Å7KH 8QIRUWXQDWH 'DXJKWHU RU &UXHO 6WHS0RWKHU´ 8QLYHUVDO 6SHFWDWRU DQG :HHNO\-RXUQDO0lU] >QLFKWSDJLQLHUW5XEULNÅ1HZV´@ >$QRQ@Å7R&ROORQHO5²²²VLQ6SDLQ´6SHFWDWRU&&92NWREHU >QLFKWSDJL QLHUW5XEULNÅ1HZV´@ >$QRQ@ >5H]HQVLRQ]X 9RUEHUHLWXQJHQHLQHV8QJOFNOLFKHQ@1HXHDOOJHPHLQHGHXWVFKH%LEOLR WKHN 6² >$QRQ@Å:HUWHUWR&KDUORWWH6XSSRVHGWREHZULWWHQE\+,0DIHZKRXUVEHIRUHKLV 'HDWK´LQ:HUWHUDQG&KDUORWWH$*HUPDQ6WRU\/RQGRQ3DUVRQV 6² $UPVWURQJ-RKQ7KHFRQILGHQWLDOOHWWHUVRI$OEHUWIURPKLVILUVWDWWDFKPHQWWR&KDUORWWHWRKHU GHDWK)URPWKH6RUURZVRI:HUWHU/RQGRQ&URZGHU5RELQVRQ $UV 0RULHQGL 'LH .XQVW JXW ]X OHEHQ XQG JXW ]X VWHUEHQ 7H[WH YRQ &LFHUR ELV /XWKHU KUVJ HLQJHOHLWHWXQGEHUVHW]WYRQ-DFTXHV/DDJHU=ULFK0DQHVVH %LHVWHU -RKDQQ (ULFK Å=ZHL VFKZlUPHULVFKHU 6HOEVWP|UGHU´ %HUOLQLVFKH 0RQDWVVFKULIW 1RYHPEHU 6I %ORFN*HRUJ:LOKHOP 9RP6HOEVWPRUGGHVVHQ0RUDOLWlW8UVDFKHQXQG*HJHQPLWWHOQ$X ULFK$XJXVW)ULHGULFK:LQWHU %|UQH &DUO /XGZLJ Å5RPDQH NHLQH 5RPDQH PHKU DOV 5RPDQH´ 'LH :DJH (LQH =HLWVFKULIWIU%UJHUOHEHQ:LVVHQVFKDIWXQG.XQVW 6² %ULGHO6DPXHOeOLVpHGH /HV'pODVVHPHQV 3RpWLTXHV3DU0
/DXVDQQHXQG 3DULV/D &RPEH %ULHUUHGH%RLVPRQW$OH[DQGUH'XVXLFLGHHWGHODIROLHVXLFLGHFRQVLGpUpVGDQVOHXUVUDSSRUWV DYHFODVWDWLVWLTXHODPpGHFLQHHWODSKLORVRSKLH3DULV/RQGRQXQG1HZ*HULFKWVYHUKDQGOXQJ YRP -XOL JHJHQ 6%@ 7KH 3URFHHGLQJV RI WKH2OG%DLOH\/RQGRQ·V&HQWUDO&ULPLQDO&RXUWWR5HIHUHQFHW
%LEOLRJUDSKLH
KWWSZZZROGEDLOH\RQOLQHRUJEURZVHMVS"UHI W! >DXIJHUX IHQDP@ &KDWWHUWRQ 7KRPDV 7KH &RPSOHWH :RUNV RI 7KRPDV &KDWWHUWRQ $ %LFHQWHQQDU\ (GLWLRQ KUVJYRQ'RQDOG67D\ORU%GH2[IRUG&ODUHQGRQ3UHVV &KULVWOLFKHYQG:ROJHJUQGHWH:LGHUOHJXQJGHV&DOYLQLVFKHQ7HVWDPHQWVVRZRODXFK&RQIHVVLRQ YQG /HLFKHQSUHGLJW &$63$5, 3(9&(5, GHU 0HGLFLQ 'RFW $XII &KXUIUVWOLFKHQ 6lFK VLVFKHQJQHGLJVWHQ%HIHKOJHVWHOWYQGDOOHQIURPHQUHFKWJOHXELJHQ+HUW]HQ]XU/HKUWURVW YQGZDUQXQJLQ|IIHQWOLFKHQ'UXFNJHJHEHQ'XUFKGLH7KHRORJLVFKH)DFXOWHW]X:LWWHQEHUJ :LWWHQEHUJ6FKXUHU &ODXGLXV*HRUJ&DUO$OOJHPHLQHU%ULHIVWHOOHUQHEVWHLQHUNXU]HQ$QZHLVXQJ]XGHQQ|WKLJVWHQ VFKULIWOLFKHQ$XIVlW]HQIUGDVJHPHLQHEUJHUOLFKH*HVFKlIWVOHEHQGXUFKDXVYHUEHVVHUWH XQGYROOVWlQGLJHUH$XIODJH/HLS]LJ*UlII &ORRÅ(LJHQHU$XIVDW]YRQHLQHP6HOEVWP|UGHUXQPLWWHOEDUYRUGHU7KDW´0DJD]LQ ]XU(UIDKUXQJVVHHOHQNXQGH 6² &|OOQ/XGZLJ)ULHGULFK$XJXVW YRQÅ'LHOH]WHQ(UJVVHHLQHU XQJONOLFKHQ6HOEVW P|UGHULQQPLWHLQHP%ULHIH´8UDQLDIU.RSIXQG+HU], 6² &RUUHVSRQGDQFHOLWWpUDLUHSKLORVRSKLTXHHWFULWLTXHSDU*ULPP'LGHURW5D\QDO0HLVWHUHWF5HYXH VXU OHV WH[WHV RULJLQDX[ >«@ QRWLFHV QRWHV WDEOH JpQpUDOH SDU 0DXULFH 7RXUQHX[ %GH 3DULV*DUQLHU² 'HVODQGHV $QGUp )UDQoRLV 5pIOH[LRQV VXU OHV JUDQGV KRPPHV TXL VRQW PRUW HQ SODLVDQWDQW $YHF GHV 3RpVLHV GLYHUVHV KUVJ XQG NRPPHQWLHUW YRQ )UDQFN 6DODQ 3DULV &KDP SLRQ 'HVPRXOLQV &DPLOOH Å$EVFKLHGVEULHI YRQ &DPLOOH 'HVPRXOLQV DQ VHLQH )UDX $XV GHP*HIlQJQLV/X[HPEXUJ´0LQHUYD 6² ² 2HXYUHV PLW HLQHP 9RUZRUW YRQ $OEHUW 6RERXO LP HUVWHQ %DQG %GH 0Q FKHQ.UDXV5HSULQWXQYHUlQGHUWHU1DFKGUXFNHLQHV([HPSODUVGHU%LEOLR WKqTXH+LVWRULTXHGHOD9LOOHGH3DULV 'LH/HW]WH5HGHQGHU6WHUEHQGHQ2GHU3UHGLJWHQEHU$XVHUOHVHQH7H[WHGHV$OWHQXQG1HXHQ 7HVWDPHQWV]XP]ZH\WHQPDKOYHUEHVVHUWXQGYHUPHKUHWKUVJYRQ&RQUDG0HO )UDQNIXUWD0XQG/HLS]LJ&UDPHU 'LH]&DUO$XJXVW'HU6HOEVWPRUGVHLQH$UWHQXQG8UVDFKHQYRP6WDQGSXQNWHGHU3V\FKRORJLH XQG(UIDKUXQJ7ELQJHQ+/DXSS·VFKH%XFKKDQGOXQJ 'XQWRQ -RKQ 7KH +D]DUG RI $ 'HDWK%HG5HSHQWDQFH $UJXHG )URP WKH 5HPRUVH RI &RQVFLHQFH RI :²²² ODWH '²²² RI '²²² ZKHQ '\LQJ WKH (DUO RI 0DUOEXUJ WKH /RUG 5RFKHVWHU>«@$XIODJH>/RQGRQ@5REHUWV 'XVFK-RKDQQ-DNRE%ULHIH]XU%LOGXQJGHV*HVFKPDFNVDQHLQHQMXQJHQ+HUUQYRQ6WDQGH %GH/HLS]LJXQG%UHVODX0H\HU² ² 0RUDOLVFKH%ULHIH]XU%LOGXQJGHV+HU]HQV/HLS]LJ%UHLWNRSI ² 0RUDOLVFKH%ULHIH]XU%LOGXQJGHV+HU]HQV=ZH\WHU7KHLO.DUOVUXKH6FKPLHGHU (FNDUWVKDXVHQ>.DUOYRQ@2ULJLQDOEULHIHXQJOFNOLFKHU0HQVFKHQDOV%H\WUlJH]XU*HVFKLFKWH GHV PHQVFKOLFKHQ (OHQGHV GHQ )UHXQGHQ GHU 0HQVFKKHLW JHZHLKW0QFKHQ -RVHSK /HQW QHU
4XHOOHQ
(OYHUW (P>P@DQXHO *RWWOLHE 8HEHU GHQ 6HOEVWPRUG LQ %H]XJ DXI JHULFKWOLFKH $U]QH\NXQGH (LQ9HUVXFK7ELQJHQEHL-DNRE)ULHGULFK+HHUEUDQGW (UDVPXVYRQ5RWWHUGDP'HVLGHULXVÅ9RQGHU9RUEHUHLWXQJ]XP7RGH´LQ$UV0RUL HQGL'LH.XQVWJXW]XOHEHQXQGJXW]XVWHUEHQ7H[WHYRQ&LFHURELV/XWKHUKUVJHLQ JHOHLWHWXQGEHUVHW]WYRQ-DFTXHV/DDJHU=ULFK0DQHVVH 6² (XULSLGHV +LSSRO\WRV *ULHFKLVFK XQG 'HXWVFK YRQ 8OULFK YRQ :LODPRZLW]0RHOOHQ GRUII%HUOLQ:HLGPDQQVFKH%XFKKDQGOXQJ )DOUHW -HDQ 3LHUUH 'H O·K\SRFKRQGULH HW GX VXLFLGH 3DULV >R$@ GHXWVFK /HLS]LJ ,QGXVWULH&RPSWRLU )LVFKHU -RKDQQ +HLQULFK 3UDNWLVFKHU %ULHIVWHOOHU IU DOOH )lOOH GHV JHPHLQHQ /HEHQV :LHQ 'ROOLVFK )RQWDQH7KHRGRU:HUNH6FKULIWHQXQG%ULHIH$EWHLOXQJ,%GHLQ$EWOJQ$XI ODJH KUVJ YRQ :DOWHU .HLWHO XQG +HOPXWK 1UQEHUJHU 0QFKHQ +DQVHU 'DUPVWDGW:LVVHQVFKDIWOLFKH%XFKJHVHOOVFKDIW² )UDQFNH$XJXVW+HUPDQQ*HGlFKWQL XQG/HLFKHQ 3UHGLJWHQ1HEVWGHQHQ0HKUHQWKHLOV EHVRQGHUV EH\JHIJWHQ HUEDXOLFKHQ 8PVWlQGHQ GHV /HEHQV XQG VHOLJHQ $EVFKLHGV PDQFKHU &KULVWOLFKHQ 3HUVRQHQ :LH DXFK HLQLJHQ 7UDXHU XQG 7URVW 5HGHQ XQG HLQHP $QKDQJH (WOLFKHUDQGHUQHEHQGDKLQJHK|ULJHQ0DWHULHQ+DOOHLQ9HUOHJXQJGHV:l\VHQKDXVHV *HOOHUW&KULVWLDQ)UFKWHJRWW*HVDPPHOWH6FKULIWHQNULWLVFKHNRPPHQWLHUWH$XVJDEHKUVJ YRQ%HUQG:LWWHXD%GH%HUOLQXQG1HZR$@ *RHWKH-RKDQQ:ROIJDQJ'LH/HLGHQGHVMXQJHQ:HUWKHUV'LH:DKOYHUZDQGWVFKDIWHQ.OHLQH 3URVD(SHQLQ=XVDPPHQDUEHLWPLW&KULVWRSK%UHFKWKUVJYRQ:DOWUDXG:LHW K|OWHU)UDQNIXUWD0'HXWVFKHU.ODVVLNHU9HUODJ *RHWKHV:HUNH+DPEXUJHU$XVJDEHPLW$QPHUNXQJHQYHUVHKHQYRQ%HQQRYRQ:LHVH XQG(ULFK7UXQ]WH[WNULWLVFKGXUFKJHVHKHQYRQ(ULFK7UXQ]%GH+DPEXUJ :HJQHU² 9,5RPDQHXQG1RYHOOHQ(UVWHU%DQG *RH]H -RKDQQ 0HOFKLRU .XU]H DEHU QRWKZHQGLJH (ULQQHUXQJHQ EHU GLH /HLGHQ GHV MXQJHQ :HUWKHUV EHU HLQH 5HFHQVLRQ GHUVHOEHQ XQG EHU YHUVFKLHGHQHQDFKKHU HUIROJWH GD]X JHK|ULJH $XIVlW]H$XVGHQIUH\Z%H\WU]XGHQ+DPE1DFKU$XVGHP5HLFKHGHU*HOHKUVDPNHLW XPVROFKHJHPHLQQW]LJHU]XPDFKHQEHVRQGHUVDEJHGUXFNW+DPEXUJ6FKU|GHUV:LWWZH
%LEOLRJUDSKLH
*UDYHV 5LFKDUG Å:HUWHU WR &KDUORWWH $ OLWWOH EHIRUH KLV 'HDWK´ LQ 7KH 6RUURZV RI :HUWHU$*HUPDQ6WRU\1HXDXVJDEH%GH/RQGRQ'RGVOH\ >+DFNHU-RDFKLP/HRQKDUG1LFRODXV@7KDQDWRORJLHRGHU'HQNZUGLJNHLWHQDXVGHP*HELHWH GHU*UlEHU(LQXQWHUKDOWHQGHV/HVHEXFKIU.UDQNHXQGDOOHGLHJHUQDQGHQ7RGGHQNHQ JDQ]XPJHDUEHLWHWHXQGYHUEHVVHUWH$XIODJH%GH/HLS]LJ5HLQ ² 7KDQDWRORJLHRGHU'HQNZUGLJNHLWHQDXVGHP*HELHWHGHU*UlEHUHLQXQWHUKDOWHQGHV/HVHEXFK IU.UDQNHXQG6WHUEHQGH%GH/HLS]LJ5HLQ² +DUVG|UIIHU*HRUJ3KLOLSSÅ'HUYHUUDHWKHULVFKH)UHXQG´LQGHUV+HUDFOLWXVXQG'H PRFULWXV 'DV LVW & )U|OLFKH XQG 7UDXULJH *HVFKLFKWH JHGROPHWVFKW $XV GHQ OHKUUHLFKHQ 6FKULIIWHQ->HDQ@3>LHUUH@&DPXV>«@1UQEHUJ(QGWHU 6² +DUW] &RUQHOLXV 6HKHQ 6LH VR VWLUEW PDQ DOVR EHVWH OHW]WH :RUWH 'DUPVWDGW =DEHUQ +D\*HRUJH7KH3LRXV&KULVWLDQLQVWUXFWHGLQWKHQDWXUH SUDFWLFHRIWKHSULQFLSDOH[HUFLVHVRI SLHW\ XVHG LQ WKH &DWKROLF &KXUFK EHLQJ D WKLUG SDUW WR 7KH VLQFHUH DQG GHYRXW &KULVWLDQ 'XEOLQ3:RJDQ +HLQULFK YRQ .OHLVWV /HEHQVVSXUHQ 'RNXPHQWH XQG %HULFKWH GHU =HLWJHQRVVHQ QHX KUVJ YRQ +HOPXW6HPEGQHU0QFKHQGWY +HOOHU +HLQULFK :LOKHOP hEHU GHQ 6HOEVWPRUG LQ 7HXWVFKODQG )UDQNIXUWD0 $QGUH lLVFKH%XFKKDQGOXQJ +H\IHOGHU >-RKDQQ )HUGLQDQG@ 'HU 6HOEVWPRUG LQ DU]QHLJHULFKWOLFKHU XQG LQ PHGLFLQLVFK SROL]HLOLFKHU%H]LHKXQJ%HUOLQ(QVOLQVFKH%XFKKDQGOXQJ +RIIEDXHU-RKDQQ+HLQULFK+8HEHUGLH8UVDFKHQGHULQQHXHVWHU=HLWVRVHKUEHUKDQGQHK PHQGHQ6HOEVWPRUGHXQGGHUHQ9HUKWXQJ1HXZLHG-++HXVHU·VFKH%XFKKDQGOXQJ +RKHQKDXVHQ+HQULHWWH)ULGHULNHYRQÅ/HW]WH%LWWHQHLQHU6WHUEHQGHQ´1HXH/LWWH UDWXUXQG9|ONHUNXQGH1RY 6² >+R\P&DUO +HLQULFK*UDIYRQ@ ([WUDFWDXV GHQHQ/HLS]LJHU=HLWXQJHQ'HQ6HOEVW0RUG GHV*UDIHQVYRQ+R\PXQG'HVVHQOHW]WHQ:LOOHQEHWUHIIHQG'UHVGHQ>R$@ +QLFK )ULW] $GROI Å$XV GHU :HUWKHU]HLW´ LQ -DKUEXFK GHU 6DPPOXQJ .LSSHQEHUJ /HLS]LJ,QVHO 6² ² Å'LH GHXWVFKHQ :HUWKHU*HGLFKWH´ LQ-DKUEXFK GHU 6DPPOXQJ .LSSHQEHUJ /HLS ]LJ,QVHO 6²]XHUVWYHU|IIHQWOLFKWLQ'HUVDW\ULVFKH%LHGHUPDQQ(LQH :RFKHQVFKULIW >R$@ ,KUHU .|QLJO 0DM ,Q 3RKOHQ X DOV .KXU)UVWHQV ]X 6DFKHQ 0$1'$7 &DUO +HLQULFKV *UDIHQVYRQ+R\PEHJDQJHQH9HUEUHFKHQDXFK6HOEVW0RUGLQJOHLFKHQGLH&RQILVFDWLRQVHLQHV VlPPWOLFKHQ $OORGLDO9HUP|JHQV XQG ZDV GHP DQKlQJLJ EHWUHIIHQG (UJDQJHQ 'H 'DWR 'UHGHQGHQVWHQ)HEUXDULL$QQ -DFREL -RKDQQ )ULHGULFK .RQUDG &KULVWRSK *HGDQNHQ EHU GLH KHUUVFKHQGH 0RGH JUR PWKLJ ]X VWHUEHQ 1HEVW HLQHU $QOHLWXQJ ]X HLQHU YHUQQIWLJHQ XQG &KULVWOLFKHQ *HPWKV YHUIDVVXQJZLHGHUGLH6FKUHFNHQGHV7RGHV+DQQRYHU5LFKWHU -DPHV :LOOLDP 7KH /HWWHUV RI &KDUORWWH 'XULQJ +HU &RQQH[LRQ :LWK :HUWHU %GH 'XEOLQ&KDPEHUODLQHXD
4XHOOHQ
-|UGHQV.DUO+HLQULFKÅ9HUVFKLHGHQKHLWXQVHUHU(PSILQGXQJHQEHLGHU9RUVWHOOXQJ YRP7RGH´*QRWKL6DXWRQRGHU0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGHDOVHLQ/HVHEXFKIU *HOHKUWHXQG8QJHOHKUWH 6² -XQFNHU&KULVWLDQ'HUZRKO LQIRUPLUWH%ULHIIVWHOOHU2GHU*UQGOLFKH$QOHLWXQJ:LHHLQ%ULHI JHVFKLFNW DE]XIDVVHQ 9HUPLWWHOVW .XUW]HQ 5HJHOQ 'LVSRVLWLRQHQ XQG GHXWOLFK ZRKODXVJHDU EHLWHWHQ([HPSHOQ=XEHVRQGHUQ1XW]HQGHUVWXGLUHQGHQ-XJHQGDXI*\PQDVLLVXQGDQGHUQ 6FKXOGHQLQ)UDJXQG$QWZRUWJH]HLJHW>«@1XQPHKURGXUFKXQGGXUFKYHUEHVVHUWXQGYHU PHKUHW>«@$XIODJH/HLS]LJ%UDXQV(UEHQ .DQW,PPDQXHO*HVDPPHOWH6FKULIWHQKUVJYRQGHU.|QLJOLFK3UHXLVFKHQ$NDGHPLH GHU :LVVHQVFKDIWHQ %HUOLQ 5HLPHU ² ,9 .ULWLN GHU UHLQHQ9HUQXQIW 3UROHJR PHQD *UXQGOHJXQJ ]XU 0HWDSK\VLN GHU 6LWWHQ 0HWDSK\VLVFKH $QIDQJVJUQGH GHU 1DWXU ZLVVHQVFKDIW XQG 9,'LH5HOLJLRQLQQHUKDOEGHU*UHQ]HQGHUEORHQ9HUQXQIW'LH 0HWDSK\VLNGHU6LWWHQ .HOOQHU*& Å'HU IUHLZLOOLJH 7RG HLQHV 8QJOFNOLFKHQ $XV GHP *HVLFKWVSXQNWH GHUNULWLVFKHQ3KLORVRSKLH ´1HXHVGHXWVFKHV0DJD]LQ 6² .HWWHPDQQ:DOWHU6XEVLGLD$QLDQHQVLDhEHUOLHIHUXQJVXQGWH[WJHVFKLFKWOLFKH8QWHUVXFKXQJHQ ]XU *HVFKLFKWH :LWL]D%HQHGLNWV VHLQHV .ORVWHUV $QLDQH XQG ]XU VRJHQDQQWHQ ÄDQLDQLVFKHQ 5HIRUP¶ 0LWNRPPHQWLHUWHQ (GLWLRQHQGHUÄ9LWD %HQHGLFWL$QLDQHQVLV¶ Ä1RWLWLDGHVHUYLWLR PRQDVWHULRUXP¶GHVÄ&KURQLFRQ0RLVVLDFHQVH$QLDQHQVH¶VRZLH]ZHLHU/RNDOWUDGLWLRQHQHQDXV $QLDQH 7HLO HOHNWURQLVFK SXEOL]LHUWH 'LVVHUWDWLRQ *HUKDUG0HUFDWRU8QLYHU VLWlW²*HVDPWKRFKVFKXOH'XLVEXUJ .ODHEH-RKDQQ*RWWOLHE$XJXVW'UHVGQHU %ULHIVWHOOHU]XP*HEUDXFKIU6WDGWXQG/DQG VFKXOHQ 1HEVW HLQHU $QZHLVXQJ ]XU 2UWKRJUDSKLH HLQHP 7LWXODUEXFKH XQG HLQHP 9HU]HLFK QLVVH IUDQ]|VLVFKHU LP JHPHLQHQ /HEHQ RIW YRUNRPPHQGHU :|UWHU 'UHVGHQ +LOIHUVFKHUH %XFKKDQGOXQJ .OHLVW+HLQULFKYRQ6lPWOLFKH:HUNHXQG%ULHIHKUVJYRQ,OVH0DULH%DUWKXD)UDQN IXUWD0'HXWVFKHU.ODVVLNHU9HUODJ² ,9%ULHIHYRQXQGDQ+HLQULFKYRQ .OHLVW² .ORSVWRFN )ULHGULFK *RWWOLHE :HUNH XQG %ULHIH +LVWRULVFK.ULWLVFKH $XVJDEH KUVJ YRQ +RUVW*URQHPH\HUXD%HUOLQXQG1HZ«@YHUIHUWLJHWXQGDXIVQHXH GXUFKJHJDQJHQ XQG YHUEHVVHUW DXFK PLW Q|WKLJHQ 5HJLVWHUQ YHUVHKHQ YRQ 3KLODQGHU )UDQN IXUWD0XQG/HLS]LJ%U|QQHU 0HUFLHU /RXLV6pEDVWLHQ 7DEOHDX GH 3DULV QHXH NRUULJLHUWH XQG YHUEHVVHUWH $XIODJH %GH$PVWHUGDP>R$@² 0RQWHVTXLHX /HWWUHV SHUVDQHV KUVJ XQG PLW $QPHUNXQJHQ YHUVHKHQ YRQ $QWRLQH $GDP*HQI'UR] 0RRUH &KDUOHV $ )XOO ,QTXLU\ ,QWR WKH 6XEMHFW RI 6XLFLGH 7R :KLFK DUH $GGHG >«@ 7ZR WUHDWLVHVRQGXHOOLQJDQGJDPLQJ%GH/RQGRQXD5LYLQJWRQXD 0RULW].DUO3KLOLSS$QOHLWXQJ]XP%ULHIVFKUHLEHQ%HUOLQ:HEHU ² Å'LHOHW]WHQ6WXQGHQGHVVHHOLJHQ+HUUQ3URIHVVRUV-RKDQQ*HRUJ=LHUOHLQ´0D JD]LQ]XU(UIDKUXQJVVHHOHQNXQGH 6² ² 1DFKEHPHUNXQJ ]X .DUO +HLQULFK -|UGHQV Å9HUVFKLHGHQKHLW XQVHUHU (PSILQ GXQJHQEHLGHU9RUVWHOOXQJYRP7RGH´*QRWKL6DXWRQRGHU0DJD]LQ]XU(UIDKUXQJV VHHOHQNXQGHDOVHLQ/HVHEXFKIU*HOHKUWHXQG8QJHOHKUWH 6I ² 6FKULIWHQ ]XU bVWKHWLN XQG 3RHWLN NULWLVFKH $XVJDEH KUVJ YRQ +DQV -RFKHQ 6FKULPSI7ELQJHQ1LHPH\HU ² Å9RUVFKODJ]XHLQHP0DJD]LQHLQHU(UIDKUXQJV6HHOHQNXQGH´'HXWVFKHV0XVHXP 6² 0OOHU -RKDQQ 9DOHQWLQ 6HOEVWPRUG QDFK VHLQHQ PHGL]LQLVFKHQ XQG PRUDOLVFKHQ 8UVDFKHQ EH WUDFKWHWPLWEHLJHIJWHQ/HEHQVUHJHOQXQG5H]HSWHQ]XP%HVWHQK\SRFKRQGULVFKHUXQGPHODQFKR OLVFKHU3HUVRQHQ>«@)UDQNIXUWD0$QGUHl 1HXHVWHU /LHEHV %ULHIVWHOOHU HLQH 6DPPOXQJ YRQ %ULHIHQ IU DOOH 9HUKlOWQLVVH ZHOFKH ]ZLVFKHQ /LHEHQGHQ HLQWUHWHQ N|QQHQ KUVJ YRQ 0$)U|OLFK $XIODJH .|OQ XQG $DFKHQ .RKQ>@ °XYUHV FRPSOqWHV GH (XVWDFKH 'HVFKDPSV KUVJ YRQ *DVWRQ 5D\QDXG %GH 3DULV )LUPLQ'LGRW² 2VLDQGHU )ULHGULFK %HQMDPLQ hEHU GHQ 6HOEVWPRUG 6HLQH 8UVDFKHQ $UWHQ PHGL]LQLVFK JHULFKWOLFKH8QWHUVXFKXQJXQGGLH0LWWHOJHJHQGHQVHOEHQ(LQH6FKULIWVRZRKOIU3ROLFHLXQG -XVWL]%HDPWHDOVIUJHULFKWOLFKH$HU]WHXQG:XQGDHU]WHIU3V\FKRORJHQXQG9RONVOHKUHU +DQQRYHU+DKQ 2YLGLXV 1DVR 3XEOLXV /LHEHVEULHIH +HURLGHV(SLVWXODH ODWHLQLVFKGHXWVFK KUVJ XQG EHUVHW]WYRQ%UXQR:+lXSWOL=ULFK$UWHPLV :LQNOHU >3HXFHU&DVSDU@7HVWDPHQW'&$63$53(9&(569RQ,KPHVHOEV,QVHLQHP*HIHQJQXVV LQPDQJHOXQJQRWWUIIWLJHV3DSLUVYIIHLQW]HKOH=HWWHOHLQVRPLWYQWHUVFKLHGHQHQ%XFKVWD EHQ ZLH VLH YII HLQDQGHU IROJHQ EH]HLFKQHW VLQG /DWHLQLVFK YHUIDVVHW =HUEVW -RKDQQ 6FKOHHU >3H]]O-RKDQQ@$EGXO(U]HUXP·VQHXHSHUVLVFKH%ULHIH:LHQXQG/HLS]LJ-RVHSK6WDKHO
%LEOLRJUDSKLH
3ODWRQ 3KDHGR EHUVHW]W PLW $QPHUNXQJHQ YRQ 'DYLG *DOORS 2[IRUG &ODUHQGRQ 3UHVV 3RFNHOV &DUO )ULHGULFK Å(LQ PLW ODQJVDPHU 8HEHUOHJXQJ YHUEWHU 6HOEVWPRUG DXV /LHEH´ LQ GHUV 'HQNZUGLJNHLWHQ ]XU %HUHLFKHUXQJ GHU (UIDKUXQJVVHHOHQOHKUH XQG &KD UDFWHUNXQGH (LQ /HVHEXFK IU *HOHKUWH XQG 8QJHOHKUWH HUVWH 6DPPOXQJ +DOOH LQ GHU 5HQJHUVFKHQ%XFKKDQGOXQJ 6² ² 1HXH%H\WUlJH]XU%HUHLFKHUXQJGHU0HQVFKHQNXQGHEHUKDXSWXQGGHU(UIDKUXQJVVHHOHQOHKUH LQVEHVRQGHUH>«@+DPEXUJ+RIIPDQ 3RWWV7KRPDV7KH/DVW/HWWHUVRI7KRPDV3RWWV:KR:DV([HFXWHGDW3DLVOH\$XJXVW :ULWWHQWR+LV:LIHDQG)ULHQGV:KLOH8QGHU6HQWHQFHRI'HDWK3DLVOH\-1HLO VRQ 5DFLQH-HDQ%DSWLVWH3KqGUHKUVJXQGPLW$QPHUNXQJHQYHUVHKHQYRQ&KULVWDQ'HO PDVXQG*HRUJHV)RUHVWLHU3DULV*DOOLPDUG 5LFKDUGVRQ 6DPXHO &ODULVVD RU 7KH +LVWRU\ RI D 3DULV@*DOOLPDUG² ,,/DQRX YHOOH+pORwVH7KpDWUH3RpVLHV(VVDLVOLWWpUDLUHV 6² 5RZH(OL]DEHWK6LQJHU 'HYRXW([HUFLVHVRIWKH+HDUWLQ0HGLWDWLRQDQG6ROLORTX\3UD\HU DQG3UDLVH>«@KUVJYRQ,VDDF:DWWV/RQGRQ5+HWW ² 'LH)UHXQGVFKDIWLP/HEHQRGHUPRUDOLVFKHXQGXQWHUKDOWHQGH%ULHIHDQYHUVFKLHGHQH)UHXQGH )UDQNIXUWD0XQG/HLS]LJ+HUWHO ² 'LH)UHXQGVFKDIWLP7RGHLQ%ULHIHQYRQ9HUVWRUEHQHQDQ/HEHQGH1HEVWDQGHUQPRUDOLVFKHQ XQGXQWHUKDOWHQGHQ%ULHIHQ)UDQNIXUWD0XQG/HLS]LJ+HUWHO ² )ULHQGVKLS LQ 'HDWK LQ 7ZHQW\ /HWWHUV IURP WKH 'HDG WR WKH /LYLQJ 7R ZKLFK DUH DGGHG /HWWHUV 0RUDO DQG (QWHUWDLQLQJ ,Q 3URVH DQG 9HUVH ,Q 7KUHH 3DUWV %\ WKH VDPH $XWKRU /RQGRQ7:RUUDOO ² )ULHQGVKLS LQ 'HDWK LQ 7ZHQW\ /HWWHUV IURP WKH 'HDG WR WKH /LYLQJ 7R ZKLFK DUH DGGHG 7KRXJKWVRQ'HDWK7UDQVODWHGIURPWKH0RUDO(VVD\VRIWKH0HVVLHXUVGX3RUW5R\DO/RQ GRQ:RUDOO ² 7KH0LVFHOODQHRXV:RUNVLQ3URVHDQG9HUVHRI0UV(OL]DEHWK5RZH>«@7R:KLFK$UH $GGHG3RHPVRQ6HYHUDO2FFDVLRQVE\0U7KRPDV5RZH$QGWRWKH:KROHLV3UHIL[·GDQ $FFRXQWRIWKH/,9(6DQG:5,7,1*6RIWKH$XWKRUVKUVJYRQ7KHRSKLOXV5RZH %GH/RQGRQ+HWWDQG'RGVOH\ >²@ )UHXQGVFKDIIW LP 7RGH GXUFK =ZDQW]LJ %ULHIH YRQ GHQ 9HUVWRUEHQHQ DQ GLH /HEHQGLJHQ YRUJHVWHOOHW $XV GHP (QJOLVFKHQ EHUVHW]W YRQ >-RKDQQ@ 0DWWKHVRQ +DPEXUJ YRQ :LH ULQJV(UEHQ 5OLQJ*HRUJ(UQVWYRQÅ:HUWKHUDQ/RWWH´'HU7HXWVFKH0HUNXU$XJXVW 6I 5XQFNHO 'RURWKHD +HQULHWWH YRQ 6DPPOXQJ IUHXQGVFKDIWOLFKHU 2ULJLQDOEULHIH ]XU %LOGXQJ GHV *HVFKPDFNV IU )UDXHQ]LPPHU %GH 'UHVGHQ >R$@ ² 6WHQGDO )UDQ]HQXQG*URVVH
4XHOOHQ
6DOLVFK .DUO +HLQULFK -XOLXV *UDI YRQ Å%ULHIH YRQ 6WHUEHQGHQ´ 1HXH /LWWHUDWXU XQG 9|ONHUNXQGH 6² 6DXYDJHVGHOD&URL[)UDQoRLV%RLVVLHUGH1RVRORJLDPHWKRGLFDVLVWHQV>«@%GH$PV WHUGDPGH7RXUQHV >6FK@Å(LQQHXHU:HUWKHU´0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGH 6² 6FKLHEHOHU'DQLHO$XVHUOHVHQH*HGLFKWHKUVJYRQ-RKDQQ-RDFKLP(VFKHQEXUJ+DP EXUJ%RGH 6FKLOOHU )ULHGULFK .DEDOH XQG /LHEH LQ 6lPWOLFKH :HUNH DXIJUXQG GHU 2ULJLQDOGUXFNH KUVJ YRQ *HUKDUG )ULFNH XQG +HUEHUW* *|SIHUW %GH 0QFKHQ +DQVHU ²,*HGLFKWH'UDPHQ, 6² 6FKU|WHU&KU\VRVWRPXV(UGPDQQ$OO]HLWIHUWLJHUXQGDXIDOOHUOH\)lOOHJHULFKWHWHU%ULHIIVWHOOHU :HOFKHUGHU-XJHQGQDFK]XI|UGHUVWIHVWJHVH]WHU2UWKRJUDSKLHXQG6WLORJUDSKLH6RZRKODOOHUOH\ $UWHQ %ULHIH :HFKVHO 2EOLJDWLRQHQ &RQWUDFWH $EVFKLHGH HWF XQG ZDV VRQVW LP JHPHLQHQ /HEHQXQGLQVRQGHUKHLWEH\GHUO|EO.DXIPDQQVFKDIWHUIRUGHUOLFKLVW>«@GDUVWHOOHW$XI ODJH/HLS]LJ*HQHU 6FKXOW] )ULHGULFK: )HUGLQDQG 'HU QDWUOLFKH 6HOEVWPRUG HLQH SV\FKRORJLVFKH $EKDQGOXQJ %HUOLQ0DXUHUVFKH%XFKKDQGOXQJ 6HQHFD/XFLXV$QQDHXVÅ%ULHIHDQ/XFLOLXV´%ULHILQ$UV0RULHQGL'LH.XQVWJXW ]XOHEHQXQGJXW]XVWHUEHQ7H[WHYRQ&LFHURELV/XWKHUKUVJHLQJHOHLWHWXQGEHUVHW]W YRQ-DFTXHV/DDJHU=ULFK0DQHVVH 6² 6HQVDWLRQDOLVW/LWHUDWXUHDQG3RSXODU&XOWXUHLQWKH(DUO\$PHULFDQ5HSXEOLF$Q$QWKRORJ\RI ([RWLF1RQILFWLRQ:RQGHU7DOHVDQG:KRSSHUV]XVDPPHQJHVWHOOWXQGKUVJYRQ(G ZDUG:53LWFKHUXQG6HDQ+DUWLJDQ/HZLVWRQ0HOOHQ3UHVV 6RSKLH YRQ /D 5RFKH /HVHEXFK KUVJ PLW HLQHP 1DFKZRUW YRQ +HOJD 0HLVH .|QLJ VWHLQ7DXQXV+HOPHU 6SLH &KULVWLDQ +HLQULFK %LRJUDSKLHQ GHU 6HOEVWP|UGHU HLQ]LJ lFKWH XQG YRP 9HU IDVVHU YHUEHVVHUWH 2ULJLQDODXVJDEH , XQG ,, 3UDJ XQG /HLS]LJ 0HLQHULVFKH %XFKKDQGOXQJ ² %LRJUDSKLHQGHU6HOEVWP|UGHU,,, )UDQNIXUWD0XQG/HLS]LJ>R$@ ² %LRJUDSKLHQGHU6HOEVWP|UGHU,9 )UDQNIXUWD0XQG/HLS]LJ>R$@ ² %LRJUDSKLHQ GHU 6HOEVWP|UGHU KUVJ YRQ $OH[DQGHU .RäHQLQD *|WWLQJHQ :DOOVWHLQ ² %LRJUDSKLHQGHU:DKQVLQQLJHQDXVJHZlKOWKUVJXQGPLWHLQHP1DFKZRUWYHUVHKHQ YRQ:ROIJDQJ3URPLHV1HXZLHGXD/XFKWHUKDQG 6WRFNPDQQ $XJXVW &RUQHOLXV 'LH /HLGHQ GHU MXQJHQ :HUWKHULQQ (LVHQDFK *ULHVEDFK 7DODQGHU>%RKVH$XJXVW@'HUDOO]HLWIHUWLJH%ULHIIVWHOOHU2GHU$XVIKUOLFKH$QOHLWXQJZLH VRZRKODQKRKH6WDQGHV 3HUVRQHQDOVDQ&DYDOOLHUH3DWURQHQJXWH)UHXQGH.DXII OHXWHXQGDXFKDQ)UDXHQ]LPPHUHLQJHVFKLFNWHU%ULHII]XPDFKHQXQG]XEHDQWZRUWHQ>«@ )UDQNIXUWD0XQG/HLS]LJ%RHWLR 7D\ORU(GZDUG:HUWHUWR&KDUORWWH$SRHP/RQGRQ0XUUD\ 7D\ORU-HUHP\7KH5XOHDQG([HUFLVHVRI+RO\'\LQJ,QZKLFKDUHGHVFULEHG7KH0($16 DQG,167580(176RISUHSDULQJRXUVHOYHVDQGRWKHUVUHVSHFWLYHO\IRUDEOHVVHG'HDWKDQG
%LEOLRJUDSKLH
WKH5HPHGLHVDJDLQVWWKH(YLOVDQG7HPSWDWLRQVSURSHUWRWKHVWDWHRI6LFNQHVV7RJHWKHUZLWK 3UD\HUVDQG$FWVRI 9LUWXHWR EHXVHGE\6LFN DQG'\LQJSHUVRQVRU E\ RWKHUVVWDQGLQJLQ WKHLUDWWHQGDQFH7RZKLFKDUHDGGHG5XOHVIRUWKH9LVLWDWLRQRIWKH6LFNDQG2IILFHVSURSHU IRUWKDW0LQLVWHU\>@/RQGRQ5R\VWRQ 7HWVFK(Å5XKLJH%OLFNHLQGHQ7RG´%HUOLQLVFKH0RQDWVVFKULIW 6² ÅWKHGLJLWDOEH\RQG 'LJLWDO 'HDWK DQG $IWHUOLIH 2QOLQH 6HUYLFHV´ KWWSZZZWKH GLJLWDOEH\RQGFRPRQOLQHVHUYLFHVOLVW!>DXIJHUXIHQDP@ 7RG XQG 6WHUEHQ /DWHLQLVFKH XQG GHXWVFKH 6WHUEHOLWHUDWXU GHV 6SlWPLWWHODOWHUV EHDUEHLWHW YRQ +LUDP .PSHU PLW HLQHP %HLWUDJ ]XU %LOGHU$UVPRULHQGL YRQ $QGUHD %HUOLQ 'XLVEXUJXQG.|OQ:L.X9HUODJ'U6WHLQ 7UHVFKR6HEDVWLDQ)ULHGULFK6HEDVWLDQ)ULHGULFK7UHVFKR·V6WHUEHELEHO(LQH$XVZDKODXVGHU ]ZHLWHQ$XIODJHYRQLP$XV]XJHIUHLXPJHDUEHLWHWXQGPLW/LHGHUYHUVHQYHU VHKHQYRQ(UQVW*HQ]NHQ(LVOHEHQXQG/HLS]LJ>R$@ ² 'LH:LVVHQVFKDIWVHOLJXQGIURHOLFK]XVWHUEHQRGHU6WHUEH %LEHOLQ3RHVLHXQG3URVHYHU EHVVHUWH $XIODJH .|QLJVEHUJ XQG /HLS]LJ =HLVHQV :LWZH +DUWXQJV (UEHQ 7]VFKLUQHU+HLQULFK*RWWOLHE/HEHQXQG(QGHPHUNZUGLJHU6HOEVWP|UGHU1HEVWHLQLJHQGHQ 6HOEVWPRUGEHWUHIIHQGHQ$EKDQGOXQJHQ:HLHQIHOVXQG/HLS]LJ%|VH 9LOORQ)UDQoRLV'DV.OHLQHXQGGDV*URH7HVWDPHQW)UDQ]|VLVFK'HXWVFKKUVJEHU VHW]WXQGNRPPHQWLHUWYRQ)UDQN5XWJHU+DXVPDQQ6WXWWJDUW5HFODP 9ROWDLUH 7KH &RPSOHWH :RUNV RI 9ROWDLUH KUVJ YRQ 7KHRGRUH %HVWHUPDQ XD 2[IRUG XD 7KH 9ROWDLUH )RXQGDWLRQ ² ;;;;9,,, &DQGLGH RX O·RSWLPLVPH NULWLVFK KUVJYRQ5HQp3RPHDX 9RUEHUHLWXQJHQ HLQHV 8QJOFNOLFKHQ ]XP IUH\ZLOOLJHQ 7RGH $XV GHV 9HUIDVVHUV 3DSLHUHQ KHUDXV JHJHEHQ YRQ %HUQKDUG *HRUJ .|QLJVEHUJ >R$@ DOV 1DFKGUXFN KHUDXV JHJHEHQYRQ«@PLWJHK|ULJHQ 5HJLVWHUQ YHUVHKHQ YRQ QHXHQ GXUFKJHJDQJHQ XQG XP GLH +HOIIWH YHUPHKUWHU KUVJYRQ%HUQKDUG'LHWULFKYRQ6FKDUIIHQEHUJ&KHPQLW]6W|HOQ :LFNUDP *HRUJ 6l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«@/RQGRQ->RVHSK@'>RZQLQJ@
$QWKRORJLHQOHW]WHU%ULHIH
$QWKRORJLHQOHW]WHU%ULHIH $EVFKLHG%ULHIHXQG$XI]HLFKQXQJHQYRQ(SLNXUELVLQXQVHUH7DJHKUVJYRQ&XUW0LFKDHO =ULFKXQG1HZDXIJHUXIHQDP@ $ULqV3KLOLSSH/·KRPPHGHYDQWODPRUW3DULV6HXLO $UQKROG(UQD*RHWKHV%HUOLQHU%H]LHKXQJHQ>R2@.ORW] $VVPDQQ $OHLGD XQG -DQ Å'DV *HKHLPQLV XQG GLH $UFKlRORJLH GHU OLWHUDULVFKHQ .RPPXQLNDWLRQ (LQIKUHQGH %HPHUNXQJHQ´ LQ 6FKOHLHU XQG 6FKZHOOH *HKHLPQLV XQG gIIHQWOLFKNHLW $UFKlRORJLH GHU OLWHUDULVFKHQ .RPPXQLNDWLRQ KUVJ YRQ GHQV 0QFKHQ)LQN 6² $WNLQV 6WXDUW 3UDWW 7KH 7HVWDPHQW RI :HUWKHU LQ 3RHWU\ DQG 'UDPD &DPEULGJH 0DVV +DUYDUG8QLYHUVLW\3UHVV %DFNVFKHLGHU3DXOD5(LJKWHHQWK&HQWXU\:RPHQ3RHWVDQG7KHLU3RHWU\,QYHQWLQJ$JHQF\ ,QYHQWLQJ*HQUH%DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\3UHVV %lKU$QGUHDV'HU5LFKWHULP,FK'LH6HPDQWLNGHU6HOEVWW|WXQJLQGHU$XINOlUXQJ*|WWLQ JHQ9DQGHQKRHFN 5XSUHFKW ² Å'LHW|GOLFKH9HUOHW]XQJZHLEOLFKHU(KUH(PLOLD*DORWWLLP.RQWH[WGHUDXINOlUH ULVFKHQ 3UREOHPDWLVLHUXQJ YRQ 6HOEVWW|WXQJ´ LQ 6WHUEHQ YRQ HLJHQHU +DQG 6HOEVW W|WXQJDOVNXOWXUHOOH3UD[LVKUVJYRQGHPVXQG+DQV0HGLFN.|OQXD%|KODX 6² ² ÅÄ,FKKDEHEHL*RWWVRNHLQH*QDGH¶'LH$EVFKLHGVEULHIHGHV0HGL]LQVWXGHQWHQ &KULVWLDQ)ULHGULFK,OOLQJ ´+LVWRULVFKH$QWKURSRORJLH 6² ² ÅÄ,FK KDEH GHQ )ULHGHQ GHLQHV +DXVHV JHVW|UW¶ :HUWKHUV W|GOLFKH /HLGHQ LP 6SDQQXQJVIHOGYRQ/LWHUDWXU5HFKWXQG0RUDO´,$6/ 6² %DWOH\ (GZDUG Å:HUWKHU·V )LQDO $FW RI $OLHQDWLRQ *RHWKH /HVVLQJ DQG -HUXVDOHP RQWKH3RHWU\DQGWKH7UXWKRI6XLFLGH´0/5 6² %DXPDQQ 8UVXOD 9RP 5HFKW DXI GHQ HLJHQHQ 7RG *HVFKLFKWH GHV 6XL]LGV YRP ELV ]XP -DKUKXQGHUW:HLPDU%|KODX
)RUVFKXQJVOLWHUDWXU
%HHEHH 7KRPDV2 (SLVWRODU\ )LFWLRQ LQ (XURSH ² &DPEULGJH &DPEULGJH 8QLYHUVLW\3UHVV ² Å-RKDQQ-DNRE'XVFKDQGWKH*HQHDORJ\RI(SLVWRODU\)LFWLRQ´-RXUQDORI(QJOLVK DQG*HUPDQLF3KLORORJ\-XOL 6² %HFNHU(YD''HUGHXWVFKH5RPDQXP6WXWWJDUW0HW]OHU %HONH+RUVW/LWHUDULVFKH*HEUDXFKVIRUPHQ'VVHOGRUI%HUWHOVPDQQ %HQMDPLQ :DOWHU Å'HU (U]lKOHU %HWUDFKWXQJHQ ]XP :HUN 1LNRODL /HVVNRZV´ LQ GHUV*HVDPPHOWH6FKULIWHQKUVJYRQ+HUPDQQ6FKZHSSHQKlXVHUXQG5ROI7LHGH PDQQ %GH 6XSSOHPHQWH )UDQNIXUW D0 6XKUNDPS ² ,, 6² %HQQKROGW7KRPVHQ $QNH XQG *X]]RQL $OIUHGR 'HU Ä$VR]LDOH¶ LQ GHU /LWHUDWXU XP .|QLJVWHLQ7DXQXV$WKHQlXP %HQWKLHQ &ODXGLD %DURFNHV 6FKZHLJHQ 5KHWRULN XQG 3HUIRUPDWLYLWlW GHV 6SUDFKORVHQ LP -DKUKXQGHUW0QFKHQ)LQN %HSOHU-LOOÅ3UDFWLFLQJ3LHW\5HSUHVHQWDWLRQVRI:RPHQ·V'\LQJLQ*HUPDQ)XQHUDO 6HUPRQV RI WKH (DUO\ 0RGHUQ 3HULRG´ LQ :RPHQ DQG 'HDWK :RPHQ·V 5HSUHVHQ WDWLRQV RI 'HDWK LQ *HUPDQ &XOWXUH VLQFH KUVJ YRQ &ODUH %LHOE\ XQG $QQD 5LFKDUGV5RFKHVWHU1HZ"@ $QP .HVWQHU-RKDQQ*HRUJ&KULVWLDQ² +RIIPDQQYRQ+RIIPDQQVZDOGDX $QP $QP &KULVWLDQ .LHQLQJ&KULVWLDQ ²+HOGHQ%ULHIH .LUQ+DQV0DUWLQ +|IOHU-RKDQQ-DFREYRQ .OHLVW+HLQULFKYRQ$QP $QP $QP $QP +ROEDFK3DXO+HQUL7KLU\%DURQG· ²0LFKDHO.RKOKDDV ²6\VWqPHGHODQDWXUH ²3HQWKHVLOHD +RUD] .ORSVWRFN)ULHGULFK*RWWOLHE +R\P&DUO+HLQULFK*UDIYRQ ²Å'HU$EVFKLHG´ $QP ²Å'LHWRGWH&ODULVVD´$QP +XPDLQ>"@² ²Å2GHDQ'DSKQHQ´ +XPH'DYLG .ORSVWRFN0HWD ²2Q6XLFLGH ²%ULHIHYRQ9HUVWRUEHQHQDQ/HEHQGLJH .QSSHOQ-XOLXV)ULHGULFK² .RVFKRUNH$OEUHFKW ,EVHQ+HQULN .RäHQLQD$OH[DQGHU$QP ²3HHU*\QW$QP .RZDOLN-LOO$QQH$QP ,JQDWLXVYRQ$QWLRFKLD .ULWRQ ,OOLQJ&KULVWLDQ)ULHGULFK$QP .XUGL,PUH$QP ,POD\)DQQ\$QP .WWQHU&DUO*RWWIULHG² -DFREV)ULHGULFK&KULVWLDQ:LOKHOP ²$XWKHQWLVFKH%ULHIHGHV+DXSWPDQQVYRQ ²5RVDOLHQV1DFKOD $UHQVZDOG² -DFREV-HUU\ ²Å$3KHQRPHQRORJLFDO6WXG\RI /D5RFKH)UDQ]YRQ 6XLFLGH1RWHV´$QP /D5RFKH6RSKLHYRQ$QP -DPHV:LOOLDP ²² ²7KH/HWWHUVRI&KDUORWWH ²Å'HUVFKZHUPWKLJH-QJOLQJ´ -HDQ3DXO ²Å'LH]ZHL6FKZHVWHUQ´ ²$EHODUGXQG+pORwVH$QP $QP -HQVHQ/XFLH$XJXVWH
3HUVRQHQXQG:HUNUHJLVWHU ²*HVFKLFKWHGHV)UlXOHLQVYRQ6WHUQKHLP $QP ²I ²Å*HVFKLFKWHYRQ0LVV/RQ\´² ²/LHEH+WWHQI$QP I ²0RUDOLVFKH(U]lKOXQJHQ ²5RVDOLHXQG&OHEHUJDXIGHP/DQGH² /DYLHjHQPRXULU/HWWUHVGHIXVLOOpV² $QP /DDJHU-DFTXHV$QP /DGLHV0XVHXPI$QP /DG\+HUWIRUG$QP ² I$QP /DQJ%HUQKDUG$QP /DYDWHU-RKDQQ&DVSDU$QP $QP ²hEHUGHQ6HOEVWPRUG$QP /HHQDUV$QWRRQ$ ²6XLFLGH1RWHV3UHGLFWLYH&OXHVDQG3DWWHUQV $QP /HIqYUHGH%HDXYUD\3LHUUH ²'LFWLRQQDLUHVRFLDOHWSDWULRWLTXH /HPEDFK&ODXGLD ²6HOEVWPRUG)UHLWRG6XL]LG$QP /HSULQFHGH%HDXPRQW-HDQQH0DULH ²,QVWUXFWLRQVSRXUOHVMHXQHVGDPHVTXL HQWUHQWGDQVOHPRQGH /H*RWWIULHG$QP /HVVLQJ*RWWKROG(SKUDLP ²(PLOLD*DORWWL ²0L6DUD6DPSVRQ ²3KLORWDV /HW]WH%ULHIH1HXH3HUVSHNWLYHQDXIGDV(QGH YRQGHU.RPPXQLNDWLRQ$QP Å/HW]WHU$XIVDW]:HUWKHUVDQ/RWWHQ QDFKWVQDFKHLOI8KU´ /H\-DPHV(DUORI0DUOERURXJKI Å/H]WHU$XIVD]HLQHV6HOEVWP|UGHUV´ ² /LFKWHQEHUJ*HRUJ&KULVWRSK $QP /LQG9HUD$QP $QP /RYDW0DWKLHX /XGZLJ;9,II /XKPDQQ1LNODV ²Å*HKHLPQLV=HLWXQG(ZLJNHLW´ $QP /XWKHU0DUWLQ ²+HLOLJH6FKULIIW ²6HUPRQYRQGHUEHUH\WXQJ]XPVWHUEHQ
0DF'RQDOG0LFKDHOI $QP ²$QP 0DFSKHUVRQ-DPHV ²2VVLDQ'LFKWXQJHQ 0DGDPH(OLVDEHWKI 0DGLJDQ0DU\.DWKOHHQ $QP ²Å)RUHYHU«@/HWWHUVDQG3UD\HUVRIWKRVH3HUVRQV ODWHO\([HFXWHG 5HLFKOLQ6XVDQQH 5HLQOHLQ7DQMD 1HXPH\HU+DUDOGI$QP ²'HU%ULHIDOV0HGLXPGHU(PSILQGVDPNHLW $QP $QP $QP $QP $QP 5HLW]HQVWHLQ&DUO(UQVW)UHLKHUUYRQ $QP $QP ²Å/RWWHEH\:HUWKHUV*UDE´ $QP I$QP $QP $QP 5HVWLIGHOD%UHWRQQH1LFRODV(GPH ²ÅÄ:RKOGDQQLFKRSIUHPLFK¶´I ²/HV3RVWKXPHV/HWWUHVUHoXHVDSUqVODPRUW $QP GXPDUL$QP 1LEULGLXV(U]ELVFKRII 5LFKDUGV$QQD 1LHNXV0RRUH&RUQHOLD 5LFKDUGVRQ6DPXHO² ²3DWWHUQHG/LYHV7KH/XWKHUDQ)XQHUDO $QP I² %LRJUDSK\LQ(DUO\0RGHUQ*HUPDQ\ $QP I $QP ²&ODULVVD$QP ² II 2VLDQGHU)ULHGULFK%HQMDPLQ ²3DPHOD$QP 5REHFN-RKDQQI 2YLGI² ²([HUFLWDWLRSKLORVRSKLFDGHHXORJRH[DJRJH ²+HURLGHV VLYHPRUWHYROXQWDULD 5RVHQPH\HU3DWULFLD$ 5RXVH5RVH 3DOPHU1LJHO)$QP ²/DVW/HWWHUVWR/RYHG2QHV 3DXO+HUPDQQ $QP ²'HXWVFKHV:|UWHUEXFK 5RXVVHDX-HDQ-DFTXHV² 3DXOLQ5RJHU$QP I 3HJXLOKHQ(UQVW)ULHGULFK ²-XOLHRX/DQRXYHOOH+pORwVH² 3HWHU-RKDQQ-DFRE$QP ²II 3HWKHV1LFRODV$QP 5RZH(OL]DEHWK6LQJHU 3HXFHU&DVSDU² $QP ²$QP ² ²7HVWDPHQW'&$63$53(9&(56 I² 9RQ,KPHVHOEV>«@YHUIDVVHW² I ²'HYRXW([HUFLVHVRIWKH+HDUWII 3H]]O-RKDQQ ²'LH)UHXQGVFKDIWQDFKGHP7RGHLQ%ULHIHQ ²$EGXO(U]HUXP·VQHXHSHUVLVFKH%ULHIH GHU9HUVWRUEHQHQDQGLH/HEHQGHQ 3LOOHU*XGUXQ ²)ULHQGVKLSLQ'HDWKLQ7ZHQW\/HWWHUV 3ODWRQ$QP IURPWKH'HDGWRWKH/LYLQJ ²$SRORJLD $QP ² ²3KDLGRQ²$QP $QP ²3KDLGURV ²/HWWHUV0RUDODQG(QWHUWDLQLQJ 3OXWDUFK $QP I² 3RFNHOV&DUO)ULHGULFK² $QP I ²Å%ULHIHHLQHV6HOEVWHQWOHLEHUV´² 5RZH6DUDKI 5RZH7KHRSKLOXVI² 3ROODUG+XJK 5XQFNHO'RURWKHD+HQULHWWHYRQ 3URVDODQFHORWI ²6DPPOXQJIUHXQGVFKDIWOLFKHU2ULJLQDOEULHIH I
3HUVRQHQXQG:HUNUHJLVWHU 6DLQH7KRPDV3$QP 6DOLVFK.DUO+HLQULFK-XOLXV*UDIYRQ $QP 6DXYDJHVGHOD&URL[)UDQoRLV%RLVVLHUGH ²1RVRORJLDPHWKRGLFDVLVWHQV$QP 6FKHUSH.ODXV5$QP 6FKLHEHOHU'DQLHO$QP 6FKLOOHU)ULHGULFKI ².DEDOHXQG/LHEH² 6FKPLHGW+HOPXW$QP $QP $QP 6FK|IIOHU+RUVW$QP 6FK|QH$OEUHFKW 6FKUHLQHU-XOLD$QP 6FKUHLQHU.ODXV 6FKXOW])ULHGULFK:)HUGLQDQG ²'HUQDWUOLFKH6HOEVWPRUG $QP 6HLGOLQ2VNDUI 6HQHFDI ²(SLVWXODHPRUDOHVDG/XFLOLXP 6HXVH+HLQULFK ²%FKOHLQGHUHZLJHQ:HLVKHLW $QP 6H\PRXU)UDQFHV'XFKHVVRI6RPHUVHW Ⱥ/DG\+HUWIRUG 6KDNHVSHDUH:LOOLDP ²+DPOHW$QP ²+HLQULFK9$QP 6LPPHO*HRUJ 6LQQHU-HDQ5 ²/HVPDOKHXUVGHO·$PRXU$QP 6PLWK%ULGJHWXQG5LFKDUG $QP 6PLWK&KDUORWWH$QP 6RNUDWHV²I $QP $QP 6SHFWDWRU 6SLH&KULVWLDQ+HLQULFK$QP ²%LRJUDSKLHQGHU6HOEVWP|UGHU $QP ²Å)ORULDQ(LQ%H\VSLHOJURHU 9HUEUHFKHQDXVNOHLQHQ8UVDFKHQ´ 6WHFKHU+HQU\) 6WHSKDQ,QJH$QP 6WRFNPDQQ$XJXVW&RUQHOLXV ²'LH/HLGHQGHUMXQJHQ:HUWKHULQQ² 6ZHGHQERUJ(PDQXHO ²$UFDQDFRHOHVWLD ²'H&RHORHWHLXVPLUDELOLEXVHWGHLQIHUQR
7DFLWXV ²$QQDOHV 7DODQGHUȺ%RKVH$XJXVW 7D\ORU(GZDUG ²:HUWHUWR&KDUORWWH$SRHP 7D\ORU-HUHP\² ²7KH5XOHDQG([HUFLVHVRI+RO\'\LQJ I 7D\ORU6WHYH$QP 7KH'\LQJ6SHHFKHVDQG%HKDYLRXURIWKH6HYHUDO 6WDWH3ULVRQHUV7KDW+DYH%HHQ([HFXWHGWKH /DVWE]Z-|UJ@ ²*DEULRWWRXQG5HLQKDUW$QP :LHODQG&KULVWRSK0DUWLQ$QP ²%ULHIHYRQ9HUVWRUEHQHQDQKLQWHUODVVHQH )UHXQGH ²=Z|OI0RUDOLVFKH%ULHIHLQ9HUVHQ :LOPRW-RKQ(DUORI5RFKHVWHU² ²Å'\LQJ5HPRQVWUDQFH´
3HUVRQHQXQG:HUNUHJLVWHU :LOPVHQ)ULHGULFK(UQVWXQG+HQULHWWH :XQGHUOLFK8OL$QP 5HQDWH ²%ULHIHYRQ6WHUEHQGHQDQLKUHKLQWHUODVVHQHQ