Peregrinatio in terram sanctam: Eine Pilgerreise ins Heilige Land. Frühneuhochdeutscher Text und Übersetzung 9783110215816, 9783110209518

The incunabulum Peregrinatio in terram sanctam by Bernhard von Breydenbach, which appeared in 1486, is the first printed

203 26 56MB

German Pages 891 [950] Year 2010

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Frontmatter
Inhalt
Übertragung und Übersetzung der Peregrination in terram sanctam
Übertragung und Übersetzung der Peregrination in terram sanctam
Backmatter
Recommend Papers

Peregrinatio in terram sanctam: Eine Pilgerreise ins Heilige Land. Frühneuhochdeutscher Text und Übersetzung
 9783110215816, 9783110209518

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

Bernhard von Breydenbach: Peregrinatio in terram sanctam

Bernhard von Breydenbach: Peregrinatio in terram sanctam Eine Pilgerrreise ins Heilige Land Frühneuhochdeutscher Text und Übersetzung

Herausgegeben von

Isolde Mozer

De Gruyter

ISBN 978-3-11-020951-8 e-ISBN 978-3-11-021581-6 Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. 쑔 2010 Walter de Gruyter GmbH & Co. KG, Berlin/New York Druck: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

)U3DWUL]LD3KLOLSS XQG%HUQKDUG

,QKDOW

  9RUZRUW  ,; ,QKDOWVYHU]HLFKQLVGHU3HUHJULQDWLRLQWHUUDPVDQFWDP ;/,, hEHUWUDJXQJXQGhEHUVHW]XQJGHU3HUHJULQDWLRLQWHUUDPVDQFWDP  $QPHUNXQJHQ   $QKDQJ  $ENU]XQJVYHU]HLFKQLV   ,WLQHUDULXP  1DFKZHLVGHU(LQ]HOH[HPSODUH  1DFKZHLVGHUVHLWHQIOOHQGHQXQGGHU3DQRUDPD+RO]VFKQLWWH   6\QRSVHGHU*ORVVDUH   %LEOLRJUDSKLH  5HJLVWHU   'DQNVDJXQJ    %LOGWHLO   

9RUZRUW

  %HUQKDUGYRQ%UH\GHQEDFKVLP-DKUHHUVWPDOVJHGUXFNWH3HUHJULQDWLR LQ WHUUDP VDQFWDP JLOW DOV ]HQWUDOHV :HUN GHU ,QNXQDEHO]HLW 'RFK REZRKO DOOH PLW GHP VSlWHQ 0LWWHODOWHU EHIDVVWHQ 'LV]LSOLQHQ DXI GLHVHV ZLFKWLJH :HUNUHNXUULHUHQVRODJGDV+DXSWDXJHQPHUNELVODQJDXIGHQVSHNWDNXOl UHQ KlXILJ SXEOL]LHUWHQ +RO]VFKQLWWHQ (UKDUG 5HXZLFKV :HU VLFK GDJH JHQPLWGHP3ULPlUWH[WDXVHLQDQGHUVHW]HQZROOWHXQGNHLQHQ=XJDQJ]X GHQRULJLQDOHQ:LHJHQGUXFNHQKDWWHPXVVWHVLFKPLWHLQHUVFKPDOHQ0D WHULDOEDVLVEHJQJHQ'HQQ%HUQKDUGV:HUNZXUGHELVODQJQXULQ$XV] JHQLQV'HXWVFKHEHUVHW]WXQGGLHYHUGLHQVWYROOHHGLWRULVFKH7DWHLQHU )DNVLPLOHDXVJDEH KDW GHQ HQWVFKHLGHQGHQ 1DFKWHLO VLFK DXI GDV XQYROO VWlQGLJH([HPSODUGHU*|WWLQJHU8QLYHUVLWlWVELEOLRWKHN]XVWW]HQ  'LHYRUOLHJHQGHOlQJVWEHUIlOOLJH(GLWLRQXQWHUQLPPWGHQ9HUVXFKGDV SKLORORJLVFKH0DWHULDOIUHLQHDXWKHQWLVFKH%HUQKDUG/HNWUH]XU9HUI JXQJ]XVWHOOHQ'DVLFKGLH$XVJDEHLQHUVWHU/LQLHDQ NQIWLJH 0HGLlYL VWHQZHQGHWLVWGLHDP-XQLLQ0DLQ]HUVFKLHQHQHIUKQHXKRFK GHXWVFKH )DVVXQJ ]XJUXQGH JHOHJW 6LH HUVFKLHQ NDXP HLQ KDOEHV -DKU QDFK GHU ODWHLQLVFKHQ HGLWLR SULQFHSV GLH DP  )HEUXDU  KHUDXV NDP 'D :LHJHQGUXFNH EHNDQQWOLFK PHLVW QRFK NHLQHQ GH]LGLHUWHQ 7LWHO 

    

'HUHOHNWURQLVFKH*HVDPWNDWDORJGHU:LHJHQGUXFNHEHUQLPPWGLH6FKUHLEZHLVHGHV1D PHQV DXV GHU 3ULQWDXVJDEH YRQ  KWWSZZZJHVDPWNDWDORJGHUZLHJHQGUXFNHGH  %UHLGHQEDFK ² 0D‰JHEOLFK LVW MHGRFK GLH 1RUPGDWHQGDWHL GHU 'HXWVFKHQ 1DWLRQDO ELEOLRWKHN GLH GHQ 1DPHQ PLW \ KDW GLHVH )DVVXQJ LVW IU %LEOLRWKHNHQ YHUELQGOLFK XQG ZLUGGHVKDOEDXFKKLHUEHQXW]WhEULJHQVHQWVSULFKWGLHVH6FKUHLEZHLVH%UH\GHQEDFKVHLJH QHU6FKUHLEZHLVHGLHHUEHLDOOHUVRQVWSUDNWL]LHUWHQ9DULDQ]EHLEHKlOW²EULJHQVDXFKLP *HJHQVDW]]XVHLQHP9RUQDPHQGHU]ZHLPDOPLWGXQG]ZHLPDOPLWWDXIWDXFKW VUU UU 'LH9HUVFKUHLEXQJDXIU²HLQXPžJHGUHKWHVQ %HUXKDUW ²JHKWVLFKHUOLFK DXIHLQHQ/DSVXVGHV6HW]HUV]XUFN (OLVDEHWK*HFN +UVJ %HUQKDUGYRQ%UH\GHQEDFK'LH5HLVHLQV+HLOLJH/DQG(LQ5HLVHEHULFKW DXVGHP-DKUH:LHVEDGHQ]XYRU $QGUHDV.OX‰PDQQ +UVJ %HUQKDUGYRQ%UH\GHQEDFK3HUHJULQDWLRLQWHUUDPVDQFWDP)DNVLPLOH GHUHUVWHQGHXWVFKHQ$XVJDEHYRQ3HWHU6FK|IIHU0DLQ]6DDUEUFNHQ 2EZRKOGHU+HUDXVJHEHUQLFKWJH]|JHUWKDWIHKOHQGHRGHUNRUUXSWH+RO]VFKQLWWHDXVDQ GHUHQ3HUHJULQDWLR$XVJDEHQ]XHUJlQ]HQ XQGHLJHQZLOOLJDQ]XRUGQHQ JHVFKDKGLHVLP)DO OHGHV7H[WYHUOXVWHVQLFKW *:+DLQ,67&LE *:+DLQ,67&LE

;

9RUZRUW

WUXJHQKDWHVVLFKEHLYRUOLHJHQGHP:HUN²DQDORJ]XP*HVDPWNDWDORJGHU :LHJHQGUXFNH ² HLQJHEUJHUW DXFK IU GLH GHXWVFKH )DVVXQJ GHQ ODWHLQL VFKHQ(LQKHLWVVDFKWLWHO3HUHJULQDWLRLQWHUUDPVDQFWDP]XZlKOHQ]XGHXWVFK (LQH3LOJHUUHLVHLQV+HLOLJH/DQG  'LHHGLWRULVFKHQ$QVWUHQJXQJHQEH]LHKHQVLFKDXIGLHW\SRJUDSKLVFKHXQG VSUDFKOLFKH/HVEDUNHLWGHV%HUQKDUGVFKHQ:HUNV'LHhEHUWUDJXQJLVWDO VRHLQHGRSSHOWH1HEHQGHUhEHUVHW]XQJGHVIUKQHXKRFKGHXWVFKHQ7H[ WHV LQV 1HXKRFKGHXWVFKH ZLUG DXFK GLH 7UDQVOLWHUDWLRQ GHV 8UWH[WHV LQ HLQHPRGHUQH6FKULIWYRUJHOHJW'LH6FKZDEDFKHU7\SHGLH(UKDUG5HX ZLFKDXVGHU2IIL]LQGHVYRUPDOLJHQ*XWHQEHUJVFKHQ'UXFNJHVHOOHQ3HWHU 6FK|IIHU]XP6DW]]XU9HUIJXQJKDWWHLVWKLHULQGLH*DUDPRQG6FKULIW EHUWUDJHQ2KQHGLHHUVFKZHUHQGH5H]HSWLRQVVLWXDWLRQHLQHVKLVWRULVFKHQ 6FKULIWELOGHVZLUG3KLORORJHQDXIGLHVH:HLVHGLH0|JOLFKNHLWJHERWHQEH TXHPPLW]ZHL)DVVXQJHQGHU3HUHJULQDWLR]XDUEHLWHQ  :HU ZDU %HUQKDUG YRQ %UH\GHQEDFK" :HU LP .UHX]JDQJ GHV 0DLQ]HU 'RPVZDQGHOWVW|‰WLQGHU:DQGGHV2VWIOJHOVDXIHLQ=HXJQLVGDVDXIV (QJVWH PLW GHU3HUHJULQDWLRYHUEXQGHQ LVW (V KDQGHOWVLFK KLHUEHL XP HLQ 0DGRQQHQELOG GDV XUVSUQJOLFK LQ GHU 0DLQ]HU /LHEIUDXHQNLUFKH KLQJ XQGVSlWHULQGHQ0DUWLQVGRPEHUIKUWZXUGHGLHÅ0DGRQQDGHU3DOl VWLQDIDKUHU´6LHZXUGHYRQ%HUQKDUGXQGVHLQHP5HLVHJHIlKUWHQ3KLOLSS YRQ%LFNHQDOV'DQNIUGLHJOFNOLFKH+HLPNHKUJHVWLIWHW'DV9RWLYELOG JHVFKDIIHQ YRP $GDOEHUW0HLVWHU ]HLJW GLH JHNU|QWH 0DULD LP 6WUDKOHQ NUDQ] PLW GHP -HVXVNLQG LP $UP DXI GHU 0RQGVFKHLEH UXKHQG ,Q GHU UHFKWHQ XQG OLQNHQ XQWHUHQ %LOGNDQWH VLQG GLH :DSSHQ GHUHU YRQ %UH\ GHQEDFK XQGYRQ %LFNHQ ]X VHKHQZLH VLH DXFK LP(LQJDQJVKRO]VFKQLWW GHU3HUHJULQDWLRDEJHELOGHWVLQG²GRUWDOOHUGLQJVDXFKPLWGHP:DSSHQGHV *UDIHQ-RKDQQYRQ6ROPVGHUDXIGHU3LOJHUIDKUWLQGHU1DFKW]X$OOHU KHLOLJHQYHUVWRUEHQLVW%HUQKDUGV:DSSHQEHVWHKWDXVHLQHPJHYLHU WHQ6FKLOGLQGHVVHQHUVWHPXQGYLHUWHP4XDUWLHUGLHGRSSHOWH:ROIVDQJHO SRVLWLRQLHUW LVW LP ]ZHLWHQ XQG GULWWHQ 4XDUWLHU GHU :ROIV]DFN RGHU :ROIVKDNHQPLWGUHL .OHHEOlWWHUQ 'DV:DSSHQ 3KLOLSSVYRQ %LFNHQ LVW  



0DQFKH.DWDORJHRGHU7LWHOVFKLOGFKHQJHEHQDXFKHLQHQGHXWVFKHQ7LWHODQHWZD'LHKH\OL JHQUH\‰HQJHQ-KHUXVDOHP]XGHPKHLOLJHQJUDERl ,P )URQWLVSL] LVW GDV :DSSHQ GHV *UDIHQ -RKDQQ 6ROPV/LFK GHPMHQLJHQ %HUQKDUGV JH JHQEHUJHVWHOOW 'DUJHVWHOOW LVW GDV 6WDPPZDSSHQ GHUHU YRQ 6ROPV HLQ /|ZH LP 6FKLOG XQG DOV +HOP]LHU 'DV 6FKULIWEDQG HQWKlOW GLH :RUWH Å-RKDQQHV FRPHV L>Q@ 6ROPV HW G>RPL@Q>XV@L>Q@0LQW]H>Q@EHUJ´ 'DV (LQJDQJVZDSSHQ GHU 3HUHJULQDWLR ]HLJW %HUQKDUGV 6FKLOG VHLWHQYHUNHKUW hEHU GHP 6FKLOG LVW DOV 2EHUZDSSHQ HLQ 6SDQJHQKHOP PLW HLQHU GHQ 6FKLOG SSLJ XPUDKPHQGHQ +HOPGHFNHDOV+HOP]LHUGHU]XP6WDPPZDSSHQGHU%UH\GHQEDFKVJHK|UHQGH:ROIDQJH EUDFKW ,Q GHVVHQ )OXJ VWHFNW GLH GRSSHOWH :ROIVDQJHO 'DV 6FKULIWEDQG XQWHUKDOE GHV

9RUZRUW

;,

KRUL]RQWDO LQ MH ]ZHLVFKZDU]H XQG ]ZHLVFKZDU]ZHL‰H 6WUHLIHQ JHWHLOW 'LH,QVFKULIW GHV9RWLYUHOLHIV²DOVHLQHVGHUIUKHVWHQ'HQNPlOHUQ|UG OLFK GHU $OSHQ LQ GHU$QWLTXD7\SH JHPHL‰HOW ² LVW GHP 3VDOP QDFK HPSIXQGHQ  )$&0(&96,*19,1%212979,'($7 49,2'(5970((7&21)91'$1795 4921,$079$',99,67,0((7&21 62/$7$(60(5(*,1$&(/2590  ,P'RPVHOEVWILQGHWPDQDXFKGLH3ODWWH]X%HUQKDUGV*UDE8UVSUQJ OLFKEHIDQGVLFKGDV*UDELQGHU0DULHQNDSHOOHGHV'RPVZXUGHVLH DXI 9HUDQODVVXQJ GHV (U]ELVFKRIV %UHQGHO YRQ +RPEXUJ LQ GHQ Q|UGOL FKHQ4XHUKDXVDUPOLQNVQHEHQGHP(LQJDQJ]XU*RWWKDUGW.DSHOOHDXI JHVWHOOW =X VHKHQ LVW GDV N|USHUJUR‰H +DOEUHOLHI HLQHV 3ULHVWHUV DXI GHP 6WHUEHEHWW VHLQ +DXSW LVW DXI HLQ .LVVHQ JHEHWWHW 'HU QRFK MXJHQGOLFK ZLUNHQGHEDUWORVH%HUQKDUGWUlJWHLQH0LWUDVLPSOH[XQWHUGHUHLQHYHUL WDEOH /RFNHQSUDFKW KHUYRUTXLOOW DXI VHLQHU %UXVW UXKW HLQ .HOFK XQWHU GHVVHQ )X‰GLH+lQGHGHV7RWHQJHNUHX]WEHUHLQDQGHUJHOHJW VLQG 'LH 6FKXKH%HUQKDUGVOXJHQXQWHUGHPPDQWHOlKQOLFKHQ*HZDQGKHUYRU6HLQ +DXSW ZLUG YRQ HLQHU :LQSHUJHQ$UFKLWHNWXU JHNU|QW 'LH 6XEVNULSWLRQ ODXWHW %(51$5'86 '( %5(,'(1%$&+  2/,0 '(&$186 (& &/(6,$(0$,25,6‚0$,-  ,P *HJHQVDW] ]X VHLQHP 6WHUEHGDWXP LVW GDV *HEXUWVGDWXP %HUQKDUGV XQEHNDQQW'DVYRQGHU)RUVFKXQJELVKHUIDYRULVLHUWH-DKUNRUULJLHU WH7LPP]XOHW]WDXIGDV-DKU%HUQKDUGZDUHLQ6SU|VVOLQJDXVGHP KHXWH QRFK EOKHQGHQ REHUKHVVLVFKHQ *HVFKOHFKW YRQ %UH\GHQEDFK ]X



  

:DSSHQV ODXWHW Å%HUQKDUGXV GH EUHLGHQEDFK GHFDQQV HW &DPHUDUL>XV@ HFF>OHVLD@H 0R J>X@QWLQH´ ,P)URQWLVSL]GHU3HUHJULQDWLRLVW3KLOLSSVKHUDOGLVFKHV=HLFKHQJHPl‰GHVVR]LDOHQ*HIlOOHV GHUGUHL5HLVHWHLOQHKPHU XQWHUKDOEGHV 3RVWDPHQWVGHU)UDXHQILJXU DQJHEUDFKW$XFK EHL 3KLOLSSXPUDKPWHLQH+HOPGHFNHGHQ6FKLOGGHU+HOPZLUGGXUFKHLQSDDU%IIHOK|UQHU JH]LHUW 'HU 6FKULIW]XJZLUGGXUFKGDV :DSSHQ]ZHLJHWHLOW XQG WHLOWPLWÅ3KLOLSSXVGH  ELFNHQPLOHV´ *LEPLUHLQJOFNHUIOOWHV=HLFKHQGDPLWGLHHVVFKDPHUIOOWVHKHQGLHPLFKKDVVHQXQG PLFKLQ9HUZLUUXQJVWU]HQGDVV'XPLUJHKROIHQGDVV'XPLFKJHWU|VWHWKDVW+LPPHOV N|QLJLQ 8UVSUQJOLFKZLHV%HUQKDUGV*UDEVWHLQGLHYLHU$KQHQZDSSHQDXIGLH%HZHLVVHLQHU5LW WHUEUWLJNHLWZDUHQXQGGDPLWVHLQH$XIQDKPHIlKLJNHLWLQGHQ0DLQ]HU.OHUXVEHJUQGH WHQ%UHLGHQEDFK(UIXUWVKDXVHQ,VHQEXUJ:LHGXQG,VHQEXUJ%GLQJHQ )UHGHULNH 7LPP 'HU 3DOlVWLQD3LOJHUEHULFKW GHV %HUQKDUG YRQ %UH\GHQEDFK XQG GLH +RO]VFKQLWWH (UKDUG5HXZLFKV'LH3HUHJULQDWLRLQWHUUDPVDQFWDP  DOV3URSDJDQGDLQVWUXPHQWLP0DQWHO GHUJHOHKUWHQ3LOJHUVFKULIW6WXWWJDUW6II

;,,

9RUZRUW

%UHLGHQVWHLQ  NDP %HUQKDUG DOV MXQJHU 'RPKHUU DQ GLH 0DLQ]HU 'RPVFKXOH XQGZDUYRQELV  DQ GHUNXUPDLQ]LVFKHQ 8QLYHUVLWlW ]X(UIXUWLPPDWULNXOLHUWZRHUYHUPXWOLFKGHQMXULVWLVFKHQ'RNWRUJUDGHU ZDUE8QPLWWHOEDUQDFK6WXGLHQDEVFKOXVVJLQJHUQDFK0DLQ]]XUFN%LV ]XVHLQHP7RGJHK|UWHHUGHP'RPNDSLWHODQXQGZXUGHPLWEHGHXWHQ GHQbPWHUQEHWUDXW(UZDU$PWPDQQGHV0DLQ]HU'RPNDSLWHOVLQ%LQ JHQ $SRVWROLVFKHU 3URWRQRWDU .DQRQLNHU GHV 5LWWHUVWLIWV 6W $OEDQ XQG GHU .ROOHJLDWVVWLIWH 6W 9LNWRU XQG /LHEIUDXHQ .DQRQLNHU DP .ROOHJLDWV VWLIW 6W 3HWHU XQG $OH[DQGHU LQ $VFKDIIHQEXUJ $OV Å0DJLVWHU IDEULFDH´ IKUWH%HUQKDUGGLH$XIVLFKWEHUGLH%FKHUGHV'RPNDSLWHOVXQGKDWWH LQ GLHVHP =XVDPPHQKDQJ DXFK PLW GHQ 0DLQ]HU 'UXFNZHUNVWlWWHQ ]X WXQZXUGH%UH\GHQEDFKYRQ(U]ELVFKRI'LHWKHUYRQ,VHQEXUJ]XP 6WDGWNlPPHUHUHUQDQQWXQGVWDQGGDPLWDXI/HEHQV]HLWDQREHUVWHU6WHOOH LP 6WDGWUDW XQG DQ GHU 6SLW]H GHV ZHOWOLFKHQ *HULFKWV $OV $QJHK|ULJHU GHVHLQIOXVVUHLFKHQ'RPNDSLWHOVXQGDOVKRKHU%HDPWHUGHUNXUIUVWOLFKHQ VWlGWLVFKHQ 9HUZDOWXQJ VWDQG %UH\GHQEDFK DXFK LQ HQJHP .RQWDNW ]XU 0DLQ]HU 8QLYHUVLWlW GLH (U]ELVFKRI 'LHWKHU YRQ ,VHQEXUJ LP 2NWREHU HU|IIQHWKDWWH  9RP)UKOLQJGHV-DKUHVELV$QIDQJGHV-DKUHVSLOJHUWH%HUQ KDUGLQV+HLOLJH/DQG1DFKHLQHPOlQJHUHQ$XIHQWKDOWLQ9HQHGLJNRQQWH GLH)DKUWDXIGHP0LWWHOPHHUEHJLQQHQ'LH5HLVHVROOWHDXV]ZHL(WDSSHQ EHVWHKHQ GLH LQGLHVHU)RUP DXFK LQ GHU3HUHJULQDWLR ZLHGHUJHJHEHQ VLQG 'DEHLIKUWHLKQGHUHUVWH7HLOGHU5HLVH ]XQlFKVWQDFK3DOlVWLQDDQGLH KHLOLJHQ2UWHDQGHQHQGHU+HLODQGXQG(UO|VHU-HVXV&KULVWXVJHZDQGHOW LVWGHU]ZHLWH7HLOGHU5HLVHJLQJYRQ-HUXVDOHP]XP6LQDLLQV.DWKDULQHQ NORVWHUGHP2UWDQGHPGHU+HUUPHKUPDOVHUVFKLHQHQLVWXQGZR0RVHV GLH =HKQ *HERWH HPSIDQJHQ KDW 'RUW HUOLWW DXFK GLH KO .DWKDULQD YRQ $OH[DQGULHQ GHQ 0lUW\UHUWRG =XYRU KDWWH VLH EHJDEW PLW HLQHP EHU UDJHQGHQ*HLVWHLQ3URIHVVRUHQNROOHJLXP]XP&KULVWHQWXPEHNHKUWGDV GHU5LFKWHULKUJHJHQEHUVWHOOWH  :RKOEHKDOWHQ ]XUFNJHNHKUW QDFK 0DLQ] UHLVWH %HUQKDUG LP 0DL QDFK %DG (PV ]X +HUPDQQ YRQ +HVVHQ GHP (U]ELVFKRI YRQ .|OQ XQG LP 6HSWHPEHUQDFK5RPZRHUDOV9HUWUHWHUYRQ.XUPDLQ]LP$XIWUDJGHV QHX JHZlKOWHQ 0DLQ]HU (U]ELVFKRIV %HUWKROG YRQ +HQQHEHUJ DQ GHU .U|QXQJXQGDP6HSWHPEHUDP.U|QXQJV]XJGHVQHXJHZlKO WHQ3DSVWHV,QQR]HQ]9,,,WHLOQDKP$P1RYHPEHUHUKLHOW%HUQKDUG  %HUWKROG YRQ +HQQHEHUJ HLQ .RPPLOLWRQH %UH\GHQEDFKV DQ GHU 8QLYHUVLWlW ]X (UIXUW ZXUGHDP0DL]XP)UVWHU]ELVFKRIYRQ0DLQ]JHZlKOW%HUQKDUGHUKLHOWGDV3UL YLOHJIU%HUWKROGGLHSlSVWOLFKH%HVWlWLJXQJLQ5RPHLQ]XKROHQ:lKUHQGGLHVHV$XIHQW KDOWVHUKLHOW%HUQKDUGGHQ7LWHOGHVSlSVWOLFKHQ3URWRQRWDUV

9RUZRUW

;,,,

]XVlW]OLFK]XVHLQHP$PWDOV.lPPHUHUGDV'RPGHNDQDW'DPLWZDULKP GDV K|FKVWH $PW LQQHUKDOE GHV 0DLQ]HU .OHUXV YHUOLHKHQ XQG %UH\ GHQEDFK]lKOWHQXQ]XPHQJVWHQ.UHLVGHV0DLQ]HU(U]ELVFKRIVGHPHU VWHQ)UVWHQGHV5HLFKV%HUQKDUGQDKPGHVKDOEDP)HEUXDUDQ GHU:DKOGHV(U]KHU]RJV0D[LPLOLDQ]XP5|PLVFKHQ.|QLJLQ)UDQNIXUW WHLO ² HLQ (UHLJQLV GDV GHVKDOE QLFKW LQ GHU ODWHLQLVFKHQ HGLWLR SULQFHSV ZRKO DEHU LQ GHU HUVWHQ GHXWVFKHQ )DVVXQJ ]XU 6SUDFKH NRPPW ² XQG %HUQKDUGJLQJGHP(U]ELVFKRI%HUWKROG]XU+DQGDOVGLHVHUDP$SULO LQ$DFKHQGHPQHXHQ.|QLJGLH.URQHDXIV+DXSWVHW]WH(LQ-DKU EHYRU GLH 3HUHJULQDWLR HUVFKLHQ EUDFKWH %HUQKDUG GHQ *DUW GHU *HVXQGKHLW KHUDXV ]X GHP ZLH VSlWHU LP 3LOJHUEHULFKW (UKDUG 5HXZLFK GLH +RO] VFKQLWWHEHLVWHXHUWH$XFKPLWGHPHUVFKLHQHQHQ:HUNVFKLHQ%UH\ GHQEDFK GHQ 3XEOLNXPVJHVFKPDFN JHWURIIHQ ]X KDEHQ GHQQ HV HUIXKU ]DKOUHLFKH1HXDXIODJHQHUOHEWH%HUQKDUGGHQ5HLFKVWDJ]X:RUPV (UVWDUEDP0DL  'LH +HLOLJ/DQG5HLVH EHJDQQ DP  $SULO  LQ 2SSHQKHLP ZDKU VFKHLQOLFKWUDIPDQVLFKMHGRFKVFKRQHLQSDDU7DJHYRUKHULQ5|GHOKHLP DXIGHP$QZHVHQGHU*UDIHQ]X6ROPV'HU)UKOLQJZDUHLQHJXWH5HLVH ]HLW'LH3LOJHUVFKDUEHVWDQGDXVVHFKV7HLOQHKPHUQ1HEHQ%HUQKDUGYRQ %UH\GHQEDFKJHK|UWHGD]XGHUMlKULJH*UDI-RKDQQ]X6ROPV/LFKXQG DOV GHVVHQ %HVFKW]HU 5LWWHU 3KLOLSS YRQ %LFNHQ -HGHU YRQ LKQHQ KDWWH HLQHQ .QHFKW GDEHL %HUQKDUG OLH‰ VLFK YRQ (UKDUG 5HXZLFK EHJOHLWHQ HLQHP 0DOHU (V JHK|UW ]X GHQ LQQRYDWLYHQ +DQGOXQJHQ %UH\GHQEDFKV GDVV HU GHQ 0DOHU ² QDFK PLWWHODOWHUOLFKHP 9HUVWlQGQLV QLFKW .QVWOHU VRQGHUQ+DQGZHUNHU²QLFKWQXUQDPHQWOLFKLP%XFKHUZlKQWHVRQGHUQ GDVVHULKQDXIGLH5HLVHEHUKDXSWPLWQDKP'HUPHGLDOH(UIROJGHU3HU HJULQDWLR ZLUG GLHVHU 6FKXOH PDFKHQGHQ VSH]LDOLVLHUWHQ .RQ]HSWLRQ XQG .RRSHUDWLRQ]XJHVFKULHEHQ  'LH3LOJHUJUXSSHUHLVWHEHU6SH\HU%UXFKVDO(VVOLQJHQ8OP.HPSWHQ ,QQVEUXFN XQG 6WHU]LQJ EHUTXHUWH GLH $OSHQ XQG ]RJ EHU %UXQHFN &RUWLQD&RQHJOLDQRXQG7UHYLVRELV9HQHGLJ'LHVHU:HJZLUGLQGHU3HU HJULQDWLRQLFKWEHVFKULHEHQOlVVWVLFKDEHUDQKDQGGHU5HLVHLQVWUXFWLRQQDFK YROO]LHKHQGLH%HUQKDUGDXI%LWWHQGHV*UDIHQ/XGZLJYRQ+DQDX/LFK WHQEHUJ YHUIDVVWH GHU DP  $SULO  QDFK -HUXVDOHP DXIEUHFKHQ ZROOWH:lKUHQGGLH3HUHJULQDWLRHUVWPLWGHU$QNXQIWLQ9HQHGLJHLQVHW]W HQWKlOWGLH5HLVHLQVWUXNWLRQHLQHJHQDXH5RXWHQEHVFKUHLEXQJPLW$QJDEH  5HLQKROG 5|KULFKW X +HLQULFK 0HLVQHU +UVJ 'LH5HLVHLQVWUXFWLRQ GHV%HUQKDUG YRQ %UHLWHQ EDFK  ,Q GLHVV 'HXWVFKH 3LOJHUUHLVHQ QDFK GHP +HLOLJHQ /DQGH %HUOLQ  'LHVHU 7H[W ZDUWHWQRFKDXIVHLQHNULWLVFKH(GLWLRQ8PGHU,OOXVWUDWLRQHLQHU5HLVHYRUEHUHLWXQJZLOOHQ ZHUGHQKLHUDXFKGLH RIIHQVLFKWOLFKHQ /HVHIHKOHULQ.DXIJHQRPPHQ

;,9

9RUZRUW

HLQ]HOQHU HPSIHKOHQVZHUWHU+HUEHUJHQ 6HKHQVZUGLJNHLWHQ XQG 6HUYLFH WLSSVGLHIUGLH*HVFKLFKWHGHU$OSHQSDVVDJHQXQGGHU9HUNHKUVZHJH QDFK ,WDOLHQ VHKU DXIVFKOXVVUHLFK VLQG 'DQHEHQ JLEW %HUQKDUG SUDJPDWL VFKH 5DWVFKOlJH HWZD ZHOFKH 8WHQVLOLHQ PLW]XQHKPHQ VLQG ZHOFKH HLQ ]HOQHQ $U]QHLHQ DP EHVWHQ DOV 3LOOHQ 3XOYHU RGHU 0L[WXU ZHOFKH 1DK UXQJVPLWWHO.OHLGXQJXQG$XVUVWXQJ8QGJDQ]LP6LQQHHLQHVPLWWHODO WHUOLFKHQ5DWJHEHUVJHL]W%HUQKDUGQLFKWPLWVHLQHP(UIDKUXQJVVFKDW]  Å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²LUXIIGHQH ZHJNNRPHQWXQGDOOHV\HPKHUKLW]H´ Å,FKUDLWWHQQNH\PHQLWGDVVHUV\HOONOH\GHUPLW\PHXVVHUGXW]HQQODQQ GHQQELVVJH\Q9HQHGLJHQQIXUH]X9HQHGLJHQQNDXIIWLKUHJWHQQNDXII  %HLVSLHOVZHLVH LQ GHU +HUEHUJH YRQ %UL[HQ ÅGR ODVV LFKOLFKHU V\QH SKHUGW EHVFKODJHQQ GDQQPDQQILQGWLQEDVVNH\QHQQVP\GWPHKUHU´ DD26 2GHULQ7HUILV 7UHYLVR  ÅSIOHFKWPDQQGLHSKHUGH]XYHUNDXIIHQGDQQV\NRVWHQJUR\VVHJHOWGRVHOEHVW]XKDOWHQ´ DD26   %UHLWHQEDFK5|KULFKW0HLVQHU  6  Å(XHU *QDGHQ VROO VLFK PLW .OHLGHUQ QLFKW EHUODGHQ6RQGHUQODVVW(XFKHLQOHGHUQHV:DPVPDFKHQJHIWWHUWPLW%DXPZROOIODQHOO XQGGD]XHLQPLWGHP)HOOHLQHVMXQJHQ:ROIVJHIWWHUWHV%UXVWWXFK²GDVLVWVHKUJHVXQG 8QGODVVWHVQLFKWPLWHLQHPZROOHQHQ7XFKIWWHUQGDVLVWZDUPXQGZLUGVFKZHL‰QDVVLQ GHUE|VHQ:lUPH  /DVVW (XFK DXFK HLQHQ /HLEURFN PLW NXU]HQ bUPHOQ PDFKHQ HLQH 9LHUWHO (OOH ODQJ GHU YRUQHGRSSHOW EHUHLQDQGHU JHKWREHQ PLW HLQHPJUR‰]JLJHQ.UDJHQDXV GHPJOHLFKHQ 6WRIIGDPLW,KUNHLQHQQDFNWHQ+DOVKDEW'HQQGLH+HLGHQZROOHQHVQLFKWGXOGHQGDVV HLQHUPLWHLQHPQDFNWHQ+DOVYRULKQHQHUVFKHLQW'DV:DPVXQGGHU/HLEURFNVROOHQDXV JXWHP=LHJHQOHGHUVHLQGDNDQQNHLQ:LQGKLQGXUFKJHKHQXQGPDQNDQQGHQ/HLEURFN ]XZHLOHQDXFK HLQIHWWHQXQGHU VROOQLFKW JHIWWHUWVHLQ(UVROO(XFKJDQ] EHGHFNHQ DOV ZROOWHQ(XHU*QDGHQDXIGLH-DJGJHKHQ1HKPWDOVRNHLQHQODQJHQGRSSHOWHQ0DQWHOPLW (XFK HV ZUGH (XFK JHUHXHQ :HQQ ,KU >GRFK@ HLQHQ VROFKHQ QHKPW VR VROO HU QLFKW JHIWWHUWVHLQ>«@´

9RUZRUW

;9

OLQHQQ GXFK GR OD]HQW XFK PDFKHQQ ]XP P\VWHQ ,9 KHPGH GR KDSW LU JHQXJNPLW]X-KHUXVDOHPXQGYLGGHUXPE,WHPLJOLFKHP]ZH\HSDUOLOD FKHQQ ODLVV DXFK ]X 9HQHGLJHQQ PDFKHQQ XQG GLH JDOLRWWHQQ DLEHU GLH VFKLIINQHFKWGLHZHVFKHQQVROLFKJHZDQWZDQQLVQRLWGXWXPEH\QQ]\P OLFKV,WHPNDXIIW]X9HQHGLJHQQH\QQVWURPDW]HQQXQGH\QQSROVWHUPLW ]ZH\HQQ NRVVHQ GDVV H\QQVDLOO V\QQ HQ JGW OHQGHQ NLVHQQ ]X JLOLFKHP ]ZRH]LHFKHQQXPEGHVVZHFKVVHQVZLOOHQQ,WHPH\QGHFNHQQPLWEDXP ZROOHQQ JHIROOHW GLFK PLW ]X GHFNHQQ >«@ ,WHP NDXIIW ]X 9HQHGLJHQQ JURLVVXQGNOH\QQIDW]LOOHWGDQQLVLVWYDVWZDUPLQQGHUJDOOH\HQQXQGXII GHUHUGHQQLQQKH\OOLJHQQODQGHQQ,WHPNDXIIW]X9HQHGLJHQQ]ZH\HSDU O\QHPKR\VVHQQGDQQGXPDFKWNH\QHZROOHQKR\VVHQQQLWJHOLGHQQXPE GHUKLW]ZROOHQQGDQQOLGGHUQQKR\VVHQQVLQWQLWJGW,WHPNDXIIW]X9H QHGLJHQQ JUDXZH DLEHU VZDUW] GXFK ]X H\QHQQ ODQJHQQ URFN PLW H\QHU FDSSUXW]HQQ XQJHIRGGHUW LVW IDVW JGW LP VFKLII XQG LQQ GHP KH\OOLJHQQ ODQGHZDQQLVLVWQDFKWHVJDUNXOHXQGGDXZHWDOOHQDFKWGDVVH\QHUVHUH QDVVZLUWZRH\QHUQLWXQWKHUGDFKLVW´ Å.DXII NHLQQ VFKDPROHW ]X 9HQHGLJHQQ HU ZHUGHQW EHGURJHQQ XQG VLQWQLWJXGWGD,WHPGXPXVWKDEHQQH\QHQQ]RLEHUDLEHUH\QHQQNREEHOO GHU LVW RLEHQQ ]X JHGHFNW DOVV PDQQ VROLFKH ZRLOO ZHLVV ]X PDFKHQQ ]X 9HQHGLJHQQVRLVZLQGLFKWLVWXIIGHPHPHUHXQGGLHJDOOH\HQQVLFKLQQ GHPPHUHHUKH\SWVRZLUWH\PIDVWZXQGHUOLFKHQQXPEV\QHKHUW]GHVV VLFKH\QHUQLWHQWKHEHQPDJNHUPXVVVLFKYRQQVWXQGWEHJHEHQQVRLVW GDQQ QRLW GDVV H\QHU GHQH NREEHO E\ \P KDLW XQG LVW DXFK JGW GDVV PDQQ DOOHUOH\GDULQQWKXGWDOVKLUVVHQHUEH\VVHQQU\VVHZLFNHQQGHQQ KQHUQQGLHLUHDXFKNDXIIHQQVROOHQW]X9HQHGLJHQQLJOLFKHU,,SDUK QHUGDU]XOLJHWXFKGHUSDWURPHH\QHUKQHUNRUSSXQGH\QHQQIOHFNHQQ KLQGHQQDQQGHUJDOOH\HQQGDULQQLUXZHUKQHUPRJHQWEHKDOWHQQXQG ZROOHQW VROLFKV LQQ VXQGHUKH\W QLW YHUJH\VVHQQ PLW GHPH KQHU NRUSS ,WHP ]X YHQHGLJHQQ EHVWHOO ERWWHUQQ NH\VVH JHVDOW]HQQ ]XQJHQQ XQG  %UHLWHQEDFK5|KULFKW0HLVQHU6Å,FKUDWHQLHPDQG.OHLGHUDXVGLHVHP/DQG ELV QDFK 9HQHGLJ PLW]XQHKPHQ,Q 9HQHGLJ NDXIW PDQ JXWHV OHLQHQHV7XFKGDUDXV ODVVW (XFKPLQGHVWHQVYLHU+HPGHQPDFKHQ²GDPLWKDEW,KUJHQXJELV-HUXVDOHPXQGIUGHQ 5FNZHJ ,WHP ODVVW MHGHP LQ 9HQHGLJ DXFK ]ZHL 3DDU /HLQWFKHU PDFKHQ XQG GLH *DOLRWKHQ RGHU 6FKLIIVNQHFKWH ZDVFKHQ VROFKH :lVFKH JDQ] JQVWLJ ZHQQ HV Q|WLJ LVW ,WHPNDXIWLQ9HQHGLJHLQHQ6WURKVDFNXQGHLQ3ROVWHUPLW]ZHL.LVVHQGDYRQVROOGDVHLQH HLQ JXWHV /HQGHQNLVVHQ VHLQ )U MHGHV ]ZHL hEHU]JH GDPLW PDQ ZHFKVHOQ NDQQ ,WHP HLQH'HFNH]XP=XGHFNHQPLW%DXPZROOHJHIWWHUW>«@,WHPNDXIWLQ9HQHGLJJUR‰HXQG NOHLQH7DVFKHQRGHU6FKZHL‰WFKHUGHQQHVLVWDXIGHU*DOHHUHXQGDQ/DQGLP+HLOLJHQ /DQGVHKUZDUP,WHPNDXIW]ZHL/HLQHQKRVHQLQ9HQHGLJGHQQZHJHQGHU+LW]HNDQQVW 'XNHLQHZROOHQHQ+RVHQWUDJHQXQGOHGHUQH+RVHQVLQGQLFKWJXW,WHPNDXIWLQ9HQHGLJ JUDXHVRGHUVFKZDU]HV7XFK]XHLQHPODQJHQ5RFNPLWHLQHUXQJHIWWHUWHQ.DSX]HGDVLVW VHKU JXW IU GHQ $XIHQWKDOW DXI GHP 6FKLII XQG LP +HLOLJHQ /DQG GHQQ HV ZLUG QDFKWV ]LHPOLFK NKOXQGHVWDXW MHGH1DFKW VR VHKUGDVVPDQQDVVZLUGZHQQ PDQNHLQ'DFK EHUGHP.RSIKDW´

;9,

9RUZRUW

HWOLFKH VFKLQFNHQ OHPRQHQQ SRPHUDQW]DHQQ ROLYHQQ VFKXVVHOQQ9, DL EHUDLFKW]HQHQQEHFKHUGDQQGDVJODLVVZHUJNGDVEULFKWJDUJHUQHH\QQ NRSSHUQQKDLIIHQQPLWH\PHGHFNHOOGDULQQPDQQ,,,DLEHU,9KQHUJH VHGHQQ PDJN XQG LQ GHP GHFNHOO PDFKW PDQQ H\HU VRSSHQQ XQG ZDLVV PDQQEHGRUIIHQGHLVW]XUVSLVH,9\VHQHOHIIHOOXQGVXVWKROW]HQQOHIIHOO LJOLFKHPH\QHQQXQGLJOLFKHPH\QVFKXVVHOOGRHUV\QQJHPVVHLQQQHPH XQGGDVVDXFKYHUZDUHGDQQQ\HPDQWGHVVHQWEHUHQQPDJNLPKH\OOLJHQQ ODQGHVRILQWPDQQGHVVDXFKQLWI\OOGDVVEHGHQFNHQWJDUHEHQQ,WHPLJ OLFKHU PVV KDLEHQQ H\Q XULQDOO GDV LVW H\Q KDUPJOD\VV LVW VWURKHQQ JH KXVHGDVILQWPDQDXFKIH\OO]X9HQHGLJHQQXQGNDQQGHVVQLWHQWEHUUHQQ ,WHPNDXIIDXFKOLFKWHGLHPVVPDQQQDFKWHVVLQQGHUJDOOH\HQQXQGP KH\OOLJHQQODQGH KDQQ GDQQ LV EHJLSW VLFK DOOHUOH\ GDVV PDQQ V\QQ QRLWGXUIIWLFNLVW9,,,DLEHU;SXQW,WHPODLVWXFKPDFKHQQELVWRLWWHQGDV LVW]ZHHJHEDFNHQQEURLGWGDVVGRZLVVXQGVFKRQHLVWGDQQGHUSDWURPH GHUJLSWXFKQLWJQXJNGDQQGHUSDWURPHJLSWXFKQDFKGHPZHOVFKHQQ V\WWHQQ]XHVVHQQXQGZDQQPDQQLQQH\QSRUWHQQNRPSWVRJLSWGHUSD WURPHDXFKNH\QHVSLVHGDUXPEQHPHWGHVWHUPKHU´  'LH5HLVHLQV+HLOLJH/DQGZDU]XZHLWXQG]XJHIlKUOLFKDOVGDVVPDQVLH LQHLJHQHU5HJLHKlWWHDQWUHWHQN|QQHQGLH3LOJHUNRQQWHQLQ9HQHGLJHLQH JXWDXVJHEDXWHWRXULVWLVFKH,QIUDVWUXNWXULQ$QVSUXFKQHKPHQ9LHOH3LO  %UHLWHQEDFK5|KULFKW0HLVQHU  6 I Å.DXIW LQ 9HQHGLJ NHLQHQ 6HLGHQVWRII ,KU ZHUGHWEHWURJHQXQGHULVWGDQLFKWJXW,WHPPXVVW'XHLQHQ=XEHURGHUHLQHQ.EHOKD EHQGHUREHQ]XJHGHFNWLVW²ZLHPDQZHOFKHLQ9HQHGLJ]XPDFKHQYHUVWHKW'HQQHVLVW ZLQGLJ DXI GHP 0HHU XQG ZHQQ VLFK GLH *DOHHUH DXI GHP 0HHU DXIElXPW GDQQ ZLUG HLQHPVHKUZXQGHUOLFKXPV+HU]VRGDVVPDQFKHLQHUQLFKWDQGHUVNDQQDOVVLFKVRIRUW]X EHUJHEHQ8QGGDQQEUDXFKWPDQHLQHQ.EHO8QGHULVWDXFKGD]XQW]OLFKGDVVPDQ DOOHUOHLLQLKQKLQHLQIOOHQNDQQ+LUVH(UEVHQ5HLV$FNHUERKQHQ'DQQ+KQHUGLH,KU DXFKLQ9HQHGLJNDXIHQVROOWHW-HGHUVROOWH]ZHL3DDU+KQHUNDXIHQ'DIUVROO(XFKGHU 3DWURQHLQHQ+KQHUNRUEXQGGDIUHLQHQ3ODW]KLQWHQDXIGHU*DOHHUHJHEHQZR,KU(XUH +KQHUODVVHQN|QQWXQGEHVRQGHUVGDVPLWGHP+KQHUNRUEVROOWHW,KUDXINHLQHQ)DOO YHUJHVVHQ,WHPEHVWHOOWLQ9HQHGLJ%XWWHU.lVHJHVDO]HQH=XQJHXQGHWOLFKHQ6FKLQNHQ =LWURQHQ$SIHOVLQHQ2OLYHQ6FKVVHOQRGHUDFKW%HFKHUDXV=LQQ²GHQQ*ODVEULFKW JHUQH²HLQHQNXSIHUQHQ.HVVHOPLWHLQHP'HFNHOLQGHPPDQRGHU+KQHUVLHGHQ NDQQ XQG LQ GHP 'HFNHO PDFKWPDQ (LHUVXSSH RGHU ZHVVHQ PDQ VRQVW EHGDUI )U GLH 6SHLVHQ(LVHQO|IIHOXQGVRQVWIUMHGHQHLQHQK|O]HUQHQ/|IIHOIUMHGHQHLQH6FKVVHO LQGLHHUVLFKVHLQ*HPVHDXIWXQXQGLQGHPHUHVYHUZDKUHQNDQQGDPLWHVQLHPDQGLP +HLOLJHQ /DQG HQWEHKUHQ PXVV GHQQ PDQ NDQQ GRUW NHLQV NDXIHQ ² GHQNW GDUDQ ,WHP PXVV MHGHU HLQ 8ULQDO KDEHQ GDV LVW HLQ +DUQJODV LQ HLQHP 6WURKJHKlXVH GDV NDQQ PDQ DXFKLQ9HQHGLJNDXIHQXQGGDVPXVVPDQXQEHGLQJWKDEHQ,WHPNDXIDXFK/LFKWHUGLH EUDXFKWPDQQDFKWVDXIGHU*DOHHUHXQGLP+HLOLJHQ/DQGHVJHVFKLHKWVRDOOHUOHLVRGDVV PDQVLHEUDXFKW²RGHU6WFN,WHPODVVW(XFKDXFK%LVNXLWPDFKHQGDVLVW]ZHLPDO JHEDFNHQHV%URWGDVZHL‰XQGVFK|QLVW'HU3DWURQJLEW(XFKQlPOLFKQLFKWJHQXJGHQQ GHU 3DWURQ JLEW (XFK QXU QDFK ZHOVFKHU $UW ]X HVVHQ XQG ZHQQ PDQ LQ HLQHQ +DIHQ NRPPW GDQQ JLEW HLQHP GHU 3DWURQ DXFK NHLQ(VVHQGHVKDOE QHKPW OLHEHU PHKU GDYRQ PLW´

9RUZRUW

;9,,

JHUQDKPHQJHGUXFNWH3LOJHUEHULFKWHDXILKUH5HLVHPLWGLHVLHXQWHUZHJV NRQVXOWLHUHQNRQQWHQ+DQVYRQ6WHUQEHUJGHUDP)HEUXDUQDFK 3DOlVWLQD DXIEUDFK OLHK VLFK HLQ ([HPSODU YRQ %HUQKDUGV 3HUHJULQDWLR LQ 5KRGRVDXV+LQZHLVHIUGHQ5HLVHNRQWUDNWPLWGHP6FKLIIVUHHGHUVLQG DXFK LQ GHU 3HUHJULQDWLR DXIJHIKUW HLQH GHXWOLFKHUH 6SUDFKH VSULFKW KLQ JHJHQ GLH 5HLVHLQVWUXNWLRQ GLH HLQH NODUH (PSIHKOXQJ IU GLH (QWVFKHL GXQJ HLQHV EHVWLPPWHQ 5HLVHSDWURQV $XJXVWLQXV &RQWLULQL DXVVSULFKW )UHLYRQDOOHQUHLVHGLSORPDWLVFKHQ5FNVLFKWHQZLHHVLQHLQHPSHUV|QOL FKHQ H[NOXVLYHQ 6FKUHLEHQP|JOLFK LVW EH]HLFKQHW %UH\GHQEDFK GHQ DQ GHUHQLQ)UDJHNRPPHQGHQYHQH]LDQLVFKHQ3DXVFKDODQELHWHU3HWUXV/DQ GDX JOHLFKVDP DOV Å6HHOHQYHUNlXIHU´ GHQQ ÅGHU K\OW V\QHQQ SLOJHUDQQHQ H\QVDEHUNH\QVQ\HXQGZDUHQWIURHGDVVV\PLWGHPOHEHQQGDUYRQQND PHQW´ 6   :HU8QZHWWHU3LUDWHQEHUIlOOHGLHXQK\JLHQLVFKHQ9HUKlOWQLVVHDXIGHP 6FKLIIXQGKDQGJUHLIOLFKH$XVHLQDQGHUVHW]XQJHQLQGHUPLW$QLPRVLWlWHQ RGHUJDU$JJUHVVLRQHQDXIJHODGHQHQLQWHUQDWLRQDOHQ5HLVHJHVHOOVFKDIWDXI GHP6FKLIIEHUVWDQGHQKDWWHGHQHUZDUWHWHLP+HLOLJHQ/DQGQHEHQDOOHU IURPPHQ *OFNVHOLJNHLW QXQ DXFK HLQH =HLW YROOHU 7UE XQG 'UDQJVDO 6FKRQGLHYRQGHQ2UWVDQVlVVLJHQHUODXEWH)RUWEHZHJXQJYHUODQJWHHLQH GLSORPDWLVFKH 9RUDXVVLFKW PLW GHU VLFK ZHQLJVWHQV GDV 6FKOLPPVWH YHU PHLGHQOLH‰6RVFKLOGHUW%HUQKDUGHLQGULQJOLFKGDVVEHUHLWVGLH$QNXQIW LQ-DIIDGHQJDQ]HQ$XIHQWKDOWSUlJHQNRQQWH  Å=X -DIID VR VFKLFNW GHU SDWURQH HWOLFKH JH\Q -KHUXVDOHP XQG 5DPD GLH GLH KH\GHQVFKVHQQ VSUDFK NRQQH XPE JHOH\GH ]X HUZHUEHQQ >«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Q]-DNREXV6WXGLHQ7 ELQJHQ6

;9,,,

9RUZRUW

GDJN]XWKXQHXPH\QPDUW]HOOHQQ]XGHQHQZLVVHQWGHQHKH\GHQQXQG IUDJHWQDFKV\QHPQDPHQQZDQQPDQQU\WWHQQZLOOVRLVWLVDOOHVVXPE,, GXFDWHQQ]XWKXQHXQGZDUWDOOH]LLWXIIXFKPLWV\QHPHVHOOGDVVHUGHVV JHZLVVVLLWDQGHUVLUPXVVHQWK\HQHXQGKHUHODXIIHQ>«@XQGGD]ODL]HW XFKXZHUQQSDWURQHQQ]X-DIIDDXVVULFKWHQQDLEHUXZHUQQGROPHW]HQQVR LU GDVVQLWGXQWLUZHUGHQWPKXHXQGDUEH\WKDLEHQQXQGZHUGHQWZRQ GHUOLFKHGLQJHVKHQHYRQQGHQHGLHQLWGHQHKH\GHQQZRLOOHQWFRUWDV\HQQ DLEHU JHVFKHQFNH JHEHQQ ZLH ZRLOO LV KDUW YRQQ GHQH SDWURQHQQYHUERW WHQQZXUW>«@´  ,Q GLH )UHPGH ]XUHLVHQ EHGHXWHWH LP0LWWHODOWHU LQ GLHHOOHQGH ]X JHKHQ XQGGLHIUHPGHQ6LWWHQGHUIUHPGHQ9|ONHUZDUHQDOOHVDQGHUHDOVIRONORUL VWLVFKHhEHUUDVFKXQJHQPLWGHQHQGHU$EHQGOlQGHUVHLQHVFKDOJHZRUGH QH HLJHQH .XOWXU KlWWH EHUK|KHQ ZROOHQ ZLH HV KHXWH RIW GHU )DOO LVW :HPGLH9RUVRUJHIUGDV6HHOHQKHLODOV]HQWUDOH$XIJDEHIUGDVLUGLVFKH /HEHQJDOWGHUKLHOWGLH([LVWHQ]GHU+HLGHQ²]XPDOLP+HLOLJHQ/DQG² IUHLQHVFKZHUH3UIXQJ*RWWHVYLHOOHLFKWVRJDUIUGHQ$QWLFKULVWXQG GLHYHUVFKLHGHQHQ.RQIHVVLRQHQXQG&UHGRVQLFKWIUHLQHVSLULWXHOOH%H UHLFKHUXQJVRQGHUQIUHLQH%HGURKXQJGHU+HLOV|NRQRPLH,PYRUUHIRU PDWRULVFKHQ $EHQGODQG JODXEWH MD MHGHU &KULVW QRFK DQ GLH 5HDOSUlVHQ] *RWWHV LQ :HLQ XQG %URW XQG GHVKDOE ZXUGHQ DXFK VHOEVW GLH NOHLQVWHQ HXFKDULVWLVFKHQ3DUWLNHOFKHQGLHQDFKGHP0HVVRSIHUEHLGHU3XULILNDWLRQ GHVVDNUDOHQ*HUlWVQRFKYRUKDQGHQZDUHQQLFKWHLQIDFKZHJJHVFKWWHW VRQGHUQEHUGDV3LVFLQLXPHLQNOHLQHV:DVVHUEHFNHQGXUFKGLH.LUFKHQ PDXHUKLQGXUFKLQGLHJHZHLKWH(UGHGHVXPGLH.LUFKHKHUXPDQJHOHJWHQ  Å,Q -DIID VFKLFNW GHU 3DWURQ HWOLFKH 0lQQHU GLH GLH KHLGQLVFKH 6SUDFKH N|QQHQ QDFK -HUXVDOHPXQG5DPDXPGRUWXP*HOHLWQDFK]XVXFKHQ>«@'DVEUDXFKWDXFKHLQLJH=HLW ZHQQ GDV JHVFKHKHQ LVW GDQQ JHEHQ VLH %HVFKHLG GDVV (VHO XQG 0DXOWLHUH JHEUDFKW ZHUGHQDXIGHQHQGLH3LOJHUUHLWHQPVVHQ²GDVLHKWPDQVRPDQFKHVZLOGH7LHU:HLODXI MHGHQ )DOO MHGHU ]XP 5HLWHQ JHUVWHW VHLQ PXVV VR VROOWHW ,KU ]ZHL K|O]HUQH 6WHLJEJHO KDEHQ GLH ,KU DXI GHU *DOHHUH EHLP &ROXVWLQ GDV LVW GHU 6FKLIIV]LPPHUPDQQ NDXIHQ N|QQWGDJHEW,KULKP,,,0DUNGDQQ]LHKWPDQ(XFKDXFKHLQ6HLOGXUFKGDQQVHLG,KU JHUVWHW1HKPWNHLQHDQGHUHQ6WHLJEJHOVLHODVVHQVLH(XFKQLFKWVRQGHUQQHKPHQ(XFK ZHJZDV,KU+EVFKHVKDEWXQGDX‰HUGHPVFKODJHQVLH(XFKDXFKQRFK,KUGUIWDXFK DXINHLQHP6DWWHOUHLWHQGHVKDOEQHKPW(XUH'HFNHDXVGHU*DOHHUHPLWVRQVWZLUGHVPLW GHP 5HLWHQ JDQ] E|VH XQG NDXIW (XFK HLQHQ *XUW GHQ ,KU EHU GLH 'HFNH VFKOLQJHQ N|QQW²VRQVWYHUOLHUWLKUVLHDXFKQRFKEHLP$XIXQG$EVLW]HQ:HQQ,KUHLQHQ(VHOYRQ HLQHP-XGHQEHNRPPWGDQQKDEW,KUGLHJDQ]H=HLWGDPLW]XWXQ>*HKW]XGHP@+HLGHQ >GHU (XFK GDV 5HLWWLHU EULQJW@ XQG IUDJW QDFK VHLQHP 1DPHQ :HQQ PDQ UHLWHQ ZLOO VR HUUHLFKWPDQPLW]ZHL'XNDWHQYLHO(UZDUWHWGDQQLPPHUDXI(XFKPLWVHLQHP(VHOVR GDVV,KUVLFKHUVHLQN|QQWXQGQLFKWKLQXQGKHUODXIHQPVVW>«@8QGGDVODVVWLQ-DIID (XUHP3DWURQ RGHU (XUHP 'ROPHWVFKHU DXVULFKWHQ² ZHQQ,KU GDV QLFKW WXW GDQQKDEW ,KU0KHXQG$UEHLWXQG,KUZHUGHWZXQGHUOLFKH'LQJHYRQLKQHQVHKHQGLHVLHPLWGH QHQ DQVWHOOHQ GLH LKQHQ NHLQ 7ULQNJHOG RGHU NHLQH *HVFKHQNH JHEHQ ZROOHQ´ $D2 6 I

9RUZRUW

;,;

.LUFKKRIV JHOHLWHW :LH HUQVW HV GHQ 0HQVFKHQ PLW GHU JHZHLKWHQ (UGH ZDULQGHUGLH7RWHQYRUGHU$XIHUVWHKXQJUXKHQVROOWHQ]HLJWGLH3UD[LV GLH .|USHU YRQ LP +HLGHQODQG YHUVWRUEHQHQ 3LOJHUQ LUJHQGZLH LQ GDV FKULVWOLFKH$EHQGODQG]XUHWWHQXQGZHQLJVWHQVGLH.QRFKHQYRQGHQHQ GLH:HLFKWHLOHJHWUHQQWZXUGHQLQGLHJHZHLKWH+HLPDWHUGHPLW]XQHKPHQ XQG GRUW ]XEHVWDWWHQ 'DV/HLFKHQEHJlQJQLV GHV MXQJHQ *UDIHQ -RKDQQ ]X 6ROPV GHU LQ GHU 1DFKW ]X $OOHUKHLOLJHQ LQ $OH[DQGULD DQ GHU 5XKU YHUVWRUEHQ ZDU EUDFKWH GHVZHJHQ VHLQH *HIlKUWHQ LQ DUJH %HGUlQJQLV )HOL[)DEULVFKUHLEWGDUEHUXQGDXFKEHU%HUQKDUGV)UHLJLHELJNHLWDXV IKUOLFK  Å'DQQIUDJWHQZLUEHL6RQQHQDXIJDQJGHQ+HUUQ.RQVXOGHQ3DWURQGHV +DXVHVZR XQGZLH QDFKZHOFKHP0HVVULWXV GDV %HJUlEQLV VWDWWILQGHQ VROOWH(UVDJWHXQVGDVVZLUPLWXQVHUHP9HUVWRUEHQHQQLFKWVWXQN|QQ WHQDX‰HUPLWGHU(UODXEQLVLQhEHUHLQNXQIWXQGDXI%HIHKOGHV6WDGWSUl IHNWHQXQG$GPLUDOGXV6RVFKLFNWHQZLUDOVRGHQ.RQVXO]XGHP3UlIHN WHQGHUQDFKHLQHU$QK|UXQJXQGQDFKGHP(UKDOWYRQ*HOGGLH(UODXE QLV]XU%HVWDWWXQJXQVHUHV7RWHQJDEXQGHUVFKLFNWHXQVYLHU6DUUD]HQHQ DOV7RWHQWUlJHUXQGHLQLJH%HZDIIQHWHDOV9HUWHLGLJHUJHJHQDQJULIIVOXVWLJH +HLGHQ (V NDP DEHU HLQH JUR‰H 0HQJH NDWKROLVFKHU XQG KlUHWLVFKHU &KULVWHQ]XVDPPHQIUGLHHVVLFKJHK|UWHHVDXIVLFK]XQHKPHQGHP 7RWHQ]XIROJHQXQGGLH7RWHQPHVVH]XIHLHUQ8QGHLQYHUHKUXQJVZUGL JHU0DQQ+HUU%HUQKDUGGHU]HLW'HNDQYRQ0DLQ]VFKLFNWHMHGHP3LOJHU ZRKLQDXFKLPPHU >GHUVLFKDXIKLHOW@HLQH:DFKVNHU]HXQG >HU VFKLFNWH@ DQGHUH JUR‰H :DFKVNHU]HQ DXV ZHL‰HP :DFKV ]XP $XIVWHOOHQ ULQJV XP GLH 7RWHQEDKUH 'LH 3LOJHUVROGDWHQ WUDIHQ DXI GLHVFKRQ ELV LQV (LQ]HOQH 9RUEHUHLWHWHQGLHGLH7RWHQEDKUH]XP2UWGHV%HJUlEQLVVHVWUDJHQZROO WHQ DEHU GLH 6DUUD]HQHQ GLH MD YRP 3UlIHNWHQ JHVFKLFNW ZRUGHQ ZDUHQ NDPHQXQGVDJWHQGLHVVHLVHLQ$PWXQGVHLQ5HFKWXQGVLHQDKPHQGHQ 3LOJHUQGLH7RWHQEDKUHVDPWGHP.|USHUIRUWZDVZLULQGHVJHNUlQNWKLQ QDKPHQZHLOZLUVHOEVWLKQVHKUJHUQHJHWUDJHQKlWWHQXQGVHKUXQZLOOLJ EHUOLH‰HQZLUXQVHUHQ7RWHQGHQ+HLGHQ]XP7UDJHQ(VVDJWHXQVGHU .RQVXOZHQQZLUVHOEVW>GHQ7RWHQ@]XP%HJUlEQLVWUJHQN|QQWHQZLU QLH XQG QLPPHU XQJHVW|UW ]XP %HJUlEQLVRUW JHODQJHQ ZHLO VRQVW MXQJH 0lQQHU DXIWDXFKWHQ XQG GHQ 7UlJHUQ GLH %DKUH ZHJ]|JHQ RGHU XQV PLW 6WHLQHQTXlOWHQ8QGQDFKGHPZLUGDVJHK|UWKDWWHQEHUOLH‰HQZLULKQHQ GHQ/HLFKQDPXQGRUGQHWHQGHQ/HLFKHQ]XJVRGDVVXQVHUHNDWKROLVFKHQ .OHULNHUGLHPLW.HU]HQLQ]HQVLHUWHQYRUGHU7RWHQEDKUHJLQJHQGLHDQ GHUHQGLHKlUHWLVFKHQ.OHULNHUPLWGHQ/DLHQKLQWHUGHU7RWHQEDKUHXQG GLH VDUUD]HQLVFKHQ %HZDFKHU JLQJHQ LQ HLQLJHP $EVWDQG 6R DOVR ]RJHQ ZLUDXVGHU3UlIHNWXUKLQDXVDXIGHPODQJHQ:HJVFKZHLJHQGXQGXQWHU 7UlQHQ EHWHQG (V NDPHQ DEHU YLHOH 6DUUD]HQHQ KHUEHLJHODXIHQ GLH XQV

;;

9RUZRUW

ODXW VFKUHLHQG YHUVSRWWHWHQ XQG VLFK EHU XQVHU 6FKZHLJHQ XQG XQVHUH *HIDVVWKHLWZXQGHUWHQZHLOVLHLKUH7RWHQPLWHQWVHW]OLFKHP.ODJHQXQG 6FKUHLHQ]X*UDEHWUDJHQZLHLFKHVRIWJHVHKHQKDEH 1XQKDWWHLFKDEHUZLHDQGHUHGLH>GHU7RWHQEDKUH@YRUDQJLQJHQHLQNOHL QHV%XFKEHLPLUDXVGHPLFKGLH7RWHQYLJLOLHQODVDOVHLQHLQ]HOQHU6DUUD ]HQHDXIPLFKKHU]XWUDWDOVZROOHHUJOHLFKVDPLQGLH6FKULIWGHV%FK OHLQV VHKHQ XQG LFK KDEH LKQ IRUWJHVFKLFNWXQG RKQHDXI LKQ ]X DFKWHQ IXKULFKIRUWZRPLWLFKEHJRQQHQKDWWH-HQHUDEHUGHQ0XQGYROO6SHL FKHOGHQHUPLW)OHL‰JHVDPPHOWKDWWHVSLHVLFK]XPLUNHKUHQGPLUPLW YROOHU .UDIW XQG PLW DXIJHEODVHQHQ %DFNHQ GHQ 6SHLFKHO LQV *HVLFKW VR GDVVGLHVHUPLUGLH$XJHQXQGGHQ0XQGEHVXGHOWHXQGEHUGDVJDQ]H *HVLFKWWURIIPLUGLHZLGHUZlUWLJHVWLQNHQGH6SXFNHLQGHQ%DUWXQGZHL WHUKLQDELQPHLQH.DSX]H>«@ :LU JLQJHQ DOVR ]X 6W 0LFKDHO GHU .LUFKH GHU -DNRELWHQ XQG GRUW EDKUWHQ ZLU GHQ/HLFKQDP LQ GHU0LWWH DXI XQG LQ]HQVLHUWHQ ULQJVXPKHU PLW GHQ.HU]HQXQGVDQJHQGLH0HVVHIUGHQ9HUVWRUEHQHQQDFKXQVH UHP0HVVIRUPXODU>«@:LUO|VWHQXQVHUHQ7RWHQJHPl‰GHU5HFKWVSUD[LV GHU.LUFKHDXVXQG+HUU%HUQKDUGGHUKRFKZUGLJVWH'HNDQJDEDOOHQ IUHLJLHELJ*HOGXQGDQMHQHP7DJZXUGHQIUGLH%HHUGLJXQJXQVHUHV7R WHQQLFKWZHQLJ'XNDWHQDXVJHJHEHQ´  Å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

9RUZRUW

;;,

:RULQEHVWHKWQXQGHU,QKDOWGHU3HUHJULQDWLR"%HUQKDUGEHJLQQWPLWHLQHP 'HGLNDWLRQVVFKUHLEHQ DQ VHLQHQ 9RUJHVHW]WHQ GHQ HUVWHQ )UVWHQ GHV 5HLFKV)UVWELVFKRI%HUWKROGYRQ+HQQHEHUJ'LHVH9RUUHGHEHUVWHLJW DOOHUGLQJV HLQH JlQJLJH :LGPXQJVDGUHVVH GLHVHU =HLW %HUQKDUG EHGDQNW VLFKGDULQQlPOLFKQLFKWQXUIUGLHYHUOLHKHQH'HNDQDWVZUGHVRQ GHUQEH]LHKWVLFKDXFKDXIGHQKRKHLWVUHFKWOLFKHQ7DWEHVWDQGGHV=HQVXU HGLNWV GDV+HQQHEHUJ LP -DKUH  HUODVVHQ KDWWH$OVZHOWOLFKHV XQG NLUFKOLFKHV 2EHUKDXSW YHUIJWH +HQQHEHUJ GDULQ GDVV ODWHLQLVFKH 7H[WH JUXQGVlW]OLFK QLFKW LQV 9RONVVSUDFKOLFKH EHUVHW]W ZHUGHQ GUIWHQ 6LH VROOWHQ SULYDWHU /HNWUH QLFKW ]XJlQJOLFK VRQGHUQ GHP LQVWLWXWLRQHOOHQ ² NLUFKOLFKHQ NLUFKHQ UHFKWOLFKHQXQGXQLYHUVLWlUHQ²*HEUDXFKYRUEHKDO WHQVHLQ'DVEHLVHLQHU(UILQGXQJDOVÅJ|WWOLFKH.XQVW´JHIHLHUWH'UXFN ZHVHQ ZDU LQ]ZLVFKHQ HQRUP H[SDQGLHUW XQG EHGLHQWH WHQGHQ]LHOO QLFKW PHKU QXU $XIWUlJH PHLVW YRQ NLUFKOLFKHU 6HLWH VRQGHUQ HLQHQ IUHLHQ 0DUNW'LH%XFKSURGXNWLRQHQWJOLWWDXIGLHVH:HLVHGHUNLUFKOLFKHQ$XWR ULWlW GLH EHU GLH UHLQH /HKUH ]X ZDFKHQ KDWWH %HUQKDUG IDVVW LQ VHLQHU 9RUUHGHQRFKHLQPDODOOHDXVGHUQHXHQ7HFKQLNUHVXOWLHUHQGHQ0LVVVWlQ GH]XVDPPHQ]HQWUDOLVWIULKQGDV3KlQRPHQGDVVDXFK/DLHQVLFKDQ GDV+DQGZHUNGHV6FKUHLEHQVWUDXWHQ'LHVHLOOHJLWLPHLQNRPSHWHQWH$Q PD‰XQJ VR %HUQKDUG ]LHKH QDWXUJHPl‰ HLQH 9HUIlOVFKXQJ GHU ,QKDOWH QDFKVLFK'DVVQLFKWNDQRQLVLHUWH/LWHUDWXUGHUHU]ELVFK|IOLFKHQ6DQNWLRQ HQW]RJHQZDUOLH‰VLFKDQ%HUQKDUGV3HUHJULQDWLRH[HPSOLIL]LHUHQ=XHUVWLP XQLYHUVDOLVWLVFKHQ/DWHLQDEJHIDVVW $XVJDEH)HEUXDU ZHQLJH0RQD WHVSlWHU -XQL LQGHU9RONVVSUDFKH'HXWVFKHUUHLFKWHHVVRZRKOGHQ NDWKROLVFKHQ.OHUXV EHUDOODXI GHU EHNDQQWHQ :HOW DOV DXFKGLH /DLHQ GHXWVFKHU6SUDFKH  $XI GLH :LGPXQJVYRUUHGH IROJHQ .DSLWHO PLW HLQHP ,QKDOWVYHU]HLFKQLV GHP$XIEDXXQGGHU,QWHQWLRQGHV:HUNVLP+LQEOLFNDXIHLQH3LOJHUUHLVH LP $OOJHPHLQHQ GDQDFK EHU %HUQKDUGV 0RWLYH LP %HVRQGHUHQ 1RFK HLQPDO LQIRUPLHUW %HUQKDUG VHLQH /HVHU EHU GHQ $XIEDX VHLQHV :HUNV HWWRWXPYXOWXPPHXPIRHWLGLVVLPRVSXWRGHIOXHQWHSHUEDUEDPVXSHUFDSSDPPHDP>«@ 9HQLPXVHUJRDGHFFOHVLDP60LFKDHOLV-DFRELWDUXPHWLELUHSRVLWRFRUSRUHLQHMXVPHGLR HWFLUFXPLQFHQVHVFDQGHOLVPLVVDPSURSUDHVHQWLGHIXQFWRFDQWDYLPXVMX[WDPRUHPRUGLQLV QRVWUL >«@ 6HSXOWR GHIXQFWR VROYLPXV HFFOHVLDH LOOL VXD MXUD HW GRPLQXV %HUQKDUGXV GLJQLVVLPXVGHFDQXVOLEHUDOLWHURPQLEXVSHFXQLDVGHGLWHWLOORGLHSURWXPXODWLRQHGHIXQFWL QRVWULO GXFDWRV H[SRVXLW QRQ SDXFRVµ )HOL[ )DEUL.RQUDG +DVVOHU )UDUWULV )HOLFLV )DEUL (YDJDWRULXP LQ 7HUUDH 6DQFWDH $UDELDH HW (J\SWL 3HUHJULQDWLRQHP 6WXWWJDUW  %DQG ,,, 6I   0DQFKH$XVJDEHQWUDJHQ²ZLHGLH5,QLWLDOH Å5HYHUHQGLVVLVPXV´ GHUODWHLQLVFKHQ$XVJD EH ² LQ GHU +,QLWLDOH Å+RFKZLUGLJVWHU´  GHU GHXWVFKHQ $XVJDEH GDV :DSSHQ %HUWKROG YRQ+HQQHEHUJV  $EIDVVXQJDP0lU]LP'UXFNHUVFKLHQHQLP0DL

;;,,

9RUZRUW

XQGOlVVWGDQQGLH5HLVH EHJLQQHQ$XIEUXFKLQ2SSHQKHLP$QNXQIWLQ 9HQHGLJZ|UWOLFKH:LHGHUJDEHGHV9HUWUDJVPLWGHP6FKLIIVUHHGHU$XJX VWLQR&RQWDULQL'DGLH3LOJHUELV]XU$EIDKUWGHU*DOHHUHHLQLJH=HLWZDU WHQPXVVWHQERWVLFKGLH*HOHJHQKHLW]XU%HVLFKWLJXQJYRQKHLOLJHQ6WlW WHQLQ9HQHGLJXQG3DGXD(VVFKOLH‰WVLFKHLQ6WlGWHOREGHU/DJXQHQVWDGW DQ$XIGHP0LWWHOPHHUZXUGHGHU5HLVHZHJIRUWJHVHW]W%HUQKDUGQHQQW IDVWDOOH7DJHVHWDSSHQDXIGHU3DVVDJHYRQ9HQHGLJQDFK-DIIDDQGHUVOR ZHQLVFKHQNURDWLVFKHQDOEDQLVFKHQXQGJULHFKLVFKHQ.VWHHQWODQJYRU EHLDQ.RUIX0HWKRQL.UHWD5KRGRV=\SHUQELV-DIID 7HO$YLY 'HUHU VWH5LWWIKUWQDFK5DPDGDQQ QDFK-HUXVDOHP(LQ)UDQ]LVNDQHUSULHVWHU JLEW GHQ 3LOJHUQ 9HUKDOWHQVPD‰UHJHOQ EHU GDV DGlTXDWH 9HUKDOWHQ GHQ +HLGHQ JHJHQEHU:XUGHQ GLH ELVKHU EHVXFKWHQ 2UWH YRU DOOHP DQKDQG LKUHU +HLOWPHU XQG P\WKRORJLVFKHQ (U]lKOXQJHQ YRUJHVWHOOW VR WUHWHQ QXQ ELEOLVFKH *HVFKHKQLVVH LQ GHQ 9RUGHUJUXQG 'LH EHVXFKWHQ 6WlWWHQ PLW(QWIHUQXQJVXQG5LFKWXQJVDQJDEHQH[DNWORNDOLVLHUWXQGGXUFK%LEHO ]LWDWHLGHQWLIL]LHUWVWHOOHQGHP/HVHUGDV/HEHQ-HVXZLHHVLQGHQ(YDQ JHOLHQEHUOLHIHUWLVWYRU$XJHQXQGQHQQHQGHQYRU2UWMHZHLOVJHZlKU WHQ$EODVV+|KHSXQNWLVWGLHJHQDXH%HVFKUHLEXQJGHU*UDEHVNLUFKHLKUH $UFKLWHNWXULKUOLWXUJLVFKHU*HEUDXFKGXUFKGLHYLHOHQFKULVWOLFKHQ*UXS SLHUXQJHQ GLH 5HJXODULHQ IU GHQ =XJDQJ GHU 3LOJHU XQG GLH (QWZUGL JXQJGHV+HLOLJWXPVGXUFKGLHPXVOLPLVFKH9HUIJXQJVJHZDOW$XFKORFD VDQFWDGHV$OWHQ7HVWDPHQWVZHUGHQYRQGHQ3LOJHUQDXIJHVXFKWXQGQH EHQGHU%LEHOUHIHUHQ]WHLOW%HUQKDUGDXFK,QIRUPDWLRQHQEHUGLH*HRJUD SKLHGLH*HVFKLFKWHGLH9HJHWDWLRQXQGGLH:LUWVFKDIWGHV+HLOLJHQ/DQ GHVPLW  'H PRULEXV ULWLEXV HW HUURULEXV ² YRQ 6LWWHQ *HZRKQKHLWHQ XQG ,UUWPHUQ GHU+HLOLJ/DQG%HZRKQHUKDQGHOWGHUDQVFKOLH‰HQGH]ZHLWH+DXSWWHLOGHV HUVWHQ %XFKHV =XHUVW EHVFKlIWLJW HU VLFK DXVJLHELJ PLW GHP ,VODP XQG GHP 3URSKHWHQ 0RKDPPHG GHP VFKOLH‰W VLFK HLQH $XVHLQDQGHUVHW]XQJ PLWGHQ-XGHQXQGLKUHU=LQVSROLWLNDQGDQQZHUGHQGLHFKULVWOLFKHQ+l UHWLNHU GDUJHVWHOOW GLH *ULHFKHQ 6XULDQHQ -DFRELWHQ 1HVWRULDQHU $UPH QLHU *HRUJLHU$EHVVLQLHU XQG 0DURQLWHQ 1DFK GHQ 6HNWHQ QHKPHQ GLH /DWHLQHUGHQHLQ]LJZUGLJHQXQGUHFKWHQ3ODW]GHVFKULVWOLFKHQ*ODXEHQV HLQ XQG DXV GLHVHU 3RVLWLRQ GHU U|PLVFKNDWKROLVFKHQ .LUFKH IRUPXOLHUW %HUQKDUG HLQH /DPHQWDWLR EHU GHQ WURVWORVHQ =XVWDQG GHV +HLOLJHQ /DQ GHV GDV VHLW GHP )DOO YRQ $NNR HLQ /DQG GHU +HLGHQ JHZRUGHQ VHL HU IlKUW IRUW PLW HLQHU .ODJH EHU GHQ WURVWORVHQ =XVWDQG GHV JHVDPWHQ 2ULHQWVXQGGHUDEHQGOlQGLVFKHQ.LUFKH/HLGHQVFKDIWOLFKDSSHOOLHUW%HUQ KDUGDQGLH)UVWHQGHV5HLFKVVLFKDXILKUHQFKULVWOLFKHQ$XIWUDJ]XEH VLQQHQXQGVLFKLP.DPSIJHJHQGLH+HLGHQ]XVDPPHQ]XVFKOLH‰HQ8Q

9RUZRUW

;;,,,

WHUVWW]WZLUGGLHVHU$XIUXIGXUFKGLH:LHGHUJDEHHLQHU9LVLRQ.DUOVGHV .DKOHQLP)HJHIHXHU  'HU ]ZHLWH +DXSWWHLO GHU 3HUHJULQDWLR ZLGPHW VLFK LP :HVHQWOLFKHQ GHP 5HLVHDEVFKQLWW YRQ -HUXVDOHP EHU GHQ 6LQDL XQG GDV .DWKDULQHQNORVWHU QDFK bJ\SWHQ XQG KlOW VLFK ZLH GDV 5HLVHGLDULXP GHV HUVWHQ %XFKWHLOV VWUHQJDQGLH&KURQRORJLH'LH+HLOLJNHLWGHU2UWHVRGDV0RWLYIUGLH :HLWHUUHLVH LVWGXUFK GLH PHKUPDOLJH (UVFKHLQXQJ*RWWHV DXI GHP %HUJ 6LQDL EHVLHJHOW ZlKUHQG GLH 'LJQLWlW GHU KO 0DUW\ULQ.DWKDULQD VLFK DXV LKUHQ *HLVWHVJDEHQ XQG .HQQWQLVVHQ VSHLVW VR GDVV VLH VHOEVW GLH ZHLVH VWHQ3KLORVRSKHQGHQHQVLHGHU5LFKWHUJHJHQEHUVWHOOWH]XPFKULVWOLFKHQ *ODXEHQEHNHKUWH9RUGHP%HJLQQGHV,WLQHUDUVZLUGDXFKLQGLHVHP7HLO ]XHUVWGHU.RQWUDNW IUGDV*HOHLW ]XP.DWKDULQHQNORVWHUGDQQGLH1D PHQGHU3LOJHUJUXSSHDEJHGUXFNW8QWHULKQHQVLQGGHU'RPLQLNDQHU)H OL[ )DEUL XQG GHU )UDQ]LVNDQHU 3DXO :DOWKHU YRQ *XJOLQJHQ GLH ZLH ]X ]HLJHQLVWHLQHZLFKWLJH5ROOHIUGLH3HUHJULQDWLRXQGIUGLH5HNRQVWUXN WLRQGLHVHU3LOJHUUHLVHGDUVWHOOHQ'HU5LWWGXUFKGLH:VWHGLH$XIVWLHJH ]XP%HUJ+RUHEXQG]XP%HUJ6LQDLGHU%HVXFKGHV.DWKDULQHQNORVWHUV PLWGHU:HLVXQJGHU5HOLTXLHQXQGHLQHUKO0HVVHGHU$EVWLHJYRP%HUJ 6LQDLGHU%HVXFKGHVOHJHQGlUHQ%DOVDPJDUWHQVGHU:HJQDFK.DLURGLH )DKUWDXIGHP1LOQDFK$OH[DQGULDGRUW(LQVFKLIIXQJ5LFKWXQJ+HLPDW² GDVVLQGGLH6WDWLRQHQDXIGHU]ZHLWHQ3LOJHUUHLVH,Q.DLURVFKUHLEW%HUQ KDUG EHU GLH PRVOHPLVFKHQ *HEUlXFKH GHU (LQZRKQHU XQG EHU DOOHU KDQG (WKQRJUDSKLVFKHV XQG ([RWLVFKHV *UR‰DUWLJ HU]lKOW ZHUGHQ DXFK GLHIUHPGDUWLJHQ(UOHEQLVVHDXIGHP1LOPLWGHQXQEHNDQQWHQ7LHUHQHLQ GUFNOLFK LVW JOHLFK]HLWLJ GHU SURYRNDQWH OHEHQVEHGURKOLFKH 8PJDQJ GHU 0XVOLPHPLWGHQ&KULVWHQ,Q$OH[DQGULDEHVXFKHQGLH3LOJHUGLH 6WlWWHQ GHV 0DUW\ULXPV GHU KO .DWKDULQD GDQHEHQ JLEW HV DXFK KLHU YLHO 1HXHV XQGhEHUUDVFKHQGHV,Q$OH[DQGULDHUNUDQNWGHUMXQJH*UDI6ROPVVWLUEW XQG ZLUG DXI GHP .LUFKKRI GHU -DNRELWHQ EHJUDEHQ %HL GHU 5FNNHKU YRQ$OH[DQGULDQDFK9HQHGLJZHUGHQGLHLP9HUEXQGIDKUHQGHQ*DOHHUHQ YRQVFKZHUHQ8QZHWWHUQKHLPJHVXFKWPHKUIDFKVHKHQVLFKGLH3LOJHULQ /HEHQVJHIDKU%HLGHUJOFNOLFKHQ$QNXQIWLQ9HQHGLJDP-DQXDU VSUHFKHQ GLH 3LOJHU HLQ LQQLJHV 'DQNJHEHW ZlKUHQG DOOH *ORFNHQ 9HQH GLJVOlXWHQ  'HU$QKDQJKDWHLQH$XIOLVWXQJYRQ0LWWHOPHHULQVHOQPLW(QWIHUQXQJVDQ JDEHQYRQ9HQHGLJHLQGHXWVFKDUDELVFKHV*ORVVDUPLWHLQHPUHLVHDIILQHQ :RUWVFKDW]XQGYLHU(U]lKOXQJHQEHUGLHWUNLVFKH(LQQDKPH.RQVWDQ

;;,9

9RUZRUW

WLQRSHOV1HJURSRQWHV (XE|DV VRZLHGLHWUNLVFKH%HODJHUXQJYRQ5KR GRVXQGGLH(LQQDKPH2WUDQWRV'DV.RORSKRQEHVFKOLH‰WGDV:HUN  'LH VFKHLQEDUH +HWHURJHQLWlW GHU 3HUHJULQDWLR ² GLH RE GLHVHU 7DWVDFKH NDXPLKUHQ1DPHQYHUGLHQH²ZLUGLQGHU/LWHUDWXUDOVHLQ6WUXNWXUPHUN PDOLKUHU.RPSLODWLRQJHQRPPHQ7DWVlFKOLFKYHUVFKZHLJWMDDXFK%HUQ KDUG QLFKW GDVV HU DXV GHQ :LVVHQVVFKlW]HQ VHLQHU =HLW JHVFK|SIW KDW $QDOOHUHUVWHU6WHOOHLVWQDWUOLFKGLH9XOJDWD]XQHQQHQGLHODWHLQLVFKH%L EHOGDQQSURPLQHQWH$XWRUHQRGHU(Q]\NORSlGLHQ2IWVLQGHVUHLQH=L WDWHRIWVLQGHV(QWOHKQXQJHQRGHUZRUWZ|UWOLFKHhEHUQDKPHQYRQ$UL VWRWHOHV $XJXVWLQXV %HGD 9HQHUDELOLV ,Q (YDQJHOLXP 6DQFWL 0DUFL  %RH WKLXV(XVHELXV +LVWRULDHFFOHVLDVWLFD +LHURQ\PXV-DNREYRQ9LWU\ +LVWRULD 2ULHQWDOLV  )ODYLXV -RVHSKXV $QWLTXLWDWHV -XGDLFDH 'H EHOOR -XGDLFR  3DROR 2URVLR +LVWRULDH  3HWUXV /RPEDUGXV 6HQWHQWLDUXP OLEUL TXDWXRU  3OLQLXV Gb +LVWRULD QDWXUDOLV  7KRPDVYRQ$TXLQ 6XPPD FRQWUD JHQWLOHV  6HQHFD RGHUGHUIUDQ]|VLVFKH'RPLQLNDQHU9LQ]HQ]YRQ%HDXYDLVDXVGHVVHQ6SH FXOXP KLVWRULDOH %HUQKDUG QLFKW QXU GLH 9LVLRQ .DUOV GHV .DKOHQ VRQGHUQ DXFK'DUVWHOOXQJHQDXVGHU9LWD0RKDPPHGVHQWQDKPÅ,QKDOWOLFKH(QW OHKQXQJHQ´ VWDPPHQ DXV GHP 5HLVHEHULFKW GHV +DQV 7XFKHU 9, GHU  PLW 6HEDOG 5LHWHU G- HLQH 3LOJHUUHLVH LQV +HLOLJH /DQG DQWUDW XQG GDUEHU ]XQlFKVW HLQHQ KDQGVFKULIWOLFKHQ 5HLVHEHULFKW XQG  HLQHQ 'UXFN KHUDXVJDE 'LHVH (QWOHKQXQJHQ EHL 7LPP GHWDLOOLHUW QDFKJH ZLHVHQ XPIDVVHQ HLQHQ JUR‰HQ 7HLO GHU HLQ]HOQHQ 5HLVHVWDWLRQHQ ]X :DVVHUXQG]X/DQG7HLOHGHU.RQWUDNWHIUGLH6FKLIIVSDVVDJHXQGIU GDV *HOHLW ]XP .DWKDULQHQNORVWHU GHU +HLOWPHU 9HQHGLJV XQG 3DGXDV GHVLQ9HQHGLJEHJLQQHQGHQ6HHZHJHVPLW(LQ]HOKHLWHQ]XGHQDQJHVWHX HUWHQ,QVHOQXQGGHV9HUOLHVHVLQGDVGLH3LOJHUEHLLKUHU$QNXQIWLQ-DIID HLQJHVFKORVVHQZXUGHQXVZ*HZlKUVPDQQIUGLH$EKDQGOXQJEHUGHQ ,VODPZDUQHEHQ9LQ]HQ]YRQ%HDXYDLVPLWVHLQHU(Q]\NORSlGLHDXFKGDV ,WLQHUDULXP GHV %HUQKDUGVFKHQ 5HLVHEHJOHLWHUV 3DXO :DOWKHU YRQ *XJOLQ

 'LHLQGHUODWHLQLVFKHQ$XVJDEHVLFKDQVFKOLH‰HQGHQEHLGHQ$EVFKQLWWHEHU$U]QHLPLWWHO JHJHQ GLH 6HHNUDQNKHLW XQG JHJHQ 8QJH]LHIHU )OLHJHQ )O|KH XQG /lXVH  IHKOHQ LQ GHU GHXWVFKHQ$XVJDEH  =XGHQ4XHOOHQQDFKZHLVHQVRZHLWLGHQWLIL]LHUEDUVDQ2UWXQG6WHOOH  %HL+DQV6FK|QVSHUJHULQ$XJVEXUJ'LHVH(UVWDXVJDEHZDUMHGRFKVRIHKOHUKDIWGDVVLQ GHPVHOEHQ-DKUEHLGHPVHOEHQ9HUOHJHUHLQNRUULJLHUWHU1DFKGUXFNHUVFKLHQ  5DQGDOO+HU]'LHÅ5HLVHLQV*HOREWH/DQG´+DQV7XFKHUVGHVbOWHUHQ  8QWHUVXFKXQJHQ ]XUhEHUOLHIHUXQJXQGNULWLVFKH(GLWLRQHLQHVVSlWPLWWHODOWHUOLFKHQ5HLVHEHULFKWV:LHVEDGHQ66 ;96II6II6II6II6II  7LPP6

9RUZRUW

;;9

JHQ %HUQKDUG SDUDSKUDVLHUW DXFK 3DXOV $XVIKUXQJHQ EHU GLH ÅQDWLR QHV´LQ-HUXVDOHPGLHGUHLIDFKHQ.ODJHQXQGGLH(UPDKQXQJDQGLHGHXW VFKHQ)UVWHQ$XFKGDVDUDELVFKH*ORVVDULVWHLQHhEHUQDKPHDXV:DO WKHUV  :|UWHU XPIDVVHQGHP ODWHLQLVFKDUDELVFKHP 9RNDEXODU %HUQ KDUGHUZHLWHUWHVXP:|UWHU$XFKPXVV%HUQKDUGPLWGHP²ZHQQ DXFKQRFKQLFKWDEJHVFKORVVHQHQ²3LOJHUEHULFKWGHV)HOL[)DEULYHUWUDXW JHZHVHQVHLQ'DVVHOEHJLOWIUGDV5XGLPHQWXPQRYLWLRUXPGHV%XUFKDUGGH 0RQWH6LRQ'HSURSULHWDWLEXVUHUXPGHVHQJOLVFKHQ0LQRULWHQ%DUWKRORPlXV $QJOLFXVGLH&KURQLN6SHFXOXPPDLXVGHV9LQ]HQ]YRQ%HDXYDLVGLH(W\PR ORJLH GHV ,VLGRU YRQ 6HYLOOD HQWQRPPHQ HWZD GHU 7H[W EHU GLH .RQ]L OLHQ GHU'LDORJXVFRQWUD-XGHRVGHVLP-DKUH]XP&KULVWHQWXPNRQ YHUWLHUWHQ-XGHQ3HWUXV$OIRQVL  GHUDXIJUXQGGHVVHQXQGDXI JUXQGVHLQHU7lWLJNHLWLQ$UDJRQLHQGLH9RU]JHGHUGUHL5HOLJLRQHQNDQQ WH$XFKYRQ%DUWKRORPlXVGH/XFFDV+LVWRULDHFFOHVLDVWLFDXQGYRQ3DXOXV GH 6DQFWD 0DULDV%XUJHQVLV· 6FUXWLQLXP VFULSWXUDUXP HQWOHKQWH %HUQKDUG 3DVVDJHQEHUGLH6DUUD]HQHQ$OV4XHOOH]XQHQQHQZlUH]XGHPGLHZXQ GHUEDUH5HWWXQJGHU*HEXUWVNLUFKH]X%HWKOHKHPGXUFKHLQH6FKODQJHDOV HLQ6XOWDQGLH.LUFKHDEEDXHQXQGQDFK%DE\ORQLHQWUDQVSRUWLHUHQODVVHQ ZROOWH U GLHGHU'HVFULSWLR7HUUDH6DQFWDHGHV0DUWLQYRQ7URSSDX 0DU WLQXV 2SSDYLHQVLV  HQWQRPPHQ LVW $XFK GLH (U]lKOXQJHQ LP $QKDQJ EHUGLH YHUVXFKWHQ WUNLVFKHQ(UREHUXQJHQVWDPPHQDXVIUHPGHQ)H GHUQ 'LH(LQQDKPH .RQVWDQWLQRSHOVKDW GHU$XJHQ]HXJH XQG 3DWULDUFK YRQ.RQVWDQWLQRSHO,VLGRUXVLQHLQHP%ULHIDQGHQ3DSVWXQGGHQYHQH ]LDQLVFKHQ 'RJHQ PLW GHU %LWWH XP 8QWHUVWW]XQJ EHULFKWHW (SLVWXODH  'LH6FKLOGHUXQJGHU(UREHUXQJ(XE|DVZXUGHDQRQ\PDXIJH]HLFKQHW /D PHQWDWLR 1LJULSRQWLV  *XLOOHOPXV &DRXUVLQ GHU ]X GHQ 9HUWHLGLJHUQ YRQ 5KRGRVJHK|UWHVFKLOGHUWGHVVHQHUIROJORVH%HODJHUXQJGXUFKGLH7UNHQ 'HVFULSWLRREVLGLRQLV5KRGLDHXUELV XQGDQRQ\PLVWDXFKGLH'DUVWHOOXQJGHU (LQQDKPHYRQ2WUDQWR /DPHQWLGL2WUDQWR 1HEHQGLHVHQ4XHOOHQJLEWHV DXFKQRFKHLQHQ*HOHKUWHQYRQGHVVHQ([LVWHQ]ZLUGXUFK)HOL[)DEULHU IDKUHQ GHQ 'RPLQLNDQHU 0DUWLQ 5RWK GHU LQ]ZLVFKHQ DOV GHU 0DLQ]HU  .ULVWLDQ%RVVHOPDQQ&\UDQ'DVDUDELVFKH9RNDEXODUGHV3DXO:DOWKHUYRQ*XJOLQJHQXQGVHLQH hEHUOLHIHUXQJLP5HLVHEHULFKW%HUQKDUGVYRQ%UHLGHQEDFK,Q:U]EXUJHUPHGL]LQKLVWRULVFKH0LW WHLOXQJHQ%G²7LPPDD26  )UGLHIROJHQGHQ4XHOOHQDQJDEHQV7LPPDD2  'DV  6HLWHQXPIDVVHQGH:HUN LVW]ZLVFKHQ XQGKDQGVFKULIWOLFK DEJHIDVVW ZRUGHQ$EJOHLFKHKDEHQVLFKHUOLFKZlKUHQGGHU3LOJHUUHLVHVHOEVWXQGZlKUHQGGHU5FN IDKUWVWDWWJHIXQGHQ  'DV:HUNGHV9LQ]HQ]YRQ%HDXYDLV FDFD KDWELV]XU3HUHJULQDWLR%HUQ KDUGVLQGUHL'UXFNHQYRUJHOHJHQXQGYRU  $XFK 3DXOXV GH 6DQFWD 0DULD NRQYHUWLHUWH YRP -XGHQWXP ]XP &KULVWHQWXP   VHLQH8QWHUVXFKXQJGHU'DUVWHOOXQJHQZXUGHLQ0DLQ]EHL3HWHU6FK|IIHUJHGUXFNW  7URSSDX6UY

;;9,

9RUZRUW

7KHRORJLHSURIHVVRU0DUWLQ5DWKLGHQWLIL]LHUWZXUGHXQG%HUQKDUGV%XFK ÅRUQDWR HW FRPSWR VWLOR FRPSRVXLW HW JHQWLXP GLYHUVLWDWHP KDELWDQWLXP LQ-HUXVDOHPFXPHUURULEXVHWSHUYHUVLWDWLEXVHWPRULEXVFODUHGHVFULSVLW´ ² DOVR PLW Å]LHUOLFK VFKPFNHQGHP 6WLIW ]XVDPPHQVWHOOWH XQG GLH YHU VFKLHGHQHQ 1DWLRQHQ GLH LQ -HUXVDOHP ZRKQHQ XQG LKUH ,UUWPHU XQG 7RUKHLWHQXQG6LWWHQGHXWOLFKEHVFKULHEHQKDW´  (LQ *UR‰WHLO GHU 6HNXQGlUOLWHUDWXU EHNODJW GLHVH XPIDQJUHLFKH 4XHOOHQ QXW]XQJÅ:HQLJ(LJHQHV´ZHQLJ$XWKHQWLVFKHVILQGHPDQEHL%UH\GHQ EDFK GDV 0HLVWH VHL NRPSLOLHUW RGHU SHMRUDWLY DEJHVFKULHEHQ 'RFK ZHQQ²XP%HLVSLHOHKHUDXV]XJUHLIHQ²7LPPVFKUHLEWGLH9HU]HLFKQLV VHGHU$EOlVVHLP+HLOLJHQ/DQGGLH*HVFKLFKWHYRQ6DPVRQXQG'HOLODK LP .RQWH[W PLW GHP %HVXFK GHU 6WDGW *D]HUD *D]D  GHU .DWKDULQHQ VWHUQGHUGLH3LOJHUGXUFKGLH:VWHJHOHLWHWHRGHUGLH%HVFKUHLEXQJGHU 6WDGW.DLURPLW$QJDEHQEHULKUH$XVGHKQXQJGLH=DKOLKUHU%HZRKQHU LKUH*DVVHQXQG*DUNFKHQGLH,PSUHVVLRQHQYRP1LOPLWVHLQHQ.UR NRGLOHQGLH6FKZLHULJNHLWHQEHLP3DVVLHUHQGHVDOH[DQGULQLVFKHQ6WDGWWR UHVGLH$XVNXQGVFKDIWXQJIUHPGHU6FKLIIHPLW+LOIHYRQ%ULHIWDXEHQXVZ ² GLHV DOOHV ILQGH VLFK DXFK EHL DQGHUHQ $XWRUHQ VR PXVV PDQ GLHVHP 9RUZXUI ]XHUVW GDV $UJXPHQW GHU )DNWL]LWlW GDQQ GDV GHU (UIDKUXQJV EHUUDVFKXQJ HQWJHJHQKDOWHQ :DKUQHKPXQJHQ ZDUHQ LP PHGLDO UHL]DU PHQ 0LWWHODOWHU VR NRQIRUPLHUW GDVV DOOHV 1HXH 8QJHZRKQWH YRQ DOOHQ %HREDFKWHUQDOVVROFKHVZDKUJHQRPPHQZXUGH.RPSLODWLRQHQZDUHQLP 0LWWHODOWHUNHLQH2VWHQWDWLRQGHV%LOGXQJVIOHL‰HVYLHOPHKUILHOGLHHLJHQH :DKUQHKPXQJ JHJHQEHU GHU $XWRULWlW QLFKW LQV *HZLFKW :RULQ GLH :DKUKHLWODJGDVKDWWHQ$XWRULWlWHQVFKRQOlQJVWHUIDVVW$XFWRULWDVYHUVXV H[SHULPHQWLD²EHLHLQHUVROFKHQ*HJHQEHUVWHOOXQJNDPGLHVHVFKOHFKWZHJ GHQQVLHZDUMHQHUJHJHQEHUNRQWLQJHQWGXUFKQLFKWVOHJLWLPLHUW%HLGHQ VFKQHOO ZHFKVHOQGHQ .RQMXQNWXUHQ XQVHUHU 7DJH LVW GLH %HKDXSWXQJ HZLJHU :DKUKHLWHQ VFKZHU QDFK]XYROO]LHKHQ 'RFK GHU PLWWHODOWHUOLFKH 2UGR*HGDQNH EDVLHUWH MD JHUDGH DXI GHU 9RUVWHOOXQJ HLQHU XQYHU UFNEDUHQEHU]HLWOLFKHQ+HLOVSODQXQJLQGHUDXFKDXI(UGHQDOOHVVHLQHQ EHVWLPPWHQ3ODW]KDWWH([KRFQXQFHWXVTXHLQVDHFXOXP:HUHVDOVRZDJ WHHLQHLJHQHV%XFK]XVFKUHLEHQKDWWHVLFKDOV$XWRULQGLHVHQ2UGRHLQ ]XIJHQ DOVR GLH HLJHQHQ (UIDKUXQJHQ ]X UHODWLYLHUHQ XQG VLH GHPWLJ KLQWDQ]XVWHOOHQGLH9RUVWHOOXQJHLQHVVHQVLEOHQ%HREDFKWHUVXQGJHQLDOHQ 'DUVWHOOHUVLVWHLQH,GHDOILJXUDXVHLQHUVSlWHUHQ(SRFKH'LHJHQXLQHDXN    

7LPPDD26 )DEUL+DVVOHUDD2%G,6 7LPPDD26I 9RQQXQDQELVLQ(ZLJNHLW

9RUZRUW

;;9,,

WRULDOH 7lWLJNHLW EHVWDQG LP 0LWWHODOWHU YLHOPHKU GDULQ GDV EHUHLWV *H VFKULHEHQH GHU $XWRULWlWHQ ]X VLFKWHQ XQG 7HLOH GDUDXV IU GLH HLJHQHQ =ZHFNH DXV]XZlKOHQ XQG ]XVDPPHQ]XVWHOOHQ FXPSRQHUH  %HL GHU *H ZLFKWXQJ GHU HLQ]HOQHQ 7HLOH JDE HV GDQQ DXVUHLFKHQG *HOHJHQKHLW GDVV ÅGHVEţFKVDQJHEHU´ %HUQKDUG VHLQ9RWXP]X3DSLHUEUDFKWH%HLVSLHOV ZLHVH ZDU GLH Å/DPHQWDWLR EHU GHQ 2ULHQW´ EHL 3DXO :DOWKHU QXU HLQH 6HLWHODQJZlKUHQG%HUQKDUGGLHVHLQHDXIYLHU]HKQ6HLWHQDXVGHKQWHXQG VR VHLQHQ $SSHOO DQ GLH )UVWHQ XP GLH +HUVWHOOXQJ HLQHU UHLFKVLQQHUHQ (LQKHLWJHJHQGHQPXVOLPLVFKHQ)HLQGDXVJLHELJIRUPXOLHUHQNRQQWH  'RFKQLFKWQXUJHJHQEHUGHP3LOJHUEHULFKWVRQGHUQJHJHQEHUGHP3LO JHUQVHOEVWEWVLFKGLH0RGHUQHLQHLQHUUHVHUYDWLRPHQWDOLV)UHLQVlNX ODULVLHUWHV %HZXVVWVHLQ LVW GDV 0RWLY IU HLQH ZLH ZLU JHVHKHQ KDEHQ VR GHPWLJHQGH GD]X HQWEHKUXQJVUHLFKH XQG JHIlKUOLFKH 3LOJHUUHLVH NDXP YHUVWlQGOLFK'HUVSlWPLWWHODOWHUOLFKH$XIEUXFKLQV+HLOLJH/DQGJLOWYLHOHQ ]HLWJHQ|VVLVFKHQ 8UWHLOHQ GHVKDOE DOV YHUVSlWHWH DYHQW€UH DOV IUKHU $XV GUXFN HLQHU UHOLJL|V YHUEUlPWHQ DEHU GXUFKDXV SURIDQHQ )HUQUHLVHVHKQ VXFKWRGHUDOVÅJXWYRUEHUHLWHWH%LOGXQJVUHLVHLQGDV/DQGVHLQHU:HOWDQ VFKDXXQJ´hEHUVHW]XQJHQRGHUQDFKHPSIXQGHQH:LHGHUJDEHQYRQ3LO JHUEHULFKWHQLQGHQHQMHJOLFKH+LQZHLVHDXIHLQHUHOLJL|VH3UD[LVHWZDDXI $EOlVVH IHKOHQ PVVHQ QROHQV YROHQV DOV 9HUIlOVFKXQJHQ HLQHU NXOWXU ZLVVHQVFKDIWOLFKHQ,QWHUSUHWDWLRQJHOWHQGLHLKUH DWKHLVWLVFKH3RVLWLRQKL VWRULVFKUFNSURML]LHUWXQGIUGLHHLJHQH%HGUIQLVODJHYHUHLQQDKPW  :HUDOVDEHQGOlQGLVFKHU&KULVWLP-DKUHHLQH3LOJHUUHLVHLQGHQ1D KHQ 2VWHQ DQJHWUHWHQ KDW GUIWH ZRKO NDXP $EHQWHXHUOXVW YHUVSUW KD EHQ/HLEXQG/HEHQDXVhEHUPXWGHQ*HIDKUHQGHV'ĆUDO,VOĆPDXV ]XVHW]HQKlWWHDOVKRIIlUWLJXQGIUHYHOKDIWJHJROWHQDOV+HUDXVIRUGHUXQJ *RWWHV1RFKGHKQWHVLFKGDVFKULVWOLFKH:HOWELOGVRZHLWZLHGDV.UHX] UHLFKWH:LHGDV7DXNUHX] 7 YRQHLQHP.UHLVXPIDQJHQZLUGVRVDKGHU  (OLVDEHWK*HFN +UVJ %HUQKDUGYRQ%UH\GHQEDFK'LH5HLVHLQV+HLOLJH/DQG(LQ5HLVHEHULFKWDXV GHP-DKUH:LHVEDGHQ6bKQOLFKGLH)ROJHQGHQ$OH\D.KDWWDE'DVbJ\SWHQ ELOGLQGHQGHXWVFKVSUDFKLJHQ5HLVHEHVFKUHLEXQJHQGHU=HLWYRQ)UDQNIXUWDP0DLQ%HUQ 6.OX‰PDQQ69(UKDUG3DVFKHU +UVJ 'DV5HLVHEXFKGHV+DQV7XFKHU )DNVLPLOH ,Q$UPDULXP%HLWUlJH]XU.RGLNRORJLHXQG]XGHQ+LVWRULVFKHQ+LOIVZLVVHQ VFKDIWHQ+HIW.ODJHQIXUW6,;+HLNH6FKZDE7ROHUDQ]XQG9RUXUWHLO5HLVHHUOHEQLVVH VSlWPLWWHODOWHUOLFKHU-HUXVDOHPSLOJHU%HUOLQ60DUWLQ6RPPHUIHOG'LH5HLVHEHVFKUHLEXQ JHQGHUGHXWVFKHQ-HUXVDOHPSLOJHULPDXVJHKHQGHQ0LWWHODOWHU,Q'9M6%G6(WDO  *HFN'DVVHOEHJLOWIUGLH)DEUL/LWHUDWXU+HOPXW5RRE +UVJ )HOL[)DEHU 'LH3LOJHUIDKUWGHV%UXGHUV)HOL[)DEHULQV+HLOLJH/DQG$1120&'/;;;,,,+HLGHOEHUJX 2VWEHUOLQ  +HUEHUW :LHJDQGW +UVJ  )HOL[ )DEUL *DOHHUH XQG .DUDZDQH 3LOJHUUHLVH LQV +HLOLJH/DQG]XP6LQDLXQGQDFKbJ\SWHQ6WXWWJDUW  :|UWO+DXVGHV,VODPLH*HELHWHXQWHUPXVOLPLVFKHU+HUUVFKDIW

;;9,,,

9RUZRUW

RN]LGHQWDOH &KULVW GHQ 2UELV XQWHUWHLOW GLH REHUH +lOIWH GHV .UHLVHV $VLHQ GLH XQWHUHQ 9LHUWHO GHV .UHLVHV (XURSD XQG $IULND %LV ]XU (QW GHFNXQJ$PHULNDVZDUHQHVMDQRFKIDVW]HKQ-DKUHXQGHEHQVRODQJE ULJHQVELV]XU5HFRQTXLVWD6SDQLHQV8QGGLHPXVOLPLVFKHQ2VPDQHQHU REHUWHQLPPHGLWHUUDQHQ5DXPHLQ*HELHWXPGDVDQGHUHHUULFKWH WHQ VLH LQ 2WUDQWR EHUHLWV GHQ HUVWHQ %UFNHQNRSI DXI GHU LWDOLHQLVFKHQ +DOELQVHO=ZDUKDWWHGDV0DPHOXFNHQ5HLFKLP1DKHQ2VWHQVHLQH%O WH]HLWVFKRQKLQWHUVLFKGRFKGDIUZDUGDV+HLOLJH/DQGDXFK]XHLQHP SHULSKHUHQ /DQGVWULFK KHUDEJHVXQNHQ XQG -HUXVDOHP VFKRQ OlQJVW QLFKW PHKUGHU1DEHOGHU:HOWZLHHVLQGHU%LEHOVWDQGXQGZLHHVGDV/DWHLQL VFKH.DLVHUUHLFKGHNODULHUWKDWWH,QGLHVHQ=HLWOlXIWHQLQGDVLUGLVFKH-HUX VDOHPZDOOIDKUWHQ]XZROOHQEUDXFKWHHLQEHULUGLVFKHV=LHO8QGGDVZDU LP &KULVWHQWXP ZR GDV 3LOJHUQ NHLQH DOOJHPHLQ YRUJHVFKULHEHQH 5HOL JLRQVSUD[LVLVWDOV%X‰EXQJLP0LWWHODOWHUNLUFKHQUHFKWOLFKGRFKHLQ]HO QHQ *OlXELJHQ YRUJHVFKULHEHQ +LQ]X NDP GLH *HZLQQXQJ YRQ $EOlV VHQGLHDEHUPLWQLFKWHQEOR‰HLQHÅ,GHHGHV$EODVVHV]HLWOLFKHU6QGHQ VWUDIHQ´ZDUVRQGHUQDOV/|VXQJVXQG%LQGHJHZDOWJHQXLQHV *QDGHQ PLWWHOGHU.LUFKH8QGVRZDUGHULQGLYLGXHOOSUDNWL]LHUWH3LOJHUZHJHLQH :HLVH GHU +HLOLJXQJ GXUFKGLH 9HUHKUXQJ KHLOLJHU 6WlWWHQ XQGGXUFK GLH 1DFKDKPXQJ -HVX&KULVWLGHU VHOEVW DOV 3LOJHU DXI (UGHQ ZDQGHOWH'HQ 2UW GHU ,QNDUQDWLRQ *RWWHV DXI]XVXFKHQ EHGHXWHW HLQH .RLQ]LGHQ] YRQ ,PPDQHQ]XQG7UDQV]HQGHQ]GHQQGLH0HQVFKZHUGXQJ-HVX&KULVWLKDW MD QLFKW GHVVHQ *RWWHVQDWXU DXVJHO|VFKW 6HLQH (UO|VXQJVWDW HUZLUNW DQ HLQHPNRQNUHWHQ2UWXQGLQHLQHUNRQNUHWHQ=HLWQLPPWGHQ3LOJHUKLQ HLQLQHLQHEHU]HLWOLFKH:LUNOLFKNHLWVFKRQLP'LHVVHLWV*HUDGHGHU-HUX VDOHPSLOJHU NDQQ GHQ 3URORJ GHV -RKDQQHV(YDQJHOLXPV ² Å(W 9HUEXP FDURIDFWXPHVWHWKDELWDYLWLQQRELV´²IUVLFKLQ$QVSUXFKQHKPHQ ZHQQHUGRUWGLH2UWHVHLQHU(UO|VXQJDXIVXFKWLP)RNXVGDVOHHUH*UDE PLWKLQ GDV =HXJQLV IU GHQ ]HQWUDOHQ *ODXEHQVDUWLNHO GHU hEHUZLQGXQJ GHV7RGHV  =XUFN ]X %HUQKDUG :DV EUDFKWH HU YRQ VHLQHU 5HLVH PLW" %HUQKDUG EOHLEWDXFKKLHUZLHEHLDOOHP,QGLYLGXHOOHQPLW$XVNQIWHQVHKU]XUFN  9RQ%HUQKDUGDQMHGHU6WHOOHJHQDQQWLQGHU+HLOLJ/DQG.DUWHPLWHLQHP]ZHLRGHU²LP )DOOHGHU*UDEHVNLUFKH²PLWGUHL'RSSHONUHX]HQHLQJH]HLFKQHW  3HWHU 7KRUDX :R MHGHV 6DQGNRUQ KHLOLJHU %RGHQ LVW 'LH JUR‰HQ 3LOJHU]LHOH -HUXVDOHP ,Q .ODXV +HUEHUV 1RUEHUW 2KOHU %HUQKDUG 6FKLPPHOSIHQQLJ %XUNDUG 6FKQHLGHU 3HWHU 7KRUDX 3LOJHUZHJH LP 0LWWHODOWHU +UVJ LQ =XVDPPHQDUEHLW PLW '$0$/6 ² GDV 0DJD]LQ IU *H VFKLFKWHXQG.XOWXU'DUPVWDGW  5HGH-HVXDQ3HWUXVÅ,FKZHUGHGLUGLH6FKOVVHOGHV+LPPHOUHLFKVJHEHQZDVGXDXI(U GHQELQGHQZLUVWGDVZLUGDXFKLP+LPPHOJHEXQGHQVHLQXQGZDVGXDXI(UGHQO|VHQ ZLUVWGDVZLUGDXFKLP+LPPHOJHO|VWVHLQ´ 0W   Å8QGGDV:RUWLVW)OHLVFKJHZRUGHQXQGKDWXQWHUXQVJHZRKQW´ -RK 

9RUZRUW

;;,;

KDOWHQG 'HQQRFK KDEHQ ZLU GUHL =HXJQLVVH YRQ LKP VHOEVW 9RP *H EXUWVRUWGHU-XQJIUDX0DULDGHUJOHLFK]HLWLJ6WHUEHRUWLKUHU0XWWHUGHUKO $QQDLVWXQGZRDXFKHLQ3OHQDUDEODVVJHZlKUWZLUGSIOHJWHQ3LOJHUEOL FKHUZHLVH Å6WHLQH RGHU NOHLQH >(UG@6WFNH PLW]XQHKPHQ GLH VFKZDQJH UHQ)UDXHQKLOIUHLFKXQGOLQGHUQGVHLQN|QQHQ$OVPDQXQVGDVHU]lKOWH GDQDKPHQZLUDXFKHLQZHQLJGDYRQPLW´ U $XFKLQGHU1lKHYRQ 5DFKHOV*UDEODVHQGLH3LOJHU6WHLQHDXIÅYPEZHJHQHWWOÖFKHUZşGHUZHFN GLHGDVROOHQJHAFKHKHQA\Q´ U $XIGHP6LQDLNDPHQGLH3LOJHUDQHLQH ]LHPOLFKUDXH6WHOOHDQGHUÅQLFKWVDX‰HUGRUQLJHQ+HFNHQZXFKV'LHDO OHUGLQJVEOKWHQGDPDOVXQGYHUVWU|PWHQHLQHQ:RKOJHUXFKYRQGHPZLU JUR‰H )UHXGH XQG .UDIW HPSILQJHQ (LQLJH EHKDXSWHQ YRQ GLHVHQ 'RU QHQVHLGLH'RUQHQNURQHXQVHUHV+HUUQ&KULVWXV-HVXVJHPDFKWZRUGHQ 'HVKDOEQDKPHQZLUXQVHLQLJH6WFNHGDYRQPLW´ Y ²)HOL[)DEUL %HUQKDUGV 3LOJHUIUHXQG DXI GHP 6LQDL XQG EHL GHU 5FNIDKUW EHULFKWHW GHU .OHULNHU KDEH HLQ Å7LHU´ LQ GLH +HLPDW PLWJHEUDFKW 9HUZXQGHUOLFK GDVV)HOL[GHQ ODWHLQLVFKHQ 1DPHQGLHVHV7LHUHVQLFKWJHEUDXFKW.DQQWH HU LKQ QLFKW RGHU ZROOWH HU LKQ QLFKW EHQXW]HQ ² lKQOLFK ZLH GHU 0DOHU 5HXZLFKGHUDXIVHLQHULQGHU3HUHJULQDWLRDEJHGUXFNWHQ7LHUWDIHOHEHQIDOOV HLQ /HEHZHVHQ ÅDENRQWHUIHLW´ KDW ÅGHVVHQ 1DPH XQEHNDQQW´ VHL" )DEUL VFKLOGHUWGLH7LHUDQHNGRWHZlKUHQGGHU5FNIDKUWDXIGHU*DOHHUHÅ$XFK YHUEUDFKWHLFKYLHO=HLWPLWGHPHUVWDXQOLFKHQ 7LHUGDVGHU+HUU'HNDQ DXV0DLQ]LQ$OH[DQGULDJHNDXIWKDWWHXQGGDVLQGHU.DPPHUGHV.HOOHU PHLVWHUV QHEHQ PHLQHP %HWW KDXVWH (V JDE QlPOLFK HLQ %RKUORFK LQ HLQHU/DWWH>GHU%UHWWHUZDQG@XQGZHQQGDV7LHULQ$FKWQDKPGDVVLFK LP%HWWODJVWHFNWHHVVHLQ+lQGFKHQGXUFKGDV%RKUORFKXQGVSLHOWHPLW VHLQHQ )LQJHUQ XP PLFK ]XP 6SLHOHQ ]X ORFNHQ 0DQFKPDO ZHQQ GDV 7LHUVFKOLHIPDFKWHLFKPLWGHQ)LQJHUQHLQ*HUlXVFKDQGHU:DQGXQG UHL]WHHVGDVVHVVLFKEDOGYHUJQJWEDOG]RUQLJ]HLJWHJDQ]ZLHLFKZROO WH´²2IIHQEDUKDWWH%HUQKDUGDEHUHWZDVYLHO.RVWEDUHUHVLQVHLQHU5HL VHWUXKHEHUGHVVHQ$XVZLUNXQJHQVLFKGLH1DFKJHERUHQHQQRFKKXQGHUW -DKUHVSlWHUZXQGHUQVROOWHQ(LQH+DQGVFKULIWLQGHU0DLQ]HU0DUWLQXV ELEOLRWKHNEHULFKWHWÅ3RVWDQQRVGXPDQQR'DQLHO$UFKLHSLVFR SXV KLF MX[WD D 6LQLVWUD WXPXODWXV HW SURSWHU ORFL DQJXVWLDP 6HSXOFKUXP %HUQDUGLH[SDUWHUHVHUDWXPIXLWIDFWDFDGDYHULVLQVSHFWLRQHUHSHUWXPHVW DGKXFLQWHJUXPHWLQFRUUXSWXVDFEHQHROHQVTXRGDWWULEXWXPYLUWXWLEDO

 Å&XP LOOD HWLDP EHVWLD PLUDELOL ZXDP GRPLQXV GHFDQXV 0RJXQWLQXV HPLW $OH[DQGULDH TXDHLQFDPHUDFHOODULLHUDWSURSHFXPEDPPHDPPXOWXPWHPSXVGHGX[LHUDWHQLPIRU DPHQLQDVVHUHFXPWHUHEURIDFWXPHWTXDQGREHVWLDVHQVLWPHLQFXPEDHVVDPLVLWPD QXODPVXDPSHUIRUDPHQGLJLWLVSODXGHQVDGOXGHQGXPPHSURYRFDQVFXPHD$OLTXDQGR VL EHVWLD GRUPLHEDW IDFLHEDP FXP GLJLWLV VWUHSLWXP DG SDULHWHP HW FRQFLWDEDP EHVWLDP QXQFDGODHWLWLDPQXQFDGLUDPSURXWYROXLµ )DEUL+DVVOHU,,,6 

;;;

9RUZRUW

VDPLPLUUKDHHWROHLFHGULQLDOLRUXPTXHOLTXRUXPTXRVH[3DOHVWLQDUH WXOOLWHWFXPTXLEXV6HSXOWXVHVW´  %XFKJHVFKLFKWOLFK PDFKWH %UH\GHQEDFKV 3HUHJULQDWLR YRU DOOHP DOV HUVWHU JHGUXFNWHULOOXVWULHUWHU5HLVHEHULFKW)XURUH1LH]XYRUZDUHLQ%XFKPLW GHUDUWPRQXPHQWDOHQ+RO]VFKQLWWHQDXVJHVWDWWHW²IDOWEDUHQ%LOGWDIHOQGLH EHUHLQHMD]ZHL%XFKVHLWHQKLQDXVUDJHQXQG]X/HSRUHOORVDXVPHKUHUHQ +RO]VW|FNHQ DQZXFKVHQ ²XQG QLH ]XYRU KDWWHQ 'DUVWHOOXQJHQ GLH :HOW VRUHDOLVWLVFKZLGHUJHVSLHJHOW6FKOLH‰OLFKZDUGLH:HOWYROOHU:XQGHUYRO OHU:XQGHUZHUNHGHU$UFKLWHNWXUZLHEHLGHQ6WDGWXQG+DIHQDQVLFKWHQ YRQ9HQHGLJ3RUHÿ 3DUHQV .RUIX0HWKRQL 0RGRQ .UHWD+HUDNOLRQ &DQGLD 5KRGRVYRQ-HUXVDOHPXQGGHP+HLOLJHQ/DQGGRFKDXFKYRO OHU:XQGHUGHU1DWXUXQGGHU.XOWXU=XPHUVWHQ0DOWUDWHQGHPPLWWHO DOWHUOLFKHQ0HQVFKHQ5HSUlVHQWDQWHQXQG5HSUlVHQWDWLRQHQDQGHUHU(WK QLHQ XQG 5HOLJLRQVJHPHLQVFKDIWHQ LQVR JUR‰HU=DKO HQWJHJHQ H[RWLVFKH 0HQVFKHQ XQG GLH $OSKDEHWH LKUHU 6SUDFKHQ GLH $UDEHU XQG GDV DUDEL VFKHGLH-XGHQXQGGDVKHEUlLVFKHGLH*ULHFKHQXQGGDVJULHFKLVFKHXQG GLH6XULDQHQXQGGDVFKDOGlLVFKH$OSKDEHWGDVNRSWLVFKH$OSKDEHWGHU-D FRELWHQGDVDUPHQLVFKH$OSKDEHWXQGGLH$EHVVLQLHUXQGLKUDPKDULVFKHV $OSKDEHW $OOH GLHVH 0HQVFKHQ PLW LKUHQ 6SUDFKHQ ZDUHQ LP +HLOLJHQ /DQG DQ]XWUHIIHQ ² HEHQVR ZLH GLH ZLOGHQ 7LHUH GLH *LUDIIH Å6HUDIID´  GDV(LQKRUQ Å9QLFRUQXV´ GDV.URNRGLO Å&RFRGULOOXV´ =LHJHQ Å&DSUH GH,QGLD´ XQGZLHEHUHLWVEHPHUNWHLQDXJHQ]ZLQNHUQGDOVÅXQEHNDQQW´ WLWXOLHUWHV]ZLVFKHQ$IIHXQG0HQVFKFKDQJLHUHQGHV=ZLWWHUZHVHQ Å1RQ FRQVWDWGHQRH´ LQGHVVHQ+DQGGLH=JHOHLQHVJHVDWWHOWHQ'URPHGDUV Å&DPHOXV´ OLHJHQ  :LHJUR‰GLH1DFKIUDJHQDFKGHU3HUHJULQDWLRZDU]HLJHQGLHYLHOHQ1HXDXI ODJHQ XQG hEHUVHW]XQJHQ GDV %XFK ZDU HLQ PLWWHODOWHUOLFKHU %HVWVHOOHU  -DNRE&KULVWRSK%RXUGRQ(SLWDSKLDLQ(FFOHVLD0HWURSROLWDQD0RJXQWLQD+66)U GLH $EVFKULIW DXV GHP  -DKUKXQGHUW 6  GDQNH LFK 'U $OH[DQGUD .|QLJ YRQ GHU .LUFKOLFKHQ'HQNPDOSIOHJHGHU'L|]HVH0DLQ] Å-DKUHVSlWHUZlKUHQGGHV-DKUHVZXUGHGHU(U]ELVFKRI'DQLHOGDQHEHQ]XU/LQ NHQ EHHUGLJW XQG ZHJHQ GHU (QJH GHV *UDEV GDV WHLOZHLVH ]X GHP %HUQKDUGV JHK|UWH EOLFNWHPDQGRUWKLQHLQXQGPDQIDQGGHQ/HLEXQGHUZDUELV]XGLHVHP=HLWSXQNWXQ YHUVHKUWXQGXQYHUZHVWXQGGXIWHWHJXWZDVGHU.UDIWGHV%DOVDPV]X]XVFKUHLEHQLVWGHU 0\UUKHXQGGHP=HGHUQ|OXQGDQGHUHU)OVVLJNHLWHQGLHHUDXV3DOlVWLQDPLWEUDFKWHXQG PLWGHQHQHUEHVWDWWHWZXUGH´  2IIHQEDUZDUHQDXFK+RO]VFKQLWWHGHU-DNRELWHQGHU1HVWRULDQHUGHU$UPHQLHUXQGGHU 0DURQLWHQYRUJHVHKHQZLHGLHQLFKWEHGUXFNWHQ6WHOOHQDXIYYUXQGUYHU PXWHQODVVHQ'DV3ULQ]LSGHURULJLQDOJHWUHXHQ:LHGHUJDEHYHUODQJWHHVGDVVGLHHQWVSUH FKHQGHQ6WHOOHQDXIGHQ6HLWHQXQGOHHUEOLHEHQ  Å1RQFRQVWDWGHQR P L Q H´ 6HLQ1DPHLVWQLFKWEHNDQQW

9RUZRUW

;;;,

1DFK GHU ODWHLQLVFKHQ HGLWLR SULQFHSV YRP  )HEUXDU  EHL 3HWHU 6FK|IIHU HUVFKLHQ LQ GHPVHOEHQ -DKU DP  -XQL GLH HUVWH IUKQHXKRFK GHXWVFKH $XVJDEH GXUFK 3HWHU 5HXZLFK PLW GHQ 7\SHQ 3HWHU 6FK|IIHUV DP$SULOGLH ]ZHLWHGHXWVFKH $XIODJHEHL$QWRQ6RUJLQ$XJV EXUJ $P  0DL  NDP GLH QLHGHUOlQGLVFKH (UVWDXIODJH EHL 3HWHU 6FK|IIHU KHUDXV DP  1RYHPEHU  GLH HUVWH IUDQ]|VLVFKH $XIODJH EHL0LFKHO7RSLpXQG-DFTXHV+HUHPEHUFNGLH]ZHLWHIUDQ]|VLVFKH$XIOD JHVFKRQDP)HEUXDUEHL*DVSDUG2UWXLQLQ/\RQ'LHGULWWH GHXWVFKH$XIODJHYHUDQVWDOWHWHDP-XOL3HWHU'UDFKLQ6SH\HUGLH YLHUWHXQGI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|VLVFKH$XVJDEHQQRFKPDOVXQGLQ 3DULV  9HUWLHIHQGH6WXGLHQPVVWHQVLFKHLQHP9HUJOHLFK]ZLVFKHQGHQHLQ]HOQHQ 6SUDFKIDVVXQJHQ ZLGPHQ DQ HUVWHU 6WHOOH VROOWH GLH ODWHLQLVFKH PLW GHU GHXWVFKHQ )DVVXQJ GHU MHZHLOLJHQ (UVWDXVJDEHQ YHUJOLFKHQ ZHUGHQ ,Q HLQHPNXUVRULVFKHQhEHUEOLFNNDQQELVODQJQXUIHVWJHKDOWHQZHUGHQGDVV GLH ODWHLQLVFKH )DVVXQJ RIIHQEDU VWlUNHU DQ HLQH UHLVHZLOOLJH XQG IlKLJH /HVHUVFKDIWJHULFKWHWZDUDOVGLHGHXWVFKH)DVVXQJ6RKDEHQHWZDGLH5H ]HSWH XQG 5DWVFKOlJH JHJHQ 6HHNUDQNKHLWHQ XQG 8QJH]LHIHU GLH DXI GHQ OHW]WHQ6HLWHQGHUODWHLQLVFKHQ)DVVXQJDEJHGUXFNWVLQGIU1LFKW3LOJHUQ GHNHLQHQ1XW]HQ*OHLFK]HLWLJLVW%HUQKDUGLQGHUGHXWVFKHQ)DVVXQJRIW ZHQLJHUJHQDXDOVLQGHUODWHLQLVFKHQ²DOVUHFKQHHUGRUWPLWLOOLWHUDWL8P QXUHLQ([HPSHO]XQHQQHQ U ,P.DSLWHOEHUGLH-DNRELWHQVHW]WHU VLFKPLWGHUHQ0RQRSK\VLWLVPXVDXVHLQDQGHUXQGQHQQWHLQDXV0N VWDPPHQGHV %HLVSLHO IU GLH ]ZHL 1DWXUHQ-HVX'DV(UEDUPHQ EHU GLH OHLGHQGH0HQVFKHQPHQJHGLHWDJHODQJKXQJHUQGEHLLKPDXVJHKDUUWKDEH VHLHLQHPHQVFKOLFKH5HJXQJJHZHVHQGLH6SHLVXQJGHU9LHUWDXVHQGKLQ JHJHQ HLQH J|WWOLFKH +DQGOXQJ ,Q GHU GHXWVFKHQ )DVVXQJ GLH DXI GLH ,GHQWLIL]LHUXQJGHU(YDQJHOLHQVWHOOHYHU]LFKWHWLVWQXUYRQHLQHUÅAFKDUGHU PHQAFKHQ´GLH5HGHLQGHUHGLWLRSULQFHSVELEOLVFKH[DNWYRQÅ0HQ VFKHQ´$QVFKOLH‰HQGZHUGHQLQGHUODWHLQLVFKHQ)DVVXQJ]ZHL*HZlKUV OHXWH E]Z VFKULIWHQIUGLH.ULWLNDP0RQRSK\VLWLVPXVJHQDQQW]XHUVW %HGD >9HQHUDELOLV@ PLW VHLQHU ² QLFKW JHQDQQWHQ ² 6FKULIW ,Q (YDQJHOLXP 6DQFWL 0DUFL DXI GLH VLFK DXV GHU JHQDQQWHQ (YDQJHOLHQVWHOOH VFKOLH‰HQ

;;;,,

9RUZRUW

OlVVWDQVFKOLH‰HQGQHQQW%HUQKDUGGLH6FKULIW/LEHUVHQWHQWLDUXPGLHYRP² QLFKW JHQDQQWHQ ² 3HWUXV /RPEDUGXV VWDPPW XQG VLFK HEHQIDOOV PLW GHU K\SRVWDWLVFKHQ8QLRQEHIDVVWbKQOLFKH[DNWYHUIlKUW%HUQKDUGPDQFKPDO EHLOLWXUJLVFKHQ)HLHUWDJHQHLQ%HLVSLHODXVGHP.DSLWHOÅ5HLVHQDFK%HWK OHKHPXQG]XEHQDFKEDUWHQKHLOLJHQ 6WlWWHQ´ U ]HLJWGLHVÅ>$@0b[LLLMb WDJGH‰PRQHGV-XOÖMGDH‰DEHQWZDUGbJLHQJHQZÖU«´KHL‰WHVLPGHXW VFKHQ7H[WLPODWHLQLVFKHQKLQJHJHQÅ9(ASHUHLWDTXHIDFWRGLHTXDAXS UDLGHAW[LLLM-XOLMTXHIHAWXPHUDWGLXLAÖRQLVDSRVWRORUXPLQPRQWHP6\RQ «´'DVOLWXUJLVFKH)HVWGHUÅ$SRVWHOWHLOXQJ´GHU7DJDQGHPGLH$SR VWHO KLQDXVJLQJHQ LQ DOOH :HOW XP GDV (YDQJHOLXP ]X YHUNQGHQ GLHVHV )HVWZLUG ]ZDU QLFKW DP VRQGHUQ DP-XOL JHIHLHUW GRFK XQEHU VHKEDULVWGLH$EVLFKW%HUQKDUGVHVLQGHU3HUHJULQDWLR)DVVXQJIUGLH/D WHLQNXQGLJHQ²GLHPHLVWPLWGHP.OHUXVLGHQWLVFKZDUHQ²DQOLWXUJLVFK NDOHQGDULVFKHU'H]LGLHUWKHLWQLFKWIHKOHQ]XODVVHQ  =XP(GLWLRQVEHULFKWLVW)ROJHQGHVDQ]XPHUNHQ'LHLQGHQHLQVFKOlJLJHQ .DWDORJHQ IU 'HXWVFKODQGDQJH]HLJWHQ ([HPSODUH ZXUGHQ DXI LKUH([L VWHQ] KLQ EHUSUIW 'DV ZLFKWLJVWH 5HIHUHQ]ZHUN GHU *HVDPWNDWDORJ GHU :LHJHQGUXFNH *: GDWLHUWIUGDV6WLFKZRUWÅ%UHLGHQEDFK´DXVGHP-DKUH  %DQG DOVRDXVGHU 9RUNULHJV]HLW.RUUHNWXUHQZDUHQDOVR]ZLQ JHQG]XHUZDUWHQ'HQQDEJHVHKHQYRPOHLGHUQLHDXV]XVFKOLH‰HQGHQ% FKHU6FKLFNVDOZRQDFKHLQ]HOQH%lQGHLPPHUZLHGHUYHUVFKZLQGHQXQG DXFKDEJHVHKHQYRQ.DWDVWURSKHQLQ)ULHGHQV]HLWHQZLHHWZD%LEOLRWKHNV EUlQGHQVLQG.ULHJVHLQZLUNXQJHQIU%FKHUVDPPOXQJHQPHLVWYHUKHH UHQG%FKHUGLHLP,,:HOWNULHJGXUFK*OFNRGHU$XVODJHUXQJGHU9HU QLFKWXQJRGHUHLQHP6FKLFNVDODOV%HXWHJXWHQWJDQJHQZDUHQHUIXKUHQLQ GHU1DFKNULHJV]HLWHLQHHUQHXWH2G\VVHHLPVR]LDOLVWLVFKHQGHUGHXWVFKHQ 6WDDWHQ ZXUGHQ WHLOZHLVH HKHPDOV ODQGHVKHUUOLFKH %LEOLRWKHNHQ DXIJHO|VW XQG*HELHWVUHIRUPHQGXUFKJHIKUWQDFKGHQHQGLH%HVWlQGHQHXYHUWHLOW XQG LQ VWDDWOLFKH XQGRGHU XQLYHUVLWlUH %LEOLRWKHNHQ LQWHJULHUW ZXUGHQ RKQH GDVV HLQH =XZHLVXQJ DNWXHOOHU %HVWlQGH LQ GLH HLQVWPDOLJHQ %LEOLR WKHNLPPHUHLQGHXWLJJHOLQJHQZUGH=ZHLIHOVIUHLQlPOLFKQDFK0D‰JDEH GHV%HVLW]YHUPHUNVLVWMHGRFKGDVLP*:DQQRWLHUWH([HPSODUGHUHKH PDOLJHQ/DQGHVELEOLRWKHN$OWHQEXUJQDFKGHU*HELHWVUHIRUPYRQLQ GLH7KULQJHU8QLYHUVLWlWVXQG/DQGHVELEOLRWKHNQDFK-HQDJHODQJW 6LJ

 $EEUHYLDWXUHQVLQGDQGLHVHU6WHOOHQLFKWZLHGHUJHJHEHQ  %HLVSLHOVZHLVHLVWGDVLP*:DQJHJHEHQH([HPSODUGHV3UHGLJHU6HPLQDUVLQ:LWWHQEHUJ VHLWYHUVFKROOHQ)UHXQGO$XVNXQIWGHU%LEOLRWKHNDULQ&RUGXOD.URO  *OFNOLFKHUZHLVHEOLHEGLH:HLPDUHU%HUQKDUG,QNXQDEHOYRP%UDQGGHU+HU]RJLQ$QQD $PDOLD%LEOLRWKHNDP6HSWHPEHUYHUVFKRQW

9RUZRUW

;;;,,,

QDWXU- YRQGHQEHLGHQDQGHUHQ([HPSODUHQLQ-HQDLVWQXUGLH 3URYHQLHQ]GHVHLQHQJHVLFKHUW²REGDVDQGHUH([HPSODUDXVGHU)UVW OLFKHQ%LEOLRWKHN:HUQLJHURGHVWDPPW GLHYHUVWHLJHUWZXUGHPXVV HLQ'HVLGHUDWEOHLEHQ+LQJHJHQLVWGDV([HPSODUGHUHKHPDOLJHQ/DQGHV ELEOLRWKHN'UHVGHQ KHXWH6lFKVLVFKH/DQGHVELEOLRWKHN²6WDDWVXQG8QL YHUVLWlWVELEOLRWKHN'UHVGHQ QDFKZHLVOLFKDOV.ULHJVYHUOXVW]XEHNODJHQ  'HU HOHNWURQLVFKH ,QNXQDEHONDWDORJ GHU 8QLYHUVLWlW 7ELQJHQ ,1.$  OLVWHWHQXU'UXFNH[HPSODUH*:DXI'HUZHJHQVHLQHUVWlQGLJHQ $NWXDOLVLHUXQJ YHUOlVVOLFKHUH ,QFXQDEXOD 6KRUW 7LWOH &DWDORJXH ,67&  KLQJH JHQ]HLJWH([HPSODUHGHU,QNXQDEHO*:DQ9RQGLHVHQHUZLHVHQ VLFKEHLGHU5HFKHUFKH]ZHL([HPSODUHDOVIHKOHUKDIWGDWLHUWHLQDQGHUHV YRU QLFKW DOO]X ODQJHU =HLW HQWGHFNWHV ([HPSODU PXVVWH HUJlQ]W ZHUGHQ GDVLQGHU/DQGHVXQG0RUKDUGWVFKHQ%LEOLRWKHN.DVVHODXIEHZDKUWH([ HPSODUGHU)UVWOLFK:DOGHFNVFKHQ+RIELEOLRWKHN$UROVHQ6REOLHEHVEHL GHU =DKO YRQ  ([HPSODUHQ YRQ GHU]HLW LQ 'HXWVFKODQG |IIHQWOLFK JH VDPPHOWHQE]Z|IIHQWOLFK]XJlQJOLFKHQ'UXFNHQGHU%HUQKDUGVFKHQ3HU HJULQDWLRYRP-XQL$OOHGLHVH([HPSODUHZXUGHQYRQGHU(GLWRULQ DXWRSVLHUWPLW$XVQDKPH]ZHLHU([HPSODUHGLHZlKUHQGGHU5HFKHUFKH SKDVH QLFKW HLQVHKEDU ZDUHQ 'DEHL KDQGHOW HV VLFK XP ]ZHL ([HPSODUH GHU %D\HULVFKHQ 6WDDWVELEOLRWKHN 0QFKHQ 'HU 'UXFN PLW GHU 6LJQDWXU Å5DU´EHIDQGVLFKZlKUHQGGHU5HFKHUFKHQEHLGHU5HVWDXULHUXQJV GHUMHQLJHPLWGHU6LJQDWXUÅ5HV3ODWQ´LQGHU'LJLWDOLVLHUXQJV DEWHLOXQJ $XIJUXQG GHU 6\QRSVH GHU  HLQVHKEDUHQ ([HPSODUH NRQQWH HLQ NRPSOHWWHU 7H[WFRUSXV HUVWHOOW ZHUGHQ JOHLFK]HLWLJ JDEHQ GLH $XWRS VLHQ$XIVFKOXVVEHUGHQ*UDGWH[WOLFKHUXQGJUDSKLVFKHU.RUUXPSLHUXQ JHQ'LHVH(UJHEQLVVHVLQGLPOHW]WHQ7HLOGHV%XFKHVLQGHQ$EVFKQLWWHQ Å1DFKZHLVGHU(LQ]HOH[HPSODUH´XQGÅ1DFKZHLVGHUVHLWHQIOOHQGHQXQG GHU 3DQRUDPD+RO]VFKQLWWH´ QDFK]XOHVHQ 'LH JUR‰H =DKO GHU DXV GHP  6DXFK'LH:LHJHQGUXFNHGHU/HLS]LJHU6DPPOXQJHQXQGGHU+HU]RJOLFKHQ%LEOLRWKHNLQ$OWHQEXUJ (LQ9HU]HLFKQLVYRQ2WWR*QWKHU/HLS]LJ6  6LJQ%XG7XUF6FKHQNXQJYRQ&KULVWLDQ*RWWOLHE%XGHUGHP'LUHNWRUGHU-HQDHU 8QLYHUVLWlWVELEOLRWKHN YRQ  9JO .DUO %XOOLQJ +J  *HVFKLFKWH GHU 8QLYHUVLWlWVEL EOLRWKHN-HQD,Q&ODYHV-HQHQVHV:HLPDU6  )UHXQGOLFKH$XVNXQIWYRQ.HUVWLQ6FKHOOEDFKYRP5HIHUDW+DQGVFKULIWHQ6HOWHQH'UXFNH GHU 6/8% 'UHVGHQ /DXW KVV ,QNXQDEHOYHU]HLFKQLV GHU %LEOLRWKHN HUVWHOOW YRQ +lEOHU  WUXJGDV([HPSODUGLH6LJQDWXU,QN *HRJU&   KWWSZZZLQNDXQLWXHELQJHQGHFJLELQLQNXQDEHO"VWDWXV 6XFKH  %HLGHPIUGLHÅ%LEOLRWKHNGHU*UR‰HQ.LUFKH´(PGHQ²VHLW6WLIWXQJÅ-RKDQQHVD /DVFR%LEOLRWKHN(PGHQ´²DXVJHZLHVHQHQGHXWVFKHQ([HPSODUKDQGHOWHHVVLFKXPGLH² LQ]ZLVFKHQ YHUNDXIWH ² ODWHLQLVFKH (UVWDXVJDEH )UHXQGOLFKH 0LWWHLOXQJ GHV %LEOLRWKHNV PLWDUEHLWHUV.ODDV'LHWHU9R‰YRP ²(EHQVRHUZLHVVLFKEHLGHU5HFKHUFKHYRU 2UWLQGHU2EHUODXVLW]VFKHQ%LEOLRWKHNGHU:LVVHQVFKDIWHQLQ*|UOLW]GDVDOVIUKQHXKRFK GHXWVFKHQ(UVWGUXFNDQJHNQGLJWH([HPSODUDOVHLQVSlWHUHUGHXWVFKHU'UXFN

;;;,9

9RUZRUW

%XFKEORFNKHUDXVJHWUHQQWHQ+RO]VFKQLWWHZHLVWGDUDXIKLQGDVVGLH5HX ZLFKVFKHQ $EELOGXQJHQ P|JOLFKHUZHLVH DOV GHNRUDWLYH%LOGWDIHOQ JHQXW]W ZXUGHQ'LHIHKOHQGH+HLOLJ/DQG.DUWHKLQJHJHQZDUYLHOOHLFKWHLQHFKWHU 5HLVHEHJOHLWHU  'RFKDXFKXQDEKlQJLJYRP*UDGGHU9ROOVWlQGLJNHLWJOHLFKWNHLQ3HUHJUL QDWLR([HPSODU GHP DQGHUHQ 6R N|QQHQ GLH 6FKULIW]JH LQQHUKDOE GHU +RO]VFKQLWWH ODWHLQLVFK RGHU GHXWVFK ODXWHQ RGHU JDU IHKOHQ GLHV EHWULIIW GLH$EELOGXQJGHU*UDEHVNLUFKHXQGGLH7LHUWDIHO7HLOZHLVHOLHJWGLH$E ZHLFKXQJ GHU HLQ]HOQHQ 'UXFNH YRQHLQDQGHU DEHU DP +HUVWHOOXQJVSUR ]HVVGHQQGDV'UXFNHQGHV7H[WHVXQGGDVGHU+RO]VFKQLWWHIDQGHQMDLQ XQWHUVFKLHGOLFKHQ 6WDGLHQ VWDWW 6R IHKOW EHLVSLHOVZHLVH LP 'DUPVWlGWHU ([HPSODU 'D,9GHU+RO]VFKQLWWYRPMGLVFKHQ*HOGKlQGOHU Y  'LH8QWHUVFKLHGOLFKNHLWGHU([HPSODUHKlQJWDEHUDXFKPLWGHU3UD[LVGHU ,QNXQDEHOKHUVWHOOXQJ]XVDPPHQLQGHUGLH)DEULNDWLRQGHU,QLWLDOHQQRFK QLFKWYRP'UXFNEHUQRPPHQVRQGHUQZHLWHUKLQGHU%XFKPDOHUHLEHU ODVVHQZXUGH6HLHVQXQHLQ,QGL]IUGLH%HVFKOHXQLJXQJGHU+HUVWHOOXQJ VHLHVHLQH'LVWDQ]JHJHQEHUGHQ6WHUHRW\SHQ²MHGHQIDOOVLVWHLQHEHUUD VFKHQGH ,QLWLDOHQYDULDQ] ]X EHREDFKWHQ (LQH NOHLQH =XVDPPHQVWHOOXQJ ,$1 GHP [[ 7DJ U U Y Y U U  89)9U K\Q U Y  :60,FK EHIUHPGHW Y  ':,H ZRKO G\QHU UHGHQ ADW]XQJ Y  1'2FK PHH ]ţ ZLAAHQ Y  2'($9FK LAW ]ţ ZLAAHQ Y  $(\Q DQGHU JHAOHFKW U  $:'$V PLW YUADFK Y  $2%QRFK\HPDQG Y 6'2GLAHGLQJ U 6'2DEHUH\QDQ GHFKWLJHUFULVWēPHQAFK Y '62LFKKDEZLOOHQ]ţAFKULEHQ Y  1HEHQGHUÅVHPDQWLVFKHQ´$XVJHVWDOWXQJGHU,QLWLDOHQYDULLHUWDXFKGHUHQ RSWLVFKHVLHUHLFKWYRQHLQIDFKHQ/RPEDUGHQELV]XNXQVWYROOYHU]LHUWHQ $XVPDOXQJHQ DXI *ROGJUXQG LQ YLHOHQ DQGHUHQ )lOOHQ VLQG GLH ,QLWLDOHQ JDUQLFKWDXVJHIKUW%ODXXQGURWNRORULHUWVLQGPDQFKPDO6DW]RGHU$E VFKQLWWDQIlQJHPDQFKPDOJLEWHV8QWHUVWUHLFKXQJHQ.RORULHUWVLQGJHOH JHQWOLFKGLH+RO]VFKQLWWHPDQFKPDOQXULP$QVDW]PDQFKPDOVHKUVRUJ IlOWLJPDQFKPDOGXUFKDXVÅIUHL´²ZHQQHWZDGLH 'lFKHUGHU+lXVHULQ EODXHU)DUEHDXVJHPDOWZXUGHQ  ,KUHQHLJHQZLOOLJVWHQ&KDUDNWHUEHNRPPHQGLH([HPSODUHDEHUYRUDOOHP GXUFKGLHLQLKQHQDXI]XILQGHQGHQ/HVHVSXUHQ(LQ/HVHU²RGHU%XFKPD  9LHOH/HHUVWHOOHQZHLVHQGDUDXIKLQGDVVPDQFKH+RO]VFKQLWWHZRKOQLFKWIHUWLJJHZRUGHQ VLQG%HLGHU3DUDOOHOLWlWGHV/D\RXWV%LOG²7H[W²$OSKDEHWLP LPSOL]LWHQ .DSLWHOÅ1DWLR QHQLQ-HUXVDOHP´JLEWHVXQEHGUXFNWHQ3ODW]EHLGHQ-DFRELWHQ Y GHQ1HVWRULDQHUQ Y GHQ$UPHQLHUQ U GHQ*HRUJLHUQ Y XQGGHQ0DURQLWHQ U $XFKDXI ]ZHLYRUGHUHQ6HLWHQLVWQRFK3ODW] UY ²REKLHUHLQH'DUVWHOOXQJGHUKO.DWKDULQD RGHUGHU5HLVHJUXSSHJHSODQWZDU"

9RUZRUW

;;;9

OHU" ² GHV $VFKDIIHQEXUJHU ([HPSODUV JHILHO VLFK GDULQ GLH ,QLWLDOHQ GXUFKJlQJLJ PLW *URWHVNHQ DXV]XPDOHQ *HVLFKWHUQ PLW 6FKHOOHQNDSSHQ ZlKUHQGGHVVHQKDWVLFKHLQ0QFKQHU/HVHUPLWQXUHLQHU*URWHVNHEH JQJWHLQHP.RSIPLWKHUDXVJHVWUHFNWHU=XQJHLQHLQHU',QLWLDOH U ,Q ]DKOUHLFKHQ ([HPSODUHQ ZHLVHQ =HLJHKlQGH DXI ZLFKWLJH 6WHOOHQ KLQ LP :U]EXUJHU 'UXFN ZXUGH QHEHQ GLH 6WHOOH YRQ 3HWUXV· 9HUOHXJQXQJ HLQ +DKQ JHPDOW Y  ² :R %HUQKDUG EHULFKWHW GLH +HLGHQ NVVWHQ GLH .HWWHQGHVKO*HRUJXQGKlQJWHQVLHVLFKXPGHQ+DOVÅWKHWHQZLUDXFK DOAR´EHPHUNWHLQ/HVHUGHU$VFKDIIHQEXUJHU,QNXQDEHO'RFKQLW]XKDUW Y  ² *HOHJHQWOLFK ]HLJW HLQ /HVHU VHLQHQ WKHRORJLVFKHQ +LQWHUJUXQG HWZDZHQQGLHEHULFKWHWHQ,QKDOWHDP5DQGODWHLQLVFKZLHGHUJHJHEHQZHU GHQ$QGHU6WHOOHDQGHUGLH3UD[LVGHU%HVFKQHLGXQJWKHPDWLVLHUWZLUG QRWLHUWGHU/HVHUFLUFXPFLVLR U XQGZHQQYRQ%DQDQHQGLH5HGHLVWGHU )UXFKW PLWWHOV GHUHU QDFK PLWWHODOWHUOLFKHP 9HUVWlQGQLV $GDP XQG (YD JHVQGLJWKDEHQVRVWHKWLP:HLPDUHU'UXFN$UERUERQLHWPDOL Y  (LQH WKHRORJLVFKH hEHUK|KXQJ YRQ 9RONVIU|PPLJNHLW LVW DXFK IROJHQGH 3DVVDJHLQGHU%HUQKDUGHLQH6WHOOHDXVGHP/XNDV(YDQJHOLXPLP+HLOL JHQ/DQGEHJODXELJWÅ$OVEDOGZDUWFULŰWXVHLQVŰWH\QVZXUIIVZ\WDQH\P DQGHUHQEHUJJHŰHKHQbGRPDQQRFKŰ\KHWDOOHJOÖHGPD‰YQŰHUVKHUUHQO\EHV YQGNOHÖGHU\QH\QŰWHLQJHGUXFNHWb´'D]XHLQ(UIXUWHU.RPPHQWDUIRUPD IRUPDWRULV Y   'LH6FKLOGHUXQJHQYRQGHQ0RVOHPVKDEHQGLHPHLVWHQ/HVHU]X*ORVVHQ YHUDQODVVW$QHLQHU6WHOOHEHULFKWHW%HUQKDUGHLQH/HJHQGHYRQGHQ+XQ GHQDXI5KRGRVGLHDXI*ORFNHQJHOlXW]XGHQ-RKDQQLWHUQJHODXIHQNRP PHQXQGGDQQZLHGHUDXVODXIHQXQGÅGLHWXUFNHQZRAÖHA\HYLQGHQ]HU U\AAHQ´ GRUW YHUPHUNW HLQ $XJVEXUJHU /HVHU PLW *HQXJWXXQJ 5RGLBHU +XQG]HUUHL‰HQGLH7UNHQ U ²'LHLVODPLVFKH/HKUHXQGGDV/HEHQ0R KDPPHGVZHUGHQWHLOVPLW$EVFKHXWHLOVPLWXQYHUKRKOHQHP1HLGNRP PHQWLHUW6RIUDJWHLQH(UIXUWHU6WLPPH:HUPRFKWGDVQLW"DOVLQGHQVFKLO OHUQGVWHQ)DUEHQGLH3DUDGLHVHVIUHXGHQDXVJHPDOWZHUGHQGLHGHPJOlXEL JHQ0RVOHPZLQNHQ Y 'RFKVRJOHLFKQLPPWVLFKGLHVHU/HVHU]XUFN PLW SIXL SIXL DQ GLFK VFKHOPHQ ² ]XU (UODXEQLV 0RKDPPHGV GHU 0HQVFK GUIHPLWGHQ7LHUHQDOOHVWXQZDVHUZROOHÅGD]\UPLW\QHQYROOHQEUHFK WHQDOOHVGDVYFKJHOXAWHWXQG\QXZUHQKHUW]HQKHWWHQ´ U =ZHL:U] EXUJHU +lQGH HUHLIHUQ VLFK DXI GLHVHU 6HLWH PLW GHQ :RUWHQ %HUQKDUGV 6WLQFNHQGHU 6RGRPLW  LVW 0DFKRPHWK HLQH 6HLWH VSlWHU JHFN 0DFKRPHWK (LQH .|OQHU *ORVVH NRPPHQWLHUW GHQ 3URSKHWHQ $OODKV GDJHJHQ IDVW ]XUFN KDOWHQG0DFKRPHWHLQYHQXVNLQGWYQGNRQLJGHUYQNHVFKKHLW U 6SlWHUDOOHU GLQJVNDQQGLHVHU/HVHUJOHLFKVDPQXUGHQ.RSIVFKWWHOQZHQQGLH6DU  'HU%DXPGHV*XWHQXQG%|VHQ

;;;9,

9RUZRUW

UD]HQHQ LKUHQ ÅKHLOLJHQ 1DUUHQ´ HUODXEHQ YRQ +DXV ]X +DXV ]X JHKHQ GRUW]XHVVHQXQG]XWULQNHQÅY?GLHIUDXZē>]X@EHAODIIHQYQJHK\QGHUWYŇ \HPDQ´(LQJXWWHKHOLJKH\WVLHLMVSODFHW Y   'DQQJLEWHV*OlXELJHXQWHUGHQ3HUHJULQDWLR/HVHUQGLHDQGHQ/HKUPHL QXQJHQGHU.LUFKHIHVWKDOWHQXQGJOHLFKVDPYRUUHIRUPDWRULVFKH*OlXEL JH(LQH)UDQNIXUWHU+DQGHWZDQRWLHUWHDQGHU6WHOOHDOVGLH3LOJHUVFKDU GDV+HLOLJH/DQGEHWULWWXQGGDGXUFKHLQHQ3OHQDUDEODVVHUKlOW9HUJHEXQJ DOOHU6QGH ZHQQPDQQXUDXIIV+HLOLJH/DQGWULWW U 6HKUIURPPDXFKHLQ :HLPDUHU/HVHUGHULQHLQHU3DVVDJHYRP%DOVDPJDUWHQGLH/HJHQGHOLHVW ZRQDFK VLFK KLHU GHU 0DULD XQG GHP -HVXVNLQG DXI LKUHU )OXFKW QDFK bJ\SWHQ HLQ %DXP DXIWDW LQ GHVVHQ 6WDPP VLH UXKHQ NRQQWHQ (LQ JUR‰ :XQGHU Y  9HUZXQGHUW ]HLJW VLFK DXFK HLQ :U]EXUJHU /HVHU DQJH VLFKWV GHU +DEDNXN/HJHQGH QDFK GHU GLHVHU YRQ HLQHP (QJHO LQ GLH +|KOHGHV/|ZHQ]X'DYLGJHWUDJHQZXUGHXPLKP]XHVVHQ]XEULQJHQ ,VWQ7WJODXEOLFK U *HUDGH]XHLQ%HLVSLHOIUGHQ6WUHLWXP/HKUPHLQXQ JHQ LVW GHU IROJHQGH (LQWUDJ DXV GHP )UDQNIXUWHU :LHJHQGUXFN LQ GHP GHUEHLGHQ-XGHQJOWLJH6DW]XQWHUVWULFKHQLVWÅ-WHPAÖHKDOWHQGD]NH\Q IHJIHUV\´ZDVQXQGHU/HVHUDXFKIUVHLQH.RQIHVVLRQHLQIRUGHUW4XRG HWHJRQHJR U   $OVOHW]WHGHU/HVHVSXUHQVROOHQPHKUHUH(LQWUlJHDXVGHP(UIXUWHU%DQG IROJHQGLHLQLKUHU$XVIKUOLFKNHLWGLH9RUEHKDOWHJHJHQGDV3LOJHUQEHU KDXSW IRUPXOLHUHQ ² DXFK VLH JHK|UHQ ]XU 5H]HSWLRQ GHU 3LOJHUOLWHUDWXU 'LH.RPPHQWDUHVLQGDP5DQGGHU(LQIKUXQJGHU3HUHJULQDWLRQRWLHUWZR %HUQKDUGGLH0RWLYHIUVHLQH+HLOLJ/DQG)DKUWJUXQGOHJW=XQlFKVWJLOW GLH.ULWLNGHUH[LVWHQWLHOOHQH[SHULPHQWDWLRGHQRFXOLFDUQDOHVPLWGHQHQHLQ 3LOJHUVHLQH9HUHKUXQJGHUKHLOLJHQ6WlWWHQEHJUQGHW  Å+LHODXWWHQYRU]ZHQHLUWKXPE , 'DV DEOD‰ XQGWYHUJHEXQJ GHU VşQGHQ GHP KHLOLJHQ2UWHV ]XJHVFKULH EHQZLUGW'HQZLH&KULVWXVQLFKWGHQMHQLJHQGLH6HOLJNHLW]XHUNHQQHWGLH LKQ PLW OHLEOLFKHQ DXJHQ JHVHKHQ -RKDQ VRQGHUQ GLH DQ LKQ JODXEHQ DOUHVRGHSHQGLUHWYHUJHEXQJGHUVşQGHQQLFKWYRPRUWGD&KULVWXVXQV]X VXFKHQ XII HUGHQ JHOHEHW X JHVWRUEHQ VRQGHUQ YRQ &KULVWR VHOEHV LQ ZDKUHP*ODXEHQHUJULIIHQ

 (LQHJXWH+HLOLJNHLWZHQQVLHLKQHQGHQQJHIlOOW  :DVDXFKLFKEHVWUHLWH  ,HEHJUHLIHQ

9RUZRUW

;;;9,,

,,:LUGGHPKHLOLJHQODQGH]XJHODJHW9HUJHEXQJDOOHUVFKXOGXQG SHLQ'DUXQGHUIXUGHUGHUJUREH,UUWKXPEGDV&KULVWXVKDEHJHQXQJ JHWDQQXLUIRUGLHVşQGHXQGWGXUFKLKQHUODQJHPDQQYHUJHEXQJGHU VşQGHQDEHUQLFKWYHUJHEXQJRGHUHUODVVXQJGHUSLQVRQGHUQGXUFKVROFK ZDOIDKUHQQXQGGHUJOHLFKHVFKZHUZHUNHPşVVHPDQQVHOEVWHVEşVVHQ XQGWHUODVVXQJGHUSHLQYHUGLHQHQGRGRFK&KULVWXVKDWXIIVLFK JHQRPPHQXJHODGHQ$OOHXQVHUH6şQGHQXQG]XJOHLFKDXFKOLJHWDXILKP GLHVWUDIIDXIGDVZLUIULHGHKDOWHQ(VDL´ Y  Å1%0HUFNHELVRQGHUZDV&KULVWXVVDJW]XP6DPDULWLVFKHQ ZDLEOHLQ-RKDQQGHVPDQQYHQGH]XU=HLWGHVQHZQWHVWDPHQWVYII GHPVHOEHQEHUJHRGHU]X-HUXVDOHPQLFKWDQEHWWHQVRQGHUQGLH UHFKWVFKDIIHQHQDQELWWHUPXVVHQ*RWWDQELWWHQLP*HLVWXQGLQGHU ZDUKHLW 1%0HUFNDXVGLVHQLUUWKXPEGDV*RWWHVJQDGHDQHLQHP2UWVROOVHLQ NUHIIWLJHUDOVDQ GHPDQGHUQGRVXVGRFK*RWWDOVDJHQVOLEHUULPXP DQ GHLQHP RUWK PLW VHLQHU *QDGH PHKU VşQGHQ ODVVHQ ZLOO DOV DQ GHP DQGHUVVHLQHP>2UW@ZRKLQHUVHLQHVQDPHVJHGDLFKWQLV*HVWLIWHWKDWGD ZLOO(U ]XXQVNRPPHQ XZRKQHQ EH\ XQV PHQVFKHQ DXFK XQV VHJQHQ ([  -RKDQQHV ´ U  6LFKHUOLFK ZLUG PDQ QLFKW IDOVFK OLHJHQ GLHVH (LQUHGHHLQHPSURWHVWDQWLVFKHQ/HVHU]X]XVFKUHLEHQGHUVHLQHQ +HLODQG DPOLHEVWHQLQVHLQHP+HU]NlPPHUOHLQHLQVFKOLH‰HQP|FKWH  'LHDPVDQWHVWHDOOHU/HVHUVSXUHQLVWYLHOOHLFKWGHU)UDQNIXUWHU.RPPHQ WDU ]XP .QVWOHUVLJQHW DXI U 'HU +RO]VFKQLWW PLW GHP .QVWOHU]HL FKHQGHUZLH7LPPQDFKJHZLHVHQKDW(UKDUG5HXZLFK]X]XRUGQHQLVW ZXUGH ]XJHNOHEW XQG GDQHEHQ ZXUGH JHVFKULHEHQ (LQ -XQJIUDX DX‰ GHU 'UUNH4XRPRGRWXUFLYHQLXQW(UJRIXLWLJLWXU²hEULJHQVVLQGGLH'DWHQGHU OLWXUJLVFKHQ 'H]HPEHU)HVWH GLH LQ GHU GHXWVFKHQ )DVVXQJ IDOVFK VLQG XQG GRFK MHGHP PLWWHODOWHUOLFKHQ 0HQVFKHQ VLFKHUOLFK RKQH OLWXUJLVFKHQ .DOHQGHU YHUIJEDU ZDUHQ LQ NHLQHP GHU DXWRSVLHUWHQ ([HPSODUH YHULIL ]LHUWDXFKGDVV%HUQKDUGLQGHQ.RUIX$EVFKQLWWHLQLJHVEHU.RUVLNDKDW HLQIOLH‰HQODVVHQZXUGHYRQNHLQHP/HVHUEHPlQJHOW  :HJHQGHVSKLORORJLVFKHQ6FKZHUSXQNWHVGLHVHU(GLWLRQVROOWH$OOJHPHLQ YHUVWlQGOLFKNHLWJHZlKUOHLVWHWVHLQDXVGLHVHP*UXQGZXUGHDXIELEOLRJUD     

,H]XJHVSURFKHQ )UGLH+LOIHEHLGHU/HVXQJGDQNHLFK'U%ULJLWWH3IHLO(UIXUW ,H1RWDEHQH ,HDXIGLHVH:HLVH ,H%HIUHLHU

 Å(LQH-XQJIUDXDXVGHU7UNHL:HQQGLH7UNHQNRPPHQZLUGHV>DXFKEHLXQV@VR VHLQ´

;;;9,,,

9RUZRUW

SKLVFKH%HVFKUHLEXQJVPRGLXQGWHUPLQLVRZHLWJHKHQGYHU]LFKWHWZLHHV GHU'LHQVWDQGHUSKLORORJLVFKHQ6DFKHOHJLWLPHUVFKHLQHQOLH‰6RHQWIlOOW LQGLHVHU(GLWLRQGLH]XU%HVFKUHLEXQJGHU9ROOVWlQGLJNHLWQLFKWQXUYRQ ,QNXQDEHOQ JHEUlXFKOLFKH /DJHQ]lKOXQJ GLH VSH]LDOLVLHUWH 'HGXNWLRQVOHL VWXQJHQ YRUDXVVHW]W GRFK VLFKHUOLFK N|QQHQ DXFK GLH 'HEWDQWHQ XQWHU GHQ 0HGLlYLVWHQ GHU =lKOXQJ QDFK %OlWWHUQ )ROLLHUXQJ  IROJHQ GLH GLH PDQJHOQGH 9ROOVWlQGLJNHLWHLQHV7H[WFRUSXVHEHQVR]XYHUOlVVLJDQJHEHQ ZLHMHQH9RUGHUXQG5FNVHLWHZHUGHQPLWGHQGHU%ODWWQXPPHULHUXQJ IROJHQGHQ %XFKVWDEHQ U UHFWR UHFKWH 6HLWH  E]Z Y YHUVR 5FNVHLWH  JH NHQQ]HLFKQHW ² %XFKZLVVHQVFKDIWOLFKH 6SH]LDOIUDJHQ ZLH HWZD GLH %H VFKUHLEXQJGHU(LQElQGHXQWHUEOLHEHQLP+LQEOLFNDXIHLQHYRQ.XQVWKL VWRULNHUQ ]X OHLVWHQGH YHUWLHIHQGH %HVFKlIWLJXQJ PLW GHU 0DWHULH +LHU |IIQHWVLFKQRFKHLQZHLWHVZLVVHQVFKDIWOLFKHV)HOG1LFKWMHGH%LEOLRWKHN XQGQLFKWMHGHV$UFKLYYHUIJWEHUKDXSWEHU ,QNXQDEHO .DWDORJHXQG VHOEVW ZHQQ 9HU]HLFKQLVVH YRUOLHJHQ VR JHEHQ VLH QLFKW XQEHGLQJW XP IDQJUHLFKH $XVNXQIW EHU HLQ YRUKDQGHQHV ([HPSODU HWZD EHU VHLQHQ (LQEDQGVHLQH$XVVWDWWXQJRGHUGLH1DPHQGHU9RUEHVLW]HU  'D )ROLLHUXQJV]LIIHUQ LQ GHU ,QNXQDEHO]HLW QRFK QLFKW JHGUXFNW ZXUGHQ KDEHQ GLH KHXWH H[LVWHQWHQ :LHJHQGUXFNH HQWZHGHU NHLQH =lKOXQJ RGHU GLH =lKOXQJ VWDPPW YRQ VSlWHUHU +DQG XQG LVW GDQQ PLW %OHLVWLIW RGHU 7LQWHDOV3DJLQLHUXQJRGHU)ROLLHUXQJDXVJHIKUW'LHVH3UD[LVHUJLEWVWDU NH $EZHLFKXQJHQ YRQ ([HPSODU ]X ([HPSODU 6FKRQ GLH )UDJH RE GDV %ODWW PLW GHP (LQOHLWXQJVKRO]VFKQLWW PLWJH]lKOW ZLUG RGHU QLFKW PDFKW GHQ HUVWHQ 8QWHUVFKLHG DXV )HKOHQGH %OlWWHU ZXUGHQ RIW LPSOL]LW PLWJH ]lKOW RIW DEHU DXFK QLFKW (LQH ZLFKWLJH XQG ² ZHLO RKQH 9RUELOG ² VFKZLHULJH )UDJH :LH VLQG GLH 3DQRUDPHQ ]X ]lKOHQ ² DOV ]ZHL %OlWWHU HQWVSUHFKHQG GHU (LQELQGXQJ LQ GHQ %XFKEORFN RGHU PLW HLQHU UHDOHQ =lKOXQJGHUWDWVlFKOLFKEHQ|WLJHQDOVOLQNVVHLWLJHUXQGRGHUUHFKWVVHLWLJHU $XVOHJHU VLFK PDQLIHVWLHUHQGHU %ODWWJHEUDXFK ZLH HU LQ GLH 3UHVVH NDP" %HLGHUJHZlKOWHQ=lKOXQJZXUGHVRYHUIDKUHQGDVVLKUDOVPD‰JHEOLFKH 5HIHUHQ]=lKOXQJ GLH *:$QJDEHQ ]XJUXQGH JHOHJW ZXUGHQ 6LH VWHOOHQ GLH QRUPVHW]HQGH $XWRULWlW GDU 'DQDFK EHVWHKW GHU GHXWVFKH (UVWGUXFN GHU 3HUHJULQDWLR DXV  %OlWWHUQ ZREHL Å%O E OHHU´ LVW 'LHVH 1RUP]lKOXQJ VWHOOW VR]XVDJHQ HLQ SURWRW\SLVFKHV 3HUHJULQDWLR([HPSODU GDU XQG DXI VLH UHIHULHUW GLH YRUOLHJHQGH (GLWLRQ 'LHVHU DEVWUDNWHQ (LQKHLW OLHJW DXFK GHU HLQ]HOH[HPSODULVFKH $EJOHLFK GHU 9ROOVWlQGLJNHLW ]XJUXQGHZLHHULP.DSLWHOÅ1DFKZHLVGHU(LQ]HOH[HPSODUH´DXIJHIKUW LVW  *HVDPWNDWDORJ GHU :LHJHQGUXFNH +UVJ YRQ GHU .RPPLVVLRQ IU GHQ *HVDPWNDWDORJ GHU :LHJHQGUXFNH%G%HUQDUGXVGH&UDFRYLD²%UHQWLXV/HLS]LJ6

9RUZRUW

;;;,;

1RFKHLQNQDSSHV:RUW]XGHQHGLWRULVFKHQ3ULQ]LSLHQ'LHhEHUVHW]XQJ GHV 8UWH[WHV LQV 1HXKRFKGHXWVFKH VWHKW MHZHLOV DXI HLQHU UHFKWHQ 6HLWH NRUUHVSRQGLHUHQG GD]X LVW DXI GHU OLQNHQ 6HLWH GHU 8UWH[W LQ PRGHUQHP 6FKULIWELOG PRQWLHUW 'DEHL ULFKWHW VLFK GLH hEHUWUDJXQJ VWULNW QDFK GHU 9RUODJHGHQQ7H[WWUHXHJDOWDOVREHUVWHUHGLWRULVFKHU*UXQGVDW]'DUDXV IROJHQHLQLJH.RQVHTXHQ]HQ6RQGHU]HLFKHQVLQGQLFKWDXIJHO|VWVRQGHUQ ZXUGHQ EHUQRPPHQ 'LHV JLOW EHLVSLHOVZHLVH IU %XFKVWDEHQYDULDQWHQ HWZDGLH9HUZHQGXQJ]ZHLHUVGDV6FKDIWVDP$QIDQJXQGLQGHU0LWWH HLQHV:RUWHVXQGGDVUXQGHVGDVVWHWVDP(QGHHLQHV:RUWHVVWHKW'DV VHOEHEHWULIIWGHQXQWHUVFKLHGOLFKHQ*HEUDXFKGHVLXQGGHVMGLHXP8Q WHUVFKQHLGXQJHQ]XYHUPHLGHQPHLVWQDFK0D‰JDEHHLQHVYRUDQJHKHQGHQ QDFKUHFKWVDXVODGHQGHQ%XFKVWDEHQVRKQH3XQNWJHVHW]WZXUGHQDOVRHW ZD QDFK GHU 5XQGXQJ GHU O2EHUOlQJH 9HU]LFKWHW ZXUGH HLQ]LJ DXI GLH :LHGHUJDEH GHV *HEUDXFKV ]ZHLHU U9DULDQWHQ HU LVW SKLORORJLVFK XQ HUJLHELJ 8QYHUlQGHUW EOLHEHQ VHOEVWYHUVWlQGOLFK 6RQGHU]HLFKHQ ZLH HLQ GHXWLJ]XLGHQWLIL]LHUHQGH/LJDWXUHQRGHU$EEUHYLDWXUHQ ţ̀IUYHU ĆIUDPRGHUDQHQWVSUHFKHQGēşXQG@IUGLH9HUELQGXQJHQQQRGHU QGXQG IUXVHWF²'HVJOHLFKHQZXUGHQGLH6FKZHEHSXQNWH b EHU QRPPHQ GLH LP *HJHQVDW] ]XP KHXWH JHEUlXFKOLFKHQ 6DW]]HLFKHQ    QLFKW QXU GDV 6DW]HQGH DQJHEHQ VRQGHUQ DXFK VWHWV LQ ODWHLQLVFKHU 6FKUHLEZHLVH QRWLHUWH =DKOHQ HLQKHJHQ b[[YLÖMb  RGHU:RUWJUHQ]HQ PDU NLHUHQ ZHQQ HV LQ GHU HQWVSUHFKHQGHQ =HLOH QLFKW DXVUHLFKHQG 3ODW] IU HLQHQRWZHQGLJH/HHUVWHOOHJLEW²'LH,QLWLDOHQGLHGHU+DQGGHU%XFKPD OHUEHUODVVHQZDUHQVLQGDQDORJGKLQGHUGLHHQWVSUHFKHQGH=HLOHQ]DKO XPIDVVHQGHQ 5DXPWLHIH LQ GDV 6FKULIWELOG GHU IUKQHXKRFKGHXWVFKHQ hEHUWUDJXQJEHUQRPPHQ²7H[WJHWUHXZXUGHQDXFKGLHXUVSUQJOLFKHQ =HLOHQOlQJHQ HLQJHKDOWHQ DXIJUXQG GHU XQWHUVFKLHGOLFKHQ 3URSRUWLRQLH UXQJGHU=HLFKHQGHV%OHLE]Z&RPSXWHUVDW]HVNDQQGHUXUVSUQJOLFKH %ORFNVDW] QLFKW ZLGHUJHVSLHJHOW ZHUGHQ SDUDGR[HUZHLVH LVW GHVKDOE GHU 3&JHQHULHUWH )ODWWHUVDW] GLH PDWHULHOOH QLFKW RSWLVFKH  .RQVHUYLHUXQJ GHVRULJLQDOHQ%ORFNVDW]HV²(VYHUVWHKWVLFKYRQVHOEVWGDVVNHLQHUOHLRU WKRJUDSKLVFKH (LQJULIIH YRUJHQRPPHQ ZXUGHQ GHU 7H[W LVW LQ VHLQHU 6FKUHLEZHLVHQYDULDQ]XQYHUlQGHUWHUKDOWHQ  :HQQ%LEHOVWHOOHQDQJDEHQDQLGHQWLVFKHQ7H[WVWHOOHQYDULLHUHQVROLHJWGDV DQGHUXQWHUVFKLHGOLFKHQ.DQRQLVLHUXQJGHUELEOLVFKHQ%FKHULQGHU9XO JDWD GLHGDULQGHU6HSWXDJLQWDIROJW XQGLQPRGHUQHQ%LEHODXVJDEHQ'DV DOWWHVWDPHQWOLFKH Å%XFK GHU .|QLJH´ ]lKOWH LQ GHU 9XOJDWD YLHU %FKHU ZlKUHQGHVLQGHUGHXWVFKHQ%LEHOLQXQG6DPXHOXQGXQG.| QLJ DXIJHWHLOW LVW 'LH hEHUVHW]XQJ EHUFNVLFKWLJW GLH KHXWLJH =lKOXQJ ² 'LH,WHP5HLKHQZXUGHQVWUHQJEHLEHKDOWHQ²LKUPRQRWRQHUIRUPHOKDIWHU

;/

9RUZRUW

&KDUDNWHU VROOWH QLFKW HLQHP PRGHUQHQ %HGUIQLV QDFK VWLOLVWLVFKHU 9D ULDQ] JHRSIHUWZHUGHQ 'LH9HUZHQGXQJ GHV 3DUWLNHOVLWHP NQGLJW HLQHQ QHXHQ*HGDQNHQRGHUHLQQHXHV)DNWXPDQ²DOVZUGHLQGHUPQGOLFKHQ 5HGHGHU6SUHFKHUJOHLFKVDP HLQHHWZDVOlQJHUH5HGHSDXVHHLQOHJHQXP GLH:LFKWLJNHLWGHV.RPPHQGHQDQ]X]HLJHQ'DV,WHPZXUGHV\QWDNWLVFK ZLH HLQ 3DUWLNHO EHKDQGHOW GK GDV 3UlGLNDW IROJW XQPLWWHOEDU DQVFKOLH ‰HQG GLHVH $EZHLFKXQJ YRP )UKQHXKRFKGHXWVFKHQ OHJLWLPLHUW VLFK GXUFKGHQ:XQVFKGLH)UHPGKHLWGHV,WHP*HEUDXFKVQLFKWLQV%HIUHPG OLFKHDXIJLSIHOQ]XODVVHQ'HU.RQVHUYLHUXQJGHVDOWHUWPOLFKHQ6SUDFK NRORULWV LVW DXFK GLH %HLEHKDOWXQJ IUKHU JHEUlXFKOLFKHU 9RNDEHOQ ZLH 0DUW\ULQ0DUW\UHUKHLPVXFKHQ EHVXFKHQ YHUSIOLFKWHW  1LFKWLPPHULVWHVJHOXQJHQOLWHUDULVFKHRGHUWKHRORJLVFKH5HIHUHQ]VWHOOHQ XQG1DPHQ]XLGHQWLIL]LHUHQ,P)DOOHGHU1DPHQOLHJWGLHVWHLOZHLVHDQ GHU 6FKUHLEZHLVHQYDULDQ] RGHU LP )DOOH JHRJUDSKLVFKHU 1DPHQ GDUDQ GDVV HLQ YRQ %HUQKDUG JHQDQQWHU 1DPH HWZD IU HLQH 2UWVFKDIW RGHU VRQVW HLQHQ 2UW QLFKW PHKU H[LVWLHUW %HNDQQWOLFKKDEHQ GLH&KULVWHQ GLH KHLGQLVFKHQ LH JULHFKLVFKHQ XQG U|PLVFKHQ .DUWHQ XQG 6WUD‰HQYHU ]HLFKQLVVH LJQRULHUW ZHQQ QLFKW JDUYHUQLFKWHW  1RPLQD SURSULD GLH GLH 3LOJHU YRQ (LQKHLPLVFKHQ HUIUDJWHQ JHEHQ GDQQ RIW HLQH GLDOHNWDOH 9D ULDQ]ZLHGHUGLHQXU6SH]LDOLVWHQHQWVFKOVVHOQN|QQHQ*OHLFK]HLWLJPXVV WHQ LP /DXIH GHU *HVFKLFKWH YLHOH 2UWH DXIJHJHEHQ ZHUGHQ 'LH YRQ %HUQKDUG KlXILJ PLWJHWHLOWH %HREDFKWXQJ Å]HUEURFKHQHU 0DXHUQ´ LVW HLQ GHXWOLFKHU+LQZHLVGDUDXI²%HOHJVWHOOHQYRQ.LUFKHQYlWHUQRGHUKLVWRUL NHUQ VLQG EHL %HUQKDUG PDQFKPDO IHKOHUKDIW JHQDQQW RIW DEHU DXFK VR YHUNU]WGDVVHLQHJHQDXH7H[WNHQQWQLVYRQQ|WHQLVWXPVLH]XLGHQWLIL ]LHUHQ$XFKKLHUWXWVLFKHLQZHLWHV)HOGIU$OWSKLORORJHQDXI  =ZHL6WHOOHQZXUGHQLQGHUhEHUVHW]XQJODWHLQLVFKZLHGHUJHJHEHQ'DEHL KDQGHOW HV VLFK XP GLH .ODPPHU PLW GHU GLH 3HUHJULQDWLR XPIDVVW ZLUG Å>GLHAHVZHUFN@YDKHWDQAHOLJOLFKHQ´ U XQGLP.RORSKRQÅ(QGHWAÖFK AHOÖJOÖFKHQ´ U  =X HQWVFKHLGHQ ZDU DQ GLHVHU 6WHOOH PLW ZHOFK QHX KRFKGHXWVFKHU(QWVSUHFKXQJGDVIUKQHXKRFKGHXWVFKHBHOLJDGlTXDWZLH GHUJHJHEHQZHUGHQN|QQWHGDGRFKGLH%HGHXWXQJGLHVHV$GMHNWLYV²SDU DOOHO]XU6lNXODULVLHUXQJ²HLQH%HGHXWXQJVYHUHQJXQJHUIDKUHQKDW:HQQ HLQH3HUVRQKHXWHDOVVHOLJRGHUJOFNVHOLJEH]HLFKQHWZLUGVRLVWGDPLWQLFKW PHKUJHPHLQWDOVLPHSLNXUlLVFKHQ6LQQH]XIULHGHQ JHVWHOOW 'LHVRWHULR ORJLVFKH6HPDQWLNZLHVLHDQ]HQWUDOHQ6WHOOHQGHV+HLOVJHVFKHKHQVHWZD LQ GHQ 6HOLJSUHLVXQJHQ GHU %HUJSUHGLJW DXIWDXFKW LVW GDEHL Y|OOLJ YHU VFKZXQGHQ'HUODWHLQLVFKH7H[WKLOIWEHLGHUhEHUVHW]XQJDXFKQLFKWZHL  0W/N

9RUZRUW

;/,

WHUGHQQGDV$GYHUE]XIHOL[PLWGHU%HGHXWXQJJOFNOLFKEHJOFNWJOFNVHOLJ VFKHLQWGHUVHOEHQ7HQGHQ]GHU9HUIODFKXQJHUOHJHQ]XVHLQZLHBHOLJ'D EHL KDW DXFK IHOL[ GLH %HGHXWXQJ KHLOEULQJHQG RGHU ]XU (UO|VXQJ KLQIKUHQG ² HWZD LP Å([VXOWHW´ GHU 2VWHUQDFKW ZR HV QDFK GHU 1HQQXQJ GHV 6Q GHQIDOOV LP 3DUDGLHV KHL‰W Å2 IHOL[ FXOSD´ ² Å2 JOFNOLFKH 6FKXOG´ 'LHVHHVFKDWRORJLVFKH.RQQRWDWLRQXQGGDPLWGLHUHOLJL|VH0RWLYODJHIU %HUQKDUGV 3LOJHUIDKUW VFKLHQ PLU LQ GHU ODWHLQLVFKHQ IRUPHOKDIWHQ (LQ JDQJVXQG6FKOXVVVHTXHQ]DPEHVWHQDXIJHKREHQÅ,QFLSLWIHOLFLWHU´XQG Å([SOLFLWIHOLFLWHU´

 Å-D ZDKUOLFK JHVFKHKHQ PX‰WH GLH 6QGH GHV $GDP GDVV &KULVWL 6WHUEHQ VLH VKQH 2 JOFNOLFKH6FKXOGJHZUGLJWHLQHV(UO|VHUVVRKHKUXQGHUKDEHQ´ 'DVYROOVWlQGLJH5|PLVFKH 0H‰EXFK KUVJ YRQ $QVHOP 6FKRWW 26% XQG GHQ %HQHGLNWLQHUQ GHU (U]DEWHL %HXURQ )UHLEXUJ6 

,QKDOWVYHU]HLFKQLVGHU3HUHJULQDWLRLQWHUUDPVDQFWDP

  'LH )ROLRDQJDEHQ VROOHQ IRUWODXIHQG VHLQ GHVKDOE VLQG DXFK GLH +RO] VFKQLWWHREZRKOVLHLQGLHVHU$XVJDEHDP(QGHGHV%XFKHVYHUVDPPHOW VLQGLQGLH,QKDOWVDQJDEHDXIJHQRPPHQ'LH7LWHOGHU+RO]VFKQLWWHVLQG NXUVLY JHVHW]W LQ GHQ )OLH‰WH[W LQWHJULHUWH +RO]VFKQLWWH ]XVlW]OLFK HLQJH UFNW   'HGLNDWLRQVEULHIDQ%HUWKROGYRQ+HQQHEHUJ U  ,7HLO ,QKDOWVDQJDEHGHU3HUHJULQDWLR,7HLOU ,QKDOWVDQJDEHGHU3HUHJULQDWLR,,7HLO  Y 9RUUHGHU 'DUVWHOOXQJGHU$XWRUHQDEVLFKW U $XIWHLOXQJGHV%XFKHV Y 9RQGHU+HLPDWELV9HQHGLJ U +HLOWPHULQ9HQHGLJU +HLOWPHULQ3DGXD Y 6WDGWORE9HQHGLJU 9RQ9HQHGLJQDFK-HUXVDOHPU +RO]VFKQLWWSDQRUDPD9HQHGLJ YU  3DUHQW]  Y +RO]VFKQLWWSDQRUDPD3DUHQW] YU  .RUIX Y +RO]VFKQLWWSDQRUDPD.RUIX YU  0RGRQ U +RO]VFKQLWWSDQRUDPD0RGRQ YU  &DQGLD U +RO]VFKQLWWSDQRUDPD&DQGLD YU  +HLOWPHUDXI5KRGRVU +RO]VFKQLWWSDQRUDPD5KRGRV YU  9RP(LQJDQJQDFK-HUXVDOHP Y 9RQGHQKHLOLJHQ6WlWWHQ]X-HUXVDOHPGLH]ZLVFKHQGHPVRJHQDQQWHQ 3LOJHUKRVSLWDOXQGGHP%HUJ=LRQOLHJHQ U +RO]VFKQLWW+HLOLJHV*UDE U 

,QKDOWVYHU]HLFKQLVGHU3HUHJULQDWLRLQWHUUDPVDQFWDP

;/,,,

'DVKHLOLJH*UDEXQGGLH*UDEHVNLUFKH  Y 9RP$XVJDQJDXVGHP7HPSHOGHV+HLOLJHQ*UDEVXQGDQGHUHQ KHLOLJHQ6WlWWHQLQ-HUXVDOHP  Y 'HU7HPSHO6DORPRV Y $EVWLHJYRQ-HUXVDOHPLQV7DO-RVDSKDW Y 'HUgOEHUJXQGVHLQHKHLOLJHQ6WlWWHQ U 'LH6WlWWHQLP7DOXQWHUKDOEGHVgOEHUJV  Y %HWKOHKHPXQGGLHKHLOLJHQ6WlWWHQULQJVXPU 5FNNHKUYRQ%HWKOHKHPQDFK-HUXVDOHP Y 9RQ-HUXVDOHPQDFK%HWKDQLHQ Y 9RQ-HUXVDOHP]XP-RUGDQ U +HLPNHKUHLQLJHU3LOJHU$XIHQWKDOWXQG:HLWHUUHLVH]XP 6W.DWKDULQHQNORVWHUDQGHUHU3LOJHU Y (LQHNXU]H%HVFKUHLEXQJGHV+HLOLJHQ/DQGHVU =XHUVWYRQGHQ%HUJHQ,VUDHOVLP$OOJHPHLQHQ Y =XHUVWYRP%HUJ=LRQ  Y 9RP%HUJ0RULD U 9RPgOEHUJ Y 9RP%HUJ(EURQ U 9RP%HUJ%HWKHOU 9RP%HUJ6\OR  Y 9RP%HUJ(EDO Y 9RP%HUJ4XHUHQWDQD  Y 9RP%HUJ+HUPRQU 9RP%HUJ6LI U 9RP%HUJ7DERU  Y 9RP%HUJ/LEDQRQ Y 9RP%HUJ=HPDUDMLPU 9RP%HUJ.DUPHOU 9RQGHQ6LWWHQ*HZRKQKHLWHQXQG,UUWPHUQGHUHU GLHLP+HLOLJHQ/DQGHZRKQHQ9RUUHGH.RQ]LOJHVFKLFKWH  Y 'LH*HEXUW0RKDPPHGV U 'DVVFKlQGOLFKHXQGVQGLJH/HEHQ0RKDPPHGV Y 'LH&KURQLNGHVPRKDPPHGDQLVFKHQ6HNWHQEHJLQQV U 'HUWURVWORVHXQGXQVHOLJH7RG0RKDPPHGVU (LQ]HOQH$UWLNHOGHV.RUDQVU $QWZRUWGHV3HWUXV$OIRQVL Y 6LWWHQXQG,UUWPHUGHU6DUUD]HQHQ  Y (LQH*HJHQUHGHU +RO]VFKQLWWH6DUUD]HQHQDUDELVFKHV$OSKDEHW U  +RO]VFKQLWW-GLVFKHU*HOGKlQGOHU Y  9RQGHQ-XGHQ Y

;/,9

,QKDOWVYHU]HLFKQLVGHU3HUHJULQDWLRLQWHUUDPVDQFWDP

+RO]VFKQLWW+HEUlLVFKHV$OSKDEHW U  +RO]VFKQLWW*ULHFKHQ Y  9RQGHQ*ULHFKHQYRQGHQHQHVDXFKYLHOHLQ-HUXVDOHPJLEW Y +RO]VFKQLWW*ULHFKLVFKHV$OSKDEHW U  +RO]VFKQLWW6XULDQHU Y  9RQGHQ6XULDQHUQGLHVLFKDXFKIU&KULVWHQKDOWHQ Y +RO]VFKQLWWFKDOGlLVFKHV$OSKDEHW U  9RQGHQ-DNRELWHQ Y +RO]VFKQLWWNRSWLVFKHV$OSKDEHW U  9RQGHQ1HVWRULDQHUQ  Y 9RQGHQ$UPHQLHUQU +RO]VFKQLWW$UPHQLVFKHV$OSKDEHW U  9RQGHQ*HRUJLDQHQ Y +RO]VFKQLWW$EHVVLQLHU U  9RQGHQ$EHVVLQLHUQU +RO]VFKQLWW$PKDULVFKHV$OSKDEHW Y  9RQGHQ0DURQLWHQ U (LQHQRWZHQGLJH'LVSXWDWLRQJHJHQHLQHQVFKZHUHQ,UUWXP Y (LQHNXU]H.ODJHEHUGDV+HLOLJH/DQGEHVRQGHUV-HUXVDOHPU (LQH.ODJHEHUGHQJDQ]HQ2ULHQW  Y (LQH.ODJHEHUGLHWURVWORVH/DJHGHU.LUFKHLP2N]LGHQWPLWHLQHU (UPDKQXQJGHU)UVWHQGHV5HLFKV]X+LOIHVWHOOXQJXQG6FKXW] U 9LVLRQ.DUOVGHV.DKOHQYRP)HJHIHXHU U  ,,7HLO +RO]VFKQLWW*UDElGLNXOD U  +RO]VFKQLWWSDQRUDPD-HUXVDOHPPLW+O/DQG YU  +RO]VFKQLWW7LHUH Y  5HLVHYRQ-HUXVDOHPGXUFKGLH:VWH]XP%HUJ6LQDL]XP 6W.DWKDULQHQNORVWHU9RUUHGH U 9HUWUDJPLWGHQ+HLGHQEHUGDV*HOHLWU %HJLQQGHU5HLVHU :HLWHUIDKUWGHU5HLVHYRP6LQDLQDFK.DLURU 9RP%DOVDPJDUWHQ Y 9HUODVVHQGHV'RUIV0DWKDUHD%HWUHWHQGHUJUR‰HQ6WDGW.DLUR  Y 9RQ%DE\ORQLHQLQbJ\SWHQ .DLUR  Y 1LOIDKUWYRQ.DLURQDFK$OH[DQGULHQ Y /LVWHGHU,QVHOQ]ZLVFKHQ9HQHGLJXQG5KRGRV U $UDELVFKGHXWVFKH:RUWOLVWHU 9RUUHGH]XGHQ%HULFKWHQYRQGHQ%HODJHUXQJHQ U 9RQGHU(UREHUXQJGHU6WDGW.RQVWDQWLQRSHOGXUFKGLH7UNHQ U 9RQGHU(UREHUXQJGHU6WDGW1LJURSRQWHEHQIDOOVGXUFKGLH7UNHQ U

,QKDOWVYHU]HLFKQLVGHU3HUHJULQDWLRLQWHUUDPVDQFWDP

;/9

+RO]VFKQLWW-DQLWVFKDUHQXQG7UNHQ]XJ U  9RP:LGHUVWDQG5KRGRV·JHJHQGLH7UNHQ Y 9RQGHU(UREHUXQJEHLP:DUWHQ@GHQQ QRFKHLQHPHQVFKOLFKH5HJXQJEHUNRPPWRGHUYLHOOHLFKWHLQH8QJHGXOG GLH PLU QLFKW JXW DQVWHKW GDQQ P|JHQ PLU GLH YHUVWlQGLJH *WH (XUHU IUVWOLFKHQ *QDGHQ RGHU DXFK GLHMHQLJH DQGHUHU ZHLVHU 0lQQHU GLH GDV XQWHU 8PVWlQGHQ EHWULIIW GDV QLFKW YHUDUJHQ ,Q GHU XQYHU]DJWHQ +RII QXQJ GLHV DOOHVZHUGH VR VHLQ NRPPH LFK QXQ ]X PHLQHU hEHU]HXJXQJ GDVV HV PDQFKHUOHL hEXQJ XQG PDQFKHUOHL *HEUDXFK GHU PHQVFKOLFKHQ 9HUQXQIW XQG GHV PHQVFKOLFKHQ 9HUVWDQGHV JHEHQ VROOWH *OHLFK]HLWLJ LVW NHLQ(QGHGHUQHXHQ%XFKSURGXNWLRQDE]XVHKHQ ZHQQHVDXFKLQXQVHUHU =HLWQLFKWVJLEWZDVÅQHX´JHQDQQWZHUGHQNDQQ'DVPHLQHLFKLQGHP 6LQQHGDVVHWZDVQXUUHLQlX‰HUOLFKHLQDQGHUHV.OHLGHPSIDQJHQRGHUPLW HLQHUDQGHUHQ)DUEHDOVYRUKHUEHUVWULFKHQZHUGHQNDQQ'RFKHVEOHLEW GLH6XEVWDQ]YRQLQQHQXQYHUlQGHUWZDVDXFKLPPHUDQlX‰HUHQ9HUlQ GHUXQJHQJHVFKHKHQPDJ :HUZHL‰HVQLFKWRGHUEHPHUNWHVQLFKWVFKRQ GLH JDQ]H =HLW GDVV QHXH (UILQGXQJHQ XQDXIK|UOLFK ]XQHKPHQ" .HLQHU GHUVHLQHU6LQQH XQGVHLQHU9HUQXQIWPlFKWLJLVWZUGHQLFKWHUNHQQHQ ZLHZHLWHVVFKRQJHNRPPHQLVW:HUZLHPDQVRVFK|QVDJWQXUGHQ

Y    YQGIRUP\PŰFKULEHQJHKDOWHQbNDQYPEZHQGHQYQGYHUŰHW]HQbGHUEH  GşFNHWŰLFKH\QQXZHEţFKKDEHQJHPDFKHWbZHOFKHVQLWDOOH\QJHŰFKLFKW \QGHQIU\HQRGHUQDWXUOÖFKHQNţQŰWHQbDOV\QJUDPDWLFDOR\FDUHWKR  ULFDPXŰÖFDDULŰPHWULFDJHRPHWULDDŰWURQRPÖDYQGLQJHPH\QHUSKL  ORŰRSK\bMDDXFKLQGHUKHÖOÖJHQJWOÖFKHQJHŰFKULIIWbYQGGD]PHHLŰWbEH  ]JHQGŰDQFWR-HURQLPRb6RGLHDUW]LWKDQW\UHQbGD]GHUDUW]Q\LŰWbY? GLHŰFKP\GGD]\QHQ]ţŰWHHWbGH‰JOÖFKHQH\Q\HGHVKDQWZHUFNb6RLŰW DOOH\QGLHNXQŰWGHUJHŰFKULIIWEHŰXQGHUGHUKH\OÖJHQbGHUŰÖFKDOOYQGHU  ŰWDQbJHOHUWYQGYQJHOHUWŰFKULEHQJHGLFKWY?PDFKHQEţFKHUGDVNOHIIÖJ DOWZÖEbGHUŰ\QQOR‰DOWPDQbGHUŰZHW]ÖJŰRSKLŰWbDDOOPēŰFKHQYHUPHŰ  ŰHQŰÖFK]ţŰFKULEHQb]ţU\ŰŰ]HQGLHJHŰFKUÖIIWbYQGZROOHQDQGHUHQŰDJHQ GD]ŰÖHŰHOEHUQLWZLŰŰHQQRFKYHUŰWDQb6\QZRUWŰDQFWL-HURQLPLb6RO OÖFKVYHUUYRQPÖUŰ\bGD]LFKP\QŰ\FKHOLQH\QIUHPGHHUQDQOHJH YHU  ŰWDQGHQ P\QŰFKULEHQ\QGLHKHÖOÖJJHŰFKULIIWRGHUDXFKDQGHUPLUYQ  ZLŰŰHQNXQŰWHQbGHUŰHOEHQNRŰWOÖFKHQJURŰŰHQŰFKHW]FK OH\GHUDUP YHU PÖŰŰHLFKPÖFKQLWb-FKYQGHUŰWDQPLFKQÖWJXOGHQHRGHUŰÖOEHUHJHŰFKLUU LQGHQWHPSHOJRWWHVRSIIHUHQbŰXQGHU\UGHQHŰRLFKDOOH\QKDEbNRP]ţ JHPH\QēJHEUXFKWHXJOÖFKbREHVPLUMRFKQLWZRODQŰWDQGHbE\QLFKJH  QH\JWPLWWH\OHQYQGŰFKULEHQJUŰŰHUHbJUŰŰHUQYHUODŰŰHQbGD]LŰWGHQ JHOHUWHQGLHKRKHUYHUQXQIIWZHŰHQGbYRQMXJHQWDQEL‰ÖQGDVDOWHU\Q JWOÖFKHQGHUPHQWŰWOÖFKHQNţQŰWHQJHXEHWŰ\QZHOKHIXQIISIXQGYŇ JRWWHQSIDQJHQbE\OOÖFKDXFKDQJHOHJHWIXQIIDQGHUHGDPLWJHZ\QQHQ 6RDEHULFK]ZHQNOH\QKHOOHUPLWGHUDUPHQZ\WWZHKLQ\QGHQWHP  SHO\QŰWRFNZţUIIbEHGXQFNHWPLFKPLUJDUZROŰ\QEHŰFKHKHQb'RFKYU  WH\OÖFKPÖUGD]ŰHOELJQ\WWHH]XWKXQŰ\QGDQLFKH‰XZUHUIţUŰWOÖFKHQ JQDGHQDOOHUŰFKHUSIIHŰWHQDXJHQbYRUK\QEHZL‰HYQG]HXJHbZLHZROH‰ H\QVŰROOÖFKHQDQŰHKHUVY?EHZHUHUV DOVGDQXZHUIXUŰWOÖFKJQDGLŰW  QLWZHUGWŰ\ZDVLFKPLWDOOHUGLŰHUUHGHYHUPH\QHbXZHUIXUŰWOÖFKJQDG DOŰRZROOHYHUQHPHQb(\QEţFKO\QKDELFKJHRUGQHWYQGDQJHEHQbYŇ ]ZH\HQKHLOÖJHQIHUWHQRGHUUH\ŰŰHQŰDJHQGHbZHOFKHUH\QHYEHUPHUJHQ MKHUXŰDOHP]ţGHPKHLOÖJHQJUDEbGLHDQGHUYRQGDQQHQLQGDVJHELUJH 6\QDL]ţŰDQW.DWKHUÖQGHUKHLOÖJHQMXQJIUDXZHQYQGPHUWULQJUDE ŰLFKŰWUHFNHWbPLWEHŰFKULEşJGHUODQGY?Ű\WHQGHU\QZRQHUGDU]ZŰFK? 6RGDQLFKŰROLFKHEH\GUH\ŰŰHQ DOVNXQWYQGZLŰŰHQLŰW GXUFKJRWOÖFK JQDGYQGKLOII\PYHUJDQJHQDUYROOHQEUDFKWKDEb'RPLWDEHUGD] LFKLRFKLQŰROOLFKHPNOH\QHPZHUFNbDQGHUQFULŰWJOHXELJHQPHQŰFKHQ PRFKWHG\HQHQYQG]ţZLOOHQŰ\QbKDELFKLQJţWHPJHPţWYQGYIIŰH  KHQGLHŰHOEHQEH\GLQH\QEţFKO\QJHEUDFKWbMQIRUPYQGPD‰bYRUK\Q



Y

  *ULIIHOKDOWHQRGHUGLHEHVRQGHUH:HLVHXQG)RUPEHLP6FKUHLEHQHLQ]X KDOWHQYHUPDJGHUNDQQVFKRQ>DOOHV@XPGUHKHQXQGKLQXQGKHUVFKLHEHQ XQG ELOGHW VLFK >GDQQ@ HLQ HLQ QHXHV %XFK JHPDFKW ]X KDEHQ 'LHV JH VFKLHKW QLFKW QXU LQ GHQ IUHLHQ RGHU QDWUOLFKHQ .QVWHQ DOVR LQ GHU *UDPPDWLNGHU/RJLN5KHWRULN0XVLN$ULWKPHWLN*HRPHWULH$VWURQR PLH XQG GHU DOOJHPHLQHQ 3KLORVRSKLH VRQGHUQ DXFK LQ GHU +HLOLJHQ GHU J|WWOLFKHQ 6FKULIW ZDV MD QRFK VFKZHUZLHJHQGHU LVW 'HU KO +LHURQ\PXV EH]HXJW(VSUDNWL]LHUHQGLHbU]WHZLHHVGLH+HLONXQVWYHUODQJWXQGGLH 6FKPLHGHZHUNHQZLHHVLKQHQ]XNRPPWGHVJOHLFKHQJLOWIUMHGHV+DQG ZHUN6RLVWHVDXVVFKOLH‰OLFKGLH.XQVWGHV6FKUHLEHQVEHVRQGHUVGLHGHU +HLOLJHQ6FKULIWGLHVLFKDOOHDQPD‰HQ'LH*HOHKUWHQXQGGLH8QJHOHKUWHQ VFKUHLEHQ *HGLFKWH XQG PDFKHQ %FKHU ² GDV ]lQNLVFKH DOWH :HLE GHU NLQGLVFKHDOWH0DQQGHUVFKZDW]KDIWH6RSKLVWMDDOOH0HQVFKHQVLQGVR EHUKHEOLFK VFKUHLEHQ ]X ZROOHQ GLH 6FKULIW ]X JHEUDXFKHQ 6LH ZROOHQ DQGHUHQ /HXWHQ 'LQJH PLWWHLOHQ GLH VLH VHOEHU QLFKW NHQQHQ XQG YHUVWHKHQ'DVVLQG:RUWHGHVKO+LHURQ\PXV(VVHLIHUQYRQPLUGDVV LFK PHLQH 6LFKHO DQ HLQH IUHPGH (UQWH OHJH DOVRPHLQ6FKUHLEHQ DXI GLH +HLOLJH6FKULIWRGHUDXIDQGHUHPLUXQEHNDQQWH.QVWHDQZHQGH'LHhEHU KHEOLFKNHLWKDEHLFKQLFKWPLFKDQVRNRVWEDUHJUR‰H6FKlW]H]XZDJHQ DUP>DQ*HLVWHVJDEHQ@ZLHLFKELQ,FKZDJHHVDXFKQLFKWJROGHQHVRGHU VLOEHUQHV *HVFKLUU LP 7HPSHO *RWWHV ]X RSIHUQ ² LFK NDQQ QXU PLW LUGHQHP*HVFKLUUGLHQHQGDVNDXP]XPDOOWlJOLFKHQ*HEUDXFKWDXJWXQG GHVVHQ LFK PLFK VFKlPH ,FK ELQ GD]X JHQHLJW GDV 0LWWHLOHQ XQG GDV 6FKUHLEHQ YRQ *UR‰HP *UR‰HQ ]X EHUODVVHQ 'DV VLQG GLH *HOHKUWHQ GLHHLQHQVFKDUIHQ9HUVWDQGKDEHQGLHYRQ-XJHQGDQELVLQV$OWHULQGHQ J|WWOLFKHQRGHUPHQVFKOLFKHQ.QVWHQJHEWVLQGXQGGLHYRQ*RWWIQI 3IXQG HPSIDQJHQ KDEHQ 6LH KDEHQ VLH JXW DQJHOHJW XP ZHLWHUH IQI 3IXQG GDPLW ]X JHZLQQHQ :HQQ LFK MHGRFK ZLH GLH DUPH :LWZH ]ZHL NOHLQH +HOOHU LQ GHQ 2SIHUVWRFN LP 7HPSHO ZHUIH VR VFKHLQW PLU GDV JDQ] DXVUHLFKHQG ]X VHLQ 'RFK EHYRU LFK GDV WXH KDOWH LFK GDIU HV ]XQlFKVW GHQ EHUDXV VFKDUIHQ $XJHQ(XUHU IUVWOLFKHQ *QDGHQ ]X SUl VHQWLHUHQ REZRKO GDV ZDV LFK LQ GLHVHU 9RUUHGH ]XP $XVGUXFN EULQJH HLQHV VROFKHQ .ULWLNHUV XQG %HZHUWHUV ZLH HV (XHU *QDGHQ YHUN|USHUQ QLFKWZHUWLVW(XHUIUVWOLFKH*QDGHQP|JHQDOVRYHUQHKPHQ(LQ%FK OHLQKDEHLFK]XVDPPHQJHVWHOOWXQGLQ$XIWUDJJHJHEHQGDVYRQ]ZHLKHL OLJHQ)DKUWHQRGHU5HLVHQEHULFKWHW'LHHLQHJLQJEHUGDV0HHUXQGKDW WH GDV KHLOLJH *UDE LQ -HUXVDOHP ]XP =LHO GLH DQGHUH 5HLVH IKUWH YRQ GRUW DXV LQ GDV 6LQDLJHELUJH ]XP *UDE GHU KO .DWKDULQD GHU KHLOLJHQ -XQJIUDX XQG 0DUW\ULQ 'DV %XFK HQWKlOW HLQH %HVFKUHLEXQJ GHU /lQGHU HLQVFKOLH‰OLFK GHU6LWWHQ LKUHU (LQZRKQHU:LH EHNDQQW VHLQ GUIWH KDEH LFK GLHVH EHLGHQ 5HLVHQ PLW J|WWOLFKHU *QDGH XQG +LOIH LP YHUJDQJHQHQ -DKU YROOEUDFKW GDPLW LFK DEHU DXFK DQGHUHQ FKULVWJOlXELJHQ 0HQVFKHQ PLW GLHVHP EHVFKHLGHQHQ :HUN GLHQHQ NDQQ KDEH LFK LQ ZRKOZROOHQGHU $EVLFKWGLHEHLGHQ5HLVHQLQHLQHPNOHLQHQ%XFK]XVDPPHQJHIDVVW9LHO

Y    YLOOLFKWQLWPHJHŰHKHQbYQGODŰŰHQGUţFNHQbDOVLQJHŰFKULIIWPLWŰDPSW JHPHOWbGDPLWH‰QLWDOOH\QZHUHGDVŰHHOÖFKDXJ GD]LŰW GLHYHUŰWDQW QX‰PLWGHUJHŰFKULIIWbŰXQGHUDXFKGD]O\SOÖFKJHŰÖFKWPLWILJXUHQHUOX  ŰWÖJHQY?HUJHW]HQbGDPLWHVGHŰWHUNUHIIWÖJOÖFKHUZţUG]LHKHQY?UHLW]HQ DQGHUPHQŰFKHQEHJLUGH]ţŰROOÖFKHQUH\ŰHQb:LHZRODXFKGL‰ZHUFNOHLFKW                                             



Y 



KDWPDQGLHVH)RUP]XYRUQRFKQLFKWJHVHKHQXQGYLHOOHLFKWKDWPDQ DXFK6FKULIWXQG%LOGQRFKQLFKW]XVDPPHQGUXFNHQODVVHQ'RFKVROOWH QLFKWDOOHLQHGDVVHHOLVFKH$XJHDOVRGDV9HUVWHKHQGHU6FKULIWVRQGHUQ DXFKGDVOHLEOLFKH6HKHQPLW'DUVWHOOXQJHQHUIUHXWXQGHUJ|W]WZHUGHQ GDPLWHVGHQ:XQVFKDQGHUHU0HQVFKHQHLQHHEHQVROFKH5HLVH]XXQWHU QHKPHQXPVRNUlIWLJHUEHI|UGHUH'DGLHVHV:HUNEHUHLWVVFKRQ

U    OÖFKWJHŰFKHW]HWQDFKHUŰWHPDQEOÖFNbQRWKDOEbQLWWŰHHUNRPPHJHŰWUDIIHW RGHUFRUULJLUHW]ţZHUGHQbDOVGDQQÖWJURŰŰHVGDUDQOÖJHWbQRFKGDQRQ YZUHUIXUŰWOÖFKHQJQDGHQZLŰŰHQY?YRUEHŰHKXQJZROWLFKH‰QÖWODŰŰHQ Y‰JDQbGDPLWQLWDOOH\QYZUHQIXUŰWOÖFKHQJQDGHQUHXHUHQW]]ţEHZ\  ŰHQ DOVGRFKP\QPH\QXQJIţUQHPOLFKLŰW ŰXQGHUDXFKGÖŰHPEţFK  O\QYQGZHUFNQţW]ZOOHQ]ţIţJHQbZROZLŰŰHQGbGD]GXUFKŰROOÖFKEH  Z\ŰXQJZHQLJORERGHUHHURGHUEU\‰YZUHQIXUŰWOÖFKHQJQDGHQ]ţJH  ZHQGHWPDJZHUGHQb6RDEHUG։ZHUFNY‰XZUHUIXUŰWOÖFKHQJQDGHQ KDQGWZUGWJHŰHKHQY‰JDQbEHŰHKHQYQGSURELUHWbZUGWH‰YQJH]ZL  IHOWPHHJODXEHVYQGŰFK\QHVHQSIDKHQYQGZHUGHUZHUGHQbDOOHUPH\ŰW Y‰GÖŰŰHPJUXQGGD] DOVQ\PDQYQZLŰŰHQLŰWGHUXZHUIXUŰWOÖFKJQDG HUNHQQHW QLFKWV\HYQGHUXZUHUIXUŰWOÖFKHUJQDGHQbI\OHYQGSURE GLH JDUŰFKDUSIIÖŰWYQGDOOHQURŰWDEQēPHQ NDPHbGD]QÖWY‰EţQGLJJH  UHFKWbJHIHJHWYQGJHOXWHUHWKHUX‰LŰWJDQJHQb1LWZRQGHUbZDQZHOFKHU URŰWbZHOFKHPDFNHObZHOFKHVYQUHFKWŰÖFKYPPHUPHHPFKWHXZHUIXUŰW OÖFKHQDOOHUFODUHŰWHQDXJēYHUEHUJHQb$XFKZDVLŰW\HGXUFKXZHUIXUŰW OÖFKHQJQDGHQŰ\QQULFKHŰWYQGWDSIIHUŰWHQHUIRUŰFKXQJRGHUYUWHÖOYHU  KDQGHOHWZRUGHQbGD]DXFKYŇGHQKRFKJHOHUWHŰWHQH\QHUPRFKWHŰWUDIIHQ 9‰ZHOKHPGL‰YRQQRWYROJHQLŰWbGD]bZDVYŇXZUHUIXUŰWOÖFKHQJQD GHQSURELUHWYQG]ţJHODŰŰHQZXUGWbUHFKWŰ\bDXFKELOOÖFKEHŰŰHUbJHDFKWHW Y?DQJHQHPHUGH‰KDOEZHUGHbZDVDEHUGXUFKŰ\XZHUIXUŰWOÖFKHJQDG YHUZRUIIHQYQGYHUDFKWHWZXUGWbOLFKWbNOH\QbRGHUQLFKWVJHŰFKHW]HWZHU  GHLŰWQLWZXQGHUb9PEZHJHQDOOHVŰROOÖFKVbQLWZHQÖJRGHUNOH\QIO\‰ DQJHNHUHWÖŰWZRUGēDQG։ZHUFNGDPLWHVQÖWYDŰWŰWUDIIEDUZHUHbGRFK GH‰KDOEYQJHZ։Y‰P\QHQKDQGHQ\QXZUHUIXUŰWOÖFKHUJQDGHQJH  OHUWHYQGJQDZWDŰWHQGKDQGWbDXFKZ\WŰHKHQGJHŰÖFKWJHYDOOHQbMDEH JLUOÖFKHQNRPPHQb-FKKDEHVDXFKŰROOÖFKEHŰFKH\GKHLŰŰHQYQGZOOHQ EUXFKHQbGD]H‰JHPH\QYQGYRUEHŰFKULEHQHGLQJŰROOÖFKUH\‰HQDQWUHI  IHQGbPLW\OHQEDOGYEHUJLHQJHbZDVDEHUŰDFKHQZHUēZLUGLJ]ţZÖŰŰHQ RGHUOXŰWOÖFKHQ]ţOHŰHQZ\WHUY‰ŰWUHFNHWbDOVGD]\QYHUIROJXQJG։ ZHUFNVb\QHWWOÖFKHQPDWHUÖHQZROZXUGWHUŰFK\QHQb6LWWHPDODEHU XZHUKRFKZLUGLNH\WYQGIXUŰWOÖFKHJQDGbPLFKIXUYLODQGHUQPLWJURŰ  ŰHUJţWZLOOÖNH\WPHHJURŰŰHUOÖHEHbDOOHUJURŰHŰWHUJQDGY?JXQŰWDOO]\W KDWJHPH\QHWbDOVQLWDOOHLQÖFKGDVZROKDERIIWEHIXQGēbMDDXFKPHQN OLFKLŰWZLŰŰHQbZHOFKHVRELFKZROWHŰZ\JHQ GD]QLWŰ\QŰROO GLHŰWH\Q ZţUGHQY‰UţIIHQbGHPQDFKLFKPLFKJDUELOOÖFKHQHUNHQQYQGYHUJLFKb XZHUQIXUŰWOÖFKHQJQDGHQHZLJOÖFKŰ\QYHUEXQGHQYQGJDQW]HUJHEHQb EHNHQQHDXFKPLFK DOVPLUOHLGÖŰW QLWJQşJŰDPLQH\QLJHQZHJYPE

 U   EHLP HUVWHQ $QEOLFN DOV EHVFKHLGHQ HLQ]XVFKlW]HQ LVW VLQG 5HYLVLRQHQ RGHU.RUUHNWXUHQNDXPQRWZHQGLJ²GHQQLP*UXQGHLVWHVQLFKWJDUVR EHGHXWHQG'RFKRKQHGDV:LVVHQXQGGLH=XVWLPPXQJ(XHUIUVWOLFKHQ *QDGHQZROOWHLFKHVQLFKWYHU|IIHQWOLFKHQ6FKOLH‰OLFKZDUPLUQLFKWQXU GDUDQJHOHJHQ(XHUIUVWOLFKHQ*QDGHQPHLQH5HYHUHQ]]XHUZHLVHQ ZDV GRFK PHLQH YRUQHKPVWH 3IOLFKW LVW  VRQGHUQ LFKZROOWH GLHVHP %FKOHLQ DXFKHLQHQ1XW]HQ]XIJHQ=ZDUZHL‰LFKZRKOGDVVHLQHVROFKHhEHUJD EH DQ (XHU IUVWOLFKH *QDGHQ PLU SHUV|QOLFK ZHQLJ /RESUHLV XQG (KUH HLQEULQJWGRFKZUGHGDV:HUN]ZHLIHOORVDQ*ODXEZUGLJNHLWJHZLQQHQ HLQHQ 1LPEXV HPSIDQJHQ XQG GDGXUFK DQ :HUW ]XQHKPHQ ZHQQ HV GXUFKGLH+DQG(XUHUIUVWOLFKHQ*QDGHJHKHQXQGYRQ(XFKEHWUDFKWHW XQGSUREHJHOHVHQZHUGHQZUGH8QG]ZDUDXVHLQHP*UXQGGHUK|FKVW ZLFKWLJLVW XQGEHUGHQVLFKQLHPDQGGHU(XHUIUVWOLFKH*QDGHQNHQQW LQ8QZLVVHQKHLWEHILQGHW 1LFKWVZDVMHXQWHU(XHUIUVWOLFKHQ*QDGHQ )HLOH GLHVHKUVFKDUILVWXQGMHJOLFKHQ5RVWDEUHLEW KLQGXUFKJHJDQJHQLVW JHKW DXV GHU 3UREH QLFKW RUGHQWOLFK DXVJHULFKWHW JHSXW]W XQG JHOlXWHUW KHUYRU8QGVRLVWHVNHLQ:XQGHUGDVVVLFKMHGHV4XHQWFKHQ5RVWMHGHU QRFKVRNOHLQH0DNHOXQGMHGHU6FKLPPHUYRQ8QUHFKWYRU(XUHQJODVNOD UHQIUVWOLFKHQ$XJHQYHUEHUJHQZLOO:DV DOVRMHPDOVGHUVFKDUIVLQQLJHQ XQGVWUHLWEDUHQ%HXUWHLOXQJ(XUHUIUVWOLFKHQ*QDGHQXQWHU]RJHQZRUGHQ LVW²ZDVVROOWHGDUDQVHOEVWHLQHUGHU*HOHKUWHVWHQQRFKDXV]XVHW]HQKD EHQ"'DUDXVIROJWQRWZHQGLJHUZHLVH'DVZDVYRQ(XHUIUVWOLFKHQ*QD GHQ JHSUIW XQG YRQ LKP VHLQH =XVWLPPXQJ HUKDOWHQ KDW GDV LVW DXFK UHFKWXQGGHVKDOELVWHVXQEHGLQJW]XELOOLJHQGDVVHVHLQHK|KHUH:HUW VFKlW]XQJJHQLH‰WXQGVRQLPPWHVDXFKQLFKWZXQGHUGDVVGDVZDVYRQ (XHU IUVWOLFKHQ *QDGHQ YHUZRUIHQ XQG ]XUFNJHZLHVHQ ZXUGH DOV EH GHXWXQJVORVJHULQJXQGQLFKWLJHUDFKWHWZLUG$XVGLHVHQ%HZHJJUQGHQ LVW QLFKW ZHQLJ 0KH DXI GLHVHV :HUN YHUZHQGHW ZRUGHQ (V VROO NDXP QRFK YHUEHVVHUW ZHUGHQ PVVHQ 'RFK ZHLO LFK GDUEHU LP 8QJHZLVVHQ ELQP|JHGLHVHV%XFKDXVPHLQHQXQVLFKHUHQ+lQGHQLQGLHJHOHKUWHXQG SUl]LVHWDVWHQGH+DQG(XHUIUVWOLFKHQ*QDGHQ XQGGHQZHLWJHVSDQQWHQ +RUL]RQW(XUHV*HVLFKWVNUHLVHVJHODQJHQ²MDPHLQVHKQOLFKVWHU:XQVFK ZlUHGDV,FKKDEHDXFKVRHQWVFKLHGHQXQGHVVRSUDNWL]LHUWGDVVLFK*H PHLQSOlW]HXQGEHUHLWVEHNDQQWHV:LVVHQYRQGHUDUWLJHQ5HLVHQWXQOLFKVW EHLVHLWH JHODVVHQ KDEH :LVVHQVZHUWHV MHGRFK RGHU 'LQJH GLH PDQ PLW *HQXVVOLHVWGLHVH'LQJHKDEHLFKEHLPDQFKHQ7KHPHQEUHLWHUHQWIDOWHW DOVHVLQ%H]XJDXIPHLQH$EVLFKWNRQVHTXHQWHUVFKLHQH'DQXQDEHU(X HUKRFKZUGLJHXQGIUVWOLFKH*QDGHQPLFKYRUYLHOHQDQGHUHQLPPHU]X PLW JUR‰HP :RKOZROOHQ PLW QRFK JU|‰HUHU /LHEH XQG PLW DOOHUJU|‰WHU *QDGHXQG*XQVWEHGDFKWKDEHQ²ZDVQLFKWQXULFKVHOEVWVREHXUWHLOH VRQGHUQZDVDOOJHPHLQEHNDQQWLVWXQGZHQQLFKHVYHUVFKZHLJHQZUGH ZDVQLFKWJHVFKHKHQVROO GDQQVFKULHQHVGLH6WHLQHKHUDXV²GHVKDOEHU NOlUHLFK(XUHQIUVWOLFKHQ*QDGHQHZLJOLFKXQWHUWlQLJVWYHUEXQGHQXQG JDQ]HUJHEHQ]XVHLQ$XFKEHNHQQHLFK ZDVPLFKEHWUEW GDVVLFKLQ

U    ŰRPDQÖJIHOWLJHJţWWDWHQZLUGLJOREYQQGGDQFN]ţEHZ\ŰHQbZDQLFK \HQLWKDEHGRPLWLFKJOÖFKZLGHUJHOWXQJWKţbY/HHUVHLWH@





U 

(\QYRUUHG\QGL‰QDFKJHQGHZHUFNGHU IDUWYEHUPHU]XGēKHLOLJHQJUDEYQŰHUV KHUUHQLKHŰXFUÖŰWÖJHQ-HUXŰDOHP\QKDO WHQGHOREYQGQXW]GHUŰHOEHQUH\Ű]DXFK YŰ]GUXFNHQPH\QşJYQGYŰ]WH\OşJGL‰ ZHUFNHVYDKHWDQŰHOLJOLFKHQbb

   (UKHLOLJHQYQGKH\OŰDPHQIDUWYEHUPHUJHQ-KH   UXŰDOHPYQGJUR‰OREbEHŰXQGHUZLUGHYQGPHUFN   OÖFKIUţFKWŰRGDUY‰H\PDQGHFKWLJHQSLOJHUPDJ   YROJHQbEHJHUHQGH\QGLŰHUYRUUHGY‰GUţFNHQbZLO   LFKDOŰRZHQLJZRUWEUXFKHQGRPLWWGHQOHŰHUQLWW   ]ţEHŰZHUHQbGD]LFKGRFKEHŰFKH\GYQGELOOÖFKPD‰   KDOWHGēGLQJHQŰRQRW]ţŰFKULEHQŰ\QbGDPÖWFULŰW   JOHXELJHUPHQWŰFKHQDQGHFKWÖJHKHUW]HQbYRUK\Q   YLOOÖFKW]ţGLŰŰHUIDUWJHQH\JHWPHHYQGPHGDU]ţ JHQH\JHW]ţPDFKHQb9QG]ţHUŰWYUWH\OLFKPÖUK\HPLWJHEţUHQDQ]ţ YDKHQGD]QDFKGēYQGGHUKH\GÖŰFKHPHLŰWHU$ULŰWRWLOHVŰDJHWbH\Q\HGH ZDQGHOXQJRGHUEHZHJXQJLUHQQDPHQYQGDXFKZLUGHHQWSKDKHWYŇ GHPHQGHGDUK\QŰÖHLŰWbGHPQDFKY‰YEHUWUHIIOÖNH\WGHUKH\OÖJHQODQGH YEHUDOOHDQGHUHODQGbZXUGWELOOÖFKHQGÖŰHUIDUWRGHUZDQGHOXQJYEHU WUHIIOÖFKHHUOREYQGEU\‰\QJHPH\QHUZ։]ţHUŰWHUPHŰŰHQb:HOFKHP DEHUQDFKŰRLFKLRFKH\QVWH\OVEHUţUHWYQGYRQYHUUHHUUH\FKEHŰXQGHU IU\KXQJLQKHLOÖNH\WYQGZLUGLNHLWGHUŰWDW-KHUXŰDOHPYQGDQŰWRŰŰHQ GHUODQG REZROYRQ\PŰHOEŰWŰROOÖFKVEHNDQQWY?RIIHQEDULŰW PH\Q LFKPLFKH\QQDKHQ]ţJDQJYQGH\QJUR‰WH\OHUODQJHWKDEHQGHVYRU  JHQRPHQEU\‰YQGOREHVGHUREEHŰWXPSWHQIDUWY?UH\‰H:DQ\HYŇ DOWHUKHUDOV'DXLGŰSULFKWOREŰDPHYQGHHUOÖFKHGLQJJHŰDJHWŰ\QZRU  GHQYQGZHUGHQWHJOÖFKHQJHŰDJHWYRQGHUŰHOEHQŰWDWW-KHUXŰDOHPbGDQ Ű\HH\QŰWDWWLŰWGHVREHUŰWHQJRWVGH‰JURŰŰHQNQLJVYQGGH‰KHUUHQGHU NUHIIWHQbZHOFKHUŰWDWWIXQGDPHQW\QKHLOÖJHEHUJJHŰDW]WŰ\QbDOŰRGD] JRWWGLHSRUWHQ6\RQO\HEHWYEHUDOOWDEHUQDNHO-DFREb$XFKY‰Z\ŰHW GDVEţFKGHUŰFKSIIXQJZLHŰRPLWPDQFKIHOWLJHUYHUKH\ŰŰXQJJRWW GLŰŰHŰWDWWYQQGODQGGHQDOWHQYHWWHUQYRUW]\WHQKDLWYHUKH\ŰŰHQbGDU YPEH‰DXFKGDVJHOREHWODQGWJHQDQWZXUGW\QDOOHQJHŰFKULIIWHQb               



U





(LQH 9RUUHGH ]X IROJHQGHP :HUN GLH )DKUW EHU GDV 0HHU ]XP +HLOLJHQ*UDEXQVHUHV+HUUQ-HVX&KULVWLQDFK-HUXVDOHP6LHHQW KlOWDXFKHLQH:UGLJXQJGLHVHU5HLVHXQGVWHOOWGLH$EVLFKWGLHVHV :HUNHVQHEVWLKUHP,QKDOWGDU,QFLSLWIHOLFLWHU  'LHKHLOLJHXQGKHLOEULQJHQGH)DKUWEHUV0HHUQDFK-HUXVDOHPXQGLKU JUR‰HU /RESUHLV LKUH EHVRQGHUH :UGH XQG GLH HUNHQQEDUH )UXFKW GLH HLQHP DQGlFKWLJHQ 3LOJHU ]XWHLO ZHUGHQ NDQQ VROOHQ LQ GLHVHU 9RUUHGH ]XP$XVGUXFNNRPPHQ,FKP|FKWHDEHUQXUZHQLJH:RUWHJHEUDXFKHQ XP GHQ /HVHU QLFKW GDPLW ]X EHVFKZHUHQ %HVFKHLGHQ XQG DQJHPHVVHQ ZLOOLFK0D‰KDOWHQLQGHQ'LQJHQGLHGDU]XVWHOOHQVLQGGDPLWFKULVWJOlX ELJH 0HQVFKHQ DQGlFKWLJHQ +HU]HQV GLH YLHOOHLFKW RKQHKLQ VFKRQ GHQ 3ODQ]XGLHVHU)DKUWJHIDVVWKDEHQQRFKZHLWHUGDULQEHVWlUNWZHUGHQ,FK KDEHPLFKGD]XHQWVFKORVVHQHLQHQDQJHPHVVHQHQ$QIDQJPLWGHP$XV VSUXFK GHV KHLGQLVFKHQ 0HLVWHUV $ULVWRWHOHV ]X PDFKHQ GHU VDJW -HGH %HZHJXQJ HPSIlQJW LKUHQ1DPHQ XQG DXFK LKUH:UGH YRQ GHP (QGH KHUDXIGDVVLH]XJHKW'DQXQGDV+HLOLJH/DQGDOOHDQGHUHQ/lQGHUDQ %HGHXWXQJEHUWULIIWVRLVWHVQXUELOOLJXQGUHFKWGLHVHU)DKUW]XHUVWHLQ PDO XQG LQ QDFKYROO]LHKEDUHU :HLVH 5HVSHNW HQWJHJHQ]XEULQJHQ XQG VLH ]XOREHQXQG]XSUHLVHQ1XQJHQRVVLFKGDVEHVRQGHUH9RUUHFKWHLQHQ 7HLOGHU+HLOLJNHLWXQG:UGHGHU6WDGW-HUXVDOHPXQGGHVDQJUHQ]HQGHQ /DQGHVEHUKUWXQG HVDXVJUR‰HU)HUQHHUUHLFKW]XKDEHQ8QGREZRKO GLHVH +DOWXQJ JHJHQEHUGHP +HLOLJHQ/DQG ]ZHLIHOORV QLFKWV 1HXHV LVW VRJODXEHLFKHLQHQQDKHQ=XJDQJ]XPXQGHLQHQJUR‰HQ7HLOYRPDQJH VWUHEWHQ/RESUHLV GHUEHVFKULHEHQHQ )DKUW HUUHLFKW ]XKDEHQ 'HQQZLH 'DYLGEHULFKWHWZLUGYRQDOWHUVKHUEHUGLH6WDGW-HUXVDOHPORESUHLVHQG XQGHKUIUFKWLJJHVSURFKHQXQGVLHZLUGZHLWHUKLQWlJOLFKJHSULHVHQXQG YHUHKUW 'HQQ VLH LVW GLH 6WDGW GHV K|FKVWHQ *RWWHV GHV JUR‰HQ .|QLJV XQGGHV+HUUHQGHU*HZDOWHQ'LH)XQGDPHQWHGLHVHU6WDGWJUQGHQLP KHLOLJHQ %HUJ GHQQ *RWW OLHEW GLH 3IRUWHQ =LRQV PHKU DOV DOOH =HOWH -D NREV$XFKEH]HXJWGDV%XFKGHU6FK|SIXQJGDVV*RWWGLHVH6WDGWXQGGLH VHV/DQGGHQDOWHQ9lWHUQPHKUIDFKYHUKHL‰HQKDW'HVKDOEZLUGHVDXFK LQDOOHQ%FKHUQGHU+HLOLJHQ6FKULIWGDVJHOREWH/DQGJHQDQQW                





Y 

\QVIXUWUDJHQGHH\QJOÖFKQ‰GHVODQGHVGHUOHEHQGHQ\QK\PPHOHQ YPEZHJHQYLOŰDFKHQYQGILJXUHQŰROOÖFKVEHGXWHQŰRLFK\IIGL‰PDOH \PENţUW]HZLOOHQJHŰZ\JHb(‰ÖŰWDXFKRIIHQEDU\‰GHP\W]JHQDQWHQ EţFKZLHGHUYDWWHUYLOYOFNHUDEUDKDPY‰JRWWHVJHKHL‰Ű\QYHWWHUOÖFK ODQGYHUODŰŰHQY‰JDQJHQÖŰWYRQŰ\QHPKH\PHWYQGJHŰFKOHFKWYQGPÖW \OHQNRPHQ\QGÖŰHODQGHbKDLWJHZRQHW\Q*HUDULVEHUŰDEHH]ZXŰFKHQ %HWKHOYQGKD\bDXFK]ţ(EURQb$OŰRYHUKHL‰HQH@ /DQG ]X ]LHKHQ :HJHQ HLQHU 6QGHPLWGHU0RVH*RWWHU]UQWKDWWHZXUGHLKPQXUQRFKJHZlKUW² ZDVHUDXFKPLWJUR‰HP'DQNHQWJHJHQQDKP²GDV/DQGDXVGHU)HUQH ]XVHKHQYRP%HUJ$EDULPDXV$QVRQVWHQZLOOLFKGDUDXIYHU]LFKWHQGLH DQGHUHQJUR‰HQ:HUNH*RWWHVXQGGLHOREHQVZHUWHQ8PVWlQGH]XHU]lK OHQGLHPDQLQGHQ6FKULIWHQILQGHWXQGGLHGLH:UGHXQG/RESUHLVGLHVHV /DQG]XP$XVGUXFNEULQJHQGHQHUVHKQWHQ(LQ]XJGHU.LQGHU,VUDHOVLQ GLHVHV>JHOREWH@/DQGVHLQH,QEHVLW]QDKPHVHLQHQ%HVLW]XQGVHLQH5HJLH UXQJ JHPl‰ GHU KHLOLJHQ *HVHW]H 'LHVHV /DQG HUIUHXW VLFK HLQHU JUR‰HQ $Q]DKOKHLOLJHU3HUVRQHQEHLGHUOHL *HVFKOHFKWV.|QLJHQ 3ULHVWHUQ 3UR SKHWHQXQGHWOLFKHQVHKUUKPHQVZHUWHQ)UDXHQGHUHQ7XJHQGHQXQGVH OLJH7DWHQLQGHQ%FKHUQGHV$OWHQ7HVWDPHQWVDXIJHVFKULHEHQVLQG'D DOVRXQGDXIGHUJDQ]HQ:HOWQXUDQGLHVHP2UWZDU*RWWEHNDQQWXQG HUZXUGHYRQGLHVHP9RONYHUHKUW²XQGJUR‰ZDUVHLQ1DPHLQ,VUDHO² GHVJOHLFKHQ DXFK VHLQH IU 0HQVFKHQ XQ]XJlQJOLFKH :RKQXQJ LQ =LRQ $XFK ZHQQ GLHV DOOHV GD]X GLHQW GLH JUR‰H :UGH GLHVHV /DQGHV ]XP $XVGUXFN ]X EULQJHQ VR ZLOO LFK GRFK GDV )ROJHQGH KDXSWVlFKOLFK GD]X JHEUDXFKHQ XP GHXWOLFK ]X PDFKHQ 'HU DOOPlFKWLJH *RWW LVW LQ GLHVHP /DQG XP XQVHUHWZLOOHQ0HQVFK JHZRUGHQ XQG KDWGLHVHV/DQGYRU DOOHQ DQGHUHQ/lQGHUQDXIGHUJDQ]HQ:HOW]XVHLQHU0HQVFKZHUGXQJHUZlKOW (UKDWHVPLWVHLQHU*HEXUWPLWVHLQHP /HEHQPLWVHLQHP:DQGHOPLW VHLQHQ /HKUHQ XQG =HLFKHQ  JHZUGLJW XQG ]XOHW]W PLW VHLQHP KHLOLJHQ %OXW XQG PLW VHLQHP ELWWHUHQ /HLGHQ XQG 6WHUEHQ JHZHLKW HU KDW HV HU OHXFKWHWPLWVHLQHUKHUUOLFKHQ$XIHUVWHKXQJYRP7RGGHU$XIIDKUW]XP +LPPHOXQGGHU6HQGXQJGHV+HLOLJHQ*HLVWHVLQGLH+HU]HQGHU6HLQHQ PLWVLFKWEDUHQ*HVWDOWHQIHXULJHQ=XQJHQHWF:HQQLFKGLHVDOOHVHU]lKOH GDQQKDWGDVIROJHQGHQ*UXQG:LUZUGLJHQ²ZDVQXUUHFKWXQGELOOLJ 

Y    GD]ŰRZLU DOVELOOÖFKLŰW ZÖUGLJYHUPH\QHQGLHŰWHWWbGRŰDQW3HWHU YQGSDXOXVbRGHUDQGHUPHUWHUHULUEOţWYPE[WVZLOOHQYHUJRŰŰHQKD EHQb6RZLUGRFKGHUŰHOEHQKH\OWşRGHUJHEH\QDOVDEHUZROJHEţUWŰHU HUHQYQGKH\PŰţFKHQbYQGREH‰YQVYHUKHQJHWZXUGDXFKPLWPXQG NXŰŰHQbZLHPFKWHQZLUGDQQLWJUR‰DFKWHQYQGDOOHUHUZLUGLJNGDV ODQG\QGHVPLWWHOYQŰHUHUOŰHU-KHŰXVYQŰHUKH\OJHZUFNHWKDLWb                                          

 Y   LVW ² GLH 6WlWWHQ DQ GHQHQ GHU KO 3HWUXV XQG GHU KO 3DXOXV XQG DQGHUH 0DUW\UHU LKU %OXW XP &KULVWL ZLOOHQ YHUJRVVHQ KDEHQ XQG GD ZLU GLHVH +HLOWPHU XQG *HEHLQH ZLH HV LKQHQ DXFK JHEKUW VHKU YHUHKUHQ XQG KHLPVXFKHQ XQG ZHQQ HV JHERWHQ LVW DXFK PLW GHP 0XQG NVVHQ ZLH VROOWHQZLUGDQQQLFKWGHP/DQGXQGGHQ*QDGHQPLWWHOQPLWGHQHQXQVHU (UO|VHU -HVXV XQVHU +HLO HUZRUEHQ KDW GLH DOOHUK|FKVWH 9HUHKUXQJ XQG $FKWXQJHQWJHJHQEULQJHQ"





U 

ZLHPFKWHQZLUQLWŰHUZHUGKDEHQGDVJUDEGDU\QHUYQŰHUKH\OPD  FKHUJHOHJHQLŰWb-DZLHPRJHQZLUJHO\GHQGDVŰHOEKH\OÖJODQGYQG JUDEDOŰRYŇGHQYQJHOHELJHQJHŰFKPHKHWY?HQWHUHWZHUGHQ]XŰPDFK FULŰWLYQGGHVJDQW]HQFULŰWHQOÖFKHQQDPHQVb(‰LŰWGRFKZONţQWYQG Q\HPDQWYQZLŰŰHQPÖWZD]IOL‰GLHMXGHQYRUW]\WHQKH\PŰţFKWHQYQG HUHWWHQGHQWHPSHOJRWWHV]ţ-HUXŰDOHPbYQGQHPOÖFKGDU\QQGLHDUFK GHVWHŰWDPHQWVYPEZHJHQGHUWDIIHOQGH‰JHŰDW]VbGH‰K\PHOEURW]VbY? GHUUţWHQ$DURQGLHZţQGHUEDUOÖFKYRUK\QGţUUZHŰHQJUţQHQZDUG GDU\QQEHŰFKORŰŰHQbZHOFKHGLQJHDOOHIÖJXUHQDOOH\QJHZHŰHQŰ\QDOV 3DXOXVŰSULFKWNXQIIWÖJHUGLQJHb-ŰWQţQQLWYLOZLUGLJHUGDVJUDE GDU\QQGHUW]DUWOH\FKQDP&UÖŰWLLKHŰXYQŰHUVKHUUHQYHUH\QHWPLWGHU JRWKHLWGDUDQYQŰHUHUOŰŰXQJYROOHQEUDFKWLŰWZDVEHŰFKORŰŰHQb\QZHO FKHVJUDEŰRGLFNGHUDQGHFKWÖJSLOJHU]ţ-HUXŰDOHP\QJHHWŰRGLFNbHU Ű\KHWPLWGHQDXJHQŰ\QHVJHPţWHVYQGJODXEHQVŰ\QKH\OPDFKHU\QQ JHZLFNHOW\QH\QUH\QHVWţFKYRQMRŰHSKYRQ$UHPDWKLDJHNDXIIHWY? GDUJHOXKHQb9QGŰRHUIţUJHWWH\QZHQLJŰ\KHWHUGHQYPEJHZDQWHQ ŰWH\QYRQGHPHQJHOYQGGHQŰHOEHQGDUYIIŰÖW]HQYQGGLHWţFKHUGDU\Q GHUO\EMKHŰXJHZXQGHQZDVGHQKH\OÖJHQIUDZHQEHZLŰHQGb6RHUDEHU IţUGHQDOWHQWHPSHOJDWbKRUHWHULKHŰXPDOV\QJHJHQZHUWLNH\WHUQŰW  OÖFKHQGDU\QQSUHGLJHQb6RHUGDQYIIŰWLJHWGHQSHUJ6\RQYLQGHWHU DOVJHJHQZLUWÖJOÖFKHQLKHŰXPZHŰFKHQGLHIţ‰Ű\QHUMXQJHUQYQG\QHQ Ű\QEOţWYQGIOHLŰFK\PŰDFUDPHQWUHLFKHQGHDXFK\QJHZDOWJHEHQGDV ŰHOELJKHUQDFK]ţWKQb9RQGDQQHQLKHŰXPY‰JDQG]ţGHPOEHUJbGR ŰHOEHUDQGHFKWLJOÖFKHQEHWWHQbŰZLW]HQGEOţWLJHQŰZH\‰bYHUUDWWHQGYRQ MXGDPLWGHPNţ‰bGDUQDFKDQJHIDOOHQYRQGHQMXGHQbJHIDQJHQbJHEş  GHQbJHW]RJHQbYHUŰSRWWHWbYHUŰS\KHWbYHUFODJHWbYRQH\PULFKWHU]ţGHP DQGHUQ\QMHUXŰDOHPJHIţUHWbJHJH\ŰŰHOHWbJHNURQHWb]PWRGWYHUXUWH\  OHWbŰ\QH\JHQFUXW]Y‰WUDJHQGbYQGYQGHUGHVŰHOEHQŰZHUHQODŰWE\GHU ŰWDWSRUWHQQ\GHUŰ\QFNHQG ZHOFKHVIDOOHQVPDQQRFKGRŰHOEHW]H\FKHQ Ű\FKW 6\PRQēF\UHQHş\PHKHOIIHQGWUDJHQbY?HQWOÖFK\Q*ROJDWKD \IIGHPSHUJFDOXDULHŰ\QELWWHUO\GHQYQGŰWHUEHQIţUYQ‰YROOHQGHQG 2PLWZDVJQDGOREYQGJORULHYEHUIOLŰŰHQYQJHW]Z\IHOWGL‰HKHLOÖJHQ ŰWHGWb2PLWJURŰŰHUNUDIIWYQGZLUGLNH\WŰ\DOODQGHUHŰWHGWYEHU  WUHIIHQbGēQDFK2PLWZDVDQGDFKWŰ\YQV REYQVGHUZHJGDU]ţRIIH QHUZHUH ]ţHUHQYQGKH\P]ţŰţFKHQZHUHQbDOOHUPHLŰWJHPHUFNHWbGD] DXFKGÖHZHUGHPţWHUJRWWHVPDULDY?DQGHUKH\OÖJIUDZHQY?DQGHFK WLJPēŰFKHQQDFKGHPWRGWbYIIHUŰWHKşJY?YIIDUWFULŰWL]ţK\PHObGLŰŰH ŰWHGWŰRPLWKRKHUDQGDFKWKH\PJHŰXFKHWPLWLUHQWUHKHQYEHUJRŰŰHQbPLW \UHPPşGHJHNXŰŰHWKDEHQb'DVDOOHVYQVPHUHQŰROODQGDFKWYQGOÖHEH       



U 



:LHVROOWHQZLUGDGDV*UDELQGHPXQVHU(UO|VHUJHOHJHQKDWQLFKWEHU GLH0D‰HQZHUWKDOWHQ"-DZDUXPVROOWHQZLUGXOGHQGDVVGLHVHV+HLOLJH /DQG XQG *UDE VR VHKU YRQ GHQ 8QJOlXELJHQ JHVFKPlKW XQG HQWHKUW ZLUG ]XU 6FKPDFK &KULVWL XQG GHV JDQ]HQ FKULVWOLFKHQ 1DPHQV" (V LVW GRFKZRKOEHNDQQWXQGQLHPDQGEHILQGHWVLFKGDUEHULQ8QZLVVHQKHLW PLWZHOFKHU$QVWUHQJXQJGLH-XGHQYRUODQJHQ=HLWHQGHQ7HPSHO*RWWHV ]X-HUXVDOHPEHVXFKWHQXQGEHHKUWHQGHQQGDULQEHIDQGVLFKGLH$UFKH GHV7HVWDPHQWVGLHGLH*HVHW]HVWDIHOQEDUJGDV+LPPHOVEURWXQGGLH5X WHQ$DURQVGLHDXIZXQGHUEDUH:HLVH]XYRUGUUJHZHVHQZDUHQXQGQXQ JUQWHQ'LHVH'LQJHVLQGQXU9RUELOGXQJHQYRQNQIWLJHQ'LQJHQJHZH VHQZLH3DXOXVOHKUW,VWQXQGDV*UDEQLFKWYLHOZUGLJHULQGHPGHU]DU WH/HLFKQDP&KULVWL -HVXXQVHUHV+HUUQHLQJHVFKORVVHQZDUYHUHLQWPLW GHU *RWWKHLW PLW GHU XQVHUH (UO|VXQJ YROOEUDFKW ZXUGH" 'DV *UDE ]X GHP GHU IURPPH 3LOJHU LQ -HUXVDOHP VR RIW KLQHLQJHKW" (U HUEOLFNW GRUW PLWGHQ$XJHQVHLQHV(PSILQGHQVXQGVHLQHV*ODXEHQVZLHVHLQ+HLODQG LQHLQUHLQHV7XFKJHZLFNHOWZDUGDV-RVHSKYRQ$ULPDWKlDJHNDXIWXQG JHOLHKHQKDWWH8QGZHQQHUHLQ6WFNZHLWHUJHKWVLHKWHUGHQYRQGHP (QJHO ZHJJHZlO]WHQ 6WHLQ XQG GHQ (QJHO DXI GHP 6WHLQ VLW]HQ XQG GLH 7FKHULQGLHGHU/HLE-HVXKLQHLQJHZLFNHOWZDUXQGGHQKHLOLJHQ)UDXHQ DOV%HZHLV>GHU$XIHUVWHKXQJ@GLHQWH:HQQHUDEHUYRUGHQDOWHQ7HPSHO WULWWK|UWHUHUQVWKDIWZLH-HVXVJHJHQZlUWLJGDULQSUHGLJW:HQQHUGDQQ DXI GHQ %HUJ =LRQ KLQDXIVWHLJW ILQGHW HU -HVXV JHJHQZlUWLJ ZLH HU GLH )‰HVHLQHU-QJHUZlVFKWXQGLKQHQVHLQ%OXWXQG)OHLVFKLP6DNUDPHQW UHLFKWXQGLKQHQGLH0DFKWEHIXJQLVYHUOHLKWVSlWHUGDVVHOEH]XWXQ9RQ GRUW JLQJ -HVXV ]XP gOEHUJ KLQDXV 'RUWVHOEVW EHWHWH HU DQGlFKWLJ VFKZLW]WH EOXWLJHQ 6FKZHL‰ ZXUGH YRQ HLQHP -XGHQ GXUFK HLQHQ .XVV YHUUDWHQ GDQDFK YRQ -XGHQ DQJHIDOOHQ JHIDQJHQ JHQRPPHQ JHEXQGHQ DXVJH]RJHQYHUVSRWWHWDQJHVSLHQDQJHNODJWYRQHLQHP5LFKWHU]XHLQHP DQGHUHQLQ-HUXVDOHPJHIKUWJHJHL‰HOWJHNU|QW]XP7RGHYHUXUWHLOW8QG HUPXVVWHVHLQHLJHQHV.UHX]WUDJHQ$OVHUDXIJUXQGYRQGHVVHQ/DVWDQ GHU6WDGWSIRUWHQLHGHUVDQN PDQVLHKWGRUWQRFK$Q]HLFKHQGHV)DOOV KDOI LKP6LPRQYRQ&\UHQHGDV.UHX]]XWUDJHQ6FKOLH‰OLFKYROOHQGHWHHUDXI *ROJDWKD DXI GHP %HUJ .DOYDULH VHLQ ELWWHUHV /HLGHQ XQG 6WHUEHQ IU XQV2HVLVWQLFKWGDUDQ]X]ZHLIHOQGDVVGLHVHKHLOLJHQ6WlWWHQYRQ*QD GH /RE XQG *ORULH EHUIOLH‰HQ 2 ZLH EHUWUHIIHQ VLH DQ JUR‰HU .UDIW XQG:UGHDOOHDQGHUHQ6WlGWH'HPQDFKRPLWZHOFKHU$QGDFKWPVV WHQVLHYRQXQV ZHQQIUXQVGHU:HJGDKLQ]XJlQJOLFKHUZlUH YHUHKUW XQGKHLPJHVXFKWZHUGHQ9RUDOOHPLVW>DXFK@]XEHPHUNHQGDVVGLHYHU HKUWH0XWWHU*RWWHV0DULDXQGDQGHUHKHLOLJH)UDXHQXQGIURPPH0HQ VFKHQ QDFK GHU $XIHUVWHKXQJ YRP 7RG XQG GHU $XIIDKUW &KULVWL LQ GHQ +LPPHO GLHVH 6WlWWHQ PLW JUR‰HU )U|PPLJNHLW KHLPJHVXFKW PLW 7UlQHQ EHUJRVVHQ XQG PLW LKUHP 0XQGH JHNVVW KDEHQ 'DV DOOHV VROO XQVHUH $QGDFKWXQG/LHEH]XGHQ6WlWWHQYHUPHKUHQDQJHOHLWHWGXUFKGDV   





U 

]ţGHQŰWHWWHQbJHUH\W]HWGXUFKŰROOÖFKH[HPSHOŰRKH\OÖJHUSHUŰRQHQb9Q GHUZHOFKHQGRFKIXUDQGHUHQHUJODŰWHWGHUKRFKZLUGLJOHUHUŰDQFWXVMH  URQÖPGHUŰHOEHQŰWHGW\QZRQHUYQGEHŰXQGHUDQGHFKWLJHUHUHUEÖHWHUb GHUDXFKIXU5PŰFKHIUHGYQGZROOXŰWHUZHOHW]ţ%HWKOHHPE\GHP                                              



U

  %HLVSLHO KHLOLJHU 3HUVRQHQ 8QG GHU GHU DOOH DQGHUHQ EHUVWUDKOW GDV LVW GHUKRFKZUGLJH9DWHU6W+LHURQ\PXVHLQ%HZRKQHUGLHVHU6WlWWHQHLQ EHVRQGHUVDQGlFKWLJHUXQGHKUHUELHWLJHU0DQQGHUDXFK]XU)UHXGHXQG ]XP:RKOJHIDOOHQGHU5|PHU%HWKOHKHPHUZlKOWHXQGVLFKEHLP                                              

Y    FU\SIIO\QLKHŰXYHUERUJHQŰ\QbDOŰRGLHDQGHFKWLJHQ3DODYQGHXŰWR  FKLXPbDOŰRGLHHUŰDPPDWURQ0DUFHOODbY‰5RPGRK\QNRPHQbYQG ZRQHQbDOŰRYLODQGHUY‰IUHPGHQODQGHQJHLŰWOÖFKYQGZHOWOÖFKSHUŰR  QHQbGÖHDOOY‰\UHPJURŰŰHQJODXEHQY?DQGDFKWŰÖFKYHUPH\QWHQP\Q QHUKDEHQFUÖŰWHQOÖFKHUJHLŰWOÖNH\WbŰLHKHWWHQGDQG\ŰŰHKHÖOÖJHQŰWHWWSHU  ŰRQOÖFKKH\PJHŰţFKHWbYQGDQGHQŰHOEHQFULŰWşDQJHEHWWHQGDŰ\QI‰ Ű\QJHŰWDQGHQbGRDXFKGDVHXDQJHOÖş]XPHUŰWHQYRQGHPFUHXW]LŰWHU  ŰFK\QHQYQGYQŰHUJHODXEKDWWDQJHIDQJHQb)XUK\QLŰWQLW]Z\IHO GD]DQGHFKWLJKH\PŰXFKşJGLŰŰHUŰWHWW]ţEHŰŰHUXQJGH‰OHEHQVbDXFKUHZ GHUŰXQGH]ţŰFKSIIHQbQLWH\QFOH\QHVG\HQHWb$OŰRGD]QDFKGHPYQG PLFKYQGYÖODQGHUPLUPÖWKHOOLJEHGXQFNHWGD]NH\QHUQ\PPHURGHU ŰHOWHQH\QHUSÖOJHUJHIXQGHQYXUWbGHUQLWEHŰŰHUYRQGLŰŰHQODQGHQZ\  GHUKH\PNRPHGDQHUYRUGDU\QNDPHb'HPQDFKLFKKLHGHPKHLGLŰFKHQ SRHWHQQLWQDFKJLEGHUDOŰRŰSUÖFKWbGHUYEHUPHUIHUWHQGHUWGÖHŰWDWWQLW GDVJHPWb2EH‰ZODQGHUIUZLW]LJHQSLOJUHPŰWDWWKDWWbGLHDOOH\Q JHWULEHQYRQGHPJHLŰWGHU\WHOKHÖWGLHŰWHWW]ţEHŰFKDZHQGRK\Q]\HKHQb ZHOFKHDXFKDQGHUNH\QQXW]YŇGHUUH\‰EULQJHQbGDQGD]Ű\HQDFKZ\‰ GHUDOWHQŰSHKHUYRQPR\ŰHQHWZDQJHŰDQGWGÖŰŰHQKH\OÖJHQODQGHQQLW \IIKRUHQYEHOUHGHQb6RKDLWHVGRFK\HQLWŰWDWWDQGHQHQSLOJUDPGLH DOOH\QY‰DQGDFKW\QPH\QşJGLHŰWHWW]ţHUHQbYQGGDŰHOEHWGXUFKGLH IX‰ŰWDSIIHQGHVOHEHQVYQGŰWHUEHQVFULŰWLJHEHŰŰHUW]ţZHUGHQbGDK\Q PLWJURŰŰHUDUEH\WbNRŰWHQbYQGPDQFKHUOH\TZDOb]ţIHOObYQGEHŰZHUGH NRPPHQb:LHPFKWHH\QFULŰWHQPHQŰFKDQGHQHQGHQQLWYRQŰWXQG DQ]ţUHZYQGEHZH\QşJŰ\QHUŰXQGHEHZHJHWZHUGHQbREHUDXFKH\QHV ŰWH\QHVKHUW]HQZHUHbŰRDQGHQŰHOEHQHQGēGLHJURŰŰHQIHOŰHQŰLFKŰS\OWHQ DOVPDQGDVQRFKYQGHUDXJHQGRŰHOEHWŰ\KHW GRDXFKGDVJDQW] HUWUHLFKHUE\GHPHW]ţGHU]H\WGHVYHUŰFKH\GHQVFULŰWLDPFUXW]Hb:HU ZţUGHQLWGRŰHOEHW\QH\QDQGHUQPHQŰFKHQYHUZHQGHWbZLHER‰HUYRU ZHUJHZHŰHQGD GD]LFKJHŰZLJDOOHVIROOHQDEOD‰bYQGJDQW]HUYHUJH  EXQJDOOHUŰFKXOGYQGS\QbŰRGDQH\Q\GHUSLOJHUYRQŰWXQGDQDOVHU Y‰GHPPHUJHQGHYIIG։KHLOÖJODQGWULWWHWHUYROJHWbYQGGDUQDFKJDU RIIWYQGGLFNDQYLORUWKHQYQGHQGHQGHVŰHOELJHQKH\OÖJHQODQGHV GD ŰSULFKLFK GD]LFKDXFKJURŰŰHUDFKWH H\QPHQŰFKKDLWJHOHJHQKH\WYQG IU\KHLWDOOGLHZUGLJHQIX‰ŰWDSIIHQŰ\QHVKH\OPDFKHUVYQGDOOHUŰ\QHU SH\QYQGPDUWHUDOVŰ\QHUŰ\JHQYIIJHULFKWIDQRGHU]HLFKHQbGDU]ţGLH HUGPLWŰ\QHPNRŰWSHUOÖFKHQEOţWEHJRŰŰHQbPLWDXJHQ]ţŰFKDZHQbPLW PşG]ţNXŰŰHQbPLWIXŰŰHQY?KHQGHQDQ]ţWDŰWHQb-DDXFKPLWJDQW]ē O\EH]ţYPEYDKHQb'RHUDXFKPDJ\QGDVGRUIIO\QFULŰWLEHWKOHHPYQ GHUGDVKXWWO\QPDULH\QJDQbYQGGDVDOOHUZLUGLJHŰWFURSIIO\QFULŰWL         

 Y   .ULSSHOHLQ-HVXYHUVWHFNWH:HLWHUKLQGLHIURPPH3DXODXQGGLHIURP PH (XVWRFKLXP HEHQVR GLH HKUEDUH 0DWURQLQ 0DUFHOOD GLH DXV 5RP GDKLQJHNRPPHQLVW8QGHVZRKQHQKLHUDXFKYLHOHDQGHUHJHLVWOLFKHXQG ZHOWOLFKH 3HUVRQHQ DXV IUHPGHQ /lQGHUQ GLH DOOH DXIJUXQG LKUHV JUR‰HQ *ODXEHQVXQGLKUHU)U|PPLJNHLWPHLQWHQVLHEHVl‰HQZHQLJHUFKULVWOLFKH *HLVWOLFKNHLW ZHQQ VLH GLHVH KHLOLJHQ 6WlWWHQ QLFKW SHUV|QOLFK EHVXFKWHQ XQG&KULVWXPDQGHQ6WHOOHQDQJHEHWHWZRVHLQ)X‰JHVWDQGHQKDEHXQG ZR DXFK GDV (YDQJHOLXP YRP .UHX] JUXQGJHOHJW ZXUGH XQG ZR XQVHU *ODXEHQDQJHIDQJHQKDW(VJLEWEHUKDXSWJDUNHLQHQ=ZHLIHOGDVVDXV HLQHUDQGlFKWLJHQ+HLPVXFKXQJGLHVHU6WlWWHQLQQLFKWJHULQJHP$XVPD‰ GLH%HVVHUXQJGHV/HEHQVXQGGLH5HXHEHUGLH6QGHJHVFK|SIWZHUGHQ NDQQ6RNDQQHVQDFKDOOHPZDVLFKXQGYLHOHDQGHUHGLHPLUDXFKKHLOLJ ]XVHLQVFKHLQHQHUIDKUHQKDEHQVHOWHQHLQHQ3LOJHUJHEHQGHUQLFKWDOV HLQ EHVVHUHU 0HQVFK DXV GLHVHP /DQGZLHGHU KHLPNRPPW DOV HU GRUWKLQ JHJDQJHQLVW'HPQDFKJHEHLFKKLHUGHPKHLGQLVFKHQ3RHWHQQLFKWUHFKW GHU VDJW ZHU EHU GDV 0HHU IlKUW GHU lQGHUW ]ZDU GHQ $XIHQWKDOWVRUW QLFKWDEHUVHLQHQ6LQQ:HQLJVWHQVJLOWGLHVDEHUIUGLHYRUZLW]LJHQ3LOJHU GLHJHWULHEHQZHUGHQYRQGHP*HLVWGHU(LWHONHLWGLH6WlWWHDQ]XVFKDXHQ ]XGHQHQHVVLHKLQ]LHKWXQGGLHDXFKEHUKDXSWNHLQHQ1XW]HQYRQGHU 5HLVH PLWEULQJHQ DX‰HU GDVV VLH QDFK GHU $UW GHU DOWHQ 6SlKHU GLH YRQ 0RVHLQGLHVHVKHLOLJH/DQGJHVDQGWZXUGHQPLWLKUHQE|VDUWLJHQ5HGHQ QLFKW DXIK|UHQ 'DV JLOW MHGRFK QLFKW IU GLH 3LOJHU GLH DOOHLQ DXV $Q GDFKW XQG LQ GHU$EVLFKWGLH 6WlWWHQ ]X HKUHQ XQG DXI GLHVH:HLVHYRQ GHQ6SXUHQGHV/HEHQVXQG6WHUEHQV&KULVWLJHEHVVHUW]XZHUGHQ6LHJH ODQJHQGRUWKLQPLWJUR‰HU$QVWUHQJXQJXQGPDQFKHUOHL4XDO=XIDOOXQG %HVFKZHUGHQXQGZLHVROOWHGDQQHLQ&KULVWHQPHQVFKQLFKWLPJOHLFKHQ 0RPHQW ]X 5HXH XQG %HZHLQXQJ VHLQHU 6QGH EHZHJW ZHUGHQ DXFK ZHQQHUHLQ+HU]DXV6WHLQKlWWH"(VVSDOWHWHQVLFKKLHUGLHJUR‰HQ)HOVHQ ZDVPDQPLWVHLQHQHLJHQHQ$XJHQDXFKVHOEVWVHKHQNDQQ XQGGDVJDQ ]H(UGUHLFKHUEHEWHDOV&KULVWXVDP.UHX]YHUVFKLHGHQZDU²ZHUZUGH GD QLFKW VHOEVW LQ HLQHQ DQGHUHQ 0HQVFKHQ YHUZDQGHOW ZLH IXUFKWEDU HU YRUKHU DXFKJHZHVHQVHLQPRFKWH" ,FKEHUJHKHKLHU GHQYROOHQ$EODVV XQG GLH 9HUJHEXQJ DOOHU 6FKXOG XQG 3HLQ GLH HLQHP MHGHQ 3LOJHU VRIRUW ]XWHLOZHUGHQZHQQHUDXVGHP6FKLIIVWHLJWXQGGDV+HLOLJH/DQGEHWULWW $EODVV XQG9HUJHEXQJ ZHUGHQ GDQDFK DQ ]DKOUHLFKHQ 2UWHQ XQG(QGHQ GHV KHLOLJHQ /DQGHV JHZlKUW  ,FK EHWRQH ZDV LFK IU QRFK EHPHUNHQV ZHUWHU KDOWH  GDVV HLQ 0HQVFK GLH *HOHJHQKHLW XQG )UHLKHLW KDW DOO GLH ZUGLJHQ /HEHQVVSXUHQ VHLQHV (UO|VHUV DOO VHLQH 0DUWHUQ XQG 3HLQ XQG VHLQH]XP=HLFKHQGHV6LHJHVDXIJHULFKWHWHQ)DKQHQGD]XGLHPLWVHLQHP NRVWEDUHQ %OXW EHJRVVHQH (UGH ² GLHV DOOHV PLW HLJHQHQ $XJHQ DQ]X VFKDXHQPLWGHP0XQG]XNVVHQXQGPLW+lQGHQXQG)‰HQ]XEHUK UHQMDVLHDXFKDXVJDQ]HU/LHEH]XXPDUPHQ8QGZHQQHULQGDVNOHLQH 'RUI &KULVWL QDFK %HWKOHKHP JHKW XQG LQ GLH NOHLQH +WWH GHU 0DULH GDQQNDQQHUGDVDOOHUHKUZUGLJVWH.ULSSHOHLQ&KULVWLEHUKUHQGDVNOHLQH  





Y 

EHUţUHQbDQEHWWHQGDVFOH\QHUGOFKO\QbDQZHOFKHPGHUŰFKSIHUK\PHO ULFKVYQGHUWULFKVHUH\QYQHUPHŰŰHQHUJRWWbH\QFOH\Q]DUWN\QWLŰWJH  ERUHQZRUGHQbKDWJHŰFKUXZHQb\QJHZşGHQLŰWZRUGē\QWţFKO\QbKH\P JHŰXFKWYRQGHQK\UWHQbEH]H\JHWYRQGēŰWHUQHQbDQJHEHWWHQYQGJHHUHW                                              

 Y   (UGO|FKOHLQDQEHWHQLQGHPGHU6FK|SIHUGHV+LPPHOVXQGGHU(UGHGHU XQHUPHVVOLFKH *RWW DOV NOHLQHV ]DUWHV .LQG JHERUHQ ZXUGH ZR HU JH VFKULHQKDWLQ7FKOHLQJHZLFNHOWZXUGHKHLPJHVXFKWYRQGHQ+LUWHQEH ]HXJWYRQGHQ6WHUQHQZRHUDQJHEHWHWXQGYHUHKUWZXUGH

U    YRQGHQGU\HQKHLOÖJHQNRQJHQb'RHUDXFK GD]LFKGLHPQHUQŰWHWW DOOH\QQHQQH ]ţGHPMRUGDQGDU\QQFULŰWXVYRQRKDQQHJHWDXIIHW ZDUGWbMWHP]ţGHPŰFKDIIŰWDOHQGHUK\UWHQb]ţGHPKHUOÖFKHQJUDEGD  XLGVb]ţGHPYHOŰHQGHVSURSKHWHQ$PRVGHUGDUYQGHUO\JHWbGDU]ţb ]ţGHUEHJUHEGHGHUZLUGLJHQSDWULDUFKHQ$GH$EUDKH\ŰDDFYQGMDFRE ]ţ(EURQbGH‰JOÖFKHQ\UHUHHOÖFKHQYQGOREŰDPHQKX‰IUDZHQbPLWQD  PHQ(XH6DUH5HEHFFHYQG/\HIU\KHQ]ţJDQJKDWb'RHUPDJŰHKHQ GDVŰFKQŰWHWWO\Q1D]DUHWKQDFKŰ\QēQDPHQH\QEOţPJDOÖOHHb-WHP GDVGRUIIY‰GHPHXĆJHOÖRZOEHNDQWFKDQDbGHQEHUJ7KDERUbGDVJD  OÖOHHŰFKPHUbYQGGDE\EHGHQFNHQHWWOÖFKWXŰHQWPHQŰFKHQYRQFULŰWRJH  ŰS\ŰHWbGDUQDFKNDPHQIţUGLHSRUW1D\PbY?GDHU\QGHUHWZHUGHQGH‰ YIIHUTZLFNWHQMşJOÖQJVYRPWRGbIXUK\QŰFKDXZHQGHQEHUJKHUPRQb GDVZDŰŰHU(QGRUbGÖHŰWDWW&DSKDUQDşbGHQEHUJOÖEDQşbGLHŰWHWW7\  UXVb6\GRQb%HWKHOb+D\b6\ORb&HŰDUHDb5DPDb3WRORPH\GDb5D  PDWKD\PŰRSK\Pb-RSSHb/\GLDb-DPQLDb1REHbYQGGLHIXQIIŰWHWW 3K\OÖŰW\PbDXFKYLOODQGHUb\QQZHOFKHQDOOHQZşGHUEDUOÖFKHGLQJGLH JHŰFKULIIWŰDJHWHWWZDQEHŰFKHKHQŰ\QbYQGGDQQDFKDOOHQGLŰŰHQŰWHWWHQ HUJDQJHQbHUZLGHUYPEŰW\JHQYIIGHQOEHUJbYRQGDQQHQYIIGHQEHUJ FDOXDULHbDQEHWWHQGFULŰWXPDQGHPHQGHŰ\QHUFUHW]LJşJbYQGDOŰRGLH QDFKJHQGHQDFKW\QGHPJUDEFULŰWLZDFKHQbYQGPLWPDUÖDPDJGDOH  QDŰ\QŰXQGPDJEHFODJHQb:HU ŰSULFKLFK GHUGRFKJRWWY?GHPHXĆ JHOÖRJODXEHWY‰DOOHQGLŰHQŰWHWWHQYQGUHÖW]XQJHQZţUGH\PQLWJUR‰ DQGDFKWbH\QJţWHQZLOOHQŰÖFK]ţEHŰŰHUHQbDXFKUHZŰ\QHVDOWHQOHEHQV ŰFKSIIHQbGRHUŰRYLOYQGŰRJUR‰YUŰDFK]ţŰROOÖFKHPKDWYRUGHQDXJē GRDXFKRQ]Z\IHOGÖHJWOÖFKJQDGNUHIIWLJOÖFKHUIţUDQGHUŰWHWWZLUFNHW \QQGLHKHUW]HQGHUDQGHFKWLJHQSLOJHUDQbŰRYHUUŰ\HGHUUHQQLWK\QGHU  QX‰ŰHW]HQb9QGGRPLWŰ\YRQGLŰŰHPDUWÖFNHOJHQşJJHŰDJHWb +\HPLWEHGXQFNHWPLFKGL‰QLWPLWŰZ\JHQ]ţYEHUJHQGHbGD] GHURIIWJHQĆWHQŰWHWWŰROOÖFKEHŰFKDZKXQJŰHUZROG\HQHWbGL‰HGLQJED‰ ]ţYHUŰWDQYRQZHOFKHQPDQWHJOÖFKHQŰ\QJHWbOHŰHWY?SUHGLJHW\QGHQ N\UFKHQb:DQ\HGDVRIIHQEDULŰWYQGPHQJOÖFKZLŰŰHQbGD]JHŰHKHQH GLQJYLOPHHEHZHJHQGDQQDOOH\QJHKUWHRGHUJHOHŰHQH\QGHQEţFKHUQ ZDQ\HGLHŰHOEHQYQGHUH\JHQHUJHŰWDOWYQVED‰\QOţFKWHQGDQŰÖHYQ  GHUIUHPGHUJHSLOGQ‰YQVPţJHQIţUJHKDOWHQZHUGHQb'HPQDFK ZLU\QDOWHQKÖŰWRULHQOHŰHQDOVŰDQWMHURQLPXVGDVEHŰFKULEHWZLHHWOÖFK SKLORŰRSKLYRU]\WHQKDEHQGXUFK]RJHQYHUUHODQGbDXFKYEHUPHUJHID  UHQbGDPLWŰÖHPFKWHQGLHYRUDXJHQŰFKDXZHQYRQGHQHQŰÖHODŰHQ\Q GHQEţFKHUQbDOVGDQWKHW3ÖWDJRUDVb3ODWRb$SSROORQLXVbYQGYLODQ GHUHGHOHUPHQQHUPLWJURŰŰHUHUEH\WKHLPŰţFKHQGH7\WXPOÖXLşYPE      



U 



YRQGHQ+HLOLJHQGUHL.|QLJHQ8PGLHZHQLJHUSURPLQHQWHQ6WlWWHQZH QLJVWHQV]XQHQQHQ:HQQHUDXFK]XP-RUGDQJHKWLQGHP&KULVWXVYRQ -RKDQQHVJHWDXIWZXUGH]XGHQ6FKDIVWlOOHQGHU+LUWHQ]XGHPKHUUOLFKHQ *UDE 'DYLGV ]X GHP )HOVHQ GHV 3URSKHWHQ $PRV XQWHU GHP HU OLHJW DX‰HUGHP]XGHQIUHL]XJlQJOLFKHQ*UDEVWHOOHQGHUZUGLJHQ3DWULDUFKHQ $GDP $EUDKDP ,VDDN XQG -DNRE LQ (EURQ GHVJOHLFKHQ ]X GHQHQ LKUHU JHHKHOLFKWHQ XQG OREHQVZHUWHQ )UDXHQ QDPHQV (YD 6DUD 5HEHNND XQG /HD (U NDQQ GDV VFK|QH 6WlGWFKHQ 1D]DUHWK VHKHQ GDV VHLQHQ 1DPHQ QDFK HLQHU %OXPH DXV *DOLOlD HUKDOWHQ KDW DX‰HUGHP HLQ 'RUI GDV DXV GHP (YDQJHOLXP ZRKOEHNDQQW LVW .DQDDQ GHQ %HUJ 7DERU GDV JDOLOlL VFKH0HHU 6HH7LEHULDV XQGHUNDQQGDEHLGDUDQGHQNHQGDVVKLHUHLQLJH WDXVHQG0HQVFKHQYRQ&KULVWXVJHVSHLVWZXUGHQ'DQDFKNRPPWGHU+D IHQ1DȓQXQGGDNDQQHUVLFKDQGHQYRP7RGDXIHUZHFNWHQ-QJOLQJHU LQQHUQ ZHLWHUKLQ VROO HU EHWUDFKWHQ GHQ %HUJ +HUPRQ GDV :DVVHU (Q 'yU (QGXU GLH6WDGW.DSKHUQDXPGHQ%HUJ/LEDQRQGLH6WlGWH7\UXV 7\UH/LEDQRQ 6LGRQ 6DLGD/LEDQRQ %HWKHO$L6\OR&DHVDUHD 4HLVD UL  5DPD 5DPOD  3WROHPDLV $NNR  5DPDWKD\PVRSK\P -RSSH /\GLD /RG  +DPQLD 1REH 1DRQD 6\ULHQ  XQG GLH IQI 6WlGWH GHU 3KLOLVWHU $XFKNDQQHUYLHOHDQGHUH6WlWWHQYRQGHQHQGLH6FKULIWODXWHUZXQGHUEDUH 'LQJH EHULFKWHW DQVFKDXHQ XQG DXIVXFKHQ :LHGHUKROW NDQQ HU DXI GHQ gOEHUJVWHLJHQYRQGRUWDXIGHQ%HUJ.DOYDULHXQGGRUW&KULVWXPDP(Q GH VHLQHU .UHX]LJXQJ DQEHWHQ 'LH QDFKIROJHQGH1DFKW VROO HU DP*UDE &KULVWLZDFKHQXQGPLW0DULD0DJGDOHQDVHLQH6QGHQEHNODJHQ:HUVR IUDJHLFKGHUDQ*RWWXQGDQGDV(YDQJHOLXPJODXEWZLUGDXVDOOHQGLHVHQ 6WlWWHQPLW>LKUHQ@(LQZLUNXQJHQQLFKWHLQHWLHIH$QGDFKWGHQIHVWHQ:LO OHQVLFK]XEHVVHUQXQGDXFK5HXHEHUVHLQDOWHV/HEHQVFK|SIHQGDHU GRFK VR YLHOH XQG JUR‰H 8UVDFKHQ GDIU YRU $XJHQ KDW XQG GD >KLHU@ ]ZHLIHOORVGLHJ|WWOLFKH*QDGHLQGHQ+HU]HQGHUDQGlFKWLJHQ3LOJHUNUlI WLJHUDOVDQDQGHUHQ6WlWWHQZLUNWVRIHUQVLHLKUNHLQ+LQGHUQLVHQWJHJHQ VHW]HQ8QGGDPLWVHLJHQXJEHUGLHVHV7KHPDJHVDJW +LHUPLWVFKHLQWPLUGDVVLFKQLFKWPLW6FKZHLJHQEHUJHKHQVROOGDVV HLQH$QVFKDXXQJGHUYLHOIDFKJHQDQQWHQ6WlWWHQVHKUZRKOGD]XQW]OLFK LVWGLH'LQJHEHVVHU]XYHUVWHKHQYRQGHQHQPDQWlJOLFKLQGHQ.LUFKHQ VLQJWOLHVWXQGSUHGLJW'HQQHVLVWRIIHQEDUXQGYLHOHZLVVHQGDYRQGDVV JHVHKHQH'LQJHYLHOPHKUEHZHJHQDOVQXUJHK|UWHRGHULQ%FKHUQJHOH VHQH GHQQ GLHVH >'LQJH@ OHXFKWHQ XQV LQ HLJHQHU *HVWDOW EHVVHU HLQ DOV ZHQQVLHXQVDOV%LOGQLVYRQIUHPGHU+DQGYRUJHKDOWHQZHUGHQ6ROHVHQ ZLU]%LQDOWHQ*HVFKLFKWHQZLHVLHGHUKO+LHURQ\PXVVFKUHLEWZLHHL QLJH 3KLORVRSKHQ LQ DOWHQ =HLWHQ IUHPGH /lQGHU GXUFK]RJHQ XQG DXFK EHUV0HHUJHIDKUHQVLQGGDPLWVLHPLWHLJHQHQ$XJHQVFKDXWHQZRYRQ VLHLQGHQ%FKHUQODVHQ'DVWDWHQDXFK3\WKDJRUDV3ODWRQXQG$SRO ORQLXVXQGYLHOHDQGHUHHGOH0lQQHUGLHPLWJUR‰HP$XIZDQG7LWXV/L YLXVEHVXFKWHQXPLKQZHJHQVHLQHUPLOFKIOLH‰HQGHQ%HUHGVDPNHLW]X   

U    ZHJHQŰ\QHUP\OFKIOÖHŰŰHQGHUUHGGLNH\WGLHŰHOEHQ]ţKRUHQbDOVDXFKGLH NRQLJ\Q6DED QDFKY‰Z\ŰXQJGHVGULWWHQEţFKVGHUNRQLJ YRQGHQ OHW]ŰWHQRUWKHQGHUZHOWJHQMKHUXŰDOHPPLWJURŰŰHPKHHUYQGJţWNDP ]ţKUHQGLHZ\‰KH\WGH‰NQLJV6DORPRQLVbYRQGHUŰÖHYRUK\QYLO                                              

 U   K|UHQ(EHQVRZLHGLH.|QLJLQYRQ6DED JHPl‰GHP%XFKGHU.|QL JH GLHPLWHLQHPJUR‰HQ*HIROJHXQGYLHOHQ*HVFKHQNHQYRPlX‰HUVWHQ 2UWGHU:HOWQDFK-HUXVDOHPNDPXPGLH:HLVKHLWGHV.|QLJV6DORPR]X K|UHQGLHVLHEHUHLWVYRP+|UHQVDJHQ





Y 

KHWWYHUQŇPHQb:DVLŰWGDQZşGHUREH\QFULŰWēPēŰFKEHJHUHWGLHODQG YQGŰWHWW]ţŰHKHQbYRQGHQHQDOON\UFKHQWHJOÖFKHQŰ\QJHQYQGŰDJHQb ZDQ\HNPH\QWDJLŰWGXUFKGDVJDQW]ÖDU\QZHOFKHPQLWJHGDFKW ZHUGHGHUUHQGLQJHQGLHLQG\ŰHQŰHOEHQODQGHQŰ\QWJHŰFKHKHQb :LHZODEHUDOOHQPHQŰFKHQQDFKŰDJ$UÖŰWRWÖOÖVH\QQDWXUOÖFKEH JLUGHDQJHERUHQLŰW]ţZLŰŰHQQRFKGDQŰ\QZHQLJ]ţGLŰŰHQ]\WHQGLH ŰÖFK]ţGHQEHŰWHQNţQŰWHQJHEHQbYPEZHJHQGD]ŰÖHŰFKXZHQHUEH\WGDU ]ţJHKRULJbRGHUQLWKDEHQ]\WWOÖFKYHUŰHKXQJ\QQRWWGXUIIWLJb$EHUJDU YLOŰ\QGHUUHQGÖHYHUODŰŰHQGGÖHQXW]HUQYQGQHKHUQGLQJH]ţGHUŰHOHQ KH\ObŰÖFK]ţYLOJHEHQYIIHHUYQGJţW]ţYEHUNŇPHQbYQGO\SOÖFKOXŰW ]ţJHEUXFKHQbYQGZHQÖJJHGHQFNHQGD]Ű\HGLFN\PPLWWHOQODXIIYQG QDFKKHQJHQQDFKGHQŰHOEHQGLQJHQYRQK\QQHQŰFKH\GHQHHGDQŰLHŰRO  OÖFKVEHJULIIHQb$OŰRYEHWPHQŰFKOÖFKOHEHQPDQFKHUOH\HUEH\WYQGHUGHU ŰXQQHQbYQGDOVGHUZ\‰ODQJYRUK\QKDWWJHŰDJHWDOOHQ$GDPVN\Q  GHUQLŰWDQJHERUQJUR‰EHNţPHUXQJYRQGHPWDJ\UHVY‰JDQJVY‰Gē PţWHUO\SEL‰]ţGHPWDJ\UHUEHJUHEQ‰ZLGHUYPELQGLHPţWHUDOOHU PHQŰFKHQGLHHUGHb'RFKÖŰWH\QHVYEHUDOOHGLQJQRWbZHOFKHVŰDQW3DX OXVY‰GUţFNHQYHUJ\HWZ\ŰŰHQYQGHUNHQQHQFULŰWXPLKHŰXPbYQGGHQ ŰHOEHQJHFUXW]LJHWbGL‰YHUPHLQHWHU\PJHQşJŰ\Q]ţZLŰŰHQbDXFKQDFK GHPYQGHU\QGHQGULWWHQKPHOZDVYHUW]XJNHWZRUGHQY?GRŰHOEHW JURŰŰHUKH\POÖFKNH\WHQYQGHUZ\ŰHQGÖHHUDXFKGHQPHQŰFKHQDFKWHWQLWW JHEţUOÖFKŰ\Q]ţŰDJHQb(UJHEţWDXFKGD]Q\HPDQZROOHPHHZ\ŰŰHQ GDQQRWŰ\bDXFKQ\UJHQDQGHUV\QJORUÖHUHQGDQ\QGHPFUXW]YQŰHUV KHUUHQMKHŰXFULŰWLb\QGēYQŰHUKH\OOHEHQYQGYIIHUŰWHKXQJEHŰWHGWb'DU XPE-HUHPLDVPLWŰDPSWŰDQFWR3DXORŰSULFKWDOŰRb'HUZ\‰JORULHU QLW\QŰ\QHUZ\‰KH\WbGHUULFKQLW\QŰ\QHUUÖFKWXPbGHUŰWDUFNQLW\QŰ\  QHUŰWHUFNHbŰXQGHU\QZÖŰŰHQYQGHUNHQQXQJJRWWHVb:DQGL‰LŰWH\Q HZLJVOHEHQŰRGLHPHQŰFKHQGHQDOOH\QZDUHQJRWWYQGFULŰWşLKHŰXP GHQHUKDWWJHŰDQGWDOVHUŰHOEHUGL‰EHNHQQHW\QGHPHXDQJHOÖRb1XQ Z\HZRO]ţŰROOÖFKHPZLŰŰHQŰHUHG\HQHQGLHKHLOÖJHQHXDQJHOÖHQPLWW ŰDPSWY‰OHJşJHQGHUOHUHUGDUYEHUŰFKUÖEHQbQRFKGDQJ\EHWHJUR‰JH K\OIIGDU]ţG\ŰHUKHÖOÖJHQŰWHWWYQGODQGO\SOÖFKEHŰHKXQJb\QZHOFKHQ GXUFKFUÖŰWXPLKHŰXPGLQJJHWKDQJHOHUHWYQGHUO\WWHQZÖU\QGHQHXĆ JHOÖHQŰHOEHUOHŰHQbRGHUYŇDQGHUHQKUHQŰDJHQb'L‰ZHUHRQ]Z\IHOH\Q KH\OŰDPH GD]LFKDOŰRUHGH IţUZLW]LNH\WRGHUY‰ZH\IIÖNH\WYPEZHJē ŰROOÖFKGLQJED‰]ţZLŰŰHQbGÖHŰWHWWGHVOHEHQVYQGŰWHUEHQVFULŰWLLKHŰX DOŰRYPEODXIIHQY?EHŰţFKHQb\HGRFKEHŰO‰LFKKLHPLWWbGD]QLW]ţMKH UXŰDOHPYQQG\QQGHQKHLOÖJHQODQGHQJHZHŰHQŰ\QbŰXQGHUGRŰHOEHW



Y 



NDQQWH,VWHVGHQQHLQ:XQGHUZHQQHLQ&KULVWHQPHQVFKGHQ:XQVFK YHUVSUW GDV /DQG XQG GLH 6WlWWHQ ]X VHKHQ YRQ GHQHQ WlJOLFK LQ DOOHQ .LUFKHQJHVXQJHQXQGJHVSURFKHQZLUGZRHVNDXPHLQHQ7DJLPJDQ]HQ -DKUJLEWDQGHPQLFKWGHU'LQJHGLHLQGLHVHP/DQGJHVFKHKHQVLQGJH GDFKWZLUG" 2EZRKODEHU²QDFK$XIIDVVXQJGHV$ULVWRWHOHV²DOOHQ0HQVFKHQHLQQD WUOLFKHU:XQVFKDQJHERUHQLVW:LVVHQ]XHUODQJHQVRJLEWHVGRFKZH QLJHGLHVLFKKHXW]XWDJHGHQEHVWHQ.QVWHQKLQJHEHQGHQQVLHVFKHX HQ GLH GDPLW YHUEXQGHQH $QVWUHQJXQJ RGHU VLH YHUIJHQ QLFKW EHU GLH QRWZHQGLJH=HLW$EHUHVJLEWYLHOH GLHGDVYHUDFKWHQZDV]X1XW]XQG )URPPHQXQVHUHV6HHOHQKHLOVGLHQWYLHOHGLHPHKUHUZDUWHQYRP(UZHUE GHU (KUH XQG YRQ *WHUQ XQG YRQ GHU %HIULHGLJXQJ OHLEOLFKHU /XVW 6LH GHQNHQNDXPGDUDQGDVVVLHPLWWHQLP/DXI>GHV/HEHQV@VLQG6LHKlQJHQ DOOGLHVHQ'LQJHQQDFKXQGPVVHQGRFKYRQGLHVHU:HOWVFKHLGHQEHYRU VLHHVUHFKWEHJUHLIHQhEW(XFKDOVRHLQLQGDVPHQVFKOLFKH/HEHQXQGLQ GLHYLHOIlOWLJH0KVDOGLHHVXQWHUGHU6RQQHJLEW'HQQVFKRQODQJHKDW HVGHU:HLVHJHVDJW$OOHQ.LQGHUQ$EUDKDPVLVWHVYRQ*HEXUWDQPLWJH JHEHQJUR‰H%HNPPHUQLVHUGXOGHQ]XPVVHQYRP7DJLKUHV$XVJDQJV DXV GHP 0XWWHUOHLE ELV ]XP 7DJ LKUHV %HJUlEQLVVHV GHU 5FNNHKU ]XU 0XWWHUDOOHU0HQVFKHQGHU(UGH'RFKHLQH6DFKHLVWGLHZLFKWLJVWHYRQ DOOHQZLHGHUKO3DXOXV]XP$XVGUXFNEUDFKWH&KULVWXP-HVXPDOV*H NUHX]LJWHQ]XNHQQHQXQG]XEHNHQQHQGDVVFKHLQWLKPJHQXJDQ:LVVHQ ]XVHLQ$XFKGDVVHULQGHQGULWWHQ+LPPHOHQWUFNWXQGGRUWYHU]FNW XQG LQ JUR‰HQ *HKHLPQLVVHQ XQWHUZLHVHQZXUGH GLH HU VHOEVW GHQ 0HQ VFKHQ GLH HU DFKWHWH OLHEHU QLFKW PLWWHLOWH(U JHERW DXFK GDVV QLHPDQG PHKU ZLVVHQ ZROOHQ VROOH DOV XQEHGLQJW QRWZHQGLJ VHL $XFK VROOH QLU JHQGZRHWZDV$QGHUHVYHUHKUWZHUGHQDOVGDV.UHX]XQVHUHV+HUUQ-HVX &KULVWLLQGHPXQVHU+HLOXQVHU/HEHQXQGXQVHUH$XIHUVWHKXQJEHVWHKW 'DUXP VDJHQ -HUHPLD XQG GHU KO 3DXOXV 'HU :HLVH HKUW >*RWW@ QLFKW GXUFKVHLQH:HLVKHLWGHU5HLFKHQLFKWGXUFKVHLQHQ5HLFKWXPGHU6WDUNH QLFKW GXUFK VHLQH 6WlUNH VRQGHUQ LP :LVVHQ YRQ *RWW XQG LQ GHU (U NHQQWQLV*RWWHV'HQQGLHVEHGHXWHWGDVHZLJH/HEHQGDVVGLH0HQVFKHQ GHQ DOOHLQ ZDKUHQ *RWW XQG &KULVWXP -HVXP >EH]HXJHQ@ GHQ HU JHVDQGW KDW ZLH HU VHOEVW LP (YDQJHOLXP EHNHQQW 1XQ GLHQHQ VROFKHP :LVVHQ YRU DOOHP GLH KHLOLJHQ (YDQJHOLHQ PLWVDPW GHQ $XVOHJXQJHQ GHU /HKUHU GLHGDUEHUVFKUHLEHQXQGDX‰HUGHPJLEWHVQRFKHLQHJUR‰H+LOIHXQG GLH EHVWHKW LQ GHU OHLEOLFKHQ $QVFKDXXQJ GLHVHU KHLOLJHQ 6WlWWHQ XQG GHV +HLOLJHQ /DQGHV GHU $QVFKDXXQJ ZHOFKH 'LQJH GXUFK &KULVWXP -HVXP 'LQJH JHWDQ JHOHKUW XQG HUOLWWHQ ZXUGHQ ZLH ZLU HV >VRQVW QXU@ LQ GHQ (YDQJHOLHQVHOEHUOHVHQRGHUYRQDQGHUHQVDJHQK|UHQ(VZlUH]ZHLIHOORV HLQH KHLOVDPH .OXJKHLW VR ZLOO LFK HV HLQPDO QHQQHQ  XQG HLQ KHLOVDPHV 8PKHUVFKZHLIHQVROFKH'LQJHJHQDXHU]XNHQQHQLQGHPPDQGLH6WlWWHQ GHV /HEHQV XQG 6WHUEHQV &KULVWL -HVX DXIVXFKW XQG EHVXFKW 6FKOLH‰HQ P|FKWHLFKDEHUPLWHLQHU%HPHUNXQJGHVKO+LHURQ\PXVQDFKGHU

Y    KDEHQZROJHOHEHWYQGŰÖFKFULŰWHQOÖFKHQYQGDQGHFKWLJOÖFKHQJHKDOWHQ YQGHUGHQKH\GHQLŰWOEOÖFKbDOVŰDQFWXVMHURQLPXVŰSULFKHWb'DPLWW Ű\JQşJJHŰDJHWYRQZ\UGHYQGQţW]HGLŰHUŰHOLJHQIDUW]ţGHPKH\OÖ  JHQJUDEb                                              

 Y   GHUMHQLJHNHLQ/REYHUGLHQWGHULQ-HUXVDOHPXQGLP+HLOLJHQ/DQGVLFK >QXU@ DXIJHKDOWHQ KDW OREHQVZHUW LVW YLHOPHKU GHU GHU GRUW HLQ JXWHV FKULVWOLFKHVXQGIURPPHV/HEHQXQWHUGHQ+HLGHQJHIKUWKDW'DPLWVHL JHQXJ JHVDJW EHU GLH :UGH XQG GHQ 1XW]HQ GLHVHU VHOLJPDFKHQGHQ )DKUW]XPKHLOLJHQ*UDE                                                           





U



  

'HUPH\QXQJGL‰EţFKVDQJHEHUVY‰GUXFNXQJb

/OHREHUW]HOWHGLQJYQGYUŰDFKHQZROEHŰ\QGHWYQGEHWUDFK WHWLFK%HUXKDUWYRQ%UH\GHQEDFKREJHPHOGHWGHU]\WH\Q NHPPHUHUbYQG\W]PDODXFKH\QGHFKDQGH‰KRKHQŰWLIIWHV]ţ 0H\QW]bEHNHQQHY?YHUJ\KHPHQŰFKHQH\QH[HPSHO GDPLW]ţJHEHQbGD]QDFKGHPLFKP\QHXQJHQWDJKDEYROIţUHW DOV JHZRQOÖFKHQJHŰFKLFKW \QWRUKH\WHQHWFKDELFKPÖFKŰHOEHUYQGP\QH ZHJED‰DQJHŰHKHQYQGHUNHQQHWbDXFKPLUIţUJHYDŰŰHWbPLFK]ţHQGH  UHQYQG]ţEHŰŰHUHQ JRWWZROOHGD]LFKGHPŰHOEHQQDFKNRPPH $OŰR YQGHUDQGHUHQŰDFKHQŰR]ţEHŰŰHUşJGHVOHEHQVZROIţUGHUHQbZDUGPLU DOOHUPH\QŰW\QJHEÖOGHWGLŰHIDUWREEHUţUHWbYQGHUŰWDQ]ţYROEULQJHQ EHZHJHWGDU]ţDOOH\QOXWHUOÖFKHQY‰EHJLUGP\QHUŰHOHQKHLO]ţŰFKDIIHQ YQGGLHDUEH\WGÖŰHUŰZHUHQUH\‰IXUP\QHŰXQGH]ţWKXQbY?KDEDXFK GLHŰHOEPLWJRWWHVKÖOIIYQGNUDIIWbPLWŰDPSWZROJHERUQHQKHUUHQŰR LFKKHUQDFKZXUGHPHOGHQbYROOHQEUDFKWbGH‰LFKELOOÖFKHZLJOREYQQG GDQFNŰDJHJRWWbGHUPLFKYIIGHUIDUWJHŰWHUFNHWbDXFKGLFNY‰JURŰŰHQ HQJŰWHQYQGQWHQKDWWHUORŰHWb'D]DEHUŰROOÖFKP\QHUH\‰QLWDOOH\Q PLUbŰXQGHUDXFKDQGHUQPHQŰFKHQPRFKWHQţW]ZHUGHQbYQGEHŰXQGHU GHUHGHOHQRGHUDQGHUJHOHUWHQY?SUHODWHQJHPţWŰRJHPH\QOÖFKHQGLŰH IDUWYHUPRJHQbGDU]ţJHQH\JWHUZţUGHQbKDELFKEHŰXQGHUQIO\‰DQJH  ZHQGHWYIIGHUIDUWbDOOHGLQJŰRQWZHUHQ]ţZLŰŰHQYQGHUŰFKH\GOÖFKHQ ]ţHUIRUŰFKHQYQGHUIDUHQbDXFKH\QJţWHQPDOHU]ţPLUJHQŇPHQbGHU GLHQDPKDIIWLJHŰWHWW\IIZDŰŰHUYQGODQGDEHQWZţUIIHbYQGIXUQHP  OÖFKHQGLHKH\OÖJHQŰWHWWYPE-HUXŰDOHPH\JHQWOÖFKHQDEPDOHWbGRPLW GL‰QDFKJHQGHEţFKŰROOÖFKUH\‰EHŰFKULEHQGHOXŰWOÖFKHUZXUGHŰRH‰]ţ YHUQXQIIWGXUFKJHŰFKULIIWYQG]ţJHŰÖFKWGXUFKIÖJXUHQZXUGHG\HQHQb DOVPDQGDVK\HQDFKYLQGHWPLWJURŰŰHPIO\‰YRUK\QZROJHŰWUDIIHWb JHWUXFNHWJHŰFKDIIHWZHUGHQbGRPLWH‰GHŰWHUJHPH\QHUZţUGHb                    



U 



'LH$EVLFKWGLHGHU$XWRUPLWGLHVHP%XFKYHUIROJW  $OOGLHVH'LQJHXQG8UVDFKHQEHGHQNHXQGEHWUDFKWHLFKGHULFKPHLQHQ 1DPHQ EHUHLWV JHQDQQW KDEH %HUQKDUG YRQ %UH\GHQEDFK JHJHQZlUWLJ .lPPHUHUXQGDXFK'HNDQGHV+RKHQ6WLIWHV]X0DLQ],FKP|FKWHDQ GHUHQ0HQVFKHQGDPLWHLQ([HPSHOJHEHQ'HQQQDFKGHPLFKPHLQH-X JHQGLQ7RUKHLWHQHWF]XJHEUDFKWH ZLHHVJHZ|KQOLFKGHU)DOOLVW KDEH LFK PLFK VHOEVW XQG PHLQHQ :HJ HLQPDO JHQDXHU DQJHVFKDXW XQG EHVVHU HUNDQQWXQG>GDUDXIKLQ@GHQ(QWVFKOXVVJHIDVVWGDVVLFKPLFKlQGHUQXQG EHVVHUQPVVH *RWWZROOHGDVLFKGHPVHOEHQQDFKNRPPH 1HEHQDQGH UHQ'LQJHQGLHHLQH%HVVHUXQJGHU/HEHQVIKUXQJEHI|UGHUQZXUGHPLU YRUDOOHPGHU:XQVFK]XGLHVHU)DKUWHLQJHJHEHQ8QGVLH]XYROOEULQJHQ GD]XEHZHJWHPLFKHLQ]LJXQGDOOHLQGLH6HKQVXFKWHWZDVIUPHLQ6HHOHQ KHLO]XWXQXQGGLH0KVDOGLHVHUVFKZHUHQ5HLVH IUPHLQH6QGHQ DXI PLFK]XQHKPHQ0LW*RWWHV+LOIHXQG.UDIWXQGLP%HLVHLQGHUZRKOJH ERUQHQ+HUUHQGLHLFKXQWHQYRUVWHOOHKDEHLFKGLHVH5HLVHYROOEUDFKW6R VDJH LFK ZLH HV VLFK ]LHPW *RWW HZLJ /RE XQG 'DQN GHU PLFK DXI GHU )DKUWJHVWlUNW XQGDXVWLHIHQXQG JUR‰HQbQJVWHQXQG1|WHQHUO|VWKDW $EHU PHLQH 5HLVH VROO QLFKW QXU PLU VRQGHUQ DXFK DQGHUQ 0HQVFKHQ QW]OLFKZHUGHQXQG]ZDUVROOHQEHVRQGHUVGLH*HPWHUDGOLJHURGHUDQ GHUHU*HOHKUWHUXQG3UlODWHQGLHJHZ|KQOLFK]XGLHVHU)DKUWLQGHU/DJH VLQGQRFKJHQHLJWHUJHPDFKWZHUGHQ'HVKDOEKDEHLFKDXIGHU)DKUWEH VRQGHUH$XIPHUNVDPNHLWDXIDOOH'LQJHYHUZDQGWGLHPDQZLVVHQPXVV LFKKDEHLKUH%HVRQGHUKHLWHQHUIRUVFKWXQGLQ(UIDKUXQJJHEUDFKW,FKKD EHDXFKHLQHQJXWHQ0DOHUPLWPLUPLWJHQRPPHQGDPLWHUGLHQDPKDIWHQ 6WlWWHQ ]X :DVVHU XQG ]X /DQGH HQWZHUIH XQG YRUQHKPOLFK GLH KHLOLJH 6WDGW-HUXVDOHPDEPDOH'DVQDFKVWHKHQGH%XFKGDVVLFKPLWGLHVHU5HLVH EHIDVVWVROOGDGXUFKDQJHQHKPHUZHUGHQGDVVHVGHU9HUQXQIWGXUFKGLH 6FKULIW XQG GHU $QVFKDXXQJ GXUFK $EELOGXQJHQ GLHQHQ P|JH ² VR ZLH PDQHVLP)ROJHQGHQILQGHW0LWJUR‰HU0KHLVWGDV0DWHULDOVWUHQJJH RUGQHWGDQQLVWGDV%XFKJHGUXFNWXQGJHPDFKWZRUGHQXQGVRNRPPW HVLQKRIIHQWOLFKJUR‰HU=DKOXQWHUGLH/HXWH                   





Y 

 

'L‰EţFKV\‰WH\OXQJb

-‰JDQW]ZHUFNZXUWJHWH\OHW\Q]ZH\WH\OQDFKGHPYQGH‰ GLH]ZţRIIWJHQDQWHQUH\ŰHQOHUHW\QG\QKDOWHW]ţGHPKHLOÖ JHQJUDEFUÖŰWÖJHQ-KHUXŰDOHPYQG]ţŰDQW.DWKHULQJHQ 6\QDbGRFKGDVHUŰWWH\OŰDJWQLWDOOH\QYŇGHQKH\OÖJHQODQ GHQ]ţ-HUXŰDOHPbŰXQGHUDXFKYRQPDQFKHUOH\Ű\WWHQbJODXEHQbŰHFWHQb RGHU\UWşPHQGHU\QQZRQHUGHUŰHOEHQODQGK\Q]ţJHŰDW]WHWWOÖFKQRW  WXUIIWLJHYHUPDQXQJDOVK\HQDFKJHIXQGHQZXUGWb=ţMXQJŰWEHJHUH LFKH\QVJţWKHUW]LJHQOHŰHUVbYQGELWWHGHQDOOPHFKWLJHQJRWGD]HUDOOHQ Ű\QēZDUHQJODXEÖJHQQLWDOOHÖQGēZHJ]ţGLŰHQODQGHQIIHQQHUPDFK ŰXQGHUDXFK\QHQJURŰŰHUOÖHEYQGEHJLUG]ţGHQŰHOEHQ\QJ\‰HbGDPLWW Ű\HHWWZDQZ\GHUYPEYQGHUJHZDOWXQGJHELHWGHUFULŰWHQKHÖWNRPPēb \PHJRWW]ţOREYQG]ţHHUDOOHPFULŰWHQOÖFKHPYROFN$PHQb                                    





Y 



'LH(LQWHLOXQJGHV%XFKHV  'LHVHV:HUNLVWLQ]ZHL7HLOHDXIJHWHLOWLQGHQHQHVEHUGLHEHLGHQKlXILJ JHQDQQWHQ 5HLVHQ EHOHKUW ]XP *UDE &KULVWL QDFK -HUXVDOHP XQG ]X 6W .DWKDULQDDXIGHQ=LRQ'RFKGHUHUVWH7HLOKDQGHOWQLFKWQXUYRP+HLOL JHQ/DQG]X-HUXVDOHPVRQGHUQDXFKYRQPDQFKHUOHL6LWWHQ*ODXEHQVIRU PHQ6HNWHQRGHU,UUWPHUQVHLQHU%HZRKQHUXQGHUHQWKlOWGDUEHUKLQ DXV QRFK HLQLJHNXU] JHIDVVWH 9HUPDKQXQJHQ ]X GHQHQ HV9HUDQODVVXQJ JLEW0HLQLQQLJVWHU:XQVFKLVWHLQJHQHLJWHU/HVHUXQGLFKELWWHGHQDOO PlFKWLJHQ*RWWGDUXPHUP|JHDOOHQVHLQHQZDKUHQ*OlXELJHQQLFKWQXU GHQ :HJ ]X GLHVHQ /lQGHUQ LPPHU ZHLWHU |IIQHQ VRQGHUQ LKQHQ DXFK HLQHJU|‰HUH/LHEH]XLKQHQXQG 6HKQVXFKWQDFKLKQHQHLQJLH‰HQGDPLW VLH ZLHGHU LQ GLH *HZDOW XQG LQ GHQ +HUUVFKDIWVEHUHLFK GHU &KULVWHQKHLW NRPPHQP|JHQ=XP/REH*RWWHVXQG]XU(KUHGHVJHVDPWHQFKULVWOL FKHQ9RONHV$PHQ                                  





U 

+\HQDFKYROJHWGLHEHŰFKULEXQJGHU\‰IDUWYRQ\HGHV KH\PDWE\‰JHQ9HQHGÖJb   ţOREYQGHHUGHPDOPHFKWLJHQJRWWbŰ\QHUZHUGHQPţWHU  0DULHYQGDOOHPKPHOŰFKHQKHUHbDXFK]ţKH\OYQGŰHOÖ  NH\WYQŰHUŰHOHQbZLUGU\PLWQDPHQGHUZROJHERUQKHUUH KHUU+DQVJUDIIYRQ6ROPVbKHUU]ţ0\QW]HQEHUJb-FK %HUQKDUGYRQ%UH\GHQEDFKK\HREEHŰWşPHWbYQGKHUUH 3KLOÖSVYRQEÖFNHQH\QŰWUHQJHUULWWHUbYQŰHU\HGHUPLWŰDPSWŰ\QHP NQHFKWbGLHKH\OLJUH\‰YQGIDUW]ţGHPKHLOÖJHQJUDEJHQHUXŰDOHPY? IţUWHU]ţGHPEHUJ6\QDL]ţŰDQW.DWKHUÖQHWFDQJHIDQJHQY?Ű\Q]ţ ŰDPHQNŇPHQ]ţ2SSHQKH\PDPU\QJHOHJHQbYRQGDQQHQY‰JHU\WWē YIIŰDQW0DU[GHVKHLOÖJHQHXĆJHOÖŰWHQWDJVbMPMDUDOVPDQ]DOWYRQ FUÖŰWJHEţUWb0bFFFFbYQGbO[[[ÖÖbŰ\QZÖU\Qb[YbWDJHQEL‰JHQ9HQH  GÖJNŇPHQbPLW]\POÖFKHPNRŰWHQbYQGYPEZHJHQPHHŰLFKHUKH\WKD  EHQZLUJHOHLWJHEUXFKWZRYQGZLHYHUUH‰YQVQRWWXUIIWÖJZDVbEHŰXQ GHUDQHQGHQZRQXZHKHUŰFKDIIWHQRGHUODQWŰFKDIIWHQDQYLQJHQbYQQG ŰÖWWHPDOGLHŰHOEHQODQGŰWHWWY?ZHJZROEHNDQWŰ\QGXUFKWHWŰFKODQG EL‰JHQYHQHGLJbLŰWQLWQWZ\WHUGDYRQ]ţŰFKULEHQbMŰWDXFKGLHYHUUH YRQ0H\QW]EL‰JHQYHQHGLJQLWPHHGDQYPEKXQGHUWWHWŰFKP\OHQ =ţYHQHGLJIXXGHQZLUZOJHERUQHQJUDIIHQbIU\KHQbŰWUHQJULWWHUb YQGDQGHUYHŰWHGHOPHQQHUb$XFKHWWOÖFKSUHODWHQYQGJHLŰWOLFKSHUŰR  QHQb\QŰROOÖFKHUPH\QşJYQGJHPţWDOVZLUbYRQPDQFKHUOH\ODQGHQ GHUFULŰWHQKH\WGRK\QNRPHQYHUŰDPHOWb9‰ZHOFKHQb]ZHQIU\KHUQYQG GU\ULWWHUbPÖWŰDPSW\UHQNQHFKWHQ]ţYQVLQYQŰHUJHŰHOŰFKDIIWWUDWWHQb GLHDQGHUQGHUDXFKPHHZDVGDQYQŰHUEHOÖHEHQLQH\QHUH\JHQHQURWWb 1DPHQGHUŰHOEHQKHHUUHQŰR]ţYQVNDPHQŰ\QGL‰HbKHUU0D[ÖPLQXV YRQ5RSSHQŰWH\QH\QIU\HUKHUUb-WHPKHUU9HUQDQGXVYRQPHUQDZH H\QIU\HUKHUUb-WHPKHUU&DŰSDUYŇ%ţODFKH\QULWWHUb-WHPKHUUMRUJ PDU[H\QULWWHUb-WHPKHUU1LFRODXVPDLRUYQNUWb&]ţYHQHGLJZDUē ZLU]ţKHUEHUJE\3HWHUYJHOKH\PHUYRQIUDQFNIRUWJHERUQbŰH‰KDIIWLJ GHU]\W]ţYHQHGLJbGHUYQVZROHQSIDQJHQbJHKDOWHQYQGJHODŰŰHQKDW $XFKŰXŰWYQVGLHQŰWEDUYQGIXUGHUOÖFKHQZDVLQŰDFKHQ]ţKDQGHOQb EHŰXQGHULQYHUGLQJşJPLWGēSDWURQLŰWQDFKŰ\QēYHUPRJHQJHZHŰHQb +LHQDFKYROJHWGDVJHGÖQJYQGYEHUNRPPHQ]ţ9HQHGLJPLW GHKHSDWURQGHUJDOHHb 9IIGHQb[YLMbWDJGHVPRQHGVPD\bZDVGHUKHLOÖJSILQJŰWDEHQWbYHU GUţJHQZLUYQV]ţYHQHGLJPLWGHPSDWURQGHUJDOH\bJHQĆWKHUU$X JXŰWLQ&RQWHUHQL GDVLŰW\PWHWŰFKHQGHUU\QJUHII Y?GHUOÖH‰YQV DFKWŰWHWW\PJHOH\IXUXQŰHUŰHFK‰SHUŰRQbPLWGHPJHGLQJbGD]ZLU\PH ŰROWHQJHEHQ\HIXUH\QSHUŰRQb[OÖbGXFDWHQbEL‰JHQMKHUXŰDOHPY?KHU   



U 



(VIROJWGLH%HVFKUHLEXQJGHU$XVIDKUWHLQHVMHGHQGHU3LOJHUDXV VHLQHU+HLPDWELVQDFK9HQHGLJ

 =X/REXQG(KUHGHVDOOPlFKWLJHQ*RWWHVVHLQHUYHUHKUWHQ0XWWHU0D ULDXQGDOOHUKLPPOLVFKHQ+HHUVFKDUHQ$XFK]XP+HLOXQG]XU6HOLJNHLW XQVHUHU 6HHOHQ 'LH 1DPHQ GHU ZRKOJHERUHQHQ +HUUHQ VLQG +HUU +DQV *UDIYRQ6ROPV+HUU]X0Q]HQEHUJLFKZLHEHUHLWVHUZlKQW%HUQKDUG YRQ%UH\GHQEDFKXQG+HUU3KLOLSSYRQ%LFNHQHLQVWUHQJHU5LWWHU-HGHU YRQ XQV KDWWHVHLQHQ .QHFKW GDEHL 'LH KHLOLJH3LOJHUIDKUW ]XP+HLOLJHQ *UDELQ-HUXVDOHPXQGGDQQ]XP%HUJ6LQDL]X6W.DWKDULQDHWFWUDWHQ ZLULQ2SSHQKHLPDP5KHLQDQZRZLUXQVJHWURIIHQKDEHQ$P)HVWGHV KHLOLJHQ(YDQJHOLVWHQ6W0DUNXVVLQGZLUORVJHULWWHQDOVPDQVHLW&KULVWL *HEXUW -DKUH ]lKOWH ,Q  7DJHQ KDEHQ ZLU9HQHGLJ HUUHLFKW 'DV KDWXQVHUKHEOLFKH.RVWHQYHUXUVDFKWGHQQPLW5FNVLFKWDXIXQVHUH6L FKHUKHLW KDEHQ ZLU *HOHLWVFKXW] JHEUDXFKW EHVRQGHUV LQ GHQ *HJHQGHQ LQGHQHQHLQQHXHV+HUUVFKDIWVJHELHWRGHUQHXH7HUULWRULHQDQILQJHQ:HLO GLHVH /lQGHU 6WlGWH XQG 6WUHFNHQ YRQ 'HXWVFKODQG ELV 9HQHGLJ MHGRFK EHNDQQW VLQG EUDXFKHLFKGDYRQQLFKWVZHLWHU]XVFKUHLEHQ'LH (QWIHU QXQJYRQ0DLQ]ELVQDFK9HQHGLJEHWUlJWVFKOLH‰OLFKDXFKQLFKWPHKUDOV HWZDKXQGHUWGHXWVFKH0HLOHQ  ,Q9HQHGLJWUDIHQZLU*UDIHQ)UHLHVWUHQJH5LWWHUXQGDQGHUHHQWVFKORV VHQH(GHOPlQQHUYRQKRKHU*HEXUWDXFKHWOLFKH3UlODWHQXQGJHLVWOLFKH 3HUVRQHQGLHGDVJOHLFKH$QOLHJHQXQGGLHJOHLFKH$EVLFKWKDWWHQZLHZLU 6LH VLQG DXV XQWHUVFKLHGOLFKHQ /lQGHUQ GHU &KULVWHQKHLW GRUWKLQ JHNRP PHQ XQG KDEHQVLFK GRUWYHUVDPPHOW9RQ GHQHQ KDEHQ VLFK ]ZHL )UHL KHUUHQ XQG GUHL 5LWWHU PLW LKUHQ .QHFKWHQ XQVHUHU *HVHOOVFKDIW DQJH VFKORVVHQ'LHDQGHUHQGLHZLUQLFKWDXIQHKPHQZROOWHQEOLHEHQLQHLQHU HLJHQHQ *UXSSH 'LH 1DPHQ GHU +HUUHQ GLH ]X XQV NDPHQ VLQG +HUU 0D[LPLQXVYRQ 5RSSHQVWHLQ HLQ IUHLHU+HUUGDQQ +HUU9HUQDQGXVYRQ 0HUQDX DXFK HLQ IUHLHU +HUU GDQQ +HUU &DVSDU YRQ %XODFK HLQ 5LWWHU ZHLWHU+HUU-|UJ0DU[HEHQIDOOVHLQ5LWWHUXQG+HUU1LFRODXVGHUbOWHUH YRQ,QNXUW,Q9HQHGLJORJLHUWHQZLUEHL3HWHU8JHOKHLPHUDXV)UDQNIXUW GHUMHW]WLQ9HQHGLJZRKQW(UKDWXQVIUHXQGOLFKDXIJHQRPPHQ EHKHU EHUJWXQGYHUVRUJW(UZDUXQVDXFKLQDOOHQ'LQJHQGLHJHUHJHOWZHUGHQ PXVVWHQ]X'LHQVWHQXQGKDWXQVJHKROIHQEHVRQGHUVEHLP9HUWUDJPLW GHP3DWURQKDWHUXQVQDFK.UlIWHQXQWHUVWW]W (VIROJWGHU.RQWUDNWPLWGHPYHQH]LDQLVFKHQ6FKLIIVSDWURQ $P0DLGHPKHLOLJHQ3ILQJVWIHVWDEHQGYHUKDQGHOWHQZLULQ9HQHGLJ PLWGHP3DWURQGHU*DOHHUH+HUUQ$XJXVWLQ&RQWHULQL ]X'HXWVFKGHU 5KHLQJUDI  (U EHUOLH‰ XQV IU XQV VHFKV 3HUVRQHQ DFKW 3OlW]H :LU ND PHQEHUHLQLKPSUR3HUVRQIUGLH)DKUWQDFK-HUXVDOHPXQG]XUFNMH    

U    Z\GHUbQDFKOXWKH\QHUYHUŰFKULEşJGDUYEHUŰDJHQGHbDOVKHUQDFKYRO  QHWbGDUYPEK\ULQJH]RJHQbGD]ŰLFKH\Q\HGHUZ։GHŰWHUED‰]ţYHUŰRU  JHQGHUGLŰHUHL‰ZLOYQGHUŰWDQbGDQÖQJODXEHQVÖFKQ\HPDQNDQŰRZRO                                               

 U   ZHLOV'XNDWHQ]XEH]DKOHQ'HU:RUWODXWGHV9HUWUDJVLVWKLHUZLHGHU JHJHEHQGDPLWVLFKMHGHUGHUHLQHVROFKH5HLVHXQWHUQHKPHQZLOOGDUDQ RULHQWLHUHQNDQQ'HQQLQJXWHP*ODXEHQDOOHLQNDQQQLHPDQGJXWH





Y 

YHUŰHKHQ\PZXUGWGRFKJHKDOWHQDOVDOWJHZRQKH\WLŰWb'LHYHUŰFKUL  EXQJDEFRS\UHWOXWHWYRQZRUW]ţZRUWDOŰRb3HWHUYJHOKH\PHUYRQ IUDQFNIRUGW\W]XQGWŰH‰KDIIWLJ]ţYHQHGLJKDWWJHPDFKHWH\QYHUGUDJ ]ZţŰFKHQKHUU$XJXŰWÖQ&RQWHUHQL3DWURQGHUJDOOH\HQ]ţYHQHGÖJH DPH\PbYQGb1bXQGb1bGH‰DQGHUQWH\OVbPLWGHPYQGHUŰFKH\GDOVKHU QDFKYROJHWb =XPHUŰWHQŰROOGHUJHGDFKWSDWURQGLHSLOJUDPIţUHQYRQYHQHGLJ ]ţGHPKH\OÖJHQODQGHYQGKHUZ\GHUE։]ţYHQHGLJbYQGKDWWŰÖFKGDU YPEYHUSIOLFKWYQGYHUŰSURFKHQY‰]ţIDUHQYQG]ţYRUH\QVWDJVHHb GLHDQGHUJDOH\HQY‰IHUW]ţYHQHGLJGLHGDQKHUUQ3HWURODQGDZH]ţ ŰWDWbE\H\QHUSHQGXŰHQWJţOGHQbY?ŰROOHQGLHGXŰHQWJXOGHQJQşJŰDP JOÖFKHQYHUQţJHWZHUGHQ]ţYHQHGLJbDOŰRGD]GLHSÖOJUDPGDU\QYHU  ŰRUJHWŰ\QHYQGH\QJQţJHQKDEHQb $XFKŰROOHQGLHSLOJUDP]ZHQYQGHU\QHQRUGHQHQYQGHUZHOHQb]ţYH QHGÖJYQGDQDOOHQŰWHWWHQYQGSRUWHQ]ţEHŰţFKHQY?]ţEHŰHKHQbREGHU SDWURQŰ\QHPDU\QHURGHUŰFKÖIIOXGWYII\JOÖFKHUEDQFN]ZHQRGHUGU\ ZLHPDQGHVH\QVZXUGWbYQGH\QHQŰFKXW]HQYII\JOÖFKHEDQFNbDXFKDOO Ű\QDPSWOXGWKDEHb9QGDQZHOFKHUSRUWHQRGHUŰWDWWH\QHUZHUHDE JDQJHQbŰRŰROOGHUSDWURQIXUGHUOÖFKHQDQGHVDEJDQJHQŰWDWWH\QēDQ  GHUQEHŰWHOOHQRQJHXHUGHb $XFKŰROOGHUSDWURQGHQSLOJUDQIXUbO[[[bPDQKDUQH‰bJHŰFKXW]YQG DQGHUJHZHUGDU]ţJHKULJEHŰWHOOHQbREH‰QRWWZXUGHŰ\QYIIGēPHHU YQGSRUWHQŰÖFK\UHUI\QGHPLWŰDPSWGHPZLGHUWH\OYII]ţKDOWHQHWF $XFKŰROGHUSDWURQDQDOOHŰWHWWY?SRUWHQIDUHQGRPDQJHZRQOÖFKHQ K\QSIOHJW]ţIDUHQbYQGŰROODXFKDQNH\QHUŰWDWWOHQJHUQLWYHUKDUUHQ GDQ]ZHQRGHUGU\WDJbH‰ZHUHGDQJURŰŰHUZ\QWRGHUIRUWXQDYIIGHP PHHUb$EHU]ţ]\SHUQŰROOHUŰRODQJO\JHQbE\‰GÖHEUţGHUJHQ1LFRŰLD PţJHQNŇPHQbY?GDVQDFKGHUEUţGHUJHYDOOHQb$EHULQGHUZLGHUIDUW PDJHU]ZHQRGHUGU\WDJOÖJHQDQ\JOÖFKHUSRUWHQbYPENDXIIPĆŰFKDW] ]ţODGHQGRFKQLWWYEHUGU\WDJb $XFKŰROGHUSDWURQGHQSLOJUDQ\UYHUIDQJHQŰWDWWPLWNH\QHPNDXII PDQŰFKDW]EHŰZHUHQRGHUYHUOHJHQQRFKYHUGÖQJHQODŰŰHQbGXUFKŰÖFKŰHO  EHURGHU\HPDQWVDQGHUVbE\H\QHUSHQGXŰHQWJXOGHQYQJHXHUOÖFKb $XFKŰROOGHUSDWURQGHQSLOJUDQDOOHQWDJ]ZH\PDO]ţHŰŰHQYQG]ţ GUÖQFNHQJHEHQbDOVHUEHUHQOXWHQ]ţŰWDWYQGJHEXUWbYQGZHUH‰ŰDFKb GD]H\QSÖOJUDPRGHUPHHb]ţGHVSDWURQHQG\ŰFKPRUJHQVRGHUREHQWV QLWJDQZROWHbRGHUREGHUSLOJUDPŰ\QHŰŰHQDOOH\QbRGHUPLWŰ\QHUJH  ŰHOŰFKDIIWKDEHQZROWHbŰROO\QHGHUSDWURQbH\QHPRGHUPHHbZHUŰROOÖFKV EHJHUHQZţUGHŰ\QHŰŰHQYQGGUÖQFNHQbRQDOOHUOH\\QUHGHRGHUYUŰDFKHQ LQNH\QHPZHJYHUKDOWHQbYQGŰXQGHUYHU]\HKHQŰFKÖFNHQZLHHUŰROOÖFKV Ű\QHQPLWEUţGHUQSIOHJW]ţG\ŰFKJHEHQRQJHXHUGHb -WHPGHUSDWURQŰROOGHQSLOJUDQYQGEUţGHUQŰS\‰JHEHQ]XPKH\OÖ  JHQODQGHGDUYQGKHUZ\GHUbE\‰]ţYHQHGLJbYRQJţWHPEURWbJţWHP     



Y 



9RUVRUJHWUHIIHQLKPZLUGGDV$UJXPHQWGHV*HZRKQKHLWVUHFKWVHQWJH JHQJHKDOWHQ'DV$ENRPPHQODXWHWZ|UWOLFKZLHIROJW3HWHU8JHOKHLPHU DXV)UDQNIXUWGHU]HLWZRKQKDIWLQ9HQHGLJKDW]ZLVFKHQ+HUUQ$XJXVWLQ &RQWHUHQLGHP3DWURQGHU*DOHHUH]X9HQHGLJXQG1XQG1GHU*H JHQSDUWHLHLQHQ9HUWUDJPLWIROJHQGHQ%HVWLPPXQJHQDEJHVFKORVVHQ %HVDJWHU3DWURQVROOGLH3LOJHUYRQ9HQHGLJLQV+HLOLJH/DQGXQG]XUFN QDFK 9HQHGLJ EULQJHQ 'HVKDOE KDW HU VLFKYHUSIOLFKWHW XQG KDWYHUVSUR FKHQHLQHQ7DJYRU$EIDKUWGHUDQGHUHQ*DOHHUHLQ9HQHGLJORV]XIDKUHQ EHLHLQHU6WUDIHYRQWDXVHQG*XOGHQGLHGDQQ+HUUQ3HWHU/DQGDXHU]X VWHKHQ'LHWDXVHQG*XOGHQPVVHQJOHLFKLQ9HQHGLJDXVJHKlQGLJWZHU GHQGDPLWGLH3LOJHUDXVUHLFKHQGYHUVRUJWZHUGHQN|QQHQ 'LH3LOJHUVROOHQ]ZHLYRQLKQHQEHQHQQHQXQGZlKOHQ6LHVROOHQLQ9H QHGLJ EHL /DQGJlQJHQ XQG EHL +DIHQDXIHQWKDOWHQ NRQWUROOLHUHQ RE GHU 3DWURQ²MHQDFK$EPDFKXQJ²SUR%DQN]ZHLRGHUGUHLVHLQHU0DWURVHQ RGHU6FKLIIVOHXWHXQGDXFKHLQHQ6FKW]HQVHW]WVRZLH$PWOHXWHRUJDQL VLHUW:HQQHLQHUYRQLKQHQDQHLQHP+DIHQRGHULQHLQHU6WDGWDEJHKWVR VROO GHU 3DWURQ DQ GHVVHQ 6WHOOH XQYHU]JOLFK HLQHQ DQGHUHQ EHVWHOOHQ $XFKVROOGHU3DWURQGHQ3LOJHUQIU0DQQ+DUQLVFKH*HVFKW]HXQG DQGHUH :DIIHQ ]XU 9HUIJXQJ VWHOOHQ 'HQQ HV N|QQWH QRWZHQGLJ VHLQ GDVVVLHVLFKDXIGHP0HHURGHULQ+lIHQHWZDLJHU)HLQGHXQG:LGHUVD FKHU]XHUZHKUHQKlWWHQ'HU3DWURQVROODOOH6WlGWHXQG+lIHQDQIDKUHQ LQXQGDQGHQHQPDQJHZ|KQOLFKDQOHJW1LUJHQGZRVROOHUOlQJHUDOV]ZHL RGHU GUHL 7DJH DQNHUQ HV VHL GHQQ HV JLQJH HLQ VFKZHUHU :LQG RGHU HV GURKWH8QKHLOYRP0HHUKHU$EHUDXI=\SHUQVROOHUVRODQJHOLHJHQGDVV GLH%UGHUQDFK1LNRVLDJHODQJHQXQGGRUWEOLHEHQN|QQHQVRODQJHHVLK QHQJHIlOOW$XIGHU5FNIDKUWNDQQHU]ZHLRGHUPD[LPDOGUHL7DJHODQJ LQMHGHP+DIHQDQOHJHQXP.DXIPDQQVJWHU]XODGHQ $XFKVROOGHU3DWURQGHQJHPLHWHWHQ6FKLIIVSODW]GHU3LOJHUIUNHLQ.DXI PDQQVJXW]ZHFNHQWIUHPGHQRGHUYRQMHPDQGDQGHUHPYHUHLQQDKPHQODV VHQ DQVRQVWHQ KDW HU HLQH 6WUDIH YRQ WDXVHQG *XOGHQ ]X EH]DKOHQ 'HU 3DWURQVROOGHQ3LOJHUQSUR7DJ]ZHLPDO]XHVVHQXQG]XWULQNHQJHEHQ ZLH HV HKUEDUHQ/HXWHQ ]XVWHKW 8QGZHQQVLFK HLQ RGHU PHKUHUH3LOJHU PRUJHQVRGHUDEHQGVQLFKWDQGHQ7LVFKGHV3DWURQVVHW]HQZROOHQVRQ GHUQ VHLQ 0DKO DOOHLQ RGHU >DXVVFKOLH‰OLFK@ LQ *HVHOOVFKDIW >VHLQHU 0LWSLO JHU@HLQQHKPHQP|FKWHGDQQVROOGHPGHUGDVZQVFKWGHU3DWURQVHLQ (VVHQRGHU 7ULQNHQ QLFKWYRUHQWKDOWHQ ² XQG ]ZDURKQH (LQVSUXFK XQG RKQHHLQH%HJUQGXQJ]XYHUODQJHQ²VRQGHUQHVLKPXQYHU]JOLFKYRU VHW]HQZLHHUHVIUVHLQH0LWEUGHUDXIGHQ7LVFKEULQJWRKQH/XJXQG 7UXJ ,WHPVROOGHU3DWURQGLH3LOJHUXQG%UGHUYHUN|VWLJHQELV]XP+HLOLJHQ /DQGXQGDXIGHU5FNUHLVHXQG]ZDUPLWJXWHP%URWJXWHP          





U 

Z\QbYQGIULŰFKIOH\ŰFKbH\HUYQGDQGHUQRWWXUIIWLJHGLQJ]ţGHUŰS\‰ JHKUHQGRQJHXHUGHb -WHPGHUSDWURQŰROOGHQSLOJUDQbZHUGH‰EHJHUHQGLŰWbPRUJHQVH\Q UHIHFWLRQWKţQbYQGYIIGHQDEHQWH\QFROODFLRQbDOVPLWPDOPDŰÖHUY? DQGHUPbZLHGDQGDVJHZRQOÖFKHQYQGKHUNRPPHQLŰWb -WHPZHUHH‰ŰDFKbGD]GLHSÖOJUDPH\QVWH\OVRGHUPHHbYPEIULŰFKZDŰ ŰHURGHUDQGHUQRWWXUIIWLJHŰDFKHQYPESURYDQG]ţEHŰWHOOHQbDQGDV ODQGWZOWHQb6ROO\QHQGHUSDWURQGDVŰFK\IIO\QO\KHQbGD]GRKH\‰HW GHUSDUWWHOHbYQGNQHFKWGDU]ţGLHŰ\HPţJHQIţUHQYQGYHUGROPHW]HQ QDFKQRWWXUIIWRQJHXHUGHb -WHPGHUSDWURQŰROOQDFKQRWWXUIIWYHUŰRUJHQGLHSLOJUDPGD]ŰLHYRQ Q\HPDQEHOH\GLJHWZHUGHQPLWZRUWHQRGHUPLWZHUFNHQGXUFKŰÖFKRGHU \HPDQDQGHUVb\QNH\QHQZHJYQJHXHUOÖFKHQb\QGHUJDOHHQY?YIIGē ODQGHQDFKŰ\QHPYHUPJHQRQJHXHUGHb -WHPGHUSDWURQŰROOGLHSLOJUDQGLHUHFKW]\WLQGēKHLOÖJHQODQGODŰŰHQ ZDQGHOQbYQG\UHUH\JHQWOÖFKHQZDUWHQbYQGPLWGHUJDOHHQYHUKDOWHQ YQGLQH\JHQHUSHUŰRQPLWGHQSÖOJUDQULWWHQY?LQGHPKHÖOÖJHQODQGH ZDQGHOQEL‰DQGHQMRUGDQbYQGZLGHUYPEE։\QGLHJDOHHQYQGDXFK ŰÖFKJHWUHZOÖFKHQY?IURPJOÖFKHQE\\QHQKDOWHQbŰ\HŰFKUHQY?DXFK YHUWH\GÖQJHQGD]ŰÖHQLWYRQGHQKH\GHQRGHU\HPDQWDQGHUVYHUNRUW]HW ZHUGHQLQNH\QēZHJYQJHXHUOÖFKb -WHPREH‰ŰÖFKEHJHEHGD]H\QLJSLOJUDPRGHUPHHYRQWRGVZHJHQDE JLHQJHbGDJRWWGHUDOPHFKWLJODQJYRUŰ\QZROOHb6RŰROOGHUSDWURQ ŰÖFKYPEGHVYHUODŰŰHQSÖOJUDPJţWWQÖWWDQQēPHQbŰXQGHUGDVE\GHQ EUţGHUQODŰŰHQbYQGÖQŰXQGHUKHLWZHPŰROOÖFKHUEUţGHUHQGDVEHXROKHQ ZţUGHbGDVŰROODOŰRJHKDOWHQZHUGHQRQDOOHVJHXHUGHb -WHPREH\QLJHUEUţGHURGHUPHHŰWţUEHQHHŰ\H]ţGHPKH\OÖJHQODQGH NHPHQb6RŰROOGHUSDWURQGHPSÖOJUDPZLGHUJHEHQPLWQDPHQGDV KDOEWH\ODOOHVY‰JHJHEHQJHOWHVRQJHHUGHb -WHPREH\QÖJHUSLOJUDPRGHUPHH]ţŰDQWNDWKHULQZROWHQ]\HKHQbŰR ŰROOGHUSDWURQGHQSLOJUDPH\JOÖFKHPZHUGHVEHJHUHQGLŰWb]HKHQGXFD WHQZLGHUYPEJHEHQbY?GDVŰROOHQGLHSLOJUDP]ţMKHUXŰDOHPGHPSD WURQ]ţYHUŰWDQJHEHQYIIGD]HUQLWZDUWHQGRUIIPLWGHUJDOHHQb -WHPREGLHSLOJUDQH\QHQGROPHW]HQ]ţYHQHGLJ]ţ\QHQQēPHQZXU GHQbŰRŰROOGHUSDWURQGHPŰHOEHQGROPHW]HQNRŰWJHEHQ]ţGHPKHLOÖJHQ ODQGHYQGZLGHUYPEEL‰JHQYHQHGLJb$XFKYPEGHQŰFKÖIIORQHGHP SDWURQQLFKWVSIOLFKWÖJŰ\Q]ţJHEHQbYQGŰRGLHSLOJUDPJHQMDSKDNŇ  PHQDQGDVODQGbZDVGDQGHUGROPHWŰFKYHU]HUHWYQGYQNRŰWHQKDEHQ ZXUGWPLW]ROOHQYQGHŰHOJHOWbŰROOHQGLHSLOJUDPGLHGHQGROPHWŰFKHQ PLW\QHQIţUHQbY‰ULFKWHQY?EH]DOHQbRQGHVSDWURQŰFKDGHQb:LHDEHU GLHSLOJUDPPLWGHPGROPHWŰFKHQYEHUNRPPHQbGDVKDWWH\QH\JHQH YHUŰFKULEXQJb      



U 



:HLQXQGIULVFKHP)OHLVFK(LHUQXQGDQGHUHQQRWZHQGLJHQ'LQJHQGLH ]XU1DKUXQJJHK|UHQDOOHVRKQH/XJXQG7UXJ ,WHPVROOGHU3DWURQGHQMHQLJHQ3LOJHUQGLHGLHVZQVFKHQPRUJHQVHLQH 0DKO]HLWJHEHQXQGDEHQGVHLQ0DKOPLW0DOPDVLHURGHUDQGHUHP:HLQ ² ZLH HV *HZRKQKHLW XQG +HUNRPPHQ YHUODQJHQ $X‰HUGHP LVW HV GHQ 3LOJHUQ HLQ ZLFKWLJHV $QOLHJHQ GDVV VLH XP IULVFKHV :DVVHU XQG DQGHUH QRWZHQGLJH9HUSIOHJXQJEHVRUJHQDQ/DQGN|QQHQ'D]XVROOLKQHQGHU 3DWURQGDV6FKLIIOHLQGDVÅ3DUWWHOH´KHL‰WOHLKHQXQGLKQHQ.QHFKWHGD]X PLWJHEHQGLHVLHIKUHQXQGQDFK%HGDUIIUVLHGROPHWVFKHQN|QQHQRK QH/XJXQG7UXJ ,WHPVROOGHU3DWURQZRGLHVQ|WLJLVWGDIUVRUJHQGDVVGLH3LOJHUYRQ QLHPDQGHPEHOHLGLJWZHUGHQ²ZHGHUPLW:RUWHQQRFKPLW7DWHQGLHYRQ LKPRGHUMHPDQGDQGHUHPNRPPHQZHGHUDXIGHP6FKLIIQRFKEHLGHQ /DQGJlQJHQQDFKVHLQHP9HUP|JHQXQGRKQH/XJXQG7UXJ ,WHP VROO GHU 3DWURQ GHQ 3LOJHUQ DXFK JHQJHQG =HLW LP +HLOLJHQ /DQG ODVVHQGDPLWVLHGRUWXPKHU]LHKHQN|QQHQ(UVROOVLHYHUVRUJHQXQGGLH *DOHHUH ]XU 9HUIJXQJ KDOWHQ XQG VHOEVW PLW GHQ 3LOJHUQ UHLWHQ XQG LP +HLOLJHQ/DQGELVDQGHQ-RUGDQ]LHKHQXQGGDQQZLHGHU]XU*DOHHUHJH KHQXQGVLHJHWUHXXQGIURPPEHJOHLWHQ(UVROOVLHEHVFKW]HQXQGYHU WHLGLJHQGDPLWVLHQLFKWYRQGHQ+HLGHQRGHUMHPDQGDQGHUHPXPHLQHQ .RSI NU]HU JHPDFKW ZHUGHQ 1LUJHQGZR VROO GDV JHVFKHKHQ XQG RKQH 7lXVFKXQJ ,WHPZHQQHVJHVFKHKHQVROOWHGDVVHLQ3LOJHURGHUPHKUHUHYHUVWHUEHQ² ZRYRU*RWWXQVVFKW]HQP|JH²GDQQVROOGHU3DWURQQLFKWGDV*XWGHV YHUVFKLHGHQHQ 3LOJHUV DQ VLFK QHKPHQ HU VROO HV YLHOPHKU GHQ %UGHUQ EHUODVVHQ XQG ]ZDU EHVRQGHUV GHQ %UGHUQ GLH GDIU EHVWLPPW VLQG 'DVDOOHVVROOJHQDXVRRKQH/XJXQG7UXJJHKDQGKDEWZHUGHQ ,WHPZHQQHLQ%UXGHURGHUPHKUHUHMHGRFKVWHUEHQEHYRUVLHGDV+HLOLJH /DQGHUUHLFKHQVRVROOGHU3DWURQGHQ3LOJHUQGLH+lOIWHGHVEHUHLWVDXV JHJHEHQHQ*HOGHVRKQH/XJXQG7UXJ]XUFNJHEHQ ,WHPZHQQ3LOJHU]XP6W.DWKDULQHQNORVWHU]LHKHQZROOHQVRVROOGHU3D WURQ MHGHP GHU GLHV ZQVFKW ]HKQ 'XNDWHQ ZLHGHUJHEHQ ,Q -HUXVDOHP VROOHQ LKP GLH 3LOJHU %HVFKHLG JHEHQ ZHQQ HU PLW GHU *DOHHUH QLFKW ]X ZDUWHQEUDXFKW ,WHP ZHQQ GLH 3LOJHU LQ 9HQHGLJ HLQHQ 'ROPHWVFKHU PLWQHKPHQ GDQQ VROOLKPGHU3DWURQ.RVWIUGHQ:HJELV]XP+HLOLJHQ/DQGXQGELV9H QHGLJ]XUFNJHEHQ$XFKVLQGGLH3LOJHUGHP3DWURQQLFKWVIUGLHhEHU IDKUW>GHV'ROPHWVFKHUV@VFKXOGLJ:HQQGLH3LOJHUGLHGHQ'ROPHWVFKHU HQJDJLHUWKDEHQQDFK-DSKDDQ/DQGNRPPHQGDQQPVVHQVLHIUGDV ZDV GHU 'ROPHWVFKHU YHU]HKUW XQG ZHOFKH 8QNRVWHQ IU LKQ HQWVWDQGHQ VLQGLQ)RUPYRQ=|OOHQXQG(VHOVJHOGDXINRPPHQXQGDOOHVEH]DKOHQ RKQH GDVV GHU 3DWURQ GDIU EHODQJW ZLUG :DV DEHU GLH 3LOJHU PLW GHP 'ROPHWVFKHUYHUHLQEDUHQGDVZLUGHLJHQVJHUHJHOW        





Y 

MWHPGHUSDWURQŰROODOO]ROOHbJHOH\GVJHOWbHŰHOJHOWbYQGDOOHŰFKDW]XQJ ZLHGDVQDPHQKDWWYQGZRGÖHSLOJUDPJHOWJHEHQPţŰŰHQbJDQW]YQG ]ţPDOY‰ULFKWHQRQGHUSLOJUDPNRŰWHQY?ŰFKDGHQb9QGŰROOGDVJHOW KDOE]ţYHQHGLJDQJHJHEHQZHUGHQbYQGGDVDQGHUKDOEWH\O]ţMDSKD YQJHXHUOÖFKbY?GDUJHJHQŰROO\JOÖFKHUSLOJUDPGHPSDWURQJHEHQIXU ŰROOÖFKHQYQNRŰWHQYQGDQGHUVZLHYRUJHŰFKULHEHQŰWHHWbILHUW]LJ]ZHQ GXFDWHQGH]HFNDbGD]Ű\QQXZJHPXQW]HWGXFDWHQb 9QGZHUHH‰ŰDFKGD]ZLUDOOŰDPHQWKDIIWbDXFKH\QHURGHUPHHYQGHU YQVYQJHXHUOLFKHQZ\WHUZOWHQ]\HKHQbŰRŰROOGHUSDWURQYQVEHKRO  IIHQŰ\QÖQYQŰHUPYHUGLQJHJHJHQGHQKH\GHQQDFKŰ\QHPYHUPJHQb DOVJÖHQJH‰\QŰHOEVDQb 'H‰JOÖFKHQZHUHH‰ŰDFKGD]ZLUDOOHŰDPHQWKDIIWbDXFKH\QHURGHUPHH YQGHUYQVYQJHXHUOÖFKHQHWWZDVLQGHVREJHQDQWHQSDWURQJDOHHQ YHUOÖHŰŰHQH‰ZHUHZDVHVZROWQLFKWVY‰JHQŇPHQbGD]ZLUGXUFKYQV RGHUGLHYQŰHUQQLWYHUŰHKHQPFKWHQbGDVŰROODXFKGHUREJHQĆWSDWURQ ŰFKXOGLJ\QZLGHUYPE]ţYHQHGLJYIIŰ\QHQNRŰWHQ]ţDQWZRUWHQ\Q YQŰHUQŰ\FKHUQJHZDOW]ţYHQHGLJZÖHZLU\QHQGH‰EHŰFKH\GHQRQJH  XHUGHb$XFKŰROOGHUSDWURQGHQSLOJUDPH\QŰWDWWJHEHQ]X\UHPKţ QHUNRUEbZDŰŰHUbKROW]bŰDOW]bYQGZD]ŰÖHEHGRUIIHQŰ\QbY?GXUFK\UHQNRFK RGHUŰÖFKŰHOEVNRFKHQRQDOOHZLGHUUHGb 8QGREHWWZDVLQGLŰŰHUYHUŰFKUÖEXQJQLWWJQXQJŰDPJOÖFKHQEHGDFKW ZHUHYQGGRFKYRQJHZRQKH\WRGHUYRQUHFKWbH\QHPSDWURQHQJHEţUW ]ţWKXQbŰROOGHQHQSLOJUDPHQDXFKK\U\QEHKDOWHQYQGPLWWGHUYHU  ŰFKUÖEXQJYHUYDŰŰHWŰ\Qb 8QGŰROOÖFKREJHŰFKUÖEHQSXQFWHQYQGDUWLNHOJHOREHWY?YHUSIOLFKW ŰÖFKGHUSDWURQGRJHJHQYQVE\JţWHQWUţZHQYQQGJODXEHQDQH\QV UHFKWHQJHŰZRUQHQH\GHVŰWDWWYQXHUEURFKOÖFKHQ]ţKDOWHQbGDUZ\GHU QÖW]ţWKţQQRFKŰFKDIIHQJHWKRQZHUGHQGXUFKŰÖFKRGHU\HPDQVYRQ Ű\QHWZHJHQb8QGREŰROOÖFKHYHUŰFKULEXQJLQH\QLJHQSXQFWHQRGHUDU WLNHOQLWJHKDOWHQZţUGHbGD]GRFKQÖWŰ\QŰROObZD]GDQGLHJHGDFKWHQ SLOJUDPHGH‰NRŰWHQRGHUŰFKDGHQO\WWHQH‰ZHU]ţYHQHGLJRGHU\QGHU YEHUIDUWYQGZLGHUYPE]ţYHQHGLJZLHGDVGDQYŇGHQSLOJUDPHQJH DFKWHWYQGJHŰFKHW]HWZţUGHŰROOGHUSDWURQEH]DOHQYQGY‰UÖFKWHQRQ GHUSLOJUDPNRŰWHQYQGŰFKDGHQRQJHXHUGHb 9QGŰROOŰROOÖFKHYHUŰFKUÖEXQJQDFKQRWWXUIIWYHUEXUJHWY?YHUŰÖFKHUW ZHUGHQGDPLWGLHSLOJUDPZLŰŰHQREH\QÖJHPRGHUPHHQLWJHKDOWHQ ZţUGHZRUDQŰÖFKH\Q\JOÖFKHUKDOWHQŰROOHb9QGÖŰWG։YHUŰFKU\EXQJ JHŰFKHKHQ]ţ9HQHGÖJ\PMDUYRQFUÖŰWJHEţUWb0bFFFFbO[[[LLMbYII GLQŰWDJLQGHQSIÖQJŰWDJHQb          



Y 



,WHP PXVVGHU3DWURQIUDOOH=|OOHIU*HOHLWVJHOGXQG(VHOVPLHWHXQG IU VRQVWLJH 8QNRVWHQ ZHOFKH GDV DXFK LPPHU VHLQ P|JHQ YROOVWlQGLJ XQG XQYHU]JOLFK DXINRPPHQ RKQH .RVWHQ XQG 6FKDGHQ IU GLH 3LOJHU 'LHVHV *HOG VROO ]XU +lOIWH LQ 9HQHGLJ EHUJHEHQ ZHUGHQ GLH DQGHUH +lOIWHLQ-DSKD-HGHU3LOJHUVROOGHP3DWURQIUVROFKHXQGlKQOLFKH8Q NRVWHQ ZLH DEJHPDFKW LVW  =HFKLQHQ GDV VLQG QHX JHSUlJWH 'XNDWHQ JHEHQ 8QGZlUHHVGHU)DOOGDVVZLUDOOHRGHUDXFKHLQHURGHUPHKUHUHYRQXQV XQJHIlKUGHWZHLWHU]LHKHQZROOWHQVRVROOXQVGHU3DWURQQDFKVHLQHP9HU P|JHQ LQ XQVHUHU $QJHOHJHQKHLW VR VHKU EHKLOIOLFK VHLQ JHJHQEHU GHQ +HLGHQDOVEHWUHIIHHVLKQVHOEVW 'HVJOHLFKHQZHQQZLUDOOHRGHUHLQ(LQ]HOQHURGHUPHKUHUHYRQXQVRKQH 7lXVFKXQJ>VDEVLFKW@HWZDVLQGHU*DOHHUHGHV3DWURQV]XUFNOLH‰HQVHLHV ZDVHVZROOHQLFKWVDXVJHQRPPHQRKQHGDVVZLUVHOEVWRGHUGLHXQVHUHQ HWZDV GDIU N|QQHQ VR LVW GHU 3DWURQ ZHQQ ZLU HV IRUGHUQ GD]X YHU SIOLFKWHWXQVLQ9HQHGLJRKQH%HWUXJDXIVHLQH.RVWHQGLHVLQXQVHUHQVL FKHUHQ*HZDKUVDP]XEHUDQWZRUWHQ'HU3DWURQVROOGHQ3LOJHUQRKQH DOOH :LGHUUHGH DXFK HLQHQ 3ODW] ]XZHLVHQ IU LKUHQ +KQHUNRUE IU GLH $XIEHZDKUXQJYRQ:DVVHU+RO]6DO]XQGIUGDVZHVVHQVLHVRQVWRGHU LKU.RFKRGHULKUHLJHQHV.RFKHQQRFKEHGUIWLJVLQG 8QG ZHQQ HWZDV LQ GLHVHU $EPDFKXQJ QLFKW DXVUHLFKHQG EHGDFKW VHLQ VROOWH XQG GRFK JHZRKQKHLWVPl‰LJ YRQ HLQHP 3DWURQ HUZDUWHW ZHUGHQ NDQQVRVROOGHQ3LOJHUQDXFKKLHU5HFKWJHVFKHKHQXQGHVVROODXVGUFN OLFKLQGHU$EPDFKXQJHQWKDOWHQVHLQ'HU3DWURQJHOREWXQGYHUSIOLFKWHW VLFK GLHVH DXIJHIKUWHQ 3XQNWH XQG $EVlW]H XQV JHJHQEHU EHL JXWHP 7UHXXQG*ODXEHQ²DQVWHOOHHLQHVULFKWLJHQJHVFKZRUHQHQ(LGHV²XQYHU EUFKOLFK]XKDOWHQQLFKWVGDJHJHQ]XXQWHUQHKPHQRGHU]XYHUDQODVVHQ GDVVHWZDVGDJHJHQJHWDQZLUGZHGHULQHLJHQHU3HUVRQQRFKYRQDQGHUHU 6HLWH:HQQGLHVH$EPDFKXQJLQHLQLJHQ3XQNWHQRGHU$UWLNHOQQLFKWHLQ JHKDOWHQZLUG²ZDVQLFKWGHU)DOOVHLQVROOWH²XQDEKlQJLJGDYRQREGLHV LQ9HQHGLJEHLGHUhEHUIDKUWRGHUZLHGHU]XUFNLQ9HQHGLJZlUHVRVROO JHPl‰:XQVFKXQG(LQVFKlW]XQJGHU3LOJHUGHU3DWURQGDIUDXINRPPHQ XQGRKQH/XJXQG7UXJGLH)RUGHUXQJHQEH]DKOHQRKQHGDVVGHQ3LOJHUQ 8QNRVWHQHQWVWHKHQRGHUGDVVVLH6FKDGHQGDYRQWUDJHQ  'LHVH $EPDFKXQJ PXVV YHUEUJW XQG DEJHVLFKHUW VHLQ GDPLW GLH 3LOJHU ZLVVHQ RE HWZDV RGHU >VRJDU@ HLQLJHV QLFKW HLQJHKDOWHQ ZLUG XQG ZRUDQ VLFKGLH3DUWHLHQ]XKDOWHQKDEHQ'LH$EPDFKXQJLVWYHUIDVVWZRUGHQ]X 9HQHGLJLP-DKUQDFK&KULVWL*HEXUWDP'LHQVWDJLQGHU3ILQJVWRN WDY           



 



U 

9RQHUZLUGLJHPNRŰWOÖFKHPKH\OWXPGDV]ţYHQHGLJ \QPDQFKHQN\UFKHQZXUGWEHKDOWHQb

ţUK\QLŰWDQGHFKWLJHQSLOJUDQZRO]ţZLŰŰHQbGD]YLONRŰW  OÖFKVKH\OWXP]ţYHQHGÖJZXUGWEHKDOWHQbGD]PDQPDJEH  ŰHKHQYQQGEHŰţFKHQLQGHU]\WDOVPDQJHPH\QOÖFKGRPţ‰ ZDUWHQHHGÖHJDOHHY‰IHUWbGDQZÖUZRO[[ÖMbWDJGDUYIIKDU UHWHQbOÖJHQG]ţKHUEHUJE\3HWHUYJHOKH\PHUYRQIUDQFNIRUWGHUYQV JUR‰]ţFKWYQGHHUEHZ\‰YQGWUZOÖFKEHKROIIHQZDVLQGHPYHUGLQJ PÖWYQŰHUPSDWURQYQGDQGHUPb  =ţPHUŰWHQLQŰDQWMRUJHQFORŰWHUGD]\PZDŰŰHUOÖJWJHJēŰDQW0DU[ YEHUbMŰWŰDQWMRUJHQDUPPLWGHUKDQGWQRFKJDQW]LQH\QHPDOWDUb 9QGÖQH\QHPDQGHUQDOWDUGROLJHQŰDQW&RŰPDVYQG'DPLDQXVb  -WHPK\Q\‰ZDUW]JHJHQGHQFDŰWHOOHQOÖJHWH\QFORŰWHUJHQĆW]ţŰDQW +HOHQDbGDU\QQÖQH\QHUFDSHOOHQLQH\QHPDOWDUOÖJHWGLHKH\OÖJIUDZ ŰDQWKHHOHQDJDQW]O\SKDIIWLJbGLHGDVKHLOÖJFUW]ŰţFKWY?IDQG]ţMKH  UXŰDOHPb0HUGDE\OÖJWH\Q]Z\IDFKFUW]b-QGēLŰWH\QŰWţFNGHVKH\OÖ JHQFUW]bYQGLQGHPDQGHUQFUW]H\QGXPHYRQŰDQW&ŇŰWDQWLQR\Uē ŰţQbYQGH\QJUR‰EH\QYRQGHUEUţŰWŰDQWPDULHPDJGDOHQHb  -WHPDEHUK\QY‰ED‰OÖJWH\QFORŰWHU]ţŰDQW1LFRODVGHHOÖRJHQDQWb GRLŰWGHUNUţJH\QHUGDU\QQYQŰHUKHUUY‰ZDŰŰHUZ\QPDFKHWbGRŰHOEHW LŰWDXFKŰDQW1LFRODVŰWDEbGHQHUKHWWHGRHUEÖŰFKRIIZDUGHbYQGDQGHUV YLONOH\QHVKH\OWşPHVb  -WHPLQGHUŰWDWW]ţYHQHGLJLŰWH\QFORŰWHUDFUXŰHFKLULMJHQDQWb'DU\Q OÖJWŰDQW%DUEDUDLQH\QHUFDSSHOQbKDWWGLHŰFKQ\GHU]ţQIIWODŰŰHQEX  ZHQbYQGÖQH\QHQPDUPHOŰWH\QHQŰDUFKYEHUGHQDOWDUŰDQW%DUEDUH OÖFKQDPODŰŰHQOHJHQbGHUYRUNţUW]HU]\WLQGHUN\UFKHQLQH\QHPDOWDU JHOHJHQLŰWb'RE\LQH\QHPDQGHUQDOWDUOÖJWH\QJUR‰EH\QYRQŰDQW &ULŰWRIIHOb                



U 

9RQHKUZUGLJHQNRVWEDUHQ+HLOWPHUQGLHLQ HLQLJHQ.LUFKHQ9HQHGLJVDXIEHZDKUWZHUGHQ



 $QGlFKWLJH3LOJHUVROOWHQGDUEHULQIRUPLHUWVHLQGDVVYLHOHNRVWEDUH+HLO WPHU LQ 9HQHGLJ DXIEHZDKUW VLQG GLH PDQ LQ GHU =HLW LQ GHU PDQ DXI HLQH 6FKLIIVDXVIDKUW ZDUWHW DQVFKDXHQ XQG EHVXFKHQ VROOWH :LU VHOEVW KDUUWHQZRKO]ZHLXQG]ZDQ]LJ7DJHODQJDXVZlKUHQGZLULQGHU+HUEHUJH GHV3HWHU8JHOKHLPHUDXV)UDQNIXUWORJLHUWHQGHUXQVVHLQHQJUR‰HQ5H VSHNWXQGVHLQH(KUEH]HXJXQJEHZLHVLQGHPHUXQVWUHXOLFKEHLGHU$E PDFKXQJPLWXQVHUHP3DWURQXQGEHLDQGHUHQ'LQJHQKDOI  $OVHUVWHVJLEWHVGDV.ORVWHU6W*HRUJGDVLP:DVVHUJHJHQEHUYRQ6W 0DUNXV OLHJW 'RUW EHILQGHQ VLFK $UP XQG +DQG GHV KO *HRUJ QRFK YROOVWlQGLJLQHLQHP$OWDU,QHLQHPDQGHUHQ$OWDUOLHJHQGLHKOO&RVPDV XQG'DPLDQ  ,WHPOLHJWZHLWHUKLQDXV5LFKWXQJ.DVWHOOHLQ.ORVWHUQDPHQV6W+HOHQD 'DULQ OLHJW LP $OWDU HLQHU .DSHOOH PLW LKUHP JDQ]HQ .|USHU GLH KHLOLJH )UDX6W+HOHQDGLHGDVKHLOLJH.UHX]JHVXFKWXQGLQ-HUXVDOHPJHIXQGHQ KDW1HEHQLKUOLHJWHLQ]ZHLIDFKHV.UHX],QGDVHLQHLVWHLQ6WFNGHVKHL OLJHQ.UHX]HVHLQJHODVVHQLQGHPDQGHUHQLVWHLQ6WFNYRP'DXPHQGHV KO .RQVWDQWLQ LKUHP 6RKQ XQG HLQ JUR‰HU .QRFKHQYRQ GHU %UXVWGHU KO0DULD0DJGDOHQD  ,WHPOLHJWZHLWHUKLQDXVHLQ.ORVWHUJHQDQQW6W1LFRODXVYRQ(OLR'RUW JLEW HV HLQHQ .UXJ LQ GHP XQVHU +HUU DXV :DVVHU :HLQ JHPDFKW KDW $XFKGHQ6WDEGHVKO1LNRODXVJLEWHVGRUWGHQHUEHVD‰DOVHU%LVFKRI ZDUXQGDQGHUHNOHLQHUH+HLOLJWPHU  ,QGHU6WDGW9HQHGLJJLEWHVDXFKHLQ.ORVWHUGDV$FUXVHFKLUL>VLF@KHL‰W 'DULQOLHJWGLHKO%DUEDUD'LH6FKQHLGHU=XQIWKDWGLHVH.DSHOOHHUEDXHQ ODVVHQXQGLQHLQHQ0DUPRUVDUJEHUGHP$OWDUGHQ.|USHUGHUKO%DUED UDOHJHQODVVHQ,QGHU1lKHOLHJWHLQJUR‰HV*HEHLQGHVKO&KULVWRSKRUXV                  





Y 

MWHPLQH\QHUN\UFKHQ]ţYHQHGLJ]ţŰDQW0DULQDJHQĆWbOÖJWŰDQWPD  ULQDJDQW]O\SKDIIWLJLQH\QHPDOWDUbYRQGHUPDQJUR‰GLQJYLQGHW EHŰFKUÖHEHQLQGHPDOWYHWWHUEţFKb MWHPLQH\QHUDQGHUQN\UFKHQ]ţŰDQWOXFLDGDU\QQOÖJWŰDQWOXFLDO\S KDIIWÖJDOŰRJDQW]GD]PDQ\UEUŰWQRFKŰHKHWYQGH\JHQWOÖFKHQHUNHQ  QHQPDJb ,WHPLQH\QHUDQGHUQN\UFKHQ]ţŰDQW]DFKDULDVGDU\QOÖJW]DFKDULDV ŰDQWMRKĆQLVGHVWDXIIHUVYDWWHUbYQGŰXŰW]ZHQKH\OÖJHQE\\Pb9QG YRUGHUŰHOEHQN\UFKHQŰWHHWGDVKHÖOÖJJUDEDEJHJXQWHUIHWQDFKGHP]ţ MKHUXŰDOHPb-Wē]ţYHQHGLJ\PWKţPGRH\QSDWUÖDUFKZRQHWDFD  ŰWHOORJHQDQWbLŰWJDUH\QŰFKQHN\UFKbGDU\QQHQLŰWJDUYÖOKH\OWţPVb YQGJDUJUR‰JQDGYQGDEOD‰DOOHŰRQGDJEHŰXQGHULQGHUYDŰWHQYRQ S\QYQGŰFKXOGbGRLŰW\W]H\QSDWULDUFKb -WHPŰRÖŰW]ţŰDQWPDU[GHUŰHOEKHÖOÖJHXDQJHOÖŰWO\SKDIIWLJUDŰWHQb 9QGLŰWDXFKLQGHUŰHOEHQN\UFKHQLQH\QHPJHZHOEYHUŰFKORŰŰHQGHUYH QHGLJHUŰFKDW]bMWHPb[LMbNURQYQG[LMbEUţŰWYŇJROGYQGSHUO\QbED ODVŰDSK\UbŰPDUDJGHQb LWHPŰHFKVNRŰWOÖFKHJURŰŰHFUW]YQGGH‰KHUW]RJHQKţWWO\QGDPLWPDQ H\QHQ\HGHQKHUW]RJHQ]ţYHQHGÖJNURQHWbLŰWYDŰWNRŰWOÖFKb MWHP]ZHQJUR‰JXOGHQOXFKWHUYIIZHOFKHQŰWHKHQb[bJUR‰EDODVb MWHPH\HQJUR‰ODQJVH\QJHKţUQYQGŰXŰWJDUYLOY?PDQFKHUOH\NRŰW  OÖFKHJH]\UGYRQJURŰŰHUULFKWXPb MWHPE\YHQHGLJOÖJWH\QŰWDWW0ţURQJHQDQWGRPDQGLHJOH‰HUPD  FKHWb\QGHUSIDUN\UFKHQGRŰHOEHWLQ]ZH\HQDOWDUQO\JHQYLOGHUYQ  ŰFKXOGLJHQN\QGO\Qb MWHPK\QY‰ED‰K\QGHUPXURQOÖJWH\QŰWDWKHL‰HWGRUW]HOODQbGRŰHOEHŰW LQH\QHUN\UFKHQOÖJWGLHKHLOÖJXQJIUDXZYQGPDUWHUÖQŰDQW&UÖŰWLQD GLHYRU]ţ%ţOŰHQQLWYHUUYRQYLWWHUELŰWJHOHJHQGRŰÖHDXFKZDUWJH  PDUWHUWb 9RQGHPKH\OWXP]ţ3DGDZQLWYHUUYRQYHQHGLJb   7HPŰRH\QSLOJUDPŰRODQJ]ţ9HQHGLJEHOÖHEHbPRFKWHHU DXFKGDVKH\OWXP]ţ3DGDZŰţFKHQLQGHQN\UFKHQDOVKHU QDFKŰWHHWbGDQLQH\QHUQDFKWPDJPDQIDUHQYRQ9HQHGLJ ]ţ3DGDZbMŰWH\QJURŰŰHOREOÖFKHŰWDWWbYQGH\QKHUOÖFKYQÖ  XHUŰÖWHWGRŰHOEHWbYQGLŰWYRU]\WHQH\QHUWHWŰFKHQKHUŰFKDIIWJHZHŰHQJH QDQWYRQ&DUUHUDb =XPHUŰWHQ]ţ3DGDZLQGHPEDUIţŰŰ]HQFORŰWHU]ţŰDQW$QWKRQLXV JHQDQWbOÖJWO\SKDIIWLJGHUŰHOEKH\OÖJ$QWKRQLXVbHWWZDQEDUIţ‰HQRU GHQVJHZHŰHQbYQGWKXWQRFKWHJOÖFKJUR‰]H\FKHQGRŰHOEHWb MWHP]ţ3DGDZLQGHPFORŰWHU]ţŰDQWMXŰWLQDbGRO\JHWGHUKH\OÖJ        



Y 



,WHPOLHJWLQHLQHUYHQH]LDQLVFKHQ.LUFKH6W0DULQDJHQDQQWGLHKO0D ULQDYRQGHUPDQJUR‰H'LQJHLP%XFKGHUDOWHQ9lWHUOLHVWJDQ]OHLEKDI WLJLQHLQHP$OWDU ,WHP LQ HLQHU DQGHUHQ .LUFKH LQ 6W /XFLD OLHJW GLH KO /XFLD OHLEKDIWLJ XQGPLWJDQ]HP.|USHUVRGDVVPDQLKUH%UVWHQRFKVHKHQXQGULFKWLJ HUNHQQHQNDQQ ,WHPLQHLQHUDQGHUHQ.LUFKH6W=DFKDULDVOLHJW=DFKDULDVGHU9DWHUYRQ -RKDQQHVGHP7lXIHUXQGQRFK]ZHLZHLWHUH+HLOLJH8QGYRUGLHVHU.LU FKHVWHKWGDV+HLOLJH*UDEGDVGHP]X-HUXVDOHPQDFKJHELOGHWLVW,QGHP YHQH]LDQLVFKHQ 7XUP GHU $FDVWHOOR KHL‰W ZRKQW HLQ 3DWULDUFK 'DV LVW HLQH VFK|QH .LUFKH PLW YLHOHQ +HLOWPHUQ GLH JUR‰H *QDGHQ YHUOHLKHQ XQG MHGHQ 6RQQWDJ EHVRQGHUV LQ GHU )DVWHQ]HLW $EODVV JHZlKUHQ YRQ 3HLQXQG6FKXOG'RUWOHEWMHW]WHLQ3DWULDUFK ,WHPLQ6W0DUNXVUDVWHWOHLEKDIWLJGHUKO(YDQJHOLVWJOHLFKHQ1DPHQV ,Q GHUVHOEHQ .LUFKH EHILQGHW VLFK YHUVFKORVVHQ LQ HLQHP *HZ|OEH GHU 6FKDW]9HQHGLJV]Z|OI.URQHQXQG]Z|OIJROGHQH%VWHQPLW3HUOHQ5X ELQHQ6DSKLUHQXQG6PDUDJGHQ>YHU]LHUW@ ,WHP JLEW HV VHFKV SUlFKWLJH JUR‰H .UHX]H $XFK GHU +HU]RJV+XW PLW GHPPDQGHQYHQH]LDQLVFKHQ'RJHQNU|QWLVWEHUDXVSUlFKWLJ ,WHP]ZHLJUR‰HJROGHQH/HXFKWHUDXVGHQHQ]HKQJUR‰H5XELQHUDJHQ ,WHPHLQJUR‰HVKRKHV(LQKRUQJLEWHVGRUWVDPWPDQFKHUOHLNRVWEDUHP =LHUDWLQUHLFKHU3UDFKW ,WHPOLHJWEHL9HQHGLJGLH6WDGW0XUDQRLQGHU*OlVHUKHUJHVWHOOWZHUGHQ ,QGHUGRUWLJHQ3IDUUNLUFKHOLHJHQGLH.|USHUYRQHLQLJHQGHUXQVFKXOGL JHQ.LQGOHLQ ,WHPZHLWHUKLQDXVKLQWHU0XUDQROLHJWHLQH6WDGWQDPHQV'RU]HOODQR ,QHLQHU.LUFKHGRUWOLHJWGLHKHLOLJH-XQJIUDXXQG0DUW\ULQ6W&KULVWLQD GLH]XYRULQ%ROVHQDQLFKWZHLWHQWIHUQWYRQ9LWHUERJHOHJHQKDWZRVLH DXFKGHQ0DUWHUWRGHUOLWWHQKDW  'DV+HLOWXPYRQ3DGXDXQZHLWYRQ9HQHGLJ  :HQQVLFK HLQ3LOJHUODQJHLQ9HQHGLJDXIKDOWHQPXVVVROOWHHUDXFKGLH +HLOWPHUYRQ3DGXDEHVXFKHQZLHVLHQDFKIROJHQGEHVFKULHEHQZHUGHQ 'HQQLQHLQHU1DFKWNDQQPDQYRQ9HQHGLJELVQDFK3DGXDIDKUHQ'LHV LVW HLQH JUR‰H EHUKPWH 6WDGW PLW HLQHU EHHLQGUXFNHQGHQ 8QLYHUVLWlW LQ IUKHUHQ=HLWHQJHK|UWHVLHGHPGHXWVFKHQ*HVFKOHFKWGHUHUYRQ&DUUHUD $OVHUVWHVOLHJWLQ3DGXDLP%DUI‰HUNORVWHU6W$QWRQLXVGHU/HLFKQDP GHV KO$QWRQLXV GHU MD HLQ 0|QFK GHV %DUI‰HU2UGHQV JHZHVHQ LVW (UZLUNWKLHUQRFKWlJOLFKJUR‰H:XQGHU ,WHPOLHJW]X3DGXDLP.ORVWHUGHU6W-XVWLQDGHUKHLOLJH          





U 

OÖFKQDPŰDQWPDWKLHGHVKHLOÖJē]ZROIIERWWHQbY‰JHQŇPHQGDVKDXEW GDYRQbGDVGROÖJW]ţ7U\HU\QGHPFORŰWHUŰDQWPDWKÖVJHQDQWb $XFK\QH\QHPDOWDUGHUŰHOEHQN\UFKHQOÖJWDXFKŰDQW/XFDVGHUHXDQ JHOÖŰWO\SKDIIWLJb'ROÖJWDXFKLQH\QHPDOWDUGHUOÖFKQDPŰDQWMXŰWLQH GHUKHLOÖJHQMşJIUDXZHQbYQGGHUOÖFKQDPŰDQW3URŰRGDFLGHUH\QKH\  OÖJHUELŰFKRIIJHZHŰHQLŰWb$XFKGHUOÖFKQDPŰDQW0D[LPLQLb -WHPGHUO\FKQDPŰDQWIHOÖFLWDWLVGHUKHLOÖJHQMXQJIUDXZHQb -WHPYLOGHUYQŰFKXOGLJHQN\QGO\Qb'L‰KH\OWXPDOOOÖJW\QGHUREJH QDQWHQN\UFKHQŰDQFWHMXŰWLQHb9QGYIIGHPDOWDUGDU\QQŰDQW/XFDV OÖJWMŰWH\QJURŰŰHWDIHObGDU\QQLŰWGDVEÖOGYQŰHUOÖHEHQIUDXZHQPLWW \UHPOÖHEHQN\QGbGDVŰDQWOXFDVJHJXQWHUIHWY?JHPDOHWKDWbGHUDXFK HWWOÖFK]ţ5RPŰ\Qb0DQŰDJHWDXFKIXUZDUbZHUGDVŰHOEELOGH\QHŰW PLWUHFKWHUDQGDFKWDQŰHKHbGHUŰROOYRQGHPDQJHŰÖFKWJRWWVYQGŰ\QHU OÖHEHQPţWHUPDULHQPPHUJHŰFKH\GHQZHUGHQbGRFKŰROOŰÖFKQ\HPDQ GDUYIIIUHXHOÖFKHQYHUODŰŰHQbFKŰFKU\EHGD]LFKKDEJHKUHW DQGLŰŰHP HQG ZDVLFKJODXEQLWWb-WHP\QGHPŰHOEHQFORŰWHUOÖJWDXFKH\Q JURŰŰHUKH\OÖJbŰDQWYUÖQXVJHQĆWbGHUGÖH]ZHQKH\OÖJHQO\FKQDPŰDQFWL 0DWKLHYQGŰDQFWÖ/XFH\QGDVREJHQDQWFORŰWHUKDWWJHEUDFKW9QG GRHUGLH]ZHQKHLOÖJHQO\FKQDPMPKH\OÖJHQODQGHE\MKHUXŰDOHPQDP YQGGLHŰHOEHQYEHUPHUEULQJHQZROWYQG]ţŰFKLIIWUţJbGRKHWWHUJDU H\QHQKH\OÖJHQPDQ]ţH\QHPJHŰHOOHQGHU\PGDU]ţKDOIIbGHUEDWŰDQW YUÖQXVbGD]HU\PHHWWZDVYRQGHQKH\OÖJHQJHEHb$OŰRJDEHU\PHGDV KDXEWŰDQFWLPDWKLHbGDVEUDFKWHUJHQ7U\HUGRHVQRFKLŰWb   (\QOREŰDPUHGYRQGHUZHUGHQŰWDWWYQGJUR‰PHFKWL JHUKHUŰFKDIIW9HQHGÖJb   2GLHDOWEHUţPSWYQGPHFKWÖJŰWDWWYQGKHUŰFKDIIWYHQHGLJ GLŰŰHUKH\OÖJHQUH\‰YQGIDUWH\QDQIDQJY?HQGLŰWbYŇZDQ  QHQPDQYEHUPHUIHUWbYQGŰÖHDXFKK\HQDFKYROJHWH\JHQW  OÖFKHQ QDFKGHPY?H‰PDJŰ\QYIIHEHQ DEHWZRUIIHQPLWW JHOHUWHUKDQGWGHVPDOHUVbZHUHQLWXQJHEţUOÖFKJHZHŰHQbEHNHQQLFKMD JDU]\POÖFKYQG]\UOÖFKDQGÖŰŰHPHQGHb\UZ\WYQGEUH\WJUR‰OREbHHU YQGEU\‰bEHŰXQGHUIţUY?YEHUDQGHUŰWHWWYEHUWUHIIOÖNHLWb\QJUŰŰHLUHU PHFKWLNH\Wb\QULFKWşb\QJţWHUSROOÖF\Y?UHJLPHQWbLQWţJHQGY?H\QL NH\WGHUEţUJHUbY?ŰROOÖFKHPDOOHPGD]DQH\QHUŰWDWWZRO]ţOREHQLŰWb HZHQLJED‰PLWNOţJHUY?ŰFKQHUEHŰFKULEşJKDEēEHJULIIHQYHUIDQJē Y?HUOXWHUHWb'RFKGDVŰHOEKDELFKY‰GHUYUŰDFKDOOHUPHLŰWQLWQRWWXUII WLJbKLHJHXUWHLOHWbY?GDUşEDXFKYHUPÖWWēbGD]GHUUHQGLQJŰREÖOOÖFKHQ YŇGLŰHUŰWDWY?KHUŰFKDIIWZHUGHQ]ţŰDJēRQHQGYLOŰ\QbYEHUWUHIIHQP NUDIIWY?NXQŰWbGDU]ţ\UYQWRGWOÖFKY?HZLJYQHUPHŰŰHQOREIXUŰÖFK       



U 



/HLFKQDP YRQ 6W 0DWWKLDV HLQHP GHU ]Z|OI -QJHU DXVJHQRPPHQ VHLQ +DXSW'LHVHVEHILQGHWVLFKLP6W0DWWKLDV.ORVWHULQ7ULHU ,QHLQHP$OWDUGHUVHOEHQ.LUFKHEHILQGHWVLFKDXFKGHU.|USHUGHVKO/X NDVGHV(YDQJHOLVWHQLQHLQHPDQGHUHQ$OWDUOLHJWGHU/HLFKQDPGHUKHLOL JHQ-XQJIUDX6W-XVWLQHXQGGHU>/HLFKQDP@GHVKO3URVGRFLPXVGHUHLQ KHLOLJHU %LVFKRI JHZHVHQ LVW $X‰HUGHP OLHJW GRUW GHU /HLFKQDP GHV KO 0D[LPLQXV ,WHPGHU/HLFKQDPYRQ6W)HOLFLWDVGHUKHLOLJHQ-XQJIUDX ,WHPYLHOHGHUXQVFKXOGLJHQ.LQGOHLQ$OOGLHVH+HLOLJWPHUOLHJHQLQGHU JHQDQQWHQ.LUFKHGHUKO-XVWLQH8QGDXIGHP$OWDULQGHPGLH*HEHLQH GHVKO/XNDVEHVWDWWHWVLQGEHILQGHWVLFKHLQJUR‰HV7DIHOELOGPLW8QVHUHU OLHEHQ)UDXXQGLKUHPOLHEHQ.LQG'DVKDW²HEHQVRZLHHLQLJHlKQOLFKH %LOGHUGLHLQ5RP]XVHKHQVLQG²GHUKO/XNDVJHPDOW0DQJODXEWZHU GLHVHV%LOGPLWGHUUHFKWHQ$QGDFKWDQVFKDXHGHUZHUGHYRQGHP$QJH VLFKW*RWWHVXQGVHLQHUOLHEHQ0XWWHU0DULDQLHPDOVJHWUHQQWZHUGHQ(V VROO VLFK MHGRFK QLHPDQG IURKJHPXW DXI GLHVHQ *ODXEHQ YHUODVVHQ GHQQ LFKVFKUHLEHQXUZDVLFKDQGLHVHP2UWJHK|UWKDEHDEHULFKVHOEVWJODXEH HV QLFKW     ,Q GHP .ORVWHU OLHJW HLQ ZHLWHU JUR‰HU +HLOLJHU QDPHQV 6W 8ULXV(UKDWGLHKHLOLJHQ/HLFKQDPHGHUKOO0DWWKlXVXQG/XNDVLQGDV .ORVWHU JHEUDFKW $OV HU GLH EHLGHQ KHLOLJHQ .|USHU DXV GHP +HLOLJHQ /DQGDXVGHU1lKHYRQ-HUXVDOHPDXIGHP0HHUEHUIKUHQZROOWHXQG VLH]XP6FKLIIEUDFKWHGDKDWWHHUHLQHQKHLOLJHQ0DQQDOV%HJOHLWHUXQG +HOIHUEHLVLFK'HUEDWGHQKO8ULXVHUP|JHLKPGRFKHWZDVYRQGHQ +HLOLJHQEHUODVVHQ6RJDELKPMHQHUGHQ6FKlGHOGHVKO0DWWKlXVGHQ GLHVHUQDFK7ULHUYHUEUDFKWHZRHUVLFKQRFKKHXWHEHILQGHW  (LQ/RESUHLVGHU(QWZLFNOXQJXQGGHUHLQGUXFNVYROOHQ+HUU VFKDIW9HQHGLJV  'HU DOWH EHUKPWH XQG PlFKWLJH 6WDGWVWDDW 9HQHGLJ ELOGHW GHQ $QIDQJ XQGGDV(QGHGHUKHLOLJHQ)DKUWZHQQPDQDXIGHU+LQXQG5FNUHLVH GLH0HHUHVURXWHZlKOW'LHVH5HLVHGDUVWHOOXQJZXUGH²QDFKXQGZlKUHQG GHU 5HLVH VHOEVW ² YRQ GHU JHOHKUWHQ +DQG GHV 0DOHUV HQWZRUIHQ (V LVW PLU HLQH DQJHQHKPH 3IOLFKW GDUDXI PLW DOOHP /RE DOOHU (KUH XQG DOOHP 3UHLVJHEKUHQGKLQ]XZHLVHQ²9HQHGLJEHUWULIIWDQGHUH6WlGWHDQJUR ‰HU0DFKWDQ5HLFKWXPLKUHUJXWHQ3ROL]HLLKUHU5HJLHUXQJXQGDQ7X JHQG XQG (LQLJNHLW LKUHU %UJHU XQG DQ DOOHP ZDV VLH VRQVW QRFK DQ VWlGWLVFKHQ4XDOLWlWHQDXI]XZHLVHQKDW$EHULFKKDEHGDVDOOHVJU|‰WHQ WHLOV QLFKW DXV HLQHU 1RWZHQGLJNHLW KHUDXV EHXUWHLOW XP ]X YHUPHLGHQ GDVVYRQGHQ$QJHOHJHQKHLWHQXQGGHU+HUUVFKDIWGLHVHU6WDGWHQGORVYLHO JHVDJWZLUG(VEHUVWHLJWYLHOPHKUPHLQH.UDIWXQGPHLQH.XQVW$X‰HU GHP LVW GLH JDQ]H :HOW PLW GHP JUHQ]HQORVHQ XQG XQHUPHVVOLFKHQ /RE 9HQHGLJVYHUWUDXWXQGDXIJUXQGYRQ9HQHGLJV6WUDKONUDIWGUIWHGLHV        





Y 

ŰHOEHUDOOHUZHOWNXQWYQGRIIHQEDULŰWbYQGYPEZHJHQ\UHUŰFK\QEDU  OÖFKHQFODUKH\WÖQGLŰŰHPQ\HPDQPDJYQZÖŰŰHQRGHUYHUERUJHQŰ\Qb 'RFKGDPLWLFKYHUKHÖŰŰHQHUPDQIDQJRUGHQşJJQşJWKţYQGGHQHQ GLHG։ZHUGHQOHŰHQ]ţZLOOHQŰ\bZÖOÖFKNOH\QZHQÖJH\QJUR‰OREEH  UţUHQYPEZHJHQYUŰDFK\W]REEHŰWşPHW\PDQIDQJbGDPÖWPDQYHU  PH\QHPLFKŰ\HKDEHQJHOREHWGLHYRQ\UŰHOEVYÖOED‰LŰWNXQWOÖFKHQOR EHVULFKYQGDOOHUHUHQŰZDQJHUbGDQLFKH‰PRFKWHYÖQPHUPHHY‰GUX FNHQbDXFKKRKHQIO\‰JHEUXFKHWYQGGDU]ţDQJHNHUHW+LHPLWYŇ\UHP DOWHUQ\PÖFKH\QDQIDQJ]ţUHGHQbGDUQDFKYIIDQGHUDUWLFNHORUGHQ  OÖFKHQNRPHQGHb1DFKGHPYQGGLHKÖŰWRUÖHQŰDJHQbY?DOWFURQLFNHQ Y‰ZÖŰHQbŰRLŰW9HQHGLJHUEXZHQZRUGHQLQGHPDUPGH‰DGULDWLŰFKHQ PHUHVGRŰ\H\W]QRFKŰWHWbYLHUKşGHUWY?b[[YLÖbDUYRUGHUŰWDWW5RP YQGYRUFULŰWJHEţUWWXŰHQWbKşGHUWYQGbO[[YLLMMDUbQLWODQJHQDFKGē WUR\DQŰFKHQNULHJYQG]HUŰWRUşJGHUŰWDWWWUR\HYRQDQEHJ\QGHUZHOWb JHUHFKQHWYQJHXHUOÖFKQDFKGHUNOH\QŰWHQUHFKQşJE\]ZH\WXŰHQWŰţEHQ KXQGHUWYQGDFK]LJMDUbYRQWUR\DQŰFKHQEţUJHUQbGÖHPÖWGHPOHEHQ YRQ]HUŰWRUHWWUR\DTZDPHQbYQGQÖWWYRQK\UWHQDOV5RPbDOVQRFK KWW]ţGLŰHU]\WGLHŰHOEŰWDWWYHQHGLJbHGHOHUbWDSIIHUHUbYQGŰ\QQUÖFKHU PHQQHUEHUKDIIWÖJY?IUXFKWEDULŰWbIXUDQGHUHŰWHWWb'HPQDFKYHQHGÖJ ŰHHUH\QDOWHŰWDWWZXUGHHUPHŰŰHQbYLO]\WKDEHQJHKHUŰFKHWbULFKDQJţW PHFKWÖJDQJHZHUHQbJHEHWLQNULHJHQb'RFKK\HE\LŰWQLWW]ţOHXJQHQ ŰXQGHUDOVZDU]ţKDOWHQbGD]QDFKYLODUHQbYRQ\UHUHUŰWHQHUKHEXQJ JH]HOHWbDOVYPEGÖH]\WWYRQFUÖŰWJHEţUWYLHUKXQGHUWYQGŰHFK]LJDUb ZDUGYHQHGLJYRQPHFKWLJHQULFKHQKHUUHQYQGEXUJHUQbGÖHYPEZH  JHQGHUŰWUHQJHQKDUWHQYHUIROJşJŰRGHUW\UDQQ$WWLODGLHFUÖŰWHQOÖFKH N\UFKHDQYÖOHQGHQYQGODQGHQŰZHUOÖFKYHUIROJHWYQQGSODJHWbDOVHU ŰÖFKŰHOEHUDXFKH\QJHLŰŰHOJRWV UHFKW]ZDU QēQHWbXUVSUQJOLFK@ XQEHGHXWHQGH +HUUVFKDIW ]XU DOOHUJU|‰WHQ XQG PlFK WLJVWHQJHPDFKWKDEHQ:LHGHUDOWH6SUXFKEHVDJW'XUFK(LQLJNHLWZDFK VHQNOHLQH'LQJHGXUFK=ZLHWUDFKWYHUJHKHQDXFKGLHJU|‰WHQ :HP P|FKWH LKU *ODXEH YHUERUJHQ EOHLEHQ ZHP LKUH HUQVWOLFKH /LHEH XQGLKUIURPPHV9HUKlOWQLV]X*RWW]XVHLQHU.LUFKHXQG]XUFKULVWOLFKHQ *HLVWOLFKNHLW DXV GHU KHUDXV VLH LKU DXVJHGHKQWHV 7HUULWRULXP ]X :DVVHU XQGDQ/DQGLQHLQHUJHUHFKWHQJ|WWOLFKHQXQGFKULVWOLFKHQ:HLVHUHJLHUHQ HV NUDIWYROO YRU LKUHQ )HLQGHQ XQG YRU GHQ 8QELOGHQ GHV 0HHUHV VFKW ]HQ"6LHEH]ZLQJHQ6WUD‰HQUlXEHUXQGDQGHUHhEHOWlWHUEHUDOOGDZRVLH DXIWDXFKHQ XQG EHVWUDIHQ VLH QDFK LKUHP 9HUJHKHQ 6LH GXOGHQ LQ LKUHP +RKHLWVJHELHWDXFKNHLQH6HNWHGLH*RWWHV*HVHW]HQZLGHUVSULFKW'LHVH UKPOLFKHQ(LJHQVFKDIWHQJLSIHOQ>VFKOLH‰OLFK@LP5XKPHVEODWWLKUHU/LH EH)U|PPLJNHLWXQG6WDQGKDIWLJNHLW'LHVHQ7XJHQGHQLVWHV]XYHUGDQ NHQGDVVVLHGLHXQVHOLJHQ7UNHQGLH]XWLHIVWHUELWWHUWHQXQGVFKlGOLFKHQ )HLQGHGHVFKULVWOLFKHQ%OXWVGLH+DVVHUXQG9HUIOXFKHUMDDXFKGLH9HU

U    JHUGH‰FUXW]VFULŰWLbHLQODQJH]\WbJDUE\DOOHLQY‰DOOHUFULŰWHQKHLWPLW JURŰŰHPNRŰWHQYQGDUEH\WWUZOÖFKHQbPDQOLFKHQIOLŰŰLJOÖFKHQJQşJ ]ţ\UHPWH\ObEHŰWULWHQGHbYHUIROJHQGHbY?OH\GLJHQGHbDXFKYHUWULEHQGH DQYLOHQGHQbŰLFKKDEHQJHŰDW]HWDOVIţUH\QPţZHUIţUGLHFULŰWHQOÖFKH N\UFKbE\‰GD]GHU\QHQKLOIIYQQGŰWXHUWKHWWHYRQDOOHPZ\WWHQ                                             

 U   IROJHUGHV.UHX]HV&KULVWLODQJH=HLWDOVGLHHLQ]LJHQ&KULVWHQEHNlPSIW YHUIROJWLKQHQGDV/HEHQVFKZHUJHPDFKWXQGYRQYLHOHQHLQJHQRPPH QHQ2UWHQDXFKYHUWULHEHQKDEHQ'LH9HQH]LDQHUKDEHQVLFKGDPLWDOV WUHXHUHFKWH0lQQHUHUZLHVHQGLHXQDXIKDOWVDPHUIOOHQZDVLKUH$XIJD EHLVWGDEHLKDEHQVLHJUR‰H.RVWHQXQG0KHQDXIVLFKJHQRPPHQ6LH KDEHQVLFKDOVHLQH6FKXW]PDXHUGHUFKULVWOLFKHQ.LUFKHHUZLHVHQELVGHU MHQLJHLKQHQ+LOIHXQG*HOGPLWWHO]XNRPPHQODVVHEHUGHPVWHKHQG                                           

Y    EHJULIIGHUN\UFKHQQ\PHQPHHbJH\ŰWOÖFKRGHUZHOWOÖFKZDUGWJHIXQ  GHQbZHOFKHVDOOHVYQJH]Z\IHOW\UHQJODXEHQYQGDQGDFKW]ţJRWYQG GHUN\UFKHQJUR‰OÖFKHQJQşJDQ]HXJHWbRELRFKDOOZHOWGDUZÖGHUUHGHb \HGRFKEHO\EHWGLHZDUKH\WYQYHUGUXFNHWb =ţOHW]ŰWYQGMXQJŰWZHUZOWHYHUZHUIIHQbRGHUYHUDFKWHQbMDZHU PRFKWHQDFKZ\UGHYQGELOOÖNH\WJQşJŰDPJOÖFKHQHUKHEHQPLWOREbGHQ 6HQDWbRGHUZ\ŰHQUDWKbYQGŰRYÖODOWHU]\UOÖFKHQYQGYHUQXQIIWÖJHQ PHQQHUYQJOHXEOÖFKIţUŰÖFKWLNH\WbŰFKDUSIIHŰWYPEŰHKXQJbJOÖFKJHUHFK WLNH\WbWDSIIHUYUWHLObZROEHGDFKWY?ZROJHZHJHQŰWDWXWHQY?JHŰDW]HQ EHŰXQGHUDEHUGLŰHNOţJYQGIU\GŰDPZ\‰YQGQţW]HJHZRQKH\WDOVŰ\H Y‰GHQHOWHŰWHQYQGEHŰWYHUGLHQWHŰWHQŰFKDIIQHUQ DOŰRJHQDQW 6DQW PDU[H\QHQ\QHQY‰HUNRUHQbJDUÖQJURŰŰHUŰWLOOÖNH\WYQGKH\POÖNH\Wb ZHOFKHP\W]HUZHOWHQŰ\HDXFKŰ\QHUHJHOIţUJHEHQbŰÖFKGDUQDFK]ţUH  JÖHUHQbGDPLWHUQLW]ţIUHFKŰ\bŰXQGHUYQGHUŰROOÖFKHP\PIXUJHKDE  WHPJHŰDW]OHEHbŰROÖHE\PHŰ\QH\JHQOHEHQŰ\bGL‰DOOHVGDUYPEbYIIGD] \UPDQJIHOWLJYQGZ\WY‰JHWH\OHWKHUŰFKXQJLQYLOJUDGGHUDPSWHQ YQGZLUGLNH\WHQEHJULIIHQbYRQH\QHPDQIDQJY?KDXEWDQIHQJOÖFKHQ HQWŰSULQJHb:HU ŰSULFKLFKZO ZROWHDOOH\UŰROOÖFKHJUR‰HWXJHQGb JHŰDW]HQbJHZRQKH\WHQY?]\POÖFKJHEUXFKbDXFKYHUGLHQŰWHQJHJHQGHU JHPH\QHQN\UFKHQYQGFULŰWHQOÖFKHQQţW]HUPHŰŰHQYQGMRFKHU]HOHQbMD JODXELFKbRE&LFHURGHUNOţJŰSUHFKHUYQGIXUŰWDOOHUZOUHGEDUNH\Wb YRQGHUKHOOHQZLGHUKHUY‰NHPHbHUPRFKWHQLWWJDQW]YRONRPOÖFKHGLŰH PH\QşJYROIţUHQbHUZţUGHHUO\JHQbGHPQDFKDOOHVŰROOLFKVŰRYRQGHU OREŰDPHQŰWDWWYQGJUR‰PHFKWLJHQ9HQHGLJŰFKHKHUŰFKDIIWPRFKWYQG ŰROWELOOLFKK\HEHŰFKULEHQZHUGHQK\QGDQJHŰHW]HWYQGYPENXUW]HYHU  ODŰŰHQbNRPLFKYIIP\QPDWHULGHUIţUJHQŇPHQUH\‰HQ]ţEHŰFKULEHQb GHUUHQIţUK\QQDFKRUGHQşJYHUKH\ŰŰHQDQ]ţKDQJHQb                      



Y 



LQGHUJDQ]HQ.LUFKHQLHPDQG²NHLQ*HLVWOLFKHUXQGNHLQ/DLH²]XILQ GHQLVW'DVDOOHVEHZHLVWLKUHQXQEHGLQJWHQ*ODXEHQXQGLKUH)U|PPLJ NHLWJHJHQEHU*RWWXQGGHU.LUFKHDXIV'HXWOLFKVWH8QGVHOEVWZHQQGLH JDQ]H:HOWGDJHJHQVSUlFKHVREOHLEWGRFKGLHVH:DKUKHLWXQYHUIlOVFKW 8QGZHUZROOWHVFKOLH‰OLFKDOVYHUZHUIOLFKDEWXQRGHUYHUDFKWHQ²MD>LP *HJHQWHLO@ZHUN|QQWHHQWVSUHFKHQGVHLQHU:UGHXQG*HUHFKWLJNHLWGHQ 6HQDWRGHUZHLVHQ5DWPLWGHP/REEHGHQNHQGDVLKP]XNRPPW">'HP 5DW@ PLW GHQ YLHOHQ LQ GHU 6FK|QKHLW GHV $OWHUV VWHKHQGHQ YHUQQIWLJHQ 0lQQHUQ LKUHU XQJODXEOLFKHQ 9RUVRUJH LKUHU EHUDXV VRUJIlOWLJHQ 8P VLFKWLKUHUIUDOOHJHOWHQGHQ*HUHFKWLJNHLWLKUHPPXWLJHQ8UWHLOGDVJH Pl‰GHU6WDWXWHQXQG*HVHW]HZRKOEHGDFKWXQGDXVJHZRJHQLVWEHVRQ GHUVDEHUGLHNOXJHXQGIULHGYROOHZHLVHXQGQW]OLFKH*HZRKQKHLWGDVV VLH LQ DOOHU 6WLOOH HLQHQ GHU lOWHVWHQXQGYHUGLHQWHVWHQVRJ 9HUZDOWHUYRQ 6W0DUNXVLQJHKHLPHU:DKO>]XP'RJHQ@DXVHUVHKHQ6LHJHEHQGLHVHP (UZlKOWHQGDVIULKQJHOWHQGH5HJXODULXPYRUDQGHPHUVLFKZlKUHQG VHLQHU 5HJLHUXQJV]HLW RULHQWLHUHQ VROO 6R ZLOO PDQ YHUKLQGHUQ GDVV HU :LOONUZDOWHQOlVVWYLHOPHKUZLUGHUZHQQLKPVHLQ/HEHQOLHELVWQDFK GHP YRUJHVFKULHEHQHQ *HVHW] OHEHQ 'LHV DOOHV LVW GHVKDOE VR JHRUGQHW ZHLOGLHLQPDQQLJIDOWLJHKLHUDUFKLVFKJHVWXIWHbPWHUXQG:UGHQJHJOLH GHUWH +HUUVFKDIW >GHU 6WDGW 9HQHGLJ@ HLQHU HLQ]LJHQ *UXQGODJH HLQHP +DXSWHQWVSULQJHQ:HU²VRVDJHLFKYROOHU$QHUNHQQXQJ²ZROOWHDOOLKUH JUR‰H7XJHQGLKUH*HVHW]H*HZRKQKHLWHQXQGGHQLKQHQJH]LHPHQGHQ *HEUDXFK ZHU ZROOWH LKUH 9HUGLHQVWH LP +LQEOLFN DXI GLH NDWKROLVFKH .LUFKHXQGGHQFKULVWOLFKHQ1XW]HQHUPHVVHQRGHUJDUGDUVWHOOHQ"-DLFK JODXEHVHOEVWZHQQ&LFHURGHUNOXJH5HGQHUXQG6HUHQLVVLPXVGHUVFK| QHQ5HGHEHUKDXSWZLHGHUDXVGHU+|OOHKHUYRUWUlWHVRN|QQWH>DXFK@HU GLHVH (LQVFKlW]XQJ QXU XQYROONRPPHQ ]XP $XVGUXFN EULQJHQ >XQG VHOEVW@HUPVVWHGLH:DIIHQVWUHFNHQ1DFKGHPGLHUKPOLFKH6WDGWXQG JUR‰PlFKWLJH +HUUVFKDIW 9HQHGLJ QXQ KRIIHQWOLFK DQJHPHVVHQ EHVFKULH EHQZRUGHQLVWZLUGGLHVHV7KHPDMHW]WLQGHQ+LQWHUJUXQGJHUFNWXQG GHU.U]HZHJHQDEJHVFKORVVHQ6RNRPPHLFKQXQ]XPHLQHPXUVSUQJ OLFKHQ 9RUKDEHQ GHU %HVFKUHLEXQJ GHU XQWHUQRPPHQHQ 5HLVH ]XUFN XQGLFKYHUVSUHFKHGLHVH$XIJDEHNQIWLJLQDOOHU2UGQXQJ]XHUIOOHQ                  

   



U 

+\HIROJHWQDFKGLHEHŰFKU\EşJGHUHUŰWHQUH\‰YRQ9HQH  GLJDQEL‰JHQ-KHUXŰDOHPb

\ŰŰHUH\‰YQGGLHJDQW]KÖŰWRULHGHVYEHUIDUHQVYEHUPHUbYQG ZDOOHQVYEHUODQGWYQGHUŰWDQG]ţEHŰFKULEēbZLOLFK ŰRYHUU ]\POÖFKHQŰ\QPDJ PLFKIOLŰŰHQGHUNţUW]HbGDPLW]ţZLOOHQ ]ţŰ\QGHQOHŰHUQG։EţFKO\QVYIIGD]Ű\HQLWYHUGU\ŰŰHLQGē OHŰHQb:LODXFKY‰GHUŰHOEHQYUŰDFKbH\QGHPţWÖJJHPH\QYQGJHZRQ OÖFKUHGHIţUHQbDOOKRIIOÖFKJH]\UGYQGNOţJNH\WŰR\QQUHGHQRGHUŰFKUL  EHQZXUGW]ţ]\WJHEUXFKHWbDEJHŰWHOOHWbZROZLŰŰHQGGDVYPEJHQJLJ YQGJHIHUZHWJHŰSUHFKRGHUJHŰFKULIIWDQ]HXJHWGDVJHPţWGHVŰSUHFKHUV RGHUŰFKULEHUVQLWJDQW]OXWHUŰ\QbŰXQGHUHWWZDVEUţFKVKDEHQb'ēQDFK ŰROOÖFKVYHUPLWWHQbQLWZLHLFKŰXQGHUZDVÖFKZHUGHUHGHQYQGŰFKULEHQb ZLOLFKPHHŰRUJHQb   /VQXQb[[LMbWDJGLHZÖU]ţYHQHGLJODJHQbUţŰWXQJGHUJDOHH E\WHQGbZDUHQYHUŰFK\QHQbY?\W]]\WKLHZDV]ţIDUHQbYQGDOOH GLQJLQRUGHQşJZDUHQbŰRQRWWXUIIWLJNH\WGHUUH\‰IRUGHUWb9? ZLU\W]XQGDQbYIIGHPZHJZDUHQY‰EHŰFKH\GYQGJHKH\‰GHVSDWURQ \QQGDVJDOHH]ţJDQb'RZDUGWGHPŰHOEHQYQŰHUPSDWURQH\QJUR‰ ŰPDFKH\WHU]HXJHWGXUFKŰ\QZLGHUWH\OH\PbŰFKXOGKDOEbDOŰRGD]PDQ MPŰ\QHUSIOLFKWHUŰÖFKHUERWWHJHJHQŰ\QēZLGHUWH\OQLWJODXEHQb$XFK QDFKYLODQGHUJQşJŰDPEţUJŰFKDIIWGDUIţUJHŰHW]HW\QHQQLWZROWID  UHQORQbŰXQGHUYEHUDOOHVŰROOÖFKV\PŰ\QHŰHJHOYQGDQFNHUZţUGHQJH QŇPHQHWFbGH‰KDOEHUZLUDQYQŰHUIDUWZXUGHQJHK\QGHUWb'RFKIXQGē ZLULQUDWKbGDPLWZLUYRQŰWDWWPRFKWHQNŇPHQbYQGGHPSDWURQY? DXFKYQVKHOIIHQbGD]ZLUJHPH\QOÖFKY?EHŰXQGHUGLHZROJHERUQHQJUD IHQKHUUQYQGHGHONQHFKWIţUGHQKHUW]RJYQGUDWK]ţYHQHGLJYQVIţJ  WHQbYQGGLHŰDFKGHPSDWURQY?YQVDQJHOHJHQIţUZHQGHWWHQbDOVZLU DXFKWKHWWHQbGRPLWGL‰\UUşJYQGK\QGHUQ‰ZDUGUHFKWOÖFKQ\GHUJH OHJHWLQZHQLJQDFKYROJHQGHQWDJHQb'L‰DOŰRYROOHQGHWJLHQJHQZLU PLWYQŰHUPSDWURQLQGLHJDOHHbYIIGHQHUŰWHQWDJGHVPRQGV-XQLMb YQGZRUIIHQDQFNHUbZDUWHQGHYŇGHUGULWWHQŰWXQGGH‰ŰHOEHQWDJVEL‰ PRUJHQVJţWWVZ\QGH‰b'RGHUŰHOETZDPbIţUHQZLUPLWJUR‰HQIUHX  GHQbŰ\QJHQG DOVJHZRQOÖFKLŰW 6DOXHUHJLQDPLWHWWOÖFKHQDQGHUQ $QWLSKRQYQG&ROOHFWHQbYQGDOŰRPLWYROOHQŰHJHOHQbTXDPHQZLUGHQ DQGHUQWDJEL‰JHQ3DUHQW]b    >+RO]VFKQLWW9HQHGLJ@



U 



(VIROJWGLHHUVWH5HLVHEHVFKUHLEXQJYRQ9HQHGLJQDFK -HUXVDOHP

 :HQQ LFK PLFK QXQ DQVFKLFNH GLH 5HLVH XQG GLH JDQ]H *HVFKLFKWH GHU 0HHUHVEHUIDKUW XQG GHV 3LOJHUQV EHU /DQG ]X EHVFKUHLEHQ VR ZLOO LFK PLFK ZLHHVVLFKVFKLFNW GHU.U]HEHIOHL‰LJHQ'LHVH$EVLFKWVROOVLFK PLW GHP%HGUIQLVGHU/HVHUGLHVHVNOHLQHQ%XFKVGHFNHQ (VVROOLKQHQ QLFKW ]XP 9HUGUXVV JHUDWHQ HV ]X OHVHQ $XV GHPVHOEHQ *UXQG P|FKWH LFKPLFKDXFKHLQHUHLQIDFKHQDOOJHPHLQYHUVWlQGOLFKHQ6SUDFKHEHGLHQHQ XQGDOOHK|IOLFKH=LHUHUHLXQG%HVFKHLG:LVVHUHLGLHGHU]HLWLQ5HGHXQG 6FKULIWEOLFKLVWDEWXQ'DEHLZHL‰LFKZRKOGDVV:DKOXQG)lUEXQJGHU JHVSURFKHQHQ RGHU JHVFKULHEHQHQ 6SUDFKH LQ GHQHQ GLH (LJHQDUW GHV 6SUHFKHUV RGHU 6FKUHLEHUV ]XP $XVGUXFN NRPPHQ QLH JDQ] UHLQ VLQG VRQGHUQHWZDV*HEURFKHQHVKDEHQ$XFKGDVZLOOLFKQDWUOLFKYHUPHLGHQ GRFKZLOO LFK PLFKPHKU GDUXPVRUJHQ QLFKWZLH VRQGHUQZDV LFKUHGH XQGVFKUHLEH  :lKUHQGGHU=XUVWXQJGHV6FKLIIVODJHQZLU]ZHLXQG]ZDQ]LJ7DJHODQJ LQ 9HQHGLJ$OVGLHVH 7DJH QXQ ]X (QGH ZDUHQNDPGLH =HLW ]XP$XI EUXFKGHQQDOOH'LQJHZDUHQJHUHJHOWGLHIUGLH5HLVHQRWZHQGLJZDUHQ $XI*HKHL‰GHV3DWURQVGHUXQVHQWVSUHFKHQGHQ%HVFKHLGJHJHEHQKDWWH ZDUHQZLUDXIGHP:HJ]XU*DOHHUH'RFKGDZLGHUIXKUXQVHUHP3DWURQ HLQHJUR‰H1LHGHUWUDFKWGLHLKPYRQHLQHPVHLQHU*HVFKlIWVSDUWQHUDQJH WDQZXUGH'HU.RQIOLNWHQW]QGHWHVLFKGDUDQGDVVPDQLKPVHLQH9HU WUDJVSIOLFKWGHUVHLQHP9HUWUDJVSDUWQHUJHJHQEHUQDFK]XNRPPHQHULP %HJULIIZDUQLFKWJODXEHQZROOWH8QGVHOEVWQDFKGHP$QJHERWHLQHUDQ VHKQOLFKHQ%UJVFKDIWZROOWHGHU:LGHUVDFKHUXQVHUHQ3DWURQQLFKWIDKUHQ ODVVHQhEHUDOOGLHVHQ4XHUHOHQHQWZHQGHWHHULKPGDQQ>DXFKQRFK@VHL QH6HJHOXQG$QNHUXQGVRZXUGHQZLUGDUDQJHKLQGHUWXQVHUH)DKUWDQ ]XWUHWHQ :LU HUKLHOWHQ GDQQ DEHU HLQHQ 5DW GHU HV XQV HUODXEHQ VROOWH YRQGHU6WHOOH]XNRPPHQXQGGHUGHVKDOEVRZRKOGHP3DWURQZLHDXFK XQVZLOONRPPHQZDU(VZXUGHXQVJHUDWHQGDVVZLUXQVJHPHLQVDPEH VRQGHUVDEHUGLHZRKOJHERUHQHQ*UDIHQ)UHLKHUUHQXQG(GHONQHFKWH]XP +HU]RJXQG5DWYRQ9HQHGLJYHUIJHQVROOWHQXPLKQHQGLH$QJHOHJHQ KHLWGLHGHQ3DWURQXQGXQVEHWUDIYRU]XWUDJHQ'DVWDWHQZLUGHQQDXFK VR GDVV GLHVHU 6WUHLW XQG GDV 5HLVHKLQGHUQLV LQ ZHQLJHQ 7DJHQ GDQDFK UHFKWOLFK EHLJHOHJW ZHUGHQ NRQQWHQ $OV GLHV HUUHLFKW ZDU EHVWLHJHQ ZLU PLW XQVHUHP3DWURQDPHUVWHQ-XQLGLH*DOHHUHXQGOLFKWHWHQGLH$QNHU 'DQQZDUWHWHQZLUYRQGHUGULWWHQ6WXQGHGLHVHV7DJHVDQELV]XP0RU JHQDXIJXWHQ:LQG$OVHUDXINDPIXKUHQZLUPLWJUR‰HU)UHXGHORVXQG VDQJHQZLHGLHVEOLFKLVWGDV6DOYHUHJLQDPLWHLQLJHQDQGHUHQ$QWLSKR QHQXQG&ROOHFWHQ6RJHODQJWHQZLUXQWHUYROOHQ6HJHOQDP]ZHLWHQ7DJ ELV3DUHQW] 3RUHÿ         

 



Y 

$UHQW]LŰWH\QŰWDWWLQGHPODQGH+LŰWULDJHQDQWbJHOHJHQbYQ  GHUZRUIIHQGHUKHUŰFKDIIW]ţYHQHGLJbKXQGHUWZHOŰFKP\OHQYŇ GDQQHQO\JHQGbGRŰHOEHULŰWH\QHUW]ELŰWXPbYQGLŰWLQGHPKR  KHQŰWLIIWJDUNRŰWOÖFKYQGZLUGLJKH\OWXPbGDVZLUDXFKŰDKHQbDOVELO  OÖFKZDVb-QŰXQGHUKH\WÖQGHPKRKHQDOWDUbUXJHQYQUDŰWHQGLHKH\ OÖJHQPDUWUHU'HPHWUÖXVYQGXOÖDQXVb-QH\PDQGHUQDOWDUYRUGē NRUbOÖJHQGLHO\EGHUKHLOÖJHQXQJIUDZHQ%HUWKHYQG$FROÖWHJHQDQWb ,QGHUŰHOEHQN\UFKHQYRUNXUW]HQ]\WHQŰ\QJHOHJHQGLHO\EGHUKHLOÖJHQ PDUWUHU0DXULY?(OHXWKHULbDEHUGXUFKGÖHDQXH‰HUŰ\QŰ\HYŇGDQ QHQJHIţUHWZRUGHQY?EUDFKWJHQDQXD9QVZDUGDXFKJODXEOÖFKHQ JHŰDJHWbGD]GRGÖH\W]JHQDQWHQMDQXHŰHUYQGHUŰWXQGHQHWWOÖFKDQGHUDO WDUÖQGL‰HUN\UFKHQYIIEUHFKHQbÖQJHPţWHWWOLFKKH\OÖJO\EHGDUY‰]ţ HWWZHUHQYQGŰWHOHQGRIOR‰EOţWZşGHUEDUOÖFKHQY‰GHPDOWDUGDU\QQ GDVKH\OWXPODJbGH‰KDOEGLHMDQXHŰHUHUŰFKUHFNW QÖWXQELOOÖFK OÖH‰HQ YRQ\UHPIţUQēPHQb   $UHQW]GLHŰWDWWREJHQDQWOÖJHWJDUDQH\POţŰWOÖFKHQHQGHYII  GHPODQGbDOŰRGD]PDQYRQGDQQHQJHQYQJHUQYQGDQGHUH NRQJULFKPDJYEHUODQGNRPPHQbDDXFKJHQMKHUXŰDOHPbZÖH ZROGDVŰHOEŰZHUYQGŰRUJOÖFKZHUHbYPEZHJHQGH‰JOH\GWVGDVPDQ QLWOÖFKWOÖFKGXUFKGLHODQGHGHUXQJOHXEÖJHQPDJKDEHQbRQZHOFKHV Q\HPDQ]ţUDWKHQLŰWŰROOÖFKUHL‰GXUFKGLHŰHOEHQODQG]ţYQGHUŰWDQb]ţ WKţQb9QVZDUGDXFKJHŰDJHWGD]3DULVYRQWUR\DbGRHUIDUHQZROW GLHNRQJ\Q+HOHQDLQNULHFKŰFKHQODQGHQ0HQĆGULGH‰NRQLJVGRŰHO  EHWKX‰IUDZb]ţKROHQYQGUDXEHQb$OVHUDXFKYROOHQEUDFKWYUŰDFKGD PLWJHEHQGHVWUR\DQLŰFKHQ]HKHQLHULJHQNULHJVbQDFK\‰Z\‰şJGHUWUR  \DQLŰFKHQKLŰWRULHQGDYRQUHGHQGbGROÖH‰HUREJHQDQW3DULVDOOŰ\Q ŰFK\IIÖQG։HUŰWDWW3DUHQW]UţŰWHQYQGPDFKHQbYQGDOVHUKHOHQĆPLW \PEUDFKWJHUDXEHWZLGHUNRPPHQGLQGL‰HŰWDWWbJDEHU\UQDFK\PGē QDPHQ3DULGÖQbDEHUŰ\HZXUGWQXQ3DUHQW]JHPH\QOÖFKJHQHQQHWb                   



Y 



3DUHQW]LVWHLQH6WDGWLP/DQGH,VWULHQGDV²KXQGHUWZHOVFKH0HLOHQGD YRQHQWIHUQW²XQWHUGHU+HUUVFKDIW9HQHGLJVVWHKW+LHUJLEWHVHLQ(U]EL VWXPXQGLQGHP+RKHQ6WLIWVLQGZXQGHUEDUHYHUHKUXQJVZUGLJH5HOL TXLHQ GLH ZLU VHOEVWYHUVWlQGOLFK EHVXFKWHQ   %HVRQGHUV QHQQHQ P|FKWH LFKGLHKHLOLJHQ0DUW\UHU'HPHWULXVXQG-XOLDQGLHLP+RFKDOWDUUXKHQ,Q HLQHPDQGHUHQ$OWDUGHUYRUGHP&KRUVWHKWOLHJHQGLH/HLEHUGHUKHLOL JHQ-XQJIUDXHQ%HUWKHXQG$FROLWH%LVYRUNXU]HPKDEHQLQGLHVHU.LU FKHGLH/HLEHUGHUKHLOLJHQ0DUW\UHU0DXUXVXQG(OHXWKHULXVJHOHJHQVLH VLQG MHGRFK YRQ GHQ *HQXHVHUQ ZHJJHIKUW XQG QDFK *HQXD YHUEUDFKW ZRUGHQ*ODXEKDIWZXUGHXQVYHUVLFKHUWGDVVGLH*HQXHVHUDXFKYHUVXFKW KDWWHQHLQLJHDQGHUH$OWlUHLQGLHVHU.LUFKHDXI]XEUHFKHQ6LHKDWWHQGLH $EVLFKW DXFK DXV GHQHQ KHLOLJH /HLEHU ]X HQWZHQGHQ XQG ]X VWHKOHQ 'RFKHVJHVFKDKHLQ:XQGHUXQGDXVGHP$OWDULQGHPGLH5HOLTXLHUXK WHIORVV%OXW(UVFKURFNHQOLH‰HQGLH*HQXHVHUGDUDXIKLQYRQLKUHP9RU KDEHQDE²ZDVMDQLFKWPHKUDOVUHFKWXQGELOOLJLVW 'LH6WDGW3DUHQW]OLHJWDXIHLQHPPDOHULVFKHQ)OHFNHQ/DQGXQGPDQYHU OlVVWHVQXUXQJHUQ²VHOEVWGDQQQLFKWZHQQHLQHQ.|QLJUHLFKHHUZDUWHQ -DVHOEVWQDFK-HUXVDOHPPDFKWPDQVLFKGDQLFKWJHUQHDXI6FKOLH‰OLFKLVW HLQHVROFKH5HLVHMDDXFKVFKZHUXQGEHVRUJQLVHUUHJHQG'DVOLHJWGDUDQ GDVVPDQHLQ*HOHLWEUDXFKWZHQQPDQGXUFKGLH/lQGHUGHU8QJOlXELJHQ UHLVWXQGGDVEHNRPPWPDQQLFKWRKQHZHLWHUHV$EHUHVLVWQLHPDQGDQ ]XUDWHQRKQH*HOHLWHLQH5HLVHGXUFKGLHVH/lQGHU]XXQWHUQHKPHQ(V ZXUGHXQVDXFKEHULFKWHWYRQ3DULVGHUYRQ7URMDDXIEUDFKXPGLH.| QLJLQ+HOHQDGLH*DWWLQGHV.|QLJV0HQDQGUXV]XUDXEHQ'XUFKGLHVH 7DW O|VWH HU GHQ ]HKQMlKULJHQ WURMDQLVFKHQ.ULHJ DXV ZLH GLH WURMDQLVFKH *HVFKLFKWVVFKUHLEXQJEHULFKWHW3DULVOLH‰LQGHU6WDGW3DUHQW]VHLQH6FKLI IHEDXHQXQGDXVUVWHQXQGDOVHUDXIGHP5FNZHJGLHJHUDXEWH+HOHQD LQ GLHVH 6WDGW EUDFKWH JDE HU LKU GHQ 1DPHQ 3DULGLQ $EHU MHW]W QHQQW PDQVLH3DUHQW]                      





U 

 PYÖHUGHQWDJGHVPRQGVMXQLMODJHQZLUYRU3DUHQW]LQGHU  JDOHHZDUWHQGJţWVZ\QGVb=ţGHUŰHOEHQ]\WŰDKHQZLUYÖOGHU  PHHUŰZ\QŰHHUJUR‰IÖŰFKbGHOSK\QJHQĆWDXFKZROEHNDQQWYPE IDUHQGY?ŰÖFKYPEZHUIIHQGYPEGDVJDOHHZLHNDUUHQUHGHUYPEJHQ 6REDOGDEHUVÖFKH\QJţWHUZ\QWHUKţEbIţUHQZLUYŇGDQQHQPLWYII JHUÖFKWHQYROOHQŰHJHOHQJDUŰQHOOK\QZHFN]ţ]\WWHQDOVYIIGHPPHHU JHZRQOÖFKHQLŰWbHQGHUWHQŰÖFKGLHZ\QGHYRQJţWWHQLQZ\GHUZHUWÖJb GHPQDFKIţUHQZLU\W]IţUŰÖFKGēUHFKWHQZHJb\W]KLQGHUŰÖFKbGXUFKŰWHU  FNHGHUZ\QGHJHWULHEHQbHUIDUHQGDPLWGD]GHUŰSUţFKGHVZ\ŰHQZDU LŰWbDOVHUŰSULFKWb:HOFKHYIIGHPPHUIDUHQbKDEHQZROYRQŰRUJOÖFKHQ ŰDFKHQ]ţŰDJHQbREŰ\HMRFKHQWUQHQb$OŰRIţUHQZLUYIIGHPPHUDFKW JDQW]HUWDJbYÖOFDŰWHOOYQGMQŰHOIţUWU\EHQGbDXFKJUR‰YQGJDUŰRUJ  OÖFKYQJHZ\WWHUYRPKPHOOXIIWY?ZDŰŰHUO\GHQGbGXUFKZHOFKHZÖU RIIWYQGGLFNYHUPH\QWHQYHUGHUEHQbKDOEYHU]Z\IHOWb:DQQDXFKGHU YEHUŰWDUFNZ\QWHWWOÖFKYRQGHQJDOÖRWKHQbJDOHŰWUOJHQDQW Ű\QJH  GLQJWŰFKÖIINQHFKWNXQQLJYIIGHQJDOHHQ ÖQGDVPHHUZDUIIGHUZÖU QLWPHHŰ\FKWÖJZţUGHQb6RZLUDXFKDOODQFNHU\QQŰHQFNWHQbPRFKWHQ ZLUGD]ŰFKLIINXPEHKDOWHQbLQJURŰŰHQHQJŰWHQYQGIRUFKWHQbŰZHEHQGb $OŰRGD]ZLUPÖWJHŰFKUH\GLFNGHQOXIIWHUIXOOHQGbQLWWDQGHUVGDQGHV WRGHVZDUQZDUWHQbYQGHUDXJHQYQVJHJHQZÖUWLJLQGL‰HQŰţEHQRGHU DFKWWDJHQKHWWHQZÖUZHQLJIUHGRGHUPţWbZDQZLU]ţ]\WHQ\QZHQ  GLJGU\ŰWşGHQKXQGHUWYQG]ZHQW]LJP\OHQZXUGHQJHWU\HEHQYQJH  ZLŰŰHQZHJbZRYQVGLHYQJHŰWşPHGHVZLQGHVWUH\Eb]ţ]\WHQLQH\P WDJbIţUHQGUÖWWKDOEKşGHUWP\OHPbHEHQDOVEDOGK\QGHUŰLFKDOVIXUŰÖFK QDFKGHPYQGGLHIRUWXQŰÖFKJDEYQGZHQGHWbQDFKYROOHQGşJGÖŰŰHU DFKWWDJYIIGHPPHUbTXDPHQZLUJHQ&RUIXQDP]ZROIIWHQWDJMXQLM ZHOFKHMQŰHOYQGŰWDWW&RUIXQJHQDQWbOÖJHW\QQGHPNULHFKŰFKHQODQGb DFKWKşGHUWP\OHQYEHUPHUYŇYHQHGLJbDXFKYQGHUWHQLJYHQHGÖJŰFKHU KHUŰFKDIIWb=ZţŰFKHQGHU\W]JHQDQWHQŰWDWW&RUIXQY?3DUHQW]REJH  QDQWO\JHQGHWWOÖFKQDPKDIIWLJHQŰWHWW\Q6FKODXRQ\GHPODQGb &]XPHUŰWHQH\QŰWDWW]DUDJHQDQWbKXQGHUWP\OHQYRQ3DUHQW]JH  JHQ&RUIXQO\JHQGb'RŰHOEHWLŰWH\QHUW]EÖŰWXPbYQGLQGHPWKXPRGHU ŰWLIIWO\JHWŰDQW6\PHRQGHUDOWYQGJHUHFKWbGHUGDVN\QGMKHŰXVLQŰ\  QHDUPHQSIÖHQJPLWJURŰŰHQIUHGHQYQGKHUW]OÖFKHPMXELObEHJHUHQY? ŰSUHFKHQ1şFGLPLWWLVHWF 'RŰHOEHWO\JHWDXFKGHUSURKHWMRKHO\Q GHPKRKHQDOWDUHHUOÖFKEHJUDEHQb (\QDQGHUŰWDW5XELJLQDJHQDQWbOÖJW\PPHHUQLWYHUUYRQ3DUHQW] \QZHOFKHUŰWDWWKDXEWN\UFKOÖJWGHUO\SGHUKH\OÖJHQMXQJIUDZHQYQG PHUWHULQ(XIHPLHb 9RQGDQQHQb[[YbP\OHQLŰWH\QDQGHUIOHFN3RO PHGRUJHQDQWbGHUHLQHQGPDFKHWGHUSURXLQW]+LŰWULHbY?H\QDQIDQJ GH‰ODQGHV'DOPDFLHb 9RQGDQQHQNRPSWPDQGXUFKH\QHQJROII LŰWJDUH\QŰRUJOÖFKIDUYIIGHPPHHUGDGDVPHHUDOOZHJHQZţWWHQG >+RO]VFKQLWW3DUHQW]@   



U 



$PYLHUWHQ-XQLODJHQZLUYRU3DUHQW]LQGHU*DOHHUHXQGZDUWHWHQDXIJX WHQ :LQG :lKUHQGGHVVHQ VDKHQ ZLU YLHOH 0HHUVFKZHLQH GDV VLQG VHKU JUR‰H )LVFKH PDQ QHQQW VLH DXFK 'HOSKLQH 6LH ZDUIHQ VLFK KHUXP XQG GUHKWHQVLFKXPGLH*DOHHUHZLH5lGHUDQHLQHP.DUUHQ6REDOGDEHUHLQ JXWHU:LQGDXINDPIXKUHQZLUPLWDXIJHULFKWHWHQYROOHQ6HJHOQXQGPLW HLQHU 6FKQHOOLJNHLW GDYRQ GLH DXI GHP 0HHU EOLFK LVW 'RFK GLH JXWHQ :LQGHVFKOXJHQLQVFKOHFKWHXPXQGZRZLUMHW]WDXIGHPUHFKWHQ:HJ YRUZlUWV VHJHOWHQ VR IXKUHQ ZLU DQVFKOLH‰HQG GXUFK GLH VWDUNHQ :LQGH JHWULHEHQZLHGHUUFNZlUWV6RPDFKWHQZLUGLH(UIDKUXQJGDVVGHU:HL VHUHFKWKDWGHUVDJW'LHGLHDXIGHP0HHUUHLVHQKDEHQZRKOYRQEH VRUJQLVHUUHJHQGHQ9RUNRPPQLVVHQ ]XEHULFKWHQ ²VHOEVWZHQQ VLH LKQHQ HQWULQQHQ6RIXKUHQZLUGHQQJDQ]HDFKW7DJHDXIGHP0HHU'DEHLSDV VLHUWHQZLUYLHOH.DVWHOOHXQG,QVHOQ'RFKDXFKVFKZHUHXQGJHIlKUOLFKH *HZLWWHUVWDQGHQDP+LPPHOGLH/XIWXQG:DVVHULQ0LWOHLGHQVFKDIW]R JHQ XQG GLH XQV RIW VR VHKU lQJVWLJWHQ GDVV ZLU IDVWYHU]ZHLIHOWHQ 'HU VWDUNH:LQGZDUIDXFKHLQLJHGHU*DOLRWKHQ*DOHVWU|OJHQDQQW²JHGLQJWH 6FKLIIVNQHFKWHGLHVLFKDXIGHQ*DOHHUHQDXVNHQQHQ²LQV0HHUXQGZLU ZXUGHQLKUHUQLFKWPHKUDQVLFKWLJ8QG VRWLHIZLUDXFKGHQ $QNHUYHU VHQNHQZROOWHQ²ZLUNRQQWHQGDV6FKLIINDXPUXKLJKDOWHQ:LUVFKZHE WHQLQWLHIHU$QJVWXQG1RWXQGHUIOOWHQGLH/XIWPLWPDUNHUVFKWWHUQGHQ 5XIHQ²VRDOVPVVWHQZLUJOHLFKGHP7RGLQV$QJHVLFKWVFKDXHQ,QGLH VHQVLHEHQ7DJHQKDWWHQZLUZHQLJ)UHXGHXQGHUOHEWHQNHLQH7DSIHUNHLW 'HQQDQPDQFKHQ7DJHQZXUGHQZLUYRP8QJHVWPGHV:LQGHVLQQHU KDOEYRQGUHL6WXQGHQKXQGHUW]ZDQ]LJ0HLOHQZHLWLQV8QJHZLVVHJHWULH EHQDQDQGHUHQ7DJHQZLHGHUXPIXKUHQZLUGHQJDQ]HQ7DJGUHLKXQGHUW IQI]LJ0HLOHQUFNZlUWVXQGGDQQZLHGHUYRUZlUWVMHQDFKGHPZLHGLH ODXQLVFKH)RUWXQDVLFKJDE$OVGLHVHDFKW7DJHDXIGHP0HHUYRUEHLZD UHQNDPHQZLUDP]Z|OIWHQ7DJQDFK.RUIX.RUIXLVWHLQH,QVHOXQGHLQH 6WDGWXQGJHK|UW]X*ULHFKHQODQG.RUIXLVWDFKWKXQGHUW0HLOHQ6HHZHJ YRQ 9HQHGLJ HQWIHUQW XQG GHU YHQH]LDQLVFKHQ +HUUVFKDIW XQWHUWDQ =ZL VFKHQGHUVRHEHQJHQDQQWHQ6WDGW.RUIXXQGGHPYRUKLQJHQDQQWHQ3D UHQW]OLHJHQHLQLJHQDPKDIWH6WlGWHLP/DQG6ODZRQLHQ =XHUVW GLH 6WDGW=DUD KXQGHUW 0HLOHQYRQ3DUHQW] 5LFKWXQJ .RUIX HQW IHUQW+LHUJLEWHVHLQ(U]ELVWXP,QGHP7XUPRGHU6WLIWOLHJWGHUKO6L PHRQ GHU DOWH XQG JHUHFKWH 0DQQ GHU GDV .LQG -HVXV LQ VHLQH $UPH QDKP XQG PLW JUR‰HU )UHXGH XQG KHUUOLFKHP -XEHO VSUDFK 1XQF GLPLWWLV HWF,P+RFKDOWDUOLHJWDXFKGHU3URSKHW-RHOLQ(KUHQEHJUDEHQ (LQH DQGHUH 6WDGW KHL‰W 5XELJLQD 5RYLQM  6LH OLHJW LP 0HHU QLFKW ZHLW YRQ3DUHQW]HQWIHUQW,QGLHVHU+DXSWVWDGWOLHJWGHU/HLEGHUKHLOLJHQ-XQJ IUDXXQG0DUW\ULQ(XSKHPLD0HLOHQYRQGRUWJLEWHVHLQHQ)OHFNHQ GHU3ROPHGRU 3ROD KHL‰WXQGDP(QGHGHU3URYLQ],VWULHQXQGDP%H JLQQGHV/DQGHV'DOPDWLHQOLHJW9RQGRUWNRPPWPDQGXUFKHLQHQ*ROI ZREHLHVZHJHQGHV8QJHVWPVGHV0HHUHVHLQHEHVRUJQLVHUUHJHQGH6HH        





Y 

LŰWbYQGNHLQŰFKLIIPLWDQFNHUPDJJHKHIIWZHUGēbZHOFKHUJROIIDQGL‰HP HQG&RUQHURZXUWJHQDQW ]ţŰDQW3HWHUVSRUWGHUb[[[bP\OHQYRQ 3ROPHGRUREJHQDQWO\JHWb  9RQ]DUDGHUŰWDWWREJHPHOGHWE\b[YLLMbP\OHQOÖJWH\Q]HUEURFKHQ ŰWDWWDOW]DUDJHQDQWbGDÖŰWJDUYLODOWH‰JHPHU‰DOOHV]HUEURFKHQbGR GÖHUHFKWŰWDWW]DUDHWWZDQJHŰWDQGHQLŰWbGÖHKDWWH\QNRQLJYŇYQJDUQ ]HUŰWRUHW9RQGDQQHQE\KXQGHUWP\OHQLŰWH\QDQGHUFDŰWHO/Ö]LQD JHK\ŰŰHQbYQGHUGHUKHUŰFKDIIWGHUYHQHGÖJHUJHOHJHQLQ'DOPDFLDb 9RQGDQQHQNRPSWPDQ]ţGHUZHUOÖFKHQULFKHQYQGPHFKWLJHQŰWDWW 5DJX‰JHQDQWbOÖJHQGLQ6FKODXRQ\DSURXLQW]GHVNRQJULFKV&URD  FLHb-QZHOFKHUŰWDWWGLHJHPH\QIXUŰÖFKŰHOELŰWYQGŰHOEHUKHUŰFKHWbYQG HUNHQQHWNH\QHQDQGHUQKHUQGDQGD]Ű\HGHPNRQÖJYRQYQJDUQMHUOÖFK WUÖEXWRGHUEHWWJ\EHWb'H‰JOÖFKHQŰÖHWKţWGHPWXUFNHQbGDPÖWŰ\HIU\ GHQPLW\PHKDEHb-QGHUŰHOEHQŰWDWW5DJX‰Ű\QYLOOREOÖFKHUN\UFKē DXFKKHUOÖFKFORŰWHUbEHŰXQGHUSUHGLJHUYQGEDUIX‰HQRUGHQVb 'RŰHOEHW\QŰDQW%ODŰÖXVN\UFKbLŰWGDVKDXEWYQGEHGHKHQGHGHVKHLOÖ JHQPDUWLUVŰDQW%ODŰLMb$XFKH\QNRŰWOÖFKHŰ\OEHUHWDIHOYEHUJţOGHWb 'LŰŰHŰWDWW5DJX‰OÖJHWIXQIIKşGHUWP\OHQYRQYHQHGLJ]ţNŇPHQGR K\QGHQQHFKŰWHQZHJb 9RQ5DJX‰JHJHQ&RUIXQZHUW]bO\JHQ]ZR DQGHUŰWHWWE\GUL‰LJP\OHQbH\QHNDWKHUDbGLHDQGHU%XGXDJHQDQWbGR ŰÖFKDXFK6FKODXRQ\HQGHWbYQGYDKHWDQ$OEDQÖDb 9RQGDQQHQIOX‰W H\QŰX‰ZDŰŰHUJţW]ţGULQFNHQ\QGDVPHUY‰H\QHUŰWDWWHWWZDQ&R]R UDJHQDQWbDEHUGLŰHU]\WQHQQHWPDQŰÖH6FXWDUÖPbO\JHQGYRPPHU [[YbP\OHQbGHPWKXUFNHQ\QNXUW]YHUJDQJHQMDUHQYQGHUZRUIIHQbMD JHEHQYRQGHQYHQHGLJHUQGHUUHQŰ\HYRUZDVbPLWŰDPSWH\PJDUZHU  OÖFKHQŰOR‰7RUQHŰÖMJHQēQHWb]ţGHU]\WGHVYHUWUDJVRGHUEHULFKWGHUYH QHGLJHUPLWGHPWKXUFNHQb9RQGDQQHQQLWYHUUE\GHPPHUHUŰFK\  QHWH\Q]HUEURFKHQHŰWDWW'XUDW]XPJHQĆWbGHQYHQHGLJHUQYQGHUZRUI  IHQbZHOFKHGHUNH\ŰHU&ŇŰWDQWLQXVPDJQXVKHWWDQJHIDQJHQ]ţEXZHQ \QPH\QşJŰ\QNH\ŰHUOÖFKSDODW]RGHUZRQşJGD]ţKDEHQb$EHUJHPHUF NHWYQIUXFKWEDUNH\WGH‰ODQGHVGDUDQŰWRŰŰHQGZHLFKHUYŇGDQQHQGR K\QGR\W]&RQŰWDQWLQRSROŰWHWWYRQ\PHUEXZHQb9RQ'XUDW]RH NOH\QHQZHJLŰWH\QDQGHUHŰWDWWYIIGHPODQGJHOHJHQ9HORQDJHQDQWb YQGHUKHUŰFKXQJGH‰WKXUFNHQbŰHUH\QYHŰWHŰWDWWbE\ZHOFKHUGHUWKXUFN LQH\QHPŰX‰HQZDŰŰHUDQGHUŰWDWWK\QIOÖHŰŰHQGbJHPH\QOÖFKHQE\YLHU  KXQGHUWŰFKLIIKDOWHWb9QGOÖJHWGLHŰHOELJŰWDWWE\]ZH\KXQGHUWP\OHQ YRQ5DJX‰b $XFKY‰GHUŰHOELJHQŰWDWWLPMDUQDFKFULŰWJHEţUWb0b bFFFFbO[[[bKDWWGHUWKXUFNQÖWRQJUR‰ŰFKDQGYQGŰFKDGHQGHUFULŰWHQb GLHYHŰWYQGYROFNULFKŰWDWW+RO]VFKQLWW&RUIX@



U 



ZXUGHQDXIHLQHP$OWDUPLWHLQHUK|O]HUQHQ6lJHPLWWHQHQW]ZHLJHVlJW 'RFKQDFKGHPW|GOLFKHQ$EJDQJGHVYHUIOXFKWHQ7UNHQGHUGHUFKULVW OLFKHQ.LUFKHHLQHQVSUEDUHQ6FKDGHQXQGVFKPHU]OLFKH9HUIROJXQJ]X IJWH KDW VHLQ 6RKQ GHU MHW]W DQVWHOOH VHLQHV 9DWHUV UHJLHUW GLH 6WDGW GHP .|QLJ YRQ 1HDSHO ZLHGHU ]XUFNJHJHEHQ ² DXV *UQGHQ GLH LFK XP GHU .U]HZLOOHQ QLFKWZHLWHU DXVIKUH  1LFKWZHLW GDYRQ HQWIHUQW VFKUlJEHUV0HHUOLHJWGDVJHQDQQWH/DQG$SXOLHQGDVWUDGLWLRQVJHPl‰ YRPHUVWJHERUHQHQ6RKQGHV.|QLJVYRQ1HDSHOUHJLHUWZLUG 0HLOHQYRU.RUIXJLEWHVHLQHQ+DIHQXQGHLQHZVWHYHUODVVHQH6WDGW LQGHUQLHPDQGZRKQW,QGHU1lKHVWHKWHLQH.LUFKHGLH=XU*QDGH8Q VHUHU)UDXKHL‰W(VJHVFKHKHQGRUWYLHOH=HLFKHQXQG:XQGHUGHQQ8Q VHUHOLHEH)UDXLVWKLHUJQDGHQUHLFKDQZHVHQG'LHVH.LUFKHZLUGYRQHWOL FKHQ%UGHUQGHV'ULWWHQ2UGHQVGHVKO)UDQ]LVNXVEHVFKW]WXQGEH KWHW$QVRQVWHQZRKQWQLHPDQGLQGHUJHQDQQWHQ6WDGWRGHULQLKUHU1l KHREZRKOHVKLHUQRFKXQEHVFKlGLJWH0DXHUQ7UPHXQG+lXVHUJLEW 'DVLVWGHVKDOEVRZHLOMHGHQ7DJHLQULHVLJHU'UDFKHDXVGHP0HHUVWHLJW XQGYRQHLQHP)HOVHQGRUWKLQVFKZLPPWXQGEHUGLH6WDGWKLQZHJIOLHJW XQGPLWVHLQHP$WHPYLHOH0HQVFKHQW|WHW'DYRQHUVFKUHFNWYHUOLH‰HQ GLHDQGHUHQGLH6WDGWXQGIORKHQDXVLKUVRGDVVVLHQXQZVWXQGOHHUGD OLHJW=XOHW]WKDWWHQGLH%HZRKQHUHLQHQ7RWHQPLW*LIWYHUVHKHQXQGLKQ LQGLH|GH6WDGWJHOHJW$OVGDQQGHU'UDFKHNDPXQGLKQYHUVFKODQJGD ]HUULVVHVLKQVRIRUWXQGHUVWDUE :LHVRHEHQVFKRQGHXWOLFKJHVDJWOLHJWGLH6WDGW.RUIXLQ*ULHFKHQODQG =ZHL %XUJHQ GLH LQ LKUHU 1lKH DXI HLQHP %HUJ VWHKHQ YHUWHLGLJHQ XQG EHVFKLUPHQ GLH 6WDGW 3LOJHU EHJHEHQ VLFK LPPHU LQ GHU 9RUVWDGW LQ GLH +HUEHUJHGRFKZHULQGDV%DUI‰HUNORVWHUNRPPWKDWGLHEHVVHUH:DKO JHWURIIHQ'LH,QVHO.RUIXXPIDVVWHWZDKXQGHUWXQG0HLOHQGHU/lQ JHQDFKKXQGHUWXQGVHFK]LJGHU%UHLWHQDFKHWZD0HLOHQhEHUDOOZLUG JULHFKLVFKJHVSURFKHQ.RUIXLVWGHQ9HQH]LDQHUQXQWHUZRUIHQ                      





Y 

 2UIXQLŰWH\QJDQW]MQŰHOYRQGHUKDXEWŰWDWW&RUIXQJHQĆWb  'LHMQŰHOKH\ŰŰHWDXFK&RU]LFDYRQH\QHUIUDZHQ&RU]DJH   QDQWbGLHG։HMQŰHO]XPHUŰWHQKDWHUIXQGHQbY?GDVJHŰFKDKH  DOŰRbGLH\W]JHQDQWIUDZHKHWWH\QHQERFNGHQŰ\HZH\GHWQDKH DQGHPPHUbGHUERFNŰZDPRIIWYQGGLFNYEHUPHU\QH\QMQŰHOYRUYQ  EHNDQQWbYQGŰRHUZLGHUKH\PTZDPbZDVHUDOOZHJHQŰDWWbIHWWYQGZRO JHPHŰWHWb'LHIUDZŰÖFKGHVYHUZXQGHUQbEHJHUHW]ţZLŰŰHQZRGHUERFN DOŰRJţWWZH\GHJHIXQGHQKHWWHbGDUYPEIţUŰ\HLQH\QHPŰFKLIIO\QGHP ERFNQDFKbYQGIDQGGL‰HIUXFKWEDUMQQŰHObGRGDVGÖHDQGHUQ\QZRQHU GHUMQŰHO/LJXUJHQDQWbYRQGDQQHQGLHREJHPHOGWIUDZ&RU]DZDVHU IţUHQb]RJHQŰÖHGDK\QLQŰFK\IIHQbYPEZHJHQGHUJţWWHYQGIUXFKWEDU NH\WGHUMQŰHObYQGYÖQJHQŰ\HDQ]ţEXZHQYQG\QZRQHQbYQGJDEHQ \UGHQQDPHQ&RU]ÖFDDOVREEHŰWXPPHWLŰWb$EHULQNULHFKHŰFKHUŰSUDFK KH\‰HWŰLH&\UQHbYŇGHVZHJHQGD]&\UQDKHUFXOÖVGRFKWHUGRŰHOEHWYLO ]\WKDWWJHZRQHWb 'ÖŰŰHQŰHOLŰWH\QDQIDQJGHUNULHFKŰFKHQODQGHbYQGKDWWYLOKRKHUEHUJb 9QGLŰWH\QEHŰFK\UPşJGH‰UPŰFKHQSRUWbYPEJHEHQJHJHQGēRULHQW PLWGHPW\UHQÖŰFKHPPHHUbJHJHQRFFLGHQWKDWWŰLHYPEŰÖFKGLHMQŰHOHQ EDOOHDUHVJHKH\ŰŰHQbJHJHQPLWWHPWDJKDWWŰ\HŰDUGLDPbJHJHQPLWWHU  QDFKW/LJXULDPb                             



Y 



.RUIXLVWHLQH,QVHOGHUHQ+DXSWVWDGWDXFK.RUIXKHL‰W'LH,QVHO KHL‰W DXFK&RU]LFDQDFKHLQHU)UDX&RU]DJHQDQQWGLHGLHVH,QVHOHQWGHFNWKDW 8QG]ZDUJHVFKDKGDVIROJHQGHUPD‰HQ'LHVH)UDXKDWWHHLQHQ%RFNGHQ VLHLQGHU1lKHGHV0HHUHVZHLGHWH'HU%RFNVFKZDPPVHKUKlXILJEHU GDV0HHU]XHLQHU,QVHOGLH]XYRUXQEHNDQQWZDU8QGDOVGHU%RFNZLH GHU]XUFNNDPZDUHULPPHU]XVDWWIHWWXQGJHPlVWHW'LH)UDXYHUZXQ GHUWHVLFKGDUEHUXQGZROOWHZLVVHQZRGHU%RFNHLQHVRJXWH:HLGHJH IXQGHQ KDWWH 'HVKDOE IXKU VLH GHP %RFN LQ HLQHP 6FKLIIOHLQ QDFK XQG IDQG GLHVH IUXFKWEDUH ,QVHO $OV GLH DQGHUQ (LQZRKQHU GHU ,QVHO /LJXU YRQGHUGLHJHQDQQWH)UDX&RU]DORVJHIDKUHQZDUGDVHUIXKUHQEHJDEHQ VLHVLFKLQ6FKLIIHQGRUWKLQ8QGZHJHQGHU)UXFKWEDUNHLWGHU,QVHOEHJDQ QHQVLHGDPLWVLH]XEHEDXHQXQGVLFKDXILKUQLHGHU]XODVVHQXQGVLHJD EHQLKUZLHEHUHLWVJHVDJWGHQ1DPHQ&RU]LFD$XI*ULHFKLVFKDOOHUGLQJV KHL‰WVLH&\UQHZHLO&\UQDGLH7RFKWHUGHV+HUNXOHVODQJH=HLWKLHUJH ZRKQWKDW 0LW GLHVHU ,QVHO EHJLQQW *ULHFKHQODQG 6LH EHVLW]W YLHOH KRKH %HUJH GLH GHQU|PLVFKHQ+DIHQEHVFKW]HQ*HQ2ULHQWLVWVLHYRP7\UUKHQLVFKHQ 0HHUXPJHEHQ5LFKWXQJ2N]LGHQWVLQGLKUYLHOH,QVHOQGLH%DOHDUHQYRU JHODJHUW*HJHQ0LWWDJOLHJW6DUGLQLHQJHJHQ0LWWHUQDFKW/LJXULHQ                                





U 

 Pb[YbWDJGH‰PRQHGVMXQLMbZDV9LWLYQGPRGHŰWLGHUKHL   OÖJHQPDUWHUHUWDJbIRUHQZLU\QZHQGÖJ]ZH\HQWDJHQYRQ  &RUIXQE։JHQ0RGRQbPLWJţWHPZ\QGbYQGŰREDOGZLU  GDŰHOEHW]ţOHQGHWHQbTXDPHQ]ţYQVYQŰHUPLWEUţGHUbLQGē DQGHUQJDOHHIDUHQG3HWURODQGDZH]ţJHKULJbZHOFKHZLUHLQWDJIţU TXDPHQ]ţYHQHGLJY‰IDUHQb$OVZLUSLOJHUYRQEH\GHQJDOHH]ţH DQGHUNRPPHQbEO\EHQH\QJDQW]HQWDJ]ţ0RGRQbYQŰHUJHŰSUHFKY? IUHGE\H\QKDEHQbDXFKHŰŰHQY?GULQFNHQE\H\QDQGHUb0DQŰFKHQFNHW NH\QDQGHUZ\Q]ţ0RGRQGDQPDOPDŰ\UbGDPLWZLUYQVHUJHW]WHQb 9RUGLŰHUŰWDWW0RGRQO\JHQYLONOH\QHUKX‰O\QREGU\KXQGHUWbGDU \QQZRQHQHWWOÖFKDUPOXGHŰZDUW]YQGYQJHŰWDOWDOVPRUHQJOÖFKGHQ ]\JţQHUQGLH]ţ]\WHQLQGÖŰŰHODQGNRPPHQbYQGŰDJHQŰLFKGRFKOÖH  JHQGYRQHJLSWHQEXUWLJNŰ\QbZDQHJLSWHQODQGWJDUŰHUYHUUYRQGLŰ  ŰHUŰWDWWÖŰWb6\HPRFKWHQŰ\QYRQ*LSSHH\POHQGO\QGLŰŰHUŰWDWWQDKH JHOHJHQbYQGŰ\QGJHPH\QOÖFKYHUŰSHKHUYQGYHUUHWHUGHUFUÖŰWHQb  0RGRQLŰWH\QYHŰWHZHUOÖFKHŰWDWWb\QGHPODQG0RUHDJHQDQWO\ JHQGbYQGHUJHZDOWYQGKHUŰFKDIIWGHUYHQHGLJHUbGU\KXQGHUWP\OHQ Z\WYRQ&RUIXQb'RŰHOEHWLŰWNULHFKŰFKHŰSUDFKÖQJHEUXFKbYQGŰ\QWGÖH PHQŰFKHQJHPH\QOÖFKHQŰ\QW3DXOVJODXEHQKDEHQWbJHQDQWGLHFULŰWHQ YRPJţUWHOb'RFKLŰWDXFKGDHLQHUW]ELŰWXPYQGH\QOREOÖFKHUŰWLIIWYŇ YQŰHUPJODXEHQGDVÖŰWGHUUPŰFKHQN\UFKHQbYQGQDFKYQŰHUPŰ\WWHQ ZHUGHQJRWWOÖFKHDPSWYROOHQEUDFKWLQGHUŰHOELJHQN\UFKHQb -QGHUSIDUUN\UFKHQGRŰHOELJ]ţŰDQW-RKDQJHQDQWbOÖJHWŰDQW/HR O\SKDIIWLJbYQGGDVKDXEWŰDQFWL$QDŰWDŰÖMb                  >+RO]VFKQLWW0RGRQ@



U 



$P-XQLZDUGDV)HVWGHUKHLOLJHQ0DUW\UHU9LWXVXQG0RGHVWXV,Q QHUKDOEYRQ]ZHL7DJHQIXKUHQZLUEHLJXWHP:LQGYRQ.RUIXELV0R GRQ 8QG DOV ZLU DQOHJWHQ NDPHQ XQVHUH 0LWEUGHU ]X XQV GLH LQ GHU DQGHUQ*DOHHUHGHUGHV3HWHU/DQGDXHUIXKUHQXQGGHQHQZLULQ9HQHGLJ HLQHQ7DJYRUDXVIXKUHQ$OVZLU3LOJHUDXVGHQEHLGHQ*DOHHUHQXQVWUD IHQEOHLEHQZLUHLQHQJDQ]HQ7DJLQ0RGRQXPPLWHLQDQGHU]XVSUHFKHQ XQGXQVHUH)UHXGHDQHLQDQGHU]XKDEHQ$XFKD‰HQXQGWUDQNHQZLU]X VDPPHQ,Q0RGRQZLUGNHLQDQGHUHU:HLQDXVJHVFKHQNWDOVGHU0DOPD VLHUDQGHPZLUXQVHUJ|W]WHQ9RUGHU6WDGW0RGRQOLHJHQPHKUDOVGUHL KXQGHUW NOHLQH +lXVFKHQ ,Q LKQHQ ZRKQW HLQH 6FKDU DUPHU /HXWH GLH VFKZDU] XQG XQJHVWDOW DXVVHKHQ ZLH GLH 0RKUHQ XQG VLH JOHLFKHQ DXFK GHQ=LJHXQHUQGLHJHOHJHQWOLFKLQGLHVH*HJHQGNRPPHQ6LHEHKDXSWHQ YRQVLFKVLHVHLHQDXVbJ\SWHQ²ZDVHLQH/JHLVWGHQQbJ\SWHQLVWGRFK ]LHPOLFKZHLWHQWIHUQWYRQGLHVHP2UW:DKUVFKHLQOLFKNRPPHQVLHHKHU YRQ*LSSHHLQHP/DQGVWULFKLQGHU1lKHGLHVHU6WDGWXQGVLFKHUOLFKVSl KHQVLHGLH&KULVWHQDXVXQGYHUUDWHQVLH  0RGRQLVWHLQHJXWEHIHVWLJWH6WDGW6LHOLHJWLP/DQG0RUHD 3HORSRQQHV  XQG VWHKW XQWHU YHQH]LDQLVFKHU +HUUVFKDIW YRQ .RUIX LVW HV GUHLKXQGHUW 0HLOHQHQWIHUQW+LHU LVWGLHJULHFKLVFKH6SUDFKHLQ*HEUDXFK'LH0HQ VFKHQ KLHU KDEHQ GHQ *ODXEHQ GHV 6W 3DXO XQG ZHUGHQ &KULVWHQ YRP *UWHOJHQDQQW'RFKJLEWHVKLHUDXFKHLQ(U]ELVWXPXQGHLQUKPHQV ZHUWHV6WLIWXQVHUHV*ODXEHQVGDVLVWGLH5|PLVFKH.LUFKHXQGHVZHUGHQ LQGHUQlPOLFKHQ.LUFKHLQXQVHUHQ5LWHQGLHJ|WWOLFKHQbPWHUJHIHLHUW ,QGHUKLHVLJHQ3IDUUNLUFKHGLH6W-RKDQQKHL‰WOLHJHQOHLEKDIWLJGHU.|U SHUGHVKO/HRXQGGDV+DXSWGHVKO$QDVWDVLXV                         





Y 

-WHP0RUHDGD]ODQGREJHQDQWMQZHOFKHUPRGRQLŰWO\JHQbLŰW H\QJDUIUXFKWEDUODQGYRU]\WHQJHZHŰHQbPLWGHPPHU]ţULQJYPE  JHEHQbRQDOOH\QYIIH\QHUŰ\WHQJHJHQGHUWKXUFN\b$EHUGHUWKXUFNKDWW G։ODQGŰHUYHUGHUEHWbYQG\PGH‰PHUHQWH\O‰YQGHUZRUIIHQbY‰JHQŇ  PHQGÖHŰWDWWPRGRQY?HWWOÖFKŰFKOR‰GDU]ţJHKULJbZHOFKHQRFKYQ GHUGHUYHQHGLJHUJHZDOWŰ\QGb-QG\ŰHPODQGPRUHDŰ\QGQLWPHHGĆ IXQIIŰWHWWb'LHHUŰWJHQDQW$UFKDG\DGHPWKXUFNHQYQGHUZRUIIHQH\Q YHŰWHVŰOR‰\QZHQGÖJKDEHQYQGŰXQŰWPLWPXUHQYQGWţUQHQZROEH  ZDUHWIXQII]\JPLOHQZ\WYRQ0RGRQOÖJHQb'LHDQGHU&RUR\QDJH  QDQWDXFKGHPWKXUFNHQJHKRUŰDPb[YLLMbP\OHQYRQPRGRQJHOHJHQb 'ÖHGU\WZXUWJHKH\ŰŰHQ1HDSHO‰GHURPDQLDb]ZH\KXQGHUWP\OHQ YRQPRGRQJHZ\WWHUWb 'LHYLHUGPDOPRŰ\DJHQDQWb[[[bP\OHQYRQ&DPO\RQJHOHJHQPLW ŰDPSWGHPŰOR‰GDU]ţJHKULJbYHQHGLŰFKHUKHUŰFKDIIWYQGHUZRUIIHQb =ţOHW]ŰWH\QŰWDWW6D[HP\ORJHKH\ŰŰHQDQGHUWKDOEKXQGHUWP\OHQYŇ PRGRQOÖJHQGbYQGLŰWNH\QDQGHUŰWDWWPHH\QGLŰŰHPODQGPRUHDb                                  



Y 



,WHPLVWGDVEHUHLWVJHQDQQWH0RUHDGDV/DQGLQGHP0RGRQOLHJWLQIU KHUHQ=HLWHQVHKUIUXFKWEDUJHZHVHQ(VLVWULQJVYRP0HHUXPJHEHQQXU DXIHLQHU6HLWHVW|‰WHVDQGLH7UNHL$EHUGHU7UNHKDWGLHVHV/DQGVHKU ]HUVW|UW XQG HV VLFK JU|‰WHQWHLOV XQWHUZRUIHQ ² DXVJHQRPPHQ GLH 6WDGW 0RGRQXQGHWOLFKH%XUJHQGLH]XLKUJHK|UHQXQGLQYHQH]LDQLVFKHU*H ZDOW VLQG 1LFKW PHKU DOV IQI 6WlGWH JLEW HV LP /DQG 0RUHD 'LH HUVWH KHL‰W$UFKDG\D .\SDULVVD" XQGLVWGHP7UNHQXQWHUZRUIHQ6LHEHVLW]W LQLKUHP,QQHUQHLQHIHVWH%XUJXQGLVWPLW0DXHUQXQG7UPHQJXWJH VFKW]W 6LH OLHJW IQI]LJ 0HLOHQ YRQ 0RGRQ HQWIHUQW 'LH DQGHUH 6WDGW KHL‰W &RUR\QD .RURQ  XQG LVW DXFK GHP 7UNHQ JHKRUVDP VLH OLHJW  0HLOHQYRQ0RGRQHQWIHUQW 'LH GULWWH 6WDGW KHL‰W 1HDSHO YRQ 5RPDQLD VLH LVW ]ZHLKXQGHUW 0HLOHQ YRQ0RGRQHQWIHUQW 'LH YLHUWH 6WDGW KHL‰W 0DOPRV\D 0RQHPYDVVLD"  6LH LVW  0HLOHQ YRQ &DPHO\RQ .DODPDL" HQWIHUQW=XLKUJHK|UWHLQ6FKORVVXQGVLHLVWGHU YHQH]LDQLVFKHQ+HUUVFKDIWXQWHUZRUIHQ =XOHW]WJLEWHVQRFKHLQH6WDGWGLH6D[HP\OR +H[DPLOLRQ" KHL‰WVLHOLHJW KXQGHUWIQI]LJ 0HLOHQ YRQ 0RGRQ HQWIHUQW 6RQVW JLEW HV NHLQH DQGHUH 6WDGWLP/DQG0RUHD                                





U 

 9RQGHUMQŰHO&UHWDRGHU&DQGLDJHQDQWb   2QPRGRQLŰWGU\KXQGHUWZHOŰFKHUP\OHQE։JHQ&DQGLDb  H\QMQŰHODOŰRJHQDQWbRGHUDXFK&UHWDbZHOFKHMQŰHOJDQW]LŰW  YQGHUGHUKHUŰFKDIIWGHUYHQHGLJHUb6\HSIOHJHQDXFKDOO]\W  H\QKHUW]RJGDKDEHQH\QHQY‰\QHQGDU]ţHUZHOHWb:HOFKHQ Ű\HDXFKQDFKHUJDQJHQHU]\WHQGHUHQbDOVŰ\HJHZRQOÖFKHQLQŰROOÖFKHQ DPSWHQWKţQ\QDOOHQ\UHQODQGHQb'LŰŰHMQŰHO&DQGÖDOÖJW\QQJUHFLD ]ZXŰFKHQGHUŰRQQHQYIIJDQJYQGQ\GHUJDQJJDUHLQZ\WWHQ]ţJRGHU ZHJY‰JHŰWUHFNHWbGDQQDFKŰDJHGHUSRHWHQO\JHWŰÖH\QPÖWWHOGHUZHOWb GLHLQGU\WH\OY‰JHWH\OHWLŰWbH\QPLWWHOZHŰHQGHUŰHOELJHQGU\WH\OHQb GDVLŰW$Ű\H$IIULFHYQG(XURSHbDOŰRGD]Ű\HKDWWJHJHQPÖWWHUQDFKW GDVPHU(JHXPJHQDQWbYQGYŇQ\GHUJDQJGHUŰRQQHQGLHPHUMRQ\ş YQGPÖUWKHXPJHKH\‰HQDOOHLQ(XURSDJHKUHQb*HJHQYIIJDQJGHU ŰRQQHQKDWWŰ\HGLHPHUH\FDUÖş&DUSDWLFşYQG$OOH[DQGULQXPGLH]ţ $Ű\DJHKUHQb*HJHQPLWWHPWDJKDWWŰÖHGLHPHUHOÖELFşY?DGUÖDWLFşb ]ţ$IIULFDJHKULJb9‰GLŰŰHUYUŰDFKŰDW]WHQGLHSRHWHQH\QJUR‰ELOG H\QHVDOWHQPDQVYIIGHQKFKŰWHQEHUJGLŰHUMQŰHOb\GDJHQDQWb'H‰ŰHO EHQELOGHVKDXEWZDVJXOG\QbGLHEUXŰWYQGDUPŰ\OEHU\QbGHUO\SY? GLHOHQGHQHUÖQbGLHEH\Q\‰LQbGLHI‰HYŇJHEDFNHQHUGHb=ţGLŰŰHPELOG RGHUŰXOHQKHWWHQGLHODQG$Ű\D$IIULFDY?HXURSDH\QēDQEOÖFNb'LŰHV ELOGKHWWNOH\QHŰSHOWO\QRGHUORFKO\QbY‰ZHOFKHQŰ\Q]HKHUQIORŰŰHQbY? GLHŰHOELJHQYHUŰDPHOHW]ţH\QDQGHUIOLH‰HQPLWYQJHŰWPLNH\WGXUFK GLHHUGHKţOHQLQGLHKHOOHbY?PDFKHQGDVJUR‰ZDŰŰHUY?IOX‰DFKDURQ  WLVb'ÖŰHUIDEHOJHGHQFNHWGLFNŰDQWMHURQLPXVLQŰ\QJHŰFKULIIWHQb 'L‰MQŰHOLŰWŰRYRODOOHVZROOXŰWHVGD]Ű\HZDUWJHKH\ŰŰHQYRU]\WWHQ GLHHUGHYQGGDVODQGGHUJRWWHUGLHDXFKLQGL‰HUMQŰHOKDEHQJHZRQHWb GDUYŇGLHSRHWHQJDUYLOŰDJHQbGD]LFKYPENţUW]ZLOOHQKLHYHUPLGHb -WHPGL‰HMQŰHOLŰWYRU]\WHQPLWKXQGHUWHGHOHQŰWHWWHQJH]\HUHWJH  ZHŰHQbGHPQDFKŰÖH&HQWDSROÖV GDVLŰWKXQGHUWŰWHWWLFN ZDUGJHQĆW -WHPGL‰HMQŰHOKDWW]XPHUŰWHQHUIXQGHQDXFKJHEUXFKHWERJHQY? JHŰFKXW]bZDSSHQYQGJHZHUbUţGHUYQGŰFKLIIJH]XJb           >+RO]VFKQLWW&DQGLD@



U 



 9RQGHU,QVHO.UHWDDXFK&DQGLDJHQDQQW  9RQ0RGRQOLHJW&DQGLDGUHLKXQGHUWZHOVFKH0HLOHQHQWIHUQW&DQGLDLVW HLQH,QVHOGLHDXFK.UHWDJHQDQQWZLUGXQGXQWHUGHU+HUUVFKDIWGHU9H QH]LDQHUVWHKW9RQLKQHQUHVLGLHUWLPPHUHLQ+HU]RJGHULQGLHVHV$PW JHZlKOWXQGQDFKHLQHUEHVWLPPWHQ)ULVWYRQHLQHPDQGHUHQ$PWVLQKDEHU DEJHO|VWZLUG²ZLHHVGLH9HQH]LDQHULQDOOHQLKUHQ%HVLW]XQJHQPLWGHU 9HUZDOWXQJ JHZ|KQOLFK KDOWHQ 'LHVH ,QVHO >.UHWD@ OLHJW LQ *ULHFKHQODQG XQGGHKQWVLFKZHLW]ZLVFKHQ6RQQHQDXIJDQJXQG6RQQHQXQWHUJDQJ'HV KDOEVDJWGHU'LFKWHUYRQ&DQGLDHVOLHJHLP=HQWUXPGHU:HOW'LH,QVHO LVW LQ GUHL 7HLOH JHWHLOW GLH XP HLQHQ 0LWWHOSXQNW KHUXP JHODJHUW VLQG $VLHQ $IULND XQG (XURSD 5LFKWXQJ 0LWWHUQDFKW ZLUG .UHWD YRP bJlL VFKHQ0HHUEHJUHQ]W5LFKWXQJ2N]LGHQWYRP-RQLVFKHQ0HHUXQGGHP 0DUHPLUWKHXPXQGEHLGHJHK|UHQ]X(XURSD5LFKWXQJ2ULHQWOLHJWGDV ,NDULVFKH GDV .DUSDWLVFKHXQG GDV$OH[DQGULQLVFKH0HHU GLH ]X$VLHQ JHK|UHQ,P0LWWDJ.UHWDVHUVWUHFNHQVLFKGDV/LE\VFKHXQGGDV$GULDWL VFKH0HHUGLH]X$IULNDJHK|UHQ:HLOGLHVVRLVWVHW]WHQGLH3RHWHQGDV JUR‰H%LOGHLQHVDOWHQ0DQQHVDXIGHQK|FKVWHQ%HUJGHU,QVHOGHU+RO]VFKQLWW5KRGRV@



U 



9RQ 0RGRQ VHJHOWHQ ZLU VRQQWDJDEHQGV EHL VFKZDFKHP :LQG ORV $P QlFKVWHQ0RQWDJGHP-XQLNDPXQVXPYLHU8KUQDFKPLWWDJVHLQ1D FKHQE]ZHLQ6FKLIIYRQ'DPDVNXVHQWJHJHQGDV9HQHGLJJHK|UW6LHHU NXQGLJWHQ VLFK EHL XQV QDFK 1HXLJNHLWHQ DXV 9HQHGLJ YRP+HU]RJYRQ )HUUDUDXQGGHP+HU]RJYRQ/RWKULQJHQ$QGLHVHP0RQWDJIXKUHQZLU ELVDFKW8KUXQGOHJWHQKXQGHUW0HLOHQ]XUFNGLH]ZHL7DJHGDQDFKKDW WHQZLUQXUVFKZDFKHQ:LQG$EHUDPGULWWHQ7DJHLQHP'RQQHUVWDJ² HVZDUGHU-XQL²VHJHOWHQZLUPLWVWDUNHP:LQGELV5KRGRVXQGIXK UHQ JHJHQ 0LWWDJ LQ GHQ +DIHQ HLQ 'LH GDUDXI IROJHQGH 1DFKW PXVVWHQ ZLUGRUWDXFKYHUKDUUHQGHQQHVZDUGHP*UR‰PHLVWHUYRUJHEUDFKWZRU GHQHVVHLDXIXQVHUHU*DOHHUHMHPDQGJHVWRUEHQ'HVKDOEZXUGHQZLUELV )UHLWDJPRUJHQ LP +DIHQ IHVWJHKDOWHQ 'DQQ NDPHQ GLH *HOHLWVOHXWH XQG VDJWHQ XQV ZLU N|QQWHQ DQ /DQG JHKHQ :LU EOLHEHQ ELV ]XP 6RQQWDJ GHP*HGHQNWDJGHU]HKQWDXVHQG0lUW\UHU    'DV+HLOWXPDXI5KRGRV $OV ZLU DXI 5KRGRV ZDUHQ ]HLJWH PDQ XQV GLH 5HOLTXLHQ DXI GHU %XUJ XQG LQ GHU .LUFKH ]X 6W -RKDQQHV 'DUXQWHU ZDU EHVRQGHUV HLQ HKHUQHV .UHX]GDVDXVGHP%HFNHQJHPDFKWZDULQGHP&KULVWXVVHLQHQ-QJHUQ GLH)‰HJHZDVFKHQKDW8QGPDQVDJWZHQQPDQGLHVHV.UHX]LQ:DFKV GUFNHVRZHUGHHVJHJHQDOOH8QELOOGHV0HHUHVVFKW]HQ ,WHPJLEWHVDXI5KRGRV]ZHL'RUQHQGHU.URQH-HVX&KULVWL(LQHGD YRQLVWDXIGHU%XUJJXWYHUZDKUWYRQLKUVDJWPDQVLHEOKH DQMHGHP .DUIUHLWDJ(VZLUGKLHUDXFKHLQHUGHU3IHQQLJHDXIEHZDKUWXPGLH&KUL VWXVGHU+HUUYHUNDXIWZRUGHQLVW ,WHPGDV+DXSWGHUKO-XQJIUDX3KLORPHQH ,WHPHLQJUR‰HV6WFNGHV+HLOLJHQ.UHX]HV,WHPHLQ$UPGHVKO%OD VLXV,WHPHLQ$UPGHVKO6WHSKDQGHVHUVWHQ0DUW\UHUV ,WHP HLQ $UP GHV KO -RKDQQHV GHV 7lXIHUV   ,WHP HLQ $UP GHV KO *HRUJGHV0DUW\UHUV,WHPHLQ$UPGHVKO7KRPDVGHV$SRVWHOV,WHP HLQ$UPGHVKO/HRGHJDU,WHPGDV+DXSWGHUKO(XSKHPLDGHU-XQJ IUDX,WHPHLQ+DXSWGHUHOIWDXVHQG-XQJIUDXHQ,WHPGDV+DXSWGHVKO 3RO\NDUS,WHPGLH+DQGGHUKO&ODUDGHU-XQJIUDX,WHPGLH+DQGGHU KO$QQDGHU0XWWHUGHU-XQJIUDX0DULD,WHP]HLJWPDQDP)HVWWDJGHU KO.DWKDULQDLQGHU.DSHOOHGHV*UR‰PHLVWHUVGHQOLQNHQ$UPXQGGLH +DQGYRP/HLFKQDPGHUKO.DWKDULQD               



Y 

 2G\‰LŰWH\QŰWDWWPLWŰWDUFNHQPXUHQYQGYHŰWHQWţUPHQ  HUEXZHQYQGPLWDQGHUQEROOZHUFNHQZROEHZDUHWbYQGŰ\Q  YRUGLŰŰHUŰWDWWDQGHPPHHUb[LLMbWXUQPLWZ\QWPţOHQbYRQ  GHQMDQXHŰHUQYRU]\WHQJHPDFKHW]ţH\QHP]H\FKHQbDQŰWDW DXFKH\QHUŰWUDIIYPEZHJHQGD]Ű\HZROWHQGÖŰŰHŰWDWWKH\POÖFKHQ\QQ JHQŇPHQKDEHQGD]GRFKYQGHUŰWDQGHQZDUGbYQGHWWOÖFKYRQ\QHQ\Q GHUŰHOELJHQWKDWHUJULIIHQYPENDPHQb'LHDQGHUQ]ţQXW]GÖŰŰHUŰWDWW JH]ZXQJHQbGL‰REJHQDQWZ\QGWPţOHQ]ţH\QHUHZLJHQJHGHFKWQX‰ ŰROOÖFKHVYQEÖOOÖFKHQKDQGHOV]ţEXZHQb -WHPPDQOHŰHWDXFKGD]7UR\DY‰5RGL‰DQIHQJOÖFKHQ]HUŰWRUHW ÖŰWZRUGHQY‰GHUYUŰDFKbGDQPDQŰDJHWGDŰHOEHWZHŰHQH\QJXOGLQIHOO HWFbGDYRQGÖHWUR\DQLŰFKHKLŰWRUÖDZ\WWHUŰDJHWbGD]LFKYPENXUW]HZH  JHQ\W]YHUŰZLJb -WHPG։HQŰHOURG\‰LŰWŰHUEHUJHWULFKYRQJHZ\OGbYQGOXŰWLJYŇ WDOKHQbYQGDOOHGLHGÖHYEHUPHHUŰROOHQYŇZDQQHQŰ\HNŇPHQPŰŰHQ K\H]ţOHQGHQb -WHP5RGL‰LŰWYQGHUGHQ\QŰHOHQ&LFODGHVJHQDQWGLHHUŰWJHJHQ RULHQWb:HOFKHVGRFKED‰]ţYHUŰWDQÖŰW]ţPHUFNHQbGD]YLHUYQGIXQQI W]LJ\QŰHOOÖJHQ]ZţŰFKHQGHPPHU(JHXPYQGPDOHXPYPEJHEHQGH PÖWGHP\QGLŰFKHQPHHUbŰÖFKŰWUHFNHQGHYRQPÖWWHUQDFKWJHJHQPLWWHP WDJbKDEHQGHIXQIIW]LJWXŰHQWŰFKULWWYRQPÖWWHUQDFKWJHJHQPLWWHPWDJ YQGIXQIIW]ÖJWXŰHQWYRQRULHQWJHJHQRFFÖGHQWbDOOYPEOÖJHQGGLHPÖW WHO\QŰHO'HORJHQDQWbYQGHUZHOFKHQZLHREJHŰDJWÖŰW5RG\‰GÖHHUŰW LŰWJHJHQRULHQWb7KHQHGRVGLHHUŰWJHJHQPÖWWHUQDFKWb&DUSDWKRVGÖH HUŰWJHJHQPLWWHPWDJb&\WKHUHDGLHHUŰWJHJHQRFFLGHQWbDOOHV\QŰHODOŰR JHQDQWY‰GHQYLHUYQGIXQIIW]ÖJHQ\QŰHOHQFLFODGHVJHKH\ŰŰHQb -WHP\QGLŰHU\QŰHOÖŰWYRU]\WHQJHZHŰHQH\QJUR‰EÖOGRGHUDEJRWW GHUŰRQQHQbY‰HUW]JRŰŰHQbŰXELW]LJŰFKODQJbIXQII]HKHQŰFKKRKHUGDQ GHUJUR‰FROOR‰GHU]ţ5RPŰWXQGLQ&RO\ŰHRb9QGZDUGG։EÖOGJH  UHFKQHWIXUH\QVYQGHUGHQŰţEHQZXQGHUHQGHUZHOWbYQGŰWXQÖPPHU EHKţWWHQGHGHQURG\‰HUSRUWbYQGKHWWGÖHEH\QZ\WKYRQH\QDQGHUY‰ JHŰWUHFNHWbDOŰRGD]NH\QŰFKLIIJUR‰RGHUNOH\QPRFKW\QGHQSRUWNŇPHQ DQGHUVGDQ]ZţŰFKHQGHQEH\QHQGLŰŰHV&ROR‰RGHUELOGb6\QI\QJHU ZDUHQJURŰŰHUGDQJUR‰ŰţOOHQŰWH\QLQRGHUKROW]LQb9RQGRYRU]\WWHQ H\Q6ROGDQYRQHJLSWHQGLŰŰH\QŰHOKHWWYEHUIDOOHQYQGJHZşQHQbOXG HUYLOŰFKLIIYROYRQPDWHU\GDVLŰWHUW]GLŰŰHUŰXOOHQGLHHU]HUEUDFKbYQG IXUHWH‰PLW\PÖQŰ\ULDPbGDOXGHUHVY‰GHQŰFKLIIHQYRQGÖŰHUPDWHU\ YIIQQKXQGHUW&DPHOWK\HUbYQGŰHQGHWHVJHQ$OOH[DQGUÖD9RQ GLŰŰHP&ROR‰ZDUGGDVŰHOEÖJODQGJHQDQW&RORŰHQŰÖşb]ţGHQHQŰDQW 3DXOXVŰFKULEHWH\QHSLŰWHOb        



Y 



5KRGRVLVWHLQH6WDGWGLHGXUFKVWDUNH0DXHUQJHZDOWLJH7UPHXQGDQ GHUH9HUWHLGLJXQJVDQODJHQJHVFKW]WLVW'HU6WDGWYRUJHODJHUWVWHKHQGUHL ]HKQ7UPHPLW:LQGPKOHQDP0HHUGLHVHLQHU]HLWYRQGHQ*HQXHVHUQ DOV =HLFKHQ HUEDXW ZXUGHQ DQVWHOOH HLQHU 6WUDIH 6LH KDWWHQ QlPOLFK GHQ 3ODQJHIDVVWGLHVH6WDGWKHLPOLFKHLQ]XQHKPHQZDVYHUERWHQZDUXQGHW OLFKHGLHEHLGLHVHP9RUKDEHQHUJULIIHQZXUGHQNDPHQXP'LHDQGHUHQ ZXUGHQ ]XP 1XW]HQ GLHVHU 6WDGW JH]ZXQJHQ GLH EHVDJWHQ :LQGPKOHQ ]XHZLJHP*HGlFKWQLVVROFKXQELOOLJHQ+DQGHOQV]XHUEDXHQ ,WHPOLHVWPDQDXFKGDVV7URMDXUVSUQJOLFKYRQ5KRGRV]HUVW|UWZRU GHQVHLGHQQHVKHL‰WHVKDEHGRUWHLQJROGHQHV9OLHVJHJHEHQHWF'DGD YRQGLHWURMDQLVFKH*HVFKLFKWHVSULFKWVFKZHLJHLFKGDUEHUDXV*UQGHQ GHU.U]H ,WHPLVWGLHVH,QVHO5KRGRVVHKUEHUJLJXQGYROOHU:lOGHUXQGVLHKDW VFK|QH7lOHU $OOHGLHEHUGDV0HHUNRPPHQPVVHQXQDEKlQJLJ GD YRQZRKHUVLHNRPPHQKLHUDQOHJHQ ,WHPLVW5KRGRVXQWHUGHQ.\NODGHQGLHHUVWH,QVHOGLHJHQ2ULHQWOLHJW 0DQ NDQQ HV VLFK MD OHLFKW PHUNHQ GDVV YLHUXQGIQI]LJ ,QVHOQ ]ZLVFKHQ GHP bJlLVFKHQ 0HHU XQG GHP 0DUH 0DOHD OLHJHQ XPJHEHQ YRP ,QGL VFKHQ0HHU'DVHUVWUHFNWVLFKYRQ0LWWHUQDFKWELV0LWWDJLQHLQHU/lQJH YRQIQI]LJWDXVHQG6FKULWWXQGIQI]LJWDXVHQG6FKULWWPLVVWHVDXFKYRP 2ULHQWELV]XP2N]LGHQW'LH,QVHO'HORLVWGLHPLWWOHUH,QVHOGHU.\NOD GHQ'LH,QVHO5KRGRVLVWGLHHUVWH5LFKWXQJ2ULHQW7KHQHGRVGLHHUVWH JHJHQ 0LWWHUQDFKW &DUSDWKRV GLH HUVWH 5LFKWXQJ 0LWWDJ &\WKHUHD GLH HUVWHJHJHQ2N]LGHQW$OOHGLHVH,QVHOQJHK|UHQ]XGHQYLHUXQGIQI]LJ,Q VHOQGHU.\NODGHQ ,WHPVWDQGYRUODQJHU=HLWDXIGLHVHU,QVHOHLQ*|W]HQELOGGHU6RQQH(V ZDUDXV(U]JHJRVVHQXQGPLWVLHE]LJ)X‰/lQJHIQI]HKQ)X‰K|KHUDOV GHUJUR‰H.RORVVGHULP.RORVVHXPLQ5RPVWDQG'LHVH6WDWXH]lKOWH]X GHQVLHEHQ:HOWZXQGHUQ6LHVWDQGLP0HHUXQGEHKWHWHGHQ+DIHQYRQ 5KRGRV'LH%HLQHGHU6WDWXHVWDQGHQZHLWJHVSUHL]WVRGDVVNHLQ6FKLII² XQDEKlQJLJ GDYRQ ZLH JUR‰ RGHU NOHLQ HV ZDU ² LQ GHQ +DIHQ JHODQJHQ NRQQWHRKQH]ZLVFKHQGHQ%HLQHQGLHVHV.RORVVHVRGHU6WDQGELOGHVKLQ GXUFK]XIDKUHQ6HLQH)LQJHUZDUHQJU|‰HUDOVJUR‰H6WHLQRGHU+RO]VlX OHQ 8QG DOV HLQPDO HLQ lJ\SWLVFKHU 6XOWDQ GLHVH ,QVHO EHUIDOOHQ XQG HU REHUWKDWWH]HUEUDFKHUGLH6lXOHQXQGOXGGHUHQ0DWHULDO(U]DXIYLHOH 6FKLIIH'LHEUDFKWHQHVQDFK6\ULHQZRHUGDV0DWHULDOYRQGHQ6FKLIIHQ DXIQHXQKXQGHUW.DPHOHXPOXG'LHVDQGWHHUQDFK$OH[DQGULD1DFKGLH VHP.RORVVZLUGGDV/DQGGDVGHU.RORVVHUJHQDQQWLKQHQVFKULHEGHUKO 3DXOXVHLQHQ%ULHI            



U 

:LHDEHUGL‰HMQŰHOŰ\NŇPHQ\QJHZDOWYQGKDQWGHUMRKĆQLWHQ GDV LŰWGHUEUţGHUGH‰ŰSLWDOVHWWZDQŰDQWMRKDQV]ţKHUXŰDOHP ZHUHYLOO YRQ]ţŰDJHQbZDQŰ\HZROYLHUJDQW]HUMDUGLŰŰHŰWDWWYQGMQŰHOEHOHJHU WHQYQGEHŰWULWWHQbYQG]ţOHW]ŰWQDFKYLODUEH\WPLWJHZDOWHUIROJWHQb PLWKLOIIDXFKHWWOÖFKHUEXUJHUHQGLH\QHQJXQGHWWHQYQG]ţKXOGHWWHQb $OŰRKDEHQWŰÖH\W]GRŰHOEHWGLHREHUŰWHKDXEWŰWDWWRGHUŰÖW]\UVRUGHQV GRDXFK\UREHUŰWHUPHLŰWHUZRQHWb -WHPYRQGLŰŰHUMQŰHOIHUWPDQDXFKRUGHQJOÖFKHQJHQ&DQGLDRGHU &UHWD]ţGHUMQŰHObYRQGHUREJHŰFKULHEHQLŰWbYQGYHUOD‰HWGÖHYLHUYQG IXQII]LJ\QŰHOHQ&LFODGHVJHKH\ŰŰHQb$OŰRGD]GLHŰFK\IIQÖWNŇPHQLQ GHQNUH\‰RGHUGD]PÖWWHOGHUŰHOELJHQMQŰHOHQbŰ\HZHUGHQGDQPLWJH  ZDOWGXUFKŰWDUFNHQZLQGWGRK\Q\QJHWULHEHQb -WHPGL‰HMQŰHOYQGŰWDWW5RG։LŰWDOŰRQDKHGHQGXUFNHQGD]NXPH H\QP\OH]ZXŰFKHQ\QLŰWbYQGQLWPHHGDQH\QNOH\QHUDUPGHVPHUHV GL‰ŰFKH\GHWYRQGHQHQGDUYPEDXFKGLHGXUFNHQGLŰŰHŰWDWWGLFNKDEē JHOH\GLJHWbYQGEHŰXQGHULQNXUW]YHUJDQJHQHQ]\WbDOV\QGHPMDUGD PDQ]DOWYŇFULŰWJHEXUWb0bFFFFbO[[L[bGDYŇDQHQGGLŰŰHVEţFKO\QV Z\WWHUŰWHWWJHŰFKULHEHQb(‰KDWWDXFKGLŰŰHŰWDWWYQODQJQDFKGHUŰHOEL  JHQ]\WPHUFNOÖFKHQŰFKDGHQHQSIDQJHQGXUFKJURŰŰHQHUGWE\GGHPPHQ ŰRŰ\WKHUGDLŰWJHŰFKHKHQb -WHPGLŰŰHKHUŰFKDIIWYQGMQŰHOKDWWJDUYLOYQGIUXFKWEDUODQGbMQ  ŰHObYQGIOR‰YPEŰÖFKO\JHQ\U]ţJHKULJbEHŰXQGHUH\QJDUZHUOÖFKY? YHŰWŰOR‰LQGHPPHHUOLJHQG]ţŰDQW3HWHUJHQĆWJHJHQGHUWXUFN\bGDU Y‰GHPWXUFNHQYLOŰFKDGHQJHŰFKLFKWbY?YLOGDŰHOEHWGHUFULŰWHQY‰GHU WXUFN\HQWWU\QQHQY?NRPPHQGXUFKJHKLOIIGHUMRKĆQLWHQZ\GHUYPE LQFULŰWHQODQGb9‰GHPŰHOELJHQŰOR‰ZXUGWH\QŰXQGHUOÖFKEUXFKPLWW KXQGHQJHKDQGHOWGHUNXPJODXEOLFKYQGGRFKZDULŰWbZHOFKHKXQGH Y‰JHŰDQGWYIIGLHŰWUDŰŰHQLQGLHWXUFN\GXUFKJHOXWWH\QHUJORFNHQ]ţ HŰŰHQ]\WZLGHUYPEKH\PEHUţIIWZHUGHQbYQGGDQZLGHUY‰ODXIIHQY? GLHWXUFNHQZRŰÖHŰ\HYLQGHQ]HUU\ŰŰHQ$OVGDVZROJHKRUWZXUWYŇGHQ 5RG\‰HUQKHUUHQŰRŰLHKHUY‰NRPPHQ]ţODQGb                  



U 



(VZlUHYLHOGDYRQ]XEHULFKWHQZLHGLHVH,QVHOLQGLH*HZDOWXQGLQGLH +DQGGHU-RKDQQLWHU GDVLVWGHU%UGHUGHV6SLWDOVYRQ6W-RKDQQHV]X -HUXVDOHP  NDP 6LH KDWWHQ GLHVH 6WDGW XQG ,QVHO YLHU JHVFKODJHQH -DKUH ODQJ EHODJHUW XQG XP VLH JHNlPSIW XQG ]XOHW]W HUUDQJHQ VLH VLH PLW YLHO 0KH XQG *HZDOW +LOIH HUKLHOWHQ VLH DXFK YRQ HLQLJHQ %UJHUQ GLH DXI LKUHU 6HLWH VWDQGHQ XQG GLH LKQHQ KXOGLJWHQ 'HVKDOE KDEHQ VLH KLHU LKUH +DXSWVWDGWDXIJHVFKODJHQXQGGHQ 6LW]LKUHV2UGHQVDXFKLKU*UR‰PHL VWHUZRKQWKLHU ,WHPNDQQPDQYRQGLHVHU,QVHOGLUHNW&DQGLDE]Z.UHWDDQVWHXHUQGLH ,QVHOYRQGHUREHQGLH5HGHZDU8QGPLW5KRGRVYHUOlVVWPDQGLHYLHU XQGIQI]LJ ,QVHOQ GHU .\NODGHQ 'HQQ GLH 6FKLIIH JHODQJHQ DXI LKUHU )DKUWQLFKWLQGHQ.UHLVRGHULQGLH0LWWHGHU,QVHOJUXSSHHVVHLGHQQVLH ZHUGHQYRQHLQHPVWDUNHQ:LQGGRUWKLQJHWULHEHQ ,WHPLVWGLHVH,QVHOXQG6WDGW5KRGRVJDQ]QDKHDQGHU7UNHL²NDXP HLQH0HLOHEHWUlJWGLH'LVWDQ]1LFKWPHKUDOVHLQNOHLQHU$UPGHV0HHUHV WUHQQW 5KRGRV YRQ GHQ 7UNHQ 'HVKDOE KDEHQ GLH 7UNHQ GLHVHU 6WDGW VHKU]XJHVHW]WEHVRQGHUVLQGHUMQJHUHQ9HUJDQJHQKHLWQlPOLFKLP-DKU  QDFK &KULVWL *HEXUW 'RFK GDYRQ VWHKW DP (QGH GLHVHV %FKOHLQV PHKU.XU]H=HLWQDFKGHP7UNHQOHLGKDWGLH6WDGWHPSILQGOLFKHQ6FKD GHQGXUFKHLQ(UGEHEHQHUOLWWHQGDVKLHUJHZWHWKDW ,WHP YHUIJHQ GLH >-RKDQQLWHU@+HUUVFKDIW XQG GLH ,QVHO EHU YLHO XQG IUXFKWEDUHV/DQG8QZHLWYRQ5KRGRVOLHJWHLQH,QVHOPLWHLQHP6FKORVV GLH DXFK GHQ -RKDQQLWHUQ JHK|UW :LFKWLJ LVW GLH %XUJ 6W 3HWHU GLH LP 0HHUOLHJW6LHVWHOOWHLQHJXWH9HUWHLGLJXQJJHJHQGLH7UNHLGDUXQGGLH VHUHUZlFKVWYLHO6FKDGHQYRQLKQHQ9LHOH&KULVWHQGLHDXVGHU7UNHLJH IORKHQVLQGJHODQJHQGXUFKGLH+LOIHGHU-RKDQQLWHUZLHGHULQFKULVWOLFKHV /DQG ,Q GHU %XUJ WUlJW VLFK DXFK 6RQGHUEDUHV PLW +XQGHQ ]X ² 9RU NRPPQLVVH GLH NDXP ]X JODXEHQ DEHU GHQQRFK ZDKU VLQG 'LH +XQGH ZHUGHQDXI6WUD‰HQ5LFKWXQJ7UNHLJHWULHEHQXQGGXUFKGDV/lXWHQHLQHU *ORFNHZLHGHUQDFKKDXVHJHUXIHQ:HQQPDQGLH+XQGHGDQQZLHGHUODX IHQ OlVVW GDQQ ]HUIOHLVFKHQ VLH MHGHQ 7UNHQ GHQ VLH ILQGHQ 'DV KDEHQ ZLUYRQGHQ5KRGHQVHU+HUUHQJHK|UWGLHDQ/DQGNDPHQ                   

  

Y

Pb[[LMbWDJGHVPRQHGVMXQLMbIţUHQZLUY‰5RG\‰YQŰHUQ  ZHJbPLWH\QHPŰWDUFNHQZ\QWGXUFKGHQJROIIŰDQFWHKHOHQH JHQDQWbLŰWJDUH\QŰRUJOÖFKIDUYIIGHPPHUbGRZDVH\QŰRO  OÖFKHYQJHŰWPLNH\WGHVPHUHVYQGGHUIOX‰bGD]YQŰHUYLO YRUJURŰŰHUŰRUJYQGDQJŰWNUDQJZţUGHQDOŰRJUXŰŰDPJOLFKWKHWWGDV PHUGHQHUŰWHQWDJYQŰHUYŰ]IDUWYRQ5RGL‰b$EHUGHQDQGHUQWDJKHW  WHQZÖUEHŰŰHUZ\QWYQGIţUHQPLWGU\HQYIIJHWKRQHQŰHJHOHQbDOŰRGD] ZLUDQŰDQWMRKDQVGHVWHXIIHUVWDJYQGIHŰWbGHPNRQJULFKYQG\QŰHO &DSULYQVQDKHWHQb9IIGLŰŰHPZHJIţUHQZLUIXUHWWOÖFKŰWHWWbGHUUHQ H\Q%DIIDKH\ŰŰHWYRU]\WHQH\QJURŰŰHYQGPHFKWLJHŰWDWWJHZHŰHQbDEHU \W]JDQW]]HUŰWRUWbGDEOÖHEHQZLUDQŰDQWRKDQVWDJbZÖHZROJDUERŰŰHU OXIIWGDŰHOEÖJLŰWDOVDXFKLQGHUJDQW]HQ\QŰHO&\SUÖb -QGHU\W]JHQDQWHQŰWDWW%DIIDŰ\FKWPDQQRFKIX‰ŰWDSIIHQYLODO  WHVJHEZHVbYQGEHŰXQGHUJDUKHUOÖFKN\UFKHQGLHHWWZDQGDŰ\QJHZH  ŰHQbDXFKJDUŰWDUFNHUWKţUQYIIH\QHPEHUJLQPLWWHQGHUŰWDWWHWWZDQ JHŰWDQGHQb'RŰHOEHWYQGHUH\QHUN\UFKHQGLHHWWZDQGHUPQHUEUţ  GHUZDVbLŰWH\QJURŰŰHUNHUFNHUPLWŰţEHQYQGHUŰFKHGXQJRGHUKROHQGD ŰDQW3DXOXVHWWZDQODQJLQJHIHQJQ‰LŰWJHOHJHQGDHUGDŰHOEHWPLW ŰDPSWŰDQFWR%DUQDEDSUHGÖJHWFULŰWHQOÖFKHQJODEHQb                              



Y 



$P  -XQL QDKPHQ ZLU YRQ 5KRGRV DXV XQVHUHQ :HJ XQG IXKUHQ PLW VWDUNHP :LQG GXUFK GHQ 6W +HOHQD*ROI 'LHV LVW HLQH IXUFKWHUUHJHQGH )DKUWEHUV0HHU'DV0HHUXQGGHU*ROIZDUHQVRXQJHVWPGDVVYLHOH YRQXQVYRU$QJVWXQG6RUJHNUDQNZXUGHQVRJUDXVDPVWUPLVFKJHElU GHWH VLFK GDV 0HHU DP HUVWHQ 7DJ XQVHUHU $XVIDKUW YRQ 5KRGRV $P QlFKVWHQ7DJKDWWHQZLUDEHUHLQHQEHVVHUHQ:LQGXQGVRIXKUHQZLUPLW GUHL JHVHW]WHQ 6HJHOQ VR GDVV ZLU XQV DP )HVWWDJ GHV KO -RKDQQHV GHV 7lXIHUV GHP .|QLJUHLFK XQG GHU ,QVHO =\SHUQ QlKHUWHQ   $XI GLHVHU 5RXWH IXKUHQ ZLU DQ HLQLJHQ 6WlGWHQ YRUEHL YRQ GHQHQ HLQH %DIID 3D SKRV KHL‰WXQGIUKHUHLQHJUR‰HXQGPlFKWLJH6WDGWJHZHVHQMHW]WDEHU JDQ]]HUVW|UWLVW'RUWEOLHEHQZLUDP6W-RKDQQLV7DJREZRKOGRUWHLQH VFKOHFKWHUH/XIWLVWDOVDXIGHUJDQ]HQ,QVHO=\SHUQ ,QGHUEHVDJWHQ6WDGW%DIIDVLHKWPDQQRFK5XLQHQYLHOHUDOWHU*HElXGH EHVRQGHUVYRQKHUUOLFKHQ.LUFKHQGLHKLHUJHVWDQGHQKDEHQDXFKGLHHL QHVJHZDOWLJHQ7XUPHVGHUDXIHLQHP%HUJPLWWHQLQGHU6WDGWJHVWDQGHQ KDW,QHLQHUGHU.LUFKHQGLHGHQ0LQGHUHQ%UGHUQJHK|UWJLEWHVHL QHQJUR‰HQ.HUNHUPLWVLHEHQ(EHQHQRGHU+|KOHQ,QLKQHQKDWGHUKO 3DXOXV ODQJH DOV *HIDQJHQHU JHOHJHQ DOV HU GRUW ]XVDPPHQ PLW GHP KO %DUQDEDVGHQFKULVWOLFKHQ*ODXEHQSUHGLJWH                                



U 

-WHPGDŰHOEHWYQGHUH\QHUDQGHUHQN\UFKHQLŰWH\QEUţQŰX‰Y?JţW ZDŰŰHUTXHOOHQbZHOFKHVZDŰŰHUZÖGHUGHQIURUHUJDUKHLOŰDPLŰWbGDUYPE PDQH‰ÖQZ\WWHODQGIţUHWQRFKWHJOÖFKb -WHPGDŰHOEHWZHUGHQDXFKEHZ\‰HQŰţEHQNOH\QNDPHUHQRGHUFHO  OHQYQGHUGHUHUGHQbLQZHOFKHQŰţEHQŰFKOHIIHUbQLWGLHGÖH]ţ5RPLQGē EHUJ&HOHRbŰXQGHUDQGHUYLO]\WŰ\QJHOHJHQb 9RQGHUYRUJHQDXWHQŰWDWW%DIIDNDPHQZLULQH\QDQGHUVŰWDWJHQĆW 3LŰFRSLDbZHOFKHŰWDWWHLQNRQLJYŇHQJHOODQWYPEZHJHQŰ\QHUŰZHŰWHU GLHJHQMKHUXŰDOHPIDUHQGHYRQH\QHPNRQLJ&\SUÖJHŰZHFKHWZDVZRU GHQKDWWJDQW]]HUŰWRUHWbYQGGDVODQGWGDUDQŰWRŰŰHQGHYHUZŰWHWb 9RQGLŰŰHUŰWDWWYIIIXQIIW]ÖJP\OHQLŰWH\QDQGHUŰWDWWKDEHQGHH\Q SRUWb]ţZHOFKHPPDQJHPH\QOÖFKHQ]ţOHQGHWbYQGKH\ŰŰHW/LPÖŰ\Qb ZHOFKHŰWDWWH\Q6ROGDQYRU]\WHQKDWWJDQW]YPEJHNHUHWb 'DŰHOEHWZRPDQJUHEW\QGDVHUWULFKE\GHPPHUGDYLQGHWPDQŰX‰ ZDŰŰHUb'DŰHOEHWDPQHFKŰWHQWDJQDFK6DQWMRKDQVGHVWHXIIHUVZDV GHUb[[YMbWDJGH‰PRQHGVMXQLMbNDPHQZLULQGHQSRUW&\SUÖb  \SUXVLŰWH\QNRQLJOÖFKHMQŰHObQDFKGHUOHQJHKXQGHUWYQG   IXQIIYQGŰXEÖW]LJŰFKULWWKDEHQGHb$EHUDQGHUEUH\WWHKXQ   GHUWYQGIXQIIYQGW]ZHQW]LJWXŰHQWb-QGLŰŰHU\QŰHOQDFK  \‰Z\ŰŰXQJHGHUDOWHQKÖŰWRULHQKDWMDSKHWQRHŰXQ]XPHUŰWē JHZRQHWYQGŰÖHHUEXZHWbZLHZROGÖHSRHWHQŰDJHQPDQKDEGDU\QJH  ZRQHWYRUGHPJHPH\QHQŰ\QGWIOţ‰b'LŰŰH\QŰHOKH\‰HWPLWGHPDQ  GHUQQDPHQ&HWK\PÖQGHUJHŰFKULIIWb6LHZXUWDXFKJHQDQW3DSKRQ YRQH\QHUŰWDWWGDU\QDOŰRJHKH\ŰŰHQbGRPDQQRFKKXWWJDUZXQGHU  EDUOÖFKYHUYDOOHQJHEXZHYLQGHWbZHOFKHŰWDWW3DSKXV3LJPDOHRQL‰ ŰRQYŇ(EXUQHDJHERUHQKDWWHUEXZHQbY?9HQHULJHZ\KHWGHUHUDXFK GDŰHOEHWJDUH\QNRŰWOÖFKHQWHPSHOYIIULFKWHWb]ţZHOFKHPWHPSHOGRKH OHQD\‰JUHFLDTXDPYEHUPHUZDUWŰ\HJHUDXEWYQGYHU]XFNHWYŇ3D  UL‰bGDU\‰GHUJUR‰NUÖHJ]HKHQMDUZHUHQGH]ZXŰFKHQGHQNULHJŰFKHQY? 7UR\DQHQH\QYUŰSUXQJJHZDQb$QGHPŰHOELJHQHQGHZXUGWQRFKJH ]HXJWYHQHULVJDUWWb\QZHOFKHP3DOODVbMXQRbYQGYHQXVH\QJH]HQFN KHWWHQGHUŰFKQKHÖWKDOEDOVGLHJHPH\QKÖŰWRULDGDYŇOXWWHQGH\QKDOW %\GHUŰHOEÖJHQŰWDWWOÖJHWH\QKRKHUEHUJZXUWJHQDQWIUDXZ9HQXV EHUJbZDQGDKDWWŰ\HJHZRQHWbYQGGDVODQGW7XŰFLDPDOŰRJHQDQW QLHJHŰHKHQbGDHWWOLFKOXWWŰ\HYHUPH\QHQ\QH\PEHUJYHUIORŰŰHQŰ\QY? JUR‰OXŰWYQGIUHGGDU\QKDEHQGDUDQGRFKQLFKWVLŰWb -WHPGÖŰŰHMQŰHOLŰWYRU]\WHQJDUQDPKDIIWLJJHZHŰHQYQGULFKYRQ HUW]JHŰFKP\GHbGH‰JHEUXFKDXFK]XPHUŰWHQŰDJHWPDQGDHUIXQGēŰ\Qb -WHPŰ\HLŰWIUXFKWEDUYRQZ\QbZHOFKHGDŰHOEHWJDUJţWWYQGŰHUH ŰWDUFNŰ\Qb -WHPŰ\HKDWWYLODGHOÖFKHUŰWHWWbYQGHUZHOFKHP1\FRŰÖDGLHKDXEW ŰWDWWLŰWb       



U 



,WHP HQWVSULQJW XQWHU HLQHU DQGHUHQ .LUFKH HLQ %UXQQHQ PLW HLQHU V ‰HQJXWHQ:DVVHUTXHOOH'LHVHV:DVVHUKHLOW(UIULHUXQJHQXQGZLUGGHV KDOEWlJOLFKZHLWLQV/DQGDXVJHIKUW ,WHPZHUGHQXQWHUGHU(UGHDXFKVLHEHQNOHLQH.DPPHUQRGHU=HOOHQ JH]HLJWLQGHQHQ6LHEHQVFKOlIHUKDXVHQ'DVVLQGQLFKWGLHGLHLQ5RPLP %HUJ&HOHROHEHQVRQGHUQODQJHDQGHUVZRJHKDXVWKDEHQ 9RQGHUJHQDQQWHQ6WDGW%DIIDNDPHQZLULQGLH6WDGW3LVFRSLD (SLVNR Sq (LQ.|QLJYRQ(QJODQGKDWVLHJDQ]]HUVW|UWXQGGDVDQJUHQ]HQGH /DQG JDQ] YHUZVWHW ZHLO VHLQH 6FKZHVWHU GLH QDFK -HUXVDOHP SLOJHUQ ZROOWHYRQHLQHP]\SULRWLVFKHQ.|QLJJHVFKZlQJHUWZRUGHQZDU )QI]LJ0HLOHQYRQGLHVHU6WDGWHQWIHUQWOLHJWHLQH6WDGWPLWHLQHP+D IHQLQGHPPDQLP$OOJHPHLQHQDQOHJW6LHKHL‰W/LPLV\Q /LPDVVRO/H PHVRV  XQG LVW LQIUKHUHQ=HLWHQYRQ HLQHP 6XOWDQVR ]HUVW|UW ZRUGHQ GDVVNHLQ6WHLQDXIGHPDQGHUHQEOLHE :HQQPDQGRUWDP0HHUGDV(UGUHLFKXPJUlEWILQGHWPDQV‰HV:DVVHU $P7DJQDFKGHP)HVWWDJGHVKO-RKDQQHVGHV7lXIHUVDP7DJGHV 0RQDWV-XQLOLHIHQZLULQGHQ+DIHQYRQ=\SHUQHLQ =\SHUQLVWHLQHN|QLJOLFKH,QVHO6LHPLVVWGHU/lQJHQDFK6FKULWWLQ GHU %UHLWH KXQGHUWIQIXQG]ZDQ]LJWDXVHQG   1DFKGHP %HULFKW DOWHU +L VWRULHQKDW-DSKHW1RDKV6RKQDOV(UVWHUKLHUJHZRKQWXQGKLHUGLHHU VWHQ*HElXGHHUULFKWHWREZRKOGLH'LFKWHUVDJHQHVKDEHKLUVFKRQYRU GHU 6LQWIOXW %HZRKQHU JHJHEHQ 'LHVH ,QVHO ZLUG LQ GHU 6FKULIW DXFK &H WK\P .LWWLP&KLWWLP JHQDQQWRGHUDXFK3DSKRQQDFKHLQHU6WDGWGLH DXILKUOLHJW,QLKUILQGHWPDQDXFKKHXWHQRFKVRQGHUEDUHYHUIDOOHQH*H ElXGH 'LHVH 6WDGW 3DSKXV KDW 3\JPDOLRQ GHU 6RKQ YRQ (EXUQHD HU EDXHQODVVHQXQGVLHGHU9HQXVJHZHLKWGHUHUKLHUDXFKHLQHQKHUUOLFKHQ 7HPSHOKDWHUULFKWHQODVVHQ,QGLHVHQ7HPSHONDP+HOHQDDXV*ULHFKHQ ODQGQDFKGHPVLHEHUGDV0HHUJHIDKUHQZDUYRQ3DULVJHUDXEWXQGEH ]DXEHUW ZXUGH ZRUDXV GHU JUR‰H ]HKQ -DKUH ZlKUHQGH .ULHJ ]ZLVFKHQ GHQ *ULHFKHQ XQG 7URMDQHUQ HQWVWDQGHQ LVW $Q GLHVHP 2UW ZLUG DXFK QRFKGHU*DUWHQGHU9HQXVJH]HLJWLQGHP3DOODV-XQRXQG9HQXVVLFK VWULWWHQZHJHQGHU6FK|QKHLWZLHGLHDOOJHPHLQEHNDQQWH6DJHHU]lKOW1D KH GHU 6WDGW 3DSKXV OLHJW HLQ KRKHU %HUJ GHU )UDX9HQXV%HUJ JHQDQQW ZLUGGHQQKLHUKDWVLHJHZRKQWGDV/DQG7XVFLDKLQJHJHQKDWVLHQLHJH VHKHQ0DQFKH/HXWHPHLQHQVLHVHLLQHLQHP%HUJHLQJHVFKORVVHQXQGHU OHEHGRUWJUR‰H/XVWXQG)UHXGH²ZRUDQGRFKQLFKWV:DKUHVVHLQNDQQ ,WHPKDWWHGLHVH,QVHOIUKHUHLQHQJUR‰HQ1DPHQXQGVLHZDUUHLFKDQ (U]JHVWHLQGHVVHQ9HUDUEHLWXQJKLHUVRVDJWPDQHUIXQGHQZRUGHQVHL ,WHPLVWVLHIUXFKWEDUDQ:HLQGHUKLHUUHFKWJXWXQGVHKUVWDUNVHLQVROO ,WHP JLEW HV DXI LKU YLHOH YRUQHKPH 6WlGWH XQWHU GHQHQ 1LNRVLD GLH +DXSWVWDGWLVW          



Y 

-WHPŰ\HLŰWEHŰORŰŰHQYIIDOOHŰ\WHQPLWGHPPHUbDEHU\QZHQGLJPLW ZHÖGHQbYHOGHQbZ\HŰŰHQbHFNHUQbZ\QJDUWHQbY?DOOHUOH\JHŰFKOHFKWIUXFK WHQZROJH]\HUHWbPLWEUXQQHQYQGDQGHUHQOXŰWOÖFKHQZDŰŰHUHQGXUFK IOLHŰŰHQbYQGPLWYLOULFKWXPY?ZROOXŰWEHJDEHWbGDUYPEQDFKJHPH\ QHPŰSUQFK H‰Ű\LRFKYRQ\QIOţ‰GHUKPHORGHUODŰWHUYQGQH\JXQJ GHU\QZRQHU ŰRŰ\QGLHPHQŰFKHQGDU\QQDOŰRŰFKQHOO]ţYQOXWHUNH\W GD]GLŰŰHQŰHOH\QJDŰWKX‰RGHUEHŰQQGHUHNDPPHUDOOHUZROOXŰWLNH\W ZXUGWJHQHQQHWb -WHPYIIGHPDOOHUKRFKŰWHQEHUJGLŰŰHUMQŰHOLŰWH\QN\UFKGDU\QGDV FUW]GH‰ŰFKHFKHUV]ţGHUUHFKWHQŰ\WHQMKHŰXJHKDQJHQbJDQW]ZDUGWEH  KDOWQbYQGKDWWPDQYRQGHPŰHOEHQFUW]JDUH\QZXQGHUOÖFKHKLŰWR  ULHGRb -WHP]ţ1LFRŰÖD\QGHUN\UFKHQŰDQFWH6RSKLHLŰWH\QJUDEYŇLWHO YQGH\QHPJDQW]HQHGHOHQŰWH\QDŰSLVJHPDFKHWbKDEHQGH]ZROIIŰSDQ QēDQGHUOHQJHbYÖMbDQGHUGLHIIHIXQIIDQGHUEUH\WHbYQGH\QZHQLJPHH GDQH\QJDQW]HŰSDQDQGHUGÖFNH]ţU\QJYPEGLHKOHbYQGH\QJURŰŰH EHGHFNXQJYRQREHQGH‰ŰHOEÖJēHGHOHQJHŰWH\QbZHOKHVJUDERQPD‰Y? YEHUDOOŰFKDW]şJNŰSHUOÖFKLŰWbYQGZXUGWJHHUHWHEHQZ\HGD‰JUDEFUL ŰWÖ]ţMKHUXŰDOHPb'DKDWWPDQDXFKH\QŰFKRQHOHJHQGYRQbZLHGÖH\Q  ZRQHUGLŰHU\QŰHO&LSU\G։JUDEGDFULŰWXVQRFKOHEHWbYQG\QGHPMX  GLŰFKHQODQGSUHGLJHW\PKDEHQJHPDFKHW -WHPG\ŰHMQ‰HOOÖJHWGU\KXQGHUWP\OHQYRQ5RGL‰\PPHHUb9?LŰW YRU]\WWēJHZHŰHQHLQWH\OGH‰ODQGV0DFHGRQLHb'DUQDFKZRUGHQHLQ H\JHQNRQÖJULFKb9QG\W]]ţOHŰWYQGHUJHZDOWYQGKHUŰFKXQJGHUYHQH GLJHUNRPPHQbGRPDQY\OYRQŰFKULEHQPFKWGD]LFKGRFKYPENXUW] ZHJHQOD‰DQŰWHQb   0b[[YLMbWDJGH‰PRQHGVMXQLMIţUHQZLUY‰&\SURPLWJţ   WHPZ\QGbYQGTXDPHQ\QZHQGÖJGU\HQWDJHQDQGDVHQGH  \PPHUYRQGDQQHQZLUGDVKH\OÖJODQGPRFKWHQŰFKDZHQb  9‰ZHOFKHUYUŰDFKZLUJDUJUR‰OÖFKHUIUDXZHWJUţ‰HWHQGDV ŰHOEHDOVH‰EÖOOÖFKZDVPLWOREJHŰDQJbIUROÖFKHQYQGDQGHFKWOÖFKHQŰ\Q JHQGH7HGHXPODXGDPXVHWFPÖWGHP$QWLSKRQ6DOXHUHJLQDbYQG JHEHWWHQRGHU&ROOHFWHQGDU]ţJHEţUHQGHb$OŰRPLWGLŰŰHPNRPHQZÖU IXUGLHŰWDWW-DSKDRGHUMRSSHQJHQDQWbH\QZHQLJYRPODQGGXUFK\Q JHZRUIIHQDQFNHUYQŰHUJDOHH\QGHPPHHUKHIIWHQb 9RQGDQQHQŰHQGHWWHYQŰHUSDWURQDOVGDQJHZRQKH\WLŰWHWWOÖFKHQŰ\  QHUNQHFKWJHQ5DPDYQGMKHUXŰDOHPYPEIU\JHOH\WbDXFKQDFKGHP *DUGLDQGHUPQHUEUţGHU\QGHP&ORŰWHUYIIGHPEHUJ6\RQZRQ  KDIIWLJbGH‰JOÖFKHQQDFKGHPJHOH\W]PDQGHUSÖOJHUbZHOFKHQPDQQDFK GHUŰHOELJHQŰSUDFKWUXW]HOPDQQKH\‰HWb'HUŰHOELJHQZDUHQZLUŰHFKV JDQW]HUWDJZDUWHQYIIGēPHUDQGHUYRUUÖJHQŰWDWWOÖJHQGHb\QZHQGLJ      



Y 



,WHPLVWVLHYRQDOOHQ6HLWHQYRP0HHUXPVFKORVVHQZlKUHQGHVLQLK UHP,QQHUQ:lOGHU)HOGHU:LHVHQbFNHU:HLQJlUWHQXQGDOOH$UWHQYRQ )UFKWHQJLEW=DKOUHLFKH4XHOOHQXQGDQGHUHOLHEOLFKH*HZlVVHUVFKPN NHQGLH)OXUHXQGVLHVLQGPLWYLHO5HLFKWXPXQG/LHEOLFKNHLWEHJDEW'D UXPKHL‰WHV VHLGLHVQXQHLQ(LQIOXVVGHV+LPPHOVRGHUGHU/DVWHUXQG 9RUOLHEHQGHU(LQZRKQHU GLH0HQVFKHQKLHUQHLJWHQVFKQHOO]XU8QODX WHUNHLWXQGGLHVH,QVHOVHLHLQ*DVWKDXVRGHUHLQHEHVRQGHUH.DPPHUGHU :ROOXVW ,WHPVWHKWDXIGHPDOOHUK|FKVWHQ%HUJGLHVHU,QVHOHLQH.LUFKHGLHGDV .UHX]GHV6FKlFKHUVGHU]XU5HFKWHQ-HVXKLQJEHKHUEHUJW(VLVWJDQ] HUKDOWHQXQGPDQHU]lKOWVLFKGDYRQVRQGHUEDUH*HVFKLFKWHQ ,WHPJLEWHV]X1LNRVLDLQGHU.LUFKHGHUKO6RSKLHHLQ*UDEDXVODXWH UHP XQG PDVVLYHP (GHOVWHLQ DXV -DVSLV(V PLVVW ]Z|OI 6SDQQHQ LQ GHU /lQJHVLHEHQLQGHU7LHIHXQGIQILQGHU%UHLWHXQGHWZDVPHKUDOVHLQH JDQ]H 6SDQQH LVW GDV 0DWHULDO GLFNGDV GLH +|KOXQJ XPJLEW(LQ JUR‰HU 'HFNHO DXV GHP JOHLFKHQ (GHOVWHLQ VFKOLH‰W GDV *UDE DE (V LVW XQDXV VSUHFKOLFK NRVWEDU XQG ZLUG LQ GHPVHOEHQ 0D‰H YHUHKUW ZLH GDV *UDE &KULVWLLQ-HUXVDOHP(VJLEWGDYRQHLQHVFK|QH/HJHQGH'LH%HZRKQHU GHU,QVHO=\SHUQKlWWHQGLHVHV*UDEDOV&KULVWXVQRFKOHEWHXQGLPMGL VFKHQ/DQGSUHGLJWHIULKQJHPDFKW ,WHPOLHJWGLHVH,QVHOGUHLKXQGHUW0HLOHQYRQ5KRGRVHQWIHUQW,QGHU9HU JDQJHQKHLWLVWVLHHLQ7HLOGHV/DQGHV0DNHGRQLHQJHZHVHQ'DQDFKZXU GHHVHLQHLJHQHV.|QLJUHLFKXQG]XOHW]WLVWHVXQWHUGLH*HZDOWXQG+HUU VFKDIW GHU 9HQH]LDQHU JHNRPPHQ 'DYRQ P|FKWH PDQ YLHOHV VFKUHLEHQ GRFKZHJHQGHU.U]HVHKHLFKGDYRQDE  $P-XQLIXKUHQZLUPLWVWDUNHP:LQGYRQ=\SHUQORVXQGNDPHQ LQQHUKDOE YRQ GUHL 7DJHQ DQ GDV (QGH GHV 0HHUHV YRQ ZR DXV ZLU GDV +HLOLJH/DQG>DXVGHU)HUQH@HUEOLFNHQNRQQWHQ:LUZDUHQGHVKDOEEHU GLH0D‰HQHUIUHXWXQGJU‰WHQHVZLHHVUHFKWXQGELOOLJLVWPLW/REJH VDQJXQGVDQJHQIU|KOLFKXQGDQGlFKWLJGDV7HGHXPODXGDPXVHWFXQGGLH $QWLSKRQ 6DOYH UHJLQD XQG EHWHWHQ GLH GD]XJHK|ULJHQ &ROOHFWHQ 8QWHU GLHVHQ *HEHWHQ JHODQJWHQZLU ELV ]XU 6WDGW -DSKD RGHU -RSSH 7HO$YLY  XQGZDUIHQHLQZHQLJYRP8IHUHQWIHUQWGHQ$QNHUGDPLWXQVHUH*DOHH UHLP0HHU+DOWILQGHQNRQQWH :LHHVEOLFKLVWVDQGWHGHU3DWURQHWOLFKHVHLQHU.QHFKWHQDFK5DPDXQG -HUXVDOHPXPGRUWXPIUHLHV*HOHLWQDFK]XVXFKHQ(UVFKLFNWHDXFKQDFK GHP *XDUGLDQ GHU0LQGHUHQ %UGHU GLH LP .ORVWHU DXI GHP %HUJ =LRQ ZRKQHQ 'HVJOHLFKHQ VFKLFNWH HU QDFK GHP *HOHLWVPDQQ GHU 3LOJHU GHQ PDQLQGHU/DQGHVVSUDFKH7UXW]HOPDQQQHQQW6REOLHEHQZLUVHFKVYROOH 7DJHDXIGHP0HHUDQGHUJHQDQQWHQ6WHOOHXQGZDUWHWHQ          



U 

GHUŰHOELJHQ]\WTXDPGHUDQGHU3DWURQ3HWUXVODQGDZHJHQDQWbPLWW Ű\QHUJDOHHbYQGPÖWGHQSLOJHUQYQŰHUQPLWEUGHUHQQLWYHUUYŇYQV DOVH\QDUPEUXŰWŰFKX‰Ű\QJDOHHYHŰWLJHQbZHOFKHUDXFKYRQŰWXQGDQ QDFKGHPJHOH\GŰDQGHWZLHYQŰHUSDWURQb-QZHQGLJGHUŰHOELJHQWDJē HWWOÖFKYRQEHGHUJDOHHŰFKÖIINQHFKWHQbJDOHRWKHQJHQDQWbIţUHQIÖŰFKYD KHQLQGHUKH\GHQZDŰŰHUbGDZXUGHQŰ\HJHIDQJHQbYQGYRQGHQKH\GHQ YEHOJHŰFKODJHQYQGŰZHUOÖFKHQYHUZRQGHWb=ţ]\WHQIţUHQZLUDXFK LQGHQŰHOELJHQWDJHQPLWYQŰHUP3DWURQDQGDVODQGWYPEZHJHQ Z\QYQGEURWWYQGIUXFKWbEHŰXQGHU]\WWLJWUXEHQYQGDQGHUHŰS\‰W]ţ NDXIIHQb 'DUQDFKDQGHPIXQIIWHQWDJGHVPRQHGVMXOÖMTDPHQGLHPDPPD OXFNHQGDVLŰWUH\ŰŰÖJNQHFKWbYHUODXJQHWFULŰWHQbGH‰6ROGDQ‰KRIIOXWW PLWŰDPSWGHPWUXW]HOPDQYRQMKHUXŰDOHPY?5DPDbEULQJHQGHPÖW \QHQGHQ*DUGÖDQREJHQĆWŰHOEWULGWŰ\QHVRUGHQ‰EUXGHUbYQGH\QJH  ŰFKULHEHQJHOH\Wb1DFK]ţNXQIIWGHUŰHOELJHQZXUGHQYQŰHUPLWWEUGHU GLHLQ3HWHUVODQGDZHJDOHHZDUHQJHIDUHQLQH\QDOWHKOHYQQG]HU  EURFKHQJHZHOEHYHUŰORŰŰHQbGDU\QŰÖHGU\WDJYQGQDFKWPţŰWHQEOÖEHQ $EHUZLUGXUFKIXUŰÖFKWLNH\WYQŰHUV3DWURQVEHO\EHQLQYQŰHUPJDOHH Y‰JHQŇPHQH\QQDFKWGLHZLUDXFKLQGHUŰHOEHQKOHQPţŰWHQYHUŰORŰ ŰHQŰ\Qb'DQGLHJHZRQKH\WKDOWHQGLHKH\GHQGD]Ű\HDOOHFUÖŰWHQSLOJHU PLW\UHQH\JHQQDPHQYQG\UHUYHWWHUbEH]H\FKQHWDQŰFKULEHQbY?DOŰR ]HOHQLQGDVŰHOELJDOWJHZHOEHbGDU\QŰLHPŰŰHQEO\EHQYHUŰFKORŰŰHQŰR ODQJE\‰Ű\HPLWGHP3DWURQYPEGDVJOH\WQDFK\UHPZLOOHQYEHU NRPPHQbGRFKIXUGLHŰHOELJKOHNŇPHQGLHFULŰWHQYRQGHPJţUWHOYŇ MKHUXŰDOHPYQG5DPDYRQŰDQW3DXOXVJODXEHQJHQDQWbEULQJHQGH PLW\QHQZ\QYQGEURWWbNRFKWIOH\ŰFKbKţQHUbH\HUbYQGIUXFKWbDXFKDQ  GHUNOH\QKH\WHQbYH\OEÖHWWHQYPE\UJHOWbGDUYRQGLHYHUŰORŰŰHQSLOJHU NDXIIHQZDVŰ\HJHOXŰWHWb     0DFKWHQWDJGH‰PRQHGVMXOÖMbEUDFKWPDQQYQVSLOJHUHQ JHQ-DSKDHŰHOGXUFKGHQSDWURQEHŰWHOOHWbYIIZHOFKHQZÖU YRQMDSKDULWWHQJHQ5DPDbLŰW]HKHQZHOFKHUP\OHQ\QZHQ GLJGU\HQŰWXQGHQb -DSKDLŰWYHU]\WWHQJHZHŰHQH\QJURŰŰHYQQGQDPKDIIWLJHŰWDWWMRSSH JHQDQWRGHUMDSKDbYRQMDSKHW1RHŰRQbGHUŰ\H]XPHUŰWHQKDWWHUEX  ZHQbYQGQDFKŰ\QēQDPHQŰ\HJHQHQQHWbYQGLŰWJHZHŰHQGLHDFKŰWHŰWDWW           



U 



,QGLHVHU=HLWNDPGHUDQGHUH3DWURQ3HWHU/DQGDXHUPLWVHLQHU*DOHHUH XQGPLWGHQ3LOJHUQGLHXQVHUH%UGHUVLQGXQGVLHDQNHUWHQLKUH*DOHHUH NDXPHLQHQ$UPEUXVWVFKXVVZHLWYRQXQVHQWIHUQW:LHXQVHU3DWURQVDQ GWH DXFK /DQGDXHU XQYHU]JOLFK QDFK GHP *HOHLW ,Q GHU =ZLVFKHQ]HLW ZROOWHQHLQLJHGHU*DOHRWKHQGDVVLQG6FKLIIVNQHFKWHGLHDXIGHQEHLGHQ 6FKLIIHQDUEHLWHWHQLP*HZlVVHUGHU+HLGHQ)LVFKHIDQJHQGRFKVLHZXU GHQ>VHOEVW@JHIDQJHQXQGYRQGHQ+HLGHQKHIWLJJHVFKODJHQXQGHPSILQG OLFKYHUZXQGHW9RQ=HLW]X=HLWJLQJHQZLUPLWXQVHUHP3DWURQDQ/DQG XP:HLQ%URWXQG)UFKWH²LQVEHVRQGHUH]HLWLJH7UDXEHQ²XQGDQGHUH /HEHQVPLWWHO]XNDXIHQ $P-XOLNDPHQGDQQGLH0DPHOXFNHQ²GDVVLQGIDKUHQGH.QHFKWHGLH &KULVWXV YHUOHXJQHQ 6LH GLHQHQ GHP 6XOWDQ DOV +RIOHXWH 6LH NDPHQ PLW GHP7UXW]HOPDQQYRQ-HUXVDOHPXQG5DPDEUDFKWHQDXFKGHQ*XDUGLDQ PLW²EHLGHVLQG2UGHQVEUGHU6LHKDWWHQDXFKHLQHQ*HOHLWEULHIGDEHLLQ GHPVWDQGGDVVXQVHUH0LWEUGHUYRQGHU*DOHHUHGHV3HWHU/DQGDXHULQ HLQHDOWH+|KOH]XIDKUHQKlWWHQXQGLQHLQHPHLQJHVWU]WHQ*HZ|OEHHLQ JHVFKORVVHQZUGHQ'HQQGLH+HLGHQKDEHQGLH*HZRKQKHLWGDVVVLHGLH FKULVWOLFKHQ 3LOJHU PLW LKUHP 1DPHQ XQG GHP 1DPHQ LKUHV 9DWHUV DXI VFKUHLEHQXQGGHVKDOE]lKOHQVLHVLH]XQlFKVWLQGDVDOWH*HZ|OEH'RUW PVVHQVLHVRODQJHHLQJHVFKORVVHQEOHLEHQELVVLHYHUPLWWHOWGXUFKLKUHQ 3DWURQ GDV JHZQVFKWH *HOHLW HUKDOWHQ :lKUHQG VLFK GLH :DUWHQGHQ LQ GHU+|KOHEHILQGHQNRPPHQGLH&KULVWHQYRP*UWHOYRQ-HUXVDOHPXQG 5DPD YRQ GHU .LUFKH GHV 6W 3DXOXV*ODXEHQV 6LH EULQJHQ GHQ 3LOJHUQ :HLQ%URWJHNRFKWHV)OHLVFK+KQHU(LHU)UFKWHXQGDQGHUH.OHLQLJ NHLWHQ XQG ELHWHQ VLH XP *HOG IHLO 'LH HLQJHVFKORVVHQHQ 3LOJHU NDXIHQ QDFKLKUHP%HOLHEHQ  $PDFKWHQ7DJGHV0RQDWV-XOLEUDFKWHPDQXQV(VHOQDFK-DSKDGLH XQVGHU3DWURQEHVWHOOWKDWWH$XIGLHVHQ7LHUHQULWWHQZLUYRQ-DSKDQDFK 5DPDGDVVLQG]HKQZHOVFKH0HLOHQRGHUGUHL6WXQGHQ )UKHU ZDU -DSKD HLQH JUR‰H XQG EHGHXWHQGH 6WDGW VLH KLH‰ -RSSH RGHU DXFK -DSKD QDFK -DSKHW GHP 6RKQ 1RDKV 'HU KDWWH LKUHQ *UXQGVWHLQ JHOHJW XQG VLH ZXUGH QDFK VHLQHP 1DPHQ EHQDQQW 'LHV ZDU GLH DFKWH 6WDGWJUQGXQJ                 



Y 

YQGHUGHQHQGLHZLGHUGHQŰ\QGWIOX‰GHU]ţQRH]\WZDVbZXUGHQLQGHU ZHOWJHEXZHQbGDUYPEDXFKQRFKKXWWJDUJUR‰\‰LQULQJDQH\QHP JURŰŰHQYHOŰHQLQGHPPHUKDQJHQGDUDQGÖHŰFKLIIZXUGHQJHKHIIWHWb 'DŰHOEHWŰ\FKWPDQDXFKH\QNHWWLQJDUZXQGHUOÖFKHQJUR‰GDPÖWH\Q U\‰$QGURPDGXVJHQDQWZDUGJHIHQJOÖFKEHKDOWHQbZHOFKHVH\QU\S GDVPDQQRFKGDŰHKHWKDQJHQH\QYQGYLHUW]LJŰFKZKDWWJHKHEWDQGHU OHQJHb'LŰŰHŰWDWWMDSKDLŰWYRUODQJHU]\WWJDQW]]HUŰWRUHWZRUGHQbY‰ JHQŇPHQ]ZHQWKXUQGLHQRFKGDŰWDQb $OVZLUDEHUJDUŰFK\HUJHQ5DPDTXDPHQYIIHLQDFNHUOHQJHbPXŰWHQ ZÖUDEŰW\JHQYRQGHQHŰHOHQYQG]ţIX‰JHQbYQGH\Q\HGHUŰ\QGLQJ  ODFKYIIŰ\QHPKDOVWUDJHQbGD]YQVGH‰KDOEŰZHUZDVbGDQH‰JDUKHL‰ ZDVY?H\QJURŰŰHUŰWDXEb'ÖHKH\GHQODŰŰHQWNH\QFULŰWHQLQ5DPD]ţ UR‰RGHUHŰHOÖQNRPPHQb -WHPGDZLUGDK\QTXDPHQZXUGHQZLUDEHULQH\QDOWKX‰JH]H  OHWYQGYHUŰFKORŰŰHQGDU\QYLOJHZHOEŰ\QY?H\QJţWWHUEUXQbZHOFKHV KX‰3KLOLSSXVHWWZDQH\QKHUW]RJYRQEXUJXQGLHQOREOLFKHUJHGHFKW  Q‰KDWW]ţH\QHUKHUEHUJGHUEÖOJHUHQJHNDXIIHWbYQGGHQPQHUQEUţ  GHUQGH‰EHUJV6\RQEHYROOHQbGDUYPEH‰DXFKH\Q6S\WDOGHUELOJHU ZXUWJHQHQQHWb 9RQ-DSKDU\WWHQPLWYQVJHQ5DPDGHUKHUUYRQ5DPDYQGGHU WUXW]HOPĆYRQMKHUXŰDOHPPLW]Z\KXQGHUWSIHUGHQbYQVJHOH\WHQGHbY? YHUKţWHQGHYRUGHQKH\GHQYQG\UHQZ\EHQYQGN\QGHUHQbGLHŰÖFK\Q GHQGRUIIHQYQGLQGHPYHOGHYHUŰDPHOHQPLWJURŰŰHU]DObYQQGZHUIIHQ PLWŰWH\QHQLQGLHSLOJHUHQbYQG]ţ]\WHQZHUIIHQŰLHHWWOÖFK]ţWRGbDOŰR GD]GLHJHOH\W]VOXWKGLHSLOJHUNXPPRJHQEHŰFK\UPHQbGHPQDFKGHU ZHJYRQMDSKDEL‰JHQ5DPDY‰ŰROOÖFKHUYUŰDFKJDUŰRUJOÖFKÖŰWb -WHP]X5DPDLŰWH\QŰZH\‰EDGbJDUPÖWJURŰŰHUNOXJKH\WHUEX  ZHQbLQYLHUWKXUQYHUYDŰŰHWbYQGJDWGLHKLW]YRQYQGHQYIIGXUFKH\Q JHZHOEYRQPDUPHOŰWH\QEHŰHW]HWb:LUEHO\EHQGU\WDJ]X5DPDbY‰ GHUYUŰDFKJHK\QGHUWbZDQ]ZHQ&DSLWDQHLŰOţJHQŰÖFKPLWH\QDQGHUb GHUH\QKHUU$PRUJHQDQWIţUHQGH\QZ\‰IHQO\QYHUORUb[YLLMbŰ\QHU GLHQHUPLWŰDPSWŰ\QHPO\SOÖFKHQEUţGHUb'HUDQGHUKHUU1DEDOOHXV JHKH\ŰŰHQbH\QURWIHQO\QIţUHQGbEHKLOWGDVYHOGYQGŰ\JbGHUDXFKYQV EHOH\WHWŰWHWWLJOÖFKHQbYQG\PH]ţOÖHEHbPţŰWHQZLUGU\WDJGRYHU]\H  KHQb   0bL[bWDJGHVPRQHGVMXOÖMY‰JHKH\‰GHV*DUGLDQOD‰H\   QHUŰ\QHUEUţGHUPH‰]ţ5DPDYRUXQVbY?GRHUTXDPDQ GDVRIIHUWRULşbZHQGHWHUŰÖFKYPEJHJHQYQVbYQGJDEYQV YQGHUZ\ŰXQJZLHZLUYQVŰROWHQKDOWHQLQGēKHLOLJHQODQGH LQZHOŰFKHUbWHWŰFKHUbYQGODWLQLŰFKHU]XQJHQYIIPH\QşJK\HQDFKYRO JHQGbYIIIXQIIDUWLFNHOJHŰDW]HWbŰSUHFKHQGDOŰRb      



Y 



QDFKGHU6LQWIOXWGLH]X1RDKV=HLWEHUGLH:HOWKHUHLQJHEURFKHQZDU 'HVKDOEKlQJWDXFKQRFKKHXWHHLQJHZDOWLJHU(LVHQULQJDQHLQHPULHVLJHQ )HOVHQLP0HHUDQGHQGLH6FKLIIHDQJHNHWWHWZXUGHQ 0DQNDQQGDDXFKQRFKHLQH.HWWHEHVWDXQHQGLHEHUGLH0D‰HQJUR‰ LVW0LWLKUZXUGHGHU5LHVH$QGURPDGXVJHIDQJHQJHKDOWHQGDV6HLOGDV PDQGDDXFKQRFKVHKHQNDQQ>XQGPLWGHPGHU5LHVHDQJHEXQGHQZDU@ KDWHLQH/lQJHYRQHLQXQGYLHU]LJ)X‰0LW$XVQDKPH]ZHLHU7UPHGLH QRFKGDVWHKHQLVW-DSKDYRUODQJHU=HLWJDQ]]HUVW|UWZRUGHQ $OV ZLU DEHU ELV DXI HLQH $FNHUOlQJH 5DPD HUUHLFKW KDWWHQ PXVVWHQ ZLU YRQGHQ(VHOQDEVLW]HQXQG]X)X‰JHKHQ-HGHUKDWWHQXQVHLQ*HSlFN]X VFKXOWHUQXQGHVZXUGHXQVVFKZHU'HQQHVZDUKHL‰XQGJUR‰H6WDXE ZRONHQZLUEHOWHQDXI'RFKGLH+HLGHQODVVHQHVQLFKW]XGDVVHLQ&KULVW ]X3IHUGRGHUDXIHLQHP(VHO5DPDEHWULWW ,WHP DOV ZLU QDFK 5DPD KLQHLQJHODQJW ZDUHQ ZXUGHQ ZLU LQ HLQ DOWHV +DXV]LWLHUWXQGGDULQHLQJHVFKORVVHQ'DV+DXVKDWWHYLHOHXQWHULUGLVFKH *HZ|OEHXQGHLQHQ%UXQQHQPLW7ULQNZDVVHU3KLOLSSXVHLQ+HU]RJYRQ %XUJXQGO|EOLFKHQ$QJHGHQNHQVKDWWHGLHVHV+DXVJHNDXIWGDPLWHVDOV +HUEHUJHGHU3LOJHUGLHQHXQGHVGHQ0LQGHUHQ%UGHUQGHV%HUJV=LRQ EHUODVVHQGHVKDOEZXUGHHVDXFKÄ6SLWDOGHU3LOJHU·JHQDQQW 0LW ]ZHLKXQGHUW 3IHUGHQ ULWWHQ PLW XQV QDFK 5DPD GHU +HUU YRQ 5DPD XQGGHU7UXW]HOPDQQYRQ-HUXVDOHP6LHJHOHLWHWHQXQVXQGVRUJWHQGDIU GDVVZLUYRU GHQ +HLGHQ XQG LKUHQ )UDXHQ XQG .LQGHUQ JHVFKW]WZXU GHQ'LHVHKDWWHQVLFKQlPOLFKLQGHQ'|UIHUQXQGDXIGHP)HOGLQJUR ‰HU=DKOYHUVDPPHOWXQGZDUIHQPLW6WHLQHQDXIGLH3LOJHU=XZHLOHQZDU IHQVLHVRKHIWLJGDVV3LOJHU]X7RGHNDPHQ'HVKDOEN|QQHQGLH*HOHLWV OHXWHGLH3LOJHUNDXPEHVFKW]HQXQGGHU:HJYRQ-DSKDQDFK5DPDLVW GHVZHJHQPLW]LHPOLFKHQ6RUJHQJHSIODVWHUW ,WHPJLEWHVLQ5DPDHLQ6FKZLW]EDGGDVPLWVHLQHQYLHU7UPHQHLQH UDIILQLHUWH$UFKLWHNWXUDXIZHLVW'LH+LW]HVWHLJWYRQXQWHQGXUFKHLQPDU PRUQHV*HZ|OEHQDFKREHQ:LUKLHOWHQXQVGUHL7DJHODQJLQ5DPDDXI GHQQZLUZXUGHQDQGHU:HLWHUIDKUWGXUFKHLQH)HKGH]ZHLHU&DSLWDQLJH KLQGHUWGLHVLFKPLWHLQDQGHUVFKOXJHQ'HUHLQH+HUU$PRUGHUHLQZLH ‰HV)lKQOHLQPLWVLFKIKUWHYHUORUGHQ.DPSIXQGDX‰HUGHPDFKW]HKQ 'LHQHU XQG VHLQHQ OHLEOLFKHQ %UXGHU 'HU DQGHUH +HUU 1DEDOOHXV KDWWH HLQ URWHV )lKQOHLQ GDEHL YHUWHLGLJWH GDV )HOG XQG HUUDQJ GHQ 6LHJ +HUU 1DEDOOHXV ZDU XQVHU VWlQGLJHU %HJOHLWHU XQG LKP ]XOLHEH KDEHQ ZLU GUHL 7DJHODQJ]XJHZDUWHW  $P  7DJ GHV 0RQDWV -XOL ODV DXI *HKHL‰ GHV *XDUGLDQV HLQHU VHLQHU %UGHU LQ 5DPD GLH 0HVVH IU XQV %HYRU HU ]XP 2IIHUWRULXP NDP ZDQGWHHUVLFKGLUHNWDQXQVXQGJDEXQVLQIUDQ]|VLVFKHUGHXWVFKHUXQG ODWHLQLVFKHU 6SUDFKH 5DWVFKOlJH ZLH ZLU XQV LP +HLOLJHQ /DQG YHUKDOWHQ VROOWHQ(UQDQQWHXQVGLHIROJHQGHQIQI3XQNWH        



U 

YRP%HVXFK@YRQDOOHQDQGHUHQ>KHLOLJHQ6WlWWHQ@+LHUKHUNDPHQ ZLU DEHQGV DQ EHVDJWHP 7DJ XQG VD‰HQ ZLH HV XQV JH]LHPHQG HUVFKLHQ YRQXQVHUHQ(VHOQDE       



U 

YQGJLHQJHQ]ţIX‰LQGLHKH\OÖJŰWDWWMKHUXŰDOHPb9QGLQGHPHUŰWHQ \QJDQJGHUŰHOELJHQLŰWYROOYHUJHEXQJDOOHUŰXQGbDXFKZXUGWNH\Qē ELOJHUYHUKHQJHWGDK\Q\Q]ţULWWHQb 9QG]XPDOOHUHUŰWHQNDPHQZLUQRFKGHQŰHOEHQDEHQWIXUGHQWHPSHO GH‰KH\OÖJHQJUDEVYPEZLOOHQGHQDEOD‰]ţHUODQJHQbYQGJOÖFKYRQ GDQQHQZXUGHQZLUJHIţUHWLQGHQELOJHU6SLWDOQLWYHUUYRQGHPŰHO ELJHQWHPSHOŰWHQGbDEHULFKPLWWP\QHUJHŰHOŰFKDIIWGLHPLWWPLUYEHU PHUZDVNŇPHQJLHQJHQLQGH‰NOH\QHQFDOQ\‰KX‰E\GHP6S\WDOb ZHOFKHUFDO\QGHUELOJHUGROPHWŰFKLŰWbYQGJHZRQOÖFKHQPLWGHQELOJH  UHQ]ţŰDQW.DWKHULQ]XJHWbGHUEHKHUEHUJWYQ‰LQŰ\QHPKX‰YQQGJDE YQVH\QNDPPHU\QbGDU\QZLUGDVYEHULJWH\OGH‰ŰHOEHQWDJHVUţJHWē ZDQZLUH\QJUR‰WH\OGH‰ŰHOELJHQYQGH\QWH\OGHUQDFKJHUÖWWHQKHW  WHQYQGZDUHQWŰHUHPGHb        9RQGHQKH\OÖJHQŰWHWWHQ]ţMKHUXŰDOHP    ]ZţŰFKHQGHP6\SWDOGHUSLOJHU\W]JH    QDQWYQGGHPEHUJ6\RQOÖJHQGHb   0b[LMbWDJGH‰PRQHGVMXOÖMZDVŰRQWDJbNDPHQZLUSLOJHU  DOO]ţŰDPHQYQGJLHQJHQYIIGHQEHUJ6\RQbYIIGHPZHJ  DOOKH\OÖJŰWHWWKH\PŰţFKHQGb  &]XPHUŰWHQNDPHQZLUDQGLHŰWDWWGRGLHMXGHQDOVGLH MXQJHUFULŰWLGHQKH\OÖJHQO\FKQDPGHUZLUGLJHQPţWHUJRWWHVPDULH WUţJHQ]ţEHJUHEQ‰\QGDVWDOOMRŰDSKDWbZROWHQGHQŰHOEHQPLWJH  ZDOWQēPHQb 9RQGDQQHQNDPHQZLUJOÖFKEDOGDQGLHŰWDWWGRŰDQFWXV3HWUXV QDFKGHUGULWWHQYHUOHXJQX‰YQŰHUVKHUUHQY‰JDQJHQY‰&D\SKHKX‰ \OHW\QH\QKOHGDU\QQHHUJDUELWWHUOÖFKHQZH\QHWb 9RQGDQQHQNDPHQZLU\QGLHN\UFK]ţGHQKH\OÖJHQHQJHOQJHQDQWb GRYRU]\WHQ$QQHGHVELŰFKRIIVKX‰ŰWţQGb-QZHOFKHPYQŰHUKHUUMKH  ŰXVDOVHUYRPOEHUJGDU\QJHIXUWZDUGJUR‰ŰPDFKH\WHQSIÖHQJHJH  ŰODJHQYRQH\QHPGLHQHUDQŰ\QKH\OÖJHQEDFNHQbRGHUŰ\QJRWWOÖFKDQ  JHŰLFKWb    9RQGDQQHQNDPHQZLU \QH\QDQGHUHN\UFK]ţŰDQW6DOXDWRUJHKH\ŰŰHQbGRYRU]\WHQGDVKX‰              



U 



XQGJLQJHQ]X)X‰LQGLH+HLOLJH6WDGW-HUXVDOHP6FKRQZHQQPDQ-HUX VDOHPEHWULWWHPSIlQJWPDQGLHYROOH9HUJHEXQJDOOHU6QGHQ.HLQ3LOJHU DOOHUGLQJVGDUILQGLH6WDGWKLQHLQUHLWHQ 8QVHUDOOHUHUVWHV=LHOQRFKDPJOHLFKHQ$EHQGZDUHVGHQ7HPSHOGHV +HLOLJHQ*UDEHV]XEHVXFKHQXPGHQ$EODVV]XHUKDOWHQ9RQGRUWZXU GHQZLUVRIRUWLQV3LOJHUVSLWDOJHIKUWGDVQLFKWZHLWYRP7HPSHOHQWIHUQW LVW,FKJLQJMHGRFKPLWVDPWGHU*HVHOOVFKDIWGLHPLWPLUEHUV0HHUJH NRPPHQZDULQGDV+DXVGHVNOHLQHQ.DO\QVEHLP6SLWDO(LQ.DO\QLVW HLQ 'ROPHWVFKHU IU 3LOJHU XQG JHZ|KQOLFK ]LHKW HU PLW LKQHQ ]XP 6W .DWKDULQHQ.ORVWHU 'LHVHU .DO\Q EHKHUEHUJWH XQV LQ VHLQHP +DXV XQG JDEXQVHLQH.DPPHU'RUWUXKWHQZLUXQVIUGHQ5HVWGHV7DJHVDXV GHQQZLUZDUHQMDDQGLHVHP7DJXQGLQGHU1DFKW]XYRUODQJHJHULWWHQ XQGGHVKDOEVHKUPGH   9RQGHQKHLOLJHQ6WlWWHQ]X-HUXVDOHPGLH]ZLVFKHQGHP  VRJHQDQQWHQ3LOJHUVSLWDOXQGGHP%HUJ=LRQOLHJHQ  $P7DJGHV0RQDWV-XOL ZDU6RQQWDJ:LUWUDIHQXQVDOOHXQG EH VWLHJHQ]XVDPPHQGHQ%HUJ=LRQZREHLZLUDOOHKHLOLJHQ6WlWWHQDP:HJ EHVXFKWHQ=XHUVWNDPHQZLUDQGLH6WHOOHDQGHUGLH-XGHQVLFKGHVKHLOL JHQ /HLFKQDPV GHU *RWWHVPXWWHU 0DULD EHPlFKWLJHQ ZROOWHQ GLHV JH VFKDKDOVGLH-QJHU&KULVWL0DULDV/HLELQGDV7DO-RVDSKDWWUXJHQXP LKQGRUW]XEHJUDEHQ *OHLFK GDQDFK HUUHLFKWHQZLU GHQ2UW DQ GHP GHU KO 3HWUXV ELWWHUOLFK ZHLQWH 1DFKGHP HU XQVHUHQ +HUUQ ]XP GULWWHQ 0DO YHUOHXJQHW KDWWH KDWWHHUVLFKHLOHQGVDXV.DLSKDV·+DXVLQGLHVH+|KOHJHIOFKWHW 9RQKLHUNDPHQZLULQGLH.LUFKH=XGHQKHLOLJHQ(QJHOQZRGDPDOV GDV+DXVGHV%LVFKRIV+DQDQLDVVWDQG+LHUKDWXQVHU+HUU-HVXVQDFK GHPHUYRPgOEHUJKLHUKHUJHIKUWZRUGHQZDUJUR‰H6FKPDFKHPSIDQ JHQ (U ZXUGH YRQ HLQHP 'LHQHU DXI VHLQH KHLOLJHQ %DFNHQ XQG LQ VHLQ KHLOLJHV$QJHVLFKWJHVFKODJHQ 9RQKLHUNDPHQZLULQGLH.LUFKH]X6W6DOYDWRUZRGDPDOVGDVVWDWWOLFKH +DXV                  



Y 

&D\SKHbH\QJUR‰HFNK‰ŰWXQGHb-QZHOFKHPYQŰHUKHUUMKHŰXVYHU  ŰSRWWHWbŰ\QDXJHQYHUEXQGHQb\QŰ\QDQJHŰÖFKWYQGDQŰ\QHQKH\OÖJHQ QDFNJHŰFKODJHQbYQG\QYLODQGHUZHJJHŰPHFKWYQGJHSLQLJHWZDUGb 'RŰHOEHW]HXJHWPDQDXFKGHQSÖOJUHQHLQHQJHVŰWHWWO\QGDU\QGLHMX  GHQYQŰHUQKHUUQYHUŰORŰŰHQEL‰GD]Ű\HUDGWJHKLHOWHQZD]VÖHPLW\PH ZROWHQWKţQbYQGZXUGWGDVŰHOEŰWHWWO\QYQŰHUVKHUUHQNHUNHUJHQDQWb YQGZÖHZROGDVŰHOEQLWZXUGWJHIXQGHQLQGHQHXDQJHOÖHQbGDQQLWW DOOHGLQJYQŰHUVKHUUHQOHEHQRGHUOÖGHQDQWUHIIHQGŰ\QEHŰFKULHEHQbGRFK YPEZHJHQGD]GHUŰHOENHUNHUQRFKKţWWGDLŰWY?ZXUGWJH]H\JHWbPLWW JH]XJQ‰YQGNXQWŰFKDIIWŰRPDQGDUYRQŰDJWYQGJLEWbPDJPDQH‰ JWOÖFKHQJODXEHQDOVDXFKDQGHUHGLQJGLHPDQQLWYLQGHWJHŰFKUÖEHQ \QGHQHXDQJHOÖHQb -QGHUŰHOEHQN\UFKHQLŰWGHUJUR‰ŰWH\QGHQGHUHQJHOYPEZHQGHW YRUGHPJUDEFULŰWLO\JHQGY?ŰD‰GDUYIIb8QGLŰW\W]GHUŰHOEŰWH\QH\Q WLŰFKGHVKRKHQDOWDUV\QGHUŰHOEHQN\UFKHQb 'RŰHOEHW\QH\PKRII]ţGHUO\QFNHQKDQWbLŰWH\QEDXPPLWŰWH\QHQ YPEJHEHQbGRGLHG\HQHUGHUMXGHQYQG3HWUXVPLW\QHQŰÖFKZHUPWHQ E\GHPIHHUb6RPDQY‰GHPŰHOEHQKRIIYIIGLHJD‰JHWW]ţGHUUHFK  WHQKDQWbLŰWH\QŰWH\QDQH\PHFNbGRGLHPţWHUJRWWHVPDULDŰWXQGHDOV ŰDQW3HWHUELWWHUOÖFKHQZH\QHQGbJÖHQJY‰&D\SKHKX‰YQGPRFKWYRU JURŰŰHPZH\QHQPDULHGHUMXQJIUDXZHQIUDJHQGHYRQ\UHPOLHEHQN\Q GHQLWDQWZRUWHQb$QGHPŰHOEHQHQGPDULDEHJLUGLJ]ţZÖŰŰHQYŇMKHŰX ZLHH‰YPE\QŰWXQGHbLŰWEHO\HEHQŰWDQEL‰H‰PRUJHQIUZZDUGDOV PDQMKHŰXPIXUS\ODWXPIţUHWJHEXQGHQbGDK\QDXFKŰÖHPLWJURŰŰHP OH\GYQGŰPHUW]HQYQJH]Z\IHOWQDFKYROJHWb 9RQGDQQHQNDPHQZLUÖQH\QDQGHUHDOWH]HUEURFKHQHN\UFKbDOOH\Q PLWŰWH\QHQYPEJHPXUHWb$QZHOFKHPHQGHGLHMşJIUDXZPDULDQDFK GHPWRGYQGXIIHUŰWHQQşJFULŰWLMKHŰX\UHVOÖHEHQN\QGHVbZROb[LLLMbMDU KDWWJHZRQHWb9QGLŰWDQGHPŰHOEHQHQGHYHUJHEXQJDOOHUŰXQGHb $EHUDQDOOHQREJHQDQWHQŰWHWWHQDEOD‰bYLMbMDUYQGbYLMbNDUHQb 'D]DEHUGLŰŰHOHW]ŰWHŰWDWWQLWZXUGWYRQGHQFULŰWHQZLGHUJHEXZHWbLŰW QLW\UbŰXQGHUGHUKH\GHQŰFKXOGbGLHQLWODŰŰHQGRŰHOEHWEXZHQb 1DKHE\GLŰŰHPHQGHŰHKHWPDQQRFK]H\FKHQH\QHUDOWHQ&DSHOOŰRHWW  ZDQGRLŰWJHŰWDQGHQb\QZHOFKHUŰDQFWXVMRKDQQHVHXĆJHOÖŰWDbDOVH\Q EHŰXQGHUFDSHOODQGHUMşJIUDXZHQPDULHb\UQDFKYQŰHUVKHUUHQYIIDUW ]ţKPHObRIIWYQGGÖFNPH‰KDWWJHKDOWHQbYQGZXUGWQRFKGRŰHOEHWEH Z\ŰHWGHUDOWDUŰWH\QGDUYIIHUPH‰KHWWHb 'RŰHOEHWLŰWDXFKGLHŰWDWWGRŰDQFWXV0DWKLDVZDUGDQMXGDVŰWDWW HUZHOHW]ţH\QHPDSRŰWHObYQQGLŰWGÖHŰHOEŰWDWWPLWH\QHPURWHQŰWH\Q ŰXQGHUOÖFKHQEH]H\FKQHWb 9RQGDQQHQJHJHQGHPEHUJ6\RQXII]ţŰW\JHQbZXUGWEHZLHŰHQ       



Y 



GHV .DLSKDV HLQ JUR‰HV (FNKDXV VWDQG ,Q GLHVHP +DXV ZXUGH XQVHU +HUU -HVXV YHUVSRWWHW VHLQH $XJHQ ZXUGHQ YHUEXQGHQ HU ZXUGH LQ VHLQ $QJHVLFKWXQGDXIVHLQHQKHLOLJHQ1DFNHQJHVFKODJHQXQGHUZXUGHQRFK DXIYLHOIlOWLJHDQGHUH:HLVHJHVFKPlKWXQGJHSHLQLJW0DQ]HLJWKLHUGHQ 3LOJHUQ DXFK HLQ HQJHV *HODVV LQ GDV GLH -XGHQ XQVHUHQ +HUUQ JHVSHUUW KDWWHQELVVLHHLQHQ5DWVFKOXVVGDUEHUJHIDVVWKDWWHQZDVZHLWHUPLWLKP JHVFKHKHQ VROOH 'LHVHV NOHLQH 9HUOLHV ZLUG Ä.HUNHU XQVHUHV +HUUQ· JH QDQQW DXFK ZHQQ GLH (YDQJHOLHQ YRQ VHLQHU ([LVWHQ] QLFKWV EHULFKWHQ 'HQQQLFKWDOOH7DWVDFKHQYRP/HEHQXQG/HLGHQXQVHUHV+HUUQGLH>LP +HLOLJHQ /DQG@ DQ]XWUHIIHQ VLQG VLQG DXFK WDWVlFKOLFK >LQ GHU +HLOLJHQ 6FKULIW@EHVFKULHEHQ'RFKZHLOGHU.HUNHUQRFKKHXWHGDLVWXQGDOVEHU OLHIHUWHV =HXJQLV JLOW GDV EHNDQQW LVW XQG YRQ GHP JHVSURFKHQ XQG GDV ZHLWHUJHJHEHQZLUGVROOPDQHVLQJXWHP*ODXEHQ>DOVZDKU@DQQHKPHQ HEHQVRZLHDQGHUH'LQJHGLHPDQLQGHQ(YDQJHOLHQQLFKWDXIJHVFKULHEHQ ILQGHW ,QGLHVHU.LUFKH>6W6DOYDWRU@EHILQGHWVLFKGHUJUR‰H6WHLQGHQGHU(Q JHOYRP*UDE&KULVWLZHJZlO]WHXQGDXIGHQHUVLFKVHW]WH'LHVHU6WHLQ ELOGHWMHW]WGLH$OWDUPHQVDGHV+RFKDOWDUVGHU.LUFKH ,QHLQHP+RI]XUOLQNHQ+DQG LVWHLQ%DXPXPGHQ6WHLQHKHUXPOLH JHQ'DKDEHQVLFKGLH'LHQHUGHU-XGHQXQG3HWUXVDP)HXHUJHZlUPW :HQQPDQDXVGHP+RIDXIGLH*DVVHUHFKWVKLQDXVJHKWVROLHJWGDHLQ 6WHLQDQHLQHU(FNH+LHUVWDQGGLH0XWWHU*RWWHV0DULDDOVGHUKO3HWUXV ELWWHUZHLQHQG.DLSKDV·+DXVYHUOLH‰XQGYRUODXWHU7UlQHQGHU-XQJIUDX GLHQDFKLKUHPOLHEHQ.LQGHIUDJWHQLFKWDQWZRUWHQNRQQWH0DULDZDUEH JLHULJ]XZLVVHQZLHHVXP-HVXVVWQGH6LHLVW>KLHU@ELV]XPIUKHQ0RU JHQ VWHKHQ JHEOLHEHQ DOV PDQ GHQ JHIHVVHOWHQ -HVXV GHP 3LODWXV YRU IKUWHGRUWKLQIROJWHVLFKHUOLFKDXFKVLHLKPXQWHUXQVlJOLFKHP/HLGXQG XQWHU6FKPHU]HQ 9RQGRUWJHODQJWHQZLU]XHLQHU]HUVW|UWHQ.LUFKHGLHIUHLVWHKWXQGPLW HLQHU 6WHLQPDXHU XPJHEHQ LVW 1DFK GHP 7RG XQG GHU $XIHUVWHKXQJ &KULVWL-HVXLKUHVOLHEHQ.LQGHVKDWGRUWGLH-XQJIUDX0DULDJHZRKQW$Q GLHVHP2UWHPSIlQJWPDQGLH9HUJHEXJDOOHU6QGHQ $EHUDQDOOHQDQGHUHQJHQDQQWHQ6WlWWHQ-DKUHXQG.DUHQ$EODVV 'DVVDEHUGLHVHOHW]WJHQDQQWH6WlWWHYRQGHQ&KULVWHQQLFKWZLHGHUDXIJH EDXWZXUGHGDVLVWQLFKWLKUH6FKXOGVRQGHUQGLHGHU+HLGHQ6LHGXOGHQ HVQLFKWGDVVKLHUJHEDXWZLUG ,QGHU1lKHVLHKWPDQQRFKGLH7UPPHUHLQHUDOWHQ.DSHOOHGLHKLHUJH VWDQGHQKDW,QLKUKDWGHUKO-RKDQQHVGHU(YDQJHOLVWDOVEHVRQGHUHU.D SODQ GHU -XQJIUDX 0DULD QDFK GHU $XIIDKUW XQVHUHV +HUUQ ]XP +LPPHO RIWXQGLQQLJIUVLHGLH0HVVH]HOHEULHUW'HU$OWDUVWHLQDXIGHPHUGDV 0HVVRSIHUGDUEUDFKWHLVWQRFK]XVHKHQ +LHUEHILQGHWVLFKDXFKGLH6WHOOHDQGHUGHUKO0DWWKLDVDQ-XGDV·6WHOOH DOV$SRVWHOHUZlKOWZXUGHVLHLVWPLWHLQHPURWHQ6WHLQEHVRQGHUVPDU NLHUW %HLPZHLWHUHQ$XIVWLHJDXIGHQ%HUJ=LRQZLUGGLH6WHOOHJH]HLJWDQGHU      



U 

GLHŰWDWWGRGLHPţWHUJRWHVWHJOÖFK\UDQGHFKWLJJHEHWWYROOHQEUDFKWb 'RŰHOEHWŰ\QDXFK]ZHQŰWH\QbYIIZHOFKHUH\QHPYQŰHUKHUUMKHŰXVGLFN ÖŰWJHŰHŰŰHQSUHGLJHQŰ\QHQMşJHUQbYIIGHPDQGHUQŰ\QHZHUGHPţWHUEH  JLUOÖFKHQKRUHQGŰ\QHŰX‰HOHUHb9RQGDQQHQED‰YIIŰW\JHQbLŰWGLHEH  JUHEQ‰GHUSURSKHWHQY?GHUNRQJHQMŰUDKHObHÖQWHLOYQGHUGHUN\UFKHQ GHVEHUJV6\RQbH\QWH\OGDUY‰bGD'DXLG6DORPRQYQGDQGHUNR  QLJO\JHQb&]ţGHUŰHOEHQEHJUHEQ‰OD‰HQGLH6DUUDFHQLNH\QHQFUL  ŰWHQPHQŰFKHQNRPPHQbZDQŰ\H\QHQŰHOEHUH\QN\UFKRGHUPXŰFKNHDP QDFK\UŰSUDFK GRKDEHQJHEXZHWbGLHŰÖHDXFK\QJURŰŰHQHUHQKDOWHQ YQGZHUJRWWQLWPLUYQGP\QHQEUţGHUQHWWOÖFKHQHGHOHQbŰRPLW PLUGDU\QNDPHQJUR‰OLFKHQJHZHŰHQbŰRZHUHQZLU]ţŰWXFNHQ]HUKDX  ZHQZRUGHQYRQGHQŰDUUDFHQHQbGLHYQYHUŰHKHQYQVGDEHJULIIHQbDEHU ZLUHQWUşQHQGXUFKJQDGJRWWVb1LWYHUUYRQGDQQHQLŰWGLHŰWDWWGR ŰDQW6WHSKDQGHUHUŰWPDUWHUHU]XPDQGHUHQPDOEHJUDEHQZDUGbYQQG E\\PŰDQFWXV*DPDOÖHOŰDQFWL3DXOÖOHUHUYQG$E\EDVGHVŰHOEHQ ŰXQbYQGŰDQFWXV1LFRGHPXVbDOOJHWDXIIWQDFKYQŰHUVKHUUHQYIIDUW ]ţKPHOb *OÖFKQDKHGDE\LŰWGLHŰWDWWGRHWWZDQZDVGHUJUR‰FHQDFNHOH\QŰXP  PHUKX‰bGRGDVRŰWHUOHPO\QY‰FULŰWLMKHŰXJHKH\‰GXUFKŰ\QHMXQJHU ZDUGJHEUDWHQGD]HUDPOHW]ŰWHQQDFKWPDOPLW\QHQGRŰHOEHWD‰b $PŰHOELJHQHQGHZDUGDXFKGDVZDŰŰHUJHZHUPHWGDPLWYQŰHUKHUUH GLHIX‰Ű\QHUMşJHUQZHŰFKHW$OOHUQHŰWGDE\LŰWGLHŰWDWGDGDXLGEţ‰ KDWJHWKDQYPEZHJHQGD]HUGHQULWWHU8ULĆKHWWJHŰFKDIIHWHUŰFKODJHQ ZHUGHQLQH\PŰWULWWbPÖWGHVKX‰IUDXZHQHU]ţWKRQKHWWbDQZHOFKHP HQGHHUGÖHŰţEHQSŰDOPHQ DOVZLUŰ\HKH\ŰŰHQGHUEX‰ KDWWGXUFKJRWW GHQKH\OÖJHQJH\ŰWYQJH]Z\IHOWJHGLFKWHWb $QGLŰŰHPHQGHKDQGLHMQGLDQHU\QHQH\QFORŰWHUO\QJHPDFKHWb-Q DOOHQREJHŰFKULHEHQŰWHWWHQLŰWDEOD‰bYLMbDUYQGbYLMbNDUHQb  DFKDOOHQŰROOÖFKHQKH\OÖJHQŰWHWWHQEHŰFKDXZHWYQGGXUFKJDQJHQ  TXDPHQZLULQGDVFORŰWHUYIIGHPEHUJ6\RQOÖJHQbGDU\QQGLH PQHUEUXGHUZRQHQbGDLŰWH\QJDUŰFKRQHYQGJHZHOEHWHN\UFKbZHOFKH YPEZHJHQYQŰHU]ţNXQIIWJDUKţEŰFKJH]\HUHWZDVbPLWNRŰWOÖFKHQJH  ZLUFNWHQWHELFKHQGLH\QHH\QKHUW]RJYRQ%XUJXQGLD3KLOÖSSXVJH  QDQWPLWŰDPSWYLODQGHUHQNRŰWOÖFKHQRUQDWWHQYQGJRWVJH]\HUGHQb DXFKPLWGXŰHQWGFDWHQMHUOÖFKHUJXOWWGDK\QJHEHQKDWWGLHZ\OHHU \QOHEHQZDVb]XH\QHP]H\FKHQŰ\QHUDQGDFKW]ţGHQKH\OÖJHQŰWHWWHQb YQGYPEZHJHQHQWKDOWşJGHUEUţGHUGDŰHOEHWJRWWGLHQHQGb:HOFKHV DXFKŰ\QŰXQKHUW]RJ.DUROXVŰHOÖJOREOÖFKHUJHGHFKWQ‰KDWJHKDOWHQ \QŰ\QHPOHEHQb:HOFKHVDXFKŰ\QQDFKNŇPHQ(UW]KHUW]RJ0D[LPL  OÖDQXVLQ%XUJXQGLDUHJQ\UHQ\W]GHU]\WH\Q5PŰFKHUNRQLJGXUFK DOONXUIXUŰWHQH\QKHOOÖJOÖFKHQHUZHOHW]ţ)UDQFNIRUWLQGHUHUŰWHQYDŰW ZRFKHQMPMDUb0bFFFFbYQGbO[[[YMYROOHQEULQJHWb       



U 



GLH0XWWHU*RWWHVWlJOLFKLKUDQGlFKWLJHV*HEHWYHUULFKWHWH(VJLEWKLHU DXFK]ZHL6WHLQH$XIGHPHLQHQKDWXQVHU+HUU-HVXVJHVHVVHQXQGVHLQHQ -QJHUQ JHSUHGLJW DXI GHP DQGHUQ ODXVFKWH VHLQHYHUHKUWH 0XWWHUVHLQHU V‰HQ/HKUH :HQQ PDQ YRQ KLHU DXV ZHLWHU DXIVWHLJW VR NRPPW GLH %HJUlEQLVVWlWWHGHU.|QLJHYRQ,VUDHO(LQ7HLOGHU*UlEHUEHILQGHWVLFK XQWHU GHU .LUFKH GHV %HUJV =LRQ GHU DQGHUH 7HLO QHEHQ LKU +LHU OLHJHQ 'DYLG6DORPRXQGDQGHUH.|QLJH 'LH 6DUUD]HQHQ ODVVHQ HV QLFKW ]XGDVVHLQ&KULVWHQPHQVFKGLHVH*UlEHUDXIVXFKWGHQQVLHKDEHQVHOEVW HLQH.LUFKHRGHU LQLKUHU6SUDFKH HLQH0RVFKHHGRUWKLQJHEDXWGLHVLHLQ JUR‰HQ(KUHQKDOWHQ8QGKlWWHVLFK*RWWPLUXQGPHLQHQHGOHQ0LWEU GHUQGLHPLWPLUDXIGHP:HJZDUHQQLFKWLQVHLQHUJDQ]HQ*U|‰HRIIHQ EDUWVRZlUHQZLUYRQGHQ6DUUD]HQHQGLHXQVY|OOLJXQHUZDUWHWDQJULIIHQ LQ6WFNHJHKDXHQZRUGHQ'RFKPLW*RWWHV*QDGHNRQQWHQZLUHQWULQ QHQ1LFKWZHLWGDYRQHQWIHUQWLVWGLH6WHOOHDQGHUGHUKO6WHSKDQXVGHU HUVWH0lUW\UHU]XP]ZHLWHQ0DOEHJUDEHQZXUGH1HEHQLKPOLHJHQGHU KO*DPDOLHOGHU/HKUHUGHVKO3DXOXV$E\EDVVHLQ6RKQXQGGHUKO 1LNRGHPXVVLHDOOHZXUGHQQDFKGHU+LPPHOIDKUWXQVHUHV+HUUQJHWDXIW *OHLFKGDQHEHQLVWGLH6WHOOHDQGHUVLFKLQHLQHP6RPPHUKDXVGDVJUR‰H 6SHLVH]LPPHUEHIDQGLQGHPDXI*HKHL‰&KULVWL-HVXYRQVHLQHQ-QJHUQ GDV2VWHUOlPPFKHQJHEUDWHQZXUGHGDVHUEHLPOHW]WHQ$EHQGPDKOGRUW PLWLKQHQD‰ +LHUZXUGHDXFKGDV:DVVHUJHZlUPWPLWGHPXQVHU+HUUVHLQHQ-Q JHUQGLH)‰HZXVFK 'LUHNW GDQHEHQ KDW 'DYLG %X‰H GDIU JHWDQ GDVVHUGHQ5LWWHU8ULDVLQHLQHP.DPSIHUVFKODJHQOLH‰XPVLFKPLWGHV VHQ (KHIUDX HLQODVVHQ ]X N|QQHQ (V JLEW NHLQHQ =ZHLIHO GDVV 'DYLG KLHU PLW GHU +LOIH *RWWHVGHV +HLOLJHQ *HLVWHV GLH VLHEHQ 3VDOPHQ GLH ZLU%X‰SVDOPHQQHQQHQ JHGLFKWHWKDW $QGLHVHU6WHOOHKDEHQGLH,QGLDQHUHLQNOHLQHV.ORVWHUJHJUQGHW$Q DOOHQEHVFKULHEHQHQ2UWHQZLUGHLQ$EODVVYRQ-DKUHQXQG.DUHQJH ZlKUW 1DFKGHP ZLU DOOH GLHVH KHLOLJHQ 6WlWWHQ EHVXFKW XQG DQJHVFKDXW KDWWHQ JHODQJWHQ ZLU ]X GHP .ORVWHU DXI GHP %HUJ=LRQLQ GHP GLH 0LQGHUHQ %UGHUZRKQHQ'RUWVWHKWHLQHVFK|QHJHZ|OEWH.LUFKHGLHZHJHQXQ VHUHU=XNXQIWYRQ3KLOLSSHLQHP+HU]RJYRQ%XUJXQGPLWKHUUOLFK JHZLUNWHQ 7HSSLFKHQ YLHOHQ NRVWEDUHQ 2UQDWHQ XQG DQGHUHP =LHUDW LP 'LHQVWH*RWWHVSUlFKWLJJHVFKPFNWLVW=XVHLQHQ/HE]HLWHQKDWHUMlKU OLFKWDXVHQG'XNDWHQJHVWLIWHW]XP=HLFKHQVHLQHUIURPPHQ9HUEXQGHQ KHLW PLW GHQ KHLOLJHQ 6WlWWHQ XQG IU GHQ 8QWHUKDOW GHU %UGHU GLH KLHU *RWW GLHQHQ 6R KDW HV DXFK VHLQ 6RKQ +HU]RJ .DUO VHOLJHQ $QJHGHQ NHQV ]X VHLQHQ /HE]HLWHQ JHKDOWHQ HEHQVR GHVVHQ 1DFKNRPPH (U] KHU]RJ 0D[LPLOLDQ YRQ %XUJXQG GHU GXUFK GLH :DKO GHU .XUIUVWHQ LQ GHUHUVWHQ)DVWHQZRFKHGHV-DKUHVHLQVWLPPLJ]XP5|PLVFKHQ.| QLJJHZlKOWZXUGH    



Y 

6REDOGZLU\QGLHŰHOELJN\UFKNDPHQYLHQJHQGLHEUţGHUH\QKHUOÖFK DPSWGHUPH‰DQ]ţŰ\QJHQb 1DFKYROOHQGXQJGH‰ŰHOELJHQWKHWWHQŰ\HH\QSURFHŰŰLRQGHUZLUQDFK YROJHWHQbYQGTXDPHQDOŰRIXUJHQGDQŰWHWWK\HQDFKJHQGHb =XPHUŰWHQDQGÖHŰWDWWGDYQŰHUKHUUKHŰXVPÖWŰ\QHQMXQJHUHQGDV OHW]ŰWQDFKWPDOKDWWJHŰŰHQbYQQGGDVŰDFUDPHQWŰ\QHVIURQOÖFKQDP‰ YQGKH\OÖJHQEOţWHVbYQGHUJHŰWDOWGH‰EURWVYQGZ\QHVYIIJHŰDW]HWb 'DŰHOEHWŰWHWW\W]GHUKRKHDOWDULQGHPFKRUbYQGLŰWGDYHUJHEXQJDOOHU ŰXQGHb &]ţGHUUHFKWHQŰ\WHQGH‰ŰHOEHQDOWDUVLŰWGLHŰWDWWGDYQŰHUKHUŰ\QHQ MXQJHUHQGLHI‰ZţŰFKb 9‰ZHQGLJGHPFKRULŰWGLHŰWDWWGDJRWWGHUKH\OÖJJH\ŰWDPSIÖQJŰW  WDJ\QJHŰWDOWIXUHU]XQJHQGHQXQJHUQFUÖŰWLJHŰDQGHWZDUG9QGHU ZHOFKHQŰWDWWLŰWGLH&DSHOYRQZHOFKHUREJHŰFKULHEHQŰWHWWbGDU\QQGLH EHJUHEQ‰GHUNRQLJYQGSURSKHWHQMŰUDKHOLŰWbGDU\QQZLUGXUFKH\Q IHQŰWHUŰDKHQbGDLŰWDXFKYHUJHEXQJDOOHUŰXQGb 9RQGDQQHQQÖWYHUULŰWGLHŰWDWGDYQŰHUKHUUHMKHŰXVQDFKŰ\QHUYII HUŰWHQQşJGXUFKEHŰORŰŰHQWKU\QJHQGHHUŰFKH\QHDQGHPRŰWHUWDJbYQG GDUQDFKZLGHUYPEDPDFKWHQWDJ\QE\ZHŰHQŰDQFWL7KRPHbGDLŰW DEOD‰bYÖMbMDUYQGbYLMNDUHQb$EHUGHUEDEŰW6L[WXVGHUYLHUGGH‰QD  PHQVKDWWJHEHQGDŰHOEHWDEOD‰DOOHUŰXQGHYRQS\QYQGŰFKXOGb $OVGL‰SURFHŰŰLRQH\QHQGKHWWHbZXUGHQZLUJHODGHQYRQGHP*DU  GLDQYQGŰ\QHQEUXGHUQDOVJHZRQKH\WLŰWPLW\QHQ]ţHŰŰHQbGDUYPE YQGDQGHU\UHUGLHQŰWEDUNH\WYQVRIIWYQGGLFNIUXQWOÖFKHQEHZ\HŰHQ YQGHU]HXJHWbZLU\QHQELOOÖFKZLGHUOHJXQJWKHWWHQH\Q\HGHUQDFKŰ\  QHPYHUPţJHQ $OVZLUJHŰŰHQKHWWHQYQGZLGHUNHUWHQLQYQŰHUKHUEHUJbYQGHUZH  JHQTXDPHQZÖULQH\QN\UFKGLH\W]GLHMDFREÖWHQ\QQKDOWHQbDQZHO  FKHPHQGH+HURGHVŰDQW-DFREGHQJURŰŰHUHQOÖH‰HQWKDXEWHQbGDLŰW DEHUDEOD‰bYLMbMDUYQGbYLbNDUHQb 1DKHGDE\LŰWGÖHŰWDWWGDFULŰWXVQDFKŰ\QHUYIIHUŰWHQQşJŰDQFWHPD ULHPDJGDOHQHYQGDQGHUQDQGHFKWLJHQIUDXZHQDOVŰÖHYRQŰ\QēJUDE TXDPHQJHQGHHUŰFKH\QŰ\HJUţŰŰHQGHbGDŰ\HDXFK]ţ\PWUDWWHQYQG \PŰ\QIX‰KLHOWHQb'DŰHOEHWLŰWDEHUDEOD‰bYLMbMDUYQGbYLMbNDUHQb 6LWWHPDODEHUZLUGLHQDFKYROJHQGHQDFKWQDFKDOWHUJHZRQKH\WŰRO  WHQ\QQGHQWHPSHOGH‰KH\OÖJHQJUDE‰JHODŰŰHQZHUGēbJDEHQZLUYQV ]ţUţJH\QFOH\QH]\WW\QQYQŰHUKHUEHUJb            



Y 



$OVZLUGLH.LUFKHEHWUDWHQEHJDQQHQGLH %UGHUHLQ KHUUOLFKHV&KRUDO DPW]XVLQJHQ 1DFK GHP (QGH GHU 0HVVH IDQG HLQH 3UR]HVVLRQ VWDWW GHU ZLU XQV DQ VFKORVVHQXQGVRVFKULWWHQZLUDQGHQIROJHQGHQ2UWHQYRUEHL =XHUVWNDPHQZLUDQGLH6WHOOHDQGHUXQVHU+HUU-HVXVPLWVHLQHQ-Q JHUQGDVOHW]WH$EHQGPDKOJHJHVVHQXQGGDV6DNUDPHQWVHLQHV/HLEHVXQG VHLQHV%OXWHVLQGHU*HVWDOWYRQ%URWXQG:HLQJHVWLIWHWKDW$QGLHVHP 2UWVWHKWMHW]WGHU+RFKDOWDULP&KRUXQGKLHUZHUGHQDOOH6QGHQYHUJH EHQ $XI GHU UHFKWHQ 6HLWH GHV $OWDUV EHILQGHW VLFK GLH 6WHOOH DQ GHU XQVHU +HUUVHLQHQ-QJHUQGLH)‰HZXVFK $XIGHU$X‰HQVHLWHGHV&KRUVLVWDP3ILQJVWWDJ*RWWGHU+HLOLJH*HLVW LQ *HVWDOW YRQ )HXHU]XQJHQ DXI GLH -QJHU KHUDEJHNRPPHQ 8QWHU GHU 6WHOOHDQGHUGLHVHV(UHLJQLVVWDWWJHIXQGHQKDWLVWGLHREHQHUZlKQWH.D SHOOHPLWGHU*UDEOHJHGHU.|QLJHXQG3URSKHWHQYRQ,VUDHO:LUVDKHQ GXUFKHLQ)HQVWHULQGLH*UXIWKLQHLQDXFKKLHUHPSIlQJWPDQGLH9HUJH EXQJDOOHU6QGHQ 1LFKWZHLWGDYRQHQWIHUQWLVWDP2VWHUWDJXQVHU+HUU-HVXVQDFKVHLQHU $XIHUVWHKXQJGHQ-QJHUQGXUFKHLQHYHUVFKORVVHQH7UKLQGXUFKHUVFKLH QHQ'DQDFKDFKW7DJHVSlWHULVWHUGHPKO7KRPDVHUVFKLHQHQ+LHU JLEWHVHLQHQ$EODVVYRQ-DKUHQXQG.DUHQ$EHU3DSVW6L[WXV,9 KDWKLHU9HUJHEXQJDOOHU6QGHQXQG$EODVVYRQ3HLQXQG6FKXOGYHUIJW $OV GLH 3UR]HVVLRQ ]X (QGH ZDU ZXUGHQ ZLU ZLH HV *HZRKQKHLW LVW YRP*XDUGLDQXQGVHLQHQ%UGHUQ]XHLQHPJHPHLQVDPHQ0DKOJHODGHQ 'LHVHXQGDQGHUH'LHQVWEDUNHLWHQZXUGHQXQVRIWXQGlX‰HUVWIUHXQGOLFK HUZLHVHQXQGZLUYHUVXFKWHQMHGHUQDFKVHLQHP9HUP|JHQXQVGDIUHU NHQQWOLFK]X]HLJHQ 1DFKGHP ZLU JHJHVVHQ KDWWHQ NHKUWHQ ZLU ZLHGHU LQ XQVHUH +HUEHUJH ]XUFN8QWHUZHJVNDPHQZLUDQHLQHU.LUFKHYRUEHLGLHMHW]WGHQ-DNREL WHQJHK|UW6LHVWHKWDQGHU6WHOOHDQGHU+HURGHVGHQKO-DNREXVGHQ bOWHUHQ HQWKDXSWHQ OLH‰ KLHU ZHUGHQ  -DKUH XQG  .DUHQ $EODVV JH ZlKUW ,QGHU1lKHGHV.ORVWHUVLVW&KULVWXVQDFKVHLQHU$XIHUVWHKXQJGHUKO 0DULD0DJGDOHQDXQGDQGHUHQIURPPHQ)UDXHQHUVFKHLQHQDOVVLHJHUDGH YRQVHLQHP*UDENDPHQXQGHUJU‰WHVLH6LHWUDWHQDXILKQ]XXQGXP IDVVWHQVHLQH)‰H+LHUJLEWHVHLQHQ$EODVVYRQ-DKUHQXQG.DUHQ :HLO ZLU LQ GHU IROJHQGHQ 1DFKW QDFK DOWHU *HZRKQKHLW LQ GHQ 7HPSHO GHV +HLOLJHQ *UDEHV YRUJHODVVHQ ZHUGHQ VROOWHQ VR EHJDEHQ ZLU XQV LQ XQVHUH+HUEHUJHXPHLQZHQLJ]XUXKHQ



U 

+\HLŰW]ţPHUFNHQGD]GLHKH\OÖJŰWDWWMKHUXŰDOHPDQH\PKRKHQQ HQGHOÖJHWbQDFKGHUDQŰWRŰŰHQGHODQWŰFKDIIW]ţUHFKHQbDOŰRGD]PDQY‰ -KHUXŰDOHPŰHKHWGDVJDQW]ODQW$UDELDPbYQGGDVKRFKJHEÖUJH$ED  W\PYQG1HERYQG3KDŰJDbYQGGLHHEHQQHGH‰MRUGDQVYQGMHULFKRb YQGGDVWRGWPHUE\‰]ţGHPYHO‰HQGHUZţŰWHQ\H\QŰWDWWDOŰRJHQĆWb GH‰KDOE-KHUXŰDOHPJDUH\QŰFKRQHYPEŰHKXQJKDWWbYQGPDQPX‰ DQDOOHQHQGHQYIIŰW\JHQGDUJHJHQZDQŰÖHKRKHUOÖJWGDQNH\QDQGHUH ŰWDWW\QGHPŰHOEHQODQGWbY‰JHQRPPHQ6\OR]ZRP\OHQGDYRQOÖ  JHQGHb '։LŰWGLHJHŰWDOWYQGIRUPGH‰WHPSHOVGH‰KH\OÖJHQJUDEV]ţMKHUXŰD OHPYRQY‰HQb   >+RO]VFKQLWW+HLOLJ*UDE.LUFKH@                             9RUGHPWHPSHOGHVKH\OÖJHQJUDEVO\JWGHUŰWH\QGDUYIIFULŰWXV YLHOŰ\QFUW]WUDJHQb

 U   hEULJHQVOLHJWGLHKHLOLJH6WDGW-HUXVDOHPDXIHLQHU+RFKHEHQHZHQQ PDQGLHDQ-HUXVDOHPDQJUHQ]HQGH/DQGVFKDIWPLWHLQEH]LHKW6RVLHKW PDQYRQ-HUXVDOHPDXVGDVJDQ]H/DQG$UDELHQXQGGLHKRKHQ%HUJH $EDULP1HERXQG3KDVJDZHLWHUKLQGLH-RUGDQHEHQHXQGGLH(EHQHYRQ -HULFKRXQGGDV7RWH0HHUELV]XGHPÄ)HOVHQGHU:VWH·ZLHGLHVHU2UW JHQDQQWZLUG'HVKDOENDQQPDQVDJHQGDVV-HUXVDOHPHLQHVFK|QH 8PJHEXQJKDWXQGPDQPXVV]XLKUKLQDXIVWHLJHQGHQQVLHOLHJWVRKRFK ZLHNHLQHDQGHUH6WDGWLQGLHVHP/DQGDXVJHQRPPHQ6\ORGDV]ZHL 0HLOHQYRQ-HUXVDOHPHQWIHUQWOLHJW  'LHVLVWGLH*HVWDOWXQG)RUPGHV7HPSHOVGHV+HLOLJHQ*UDEV]X-HUXVD OHPYRQDX‰HQJHVHKHQ                               9RU GHP 7HPSHO GHV KHLOLJHQ *UDEHV OLHJW GHU 6WHLQ DXI GHQ &KULVWXV ILHODOVHUVHLQ.UHX]WUXJ

Y    9RQGHP\QQJDQJLQGHQWHPSHOGH‰KH\OLJHQJUDEV  YQGYRQGHUSURFHŰŰLRQ]ţGHQKH\OÖJHQŰWHWWHQGDU\Q  JHWKRQb    0b[LMbWDJGH‰PRQHGVMXOÖMYIIGHQDEHQWZRUGHQZLU   YRQGHQKH\GHQQHPOÖFKUH\JHUHUGHUŰWDWWMKHUXŰDOHP   \QJHODŰŰHQYQGJH]HOHWÖQGHQZÖUGLJHQWHPSHOGH‰KHL   OÖJHQJUDEVbGDUYPEYQŰHUH\Q\HGHUIXQIIGXFDWWHQ   PXŰWHQJHEHQbYQGZXUWGÖŰŰHUWHPSHOŰXŰWQXPPHUYII   JHWKDQYRQGHQKH\GHQbGDQYPEGHUEÖOJHUZHJHQŰR Ű\HGDUNRPPHQbRGHUYPEZHJHQ]ţYHUHQGHUHQGLHEUţGHUGLHGDU\Q JHODŰŰHQZHUGHQbGHQWHPSHOYQGGÖHKH\OÖJHQŰWHWW\QZHQGLJ]ţYHUKţ WHQb6REDOGZLUGDU\QQTXDPHQZXUGHQZLUGDU\QYHUŰORŰŰHQbPLWW ŰDPSWGHP*DUGLDQYQGYLHOŰ\QHUEUţGHUGÖHPLWYQVGDU\QJLHQJHQ 6REDOGH\QFULŰWHQPHQŰFKRGHUH\QELOJHUŰ\QIX‰\QGHQWHPSHOŰHW]HW HUODQJHWHUYROOHYHUJHEXQJDOOHUŰ\QHUŰXQGHb  'H‰KH\OÖJHQ7HPSHO‰GDU\QQGDVJUDEFULŰWLLŰWIRUPYQGIÖ  JXULŰWGL‰Hb  'LHN\UFKLŰWURQWWbYQGKDWWYEHU]ZHUFK]ZţŰFKHQGHQŰXOHQGU\YQQG ŰXELW]LJŰFKZbYQQGDEŰ\WHQbGLHKDEHQ]ţULQJYPEYRQGHUY‰ZHQGL  JHQPXUHQGHUN\UFKHQ]HKHQŰFKZYEHUGDVJUDEYQŰHUVKHUUHQbREZHO  FKHPÖQPLWWHOGHUŰHOEHQN\UFKHQH\QUţQGHRIIHQHLŰWbDOŰRGD]GDVKH\  OÖJJUDEJDQW]YQGHUGHPKPHOEOR‰ŰWHWWb$EHUGLHN\UFK*ROJDWKD LŰWGDUDQJHEXZHQYQGYHUYDŰŰHWDQŰWDWWYQGÖQIRUPH\QHVNRUH‰DQ GLHN\UFKGHVKH\OLJHQJUDEVbGRFKH\QZHQLJQ\GGHUHUbYQGŰ\QEH\GH YQGHUH\QHPWDFKb 'LH&DSHOOGDU\QQGDVJUDEYQŰHUVKHUUHQLŰWbKDWWDQGHUOHQJHDFKW ŰFKZbDQGHUEUH\WHDXFKDFKWŰFKZ]ţULQJYPEY‰ZHQGLJPLWPDUPHO EHGHFNHWYQGYPEJHEHQbDEHU\QQZHQGLJLŰWH‰H\QYHO‰DOVH‰ZDV]ţ GHU]\WDOVYQŰHUKHUUGDU\QQJHOHJHWZDUGb -QGLHFDSHOOJHHWH\QWKUYRQRUÖHQWJDUQ\GHUYQGFOH\QbYQQGŰR PDQGDU\QJHHWLŰWGDVKH\OÖJJUDE]ţGHUUHFKWHQKDQGWDQGHUZDQGW JHJHQPLWWHUQDFKWYRQPDUPHOJUDHUIDUEHbGU\ŰSDQQHQKRKHYRQGHP SDXLPHQWDFKWŰFKZODQJHDOVDXFK\QQZHQGLJGÖHNUXIIWRGHUFDSHOÖŰW YQGLŰW]ţDOOHQRUWKHQEHŰFKORŰŰHQbNH\QOÖHFKWKDEHQG\QQZHQGLJYRQ Y‰HQbZDQGDNH\QIHQŰWHULŰWGDVOÖHFKWGDU\QJHEHbŰXQGHUbL[bDPSHOQ YEHUGHPJUDEYQŰHUVKHUUHQbJHEHQOÖHFKW\QQZHQGLJb          



Y 



'HU(LQJDQJ LQ GHQ 7HPSHO GHV KHLOLJHQ *UDEV XQGGLH 3UR]HV VLRQ]XGHQKHLOLJHQ6WlWWHQLQVHLQHP,QQHUHQ

 $P-XOLDEHQGVZXUGHQZLUYRQGHQ+HLGHQ GLHGLH6WDGW-HUXVDOHP UHJLHUHQLQGHQHKUZUGLJHQ7HPSHOGHVKHLOLJHQ*UDEHVHLQJHODVVHQXQG JH]lKOWGHQQMHGHUYRQXQVPXVVWHIQI'XNDWHQJHEHQ6RQVWZUGHQGLH +HLGHQ GHQ 3LOJHUQ GLH JHUDGH GHVKDOE KLHUKHU NRPPHQ NHLQHQ (LQODVV JHZlKUHQRGHUGLH+HLGHQZUGHQGLH%UGHUDXVZHFKVHOQGLHGHQ7HP SHOXQGGLHKHLOLJH6WlWWHLP,QQHUHQKWHQ*OHLFKQDFKGHPZLUHLQJHWUH WHQZDUHQZXUGHQZLUHLQJHVFKORVVHQPLWVDPWGHP*XDUGLDQXQGYLHOHQ VHLQHU%UGHUGLHPLWXQVJHNRPPHQZDUHQ6REDOGHLQ&KULVWHQPHQVFK RGHUHLQ3LOJHUVHLQHQ)X‰LQGHQ7HPSHOVHW]WHUODQJWHUGLHYROOH9HUJH EXQJDOOVHLQHU6QGHQ   'LH )RUP XQG *HVWDOW GHV KHLOLJHQ 7HPSHOV LQ GHP VLFK GDV *UDE&KULVWLEHILQGHWLVWIROJHQGH  'LH.LUFKHLVWUXQGXQGPLVVWGLDJRQDO]ZLVFKHQGHQ6lXOHQGUHLXQGVLHE ]LJ )X‰ 'LH $SVLGHQ GLH ULQJI|UPLJ XP GLH lX‰HUHQ 0DXHUQ ODXIHQ VLQG]HKQ)X‰EHUGHP*UDEXQVHUHV+HUUQHUEDXWhEHUGHP*UDELQ PLWWHQGHU.LUFKHEHILQGHWVLFKHLQHUXQGHgIIQXQJVRGDVVGDVKHLOLJH *UDEJDQ]XQEHGHFNWXQWHUGHP+LPPHOOLHJW'LH*ROJDWKD.LUFKHLVWDQ GLH+HLOLJ*UDE.LUFKHDQJHEDXWXQGGLHQWDOV&KRUXQGKDWDXFKGHVVHQ *HVWDOW 'RFK LVW GLH *ROJDWKD.LUFKH HLQ ZHQLJ QLHGULJHU DEHU HV VLQG EHLGH.LUFKHQPLWHLQHP'DFKEHGHFNW 'LH .DSHOOH LQ GHU VLFK GDV *UDE XQVHUHV +HUUQ EHILQGHW PLVVW LQ GHU /lQJHDFKW)X‰LQGHU%UHLWHDXFKDFKW)X‰,QGHU5XQGXQJXQGDQGHU )DVVDGHLVWVLHPLW0DUPRUDXVJHOHJW$EHULP,QQHUHQLVWGLH.DSHOOHHLQ )HOVVRZLHHUZDUDOVXQVHU+HUULQLKQKLQHLQJHOHJWZXUGH 9RP 2ULHQW KHU IKUW HLQH QLHGULJH XQG NOHLQH 7U ]XU .DSHOOH :HQQ PDQ GD KLQHLQJHKW GDQQ LVW GDV KHLOLJH *UDE ]XU UHFKWHQ +DQG DQ GHU QDFK0LWWHUQDFKWDXVJHULFKWHWHQ:DQG6HLQH)DUEHLVWPDUPRUJUDX'HU $EVWDQG]ZLVFKHQ'HFNHXQG)XQGDPHQWEHWUlJWGUHL6SDQQHQDFKW)X‰ PLVVW GLH/lQJH GHV *UDEVXQGVRODQJLVWDXFKGLH*UXIWRGHU .DSHOOH 6LHLVWYRQDOOHQ6HLWHQJHVFKORVVHQXQGHPSIlQJWZHGHU/LFKWYRQLQQHQ QRFKYRQDX‰HQGHQQPDQVFKOXJNHLQH)HQVWHU|IIQXQJLQGLH*UXIWGD PLWHVKHOOLQLKUVHLVRQGHUQQHXQ]HKQ$PSHOQGLHEHUGHP*UDEXQVH UHV+HUUQKlQJHQEHOHXFKWHQGLH*UXIWYRQLQQHQKHU             



U 

(\QDQGHUFDSHOLŰWYRUGLŰŰHUFDSHORGHUŰSHOXQFDGH‰KH\OÖJHQJUDEVb JOÖFKHUOHQJHYQGEUH\WWHYQGJÖŰFKLFNWYRQ\QQHQYQGYŰŰ]HQbYQGŰR H\QHUŰ\HDQŰ\FKWY‰ZHQGLJbŰRZHQHWHUH‰Ű\H\QHbŰRDEHUH\QHU\QZHQ GLJÖŰWbŰRŰHKHWHUŰ\HYRQH\QDQGHUGXUFKH\QPÖWWHOOHZDQGWJHŰFKH\  GHQbYQGJHHWPDQ]XPHUŰWHQ\QGLHY‰ZHQGLJbYQGGDUQDFKÖQGLHGDU \QQGDVKHLOÖJJUDELŰWb-QGLŰŰHY‰ZHQGLJFDSHOJLHQJHQGLHKH\OÖJHQ IUDXZHQGDŰ\HŰSUDFKHQbZHUZHQGHWYQVGHQŰWH\QYPEYRQGHUWKXU GHVJUDEVbGDPÖWGÖHWKXUEHŰORŰŰHQZDVbZDQGHUŰHOELJŰWH\QZDUGJH  OHJWIXUGLHWKXUGHU\QZHQGÖJHQŰSHOXQFNHQbYQGOÖJHWQRFKKWWH\Q JUR‰WH\OGHŰHOEHQŰWH\Q‰YRUGHUWKXUGHUŰHOEHQ\QZHQGLJHQŰSHOXQ  NHQb$EHUGDVDQGHUWH\OÖŰWYIIGHPEHUJ6\RQ\QGHPKRKHQDOWDUGHU N\UFKHQb -WHPGHUEHUJ&DOXDULHYIIGHPYQŰHUKHUUJHFUXW]LJHWLŰWZRUGHQLŰW ŰţEHQKXQGHUWŰFKZYHUUYRQGHUŰWDWWGHVKHLOÖJHQJUDEVbY?PX‰PDQ YIIŰW\JēE։DQGDVHQGHGDGDVKHLOÖJFUXW]\QH\QYHO‰HQZDUGJHŰHQF NHWDFKW]HKHQŰFKZYŇGēSDXÖPēWGHUN\UFKēYEHUŰÖFKb'DVORFKGH‰ŰHOEHQ

YHOŰHQÖŰWŰRZ\WKGD]H\QPHQŰFKŰ\QKDXEWPDJGDU\QWKţQbYQJHWW GHUU\‰QDFKGHUOHQJHGHVŰHOEÖJHQYHOŰHQYRQREHQDQGDGDVFUW]\Q JHŰHQFNHWZDUGE\‰\IIGDVSDXLPHQWGHUN\UFKHQK\QQ\GHQDFKW]HKHQ ŰFKZb8QGHUŰFK\QHWQRFKKXWWGLHIDUEHGH‰EOţWHVYQŰHUVKHUUHQMKHŰX FULŰWL\QGHPU\‰GHVŰHOEHQYHOŰHQbZHOFKHUU\‰JHŰFKDKHYRQGHUO\QF NHQKDQGWFULŰWLDOVHUDPFUXW]YHUŰFK\HGb$QGHPŰHOEHQHQGHÖŰWH\Q ŰFKQHUDOWDUJHEXZHWZRUGHQbYQÖŰWGDVSDXÖPHQWGHUŰHOELJHQFDSHO GDU\QGHUDOWDULŰWJDQW]YRQPDUPHOŰWH\QEHŰHW]HWbYQGGLHZHQGHPLW PDUPHOYEHU]RJHQYQGYRQOXWKHUHPJROGWPLWPţŰŰ\UWHPZHUFNJH  W]LHUHWb'DVORFKDEHUGDU\QGDVFUW]JHŰHQFNHWZDUGÖŰW]ZH\HUŰSDQ  QHQW\HIIb -WHPYRQGHPEHUJ&DOXDULHb[[LLLMbŰFKZJHJHQRULHQWLŰWH\QDOWDU GDUYQGHULŰWH\QWH\OGHUŰXOHQ\‰S\ODWXVK‰GDK\QJHEUDFKWGDUDQ YQŰHUKHUUHMKHŰXVJHJH\‰HOWLŰWZRUGHQbYQGLŰWYQGHUGHPŰWH\QGHVDO  WDUVDOŰRYHUGHFNHWGD]PDQŰ\HGRFKPDJŰHKHQbDQWDŰWHQYQGNXŰŰHQ H\QVWH\OVb9QGLŰWGLHŰHOEŰXOOYRQH\PŰWH\QbH\QVWH\OVŰZHUW]OHFKW GRFKQLWJDQW]YLOURWHUPDFOHQQDWXUOÖFKKDEHQGbZHOFKHGDVJHPH\Q YROFNYHUPH\QHWŰ\QWURSIHQGHVEOţWVYQŰHUVKHUUHQMKHŰXFULŰWLGDUDQ JHJH\‰OHWb'DVDQGHUWH\OGHUŰHOEHQŰXOHQŰDJHWPDQHWWZDQJHQ&RQ ŰWDQWÖQRSROŰ\QJHIţUHWZRUGHQb9RQGLŰŰHPDOWDUREJHPHOGHWGHUŰX  OHQ]HKHQŰFKZJHJHQRULHQWbJHWWPDQb[OYÖÖMbŰWDIIHOQDEb]ţGHUŰWDWWbGR ŰDQFWHKHOHQDGDVKHLOÖJFUXW]FULŰWLKDWWJHIXQGHQb'RLŰWH\QFDSHOY? ]ZHQDOWDUGDU\QQbYQGHUGHUHUGHQb'LHŰWDWWGDU\QGDVKH\OÖJFUXW] ZDUGJHZRUIIHQPLWŰDPSWGHQDQGUHQ]ZH\HQDOVGLHFRUSHOGDYRQ ZRUGHQDEJHQŇPHQbEHGXQFNHWPLFKJHZHŰHQH\QYRQGHQŰWDWWJUDEHQ GDU\QYÖOHUGNDOFNYQGJHPXOZLŰWJHZRUIIHQZRUGHQGDMKHUXŰDOHP ZDUGW]HUŰWUHWbE\‰GD]GHUŰHOEHJUDEHGXUFKJHERWWYQGJHKH\‰     



U 



9RUGLHVHU.DSHOOHRGHU+|KOHGHVKHLOLJHQ*UDEVVWHKWHLQH]ZHLWH.DSHO OH YRQ JOHLFKHU /lQJH XQG %UHLWH XQG LP ,QQHUHQ XQG DQ GHU )DVVDGH >VFK|Q@JHVWDOWHW8QGZHQQPDQVLHYRQDX‰HQDQVFKDXWVRN|QQWHPDQ GHQNHQHVVHLHLQHHLQ]LJH>.DSHOOH@ZHQQPDQDEHUGULQQHQLVWVRVLHKW PDQ GDVV VLH YRQ HLQHU 0LWWHOZDQG JHWHLOW ZLUG =XHUVW JHKW PDQ LQ GLH lX‰HUH.DSHOOHXQGGDQDFKLQGLHLQGHUVLFKGDV+HLOLJH*UDEEHILQGHW ,QGLHVHlX‰HUH.DSHOOHJLQJHQGLHKHLOLJHQ)UDXHQDOVVLHVSUDFKHQ:HU ZlO]WXQVGHQ6WHLQYRQGHU7UGHV*UDEVPLWGHPGLH7UYHUVFKORVVHQ ZDU" 'HQQ GHU 6WHLQ ZXUGH YRU GLH 7U GHU LQQHUHQ +|KOH JHOHJW XQG QRFKKHXWHOLHJWHLQJUR‰HU7HLOGHV6WHLQVYRULKUHU7U'HUDQGHUH7HLO GHV6WHLQVMHGRFKOLHJWDXIGHP%HUJ=LRQLP+RFKDOWDUGHU.LUFKH ,WHP LVW GHU %HUJ .DOYDULH DXI GHP XQVHU +HUU JHNUHX]LJW ZRUGHQ LVW VLHEHQKXQGHUW)X‰YRPKHLOLJHQ*UDEHQWIHUQW8QGPDQPXVVKLQDXI VWHLJHQELVDQGLH6WHOOHDQGHUGDVKHLOLJH.UHX]LQHLQHQ)HOVHQJHVHQNW ZRUGHQZDU'DVOLHJWDFKW]HKQ)X‰REHUKDOEGHV)XQGDPHQWVGHU.LU FKH'DV/RFKLP)HOVHQLVWVRJUR‰GDVVHLQ0HQVFKVHLQHQ.RSIKLQHLQ VWHFNHQN|QQWH8QGHV]LHKWVLFKHLQ5L‰GXUFKGLHJDQ]H/lQJHGHV)HO VHQV YRQ REHQ ZR GDV .UHX] LQ GHQ )HOVHQ JHVHQNW ZXUGH ELV DXI GDV )XQGDPHQWGHU.LUFKHDFKW]HKQ)X‰ODQJ8QGQRFKKHXWHHUVFKHLQWGLH )DUEHGHV%OXWHVXQVHUHV+HUUQ-HVX&KULVWLLP5LVVGHV)HOVHQV'HU5LVV HQWVWDQG XQWHUKDOE GHU OLQNHQ +DQG &KULVWL DOV HU DP .UHX] YHUVFKLHG $QGLHVHU6WHOOHLVWHLQVFK|QHU$OWDUHUEDXWZRUGHQ'HU%RGHQGHU.D SHOOHLQGHUGHU$OWDUVWHKWLVWJDQ]PLW0DUPRUDXVJHOHJWXQGGLH:lQGH VLQGPLW0DUPRUXQGPLWODXWHUHP*ROGEHU]RJHQXQGPLW0DUPRUPR VDLNHQ JHVFKPFNW'LH gIIQXQJ LQ GLH GDV .UHX] JHVHQNWZRUGHQZDU LVW]ZHL6SDQQHQWLHI ,WHPVWHKWYRP.DOYDULHQEHUJYLHUXQG]ZDQ]LJ)X‰5LFKWXQJ2ULHQWHLQ $OWDUGHUDXIHLQHP7HLOGHU6lXOHQYRQ3LODWXV·+DXVUXKW'RUWKLQZDU XQVHU+HUU-HVXV]XU*HL‰HOXQJJHEUDFKWZRUGHQ8QGGLH6lXOHQVLQGXQ WHU GHU VWHLQHUQHQ $OWDUPHQVD LQ GHU :HLVH YHUGHFNW GDVV PDQ VLH GRFK >QRFK@VHKHQEHWDVWHQXQGNVVHQNDQQ(LQH6lXOHLVWDXVHLQHP6WHLQJH KDXHQGHUVFKZlU]OLFKDXVVLHKWGRFKQLFKWWLHIVFKZDU]XQGHUKDWYLHOH URWH )OHFNHQ ,Q LKQHQ VLHKW GDV 9RON %OXWVWURSIHQ XQVHUHV +HUUQ -HVX &KULVWLGLHLKPZlKUHQGGHU*HL‰HOXQJDXVGHP.|USHUWUDWHQXQGDQGHU 6lXOHDQGLHHUJHEXQGHQZDUKDIWHQEOLHEHQ'HUDQGHUH7HLOGHU6lXOHQ VHLVRVDJWPDQQDFK.RQVWDQWLQRSHOJHIKUWZRUGHQ,QHLQHP$EVWDQG YRQ]HKQ)X‰YRQGHP6lXOHQDOWDUYRQGHPVRHEHQGLH5HGHZDUJHKW PDQDFKWXQGYLHU]LJ6WXIHQKLQDEXQGJHODQJWDQGLH6WHOOHDQGHUGLHKO +HOHQDGDVKHLOLJH.UHX]&KULVWLJHIXQGHQKDW'DLVWMHW]WHLQHXQWHULUGL VFKH.DSHOOHPLW$OWlUHQ'HU2UWDQGHPGDVKHLOLJH.UHX]XQGGLHEHL GHQ DQGHUHQ .UHX]H QDFK GHU .UHX]DEQDKPH KLQHLQJHZRUIHQ ZXUGHQ ZDU GHU 6WDGWJUDEHQ 1DFK GHU =HUVW|UXQJ-HUXVDOHPV ZXUGH LQ LKQ MHGH 0HQJH (UGH .DON XQG$EIDOO KLQHLQJHVFKWWHW ELV GHU *UDEHQ DXI9HU RUGQXQJXQG*HKHL‰       



Y 

ŰDQFWH+HOHQHZDUGJHIHJHWY?JHUH\QLJHWbZDQQDKHE\GHUŰWDWWZDUW YQŰHUKHUUJHFUXW]LJHWbGHPQDFKJOHXEOÖFKLŰWGD]GLHFUXW]DOOGU\ÖQH\  QHQŰWDWWJUDEHQZXUGHQJHZRUIIHQb'ÖHŰWDWWDEHUGRGLHMXQJIUDXZH PDUÖDPÖWŰDPSWDQGHUQKHÖOÖJHQIUDXZHQŰWţQE\GHPFUXW]bÖŰWQÖWJH  ZHŰHQYQGHUH\PDUPGHVFUXW]HVJHJHQPLWWHUQDFKWDOVHWOÖFKZROOHQ ŰDJHQbŰXQGHUYRUGHPDQJHŰÖFKWYQŰHUVKHUUHQH\QZHQLJJHJHQRFFLGēW :DQPDQ]HXJHWGDVŰHOEHQGQRFKGLŰŰHU]\WYIIPD‰\W]EHŰFKULHEHQb YQGHUGHPEHUJ&DOXDULHYQGYHO‰HQGDULQGDVKH\OÖJFUW]ZDUGJH  ŰHQFNHWbYQGZDUGWGDVŰHOEHQGLQJURŰŰHUHUHJHKDOWHQYRQGHQJOHXEL  JHQbDOVDXFKELOOÖFKLŰWb9QŰHUKHUUKDWWDXFKDPFUW]KDQJHQGŰ\QDQ  JHŰÖFKWJHZHQGHWJHKDEWJHJHQRFFLGHQWbGD]PDQK\UY‰PDJPHUFNHQb ZDQGDVRUWÖPŰWDWWJUDEHQGDU\QGDVFUXW]JHZRUIIHQZDUGbJHJHQRF FLGHQWZHŰHQbLŰWK\QGHUGHPFUXW]GHU]\WJHOHJHQb-WHPYLODOWDUŰ\Q LQGLŰŰHPWHPSHObJDU]\POÖFKHQJHRUGQHWYQGJH]\HUHWb9RUGHUWKU GLŰŰHUN\UFKHQJHJHQRFFLGHQWbÖŰWGLHŰWDWWGDPDULDHJLSFLDFDbEHWWHQGH YRUGHPELOGGHUMXQJIUDXZHQPDULHDOVŰ\HZDUGYHUKDOWHQYQGYHU  K\QGHUHWY‰JRWWVYHUKHQJQX‰bGD]ŰÖHQLWPRFKWLQGHQWHPSHO\QJDQ HQSILHQJHLQWURŰWOÖFKDQWZRUWY?ZDUGJHODŰŰHQ\QGHQWHPSHO]ţJDQ DOVDQGHUPHQŰFKHQb$QGHUKH\OÖJŰWHWWGLŰŰHVWHPSHOVGÖHZLULQGHU QDFKWKH\PŰXFKWHQPLWGHUSURFHŰŰÖRQJDQGbPLWGHQēPQHUQEUţGHUQ GLHYQVIţUJÖHQJHQŰ\QGLŰŰHLQEHŰXQGHUb =XPHUŰWHQGÖHFDSHOGHVKH\OÖJHQJUDEHVYQŰHUVKHUUQGDYRQ\W]RE LŰWJHŰDJHWZRUGHQb 'DUQDFKH\QFDSHOLQGHUHUHGHUMXQJIUDXZHQPDULHJHZ\KHWbGDULQ GLHREJHQDQWHQEUţGHUŰÖFKDQWKHWWHQPLWPH‰JHZDQGHWFYQGHÖQORE OLFKSURFHŰŰÖRQDQIÖHQJHQPLWGHUOHWDQ\bGHUZLUQDFKYROJWHQPLWJH  EHWWYQDQGDFKWDOVELOOÖFKZDVb9QGNDPHQ]ţHUŰW]ţGHPKRKHQDOWDU GHUŰHOEHQFDSHOOHQbJHEXZHQDQGHPHQGGRYQŰHUKHUUMKHŰXVŰ\QHUZHU GHQPţWHU]XPHUŰWHQHUŰFKH\QQDFKŰ\QHUYIIHUŰWHQQşJb -QGHUŰHOEHQ&DSHOÖŰWDXFKH\QŰWFNGHUŰXOHQGDUDQYQŰHUKHUUJH  EşGHQbJHJH\‰HOHWZDUGb9QGÖŰWDQGLŰHPHQGYHUJHEşJDOOHUŰXQGbHWF -WHPH\QDQGHUŰWFNGHUŰHOEHQŰXOHQGLŰŰHPJOÖFKJUR‰bLŰWDOVPDQ ŰDJW]ţ5RPLQŰDQW3UD[HGLVN\UFKb-WHPQRFKHLQDQGHUŰWFNYŇ GHUŰHOEHQŰXOHQÖŰW]ţOXJGXQQDFKHWWOÖFKHUŰDJH\QGHUWKţPN\UFKHQb -WHPH\QDQGHUDOWDUÖŰWLQGHUREJHQDQWHQFDSHOb]ţGHUO\QFNHQŰ\  WHQGHVKRKHQDOWDUVbDQZHOFKHPHQGGDVKH\OÖJFUW]FULŰWÖODQJ]\WÖŰW JDQW]JHŰWDQGHQQDFKGHPDOVHVZDUGJHIXQGHQGXUFKŰDQFWĆKHOHQĆb 'RŰHOEHWLŰWQRFKH\QŰWXFNRGHUWH\OGHVKH\OÖJHQFUXW]YHUKDOWHQYQG EHŰORŰŰHQb'RLŰWDSOD‰bYLMbMDUYQGbYLMbNDUHQb -WHPLQPLWWHOGHUŰHOEHQ&DSHOLŰWH\QURQWPDUPHOŰWH\QbOÖJHQGH DQGHPHQGHbGRH\QWRGWHIUDXZHEHUţUWPLWGHPFUXW]FULŰWLZDUGHU      



Y 



GHUKO+HOHQDJHIHJWXQGJHUHLQLJWZXUGH:HLOXQVHU+HUUJDQ]LQGHU 1lKHDQV.UHX]JHVFKODJHQZXUGHNRQQWHPDQYHUPXWHQGDVVDOOHGUHL .UHX]H LQ HLQHQ 6WDGWJUDEHQ JHZRUIHQZRUGHQZDUHQ'LH 6WHOOH MHGRFK DQ GHU GLH -XQJIUDX 0DULD PLW GHQ DQGHUHQ KHLOLJHQ )UDXHQ DP .UHX] VWDQGGDVZDUQLFKWXQWHUHLQHP.UHX]HVDUPXQG5LFKWXQJ0LWWHUQDFKW ZLHHLQLJHZLVVHQZROOHQVRQGHUQVLHVWDQGHQYRUGHP$QJHVLFKWXQVHUHV +HUUQXQGLQ5LFKWXQJ2N]LGHQW0DQ]HLJWGLH6WHOOHKHXWHLQGHQJHQDX HQ 0D‰HQ XQWHU GHP .DOYDULHQEHUJ XQG GHP )HOVHQ LQ GHQ GDV .UHX] KLQHLQJHVHQNWZRUGHQZDU'LHVH6WHOOHZLUGVHLWKHUYRQGHQ*OlXELJHQLQ JUR‰HU(KUHJHKDOWHQZDVQXUZUGLJXQGUHFKWLVW8QVHU+HUUKDWWHMD DXFKDOVHUDP.UHX]KLQJVHLQ$QJHVLFKW5LFKWXQJ2N]LGHQWJHZHQGHW 'DVVFKOLH‰WPDQGDUDXVGDVVGLH6WHOOHLP6WDGWJUDEHQDXIGLHGDV.UHX] JHZRUIHQ ZXUGH 5LFKWXQJ 2N]LGHQW OLHJW XQG GDV ZDU VHLQHU]HLW KLQWHU GHP.UHX](VVLQGYLHOH$OWlUHLQGLHVHP7HPSHOHUULFKWHWZRUGHQXQG DOOHVDPWVLQGVLHSUlFKWLJJHVWDOWHW9RUGHU7UGLHVHU.LUFKHEHILQGHWVLFK 5LFKWXQJ2N]LGHQWGLH6WHOOHDQGHU0DULDYRQbJ\SWHQYRUGHP%LOG GHU-XQJIUDX0DULDEHWHWHZHLOVLHQDFK*RWWHV5DWVFKOXVVGDUDQJHKLQGHUW ZXUGHLQGHQ7HPSHO]XJHKHQXQGVLHHPSILQJHLQHWU|VWOLFKH$QWZRUW YRQ*RWWXQGZXUGHVFKOLH‰OLFKZLHDQGHUH0HQVFKHQDXFKLQGHQ7HP SHOKLQHLQJHODVVHQ(VJLEWQRFKYLHOHKHLOLJH2UWHLQGLHVHP7HPSHOGLH ZLULQGHU1DFKWEHVXFKWHQDOVZLUDQGHU3UR]HVVLRQGHU0LQGHUHQ%U GHUWHLOQDKPHQ'LHVHKHLOLJHQ6WlWWHQVLQGGLHIROJHQGHQ (UVWHQV GLH .DSHOOH GHV KHLOLJHQ *UDEHV XQVHUHV +HUUQ GLH MD VFKRQ REHQEHVFKULHEHQZRUGHQLVW $X‰HUGHPHLQH.DSHOOHGLH]XU(KUHGHU-XQJIUDX0DULHJHZHLKWZRU GHQLVW,QLKUNOHLGHQVLFKGLH0LQGHUHQ%UGHULQGLH0HVVJHZlQGHUHWF :LH ZLU ZRKOJHIlOOLJ EHPHUNWHQ QDKP KLHU HLQH 3UR]HVVLRQ PLW GHU /L WDQHLLKUHQ$QIDQJGHUZLULPDQGlFKWLJHQ*HEHWIROJWHQ6RVFKULWWHQ ZLU]XP+RFKDOWDUGHU.DSHOOHGHUGDHUULFKWHWLVWZRXQVHU+HUU-HVXV VHLQHUYHUHKUWHQ0XWWHU]XPHUVWHQ0DOQDFKVHLQHU$XIHUVWHKXQJHUVFKLH QHQLVW ,QGLHVHU.DSHOOHJLEWHVDXFKHLQ6WFNGHU6lXOHDQGLHXQVHU+HUU]XU *HL‰HOXQJJHEXQGHQZXUGH+LHUHPSIlQJWPDQGLH9HUJHEXQJDOOHU6Q GHQHWF (EHQVR KRFK ZLH GLHVHV LVW HLQ DQGHUHV 6lXOHQVWFN GDV ZLH HV KHL‰W VLFKQXQLQGHU6W3UD[HGLV.LUFKHLQ5RPEHILQGHW'HP*HUFKWQDFK LVWHLQZHLWHUHV6lXOHQIUDJPHQWLQ/XJGXQLQGHU7XUPNLUFKH ,WHPVWHKWDXIGHUOLQNHQ6HLWHGHV+RFKDOWDUVHLQ]ZHLWHU$OWDU$QLKP KDWODQJH=HLWGDVKHLOLJH.UHX]&KULVWLJHVWDQGHQQDFKGHPHV6W+HOHQD JHIXQGHQKDWWH,QGHP$OWDUZLUGQRFKHLQ6WFNRGHUHLQ7HLOGHVKHLOL JHQ.UHX]HVDXIEHZDKUW+LHUHPSIlQJWPDQHLQHQ$EODVVYRQ-DKUHQ XQG.DUHQ ,WHPLVWLQGHU.DSHOOHHLQUXQGHU0DUPRUVWHLQ(UEH]HLFKQHWGLH6WHOOH DQGHUHLQHWRWH)UDXPLWGHP.UHX]&KULVWLEHUKUWXQGGDGXUFKYRP   

Y   TZÖFNHWYRPWRG]XPOHEHQb]ţGHU]\WGHUYLQGşJGHVŰHOEHQbGDPLWYQ GHUŰFKÖHGXQJ]ţKDEHQbYQGHUGHPFUXW]FULŰWLYQGGHQDQGHUQ]ZH\HQ GHUŰFKHFKHUb                                               

 Y   7RGH ]XP /HEHQ HUZHFNW ZRUGHQ LVW 'LHVHV :XQGHU JHVFKDK DOV PDQ GDV.UHX]ZLHGHUDXIJHIXQGHQKDWWHXQGGDV.UHX]&KULVWLYRQGHQ.UHX ]HQGHU6FKlFKHUXQWHUVFKHLGHQNRQQWH



U 

-WHPDOVZLUPLWGHUSURFHŰŰÖRQY‰GLŰŰHU&DSHOJLHQJHQIXQGHQZLU ]ZHQŰWH\QbH\QZL‰bGHUDQGHUURWbOÖJHQGHbGHQH\QHQDQGHPHQGHGRMKH ŰXVŰDQWPDUÖHPDJGDOHQHQDFKŰ\QHUYIIHUŰWHQQşJHUŰFKH\Qb\QJHŰWDOW H\QHVJDUWQHU‰b$QGēHQGHGH‰DQGHUQŰWH\QVŰWQŰ\HŰDQWPDUÖDPDJ GDOHQDGRŰ\HPLW\UHPH\JHQQDPHQYRQMKHŰXEHUXIIWb0DULDŰSUDFK 5DERQÖHWF'RÖŰWDEHUDEOD‰bYLMbMDUYQGbYÖMbNDUHQb -WHPYRQGDQQHQIXUJDQGHPÖWGHUSURFHŰŰLRQNDPHQZLULQH\QDQ GHUHFDSHOO\QH\QYHO‰HQJHEXZHWbQXUH\QDOWDUKDEHQGHbGRLŰWGLHŰWDW GRYQŰHUKHUUMKHŰXV\QQZDVEO\EHQY‰JHIţUHWFUXW]LJHW]ţZHUGHQbEL‰ GD]GDVFUW]EHUH\WHWZDUGb'RLŰWDEHUGHUYRULJDEOD‰b -WHPQDKHGDE\LŰWH\QDQGHUFOH\QFDSHOPLWH\PDOWDUDQGHPHQG HUEZHQbGRGLHFUXW]LJHUFULŰWLYQŰHUVKHUUQŰ\QHNOH\GHUY‰WH\OHWHQYQ GHUŰÖFKbYQGYPEGDVH\QOR‰WHQZHOFKHPH‰JDQW]EO\EHQGZXUGHbGR LŰWDEHUGHUYRULJDEOD‰b -WHPYRQGDQQHQJLHQJHQZLUDEGU\‰LJŰWH\QHŰWDIIHOQbLQH\QDQ  GHUH&DSHOO]ţŰDQW+HOHQDJHQDQWbGRŰ\H\UDQGHFKWLJJHEHWWWHJOÖFK YROOHQEUDFKWbH\Q]\WGDEO\EHQGQDFKYLQGXQJGH‰KH\OÖJHQFUXW]b$Q ZHOFKHPHQGHDXFKGDVKHLOÖJFUXW]ZDUGJHIXQGHQbGRZDVHWWZDQDE  OD‰bYLMbMDUY?bYLMbNDUHQb$EHUGHUEDEŰW6L[WXVGHUYLHUGGHVQDPHQV KDWWGDUJHOHJWYQGJHEHQYROOHYHUJHEXQJDOOHUŰXQGHQb 'RFKPX‰PDQYRQGÖŰŰHU\W]EHŰWXPSWHQFDSHOOHQED‰DEJHHQE\b[Mb ŰWDIIHOQbGDQNŇPHWPDQDQGDVHQGH\JHQWOÖFKHQbH\QŰSHOXQFNb[[Öb ŰFKZODQJbGRGDVFUXW]bŰSHUbQHJHOYQGGRUQHFURQYQŰHUVKHUUHQZXUGē JHIXQGHQMPMDUYRQGHU]\WŰ\QHVOÖGHQVYQGŰWHUEHQVGU\KXQGHUWY? ŰţEHQb'RLŰWDEHUYROOHYHUJHEXQJDOOHUŰXQGHQb 9‰GLŰŰHUKOHQZLGHUYIIŰW\JHQGHZLUNDPHQPLWGHUSURFHŰŰÖRQ]ţ H\PDOWDU\QGHPWHPSHObYQGHUZHOFKHPDOWDULŰWH\QŰWH\QbŰWDQGDOV H\QŰXOHbYIIZHOFKHPŰWH\QYQŰHUKHUUHLKHŰXVŰD‰GRHUZDUGJHNURQHW PLWGHPGRUQHNURQbDXFKŰXŰWYHUŰSRWWHWbYHUŰS\KHWbJHŰODJHQYQGJUR‰  OÖFKHQHWHUHWDOVGDQGHUSDŰŰÖRQY‰Z\ŰHWbGRLŰWDXFKDEOD‰bYLMbLDUYQG YLMbNDUHQb-WHPYRQGĆQHQJLHQJHQZÖUPLWGHUSURFHŰŰÖRQYIIZHUW] DFKW]HKHQŰWDIIHOQYIIGHQEHUJ&DOXDULHGRYQŰHUKHUUJHFUXW]LJHWZDUG GRÖŰWH\QŰFKRQHJHZHOEHWHFDSHOYQGEUQHQGDU\QQHb[MbDPSHOHQDOO ]\WYPEZHJHQZLUGHYQGKH\OÖNHWGHUUHQŰWDWWb 'RLŰWDXFKGDVORFK\QH\PYHO‰HQGDU\QGDVFUXW]JHŰHQFNHWZDUG ZHOFKHVORFKGU\ŰSDQQHQGÖHIILŰWbYQGH\QHUŰSĆQHQEUH\WbYQÖŰWPLWW H\QHPNţSIIHUQEOHFKYPEJHEHQbYPEZHJHQGD]Q\HPDQGDYŇHWZDV QHPHRGHUHWWZHUHb'RÖŰWE\ŰţEHQŰSDQQHQZ\WHYRQGēOÖQFNHQDUP FULŰWLDOVHUDPFUXW]KLHQJHbH\QJURŰŰHUU\‰\PYHO‰HQbDOŰRGD]H\Q PHQŰFKGDU\QPDJJHOHJHWZHUGēbZHOFKHUU\‰GXUFKGHQJĆW]HQYHO‰HQ       



U 



,WHPIDQGHQZLUDOV XQVGLH3UR]HVVLRQDXVGLHVHU .DSHOOHZLHGHUKHU DXVIKUWH]ZHL6WHLQHHLQHQZHL‰HQXQGHLQHQURWHQGHUHLQHDQGHU6WHO OHDQGHU-HVXVGHUKO0DULD0DJGDOHQDQDFKVHLQHU$XIHUVWHKXQJLQ*H VWDOWHLQHV*lUWQHUVHUVFKLHQGHUDQGHUHDQGHU6WHOOHDQGHUGLHKO0D ULD 0DJGDOHQD YRQ -HVXV PLW LKUHP 1DPHQ DQJHVSURFKHQ ZXUGH 0DULD VSUDFK GDUDXIKLQ 5DERQL HWF +LHU JLEW HV HLQHQ $EODVV YRQ  -DKUHQ XQG.DUHQ ,WHP IROJWHQ ZLU GHU 3UR]HVVLRQ ZHLWHU XQG JHODQJWHQ DQ HLQH .DSHOOH GLHLQHLQHQ)HOVHQJHEDXWLVWXQGQXUDXVHLQHP$OWDU EHVWHKW+LHUKDW XQVHU+HUU-HVXVDXVJHKDUUWXP]XU.UHX]LJXQJKLQDXVJHIKUW]XZHUGHQ DOVR ]XZDUWHQELVGDV .UHX] ]XU([HNXWLRQYRUEHUHLWHW ZDU+LHU HPS IlQJWPDQGHQJOHLFKHQ$EODVVZLHREHQ ,WHPVWHKWJDQ]LQGHU1lKHQRFKHLQHNOHLQH.DSHOOHPLWHLQHP$OWDU 6LH LVW DQ GHU 6WHOOH HUEDXW DQ GHU GLH .UHX]LJHU &KULVWL XQVHUHV +HUUQ VHLQH.OHLGHUXQWHUVLFKYHUWHLOWHQXQGVLHORVWHQXPGDVHLQHGDPLWHVHL QHPJDQ]JHK|UHQVROOWH+LHUJLEWHVGHQJOHLFKHQ$EODVV ,WHPVWLHJHQZLUYRQKLHUGUHL‰LJ6WHLQVWXIHQ]XHLQHU.DSHOOHKLQDEGLH 6W +HOHQD.DSHOOH KHL‰W +LHU YHUULFKWHWH VLH HLQH =HLW ODQJ LKU WlJOLFKHV *HEHWQDFKGHPVLHGDVKHLOLJH.UHX]JHIXQGHQKDWWH+LHUJDEHV-DKUH XQG  .DUHQ $EODVV GRFK 3DSVW 6L[WXV ,9 KDW EHVWLPPW GDVV GLH YROOH 9HUJHEXQJDOOHU6QGHQJHZlKUWZLUG 'RFKPXVVPDQHOI6WXIHQYRQEHVDJWHU.DSHOOHKLQDEVWHLJHQXPDQGLH HLJHQWOLFKH6WHOOH]XJHODQJHQHLQH+|KOHGLH]ZHLXQG]ZDQ]LJ)X‰ODQJ LVW+LHUIDQGPDQGDV.UHX]GHQ6SHHUGLH1lJHOXQGGLH'RUQHQNURQH XQVHUHV+HUUQ6LH ZXUGHQLQGHP-DKUJHIXQGHQDOVVHLWVHLQHP/HLGHQ XQG 6WHUEHQ GUHLKXQGHUW XQG VLHEHQ -DKUH YHUJDQJHQ ZDUHQ +LHU ILQGHW PDQGLHYROOH9HUJHEXQJDOOHU6QGHQ :LUYHUOLH‰HQGLH+|KOHZLHGHUXQGJLQJHQPLWGHU3UR]HVVLRQ]XHLQHP $OWDULP7HPSHO8QWHUGHU$OWDUPHQVDVWHKWHLQ6WHLQGHUDOV6lXOHIXQ JLHUW(UZDUGHU7KURQVLW]XQVHUHV+HUUQ-HVXVDOVHUPLWGHU'RUQHQNUR QHJHNU|QWXQGDXIDQGHUH:HLVHYHUVSRWWHWDQJHVSXFNWJHVFKODJHQXQG LQVFKOLPPVWHU:HLVHHQWHKUWZXUGHZLHLQGHQ3DVVLRQVJHVFKLFKWHQEH ULFKWHW ZLUG +LHU HPSIlQJW PDQ DXFK HLQHQ $EODVV YRQ  -DKUHQ XQG .DUHQ,WHPJLQJHQZLUPLWGHU3UR]HVVLRQ DFKW]HKQ6WXIHQKRFK]XP .DOYDULHQEHUJZRXQVHU+HUUJHNUHX]LJWZXUGH-HW]WVWHKWKLHUHLQHVFK| QHJHZ|OEWH.DSHOOHPLWHLQHP%UXQQHQZHJHQGHU:UGHXQG+HLOLJNHLW GLHVHU6WlWWHEUHQQHQGDULQ7DJXQG1DFKWHOI$PSHOQ +LHULVWDXFKHLQH9HUWLHIXQJLP)HOVERGHQLQGLHGDV.UHX]YHUVHQNW ZXUGH GLHVHV /RFK LVW GUHL 6SDQQHQ WLHI XQG HLQH 6SDQQH EUHLW XQG PLW HLQHPNXSIHUQHQ%OHFKXPNOHLGHWGDPLWQLHPDQGGDYRQHWZDVHQWZHQGHQ NDQQ   $OV &KULVWXV DP .UHX] KLQJ HQWVSUDQJ LP )HOVHQ KLQWHU GHP .UHX] YRQ VHLQHP OLQNHQ $UP DXVJHKHQG HLQ 5LVV GHU VR EUHLW LVW GDVV PDQHLQHQJDQ]HQ0HQVFKHQLQLKQKLQHLQOHJHQNDQQ'LHVHU5LVV     

U   E։YQGHQ\QGLHHUGJHŰFKDKH]ţGHU]\WGRYQŰHUKHUUHMKHŰXVDPFUXW] YHUŰFKÖHGHbYŇZHOFKHPHQGH\QZHQLJGDUYQGHUbŰWXQGHQPDULDJRWWHV                                                

 U   GXUFK]RJGHQJDQ]HQ)HOVHQXQGUHLFKWHKLQDEELVDXIGHQ(UGERGHQ(U NODIIWHLQGHP0RPHQWDXIDOVXQVHU+HUU-HVXVDP.UHX]YHUVFKLHG(LQ ZHQLJ XQWHUKDOE GDYRQ VWDQGHQ ]XU =HLW GHV /HLGHQV XQVHUHV +HUUQ GLH *RWWHVPXWWHU0DULD



Y 

PţWHUŰDQFWXVMRKDQQHVPDULDPDJGDOHQDbYQGDQGHUDQGHFKWLJIUDX ZHQ]ţGHU]\WGHVO\GHQVYQŰHUVKHUUHQbGRLŰWYROYHUJHEşJDOOHUŰXQGb -WHPYQGHUGHPEHUJ&DOXDULH]ţGHUOÖQFNHQKDQGWLŰWH\QDQGHUH FDSHOObLQGHUHUHGHUMXQJIUDXZHQPDUÖHYQGŰDQFWLMRKDQQLVJHZ\KHW DQGHUŰWDWWJROJDWKDH\JHQWOÖFKJHQDQWbGRŰHOEHWŰHKHWPDQJDURIIHQ  EDUGHQU\‰GHVYHOŰHQJHQGHYRQREHQDQEL‰YQGHQGXUFKGHQYHO‰HQ $QGLŰŰHUŰWDWWÖŰWDXFKGDVKDXEWXQŰHUVHUŰWHQYDWWHUV$GDPJHIXQ  GHQZRUGHQbGRLŰWDEOD‰bYÖMbMDUYQGbYÖMbNDUHQb9QGPDQNŇPHWPLWW GHUSURFHŰŰÖRQQLWGDK\Qb$EHUYRQGHPEHUJH&DOXDULHJHWWPDQPLW GHUSURFHŰŰÖRQDQGDVHQGGRGLHMXQJIUDXZPDULDOH\GLJŰD‰bGR\UGHU WRGWO\FKQDP\UHVOÖHEHQN\QGHVYRPFUXW]EHQŇPHQbDOVEDOGYII\UHQ ŰFKR‰ZDUGJHOHJWHWFYQGÖŰWGRYROOHYHUJHEXQJDOOHUŰXQGb =ţOHW]ŰWJÖHQJHQZLUPLWGHUSURFHŰŰÖRQÖQGLH&DSHOOGHVKH\OÖJHQ JUDEVFULŰWLYRQZHOFKHUREYLOJHŰFKULHEHQLŰWbY?GRŰ\Qb[YLMbDPSHOQ DOO]\WEU\QQHQbYQGLQGHUFDSSHOQY‰ZHQGÖJGHPKH\OÖJHQJUDEGU\ EU\QQHQOXFHUQHQb'RLŰWYROOHYHUJHEXQJDOOHUŰXQGb -WHPYRQGDQQHQNDPHQZLUZLGHULQGLH&DSHOGHUMQQJIUDXZHQ 0DUÖHGDZLUPLWGHUSURFHŰŰÖRQ]ţHUŰWY‰JDQJHQZDUHQbDOŰRGD]GÖH SURFHŰŰLRQGDŰLFKHQGHWGRŰLHH\QDQIDQJKHWWH1DFKYROOHQGşJGHU SURFHŰŰÖRQDŰŰ]YQGGUDQFNH\Q\HGHUDOV\PQRWZDVbYQGHUKHWWHPLWW \PLQGHQWHPSHOJHQŇPHQbYQGJÖHQJGLHYEHULJ]\WGHUQDFKW]ţKH\OÖ JHQŰWHWWHQÖQGHPWHPSHOQDFKŰ\QHUEHJLUGYQGDQGDFKWYQGELFKWHWb ZDQQDFKOREOÖFKHUJHZRQKH\WbGLHELOJHUSIOHJHQGDVKH\OÖJZLUGLJŰD  FUDPHQWGHVIURQOÖFKQDPVFULŰWLŰREDOGGHUWDJKHUJHHWHQSIDKHQŰR PDQYRUGHQSLOJUHQJHPH\QOÖFKH\QKHUOÖFKDPSWGHUPH‰Ű\QJHWYII GHPEHUJ&DOXDULHbYQGHUZHOFKHUŰLHZHUGHQFŇPXQLFLHUHWb$EHULFKPLW ŰDPSWDQGHUQHGHOHQFŇPXQLFÖHUHWHQLQGHUQDFKWLQGHUFDSSHOQGHVKHL OLJHQJUDEVb   9RQGHPY‰JDQJY‰GHPWHPSHOGHVKH\OÖJHQJUDEVYQGYRQ DQGHUQKH\OÖJHQŰWHWWHQ\QZHQGLJGHUŰWDWW-KHUXŰDOHPb   2DOOHGLŰŰHGLQJZDUHQJHŰFKHKHQYQGGHUb[LLMbWDJGHVPR   QHGV-XOÖMDQEUDFKbŰORŰŰHQGLHKH\GHQGHQWHPSHOYIIb$OV  ZLUGDQY‰GHPWHPSHOJLHQJHQZXUGHQYQVJH]HXJHWJUH   EHUFULŰWHQOÖFKHUNRQLJŰRYRU]\WHQ]ţ-KHUXŰDOHPKDEHQJH  KHUŰFKHWbZHOFKHJUHEHUJHJHQPLWWHPWDJŰWDQMPWHPSHObPLWQDPēGHV NRQLJV0HOFKLŰHGHFKYQGZDOGDQLb-WHPGHVKHUW]RJV*RWIUÖGLYRQ EXOOÖRQGHVHUŰWHQNRQLJV]ţ-KHUXŰDOHPbZHOFKHPbYLMbDQGHUNRQLJRQ PLWWHOQDFKYROJHWHQbGLHDOOGDŰHOEHWHHUOÖFKHQEHJUDEHQŰ\QbYQGJDU ELOOÖFKDOVGLHGLH-KHUXŰDOHPYQGGDVKH\OÖJODQGYRQGHQKDQGHQY? JHZDOWGHU6DUUDFHQGXUFKJUR‰DUEH\WYQQGPDQJIHOWLJŰWU\WKDEHQ       



Y 



GHUKO-RKDQQHV0DULD0DJGDOHQDXQGDQGHUHDQGlFKWLJH)UDXHQ0DQHU ODQJWKLHUGLHYROOH9HUJHEXQJDOOHU6QGHQ ,WHPLVWXQWHUKDOEGHV.DOYDULHQEHUJV]XUOLQNHQ+DQGHLQHDQGHUH.D SHOOHGLHGHU-XQJIUDX0DULDXQGGHPKO-RKDQQHVJHZHLKWVLQG6LHVWHKW DQGHU6WHOOHGLH*ROJDWKDKHL‰W+LHUVLHKWPDQJDQ]GHXWOLFKGHQ5L‰LP )HOVHQGHUYRQREHQXQGXQWHQLP)HOVHQNODIIW'DV+DXSWXQVHUHV8U YDWHUV$GDPKDWPDQKLHUDXFKJHIXQGHQ$EODVVHPSIlQJWPDQKLHUIU -DKUH XQG  .DUHQ XQG PDQ JHODQJW PLW GHU 3UR]HVVLRQ QLFKW GRUWKLQ $EHUYRP .DOYDULHQEHUJ DXV JHKW PDQ PLW GHU 3UR]HVVLRQ DQ GLH 6WHOOH ZRGLH-XQJIUDX0DULDOHLGHQGVD‰DOVGHUWRWH/HLFKQDPLKUHVOLHEHQ.LQ GHVYRP.UHX]DEJHQRPPHQXQGDXILKUHQ6FKR‰JHOHJWZRUGHQZDUHWF +LHUHUKlOWPDQGLHYROOH9HUJHEXQJDOOHU6QGHQ =XOHW]WJLQJHQZLUPLWGHU3UR]HVVLRQLQGLH.DSHOOHGHVKHLOLJHQ*UDEV &KULVWLEHUGLHLFKREHQYLHOJHVFKULHEHQKDEH8QXQWHUEURFKHQEUHQQHQ KLHU VLHE]HKQ $PSHOQ XQG LQ GHU .DSHOOH GLH GDV KHLOLJH *UDE XPJLEW EUHQQHQGUHL/DPSHQ+LHUZHUGHQDOOH6QGHQYHUJHEHQ ,WHP NHKUWHQ ZLU YRQ GRUW ZLHGHU LQ GLH .DSHOOH GHU -XQJIUDX 0DUWKD ]XUFNYRQGHUGLH3UR]HVVLRQLKUHQ$XVJDQJJHQRPPHQKDWWH6RHQGHWH GLH3UR]HVVLRQGDZRVLHEHJRQQHQKDWWH1DFK$EVFKOXVVGHU3UR]HV VLRQD‰XQGWUDQNMHGHUQDFKVHLQHQ*HOVWHQYRQGHPZDVHUPLWLQGHQ 7HPSHOJHQRPPHQKDWWH,QGHQEULJHQ1DFKWVWXQGHQEHVXFKWHMHGHUGLH KHLOLJHQ6WlWWHQLP7HPSHOGLHHUVHKHQXQGDQGHQHQHUDQGlFKWLJEHWHQ ZROOWH 8QGDOOHEHLFKWHWHQGHQQHVLVWHLQH*HZRKQKHLWGDVVGLH3LOJHU GDVKHLOLJHKRFKZUGLJH6DNUDPHQWGHV/HLEHV&KULVWLHPSIDQJHQVREDOG GHU7DJDQEULFKW)UGLH3LOJHUDXIGHP.DOYDULHQEHUJZLUGQlPOLFKHLQ KHUUOLFKHV$PWJHVXQJHQEHLGHPVLHNRPPXQL]LHUHQ$EHULFKNRPPX QL]LHUWHPLWDQGHUHQ(GHOOHXWHQLQGHU1DFKWLQGHU.DSHOOHGHVKHLOLJHQ *UDEHV  9RP$XVJDQJDXVGHP7HPSHOGHV+HLOLJHQ*UDEVXQGDQGHUHQ KHLOLJHQ6WlWWHQLQ-HUXVDOHP  1DFKGHP DOOH GLHVH 'LQJH JHVFKHKHQ ZDUHQ XQG DOV GHU  -XOL DQ EUDFKVFKORVVHQGLH+HLGHQGHQ7HPSHO>ZLHGHU@DXI1DFKGHPZLUGHQ 7HPSHOYHUODVVHQKDWWHQZXUGHQXQV*UlEHUFKULVWOLFKHU.|QLJHJH]HLJW GLH HLQPDO LQ -HUXVDOHP JHKHUUVFKW KDEHQ 'LH *UlEHU GLH JHJHQ 0LWWDJ GHV7HPSHOVOLHJHQWUDJHQGLH1DPHQYRQ0HOFKLVHGHFKXQGYRQ>DQ GHUHQ@*RWWHVGLHQHUQ$XFKGHU+HU]RJ*RWWIULHGYRQ%RXLOORQGHUHU VWH.|QLJYRQ-HUXVDOHPGHPVLHEHQPLWWHOORVH.|QLJHIROJWHQ²VLHDO OHVLQGKLHUHKUHQYROOEHVWDWWHW'DVLVWQXUUHFKWXQGELOOLJGHQQVLHKDEHQ PLW JUR‰HU  0KH XQG ]DKOUHLFKHQ .lPSIHQ -HUXVDOHP XQG GDV +HLOLJH /DQGGHU0DFKWGHU6DUUD]HQHQHQWULVVHQ          



U 

YEHUNŇPHQbY?Z\GHUEUDFKWGHUFULŰWHQKHLWbY?JHKDQGWKDEWbO[[[YLLM MDUYQGb[L[bWDJQDFKH\QDQGHUEL‰YII*ZLGRQHPGHQOHW]ŰWHQNRQLJ ]ţZHOFKHV]\WHQ-KHUXŰDOHPYQGGDVKH\OÖJODQGGXUFKGLH6DUUDFHQ Z\GHUJHZŇQHQZDUGbYQGHUZHOFKHUJHZDOWH‰QRFKLŰWb9RQGLŰŰHP KDQGHOZLUWKLHQDFKZ\WHUJHŰFKULHEHQb -WHPLQPLWWHQGHVFKRUVLQGLŰŰHPWHPSHOZDUGYQ‰JH]HXJHWH\Q ŰWH\QH\QZHQLJHUKHEHWYRQGHUHUGHQH\QURQWORFKKDEHQE\H\QHUŰSĆ  QHQZ\WGDŰDJWPDQGDVFHQWUşRGHUPLWWHOGHUHUGHQGLHZLU\QZR  QHQZH‰HQb -WHPLQGLŰŰHPWHPSHOŰ\QPĆFKHUOH\QDFLRQPDQFKHUOH\PHQŰFKHQb GLH\QYQGHUŰFKH\GHQOÖFKHQRUWHQGH‰WHPSHOVZRQHQbYQGKDEHQYQGHU  ŰFKH\GHOÖFKHŰ\WWHQbJHEHUGHQYQGJHZRQKH\WHQDXFKKDOWXQJHQJDUYQ JOÖFKbGLHŰÖFKGRFKDOFULŰWHQYHUPH\QHQbDEHU\QZDUKH\WŰ\QŰÖHPLWYLO \UWXQJHQYQQGNHW]HU\HQYHUZLFNHOWbGRYRQKÖHQDFKYRONŇPHQOÖFKHU ZÖUWJHŰDJHWb -WHPYRUGÖŰŰHPWHPSHOŰ\QGU\FDSSHOOHQbYQGHUZHOFKHQGLHHUŰWLQ GHUHUHDOOHUKH\OÖJHQbGLHDQGHUŰDQWMRKDQVEDSWLŰWHbGLHGU\WŰDQW0D  ULHPDJGDOHQHLŰWJHZ\KHWbYQG\Q\JOÖFKHULŰWDEOD‰bYLMbMDUYQGbYLMb NDUHQb -WHPE\GHPWHPSHOK\QGHUGHPEHUJ&DOXDULHZXUGWH\QEUH\WWHU ŰWH\QJH]HXJHWYIIZHOFKHPŰWH\Q$EUDKDPŰ\QŰXQ\ŰDDFZROWJRWWJH RSIIHUWKDEHQb9QGÖŰWGDE\H\QJDUYEHUDOWHUOHEDXPDQZHOFKHQ DEUDKDPYPEŰHKHQŰDKHH\QERFNKDQJHQPLWŰ\QHQKRUQHUbGHQHUQDP Y‰JHKH\‰GH‰HQJHOVYQGRSIIHUW\QHQDQŰWDWWŰ\QHVŰXQ‰\ŰDDFb 1LWYHUUYRQGDQQHQDQGHUPXUHQGH‰WHPSHOVZDUGYQVJH]HXJHW H\QYHUPXHUWHUDOWDUGDUYIIPHOFKLŰHGHFKŰ\QRSIIHUWKHWbEHGXWKHQGHGD PLWGD]HWWZDQKHUQDFKGXUFKFUÖŰWXPMKHŰXPYQŰHUQKHUUHQbH\QZDUHV RSIIHUDQGLŰŰHPHQGHŰROWYROOHQEUDFKWZHUGHQDQGHPFUXW]b -WHPYRUGLŰŰHPWHPSHOE\]HKHQŰFKULWWHQLŰWH\QŰWH\QJHŰDW]HW]ţH\ QHP]H\FKHQGD]FULŰWXVŰ\QFUXW]WUDJHQGHYRURQPDFKWDQGLŰŰHPHQG YLHOYQGHUGHPFUXW]YIIGLHHUGHQbYQGQÖWYHUUYRQGÖŰŰHUŰWDWWE\GHU PXUHQ]HXJHWPDQH\QDQGHUQŰWH\QbZHOFKHUQRFKKXWWIţ‰ŰWDSIIHQGH‰ EOţWVFULŰWÖIXUKDOWHWYQGEHZ\ŰHWb  1GHPb[LLLMbWDJGHVPRQHGV-XOÖMKH\PŰţFKWHQZLUDQGHU  KH\OÖJŰWHWW]ţMKHUXŰDOHPYRUJHQGHYQGEHZ\ŰHQGHYQVGLH ŰHOEHQ*DUGLDQRPLWŰDPSWHWOÖFKHUŰ\QHUEUţGHUbGRFKKRUWHQ ZLUYRUH\QPH‰\QGHP6SLWDOŰDQWMRKDQVb$OŰRJLHQJHQ ZLUGXUFKGLHODQJJD‰GXUFKZHOFKHFULŰWXVY‰3\ODWXVKX‰EL‰DQGLH ŰWDWWŰ\QHUFUXW]LJXQJY‰JHIţUHWZDUGYQGTXDPHQDOŰRQDFKRUGH  QXQJ]ţKLHQDFKEHŰFKULHEHQŰWHWWHQb -WHP]ţGHPKX‰GHUKH\OÖJHQIUDXZHQ9HURQLFHbZHOFKHVŰH‰WKDOE KXQGHUWŰFKULWWŰWHWZ\WYRQS\ODWXVKX‰bYRUZHOFKHPKX‰FULŰWXVGDV       



U 



XQGGHU&KULVWHQKHLW]XUFNJHVFKHQNWXQG-DKUHODQJJHKDOWHQELV]X *XLGRGHPOHW]WHQ.|QLJ,QVHLQHU5HJLHUXQJV]HLWKDEHQGLH6DUUD]H QHQ-HUXVDOHPXQGGDV+HLOLJH/DQGZLHGHU]XUFNJHZRQQHQXQGELVKHX WHEHKDOWHQhEHUGLHVH(QWZLFNOXQJZLUGXQWHQPHKUEHULFKWHW ,WHPZXUGHXQVLQGHU0LWWHGHV&KRUVLP7HPSHOGHV+HLOLJHQ*UDEHV HLQ6WHLQJH]HLJWGHUHLQZHQLJEHUGLH(UGHHUKDEHQLVWXQGHLQUXQGHV /RFKPLWHLQHU6SDQQH'XUFKPHVVHUKDW0DQVDJWGLHVVHLGDV=HQWUXP RGHUGHU0LWWHOSXQNWGHU(UGHDXIGHUZLUZRKQHQ ,WHPVLQGLQGLHVHP7HPSHOPDQFKHUOHL1DWLRQHQXQGPDQFKHUOHL0HQ VFKHQGLHDQXQWHUVFKLHGOLFKHQ2UWHQGHV7HPSHOVZRKQHQ6LHKDEHQXQ WHUVFKLHGOLFKH6LWWHQ$XVGUXFNVZHLVHQXQG*HZRKQKHLWHQDXFKLKUH+DO WXQJHQVLQGXQJOHLFK8QGGRFKEH]HLFKQHQVLHVLFKDOOHDOV&KULVWHQ$EHU LQ:DKUKHLWVLQGVLHLQYLHOH,UUWPHUXQG.HW]HUHLHQYHUZLFNHOW'RFKGD YRQZLUGQRFKJUXQGOHJHQGHU]XEHULFKWHQVHLQ ,WHPVLQGYRUGLHVHP7HPSHOGUHL.DSHOOHQ'LHHUVWHLVW]XU(KUHDOOHU +HLOLJHQHUEDXWGLH]ZHLWHLVW6W-RKDQQHVGHP7lXIHUJHZHLKWGLHGULWWH 6W0DULD0DJGDOHQD,QMHGHU>GHU.DSHOOHQ@ZLUGHLQ$EODVVYRQ-DKUHQ XQG.DUHQJHZlKUW ,WHPZLUGLQGHU1lKHGHV7HPSHOVKLQWHUGHP.DOYDULHQEHUJHLQEUHL WHU6WHLQJH]HLJWDXIGHP$EUDKDPVHLQHQ6RKQ,VDDN*RWWRSIHUQZROOWH (VZlFKVWGRUWHLQDOWHUgOEDXP$QLKP>DQJHEXQGHQ@VDK$EUDKDPHL QHQ 6FKDIERFN ZLH HU VLFK PLW VHLQHQ +|UQHUQ LP *HlVW YHUKDNW KDWWH $XI*HKHL‰HLQHV(QJHOVHUJULII$EUDKDPGDV7LHUXQGRSIHUWHHVDQ6WHOOH VHLQHV6RKQHV,VDDN 1LFKW ZHLW GDYRQ HQWIHUQW LVW LQ GLH 7HPSHOZDQG HLQ $OWDU YHUPDXHUW DXIGHP0HOFKLVHGHFKVHLQH2SIHUGDUJHEUDFKWKDWWH(UGHXWHWHDXIGLHVH :HLVHDQGDVVQDFKLKPGXUFK&KULVWXP-HVXPHLQZDKUHV2SIHUGDUJH EUDFKWZHUGHQZUGHHLQ2SIHUDP.UHX] ,WHPLVW]HKQ6FKULWWHYRUGLHVHP7HPSHOHLQ6WHLQJHVHW]WDOV=HLFKHQ GDVV&KULVWXVDOVHUVHLQ.UHX]WUXJDQGLHVHU6WHOOHRKQPlFKWLJ]XVDP PHQJHEURFKHQLVWXQGXQWHUGHP.UHX]DXIGLH(UGHILHO1LFKWZHLWYRQ GLHVHU6WHOOH]HLJWPDQDQGHU0DXHUHLQHQDQGHUQ6WHLQGHPQRFKKHXWH %OXWVSXUHQ&KULVWLDQKDIWHQ $P7DJGHV0RQDWV-XOLEHVXFKWHQZLUDQGHUHKHLOLJH6WlWWHQLQ-HUX VDOHP'HU*XDUGLDQXQGHLQLJHVHLQHU%UGHUIKUWHQXQVXQG]HLJWHQVLH XQV 'RFK ]XYRU K|UWHQ ZLU LP 6SLWDO 6W -RKDQQHV HLQH 0HVVH 'DQDFK JLQJHQZLUGXUFKHLQHODQJH*DVVHGXUFKGLH&KULVWXVYRP+DXVGHV3LOD WXV ELV DQ GLH 6WlWWH VHLQHU .UHX]LJXQJ JHIKUW ZXUGH XQG NDPHQ GDQQ GHU5HLKHQDFK]XGHQ6WlWWHQGLHLFKLP)ROJHQGHQEHVFKUHLEH ,WHP ]XP +DXV GHU KHLOLJHQ )UDX 9HURQLFD GDV IQIKXQGHUWIQI]LJ 6FKULWWZHLWYRQ3LODWXV·+DXVHQWIHUQWVWHKW9RUGLHVHP+DXVKDW&KUL VWXV         



Y 

ELOGHŰ\QH‰DQJHŰÖFKWHV\QWUXFNHW\Q\UHQŰFKOH\HUbDOVQRFK]ţ5RP ZXUGWEHZ\HŰHQb -WHPYRQGDQQHQTXDPHQZLU]ţGH‰ULFKHQPDQ‰KX‰GHU\QGLH KHOOHEHJUDEHQLŰWbGDYRQPDQKDWW\PHXĆJHOÖROXFHDPb[YMb&DSLWHOb -WHPYRQGĆQHQTXDPHQZLU]ţH\QHPZHJŰFKH\GGDYLOIUDXZHQ ŰWXQGHQGLHYQŰHUQKHUUHQMKHŰXPEHFODJHWWHQYQGEHZH\QHWWHQbDOVHU Y‰ZDUGWJHIţUHW]ţGHPWRGb]ţZHOFKHQHUDXFKŰSUDFKb-UWRFKWHUYRQ MKHUXŰDOHPQLWZH\QHWWYEHUPLFKŰXQGHUYEHUYFKYQGXZHUN\QGHUHWF DOVGHUSDŰŰÖRQY‰Z\ŰHWb -WHPYRQGDQQHQ]ţH\QHUDQGHUHQZHJŰFKH\GşJGDGLHMţGHQ6\ PRQHP&\UHQHXPJHQGHYRQGHPGRUII]ZşJHQGD]HUMKHŰXGDVFUXW] KţOIIWUDJHQb -WHPYRQGDQQHQDQGLHŰWDWWGDGLHMşJIUDXZH0DULD\UHPOÖHEHQ N\QGHGDVŰZHUFUW]WUDJHQGHEHJHJQHWbDQZHOFKHPHQGHŰ\HYRUJURŰ  ŰHPOH\GHZDUGRQPHFKWLJb$QGHPŰHOEHQHQGHŰFKDIIHWŰDQWKHOHQDH\Q ŰFKRQHN\UFKJHEXZHWZHUGHQGLHGRFK]ţGLŰŰHU]\WJDQW]]HUŰWRUHWYQQG YHUODŰŰHQHUŰFK\QHWb$QGHPŰHOEHQHQGHPDJNH\QKH\GH\FKWH‰EXZHQ GXUFKJRWWOÖFKK\QGHUQX‰DOVPDQJODXEHWbZDQGL‰RIIWYQGHUŰWDQGHQ LŰWZRUGHQYQGHUIXQGHQGDVNH\QEXZHGDPDJYHUO\EHQb -WHPYRQGDQQHQTXDPHQZLUÖQH\QJD‰GRH\QŰWH\QHERJHQŰWDW JHEXZHQYEHUGÖHŰWUD‰YRQH\PHQGH]ţGHPDQGHUHQUH\FKHQGbYIIZHO FKHPERJHQRGHUJHZHOEŰWDQ]ZHQŰWH\QEHGHZL‰Y?EUH\WbYIIZHOFKHU H\PFULŰWXVŰWXQGGRHU]ţGHPWRGZDUGYHUXUWH\OHWbYIIGHPDQGHUHQ 3\ODWXVGRHUGHQŰHQWHQW]GHVWRGVY‰ŰSUDFKZ\GHUFULŰWXPGD]HUŰROW JHFUXW]LJHWZHUGHQb -WHPYŇGDQQHQ]ţ3\ODWXVKX‰GDU\QQFULŰWXVZDUGWJHJH\‰HOW JHNURQHWYQGPLWYLODQGHUHQŰPDFKH\WHQHWHUHWb -QGL‰KX‰ZXUGWNH\QSLOJHU\QQJHODŰŰHQGDQYLOOÖFKWY‰ŰXQGHUHU JQDGYQGJXQŰWGHUKH\GHQYQGGDVJDUKH\POÖFKHQb-QZHOFKHUPD‰ LFKPLWŰDPSWP\QHQHGHOHQPLWEUţGHUQGXUFKŰFKHQFNHQYQQGJDEHQ ZţUGHQGDU\QQJHODŰŰHQb -WHP]ţKHURGHVKX‰GD]]ţGHUO\QFNHQKDQGWYŇ3\ODWXVKX‰YII JHQGHŰWDWbGDU\QQFULŰWXVDXFKJHIţUHWbYRQGHQMXGHQYHUFODJHWbYRQ KHURGHVYHUŰPHKHWbYQGPLWH\PZLŰŰHQNOH\GDQJHWKRQZDUGbGRÖŰW\W] GHUKH\GHQN\QGHUŰFKXOb -WHP]ţGHPKX‰6\PRQLVOHSURŰÖGDU\QQ0DULHPDJGDOHQHDOO \UŰXQGZXUGHQYHUJHEHQDOVOXFDVŰFKUÖEHWDPŰţEHQGHQŰ\QHVHXĆJH  OÖXPVb  9RQ6DORPRQ‰WHPSHOb -WHPYRQGDQQHQTXDPHQZLUDQH\QHQGHGDPDQY‰HQ6DOR  PRQVWHPSHOŰHKHWbPLWWURQGHPZHUFNYQGNULHFKHŰFKHUDUEH\WHUEXZHQ PLWEHKDXZHQYQGSRO\UWHQRGHUJHHEQHWWHQŰWH\QHQbZHOFKHU7HPSHO      



Y 



GDV %LOGQLV VHLQHV $QJHVLFKWV LQ LKUHQ 6FKOHLHU JHGUFNW ZLH HV LPPHU QRFKLQ5RPJHZLHVHQZLUG ,WHPNDPHQZLUYRQ GRUW LQ GDV +DXV GHV UHLFKHQ 0DQQHV GHU LQ GHU +|OOHEHJUDEHQLVWZRYRQPDQLP(YDQJHOLXPGHV/XNDVLP.DSLWHO OHVHQNDQQ  ,WHP JHODQJWHQ ZLU ]X HLQHU :HJVFKHLGH DQ GHU YLHOH )UDXHQ VWDQGHQ GLHXQVHUHQ+HUUQEHNODJWHQXQGEHZHLQWHQDOVHU]XP7RGJHIKUWZXU GH=XGLHVHQVSUDFK-HVXV,KU7|FKWHUYRQ-HUXVDOHPZHLQHWQLFKWEHU PLFK VRQGHUQ EHU HXFK XQG HXUH .LQGHU HWF :LH HV LQ GHU 3DVVLRQ VWHKW ,WHPNDPHQZLUYRQ KLHU ]X HLQHU DQGHUHQ :HJVFKHLGH +LHU ]ZDQJHQ GLH -XGHQ GHQ 6\PRQ YRQ &\UHQH GHU JHUDGH DXV GHP 'RUI KHUDXV NDP-HVXVGDV.UHX]]XWUDJHQ ,WHP>JLQJHQZLU@YRQGRUWDQGLH6WHOOHDQGHUGLH-XQJIUDX0DULDLKUHP OLHEHQ .LQG EHJHJQHWH GDV GDV .UHX] WUXJ XQG YRU JUR‰HP /HLG RKQ PlFKWLJ ZXUGH +LHU OLH‰ 6W +HOHQD HLQH VFK|QH .LUFKH EDXHQ GLH MHW]W JDQ] ]HUVW|UW XQG YHUODVVHQ LVW .HLQ +HLGH GDUI KLHU MHPDOV EDXHQ DXI JUXQGHLQHVJ|WWOLFKHQ9HUKlQJQLVVHVZLHPDQJODXEW'HQQRIWKDEHQVLH HVYHUVXFKWXQGGDQQKDEHQVLHIHVWJHVWHOOWGDVVNHLQ*HElXGHVWHKHQJH EOLHEHQLVW ,WHPNDPHQZLUYRQKLHULQHLQHJUR‰H*DVVHZRHLQ6WHLQERJHQJHEDXW ZDUGHUVLFKYRQHLQHU6WUD‰HQVHLWH]XUDQGHUHQVSDQQW$XIGHP*HZ|O EHOLHJHQ]ZHLZHL‰HEUHLWH6WHLQH$XIHLQHPGHUEHLGHQ6WHLQHVWDQG-H VXVDOVHU]XP7RGYHUXUWHLOWZXUGHDXIGHPDQGHUHQVWDQG3LODWXVDOVHU GDV7RGHVXUWHLOIU&KULVWXVDXVVSUDFKGDVVHUJHNUHX]LJWZHUGHQVROOWH ,WHP>JLQJHQZLU@YRQKLHU]X3LODWXV·+DXVZR&KULVWXVJHJHL‰HOWJH NU|QWXQGGXUFKYLHODQGHUH6FKPDFKHQWHKUWZXUGH ,QGLHVHV+DXVZLUGNHLQ3LOJHUKLQHLQJHODVVHQHVVHLGHQQDXVEHVRQGH UHU*QDGHXQG*XQVWGHU+HLGHQXQGDXFKGDQQQXUKHLPOLFK$XIGLHVH :HLVH JHODQJWH DXFK LFKPLW PHLQHQ HGOHQ 0LWEUGHUQGXUFK *HVFKHQNH XQG*DEHQLQGDV+DXVKLQHLQ ,WHP]X+HURGHV·+DXVGDVDXIGHUOLQNHQ6HLWHYRQ3LODWXV·+DXVVWHKW LQ GDV &KULVWXV DXFK JHIKUW ZXUGH >GRUW@ YRQ GHQ -XGHQ YHUNODJW YRQ +HURGHVJHVFKPlKWXQGPLWHLQHPZHL‰HQ.OHLGDQJHWDQZXUGH+LHUILQ GHWMHW]WGLH.LQGHUVFKXOHGHU+HLGHQVWDWW ,WHP>JLQJHQZLU@]XGHP+DXVGHV6LPRQ/HSURVLLQGHP0DULD0DJ GDOHQDZLH/XNDVLPVLHEWHQ.DSLWHOVHLQHV(YDQJHOLXPVVFKUHLEWDOOHLKUH 6QGHQYHUJHEHQZXUGHQ     'HU7HPSHO6DORPRV ,WHP NDPHQ ZLU YRQ GRUW DQ HLQHQ 2UW DQ GHP PDQ YRQ DX‰HQ GHQ 7HPSHO6DORPRVVLHKWDXVUXQGHQ*HElXGHWHLOHQXQGPLWEHKDXHQHQSR OLHUWHQXQGJHJOlWWHWHQ6WHLQHQLQJULHFKLVFKHU0DQLHUHUEDXW'LHVHU7HP SHOLVWVHKUKRFKXQGZHLW       



U 

ŰHUHKRFKYQGZ\WLŰWbPLWEO\EHGHFNHWb'DUYIIKDEHQGLHKHLGHQH\QKDO EHQPRQDOVREHUZHUHHFOÖSŰHUHWGDVLŰWYHUGXQFNHOHWbDOVŰRGHUPRQQ ILQŰWHUQX‰O\GHWbYQGGDVKDEHQGLHŰDUUDFHQJHPH\QOÖFKHQ\P\QJDQJ \UHUN\UFKHQREHQŰWDQb9RUGLŰŰHPWēSHO6DORPRQVÖŰWH\QZ\WWHEH QHUSODW]PLWPDUPHOŰWH\QEHŰHW]HWb -WHPE\GHPŰHOEHQWHPSHOÖŰWH\QODQJHŰFKRQHN\UFKbDXFKH\QEOH\ WDFKKDEHQGHbYRU]\WHQSRUWLFXV6DORPRQÖVJHQDQWbDEHUGLHZLOH-KH UXŰDOHPZDVYQGHUJHZDOWGHUFULŰWHQbHQWSIÖHQJGLHŰHOELJN\UFK\UHQ QDPHQYRQPDULDJHKH\ŰŰHQGHUWHPSHOGHUMşJIUDXZPDULDb 'LH6DUUDFHQKDEHQQRFKKXWWÖQGHPŰHOEHQWHPSHODFKWKşGHUWDP SOHQDOOZHJHQEUQHQbDEHU\QGHPYRUJHQDQWHQWHPSHO6DORPRQV ŰţEHQKXQGHUWbZDQDXFKGLHŰHOEN\UFKLQGHUJUŰŰH6DORPRQVWHPSHO Z\WYEHUWUÖIIWb %\GLŰŰHPWHPSHOKDWWGHU\W]LJ6ROGDQGLŰŰHU]\WUHJQHUHQbH\QQXZH ŰFKRQHNLUFKJHEXZHQQDFK\UHPŰ\WWHQb\QZHOKHUÖFKDXFKJHZHŰHQE\Q YIIŰDQW3UD[HGLVGHUKHLOÖJHQMXQJIUDXZHQWDJbY?EUQHQDOOZHJHQ GDU\QQDFKWYQGDFKW]LJDPSOHQbYQGLŰWŰHUHH\QJUR‰NÖUFKb -WHPYQGHUGHUREJHQDQWHQNÖUFKHQGHUMXQJIUDZHQPDULDGLHDXFK SRUWLFXV6DORPRQLVKH\‰HWLŰWJDUH\QZXQGHUEDUOÖFKYQQGZÖWWHJH  EXZHYQGHUGHUHUGHQbDOŰRGD]ŰH‰KXQGHUWSIHUGJHUţJHQJOÖFKPţJHQ GDEHKDOWHQZHUGHQb'ÖHŰHOEÖJNÖUFK\QQKDEHQGLHKH\GHQYQQGODŰŰHQ GDULQQNH\QFULŰWHQOÖFKWOÖFKHQNŇPHQb -WHPGÖH6DUUDFHQKDOWHQ6DORPRQVWHPSHOLQJURŰŰHUHUHbYQGO\ GHQNHLQYQUH\QÖJNH\WGDU\QQbŰ\HJHQPLWEORŰŰHQIX‰HQGDU\QQbYQG QHQQHQ\QHQGHQKHÖOÖJHQYHOŰHQYQGH\QWHPSHOGHVKHUUHQbY?GDVY‰ ŰROOÖFKHUYUŰDFKbZDQQPLWWHQGDU\QÖŰWH\QNOH\QHUYHO‰PLWH\P\ŰŰÖQ JÖWWLU]ţULQJYPEJHEHQbYQGDOVYQVGLHPĆPDOXFNHQbGDVLŰWGLHYHU ODXJHWWHQFULŰWHQŰDJHWWHQbNH\QŰDUUDFHQRGHUKH\GYHUPL‰HWŰÖFKGēŰHO  EHQYHOŰHQ\QQH\QLJHQZHJ]ţQDKHQbYQGNŇPHQGRFKYRQYHUUHQODQ GHQGHQYHOŰHQDQGHFKWLJOÖFKHQDQ]ţEHWWHQbZDQYLOJDUJURŰŰHUZşGHU ]H\FKHQOHŰHWPDQYIIGHPŰHOEHQYHOŰHQJHŰFKHKHQŰ\Qb =ţHUŰW0HOFKLŰHGHFKGHUSULHŰWHUGHVREHUŰWHQJRWWVRSIIHUWGDUYII Z\QYQGEURWWb -WHP-DFREGHUSDWULDUFKOHJHWGDUYIIŰ\QKDXEWYQGHQWŰFKOÖHIIY? ŰDKH\PŰFKODIIYIIGÖŰŰHPYHOŰHQH\QOH\WWHUŰWDQZHOFKHUOHLWWHUKKHGLH KPHOEHUţUHWbYQGGLHHQJHOJRWWVYIIYQGDEŰWLJHQGDUDQb -WHPGDXLGŰDKHH\QHQJHOYIIGLŰŰHPYHOŰHQŰWDQPLWH\PY‰JH]RJē RGHUEORŰŰHQŰZHUWb -WHPGLHSULHŰWHUGH‰WHPSHOVKDEHQYRU]\WHQYIIGLŰŰHPYHOŰHQGLH SIIHUKRORFDXŰWDJHQDQWYROOHQEUDFKWbZHOFKHRSIIHUGXUFKH\QIHUYŇ K\PHONŇPHQGHJDQW]]ţJRWWVHUHZXUGHQYHUEUDQWb -Wē-HUHPLDVGHUSURSKHWQDFKJHPH\QHUUHGGHUMXGHQbKDWWGLHDUFK      



U 



XQGPLW%OHLEHGHFNW$XILKPKDEHQGLH+HLGHQHLQHQKDOEHQ0RQG>GHU DXVVLHKW@DOVZlUHHUHNOLSVLHUWGDVKHL‰WYHUGXQNHOWDOVREGHU0RQGHLQH 0RQGILQVWHUQLV HUOHLGH (LQHQ VROFKHQ 0RQG KDEHQ GLH 6DUUD]HQHQ EOL FKHUZHLVHEHUGHP(LQJDQJVEHUHLFKLKUHU.LUFKHQVWHKHQ9RUGLHVHP 7HPSHO6DORPRVHUVWUHFNWVLFKHLQZHLWHUPLW0DUPRUVWHLQHQDXVJHOHJWHU 3ODW] ,WHPLVWQHEHQGHP7HPSHOHLQH.LUFKHGLHDXFKHLQ%OHLGDFKKDW6LH ZXUGH IUKHU 3RUWLFXV 6DORPRQLV JHQDQQW DEHU DOV -HUXVDOHP LQ FKULVWOL FKHU+DQGZDUHPSILQJVLHLKUHQ1DPHQYRQ0DULDJHQDQQW7HPSHOGHU -XQJIUDX0DULD +HXW]XWDJH ODVVHQ GLH 6DUUD]HQHQ LQ GLHVHP 7HPSHO XQXQWHUEURFKHQ DFKWKXQGHUW/DPSHQEUHQQHQZlKUHQGHVLQ6DORPRV7HPSHOVLHEHQKXQ GHUW$PSHOQVLQGGLHLKU/LFKWYHUVWU|PHQ²DXFKZHQQGLH.LUFKH6DOR PRV7HPSHODQ*U|‰HZHLWEHUWULIIW 1HEHQ GLHVHP 7HPSHO KDW GHU GHU]HLW UHJLHUHQGH 6XOWDQ HLQH QHXH VFK|QH.LUFKHQDFKLKUHQ9RUVWHOOXQJHQJHEDXW,QGHUELQLFKDP7DJGHU KHLOLJHQ-XQJIUDX6W3UD[HGLVDXFKJHZHVHQ'ULQQHQEUHQQHQDFKWXQG DFKW]LJ/HXFKWHURKQH8QWHUODVV'LH.LUFKHLVWVHKUJUR‰ 8QWHUGHU.LUFKHGHU-XQJIUDX0DULDGLHDXFK3RUWLFXV6DORPRQLVKHL‰W JLEW HV HLQ lX‰HUVW EHZXQGHUQVZHUWHV XQWHULUGLVFKHV *HElXGH (V LVW VR JUR‰ GDVVVHFKVKXQGHUW 3IHUGHEHTXHPGRUWXQWHUJHEUDFKWZHUGHQN|Q QHQ 'LHVH .LUFKH JHK|UW QXQ GHQ +HLGHQ XQG VLH ODVVHQ RKQH :HLWHUHV NHLQHQ&KULVWHQKLQHLQ 'LH6DUUD]HQHQKDOWHQ6DORPRV7HPSHOLQJUR‰HU(KUHXQGVLHGXOGHQ NHLQH8QUHLQKHLWLQLKUXQGZDQGHOQGHVKDOEPLWEOR‰HQ)‰HQLQLKU6LH QHQQHQ GHQ 7HPSHO HLQHQ KHLOLJHQ )HOVHQ XQG HLQHQ 7HPSHO GHV +HUUQ :DUXP"0LWWHQLQGHP7HPSHOLVWHLQNOHLQHU)HOVPLWHLQHPNUHLVI|UPLJ YHUODXIHQGHQ(LVHQJLWWHU8QGZLHXQVGLH0DPHOXFNHQ²GDVVLQGGLHGLH &KULVWXVYHUOHXJQHQ²VDJWHQGUIHNHLQ6DUUD]HQHRGHU+HLGHVRYHUPHV VHQVHLQVLFKGHP)HOVHQ]XQlKHUQ8QGGRFKNlPHQYLHOHDXVZHLWHQW IHUQWHQ/lQGHUQXPGHQ)HOVHQDQGlFKWLJDQ]XEHWHQ'HQQPDQOLHVWYRQ YLHOHQXQGJUR‰HQ:XQGHU]HLFKHQGLHDXIGHP)HOVHQJHVFKHKHQVLQG =XHUVW RSIHUWH DXI GLHVHP )HOVHQ 0HOFKLVHGHFK GHU 3ULHVWHU GHV REHU VWHQ*RWWHV:HLQXQG%URW ,WHP OHJWH -DNRE GHU 3DWULDUFK VHLQ +DXSW GDUDXIVFKOLHI HLQ XQG VDK LP6FKODIDXIGLHVHP)HOVHQHLQH/HLWHUVWHKHQGLHLQGHU+|KHGHQ+LP PHOEHUKUWHXQGDXIGHUGLH(QJHO*RWWHVDXIXQGDEVWLHJHQ ,WHP VDK 'DYLG VSlWHU HLQHQ (QJHO PLW JH]RJHQHP EODQNHP 6FKZHUW DXIGLHVHP)HOVHQVWHKHQ ,WHPKDEHQ 7HPSHOSULHVWHUIUKHU+RORFDXVWD%UDQGRSIHUDXIGLHVHP )HOVHQ GDUJHEUDFKW 'LH 2SIHUJDEHQ ZXUGHQ GXUFK HLQ )HXHU GDV YRP +LPPHONDP]XU(KUH*RWWHVJDQ]YHUEUDQQW ,WHPKDWZLHGLH-XGHQPHLQHQGHU3URSKHW-HUHPLDGLH$UFKH        



Y 

GH‰JHGLQJ‰JRWWHVZXQGHUEDUOÖFKHQYHUŰORŰŰHQLQGLŰŰHQYHOŰŰHQ]ţGHU ]\WGHUEDEÖORQLŰFKHQJHIHQJQX‰bYQGŰROJHŰDJHWKDEHQGXUFKGHQJHLŰW GHUSURSKHF\bGD]GLŰŰHŰWDWZXUGYQHUNDQWEHO\EHQŰRODQJE։ŰÖFKJRW ZXUWHUEDUPHQYEHUŰ\QYROFNbGHPQDFKYHUPH\QHQYÖOGLHŰHOEÖJDUFK QRFKŰ\QGDU\QQEHŰORŰŰHQb -WHPYIIGÖŰŰHPŰWH\QDOVPDQŰDJHWLŰWYQŰHUKHUU-KHŰXVJHRSIIHUW ZRUGHQ\QWHPSHODPYLHUW]ÖJŰWHQWDJQDFKŰ\QHUJHEXUWbGD\QH6\  PHRQGHUJHUHFKWYQGJRWVIRUFKWLJHQWSILHQJYQGQDPLQŰ\QHDUPb -WHPMKHŰXV]ZROIIMHULJGRHU]ţMKHUXŰDOHPYHUO\HEHYQZLŰŰHQGH Ű\QHOWHUbZDUGJHIXQGHQŰÖW]HQYIIGLŰŰHPŰWH\QÖQPLWWHOGHUOHUHUŰ\K UHQGHYQGIUDJHQGHbYQGGDUQDFKDOVHUDQYÖHQJSUHGLJHQQDFKWULŰŰÖJ MDUHQŰD‰HUGLFNYIIGLŰŰHPŰWH\QGHPYROFN\PWHPSHOSUHGLJHQGHb 9RQGHPWHPSHO6DORPRQLVŰDJHWGÖHJHŰFKULIIWJDUYLOOREŰDPHU GLQJGLHQLWQRWŰ\QK\HDOOHU]HOHQYPENXUW]ZLOOHQb 9RQGDQQHQNĆPHQZLU]ţŰDQW6WHSKDQVSRUW]ţZHOFKHUHUJHIţ  UHWbYQYHUUGDYRQZDUGYHUŰWH\QLJHWb'RŰHOEHWŰHKHWPDQQRFKGLHŰWDW GRŰDQFWXV3DXOXVGD]ţPDO6DXOXVJHQDQWŰWţQbGRGLHMXGHQŰDQW ŰWHSKDQYHUŰWH\QLJHQGHŰ\QHNOH\GHU\PEHYDOKHQ]ţYHUZDUHQb -WHPGRŰHOEHWZDUGYQVGLHJXOGLQSRUWJH]HXJHWbGXUFKZHOFKHYQ ŰHUKHUUKHŰXVDPSDOPWDJYIIH\PHŰHOŰ\W]HQGH\QQUH\GWH]ţMKHUXŰD  OHPb=ţGHUŰHOEHQSRUWHQOD‰WPDQNH\QHQFULŰWHQQDKHJDQb$EHUZHO  FKHUGLHŰHOEŰHKHQGYRQGLŰŰHUYHUUHGDUZLGHUEHWWHWHUODQJHWDOOHUŰ\QHU ŰXQGYROOHYHUJHEXQJb 9RQGHPDEJDQJYRQMKHUXŰDOHPLQGDVWDOO-RŰDSKDWb   $UQDFKJLHQJHQZLUDEZHUW]LQGDVWDOMRŰDSKDW]ţGHPEDFK &HGURQZHOFKHU]ţŰXPPHU]\WWKXULŰWb$EHU]ţJOHQW]]\WYQG YPEGLHIDŰWHQLŰWHUZDŰŰHUULFKbYQGKDWWH\QŰWH\QHEUXFNYRQ ŰDQW+HOHQDJHPDFKHWDQGHPHQGHGDGDVKHÖOÖJKROW]LŰWJHOHJHQGDU Y‰GDVFUXW]FUÖŰWLLŰWJHPDFKHWZRUGHQb0DQŰDJHWDXFKGD]GDVŰHOELJ KROW]Ű\JHZHŰHQH\QŰWHJYEHUGLHŰHOELJEDFKYQGGDVGÖHNRQJLQ6DED QLWZROWJHQYEHUGDVKROW]RGHUPLW\UHQIX‰HQEHUţUHQbZDQŰÖHHUNDQW \PJH\ŰWGD]GHUHUOR‰HUGHUZHOWŰROWWRGWYQGPDUWHUGDUDQO\GHQ 1ÖWYHUUYRQGDQQHQTXDPHQZLU]ţHLQHUJURŰŰHQJHZHOEHWHQNÖUFKHQ GDU\QYQŰHUOÖHEHIUDXZZDUGEHJUDEHQbYQGPX‰PDQb[OYLLMbŰWDIIH  OHQDEŰW\JHQ]ţGHPJUDEYRQZ։HPPDUPHOJHPDFKHWbH\QZHQLJ ZLWWHUGDQGDVJUDEFUÖŰWLbYQQGGDPDJPDQPH‰KDEHQYIIGHPJUDE ŰWH\QDOVYIIGHPJUDEŰWH\QFULŰWLb9QGKDWWGLHFDSHO]ZRWKţUHQbH\Q GRPDQ\QJHHWbGLHDQGHUGRPDQ\‰JHHWb'DK\QZDUGJHWUDJHQGHU        



Y 



GHV J|WWOLFKHQ %XQGHV ]XU =HLW GHU EDE\ORQLVFKHQ *HIDQJHQVFKDIW ZXQ GHUVDPLQGLHVHP)HOVHQYHUVFKORVVHQ'XUFKGHQ*HLVWGHU3URSKH]HLXQJ VROOHUJHVDJWKDEHQGLHVH6WlWWHVROOHVRODQJHXQHUNDQQWEOHLEHQELVVLFK *RWWEHUVHLQ9RONHUEDUPH'HPQDFKJODXEHQYLHOHGLH$UFKHVHLKLHU QRFKHLQJHVFKORVVHQ ,WHPLVWZLHHVKHL‰WDXIGLHVHP6WHLQXQVHU+HUU-HVXVDPYLHU]LJVWHQ 7DJQDFKVHLQHU*HEXUWLP7HPSHOJHRSIHUWZRUGHQXQG6LPHRQGHU*H UHFKWH XQG*RWWHVIUFKWLJHQDKP LKQ HQWJHJHQ XQGZLHJWH LKQ LQVHLQHQ $UPHQ ,WHPLVWGHU]Z|OIMlKULJH-HVXVDOVHULQ-HUXVDOHP]XUFNEOLHEXQGVHLQH (OWHUQ QLFKWV YRQ LKP ZXVVWHQ DXI GLHVHP 6WHLQ VLW]HQG JHIXQGHQ ZRU GHQLQPLWWHQGHU/HKUHUGHQHQHU]XK|UWHXQGGLHHUIUDJWH8QGDOV HU PLW GUHL‰LJ -DKUHQ DQILQJ ]X SUHGLJHQ VD‰ HU JHQDX DXI GLHVHP 6WHLQ XQGSUHGLJWHGHP9RONLP7HPSHO 9RP7HPSHO6DORPRVVDJWGLH+HLOLJH6FKULIWYLHOHO|EOLFKH'LQJHGLHXP GHU.U]HZLOOHQKLHUQLFKWGDUJHVWHOOW]XZHUGHQEUDXFKHQ 9RQ KLHU JHODQJWHQ ZLU ]X GHP 7RU ]X GHP GHU KO 6WHSKDQ JHIKUW ZXUGHXPQLFKWZHLWGDYRQHQWIHUQWJHVWHLQLJW]XZHUGHQ0DQVLHKWKLHU DXFKQRFKGLH6WHOOH DQGHUGHUKO3DXOXV]XYRU6DXOXVJHQDQQWVWDQG DOV GLH -XGHQ GHQ KHLOLJHQ 6WHSKDQ VWHLQLJWHQ XQG LKP 6DXOXV EHIDKOHQ VHLQH.OHLGHU]XYHUZDKUHQ ,WHPZXUGHXQVKLHUDXFKGDVJROGHQH7RUJH]HLJWGXUFKGDVXQVHU+HUU -HVXV DP 3DOPVRQQWDJ DXI HLQHP (VHO QDFK -HUXVDOHP KLQHLQULWW .HLQ &KULVWZLUGLQGLH1lKHGLHVHU3IRUWHJHODVVHQ$EHUGLHMHQLJHQGLHVLHYRQ IHUQHVHKHQXQGGDEHLEHWHQHUODQJHQGLHYROOH9HUJHEXQJDOOLKUHU6Q GHQ   $EVWLHJYRQ-HUXVDOHPLQV7DO-RVDSKDW  'DQDFK VWLHJHQ ZLU LQV 7DO -RVDSKDW KLQDE ]X GHP %DFK &HGURQ GHU LQ GHU6RPPHU]HLWWURFNHQLVW$EHULP)UKOLQJXQGXPGLH)DVWHQ]HLWKHU XPLVWHUYROOHU:DVVHU9RQGHUKO+HOHQDLVWKLHUHLQHVWHLQHUQH%UFNH HUEDXWZRUGHQ6LHEHUKUWDQGHU6WHOOHGLH(UGHZRGDV+RO]DXVGHP VSlWHU GDV .UHX] JHPDFKW ZXUGH JHOHJHQ KDW (V KHL‰W DXFK GDV +RO] KDEHDOV6WHJEHUGHQ%DFKJHIKUWXQGGLH.|QLJLQYRQ6DEDKDEHQLFKW EHUGDV+RO]JHKHQRGHUHVPLWLKUHQ)‰HQEHUKUHQZROOHQ6LHKDEH QlPOLFKLP*HLVWHUNDQQWGDVVGHU(UO|VHUGHU:HOW7RGXQG0DUWHUGDU DQHUOHLGHQZHUGH 1LFKWZHLWGDYRQHQWIHUQWNDPHQZLU]XHLQHUJUR‰HQJHZ|OEWHQ.LUFKH LQGHU8QVHUHOLHEH)UDXEHJUDEHQZDU0DQPXVVDFKWXQGYLHU]LJ6WXIHQ ]X GHP *UDE KLQDEVWHLJHQ(V LVW DXVZHL‰HP 0DUPRUJHIHUWLJW XQG HLQ ZHQLJJU|‰HUDOVGDV*UDE&KULVWLXQGPDQNDQQDXIGHP*UDEVWHLQGDV 0HVVRSIHU]HOHEULHUHQJHQDXZLHDXIMHQHP*UDEVWHLQ&KULVWL'LH.DSHO OHKDW]ZHL7UHQHLQHLQGLHPDQKLQHLQGLHDQGHUHGXUFKGLHPDQKLQ    

Y   MşJIUHOÖFKO\SPDULHQDFK\UHPWRGWGXUFKGLHDSRŰWHOQ]ţEHJUHEQX‰ 9QGDQGHPGULWWHQWDJDOVPDQJţWWLJOÖFKHQJODXEHWZDUGHUYIIJH  QŇPHQ]ţKPHOYHUH\QLJHWPLWGHUŰHOHQYRONRPPēQHUYHUH\QLJXQJ                                               

 Y   DXVJHKW+LHUKHUWUXJHQGLH$SRVWHOGHQMXQJIUlXOLFKHQ/HLE0DULHQVQDFK LKUHP7RGKLHUZXUGHGHU/HLFKQDP0DULDVEHJUDEHQ'RFKQDFKJXWHP *ODXEHQ ZXUGH HU DXIJHQRPPHQ LQ GHQ +LPPHO ZR HU PLW GHQ 6HHOHQ YROONRPPHQYHUHLQLJWLVW   



U 

RGHUYIIHUŰWHQQşJbGDLŰWYROOHYHUJHEXQJDOOHUŰXQGb  9RQGHPOEHUJYQGGHQKH\OÖJHQŰWHWWHQYIIGHPŰHOEHQb   $ZLUY‰GHUREJHQDQWHQN\UFKHQYQŰHUOÖHEHQIUDXZHQJLHQ  JHQTXDPHQZLUYIIGLHOÖQFNKDQGWYQGHQDQGHQOEHUJb YQGH\QZHQLJYIIJHQGHTXDPHQZÖUDQGÖHŰWDWYQGHUH\P KROHQYHO‰HQGDFUÖŰWXVYQŰHUKHUUEHWWHQGHZDUGŰZLW]HQEOţ WLJHQŰZH\‰bGDŰHOEHWŰÖFKWPDQQRFKGēŰWH\QGDUYIIH\QHQJHOŰWDQ\Q ŰWHUFNHWb9RQGDQQHQDOVZ\WDOVH\QŰWH\QZXUIITXDPHQZLUDQ GÖHŰWDWWGDFULŰWXVYQŰHUKHUUŰDQW3HWHUŰDQW-DFREYQGŰDQW-RKĆQHV ŰSUHFKHQ]ţ\QHQbŰ\W]HQK\HEL‰GD]LFKJDQJGDK\QYQGEHWWHb 9RQGDQQHQJLHQJHQZÖUED‰YIIZHUW]DQGDVHQGHGRŰDQW7KRPDV DSRŰWROXVHQSIÖHQJGHQJXUWHOGHUMQQJIUDXZHQ0DULHGRŰÖH]ţK\P PHOIţUHb9RQGDQQHQTXDPHQZÖU\QGHQJDUWHQGDU\QQFUÖŰWXV YQŰHUKHUUJHIDQJHQZDUGbYQGŰDQW3HWHU0DOFRGDVRUUDEŰOţJHb 1DKHGDE\LŰWGLHŰWDWWPLWŰWH\QHQEH]H\FKQHWGDXGDVFUÖŰWşGXUFK GHQNX‰YHUULHWWbGDDXFKGLHMXGHQQ\GHUYIIGLHHUGYLHOHQbDOVFULŰWXV ŰLHIUDJHWŰSUHFKHQGHbZHQŰţFKHQ\UHWF 1RFKED‰YIIŰWLJHQGHbTXDPHQZLUDQGDVHQGHGDFUÖŰWXVYQŰHUKHUU HUŰHKHQGÖHŰWDWW-KHUXŰDOHPZH\QHWYEHUŰ\HDPSDOPWDJŰSUHFKHQGHb KHWWHŰWXDXFKHUNHQQHWGXZH\QWHŰWDXFKb 1RFKKRKHUYIIJHQGHTXDPHQZLUDQGDVHQGHGDGHUHUW]HQJHO*D  EULHODOVPDQŰDJHWH\QSDOPKDWWJHEUDFKWGHUMXQJIUDXZHQPDULHHH GDQŰLHŰFKÖHGY‰GLŰŰHU]\WYQG\UYHUNXQGHWGLHŰWXQGH\UH‰WRGHVb 9RQGDQQHQTXDPHQZLUYIIH\QEKHOYIIGHPOEHUJJHOHJHQJH  QDQWJDOÖOHDbYQGÖŰWH\JHQWOÖFKHQGLHŰWDWWYRQZHOFKHUGHUHQJHOŰDJHW YHUNXQQHQGHGLHYIIHUŰWHQQXQJFULŰWLŰ\QHQMXQJHUHQYQGŰSUHFKHQGHb (UZXUWYFKIXUJHQLQJDOÖOHĆbGDZHUGHQ\U\QŰHKHQDOVHUYFKYRUJH ŰDJHWKDWWbYHUPH\QHWHUGDVEHUJO\QbYQGQLWGDVJDOÖOHHŰFKODQGWbGDV QRFKZ\WYRQGDQQHQLŰWb =ţOHW]ŰWTXDPHQZLUYIIGLHKRKHGL‰EHUJH‰bGRLŰWH\QNÖUFKHUEXZHQ DQGHPHQGHGDFULŰWXV]ţKPHOIţUH\QQE\ZHŰHQŰ\QHUMşJHUHQbYQG H\QZRONHQHQSIÖHQJ\QYRQ\UHQDXJHQb -QQGHUŰHOEÖJHQNLUFKHQDP\QJDQJLŰWH\QŰWH\QGDUYIIYQŰHUKHUU ŰWXQGbGRHU]ţK\PPHOIţUHbGRŰÖFKWPDQQRFKŰ\QIX‰ŰWDSIIHQ\QGHQ ŰWH\QJHWUXFNHWbEHŰXQGHUGH‰UHFKWHQIX‰b'LŰŰHŰWDWGHUYIIDUWYQŰHUV KHUUHQLŰWGU\JHPH\QHUZHOŰFKHUP\OHQZ\WYRQ-KHUXŰDOHPb$XFKDQ GLŰŰHPHQGHPDJPDQŰHKHQGDVWRGWPHUGDHWWZDQGLHIXQIIŰWHWWŰ\Q JHŰWDQGHQ6RGRPD*RPRUUDYQGGLHDQGHUHQbPLWŰDPSWGHPDQŰWRŰ       



U 



XQGZRLKPGLH$XIHUVWHKXQJ]XWHLOZXUGH+LHUHUKlOWPDQYROOH9HU JHEXQJDOOHU6QGHQ   'HUgOEHUJXQGVHLQHKHLOLJHQ6WlWWHQ  %HLP9HUODVVHQGHUHEHQJHQDQQWHQ.LUFKH8QVHUHUOLHEHQ)UDXJHODQJWHQ ZLUDXIGLHOLQNH6HLWHGHVgOEHUJVXQGHLQZHQLJEHUJDXIJHKHQGNDPHQ ZLUDQHLQH6WHOOHXQWHUHLQHPKRKOHQ)HOVHQDQGHP&KULVWXVXQVHU+HUU EHWHWH XQG GDEHL EOXWLJHQ 6FKZHL‰ YHUJRVV 0DQ VLHKW GRUW QRFK GHQ 6WHLQDXIGHPHLQ(QJHOVWDQGXQGLKP6WlUNXQJEUDFKWH(LQHQ6WHLQ ZXUIHQWIHUQWEHILQGHWVLFKGHU2UWDQGHP&KULVWXVXQVHU+HUU]XPKO 3HWUXV]XPKO-DNREXQG]XPKO-RKDQQHVVDJWHEOHLEHWKLHULFKZLOOJH KHQXQGEHWHQ %HUJDXIZlUWVHUUHLFKWPDQGDQQGLH6WHOOHDQGHUGHUKO$SRVWHO7KR PDV GHQ *UWHO GHU -XQJIUDX 0DULD HPSILQJ DOV VLH ]XP +LPPHO IXKU (V IROJW GHU *DUWHQ LQ GHP &KULVWXV XQVHU +HUU JHIDQJHQ JHQRPPHQ ZXUGHXQGZRGHUKO3HWUXVGHP0DOFKXVGDV2KUDEVFKOXJ ,QGHU1lKHXQGPLW6WHLQHQJHNHQQ]HLFKQHWEHILQGHWVLFKGLH6WHOOHDQ GHU-XGDV&KULVWXVGXUFKGHQ.XVVYHUULHWXQGZRDXFKGLH-XGHQDXI GLH (UGH QLHGHUILHOHQ DOV &KULVWXV VLH IUDJWH XQG VSUDFK :HQ VXFKHW LKU HWF $OVZLUZHLWHUDXIVWLHJHQNDPHQZLUDQGHQ2UWYRQGHPDXV&KULVWXV XQVHU +HUU DP 3DOPVRQQWDJ HLQHQ %OLFN EHU GLH 6WDGW -HUXVDOHP ZDUI XQG GDQQ XQWHU GHQ :RUWHQ ]X ZHLQHQ DQILQJ +lWWHVW GX HUNDQQW VR ZHLQWHVWGXDXFK +|KHU VWHLJHQG HUUHLFKWHQ ZLU GLH 9HUNQGLJXQJVVWlWWH GHV (U]HQJHOV *DEULHO GHU KLHU GHU -XQJIUDX 0DULD NXU] YRU LKUHP $EVFKLHG YRQ GHU =HLWGLH6WXQGHLKUHV7RGHVPLWWHLOWH 9RQKLHUJLQJHQZLUDXIHLQHQ+JHOGHUDXIGHPgOEHUJOLHJWXQG*D OLOHDKHL‰W'LHVHU+JHOLVWHLJHQWOLFKGHU2UWDQGHUGHU(QJHOGLH$XIHU VWHKXQJ &KULVWL VHLQHQ -QJHUQ YHUNQGHWH 8QG DOV HU GLH :RUWH JH EUDXFKWHÅ(UZLUGHXFKYRUDQJHKHQLQ*DOLOHDGDZHUGHWLKULKQVHKHQ ZLHHUHVHXFKYRUKHUJHVDJWKDW´GDPHLQWH HUGDV%HUJOHLQXQG QLFKW GDV/DQG*DOLOHD²GDVOLHJWZHLWZHJYRQKLHU 6FKOLH‰OLFKHUUHLFKWHQZLUGHQ.DPPGHV%HUJHV(LQH.LUFKHLVWHUEDXW DQGHU6WHOOHGD&KULVWXVLP%HLVHLQVHLQHU-QJHULQGHQ+LPPHOKLQDXI JHIDKUHQ LVW XQG YRU LKUHQ $XJHQ YRQ HLQHU :RONH LQ (PSIDQJ JHQRP PHQZXUGH $P (LQJDQJ GLHVHU .LUFKH ILQGHW PDQ GHQ 6WHLQ DXI GHP XQVHU +HUU VWDQGDOVHUJHQ+LPPHOJHIDKUHQLVW8QGPDQVLHKWQRFKVHLQH)X‰VSX UHQLQGHQ6WHLQHLQJHGUFNWEHVRQGHUVGLHGHVUHFKWHQ)X‰HV'HU2UW GHUKLPPOLVFKHQ$XIIDKUWXQVHUHV+HUUQLVWGUHLJHPHLQHZHOVFKH0HLOHQ ZHLWYRQ-HUXVDOHPHQWIHUQW9RQKLHUDXVNDQQPDQGDV7RWH0HHUVHKHQ XQGGLHIQI6WlGWHGLHKLHUJHVWDQGHQKDEHQ6RGRP*RPRUUDXQGGLH DQGHUHQPLWGHPMHZHLOVDQVWR‰HQGHQ/DQGGLHZHJHQGHU6QGHJHJHQ      

U   ŰHQODQGWbYPEZHJHQGHUŰXQGZ\GHUGLHQDWXUYQGHUJDQJHQbGRFKLŰW GDVŰHOELJWRGWPHUbYLMbP\OHQZ\WYŇGLŰŰHPEHUJbZLHZROH‰NXPH\Q KDOEHP\OHZ\WWŰFK\QHWŰ\Qb                                               

 U   GLH1DWXUXQWHUJHJDQJHQVLQG'DV7RWH0HHULVWVLHEHQ0HLOHQZHLWYRQ GLHVHP%HUJHQWIHUQWREZRKOHVNDXPHLQHKDOEH0HLOHZHLWHQWIHUQW]X VHLQVFKHLQW



Y 

9RQGHQKH\OLJHQŰWHWWHQ\PDEJDQJGHVOEHUJV YIIGHUDQGHUQŰ\WHQb  2QGHPOEHUJJLHQJHQZLUDEH\QDQGHUQZHJbYQGTXDPHQ  ]XPHUŰWHQ\QH\QN\UFKGDŰDQW3HODJLD\QUţJHWYQGUDŰWHWb GRŰÖHDXFKQRFKOHEHQGHJDUH\QKDUWHŰWUHQJHEţ‰KDWWYROOHQ EUDFKWb1LWYHUUYRQGDQQHQOÖJHWGDVGRUIIO\Q%HWSKDJHYŇZDQ  QHQFULŰWXV]ZHQLXQJHUŰHQGHWDPSDOPWDJJHQ-KHUXŰDOHPYIIGDV GD]Ű\\PEUHFKWHQGHQDOWHQYQGGHQMXQJHQHŰHOHWF 'DUQDFKTXDPHQZLU\QŰDQWPDU[HXDQJHOÖŰWHQNÖUFKb$QZHOKHP HQGHDXFKGLHDSRŰWHOQQDFKGHUYIIIDUWGH‰KHUUHQ]ţKPHOŰDW]WHQY? PDFKWHQGXUFKHUOXFKWşJJRWWVGH‰KHLOÖJHQJH\ŰWVGLHb[LMbDUWLFNHOGH‰ FULŰWHQOÖFKHQJODXEHQ‰b\HGHUH\QHQb1LWYHUUYRQGDQQHQLŰWH\Q ]HUEURFKHQNÖUFKDQGHPHQGHHWWZDQHUEXZHQGDYQŰHUKHUUMKHŰXVŰ\Q MşJHUHQOHUHWEHWWHQŰSUHFKHQGHbZDQ\UEHWWHQŰRŰDJHQDOŰRb9DWWHUYQ  ŰHUGHUGXEÖŰWLQGHQKPHOQHWF 9RQGDQQēQTXDPHQZLU]ţH\PŰWH\QGDUYIIPDULDGLHMşJIUDXZ SIOHJHWUXJHQZDQŰÖHGLŰŰHKHÖOÖJHQŰWHWQDFK\UHVOÖHEHQN\QGHVYIIIDUW ]ţK\PPHODQGHFKWLJOÖFKHQKH\PŰţFKHQHWWZDQPţGZDUGb 'DUQDFKTXDPHQZLU]ţŰDQW-DFREVGH‰P\QQHUQNÖUFKGHUGHUHUŰW ELŰFKRII]ţ-KHUXŰDOHPZDVbGHPYQŰHUKHUUMKHŰXVQDFKŰ\QHUYIIHUŰWHQ QXQJHUŰFKH\QHb$QZHOFKHPHQGHDXFKHUQDFKŰ\QēWRGZDUGEHJUDEHQ YQGGRFKGDUQDFKDQGHUVK\QJHIţUHWbZDQGLHMXGHQDOVHUOHUHWYQG SUHGLJHWGD]FULŰWXVJRWVŰXQZHUHZXUIIHQ\QHQREHQKHUDEYRQGHP XPEJDQJGH‰WHPSHOVbY?GDHUQRFKQLWDEŰWXQGHFULŰWş]ţSUHGLJHQ GRZDUG\PŰ\QK\UQGXUFKŰODJHQb 1LWYHUUYRQGDQQHQLŰWGDVJUDEGH‰SURSKHWHQ]DFKDULHbYRQGDQ  QHQJHWPDQDQGDVHQGHGRHWZDQŰWXQGGDVGRUII*HWKŰHPDQLJHQĆWb  9RQGHQŰWHWWHQGLHGROÖJHQ\PWDOOYQGHUQGHPOEHUJb   ţMXQJŰWTXDPHQZLULQGDVWDOOYQGHUGHQOEHUJ]ţH\P  WKXUQGD$EŰRORQYHUJUDEHQLŰWZRUGHQbGRLŰWH\QJURŰŰHU ŰWH\QKXIIHbZDQGLHKHLGHQGDUIXUJHQGHZHUIIHQŰWH\QGXUFK H\QIHQŰWHU\QGHQWXUQ\QJHPW]ţYROOHQUHFKHQGLHYQ  JHKRUŰDPNH\W$EŰRORQVZ\GHUŰ\QYDWWHU'DXLGEHZ\‰HQbZHOFKHQHU YHULDJHWYQQGYHOYROJHWbDOVGDVDQGHUEţFKGHUNRQLJY‰Z\ŰHWDP [Yb&DSLWHOPLWGU\QDFKJHQGHQb 9RQGDQQHQNŇPHWPDQ\QGDVWDOO6\ORH -WēYQGHQDPOEHUJ ]ţGHUOÖQFNHQKDQW]HJWPDQGLHŰWDWGDMXGDVŰÖFKHUKHQFNHQ]HUEUDFK PLWWHQHQW]ZH\b $PHQGHGLŰŰHVWDOH‰6\ORHYLQGHWPDQH\QFODUHQEUşQHQH\QZH  QLJYQGHUGHUHUGHQYIITXHOOHQbGDUREGLHMşJIUDXZPDULDGÖHWKţFK        



Y 



'LHKHLOLJHQ6WlWWHQEHLP$EVWLHJYRPgOEHUJDXIGHUDQGHUHQ 6HLWH %HLP$EVWLHJYRPgOEHUJQDKPHQZLUHLQHQDQGHUHQ:HJDOVEHLP$XI VWLHJ =XHUVW NDPHQ ZLU DQ HLQH .LUFKH LQ GHU GLH KO 3HODJLD UDVWHW XQG UXKW]X/HE]HLWHQKDWVLHHLQHKDUWHVWUHQJH%X‰HGDUJHEUDFKW1LFKW ZHLW GDYRQ HQWIHUQW OLHJW GDV '|UIFKHQ %HWSKDJH DP 3DOPWDJ VDQGWH &KULVWXVYRQKLHUDXV]ZHL-QJHUGDPLWVLHLKPGHQDOWHQXQGGHQMXQJHQ (VHOEUlFKWHQHWF 'DQDFKHUUHLFKWHQZLUGLH6W0DUNXV.LUFKHGLHGHP(YDQJHOLVWHQJH ZHLKWLVW+LHUVD‰HQGLH$SRVWHOQDFKGHU$XIIDKUWGHV+HUUQ]XP+LP PHO XQG YHUIDVVWHQ GXUFK GLH (UOHXFKWXQJ *RWWHV GHV +HLOLJHQ *HLVWHV GLH]Z|OI$UWLNHOGHVFKULVWOLFKHQ*ODXEHQVMHGHUQDKPVLFKHLQHV$UWLNHOV DQ,QGHU1lKHVWHKWHLQH]HUVW|UWH.LUFKH6LHLVWDQGHU6WHOOHHUEDXW DQGHUXQVHU+HUU-HVXVVHLQH-QJHU]XEHWHQOHKUWH:HQQLKUEHWHWVR VDJWHHUVRVDJW9DWHUXQVHUGHUGXELVWLQGHQ+LPPHOQHWF 9RQ GD DXV NDPHQ ZLU ]XP 5XKHVWHLQ GHU -XQJIUDX 0DULD 6LH SIOHJWH VLFK DXI LKQ ]X VHW]HQ ZHQQ VLH EHLP DQGlFKWLJHQ %HVXFK GHU KHLOLJHQ 6WlWWHQGHQVLHQDFKGHU$XIIDKUWLKUHVOLHEHQ.LQGHVXQWHUQDKPPGH JHZRUGHQZDU 'DQDFKNDPHQZLU]XGHU.LUFKHYRQ-DNREGHP-QJHUHQGHPHUVWHQ %LVFKRI YRQ -HUXVDOHP GHP XQVHU +HUU -HVXV QDFK VHLQHU $XIHUVWHKXQJ HUVFKLHQ 1DFK VHLQHP 7RG ZXUGH -DNRE KLHU DXFK EHJUDEHQ VSlWHU MH GRFKXPJHEHWWHW$OVHUOHKUWHXQGSUHGLJWH&KULVWXVVHL*RWWHV6RKQGD ZDUIHQLKQGLH-XGHQYRP8PJDQJGHV7HPSHOVKHUDE8QGDOVHUGDQQ LPPHUQRFKQLFKWGDYRQDEOLH‰&KULVWXV]XSUHGLJHQGDZXUGHLKPYRQ LKQHQGDV*HKLUQGXUFKVFKODJHQ 1LFKWZHLWGDYRQHQWIHUQWEHILQGHWVLFKGDV*UDEGHV3URSKHWHQ6DFKDU MD9RQGRUWJHODQJWPDQDQGLH6WHOOHDQGHUGDV'RUI*HWKVHPDQHVWDQG   'LH6WlWWHQLP7DOXQWHUKDOEGHVgOEHUJV  ,P7DOXQWHUKDOEGHVgOEHUJVJLEWHVHLQHQ7XUPLQGHP$EVDORPEHJUD EHQ LVW :LU NDPHQ GRUW KLQ XQG IDQGHQ LQ GHP 7XUP HLQHQ JUR‰HQ 6WHLQKDXIHQ'HQQGLH+HLGHQGLHKLHUYRUEHLJHKHQZHUIHQ6WHLQHGXUFK HLQ7XUPIHQVWHUPLWGHU$EVLFKWGHQ8QJHKRUVDP$EVDORPV]XEHVWUD IHQGHQHUJHJHQVHLQHQ9DWHU'DYLGJH]HLJWKDW(UKDWLKQMDYHUMDJWXQG YHUIROJWZLHHVLP]ZHLWHQ%XFKGHU.|QLJHVWHKWLPXQGLQGHQGUHL GDUDXIIROJHQGHQ.DSLWHOQ 9RQGRUWNRPPWPDQLQGDV7DOGHV6FKLORDFK 6HOXQ-RUGDQLHQ $P XQWHUHQ OLQNHQ )X‰ GHV gOEHUJV ]HLJW PDQ GLH 6WHOOH DQ GHU VLFK -XGDV HUKlQJWHXQGZRHVLKQPLWWHQHQW]ZHLULVV $P(QGHGHV7DOHV6FKLORDFKILQGHWPDQHLQHQNODUHQ%UXQQHQHLQZH QLJ XQWHUKDOE GHV %RGHQQLYHDXV DXITXHOOHQ +LHU KDW GLH -XQJIUDX 0DULD RIWGLH7FKOHLQ       



U 

O\QRIIWKDWWJHZHŰFKHQbGDU\QŰ\H\UOÖHEHVN\QWSIOHJHWZ\QGHQb 1LWYHUUGDYRQLŰWGÖHEDFK6\ORH]ţZHOFKHUYQŰHUKHUUHMKHŰXVGHQ JHERUQHQEO\QGHQDOVHU\PKHWWJHPDFKHWH\QWH\JOHYRQGHUHUGHQYQQG ŰSHLFKHOYQG\PGDVYEHUŰ\QDXJHQJHŰWULFKHQbŰHQGHWbŰSUHFKHQ]ţ\Pb JDQJYQGZHŰFKGÖFKREGHUEDFK6\ORHbYQQGDOVHUGDVKHWWJHWKDQb TXDPHUZ\GHUYPEJHŰHKHQbZHOFKHKLŰWRULDMRKĆQHVDPbL[bŰ\QVHXDQ  JHOÖXPVFOHUOÖFKHQŰHW]HWb 'DUQDFKTXDPHQZLUDQGDVHQGHE\H\PEDXPGR\ŰDÖDVGHUSUR  SKHWPLWH\QHUKXOW]LQŰHJHQZDUGY‰JHKH\‰GH‰NRQLJV6HGHFKLHHQW  ]ZH\JHŰHJHWbYQGGDLŰW\W]H\QNUDXWJDUWWb'DŰHOEHWYPEŰ\QDXFK YLOKţOHQGDU\QGLHDSRŰWHOQYQGDQGHUKHLOÖJHQPHQŰFKHQYPEIRUFKW ZHJHQGHUMXGHQŰÖFKYHUEDUJHQ]ţ]\WGHUYHUYROJXQJGHUFULŰWHQb 9RQGĆQHQTXDPHQZLU]ţGHPDFNHU$FKHOGHPDFKbGDVLŰW]ţGHP DFNHUGH‰EOţWVbGHUPLWGHQb[[[bSIHQQLJHQZDUGNDXIIWbGDPÖWFULŰWXV ZDUGYHUNDXIIW]ţHLQHUEHJUHEQX‰GHUELOJHUHQbYQQGPDFKHQGU\GHU ŰHOELJHQSIHQQLJH\QGXFDWHQb9QGLŰWGHUŰHOEDFNHU\QJHŰWDOWH\QV WKXUQ‰\QYLHUPXUHQYHUYDŰŰHWbY?REHQJHZHOEHWbKDEHQGHbYLMbYQGHU  ŰFKH\GOÖFKORFKHUREHQDEbGDGXUFKPDQGLHWRGWHQFRUSHU\QZXUIIWbY? KDWWŰDQWKHOHQDGHQDFNHUDOŰRODŰŰHQŰOLHŰŰHQbGHULŰWIXQIIW]LJŰFKZEUH\W YQGbO[[LMbŰFKZODQJb$OVZLUDOOHGLŰŰHŰWHWWKHWWHQKH\PJHŰXFKWb NHUWWHQZLUZLGHUYPEJHQMKHUXŰDOHPbZDQH‰HŰŰHQ]\WZDVbYQGGDU QDFKJDEHQZLUYQVH\QZLOH]ţUţJb  9RQGHPY‰JDQJJHQ%HWKOHHPYQGGHQ KH\OÖJēQŰWHWWHQGDUYPEb  0b[LLLMbWDJGH‰PRQHGV-XOLMGDH‰DEHQWZDUGbJLHQJHQ ZÖU]ţGHQEUţGHUQYIIGHQEHUJ6\RQGDIXQGHQZLUEHUH\W HŰHObYIIZHOFKHQZLUULWWHQJHQ%HWKOHHPbLŰWIXQIIZHOŰFKHU P\OHQYRQ-KHUXŰDOHPbYQGDOVZLUYRQMKHUXŰDOHP\‰ULW  WHQbTXDPHQZLUDQGLHŰWDWWGRGHUŰWHUQGHQGU\KH\OÖJHQNRQLJHQZ\ GHUHUŰFKH\QHGHU\QYRUZDVYHUŰFK\QHQGRŰ\H]ţ-KHUXŰDOHP\QJLHQb JHQDOVŰDQFWXV0DWKHXVGDYRQŰFKULEHWDPDQGHUQFDSLWHOb 1DKHGDE\LŰWH\QN\UFKJHEXZHQDQGHPHQGHGRŰDQFWXVKHO\DV GHUSURSKHWLŰWJHERUQb 1LWYHUUGDYRQLŰWGLHŰWDWWGRGHUHQJHOJRWWVGHQSURSKHWHQ$ED  FXFNQDPE\Ű\PKDUŰFKRSIIYQGIţUW\Q\QQ%DELORQLDPYQGOÖH‰ \QQ\GHUE\GHUKROHQGHUOHZHQbGDU\QGHUSURSKHWW'DQLHOZDVbGHP $EDFXFN]HŰŰHQEUDFKWb 1LWYHUUGDYRQLŰWGLHUHY\HUGRGHUSDWULDUFK-DFREHWWZDQODQJ JHZRQHWKDWWb'DLŰWDXFKGDVJUDEŰ\QHUHHOÖFKHQKX‰IUDXZHQ5DFKH  OÖVYQGHUH\PH\FKEDXPb       



U 



JHZDVFKHQLQGLHVLHLKUOLHEHV.LQGJHZLFNHOWKDW ,QGHU1lKHIOLH‰WGHU%DFK6FKLORDFK=XLKPKDWXQVHU+HUU-HVXVGHQ YRQ *HEXUW DQ %OLQGHQ JHVFKLFNW QDFKGHP HU LKP HLQHQ 7HLJ DXV (UGH XQG6SHLFKHOJHPDFKWXQGGLHVHQEHUVHLQH$XJHQJHVWULFKHQKDW-HVXV VDJWH]XGHP%OLQGHQ*HKHXQGZDVFKHGLFKLP%DFK6FKLORDFK1DFK GHPHUGDVJHWDQKDWWHNRQQWHHUZLHGHUVHKHQ'LHVH*HVFKLFKWHLVWXQV LP.DSLWHOGHV-RKDQQHV(YDQJHOLXPVEHUOLHIHUW 'DQDFKNDPHQDQHLQH6WHOOHDQGHUHLQ%DXP VWHKWDQGHPGHU3UR SKHW-HVDMDDXI*HKHL‰GHV.|QLJV6HGHFKLHPLWHLQHUK|O]HUQHQ6lJHHQW ]ZHLJHVlJWZXUGH ,Q GLHVHU *HJHQG JLEW HV DXFK YLHOH +|KOHQ LQ GHQHQVLFKGLH$SRVWHOXQGDQGHUHKHLOLJH0HQVFKHQDXV)XUFKWYRUGHQ -XGHQ]XU=HLWGHU&KULVWHQYHUIROJXQJYHUVWHFNWHQ 9RQ KLHU JHODQJWHQ ZLU ]X GHP $FNHU +DNHOGDPDFK GDV KHL‰W %OXW DFNHU (U ZXUGH PLW GHQ GUHL‰LJ 3IHQQLJHQ JHNDXIW PLW GHQHQ &KULVWXV YHUNDXIWZXUGH(ULVWKHXWHHLQH%HJUlEQLVVWlWWHGHU3LOJHU'UHL3IHQQLJH VLQGHLQ'XNDWHQ'HU$FNHULVWHLJHQWOLFKHLQ7XUPPLWYLHU0DXHUQXQG HLQHP DEVFKOLH‰HQGHQ *HZ|OEH ,Q GLHVHP VLQG VLHEHQ XQWHUVFKLHGOLFK JUR‰H/|FKHUGXUFKVLHZLUIWPDQGLHWRWHQ.|USHULQGHQ7XUPKLQHLQ 'LH KO +HOHQD KDW GLHVHQ $FNHU HUVFKOLH‰HQ ODVVHQ (U LVW IQI]LJ )X‰ EUHLW XQG  )X‰ ODQJ   1DFKGHP ZLU DOOH GLHVH 6WlWWHQ KHLPJHVXFKW KDWWHQ NHKUWHQ ZLU ZLHGHU XP QDFK -HUXVDOHP GHQQ HV ZDU (VVHQV]HLW 'DQDFKEHJDEHQZLUXQVHLQH:HLOH]XU5XKH  'HU$XVJDQJYRQ%HWKOHKHPXQGYRQGHQKHLOLJHQ6WlWWHQ ULQJVXP  $P-XOLDEHQGVJLQJHQZLUPLWGHQ%UGHUQDXIGHQ%HUJ=LRQ'RUW ZXUGHQ(VHOIUXQVEHUHLWJHKDOWHQPLWGHQHQZLUQDFK%HWKOHKHPULWWHQ (VLVWIQIZHOVFKH0HLOHQYRQ-HUXVDOHPHQWIHUQW$OVZLUYRQ-HUXVDOHP DXVULWWHQNDPHQZLUDQGLH6WHOOHZRGHU6WHUQGHQ+HLOLJHQGUHL.|QLJHQ EHLLKUHP(LQ]XJQDFK-HUXVDOHPZLHGHUHUVFKLHQQDFKGHPHULKQHQ]X YRU VFKRQ HLQPDO HUVFKLHQHQ ZDU 0DWWKlXV VFKUHLEW GDYRQ LP ]ZHLWHQ .DSLWHOVHLQHV(YDQJHOLXPV ,QGHU1lKHVWHKWHLQH.LUFKHGRUWLVWGHUKHLOLJH3URSKHW(OLDVJHERUHQ ZRUGHQ $QHLQHU6WHOOHGLHQLFKWZHLWGDYRQHQWIHUQWLVWKDWGHU(QJHO*RWWHV GHQ3URSKHWHQ+DEDNXNEHLP+DDUVFKRSIJHQRPPHQLKQQDFK%DE\ORQ JHIKUW XQG LKQ LQ GHU +|KOH GHV /|ZHQ DXI GHQ %RGHQ JHVHW]W ,Q GHU +|KOHEHIDQGVLFKGHU3URSKHW'DQLHOGHP+DEDNXN]XHVVHQEUDFKWH 'DV*HELHWLQGHPGHU3DWULDUFK-DNREODQJHJHOHEWKDWOLHJWLQGHU1l KH+LHUXQWHUHLQHU(LFKHEHILQGHWVLFKGDV*UDEVHLQHU(KHIUDX5DFKHO          



Y 

$OŰRTXDPHQZLUJHQ%HWKOHHPGDÖŰWJDUŰHUHH\QŰFKRQHN\UFK\QHUH GHUMXQJIUDXZHQPDULHJHZ\KHWb]ZH\KXQGHUWYQGb[[YLÖbŰFKZODQJb YQGbO[[[YÖMbŰFKZEUH\Wb6REDOGZLUGDK\QTXDPHQRUGQHWWHQGÖH PQHUEUţGHU GHUUHQHWWOÖFKGDZRQHQG H\QSURFHŰŰÖRQbGHUZÖUQDFK YROJWHQEUÖQQHQNHUW]HQÖQKHQGHQWUDJHQGHbYQGTXDPHQ]ţHUŰWGXUFK GHQFUXW]JDQJ]ţH\QHPDOWDUGDLŰWFULŰWXVEHŰFKQÖWWHQZRUGHQb'DU QDFK]ţH\PDQGHUQDOWDUbDQZHOFKHPHQGHGLHGU\KH\OÖJHQNRQLJRU  GLQHUHWHQ\UHRSIIHUb 9RQGDQQHQJHWPDQQ\GHUZHUW]HWWOÖFKŰWH\QHŰWDIIHOHQDE\QH\Q FOH\QHDEHUJDUŰFKRQH&DSHObYQGGRGHUKRKHDOWDUŰWHHWLŰWGLHŰWDWWGD FULŰWXVJHERUQZDUG YQJH]ZLIHOWGLHDOOHUKH\OÖJŰW GDGLHŰHOÖJJHEH  UHU\Q0DULDGLHPţWHUJRWWVKDWGLHŰRQQGHUJHUHFKWLNH\WMKHŰXPJH  EUDFKW\QGLŰŰHZHOWb 9RQGDQQHQTXDPHQZLU]ţH\PDQGHUQDOWDU\QH\QHQYHO‰HQJH KDXZHQbGDGÖHGU\KH\OÖJHQNRQLJ\UHRSIIHUEUDFKWHQYQŰHUPKHUUHQbGR LŰWYROONRPPHQYHUJHEXQJDOOHUŰXQGb 9RUGHPŰHOEHQDOWDULŰWGLHŰWDWWGDGDVNUXSIIO\QZDVGDU\QQHGLH ZHUGHPţWHUYQGMXQJIUDXZPDULD\UNLQGOHJHWPLWDUPHQWţFKO\Q XPEZÖFNHOWb$EHUK\QGHUGHPŰHOEHQDOWDUŰ\QYÖOGHUKHLOÖJHQYQŰFKXO GLJHQN\QGO\QFRUSHOODQJH]\WYQHUNDQWJHOHJHQbGDLŰWDEOD‰bYLMbMDU YQGbYLMbNDUHQb9RQGDQQHQTXDPHQZLUZÖGHU\QQGHQFUXW]JDQJ Y?JLHQJHQDEHUHWWOÖFKŰWHQHŰWDIIHOHQDE\QH\QFDSHOb\QGHUHUHŰDQFWL -HURQLPLJHZ\KHWbGDDXFKŰ\QO\EYÖO]\WLŰWEHJUDEHQJHOHJHQbGHU\W] ]ţ5RPHDGŰDQFWĆPDULĆPDÖRUēUţJHWYQGUDŰWHWb$QGHPŰHOEHQHQG KDWWHUŰDQFWXV-HURQLPXVbGHUHUEHUŰDPYQGQXW]EDUOHUHUGHUN\UFKHQ GÖHKHÖOÖJ%\EHOJHZHQGHW\‰KHEUHR\QODWÖQY?NULHFKHŰFKHŰSUDFKbY? ODQJH]\WGDŰHOEHWJHZRQHWbYQGH\QKH\OÖJ‰OHEHQJHIţUHWbGDLŰWDEHU DEOD‰bYLMbMDUbYQGbYLbNDUHQb1LWYHUUYŇGDQQHQÖŰWH\QDOWDUGDU \QŰDQFWXV(XŰHELXVGH‰\W]JHPHOWHQŰDQFWL-HURQLPLMşJHUYQGQDFK YROJHUO\JHWEHJUDEHQbGDLŰWDEOD‰bYLMbMDUYQGbYÖMbNDUHQb 9RQGDQQHQTXDPHQZLUZ\GHU\QFUW]JDQJbYQGGRŰHOEHWYROO  HQGHWŰÖFKGÖHSURFHŰŰÖRQbGRUţJHWWHQZLUYQQGDŰŰHQY?GUşFNHQYIIGHU HUGHQbYQGDOVEDOGPLWQDFKWZDUGbYLHQJHQGÖHEUGHUDQPH‰]ţOH  ŰHQEL‰H‰WDJZDUGb:\WHUEHŰFKULEşJ%HWKOHHPY?DQGHUHUŰWHWWGDU DQŰWR‰HQGHYLQGHWPDQKLHQDFKED‰\QGHUJUŰŰHUQEHŰFKUÖEXQJb 9RQGHPZ\GHUNHUHQYRQ%HWKOHHPJHQ-KHUXŰDOHPb  0b[YbWDJGH‰PRQHGV-XOÖMULWWHQZLUYŇEHWKOHHPJHQ-KHUX ŰDOHPZ\GHUYPEH\QDQGHUHQZHJbY?ZXUGēEHUDXEWGXUFKGLH $UDEHVGD]YQŰHUJHOH\W]OXWKZROZţŰWHQYQGGRFKQLWZROWHQ K\QGHUHQbYQGDOŰRPţŰWHQZÖUb[[LLLMbGXFDWHQJHEHQbGDPLWZLUYQŰHU OHEHQHUUHWWHQb9IIGHPZHJTXDPHQZLU]ţH\QHU]HUŰWRUWHQNÖUFKHQ]ţ      



Y 



6RNDPHQZLUDOVRQDFK%HWKOHKHP'DJLEWHV]XQlFKVWHLQH.LUFKHGLH GHU-XQJIUDX0DULDJHZHLKWLVW6LHLVW)X‰ODQJXQG)X‰EUHLW .DXP ODQJWHQ ZLU GRUW DQ IRUPLHUWHQ GLH 0LQGHUHQ %UGHU YRQ GHQHQ HWOLFKHKLHUZRKQHQ HLQH 3UR]HVVLRQGHUZLUPLWEUHQQHQGHQ.HU]HQLQ GHQ +lQGHQ QDFKIROJWHQ 6LH IKUWH XQV ]XQlFKVW GXUFK GHQ .UHX]JDQJ ]XHLQHP$OWDUKLHULVW&KULVWXVEHVFKQLWWHQZRUGHQ'DQDFKNDPHQZLU ]XHLQHP$OWDUDQGHVVHQ6WHOOHGLH +HLOLJHQGUHL.|QLJHLKU2SIHUGDU EUDFKWHQ :HQQPDQYRQKLHUDXVHLQLJH6WHLQVWXIHQDEZlUWVJHKWVR|IIQHWVLFK HLQH NOHLQH DEHU ZXQGHUVFK|QH .DSHOOH 'D ZR GHU +RFKDOWDU VWHKW LVW GLH*HEXUWVVWlWWH&KULVWL ]ZHLIHOORVGLHDOOHUKHLOLJVWH6WlWWH +LHUKDWGLH VHOLJH *HElUHULQ 0DULD GLH 0XWWHU *RWWHV GLH 6RQQH GHU *HUHFKWLJNHLW -HVXVLQGLHVH:HOWJHEUDFKW 9RQKLHUSUR]HVVLHUWHQZLU]XHLQHPDQGHUHQ$OWDUGHULQHLQHQ)HOVHQ JHKDXHQZDU$QGLHVHP2UWEUDFKWHQGLH+HLOLJHQGUHL.|QLJHXQVHUHP +HUUQLKUH2SIHUGDU+LHUHUODQJWPDQGLHYROONRPPHQH9HUJHEXQJDOOHU 6QGHQ 9RU GLHVHP $OWDU VWDQG GDV .ULSSOHLQ LQ GDV GLH KRFKYHUHKUWH 0XWWHU XQG -XQJIUDX0DULD LKU LQ DUPVHOLJH 7FKHU JHZLFNHOWHV .LQG JHOHJW KDW +LQWHU GHP $OWDU KDEHQ GLH .|USHU YLHOHU KHLOLJHU XQVFKXOGLJHU .LQGHU ODQJH=HLWXQHUNDQQWJHOHJHQ+LHUHPSIlQJWPDQ$EODVVIU-DKUHXQG .DUHQ:LUVFKULWWHQ]XUFNLQGHQ.UHX]JDQJXQGVWLHJHQZLHGHUEHU HWOLFKH6WHLQVWXIHQKLQDELQHLQH.DSHOOH6LHLVW]XU(KUHGHVKO+LHURQ\ PXV JHZHLKW +LHU ZDU VHLQ /HLE DXFK ODQJH =HLW EHJUDEHQ ZlKUHQG HU MHW]WLQ5RPLQGHU.LUFKH6DQFWD0DULD0DLRUH 60DULD0DJJLRUH ]XU OHW]WHQ5XKHJHEHWWHWLVW'HUKO+LHURQ\PXVGHUYHUHKUXQJVZUGLJHXQG KLOIUHLFKH /HKUHU GHU .LUFKH KDW KLHU LQ %HWKOHKHP GLH +HLOLJH %LEHO DXV GHP+HEUlLVFKHQLQV/DWHLQLVFKHXQG*ULHFKLVFKHEHUVHW]WHUKDWODQJH KLHU JHZRKQW XQG HLQ KHLOLJHV /HEHQ JHIKUW +LHU HPSIlQJW PDQ HLQHQ $EODVVYRQ-DKUHQXQG.DUHQ1LFKWZHLWGDYRQHQWIHUQWVWHKWHLQ $OWDULQGHPGHUKO(XVHELXVEHJUDEHQOLHJWGHVVHQ-QJHUXQG1DFK IROJHU+LHURQ\PXVZDU(VZLUGKLHUHLQ$EODVVYRQ-DKUHQXQG.DUHQ JHZlKUW 'DQDFKNHKUWHQZLU]XP.UHX]JDQJ]XUFNXQGGLH3UR]HVVLRQZDUEH HQGHW'DUXKWHQZLUXQGD‰HQXQGOHJWHQXQVDXIGLH(UGH'HQQVREDOG HVGXQNHOZXUGHEHJDQQHQGLH%UGHUGLH0HVVH]XOHVHQ(LQHZHLWHUH %HVFKUHLEXQJ %HWKOHKHPV XQG DQGHUHU 6WlWWHQ GLH GDUDQ VWR‰HQ ILQGHW PDQLP)ROJHQGHQJHQDXHUEHVFKULHEHQ  5FNNHKUYRQ%HWKOHKHPQDFK-HUXVDOHP  $P-XOLULWWHQZLUYRQ%HWKOHKHPQDFK-HUXVDOHPDXIHLQHPDQGHUHQ :HJ]XUFN%HLGLHVHU*HOHJHQKHLWZXUGHQZLUYRQGHQ$UDEHUQEHUDXEW ZDVXQVHUH%HJOHLWHU]XYRUVFKRQZXVVWHQHVMHGRFKQLFKWYHUKLQGHUWHQ 8QGVRPXVVWHQZLU'XNDWHQKHUDXVUFNHQXPXQVHU/HEHQ]XHUUHW WHQ$XIGHP:HJNDPHQZLU]XHLQHU]HUVW|UWHQ.LUFKHVLHKHL‰W      



U 

ŰDQW1LFOD‰JHQDQWbH\QP\OHZHJVYRQ%HWKOHHPO\JHQGb'RŰHOEHW Ű\QWŰDQW3DXOXVGHUHUŰWH\QŰ\GGHObYQQGŰDQW(XŰWDFKLXVYRU]\WHQ EHJUDEHQZRUGHQbGDÖŰWDEOD‰bYLMbMDUYQGbYLMbNDUHQb 1DKHGDE\ÖŰWH\QDQGHUHN\UFK]ţYQŰHUIUDXZHQJHQĆWbDQGHPHQGH HUEXZHQGDGHUHQJHO]ţGHUŰWşGGHUJHEXUWFULŰWLŰSUDFK]ţGHQK\UWHQ MFKYHUNXQGHYFKJUR‰HIUHGHbZDQKWLŰWJHERUQGHUKH\OPDFKHUGHU ZHOWb'RLŰWDXFKDEOD‰bYLMbMDUYQGbYLMbNDUHQb 9RQGHUŰHOEHQN\UFKHQPţJHQGLHKH\GHQNH\QŰWH\QGXUFKNH\QH NXQŰWNUDIIWRGHUNOXJKH\WHWZHUHQRGHUQHPHQbDEHUZHOFKHGDVYQGHU ŰWDQGLHPXŰŰHQHWWZDVŰFKDGHQHQWSIDKHQRGHUŰÖHŰWHUEHQb'DU]ţNH\Q Y\KHDOVHŰHORGHUUR‰HWFPţJHQGLŰŰHUN\UFKHQRQŰFKDGHQ]ţQDKHQbDOV YQVGDVJOHXEOÖFKHQZDUGJHŰDJHWb 'DŰHOEHWŰ\QDXFKHWWOLFKJUR‰OEDXPDQGHPHQGHGRPLWGHPYRUL  JHQHQJHOGHUGLHJHEXUWFULŰWLYHUNXQGHWGHQK\UWHQbHUŰFKH\QH\QJUR‰H PHQJHH\Q‰K\PHOÖŰFKHQKHUUH‰bGLHDOOJRWWOREWHQbŰSUHFKHQGHb*ORULD HUHYQGOREŰ\JRWW\QQGHUKRKHbY?YIIGHUHUGHIU\GGHQPHQŰFKHQH\QV JţWHQZLOOHQVHWF 1LWYHUUYRQGDQQHQLŰWH\QFDSHOJHEXZHWDQGHPHQGHGDGHUHQ  JHOJRWV\PŰODIIHUŰFKH\Q-RŰHSKŰSUHFKHQGHbŰWDQGYIIYQQGQ\PGDV N\QGWYQGŰ\QPţWHUYQGIOXKH\QHJLSWHQODQGWYQGEHO\EHGDEL‰LFK GLUZ\GHUZXUGŰDJHQHWFDOV/XFDVŰFKULEHWDPDQGHUQ&DSLWHObŰ\QHV HXDQJHOÖXPVb 'DŰHOEHWLŰWDXFKGLHEHJUHEQX‰GHUb[LMbSURSKHWHQQDKHE\GHUNÖUFKHQb 'DE\ÖŰWGHUEHUJGRGDXLG*ROÖDPGHQU\HŰHQPLWH\QHUŰOHQFNHUQHU WRGWb'RLŰWDXFKGHUDFNHU%RRVYQG5XWKbGDGDXLGGHQOHZHQYQG GHQEHUHQHUŰFKOXJbYQGLŰWIDŰWH\QJURŰŰHUŰFKRQHUDFNHUJHKRUHQ]ţGHP KX‰GDXLGb 'DUQDFKTXDPHQZLU]ţGHPKX‰]DFKDULHGDU\QGLHMXQJIUDXZH 0DULDQDFKGHPYQG\UGHUHQJHOŰFKJUX‰ZDVJHŰFKHKHQYQQGŰ\HGDV HZLJZRUWKHWWHQWSIDQJHQTXDPJHQGHYEHUGDVJHELUJHPLW\OHQbY? PDFKHWGDGDVOREJHŰDQJb0DJQLIÖFDWDQLPDPHDG?Pb'DLŰWDEODV YLMbMDUYQGbYLMbNDUHQb 2EHQ\QQGHPŰHOEHQKX‰LŰWYRU]\WHQHLQFDSHOOJHZHŰHQ\W]JDQW] ]HUŰWUHWb-QGHUŰHOEHQ]DFKDULDVHUIXOOHWPLWJRWWGHPKH\OÖJHQJH\ŰW PDFKHWGDVOREJHŰDQJ%HQHGLFWXVG?VGHXVMŰUDKHOb $QGHPŰHOEHQHQGHKLH‰=DFKDULDV\PDXFKEULQJHQH\QJULIIHOYQG ŰFKULEYIIH\QWDIIHOGD]Ű\QŰXQ-RKDQQHVŰROWJHKH\ŰŰHQZHUGHQbGDLŰW DEHUDEOD‰bYLMbMDUYQGbYLMbNDUHQb 'DZXUGWJH]HXJHWGLHŰWDWWGHUJHEXUWŰDQFWL-RKDQQLVGH‰WHXIIHUVb YQGLŰWYRU]\WHQJHZHŰHQH\QŰFKRQHJHZHOEHWHN\UFKbDEHU\W]]HUEURFKē YIIH\PFOH\QHQEHUJJHOHJHQbGDU\QQY\KHDOVHŰHOYQGRFKŰHQŰWHQHWF GRFKLŰWGDYRONRPPHQHUDEOD‰YRQS\QYQGŰFKXOGb       



U 



6W1LNRODXVXQGOLHJWHLQH0HLOHYRQ%HWKOHKHPHQWIHUQW+LHUVLQGVHLQHU =HLWGHUKO3DXOXVGHUHUVWH(LQVLHGOHUXQG6W(XVWDFKLXVEHJUDEHQZRU GHQ+LHUHPSIlQJWPDQHLQHQ$EODVVYRQ-DKUHQXQG.DUHQ ,QGHU1lKHJLEWHVHLQHZHLWHUH.LUFKH=X8QVHUHU)UDX6LHLVWDQGHU 6WHOOHHUEDXWZRUGHQDQGHUGHU(QJHOLQGHU6WXQGHYRQ&KULVWL*HEXUW ]X GHQ +LUWHQ VDJWH ,FK YHUNQGLJH (XFK JUR‰H )UHXGH GHQQ (XFK LVW KHXWHJHERUHQGHU+HLODQGGHU:HOW$XFKKLHUHPSIlQJWPDQHLQHQ$E ODVVYRQ-DKUHQXQG.DUHQ 'LH+HLGHQODVVHQVLFKPLWNHLQHP.XQVWJULIINHLQHU0DFKWDQZHQGXQJ XQGNHLQHUOHL5DIILQHVVHQGD]XEULQJHQDXFKQXUHLQHQHLQ]LJHQ6WHLQYRQ GLHVHU .LUFKH ]X HQWZHQGHQ RGHU ZHJ]XQHKPHQ :HU HV WURW]GHP YHU VXFKW GHP ZLUG 6FKDGHQ ]XJHIJW RGHU HU PXVV VRJDU VWHUEHQ $X‰HU GHP VR ZXUGH XQV JODXEKDIW YHUVLFKHUW NDQQ VLFK NHLQ 9LHK NHLQ (VHO RGHU3IHUGHWFGHU.LUFKHQlKHUQRKQH6FKDGHQ]XQHKPHQ +LHU ZDFKVHQ DXFK HLQLJH JUR‰H gOElXPH DQ GHU 6WHOOH DQ GHU PLW GHP (QJHO GHU GHQ +LUWHQ GLH *HEXUW &KULVWL YHUNQGHWH HLQH JUR‰H 0HQJH KLPPOLVFKHU +HHUVFKDUHQ HUVFKLHQ 6LH DOOH OREWHQ *RWW XQG VSUDFKHQ *ORULD(KUHXQG/REVHL*RWWLQGHU+|KHXQGDXI(UGHQ)ULHGHQGHQ 0HQVFKHQJXWHQ:LOOHQVHWF (LQH .DSHOOH LQGHU 1lKH PDUNLHUW GLH 6WHOOH DQ GHUGHU(QJHO *RWWHV -RVHSK LP 6FKODI HUVFKLHQ XQG LKQ DXIIRUGHUWH 6WHKH DXI XQG QLPP GDV .LQGXQGVHLQH0XWWHUXQGIOLHKHQDFKbJ\SWHQXQGEOHLEHGDELVLFKGLU QHXH $QZHLVXQJHQ JHEH XVZ 'LHV NDQQ PDQ LP  .DSLWHO GHV /XNDV (YDQJHOLXPVQDFKOHVHQ +LHU LQ GHU 1lKH GHU .LUFKH EHILQGHW VLFK DXFK GLH %HJUlEQLVVWlWWH GHU ]Z|OI3URSKHWHQ'DQHEHQHUKHEWVLFKGHU%HUJDXIGHP'DYLGGHQ5LH VHQ *ROLDWK PLW HLQHU 6FKOHXGHU W|WHWH +LHU OLHJW DXFK GHU $FNHU GHV %RDVXQGGHU5XWKZR'DYLGGHQ/|ZHQXQGGHQ%lUHQHUVFKOXJ(V LVWGLHVZLUNOLFKHLQJUR‰HUVFK|QHU$FNHUGHUVLFKGDLP%HVLW]GHV+DX VHV'DYLGVEHILQGHW 'DQDFKNDPHQZLU]XGHP+DXVGHV=DFKDULDVGDVGLH-XQJIUDX0D ULDEHUV*HELUJHHLOHQGDXIVXFKWHQDFKGHPGHUHQJOLVFKH*UX‰DQVLH HUJDQJHQZDUXQGQDFKGHPVLHGDVHZLJH:RUWHPSIDQJHQKDWWH:LUVDQ JHQGRUWGHQ/REJHVDQJÅ0DJQLILFDWDQLPDPHDGRPLQXP´+LHUZHU GHQ-DKUHXQG.DUHQ$EODVVJHZlKUW ,QGHP+DXVZDUIUKHUHLQH.DSHOOHGLHMHW]WJDQ]]HUVW|UWLVW,QLKU GLFKWHWH=DFKDULDVHUIOOWYRQ*RWWGHP+HLOLJHQ*HLVWGHQ/REJHVDQJ Å%HQHGLFWXV'RPLQXV'HXV,VUDHO´ $Q GHPVHOEHQ 2UW OLH‰ VLFK =DFKDULDV DXFK HLQHQ *ULIIHO EULQJHQ XQG VFKULHEDXIHLQH7DIHOGDVVVHLQ6RKQGHQ1DPHQ-RKDQQHVWUDJHQVROOH $XFKKLHUJLEWHVHLQHQ$EODVVYRQ-DKUHQXQG.DUHQ (VZXUGHXQVDXFKGLH*HEXUWVVWlWWH-RKDQQHVGHV7lXIHUVJH]HLJW)UKHU VWDQGKLHUDXIHLQHPNOHLQHQ%HUJJHOHJHQHLQHVFK|QHJHZ|OEWH.LUFKH GLHDEHUMHW]WHLQH5XLQHLVWXQGDOV6WDOOIU9LHK(VHOXQG2FKVHQHWF GLHQW+LHUHPSIlQJWPDQYROONRPPHQHQ$EODVVYRQ3HLQXQG6FKXOG     



Y 

'DUQDFKTXDPHQZLU]ţGēKX‰6\PHRQLVGH‰DOWHQYQGJHUHFK  WHQGHUFUÖŰWXPYQŰHUQKHUUHQJHRSIIHUW\QGHQWHPSHOHQWSIÖHQJ\QŰ\Q DUPŰSUHFKHQGHb+HUUHQţQYHUOD‰G\QHQNQHFKWQDFKG\QHPZRUW\Q GHPIU\HGHQHWF'DÖŰWDXFKDEOD‰bYÖbMDUYQGbYLbNDUHQb 'DUQDFKUÖWWHQZLUIXUED‰YII]ZRZHOŰFKP\OHQJHJHQ-KHUQŰDOHPb GDLŰWH\QFORŰWHUJHQĆW]ţGHPKHÖOÖJHQFUXW]GDU\QQNULHFKHŰFKPRQFK ZRQHQYRQŰDQW3DXOXVJODXEHQb-QGHUŰHOEHQN\UFKHQK\QGHUGHP KRKHQDOWDULŰWYRU]\WHQJHŰWDQGHQH\QEDXPYQGJHZDFKŰHQH\QŰWRFN GDYRQGDVKROW]JHKDXZHQLŰWZRUGHQGDUY‰H\QŰWHFNZDUGWYQGKHU QDFKGDVFUXW]FULŰWÖJHPDFKHWbYQGLŰWGDDEOD‰bYLMbMDUY?bYLMbNDUHQb 9Q‰ZDUGDXFKGDJH]HXJHWH\QKDQGWYRQGHUKHLOÖJHQşJIUDXZHQ ŰDQW%DUEDUDb 1DKHE\GLŰŰHPFORŰWHULŰWYRU]\WHQJHŰWDQGHQGHUJDUŰFKRQJDUWGH‰ NRQLJV6DORPRQV2UWXVFRQFOXŰXVJHQDQWb 9RQGDQQHQULWWHQZÖUJHJHQ-KHUXŰDOHPGDŰDKHQZLU\QQH\PWDOO H\QFORŰWHU]ţGHPH\Q\HGHUGHUGRZLONŇPHQPDJ]ţŰDQW6DEEDJH  QDQWbGHUH\QKHLOÖJHUDEWLŰWJHZHŰHQb(UG@6WFNH PLW]XQHKPHQ GLHVFKZDQJHUHQ)UDXHQKLOIUHLFKXQGOLQGHUQGVHLQN|QQHQ$OVPDQXQV GDVHU]lKOWHGDQDKPHQZLUDXFKHLQZHQLJGDYRQPLW %HL GHU .LUFKH IOLH‰W GDV :DVVHU LP (YDQJHOLXP SUREDWLFD SLVFLQD JH QDQQW LQGHPGLH-XGHQIUKHU6FKDIHXQGDQGHUHV9LHKJHZDVFKHQKD EHQGDVJHRSIHUWZHUGHQVROOWH9RQGLHVHP:DVVHUOLHVWPDQLP-RKDQ QHV(YDQJHOLXP LP  .DSLWHO ZLH ]X HLQHU EHVWLPPWHQ =HLW HLQ (QJHO GRUWKLQNDPXQGZLHVLFKGDV:DVVHUEHZHJWHXQGHLQHUGHU.UDQNHQGLH GDUDXIJHZDUWHWKDWWHQJHVXQGJHPDFKWZXUGH²HUZDUGHUHUVWHGHULQ GDV:DVVHUJHVWLHJHQZDU+LHUZLUGHLQ$EODVVYRQ-DKUHQXQG.D UHQJHZlKUW $P VHOEHQ 7DJ ]RJHQ ZLU LP +HLOLJHQ /DQG XPKHU ZHLW XP -HUXVDOHP KHUXPXPDOOHVDQ]XVFKDXHQZDVQDFKIROJHQGEHVFKULHEHQZLUG (LQHNXU]H%HVFKUHLEXQJGHV+HLOLJHQ/DQGHVXQGDOOHUVHLQHU 6WlWWHQEHVRQGHUVYRQGHQ]XOHW]WJHQDQQWHQGLHQDFKIROJHQG EHVFKULHEHQZHUGHQ (LQYROOVWlQGLJHV9HUVWlQGQLVGHUKHLOLJHQ6WlWWHQLQGHU8PJHEXQJ-HUX VDOHPV EHNRPPW PDQ EHVRQGHUV LQ GHU +HLOLJHQ 6FKULIW XQG LQ GHQ *H VFKLFKWVEFKHUQ VR LQ -RVXD 5LFKWHU .|QLJH &KURQLN XQG LQ DQGHUHQ %FKHUQGHV$OWHQ7HVWDPHQWV$XFKYLHOH%FKHUGHV1HXHQ7HVWDPHQWV HU]lKOHQ GDYRQ 8P GDVZDV LQ GHU +HLOLJHQ 6FKULIW XQG LQ GHQ +LVWRULHQ VWHKWEHVVHU]XHUOlXWHUQKDEHLFKGDVZRYRQLFKLPIROJHQGHQEHULFKWHQ P|FKWHQDFKHLQHU$XIWHLOXQJ GHV/DQGHVJHRUGQHWXQGGHQ$QIDQJEHL $NNRJHQRPPHQ,FKKDEHQlPOLFKEHPHUNWXQGJHVHKHQGDVVHLQHVRO FKH $UEHLW GHQMHQLJHQ GLHQHQ NDQQ GLH GLH +HLOLJH 6FKULIW OHVHQ RGHU GLH SUHGLJHQ%HVRQGHUVGHQHQP|FKWHLFKKLHUPLW]X:LOOHQVHLQ =XQlFKVW PXVV PDQ ZLVVHQ GDVV GDV /DQG GDV ZLU KHLOLJ QHQQHQ GHQ ]Z|OI *HVFKOHFKWHUQ GHU .LQGHU ,VUDHOV JHJHEHQ ZXUGH $XV HLQHP 7HLO ZXUGH GDV .|QLJUHLFK -XGlD GDV ]ZHL *HVFKOHFKWHU QlPOLFK -XGD XQG %HQMDPLQXPIDVVW'HUDQGHUH7HLOXPIDVVWHGDV.|QLJUHLFK6DPDULDGHV VHQ +DXSWVWDGW MHW]W 6HEDVWH KHL‰W (V ZDU GLH +DXSWVWDGW GHV /DQGHV GHU]HKQDQGHUHQ*HVFKOHFKWHU,VUDHOJHQDQQW'LHVHEHLGHQ.|QLJUHLFKH KLH‰HQIUKHUPLWGHP/DQGGHU3KLOLVWHU]XVDPPHQ3DOlVWLQD'LHVZDU HLQ 7HLO GHV /DQGHV 6\ULHQ 6R ZLH 6DFKVHQ XQG )UDQNHQ HLQHQ 7HLO GHU GHXWVFKHQ 1DWLRQ GDUVWHOOHQ XQG GLH /RPEDUGHL XQG 7XVFLD 7RVNDQD  HLQHQ7HLOGHVZHOVFKHQ/DQGHVHWF 'RFKXPGLHVEHVVHU]XYHUVWHKHQPXVVPDQZLVVHQGDVVHVYLHOH6\ULHQ    



Y 

OÖFKQĆPHQKDEHQb'DVJDQW]ODQGYRQGHPZDŰŰHU7LJULEL‰LQHJLS  WHQODQGbZXUGWJHPH\QOÖFKHQ6\ULDJHQDQWb$EHUGDVHUŰWWH\OGH‰ ŰHOEHQbEHJULIIHQGDVODQG]ZţŰFKHQGHQZDŰŰHUQ(XIUDWHQYQQGWLJULb ŰWUHFNHQŰÖFKYRQGHPEHUJWKDXURE։]XPURWHQPHUbZXUGWJHKH\ŰŰHQ 0HŰRSRWDPLDŰ\ULHbDOVYLOJHŰDJHWDOVPLWWHQ]ZţŰFKHQGHQREJHQDQ WHQZDŰŰHUQbYQGKDWWGDVŰHOEODQGYLOYRONHVbDOVSHUŰDVYQG0HGRVb YQGGDUDQŰWRŰŰHW&KDOGHDGDU\QLŰWJUR‰%DELORQLDbE\GHPZDŰŰHU &KREDUbYRQZHOFKHPEDEÖORQÖDPDQOHŰHW*HQHŰLVDPb[MbFDSÖWHObGH‰ JOÖFKHQGDVODQGW$UDELDGDUDQOÖJHWEHUUHQGGDVURWPHHUGD]LQGē ŰHOEHQODQGHQH\QDUDELŰFKJHHUYRPPHHUZXUGWJHKH\ŰŰHQb 6\ULHQ@ KHL‰W 6\ULD 3KHQLFLV GDV DQ GHP EHVDJWHQ *HZlVVHU 9DODQLHEHJLQQWXQGVLFKELV]XHLQHPJHKDXHQHQ)HOVHQLQGHU:VWHXQ WHU GHP %HUJ &DUPHO HUVWUHFNW GHU YRQ LKP VHLQHQ 1DPHQ HUKLHOW XQG HLQHZHKUKDIWH%XUJGHU3LOJHUGDUVWHOOW(VXQWHUVWHKWGHU+HUUVFKDIWGHU %UGHUGHU7HPSHOULWWHU,QGLHVHP/DQGJDEHV DXFKHGOHXQGPlFKWLJH 6WlGWH ZLH 0DUJDG $QWKHUDQGXP 7ULSROLV 7UDEOXV /LEDQRQ  %DUXWXV %HLUXW  6LGRQ 7\UXV $NNR .DSKHUQDXP HWF XQG GHVKDOE KHL‰W GLHVHV /DQG6\ULD3KHQLFLVEHQDQQWQDFK3KHQLFH$JHQRQLV6RKQXQG&DWKLQLV %UXGHU (U KDW GLH PlFKWLJH 6WDGW 7\UXV HUQHXHUW XQG YHUEHVVHUW ]XU +DXSWVWDGWGHV/DQGHVJHPDFKWXQGQDFKVLFKVHOEVWEHQDQQW 'DVYLHUWH>6\ULHQ@KHL‰W6\ULD'DPDVFLQDFKVHLQHU+DXSWVWDGW'DPDVNXV EHQDQQW'LHVHV/DQGVW|‰WLP2ULHQWJHJHQGDVYRULJHXQGZLUGDXFK6\ ULD/LEDQLFDJHQDQQW(VHUKLHOWVHLQHQ1DPHQYRP/LEDQRQ*HELUJHGDV GDUDQDQVW|‰WXQGVHKUEHUKPWLVWYRQLKPZLUGQRFKGLH5HGHVHLQ 1DFKGLHVHPYLHUWHQ6\ULHQIROJWGDV/DQG3DOlVWLQDGDVHLJHQWOLFK/DQG GHU 3KLOLVWHU KHL‰W (V JLEW DOVR GUHLHUOHL 3DOlVWLQD GLH GRFK HLQ 7HLO GHV REHQEHVFKULHEHQHQJUR‰HQ6\ULHQVLQG 'DVHUVWH3DOlVWLQDLVWGDV/DQGGHVVHQ+DXSWVWDGW-HUXVDOHPLVWXQGGDV HLQ*HELUJHKDWGDVVLFKELV]XP7RWHQ0HHUHUVWUHFNWXQGELV]XU:VWH &DGHVEDUQH 'DV]ZHLWH3DOlVWLQDLVWGDVMHQLJHGHVVHQ+DXSWVWDGWGDVVRJHQDQQWHSDOl VWLQHQVLVFKH&DHVDUHDLVWRGHUDXFK&DHVDUHDDP0HHUJHQDQQW=XLKP    

Y   DXFK&HŰDUHDDPPHUbPLWŰDPSWGēJDQW]HQODQGSKLOÖŰW\PbDQYDKHQG YRQGHPREJHPHOWHQJHKDXZHQŰWH\QbŰÖFKŰWUHFNHQE։JHQEDŰDQb 'LHGULWLŰWZHOFKHUKDXEŰWDWWLŰWEHWKŰDQbJHOHJHQYQGHUGēEHUJJHOERHb E\GHPMRUGDQb'LŰHGULWWSDOHŰWLQDKHLŰŰHWH\JHQWOÖFKJDOÖOHDbRGHUGDV                                              

 Y   JHK|UWGDVJDQ]H/DQGGHU3KLOLVWHU(VEHJLQQWDQGHPREHQEHVFKULHEH QHQJHKDXHQHQ6WHLQXQGHUVWUHFNWVLFKELVQDFK%DVDQ %DVKDQ  'DVGULWWH3DOlVWLQDGHVVHQ+DXSWVWDGW%HW6FKHDQLVWOLHJWDP%HUJ*LO ERDDP-RUGDQ'DVGULWWH3DOlVWLQDKHL‰WHLJHQWOLFK*DOLOHDRGHU 



U 

JUR‰YHOW(ŰGUHORQb 'H‰JOÖFKHQŰ\QDXFKGU\$UDELHQWH\OGHUJURŰŰHQŰ\ULHb'LHHUŰWLŰW GHUUHQKDXEWŰWDWWLŰWERŰHURQJHQDQWb\W]XQGEXŰHUHWKbHWWZDQER]RUDJH KH\ŰŰHQb$QG։ODQGŰWRŰŰHWGLHULHXLU7UDFRQLWLGLVUHJLRH\QOHQGO\Q YQGGLHŰWDWW\WXUHDbYQG'DPDŰFXVDXFKH\QPHFKWLJHŰWDWWb 'LHDQGHULŰWbZHOFKHUKDXEWŰWDWWKDWWHWZDQNDEDWKJHKH\ŰŰHQbJHOHJHQ REGHUEDFKDUXRQb'ÖŰH$UDELDZDVGDVODQGGHUN\QGHU$PRQbZÖH ZROGLHKDXEWŰWDWW]ţKRUWGHQPRDE\WHQb-WHPŰÖHZDVDXFKYRQGHP ODQG6HRQPLW\QIOÖH‰XQJGHVODQGVEDŰDQbYQGGHVEHUJHVJDODDG 'ÖHGULWW$UDEÖDLŰWGHUUHQKDXEWŰWDWLŰWH\QŰWDWWbPRQVUHJDOÖVJHQĆW RGHUDXFK&DUDWKbRGHUDXFKH\QYHO‰GHUZXŰWHQ\JHOHJHQE\GHPWRG  WHQPHUbYQGKHOWYQGHU\UGDVODQGPRDEbZHOFKHVH\JHQWOÖFKHQ6\ULD ŰHEDOJHQDQWZXUGWbY?GDU]ţ\GXPHĆYQGGHQEHUJŰH\UbY?GDVJDQW] ODQGYPEGDVWRGWPHHUEL‰]ţ&DGHVEDUQHbYQGEL‰JHQ6\RQJDEHU ]ţGHQZDŰŰHUQGHUZ\GHUŰSUHFKXQJ LŰWH\QHQGLQGHUZXŰWHQ\ JHJHQ GHPWRGWHQPHUbGXUFKGÖHZ\WHZXŰWHQ\EL‰]ţGHPZDŰŰHU(XIUDWHQb 'LŰHLŰWJUR‰$UDEÖDGDU\QGLHŰWDWWPHFKDO\JHWbGRPDFKRPHWVEH  JUHEQX‰ÖŰWb'DPLWŰ\JQRJJHŰDJWYRQODQGHQGHPKHLOÖJHQODQGDQ ŰWRŰŰHQÖQH\QHUJHPH\QYQGQDFKGHPNXUW]ŰWHQ GDVLŰW ZLHLRFKGLH ŰHOEHQKH\ŰŰHQb)XUK\Q]ţEHŰXQGHUOÖFKHUEHŰFKUÖEXQJGH‰ODQGHVGDV]ţ WH\OGHQb[bJHŰOHFKWHQZDUGbDOVH‰\W]LŰWGLŰŰHU]\WYQGZLUH‰KDEHQEH  ŰXFKHWYQGEHŰFKDXZHWZROOHQZÖUQţQNŇPHQb   $VKH\OÖJODQGZXUW\‰JHWH\OHWLQYLOWH\ObDOZHJHQGRFKDQ YDKHQGDQGHUŰWDWW$FFRQbJHJHQPDQFKHUOH\RUWGHUZHOWb ZHOFKHŰWDWW$FFRQKDWWYRU]\WHQJHKH\ŰŰHQ3WRORPHLGDbY? LŰWJHZHŰHQJDUH\QKHUOÖFKHZHUOÖFKHY?PHFKWLJHŰWDWWb$EHU \W]YRUODQJJDQW]]HUŰWRUHWb$EHUGRFKYPEZHJHQ\UHUJHOHJHQKH\WŰR ZHUGHQOÖQHHY‰JHŰWUHFNHWY?JH]RJHQYQ\U]ţDQGHUQŰWHWWHQGLHK\H QDFKYROJHQb9QG]ţHUŰWQPHWGLŰH\‰WH\OXQJH\QDQIDQJQDFK GHUUHFKWHQOÖQHDYRQ$FFRQJHJHQ7\UXPYQQGGDUQDFK]ţDQGHUQ ŰWHWWHQGDE\b $XFKLŰWKLH]ţPHUFNHQGDVGLŰHŰWDWW$FFRQQ\HLŰWJHZHŰHQ]ţJH  KULJGHPKH\OÖJHQODQGbRGHUEHŰHŰŰHQYRQGHQN\QGHUQYRQMŰUDKHObŰ\H ZDUGZROKH\PYHUWH\OHWGēJHŰOHFKW$ŰHUbDEHUGLHŰHOEHQDŰHULWHEHŰDŰŰHQ Ű\HQ\Hb'LŰHŰWDWW$FFRQO\JHWLQGHPODQG6\ULDSKHQLFLVbYQGKDWE\ YLHUP\OHQYHUUGHQEHUJ&DUPHORbY?GLHŰWDWW&D\SKDYQGHQDPEHUJ J\ŰŰHWGHPWRUUHQW&\ŰRQbGRKHO\DVGHUSURSKHWGLHSULHŰWHUEDDOHUWRGW DOVPDQOHŰHWLQGēGULWWHQEţFKGHUNRQLJDPb[YLLMbFDSLWHOb'RFKGDV ODQGŰ\UÖDSKHQLFLVŰWUHFNHWŰÖFKZ\WHUZROGU\P\OHQEL‰]ţGēJHKDX  ZHQYHO‰HQbH\QŰOR‰GHUSÖOJHUHWWZDQJHZHŰHQYQGJHQDQWbGRHQGHW ŰÖFKGDVŰHOEODQGJHJHQPLWWHPWDJb     



U 



JUR‰HV)HOGYRQ(VGUHORQ 'HVJOHLFKHQJLEWHVDXFKGUHL$UDELHQGLH7HLOGHVJUR‰HQ6\ULHQVLQG'LH +DXSWVWDGW GHV HUVWHQ $UDELHQ KLH‰ %RVHURQ MHW]W %XVHUHWK HLQVW DXFK %R]RUD %RVUD6\ULHQ" $QGLHVHV/DQGVW|‰WGDV*HELHWGHU7UDFRQLWLGLV UHJLR HLQ /DQGVWULFK GLH 6WDGW HLQVW@]LHPOLFKJUR‰JHZHVHQLVWDEHUMHW]WLVWVLHJDQ]NOHLQ XQG KDW NDXP DFKW +lXVHU VLH LVW QLFKW HLQPDO HLQHP NOHLQHQ 'RUI YHU JOHLFKEDU XQG DOOH KHLOLJHQ 6WlWWHQ LQ LKU VLQG GHP (UGERGHQ JOHLFK JH PDFKW  =ZHL0HLOHQYRQ-HULFKRHQWIHUQWDP-RUGDQ>XIHU@VWHKWHLQH.DSHOOHGLH ]X(KUHQGHVKO-RKDQQHVGHV7lXIHUVHUULFKWHWZRUGHQLVW+LHUVRJODXEW PDQVHLXQVHU+HUUJHWDXIWZRUGHQ9LHOHDOOHUGLQJVVLQGGHU0HLQXQJGLH 7DXIHVHLXQVHUHP+HUUQEHL6DO\PJHVSHQGHWZRUGHQ$QGHUH%HJHEHQ KHLWHQGLHVLFK]X-HULFKR]XJHWUDJHQKDEHQVLQGZRKOEHNDQQWGHVKDOE VFKUHLEHLFKGDUEHUQLFKWVPHKU  =ZHL 0HLOHQ YRP 7RWHQ 0HHU HQWIHUQW OLHJW GHU )OHFNHQ %HWKDJOD ZR GLH.LQGHU,VUDHOVLKUHQWRWHQ9DWHU-DNREEHZHLQWHQXQGEHNODJWHQDOVVLH LKQYRQbJ\SWHQ]XVHLQHP*UDEEHUIKUWHQZRUEHUPDQLP%XFK*H QHVLVLP.DSLWHOOHVHQNDQQ'LHVHU)OHFNHQLVWQLFKWPHKUDOVHLQH 0HLOH YRP -RUGDQ HQWIHUQW IUKHU KDEHQ KLHU JULHFKLVFKH 0|QFKH JH ZRKQW  'UHL0HLOHQYRQ-HULFKRHQWIHUQWDP-RUGDQLVWGLH.DSHOOH6W-RKDQQHV XQGGDV7RWH0HHUGDVDXFKÄ6HHGHV$VSKDOWV·²GDVLVW3HFKRGHU+DU]² RGHUÄ6DO]PHHU·KHLVVW(VVFKHLGHWGLH/lQGHU-XGlDXQG$UDELHQYRQHLQ DQGHU$QVHLQH8IHUVWR‰HQGLH/lQGHU0RDE      



U 

GLHODQGPRDEYQG$PRQbYQQGGHUEHUJ6H\UbYQQGŰWUHFNHWŰÖFKGDV PHHUEL‰JHQ&DGHVEDUQHYQGGLHZţŰWHQ\SKDURQb0DQ]HXJHWDXFK GDE\JHJHQRULHQWGHQEHUJ5RREbGHUYRU]\WWHQSHWUDGHŰHUWLGDVLŰW H\QYHO‰GHUZţŰWHQ\ZDUGWJHQDQWbDEHU\W]KH\ŰHW&UDFKH\QZHUOÖFK ŰFKOR‰YRQEDOGXLQRH\PFULŰWHQOÖFKHQNRQLJ]ţ-KHUXŰDOHPHUEXZHQb GR\W]GHU6ROGDQŰ\QHŰFKHW]HJLSWLYQG$UDEÖHEHKDOWHWb  9RQ&UDFKGHPŰOR‰]ZţP\OLŰW$UHDSROÖVH\QŰOR‰\W]H\QYHO‰JH KHLŰŰHQbHWWZDQH\QKDXEWŰOR‰GHVJDQW]HQODQGVGHUDQGHUQDUDELHbY? KLH‰YRU]\WWHQ$UbYQGZDV\QGHPWRUUHQW2URQJHOHJHQDQŰWRŰŰHQGH GLHODQGPRDELWDUşb$PRQLWDUXPYQG$PRUUHRUXPb1DKHGDE\LŰW GDVHQGHGD%DODDPZDUGJHIţUHWYIIGDVJHELUJPRDE]ţYHUIOţFKē GLHN\QGHUYRQMŰUDKHOb  9RQ-HULFKRIXQIIP\OLŰWGDVŰWHWWO\Q6HJRUYQGHUGHPEHUJ(Q JDGGLb]ZţŰFKHQZHOFKHPYQGWRGWHQPHHULŰWGLHŰDOW]ŰXHOOGDU\QGLH KX‰IUDXZHORWKGHVPDQ‰ZDUGJHZHQGHWbDOVPDQO\ŰHW*HQHŰÖVDP [L[bFDSLWHOb9QGPX‰PDQJUR‰DUEH\WKDEHQGLH]ţŰHKHQb  -WHPGDVWRGWPHHUKDWW\QEUH\WWHYRQRULHQWEL‰\QRFFLGHQWŰÖFK ŰWUHFNHQGHŰHFKVP\OHQbJLEW HV KLHU@ GLH DXI HLQHP KRKHQ %HUJ VWHKW 8QWHUKDOE GHU %XUJ LP 7DO 5LFKWXQJ 2N]LGHQW JHOHJHQ DXI HLQHU IUDOOH]XJlQJOLFKHQ6WUD‰HGLHYRQ$GRPLQNRPPWOLHJWHLQ6WHLQGHU %HRQKHL‰WXQGGHP6RKQ>-DNREV@5XEHQ>@JHK|UWH(ULVWVRJUR‰ZLH HLQ2IHQXQGVFKHLQWDXV0DUPRU]XVHLQ 9RQ%DKXULP]ZHL$UPEUXVWVFKXVV5LFKWXQJ2ULHQWOLHJWHLQH%XUJGLH 0DUWKDXQG0DULDYRQ%HWKDQLHQ (O$]DUL\HK KHLVVW:HQLJHUDOVHLQHQ 6WHLQZXUIHQWIHUQWEHLHLQHU=LVWHUQH ]HLJWPDQGLH6WlWWHDQGHU]XHUVW 0DUWKDXQGGDQDFK0DULDXQVHUHP+HUUQ-HVXVHQWJHJHQJLQJHQGHUYRQ %HWKDQLHQNDPXP/D]DUXV]XP/HEHQ]XHUZHFNHQ'DUEHUNDQQPDQ EHL-RKDQQHVLP.DSLWHOQDFKOHVHQ ,Q%HWKDQLHQ]HLJWPDQQRFKGDV+DXVGHV6LPRQ/HSURVLPLWGHPXQVHU +HUU]XP(VVHQVD‰DOV0DULD0DJGDOHQD]XLKPWUDWXQGHLQ$ODEDVWHU JHIl‰PLWgOPLWEUDFKWH6LHVWDQGKLQWHULKPXQGZXVFKVHLQH)‰HPLW LKUHQ =lKUHQ XQG WURFNQHWH VLH PLW LKUHP +DDU NVVWH VLH PLW LKUHP 0XQGXQGVDOEWHVLHPLWGHPgO'DYRQLVWEHL/XNDVLP.DSLWHO]XOH VHQhEHUGHP+DXVGHU0DUWKDLQGHPXQVHU+HUURIWPLWVHLQHQ-Q JHUQEHKHUEHUJWZXUGHLVWVSlWHU      



Y 

H\QN\UFKJHEXZHWZRUGHQ\QGHUHUH0DUWKHYQQG0DULHJHZ\KHWb 'DVJUDEDEHU/D]DULGDUY‰HUNDPHUTXLFNHWYRQ-KHŰXLŰWQÖWWYHUU YRQGÖŰŰHUNLUFKHQbYQGH\Q]\POÖFKHFDSHOOGDJHPDFKHWbYQGGDVJUDE PÖWPDUPHOOYEHU]RJHQbZHOFKHVJUDEDXFKGLHŰDUUDFHQLŰHHUHUHQYPE ZHJHQGH‰]H\FKHQVGRJHŰFKHKHQb -WHPŰRPDQYRQ%HWKDQLDJDWWJHQ-KHUXŰDOHPbŰ\KHWPDQGLHŰWDWW QLFKWŰREDOGYPEZHJēGD]GHUOEHUJGDU]ZţŰFKHQO\JHWbŰXQGHUPDQ PX‰YRUH\QFOH\QEţKHOYIIŰW\JHQGDQŰ\KHWPDQH\QWH\OGHUKHLOÖJHQ ŰWDWWPLWGHPEHUJ6\RQbYQGŰRPDQGDVŰHOEEHUJO\QDEJHHWZXUGW GLHŰWDWWZ\GHUYHUERUJHQb -WHPYQGHUGHPOEHUJE\%HWKSKDJHGHPGRUIIGD]PDQGRFK]ţGHU OÖQFNHQKDQGWH\QŰWH\QZţUIIYHUODŰŰHWbJHHWPDQH\QNOH\QJH‰O\QYII YQGYPEJHHWGHQOEHUJbY?NŇPHWDQGÖHŰWDWWGDYQŰHUKHUUDPSDOP WDJYIIGHQHŰHOŰD‰]ţUÖWWHQ\QGLHŰWDWWbY?GRŰHOEHWHUJODŰWHWGLHŰWDWW -KHUXŰDOHPPLWGHPWHPSHO6DORPRQLVY?GH‰KHLOÖJHQJUDE‰PLWDQ GHUQKHÖOÖJHQŰWHWWHQbYQGDOŰRNŇPHWPDQYQGHQDQOEHUJGRGLHŰFKD  UHQGHUYRUJHQGHQYQGQDFKJHQGHQŰXQJHQ2ŰDQQDHWFbYQQGYQŰHUQ KHUUQIUOÖFKHQ\QIţUHWWHQJHQ-KHUXŰDOHPbZLHZROHUEÖWWHUOÖFKHQZH\  QHWYEHUŰ\Hb0DQIţUJHHWDXFKGLHŰWDWWYQGHQ\PJDUWHQGRHUEHWWHW YQGEOţWLJHQŰZH\‰YHUJR‰bY?GDUQDFKJHIDQJHQZDUGE\JHWKŰHPD  QLb9QGŰRPDQYEHUGHQWRUUHQWFHGURQNŇPHWbJHHWPDQYIIJROJDWKD GHQEHUJGRHUZDUGJHFUXW]ÖJHWHWFb  9UK\Q]ţEHŰFKULEHQGDVYEHULJWH\OGHVKHLOLJHQODQGVGDV QRFKY‰ŰWHHWLŰW]ţPHUFNHQbGD]YRQ-KHUXŰDOHP]ZţP\OLŰW GHUEHUJ6\ORbDQZHOFKHPHQGGLHDUFKDJRWVODQJ]\WZDV YQGDXFKGHUWDEHUQDFNHOGHVJHGÖQJH‰GHQ0R\ŰHV\QGHU YţŰWHKDWWJHPDFKHWb9RQGDQQHQH\QFOH\QHP\OLŰWGLHŰWDW*DEDRQ YRQGHPJHŰOHFKWEHQ\DPLQYIIGHP\W]JHQDQWHQEHUJOÖJHQGHb'LHEXU JHUGLŰŰHUŰWDWWJHKUWDOOHGLQJGLHMRŰXHKHWWJHWKDQGHQŰWHWWHQMHULFKR YQGKD\bŰDQGWHQERWWHQ]ţ\PPLWDOWHQNOH\GHUQYQGŰFKZHQY?KDU  WHPEURWWb\QPD‰DOVREŰÖHYRQYHUUHQODQGHQZHUHQNRPPHQJQDG EHJHUHQbDOVPDQO\‰HW-RŰXHDPbL[bFDSLWHOb 9RQ-KHUXŰDOHPYLHUP\OZ\GHURFFLGHQWLŰWGDVFDŰWHO(PDXVW] 1LFRSROÖVJHQDQWbZHOFKHVY‰GHPHXDQJHOÖR/XFHZROEHNDQQWLŰWb 9RQ-KHUXŰDOHPGU\P\OHQYQGHUGHPEHUJ6LORLŰWGHUIOHFN%R  WKRURQYRQGHPJHŰFKOHFKWEHQLDP\QbYRQZHOFKHPDXFKPHOGXQJJH  ŰFKÖFKW\QGHQEţFKHUQMRŰXHYQGPDFKDEHRUXPb 9RQMKHUXŰDOHPIXQIIWKDOEP\OZ\GHURFFLGHQWLŰWGLHŰWDWW&KDULD WKLDULPH\QHYRQGHQŰWHWWHQGHU*DEDRQLWHQGDU\QGLHDUFKDJRWVb[[ DUZDVDOVŰÖHYRQSKLOÖŰW\PZDUGZLGHUEUDFKWb        



Y 



]XU(KUHGHU0DUWKDXQG0DULDHLQH.LUFKHHUEDXWZRUGHQ 'DV*UDEGHV/D]DUXVDXVGHPHUYRQ-HVXV]XP/HEHQHUZHFNWKHUDXV NDPEHILQGHWVLFKQLFKWZHLWYRQGLHVHU.LUFKH8QGHLQHVWDWWOLFKH.DSHO OHLVWGDUDXIHUULFKWHWXQGGDV*UDELVWPLW0DUPRUEHU]RJHQ:HLOKLHU YLHOH=HLFKHQXQG:XQGHUJHVFKHKHQHUZHLVHQDXFKGLH6DUUD]HQHQGLH VHP*UDEYLHO(KUH ,WHPZHQQPDQYRQ%HWKDQLHQQDFK-HUXVDOHPJHKWVLHKWPDQGLHVH6WHO OHQLFKWVREDOGGHQQGHUgOEHUJOLHJWGD]ZLVFKHQ:HQQPDQMHGRFKDXI HLQHQNOHLQHQ+JHOVWHLJWGDQQVLHKWPDQHLQHQ7HLOGHUKHLOLJHQ6WlWWHQ XQGGHQ%HUJ=LRQ6REDOGPDQGLHVHQNOHLQHQ%HUJZLHGHUKLQDEVWHLJWLVW GLH6WlWWHZLHGHUYHUGHFNW ,WHP ZHQQ PDQ XQWHU GHP gOEHUJ GDV 'RUI %HWSKDJH QDFK HLQHP 6WHLQZXUIOLQNVOLHJHQOlVVWHLQNOHLQHV*lVVFKHQKLQDXIVWHLJWXQGGHQgO EHUJ XPUXQGHWVR JHODQJWPDQ DQ GLH 6WHOOH DQ GHU VLFK XQVHU+HUU DP 3DOPWDJDXIGHQ(VHOVHW]WHXPLQGLH6WDGW]XUHLWHQ8QGYRQGDDXVHU JOlQ]WGLH6WDGW-HUXVDOHPPLWGHP7HPSHOGHV6DORPRXQGGHVKHLOLJHQ *UDEVVDPWDQGHUHUKHLOLJHU6WlWWHQ8QGVRNRPPWPDQDQGHQ)X‰GHV gOEHUJV ZR GLH >-HVXV@ YRUDQJHKHQGHQ XQG KLQWHUKHU]LHKHQGHQ 6FKDUHQ +RVLDQQD VDQJHQ HWF XQG XQVHUHQ +HUUQ IU|KOLFK EHL VHLQHP (LQ]XJ QDFK -HUXVDOHP EHJOHLWHWHQ REZRKO HU >VSlWHU@ ELWWHUOLFK EHU VLH ZHLQWH %HLP:HLWHUJHKHQHUUHLFKWPDQGLH6WHOOHXQWHQLP*DUWHQ*HWKVHPDQH DQGHUHUEHWHWHXQGEOXWLJHQ6FKZHL‰YHUJRVVXQGGDQDFKJHIDQJHQJH QRPPHQZXUGH8QGZHQQPDQYRP%DFK.LGURQKHUNRPPWVRJHODQJW PDQDXIGHQ%HUJ*ROJDWKDZRHUJHNUHX]LJWZXUGHHWF  9RUGHU QRFKDXVVWHKHQGHQ%HVFKUHLEXQJGHVEULJHQ7HLOV GHV+HLOLJHQ /DQGHV LVW DQ]XPHUNHQ GDVV ]ZHL 0HLOHQ YRQ -HUXVDOHP GHU %HUJ 6\OR OLHJW+LHUKDWODQJHGLH$UFKH*RWWHVJHVWDQGHQXQGDXFKGDV=HOWVHLQH :RKQVWDWW GDV 0RVH LQ GHU :VWH JHPDFKW KDW (LQH NOHLQH 0HLOH YRQ KLHU OLHJW GLH 6WDGW *LEHRQ HO*LE  GLH ]XP 6LHGOXQJVJHELHW GHV *H VFKOHFKWV%HQMDPLQJHK|UWXQGDXIGHPJHQDQQWHQ%HUJOLHJW'LH%UJHU GLHVHU6WDGWYHUGLHQWHQHLJHQWOLFKGDVVHOEH6FKLFNVDOGDV-RVXD GHQ6WlG WHQ-HULFKRXQG$LZLGHUIDKUHQOLH‰'RFKVLHVDQGWHQ%RWHQ]XLKPPLW DEJHZHW]WHQ.OHLGHUQXQG6FKXKHQXQGPLWKDUWHP%URWDXIGLHVH:HLVH YRUWlXVFKHQG VLH NlPHQ DXV HLQHP IHUQHQ /DQG XQG EHJHKUWHQ *QDGH 'DYRQOLHVWPDQLP%XFK-RVXDLP.DSLWHO 9LHU0HLOHQYRQ-HUXVDOHP5LFKWXQJ2ULHQWVWHKWGLH%XUJ(PPDXVGLH MHW]W1LNRSROLVKHL‰WXQGDXVGHP/XNDV(YDQJHOLXPZRKOEHNDQQWLVW 'UHL0HLOHQYRQ-HUXVDOHPXQWHUKDOEGHV%HUJHV6LOROLHJWGHU)OHFNHQ %HW+RURQ GHU GHP *HVFKOHFKW %HQMDPLQ JHK|UW XQG YRQ GHP DXFK LQ GHQ%FKHUQ-RVXDXQG0DNNDElHUEHULFKWHWZLUG 9LHUHLQKDOE0HLOHQYRQ-HUXVDOHP5LFKWXQJ2ULHQWOLHJWGLH6WDGW.LUMDW -HDULPHLQHGHU6WlGWHGHU*DERQLWHULQGHUGLH$UFKH*RWWHV]ZDQ]LJ -DKUHODQJLKUH:RKQXQJQDKPQDFKGHPVLHYRQGHQ3KLOLVWHUQ]XUFNJH EUDFKWZRUGHQZDU     



U 

9ŇGĆQHQ]ZţP\OHQLŰWGLHŰWDWWODFKLVDXFKHWWZDQGHUŰHOEHQH\QHb ZHOFKHGHUKH\GQLŰFKNRQLJ6HQQDFKHUÖEEHOHJHUW]ţGHU]\WGHVNRQLJV MŰUDKHO(]HFKLHbDOVPDQO\ŰHW\PYLHUGHQEţFKGHUNRQLJDPb[YLLMbFDb YQGJHKUHWDXFK]ţGHPJHŰFKOHFKWEHQLDP\Qb9RQ&KDULDWKLD  ULP]ZţP\OHQLŰWGÖHŰWDWW%HWKŰDPHV-XGHDOŰRJHKHLŰŰHQ]ţYQGHU  ŰFKH\GH\QHUDQGHUQŰWDWWDXFKEHWKŰDPHVJHQDQWbGLH\QGHPJHŰFKOHFKW 1HSWDOÖPOÖJHWbYQQGGDGLHEHWKŰDPLWHZH\]HQŰQ\WWHQYIIGHPYHOGH \QGHUHUHQYQGGLHDUFKDJRWVYRQ$FNDURQZ\GHUJHIţUHWZDUGbŰWRU EHQYRQGHQEHWŰDPLWHQbO[[bPDQYQGIXQII]\JWţŰHQWPHQŰFKHQYRQ GHPJHPH\QHPYROFNYPEZHJHQGDVŰ\GÖHDUFKHQJRWWHVEOR‰KHWWHQ JHŰHKHQbDOVPDQO\ŰHW\PHUŰWHPEXFKGHUNQLJDPŰH‰WHQFDSÖWHOb 9RQMKHUXŰDOHPb[bP\OZ\GHURFFLGHQWLŰW5DPDWKDŰRSK\QO\Jē  GHYIIGHPEHUJ(IIUD\PbZHOFKHVGRFKQLWH\QEHUJLŰWbŰXQGHUH\QHEHQ YHOGWDOŰRJHQDQWb'LHŰHOEŰWDWWKDWWDXFKJHKH\ŰŰHQ$URPDWKÖDbYRQQ ZHOFKHU-RŰHSKGHUHGHOZDVGHUYQŰHUHQKHUUHQMKHŰXPKXOIIEHJUDEHQ 9RQGHQQēZDVDXFK6DPXHOGHUSURSKHWEXUWLJYQGO\JHWGDEHJUD EHQb\W]KHLŰŰHWH‰5DPXODb9RQGDQQHQGU\P\OJHJHQRFFLGHQWLŰW GÖHŰWDWW-RSSHDXFK-DSKDJHQĆWGR-RQDV\QHLQŰFKÖIIJLHQJZOO HQGHIO\KHQYRQGHPDQJHŰÖFKWJRW‰bDOVPDQKDWW\QŰ\QHUSURSKHF\ DPHUŰWHQFDbGRKDWWDXFKHWWZDQJHZRQWŰDQW3HWHU]ţKHUEHUJEHKDO  WHQE\H\PJHQDQW6\PRQZDVH\QOHGHUHUbGHVKX‰E\GHPPHUHZDV GDYRQPDQO\ŰHW\QGHPEXFKGHUZHUJGHUDSRŰWHOQDPb[FDSLWHOb9‰ ZHOFKHPKX‰YQGHUH\PYOH‰HQJHŰWDQGHQZDUGGDUQDFKH\QFDSHOJH PDFKHW\QŰDQW3HWHUVHUHJHZ\KHW\W]GHU]\WWJDQW]YHUODŰŰHQb'RŰ\Q DXFKHWWOÖFKYHO‰HQ\PPHHUGDUDQQDFKGHQIDEXOHQLŰWH\QU\ŰÖQJHZH ŰHQ$QGURPRGDJHQDQW7HSKH\WRFKWHULŰWJHEXQGHQZRUGHQbYIIGD] Ű\HYRQGHQPHUZXQGHUHQZţUGHJHIUHŰŰHQb$EHUYŇGHPNQLJ3HUŰHR ZDUGŰ\HUOHGÖJHWb9QGHU-DSKDLŰW-DPQLDH\QDQGHUSRUWDPPHHU HWWZDQGH‰MXGÖŰFKHQODQGVJHZHŰHQ]ZXP\OYRQ-DSKDZ\GHUPLWWē  WDJZHOFKHQSRUW-XGDVPDFKDEHXVJHZDQYQGYHUEUHQQHWPLWWDO  OHQŰFKÖIIHQGRŰHOEHWbDOŰRGDVPDQGDVIXHU]ţMKHUXŰDOHPŰDKHbDOVPĆ O\ŰHW\PDQGHUHQEXFK0DFKDEHRUXPDP]ZOIIWHQFDSLWHO 9RQMKHUXŰDOHP]ZXP\OZ\GHUPLWWHPWDJbLŰWGLHŰWDWW%HWKOHHP ZROH\QZÖUGLJHUIOHFNbYPEZHJHQGHUJHEXUWQLWDOOH\Q'DXLGVGH‰ SURSKHWHQbŰXQGHUFULŰWÖMKşYQŰHUVKHUUHQGLHEHGHGRJHERUēŰ\QZRUGē 'RFKHHPDQGDUNPPHWEHJHJHQHWGD]JUDE5DFKHOÖVb-DFREVKX‰  IUDXZHQYIIGLHUHFKWHQKDQGWE\GHPZHJbGDUREDXFKH\QJHEXZ]ţ H\PWLWWHO-DFREOÖH‰PDFKHQb[LMbJURŰŰHUŰWH\QYIIGD]JUDEŰHW]ēGHQDFK ]DOGHUJHŰOHFKWMŰUDKHObZHOFKHŰWH\QQRFKGRŰ\Qb0DQY\QGHWDXFKGR ŰHOEHWHWOÖFKŰZDUW]ŰWHLQOÖQ\QPD‰ZLHNÖFKHUJHŰWDOWbGLHSIOHJHQGLHSLO JHUYIIOHŰHQYPEZHJHQHWWOÖFKHUZşGHUZHFNGLHGDŰROOHQJHŰFKHHQŰ\Q        



U 



=ZHL 0HLOHQ YRQ KLHU LVW GLH 6WDGW /DFKLVFK DXFK HLQH GHU 6WlGWH GLH ]XU=HLWGHV.|QLJV+LVNLMDYRQGHPKHLGQLVFKHQ.|QLJ6DQKHULEEHOD JHUW ZXUGH ZLH PDQ LP YLHUWHQ %XFK GHU .|QLJH LP  .DSLWHO OHVHQ NDQQ$XFKVLHJHK|UW]XP6LHGOXQJVJHELHWGHV*HVFKOHFKWV%HQMDPLQ =ZHL 0HLOHQ YRQ .LUMDW-HDULP OLHJW GLH 6WDGW %HWKVDPHV -XGD GLH LP 8QWHUVFKLHG]XHLQHUDQGHUHQ6WDGW%HWKVDPHVVRKHL‰W6LHOLHJWLP6LHG OXQJVJHELHW GHV *HVFKOHFKWHV 1DIWDOL $OV GLH /HXWH YRQ %HW6FKHPHVFK ZlKUHQGGHU(UQWH:HL]HQVFKQLWWHQDXIGHP)HOGXQGGLH$UFKH*RWWHV YRQ (NURQ ]XUFNJHVFKLFNW ZXUGH GD VWDUEHQ YRQ GHQ /HXWHQ DXV %HW 6FKHPHVFK  0DQQ XQG IQI]LJWDXVHQG 0HQVFKHQ DXV GHP JHPHLQHQ 9RON²DOOHLQGDUXPZHLOVLHGLH$UFKH*RWWHVJHVHKHQKDWWHQ0DQOLHVW GDYRQLPHUVWHQ%XFKGHU.|QLJHLPVHFKVWHQ.DSLWHO =HKQ0HLOHQYRQ-HUXVDOHP5LFKWXQJ2ULHQWOLHJW5DPDWKDVRSK\PXQG ]ZDUDXIGHP%HUJ(SKUDLPGHUDEHUHLJHQWOLFKNHLQ%HUJLVWVRQGHUQQXU VR JHQDQQW ZLUG XQG LQ :LUNOLFKNHLW HLQ HEHQHV )HOG LVW 'LH 6WDGW KLH‰ DXFK$ULPDWKlD 5DQWLV XQGDXVLKUVWDPPWH-RVHSKGHUGHQ6HHOHQDGHO EHVD‰ XQVHUHQ +HUUQ -HVXV EHJUDEHQ ]X KHOIHQ 9RQ KLHU VWDPPWH DXFK GHU3URSKHW6DPXHOXQGKLHUOLHJWHUDXFKEHJUDEHQ-HW]WKHL‰WGLH6WDGW 5DPXOD9RQKLHUGUHL0HLOHQ5LFKWXQJ2ULHQWOLHJWGLH6WDGW-RSSHDXFK -DSKDJHQDQQWZR-RQDVDXIHLQ6FKLIIJLQJZHLOHUYRUGHP$QJHVLFKW *RWWHVIOLHKHQZROOWHZLHPDQLQVHLQHP3URSKHWHQEXFKLPHUVWHQ.DSL WHOOHVHQNDQQ+LHUZDUDXFKGHUKO3HWHU]X*DVWEHLHLQHP*HUEHUQD PHQV6LPRQ GHVVHQ+DXVDP0HHUVWDQG'DYRQOLHVWPDQLQGHU$SR VWHOJHVFKLFKWHLP.DSLWHO$XVGLHVHP+DXVGDVXQWHUHLQHP)HOVHQ VWDQGZXUGHVSlWHUHLQH.DSHOOHJHPDFKWGLHGHPKO3HWHUJHZHLKWZDU XQG MHW]W JDQ] YHUODVVHQ LVW (V UDJHQ KLHU DXFK HWOLFKH )HOVHQ DXV GHP 0HHUDQGLHGHU)DEHOQDFKHLQH5LHVLQQDPHQV$QGURPHGDGLH7RFK WHU GHV 7HSKH\ JHNHWWHW ZRUGHQ LVW GDPLW VLH YRQ GHQ 0HHUXQJHKHXHUQ JHIUHVVHQZUGH$EHUVLHZXUGHYRQGHP.|QLJ3HUVHXVEHIUHLW8QWHU KDOEYRQ-DSKDOLHJW-DPQLD 0LQHW5XELQ GHUHLQVWGHU]ZHLWH0HHUHVKD IHQGHVMGLVFKHQ/DQGHV]ZHL0HLOHQYRQ-DSKD5LFKWXQJ0LWWDJJHZH VHQLVW'HQHUREHUWH-XGDV0DNNDElXVXQGVWHFNWHLKQVDPWDOOHQ6FKLIIHQ LQ%UDQGVRGDVVPDQGHQ)HXHUVFKHLQVRJDULQ-HUXVDOHPVHKHQNRQQWH ZLHPDQLP%XFKGHU0DNNDElHULP.DSLWHOOHVHQNDQQ =ZHL0HLOHQYRQ-HUXVDOHPOLHJWJHJHQ0LWWDJGLH6WDGW%HWKOHKHPHLQH KRFKZUGLJH 6WlWWH QLFKW DOOHLQ ZHJHQ GHU *HEXUW GHV3URSKHWHQ'DYLG VRQGHUQDXFKZHJHQGHU&KULVWL-HVXXQVHUHV+HUUQGLHEHLGHGDJHERUHQ VLQG'RFKHKHPDQ]XGLHVHU6WDGWJHODQJWEHJHJQHWPDQDXIGHUUHFKWHQ 6HLWHGHV:HJVGHP*UDEGHU5DKHOGHU)UDX-DNREVhEHULKPOLH‰-DNRE DXFKHLQ%DXZHUNDOV=HLFKHQHUULFKWHQ(UOLH‰]Z|OIJUR‰H6WHLQHDXIGDV *UDEVFKLFKWHQHQWVSUHFKHQGGHU=DKOGHU*HVFKOHFKWHU,VUDHOVXQGGLHVH 6WHLQH VLQG KHXWH QRFK GD 0DQ ILQGHW KLHU DXFK HLQLJH VFKZDU]H 6WHLQH GLHDXVVHKHQZLH(UEVHQ'LHVH6WHLQHSIOHJHQGLH3LOJHUDXI]XOHVHQZH JHQHLQLJHU:XQGHUGLHYRQLKQHQDXVJHJDQJHQVHLQVROOHQ       



Y 

*HJHQGHUŰWDWW%HWKOHHPLŰWGHUWţUQ$GRUbRGHUGHUKHUGWJHQDQWbGD -DFREYRU]\WWHQHWWZDQODQJKDWWJHZRQHWQDFKDEJDQJŰ\QHUK‰  IUDXZHQ5DFKHOREJHQDQWb 9RQEHWKOHHPIXQIIDUPEUţŰWŰFK‰Z\WLŰWGLHŰWDWWGRGLHKLUWHQGLH GRZDFKHWHQ\QGHUQDFKWGHUJHEXUWFULŰWÖŰDKHQYQQGKUWHQGLHHQJHO Ű\QJHQ*ORUÖDLQH[FHOŰÖVGHRbGDVLŰWbHHUŰ\JRWW\QGHUKRKHbZHOFKHDXFK \QYHUNXQWWHQJHERUQŰ\QGHUKH\OPDFKHUGHUZHOWb%HWKOHHPO\JHW YIIH\PKRKHQEHUJDEHUHQJbGHVOHQJHLŰWYŇRULHQWJHJHQRFFLGHQWbYŇ RFFÖGHQWLŰWGHU\QJDQJbYQGGDÖŰWDXFKGÖHFLŰWHUQE\GHUSRUWbY‰ZHO  FKHUGDXÖGEHJHUHWWUÖQFNHQDOVHU\QHŰWU\WWZDVZ\GHUGLHSKÖOÖŰWHRV Y?GU\GHUŰWHUNHŰWHQPDQY‰Ű\QHUUÖWWHUŰFKDIIWGUşJHQGXUFKGHUY\QG KHUHPÖWJHZDOWYQGŰFKSIIWHQZDŰŰHUY‰GHUŰHOEHQFLŰWHUQbYQGEUDFK  WHQH‰GDXLGGHUH‰GRFKQÖWWWUDQFNbDOVPDQO\‰WDPHUŰWHQEţFK3DUD OÖSRPHQRQDPb[MbFDSLWHOb$PHQGDEHUGHUŰWDWWJHJHQRULHQWYQGHU H\PYHOŰHQbZDVE\GHUŰWDWWPXHUYQGQDFKŰ\WWHQGH‰ŰHOELJHQODQGHV LŰWH‰JHZHŰHQH\QŰWDOOKDEHQGHH\QNUţSII\QH\QYHOŰHQJHEXZHQbDOV PDQGDJHZRQOÖFKHQNUţSIIHQPDFKHWbLŰWJHERUQZRUGHQYRQGHUMXQJ IUDXZHQPDULDYQGYIIJDQJHQGLHŰRQQGHUJHUHFKWLNH\WFULŰWXVKHŰXV YQŰHUJRWWb'RFKE\GHQ\W]JHQDQWHQYHOŰHQLŰWH\QDQGHUQRFKJURŰŰHUb YÖHUŰFKXZZ\WYRQGHUYRULJHQbYQGHUZHOFKHPGLHNUXSIIZDVGDU\Q GDVN\QGWMKHŰXVDOVEDOGZDUGJHOHJHWIXUGHQRFKŰHQY?GHQHŰHOPLW ŰFKOHFKWHQWţFKO\QYPEZLFNHOWbDEHUDOVPLFKEHGXQFNHWLŰWH‰QLWWPHH GDQH\QYHO‰JHZHŰHQbYQGLŰWH\QWKU\QPLWWHQGDUGXUFKJHPDFKHW ZRUGHQGXUFKGÖHPDQQRFKYRQGHUFDSHO\QJHHW\QGHQFKRUb9QG]ţ GHUŰWDWWGHUJHEXUWYQŰHUVKHUUQJHHWPDQY‰GHUN\UFKHQ\QGLH&DSHOO KHUDEb[bŰWDIIHOQbGHUYUŰDFKREEH]H\FKQHWLŰWbYQQGLŰWGLHŰHOE&DSHOJH  PDFKHW\QZHQGLJPLWPXŰ\UWHPZHUFNbYQGPÖWPDUPHOŰWH\QGDVSD XLPHQWEHŰHW]HWYQGJDUNRŰWOÖFKJHPDFKWb$QGHPŰHOEHQHQGHGRGLH MşJIUDXZPDULDKDWWJHERUHQMKHŰşPDJPDQPH‰OHŰHQYIIH\QHUPDU  PHOŰWH\QHQWDIIHOGLHGDŰHOEHWLŰWJHŰDW]HWb0DQŰ\FKWDXFKH\QWH\OYRQ GHPEORŰŰHQŰWH\QGRFULŰWXVJHERUHQLŰWb'H‰JOÖFKHQDXFKH\QWH\OGHU NUţSIIHQGDU\QQFUÖŰWXVJHOHJHWZDUGLŰWEOR‰JHODŰŰHQZRUGHQbZHOFKH ]ZH\HQGHGÖHSLOJHUJDUPÖWJURŰŰHUDQGDFKWNXŰŰHQb-FKKDEQRFKQLWW JHŰHKHQRGHUJHKRUHWH\QLJHQPDQGHUGRŰDJHWHUKHWWHGHUN\UFKHQJOÖFK JHŰHKHQDOVDQGHFKWLJYQGNRŰWOÖFKDOVGLHNÖUFK]ţEHWKOHHPLŰWbGDQJDU YLOY?JUR‰HGHOPDUPHOŰWHŰXOHQŰ\QLQ\UQDFKYLHURUGHQşJJHŰHW]HW GDU]ţGLHYŰŰHUOÖFKN\UFKGDVŰFK\IIGHUN\UFKHQJHQDQWYŇREGHQŰţOHQ EL‰DQGLHEDOFNHQÖŰWJHPDFKHWYRQŰFKRQHPYQGDGHOÖFKHQYQGPŰ\U WHPZHUFNYRQDOOHQKLŰWRULHQYŇDQEHJ\QGHUZHOWEL‰DQGHQMşJŰWHQ WDJb$XFKGDVJDQW]REHUSDXLPHQWGHUN\UFKHQÖŰWYRQPDUPH\OŰWH\Q PDQFKHUOH\HUIDUEHEHŰHW]HWGDVŰFKQJHPHOGJDUZRO]\HUHWbDOOHVDOŰR NRŰWOÖFKGD]YLOPH\QHQH‰PRJHQLFKWJHŰFKHW]HWZHUGHQb'LHŰDUUDFHQL       



Y 



,Q 5LFKWXQJ GHU 6WDGW %HWKOHKHP VWHKW GHU 7XUP $GRU RGHU ÄGHU +HUG· JHQDQQWZR-DNREHLQVWQDFKGHP7RGVHLQHUEHUHLWVJHQDQQWHQ)UDX5D KHOODQJHJHZRKQWKDW )QI$UPEUXVWVFKXVVZHLWYRQ%HWKOHKHPHQWIHUQWLVWGLH6WHOOHZRGLH +LUWHQLQGHU1DFKWGHU*HEXUW&KULVWLZDFKWHQXQGGLH(QJHOÅ*ORULDLQ H[FHOVLVGHR´VLQJHQK|UWHQGDVKHLVVWÅ(KUHVHL*RWWLQGHU+|KH´XQG ZR LKQHQ GLH (QJHO YHUNQGLJWHQ GHU +HLODQG GHU :HOW VHL JHERUHQ %HWKOHKHP OLHJW DXI HLQHP KRKHQ DEHU VFKPDOHQ %HUJ GHU VLFK YRQ 2ULHQWELV2N]LGHQWZHLWDXVGHKQWYRP2ULHQWKHULVWDXFKGHU$XIJDQJ 8QGDP6WDGWWRUEHILQGHWVLFKDXFKGLH=LVWHUQHDXVGHU'DYLG]XWULQNHQ EHJHKUWHDOVHU PLW GHQ3KLOLVWHUQLP.DPSIODJ8QGGUHLGHUVWlUNVWHQ 0lQQHUDXVVHLQHP 5LWWHUKHHUGUDQJHQPLW*HZDOWGXUFKGLH5HLKHQGHV )HLQGHV XQG VFK|SIWHQ :DVVHU DXV GHU =LVWHUQH XQG EUDFKWHQ HV 'DYLG GHUHVMHGRFKQLFKWWUDQNZLHPDQLPHUVWHQ%XFK3DUDOLSRPHQRQLP .DSLWHOOHVHQNDQQ$P|VWOLFKHQ(QGHGHU6WDGWEHIDQGVLFKXQWHUHL QHP)HOVHQDQGHU6WDGWPDXHUXQG]XU/DQGVHLWHKLQHLQ6WDOOGHUHLQHLQ GHQ)HOVHQJHVFKODJHQH.ULSSHLQVLFKEDUJ²LQGHU$UWZLHPDQKLHU]X ODQGH.ULSSHQ PDFKW+LHULVW&KULVWXV-HVXVXQVHU*RWWYRQGHU-XQJ IUDX0DULDJHERUHQZRUGHQGLH6RQQHGHU*HUHFKWLJNHLWLVWKLHUDXIJHJDQ JHQ 'RFK YLHU )X‰ ZHLW YRQ EHVDJWHP )HOVHQ HQWIHUQW JLEW HV HLQHQ ]ZHLWHQQRFKJU|‰HUHQ>6WDOO@XQGLQGHVVHQ.ULSSHZXUGHGDV.LQG-H VXVDOVEDOGJHOHJWLP$QJHVLFKWYRQ2FKVXQG(VHOXQGLQlUPOLFKH7 FKHU JHZLFNHOW $EHU ZHQQ LFK PLFK UHFKW HULQQHUH VR ZDU GLHVHU >6WDOO@ GRFK QLFKW PHKU DOV HLQ )HOVHQ XQG HV LVW HLQH 7U PLWWHQ KLQGXUFK JH KDXHQ ZRUGHQ GXUFK GLH PDQ YRQ GHU .DSHOOH DXV LQ GHQ &KRU JHKHQ NDQQ=XGHU*HEXUWVVWlWWHXQVHUHV+HUUQJHKWPDQDXVGHU.LUFKH]HKQ 6WXIHQKLQDEXPLQGLH.DSHOOH]XJHODQJHQZDUXPGDVVRLVWZXUGHMD REHQ VFKRQ HUNOlUW 'LHVH .DSHOOH LVW LQQHQ PLW 0RVDLNHQ DXVJH VFKPFNWXQGGHU)X‰ERGHQPLW0DUPRUDXVJHOHJWXQGEHUDXVSUlFKWLJ JHPDFKW $QGHU 6WHOOHDQGHUGLH-XQJIUDX0DULD-HVXVJHERUHQKDW NDQQPDQDXIHLQHU3ODWWHDXV0DUPRUVWHLQGLHKLHUJHVHW]WLVWGLH0HVVH OHVHQ0DQVLHKWDXFKHLQHQ7HLOGHVEOR‰HQ6WHLQVDXIGHP&KULVWXVJH ERUHQZXUGHGHVJOHLFKHQLVWDXFKHLQ7HLOGHU.ULSSHLQGLH&KULVWXVJH OHJW ZXUGH EHODVVHQ ZRUGHQ XQG GLHVH EHLGHQ >6WHLQH@ NVVHQ GLH3LOJHU LQQLJXQGDQGlFKWLJ,FKKDEHQRFKQLHPDQGJHVHKHQGHUEHKDXSWHWKlWWH HU NHQQH HLQH .LUFKH GLH GLH $QGDFKW VR EHI|UGHUW XQG GLH VR SUlFKWLJ DXVJHVWDWWHWLVWZLHGLHVH.LUFKH]X%HWKOHKHP'HQQYLHOHXQGJUR‰HHGOH 0DUPRUVlXOHQVLQGLQLKULQYLHU5HLKHQJHVHW]WGD]XJLEWHVLQGHUlX‰HU HQ.LUFKH.LUFKHQVFKLIIJHQDQQWREHUKDOEGHU6lXOHQELV]XGHQ%DONHQ >GHU'HFNH@VFK|QHHGOHPXVLYLVFKH$UEHLWHQDXV0DUPRUGLHDOOH%HJH EHQKHLWHQYRQ$QEHJLQQGHU:HOWELV]XP-QJVWHQ7DJHU]lKOHQ$XFK GHU JDQ]H )X‰ERGHQ GHU .LUFKH LVW DXV IDUELJHP 0DUPRU JHIJW GHQ VFK|QH,QNUXVWDWLRQHQVFKPFNHQ$OOHVLVWVRSUlFKWLJGDVVYLHOHPHLQHQ GDVN|QQHJDUQLFKWHUPHVVHQZHUGHQ'LH6DUUD]HQHQ       



U 

HUHQDOOHN\UFKHQYQŰHUOÖHEHQIUDXZHQDEHUEHŰXQGHUGL‰H]ţ%HWKOHHPb (\Q6ROGDQDXFKYRU]\WWHQŰHKHQ\QGLŰŰHUN\UFKHQŰRNŰWOÖFKRUQDW ŰţOHQbWDIIHOHQYQQGDQGHUJH]\UGHbJHERWWDOOHVŰROOÖFKVDEJHKHEHW ZHUGHQYQGK\QZHJ\Q%DELORQLĆJHIţUWZHUGHQbZROOHQGHGDPLWW Ű\QSDOODŰWGDYRQEHŰŰHUHQYQGEXZHQb$EHUDOVEDOGGÖHZHUFNPHLŰWHU GHPJHERWZROWHQQDFKNŇPHQbYQGGHU6ROGDQQRFK]ţŰDKHYQGGDU E\ŰWXQGHb1HPPHQZDUY‰H\QHUJDQW]HQYQQGJHŰXQGHQZDQGWGHQ QLWH\QQRGHOKHWWPJHQGXUFKŰWHFKHQNDPH\QJURŰŰHUŰODQJbYQGGLH HUŰWWDIIHOGLH\QEHJHJHQHWGXUFKE\‰HUbYQGYRQŰWXQGDQ]HUŰSUDQJN GLHŰHOEWDIIHOYEHU]ZHUFKbGH‰JOÖFKHQNDPHU]ţGHUDQGHUQb]ţGHUGUÖW  WHQb]ţGHYLHUGHQbEL‰]ţGHUGU\ŰŰLJŰWHQbY?JHŰFKDKHDOOHQZLHGHUHUŰWē DOŰRGD]GHU6ROGDQPLWDOOHQGHQGLHE\\PZDUHQGHVH\QJUR‰YHU  ZXQGHUQKHWWHQbGDU]ţGHU6ROGDQŰ\QZLOOHQY?IXUŰDW]HQGHUHWbDOŰR YHUŰZDQGGHUŰODQJYQGZDUGQLWPHHJHŰHKHQbGDPÖWLŰWGLHN\UFKEHO\ EHQY?EHO\EHWQRFKKWWZLHYRUb$EHUGLHIX‰ŰWDSIIHQGHVŰODQJHVŰ\KHW PDQQRFKKWW\QDOOHQWDIIHOHQGLHHUYEHUJLHQJbYQGŰFK\QHWHEHQZLH H\QEUDQGWPLWIHUJHPDFKHWb9QGZDVG։EHŰXQGHUZXQGHUEDUOÖFK ZLHGHUŰODQJKDWWPJHQDOŰRJDQDQGHUZHQGHGLHŰRHEHQY?ŰRJODWW ZDVDOVH\QJOD‰b7HNRD@VW|‰WGLH:VWH7HNRD      



Y 

=ZţŰFKHQ7KHFXDYQQG(QJDGGLOÖJHWH\QWDOOGH‰ŰHJHQVJHKH\ŰŰHQb GDMRŰDSKDWH\QNRQLJMXGDŰWULWWHZ\GHU\GXPHRVY?$PRQLWDVY? YEHUZDQGŰÖHb(\QP\OZHJVYRQGDQQHQJHJHQGHPEHUJTXDUHQWHQH ÖŰWH\QŰOR‰YŇKHURGHGHPJURŰŰHQJHEZHQGDVKHURGLşKHLŰŰHWJDUKRKH OÖJHQGHbGRDXFKGHUŰHOEKHURGHVÖŰWEHJUDEHQDOV-RŰHSKXVŰDJHWb 9RQ7KHFXDIXQIIP\OLŰWH\QIOHFN]\SKJHQDQWE\H\QHUZţŰWHQ\ DXFKDOŰRJHKHLŰŰHQbGRGDXLGŰÖFKJDUGÖFNKDWWYHUERUJHQY‰YUŰDFKRIIW REJHŰDJHWbDOVPDQO\ŰHW\PHUŰWHQEţFKGHUNRQLJDPb[[YbFDSLWHOb 'DUDQŰWRŰŰHWH\QDQGHUZXŰWHQ\JHJHQPÖWWHPWDJKH\ŰŰHW0DRQb\Q ZHOFKHUGHUEHUJ&DUPHOXVLŰWbGRDXFK1DEDOFDUPHOXVZRQHWGHUGD  XÖGVEWWHQYHUDFKWHWbGH‰KX‰IUDXZH$E\JDLOGDXLGQDFKŰ\QHPWRGH ]ţGHUHHQDPbDOVPDQKDWW\PHUŰWHQEţFKGHUNRQLJDPb[[YbFDSÖWHO 'DUDQŰWŰŰHWGHUEHUJ6H\U\Q\GXPHD\QGHPODQGJHOHJHQbZHOFKHV ODQGGLHN\QGHUYRQMŰUDKHOYLO]\WPŰWHQYPE]\HKHQbDOV\QGēEţFK 'HXWURQRPLRDPGULWWHQŰWHWJHŰFKUÖHEHQ$QGÖHŰHOEZţŰWHQ\PDRQ ŰWŰŰHWJHJHQPÖWWHPWDJGDVODQG$PDOHFKbZHOFKHVŰDXOYRQJRWWJH  KHLŰŰHQZDUGJDQW]YPENHUHQY?DOOPHQŰFKHQGDU\QWGWHQbDOVPDQ O\ŰW\PHUŰWHQEţFKGHUNRQLJDPb[YbFDSÖWHOb 9RUGHPŰHOEHQODQG$PDOHFKJHJHQH\PDUPGH‰WRGWHQPHUHVbLŰW &DGHVEDUQHbYRQZDQQHQ0R\ŰHVŰDQGHW]ZOIIŰSHKHU]ţEHŰHKHQGDV ODQG&KDQDDQb]ţGHQHUDXFKŰDJHWGD]ŰÖHJDUHEHQŰROWHQYHUPHUFNHQ GDVODQGWZLHIUXFKWEDUH‰ZHUHYQGGDVYROFNZLHŰWDUFNbYQGGLHŰWHWW ZLHYHŰWHHWFbYQGŰROWHQ\PEULQJHQYŇGHQIUXFKWHQGH‰ŰHOEHQODQGVb DOVŰÖHDXFKWKHWHQDPZ\GHUNHHUEULQJHQGHPLW\QHQH\QJURŰŰHQWUX  EHQDQH\QHUŰWDQJHQbDOVGL‰ED‰JHŰFKULHEHQŰWHHW\QGHPEţFKQXPHUL DPb[LÖMbFDSLWHOb'DŰHOEHWGDVLŰW]ţ&DGHVEDUQHKDEHQGÖHN\QGHUYŇ ŰUDKHOODQJH]\WJHZRQHWbY?GDUQDFKGHQEHUJ6H\UYPE]RJHQDOV REŰWHHWb9RQ%HWKOHHPGU\P\OHQZ\GHUPLWWēWDJLŰWGDVGRUIIO\Q EHWK]DFKDKRFKJHOHJHQbGDE\H\QDQGHUGRUIIO\QOÖJHW5DPDJHQDQW YIIH\PKRKHQEHUJGRPDQPDJŰHKHQGDVJDQW]ODQGW$UDELDPE։]ţ GHPEHUJ6H\UYQGDOOŰWHWWbYQGGDVWRGWPHHUbY?DOOHGLHHQGGDU\Q ŰÖFKGDXLGHWWZDQYHUKDOWHQKDWWbGDU]ţGHQMRUGDQE։JHQ6HWK\Qb YQGEL‰]ţGHPEHUJ$EDU\Pb-WHPGDVJDQW]ODQGDPJURŰŰHQPHHU YRQ-RSSHDQE։JHQ*D]DYQGEHUŰDEHHY?GDVJDQW]ODQGSKÖOÖŰW\P 9RQ5DPDWKDŰRSK\QYEHUJHWKY?$FFDURQY?D]RWXPY?MDPQLĆ YQG$ŰFKDORQēPLWŰDPSWGHUJDQW]HQHEHQHYQGHUGHPEHUJXGDb 9RQ5DPD\W]REEHŰWşPHWPHHGDQHLQP\OE\GHPZHJRGHUŰWUD‰ GHUJHQ(EURQIUHWLŰWPDPEUHGR$EUDKDPODQJH]\WKDWWJHZRQHW GRHUDXFKŰÖW]HQGHE\GHPŰHOEHQEDXPYQGHUGHUWKUHŰ\QHVWDEHUQDF  NHOVŰDKHGU\PDQGHQEHUJKHUDENŇPHQYQGEHWWHWH\QHQDQbYQGIUHW ŰÖH\QŰ\QKX‰bDOVPDQO\ŰHW*HQHŰLVDPb[YLLMbFDSLWHOb  9RQGĆQHQH\QKDOEHP\OLŰW(EURQGÖHDOWŰWDWW]ţGLŰŰHU]\WJDQW]       



Y 



=ZLVFKHQ 7HNRD XQG (Q*HGL OLHJW GDV VRJHQDQQWH 7DO GHV 6HJHQV +LHUVWULWW-RVFKDIDWHLQ.|QLJ-XGDVJHJHQ,GXPHRVXQG$PRQLWDVXQG EHVLHJWHVLH(LQH0HLOHYRQKLHUGHP%HUJ4XDUHQWDQD]XOLHJWGLH%XUJ +HURGLXP GLH YRQ +HURGHV GHP *UR‰HQ HUEDXW ZXUGH 6LH OLHJW KRFK REHQ >DXI GHP %HUJ@ XQG +HURGHV LVW KLHU DXFK EHJUDEHQ ZLH -RVHSKXV VFKUHLEW )QI0HLOHQYRQ7HNRDHQWIHUQWOLHJWHLQ)OHFNHQ6LI 7HOO6LI JHQDQQW GHU DQ HLQH :VWH JOHLFKHQ 1DPHQV VW|‰W +LHU KDW VLFK 'DYLG RIW YHU VWHFNWDXV*UQGHQGLHEHUHLWVRIWGDUJHVWHOOWZXUGHQXQGGLHPDQLPHU VWHQ%XFKGHU.|QLJHLP.DSLWHOQDFKOHVHQNDQQ 5LFKWXQJ 0LWWDJ JUHQ]W HLQH DQGHUH :VWHQHL DQ VLH KHL‰W 0DRQ ,Q LKU EHILQGHWVLFKGHU%HUJ.DUPHOZR1DEDOGHU.DUPHOLWHUZRKQWHGHU'D YLGV%RWHQYHUDFKWHWHXQGGHVVHQ)UDX$ELJDMLOQDFKMHQHV7RG]XU*DWWLQ QDKPZLHPDQLPHUVWHQ%XFKGHU.|QLJHLP.DSLWHOOHVHQNDQQ 'DUDQVW|‰WGDV*HELUJH6HȓULP/DQGHQXUQRFKDXV@5XLQHQYLHOHUJUR‰HUDOWHUXQG YHUIDOOHQHU*HElXGHDQGHQHQGHXWOLFKZLUGGDVVVLHHLQVWHLQHKHUUOLFKH 6WDGWJHZHVHQLVW (LQ$UPEUXVWVFKXVVZHLWYRQKLHUOLHJW(EURQGLHQHXH6WDGWDQGHUHQ (QGH GLH 'RSSHOK|KOH LVW LQ GHU $GDP XQG (YD $EUDKDP XQG 6DUD ,VDDNXQG5HEHNND-DNREXQG/HDEHJUDEHQVLQG+LHUZDUIUKHUDOVGLH &KULVWHQQRFKLP%HVLW]GHV/DQGHVZDUHQHLQH7XUPNLUFKHE]ZHLQ%L VWXPGRFKGLH6DUUD]HQHQKDEHQHLQHVWDUNH)HVWXQJDXV(EURQJHPDFKW 9RQGHU'RSSHOK|KOHHLQHQJXWHQ$UPEUXVWVFKXVVZHLW5LFKWXQJ2UL HQW OLHJW GHU VRJHQDQQWH GDPDV]HQLVFKH $FNHU ZR $GDP YRQ *RWW JH IRUPWZRUGHQLVW'HQQGLHVHU$FNHUKDWURWH(UGHGLHPDQELHJHQXQG ]LHKHQ NDQQ ZLH :DFKV 'LH 6DUUD]HQHQ IKUHQ VLH DXI .DPHOHQ QDFK bJ\SWHQbWKLRSLHQXQGLQDQGHUH/lQGHUDXVXQGYHUNDXIHQVLHIUN|VWOL FKH6SH]HUHLHQ8QGREZRKOVLHYLHO(UGHZHJIDKUHQVFKHLQHQGLH*UlEHQ NOHLQXQGQLHGULJ]XVHLQ'HQQPDQYHUVLFKHUWHXQVJODXEKDIWGDVVGDV ZDV EHU HLQ -DKU KLQZHJ DXVJHJUDEHQ ZRUGHQ LVW LP QlFKVWHQ -DKU DXI ZXQGHUEDUH:HLVHZLHGHUDXIJHIOOWZLUG(VKHLVVWDXFKZHUGLHVH(U GH EHL VLFKIKUHN|QQHYRQ NHLQHP >XQYHUQQIWLJHQ@ 7LHU YHUOHW]WZHU GHQDX‰HUGHPVFKW]HVLHGHQ0HQVFKHQYRUJHIlKUOLFKHP)DOO'DV7DO XP (EURQ KHUXP LVW VHKU IUXFKWEDU XQG EHUDXV KHLWHU   (LQ 6WHLQZXUI YRQEHVDJWHP$FNHUHQWIHUQWEHILQGHWVLFKGLH6WHOOHDQGHU.DLQVHLQHQ %UXGHU $EHO W|WHWH ZLH PDQ LP %XFK *HQHVLV LP YLHUWHQ .DSLWHO OHVHQ NDQQ1LFKWZHLWYRQKLHULVWHLQH+|KOHLQHLQHP)HOVHQLQGHP$GDP XQG(YDLKUHQJHW|WHQ6RKQ$EHOKXQGHUW-DKUHODQJZLHHVGLH)DEHOZLOO EHZHLQWKDEHQ8QGHVVWHKWLQGHU6SHOXQNHLKUHUEHLGHU%HWWXQGHVJLEW KLHU HLQH 4XHOOH DXV GHU VLH JHWUXQNHQ KDEHQ 'LH +|KOH PLVVW GUHL‰LJ )X‰LQGHU/lQJHXQGHEHQVRYLHOLQGHU%UHLWH =ZHL0HLOHQYRQ(EURQ5LFKWXQJ0LWWDJOLHJWGLH6WDGW'DE\UGLHDXFK .LUMDW6HIHU 7HO EHW0LUVLP  JHQDQQW ZLUGZHOFKH 2WQLsO .DOHSKV %UX GHU EHVLHJWHZRUDXIKLQLKP .DOHSKVHLQH 7RFKWHU]XU(KHIUDXJDEHWF ZLHPDQEHL-RVXDLP.DSLWHOOLHVW =ZHL0HLOHQYRQ(EURQQDFK0LWWHUQDFKWEHILQGHWVLFKGLH6WlWWH1HHO OHVFKRO HLQ 7DO GHU 7UlQHQ DXFK HLQ )OXVV GHU 7UDXEHQ 'HQQ YRQ KLHU DXVZXUGHQYRQ0RVHGLH6SlKHUDXVJHVDQGWZLH]XYRUEHULFKWHWZXUGH XQGVLHEUDFKWHQGHQ5HEHQ]ZHLJPLWVHLQHQ7UDXEHQGHQ]ZHL0lQQHU DQHLQHU6WDQJHWUXJHQ$XFKQDKPHQVLHYRQKLHU*UDQDWlSIHOXQG)HLJHQ PLWHWF(LQHKDOEH0HLOHYRQKLHUDXIGHUOLQNHQ6HLWHGHV7DOVIOLH‰WGHU %DFKLQGHPGHUKO$SRVWHO3KLOLSSGHQ0RKUHQGHQ'LHQHUGHU.|QL JLQ.DQGDNHWDXIWHZRYRQYLHOJHVFKULHEHQVWHKWLQGHU$SRVWHOJHVFKLFKWH LP.DSLWHOHWF 9LHU0HLOHQYRQ1HHOOHVFKROQDFK-HUXVDOHPVWHKWGDV+DXVGHV=DFKD ULDVLQGHPGHUKO-RKDQQHVGHU7lXIHUJHERUHQZXUGHXQGZR0DULDGLH (OLVDEHWKEHVXFKWHZLHDXFKREHQVFKRQEHVFKULHEHQZXUGH        



Y 

9RQGDQQHQJHJHQPLWWHUQDFKWLŰW1REHHWWZDQH\QŰWDWWGHUSULH  ŰWHUJHZHŰHQbGLH\W]%HWKHQRSROKH\ŰŰHWGRGDXÖGYRQGHPSULHŰWHUDFK\ PHOHFKQDPGDVŰZHUWKJROÖHJHWKH\GRPLWHU\QKHWWHUWRGWHWHWFbDOV PDQO\‰W\PHUŰWHQEţFKGHUNRQLJDPb[[MbFDSLWHOb 9RQEHWKOHHPHQZHQLJPHHGDQH\QP\OJHJHQ7KHFXDGHUŰWDWW LŰWGDVJUDEGHVKHÖOÖJHQDEWVFKDULRWKPÖWŰDPSWŰ\QHUPţQFKHGLHDOO PÖW\PGRHUŰWDUEŰWXUEHQbYQGLŰWYRU]\WWHQH\QJUR‰JHOHXIIGDK\Q JHZHŰHQb %HUYRQ$FFRQIXUJHQGHJHJHQPLWWHPWDJYLHUP\OLŰWGLH ŰWDWW&D\SKDYQGHUGHPEHUJ&DUPHOROÖJHQGHb  9RQGDQQHQGU\P\OÖŰWGDVYHŰWŰOR‰GHUEÖOJHUJHQDQWb \QGH‰PHUHVKHUW]HQJHOHJHQHWWZDQGHUULWWHUŰFKDIIWGH‰WHPS  SHOVJHZHŰHQb 9RQGDQQHQYLHUP\OHQLŰWGLHŰWDWW&HŰDUHDHWWZDQH\QKDXEŰWDWW \QGHPODQGSDOHŰWÖQDJHZHŰHQbDXFKGLH]\WDOVGÖHODQGQRFKGHUFUÖŰWē ZDUHQbZDVGDH\QHUW]ELŰWXPb'LŰHŰWDWWKLH‰YRU]\WWHQ'RUbGDUQDFK SÖUJXVŰWUDFRQLVb$EHUKHURGHVGHUJUR‰DOVHUVÖHZ\GHUHUQHXZHUWY? EHŰŰHUHWbQHQQHWHUŰÖHGHPNH\ŰHUFHŰDUÖ]ţHUHFHŰDUHDPbYRQZHOFKHU-R  ŰHSKXVYLOŰFKULEHWb*HJHQRFFLGHQWZXUGWŰÖHYPEJHEHQPLWGHPJURŰ ŰHQPHHUbJHJHQRULHQWPÖWH\PŰXH‰HQSIROOGDU\QYLOFRFRGULOOLŰ\Qb MŰWYRU]\WWHQJDUYHŰWJHZHŰHQDEHU\W]JDQW]]HUŰWUHWb6DQFWXV3KL  OÖSSXVKDWWGDJHZRQHWYQGŰ\QHYLHUWFKWHUDOOHXQJIUDXZHQYQQG Z\ŰŰDJHU\QbDOVJHŰFKUÖHEHQŰWHHW\QGHPEţFKGHUZHUFNGHUDSRŰWHOQ DPb[[MbFDSLWHOb6DQFWXV3HWUXVKDWWDXFK\QGHUŰWDWWJHWDXIIHW&RU QHOÖXPH\QVNH\ŰHUVDPSWPDQGHUGHUHUŰWHELŰFKRIIÖŰWGDU\QJHZHŰHQ DOVPDQO\ŰHW\P\W]JHQDQWHQEţFKDPb[bFDSLWHOb6DQFWXV3DXOXV KDWWDXFKGRYRUGHPNRQLJ$JUÖSSDYQGGHPDPSWPDQIHOÖFHZ\GHU GHQNOţJHQUHGHU7HUFXOOXPŰÖFKŰHOEVJDUYHUQXQIIWLJOÖFKHQHQŰFKXO  GLJHWY?YHUŰSURFKHQbDOVPDQDXFKO\ŰHW\PEţFK\W]JHQĆWDPb[[LLLM FDSLWHOb 9RQ&HŰDUHDGHUŰWDWWGU\P\OHQJHJHQPLWWHPWDJLŰWHGRUII$ŰŰXU JHKH\ŰŰHQbDEHUYRUPDO‰$QWÖSDWUÖGDYRQKHURGHDQWLSDWUHYRQGHP H‰ZDUGJHEXZHQb 9RQGDQQHQYLHUP\OJHJHQRULHQWLŰWHLQŰWDWW0DXHULFKHWZDQJH QDQWDEHU\W]&DWKRJHKH\ŰŰHQbHWWZDQ]ţJHKULJGHPJHŰOHFKWPDQDŰŰHb QLWYHUUYRQGHPEHUJ6DURQJHOHJHQGDUY‰KDEHQGLHŰDUUDFHQLGDV ŰOR‰GHUELOJHUREJHQDQWEHŰWULWWHQb 9RQGDQQHQZ\GHUPLWWHPWDJLŰWGHUEHUJ6DURQYQGGHUIOHFN6D URQDb9RQ$ŰŰXUŰ\QDFKWP\OHQE։JHQMRSSHQDPPHHUOÖJHQGHbYŇ GHUPDQREYLOKDWWJHŰDJHWb 9RQ-RSSHYLHUP\OHQLŰWGLHŰWDWW*HWKQLWYHUUYRPPHUJHOHJHQ HWWZDQH\QHYRQGHQŰWHWWHQSKÖOÖŰW\PbZDQDXFKDQ\UHH\JHQWOÖFKHQ       



Y 



9RQKLHU5LFKWXQJ0LWWHUQDFKWOLHJW1REGLHHLQVWHLQH6WDGWGHU3ULH VWHUJHZHVHQLVWXQGMHW]W%HWKHQRSROKHL‰W+LHUQDKP'DYLGYRP3ULH VWHU$KLPHOHFKGDV6FKZHUW*ROLDWKVPLWGHPHU>'DYLG@LKQ>*ROLDWK@ W|WHWH HWF ZLH PDQ LP HUVWHQ %XFK GHU .|QLJH LP  .DSLWHO OHVHQ NDQQ(WZDVPHKUDOVHLQH0HLOHYRQ%HWKOHKHPHQWIHUQW]XU6WDGW7H NRD KLQ EHILQGHW VLFK GDV *UDE GHV KO $EWV &KDULWRQ PLWVDPW VHLQHU 0|QFKH GLH DOOHVDPW PLW LKP VWDUEHQ )UKHU VLQG JUR‰H 3LOJHUVWU|PH GRUWKLQJH]RJHQ 9RQ$NNRYLHU0HLOHQ5LFKWXQJ0LWWDJOLHJWGLH6WDGW&D\SKDXQWHUKDOE GHV%HUJHV.DUPHO 'UHL0HLOHQYRQKLHULVWGLHVWDUNH)HVWXQJÄ%XUJGHU3LOJHU·GLHLP+HU ]HQGHV0HHUHVOLHJWXQGGHQ7HPSHOULWWHUQJHK|UW 9LHU 0HLOHQ YRQ KLHU OLHJW GLH 6WDGW &DHVDUHD GLH HKHPDOV +DXSWVWDGW GHV /DQGHV3DODHVWLQD JHZHVHQ LVW,Q GHU=HLW DOV GLH&KULVWHQ QRFK LP /DQGZDUHQZDUKLHUHLQ(U]ELVWXP'LHVH6WDGW KLH‰IUKHU'RUGD QDFKKLH‰VLH3LUJXV6WUDFRQLV$EHUDOV+HURGHVGHU*UR‰HVLHHUQHXHUWH XQGYHUEHVVHUWHQDQQWHHUVLHGHP.DLVHU&DHVDU]X(KUHQ&DHVDUHDYRQ GHU -RVHSKXV YLHO VFKUHLEW 5LFKWXQJ 2N]LGHQW LVW VLH XPJHEHQ YRP *UR‰HQ0HHU5LFKWXQJ2ULHQWEHILQGHWVLFKHLQKEVFKHU7HLFKLQGHP ]DKOUHLFKH .URNRGLOH ]XKDXVH VLQG )UKHU ZDU &DHVDUHD HLQH VWDWWOLFKH 6WDGWMHW]WLVWVLHJDQ]]HUVW|UW'HUKO3KLOLSSKDWKLHUJHZRKQWPLWVHL QHQYLHU7|FKWHUQGLHDOOH-XQJIUDXHQZDUHQXQGSURSKHWLVFKEHJDEWZLH HVLQGHU $SRVWHOJHVFKLFKWHLP.DSLWHOVWHKW'HUKO3HWUXVKDWLQ GHU6WDGWDXFKGHQ&RUQHOLXVJHWDXIWGHQ+DXSWPDQQGHV.DLVHUVGHUGHU HUVWH%LVFKRIGRUWJHZHVHQLVWZLHLPJHQDQQWHQ%XFKLP.DSLWHO]X OHVHQ LVW 'HU KO 3DXOXV KDW KLHU DXFK YRU GHP .|QLJ $JULSSD XQG GHP +DXSWPDQQ )HOL[ JHJHQ GHQ NOXJHQ 5HGQHU 7HUWXOOXV VLFK VHOEVW NOXJ YHUWHLGLJW ZLH PDQ LP JHQDQQWHQ %XFK QXQ LP  .DSLWHO OHVHQ NDQQ 'UHL 0HLOHQ YRQ GHU 6WDGW &DHVDUHD 5LFKWXQJ 0LWWDJ LVW HLQ 'RUI QD PHQV$IHN 7HO$IHNUDVHO·$LQ IUKHUKLH‰HVQDFK+HURGHV$QWLSDWUH GHUHVJHEDXWKDW$QWLSDWULGD 9LHU0HLOHQ 5LFKWXQJ 2ULHQW OLHJW HLQH 6WDGW QDPHQV 0DXHULFK 1DQD KDW HO0DOKD  GLH MHW]W &DWKR KHL‰W XQG ]XP 6LHGOXQJVJHELHW GHV *H VFKOHFKWV 0DQDVVH JHK|UW QLFKW ZHLW YRQ GHP %HUJ 6DURQ JHOHJHQ YRQ GHPDXVGLH6DUUD]HQHQGLHEHVDJWH%XUJGHU3LOJHUDQJHJULIIHQKDEHQ 9RQ KLHU JHJHQ 0LWWDJ OLHJW GHU %HUJ 6DURQ XQG GHU )OHFNHQ 6DURQD $FKW 0HLOHQ VLQG HV YRQ $IHN ELV -RSSH GDV DP 0HHU OLHJW >XQG@ YRQ GHPREHQ>VFKRQ@YLHOJHVDJWZRUGHQLVW 9LHU0HLOHQYRQ-RSSHDXVOLHJWGLH6WDGW*HWK 7HO6DILW7HOOHV6DILW  QLFKWZHLWYRP0HHUHQWIHUQWHLQHYRQGHQ6WlGWHQGHU3KLOLVWHU0LWLKU          



U 

DQYDKHWGDVODQGSKLOÖŰW\PbDEHU\W]LŰWŰÖHH\QNOH\QHVGRUIIO\QYQQG KH\ŰŰHW\ELO\Qb9RQGDQQHQ]ZP\OLŰWEHWKŰDPHVMXGDH\QŰWDWWYRQ GHUREJHŰDJHWLŰWb 9RQGDQQHQYLHUP\OZGHUPLWWHPWDJQLWYHUUYRPPHHULŰWGLH DQGHUŰWDWWYRQGHQŰWHWWHQSKLOÖŰW\PDFNDURQJHQĆWDXFK\W]H\QNOH\  QHVGRUIIO\Qb9RQGDQQHQYLHUP\OÖŰWGLHGULWWŰWDWWSKLOÖŰWÖQRUXP $]RWXVJHQDQWDXFK\W]H\QNOH\QGRUIIO\QH\QP\OZHJVYRPPHHU OÖJHQGHb9RQMRSSH]ZţP\OHQLŰWGÖHŰWDWW/\GGDRGHUGLŰSROÖVYŇ GHUDXFKREJHŰDJHWLŰWbMŰWGLHŰWDWWOHSXDQLWYHUUYRQODFKÖVb 9RQGDQQHQGU\P\OLŰWGHUIOHFN$]HFKDYQGPDFHGDH\QŰWDWWbZHO FKHEHGHMRŰXHJHZDQGRDXFKIXQIINQÖJŰLFKYHUERUJHQ\QH\QŰSHOşFN GÖH-RŰXHGDU\QYÖHQJDOVPDQO\ŰHW-RŰXHDPb[bFDSLWHOb 9RQGDQQHQGU\P\OLŰWGLHŰWDWW]RFKRWMXGHQÖWWYHUUYRQ1REHGR 'DXLG*ROÖDPKDWWHUWRGWDOVDXFKREJHŰFKULHEHQLŰWbYQQGPDQED‰ YLQGHWY‰GUXFNHW\PHUŰWHQEţFKGHUNRQLJDPb[YLMbFDSLWHOb 9RQ1REHŰ\QGU\P\OEL‰JHQ(PDXVb9RQ(PDXVDQGHUKDOE P\OJHHWPDQGXUFKH\QWDOO5DSKD\PJHQDQWQHEHQGHPKX‰]DFKD  ULHK\QbYQGNŇPHW]ţH\QHPJDUZHUOÖFKHPŰOR‰%HWK]XUDJHKH\ŰŰHQb ZHOFKHVGLHPDFKDEHLYRU]\WWHQKDEHQJHEXZHQbYQQGOÖJHWH\QKDOEH P\OYRQ-KHUXŰDOHPb 9RQ$]RWRŰHFKVP\OHQLŰW$ŰFKDORQGLHYLHUGŰWDWWSKÖOÖŰWLQRUşDP PHHUJHOHJHQbYQGKDWWH\QIRUPH\QVKDOEHQ]\UFNHOVYDŰWZHUOÖFKZH ŰHQGR\W]GLHŰDUUDFHQLH\QJURŰŰHYHŰWXQJKDEHQb 9RQGĆQHQIXQIIP\OJHJHQPLWWHPWDJLŰWGLHŰWDWW*D]DDXFKDP PHHUJHOHJHQbYQGKH\ŰŰHW\W]JHPH\QOÖFK*D]HUDYQGJHHWGXUFKŰÖHGLH ŰWUD‰\QHJLSWHQODQGDOVGDYŇK\QQDFK\PDQGHUQWH\OZ\WHUZXUG JHŰFKUÖHEHQb 9RQGDQQHQŰ\QYLHUP\OEL‰JHQ%HUŰDEHHGLH\W]*DOO\QKH\ŰŰHWb YQGHQGHWMXGHDPYQQGGDVJHOREWODQGJHJHQPLWWHPWDJb'RKDEHQ $EUDKĆY?\ŰDDFODQJH]\WWJHZRQHWDOVPDQO\ŰHW*HQHŰÖVDPb[LLMbF YQGLŰWDQGHUKDOEWDJUH\‰Z\WYRQ(EURQDOVDXFK*D]Db 1DFKGLŰHQODQGHQYQGŰWHWWHQYROJHWGLHJUR‰ZţŰWHQ\GLHŰÖFKŰWUH  FNHWEL‰]ţGHPIOX‰HJLSWL1\OXVJHQDQWb\QZHOFKHUZţŰWHQ\GLHN\Q  GHUYRQMŰUDKHOYLO]\WWŰ\QJHZHŰHQYRQH\PHQGH]ţGHPDQGHUQ]\H  KHQGHbGRYRQKLHQDFK\PDQGHUQWH\OZ\WWHUZXUGWJHŰDJHWbGDPLWŰ\ JQşJJHŰDJHWYRQGHPKHÖOÖJHQODQGYQGDOOHQŰWHWWHQbIOHFNHQbŰORŰŰHQb YQGGRUIIHUQGDU\QEHJULIIHQb            



U 



IlQJW HLJHQWOLFK GDV /DQG GHU 3KLOLVWHU DQ 'RFK MHW]W LVW VLH HLQ NOHLQHV '|UIOHLQXQGKHL‰WEHUHLWV@REHQGLH5HGHZDU 9LHU0HLOHQYRQKLHU5LFKWXQJ0LWWDJQLFKWZHLWYRP0HHUHQWIHUQWLVW HLQH DQGHUH 6WDGW GHU 3KLOLVWHU QlPOLFK $NNDURQ DXFK GLHVH 6WDGW LVW MHW]WHLQNOHLQHV'RUI9LHU0HLOHQYRQKLHULVWGLHGULWWH6WDGWGHU3KLOL VWHU JHQDQQW $VGRG 7HO $VGRG (VGXG  VLH OLHJW HLQH 0HLOH YRP 0HHU HQWIHUQW =ZHL0HLOHQYRQ -RSSHOLHJWGLH6WDGW/\GGDRGHU'LVSROLV YRQGHUREHQDXFKVFKRQGLH5HGHZDU+LHULVWGLH6WDGW/LEQD 7HO%XU QD7HOO%RUQDW QLFKWIHUQYRQ/DFKLVFK 'UHL0HLOHQYRQKLHUOLHJHQGHU)OHFNHQ$VHNDXQGGLH6WDGW0DNNHGD GLH -RVXD EHLGH HUREHUWH XQG ZR VLFK IQI .|QLJH YHUERUJHQ KLHOWHQ LQ HLQHU+|KOHLQGHU-RVXDVLHILQJ'DVLVWLP%XFK-RVXDLP.DSLWHO QDFK]XOHVHQ 'UHL0HLOHQYRQKLHUOLHJWGLH6WDGW-RFKRW-XGHQLFKWIHUQYRQ1REZR 'DYLG GHQ *ROLDWK JHW|WHW KDW ZDV DXFK REHQ EHVFKULHEHQ LVW XQG ZDV PDQEHVVHUGDUJHVWHOOWILQGHWLPHUVWHQ%XFKGHU.|QLJHLP.DSLWHO 9RQ1REVLQGHVGUHL0HLOHQELV(PPDXV$QGHUWKDOE0HLOHQYRQ(P PDXV JHKWPDQ GXUFKGDV7DO 5DSKD\P DP +DXV GHV =DFKDULDVYRUEHL XQGNRPPW]XHLQHUVHKUZHKUKDIWHQ%XUJQDPHQV%HWK]XUDGLHHKHPDOV GLH0DNNDElHUJHEDXWKDEHQ6LHOLHJWHLQHKDOEH0HLOHYRQ-HUXVDOHPHQW IHUQW 6HFKV0HLOHQYRQ$VGRGOLHJW$VFKDORQGLHYLHUWH6WDGWGHU3KLOLVWHUGL UHNWDP0HHU6LHKDWGLH)RUPHLQHVKDOEHQ=LUNHOVXQGLVWVHKUZHKUKDIW ZHLOGLH6DUUD]HQHQMHW]WHLQHJUR‰H)HVWXQJKLHUKDEHQ )QI0HLOHQYRQKLHUOLHJWDXFKDP0HHUGLH6WDGW*D]D*HZ|KQOLFK QHQQW PDQ VLH MHW]W *D]HUD 'XUFK VLH KLQGXUFK IKUW GLH 6WUD‰H QDFK bJ\SWHQODQG GRFK GDYRQ ZLUG LP ]ZHLWHQ 7HLO >GHV %XFKHV@ DXVIKUOLFK EHULFKWHW 9LHU0HLOHQVLQGHVYRQKLHUQDFK%HHUVFKHED 7HO%HHU6HYD GDVMHW]W *DOO\Q KHL‰W +LHU HQGHW -XGlD XQG GDV JHOREWH /DQG 5LFKWXQJ 0LWWDJ +LHU KDEHQ $EUDKDP XQG ,VDDN ODQJH =HLW JHZRKQW ZLH PDQ LP %XFK *HQHVLVLP.DSLWHOOHVHQNDQQ8QG>GDV*HELHW@LVWDQGHUWKDOE7D JHVUHLVHQVRZRKOYRQ(EURQXQGDOVDXFKYRQ*D]DHQWIHUQW 'LHVHQ/lQGHUQXQG6WlGWHQVFKOLH‰WVLFKGLHJUR‰H:VWHDQGLHVLFK ELV]XGHPlJ\SWLVFKHQ)OXVV1LOHUVWUHFNW,QGLHVHU:VWHVLQGGLH.LQ GHU,VUDHOVODQJH=HLWJHZHVHQVLHKDEHQVLHYRQHLQHP(QGH]XPDQGHUHQ GXUFK]RJHQZRYRQLP]ZHLWHQ7HLOGHV%XFKHVPHKUJHVDJWZLUG'DPLW VHLJHQXJEHULFKWHWYRP+HLOLJHQ/DQGXQGDOOGHQ6WlGWHQ)OHFNHQ%XU JHQXQG'|UIHUQGLHLQLKPOLHJHQ           



Y 

  9RQGHQEHUJHQ-ŰUDKHO]ţHUŰWH\QJHPH\Qb   YRP*HVFKOHFKW'DYLGXQG-XGD@KDEHQGHQ1DPHQ,VUDHOEHKDOWHQDXV GHU=HLWGHU7UHQQXQJGHV5HLFKV,VUDHOXQWHUGHP.|QLJ-HUREHDPZR YRQPDQHLQHEHVVHUH'DUVWHOOXQJKDWLPGULWWHQ%XFKGHU.|QLJHLP .DSLWHO 'LHVH%HUJHLQ,VUDHOZDUHQJXWJHHLJQHWDOV:HLGHQXQGIUXFKWEDUDQgO ElXPHQ)HLJHQElXPHQXQGDQGHUHQHWFDXFKJDEHVKLHUKHLOHQGH.UlX WHU XQG ZRKOULHFKHQGH *HZU]H PLW NUlIWLJHQ :XU]HOQ ZLH ,VLGRU VFKUHLEW(VKDWWHLQIUKHUHQ=HLWHQDXFKGDVJDQ]H/DQGPDQFKHUOHL* WHUHVKDWWHGDUDQLQ)OOHXQGZDUJOFNOLFKEHUVRN|VWOLFKHQ:HLQXQG JXWH )UFKWH 4XHOOHQ XQG %DOVDPVWUlXFKHU ²ZHVKDOEHV KHL‰W HV IOLH‰H KLHU0LOFKXQG+RQLJ$XIGHQ%HUJHQ,VUDHOVJLEWHVDXFKYLHO9LHKQlP OLFK6FKDIHXQG2FKVHQXQGGHUJOHLFKHQHWF'LH-XGHQEHZLUWVFKDIWHWHQ DXFK%LHQHQRKQH=DKOGLHVLFKDQGHQJXWHQ.UlXWHUQXQG%OXPHQQlKU WHQXQGYLHO+RQLJSURGX]LHUWHQ'D]XJDEHVDOOH)UFKWHXQG2EVWGLH EHJQVWLJW GXUFK GLH JXWH /XIW XQG GHQ 7DX VFKQHOO UHLI ZXUGHQ (V ZXUGHLQGHQ%HUJHQDXFKQDFK*ROGXQG6LOEHUXQGPDQFKHUOHL(U]JH JUDEHQXQGDXFKJHIXQGHQ9LHOH4XHOOHQXQG)OVVHIORVVHQYRQGHQ%HU JHQKHUDEXQGZHKUKDIWH)HVWXQJHQZXUGHQDXILKQHQHUEDXW$OOHUOHLJUR ‰HVXQGNOHLQHV:LOGZRKQWHDXIGHQ%HUJHQXQGLQGHQ:lOGHUQ/|ZHQ XQG 7LJHU XQG DQGHUH VHOWVDPH %HVWLHQ 'RFK ULQJVXPKHU KDW HV ZHJHQ GHU6QGHGHU%HZRKQHUYLHOH=HUVW|UXQJHQJHJHEHQXQGGDGXUFKLVWGDV JDQ]H/DQGYHU|GHWXQGDXFKZDVNHLQ:XQGHULVWYROOVWlQGLJXQIUXFKW EDUJHZRUGHQEHVRQGHUVZDVGHQ:HLQEHWULIIW²ZLHDXFKGLH%HUJHYRQ LKUHUIUKHUHQ)UXFKWEDUNHLWZHLWHQWIHUQWVLQG6RZLHDXFKGLH6FKULIWRIW EHUVLH EHULFKWHW VRLVWHVQLFKWXQQW]EHUVLHJHWUHQQWQDFKHLQDQGHU ]XHU]lKOHQXQGLKU6FKLFNVDOHLQZHQLJEHVVHU]XHUOlXWHUQ  9RQGHQ%HUJHQ,VUDHOVLP%HVRQGHUHQXQG]X   HUVWYRP%HUJ=LRQ         



U 

 8U@.LUFKHQ GLH VLFK DXV 9HUVDPPOXQJHQ YRQ -XGHQ XQG +HLGHQJHELOGHWKDWWHQYRQGHQ3URSKHWHQLQGHQ6FKULIWHQPLWGHP1D PHQ =LRQ EH]HLFKQHW ZXUGHQ 8QG GDV QLPPW QLFKW ZXQGHU GHQQ GHU %HUJ=LRQZDUHLQ%HUJYRQJUR‰HU+|KH6WlUNH)HVWLJNHLWXQG8PIDQJ DXFK YRQ 6FK|QKHLW XQG DX‰HUGHP YRQ )UXFKWEDUNHLW HU HUJ|W]W GDV +HU]HULVWHLQVLFKHUHUUHLFKHU%HUJYRQGHPJUR‰H)UHXGHYROONRPPH QH*HUHFKWLJNHLWXQG+HLOLJNHLW/HKUHXQG.XQVWHQWVSUXQJHQLVWZLHJH VFKULHEHQ VWHKW 9RQ =LRQ JHKW GDV *HVHW] DXV XQG YRQ -HUXVDOHP GDV :RUW *RWWHV0DQN|QQWHQRFKHLQHJUR‰H$Q]DKOVROFKUKPHQGHU (L JHQVFKDIWHQDXI]lKOHQGRFKDXV*UQGHQGHU.U]HODVVHLFKHVGDEHLEH ZHQGHQ  9RP%HUJ0RULD  0RULDLVWHLQ%HUJ]X-HUXVDOHPDXIGHQGHU7HPSHO6DORPRVJHEDXWLVW ZLH LP ]ZHLWHQ %XFK 3DUDOLSRPHQRQ LP GULWWHQ .DSLWHO JHVFKULHEHQ VWHKW'LHVHQ%HUJNDXIWH'DYLGYRQGHP-HEXVLWHU$UQDXQDIUVHFKV KXQGHUW 3IXQG ODXWHUHV *ROG XP GDUDXI HLQHQ $OWDU IU GHQ +HUUQ ]X EDXHQ'DVJHVFKDKXPGLH=HLWDOVGDV9RONJHVWUDIWZXUGHZHJHQGHU 6QGHGHU9RONV]lKOXQJGXUFK'DYLGZLHPDQLPHUVWHQ%XFK3DUDOLSR PHQRQLP.DSLWHOOHVHQNDQQ$XIGLHVHP%HUJRSIHUWH'DYLGXQG EHWHWH IU GDV 9RON XQG *RWW LP +LPPHO HUK|KWH LKQ XQG VDQGWH VHLQ )HXHU DXI GHQ 2SIHUDOWDU GHQ 'DYLG HUULFKWHW KDWWH $XI GLHVHP %HUJ RSIHUWH$EUDKDPHLQ2SIHUIU,VDDNGHQ*RWWVHOEVW]XP2SIHUEHIRK OHQ KDWWH ZLH PDQ LP %XFK *HQHVLV LP  .DSLWHO OLHVW +LHU]X VDJW +LHURQ\PXVLQHLQHU*ORVVHEHUGDV:RUWÅ9DGHLQWHUUDPYLVLRQLV´HWF GDV KHL‰W Ä*HKH LQ GDV /DQG GHU 6FKDXXQJ XQG RSIHUH GHLQHQ 6RKQ DXI GHP%HUJGHVVHQ6WHOOHLFKGLUJHQDXEH]HLFKQHQZLOO·HWF'LH6WHOOHDXI GHP %HUJ DXI GHP VSlWHU GHU 7HPSHO 6DORPRV JHEDXW ZXUGH ZDU ODXW $XVVDJHGHU-XGHQGLH7HQQHGHV-HEXVLWHUV$UDXQDDXIGHP%HUJ0RULD 9RQLKPZLUGGHVKDOEJHVDJWHUKDEHOHXFKWHQGGDV:RUW         



Y 

JHOHJHWbGDQGRLŰWGDE\UGDVLŰWH\QJRWVKX‰YQGGDVJHŰDW]JRWVY? GHUJH\ŰWGHUGLHSURSKHWHQHUOXFKWHWYQGOHUHWGLHPHQŰFKHQGÖHZDUKH\W E\‰KÖHKHU-HURQÖPXV\QGHUJOR‰ 9IIGLŰHPEHUJPH\QHWPDQ-DFREJHŰODIIHQKDEHQYQGJHŰHKHQGLHHQ  JHOYIIYQGDEŰW\JHQDQH\QHUOH\WWHUQbDOVPDQO\ŰHW*H?bDPb[[YLLM FDSLWHObGRDXFKGLHJOR‰ŰSULFKHWYEHUGDVZRUW1RQHŰWKLFDOLXGQLŰÖ GRPXVGHLHWFbGDVLŰWK\HLŰWQLWDQGHUVGDQH\QJRWWHVKX‰HWFGDVŰD  JHWHUMDFREGDUYPEZDQHUŰDKH\PJHLŰWGD]HLQWHPSHOJRWWHVGRŰROW JHEXZHQZHUGHQb 'LŰHŰWDWW0RULDJHQDQWYQG\W]EHŰFKULHEHQÖŰWH\QEţKHODQGHUŰ\  WHQGH‰EHUJV6\RQbYQGDOŰRPDJPDQPHUFNHQY‰GLŰHPDOOHPGD] GLŰHUEHUJJDUZ\UGLJLŰWYQGPDJZROJHQĆWZHUGHQH\QEHUJGHUJRW  OÖFKHQŰFKDZXQJYQGRIIHQEDUXQJH\QEHUJGH‰RSIIHUVYQGEHWWH‰bH\Q EHUJGHUZ\ŰŰDJXQJYQGYQGHUZ\ŰXQJbH\QEHUJGH‰OÖFKWH‰RGHUHU  OXFKWXQJbH\QEHUJGHUHQJOÖŰFKHQKH\PŰXFKXQJYQGJRWWOÖFKHUHUŰFK\  QXQJbH\QEHUJJRWWOÖFKHUHUEDUPşJYQGJQDGb    9RQGHPOEHUJb  (UOEHUJQDKHE\-KHUXŰDOHPJHOHJHQLŰWDOŰRJHKH\ŰŰHQZRUGē YPEPHQJHZHJHQGHUOEDXPGHUYLOYIIYQGYPEGHQEHUJ ZDFKŰHQbYQGGDUYPEZXUGWHUJHQĆWYRQŰDQW$XJXŰWLQH\Q EHUJGH‰FULŰHPVYQGGHUŰDOEXQJbH\QEHUJGH‰OÖHFKWVbGHUIHWWHY?ŰS\  ŰXQJbYQGHUW]HQ\YQGKH\OXQJbYQGGDVYPEZHJHQGH‰EDXPOH‰GD ZDFKŰHQGHGD]]ţDOOHQŰROOÖFKHQ\W]JHQĆWGLHQHWb]ţŰDOEXQJ]ţPOÖHFKW ]ţHŰŰHQb]ţHUW]Q\HWF 9QGHUGLŰHPEHUJIOX‰WH\QEDFKWRUUHQVFHGURQJHQDQWb]ZţŰFKHQ ZHOFKHPEDFKY?EHUJZDVGHUJDUWGDU\QYQŰHUKHUUMKHŰXVYPEUţJH RGHUEHWWHVZLOOHQJDURIIWJLHQJHbGDHUDXFK]ţXQJŰWJHIDQJHQZDUG YQGKLH‰GHUJDUWJHWKŰHPDQLDOV-RKDQQHVŰSUÖFKWDPb[L[bFDSLWHOb :DQYRU]\WWHQYQGHUGLŰHPEHUJH\QGRUIIO\QODJH*HWKŰHPDQLJH  QDQWbY?GDUYPEJHUWHQZDUHQDOV$XJXŰWLQXVŰSULFKWb\QZHOFKHYQ  ŰHUKHUUDOŰRSIOHJHWNŇPHQb'LŰHUOEHUJZDVGHPWHPSHOJHJHQRULHQW JHOHJHQYQGGDUYPEPRUJHQ‰ZDUGHUHUOXFKWHWbZDQGLHŰXQYIIJLHQJ DEHUJHJHQGHUQDFKWYQGGXUFKGLHQDFKWZDUGHUHUOFKWHWY‰GēJOD‰W YRQGHQOÖHFKWHUQGH‰WHPSHOVHUJODŰWHQb'HPDOOHQQDFKHUEÖOOÖFKH\Q EHUJGH‰OÖHFKWHVKH\ŰŰHWZDQHUOÖHFKWHQSI\QJYRPK\PPHOYQGYRPb WHPSHOYQGDXFKGHVOÖHFKWH‰IUşJJDEGXUFKGD]ODOV$XJXŰWLQXV ŰSUÖFKWb9IIGHPEHUJZDVH\QGRUIIO\QPLWQDPHQ%HWKSKDJHZDV HWWZDQGHUSULHŰWHUb$XFKODJ%HWKDQLDGÖHŰWDWWPDUWKHYQGPDULHY? /D]DULDQGH‰EHUJVŰ\WHQDOVGLHJOR‰ŰSULFKWYEHUPDWKHşDPb[[MbFDb        



Y 



DXVJHOHJW'HQQKLHULVWGHU7DEHUQDNHOGDVLVWHLQ+DXV*RWWHVXQG>YRQ KLHU DXV HUJLQJ@ GDV *HVHW]*RWWHV XQG GHU *HLVW GHUGLH 3URSKHWHQ HU OHXFKWHWXQGGLH0HQVFKHQGLH:DKUKHLWOHKUW²ELVKLHUKHU+LHURQ\PXVLQ GHU*ORVVH $XIGLHVHP%HUJVRJODXEWPDQKDEH-DNREJHVFKODIHQXQGGLH(QJHODXI HLQHU /HLWHU DXI XQG DEVWHLJHQ VHKHQ ZLH PDQ LP %XFK *HQHVLVLP .DSLWHOOHVHQNDQQ(VVSULFKWDXFKGLH*ORVVHEHUGDV:RUWÅ1RQHVW KLFDOLXVQLVLGRPXVGLH´HWFGDVEHGHXWHWÄ+LHUGDUIQLFKWVDQGHUHVVHLQ DOVGDV+DXV*RWWHV·HWF'DVVDJWHHU]X-DNREDOVGHULP*HLVWVDKGDVV HLQ7HPSHO*RWWHVKLHUJHEDXWZHUGHQVROOWH 'LHEHVFKULHEHQH6WDGW0RULDOLHJWDQHLQHP$EKDQJDQGHU6HLWHGHV %HUJHV =LRQ 8QG VR NDQQ PDQ DXV DOO GHP HUNHQQHQ GDVV GLHVHU %HUJ KRFKZUGLJLVWXQGPLW)XJXQG5HFKWHLQ%HUJGHUJ|WWOLFKHQ$QVFKDX XQJ XQG 2IIHQEDUXQJ JHQDQQW ZLUG HLQ %HUJ GHV /LFKWHV RGHU GHU (U OHXFKWXQJ HLQ%HUJGHUHQJOLVFKHQ +HLPVXFKXQJXQGJ|WWOLFKHU(UVFKHL QXQJXQGHLQ%HUJJ|WWOLFKHQ(UEDUPHQVXQG*QDGH  9RPgOEHUJ  'HUgOEHUJLQGHU1lKHYRQ-HUXVDOHPLVWVRJHQDQQWZRUGHQZHJHQGHU 0HQJHGHUgOElXPHGLHKLHULQJUR‰HU=DKODXIXQGXPGHQ%HUJKHUXP ZDFKVHQ'HVKDOEZXUGHHUYRPKO$XJXVWLQHLQ%HUJGHV&ULVDPVXQG GHU6DOEXQJJHQDQQWHLQ%HUJGHV/LFKWVGHU)HWWKHLWXQG6SHLVXQJGHU $U]QHLXQG+HLOXQJ8QGGDVZHJHQGHV%DXP|OVGDVKLHUZlFKVWXQG]X DOO GHP *HQDQQWHQ GLHQW ]XU 6DOEXQJ ]XP /LFKW ]XU 1DKUXQJ XQG DOV $U]QHLHWF $P )X‰ GHV %HUJHV IOLH‰W HLQ %DFK QDPHQV .LGURQ =ZLVFKHQ GHP %DFKXQGGHP %HUJODJGHU*DUWHQGHQXQVHU+HUU-HVXV RIWDXIVXFKWH XP]XUXKHQRGHU]XEHWHQXQG]XOHW]WZXUGHHUKLHUJHIDQJHQJHQRP PHQ'HU*DUWHQKLH‰*HWKVHPDQHZLH-RKDQQHVLP.DSLWHOVDJW 'HQQIUKHUODJDP)X‰GLHVHV%HUJHVHLQ'RUIQDPHQV*HWKVHPDQHXQG GHVKDOEJDEHVZLH$XJXVWLQXVVDJWGRUWDXFK*lUWHQLQGLHXQVHU+HUU ]X JHKHQ SIOHJWH 'LHVHU 7HPSHO ODJ JHJHQEHU YRP 7HPSHO 5LFKWXQJ 2ULHQW XQG ZDU GHVKDOE PRUJHQV YROOHU /LFKW ZHQQ GLH 6RQQH DXIJLQJ %HL (LQEUXFK GHU 1DFKW XQG ZlKUHQG GHU 1DFKW ZLUG HU HUOHXFKWHW YRQ GHQ /LFKWHUQ GLH DXV GHP 7HPSHO VWUDKOHQ 'HVKDOE NDQQ PDQ GLHVHQ %HUJJDQ]JXWHLQHQ%HUJGHV/LFKWHVQHQQHQGHQQHUHPSILQJ/LFKWYRP +LPPHOXQGYRP7HPSHOXQGGLH)KUXQJGHV/LFKWVHUJDEVLFKZLH$X JXVWLQXVVSULFKWGXUFKGDVgO$XIGHP%HUJJDEHVHLQ'|UIOHLQPLW1D PHQ %HWSKDJH LQ GHP GHU 3ULHVWHU OHEWH $XFK ODJ %HWKDQLHQ GLH 6WDGW YRQ0DUWKD0DULDXQG/D]DUXVDQHLQHU%HUJIODQNHZLHGLH*ORVVHEHU GDV.DSLWHOGHV%XFKHV0DWWKlXVVDJW         



U 

9RQGLŰHPEHUJIţUYQŰHUKHUU]ţKPHObYQGZXUGDXFKHUŰFK\QHQDP MXQJŰWHQWDJ]ţYUWH\OHQWRGYQGOHEHQGLJbDOVPDQKDWW\PEţFKGHU ZHUFNGHUDSRŰWHOQDPHUŰWHQFDSLWHOb$XFKKDWWŰDORPRQYIIGLŰHQEHUJ JHEXZHWHWWOÖFKWHPSHOGHQDEWJRWWHUQŰ\QHQK‰IUDXZHQGXUFKGLHHU ZDUGEHWURJHQbDOVPDQO\ŰHW\PDQGHUQEţFKGHUNQÖJDPb[bFDSLWHOb 9QGGDUYPEZDUGHUDXFKJHQDQWH\QEHUJGHUHU]XUQşJbDOVPDQO\  ŰHW\PYLHUGHQEţFKGHUNRQLJDPb[[LLLMbFDSLWHObZDQ6DORPRQJRWW ŰHUHHU]XQHWGXUFKŰROOÖFKHWKDWW\W]JHPHOGHWb     9RQGHPEHUJ(EURQb  %URQLŰWH\QEHUJ\QMXGHDYIIZHOFKHPGLHQDPKDIIWLJŰWDWW (EURQGLHDOWZDUGJHEXZHQGLHDXFKGHQQDPHQYRQGLŰHP EHUJHQSILHQJbGLHGRFK\W]JDQW]]HUŰWŇUHWLŰWDOVDXFKGRYRQJH ŰDJHWÖŰWb'DVWDOOGLŰHVEHUJVKH\ŰŰHW0DPEUHbGDE\H\QDQGHUŰWDWLŰW QHZ(EURQJHKH\ŰŰHQE\GHUGXSHOŰSHOXQFNHQJHEXZHWb'LŰHUEHUJ YQGŰWDWW(EURQZXUWEÖOOÖFKOREŰDPYQGHUZLUGLJJHDFKWHWYPEZH  JHQGHUKH\OÖJHQSDWULDUFKHQGÖHYRQDQEHJ\QGRUţJHQY?UDŰWHQbDOV REJHŰFKUÖHEHQLŰWb:DQGLŰHŰWDWWŰHUHDOWLŰWbYLMbDUYRUGHUDOWHQŰWDWW 7KDPQL\QHJLSWHQJHOHJHQHUEXZHQbDOVPDQO\ŰHW1XPHULDPb[LLM FDSLWHOb(VKDEHQDXFKDOOZHJHQPHFKWLJY?ŰWDUFNOWKYIIGHPEHUJ JHZRQHWDOVGLHQDFKNPHU(QDFKb6H]HLYQGDFKDPDQYQG7KROPHL DOOYRQGHPŰWDP(QDFKbDOVPDQGDYRQO\ŰHW-RŰXHDPb[YbFDSLWHOb 9IIGHPEHUJRUGQHWJRWWH\QDQIDQJGH‰NRQLJULFKVGDXLGVbY?K\H‰ DXFK\QGDK\Q]\HKHQQDFKDEJDQJŰDXOÖVDOVDQGLHŰÖFKHUHŰWŰWDWW\P JDQW]HQODQGbGRZRQHWGDXLGbYÖMbMDUEL‰GD]HU]ţYROOHUKHUŰFKşJY? UHJLPHQWNDP]ţMKHUXŰDOHPb'LŰHUEHUJZDUGYRU]\WWHQJHQĆWFKDULD  WKDUEHbGDVLŰWH\QŰWDWWGHUYLUHUbGDQYLHUGLHQĆKDIIWLJŰWHQPDQ$GĆ $EUDKDPb]XP 9RJHOIDQJ@JHEUDXFKHQHWF$EHUDOOHVEHUVWHLJHQGSUHLVWGLHVHU%HUJGLH *HJHQZDUW XQVHUHV +HUUQ 'HQQ HU KDW DXI GLHVHP %HUJ JHOHKUW XQG LP *HEHWGLH1DFKWGXUFKZDFKWKLHUKDWHUGDV9RON²JHLVWOLFKXQG]ZHLIHO ORVDXFKOHLEOLFK²JHVSHLVW8QGHLQPDOLVWHUDXIGHU+|KHGLHVHV%HUJHV YRUVHLQHQ-QJHUQYHUNOlUWZRUGHQXQGKDWLKQHQGLH*ORULHGHUNQIWL JHQ+HUUOLFKNHLWDQVHLQHP/HLEHU]HLJW  9RP/LEDQRQ*HELUJH  'HU /LEDQRQ LVW GDV K|FKVWH *HELUJH LP /DQG 3K|QL]LHQ (U KDW VHLQHQ 1DPHQGDKHUZLH,VLGRUVDJWGDVVPDQKLHUYLHO:HLKUDXFKILQGHWGRFK EHGHXWHW/LEDQRQVRYLHOZLHÄ)DUEHZHL‰·GHQQHVOLHJWZLQWHUVZLHVRP PHUV6FKQHHDXILKPXQGGHVKDOEVFKHLQWHUZHL‰ZLH6FKQHH]XVHLQXQG QLHPDOV LVW HU YRQ 6FKQHH IUHL 'LHVHV *HELUJH LVW GHU 8UVSUXQJ HWOLFKHU 4XHOOHQXQG%UXQQHQ%HVRQGHUV]ZHL4XHOOHQQlPOLFKGHU-RUXQGGHU 'DQHQWVSULQJHQVHLQHP4XHOOJHELHWVLHIOLH‰HQQLFKWZHLWGDYRQHQWIHUQW ]XVDPPHQXQGELOGHQGHQ)OXVV-RUGDQYRQGHPVFKRQYLHOJHVDJWZRU GHQ LVW $XI GLHVHP *HELUJH ZDFKVHQ YLHOH ZRKOULHFKHQGH .UlXWHU GHV JOHLFKHQYLHOH%lXPHGLH:HLKUDXFKWUDJHQXQGGDVEHVVHUH*XPPLKDU] GHV%DXPHVQHQQHQGLHbU]WH2OLEDQXP ,WHPLVWGLHVHV*HELUJHVHKUIUXFKWEDUXQGHLJQHWVLFKDOV:HLGHXQGJLEW IUK UHLIH XQG JXWH )UFKWH ZHLO HV GRUW RIW WDXW XQG EHVWlQGLJ UHJQHW 'HVKDOEZHUGHQDXIGLHVHP*HELUJHDXFKGLH7LHUHJHZHLGHWGLHPDQLP 7HPSHORSIHUQP|FKWH,WHPEHUWULIIWHUPLWVHLQHU+|KHDOOHDQGHUHQ %HUJHGLHVHV/DQGHVXQGGLH6HHIDKUHUULFKWHQVLFKQDFKGLHVHP*HELUJH GHQQPDQVLHKWHVVFKRQYRQZHLWHP,WHPKDWGLHVHV*HELUJHZLHZRKO HVQDFKDX‰HQKLQGUU]XVHLQVFKHLQWLP,QQHUHQYLHOHNRVWEDUH:DVVHU DGHUQZLHPDQ     



U 

PDQPDJPHUFNHQE\GHPEUXQQHQGHUOHEHQGLJHUZDŰŰHUbZHOFKHQDFK 6DORPRQLVŰSUXFK\QFDQWLFÖVDPYLHUGHQFDSLWHOPÖWYQJHŰWXPPH ŰWHWWHVYRQGÖŰŰHPEHUJIOLHŰŰHQb -WHPGÖŰŰHUEHUJÖŰWDXFKŰ\FKHUYQGIU\YRQŰODQJHQYQGJ\IIWLJHQ ZţUPHQGLHHUDOOYHULDJHWYQGYHUWULEHWPLWŰ\QHPJţWHPJHUţFKbNŇ  PHQGHYRQGHQEDXPHQYQGNUXWHUQŰRGDZDFKŰHQb -WHPGÖŰŰHUEHUJDOVZROY‰YUŰDFKHQ\W]HU]HOHW]ţPHUFNHQLŰWbLŰWŰHUH ŰFKQYQGOXŰWOÖFKYPEZHJHQŰFKRQHFHGDUEDXPYQQGDQGHUHUbDXFK PDQFKHUOH\YJHOOŰWOÖFKHUZDŰŰHUHWFb -WHPLŰWDXFKH\QKH\OŰDPHUEHUJZDQYLOKH\OŰDPHUVHW]HU\GDUYII ZDFKŰHQGÖHJDUQXW]Ű\QZLGHUYLOJHEUHFKHQbZDQDXFKGDYLOFLSUHŰŰHQ Y?OEDXPZDFKŰHQbZHOFKHUŰDIIWY?KDUW]Z\GHUYLONUDQJKH\WGÖHQHWb -WHPÖŰWDXFKH\QIUOÖFKHUEHUJZDQYIIHWWOÖFKHQŰ\QHQEţKHOHQHWW  ZDQGHUEHŰWZ\QZţFK‰GHUPHQŰFKOÖFKKHUW]HUIUHXZHWb -WHPH\QEHUJKRKHUZ\UGHbZDQHUDOOEHUJ\Q$UDELD6\ULDYQG SKHQLFLD\QKKHb\QOXŰWb\QJţWHPOţIIWbYQQG\QIUXFKWHQZ\WWYEHU WU\IIHWDOV-HURQLPXVYQG-RŰHSKXVGDYRQŰFKUÖEHQb     9RQGHPEHUJ6HPHURQb  (PHURQLŰWH\QEHUJYRQGHPDXFKGLHJHŰFKULIIWŰDJHW\PDQ  GHUQEţFK3DUDOÖSRbJHQDQWDPb[LLMbFDSLWHObYIIZHOFKHPEHUJ GLHŰWDWW6DPDULD\W]6HEDŰWHJHQDQWJHEXZHQZDUGbYRQGē Ű\HDXFKGHQQDPHQ6DPDULDPLWŰDPSWGHPJDQW]HQODQGGDUYPE KDWWHQSIDQJHQbGRDXFKŰDQFWXVMRKDQQHVGHUWDXIIHUZDUGHUWRGWDOV DXFKREJHKDEWLŰWbGLŰHŰWDWW6DPDULDYPEZHJHQGH‰EHUJV6HPHURQ ZDVŰHUHŰWDUFNYQGYHŰWY?YEHO]ţJHZ\QQHQbGDUYPEDXFKGLHNQLJ YRQ6\ULDPLWYRONRŰWHQYQGJUR‰EHUH\WŰFKDIIWGHUNULHJGLŰHŰWDWWGU\ JDQW]HUMDUYPEOHJHUWHQYQGŰÖHGRFKNPPRFKWHQJHZ\QQHQbMDDOV -HURQLPXVŰSULFKWYQGJDUJOHXEOÖFKLŰWQşPHUPHUKHWWHQŰÖHŰ\HYEHU  NRPHQKHWWHQGLHEXUJHUY?\QZRQHUGHUŰHOEHQJRWWQLFKWŰRŰZHUOÖFKHQ HU]RUQHWYQGŰ\QJHŰDW]HDOVJDQW]YHUJHŰŰHQb     9RQGHPEHUJ&DUPHORb  $UPHOXVLŰWH\QEHUJGH‰MXGHŰFKHQODQGHVGRLŰWDXFKH\QŰWDW &DUPHODJHKH\ŰŰHQbYQGŰ\QH\JHQWOÖFKHQ]ZHQEHUJEH\GHJH  QDQW&DUPHOXVb(\QHU\PEHUQODQGJHJHQPLWWHPWDJGD 1DEDO&DUPHOÖWHVKDWWJHZRQHWbYRQGHPPDQO\ŰHW\PHUŰWHQEţFK GHUNQLJDPb[[MbFDb'HUDQGHULŰW\PQ\GHUODQGJHJHQGHPPHHUbY? Ű\QGL‰HEHGHEHUJIUXFKWEDUDQZH\GHQYQQGJţWHQNUXWHUQHWFb'RFK GLŰŰHUDQGHUEHUJ&DUPHOXVLŰWGH‰KDOEZROOREHŰDPGD]GHUKHLOÖJSUR SKHW+HO\DVKDWWYII\PGLHN\QGHUYRQ-ŰUDKHOYRQQGHUDEWJRWWHU\      



U 



DP%UXQQHQGHUOHEHQGLJHQ:DVVHUVHKHQNDQQGLH²QDFK$XVVDJHGHV +RKHQ /LHGHV 6DORPRV LP YLHUWHQ .DSLWHO ² PLW XQXQWHUEURFKHP hEHU PXWYRQGLHVHP*HELUJHKHUDEIOLH‰HQ ,WHPLVWGLHVHV*HELUJHDXFKVLFKHUXQGIUHLYRQ6FKODQJHQXQGYRQJLI WLJHQ:UPHUQ²GLHYHUWUHLEWHVDOOHPLWGHPJXWHQ*HUXFKGHUYRQGHQ %lXPHQXQG.UlXWHUQNRPPWGLHGDZDFKVHQ ,WHPLVWGLHVHV*HELUJH²ZRIUHVZLHPDQMHW]WVLHKWYLHOH8UVDFKHQ JLEW ² VHKU VFK|Q XQG HUIUHXW GLH 6HHOH ZHJHQ GHU VFK|QHQ =HGHUQ XQG DQGHUHU %lXPH DXFK ZHJHQ PDQFKHUOHL 9|JHO XQG OXVWLJ KSIHQGHU 4XHOOHQHWF ,WHPLVWHUDXFKHLQKHLOHQGHV*HELUJHGHQQHVZDFKVHQYLHOHKHLOHQGH *HZU]HDXILKPGLHKLOIUHLFKVLQGJHJHQDOOHP|JOLFKHQ*HEUHFKHQ$X ‰HUGHPZDFKVHQYLHOH=\SUHVVHQXQGgOElXPHKLHUGHUHQ6DIWXQG+DU] YLHOH.UDQNKHLWHQYHUWUHLEHQ ,WHP LVW HU DXFK HLQ IU|KOLFKHV *HELUJH GHQQ DXI HLQLJHQ VHLQHU (UKH EXQJHQZlFKVWGHUEHVWH:HLQXQGGHUHUIUHXWVFKOLH‰OLFKGHV0HQVFKHQ +HU] ,WHP LVW HU HLQ *HELUJH YRQ JUR‰HU :UGH GHQQ ZHLW EHUWULIIW HU DOOH %HUJH$UDELHQV6\ULHQVXQG3K|QL]LHQVDQ+|KHDQ/LHEOLFKNHLWDQJXWHU /XIWXQGDQ)UFKWHQZLH+LHURQ\PXVXQG-RVHSKXVVFKUHLEHQ  9RP%HUJ=HPDUDMLP  'HU=HPDUDMLPLVWHLQ%HUJYRQGHPGLH6FKULIWLP]ZHLWHQ%XFK3DUDOL SRPHQRQLP.DSLWHOVFKUHLEW$XIGLHVHP%HUJLVWGLH6WDGW6DPD ULDMHW]W6HEDVWHJHQDQQWHUEDXWZRUGHQYRQGHPVLHXQGGDVJDQ]H/DQG ULQJVXP DXFK GHQ 1DPHQ 6DPDULD HUKDOWHQ KDEHQ +LHU ZXUGH DXFK GHU KO -RKDQQHV GHU 7lXIHU JHW|WHW ZRYRQ REHQ VFKRQ GLH 5HGH ZDU 'LH 6WDGW 6DPDULD LVW ZHJHQ GHV %HUJHV =HPDUDMLP VHKU VWDUN XQG ZHKUKDIW XQGVFKOHFKWHLQ]XQHKPHQGDUXPEHODJHUWHQHVGLH.|QLJHYRQ$VVXUPLW KRKHQ.RVWHQXQGPLWJUR‰HP+HHUGUHLJDQ]H-DKUHODQJXQGNRQQWHQHV GRFK IDVW QLFKW HLQQHKPHQ -D ZLH +LHURQ\PXV VSULFKW XQG ZDV PDQ JXWJODXEHQNDQQ1LHPDOVKlWWHQGLH.|QLJHYRQ$VVXUGLH6WDGWHUREHUQ N|QQHQKlWWHQLKUH%UJHUXQG(LQZRKQHU*RWWQLFKWVRVFKZHUHU]UQW XQGVHLQ*HVHW]VRYROOVWlQGLJYHUJHVVHQ  9RP%HUJ.DUPHO  'HU.DUPHOLVWHLQ%HUJLPMGLVFKHQ/DQGXQGHVJLEWDXFKHLQH6WDGW GLH.DUPHODKHL‰W'LHEHLGHQHLJHQWOLFKHQ%HUJUFNHQKHL‰HQEHLGH.DU PHO (LQHU OLHJW LP REHUHQ/DQG JHJHQ0LWWDJZR GHU .DUPHOLWHU1DEDO JHZRKQWKDWYRQGHPPDQLPHUVWHQ%XFKGHU.|QLJHLP.DSOHVHQ NDQQ'HUDQGHUH%HUJOLHJWLPXQWHUHQ/DQGGHP0HHU]X%HLGH%HU JH VLQG IUXFKWEDU DQ :HLGHQ XQG JXWHQ .UlXWHUQ HWF 'RFK GHU ]ZHLWH %HUJ .DUPHO LVW GHVKDOE VR UKPHQVZHUW ZHLO GHU KHLOLJH 3URSKHW (OLDV DXILKPGLH.LQGHU,VUDHOVYRP*|W]HQGLHQVW



Y 

EHNHUHW]ţGHU]\WGH‰NRQLJV$FKDE\QZHOFKHU]\WHLQJUR‰WZUHZDV \QGHPYROFNYQGPH\QHWGHUNRQLJ$FKDEKHO\DVZHUHGH‰H\QYUŰDFKb ŰSUHFKHQGH]ţ\PbGXELŰWGHUbGHU-ŰUDKHOEHWUEHWbKHUZ\GHUKHOÖDVDQW  ZRUWb-FKŰSUDFKHUKDEMŰUDKHOQLWWEHWUEHWbŰXQGHUGXYQGGDVJHŰOHFKW G\QHVYDWWHUVb\UGLHKDEHQYHUODŰŰHQGLHJHERWWJRWVYQGQDFKJHXRO  JHWGHPDEWJRWWEDDO\Pb\HGRFKŰHQGHY‰YQGYHUŰDPPHO]ţPLUGDV JDQW]YROFNYIIGHQEHUJ&DUPHOÖYQGGDU]ţGLHSURSKHWHQY?SULHŰWHU EDDOGH‰DEWJRWWVYLHUKXQGHUWYQGIXQIIW]LJPDQbGH‰JOÖFKHQYÖHUKş  GHUWSURSKHWHQYQGSULHŰWHUGHUDQGHUQDEWJRWWHUQbZHOFKHDOOG\QHKX‰ IUDXZ-H]DEHOŰS\ŰHWb$OVŰROOÖFKVJHŰFKDKHbHU]HXJHWGHUSURSKHWKHO\DV GXUFKH\QJUR‰ZXQGHU]H\FKHQGD]ŰÖHDOO\UUHWWHQYQGEHNHUHWŰ\HYRQ \UHU\UWKXP\QPD‰Y?ZL‰DOVGLHJHŰFKUÖIIW\‰Z\ŰHW\PGULWWHQEţFK GHUNQLJDPb[YLLMbFDSLWHObGRGLŰHKLŰWRULHPLWYLOZRUWHQZXUGWYRO  IţUHWbGDU]ţHUWRGWKHOÖDVDOOGLHDQGHUQSURSKHWHQYQGSULHŰWHU%DDO GH‰DEWJRWWVGHUUHQ]DOOKLHRE\W]EHŰWXPPHWLŰWbGRFKQLWYIIGHPEHUJ &DUPHOÖYPEZ\UGHGH‰ŰHOEHQEHUJVGD]HUQLWZXUGHEHIOHFNHWPLW\Uē EOţGWŰXQGHUE\GHPWRUUHQW&\ŰRQbDOVDXFKGRŰHOEHWŰWHHWJHŰFKULHEHQb 9IIGLŰHPEHUJKDWWGHUKH\OÖJRUGGHUEUţGHUYQŰHUOÖHEHQIUDXZHQ YRQGHPEHUJ&DUPHORJHQDQWH\QDQIDQJJHKDEWbY?QDFK\‰Z\ŰXQJ GHUKLŰWRULHQGLHGRŰDJHWYRQGHPYUŰSUXQJ\UHVRUGHQVŰ\QJDUJUR‰ YQGOREOÖFKHGLQJJHŰFKHKHQYIIGLŰHPEHUJbYQGKDEHQYLOJH\ŰWOÖFKSHU ŰRQSURSKHWHQYQGN\QGHUGHUSURSKHWHQQDFKKHO\DYQGKHOÖ]HRJHZR  QHWYIIGLŰHPEHUJE։]ţGHU]\WGHUPHQŰFKZHUGşJFULŰWLLKHŰXYQGGDU QDFKYRQDQEHJQHGH‰FULŰWHQOÖFKHQJODXEHVODQJ]\WYQGHUGēNOH\G GH‰REJHQDQWHQRUGHVb0DQY\QGHWDXFKJHŰFKULHEHQQGHUŰHOEHQKL  ŰWRULHQGD]GÖHMXQJIUDXZHPDULDQRFKOHEHQGHRIIWKDEGLHŰHOEHQJHLŰW OÖFKHQSHUŰRQHQGRKH\PHQJHŰţFKHWZHOFKHUDXFKŰÖHKHUQDFKH\QOREOÖFK JRWVKX‰GREXZHWHQb'RFKYPENXUW]ZHJHQYQGŰRH‰DXFKYRQ\QHQ ED‰YQGYRONRPPHQQHULŰWEHŰFKULHEHQOD‰LFK\W]DQŰWDQbGRPLWŰ\JH  QXQJJHŰDJHWYRQGHQEHUJHQMŰUDKHOb  ,QGDVDQGHUWH\OG։HVHUŰWHQIXUQHPOÖFKHQWH\OHV]ţŰFKULEHQYRQ Ű\WWHQJHZRQKH\WHQY?\UWşPHQGHUUHQGLH\PKH\OÖJHQODQGHZRQHQ H\QNOH\QYRUUHGHYDKHWDQb   $FKGHPYQG\PYRUGHUQWH\OGLŰHUIDUWRGHUUH\‰JHQ-KH   UXŰDOHPYEHUPHUGLHŰWHWWEH]H\FKQHWŰ\QPLWWIÖJXUHQYQQG  ŰFKULIIWHQb6WHWY‰QDFK]\POLFKHURUGHQşJYQGYHUKHLŰŰXQJ  \PDQIDQJHbGLŰHVEţFKVJHWKDQGHU\QQZRQHUŰROOÖFKHUEH  ŰFKULEHQHUŰWHWWHQbJHŰDW]HQbJHZRQKH\WHQbŰ\WWHQb\UWşPHQbY?YHUGĆPHW NHW]HU\QDFKGHPDOVYRQYQVGLHZ\OZÖU\QGHQODQGHQŰ\QJHZHŰHQ        



Y 



EHNHKUWKDW'DVZDU]XU=HLWGHV.|QLJV$KDELQGHUHLQHJUR‰H7HXH UXQJLP9RONKHUUVFKWH'HU.|QLJ$KDEZDUGHU0HLQXQJ(OLDVVHLGH UHQ8UVDFKHXQGVDJWH]XLKP'XELVWGHUGHU,VUDHOLQV9HUGHUEHQVWU]W +LHUDXIDQWZRUWHWH(OLDV,FKVDJWHHUKDEH,VUDHOQLFKWEHWUEWVRQGHUQ GXXQGGDV*HVFKOHFKWGHLQHV9DWHUVLKUKDEWGLH*HERWH*RWWHVEHUWUH WHQXQGVHLGGHQ*|W]HQGHQ%DDOHQQDFKJHODXIHQ$EHUVHQGHGHLQH%R WHQ DXV XQG YHUVDPPOH GDV JDQ]H 9RON DXI GHP %HUJ .DUPHO XP PLFK XQG GD]X GLH 3URSKHWHQ XQG 3ULHVWHU GHV *|W]HQ %DDO YLHUKXQGHUWXQG IQI]LJ0lQQHUGHVJOHLFKHQYLHUKXQGHUW3URSKHWHQXQG3ULHVWHUGHUDQGH UHQ*|W]HQGLHDOOHYRP7LVFKGHLQHU(KHIUDX,VHEHOHVVHQ$OVGDVDOOHV JHVFKHKHQZDUHUZLUNWHGHU3URSKHW(OLDVGXUFKHLQJUR‰HV:XQGHUGDVV VLHDOOHHUNDQQWHQZLHVHKUVLHVLFKJHLUUWKDWWHQXQGHUEHNHKUWHVLHYRQ LKUHP,UUWXPVRZLHHVLPGULWWHQ%XFKGHU.|QLJHLP.DSLWHODXV IKUOLFKGDUJHVWHOOWLVW$X‰HUGHPW|WHWH(OLDV GLH3URSKHWHQXQG3ULH VWHUGHV*|W]HQ%DDO²GHUHQ=DKOLFKEHUHLWVJHQDQQWKDEHGRFKW|WHWHHU VLHQLFKWDXIGHP.DUPHOVHLQHU:UGHZHJHQGDPLWGLHVHUQLFKWPLWGH UHQ%OXWEHIOHFNWZHUGH9LHOPHKUW|WHWH(OLDVGLH3URSKHWHQGHV%DDOLP %DFK.LVFKRQZLHGLHVHOEH6FKULIWVWHOOHEHULFKWHW $XIGLHVHP%HUJKDWGHUKHLOLJH2UGHQGHU%UGHU8QVHUHUOLHEHQ)UDX YRP .DUPHO VHLQHQ $QIDQJ JHQRPPHQ 8QG ZLH GLH JHVFKLFKWOLFKHQ 4XHOOHQGLHYRQGHQ$QIlQJHQGHV2UGHQVEHULFKWHQVLQGJUR‰HKHUUOL FKH 'LQJH DXI GLHVHP %HUJ JHVFKHKHQ 8QG HV KDEHQ YLHOH JHLVWEHJDEWH 3HUVRQHQ3URSKHWHQXQG.LQGHUYRQ3URSKHWHQQDFK(OLDVXQG(OLVFKD DXIGLHVHP%HUJJHOHEWELV]XU=HLWGHU0HQVFKZHUGXQJ&KULVWL-HVXXQG GDQDFK YRP %HJLQQ GHV FKULVWOLFKHQ *ODXEHQV DQ ODQJH =HLW LP +DELW GHV JHQDQQWHQ 2UGHQV 0DQ ILQGHW LQ GLHVHQ JHVFKLFKWOLFKHQ 'DUVWHOOXQ JHQ DXFK JHVFKULHEHQ GDVV GLH -XQJIUDX 0DULD DOV VLH QRFK OHEWH GLHVH JHLVWOLFKHQ 3HUVRQHQ RIW EHVXFKW KDWXQG GDVV GLH LKUVSlWHU HLQ OREHQV ZHUWHV*RWWHVKDXVHUEDXWHQ'RFKXPGHU.U]HZLOOHQXQGZHLOHVYRQ LKQHQVHOEVWEHVVHUXQGYROOVWlQGLJHUEHVFKULHEHQLVWEUHFKHLFKMHW]WDE HVVHLQXQJHQXJEHULFKWHWYRQGHQ%HUJHQ,VUDHOV  ,P]ZHLWHQ7HLOGLHVHVHUVWHQ+DXSWWHLOVLVW]XVFKUHLEHQYRQGHQ6LWWHQ *HZRKQKHLWHQXQG,UUWPHUQGHUHUGLHLP+HLOLJHQ/DQGHZRKQHQ (LQHNOHLQH9RUUHGHPDFKWGHQ$QIDQJ  1DFKGHPLPHUVWHQ7HLOGHU-HUXVDOHP5HLVHEHUGDV0HHUGLH6WlWWHQLQ %LOGXQG7H[WGDUJHVWHOOWZRUGHQVLQGVWHKHQQXQ²JHPl‰GHP9HUVSUH FKHQGHU9RUUHGHGLHVHV%XFKHV²GLH(LQZRKQHUGHUEHVFKULHEHQHQ6WlW WHQ ]XU 'HEDWWH LKUH *HVHW]H *HZRKQKHLWHQ 6LWWHQ ,UUWPHU LKUH YHU GDPPWH.HW]HUHL'HQQQDFKGHPZLUHLQHJDQ]H=HLWODQJLQGHP/DQG YHUZHLOW         



U 

KRKHQYO։DQJHNHUHWbYQGŰQQGHUOLFKHUIRUŰFKXQJKDWWPRJHQHUIXQGHQ ZHUGHQb\W]XQGRIIHQEDUHQYQGPLWNXUW]HDQ]H\FKHQb=ţOREHYQGHUH YQŰHUHPH\QLJHQZDUHQFULŰWHQOÖFKHQJODXEHQYQGGHUKHLOÖJHQJHPH\  QHQ5PÖŰFKHQN\UFKHQbZHOFKHRQPDFNHOYQGUXQW]HOH\QŰFKRQHŰSRQ ŰDRGHUEUXWW\UHPŰSRQŰRFUÖŰWRGHPZDUHQEUXWNHPPHUJHWUXOÖFKHQEH O\EHWYHUH\QÖJHWbGHUŰÖFKŰHOEHUKDWWJHEHQ\QWRGWIXUŰÖHbGDPÖWHUŰÖHKHL OÖJHWYQGŰÖH\PPDFKHWHYQEHIOHFNWUH\QY?FODUb$EHU]ţŰFKDQGHYQG ODŰWHUGHQYQJOHXELJHQKRIIHUWÖJHQYQQGYHUŰWRSIIWHQŰDUUDFHQGÖHGH‰ IDOŰFKHQY?YHUIOXFKWHQPDFKRPHWLYQJRWWOÖFKYQG\WHOJHŰDW]DIDEHO QDFKXROJHQGHb$XFKDQGHUHUGLHŰLFKIHO‰OÖFKHQFULŰWHQYHUPH\QHQRGHU ZDUOÖFKHQŰFLŰPDWLFÖŰ\QPÖWGēPXQGHVÖFKYHULHKHQJRWWNHQQHQbZDQQ ŰÖHGRFKPLWZHUFNHQYHUOHXNHOHQbDEJHŰFKH\GHQY?Y‰JHŰXQGHUHWYŇGHU JHKRUŰDPHGHUKHLOLJHQ5PŰFKHQN\UFKHQIUHXHOÖFKHQQRFK\UKRIIDUWb YQGGHPQDFKDXFKYHUUYRQ\UHPKH\OJHZRUGHQbZDQQH\Q\HGHUGHU GRÖŰWY‰ZHQGLJGHUDUFKDQRHGDVLŰWGHUKHLOÖJēFUÖŰWēOÖFKHQNÖUFKHQbQRW ÖŰWYHUGHUEHb:\WYQGYHUURQ]Z\IHOLŰWYŇGHQŰXQGHUQGDVKH\ObZDQ ŰÖHGHQZLOOHQJRWWHVQLWUHFKWHUŰXFKHQbŰXQGHUGÖHOHUH\UHUNHW]HUPHLŰWHU GHUOXWHUYQGŰÖPSHOZDUKHLWGLHZÖUKDEHQY?KDOWHQbIXUKHEHQGHb(\Q YHUNHUHWJHŰFKOHFKWLŰWH‰Y?YQJHWUXZN\QGHUŰ\QŰÖHbH\QYROFNDQUDGW YQGIXUŰLFKWLNHLWbZOWHJRWWGD]ŰÖHPHUFNHWWHQYQGZROYHUQHPHQGDV GD]6DPXHOGHUSURSKHWGēYQJHKRUŰDPHQNRQLJŰDXOŰDJHWŰSUHFKHQGH :LOGDQJRWWGLHRSIIHUKDEHQYQGQLWHHGDQGD]PDQŰ\QHUŰW\PJH  KRUŰDPŰ\bDOVREHUŰSUHFKQH\QbZDQHUŰHOEHUŰSULFKHW\PHXĆJHOÖRbZHU GLHN\UFKQLWWKRUHW YHUPH\QHQGHRQ]Z\IHOGLHNÖUFKGLHHUYIIGLHYHO  ŰHQGH‰JODXEHVKDWWJHEXZHQYQGIXQGLHUHWbGDVÖŰWGÖH5PŰFKNÖUFK  GHUŰROOGLUŰ\QDOVH\QKH\GY?RIIHQŰXQGHUbZDQJURŰŰHULŰWJHKRUŰDPH GDQRSIIHUYQGJHKRUFKHQPHHÖŰWGDQRSIIHUHQIHLŰWLNH\WGHUEFNbZDQ Z\GHUŰWULWWHQGHQREHUHQÖŰWJOÖFKGHUŰXQGHGHU]DXEHUQX‰bY?QLWZRO  OHQYROJHQJOÖFKGHUŰXQGHGHUDEWJRWWHU\bŰ\QZRUWGH‰SURSKHWHQ6D PXHOÖVbIXUZDUJHKRUŰDPHDOVŰDQFWXV$XJXŰWLQXVŰSULFKWÖŰWDOOH\Q GLHWţJHQGHGLHGREHŰÖW]HWGDVYHUGÖHQHQGH‰JODXEHQVbRQZHOFKHWţJHQ GHH\Q\JOÖFKHUPHQŰFKYQJODXELJZXUWEH]XJHWREHUDXFKJODXELJ ZXUGHJHŰHKHQbGRFKGRYRQZXUWKLHQDFKZ\WHUJHUHGWb'L‰H\QLJZLO LFKK\Q]ţJHŰDW]WŰ\QYQGYRUJHPDQHWGHQOHŰHUGLŰHVGD]LFKPLU\W]]ţ PDOQÖWKDEIXUJHQŇPHQZ\GHUGLH\UWşPHQŰRLFKKLHZXUGHU]HOHQYLO GLŰSXWLHUHQZDQÖFKZROEHNHQQHGDVŰHOEYEHUPH\QNUDIIWZHŰHQDXFK LŰWGDVŰHOEYRUODQJHU]\WGXUFKYQŰHUYHWWHUYQGHOWHUQŰHUHKHLOÖJYQG JHOHUWOXWKPLWJURŰŰHPIO\‰YQGHUEH\WJHŰFKHKHQ\QYLOOJHQHUDORGHU JHPH\QFRQFLOÖHQRGHUŰHQGHQb\QZHOFKHQDXFKPDQLJIHOWLJYQGŰZHU ŰWDWXWDYQQGFHQŰXHUZ\GHUŰROOÖFK\UWKXPYQQG\UUHQGHQPHQŰFKHQ Ű\QJHRUGQHWYQQGJHPDFKHWZRUGHQb-ŰWDXFKZRONXXWYQQGZLŰŰHQ PHQJOÖFKGDVŰROOÖFKJHQHUDOFRQFLOÖHQYRQQGHU]\WWGH‰NH\ŰHUV       



U 



XQGJUR‰H$XIPHUNVDPNHLWGDUDXIYHUZHQGHWKDEHQEHVRQGHUVGLHVH'LQ JH ]X HUIRUVFKHQ VR ZROOHQ ZLU VLH MHW]W NQDSS XQG SUl]LVH YRUVWHOOHQ =XP/REXQG5XKPXQVHUHVHLQLJHQZDKUHQFKULVWOLFKHQ*ODXEHQVXQG GHUKHLOLJHQDOOJHPHLQHQ5|PLVFKHQ.LUFKHGLHRKQH0DNHOXQG5XQ]HO HLQHVFK|QH%UDXWLKUHP%UlXWLJDP&KULVWXVGHPZDKUHQ%UlXWLJDPJH WUHXOLFK]XU9HUHLQLJXQJHQWJHJHQJHKW'HUVLFKLKUVHOEHUJHJHEHQKDW LP7RGGDPLWVLHJHKHLOLJWZHUGHXQGVLHIULKQXQEHIOHFNWUHLQXQGYHU KHUUOLFKWZHUGH$EHUHVLVWHLQH6FKDQGHXQGHLQ=HLFKHQGHV/DVWHUVGHU XQJOlXELJHQKRIIlUWLJHQXQGYHUVWRFNWHQ6DUUD]HQHQGDVVVLHGHPXQJ|WW OLFKHQ XQG HLWOHQ *HVHW] MD GHP 0lUFKHQ GHV IDOVFKHQ XQG YHUIOXFKWHQ 0RKDPPHGQDFKODXIHQ$XFKDQGHUHGLHVLFKIHOVHQIHVWDOV&KULVWHQEH WUDFKWHQ XQG GDEHL YHULWDEOH 6FKLVPDWLNHU VLQG XQG PLW GHQ /LSSHQ EH NHQQHQVLHZUGHQ*RWWNHQQHQZlKUHQGVLHLKQGRFKPLWGHQ:HUNHQ YHUOHXJQHQVLQGDXVJHVFKLHGHQXQGDEJHVRQGHUWYRP*HKRUVDPGHUKHLOL JHQ 5|PLVFKHQ .LUFKH ² GDEHL IUHXHQ VLH VLFK QRFK EHU LKUHQ 6WRO] ² XQG GHP]XIROJH IHUQ YRP +HLOVJHVFKHKHQ 'HQQ MHGHU GHU GLH $UFKH 1RDK GDV LVW GLH KHLOLJH FKULVWOLFKH .LUFKH YHUOlVVW LVW GHP 9HUGHUEHQ DXVJHOLHIHUW *DQ] RKQH =ZHLIHO LVW GDV +HLO ZHLW HQWIHUQW YRQ GHQ 6Q GHUQGLHGHQ:LOOHQ*RWWHVQLFKWUHFKWEHIROJHQVRQGHUQGLH/HKUHLKUHU .HW]HUPHLVWHUGHUODXWHUHQXQGXQJHWHLOWHQ:DKUKHLWGLHZLUKDEHQYRU ]LHKHQ(LQVW|UULVFKHV*HVFKOHFKWLVWGLHVXQJHWUHXH.LQGHUVLQGVLHHLQ XQJHWUHXHV9RON JHJHQEHU JXWHP 5DW XQG %HVRQQHQKHLW :ROOWH *RWW GDVVVLHDXIKRUFKWHQXQGYHUQlKPHQZDVGHU3URSKHW6DPXHOGHPXQJH KRUVDPHQ.|QLJ6DXOJHVDJWKDW+DWGHQQ*RWW*HIDOOHQDQ2SIHUQXQG QLFKWHKHUDP*HKRUVDPJHJHQEHUVHLQHQ:HLVXQJHQ"$OVJHEHHUGLH $QWZRUW ÄQHLQ· VR VSULFKW HU LP (YDQJHOLXP :HU QLFKW DXI GLH .LUFKH K|UW ]ZHLIHOORVPHLQWHUGDPLWGLH.LUFKHGLHHUDXIGHQ)HOVHQGHV*ODX EHQVJHEDXWXQGGRUWLKU)XQGDPHQWJHOHJWKDWGDVLVWGLH5|PLVFKH.LU FKH GHUVROOGLUHLQ+HLGHVHLQXQGHLQRIIHQHU6QGHU'HQQJU|‰HULVW GHU *HKRUVDP DOV GDV 2SIHU XQG *HKRUFKHQ LVW PHKU >ZHUW@ DOV IHWWH %|FNH ]X RSIHUQ 'HQQ 7URW] JHJHQEHU GHQ 2EHUHQ LVW ZLH GLH 6QGH GHU=DXEHUHL XQG8QJHKRUVDPLVWGHU6QGHGHV*|W]HQGLHQVWHVJOHLFK 'DVDOOHVVLQG:RUWHGHV3URSKHWHQ6DPXHO*HKRUVDPVDJWGHUKO$X JXVWLQXV LVWZDKUOLFK HLQH 7XJHQG GLH QXU GHU EHVLW]W GHU GHQ *ODXEHQ KDW2KQHGLHVH7XJHQGZUGHMHGHU0HQVFKXQJOlXELJDXFKZHQQHVGHQ $QVFKHLQKDWDOVVHLHUJOlXELJ²GRFKGDYRQXQWHQPHKU,FKP|FKWHKLHU QXU QRFK KLQ]XVHW]HQ XQG GHP /HVHU HLQVFKUlQNHQG PLWWHLOHQ GDVV LFK PLU QLFKW YRUJHQRPPHQ KDEH JHJHQ GLH YRQ PLU GDUJHVWHOOWHQ ,UUWPHU YLHO ]X GLVSXWLHUHQ LFK JHVWHKH JHUQH GDVV GDV EHU PHLQH .UDIW JHKW $XFK VLQGYRU ODQJHU=HLWYRQ XQVHUHQ 9lWHUQ XQG(OWHUQ VHKU KHLOLJHQ XQGJHOHKUWHQ/HXWHQPLWJUR‰HU$QVWUHQJXQJXQG0KHLQYLHOHQ9HU VDPPOXQJHQ RGHU DOOJHPHLQHQ .RQ]LOLHQ RGHU 6HQGVFKUHLEHQ ]DKOUHLFKH XQG EHGHXWHQGH /HKUVlW]H DXIJHVWHOOW XQG =HQVXUHQ JHJHQ ,UUWPHU XQG JHJHQ LUUHQGH 0HQVFKHQ IRUPXOLHUW ZRUGHQ (V LVW ZRKO DXFK EHNDQQW GDVVVROFKH*HQHUDONRQ]LOLHQ]XPHUVWHQ0DOLQGHU=HLWGHV.DLVHUV      



Y 

&RQŰWĆWLQLKDEHQDQJHIDQJHQOREOÖFKJHKDOWHQ]ţZHUGHQbZDQ\QYRU JHQGHQDUHQYPEZHJHQŰZHUHUYHUXROJXQJŰRGÖHW\UĆQHQGÖHFUÖŰWHQ KH\WYHUXROJHWWHQPRFKWHQGÖHKHLOÖJHQEÖŰFKRIIYQGSUÖHŰWHUGDVFUÖŰWHQ OÖFKYROFNQÖWDOŰRRIIHQWOÖFKHQYQGHUZ\ŰHQYQQGOHUHQDOVQXZGHU]\W GHPQDFKYLO\UWXPYQGNHW]HU\HUZXFKVY?YIIHUŰWXQGYQGHUGHQFUL  ŰWHQPHQŰFKHQYQGZDUGQLWWJQGHWGHQKH\OÖJHQELŰFKRIIHQ]ţŰDPHQ ]ţNRPPHQŰROOÖFK\UWXPPH]ţYHUGDPPHQRGHU]ţYHUGLOJHQE\‰]ţ GHU]\WGH‰REJHQĆWHQDOOHUFUÖŰWHQOÖFKŰWHQNH\ŰHUVbGXUFKZHOFKHVJşQŰW YQGHUODXEGÖHKH\OÖJHQYHWWHULQGHPFRQFLOÖR1ÖFHQRY‰DOOHUFULŰWHQ KHLWYHUŰDPHOHWQDFKGHQKH\OÖJHQHXĆJHOÖHQYQGJODXEHQGHUDSRŰWHOQ GDVDQGHUŰ\PEROXPQDFKGHPHUŰWHQGXUFKG\H]ZOIIERWHQJHPDFKHW PÖWQRWWţUIIWLJHQ]ţŰDW]YQGHUOXWHUXQJKDEHQGHUJHPH\QHQN\UFKHQ JHRUGQHWb9QGÖŰWGDVŰHOEFRQFÖOÖXPQLFHQXP GDVÖŰW\QGHUŰWDW1L FHDJHKDOWHQ H\QHVYRQGHQYÖUHQGLHGLHNLUFKY‰JHQŇPHQKDWWYQG ZLOJHKDOWHQZHUGHQYRQ\UHQN\QGHUHQDOVGÖHYÖHUHXDQJHOÖHQb9QG ZDUGGDVŰHOEFRQFLOÖXPYQGHUGHPREEHŰWXPWHQNH\ŰHU&RQŰWDQWLQR MDY‰Ű\QHPJHKHL‰YRQGU\KXQGHUWYQGDFKW]HKHQE\ŰFKRIIHQWDSIIHU  OÖFKHQJHKDOWHQbGDU\QGLHOHŰWHUOÖFKHNHW]HU\GH‰YHUIOXFKWHQNHW]HUV$U ULMYHUGDPPHWGLHH\QYQJOÖFKHÖWGHUJRWOÖFKHQSHUŰRQHQ\QQGHUKHLOÖ  JHQGU\XHOWLNHLWIHOŰFKOÖFKHQYHUÖDKHb'DVDQGHUFRQFLOÖXPYQGHUGHP FULŰWHQOÖFKHQNH\ŰHU7KHRGRŰÖRGHPHOWHUQ]ţ&ŇŰWDQWLQRSROYQGHUYHU ŰDPPHOXQJDQGHUWKDOEKXQGHUWKHLOÖJHUELŰFKRIIYQGYHWWHUJHKDOWHQb YHUGĆPHWGHQNHW]HU0DFHGRQLşGHUGHQKHÖOÖJHQJH\ŰWŰ\QOHXJNOHWPLW ŰDPSWDOOHQŰ\QHQQDFKXROJHUQb'DVGUÖWW]ţ(SKHŰRYRQ]ZH\KşGHUW KHLOÖJHQELŰFKRIIHQYQGHUGHPNH\ŰHU7KHRGRŰÖRGHPMXQJHUQFHOHEULHUW YHUGDPPHW1HŰWRULşGHU]ZţSHUŰRQ\QFULŰWRMKHŰXJODXEHWYQGKÖOWH DXFKPLWŰDPSWŰ\QHPDQKDQJb'DVYLHUGH\QGHUŰWDWW&DOFHGRQHYŇ ŰHFK‰KXQGHUWHQY?GU\ŰŰÖJYHWWHUQYQGHUGHPNH\ŰHU0DUFÖDQRJHKDEW YHUGDPPHWGHQNHW]HU(XWLFHQYQGGLRŰFRUşGLHGRK\OWHQY?YHULDKHQ GD]H\QQDWXUJRWWHVYQGGHUPHQŰFKH\WÖQFULŰWRZHUHb9QGQLWDO  OH\Q\QGLŰHQYLHUHQFŇFLOÖHQbŰXQGHUDXFK\QYÖODQGHUQQDFKXROJHQGH DQYLODQGHUQHQGHQJHKDOWHQbLŰWQLWDOOH\QZ\GHUŰROOÖFKNHW]HUPHLŰWHU YQQGNHW]HU\ŰFKDUSIIGLŰSXWÖUHWZRUGHQbŰXQGHUDXFKŰWUHQJHYQQGHU  ŰFKUFNOÖFKŰHQWHQW]YQGEDQGŰ\QZ\GHUŰ\HY‰JDQJHQb'HPQDFKŰR ŰROOÖFKVYRUK\Q\QŰROOÖFKHUPD‰JHŰFKHKHQLŰWbLŰWP\QPH\QşJY?JH  PţWDOOH\QGÖH\UWşPHQbZ\‰HQYQGKDOWXQJHQŰRLFK\QGLŰHQODQGHQ KDEHUIXQGHQYQGHUIRUŰFKHWbKÖHZDUOÖFKHQYQQGOXWHUOÖFKHQQDFKGHP NXUW]ŰWēHU]HOHQDOVGDQQPĆFKHUOH\ŰHFWY?QDFLRQÖQGLŰHQODQGēŰ\QbY? GL‰DOOHVGDUYPEGD]ŰRŰROOÖFKVHUNDQWZXUGHGLHKHUW]HQGHUFUÖŰWJODX  ELJHQIUŰWHQYQGKHUUHQbDXFKDQGHUDQGHFKWÖJHQPHQŰFKHQGHŰWHUPHH YQGPHHEHZHJHWbJHŰWHUFNHWYQGDQHQW]QGHWPFKWHQZHUGHQZ\GHU GLHŰFKQRGHQ\QZRQHUMDEHIOHFNHUGHUŰHOEÖJHQKHLOÖJHQODQGHQbDOŰRGD]       



Y 



.RQVWDQWLQHLQEHUXIHQZRUGHQVLQGXQGVHLWGHPLQOREHQVZHUWHU:HLVHDOV YHUELQGOLFK JDOWHQ 'HQQ LQ GHQ -DKUHQ ]XYRU PRFKWHQ GLH KHLOLJHQ %L VFK|IHXQG3ULHVWHUZHJHQGHUVFKZHUHQ9HUIROJXQJHQPLWGHQHQGLH7\ UDQQHQ GLH&KULVWHQKHLW YHUIROJWHQ GDV&KULVWHQYRON QLFKW |IIHQWOLFK XQ WHUZHLVHQXQGOHKUHQ'RFKQDFKGHPVLFKYLHOH,UUWPHUXQG.HW]HUHLHQ LQGHU&KULVWHQKHLWHQWZLFNHOWKDWWHQZDUHVGHQKHLOLJHQ%LVFK|IHQQLFKW YHUJ|QQW ]XVDPPHQ]XNRPPHQ XP VROFKH ,UUWPHU ]X YHUXUWHLOHQ RGHU DXVGHU:HOW]XVFKDIIHQ'LHVJHVFKDKELV]XGHU=HLWGHVEHVDJWHQFKULVW OLFKVWHQ DOOHU .DLVHU LQIROJH VHLQHU *XQVW XQG (UODXEQLV YHUVDPPHOWHQ VLFKGLHKHLOLJHQ9lWHUDXVGHUJDQ]HQ&KULVWHQKHLWLP.RQ]LOYRQ1L]lD XQGYHUIDVVWHQQDFKGHQKHLOLJHQ(YDQJHOLHQXQGQDFKGHPHUVWHQ>*ODX EHQVEHNHQQWQLV@GDVGLH$SRVWHOPLWQRWGUIWLJHQ=XVlW]HQXQG(UOlXWH UXQJHQYHUVHKHQKDEHQGDV]ZHLWH*ODXEHQVEHNHQQWQLVGHUNDWKROLVFKHQ .LUFKH'DVQL]lDQLVFKH.RQ]LO EHQDQQWQDFKGHP.RQ]LOVRUW1L]lD ,] QLN LVWHLQHVGHUYLHU.RQ]LOLHQGDVGLH.LUFKHH[SRQLHUWKDWXQGVLHZLOO GDVVLKUH%HVFKOVVHYRQLKUHQ.LQGHUQHLQJHKDOWHQZHUGHQDOVKDQGHOHHV VLFKXPGLHYLHU(YDQJHOLHQ'DVEHVDJWH.RQ]LOZXUGHDXI*HKHL‰GHVJH QDQQWHQ.DLVHUV.RQVWDQWLQYRQGUHLKXQGHUWDFKW]HKQ%LVFK|IHQNUDIWYROO DEJHKDOWHQ (V ZXUGH GLH OlVWHUOLFKH .HW]HUHL GHV YHUIOXFKWHQ .HW]HUHV $ULXVYHUGDPPWGLHIlOVFKOLFKGLH8QJOHLFKKHLWGHUJ|WWOLFKHQ3HUVRQHQ LQ GHU KHLOLJHQ 'UHLIDOWLJNHLW EHKDXSWHW 'DV ]ZHLWH .RQ]LO XQWHU GHP FKULVWOLFKHQ.DLVHU7KHRGRVLXVGHVbOWHUHQZXUGH]X.RQVWDQWLQRSHO XQWHU%HWHLOLJXQJYRQKXQGHUWIQI]LJKHLOLJHQ%LVFK|IHQXQG9lWHUQDEJH KDOWHQ'RUWZXUGHGHU.HW]HU0DFHGRQLXVPLWDOOVHLQHQ3DUWHLJlQJHUQ YHUGDPPW GLH GHQ +HLOLJHQ *HLVW OHXJQHQ 'DV GULWWH .RQ]LO ]X (SKH VRVZXUGHYRQ]ZHLKXQGHUWKHLOLJHQ%LVFK|IHQXQWHUGHP.DLVHU7KHR GRVLXVGHP-QJHUHQIHLHUOLFKDEJHKDOWHQHVYHUGDPPWH1HVWRULXVPLW VHLQHP$QKDQJGHUJODXEWHGDVV]ZHL3HUVRQHQLQ&KULVWR-HVXH[LVWLHU WHQ 'DV YLHUWH .RQ]LO LQ GHU 6WDGW &KDOFHGRQ ZXUGH YRQ VHFKVKXQ GHUWGUHL‰LJ 9lWHUQ XQWHU GHP .DLVHU 0DUNLDQ DEJHKDOWHQ (V YHU GDPPWH GLH .HW]HU (XW\FKHV XQG 'LRVFRUXV GLH HLQH 1DWXU ² GLH J|WWOLFKHXQGGLHPHQVFKOLFKH²LQ&KULVWREHKDXSWHWHQ$EHUQLFKWDOOHLQ LQ GLHVHQ YLHU .RQ]LOLHQ VRQGHUQ DXFK LQ YLHOHQ IROJHQGHQ =XVDPPHQ NQIWHQDQYLHOHQDQGHUHQ2UWHQLVWQLFKWQXUJHJHQVROFKH.HW]HUPHLVWHU XQG.HW]HUHLHQVFKDUIGLVSXWLHUWZRUGHQVRQGHUQDXFKVWUHQJHDQJVWHLQ IO|‰HQGH6HQWHQ]HQXQG%DQQIOFKHVLQGJHJHQVLHYRQGRUWDXVJHJDQJHQ :HLOVLFKGDVZLHEHVFKULHEHQLQGHU9HUJDQJHQKHLWHUHLJQHWKDWGHVKDOE VWHKWPLU>MHW]W@LQHUVWHU/LQLHGHU6LQQGDQDFKDOOGLH,UUWPHUGLH:LH VHQXQG+DOWXQJHQLQDOOHU.U]HZDKUKHLWVJHWUHXXQGYHUVWlQGOLFKGDU]X VWHOOHQGLHLFKLQGLHVHQ/lQGHUQYRUJHIXQGHQXQGHUIRUVFKWKDEH'HQQ HVJLEWVRPDQFKHUOHL6HNWHQXQG1DWLRQHQLQGLHVHQ/lQGHUQ,FKEHDE VLFKWLJHPLWGLHVHU(UNHQQWQLVYHUPLWWOXQJGLH+HU]HQFKULVWJOlXELJHU)U VWHQ XQG +HUUHQ XQG DXFK GLH DQGHUHU IURPPHU 0HQVFKHQ LPPHU PHKU GDKLQJHKHQG]XEHZHJHQGDVVVLHJHVWlUNWZHUGHQXQGJHJHQGLHVFKQ| GHQ(LQZRKQHUMD%HIOHFNHUGHV+O/DQGHVHQWIODPPHQ'HQQHVP|JH    



U 

REYPPHUGXUFKJRWWHVZLOOHQYQGJHŰFKLFNRGHURUGHQşJGHUKH\OÖJHQ N\UFKHQIXJY?EHTXHPOÖNH\WŰÖFKZXUGHJHEHQZ\GHUGLHŰHOEHQYQJOHX ELJHQ]ţ]\HKHQbGDVGDQQGLHZDUHQFULŰWHQOÖFKHVJODXEHQVOÖHEKDEHU GHŰWHUŰFKQHOOHUbZLOOÖJHUbYQG\QEUXQŰWLJHUZUGHQJHIXQGHQYPEFUL  ŰWRYQGŰFKPDFKŰR\PYRQGHQŰHOEHQHUERWHQYQGEHZ\ŰHQZXUGWUDFK ]ţŰţFKHQXQG]ţQHPHQDXFKYPEGH‰JODXEHQVYQGUH\QLJşJGHUKHL OÖJHQODQGZLOOHQbMUŰHOHQ]ţŰHW]HQMDH\QHUOÖFKHQY?KHLOÖJHQWRGWGDU YPE]ţO\GHQb\QPD‰YQGZ\‰DOVYRU]\WHQGLHŰWUHQJHQY?ŰWDUFNHQ JRWWHVYQQGGÖŰHUODQGOÖHEKDEHU0DFKDEHLKDEHQJHWKDQULWWHUOLÖFKHQ ŰWULWWHQGHZ\GHUGLHYQJOHXELJHQGLHGLŰHODQGOH\GLJWHQGHUUHQJHGH  FKWQX‰\QHZLJHPOREÖŰWb 'D]DEHULFKRUGHQOÖFKHQIXUYDUH\QG\ŰHUPDWHU\LŰWP\QPH\QşJ ]ţDOOHUHUŰWYRQGHQŰDUUDFHQHQYQG\UHQJHŰDW]HQŰFKULEHQb'DUQDFK YRQDQGHUQŰHFWHQYQGQDFLRQHQŰDJHQbGRFKGDPLWGHUŰDUUDFHQHQ\U  WşPHQYQGYHUIOXFKWJHŰDW]ED‰RIIHQEDUZHUGHbEHGXQFNHWPÖFKQLWDE ZHJŰ\QYRQ\UHPYHUIţUHUYQGIDOŰFKHQSURSKHWHQPDFKRPHWRH\QZH QLJYRUK\QPHOGHQb9QG]XPHUŰWHQYRQŰ\QHPYUŰSUşJY?JHEXUWb =ţPDQGHUQYRQŰ\QēŰFKHQGWOÖFKHQYQGŰXQGWOÖFKHQOHEHQb=ţPGULW  WHQYRPDQIDQJYQG\QIţUXQJŰ\QHUYHUIOXFKWHQŰHFWY?JHŰDW]b&]ţP YLHUGHQYRQŰ\QHPHOHQGHQYQGYQŰHOÖJHQWRGWb&]ţPIXQIIWHQZHUGHQ \QH\QHUJHPH\QGLHDUWLFNHO\QŰ\QHPJHŰDW]$ONRUDQJHQDQWEHUţUHWb HU]HOHWQDFKH\QDQGHUbYQGGDUQDFKGDUZ\GHUQDFKGHPNXUW]ŰWHQH\Q \QUHGHJHIţUHWYQGGDVYPEGHUŰOHFKWHQOH\HQZLOOHQIXUGLHDXFKGÖŰHV EţFKO\QPRFKWHNŇPHQbGRPLWŰÖHŰROOÖFKDUWLFNHO\QGHP0DFKRPHWÖ  ŰFKHPJHŰDW]HEHJUÖIIHQQLWJUR‰DFKWHQbŰXQGHUDOVDXFKGLHZDUKH\WLŰW NH\QJUXQGKDEHQGHb 9RQYUŰSUXQJYQGJHEXUW0DFKRPHWL'DVHUŰWHFDSLWHO  ţGHU]\WWDOV%RQLIDFLXVGHUEDEŰWGHUYLHUGHGHVQĆPHQV  GHU5PŰFKHQN\UFKHQIXUZDVbYQGIRFDVH\QNH\ŰHUDOŰRJH  QDQWGDVNH\ŰHUWKXPUHJLHUHWbZHOFKHQHPOÖFKDQYLHQJ]ţ  UHJQLHUHQ\PŰHFK‰KXQGHUŰWHQMDUQDFKFULŰWJHEXUWDOVGLH KLŰWRULHY‰Z\ŰHQ YPEZHOFKH]\WWDXFKGHUNRQLJGH‰ODQGHVSHUŰÖGH &RŰWURHJHQDQWJDUŰFKZHUNUÖHJZ\GHUGLHFULŰWHQOÖFKHN\UFKIţUHWbYQG PLWQDPHQ]ţ-KHUXŰDOHPY?\QGHQKHLOÖJHQODQGHQGDUYPEJURŰŰHQ ŰFKDGHQWKHWWGLHNÖUFKHQ]HUŰWUHQGHbYQGDQGHUKHLOÖJŰWHWWYHUZţŰWHQGH YQGYQGHUDQGHUQGLQJHQGLHHUUDXEHWbIXUHWHUPLW\PK\QZHJGDV WH\OGH‰KHLOÖJHQFUXW]HVGD]ŰDQFWD+HOHQD]ţ-KHUXŰDOHPKHWWHYHU  ODŰŰHQ YPEGLHŰHOEHQ]\WWŰSULFKLFKZDUGJHERUHQGDVYHUORUHQN\QGW 0DFKRPHWDOVPDQGDQ]HOHWYRQFULŰWJHEXUWŰH‰KXQGHUWYQGŰH‰MDUb 1HPOÖFKYIIGHQb[[ÖLMbWDJGH‰PRQDGV$SULOÖVbGDYRQGDQY?DOOHP Ű\QHPOHEHQH\QEţFKO\QŰDJHWGD]PDQJ\ŰŰHWGHPPHUIXUZDUKDIIWLJ YQGJODXEOÖFKKHOWbY‰ZHOFKHPYLOGHUGLQJKLHQDFKYROJHQGHJHW]RJē       



U 



²REGXUFK*RWWHV:LOOHQXQG6FKLFNXQJRGHUDXI$QRUGQXQJGHU+HLOL JHQ.LUFKH²VLFKHUJHEHQGDVVVLHJHJHQGLH8QJOlXELJHQ]X)HOGH]LH KHQ$XIGLHVH:HLVHP|JHQGLH/LHEKDEHUGHVZDKUHQFKULVWOLFKHQ*ODX EHQVVLFKVFKQHOOHUZLOOLJHUXQGLQEUQVWLJHUDXIGLH6XFKHPDFKHQZLHDQ GHQHQGLH&KULVWXVPLW6FKPDFKEHUKlXIWKDEHQ5DFKH]XEHQVHL6LH P|JHQDXFKXPGHV*ODXEHQVXQGXPGHU5HLQLJXQJGHV+HLOLJHQ/DQGHV ZLOOHQLKUH6HHOHQHLQVHW]HQMDEHUHLWVHLQIUGLHVH6DFKHHLQHQHKUHQKDI WHQXQGKHLOLJHQ7RG]XHUOHLGHQ²HEHQVRZLHHVLQIUKHUHQ=HLWHQGLH 0DNNDElHUGLHJHVWUHQJHQXQGVWDUNHQ/LHEHQGHQ*RWWHVXQG/LHEHQGHQ LKUHV /DQGHV JHWDQ KDEHQ LQGHP VLH JHJHQ GLH 8QJOlXELJHQ GLH GLHVHV /DQGEHOHLGLJWHQULWWHUOLFKNlPSIWHQ'DV*HGlFKWQLVDQVLHVHLJHOREWLQ (ZLJNHLW 'DPLWLFKLQGLHVHU0DWHULHDEHURUGHQWOLFKIRUWIDKUHP|FKWHLFK]XDO OHUHUVW YRQ GHQ 6DUUD]HQHQ XQG LKUHQ *HVHW]HQ VFKUHLEHQ DQVFKOLH‰HQG YRQ DQGHUHQ 6HNWHQ XQG 1DWLRQHQ 'RFK GDPLW GLH ,UUWPHU XQG YHU IOXFKWHQ *HVHW]H GHU 6DUUD]HQHQ GHXWOLFKHU ZHUGHQ VFKHLQW HV PLU QLFKW DEZHJLJ]XVHLQ]XYRUHLQZHQLJYRQLKUHP9HUIKUHUXQGIDOVFKHQ3UR SKHWHQ0RKDPPHG]XEHULFKWHQ=XHUVWYRQVHLQHU+HUNXQIWXQGVHLQHU *HEXUW]ZHLWHQVYRQVHLQHPVFKlQGOLFKHQXQGVQGLJHQ/HEHQGULWWHQV YRP%HJLQQXQGYRQGHU(LQIKUXQJVHLQHUYHUIOXFKWHQ6HNWHXQGLKUHP *HVHW]YLHUWHQVYRQVHLQHPHOHQGHQXQGXQVHOLJHQ7RGIQIWHQVZHUGHQ LQ HLQHU *HVDPWVFKDX GLH *ODXEHQVDUWLNHO LQ VHLQHP *HVHW]HVZHUN .RUDQ JHVWUHLIW XQG QDFKHLQDQGHU DXIJH]lKOW XQG GDQDFK VROO DXFK ZLHGHU HLQ JDQ]NXU]HU([NXUVHLQJHVFKREHQZHUGHQ'LHVHU$UWLNHOVROOGLHXQJHELO GHWHQ/DLHQIUGLHGLHVHV%FKOHLQDXFKJHPDFKWLVWGD]XEULQJHQGDVV VLH GDV PRKDPPHGDQLVFKH *HVHW]YHUVWHKHQ ² HV MHGRFK QLFKW KRFKDFK WHQVRQGHUQVHKHQGDVVHVNHLQHQ*UXQGGDIUJLEWHVIUZDKU]XKDO WHQ 9RQGHQ$QIlQJHQ0RKDPPHGV'DVHUVWH.DSLWHO %RQLIDWLXV,9ZDU3DSVWGHU5|PLVFKHQ.LUFKHXQG.DLVHU3KRFDV UHJLHUWHGDV5HLFK²VHLQ.DLVHUWXPEHJDQQLP-DKUQDFK&KULVWL*H EXUW ZLH GLH *HVFKLFKWVVFKUHLEXQJ DXVZHLVW ,Q GLHVHU =HLW IKUWH &RV URH.|QLJGHV/DQGHV3HUVLHQHLQHQVFKZHUHQ.ULHJJHJHQGLHFKULVWOL FKH .LUFKH 1DPHQWOLFK LQ -HUXVDOHP XQG LP +HLOLJHQ /DQG ULFKWHWH HU JUR‰HQ6FKDGHQGDGXUFKDQGDVVHU.LUFKHQ]HUVW|UWHXQGDQGHUHKHLOLJH 6WlWWHQYHUZVWHWHXQGXQWHUGHQDQGHUHQ'LQJHQGLHHUUDXEWHVWDKOHU DXFKGDVKHLOLJH.UHX]GDVGLHKO+HOHQDLQ-HUXVDOHPJHODVVHQKDWWH ,Q GLHVHU=HLWVRP|FKWHLFKIRUWIDKUHQZXUGHGDVYHUORUHQH.LQG0RKDP PHG JHERUHQ JHQDXHU JHVDJW LP -DKU  DP  $SULO 'DYRQ XQG EHUKDXSWYRQVHLQHPJDQ]HQ/HEHQEHULFKWHWHLQ%FKOHLQGDVPDQMHQ VHLWVGHV0HHUHVIUZDKUKHLWVJHWUHXXQGIUJODXEKDIWKlOW'LHVHP%XFK KDEHLFKYLHOHGHUIROJHQGHQ(LQ]HOKHLWHQHQWQRPPHQ         



Y 

Ű\Qb-WHPGHUOHUHU9LQFHQFLXVEHOXDFHQVÖV\QŰ\QHPEţFKJHQDQWŰSH  FXOXPKÖŰWRULDOHŰFKULEHWJDUYÖOYRQGÖŰHQŰDFKHQbGDUY‰DXFKGLŰHKL  ŰWRULDGHVJURŰŰHUQWH\OHVLŰWJHQŇPHQYIIGÖŰHPH\QşJOXWHQGHb ‰ZDVH\QPDQ\QGHPODQG$UDELDGH‰QDPHQKLH‰$EGLPH  QHFKbYRPJHŰOHFKWHLQŰDUUDFHQRGHUED‰$JDUHQ ZDQGLHŰDU  UDFHQLH\JHQWOÖFKHQŰ\QDJDUHQLbDOVYRQ$JDU$EUDKDPVE\ ŰFKOHIIHU\QYQG\UHPŰXQ\ŰPDKHOKHUNŇPHQGHbGDUYPEŰÖHDXFK\ŰPD KHOÖWHZHUGHQJHKH\ŰŰHQbYQGQLWYRQ6DUDŰ\QHUHHOÖFKHQKX‰IUDXZHQ HUERUHQYRQGHUŰÖHŰÖFKGRFKŰDUUDFHQRVY‰KRFKPţWQHQQHQ ZHOFKHU $EGLPHQHFKHLQKX‰IUDXZHŰ\QHVJHŰFKOHFKWVYQGJODXEHVQDPHbYRQ ZHOFKHUHUHLQN\QGYEHUNDPHPÖWQĆPHQPDFKRPHWJHKHLŰŰHQbZHOFKHU QĆPHDOVYLOEHGţWHWY‰JHOHJHWDOVH\QHUGHUŰFKDQGRGHUODŰWHUPDFKHW GDVZRODQ\PZDUHLŰWZRUGHQDOVY‰Ű\QHPOHEHQOÖFKWOÖFKPDJJH  PHUFNHWZHUGHQb'HQREEHŰWXPSWHQWDJGHUJHEXUW0DFKRPHWLKDOWHQ GLHŰDUUDFHQLJDUOREOÖFKbY?I\HUHQbYÖMbJDQW]HUWDJQDFKH\QDQGHUQLW DQGHUVWKţQGDQHŰŰHQY?WULQFNHQbY?DQGHUIOHLŰFKOÖFKŰXQGHY?ZHUFN YHUEULQJHQGHb)XUED‰0DFKRPHWDOŰRHUERUHQZDUGYQODQJGDU QDFKH\QZH\‰EHGHYDWWHUY?PţWHUEHUDXEHWbGHPQDFKŰ\QHVYDWWHUV EUţGHU$EGHPXWDOODJHQDQWQDP\QHQ]ţ\PLQŰ\QŰRUJHYQGYHUŰH  KXQJbY?HU]RJ\QHQLQGHPODQG$UDELDLQGHUŰWDWWGLH6DOÖJXDKHÖŰ  ŰHWbGRHUDXFKGLHDEWJRWWHUDQEHWWHWDOVDQGHU$UDEHVb'RHUDEHUH\Q MXQJOÖQJZDUGYQG]ţŰ\QHQWDJHQNDPHbG\HQHWHUHLQHUHGHOHQYQQG ULFKHQZ\WKZHKHQ&DGHJDQJHQDQWbPÖW\UHQNHPPHOWK\UHQY?HŰHOHQ \Q6\ULDPY?DQGHUDQŰWRŰŰHQGHODQGHIDUHQGHPLWNDXIIPDQVJţWWb Y?\UHŰRZROGLHQHQGHGD]HUŰÖHPLWŰROOÖFKHPGLHQŰWY?NOţJKHLWEHWUR  JHQYEHUNRPH]ţH\QHUKX‰IUDXZHQbGRFKO\ŰHWPDQDXFKGD]HUYŇLţ  JHWH\QNDXIIPDQŰ\JHZHŰHQY?RIIWYQGGLFNPLWMţGHQY?FULŰWHQJH  ZDQGHOHWbYLOYRQGHPDOWHQY?QXZHQWHŰWDPHQWYRQ\QHQKDEHJHOHU QHWbYQGGDU]ţHLQJURŰŰHU]DXEHUHUŰ\JHZHŰHQbY?DOVHUGDVODQGH&RU UR]D\QDQŰHUHEUXFKHWGRGÖHREJHQDQWIUDXZ&DGHJDKHUŰFKHWYQG\UH PDQFKHUOH\NRŰWOÖFKŰSHW]HUH\]ţEUDFKWHbZDUG\PGLHŰHOEHIUDXZYRQQ WDJ]ţWDJPHHY?PHHKROGWbGDU]ţEUXFKHWHUDXFKŰ\Q]DXEHU\YQQG NXQŰWGRPLWŰÖHHUDOŰREHŰWULFNHWbGD]ŰLH\QZDUGKDOWHQIXUH\QERWWHQ JRWVYQGREHUŰWHQSURSKHWHQbYQGDOŰR]ţ\UHPHHOÖFKHQPDQQHPPHQ GHPŰÖHDOO\UODQGY?JţWJDEHbGRYRQŰFKULEHWPDFKRPHWŰHOEHU\QŰ\ QHP$ONRUDQ GD]LŰWGDVEţFKŰ\QHVJHŰDW]HV GDVJRWWDOŰRKDEJH  ŰSURFKHQ]ţ\Pb'XELŰWJHZHŰHQHÖQZH\‰Y?GRFKHU]RJHQZRUGHQbGX ELŰWJHZHŰHQ\Q\UWXPPHYQGGRFKGDUY‰JHŰXQGHUHWbGXELŰWJHZHŰHQ DUPYQGGRFKULFKZRUGHQb   9RQGHPŰFKHQGWOÖFKHQYQGŰXQGWOÖFKHQOHEHQ   0DFKRPHWL 'DVDQGHUFDSLWHOb        



Y 



'HU/HKUHU9LQ]HQ]YRQ%HDXYDLVVFKUHLEWLQVHLQHP%XFK6SHFXOXPKLVWR ULDOHYLHOYRQGLHVHQ'LQJHQXQGGDUDXVVWDPPWDXFKHLQJUR‰HU7HLOGHU $QVLFKWHQGLHQXQIROJHQ (VOHEWHHLQ0DQQQDPHQV$EGLPHQHFKLP/DQG$UDELHQ(UVWDPPWH DXV GHP *HVFKOHFKW GHU 6DUUD]HQHQ RGHU +DJDUHQ GHQQ HLJHQWOLFK VLQG GLH6DUUD]HQHQ+DJDUHQ'HQQVLHVWDPPHQYRQ+DJDUDEGHU%HLVFKOlIH ULQ$EUDKDPVXQGLKUHP6RKQ,VPDHO'HVKDOEZHUGHQVLHDXFK,VPDHOL WHQJHQDQQW'LH6DUUD]HQHQVWDPPHQMHGHQIDOOVQLFKWYRQ6DUDDEGHU (KHIUDX $EUDKDPV REZRKO VLH VLFK DXV +RFKPXW 6DUUD]HQHQ QHQQHQ  'LHVHU $EGLPHQHFK QDKP HLQH )UDX VHLQHV *HVFKOHFKWV XQG *ODXEHQV 'LHVH)UDXEHNDPHLQ.LQGGDV0RKDPPHGKLH‰$XVJHOHJWEHGHXWHWGLH VHU1DPHVRYLHOZLHHLQHUGHU6FKDQGHPDFKWXQGDXV/DVWHUHQWVWDQGHQ LVW 'LHVH (LJHQVFKDIWHQ VLQG LQ VHLQHP> LQ0RKDPPHGV@ /HEHQZRKO ZDKUJHZRUGHQXQGPDQNDQQVLHLQVHLQHP/HEHQRKQH6FKZLHULJNHLWHQ HUNHQQHQ'HQEHUHLWVHUZlKQWHQ7DJGHU*HEXUW0RKDPPHGVKDOWHQGLH 6DUUD]HQHQ VHKU LQ (KUHQ XQG IHLHUQ LKQ VLHEHQ 7DJH ODQJ LQGHP VLH QLFKWVDQGHUHVWXQDOV]XHVVHQ]XWULQNHQXQGDQGHUHIOHLVFKOLFKH6QGHQ XQG:HUNH]XYROOEULQJHQ .XU]QDFKVHLQHU*HEXUWZXUGH0RKDP PHGHLQH:DLVHGHQQHUZXUGHVRZRKOVHLQHV9DWHUVDOVDXFKVHLQHU0XW WHUEHUDXEW 'HU%UXGHUVHLQHV9DWHUV$EGHPXWDOODQDKPLKQGDUDXIKLQ ]XVLFKXQGHUQlKUWHLKQXQG]RJLKQLQ$UDELHQDXILQGHU6WDGW6DOL JXD'RUWEHWHWHHUHEHQVRZLHGLHDQGHUHQ$UDEHU*|W]HQDQ$OVHUMH GRFKHLQ-QJOLQJZXUGHXQGDOVVHLQH=HLWJHNRPPHQZDUGLHQWHHUHLQHU HGOHQXQGUHLFKHQ:LWZH&DGHJDQ0LWLKUHQ.DPHOHQXQG(VHOQKDQ GHOWH HU PLW .DXIPDQQVJWHUQ LQ 6\ULHQ XQG LQ GHQ DQJUHQ]HQGHQ /lQ GHUQ8QGHUGLHQWHLKULQVHLQHP'LHQVWXQGPLWVHLQHU.OXJKHLWVRYROO NRPPHQ GDVV VLH VLFK LKP ]XU (KHIUDX JDE 'RFK OLHVW PDQ YRQ LKP DXFKGDVVHUYRQ-XJHQGDXI.DXIPDQQJHZHVHQVHLXQGRIWXQGYHUWUDXW PLW-XGHQXQG&KULVWHQ]XWXQJHKDEWKDEHXQGYRQLKQHQYLHOYRP$OWHQ XQG1HXHQ7HVWDPHQWJHOHUQWKDEH$X‰HUGHPVHL0RKDPPHGHLQJUR‰HU =DXEHUHUJHZHVHQ$OVHUGDV/DQG&RUUR]D\QDQPHKUXQGPHKU>IUVHL QHQ+DQGHO@EHQXW]WHZRGLH)UDX&DGHJDKHUUVFKWHXQGLKUPDQFKHUOHL 6SH]HUHLHQGDUEUDFKWHGDZXUGHVLHLKPYRQ7DJ]X7DJJHZRJHQHU(U JHEUDXFKWHDXFKVHLQH=DXEHUHLXPVLHPLWGLHVHU.XQVW]XEHVWULFNHQ6LH VROOWH QlPOLFK JODXEHQ HUVHL HLQ %RWH *RWWHV XQG HLQREHUVWHU 3URSKHW XQG>VLHVROOWH@LKQ]XLKUHP0DQQQHKPHQGHPVLHDOOLKU/DQGXQG*XW JlEH 0RKDPPHG VHOEVW VFKUHLEW QlPOLFK LP .RUDQ GDV LVW GDV %XFK LQ GHP HU VHLQ *HVHW] QLHGHUOHJWH  *RWW KDEH ]X LKP JHVSURFKHQ 'X ELVW HLQH:DLVHJHZHVHQXQGGRFKHU]RJHQZRUGHQGXELVWHLQ,UUWXPJHZH VHQXQGGRFKGDUDXVJHVXQGHW'XELVWDUPJHZHVHQXQGGRFKUHLFKJH ZRUGHQ  'DVVFKlQGOLFKHXQGVQGLJH/HEHQ  0RKDPPHGV 'DV]ZHLWH.DSLWHO        



U 

/VQXPDFKRPHWGXUFKŰROOÖFKJţWGHUREJHQĆWHQIUDXZHQUÖFK YQGJHZHOWÖJŰÖFKEHIDQGHZRUGHQbHUKHEHW\QŰ\QHPJHPţWbJH GDFKWYEHUGDVJDQW]ODQGY?NQLJULFKKHUŰFKşJPLWUHFKWRGHU YQUHFKWYEHUNŇPHQb'RHUDEHUGDVQLWPRFKWHOH\FKWOÖFK]ţZHJHEULQ  JHQZDQHUQRFKZHQLJJşQHUKHWWbQDPHUDQGHUPLWWHOIXUŰÖFKH\QERW  WHQYQGSURSKHWHQJRWWHVŰÖFKŰW\IIWHQGHREHUÖRFKGRPÖWŰ\QHQZÖOOHQ PRFKWHHUXROJHQbDOŰRNDPHUPLWJHZDOW]ţHWWOÖFKHQŰOHFKWHQYQGYQ  ZÖŰŰHQGHQPHQŰFKHQbZHOFKHŰRYLOO\FKWOÖFKHUPRFKWHQEHWURJHQZHUGHQ ŰRYÖOŰLHZ\WHUYRQDOOHUZ\‰KH\WY?EXUJHUOÖFKHPJHEUXFKDXFKPHQ  ŰFKOÖFKHUJHŰFK\GLNHLWJHŰXQGHUWYQQGDEJHŰFKÖHGHQDOOH\QZRQKDIIWÖJb ZDVJRWWHVERWWRGHUSURSKHWZHUHbRGHUZRU\QQHHUHUNDQGWHPRFKWH ZHUGHQbP\QQHUZŰWHQYQGHUŰFKH\GHQbGLHŰHOEHQOXWK]ţEHWULHEHQJH  EUXFKHWHUHWWOÖFKHUJHKÖOIIYQGUDGWbZHOFKHUQĆPHQYQGH\JHQWŰFKDII  WHQKLHQDFKZHUGHQHQSOŰŰHWb'DU]ţQDPHHUDQŰÖFKYÖOEŰHUJHŰHOOHQ ŰWUDŰŰHQUDXEHUbPRUGHUbY?ŰROOÖFKODQGWIOXFKWÖJEţEHQGLHHU\QGÖHZHO  GHYQQGEHUJHbDXFKYIIGLHŰWUDŰŰHQŰFKLFNHWGLHNDXIIOWKYQQGDQGHU JHZHUEHWU\EHQGHQPHQŰFKHQ]ţEHUDXEHQY?]ţPRUGHQbZHOFKHVZHUFN YQGYEHOKDQWWLHUXQJHUŰHOEHWDXFKKDQGHOHWbEHŰXQGHU\PDQIDQJŰ\  QHUSURSKHF\GRHUYRQGHUŰWDWW0HFKDNRPPHQGHH\QHPDUPHQPDQ Ű\QNHPPHOWKLHUJHZHOWLJOÖFKHQQDPHbPLWZHOFKHUWDGWHUŰ\QSUHGLJ RGHUSURSKHF\HUQŰWOÖFKHQ\QZ\KHWb'HPQDFKYPEŰROOÖFKYQGDQGHU Ű\QP\ŰŰHWDGWGÖHEXUJHULQGHUŰWDWW0HFKD\QŰHUHYHUKDŰŰHWHQbZDQQ \QHQŰROOÖFKŰ\QER‰H\WDOVHUHLQYEHOWKHWHUZDVY?ŰÖFKGRFKHÖQSUR  SKHWHQJRWWHVWKRUHFKWHQPHQŰFKHQORJHZROZDVEHNDQWbGDUQDFKNDPH HU\QH\Q]HUEURFKHQHŰWDWWGDU\QGDVPHHUWH\ODUPHMXGHQZRQHWWHQb YQGGRPÖWHUŰ\QHJHUHFKWÖNHLWHU]HXJHWHbYQGŰ\QHUSURSKHF\Z\‰JHEH ]ţHUNHQQHQbQDPHHUDUPHQZH\ŰHQH\QHV]PHUPDQVN\QGHUQ\UKX‰ PÖWJHZDOWbYQGPDFKWH\PGDUY‰HLQWHPSHOY?ZRQşJb9‰GHUŰHOEē ŰWDWWZDVY?ZÖHYLOHUŰFKDGHQYQGNULHJKDEHJHIţUHWYQGJHWKDQYII ŰWUDŰŰHQYQGZ\GHUDOODQŰWRŰŰHU]ţULQJYPEbZÖHYLOHUDXFKŰ\QHUJH  ŰHOOHQ\QŰROOÖFKHQKHQGHOHQKDEHYHUORUHQbZHUHODQJY?YLOGRYRQ]ţ ŰDJHQbZDQHUPLWQĆPHQb[[YMŰWULGWRGHUJHWUHIIZ\GHUGLHŰHOEHQDU  PHQQDFKEXUHQ\QNXUW]HU]\WYROIţUHWbL[bGXUFKŰÖFKbGLHDQGHUQGXUFK Ű\QJHŰHOOHQbŰROOÖFKDQIDQJKDWWŰ\QSURSKHF\JHKDEHWb9QGGD]QRFK EŰHUZDVZHU\PYEHOUHGHWWHŰROOÖFKHUŰDFKHQKDOERGHU\QŰWUDIIHWbGHQ HUWRGWHUYRQŰWXQGDQbPLWQĆPHQHLQDOWHQMXGHQ\QGHUŰHOEHQŰWDWW DQŰ\QHPEHWKOÖJHQGHHUZXUJHWHUDOOHLQGDUYPEbGD]HUYRQ\PZDV JHŰWUDIIHWZRUGHQbY‰ZHOFKHPHLQ\HGHUYHUQXQIIWLJHUPHQŰFKYHUPHU  FNHREGLŰHVH\QHPSURSKHWHQ]ţJHKUHGD]DOOHLQGHQPRUGHUQH\JHQ LŰWbZHUKDWW\HJHKUHWGD]HLQSURSKHWŰROOÖFKVKDEJHWKDQbMŰWQLW]Z\  IHOGDQGD]HUH‰KDEHYRQGHPEŰHQY\QGW\QEHXHOKHJHKDEWbGHUDXFK       



U 



$OVQXQ0RKDPPHGGXUFKGLH(UODQJXQJGHU*WHU EHVDJWHU)UDXUHLFK XQG PlFKWLJ JHZRUGHQ ZDU EHUOHJWH HU VLFK ZLH HU UHFKWHQV RGHU XQ UHFKWHQV GLH +HUUVFKDIW EHU GDV JDQ]H /DQG HUODQJHQ N|QQWH :HLO HU GLHVHV=LHODEHUQLFKWOHLFKWHUUHLFKHQNRQQWH²HUKDWWHVFKOLH‰OLFK QRFK ZHQLJ*|QQHU²JULIIHU]XDQGHUHQ0LWWHOQXPVLFKQDFKVHLQHP:LOOHQ DOV %RWHQ XQG 3URSKHWHQ *RWWHV ]X DXWRULVLHUHQ$OVR HU]ZDQJ HU HV(U WDWVLFKPLWVFKOHFKWHQXQGXQZLVVHQGHQ0HQVFKHQ]XVDPPHQGLHXPVR OHLFKWHUEHWURJHQZHUGHQNRQQWHQDOVVLHZHLWHQWIHUQWYRQDOOHU:HLVKHLW EUJHUOLFKHU2UGQXQJXQGJHVXQGHP0HQVFKHQYHUVWDQGZDUHQXQGDEJH VFKLHGHQOHEWHQ:HU*RWWHV%RWHRGHU3URSKHWVHLRGHUZRUDQHLQVROFKHU ]XHUNHQQHQZlUH²GDUEHUKlWWHQVLHQLFKWLP*HULQJVWHQ]XHQWVFKHLGHQ YHUPRFKW8PGLHVH/HXWH]XEHWUJHQEHGLHQWHVLFK0RKDPPHGHLQLJHU +LOIHXQGHLQLJHQ5DWHV1DPHQXQG(LJHQVFKDIWHQZHUGHLFKQRFKDXI GHFNHQ$OV+LOIHYHUVDPPHOWH0RKDPPHGYLHOHE|VH*HVHOOHQ6WUD‰HQ UlXEHU0|UGHUXQGODQGIOFKWLJH%XEHQGLHHULQGLH:lOGHU%HUJHXQG DXFKDXIGLH6WUD‰HQVFKLFNWHGDPLWVLHGRUW.DXIOHXWHXQGDQGHUH*HZHU EHWUHLEHQGH EHUDXEWHQ XQG W|WHWHQ 'LHVH EOHQ :HUNH YROOEUDFKWH HU VHOEVW DXFK EHVRQGHUV DP $QIDQJ VHLQHU 3URSKHWHQNDUULHUH DOV HU YRQ GHU 6WDGW 0HNND NRPPHQG HLQHP DUPHQ 0DQQ PLW *HZDOW VHLQ .DPHO ZHJQDKP0LWGLHVHU7DWZHLKWHHUVHLQH3UHGLJWHQXQGVHLQ3URSKHWHQDPW HUQVWKDIWHLQ:HJHQGLHVHUXQGDQGHUHU0LVVHWDWHQKDVVWHQLKQGLH%UJHU GHU 6WDGW 0HNND 'HQQ VLH ZXVVWHQ JDQ] JHQDX GDVV HU HLQ ERVKDIWHU hEHOWlWHU ZDU XQG JOHLFK]HLWLJ GHQ JXWJOlXELJHQ /HXWHQ YRUVSLHOWH HU VHL HLQ 3URSKHW *RWWHV =XP %HLVSLHO NDP HU LQ HLQH ]HUVW|UWH 6WDGW LQ GHU JU|‰WHQWHLOVDUPH-XGHQZRKQWHQ8QGGDPLWHUVHLQH*HUHFKWLJNHLWXQWHU %HZHLVVWHOOWHXQGVHLQHU3URSKH]HLXQJGHQ$QVWULFKYRQ:HLVKHLWJHEHQ NRQQWH QDKPHUGHQDUPHQ:DLVHQHLQHV=LPPHUPDQQVPLW*HZDOWLKU +DXVZHJXQGEDXWHGDUDXVHLQHQ7HPSHOXQGHLQH:RKQVWlWWHIUVLFK (VZlUHQRFKDXVJLHELJGDYRQ]XEHULFKWHQZDVHULQGLHVHU6WDGWDOOHVJH WDQZLHYLHO6FKDGHQHUDQJHULFKWHWXQGZLHYLHOH)HKGHQHUDXIGHQ6WUD ‰HQJHJHQDOOGLHLKQKHUDXVIRUGHUQGHQ$QJUHLIHUDQJHVWLIWHWXQGZLHYLHOH VHLQHU*HVHOOHQHUEHLVROFKHQ+lQGHOQYHUORUHQKDW(UKDWVHLQHQDUPHQ 1DFKEDUQLQNXU]HU=HLWVHFKVXQG]ZDQ]LJ*HIHFKWHJHOLHIHUWQHXQKDWHU VHOEVWYRP=DXQJHEURFKHQGLHDQGHUQKDEHQVHLQH*HVHOOHQ]XYHUDQW ZRUWHQ$XIGLHVH:HLVHKDW0RKDPPHGV3URSKHWHQDPWEHJRQQHQ8QG QRFKVFKOLPPHUDOVGDV:HULKPZHJHQGLHVHU9HUJHKHQ%|VHVQDFKVDJWH RGHULKQGHVZHJHQ]XUHFKWZLHVGHQW|WHWHHUDXIGHU6WHOOH6RJHVFKDKHV HLQHPDOWHQ-XGHQLQ0HNNDGHULQVHLQHP%HWWODJ'HQHUZUJWHHUXQG ]ZDU QXU GHVKDOE ZHLO HU> 0RKDPPHG@ YRQ LKP JHWDGHOW ZRUGHQ ZDU +LHUPXVVVLFKMHGHUYHUQQIWLJH0HQVFKGLH)UDJHVWHOOHQREHLQVROFKHV 9HUKDOWHQ HLQHV 3URSKHWHQ ZUGLJ LVW RGHU RE VR HWZDV QLFKW YLHOPHKU YRQ0|UGHUQJHWDQZLUG:HUKDWMHGDYRQJHK|UWGDVVHLQ3URSKHWVRO FKHU7DWHQIlKLJLVW"(LJHQWOLFKJLEWHVJDUNHLQHQ=ZHLIHOGDUDQGDVV0R KDPPHGGLHVDXIJUXQGYRQ(LQIOVWHUXQJHQGHVE|VHQ)HLQGHVJHWDQKDW 'HQQHU      



Y 

H\QWRGWŰOHJHULŰWJHZHŰHQYRQDQEHJ\QbZREO\EHWDXFKGD]bGDVHU\Q Ű\P$ONRUDQYRQ\PŰHOEHUŰFKULEHWZLHHUPLWJţWLNH\WY?EDUPKHUW]L NH\WŰ\JHŰDQGWYŇJRWWb9LODQGHUŰROOÖFKHUŰ\QHUPLŰWKDWHQYEHUJDQJ LFKKÖHbZHOFKH\QHQQÖWDOOHLQSURSKHWHQbŰXQGHUH\QLQŰWUXPHQW DOOHUER‰KH\WJODXEOÖFKHQDQ]HXJWHQbZDQLFKGLHŰHOEHQZROWHKHUIţUH ]\HKHQb$EHUEHŰŰHULŰWGHPOHŰHUEHŰFKH\GKDOWHQb'RFKGLŰŰHVZLOLFKK\Q ]ţJHŰDW]WŰ\QbODFKHQVZROZHUGWbGD]GRHUYIIHÖQ]\WPLWŰ\QHQJHŰHO  OHQZ\GHUHWWOÖFKGLH\PQLWZROWHQJHKRUŰDPŰ\Q]RJHbZDUGWHUDQH\  JHQHUSHUŰRQŰHUHYHUZXQGHWbDXFKYQGHUŰ\QHPDQJHŰÖHFKWDOŰRŰHUHJH  ZţŰWHWb]HUU\ŰŰHQbYQGŰ\Q]HQHY‰JHŰFKODJWQHWFbGD]HUNXPPLWŰ\QHP OHEHQGDUYŇNDPHbGDVÖFKGDUYPEHU]HOHbZDQHUJHZRQOÖFKHQSIOHJHW ]ţŰDJHQGRFKOÖHJHQGHGD]\P]HKHQHQJHOYRQJRWWZHUHQ]ţJHEHQ\Q ]ţEHKţWHQGD]HUQLWZXUGHYHUOHW]HWb:HOFKHV\QGLŰHUWKDWY?DQGHUQ GHUJOÖFKHQGD]Ű\QHER‰KH\W\PKDWWJHORJHQb-ŰWZROH\QZXQGHUZLH H\QŰROOÖFKHUKDWWPRJHQIXUHLQSURSKHWHQYQGJRWWHVERWHQJHKDOWHQ ZHUGHQbGHVJDQW]HOHEHQYQGZHUFN\QNXUW]HQEHJULIIHQQLWDQGHUŰWLŰW JHZHŰHQGDQPHQŰFKHQHUWRGWHQbYQGIUHPGHJţWŰWHOHQY?UDXEHQbDOV \W]KÖHREEHŰFKULHEHQLŰWb'DU]ţYQNXŰFKH\WYQGHHEUHFKHU\YROOHQEULQ  JHQDOV\W]KLHQDFKPLWZHQLJZRUWHQZXUGWHU]HOHWb:DQ0DFKR  PHWYEHUDOOHPHQŰFKHQŰ\QHU]\WH\QDOOHUYQUH\QHŰWHUKXQGWZDVbGHU ŰÖFKQLFKWYHUŰFKHPHWKDWW\QŰ\QHP$ONRUDQŰHOEHUŰFKULEHQYQGŰHW]HQ DOVH\Q\HGHUGDU\QPDJOHŰHQbZLHHUHLQŰROOÖFKJDEHYŇJRWWKDEHHQW SIDQJHQbGD]HUYLHUW]LJPHQQHU\QYQNXŰFKH\WPHFKWLJKDEYEHUP  JHWbRGHU]XPP\QŰWHQYHUJOÖFKHWb(UŰFKHPHWDXFKŰÖFKQLWGRŰHOEHWYHU ÖHKHQ\QH\JHQHUJHŰFKULIIWGD]HUYEHUDOOHGLQJEHJÖUGKDEHJHKDEWPLW IUDXZHQŰLFKHUOXŰWLJHQbIXUZDUŰFKHPHLFKPLFKKÖHDQGHUHGLQJ\QEH  ŰXQGHUHU]HOHQGÖHŰLFKGDVYQUH\QŰFKZ\QQLWŰFKHPHW\QŰ\QJHŰDW]ŰFKUL EHQbGHUDXFKPLWŰ\QHUH\QHQKX‰IUDXZHQ$\ŰŰDJHQDQWŰROOÖFKVWKHWHb ZDQDOVGLHŰHOEHKţEŰFKZDVYQGEXOŰFKDIIWMDHHEUHFKHU\WU\EHPLWH\  QHPGHU]DSKDJDQKÖH‰bGDVPDFKRPHWŰHOEHUZROZLŰŰHQZD]bGDHUGDU YPEJHŰWUDIIHWZDUGbYQG\PJHUDWKHQHUŰROWHŰLHDOVH\QŰFKQRGHIUDX ZHQYHUODŰŰHQY?YEHUJHEHQb$QWZRUWHUZLHHUYQGHUDOOHQŰQ\ēIUDX  ZHQNH\QHOÖHEHUKHWWHGDQGLŰHbDXFKQLWDFKWHWH\UHVHHEUXFKVbYQGZROW ŰÖHDXFKGDUYPEQLWWKDŰŰHQRGHUYHUODŰŰHQb6DJHWDXFKK\Q]ţ\QJH  RIIHQEDUHWZRUGHQŰÖHZHUHYQŰFKXOGLJGD]HUGRFKŰHOEHUZDUOÖFKZţŰWH HUORJHQb6ROOÖFKHUŰ\QHUŰFKDQGHQYQGYQUH\QLNH\WHQPRFKWHPDQYLO KLHKHUŰHW]HQbDEHULFKŰFKRQHGLŰHVEţFKO\QVGD]LFKPLWGHQŰFKDPSHUHQ UHGHQQLWZLOEHIOHFNHQbDOVHU\QGÖŰHPLŰWJHZHŰHQJOÖFKH\QHPUR‰RGHU        



Y 



LVWMDYRQ$QIDQJDQHLQ7RWVFKOlJHUJHZHVHQ:LHVROOPDQDX‰HUGHPGLH %HKDXSWXQJ HLQVWXIHQ GLH 0RKDPPHG LP .RUDQ DXIVWHOOWH GDVV HU NUDIW GHU *WH XQG %DUPKHU]LJNHLW *RWWHV JHVDQGW ZRUGHQ VHL" 9LHOH DQGHUH 0LVVHWDWHQ0RKDPPHGVEHUJHKHLFKKLHU'HQQVLHVLQGQLFKWQXUHLQHV 3URSKHWHQXQZUGLJVRQGHUQZUGHQZHQQLFKDOOHVDQV7DJHVOLFKW]HU UHQZUGHEHZHLVHQGDVVKLHUGDV,QVWUXPHQWDOOHU%RVKHLWDP:HUNLVW 'RFKLVWHVEHVVHUZHQQGHU/HVHULQIRUPLHUWLVW'HVKDOEZLOOLFKHWZDV KLQ]XIJHQZDVEHVWLPPWHLQHQ$QODVV]XP*HOlFKWHUJLEW$OV0RKDP PHGQlPOLFKHLQPDOPLWVHLQHQ*HVHOOHQXQWHUZHJVZDUXQGVLHLKPQLFKW JHKRUVDP VHLQ ZROOWHQ GD ZXUGH HU DP HLJHQHQ /HLE HUKHEOLFK YHUOHW]W 6HLQ *HVLFKW ZXUGH VWDUN YHUZVWHW HV ZXUGHQ LKP .UDW] XQG 6FKUI ZXQGHQ]XJHIJWXQGVHLQH=lKQHZXUGHQDXVJHULVVHQHWFXQGGLH9HU OHW]XQJHQZDUHQDOOHVRVFKOLPPGDVVHUNDXPPLWGHP/HEHQGDYRQNDP 'LHVH(SLVRGHHU]lKOHLFKGHVKDOEZHLOGHU/JQHULPPHU]XEHKDXSWHQ SIOHJWH ]HKQ (QJHO VHLHQ LKP YRQ *RWW JHJHEHQ ZRUGHQ GDPLW VLH LKQ YRU9HUOHW]XQJHQVFKW]WHQ'RFKZLHERVKDIWGLHVH/JHZDUGDV]HLJHQ QHEHQ GHU HU]lKOWHQ DXFK DQGHUH *HVFKLFKWHQ 0DQ NDQQ HV IUZDKU DOV HLQ:XQGHUEH]HLFKQHQGDVVHLQVROFKHU0HQVFKIUHLQHQ3URSKHWHQXQG HLQHQ %RWHQ *RWWHV JHKDOWHQ ZHUGHQ NRQQWH 0RKDPPHGV /HEHQ XQG :HUN NDQQ DXI GHQ NXU]HQ 1HQQHU JHEUDFKW ZHUGHQ 6LH EHVWDQGHQ LQ QLFKWVDQGHUHPDOVGDULQ0HQVFKHQ]XW|WHQXQGIUHPGHV*XW]XVWHKOHQ XQG ]X UDXEHQ ²ZLH LFK HV REHQ EHVFKULHEHQ KDEH 'D]X NRPPHQ 8Q NHXVFKKHLW XQG (KHEUXFK ZLH LFK HV LP )ROJHQGHQ NXU] EHVFKUHLEHQ P|FKWH0RKDPPHGZDULP9HUJOHLFK]XGHQ0HQVFKHQVHLQHU=HLWGHU XQUHLQVWH+XQGXQGHUKDWVLFKQLFKWJHVFKlPWLQVHLQHP.RUDQ²VRGDVV HVMHGHUQDFKOHVHQNDQQ²GDU]XOHJHQGDVVHUGLHVH*DEHYRQ*RWWHPS IDQJHQ KDEH 6R EHUIOJOH HU EHL VH[XHOOHQ +DQGOXQJHQ YLHU]LJ 0lQQHU RGHUVHL]XPLQGHVWPLWLKQHQYHUJOHLFKEDU(UVFKlPWHVLFKDXFKQLFKWLQ VHLQHU6FKULIW]X]XJHEHQGDVVGLHOXVWYROOH%HJLHUGHQDFK)UDXHQLKPGDV $OOHUZLFKWLJVWHVHL:LUNOLFK LFK VFKlPH PLFK GDIU QRFK DQGHUH 'LQJH KLHU LP (LQ]HOQHQ ]X HU]lKOHQ GHUHU VLFK GDV XQUHLQH 6FKZHLQ QLFKW VFKlPW LQ VHLQ *HVHW] KLQHLQ]XVFKUHLEHQ XQG GHQHQ HU VLFK ]XVDPPHQ PLW VHLQHU )UDX $LVFKD KLQJDE 'HQQ GLHVH )UDX ZDU KEVFK XQG WULHE QLFKW QXU %XKOVFKDIW VRQGHUQ DXFK (KHEUXFK PLW HLQHP 0DQQ QDPHQV =DSKDJDQ 'DUEHU ZDU 0RKDPPHG LQIRUPLHUW GHQQ HU VWUDIWH GHQ =D SKDJDQ XQG HPSIDKO LKP VLH DOV HKUORVH )UDX ]X EHKDQGHOQ VLH DOVR ]X YHUODVVHQ XQG VLH >LKP@ ]XUFN]XJHEHQ (U QlPOLFK VR KLHOW HU >VHLQHP 1HEHQEXKOHU@ HQWJHJHQ KDEH NHLQH DQGHUH )UDX VR OLHE ZLH $LVFKD XQG GHVKDOEDFKWHHUDXFKLKUHV(KHEUXFKVQLFKWXQGHUZROOWHVLHGHVKDOEZH GHU KDVVHQ QRFK YHUODVVHQ (U EHKDXSWHWH VRJDU HV VHL LKP KLQWHUEUDFKW ZRUGHQVLHVHLXQVFKXOGLJ²REZRKOHUGRFKJDQ]JHQDXZXVVWHGDVVGLHV HUORJHQZDUhEHUHLQHGHUDUWLJH6FKDQGHXQGEHUGHUDUWLJH8QVWLPPLJ NHLWHQN|QQWHPDQQRFKYLHOVFKUHLEHQ$EHULFKYHUVFKRQHGLHVHV%FK OHLQ GDPLW GHQQ LFK ZLOO HV PLW VFKDQGEDUHQ 'DUVWHOOXQJHQ QLFKW EH IOHFNHQ0RKDPPHGLVWHLQIDFKZLHHLQ3IHUGRGHU0DXOWLHUJHZHVHQGDV  

Y   PXOWK\HUGD]NH\QHYHUQXQIIWKDWWbDOŰRWKţQDXFKGLH6DUUDFHQLŰ\Q QDFKXROJHUGLHGRŰ\QJDQW]IOH\ŰFKOÖFKY?YLKHŰFKPHQŰFKHQDOVKLHQDFK ED‰GRYRQZXUGWJHŰFKULHEHQb                                               

 Y   NHLQH9HUQXQIWKDW8QGHEHQVRVLQGDXFKGLH6DUUD]HQHQVHLQH1DFKIRO JHUGLHVH0HQVFKHQVLQGEHJLHULJQDFK)OHLVFKOLFKHPXQGJLHULJZLH9LHK 'RFKGDYRQVSlWHUPHKU  



U 

 9RQGHU]\WWYQGZ\ŰHDOV0DFKRPHWKDWWŰ\QŰHFWDQ  JHIDQJHQb   'DVGULWWFDSLWHOb  $FKGHPDOVGLHKLŰWRULHŰDJHQGRGHUNH\ŰHU(UDFOÖXVQDFKGHP NH\ŰHUIRFDVUHJQ\UHWbGRYÖHQJPDFKRPHWŰ\QŰHFWDQbYQGGÖŰHU NH\ŰHU(UDFOÖXVYLHQJDQ]ţUHJQLUHQ\PMDUYRQFULŰWLJHEXUW ŰH‰KXQGHUWYQGb[LLMbYQGUHJLUHWb[[[bMDUGDVNH\ŰHUWKXPb=ţHUŰWHFUL  ŰWHQOÖFKHQŰLFKKDOWHQGHbDEHU]ţOHW]ŰWHQLWZROEHŰOÖŰŰHQGHbZDQHUPLWGHU NHW]HU\0RQRWKHOÖWDUşJHQDQW GLHDOOHLQH\QQDWXU\QFULŰWRYHUPH\ QHQŰ\Q EHIOHFNHWQDFKYLOKHUOÖFKHUŰLHJH GRYRQDXFK\QGHUKÖŰWRULH GHVKHLOÖJHQFUXW]VŰ\QHUHUKHEXQJEHŰFKULHEHQZXUGW YLOHHUYRQGHP FULŰWHQOÖFKHQJODXEHQbDQKDQJHQGHGHUYRUJHQDQWHQNHW]HU\bGDUYPE Y‰JRWWOÖFKHUYHUKHQJQX‰YQJH]Z\IHOW]ţŰ\QHQ]\WHQGLHŰDUUDFHQPLW ŰDPSWPDFKRPHWR\UHQIDOŰFKHQSURSKHWHQGDVNH\ŰHUWKXPJDUŰHUHEH  JXQGHQZŰWHQY?YHUGHUEHQbDXFKGH‰JOÖFKHQ+RPDUXVPDFKRPHWL QDFKNŇPHURGHUMXQJHUDOVKXJRIORULDFHQŰÖVŰDJHWbEHŰXQGHUYPEGDV HQGHGH‰UHJLPHQWV(UDFOLMbZHOFKHUKRPDUXVPLWQĆPHQGLHŰWDWW'D PDŰFXPYQGGDVJDQW]ODQGWSKHQLFLDPbYQG-KHUXŰDOHPbDXFK6\ULĆ YQG$QWKLRFKÖDPGXUFKGLHŰDUUDFHQEHNXPPHUHWb\QZHOFKHQODQGHQ GD]ţPDOJDUYLODQGHFKWLJFULŰWHQ\QFORŰWHUQJRWGLHQHWWHQbDOŰRGD] HWWZDQ\QH\QHPFORŰWHU]ţ]\WHQKXQGHUWb]ţ]\WHQ]ZH\KXQGHUWb]ţ]\ WHQQRFKPHHPRQFKZDUHQGLHDOOH]ţGHUŰHOEHQ]\WWYRQGHQŰDUUDFHQ ZRUGHQHUWRGWY?HUŰFKODJHQb$OVGDQŰÖFKQDKHWGLH]\WQDFKFULŰWJH  EXUWŰH‰KXQGHUWY?b[OMbMDUbYPEHQGHGH‰UHJLPHQWV(UDFOÖMGHUYHU  IţUHU0DFKRPHWDQH\JHQHUER‰KH\WQLWWJHQţJŰDPbHU]ţJHGDQH\QQ GULWWH\OGHUŰWHUQHQYRQGHPKPHODOVH\QDQGHUKHOOÖŰFKHUWUDFKPLWW GHPŰZDQW]Ű\QHVJHŰDW]HVb9ÖHQJHUDQŰ\QŰFKHQGWOÖFKŰHFWYQGYROOHQ EUDFKWGDVŰHOEHPLWKLOIIHGHVWţIIHOV\QŰROOÖFKHUPD‰b $OVDXFKREJHŰDJHWLŰWGRHUŰDKHGD]HUGDVODQGWY?NRQJULFK$UD ELHPLWJHZDOWQLWPRFKWHHUODQJHQbYQGHUŰWXQGHHUGDVGXUFKJHŰWÖIIWH KHLOÖNH\WYEHUNŇPHQbH\QSURSKHWHQYQQGJRWWHVERWWHQŰÖFKKH\ŰŰHQGHb 6LWWHPDODEHUHUYQJHOHUWZDVGHUJHŰFKULIIWbYHUŰDKHPYQGJDEH]ţ GHUE‰Y\QGELOOÖFKWXŰHQWOÖŰWLJJHKH\ŰŰHQ]ZHQJDUJHOHUWHUPLWJHŰHO  OHQH\QMXGHQYQGHLQFULŰWHQGLH\PDOVHLQLQŰWUXPHQWDOOHUER‰KH\W E\ŰWDQGHWKHWWHQbYQG\Q\Q\UWşPHQYQGHUZ\ŰHQYQGOHUHWHQbPLWQĆ PHQY‰GHQFUÖŰWHQH\QDEWUşQLJHQPRQFK6HUJLXVJHQDQWGHU\Q\P QXZHQWHŰWDPHQWYQQGHUZ\ŰHb9RQZHOFKHPPRQFKPDQY\QGHWJH  ŰFKULHEHQbGDVGRHU\QŰ\QHPFORŰWHUŰFKZHUOÖFKHQKHWWHYEHUWUHWWHQbYQG GH‰KDOEYHUZDQGHOWYQGYHUWULHEHQZDVZRUGHQbIORKHHUŰROÖFKHUŰDFK JHŰFKHQGHWYQQGNDPH]ţ0DFKRPHWb'RFKO\ŰHWPDQDXFKDQGHU‰ZR GD]H\QDQGHUFOHULFNKRFKJHOHUHWGHUDXFKH\QHUW]GLDFRQZDV]ţ$Q         



U 



 'LH&KURQLNYRQ0RKDPPHGV6HNWHQJUQGXQJ   'ULWWHV.DSLWHO  /DXW*HVFKLFKWVVFKUHLEXQJJUQGHWH0RKDPPHGVHLQH6HNWHDOVGHU.DL VHU+HUDFOLXVGHU1DFKIROJHUGHV.DLVHUV3KRFDVUHJLHUWH.DLVHU+HUD FOLXVEHJDQQVHLQH5HJHQWVFKDIWLP-DKUQDFK&KULVWL*HEXUWXQGUH JLHUWHGUHL‰LJ-DKUHODQJ=XHUVWZDUHU&KULVWDEHUVHLQ/HEHQEHVFKORVV HUQLFKWJXW'HQQQDFKYLHOHQKHUUOLFKHQ6LHJHQ YRQGHQHQDXFKLQGHU *HVFKLFKWHGHU(UKHEXQJGHVKHLOLJHQ.UHX]HVGLH5HGHLVW EHIOHFNWHHU VLFKPLWGHU.HW]HUHLGHV0RQRWKHOHWLVPXV GLHHLQHHLQ]LJH1DWXULQ&KUL VWXV DQQLPPW  6R ILHO HU YRP FKULVWOLFKHQ *ODXEHQ DE XQG ZXUGH HLQ $QKlQJHUGHUJHQDQQWHQ.HW]HUHL'HVKDOEPXVVHV]ZHLIHOVRKQHDOV9HU KlQJQLV*RWWHVDQJHVHKHQZHUGHQGDVVGLH6DUUD]HQHQPLWLKUHPIDOVFKHQ 3URSKHWHQ0RKDPPHG]XGLHVHU=HLWGDPLWEHJDQQHQGDV.DLVHUWXP]X YHUZVWHQXQG]X]HUVW|UHQ:LH+XJR)ORULDFHQVLVGDUJHOHJWKDWWULIIW GLHVHV =HUVW|UXQJVZHUN DXFK DXI 2PDU ]X GHQ 1DFKIROJHU 0RKDP PHGV GHU EHVRQGHUV DP (QGH GHU +HUUVFKDIW +HUDFOLXV· ZWHWH 'LHVHU 2PDUKDWPLWVHLQHQ6DUUD]HQHQ.XPPHUJHEUDFKWEHUGLH6WDGW'DPDV NXVXQGEHUGDVJDQ]H/DQG3K|QL]LHQEHU-HUXVDOHP6\ULHQXQG$QWL RFKLHQ'HQQGDPDOVJDEHVLQGLHVHQ/lQGHUQYLHOHIURPPH&KULVWHQGLH LQ.O|VWHUQ*RWWGLHQWHQ6ROHEWHQLQPDQFKHQ.O|VWHUQKXQGHUWLQDQ GHUHQ ]ZHLKXQGHUW LQ ZLHGHU DQGHUHQ .O|VWHUQ QRFK PHKU 0|QFKH GLH DOOH]XGHUVHOEHQ=HLWYRQGHQ6DUUD]HQHQJHW|WHWXQGHUVFKODJHQZRUGHQ ZDUHQ.XU]YRUGHP-DKUQDFK&KULVWL*HEXUWDP(QGHYRQ+HUD FOLXV·.DLVHUWXPKDWWHGHU9HUIKUHU0RKDPPHGDQVHLQHUHLJHQHQ%RV KHLWQLFKWPHKUJHQXJ0LWGHP6FKZDQ]VHLQHV*HVHW]HVKROWHHUZLHHLQ K|OOLVFKHU'UDFKH HLQ 'ULWWHO GHU 6WHUQHYRP +LPPHO HU JUQGHWH VHLQH VFKlQGOLFKH6HNWHXQGYROOHQGHWHVLHPLW+LOIHGHV7HXIHOV 6FKRQREHQZXUGHHVDQJHGHXWHW0RKDPPHGPXVVWHHLQVHKHQGDVVHU /DQGXQG.|QLJUHLFK$UDELHQPLW*HZDOWQLFKWHUODQJHQNRQQWH(UYHU VXFKWH DOVR HV PLW YRUJHEOLFK YHUOLHKHQHU +HLOLJNHLW ]X HUULQJHQ XQG QDQQWH VLFK HLQHQ 3URSKHWHQ XQG %RWHQ *RWWHV :HLO 0RKDPPHG DEHU $QDOSKDEHWZDUJDELKPGHUE|VHWDXVHQGIDFKOLVWLJH)HLQG]ZHLJHOHKUWH *HVHOOHQEHLHLQHQ-XGHQXQGHLQHQ&KULVWHQGLHLKPDOV,QVWUXPHQWGHU %RVKHLW %HLVWDQGOHLVWHWHQXQGLKQLQ,UUWPHUQXQWHUZLHVHQXQGLKQEH OHKUWHQ 'HU &KULVW HLQ DEWUQQLJHU 0|QFK KLH‰ 6HUJLXV XQG XQWHUZLHV 0RKDPPHGLP1HXHQ7HVWDPHQW9RQGLHVHP0|QFKLVWEHUOLHIHUWGDVV HU VLFK LQVHLQHP.ORVWHUVFKZHUH hEHUWUHWXQJHQ KDEH]XVFKXOGHQNRP PHQ ODVVHQ GHVKDOENRQYHUWLHUW XQG DXVGHP .ORVWHU YHUWULHEHQZRUGHQ VHL ,Q GLHVHU 6FKDQGH VHL HU ]X 0RKDPPHG JHVWR‰HQ $QGHUVZR NDQQ PDQOHVHQHVVHLHLQDQGHUHUJHZHVHQ>YRQGHP0RKDPPHGLP&KULVWHQ WXP XQWHUZLHVHQ ZRUGHQ VHL@ (LQ KRFKJHELOGHWHU .OHULNHU DXFK (U]GLD NRQ]X        



Y 

WKLRFKLDJHQ5RPNDPHbKRIIHQGHHUŰROWHH\QJURŰŰHZLUGLNH\WRGHUSUH ODWXUGRŰHOEHWHUODQJHQbGDH‰DEHUQLWJHŰFKDKHbZDUGWHUPLWWJURŰŰHP ]RUQYQZÖOOHQYQGKD‰EHZHJHWZ\GHUGLHN\UFKYQGFULŰWHQKH\WbGHP QDFKHUŰLFKIţJHWYQGŰOXJHŰÖFK]ţ0DFKRPHWbEHŰXQGHU\QGHPODQGH &XKHQQHbGRGDQMXGHQYQGKH\GHQE\HLQYHUPLŰFKHWZRQHWWHQb]ţGHU ]\WJLHQJ0DFKRPHWQRFKPLW]DXEHU\YPEYQGEHWHWDQDEWJRWWHUb GRGLŰH]ţ\PNRPHQbGDQPLWUDGWGLŰHUYÖHQJHUYRQDQEHJ\QŰ\QŰHFW DQb$OŰR6HUJÖXVGHUPRQFKREJHQĆWZROOHQGHHWWZDVWKţQGRGXUFK HUZ\GHUKXOGHHUODQJHWŰ\QHUREHUQPRQFKGLH\QYHUWULEHQKHWWHQ GLH DXFKNHW]HUZDUHQ1HŰWRUÖDQLJHQDQWbZHOFKHNHW]HUŰDJHQGD]GLHXQJ  IUDXZPDUÖDQLWJRWWbŰXQGHUDOOHÖQH\QēPHQŰFKHQKDEJHERUHQFUÖŰWş  YLHQJDQPLWDOOHPYO\‰GēPDFKRPHW]ţUDGWHQGD]HUDEZ\FKHQGYŇ DEWJRWWHQZXUGHHÖQFULŰWHQPLWQĆPHQ1HŰWRULDQXVb9QGDOVHUGDV YROOHQEUDFKWbZDUGWPDFKRPHWŰ\QMXQJHUbY?6HUJLXVGHUPRQFKGH‰ KDOEHQQHQQHWŰÖFK1HŰWRULşb$OVGÖHMXGHQGDVPHUFNHWHQbGDVYLOPHQ ŰFKHQYQGDXFKPDFKRPHWŰHOEHUGHP\W]JHQDQWHQPRQFKQDFKXROJHW  WHQYQGFULŰWHQZXUGHQbLRFKQDFKH\QHPŰFK\QbYQQGJDUE\GXUFKGHQ ŰHOEHQPRQFK\W]DQYLHQJ]ţJHŰFKHKHQGD]GDUQDFKGXUFK0DFKRPHW JHŰFKDKHbIRUFKWHQGLHMXGHQDXFKEHZHJHWPLWQ\GHGD]YLOOÖFKWGLŰHDOO UHFKWFULŰWHQZXUGHQbGDUYPEHUZHOHWWHQŰÖH]ZHQY‰\QQJDUZROJHOH UHWbGHUH\QHU$XGLDVbGHUDQGHU&DEDODKDUKLH‰HbYQGŰDQGHWWHQŰ\H]ţ PDFKRPHW\QHQ\QGHPDOWHQWHŰWDPHQW]ţYQGHUZ\ŰHQYQGOHUHQbGR PLWŰ\QJHŰDW]HPDFKRPHWLYHUPŰFKHWZXUGHbY‰EHGHQWHŰWDPHQWHQY? QLWDOOHLQFULŰWHQOÖFKYHUO\EHb$OŰRPDFKRPHWGXUFKŰROOÖFKHUOHUHYQQG UDGWKDWWŰ\Q$ONRUDQDOŰRYHUPLŰFKHWYQGJHIHUEHWY‰EHLGHQWHŰWDPHQ  WHQHWWOÖFKHQZDUKH\WWHQYLOIDOŰFKH\WHQ]ţŰHW]HQGHY?JLIIWHYQGHUJH  ŰWDOWGHVKRQLJ‰DOVJHPHÖQOÖFKDOONHW]HUWKţQYHUEHUJHQGHb'RQXŰRO OÖFKVŰ\QDONRUDQRGHUJHŰDW]HZDVDOŰRJHPDFKHWbNDPPDFKRPHWGHŰWHU NţQOÖFKHUIXUGDVYROFNPLWŰROOÖFKHQZDSHQYQGJHŰHOOHQEHZDUHWbYQG JDEHŰÖFKY‰HUZHUGHH\QSURSKHWY?HLQERWWJRWWHV]ţ\UHPKH\OŰXQGHU OÖFKHQJHŰDQGHWbYQGDOOHUPHÖŰWGDUYPEGD]HUGLHJHŰDW]GHUMXGHQYQG FULŰWHQGLH]ţYLOŰFKZHUZHUHQŰROWHGXUFKH\QQDXZŰ\QJHŰDW]PLOWHUHQ YQGWHPSHUÖHUHQbGRPLWDXFKHUHWWZDV]H\FKHQZXUGHJHŰHKHQWKţQ\Q Y‰JHEXQJŰ\QHVJHŰDW]VbDOVDXFK0R\ŰHVKDWWJHWKDQbEHUţIIHWHUGDV YROFNYIIH\PEHŰWXPSWHQWDJ]ţŰDPPHQbYIIGD]ŰÖHŰ\QJHŰDW]PLWDQ GDFKWYQGPÖWJURŰŰHQZXQGHU]H\FKHQHQSIÖHQJHQb9QQGDOVHUUHGHQ ZDUGPLWGHPYROFNbIORJH\PHLQZ\‰HWXEHGLHGDU]ţJHZHQHWZDVYII Ű\QDFKŰŰHOYQGDŰŰHHWWOÖFKNRUOÖQY‰Ű\QHQRUHQbYRUGDU\QJHOHJHWDOV        



Y 



$QWLRFKLHQ VHL LQ GHU +RIIQXQJ QDFK 5RP JHNRPPHQ GRUW HLQH KRKH :UGHRGHUHLQH3UlODWXUYHUOLHKHQ]XEHNRPPHQ$OVGLHVDEHUQLFKWJH VFKDK HUIDVVWH LKQ =RUQ XQG 8QZLOOH XQG VR UHJWH VLFK +DVV JHJHQ GLH .LUFKHXQGJHJHQGLH&KULVWHQKHLWLQLKP6RVFKLFNWHHUVLFKLQGLH=HLW OlXIWH XQG VFKOXJ VLFK ]X 0RKDPPHG GHU VLFK LQ GHP /DQG &XKHQQH DXIKLHOWZR-XGHQXQG+HLGHQYHUPLVFKWEHLHLQDQGHUZRKQHQ=XGLHVHU =HLW KDQWLHUWH 0RKDPPHG QRFK PLW =DXEHUHL XQG EHWHWH *|W]HQ DQ 'RFKDOVGLHVHEHLGHQ&KULVWHQVLFKLKPDQVFKORVVHQJDEHQVLHLKP5DW VFKOlJHXQGVRILQJ0RKDPPHGPLWGHU*UQGXQJVHLQHU6HNWHDQ'HU 0|QFK6HUJLXVZROOWHHWZDVWXQZRPLWHUGLH+XOGVHLQHU2EHUHQGLHLKQ YHUWULHEHQ KDWWHQ ZLHGHU HUODQJHQ N|QQH GLHVH ZDUHQ QlPOLFK .HW]HU 1HVWRULDQHU 'HUHQ /HKUH EHVDJW GLH -XQJIUDX 0DULD KDEH QLFKW *RWW VRQGHUQ QXU GHQ 0HQVFKHQ &KULVWXV JHERUHQ  6HUJLXV DOVR EHHLQIOXVVWH 0RKDPPHG GDKLQJHKHQG HU VROOH GRFK VHLQHQ *|W]HQ DEVFKZ|UHQ XQG HLQ&KULVWHLQ1HVWRULDQHUZHUGHQ1DFKGLHVHP9RUVFKODJ6HUJLXV·ZXU GH 0RKDPPHG GHVVHQ -QJHU XQG GHU 0|QFK QDQQWH VLFK YRQ QXQ DQ 1HVWRULXV$OVGLH-XGHQEHPHUNWHQGDVVYLHOH0HQVFKHQXQGDXFK0R KDPPHG VHOEVW GHP ]LWLHUWHQ 0|QFK QDFKOLHIHQ XQG &KULVWHQ ZXUGHQ ² ZHQQ DXFK QXU VFKHLQEDU ² XQG GDVV GHU 0|QFK HWZDV LQ *DQJ VHW]WH ZDV GXUFK 0RKDPPHG ZHLWHUJHWULHEHQ ZXUGH GD EHNDPHQ HV GLH -XGHQ PLW GHU $QJVW ]X WXQ $X‰HUGHP DUJZ|KQWHQ VLH HV N|QQWHQ DOOH 0HQ VFKHQ LKUHV /DQGVWULFKV &KULVWHQ ZHUGHQ 'HVKDOE ZlKOWHQ VLH DXV LKUHU 0LWWH]ZHLLQGHU6FKULIW*HOHKUWHDXV$XGLDVXQG&DEDODKDU'LHVHEHL GHQZXUGHQ]X0RKDPPHGJHVFKLFNWXPLKQLP$OWHQ7HVWDPHQW]XXQ WHUZHLVHQ(VVROOWHPLW0RKDPPHGV*HVHW]YHUPLVFKWZHUGHQEHLGH7H VWDPHQWHQLFKWQXUGDV1HXHVROOWH$XIQDKPHILQGHQLPPRKDPPHGDQL VFKHQ*HVHW]$XIJUXQGGHULKP]XWHLOJHZRUGHQHQ/HKUHXQGGHUDQLKQ KHUDQJHWUDJHQHQ 5DWVFKOlJH KDW 0RKDPPHG VHLQHQ .RUDQ WDWVlFKOLFK PLW EHLGHQ7HVWDPHQWHQYHUPLVFKWXQGLKQHQWVSUHFKHQGJHIlUEWGHQ:DKU KHLWHQGDEHL)DOVFKKHLWHQ]XVHW]HQGHEHQVRZLH*LIWHGLHHULQGHU*HVWDOW YRQ+RQLJYHUVWHFNWHZLHHV.HW]HUHEHQ]XWXQSIOHJHQ'DQXQVHLQ.R UDQ RGHU *HVHW] JHVFKULHEHQ ZDU WUDXWH VLFK 0RKDPPHG IODQNLHUW YRQ :DIIHQ XQG *HIROJVOHXWHQ VLFK NKQHU GHQQ MH YRU GDV 9RON ]X VWHOOHQ XQGVLFKDOV3URSKHWHQXQG%RWHQ*RWWHVDXV]XJHEHQGHUH[WUD]XLKUHP +HLO DXVJHVDQGW ZRUGHQ VHL 8QG EHVRQGHUV ZHLO GLH *HVHW]H GHU -XGHQ XQGGHU&KULVWHQVHKUVFKZHU]XEHIROJHQVLQGZROOWHHUVLHPLOGHUQXQG JOlWWHQ8QGZLHHVDXFKVFKRQ0RVHZLGHUIDKUHQLVWVRVROOWHHLQ=HLFKHQ JHVFKHKHQ EHL GHU 9HU|IIHQWOLFKXQJ GHV *HVHW]HV 0RKDPPHG ULHI DOVR GDV9RONIUHLQHQEHVWLPPWHQ7DJ]XVDPPHQGDPLWHVVHLQ*HVHW]DQ GlFKWLJXQGXQWHUJUR‰HQ:XQGHU]HLFKHQHQWJHJHQQlKPH8QGDOVHUGLH 5HGHDQGDV9RONKLHOWIORJLKPHLQH7DXEHGLHGDUDXIGUHVVLHUWZDUDXI VHLQH6FKXOWHUXQGIUD‰HWOLFKH.|UQHUDXVVHLQHQ2KUHQ'LHKDWWHHU>]X YRU@GRUWKLQHLQJHOHJWXQGGLH7DXEHDQGLHVH$UWGHU)WWHUXQJJHZ|KQW    

Y   ŰLHGDQYRUK\QJHZRQHWKHWWHb$OŰREHWURJHHUGDVYROFNGD]ŰÖHPH\QHW WHQGHUKHLOÖJJH\ŰW\QJHŰWDOWGHUŰHOEHQZLŰŰHQWXEHQEOÖH‰\P\QDOOHV GD]HUGRUHGHWb0DQO\ŰHWDXFKGD]HLQERFNDXFKDOŰRJHZHQHWbGD]Ű\Q                                               

 Y   $XI GLHVH :HLVH EHWURJ HU GDV 9RON GDV WDWVlFKOLFK PHLQWH GHU +HLOLJH *HLVW LQ *HVWDOW HLQHU ZHL‰HQ 7DXEH EODVH LKP GLH 5HGH LQV 2KU 0DQ NDQQDXFKOHVHQHVVHLHLQ%RFNGDUDQJHZ|KQWZRUGHQVHLQH  



U 

ŰS\ŰHY‰PDFKRPHWVKDQGHQĆPHbGD]ţPDOYRQ\PEHUţIIHWNDPKHU  ODXIIHQYRUDOOHPYROFNYQGEUDFKWHH\QEţFKGDU\Q0DFKRPHWVJH  ŰDW]ZDVJHŰFKUÖHEHQ]ZţŰFKHQŰ\QHQKRUQHUQbZHOFKHVEţFK0DFKRPHW \PYRUKHWWHDQJHEXQGHQbGRPLWEHWURJHHUDEHUGDVYROFNGD]ŰÖHJODX EHWHQGDVŰHOEHJHŰDW]ZHUH\QHQDOŰRYUEOXW]OÖQJHQYRQJRWWJHŰDQGHW ZRUGHQbYQGKHWWHQGH‰HLQJUR‰YHUZXQGHUQbGH‰JOÖFKHQOÖH‰HUDQGHP ŰHOEHQHQGHGDVHUGWULFKYIIJUDEHQbGDU\QQHUYRUJXOGHQHYQGŰÖOEHUH NRSIIbEHFKHUYQGDQGHUJHŰFKLUUYROPLOFKYQQGKRQLJKHWWKH\POÖFKHQ YHUJUDEHQbGRPÖWDEHUHUGDVYROFNYEHUUHGHWGD]GÖŰŰHVH\QJRWWOÖFKH RIIHQEDUXQJZHUHb]ţH\P]H\FKHQJURŰŰHUNXQIIWLJHUYEHUIOXŰŰÖNH\WY? ULFKWXPYQGZROOXŰWGLHŰÖHZUGHQKDEHQKHUQDFKŰRŰÖH\HW]Ű\QJHŰDW]H HQSIÖHQJHQYQGGDUQDFKDOOZHJKLHOWHQb6ROOÖFKHGLQJJHŰHKHQbZDUGW GDVYROFNJDUIUROÖFKYQGPDFKRPHWRJDQW]JODXEÖJGHUŰÖHDOŰREHWUR JHGD]ŰÖHŰ\QJHŰDW]DOVHLQJRWWOÖFKJHŰDW]YIIQDPHQbYQG\PJDQW]JH KRUŰDPYQGZÖOOÖJZRUGHQbYQGGDUYPE]RJHQŰÖHPLW\PY‰\QŰWULWW Z\GHUGLHSHUŰÖGHVYQGDXFKZ\GHUGHQNH\ŰHU(UDFOÖXPEL‰\QRULHQW DOVDXFKREJHKDEWÖŰWb9PEZHJHQŰROOÖFKHUJURŰŰHUER‰KH\WHQY?ŰXQ  GHQZDUGW0DFKRPHWYRQJRWWJHSODJHWPLWGHPYDOOHQGHQŰÖHFKWDJ DOŰRbGD]HUGÖFNHQ\GHUYIIGLHHUGHYÖOYQGŰFKXPHWZLHH\QŰFKZ\QGD] DXFKJUX‰HQOÖFKZDV]ţŰHKHQbGRPLWHUDXFKHLQ]LWODQJŰ\QQOR‰ZDUW 9QGGRGDVŰ\QHUŰWHKX‰IUDXZ&DGHJDQŰDKHbZDUGHŰÖHJDUOH\GLJGD] ŰLHH\QŰROOÖFKHQYQUH\QHQYQQGŰFKDGKDIIWÖJHQPHQŰFKHQŰÖFKKHWWYHU  PHKHOWbGH‰JOÖFKHQDXFKGLHDQGHUQ$UDEHVŰROOÖFKVJHPHUFNHWbŰHUHDQ \PJHHUJHUWZRUGHQbZHOFKHHUZROOHQGHYHUŰXQHQEHWURJPLWŰROOÖFKHQ ZRUWHQŰSUHFKHQGHb6RGÖFNY?RIIWÖFKGHQHUW]HQJHOJDEULHODQŰFKDZH PÖWPLUUHGHQbPDJLFKGLHNODUKH\WY?JODQW]Ű\QHVDQJHŰLFKWHVDOVH\Q IOHLŰFKOÖFKHUY?WRGWOÖFKHUPHQŰFKQLWO\GHQbGDUYPELFKQ\GHUYDOOY? ZXUGYHU]XFNHWYQGJDQW]YRQP\QHQŰ\QQHQEHIUHPGHWb$OŰRJODXEHW GLHIUDXZPLWŰDPSWDOOHQDQGHUQ$UDEHVEL‰YIIGHQKXWLJHQWDJbY? PH\QHQGD]GHUYHUIţUHUY‰PşGHGH‰HUW]HQJHOJDEULHOÖVGHU\PGLFNH HUŰFK\QHWŰ\GLHJHŰDW]HQKDEHHQSIDQJHQGLHHU\QHQKDWWJHEHQbDEHU\UH ER‰KH\WKDWWŰÖHYHUEOHQGHWGD]ŰÖHKDEHQQDFKELOOÖFKHQYUWH\OJRWWHV H\Q\UUHQGHYHUQXQIIWYQGNH\QUHFKWHZDUHZ\‰KH\Wb    9RQGHPHOOHQGHQYQGYQŰHOÖJHQWRGWHPDFKRPHWLb   'DVYLHUGHFDSLWHOb  9UK\QQDFKGHPDOVGHUIDOŰFKSURSKHW0DFKRPHWH\QHUŰWJH ERUQHUŰXQŰDWKDQHYLOPHHPHQŰFKHQGXUFKŰ\QHWXIIHOÖŰFKHQJH  ŰDW]HQKHWWHYHUNHUHWbZDQQ\UH\QLJHUNHW]HUPHLŰWHUKHWWHYHUIţ  UHWRGHUH\QLJHUKHLOÖJ\HKHWWHEHNHUHWb]ţOHW]ŰWZDUGHUYŇH\QHPŰ\QHP Y\QGPLWJ\IIWYHUGHUEHWDOVPDQ\QHWWOÖFKHQKLŰWRULHQO\ŰHWbY?HUH‰       



U 



6SHLVHDXV0RKDPPHGV+DQGHQWJHJHQ]XQHKPHQ$XI0RKDPPHGV5XI NDPXQWHUGHQ$XJHQGHVJDQ]HQ9RONHVHLQVROFKHV7LHUKHUEHLJHODXIHQ XQG WUXJ ]ZLVFKHQ VHLQHQ +|UQHUQ HLQ %XFK PLW 0RKDPPHGV *HVHW] 'LHVHV%XFKKDWWH0RKDPPHGGHP7LHU]XYRUDXIGHP.RSIIHVWJHEXQ GHQ:LHGHUXPHLQ%HWUXJDP9RONGHQQHVVROOWHJODXEHQGDV*HVHW]VHL XUSO|W]OLFK YRQ *RWW JHVDQGW ZRUGHQ XQG WDWVlFKOLFK ZDUHQ GLH /HXWH VHKUYHUZXQGHUW*HQDXVROLH‰HU²YRUVHLQHU5HGH²DP9HUNQGLJXQJV RUW GDV (UGUHLFK KHLPOLFK DXIJUDEHQ LQ GLH 9HUWLHIXQJ JROGHQH XQG VLO EHUQH7|SIH%HFKHUXQGDQGHUHV*HVFKLUUPLW0LOFKXQG+RQLJKLQHLQ VWHOOHQXQGZLHGHU]XVFKWWHQ$XFKGDGXUFKVROOWHGDV9RONGDYRQEHU ]HXJWZHUGHQHVKDQGHOHVLFKKLHUXPHLQHJ|WWOLFKH2IIHQEDUXQJQlP OLFK XP HLQ =HLFKHQ GDIU ZHOFK JUR‰HQ NQIWLJHQ hEHUIOXVV ZHOFKHQ 5HLFKWXPXQGZHOFKH:ROOXVWGLHMHQLJHQNQIWLJHPSIDQJHQZUGHQGLH MHW]W VHLQ *HVHW] DQQlKPHQ XQG HV GDQQ LPPHU]X EHIROJWHQ $OV VROFKH 'LQJHJHVFKHKHQZDUHQZXUGHGDV9RONJDQ]IU|KOLFKXQGKLQJ0RKDP PHGJOlXELJDQGHUPLWGHP6FKDXVSLHOGRFKQXUYRUJHWlXVFKWKDWWHVHLQ *HVHW] VHL J|WWOLFKHU 1DWXU 'DV 9RON ZXUGH JHKRUVDP XQG ZLOOLJ 'HV KDOE]RJHVPLWLKPLQGHQ.DPSIJHJHQGLH3HUVHUXQGDXFKJHJHQGHQ .DLVHU+HUDFOLXVELVZHLWLQGHQ2ULHQWKLQHLQHVZDUMDVFKRQGLH5HGH GDYRQ)UVROFKHJUR‰HQ%RVKHLWHQXQG6QGHQZXUGH0RKDPPHGYRQ *RWWPLWGHU)DOOVXFKWJHSODJW(UILHODXIGLH(UGHXQGVFKlXPWHZLHHLQ 6FKZHLQ XQG ZXUGH DXFK HLQH =HLWODQJ RKQPlFKWLJ (V ZDU HLQ *UHXHO GDVPLWDQ]XVHKHQ$OVVHLQH+DXSWIUDX&KDGLGVFKDGLHVVDKZXUGHVLHHV OHLG PLW HLQHP VROFK XQUHLQHQ XQG VFKDGKDIWHQ 0HQVFKHQ YHUPlKOW ]X VHLQ 1DWUOLFKEHPHUNWHQ DXFK GLH DQGHUHQ $UDEHU GLHVH .UDQNKHLW XQG ZDUHQVHKUYHUlUJHUW8PVLH]XYHUV|KQHQWlXVFKWHVLH0RKDPPHGPLW IROJHQGHQ:RUWHQ6RLQQLJXQGVRRIWZLHLFKGHQ(U]HQJHOVFKDXHXQG ZLHHUPLWPLUVSULFKWVRZHQLJYHUPDJLFKDOVHLQIOHLVFKOLFKHUXQGVWHUE OLFKHU0HQVFKGLH.ODUKHLWXQGGHQ*ODQ]VHLQHV$QJHVLFKWVDXV]XKDOWHQ 'HVKDOEIDOOHLFKJHUDWHLQ9HU]FNXQJXQGZHUGHPHLQHU6LQQHEHUDXEW 'DVJODXEWH0RKDPPHGV)UDXXQGGDVJODXEHQDOOH$UDEHUELV]XPKHXWL JHQ7DJ6LHKDOWHQIUZDKUGDVVGHU9HUIKUHUDXVGHP0XQGGHV(U] HQJHOV *DEULHO GHU LKP RIW HUVFKLHQHQ VHL GDV *HVHW] HPSIDQJHQ KDEH GDVHULKQHQEHUOLHIHUWKDEH'RFKLKUH%RVKHLWKDWVLHYHUEOHQGHWXQG QDFKGHPJHUHFKWHQ8UWHLO*RWWHVYHUIJHQVLHQXUEHUHLQHIHKOJHOHLWHWH 9HUQXQIWXQGQLFKWEHUGLHUHFKWHZDKUH:HLVKHLW   9RPWURVWORVHQXQGXQVHOLJHQ7RG0RKDPPHGV  9LHUWHV.DSLWHO  'HUIDOVFKH3URSKHW0RKDPPHGHLQHUVWJHERUHQHU6RKQ6DWDQVKDWPLW VHLQHQWHXIOLVFKHQ*HVHW]HQPHKU0HQVFKHQYHUGRUEHQDOVHLQ.HW]HUPHL VWHUMHYHUIKUWRGHUHLQ+HLOLJHUMHEHNHKUWKDW6FKOLH‰OLFKVRLVWHVKLVWR ULVFK EHUOLHIHUW ZXUGH 0RKDPPHG DP (QGH VHLQHV /HEHQV YRQ HLQHP VHLQHU)HLQGHYHUJLIWHW'DVKDWHU      



Y 

JDUZROKHWWHYHUGLHQHWb'RFKO\ŰHWPDQQDXFKDQGHU‰ZRGD]HUŰţEHQ JDQW]HUWDJŰ\QQOR‰ZDUGDOVDXFKREJHPHOGHWLŰWY?PGLFNJHŰFKDKH 1DFKZHOFKHQWDJHQDOVHUH\QZHQLJZ\GHU]ţ\PŰHOEHŰWNDPHbZDUG H\QIXUŰWHYQGHUGHQŰ\QHQJDU]RUQLJZ\GHU\QPÖWQĆPHQKDOD\H\Q ŰXQDE\WKDOÖE\PYHUZ\ŰHQGHbGD]HUDOŰRŰ\QŰ\QQHKHWWHYHUORUHQbGR YHUŰFKDPPHWHUŰÖFKDOŰRGD]HUQ\HPDQGZROWE\\PKDEHQGDQDOOH\Q KDOODKDEHWŰ\QHVYDWWHUVEUXGHU$EGHPXWDODJHQĆWŰXQb$EHUDOVGLH NUDQJKHLWKHUZ\GHUNDPHbDPbYLMbWDJYHUŰFK\GHHUY?JHŰFKZDO\PŰ\Q O\EHbYQGGHUP\QŰWI\QJHUZDUGH\PNUXPSb0LWQĆPHQŰWDUEHHUDQ H\PPRQWDJDPb[LÖMbGHVHUŰWHQPRQHGVGHUE\\QHQKH\ŰŰHW5DEHJ\P O[LLMbMDUŰH\QHVOHEHQVDPb[LLLMbWDJQDFKGēHUZDVNUDQFNZRUGHQb$OŰR LŰWHUJHZHŰHQbO[LLMMDUDOWbZHOFKHUMDUHQHUb[[LLMbKDWWYHU]HUHW\QŰ\QHU SURSKHF\ GDVLŰW [[LLMbMDUZDUGHUJHKDOWHQIXUH\QHQSURSKHWHQOH EHQGHb+\HLŰWQLW]ţYHUŰFK\JHQGHGDV\Q\PŰHOEHVZDUHLŰWbDEHUJDU ŰFK\PSOÖFK]ţKUHQbGD]GRHUQRFKOHEHQGHKHWWHJHERWHQŰ\QHQMşJHUQ YQGIUXQGHQGD]ŰÖH\QQQLWEDOGŰROWHQEHJUDEHQZDQHUŰWXUEHbZDQHU DPGULWWHQWDJQDFKŰ\QēWRGWŰROW]ţKPHOIDUHQbDOVHUJHŰWDUEHŰROOÖ  FKHPJHERWWQDFKbELWWHQŰÖHQLWDOOHLQGU\bŰXQGHU]ZROIIWDJZDUWēGHRE \Q\HPDQGZROW]ţKPHOIţUHQbYQGDOVŰÖHODQJKHWWHQJHZDUWHWbY? QLFKWVDQGHUVŰDKHQRGHUEHIXQGHQGDQGD]HLQYQO\GWOÖFKHUJHŰWDQFNH ZţFKŰHREŰ\QHPO\EHb]ţOHW]ŰWHPLWJURŰŰHP]RUQY?YQZLOOHQYHUJUţ EHQŰÖHŰ\QHQO\EŰOHFKWYQGHUGLHHUGHQb$OŰRLŰWJHZHŰHQGDVOHEHQPD  FKRPHWLYQGDOŰRŰ\QHQGHIXUZDUEH\GHYQŰHOÖJb$OVDEHUGLŰHUYHU  IţUHUY?EHWULHJHUJHŰWDUEHY?PHQJOÖFKŰ\QIDOŰFKHLWHUIXUHQbZDQPDQ RIIHQEDUOÖFKHQŰDKHGD]DOOHVGD]HUKHWWHJHŰDJHWIDOŰFKY?\WHOZDVbZ\ GHUNHUHWŰÖFKHLQ\HGHU]ţGHPJODXEHQYQGŰHFWŰRHUYRUKHWWHJHKDOWHQb ZHQLJYŇŰ\QHPJHŰOHFKWY‰JHQŇPHQGLHŰÖFKYHUPH\QWHQ\QGēNRQLJ  ULFKYQGJHZDOWNXQIIWLJHUEHQb=ţGHU]\WZDV(EXEHHUHÖQNOXJHUY? IXUŰÖFKWLJHUPDQH\QHUYRQGHQMXQJHUQPDFKRPHWLGHUGDVNRQLJULFK QDFK\PHUXROJHWb9QGZLHZROGDVKDOOD\$E\WDOÖEŰXQGHPREHUŰWē YQGHUPDFKRPHWVIUXQGHQY?MşJHQJDUŰHUHP\‰YLOHbQRFKGDQZDUW HUYŇGHPREJHQDQWHQNRQLJYEHUUHGHWbGD]HUZLOOÖJOÖFKHQDEŰWXQGHb 'HUŰHOE(EXEHHUPLWJURŰŰHPYO\‰Z\GHUUţIIHWDOOHGLHGLHYŇPDFKR  PHWVJHŰDW]HDEJHXDOOHQZDUHQbY?ŰFKXIIHGD]ŰÖHDOOHJHPHOÖFKHQŰÖFK YQGHUZţUIIHQGHUYRULJē\UWşPHQbH\QWH\OY‰IRUFKWGHUSHQRGHUŰWUDII H\QWH\OY‰KRIIHQşJHUHbHLQWH\OYPEZHJHQJHZQHVbY?DOŰRDOOJH  ŰWLIIWHY?QLWY‰KHUW]HQbNRPHQŰÖHZ\GHUYQGHUPDFKRPHWVJHŰDW]Hb'R QXQGHU\W]JHQĆWPDFKRPHWVQDFKNŇPHU&DOOÖSKDYŇGHQŰ\QHQJHQĆW ŰÖFKŰDKHEHŰWHWLJHW\QŰÖQHPNRQÖJULFKbOÖH‰HUŰ\QēYRUIDUQH\QJDUNRŰW        



Y 



ZDKUOLFKYHUGLHQW$QGHUVZROLHVWPDQHUVHLVLHEHQJHVFKODJHQH-DKUHEH ZXVVWORVJHZHVHQGDVVHURIWXQWHU%HZXVVWORVLJNHLWOLWWGDYRQKDEHLFKMD EHUHLWV JHVFKULHEHQ $OV HU QDFK 7DJHQ GHU %HZXVVWORVLJNHLW ZLHGHU HLQ ZHQLJ]XVLFKNDPZXUGHHLQ)UVWLQVHLQHP*HIROJH]RUQLJ'LHVHU+D OD\ HLQ 6RKQ GHV $E\WKDOLE NUHLGHWH 0RKDPPHG DQ GDVV HU EHZXVVWORV JHZRUGHQVHL'DVFKlPWHHUVLFKGHUPD‰HQGDVVHUQLHPDQGEHLVLFKKD EHQZROOWHDX‰HU+DOODKDEHWGHQ6RKQYRQVHLQHV9DWHUV%UXGHU$EX7D OLE'RFKDOVQDFKVLHEHQ7DJHQGLH.UDQNKHLWZLHGHUDNXWZXUGHGDYHU VFKLHG HU 6HLQ /HLE VFKZROO DQ XQG VHOEVW VHLQ NOHLQHU )LQJHU NUPPWH VLFK(UVWDUEPLW-DKUHQDQHLQHP0RQWDJDPGHVHUVWHQ0RQDWV GHU EHL GHQ$UDEHUQ 5DEHJ KHL‰W  7DJH QDFKGHP HU NUDQN JHZRUGHQ ZDU6HLQ/HEHQVDOWHUEHWUXJDOVR -DKUHXQG-DKUHODQJKDWHUVLFK DOV 3URSKHW DXVJHJHEHQ DOVR  -DKUH ODQJ ZXUGH HU IU HLQHQ OHEHQGHQ 3URSKHWHQJHKDOWHQ0DQEUDXFKWQLFKW]XYHUVFKZHLJHQGDVVHUGDVVHOEVW IU ZDKU HUDFKWHW KDW bUJHUOLFK MHGRFK LVW HV ]X K|UHQ GDVV HU VHLQHQ -QJHUQXQG)UHXQGHQ]X/HE]HLWHQEHIDKOVLHVROOWHQLKQQLFKWVRVFKQHOO EHJUDEHQZHQQHUJHVWRUEHQVHLGHQQDPGULWWHQ7DJQDFKVHLQHP7RG ZHUGHHUJHQ+LPPHOIDKUHQ'LH+LQWHUEOLHEHQHQZDUWHWHQDOVRQLFKWQXU GLHJHERWHQHQGUHLVRQGHUQJOHLFK]Z|OI7DJHREGHQQMHPDQGNlPHGHU 0RKDPPHG LQ GHQ +LPPHO IKUHQ ZROOH 8QG DOV VLH ODQJH JHQXJ JH ZDUWHWKDWWHQXQGDOVQLFKWVZHLWHUJHVFKDKDOVGDVVHLQXQHUWUlJOLFKHU*H VWDQNDXVGHP.|USHUGHV7RWHQHQWZLFKZXUGHQVLH]RUQLJXQGXQZLOOLJ XQGVRYHUJUXEHQVLHVHLQHQ/HLEVFKOLH‰OLFKPHKUVFKOHFKWDOVUHFKWXQWHU GHU(UGH6RJHVWDOWHWHVLFKGDV/HEHQ0RKDPPHGVXQGDXFKVHLQ(QGH² EHLGHZDUHQXQVHOLJ $OVDEHUGLHVHU9HUIKUHUXQG%HWUJHUJHVWRUEHQ ZDUXQGGLH0HQJHYRQVHLQHU)DOVFKKHLWHUIXKUGDHVJDQ]RIIHQVLFKWOLFK ZDUGDVVDOOHVZDVHUJHVDJWKDWWHIDOVFKXQGHLWHOZDUGDEHNHKUWHVLFK MHGHUZLHGHU]XGHP*ODXEHQRGHU]XGHU6HNWHGHPRGHUGHUHU]XYRU DQJHKDQJHQ KDWWH$XFK EOLHEHQ ZHQLJH DXV0RKDPPHGV 6LSSH EHL GHP QHXHQ *ODXEHQ DXVJHQRPPHQ GLHMHQLJHQ GLH GLH +RIIQXQJ KHJWHQ VLH VHLHQGLH(UEHQGHV.|QLJUHLFKVXQGGHU0DFKW,QGLHVHU=HLWOHEWH$EX %HNUHLQNOXJHUXQGZHLWVLFKWLJHU0DQQHLQHUGHU-QJHU0RKDPPHGV GLHLKPLP.|QLJVDPWQDFKIROJWHQ8QGREZRKOHV+DOOD\GHP6RKQGHV $EX7DOLEGHPPlFKWLJVWHQGHU)UHXQGHXQG-QJHU0RKDPPHGVPL‰ ILHO ZXUGH HU YRP JHQDQQWHQ .|QLJ GD]X DXIJHUXIHQ IUHLZLOOLJ >DXI GDV .DOLIDW@ ]X YHU]LFKWHQ 0LW JUR‰HP (LQVDW] ULHI $EX %HNU DOOH GLH YRP PRKDPPHGDQLVFKHQ *HVHW] DEJHIDOOHQ ZDUHQ GD]X DXI XP]XNHKUHQ 8QGHUVRUJWHGDIUGDVVVLFKDOOHGHQYRULJHQ,UUWPHUQXQWHUZDUIHQ(LQ 7HLO WDW GLHV DXV $QJVW YRU 3HLQ RGHU 6WUDIH HLQ 7HLO DXV +RIIQXQJ XQG (KUJHIKO HLQ 7HLO DXV 3URILWJUQGHQ 6LH NHKUWHQ DOVR ]X 0RKDPPHGV *HVHW]]XUFNDXIJUXQGYRQ$QVWLIWXQJHQQLFKWDXIJUXQGHLQHV+HU]HQV ZXQVFKHV$OVGHU.DOLIGHU 1DFKNRPPH0RKDPPHGVYRQGHQ6HLQHQ LP.|QLJVDPWOHJLWLPLHUWZXUGHGDOLH‰HUVHLQHP9RUIDKUHQHLQNRVWEDUHV    

Y   OLFKJUDEPDFKHQ]ţPHFKD\QH\QHPJDUJURŰŰHQŰFKRQHQWHPSHObYQG PDQŰDJHWGD]HUGHQŰDUFKGDU\QQGLHJHEH\QPDFKRPHWLODJHQOÖH‰]ţ U\QJHYPEPLW\ŰHQYEHU]\HKHQbYQGYHUEDUJHKH\POÖFKHWWOÖFKJURŰŰH                                               

 Y   *UDEPDFKHQLQ0HNNDLQHLQHPJUR‰HQVFK|QHQ7HPSHO(VKHL‰WHU KDEH GHQ 6DUJ LQ GHP GLH *HEHLQH 0RKDPPHGV OLHJHQ YROOVWlQGLJ PLW (LVHQEHU]LHKHQODVVHQ8QGKHLPOLFKKDEHHUHLQLJHJUR‰H  



U 

ŰWXFNYRQGHPŰWH\QPDJQHVJHQDQWREHQ\QGHPWHPSHObZHOFKHGHQ ŰDUFKGXUFKNUDIIWGH‰ŰHOEHQŰWHLQHVGHU\QGDV\ŰHQZXUFNHWYEHUŰÖFK]R JHQbDOŰRGD]PDQPH\QHWHUKLHQJHZşGHUEDUOÖFKHQ\QGHPOXIIWHbY? \QGHU\UUXQJYQQGDEHUJODXEHQŰ\QGLHŰDUUDW]HQDOOH]\WWJHŰWDQGHQb 'RFKYPEGLH]\WDOVPDQ]HOHWYRQFUÖŰWJHEXUWb0FFFFbYQGbO[[bMDU DOVYQVJODXEOÖFKHQLŰWJHŰDJHWZRUGHQbNDPHYUEOţW]OÖFKHLQJUŰHOÖFK YQGYQJHŰWXPJHZ\WWHUYEHUGLHŰWDWWY?GHQWHPSHO]ţPHFKDbYQQG ŰFKOţJHGDVJUDEPDFKRPHWLGH‰YHUIţUHUVPLWŰDPSWŰ\QēO\EHŰRW\HII YQGHUGÖHHUGHQbGD]PDQH‰QLWPHHNDQRGHUPDJY\QGHQbGDU]ţH\Q JURŰŰHVWH\OGH‰WHPSHOVYÖOGHUQ\GHUYRQGHPKHOOÖŰFKHQIHUYHU]HUHW 9QGDOŰRŰ\QGLHŰDUUDFHQ\UHVIDOŰFKHQSURSKHWHQKHLOWXPYQGJHEH\Q JDQW]Y?JDUEHUDXEHWbYQGREŰÖHH‰ZROOWHQYHUŰWDQK\U\QJDUŰHUHYHU ŰFKHPHWGD]\UDEWJRWWY?Ű\QO\EDOŰRLŰWYQJH]Z\IHOW\QGLHKHOOHYHU  ŰWRŰŰHQZRUGHQb$EHUŰRŰÖHDOŰRH\QYHUKHUWHVKHUW]KDEHQ\Q\UHQŰXQGē PţJHQŰÖH\UH\UUXQJQLWYHUŰWDQbZDQGHU]RUQJRWWHVYEHUŰÖHYHUOÖEHWb 9QGŰÖWWHPDOŰÖHDOŰRZ\GHUŰSēQLJŰ\QGHPOÖHFKWbKDEHQŰÖHHLQYHUŰWRS WHVJHPţWb9QGDOVŰDQFWXV3DXOXVŰSULFKWYPEZHJHQ\UHUEO\QGW  KH\WYQGKDUWLNH\W\UHVKHUW]HVOHEHQŰÖH\QY\QŰWHUQX‰bYQGZHUGHQ]ţ OHW]ŰW\QGÖHY‰HUOÖFKY\QŰWHUQX‰]ţ\UēYHUGDPSWHQSURSKHWHQRQ]Z\ IHOHZLJOÖFKHQYHUŰWRŰŰHQb  9RQGHQDUWLNHOQ\P$ONRUDQRGHUJHŰDW]PDFKRPHWLEHJULIIHQPLW H\QHUNXUW]HQ\QUHGHGDUZ\GHUYPEZHJHQGHUŰFKOHFKWHQOH\HQb    'DVIXQIIWFDSLWHO  $‰$ONRUDQRGHUYHUIOţFKWJHŰDW]PDFKRPHWLŰR\HPDQWŰRYLOO ]\WWKDEHQGHGD]HUH‰PRFKWHOHŰHQODQJY?ODQJYEHUŰ\KHWY? ZLGHUO\ŰHWbZXUGWHUGXUFKH\JHQHUIDUXQJZROPHUFNHQGD]GLH JDQW]ŰHOEJHŰFKULIIWDOŰRYHUPŰFKHWLŰWYQGYQJHRUGHQHWbGD]DOOHVGD] GRLŰWRQUHFKWHŰDW]şJbRQUHFKWHRUGHQXQJbRQDOOHJH]\UGHbRQDOOHYHU  QXQIIY?Ű\QQDOŰRLŰWJHŰHW]HWbGD]QLFKWHVGDU\QLŰWGD]H\PPHQŰFKHQ PRJHZROJHXDOOHQbRGHUPHQŰFKOÖFKJHPţWHUOXŰWLJHQb:DQZLOPDQ ŰţFKHQŰFKQHUHGHEDUNHLWbKDWWQ\HNHLQHUDUDELŰFKHWWZDVDOŰRŰFKHQGW  OÖFKJHŰFKULHEHQbMDJHJHQDOOHQGHQHQDUDELŰFKHQZ\ŰHQGLHHWWZDVJH  ŰFKUÖEHQKDEHQLŰWGLŰHJHŰFKULIIW\P$ONRUDQEHJULIIHQDQGHUVQLWbGDQ HLQEDUEDU\DOOHVJHŰSRWWHVZHUGWb-FKYLQGHDXFKQLFKWHVJţWHVGDU\Q DEHUYLODUJHVGD]HÖQ\HGHUWKRURGHUJHFNYLOED‰YQGNOţJHUOÖFKWOLFK KHWWHPJHQHUGLFKWHQbYQGREH‰ZHUHGD]HWWZD]JţWHVGDU\QQZXUGH JHIXQGHQDOVGÖHŰDUUDW]HQ]ţ]LWWHQŰROOHQYDŰWHQbRGHUEHWWHQbRGHUDO  PţŰHQJHEHQQHWFbÖŰWGRFKŰROOÖFKVQLWW]XPHUŰWHQYRQGHPYHUIOţFKWHQ 0DFKRPHWHUIXQGHQZRUGHQb   2ZLHYLOKHLOÖJOÖFKHU YHUQXQIIWÖJOÖFKHUYQQGHUEHUJOÖFKHU0RLŰHVb+HOÖDVYQQGYLODQGHU       



U 



6WFNHGHV0DJQHWHQGHUREHQLQGHP7HPSHO>DQJHEUDFKWZRUGHQ@ZDU LP6DUJYHUERUJHQ'LH.UDIWGLHVHV0DJQHWHQ]RJGHQ6DUJGXUFKGDVLQ LKPZLUNHQGH(LVHQLQGLH+|KHVRGDVVPDQPHLQHQNRQQWHHUVFKZHEH DXI ZXQGHUEDUH :HLVH LQ GHU /XIW 'LHVHU 7lXVFKXQJ XQG GLHVHP $EHU JODXEHQEOLHEHQGLH6DUUD]HQHQLPPHUYHUKDIWHW(VLVWXQVMHGRFKJODXE KDIW YHUVLFKHUW ZRUGHQ GDVV LP -DKUH  QDFK &KULVWL *HEXUW JDQ] SO|W]OLFKHLQHQWVHW]OLFKWREHQGHV*HZLWWHUEHUGLH6WDGW0HNNDPLWLK UHP 7HPSHO KHUHLQJHEURFKHQ VHL 'LHVHV 8QZHWWHU KDEH GDV *UDE GHV 9HUIKUHUV0RKDPPHGPLWVDPWVHLQHPGDULQJHEHWWHWHQ/HLFKQDPVRWLHI LQGLH(UGHJHKDXHQGDVVPDQHVQLFKWPHKU]XILQGHQYHUPDJ$X‰HU GHPVWU]WHHLQJUR‰HU7HLOGHV7HPSHOVHLQXQGZXUGHYRQHLQHPK|OOL VFKHQ)HXHUYHU]HKUW6RVLQGQXQGLH6DUUD]HQHQGHV+HLOLJWXPVLKUHVIDO VFKHQ3URSKHWHQXQGVHLQHU*HEHLQHJlQ]OLFKEHUDXEW8QGVLHVROOWHQHV YHUVWDQGHQKDEHQXQGVLFKVFKlPHQGDVVGHU/HLELKUHV*|W]HQJHUDGHV ZHJVLQGLH+|OOHYHUVWR‰HQ ZXUGH$EHUZHLOVLHDXIJUXQGLKUHU6QGHQ HLQ YHUKlUWHWHV +HU] KDEHQ JHOLQJW HV LKQHQ QLFKW LKUHP ,UUWXP DXI GLH 6SXU ]X NRPPHQ 'HQQ *RWWHV =RUQ VFKZHEW EHU LKQHQ XQG ZHLO VLH VLFK DXIOHKQHQ JHJHQ GDV/LFKW VLQGVLHYHUVWRFNW:HJHQ LKUHU %OLQG KHLWXQG+DUWKHU]LJNHLWVRGLH:RUWHGHVKO3DXOXVOHEHQVLHLQGHU)LQ VWHUQLVXQGVRZHUGHQVLH]ZHLIHOORV]XOHW]WDXFKlX‰HUOLFKLQGLH)LQVWHU QLVLQGLH1lKHLKUHVYHUGDPPWHQ3URSKHWHQDXIDOOH(ZLJNHLWYHUVWR‰HQ  (LQ]HOQH$UWLNHOGHV.RUDQVGHV*HVHW]HV0RKDPPHGVPLWHLQHU 9RUUHGHIUGLHXQJHELOGHWHQ/DLHQ   )QIWHV.DSLWHO  :HUGLH=HLWKDWGHQ.RUDQE]ZGDVYHUIOXFKWH*HVHW]0RKDPPHGVLQDO OHQ (LQ]HOKHLWHQ DXVJLHELJ ]X OHVHQ VLFK HLQHQ hEHUEOLFN ]X YHUVFKDIIHQ XQGLKQZLHGHU]XOHVHQGHPZLUGGLH>/HVH@(UIDKUXQJ]HLJHQGDVVGLHVH 6FKULIWYHUPLVFKWXQGXQJHRUGQHWLVW$OOHVLP.RUDQLVWRKQHUHFKWH*H VHW]Pl‰LJNHLWRKQHUHFKWH2UGQXQJRKQH 6FKPXFNRKQHDOOH9HUQXQIW XQGRKQH6LQQ1LFKWVVWHKWGDULQZDVHLQHP0HQVFKHQJHIDOOHQN|QQWH RGHUZDVIUGDVPHQVFKOLFKH*HPWHLQ9HUJQJHQGDUVWHOOWH6XFKWPDQ VFK|QH5KHWRULNVRKDWQLHPDQGMHHWZDVVR6FKlQGOLFKHVJHVFKULHEHQ-D JHJHQEHUDUDELVFKHQ*HOHKUWHQGLHHWZDVJHVFKULHEHQKDEHQNDQQPDQ GHQ.RUDQQLFKWDQGHUVEHVFKUHLEHQ GHQQDOV HLQH%DUEDUHLGLHDOOHQ*H VS|WWHVZHUWLVW,FKILQGHEHUKDXSWQLFKWV*XWHVGDULQYLHOPHKUDEHUVR $UJHV GDVV MHGHU GDKHUJHODXIHQH 7RU RGHU *HFN PLW /HLFKWLJNHLW EHGHX WHQGNOJHUKlWWHGLFKWHQN|QQHQ8QGVHOEVWZHQQPDQHWZDV*XWHVGDU LQHQWGHFNHQZUGH]%GDVVGLH6DUUD]HQHQ]XEHVWLPPWHQ=HLWHQIDVWHQ EHWHQ RGHU $OPRVHQ JHEHQ VROOHQ VR VLQG GRFK GHUDUWLJH *HERWH QLFKW YRQ GHP YHUIOXFKWHQ 0RKDPPHG VHOEVW HUIXQGHQ ZRUGHQ   2 XP ZLH YLHOKHLOLJHUYHUQQIWLJHUXQGHKUEDUHUVLQG0RVH(OLDVXQGYLHOHDQGHUH        



Y 

SURSKHWHQDXFK-RKDQQHVGHUWDXIIHUbYQGEHŰXQGHUYQŰHUHUORŰHUYQG KH\OPDFKHUFUÖŰWXVKDEHQJHYDŰWHWbJHEHWWHQbYQGZHUFNGHUEDUPKHUW]L  NH\WEHZ\HŰHQbDXFKYQVJHKH\ŰŰHQYQGJHOHUHWŰROOÖFKVWKţQODQJHYRU GHU]\WGH‰YHUIOţFKWHQPDFKRPHWVJHŰDW]bGDUYPEŰROOÖFKHUGLQJKDOE PDFKRPHWNH\QHUŰWHUPHLŰWHUPDJHEHJHUHQJHŰHKHQZHUGHQbGHUHUDXFK QÖFKWZLUGÖJÖŰWMRFKH\QOHW]ŰWHUMXQJHUJHKDOWHQŰ\QbDOVGDVK\HQDFK Z\WWHUZXUGWHUNOHUHWb2EDEHU\HPDQWGDUZ\GHUZROWHUHGHQYQGDU  JX\UHQbZDQ\P$ONRUDQJHŰFKULHEHQLŰWYQGYŇGHPPDFKRPHWŰHOEHU JHSUHGLJHWZRUGHQbGD]GLŰHVJHŰDW]H\QŰROOÖFKHVŰ\GH‰JOÖFKHQQRFKYŇ PHQŰFKHQQRFKYŇWXIIHOQPDJJHPDFKHWZHUGHQb$QWZRUWHQZLU]XP HUŰWHQGD]PDFKRPHWŰROOÖFKPHQŰFKHQHUZHOHWGHQHUGLŰHVJHŰDW]JHEHb GLHŰRJUREHYQGYQZLŰŰHQZDUHQGD]ŰÖH\QNH\QHQZHJH‰PRFKWHQYU  WH\OHQZLHH‰ZHUHJţWRGHUE‰GDUQDFKODŰŰHQZLU]ţY?YHULHKHQGD] \QZDUKH\WGLŰHVJHŰDW]DOŰRWKRUHFKWbYQHHUŰDPbYQGYQYHUQXQIIWLJLŰWb GD]QRFKYRQPHQŰFKHQQRFKYRQWXIHOHQGH‰JOÖFKHQJHPDFKHWZXUGHb ZDQLFKJODXEJHQW]OÖFKGD]DXFKGLHWXIHOŰÖFKYHUŰFKHPPHWWHQŰROOÖFKV ]XŰFKULEHQDOVKLHQDFKPHHYQGPHHZXUGWHUŰFK\QHQ (‰Ű\Q\P$ONRUDQb[LMbDUWLNHOIXUQHPOÖFKHUGHQDQGHUQEHJULIIHQb ZHOFKHLFKQDFKH\QDQGHUZLOHU]HOHQbY?DOVH‰QDFKGHPNXUW]ŰWHQPDJ JHŰFKHKHQH\QYHUZHUIIXQJGHUŰHOEHQK\Q]ţŰHW]HQDOVGDQH\QGRFWRU 3HWUXVDOIRQŰÖJHQDQWYRU]\WWHQH\QMXGHJHZHŰHQYQGHUGHQŰDUUDFHQ HU]RJHQbGRFKGDUQDFKFULŰWHQZRUGHQŰFKUÖEHW\QH\QēEţFKO\Qb\QZHO  FKHPHUH\QŰFKDUSIIGLŰSXWDFLRQIţUHWZ\GHUH\QHQ6DUUDFHQGHU\Q ŰWUDIIHW\QŰROOÖFKHUPD‰Z\GHU\QUHGHQGHb  (\Q]ţUHGH\QŰWUDIIZ\‰H\QHVŰDUUDFHQ]ţ3HWURDOIRQŰÖb -FKEHIUHPGHWRSHWUHZRUYPEGXQDFKGHPYQGGXYHUODŰŰHQ KDŰWG\QHQYHWWHUOÖFKHQJODXEHQ GDVLŰWGHQMXGHŰFKHQ GDUDQ GXZROJHWKDQKDŰWbGHQFULŰWHQOÖFKHQJODXEHQKDŰWHUZHOHWGDQ GHQŰDUUDFHQLŰFKHQŰRGXGRFKYRQMţJHQWDQYQGHUGHQŰDUUDFHQEÖŰWHU ]RJHQYQQG\UHŰSUDFKYHUŰWHHŰWbDXFK\UHEXFKHUKDŰWJHOHŰHQbGDU]ţ\UH JHŰHW]GLUZROZLŰŰHQLŰWbZHOFKHVJHŰDW]JDUPLOGWLŰWY?YÖO\QQKHOWZRO OXŰWGL‰JHJHQZHUWLJēOHEHQVDQWUHIIHQbGDU]ţH‰YQY‰ŰSUHFKOÖFKIUHG YHUKH\ŰŰHWGHQHQGLHH‰KDOWHQbPLWZHQLJHQYQGQLWY\OHQŰÖHEHŰFKZHUHW JHERWWHQb 'HUHUŰWHDUWÖNHOZDQH‰QLWPHHGDQIXQIIPDO\PWDJ KH\ŰŰHWEHWWHQb 'HUDQGHUDUWLNHOYQGHHGDQŰÖHEHWWHQGRPLWŰÖHUH\Q Ű\QJHEXWWGDVJHŰDW]GD]ŰÖH\UHKHQGHY?DUPbPşGY?QD‰bRUHQYQG DXJHQbGDVKDHUY?KDXEWb]ţOHW]ŰWDXFKGLHIX‰Y?DXFKGLHŰFKDPŰRO OHQZHŰFKHQb6ROOÖFKVJHŰFKHHQYDKHQŰLHDQ]ţEHWHQbH\QJRWYHULHKHQGH GHUNH\QHQDQGHUQ\PJOÖFKKDEHYQGŰ\QHQSURSKHWHQPDFKRPHWb 'HUGULWWHDUWLNHO-WēH\QJDQW]HQPRQDGW\PMDUŰROOHQŰÖHYDŰWHQ GRFKDOŰRbGD]ŰÖHE\QDFKWPţJHQHŰŰHQY?O\EHVZROOXŰWHVSIOHJHQDEHU E\WDJHQLWb       



Y 



3URSKHWHQ$XFK-RKDQQHVGHU 7lXIHU XQG EHVRQGHUVXQVHU(UO|VHU XQG +HLODQG&KULVWXV²VLHDOOHKDEHQJHIDVWHWJHEHWHWXQG:HUNHGHU%DUP KHU]LJNHLWYROOEUDFKW6LHKDEHQXQVODQJHYRUGHP*HVHW]GHVYHUIOXFKWHQ 0RKDPPHG GD]X EHDXIWUDJW XQG XQV JHOHKUW GDVVHOEH ]X WXQ 'HVKDOE NDQQ 0RKDPPHG QLFKW EHDQVSUXFKHQ GHU HUVWH 0HLVWHU GDULQ ]X VHLQ 'HVVHQ LVW HU QLFKW ZUGLJ XQG HV NRPPW LKP DXFK QLFKW ]X IU HLQHQ OHW]WHQ-QJHUJHKDOWHQ]XZHUGHQ'DVZLUGVSlWHUQRFKJHQDXHUHUNOlUW :HQQMHGRFKMHPDQGGDJHJHQ(LQVSUXFKHUKHEHQP|FKWHXQGDUJXPHQ WLHUWHVVWHKHLP.RUDQJHVFKULHEHQXQG0RKDPPHGKDEHHVVHOEVWJHSUH GLJW GDVV VHLQ *HVHW] ZHGHU YRQ 0HQVFKHQ QRFK YRQ 7HXIHOQ JHPDFKW ZRUGHQVHLQN|QQHVRDQWZRUWHQZLUHUVWHQV'LH0HQVFKHQGLH0RKDP PHG]XP(PSIDQJVHLQHV*HVHW]HVDXVHUVHKHQKDWVLQGVRJUREXQGXQ ZLVVHQGGDVVVLHEHUKDXSWQLFKWLQGHU/DJHVLQG]XEHXUWHLOHQREHVJXW RGHUE|VHVHL,QVRIHUQJHEHQZLUJHUQH]XGDVVGLHVHV*HVHW]LQ:DKUKHLW VRW|ULFKWHKUORVXQGXQYHUQQIWLJLVWGDVVHVYRQNHLQHQ0HQVFKHQXQG YRQNHLQHQ7HXIHOQJHPDFKWZRUGHQVHLQNRQQWH'HQQLFKJODXEHVRJDU GDVV VLFK VHOEVW GLH 7HXIHO VFKlPHQ VR HWZDV ]X VFKUHLEHQ :LU ZHUGHQ JOHLFKVHKHQZDUXP (V JLEW LP .RUDQ ]Z|OI$UWLNHO GLH ZLFKWLJHU VLQG DOV GLH DQGHUHQ 'LH ZLOOLFKLP)ROJHQGHQHLQ]HOQGDUVWHOOHQ=ZDUPDJHVZHQLJHU=HLWLQ$Q VSUXFKQHKPHQHLQH9HUXUWHLOXQJ]XYHUIDVVHQZLHDXFK3HWUXV$OIRQVLLQ VHLQHP%XFKVFKUHLEW(UZDUHLQVW-XGHXQGYRQGHQ6DUUD]HQHQHU]RJHQ ZRUGHQ GRFK GDQDFK ZXUGH HU &KULVW 3HWUXV $OIRQVL IKUW LQ VHLQHP %XFKHLQHVFKDUIH'LVSXWDWLRQJHJHQHLQHQ6DUUD]HQHQGHULKQGDIU]X UHFKWZHLVWHLQHVRYHKHPHQWH:LGHUUHGH]XKDOWHQ (LQH=XUHFKWZHLVXQJGHV3HWUXV$OIRQVLGXUFKHLQHQ6DUUD]HQHQ ,FKELQEHIUHPGHWR3HWUXV'DVV'X'HLQHQYlWHUOLFKHQ*ODXEHQ GDVLVW GHUMGLVFKH YHUODVVHQKDVWGDUDQKDVW'XZRKOJHWDQ'DQQKDVW'XGHQ FKULVWOLFKHQ*ODXEHQHUZlKOWGDQQGHQVDUUD]HQLVFKHQZHLO'XGRFKYRQ -XJHQGDQYRQGHQ6DUUD]HQHQHU]RJHQZRUGHQELVWXQGLKUH6SUDFKHYHU VWHKVW'XKDVWDXFKLKUH%FKHUJHOHVHQXQGDXFKLKU*HVHW]LVW'LUZRKO EHNDQQW 'LHVHV *HVHW] LVW HLQ PLOGHV *HVHW] XQG HV KDQGHOW LQ YLHOHQ 3XQNWHQ YRQ GHU :ROOXVW GHV JHJHQZlUWLJHQ /HEHQV 'HQHQ GLH GDV *HVHW]KDOWHQYHUKHL‰WHVXQDXVVSUHFKOLFKH)UHXGHXQGQXUZHQLJHQLFKW YLHOH *HERWH VLQG VFKZHU ]X EHIROJHQ   'HU HUVWH $UWLNHO EHVDJW PDQ PVVHIQIPDODP7DJEHWHQ'HU]ZHLWH$UWLNHOJHELHWHW5HLQKHLWEHLP *HEHW 'HU %HWHU PXVV DOVR +lQGH XQG $UPH 0XQG XQG 1DVH 2KUHQ XQG$XJHQGDV+DDUXQGGHQ.RSIXQGVFKOLH‰OLFKDXFKGLH)‰HXQGGLH 6FKDPZDVFKHQ:HQQGLHVDOOHVJHVFKHKHQLVWIDQJHQVLHDQ]XEHWHQXQG UXIHQ *RWW DQ GHU NHLQHP DQGHUQ JOHLFKW XQG 0RKDPPHG VHLQHQ 3UR SKHWHQ 'HUGULWWH$UWLNHO(LQPDOLP-DKUPVVHQVLHHLQHQ0RQDWODQJIDVWHQ XQG]ZDULQGHU)RUPGDVVVLH>QXU@QDFKWVHVVHQXQGGHV/HLEHV:ROOXVW SIOHJHQGUIHQQLFKWMHGRFKDP7DJ       



U 

'HUYLHUGHDUWLNHOGDU]ţDOOHMDUH\QPDOJHEXWWGDVJHŰDW]GD]Ű\H GDVKX‰JRWWHV GDVLŰWGHQWHPSHO\QPHFKD ŰROOHQKH\PŰXFKHQbY? GRŰHOEHWEHWWHQYQGYPEGHQWHPSHOJHQDQJHWKDQPLWH\QHPNOH\GW GD]QÖWJHQDWKŰ\bYQGŰWH\Q]ZţŰFKHQ\UHQIXŰŰHQK\QGHUŰÖFKZHUIIHQb GRPLWGHQWXIHO]ţYHUŰWH\QÖJHQb6LHŰDJHQDXFKGD]$GDPGHQŰHOEHQ WHPSHOKDEJHEXZHWGRHUY‰GHPSDUDG։ZDUGJHŰWRŰŰHQYQGGDVGR H\QEHWWHKX‰Ű\JHZHŰHQDOOHQŰ\QHQN\QGHUQYQQGQDFKNŇPHQE։]ţ $EUDKDPV]\WWbZHOFKHUH‰Z\GHUHUQXZHUWbYQGGDU\QQŰ\QJHEHWY? RSIIHUJRWWWKHWHbY?QDFKŰ\QHPDEJDQJKDEHUH‰Ű\QHPŰXQ\ŰPDKHOW YHUODŰŰHQbGHPPLWŰDPSWDOOHQŰ\QHQN\QGHUQYLOMDUÖŰWHÖQEHWWKX‰YHU OÖHEHQYQGJHZHŰHQE։GDVPDFKRPHWJHERUHQZDUGbZHOFKHPYQGDO  OHQŰ\QHQQDFKXROJHUQH‰]ţHUEHLŰWHLQEHWKX‰JHEHQZRUGHQb 'HUIXQIIWDUWÖNHO )XUK\QGLHŰDUUDFHQZHUGHQJHKH\ŰŰHQY‰\UHP JHŰDW]DOOJRWWHVY\QGHYQGDQGHUSURSKHWHQEHUDXEHQbYDKHQY?HUWRG WHQbYQG\QDOOZHJYHUXROJHQY?YHOGLOFNHQbH‰Ű\GDQŰDFKGD]ŰÖFKGLH ŰHOEHQ]ţ\UHPJODXEHQEHNHUēRGHUEH]DOHQY?JHEHQEWWRGHUŰFKDW]şJ \UHVGÖHQŰWŰR\QHQYIIJHOHJHWZXUGWb 'HUbYMbDUWÖNHO -WHPGHQŰDUUDFHQHQLŰW]ţJHODŰŰHQDOOVIOH\ŰFK]ţ HŰŰHQRQDOOH\QŰFKZ\QHQIOHLŰFKYQGEOţWbYQGYÖHFKGD]YRQ\PŰHOEHV JHŰWRUEHQLŰWb 'HUbYLMbDUWLNHO1RFKPHHHLQHP\HGHQŰDUUDFHQZXUGW YHUKHQJHWY‰GHPJHŰDW]YLHUHHOÖFKHUKX‰IUDZHQ]ţKDEHQDXFK]ţPDO YQGHLQ\HGH]ţYHUODŰŰHQY?HLQDQGHUHDQ\UHŰWDWWQēPHQZDQHUZLO GRFKDOŰRbDOVGDVHUGLHYLHUGH]DOOQLWYEHUJDQJHb\QYHUODŰŰXQJDXFK GHUIUDZHQZXUGWGLŰHVJHKDOWHQGD]HLQHUŰ\QIUDXZ]XPGULWWHQPDO PDJYHUODŰŰHQbY?DOVGÖFNZ\GHUYPEYIIQēPHQY?QLWGDUYEHUb$Q  GHUIUDXZHQDEHUJHNDXIIWbRGHU\PNULHJYEHUNŇPHQbPDJHLQ\HGHUDOV YLOKDEHQDOVHUZLOY?HU]LHKHQYHUPDJbYQGGLHŰHOEHQZ\GHUYPEYHU NDXIIHQY?NDXIIHQbGRFKDOŰRGD]ZDQHUH\QHHLQPDOŰFKZDQJHUKDWW JHPDFKWPDJHUŰÖHGDUQDFKQLWPHUYHUNDXIIHQb 'HUDFKWDUWLNHOb-Wē \QHQZXUWDXFKJHJşQHWY‰GHPJHŰDW]GD]ŰÖHKX‰IUDXZHQQēPHQYRQ \UHPJHŰOHFKW\QHQ]ţJHKULJRGHUDQJHŰ\EWWbGRPLWGD]H\QJHEOţGW Z\WWHUŰWUHFNHWZHUGHYQGGHŰWHUJURŰŰHUIUXQWŰFKDIIWYQQGOÖHEHYQGHU \QHQEHO\EHb 'HUbL[bDUWNHO\Q]\WWOÖFKHQJţWWHUQRGHUSRŰŰHŰŰÖRQYQQGŰROOÖFKHQ KDQGHOHQHFNHUbZ\HŰHQRGHUJDUWHQHWFb-WHPKX‰RGHUKRIIDQWUHIIHQGH Ű\QŰROOÖFKYUWH\OY?UHFKWHQYQGHU\QHQDOVDXFKYQGHUGHQMXGHQ\P DOWHQWHŰWDPHQWJHKDOWHQZDUG GDVLŰW GD]GHUGHUH\QHQHWWZDV]\  KHWRGHUDQŰSUÖFKHWJţWVKDOEbŰROOY?PX‰GDVŰHOEEHZHUēRGHUE\EULQ JHQPLWJţWHUNXQWŰFKDIIWbYQQGGHUGROHXJQHWPX‰ŰÖFKPLWGHPH\GH UH\QLJHQbGDU]ţQēPHQŰÖHQLWYII]ţJH]XJHQGDQJDUHUEHULJSHUŰRQQ ZHOFKHQŰÖHJODXEHQPţJHQDQH\GHŰFKZHUXQJb        



U 



'HU YLHUWH $UWLNHO 'DV *HVHW] JHELHWHW GDVV VLH MHGHV -DKU GDV +DXV *RWWHV GDVLVWGHU7HPSHOLQ0HNND EHVXFKHQXQGGRUWEHWHQVROOHQ6LH VROOHQ GHQ 7HPSHO LQ HLQHP XQJHQlKWHQ *HZDQG XPUXQGHQ XQG GDEHL VROOHQVLH6WHLQHGXUFKLKUH)‰HKLQGXUFKKLQWHUVLFKZHUIHQXPGDPLW GHQ 7HXIHO ]X VWHLQLJHQ 6LH VDJHQ DXFK $GDP KDEH GLHVHQ 7HPSHO JH EDXW DOV HU DXV GHP 3DUDGLHV YHUVWR‰HQ ZXUGH XQG KLHU VHL HLQ %HWKDXV JHZHVHQ IU DOOH VHLQH .LQGHU XQG 1DFKNRPPHQ ELV ]X $EUDKDPV =HLW 'HUKDEHHVZLHGHUHUQHXHUWXQGDXFKHUKDEHGDULQ*RWWVHLQ*HEHWXQG VHLQ2SIHUGDUJHEUDFKW1DFKVHLQHP7RGKDEHHUHVVHLQHP6RKQ,VPDHO YHUHUEW,KPXQGVHLQHQ.LQGHUQLVWGDV%HWKDXVYLHOH-DKUHODQJYHUEOLH EHQELV]XU*HEXUW0RKDPPHGV'DV%HWKDXVZXUGHGDQQLKP0RKDP PHGXQGDOOVHLQHQ1DFKNRPPHQEHUDQWZRUWHW 'HU IQIWH $UWLNHO 1DFK LKUHP *HVHW] VLQG GLH 6DUUD]HQHQ GD]X YHU SIOLFKWHWDOOH)HLQGH*RWWHVXQGDOOH3URSKHWHQDX‰HU0RKDPPHG]XEH UDXEHQ]XIDQJHQ]XW|WHQEHUDOO]XYHUIROJHQXQG]XYHUWLOJHQ²HVVHL GHQQVLHEHNHKUWHQVLFK]XLKUHP*ODXEHQRGHUEH]DKOWHQHLQH$XVO|VXQJ RGHUOHLVWHWHQHLQHQ'LHQVWGHULKQHQDXIHUOHJWZXUGH 'HUVHFKVWH$UWLNHO$X‰HU6FKZHLQHIOHLVFKXQGEOXWGUIHQGLH6DUUD ]HQHQMHGHV)OHLVFKHVVHQ9HUERWHQLVWDXFKGHU*HQXVVYRQ7LHUHQGLH HLQHVQDWUOLFKHQ7RGHVJHVWRUEHQVLQG 'HUVLHEWH$UWLNHO-HGHU6DUUD]H QH GDUIODXW*HVHW] JOHLFK]HLWLJYLHU(KHIUDXHQEHVLW]HQ:DQQLPPHUHU ZLOOGDUIHUHLQH)UDXYHUODVVHQXQGVLFKDQLKUHU6WHOOHHLQHQHXHQHKPHQ 0HKUDOVYLHU)UDXHQVROOHQHVDOOHUGLQJVQLFKWVHLQ:DVGDV9HUODVVHQGHU (KHIUDXEHWULIIWVRGDUIHLQ0DQQGLHVHOEH)UDXGUHLPDOYHUODVVHQXQGVLH GDQQZLHGHUEHLVLFKDXIQHKPHQgIWHUDEHUVROOHUGDVQLFKWWXQ)UDXHQ MHGRFKGLHHLQ0DQQJHNDXIWRGHUDOV.ULHJVEHXWHHUUXQJHQKDWGDUIHUVR YLHOHKDEHQZLHHUZLOOXQGZLHHUYHUVRUJHQNDQQ'LHVH)UDXHQNDQQHU QDFK%HOLHEHQYHUNDXIHQXQGNDXIHQ'RFKZHQQHUHLQHYRQGLHVHQ)UDX HQHLQPDOJHVFKZlQJHUWKDWGDQQGDUIHUVLHQLFKWPHKUYHUNDXIHQ'HU DFKWH$UWLNHO'DV*HVHW]HUODXEWHVGDVVGLH6DUUD]HQHQ)UDXHQDXVLKUHU HLJHQHQ)DPLOLHQHKPHQGLHPLWLKQHQEOXWVYHUZDQGWRGHUGLHDQJHKHLUD WHW VLQG 'LHVH +HLUDWVSROLWLNVROO GDIUVRUJHQ GDVV HLQ 6SURVVVLFKZHLW DXVEUHLWHW XQG GDVV LPPHU LQQLJH )UHXQGVFKDIW XQG /LHEH XQWHU LKQHQ KHUUVFKW 'HUQHXQWH$UWLNHOEHWUHIIHQGGLH]HLWOLFKHQ*WHUGHQ%HVLW]XQG(U ZHUE YRQ bFNHUQ :LHVHQ RGHU *lUWHQ HWF 8UWHLOH XQG 5HFKWVIUDJHQ LQ SXQFWR+DXVXQG+RIZHUGHQEHLGHQ6DUUD]HQHQEHKDQGHOWZLHEHLGHQ -XGHQ LP $OWHQ 7HVWDPHQW :HQQ MHPDQG HLQHQ DQGHUHQ GHU $QPD‰XQJ HLQHV*XWHVYHUGlFKWLJWGDQQPXVVMHQHUGDVVHOEVWQDFKZHLVHQRGHUHLQHQ JXWHQ/HXPXQGEHLEULQJHQ:HUGDVQLFKWNDQQGHUPXVVVLFKPLWHLQHP (LGUHLQLJHQ=XGLHVHP=ZHFNZHUGHQDXVVFKOLH‰OLFK=HXJHQJHQRPPHQ GLHDXFK(UEHQVLQGGHQQHLQ(LGYRQGHQHQZLHJWVFKZHU         



Y 

'HUb[bDUWLNHO 'H‰JOÖFKHQ\QDQGHUQYLOKDQGHOQKDOWHQŰÖHGDV JHŰDW]PR\ŰÖbDOVZHUH\QPHQŰFKHQHUWRGWRGHUEOţGWYHUJXŰWGHUPX‰ DXFKŰWHUEHQbYQGZHOFKHU\PHHEUţFKHUIXQGHQZXUGWbPX‰PLWGHUHH  EUHFKHU\QYHUŰWH\QHWZHUGHQb:HOFKHUDEHUPLWH\QHUDQGHUQIUDXZHQ ]ţWKţQKDWWbŰROObO[[[bŰWUH\FKGDUYPEHUSIDKHQRGHUJHJH\ŰŰHOHWZHU  GHQb$OŰRDXFKZHOFKHUG\HEŰWDOVKDOEEHŰDJHWZXUGWbŰROOHYQGGD]HUŰW YQGDQGHUPDODOOHLQPÖWUXWKHQJHŰODJHQZHUGHQb$EHUYPEGDVGULW PDOH\QKDQGWYHUO\HUHQbYPEGDVYÖHUGPDOH\QIX‰bYPEGDVIXQIIW JHKHQFNHWZHUGHQb-WHPZHUGHPDQGHUQHLQJOÖGQHPHZLHGDVJHŰFKHH ŰROO\PJHOWQDFKEÖOOÖNH\WGDUIXUJHQşJWKţQbEHWHWHQ VLHDQ@ZHQQGLH6RQQHLQGHQHUVWHQ*UDGGHV:DDJH6WHUQ]HLFKHQVHLQ JLQJGHQQGLH:DDJHHKUWGHQ6DWXUQ0LWEOR‰HP.|USHUXQGJHVFKRUH QHQ +lXSWHUQ EHWHWHQ GLH $PPRQLWHU XQG 0RDELWHU GLH EHLGHQ *|W]HQ DQ'HVJOHLFKHQWDWHQGLH$UDEHULQGLHVHP+DXV/DQJH=HLWGDQDFKDOV 0RKDPPHGDXIWDXFKWHZROOWHHUGLHVH*HZRKQKHLWQLFKWJDQ]DEOHJHQHU YHUlQGHUWH VLH QXU HLQ ZHQLJ 'HVKDOE VROOWHQ GLH 6HLQHQ LQ XQJHQlKWHQ .OHLGHUQXPGDV+DXVKHUXPJHKHQ8QGGDPLWPDQQLFKWPHLQHQVROOWH HV ZUGH HLQ *|W]HQJHEHW YHUODQJW YHUVHW]WH HU GLH %LOGVlXOH 6DWXUQV LQ HLQH :DQG DQ HLQHU (FNH GLHVHV +DXVHV XQG GDPLW GDV *HVLFKW 6DWXUQV YRQ DX‰HQ QLFKW ]X VHKHQ ZDU GUHKWH HU HV XP VR GDVV PDQ QXU GHQ 5FNHQHUNHQQHQNRQQWH'HQ*|W]HQ0DUVE]ZGLH0DUVVlXOHYHUVHQNWH HU XQWHU GLH (UGH XQG OHJWH HLQHQ 6WHLQ GDUDXI (U JHERW VHLQHQ $QKlQ JHUQ ZHQQ VLH LQ GDV HKHPDOLJH *|W]HQKDXV NlPHQ VR VROOWHQ VLH GLHVH EHLGHQ6WHLQHNVVHQXQGPLWJHVFKRUHQHQ+lXSWHUQGHQQDFNWHQ5FNHQ ]XU(UGHJHEHXJW6WHLQH]ZLVFKHQGHQ%HLQHQKLQWHUVLFKZHUIHQ$OOHGLH VH 9RUVFKULIWHQ VLQG HLQ %HZHLV IU GLH DOWHQ 5LWHQ XQG *HZRKQKHLWHQ 'DVVDEHUEHKDXSWHWZLUGGLH6WHLQHZUGHQJHZRUIHQXPGLH7HXIHOGD PLW]XYHUWUHLEHQGDVLVWHUORJHQGHQQVLHWXQGDVHKHUXPGLH       



U 

WţIIHOGRPLWHUHQb9QGGL‰LŰWHLQEHŰXQGHUHNOXJKHLWGHV0DFKRPHWVb MDHLQJUR‰ER‰KHLWGDVŰRHUGHQŰÖQHQŰXŰWDEWJRWWHULMKDWWYHUERWWHQb KDWWHUGRFKGL‰YHUKHQJHWY?JHRUGQHW\QGLŰHPKX‰Ű\QHUDEWJRWW\Q YHQHUL\QGHUHUŰÖFKJDUPHFKWLJEHUţPHWb9‰ZHOFKHUYUŰDFKHUDXFKJH ERWWHQKDWWGHQŰ\QHQGD]ŰÖHGHQWDJYHQHULVGHQZLUIU\WDJQēQHQŰRO  WHQI\HUHQYQGHUHQ]ţHZLJHQ]\WHQDOVGDQGLHŰDUUDFHQLQRFKKDOWHQ HEHQDOVZÖUGHQŰRQWDJbYQGGLHMXGHQGHQŰDEDWKRGHUŰDP‰WDJHUHQb GRFK\HGHVY‰DQGHUQYQGDQGHUQYUŰDFKHQb'HUIXQIIWDUWLNHOGD] GXPHUŰDJHŰWPDFKRPHWKDEJHKH\ŰŰHQGÖHY\QGJRWWHVYQGŰ\QHVJH  ŰDW]HVEHUDXEHQbYDKHQYQGHUWRGWHQbEL‰GD]ŰÖHJODXEHQRGHU\UHEWEH  ]DOHQbYQQGKH\ŰŰHQŰROOÖFKVH\QJRWWHVZHJZHŰHQ6ROWGXZLŰŰHQIXU ZDUHGDVŰROOÖFKVQLWNŇPHWY‰JRWWRGHUŰ\QHPJHERWWbŰXQGHUY‰KD‰ YQGEHJLUGHŰ\QHVYHUIOţFKWHVJHŰDW]HVY\QGH]ţYHUGLOJHQbGD]GRFK\Q NH\QHQZHJŰROWJHŰFKHKHQbZDQREH\QHU\HZROOWHH\QDQGHUQ]ţŰ\QHP JODXEHQRGHUŰHFWEHNHUHQŰROWHUGDVQLFKWGXUFKJHZDOWbŰXQGHUGXUFK YHUQXQIIWOÖFKYQGHUZ\ŰXQJWKţQb(‰Ű\QYLONHW]HUYRU]\WHQJHZHŰHQ GLHGRFKQÖWKDEHQZHGHUJHZDOWQRFKŰZHUWJHEUXFKHWGDQDOOHLQIDOŰFK YQGEHWUXJOÖFKUHGHY?SUHGLJb$OŰRKDEHQDOO\HJHWKDQ\‰JHQŇPHQ DOOH\QPDFKRPHWGHUPLWŰZHUWHQbPLWJHZDOWbPLWYHUZţŰWşJGHUODQG PLWUDXEYQGPRUGWDQGHUPHQŰFKHQ]Z\QJHWQLWZROOHQGHYQGHUŰ\Q JHŰDW]]ţNŇPHQb$EHUZREO\EHWG\QYHUŰFKULEXQJRPDFKRPHW\P$O NRUDQJHŰHW]HWGRGXGÖFKŰDJHŰW\QP\OWLNHLWYQGEDUPKHUW]LNH\WŰ\QJH ŰDQGWYRQJRWWbZDVEDUPKHUW]LNHLWHUŰFK\QHWELWWHÖFKGÖFK\QEOţGWYHU JÖŰŰXQJbPRUGHU\Y?UDXEHU\bRGHUZRLŰWGDVbGD]GXDXFK\P$ONRUDQ KDŰWJHŰDW]HWŰSUHFKHQGH]ţGLUŰHOEHUbZROWHJRWWG\QKHUUHDOOHGLŰHZHOW ZXUGHJODXEHQbY‰ZHOFKHPLFKDOŰRDUJX\UHb:DUYPE]Z\QJHŰWGX GLHOXWK]ţJODXEHQŰRQ\HPDQJODXEHWDOVDXFKGXYHUJLKHŰWJRWZROO GDQb$EHUJţWLŰW]ţPHUFNHQGD]QLWDOOHLQ\QGLŰHPbŰXQGHULQYLODQ  GHUQŰDFKHQG\QJHŰFKULIIW\P$ONRUDQ\UŰHOEHUZLGHULJLŰWbDOVH‰JDU OÖFKWPDJJHPHUFNHQYRUGHPGHUVÖHYEHUO\ŰHWb(‰ZDVDXFKGLUQLWJH QşJGXKHWWHŰWH‰GDQJHSUHGLJHWY?JHKHLŰŰHQJRWWHVZHJŰ\QbGDVYHUU YRQJRWWŰ\GHUGHQPHQŰFKHQYRQDQEHJ\QQKDWWUHFKWJHPDFKWY?\Q \QJHZDOGWŰ\QHVUDGWVJHODŰŰHQY?\QGDVOHEHQY?GHQWRGWIXUJHKDO WHQGD]HUPLWIU\KHQZLOOHQHUZHOHWZHOFKHVHUZROOHWb(‰LŰWDXFKNH\  QHUYŇŰ\QHQMXQJHUQRGHUQDFKXROJHUQ\HJHZHŰHQGHUŰROOLFKVKDEJH  WKDQRGHUJHERWWHQ]ţWKţQb(‰LŰWDEHUNXQWOÖFKGD]H‰LŰWHLQZHJGH‰ WXIIHOVbGHVGXHLQJO\GWELŰWY?QLWHLQNOHLQHVb$XFKZLOLFKGDVK\Q]ţ JHŰDJHWKDEHQbGD]YIIGLŰHKWLJH]\WHWWOÖFKŰDUUDFHQPLWQDPHQWXUNR  PĆQLJHQĆWGL‰JHERWWQLWKDOWHQbGDVLFKY‰GHUYUŰDFKJODXEHHQŰSULQ JHQbGDQŰLHYHUPHLQHQHLQ\HGHQLQŰÖQHPJODXEHQPRJHEHKDOWHQZHU  GHQbYQGŰDJHQŰÖHKDEHQGDVY‰GHP$ONRUDQbZHOFKHVDEHUGHP\W]EH  ŰWXPSWHQJHERWWJDQW]ZLGHULŰWb       



U 



7HXIHO KHLPOLFK ]X YHUHKUHQ 'LHV LVW HLQH EHVRQGHUH .OXJKHLW 0RKDP PHGV MD HLQH JUR‰H %RVKHLW 'HQQ HU KDW MD *|W]HQDQEHWXQJ YHUERWHQ 'RFKLP+DXVVHLQHU*|W]LQ9HQXVGHUHQ*XQVWHUVLFKUKPWHKDWHUHV JHERWHQXQGDQJHRUGQHW$XVGHPJOHLFKHQ*UXQGKDWHUGHQ6HLQHQDXFK JHERWHQ VLH VROOWHQ GHQ 7DJ GHU 9HQXV GHQ ZLU )UHLWDJ QHQQHQ IHLHUQ XQG HKUHQ LQ DOOH (ZLJNHLW XQG GDV WXQ GLH 6DUUD]HQHQ VR ZLH ZLU GHQ 6RQQWDJRGHUZLHGLH-XGHQGHQ6DEEDWRGHUGHQ6DPVWDJHKUHQ²GRFKMH GHUHKUW>VHLQHQKHLOLJHQ:RFKHQWDJ@DXVHLQHPMHZHLOVDQGHUHQ*UXQG 'HUIQIWH$UWLNHO'XVDJVW0RKDPPHGKDEHJHERWHQGLH)HLQGH*RW WHVXQGVHLQHV*HVHW]HVVRODQJH]XEHUDXEHQ]XIDQJHQXQG]XW|WHQELV VLHJODXEHQRGHUHLQH$XVO|VXQJ]DKOHQ²GDVVHLGHU:HJ*RWWHV'RFK VROOVW'XZLVVHQGDVVHLQVROFKHV*HERWZDKUKDIWLJQLFKWYRQ*RWWRGHU YRQVHLQHP*HERWVWDPPW9LHOPHKU>ZLUGGLHVHV*HERW0RKDPPHGVJH VSHLVW@ DXV +DVV XQG DXV GHU $EVLFKW VHLQHV YHUIOXFKWHQ *HVHW]HV VHLQH )HLQGH]XYHUWLOJHQ'RFKVROOWHHVQLHPDOVVRVHLQGDVVMHPDQGHLQHQDQ GHUHQ PLW *HZDOW ]XVHLQHP *ODXEHQ RGHU ]X VHLQHU6HNWH EHNHKUW GLHV VROOWHGXUFKYHUQXQIWJHOHLWHWH8QWHUZHLVXQJJHVFKHKHQ(VJDEVFKRQRIW .HW]HUGLHZHGHU*HZDOWQRFKGDV6FKZHUWJHEUDXFKWKDEHQVRQGHUQDO OHLQIDOVFKHXQGEHWUJHULVFKH5HGHXQG3UHGLJW6RKDEHQHVÄ0LVVLRQDUH· LPPHUJHWDQDXVJHQRPPHQ0RKDPPHGGHU PLWGHP6FKZHUWPLW*H ZDOWPLWGHU9HUZVWXQJGHV/DQGHVVRZLHPLW5DXEXQG0RUGDQGHUHQ 0HQVFKHQ *HZDOW DQWDW GLH VLFK VHLQHP *HVHW] QLFKW XQWHUZHUIHQ ZROO WHQ$EHU0RKDPPHGZREOHLEW'HLQHLP.RUDQQLHGHUJHVFKULHEHQH$XV VDJH 0LOGH XQG %DUPKHU]LJNHLW VHLHQYRQ *RWW JHVDQGW" ,FK ELWWH 'LFK :DVIUHLQH%DUPKHU]LJNHLWLVWGHQQEHLP%OXWYHUJLH‰HQDP:HUNZHO FKHEHL0RUGXQG5DXE"2GHUZREOHLEWGHU*HGDQNHGHQ'XLP.RUDQ JOHLFKVDPLQHLQHU5HGHDQ'LFKVHOEVWIRUPXOLHUWKDVW:HQQ*RWW'HLQ +HUU GLHV ZROOWH VR ZUGH DOOH :HOW >DQ LKQ@ JODXEHQ -D GHVKDOE DUJX PHQWLHUHDXFKLFKVR:DUXP]ZLQJVW'XGLH/HXWH]XP*ODXEHQZR'X GRFK]XJLEVWQLHPDQGJODXEHHVVHLGHQQGXUFK*RWWHV:LOOHQ"$EHUHV LVWJXW]XVHKHQGDVVQLFKWDOOHLQGLHVHVRQGHUQDXFKYLHOHDQGHUH$UWLNHO 'HLQHV .RUDQV ZLGHUVSUFKOLFK VLQG -HGHU GHU LKQ OLHVW EHPHUNW GDV VR IRUW )ROJHQGHV ZDU 'LU DXFK QLFKW >JXW@ JHQXJ VRQVW KlWWHVW 'X HV DOV *RWWHV :HJ JHSUHGLJW (V HQWVSULFKW QLFKW GHP :LOOHQ *RWWHV GHU GHQ 0HQVFKHQYRQ$QEHJLQQDQUHFKWJHPDFKWKDWXQGLKQLQGHU*HZDOWVHL QHV J|WWOLFKHQ 5DWVFKOXVVHV EHKDOWHQ KDW GHP 0HQVFKHQ GDV /HEHQ XQG GHQ7RGYRU$XJHQ]XKDOWHQGDPLWHULQIUHLHP:LOOHQHUZlKOHZHOFKHV HU ZROOH (V JDE DXFK NHLQHQ -QJHU XQG NHLQHQ 1DFKIROJHU &KULVWL GHU GLHVJHWDQRGHU]XWXQJHERWHQKlWWH(VLVWEHNDQQWGDVVGLHVHLQ:HJGHV 7HXIHOVLVWXQG'XELVWHLQHVVHLQHU*OLHGHUZHQQDXFKHLQ NOHLQHV,FK ZLOO DXFK QRFK KLQ]XIJHQ GDVV DXI GLH KHXWLJH =HLW HWOLFKH 6DUUD]HQHQ GLH 7XUNRPDQHQ QlPOLFK GLHVHV *HERW QLFKW KDOWHQ 'LHV WXQ VLH ZDKU VFKHLQOLFKGHVKDOEZHLOVLHGHU0HLQXQJVLQGMHGHUP|JHVHLQHQ*ODXEHQ EHKDOWHQ'LHVH0HLQXQJEHJUQGHQVLHPLWGHP.RUDQREZRKOVLHGRFK PLWGLHVHPJDQ]XQYHUHLQEDULVW      



Y 

'HUŰH‰ŰWDUWLFNHObGD]PDFKRPHWDXFKYHUERWWHQKDWWGHQŰ\QHQŰZ\  QHIOH\ŰFK]ţHŰŰHQbNDQLFKQLWDQGHUYUŰDFKHUIÖQGHQbGDQGDPLWH\QYQ GHUŰFKH\G]ţPDFKHQYQGHUGHQFULŰWHQYQGGHQŰ\QHQb'D]DEHUGÖHMX  GHQGDVŰHOEDXFKQLWHŰŰHQbY?GDU]ţHWWOÖFKDQGHUIOHLŰFK\QHQYHUERWWHQ ZDUGbKDWWUHGOÖFKYUŰDFKbYQGZÖHZROZLUFULŰWHQGD]ŰHOEQDFKGēEţFK ŰWDEHQQLWKDOWēbŰRHUIXOOHQZLUH‰GRFKQDFKH\PJHÖŰWOÖFKHQŰ\QQbZDQ YQVGXUFKFULŰWşbGHUEH\GHUWHŰWDPHQWHQLŰWH\QPDFKHUYQGJHEHUbDOOH ŰS\‰HUODXEHWŰ\QbDOVHUGXUFKŰ\QDSRŰWROş3DXOXPŰSUÖFKHWGHQUH\Qē Ű\QDOOHŰS\‰UH\QbYQQGLŰWQÖFKWV]ţYHUDFKWHQRGHU]ţYHUZHUIIHQGDV PDQPLWGDQFNEHUNH\WQţŰŰHWb-FKŰFKHPPHPLFKKLHGLHWKRUHFKWYUŰDFK HUIXU]LHKHQbYPEZHOFKHUZHJHQbPDFKRPHWGHQŰ\QHQGDVŰZ\QHIOHLŰFK KDWWYHUERWWHQbDOVGDQHU\QQŰ\P$ONRUDQŰHW]HWbZÖHGD]GDVŰFKZ\Q Y‰H\QHVNēPHOWK\HUVPLŰWQDFKGHPŰ\QWIOX‰Ű\JHZRUGHQbY?GH‰KDOE DFKWHWHUGDVŰFKZ\QH\QYQUH\QWKLHUbGDUZ\GHUHUGRFKŰHOEHUUHGHW\Q H\PDQGHUQEţFKO\Q]ţH\PMXGHQ$EGLDJHQĆWbŰROOÖFKIDEHOPDJLFK QLWHU]HOHQb'HUہEHQGDUWLNHOb)XUK\QZHUKDWWQLWH\QJUXZHQYŇ GHUYQUH\QLNH\WYQGŰFKDQGHŰREDOGHUH‰KUHWbZHOFKHPDFKRPHWŰÖFK QLWKDWWYHUŰFKHPPHW\QŰ\Q$ONRUDQŰHW]HQbYLHUKX‰IUDXZHQ]ţKDEHQ H\X]\WbYQGH\Q\HGH]ţYHUODŰŰHQY‰ZDVYUŰDFKbYQGZDQHUZLObYQG H\QDQGHU]ţQēPHQb-FKPH\QHbGLHYQXHUQţQIIWLJHQWK\HUNţQWHXŰÖH UHGHQbŰÖHŰSUHFKHQH‰ZHUH\QŰFKHQWOÖFKJHŰDW]b$EHUZD]LŰWZXQGHUGD] PDFKRPHWGHQŰ\QHQYLHUKX‰IUDXZHQHUODXEHW]ţKDEHQbŰRHUŰHOEHU IXQII]HKHQKHWWHbDOOHGHObYQGGDUE\DQGHUFRQFXE\QRQ]DOObZHOFKHHU DOO\QŰOLHŰŰHQOÖH‰GDPLWŰLHYRQQ\HPDQDQGHUHPJHŰHKHQRGHUJHEţOHW ZXUGHQbYQGQRFKKHWWHUDQGHQHQDOOHQQLWJQŇJbHUEHIOHFNHWDXFKDQ  GHUPHQQHUHHOÖFKKX‰IUDXZHQb\PZROJHYHOOÖJY?ŰFKQHZ\EHUHWFb 9QGZDQHUŰROOÖFKHUPL‰WKDWKDOEZDUGYRQ\HPDQJHŰWUDIIHWbŰDJHW HUGLŰHIU\KH\WZHU\PYRQJRWWJHEHQZRUGHQbY?ŰXŰWQ\HPDQbGDPLW HUSURSKHWHQY?N\QGHUGHUWţJHQGPHFKWHY?PHUHWbGDU\QGHUYQUH\Q KXQGWŰ\QYQUH\QLNH\WYIIJRWWOHJHWbDOVPDQGLŰHVDOOHVFODU\QŰ\P $ONRUDQYLQGHWEHŰFKULHEHQb'D]HUDXFK\QŰ\PJHŰDW]]ţODŰŰHWH\P\H  GHQbDOVYLODQGHUIUDXZHQbJHNDXIIWRGHU\QNULHJHQJHZţQGHQb]ţKD  EHQDOVHUZLObYQGGLHŰHOEHQZ\GHUYHUNDXIIHQYQGNDXIIHQJţQGHWbLŰW RIIHQEDUGD]H‰JDQW]YQHUOÖFKY?ŰFKHQWOÖFKLŰWb:DQŰÖFKGLFNGDPLWW EHJHEHQPDJbGD]H\QŰţQGLHIUDXZNDXIIHWGLHŰ\QYDWWHUKDWWJHKDEWb YQGZ\GHUYPEbJHŰZ\JHQYLODQGHUYQ]\POÖNHLWŰRŰÖFKGDU\QQHYHU  ODXIIHWb'HUDFKWHDUWLNHObH‰ŰROODXFKQ\HPDQEHIUHPGHQGD]PDFKR PHWKDWW]ţJHODŰŰHQGHQŰ\QHQIUDXZHQ]ţQHPHQY‰\UHPJHŰOHFKWY? \QDQJHŰ\EWWbŰRHUGRFK6RGRPDP GD]LŰWGLHŰXQGHZ\GHUGLHQDWXU        



Y 



'HUVHFKVWH$UWLNHO'DIUGDVV0RKDPPHGGHQ6HLQHQYHUERWHQKDW 6FKZHLQHIOHLVFK]XHVVHQNDQQLFKNHLQHQDQGHUHQ*UXQGILQGHQDOVGHQ GDVV HU GDPLW HLQHQ 8QWHUVFKLHG PDFKHQ ZROOWH ]ZLVFKHQ GHQ &KULVWHQ XQGGHQ6HLQHQ'DVVHVDEHUGHQ-XGHQYHUERWHQLVW6FKZHLQHIOHLVFKXQG GDUEHUKLQDXVDXFKQRFKDQGHUHV)OHLVFK]XHVVHQKDWHLQHQYHUVWlQGOL FKHQ *UXQG 8QG REZRKO ZLU &KULVWHQ GDV GHP %XFKVWDEHQ QDFK QLFKW KDOWHQVRHUIOOHQZLUHVGRFKLQHLQHPJHLVWOLFKHQ6LQQ'HQQYRQ&KUL VWXVGHP9HUPLWWOHUXQG6FKHQNHUEHLGHU7HVWDPHQWHLVWXQVDOOH6SHLVH HUODXEW'HQQGXUFKVHLQHQ$SRVWHO3DXOXVVSUDFKHUGHQ5HLQHQVLQGDOOH 6SHLVHQUHLQXQGHVLVWQLFKWV]XYHUDFKWHQRGHU]XYHUZHUIHQZDVPDQ PLW'DQNEDUNHLWJHQLH‰W'HVKDOEVFKlPHLFKPLFKQLFKWKLHUGLHZDKUH 8UVDFKH GDIU ]X QHQQHQ ZDUXP 0RKDPPHG GHQ 6HLQHQ GHQ *HQXVV YRQ 6FKZHLQHIOHLVFK YHUERWHQ KDW ,P .RUDQ VFKUHLEW HU QlPOLFK GDV 6FKZHLQVHLQDFKGHU6LQWIOXWDXVGHP0LVWHLQHV.DPHOVHQWVWDQGHQXQG GHVKDOEEHWUDFKWHWHUGDV6FKZHLQDOVHLQXQUHLQHV7LHU(UVFKUHLEWLQHL QHP DQGHUQ %FKOHLQ LQ HLQHP 'LDORJ PLW HLQHP -XGHQ QDPHQV $EGLD JHQDXGDV*HJHQWHLO²DEHUVROFKH)DEHOQP|FKWHLFKQLFKWHU]lKOHQ 'HUVLHEWH$UWLNHO:HUHPSIlQGHQLFKWHLQ*UDXHQDQJHVLFKWVGHU8Q UHLQKHLWXQG6FKDQGHVREDOGHUK|UWZDV0RKDPPHGVLFKQLFKWJHVFKlPW KDW LQ VHLQHQ .RUDQ DXI]XQHKPHQ *OHLFK]HLWLJ YLHU (KHIUDXHQ KDEHQ ]X GUIHQXQGMHGHQDFK%HOLHEHQYHUODVVHQ]XGUIHQXQGGDIUHLQHDQGHUH QHKPHQ]XN|QQHQ:HQQGLHXQYHUQQIWLJHQ7LHUHUHGHQN|QQWHQGDQQ ZUGHQ VLH VR JODXEH LFK VDJHQ GLHV VHL HLQ VFKlQGOLFKHV *HVHW] $EHU ZHQZXQGHUWHVGDVV0RKDPPHGHUODXEWKDWYLHU(KHIUDXHQ]XEHVLW]HQ ZR HU GRFK VHOEHU IQI]HKQ KDWWH XQG DOOH ZDUHQ DGOLJHU $EVWDPPXQJ 'DQHEHQKDWWHHUQRFK]DKOORVH.RQNXELQHQGLHHUDOOHHLQVFKOLH‰HQOLH‰ GDPLW VLH YRQ QLHPDQG DQGHUHP JHVHKHQ RGHU XPZRUEHQ ZHUGHQNRQQ WHQ8QGGRFKKDWWHHUGDPLWLPPHUQRFKQLFKWJHQXJ)UDXHQHUEHIOHFN WHQlPOLFKDXFKGLH(KHIUDXHQDQGHUHU0lQQHUHVZDUHQ)UDXHQGLHVLFK LKPJHIlOOLJ]HLJWHQXQGVLFKIULKQVFK|QPDFKWHQHWF8QGZHQQHUIU GLHVH0LVVHWDWYRQMHPDQG]XU5HFKHQVFKDIWJH]RJHQZXUGHVRVDJWHHU GLHVH)UHLKHLWVHLLKPQXULKPXQGVRQVWQLHPDQGHPYRQ*RWWJHJHEHQ ZRUGHQGDPLWHU3URSKHWHQXQG.LQGHUGHU7XJHQGHU]HXJHXQGPHKUH 6R YHUOHJWH GHU XQUHLQH +XQG VHLQH 8QUHLQKHLW LQ *RWW 'DV DOOHV ILQGHW PDQ NODU XQG GHXWOLFK LQ VHLQHP .RUDQ EHVFKULHEHQ 'RUW HUODXEW HU HV DXFKMHGHPVRYLHOH)UDXHQ]XNDXIHQRGHULQ.ULHJHQ]XUDXEHQZLHHU P|FKWH XQG GLHVH )UDXHQ ]X YHUNDXIHQ XQG ]X NDXIHQ (V LVW GRFK RI IHQVLFKWOLFKGDVVGLHVJDQ]XQHKUOLFKXQGVFKlQGOLFKLVW6RNDQQHVGRFK ]XP%HLVSLHOGHU)DOOVHLQGDVVHLQ6RKQGLH)UDXNDXIWGLHVHLQ9DWHUJH KDEWKDWXQGXPJHNHKUW'RFKLFKZLOOQLFKWVZHLWHUGDUEHUVDJHQZDVHV GDVRQVWQRFKDQ0|JOLFKNHLWHQJLEW'HUDFKWH$UWLNHO(VVROOVLFKDXFK QLHPDQGGDUEHUYHUZXQGHUQGDVVHV0RKDPPHGGHQ6HLQHQHUODXEWKDW LKUH)UDXHQDXVGHP.UHLVGHU%OXWVYHUZDQGWHQRGHUGHU9HUVFKZlJHUWHQ ]XQHKPHQKDWHUGRFKDXFKGLH6RGRPLH GDVLVWHLQH6QGHZLGHUGLH   

Y   KDWW]ţJHODŰŰHQbQLWDOOH\QPLWNQDEHQRGHUIUDXZHQbŰXQGHUDXFKPLW YQXHUQţQIIWÖJHQWK\HUHQbDOVGDVRIIHQEDUOÖFKHQŰWHHWJHŰFKULHEHQ\Q Ű\QHPDONRUDQDPDQGHUQFDSLWHOJHUDG\QGHUIRUPYŇZRUW]ţZRUWb                                               

 Y   1DWXU  HUODXEW (U KDW DOVR QLFKW DOOHLQ GHQ 9HUNHKU PLW .QDEHQ RGHU )UDXHQ VRQGHUQ DXFK GHQ PLW VHHOHQORVHQ 7LHUHQ ]XJHODVVHQ 'LHV VWHKW JDQ]GHXWOLFKXQGZ|UWOLFKLP]ZHLWHQ.DSLWHOGHV.RUDQ 



U 

(QWKDOWHWYFKYŇXZUHQIUDXZHQŰRŰÖHNUDQFNŰ\QHWFbYQGJHQQLW]ţ \QHQE։GD]ŰÖHJHUH\QLJHWZHUGHQbYQGGDQŰRŰÖHUH\QŰ\QJHQ]ţ\QHQ Y?EUXFKHQŰÖHDQZHOFKHPWH\O\UZROOHQb9QGŰDJHWDEHUGRŰHOEHWDOŰR YZHUKX‰IUDXZHQŰROOHQYFKŰ\QDOVHLQZ\QJDUWGDUYPE\UŰÖHŰROOHQ DUEH\WWHQRGHUYEHQY?EUXFKHQZLHH‰YFKJHOXŰWHWb9QGŰHW]HWDQGHP ŰHOEHQHQGHJDUH\QER‰J\IIWK\Q]ţIXUHÖQYUŰDFKDOŰRŰSUHFKHQGHbZDQ H\Q\HGHUŰÖFKGH‰GDVŰ\QH\JHQLŰWJHEUXFKHQPDJQDFKDOOHPŰ\POXŰW YQGZLOOHQbGH‰JOÖFKHQHUDXFK\P$ONRUDQDPb[OÖLMbFDSLWHODOŰRŰFKUL EHWŰSUHFKHQGHb*RWWKDWYFKJHJHEHQGLHYQXHUQşIIWLJHQWKLHU\QXYZUē JHZDOWGD]\UHWWOÖFKJHEUXFKWHQ]ţU\WHQbHWWOÖFK]ţHŰŰHQRGHUDQGHUJH KLOIIYRQ\QHQ]ţKDEHQbYQGGD]\UPLW\QHQYROOHQEUHFKWHQDOOHVGDV YFKJHOXŰWHWYQG\QXZUHQKHUW]HQKHWWHQb9QGZLHZRO\UŰDUUDW]HQL GLŰHWH[WY?HWWOÖFKDQGHUGHUJOÖFKHQJHŰFKULIIW\PDONRUDQEHJULIIHQYQ GHUŰWDQPLWYQIXJOÖFKHUY?YQEHTXHPOÖFKHUY‰OHJşJ]ţEHGHFNēY?]ţ IHUEēGRFKYRUDOOHQZ\ŰHQZXUWŰROOÖFKXZHUY‰OHJşJJDUNOH\QY?IXU QLFKW DOVDXFKLŰW JHKDOWHQbDOOHUPH\ŰWKLUY‰bGD]PDQDXFKYŇXZUē YHUIţUHU0DFKRPHWO\ŰHWGD]GRHUYIIH\Q]\WYEHUYHOGWULWWHbZROWH IUDXZGLH\PEHJHJHQHWYIIGHPZHJYQGHUWUXFNHQbYQGGRGLHŰHOEQLW ZROWZLOOHQGDU]ţJHEHQbJÖHQJGHUYQIOHWLJKXQGWbMDHLQZDUHUŰW\QF  NHQGHU6RGRPLWŰ\QHŰHORGHUPOWKLHUDQbYQGŰDJHW]XŰ\QHQJHŰHOOHQ ŰÖFKGRPLW]ţHQŰFKXOGLJHQ\QŰXQGHQbGD]GLHIUDXZHGDUYPEGD]\P QLW]ţZLOOHQZDVPHHKHWWHJHŰXQGHWGDQKHWWŰÖHKXQGHUWPHQŰFKHQHU  WRGWHWbZDQHUVÖHYIIGDVPDOPLWH\PSURSKHWHQJRWHVKHWWŰZDQJHUJH PDFKHWb9‰ZHOFKHUYUŰDFKEL‰YIIGÖŰHQKXWÖJHQWDJDOOHWKRUHFKWŰDUUD W]HQLŰFKIUDXZHQEHZH\QHQGÖHŰHOEŰXQGYRQGHUREJHPHOWHQIUDXZHQ EHJDQJHQMHUOÖFKbGLHHLQSURSKHWHQJRWWHVDOŰRKDWJHK\QGHUHWb6ROOÖFK YQGGHUJOÖFKHQXZHUVYHUIOţFKWHQPDFKRPHWLŰFKDQGY?ODŰWHUEHNHQQ LFKbLFKKHWWHYPEZHJHQHUHYQG]XFKWGÖŰHUJHŰFKULIIWJHUHQYHUŰZ\JHQb GXKHWWHŰWGDQPLFKJH]ZXQJHQGLUYUŰDFK]ţŰDJHQbYQG]ţJHEHQbZRU YPELFKQLWYLOPHHYQQGHHXZHUJHŰDW]YRQH\PŰROOÖFKHQWIIOÖŰFKHQ PHQŰFKHQJHEHQbHUZHOHWbGDQGDVFULŰWHQOÖFKJHŰDW]GDVGRJDQW]NXŰFK YQGUH\QLŰWPLWDOOHQWţJHQGHQbDXFKJDQW]HUHUŰDPÖNHLWJHŰSLFNHWbGDU ]ţJDQW]KHÖOÖJZHŰHQGHDOVH‰GDQYRQJRWWLŰWJHEHQYQGGHPXZUHP JDUYQJOÖFKb$OVDXFKGDXLGGDVZROEHNHQQHWDOŰRŰSUHFKHQGHbGDVJH ŰDW]JRWWHVLŰWUH\QY?YQEHIOHFNHWEHNHUHQGHGLHŰHOHQ]ţJRWWbGDVWHŰWD  PHQWJRWWHVLŰWJOHXEOÖFKZ\‰KHLWJHEHQGHGHQNOH\QHQbGDVLŰWGHQGH  PţWLJHQb$EHUXZHUŰXHŰFKYQGQLWZHUGWJHQĆW]ţZHUGHQHSÖFXULŰFKb ŰFKQRGHUDOOHQDQGHUQJHŰDW]HQZXUGWOÖFKWOÖFKHQHUIXQGHQY?EHZHUHWb GRPLWIDUHLFKIXUb'HUQXQGHDUWLNHO'LHGLQJGLHGXKDŰWGDUQDFK HU]HOHWYUWH\OHQYQGUHFKWHQDQWUHIIHQGHZLOLFKYIIGL‰PDOYQEHUHGW ODŰŰHQEO\EHQbGDQ\UGLHŰHOEHQQÖWWYRQQYFKRGHUXZUHP0DFKRPHWb        



U 



(QWKDOWHW(XFK(XUHU)UDXHQZHQQVLHNUDQNVLQGHWFXQGJHKWQLFKW]X LKQHQELVVLHJHUHLQLJWVLQG8QGZHQQVLHUHLQVLQGJHKW]XLKQHQXQG JHEUDXFKWVLHDQGHP7HLODQGHP,KUZROOW$QGHUVHOEHQ6WHOOHVDJWHU MHGRFK(XUH)UDXHQVROOHQ(XFKVHLQZLHHLQ:HLQJDUWHQGDUXPVROOW,KU VLH EHDUEHLWHQ XQG JHEUDXFKHQ ZLH HV (XFK JHOVWHW 8QG HU VHW]W QRFK HLQE|VHV*LIWKLQ]XXPGLHVHV9HUKDOWHQ]X EHJUQGHQ,P.DSLWHO GHV.RUDQVWHKWHVVROOHMHGHUVLFKGHVVHQQDFKVHLQHP:RKOJHIDOOHQXQG :LOOHQEHGLHQHQZDVLKPJHK|UW*RWWKDEH(XFKQlPOLFKGLHXQYHU QQIWLJHQ 7LHUH LQ (XUH *HZDOW JHJHEHQ GDPLW ,KU VLH JHEUDXFKW ]XP 5HLWHQ HLQLJH XP VLH ]X HVVHQ RGHU XP HLQH DQGHUH +LOIH YRQ LKQHQ ]X HUKDOWHQ8QGWXWDOOHVPLWLKQHQZRQDFK(XFKJHOVWHWXQGZRQDFK(XHU +HU]EHJHKUW 8QG REZRKO ,KU 6DUUD]HQHQ GLHVHQ XQG HWOLFKH DQGHUH 7H[WHDXVGHP.RUDQEHJULIIHQXQGYHUVWDQGHQKDEWXQGLKQPLWXQUHFKW Pl‰LJHQXQGXQEHTXHPHQ$XVOHJXQJHQ]XGHFNHQXQGXPIlUEHQZROOWVR JHULHWHQ(XUHGLHVEH]JOLFKHQ$XVOHJXQJHQGRFK]ZHUJHQKDIWXQGJLQJHQ DQGHU6DFKHYRUEHL(LQ%HOHJIUGLHVH%HKDXSWXQJLVWGDVVYRQ(XUHP 9HUIKUHU 0RKDPPHG DXFK EHUOLHIHUW LVW GDVV HU HLQPDO EHU HLQ )HOG ULWWXQGHLQH)UDXGLHLKPEHJHJQHWHYHUJHZDOWLJHQZROOWH'RFKGDLKP GLH)UDXQLFKW]X:LOOHQZDUJLQJGHUXQIOlWLJH+XQGMDGHUZDKUKDIWLJH VWLQNHQGH6RGRPLWVHLQHQ(VHORGHUVHLQ0DXOWLHUDQ=XU(QWVFKXOGLJXQJ HUNOlUWHHUVHLQHQ*HVHOOHQGLH)UDXKDEHGDVLHLKPQLFKW]X:LOOHQJH ZHVHQVHLPHKU6QGHQDXIVLFKJHODGHQDOVZHQQVLHKXQGHUW0HQVFKHQ XPJHEUDFKWKlWWH'HQQVLHZlUHYRQHLQHP3URSKHWHQ*RWWHVJHVFKZlQ JHUW ZRUGHQ $XV GLHVHP *UXQG EHZHLQHQ DOOH W|ULFKWHQ VDUUD]HQLVFKHQ )UDXHQ MlKUOLFK GLH 6QGH GHU ]LWLHUWHQ )UDX GDVV VLH HLQHQ 3URSKHWHQ *RWWHV >DQ VHLQHP 7XQ@ JHKLQGHUW KDW 9RQ GLHVHQ 6FKDQGWDWHQ XQG /D VWHUQ(XUHVYHUIOXFKWHQ0RKDPPHGEHULFKWHLFKKLHUREZRKOLFKZHJHQ GHV$QVHKHQVXQGGHU6LWWVDPNHLW GLHVHU6FKULIWJHUQHGD]X JHVFKZLHJHQ KlWWH(VVHLGHQQ'XKlWWHVWPLFKGD]XJHQ|WLJW'LUGLH8UVDFKHGDIU ]X VDJHQ ZDUXP LFK DXI JDU NHLQHQ )DOO XQG ]X JDU NHLQHP =HLWSXQNW (XHU*HVHW]GDVYRQHLQHPVRWHXIOLVFKHQ0HQVFKHQJHJHEHQZXUGHHU ZlKOWKlWWH 'HQQ GDV FKULVWOLFKH *HVHW] LVW JDQ]NHXVFK XQGUHLQ HV LVW DOOHU7XJHQGHQXQGDOOHU(KUHYROODX‰HUGHPLVWHVJDQ]KHLOLJGHQQHVLVW XQVYRQ*RWWJHJHEHQXQGGHP(XUHQGHVKDOEJDQ]XQJOHLFK$XFK'D YLGEHNDQQWHGDVXQGVDJWHGDV*HVHW]*RWWHVLVWUHLQXQGXQEHIOHFNWHV EHNHKUWGLH6HHOHQ]X*RWW'DV7HVWDPHQW*RWWHVJLEWGXUFKGHQ*ODXEHQ JHRIIHQEDUWH :HLVKHLW GHQ .OHLQHQ GDV VLQG GLH 'HPWLJHQ $EHU (XUH VlXLVFKHQ XQG HSLNXUlLVFKHQ 9HUlFKWHU DOOHU DQGHUHQ *HVHW]H >DX‰HU GHQ HLJHQHQ@GLHHVQLFKWYHUGLHQHQ>EHUKDXSW@EHDFKWHW]XZHUGHQZXUGHQ JHZRJHQXQGIU]XOHLFKWEHIXQGHQ'DPLWIDKUHLFKIRUW'HUQHXQWH $UWLNHO'LH'LQJHGLH'XGDQDFK]XU6SUDFKHJHEUDFKWGLH'XEHXUWHLOW XQGEHUGLH'XJHULFKWHWKDVWGLHZLOOLFKGLHVHV0DOXQNRPPHQWLHUWVWH KHQODVVHQ'HQQGLHVHVLQGQLFKWYRQ(XFKRGHU(XUHP0RKDPPHG       



Y 

ŰXQGHUY‰GHPJHŰDW]0R\VÖKDEHQJHW]RJHQb 'HU]HKHQGHDUWLNHO-FKOREHDXFKGD]\UGLHHHEUHFKHUYQGGLHEHDOŰR ŰWUHQJOÖFKHQŰWUDIIHQbDEHUGD]H\QÖJŰHW]LFKK\Q]ţb6ROWHQDOOHHHEUH  FKHUE\YFKYQGYQGHUYFKYHUŰWH\QÖJHWZHUGHQbZHQÖJZXUGHQ\POH  EHQ\‰YFKYHUO\EHQbDOVPLUZRONXXWYQGZLŰŰHQÖŰWbZDQ\UQDFKNH\  QHPUHFKWHQJHŰDW]HHHOÖFKKHQGHORGHUNHXIIYROOHQEULQJHQbŰXQGHUH‰ LŰWDOOHVH\QHHEUHFKHU\QDFKGHUUHFKWHQZDUKHLWbGDU]ţŰ\Q\U]ţUDXEH  U\YQGŰWHOHU\DOOHUŰFKQHOOHŰWYQGJHQH\JWHŰWYEHUDOODQGHUJHŰOHFKWGHU PHQŰFKHQbYQQGGDUYPEXZHUPDFKRPHWDXFK\QŰROOÖFKHQŰXQGHQYII HU]RJHQYQGJHZHQHWbDOVREJHŰFKUÖHEHQLŰWYRQŰ\QHPOHEHQJDUZ\‰  OÖFKHQKDWWJHRUGQHWŰROOÖFKP\OWHS\QGDUZ\GHUGRPLW\UQLWYRQŰ\  QHPYHUIOţFKWHQJHŰDW]JDQW]DEXHOOÖJZXUGHQZDQ\U\HŰROOÖFKYEHO QLWYHUP\GHQb'HUH\OIIWHDUWLNHO'DV0DFKRPHWGHQŰ\QHQKDWW Z\QYHUERWWHQY‰JHQŇPHQYDŰWHQ]LWLŰWGLŰHYUŰDFKJDUŰFKQHOHUGDFKW YQGYŇH\P\HGHQOÖFKWOÖFK]ţEHGHQFNHQbZDQXZHUODQGŰHUHKH։RGHU KLW]LJLŰWbGHPQDFKNţOHZDŰŰHUYFKEHJLUOÖFKHUŰ\Q]ţWULQFNHQbGDQŰRO  OÖFKŰWDUFNYQQGKHLŰŰHUPDFKHQGZ\QbDOVGDQE\YFKZţFKŰHQZDQ\U Z\QJDUWHQEXZHWHQbGDU]ţKDWWXZHUIDOŰFKHUSURSKHW\PŰ\QHUKXWW JHIRUFKWHWGD]GÖHŰ\QHQbGÖHZÖOHUOHEHWbYLOOÖFKWYRQZLQWUXQFNHQGHH YIIODXIIZ\GHU\QHQKHWWHQJHPDFKHWY?\QHQHUWRGHWbDOVDXFKYLODQ  GHUHJHŰOHFKWHQZ\GHU\UW\UĆQHQKDEHQJHWKDQbZDQH‰NXQWYQGRIIHQ EDUÖŰWbGD]GLHŰDUUDW]HQÖJDUOÖFKWOÖFKYRQZ\QWUXQFNHQZHUGHQbYQG GDQNH\QHEHŰFKH\GHQKHLWKDOWHQb-FKIXUJDQJHKLHDEHUH\QŰWYŇŰFKĆPH ZHJHQbGLHŰFK\PSIIOÖFKYQGWKRUOÖFKYUŰDFKLQPLWWHQKHUIU]ţEULQJHQ ZRUYPEHUZ\QGHQŰ\QēKDWWYHUERWWHQbDOVHUGDQLQH\PEţFKO\Q] H\PMXGHQ$EGÖDJHQDQWŰFKULEHQGHY‰WUXFNHWbŰDJHQGHYRQ]ZH\QHQ  JHOHQbGHUH\QHU$URWKbGHUDQGHUPDURWKKLHŰŰHQbGÖHYŇZ\QWUXQFNHQ ZRUGHQbH\QIUDXZHHUNDQWHQbYQQGGH‰KDOEDOŰRJHŰWUDIIWZRUGHQbGD] ŰÖHLQH\QHQEUşQHQbJHKHÖŰŰHQEHEÖObE։DQGHQMXQJŰWHQWDJJHKHQFNHW ZXUGHQbGLHKDXEWHYQGHUŰÖFKJHNHUHWKb)XUZDUŰSULFKLFKbMFKPLFKŰRO  OÖFKVYHUŰFKHPPHDOOHLQQDFK]ţŰDJHQLQGLŰHUJHŰFKULIIWbGD]ŰÖFKGHUWKRU YQGJHFN0DFKRPHWQLWKDWWYHUŰFKHPPHWIXUJDQW]ZDU]ţŰFKULEHQb 'HU]ZROIIWHDUWLNHO 'H‰JOÖFKHQDOOHVGDVHUYRQŰ\QHPSDUDGL‰ KDWWGHQŰ\QHQJHSUHGLJHWYQGYHUKH\ŰŰHQbLŰWDOOHV\WHObYQGPDJPLWW NH\QHUUHGOÖFKHUYHUQţQIIWOLFKHUYUŰDFKEHZHUHWZHUGHQbDOVHUKÖHQDFK ED‰ZXUGWHUŰFK\QHQ +LHYROJHWQDFKYRQGHQŰDUUDW]HQHQYQG    \UHQŰ\WWHQYQG\UUWşPHQb  ţGLŰHQYQGYRUODQJHQ]\WWHQKHUbZRQHQ]ţ-KHUXŰDOHPYQG  \PKHLOÖJHQODQGHGDUYPEYRQPDQFKHUOH\ŰHFWYQGJODXEHQb  PHQŰFKHQPLWQDPHQLQJHPH\QbŰDUUDFHQLbMXGHQYQGFULŰWHQb 'RFKGHUŰDUUDW]HQKDOELŰWH\QJURŰŰHYQGHUŰFKH\GYRUK\Q]ţPHUFNHQb       



Y 



VRQGHUQGHP*HVHW]GHV0RVHHQWQRPPHQ 'HU]HKQWH$UWLNHO ,FKKDOWHHVIUJXWGDVV(KHEUHFKHUXQG'LHEH VWUHQJ EHVWUDIW ZHUGHQ $EHU LFK P|FKWH GHP QRFK HWZDV KLQ]XVHW]HQ :HQQEHL(XFKDOOH(KHEUHFKHUJHVWHLQLJWZUGHQGDQQZUGHQQXUQRFK ZHQLJHYRQ(XFKEULJEOHLEHQZLHPLUPLWJHWHLOWZXUGH'HQQ,KUWUHIIW (XUH HKHOLFKHQ 9HUHLQEDUXQJHQ ² +DQGHO RGHU .DXI ² GRFK QLFKW DXI JUXQG UHFKWPl‰LJHU *HVHW]H VRQGHUQ ZHQQ PDQ HV UHFKW EHWUDFKWHW LVW DOOHV(KHEUXFK'DUEHUKLQDXVVHLG,KUYRQDOOHQ0HQVFKHQJHVFKOHFKWHUQ DXIGHU(UGHDPVFKQHOOVWHQ]X5DXEXQG'LHEVWDKOJHQHLJW'HVKDOEKDW (XFK(XHU0RKDPPHG LQVROFKHQ 6QGHQ HU]RJHQ XQG (XFK GDUDQ JH Z|KQWZLHLFKHVYRQVHLQHP/HEHQEHUHLWVEHVFKULHEHQKDEH*HVFKLFNW KDWHUGHVKDOE>QXU@HLQHPLOGH6WUDIHJHJHQVROFKH9HUIHKOXQJHQDQJHRUG QHWGDPLW,KUYRQVHLQHP*HVHW]QLFKWJDQ]DEIDOOW²ZHQQ,KUHVVFKRQ QLFKW VFKDIIW VROFKH 9HUIHKOXQJ JDQ] ]X YHUPHLGHQ   'HU HOIWH $UWLNHO 'HU *UXQG IU GDV DX‰HU GHU )DVWHQ]HLW JHOWHQGH :HLQYHUERW LVW VFKQHOO HUIDVVWXQGNDQQYRQMHGHPOHLFKWQDFKYROO]RJHQZHUGHQ'HQQLQ(XUHP /DQG KHUUVFKW HLQH JUR‰H +LW]H XQG GHVKDOE LVW HV (XFK OLHEHU NKOHV :DVVHU ]X WULQNHQ DOV GHQ VWDUNHQ XQG HUKLW]HQGHQ :HLQ GHU EHL (XFK ZDFKVHQZUGHZHQQ,KU:HLQDQEDXHQZUGHW$X‰HUGHPZDU(XHUIDO VFKHU3URSKHW]XVHLQHQ/HE]HLWHQYRUVLFKWLJGHQQHUKDWEHIUFKWHWGLH 6HLQHQN|QQWHQLQEHWUXQNHQHP=XVWDQGHLQHQ$XIVWDQGJHJHQLKQDQ]HW WHOQXQGLKQEHLGLHVHU*HOHJHQKHLWW|WHQ6FKOLH‰OLFKKDEHQGLHVYLHOHDQ GHUH*HVFKOHFKWHUJHWDQXPLKUHQ7\UDQQHQDXV]XVFKDOWHQ'HQQHVLVWMD RIIHQEDUGDVVGLH6DUUD]HQHQYRQ:HLQVFKQHOOWUXQNHQZHUGHQXQGGDQQ EHUGLH6WUlQJHVFKODJHQ$XV6FKDPEHUJHKHLFKDEHUGLHVFKLPSIOLFK VWHQXQGW|ULFKWHVWHQ*UQGHGLH0RKDPPHGYRUEUDFKWHXPGHQ:HLQ JHQXVV ]X YHUELHWHQ ,Q HLQHU 6FKULIW GLH DQ GHQ -XGHQ $EGLD JHULFKWHW ZDUKDWHUQlPOLFKYRQ]ZHL(QJHOQJHVFKULHEHQYRQGHQHQHLQHU+DUXW XQGGHUDQGHUH0DUXWKLH‰$OVVLHYRQ:HLQEHWUXQNHQZDUHQHUNDQQ WHQVLHHLQH)UDX'DIUZXUGHLKQHQIROJHQGH6WUDIHDXIHUOHJW6LHZXUGHQ LQHLQHP%UXQQHQQDPHQV%HELOPLWGHP.RSIQDFKXQWHQJHKlQJWXQG PVVHQVRELV]XP-QJVWHQ7DJDXVKDUUHQ,FKPXVVVFKRQVDJHQGDVV LFKPLFKVFKlPHQDFK]XHU]lKOHQZDVLQGLHVHU6FKULIW>GHP.RUDQ@VWHKW DXFKZHQQHV0RKDPPHGQLFKWVDXVJHPDFKWKDWGDVDOOHVDOVZDKUKLQ]X VWHOOHQ 'HU]Z|OIWH$UWLNHO'DVVHOEHJLOWIUDOOHVZDV0RKDPPHGYRP3DUD GLHV JHSUHGLJW XQG GHQ 6HLQHQ YHUKHL‰HQ KDW 'LHV LVW DOOHV QLFKWLJ XQG NDQQDXVNHLQHP*UXQGDOVUHGOLFKRGHUYHUQQIWLJEHXUWHLOWZHUGHQ   9RQGHQ6LWWHQXQG,UUWPHUQ GHU6DUUD]HQHQ ,Q-HUXVDOHPXQGLP+HLOLJHQ/DQGJLEWHVMHW]WXQGJDEHVIUKHUPDQ FKHUOHL6HNWHQXQG*ODXEHQVULFKWXQJHQ'LH0HQVFKHQ>GRUW@OHEWHQXQG OHEHQ LQ GHQ *HPHLQGHQ GHU 6DUUD]HQHQ GHU -XGHQ XQG &KULVWHQ 'RFK EHLGHQ6DUUD]HQHQPXVVPDQHLQHQJUR‰HQ8QWHUVFKLHGPDFKHQ       



U 

ZDQ\UHWWOÖFKKH\ŰŰHQ7XUFRPDQQLbYQGGLHZRQHQ\QGHQODQGHQJH JHQPLWWHUQDFKWGHUŰWDWW-KHUXŰDOHPbYQGHUGHPWXUNHŰFKHQNH\ŰHUbY? GDVŰ\QGLHWXUFNHQbGLHGHUUPŰFKHQNÖUFKHQYQGGHQFUÖŰWHQOXWKHQŰR RIIWY?GLFNJURŰŰHQŰFKDGHQ]ţIţJHQb$EHUHWWOÖFKKHLŰŰHQPDUURFKLDQLb YQGGLHŰHOEHQZRQHQÖQJUR‰$IIULFDbYQGEHŰXQGHULQGHQODQGHQJH  JHQPLWHPWDJOÖJēGHGHUŰWDWWMKHUXŰDOHPbYQGHUKHUŰFKXQJYQGJHEÖHWW \UHVNRQLJVPDUURFKLMJHQDQWb9QGY‰GLŰŰHQ]ZH\HQJHŰOHFKWHQLŰW]ţ GLŰŰHU]\WQ\PDQ]ţMKHUXŰDOHPbDXFKQLW\PJDQW]HQODQGGDUYPEbY? KDEHQDXFKNH\QHQJHZDOWRGHUKHUŰFKşJGDU\QQYEHUDOOQLWWb'LHGULW WHQKH\ŰŰHQ6ROGDQLQLbY?GLHŰHOEHQZRQHQ]ţMKHUXŰDOHPbZHOFKHŰWDWW MKHUXŰDOHPY?GDVJDQW]ODQGWHWWZDQGDVJHOREWJHKHLŰŰHQbGHPNRQLJ 6ROGDQRYQGHUZRUIIHQLŰWbGHUJHPH\QOÖFKLQGHUJURŰŰHQŰWDWW&D\URb ŰXŰW$ONH\UJHQDQWZRQHWPÖWŰ\QHPKRIIbGDYRQKLHQDFKMPDQGHUHQ WH\OZ\WHUYQGPHHŰWHHWJHŰFKUÖHEHQb$OOHGLŰHQDFLRQbJHŰOHFKWHQbRGHU YQGHUŰFKH\GGHUŰDUUDFHQHQOHEHQYQGHUY?QDFKGHPYHUIOţFKWHQJHŰDW] PDFKRPHWLbZHOFKHUŰDUUDFHQHQZ\‰HQY?KDOWşJHQbMQGHQGLQJHQGLH ]ţJODXEHQ]ţKRIIHQbRGHU]ţWKţQŰ\QbZHUGHQKLHQ\GHQLQGHPGULWWē FDSLWHOZ\WHUEHŰWşPHWbGDUYPELFKKÖHGDVŰHOEHIXUJDQJb 'LHŰDUUDFHQLKDEHQ]ţMKHUXŰDOHPLQEHŰH‰Y?JHEUXFK6DORPRQV WHPSHOJDQW]YQGJDUbY?KDOWHQGHQŰHOEHQLQJURŰŰHUHUHbYQGZLHZRO GHUŰHOEWHPSHO]ţPHUŰWHQYQGQDEXFKRGRQRŰRUbYQGGDUQDFKYŇGHQ UPHUQGXUFK7LWXPYQGYHŰSDŰÖDQş]HUŰWUHWZDUGHb$XFK]ţMXQJŰW GXUFKGHQNH\ŰHUKHOÖşDGULDQşJHQĆWbGHUMKHUXŰDOēGÖHYRULJJDQW]YPE NHUHWYRQJUţQGbYQQGŰÖHGRFKZ\GHUEXZHWMPMDUŰ\QHVNH\ŰHUWşPHV GHPbO[[bYQGQHQQHWŰÖHKHO\DPb$EHUYRQFULŰWJOHXELJHQPHQŰFKHQbLŰW GHUŰHOEWHPSHOKHUQDFKPLWWJDUŰXEWÖOÖFKHUHUEH\WbUţQGHZ\GHUYPE NRŰWOÖFKHQHUEXZHQZRUGHQb'DU]ţKDEHQGLHŰDUUDFHQLH\QHQDQGHUHQ WHPSHO]ţMKHUXŰDOHPb\QHUHGHUMşJIUDXZPDULDJHZ\KHWbYQYHUUYRQ 6DORPRQVWHPSHObHUEXZHQDQGHPHQGHGRŰÖHQDFKGHPDOVŰLHZDUGW \QWHPSHOJHRSIIHUHWLQ\UMţJHQWbODQJH]\WKHUQDFKÖQH\QHU]HOOHQRGHU NOXŰHQE\DQGHUQDQGHFKWLJHQMşJIUDXZHQHÖQKHÖOÖJOHEHQIţUHQGHbZR QHWbEL‰ŰÖHGHPKHLOÖJHQMRŰHSKZDUGYHUWUXZHWbZDQŰDORPRQVWHPSHO PLWŰ\QHPIXUJHEXZHbŰWUHFNHWŰÖFKYRU]\WHQEL‰DQGLŰHŰWDWWGRPDULD ZRQHWb'LŰHEHGHWHPSHOKDOWHQGLHŰDUUDFHQL\QJURŰŰHQHUHQbY?O\GHQ NH\QYQUH\QLNHLWGDU\QQHbODŰŰHQDXFKNH\QMXGHQRGHUFULŰWHQGDU\QQ NŇPHQbYQGEHOXFKWHQŰÖHEHGHPLWJDUYLODPSHOHQbGLHWDJYQQGQDFKW EU\QQHQbZRŰÖHHLQFULŰWHQGDU\QIXQGHQbGHUPŰWYŇŰWXQGDQŰWHUEHQ RGHUŰ\QHQJODXEHQYHUOHXFNHOHQb=XPOHW]ŰWHQ]ţZLŰŰHQGD]GLHŰDU  UDFHQÖKDOWHQJDUŰWUHQJOLFKDOOHDUWLNHOREEHŰWşPHWLQGēJHŰDW]PDFKR PHWLEHJULIIHQbYQGEHŰXQGHUGLŰHQEŰWHQDUWLFNHOYEHUDOODQGHUbGD]Ű\H Q\HPDQWODŰŰHQSUHGLJHQRGHUGLŰSXWLUHQZ\GHUUJHŰDW]RGHUŰHFWbGDQ DOOH\QPLWGHPŰZHUWEHŰFKLUPHQŰÖHGDVŰHOELJbYQQGDOOHGLHGLHGDYRQ      



U 



'HQQHLQLJHYRQLKQHQKHL‰HQ7XUNRPDQHQ6LHZRKQHQLQGHQ/lQGHUQ Q|UGOLFK YRQ -HUXVDOHP XQG ZHUGHQ YRP WUNLVFKHQ .DLVHU UHJLHUW 'DV VLQG GLH 7UNHQ GLH GHU 5|PLVFKHQ .LUFKH XQG GHQ &KULVWHQ VR RIW VR VFKZHUHQ 6FKDGHQ ]XJHIJW KDEHQ$EHU HWOLFKHKHL‰HQ 0DUURFKLDQLXQG ZRKQHQLQ*UR‰$IULNDEHVRQGHUVLQ/lQGHUQVGOLFKYRQ-HUXVDOHPXQ WHU GHU +HUUVFKDIW LKUHV .|QLJV 0DUURFKLM 9RQ GLHVHQ EHLGHQ 9|ONHUQ ZRKQWGHU]HLWNHLQHVLQ-HUXVDOHPDXFKQLFKWLPXPOLHJHQGHQ/DQGXQG VLH KDEHQ GDUEHU DXFK NHLQHUOHL *HZDOW 'LH GULWWHQ KHL‰HQ 6ROGDQLQL XQG ZRKQHQ LQ -HUXVDOHP 'LHVH 6WDGW -HUXVDOHP XQG GDV JDQ]H /DQG ULQJVXPKHL‰WEHLLKQHQGDVJHOREWH/DQG6LHVLQGGHP.|QLJ6XOWDQXQ WHUZRUIHQ GHUPLWVHLQHP+RIVWDDW JHZ|KQOLFK LQ GHU 6WDGW .DLUR DXFK $OND\UJHQDQQWOHEW9RQLKPZLUGLQGLHVHPXQGLP]ZHLWHQ7HLOPHLQHV %XFKHVQRFKGLH5HGHVHLQ$OOHGLHVH1DWLRQHQ*HVFKOHFKWHURGHUXQWHU VFKLHGOLFKHQ6DUUD]HQHQOHEHQXQWHUXQGQDFKGHPYHUIOXFKWHQ*HVHW]GHV 0RKDPPHG'LH/HEHQVIRUPHQXQG5LFKWOLQLHQLQGHQ'LQJHQGHV*ODX EHQV+RIIHQVRGHU7XQVZHUGHQKLHULPGULWWHQ.DSLWHOZHLWHUDXVJHIKUW GHVKDOEIDKUHLFKMHW]WIRUW 'LH6DUUD]HQHQKDEHQLQ-HUXVDOHPGHQ7HPSHO6DORPRVYROOVWlQGLJLQ %HVLW] XQG LQ >ULWXHOOHP@ *HEUDXFK XQG VLH KDOWHQ LKQ LQ JUR‰HQ (KUHQ =XHUVW ZXUGH GHU 7HPSHO YRQ 1HEXNDGQH]DU ]HUVW|UW GDQDFK YRQ GHQ 5|PHUQ7LWXVXQG9HVSDVLDQXQGYRUNXU]HU=HLWYRQ.DLVHU+HOLXV $GULDQXV GHU GDV YRULJH -HUXVDOHP YRQ *UXQG DXI JDQ] XPNHKUWH 'RFK LP VLHE]LJVWHQ -DKU VHLQHV .DLVHUWXPV EDXWH HU HV ZLHGHU DXI XQG QDQQWHHV+HOLDV'RFKYRQFKULVWJOlXELJHQ0HQVFKHQLVWGHU7HPSHOGD QDFK PLWVRUJIlOWLJHU$UEHLW LQ VHLQHU DOWHQ 5XQGIRUPZLHGHUXP KHUUOLFK DXIJHEDXWZRUGHQ$X‰HUGHPKDEHQGLH6DUUD]HQHQHLQHQDQGHUHQ7HP SHOLQ-HUXVDOHP(ULVWGHU(KUHGHU-XQJIUDX0DULDJHZHLKWXQGVWHKWLQ GHU 1lKH YRQ 6DORPRV 7HPSHO (U ZXUGH DQ GHU 6WHOOH HUEDXW ZR VLH QDFKGHPVLHLQLKUHU-XJHQGLP7HPSHOJHRSIHUWZRUGHQZDUPLWDQGHUHQ IURPPHQ-XQJIUDXHQODQJH=HLWLQHLQHU=HOOHRGHU.ODXVHJHOHEWKDWELV VLHGHPKO-RVHSKDQJHWUDXWZXUGH)UKHUEHUKUWHQGLH9RUEDXWHQGHV 6DORPRQLVFKHQ7HPSHOV0DULDV=HOOH'LH6DUUD]HQHQKDOWHQGLHVHEHLGHQ 7HPSHO LQ JUR‰HU (KUH XQG GXOGHQ NHLQH 8QUHLQKHLW GDULQ 6LH HUODXEHQ DXFKNHLQHP-XGHQRGHU&KULVWHQGHQ=XWULWW'LHEHLGHQ7HPSHOZHUGHQ YRQ YLHOHQ $PSHOQ EHOHXFKWHW GLH 7DJ XQG 1DFKW EUHQQHQ )lQGHQ GLH 6DUUD]HQHQLQHLQHPGHUEHLGHQ7HPSHOHLQHQ&KULVWHQVRPVVWHHUVR IRUWVWHUEHQRGHUVHLQHP*ODXEHQDEVFKZ|UHQ=XOHW]W PXVVPDQZLV VHQGDVVGLH6DUUD]HQHQDOOHJHQDQQWHQ*HVHW]H0RKDPPHGVVWUHQJVWHQV KDOWHQXQGEHVRQGHUVGDVVFKOLPPVWHYRQDOOHQQlPOLFKGDVVVLHQLHPDQ GHQJHJHQLKU*HVHW]SUHGLJHQRGHUGLVSXWLHUHQODVVHQ6LHEHVFKW]HQHV DXVVFKOLH‰OLFKPLWGHP6FKZHUWXQGDOOHGLHYRQLKP          



Y 

DEWU\QQLJZHUGHQbWRGWHQŰLHYŇŰWXQGDQb'DPLWŰLHQQHQDOOZHJGH‰ KH\OHVRGHUEHNHUşJ]ţJRWWYHUŰOLHŰŰHQbDOŰRGD]ŰÖHYRQ\U\UWXPYQQG YQJODXEHQQLWPRJHQJHZHQGHWRGHUEHNHUHWZHUGHQbYQGGH‰KDOEY‰ UHFKWHPYUWHLOJRWWVLQ\UHUYHUŰWRSIIXQJYHUO\EHQb  ,ŰŰHUŰHFWKDOEGHUŰDUUDW]HQŰ\QQRFKHWWOÖFKSşFWHQ]ţPHUFNHQ  GLHPHHYQGHUZ\ŰXQJGRYŇGHPJHPH\QHQPDQPţJHQJHEēb  9QG]XPHUŰWēZLHGLŰHŰHFWKDWWDQJHIDQJHQb=XPDQGHUQZDV GLHIDOŰFKHQYQGJHŰW\IIWHQIXQGDPHQWŰ\QGDUYIIGLŰHŰHFWLŰWJHŰDW]HWb &]XPGULWWHQYŇPDQJIHOWLJHQODŰWHUHQYQG\UUşJHQGLHG։ŰHFW\QQ KDOWHWb&]XPYLHUGHQY‰ZDVYUŰDFKŰRYLOPHQŰFKHQYQGZHOWGL‰ŰHFW KDEHQYIIJHQŇPHQGDUYQGHUOHEHQGHbY?QRFKGLŰHU]\WYLOGDU]ţNŇPē &]XPIXQIIWHQZLHH‰NŇPHGD]GLŰHIDOŰFKH\WŰRODQJZHUHWb  (‰HUŰWHQDUWÖNHOVKDOEYRPDQIDQJGLŰHUŰHFW]ţUHGHQLŰW]ţ  ZÖŰŰHQbGD]ZLHZRODOOHKLŰWRULHJOÖFKŰDJHQGH‰KDOEbGD]]ţGHU  ]\WGH‰NH\ŰHUV(UDFOLMbEHŰXQGHUYPEGDVHQGŰ\QHVOHEHQVGLŰH ŰHFWH\QDQIDQJKDEJHQŇPHQbDOVGDVREZ\WHUEHUţUHWY?EHŰFKULHEHQ LŰWZRUGēbGRFKŰDJHQŰÖHQLWJOÖFKGHUZL‰RGHUYUŰDFKKDOEGH‰DQIDQJV GLŰŰHUŰHFWbEHGXQFNHWDEHUPLFKbGD]GDVŰHOEJDUZROY‰WUXFNHHQKLŰWR  ULDGLHHÖQEUţGHUSUHGLJHURUGHQV%DUWKRORPHXVJHQĆWKDWWJHPDFKW YQGJH]RJHQY‰GHQKLŰWRULHQ\ŰÖGRULbULFKDUGLbYQGPDUWLQLbGLHYLOGD YRQKDEHQJHŰFKULHEHQb\QGHUŰHOEHQKLŰWRULDO\ŰHWPDQDOŰRGD]YUŰDFK GRKHUGLŰHŰHFWH\QDQIDQJRGHUYUŰSUXQJKDWWJHQŇPHQŰ\JHZHŰHQGLH JUR‰W\UĆQLŰFKKHUWLNHLWRGHU]ZDQJGH‰NH\ŰHUV(UDFOÖMbZHOFKHUQDFKGē DOVHUŰ\JHWZ\GHUGLHSHUŰÖHQGLHHUYEHUZDQGHbZDUGŰHHUKRFKPţWLJ DXFKPLW]ţYLOJ\WLNHÖWHQW]şGHWbEHŰZHUHWHUY?YQGHUWUXFNHW]ţYLOGLH ŰHOEHQSHUŰÖHQYQGDUDEHVbYQG&KDOGHRVbYQGDQGHU\UDQŰWRŰŰHUbPLWW WULEXWHQY?ŰFKDW]şJHQYQGDQGHUQŰROOÖFKHQYQPHŰŰÖJOÖJOÖFKHQEHŰZH  UXQJHQb9‰ZHOFKHUYUŰDFKGLHŰHOEHQODQGYQGOXWKJHQH\JHWZXUGHQ Z\GHUŰWDQG]ţWKţQGH‰NH\ŰHUVDPSWPHQQHUQŰRHUGRK\QŰFKLFNHWbGLH DXFKŰROOÖFKŰFKDW]XQJHQYIIOHJHWWHQYQG\QQĆPHQHWFb'RFKYPEZH JHQJURŰŰHVJHZDOWHVWRUŰWHQŰÖHŰÖFKQLWRIIHQEDUOLFKHQHJHQbŰXQGHU PDFKRPHWGHUJDUNQY?NOţJZDVbDXFKYLODEHQWKXHUY?]DXEHU\Nş QHQYQGZLŰŰHQbŰOţJŰÖFK]ţ\QHQbY?DOVHUŰÖHYDQGHJHQH\JHW]ţNULH  JHQZ\GHUGHQUPŰFKHQNH\ŰHUbUH\W]HWHUŰÖHPHHY?PHHGDU]ţbPLWWYLO YHUKHLŰŰXQJHQŰÖH]ţIU\HQY?HUOŰHQYŇŰROOÖFKHQŰFKDW]şJHQY?EHŰZH  UXQJHQbY?DOŰRQĆPHQGLHŰHOEHQ\QHQ]ţH\PKDXEWPDQY?ZXUIIHQ \QHQYIIIXUHÖQHQKHUUHQbYQGYQGHU\PYHUWULHEHQŰÖHY?HUWRGWHQGLH DPSWOXWKGH‰NH\ŰHUVbY?KHWWHQJUR‰Ű\HJPLWŰDPSWGHPŰHOEHQPDFKR PHWZ\GHUGDVUPLŰFKULFKb'HPQDFKPDFKRPHWbGDPLWHUŰROOÖFKHKHU ŰFKXQJY?JHZDOWGHŰWHUED‰Y?YHŰWHUPRFKWEHKDOWHQbYLHQJHUDQH\Q QXZHŰHFWbY?JDE\QHHQQXZHJHŰDW]ZLHREÖŰWJHŰDJHWZRUGHQbYIIGDV ŰLHGHŰWHUHHYHUKDUUHWWHQ\QZLGHUŰSēQÖNH\WZLGHUGDVURPLŰFKULFKYQG      



Y 



DEIDOOHQ ZHUGHQ DXJHQEOLFNOLFK JHW|WHW 'DGXUFK YHUVFKOLH‰HQ VLH LKQHQ GHQ:HJGHV+HLOVRGHUGHU%HNHKUXQJ]X*RWWVRGDVVVLHYRQLKUHP,UU WXPXQG8QJODXEHQQLFKWDEODVVHQXQGEHNHKUWZHUGHQN|QQHQXQGGHV KDOEQDFKGHP8UWHLO*RWWHVLQLKUHU9HUVWRFNWKHLWEOHLEHQ (VJLEWQRFKPHKU3XQNWHGHUVDUUD]HQLVFKHQ6HNWHGLH]XEHDFKWHQVLQG XQGEHUGLHGLH/HXWHLQIRUPLHUWZHUGHQPVVHQ(UVWHQVEHWULIIWGLHVGLH $QIlQJHGHU6HNWH=ZHLWHQVJHKWHVXPGLHIDOVFKJHVHW]WHQ)XQGDPHQWH DXIGHQHQGLHVH6HNWHEDVLHUW'ULWWHQVZlUH]XVSUHFKHQYRQGHQ]DKOUHL FKHQ/DVWHUQXQG,UUWPHUQGLHGLHVH6HNWHEHLQKDOWHW9LHUWHQVODXWHWGLH )UDJHZDUXPVRYLHOH0HQVFKHQDXIGHU:HOWGLHVHU6HNWHDQKlQJHQXQG VLFKLKUXQWHUZHUIHQXQGZDUXPELVDXIGHQKHXWLJHQ7DJVRYLHOHQHXH $QKlQJHUGD]XNRPPHQ)QIWHQVZlUH]XIUDJHQZDUXPVLFKGLH)DOVFK KHLWGLHPLWGLHVHU6HNWHYHUEXQGHQLVWVRODQJHKDOWHQNDQQ =X3XQNWHLQVGHQ$QIlQJHQ GHU6HNWHPXVVPDQZLVVHQZDVDOOH*H VFKLFKWVVFKUHLEHU JOHLFKODXWHQG VDJHQ 6LH KDW ]XU =HLW GHU 5HJHQWVFKDIW GHV .DLVHUV +HUDFOLXV JHJHQ (QGH VHLQHV /HEHQV LKUHQ $QIDQJ JHQRP PHQ'LHVH7DWVDFKHLVWMDREHQDXVIKUOLFKGDUJHVWHOOWZRUGHQ'RFKVLH> GLH *HVFKLFKWVVFKUHLEHU@ VLQG VLFK QLFKW HLQLJ LQ GHU )UDJH LQ ZHOFKHU :HLVH RGHU DXV ZHOFKHP *UXQG GLH 6HNWH LKUHQ$QIDQJ JHQRPPHQ KDW 0LU VFKHLQW GDVV GHU *HVFKLFKWVVFKUHLEHU %DUWKRORPlXV HLQ %UXGHU GHV 3UHGLJHURUGHQV GLHVH )UDJHQ VHKU ]XWUHIIHQG EHKDQGHOW KDW ,Q VHLQHQ $XVIKUXQJHQ KDW HU VLFK DXI ,VLGRU 5LFKDUG XQG 0DUWLQ JHVWW]W GLH YLHOGDUEHUJHVFKULHEHQKDEHQ,Q%DUWKRORPlXV·+LVWRULHOLHVWPDQDOVR GDVVGLHZDKUH8UVDFKHIUGLH6HNWHQJUQGXQJGLHW\UDQQLVFKH+lUWHXQG GDV =ZDQJVV\VWHP GHV .DLVHUV +HUDFOLXV JHZHVHQ VHL GLH HU QDFK GHP 6LHJ EHU GLH 3HUVHU KHUYRUNHKUWH (U ZXUGH VHKU KRFKPWLJ XQG HQW ZLFNHOWHDOO]XYLHO*HL](UHUVFKZHUWHGDV/HEHQGHU3HUVHU$UDEHU&KDO GlHUXQGDQGHUHU9|ONHULQGHUHQ8PNUHLVXQGXQWHUGUFNWHVLHLQXQEH VFKUHLEOLFKHP 0D‰ PLW 7ULEXWHQ 6FKlW]XQJHQ XQG DQGHUHQ XQPl‰LJHQ /DVWHQ'HVKDOEQHLJWHQGLH/HXWHDXVGLHVHQ/lQGHUQGD]XGHQ%HDPWHQ GHV .DLVHUV :LGHUVWDQG ]X OHLVWHQ GLH ]X LKQHQ JHVFKLFNW ZXUGHQ XP 6FKlW]XQJHQYRUXQG6WHXHUQHLQ]XQHKPHQ'RFKDQJHVLFKWVGHUJUR‰HQ *HZDOW PLW GHU VLHNRQIURQWLHUWZDUHQNRQQWHQ VLFK GLH 8QWHUWDQHQ RI IHQEDUQLFKWVHOEVWWU|VWHQYLHOPHKUVFKOXJVLFK0RKDPPHGGHUMDNKQ XQG NOXJ ZDU DXFK YLHOH DEHQWHXHUOLFKH =DXEHUNXQVWVWFNH EHKHUUVFKWH ]XGHQ8QWHUGUFNWHQ8QGDOVHUVDKGDVVVLH]XHLQHP.ULHJJHJHQGHQ 5|PLVFKHQ.DLVHUEHUHLWZDUHQVWDFKHOWHHUVLHLPPHUPHKUGD]XDQPLW 9HUVSUHFKXQJHQVLH]XEHIUHLHQXQGVLHYRQLKUHQ$EJDEHQXQG/DVWHQ]X HUO|VHQ'HVKDOEHUNRUHQVLH0RKDPPHG]XLKUHP+DXSWPDQQXQGOLH‰HQ LKQDOV+HUUHQKRFKOHEHQ8QGQDFKVHLQHU:HLVXQJYHUWULHEHQXQGW|WH WHQVLHGLH%HDPWHQGHV.DLVHUV8QWHU0RKDPPHGV)KUXQJHUUDQJHQVLH HLQHQJUR‰HQ6LHJEHUGDV5|PLVFKH5HLFK0RKDPPHGGHUGLHVH+HUU VFKDIWXQG*HZDOWXQEHGLQJWEHKDOWHQZROOWHJUQGHWHGDUDXIKLQGLHQHXH 6HNWHXQGVFKULHEGDV]LWLHUWHQHXH*HVHW]'LH/HXWHVROOWHQLP*HLVWGHV $XIUXKUVJHJHQGDV5|PLVFKH5HLFKYHUKDUUHQ     



U 

JHEUXFKHWY‰UDGWGHVPRQFKV6HUJLMY?DQGHUŰ\QHUPLWJHŰHOOHQŰ\Q JHŰDW]YQGŰHFWGDPLW]ţEHŰWHWLJHQYQQG\PHÖQJHŰWDOW]ţJHEHQJUR‰ NOXFNKH\WbYQGQĆPHY‰GHPDOWHQY?QXZHQWHŰWDPHQWHWWOÖFKDUWÖNHO \PGÖHQHQGHYIIGDVGD]HUZXUGJHDFKWHWH\QEHKDOWHUEHGHUWHŰWDPHQW DOVKLHYRUYÖOGDYŇŰWHHWJHŰFKUÖHEHQb'DUYPEGLŰHŰHFWZROYHUJOÖ  FKHWZXUGWGHUŰHFWHQRGHU]HUWH\OXQJGHUN\QGHUYRQ-ŰUDKHOGÖHGXUFK MHURERDPJHŰFKDKHbYPEZHJHQGD]GHUNRQLJURERDP6DORPRQVŰXQb Y‰UDGWGHUMşJHQŰ\QHUPLWJHŰHOOHQbYHUDFKWHWGHUDOWHQZ\ŰHQPHQQHU UDGWbGHPYROFNWUDXZHWbHUZROWŰÖHYLOPHHEHŰZHUHQYQGŰFKHW]HQGDQQ Ű\QYDWWHUKHWWJHWKDQb'DUY‰MHURERĆYUŰDFKQĆPHZ\GHU\Q]ţNULH  JHQYQG]RJHGÖH]HKHQJHŰOHFKWGHUN\QGHUYRQŰUDKHODEYRQGHPULFK 5RERDPY?JRWWHVGÖHQŰWbYQGPDFKHWŰÖHDEXHOOLJYŇ\UHPYHWWHU OÖFKHQJHŰDW]bYQQGDQELWWHQGHDEJRWWHU\bDOVPDQYLOGRYRQO\ŰHW\P GULWWHQEţFKGHUNRQLJDPb[LMbFDbYQGDXFKMPYÖHUGHQEţFKGXUFKY‰b ZLHŰRYLOYEHOVGDUY‰Ű\NRPHQHWF 1DFKGHPDOVGLŰHŰHFWH\QDQ  IDQJ\QREEHŰWXPSWHQODQGHQJHZDQbYLHOHQYLODQGHUODQGHYQGOXWK ]ţGHUŰHOEHQŰHFWbYQGHUGHUJHŰWDOWY?KRIIQşJŰROOÖFKHUIU\KHLWbGHPUP ŰFKHQUÖFKQLWPHHYQGHUZRUIIHQ]ţŰ\QbYQGPLWQĆPHQHLQJUR‰YROFN YRQGHPEHUJ&DXFDŰRJHQĆWbGDUYQGHUYQGGRŰHOEHWYPEZRQHQGHb YLHODXFKGHPPDFKRPHWR]ţbY?]RJHPLW\PZLGHUGēNH\ŰHU(UDFOÖş \PY?GHPURPŰFKHQULFKJURŰŰHQŰFKDGHQ]ţIţJHQGHbY?KÖH‰GDVŰHOE JHŰOHFKWQDERWKHDbKHUNŇPHQGHY?HUERUHQYŇQDEDLRWKGHPHUŰWJHERU QHQŰXQ\ŰPDKHOÖVbDOVŰDQWMHURQLPGDYRQŰFKUÖEHWbZHOFKHVJHVŰOHFKW KHUQDFKGÖHODQGH$IIUÖFĆYQGKLŰSDQLĆ\QQDPHJDUE\JDQW]YQGEH  NXPPHUWbY‰JRWVYHUKHQJQ‰]ţŰWUDIIGHUER‰KHLWY?ŰXQGHGHUFULŰWēb YQGZLHZROGDVŰHOEJHŰOHFKWGHVPH\HUQWH\OVY‰KLŰSDQLDLŰWYHUWUÖEē ZRUGHQbQRFKGDQ]ţYEXQJGHUFULŰWHQLŰWYIIGLŰŰHQKţWLJHQWDJH\QQ ZţUW]HOGRYHUO\EHQGHVŰHOEHQb  H‰DQGHUQDUWLNHOVKDOEbGDVLŰWYŇGHPIXQGDPēWGDUYIIGL‰ŰHFW  LŰWJHŰDW]WbMŰW]ţZLŰŰHQGD]GHURIIWJHQĆWYHUIţUHUPDFKRPHWbPHU  FNHQGHGD]]ţGHUŰHOEHQ]\WGXUFKOHUHY?SUHGLJWGHUDSRŰWHOQYQG\UHU QDFKNŇPHUDOODEJRWWHU\ZDVYHUWU\EHQY‰GHUZHUOWbDOVGDQ\ŰDLDV GDVODQJGDYRUKHWWSURSKHW\UHWbŰSUHFKHQGHDPDQGHUQFDSLWHOŰ\QHU SURSKHF\DOŰRb$OODEJRWWZHUGHQ]ţGHU]\WJDQW]YHUQLFKWHWRGHU]HU  NQ\ŰFKHWb'DU]ţŰDKHPDFKRPHWZROGD]GHUNRQLJ&RŰGURHbGHUŰÖFKKHW ODŰŰHQDQEHWWHQDOVHLQJRWWbZDUGHPLWŰDPSWDOOHQGHQŰ\QēbYRQGHP NH\ŰHU(UFDOÖRYEHUZşGHQY?YQGHUWUXFNHWbGHPYQGŰROOÖFKHPDOOHP QDFKbZţŰWHUQLWDQGHUHQZHJHUILQGHQRGHUHUGHQFNHQZLHHUŰ\QŰHFWDQ YLHQJHGDQGD]HUŰÖFKŰWLIIWHGHVJRWWOÖFKHQJHŰDW]HVbGH‰DOWHQYQGGHV QXZHQbGDVGREHZHUHWZDVbH\QEHKDOWHUY?YROEULQJHUb9QGŰÖWWHPDO GDVJRWWOÖFKJHŰDW]LŰWJHEXZHWYIIGDVIXQGDPHQWGHUDSRŰWHOQYQQG SURSKHWHQbGDUYPEŰW\IIWHWHUŰÖFKZHŰHQH\QSURSKHWHQY?DSRŰWHOQbY?      



U 



0LWJUR‰HU.OXJKHLWXQGHQWVSUHFKHQGGHP5DWGHV0|QFKV6HUJHLMXQG DQGHUHU*HVHOOHQEHQXW]WHHUVHLQ*HVHW]XQGVHLQH6HNWHGD]XXPVHLQH +HUUVFKDIW]XEHIHVWLJHQXQGLKUHLQH*HVWDOW]XJHEHQ'D]XHQWQDKPHU GHP$OWHQXQG1HXHQ7HVWDPHQWHWOLFKH$UWLNHOGLHLKPIUVHLQH:HUW VFKlW]XQJ DOV hEHUOLHIHUHU GHU EHLGHQ 7HVWDPHQWH YRQ 1XW]HQ ]X VHLQ VFKLHQHQ2EHQKDEHLFKMDEHUHLWVGDUEHUJHVFKULHEHQ 'HVKDOEZXUGHGLHVH6HNWHMDDXFKPLWGHU6SDOWXQJGHU.LQGHU,VUDHOV YHUJOLFKHQGLHGXUFK-HUREHDPJHVFKDK5HKDEHDPGHU6RKQ6DORPRV K|UWH DXI GHQ 5DW VHLQHU MXQJHQ %HUDWHU XQG YHUDFKWHWH GHQ GHU DOWHQ ZHLVHQ0lQQHUDXIGLH%LWWHQGHV9RONHV]XK|UHQXQGLKP]XYHUWUDXHQ (U ZROOWH LKP PHKU /DVWHQ DXIOHJHQ XQG K|KHUH $EJDEHQ YRQ LKP IRU GHUQDOVVHLQ9DWHU GLHVJHWDQKDWWH'HVKDOEHUNOlUWHLKP-HUREHDPGHQ .ULHJGDUDXIKLQ]RJHUPLW]HKQ*HVFKOHFKWHUQGHU.LQGHU,VUDHOVDEYRP 5HLFK-HUREHDPVXQGJDEGHQ*RWWHVGLHQVWDXI'XUFK-HUREHDPZXUGHQ GLH.LQGHU,VUDHOVYRQLKUHPYlWHUOLFKHQ*HVHW]DEWUQQLJVLHEHWHWHQQXQ *|W]HQDQ0DQNDQQLP%XFKGHU.|QLJHLP.DSLWHOXQGDXFKLP YLHUWHQ %XFK QDFKOHVHQ ZLHYLHO %|VHV GDUDXV HQWVWDQGHQ LVW   $OV GLH 6HNWHQXQLQGLHVHQ/lQGHUQLKUHQ6LHJHV]XJDQWUDWIDQGVLHDXFKYRQDQ GHUHQ/lQGHUQXQG/HXWHQ=XODXI$XVVFKODJJHEHQGGDIUZDUGLH+RII QXQJGHP5|PLVFKHQ5HLFKQLFKWPHKUXQWHUZRUIHQVHLQ]XPVVHQ(LQ JUR‰HV9RONYRP%HUJ.DXNDVXVGDVDXILKPXQGDQVHLQHP)X‰ZRKQWH VFKOXJVLFKDXFKDXI0RKDPPHGV6HLWHXQG]RJPLWLKPJHJHQGHQ.DLVHU +HUDFOLXV]X)HOGHXPLKPXQGGHP5|PLVFKHQ 5HLFK JUR‰HQ6FKDGHQ ]X]XIJHQ'LHVHV*HVFKOHFKWZDUGDVGHU1DEDWlHUHVVWDPPWHYRQ1H EDMRW DE GHP HUVWJHERUHQHQ 6RKQ ,VPDHOV 'HU KO +LHURQ\PXV VFKUHLEWGDUEHU'LHVHV*HVFKOHFKWHUREHUWHVSlWHU$IULNDXQG6SDQLHQ XQGEUDFKWHGLHVHQ/lQGHUQYLHO%HNPPHUQLVZLH*RWWHVGHQ&KULVWHQ DXV 6WUDIH IU LKUH %RVKHLW XQG 6QGH YHUKlQJW KDWWH 8QG REZRKO GDV *HVFKOHFKW GHU 1DEDWlHU ]XP JU|‰WHQ 7HLO LQ]ZLVFKHQ DXV 6SDQLHQ YHU WULHEHQZXUGHLVWELV]XPKHXWLJHQ7DJQRFKHLQH:XU]HOGHVVHOEHQGRUW YHUEOLHEHQGLHVHU5HVWGLHQWGHU>%X‰@hEXQJGHU&KULVWHQ =XP ]ZHLWHQ $UWLNHO GHU VLFK XP GDV )XQGDPHQW GUHKW DXI GHP GDV *HVHW]GLHVHU6HNWHEDVLHUW'HU9HUIKUHU0RKDPPHGPXVVWHEHPHUNHQ GDVV ]X VHLQHU =HLW GXUFK GLH /HKUH XQG 3UHGLJW GHU $SRVWHO XQG LKUHU 1DFKNRPPHQ MHJOLFKHU *|W]HQGLHQVW DXV GHU :HOW YHUWULHEHQ ZDU ,P ]ZHLWHQ .DSLWHO VHLQHV 3URSKHWHQEXFKV KDWWH -HVDMD ODQJH =HLW YRU 0R KDPPHG EHUHLWV SURSKH]HLW $OOH *|W]HQ ZHUGHQ HLQHV 7DJHV JDQ] YHU QLFKWHW RGHU ]HUPDOPW 0RKDPPHG HUOHEWH DX‰HUGHP GDVV GHU .|QLJ &KRVUDX GHU VLFK DOV HLQ *RWW DQEHWHQ OLH‰ PLWVDPW GHQ 6HLQHQ YRQ .DLVHU +HUDFOLXV EHVLHJW XQG XQWHUZRUIHQ ZXUGH 'HVKDOE ZXVVWH 0R KDPPHGNHLQHQDQGHUHQ:HJGHU6HNWHQJUQGXQJDOVVLFKHLQJ|WWOLFKHV *HVHW] ]X JHEHQ GDV GLH EHZlKUWHQ3DVVDJHQ GHV $OWHQ XQG GHV 1HXHQ 7HVWDPHQWHV EHLEHKDOWH XQG YROOHQGH 8QG ZHLO GDV J|WWOLFKH *HVHW] DXI GHP)XQGDPHQWGHU$SRVWHOXQG3URSKHWHQUXKWGHVKDOEVWLIWHWHHUVLFK HLQ3URSKHWHQXQG$SRVWHOZHVHQXQG      



Y 

DOŰRZXUGWHUDXFKJHPH\QOÖFKJHQĆWYŇDOOHQGHQHQGLHŰ\QJHŰDW]KDO  WHQGLH\QKHLŰŰHQH\QSURSKHWHQYQGHLQERWWHQJRWWVbGRPLWHUZXUGW JHDFKWHWY?JHŰFKHW]HWEHGHUJHŰDW]RGHUWHŰWDPHQWKDOWHUY?YROEULQJHU (\QSURSKHWYPEZHJHQGHVDOWHQWHŰWDPHQWVbYQGH\QDSRŰWHOYPE ZHJHQGHVQXZHQb'DUYPEZXUGWHUJDUEHTXHPOÖFKEHGWHWE\GHP WK\HUGDVŰDQWMRKDQVDOVHUŰFKULEHW\PEţFKGHUKH\POÖFKHQRIIHQED  UşJDPb[ÖÖLMbFDbŰDKHYIIŰW\JHQYŇGHUHUGHQbKDEHQGH]ZH\KRUQHUJOÖFK DOVH\QVOHPO\QVb:ROKH\ŰŰHWHUHLQWK\HUYRQGHUHUGHQYIIŰW\JHQGHb ZDQHUWK\UOÖFKHQY?Y\KHŰFKOHEHQGHLŰWYRQ\UGHŰFKHPY?Q\GHUPJH  ŰOHFKW]ţŰROOÖFKHPJURŰŰHQJHZDOWYIIJHŰW\JHQb%LOOÖFKZXUGWHUDXFK JHKHLŰŰHQKDEHQGH]ZH\KRUQHUJOÖFKDOVH\QVOHPO\QVb'DQHEHQDOVGLH HXĆJHOÖŰFKZDUKH\WLŰWYHUNşGHWZRUGHQGXUFKSURSKHWHQY?DSRŰWHOQb DOŰRLŰWGLHŰDUUDFHQLŰFKIDOŰFKH\WY‰JHEUH\WHWZRUGHQGXUFKGHQYHUIţ  UHUPDFKRPHWşGHUŰÖFKŰWLIIWHWKDEHQGÖHŰHOEHQ]ZH\KRUQHU]ţPDObGDV LŰWGHUŰÖFKY‰JDEHH\QSURSKHWHQY?DSRŰWHOZHŰHQb'HPQDFKŰWHWQHP OÖFKEHŰFKUÖHEHQGD]Ű\QKRUQHUJOÖFKZDUHQDOVH\QHVOHPO\QVbQÖWWGD] H‰ZDUHKRUQHUZHUHQH\QVOHPO\QVŰ\QSURSKHF\YQQGDSRŰWRODWKb ŰXQGHUJOÖFKbGDVLŰWJHŰW\IIWYQGIDOŰFKb9QGLŰWKLH]ţZÖŰŰHQGD]GLH ŰDUUDW]HQLYQGHUŰWDQ]ţJUXQGHQRGHUYHŰWLJHQGLHŰHOEHQ]ZH\KRUQHU PDFKRPHWLbGDVLŰWDOVREJHŰDJHWLŰWŰ\QSURSKHF\Y?DSRŰWRODW\QJH  ŰFKU\IIWHQEHGHUWHŰWDPHQWb=XPHUŰWHQŰ\QHUSURSKHF\KDOE]\HKHQŰÖHHU IţUHGD]GDVJHŰFKULHEHQŰWHHW\PIXQIIWHQEţFK0R\ŰÖ'HXWURQRPLR JHQĆWDPDFKWHQFDbGRDOŰRŰWHHWJHŰFKULHEHQb-FKZXUG\QHQHUTZLFNHQ YQGJHEHQH\QSURSKHWHQGHQŰROOHQ\UKRUHQDOVPLFKŰHOEVb:HOFKHJH  ŰFKUÖIIWGLHŰDUUDFHQÖYHUPH\QHQDPPDFKRPHWRHUIXOOHWŰ\Qb=XPDQ  GHUQGH‰DSRŰWRODWVKDOE]\HKHQŰÖHHUIXUGD]GDVJHŰFKULHEHQŰWHHW\QQ HXĆJHOÖRMRKĆQLVDPb[LLLMbFDbGRGLHJHŰFKULIIWDOŰRYHUKH։HWbGHUWUŰWHU GHUKHLOÖJJH\ŰWGHQGHUYDWWHUZXUGWŰHQGHQ\QP\QHQQĆPHQZXUGW YFKOHUHQDOOHGÖQJb'D]DEHUGL‰EHGHVIDOŰFKŰ\YQGYIIPDFKRPHWR QÖWPRJHJHZHQGHWZHUGHQPDJPDQK\UY‰PHUFNHQbZDQGLHHUŰWHJH  ŰFKULIIWŰDJHWRIIHQJOÖFKHQK\Q]ţb9RQPLWWHOG\QHUEUţGHUYHUPH\Qē GLHN\QGHUYŇMŰUDKHObGD]PDQYRQ0DFKRPHWRQLWNDQQŰDJHQGHUQLWW YRQGHPYROFNYŇMŰUDKHObŰXQGHUYŇ\ŰPDKHOÖVJHŰOHFKWÖŰWHUERUHQDOV DOOHŰDUUDFHQLYHULHKHQb-WHPGLHDQGHUJHŰFKULIIWŰDJHWRIIHQEDUOÖFKGD] GHUWUŰWHUGHUJHŰHQGHWŰROWZHUGHQbŰROWDOOHZDUKH\WOHUHQY?\QEOD  ŰHQDOOHVGDVFUÖŰWXVKHWWHJHERWWHQb1XQLŰWNXQWOÖFKGD]GHUYHUIţUHU PDFKRPHWKDWWGLHHXĆJHOLŰFKOHUHY?ZDUKHLWŰRYÖODQ\PJHZHŰHQLŰWb PHHYQGHUŰWĆGHQ]ţYHUG\OFNHQY?YQGHUWUXFNHQGD]]ţOHUHQ\QPD‰ ZLHKHUQDFKGDVED‰ZXUGWHUOXWHUWbGDUYPEGLHŰHOEJHŰFKUÖIIWDQ\P JĆW]Y?JDUQLWŰWDWPDJKDEHQb'H‰JOÖFKēGDVPDQO\ŰHW\PHXĆJHOÖR /XFHDPb[[MbFDb-FKZLOYFKJHEHQHLQPşGWY?Z\‰KH\WGHPDOOXZHU Y\QGQLWPRJHQZ\GHUŰWDQGWWKţQbZHOFKHJHŰFKULIIWGLHŰDUUDFHQLDXFK      



Y 



VRZXUGHHUDXFKYRQDOOGHQHQJHQDQQWGLHVHLQ*HVHW]KLHOWHQ6LHQDQQ WHQLKQHLQHQ3URSKHWHQXQGHLQHQ%RWHQ*RWWHVXQGGDPLWZXUGHHUDOV $QKlQJHU XQG 9ROOHQGHU EHLGHU *HVHW]H RGHU 7HVWDPHQWH JHDFKWHW XQG JHVFKlW]W(UJDOWDOV3URSKHWGHV$OWHQXQGDOV$SRVWHOGHV1HXHQ7HVWD PHQWV'HVKDOENRQQWHHUVLFKRKQH3UREOHPHDOVGDV7LHUDXVJHEHQGDV GHUKO-RKDQQHVLP%XFKGHU+HLPOLFKHQ2IIHQEDUXQJLP.DSLWHO EHVFKUHLEW(UVDKYRQGHU(UGHHLQ7LHUDXIVWHLJHQGDV]ZHL+|UQHUKDWWH ZLHHLQ/lPPOHLQ(UVFKULHEWDWVlFKOLFKHVVHLHLQ7LHUGDVYRQGHU(UGH DXIJHVWLHJHQ VHL HV ZDU DOVHLQ WLHULVFKHV XQGYLHKLVFKHV /HEHQ YRQ LUGL VFKHPXQGQLHGHUHP*HVFKOHFKW]XVRJUR‰HU*HZDOW DXIJHVWLHJHQ8QG HV KLH‰ DXFK GDV 7LHU KDEH ]ZHL +|UQHU JOHLFK GHQHQ HLQHV /lPPOHLQV 'HQQVRZLHGLHHYDQJHOLVFKH:DKUKHLWGXUFK3URSKHWHQXQG$SRVWHOYHU NQGHWZRUGHQLVWVRLVWGLHVDUUD]HQLVFKH)DOVFKKHLWGXUFKGHQ9HUIKUHU 0RKDPPHGDXVJHEUHLWHWZRUGHQGHUVLFKVHOEVWGLHEHLGHQ+|UQHUVWLIWH WHLQGHPHUVLFKIUHLQHQ3URSKHWHQXQG$SRVWHODXVJDE6RVWHKWQlP OLFK DXFK JHVFKULHEHQVHLQH +|UQHUKlWWHQGHP HLQHV/lPPFKHQV JHJOL FKHQ 1LFKW GDVV VHLQ 3URSKHWHQWXP XQG VHLQ $SRVWRODW ZDKUH +|UQHU HLQHV /lPPFKHQV JHZHVHQZlUHQVLH ZDUHQ LKQHQ QXU JOHLFK 'RFK GDV LVWHLQH6HW]XQJXQGIDOVFK 0DQPXVVZLVVHQGDVVGLH6DUUD]HQHQEHDEVLFKWLJHQGLHEHLGHQ+|UQHU 0RKDPPHGVLQGHQ6FKULIWHQEHLGHU7HVWDPHQWHJUXQG]XOHJHQXQG]XIH VWLJHQZLHHVREHQEHUHLWVEHVFKULHEHQLVWDOV3URSKHWHQWXPXQG$SRVWR ODW %H]JOLFK VHLQHV 3URSKHWHQWXPV HUVWHQV EHJUQGHQ VLH GDV PLW GHP IQIWHQ %XFK 0RVH GHP 'HXWHURQRPLXP LP DFKWHQ .DSLWHO 'RUW VWHKW,FKZLOOVLHHUTXLFNHQXQGLKQHQHLQHQ3URSKHWHQJHEHQGXUFKGHQ VROOWLKUPLFKVHOEVWK|UHQ'LHVH$XVVDJHVRJODXEHQQXQGLH6DUUD]HQHQ VHLDXI0RKDPPHGJHPQ]W=ZHLWHQVZDVGDV$SRVWRODWEHWULIIWVREH ]LHKHQVLHVLFKDXIGDV.DSLWHOGHV-RKDQQHV(YDQJHOLXPVZRYHU KHL‰HQ ZLUG GHU 7U|VWHU GHU +HLOLJH *HLVW GHQ GHU 9DWHU VHQGHQ ZLUG ZLUGHXFKLQPHLQHP1DPHQDOOH'LQJHOHKUHQ'DVVDEHUEHLGHVIDOVFK XQGDXI0RKDPPHGQLFKWDQ]XZHQGHQLVWGDVNDQQPDQDXV)ROJHQGHP VFKOLH‰HQ'LHHUVWH6FKULIWVHW]WVRIRUWKLQ]XDXVGHU0LWWHGHLQHU%UGHU GHU .LQGHU ,VUDHOVNRPPWGHU 3URSKHW ² XQG GDV WULIIW DXI 0RKDPPHG QLFKW]XGHQQHUVWDPPWMDQLFKWDXVGHP9RON,VUDHOVRQGHUQXQGGDV EHVWlWLJHQMDDOOH6DUUD]HQHQDXVGHP*HVFKOHFKW,VPDHOV,WHPVDJWGLH ]ZHLWH 6FKULIW>VWHOOH@ JDQ] GHXWOLFK GDVV GHU 7U|VWHU GHU JHVDQGWZHUGHQ VROO VROOH GLH JDQ]H :DKUKHLW OHKUHQ VROOH XQG DOOHV GDV HLQKDXFKHQ ZDV &KULVWXVJHERWHQKDW1XQLVWMDEHNDQQWGDVVGHU9HUIKUHU0RKDPPHG GLH 6XEVWDQ] GHU HYDQJHOLVFKHQ /HKUH XQG :DKUKHLW HKHU DXV]XO|VFKHQ XQG ]X XQWHUGUFNHQ EHDEVLFKWLJWH DOV VLH LQ UHFKWHU :HLVH ]X OHKUHQ 1DFKKHUZLOOLFK GDVQRFKDXVIKUOLFKGDUOHJHQ'HVKDOEWULIIW GLH>DQJH IKUWH@6FKULIW>VWHOOH@DXI0RKDPPHGJDQ]XQGJDUQLFKW]X'DVVHOEHJLOW IUGDV.DSLWHOGHV/XNDV(YDQJHOLXPVZRVWHKW,FKZLOOHXFKHL QHQZHLVHQ0XQGJHEHQGHPDOOHXUH)HLQGHQLFKWVDQ]XKDEHQYHUP|JHQ $XFKGLHVH6FKULIWZHQGHQGLH6DUUD]HQHQ      



U 

YII\UHQPDFKRPHWZHQGHQbGD]GRFKQLWJUXQGKDWWbZDQZHGHUPDFKR PHWQRFKGLHŰ\QHQGXUFKZ\‰KHLW\UHQY\QGHQZLGHUŰWDQbŰXQGHUDOOHLQ GXUFKJHZDOWYQGPDFKWGHUJHZHUHbDOVPDQRIIWŰ\KHWY?HUIDUHWbYQG HUDXFKRIIHQJOÖFKHQ\PDONRUDQŰDJHWZLH\PJRWWKDEJHERWWHQGD]HU PLWGHPŰZHUWKGLHPHQŰFKHQŰROO]Z\QJHQŰ\QēJODXEHQYII]ţQēPHQ -WēQRFKPHHGRPLWHUZXUGHJHŰHKHQHLQEHKDOWHUEHGHUWHŰWDPHQWY? DOŰRJHKDOWHQDOVHLQSURSKHWY?DSRŰWHObJHERWWHHUGHQŰ\QHQ]ţKDOWHQ GDVHUŰWŰDFUDPHQWGH‰DOWHQWHŰWDPHQWVbGDVLŰWGLHEHŰFKQ\GşJbY?GDV HUŰWGH‰QXZHQbGD]ÖŰWGHQWDXIIbZDQDOOHGLHYQGHUGHUŰHOEHQŰHFWHQŰ\Q GLHNQDEHQbZHUGHQEHŰFKQ\WWHQbY?EHGHNQDEHQXQGWRFKWHUJHWDXIIW\P ZDŰŰHUbGRFKPLWYQGHFKH\GYQGJURŰŰHU\UUşJ\QGLŰHQEHGHQbZDQGÖH EHŰFKQ\GşJY‰JHERWWGH‰DOWHQWHŰWDPHQWVŰROWDPDFKWHQWDJJHŰFKH  KHQDOVNXQWOÖFKLŰWbYQQGEHŰXQGHU/HXÖWLFLDPb[LMbFDbŰWHHWJHŰFKULHEHQb $EHUGLHŰDUUDFHQLZHUGHQEHŰFKQ\WWHQDPb[LLMbMDUYQGDXFKGDUQDFKb DOV\ŰPDKHOÖJHŰFKDKHbYQGQÖWDOVPR\ŰHVKDWWJHKHLŰŰHQb$EHUGHUWDXII GHUQDFKUHFKWHUZDUKH\WQÖWPHHGDQHPDOŰROOJHŰFKHKHQDOVDXFKQLW PHHGDQH\QH\QLJHO\SOÖFKJHEXUWÖŰWGÖHGHUJHLŰWOÖFKHQZ\GHUJHEXUW JHJHQDQWZRUGWbGHUŰHOEZXUGWYŇ\QHQWHJOÖFKHQRGHURIIWZLGHUYQG Z\GHUYROOHQEUDFKWbDOVDXFKREJHKDEWLŰWbZLHŰÖHŰÖFKŰRGLFNDPO\EH ZHŰFKHQPLWZDŰŰHUZDQŰÖHGDVPţJHQKDEHQbŰRGLFNŰÖHZROOHQEHWWHQb 9‰ZHOFKHPDOOHPZRO]ţPHUFNHQLŰWGD]ŰRŰÖHŰDJHQŰÖFKEHGHJHŰDW] KDOWHQbHUŰFK\QHWRIIHQEDUOÖFKGD]ŰÖHEHGHUWHŰWDPHQWYQGJRWWOÖFKHUJH ŰDW]HQ]HUŰWUHWŰ\QbYQGDOŰRLŰWNODUY?RIIHQEDUGD]DOOHIXQGDPHQWGL  ŰHUŰHFW\QIDOŰFKŰWLIIWXQJHQYQG\WHOOţJHQb  H‰GULWWHQDUWLNHOVKDOEbDQWUHIIHQ\UWXPY?ODŰWHU\QGHPJHŰDW]  PDFKRPHWLEHJUÖIIHQbLŰW]ţPHUFNHQbGD]ŰRPDQŰ\QDONRUDQJĆW] YEHUO\ŰHWY\QGHWPĆLQH\QHUŰşPHGD]HUY?GLHŰ\QēJDUŰRUJOÖFKHQ\U UHQbEHŰXQGHU\QGHQGU\HQGLQJHQbGDVLŰW\QGLQJēGÖHPDQJODXEēŰRO YQGGLHPDQWKţQŰROObY?GÖHPDQKRIIHQŰROOb&]şHUŰWēGHUGLQJKDOE GÖHPDQJODXEHQŰROObYROJēŰÖHYDŰWQDFK\UWşPHQQDPKDIIWLJHUNHW]HU ZDQŰÖHQLWJODXEHQGD]GU\SHUŰRQēŰ\HQ\QGHUJRWWKHLWbDXFKQLWJODX EHQGD]FULŰWXVJRWŰ\bZLHZROŰÖH]ţODŰŰHQGD]HUŰ\JHZHŰHQHLQFUHDWXU YEHUWUHIIHQDOOHDQGHUbY?GHUKHÖOÖJHŰWY?WţJHQULFKHŰWPHQŰFKYQGHUDO OHQPēŰFKHQYRUPDFKRPHWRbGDUYPEDXFKPDFKRPHWLQŰ\P$ONRUDQ FULŰWşQēQHWH\QZRUWJRWWHVbYQGHLQJHLŰWbY?HLQŰHOHJRWHVbŰROOÖFKYR FDEHODQGHUŰWJHEUXFKHQGHGDQZLUb'DU]ţOHXFNHOHQHUY?GLHŰ\QēGD] GLHPHQŰFKH\WLQFULŰWRŰ\YHUH\QHWZRUGHQPLWGHUJRWWKH\WYQGŰDJHQ GRFKGD]HUŰ\JHERUQZRUGHQYŇH\QHUMşJIUDZHQRQHLQ]\WOÖFKHQYDW      



U 



DXI LKUHQ 0RKDPPHG DQ 'DV LVW GRFK JDQ] XQEHJUQGHW 'HQQ ZHGHU 0RKDPPHGQRFKGLH6HLQHQZLGHUVWHKHQLQLKUHU:HLVKHLWLKUHQ)HLQGHQ VLHN|QQHQQXUGXUFK*HZDOWXQGGXUFKGLH0DFKWGHU*HZHKUH:LGHU VWDQGOHLVWHQ'LHVH(UIDKUXQJKDWPDQPLWGHQ6DUUD]HQHQRIWJHPDFKW XQG0RKDPPHGVFKUHLEWMDVHOEVWDXFKLP.RUDQ*RWWKDEHLKPJHERWHQ GDVVHUGLH0HQVFKHQPLWGHP6FKZHUWGD]X]ZLQJHQVROOHVHLQHQ*ODX EHQDQ]XQHKPHQ 8P QRFK HLQGUFNOLFKHU DOV %HZDKUHU EHLGHU 7HVWDPHQWH XQG GDGXUFK DOV3URSKHWXQG$SRVWHOJHOWHQ]XN|QQHQJHERW0RKDPPHGGHQ6HLQHQ GDVHUVWH6DNUDPHQWGHV$OWHQ7HVWDPHQWV]XEHIROJHQGLH%HVFKQHLGXQJ XQGGDVHUVWH>6DNUDPHQW@GHV1HXHQ7HVWDPHQWVGDVLVWGLH7DXIH$OOH .QDEHQGLH]XVHLQHU6HNWHJHK|UHQZHUGHQEHVFKQLWWHQ8QGEHLGH*H VFKOHFKWHU.QDEHQXQG7|FKWHUZHUGHQLP:DVVHUJHWDXIW'RFKXQWHU VFKHLGHQVLFKGLHVHEHLGHQ*HERWH0RKDPPHGVZHVHQWOLFKYRQGHQHQLK UHU8UVSUXQJVUHOLJLRQHQXQGGHVKDOEVLQGVLHHLQ,UUWXP'HQQ EHNDQQW OLFKVROOGLH%HVFKQHLGXQJQDFKGHP$OWHQ7HVWDPHQWDPDFKWHQ7DJJH VFKHKHQHVVWHKWLPDFKWHQ.DSLWHOGHV/HYLWLNXV'RFKZHUGHQGLH6DU UD]HQHQZLHPDQHVDXFKDQ,VPDHOYROO]RJHQKDWLP/HEHQVMDKUXQG QRFK GDQDFK EHVFKQLWWHQ XQG GDV KDW 0RVH QLFKW DQJHRUGQHW $EHU GLH 7DXIHGLHQDFKUHFKWHU:DKUKHLWQLFKWPHKUDOVHLQPDOJHVFKHKHQVROO² ZLHHVMDDXFKQXUHLQHOHLEOLFKH*HEXUWJLEW²LVWGLH$QWZRUWDXIGLH VHV(UHLJQLVLQ)RUPHLQHUJHLVWOLFKHQ:LHGHUJHEXUW'RFKEHLGHQ6DUUD ]HQHQZLUGGLH7DXIHWlJOLFKRGHU]XPLQGHVWRIW]XZLHGHUKROWHQ0DOHQ YROO]RJHQ 'DV KDEH LFK EHUHLWV GDUJHVWHOOW 6R RIW VLH VLFK DP /HLE PLW :DVVHUZDVFKHQVRRIW²GDVLVWLKU:XQVFK²ZROOHQVLHDXFKEHWHQ =XVDPPHQIDVVHQGOlVVWVLFKVDJHQ:HQQGLH6DUUD]HQHQVDJHQVLHKLHO WHQEHLGH*HVHW]HVRLVWHVGRFKJDQ]RIIHQVLFKWOLFKGDVVVLHEHLGH7HVWD PHQWHXQGEHLGHJ|WWOLFKHQ*HVHW]H]HUVW|UWKDEHQ*HQDXVRNODUXQGRI IHQEDULVWHVGDVVGDV)XQGDPHQWLKUHU6HNWHDXIIDOVFKHQ9RUDXVVHW]XQ JHQXQGHLWOHQ/JHQEHUXKW =XP GULWWHQ $UWLNHO GHU ,UUWPHU XQG /DVWHU GHV PRKDPPHGDQLVFKHQ *HVHW]HVEHWULIIW:HQQPDQGHQ.RUDQJDQ]OLHVWVRILQGHWPDQDOV6XP PHGDVV0RKDPPHGXQGGLH6HLQHQLQGUHL3XQNWHQJDQ]DX‰HURUGHQWOLFK LUUHQLQGHQ'LQJHQGLHPDQJODXEHQGLHPDQWXQXQGDXIGLHPDQKRI IHQVROO=XHUVW ]X GHQ 'LQJHQ GLH PDQ JODXEHQ VROO +LHU IROJHQ VLH ]LHPOLFKJHQDX GHQ,UUWPHUQQDPKDIWHU.HW]HUGHQQVLHJODXEHQQLFKW GDVVGLH*RWWKHLWDXVGUHL3HUVRQHQEHVWHKW6LHJODXEHQDXFKQLFKWGDVV &KULVWXV*RWWLVWREZRKOVLHJHOWHQODVVHQGDVVHUDOV.UHDWXUDOOHDQGH UHQEHUWURIIHQKDEHXQGGHUKHLOLJVWHXQGWXJHQGUHLFKVWH0HQVFKYRQDO OHQ 0HQVFKHQ YRU 0RKDPPHG JHZHVHQ VHL 'HVKDOE QHQQW 0RKDPPHG LP .RUDQ &KULVWXP HLQ :RUW *RWWHV HLQHQ *HLVW XQG HLQH 6HHOH *RWWHV $OOHUGLQJVJHEUDXFKWHUVROFKH9RNDEHOQDQGHUVDOVZLU(UXQGGLH6HLQHQ OHXJQHQGDVVGLH0HQVFKKHLWLQ&KULVWRYHUHLQWLVWPLWGHU*RWWKHLWXQG GRFKVDJHQVLHGDVVHUYRQHLQHU-XQJIUDXRKQHHLQHQ]HLWOLFKHQ9DWHUJH

U   WHUbYQGJODXEHQQLWGD]HUYŇGHQMXGHQŰ\HUWRGWZRUGHQbŰXQGHUHDQ GHU\PJOÖFKbYQGŰSUHFKHQGD]JRWWFULŰWşKDE]ţ\PYIIJHQŇPHQbY? GD]HUZHUGHHUŰFK\QHQZLGHUYPEDPHQGHGHUZHOWbYQGZHUGHGēHQG  FULŰWHUWRGWHQbGDUQDFKZLUG\QJRWWODŰŰHQŰWHUEHQb-WHPŰÖHOREHQYQG EU\ŰHQDXFKGLHşJIUDXZPDULDbEHNHQQēGHGD]ŰÖHRQPDQOÖFKHQŰDPHQ                                             

 U   ERUHQZRUGHQVHL6LHJODXEHQDXFKQLFKWGDVVHU-HVXVYRQGHQ-XGHQ JHW|WHWZRUGHQVHLVRQGHUQHLQDQGHUHUGHULKPlKQOLFKJHVHKHQKDEH 6LHYHUNQGLJHQGDVV*RWW&KULVWXP]XVLFK>LQGHQ+LPPHO@DXIJHQRP PHQKDEHXQGGDVVHUDP(QGHGHU=HLWZLHGHUHUVFKHLQHQZHUGHXPGHQ (QGFKULVW]XW|WHQ'DQDFKZHUGHLKQ*RWWVWHUEHQODVVHQ'LH6DUUD]H QHQ OREHQ XQG SUHLVHQ DXFK GLH -XQJIUDX 0DULD VLH EHNHQQHQ GDVV VLH &KULVWXVRKQHPlQQOLFKHQ6DPHQ



Y 

FULŰWşKDEHQSIDQJHQYQGŰ\YHUO\EHQHLQMşJIUDXZH\QGHUJHEXUWbY? QDFKGHUJHEXUWbDEHUQLWJODXEHQŰÖHGD]ŰÖHJRWWJHERUHQKDEHbŰXQGHU DOOH\QHÖQPHQŰFKHQb-WHPŰÖHHUHQDXFKŰDQFWşMRKDQQēGēWDXIIHUYPE ZHJHQGD]HUFUÖŰWşKDWWJHWDXIIHWY?H\QJDUKH\OÖJOHEHQJHIţUHWb-Wē DOOHGLH]H\FKHQGLHPDQO\ŰHW\QGēEţFKO\Q GHPPDQQLWJODXEHQJ\ EHWŰDJHQGHYŇGHUN\QGWKHLWFULŰWL JODXEHQŰÖHJDQW]ZDUŰ\QbYRQGHQ DQGHUQZDUHQ]H\FKHQ\QGHQHXĆJHOÖHQEHŰFKULEHQZHQLJKDOWHQGHb-Wē PDFKRPHWŰHW]WDXFKLQŰ\PDONRUDQbGD]GXUFKŰ\QJHŰDW]DXFKGÖHWXIHO PRJHQŰHOÖJZHUGHQbYQGGD]YLOYŇGHQŰHOEHQŰ\QŰDUUDW]HQÖZRUGHQb 1RFKPHHJODXEHWHUGD]GÖHHQJHOO\SKDIIWLJŰ\HQDOVPDQGDVZRO PDJPHUFNHQY‰YLOIDEXOHQGÖHHUYŇGHQHQJHOHQŰHW]HWb$EHUDOOHGLŰŰH GÖQJŰ\QEÖOOÖFKDOVOÖFKWOÖFK]ţXHUDFKWHQDOVOÖFKWOÖFKŰÖHZHUGēJHŰDW]HW :DQŰÖHNH\QYHUQXIIWRGHUIXQGDPēWKDEHQDQLWDOOHLQHXĆJHOÖŰFKHU ZDUKHLWEHŰXQGHUDXFK HWWOÖFKHUSXQFWHQKDOE GHUQDWXUOÖFKHQNXQŰW YQGSKLORŰRSK\Ű\QŰÖHZ\GHULJb  XPDQGHUQGHUGLQJKDOEGLHPDQWKţQŰROObZLHJUR‰OÖFKPDFKR  PHWY?GLHŰXQē\UUHQbLŰWJţW]ţPHUFNHQbY‰DOOHQDUWÖNHOQGÖHRE EHŰFKULEHQŰ\QEHŰXQGHULŰWGRFKGL‰H\QHVGDU\QŰÖHŰHUH\UUHQbGD]ŰÖH\U N\QGHUGLHNQDEHQEHŰFKQ\GHQ\Pb[LLMbMDUbDOVDXFKQlPOLFK@DOOJHPHLQEH NDQQW JHZHVHQ VR KlWWHQ DOOH 0HQVFKHQ VHLW *HQHUDWLRQHQ GDV JHZXVVW XQG GDUEHU JHVSURFKHQ XQG GDV LVW MD EHNDQQWOLFK QLFKW GHU )DOO :lUH GLH 9HUIlOVFKXQJ MHGRFK HWZDV %HVRQGHUHV 9HUERUJHQHV VRZlUHQ GRFK PDQFKH%FKHUXQYHUIlOVFKWJHEOLHEHQ²XQGGDVLVWMDDXFKIDOVFK'HQQ   

U   LŰWbY‰GLŰHUYUŰDFKbZDQ\QDOOHUŰSUDFKYQGQDFLRQZXUWG]JHŰDW]YQG HXĆJHOÖşJHIXQGHQ\HGHVIXUŰÖFKŰHOEVJOÖFKIRUPOÖFKEHŰFKULEēYQGYQ  ]HUŰWUHWb-WēGDVKHEUHLŰFKJHŰDW]LŰWQRFKKXWWE\GēMXGHQ\QGHUH\JHQ                                               

 U   GDV*HVHW]XQGGDV(YDQJHOLXPZXUGHQLQDOOHQ6SUDFKHQXQG1DWLRQHQ JHIXQGHQXQGMHGHVZDUGHQDQGHUHQJOHLFKXQGMHGHVZDUXQ]HUVW|UW'DV KHEUlLVFKH*HVHW]JLEWHVQRFKKHXWHEHLGHQ-XGHQLQLKUHUHLJHQHQ 



Y 

ŰSUDFKYQGOÖWWHURGHUEţFKŰWDEDOVH‰GDQYIIGHPEHUJŰ\QDLYUŰSUşJ  OÖFK\UHQYHWWHUQZDUGJHJHEHQYQGDXFKQDFKGēDOVŰÖHY‰\UHPH\JHQ ODQGŰ\QYHUWU\EHQZRUGHQYQG\QGÖHZHOW]HUŰWUDXZHWbKDEHQŰÖHQRFK GDVŰHOEJHŰDW]RQDOOYHUHQGHUşJbGDU]ţGLHWUDŰODFÖRQēRGHUYHUZHQGş JHQY‰\UHU]şJH\QGLHDQGHUQGXUFKŰţEHQW]LFNKRFKJHOHUWHQPDQFKHU  OH\HQŰSUDFKHQZÖŰŰHQGHQGRFWRUHVJHŰFKHKHQY‰JHKHL‰GH‰NRQLJVSWKR  ORPHÖbZDUHQDOŰRJOÖFKIRUPÖJLQŰHQWHQW]HQRGHUŰSUXFKHQbZLHZROQLW \QDOOHQZRUWHQbDOVREŰÖHYŇH\QēPşGHY?PÖWHÖQHUIHGHUQZHUHQJH  ŰFKUÖEHQZRUGēbZHOFKHVDOOHVJDUHLQŰFK\QEDUOÖFKY?NUHIIWÖJDQ]HXJşJ ÖŰWbGD]GDVDOWJHŰDW]Q\HŰ\DOŰRYHUGHUEHWZRUGHQDOVPDFKRPHWOţJWb 1RFKYLOPQHUPDJŰROOÖFKYHUGHUEşJGēQXZHQJHŰDW]]ţJHOHJWZHU GHQbGDVKHUY‰LŰW]ţPHUFNHQbZDQGLHYÖHUKHLOÖJHQHXĆJHOÖHQGLHGXUFK GÖHZHOWŰ\QYHUNşGHWZRUGHQbY?HWWOÖFKKHEUH\FKbHWWOÖFKNULHFKHŰFKbHWW  OÖFKODWLQLŰFKEHŰFKULEHQbŰ\QZROKDUGWYŇIDOŰFKHQDSRŰWHOQY?NHW]HUQ DQJHIRFKWHQZRUGHQbGDU]ţGHQŰHOEHQHWWOÖFKNH\ŰHUY?NRQLJJHKROIIHQ KDEHQGLHDXFKGHUŰHOEHQNHW]HUJşQHUYQGQDFKXROJHUZDUHQbQRFKGDQ GXUFKGLHJQDGJRWWHVŰ\QGLHŰHOEHQHXDQJHOÖHQDOO]\WYQXHUŰHUHWYQG YQXHUGHUEHWEHOÖEHQE։YIIGLŰHQKXWWLJHQWDJbQLWRQJUR‰]HLFKHQYQG ZşGHUZHUFNJRWWHVb'HPQDFKQLWDOOHLQE\GēODWLQLŰFKHQbŰXQGHUDXFK E\GHQNUÖHFKHŰFKHQ GLHYQVGRFKGLŰHU]\WŰHUHZ\GHULJY?Y\QGWŰ\Q  ZXUGWGHUWH[WGHUKHLOÖJHQHXDQJHOÖHQJDQW]JOÖFKIRUPLJJHIXQGHQRQ DOOGLIIHUHQW]RGHU]Z\WUDFKWb9‰ZHOFKHPDOOHPG։EHŰOX‰OÖFKYROJHW GD]QÖWDOOHLQGLH\W]EHUţUWŰW\IIWşJPDFKRPHWLIDOŰFKÖŰWŰXQGHUH‰WKţW DXFKŰHUHZ\GHU\Qb\QGHUJHŰWDOWbGDQZLHKHÖŰŰHWHUGÖHŰ\QHQGDVJHŰDW] YQGHXĆJHOÖHQKDOWHQb1LWPDJHUPH\QHQGDVJHŰDW]RGHUHXDQJHOÖHQ GDVQRFKE\YQVLŰWbZDQHUŰDJHWH‰Ű\]HUŰWUHWYQGYHUGHUEHWZRUGHQb $XFKQLWH\QDQGHUJHŰDW]Y?HXĆJHOÖşbZDQNH\QDQGHUV\QGHUJDQW]ē ZHOWJHIXQGHQZXUGWDOVNXQWY?ZLŰŰHQLŰWb-WHPZLHKHWWHQGLHFULŰWHQ PLWGHQMXGHQDOŰRH\QVŰ\QJHZHŰHQ\QŰROOÖFKHUYHUGHUEşJGLHPLWŰRO OÖFKHPDOWHPKD‰DOO]\WŰ\QYŇH\QDQGHUJHŰXQGHUHWJHZHŰHQbK\Q]ţ JHŰDW]WGD]GLHFULŰWHQY?MXGHQ\QGHPDOOHUPH\ŰWYQH\QVŰ\QYŇGHP EHGHWHŰWDPHQWDOWY?QXZbOXWKHQYQGŰDJHQGD]ÖŰW\QFULŰWRbZHOFKHQ GLHMXGHQZHGHUH\QJRWWQRFKH\QKHLOÖJHQPHQŰFKHQEHNHQQHQbDEHUGLH FULŰWHQ\QHQQLWDOOHLQH\QDOOHUKHLOÖJLŰWHQPēŰFKHQbŰXQGHUDXFKH\QZD UHQJRWWYHULHKHQb:LHZROŰROOÖFKHUYUŰDFKHQYLOKLHKHU]ţPRFKWHQ JH]RJHQZHUGHQ]ţEHZHUHQGD]PDFKRPHWJHORJHQKDWWGD]JHŰDW]Y? HXĆJHOÖHQŰ\QYHUGHUEHWbGRFKYPENXUW]ZHJHQŰ\KLHPLWJHQşJbZDQ \HH\Q\HGHUYHUQXQIIWLJHUPHQŰFKY‰GLŰHPZROPHUFNHQPDJGD]PD  FKRPHW\QŰ\P$ONRUDQDXFK\QDQGHUQSXQFWHQKDWWJHORJHQ9QG GH‰NH\QZXQGHUZDQHUŰ\QHQPXQGWYRQMţJHWDQKDWWJHZHQHW]ţ      



Y 



6SUDFKHXQGLQLKUHPHLJHQHQ$OSKDEHWVRZLHHVDXIGHP%HUJ6LQDLXU VSUQJOLFKLKUHQ9lWHUQJHJHEHQZXUGH8QGDXFKQDFKGHPVLHDXVLKUHP /DQGYHUWULHEHQ XQG LQ GLH:HOW ]HUVWUHXWZXUGHQ KDEHQ VLH GDV JOHLFKH *HVHW]LQXQYHUlQGHUWHU*HVWDOW'DQHEHQJLEWHVGLHhEHUVHW]XQJHQE]Z GLHhEHUWUDJXQJDXVGHUKHEUlLVFKHQ6SUDFKHLQDQGHUHGLHVLHE]LJKRFK JHOHKUWHYLHOVSUDFKLJHZLVVHQGH'RNWRUHQDXI*HKHL‰GHV.|QLJV3WROR PlXVYRUJHQRPPHQKDEHQ'LHVHEHUVHW]WHQ6HQWHQ]HQXQG6SUFKH HQWVSUHFKHQGHU*HVWDOWGHUKHEUlLVFKHQYROONRPPHQLQDOOHQ:RUWHQMH GRFK QLFKW 2ULJLQDO XQG hEHUWUDJXQJHQ HQWVSUHFKHQ VLFK DOV ZlUHQ VLH DXVHLQHP0XQGXQGPLWHLQHU)HGHUJHVFKULHEHQZRUGHQ'DVLVWHLQRI IHQVLFKWOLFKHV XQG GHXWOLFKHV =HLFKHQ GDIU GDVV GDV DOWH *HVHW] QLFKW YHUGRUEHQZXUGHZLHEHL0RKDPPHG*DQ]XQGJDUNHLQH)lOVFKXQJOLHJW EHLP1HXHQ7HVWDPHQWYRUXQG]ZDUGHVKDOEZHLOGLH(YDQJHOLHQGHUJDQ ]HQ :HOWYHUNQGHW XQG GHVKDOE LQ KHEUlLVFKHU JULHFKLVFKHU XQG ODWHLQL VFKHU6SUDFKHDXIJHVFKULHEHQZXUGHQ=ZDUVLQGGLH(YDQJHOLHQYRQIDO VFKHQ $SRVWHOQ XQG .HW]HUQ KHIWLJ DQJHJULIIHQ ZRUGHQ XQWHUVWW]W YRQ .DLVHUQXQG.|QLJHQGLHGLH*|QQHUXQG$QKlQJHUGLHVHU.HW]HUZDUHQ 'RFKGXUFKGLH*QDGH*RWWHVVLQGGLH(YDQJHOLHQLPPHUGDUELVDXIGHQ KHXWLJHQ 7DJ XQYHUVHKUW XQG XQYHUGRUEHQ JHEOLHEHQ 'DV NRQQWH QLFKW RKQH JUR‰HV=HLFKHQ XQG:XQGHUZHUN *RWWHV JHVFKHKHQ 6R ZXUGH GLH 7H[WJHVWDOWGHUKHLOLJHQ(YDQJHOLHQVRZRKOEHLGHQ/DWHLQHUQDOVDXFKEHL GHQ*ULHFKHQ GHQHQZLUMHW]WVHKUYHUKDVVWVLQGXQGGLHXQVVHKUIHLQG OLFK JHVLQQWVLQG  DOV JDQ] JOHLFK EHIXQGHQ RKQH DOOH 'LIIHUHQ]XQG$E ZHLFKXQJHQ$XVGLHVHPDOOHPPXVVJHIROJHUWZHUGHQGDVVQLFKWDOOHLQ GLH 5HOLJLRQVVWLIWXQJ 0RKDPPHGV DOV VROFKH IDOVFK LVW 9LHOPHKU VSULFKW JHJHQ 0RKDPPHG DXFK GLH 7DWVDFKH GDVV HU GLH 6HLQHQ ]XU %HIROJXQJ GHV *HVHW]HV XQG GHU (YDQJHOLHQ DQKlOW GDEHL NDQQ HU GRFK DEHU QLFKW XQVHU *HVHW] XQG QLFKW XQVHUH (YDQJHOLHQ PHLQHQ ZHQQ HU JOHLFK]HLWLJ VDJWVLHVHLHQYHUIlOVFKWXQGYHUGRUEHQZRUGHQ(UNDQQDEHUDXFKNHLQ DQGHUHV*HVHW]XQGNHLQHDQGHUHQ(YDQJHOLHQPHLQHQGHQQEHNDQQWOLFK JLEW HV DXI GHU JDQ]HQ :HOW NHLQH DQGHUHQ 'DQQ KlWWHQ VLFK GRFK DXFK GLH-XGHQXQG&KULVWHQLQGHU=HUVW|UXQJGHU6FKULIWHLQLJVHLQPVVHQ,Q :LUNOLFKNHLWOHEHQVLHGRFKLPPHU]XDQJHVWDFKHOWYRQHLQHPDOWHQ+DVV LQ =ZLHWUDFKW (V VHL GDUDQ HULQQHUW GDVV GHU ZLFKWLJVWH 3XQNW LQ GHP &KULVWHQ XQG-XGHQ XQG LQ GHP GLH EHLGHQ 7HVWDPHQWH VLFK XQWHUVFKHL GHQ GLH &KULVWRORJLH LVW 'LH -XGHQ EHNHQQHQ &KULVWXV ZHGHU DOV *RWW QRFKDOVHLQHQKHLOLJHQ0HQVFKHQ'LH&KULVWHQKLQJHJHQKDOWHQLKQQLFKW QXUIUGHQDOOHUKHLOLJVWHQ0HQVFKHQVRQGHUQDXFKIUGHQZDKUHQ*RWW 0DQN|QQWHQRFKYLHOHVROFKHU*UQGHKLHUDQIKUHQGLHGHQ%HZHLVYRQ 0RKDPPHGV /JH LQ %H]XJ DXI GLH 9HUGHUEWKHLW GHV *HVHW]HV XQG GHU (YDQJHOLHQHUEULQJHQN|QQWHQ'RFKXPGHU.U]HZLOOHQEUHFKHLFKKLHU DE'HQQMHGHUYHUQQIWLJH0HQVFKLVWLQGHU/DJH]XHUNHQQHQGDVV0R KDPPHGLP.RUDQDXFKLQDQGHUHQ3XQNWHQJHORJHQKDW8QGGDVLVWNHLQ :XQGHUGHQQHUKDWVHLQHQ0XQGYRQ-XJHQGDQGDUDQJHZ|KQW]XO JHQ]XEHWUJHQ]XIOXFKHQXQGPDQFKHUOHL)DOVFKKHLWHQ]XYHUEUHLWHQ  

Y   O\HJHQbEHWULHJHQbIOţFKHQbYQGPDQFKHUOH\IDOŰFKH\WHQbGHP GDPÖWLFK \PYPEŰROOÖFKŰPDFKH\WŰRHUYQŰHUHPKHLOÖJHQJHŰDW]]ţOHJHWbZLUGLJ ORQJHEH ZÖOLFKEHZHUHQQGD]Ű\QJHŰDW]HGDVHUDOOH\QQYQXHUŰHUHW                                               

 Y   ,FKZLOO XPLKPIUVHLQH6FKPDFKGLHHUXQVHUHPKHLOLJHQ*HVHW]DQ JHWDQKDWGHQHQWVSUHFKHQGHQ/RKQ]XJHEHQ EHZHLVHQGDVVGDV*HVHW] GDVHUXQYHUIlOVFKWDXI]XVWHOOHQYHUPHLQWH



U 

YHUPH\QWHDQGHUVQLWGDQWXIIHOOÖŰFKPDJŰ\QYQGQLWPHQŰFKOÖFKbDOŰR GD]PLFKŰHUHEHIUHPGHWZÖHH‰KDWWPRJHQQLWDOOH\QH\QZ\ŰHQbŰXQGHU DXFKH\QH\QIHOWLJHQPHQŰFKHQ\H\QOXFKWHQRGHUJHUDWKHQZHUGHQbGD] GLŰHUOXJHQKDIIWLJPDFKRPHWHSURSKHWZHUHY?HÖQUHFKWJHŰDW]PRFK WHJHEHQGH‰JDQW]OHEHQYQQGOHUHQLWDOOHLQDOOHUJRWWOÖFKHQJHLŰWOÖNHLWb ŰXQGHUDXFKPHQŰFKOÖFKHUHUŰDPLNH\WY?]XFKWŰRJDULŰWZ\GHULJJHZH  ŰHQGD]DXFKGLHYQXHUQşIIWLJHQWKLHUŰROOÖFKVJDUE\PRFKWHQYHUŰWDQb $EHUYÖOZRUGWK\QGDQJHŰHW]HWPDJPDQZROY‰GLŰHPJUXQGPHUFNē Ű\QJHŰDW]WXIIHOŰFKHQZHŰHQbZDQQÖWPHHGDQ]ZH\JHŰDW]RQGDVQDWXU OÖFKGD]DOOHQPHQŰFKHQJHPH\QLŰWKDEHQZLUYŇJRWWHQSIDQJHQbZHO  FKHUH\QVGDVJHŰDW]GHUJQDGēbGDVDQGHUGDVJHŰDW]GHUUHFKWÖNHLWZXUW JHKHÖŰŰHQb'DVJHŰDW]GHUJQDGēJHEXWKŰROOÖFKHGLQJb+DEHQOLHEXZHU Y\QGbY?WKţQJţWVGHQGÖHYFKKDŰŰHQHWFbY?GHUJOÖFKHQGDVJHŰDW]GHU JHUHFKWLNHLWKHÖŰŰHWŰROOÖFKV(\QDXJIXUH\QDXJbHLQ]DQIXUHÖQ]DQHWF YQGNH\QVGLŰHUJHŰDW]HQLŰWGDVJHŰDW]PDFKRPHWLDOVNXQWOÖFKLŰWb6R GDQGÖŰH]ZH\DOOH\QGHQPHQŰFKHQŰ\QJHEHQZRUGHQbGHUUHQH\QVJRW  OÖFKGDVDQGHUHPHHPHQŰFKOÖFKHQŰ\QZXUGWJHXUWH\OHWbGLŰHVGULWWYRQ 0DFKRPHWHUGDFKWZLHPDJH‰DQGHUŰWGDQWXIIHOÖŰFKŰ\Qb:DQGXUFK \QŰSUHFKşJGH‰WXIIHOVH‰YUEOXW]O\QJHQLŰWNŇPHQ\QGLŰHZHOWZHGHU JRWWOÖFKQRFKPHQŰFKOÖFKZHŰHQGHbŰXQGHU]ZţŰFKHQGHQ]ZH\HQ\W]GDV \W]GH\Q‰ZROOHQGHJHŰHKHQZHUGHQQ\HPDQGWDQGHUVQDFKXROJHWGDQ GHPWXIIHOGHUŰÖFK]ZţŰFKHQJRWWY?GHQPHQŰFKHQYO\ŰŰHWPDFKHQH\Q PLWWHObGRFKPRFKWHŰWXŰSUHFKHQGD]JHŰDW]PDFKRPHWLPDJZROJRWOÖFK JHKHLŰŰHQZHUGēbZDQŰRHUHŰOHFKWHUYQJHOHUWHUPDQZDVZLHPRFKWHU H\QŰROOÖFKJHŰDW]GHQPHQŰFKHQKDEHQEHŰFKULHEHQRGHUYHUNXQGHWbGDQ GXUFKJRWWOÖFKHNUDIIWDOOHUPH\ŰWJHPHUFNHWGD]HUŰHOEHUŰSULFKW\P$O  NRUDQDOŰRbKHWWHQZLUGL‰JHŰDW]ODŰŰHQNŇPHQYIIH\QEHUJGHUEHUJKHWWH ŰÖFKJHQH\JHWGHUJHJHQY?H‰DQJHEHWWHWYPEIRUFKWYQGUHXHUHQW]ZH  JHQJRWWHVb9QGYLOGHUJOÖFKHQGLQJRQDOOYHUQşIIWY?JUşGZHŰHQGH GHUDXFKH\QWH\OREHU]HOHWŰ\QDOV]H\FKHQŰ\QHPJHŰDW]]XJQ‰JHEHQb PRFKWPDQK\HU]ţ]\HKHQYRQZHOFKHQPDFKRPHWŰHOEHUDOŰRŰFKULEHWb 2ZşGHU]H\FKHQbR]HLFKHQZROZLUGLJYHUJOÖFKHW]ţZHUGHQGHPURWHQ PHHUJHWH\OHWbYQGGHUŰXQQHQYIIJHELHWKMRŰXHŰW\OŰWDQGHY?GHPJH  ERWWFULŰWLGHQWRGWHQJHEÖHWHQGHbMDIXUZDUJURŰŰH]HLFKHQYPEPDQJHO GHUZDUKHLWYQGGHUNUDIIWGLHSLOJHUK\HŰŰHQGHOÖUDPHQWDRGHUJHŰSRWWb GDQDUJXPēWDRGHUNXQGWOÖFKDQ]HJşJGLHGROHUHŰ\QDQGHUYHUQşIIW YQGQLWZHUGWGD]PDQYLOGRYRQŰFKULEYQGŰDJHb  XPGULWWHQGHUGLQJKDOEGLHPDQKRIIHQŰRODOVGRLŰWGÖHNXQIIWLJ  ŰHOÖNH\WZDVPDFKRPHWPLWŰDPSWDOOHQŰ\QēGRYŇ\UUHQGHKDOWH PDJPDQK\HUY‰PHUFNHQbZDQHU\QŰ\PDONRUDQŰFKULEHWY?ŰHW]HWG] GLHOHW]WŰHOÖNH\WGH‰PēŰFKHQEHŰWDQG\QHŰŰHQY?WULQFNHQY?YQNXŰFKHLW PLWMşJIUDXZHQYQGDQGHUQŰFKRQHQIUDXZHQY‰YEXQJbGDQQNRŰW        



U 



QLFKWDQGHUVDOVWHXIOLVFKLVWXQGEHUKDXSWQLFKWPHQVFKOLFK(VEHIUHP GHW PLFK VHKU ZLH QLFKW QXU HLQ *HOHKUWHU VRQGHUQ DXFK HLQ HLQIlOWLJHU 0HQVFK EHUKDXSW GDYRQ EHU]HXJW VHLQ NRQQWH GDVV GLHVHU OJQHULVFKH 0RKDPPHG HLQ 3URSKHW VHL XQG GD]X LPVWDQGH HLQ ULFKWLJHV *HVHW] ]X JHEHQ'DVVGLHVHVQLFKWQXUGHPJDQ]HQ/HEHQXQGGHU/HKUHXQGQLFKW QXU GHP JDQ]HQ J|WWOLFKHQ *HLVW VRQGHUQ DXFK GHU $FKWXQJ YRU GHP 0HQVFKHQ XQG GHQ 5HJHOQ GHV PHQVFKOLFKHQ =XVDPPHQOHEHQV ]XWLHIVW HQWJHJHQVWHKWGDVZUGHQVHOEVWGLHXQYHUQQIWLJHQ7LHUHEHJUHLIHQ'DV WHXIOLVFKH :HVHQ VHLQHV *HVHW]HV NDQQ PDQ DQ GHU 7DWVDFKH GHU YLHOHQ :RUWHDEOHVHQ'HQQRKQHGDVQDWUOLFKH*HVHW]GHVVHQ*HOWXQJVEHUHLFK VLFK DXI DOOH 0HQVFKHQ HUVWUHFNW KDEHQ ZLU YRQ *RWW QXU ]ZHL *HVHW]H HPSIDQJHQGDV*HVHW]GHU*QDGHXQGGDV*HVHW]GHU*HUHFKWLJNHLW'DV *HVHW]GHU*QDGHJHELHWHWXQV/LHEHWHXUH)HLQGHXQGWXW*XWHVGHQHQ GLHHXFKKDVVHQHWF8QG GDV*HVHW]GHU*HUHFKWLJNHLWEHVDJW$XJHXP $XJH =DKQ XP =DKQ HWF %HNDQQWOLFK GHFNW VLFK NHLQHV GLHVHU *HVHW]H PLW GHP*HVHW]0RKDPPHGV6RVLQG GHP0HQVFKHQQXU]ZHL*HVHW]H JHJHEHQZXUGHZRYRQHLQVGHPJ|WWOLFKHQGDVDQGHUHHKHUGHPPHQVFK OLFKHQ8UWHLO]XJUXQGHOLHJW'DVGULWWHYRQ0RKDPPHGHUGDFKWH*HVHW] LVW²ZLHVROOWHHVDQGHUVVHLQ²WHXIOLVFK(VLVWGXUFKGLH(LQIOVWHUXQJHQ GHV7HXIHOVJDQ]SO|W]OLFKLQGLHVH:HOWJHNRPPHQXQGNDQQGHVKDOEZH GHU J|WWOLFK QRFK PHQVFKOLFK VHLQ 6RQGHUQ HV VFKOlQJHOW VLFK ]ZLVFKHQ GHQEHLGHQKLQGXUFKXQGELOGHWHWZDVGD]ZLVFKHQ:UGHVW'XGHQQVD JHQ GDVV GDV *HVHW] 0RKDPPHGV EHUKDXSW J|WWOLFK JHQDQQW ZHUGHQ NDQQZHQQHUJHLVWLJHLQVRVFKOLFKWHUVRXQJHOHKUWHU0HQVFKZDU":LH N|QQWHHUGHQQHLQVROFKHV*HVHW]GHQ0HQVFKHQYHUNQGHWKDEHQHVVHL GHQQGXUFKJ|WWOLFKH.UDIW"-HGRFKVSULFKWHUVHOEHULP.RUDQ+lWWHQZLU GLHVHV*HVHW]DXIHLQHQ%HUJNRPPHQODVVHQGDQQKlWWHVLFKGHU%HUJYRU LKP YHUQHLJW XQG HV DXV )XUFKW XQG $FKWXQJ YRU *RWW DQJHEHWHW (V JLEWYLHOHJOHLFKHXQGlKQOLFKH'LQJHRKQHDOOH9HUQXQIWXQG%HJUQGXQJ (LQ 7HLO GHV REHQ 'DUJHVWHOOWHQ GLHQW LKP DOV =HLFKHQ VHLQ *HVHW] >DOV OHJLWLP@]XEH]HXJHQ+LHUNDQQPDQ0RKDPPHGDXFKVHOEVW]LWLHUHQGHU VDJW 2 :XQGHU]HLFKHQ R =HLFKHQ GDV HV ZHUW LVW PLW GHP JHWHLOWHQ 5RWHQ 0HHU YHUJOLFKHQ ]X ZHUGHQ XQG PLW GHU 6RQQH GHU -RVXD JHERW VWLOO ]X VWHKHQ XQG GHP *HERW &KULVWL GHU GHQ 7RWHQ JHELHWHW -D IU ZDKU3LOJHUQHQQHQJUR‰H=HLFKHQGHQHQHVDQ:DKUKHLWXQG.UDIWPDQ JHOW'HOLULHQRGHU*HVS|WW'HQQ$UJXPHQWHXQG/HKUVlW]HGLHEDUGHU 9HUQXQIWVLQGVLQGHVQLFKWZHUWGDVVPDQYLHOEHUVLHVFKUHLEWRGHUUH GHW 'ULWWHQV GLH'LQJH GLH PDQ KRIIHQ VROO +LHU JLEW HVGLH NQIWLJH 6HOLJ NHLW :LH VLFK 0RKDPPHG PLWVDPW GHQ 6HLQHQ EHU GHUHQ *HVWDOW LUUW PDJPDQDQ)ROJHQGHPHUPHVVHQ,P.RUDQVFKUHLEWHUGLHHZLJH6HOLJ NHLW GHV 0HQVFKHQ EHVWHKHLP (VVHQ XQG 7ULQNHQ XQG LQ GHU$XVEXQJ GHU8QNHXVFKKHLWPLW-XQJIUDXHQXQGDQGHUHQVFK|QHQ)UDXHQ'DQQLQ VFK|QHQ       



Y 

OÖFKHQNOH\GHUQYQGEHWWHQb\QŰFKRQHQJDUWHQY?DQGHUQŰROOÖFKHQOXŰW OÖFKHQŰDFKHQbDOVDXFKREGRYRQJHŰDJHWÖŰWYQGE։KLHUJHŰSDUHWGDU Z\GHU]ţUHGHQb9QGLŰWQLWPQHUDOODQGHU\UWXPGDPÖWHUŰ\QQDFK XROJHUKDWWYHUIţUHWY?EHIOHFNHWIOLHŰŰHQY‰GLŰŰHPDUWLNHODOVY‰H\Qē EUşQHQRGHUGD‰H\QHUSIXW]HQbGDUYPEKÖHHWWZDVOHQJHULŰW]ţŰWDQY? PLWYO\‰ŰROOÖFKV]ţYHUZHUIIHQbGRPLWGDVIOHLŰFKOÖFKPēŰFKHQQDFKGHU Ű\QQOÖNH\WOHEHQGH\QHQQLWJ\IIWHGDUY‰ŰFKRSIIHQbGHUUHQŰ\QQY?JH  GHQFNDOO]\W]ţŰROOÖFKHQŰDFKHQŰ\QJHQH\JHWbZHOKHQŰRŰÖHJDQW]YLHŰFK Ű\QQLWŰPHFNHQGLHGLQJGHVJH\ŰWHVb6ROOÖFKHIDOŰFKH\W\QGLŰHPDU  WLNHOEHJULIIHQPDJOÖFKWOÖFKQDFKP\QēEHGXQFNHQQÖWDOOH\QY‰GHUKHL OÖJHQJHŰFKULIIWbŰXQGHUDXFKY‰GHUŰ\WWOÖFKHQSKÖORŰRSK\YEHUZXQGHQ ZHUGHQbDOVGDQ$UHŰWRWLOHV\PHUŰWHQEţFKGHUŰ\WWHQYQGDXFK\P]H KHQGHŰFKDUSIIY?YHUQXQIIWLJOÖFKHQGRYRQŰFKULEHWZ\GHUGÖHHSLFXURV HWWOÖFKGDUYPEDOŰRJHQĆWPHQŰFKHQGD]\UŰHOÖNH\WJDQW]YIIO\EVOXŰW ŰDW]WHQb0DQPDJGRFKY‰YQJHEşJQDWXUOÖFKHUYHUQşIIWZROY\QGHQ GD]PHQŰFKOÖFKŰHOÖNH\WDQGHUVQLWGDQ\QH\PHUŰDPPHQJţWRGHUWţ  JHQWŰDPPHQJţWPDJEHŰWDQbZHOFKHVKH\ŰŰHWH\QJţWGHUYHUQşIIWb(‰ ŰSULFKWDXFK%RHFÖ\PGUÖWWHQEţFKYRQGHUWUŰWşJGHUSKLORŰRSK\b ZHUHH‰ŰDFKGD]ZROOXŰWGHVO\EVYQVPRFKWHŰHOÖJPDFKHQŰRZHUNH\Q YUŰDFK]ţJHEHQGDQGDVGÖHYQXHUQXQIIWÖJHQWKLHUDXFKŰHOÖJELOOÖFKHQ KÖHŰŰHQDOVJţW]ţPHUFNHQLŰWb'HPQDFKŰROOÖFKUHGHDOVPDFKRPHWIţ  UHWYQGDQGHUŰ\QHVJOÖFKHQHSLFXULRGHUIOHLŰFKOÖFKPHQŰFKHQbŰ\QPHH ŰWşPHGHUWK\HUGDQGHUPHQŰFKHQbGDUYPEH‰JDUŰSRWWOÖFKY?ŰFK\PS  OÖFKLŰWYQGHUZ\ŰHQPHQŰFKHQGÖHOHW]WŰHOÖNH\W\QO\SOÖFKZROOXŰWŰHW]HQb -WHPZLUIUDJHQPDFKRPHWRGHUGLHŰ\QHQREŰROOÖFKŰS\‰YQGWUDQFN QDFKGLŰHP]\WGLHO\EHGHUPHQŰFKHQDXFKZHUGHQIXUHQRGHUQÖWb7KţQ ŰÖHŰROOÖFKVQLWbZRUYPEQ\HŰŰHWPDQGDQŰÖHb7KţQŰÖHDEHUŰROOÖFKVŰR IXUXQJGH‰O\EVDQGHUVQLWLŰWGDQHLQZÖGHUŰHW]XQJGHVGDVGXUFKGLH QDWXUOÖFKKLW]HYQGEHZHJşJZXUGWYHU]HUHWDOVRIIHQEDULŰWbŰRYROJHW KHUY‰bGD]GRZXUGWŰ\QHLQYHU]HUşJYQGDXFKZ\GHUEULQJşJPHQŰFK  OÖFKHUO\EbYQGDOŰRZHUGHQPHQŰFKOÖFKO\EJHEUHFKOÖFKY?WRGWOÖFKYRQ QRWZHJHQbPDQNŇPHGDQ\QHQ]ţKÖOIIGXUFKŰROOÖFKIţUXQJbGDVŰHOE DEHUZHUH\QJUR‰HOHQGHGD]PDQWHJOÖFKHQPXŰWDOŰRIXUNŇPHQGXUFK ŰS\‰Y?WUDQFNGD]GHUO\SQLWZXUGHYHU]HUHWbYQGDOŰRZHUŰS\‰YQG WUDQFNQLWDOOHLQ]ţŰHOÖNH\WRGHUZROOXŰWbŰXQGHUDXFK]ţJURŰŰHUQRWW  WXUIIWÖNH\WGLHO\SGDUGXUFKYII]ţHQWKDOWHQb -WHPZLUIUDJHQŰLHDEHUREDXFKGRZHUGHŰ\QWHXZXQJŰROOÖFKHU ŰS\‰YQGWUHQFNDOVGDQQQRWWLŰWGDV]ţ]ţODŰŰHQbZDQQ\HŰS\‰YQQG WUDQNYLOWH\OLQ\QKDEHQYHUPLŰFKHWGLHPHQŰFKOÖFKHUIXUXQJQLWZRO NRPPHWGDUYPEHVQRWWÖŰWGD]GXUFKWHXZXQJGDVUH\QYQGEHTXHP  OÖFKZLUGJHŰXQGHUHWYRQGHPYQUH\QHQYQGYQEHTXHPOÖFKHQY?GDV ŰHOEY‰JHWULEHQb6RGDQŰROOÖFKWHXZşJY?Y‰WU\EşJNHÖQHQGHZHUGē       



Y 



.OHLGHUQ XQG %HWWHQ LQ VFK|QHQ *lUWHQXQG DQGHUHQGHUDUWLJ OXVWYROOHQ 'LQJHQ,FKKDEHEHUHLWVGDYRQJHVSURFKHQXQGVSDUHPLUGHVKDOEKLHUGLH (QWJHJQXQJHQ 8QG DX‰HUGHP JLEW HV QLFKW ZHQLJ DQGHUH ,UUWPHU PLW GHQHQHUVHLQH1DFKIROJHUEHIOHFNWKDW(VLVWDOVIO|VVHQVLHDXVGLHVHP $UWLNHO ZLH DXV HLQHP %UXQQHQ RGHU DXV HLQHU 3IW]H 'HVKDOE EUDXFKW PDQKLHUQLFKWOlQJHU]XYHUZHLOHQXPGLHVH+LUQJHVSLQVWH]XYHUZHUIHQ (VVROOHQQLFKWGLH0HQVFKHQGLHLQGHU6LQQOLFKNHLWGHV)OHLVFKHVOHEHQ XQGLPPHU]XGHU%HIULHGLJXQJPLWVROFKHQ*WHUQ]XQHLJHQ>V‰HV@*LIW DXVGLHVHU3DUDGLHVHVYRUVWHOOXQJVFK|SIHQ6RQVWZHUGHQVLHZLHGDV9LHK XQGVLQGDX‰HUVWDQGHGLH)UFKWHGHV*HLVWHV]XVFKPHFNHQ 'LH)DOVFKKHLWGLHVHV$UWLNHOVNDQQQDFKPHLQHP'DIUKDOWHQQLFKWDO OHLQDXIGHU%DVLVGHU+HLOLJHQ6FKULIWVRQGHUQPXVVDXFKDXIGHUGHUVLWWOL FKHQ3KLORVRSKLHEHUZXQGHQZHUGHQ$ULVWRWHOHVVFKUHLEWQlPOLFKLPHU VWHQ XQG ]HKQWHQ %XFK GHU 6LWWHQ PLW VFKDUIVLQQLJHU 9HUQXQIW JHJHQ GLH (SLNXUlHUDOVRGLH0HQVFKHQGLHLKUHJDQ]H6HOLJNHLWDXVGHU/HLEHVOXVW ]LHKHQ'DVJLEWHLQHPMDDXFKGLHQDWUOLFKH9HUQXQIWHLQGDVVVLFKGLH PHQVFKOLFKH 6HOLJNHLW DXV QLFKWV DQGHUHP DOV DXV HLQHP HKUHQ XQG WX JHQGKDIWHQ*XWVSHLVWGHP*XWGHU9HUQXQIW%RHWKLXVVDJWLPGULWWHQ %XFKYRP7URVWGHU3KLORVRSKLHZHQQHV$XIJDEHGHV/HLEHVZlUHXQVVHOLJ ]XPDFKHQGDQQJlEHHVNHLQHQ*UXQGGDIUGDVVPDQEHUHFKWLJWHUZHLVH QLFKWDXFKGHQXQYHUQQIWLJHQ7LHUHQGLH)lKLJNHLW]XU6HOLJNHLW]XVSUl FKH(VVLQGDOVRGLH5HGHQGHV0RKDPPHGVRZLHGLHDQGHUHU(SLNXUlHU RGHU DXI IOHLVFKOLFKHQ *HQXVV YHUVHVVHQHU 0HQVFKHQ HKHU 6WLPPHQ YRQ 7LHUHQ DOV 0HQVFKHQVWLPPHQ 'HVKDOE HUQWHW 6SRWW XQG .ULWLN ZHU GHQ 0HQVFKHQ GLH OHW]WH 6HOLJNHLW DOV HLQH OHLEOLFKH :ROOXVW YRUJDXNHOW ,WHP IUDJHQ ZLU 0RKDPPHG RGHU GLH 6HLQHQ RE 6SHLVH XQG 7UDQN GLH QDFK GLHVHU >LUGLVFKHQ@ =HLW JHQRVVHQ ZHUGHQ GHP /HLE GHV 0HQVFKHQ HWZDV ]XIKUHQRGHUQLFKW7XQVLHHVQLFKWZDUXPJHQLH‰WPDQVLHGDQQEHU KDXSW"7XQVLHHVDEHUGRFKXQGLVWGDV5HVXOWDWGLHVHU=XIKUXQJDQGHQ /HLE QLFKWV DQGHUHV DOV HLQH =HUVHW]XQJ GXUFK GLH QDWUOLFKH +LW]H XQG %HZHJXQJ VR IROJW GDUDXV GDVV HV >DXFK LP 3DUDGLHV@ HLQH 'HVWUXNWLRQ XQGHLQH5HNUHDWLRQGHVPHQVFKOLFKHQ.|USHUVJLEW'DQQDEHUZLUGGHU PHQVFKOLFKH .|USHU QRWZHQGLJ JHEUHFKOLFK XQG VWHUEOLFK ² HV VHL GHQQ PDQNRPPHLKPGXUFK1DKUXQJV]XIXKU]X+LOIH(VZlUHDOOHUGLQJVHLQH JUR‰H1RWZHQQPDQGHU+LQIlOOLJNHLWGHV.|USHUVGXUFKWlJOLFKH6SHLVH XQG7UDQNJHJHQVWHXHUQPVVWH'DQQZlUH6SHLVHXQG7UDQNDXFKQLFKW DOOHLQ0LWWHO]XU6HOLJNHLWRGHU]XU:ROOXVWVRQGHUQHLQ0LWWHO]XU(UKDO WXQJGHV.|USHUV :LUPVVHQGLH0RKDPPHGDQHUDEHUDXFKIUDJHQREHVDXFKHLQH9HU GDXXQJ VROFKHU 6SHLVH XQG VROFKHQ 7UDQNV JLEW ZLH HV GHU 2UJDQLVPXV >DXI(UGHQ@EUDXFKW'HQQ6SHLVXQG7UDQNKDEHQYLHOH7HLOHLQVLFKGLH GHU PHQVFKOLFKHQ 1DKUXQJVDXIQDKPH QLFKW EHNRPPHQ XQG GHVKDOE LVW GLH 9HUGDXXQJ QRWZHQGLJ GLH GLH UHLQHQ XQG EHN|PPOLFKHQ 7HLOH YRQ GHQ XQUHLQHQ XQG QLFKW EHN|PPOLFKHQ 7HLOHQ WUHQQW :HLO DEHU VROFKH 9HUGDXXQJXQG$XVWUHLEXQJXQUHLQHU6WRIIHNHLQ(QGHKDEHQZLUG²      



U 

KDEHQGRŰHOEHWbZDQ\HGLHOHW]ŰWŰHOÖNH\WHZLJŰROOŰ\QbŰRPDJGDVSDUD GL‰GDVPDFKRPHWO\SOÖFKŰHW]HWQLWJUR‰JHQşJŰ\QDOOH\QŰROOÖFKNRWK RGHUP\ŰWGHUPHQŰFKHQ]ţHQSIDKHQRGHU]ţKDOWHQbŰRGRFKHLQ\HGHO\‰ OÖFKHŰWDWWZLHJUR‰ŰÖHŰ\HLQHQGHPX‰KDEHQ\UHUJUR‰HbDOVDXFK$UH  ŰWRWLOHVEHZHUHWY?QDWXUOÖFKYHUQXQIIWŰDJHWbGHPQDFKJDUŰFKRQH\Q FULŰWHQYHUŰSRWWHWH\QēŰDUUDFHQY‰GLŰHPJUşG\W]JHŰDW]HWbDOŰRŰSUHFKHQ GH]ţ\Pb9HUIOXFKWŰ\XZHUSDUDGL‰GDU\QQPDQDOŰRŰFKH\ŰŰHWRGHU PDFKHWHWFb2EDEHUH\QŰDUUDFHQZROWHŰSUHFKHQGD]PHQŰFKOÖFKO\SZHU GHQGRŰROOÖFKNUDIIWKDEHQGD]ŰÖHDOOHYEHUIOXŰŰÖNH\WZHUGHQYHU]HUHQb :HUHH‰GDQQLWEHŰŰHUY?UHFKWHUJHUHGHWY?JODXEHWbGD]GRZXUGWŰ\Q ŰROOÖFKNUDIIWPHQŰFKOÖFKHUO\EbGD]ŰÖHNH\QYHU]HUşJRGHUYIIORŰXQJPHH ZHUGHQO\GHQbZDQŰÖHJDQW]YQWRGWOÖFKbYQJHEUHFKOÖFKbYQGYQO\GOÖFK ZHUGHQŰ\QQDFKGHUZDUKHLWbGDUYPEŰÖHQLWEHGRUIIHQKDEHQNUDIIWŰS։ YQGWUDQFN]ţYHU]HUHQbŰXQGHUQLWPHHO\GHQYHU]HUşJYRQHWWZDQDQ  GHUPb )XUK\QŰRGLHŰDUUDFHQLJODXEHQGD]ŰÖHGRZHUGHQPÖWIUDXZē ]ţWKţQKDEHQbPXŰŰHQŰÖHYŇQRWWZHJHQ]ţODŰŰHQGD]GRZHUGHŰ\QGLH YEHUIOXŰŰÖNHLWRGHUIXFKWLNHLWGHUGULWWHQWHZXQJGLHGDQ]ţŰROOÖFKHP ZHUFNGLHQHWbZRUYPEZXUGWGDQQQLWGRŰ\QGLHHUŰWHY?DQGHUWHZşJ -WHPZXUGWGRŰ\QŰROOÖFKJHEUXFKGHUIUDXZHQbŰRIUDJHQZLUREDXFK JHEHUşJGHUN\QGHUGDUY‰ZHUGHYROJHQRGHUQÖWb:XUGWGLHGRŰ\Q\Q PD‰GLŰHVOHEHQVbŰRZXUGWRQ]Z\IHOJUR‰HOHQGYQGHUEH\WGRŰ\QGHU IUDXZHQGLHGRJHEHUHQY?IXUHQZHUGHQGLHN\QGHUY?DOŰRYLOJURŰŰHU DOVGLHYHUPLŰFKşJGHUPHQQHUYQGGHUIUDXZHQRIIWHUZXUGWJHŰFKHKHQ DOVŰÖHŰHOEHUŰDJHQb(‰JHŰFKHKHGDQ\QZHOFKHUZL‰H‰ZRObŰRGRFKNH\Q ŰWHUEHQGRZXUGWŰ\QbZHUGHQRQ]DOOY?RQHQGHYLOPHQŰFKHQJHERUHQ 6RDEHUGLHŰWDWWGH‰ŰHOEHQSDUDGL‰DOVH\Q\HGHO\SOÖFKŰWDWWH\QHQGH KDWWbZXUGWH‰\QNXUW]HU]\WGDU]ţNŇPHQbGD]H\QJUR‰WH\OGH‰ŰHOEHQ YROFNVPX‰Y‰GHPŰHOEHQSDUDGL‰JHQbY?GHQQHQPX‰PDQH\QDQ  GHUHŰWDWWŰFKDIIHQ]ţ\UZRQşJbYQGQLWDOOHLQH\QHbŰXQGHUGHUYLOYQG RQ]DOOQDFKHLQDQGHUbZDQH‰\HYQPţJOÖFKLŰWGD]O\SOÖFKŰWHWGLHHQG KDEHQZLHJUR‰VÖHŰ\QbPRJēPēŰFKHQRQ]DOOY?HQGHYLOEHKDOWHQDOV GDQGLHQDWXUOÖFKHQPHLŰWHUGDVJDUŰFKDUSIIY?NUHIIWLJOÖFKHQEHZHUHQb -ŰWH‰DEHUŰDFKGDVNH\QJHEHUşJRGHUJHEXUWGHUN\QGHUY‰ŰROOÖFKHU YHUPLŰFKşJGRŰHOEHWZXUGWYROJHQbŰRZHUGHQPHQQHUY?IUDXZēYQ  IUXFKWEDUŰ\QY?GLHJHEHUHQGHNUDIIW\QEHGHQZXUGWYPEŰXŰWY?YQ  QXW]Ű\Qb1XQLŰWZRONXQWYQGRIIHQEDUGDVŰROOÖFKYQIUXFKWEDUNH\W LŰWH\QEODJYQGHLQYHUOHW]XQJGHUQDWXU\QGHUJHERUHQGHQNUDIIWGHU PHQQHUKDOERGHUGHUIUDXZHQbGDUYPEGDQGDVZHUFNGHUJHEHUşJYQ XROONRPHQPţ‰YHUO\EHQb6RDEHUNH\QEODJRGHUYHUOHW]şJRGHUYQ XRONŇPHQKHLW\QQGHUOHW]WŰWHQŰHOÖNH\WŰWDWWPDJKDEHQbYROJHWGDUY‰         

 U   GHQQGLHOHW]WH6HOLJNHLWZLUGMDHLQHHZLJHVHLQ²GDQQNDQQGDVOHLEOLFK YHUIDVVWH 3DUDGLHV GHV 0RKDPPHG HLJHQWOLFK QLFKW JUR‰ JHQXJ VHLQ XP GHQ JDQ]HQ .RW XQG 0LVW GHU 0HQVFKHQ DXI]XQHKPHQ 'HQQ HLQ MHGHU GUHLGLPHQVLRQDOH2UWZLHJUR‰HUDXFKLPPHUVHLLVWLQVHLQHQ$XVPD‰HQ EHJUHQ]W GDV EHZHLVW $ULVWRWHOHV PLW HLQHP $UJXPHQW GHU QDWUOLFKHQ 9HUQXQIW(LQ &KULVW YHUVSRWWHW HLQHQ 6DUUD]HQHQ GHVKDOE DXFK ZHQQ HU ]X LKP VDJW 9HUIOXFKW VHL (XHU 3DUDGLHV ZHQQ PDQ LQ LKP VFKHL‰W XQG >+DXIHQ@PDFKWHWF2EGDQQHLQ6DUUD]HQH]XVDJHQYHUPDJGHUPHQVFK OLFKH/HLEZHUGHVFKRQEHUGLH.UDIWYHUIJHQDOOHVhEHUIOVVLJHDXI]X ]HKUHQGDVHULQVLFKKDW":lUHHVGDQQQLFKWULFKWLJHU]XVDJHQXQG]X JODXEHQ GDVV HLQH VROFKH .UDIW LP PHQVFKOLFKHQ /HLE VHLQ ZLUG GDVV HU NHLQHQ .RQVXP YRQ XQG NHLQH $XIO|VXQJ GHU 1DKUXQJ PHKU EUDXFKW" 'DQQ HUVW ZlUH HU LQ :DKUKHLW YROONRPPHQ XQVWHUEOLFK XQJHEUHFKOLFK RKQH/HLGHQ'DQQEUlXFKWHQVLHDXFKNHLQH.UDIW>=XIXKU@XQGPVVWHQ ZHGHU6SHLVHQRFK7UDQN]XVLFKQHKPHQXQGVLHKlWWHQEHUKDXSWNHL QHQ1DKUXQJVYHU]HKUPHKUQ|WLJ:HLWHUKLQ:HQQGLH6DUUD]HQHQJODX EHQVLHKlWWHQPLW)UDXHQ]XWXQVRPVVWHQVLHQRWZHQGLJDXFK]XODV VHQ GDVV HV GLH )OVVLJNHLW XQG GLH )HXFKWLJNHLW GHU GULWWHQ 9HUGDXXQJ JLEWGLHVROFKHQ=ZHFNHQGLHQW:HVKDOEVROOWHHVGDQQQLFKWDXFKGLHHU VWH XQG ]ZHLWH 9HUGDXXQJ JHEHQ :HQQ HV GDQQ HLQHQ VROFKHQ 8PJDQJ PLW)UDXHQ>LP3DUDGLHV@JLEWIUDJHQZLUZHLWHUJLEWHVGDQQDXFKGLH*H EXUWYRQ.LQGHUQRGHUQLFKW":HQQ.LQGHUGDOHEHQGDQQZLUGHVRKQH =ZHLIHOHLQJUR‰HV(OHQGXQGHLQHJUR‰H0KVDOIUGLH)UDXHQVHLQGLH .LQGHUJHElUHQXQGDXI]LHKHQ8QGHVZLUGHLQHYLHO]DKOUHLFKHUH9HUPL VFKXQJ]ZLVFKHQ0lQQHUQXQG)UDXHQJHEHQDOVVLHVHOEVW]XJHEHQZRO OHQ8QGZLHVROOHVJHVFKHKHQGDVVHVLP+LPPHO]ZDUNHLQ6WHUEHQJLEW GRFKDEHU0HQVFKHQRKQH=DKOJHERUHQZUGHQ"'DDEHUGHU2UWGHV3D UDGLHVHVZLH HLQH MHGH N|USHUOLFKH 6WlWWH EHJUHQ]W LVWZUGH HV LQ NXU]HU =HLWVRZHLWNRPPHQGDVVHLQJUR‰HU7HLOGHV9RONVGDV3DUDGLHVYHUODV VHQPXVV8QGGDQQPXVVPDQIUVLHHLQHDQGHUH:RKQVWlWWHVXFKHQ² DOOHUGLQJVQLFKWQXUHLQHVRQGHUQXQHQGOLFKYLHOHLP/DXIGHU=HLW'HQQ HVLVWXQP|JOLFKGDVVGUHLGLPHQVLRQDOHEHJUHQ]WH2UWH²ZLHJUR‰DXFK LPPHUVLHVHLQP|JHQ²XQ]lKOLJH0HQVFKHQODQJHDXIQHKPHQ'DVEHWR QHQMDDXFKGLH'HQNHUGLHVLFKPLWGHU1DWXUEHIDVVHQPLW1DFKGUXFN :HQQ HV DEHU VR LVW GDVV DXV GHU9HUPLVFKXQJYRQ)UDXHQ XQG 0lQ QHUQNHLQH*HEXUWHQHUIROJHQVRZHUGHQ)UDXHQXQG0lQQHUXQIUXFKWEDU VHLQXQGGDQQZlUHGLH]HXJHQGH.UDIWEHLGHUXPVRQVWXQGXQQW]1XQ LVW HV DOOHUGLQJV EHNDQQW GDVV HLQH GHUDUWLJH 8QIUXFKWEDUNHLW HLQH 3ODJH XQG HLQH 9HUOHW]XQJ GHU 1DWXU GDUVWHOOW VRZRKO ZDV GLH =HXJXQJVNUDIW GHU0lQQHUDOVDXFKGLHGHU)UDXHQDQEHODQJWGHVKDOEPXVVGDV:HUNGHU =HXJXQJHUKDOWHQEOHLEHQ:HLOHVDEHUNHLQH3ODJHXQGNHLQH9HUOHW]XQJ XQG NHLQH 8QYROONRPPHQKHLW LQ GHU OHW]WHQ 6HOLJNHLW JLEW IROJW GDUDXV GDVVHVNHLQH9HUPLVFKXQJ]ZLVFKHQGHQ*HVFKOHFKWHUQDOVRNHLQHQ     

U   GDVNH\QŰROOÖFKYHUPLŰFKXQJGRZHUGHŰ\QRGHUJHEUXFKGHUIUDXZHQb MDDXFKGL‰YROJHWGDUY‰GDVGLHJHEHUHQGHNUDIIWREŰ\HGRZXUGHY‰ ZXUFNşJKDEHQQLWZXUGHGLHQēGHUIUXFKWbŰXQGHUDOOHŰQRGēZROOXŰWb                                               

 U   8PJDQJPLW)UDXHQJLEW8QGHLQHZHLWHUH.RQVHTXHQ]LVWGLHGDVVGDV $XVOHEHQ GHU JHElUHQGHQ .UDIW QLFKW GHU =HXJXQJ HLQHU /HLEHVIUXFKW VRQGHUQDOOHLQGHUVFKQ|GHQ/XVWGLHQW



Y 

1XQLŰWGDVJURŰWJţWGHUJHEHUşJGLHIUXFKWRGHUGDVN\QGWbYQGRQ  JOÖFKQ‰EHŰŰHULŰWGÖHIUXFKWGDQZROOXŰWŰROOÖFKHUYHUPLŰFKşJbGēQDFK GÖHJHEHUHQGHNUDIIWZXUGHGRŰHOEHWEHUDXEHWGH‰bGD]GDVDOOHUEHŰWLQ\U LŰWbYQGZXUGHGD]ţPDOOYLOP\QQHUJţWVY‰\UNŇPHQGDQ\QGLŰHP ]\WNŇPHWbGHPDEHUQDFKŰÖHGRQÖWŰHOÖJHUZXUGHŰ\QGDQŰÖH\W]LŰWbGDV JDUYQEHTXHPOÖFKLŰW]ţŰDJHQb2EDEHUH\QŰDUUDFHQZROWŰSUHFKHQGD] \QŰROOÖFKHUYHUPÖŰFKşJGH‰PDQVY?GHUIUDXZēLQ\UHPSDUDGL‰NHLQ ŰQRGLNH\WRGHUYQUHLQLNH\WZXUGHŰ\QbŰXQGHUDOOH\QH\QYHUH\QşJGHU O\EYQGYPEYDKXQJRQY‰J\ŰŰXQJH\QLJHUIXFKWÖNH\WHWFbLŰWRIIHQEDU GD]GDVŰHOEQLWLŰWGHUJHPH\QJHEUXFKGHUIUDXZHQDOVGDVZRUWOXWK Y?PDFKRPHWGHQŰ\QHQYHUKH\ŰŰHW-WHPY‰DOOHPGÖŰHPYROJHWDXFK GDVbGDVPDFKRPHWVSDUDGL‰QÖWWDQGHUVZXUGWŰ\QGDQH\QWDEHUUHQ RGHUJHPH\QIUDXZHQKX‰GRPDQDQGHUVQLWWKHWHGDQHŰŰHQY?WULQFNē YQGYQNXŰFKH\WY‰YEWHHZÖJOÖFKbJHŰZLJHQYLODQGHUYQIOHWLNHLWŰRGDU Y‰NHPH'DVDXFKPDFKRPHWŰDJHWY?YHUKH\ŰŰHWGHQŰ\QHQGLHŰ\QJH ŰDW]KDOWHQGD]GLHHQJHO\QHQZHUGHQGLHQHQ\QPD‰DOVZ\QŰFKHQFNē RGHUŰS\‰WUHJHUbZHUODFKHWQLWGDU]ţY?YHUŰSRWWHWH‰JDQW]GD]GLHKHL  OÖJHQHQJHOJRWWHVZXUGHQ\UHJURŰŰHŰHOÖNH\WGLHNH\QDXJQ\HKDWWJH  ŰHKHQbYQGNH\QRUHQ\HJHKUHWHWFbYHUODŰŰHQY?ZXUGHQGLŰHQKşGHQGLH EHWKEHUH\WHQYQNXŰFKH\W]ţYROEULQJHQbYQGGLHHQJHOOÖŰFKHZLUGÖNH\W YHUHQGHUHQ\QŰROOÖFKHGLHQŰWEDUNH\WGHQHQ]ţNRFKHQY?\QHQZ\QY? ŰS\‰IXUWUDJHQHWFbŰRH‰GRFKYLOŰQRGHULŰW]ţŰROOÖFKHQEHWWKHQY?WLŰFKē GÖHQHQGDQGHQŰZ\QHQbGDUYPEHUYÖHŰFKPHQŰFKŰ\QHVJOÖFKHVPēŰFKHQ UHGHQGHZHGHUNşIIWLJHŰHOÖNH\WQRFKŰ\QH\JHQHŰWPbMDQRFKŰ\QWUHP KDWWYHUŰWDQGHQb -WHPGD]ZLU\QGHUJHPH\QUHGHQIUDJHQZLUŰRO  OÖFKO\SOÖFKOXŰWHPRJHQEHŰWHHQPLWGHQJHLŰWOÖFKHQOXŰWHQRGHUQLWb1LW PDJPDQŰSUHFKHQGD]ŰÖHE\H\QPRJHQEHŰWHHQbZDQH‰NXQWY?RIIHQ  EDULŰWGD]ŰÖHZ\GHUHÖQDQGHUŰ\QGH‰KDOEŰÖHQLFKWE\HLQPRJHQOÖGHQ ZDQGLHJHÖŰWOÖFKHQOXŰWHQ]\HKHQGLHŰHOHJDQW]]ţ\QHQY?YHU]XFNHQŰÖH JDQW]\QŰÖFKbDOŰRGD]]ţGHUŰHOEHQ]ÖWGHUPēŰFKQLFKWVIOHLŰFKOÖFKVPDJ EHGHQFNHQbZDQQDXFKGLHŰHOHKLH\P]\W\QYHUŰXFKXQJGHUJHÖŰWOÖFKHQ JţWWHUQHLQP\‰XDOOHQJHZQHW]ţDOOHQO\SOÖFKHQRGHUŰ\QQOÖFKHQOX  ŰWHQbDOVŰDQW*UHJRULXVŰSULFKWbZLHYÖOPHHŰRGÖHŰHOJDQW]ŰHOÖJZXUGb ZXUGWQLWYHUKHQJēHWWZDVIOHL‰OÖFKVRGHUŰ\QQOÖFKVZROOXŰWV]ţJHGHQ NHQbZDQHNOHLQWUSIIO\QGH‰JHLŰWOÖFKHQZROOXŰWVGLHŰHOKLHDOŰREHNş PHUHWY?YHU]XFNHWbZDVZXUGWGDQWKţQGHUŰWUHQJIOLHŰŰHQEDFKDOOHV ZROOXŰWV\QGēULFKJRWWHV\QGHQGLHGRJDQW]WUşFNHQZHUGēYŇGHUULFK WXPGH‰KX‰JRWWHVb'HPQDFKPRJHQQLWE\HLQEHŰWHHQJHLŰWOÖFKŰHOLNHLW RGHUZROOXŰWY?GLŰHIOHL‰OÖFKZLGHUGÖHZLUUHGHQb9QGREHLQŰDUUDFHQ       



Y 



1XQLVWGDVJUR‰H*XWGHU=HXJXQJGLH/HLEHVIUXFKWRGHUGDV.LQGXQG XQJOHLFKEHVVHULVWGLH/HLEHVIUXFKWDOV=LHOGHUN|USHUOLFKHQ9HUHLQLJXQJ GHQQGLH/XVW'HQQGLHEOR‰H/XVWHU]HXJXQJEHLPVH[XHOOHQ$NWEHUDXEW GLH *HElUNUDIW LKUHV K|FKVWHQ 3RWHQWLDOV XQG OlVVW QXU PLQGHUH (LJHQ VFKDIWHQ ]XWDJH WUHWHQ 8QG HV LVW XQDQJHQHKP GDV DXV]XVSUHFKHQ GDVV GLH *HElUNUDIW GLH QXU LP'LHQVWH GHU /XVW VWHKW NHLQHQ K|KHUHQ *UDG GHU6HOLJNHLWHUODQJWDOVGHQGHQVLHYRQ1DWXUDXVKDW:HQQQXQDEHUHLQ 6DUUD]HQH VDJW GDVV GHU 9HUPLVFKXQJ YRQ 0DQQ XQG )UDX LP 3DUDGLHV NHLQH(UQLHGULJXQJXQGNHLQH8QUHLQKHLWDQKDIWHXQGQLFKWVPHKUDOVHLQH 9HUHLQLJXQJ XQG 8PDUPXQJ GHU .|USHU VHL RKQH GDVV GDUDXV HLQH /HL EHVIUXFKWHQWVWHKHHWFGDQQLVWMDRIIHQVLFKWOLFKGDVVGLHVH*HVFKOHFKWHU YHUHLQLJXQJHWZDVDQGHUHVEHGHXWHWDOVGHU:RUWODXWXQGDOVGDVZDV0R KDPPHGGHQ6HLQHQYHUKHL‰W,WHPIROJWDXVDOOHGHPGDVV0RKDPPHGV 3DUDGLHV QLFKWV DQGHUHV LVW DOV HLQ *DVWKDXV RGHU HLQ )UDXHQKDXV IU GLH $OOJHPHLQKHLWLQGHPPDQQLFKWVDQGHUHVWXWDOV]XHVVHQ]XWULQNHQXQG VLFK LQ DOOH (ZLJNHLW GHU 8QNHXVFKKHLW KLQ]XJHEHQ ² JDQ] ]X VFKZHLJHQ YRQDOOGHP6FKPXW]GHUGDUDXVHQWVWHKW0RKDPPHGYHUKHL‰WGHQHQ GLHVHLQ*HVHW]KDOWHQGDVVLKQHQGLH(QJHODOV0XQGVFKHQNXQG6SHLVHQ WUlJHU GLHQHQ ZHUGHQ HWF :HUZUGH GD QLFKW VS|WWLVFK GDUEHU ODFKHQ" 'LHKHLOLJHQ(QJHO*RWWHVPVVWHQGDEHL>MD@LKUH6HOLJNHLW²HLQH6HOLJNHLW GLHNHLQ$XJHMHJHVHKHQXQGNHLQ2KUMHJHK|UWKDW²YHUOLHUHQZHQQVLH GLHVHQ+XQGHQGDV%HWWEHUHLWHQPVVWHQGDPLWGLHVHLKUH8QNHXVFKKHLW GDULQYROO]LHKHQ8QGGLHHQJOLVFKH:UGHZUGH]XU'LHQVWEDUNHLWKHUDE JHZUGLJWZHQQVLHIUGLH0HQVFKHQNRFKWHQXQGLKQHQ:HLQXQG6SHL VHQ DXIWUJHQ HWF ZREHL HV QRFK YLHO HUQLHGULJHQGHU ZlUH ]X VROFKHQ %HWW XQG 7LVFKGLHQVWHQ KHUDQJH]RJHQ ]X ZHUGHQ DOV GHQ 6FKZHLQHQ ]X GLHQHQ:HQQGLHVHUYLHKLVFKH0HQVFK>VR@]X6HLQHVJOHLFKHQUHGHWGDQQ KDW HU GDEHL ZHGHU GLH NQIWLJH 6HOLJNHLW QRFK VHLQH HLJHQH 6WLPPH MD QLFKWHLQPDOVHLQH7UlXPHYHUVWDQGHQ,WHPIUDJHQZLUJHZ|KQOLFKGD QDFKREGLHOHLEOLFKHQ*HOVWHPLWGHQJHLVWOLFKHQHLQKHUJHKHQRGHUQLFKW 0DQ P|JH QLFKW EHKDXSWHQ GDVV VLH QHEHQHLQDQGHU EHVWHKHQ ZHQQ RI IHQEDU LVW GDVV VLH *HJHQVSLHOHU VLQG XQG VLFK JHJHQVHLWLJ QLFKW GXOGHQ N|QQHQ'HQQGLHJ|WWOLFKHQ/VWH]LHKHQGLH6HHOHJDQ]]XVLFKXQGYHU ]FNHQ VLH JDQ] LQ VLFK VR GDVV GHU 0HQVFK LQ GLHVHU =HLW DQ QLFKWV )OHLVFKOLFKHVGHQNHQP|FKWH'HQQDXFKKLHULP=HLWOLFKHQPLVVIlOOWHV GHU6HHOHZHQQJHLVWOLFKH*WHUGXUFKOHLEOLFKHRGHUVLQQOLFKH/VWHYHU VXFKWZHUGHQ'HUKO*UHJRULXVVDJW-HVHOLJHUGLH6HHOHZLUGGHVWRZHQL JHUPXVVVLHDQIOHLVFKOLFKHRGHUVLQQOLFKH:ROOXVWGHQNHQ>'RFK@ZHQQ >EHUHLWV@DXI(UGHQHLQNOHLQHV7U|SIOHLQJHLVWOLFKHU:ROOXVWGLH6HHOHUHL QLJW XQG YHU]FNW ZDV ZUGH GDQQ GHU XQHQWZHJW IOLH‰HQGH %DFK GHU :ROOXVW LP 5HLFK *RWWHV LQ GHQHQ EHZHJHQ GLH JDQ] WUXQNHQ VLQG YRP 5HLFKWXP GHV +DXVHV *RWWHV" 'HPQDFK N|QQHQ GLH JHLVWOLFKH 6HOLJNHLW XQG:ROOXVWHLQHUVHLWVXQGGLHIOHLVFKOLFKH:ROOXVWDQGHUHUVHLWVJHJHQGLH ZLUDUJXPHQWLHUHQQLFKWQHEHQHLQDQGHUEHVWHKHQ8QGZHQQQXQHLQ  

Y   ZROWŰSUHFKHQbG]H\QHUGHUDQGHUQZXUWQDFKXROJēDOŰRGD]ŰÖH\W]EUXFK WHQIOHL‰OÖFKZROOXŰWY?GDUQDFKJHLŰWOÖFKb-ŰWGDUZLGHUGD]K\HUY‰YRO JHWWHGD]\UNH\QHYRONŇPHQZHUHbŰRNH\QHŰWHWWZHUHbZHOFKHŰWHWLNH\W                                               

 Y   6DUUD]HQH VDJHQZUGH HLQH :ROOXVW IROJH DXIGLH DQGHUH LQ GHP 6LQQH GDVVVLHLP(UGHQOHEHQGLHIOHLVFKOLFKH:ROOXVWJHQ|VVHQXQGGDQDFKGLH JHLVWOLFKH"'DJHJHQPVVWHPDQDQIKUHQGDVVGDQQNHLQHGHUEHLGHQ/ VWHYROONRPPHQZlUHGDNHLQH>YRQLKQHQ@%HVWlQGLJNHLWKlWWH'HQQ6WH WLJNHLW 



U 

GRFKHLQZH‰OÖFKWH\OLŰWGHUŰHOÖNH\Wb'DU]ţOHUWŰ\QQOÖFKRGHUEHY\QGW OÖFKHUIDUXQJGD]GLHbGLHJHLŰWOÖFKZROOXŰWEHY\QGHQRGHUŰFKPHFNHQKD  EHQYRQŰWXQGDQHLQYQZLOOHQ]ţGHQIOHLŰFKOÖFKHQOXŰWHQGDUYPEGLH ŰHOÖJHQ\PYDWWHUODQGQLWPRJHQYRQGHQJHLŰWOÖFKHQOXŰWHQŰÖFKNHUHQ ]ţGHQIOHLŰFKOÖFKHQbZDQŰLHPLWJDQW]HUŰWDUFNHUOÖHEHDQKDQJHQGēJHLŰW OÖFKHQY?PLWH\JHPZLOOHQŰÖFKQLWGRYŇPRJHQNHUHQbMŰWDXFKQÖFKWV GRGD]ŰÖHJHZHOWÖJOÖFKGRYRQ]\HKHbGDUYPEH‰QLWPRJOÖFKHQLŰWGD] GHUH\QHGHUDQGHUQQDFKYROJHRGHUGHUPHQŰFKH\QHJHEUXFKQDFKGHU DQGHUQbGDUYPEH‰QRWWLŰWGD]H\QWZHGHUGLHJHLŰWOÖFKŰHOÖNH\WYQGZRO OXŰWJDQW]YQGJDUQLWGRŰÖHRGHUDOOHLQŰ\bGDVLŰWRQGÖŰHIOHLŰFKOÖFKHZ\ GHUGLHZÖUUHGHQbŰRŰÖHQLWPDJ]ţH\PPDOEHŰWHHQPLWW\UDXFK\UQÖWW QRFKYROJHQDOV\HW]YIIEHGHWHÖOEHZHUHWLŰWb-ŰWGDQQGLHJH\ŰWOÖFKŰHOÖ  NHÖWGLHRQJH]Z\IIHOWGÖHEHUŰWbHGHOŰWYQGJURŰWHLŰWQLWWGRbŰRHUŰFK\QHW RIIHQEDUOÖFKGDVPDFKRPHWNHLQUHFKWHŰHOÖNHLWGHQŰ\QHQKDWWYHUKHLŰŰHQ ŰXQGHUDOOHLQHLQNOHLQY?ŰFKQGWHLOGHUŰHOÖNHLWbGD]LŰWGLHIOHLŰFKOÖFKGLH DXFKQLWWZLUGLJLŰWHLQŰHOÖNH\WJHQDQW]ţZHUGHQb\QQZHOFKHUGLHYQ  XHUQXQIIWLJHQWK\UPLWYQVJHPH\QKDEHQb-ŰWDXFKYQELOOÖFKbGDVGLH Ű\QQOÖNHLWGLH\QYQQVDOOZHJZLGHUŰSHQQLJÖŰWGHUYHUQXQIIWYQGGHQ ZLOOHQJRWWHVŰROODOŰREHORQHWZHUGHQPLWIOHLŰFKOÖFKHUŰHOÖNHLWDOVŰ\ŰHW] HQYQGJODXEHQbYQGGDVREHUWH\OGHUŰHOHGDVYLOZLUGLJHULŰWYQGŰWUÖ  WHWYPEWXJHQYPEJRWWHVZLOOHQ]ţYROEULQJHQQLWWŰROOEHORQHWZHU GHQPLWJHLŰWOÖFKHUŰHOÖNH\WGLH\UH\JHQLŰWYQG]ţJHKUHWb9HUUYHUUŰ\ YRQJRWWŰROOÖFKHYQJHUHFKWLNH\WGHUH\Q\HGHVWHLOQDFKŰ\QHQYHUGLHQē ZXUGWEHORQHQb 9‰G\ŰHPDOOHPPHLQLFKZROHUOţWHUHWŰ\QJQRQJ  ŰDPPLJOÖFKHQGDVQLWWDOOHQYQPRJOÖFKHQLŰWGDVHLQŰROOÖFKSDUDG։ RGHUŰHOÖNH\WŰ\QQOÖFKHUYQGIOH\ŰFKOÖFKHUOXŰWHQQZHUGHŰ\QbŰXQGHUDXFK JDUŰFK\PSIIOÖFKYQGŰSWWOÖFKLŰWŰROOÖFKV]ţUHGHQRGHUJODXEHQQbMDH‰ LŰWŰOOÖFKHJHWUHXPWHŰHOÖNH\WQLWWGDQY\KH]ţJHKULJb:DQ\QQZDU  KHLWGLHUHFKWŰHO\NHÖWGLHZLUJODXEHQQNXQIIWLJ\QNH\QHPZHJŰROOÖFK IOH\ŰFKOÖFKOXŰWPDJO\GHQGLHGHUŰFKOHIIHUY‰H\PWUDXPGHQŰÖQHQ KDWWJHSUHGLJHWbGDUYPEYQŰHUKHUUFULŰWXVGHUGLHHZLJZDUKHLWLŰWG\‰ DOOHVZROOEHŰOX‰W\PHXDQJHOÖRb0DWKHLDPb[[LMbFDSLWHObDOŰRŰSUHFKē  GHbGLHVH$UJXPHQWD WLRQ@GDQDFKDXILQGHPHUVDJWGDVVPDQEHUGLH$EJ|WWHUHLLQ]ZHL:HL VHQUHGHQN|QQHLQHLQHUDOOJHPHLQHQXQGLQHLQHUEHVRQGHUHQGLHVHUEH VRQGHUHQ :HLVH 8QG GLH EHVRQGHUH $EJ|WWHUHL GLHVH $EJ|WWHUHL KDEH QLFKW ODQJH H[LVWLHUW QXU GLH $EJ|WWHUHL LP $OOJHPHLQHQ KDEH ODQJH JH ZlKUW:HQQPDQGDVVDJWO|VWPDQGLHELVKHULJH$UJXPHQWDWLRQQLFKW    

Y   QLWWYIIO‰HQGLHZ\GHUUHGHRGHUGDVDUJXPHQWbZDQQGDVŰHOEHUHGHW YRQGHUDEWJRWWHU\\QGHUJHPH\QZLHODQJYQGZRGLHŰHOEKDEJHZH  UHWbYQQGGDUYPEDQWZRUWHQYRQGHUDEWJRWWHU\\QEHŰXQGHUYQQG]ţ ODŰŰHQGD]GLHDEWJRWWHU\\QQGHUJHPH\QQOHQJHUKDEJHZHUHWGDQQ                                              

 Y   DXI'HQQGDQQUHGHWPDQMDQXUYRQDOOJHPHLQHU$EJ|WWHUHLXQGZLHODQ JHXQGZRVLHH[LVWLHUWKDW'HVKDOEPXVVPDQYRQGHUVDUUD]HQLVFKHQ$E J|WWHUHLJHVRQGHUWVSUHFKHQ'HU*|W]HQGLHQVWLP$OOJHPHLQHQKDWOlQJHU JHGDXHUW 



U 

GLHŰDUUDFHQLŰFKŰHFWbGDVLŰWQLWYIIOŰHQGLHZ\GHUUHGHbŰXQGHUŰLHYHULH  KHQb9QGDOŰREHO\EHWGDVŰHOEDUJXPHQWEHŰWDQYQYIIJHORŰHWbGD]PDQ DXFK\QDQGHUZHJPRFKWEHZHUHQbDEHUYPENXUW]ZLOOHQOD‰LFKH‰DQ ŰWDQb-WHPREŰFKRQGÖHGU\DUWLNHOGLHGHUŰHOEGRFWRUŰHW]HWY?\W]QDFK H\QDQGHUŰ\QDQJHIRFKWēZRUGēbZDUZHUHQbŰROWGRFKQ\HPDQGGDUY‰ DUJXLUHQGD]GDUYPEGÖŰHŰHFWOHQJHUZHUHWbZDQQH‰JDUJOHXEOÖFKÖŰWb GD]QDFKGHPY?JRWWPHQŰFKÖŰWZRUGHQY?ŰRYÖOJţWVPHQŰFKOLFKHP JHŰOHFKWKDWWHU]HXJHWbEHŰXQGHU\QGLŰHPGD]HUŰREÖWWHUQWRGY?PDU  WHUKDWWJHO\WWHQIXUH‰bGD]HUGDQQLWDOOHLQDEWJRWWHU\ŰXQGHUH\HGH YQJOHXEÖNH\W]ţGÖŰHU]\WPHHYQGKDUWHUŰWUDIIHGDQYRUŰ\QHUPHQŰFK ZHUGşJbDXFK\QDOOHQYROFNHUQbDOVDXFK\W]GLHPHQŰFKHQŰZHUHUŰXQGH GDQYRUŰ\QHUPHQŰFKZHUGXQJbGRQRFKQLWŰROOÖFKJUR‰JQDGY?EDUP KHUW]ÖNH\WPHQŰFKOÖFKHUEORGLNH\WZDVHU]HXJHWYQG\PŰRPDQJYHOWÖJ JHK\OIIJHEHQbZDQQDXFK\W]GXUFKH\Q\HGHŰXQGGLHYQGDQFNEHUNH\W JUŰŰHULŰW\QGHQPHQŰFKHQbGDQŰÖH\QGHUŰHOEHQŰXQGHZHUJHZHŰHQYRU GHUPHQŰFKZHUGXQJFULŰWLb6RDXFK\W]GLHUHFKWZDUKH\WED‰EHNDQWLŰW GDQŰÖHYRUGHUŰHOEHQPēŰFKZHUGşJFULŰWLZDVb9QGDOŰRHLQ\HGHŰXQGH YQGEHŰXQGHUGHUYQJOHXEÖNHÖWbQDFKGHUPHQŰFKZHUGXQJFULŰWÖPHHEH  ŰZHUHWZXUGWbGDQYRUGHUŰHOEHQbGHPQDFKGLHŰDUUDFHQLYPEZHJHQ \UHUYQJOHXEÖNHLWb]ţGÖŰHU]\WGHUJQDGHQbELOOÖFKHQGLŰHPJUXQGQDFK ]ţUHFKHQbŰROWHQQÖWDOŰRODQJZ\ULJŰ\QbYQQGDOŰRGÖŰHYUŰDFKHQYRQ GHPŰHOEHQGRFWRUHU]HOHW]Z\QJHQQLWb 'LHDQGHUYQGHUŰFKH\GDOVGHUŰHOEGRFWRUŰHW]HW]ZţŰFKHQGHUŰDUUD  FHQLŰFKHQŰHFWHQY?GHQKH\GHQLŰWGÖŰHbGD]GLHKH\GHQ]ZşJHQGLHFUÖŰWHQ \UHDEWJRWWHUDQ]ţEHWWHQbDEHUGLHŰDUUDFHQLQLWHWFb'DU\QQHHUDEHUGLH ŰDUUDFHQHQZLOOEHŰŰHUEHZ\ŰHQIXUGÖHDQGHUQY?KDWWGRFKQÖWNUDIIWbY‰ GÖŰHUYUŰDFKbZDQGÖHMXGHQKDEHQFULŰWşHUWRGWGDVGLHDOOHUJURŰWŰXQG LŰWbY?QRFKGDQZHUHW\UŰHFWbGDUYPEGLŰHUJUXQGWDEHUQLW]Z\QJHWb -WHPZ\GHUŰ\Q]ţŰDW]ŰRHUGRŰHOEHWEUXFKHWbLŰWGÖŰHVbZDQQGLHŰHFWbGLH GLHFULŰWHQOÖFKN\UFKYPEGH‰UHFKWHQZDUHQJODXEHQVZÖOOHQYQQGGLH FUÖŰWHQPHQŰFKHQYDKHWNHUNHUWbHUWRGWbY?PLWŰZHUHUGLHQŰWEDUNH\WYQ  GHUWUXFNHWbGDU]ţDOOHQYO\‰bNUDIIWYQQGPDFKWDQNHUHWGLHFULŰWHQKH\W JDQW]]ţYHUGLOJHQbREŰÖHPRFKWHb]Z\QJHWQLWGLHŰHOEŰHFWbŰRYLODQ\U LŰWbGLHFUÖŰWHQ]ţZ\FKHQYRPJODXEHQY?YRQJRWWVGÖHQŰWb(\Q\HGHU PHQŰFKPDJZROPHUFNHQZDVGDVGHUN\UFKHQŰFKDGHQEULQJHWbY?ZLH YLOFULŰWHQGDGXUFKYRPJODXEHQYDOOHQbY?ZLHYLOGHUŰHOEHQGDUYPE GD]ŰÖHPDFKRPHWQLWZROWHQDQEHWWHQŰ\QYRQŰDUUDFHQHQHUWRGWZRU  GHQbRGHUZDVYQGHUŰFKH\GLŰWGDU]ZţŰFKHQGD]GLŰHŰDUUDFHQLŰRYLONRQJ ULFKbŰRYÖOODQGY?ŰWHWWbGHUNÖUFKHQPLWJHZDOWDE]\HKHQYQGQēPHQb ]ţŰPDFKFUÖŰWLYQGGH‰FULŰWHQOÖFKHQJODXEHVbYIIH\QbY?YQGHUDQGHUQ ŰHFWHQGLHDOOHLQHWWOÖFKFULŰWJOHXEÖJHQPHQŰFKHQ]ZşJHQGD]ŰÖHGHQDEW  JRWWHUQRSIIHUWHQYIIGDVDQGHUWH\Ob      



U 



DOVGLHVDUUD]HQLVFKH6HNWH²GLHVH%HREDFKWXQJO|VWDOOHUGLQJVQLFKWGHQ (LQVSUXFKDXIVRQGHUQEHVWlWLJWLKQ'HVKDOEEOHLEWGDV$UJXPHQWXQDXI JHO|VW EHVWHKHQ 0DQ NDQQ GDV DXFK >QRFK@ DXI DQGHUH :HLVH EHZHLVHQ GRFKXPGHU.U]HZLOOHQYHU]LFKWHLFKGDUDXI'RFKDXFKZHQQGLHGUHL $UWLNHOZDKUZlUHQGLH GHU'RNWRUDXIJHVWHOOWKDWXQGGLHLP(LQ]HOQHQ DQJHIRFKWHQZRUGHQVLQGVRVROOWHGRFKQLHPDQGDUJXPHQWLHUHQGDVVGLH VDUUD]HQLVFKH 6HNWH OlQJHU H[LVWLHUW DOV GLH DQGHUHQ $EJ|WWHUHLHQ 1DFK *RWWHV0HQVFKZHUGXQJXQGQDFKGHP*RWWGHQ0HQVFKHQVRYLHO*XWHV HU]HLJWKDW²EHVRQGHUVGDGXUFKGDVVHUHLQHQVRELWWHUHQ7RGXQGVRHQW VHW]OLFKH0DUWHUIUXQVJHOLWWHQKDW²EHVWUDIWHUVLFKHUOLFKQLFKWQXUGHQ *|W]HQGLHQVW VRQGHUQ MHGH 8QJOlXELJNHLW YLHO KlUWHU DOV YRU VHLQHU 0HQVFKZHUGXQJ XQG ]ZDUDQ DOOHQ 9|ONHUQ (VVQGLJHQ GLH 0HQVFKHQ KHXW]XWDJHDXFKVFKZHUHUDOVYRU&KULVWL0HQVFKZHUGXQJZRHVQRFKNHL QH VR PDQQLJIDOWLJH $EKLOIH GHU PHQVFKOLFKHQ 'XPPKHLW XQG %RVKHLW JDEGLHXQVGXUFKGLHJUR‰H*QDGHXQG%DUPKHU]LJNHLW&KULVWLJHVFKHQNW ZXUGH 6R ZLUG DOVR MHGH 6QGH XQG EHVRQGHUV GLH GHU 8QJOlXELJNHLW QDFKGHU0HQVFKZHUGXQJ&KULVWLPHKUEHODVWHWDOV]XYRU'HVKDOEVROOWHQ GLH 6DUUD]HQHQ ZHJHQ LKUHU ZHLWHU GDXHUQGHQ 8QJOlXELJNHLW LP =HLWDOWHU GHU*QDGHQLFKWDOO]XODQJHH[LVWLHUHQ'LHVH=XVDPPHQKlQJHPXVVPDQ DXIGHFNHQGLH%HJUQGXQJHQGHV'RNWRUV]ZLQJHQDOOHUGLQJVQLFKWGD]X 'HU DQGHUH 8QWHUVFKLHG GHQ GHU 'RNWRU ]ZLVFKHQ GHQ VDUUD]HQLVFKHQ 6HNWHQXQGGHQ+HLGHQVLHKWLVWGHUGDVVGLH+HLGHQGLH&KULVWHQ]ZLQ JHQLKUH*|W]HQDQ]XEHWHQGLH6DUUD]HQHQMHGRFKWXQGLHVQLFKWHWF0LW GLHVHP8QWHUVFKLHGZLOOHUEHZHLVHQGDVVGLH6DUUD]HQHQEHVVHUVHLHQDOV GLHDQGHUHQ+HLGHQREZRKOGDVGRFKNHLQVFKODJNUlIWLJHV$UJXPHQWLVW 8QG]ZDUGHVKDOEZHLOGLH-XGHQ&KULVWXVJHW|WHWKDEHQZDVMDGLHDOOHU JU|‰WH 6QGH LVW XQG GHQQRFK LVW LKUH 6HNWH QRFK OHEHQGLJ 'HVKDOE LVW GLHVHU*UXQGQLFKW]ZLQJHQG,WHPLVWGHP=XVDW]GHQHUVHOEVWDQIKUW HQWJHJHQ]XKDOWHQGDVVGLHVH6HNWHGLHFKULVWOLFKH.LUFKH²XPGHVUHFK WHQ ZDKUHQ *ODXEHQVZLOOHQ ² XQG GLH&KULVWHQ JHIDQJHQQLPPW HLQNHU NHUWW|WHWXQGPLWVFKZHUHQ9DVDOOHQGLHQVWHQXQWHUGUFNWGDVVVLHDX‰HU GHPDOOLKUH $QVWUHQJXQJ.UDIWXQG0DFKWJHEUDXFKWXPGLH&KULVWHQ KHLWJlQ]OLFK]XYHUWLOJHQ:HQQVLHP|FKWHQ²=ZDQJZHQGHWGLHVH6HNWH ZDV VLH DQJHKW QLFKW DQ ² VROOHQ GLH &KULVWHQ YRQ LKUHP *ODXEHQ XQG *RWWHVGLHQVWDEODVVHQ-HGHU0HQVFKZLUGZRKOEHPHUNHQZHOFKHQ6FKD GHQGDVGHU.LUFKHEULQJWXQGZLHYLHOH&KULVWHQGDGXUFKYRP*ODXEHQ DEIDOOHQ8QGZLHYLHOH&KULVWHQVLQGZHLOVLH0RKDPPHGQLFKWDQEHWHQ ZROOWHQ YRQ GHQ 6DUUD]HQHQ JHW|WHW ZRUGHQ 2GHU LVW HV HWZDV DQGHUHV ZHQQGLH6DUUD]HQHQVRYLHOH.|QLJUHLFKHVRYLHOH/lQGHUXQG6WlGWHXQG .LUFKHQPLW*HZDOWDQVLFKUHL‰HQ]XU6FKPDFK&KULVWLXQGGHVFKULVWOL FKHQ*ODXEHQV",P9HUJOHLFK]XGHQDQGHUHQ6HNWHQVLQGVLHGLHHLQ]LJH GLHHLQHQ7HLOGHU&KULVWJOlXELJHQGD]X]ZLQJWGHQ*|W]HQ]XRSIHUQ         



Y 

9‰GÖŰHPZXUGWDXFKRIIHQEDUYQGNXQGWGD]GLHGULWWYQGHUŰFKH\G GLHGHUŰHOEGRFWRUŰHW]HWYQGHUGHQ]ZH\HQŰHFWHQDXFKQLWWPDJEHŰWHHQb DOVHUGDQŰSULFKWGD]GLHŰDUUDFHQÖ\QHWOFKHUPD‰HUHQY?OREHQFULŰWş $EHUGLHKH\GHQJDQW]YQGJDUQÖWbZÖHPDJGDVZDUŰ\QGD]GLHFULŰWş HUHQGÖHYŇŰ\QHUJHŰSRQŰHQGHUN\UFKHQDOŰRYLOODQGY?OXWKHQWZHUQb YQG\QY?DOOHŰ\QHŰDFUDPHQWYQGDOOHVGDV]ţŰ\QHPGLHQŰWJHKUHW DOŰRYHUŰPHKHQY?YQGHUWUHWWHQbYQGGLHJORULDŰ\QHUJDQW]HQN\UFKHQ JHUQZROWHQREŰÖHPRFKWHQYHUŰOXQGHQb9QGŰRGHUŰHOEGRFWRUKHUQDFK ŰDJHWGD]GÖŰHŰHFWO\GHWGÖHFUÖŰWHQ\Q\UHQODQGHQY?YHUWU\EHWŰÖHQLWbLŰW NXQWOÖFKGHUJDQW]HQZHOWGD]ŰLHH‰GDUYPEWKţWbGD]ŰÖHPDJKDEHQGÖH JţWHUGHUFULŰWHQDOVGHUSLOJHUŰR]ţ]\WHQGRK\QNŇPHQbY?GHUNDXII  OXGWGLHGDVODQGJHEUXFKHQbYQGGHUJHLŰWOÖFKHQGLHGRY‰DQGDFKWZR  QHQbYQGQRFKGDQYQGHUWUXFNHQŰÖHGÖHŰHOEHQY?EHŰZHUHQ\QPDQFKHQ ZHJb'HPQDFKY‰NXQGWOÖFKLŰWGD]ŰÖHGLHFUÖŰWHQDOŰRGXOGHQE\\QHQ WKţQŰÖHQLWFULŰWR]ţHUHbZDQŰÖHDXFKY‰OÖFKWHUYUŰDFK]ţ]\WHQŰÖHYHU  ŰSXZHQY?ŰÖHŰXŰWJDUŰFKQRGKDOWHQbGDVYQŰHUKHUUFULŰWXVDOOHVDFKWHW \PJHŰFKHKHQŰ\QbGHUDOŰRŰSUÖFKW\PHXĆJHOÖRbGDV\UH\QHPYRQGHQ P\QŰWHQGHUP\QHQKDEHQJHWKDQKDEHQPÖUJHWKDQbYQQGDQH\PDQ  GHUQHQGbZHUYFKYHUŰPDKHWGHUYHUŰPDKHWPLFKb '։DOOHV]ţEHŰOLHŰ  ŰHQPDJH\Q\HGHUYHUQşIIWLJHUPHQŰFKY‰GLŰHU\QUHGZROYHUPHUFNHQb GD]GLHIXQGDPHQWGH‰GRFWRUV YQXHUOHW]HWGRFKGDPLWŰ\QHUZLUGÖ  NH\W\QDQGHUQ ZHQLJGDU]XGÖHQHQYUŰDFK]ţJHEHQZRUYPEGLHŰDU  UDFHQLŰFKŰHFWOHQJHUZHUHWGDQGÖHKH\GLŰFKb$EHUZHUYŇGLŰHUPDWHU\ KRKHUZROWHŰFKULEHQRGHUEHWUDFKWHQGHUPţŰWGLHKHÖOÖJHJHŰFKUÖIIWHEHQ DQŰHKHQbYQGEHYRUGHQŰSUXFKGH‰SURSKHWHQ]DFKDULHDOVHUŰSUÖFKWDP [LÖMbFDb(‰ZHUGHQ\QDOOHPODQGŰSULFKWJRWW]ZH\WH\OYQGGLHZHUGē ]HUŰWUHXZHWY?HQGQēPHQbYQGGDVGUÖWWWH\OZXUGWYIIGHUHUGHQYHU  ODŰŰHQRGHUEHO\EHQY?GDVZÖOLFK]\HKHQGXUFKGDVIZHUYQGZÖOGDV EUēQHQDOVPDQGDVŰ\OEHUEUēQHWb:DVGLŰHUŰSUXFKKH\POÖNHLW\QKDO  WHZHUGDVO\ŰHWGHUYHUŰWDQH‰bGLH]ZH\WH\OGÖHGRZHUGē]HUŰWUHXZHWY? DEQēPHQbZHUGHQQLWYQEÖOOÖFKYHUŰWĆGHQGLHMXGHQY?GLHŰDUUDFHQÖGLH GHQKH\GHQQDFKNŇPHQb$EHUE\GēGULWWHQWH\OGD]GREHO\EHQZXUWYHU ŰWHHWPDQGLHFUÖŰWHQPēŰFKHQbGLHŰHOEHQZHUGHQJH]RJHQGXUFKGDVIXHU PDQFKHUOH\YHUXROJXQJYQGDQIHFKWşJYQGZHUGHQGRFKQLWJDQW]DE QēPHQE։]XPHQGGHUZHOWŰXQGHUGDUGXUFKJHUH\QLJHWYQGJHEHWb (EHQDOVDXFK]ţ]\WWGH‰DOWHQJHŰDW]HVGRH‰QRFKNUDIIWKHWWHbYHUKHQ  JHWJRWWGD]GLHKH\GHQGHQN\QGHUQYRQMŰUDKHOYLOOH\GVWKHWHQGRPLW GD]HUŰÖHEHK\OWH\QŰ\QHUIRUFKWY?ŰÖHDXFKJHZRQKHLWKHWWHQRGHUYEşJ ]ţŰWULWWHQZ\GHUŰ\QYQG\UHY\QGbDOVGDQGDVDOWWHŰWDPHQWŰROOÖFKV YRONRPPHQOÖFKY‰Z\ŰHWb$OŰRPDJPDQQLWYQEHTXHPOÖFKK\HŰDJHQ GD]JRWWGÖHŰDUUDFHQHQYIIHQWKDOWHYQGOD‰ODQJZHUHQH\QWZHGHU]ţ H\QHUJH\‰OXQJYQGŰWUDIIGHUFULŰWHQbYPEZHJHQ\UHUPDQFKIHOWLJHQ       



Y 



'HVKDOE LVW HV RIIHQEDU GDVV GHU GULWWH 8QWHUVFKLHG GHQ GHU QlPOLFKH 'RNWRUXQWHUGHQEHLGHQ6HNWHQDQVHW]WDXFKQLFKWEHVWHKHQNDQQ'HQQ HUVDJWGDVVGLH6DUUD]HQHQ]XHLQHPJHZLVVHQ0D‰&KULVWXPHKUHQXQG OREHQGLH+HLGHQMHGRFKJDQ]XQGJDUQLFKW'RFKZLHVROOGDV]XJHKHQ GDVVVLH&KULVWXPHKUHQXQGVHLQHU%UDXWGHU.LUFKHVRYLHO/DQGXQGVR YLHOH/HXWH HQWZHQGHQ XQG LKQ XQG DOOH VHLQH 6DNUDPHQWH XQG DOOHVZDV ]XVHLQHP'LHQVWJHK|UWVRYHUVFKPlKHQXQGQLHGHUWUDPSHOQ"8QGGHQ 5XKPGHUJDQ]HQ.LUFKHDPOLHEVWHQYHUVFKOLQJHQ"8QGGHUVHOEH'RNWRU VDJW GDVV GLHVH 6HNWH &KULVWHQ LQ LKUHP /DQG GXOGHW XQG VLH QLFKW YHU WUHLEWXQGGLHJDQ]H:HOWZHL‰GDVVVLHGDVGHVKDOEWXWZHLOVLHGLH*WHU GHU &KULVWHQ XQG GHU 3LOJHU GLH IU HLQH JHZLVVH =HLW GRUWKLQ NRPPHQ KDEHQZLOOXQGGHU.DXIOHXWHGLHGDV/DQGEHUHLVHQXQGVLHXQWHUGUFNW VHOEVW GLH *HLVWOLFKHQ GLH KLHU DXV )U|PPLJNHLW ZRKQHQ XQG HUVFKZHUW LKQHQ ]XGHP PDQFKHQ :HJ (V LVW EHNDQQW GDVV VLH GLH &KULVWHQ QLFKW GHVZHJHQQLFKWXQWHUGUFNWZHLOVLH&KULVWXVGLH(KUHHUZHLVHQVRZLHVLH VLH DXFK DXV OHLFKW HUNHQQEDUHU 8UVDFKH ]HLWZHLVH EHVSHLHQ XQG VLH DXFK VRQVWJDQ]YHUZHUIOLFKEHKDQGHOQ8QVHUHP+HUUQ&KULVWXVLVWGLHVMDDXFK JHVFKHKHQXQGHUVDJWLP(YDQJHOLXP:DVLKUHLQHPGHU*HULQJVWHQ XQWHU PHLQHQ %UGHUQ JHWDQ KDEW GDV KDEW LKU PLU JHWDQ 8QG DQ HLQHU DQGHUHQ 6WHOOH VDJW HU :HU HXFK YHUVFKPlKW GHU YHUVFKPlKW PLFK 6HLQH 6FKOVVH PDJ MHGHU YHUQQIWLJH 0HQVFK VHOEVW DXV GLHVHU (LQUHGH ]LHKHQ XQG HU ZLUG EHPHUNHQ GDVV GDV $UJXPHQWDWLRQVIXQGDPHQW GHV 'RNWRUV GHVVHQ $XWRULWlW LQ DQGHUHQ 'LQJHQ GDGXUFK XQEHUKUW EOHLEW  GLH7DWVDFKHQLFKWHUNOlUHQNDQQGDVVGLHVDUUD]HQLVFKH6HNWHOlQJHUH[L VWLHUWDOVGLHKHLGQLVFKHQ$EHUZHUGLHVH0DWHULHJUXQGOHJHQGHUEHWUDFK WHQP|FKWHGHUPVVWHGLH+HLOLJH6FKULIWKHUDQ]LHKHQXQGGRUW]XDOOHUHUVW GHQ 6SUXFK GHV 3URSKHWHQ 6DFKDUMD GHU LP  .DSLWHO VDJW ,P JDQ]HQ /DQG ZHUGH LFK ]ZHL 7HLOH ]HUVWUHXHQ XQG VLH ZHUGHQ XPNRPPHQ GHU GULWWH 7HLO ZLUG DXI GHU (UGH EULJ EOHLEHQ XQG GHQ ZLOO LFK GXUFK GDV )HXHU]LHKHQXQGZLOOLKQEUHQQHQZLHPDQPDQGDV6LOEHUEUHQQW:HU GLHVHQ6SUXFKOLHVWYHUVWHKWVHLQHYHUERUJHQH%RWVFKDIW'LHEHLGHQ7HLOH GLHGD]HUVWUHXWXQGYHUQLFKWHWZHUGHQVLQG²QLFKWXQELOOLJYHUVWDQGHQ² GLH-XGHQXQGGLH6DUUD]HQHQGLHGHQ+HLGHQQDFKIROJHQ$EHUXQWHUGHP GULWWHQ7HLOGHUGDEHVWHKHQEOHLEHQZLUGYHUVWHKWPDQGLH&KULVWHQPHQ VFKHQ 6LH ZHUGHQ GXUFKGDV )HXHUYRQ PDQFKHUOHL9HUIROJXQJ XQG$Q IHFKWXQJJH]RJHQXQGGRFKZHUGHQVLHELV]XP(QGHGHU:HOWQLFKWJDQ] YHUQLFKWHWVRQGHUQGDGXUFKJHUHLQLJWXQGJHOlXWHUW =XGHU=HLWDOVGDV$OWH7HVWDPHQWQRFK*OWLJNHLWXQG.UDIWKDWWHYHU KlQJWH*RWWGDVVGLH+HLGHQGHQ.LQGHUQ,VUDHOVYLHO/HLGDQWDWHQGDPLW VLHLQ)XUFKWYRUVHLQHP$QJHVLFKWZDQGHOWHQ8QGVLHKDWWHQDXFKZLHHV GDV $OWH 7HVWDPHQW DXVIKUOLFK EHULFKWHW GLH *HZRKQKHLW JHJHQ *RWWHV XQGJHJHQLKUHHLJHQHQ)HLQGH]XVWUHLWHQ$OVRNDQQPDQKLHUDXFKQLFKW HLQIDFKVDJHQGDVV*RWWGLH6DUUD]HQHQGD]XDQKDOWHXQGLKQHQYLHO=HLW JHZlKUHIUHLQH*HL‰HOXQJXQG6WUDIHGHU&KULVWHQIULKUHPDQQLJIDOWL JHQ      



U 

ŰXQGHQbRGHU]ţH\QHUYEXQJGH‰FULŰWHQOÖFKHQYROFNVY?IXUŰWHQbGLHŰHO EHQJRWWHVYQG\UY\QGW]ţEHŰWULWWHQ $EHULFK\QGLŰHPDOOHPQLFKWV IUHXHQOÖFKHQY‰ŰSUHFKHQGHbYHUOD‰GLŰHPDWHU\GHQJHOHUWHUQbGL‰K\Q]ţ JHŰDW]WbQDFKGDXLGVŰHQWHQW]bGD]GLHYUWH\OJRWWHVHLQJURŰŰHUDEJUXQG Ű\HQbYQQGDOVH\QDQGHUSURSKHWŰSULFKWb:HUZH\‰GHQZÖOOHQJRWWHV RGHUZHULŰWŰ\QUDGWJHZHŰHQHWFEHŰO\HŰŰHQGHDOŰRPÖWŰDQFWRSDXORb2 KRKHGHUUÖFKWXPJRWWOÖFKHUZ\‰KHLWY?NXQŰWbZLHYQEHJUÖIIOÖFKŰ\QGLH Ű\QHYUWH\OYQGYQHUIRUŰFKOÖFKŰ\QHZHUFNbGDPLWŰ\JQşJJHŰDJHWYRQ GHQŰDUUDFHQHQb  >+RO]VFKQLWW6DUUD]HQHQ@                      'LHŰDUUDFHQLEUXFKHQDUDELŰFK]XQJYQGOÖWWHUbZHOFKH   OÖWWHUK\HYQGHQŰWHHWYQUHFKWHUIRUPJHWUXFNHWb             >+RO]VFKQLWWDUDELVFKHV$OSKDEHW@

 U   6QGHQRGHU]XHLQHUhEXQJGHVFKULVWOLFKHQ9RONVXQGVHLQHU)UVWHQ JHJHQGLHVHQ*RWW>GHU6DUUD]HQHQ@XQGJHJHQLKUH)HLQGHNlPSIHQ $EHUGDLFKLQGLHVHU0DWHULHVHOEVWQLFKWV(UIUHXOLFKHVDXVVSUHFKHQNDQQ EHUODVVHLFKGDVGHQ*HOHKUWHQXQGVHW]HGHPQXUHLQHQ6SUXFK'DYLGV KLQ]XGHUVDJWHGLH8UWHLOH*RWWHVVHLHQHLQWLHIHU$EJUXQGXQGGHQ 6SUXFKHLQHVDQGHUHQ3URSKHWHQ:HUNHQQWGHQ:LOOHQ*RWWHVRGHUZHU LVWVHLQ5DWJHEHUJHZHVHQHWF%HVFKOLH‰HQP|FKWHLFKGLHVHhEHUOHJXQJHQ PLWHLQHU6HQWHQ]GHVKO3DXOXV2+|KHGHV5HLFKWXPVJ|WWOLFKHU:HLV KHLWXQG.XQVWZLHXQEHJUHLIOLFKVLQGVHLQH8UWHLOHXQGZLHXQHUIRUVFK OLFKVHLQH:HUNH'DPLWVHLYRQGHQ6DUUD]HQHQJHQXJJHVDJW                    'LH6DUUD]HQHQJHEUDXFKHQGLHDUDELVFKH6SUDFKHXQGGDVDUDEL VFKH$OSKDEHW'DVLVWKLHULQGHUULFKWLJHQ)RUPDEJHGUXFNW



Y 

>+RO]VFKQLWW-XGHQ@                      9RQGHQMXGHQGHUUHQDXFKH\QJţWWH\O]ţGLŰHU]\WW   ]ţ-KHUXŰDOHPZRQHQb  ŰWPHH]ţZLŰŰHQGD]]ţGÖŰHQ]\WWHQ]ţMKHUXŰDOHPEH\GHVJH  ŰOHFKWHVMXGHQZRQHQE\IXQIIKşGHUWWHQDOO\Q\UHQYQJODX  EHQY?YHUŰWRSIIXQJYHUKHUWLJOÖFKHQEHKDUUHQGHbY?WUDJHQ   GHGDVWKţFKPR\ŰÖYHŰWLJOÖFKHQYEHU\UHPDQJHŰÖFKWYIIGDV GD]ŰÖHGDVOÖHFKWGHUZDUKH\WQLWDQŰHKHQGDPLWŰÖHQLWEHNHUHWZHUGHQb DOVGLHGLHŰÖFKŰHOEHUYQZLUGLJYUWH\OHWWHQGH‰HZLJHQOHEHQVbYHUDFKW  WHWHQGDVZRUWGH‰KH\OHVbYQGZROWHQGHUZHJHQJRWWHVNH\QZLŰŰHQKD EHQbYQG]ţOHW]ŰWHUWRGWHQŰÖHGHQEUşQHQGH‰OHEHQVbFULŰWşYQŰHUQKHUUQ UţIIHQGH]ţ3\ODWRb6\QEOţWŰ\YEHUYQVY?YQŰHUHN\QGHUb9QGŰÖWWH PDOŰÖHGHQŰHJHQJRWWHVQLWZROWHQKDEHQbLŰWHU\QHQJDQW]HWIUHPEGHWb ZDQŰÖHJRWWY?GHUZHOWYHUKDŰŰHWŰ\Qb'DU]ţGLHŰDUUDFHQLY?EDUED  6LWWHPDODEHU ULYHUXROJHQY?YHUŰPHKHQŰÖHIXUDOODQGHUQDFLRQHQ DQGHUHUQDFLRQHQ\UWşPHQKÖHZHUGHQHU]HOHWbZLOLFKDXFKQDFKGēDOOHU NXUW]ŰWHQGHUXGHQ\UUşJH\QZHQÖJHWZHUIIHQb 'H‰KDOE]ţZLŰŰHQLŰW GD]PDQFKHUOH\ŰHFWHQYQGHUGHQMXGHQJHZHŰHQŰ\QbYQG\HGHŰHFWKHWWH \UHQH\JHQQĆPHQbYQGDOVY‰GHQHXĆJHOÖHQNXQGWOÖFKLŰWbHWWOÖFKK\HŰ  ŰHQ3KDULŰHLbDOVYLOJHŰDJHW\QODWÖQJHZHQGHWbDOVYRQGHQDQGHUQJH ŰXQGHUHWRGHUJHWHLOHWbZDQŰÖHHWWOÖFKŰXQGHUWUDGLWLRQHVRGHUKDOWşJHQ YO\ŰŰÖJOÖFKHQKLHOWHQb\QŰROOÖFKHPGHPJHPH\QHQYROFNYQJOÖFKb



                      

Y



9RQGHQ-XGHQYRQGHQHQKHXWHHLQJUR‰HU7HLO LQ-HUXVDOHPZRKQW 0DQVROOWHZLVVHQGDVVLQXQVHUHQ=HLWHQHWZDIQIKXQGHUW-XGHQEHLGHU OHL*HVFKOHFKWVLQ-HUXVDOHPZRKQHQ%HKDUUOLFKEOHLEHQVLHEHLLKUHP8Q JODXEHQXQGLKUHUYHUKlUWHWHQ9HUVWRFNXQJ6LHWUDJHQGDV7XFKGHV0RVH IHVWJH]XUUWEHULKUHP$QJHVLFKWGDPLWVLHGDV/LFKWGHU:DKUKHLWQLFKW VHKHQ XQG GDPLW VLH QLFKW EHNHKUW ZHUGHQ 6R YHUXUWHLOHQ VLH VLFK VHOEVW GD]XIUGDVHZLJH/HEHQXQZUGLJ]XVHLQ6LHYHUDFKWHWHQGDV:RUWGHV +HLOV XQGZROOWHQ QLFKWVYRQ *RWWHV:HJHQZLVVHQ 8QG ]XOHW]W W|WHWHQ VLHGHQ%UXQQHQGHV/HEHQV&KULVWXPXQVHUHQ+HUUQLQGHPVLH]X3LOD WXVULHIHQ6HLQ%OXWNRPPHEHUXQVXQGXQVHUH.LQGHU8QGZHLOVLH GHQ6HJHQ*RWWHVDXVVFKOXJHQLVWHULKQHQJDQ]HQWIUHPGHWGHQQVLHVLQG *RWW XQG GHU :HOW YHUKDVVW $X‰HUGHP ZHUGHQ VLH YRQ GHQ 6DUUD]HQHQ XQG%DUEDUHQPHKUDOVDQGHUH9|ONHUYHUIROJWXQGYHUDFKWHW :HLO LFK GLH ,UUWPHU DQGHUHU 9|ONHU KLHU GDUVWHOOH ZLOO LFK JDQ] NXU] DXFKGLHGHU-XGHQVNL]]LHUHQ0DQPXVVZLVVHQGDVVHVXQWHUGHQ-XGHQ HLQLJH6HNWHQJHJHEHQKDWXQGMHGH6HNWHKDWWHLKUHQHLJHQHQ1DPHQ:LH GLH (YDQJHOLHQ EHULFKWHQ KHL‰HQ PDQFKH 3KDULVlHU HLQ ODWHLQLVFKHU %H JULIIGHUÅDEJHVRQGHUWDEJHWHLOWYRQGHQDQGHUQ´EHGHXWHW'LH3KDULVlHU KDOWHQQlPOLFKHLQLJH 7UDGLWLRQHQXQG*HEUlXFKHHLQXQG XQWHUVFKHLGHQ VLFKGDULQYRPJHPHLQHQ9RON

U   (WWOÖFKKLHŰŰHQ6DGXFHLbGLHGLHYIIHUŰWHKşJGHUWRGWHQOHXFNHOHQbYQG YHUPH\QHQGLHŰHOHQPLWGHQO\EHQYHUGHUEHQRGHU]HUJHQb'LHŰHOEHQQē PHQQLWPHHJHŰFKULIIWYIIbGDQGLHIXQIIEţFKHUPR\ŰÖbY?YHUDFKWHQDOO DQGHUJHŰFKULIIWGHUSURSKHWHQHWFb(WOÖFKKLHŰŰHQ(ŰŰHLGLHJODXEWHQGD] GHUFULŰWXVRGHUPHŰŰÖDVZHUHbGHUŰÖHKDWWJHOHUHWDOODEŰWLQHQW]RGHUDE  EUXFK\QHŰŰHQY?WULQFNHQDOVŰÖHGDQK\HOWHQb0RUERQHLZDUHQHWWOÖFK JHQDQWbGÖHGHQYHUPH\QWHQFULŰWşRGHUPHŰŰÖDPZHŰHQbGHUŰÖHOHUHW\QQ DOOHQGLQJHQUXJHQYQQGUDŰWHQb*HQLŰWHLKLHŰŰHQGÖHŰHGLHYRQ$EUD  KDPVJHŰOHFKWŰLFKJODXEWHQKHUNŇPHQŰ\QbZDQDOVGLHMXGHQJHQEDEL ORQLHQZXUGHQJHIXUHWYHUOÖHŰŰHQ\UYLO\UH\JHQKX‰IUDXZHQY?K\Q  JHQGHQEDELORQÖŰFKHQZ\EHUQDQb$EHUHWWOÖFKDQGHUEHKLHOWHQ\UIUDX  ZHQbZHOFKHPLWŰDPSW\UHQN\QGHUQYRQGHQŰHOEHQJHERUQDOVŰÖHZ\  GHUY‰EDELORQLDNDPHQJHQ-KHUXŰDOHPbWH\OHWHQŰÖHŰÖFKYRQGHQDQ  GHUQbYQGQHQQHWWHQŰÖFKPLWGHP\W]EHŰWXPSWHQQĆPHQ(ŰŰHRVb1RFK PHHKLHŰŰHQHWWOLFK0HULŰWHLGLHGLHJHŰFKUÖIIWŰXQGHUHWWHQYQGJODXEWHQ HWWOÖFKHQSURSKHWHQY?GHQDQGHUQQLWbŰSUHFKHQGHGD]QLWHJHLŰWGXUFK DOOSURSKHWHQKHWWHJHUHGWb6DPDULWHKLHŰŰHQHWWOÖFKDQGHUGLHDOOHLQGD] JHŰDW]KLHOWHQbYQGQLFKWVDQGHUŰWYIIQĆPHQb+\PHUREDSWLŰWHZDUHQ HWWOÖFKDQGHUJHQDQWYPEZHJHQGD]ŰÖH\UO\EYQGNOH\GHUJDUGLFNY? RIIWZţŰFKHQb9QGGDVLŰWJHŰDJHWGHUDOWHQMXGHQKDOEb $EHUGHU\W]LJHQMXGHQKDOEÖŰW]ţZLŰŰHQGD]ŰÖHDXFKJUR‰\UWXPDQ \QHQKDEHQbZDQŰLH]XPHUŰWHQJODXEHQJRWWO\SKDIIWLJŰ\QY?OHXFNH  OHQGLHGU\XHOWLNH\WGHUSHUŰRQHQ\QGHUJRWWKH\WbY?FULŰWşRGHUPHŰŰÖĆ JODXEHQŰÖHQRFKQLWNRPPHQŰ\QbŰXQGHUNXQIIWLJH\QSXHURGHUOXWKHU PHQŰFKHQb'RFKJODXEHQŰÖHZROGD]FULŰWXVYQŰHUKHUUY‰GHUMşJIUDX  ZHQPDULDJHERUQŰ\bDEHUYŇMRŰHSKVŰDPHQb-WHPŰÖHKDOWHQGD]NH\Q IHJIHUŰ\bKDOWHQDXFKQLFKWVYŇGHUHUEŰXQGHGD]H\QPHQŰFKGDU\QQ HQWSIDQJHQZHUGHb6DJHQIXUK\QGD]GLHEHŰFKQ\GXQJ\QHQŰ\JHEHQ ZRUGHQbQLWZ\GHUGLHHUEŰXQGHŰXQGHU]ţH\P]H\FKHQDOOH\QH\QHUYQ GHUŰFKH\G]ZţŰFKHQ\QHQY?GHQDQGHUQ]ţKDEHQb-WHPŰÖHKRIIHQGD] \UPHŰŰÖDVbQDFK\UHPJODXEHQQRFKNXQIIWLJbZHUGŰÖH]\WWOÖFKHQJDQW] IU\HQY?GDVJHOREWODQG\QHQZ\GHUJHEHQbYQGGD]GLHYIIHUŰWHQQşJ DXFKGHUO\EHNXQIIWLJŰ\]ţO\EVOXŰWH]ţSIOHJHQbY?GD]GLHŰHOEQLWPHH GDQWXŰHQWMDUŰROOZHUHQb'DU]ţYRQDOOHPZţFKHUŰRŰ\YRQDQGHUQ PHQŰFKHQ\QQēPHQbPDFKHQŰ\\QHQNH\QFŇŰFLHQW]b6LHJHQDXFKPLWW YLO]DXEHU\Y?YHUERWWHQNXQŰWHQYPEbY?YHUDFKWHQDOOŰXQGGH‰KHU  W]HVY?GHUJHGHQFNb6LHYHUŰWDQ\UJHŰDW]DOOH\QQDFKGHPEţFKŰWDEHQb GHUGRWRGWHWbYQGQLWQDFKGHPJHLŰWGHUGROHEHQPDFKHWbYQGŰ\QŰXŰW PLWYLODQGHUQNHW]HU\HQY?\UWXPPHQYHUŰWULFNHWY?YHUNQXSIIHWDOV H\Q\HGHUZROPHUFNHQPDJGHU\UHQWKDOPXWKGXUFKO\ŰHWGDU\QYLO WKRUHFKWHUIDEHOQŰWHHQJHŰFKULHEHQGLHŰÖHDOOYHŰWLJOÖFKHQJODXEHQb



U 



8QWHU GHQ -XGHQ JLEW HV HWOLFKH GLH 6DGGX]lHU KHL‰HQ 6LH OHXJQHQ GLH $XIHUVWHKXQJGHU7RWHQXQGJODXEHQGLH6HHOHQYHUGUEHQPLWGHP.|U SHUXQGVHLHQJHQDXVRKLQIlOOLJZLHHU'LH6DGGX]lHUOHVHQYRQGHU6FKULIW DXFK QLFKW PHKU DOV GLH IQI %FKHU 0RVH VLH YHUDFKWHQ DOOH DQGHUHQ 6FKULIWHQ GHU 3URSKHWHQ HWF (LQLJH -XGHQ KHL‰HQ (VVHQHU 6LH JODXEHQ GDVV&KULVWXVGHU0HVVLDVVHLGHUVLHJHOHKUWKDEHDEVWLQHQW]XVHLQXQG VLFK GHV (VVHQV XQG 7ULQNHQV ]X HQWKDOWHQ 'DV KDOWHQ VLH DXFK HLQ 0RUERQHLVLQGDQGHUH-XGHQ6LHJODXEWHQ&KULVWXVVHLGHU0HVVLDVJHZH VHQXQGKDEHVLHJHOHKUWLQDOOHQ'LQJHQ]XUDVWHQXQG]XUXKHQ*HQLVWHL KHL‰HQGLH-XGHQGLHJODXEHQVLHVWDPPWHQYRQ$EUDKDPV*HVFKOHFKWDE 'HQQDOVGLH-XGHQQDFK%DE\ORQLHQJHIKUWZXUGHQYHUOLH‰HQYLHOHYRQ LKQHQLKUHLJHQHQ)UDXHQXQGKLQJHQGHQEDE\ORQLVFKHQ)UDXHQDQ$QGH UHEHKLHOWHQLKUH)UDXHQXQGPLWVDPWGHQ.LQGHUQGLHLKQHQYRQGLHVHQ JHERUHQ ZXUGHQ DOV VLH YRQ %DE\ORQLHQ ZLHGHU QDFK -HUXVDOHP NDPHQ VRQGHUWHQ VLH VLFK YRQ GHQ DQGHUQ -XGHQ DE XQG QDQQWHQ VLFK (VVHQHU (LQHJU|‰HUH*UXSSHYRQ-XGHQZDUHQGLH0HULVWHL6LHWHLOWHQGLH6FKULIW DXIXQGJODXEWHQHWOLFKHQ3URSKHWHQDQGHUHQZLHGHUXPQLFKWXQGVDJWHQ HVKDEHQLFKWHLQ>HLQ]LJHU@*HLVWGXUFKDOOH3URSKHWHQJHUHGHW'LH6DPD ULWHUGDJHJHQKLHOWHQGDV*HVHW]VWUHQJHLQXQGOLH‰HQQLFKWVDQGHUHVJHO WHQ (LQH DQGHUH *UXSSH YRQ -XGHQ KLH‰HQ +HPHUREDSWLVWHQ 6LH ZX VFKHQ LKUHQ /HLE XQG LKUH .OHLGHU DXVJLHELJ XQG RIW 'LHV >DOOHV@ ZLUG YRQGHQDOWHQ-XGHQJHVDJW 9RQGHQ]HLWJHQ|VVLVFKHQ-XGHQPXVVPDQZLVVHQGDVVDXFKVLHJUR‰HQ ,UUWPHUQ DQKlQJHQ 'HQQ HUVWHQV JODXEHQ VLH *RWW H[LVWLHUH OHLEKDIWLJ XQGVLHOHXJQHQGLH'UHLIDOWLJNHLWGHU3HUVRQHQLQGHU*RWWKHLW6LHJODX EHQDXFK&KULVWXVGHU0HVVLDVVHLQRFKQLFKWJHNRPPHQVRQGHUQHUVHL HLQ NQIWLJHU HLQ UHLQHU XQG ODXWHUHU 0HQVFK 6LH JODXEHQ MHGRFK GDVV &KULVWXVXQVHU+HUUYRQGHU-XQJIUDX0DULDJHERUHQZXUGHJH]HXJWMH GRFKYRQ-RVHSKV6DPHQ$X‰HUGHPJODXEHQVLHQLFKWGDVVHVHLQ)HJH IHXHUJLEWXQGVLHKDOWHQQLFKWVYRQGHU(UEVQGHXQGGDVVHLQ0HQVFKLQ LKUHPSIDQJHQZHUGH6LHVDJHQGLH%HVFKQHLGXQJGHUHQ(LQKDOWXQJLK QHQJHERWHQVHLULFKWHVLFKQLFKWJHJHQGLH(UEVQGHVRQGHUQVLHVHLHLQ =HLFKHQ XP HLQHQ 8QWHUVFKLHG ]ZLVFKHQ LKQHQ XQG DQGHUHQ 0HQVFKHQ ]XPDUNLHUHQ'LH-XGHQKRIIHQGDVVLKU0HVVLDVGHULKUHP*ODXEHQQDFK QRFKNRPPHQZHUGHVLHLP=HLWOLFKHQJDQ]EHIUHLHQXQGLKQHQGDV*H OREWH/DQGZLHGHUJHEHQZHUGH9RQGHU$XIHUVWHKXQJJODXEHQGLH-XGHQ VLHZlKUHQLFKWOlQJHUDOVWDXVHQG-DKUHXQGVHLGD]XGDXPGHP]XNQIWL JHQ/HLE/XVW]XEHVFKHUHQ9RQGHP:XFKHUGHQVLHYRQDQGHUQ0HQ VFKHQQHKPHQPDFKHQVLFKGLH-XGHQNHLQVFKOHFKWHV*HZLVVHQ6LHSUDN WL]LHUHQDXFKYLHO=DXEHUHLXQGYHUERWHQH.QVWH6LHYHUDFKWHQJlQ]OLFK GLH6QGHQGHV+HU]HQVXQGGHU*HGDQNHQ6LHYHUVWHKHQLKU*HVHW]QDFK GHP%XFKVWDEHQGHUW|WHWXQGQLFKWQDFKGHP*HLVWGHUOHEHQGLJPDFKW 'LH-XGHQVLQGLQYLHOHDQGHUH.HW]HUHLHQXQG,UUWPHUYHUVWULFNWXQGPLW LKQHQYHUNQSIWZLHMHGHUPHUNHQZLUGGHULKUHQ7DOPXGOLHVWLQGHPYLH OHW|ULFKWH)DEHOQVWHKHQDQGLHVLHDOOHIHVWJODXEHQ      



Y 

+\HYROJHWQDFKYRQGHPJURŰŰHUYEHUŰODJGH‰MţGHŰFKHQZţFKHUV ZHOFKHQŰÖHOH\GHUY‰JXQŰWYQGYHUKHQJQţ‰GHUFULŰWHQOÖFKHQREHUNH\W ]ţYLOYQPHŰŰÖJOÖFKHQIU\YQGYQJHŰWUDIIWY‰YEHQE\GHQFUÖŰWHQbQÖW]ţ NOH\QHPbŰXQGHU]ţJURŰŰHPPHUNOÖFKHPŰFKDGHQFULŰWHQOLFKHUJHPH\Qē RGHUFŇPXQHQbŰWHWWHQYQGODQGHQbGDU\QŰÖHPLW]ţYLOJURŰŰHU]DOOYHU KHQJWZHUGHQZRQHQbYQGGLHŰHOEHQGXUFK\UZţFKHUYHUGHUEHQYQGY‰ ŰFKRSIIHQb'DUYPEDOOFUÖŰWHQPHQŰFKHQ\UN\QGHUY?JţWWHQIUXQGH ŰROOHQZDUQHQYŇGHQŰFKQRGHQKHOOKXQGHQY?YRUGHPJURŰŰHQZţFKHU GHQŰÖHYQVDUPHQPēŰFKHQPLW\UHQEHKHQGHQOÖŰWHQDEQēPHQbY?Y‰HU GHQODQGHQIţUHQGRGXUFKODQGYQGOXWK]ţŰROOÖFKHPYHUGHUEOÖFKHP ŰFKDGHQNRPPHQb$OVPDQDQYLOHQGHQZROPDJPHUFNHQbZLHZROHW OÖFKFUÖŰWHQGH‰JHQ\ŰŰHQGLH\UHKHOONţFKO\QY?ŰFKHQFNHQGDYRQHQSID  KHQbGÖHŰÖHDXFKEHŰFK\UPHQY?YEHU\UZXFKHUYUWH\OHQbGDUYPEŰLHELO  OÖFK\PEDQGZHUHQHWFbZDQŰÖHZROWHQb :ţFKHUGHUMXGHQJHUHFKQHWYRQH\QJXOGHQEL‰YII]ZHQW]LJJXOGē EUHQJHWDOVKHUQDFKJHŰFKULHEHQŰWHHWb -WHPYRQH\QHPJXOGHQIUDQFIRUWHUZHUşJDOOZRFKHQ]ZHQHKHOOHU ]ţJHŰXFKZDQŰROOÖFKHUZţFKHUMHUOÖFKVYQGYRUWHUZXFKHUVZXFKHU]ş KDXEWJţWJHUHFKQHWYHUO\EHWYQEH]DOHWb[[bMDUHDQŰWHHQbŰREUHQJHWGHU JHŰţFKGL‰KHUQDFKJHŰFKULHEHQŰXPPHQb  (UŰWHQDUb[b‰bYbKHOOHUb  $QGHUQH\QJXOGHQbLLLMb‰bYMbKHOOHUb  GULWWHQbLMbJXOGHQbYMb‰b  YLHUGHQbLLMbJXOGHQb[L[b‰bŰHFKŰGHQKDOEHQKHOOHUb  IXQIIWHQbYMbJXOGHQbLLMb‰bGULWWHQKDOEHQKHOOHUb  ŰHKŰWHQbL[bJXOGHQbYLÖMb‰bŰXEHQGHQKDOEHQKHOOHUb  ŰţEHQGHQb[LÖLMbJXOGHQb[Ybb‰bYLLMbKHOOHUb  DFKWHQb[[LMbJXOGHQbLLÖMb‰bYLLMbKHOOHUb  QQGHQb[[[LÖMbJXOGHQbL[b‰bH\QKDOEHQKHOOHUb  ]HKHQGHQb[OÖ[bJXOGHQb[[LMb‰bGULWKDOEHQKHOOHUb -P H\OIIWHQbO[[LLLbJXOGHQb[b‰bYLMbKHOOHUb  ]ZROIIWHQb[bYQGKXQGHUWJXOGHQb[YLLMb‰bYLbKHOOHUb  GU\]HKHQGHQbKşGHUWbO[LLLMbJXOGHQb[YLLMb‰bLLMbKHOOHUb  YLHU]HKHQGHQb]ZH\KşGHUWb[OÖLLMbJXOGēbYLMb‰bYLLMbKHOOHUb  IXQII]HKHQGHQbGU\KşGHUWbO[LMbJXOGHQb[b‰bYLLbKHOOHUb  ŰHFK]HKHQGHQbIXQIIKşGHUWb[[[YLÖbJXOb[b‰bYbKHOOHUb  ŰţEHQ]HKHQGHQbYLMbKşGHUWb[FYLbJXOb[YÖb‰bYLbKHOOHUb  DFK]HKHQGHQb[MbKşGHUWbO[[[bJXOb[YLLLb‰bLLLbKHOOHUb  QQ]HKHQGHQb[YLLbKşGHUWb[OÖ[bJXOGHQb[YLLLb‰bLLLbKHOOHUb  =ZHQW]LJŰWHQb[[YbKşGHUWb[FLÖbJXOGHQb[YLLb‰bLLLMKHOOHUb        



Y 



+LHU IROJW HLQ JUR‰HU hEHUVFKODJ YRP MGLVFKHQ :XFKHU ZHOFKHQ VLH OHLGHU EHJQVWLJW XQG DQJHRUGQHW YRQ GHU FKULVWOLFKHQ 2EULJNHLW XQHU PHVVOLFKIUHLXQGXQJHVWUDIWDQGHQ&KULVWHQDXVEHQ8QG]ZDUQLFKWQXU ]X NOHLQHP VRQGHUQ ]X VFKPHU]KDIW JURVVHP 6FKDGHQ FKULVWOLFKHU *H PHLQGHQRGHU*HPHLQVFKDIWHQXQG]XGHPYRQ6WlGWHQXQG/lQGHUQLQ GHQHQVLHLQYLHO]XJUR‰HU=DKOZRKQHQPVVHQXQGGLHVLHGXUFKLKUHQ :XFKHU]XJUXQGHULFKWHQXQGEOXWHQODVVHQ'DUXPVROOWHQDOOH&KULVWHQ PHQVFKHQLKUH.LQGHUXQGJXWHQ)UHXQGHYRUGHQYHUDFKWHQVZHUWHQ+|O OHQKXQGHQXQGYRUGHPJLHULJHQ:XFKHUZDUQHQGHQVLHXQVDUPHQ0HQ VFKHQPLW/LVWXQG7FNHDEQHKPHQXQGDX‰HU/DQGHVIKUHQZRGXUFK /DQGXQG/HXWH ]X 6FKDGHQNRPPHQ'RFK NDQQPDQYLHOHURUWVVHKHQ ZLHHKUOLFKH&KULVWHQHLQHQ1XW]QLH‰GDYRQKDEHQXQGLKUH+|OOHQNFKHQ XQG6FKHQNHQGDPLWEHWUHLEHQVLHEHVFKW]HQVLHDXFKXQGVSUHFKHQ8U WHLOEHULKUHQ:XFKHU'HVKDOEVLQGVLHPLW)XJXQG5HFKWLQ%DQQJH WDQHWFZLHVLHHVMDVFKOLH‰OLFKZROOWHQ :DVGHU:XFKHUGHU-XGHQEHUHFKQHWDXIHLQHQ*XOGHQLP9HUODXIYRQ ]ZDQ]LJ-DKUHQHLQEULQJWGDVLVWLP)ROJHQGHQGDUJHVWHOOW ,WHP EULQJW HLQ *XOGHQ )UDQNIXUWHU :lKUXQJ MHGH :RFKH ]ZHL +HOOHU =LQVHUWUDJZLUGGLHVHU:XFKHUMlKUOLFKZHLWHUEHWULHEHQXQGNRPPW:X FKHU ]X :XFKHU XQG EOHLEW GLH DQIDQJV DXVJHOLHKHQH 6XPPH XQEH]DKOW GDQQ EULQJHQ GLH =LQVHQ QDFK ]ZDQ]LJ -DKUHQ GLH LP )ROJHQGHQ DXIJH IKUWHQ6XPPHQ  ,PHUVWHQ-DKU6ROGL+HOOHU  ,P]ZHLWHQHLQHQ*XOGHQ6ROGL+HOOHU  ,PGULWWHQ*XOGHQ6ROGL  ,PYLHUWHQ*XOGHQ6ROGLIQIHLQKDOE+HOOHU  ,PIQIWHQ*XOGHQ6ROGL]ZHLHLQKDOE+HOOHU  ,PVHFKVWHQ*XOGHQ6ROGLVHFKVHLQKDOE+HOOHU  ,PVLHEWHQ*XOGHQ6ROGL+HOOHU  ,PDFKWHQ*XOGHQ6ROGL+HOOHU  ,P]HKQWHQ*XOGHQ6ROGLHLQHQKDOEHQ+HOOHU  ,PHOIWHQ*XOGHQ6ROGL+HOOHU  ,P]Z|OIWHQ*XOGHQ6ROGL+HOOHU  ,PGUHL]HKQWHQ*XOGHQ6ROGL+HOOHU  ,PYLHU]HKQWHQ*XOGHQ6ROGL+HOOHU  ,PIQI]HKQWHQ*XOGHQ6ROGL+HOOHU  ,PVHFK]HKQWHQ*XOGHQ6ROGL+HOOHU  ,PVLHE]HKQWHQ*XOGHQ6ROGL+HOOHU  ,PDFKW]HKQWHQ*XOGHQ6ROGL+HOOHU  ,PQHXQ]HKQWHQ*XOGHQ6ROGL+HOOHU  ,P]ZDQ]LJVWHQ*XOGHQ6ROGL+HOOHU          



U 

-WHPH\QJXOGHQ\Pb[[MbMDUEUHQJHWZţFKHUGU\WXŰHQWbH\FKWKXQ  GHUWYQGb[OMbJXOGHQb[LLMb‰bYLHUGHQKDOEHQKHOOHUb -WHP\QGHPb[[LMbMDUH\QJXOGHQEUHQJHWJHŰţFKVIXQIIWXŰHQWbŰH‰ KXQGHUWbYQGb[FMbJXOGHQb[YMb‰bYLHUGHQKDOEHQKHOOHUb -WHPb[[bJXOGHQ\Qb[[bMDUHQEUHQJHQJHŰţFKVbOMbWXŰHQWbYLLMbKXQ  GHUWbOÖLLMbJXOGHQb[LLMb‰bŰţEHQGHQKDOEHQKHOOHUbIUDQFNIRUWHUZHUXQJb $EHUŰRPDQbYLLMbKHOOHUYRUH\QDOEbY?b[[LLLMbDOEbYRUH\QJXOGHQZLO UHFKHQbŰREUHQJHWGLHŰHOEHŰXPPHbOYLLMbWXŰHQWbGU\KXQGHUWY?b[[[YMb JXOGHQbL[bDOEbYLHUGHQKDOEHQKHOOHUb -WHPb[[bJXOGHQ\Qb[[LMbMDUHQbPDFKHQJHŰţFKVbKXQGHUWPDOWX  ŰHQWYQGb[LLMbWXŰHQWbYÖLMbKXQGHUWYQGb[[[LÖMbJXOGHQb[Yb‰bYLMbKHOOHUb IUDQFNIRUWHUZHUşJb -QDOEbDOVREJHŰFKULHEHQbKXQGHUWPDOHYQGb[[YLLMbPDOHWXŰHQWbYQG O[[[YbJXOGHQbYLLMbDOEbYLMbKHOOHUb  'LHMXGHQEUXFKHQ\QGHQODQGHQYEHUPHHUGLH$UDELŰFKŰSUDFK]ţ DQGHUQPHQŰFKHQbDEHUYQGHU\QHQGLHKHEUH\ŰFKGHUUHQDOSKDEHWKLH QDFKYROJHWZROFRUUHFWRGHUJHŰWUDIIWb                         >+RO]VFKQLWWKHEUlLVFKHV$OSKDEHW@

 U   ,WHPEULQJWHLQDXVJHOLHKHQHU*XOGHQLP-DKUDQ:XFKHUGUHLWDX VHQGDFKWKXQGHUWHLQXQGYLHU]LJ*XOGHQ6ROGLGUHLHLQKDOE+HOOHU ,WHP EULQJW LP  -DKU HLQ DXVJHOLHKHQHU *XOGHQ DQ =LQVHQ IQIWDX VHQGVHFKVKXQGHUWHLQXQGQHXQ]LJ*XOGHQ6ROGLGUHLHLQKDOE+HOOHU ,WHPEULQJHQ*XOGHQLQ-DKUHQ*XOGHQ6ROGLVHFKVHLQ KDOE+HOOHU=LQVHUWUDJLQ)UDQNIXUWHU:lKUXQJ :HQQ PDQ DEHU HLQPDO  +HOOHU IU HLQHQ $OE XQG  $OE IU HLQHQ *XOGHQ EHUHFKQHW GDQQ EULQJW GLHVHOEH 6XPPH  *XOGHQ  $OE GUHLHLQKDOE+HOOHU ,WHPPDFKHQ*XOGHQLQ-DKUHQDQ=LQVHQ*XOGHQ6RO GL+HOOHULQ)UDQNIXUWHU:lKUXQJ ,Q$OEZLHREHQGDUJHVWHOOW*XOGHQ$OE+HOOHU  'LH -XGHQ EHQXW]HQ LQ GHQ /lQGHUQ MHQVHLWV GHV 0HHUHV GLH DUDELVFKH 6SUDFKH ZHQQ VLH PLW DQGHUQ VSUHFKHQ 8QWHUHLQDQGHU VSUHFKHQ VLH +H EUlLVFK.RUUHNWXQGZRKOJHRUGQHWIROJWKLHUGHVVHQ$OSKDEHW                                  



Y 

>+RO]VFKQLWW*ULHFKHQ@                      9RQGHQNULHFKHŰFKHQGHUDXFKYLO]ţ-KHUXŰDOHPŰ\Qb   2FKPH]ţZLŰŰHQGD]]ţMKHUXŰDOēYIIGLŰH]\WZRQēPDQFKHU  OH\HQQDFLRQHQPHQŰFKHQbZHOFKHŰÖFKDOOPÖWPXQGYHULHKHQ  FULŰWHQŰ\QDEHUPÖWZHUFNHQOHXFNHOHQbZDQŰÖHPLWPDQFKHU   OH\NHW]HUH\Y?\UWXPŰ\QEHIOHFNHWb9QGGHUUHQDOVLFKGRZD] \QQMDUDOVPDQ]DOWYRQFULŰWJHEXUWb0bFFFFbYQGbO[[[LMbZDUHQE\ WXŰHQWPHQŰFKHQbIUDXZHQYQGPDQJHUHFKQHWbY‰JHQŇPHQGÖHN\QGHUb GÖHDOOGLHŰDUUDFHQÖŰFKŰSUDFKEUXFKHQYQGHUGHQŰÖHYHUPÖŰFKHWZRQHQb YQG\UHQŰÖWWHQJDUYDŰWQDFKXROJHQbEHŰXQGHUYŰŰHUOÖFKHVZDQGHOVY? EXUJHUOÖFKHVKDQGHOVKDOEbZDQDOV6HQHFDŰSUÖFKWbY‰E\ZRQşJZHU GHQGLHŰ\WWHQRIIWYHUHQGHUHWb6ÖHPXŰŰHQDXFKGHQ6DUUDFHQHQWULEXW RGHUJXOGWJHEHQYQGUH\FKHQ]ţŰ\QHQ]\WHQbYQGOHEHQQDFK\UHUDOWHU JHZRQKH\WDOVGLHŰFKDIIRQHLQK\UWHQbYQJHKRUŰDPGHUKHLOÖJHQ5P  ŰFKHQNÖUFKHQb'HUŰHOEHQQDFLRQHQŰ\QQQYQGHUŰFKH\Gb(WWOÖFKKHLŰŰHQ YQGŰ\QNULHFKŰFKHQb'LHDQGHU6XUÖDQLb(WWOÖFKDFRELWHRGHUMDFRELQL 'LHDQGHUQ0DURQLWHb(WWOÖFK1HŰWRULDQLb'LHDQGHUQ$UPHQLb(WW  OÖFK*HRUJLDQLb'LHDQGHUQ$EEDŰÖQLRGHUMQGLDQLb=ţOHW]ŰWŰ\QDXFK GRHWWOÖFKODWLQLŰFKHQDEHUJDUZHQÖJbGLHŰHOEHQDOOH\QŰ\QUHFKWFULŰWHQb H\QJţWHUŰDPOHEHQIţUHQGHYQGHUGHQDQGHUQbYQGPLWWHQYQGHUGHQ YHUNHUWHQQDFLRQHQOXFKWHQGHbDOVGLHOÖHFKWHU\QGHUZHOWbGHUUPŰFKHQ N\UFKHQJDQW]YQGHUWKHQLJb$EHUGLHDQGHUQDOOYHUKDUUHQH\Q\HGH\Q



 Y





                    

 9RQGHQYLHOHQ*ULHFKHQLQ-HUXVDOHP  ,Q -HUXVDOHP ZRKQHQ MHW]W 0HQVFKHQ DXV PDQFKHUOHL 1DWLRQHQ GLH DOOH YRQVLFKVDJHQVLHVHLHQ&KULVWHQ,QLKUHQ:HUNHQDOOHUGLQJVYHUOHXJQHQ VLHLKU&KULVWHQWXPGHQQVLHVLQGPLWPDQFKHUOHL.HW]HUHLXQG,UUWXPEH IOHFNW$OVLFKLQ-HUXVDOHPZDULP-DKUQDFK&KULVWL*HEXUWZRKQ WHQGDHWZDWDXVHQG0HQVFKHQ)UDXHQXQG0lQQHUHLQJHUHFKQHWDXVJH QRPPHQGLH.LQGHU6LHVSUDFKHQDOOHVDUUD]HQLVFKXQGIROJWHQLPlX‰HUOL FKHQ EUJHUOLFKHQ +DQGHO XQG :DQGHO GHQ VDUUD]HQLVFKHQ 6LWWHQ GHQQ *ULHFKHQ XQG 6DUUD]HQHQ OHEWHQ YHUPLVFKW 6FKRQ 6HQHFD VDJW QlPOLFK $X‰HUKDOEGHU>HLJHQHQ@:RKQXQJYHUlQGHUQVLFKGLH6LWWHQRIW'LH*ULH FKHQ PVVHQ GHQ 6DUUD]HQHQ ]X EHVWLPPWHQ =HLWHQ DXFK 7ULEXW RGHU *HOGJHEHQXQGVLHOHEHQQDFKLKUHUDOWHQ*HZRKQKHLWZLH6FKDIHRKQH +LUWHQGHQQVLHVLQGGHUKHLOLJHQ5|PLVFKHQ.LUFKHXQJHKRUVDP8QWHU GHQ *ULHFKHQ JLEW HV QHXQ 8QWHUVFKHLGXQJHQ (LQLJH VLQG XQG KHL‰HQ *ULHFKHQ$QGHUH6XULDQHUPDQFKH-DNRELWHQRGHU-DNRELQHUDQGHUH0D URQLWHQHWOLFKH1HVWRULDQHUGLHDQGHUQ$UPHQLHUHWOLFKH*HRUJLDQHUGLH DQGHUHQ$EEHVLQLHURGHU,QGLDQHU$X‰HUGHPJLEWHVHLQLJHZHQLJH/DWHL QHU XQG QXU GLHVH VLQG UHFKWH &KULVWHQ XQG IKUHQ HLQ JXWHV HKUVDPHV /HEHQXQWHUGHQDQGHUQ6LHOHXFKWHQPLWWHQXQWHUGHQLUUHJHIKUWHQ1D WLRQHQ ZLH GLH /HXFKWHU GHU :HOW GHQQ VLH VLQG GHU 5|PLVFKHQ .LUFKH JDQ]XQWHUWDQ'LHDQGHUQDEHUYHUKDUUHQMHGHU

U   \UHUDOWHQZ\‰bOHEHQGHRQUHJHOFULŰWHQOÖFKHU]XFKWb'LŰHQDFLRQHQ DOVGLHKHÖOÖJŰWDWW-KHUXŰDOHPZDUGJHZşQHQGXUFKGHQ6ROGDQ6D  ODKDGÖQşDOVPDQ]DOHWYŇFULŰWJHEXUWb0bFbYQGbO[[[YÖMbDUDPDQ GHUQWDJGH‰PRQHGVRFWREULVbYHUO\EHQDOO]ţMKHUXŰDOHPYQGHUWUÖEXW GHUŰDUUDFHQHQb$EHUGHUSDWULDUFK]ţMKHUXŰDOHPJHQĆW(UDFOÖXVY?DO OHVODWLQLŰFKYROFNSULHŰWHUYQGOH\HQbZ\FKHQYQG]RKHQYRQGDQQHQb :DQGRGHUŰHOE6DODKDGLQXVIXUGLHŰWDWWNDPHY?ŰÖHYPEOHJHQKHWW JHJHQRFFLGHQWbYQGPLWŰWHWWHPŰWXUPHQWDJYQGQDFKWGLHFULŰWHQ\Q  ZHQGLJEHŰWULWWHYQG\W]GLHPXUHQJDUŰHUHKHWWHDEJHZRUIIHQYQQGJH  ŰZHFKWbŰÖWWHPDOGLHFULŰWHQDOŰREHOHJHUWY?DQJHIRFKWHQNH\QK\OIIKHW  WHQbDXFKQLWZDUHQYRQ\HPDQZDUWHQbIRUFKWHQŰÖHGLHŰDUUDFHQHQZţU GHQPLWJHZDOW\QIDOOHQYQQGŰÖHDOOHUWRGWHQbGH‰KDOEŰÖHH\QJHGLQJ PDFKWHQPLWGHP6ROGDQGD]ŰÖHŰÖFKPLWJHOWPRFKWHQOŰHQbYQGDOŰR ZHOFKHZROWHQPRFKWHQIU\K\QZHJ]\HKHQb'D]ţPDOZLHREJHŰDJHW LŰWYHUO\EHQGLHDQGHUQQDFLRQHQDOO]ţ-KHUXŰDOHPY‰JHQŇPHQGLHOD  WLQÖŰFKb 9RQGHPOHEHQbŰ\WWHQbYQG\UWşPHQGHUŰHOEHQQDFLRQHQZLOLFKIXU K\QH\QZHQLJPHHŰFKUÖEHQ]ţWURŰWYQGHUJHW]şJGHUYQŰHUQb]ţŰFKDQG DEHUGHUŰHOEHQKRIIHUWÖJHQYQGYHUŰWRSIIWHQPHQŰFKHQbPÖWZHOFKHQZLU GRFKDOŰRŰROOHQH\QPÖWO\GHQKDEHQYPEZHJHQ\U\UUşJGD]ZLUQLWW PQHUPLWYQVŰHOEVH\QIUHGKDEHQYPEZHJHQYQŰHUVUHFKWHQJODX  EHQVYQGJHKRUŰDPHbZHOFKH JRWWZROOH ZÖUDXFKPLWGHQZHUFNHQDOO ]\WOHEHQGÖJEHZ\ŰHQZHUGHQYQGHU]HXJHQ$PHQb9QG]XPHUŰWHQ ZLOÖFKYRQGHQNULHFKŰFKHQH\QZHQÖJŰDJHQb  -HNULHFKHŰFKHQŰ\Q\QGHUHUŰWHQN\UFKHQ GDVLŰW \PDQIDQJ  GHUFULŰWHQKH\WJDUEHUţPSWY?WUHIIOÖFKOXWKJHZHŰHQ\PJODX   EHQbYQGKDEHQJDUQDPKDIIWLJODQGYQGŰWHWWbGDU]ţKRFKZLU  GLJN\UFKHQJHKDEWbDOV]ţ$QWKLRFKÖDb]ţ$OOH[DQGULDb]ţ&RQŰWDQWL  QRSROHWFbDOOYQGHUJHKRUŰDPHGHUKHÖOÖJHQURPŰFKHQN\UFKHQOHEHQGHb 6LHKDEHQDXFKHWWZDQJHKHEWGLHPRQDUFK\ GDVLŰW H\QLJKHUŰFKşJ GHUZHOWbDOVGRGHUJUR‰DOOH[DQGHUUHJQLUHWbGDU]ţH\QNH\ŰHUWKXP\Q RULHQW]ţ&ŇŰWDQWLQRSROYLODUbGH‰JOÖFKHQDXFKEHEŰWOÖFKHZLUGLNH\Wb DOVGRŰDQW3HWHU]ţ$QWKLRFKLDŰţEHQMDUUHJLUHWb'RFKŰ\QŰÖHDOOZHJē GDUE\KRFKPţWLJPHQŰFKHQYQGH\QHUKDUWHQKDO‰DGHUQJHZHŰHQbYQG JHPH\QOÖFKHQGHUURPŰFKHQN\UFKHQZ\GHUŰSHQQLJbYQGZÖHZROŰÖHŰÖFK GHUŰHOEHQHWWZDQYQGHUZRUIIHQKDEHQDOVŰLH]ţOHW]ŰWWKHWHQ\QGHPFŇ FLOÖR]ţOXJGXQJHKDOWHQbGRFKŰ\QŰÖHEDOGZ\GHUDEJHXDOOHQb6LHKDO WHQDXFKGD]GHUEDEŰWY?ZLUDOOODWLQLŰFKHQ\PEDQGŰ\HQbGDUYPEŰÖH DOOŰHQWHQW]YQGEDQGŰRYRQYQVZ\GHUŰÖHJHŰFKHHQYHUDFKWHQbDXFK@ VSlWHU VR JHKDOWHQ ZHUGH 'LHVH 9RUVFKULIW XQJHVlXHUWHV %URW ]XU .RPPXQLRQ ]X QHKPHQ LVW MD QLFKW RKQH JHLVWOLFKH %HGHXWXQJ ZLH GHUKO3DXOXVVDJW:HQQZLUGLHVHV6DNUDPHQWHPSIDQJHQZROOHQPV VHQZLUJHUHLQLJWXQGRKQHGLH+HIHGHUDOWHQ%RVKHLWXQG6QGHVHLQXQG LQXQJHVlXHUWHP%URWJHQLH‰HQZLUGLH/DXWHUNHLWXQG:DKUKHLW'RFK GLH*ULHFKHQZROOHQGLHVH=XVDPPHQKlQJHXQG%HGHXWXQJHQQLFKWZDKU KDEHQRGHUYHUVWHKHQ6LHPLVFKHQLQGHU0HVVHMDDXFKNHLQ:DVVHUXQ WHUGHQ:HLQZLHGHU0HLVWHULP9LHUWHQ%XFKGHUKRKHQ6LQQHQDOVHOIWHQ 8QWHUVFKLHG ]ZLVFKHQ *ULHFKHQ XQG /DWHLQHUQ KHUDXVVWHOOW 8QG PDQ PXVV GRFK JODXEHQ GDVV XQVHU +HUU &KULVWXV EHLP OHW]WHQ $EHQGPDKO :DVVHUXQWHUGHQ:HLQJHPLVFKWKDW²ZHJHQGHU6WlUNHGHV:HLQVLQGLH VHP/DQG:HLQNDQQGRUWQLHPDQGXQJHPLVFKWWULQNHQXQGGHVKDOEKDW XQVHU +HUU GHQ :HLQ PLW :DVVHU YHUPLVFKW GDQDFK KDW HU LKQ JHVHJQHW XQGLQVHLQKHLOLJHV%OXWXPJHZDQGHOWXQGHUKDWJHERWHQGDVVQDFKVHL QHP 7RG DOOHV JHQDX VR JHWDQ ZHUGHQ PVVH 8QG DXFK ZHQQ YRQ GHP :DVVHULQGHQ(YDQJHOLHQQLFKWVJHVDJWZLUGZHLOHVQLFKWGLHKDXSWVlFK OLFKH0DWHULHLQGLHVHP6DNUDPHQWLVWVRLVWVHLQ=XVDW]EHLGLHVHP6DNUD PHQW GRFK JHERWHQ ZLH GLH .LUFKHQOHKUHU GDUOHJHQ ZDV LFK GHU .U]H ZHJHQ KLHU MHGRFK ZHJODVVH (V LVW GRFK QLFKW XQEHGHXWHQG ZHQQ GLH *ULHFKHQRKQH:DVVHUXQGPLWJHVlXHUWHP%URWGDVZDKUKDIWH6DNUDPHQW NRQVHNULHUHQ XQG VLH VQGLJHQ VFKZHU ZHQQ VLH DXV 9HUDFKWXQJ GHQ 5LWXVGHU.LUFKHQLFKWHLQKDOWHQ,WHPWXQVLHXQVHUHQ6DNUDPHQWHQEHU KDXSW NHLQH 5HYHUHQ] RGHU (KUH DQ XQG HUKHEHQ VLFK YRU LKQHQ QLFKW :HQQZLU/DWHLQHULQ-HUXVDOHPGLH0HVVHKDOWHQMDZHQQHLQHUXQVHUHU     

Y   PH‰KDOWHQMDZDQH\QHUYRQYQŰHUQSULHŰWHUQRE\UHPDOWDUH\QēPH‰ O\ŰHWŰRZHŰFKHQŰLHGēŰHOEHQDOWDUDOVEDOGDOVREHUGDUGXUFKYQUH\Q ZHUZRUGēb\QZHOFKHPŰLHZROEHZ\ŰHQREŰLHH‰QLWŰSUHFKHQPLWZRUWēb                                               

 Y   3ULHVWHUDQLKUHP$OWDUGLH0HVVHOLHVWGDQQZDVFKHQVLHGHQ$OWDUVRIRUW QDFKGHU0HVVHDOVZlUHHUGDGXUFKXQUHLQJHZRUGHQ'DPLWVDJHQVLHLQ GLUHNWQLFKWPLW:RUWHQ  



U 

GD]ŰLHJODXEHQGD]ZLU\QYQJHKHIIHOWHPEURGWQLFKWUHFKWZ\KHQRGHU FRQŰHFUÖUHQHWFb9LODQGHUERŰHUDUWLNHOYQG\UUXQJHQKDEHQŰÖHDQ\QHQ GLHÖFK\W]QLWDOOHU]HOHbYQGEHŰXQGHUEHKDUUHQŰÖHQRFK\QGHU\UWXPGD] JRWWGHUKHLOÖJJH\ŰWY‰JRWWGHPYDWWHUHWŰSULQJHY?QLWY‰GHPŰXQb ZHOFKH\UWXPK\Q]ţQēPHQbZDUHQYRU]\WHQYHUŰDPHOHW\QGHPFRQFL OÖR1LFHQRGU\KXQGHUWYQGDFK]HKHQKHLOÖJHUYHWWHURGHUEÖŰFKRIIGLHYQ GHUDQGHUPGD]ŰÖHGRPDFKWHQGÖŰHQDUWLNHOŰDW]WHQb'HUKH\OÖJJH\ŰWLŰW YRQGHPYDWWHUYQGŰXQbQLWJHPDFKHWbQLWJHŰFKDIIHQbQLWJHERUHQbŰXQ  GHUHWŰSULQJHQb9QGWKHWHQDXFK\QGHQŰZHUHQEDQGDOOHGLHGLHYPPHU PHHGDUZ\GHUWKHWHQRGHUUHGWHQb]ţRGHUGDUYRQŰHW]WHQb$EHU\UKHUW] YPEZHJHQ\UKRIIDUWLŰWYHUEOHQGHWYQGYHUŰWRSIIHWbY?ŰRŰÖHŰÖFKZ\‰ EHGXQFNHQŰ\QŰÖHWKRUHQb -WHPGLHNULHFKHŰFKHQŰ\Q\QJURŰŰHU]DOO]ţMKHUXŰDOHPY?YHUKDŰŰHQ YQVFULŰWHQODWLQLŰFKHQYLOPHHGDQGLHDQGHUQQDFLRQēb6LHKDEHQ\Q GHPWHPSHOGH‰KHLOÖJHQJUDEVIXU\UJHEUXFKGHQJURŰŰHQFKRUJHQDQW HFFOHŰÖDJROJDWKDQDbGLHŰWDWWGRYQŰHUKHUUJHFUXW]LJHWZDUGbGDU]ţKD EHQŰÖHH\QFDSHObGHUKHLOÖJHQHQJHOHQJHKH\ŰŰHQbQDKHE\GHPWHPSHOY‰ ZHQGLJbDXFK\Q\UHPJHZDOGWb+RO]VFKQLWWJULHFKLVFKHV$OSKDEHW@

 U   GDVVVLHJODXEHQGDVVZLULP*HEUDXFKGHVXQJHVlXHUWHQ%URWHVGLH*DEH QLFKWUHFKWZHLKHQRGHUNRQVHNULHUHQHWF'LH*ULHFKHQKDEHQQRFKYLHOH DQGHUHE|VH$UWLNHOXQG,UUWPHUGLHLFKMHW]WQLFKWDOOHGDUOHJH8QGEH VRQGHUVEHKDUUHQVLHQRFKDXIGHP,UUWXPGDVV*RWWGHU+HLOLJH*HLVW DXV*RWWGHP9DWHUHQWVSULQJWXQGQLFKW]XJOHLFKDXFKDXVGHP6RKQ 'LHVH,UUWPHUQHKPHQ]X,QKLVWRULVFKHU=HLWZDUHQDXI GHP.RQ]LO YRQ 1L]lDKHLOLJH9lWHU RGHU %LVFK|IH GLH QHEHQ GHQ DQGHUHQ'LQ JHQ GLH VLH GD YROOEUDFKWHQ GLHVHQ$UWLNHO DXIVHW]WHQ 'HU +HLOLJH *HLVW LVWYRP9DWHUXQGYRP6RKQQLFKWJHPDFKWQLFKWJHVFKDIIHQQLFKWJH ERUHQ VRQGHUQ JH]HXJW 8QG GLH .RQ]LOVYlWHU WDWHQ DOOH LQ VFKZHUHQ %DQQ GLH GDJHJHQ DJLHUWHQ RGHU DUJXPHQWLHUWHQ GLH HWZDV GD]X VHW]WHQ RGHUHWZDVZHJOLH‰HQ$EHUGDV+HU]GHU*ULHFKHQLVWZHJHQLKUHU+RIIDUW YHUEOHQGHWXQGYHUVWRFNWXQGLQGHPVLHVLFKZHLVHYRUNRPPHQHUZHLVHQ VLHVLFKDOV7RUHQ ,WHPJLEWHVLQ-HUXVDOHPHLQHJUR‰H$Q]DKOYRQ*ULHFKHQXQGVLHKDV VHQ XQV ODWHLQLVFKH &KULVWHQ PHKU DOV GLH DQGHUHQ 1DWLRQHQ ,P 7HPSHO GHV KHLOLJHQ *UDEHV KDEHQ VLH IU LKUHQ *HEUDXFK GHQ JUR‰HQ &KRU ]XU 9HUIJXQJ(UKHL‰WÅ(FFOHVLDJROJDWKDQD´XQGLVWGLH6WlWWHDQGHUXQVHU +HUUJHNUHX]LJWZXUGH$X‰HUGHPKDEHQVLHHLQH.DSHOOHGLHÅ(QJHOGHU +HLOLJHQ´KHL‰W 6LHVWHKWDX‰HUKDOEGHV7HPSHOV,QGHQJ|WWOLFKHQbP WHUQEHQXW]HQVLHDOOHLQLKUH6SUDFKHGHVKDOEYHUVWHKHQLKUH/DLHQZDV GLH.OHULNHUVLQJHQRGHUOHVHQ$EHULP+DQGHOXQGEHL*HVFKlIWHQEHQXW ]HQGLH*ULHFKHQGLHVDUUD]HQLVFKH6SUDFKHXPVLFKPLWGHQ/HXWHQPLW GHQHQVLH*HZHUEHWUHLEHQ]XYHUVWlQGLJHQ  +LHUIROJWGDVNRUUHNWHJULHFKLVFKH$OSKDEHW



Y 

>+RO]VFKQLWW6XULDQHQ@                         9RQGHQ6XULDQHQGLHŰÖFKDXFKFULŰWHQYHUPH\QHQb   9FKLŰW]ţZLŰŰHQGD]]ţ-KHUXŰDOHPZRQHWH\QDQGHUQDFLRQ  HWWOÖFKHUGLHŰÖFK6XULDQHQKH\ŰŰHQDOŰRJHQDQWYLOOÖFKWYRQGHU ŰWDWW6XUGÖHYRU]\WHQPHFKWLJLŰWJHZHŰHQbRGHUYŇGHPODQG 6\ULDDOV6\ULDQLb'LŰHZRQHQ\QRULHQWYQGHUYLONRQLJHQY?IXU  ŰWHQbŰDUUDFHQLŰFKRGHUEDUEDULŰFKbGHQHQŰÖHGLHQHQYQGWULEXWJHEHQbY? Ű\QIRUFKWŰDPPHQŰFKHQYQGHUŰFKURFNHQbYQGGDUYPE]ţNULHJHQYQG ŰWULWWHQYQWKHXJOÖFKbYQGEUXFKHQZHGHUERJHQQRFKŰZHUWbŰXQGHU]ţGē EXZGHUHUGHQY?JUREHUHUEHLWŰ\QŰÖHJHŰFKLFNWb6LHŰ\QDXFKGH‰PH\HU WH\OVNHW]HUbIDOŰFKbEHWURJHQbOXJHQKDIIWLJYQG]Z\IIHOWLJPHQŰFKHQbJH  QH\JHWŰFKHQFNYQGJDE]ţQēPHQb]ţŰWHOHQY?UDXEHQbGDVŰÖHIXUNH\Q ŰXQGKDEHQbYQGŰ\QYHUUHWKHUGHUFULŰWHQbZDQZRŰÖHPJHQŰRWUDJHQ ŰÖHGLHKH\POÖNH\WHQGHUFUÖŰWHQ]ţRUHQGHQŰDUUDFHQHQbYQGHUZHOFKHQ DXFKŰÖHOHEHQYHUPLŰFKHWYQGOHUQHQ\UER‰KH\Wb -WHP\UKX‰IUDXZHQYHUZDUWHQYQG\QŰO\HŰŰHQŰÖHPLWJURŰŰHPYO\‰b HEHQDOVGLHŰDUUDFHQLDXFKWKţQbYQGODŰŰHQZHGHUZ\EHUQRFKWRFKWHU YIIGLHŰWUDŰŰHQJDQDQGHUVGDQPLWO\ODFKHQYPEJHEHQbYQG\UDQJH  ŰÖFKWEHGHFNHWPLWH\PŰZDUW]HQWţFKb'DVKDOWHQGLHMXQJIUDXZHQE\





Y

                      



9RQGHQ6XULDQHUQGLHVLFKDXFKDOV&KULVWHQEH]HLFKQHQ  ,Q-HUXVDOHPZRKQWDXFKHLQHDQGHUH1DWLRQGLHVLFK6XULDQHUQHQQWEH QDQQWYLHOOHLFKWQDFKGHU6WDGW6XUGLHYRUODQJHU=HLWHLQHPlFKWLJH6WDGW ZDURGHUQDFKGHP/DQG6\ULHQDOV6\ULDQL'LH$QJHK|ULJHQGLHVHV9RONV ZRKQHQLP2ULHQWXQWHUYLHOHQVDUUD]HQLVFKHQRGHUEDUEDULVFKHQ.|QL JHQXQG)UVWHQGHQHQVLHGLHQHQXQGWULEXWSIOLFKWLJVLQG(VVLQGIXUFKW VDPH XQG lQJVWOLFKH 0HQVFKHQ XQG GHVKDOE IU .ULHJVGLHQVWH XQG .DPSIKDQGOXQJHQ XQWDXJOLFK 6LH QHKPHQ ZHGHU HLQHQ %RJHQ QRFK HLQ 6FKZHUW LQ GLH +DQG DEHU ]X $FNHUEDX XQG JUREHU $UEHLW VLQG VLH JH VFKLFNW*U|‰WHQWHLOVVLQGHV.HW]HUVLHVLQGIDOVFKHEHWUJHULVFKHOJQH ULVFKHXQG]ZHLIHOKDIWH0HQVFKHQDX‰HUGHPWHQGLHUHQVLHGD]X*HVFKHQ NHXQG*DEHQDQ]XQHKPHQVRZLH]XVWHKOHQXQG]XUDXEHQ'DVKDOWHQ VLHIUNHLQH6QGH6LHVLQG9HUUlWHUGHU&KULVWHQGHQQZRVLHN|QQHQ KLQWHUEULQJHQVLHGHQ6DUUD]HQHQ*HKHLPQLVVHGHU&KULVWHQ0LWGHQ6DU UD]HQHQOHEHQVLH]XVDPPHQXQGOHUQHQYRQGHUHQ%RVKHLW ,KUH(KHIUDXHQYHUZDKUHQVLHXQGVFKOLH‰HQVLHPLWJUR‰HU6RUJIDOWHLQ² ZLH HV DXFK GLH 6DUUD]HQHQ WXQ 6LH ODVVHQ ZHGHU LKUH )UDXHQ QRFK LKUH 7|FKWHU DXI GLH 6WUD‰HQ JHKHQ HV VHL GHQQ LQ %HJOHLWXQJ YRQ 'LHQHUQ 'DQQ KDOWHQ GLH )UDXHQ LKU $QWOLW] PLW HLQHP VFKZDU]HQ 7XFK EHGHFNW 'LHVH*HZRKQKHLWSUDNWL]LHUHQDXFKLKUH-XQJIUDXHQ

U   \QHQDOŰRŰWUHQJGD]DXFK\UPHQQHUŰRŰÖHYHUPHKHOWZHUGHQŰLHQLWPR  JHQYQGHUGHPDQJHŰÖFKWŰHKHQbGLHHUŰWQDFKWŰ\GDQYHUŰFK\QHWDOVŰÖH]ţ ŰDPHQZHUGHQJHOHJHWbDOVGDQDXFKGÖHŰDUUDFHQÖŰFKHQMXQJIUDXZHQ DXFKWKţQbQDFKXROJHQGHK\HU\QGHPH[HPSHODOVŰÖHŰDJHQGH‰SDWUL  DUFKHQ-DFREVGHUGRPH\QHWHUZHUHGLHHUŰWQDFKWJHOHJHQE\5DFKHO GHUOÖHEŰWHQbDEHUGRH‰WDJZDUGYDQHUO\DPGLHHUQLWŰROÖHEKHWWbZDQ HUŰÖHQLWKHWWJHŰHKHQYQGHUDQJHŰÖFKWbZHOFKHKLŰWRULDZRONXQGWLŰWb 'LŰH6XULDQLKDOWHQDOOŰ\WWHQbŰWDWXWHQYQGDUWLNHOGHUNULHFKHŰFKHQ NH\QHQY‰JHQŇPHQbGDUYPEŰÖHJOÖFKGHQŰHOEHQ\UUHQbYQGLŰWQLWQRWW GDVZ\WHU]ţEHUHGHQb -WHPŰÖHKDEHQJHPH\QOÖFKHQH\QHQYRQGHQ \UHQ\QGHPWHPSHOGH‰KHÖOÖJHQJUDEVEHŰORŰŰHQbYQGIXU\UHQJHEUXFK KDEHQŰÖH]ţMKHUXŰDOHPH\QNÖUFKDQGHPHQGHUEXZHQGRHWWZDQŰDQFWL -RKĆQLVHXĆJOÖŰWHPţWHUKX‰ŰWXQGbYRUZHOFKHVKX‰WKţUŰDQW3HWHU DQNORSIIHWDOVHUY‰KHURGLVNHUNHUGXUFKH\QHQJHOJRWVZDUGHUOŰHWb GDYRQPDQO\ŰHW\QGHPEţFKGHUZHUFNGHUDSRŰWRODPb[ÖMbFDSLWHOb 6LHJHEUXFKHQ\QZHOWOÖFKHQŰDFKHQ]ţKDQGHOHQDXFKGÖHŰDUUDFHQLŰFK ŰSUDFKbDEHU\QJRWWOÖFKHQDPSWHQGLHNULHFKHŰFK]XQJbGRFKYLOYRQ\Qē NXQQHQYQGEUXFKHQGLH&KDOGHLŰFKŰSUDFKYQG]XQJbZHOFKHUDOSKDEHW K\HQDFKYROJHWUHFKWJHWUXFNWb                        >+RO]VFKQLWWFKDOGlLVFKHV$OSKDEHW@

 U   XQG]ZDUVRVWUHQJGDVVGLH0lQQHUPLWGHQHQVLHYHUPlKOWZHUGHQLKU $QJHVLFKWYRUGHU+RFK]HLWQLFKWVHKHQN|QQHQ%ULFKWMHGRFKGLHHUVWH 1DFKW>LKUHU(KH@DQVRZHUGHQVLH]XVDPPHQJHOHJW6RVLHKWHVGHU %UDXFKDXFKEHLGHQVDUUD]HQLVFKHQ-XQJIUDXHQYRU%HLVSLHOLVWIUVLHGHU 3DWULDUFK-DNREGHUJHPHLQWKDWWHHUKDEHGLHHUVWH1DFKWEHL5DFKHO VHLQHU/LHEVWHQJHOHJHQ$EHUDOVHV7DJZXUGHIDQGHU/HDGLHHUQLFKWVR OLHEKDWWH(UKDWWH>DP$EHQG@LKU*HVLFKWQLFKWVHKHQGUIHQ'LHVH*H VFKLFKWHLVWMDEHNDQQW 'LH6XULDQHUKDOWHQVLFKRKQH$XVQDKPHDQDOOH6LWWHQ6WDWXWHQXQG$U WLNHO GHU *ULHFKHQ GHVKDOELUUHQVLH ZLHGLHVH XQGPDQ PXVV KLHU QLFKW ZHLWHU GDUEHU UHGHQ   ,WHP KDEHQ VLH JHZ|KQOLFK HLQHQ GHU LKUHQ LP 7HPSHO GHV +HLOLJHQ *UDEV HLQJHVFKORVVHQ XQG IU LKUHQ *HEUDXFK KD EHQ VLH LQ -HUXVDOHP HLQH .LUFKH DQ GHU 6WHOOH HUEDXW ZR GDV +DXV GHU 0XWWHU GHV KO -RKDQQHV GHV 7lXIHUV VWDQG :LH PDQ LP  .DSLWHO GHU $SRVWHOJHVFKLFKWHOHVHQNDQQKDWDQGLHVHP+DXVGHUKO3HWUXVDQJH NORSIW DOV HU GXUFK HLQHQ (QJHO *RWWHV DXV GHV +HURGHV .HUNHU EHIUHLW ZXUGH$XFKGLH6XULDQHUVSUHFKHQLQ'LQJHQGLHZHOWOLFKH*HVFKlIWHEH WUHIIHQVDUUD]HQLVFKDEHULPJ|WWOLFKHQ$PWEHQXW]HQVLHGLHJULHFKLVFKH 6SUDFKH9LHOHYRQ LKQHQ EHKHUUVFKHQ DXFK&KDOGlLVFK 'LHVHV$OSKDEHW LVWLP)ROJHQGHQDEJHGUXFNW



Y 

                 9RQGHQ-DFRELWHQGLHŰÖFKDXFKIXUFULŰWHQKDOWHQb   9UK\QŰ\QHWWOÖFKDQGHUPHQŰFKHQ]ţMKHUXŰDOHPYQG\QQGHQ  ODQGHQZRQHQGHbGLHJDUYQJOÖFKŰ\QGHQNULHFKHŰFKHQYQGDXFK  YQVODWLQLŰFKHQbYQGKH\ŰŰHQ-DFRELWHRGHU-DFRELQLYRQ\UHP PHLŰWHU-DFRERJHQĆWbGHUH\QVSDWULDUFKHQ]ţ$OOH[DQGULDMşJHUZDV YRQZHOFKHPŰÖHPLWYÖO\UWşPHQŰ\QEHIOHFNHWY?YHUIţUHWZRUGHQbY? ZXUGHQYRU]\WHQDOVGLHNULHFKHŰFKHQQRFKYQGHUJHKRUŰDPHGHUURP  ŰFKHQN\UFKHQZDUHQ\QQEDQGJHWKDQbYQGJDQW]YRQGHUN\UFKHQGHU NULHFKHŰFKHQY‰JHŰORŰŰHQRGHUJHŰXQGHUHWbGDUYPEŰÖHQRFKGēŰHOEHQJDU YQJOÖFKOHEHQb'LŰH-DFRELQLKDEHQH\QJUR‰WH\OGH‰ODQGHV$ŰÖH\QQH (\QWH\OYHUPLŰFKHWYQGHUGÖHŰDUUDFHQHQbH\QWH\ODOOH\QZRQHQGH\Q GHPODQG1XEÖDJHQĆWGDVDQHJLSWHQŰWRŰŰHWb6LHEHNşPHUHQDXFKH JUR‰WH\OHWKLRSLHbYQGYLODQGHUODQGYQGNRQLJULFKEHŰÖW]HQŰÖHEL‰\Q EHU-QGLDDOVŰÖHŰHOEHUŰDJHQPHHGDQb[ObODQGHb6\HQHQQHQŰÖFKDOO ŰDPHQFULŰWHQb=XPHUŰWHQYRQŰDQW0DWKHRDSRŰWROR]ţGHPFULŰWHQ JODXEHQEHNHUHWbDEHUGDUQDFKKDWWGHUER‰Y\QGWŰ\QŰDPHQJHŰH\KHWYQ GHUGHQJţWHQŰDPHQbYQGDOŰRŰ\QŰÖH\QJUR‰\UWXPY?NHW]HU\JHXDO  OHQbZDQŰÖHEHŰFKQ\GHQ\UHN\QGHUGLHNQDEHQQDFKŰ\WWYQGZ\‰GHUŰDU UDFHQHQb$XFKYLOYQGHU\QHQ]H\FKHQHQ\UHN\QGHUYRUGHUEHŰFKQ\GşJ DQ\UHQŰW\UQHQbRGHUDQEHGHQEDFNHQbRGHUDQGēŰFKOHIIHQb\QWUXFNHQGH \QHQH\QFUXW]PLWH\PJOţHQGH\ŰHQbY?YHUPH\QHQŰÖFKGDUGXUFKJH  UH\QLJHWZHUGHQYRQGHUHUEŰXQGbYUŰDFKJHQŇPHQŰROOÖFKV]ţWKţQY‰ GHPZRUWGDVŰDQFWXV-RKĆQHVEDSWLŰWDYRQFULŰWRŰSUDFKPDWKHLDP YLHUGHQFDbJHŰFKULHEHQb(UZXUGWYFKWDXIIHQ\QGHPKH\OÖJHQJHLŰWY? IXHUbZHOFKHVZRUGWYRUDEGD]OHW]ŰWŰÖHDOOH\QQDFKGHQEţFKŰWDEHQKDO







Y

        



     

9RQGHQ-DNRELWHQGLHVLFKDXFKIU&KULVWHQKDOWHQ  )UKHUKDEHQLQ-HUXVDOHPXQGLPXPOLHJHQGHQ/DQG0HQVFKHQJHZRKQW GLHJDQ]DQGHUVVLQGDOVGLH*ULHFKHQXQGDXFKZLU/DWHLQHU6LHKHL‰HQ-D NRELWHQRGHU-DNRELQHUXQGZXUGHQQDFKLKUHP0HLVWHU-DFREXVEHQDQQW GHUGHU-QJHUHLQHV3DWULDUFKHQ]X$OH[DQGULDZDU'XUFKLKQZXUGHQ VLHPLWYLHOHQ,UUWPHUQEHIOHFNWXQGVLHZXUGHQYRQLKPGD]XYHUIKUW ,Q GHQ =HLWHQ DOV GLH *ULHFKHQ QRFK GHU 5|PLVFKHQ .LUFKH JHKRUVDP ZDUHQ ZXUGHQ VLHYRQ GHQ *ULHFKHQ PLW GHP %DQQEHOHJW XQGYRQGHU JULHFKLVFKHQ.LUFKHDXVJHVFKORVVHQXQGDEJHVRQGHUW'HVKDOEIKUHQVLH HLQJDQ]DQGHUHV/HEHQDOVGLH*ULHFKHQ'HQ-DNRELQHUQJHK|UWHLQJUR ‰HU7HLOGHV/DQGHV$VLHQ(LQ7HLOOHEWYHUPLVFKWPLWGHQ6DUUD]HQHQHLQ 7HLOZRKQWXQWHUVLFKLP/DQG1XELDGDVDQbJ\SWHQDQJUHQ]W6LHKDEHQ DXFKHLQHQ7HLObWKLRSLHQVEHVHW]WXQG VLHEHVLW]HQYLHOHDQGHUH/lQGHU XQG.|QLJUHLFKHZHLWEHU,QGLHQKLQDXV:LHVLHVHOEHUVDJHQVLQGVHFK ]LJ/lQGHULQLKUHP%HVLW]6LHDOOHQHQQHQVLFK&KULVWHQ'LHHUVWHQ-DNR ELWHQ ZXUGHQ YRP $SRVWHO 6W 0DWWKlXV ]XP FKULVWOLFKHQ *ODXEHQ EH NHKUWDEHUGDQDFKKDWGHUE|VH)HLQGVHLQHQ6DPHQXQWHUGHQJXWHQ6D PHQ JHVlW XQG GHVKDOEVLQG VLH LQ HLQHQ JUR‰HQ ,UUWXP XQG LQ .HW]HUHL YHUIDOOHQGHQQVLHEHVFKQHLGHQLKUHPlQQOLFKHQ.LQGHUHQWVSUHFKHQGGHU VDUUD]HQLVFKHQ 6LWWH9LHOHXQWHULKQHQ]HLFKQHQLKUH.LQGHUYRUGHU%H VFKQHLGXQJDQLKUHQ6WLUQHQDQEHLGHQ%DFNHQRGHUDQGHQ6FKOlIHQXQG GUFNHQLKQHQPLWHLQHPJOKHQGHQ(LVHQHLQ.UHX]HLQ6LHJODXEHQGDVV VLHGDGXUFKYRQGHU(UEVQGHJHUHLQLJWZHUGHQ6LHEHJUQGHQGLHVHV(LQ EUHQQHQPLWHLQHP:RUWGDV²ZLHHVLP.DSLWHOEHL0DWWKlXVVWHKW² GHUKO-RKDQQHVGHU7lXIHUEHU&KULVWXVJHVDJWKDW(UZLUGHXFKWDXIHQ LP +HLOLJHQ *HLVW XQG LP )HXHU 8QG GLHVHV :RUW EHIROJHQ VLH GHP %XFKVWDEHQQDFK

U   WHQYQGYHUŰWDQbGDVGRFK\QZDUKH\WJDUH\QDQGHUHPHQXQJKDWWb QDFKY‰OHJşJGHUKHLOÖJHQOHUHUGD]LFK\W]IXUJDQJHb'LHMDFRELQLWUD  JHQDXFKJHPH\QOÖFKHQFUXW]DQ\UHQDUPHQPLW\ŰHQDQJHWUXFNHWYPE UHXHUHQW]ZLOOHQDOVŰLHŰDJHQGH‰KH\OÖJHQFUXW]FULŰWÖbGDVŰLH\QJURŰŰHQ HUHQKDOWHQbDXFKYPEZHJHQHLQYQGHUŰFKH\G]ţKDEHQYQGHU\QHQY? GHQKH\GHQRGHUŰDUUDFHQHQZRŰÖHE\H\QDQGHUZRQHQb-WHPŰÖHELFK  WHQQşPHUPHH\UŰXQGHQÖJHPPHQŰFKHQŰXQGHUDOOH\QJRWWYQGGDV KH\POÖFKHQ\QŰROOÖFKHUZ\‰b6LHOHJHQZ\UDFKYIINROHQE\\QHQYQG EHWWHQY?PH\QHQGD]PLWGHPŰHOEHQUDXFK\UHŰXQGYIIŰW\JHQIXUJRW YQGZHUGHQYHUGLOFNHWb-WHPŰÖHJODXEHQY?KDOWHQGD]QLWPHHGDQH QDWXU\QFULŰWRŰ\JHZHŰHQbDOVDXFKQLWPHHGDQHSHUŰRQbZLHZROGLŰH \UWXPYQGNHW]HU\\PFŇFLOÖR&DOFHGRQHQŰÖYHUGDPPHWLŰWZRUGHQbY? DOOHGLHŰROOÖFK\UWXPKDOWHQ\QEDQGJHWKDQbZHOFKHU\UWXPHUŰWHUHU  Y\QGHUZDVH\QDEW]ţ&ŇŰWDQWLQRSHO(XWLFHVJHQĆWH\QEŰHUNHW]HUb GHUQLWDOOH\QŰDJHWYQGKLHOWH\QH\QLJHQDWXU\QFULŰWRZHŰHQŰXQGHU DXFKH\QH\QLJHY‰ZXUFNXQJGDVGRFKRIIHQWOÖFKHQIDOŰFKHUŰFK\QHWY‰ GHQKHLOÖJHQHXDQJHOÖHQbEHŰXQGHUŰ\QHUY‰ZXUFNXQJKDOEGLHHWWZDQ PHQŰFKOÖFKbHWWZDQJRWWOÖFKLŰWJHZHŰHQbDOVGRHUŰÖFKHUEDUPHWYEHUGLH ŰFKDUGHUPHQŰFKHQGLH\QGU\JDQW]HUWDJO\GWHQY?E\\PZDUHQbGDV H\QPHQŰFKOÖFKZHUFNZDVbZHOFKHHUDXFKŰS\ŰHWPLWZēQLJEURGWHQY? IÖŰFKHQGDVH\QJRWWOÖFKZHUFNZDVbGHUJOÖFKHQYLODQGHUDQ]HXJşJHQ \QGHQHXĆJHOÖHQZHUGHQJHIXQGHQb'RFKHWWOÖFK-DFRELQÖKDOWHQYQG JODXEHQQLWPQHU\UUHQGHGD]Y‰]ZH\HQQDWXUHQ\QFULŰWRŰ\H\QQD WXHUJHPDFKHWZRUGHQbZHOFKH\UWXP\QGHQKHÖOÖJHQFŇFÖOÖHQDXFKLŰW YHUZRUIIHQZRUGHQb'LŰHMDFRELQLZDQŰÖHŰÖFKPÖWGHPFUXW]ŰHJHQHQ EUXFKHQŰLHQLWPHHGDQH\QI\QJHUbY?GDVGDUYPEDOVGLHNULHFKHŰFKHQ Y?6XULDQLYRQ\QŰDJHQZDQŰÖHQLWPHHGDQH\QQDWXUYHULHKHQ\Q FULŰWRb-WHPŰÖHJHEHQGDVKHLOÖJŰDFUDPHQWYQGHUEHGHUJHŰWDOWGHQMş  JHQN\QGHQŰRŰÖHQRFKDQPţWHUEUXŰWKDQJHQbJOÖFKIRUPLJK\U\QGHQ NULHFKHŰFKHQY?6XULDQHQb6LHEUXFKHQPDQFKHUOH\ŰSUDFKDOVŰÖHGDQ \QYLOODQGHQZRQHQbGRFKKDEHQŰÖHH\QH\JHQŰSUDFKGHUUHQZDUDO  SKDEHWKLHQDFKYROJHWb          >+RO]VFKQLWWNRSWLVFKHV$OSKDEHW@

 U   XQGYHUVWHKHQHVDXFKVRREZRKOHVGRFKLQ:DKUKHLWHLQHJDQ]DQGHUH %HGHXWXQJKDWZHQQPDQGHU$XVOHJXQJGHUKHLOLJHQ/HKUHUIROJW'RFK GDVEHUJHKHLFKMHW]W'LH-DNRELQHUWUDJHQDQLKUHQ$UPHQJHZ|KQOLFK DXFK HLQ PLW(LVHQ EHIHVWLJWHV .UHX] DXV 5HVSHNW GHQQ VLHVDJHQ HV VHL GLHV GDV KHLOLJH .UHX] &KULVWL GDV VLH LQ JUR‰HQ (KUHQ KDOWHQ XQG VLH WUDJHQHVXPHLQHQ8QWHUVFKLHG]XPDFKHQ]ZLVFKHQVLFKXQGGHQ+HL GHQRGHU6DUUD]HQHQGHUHQ1DFKEDUQVLHVLQG6LHEHLFKWHQLKUH6QGHQ DXFKNHLQHP0HQVFKHQVRQGHUQDOOHLQ*RWWXQG]ZDUKHLPOLFK'DVJH VFKLHKWIROJHQGHUPD‰HQ6LHOHJHQEHLVLFK]XKDXVH:HLKUDXFKDXI.RKOHQ XQGEHWHQXQGPHLQHQGDVVPLWGHP5DXFKLKUH6QGHQ]X*RWWDXIVWHL JHQXQGYHUWLOJWZHUGHQ6LHJODXEHQDXFKGDVVLQ&KULVWXVQLFKWPHKUDOV HLQH 1DWXU H[LVWLHUW KDEH XQG GDVV HV DXFK QLFKW PHKU DOV HLQH 3HUVRQ >*RWWHV@JHEH²REZRKOGLHVHU,UUWXPYRP.RQ]LOYRQ&KDONHGRQDOV.HW ]HUHL YHUGDPPW ZXUGH XQG DOOH GLH GDV JODXEHQ LQ %DQQ JHWDQ ZXUGHQ 'HU(UILQGHUGLHVHV,UUWXPVZDU(XW\FKHVHLQ$EWYRQ.RQVWDQWLQRSHO XQGHLQE|VHU.HW]HU(UKLHOWIUZDKUGDVVHVLQ&KULVWXVQLFKWQXUHLQH HLQ]LJH1DWXUJHEHVRQGHUQDXFKQXUHLQHHLQ]LJH:LUNXQJ1DFKGHQKHL OLJHQ(YDQJHOLHQLVWGDVRIIHQVLFKWOLFKIDOVFKGHQQGLH:LUNXQJHQZDUHQ VRZRKO PHQVFKOLFKH DOV DXFK J|WWOLFKH $OV VLFK &KULVWXV EHU GLH 6FKDU GHU 0HQVFKHQ GLH GUHL 7DJH EHL LKP ZDUHQ HUEDUPWH GD ZDU GDV HLQ PHQVFKOLFKHV:HUN$OVHUGLHVH0HQVFKHQPLWZHQLJ%URWHQXQG)LVFKHQ VSHLVWH GD ZDU GDV HLQ J|WWOLFKHV :HUN 8QG GHUOHL =HXJQLVVH JLEW HV YLHOHLQGHQ(YDQJHOLHQ'RFKPDQFKH-DNRELQHUJODXEHQXQGLUUHQGDULQ QLFKWZHQLJGDVVDXVGHQEHLGHQ1DWXUHQLQ&KULVWXVHLQH1DWXUJHPDFKW ZRUGHQ VHL $XFK GLHVHU ,UUWXP LVW LQ GHQ KHLOLJHQ .RQ]LOLHQ YHUZRUIHQ ZRUGHQ:HQQVLFKGLH-DNRELQHUPLWGHP.UHX]VHJQHQJHEUDXFKHQVLH GD]XQLFKWPHKUDOVHLQHQ)LQJHUXQGGDVWXQVLHQDFK$QVLFKWGHU*ULH FKHQXQG6XULDQHUGHVKDOEZHLOVLHQLFKWPHKUDOVHLQH1DWXULQ&KULVWXV EH]HXJHQ8QGDXFKGLH-DNRELWHQJHEHQGHQMXQJHQ.LQGHUQGLHQRFKDQ GHU0XWWHUEUXVWKlQJHQGDVKO6DNUDPHQWLQEHLGHUOHL*HVWDOW'DVLVWEHL GHQ-DNRELWHQZLHEHLGHQ*ULHFKHQXQGEHLGHQ6XULDQHQ6LHJHEUDXFKHQ PDQFKHUOHL6SUDFKHQGHQQVLHZRKQHQLQYLHOHQ/lQGHUQ'RFKKDEHQVLH DXFKHLQHHLJHQH6SUDFKHGHUHQ$OSKDEHWKLHUIROJW                 



  

Y                   



 9RQGHQ1HŰWRULDQHQGLHŰÖFKDXFKIXUFULŰWHQY‰JHEHQb ‰ZRQHQDXFK]ţMKHUXŰDOHPYQGGDYPEHWWOÖFKDQGHUPēŰFKHQ JHKH\ŰŰHQ1HŰWRUÖDQLYRQH\QHPNHW]HU1HŰWRULRJHQĆWbGHUPLW Ű\QHUNHW]HU\H\QJUR‰WH\OGHVRULHQWVKDWWYHUJLIIWHWbY?EHŰXQ GHUGLHGLH\QSHUŰÖGHGHPODQGZRQHWWHQ\QJURŰŰHUPHQJHbY?GLŰHYHU  LHKHQŰÖFKDOODXFKFULŰWHQZHŰHQbZDQŰÖHGDVYHUIOţFKWPDFKRPHWLŰFKJH  ŰDW]JDUŰHHUKDŰŰHQbGRFKŰ\QŰÖHPLWGHU\UWXPGH‰REJHQDQWHQQHŰWRUÖM EHIOHFNHWbZHOFKHU1HŰWRULXVHWWZDQH\QELŰFKRII]ţ&ŇŰWDQWLQRSHOPLWW DOOHQ1HŰWRULDQHQŰ\QHQQDFKXROJHUQbJODXEHQQLWGD]GLHMXQJIUDXZ PDULDŰ\JHZHŰHQH\QJHEHUHU\QJRWWHVbŰXQGHUDOOH\QH\QPţWHUFULŰWL H\QVPHQŰFKHQbZDQŰÖHDXFKKDOWHQGD]]ZţSHUŰRQHQŰ\HQJHZHŰHQ\Q FULŰWRYQGHUŰFKH\GOÖFKbGLHH\QJRWWOÖFKbGLHDQGHUPHQŰFKOÖFKbDOVDXFK ]ZţQDWXU\QFULŰWRŰ\QJHZHŰHQbGHPQDFKŰÖHDXFKYHULHKHQGD]YQGHU  ŰFKH\GOÖFKFULŰWXVŰ\JHZHŰHQQLWH\QH\QLJHŰXEŰWDQ]Y‰JRWWOLFKHUY? PHQŰFKOÖFKHUQDWXUEHŰWHQGHbŰXQGHUH\QDQGHUQJRWWHVŰXQYQGGHQDQ GHUQGH‰PHQŰFKHQŰXQEHNHQQHQŰÖHbZHOFKHNHW]HU\Y?\UWXP\QGHPFŇ  FLOÖR(SKHŰÖQRÖŰWYHUZRUIIHQZRUGHQbY?DOOHGLHŰÖHKDOWHQŰ\QYHUEDQ

GHWb -WHPGLŰH1HŰWRUÖDQLFŇŰHFULUHQGDVKHLOÖJŰDFUDPHQWGH‰DOWDUV \QJHKHIIHOWHPEURGWHEHQZLHGLHNULHFKHŰFKHQbYQGJHEHQGDVMşJHQY? DOWHQYQGHUEHGHUJHŰWDOWYQGKDEHQŰXŰWDQ\QHQJDUYLOEŰHUDUWLNHO GHUKHLOÖJHQURPŰFKHQN\UFKHQJDQW]Z\GHULJbYRQZHOFKHQJDUODQJ]ţ ŰDJHQZHUHŰROWPDQŰÖHDOO\QEHŰXQGHUKH\WEHUţUHQb6\HEUXFKHQ\Q JRWWOÖFKHQDPSWHQYQGJHŰFKULIIWHQGLH&KDOGHLŰFKŰSUDFKY?]XQJbDEHU GLHŰDUUDFHQLŰFK]ţMKHUXŰDOHPYQG\QGēKHLOÖJHQODQGb-QDQGHUQODQ GHQRGHURUWKHQGHUZHOWUHGHQŰÖHGLHŰSUDFKGHUUHQPēŰFKHQE\GHQHQŰÖH ZRQHQb

 Y                    9RQGHQ1HVWRULDQHUQGLHVLFKDXFKDOV&KULVWHQDXVJHEHQ ,Q-HUXVDOHPXQGVHLQHU8PJHEXQJZRKQHQ0HQVFKHQGLHVLFKQDFKGHP .HW]HU 1HVWRULXV 1HVWRULDQHU QHQQHQ 1HVWRULXV KDW PLW VHLQHU .HW]HUHL HLQHQJUR‰HQ7HLOGHV2ULHQWVYHUJLIWHWEHVRQGHUVGLHMHQLJHQGLHLQJUR ‰HU=DKOLQ3HUVLHQZRKQHQ8QGDOOHGLHVHEHKDXSWHQYRQVLFK&KULVWHQ ]X VHLQ GHQQ GDV YHUIOXFKWH PRKDPPHGDQLVFKH *HVHW] KDVVHQ VLH VHKU 'RFKVLQGVLHPLWGHP,UUWXPGHV]LWLHUWHQ1HVWRULXVEHIOHFNW'LHVHU1H VWRULXV ZDU HLQ %LVFKRI YRQ .RQVWDQWLQRSHO 0LW GHQ 1HVWRULDQHUQ XQG PLWDOOVHLQHQ1DFKIROJHUQJODXEWHUQLFKWGDVVGLH-XQJIUDX0DULDGLH*H ElUHULQ *RWWHV JHZHVHQ VHL VRQGHUQ QXU GLH 0XWWHU &KULVWL GLH 0XWWHU HLQHV0HQVFKHQ'RFKJODXEHQVLHGDVVLQ&KULVWXV]ZHLXQWHUVFKLHGOL FKH3HUVRQHQH[LVWLHUWKlWWHQ²HLQHJ|WWOLFKHXQGHLQHPHQVFKOLFKH²XQG GDVV HV LQ &KULVWXV ]ZHL 1DWXUHQ JHJHEHQ KDEH 6LH JODXEHQ DXFK GDVV &KULVWXVHLQHXQWHUVFKLHGOLFKHQLFKWHLQHHLQ]LJH6XEVWDQ]EHVWHKHQGDXV HLQHUJ|WWOLFKHQXQGHLQHUPHQVFKOLFKHQJHZHVHQVHL6LHJODXEHQVWDWWGHV VHQDQHLQHQDQGHUHQ6RKQ*RWWHVXQGDQHLQHQDQGHUHQ0HQVFKHQVRKQ 'LHVH.HW]HUHLXQGGLHVHU,UUWXPVLQGLP.RQ]LOYRQ(SKHVXVYHUZRUIHQ ZRUGHQXQGDOOHGLHVLHIUZDKUKDOWHQVLQGPLWGHP%DQQEHOHJW,WHP NRQVHNULHUHQ GLH 1HVWRULDQHU HEHQVRZLH GLH *ULHFKHQGDV KHLOLJH 6DNUD PHQWGHV$OWDUVLQJHVlXHUWHP%URWXQGJHEHQHV-XQJHQXQG$OWHQLQEHL GHUOHL*HVWDOW8QGVLHKDEHQDXFKVRQVWYLHOHE|VH$UWLNHOGLHGHU+HLOL JHQ 5|PLVFKHQ .LUFKH JDQ] ZLGHUVSUHFKHQ XQG YRQ GHQHQ PDQ ODQJH VSUHFKHQ PVVWH ZROOWH PDQ VLH LP (LQ]HOQHQ DQIKUHQ ,P J|WWOLFKHQ $PWEHQXW]HQGLH1HVWRULDQHUGLHFKDOGlLVFKH6SUDFKHGRFKLQ-HUXVDOHP XQGLP+HLOLJHQ/DQGVSUHFKHQVLHVDUUD]HQLVFK,QDQGHUHQ/lQGHUQRGHU DQ DQGHUHQ 2UWHQ GHU :HOW EHQXW]HQ VLH GLH 6SUDFKH GHU 0HQVFKHQ EHL GHQHQVLHZRKQHQ

U                            9RQGHQ$UPHQLHQGLHDXFKŰÖFKFULŰWHQKH\ŰŰHQb   5PHQLŰ\QGLHPHQŰFKHQJHQDQWGLH\QGHPODQG$UPHQLD  E\$QWKLRFKLD]ZţŰFKHQGHQŰDUUDFHQHQYQGFULŰWHQODQGHQ  ŰXQGHUOÖFKZRQHQbGLHŰHOEHQKDEHQHWWOÖFKZ\‰YQQGŰXQGHU   OÖFKJHZRQKH\WHQYDŰWYQVJOÖFKbZDQQŰÖHKDEHQH\QH\JHQ ELŰFKRIIGHQŰÖH&DWKROÖFRQQHQQHQbGHPŰÖHDXFKJHKRUŰDPŰ\QPLWJURŰ ŰHUHUHYQGUHXHUHQW]bYRQGHPP\QŰWHQDQEL‰]ţGHPPH\ŰWHQbDOVZLU GHPEDEŰWb -WHPJUR‰]Z\WUDFKWŰ\Q]ZţŰFKHQ\QHQYQGHQNULHFKHŰFKHQY?ŰRO  OÖFKYQH\QLNH\WbGD]ŰÖHDOO]\WPÖWH\QDQGHUNULHJHQ\UHUŰWDWXWHQKDOE -WHPGLH$UPHQLKDOWHQGDVIHŰWGHU]\WWOÖFKHQJHEXUWFULŰWLQLWYIIGLH ]\WGHUZ\KHQQDFKWDOVZLUbŰXQGHUŰÖHYDŰWHQYIIGLHŰHOE]\WQRFKb$EHU DPb[LLbWDJQDFKGHUJHEXUWFULŰWLGHQZLUQHQQHQGHUGU\KH\OÖJHQNR  QLJWDJbŰRKDOWHQŰLHPLWŰDPSWGHPIHŰWGHUHUŰFK\QşJFULŰWLGD]IHŰWYRQ GHPWDXIIFULŰWLŰDJHQGD]ŰÖHGDPLWEHJHQGDVIHŰWŰ\QHUJH\ŰWOÖFKHQJH EXUWb$EHUŰÖH\UUHQZDQQYQŰHUKHUUMKHŰXVLŰWGXUFKGHQWDXII\Q\P ŰHOEHŰWQLWJH\ŰWOÖFKHQZ\GHUJHERUHQZRUGHQDOVZLUZHUGHQb

                                 

U



  9RQGHQ$UPHQLHUQGLHVLFKDXFK&KULVWHQQHQQHQ  $UPHQLHUVLQGGLH0HQVFKHQGLHLP/DQG$UPHQLHQEHL$QWLRFKLHQXQ WHUGHQ6DUUD]HQHQXQG&KULVWHQZRKQHQ6LHKDEHQHLQLJH6LWWHQXQG*H EUlXFKHGLHGHQXQVULJHQJOHLFKVLQG6LHKDEHQHLQHQ%LVFKRIGHQVLH&D WKROLFRQQHQQHQGHPVLHJHKRUVDPVLQGXQGGHPVLHJUR‰H(KUHXQG5H YHUHQ] HUZHLVHQ YRP .OHLQVWHQ ELV ]XP *U|‰WHQ VR ZLH ZLU HV GHP 3DSVWJHJHQEHUWXQ 'RFK JLEW HV HLQH JUR‰H =ZLHWUDFKW ]ZLVFKHQ LKQHQ XQG GHQ *ULHFKHQ XQGHLQHVROFKH8QHLQLJNHLWGDVVVLHZHJHQLKUHU6WDWXWHQLPPHU]XPLW HLQDQGHU .ULHJ IKUHQ 'LH $UPHQLHU KDOWHQ GDV )HVW GHU ]HLWOLFKHQ *H EXUW&KULVWLQLFKWLQGHU=HLWYRQ:HLKQDFKWHQZLHZLUVRQGHUQVLHIDVWHQ LQ GLHVHU =HLW QRFK $EHU DP GUHL]HKQWHQ 7DJ QDFK GHU *HEXUW &KULVWL GHQZLUGHQKO'UHLN|QLJVWDJQHQQHQDQGLHVHP7DJIHLHUQVLHPLWGHP )HVWGHU(UVFKHLQXQJ&KULVWLGDV)HVWYRQGHU7DXIH&KULVWLXQGVDJHQVLH EHJLQJHQ GDV)HVWVHLQHU JHLVWOLFKHQ *HEXUW$EHU PLWGLHVHU$XIIDVVXQJ LUUHQ VLH GHQQ XQVHU +HUU -HVXV LVW GXUFK GLH 7DXIH QLFKW QHX JHERUHQ ZRUGHQZLHHVEHLXQVHUHU7DXIHGHU)DOOLVW



Y 

ZDQHUGH‰WDXIIVQLWKDWWEHGRUIIHWŰ\QHVKDOEHQbZDQHUNH\QŰXQGKDW HQSIDQJHQRGHUEHJĆJHQbŰXQGHUHUKDWWGD]ţPDOGēZDŰŰHUQGLHNUDIIW JHEHQGD]ZÖUGDU\QQPRFKWHQZ\GHUJHERUHQY?JHUH\QLJHWZHUGHQb -WHPGÖH$UPHQLKDOWHQGÖHYDŰWHQGDVLŰWGLHYLHUW]LJWDJYRURŰWHUQ HEHQ]ţGHU]\WDOVZÖUbDEHUPLWJURŰŰHUPYO\‰GDQZÖUbZDQŰLHQLWDO  OH\QŰÖFKHQWKDOWHQYRQIOHLŰFKbNH‰bH\HUQbY?PLOFKbŰXQGHUŰÖHHŰŰHQDXFK NH\QIÖŰFKbYQQGEUXFKHQNH\QOO\QGHUŰS\‰bYQQGWULQFNHQNH\QZ\Qb $EHUŰRGLFNŰÖHZROOHQHŰŰHQŰÖHIUXFKWRGHURE‰YQGJHP‰b9QGŰÖWWH  PDOŰÖHGHQNULHFKŰFKHQYQG6XULDQHQZ\GHUÖJŰ\QŰRHŰŰHQŰÖHIOHLŰFKYII HWWOÖFKIU\WDJ\PMDUbGHQŰHOEHQ]ţWUDW]b -WHP\USULHŰWHUWKţQDXFKNH\QZDŰŰHUYQGHUQZ\Q\QGHUPH‰DOV DXFKGLHNULHFKHŰFKHQWKţQb$EHUŰXŰWŰ\QŰÖHYDŰWYQVJOÖFKIRUPLJ\P DPSWGHUPH‰bKDEHQGHNHOFKYQGSDWHQ\QPD‰DOVZLUbGRFKKHEHQŰ\H YQŰHUQKHUUHQ\QH\QHUSDWHQYIIQLWDOVZLUbDEHUGHQNHOFKQDFKYQŰHU Z\‰b-WHPGÖHDUPHQLKDEHQYRU]\WHQGHUKHLOÖJHQUPŰFKHQNÖUFKHQ Y?GēEDEŰWJHKRUŰDPHJHWKDQbEHŰXQGHUGR\UNRQÖJGDVOHKHQHQSIÖHQJ YRQGHPUPŰFKHQNH\ŰHU+HLQUÖFRJHQDQWbYQGYRQH\PHUW]EÖŰFKRII GHU]\W]ţ0H\QW]GLHNRQLJOÖFKNURQbGDEHL@ *OHLFKQLVVH XQG =HLFKHQ SUHGLJHQ8QG HV LVW QXU UHFKW XQGELOOLJZHQQGHUKO3DXOXVVDJWGDVVHLQVROFKLUUHQGHUXQGXQZLVVHQ GHU 0HQVFK DXFK YRQ *RWW QLFKW JH XQG HUNDQQW ZHUGH 'DV VLQG GLH 0HQVFKHQYRQGHQHQ'DYLGVDJW6LHZROOHQQLFKWZLVVHQZDVVLH*XWHV WXQVROOHQ:HQQHLQ0HQVFKGHU/HKUHURGHU3UHGLJHUPLWJHJHQVlW]OL FKHQ /HKUHQ JHIXQGHQ KDW GLH HLQHQ JOlXELJ GLH DQGHUQ XQJOlXELJ RGHU NHW]HULVFKNDQQHUGDQQQLFKWDXVHLJHQHU9HUQXQIWRGHUQDFKHLQHP%H ULFKW YRQ LKUHU /HKUH RGHU YRQ LKUHP /HEHQ HUNHQQHQ ZDV HU JODXEHQ VROO"'LH$QWZRUWDXIGLHVH)UDJHODXWHW:HQQLKPQLFKWGLHPHQVFKOLFKH 9HUQXQIWPLWWHLOWZDV]XWXQHUVFKXOGLJLVWVRVROOHU*RWWXP+LOIHDQUX IHQXQGVLHHUELWWHQZLHGHUKO$XJXVWLQXVVDJWXQGPLWJDQ]HP(UQVW GDUXP ELWWHQ GDVV *RWW GHU (UOHXFKWHU GHU +HU]HQ LKP GHQ :HJ GHU :DKUKHLW ]HLJHQ XQGZHLVHQ P|JH XQG HUVROO*RWW VHLQH 9HUQXQIW XQG VHLQ+HU]]XQHLJHQGDPLWHULKQHQGHQ7HLO]XIJHGHULKQHQIHKOW8QG GDQQPXVVPDQRKQHDOOHQ=ZHLIHODQGLH%DUPKHU]LJNHLW*RWWHVJODXEHQ XQG GDUDQ GDVV HU HLQHP VROFK DQNORSIHQGHQ 0HQVFKHQ GLH 7U GHU :DKUKHLWDXIWXQZLUG8QGVHLQ+HU]P|JHYHUKWHQGDVVHULUUHQ RGHU GHP ,UUWXP KXOGLJHQ ZHUGH XQG EHVRQGHUV DXFK GDVVEHLP 6XFKHQ GHU :DKUKHLWHLQ9HUVlXPQLVJHVFKHKHRGHUHLQHDQGHUH6QGHGLH6XFKHEH KLQGHUH 'HQQ *RWW EHVFKW]W GLH 0HQVFKHQ GLH *RWW OLHEW :LH 'DYLG VSULFKW(UEHVFKLUPWGLH0HQVFKHQGLHHLQIlOWLJOHEHQZLHGHU:HLVHLP %XFK GHU 6SUFKH VDJW :LU IJHQ QRFK KLQ]X :HLO GLH PHQVFKOLFKH 9HUQXQIWGD]XJHVFKDIIHQLVW GLHKHLOEULQJHQGH:DKUKHLW]XVXFKHQXQG ]X HUNHQQHQ GHVKDOE LVW HV DXFK LKUH 3IOLFKW JUR‰HQ )OHL‰ XQG JUR‰H %HVRUJQLVDXIGLHVH6XFKH]XYHUZHQGHQ:HQQVLHGDVQLFKWWlWHVRZlUH GDVHLQVFKlGOLFKHVXQGVQGKDIWHV9HUVlXPQLV,WHPLVWHVEHNDQQWXQG RIIHQVLFKWOLFK GDVV XQVHUH 9HUQXQIW ]LHPOLFK VFKQHOO XQG HUIROJUHLFK LVW *RWW]XVXFKHQXQG]XILQGHQXQGLQVRIHUQLVWHVLKUH3IOLFKWGDV]XWXQ 1RFK HWZDV DQGHUHV PXVV JHVDJW ZHUGHQ *RWW LVW JHQHLJW XQG KHJW GHQ :LOOHQ VLFK ]X RIIHQEDUHQ XQG DOO GHQHQ ]X KHOIHQ GLH LKQ VXFKHQ (U QlKHUW VLFK DOOHQ GLH VLFK LKP QlKHUQ :HQQ PDQ GDV ULFKWLJ YHUVWHKW GDQQEHPHUNWPDQGDVVDOOHGLHDXIGHP:HJGHU:DKUKHLWLUUHQDOOHGLH DXVGHPVHOEHQRGHUGHPJOHLFKHQ*UXQGXQGDXIJUXQGGHUVHOEHQ6FKXOG LUUHQGDVVVLHDXVHLJHQHP9HUVlXPQLVVFKXOGVLQGGLH:DKUKHLW]XHUIRU VFKHQRGHUVLHYRQDQGHUHQ]XHUIUDJHQRGHUGLHJ|WWOLFKH+LOIHDQ]XUXIHQ RGHU XP VLH ]X ELWWHQ RGHU LQGHP VLH QLFKW WXQ ZDV GHU :DKUKHLW HQW VSULFKWRGHUZHQQMHPDQGQLFKWWXWZRYRQHUZHL‰GDVVHUHVWXQPXVV² GHULVWQLFKWZUGLJGLH(UNHQQWQLVGHVVHQ]XHPSIDQJHQZDV]XWXQLVW XQGZRYRQHUQRFKQLFKWVZHL‰,WHPLVWIUMHGHQ0HQVFKHQ]XKRIIHQ ²ZHQQHUPLW(LIHUVHLQH9HUQXQIWJHEUDXFKW     



Y 

PLWJDQW]HPYO\‰\QGHQHQGLQJHQGLHHUŰHOEHUPDJYHUŰWDQGD]\PH GXUFKJRWWOÖFKRIIHQEDUXQJRGHU\QŰSUHFKXQJŰ\QYHUQXQIIWZHUGHHU  OXFKWHW]ţHUNHQQHQGLHGLQJGLHHUGXUFKH\JHQHYHUQXQIIWQLWWPRFKWH HUNHQQHQRGHUGD]\PŰXŰWZHUGHYHUNXQGHWGD]]ţŰ\QHPKH\O\PQRWW LŰW$OVGHPJHLŰWOÖFKHQPDQ&RUQHOÖRH\PKHLGHŰFKHQDPSWPDQJHŰFKD  KH]ţGHPŰDQW3HWHUJHŰDQGWZDUGGHU\QHQPLWŰDPSWDOOHPŰ\QHPJH Ű\QGH]XPFUÖŰWHQJODXEHQEHNHUHWbDOVPDQO\ŰHW\QGHPEţFKGHUZHUFN GHUDSRŰWHOQDPb[bFDSLWHOb'DUYPEŰDJHQZLUGD]REHPHQŰFKJDQW] DOOHLQZHUHYHUUYRQDOOHQPHQŰFKHQY?JHEUXFKHWŰÖFKŰ\QHUYHUQXQIIW QDFKGHPEHŰWHQbY‰HUNDQWQX‰ŰÖHFKWEDUOÖFKHUFUHDWXUPRFKWHUHUNHQQē GHQŰFKSIIHUYQGYÖODQGHUVYRQ\PbDOVGDVGHUŰHOEŰRHUGHUREHUŰWLŰW YQGGDVKRFKŰWHJţWZHUH]ţHUHQb]ţOÖHEHQY?DQ]ţEHWWHQIXUDOOFUHD  WXUHWFb9QGŰRHUŰROOÖFKVHUIXQGHY‰GHUFUHDWXUbZXUGH\PJRWWGXUFK H\JHQ\QŰSUHFKXQJRGHUGXUFKHQJHOŰFKRGHUPHQŰFKOÖFKYQGHUZ\ŰXQJ YQGOHUHYLODQGHUGLQJJHEHQ]ţXHUŰWDQbZDQQ\HGDV]ţJODXEHQLŰWb GD]JRWWQ\HPDQZROOHYHUODŰŰHQGHU\PYO\ŰŰÖJOÖFKHQDQKDQJHWbYQG DOŰRLŰWFODUYQGRIIHQEDUY‰\W]JHŰDJWHQYUŰDFKHQGD]GÖHYHUGDPQ‰ EÖOOÖFKYQGUHFKWLŰWGHUUHQPHQŰFKHQGÖHŰROOÖFKVQLWWWKXQGD]ŰÖHŰROWHQ YQGWKţQPRFKWHQGDPLWGD]ŰÖH]ţGHPZHJGHUZDUKHLWYQGGH‰KH\OV NPHQb 'D]ŰÖHDEHUIUDJHQYRQGHUJURŰŰHQPHQJHGHUYHUGDPSWHQ ZRU]ţŰLHJRWWKDEHUŰFKDIIHQbLŰWGL‰H\QJHPH\QHUEHŰOR‰GHUOHUHUbGD] JRWWY‰JURŰŰHUUÖFKWXPŰ\QHUJţWHKDWWGLHPHQŰFKHQHUŰFKDIIHQbYQQG KDWWGHQHQYÖOJţWVEHZ\ŰHWbDEHUS\QRGHUŰWUDIIKDWWHUQ\HNH\QēPHQ  ŰFKHQ]ţJHIXJHWY?ZXUGWDXFKQşPHU]ţIXJHQGHUPHQŰFKKDEH‰GDQ ZROYHUGLHQHWb'D]DEHUŰRYLOŰ\QGHUUHQGLHYHUGDPPHWZHUGHQbY?ŰR ZēQLJGHUUHQGÖHGRŰHOÖJZHUGHQbGH‰KDEHQZLUH\QJURŰŰHJOÖFKQX‰\Q QDWXUOÖFKHQYQGDXFK\QŰÖWWOÖFKHQGLQJHQbZDQDOOZHJHQJURŰŰHUPHQ JHÖŰWGHUŰFKQRGHQYQGYQHGHOHQGLQJGDQGHUNRŰSHUOÖFKHQYQGHGHOHQ DOVPHHEO\YQG\‰HQLŰWGDQJROWYQGŰÖOEHUbYQGPHHJHPHLQHUJUREHU ŰWH\QGDQHGHOJHŰWH\QbDXFKPHHH\FKHQEDXPYQGWKHQQHKROW]GDQFH  GDURGHUSDOPHQEDXPbDOVDXFKYLOPHHŰ\QGHUWRUHFKWHQPHQŰFKHQ GDQGHUZ\ŰHQbYQQGYLOPHHGHUERŰHQGDQGHUJţWHQb-DDOVGHUZ\‰ ŰSUÖFKWbGLH]DOOGHUWKRUHQLŰWRQHQGJUR‰b-WHPZLUŰHKHQGD]JRWWYQ  GHUGHUJURŰŰHQ]DOOGHUPēŰFKHQZēQLJYHUKHQJHWNH\ŰHURGHUNRQLJDXFK ]\WWOÖFKHQZHUGHQYEHUGLHNOH\QHQYQQGŰFKQRGHQNRQLJULFKGLŰHUZHOW GLHGREDOG]HUJHHQYQGZLUYHUZXQGHUQYQVGH‰QLWWbZLHYLOPHHŰROO YQVQLWWZXQGHUQēPHQREJRWWZēQLJHQPHQŰFKHQYHUO\KHŰ\QHK\P  PHOOÖŰFKHJURŰŰHPHFKWLJHYQGHZLJHULFK]ţHUODQJHQb -WHPŰHKHŰWXYRQKXQGHUWPHQŰFKHQQQHYQGQXQW]ÖJPLWWJDQW]HP YO\‰YQGY‰DOOHQNUHIIWHQODXIIHQH\QZHJGHUGRIXUHW]XPWRGHbYQG         



Y 



IUGLH'LQJHGLHHUVHOEVWQLFKWYHUVWHKW²GDVVLKPGXUFKJ|WWOLFKH2I IHQEDUXQJRGHU(LQJLH‰XQJVHLQH9HUQXQIWLQHLQHU:HLVHHUOHXFKWHWZLUG GDVVHUGLH'LQJHHUNHQQWGLHHUDXIJUXQGHLJHQHU9HUQXQIWQLFKWHUNHQ QHQNDQQRGHUGDVVLKPDXIDQGHUH:HLVHYHUNQGHWZLUGZDVLKP]XVHL QHP+HLOIHKOW6RLVWHVGHPKHLGQLVFKHQ+DXSWPDQQ&RUQHOLXVJHVFKH KHQ ]XGHPGHUKO3HWUXVJHVFKLFNWZXUGHXQGGHULKQPLWVDPWVHLQHP *HVLQGH]XPFKULVWOLFKHQ*ODXEHQEHNHKUWHPDQNDQQGLHVH(SLVRGHLP  .DSLWHO GHU $SRVWHOJHVFKLFKWH QDFKOHVHQ 'HVKDOE EHKDXSWHQ ZLU ZHQQHLQ0HQVFKJDQ]DOOHLQZlUHXQGIHUQYRQDOOHQ0HQVFKHQXQGJH EUDXFKWH VHLQH 9HUQXQIW LQ EHVWHU :HLVH VR ZUGH HU GHQ 6FK|SIHU GHU VLFKWEDUHQ 1DWXU HUNHQQHQ XQGYLHO DQGHUHVYRQ *RWWDXFK GDVV HU GDV REHUVWHXQGK|FKVWH*XWLVWGDVDOOH.UHDWXU]XYHUHKUHQ]XOLHEHQXQG DQ]XEHWHQKDWHWF8QGZHQQGLHVHU0HQVFKGDVLQDOOHQ6SUDFKHQGHU1D WXUHUNDQQWKlWWHZUGHLKP*RWWGXUFK(LQIOVWHUXQJRGHUGXUFKHQJOL VFKH RGHU PHQVFKOLFKH 8QWHUZHLVXQJ XQG /HKUH YLHOH DQGHUH 'LQJH ]X YHUVWHKHQJHEHQ'HQQZHQQPDQJODXEWGDVV*RWWQLHPDQGYHUOlVVWGHU LKPPLW(LIHUDQKlQJWGDQQIROJWDXVGHP*HVDJWHQGDVVGLH9HUGDPP QLVIUGLHMHQLJHQ0HQVFKHQUHFKWXQGELOOLJLVWGLHQLFKWGDVWXQZDVVLH WXQN|QQWHQ :HQQDEHUQDFKGHUJUR‰HQ0HQJHGHU9HUGDPPWHQJH IUDJWZLUGXQGGDQDFKZR]X*RWWVLHHUVFKDIIHQKDWVRLVWPLWIROJHQGHU /HKUPHLQXQJ]XDQWZRUWHQ*RWWKDWDXVGHPEHUVFKZlQJOLFKHQ5HLFK WXPVHLQHU*WHGLH0HQVFKHQHUVFKDIIHQXQGKDWLKQHQYLHO*XWHVHUZLH VHQ 3HLQ DEHU XQG 6WUDIH KDW HU QLHPDOV HLQHP 0HQVFKHQ ]XJHIJW XQG ZLUGGLHVDXFKQLHPDOVWXQHVVHLGHQQGHU0HQVFKKlWWH GDVZRKOYHU GLHQW'DVVHVDEHUVRYLHOH9HUGDPPWHJLEWXQGVRZHQLJHGLHVHOLJZHU GHQGDIUKDEHQZLUHLQHLQGUFNOLFKHV*OHLFKQLVLQQDWUOLFKHQXQGDXFK LQVLWWOLFKHQ'LQJHQ:DVGLHJUR‰H0HQJHEHWULIIWVRJLEWHVPHKUQLHGUL JHXQGXQHGOH'LQJHDOVNRVWEDUHXQGHGOHHVJLEWPHKU%OHLXQG(LVHQDOV *ROGXQG6LOEHUPHKUJHPHLQHJUREH6WHLQHDOV(GHOVWHLQHPHKU(LFKHQ XQG 7DQQHQ DOV =HGHUQ XQG 3DOPHQ GHVKDOE DXFK YLHO PHKU W|ULFKWH 0HQVFKHQDOV:HLVHXQGYLHOPHKUE|VH0HQVFKHQDOVJXWH-DHVLVWVR ZLHGHU:HLVHVDJW'LH=DKOGHU7RUHQLVWRKQH(QGHJUR‰:LUVHKHQMD DXFKGDVV*RWWXQWHUGHUJUR‰HQ=DKOYRQ0HQVFKHQZHQLJH.DLVHURGHU .|QLJHDXFKJHZlKOWH.|QLJHEHUGLHNOHLQHQXQGHLQIDFKHQ.|QLJUHL FKHGLHVHU:HOWJHVHW]WKDWGLHDXFKEDOGYHUJHKHQ²XQGZLUYHUZXQGHUQ XQV GDUEHU QLFKW :DV XQV DEHU YHUZXQGHUQ VROO GDV LVW GLH )UDJH RE *RWWQXUZHQLJHQ0HQVFKHQJHZlKUWVHLQKLPPOLVFKHVJUR‰HVPlFKWLJHV XQGHZLJHV5HLFK]XHUODQJHQ ,WHP VLHKVW GX YRQ KXQGHUW 0HQVFKHQ QHXQXQGQHXQ]LJ PLW DOOHP (LIHU XQGDXVDOOHQ.UlIWHQHLQHQ:HJJHKHQGHU]XP7RGHIKUW8QG           



U 

QLWPHHGDQH\QHQODXIIHQH\QZHJGHUGRIţUHW]XPOHEHQŰREHIUHPE  GHWGLFKQLWGD]GLHDQGHUQDOO\QWRGWYDOOHQRGHUŰWHUEHQY?GHUDOOHLQ EHO\EHWOHEHQb$OŰRŰRGXŰ\KHŰWH\QŰROOÖFKJUR‰ŰFKDUUGHUPHQŰFKHQ\OHQ YQGODXIIHQ]ţGHPHZLJHQWRGGXUFKGLHŰXQGHbYQGŰRZHQQLJ]ţGHP HZLJHQOHEHQGXUFKGLHWţJHQGHb6ROOGLFKQLWEHIUHPEGHQGD]HLQ\HGHU GDVHQGHUODQJYQGEHJULIIHGDU]ţHUPLWJDQW]HPYO\‰YQGY‰DOOHQ NUHIIWHQ\OHWYQQGODXIIHWb'HPDOOHPQDFKGD]JRWWH\QŰROOÖFKJURŰŰH PHQJHKDWWJHŰFKDIIHQGHUUHQPHQŰFKHQGLHHUIXUJHŰHKHQKDWYHUGDPSW ŰROOHQZHUGHQŰROWXGLFKYHUZXQGHUHQŰ\QHUJRWWOÖFKHQJţWHGD]HUGHQ ŰHOEHQPHQŰFKHQŰRYLOJţWVKDWWEHZLHŰHQY?JHWKDQbŰRHUGRFKZROHU  NDQGWKDWWGD]ŰÖH\PYQGDQFNEHUZXUGHQŰ\Qb'DU]ţYHUZXQGHUGÖFK GHUER‰KH\WGHUPHQŰFKHQGLHGHQP\OWHQUÖFKHQJHEHUDOOHUJţWHUJRWWb PÖW\QHQH\JHQJDEHQHU]RUQHQYQGZ\GHUŰWULWWHQb9QGEHGHQFNDOŰR GLHEDUPKHUW]LNH\WJRWWHVbGD]GXGDE\Ű\QHUJHUHFKWLNH\WDXFKQLWYHU  JHŰŰHŰWbZHOFKHJHUHFKWÖNH\WGLHPHQŰFKHQGLHGLHEDUPKHUW]LNH\WŰFKDIIHWb ŰS\ŰHWbUHJÖHUHWbYQGYIIHQWKDOWHWbŰRŰLHŰROOÖFKHQJţWWKDWHQYQGDQFN  EHUŰ\QbELOOÖFKHQYHUGDPPHWb9QGZDVÖŰWZXQGHUGD]GLHJHUHFKWLNH\W JRWWHVGHQŰXQGHUQZ\GHUJ\OGWGD]ŰLHYHUGLHQHWKDEHQb'XYHUZXQ  GHUŰWGLFKQLWGD]GLHŰţQQOXFKWHWbYQQGGDVIXZHUK\W]LJHWbYQGGD]GLH EDUPKHUW]LNHLWJRWWHVGHQPHQŰFKHQYÖOJţWV]ţIXJHWb6ROD‰GLFKDXFK QLWZXQGHUQēPHQGD]GLHJHUHFKWLNH\WJRWWHVGLHPHQŰFKHQŰWUDIIHbGÖH JRWWZ\GHUŰSHQQLJY?YQJHKRUŰDPŰ\QbY?Ű\QHQJţWWKDWHQYQGDQFN  EHUbZDQZDVH\Q\HWWOÖFKHUŰH\HWGDVZXUGWHUDEŰFKQ\GHQbDOVŰDQFWXV 3DXOXVŰSULFKW$G*DODWKDVDPbYMbFDSLWHOb6\QZLUJţWWH‰EO\EHW QLWYQEHORQHWbŰ\QZLUDEHUER‰H‰EO\EHWDXFKQLWWYQJHŰWUDIIHWb:DQQ DOVGHUZ\‰UHGWbJRWWKDWWGHQPHQŰFKHQYRQDQEHJ\QUHFKWYQGJţWW JHŰFKDIIHQYQGKDWW\QYHUODŰŰHQ\QJHZDOWŰ\QHVUDWKVYQGKDWW\PH IXUJHŰDW]HWZDŰŰHUY?IXZHUbGDVOHEHQYQGGHQWRGWbJţWVYQGER‰bYII GDVGD]HUHUZHOHWHZHOFKHVHUZROWHb 'D]ŰÖHGDUQDFKIUDJHQZDUYPEJRWWO\GHŰROOÖFKYHUGHUEXQJGHU PHQŰFKHQGLHHUJHŰFKDIIHQKDWWbRGHUZDVOXŰWHVHUKDEH\Q\UHUHZLJHU YHUGDPQX‰bŰDJHQZLUGD]H\JHWOLFKHQJRWWGDVKRFKŰWJţWQLFKWVY‰  ZHQQLJ\PŰHOEHUHUOXŰWLJHWbDEHUGLHS\QYQGŰWUDIIGHUERŰHQHUOXŰWLJHW \QHQŰRYLOŰÖHDOO]\WWJţWLŰWYQGHU]HXJHQŰ\QHJHUHFKWLNHLWbGLHGDU\Q DXFK]ţOREHQLŰWbGDUYPEŰÖFKDXFKGLHŰHOÖJHQ\PYDWWHUODQGGHUŰHOEē ŰWUDIIŰRYLOPHHZHUGHQIUHZHQŰRYLOPHHŰLHGLHJHUHFKWLNHLWJRWWHVZHU GHQOÖHEHQY?HUNHQQHQbDOVGDXLGŰSUÖFKWbGHUJHUHFKWZXUGWŰÖFKIUHZHQ ŰRHUZXUGWŰHKHQGHQUDFKJRWWHVDQGHQHQYHUGDPSWHQYQGZXUGWŰ\Q KHQGHZHŰFKHQ\PEOţGWGH‰ŰXQGHU‰b 9‰DOOHPGLŰHPGD]ZLU\W]JHŰDJHWKDEHQŰROONXQGWŰ\QH\P\HGHQ PHQŰFKHQGDVGLHJRWWOLFKJţWHJUR‰OLFK]ţOREHQLŰWb\QGHPGD]HUGHQ        



U 



QLFKWPHKUDOVHLQHUJHKWHLQHQ:HJGHU]XP/HEHQIKUW8QGGHVKDOE EHIUHPGHWHVGLFKDXFKQLFKWZHQQDOOHDQGHUQWRWXPIDOOHQXQGVWHUEHQ XQGGHUHLQHDOOHLQDP/HEHQEOHLEW'XVLHKVWDOVRZLHZHJHQGHU6QGH HLQHVRJUR‰H0HQVFKHQVFKDUGHPHZLJHQ7RGHQWJHJHQOlXIWXQGZLHZH QLJ0HQVFKHQGDQNLKUHU7XJHQG]XPHZLJHQ/HEHQILQGHQ(VVROO'LFK QLFKWEHIUHPGHQGDVVMHGHUGDV(QGHHUODQJHXQGHUJUHLIHDXIGDVHUPLW VHLQHUJDQ]HQ$QVWUHQJXQJXQGDXVDOOHQ.UlIWHQHLOHQGV]XVWUHEW:HQQ DOVR*RWWHLQHVRJUR‰H0HQJH0HQVFKHQJHVFKDIIHQKDWIUGLHHUYRUJH VHKHQKDWGDVVVLHYHUGDPPWZHUGHQVROOHQGDQQVROOWHVW'XEHUVHLQH J|WWOLFKH *WH VWDXQHQ 'HQQ GHQVHOEHQ 0HQVFKHQ KDW HU VR YLHO *XWHV EHZLHVHQ XQG ]XNRPPHQ ODVVHQ REZRKO HU VLFKHUOLFK JHVHKHQ KDW GDVV VLHLKPXQGDQNEDUVHLQZUGHQ$X‰HUGHPYHUZXQGHUW'LFKGLH%RVKHLW GHU0HQVFKHQGLHGHPPLOGHQJUR‰]JLJHQ*HEHUDOOHU*WHU*RWWPLW VHLQHQHLJHQHQ*DEHQHU]UQHQXQGLKP]XP7URW]KDQGHOQ%HGHQNHDO VRGLH%DUPKHU]LJNHLW*RWWHVXQGYHUJLVVGDEHLQLFKWVHLQH*HUHFKWLJNHLW (LQH *HUHFKWLJNHLW GLH GHQ 0HQVFKHQ %DUPKHU]LJNHLW HU]HLJW GLH VLH VSHLVWUHJLHUWXQGHUKlOW²XQGZHQQVLHVROFKHQ:RKOWDWHQJHJHQEHUXQ GDQNEDUVLQGZHUGHQVLH]X5HFKWYHUGDPPW8QGVROOPDQVLFKGDUEHU YHUZXQGHUQ GDVV GLH *HUHFKWLJNHLW *RWWHV GHQ 6QGHUQ GDV YHUJLOW ZDV VLH YHUGLHQW KDEHQ" 'X ZXQGHUVW 'LFK >GRFK DXFK@ QLFKW GDVV GLH 6RQQHVFKHLQWXQGGDV)HXHUEUHQQWXQGGDVV*RWWHV%DUPKHU]LJNHLWGHQ 0HQVFKHQVRYLHO*XWHV]XNRPPHQOlVVW6REUDXFKWHV'LFKDXFKQLFKW ]X YHUZXQGHUQ GDVV GLH *HUHFKWLJNHLW *RWWHV GLH 0HQVFKHQ VWUDIW GLH *RWWJHJHQEHUZLGHUVSHQVWLJXQJHKRUVDPXQGVHLQHQ:RKOWDWHQJHJHQ EHUXQGDQNEDUVLQG'HQQZDVMHPDQGVlWGDVZLUGHUDXFKHUQWHQZLH GHUKO3DXOXVGHQ*DODWHUQLP.DSLWHOVHLQHV%ULHIVVFKUHLEW:HQQ ZLUJXWVLQGEOHLEWGDVQLFKWXQEHORKQWVLQGZLUDEHUE|VHVREOHLEWGDV DXFKQLFKWXQJHVWUDIW6RVDJWHGHQQDXFKGHU:HLVH*RWWKDWGHQ0HQ VFKHQYRQ$QEHJLQQUHFKWXQGJXWHUVFKDIIHQHUKDWLKPVHLQHQ5DWEHU ODVVHQ XQG KDW LKP :DVVHU XQG )HXHU ]XU :DKO JHVWHOOW GDV /HEHQ XQG GHQ7RGGDV*XWHXQGGDV%|VH²DXIGDVVHUHQWVFKHLGHZHOFKHVHUZRO OH 1XQIUDJHQVLHGDQDFKZDUXP*RWWVROFKHV9HUGHUEQLVGHU0HQVFKHQ GXOGHGLHHUJHVFKDIIHQKDWRGHUZHOFKH*HQXJWXXQJHUDQLKUHUHZLJHQ 9HUGDPPQLV KDEH :LU DQWZRUWHQ GDUDXI IROJHQGHUPD‰HQ 'D *RWW GDV K|FKVWH*XWHLVWJLEWHVQLFKWVDX‰HUKDOEGDVLKQVHOEVWHUJ|W]HQN|QQ WH'RFKGLH3HLQXQGGLH6WUDIHGHU%|VHQN|QQWHQLKQHUIUHXHQGDVLH> GLHVH0D‰QDKPHQ@LPPHU]XJXWVLQG XQG*HUHFKWLJNHLWKHUVWHOOHQGDIU VLQGVLHDXFK]XOREHQ'HVKDOEZHUGHQVLFKDXFKGLH6HOLJHQLP9DWHUODQG EHU HLQH 6WUDIH XPVR PHKU IUHXHQ MH PHKU VLH DQ LKU GLH *HUHFKWLJNHLW *RWWHV OLHEHQ XQG HUNHQQHQ ZHUGHQ 6R VDJW DXFK 'DYLG 'HU *HUHFKWH ZLUGVLFKIUHXHQZHQQHUGLH5DFKH*RWWHVDQGHQ9HUGDPPWHQVLHKWXQG HUZLUGVHLQH+lQGHLP%OXWGHV6QGHUVZDVFKHQ $XVGHPZDVZLUMHW]WJHVDJWKDEHQVROOMHGHP0HQVFKHQGHXWOLFKZHU GHQGDVVGLH*WH*RWWHVVHKU]XSUHLVHQLVW,QVRIHUQDOVHUGHQ      



Y 

EŰHQYQGŰXQGWOÖFKHQPHQŰFKHQbRQGDVZHŰHQYQGOHEHQY?DQGHUQD WXUOLFKJţWHUbYHUO\KHWDXFKJQDGULFKHYQG]\WWOLFKHJţWHUb'D]DEHUHU \QHQQLWPHHJ\EHWbLŰWQLWGDUYPEbGD]HUGLHKDQGWŰ\QHUP\OWÖNHLW\Qē HQW]\KHbŰXQGHUGDUYPEGD]ŰLH\UKHQGHQLWGDUZROOHQUH\FKHQbRGHUGLH ŰHOEHQPLWDQGHUQŰDFKHQEHNşPHUHQbGHPQDFKH‰UHFKWYQQGELOOÖFKLŰW GD]ŰLHŰRYLOPQHUHQWSIDKHQYRQJRWWbŰRYLOŰÖHŰÖFKZHQGHQYQGDENH UHQYRQ\PbDOVbGD]GLHŰXQQQLWWDOOPHQŰFKHQEHOXFKWHWbLŰWQLWŰFKXOG GHUŰXQQHQGLH\UHQJODQW]Q\PDQHQ]XFKWbŰXQGHUGHUUHQŰFKXOGGLHŰÖFK YRQ\UHPOLHFKWYHUEHUJHQb   EQRFK\HPDQGYEHUOHŰHQGHGLŰHYRUJHQGHPDWHULJYRQPDQFK  HUOH\ŰHFWHQYQGQDFLRQHQŰDJHQGHHWFbEHJHUHW]ţZLŰŰHQYUŰD   FKHQZţKHUŰRYLO\UWKXPŰ\HQHWŰSUXQJHQYQGNŇPHQbZÖH  ZROŰROOÖFKVY‰GHPGD]K\HYRUJHŰDJWÖŰWPDJYHUPHUFNHW ZHUGHQbGRFKGDPLWWGD]ED‰NXQGWEDUZHUGHLŰW]ţZLŰŰHQbGD]GLHHUŰWH YQGJURŰWHYUŰDFKDOOHU\UUXQJLŰWGLHŰXQGHGHUYHUŰXPOÖNH\WDOVGLH PHQŰFKHQGLHZDUKH\WY?JRWWOÖFKKLOIIQLWŰţFKHQRGHUDXFKH\Q\HGHDQ GHUHJURŰŰHŰXQGGÖHJRWWOÖFKHUJQDGHQGēZHJYHUŰOţŰŰHWGD]ŰÖHGHQPHQ ŰFKHQQLWPDJHUOXFKWHQbZDQJDUELOOOÖFKYQQGQDFKUHFKWHPYUWH\OŰROO GHUPHQŰFKJRWWHVKLOIIEHUDXEHWZHUGHQGHUGH‰ŰHOEHQQLWWEHJHUHWRGHU QLWŰţFKHWbDXFKJDUELOOLFKŰROOGHUJODQW]GHUHZLJHQŰXQQHQQLWHUOXFK WHQGDVKX‰GH‰PHQŰFKHQGHUDOOIHQŰWHUYQGWKţUGHPŰHOEHQJRWOÖFKHQ OÖHFKWEHŰOX‰Wb1XQLŰWGHUUHFKWZDUJODXEQLWWY‰YQŰHUQDWXUbŰXQGHU H\QJQDGULFKJDEJRWWHVDOVŰDQW3DXOXVŰSULFKWDG(SKHŰLRVDPDQ  GHUQFDSLWHObZDQZHUGHUJODXEQDWXUOÖFKbŰRZHUHUJOÖFKE\DOOHQPHQ ŰFKHQbYQGZHUHQLWŰROOÖFK]Z\WUDFKW\QGHUZHOWDOV\W]LŰWbGDUYPEGHU JODXEYRQJRWWLŰW]ţEHJHUHQbGDUYPEDXFKH\QHU]ţFULŰWRŰSUDFKbDOV PDQO\ŰHWPDWKHLDPbL[bFDSLWHOb+HUUKLOIIP\QHUYQJOHXELNH\Wb$OV PDQQXQGLHŰXQQQLWPDJŰHKHQGDQGQUFK>@\UOÖHFKWbDOVDXFKJRWWQÖWW GDQGXUFKGDVOÖHFKWŰ\QHUJQDGHQbŰRDEHUYLOGHPŰHOEHQOÖHFKWZ\GHU  ŰSHQQLJŰ\QbGDUYPEEO\EHQŰÖHDXFKEO\QGWYQGPRJHQJRWWQLWŰHKHQ RGHUHUNHQQHQbGDUYPEŰLHYRQQRWW\UUHQb'LHDQGHUYUŰDFKLŰWGLŰH GD]GLHPHQŰFKHQŰÖFKŰHOEHUNHUHQ]ţGHUIDOŰFKH\WYQG\UYHUQXQIIWDE  ZHQGHQYRQGHUZDUKH\WYQQGYRQGHQGLQJHQGLHPDQJODXEHQŰROOb DXFKYRQGHQŰDFKHQGÖHGRPRFKWHQGHQPHQŰFKHQ\QIţUHQ]XPJODX  EHQb$OVGDQGLHPHQŰFKHQWKţQGLH\UŰHFWHQRGHUJHŰDW]HQRGHUKDOWXQ JHQDOŰRPLWH\JHQHUOÖHEHYPEYDKHQbGDVŰÖHYRQDQGHUPGDVGDUZ\  GHULŰWQLWPRJHQJHGHQFNHQRGHUKUHQŰDJHQbGDUYPEŰLH\Q\U\UWXP        



Y 



>YRQ 1DWXU DXV@ E|VHQ XQG VQGKDIWHQ 0HQVFKHQ DX‰HU GHP LUGLVFKHQ 'DVHLQXQGDQGHUHQQDWUOLFKHQ*WHUQDXFKJQDGHQKDIWH]HLWOLFKH*WHU YHUOHLKW'DVVHULKQHQDEHUQLFKWPHKUJLEWGDVLVWQLFKWGHVKDOEZHLOHU LKQHQ GLH +DQG VHLQHU 0LOGH HQW]|JH VRQGHUQ ZHLO VLH LKP LKUH +DQG QLFKW UHLFKHQ ZROOHQ RGHU GLHVH PLW DQGHUQ 'LQJHQ EHVFKlIWLJHQ 'HP QDFKLVWHVUHFKWXQGELOOLJGDVVVLHVRYLHOZHQLJHUYRQ*RWWHPSIDQJHQ >DOVHULKQHQVFKHQNHQP|FKWH@GHQQVLHNHKUHQVLFKYRQLKPDE:HQQ GLH 6RQQH QLFKW DOOHQ 0HQVFKHQ LKU /LFKW VHQGHW VR LVW GDV QLFKW GLH 6FKXOG GHU 6RQQH ² VLH HQW]LHKW QLHPDQGHP LKUHQ *ODQ] ² VRQGHUQ GLH 6FKXOGGHUHUGLHVLFKYRUGHP6RQQHQOLFKWYHUEHUJHQ  (V N|QQWH QXQ MHPDQG GLH GDUJHVWHOOWH 0DWHULH YRQ GHQ YHUVFKLHGHQHQ 6HNWHQXQG1DWLRQHQOHVHQXQGGDQQGLH*UQGHGDIUZLVVHQZROOHQZD UXPHV>LQGHU*HVFKLFKWH@]XVRYLHOHQ,UUWPHUQJHNRPPHQLVW2EZRKO PDQGDVGHP'DUJHVWHOOWHQEHUHLWVHQWQHKPHQNDQQVROOHVKLHU>QRFKHLQ PDO@GDUJHVWHOOWZHUGHQGDPLWPDQHVEHVVHUYHUVWHKW'LHHUVWHXQGJU|‰ WH8UVDFKHDOOHU,UUWPHULVWGLH6QGHGHU1DFKOlVVLJNHLW'LH0HQVFKHQ VXFKHQGLH:DKUKHLWXQGJ|WWOLFKH+LOIHHLQIDFKQLFKW$X‰HUGHPNDQQMH GHEHOLHELJHJUR‰H6QGHEHZLUNHQGDVVVLFKGHUJ|WWOLFKH:HJGHU*QDGH YHUVFKOLH‰WXQGDXIGLHVH:HLVHGLH0HQVFKHQQLFKW]XHUOHXFKWHQYHUPDJ 'HQQHVLVW ELOOLJXQGUHFKWGDVVGHUMHQLJH0HQVFK GHU+LOIH*RWWHVEH UDXEW ZLUG GHU VLH QLFKW EHJHKUW RGHU QLFKW IUFKWHW ]XGHP LVW HV QLFKW PHKU DOV ELOOLJ GDVV GHU *ODQ] GHU HZLJHQ 6RQQH GDV +DXV GHVMHQLJHQ 0HQVFKHQQLFKWHUOHXFKWHWGHUDOOH)HQVWHUXQG7UHQYRUGLHVHPJ|WWOL FKHQ/LFKWYHUVFKORVVHQKlOW1XQVWDPPWGHUUHFKWHZDKUH*ODXEHQLFKW DXVXQVHUHU1DWXUVRQGHUQHULVWHLQHJQDGHQUHLFKH*DEH*RWWHVZLHGHU KO3DXOXVLP]ZHLWHQ.DSLWHOVHLQHV%ULHIHVDQGLH(SKHVHUVDJW'HQQ ZlUHGHU*ODXEHQDWUOLFKVRZlUHHUEHLDOOHQ0HQVFKHQJOHLFKXQGHV JlEHQLFKWHLQHVROFKH=ZLHWUDFKWLQGHU:HOWZLHMHW]W'HVKDOEPXVVGHU *ODXEHYRQ*RWWHUEHWHQZHUGHQ'HVKDOEVDJWHDXFKHLQ0DQQ]X&KUL VWXVZLHEHL0DWWKlXVLP.DSLWHO]XOHVHQLVW+HUUKLOIPHLQHP8Q JODXEHQ'RFKZLHPDQGLH6RQQHQLFKWDQGHUVVHKHQNDQQDOVGXUFKLKU /LFKWVRNDQQPDQDXFK*RWWQLFKWDQGHUVHUNHQQHQDOVGXUFKGDV/LFKW VHLQHU*QDGHQJDEHQ:HLODEHUVRYLHOHGLHVHP/LFKWWURW]HQGHVKDOEEOHL EHQVLHDXFKEOLQGXQGVLHYHUP|JHQ*RWWQLFKW]XVHKHQRGHU]XHUNHQ QHQXQGGHVKDOELVWHV]ZDQJVOlXILJGDVVVLHLUUHQ'LHDQGHUH8UVDFKH >IUGLHYLHOHQ,UUWPHU@LVWGLHGDVVVLFKGLH0HQVFKHQDXVIUHLHQ6WFNHQ GHU)DOVFKKHLW]XZHQGHQXQGVLFKYRQLKUHU9HUQXQIWYRQGHU:DKUKHLW XQG YRQ GHQ 'LQJHQ GLH PDQ JODXEHQ VROO DENHKUHQ 6LH ZHQGHQ VLFK DXFK YRQ GHQ 'LQJHQ DE GLH GHQ 0HQVFKHQ ]XP *ODXEHQ KLQIKUHQ N|QQWHQ6RKDQGHOQGLH0HQVFKHQGLHLKUH6HNWHQRGHU*HVHW]HRGHU5H JHOQGHUPD‰HQPLWHLJHQHU/LHEHXPIDQJHQGDVVVLHDQHWZDV$QGHUHV GDVGHPZLGHUVSULFKWQLFKWGHQNHQXQGGDYRQDXFKQLFKWVK|UHQZROOHQ 'HVKDOEPVVHQVLHLQLKUHP,UUWXPYHUKDUUHQ'DVJLOWIUGLH6DUUD]HQHQ  

Y   PŰŰHQEO\EHQDOVGDQDOOŰDUUDFHQLŰ\QbDXFKDQGHUHQDFLRQHQREEHŰWş PHWGLH]ţYLOKDUGW\UHQH\JHQŰHFWHQRGHUŰ\WWHQRGHUNHW]HU\HQDQKDQ JHQbY?\QHQQÖWGDUZ\GHUODŰŰHQSUHGLJHQRGHUŰDJHQbZDQŰLH]ţŰW\II                                               

 Y   HEHQVRZLHIUGLHGDUJHVWHOOWHQ1DWLRQHQGLHDOO]XKDUWQlFNLJLKUHQHLJH QHQ6HNWHQ*HZRKQKHLWHQRGHU.HW]HUHLHQDQKDQJHQXQGVLFKNHLQH3UH GLJWHQXQGEHUKDXSWQLFKWVGDJHJHQVDJHQODVVHQ²VLHEHKDUUHQHLQIDFK ]XVWDUUN|SILJ



U 

YII\UHPH\JHQŰ\QQŰWDQb-ŰWDXFKH\QDQGHUHYUŰDFKŰROOÖFKHU\UUşJ \QGHUZHOWbEHŰXQGHUGLHWKRUKH\WGHUUHQPHQŰFKHQGLHGXUFKQDWXHUOÖFK YHUQXQIIWZROOHQYHUŰWDQGD]PDQPLWWGHUŰHOEHQQLWWPDJEHJULIIHQ HEHQDOVGRH\QHUPLWPHQŰFKOÖFKHPJHŰÖHFKWZOWŰHKHQGD]H\QDGHOHU PLWŰ\QHPŰFKDUSIIHQJHŰÖFKWNXPPPDJJHŰHKHQbDOVGDQGLHPHQŰFKHQ WKţQGÖHPÖW\UHUYHUQXQIIWDOOHGLQJZROOHQEHJULIIHQbYQGZDVŰÖHGR PLWQLWYHUŰWDQHQbPH\QHQŰLHQLW\QGHUQDWXUZHŰHQbGDUYPEŰLHGLFN \UUHQb'DPLWŰ\JQşJYRQGLŰHUPDWHU\JJHŰDJHWPLWH\PY‰JDQJY‰ GHUDQGHUQPDWHULJGÖHLFKQXQZ\GHUZLOYROIţUHQb    9RQGHQODWLQLŰFKHQFULŰWHQGHUUHQDXFKH\Q   WH\O]ţ-KHUXŰDOHPŰ\Qb   $FKGHPY‰JDQJ KRIILFKQLWYQQXW]OLFKK\U\QJHŰHW]HW   ŰWHHWY‰YRQGHUOHW]ŰWHQQDFLRQGD]LŰWGHUODWLQLŰFKHQDXFK  HNOHLQZHQLJ]ţŰDJēb9QGLŰW]ţZLŰŰHQGD]RQDQGHUQD  FLRQēKÖHREHU]HOHWGÖHŰÖFKDOOFULŰWēYHUPH\QēY?GRFKQÖW ZDUOÖFKŰ\QbŰ\QHWWOÖFKDQGHUZDUFULŰWHQY?JHLŰWOÖFKSHUŰRQGRŰHOEHWb                                



U 



DXILKUHU0HLQXQJ(VJLEWDXFKHLQHDQGHUH8UVDFKHVROFKHU,UUWPHULQ GHU :HOW EHVRQGHUV GLH 7RUKHLW GHU 0HQVFKHQ GLH PLWWHOV QDWUOLFKHQ 9HUQXQIWJHEUDXFKVHWZDVYHUVWHKHQZROOHQZDVPDQPLWLKUJDUQLFKWEH JUHLIHQNDQQ'DVYHUKlOWVLFKJHQDXVRDOVZROOWHHLQHUPLWPHQVFKOLFKHQ $XJHQ VHKHQ ZDV HLQ $GOHU PLW VHLQHQ VFKDUIHQ $XJHQ NDXP ]X VHKHQ YHUPDJ6RWXQHVGLH0HQVFKHQGLHPLWLKUHU9HUQXQIWDOOH'LQJHEHJUHL IHQZROOHQ²XQGZDVVLHPLWLKUQLFKWYHUVWHKHQYRQGHPEHKDXSWHQVLH GDVJHEHHVLQ:LUNOLFKNHLWJDUQLFKW'HVKDOELUUHQVLHRIW'DPLWVHLJH QXJEHUGLHVHV7KHPDJHVDJWXQG]XHLQHPDQGHUHQ7KHPDEHUJHOHLWHW GDVLFKQXQZLHGHUXPDXVIKUOLFKGDUVWHOOHQP|FKWH  hEHUGLHODWHLQLVFKHQ&KULVWHQYRQGHQHQ DXFKHLQLJHLQ-HUXVDOHPOHEHQ  1DFKGHP6FKOXVVZRUW²YRQGHPLFKQLFKWKRIIHGDVVLFKHVXQQW]KLQ JHVFKULHEHQKDEH²IHKOWQRFKHLQ%HULFKWEHUGLHOHW]WH1DWLRQGDVVLQG GLH/DWHLQHUEHUGLHPDQDXFKHWZDVVDJHQNDQQ0DQPXVVZLVVHQGDVV HVDX‰HUGHQEHUHLWVGDUJHVWHOOWHQ1DWLRQHQGLHVLFKDOV&KULVWHQGHILQLH UHQHVLQ:DKUKHLWDEHUQLFKWVLQG&KULVWHQXQGJHLVWOLFKH3HUVRQHQJLEW                                



Y 

ZHOFKHYRQGHQDQGHUQQDFLRQēJHKH\ŰŰHQZHUGēODWÖQLDOVŰLHDXFKŰ\Qb DEHUYRQGHQŰDUUDFHQHQ)UDQW]FKLbZDQŰLHEUţGHUŰ\QŰDQFWL)UDQFLŰFL YRQYQVDEHUJHPH\QOÖFKHQP\QQHUEUXGHURGHUEDUIX‰HQJHQHQQHWb GLHŰHOEHQZHUGHQYRQ\UHQREHUQGDK\QJHŰHQGHWbYQGZDQHWWOÖFKŰWHU EHQRGHUŰXŰWYHUHQGHUHWZHUGHQbŰFKLFNHWPDQDQGHUDQ\UŰWDWWbYQGGLH OHEHQYQGHUGHUREŰHUXDQW]\UH‰RUGHQVYRQGHPDOPţŰHQGHUDQGHFK  WLJHQSLOJHUGLH]ţ]\WWHQYRQFULŰWHQOÖFKHQODQGHQGDK\QNŇPHQbDXFK YRQKÖOIIYQGŰWXHUHWWOÖFKHUFULŰWHQOÖFKHUIXUŰWHQGLHY‰DQGDFKW]ţGHQ KHLOÖJHQŰWHWWHQ]ţ-KHUXŰDOHP\UDOPţŰHQMHUOÖFKHQGDK\QŰFKÖFNHQb -WHPGLHŰHOEHQEUţGHUHQSIDKHQGLHSLOJHUGLH]ţ]\WHQGDK\QNŇPHQ JDUIUXQGWOÖFKYQGJHQPÖW\QHQ]ţGHQKHÖOÖJHQŰWHWWHQYQGŰ\Q\QHQ GÖHQŰWEDUQDFK\UHPYHUPţJHQ\QYLOŰDFKHQb -WHPGLHŰHOEHQEUţGHUKDEHQ]ţMKHUXŰDOHPH\QFORŰWHUYIIGHPEHUJ 6\RQYQGJHPH\QOÖFKb[[LLLMbEUXGHUGDU\QQHJRWWGLHQHQGHb1ÖWWYHUU YRQGDQQHQKDEHQŰÖHDXFKYQGHU\UŰRUJY?YHUŰHKXQJH\QFŇXHQWO\Q GHUDUPHQIUDXZHQŰDQFWHFODUHJHQĆWbY?JHPH\QOÖFKŰHFK‰ŰZHŰWHUGDU \QQHbGDU]ţKDEHQŰLHYQGHU\UŰRUJGHQWHPSHOGHUMşJIUDXZHQ0D  UÖD]ţ%HWKOHHPY?HLQFŇXHQWGRŰHOEHWPLWŰHFK‰EUţGHUQ\UHVRUGHQV GLHGDVKHÖOÖJNUXSIIO\QYQŰHUVKHUUQYHUKWHQY?HUHQb -WHPŰÖHKDEHQDOOZHJHQ]ZHQEUţGHU\UHVRUGHQV\QGHPWHPSHO GH‰KHLOÖJHQJUDEVZHOFKHŰÖHDXFKGLFNHQGHUQY?\HDQGHUY?DQGHUDQ \UŰWDWWRUGHQHQb-WHPDOOHQGLŰHQ\W]JHQDQWHQŰWHWWHQYQGSHUŰRQHQ PXŰŰHQGLHŰHOEHQEUţGHUYRQGHPEHUJ6\RQPLWDOOHQQRWWXUIIWLJHQ GLQJHQYHUŰHKHQbDOVGLHN\UFKHQPLWWEU\QQHQGHQDPSHOHQEHOXFKWHQb YQGŰXŰWPLWDQGHUPJH]\UGHbYQGGDU]ţ\QEXZY?ZHŰHQKDOWHQGLH N\UFKHQYQGFŇXHQWbYQGGLHSHUŰRQHQPLWHŰŰHQYQGWULQFNHQYQGNOH\  GXQJHWFb9QGZLHZROŰÖHŰÖFKJHLŰWOLFKHQY?HUŰDPJOÖFKHQKDOWHQYQ  GHUGHQŰDUUDFHQHQbY?DXFKREJHQDQWHQQDFLRQHQbQRFKGDQPŰŰHQŰ\H YLOŰSRWWYQGŰPDFKH\WYRQ\QHQO\GHQbDXFKJUR‰EHŰZHUXQJYRQGHQ KH\GHQGLHŰÖHGLFNYQGRIIWYEHUXDOOHQbGHQHQDXFKŰÖHHŰŰHQY?WULQFNHQ PţŰŰHQJHEHQY?GDVPLWWH\OHQGH‰ŰÖHED‰EHGRUIIHQb -ŰWDXFKGL‰]ţZLŰŰHQ]ţOHW]ŰWGD]QDFKP\QHPEHGXQFNHQZHUHQGLH ŰHOEHQEUţGHUQLWW]ţ-KHUXŰDOHPbPRFKWHQZLUODWLQÖŰFKHQJDUYEHO]ţ JDQJKDEHQ]ţGHQKHLOÖJHQŰWHWWHQbZDQYQVGÖHDQGHUQQDFLRQHQYQG EHŰXQGHUGLHYHUODXJQHWWHQFULŰWēPĆPDOXFNHQJHKH\ŰŰHQbŰHHUKDŰŰHQY? YQVŰROOÖFKGLHQŰWQşPHUWKHWHQDOVGLŰHEUXGHUWKţQbYŇZHOFKHQEUXGH UHQYLODQGHUVŰFKULEHQŰRYLOOÖFKWQÖWYQEHTXHPOLFKZHUHEULFKLFKYPE NXUW]ZHJHQDEb$EHUHUODXEQPHLFKYRQDOOHQGHQGLHGL‰ZHUGHQOH  ŰHQ]ţEHZH\QHQK\HYQGEHFODJHQGLHŰHOEKHLOÖJŰWDWW-KHUXŰDOHPPLWW ŰDPSWGHPDQŰWRŰŰHQGHQODQGHb]XPHUŰWHQbGDUQDFKDXFKGDVJDQW] RULHQWGRHWWZDQQGHUFULŰWHQOÖFKHJODXEŰROREOÖFKYQQG\QQEUXQŰWÖJ        



Y 



9RQGHQDQGHUHQ1DWLRQHQZHUGHQVLH/DWHLQHUJHQDQQWXQGVLHVLQGHV DXFK YRQ GHQ 6DUUD]HQHQ ZHUGHQ VLH )UDQ]RVHQ JHQDQQW GHQQ VLH VLQG %UGHU GHV KO )UDQ]LVNXV YRQ XQV DEHU ZHUGHQ VLH JHPHLQKLQ 0LQGHUH %UGHU RGHU %DUI‰HU JHQDQQW 'LHVH ZHUGHQ YRQ LKUHQ 2EHUHQ KLHUKHU JHVFKLFNWXQGZHQQHLQLJHVWHUEHQRGHUZHJJHVFKLFNWZHUGHQVRVHQGHW PDQ DQGHUH DQ LKUHU 6WDWW 8QG GLHVH OHEHQ XQWHU GHU 2EVHUYDQ] LKUHV 2UGHQVHQWZHGHUYRQGHQ$OPRVHQGHUIURPPHQ3LOJHUGLHIUHLQH:HL OH DXV GHU &KULVWHQKHLW KLHUKHU NRPPHQ RGHU YRQ GHU ILQDQ]LHOOHQ +LOIH FKULVWOLFKHU)UVWHQGLHDXV$QGDFKWGHQKHLOLJHQ6WlWWHQLQ-HUXVDOHPJH JHQEHUMHGHV-DKU$OPRVHQKLHUKHUVFKLFNHQ,WHPHPSIDQJHQGLH%UGHU GLH3LOJHUGLH]X%HVXFKKLHUKHUNRPPHQVHKUIUHXQGOLFKXQGJHKHQPLW LKQHQ]XGHQKHLOLJHQ6WlWWHQXQGVLQGLKQHQQDFKLKUHP9HUP|JHQLQYLH OHQ'LQJHQGLHQVWEDU ,WHP KDEHQ GLHVH %UGHU LQ -HUXVDOHP HLQ .ORVWHU DXI GHP %HUJ =LRQ XQGJHZ|KQOLFKVLQGHV%UGHUGLHLQLKP*RWWGLHQHQ1LFKWZHLWGD YRQHQWIHUQWJLEWHVXQWHULKUHU$XIVLFKWDXFKHLQHQNOHLQHQ.RQYHQWGHU DUPHQ )UDXHQ GHU 6W &ODUD LQ GHU JHZ|KQOLFK VHFKV 6FKZHVWHUQ OHEHQ $X‰HUGHPOHLWHQVLH>GLH0LQGHUHQ%UGHU@LQ%HWKOHKHPGHQ7HPSHOGHU -XQJIUDX 0DULD XQG DXFK HLQHQ .RQYHQW PLW VHFKV LKUHU 2UGHQVEUGHU GLHGLHKHLOLJH.ULSSHXQVHUHV+HUUQKWHQXQGHKUHQ ,WHPVLQGDXFKLPPHU]ZHLGLHVHU2UGHQVEUGHULP7HPSHOGHVKHLOLJHQ *UDEHVXQGGLHVH>EHLGHQ@ZHUGHQRIWJHJHQ]ZHLDQGHUHDXVJHZHFKVHOW ,WHPPVVHQGLH%UGHUYRP%HUJ=LRQGLHVH2UWHXQG0HQVFKHQPLWDO OHQQRWZHQGLJHQ'LQJHQYHUVHKHQGLH.LUFKHQHWZDPLWEUHQQHQGHQ$P SHOQYHUVHKHQXQGPLWDQGHUHP=LHUDWXQGDX‰HUGHPPVVHQVLHGLH.LU FKHQ XQG .RQYHQWH DOV %DXWHQ HUKDOWHQ 'LH 0HQVFKHQ PVVHQ VLH PLW (VVHQ7ULQNHQXQG.OHLGXQJHWFYHUVRUJHQ8QGREZRKOVLHVLFKZLHHV *HLVWOLFKHQ]XNRPPWXQWHUGHQ6DUUD]HQHQXQDXIIlOOLJYHUKDOWHQVRPV VHQVLHGRFKYLHO6SRWWXQG6FKPDFKYRQLKQHQHUGXOGHQXQGDXFKJUR‰H %HVFKZHUQLV YRQ GHQ +HLGHQ GLH VLH RIWPDOV EHUIDOOHQ 'HQHQ PVVHQ VLHDXFK]XHVVHQXQG]XWULQNHQ JHEHQXQGPLWLKQHQWHLOHQZHVVHQVLH GULQJHQGEHGUIHQ 0DQVROOWHVFKOLH‰OLFKDXFKGDUDQGHQNHQ²XQGGHU0HLQXQJELQLFKDXFK :lUHQGLHVH%UGHUQLFKWLQ-HUXVDOHPGDQQZUGHXQV/DWHLQHUQGHU=X JDQJ]XGHQKHLOLJHQ6WlWWHQ]LHPOLFKVFKZHUJHPDFKW'HQQGLHDQGHUHQ 1DWLRQHQ XQG LQVEHVRQGHUH GLH YHUOHXJQHQGHQ &KULVWHQ QDPHQV 0DPH OXFNHQ KDVVHQ XQV VHKU XQG YHUVlKHQ GHQ 'LHQVW GLHVHU %UGHU QLHPDOV (VZlUHVLFKHUOLFKHUIUHXOLFKYRQGLHVHQ%UGHUQQRFKPHKU]XVFKUHLEHQ DEHUXPGHU.U]HZLOOHQEUHFKHLFKKLHUDE'RFKHUODXEHLFKPLUJHJHQ EHUGHQ/HVHUQDOVHUVWHVGLHKHLOLJH6WDGW-HUXVDOHPXQGGDVJDQ]HDQVLH DQJUHQ]HQGH /DQG ]X EHZHLQHQ XQG ]X EHNODJHQ XQG GDQQ DXFK GHQ JDQ]HQ2ULHQWZRHLQVWGHUFKULVWOLFKH*ODXEHVRUKPOLFKXQGLQEUQVWLJ         



U 

LŰWJHZHŰHQbYQQG]ţOHW]ŰWDXFKGHQHOHQGHQŰWDWWYQŰHUODWLQLŰFKHQN\U  FKHQ\QRFFLGHQWbZHOFKHVDOOHV\QJţWHUPH\QXQJYIIGDVNXUW]ŰWLFK ZLOYEHUODXIIHQb     (\QNXUW]HFODJYEHUGDVKHLOÖJODQG   EHŰXQGHU-KHUXŰDOHPb   2GLŰHGLQJREEHŰFKULEHQ]ţKHUW]HQZHUGHQJHQRPPHQYQG  DOŰR\QJHPţWYHUYDŰŰHWDOVH‰GDQELOOÖFKLŰWbZHOFKHUDQ   GHFKWLJHUIUXQGYQGOÖHEKDEHUbJRWWHVYQQGGH‰FULŰWHQOÖFKHV  JODXEHQVbPDJŰÖFKHQWKDOWHQbGD]HUQLWŰFKU\YQGZH\Qb-D PLW-HUHPÖDEHJHUHYRQJRWWbGD]Ű\QHPKDXEWZHUGHZDŰŰHUJHEHQbY? Ű\QHQDXJHQH\QEUXQGHU]HKHUQGDPLWHUWDJYQQGQDFKWEHFODJHGLH YHUZţŰWXQJYQGYHUODŰŰXQJGHUKHLOÖJHQŰWDWW-KHUXŰDOHPbGHUŰWDWWGH‰ JURŰŰHQNRQLJVYQGGH‰KHUUQGHUNUHIIWHQbDQJHŰHKHQGD]QLWWDOOH\QGLH ŰHOEbŰXQGHUGDVZ\UGLJODQG]ţU\QJGDUYPEŰRJDUY‰JHZDOWGHU FULŰWHQLŰWNŇPHQbGDU\QQHGRFKYQŰHUVJODXEHQVYQGKH\OHVYUŰSUXQJ KDWWDQJHIDQJHQbYQGGDVZHUFNYQŰHUHUOŰXQJLŰWYROOHQEUDFKWZRU  GHQb-DŰRJDUGDVŰHOEODQGGHQFULŰWHQHWWZHUHWÖŰWZRUGHQbGD]NXPH YÖHUW]ÖJZDUHUFULŰWHQPHQŰFKHQGLHGHUKHLOÖJHQURPŰFKHQN\UFKHQJHKRU ŰDPŰ\HQb\PJDQW]HQKHLOÖJHQODQGZHUGHQJHIXQGHQb$EHUGHUDQGHUQ YQJOHXEÖJHQŰDUUDFHQHQYQGYHUODXJQHWWHQFULŰWHQbYQGGHUUHQGLHGHU KHLOÖJHQN\UFKHQYQJHKRUŰDPŰ\QbYQGJDQW]YRQ\UHY‰JHŰXQGHUHWbZR QHWH\QJURŰŰHPHQJHGRŰHOEHWbDOVKLHYRUYÖOGDYŇLŰWJHŰFKUÖHEHQZRU  GHQb'HPQDFKZLUELOOÖFKHQHUŰXIIW]HQŰROWHQYQQGJUR‰OH\GWKDEHQ YEHUDOOŰROOÖFKYEHObŰXQGHQY?ŰFKDQGHQbŰR\QPLWWHO-KHUXŰDOHPbYQG YPEODQGGDUYPEJHŰFKHKHQbEHŰXQGHUJHPHUFNHWbGD]GDVKH\OÖJZ\U  GÖJODQGGDVGXUFKYQŰHUVKHUUHQKHŰXFULŰWLYQŰHUVHUOŰHUVYQGKH\O  PDFKHUVJHEXUWKbOHEHQbSUHGLJb]H\FKHQŰRKRFKZLUGLJOÖFKHQJH]\HUHWb DXFKGXUFKŰ\QE\WWHUO\GHQWRGWYQGPDUWHUJHZLUGLJHWbMDPLWŰ\QHP NRŰSHUOÖFKHPEOţGWEHJRŰŰHQbYQGPLWŰ\QHUIUOÖFKHQYIIHUŰWHQQşJbY? KHUOÖFKHUYIIDUWK]ţK\PPHObYQQGQRWWXUIIWLJHUŰHQGXQJGH‰KHÖOÖJHQ JH\ŰWHVHUOXFKWHWLŰWZRUGHQbDOŰRYLOMDUYRQGHU]\WDOV]ţOHW]ŰWGLHZD UHQFUÖŰWHQGDUY‰YHUWU\EHQZXUGHQbEL‰YIIGLŰH]\WWGHQYHUIOţFKWHQ ŰDUUDFHQHQJRWWHVOHŰWHUHUEO\EHWYQGHUZRUIIHQbY?ŰXŰWPLWŰRYLOYHU  ODXJQHWWHQFULŰWēbNHW]HUQY?YQJHKRUŰDPēHUIXOOHWb]ţŰPDFKY?ŰFKDQG GH‰FUÖŰWHQOÖFKHQQĆPHQVb 1LWDOOH\QŰROOÖFKV]ţKHUW]HQJHXDŰŰHWZHUH\PDQGHFKWLJHQFULŰWHQ PēŰFKHQ]ţZH\QēY?]ţŰXII]HQbŰXQGHUDXFKPLWYO։Y?HUQŰWZHUJRW DQ]ţUţIIHQGHUYDWWHUGHUEDUPKHUW]LNH\WbGHUJRWWDOOHVWURŰWHVbYQQG RQYQGHUOD‰]ţEÖWWHQGD]HUŰÖFKYEHUGDVŰHOEODQGYQGGDVYEHULJ      



U 



JHZHVHQLVWXQG]XOHW]WDXFKQRFKGHQEHMDPPHUQVZHUWHQ=XVWDQGXQVH UHUODWHLQLVFKHQ.LUFKHLP2N]LGHQW'LHVDOOHVZLOOLFKLQEHVWHU$EVLFKW XQGLQNU]HVWHU)RUPUHDOLVLHUHQ  (LQHNXU]H.ODJHEHUGDVKHLOLJH/DQG EHVRQGHUVEHU-HUXVDOHP  :HQQPDQVLFKGLHEHVFKULHEHQHQ'LQJH]X+HU]HQQLPPWXQGVLHZLHHV DXFKDQJHPHVVHQLVWLQVHLQ*HPWHLQGULQJHQOlVVWGDQQPXVVPDQVLFK DOV DQGlFKWLJHU )UHXQG XQG /LHEKDEHU *RWWHV ]XVDPPHQQHKPHQ XP QLFKW]XVFKUHLHQXQG]XZHLQHQ-DPLW-HUHPLDPXVVPDQ*RWWGDUXP ELWWHQGDVVHUHLQHPHLQ+DXSWDXV:DVVHUJLEWXQGDOV$XJHQHLQHQ7Ul QHQTXHOO GDPLW PDQ 7DJ XQG 1DFKW GLH9HUZVWXQJ XQG GLH 9HUODVVHQ KHLW GHU KHLOLJHQ 6WDGW -HUXVDOHP EHNODJH 'LH 6WDGW GHV JUR‰HQ .|QLJV XQGGHV+HUUQGHU.UlIWHGLHMDQLFKWDOOHLQ$QVHKHQJHQLH‰WVRQGHUQPLW LKU DXFK GDV ZUGHYROOH /DQG LQ LKUHU 8PJHEXQJ :LH NRQQWHQ VLH GHU *HZDOW GHU &KULVWHQ HQWULVVHQ ZHUGHQ GD VLH GRFK 8UVSUXQJ XQVHUHV *ODXEHQVXQGXQVHUHV+HLOVVLQGXQGLQLKQHQGDV:HUNXQVHUHU(UO|VXQJ YROOEUDFKWZXUGH"-DVRJUXQGOHJHQGLVWGDV/DQGGHQ&KULVWHQHQWZHQGHW ZRUGHQGDVVNDXP>QRFK@YLHU]LJZDKUH&KULVWHQGLHGHU+HLOLJHQ5|PL VFKHQ.LUFKH*HKRUVDPOHLVWHQLPJDQ]HQ/DQG]XILQGHQVLQG$EHUDQ GHUH0HQVFKHQZRKQHQLQJUR‰HU=DKOKLHU8QJOlXELJH6DUUD]HQHQXQG YHUOHXJQHQGH &KULVWHQ XQG VROFKH GLH GHU +HLOLJHQ .LUFKH XQJHKRUVDP XQGJDQ]YRQLKUDEJHVRQGHUWVLQG²GDUEHUKDEHLFKMDVFKRQJHVFKULH EHQ 'HPQDFK VROOWHQ ZLU WLHI VHXI]HQ XQG ZLU VROOWHQ VHKU XQWHU GHP hEHOGHU6QGHXQGGHU6FKDQGHOHLGHQGDVV>VFKRQ@VRYLHOH-DKUHYHU IORVVHQVLQGVHLWDXVGHP0LWWHOSXQNW-HUXVDOHPXQGDXFKDXVVHLQHPJDQ ]HQ 8PODQG GHP +HLOLJHQ ZUGLJHQ /DQG ² GDV GXUFK *HEXUW /HEHQ 3UHGLJWHQ XQG =HLFKHQ XQVHUHV +HUUQ -HVXV &KULVWXV XQVHUHV (UO|VHUV XQG +HLODQGV VR KRFKZUGLJ DXVJH]HLFKQHW HEHQVR GXUFK VHLQ ELWWHUHV /HLGHQVHLQHQ7RGXQGVHLQH0DUWHUJHZUGLJWMDPLWVHLQHPNRVWEDUHQ %OXW EHJRVVHQ XQG PLWVHLQHU IU|KOLFKHQ $XIHUVWHKXQJ XQG VHLQHU KHUUOL FKHQ$XIIDKUW]XP+LPPHOXQGGHUQRWZHQGLJHQ6HQGXQJGHV+HLOLJHQ *HLVWHV HUOHXFKWHW ZXUGH ² GLH OHW]WHQ ZDKUHQ &KULVWHQ DXV GLHVHU 6WDGW XQGGLHVHQ6WlWWHQYHUWULHEHQZRUGHQVLQG%LV]XUKHXWLJHQ=HLWLQGHU VLH>QRFKLPPHU@GHQYHUIOXFKWHQ6DUUD]HQHQGHQ*RWWHVOlVWHUHUQXQWHU ZRUIHQ XQG DX‰HUGHP YROOHU YHUOHXJQHQGHU &KULVWHQ .HW]HU XQG 8QJH KRUVDPHUVLQG²]XU6FKPDFKXQG6FKDQGHGHVFKULVWOLFKHQ1DPHQV :HQQ VLFK HLQ IURPPHU &KULVW GDV DOOHV ]X +HU]HQ QLPPW PVVWH HU QLFKW QXU ZHLQHQ XQG VHXI]HQ VRQGHUQ DXFK HLIULJ XQG HUQVW *RWW GHQ 9DWHU GHU %DUPKHU]LJNHLW XQG *RWW DOOHQ 7URVWHV DQUXIHQ XQG LKQ RKQH 8QWHUODVVELWWHQHUP|JHVLFKEHUGDV/DQGXQGGHQEULJHQ         



Y 

WH\OŰ\QHVHUEHVŰÖFKHUEDUPHWbYQQGŰ\QJQDGULFKDQJHŰÖFKWYEHUYQV YQGGDVŰHOEODQGHZHQGHWbYQQGK\QQēPHGDVYQJOHXELJYROFNYRQ GHQŰHOEHQODQGHQbGDPLWWZLUŰ\QOREIUROÖFKHUPRFKWHQYROEULQJHQb 'HUKHLOÖJSURSKHW'DQLHO\QEDELORQÖŰFKHUJHIHQJQX‰YRU]\WWHQJH  ŰHW]HWbEHWWHWDXFKZH\QQHQGHIXUGLŰHŰWDWWYPEZHJHQ\UHU]HUŰWUXQJ YQGYHUZţŰWXQJGHUŰHOEHQbGXUFKGLHKH\GHQJHŰFKHKHQbDOŰRFODJHQGHb GH‰ZRUWDXFKZÖUPRJHQJHEUXFKHQPLW\PŰSUHFKHQGHb2KHUUZÖUKD EHQJHŰXQGHWbZLUKDEHQYEHOJHWKDQbY?YÖOŰFKDOFNH\WEHZLHŰHQZ\GHU DOOHG\QHJHUHFKWLNHLWb$EHUZÖUELWWHQGLFKbNHUHDEG\QHQ]RUQYRQG\  QHUŰWDWW-KHUXŰDOHPY?YRQG\QHPKHLOÖJHQEHUJbZDQYPEZHJHQYQ ŰHUHUŰXQGHYQGER‰KH\WHQYQŰHUHUHOWHUQ-KHUXŰDOHPY?GDVKHLOÖJODQG ZXUGW\W]ODQJHWWHUHWYRQGHQKH\GHQYQGYHUWUHWWHQYRQGHQKXQGHQ YQGJHŰFKHQGHWYŇGHQYQJODXELJHQbYQV]ţJURŰŰHUŰFKDQGHb'DUYPE 2KHUUHUKUHQYQŰHUJHEHWWYQGHU]HXJG\QJQDGULFKDQJHŰÖFKWYEHU GLHKHLOÖJŰWDWWGLHDOŰRYHUODŰŰHQLŰWYQGZţŰW2KHUUŰ\KHKHUDEYRQG\ QHPKHLOÖJHQŰWXOOY?JHGHQFNYQŰHUb2JRWWQH\JHGXUFKGLFKŰHOEVG\  QHRUHQYQGKRUHbWKţQYIIG\QHDXJHQ\?Ű\KHYQŰHUHOOHQGYQGEHWUXE QX‰YQGDXFKG\QKHLOÖJHŰWDWWGDUYEHUG\QQDPŰRGLFNÖŰWDQJHUţIIHW ZRUGHQbZDQGXELŰWH\QKHUUDOOHUKHUUQbYQGLŰWQ\HPDQGHUG\QHUJRW  OÖFKHQPDLHŰWDWPRJHZ\GHUŰWDQGWKţQbZDQQ\QG\QHPJHZDOWDOOH GÖQJŰ\QJHŰHW]HWbYQG\QG\QHUKDQGWŰ\QDOOHODQGGHUZHOWY?GLHKHU  OÖNH\WHQDOOHUNRQLJULFKb'DUYPE2KHUUH\QNRQLJDOOHUNRQLJHUEDUP GLFKQXQYEHUG\QYROFNbZDQYQŰHUY\QGŰXFKHQYQV]ţYHUGHUEHQbY? G\QYEHULJHUEHJDQW]]ţXHUGLOFNHQb2KHUUQLWYHUDFKWG\QWH\OGDVGX GLUKDŰWHUOŰHWbŰXQGHUEL‰JQHGLJYQGEDUPKHUW]LJG\QHPOR‰bGDPLWb GD]GLHYQJOHXELJHQQLWŰSUHFKHQZRLŰW\UJRWWb2KHUUZÖUEÖWWHQGD] GHUUDFKGH‰EOţGWVG\QHUGLHQHUGD]YHUJRŰŰHQLŰWDXFKG\QHVHGHOHQ EOţWVZHUGHNXQGWYRUYQŰHUQDXJHQDQGHQYQJOHXELJHQQDFLRQHQGD PLWGD]ZLUG\QYROFNYQGŰFKHIIO\QG\QHUZH\GHbGLFKYQŰHUQZDUHQ JRWWPRJHQOREHQYQGYRQJHŰOHFKW\QJHŰOHFKW\QHZLNH\WG\QHUHYHU  NXQGHQ$PHQb    (\QDQGHUFODJYEHUGDVJDQW]RULHQWb   2DEHUH\QDQGHFKWLJHUFULŰWēPHQŰFKŰ\QŰHHOÖFKDXJHQŰWUHFNHW  QLWDOOH\QYEHUMKHUXŰDOēY?GDVDQUţUHQGHODQGbHWWZDQGDV  JHOREWODQGJHKHLŰŰHQbŰXQGHUDXFKZ\WWHU\QGDVJDQW]RULHQWb Y\QGHWHUQRFKPHHYUŰDFKKHUW]OÖFK]ţZH\QHQY?]ţŰXIIW]HQbHUNHQQHW GD]GDVŰHOEZ\WWYQGJUR‰ODQGbHWWZDQŰRPLWZÖUGLJHQN\UFKHQYQG E\ŰWXPPHQJH]\HUHWb\W]ŰRJDUYHUZţŰWHWYQGYHUWUHWWHQZXUGWDOŰR         



Y 



7HLO VHLQHV (UEHV HUEDUPHQ VHLQ JQDGHQUHLFKHV $QJHVLFKW EHU XQV XQG GDV/DQGEHXJHQXQGGDVXQJOlXELJH9RONDXVVHLQHP/DQGHQWIHUQHQGD PLW ZLUVHLQ /RE IU|KOLFKHU GDUEULQJHQ N|QQWHQ$OV GHU KHLOLJH 3URSKHW 'DQLHO YRU ODQJHU =HLW LQ EDE\ORQLVFKH *HIDQJHQVFKDIW JHQRPPHQ ZXU GHEDWHUDXFKZHLQHQGIUGLHYRQGHQ+HLGHQ]HUVW|UWHXQGYHUZVWH WH6WDGWXQGNODJWH6HLQH:RUWHVROOWHQDXFKZLUJHEUDXFKHQXQGPLWLKP VSUHFKHQ2+HUUZLUKDEHQJHVQGLJWZLUKDEHQhEOHVJHWDQXQGYLHO %RVKHLWEHZLHVHQJHJHQ'HLQH*HUHFKWLJNHLW$EHUZLUELWWHQ'LFKNHKUH DE GHLQHQ =RUQ YRQ GHLQHU 6WDGW -HUXVDOHP XQG YRQ 'HLQHP KHLOLJHQ %HUJ GHQQ ZHJHQ XQVHUHU 6QGH XQG ZHJHQ GHU %RVKHLW XQVHUHU (OWHUQ ZXUGHQ-HUXVDOHPXQGGDV+HLOLJH/DQGYRQGHQ+HLGHQODQJH=HLWHQW HKUWXQGYRQGHQ+XQGHQJHWUHWHQXQGYRQGHQ8QJOlXELJHQJHVFKlQGHW ² ]X XQVHUHU JUR‰HQ 6FKDQGH 'DUXP R +HUU HUK|UH QXQ XQVHU *HEHW XQG]HLJH'HLQJQDGHQUHLFKHV$QJHVLFKWEHUGHUKHLOLJHQ6WDGWGLHZVW XQGYHUODVVHQLVW2+HUUVLHKKHUDEYRQ'HLQHPKHLOLJHQ6WXKOXQGJH GHQNHXQVHU2*RWWQHLJH'LFKKHUDEZHQGH'HLQ2KUPLU]XHUK|UH PLFK WX 'HLQH $XJHQ DXI XQG VLHK XQVHUH +HLPDWORVLJNHLW XQG XQVUH %HWUEQLVXQGDXFK'HLQH+HLOLJH6WDGWEHUGHU'HLQ1DPHVRLQQLJDQ JHUXIHQZXUGH'HQQ'XELVWGHU+HUUDOOHU+HUUHQXQGHVJLEWQLHPDQG GHU 'HLQHU J|WWOLFKHQ 0DMHVWlW :LGHUVWDQG OHLVWHQ N|QQWH GHQQ 'HLQH 0DFKWKDWDOOH'LQJHYHUXUVDFKWXQGLQ'HLQHU+DQGVLQGDOOH/lQGHUGHU :HOW XQG GLH +HUUOLFKNHLW DOOHU .|QLJUHLFKH 'DUXP R+HUU.|QLJ DOOHU .|QLJHHUEDUPH'LFKQXQEHU'HLQ9RONGHQQXQVHU)HLQGVXFKWXQV ]XYHUGHUEHQXQG'HLQEULJHV(UEHJDQ]]XYHUQLFKWHQ2+HUUYHUDFKWH QLFKW 'HLQ 7HLO GDV 'X 'LU HUO|VW KDVW VHL YLHOPHKU JQlGLJ PLW 'HLQHQ %HVWLPPXQJHQ GDPLW GLH 8QJOlXELJHQ QLFKW UXIHQ ZR LVW >GHQQ@ LKU *RWW2+HUUZLUELWWHQGDUXPGDVVGLH%OXWUDFKH'HLQHU'LHQHUXQG DXFK'HLQHGOHV%OXWGDVYHUJRVVHQZXUGHYRUXQVHUHQ$XJHQDQGHQXQ JOlXELJHQ1DWLRQHQNXQGJHWDQZHUGH:LUVLQG'HLQ9RONXQGGLH6FKlI OHLQ'HLQHU:HLGH'LFKXQVHUHQZDKUHQ*RWWZROOHQZLUOREHQXQGYRQ *HVFKOHFKW]X*HVFKOHFKWLQ(ZLJNHLW'HLQH(KUHYHUNQGHQ$PHQ    (LQH]ZHLWH.ODJHEHUGHQJDQ]HQ2ULHQW  :HQQ DEHU HLQ IURPPHU &KULVWHQPHQVFK VHLQH VHHOLVFKHQ $XJHQ DXI VFKOlJWXQGQLFKWDOOHLQQDFK-HUXVDOHPXQGDXIGDVDQJUHQ]HQGHGDV+HL OLJH/DQGULFKWHWVRQGHUQZHLWHULQGHQJDQ]HQ2ULHQWKLQHLQVRILQGHWHU QRFKPHKU8UVDFKHQXPKHU]OLFK]XZHLQHQXQG]XVHXI]HQ'HQQHUHU NHQQW GDVV GLHVHV ZHLWH XQG JUR‰H /DQG GDV PLW VR ZUGLJHQ .LUFKHQ XQG%LVWPHUQJHVFKPFNWLVWVRVHKUYHUZVWHWXQG]HUWUDPSHOWZXUGH           



U 

GDVGRFKZRONOHJOÖFKLŰW E\GHQYHUŰ\HJHQZDŰŰHUQPDQQLWWZRO PDJPHUFNHQZRHWWZDQGHUJH]H\FKQHWEUXQJHŰWDQGHQŰ\bYQGE\GHQ YHUGRUUHWWHQŰWFNHQYEHOYHUŰWDQGHQPDJZHUGHQZRGHUŰFKRQEHŰORŰ  ŰHQJDUWKŰ\JHSIODQW]HWJHZHŰHQb-DZROLŰWH‰]ţEHZH\QHQGD]GHQY‰  HUZHOHWHQZ\WHQY?ŰFKRQHQZ\QJDUWHQJRWWHVGHQHUPLWŰ\QHUKDQGW KHWWHJHSIODQW]HWGLHEŰHQWK\HUY?ŰFKHGOÖFKIţFKVb$UULXVb$SSROOÖQD  ULVb(XWÖFHVb1HŰWRULXVb6DEHOOÖXVb3HODJLXVYQQGYÖODQGHUNHW]HUŰR JDUKDEHQ]HUU\ŰŰHQbYHUZţŰWHWYQG]HUŰWRUHWb$EHUGDVŰXQGHUOÖFKE‰ JU\PPLJWK\HUY?GHUŰFKHGOÖFK(EHU0DFKRPHWbZLHJDUYHUGHUEHWHU GHQŰHOEHQZ\QJDUWHQQRFKKXWWYQGY‰NUţWHWDOOIUXFKWEDUŰWFNYRP JUXQGb:HUPRFKWHPLWWUXFNHQDXJHQŰROOÖFKVEHGHQFNHQRGHUOHŰHQŰR HUGLHŰHOEHQHGHOQODQGO\SOÖFKHQRGHUŰHHOÖFKHQŰ\KHWŰRJDUYRPZDUHQ JODXEHQYHUXDOOHQY?JHZ\FKHQb$OVGDVJUR‰Z\WODQGW$ŰÖDPbGDV ŰDQFWXV-RKDQQHVGHUHXDQJHOÖŰWPLWŰRJURŰŰHUPZYQGDUEH\WPLWW ŰţEHQELŰWşPHQKDWWIXQGLHUHWbJHSIODQW]HWYQGJH]\HUHWY?GHPFULŰWHQ OÖFKHQQĆPHQY?JODXEHQYQGHUZRUIIHQb-WēGDVJDQW]PHFKWÖJODQG $IIULFDPbGDU]ţGDVULFKODQGMQGLDPbGDVOREOÖFKODQG*UHFLĆbZHOFKH DOOYRU]\WHQŰRPLWKHÖOÖJHQSHUŰRQHQbŰRPLWKRFKJHOHUWHQYHWWHUQYQG ELŰFKRIIHQHUIXOOHWŰ\QJHZHŰHQbDOV$XJXŰWÖQXVZDVbGHUHLQEHŰXQGHU ]XQJGHUJRWWOÖFKHQZ\‰KH\WbH\QOFKWHQGHUJHPRGHUNDUEXQFNHOGHU OHUHUbH\QŰWDUFNHUKDPPHUDOOHUNHW]HUbY‰ŰXQGHUOÖFKHUIU\KH\WZXUGWJH QHQQHWb-WHPMRKDQQHV&ULŰRŰWRPXVbGHUDXFKYPEZ\UGHZHJHQYQG ŰFKRQK\WŰ\QHUOHUHbH\QJXOGHQPXQGWZXUGWJHKH\ŰŰHQb-WHPGHUHGHO PDUWHUYQG]\UOÖFKHUYQGZ\ŰHUUHGHU&\SULDQXVbGH‰JOÖFKHQ$WKDQD ŰÖXV$OOH[DQGULQXVb-RKĆQHVGDPDŰFHQXVb*UHJRULXVQ\ŰŰHQXVb*UH  JRULXVQD]DQ]HQXVb+LODULXVSLFWDXHQŰLVb%DŰÖOÖXVFHŰDULHQŰLVYQQG YLODQGHUYDŰWJHOHUWHUPHQQHUYQGKHLOÖJYHWWHUbZHOFKHUDOOHUZDQLFK QLWPHHGDQ\UQĆPHQEHŰWşPHQYQGHU]HOHQŰROWHbZXUGPLU]\WY?SD SÖUJHEUHFKHQbLFKJHŰZ\JŰROWLFK\UOREY?EU\‰Y‰WUXFNHQb$EHUOH\GHU ZLHJDUKDEHQŰ\WKHUGLHQHŰŰHOQbGRUQY?GLŰWHOQGēŰHOEHQŰFKRQHQZ\Q  JDUWHQRGHUDFNHUYEHU]RJHQbZLHJDUŰ\QDOOHGLQJYHUEUHQQHWYQGYQ GHUJUDEHQbZLHJDULŰWGDVJROWWXQFNHOZRUGHQbYQGGLHŰFKRQIDUZHYHU HQGHUHWbYQGGLHŰWH\QGH‰WHPSHOV\QDOOŰWUDŰŰHQ]HUŰWUHXZHWb$FKZR Ű\QQXQGLHKH\OÖJHQYQGHGHOHQNÖUFKHQGRHWWZDQYQGYRUNXUW]HQ]\W WHQGLHSDWULDUFKHQ\UHŰWţOOKDEHQJHKHEWbDOVGRZDUHQPLWQĆPHQ$O OH[DQGULDb$QWKÖRFKLDb&RQŰWDQWLQRSROYQG-KHUXŰDOHPbZHOFKHUN\U  FKHQOREY?Z\UGHQ\PDQOÖFKWOÖFKPRFKWY‰ŰSUHFKHQb2GXKHLOÖJHŰWDW 5RPDbH\QIUDXZGHUZHOWbZRŰ\QGLŰHG\QHŰZHŰWHUQ GDVLŰWGÖH\W]JH QDQWHQNÖUFKHQbGLUHWZDQJHKRUŰDPbDQGHFKWLJbY?QHKHŰWDQKDQJHQGH  K\QNRPPHQbZLHZROGXGHQREHUŰWHQŰWţOOKDŰWbZDQGLHIXUŰWHQGHU N\UFKHQŰDQW3HWHUY?SDXOVPLW\UHPEOţGWYQGJODXEHQGLFKKDEHQ       



U 



ZDV VHKU ]X EHNODJHQ LVW  GDVV PDQ EHL GHQ YHUVLHJWHQ :DVVHUQ NDXP QRFKVDJHQNDQQZRHWZDHLQYHU]HLFKQHWHU%UXQQHQJHVWDQGHQKDW8QG DQJHVLFKWVGHUYHUGRUUWHQ3IODQ]OLQJHLVWNDXPQRFKQDFK]XYROO]LHKHQZR GHU EHUHLWV JHVFKORVVHQH *DUWHQ JHSIODQ]W JHZHVHQ LVW-D PDQNDQQQXU GDUEHU ZHLQHQ GDVV GLH DXVHUZlKOWHQ :HLWHQ XQG GLH VFK|QHQ :HLQ JlUWHQ GLH *RWW PLW VHLQHU +DQG JHSIODQ]W KDW GLH E|VHQ 5lXEHU XQG VFKlGOLFKHQ)FKVH$ULXV$SSROOLQDULXV(XW\FKHV1HVWRULXV6DEHO OLXV3HODJLXVXQGYLHOHDQGHUH.HW]HUDXVJHULVVHQYHUZVWHWXQG]HU VW|UWKDEHQ$EHUGDVJDQ]EHVRQGHUVE|VHJULPPLJH7LHUGHUVFKlGOLFKH (EHU 0RKDPPHG ZLH YHUGLUEW HU GHQ :HLQJDUWHQ QRFK KHXWH XQG ZLH UHL‰WHUQRFKLPPHUGLHIUXFKWEDUHQ6W|FNHDXVGHP(UGUHLFKDXV:HU VROOGDVPLWWURFNHQHQ$XJHQYHUIROJHQRGHUOHVHQZDVHULQGLHVHPHGOHP /DQGPLWOHLEOLFKHQRGHUPLWVHHOLVFKHQ$XJHQVLHKWXQGVROOWHHUGDUDXI KLQQLFKWYRPZDKUHQ*ODXEHQDEIDOOHQXQGYRQLKPZHLFKHQ"'DVJUR ‰HZHLWH/DQG$VLHQGDVGHUKO-RKDQQHVGHU(YDQJHOLVWPLWVRJUR‰HU 0KH XQG $UEHLW LQ *HVWDOW YRQ VLHEHQ %LVWPHUQ JUXQGJHOHJW HV JH SIODQ]WXQGJHVFKPFNWXQGGHPFKULVWOLFKHQ1DPHQXQG*ODXEHQXQWHU ZRUIHQKDWGDQQGDVPlFKWLJH/DQG$IULNDGD]XGDVUHLFKH/DQG,QGLD GDVUKPOLFKH/DQG*ULHFKHQODQG²DOOHGLHVH>/lQGHU@ZDUHQLQIUKHUHQ =HLWHQYROOHUKHLOLJHU0HQVFKHQYROOHUKRFKJHOHKUWHU9lWHUXQG%LVFK|IH ZLH$XJXVWLQXVHLQHUZDU(UZDUGLHDXVHUZlKOWH=XQJHJ|WWOLFKHU:HLV KHLW HLQH VWUDKOHQGH *HPPH RGHU HLQ .DUIXQNHO DOV /HKUHU HLQ VFKODJ NUlIWLJHU+DPPHUDOOHU.HW]HUXQGHVKLH‰YRQLKPHUKDEHEHPHUNHQV ZHUWH)UXFKWJHWUDJHQ 'DQQ -RKDQQHV&KU\VRVWRPRVGHUDXFKZH JHQ GHU :UGH XQG 6FK|QKHLW VHLQHU /HKUH ÅJROGHQHU 0XQG´ JHQDQQW ZXUGH'DQQGHUHGOH0lUW\UHUGHUDXVJH]HLFKQHWHXQGZHLVH5HGQHU&\ SULDQ GHVJOHLFKHQ $WKDQDVLXV $OOH[DQGULQXV -RKDQQHV YRQ 'DPDV NXV*UHJRUYRQ1\VVD*UHJRUYRQ1D]LDQ]+LODULXV3LFWDYHQVLV %DVLOLXVYRQ&DHVDUHDXQGYLHOHDQGHUHVHKUJHOHKUWH0lQQHUXQGKHLOLJH 9lWHU:HQQLFKPHKUDOVLKUH1DPHQQHQQHQXQGEHUVLHPHKUHU]lKOHQ ZUGHGDQQZUGHHVPLUDQ=HLWXQG3DSLHUJHEUHFKHQ,FKYHUVDJHPLU DOVR GHUHQ /RESUHLVXQJ$EHU OHLGHU KDEHQ VHLWKHU 1HVVHOQ 'RUQHQ XQG 'LVWHOQGLHVFK|QHQ:HLQJlUWHQXQGbFNHUEHU]RJHQXQG DOOHV GRUWLVW YHUEUDQQWXQGXQWHUJHJUDEHQDOVZlUHGDV*ROGYHUGXQNHOWGLHVFK|QHQ )DUEHQYHUEODVVWXQGGLH6WHLQHGHV7HPSHOVLQDOOH6WUD‰HQYHUVWUHXW:R VLQGQXQGLHKHLOLJHQXQGHGOHQ.LUFKHQZRYRUNXU]HPQRFKGLH3DWULDU FKHQLKUH6WKOHKDWWHQ"$OH[DQGULD$QWLRFKLD.RQVWDQWLQRSHOXQG-HUX VDOHP²1DPHQYRQ.LUFKHQGHUHQ/REQLHPDQGOHLFKWHQ+HU]HQVDXV VSUHFKHQNDQQ 2 'X +HLOLJH 6WDGW 5RP 'X )UDX IU GLH :HOW ZRKLQ YHUVFKOXJHV'HLQH6FKZHVWHUQ GDVVLQGGLHJHQDQQWHQ.LUFKHQGLH'LU HLQPDOJHKRUVDPIURPPXQGLQQLJDQKLQJHQ "2EZRKO'XGHQREHUVWHQ 6WXKOLQQHKDVWGDGLH.LUFKHQIUVWHQ6W3HWHUXQG3DXO'LFKPLWLKUHP %OXWXQG*ODXEHQ        



Y 

JHZ\KHWY?JHZLUGLJHWbQRFKGDQGHUŰWţOOY?NÖUFK$OOH[DQGULQDKHWWH YRU]\WHQGÖHQHKHŰWŰWDWWQDFKGLUbDOVYRQŰDQWPDU[GHPHXĆJHOÖŰWHQ YQGŰDQW3HWHUVMXQJHUEHŰHŰŰHQYQGJH]\HUHWb'DUQDFKGÖHGU\WWŰWDWW KHWWHGHUŰWţOOYQGN\UFK$QWKLRFHQDGRHWWZDQŰDQW3HWHUŰţEHQMDUŰHO EHUZRQHWYQGQDFK\PŰDQFWXV-JQDFLXVGXUFK\QHQGDUYIIJHŰHW]HWb DQZHOFKHPHQGDXFKGHUFULŰWHQOÖFKQĆPHHUŰWOÖFKÖŰWHWŰSUXQJHQb'DU QDFKGLHYLHUGHŰWDWWŰWXOOYQGN\UFK&ŇŰWDQWÖQRSROÖWDQDYRQGHPFUL  ŰWHQOÖFKHQJURŰŰHQNH\ŰHU&RQŰWDQWLQRHUEXZHQY?QHXZ5RPJHQHQ  QHWb$OVGDQGHUŰHOENH\ŰHUPLWYLOPHFKWLJHQUPHUQGDK\QNŇPHQGH Ű\QNH\ŰHUWKXPGDUŰDW]HWb=ţOHW]ŰWGHUŰWţOOYQGN\UFK-HURŰROÖPLWDQD GHQYQŰHUKHUUPLWŰ\PH\JHQNRŰSHUOÖFKHQEOţGWKDWWJHZ\KHWb'LŰH ŰSULFKLFKN\UFKHQDOO2URPDZDUHQYRU]\WWHQGLHQHFKŰWHQQDFKGLU NXŰFKMşJIUDXZHQGHPNRQLJFULŰWR]ţJHIţUHWb$EHUOH\GHU\W]Ű\QŰÖHYÖO ]ţYHUUYRQGLUbIUHPEGYRQGLUbEHIOHFNHWY?YQNXŰFKZRUGHQbYHUXDO  OHQYRQGHUH\QIHOWLNH\WGH‰ZDUHQJODXEHQVb'RFK JRWŰ\ORE \QRF FLGHQWGDGLHŰţQQO\SOÖFKYQGHUJHHWbYIIJHHWY?ŰFK\QHWGÖHŰţQGHUJH  UHFKWLNH\WJDUNODUbŰROHLGHU\QRULHQWbOXFÖIHUGHUJHXDOOHQZD]Ű\QWURQ KDWJHŰHW]HWYEHUDQGHUŰWHUQHQb+\HÖŰWGDVOÖHFKWGHUZHOWbK\HLŰWGDV ŰDOW]GHUHUGHQbKLHŰ\QJXOGHQHYQQGŰÖOEHUHJHŰFK\UUb$EHUGRUWKLŰWHLQ JUXŰŰHOÖFKWXQFNHOKH\WY?GÖFNHY\QŰWHUQ‰Y?HÖQELOGGH‰WRGWVb-WHP H\QYQQXW]ŰDOW]GD]ŰXŰWQÖWQXW]LŰWGDQGD]PDQH‰Y‰ŰFKXWWHY?ZHU  GHYHUWUHWWHQYŇGHQPHQŰFKHQb-WHPNXP\UGHQHRGHUKROW]HQHJHŰFK\U Ű\QGDbGLHGHU\‰HQUţWKHQY?GH‰HZLJHQEUDQGWVZDUWHQbDOŰRLŰWOH\  GHUYHUGRUEHQYQGJDQW]YQJHKRUŰDPZRUGHQGDVJDQW]RULHQWbEHŰXQ  GHUGDVNUÖHFKŰFKODQGbGD]EHXRUQÖWYHUŰWDQZLOGD]GLHKHLOÖJ5RPŰFK N\UFKQLWYRQGHQDSRŰWROHQbŰXQGHUYRQYQŰHUPKHUUQYQGKH\OPDFKHU FULŰWRKDWWGLHHUŰWHŰWDWWY?Z\UGHHUODQJHWbDOVHU]ţŰDQW3HWHUŰSUDFK 'XELŰW3HWUXVY?YIIGHQŰHOEHQYHOŰHQZLOLFKEXZHQP\QN\UFKYQG GLHSRUWHQGHUKHOOHYHUPţJHQŰÖHQLWYEHUZ\QGHQbYQGZDVGXYIIORŰHŰW YIIHUGHQZXUGWDXFKYIIJHORŰHWŰ\Q\QGHQKPHOHQbYQGZDVGXE\Q  GHŰWYIIGHUHUGHQZLUGWDXFKJHEXQGHQŰ\Q\QGHQKPHOHQbGDUYPE GHUKDWWDOOHLQGLHURPŰFKN\UFKHQIXQGLHUHWY?JHXHŰWLJHWYIIGēYHOŰHQ GH‰DQYDKHQGHVJODXEHQVGHUGHPŰOţŰŰHOWUHJHUŰDQFWR3HWURGH‰\U  GHŰFKHQYQGGH‰K\PPHOŰFKHQNH\ŰHUWKXPVJHZDOWY?JHUHFKWÖNHLWKDWW EHXROOHQbGHPQDFKNH\Q]Z\IHOLŰWGD]ZHUGHUŰHOEHQURPŰFKHQN\UFKHQ YQJHKRUŰDPLŰWYDOOHW\QNHW]HU\bYQGWKţWZ\GHUQJODXEHQbZHUZ\GHU ŰÖHWKţWbGÖHHLQPHÖŰWHU\QY?PţWHUÖŰWGH‰JODXEHQVbY?LŰWGHPDOOH\Q Z\GHUŰSēQLJGHUŰÖHYEHUDOODQGHUNÖUFKHQKDWWJHŰHW]HWbGDUYPEŰDQFW        



Y 



JHZHLKWXQGJHZUGLJWKDEHQVRNDPQDFK'LUGHU6WXKOXQGGLH.LUFKH YRQ$OH[DQGULDGLH6W0DUNXVGHP(YDQJHOLVWHQXQGGHP-QJHUGHVKO 3HWUXVJHK|UWHXQGYRQLKPJHVFKPFNWZDU'DQQIROJWHQGHU6WXKOXQG GLH.LUFKHYRQ$QWLRFKLDZR6W3HWHUVLHEHQ-DKUHODQJZRKQWHXQGZR QDFK LKP 6W ,JQDWLXV UHVLGLHUWH $Q GLHVHP 2UW LVW DXFK GHU 1DPH Å&KULVWHQWXP´ DXIJHNRPPHQ$QYLHUWHU 6WHOOH IROJWHQGDQQ GHU 6WXKO XQGGLH.LUFKHYRQ.RQVWDQWLQRSHO'LH6WDGWZXUGHYRPHUVWHQFKULVWOL FKHQGHPJUR‰HQ.DLVHU.RQVWDQWLQHUEDXWXQGHUKLHOWDXFKGHQ1DPHQ Å1HXHV5RP´GHQQGHU.DLVHUNDPPLWYLHOHQPlFKWLJHQ5|PHUQGRUW KLQXQG HWDEOLHUWHVHLQ.DLVHUWXP=XOHW]WVLQG]XQHQQHQGHU6WXKOXQG GLH .LUFKH YRQ -HUXVDOHP GLH XQVHU +HUU PLW VHLQHP HLJHQHQ NRVWEDUHQ %OXWJHZHLKWKDW'LHVH.LUFKHQR5RPZDUHQIUKHUGLHMHQLJHQGLH'LU DPQlFKVWHQVWDQGHQNHXVFKH-XQJIUDXHQGLHGHP.|QLJ&KULVWXV]XJH IKUWZXUGHQ$EHU*RWWVHL·VJHNODJWMHW]WVLQGVLHDOO]XIHUQYRQ'LUVLH VLQG'LUIUHPGVLHVLQGEHIOHFNWXQGXQNHXVFKJHZRUGHQ9RQGHU(LQIDOW GHVZDKUHQ*ODXEHQVVLQGVLHDEJHIDOOHQ'RFK *RWWVHL'DQN LP2N]L GHQW ZR LQ GHU :LUNOLFKNHLW GLH 6RQQH DP +LPPHOV]HOW XQWHUJHKW JHKW GLH6RQQHGHU*HUHFKWLJNHLWDXIXQGVFKHLQWKHOOXQGNODU,P2ULHQWGD JHJHQKDW]XDOOHP8QJOFN/X]LIHUGHU*HIDOOHQHVHLQHQ7KURQEHUDQ GHUHQ6WHUQHQHUULFKWHW+LHULP2N]LGHQWOHXFKWHWGDV/LFKWGHU:HOW KLHU LVW GDV 6DO] GHU (UGH KLHU JLEW HV JROGHQHV XQG VLOEHUQHV *H VFKLUU$EHUGRUWLP2ULHQWKHUUVFKWHLQH'XQNHOKHLWGLH]XP)UFK WHQLVWXQGHLQHXQGXUFKGULQJOLFKH)LQVWHUQLVXQGHLQ%LOGGHV7RGHVXQ QW]HV6DO]GDV]XQLFKWVPHKUQW]HLVWGDVPDQDXVVFKWWHWXQGGDVGLH 0HQVFKHQLQGHQ%RGHQWUHWHQ,P2ULHQWJLEWHVNDXPLUGHQHVRGHUK|O ]HUQHV*HVFKLUUGDVGHUlX‰HUHQ5XWHQXQGGHVHZLJHQ%UDQGVZDUWHQVR YHUGRUEHQ XQG XQJHKRUVDP LVW OHLGHU GHU JHVDPWH 2ULHQW EHVRQGHUV GDV JULHFKLVFKH/DQG(VZLOOHLQIDFKQLFKWYHUVWHKHQGDVVGLH+HLOLJH5|PL VFKH .LUFKH QLFKW YRQ GHQ $SRVWHOQ VRQGHUQ YRQ XQVHUHP +HUUQ XQG +HLODQG &KULVWXV DOV HUVWH 6WlWWH GLH J|WWOLFKH :UGH HUODQJW KDW DOV HU ]XPKO3HWUXVVDJWH'XELVW3HWUXVXQGDXIGLHVHQ)HOVHQZLOOLFKPHLQH .LUFKHEDXHQXQGGLH3IRUWHQGHU+|OOHP|JHQVLHQLFKWEHUZLQGHQ:DV 'XDXI(UGHQO|VHVWZLUGDXFKLP+LPPHOJHO|VWVHLQXQGZDV'XDXI (UGHQ ELQGHVW GDV VROO DXFK LP +LPPHO JHEXQGHQ VHLQ 'HVKDOE KDW &KULVWXVDOOHLQGLH5|PLVFKH.LUFKHJUXQGJHOHJWXQGVLHJHIHVWLJWDXIGHP )HOVHQ GHV DQIDQJHQGHQ *ODXEHQV XQG HU KDW GHP 6FKOVVHOWUlJHU 6W 3HWUXV GLH *HZDOW XQG GLH *HUHFKWLJNHLW GHV LUGLVFKHQ XQG KLPPOLVFKHQ .DLVHUWXPV EHIRKOHQ 'HPQDFK JLEW HV NHLQHQ =ZHLIHO GDUDQ GDVV ZHU GHU 5|PLVFKHQ .LUFKH XQJHKRUVDP LVW GHU .HW]HUHL YHUIlOOW XQG ZLGHU GHQ *ODXEHQ KDQGHOW :HU ZLGHU GLH 5|PLVFKH .LUFKH KDQGHOW GLH HLQH 0HLVWHULQXQG0XWWHUGHV*ODXEHQVLVWGHU]HLJWVHLQH:LGHUVSHQVWLJNHLW GHP GHU VLH EHU DOOH DQGHUHQ .LUFKHQ JHVHW]W KDW 'DUXP VDJW GHU KO $PEURVLXVRIW²LQGHQKHLOLJHQ.RQ]LOLHQXQGDXFKLQGHQ7H[WHQ²     

Y   $PEURŰÖXVRIIWŰDJHW\QGēKHLOÖJēFŇFÖOÖHQY?ŰXŰWbGD]HU\QDOOHQGLQ  JHQZROWŰ\QPHLŰWHU\QGLHUPLŰFKNÖUFKHUēY?GHUQDFKXROJēbDOŰRDXFK ŰDQWMHURQLP̀PHLQHWGēŰWţOY?JODXEēSHWULbGXUFKGēJRWOÖFKHQPşG                                               

 Y   GDVVHUYRUDOOHQ'LQJHQVHLQH0HLVWHULQGLH5|PLVFKH.LUFKHHKUHQXQG LKU QDFKIROJHQ ZROOH $XFK GHU KO +LHURQ\PXV KlOW GDUDQ IHVW GDVV GHU 6WXKOXQGGHU*ODXEHGHV3HWUXVGXUFKGHQ0XQG



U 

FULŰWLJHOREHWb\QDOOHQŰDFKHQŰ\Q]ţIRUŰFKHQYQQGGHUQDFK]ţXROJHQ EHŰXQGHUZDQHWWZDVNHW]HU\RGHU\UWXPŰÖFKHUKHEHWbDOŰRDXFKDOOFUÖŰWē PHQŰFKHQWKţQŰROOHQbZDQZRGHUO\SGDLŰWK\QYHUŰDPPHOHQŰÖFKGÖH DGHOHUb9QGGLHJO\GHUYROJHQELOOÖFKQDFKGēKDXEWb$EHUGLHNULHFKHŰFK N\UFKYHUEOHQGHWGXUFKH\JHQKRIIDUWYQGYQJHKRUŰDPNH\WbZLOOH\GHU GL‰QLWEHJUÖIIHQbYQGŰÖWWHPDOŰÖHY‰ZēQLJGHUDUFKQRHLŰWbLŰWQRWWGD] ŰÖHYHUGHUEHbZDQY‰ZHQGLJGHUŰHOEHQQ\HPDQEHKDOWHQPDJZHUGHQb ZDQDOVDOOOHUHUYQGJHŰFKULIIWHQŰDJHQLŰWQLWPHHGDQHLQH\QÖJHKHLOÖ JHYQGYQEHIOHFNWHPţWHUGLHFULŰWHQOÖFKNÖUFKbGLHH\QKDXEWKDWWbGXUFK H\QHQJHLŰWZXUGWOHEHQGLJJHPDFKHWbGLHDXFKYIIH\QHQJODXEHQLŰWJH ŰDW]HWb9QGZHUŰÖFKY‰ŰXQGHUHWYRQH\QLNH\WGH‰ŰHOEHQJODXEHQVRGHU YRQJHPH\QŰFKDIIWŰDQFWL3HWULbGHUŰHOEPDJYRQŰ\QHQŰXQGHQQLWHQW EXQGHQZHUGHQbDXFKGLHWKţUGH‰KPHOULFKHVQşPHU\QJHHQbZHOFKHV DOOHV ZROWHJRWW GLHYHUŰWRSIIWHQNUÖHFKHQYQGDQGHUQDFLRQHQ\QQ RULHQWZRQHQGHbZRO]ţKHUW]HQQHPHQbGDPLWŰÖHHWWZDQZ\GHUYPENH PHQYQGHUJHKRUŰDPHGHUKHLOÖJHQUPŰFKHQNLUFKHQbY?QLWDOŰR\Q\UHU \UUXQJYHUGDPSWZXUGHQb  (\QFODJYEHUGHQHOOHQGHQŰWDWWGHUN\UFKHQ\QRFFLGHQWPLWH\QHU HUQŰWOÖFKHUYHUPDQşJ]XPHUŰWHQ\QH\QHUJHPH\QbGDUQDFKEHŰXQGHU ]ţGHQIXUŰWHQGH‰ULFKVYIIGDVVÖHPHHJHYO\ŰŰHQŰ\HQ]ţKLOIIYQGEH  ŰFK\UPşJGHUN\UFKHQb   2LFKGLHDOWHQYQG\W]YHUJHŰŰHQDXFKZ\WYQGYHUUYŇYQV  JHOHJHQYEHOQ YHUPH\QLFKGHUKHLOÖJHQŰWDWWMKHUXŰDOHPY?  DQGHUHUODQGH\QRULHQWZLHREJHQDQWŰ\Q ŰRYQQXW]OÖFKHQ  EHFODJbŰWUDIILFKPLFKŰHOEHUQLWWYQELOOLFKbGHUŰHOEHQHUEH\W YPEŰXŰWJHWKDQb6R DOVDOOHUFULŰWHQOÖFKHUPHQJNOÖFKZLŰŰHQLŰW ŰR YLOQZHUbIUÖŰFKHUbRIIWJHJHQZLUWLJHUY?YQVDOOHUQHKŰWYEHOY?ŰFKD  GHQYQVYRUDXJHQO\JHQbYQGZLUGRFKGHUUHQQLWDFKWHQbEHŰXQGHU]ţ GLŰŰHQŰZHUHQ]\WHQb\QZHOFKHQDOOPHQŰFKHQJHQH\JHWŰ\Q]ţŰţFKHQH\ JHQQXW]YQGGLHGLQJGLH\UŰ\QbDOVGHUDSRŰWHOŰSULFKWbQLWWGHQJHPH\  QHQQXW]bQLWGLHGLQJGLHFULŰWşMKHŰXPDQWUHIIHQRGHUŰ\QHN\UFKb9‰ZHO FKHUYUŰDFKGL‰YROJHWYRQQRWbGD]PLWJHPH\QHPŰFKDGHQGHUJDQW]HQ N\UFKHQWHJOÖFKHQYLOYEHOYQVEHJHJHQHQYQGZ\GHUIDUQYQGEL‰IXU YQŰHUWKţUNRPPHQMDWUHZHQH\QŰFKQHOOHQ\QJDQJEL‰\QYQŰHUKX‰ Y?\QQHUOÖFKŰWHQKH\POÖNH\WHQbZDQDOOGLHREHUQEHGHJHLŰWOÖFKY?ZHOW OÖFKŰODIIHQH\QVŰZHUHQŰFKHGOÖFKHQVŰODIIVYQGYHUDFKWHQŰROOÖFKHYEHO GLHZLOHŰÖHDOOH\QPRJHQHWWU\QQHQREZRO\UYQGHUWKDQRGHUPLWW  EUţGHUYHUGHUEHQbJHIDQJHQRGHUHUWRGWZHUGHQb9QQGŰ\QOH\GHUJDU ZHQQÖJGLHŰÖFKDOVH\QPXHUŰHW]HQYQGŰWHOOHQZ\GHUGLHbGLHGDVYROFN JRWWHVGÖHDUPFULŰWHQKH\WEHWUţEHQb       



U 



&KULVWLJHOREWZRUGHQVHLHQ'LH5|PLVFKH.LUFKHPVVHLQDOOHQ'LQJHQ EHIUDJWXQGLKUPVVHQDFKJHIROJWZHUGHQEHVRQGHUVZHQQVLFKHLQH.HW ]HUHLRGHUHLQ,UUWXPEHPHUNEDUPDFKWHQ'DVLVWDOOHQ&KULVWHQPHQVFKHQ DXIHUOHJW'HQQZRHLQ.DGDYHUOLHJWGDYHUVDPPHOQVLFKGLH$GOHUXQG GLH*OLHGHUULFKWHQVLFKQDFKGHP+DXSW$EHUGLHJULHFKLVFKH.LUFKHLVW GXUFK+RIIDUWXQG8QJHKRUVDPYHUEOHQGHWXQGZLOOGLHVOHLGHUQLFKWEH JUHLIHQ 8QG ZHLO VLH VLFK DX‰HUKDOE GHU $UFKH 1RDK EHILQGHW PXVV VLH QRWZHQGLJYHUGHUEHQGHQQDX‰HUKDOEGHU$UFKHNDQQQLHPDQGPLWGHP /HEHQGDYRQNRPPHQ$OOH/HKUHUXQG6FKULIWHQVDJHQMDDXFKJHQDXGDV (VJLEWQXUHLQHHLQLJHKHLOLJHXQGXQEHIOHFNWH0XWWHUGLHFKULVWOLFKH.LU FKH6LHKDWHLQ+DXSWXQGZLUGGXUFKHLQHQ*HLVWOHEHQGLJJHPDFKW8QG VLHJUQGHWVLFKDXIHLQHQ*ODXEHQ:HUVLFKDEVRQGHUWYRQGHU(LQLJNHLW GLHVHV*ODXEHQVRGHUYRQGHU*HPHLQVFKDIWPLW6W3HWUXVGHUNDQQYRQ VHLQHQ6QGHQQLFKWHQWEXQGHQZHUGHQXQGDXFKQLHPDOVGXUFKGLH7U GHV+LPPHOUHLFKVKLQGXUFKJHKHQ'LHVDOOHV ZROOH*RWW VROOWHQVLFKGLH YHUVWRFNWHQ*ULHFKHQXQGDQGHUH1DWLRQHQGLHLP2ULHQWOHEHQ]X+HU ]HQQHKPHQGDPLWVLHZLHGHU]XP*HKRUVDPJHJHQEHUGHUKHLOLJHQND WKROLVFKHQ.LUFKH]XUFNILQGHQXQGLQLKUHP,UUWXPQLFKWGHU9HUGDPP QLVHQWJHJHQJHKHQ  (LQH.ODJHEHUGLHWURVWORVH/DJHGHU.LUFKHLP2N]LGHQWPLWHLQHUDOO JHPHLQHQ HUQVWOLFKHQ (UPDKQXQJ GDQDFK PLW HLQHU (UPDKQXQJ DQ GLH )UVWHQ GHV 5HLFKV ]XP =ZHFNH JU|‰HUHU +LOIHOHLVWXQJ XQG JU|‰HUHQ 6FKXW]HVGHU.LUFKHQ  'DLFKGLHDOWHQXQGMHW]WYHUJHVVHQHQMHW]WZHLWXQGIHUQYRQXQVOLHJHQ GHQhEHO LFKPHLQHGLH6LWXDWLRQGHUKHLOLJHQ6WDGW-HUXVDOHPXQGDQGHUHU /lQGHULP2ULHQWGLHLFKREHQJHQDQQWKDEH VRQXW]ORVEHNODJHUJHLFK PLFKVHOEVWQLFKW]X8QUHFKWGLHVH$UEHLWXPVRQVWJHWDQ]XKDEHQ'HQQ ZLHVFKOLH‰OLFKDOOH&KULVWHQZLVVHQ HVOLHJHQXQVYLHOHQHXHIULVFKHRIW JHJHQZlUWLJHDOOHUQlFKVWHhEHOXQG6FKlGHQGLUHNWYRU$XJHQXQGGRFK DFKWHQZLULKUHUQLFKW%HVRQGHUVLQGLHVHQVFKZHUHQ=HLWHQLQGHQHQGLH 0HQVFKHQJHQHLJWVLQGLKUHQ(LJHQQXW]]XVXFKHQXQGGLH'LQJH]XYHU IROJHQGLHGLHLKUHQVLQGZLHGHU$SRVWHOVDJWQLFKWGHQJHPHLQHQ1XW ]HQ QLFKW GLH 'LQJH GLH &KULVWXP -HVXP EHWUHIIHQ RGHU VHLQH .LUFKH 'DUDXVIROJWQRWZHQGLJGDVVXQVPLWGHP6FKDGHQIUGLH.LUFKHLPDOO JHPHLQHQYLHOHhEHOEHJHJQHQXQGXQVZLGHUIDKUHQXQGELVDQXQVHUH7U YRUGULQJHQMDVLFKVRJDUJHWUDXHQVFKQHOOEHLXQVHLQ]XWUHWHQELVLQXQ VHU +DXV XQG LQ XQVHUH LQQHUOLFKVWHQ +HLPOLFKNHLWHQ 'HQQ GLH EHLGHQ 2EULJNHLWHQ GLH JHLVWOLFKH XQG GLH ZHOWOLFKH VFKODIHQ HLQHQ VFKZHUHQ VFKlGOLFKHQ6FKODIXQGDFKWHQDXIVROFKHhEHOQLFKW'HQQVLHN|QQHQLK QHQLPPHUKLQHQWULQQHQZlKUHQGLKUH8QWHUWDQHQRGHU0LWEUGHUYHUGHU EHQ XQG JHIDQJHQ JHQRPPHQ RGHU JHW|WHW ZHUGHQ 8QG HV JLEW OHLGHU ]LHPOLFKZHQLJHGLHVLFK]XHLQHU0DXHUIRUPLHUHQXQGVLFKJHJHQGLHVH (QWZLFNOXQJVWHOOHQGLHGDV9RON*RWWHVGLHDUPH&KULVWHQKHLWEHWUEW      



Y 

'HPQDFKŰ\W]HWGLHPţWHUYQGIUDXZDOOHUYROFNHU GDVLŰWGLHN\UFK  \QJURŰŰHUWUXULNH\WbYQGLŰWQ\HPDQGHUŰÖHWUŰWHY‰DOOHQ\UHQOÖHEHQ N\QGHUQb:HOFKHUFULŰWHQPHQŰFKYHUQXQIIWJHEUXFKHQGHbPHUFNHWQLWbMD ZH\QHWQLWbYQGFODJHWYŇKHUW]HQbDQJHŰHKHQGD]H\QJDQW]HUJHPH\QHU QXW]GHUFULŰWHQKH\WŰRŰZHUOÖFKHQDQJHIRFKWHQJHOH\GLJHWYQGEHWUXEHW ZXUGWbDDOŰRJHP\QGHUHWGD]HUŰHUHDQYDKHW]ţZDFNHOHQYQG]ţYDO OHQbZDQH‰GRFKNXQGWÖŰWYQGOH\GHUYQŰHUHUEUţGHUYLOGDVEHIXQGHQ KDEHQPÖWH\JHPŰFKDGHQbZLHGÖHY\QGGH‰FULŰWHQOÖFKHQQĆPHQVYQG EOţWVMDJRWWHVOHŰWHUHUY?GH‰FUXW]FULŰWÖYHUXROJHUYQGYHUKDŰŰHUGH‰ DOOH\QZDUHQJODXEHV GLHWXUFNHQUHGHLFK \QNXUW]HU]\WYQGZēQLJ REHUHQYHUŰFK\QHQMDUHQbŰRŰWDUFNY?NUHIIWÖJŰ\QZRUGHQY?]ţQēPHQ YRQWDJ]ţWDJbY?ZLUGHUJHJHQŰRŰZDFKŰRQ\GHUbMDŰRWUHJHY?K\Q OHŰŰÖJŰ\QZRUGHQbGD]ZLUŰROOÖFKVYRUDXJHQŰHKHQYQQGEL‰DQYQŰHU Ű\WHQODŰŰHQNŇPHQbY?GRFKQLFKWVGDU]ţWKţQbZHOFKHPPēŰFKHQPDJ YQZLŰŰHQŰ\QZLHGLHŰHOEHQYQŰHUWRGWOÖFKY\QGbGXUFKYQŰHUYHUŰXPOÖ  NH\WKDEHQYQGHU\UHQJHZDOWEUDFKWPHFKWLJHNH\ŰHUWKXPY?NRQJULFK JURŰŰHYQGULFKHODQGbQDPKDIIWLJYQGJHZHOWLJŰWHWWbZHUOÖFKŰOR‰YQG \QŰHOb$OV GD]LFKGHUUHQH\QNOH\QWH\OQHQQH &ŇŰWDQWLQRSHOb7UD  SH]XQFLşbNH\ŰHUOÖFKŰWHWWRGHUZRQşJb7UDFLDPb%RHFLĆb$WWLFDPb0D FHGRQÖĆb7KHŰŰDOÖDPb$FKDLDPb(WKROÖDPbEHGH0\ŰÖDPbJURŰŰHNRQÖJ  ULFKY?ODQGbGDU]ţ7ULEDORVb6FRUGLŰFRVb7DQUÖFRVbEDŰWDUQDVPHFK WLJYROFNHUbYQGYLODQGHUŰWHWWGLHLFKYPENXUW]HZHJHQK\HQLWHU]HOHb HUWRGW\UHNH\ŰHUbYHUWULEHQ\UHNRQLJY?KHUUHQbYHUEUHQGWY?YHUZţŰWHW GLHODQGWŰFKDIIWbHUŰWRFKHQGLH\QQZRQHURGHU\QQJHIHQJQ‰JHIţUHWb ZHOFKHODQGDOOGHU7XUFN\W]EHNXPPHUWMDIU\EHŰÖW]HWb9EHUGDVDOOHV ZDVHUJURŰŰHQŰFKDGHQYQQGEOţGWYHUJ\ŰŰXQJKDWW]ţJHIXJHWGLŰŰHQ QDFKXROJHQGHQODQGHQY?OXWKHQ3HOSRQHŰÖFLVb'DOPDWLVb(SLURWLV XQG DQGHUH@ PlFKWLJH 9|ONHU XQG YLHOH DQGHUH 6WlWWHQ GLH LFK XP GHU .U]H ZLOOHQ KLHU QLFKW HUZlKQH *HW|WHW ZXUGHQ LKUH .DLVHUYHUWULHEHQ LKUH .|QLJH XQG +HUUHQYHUEUDQQWXQGYHUZVWHW GLH /DQGVFKDIWGLH(LQZRKQHUHUVWRFKHQRGHULQV*HIlQJQLVJHIKUW'LHVHV /DQG XQWHUZDUI GHU 7UNH MD HU EHVLW]W HV XQXPZXQGHQ 'HQ QDFKVWH KHQGDXIJHIKUWHQ/lQGHUQKDWHUJUR‰HQ6FKDGHQXQGYLHO%OXWYHUJLH‰HQ ]XJHIJW GHP 3HOHSRQQHV 'DOPDWLHQ (SLURWLV ,OO\ULHQ 1RULFLV 3DQRQLMVXQG*HUPDQLHQGDVVLQGZLU'HXWVFKHQ:LUKDEHQYRQGHQ )HLQGHQRIWJHK|UWXQGHWWOLFKHYRQXQVKDEHQVLHDXFKEHUVLFKHUJHKHQ ODVVHQ>PVVHQ@8QGGDPLWLFKLQGLHVHU5HGHQLFKW]XVHKUDXVVFKZHLIH ZLOOLFKGDV*UR‰H0HHUEHUJHKHQGDVDXFK0DUH(X[LQXPRGHU0DUH 0HGLWHUUDQHXP JHQDQQW ZLUG XQG GDV GHU 7UNH MHW]W XQJHKLQGHUW EHU IlKUWXQGLQQHKDW'DVJLOWEHVRQGHUVVHLWHUGLH6WDGW&DSKDEHNlPSIW XQGEHVLHJWKDWGLHYRUKHULQGHU+DQGGHU*HQXHVHUZDU,FKIDKUHIRUW PLWGHQHGOHQ,QVHOQ0LWWHOHQHXQGGHQ.\NODGHQPLW1LJURSRQWGDV PDQVRQVW&DOFLGHV(XERLHQHQQW&R]RUDPGDVGLH:DODFKHQ6NXWD UL QHQQHQ XQG YLHOH DQGHUH FKULVWOLFKH 6WlWWHQ GLH GHU 7UNH MHW]W DOV VHLQ 7HUULWRULXP LQ VHLQHU XQHUWUlJOLFKHQ *HZDOW KDW ,FK VFKZHLJH PLFK DXV EHU GLHEOXWLJHQ XQG JUR‰HQ .ULHJH XQG .lPSIHGLH GHU 7UNH ]X /DQGXQG]X:DVVHUJHJHQGLHYHQH]LDQLVFKH+HUUVFKDIWJHIKUWKDWLFK EHUKUHDXFKQLFKWGLHKHIWLJHQ.ULHJVKlQGHO3ODJHQXQGW|GOLFKHQ*HL ‰HOXQJHQGLHGHU7UNHGHPFKULVWOLFKHQ.|QLJYRQ8QJDUQXQGGLHHU 8QJDUQLQXQVHUHU=HLWKlXILJXQGLQXQEHVFKUHLEOLFKHP$XVPD‰]XJHIJW KDW:HUKDWGLHHGOH,QVHO      



U 

5RG\‰H\QYHŰWHSRUWGHUFULŰWHQKH\W\QNXUW]YHUJDQJHQHU]\WWYQGHU  ŰWDQGHQJDUYQGJDQW]YRPJUXQG]HUŰWRUHQb'HUWXUFNb:HUKDWW\QQ QRFKQHKHUHU]\WGLHŰWDWWYQGHUW]ELŰWXPQJDEHQ@ GHUHQ)OOHNHLQQRFKVRUHGHJHZDQG WHU NOXJHU 5HGQHU GDUVWHOOHQ N|QQWH VHOEVW ZHQQ HU VLFK JHQJHQG =HLW QlKPHXQGJUR‰H$QVWUHQJXQJGDUDXIYHUZHQGHQZUGHGRFKQRFKZH QLJHUJHOlQJHHVHLQHP5HGQHUVLHPLWJHEKUHQGHP/RE]XEHVFKUHLEHQ  JHPl‰GHU*QDGHDOVRGLH'XYRQ*RWWUHLFKOLFKHPSIDQJHQKDVWVROFKH REHQ]LWLHUWHQ'LQJH]XHUNHQQHQDE]XZlJHQXQG]XEHGHQNHQZDVGD]X JHK|UWXQGZDV'HLQN|QLJOLFKHV$PWDQJHVLFKWVGHU1RWGHU&KULVWHQKHLW YHUODQJW XQG IRUGHUW 'RFK GLHVHV *OHLFKQLV GDV 'X HEHQ YHUQRPPHQ KDVWGDVLVW>VLFKHUOLFK@DXFK'LUVFKRQEHLGHP*HGDQNHQLQGHQ6LQQJH NRPPHQZLHVLFKHLQIURPPHUWUHXHU&KULVW]XEHZHLVHQKDEHLQPLWWHQ VHLQHU 6WDGW XQWHU VHLQHQ ZLOOLJHQ JHKRUVDPHQ 8QWHUWDQHQ ZlKUHQG GLH 6WDGWYRQ)HLQGHQEHODJHUWZLUGXQGGLH)DFNHOQHLQHVJUDXVDPHQ.ULHJHV DQIDQJHQ]XEUHQQHQXQGGDV6SLHOGHV0DUV GHV$EJRWWHVGHV.ULHJHV  DQKHEW ZHQQ DX‰HUGHP DOOH bFNHU :HLQJlUWHQ XQG %DXPJlUWHQ YHUZ VWHW GD]X GDV 9LHK XQG GLH 0HQVFKHQ DXI GHP )HOGH JHIDQJHQ XQG GLH :HJHYHUVWHOOWVLQGGDPLWGHQ%HODJHUWHQNHLQH+LOIH]XWHLOZHUGHQN|QQH =XOHW]WPVVWH7DJXQG1DFKWHLQZHKUKDIWHU6WXUPWUXSSYRUUFNHQGHU LQ5HLKXQG*OLHGDXVJHULFKWHWYRUGHU6WDGWVWQGHXQGGHPIXUFKWHLQ IO|‰HQGH 6FKLH‰HUHLHQ XQG PLW JUDXHQHUUHJHQGHP ,QKDOW JHIOOWH )lVVHU GLH]XYRUYRQGHQ0DXHUQXQG=LQQHQKLQDEJHZRUIHQZRUGHQZlUHQGHQ :HJEHUHLWHWKlWWHQ:DVGDQQGHUIURPPH)UVWGHUGDVDOOHVYRU$XJHQ KlWWH ZRKO WlWH" 'DV VDJW 'LU MHW]W R VLHJUHLFKHU +HUU 'HLQ HLJHQHV FKULVWOLFKHV XQG WUHXHV +HU] (U ZUGH QLFKW ODQJH ELWWHQ VRQGHUQ VHLQH 5LWWHUVFKDIW XQG VHLQ +HHU ]XVDPPHQUXIHQ VLH PLW ZHLVHU NOXJHU 5HGH XQG (UPDKQXQJ VWlUNHQ ² LQ GHU $UW ZLH HV GHU WUHXH XQG NKQH )UVW XQG5LWWHU-XGDV0DNNDElXVJHWDQKDW(UZUGH]XP.DPSIEODVHQXQG GLH3RVDXQHQXQG7URPSHWHQHUNOLQJHQODVVHQ8QGZLHHLQDQJULIIVOXVWL JHU/|ZHZUGHHUPLWVDPWVHLQHPGXUFKLKQJHVWlUNWHQ9RONELV]XGHQ .DPSIOLQLHQ GHV IHLQGOLFKHQ +HHUHV GXUFKGULQJHQ XQG PLW 9RUVLFKW XQG .OXJKHLW YRQ GHQ 7UPHQ XQG =LQQHQ XP GLH HU ]XYRU 6RUJH JHWUDJHQ KDWJDQ]SO|W]OLFKEHUVLHKHUIDOOHQ8QGZHQQHVHLQHQ)UVWHQLQPLWWHQ HLQHVVROFKHQ+HHUHVJlEHGDQQPVVWHHU]ZHLIHOORVHLQHQ6LHJHUULQJHQ MDUHLFKOLFK5XKPXQG(KUHHUODQJHQ :DVLFKKLHUPLWEHDEVLFKWLJHGDVNDQQVW'XLQ'HLQHUKRKHQ9HUQXQIW GXUFKODXFKWLJVWHU+HUUZRKOGXUFKVFKDXHQ'HVKDOEZLOOLFKNHLQH 

Y   KHUUJDUZROGXUFKŰLFKWLJbGDUYPELFKH‰QLWZ\WHUZLOY‰ŰWUHFNHQbKRI  IHQGHG\QNRQLJOÖFKPDLHŰWDWZHUG]ţEHTXHPOÖFKHU]\WYLOJURŰŰHUV\Q ZHUFNHQHU]HXJHQGDQLFKYHUPDJEHZRUWHQ1LWPQHU2DOO\UKRFK JHERUQHQFULŰWēOÖFKIXUŰWHQbGHUJHPH\QHQFULŰWHQKHLWEHŰFK\UPHUHUNēQHQ                                              

 Y   ZHLWHUHQ :RUWH YHUOLHUHQ ,FK KRIIH GDVV 'HLQH N|QLJOLFKH 0DMHVWlW ]X JHJHEHQHU=HLWLQ7DWHQYLHOPHKUEHZLUNHQNDQQDOVLFKLQ:RUWHQ 1LFKW ZHQLJHU R ,KU KRFKJHERUHQHQ FKULVWOLFKHQ )UVWHQ %HVFKLUPHU GHUDOOJHPHLQHQ&KULVWHQKHLWHUNHQQHW



U 

GD]\UPXŰŰHQUHFKQXQJJHEHQYPEZHJHQGHUN\UFKHQGLH\UYŇFULŰWR KDEHQHQSIDQJHQ]ţEHŰFKLUPHQb:DQGDUşEKDEHQ\UŰRKRKHQJHZDOW HUODQJHWbGD]\UGXUFKGHQŰHOEHQbFULŰWHQOÖFKH]XFKWEHZDUHQbDOŰRGDVb GD]GLHSULHŰWHURGHUJH\ŰWOÖFKSUHODWHQQLWWYHUPRJHQGXUFKPXQGWOÖFK YHUPDQşJEHŰŰHUHQGDVŰHOEŰWUDIIHXZHUJHZDOWGXUFKHUŰFKUHFNşJRGHU Y‰YEXQJGH‰ŰZHUWVb9QGZLHZROYFKDOOZHJHQ]ţJHKRUWGÖHN\UFKHQ EHŰFKLUPHQbZ\WWZHKHQYQGZH\ŰHQWURŰWHQbGLHERŰHQ]HPHQbH\P\HGHQ Ű\QUHFKWWKţQbUHWWHQGLHGLHJHZDOWO\GHQbGHQDUPHQKLOIIWKţQbŰWUDI  IHQG\HEHU\bUDXEHU\bHHEUHFKHU\bYHUUHWWHU\bPRUGHU\bY?DOOŰROOÖFKYEHO  WKHWHUQLWWODŰŰHQOHEHQbXZHUYQGHUWKDQQLWWODŰŰHQYEHOWKţQbDOVGDV XZHUQIXUŰWOÖFKHQJUR‰PHFKWLNH\WHQZRONXQGWYQGZLŰŰHQLŰWbY?XZHU DPSWY?ŰWDWE\XZHUŰHOHQKH\OGDVYRUGHUHWb1RFKGDQ]ţGLŰHQŰRUJ  OÖFKHQ]\WWHQbŰRGDVJDQW]PHHUZţWHWbYQGGDVŰFKÖIIO\Q3HWUÖŰRŰZHU  OÖFKHQPLWGHQIOXŰŰHQY?Z\QGHQZXUGWDQJHIRFKWHQGD]H‰JDUE\DQ YDKHW]ţYHUŰ\QFNHQYQG]ţJUXQGJDQb-UGLHGRGLHHUŰWHQQDFKXZUē JUDGYQGŰWDWDPŰSLW]HQŰROOHQŰWHHQYQGPDQOÖFKŰWU\WHQbZROOHQJDU HEHQ]ţŰHKHQYQGZROGXUFKPHŰŰHQZDV\UJRWWYQGŰ\QHUŰSRQŰHQGHU FULŰWHQOÖFKHQNÖUFKHQŰFKXOGLJŰ\HQbY?ŰROOÖFKHPQDFKQRWWXUIIWLNHLWY? PJOÖNH\WŰRYHUUDQYFKŰWHHWQDFKNŇPHQb:ROOHQDXFKZROHUNHQQHQ YQG]ţKHUW]HQYDŰŰHQbZDVŰROOÖFKYHUŰXPOÖNHLWY?ŰFKHGOÖFKHŰOHIIULNH\W EL‰KHUPLWJURŰŰHPŰFKDGYQGŰFKDQGGHUNÖUFKHQbJHŰHKHQYQGEHIXQGHQ HQWOÖFKZHUGHEULQJHQb :RUYPEDEHUŰROOÖFKYEHOKLHYRUHU]HOHWY?YLODQGHUŰRLFKKLHYHU  ŰZ\JHYQVKDEHQYEHUXDOOHQbY?EHŰZHUHQWHJOÖFKŰRPDQJIHOWLJOÖFKHQ RE\PDQGH‰HLQZşGHUKHWWHO\JHWGÖHYUŰDFKYRUYQŰHUQDXJHQb:DQ ZHOFKHUPHQŰFKŰ\QJHŰÖFKW\QGLŰHZHOWY‰ŰWUHFNHWbGHUŰ\KHWYŇŰWXQGDQ GLHŰHOEJDQW]HUIXOOHWPLWŰXQGēY?ODŰWHUHQbPLWDOOHPEHWUXJbIDOŰFKHLW YQGYQJHUHFKWLNHLWbYQGDOVGDXLGŰSULFKWbDOOŰFKDOFNKDIIWLNH\WZRQHW PLWWHQYQGHUGHQPHQŰFKHQbKRIIDUWKDWWŰÖHYPEXDQJHQbŰLHŰ\QEHGHFNHW PLWER‰KH\Wb\UŰXQGIOX‰WY‰\UHUIH\ŰWHbŰÖHYROEULQJHQPLWOXŰWGHQE  ŰHQZLOOHQ\UHUKHUW]HQbGHPQDFKLŰWYQIULG\QGHUŰWDWWbYQJHUHFKWÖNH\W YPEJ\EHWŰÖHWDJYQGQDFKWbPLWWHQGDU\QLŰWHUEHWŰHOÖNHLWbY?YII\UHQ JDŰŰHQKRUWQLWYIIZXFKHUYQGEHWUXJOÖNHLWbZHOFKHVGDXLGYRQJRWWHU  OXFKWHWYRQGHUŰWDWWGLŰHUZHOWKDWWHUNHQQHWYQGSURSKHWLUHW\QH\QHU JHPH\QHYQGPDQŰ\KHWH‰WHJOÖFKHQYRUDXJHQbDOŰRGD]PDQPDJFOD JHQPLWH\PDQGHUQSURSKHWHQGHUDOŰRŰSULFKWb6XQY?PRQŰ\QY\Q ŰWHUZRUGHQYQGGLHŰWHUQHQKDEHQYHUORUHQ\UOÖHFKWb\QZHOFKHQZRUWē GHUJDQW]ŰWDWGHUFULŰWHQOÖFKHQNÖUFKHQbGHUREHUŰWHQbPLWWHOHQY?Q\GHU  ŰWHQKDOEZXUGWEHZH\QHWbDOVJţW]XPHUFNHQLŰWbE\YQGHUŰFKH\GYQG       



U 



GDVV,KU5HFKHQVFKDIWDEOHJHQPVVWZHJHQGHU.LUFKHGLH,KUYRQ&KUL VWXVPLWGHP$XIWUDJVLH]XVFKW]HQHPSIDQJHQKDEW'HQQGDUXPKDEW ,KU VR KRKH *HZDOW HUKDOWHQ GDVV ,KU VLH LQ FKULVWOLFKHU =XFKW EHZDKUW 'DV KHL‰W GDVV GLH 3ULHVWHU RGHU JHLVWOLFKHQ 3UlODWHQ GXUFK (UPDKQXQJ PLW:RUWHQQLFKWV%HVVHUHVEHZLUNHQN|QQHQDOVGLH=FKWLJXQJGLH,KU NUDIW (XUHU *HZDOW GXUFK 'URKXQJ PLW RGHU *HEUDXFK GHV 6FKZHUWHV YHUKlQJW8QGREZRKOHV(XUH3IOLFKWLVW.LUFKHQ]XEHVFKW]HQ:LWZHQ XQG:DLVHQ]XWU|VWHQGLH%|VHQ]X]lKPHQMHGHP0HQVFKHQ5HFKW]X NRPPHQ]XODVVHQGLHMHQLJHQ]XUHWWHQGLH*HZDOWHUOHLGHQGHQ$UPHQ ]XKHOIHQ'LHEH5lXEHU(KHEUHFKHU9HUUlWHU0|UGHU]XVWUDIHQXQGDO OHVROFKHhEHOWlWHUQLFKWDP/HEHQ]XODVVHQQLFKW]X]XODVVHQGDVV(XUHQ 8QWHUWDQHQ %|VHV DQJHWDQ ZLUG ² GDV DOOHV LVW (XUHU IUVWOLFKHQ *UR‰ PlFKWLJNHLWZRKOEHNDQQWXQGGDVIRUGHUW(XHU$PWXQG(XHU6WDDWXQG GDVPVVW,KUWXQXP(XHU6HHOHQKHLO]XUHWWHQ'DVJLOWJHUDGHLQGLHVHQ EHVRUJQLVHUUHJHQGHQ=HLWHQZHQQGDVJDQ]H0HHUZWHWXQGGDV6FKLII OHLQ3HWULYRQGHQ:DVVHUQXQG:LQGHQJHSHLQLJWZLUGGDVVHVEHLQDKH]X VLQNHQ XQG ]XJUXQGH ]X JHKHQ GURKW ,KU GLH,KU (XUHP 6WDQG XQG GHU %HGHXWXQJ(XUHV 6WDDWHV JHPl‰ DQ GHU 6SLW]H VWHKHQ XQG ZLH HLQ 0DQQ NlPSIHQ VROOW,KUZROOW ]XVHKHQ XQG DEZlJHQ ZDV ,KU *RWW XQG VHLQHU %UDXW GHU FKULVWOLFKHQ .LUFKH VFKXOGLJVHLG XQG ZLH LKU GHPQDFK 1RW ZHQGLJNHLWXQG0|JOLFKNHLWQDFKNRPPHQN|QQW"6RVROOW,KUDXFKHUNHQ QHQXQG(XFK]X+HU]HQQHKPHQGDVVHLQVROFKHV9HUVlXPQLVXQGHLQH VROFKH 6FKOlIULJNHLW DOV JUR‰HU 6FKDGHQ XQG DOV 6FKDQGH GHU .LUFKH DQ ]XVHKHQXQG]XEHXUWHLOHQLVWXQGZR]XGLHVVFKOLH‰OLFKIKUHQZLUG :DUXPXQVDEHUVROFKHhEHOYRQGHQHQLFKKLHUHU]lKOHXQGYLHOHDQ GHUH GLH LFK KLHU YHUVFKZHLJH EHUIDOOHQ KDEHQ XQG XQV WlJOLFK LQ VR PDQQLJIDFKHU :HLVH EHVFKZHUHQ VR ZlUH HV HLQ :XQGHU ZHQQ MHPDQG XQVGLH8UVDFKHGDIUYRUXQVUH$XJHQVWHOOWH'HQQZHQQPDQVHLQ*H VLFKWLQGLHVH:HOWKLQDXVVWUHFNWVRVLHKWPDQVRIRUWGDVVGLHJDQ]H:HOW YRQ6QGHXQG/DVWHUQHUIOOWLVWPLW%HWUXJ)DOVFKKHLWXQG8QJHUHFKWLJ NHLW :LH 'DYLG VDJW /DXWHU 6FKDON ZRKQW PLWWHQ XQWHU GHQ 0HQVFKHQ +RFKPXWKDWGLH0HQVFKHQXPIDQJHQVLHVLQGPLW%RVKHLWEHGHFNWLKUH 6QGHIOLH‰WDXVLKUHP>YRU.UDIW@VWURW]HQGHQ.|USHUVLHYROOEULQJHQPLW /XVWGHQE|VHQ:LOOHQLKUHU+HU]HQ$X‰HUGHPKHUUVFKW8QIULHGHLQGHU 6WDGW 8QJHUHFKWLJNHLW XPJLEW VLH 7DJ XQG 1DFKW PLWWHQ GDULQ KHUUVFKW GLH/XVW]XU3ODJHXQGDXILKUHQ*DVVHQK|UHQ:XFKHUXQG%HWUXJQLFKW DXI 'DYLG KDW GLHV YRQ *RWW HUOHXFKWHW DQ GHQ 6WlWWHQ GLHVHU :HOW HU NDQQWXQGHLQHU*HPHLQGHSURSKH]HLWXQGPDQKDWHVWlJOLFKYRU$XJHQ 6RP|FKWHPDQPLWHLQHPDQGHUHQ3URSKHWHQNODJHQGHUVSULFKW6RQQH XQG0RQGVLQGILQVWHUJHZRUGHQXQGGLH6WHUQHKDEHQLKU/LFKWYHUORUHQ :LH VFKQHOO ]X HUNHQQHQ LVW ZHUGHQ LQ GLHVHQ :RUWHQ GLH 6WlQGH GHU FKULVWOLFKHQ .LUFKH EHZHLQW ZREHL GLH REHUVWHQ PLWWOHUHQ XQG QLHGHUHQ 6WlQGHVWXIHQZHLVHGXUFKGLH6RQQHGHQ0RQGXQGGLH6WHUQHJUDGXHOO     

U   JUDGGHUŰXQQHQbGH‰PRQHVYQGGHUŰWHUQHQb'DUYIIDXFKJOÖFKOXWKHQ GLHZRUWH\QVDQGHUQSURSKHWHQGHUH‰PLWDQGHUQZRUWHQDOŰRY‰WUXF  NHWŰSUHFKHQGHb$OOHKDXEWŰ\QNUDQFNbYQGDOOHKHUW]HQWUXULJbYQGDOOH                                               

 U   XQWHUVFKLHGHQZHUGHQ*OHLFKODXWHQGLH:RUWHHLQHVDQGHUHQ3URSKHWHQ GHUGLH6LWXDWLRQPLWDQGHUHQ:RUWHQDXVGUFNW$OOH+lXSWHUVLQGNUDQN XQGDOOH+HU]HQVLQGWUDXULJXQGDOOH    



Y 

IX‰YQUH\QbYQGYŇGHUYHUŰHQGH‰IX‰EL‰]ţGHUŰFKH\WHOGH‰KDXEWVLŰW NH\QJHŰXQGWKHLWDQGHPO\EbE\ZHOFKHPO\EDOVZRONXQGWLŰWGLHYHU  ŰDPHOXQJGHUFULŰWHQPHQŰFKHQEHGXWHWZXUGWbZDVDEHUGDVKDXEWDOV GDVREHUŰWbGDVKHUW]DOVGDVPÖWWHOŰWbGLHIX‰DOVGLHYQGHUŰWHQDQ]HXJēb PDJHLQ\HGHUZROIXUŰÖFKŰHOEVPHUFNHQb'HPQDFKQLWZşGHULŰWGD]ŰR GLHJURŰŰHQOÖHFKWHUGLŰHUZHOWWXQFNHOŰ\QZRUGēbGLHJDQW]ZHOWY\QŰWHU QX‰O\GHW GDVLŰW ŰRGLHJHLŰWOÖFKHQSUHODWHQY?GLHJDQW]SIDIIKH\WŰR YEHOOHEHQDOVGDQQLWPDJJHODXJQHWZHUGēbGRFKQÖWJţWÖŰWJDQW]]ţ HQWSOŰŰHQbLŰWQLWZXQGHUGD]GLHOH\HQDXFKGDUQDFKWKţQbZDQŰRGHU K\UWK\UUJHHWbLŰWQLWZşGHUGD]GLHŰFKHIIO\QDEZHJODXIIHQbY?DOŰRÖŰW OH\GHUZDUGD]$ODQXVYRUODQJKDWWEHFODJHWbEHJUÖIIHQGHGLHJHPH\Q \UWKXPGHUJDQW]HQZHOW\QGÖŰHQZHQLJHQbDEHUŰZDQJHUHQZRUWHQb *ODXEYQGWUZ\QGLŰHUZHOWLŰWNŇPHQYIIGD]OHW]ŰWbY?JHHQŰODIIHQb YQGGLHQDFKWGHUYQWUZKDWWYEHUKDQGWJHQŇPHQbGHUFODUŰWHUQGHU JHUHFKWLNHLWLŰWNUDQFNJHZRUGHQY?JÖEHWNXPHLQŰFKDWWHQb9QGLŰWGDU ]ţNŇPHQGD]HWWZDQYHUGHFNWYQWţJHQGb\HW]QLWZROOHQEHGHFNWŰ\Qb Y?EHJHUHQNH\QVPDQWHOVbŰXQGHUDOOŰXQGY?ODŰWHUZHUIIHQDOOEHGHF  NXQJK\QbY?IHUZHQŰÖFKQLWPHHYQGHUJHŰWDOWGHUWXJHQGbDEHUJORŰÖH  UHQŰÖFKRIIHQOÖFKHQbGDVUHFKWZXUGWRIIWJHXUWH\OHWYQUHFKWbGLHWţJHQG LŰWYEHUZşGHQGXUFKGLHYQWţJHQWbDOOWFKWHUGHUWţJHQWPXŰŰHQ\QGD] HOOHQGbGHUYQWXJHQWZHUGHQGLH]ţJHOYQG]H\PYHUKHQJHWQDFK\UHP ZLOOHQbY?ŰRGLHŰHOEYQWţJHQWbDOV%RKHFLXVEHFODJHWbDOŰRKHUŰFKHWY? UHJQLUHUbŰRZXUGWGLHWXJHQWQLWDOOHLQEHUDXEHW\UHVORQ‰bŰXQGHUDXFK PLWGHQIXŰŰHQGHUŰXQGHUYHUWUHWWHQbYQGPX‰ŰWUDIIO\GHQbGLHŰDFKGH‰ YQŰFKXOGLJHQZXUGWYHUZHQGHW\QYQUHFKWbY?GHUYEHOWKHWHUŰ\HJHWYRU GHPDQJHŰÖFKWGH‰ULFKWHUVb:HOFKHYLODQGHUHQPRFKWHQQW]Ű\QbZHUGē YHUDFKWHWY?YHUZRUIIHQbDOVY‰NHUHFKRGHUY‰IHJXQJGLŰHUZHOWb$EHU ZHOFKHJUR‰PXWLJY?ŰWDUFNZLOOLJŰ\Q]ţDQGHUHUPēŰFKHQYHUGHUEşJb Ű\Q\W]DOOHPHFKWLFKŰWHQW\UĆQHQbGHUYHUNHUWKŰ\W]HWŰFK\QEDUOÖFKYIIGē ULFKWHUOLFKHQŰWţObGDYRUGHUJHUHFKWNXPWKDUHUŰFK\QēbGHUULFKZţFKH  UHUPHUHWŰ\QJţWRQHQGHbYQGGHUbGHUGHQDUPHQZROJHQHLJHWZHUKDW ŰHOEVQLW]ţOHEHQbGLHIUDXZēYHUODŰŰHQ\U]XFKWY?WDSIIHUKHLWbYQGKD  EHQDOOKRUHŰFKZL‰Y?JHEHUGHDQŰÖFKJHQŇPHQbY?GHQKHLOÖJHQNXŰFKHQ MRŰHSKYHUXROJHWGDVE‰Z\SbGHUUH\QÖNHLWY\QGLQb9QGZD]ŰROOLFK YLOYPEŰXŰWHU]HOHQb'HUOHUHU&ULŰRŰWRPKDWWYRUODQJJHŰDJHWŰSUH  FKHQGHDOŰRb'DVJHŰDW]RGHUJHŰFKULIIWLŰWJHIORJHQYRQGHQSIDIIHQbJH  UHFKWLNHLWYŇGHQIXUŰWHQbUDGWYRQGHQDOWHQbJODXEYŇGHPYROFNbOÖHEH YRQGHQHOWHUQbUHXHUHQW]YŇGHQYQGHUWKDQbJHLŰWOÖNHLWYŇGHQPRQFKHQ HUŰDPNHLWYŇGHQMşJHQb]XFKWYRQGHUFOHUÖFNHQbOHUHYRQGHQPHLŰWHUQb       



Y 



)‰H VLQG XQUHLQ XQG YRQ GHQ )HUVHQ GHV )X‰HV ELV ]XP 6FKHLWHO GHV +DXSWHVJLEWHVNHLQH*HVXQGKHLWDPJDQ]HQ/HLE:REHLGHU/HLEGLH 9HUVDPPOXQJGHU&KULVWHQPHQVFKHQEHGHXWHWZDVMHGRFKGDV+DXSWDOV GHUREHUVWHGDV+HU]DOVGHUPLWWOHUHGLH)‰HDOVGHUXQWHUVWH.|USHUWHLO EHGHXWHQGDVPDJMHGHUIUVLFKVHOEVWHQWVFKHLGHQ'HPQDFKLVWHVNHLQ :XQGHUZHQQGLHJUR‰HQ/LFKWHUGLHVHU:HOWGXQNHOJHZRUGHQVLQGXQG GLHJDQ]H:HOW)LQVWHUQLVHUOHLGHQPXVVZHLOQlPOLFKGLHJHLVWOLFKHQ3UlOD WHQXQGDOOH3IDIIHQHLQVRVFKOHFKWHV/HEHQIKUHQGDVVPDQHVJDUQLFKW PHKUOHXJQHQNDQQ²ZDVPDQWXQOLFKVWDEHUDXFKQLFKWYROOVWlQGLJDXI GHFNHQVROOWH6RQLPPWHVDXFKQLFKWZXQGHUGDVVVLFKGLH/DLHQJHQDXVR YHUKDOWHQ GHQQ ZHQQ GHU +LUWH LUUH JHKW VR JHUDWHQ QDWUOLFK DXFK GLH 6FKlIOHLQ DXI $EZHJH 'HVKDOE LVW HV OHLGHU DXFK ZDKU ZDV $ODQXV VFKRQ YRU ODQJHU =HLW EHNODJW KDW HU VWHOOW GHQ DOOJHPHLQHQ ,UUWXP GHU :HOWLQGLHVHQZHQLJHQDEHUEHGHXWXQJVVFKZDQJHUHQ:RUWHQGDU*ODXEH XQG 7UHXH LQ GLHVHU :HOW NRPPHQ ]XOHW]W XQG JHKHQ VFKODIHQ 8QG GLH 1DFKWGHU8QWUHXHKDWEHUKDQGJHQRPPHQXQGGHUNODUH6WHUQGHU*H UHFKWLJNHLWLVWNUDQNJHZRUGHQXQGJLEWNDXPHLQHQ 6FKDWWHQ8QGHVLVW VR ZHLW JHNRPPHQ GDVV >ELVKHU@ YHUERUJHQH 8QWXJHQG MHW]W QLFKW PHKU EHGHFNWLVWXQGNHLQHV0DQWHOVPHKUEHJHKUWYLHOPHKUZHUIHQ6QGHXQG /DVWHUDOOH%HGHFNXQJYRQVLFKXQGNDVFKLHUHQVLFKQLFKWPHKUXQWHUGHU *HVWDOW GHU 7XJHQG 6WDWWGHVVHQIKUHQ VLH VS|WWLVFKH5HGHQ LQDOOHU gI IHQWOLFKNHLW 'DV 5HFKW ZLUG RIW DOV 8QUHFKW EHXUWHLOW GLH 7XJHQG GXUFK GLH8QWXJHQGEHUZXQGHQ$OOH7|FKWHUGHU7XJHQGZHUGHQLQGLH)UHP GH JHVFKLFNW GLH 8QWXJHQG OHJW VLFK GLH=JHO XQG =DXP]HXJH QDFK LK UHP:LOOHQDQ:LH%RHWKLXVEHNODJWH:HQQGLH8QWXJHQGKHUUVFKWXQG UHJLHUW GDQQ ZLUG GLH 7XJHQG QLFKW QXU LKUHV /RKQHV EHUDXEW VRQGHUQ DXFKPLWGHQ)‰HQGHU6QGHUJHWUHWHQXQGPXVV>GHVKDOE@6WUDIHHUOHL GHQ'LH6DFKHGHV8QVFKXOGLJHQZLUGLQ8QUHFKWYHUGUHKWXQGGHUhEHO WlWHUVLHJWYRUGHP$QJHVLFKWGHV5LFKWHUV9LHOH0HQVFKHQGLHPDQGULQ JHQGEUDXFKWZHUGHQYHUDFKWHWXQGDOV.HKULFKWXQG6FKPXW]GLHVHU:HOW ZHJJHZRUIHQ $EHU GLH GLH HLQHQ JUR‰HQ VWDUNHQ .DPSIHVPXW KDEHQ ]XP6FKDGHQDQGHUHU0HQVFKHQGDVVLQGMHW]WGLHDOOHUPlFKWLJVWHQ7\UDQ QHQ(VVLHKWVRDXVDOVVl‰HGHU9HUNHKUWHDXIGHP5LFKWHUVWXKOXQGGHU *HUHFKWHWUDXWVLFKQLFKWYRULKP]XHUVFKHLQHQ'HU5HLFKH>DOVR@PHKUW VHLQ *XW RKQH(QGH ZlKUHQG GHU GHUGHQ $UPHQ ]XJHQHLJW ZDUNDXP ]XOHEHQKDW'LH)UDXHQJHEHQLKUH=XFKWXQG$UEHLWVDPNHLWDXIXQGKD EHQHLQHQ>YRU@ODXWHQ8PJDQJVWRQDQJHQRPPHQ'HQKHLOLJHQNHXVFKHQ -RVHSKYHUIROJWGDVE|VH:HLEGLH)HLQGLQGHU5HLQKHLW8QGZDVVROOLFK VRQVWQRFKHU]lKOHQ"'HU/HKUHU&KU\VRVWKRPRVKDWYRUODQJHU=HLWJH VDJW'DV*HVHW]RGHUGLH6FKULIWVLQGYRQGHQ3ULHVWHUQJHZLFKHQGLH*H UHFKWLJNHLW YRQ GHQ )UVWHQ GHU 5DWVFKOXVV YRQ GHQ $OWHQ GHU *ODXEH YRP9RONGLH/LHEHYRQGHQ(OWHUQGHU5HVSHNWYRQGHQ8QWHUWDQHQGHU *HLVWYRQ GHQ 0|QFKHQ GLH (KUEDUNHLW YRQ GHU -XJHQG GLH =XFKWYRQ GHQ.OHULNHUQGLH/HKUHYRQGHQ0HLVWHUQGHU)OHL‰YRQGHQ6FKOHUQ   

U   YO\‰YŇGHQŰFK\OHUQbJOLFKH\WYŇGHQULFKWHUQbEHŰFK\UPşJYŇGHQUXWH  UHQbH\QLNHLWYŇGHQEXUJHUQbIRUFKWYŇGHQGLHQHUQbJHPHLQŰFKDIIWYŇGē EXHUHQbZDUKHLWYŇGHQNDXIIOXWKHQbWXJHQGYŇGHQHGHOHQbNXŰFKHLWYRQ                                               

 U   GLH*OHLFKEHKDQGOXQJYRQGHQ5LFKWHUQGHU6FKXW]YRQGHQ%DXHUQGLH (LQLJNHLW YRQ GHQ %UJHUQ GLH )XUFKW YRQ GHQ 'LHQHUQ GLH *HPHLQ VFKDIWYRQGHQ%DXHUQGLH:DKUKHLWYRQGHQ.DXIOHXWHQGLH7XJHQGYRQ GHQ(GOHQGLH.HXVFKKHLWYRQ



U 

GHQMXQJIUDXZHQbGHPţWLNH\WYRQGHQZ\WWZHKHQbOÖHEHYRQGHQHHOX  WKHQbJHGXOGWYŇGHQDUPHQb$OŰRLŰWJHPH\QOÖFKHQ]ţUHGHQGHUŰWDWGL  ŰHUZHOWbDOŰROHEHQZLUGH‰PH\HUWH\OVDOOEO\QGWbYQGJDQ\UUDOŰRGDV REGLHPHQŰFKHQGLHPLWWţJHQWY?JţWHQŰ\WWHQbPLWWJODXEHQbPLWZD  UHUZ\‰KHLWbPLWJHLŰWOÖNH\WbPLWNXŰFKH\WbPLWWDOOHJHUHFKWLNHLWJH]\HUHW Y?ŰFK\QEDU GHUUHQGRFKZēQLJ]ţGLŰHU]\WJHJHQGHU]DOOGHUERŰHQJH  UHFKQHWbŰ\Q ZXUGHQYŇPLWWēGLŰHUZHOWK\QZHJJHQŇPHQbZDVZXUG GDEHO\EHQGDQHLQJUXŰHQOÖFKHY\QŰWHUQ‰b:HOFKHPDOOHPQDFKŰR GL‰JDQW]ZHOWDOŰRJHŰHW]HWLŰW\QHLQER‰IHURGHU\QER‰KHLWGDU\QQŰÖH EU\QQHWbY?JRWWHVOÖHEHPLWŰDPSWGHUEUXGHUOÖFKHQDOŰRYHUORŰFKHQLŰWb Y?\QDOOHQŰWHWWHQGLHQXZZHOWŰÖFKŰRJDUYŇ\UHPYUŰSUşJRGHUHUŰW  OÖFKHUJHUHFKWLNHLWYHUHQGHUHWKDWWY?YHUZ\WHUHWbLŰWOÖFKW]ţHUNēQHQGLH YUŰDFKHQGDUYPEŰRYLOSODJbŰRYLOŰWUDIIbŰRYLOYEHOVGHPFULŰWHQOÖFKē YROFNEHJHJHQHWb'DUYPEDXFKGHUJţWLJY?EDUPKHUW]LJJRWWJH]Zş  JHQZXUGWGXUFKYQŰHUP\‰WDW]ţXHUKHQJHQGD]YEHUYQVKHUŰFKHQY? UHJQLUHQGLHJO\‰QHUDOVMREŰSULFKWbGDVLŰWbŰROOÖFKUHJLUHUbGLHDOOHLQGē QĆPHQYQGW\WWHOGHUYHWWHURGHUK\UWHQbY?GHUEHŰFK\UPHURGHUIXUŰWē KDEHQb$EHU\QZDUKHLWQLWPHHGDQŰWFNbŰXOHQbRGHU]H\FKHQŰ\QGHUŰHO EHQbGHUUHQDPSWŰÖHIXUWUDJHQb'DUYPEDXFKJRWWYHUKHQJHWGD]GHU OHZYRQGHPZDOGWbY?GHUZROIIY‰Ű\QHUKţOHQYQVRIIWYEHUXDOOHQb YQGŰRGLHK\UWHQDOŰRŰFKODIIHQb]XFNHQŰÖHGLHŰFKHIIO\QYQGWRGWHQYQG YHUGHUEHQZLHŰLHZROOHQbZDQ\QHQQ\HPDQZ\GHUŰWHHWYQG\HGHUPDQ GXUFKGLHI\QJHUŰ\KHWb'DUYPEQRFKPHHQDFKELOOÖFKHPYUWH\OJRWWHV YQH\QLNHLWYQGJH]HQFNHLŰWY‰JRŰŰHQYEHUYQŰHUIXUŰWHQbDOŰRGD]ŰÖH\U  UHQ\QH\PYQZHJbY?QLWYIIGHPZHJbZDQŰÖHZ\GHUHDQGHUJHNHUHWb GLHŰFKDUSIIHQŰZHUWKGLHŰÖH\QGHQKHOŰHQGHUYQJOHXELJHQJRWWŰROWHQ Z\KHQbEHIOHFNHQŰÖHJDUJUPLJOÖFKHQPLW\UHPH\JHPEOţGWbDOVREŰÖH GDUYPEGLHŰZHUWKWUţJHQGD]ŰÖHGDVFULŰWHQOÖFKEOţGWDOOZHJHQŰROWē YHUJ\HŰŰHQbYQGHZLJHQYQIU\GHQYQGHU\QHQŰHOEVIUHQbYQGQLWWYLO PHH]ţŰWUDIIGHUYEHOWKHWHUb]ţYIIHQWKDOWşJGHUJţWHQb]ţEHŰFK\UPşJ GHUNÖUFKHQGLHŰHOEHQŰZHUWKKHWWHQHQSIDQJHQb2UHGHOHQNRQLJYQG IXUŰWHQbPHUFNHQbPHUFNHQbZLHYLOPRFKWHPLWGēEOţGWGDVXZHUKHQGH RQQRWYHUJRŰŰHQKDEHQ\QNXUW]YHUJDQJHQHU]\WZ\GHUEUDFKWŰ\QZRU GHQGHUUHQŰWHWWHQY?ODQGHQbGLHGHUWXUFN\QNXUW]HU]\W\PKDWYQGHU ZRUIIHQYIIODQGY?\PPHHUb6XQGHUOÖFKHQYHUŰWDQGHQY?DQJHŰHKHQ GD]LFKPLWODXEUHGH GD]QLFKWVDQGHUVNULHJY?YQIU\GYQGHUYFK JHPHLQOÖFKHQHUTXLFNHWYQGHUZHJHWbGDQH\QWZHGHUYQXHUQşIIWOÖFKHU ]RUQbRGHUKRIIDUWbRGHUJ\WLNH\WbYQGDOV\UZROZLŰŰHQbY‰ŰROOÖFKHQYU  ŰDFKHQbWRGWHQRGHUJHWRGWZHUGHQbLŰWJDUŰRUJOÖFKb$EHUGDUJHJHQZLH IU\YQGŰÖFKHUŰ\QGLHULWWHUFULŰWLbGLHZ\GHUGLHYQJOHXELJHQŰWU\WHQbY?       



U 



GHQ-XQJIUDXHQGLH'HPXWYRQGHQ:LWZHQGLH/LHEHYRQGHQ(KHOHX WHQ GLH *HGXOG YRQ GHQ $UPHQ 6R LVW DOOJHPHLQ JHVSURFKHQ GHU =X VWDQGGLHVHU:HOW6RVLQGZLUPHLVWHQVPLW%OLQGKHLWJHVFKODJHQXQGJH KHQLQGLH,UUH'HQQZHQQGLH0HQVFKHQGLHVLFKGXUFK7XJHQGXQGJX WH6LWWHQGXUFK*ODXEHQZDKUH:HLVKHLWGXUFK*HLVWGXUFK.HXVFKKHLW XQGYROOVWlQGLJH*HUHFKWLJNHLWDXV]HLFKQHQRIIHQEDU GDJHJHQZlUWLJLKUH =DKOJHJHQEHUGHUGHU%|VHQGRFK]LHPOLFKJHULQJLVW DXVGHU:HOWKHU DXVJHQRPPHQZRUGHQVLQGZDVZUGHGDEOHLEHQDX‰HU JUDXVDPHU)LQ VWHUQLV"'HPQDFKLVWGLHJDQ]H:HOWLQHLQE|VHV)HXHUGHU%RVKHLWKLQ HLQJHVHW]WLQGHUVLHEUHQQWXQGLQGHUGLH/LHEH*RWWHVPLWVDPWGHUEU GHUOLFKHQ >/LHEH@ HUORVFKHQ LVW 8QG EHUDOO KDW VLFK GLH QHXH :HOW JDQ] XQGJDUYRQLKUHP8UVSUXQJYRQLKUHUXUVSUQJOLFKHQ*HUHFKWLJNHLWDE JHZDQGWXQGLVWYHUZLWWHUW'HVKDOEVLQGGLH8UVDFKHQIUGLHYLHOHQ3OD JHQGLHYLHOHQ6WUDIHQXQGYLHOHQhEHOGLHGHPFKULVWOLFKHQ9RONZLGHU IDKUHQOHLFKW]XHUNHQQHQ:HJHQXQVHUHU0LVVHWDWHQZDUGHVKDOEGHUJ WLJHXQGEDUPKHU]LJH*RWWDXFKJH]ZXQJHQ]X]XODVVHQGDVVEHUXQVGLH *OHLVQHUKHUUVFKHQXQGUHJLHUHQZLH+LREVDJW1XUVROFKH5HJHQWHQWUD JHQGHQ1DPHQXQGGHQ7LWHOGHU9lWHUXQG+LUWHQGHU%HVFKLUPHUXQG )UVWHQ$EHULQ:DKUKHLWVLQGVLHQLFKWPHKUDOV6W|FNH6lXOHQRGHU=HL FKHQGHUHUGHUHQ$PWVLHLQQHKDEHQ'DUXPRUGQHW*RWWDXFKDQGDVV GHU/|ZHDXVGHP:DOGXQGGHU:ROIDXVVHLQHU+|KOHXQVRIWEHUIDOOHQ 8QGGDGLH+LUWHQVFKODIHQUDXEHQVLHGLH6FKlIFKHQXQGW|WHQXQGYHU GHUEHQVLHJDQ]ZLHHVLKQHQEHOLHEW'HQQQLHPDQGZLGHUVWHKWLKQHQXQG MHGHUPDQQVLHKWLKQHQGXUFKGLH)LQJHU'DUXPZLUGQDFKGHPJHUHFKWHQ 8UWHLO *RWWHV QRFK PHKU 8QHLQLJNHLW XQG *H]lQN EHU XQVHUH )UVWHQ DXVJHJRVVHQ6LHVLQGQlPOLFKDXIHLQHP8PZHJXQGQLFKWDXIGHPULFKWL JHQ:HJZHQQVLHGLHVFKDUIHQ6FKZHUWHUJHJHQHLQDQGHUZHQGHQGLHVLH GRFK ² LQ GLH +lOVH GHU 8QJOlXELJHQ VWHFNHQG ² *RWW ZHLKHQ VROOWHQ 6WDWWGHVVHQEHIOHFNHQVLHVLFKJULPPLJPLWLKUHPHLJHQHQ%OXWDOVREVLH GHVKDOEGDV6FKZHUWWUJHQXPEHUDOOGDVFKULVWOLFKH%OXW]XYHUJLH‰HQ 8QG HZLJ JLEW HV 8QIULHGHQ XQWHU LKQHQ VWDWW GDVV VLH GLH hEHOWlWHU ]XU 5HFKHQVFKDIW ]LHKHQ 'HQQ ]XU$XIULFKWXQJGHU *XWHQ XQG ]XP 6FKXW] GHU.LUFKHQKDEHQVLHLKU6FKZHUWHPSIDQJHQ2,KUHGOHQ.|QLJHXQG )UVWHQPHUNWHQGOLFKDXI:LHYLHON|QQWHYRQGHP%OXWGDV(XUH+lQGH LQGHUMQJVWHQ9HUJDQJHQKHLWRKQH1RWYHUJRVVHQKDEHQLQNXU]HU=HLW GHQ6WlGWHQXQG/lQGHUQZLHGHUJHEUDFKWZHUGHQGLHVLFKGHU7UNHYRU NXU]HPDXIGHP/DQGXQGDXIGHP0HHUXQWHUZRUIHQKDW9RUDOOHPKDEH LFKYHUVWDQGHQXQGHUOHEW ZHQQLFKVRRIIHQVHLQGDUI GDVVHXFKLPDOO JHPHLQHQQLFKWVDQGHUHVDOV.ULHJXQG8QIULHGHQHUTXLFNWXQGLKUEHU OHJWRELKUPLW=RUQ²ZDVXQYHUQQIWLJZlUH²PLW+RIIDUWRGHUPLW* WH UHDJLHUHQ VROOW XQG LKU ZLVVW VHKU JXW ZLH EHVRUJQLVHUUHJHQG HV LVW ZHQQDXVVROFKHQ*UQGHQJHW|WHWZLUGRGHUZRUGHQLVW:LHIUHLXQGVL FKHUVLQGGDJHJHQGLH5LWWHU&KULVWLGLHJHJHQGLH8QJOlXELJHQNlPSIHQ     

U   GHQNULHJJRWWHVY?Ű\QHUNÖUFKHQIţUHQbZHOFKHQQLW]ţIRUFKWHQLŰWNH\Q ŰXQGHbŰRŰÖHGLHYQJOHXELJHQWRGWHQbDXFKNH\QYHUGHUEOÖNHLWRGHUŰRUJ                                                

 U   XQGGHQ.ULHJLP1DPHQ*RWWHVXQGVHLQHU.LUFKHIKUHQXQGVLFKGDEHL QLFKWIUFKWHQ(VLVW>QlPOLFK@NHLQH6QGHZHQQVLHGLH8QJOlXELJHQW| WHQXQGVLHEUDXFKHQVLFKDXFKNHLQH6RUJHQ]XPDFKHQ   



Y 

ŰRŰÖHYRQGHQŰHOEHQHUWRGWZHUGēbZDQŰÖHYPEJRWWHVZLOOHQGHQWRGW H\QWZHGHUO\GHQRGHUGHQGHQDQGHUQ]ţIţJHQb(\QŰROOÖFKHUŰSULFKLFK ULWWHUbHUWRGHWJDUŰÖFKHUY?ŰWLUEHWQRFKŰÖFKHUHUbZDQHU\PŰHOEHUGLHQHW YQGQXW]HWŰRHUŰW\UEHWbY?JRWWŰRHUGēYQJOHXELJHQHUWRGWHWY?ZXUW GDUYPENH\QWRGWŰOHJHUJHKHÖŰŰHQbŰXQGHUH\QEHŰFK\UPHUGHUFULŰWHQbY? H\QUDFKQēPHUJRWWHVbGDUYPEGHUŰHOEFULŰWēOÖFKULWWHUŰÖFKZROPDJEH  UţPHQŰRHUGHQYQJOHXELJHQHUWRGWbZDQJRWWGDGXUFKZXUGWJHHUHWb 'HPDOOHPQDFK2\UEHŰFK\UPHUGHUFULŰWHQOÖFKHQJHLŰWOÖNH\Wb2\U KţWKHUGHUKHUGWJRWHVbIXUHWGH‰FULŰWHQOLFKHQYROFNVb(UZDFKHQHWZDQ YQGQēPHQ]ţKHUW]HQMRFKŰROOÖFKYEHOYQGŰFKDGHQŰRQRFKRIIWY?GLFN GHUDUPHQFULŰWHQKHLWYŇGHQYQJOHXELJHQZHUGē]ţJHZHQGHWbY?RE\U GDJRWYRUŰ\ YLOOÖFKWYHU]Z\IHOHWDOWHYEHOKLHYRUHU]HOHWQLWPRFKWē Z\GHUZHQGHQRGHUZ\GHUNHUHQY‰YUŰDFKHQYFKED‰EHNDQGWbŰRYHUODŰ  ŰHQGRFKQLWGDVYEHUÖJWH\OJRWWHVY?GHUNÖUFKHQGXUFKXZHUK\QOHŰŰÖ  NH\WDOŰRHOOHQGOÖFKHQYHUGHUEHQb+RO]VFKQLWW*UDElGLNXOD@ )RUPDHWGLVSRVLWLRGRPLQLFLVHSXOFKUÖ    >+RO]VFKQLWW3DOlVWLQDXQG-HUXVDOHPNDUWH@    >+RO]VFKQLWW7LHUH@ 'LVVHWKLHUV\QWZDUOLFKDEHNXQWHUIH\WDOVZLUVLHKDEHQJHVHKHQ\QGHP KHLOÖJHQODQGb      



Y 



GHQ%UXGHUPHLQHV9DWHUV/RWKDUYHUNOlUWDXIHLQHPJUR‰HQHGOHQ6WHLQ HLQHP7RSDVVLW]HQ(UZDUPLWHLQHUVHKUNRVWEDUHQ.URQHJHNU|QW1H EHQ LKP VD‰ VHLQ 6RKQ /XGZLJ GHU HEHQIDOOV HLQH .URQH WUXJ $OV GHU PLFKVDKULHIHUPLFKPLWOLHEOLFKHU6WLPPH]XVLFKXQGVDJWH2.DUROXV PHLQ 1DFKNRPPH LP 5|PLVFKHQ .DLVHUUHLFK NRPPH ]X PLU ,FK ZHL‰ ZRKOGDVV'XGXUFK6WlWWHQYRQPDQFKHUOHL3HLQKLHUKHUJHNRPPHQELVW XQGKDVWDXFK'HLQHQ9DWHUPHLQHQ%UXGHULQVHLQHP%DGJHVHKHQ$EHU GXUFKGLH%DUPKHU]LJNHLW*RWWHVXQGGXUFK'HLQH+LOIHZLUGHUJHZL‰HU O|VWZLHDXFKZLUGXUFKGLH)UELWWHQGHVKO3HWUXVXQGGHVKO5HPLJLXV HUO|VW ZRUGHQ VLQG 'HQQ *RWW KDW GHQ KO 5HPLJLXV HLQHQ VHKU JUR‰HQ $SRVWHOGHQ.|QLJHQXQGGHP9RONGHV)UDQNHQUHLFKV>DOV3DWURQ@JHJH EHQ 8QG ZHQQ GHU QLFKW IU XQVHU *HVFKOHFKW JHEHWHW KlWWH ZUGH HV EDOGDXIK|UHQ]XUHJLHUHQXQGLFKZHL‰ GDVV'LUGLHNDLVHUOLFKH*HZDOW EDOGDXVGHU+DQGJHQRPPHQZLUGXQGGDVV'XQLFKWPHKUODQJHOHEHQ ZLUVW'DQQNHKUWHVLFKVHLQ6RKQ/XGZLJ]XPLUXQGVDJWH'DV.DLVHU WXPGDV'XELVKHUQDFKGHP(UEUHFKWHUKDOWHQKDVWVROOQXQ/XGZLJ GHU6RKQPHLQHU7RFKWHUHUKDOWHQ8QGDOVEDOGVFKLHQPLUDOVVWQGH GDV.LQG/XGZLJOHLEKDIWLJYRUPLU'DVSUDFKGHU.|QLJ/RWKDU'LHVHV .LQGJOHLFKWGHP.LQGHGDVXQVHU+HUU-HVXVPLWWHQXQWHUVHLQH-QJHU JHVWHOOWXQGYRQGHPHUJHVDJWKDWGLHVLVWGDV+LPPHOUHLFK8QG/RWKDU VSUDFKZHLWHU ]X PLU 'X VROOVW GHP .LQG GDV .DLVHUWXP JHEHQ DQ GHP )DGHQGHQ'XDQ'HLQHP)LQJHUKDVW6RO|VWHLFKGHQ)DGHQYRP'DX PHQPHLQHUUHFKWHQ+DQGXQGNQSIWHLKQGHP.LQGDQXQGDOVEDOGZDU GDV JDQ]H OHXFKWHQGH *DUQ GHV .QlXHOV XP GLH +DQG GHV .LQGHV JH ZLFNHOW1DFKGLHVHUZXQGHUEDUHQ(UVFKHLQXQJNHKUWHGHU*HLVWZLHGHULQ PHLQHQ/HLE]XUFNXQGZDUPGHXQGHUVFKURFNHQ'DPLWHQGHWHGLHVH (SLVRGH 0DQ ILQGHW VLH LQ GHQ &KURQLNHQ GHU IUlQNLVFKHQ .|QLJH DXIJH ]HLFKQHW XQG DX‰HUGHP DXFK LP +LVWRULHQVSLHJHO GHV 9LQ]HQ] YRQ %HDX YDLV   +LHUHQGHWGHUHUVWH7HLOGHV%XFKHV  >+RO]VFKQLWW*UDElGLNXOD@ *HVWDOWXQG$QODJHGHV+HUUHQJUDEHV        >+RO]VFKQLWW7LHUH@ 'LHVH7LHUHVLQGZDKUOLFKVRDEJHPDOWZLHZLUVLHLP+HLOLJHQ/DQGJHVH KHQKDEHQ       

   ,QGLHDQGHUUH\‰YRQ-KHUXŰDOHPGXUFKGLHZţŰWHQ\JHJHQ  GHPEHUJ6\QDL]ţŰDQW.DWKHULQH\QYRUUGHGLHŰHOEUH\‰  OREHQGHYDKHWDQŰHOÖJOÖFKHQb    (OFKHUGH‰DOWHQWHŰWDPHQWVKLŰWRULHQbYQGGLHIXQII   EţFKHU0R\VÖY?MRŰXHYEHUO\ŰHWbGHUY\QGHW\QGHQ   ŰHOEFODUHUŰFK\QHQYQGHUJODŰWHQGLHJUR‰PHFKWÖ    NH\WGHUJORULHYQGJţWHJRWWVYQGGLHZXQGHUEDU    OÖFKHQZHUFNMDPHPRULDORGHUJHGHFKWQX‰GHUUÖFK    WKXPJRWWOÖFKHUŰXŰŰÖNH\WbGDPÖWGHUDOPHFKWLJJRWW   GLHYQZHJŰDPZţŰWHQ\YQQGHUŰFKURFNOÖFKH\QÖNH\W GDU\QQGDZDUHQŰODQJHQYQGŰFRUSÖRQHQYQGDQGHUJ\IIWLJWK\HU YQGDQGHUVQLWGDQH\QELOGGH‰WRGWV KDWWHUOXFKWHWYQGJHZÖUGLJHWb GRHUGLHN\QGHUYRQMŰUDKHO\QIţUHW\QGDVODQGGDVHUYHUKH\ŰŰHQKHWW \UHQHOWHUQ$EUDKDP\ŰDDFYQGDFREbH\QZ\WHQZHJŰÖHYPEIţUHQGH \Q]ZH\YQGI\HUW]LJZRQşJHQbE\WDJ\QHQYRUJHQGH\QH\QHUŰXOHQ H\QVZROFNHQVbYQGE\QDFKW\QH\QHUŰXOHQH\QVIXHUVbGDU]ţŰÖHŰS\  ŰHQGHYRQGHPKPHOPÖWGHPEURGWGDV\Q\PHKHWWHDOOHHUJHW]OÖNH\W YQGŰXŰŰÖNH\WbYQGWUHQFNHWŰÖHY‰H\PYHOŰHQbGDUY‰ŰRYLOZDŰŰHUVIOR‰b GD]Y\KHYQGPHQŰFKHQGDYRQZXUGHQHUŰHWWLJHWb1LWZşGHUZDQGDV ŰHOEYROFNZDVH\QEHŰXQGHUWH\OJRWWHVYQGGHUŰRPHQ-DFREVGH‰SD  WULDUFKHQHQWH\OŰ\QHVHUEHVb\PY‰HUZHOHWY‰GHPZ\WWHQEHJULIIGHU JDQW]HQZHUOWb'DVŰHOEKDWWHUYPEJHIţUHWDOV\ŰDLDVŰSULFKWYQGJH OHUHWbYQGYHUKţWHW\QGLŰHUZXŰWHQ\DOVH\QDXJDSIIHOŰ\QHVDXJHQVb $OVH\QDGHOHUGHUŰ\QHMXQJHQUH\W]HW]ţIOLHKHQYQQGIOXJWRE\QHQb $OŰRKDWWJRWWY‰JHŰWUHFNHWŰ\QHIOţJHOY?KDWWŰÖHEHŰFK\UPHWYQGJH  WUDJHQYIIŰ\QHQŰFKXOWHUQb$OVGDQGÖHJHŰFKULIIWHQYIIŰROOÖFKPH\QşJ YLOŰDJHQYQGJDURIIHQEDUOÖFKY‰WUXFNHQYQGDQ]HXJHQJURŰŰHZ\UGH GHUŰHOEHQZXŰWHQ\bYQGEHŰXQGHUGH‰KHÖOÖJHQEHUJV6\QDLbYPEZHJHQ PDQJIHOWLJHUZXQGHUZHUFNJRWWHVYII\PYQQG]ţU\QJGDUYPEJH  ŰFKHKHQb9RQZHOFKHUZ\UGHGH‰ŰHOEHQEHUJVH\QZēQÖJPHH\QŰXQGHU  KH\W]ţUHGHQLŰW]ţPHUFNHQbGD]6\QDLLŰWH\QEHUJ\Q$UDELDGēODQG EHŰXQGHU\QPDGLDQJHOHJHQbZHOFKHVEHUJVH\QWH\OLŰW2UHEbH\QQDP KDIIWLJHUYQGKRKHUEHUJbGDU]ţIUXFKWEDUYQGZH\GŰDPbJţWNUXWHUY? ZXUW]HOKDEHQGHHWFb9QGLŰWYŇDOWHUKHUH\QJHPH\QHUJODXEGHUPHQ  ŰFKHQJHZHŰHQbGD]JRWWYIIGHPŰHOEHQEHUJ6\QDLZRQHWWHbYQGYPE GH‰ZLOOHQZLHZROGHUEHUJ]ţZH\GēIXJŰDPZDVbGRUIWHGRFKQ\PDQ NH\QY\KHGDUYIIWU\EHQbMDQ\PDQGRUIWH\PJHQDKHQb$EHUGRPR\ŰHV NXQOÖFKHUIXUDQGHUPHQŰFKHQbŰ\QHKHUGWY\KHVZ\WWYIIGHQEHUJEL‰]ţ \QQHUŰWGDK\Q\QKHWWHJHWULEHQbŰDKHHUGDVJUR‰]H\FKHQbH\QEXŰFKPLW         



U 



'LH ]ZHLWH 5HLVH 9RQ -HUXVDOHP GXUFK GLH :VWH DXI GHQ %HUJ 6LQDL ]X 6DQNW .DWKDULQD 'LH JHOREWH 5HLVH QLPPW HLQHQ JHVHJ QHWHQ$QIDQJ

 :HUGLH*HVFKLFKWHQGHV$OWHQ7HVWDPHQWVXQGGLH)QI%FKHUGHV0RVH XQG>GDV%XFK@-RVXDEHUOLHVWGHUILQGHW LQ LKQHQGHQOHXFKWHQGHQ$E JODQ] YRQ GHU 0DFKW GHU *ORULH XQG *WH *RWWHV XQG GLH ZXQGHUEDUHQ :HUNHMDGDV*HGlFKWQLVGHV5HLFKWXPVJ|WWOLFKHU)UHXQGOLFKNHLWPLWGHU GHUDOOPlFKWLJH*RWWGLHXQZHJVDPH:VWHQHLXQGVFKUHFNOLFKHgGQLV LQ GHU6FKODQJHQ6NRUSLRQHXQGDQGHUHJLIWLJH7LHUHQLFKWVDOVHLQ%LOGGHV 7RGHVYHUPLWWHOQ HUOHXFKWHWXQGJHZUGLJWKDW'LHVWDWHULQGHPHUGLH .LQGHU,VUDHOVLQGDV/DQGIKUWHGDVHULKUHQ(OWHUQ$EUDKDP,VDDNXQG -DNREYHUKHL‰HQKDW(UIKUWHVLHHLQHQZHLWHQ:HJ>]XPJHOREWHQ/DQG@ ]ZHLXQGYLHU]LJ:RKQVWlWWHQPXVVWHQVLHDXIVFKODJHQ%HL7DJJLQJHULK QHQLQHLQHU:RONHQVlXOHEHL1DFKWLQHLQHU)HXHUVlXOHYRUDQ(UVSHL VWH VLH PLW %URW GDV YRP +LPPHO ILHO XQG ZRKOVFKPHFNHQG XQG V‰ ZDU XQG HU WUlQNWH VLH PLW GHP :DVVHU GDV LQ JUR‰HQ 0HQJHQ DXV HLQHP)HOVHQKHUYRUVSUXGHOWH6RZXUGHQ9LHKXQG0HQVFKHQPLW1DK UXQJYHUVRUJW'DVQLPPWQLFKWZXQGHUGHQQGLHVHV9RONZDUMDHLQEH VRQGHUHV(UEWHLO*RWWHVXQGGHU6DPH-DNREVGHV3DWULDUFKHQHLQ(UE WHLOGDVDXIGHUJDQ]HQ:HOWYRQLKPDXVHUZlKOWZDU'LHVHV9RONKDWWH *RWW ZLH -HVDMD JHVDJW XQG JHOHKUW KDW XPKHUJHIKUW XQG LQ GHU :VWH DXIHVDXIJHSDVVWZLHDXIGHQ$XJDSIHOVHLQHVHLJHQHQ$XJHVRGHUZLHHLQ $GOHU GHU VHLQH -XQJHQ ]XP )OLHJHQ DQVSRUQW XQG GDQQ VFKW]HQG EHU LKQHQIOLHJW $OVRKDW*RWWVHLQH)OJHODXVJHVWUHFNWXQGGLH.LQGHU,VUDHOVEHVFKLUPW XQG DXI VHLQHQ 6FKXOWHUQ JHWUDJHQ 'LH 6FKULIWHQ VDJHQ YLHO EHU GLH 9RU NRPPQLVVHLQGHU:VWHXQGEHVFKUHLEHQDOOHVYRUDOOHPGLHJUR‰H:U GH GLHVHV 2UWHV JDQ] DXVIKUOLFK (LQH EHVRQGHUH 5ROOH VSLHOW GDEHL GHU %HUJ 6LQDL ZHJHQ GHU PDQQLJIDOWLJHQ :XQGHUZHUNH *RWWHV GLH DXI GHP %HUJVHOEVWXQGLQVHLQHU1lKHJHVFKHKHQVLQG9RQGLHVHP%HUJPXVVHW ZDVPHKUXQG.HQQ]HLFKQHQGHVJHVDJWZHUGHQ'HU6LQDLLVWHLQ%HUJLP /DQG$UDELHQLQ0LGLDQJHOHJHQXQGHLQ7HLOGLHVHV%HUJVLVWGHU+RUHE 'HU6LQDLLVWHLQEHUKPWHUXQGKRKHU%HUJGD]XIUXFKWEDUXQGDOV:HL GHODQGJHHLJQHWHVZDFKVHQJXWH.UlXWHUXQG:XU]HOQHWFDXILKP8QG HV KHUUVFKWH VHLW DOWHUV KHU HLQ DOOJHPHLQHU *ODXEH GHU 0HQVFKHQ GDVV *RWWDXIGHP%HUJ6LQDLZRKQH'HVKDOEGXUIWHPDQREZRKOVDIWLJH:HL GHQDXILKPJHGLHKHQNHLQ9LHKDXILKQKLQDXIWUHLEHQMDVHOEVW0HQVFKHQ GXUIWHQVLFKLKPQLFKWQlKHUQ$OVDEHU0RVHGHUNKQHUDOVDQGHUH0HQ VFKHQZDUVHLQH9LHKKHUGHZHLWKLQDXIDXIGHQ%HUJELVLQGHVVHQ,QQHU VWHVKLQHLQJHWULHEHQKDWWHVDKHUGDVJUR‰H=HLFKHQHLQHQEUHQQHQGHQ %XVFK         



Y 

IXHUEU\QQHQGHYQGGRFKGRYRQQLWYHU]HUHWRGHUYHUEUHQQHWZHUGHQb MDGHUEXŰFKŰ\QŰFKRQHYQGEOţWKJDQW]QLWYHUORUHbYQGZDVGRFKH\Q JURŰŰHIOĆPYQGHLQŰWDUFNIXHUb9RQZHOFKHPIXHUJRWWUHGW]ţPR\  ŰHQbGHU\W]K\Q]ţJLHQJGDVJUR‰ZşGHUED‰]ţŰFKDXZHQbYQGŰSUDFK JRW]ţ\PDOŰRb'XŰROWQLWQHKHUK\Q]ţJHQbŰXQGHUWKţY‰G\QŰFKXKH YRQG\QHQIXŰŰHQZDQGÖHŰWDWWGRGXŰWHHŰWÖŰWKHÖOÖJHWFbY‰ZHOFKHQY? DQGHUQYLOQDFKJHQGHQZRUWHQGLŰHUEHUJ6\QDLJUR‰OREYQQGEU\‰ KDWWDXFKYRQJRWWHQSIDQJHQbYQGGDUYPEJLHQJQ\HPDQYII\QHQ ZHGHUY\KHQRFKPHQŰFKHQQLWDOOHÖQYPEZHJHQŰ\QHUJURŰŰHQKRKHbŰXQ GHUPHHYPEZHJHQH\QHUJHPH\QHQKDOWşJRGHUJHUXFKWGHUPHQŰFKHQ GD]HUZHUHÖQEHŰXQGHUZRQşJYQGŰWDWWJRWWHVb9QGŰÖWWHPDOGHUŰHOE EHUJLŰWGDVOHW]ŰWHQGHGÖŰHUDQGHUQUH\‰ZÖOÖFKQRFKH\QNOH\QZHQQLJ YRQŰ\QHUYEHUŰFKZHQJOÖFKHUZ\UGHK\Q]ţŰHW]HQGDPLWGLŰHUH\‰YRQ \PGHŰWHUOREOÖFKHUHUŰFK\QHYQGGHŰWHUPHHPHQŰFKHQGDU]ţJHQH\JHW PJHQZHUGHQb =ţHUŰWŰDJHWGDVEţFK([RGXVJHQDQWbOXWHQGHYŇ GHPY‰JDQJGHUN\QGHUYRQMŰUDKHOY‰HJLSWHQbZLHŰLH\PGULWWHQPR  QHGW\UHVY‰JDQJV]ţGLŰHPEHUJ6\QDÖNDPHQY?ODQJH]\WGDUYPE ZRQHWWHQb,QZHOFKHU]\WŰLHYQGHUZLŰHQY?JHOHUHWZRUGHQ\QŰÖWOÖFKHQ YQGUÖFKWHUOÖFKHQDXFK\QDQGHUQŰDFKHQEHŰXQGHUJRWWHVGLHQŰWDQWUHI  IHQGHb'RŰHOEHWZDUGPR\ŰHVHUŰWOÖFKYRQJRWWEHUXIIWYIIGLŰHQEHUJ]ţ NRPPHQbYQGJHERWW\PGHQN\QGHUQYRQ-ŰUDKHOŰROOÖFKVYHUNXQGHQb ŰSUHFKHQGHDOŰRb-UKDEHQZROJHŰHKHQGLHZHUFNGDPLWLFKGLHPHQŰFKHQ \QHJLSWRKDEJHSODJHWYQQGJHŰWUDIIHWbYQGZLHLFKYFKKDEJHWUDJHQ DOVH\QDGHOHUŰ\QMXQJHQWUDJHWYIIŰ\QHQIOţJHOQbYQQGKDEYFKPLU ŰXQGHUOLFKY‰HUZHOHWb'HPQDFKÖŰWH‰ŰDFKGD]\UZHUGHQP\QŰWPH KRUHXbYQGP\QHJHERWWKDOWHQŰRZHUGHQ\UP\QŰXQGHUOÖFKYROFNŰ\Q IXUDOODQGHUYROFNHUbZDQDOOGL‰HUGWULFKLŰWP\QbYQG\UZHUGHQPLU Ű\QHLQKHLOÖJVJHŰOHFKWYQGH\QEULHŰWHUOÖFKNRQLJULFKHWFb9QG]ţOHW]ŰW QDFKDOOHUŰROOLFKHUUHGHŰSUDFKJRW]ţPR\ŰHQb*DQJK\Q]ţGHPYROFN Y?EHUH\WKŰÖHKţWY?PRUJHQY?KH\‰ŰÖH\UHNOH\GHUZHŰFKHQYIIGD]ŰÖH EHUH\WKŰ\HQDPGULWWHQWDJb$QZHOFKHPLFKZXUGHHUŰFK\QHQYRUDO  OHPYROFNYIIGLŰHPEHUJ6\QDLb9QGGXŰROWŰHW]HQ]\OŰWH\QRGHU]H\  FKHQPDFKHQ]ţU\QJYPEGÖŰHQEHUJbYQGGHPYROFNŰDJHQY?ŰSUHFKHQ KţWHQYFKGD]\UQLWYIIGLŰHQEHUJŰW\JHQMD\QHQQLWWEHUţUHQY?YEHU GLŰH]\OQÖWJDQbZDQH\Q\HGHUGHUGHQEHUJEHUţUHWGHUPX‰ŰWHUEHQb 'RFKQLWGXUFKPHQŰFKHQKHQGHbŰXQGHUPLWŰWH\QēŰROOHUHUZRUIIHQZHU GHQRGHUPLWWSI\OHQHUŰFKRŰŰHQb(‰Ű\Y\KHRGHUPHQŰFKZHOFKHVGLŰHQ EHUJEHUţUHWŰROOQLWOHEHQGLJEHO\EHQb$OVDEHUGHUGULWWWDJNDPHbQHP  PHQZDUZXUGHQJHKRUHWGRQQHUYQQGJHŰHKHQEOÖFNHQYQQGH\QJUR‰ ZROFNHQEHGHFNHQGHQJDQW]HQEHUJYQGH\QJUXŰŰDPOÖFKHUŰFKDOOH\QHU EXŰXQHQODQJKXOHQGHJHKRUHWb'DYRQGDVYROFNDOOHVŰHHUHUŰFKUDFNb        



Y 



GHUDEHUYRP)HXHUQLFKWYHU]HKUWRGHUYHUEUDQQWZXUGH²MDGHU%XVFK YHUORU VHLQH 6FK|QKHLW XQG VHLQH %OWHQ EHUKDXSW QLFKW REZRKO HU LQ KHOOHQ VWDUNHQ )HXHUIODPPHQ VWDQG $XV GLHVHP )HXHU VSUDFK *RWW ]X 0RVHGHUMHW]WJDQ]QDKHDQGHQ%XVFKKHUDQWUDWXPGDV:XQGHU]XEH VWDXQHQ'XGDUIVWQLFKWQlKHUKHUDQNRPPHQXQGGXVROOVWGHLQH6FKXKH YRQ GHQ )‰HQ VWUHLIHQ GHQQ GX VWHKVW DXI HLQHU KHLOLJHQ 6WlWWH HWF 'LHVH XQG DQGHUH :RUWH ]HLJHQ ZHOFK KRKH :UGH GHU %HUJ 6LQDL YRQ *RWW HPSIDQJHQ KDW XQG GHVKDOE VWLHJ QLHPDQG DXI LKQ KLQDXI ²ZHGHU 9LHKQRFK0HQVFKHQ²XQG]ZDUQLFKWZHJHQVHLQHUJUR‰HQ+|KHVRQ GHUQHKHUGHVKDOEZHLOGLH0HQVFKHQ>GRUW@GDYRQEHU]HXJWZDUHQRGHU YLHOPHKUHLQH$KQXQJKHJWHQGHU%HUJVHLHLQH:RKQVWlWWH*RWWHV8QG ZHLOGLHVHU%HUJGDVOHW]WH=LHOXQVHUHU]ZHLWHQ5HLVHZDUZLOOLFKQRFKHLQ ZHQLJYRQGHPZDVVHLQHXQDXVVSUHFKOLFKH:UGHDXV]HLFKQHWKLQ]XVHW ]HQ GDPLW GLH 5HLVH ]X GLHVHP %HUJ QRFK UKPOLFKHU HUVFKHLQHQ P|JH XQG >LQIROJHGHVVHQ@ YLHOH 0HQVFKHQ ]XU 1DFKDKPXQJ JHQHLJW PDFKH =XHUVW VSULFKW GDV %XFK ([RGXV YRP 6LQDL (V HU]lKOW YRP $XVJDQJ GHU.LQGHU,VUDHOVDXVbJ\SWHQXQGZLHVLHLPGULWWHQ0RQDWVHLW%HJLQQ LKUHU)OXFKW]XP%HUJ6LQDLNDPHQXQGODQJHGRUWZRKQWHQ,QGLHVHU=HLW ZXUGHQ VLH XQWHUZLHVHQ LQ VLWWOLFKHQ XQG JHVHW]OLFKHQ 'LQJHQ XQG DXFK DXI DQGHUQ *HELHWHQ EHVRQGHUV GHQ *RWWHVGLHQVW EHWUHIIHQG 'D ZXUGH 0RVH]XPHUVWHQ0DOYRQ*RWWEHUXIHQDXIGLHVHQ%HUJ]XVWHLJHQ8QG *RWWJHERW0RVHGHQ.LQGHUQ*RWWHV)ROJHQGHV]XYHUNQGHQ,KUKDEW GLH0D‰QDKPHQZRKOJHVHKHQPLWGHQHQLFKGLHbJ\SWHUJHSODJWXQGEH VWUDIW KDEH XQG LKU KDEW DXFK JHVHKHQ GDVV LFK HXFK JHWUDJHQ KDEH ZLH HLQ$GOHUGHUVHLQH-XQJHQDXIGHQ)OJHOQWUlJW(XFKKDEHLFKPLUDXV HUZlKOW'HVKDOEZHUGHWLKUDXIPHLQH6WLPPHK|UHQXQGPHLQH*HERWH KDOWHQXQGVRZHUGHWLKUPHLQDXVHUZlKOWHV9RONVHLQYRUDOOHQ9|ONHUQ 'HQQGLHJDQ]H(UGHLVWPHLQXQGLKUZHUGHWPLUHLQKHLOLJHV*HVFKOHFKW XQG HLQ SULHVWHUOLFKHV .|QLJUHLFK VHLQ HWF 8QG QDFK GLHVHU 5HGH VSUDFK *RWW ]X 0RVH *HKH KLQ ]X GHP 9RON XQG PDFKH VLH HPSIlQJOLFK XQG KHL‰HVLHLKUH.OHLGHUZDVFKHQVRGDVVVLHLQGUHL7DJHQEHUHLWVLQG$Q GLHVHP7DJZHUGHLFKYRUDOOHP9RONDXIGHP%HUJ6LQDLHUVFKHLQHQ'X VROOVW =LHOVWHLQH RGHU =HLFKHQ VHW]HQ ULQJV XP GHQ %HUJ 'X VROOVW GHP 9RON VDJHQ KWHW HXFK DXI GLHVHQ %HUJ ]X VWHLJHQ RGHU LKQ MHQVHLWV GHU =LHOOLQLH]XEHUKUHQGHQQMHGHUGHUGHQ%HUJEHUKUWPXVVVWHUEHQ 1LFKW GXUFK 0HQVFKHQKDQG VRQGHUQ PLW 6WHLQHQ VROO HU JHVWHLQLJW RGHU PLW 3IHLOHQ HUVFKRVVHQ ZHUGHQ 1LFKWV VROO OHEHQGLJ EOHLEHQ ZDV GLHVHQ %HUJEHUKUWVHLHV9LHKRGHU0HQVFK$OV DEHUGHUGULWWH7DJNDPJH VFKDKHQ 'RQQHU XQG %OLW] XQG HLQH JUR‰H :RONH EHGHFNWH GHQ JDQ]HQ %HUJXQGGHUJUDXVDPH6FKDOOHLQHU3RVDXQHGHKQWHVLFKEHUHLQHODQJH =HLW'DUEHUHUVFKUDNGDV9RONVHKU          



U 

YQGŰWXQGHQKLHQ\GHQYPEGHQEHUJYQGGHUJDQW]EHUJUDXFKHWYPE ZHJHQGD]JRWWGDUYIIHUŰFK\QH\QH\PIXHUYQGGDVJHWKRQGHUEXŰXQ QHQZDUG\HOHQJHU\HJURŰŰHUbYQGDOŰRZDVGHUJDQ]EHUJJUXŰDPOÖFK ]ţŰHKHQb0R\ŰHVUHGWPÖWJRWWYQGJRWWDQWZRUW\PbZDQJRWWZDV YIIGHPKRFKŰWHQJ\EHOGH‰EHUJVY?EHUţIIWPR\ŰHQ]ţ\PYQGJDE\P GDGLH]HKHQJHERWWGHPYROFN]ţXHUNXQGHQb'LHZÖOHŰWXQGGDVYROFN YQGHUGHPEHUJYQGKRUWGLHŰWPHQYQGEXŰXQQHQbYQGŰDKHGÖHEU\Q  QHQGHQDPSHOQYQGGHQEHUJULFKHQbYQGZDUHQPLWJURŰŰHUIRUFKWYQG DQJŰWYPEJHEHQb=ţOHW]ŰWNDPPR\ŰHVY?ŰDJHWGHPYROFNDOOHZRUGW JRWHVY?JHERWb9?DOOHVYROFNDQWZRUW\PPLWHLQKHOOÖJHUŰWPHŰSUH FKHQGHbZLUZROOēDOOJHERWJRWWHVKDOWēY?JHKRUŰDPŰ\QbDOOHLQUHGHGX PLWYQVbDEHUJRWWUHGHQLWWPLWYQVYIIGDVZLUQLWDOOŰWHUEHQbZHOFKHU PēŰFKPRFKWHKRUHQGLHŰWPJRWHVY?OHEHQGLJEHO\EHQb$OŰRŰW\JPR\ ŰHVZLGHUYPEYIIGēEHUJY?PLW\PDDURQbQDGDEY?$ELXbY?ŰXEHQ  W]LJYŇGēULFKWHUQY?HOWŰWHQY‰MŰUDHObY?GLHŰDKHQJRWY?YQGHUŰ\QHQ IXŰŰHQH\QZHUFNDOVYRQ6DSKLUJHPDFKHWYQGDOVGHUKPHOLŰWŰRHU ŰFKRQLŰWb6LHŰDKHQJRWWYQGDŰŰHQYQGWUXQFNHQPÖW\PbGRŰDJHWJRWW Z\GHUYPE]ţPR\ŰHQb6W\J]ţPÖUYIIGHQEHUJYQGEHO\EGDbŰRZLOO LFKGÖUJHEHQ]ZţŰWH\QHWDIIHOQYQGGLHJHERWWGLHLFKGDU\QQJHŰFKUL  EHQKDEGD]GXŰÖHOHUHŰWGLHN\QGHUYRQ-ŰUDKHOb$OVEDOG0R\ŰHVYII GHQEHUJNDPEHGHFNHWH\QZROFNHQGHQEHUJYQQGGLHJORULHJRWWHVHU  ŰFK\QYII6\QDLŰHK‰WDJEHGHFNHQGHGHQŰHOEHQPLWH\PZROFNHQbDEHU DPŰXEHQGHQWDJUţIIWJRWWPR\ŰHQY‰PLWWHQGHPZROFNHQbYQGZDV GLHJHŰWDOWGHUJORUÖHJRWWHVZÖHHÖQEU\QQHQGIXHUYIIGHPKRFKŰWHQJL EHOGH‰EHUJVYRUGHPDQJHŰÖFKWDOOHUN\QGHUYRQMŰUDKHObYQG0R\ŰHV JLHQJPLWWHQ\QGHQŰHOEHQQHEHORGHUZROFNHQY?ZDVGDYLHUW]LJWDJ YQGYLHUW]LJQDFKWb([RGXV@VHKUDXVIKUOLFKEH VFKULHEHQVRGDVVLFKKLHUDXV*UQGHQGHU.U]HGDUEHUNHLQHZHLWHUHQ :RUWHPHKUYHUOLHUH  'LHVHXQGDQGHUH*HVFKHKQLVVHGLH/REXQG3UHLVGHV%HUJHV6LQDLLOOX VWULHUHQNDQQPDQLQGHPREHQJHQDQQWHQXQGLQDQGHUHQ%FKHUQILQ GHQ(VLVWEHNDQQWGDVVGHU%HUJ6LQDL]X5HFKWHLQ%HUJJ|WWOLFKHU(LQ ZRKQXQJJHQDQQWZLUGHLQ%HUJGHU+HLPVXFKXQJGXUFKGLH(QJHOXQG HLQ%HUJGHV/LFKWVGHU:RONHGHU      



Y 

Z\‰KH\WYQGYQGHUZ\ŰXQJYPEZHJHQŰDFKREHU]HOHWGLHQLWWQRWWLŰW PHHY‰]ţEUH\WHQb:DQ\HGDVZDUÖŰWbGD]REPDQDOOZ\UGHYQGORE GH‰EHUJVYQGDOOHUZHUFNJRWWHVYII\PYQGYPE\QJHŰFKHKHQZROWH Y‰WUXFNHQbEHGRUIIWPDQJDUYLO]\WWGDU]ţb $EHUŰROOÖFKVDOOHVK\QGDQJHŰHW]HWJ\EHWGLŰHUDQGHUDUWLNHOQLWH\Q NOH\QWH\OOREHVYQGHUHGLŰŰHPEHUJGHPYRULJHQK\Q]ţbGD]GHUKHLOÖJ ZLUGLJO\SŰDQFWH.DWKHULQHGHUKRFKJHOREWHQMXQJIUDXZHQYQGPHU  WUHU\QZROGU\KXQGHUWMDUYIIGHUKRKHGH‰EHUJVLŰWJHOHJHQbY?\UMşJ IUDXZOÖFKHJOLGHUGXUFKGÖHKHLOÖJHQHQJHOGDK\QJHWUDJHQŰ\QZRUGHQ \QH\QJUDEYRQ\QHQZXQGHUEDUOÖFKHQJHPDFKHWYQGYHUKţWHWb$EHU ]ţGLŰŰHU]\W\QQGHPPRQŰWHUGD]YQGHUGHPŰHOEHQEHUJO\JHWY\QGHW PDQGDVŰHOEKH\OWXP\QH\PNRŰSHUOÖFKHPŰDUFKYHUKDOWHQb'HUŰHOEHQ KHLOÖJHQMXQJIUDXZHQYQQGPDUWUHULQZHOFKHUPHQŰFKHLQDQGHFKWLJHU OÖHEKDEHULŰWbDFKWHWGLHUH\‰QLW]ţYLOŰZHUbZÖHZROŰLHDQ\UŰHOEVQLWW OÖFKWLŰWb:HUZROWDEHUGÖHŰHOEHGHOMXQJIUDXZQLWOÖHEHQGLHMKHŰXVGHU HZÖJOÖHEKDEHUKDWWDOŰRJHOÖHEHWGD]HUŰLH\Q\UHUMţJHQW\PKDWWYHU  WUHXZHWPLWŰXQGHUOÖFKHUIUXQWŰFKDIIWYQG]H\FKHQGHUOÖHEHbDOVGDQ\U OHJHQGGDYRQŰDJHQGHŰFKRQY‰Z\ŰHWbGHUUHQŰHOEHQHGHOHQŰFKRQHQY? Z\ŰHQMXQJIUDXZHQNDWKHULQHbKRFKHUERUQHQŰWDPPHDOVGDQŰÖHYRQ NRQLJOÖFKHPJHŰOHFKWLŰWKHUNRPPHQYQGDQGHU]\WWOÖFKYQGJOţFNŰH  OÖJ]ţYHOORGHUJţWHUŰRŰÖHDOOZHJHQKDWWYHUDFKWHWbZLOLFKKÖHQLWWZ\  WHUEHŰFKULEHQb$EHU\UKHLOÖJVOHEHQY?YQJHKRUWHZ\‰KH\WZHUELOOÖFKHU PHHYQGPHH]ţOREHQbDXFKKLHZRUWOÖFKGRFKNXUW]OÖFK]ţEHJULIIHQGDV LFKGRFKYPENXUW]HZHJHQDXFKPX‰YHUP\GHQbZDQH‰\HNXQGWYQG ZLŰŰHQLŰWGD]YQGHUDOOHPIUHXZOÖFKHPOREYQQGZ\EOÖFKHPEU\‰GLH Z\‰KH\WYRUJDWWYQGJDUŰHOWHQDQ\QHQZXUGWHUIXQGHQbZDQDOVGLH JHŰFKULIIWŰDJHWbKXOGGHUIUDXZHQLŰWEHWUţJOÖFKYQG\UŰFKRQKHÖWLŰW\WHO $EHUZHOFKHIUDXZHJRWWIRUFKWHWbLŰWOREHVZHUGWbYQGZRJRWWHVIRUFKW LŰWGRLŰWDXFKJRWWOÖFKZ\‰KHLWbZDQGLHIRUFKWJRWHVLŰWH\QDQIDQJGHU Z\‰KHLWb:LHZRODEHU\QDOWHQKÖŰWRUÖHQYLOZ\ŰHUNOXJHUIUDZHQZHU GHQJHIXQGHQJDUYEHUWUHIIOÖFK\QGÖŰŰHPOREHUŰFK\QHQGHbGRFKDOOGLH ŰHOEHQYEHUJHHW.DWKHULQDGLHDXFKGLHZ\ŰHŰWHQPHQQHU\QZ\‰KH\W KDWWYEHUZXQGHQb'HPQDFKZHGHUGÖHWFKWHU&\ULY?GLHPţWHU'LR  QLŰÖM7DQDTXLOb&DOSXUQHDb&LWKHUHDW\EXUWLQDRGHUDQGHUŰÖELOOHQGLH JUR‰ORE\QGHQKLŰWRULHQKDEHQbZHGHU/HŰELD]DSKRbGLH\QGHUSRHWU\ RGHUW\HFKWHU\JUR‰JHZHŰHQLŰWbQRFK&HQWRQDGÖHY‰GHQYHUŰHQ9LUJL  OÖMGDVJDQW]OHEHQFULŰWLbŰWHUEHQYQGYIIHUŰWHQQşJKDWWJHŰHW]HWbY?JDU NOXJOÖFKHQEHŰFKULEHQbQRFK$XUHOÖDDXFK$QGURJHQHVJHQĆWbGHUNXQŰW GH‰UHGHQ‰JDUŰHHUZROJHOHUHWbGLHŰÖFKŰHOEHUGXUFKDQGHUYHUFODJHWbPLW JURŰŰHPOREEHŰFK\UPHWbQRFK*D\DIUDPHDbGLHPÖW\UHUZ\‰KHLWYQQG         



Y 



:HLVKHLWXQGGHU8QWHUZHLVXQJXQGGLHVDOOHVZHJHQGHU(U]lKOXQJHQGLH KLHUQLFKWZHLWHUDXVJHEUHLWHWZHUGHQPVVHQ'HQQZHQQPDQGLH:UGH XQGGDV/REGHV%HUJHVXQGDOOH:HUNH*RWWHVGLHDXILKPXQGLQVHLQHU 8PJHEXQJ JHVFKHKHQ VLQG ZDKUKHLWVJHPl‰J XQG DXVIKUOLFK GDUVWHOOHQ ZROOWHVREUlXFKWHPDQYLHO=HLWGD]X $EHUGLHVHVDOOHVVHLLQGHQ+LQWHUJUXQGJHVWHOOWGHQQGHU]ZHLWH$UWLNHO IJWNHLQHQNOHLQHQ7HLOGHV/REHVXQGGHU(KUHGLHVHV%HUJVGHPYRULJHQ KLQ]X GDVV QlPOLFK GHU KHLOLJH XQG ZUGLJH /HLE GHU KO .DWKDULQD GHU KRFKJHOREWHQ-XQJIUDXXQG0DUW\ULQHWZDGUHLKXQGHUW-DKUHODQJDXIGHU 6SLW]H GLHVHV %HUJHV JHOHJHQ KDW 8QG LKUH MXQJIUlXOLFKHQ *OLHGHU VLQG GXUFKGLHKHLOLJHQ(QJHOGRUWKLQJHWUDJHQXQGLQHLQ*UDEJHOHJWZRUGHQ GDVYRQLKQHQZXQGHUEDUEHUHLWHWXQGEHVFKW]WZXUGH$EHU]XUJOHLFKHQ =HLW ILQGHW PDQ LQ GHP .ORVWHU GDV DP )X‰ GHV %HUJHV 6LQDL OLHJW GDV QlPOLFKH+HLOWXPGDVLQHLQHPNRVWEDUHQ6DUJJHERUJHQLVW:HUHLQDQ GlFKWLJHU 9HUHKUHU GLHVHU KHLOLJHQ -XQJIUDX XQG 0DUW\ULQ LVW IU GHQ LVW GLH5HLVHNHLQHVZHJV]XVFKZHUREZRKOVLHJDQ]XQGJDUQLFKWHLQIDFKLVW :HU ZROOWH MHGRFK GLHVH HGOH -XQJIUDX QLFKW OLHEHQ GLH -HVXV GHU HZLJH /LHEKDEHU VR VHKU OLHEWH GDVV HU VLH LQ LKUHU -XJHQG PLW EHVRQGHUHU )UHXQGVFKDIW XQG PLW =HLFKHQ GHU /LHEH JHHKUW KDW" 'DYRQ VSULFKW GLH /HJHQGH GLHVHU HGOHQ VFK|QHQ XQG ZHLVHQ -XQJIUDX .DWKDULQD GLH YRQ KRKHU*HEXUWLVWGDVLHDXVN|QLJOLFKHP*HVFKOHFKWVWDPPWH(VJHK|U WHQLKU]HLWOLFKHXQGGHQ/HEHQVXQWHUKDOWEHJQVWLJHQGH*WHUGRFKGDVV VLHGLHVHEHKDUUOLFKYHUDFKWHWHGDUEHUZLOOLFKKLHUQLFKWZHLWHUVFKUHLEHQ $EHULKUKHLOLJHV/HEHQXQGLKUHEHUUDJHQGH:HLVKHLWPVVWHQLPPHU]X JHOREWXQGLQ:RUWHJHIDVVWZHUGHQGRFKDXFKGDVPXVVLFKDXV*UQGHQ GHU .U]H YHUPHLGHQ 'HQQ EHNDQQWOLFK JHKW GHP )UDXHQORE XQG GHU )UDXHQHKUH GLH :HLVKHLW YRUDQ XQG VHOWHQ LVW VLH EHL LKQHQ ]X ILQGHQ 6FKRQ GLH 6FKULIW VDJW MD 'LH +XOG GHU )UDXHQ LVW WUJHULVFK XQG LKUH 6FK|QKHLWLVWHLWHO$EHUGLH)UDXGLH*RWWIUFKWHWLVWOREHQVZHUWXQG ZR)XUFKWYRU *RWW LVW GDKHUUVFKW DXFK J|WWOLFKH :HLVKHLW 'RFK DXFK ZHQQ LQ DOWHQ *HVFKLFKWVHU]lKOXQJHQ YLHOH ZHLVH XQG NOXJH )UDXHQ YRU NRPPHQGHQHQPDQGLHVHV/REDXVVSUHFKHQPXVVVREHUWULIIWGRFKDOOH .DWKDULQDGLHMDVRJDUGLHZHLVHVWHQ0lQQHUDQ:HLVKHLWEHUWURIIHQKDW ZHGHU>VLQGLKUDQ:HLVKHLWJOHLFK@GLH7|FKWHUGHV&\UXVXQGGLH0XWWHU GHV 'LRQ\VRV 7DQDTXLO &DOSXUQHD &LWKHUHD W\EXUWLQD RGHU DQGHUH 6LE\O OHQ GLH LQ GHQ *HVFKLFKWVHU]lKOXQJHQ DOV YHUGLHQVWYROO JHOWHQ ZHGHU 6DSSKRYRQ/HVERVGLHLQGHU'LFKWNXQVWJUR‰JHZHVHQLVWQRFK&HQWR QDGLHDXVGHQ9HUVHQGHV9HUJLOGDVJDQ]H/HEHQ6WHUEHQXQGGLH$XIHU VWHKXQJ&KULVWLQHXJHVHW]WKDWDXFKQLFKW$XUHOLDGLHDXFK$QGURJHQHV JHQDQQWZLUGGLHDOV5KHWRULNHULQVHKUJHOHKUWZDUXQGVLFKZDV]XLKUHP JUR‰HQ/REIKUWHYRQDQGHUHQDQNODJHQOLH‰QRFK*D\DIUDPHDGLHPLW LKUHU:HLVKHLWXQG         



U 

YHUQXQIIWPDQFKHPPHQŰFKHQ\QQRWKHQLŰW]ţKLOIINŇPHQb1RFK$Q  JHULDQDGHUNXQŰWGHUDUW]HQ\JDUHUIDUQHbZHOFKHGÖHURPHUOHEHQGYQG WRGW\QJURŰŰHQHUHQKLHOWHQb,FKJHŰZ\JHYLODQGHUHUZ\ŰHQIUDXZHQb DOVGRZDV\ŰÖVGLHDQIHQJOÖFKHQKDWWJHOHUHWGÖHHFNHUEXZHQY?ŰH\HQ YQGIODFKVŰS\QQHQYQGZHEHQbGDU]ţGLHEţFKŰWDEHQ\QHJLSWRDOOHU HUŰWKDWWHUIXQGHQbZHOFKHUIUDXZHQ1\PSKDGH‰NRQLJVRQLMWRFKWHU \Q$UFKDGLDbQDFKXROJHQGHbGLHODWLQLŰFKHQEţFKŰWDEHQKDWWHUŰWOÖFKJH  EHQbYQQGHUIXQGHQZLHPDQŰÖH]ţH\QDQGHUŰROOŰHW]HQb0\QHUXDDOO ZţOOHJHŰS\QQHYQGJHZHEKDWWHUGDFKWbGDU]ţGLH]DOOYQGF\IHUYQG IÖJXUHQ\QDOJDUÖŰPRKDWWHUIXQGHQbYQGGLHNXQŰWKHHUZHJHQ]ţPD  FKHQYQG]ţEUXFKHQYQGDQGHUPDQFKHUOH\ULWWHUŰS\OKDWWJHOHUHWb $OŰR1RHPD7XEDOVŰZHŰWHUYLOKDQGWZHUFNKDWW]XPHUŰWHQDQJH  EHQb$OŰR&HUHVKDWWJHOHUHWGDVHUGWULFKEXZHQŰH\HQYQGŰFKQ\GHQb $OŰRULQJVXP@'DEHLEHVXFKWHQZLUDOOH6WlGWH%XUJHQ XQG'|UIHUXQGDOOHVKDEHLFKDEELOGHQODVVHQZLHPDQHVKLHULP%XFK ILQGHW 'LH1DPHQGHUHUGLHLQ-HUXVDOHPEOLHEHQXQG]XVDPPHQ]X6W.DWKD ULQD ULWWHQVLQGIROJHQGH *RWWZROOHVLHLQGDV%XFKGHV/HEHQVVFKUHL EHQ  +HUU -RKDQQ VHOLJHQ $QJHGHQNHQV HLQ *UDI YRQ 6ROPV XQG +HUU ]X 0Q]HQEHUJ GHU -QJVWH DQ -DKUHQ DEHU LQ %H]XJ DXI VHLQHQ $GHO XQG VHLQ*HPWNHLQHPDQGHUQXQJOHLFKMDVRJDUGHU9RUQHKPVWHYRQXQVDO OHQ +HUU %HUQKDUG YRQ %UH\GHQEDFK GDPDOV HLQ .lPPHUHU MHW]W DEHU DXFK HLQZUGLJHU'HNDQGHV+RKHQ6WLIWV]X0DLQ]GHU8UKHEHUGLHVHV:HUNV +HUU3KLOLSYRQ%LFNHQHLQ5LWWHU8QWHUGLHVHQ+HUUHQXQGLKUHQ.QHFK WHQEHIDQGVLFKDXFKGHU0DOHU(UKDUW5HXZLFKDXV8WUHFKWGHUDOOH*H PlOGHLQGLHVHP%XFKJHPDOWXQGGLH'UXFNOHJXQJLQVHLQHP+DXVDXVJH IKUWKDW +HUU 0D[LPLQXV PLW =XQDPH 6PDVPXV YRQ .RSSHOVWHLQ HLQ +HUU ]X +RKHQHFN            



Y 

+HUU9HUQDQGXVYRQPHUQDXZHH\QIU\HUKHUUb +HUU&DŰSDUYRQEXODFKH\QULWWHUb +HUU*HRUJPDU[H\QULWWHUb +HUU1LFODVPDLRU\QNXUWKH\QULWWHUb%\GLŰŰHQKHUUHQRQDQGHU\UH NQHFKWZDUHQ]ZHQEDUIX‰EUţGHU3DXOXVYQG7KRPDVJHQĆWPDQFK HUOH\ŰSUDFKZ\ŰŰHQGHb +HUU+HLQULFKYRQŰFKDZHQEHUFNH\QU\WWHUb +HUU&DŰSDUYRQ6\HQO\QH\QULWWHUb +HUU6\JPXQGYRQPDU‰EDFKH\QULWWHUb +HUU3HWHUYHOŰFKH\QULWWHUb +HUU-RKDQ/D]ÖQXVH\QHUW]GLDFYQGWKXPKHUUGH‰ŰW\IIWVWUDQŰÖO  XDQLHQŰÖV\QYQJHUQJHOHJHQbH\QKRFKJHOHUWHUYQGDQGHFKWÖJHUKHUUb +HUU)HOÖ[IDEULSUHGLJHURUGHQV\QGHUKHLOÖJHQJHŰFKULIIWH\QZRO JHOHUWHUOH‰PHÖŰWHUYQGH\QEHUţPWHUHUQŰWKDIIWLJHUSUHGLJHU]ţYOPb ZHOFKHUDXFKYRUPDOV]ţ-KHUXŰDOHPLŰWJHZHŰHQH\QHUIDUQHUSDWHUb   0b[[LLLMbWDJGH‰PRQHGWV$XJXŰWL ZDVŰDQW%DUWKROR   PHXVWDJ DOVZLUDOOHGLQJKHWWHQEHŰWHOOHWGLHYQVQRWW   GXUIIWLJZDUēYIIGLHUH\‰GXUFKGLHZţŰWHQ\bULWWHQZLUYPE  YHŰSHU]\WWY‰-KHUXŰDOHPbDOOYQŰHUJHUHWKPLWYQVIţUHQ  GHYIIHŰHOQbYQGNDPHQGHQŰHOEHQDEHQWJHQ%HWKOHHPbY?ZÖHZROGHU ZHJNOH\QLŰWbKHWWHQZLUGRFKYLOYQJHPDFKYQGZXUGHQYRQGHQKH\  GHQDQJHODXIIHQYQGŰHHUYH[LUHWbYŇZHOFKHUYH[DRGHUNşPHUZLUYQV PXŰWHQORŰHQPLWJHOGWHWFb =ţ%HWKOHHPEO\HEHQZLU]ZHQWDJYQGEHŰXFKWHQZ\GHUYPEDOOKHL OÖJŰWHWWYRQGHQHQ\PHUŰWHQWH\OJHŰFKULHEHQŰWHHWb $OVGHUb[[YLMbWDJGH‰PRQHGWV$XJXŰWLDQJLHQJU\WWHQZLUYRQ %HWKOHHPE։JHQDOW(EURQbGLHŰWDWWDOŰRJHQDQWbGDZLUDEHUEHŰDKHQ GLHGXSHOŰSHOXQFNYQGGHQDFNHU'DPDŰFHQşJHQDQWbYQGDQGHUŰWHWW GDUYPEDXFKREEHŰWXPPHWb'RFKEHŰXQGHUŰDQW-RUJHQN\UFKYQQG FORŰWHUbGDU\QQHNUÖHFKHŰFKPRQFKZRQHQb'RLŰWDXFKQRFKGLHNHWWHQ GH‰ŰHOEHQKHLOÖJHQPHUWUHUVKDEHQGHb[[[L[bU\QJbZHOFKHNHWWHQGLHŰDU UDFHQLJDUŰHHUHUHQbYQGYPEKHQFNHQGLHŰHOEGHQKHOŰHQGHUUHQGLH YRP WXIIHOEHŰHŰŰHQRGHUŰXŰWŰ\QQOR‰Ű\QbGLHDXFKDOVEDOGZHUGHQHUOHGLJHW 9QGŰÖWWHPDOGLHŰDUUDFHQLGLHŰHOENHWWHQNXŰWHQY?YPE\UKHO‰KDQJ  WHQWKHWHQZLUDXFKDOŰRb1DKHGDE\ŰÖHFKWPDQQRFKGLHKXIIWU\WH\QV SIHUGHV\QGLHHUGJHWUXFNHWDOVŰDQW-RUJHWWZDQKDWWGDJHU\WWHQYRQ ZHOFKHUHUGHQZLUH\QZHQQLJPLWYQVQĆPHQDOVGDQGLHSLOJHUSIOH  JHQWKţQb         



Y 



+HUU9HUQDQGXVYRQ0HUQDXHLQIUHLHU+HUU +HUU&DVSDUYRQ%XODFKHLQ5LWWHU +HUU*HRUJ0DU[HLQ5LWWHU +HUU1LFODVGHU*U|‰HUHDXVGHP*HIlQJQLVJH KROWXQG@YRUGLH)UVWHQXQGGDVJDQ]H9RONJHIKUWGDPLWHULKQHQ3RV VHQPDFKH'RFKHUULHI*RWWDQXQGSDFNWHGLHEHLGHQ6lXOHQDXIGHQHQ HLQJUR‰HV+DXVVWDQG LQGLHVHP+DXVD‰HQXQGWUDQNHQGLH+HUUHQXQG %UJHUXQGVLHZDUHQIU|KOLFKZHLOVLH6DPVRQJHIDQJHQJHQRPPHQKDW WHQGHQVLHYHUVSRWWHWHQ 'LHVH]ZHL6lXOHQUWWHOWHHUPLWHLQHUGHUDUWL JHQ.UDIWKLQXQGKHUGDVVGDV+DXVDXIVLHQLHGHUVWU]WHDXIDOOH)UVWHQ XQG%UJHUGLHVLFKLQLKPEHIDQGHQXQGGLHDXIGHP'DFKVD‰HQHWZD GUHLWDXVHQG)UDXHQXQG0lQQHUGLH6DPVRQVSLHOHQVHKHQZROOWHQ6HOEHU VWHUEHQG W|WHWH 6DPVRQ PHKU 0HQVFKHQ DOV HU LQ VHLQHP /HEHQ JHW|WHW KDWWH'DV+DXVZDUHLQ7HPSHOGHV*|W]HQ'DJRQXQGPDQVLHKWQRFK KHXWHYLHOHDOWH5XLQHQGLHVHV+DXVHV  $P6HSWHPEHUEHJDEHQZLUXQVDXVGHU6WDGW*D]HUDKLQDXVDXIGDV )HOG'DIDQGHQZLUYLHUXQG]ZDQ]LJ.DPHOHGLHXQVXQVHU'ROPHWVFKHU EHVWHOOW KDWWH XQG HU JDE XQV DOV (UVDW] IU LKQ HLQHQ DQGHUHQ *HOHLWV PDQQZHOFKHUGHU.OHLQH.DO\QJHQDQQWZXUGHXQGXQVIKUHQXQGZLH GHU]XUFNEULQJHQVROOWHZLHHVEHVSURFKHQZDUHWF$OVRULWWGHU'ROPHW VFKHUZLHGHUQDFK-HUXVDOHPXQGZLUEOLHEHQLQGHU1DFKWDXIGHP)HOG $PQlFKVWHQ7DJZDUGHU6HSWHPEHUXQGZLUULWWHQEHUHLQH(EHQH XQGKDWWHQGDV0HHU]XU5HFKWHQXQGGDV+HLOLJH/DQG]XU/LQNHQXQG YRUXQVODJGLHIUFKWHUOLFKH:VWH:LUULWWHQLQVLHKLQHLQXQGNDPHQ]X HUVWDXIHLQH+HLGHEHLHLQHP'|UIFKHQQDPHQV/HEKHP 7HOO$EL6HOH PHK  GDV HLQH 0HLOH YRQ *D]HUD HQWIHUQW OLHJW :HJHQ XQVHUHU NUDQNHQ 0LWSLOJHU GLH VHKU ODQJVDP ULWWHQ EOLHEHQ ZLU GRUW LQ GLHVHU 1DFKW XQG VFKOXJHQ ]XP HUVWHQ 0DO XQVHUH =HOWH DXI :LU PXVVWHQ ZHLW JHKHQ ELV ZLU HLQ ZHQLJ +RO] IDQGHQ XP HLQ )HXHU GDPLW DQ]XPDFKHQ XQG HWZDV IUGLH.UDQNHQ]XNRFKHQHWF0DQILQGHWDQGLHVHQ2UWHQQLFKWVZDVGD JUQHQ XQG JHGHLKHQ ZUGH QXU GUUH 6WDXGHQ 'LH ULVVHQ ZLU PLW GHU :XU]HODXVGHU(UGHXQGPDFKWHQHLQ)HXHUGDUDXV:LUIDQGHQDQGLHVHU 6WHOOHDXFKHLQHQWLHIHQ%UXQQHQGHUKDWWH]XGLHVHU-DKUHV]HLWNHLQ:DV VHU          



U 

]ţGLŰHU]\WWbYQQGPDQŰDJHWYQVGD]GLHMXQJIUDXZPDULDPLWŰDPSW -RŰHSKYQGMKHŰXGDE\KHWWHQEHQDFKWHWYQGZDŰŰHUGDUY‰JHŰFKRSIIHW GDŰ\H\QHJÖSWHQIORKHQb $PH\OIIWHQWDJGH‰PRQHGWVŰHSWHPEULVU\WWHQZLUYEHUH\QZ\WWH ŰDQGLJHHEHQHGHUHQZÖUNH\QHQGHPRFKWHQŰHKHQGDQDOOH\QJHJHQRF  FLGHQWGDŰÖHPLWGHPJURŰŰHQPHHUZXUGWEHŰORŰŰHQb9QGNDPHQ\QH\Q JHJHQHGLH\Q$UDEHŰFKHU]XQJHQ&DZDWKDKHLŰŰHWbDEHU\QQODWLQLŰFKHU &DGHVb'DŰHOEHWYIIJHŰODJHQYQŰHUJH]HOWHQEO\HEHQZLUGLHQDFKWY? WH\OWHQYQVY‰\QGDVODQGKROW]]ţŰţFKHQZLHYRUHWFb'DEUDFKWPDQ YQVDXFKZDŰŰHU\QOHJHO\QYRQYHUUHQGD]YQVGRFKZHQQLJHUJHW]şJ RGHUHUNţOXQJJDEbZDQH‰YHUGRUEHQZDV\QGHQOHJHOHQbGRFKKHWWHQ ZLUGLHŰHOEHQQDFKWH\QNOH\QHQUHJHQbGHUJDUŰHHUŰHOW]DPLŰWDQGHQHQ GHQb$OŰR\PIXUJDQJGH‰ZHJVGHU\HPHHYQGPHHKDUGWY?YQZHJ  ŰDPZDUGbNDPHQZLU\QQGLHUHFKWZţŰWHQ\GDU\QQQ\HNH\QPHQŰFK KDWWJHZRQHWYQGGRGDVHUGWULFKZHGHUJHŰHKHWQRFKJHŰFKQ\WWHQPDJ ZHUGHQbYQGIXQGHQIXUK\QZHGHUGRUIIQRFKŰWDWWbZHGHUKX‰QRFKKRII ZHGHUHFNHUQRFKJDUWKHQbZHGHUEDXPQRFKZHOGbŰXQGHUDOOHÖQHÖQYQ  IUXFKWEDUHUGWULFKYHUEUHQQHWYŇJURŰŰHUKÖW]HGHUŰXQQHQbYLOGRUUEHUJ YQGWDOOKDEHQGHGLHDXFKJUXŰŰHQOÖFKHQZDUHQDQ]ţŰHKHQb -WHPZÖUŰDKHQGÖFNGXUFKGÖHZţŰWHQ\UÖWWHQGHH\QJURŰŰHQUDXFKYII JHHQGHQZLUPH\QWHQYRQIXHUYIIŰW\JHQbDEHUZLUHUIţUHQYRQWDJ]ţ WDJGD]H‰DQGHUVQLWZDVGDQH\QHUKHEXQJGH‰ŰXEW\OHQYQGOHÖFKWHQ ŰDQGVYRPZ\QGJHWULHEHQRGHUHUKDEHQbZDQQDXFKRIIWY‰GHPŰDQG NOH\QEHUJO\QZHUGHQbYQQGZRKXWWHLQHEHQHUZHJLŰWZXUGWRIIWDP DQGHUQWDJHLQKRKHUEHUJYRQŰDQGWYHUŰDPPHOHWb $Pb[LMbWDJGH‰REJHQĆWHQPRQHGWVNDPHQZLUDQHLQHQGH*D\RQ JHQDQWbYQGIXQGHQJDUH\QZLŰŰHHUGRGHUJUXQGbYQGKHWWHQNH\QZDŰ ŰHUPHHGDQ\QGHQOHJHOHQGDVGRFKYHUGRUEHQZDVY?RQJHŰPHFNDXFK NH\QDQGHUEURGWGDQJDUKHUGWEURGW]ZH\PDOJHEDFKHQEÖŰFRFNWJH  KH\ŰŰHQb$XFKNH\QKROW]PHHGDQDOOH\QHWWOÖFKZXUW]HOGHUNUXWHUbZDQQ DOOHVGDVZLUYRQ*D]HUDPLWYQVKHWWHQJHIţUHWZDVYHU]HUHWb  $Pb[LLMbWDJGHVŰHOEHQPRQHGWVNDPHQZLU\QHJUR‰WDOYIIEHGHQ Ű\WHQPLWKRKHQGRUUHQEHUJHQEHŰORŰŰHQGD]GLH$UDEHVQHQQHQZDGD  ODUbGDIXQGHQZLUJDUYÖOGH‰NUXWV&ROORTXLQWLGDJHQDQWb $Pb[LLLMbWDJNĆPHQZLUQRFKW\HIIHU\QHLQJUXŰŰHQOÖFKZţŰWHQ\GD PDQZHGHUPHQŰFKHQQRFKY\KHQRFKYRJHOPHHY\QGHWGDQDOOHLQGHU  UHQYRJHOŰWUXŰŰHQJHKHLŰŰHQGLHQDFK\UDUW\QGHUZţŰWHQ\ZRQHQb'D NDPHQZLU]ZţŰFKHQJDUKRFKGXUUJHELUJYRQJUXŰŰHQOÖFKHQYHOŰHQEH ŰHW]HWbYQQGKH\ŰŰHWGDVŰHOEJHE\UJ\Q$UDEHŰFKHUŰSUDFK*HEHOKHOHOb         



U 



(V KHL‰W GLH -XQJIUDX 0DULD KDEH PLW -RVHSK XQG -HVXV GD EHUQDFKWHW XQG:DVVHUJHVFK|SIWDOVVLHQDFKbJ\SWHQIORKHQ $PHOIWHQ6HSWHPEHUULWWHQZLUEHUHLQHZHLWHVDQGLJH(EHQHYRQGHU ZLUNHLQ(QGHVDKHQDX‰HU5LFKWXQJ2N]LGHQWZRVLHYRP*UR‰HQ0HHU DEJHVFKORVVHQ ZLUG 8QG ZLU NDPHQ GDQQ LQ HLQH *HJHQG GLH DXI $UD ELVFK&DZDWKDXQGDXI/DWHLQLVFK&DGHVKHL‰W$OVZLUGRUWXQVHUH=HOWH DXIJHVFKODJHQKDWWHQEOLHEHQZLUGLH1DFKWGRUWXQGWHLOWHQXQVDXIXP ZLH ]XYRU LQ GHU *HJHQG ULQJVXP +RO] ]X VXFKHQ HWF 'D EUDFKWH PDQ XQV DXV GHU )HUQH DXFK :DVVHU LQ )lVVHUQ GDV XQV GRFK HLQ ZHQLJ (U TXLFNXQJXQG.KOXQJEUDFKWHGHQQGDV>:DVVHU@LQGHQ:DVVHUIlVVFKHQ ZDUVFKRQYHUGRUEHQ$X‰HUGHPKDWWHQZLULQGLHVHU1DFKWHWZDV5HJHQ ZDVJDQ]DX‰HURUGHQWOLFKLVWLQGLHVHU*HJHQG,P)RUWJDQJGHV:HJVGHU LPPHUKlUWHUXQGXQZHJVDPHUZXUGHNDPHQZLULQHLQHUHFKWH:VWHLQ GHUQLHPDOVHLQ0HQVFKJHZRKQWKDWXQGZRPDQLQGDV(UGUHLFKNHLQH 6DDWDXVEULQJHQQRFKVLHXPSIOJHQNDQQ8QGZLUIDQGHQ IRUWDQZHGHU 'RUIQRFK6WDGWZHGHU+DXVQRFK+RIZHGHUbFNHUQRFK*lUWHQZHGHU %lXPHQRFK:lOGHUVRQGHUQQXUXQIUXFKWEDUH(UGHGLHYRQGHUJUR‰HQ 6RQQHQJOXW YHUEUDQQW LVW XQG YLHOH DXVJHWURFNQHWH %HUJH XQG 7lOHU EHL GHUHQ$QEOLFNHVHLQHPJUDXVW $OVZLUVRGXUFKGLH:VWHULWWHQVDKHQZLUHLQHQGLFNHQ5DXFKDXIVWHL JHQ YRQ GHPZLUGDFKWHQHU VWDPPHYRQ HLQHP)HXHU$EHUQDFK XQG QDFK HUIXKUHQ ZLU GDVV GLHV QLFKWV DQGHUHV ZDU DOV HLQH (UKHEXQJ GHV IHLQN|UQLJHQ XQG OHLFKWHQ 6DQGV GHU YRP :LQG LQ GLH +|KH JHWUDJHQ ZLUG'HVKDOEHQWVWHKHQDXVGLHVHP6DQGRIWDXFKNOHLQH%HUJOHLQXQGZR KHXWHHLQHEHQHU:HJLVWGDNDQQVLFKDPQlFKVWHQ7DJHLQKRKHU6DQG EHUJDQJHVDPPHOWKDEHQ $P7DJGHVVHOEHQ0RQDWVNDPHQZLUDQHLQHQ2UWQDPHQV*D\RQ ZRZLUQLFKWVDOVZHL‰H(UGHYRUIDQGHQ:LUKDWWHQNHLQ:DVVHUPHKUDX ‰HUGHPLQXQVHUHQ:DVVHUIlVVFKHQGDVMHGRFKYHUGRUEHQXQGRKQH*H VFKPDFNZDU:LUKDWWHQDXFKNHLQDQGHUHV%URWPHKUDX‰HUGHPKDUWHQ GRSSHOW JHEDFNHQHQ %URW GDV PDQ %LVNXLW QHQQW 8QG ZLU KDWWHQ NHLQ +RO]PHKUDX‰HU.UlXWHUZXU]HOQGHQQDOOHVZDVZLUYRQ*D]HUDPLWJH IKUWKDWWHQZDUYHUEUDXFKW  $P7DJGHVVHOEHQ0RQDWVNDPHQZLULQHLQJUR‰HV7DOGDVDXIEHL GHQ 6HLWHQ YRQ KRKHQ DXVJHG|UUWHQ %HUJHQ XPJHEHQ ZDU 'LH $UDEHU QHQQHQHV:DGDODU :DGLHO$ULV 'DIDQGHQZLUYLHOYRQGHP.UDXW&RO ORTXLQWLGD $P  7DJ NDPHQ ZLU QRFK WLHIHU LQ HLQH JUXVHOLJH :VWHQHL LQ GHU PDQ ZHGHU 0HQVFKHQ QRFK 9LHK QRFK 9|JHO ILQGHW DX‰HU GHP 9RJHO 6WUDX‰GHUQDFKVHLQHU$UWLQGHU:VWHZRKQW'DPXVVWHQZLU]ZLVFKHQ GLHEHGURKOLFKHQ)HOVHQHLQHVKRKHQVWHLQLJHQ*HELUJHVGDVDXI$UDELVFK *HEHOKHOHOKHL‰W        



Y 

'DULFKWHQZLUDEHUYQŰHU]HOWHQYIIDQH\PŰDQGLJHQIOHFNHQ0DJDUH DUDEHŰFKJHQDQWb $Pb[YbWDJNDPHQZLU\QH\QJDUKDUWHY?NDOWHZţŰWHQ\GD]GRFK JDUŰHOW]HPÖŰW\QGHQODQGHQbYQGEO\EHQDQH\PHQGHGDGÖHHUGHJDQW] Z\‰ZDVY?GLHYHOŰHQHEHQZLHH\QNU\GYQGGHUŰDQGHEHQDOVJHOHŰFK WHUNDOFNbY?KH\ŰŰHWGDVŰHOEODQG$UDELŰFK0\QŰFKHXHb $Pb[YMbWDJU\WWHQZÖUGXUFKH\QŰROOÖFKZ\WHJHJHQHGLHJHJHQRUL  HQWNH\QHQGKDWWbDOŰRGD]H\QHU]ţUR‰ZROJHU\WHQ\Q]ZH\HQPRQHG WHQQÖWPRFKWHNŇPHQYEHUGLŰŰHKH\GHU\WWHQGHDQH\QHQGGDPHQŰFKHQ ZRQHQbDOVPDQYQVIXUZDUŰDJHWbYQGQRFKGDQŰRPDQNHPHGRHWW  OÖFKPHQŰFKHQZRQHWWHQKDWWGLŰHKH\GHNH\QHQGHbYQGYHUPH\QHQHWW  OÖFKGD]H‰Ű\H\QWH\OGH‰ODQGHVGDNH\QPHQŰFKPHHZRQHWYIIHUGHQ YPEZHJHQYEHUŰFKZHQJOÖFKHUKLW]H\QODWLQWRUUÖGD]RQDJHQĆWbGDVGR ZHUHWE։]ţGHP\UGLŰFKHQSDUDGL‰b9EHUGLŰHKH\GHU\WHQGHNDPHQZLU DQH\QHQGHb$OKHURFN\QDUDEHŰFKHU]XQJHQJHQĆWbYQGEO\HEHQGRGLH ŰHOEHQDFKWb $Pb[YLMbWDJGXUFKZDQGHOHWHQZLUH\QZţŰWHQ\GDEHUJYQGWDOO ŰWH\QYHOŰHQYQQGŰDQGWŰ\QHEHQDOVŰDOW]bYQQGNDPHQ]ţH\PGRUUHQ WRUUHQWRGHUEDFKHWWZDQZDŰŰHUKDEHQGHDEHUZÖUIXQGHQQLWWH\QWUR  SIIHQ\W]GDU\QQHb $Pb[L[bWDJNDPHQZLU\QH\QJHELUJYIIZHOFKHPZLUYRQYHUUŰD KHQGHQEHUJJRWWHV2UHEYQG6\QDLYIIGÖHO\QFNKDQGWbDEHUYIIGÖH UHFKWKDQGWGDVURGWPHHUbGRFKKHWWHQZÖUQRFKYLHUWDJUH\‰GDK\Qb 'DŰHOEHWYIIGHPKRKHQJHEÖUJWKHWHQZLUH\QFROODFLRQYQQGPŰWHQ ]ţIX‰KHUDEŰW\JHQYPEZHJHQKRKHUYHOŰHQYQGDQGHUŰRUJOÖFKHUŰWH\  JHQbYQGNDPHQDQH\QHQGH5DPDWK\PJHQĆWYQGHUGHPJHELUJY? ODJHQGDŰHOEHWH\QJDQW]HQWDJYQGQDFKWYPEYQŰHUNUDQFNHQZLOOHQ \QGHQKţOHQYQGHUGHQKDQJHQGHQYHOŰHQbY?ZDVZHGHUZDŰŰHUQRFK KROW]GDYPERGHUQLFKWVGH‰PDQPRFKWHUJHW]HWZHUGHQb $Pb[[bWDJŰWXQGHQZLUIUţYIIYQGNDPHQ\QH\QDQGHUJDUUXZH JHELUJGDDEHUQLFKWVDQGHUVZţFKŰHGDQHWWOÖFKGRUQHFKWKHFNHQGLHGD ]ţPDOEOţZHWHQYQGJDUZROUţFKHQGDYRQZLUH\QJUR‰HUJHW]XQJ YQGNUDIIWHQWSI\QJHQb(‰ŰDJHQHWWOLFKGD]YRQGHQHQGRUQHQGHUGRU QHNURQYQŰHUKHUUHQFULŰWLMKHŰXŰ\JHPDFKHWZRUGHQY?GDUYPEQD  PHQZLUGHUŰHOEHQH\QWH\O]ţYQVb -WHPGLHŰHOEHQEHUJZDUHQQLWDOOH\QŰXŰWYQIUXFKWEDUbŰXQGHUDXFK YROYHOŰHQGLHGRURGWY?ŰZDUW]GXUFKH\QDQGHUZDUHQbY?ŰRGLHŰRQQ GDU\QQŰFK\QHWŰRZHUGHQŰÖHJHŰHKHQDOVREŰÖHPLWOOZHUGHQJHŰDOEHWb -WHPGDŰHOEHWŰDKHQZLUH\QJUR‰WK\HUZDVYLOJURŰŰHUGDQH\QNHP  PHOWK\HUbYQQGŰDJHWYQVYQŰHUJOH\W]PDQGD]H‰ZDUOÖFKZHUHH\Q H\QKRUQQb'DŰHOEHWŰDKHQZLUDXFKH\QQK\UWHQQPÖWWŰ\QHPY\KH        



Y 



'D DXI HLQHP VDQGLJHQ 3ODW] DUDELVFK 0DJDUH :DGL0DJDUD"  JHQDQQW VFKOXJHQZLUXQVHUH=HOWHDXI $P7DJNDPHQZLULQHLQHHUEDUPXQJVORVHXQGNDOWH:VWHZDVLQ GLHVHQ/DQGHQGRFKUHFKWVHOWVDPLVW:LUEOLHEHQGRUWDQHLQHU6WHOOHDQ GHUGLH(UGHJDQ]ZHL‰ZDUXQGGLH)HOVHQZLH.UHLGHXQGGHU6DQGZLH JHO|VFKWHU .DON 'LHVHV /DQG KHL‰W DXI $UDELVFK 0\QVFKHZH %LU +DVD QD"  $P 7DJ ULWWHQZLU GXUFK HLQH GHUDUWLJ ZHLWH *HJHQG GLH 5LFKWXQJ 2ULHQWNHLQ(QGHQDKPVRGDVVZHQQHLQHUEHUGLHVH+HLGHUHLWHQZU GH HU VHOEVW LQ ]ZHL 0RQDWHQ DQ NHLQ (QGH NlPH DQ GHP 0HQVFKHQ ZRKQWHQ'DVKDWWHPDQXQVEHUHLWVYRUKHUJHVDJW'RFKVHOEVWZHQQPDQ GRUWKLQ NRPPW ZR HLQLJH ZHQLJH 0HQVFKHQ ZRKQHQ K|UW GLHVH +HLGH QRFKQLFKWDXI(WOLFKHVLQGGHU0HLQXQJGLHVVHLHLQ/DQGVWULFKDXIGHU (UGH DXI GHP EHUKDXSWNHLQ 0HQVFK PHKUZRKQH(UZLUGZHJHQ GHU EHUPl‰LJHQ+LW]HGLHGRUWKHUUVFKWODWHLQLVFKÅ7URFNHQ]RQH´JHQDQQW VLHUHLFKWELV]XPLUGLVFKHQ3DUDGLHV:lKUHQGZLUEHUGLHVH+HLGHULWWHQ NDPHQ ZLUDQHLQH6WHOOHGLH DXI$UDELVFK$OKHURFN :DGLHO%UXN" JH QDQQWZLUGXQGEHUQDFKWHWHQGRUW $P7DJGXUFKZDQGHOWHQZLUHLQH:VWHLQGHU%HUJXQG7DO6WHLQH )HOVHQXQG6DQGZLHDXV6DO]ZDUHQ'RUWJHODQJWHQZLUDQHLQHQDXVJH WURFNQHWHQ%DFKGHUZRKOPDQFKPDO:DVVHUPLWVLFKIKUWGRFKZLUIDQ GHQGDPDOVNHLQHQHLQ]LJHQ7URSIHQGDULQ $P7DJNDPHQZLUDQHLQ*HELUJHDXIGHPZLUYRQIHUQHGHQ%HUJ *RWWHVGHQ%HUJ+RUHEVDKHQXQGDXIGHUOLQNHQ6HLWHGHQ6LQDL5HFKWHU +DQGODJGDV5RWH0HHUGRFKKDWWHQZLUQRFKYLHU7DJHVUHLVHQELVGRUW KLQ ,Q GLHVHP KRKHQ *HELUJH D‰HQ ZLU HWZDV ]XP )UKVWFN XQG PXVVWHQ GDQQ]X)X‰KLQDEVWHLJHQZHLOGLH)HOVHQKRFKVLQGXQGDXFKGLHDQGHUHQ 6WHLQH $QODVV ]XU 6RUJH JDEHQ 6R NDPHQ ZLU DQ HLQH 6WHOOH DP )X‰ GHV %HUJPDVVLYV GHU 5DPDWK\P KHL‰W :HJHQ XQVHUHU .UDQNHQ YHUEUDFKWHQ ZLUGRUWHLQHQJDQ]HQ7DJXQGHLQH1DFKWLQGHQ+|KOHQXQWHUGHQYRU VSULQJHQGHQ)HOVHQ(VJDEGRUWZHGHU:DVVHUQRFK+RO]XQGDXFKVRQVW QLFKWVZRUDQPDQVLFKKlWWHHUJ|W]HQN|QQHQ $P7DJVWDQGHQZLUVHKUIUKDXIXQGNDPHQLQHLQ]LHPOLFKUDXHV *HELUJH DXI GHP QLFKWV DX‰HU GRUQLJHQ +HFNHQ ZXFKV 'LH DOOHUGLQJV EOKWHQ GDPDOV XQG YHUVWU|PWHQ HLQHQ :RKOJHUXFK YRQ GHP ZLU JUR‰H )UHXGH XQG .UDIW HPSILQJHQ (LQLJH EHKDXSWHQ YRQ GLHVHQ 'RUQHQ VHL GLH'RUQHQNURQHXQVHUHQ+HUUQ&KULVWXV-HVXVJHPDFKWZRUGHQ'HVKDOE QDKPHQZLUXQVHLQLJH6WFNHGDYRQPLW ,WHPZDUHQGLHVH%HUJHQLFKWQXUXQIUXFKWEDUVRQGHUQDXFKYROOHU)HO VHQ XQG GLH ZLHGHUXP DEZHFKVHOQG YRQ URWHU XQG VFKZDU]HU )DUEH :HQQGLH6RQQHGDUDXIVFKHLQWVRVHKHQVLHDXVDOVVHLHQVLHPLWgOJH VDOEW,WHPVDKHQZLUGRUWHLQJUR‰HV7LHUYLHOJU|‰HUDOVHLQ.DPHO8Q VHU )KUHU VDJWH XQV GLHV VHL ZDKUKDIWLJ HLQ (LQKRUQ :LU VDKHQ GRUW DXFKHLQHQ+LUWHQGHUVHLQ9LHK      



U 

Y\KHDQH\PEHUJZHLGHQGHGD]YQVJDUŰHOW]DPZDV]ţŰHKHQbZDQZÖU ODQJNH\QKH\PŰFKY\KHRGHUPHQŰFKHQKHWWHQJHŰHKHQ\QGHUZXŰWHQ\b $OVH‰DEHQGWZDUGEOÖHEHQZLUDQH\PHQGHŰFKROÖHJHQDQWb -WHPLŰWDXFKZRO]ţPHUFNHQGD]ZLU\QŰROOÖFKHUHUEH\WYIIGHUKDU  WHQUH\‰bDOOH\QGLŰHHUJHW]XQJKHWWHQYQJH]Z\IIHOWGXUFKGDVYHUGLHQ GHUKHLOÖJHQMXQJIUDXZHQYQGPHUWUHULQNDWKHULQHGD]ZLUH\QŰWHUQHQ YLOŰFK\PEDUHUGHQDQGHUQDOOQDFKWQDFKPLWWHUQDFKWŰDKHQYIIJHQJH JHQPLWWHPWDJDQGHPK\PPHObYQGZXUGWJHKHLŰŰHQŰDQFWHNDWKHULQH ŰWHUQbYQGŰWXQGGHUŰHOEREHUGHPEHUJ6\QDLYQVGHQZHJZ\ŰHQGHb YQGŰRRIIWYQQGGLFNZLUGHPŰWHUQHQQLWWQDFKXROJWHQZDVH‰JHZL‰ GD]ZLUYQŰHUQZHJOHQJHUWHQYQGZ\WYPE]RJHQb  $Pb[[MbWDJGH‰RIIWJHQDQWHQPRQHGWVŰHSWHPEULVNDPHQZLU\QQ H\QWDOOJHJHQPLWWHPWDJbYQGGDŰDKHQZLUGHQKH\OÖJHQEHUJ6\QDL KKHUDOOHQEHUJHQYIIGHUKRKHGH‰KRFKŰWHQJHELUJVHUKHEHWbGH‰KDOEZLU ŰHHUHUIUHXHZHWZRUGHQbZLHZROHUQRFKYHUUYRQYQVZDVbYQGZLU\Qē QÖWJDQW]YRONRPOÖFKPRFKWHQŰHKHQb'HQŰHOEHQDEHQGWNDPHQZLU\Q H\QJURŰŰHHEHQHbDEDOKDURFN\QDUDEHŰFKHQ]XQJHQJHQDQWbGDEOÖHEHQ ZLUGLHŰHOEHQQDFKWbYQGZDUGYQVJHŰDJHWJOHXEOÖFKHQGD]PR\ŰHVYII GLŰŰHUHEHQHKţWWHUGHUŰFKDIIŰ\QHVŰFKZHKHUV-HWURbYQGZLUŰDKHQDXFK H\QKţOH\QH\PYHOŰHQGDU\QGHUKHLOÖJPR\ŰHVŰD‰YQGHWWZDQŰOLHIIb ZDQHUY‰GHUŰHOEHQKţOHQPRFKWGLHJDQW]HEHQHYQGŰ\QHŰFKDIIYEHU  ŰHKHQbY?LŰWZRO]ţJODXEHQGDVGD]KX‰GH‰ŰHOEHQMHWURH\QVSULHŰWHUV GLŰŰHVODQGVPDGLDQbYQGGHUWHPSHOŰ\QHVDEWJRWVQLWYHUUYRQGLŰHP YHOGŰ\JHŰWDQGHQbGDŰHOEHWŰFKOţJHQZLUDEHUYQŰHU]HOWHQYIIJHJHQGē ZHJGHUGRIţUHW\QGDVKRFKJHELUJGXUFKH\QWDOObGXUFKZHOFKHQZHJ PR\ŰHVŰ\QKHUGWIţUHW\QGLH\QQHUOÖNH\WGHUZţŰWHQ\JHJHQGHPEHUJ 6\QDLb  $Pb[[LMbWDJPXŰWHQZLUGHQŰHOEHQZHJ\W]EHŰWşPHWULWWHQGXUFK HLQWDOOJDUPLWZXQGHUOÖFKHQYHOŰHQEHŰORŰŰHQbYQGDOŰRNDPHQZLU\Q H\QŰDQGLJHHEHQHYROOURGWŰDQGWVbDOVDXFKGLHEHUJDQGHQHQHQGēURGW ŰFK\QHQbYQGZDVGLHŰHOEHEHQHZ\WWYQQGODQJEHUţUHQGHGLHZţUW]HO GH‰KHLOÖJHQEHUJV6\QDLbYQGLŰWJOHXEOÖFKGD]GLHN\QGHUYRQ-ŰUDKHO \QGHPWDOORGHUYIIGÖŰŰHUHEHQHKDEHQJHZRQHW\QRUGHQXQJYQGJH  ŰFKLFNGHU]ZROIIJHŰFKOHFKW\QWDEHUQDFNHOQRGHUYQGHUJH]HOWHQb]ţGHU ]\WWbEHŰXQGHUGÖHZÖOPR\ŰHVPLWJRWWYIIGHPEHUJUHGWHbYQGYLHUW]\J WDJ\?QDFKWGDUYIIZDVb:LUŰDKHQDXFKHLQKRKHQYHOŰHQGDUYIIPR\ ŰHVDOVYIIH\PSUHGLJŰWţOOGDVJHŰDW]YQGGLHJHERWWGHQN\QGHUQYRQ ,ŰUDKHOIţUKLOWHYQQG\QHQSUHGLJWHb$OVZLU\QGHPWDOOIXUYQGIXU ULWWHQNDPHQYLO$UDEHV]ţYQVYQQGZROWHQDXFK]ţŰDQW.DWKHULQ PLWYQVYQGZDUHQJQRQJŰWLOOYQGYQVQLWZLGHULJb       



U 



DQHLQHP%HUJZHLGHWH'DVVDKVHKUVHOWVDPDXVGHQQZLUKDWWHQLQGLHVHU :VWHODQJHNHLQHLQKHLPLVFKHV9LHKXQGNHLQHQ0HQVFKHQJHVHKHQ$OV HV$EHQGZXUGHEOLHEHQZLUDQHLQHU6WHOOHGLH6FKROLHKHL‰W ,WHPLVWDXFKQRFK]XHUJlQ]HQGDVVXQVEHLDOOGHU0KHDXIGHUKDUWHQ 5HLVHHLQHHLQ]LJH(UJ|W]XQJ]XWHLOZXUGHGLHXQV]ZHLIHOORVDXIGLH)U VSUDFKHGHUKO-XQJIUDXXQG0DUW\ULQ.DWKDULQDJHVSHQGHWZXUGH:LUVD KHQ QlPOLFK PLWWHQ DP 7DJ HLQHQ 6WHUQ DP +LPPHO DXIJHKHQ GHU YLHO KHOOHU OHXFKWHWH DOV LQ DOOHQ DQGHUHQ 1lFKWHQ XP 0LWWHUQDFKW (U KHL‰W 6DQNW.DWKDULQHQ6WHUQXQGVWDQGEHUGHP%HUJ6LQDLXQGZLHVXQVGHQ :HJ8QGMHGHV0DOZHQQZLUGHP6WHUQQLFKWIROJWHQYHUOlQJHUWHQZLU PLW6LFKHUKHLWXQVHUHQ:HJXQGPDFKWHQHLQHQJUR‰HQ6FKOHQNHU  $P7DJGHVVFKRQHUZlKQWHQ0RQDWV6HSWHPEHUJHODQJWHQZLUJH JHQ0LWWDJLQHLQ7DOXQG GDVDKHQZLUGHQKHLOLJHQ%HUJ6LQDLGHUDOOH %HUJH EHUUDJWH DXI GHU K|FKVWHQ +|KH GHV *HELUJV]XJHV VLFK HUKHEHQ :LU IUHXWHQ XQV GHVKDOE VHKU DXFKZHQQ HU QRFK ZHLW HQWIHUQWZDU XQG ZLULKQQRFKQLFKWJDQ]VHKHQNRQQWHQ$QGLHVHP$EHQGNDPHQZLU]X HLQHU JUR‰HQ(EHQH GLH DXI $UDELVFK$EDOKDURFNKHL‰W 'RUWEOLHEHQ LQ GHU IROJHQGHQ 1DFKW (V ZXUGH XQV JODXEKDIW YHUVLFKHUW KLHU DXI GLHVHU (EHQHKDEH0RVHGLH6FKDIHVHLQHV6FKZDJHUV-HWURJHKWHW8QGZLUVD KHQ LQ HLQHP )HOVHQ DXFK HLQH +|KOH LQ GHU GHU KO 0RVH JHVHVVHQ XQG PDQFKPDO JHVFKODIHQ KDWWH 'HQQ LQ GLHVHU +|KOH NRQQWH HU GLH JDQ]H (EHQHXQGVHLQH6FKDIHEHUEOLFNHQ0DQNDQQHVJXWXQGJHUQHJODXEHQ GDVVGDV+DXVGHV-HWURHLQHV3ULHVWHUVGHV/DQGHV0LGLDQXQGGHU7HP SHOVHLQHV*|W]HQQLFKWZHLWYRQGLHVHU6WHOOHHQWIHUQWJHVWDQGHQKDW+LHU DOVRDQGHP:HJGHUGXUFKGDV7DOLQGDV+RFKJHELUJHIKUWVFKOXJHQ ZLUXQVHUH=HOWHDXI²DQGHP:HJDXIGHP0RVHVHLQH+HUGHLQGDV,Q QHUHGHU:VWHIKUWHGLH]XP%HUJ6LQDLKLQOLHJW  $P7DJPXVVWHQZLUDXIGLHVHP:HJGXUFKHLQ7DOUHLWHQGDVYRQJDU ZXQGHUOLFKHQ)HOVHQHLQJHIDVVWLVW6RNDPHQZLU]XHLQHUVDQGLJHQ(EHQH 'HU 6DQG ZDU VR URW ZLH GLH %HUJH GHUHQ 6LOKRXHWWH URW ]X VHLQ VFKLHQ :HLWZHLWHUVWUHFNWHVLFKGLHVH(EHQHGLHGHQ)X‰GHVKHLOLJHQ%HUJHV6L QDLEHUKUWH8QGPDQNDQQVLFKJXWYRUVWHOOHQGDVVGLH.LQGHU,VUDHOVLQ GLHVHU(EHQHLQGHU2UGQXQJGHU]Z|OI*HVFKOHFKWHULQ=HOWHQJHZRKQW KDEHQZlKUHQG0RVHPLW*RWWDXIGHP%HUJUHGHWHXQGYLHU]LJ7DJHXQG 1lFKWHGRUWREHQYHUEUDFKWH:LUHUEOLFNWHQDXFKHLQHQKRKHQ)HOVHQDXI GHP0RVHZLHDXIHLQHP3UHGLJWVWXKOGHQ.LQGHUQ,VUDHOVGDV*HVHW]DO VRGLH*HERWHEHUEUDFKWHXQGLKQHQSUHGLJWH$OVZLULQGHP7DOVRYRU XQVKLQULWWHQVWLH‰HQYLHOH$UDEHU]XXQVGLHPLWXQVDXFK]XUKO.DWKD ULQDZROOWHQXQGVLHZDUHQJDQ]VWLOOXQGEHGUlQJWHQXQVQLFKW          



Y 

$OŰRNDPHQZLUY‰GHPZ\WHQWDOO\QH\QHQJH‰YQGW\HIIHVYQGŰHHU ŰWH\QLJRGHUUXZWDObYQGZDVY‰GHUPDŰŰHQŰHHUEŰHUZHJbGRFKKHWWHQ ZÖUYRUYQŰHUQDXJHQGDVFORŰWHUŰDQFWH.DWKHULQHYQGHQDQGHPEHUJ 6\QDÖOÖJHQGHbGD]YQVJDUH\QJURŰŰHIUHGJDEbZDQZLU\QYLOWD  JHQNH\QKX‰RGHUKHUEHUJKHWWHQJHŰHKHQYQGGDVOHW]ŰWHQGYQŰHUHUSLO JHUŰFKDIIWY?ODQJHUUH\‰HODJHYQVYRUYQŰHUPDQJHŰÖFKWb$OŰRNDPHQ ZLU\QGDVŰHOEFORŰWHUYQGZXUGHQIUXQWOÖFKHQYRQGHQPRQFKHQHQW  SIDQJHQbYQGŰREDOGYQVHWWOÖFKFHOOHQRGHUNĆPHUHQZXUGHQ]ţJHH\  JHQHWbWUXJHQZLUDOOYQŰHUJHUHWKGDU\Q\OHQGHPH‰]ţKRUHQ\QGHUFD  SHOGHUODWLQLŰFKHQbZDQH‰QRFKQLWWPLWWDJZDVb'HQŰHOEHQYQGDXFK GHQQDFKJHQGHQWDJUţJWHQZLU\QGHPFORŰWHUbZDQZLUŰHHUPţGYQG HWWOÖFKGDU]ţYQGHUYQVNUDQFNZDUHQb $Pb[[LLLMbWDJGH‰RIIWJHPHOWHQPRQHGWVŰHSWHPEULVJLHQJHQZLU YRUWDJY‰GHPFORŰWHUYQGQDPHQ]ţYQVQDUXQJRGHUSURXDQGYRQ HŰŰHQYQQGWULQFNHQIXU]ZHQJDQW]HUWDJYQQGYQGHUŰWXQGHQGHQEHUJ 2UHEYIIŰW\JHQbYQGNDPHQ\PHUŰWHQYIIŰW\JHQ]ţH\PEUXQQHQGHU ZXQGHUEDUOÖFKGRŰHOEHWDQIHQJOÖFKLŰWHQWŰSUşJHQDOVLFK\W]GDYŇZLOO ŰDJHQbYQGKHWWHQJDUH\QUXZHŰWH\JYROOŰWH\QYQGYHOŰHQHHGDQZÖU NDPHQ]ţH\QHUFDSHOOHQ]ţYQŰHUOÖHEHQIUDXZHQJHKHLŰŰHQbY‰ŰROOÖFKHU YUŰDFKHWWZDQGRHUEXZHWbZDQYRU]\WHQŰRYLOŰODQJHQbQDWWHUQYQQG NURWWHQbYQGDQGHUJ\IIWLJWK\HUKHWWHQDOŰRYEHUKDQGWJHQRPPHQ]ţ U\QJYPEGDVFORŰWHUGD]GÖHPRQFKZROWHQGD]FORŰWHUJDQW]YHUODŰŰHQ YQGK\QZHJ]\HKHQbGRFKWKHWHQŰÖHYRUK\QH\QSURFHŰŰÖRQYIIGHQKH\  OÖJHQEHUJ2UHEYQG6\QDLbYQQGZROWHQGLHKHLOÖJHQŰWHWWYRUKH\P ŰţFKHQYQGGHQHQJHQDGHQbYQGGDQPLW\UHPJHUHWKYRQGDQQHQ]\H KHQb$OVŰÖHG։KHWWHQYROOHQGHWY?DQZ\GHUNHUGDK\QNDPHQbGD\W] GLŰHFDSHOŰWHHWHUEXZHWbQēPHQZDUHUŰFKH\QH\QHQGLHZ\UGLJPţWHU JRWWV0DUÖDbYQQGJHERW\QHQbGD]ŰÖHYRQGHUKHLOÖJHQŰWDWWQLWWŰRO  WHQZ\FKHQbY?YHUKLH‰\QHQGD]ŰÖHIXUK\QGHUZţUPKDOEŰROWHQŰÖFKHU Ű\QbGHQ 5HLVHEHVFKUHLEXQJHQ@ QDFKIROJHQ ODVVHQ 'HQQ DXV DOOHP ZDV LFK VFKRQJHVFKULHEHQKDEHVROOIROJHQGDVV+HU]XQG*HPWGHUIURPPHQ FKULVWJOlXELJHQ 0HQVFKHQ MHGHQ 7DJ PHKU JHJHQ GLH VFKZHUZLHJHQGHQ VFKlGOLFKHQXQGEOXWLJHQ)HLQGHGHVFKULVWOLFKHQ1DPHQVXQG*ODXEHQV JHJHQ GLH 7UNHQ XQG 6DUUD]HQHQ HUZHFNW JHVWlUNW XQG HQW]QGHW ZHU GHQXPGLHMHQLJHQHEHQVR]XEHWUEHQZLHVLHRIWJHQXJXQVEHWUEWKD EHQRGHULKQHQZHQLJVWHQVJU|‰HUHQ:LGHUVWDQG]XOHLVWHQDOVELVKHUJH VFKHKHQ RGHU EHREDFKWHW ZRUGHQ LVW 'HQQ VLH KDEHQ GHQ 3ODQ XQVHUHQ /lQGHUQ.XPPHU]X]XIJHQVLH]XYHUZVWHQXQGGLH%HY|ONHUXQJDXV ]XURWWHQZDVVLHLQGHQOHW]WHQ-DKUHQDXFKJHWDQKDEHQ²]XPHPSILQGOL FKHQ6FKDGHQXQGQLFKWJHULQJHU6FKDQGHGHVFKULVWOLFKHQ:RKOHUJHKHQV (LQHU0HLQXQJVELOGXQJVROOGDV>YRQPLU*HVFKULHEHQH@QLFKWXQHUKHEOLFK GLHQHQGDMDGLH(GOHQGXUFKHLJHQHV/HVHQXQGGXUFKGDV/DXVFKHQYRQ 9RUJHOHVHQHPDOOGLHPDQQLJIDOWLJHQ%HVFKZHUQLVVHLP*HGlFKWQLVKDEHQ ² LQ HUVWHU /LQLH GLH ]XOHW]W ]XJHIJWHQ 6FKlGHQ XQG hEHOWDWHQ GHU YHU IOXFKWHQ7UNHQGLHGLHVHGHU&KULVWHQKHLWLQNXU]HU=HLW]XJHIJWKDEHQ 8QGREZRKOHVYLHOHhEHOVLQGGLHDXFKQLFKWNXU]EHVFKULHEHQ ZHUGHQ N|QQHQN|QQHQVLHGRFKQLHPDQGHPGHUQLFKWPHKUJDQ]MXQJLVWYHU ERUJHQJHEOLHEHQVHLQ8QGDX‰HUGHPP|FKWHLFKGDPLWVROFKHV>*HVFKH KHQ@LQGDV,QQHUHHLQHVFKULVWOLFKHQ+HU]HQVJHSUlJWZLUGHLQZHQLJYRQ GHQYLHOHQhEHOQEHVRQGHUVGHQHQGHUOHW]WHQ-DKUHKLHUKHUVHW]HQ²GDV %HGHXWXQJVYROOVWH XQG %HDFKWOLFKVWH GDV JHPl‰ GHU RELJHQ 'DUVWHOOXQJ JHVFKHKHQ LVW ]XHUVW ZLH .RQVWDQWLQRSHO GDQDFK ZLH 1LJURSRQW YRP 7UNHQHUREHUWZRUGHQLVW'DQQZLHVLHHVQLFKWYHUPRFKWHQ5KRGRV]X JHZLQQHQ XQG ]XOHW]W ZLHVLH GLH 6WDGW &KULVWL@YRQGHU(UGH]XWLOJHQ(UGHQNWMDDXFKHUEHIOHFNHVLFK XQGZHUGHXQUHLQVREDOGHUHLQHQ&KULVWHQQXUDQVHKH6RIRUWEHJLQQWHU GDUDXIKLQVLFK]XZDVFKHQGHQQHUKlOWXQVIUXQUHLQH+XQGHMDIUJH QDXGLHVHVJUDXHQHUUHJHQGHHQWVHW]OLFKH7LHUKlOWHUXQV1XQKDWGDVJH UHFKWH 8UWHLO *RWWHV DOV .RQVHTXHQ] PDQQLJIDOWLJHU 0LVVHWDWHQ GLH GLH &KULVWHQ EHJDQJHQ KDEHQ HLQH *HL‰HO EHU GLHVH YHUKlQJW 'DV QHXH 5RPGLH.DLVHUVWDGWZLH.RQVWDQWLQRSHOIUKHUKLH‰LVWYRQGHQ6DUUD ]HQHQEHODJHUWEHGUlQJWDQJHJULIIHQDOOHQ5HLFKWXPVEHUDXEWXQGVRJDU IDVW GHP (UGERGHQ JOHLFK JHPDFKW ZRUGHQ $FK XP HLQ :RUW GHV 3URSKHWHQ ]X JHEUDXFKHQ  ZHU JLEW PHLQHP +DXSW :DVVHU XQG HLQHQ 7UlQHQEUXQQHQ PHLQHQ $XJHQ GDPLW LFK 7DJ XQG 1DFKW GLH 7RWHQ EH ZHLQHQNDQQZLHHVGHUXQDXVVSUHFKOLFKHQ3HLQGLHVHV9RONHVJH]LHPW-H GHUGHUYRQGHQJUDXVDPHQ7DWHQJHK|UWKDWZLUGGDYRQELVLQV+HU]JH WURIIHQRKQPlFKWLJYHUVWXPPWHU'RFKZLOOLFKQLFKWDOOHEUXWDOHQ'LQ JHGLHGDPDOVJHVFKHKHQVLQGKLHULQGLHVHU%HVFKUHLEXQJ]XP$XVGUXFN EULQJHQ GHQQ JWLJH 2KUHQ VROOHQ QLFKW JHQ|WLJW ZHUGHQ ZHJ]XK|UHQ (WZDVZLOOLFKLPPHUKLQHU]lKOHQYRQGDPDOVGHQQGHU/HVHUVROODXIGHQ 6WDQG GHU 'LQJH JHEUDFKW ZHUGHQ 'HU YHUIOXFKWH 7UNH VWURW]HQG YRU *RWWHVOlVWHUXQJHQ 1DFKGHP HU .RQVWDQWLQRSHO HLQJHQRPPHQ XQG GHQ .DLVHU GLH NDLVHUOLFKH )DPLOLH XQG GLH 5LWWHUVFKDIW PLW GHP JHVDPWHQ $GHOGXUFK(QWKDXSWXQJKLQJHULFKWHWKDWOLH‰HU+HHUVFKDUHQYRQ0HQ VFKHQPLWHLVHUQHQ)HVVHOQDQ+lQGHQXQG)‰HQELQGHQXQGPLW6WULN NHQXPGHQ+DOVDXVGHU6WDGWKLQDXVIKUHQ%UJHUXQG)UHPGH$GOLJH XQG *HPHLQH 0|QFKH XQG 1RQQHQ )UDXHQ XQG 0lQQHU 7XJHQGKDIWH XQG0HQVFKHQDXVDOWHQ)DPLOLHQDOOH]XYRULQ(KUHQJHKDOWHQXQGQXQ JHGHPWLJW XQG DXV GHU 6WDGW KLQDXVJHVWR‰HQ 6LH DOOH ZXUGHQ YHUNDXIW RGHUJHW|WHWXQGDEJHVFKODFKWHWZLHGLH+KQHU'DZXUGHQ.LQGHUYRQ LKUHQ (OWHUQ JHWUHQQW %UGHU YRQ LKUHQ 6FKZHVWHUQ )UDXHQ YRQ LKUHQ 0lQQHUQZHJJHULVVHQXQGDOV6NODYHQLQGLH)UHPGHYHUVFKOHSSWXQGGRUW YHUNDXIW 2-DPPHU:HOFK ELWWHUH 7UlQHQZXUGHQ GD YHUJRVVHQ ZHOFK KHU]HUZHLFKHQGH 6HXI]HU DXVJHVWR‰HQ +HXOHQ XQG =lKQHNODSSHUQ HQW UDQJVLFKGHQOHLGHQGHQ0QGHUQ:DVIUHLQ8QJOFNZDVIUHLQ-DP PHUDOV)UVWHQ)UHLHDQGHUH(GOHXQG%UJHUJHW|WHWRGHUYHUNDXIWZXU GHQ:RHVDQJHQHKPHUZDUHLQHQXQHKUHQKDIWHQ+HQNHUVWRG]XVWHUEHQ DOVGHQYHUGDPPWHQ6DUUD]HQHQGHQYHUIOXFKWHQ+XQGHQYHUNDXIWXQGLQ .QHFKWVJHVWDOWLKU(LJHQWXP]XZHUGHQ9RQGHQ.LQGHUQGLHMQJHUDOV ]HKQ -DKUH DOW ZDUHQ HU]ZDQJHQ VLH ]X LKUHP *ODXEHQ EHU]XWUHWHQ ² QHLQQLFKW]XLKUHP*ODXEHQ]XLKUHU6HNWHLKUHUYHUPDOHGLHWHQ2ZLH ZXUGHGDVHLQVWLJH*ROGGHUJULHFKLVFKHQ:HLVKHLWYHUGXQNHOWZLHZXUGH HVLQGLH)LQVWHUQLVGHU8QZLVVHQKHLWGHUGUHLVWGXPPHQ6DUUD]HQHQXP JHZDQGHOW :LH ZXUGHQ GDV *ROG GHV .DLVHUWXPV XQG ZLH GLH ZUGLJH *U|‰H GLH ]XYRU LQ .RQVWDQWLQRSHO KHUUVFKWHQ ]X VR GHPWLJHQGHU 'LHQVWEDUNHLWHUQLHGULJW:LHLVWGLHOHXFKWHQGH       



Y 

IDUZHGHUNULHFKHŰFKHQUHGEDUNH\WŰR\QQWXUFN\ŰFKHEDUEDU\JHZDQGHOW ZRUGHQbGLHŰWH\QGH‰KHÖOÖJHQWHPSHOVbGDVÖŰWbGÖHGÖH\PJODXEHQQRFK YHŰWZDUHQŰ\QYHUŰWUHXZHWZRUGHQb\QGHQDQIHQJHQGHUŰWUDŰŰHQ\W]O\ JHQGHYHUZRUIIHQb$EHUGDPLWZÖUDOOHŰROOÖFKHYQGYLODQGHUHGÖQJ JHŰZ\JHQbZDQŰÖHPHQŰFKOÖFKŰ\QbZHUPDJGLHŰPDFKH\WHQYQGOHŰWH  UşJYQGŰSRWWFULŰWRMKHŰXYQŰHUPKHUHQGD]ţPDOEHZL‰HQYQG]ţJH  IţJHWbYPPHUPHHO\GHQbRGHUKUHQb:HOFKHDXFKQ\HPDQPRFKWHEH  ŰFKUÖEHQb-FKZHUGHGDQEHWURJēŰRLŰWJRWWQ\HŰRJUR‰OÖFKHWWHUHWZRUGē YRUK\Qb2JRWWGÖHYRONHUGHUKHOOHQYHUEXQGHQbŰ\QNŇPHQ\QG\QHUEH GDVÖŰWbGLHFULŰWHQKH\WbYQGKDEHQEHIOHFNHWYQGYHUZţŰWHWG\QKHÖOÖJHQ WHPSHObGD]LŰWGÖHŰFKXZROJH]\HUHWYQQGJURŰŰHN\UFKŰDQFWH6RSKÖH PLWŰDPSWDOOHQDQGHUQN\UFKHQFOŰWHUQYQGFOXŰHQ\QGHUZ\WHQPHFK WLJHQŰWDWWbNRŰWOÖFKHQHUEXZHWYQGŰRZROJH]\HUHWb'DU\QQHKDEHQGLH YQIOHWLJHQKşGHGLHELOGHQYQŰHUVKHUUHQFUÖŰWLMKHŰXbŰ\QHUZHUGHQPţ  WHUPDULHYQGDOOHUOÖHEHQKHÖOÖJHQb$XFKGH‰HGHOHQFUXW]VFUÖŰWÖbYHUŰSX KHWb]HUEURFKHQbYHUWUHWWHQbYHUEUHQQHWbGH‰JOÖFKHQDOOHEXFKHU\QGHQNÖU FKHQbPH‰EXFKHUbHXDQJHODUÖDbHSLŰWRODUÖDbJUDGXDOLDYQGDQWLSKRQD  UÖDDOO]HUULŰŰHQYQGYHUQ\FKWHWbGDU]ţDOOSULHŰWHUOÖFKJHZDQGWYQQG NRŰSHUOÖFKHNOH\QKH\WHQYQGJHŰFKLUUDOVNHOFKYQQGDQGHUVJH]\UGYRQ JROWYQGŰÖOEHUYQGHGHOHPJHŰWH\QbJHUDXEHWYQGYHUEXWHWbYQG]ţYQ ]\POÖFKHPJHEUXFKYHUZHQGHWb$OOHVKRFKZLUGÖJVKH\OWXPGH‰YLOGDU \QZDVbYHUŰFKXWWHWbYHUJRŰŰHQY?YHUWUHWWHQbGLHDOWDUYPEJHZRUIIHQb GHQYHUIOXFKWHQ0DFKRPHWDQJHUţIIWHWbZHOFKHPŰÖHDXFKGHQŰ\J]ţ ŰFKU\EHQb\PGDUYPEOREY?GDQFNŰDJHQGHb-FKYHUP\GKÖHYRUŰFKDQG ]ţŰDJHQGD]ŰÖHŰH\FKWHQbŰFK\ŰŰHQbYQQGDOVŰROOÖFKŰFKHQGWOÖFKGLQJY‰ YEWHQYQGWKHWHQ\QGHQNÖUFKHQYIIGLHEÖOGHQYQGKH\OWXPPHQHWFb 6ÖHJDEHQGÖHJHZ\FKWHQGLQJGHQKXQGHQbYQQGÖHPDUJDUÖWHQGHU KRFKZLUGLJHQŰDFUDPHQWHQZXUIIHQŰÖHIXUGLHŰFKZ\QŰÖHYHUŰFKXWWHQGH YIIGLHHUGb6ÖH]RJHQ\UHSIIHUGYQQGUR‰\QQGLHOREŰDPN\UFKŰDQFWH 6RSKLHYQGDQGHUKHLOÖJNÖUFKHQbPDUŰWHOOGDUY‰PDFKHQGHbYQQGŰ\H JDQW]PLWŰROOÖFKHPŰFKHQGOÖFKHPP\‰EUXFKYHUZţŰWHQGbGLHDOWDUŰRŰLH QLWWDOVEDOGPRFKWHQ]HUŰWRUHQIXUNUXSIIHQEUXFKHQGHb-FKJHŰZ\J DXFKGD]ŰÖHGD]IOHLŰFKGHUKHÖOÖJHQSHUŰRQHQPRQFKYQGQşQHQYQGDQ  GHUJHZÖFKWHQbŰRŰÖH\QQGHQNÖUFKHQYQQGFORŰWHUQHUWRGWHQDOVREŰ\H Y\KHZHUHQYHUŰWUHXWHQY?GHQKXQGHQGDUZRUIIHQbZDQQ\HPDQZDV GHUGLHEHJUţEHb6RÖFKŰROOÖFKVYQGHUGHPŰFKUÖEHQEHGHQFNHbŰRHUE\GH  PHLFKJDQW]\QPLUŰHOEVbDOŰRGD]LFKGÖHYHGHUQNXPNDQQIţUHQbYQQG JODXEJHQW]OÖFKGD]NH\QUHGHU\HŰRNOţJYQGZ\‰RGHUŰFKQHOOYQGEH  KHQGHŰ\JHZHŰHQGHUDOOŰROOÖFKYEHObŰSRWWYQGODŰWHUbJRWWbGHQKHLOÖJHQ         



Y 



)DUEHGHUJULHFKLVFKHQ5KHWRULN]XWUNLVFKHP*HVWDPPHOYHUEODVVW'LH 6WHLQHGHVKHLOLJHQ7HPSHOVGLHMHQLJHQGLHQRFKLP*ODXEHQIHVWZDUHQ VLQG]HUVWUHXWXQGYHUZRUIHQZRUGHQXQGOLHJHQMHW]WLQGHQ$QIlQJHQGHU 6WUD‰HQ$EHUVFKZHLJHQZLUOLHEHUEHUGLHVHXQGlKQOLFKH'LQJHGHQQ VLHEHWUHIIHQMDQXU0HQVFKHQ:HUDEHUYHUPDJGLH6FKPDFKGLH/lVWH UXQJ XQG GHQ 6SRWW GLH &KULVWR -HVX XQVHUHP +HUUQ ]XJHIJW ZXUGHQ QDFKHPSILQGHQRGHUK|UHQ"1LHPDQGNDQQGHQ:XQVFKYHUVSUHQVLH]X EHVFKUHLEHQ'RFKZHQQLFKQLFKWEHORJHQZXUGHVRNDQQLFKQXUVDJHQ 1LHPDOV ]XYRU LVW *RWW VR VFKlQGOLFK HQWHKUW ZRUGHQ ZLH EHL GHU (U REHUXQJ .RQVWDQWLQRSHOV *QlGLJHU *RWW 'LH 9|ONHU GHU +|OOH KDEHQ PLW HLQHP 6WUHLFK DXI GHLQ(UEH GLH&KULVWHQKHLW HLQJHVFKODJHQ 6LH KD EHQ GHLQHQ KHLOLJHQ 7HPSHO EHIOHFNW XQGYHUZXQGHW GLH KHUUOLFKH ZXQ GHUVFK|QJHVFKPFNWHJHZDOWLJH.LUFKH+DJLD6RSKLDGD]XDOOHDQGHUHQ .LUFKHQ.O|VWHUXQG.ODXVHQLQGHUZHLWOlXILJHQPlFKWLJHQ6WDGWHLQHU DUFKLWHNWRQLVFKHQ 3HUOH :DV KDEHQ GLH XQIOlWLJHQ +XQGH PLW GHLQHP 7HPSHOJHWDQ"'LH%LOGHUYRQXQVHUHP+HUUQ&KULVWXV-HVXVYRQVHLQHU YHUHKUWHQ0XWWHU0DULDYRQGHQJHOLHEWHQ+HLOLJHQMDDXFKGDVNRVWEDUH .UHX] &KULVWL ² >GDV DOOHV KDEHQ VLH@ DQJHVSXFNW ]HUEURFKHQ PLW )‰HQ JHWUHWHQ XQG YHUEUDQQW =HUULVVHQ XQG YHUQLFKWHW KDEHQ VLH DOOH OLWXUJL VFKHQ%FKHUGLH0HVVXQG(YDQJHOLHQEFKHUGLH(SLVWRODULHQ*UDGXD OHV XQG $QWLSKRQDULHQ (EHQVR KDEHQ VLH DOOH 3ULHVWHUJHZlQGHU .HOFKH XQGDQGHUHVNRVWEDUHVDXV*ROGXQG6LOEHUXQG(GHOVWHLQHQJHIHUWLJWHVOL WXUJLVFKHV*HUlWJHUDXEWYHUERJHQXQG]XXQ]LHPOLFKHP*HEUDXFKYHU ZHQGHW $OO GLH YLHOHQ KRFKZUGLJHQ +HLOWPHU GLH GDULQ >DXIEHZDKUW@ ZDUHQKDEHQVLHDXVJHVFKWWHWDXVJHJRVVHQXQG]HUWUHWHQ'LH$OWlUHXP JHZRUIHQ'HQYHUIOXFKWHQ0RKDPPHGDQJHUXIHQZHOFKHPVLHLKUHQ6LHJ ]XVFKULHEHQ LKP /RE XQG 'DQN GDIU JHVDJW $XV 6FKDP XQG 6FKDQGH P|FKWHLFKKLHUDXFKYHUVFKZHLJHQGDVVVLHLQGHQ.LUFKHQXULQLHUWHQXQG GHIl]LHUWHQ GHVJOHLFKHQ DXI %LOGHU XQG +HLOWPHU HWF 6LH JDEHQ GLH JH ZHLKWHQ'LQJHGHQ+XQGHQXQGZDUIHQGLH0DUJDULWHQGHUKRFKZUGLJHQ 6DNUDPHQWHGHQ6FKZHLQHQYRUXQGVFKWWHWHQHVDXIGLH(UGH6LHWULH EHQ LKUH 3IHUGH XQG 5|VVHU LQ GLH KRFKYHUHKUWH .LUFKH GHU +O 6RSKLH XQGLQDQGHUHKHLOLJH.LUFKHQXQGVLHPDFKWHQ3IHUGHVWlOOHGDUDXV'XUFK VFKlGOLFKHQ 0L‰EUDXFK YHUZVWHWHQ VLH GLH $OWlUH VR VLH VLH QLFKW JDQ] ]HUVW|UWHQ LQGHP VLH 3IHUGHNULSSHQ GDUDXV PDFKWHQ ,FK VFKZHLJH PLFK OLHEHUDXFKGDUEHUDXVGDVVVLHGLH.|USHUYRQKHLOLJHQ0HQVFKHQYRQ 0|QFKHQXQG1RQQHQXQGDQGHUHQJHZHLKWHQ0HQVFKHQGLHVLHLQGHQ .LUFKHQXQG.O|VWHUQHUPRUGHWKDWWHQVRDOVZlUHHV9LHKGHQ+XQGHQ YRUJHZRUIHQ KDEHQ ² GHQQ HV JDE QLHPDQG GHU GLHVH 7RWHQ EHJUDEHQ KlWWH:HQQLFKGDVDOOHVZlKUHQGLFKHVDXIVFKUHLEHDQPHLQHPLQQHUHQ $XJHYRUEHU]LHKHQODVVHVRHUEHEHLFKXQGNDQQNDXPGLH)HGHUIKUHQ 8QG LFK ELQ GDYRQ EHU]HXJW GDVV NHLQ :RUWJHZDOWLJHU ² PDJ HU VLFK QRFK VRVHKU EHPKHQPDJ HU QRFK VRNOXJZHLVH XQG JHZDQGWVHLQ ² ]XP$XVGUXFNEULQJHQNDQQZHOFKHhEHOZHOFKHU6SRWWXQGZHOFKH/l VWHUXQJ*RWWGHQ      



U 

GHQFULŰWHQPHQŰFKHQbYQGGHPFULŰWHQOÖFKHQJODXEHQGD]ţPDOO]ţJH  IţJHWPRFKWHYRONŇPēOÖFKHQMRFKDOOHQYO\‰JHEUXFKHWY‰WUXFNHQb1LW DOOH\QDOOKXŰHUbKIIbYQGŰDOORGHUSDOODŰW\QGHUŰWDWWbŰXQGHUDXFKDOO FORŰWHUbN\UFKHQYQGŰW\IIWHQGXUFKOÖHIIHQGLHWQUFNHQGLHEHUDXEHQGHbGDU ]ţGLH\QQZRQHUGDU\QQHH\QWZHGHUHUPRUGHQGHRGHUYHUNDXIIHQGH DOVGDVY\KHbGÖHŰS\WDO]HUŰWRUHQGHYQGGLHNUDQFNHQGDU\QHUZţUJHQ  GHHWFb$EHUZRUYPEYQGHUŰWDQGLFKŰROOÖFKV\QŰXQGHUKHLW]ţEHJUÖIIHQ RGHUHU]HOHQGD]LFKMRFK\QH\QHUJHPH\QQLWWZROPDJEHGHQFNHQbZLH ZROPDQYRQYLHOHQYQGJURŰŰHQŰWHWWHQ\QQGHQKLŰWRULHQY\QGHWJH  ŰFKULHEHQZLHŰÖHŰRHOOHQGLJOÖFKHQ]HUŰWUHWbYHUZţŰWHWYQQGHQGWOÖFKJH  ZşQHQŰ\QZRUGHQbPDJGRFKGHUŰHOEHQNH\QHGLŰŰHUHWWZDQGHUDOOHUŰH  OÖJŰWHQŰWDWW\W]DEHUGHUDOOHUYQŰHOLJŰWHQ\Q]ţYDOODOOHUYEHOYQGYQ  Y‰ŰSUHFKOÖFKHUMRPHUYQGTXDOOYHUJOÖFKHWZHUGHQb.H\QEXUJHUYHU  OÖHŰŰHQGLHYHUGDPSWHQWXUFNWHQ\QGHUŰWDWWYHUO\EHQHUZHUHNULHFKHŰFKb ODWÖQLŰFKbDUPHQLŰFKRGHUXGLŰFKbGDPLWŰÖHGÖHŰWDWWDOOHU\UHQEXUJHUHQ EORŰŰHWbGRGHUZţŰWPHFKWHQb$OOŰROOÖFKZHUFNYQQGWKDWWGHUWXUFNHQ KDEÖFKPLWP\QHQH\JHQDXJHQJHŰHKHQYQGPLWŰDPSWHWWOÖFKHQŰWDQW  KDIIWLJHQPHQQHUYLOYEHOŰHOEHUHUO\GWHQZLHZROPÖFKHQGWOLFKHQJRW YRQ\UHQKHQGHQHUOR‰HWDOVMRQDPYRQGHPO\EGH‰IÖŰFKHVGHU\QKHWW YHUŰOXQGHQb  $OVGLHWXUFNHQGLHŰWDWW&RQŰWDQWLQRSROKHWWHQJHZşQHQYQGDOŰR ZLHREJHŰDJHWÖŰWJHEOXQGHUWYQGYHUZţŰWHWb]RJHQŰÖHIXUGLHŰWDWW3H  UDQLWWYHUUGDYRQOÖJHQGHbGDU\QLFKZDVJHIORJHQbYQQGDEŰFKRŰŰHQ EDOGGLHWXUQY?PXHUQbGÖHŰHOEHQGHUHUGHQYHUJOÖFKHQGHbYQQGYLHOHQ GDU\QPÖWJHZDOGWbŰÖHDXFKJHZ\QQHQGHY?HEHQZLH&RQŰWDQWLQRSHO YHUZţŰWHQGHbIHP@KHL‰WÄHOIHQEHLQHUQ·  Å*UR‰HU*RWWZLUOREHQGLFK´ $PEURVLDQLVFKHU/REJHVDQJ   Å*HJU‰HWVHLVWGX0DULD´  3KLOLSS,,,GHU*XWH+HU]RJY%XUJXQGVHLW6RKQ Y-RKDQQRKQH/DQG 

$QPHUNXQJHQ







2SIHUJHEHW]XU(XFKDULVWLH/LWXUJ7HLOGHUKO0HVVHXQPLWWHOEDUYRU GHU:DQGOXQJ  'LH )RUPXOLHUXQJ ÅPLWWHQ LQ GLHVHU :HOW´ YHUZHLVW DXI GLH ,QNDUQD WLRQGLHVLFKLP+HLOLJHQ/DQGKLVWRULVFKHUHLJQHWKDW  'DVVGLH5DWVFKOlJHEHUKDXSW3ODW]LQGHU0HVVHXQGXQPLWWHOEDUYRU GHP2SIHUJHEHWIDQGHQKlQJWGDPLW]XVDPPHQGDVVGLH3LOJHUIDKUW SHUVHDOV2SIHUYHUVWDQGHQZXUGH  'HU-XOLZDUHLQ0LWWZRFK  6LOYHVWHU,KO3DSVWUHJ%DXGHU3HWHUVXQG/DWHUDQ EDVLOLND 'DVV HU DXI %HNHKUXQJ XQG 7DXIH .RQVWDQWLQV (LQIOXVV JH QRPPHQKDWLVWZRKO/HJHQGH  -RQDV  $SJ  $ENU]XQJYRQÄ4XDGUDJHQD·LHYLHU]LJ7DJH  'LH /HJHQGH PDFKW GHQ KO *HRUJ ]XP 0DUW\UHU GHV  -KGWV XQG ]XP 'UDFKHQNlPSIHU 6HLQ .XOW NDP LP 0$ YRU DOOHP GXUFK GLH .UHX]IDKUHUQDFK(XURSD  $SJ  /N  &OHRSKDVLVWHLQHUGHUEHLGHQ(PPDXV-QJHU /N X0DUW\UHU (U HUNDQQWH GHQ $XIHUVWDQGHQHQ DP %URWEUHFKHQ XQG ZXUGH ZHJHQ VHLQHV %HNHQQWQLVVHV ]X-HVXV&KULVWXVYRQGHQ-XGHQ HUPRUGHW 3D WURQGHV'HXWVFKKHUUHQ2UGHQV  0W0N/N-RK  5HFWH'HU-XOLZDUHLQ6DPVWDJ  -RVDSKDW Ä*UHJLV SRUWD·  6FKDIWRU  7RU XQZHLW GHV %LUNHW ,VUD·LQ 7HLFK GHU6WlPPH LQ-HUXVDOHPZDKUVFKLGHQWLVFKPLWG %DE6LWWL 0DUMDP-RUGDQLHQ  0N/N-RK  3RQWLXV3LODWXV6WDWWKDOWHUYRQ-XGlD(UYHUXUWHLOWH-HVXV]XP .UHX]HVWRGREZRKOHUQDFK$XVVDJHGHU(YDQJHOLHQYRQGHVVHQ8Q VFKXOGEHU]HXJWZDU  $SJ  $SJ HUVWHV%HJUlEQLV 'HU/HJHQGHQDFKZXUGH6WHSKDQXVYRQ 1LNRGHPXVXQG*DPDOLHOLQHLQQHXHV*UDELP*DPDOLHO$FNHUXP JHEHWWHW  $SJ  6DP  bWKLRSLHUPLWNRSWLVFKHP5LWXV=XLKUHU%HVFKUHLEXQJVIžUXQG II  :HJHQXQVHUHV]XNQIWLJHQ6HHOHQKHLOV

$QPHUNXQJHQ    9JOIžY  .DUOGHU.KQH+HU]RJY%XUJXQGVHLW6RKQ3KL OLSSVGHV*XWHQ'XUFKGLH+HLUDWVHLQHU7RFKWHU0DULDPLW0D[LPL OLDQ , ILHO GHU *UR‰WHLO GHU EXUJXQGLVFKHQ /lQGHU DQ GDV +O 5|P 5HLFK  0D[LPLOLDQ,YRQ+DEVEXUJ  +HLUDWPLW0DULDYRQ %XUJXQG0D[LPLOLDQZXUGHDPLQ)UDQNIXUWDP0DLQ]XP 5H[5RPDQRUXPJHZlKOWXQGDPLQ$DFKHQJHNU|QW  -RK  6L[WXV,93DSVWVHLW0LQRULW%DXGHU6L[WLQLVFKHQ .DSHOOH  =XU%HVFKUHLEXQJGLHVHU6HNWHVIžYXQGI  +HURGHV$JULSSD,MG7HWUDUFK(QNHO+HURGHVG*UY&KU Q&KUUHJ  -DNREZXUGHLP-DKUHKLQJHULFKWHW$SJ  0W  +HF HŰW GLŰSRŰLWLR HWILJXUDWHPSOÖ G@QLŰHSXOFKUL DEH[WUD >%LOGEHU VFKULIW@ $QWHWHPSOXŰHSXOFKULG@QLORFDWTēODSLVLŰWHŰX[bTXR[WƱFUXFHVYD QÖWDHFHFLGLWb>%LOGLQVFKULIW@  (LQ)X‰KDWFDFP  &DP  &DP  +HOHQDKOXPXP'XUFKLKUHQ6RKQ.RQVWDQWLQ]XU $XJXVWDHUKREHQ6HLW&KULVWLQ  Å0DULDHJLSFLDFD´‚LP-KGW'LUQHLQ$OH[DQGULHQ%HLHLQHU-HUXVD OHP:DOOIDKUWEHNHKUWOHEWHVLHYRQGDDQ-DKUHODQJDOV(LQVLHGOH ULQLQGHU:VWH3URWRW\SGHU%‰HULQ  'LH$QUXIXQJ*RWWHVXQGGHU+HLOLJHQLQGHU$OOHUKHLOLJHQOLWDQHLPLW GHU%LWWHXP(UEDUPHQ%HLVWDQGHWF  :HOFKHV GHU GUHL DXIJHIXQGHQHQ .UHX]H ZDU HFKW" 'LHVH )UDJH ZDU QXUGXUFKHLQZXQGHUWlWLJHV([SHULPHQW]XEHDQWZRUWHQEHLGHPGDV HFKWH.UHX]LGHQWLIL]LHUWZHUGHQNRQQWH  -RK  Å0HLVWHU´  :LH-RKVFKUHLEWZDUGDV8QWHUJHZDQGJDQ]GXUFKJHZHEWXQG RKQH1DKWDQLKPVROOWHVLFKGDV6FKULIWZRUWHUIOOHQÄ6LH«ZDUIHQ GDV/RVXPPHLQ*HZDQG·    &DP

$QPHUNXQJHQ





 0HOFKLVHGHFKZDU3ULHVWHUN|QLJXQG.|QLJYRQ6DOHP9JO3V

(UEUDFKWHYRUELOGOLFKH2SIHUGDUXQGLVWW\SRORJLVFKGHVKDOEDXIGHQ 0HVVLDV]XEH]LHKHQ  $EJHOYRQÄZDOWDQ· ZDOWHQKHUUVFKHQ%H]RJHQDXIGHQ3ULHVWHUN| QLJ0HOFKLVHGHFKGHULQGHU.LUFKHHLQH*UQGXQJVILJXUGDUVWHOOWXQG GHVKDOELQGHUKO0HVVH²EHLGHU%LWWHXP$QQDKPHGHV2SIHUV²DOV 9RUELOG GHU SULHVWHUOLFKHQ +DQGOXQJ ]LWLHUW ZLUG VLQG GLH LQ VHLQHU 6XN]HVVLRQVWHKHQGHQ$PWVZDOWHU*RWWHVGLHQHUN|QLJOLFKHQ*HEOWV  *RWWIULHG ,9 YRQ %RXLOORQ XP  +HU]RJ YRQ 1LHGHUORWK ULQJHQXQGHUVWHU.|QLJGHVODWFKULVWO.|QLJUHLFKVYRQ-HUXVDOHPDE   *XLGR *X\  YRQ /XVLJQDQ ‚  .|QLJ YRQ -HUXVDOHP  1DFKGHU6FKODFKWYRQ+DWWLQ*HIDQJHQQDKPHGXUFKGHQ$\\XELGHQ 6XOWDQ6DODGLQ6HLW+HUUGHV.|QLJUHLFKV=\SHUQ  $UQROGYRQ+DUIIEHULFKWHWYRQGHU:HLVXQJGHV9HURQLFD7XFKHVLQ GHU.DUZRFKH +DUII%UDOO7XFKHO5HLFKHUW6   /NII  /N  4XUHQDDEJHJEHL6KDKDWQ|(O%HLGD/LE\HQ *UDHVVH,   0W  /N  9JOIžY  -XOL  3KDULVlHU  /NII  $SJ  0WII0NII/NII-RKII  'DV 'RJPD YRQ GHU N|USHUOLFKHQ $XIQDKPH 0DULHQV LP +LPPHO ZXUGHHUVWGXUFK3DSVW3LXV;,,YHUNQGHWXQGZLUGVHLWKHUDP $XJXVWJHIHLHUW  /N  /N  0W0N  -RK  0W0N/NI  /N  /N  'KDQGHU6FKZHOOH]XU(ZLJNHLW  0W  $SJ 

$QPHUNXQJHQ    /N  'DV &UHGR ZXUGH  LQ 1L]lD E]Z  LQ .RQVWDQWLQRSHO IRUPXOLHUW  0W  6DP  6DP  $SJ  -RK  9JO+HEU  &DPDOP  0W  'DQ  &DPDOP  (XVHELXV YRQ &DHVDUHD FD  GHU Å9DWHU GHU .LUFKHQJH VFKLFKWH´  /N  5HFWH0W  6DPI  6DP  'HU9DWHU-RKDQQHVGHV7lXIHUV  /N  Å0HLQH6HHOHSUHLVWGLH*U|‰HGHV+HUUQ´ /REJHVDQJGHU0DULD /N   Å*HSULHVHQVHLGHU+HUUGHU*RWW,VUDHOV´ /REJHVDQJGHV=DFKDULDV  /N  /N  /N  3DXOXVYRQ7KHEHQKOFD>VLF@3URWRHUHPLW  Å9HUVFKORVVHQHU*DUWHQ´  6DEEDVKOJHVW:HJHQVHLQHU7XJHQGHQXQGVHLQHU%X‰VWUHQJH KRFKDQJHVHKHQLQ3DOlVWLQD'RUWJUQGHWHHU.O|VWHUIU(LQVLHGOHU  5HFWH-RK  /N  /N  /N  /N  0N/N  0W0N/NI  -RV  -RVI  .|Q

$QPHUNXQJHQ





 .|QX  .|Q

 5HFWH/NIXD  .|Q

 *HQII

 (LQH(OOHPLVVWFDFP

 0RQV 4XHUDQWDQD %HUJ GHU 9HUVXFKXQJ :|UWOLFK %HUJ GHU YLHU]LJ

)DVWHQWDJH +HXWH'MHEHO4DUDQWDO

 0WII0N/NII  5HFWH.|Q

 6FKDIWHLFK+HEU%HWKHVGD  -RK

 (UEDXWYRQ+HURGHVG*U+HXWHGDVDUDE'RUI6DEDVWL\D  .HEDU9JO(]+HXWH6FDWHQ1vO  *HQ

 =|OHV\ULHQ9JO0DNN

 1RUG|VWOLFKGHV7LEHULDV6HHV  $UQRQKHXWH:DGLHO0XMLE

 'DVELEO(]MRQ*HEHU9JO1XP+HXWH7HOOHO.KHOHLID

 'LH:DVVHUYRQ0HULEDZ|UWOÅ6WUHLWZDVVHU´ YJO1XPXQG([

 EHILQGHQVLFKLQGHU1lKHYRQ&DUQHV

 5HFWH0RKDPPHGLVWLQ0HGLQDEHJUDEHQ  (LQHVGHU]Z|OI*HVFKOHFKWHU,VUDHOV  .|Q

 $NNRZXUGHYRQGHQ0RVOHPVYROOVWlQGLJ]HUVW|UW

 %DOGXLQ ,  1DKP DP  .UHX]]XJ WHLO XQG ZXUGH 

QDFK GHP 7RG VHLQHV %UXGHUV *RWWIULHG YRQ %RXLOORQ .|QLJ GHV .UHX]IDKUHUVWDDWHV-HUXVDOHP  +OG  6LU  1HEXNDGQH]DU ,, ‚  Y&KU EDE\O .|QLJ VHLW  )KUWH GDV &KDOGlHUUHLFK]XUK|FKVWHQ%OWH=HUVW|UXQJ-HUXVDOHPV'HSRU WDWLRQGHU(LQZRKQHU %DE\ORQLVFKHV([LO   Å*HVFKLFKWHGHU.LUFKH´  'LRNOHWLDQ FD  U|P .DLVHU VHLW  9HUERW  GDV &KULVWHQWXP6FKZHUH&KULVWHQYHUIROJXQJHQ  2ULJHQHVFDFD.LUFKHQVFKULIWVWHOOHU  /N  0DNN  :|UWOÅ*DOLOlDGHU+HLGHQ´  -RV

$QPHUNXQJHQ    .|Q  0W  +OG+RV  %HLUXWHU&KULVWXVEOXW:XQGHU  'DV%LVWXP%HLUXWJHK|UWH]XU.LUFKHQSURYLQ]7\UXV  +HXWH1DKUHO.HOEQ|UGOLFKYRQ%HLUXW  'DV/LEDQRQ*HELUJHLVWHLQHNPODQJH*HELUJVNHWWHLPlX‰HUVWHQ 1RUGHQ3DOlVWLQDVPLWELV]XPKRKHQ*LSIHOQ  +OG  (VWL  &DP  -RV  *HQ  (EGD  &UDT GH &KHYDOLHUV  YRQ 5D\PRQG GH 6W *LOOHV HUEDXW +HXWH 4XDO·DWHO+RVQ  3RSXODWLRQGHU5HJLRQ0DGLDQ ]ZLVFKHQGHP5RWHQ0HHUXQGGHP *ROIYRQ$TDED   9JOÅ%HGXLQHQ´  9RPIU].UHX]ULWWHU*UDI-RVFHOLQGH&RXUWHQD\LP-KHUULFKWHW YRP 'W 5LWWHURUGHQ DXVJHEDXW XQG ELV  (UREHUXQJ GXUFK GHQ 0DPHOXFNHQVXOWDQ%DLEDUV +DXSWIHVWXQJGHV2UGHQV  .DVWHOOYRQ7RURQKHXWH7LEXLQ  -RV  -RV  5LI  .|QI  3KLOLSSRV  Y&KU Q&KU 6RKQ GHV +HURGHV G*U HUKRE GLH 6WDGW3DQHDV YJOIžY ]XU+DXSWVWDGWVHLQHU7HWUDUFKLH1RUGWUDQV MRUGDQLHQXQGJDELKUGHQ1DPHQ&DHVDUHD3KLOLSSL  %HQDQQWQDFKHLQHPGHP3DQJHZHLKWHQKHOOHQLVWLVFKHQ+HLOLJWXPDQ HLQHPGHU4XHOOIOVVHGHV-RUGDQ VX   -G.ULHJ,,,  5HFWH5L  .|Q  .DVWHOO6DIHGKHXWH=HIDWYRQ)XONRYRQ$QMRX.|QLJYRQ-H UXVDOHP UHJ HUEDXW  0W  0W  -RK  5HFWH-RK

$QPHUNXQJHQ





 /N0W  5HFWH/N

 0WXQG  0W

 /N

 (LQ6FKULWWPLVVWFDFP  -G.ULHJ,,  -RK  -RK

 0W  -HV  +OG

 -G.ULHJ,9II  *HQ

 ,Q7RELVWYRQNHLQHPDOVÅ1DDVRQ´LGHQWLIL]LHUEDUHQ2UWGLH5HGH

=XP6LHGOXQJVJHELHWGHV6WDPPHV1DIWDOLV-RVXQG5L

 *HQ

 ,Q*HQZLUG-RVHSKDOOHUGLQJVIU]ZDQ]LJ6LOEHUVWFNHYHUNDXIW  .|QII

 /DXW7REZXUGH7RELWLQ7LVEHHLQHP2UWVGOLFKYRQ.HGHVFK

1DIWDOLJHERUHQ

 -G.ULHJ,,,  -G.ULHJ,,,

 *HQ'WI  -RK

 -G$OWHUWPHU9,,,%HL-RVHSKXVÅ6RIRU´JHQDQQW  9JOIžY  -GWII

 ,Q.|QZLUG²RKQH2UWVEH]HLFKQXQJ²GLH%HUXIXQJ(OLVFKDV

GXUFK(OLDVJHVFKLOGHUW

 -RK

 +HURGHV$QWLSDVY&KUQ&KU6RKQGHV+HURGHV,G*UVHLW

Y&KU7HWUDUFKYRQ*DOLOlD/LH‰-RKDQQHVGHQ7lXIHUKLQULFKWHQ

 7LEHULDV  Y&KU Q&KU U|P .DLVHU VHLW  Q&KU ]JHOWH GLH

U|P ([SDQVLRQVYHUVXFKH LQ *HUPDQLHQ XQG KLHOW GLH 3RVLWLRQHQ LP 2VWHQ  0W/N  0W  Å*HJU‰HWVHLVWGXYROOGHU*QDGH´/NII  -HVI  /N

$QPHUNXQJHQ    ODW 6SUXQJGHV+HUUQ  /N  0W  *HQ  'DV:XQGHUGHU9HUNOlUXQJ-HVX  3V  6DPII  /N  .|Q  .DLQ ZXUGH QLFKW HUVFKODJHQ GXUFK J|WWOLFKH 'HVLJQDWLRQ VWDQG HU YLHOPHKU XQWHU GHP EHVRQGHUHQ 6FKXW] *RWWHV *HQ   /DPHFK ZDUHLQ1DFKNRPPH.DLQVLQIQIWHU*HQHUDWLRQ *HQ   .|Q  .|QI  ,P5HIHUHQ]DEVFKQLWW .|Q $UDPlHU  $KDE.|QLJYRQ,VUDHOUHJ  .|Q  .|Q  .|QII  6DPII  5HFWH.|II  5LII  +HURGHV$QWLSDV  0N  (UVWH+DXSWVWDGW,VUDHOVZDKUVFK7HOOHO)DU·DK  .|QII  -RKII  1|UGOLFK YRQ 6LFKHP XQG 1DEOXV FD  P KRKHU %HUJ +HXWH 'MHEHOHW7RU6DXFKIROJHQGH)X‰QRWH  +HXWH 'MHEHO ,VODPLMH FD  P KRKFK (U JHK|UW PLW GHP JHJHQ EHUOLHJHQGHQ%HUJ*DUL]LP]XP%HUJODQGYRQ6KRPURQ  'WQII  $OVR=HXV0DNI  -RK  *HQ  9LHOOGDVELEO/HERQD 5L +HXWH(O/XEEDQ  9JO6DPII  5LII  5L  -HU  9JO-RK

$QPHUNXQJHQ





 .|Q

 0DNN  9JOIžU

 Å$FKRUWDO´EHGHXWHWÅ8QJOFNVWDO´V-RV  9JO-RV

 'HU2UWGHU7RWHQNODJHXP-DNREKHL‰WLQGHU%LEHODOOHUGLQJV*RUHQ

$WDG *HQ E]ZÅbJ\SWHQWUDXHU´ *HQ 

 +HXWH3HWUD(KHP+DXSWVWDGWGHV.|QLJUHLFKVGHU1DEDWlHU  9JOIžY

 1XPII  *HQ

 -G.ULHJ,9

 *HQÅ'DV6LGGLPWDOZDUYROOHU(UGSHFKJUXEHQ«´  -RV²

 *HQXQG*HQ

 *HQ%HW(OEHGHXWHWÅ+DXV*RWWHV´  5LII

 6DPII  +HURGHV,GHU*UR‰HY&KU6WUDWHJHLQ*DOLOlDVHLWLQU|P

'LHQVW,QLWLDWRUGHVEHWKOHKHPLWLVFKHQ.LQGHUPRUGHV

 &OHRSDWUD9,,G*UY&KUUHJLHUWHDOVlJ\SWLVFKH.|QLJLQVHLW

Y&KU+HLUDWPLW0DUFXV$QWRQLXV

 0DUFXV$QWRQLXVFDU|P)HOGKHUUXQG6WDDWVPDQQ(LQHUGHU

7ULXPYLUQLP7ULXPYLUDW$P(QGHGHV7ULXPYLUDWVXQGELV ]X VHLQHP 7RG  WHLOV PLOLWlULVFKH  $XVHLQDQGHUVHW]XQJHQ PLW VHLQHQ 0LWUHJHQWHQ  /N  6DP  -RK  /N  :|UWOÅ+DXVGHU)HLJH´+HXWH.DIUHW7XU  0W  -RVII  /NII/DXW%LEHOLVWEHWUlJWGLH(QWIHUQXQJ(PPDXV²-HUXVDOHP ÅVHFK]LJ 6WDGLHQ´ GDV ZlUHQ  NP (PPDXV LVW GDV KHXWLJH HO 4XEHLEHK  -RVI0DNN+HXWH%HLW·8UHW7DWKD  6DPELV6DPI+HXWH7HO4LU\DW«@´

$QPHUNXQJHQ    %HUQKDUGYHUPLVFKWGHQXQG*ODXEHQVDUWLNHO=XPÅILOLRTXH´V GLH YRUKHUJHKHQGH )X‰QRWH ² ,P    *ODXEHQVDUWLNHO  KHL‰W HV Å>&UHGR«@(WLQXQXP'RPLQXP-HVXP&KULVWXP>«@'HXPYH UXPGH'HRYHURJHQLWXPQRQIDFWXP>«@´  ,QGHU0HVVOLWXUJLH  ,HKHLGQLVFKHQ  *HQII  $SJ  7DWVlFKOLFKOHLWHQGLH-DNRELWHQLKUHQ1DPHQYRQ-DNREXVGHP%UX GHU-HVXKHUGHVVHQ$QDSKRUD 7H[WGHV+RFKJHEHWV GHP-DNRELWL VFKHQ 5LWXV ]XJUXQGHJHOHJW ZLUG 'HU 7UDGLWLRQ QDFK LVW GLHVH $QD SKRUDGLHIUKHVWH  0W  9JOIžY  0N  1LFKW7KHRWRNRV *RWWHVJHElUHULQ VRQGHUQQXU&KULVWRWRNRV &KUL VWXVJHElUHULQ VHL0DULDJHZHVHQVR1HVWRULXV·%HKDXSWXQJ  )UVW /HR ,, YRQ .OHLQDUPHQLHQ HUEDW YRQ 3DSVW &RHOHVWLQ ,,, XQG .DLVHU +HLQULFK 9, GLH .|QLJVNURQH GLH LKP XQWHU GHU %HGLQJXQJ HLQHU 8QLRQ GHU DUPHQLVFKHQ .LUFKH PLW 5RP JHZlKUW ZXUGH 9RP 0DLQ]HU(U]ELVFKRIZXUGHHULP-DKUHLQ7DUVXV]XPHUVWHQ.| QLJGHV.LOLNLVFKDUPHQLVFKHQ5HLFKVJHNU|QW  +HLQULFK9,DXVGHU'\QDVWLHGHU6WDXIHU  ]XP.| QLJJHZlKOWDEQDFKGHP7RGVHLQHV9DWHUV )ULHGULFK,%DUED URVVD .DLVHU=LHOGHV(QGNDLVHUWXPV-HUXVDOHP/HKHQVJDEHQDQGLH .|QLJHYRQ=\SHUQXQG$UPHQLHQ  .RQUDG,YRQ:LWWHOVEDFK(U]ELVFKRIYRQ0DLQ]NU|QWH /HR,,]XP.|QLJYRQ.OHLQDUPHQLHQ  9JOIžY  'HU+RKHSULHVWHU$QDQLDV9JO$SJX$SJ  bWKLRSLHUEHIROJHQGHQNRSWLVFKHQ5LWXV  'DVDQWLNH,QGLDPDLRU  -RKDQQ HV  VDJHQKDIWHU PlFKWLJHU FKULVWOLFKHU 3ULHVWHU XQG .|QLJ +HUUVFKHU HLQHV JUR‰HQ 5HLFKHV  WULEXWSIOLFKWLJH .|QLJH  |VWOLFK YRQ3HUVLHQXQG$UPHQLHQ(UHUREHUWHPXVOLPLVFKH*HELHWH]XUFN +RIIQXQJVWUlJHUIUGLH%HIUHLXQJ-HUXVDOHPV  'HU1HJDVK(VNDQGDU 1HJXV$OH[DQGHU UHJ  3UREOHPDWLVFKH4XHOOHQODJHhEHUOLHIHUWLVWHLQHlWKLRSLVFKH*HVDQGW VFKDIW DQ 6L[WXV ,9 QDFK GHP 7RG GHV 1HJXV %D·HGD 0DULDP UHJ  JHOHLWHWGXUFKGHQ)UDQ]LVNDQHUXQG'ROPHWVFKHU%DWWLVWD G·,PROD'LHVH'HOHJDWLRQVROOWHLQ5RPXPKRFKUDQJLJH=HOHEUDQWHQ

$QPHUNXQJHQ   IU GLH .U|QXQJVIHLHUOLFKNHLWHQ GHV QHXHQ 1HJXV $OH[DQGHU QDFKVX FKHQ (LQHUVHLWV YHUEDQG PDQ LQ 5RP GDPLW GLH +RIIQXQJ DXI HLQH 5FNJHZLQQXQJbWKLRSLHQVIUGLH5|PLVFKH.LUFKHXQG HLQH)URQW ZLGHUGLH7UNHQDQGHUHUVHLWVVFKLHQGLHlWKLRS'HOHJDWLRQQLFKWDXV UHLFKHQGDXWRULVLHUWVRGDVVGLHGLSORPDWLVFKVWUDWHJLVFKJQVWLJH*H OHJHQKHLWRIIHQEDUXQJHQXW]WYHUVWULFK  *DO  0W  0DURQKO‚YRU6\U0|QFKDQGHVVHQ*UDEVHLQH]DKOU$QKlQ JHUHLQ.ORVWHUJUQGHWHQ0RQRWKHOHWLVPXV  0DFDULXV0DJQHVOHEWHLP-KGW6FKULHELQ)RUPHLQHV'LDORJVHLQH $SRORJLHGHV&KULVWHQWXPV $SRNULWLNyVHPRQRJHQpV   9JOIžY  $XIQDKPH RIIL]LHOOHU%H]LHKXQJHQ]X5RP%HVWlWLJXQJGHU 8QLRQDXIGHP.RQ]LOYRQ)ORUHQ]  |NXP.RQ]LO/DWHUDQ,9/HKUHYRQGHU7UDQVVXEVWDQWLD WLRQ9RUVFKULIWEHVRQGHUHU.OHLGXQJIU-XGHQ  ,QQR]HQ],,,FD3DSVWVHLW6LFKHUXQJGHU&KULVWHQ KHLWJHJHQ.HW]HUXQG+HLGHQ.UHX]]XJ%HVWlWLJXQJ XQG)|UGH UXQJQHXHU2UGHQ+|KHSXQNWVHLQHV3RQWLILNDWVZDUGDV/DWHUDQ NRQ]LO    (SK  5|P.RO7KHVV+HEU  &RQWUDDFDGHPLFRV,Q3/FRO  6SUII  $SJ  6SU  *DO  6SU  'DVVXPPXPERQXP  3V  (SK  5HFWH0W  5|P  -HU  (UREHUXQJ-HUXVDOHPVGXUFK6XOWDQ6DODGLQDP2NWREHU  'DQII  'DQII  3V  3V3V  +OG

$QPHUNXQJHQ    %LVFKRIYRQ/DRGLFHDFDFD(LQHU9DULDQWHGHV0RQRSK\ VLWLVPXVQDKHVWHKHQGHU&KULVWRORJH  7KHRORJHOHEWHLP-KGWÅ1LFKWWULQLWDULHU´OHKUWH9DWHU6RKQXQG +O*HLVWVHLHQGUHL]HLWOLFKDXIHLQDQGHUIROJHQGH(UVFKHLQXQJVIRUPHQ *RWWHV  3HODJLXVXP(QJO0|QFKX.LUFKHQVFKULIWVWHOOHU$E LQ.DUWKDJRX3DOlVWLQD9HUEDQQW6HLQH/HKUH $EOHKQXQJGHU(UE VQGH+HLOVHUZHUENUDIW*QDGHXHLJHQHPPHQVFKO%HPKHQ ZXU GHDXIGHQ6\QRGHQYRQ0LOHYH  XQG.DUWKDJR  YHUXUWHLOW  3V  IU\KHWHPHQG]XYUşKW)UXFKW EDUNHLW   -RKDQQHV &KU\VRVWRPRV KO FD  .LUFKHQYDWHU GHU RULHQWDOL VFKHQ.LUFKH%LVFKRIYRQ.RQVWDQWLQRSHOVHLW  &\SULDQ KO FD  0lUW\UHU %LVFKRI YRQ .DUWKDJR VHLW  $XWRU]DKOUHLFKHUDSRORJHWLVFKHUXQGPRUDOLVFKHU:HUNH  $WKDQDVLXV KOXP*ULHFK.LUFKHQOHKUHU6HLW%LVFKRI YRQ$OH[DQGULD%HNlPSIWHGHQ$ULDQLVPXV  -RKDQQHV YRQ 'DPDVNXV ]ZLVFKHQ   YRU  *ULHFK .LU FKHQOHKUHU%HGHXWHQGHU+\PQHQGLFKWHU  *UHJRUYRQ1\VVDKOXP%LVFKRIX.LUFKHQOHKUHU9HUWHL GLJWHGDVQL]lDQLVFKH&UHGRXIRUPWHGLH7ULQLWlWVOHKUHHQWVFKHLGHQG PLW  *UHJRU YRQ 1D]LDQ] KO  %LVFKRI X JULHFK .LUFKHQOHKUHU )KUHQGHU7KHRORJHGDOWNLUFKO/LWHUDWXU  ,JQDWLXVYRQ$QWLRFKLDKO‚]ZX%LVFKRI0lUW\UHUX.LU FKHQYDWHU 6HLQH %ULHIH DQ NOHLQDVLDW *HPHLQGHQ VLQG HLQ ZLFKWLJHV =HXJQLVIUGDOWNLUFKO*ODXEHQVOHKUHX*HPHLQGHYHUIDVVXQJ  $SJ  -RK  (W\PROÅ/LFKWEULQJHU´  0WII  7LP  0WI  $PEURVLXV KO   .LUFKHQOHKUHU %LVFKRI YRQ 0DLODQG %H NlPSIHUGHV$ULDQLVPXV'HVDFUDPHQWLV,Q3/%G  +HXWH7UDE]RQ 7UNHL YRQGHQ2VPDQHQHUREHUW  $FKDHD$FKDLD/DQGVFKDIWLQ*ULHFKHQODQG8PIDVVW7HLOHGHU%H]LU NH$FKDLDX.RULQWK  +HXWH $LWROLD bWROLHQ /DQGVFKDIW LQ *ULHFKHQODQG  0LWWH GHV  -KGWVYG2VPDQHQHUREHUW 

$QPHUNXQJHQ





 3URYLQFLD  (SLUXV 9HWXV HKHP U|P 3URYLQ] LQ *ULHFKHQODQG XP

IDVVW XD 7HLOH YRQ 0DNHGRQLHQ 7KHVVDOLHQ XQG GHQ ZHVWO 7HLO YRQ =HQWUDOJULHFKHQODQG  ,OO\ULHQ *UR‰ODQGVFKDIW DXI GHU %DONDQKDOELQVHO XPIDVVW 5XPlQLHQ %XOJDULHQEHLGH0DNHGRQLHQ7KUDNLHQ  1RULFXP/DQG]ZLVFKHQ'RQDX'UDXXQG,QQ  3DQQRQLD+XQJDULD8QJDUQ  5HFWH'DV0DUH(X[LQXPLVWGDV6FKZDU]H0HHU  7KHRGRVLD&DSKD .DID .HIHKHXWH)HRGRVVLMD DXIGHU.ULP  YRQGHQ2VPDQHQHUREHUW  0LWWHOHQH 0\WLOHQH KHXWH 0LWLOLQL 6WDGW DXI /HVERV   YRQ GHQ 2VPDQHQHUREHUW  +LHULUUW%HUQKDUGZDKUVFKHLQOLFK&DOFLGHVLVWHLQHLJHQVWlQGLJHU2UW GDV JULHFK &KDONHGRQ KHXWH .DGÖN|\ DP 0DUPDUDPHHU 9RURUW Y ,VWDQEXO  (XERHD (YYRLD (XE|D IUKHU 1HJURSRQWH ,QVHO X /DQGHVWHLO YRQ *ULHFKHQODQGYRQGHQ2VPDQHQHUREHUW  6FXWDULXP6NXWDULKHXWH6KNRGsUYRQGHQ2VPDQHQHUREHUW  0DWWKLDV , &RUYLQXV  .|QLJ YRQ 8QJDUQ VHLW   X %|KPHQ VHLW   +HXWH2WUDQWR $SXOLHQ YRQGHQ2VPDQHQHUREHUW  ,QQR]HQ]9,,,3DSVW  9JO.OJO  $ODQXVDE,QVXOLVÅ'RFWRUXQLYHUVDOLV´=LVWHU]LHQVHU3D UDERODHWKHRORJ6FKULIWHQVHLQ+DXSWZHUN$QWLFODXGLRQJLEWLQDOOHJRUL VFKHU 'DUVWHOOXQJ HHQ hEHUEOLFN EHU GDV JHVDPWH GDPDOV EHNDQQWH :LVVHQ+LHU'HSODQFWXQDWXUDH,Q3/%G  .DUOGHU*UR‰H &DUROXV0DJQXV 6HLW.|QLJGHVIUlQNL VFKHQ5HLFKHVVHLWU|PLVFKHU.DLVHU$OVSDWURQXVHWDGYRFDWXVGHU .LUFKH KDWWH .DUO GHQ E\]DQW .DLVHU DEJHO|VW 'HU KLVW .DUO LVW QLH QDFK -HUXVDOHP JHUHLVW $OOHUGLQJV VFKLFNWH GHU 3DWULDUFK YRQ -HUXVD OHP GLH 6FKOVVHO GHV +O *UDEHV DQ .DUO DOV V\PEROLVFKH $QHUNHQ QXQJGHU6FKXW]KHUUVFKDIW.DUOVEHUGLHJHVDPWH&KULVWHQKHLW  *DOOLVFKNHOWLVFKHU6WDPP+HXWH/H0DQV  3KLOLSS,,$XJXVW6HLW.|QLJYRQ)UDQNUHLFK.DSH WLQJHU  5LFKDUG,/|ZHQKHU]6HLW.|QLJYRQ(QJODQG7HLO QHKPHUDP.UHX]]XJ0D‰JHEOLFKEHWHLOLJWDQGHU(UREHUXQJ=\ SHUQVXQG$NNRV  :DIIHQVWLOOVWDQGPLW6DODGLQ  /N  3V

$QPHUNXQJHQ    .DUO ,, GHU .DKOH  5|PLVFKHU .DLVHU VHLW  6RKQ /XG ZLJV , GHV )URPPHQ (UKLHOW  HQWJHJHQ GHU (UEIROJHRUGQXQJ 6FKZDEHQEHNlPSIWHLP%QGQLVPLW/XGZLJGHP'HXWVFKHQ.DLVHU /RWKDU , 6LFKHUWH VLFK LP 9HUWUDJ YRQ 9HUGXQ  GDV :HVWIUlQN 5HLFK )UDQNUHLFK   /XGZLJ,GHU)URPPH0LWNDLVHU VHLW .DLVHUVHLW JHNU|QW'ULWWHU6RKQ.DUOVG*U1DFKGHP/XGZLJGLH1DFKIRO JH ]XJXQVWHQ VHLQHV MQJHUHQ 6RKQHV .DUO ,, GHV .DKOHQ JHlQGHUW KDWWH ZDQGWHQ VLFK VHLQH 6|KQH DXV HUVWHU (KH /RWKDU , 3LSSLQ , XQG/XGZLJ,,JHJHQLKQ  /RWKDU,0LWNDLVHUVHLW6HLWU|P.DLVHU  /XGZLJ ,,  .DLVHU YRQ ,WDOLHQ VHLW  U|P .DLVHU VHLW .lPSIWHJHJHQGLH6DUUD]HQHQ  /XGZLJ,,,GHU%OLQGHFD(QNHOYRQ/XGZLJ,,5|P.DL VHU  ,UPLQJDUG 6LH ZDU PLW .|QLJ %RVRV YRQ 1LHGHUEXUJXQG YHUKHLUDWHW XQG0XWWHU/XGZLJV,,,  6SHFXOXPKLVWRULDOH.DS;/,;/FY  ([1XP  ([II  1XP  'WXSDVVLP  -HV  (VI  ([II  'LH)RUPXOLHUXQJÅ*LHEHOGHV%HUJHV´LPSOL]LHUWGLH9RUVWHOOXQJGHV %HUJVDOV+DXV*RWWHV  ([II  ([II  6SU  'HUELEOLVFKH1DPHGHV1LO *HQ 'HUhEHUOLHIHUXQJQDFKHQW VSULQJW HU HEHQVR ZLH GLH )OVVH *DQJHV 3LVFKRQ  7LJULV XQG (X SKUDWDXVGHP3DUDGLHV  7HOO'MH]HU$EJHJVGOYRQ/RG /\GGD  *UDHVVH,,   3DXO :DOWKHU YRQ *XJOLQJHQ  FD  LQ *JOLQJHQ :UWW  6HLW 0LWJOLHGLP2UGHQYRP+O*UDEhEHUWULWW]XGHQ)UDQ]LV NDQHUQ)DKUWQDFK-HUXVDOHPGRUWHLQMlKU$XIHQWKDOWLP=LRQV NORVWHU6SUDFKVWXGLHQ$QVFKOXVVDQ%HUQKDUGV5HLVHJUXSSHEHL GHU )DKUW ]XP .DWKDULQHQNORVWHU *HPHLQVDPH 5FNNHKU ,WLQHUDULXP LQ7HUUDP6DQFWDPHWDG6DQFWDP&DWKDULQDP 

$QPHUNXQJHQ



 7KRPDV



YRQ .UDNDX 5HLVHWHLOQHKPHU EHL GHU ]ZHLWHQ 5HLVHHWDSSH %HUQKDUGV ]XP6LQDL   5L  %LEO&DGHV%DUQHD+HXWH:VWH1HJHY  .RORTXLQWKH &LWUXOOXVFRORF\QWKLV *LIWLJHV*XUNHQJHZlFKV  *HEHO+HODO,GHQWLVFKPLWGHPELEO6LQDL  $XFK5HXZLFKKDWHLQ(LQKRUQJHVHKHQXQGHVLQVHLQH+RO]VFKQLWWH DXIJHQRPPHQ V7LHUWDIHOLP$QKDQJ 1DFKQDWXUZLVVHQVFKDIWOLFKHQ %HPKXQJHQGDVP\WKLVFKH7LHU]RRORJLVFKXQDQIHFKWEDU]XLGHQWLIL ]LHUHQ KDW GLH 3LOJHUJUXSSH ZRKO HLQH +RUQDQWLORSH JHVHKHQ %UXQR :HEHUÅ,QDEVROXWLKRPLQLVKLVWRULDSHUVHTXHQGD´hEHUGLH5LFKWLJ NHLW ZLVVHQVFKDIWOLFKHU ,OOXVWUDWLRQHQ LQ HLQLJHQ %DVOHU XQG =UFKHU 'UXFNHQ GHV  -DKUKXQGHUWV ,Q *E-E  6  $QP  6 I =LWQDFK1LHKU6 $QP   .|Q  .|Q  ([  *HEHO0XVD %HUJ0RVH   ([  ([I  4XDUDQWD6DQWL,O'HUHO$UEDLQ  .DWKDULQHQEHUJ*HEHO.DWKDULQDP  $QWRQLXV $EEDV X $QWRQLXV (UHPLWD KO  >VLF@  (UHPLW Å9DWHUGHU0|QFKH´  0DFDULXVYRQbJ\SWHQKOFD:VWHQYDWHU  ([  1XP'W  ([II  +RQRIULXVKO‚LP-KGW(UHPLW  1XP  ,Q 1XP   ZLUG EHULFKWHW HV VHL ÅYLHO :DVVHU´ DXV GHP )HOVHQ KHUDXVJHNRPPHQ QLFKW MHGRFK ZLH EHL %HUQKDUG ÅDQ ]ZROII HQGHQ GH‰YHOVHQ´  1XP  ([  -RKDQQHV &OLPDFXV KO FD  $EW GHV 6LQDLNORVWHUV 0\VWLNHU $XWRUGHU+LPPHOVWUHSSH  ([  =XU*HQHULHUXQJYRQ.RQWDNWUHOLTXLHQ  ([  0LQDUHWW

$QPHUNXQJHQ    -XVWLQLDQ,GHU*UR‰HVHLW.DLVHU/HW]WHUU|P.DLVHU LQ %\]DQ] 9HUWHLGLJHU GHU 2UWKRGR[LH  |NXP .RQ]LO  %DXWH GLH +DJLD6RSKLDLQ.RQVWDQWLQRSHO6DPPHOWHGDV&RUSXV,XULV&LYLOLV  ([  ([  ([  %UDVLOLFXPOLJQXP  2DVH$\XQ0XVVDEHL6XH]  9JOIžY  *DOOEUşQHQHPHQG]XJDOJEUXQQH%UXQQHQEHLGHP]XP6FK|SIHQK|O ]HUQH (LPHUYHUZHQGHWZHUGHQGLHVLFKPLWDQJHOHQNWHU+HEHVWDQJH DXIXQGDEEHZHJHQODVVHQ  &DELVPPDOP  %DQDQHQ:LVVHQVFKDIWO1DPHPXVDSDUDGLVLDFD$UDELVFKPX]D  'HU+HUUVFKHUYRQ&KLQD  9JOIžU  5HFWH'DGHULVODPLVFKH.DOHQGHUHLQ0RQGNDOHQGHULVWXQGGHVKDOE ZHQLJHU7DJHKDWDOVGHU6RQQHQNDOHQGHUYHUVFKLHEWVLFKGLH)DVWHQ ]HLW MlKUOLFK XP PHKUHUH 7DJH QDFK YRUQH 6R NDQQ HV VRJDU ]X GHU .RQVWHOODWLRQ NRPPHQ GDVV LQQHUKDOE HLQHV NDOHQGDULVFKHQ -DKUHV ]ZHL)DVWHQ=HLWHQVWDWWILQGHQHLQHLP-DQXDUXQGHLQHLP'H]HPEHU  %HUQKDUGEHVFKUHLEWGDV)DVWHQEUHFKHQLP5DPDGDQ  $XFK-XELOlXPVMDKUJHQDQQW(VGLHQWGHULQQHUHQ(UQHXHUXQJGHUND WKROLVFKHQ*OlXELJHQXQGZLUGVHLWDOOH-DKUHEHJDQJHQ  ([  5HFWH([  9JODUDEÅHPLU´ Z|UWOÅ%HIHKOVKDEHU´ XUVSU7LWHOIU+HHUIKUHU  3UlIHNWGHV3DODVWHV  bWKLRSLHQGDVDQWLNH,QGLDPDLRU  'LH3\UDPLGHQ  'LH6SKLQ[  'LH/HJHQGHVSULFKWYRPÅKXQGHUWWRULJHQ7KHEHQ´  0DXULWLXVKO‚FD 0DUW\UHU .RPPDQGDQWGHU7KHElLVFKHQ/H JLRQ$XI%HIHKOGHV.DLVHUV0D[LPLDQPLWVHLQHQ*HIlKUWHQQLH GHUJHPHW]HOW  2IWKHLOLJHDVNHWLVFKOHEHQGH(UHPLWHQLQGHU:VWH  .DORJHURV0|QFKHGHVE\]DQW5LWXV  $O$VFKUDI6DLIDG'LQ4D\LW%H\0DPHOXFNHQVXOWDQVHLW   'LH.DLW%D\0RVFKHHLQ.DLUR  +DPDP

$QPHUNXQJHQ





 ,Q:DVVHUHLQ]XODVVHQGHV3IDKOZHUNGHVVHQ%LQQHQUDXPPLW(UGHX

6WHLQHQDXVJHIOOWZLUG

 9JOIžU

 'HUKO-XGDV7KDGGlXVHLQ$SRVWHOSUHGLJWH]XVDPPHQPLWGHPKO

6LPRQLQ0HVRSRWDPLHQXQG3HUVLHQ'RUWZXUGHQEHLGHKLQJHULFKWHW

 0D[HQWLXVFDU|P.DLVHUVHLW9RQ.RQVWDQWLQDQGHU

0LOYLVFKHQ%UFNHEHVLHJW

 5|P.DLVHUEUDFKWHQDOV6LHJHVWURSKlHPHKUHUH2EHOLVNHQDXVbJ\S

WHQ ZR VLH XUVSUQJOLFK YRU GHP 7HPSHO GHV 5H LQ +HOLRSROLVVWDQ GHQ QDFK 5RP 'HU 2EHOLVN GHU KHXWH DXI GHP 3HWHUVSODW] VWHKW ZXUGH LP -DKUH  Q&KU YRQ .DLVHU &DOLJXOD QDFK 5RP EHUIKUW XQGLP$XIWUDJGHV3DSVWHV6L[WXV9DXIJHVWHOOW  'HUhEHUOLHIHUXQJQDFKZDUGLHKO.DWKDULQDGLH7RFKWHUGHV.|QLJV YRQ=\SHUQ  'LH /HEHQVGDWHQ GHV KO 0DUNXV VLQG ZHLWJHKHQG XQEHNDQQW 8U VSUQJOLFK /HYLW .RO  GDQDFK -XGHQFKULVW $SJI  $XWRU GHV 0DUNXV(YDQJHOLXPV XQG Å/LWXUJLH GHV KO 0DUNXV´ QDFK DOH[ DQGULQlJ\SW 7UDGLWLRQ Å/LWXUJLH GHV KO &\ULOO´  'LH NRSWLVFKH .LU FKHVLHKWLKQDOVLKUHQHUVWHQ3DSVWHUJUQGHWHLQ$OH[DQGULDGLH GRUWLJH.LUFKH'DVYRQ%HUQKDUGLP)ROJHQGHQJHVFKLOGHUWH0DUW\ ULXPIDQGZRKOLP-DKUHVWDWW  $XFKGHU=HLWSXQNWGHU7UDQVODWLRQGHU*HEHLQHGHVKO0DUNXVQDFK 9HQHGLJ GLIIHULHUW VWDUN (U UHLFKW YRQ  /HJHQGD DXUHD  ELV LQV  -KGW'LH*HEHLQHKDEHQZRKO]XHUVWLQGHU.DSHOOHGHU'RJHQ3ODW] JHIXQGHQEHYRUVLHLQGHQ'RP6DQ0DUFREHUIKUWZXUGHQ  -RKDQQHV (OHHPRV\QDULXV GHU $OPRVHQJHEHU  KO FD   3DWULDUFKYRQ$OH[DQGULHQPXVVWHHUYRUGHQ3HUVHUQLQVHLQH +HLPDW =\SHUQ IOLHKHQ  )HUUDUHVLVFKHU .ULHJ YRQ  GHU JDQ] ,WDOLHQ LQ )ODPPHQ VHW]WH *HVFKOHFKWHUNULHJH)HKGHQXQWHUGHQ0DJQDWHQKlXVHUQ1HSRWLVPXV HWF,P%XQGPLWGHP3DSVWEHNULHJWH9HQHGLJ)HUUDUD6L[WXV,9LP .DPSI JHJHQ 1HDSHO 1DFK G 6FKODFKW EHL &DPSR 0RUWR  VFKORVVGHU3DSVW)ULHGHQPLW0DLODQGZDQGWHVLFKYRQ9HQHGLJDE  9HUNHKUVVFKLII  .DUSDWKLRQ3HODJRV7HLOGHV0LWWHOOlQGLVFKHQXQGbJlLVFKHQ0HHUHV ]ZLVFKHQGHQ,QVHOQ.UHWDXQG5KRGRV  1LRKHXWH,RV,QVHOGHU.\NODGHQVGZHVWOGHU,QVHO1D[RV  .DSDPlX‰HUVWHQ6G]LSIHOGHU/DNRQLVFKHQ+DOELQVHODXIGHP3HOH SRQQHV  6SlWHU HUODXEWH HV GLH (U|IIQXQJ GHV .DQDOVYRQ .RULQWK GHQ 3HOH SRQQHV]XGXUFKVFKLIIHQ

$QPHUNXQJHQ    1RYHPEHU  (PHQG>'H]HPEHU@ZLHGHUODW7H[WULFKWLJKDW'LH5HLVHJUXSSH EHWHWZLHDP(QGHGLHVHV$EVFKQLWWVVWHKW]XPKO1LNRODXVXPJXWH :HWWHUYHUKlOWQLVVH LQ GHU 1DFKW ÅZDQ DEHU VDQW 1LFODV WDJ KHU JOD VWHW´ IžY GKQDFK0LWWHUQDFKW'HU)HVWWDJGHVKO1LNRODXVLVW GHU  'H]HPEHU $OOH IROJHQGHQ 'DWXPVDQJDEHQ GHU +HLOLJHQIHVWH VLQGIQKGW7H[WXPHLQHQ7DJQDFKYRUQHYHUVFKREHQGLHNRUUHNWHQ 'DWHQGLHDXFKGHUODW7H[WKDWVLQGLQGHQ(QGQRWHQYHUPHUNW  'H]HPEHU  5HFWH>'H]HPEHU@ZLHLPODW7H[W  1RYHPEHU  1RYHPEHU  1RYHPEHU  'H]HPEHU  'H]HPEHU  'H]HPEHU)HVWGHU8QEHIOHFNWHQ(PSIlQJQLVGHU-XQJIUDX0DULD  0\OR  5HFWH>'H]HPEHU@ZLHLPODW7H[W  5HFWH>'H]HPEHU@ZLHLPODW7H[W  $PEURVLDQLVFKHU/REJHVDQJÅ'LFK*RWWOREHQZLUGLFK+HUUSUHL VHQZLU´  /DW7H[W>'H]HPEHU@  /DW7H[W>'H]HPEHU@  /DW7H[W>'H]HPEHU@  /DW7H[W>'H]HPEHU@  7ULQDFULV 6LFLOLD ,QVHOXQG5HJLRQLQ,WDOLHQ  'DV]ZHLWHULQIQKGWÅFRU]LUDP´ZXUGH]XNHPHQGLHUW  'H]HPEHU  'H]HPEHU  'H]HPEHU  .DQDOYRQ6HEHQLFR  'H]HPEHU  /N  ,P'UXFNHLQXPJHNHKUWHVO  1LFKWHLQGHXWLJLGHQWLIL]LHUEDU  1LNRODXV93DSVWUHJ  ,VLGRU %LVFKRI YRQ .LHZ VHLW  .DUGLQDO 6W 6DELQD  3DWULDUFK YRQ.RQVWDQWLQRSHOVHLW‚XP  (KHPDOVJHQXHVLVFKH.RORQLHDP=XVDPPHQIOXVVYRQ%RVSRUXVXQG *ROGHQHP+RUQ+HXWH%H\RøOXHLQ6WDGWWHLO,VWDQEXOV  0HKPHW,,JHQDQQW)DWLK GHU(UREHUHU UHJ

$QPHUNXQJHQ





 'HU9RUERWHGHV(QGFKULVWV

 'LH (UREHUXQJ  .RQVWDQWLQRSHOV GXUFK GHQ 6XOWDQ 0HKPHW ,,  LP

-DKUHPDUNLHUWGHQ$XIVWLHJGHV2VPDQLVFKHQ5HLFKHV]XU*UR‰ PDFKW 'DV LQ Å,VWDQEXO´ XPEHQDQQWH .RQVWDQWLQRSHO ZXUGH VHLQH +DXSWVWDGW  -HU  'HUOHW]WH.DLVHUYRQ.RQVWDQWLQRSHOGK2VWURPVZDU.RQVWDQWLQ ;, 3DODLRORJRV UHJ  (U VWDUE DP 0DL LP 6WUD ‰HQNDPSIJHJHQGLH7UNHQ  Å$QIHQJH GHU VWUDVVHQ´0HWDSKHU IU GLH 0DUJLQDOLVLHUXQJ GHV&KUL VWHQWXPV'LH6WHLQH 6LQQELOGGHU*OlXELJHQ GLH]XYRUGDV*HElXGH GHUKO.LUFKHJHELOGHWKDEHQVLQGQXQ]XURKHP%DXPDWHULDOKHUDE JHZUGLJW XQG LQ GHQ =XVWDQG GHV $.XOWLVFKHQ YHUVHW]W ZRUGHQ DX‰HUKDOEGHVXUEDQHQ=HQWUXPVGRUWZRGLHDXVGHU6WDGWKHUDXV IKUHQGHQ6WUD‰HQLQGLH XQEHIHVWLJWHQ )HOGZHJHPQGHQ  'LH 0DUJDULWH ODW PDUJDULWD 3HUOH  PLW LKUHP DXV HLQHP *ROGJUXQG KHUYRUJHKHQGHQ.UDQ]ZHL‰HU%OWHQEOlWWHUZXUGHPLW3HUOHQXQGGD PLW]XJOHLFKPLW7UlQHQDEHUDXFKPLWYHUJRVVHQHQ%OXWVWURSIHQYHU JOLFKHQ6RYHUZHLVWGLH0DUJDULWHDXI&KULVWL/HLGHQXQGVHLQ0DUW\ ULXPXQGLVWGDPLW²DOV/HLE&KULVWLLQ*HVWDOWGHU+RVWLHXQGDOV%OXW &KULVWLLQ*HVWDOWGHV:HLQHV²6LQQELOGGHU(XFKDULVWLH  -RQ  %HOJUDG"0HKPHW,,YHUVXFKWHYRPELV-XOL%HOJUDG]XHU REHUQ 'LHV ZDU GHU HUVWH 9HUXFK GHU 2VPDQHQ QDFK 0LWWHOHXURSD HLQ]XGULQJHQ(UVFKHLWHUWH'LH(UREHUXQJ%HOJUDGVJHODQJHUVW  3V  'LH KHXWLJH ,QVHO (XE|D .DP  DQ ODWHLQLVFKH )HXGDOKHUUHQ DOV Å1HJURSRQWH´  DQ9HQHGLJ :XUGHYRQ GHQ2VPDQHQ HU REHUW  9RUKDOWHQGHV$OWDUVDNUDPHQWVLQGHU0RQVWUDQ]EHLPVDNUDPHQWDOHQ 6HJHQ$XVVHW]XQJ =HLJHQ GHV$OWDUVDNUDPHQWVLQGHU0RQVWUDQ] ]XU$QEHWXQJ  'DVVFKHLQEDUQDKHOLHJHQGHÅ:HLEHU´IUIQKGWÅZ\EHU´ZXUGHZH JHQ GHU SHMRUDWLYHQ VHPDQWLVFKHQ 9HUHQJXQJ GHV QKGW %HJULIIV YHU ZRUIHQ'LHHW\PRORJ$EOHLWXQJGHV:RUWHVÅZ\E´LVWQLFKWJDQ]VL FKHU HV NDQQ VRZRKO ÅGLH VLFK KLQ XQG KHU EHZHJHQGH JHVFKlIWLJH >+DXV@IUDX´ EHGHXWHQ ZLH DXFK GLH ÅXPKOOWH %UDXW´ 'XGHQ +HU NXQIWVZ|UWHUEXFK  'LH (QWVFKHLGXQJ IU Å%UDXW´ ILHO NRQWH[WDEKlQJLJ %HUQKDUG QHQQW )UDXHQ XQWHUVFKLHGOLFKHQ $OWHUV E]Z 6WDQGHV GDV  

$QPHUNXQJHQ   MXQJH 0lGFKHQ GLH YHUKHLUDWHWH )UDX XQG GLH OHGLJH MXQJH )UDX DXI GHU6FKZHOOH]XP'DVHLQDOV(KHIUDX  7LPP 6 OHLWHWGDV:RUWÅJHQHW]HU´YRPWUNÅ\HQLoHUL´ -DQLWVFKDUHQDE  3LHUUH G·$XEXVVRQ 3HWUXV $OEXVVDQXV   6HLW  *UR‰ PHLVWHUGHV-RKDQQLWHURUGHQVDXI5KRGRV  .RORVVYRQ5KRGRV  $XFK5HXZLFKKDWGHQ*DOJHQQLFKWDXVJHODVVHQHULVWDXIGHUOLQNHQ %LOGKlOIWHGHU5KRGRV7DIHOGHXWOLFK]XVHKHQ  (LQH )ROWHUPHWKRGH EHL GHU GHU JHIHVVHOWH *HIDQJHQH YRP %RGHQ KRFKJH]RJHQZLUGXQGLQGHU/XIWVFKZHEW'LH6FKZHUNUDIWEHODVWHW GHVKDOEGLH*HOHQNHGDV%OXWZLUGDEJHVFKQUWHWF  )HUGLQDQG ,, GHU .DWKROLVFKH  .|QLJ YRQ 6L]LOLHQ VHLW  .|QLJ YRQ $UDJRQLHQ VHLW  YRQ .DVWLOLHQ/HyQ VHLW  DOV)HUGLQDQG9 XQGYRQ1HDSHOVHLW DOV)HUGLQDQG,,, 9HU KHLUDWHWPLW,VDEHOODYRQ.DVWLOLHQ/HJWHGLH*UXQGODJHIUGLH.URQH 6SDQLHQV(UULFKWXQJGHU,QTXLVLWLRQ9HUWUHLEXQJGHU-XGHQ%HNlPS IXQJGHU0DXUHQ  (UREHUXQJYRQ,GUXQWXPLP$XJXVW  -XQL 

$QKDQJ

$ENU]XQJVYHU]HLFKQLV DD2 DEJHJ DKGW DOOJ $P $QP $SJ DUDE DVLDW $7 DWOLFK $XIO EDE\O %DU %G%GH EHDUE EHG EHV ELEO E\]DQW FD &KU &KU FKULVWO G Gb G*U G- 'DQ GK GHUV GLHV GW 'WQ GXUFKJHV

DPDQJHJHEHQHQ2UW DEJHJDQJHQ YRQKLVW2UWHQ  DOWKRFKGHXWVFK LP$OOJHPHLQHQ $PRV $7  $QPHUNXQJ HQ  $SRVWHOJHVFKLFKWH 17  DUDELVFK DVLDWLVFK $OWHV7HVWDPHQW DOWWHVWDPHQWOLFK $XIODJH EDE\ORQLVFK %DUXFK $7  %DQG%lQGH EHDUEHLWHW EHGHXWHQG EHVRQGHUV ELEOLVFK E\]DQWLQLVFK FLUFD %XFKGHU&KURQLN $7  9XOJDWD3DUDOLSRPHQRQ  %XFKGHU&KURQLN $7  9XOJDWD3DUDOLSRPHQRQ  FKULVWOLFK GHUGLHGDV GHUGLHbOWHUH GHUGLH*UR‰H GHUGLH-QJHUH %XFK'DQLHO $7  GDVKHL‰W GHUVHOEH GLHVHOEH GHXWVFK 'HXWHURQRPLXP %XFK0RVH  $7  GXUFKJHVHKHQ

 HEGD HG (G HJWO HKHP (LQI HLQJ HPHQG (SK (VUD (VW HWF HW\PRO HXFKDU ([ (] I IHP II Iž IQKGW IUDJP IU] )1 *DO JHE JHVW *HQ J|WWO *UDHVVH JULHFK +DE KVV +DJ +HEU KHEU +J+JJ KJY KLVW KOKOO

$ENU]XQJVYHU]HLFKQLV

HEHQGD HGLGLWHGLHUWHGLWHG (GLWRU HLJHQWOLFK HKHPDOLJ (LQIKUXQJ HLQJHOHLWHWYRQ HPHQGLHUW]XHPHQGLHUHQ %ULHIDQGLH(SKHVHU 17  %XFK(VUD $7  %XFK(VWKHU $7  HWFHWHUD HW\PRORJLVFK HXFKDULVWLVFK ([RGXV %XFK0RVH  $7  %XFK(]HFKLHO +HVHNLHO  $7  IROJHQGHUHHV IHPLQLQXP IRUWIROJHQGH )ROLR %ODWW  IUKQHXKRFKGHXWVFK IUDJPHQWLHUWEHVFKlGLJW IUDQ]|VLVFK )X‰QRWH %ULHIDQGLH*DODWHU 17  JHERUHQ JHVWRUEHQ DXFK‚  *HQHVLV %XFK0RVH  $7  J|WWOLFK 2UELV /DWLQXV /H[LNRQ ODWHLQLVFKHU JHRJUDSKLVFKHU 1DPHQ GHV 0LWWHODOWHUVXQGGHU1HX]HLW%UDXQVFKZHLJ JULHFKLVFK %XFK+DEDNXN $7  KDQGVFKULIWOLFK %XFK+DJJDL $7  %ULHIDQGLH+HEUlHU 17  KHEUlLVFK +HUDXVJHEHU KHUDXVJHJHEHQYRQ KLVWRULVFK KHLOLJHUHWFKHLOLJH

$ENU]XQJVYHU]HLFKQLV

+OG +RV +6 LH ,MRE ,QN LWDO -DN -E -GW -HU -HV -J -KGW -R O -RK -RK -RK -RK -RQ -RV MG -G$ -G. .DS NDWK NLUFKO .OJO .RK .RO .|Q .|Q .RU .RU .6 ODW /HY /IJ /LW OLWXUJ /N

+RKHOLHG6DORPRV $7  %XFK+RVHD $7  +DQGVFKULIW LGHVW %XFK,MRE +LRE  $7  ,QNXQDEHOQ LWDOLHQLVFK %ULHIGHV-DNREXV 17  -DKUEXFK %XFK-XGLW $7  %XFK-HUHPLD $7  %XFK-HVDMD $7  -DKUJDQJ -DKUKXQGHUW %XFK-R O $7  (YDQJHOLXPQDFK-RKDQQHV 17  %ULHIGHV-RKDQQHV 17  %ULHIGHV-RKDQQHV 17  %ULHIGHV-RKDQQHV 17  %XFK-RQD $7  -RVXD $7  MGLVFK )ODYLXV-RVHSKXV-GLVFKH$OWHUWPHU )ODYLXV-RVHSKXV-GLVFKHU.ULHJ .DSLWHO NDWKROLVFK NLUFKOLFK .ODJHOLHGHUGHV-HUHPLD $7  .RKHOHW 3UHGLJHU6DORPR  $7  %ULHIDQGLH.RORVVHU 17  %XFKGHU.|QLJH $7  9XOJDWD%XFKGHU.|QLJH  %XFKGHU.|QLJH $7  9XOJDWD%XFKGHU.|QLJH  %ULHIDQGLH.RULQWKHU 17  %ULHIDQGLH.RULQWKHU 17  6XUHGHV.RUDQ ODWHLQLVFK /HYLWLNXV %XFK0RVH  $7  /LHIHUXQJ /LWHUDWXU OLWXUJLVFK (YDQJHOLXPQDFK/XNDV 17 



 OW 0$ PD 0DNN 0DNN 0DO PHQVFKO 0) PKG 0L 0N 0V 0W Q&KU 1DK 1HK 1U 1XP 17 QWOLFK Rl R- R2 2EG RG |NXP 2IIE RUWK 3HUHJU SHUV 3HWU 3HWU 3KLO SROLW 3/ 3V U UHJ 5L U|P 5|P

$ENU]XQJVYHU]HLFKQLV

ODXW 0LWWHODOWHU PLWWHODOWHUOLFK %XFKGHU0DNNDElHU $7  %XFKGHU0DNNDElHU $7  %XFK0DOHDFKL $7  PHQVFKOLFK 0LNURILFKH PLWWHOKRFKGHXWVFK %XFK0LFKD $7  (YDQJHOLXPQDFK0DUNXV 17  0DQXVNULSW (YDQJHOLXPQDFK0DWWKlXV 17  QDFK&KULVWL*HEXUW %XFK1DKXP $7  %XFK1HKHPLD $7  1XPPHU 1XPHUL %XFK0RVH  $7  1HXHV7HVWDPHQW QHXWHVWDPHQWOLFK RGHUbKQOLFK HV  RKQH-DKUHV]DKO RKQH2UW %XFK2EDGMD $7  RGHU |NXPHQLVFK 2IIHQEDUXQJGHV-RKDQQHV 17  RUWKRGR[ 3HUHJULQDWLRLQWHUUDPVDQFWDP SHUVLVFK %ULHIGHV3HWUXV 17  %ULHIGHV3HWUXV 17  %ULHIDQGLH3KLOLSSHU 17  SROLWLVFK 3DWURORJLD/DWLQD 3VDOP HQ  $7  UHFWR YRUGHUH%ODWWVHLWH  UHJLHUWH %XFKGHU5LFKWHU $7  U|PLVFK %ULHIDQGLH5|PHU 17 

$ENU]XQJVYHU]HLFKQLV

5XW 6 V VR VX 6DFK 6DP 6DP 6LJQ 6LU VRJ 6S 6SU 6W WKHRO 7KHVV 7KHVV 7LP 7LP 7LW 7RE WUN X XD Xl EHUV Y Y Y&KU YJO YLHO YROOVW ZDKUVFK :HLVK ZHVW Z|UWO ]% ]7 =HI 

%XFK5XWK $7  6HLWHQ VLHKH VLHKHREHQ VLHKHXQWHQ %XFK6DFKDUMD $7  %XFK6DPXHO $7  9XOJDWD.|QLJH  %XFK6DPXHO $7  9XOJDWD.|QLJH  6LJQDWXU %XFK-HVXV6LUDFK $7  VRJHQDQQWHUHHV 6SDOWH %XFKGHU6SULFKZ|UWHU $7  6DQNW WKHRORJLVFK %ULHIDQGLH7KHVVDORQLFKHU 17  %ULHIDQGLH7KHVVDORQLFKHU 17  %ULHIDQ7LPRWKHXV 17  %ULHIDQ7LPRWKHXV 17  %ULHIDQ7LWXV 17  %XFK7RELDV $7  WUNLVFK XQG XQWHU$QGHUHPXQG$QGHUH V  XQGbKQOLFKHV EHUVHW]WYRQ YHUVR UFNZlUWLJH%ODWWVHLWH  YRQ YRU&KULVWL*HEXUW YHUJOHLFKH YLHOOHLFKW YROOVWlQGLJ ZDKUVFKHLQOLFK %XFKGHU:HLVKHLW $7  ZHVWOLFK Z|UWOLFK ]XP%HLVSLHO ]XP7HLO %XFK=HIDQMD $7 



,WLQHUDULXP $SULO$XIEUXFKYRQ2SSHQKHLPDXV 0DL$QNXQIWLQ9HQHGLJ -XQL(LQVFKLIIXQJ -XQL$EIDKUWYRQ9HQHGLJ -XQL$QNXQIWLQ3DUHQW] -XQL&RUIX -XQL0RGRQ -XQL5KRGRV -XQL=\SHUQ -XQL$QNXQIWLQ-DIID -XOL5DPD -XOL$QNXQIWLQ-HUXVDOHP -XOL%HVXFKPHKUHUHUKOO2UWHQDFKWVLQGHU*UDEHVNLUFKH -XOL$XIEUXFKQDFK%HWKOHKHP -XOL5FNNHKUQDFK-HUXVDOHP -XOL%HWKDQLHQ -XOL.RQWUDNWIUGLH5HLVH]XP6LQDL -XOL%HVXFKGHV-RUGDQ -XOL5FNNHKUHLQHV7HLOVGHU3LOJHU*UXSSHQDFK-DIID]XU(LQVFKLI IXQJQDFK9HQHGLJ'LHDQGHUHQ3LOJHUEOHLEHQ]XQlFKVWLQ-HUXVDOHP $XJXVW%HWKOHKHP $XJXVW+HEURQ $XJXVW²6HSWHPEHU$QNXQIWXQG$XIHQWKDOWLQ*D]D 6HSWHPEHU:VWHEHL/HEKHP 6HSWHPEHU(EHQHEHL&DGHV 6HSWHPEHU*D\RQ ²6HSWHPEHUhEHUTXHUXQJGHU:VWH 6HSWHPEHU%HUJ+RUHE 6HSWHPEHU(LQKRUQ(UOHEQLV 6HSWHPEHU$QNXQIWLP.DWKDULQHQNORVWHU 6HSWHPEHU$XIVWLHJ]XP%HUJ+RUHE 6HSWHPEHU$XIVWLHJ]XP%HUJ6LQDL%HVXFKGHV*UDEGHU KO.DWKDULQD

,WLQHUDULXP



6HSWHPEHUgIIQXQJGHV6DUJVGHUKO.DWKDULQD ²6HSWHPEHU'XUFKTXHUXQJGHU:VWH 2NWREHU5RWHV0HHU 2NWREHU%DOVDPJDUWHQ 2NWREHU1lFKWOLFKHV)DVWHQEUHFKHQLP)DVWHQPRQDW 6WDGW SHUVSHNWLYH  2NWREHU%HVXFKPDPHOXFNLVFKHU+RIOHXWHEHLGHQ3LOJHUQ 2NWREHU%HVXFK.DLURV 2NWREHU%HVXFK.DLURVXQGVHLQHU8PJHEXQJ XD3\UDPLGHQ  2NWREHU'DUVWHOOXQJGHVQlFKWOLFKHQ)DVWHQEUHFKHQV KlXVOLFKH 3HUVSHNWLYH  2NWREHU(PSIDQJEHLP6XOWDQ ²2NWREHU)DKUWDXIGHP1LO 2NWREHU5RVVHWD 2NWREHU$QNXQIWLQ$OH[DQGULD 2NWREHU%HVXFKGHV6W.DWKDULQHQNORVWHUV 2NWREHU%HVLFKWLJXQJ$OH[DQGULHQV$QNXQIW]ZHLHUYHQH]LDQLVFKHU *DOHHUHQ5FNIDKUWNRQWUDNW ,QGHU1DFKWYRP2NWREHUELV1RYHPEHU7RGGHVMXQJHQ *UDIHQ-RKDQQYRQ6ROPV 1RYHPEHU$EIDKUWYRQ$OH[DQGULD 1RYHPEHU.UDQNKHLWVDXVEUXFKEHLP.RQVXOYRQ$OH[DQGULHQ 1RYHPEHU,QVHO1\R 1RYHPEHU7RGGHV.RQVXOV 1RYHPEHU:LQGVWLOOH0HKUWlJLJH$QOlQGHLQHLQHPYHUODVVHQHQ +DIHQ 1RYHPEHU.DS0DOHD7DJHODQJH6HHVWUPH 1RYHPEHU,QVHO0\OR 'H]HPEHU8PVFKLIIXQJGHV.DS0DOHD 'H]HPEHU0RGRQ 'H]HPEHU,QVHO6DSLHQWLD 'H]HPEHU.RUIX 'H]HPEHU+O$EHQGDXIGHP0HHU -DQXDU(UVWH+O0HVVHLP$EHQGODQGDQ/DQG $SXOLHQ  -DQXDU=DUD -DQXDU3DUHQW] -DQXDU$QNXQIWLQ9HQHGLJ

1DFKZHLVGHU(LQ]HOH[HPSODUH   'LHPLWHLQHP$VWHULVFXV YHUVHKHQ([HPSODUHZXUGHQYRQGHU+HUDXV JHEHULQHLQJHVHKHQ  /HLGHUZXUGHQ²QLFKW]XOHW]WLP=XJHZHQLJVDFKJHUHFKWHU5HVWDXULHUXQ JHQ XVXHOOH 2UWH GHU %HVLW]YHUPHUNH HWZD YRUGHUHU RGHU KLQWHUHU %XFK GHFNHO ²DXVJHVFKLHGHQ,QGLHVHP)DOOHKHOIHQRIWGLHHLQVFKOlJLJHQ$U FKLYYHU]HLFKQLVVHZHLWHU 6RZHLW DXIILQGEDU XQG HQW]LIIHUEDU ZXUGHQ KDQGVFKULIWOLFKH %HVLW]YHU PHUNH LQ GLH 3URYHQLHQ]1DFKZHLVH DXIJHQRPPHQ GDVVHOEH JLOW IU GLH 'HXWXQJYRQ6WHPSHOQRGHU:DSSHQ1LFKWQXUDOV%HOHJVWHOOHQVRQGHUQ DXFK]XUZHLWHUHQ*HZLQQXQJYRQ,QIRUPDWLRQHQVWHKHQLP$QVFKOXVVDQ GLH JHOHVHQHQ %HVLW]YHUPHUNH 6WHOOHQDQJDEHQ DXV GHU ELEOLRWKHNVZLVVHQ VFKDIWOLFKHQ /LWHUDWXU VR GLHVH YRUKDQGHQ XQG DXVVDJHNUlIWLJ LVW $XV *UQGHQ GHU VFKQHOOHQ $XIILQGEDUNHLW ZXUGHQ GLHVH 1DFKVFKODJHZHUNH DXVVFKOLH‰OLFKDQGHPMHZHLOLJHQ2UWLP$EVFKQLWWHLQHVEHVWLPPWHQ(LQ ]HOH[HPSODUQDFKZHLVHV DXIJHIKUW ² QLFKW MHGRFK LQ GHU DOOJHPHLQHQ %L EOLRJUDSKLH  

 $VFKDIIHQEXUJ+RIXQG6WLIWVELEOLRWKHN 6LJQ,QF 3URYHQLHQ]+&DSXFLQRUş0RJXQWLDH Å0DLQ]HU.DSX]LQHU´KVV(LQWUDJ  $QQR GRPLQL  -RKDQ >XQOHVHUO  +VV(LQWUDJ DXI U  ,P %HVLW] GHU +RIELEOLRWKHN$VFKDIIHQEXUJ KVV(LQWUDJX6WHPSHODXIU  /LW -RVHI %HQ]LQJ 'LH )UKGUXFNH GHU +RIELEOLRWKHN $VFKDIIHQEXUJ ELV ]XP -DKUH$VFKDIIHQEXUJ6 7H[WYHUOXVWIžUYUYUYUYUYIž 

 $XJVEXUJ6WDDWVXQG6WDGWELEOLRWKHN 6LJQž,QN 3URYHQLHQ]$QGUHDV%HKDP'HU(OWHU$QQR'RPLQL ([OLEULV  7H[WYROOVW

1DFKZHLVGHU(LQ]HOH[HPSODUH



 $XJVEXUJ6WDDWVXQG6WDGWELEOLRWKHN 6LJQž,QN 3URYHQLHQ]-HVXLWHQNROOHJ$XJVEXUJ ([OLEULV  7H[WYHUOXVWUYUYUYUYUYUUIž 

 %HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ3UHX‰.XOWXUEHVLW] 6LJQž,QF 3URYHQLHQ]([%LEOLRWK5HJLD%HUROLQHQVL 6WHPSHO  7H[WYROOVW 

 %HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ3UHX‰.XOWXUEHVLW] 6LJQž,QFD 3URYHQLHQ]([%LEOLRWK5HJLD%HUROLQHQVL 6WHPSHO  7H[WYROOVW 

 %HUOLQ.XQVWELEOLRWKHN²6WDDWOLFKH0XVHHQ]X%HUOLQ 6LJQ*ULVPWO 3URYHQLHQ]$XVGHU6DPPOJ+DQV*ULVHEDFK ([OLEULV  Å.RHQLJOLFKHV.XQVWJHZHUEH0XVHXP%HUOLQ%LEOLRWKHN´ 6WHPSHO  7H[WYHUOXVWUY 

 'DUPVWDGW8QLYHUVLWlWVXQG/DQGHVELEOLRWKHN 6LJQ,QF,9 3URYHQLHQ] :DKUVFK .DELQHWWVELEOLRWKHN GHV /DQGJUDIHQ /XGZLJ ,; YRQ+HVVHQ'DUPVWDGW 6WHPSHO]ZHLYHUVFKOXQJHQH/VPLW.URQH  7H[WYROOVW 

 'DUPVWDGW8QLYHUVLWlWVXQG/DQGHVELEOLRWKHN 6LJQ,QF,9 3URYHQLHQ].DELQHWWVELEOLRWKHNGHV/DQGJUDIHQ/XGZLJ,;YRQ+HVVHQ 'DUPVWDGW 6WHPSHO]ZHLYHUVFKOXQJHQH/VPLW.URQH  7H[WYHUOXVWU 

 'HWWHOEDFK)UDQ]LVNDQHUNORVWHU 6LJQ+LVWHFFOž 7H[WYHUOXVWUYUYUYUYUYUY 

 (UIXUW8QLYHUVLWlWVXQG)RUVFKXQJVELEOLRWKHN(UIXUW*RWKD 6LJQ,ž 3URYHQLHQ]&ROOHJLM6RFWDV-HVX(UIIXUWL$R %HVLW]YHUPHUN  7H[WYHUOXVWIž



1DFKZHLVGHU(LQ]HOH[HPSODUH

 (UODQJHQ8QLYHUVLWlWVELEOLRWKHN(UODQJHQ1UQEHUJ 6LJQ,QFE 3URYHQLHQ] 6SlWHVWHQVDE 8QLYHUVLWlWVELEOLRWKHN(UODQJHQ /LW+DQV2WWR.HXQHFNH&LPHOLD(UODQJHQVLD$XVGHQ6FKlW]HQGHU8QLYHUVL WlWVELEOLRWKHN .DWDORJ ]XU $XVVWHOOXQJ LP  -DKU GHU )ULHGULFK$OH[DQ GHU%LEOLRWKHN8QWHU0LWDUEHLWYRQ0DUWLQD:LUWKXQG.RQUDG:LFNHUW ,Q .RQUDG :LFNHUW +J  6FKULIWHQ GHU 8QLYHUVLWlWVELEOLRWKHN (UODQJHQ 1UQEHUJ(UODQJHQ8QLYHUVLWlWVELEOLRWKHN.DW1U6 7H[WYROOVW 

 )UDQNIXUW8QLYHUVLWlWVELEOLRWKHN-RKDQQ&KULVWLDQ6HQFNHQEHUJ 6LJQ,QFIROD 3URYHQLHQ](LQWUDJLPYRUGHUHQ%XFKGHFNHO&RQVWIOD([%LEOLR WKHFDMDMRK%UHLWHQEDFK7HXW2UG$OXPSW3ULPLVVLQ6DFKVHQKDXVHQ (LQWUDJLPKLQWHUHQ%XFKGHFNHO%DWWRQ /LW&OHPHQV.|WWHOZHVFK +J ,QNXQDEHONDWDORJGHU6WDGWXQG8QLYHUVLWlWV ELEOLRWKHN XQG DQGHUHU |IIHQWOLFKHU 6DPPOXQJHQ LQ )UDQNIXUW %HDUE YRQ .XUW 2KO\XQG9HUD6DFN)UDQNIXUW1U 7H[WYHUOXVWIžUYUYUYUYUYIž IžIžIž 

 )UHLEXUJ8QLYHUVLWlWVELEOLRWKHN 6LJQ,QNž/GL 3URYHQLHQ] $QGUHDV PLW 7\SHQ 3HWHU 6FK|IIHUV@  )HEUXDU  KWWSDOHSKKXMLDFLOQQOGLJERRNVENKWPO 'M9X3OXJ,QEHQ|WLJW   'LHIDUWRGHUUH\V]EHUPHUH]XGHPKH\OLJHQJUDEYQVHUVKHUUHQ-KHVXFULVWLJHQ-KH UXVDOHP$XFK]XGHUKH\OLJHQLXQFNIUDZHQVDQW.DWKHULQHQJUDEDXIGHPEHUJ6\QDL :ROIHQEWWHOHU ([HPSODU GHU ]ZHLWHQ  GHXWVFKHQ $XVJDEH *:  $XJVEXUJ$QWRQ6RUJ$SULO  KWWSGLJOLEKDEGHFRQWHQWSKS"GLU LQNXQDEHOQKLVWI  'LH KH\OLJKH EHXDUGHQ WRW GDW KH\OLJKH JUDIIW LQ LKHUXVDOHP 0QFKQHU ([HPSODU GHUQLHGHUOlQGLVFKHQ$XVJDEH *:0DLQ]3HWHU6FK|IIHU0DL   KWWSGDWHQGLJLWDOHVDPPOXQJHQGHaGEEVELPDJHV  3HUHJULQDWLRLQWHUUDPVDQFWDP0QFKQHU([HPSODUGHU ]ZHLWHQ ODWHLQLVFKHQ $XVJDEH *:6SH\HU3HWHU'UDFK-XOL  KWWSGDWHQGLJLWDOHVDPPOXQJHQGHaGEEVELPDJHV  6DQFWDUXPSHUHJULQDWLRQXPLQPRQWHP6\RQDG«&KULVWL6HSXOFKUXPLQ+LHUXVD OHP0QFKQHU([HPSODUGHU$XVJDEH>6SH\HU3HWHU'UDFK1RYHP EHU@ 9'%  KWWSGDWHQGLJLWDOHVDPPOXQJHQGHaGEEVELPDJHV  'LVEXFKLVWLQQKDOWHQGGLHKHLOLJH>Q@UH\VHQJHLQ-KHUXVDOHP]XGHPKHLOLJHQ*UDEYQG IXUED‰]XGHUKRFKJHOREWHQMRQJIURZHQYQGPHUWHU\QVDQWNDWKHU\Q0QFKQHU([ HPSODUGHU$XVJDEH>6SH\HU3HWHU'UDFKXP@ 9'%*: ,96S  KWWSGDWHQGLJLWDOHVDPPOXQJHQGHaGEEVELPDJHV  %UH\GHQEDFK*HFN   (OLVDEHWK*HFN +UVJ %HUQKDUGYRQ%UH\GHQEDFK'LH5HLVHLQV+HLOLJH/DQG (LQ5HLVHEHULFKWDXVGHP-DKUH:LHVEDGHQ  %UH\GHQEDFK*HFN   (OLVDEHWK*HFN +UVJ %HUQKDUGYRQ%UH\GHQEDFK'LH5HLVHLQV+HLOLJH/DQG (LQ5HLVHEHULFKWDXVGHP-DKUH:LHVEDGHQ 

%LEOLRJUDSKLH



%UH\GHQEDFK.OX‰PDQQ %HUQKDUG YRQ %UH\GHQEDFK 3HUHJULQDWLR LQ WHUUDP VDQFWDP )DNVLPLOH GHU HUVWHQ GW$XVJDEHY3HWHU6FK|IIHU0DLQ]+UVJY$QGUHDV.OX‰PDQQ 6DDUEUFNHQ

$QGHUH4XHOOHQXQG(GLWLRQHQ %RXUGRQ -DNRE &KULVWRSK %RXUGRQ (SLWKDSKLD LQ (FFOHVLD 0HWURSROLWDQD 0RJXQWLQD +6  %UHLWHQEDFK5|KULFKW0HLVQHU 'LH5HLVHLQVWUXFWLRQGHV%HUQKDUGYRQ%UHLWHQEDFK,Q5|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bJ\SWHQ%HDUEXQGPLWHLQHP1DFKZRUWYHUVHKHQYRQ+HUEHUW :LHJDQGW6WXWWJDUW  )DEUL:LHJDQGW.UDX‰ )HOL[ )DEUL (YDJDWRULXP EHU GLH 3LOJHUUHLVH LQV KHLOLJH /DQG QDFK $UDELHQ XQG bJ\SWHQ%GHKUVJYRQ+HUEHUW:LHJDQGWX+HUEHUW.UDX‰8OP   



%LEOLRJUDSKLH

)DEUL&DUOV  )HOL[)DEUL'LH6LRQSLOJHU+UVJYRQ:LHODQG&DUOV7H[WHGHVVSlWHQ0LW WHODOWHUVXQGGHUIUKHQ1HX]HLW%G%HUOLQ  *UQHQEHUJ .RQUDGYRQ*UQHQEHUJ5HLVHYRQ.RQVWDQ]QDFK-HUXVDOHP&D KWWSZZZEOENDUOVUXKHGHYLUWBELEVWSHWHUBSDS  *UQHPEHUJ*ROGIULHGULFK)UlQ]HO 5LWWHU*UQHPEHUJV3LOJHUIDKUWLQV+HLOLJH/DQG+UVJXEHUVHW]WY-R KDQQ*ROGIULHGULFKX:DOWHU)UlQ]HO/HLS]LJHU4XHOOHQEFKHU/HLS ]LJ  *XJOLQJHQ6ROOZHFN  )UDWULV3DXOL:DOWKHUL,WLQHUDULXPLQ7HUUDP6DQFWDPHWDG6DQFWDP&DWKDULQDP +UVJYRQ06ROOZHFN%LEOLRWKHNGHV/LWHUDULVFKHQ9HUHLQV6WXWWJDUW 7ELQJHQ  +DUII*URRWH $UQROGYRQ+DUII'LH3LOJHUIDKUWGHV5LWWHUV$UQROGYRQ+DUIIYRQ&|OQGXUFK,WD OLHQ6\ULHQ$HJ\SWHQ$UDELHQ$HWKLRSLHQ1XELHQ3DOlVWLQDGLH7UNHL)UDQN UHLFKXQG6SDQLHQZLHHUVLHLQGHQ-DKUHQELVYROOHQGHWEHVFKULHEHQXQG GXUFK=HLFKQXQJHQHUOlXWHUWKDW1DFKGHQlOWHVWHQ+DQGVFKULIWHQXQGPLWGH UHQ %LOGHUQLQ+RO]VFKQLWWKHUDXVJHJHEHQYRQ(EHUKDUGYRQ *URRWH 1DFKGUXFNGHU$XVJDEH&|OQ+LOGHVKHLP=ULFK1HZ]XHUVW@  *DQ]%OlWWOHU  8UVXOD *DQ]%OlWWOHU $QGDFKW XQG $EHQWHXHU %HULFKWH HXURSlLVFKHU -HUXVDOHP XQG 6DQWLDJR3LOJHU   -DNREXV6WXGLHQ  7ELQJHQ  >]XHUVW @  *DQ]%OlWWOHU  8UVXOD *DQ]%OlWWOHU Ä8QG VR VFKULHQ VLH LQ LKUHU 6SUDFKH· 9RP 8PJDQJ PLW )UHPGVSUDFK LJ HQLQVSlWPLWWHODOWHUOLFKHQ3LOJHUEHULFKWHQ,Q'DV0LWWHODOWHU%G 6  



%LEOLRJUDSKLH

*DW]  (UZLQ*DW]'LH%LVFK|IHGHV+HLOLJHQ5|PLVFKHQ5HLFKHVELV(LQELR JUDSKLVFKHV/H[LNRQ%HUOLQ  *HFN   (OLVDEHWK*HFN*UXQG]JHGHU*HVFKLFKWHGHU%XFKLOOXVWUDWLRQ'DUPVWDGW  *HLVKHLP )HOL[*HLVKHLP'LH+RKHQ]ROOHUQDPKHLOLJHQ*UDEH]X-HUXVDOHPLQVEHVRQGHUHGLH 3LOJHUIDKUWHQGHU0DUNJUDIHQ-RKDQQXQG$OEUHFKWYRQ%UDQGHQEXUJLP-DKUH %HUOLQ  *HOGQHU  )HUGLQDQG*HOGQHU'LHGHXWVFKHQ,QNXQDEHOQ6WXWWJDUW  *HOGQHU  )HUGLQDQG*HOGQHU'LHGHXWVFKHQ,QNXQDEHOGUXFNHU%GH6WXWWJDUW  *HOGQHU  )HUGLQDQG*HOGQHU,QNXQDEHONXQGH(LQH(LQIKUXQJLQGLH:HOWGHVIUKHVWHQ %XFKGUXFNV:LHVEDGHQ  *HUKDUGW  &KULVWRSK*HUKDUGW *DEHVLP 0LWWHODOWHU)DEHOZHVHQ",Q:LUNHQGHV:RUW %G6  *LHUVFK6FKPLGW  3DXOD*LHUVFK:ROIJDQJ6FKPLGW5KHLQODQG²+HLOLJHV/DQG3LOJHUUHLVHQXQG .XOWXUNRQWDNWHLP0LWWHODOWHU7ULHU  *LHVHFNH  0LFKDHO*LHVHFNHÄ9RONVVSUDFKH·XQGÄ9HUVFKULIWOLFKXQJ·GHV/HEHQVLP6SlWPLW WHODOWHU,Q+DQV8*XPEUHFKW +UVJ /LWHUDWXULQGHU*HVHOOVFKDIWGHV6SlW PLWWHODOWHUV+HLGHOEHUJ6  *LHVHFNH 0LFKDHO*LHVHFNH'HU%XFKGUXFNLQGHUIUKHQ1HX]HLW(LQHKLVWRULVFKH)DOOVWX GLH EHU GLH 'XUFKVHW]XQJ QHXHU ,QIRUPDWLRQV XQG .RPPXQLNDWLRQVWHFKQRORJLHQ )UDQNIXUWDP0DLQ  

%LEOLRJUDSKLH



*LHVHFNH  0LFKDHO *LHVHFNH 9RQ GHQ VNULSWRJUDSKLVFKHQ ]X GHQ W\SRJUDSKLVFKHQ ,QIRUPD WLRQVYHUDUEHLWXQJVSURJUDPPHQ1HXH)RUPHQGHU,QIRUPDWLRQVJHZLQQXQJXQGGDUVWHO OXQJLPXQG-DKUKXQGHUW,Q%UXQQHU:ROI6  *ODVHU  &XUW*ODVHU'HU+RO]VFKQLWWYRQVHLQHQ$QIlQJHQLP-DKUKXQGHUWELV]XU*H JHQZDUW%HUOLQ  *|UOLW]HU%LOGHUELEHO  *|UOLW]HU %LOGHUELEHO $XI GHQ 6SXUHQ GHU %LEHO GXUFK *|UOLW] +UVJ YRQ GHU (YDQJHOLVFKHQ.LUFKHGHUVFKOHVLVFKHQ2EHUODXVLW]+HUUQKXW  *ROGIULHGULFK.DSS -RKDQQ*ROGIULHGULFK)ULHGULFK.DSS*HVFKLFKWHGHVGHXWVFKHQ%XFKKDQGHOV %GH/HLS]LJ%G6  *RU\V (UKDUG*RU\V+HLOLJHV/DQG(LQ-DKUHDOWHV.XOWXUODQG]ZLVFKHQ0LWWHO PHHU5RWHP0HHUXQG-RUGDQ2VWILOGHUQ>]XHUVW.|OQ@  *UDGHQZLW]  3HWHU *UDGHQZLW] +UVJ  'DV +HLOLJH /DQG LQ $XJHQ]HXJHQEHULFKWHQ 0Q FKHQ  *UlVVH -RKDQQ *HRUJ 7KHRGRU *UlVVH /HKUEXFK HLQHU DOOJHPHLQHQ /LWHUDWXUJHVFKLFKWH DOOHUEHNDQQWHQ9|ONHUGHU:HOWYRQGHUDHOWHVWHQELVDXIGLHQHXHVWH=HLW%GH %G$EW/HKUEXFKHLQHU/LWHUDWXUJHVFKLFKWHGHUEHUKPWHVWHQ9|ONHUGHV0LW WHODOWHUVRGHU*HVFKLFKWHGHU/LWHUDWXUGHU$UDEHU$UPHQLHU3HUVHU7UNHQ'UHV GHQ  *UDHVVH  2UELV/DWLQXV /H[LNRQ ODWHLQLVFKHU JHRJUDSKLVFKHU 1DPHQ GHV 0LWWHODOWHUV XQG GHU 1HX]HLW %HDUE XQG KUVJ YRQ +HOPXW 3OHFKO XQWHU 0LWDUEHLW Y 6RSKLH &KDUORWWH3OHFKO%GH%UDXQVFKZHLJ>]XHUVW'UHVGHQ@  *UHQ]PDQQ6WDFNPDQQ  /XGJHU*UHQ]PDQQ.DUO6WDFNPDQQ +UVJ  /LWHUDWXU XQG/DLHQELOGXQJ LP 6SlWPLWWHODOWHU XQG LQ GHU 5HIRUPDWLRQV]HLW 6\PSRVLRQ :ROIHQEWWHO  6WXWWJDUW



%LEOLRJUDSKLH

*ULPP -DFRE XQG :LOKHOP *ULPP 'HXWVFKHV :|UWHUEXFK  %GH /HLS]LJ  1DFKGUXFNLQ%GQ0QFKHQ  *UXQGPDQQ  +HUEHUW *UXQGPDQQ +UVJ  +DQGEXFK GHU GHXWVFKHQ *HVFKLFKWH  %GH 6WXWWJDUW%DQG)UK]HLWXQG0LWWHODOWHU6  *XWHQEHUJ  *XWHQEHUJ ² DYHQWXU XQG NXQVW 9RP *HKHLPXQWHUQHKPHQ ]XU HUVWHQ 0H GLHQUHYROXWLRQ+UVJYRQGHU6WDGW0DLQ]GHP6WDGWDUFKLY*XWHQEHUJ0X VHXP/DQGHVPXVHXP%LVFK|IOLFKHV'RPXQG'L|]HVDQPXVHXP0DLQ]   *XWKH +HUPDQQ*XWKH%LEHODWODVLQ+DXSWXQG1HEHQNDUWHQ/HLS]LJ  *:  *HVDPWNDWDORJ GHU :LHJHQGUXFNH +UVJ YRQ GHU .RPPLVVLRQ IU GHQ *H VDPWNDWDORJ GHU :LHJHQGUXFNH %G  /IJ  /HLS]LJ   $XIO GXUFKJHV 1HXGUXFN GHU  $XIO %G  6WXWWJDUW  %G II KUVJYRQGHU6WDDWVELEOLRWKHN]X%HUOLQ6WXWWJDUWII=XOHW]W%G   KWWSZZZJHVDPWNDWDORJGHUZLHJHQGUXFNHGH  +DLQ  /XGZLJ+DLQ5HSHUWRULXP%LEOLRJUDSKLFXPLQTXROLEULRPQHVDEDUWHW\SRJUDSKLFD LQYHQWDXVTXHDGDQQXP0'W\SLVH[SUHVVL«UHFHQVHQWXU%GH6WXWWJDUW7 ELQJHQ3DULV1DFKGUXFN%HUOLQ  +DHEOHU  .RQUDG +DHEOHU 'LH GHXWVFKHQ 'UXFNHU GHV ;9 -DKUKXQGHUWV LP $XVODQGH 0QFKHQ  +DHEOHU  .RQUDG+DHEOHU+DQGEXFKGHU,QNXQDEHONXQGH/HLS]LJ  +DHUWHO+HOOLQJD  +HOPDU +DHUWHO/RWWH +HOOLQJD +UVJ  %XFK XQG 7H[W LP  -DKUKXQGHUW $UEHLWVJHVSUlFKLQGHU+HU]RJ$XJXVW%LEOLRWKHN:ROIHQEWWHOYRPELV 0lU]+DPEXUJ

%LEOLRJUDSKLH



+lXVVOHU  0D[+lXVVOHU)HOL[)DEULDXV8OPXQGVHLQH6WHOOXQJ]XPJHLVWLJHQ/HEHQVHLQHU =HLW/HLS]LJ  +DOP &KULVWLDQ +DOP 'HXWVFKH 5HLVHEHULFKWH )UDQNIXUW DP 0DLQ%HUOLQ%HUQ >]XHUVW@,Q:HUQHU3DUDYLFLQL(XURSlLVFKH5HLVHEHULFKWHGHVVSlWHQ 0LWWHODOWHUV(LQHDQDO\WLVFKH%LEOLRJUDSKLH%GH%DQG,)UDQNIXUWDP0DLQ %HUOLQ%HUQ  +DUEVPHLHU  0LFKDHO +DUEVPHLHU :LOGH 9|ONHUNXQGH $QGHUH :HOWHQ LQ GHXWVFKHQ 5HL VHEHULFKWHQGHU)UKHQ1HX]HLW)UDQNIXUWDP0DLQ1HZ]X HUVW@  +RIIPDQQ%lFKWROG  +DQGZ|UWHUEXFKGHVGHXWVFKHQ$EHUJODXEHQV%GH+UVJYRQ(GXDUG+RII PDQQ.UD\HUX+DQQV%lFKWROG6WlXEOL%HUOLQ>]XHUVW%HUOLQ @  +RQHPDQQ  9RONHU +RQHPDQQ =XU hEHUOLHIHUXQJ GHU 5HLVHEHVFKUHLEXQJ $UQROGV YRQ +DUII ,Q=IG$6  +KQV  (ULN+KQV7KHRULHXQG3UD[LVLQGHU5HLFKVUHIRUPEHZHJXQJGHV-DKUKXQGHUWV 1LNRODXV YRQ &XHV GLH 5HIRUPDWLR 6LJLVPXQGL XQG %HUWKROG YRQ +HQQHEHUJ ,Q :LVVHQVFKDIWOLFKH =HLWVFKULIW GHU +XPEROGW8QLYHUVLWlW %HUOLQ %G , 6  +QHPDQQ 3HWHU+QHPDQQ.RPSHQGLXPGHU*ODXEHQVEHNHQQWQLVVHXQGNLUFKOLFKHQ/HKUHQW VFKHLGXQJHQ (QFKLULGLRQ V\PERORUXP GHILQLWLRQXP HW GHFODUDWLRQXP GH UHEXV ILGHL HW PRUXP)UHLEXUJ%DVHO:LHQ  +XQGVELFKOHU +HOPXW +XQGVELFKOHU +UVJ  .RPPXQLNDWLRQ XQG $OOWDJ LQ 6SlWPLWWHODOWHU XQGIUKHU1HX]HLW,QWHUQDWLRQDOHU.RQJUHVVLQ.UHPVDQGHU'RQDXELV 2NWREHU:LHQ  +XQNH  6LJULG+XQNH$UDELVFKH(LQIOVVHEHZlVVHUQ)HOGHUGHXWVFKHU.XOWXU,Q$UDEHU XQG'HXWVFKH7ELQJHQ6  +XVFKHQEHWW  'LHWULFK +XVFKHQEHWW %HUQKDUG YRQ %UHLGHQEDFK ,Q 9/ ,  6S   



%LEOLRJUDSKLH

+XVFKHQEHWW  'LHWULFK+XVFKHQEHWW'LH/LWHUDWXUGHUGHXWVFKHQ3LOJHUUHLVHQQDFK-HUXVDOHPLP VSlWHQ0LWWHODOWHU,Q'9MV%G6  +XVFKHQEHWW 'LHWULFK+XVFKHQEHWW9RQODQGHQXQG\QVHOHQ/LWHUDULVFKHXQGJHLVWOLFKH0HHU IDKUWHQQDFK3DOlVWLQDLPVSlWHQ0LWWHODOWHU,Q1RUEHUW5LFKDUG:ROI +UVJ  :LVVHQVRUJDQLVLHUHQGH XQG ZLVVHQVYHUPLWWHOQGH /LWHUDWXU LP 0LWWHODOWHU 3HUVSHNWLYHQLKUHU(UIRUVFKXQJ:LVVHQVOLWHUDWXULP0LWWHODOWHU6FKULIWHQ GHV6RQGHUIRUVFKXQJVEHUHLFKV:U]EXUJ(LFKVWlWW%G:LHVEDGHQ 6  +XVFKHQEHWW  'LHWULFK+XVFKHQEHWW3LOJHUUHLVHEHULFKWHEHU3DOlVWLQD,Q9/9,,6S   +XVFKHQEHWW  'LHWULFK+XVFKHQEHWW6SlWPLWWHODOWHUOLFKH%HULFKWHYRQ3DOlVWLQDIDKUWHQXQGPLW WHODOWHUOLFKH.DUWRJUDSKLH,Q+DUWPXW.XJOHUX(FNKDUG0LFKDHO +UVJ (LQ :HOWELOGYRU&ROXPEXV'LH(EVWRUIHU:HOWNDUWH:HLQKHLP6  +XVFKHQEHWW0DUJHWWV  'LHWULFK+XVFKHQEHWW-RKQ0DUJHWWV +UVJ 5HLVHQXQG:HOWHUIDKUXQJLQGHU GHXWVFKHQ/LWHUDWXUGHV0LWWHODOWHUV9RUWUlJHGHV;,$QJORGHXWVFKHQ&ROOR TXLXPV  6HSWHPEHU  8QLYHUVLWlW /LYHUSRRO ,Q :U]EXUJHU %HLWUlJH]XUGHXWVFKHQ3KLORORJLH%G:U]EXUJ  ,1.$  (OHNWURQLVFKHU,QNXQDEHONDWDORJGHXWVFKHU%LEOLRWKHNHQ KWWSZZZLQNDXQLWXHELQJHQGH  ,VLGRU0|OOHU 'LH(Q]\NORSlGLHGHV,VLGRUYRQ6HYLOODhEHUVXQGPLW$QPHUNXQJHQYHUVH KHQYRQ/HQHORWWH0|OOHU:LHVEDGHQ  ,67& ,QFXQDEXOD6KRUW7LWOH&DWDORJXHGHU%ULWLVK/LEUDU\ KWWSLVWFEOXN1ULE   

%LEOLRJUDSKLH



-DKQ  %HUQKDUG -DKQ 5DXPNRQ]HSWH LQ GHU )UKHQ 1HX]HLW =XU .RQVWUXNWLRQ YRQ :LUNOLFKNHLW LQ 3LOJHUEHULFKWHQ $PHULNDUHLVHEHVFKUHLEXQJHQ XQG 3URVDHU]lKOXQJHQ )UDQNIXUWDP0DLQ%HUQ  -DQRWD -RKDQQHV -DQRWD 1HXH )RUVFKXQJHQ ]XU GHXWVFKHQ 'LFKWXQJ GHV 6SlWPLWWHODOWHUV  ,Q'9MV6WXWWJDUW  -DULW]  *HUKDUG-DULW]'DVÄ%LOG·GHV5HLVHQGHQLQ6SlWPLWWHODOWHUXQG)UKQHX]HLW´,Q %HLWUlJH]XUKLVWRULVFKHQ6R]LDONXQGH%G6  -DULW]6FKXK  *HUKDUG-DULW]%DUEDUD6FKXK +UVJ :DOOIDKUWXQG$OOWDJLQ0LWWHODOWHUXQG )UKHU 1HX]HLW ,QWHUQDWLRQDOHV 5RXQG7DEOH*HVSUlFK  2NWREHU  .UHPVDQGHU'RQDX:LHQ  -HGLQ/DWRXUHWWH0DUWLQ  +XEHUW-HGLQ.HQQHWK6/DWRXUHWWH-RFKHQ0DUWLQ +UVJ $WODV]XU.LU FKHQJHVFKLFKWH)UHLEXUJL%U%DVHO:LHQ  -XQJ  :LOKHOP-XQJ +UVJ -DKUH0DLQ]HU'RP  $XVVWHOOXQJVND WDORJ%LVFK|IOLFKHV'L|]HVDQPXVHXP0DLQ]  -UJHQVPHLHU  )ULHGKHOP-UJHQVPHLHU+DQGEXFKGHU0DLQ]HU.LUFKHQJHVFKLFKWH%GH%G :U]EXUJ  .DUWVFKRNH 'LHWHU.DUWVFKRNH'HUDLQZDVJUkGHUDQGHUZDVFKDOhEHUGDV(UNHQQHQXQG :LHGHUHUNHQQHQSK\VLRJQRPLVFKHU ,QGLYLGXDOLWlW LP0LWWHODOWHU,Q )HVWVFKULIWIU :DOWHU+DXJXQG%XUJKDUW:DFKLQJHU%G7ELQJHQ6  .DXIIPDQQ  *HRUJ.DXIIPDQQ=XP9HUKlOWQLVYRQ%LOGXQG7H[WLQGHU5HQDLVVDQFH2S ODGHQ   



%LEOLRJUDSKLH

.DXIPDQQ  7KRPDV.DXIPDQQÄ7UFNHQEFKOHLQ·=XUFKULVWOLFKHQ:DKUQHKPXQJÄWUNLVFKHU 5HOLJLRQ·LP6SlWPLWWHODOWHUXQG5HIRUPDWLRQ*|WWLQJHQ  .DXW]VFK  5XGROI.DXW]VFK'HU0DLQ]HU'RPXQGVHLQH'HQNPlOHU)UDQNIXUWDP0DLQ   .DXW]VFK1HHE 5XGROI .DXW]VFK(UQVW 1HHE 'HU 'RP ]X 0DLQ] 'LH .XQVWGHQNPlOHU GHU 6WDGWXQGGHV.UHLVHV0DLQ]'DUPVWDGW  .D]ZLQL  =DNDULMDEHQ0XKDPPHGEHQ0DKPXGHO.D]ZLQL.RVPRJUDSKLH'LH:XQ GHUGHU6FK|SIXQJhEHUVYRQ+(WKp+DOEEDQG/HLS]LJ  .HLQHPDQQ  )ULHGULFK .HLQHPDQQ 'DV 'RPVWLIW 0DLQ] XQG GHU PHGLDWH $GHO ,Q +LVWR ULVFKHV-DKUEXFK%G6  .HOOHU +LOWJDUW / .HOOHU 5HFODPV /H[LNRQ GHU +HLOLJHQ XQG GHU ELEOLVFKHQ *HVWDOWHQ /HJHQGHXQG'DUVWHOOXQJLQGHUELOGHQGHQ.XQVW6WXWWJDUW  .KDWWDE  $OH\D.KDWWDE'DV bJ\SWHQELOGLQGHQ GHXWVFKVSUDFKLJHQ5HLVHEHVFKUHLEXQJHQGHU =HLW YRQ  (XURSlLVFKH +RFKVFKXOVFKULIWHQ 5HLKH  'HXWVFKH 6SUDFKHXQG/LWHUDWXU%G)UDQNIXUWDP0DLQ%HUQ  .LUVFKEDXP (QJHOEHUW.LUVFKEDXP +UVJ /H[LNRQGHUFKULVWOLFKHQ,NRQRJUDSKLH6RQGHU DXVJ%GH)UHLEXUJ>]XHUVW@  .OXJH )ULHGULFK.OXJH(W\PRORJLVFKHV:|UWHUEXFKGHUGHXWVFKHQ6SUDFKH$XIO1HX EHDUEY(OPDU6HHEROG%HUOLQ1HZ]XHUVW@  /%% /H[LNRQ GHU%XFKNXQVW XQG %LEOLRSKLOLH +UVJY .DUO .:DOWKHU0QFKHQ   /&, /H[LNRQ GHU FKULVWOLFKHQ ,NRQRJUDSKLH +UVJ Y (QJHOEHUW .LUVFKEDXP 6RQ GHUDXVJ%GH)UHLEXUJ>]XHUVW@  /HKPDQQ+DXSW  +/HKPDQQ+DXSW 'LH+RO]VFKQLWWHGHU%UH\GHQEDFKVFKHQ 3LOJHUIDKUWDOV9RU ELOGHUJH]HLFKQHWHU+DQGVFKULIWHQLOOXVWUDWLRQ,Q*E-E,9  6  /H[HU 0DWWKLDV/H[HU0LWWHOKRFKGHXWVFKHV+DQGZ|UWHUEXFK%GH/HLS]LJ  /LHEH  *HRUJ+7/LHEH'DV-XGHQWXPLQGHUGHXWVFKHQ9HUJDQJHQKHLW/HLS]LJ  /HSV]\  +DQV-RDFKLP/HSV]\'LH5HLVHEHULFKWHGHV0LWWHODOWHUVXQGGHU5HIRUPDWLRQV]HLW +DPEXUJ 0DVFK   /HX]LQJHU 5XGROI/HX]LQJHU%LEOLVFKWRSRJUDSKLVFKH.DUWHYRQ3DOlVWLQD%HUQ  /0$  /H[LNRQGHV0LWWHODOWHUV+UVJY5+%DXWLHU5$XGU\XD%GH0Q FKHQ=ULFK  /7K.  /H[LNRQIU7KHRORJLHXQG.LUFKH%GH)UHLEXUJLP%UHLVJDX%DVHO5RP :LHQ



%LEOLRJUDSKLH

/OILQJ  +DQV /OILQJ -RKDQQHV *XWHQEHUJ XQG GDV %XFKZHVHQ GHV  XQG  -DKUKXQ GHUWV0QFKHQ3XOODFK  0DWKHXV  0LFKDHO0DWKHXV +UVJ 3LOJHUXQG:DOOIDKUWVVWlWWHQLQ0LWWHODOWHUXQG1HX]HLW 6WXWWJDUW  0DWK\ +HOPXW0DWK\'LH8QLYHUVLWlW0DLQ]0DLQ]  0D\  +HUEHUW*0D\ +UVJ 2[IRUG%LEOH$WODV/RQGRQ  0HLHU &KULVWHO 0HLHU $UJXPHQWDWLRQVIRUPHQ NULWLVFKHU 5HIOH[LRQ ]ZLVFKHQ 1DWXUZLVVHQ VFKDIWXQG$OOHJRUHVH,Q)UKPLWWHODOWHUOLFKH6WXGLHQ0QVWHU  0HLQHUW  7LOO0HLQHUW'DV+HLOLJH*UDE]X*|UOLW]$UFKLWHNWXUXQG*HVFKLFKWHHLQHVVSlW PLWWHODOWHUOLFKHQ%DXHQVHPEOHV%HUOLQ  0HODV (YL0HODV +UVJ 'LHJULHFKLVFKHQ,QVHOQ.|OQ>]XHUVW@  0KGW*  +HUPDQQ3DXO0LWWHOKRFKGHXWVFKH*UDPPDWLN$XIO1HXEHDUEY3HWHU :LHKOX6LHJIULHG*URVVH7ELQJHQ  0KGW: :LOKHOP0OOHU0LWWHOKRFKGHXWVFKHV:|UWHUEXFK0LW%HQXW]XQJGHV1DFKODV VHVYRQ *HRUJ )ULHGULFK %HQHFNH DXVJHDUEY :LOKHOP 0OOHU X)ULHG ULFK=DUQFNH1DFKGUXFNGHU$XVJDEH/HLS]LJ%GH6WXWWJDUW   0LHWK .ODXV3HWHU0LHWK'HU'LDORJGHV3HWUXV$OIRQVL6HLQHhEHUOLHIHUXQJLP'UXFN XQGLQGHQ+DQGVFKULIWHQ7H[WHGLWLRQ3KLO'LVV%HUOLQ   

%LEOLRJUDSKLH



0|ELXV  +HOJD 0|ELXV 3DVVLRQ XQG $XIHUVWHKXQJ LQ .XOWXU XQG .XQVW GHV 0LWWHODOWHUV :LHQ  0ROLWRU  (ULFK 0ROLWRU 'LH 5HLFKVUHIRUPEHVWUHEXQJHQ GHV  -DKUKXQGHUWV ELV ]XP 7RGH .DLVHU)ULHGULFKV,,,$DOHQ>]XHUVW%UHVODX@  0RULW]  5HLQHU 0RULW] 8QWHUVXFKXQJHQ ]X GHQ GHXWVFKVSUDFKLJHQ 5HLVHEHVFKUHLEXQJHQ GHV -DKUKXQGHUWV0QFKHQ  0RUDZ  3HWHU0RUDZ +UVJ 8QWHUZHJVVHLQLP6SlWPLWWHODOWHU%HUOLQ  0RVHU 0RVHU %HVFKUHLEXQJ GHU GUHL HUVWHQ $XVJDEHQ XQG GHU VSDQLVFKHQ hEHUVHW]XQJ GHU 5HLVH GHV %HUQKDUG YRQ %UHLGHQEDFK LQ GHQ 2ULHQW QHEVW HLQHU PLW GHQ Q|WKLJHQ %HZHLVVWHOOHQEHOHJWHQ*HVFKLFKWHLKUHU$EIDVVXQJ,Q6HUDSHXP,,,  6 XQG,9  6  0OOHU -DQ'LUN0OOHU&XULRVLWDVXQGHUIDUXQJGHU:HOWLPIUKHQGHXWVFKHQ3URVDURPDQ ,Q /LWHUDWXU XQG /DLHQELOGXQJ LP 6SlWPLWWHODOWHU XQG LQ GHU 5HIRUPDWLRQV]HLW +UVJY/XGJHU*UHQ]PDQQX.DUO6WDFNPDQQ*HUPDQLVWLVFKH6\PSR VLHQ%HULFKWVElQGH96WXWWJDUW  0OOHU -DQ'LUN0OOHU(UIDKUXQJ]ZLVFKHQ+HLOVVRUJH6HOEVWHUNHQQWQLVXQG(QWGHFNXQJ GHV.RVPRV,Q'DSKQLV  1DUHGL5DLQHU 3DXOYRQ1DUHGL5DLQHU6DORPRV7HPSHOXQGGDV$EHQGODQG0RQXPHQWDOH)RO JHQ+LVWRULVFKH,UUWPHU.|OQ  1HEHQ]DKO  .HQQHWK1HEHQ]DKO +UVJ $WODV]XP+HLOLJHQ/DQG.DUWHQGHUWHUUDVDQFWD GXUFK]ZHL-DKUWDXVHQGH6WXWWJDUW   



%LEOLRJUDSKLH

1HXZLUWK $QJHOLND1HXZLUWK-HUXVDOHP²2UWDXFKLVODPLVFKHU(ULQQHUXQJ,Q +HQGULN %XGGH$QGUHDV1DFKDPD +UVJ 'LH5HLVHQDFK-HUXVDOHP%HUOLQ6   1LHKRII  )UDQ]1LHKRII8PELOLFXVPXQGL²'HU1DEHOGHU:HOW-HUXVDOHPXQGGDV+HLOLJH *UDE LP 6SLHJHO YRQ 3LOJHUEHULFKWHQ XQG NDUWHQ .UHX]]JHQ XQG 5HOLTXLDUHQ ,Q 2UQDPHQWD(FFOHVLDH.XQVWXQG.QVWOHUGHU5RPDQLN+UVJYRQ$QWRQ/HFK QHU%G.|OQ6  1LHKU .ODXV1LHKUÅIUHPGHJHSLOGQ‰²H\JHQHJHVWDOW´(LQH:RUW%LOG.RQNXUUHQ]GHV -DKUKXQGHUWV,Q%HFNHU%OLHQEDFK1LFNHO , 6  1LHKU .ODXV1LHKUÅDOVLFKGDVVHOEHUHUNXQGHWYQGJHVHKHQKDE´:DKUQHKPXQJHQXQG 'DUVWHOOXQJ GHV )UHPGHQ LQ %HUQKDUG YRQ %UH\GHQEDFKV 3HUHJULQDWLRQHV LQ 7HUUDP 6DQFWDPXQGDQGHUHQ3LOJHUEHULFKWHQGHVDXVJHKHQGHQ0LWWHODOWHUV,Q*E-E6   1LVVHQ &1LVVHQ'LH]RRORJLVFKH%XFKLOOXVWUDWLRQ%GH6WXWWJDUW  2EHUPDQ +HLNR2EHUPDQ&RQWUDYDQDPFXULRVLWDWHP(LQ.DSLWHOGHU7KHRORJLH]ZLVFKHQ 6HHOHQKHLOXQG:HOWDOO7KHRORJLVFKH6WXGLHQ=ULFK  2GHUPDQQ  (ULFK2GHUPDQQ(LQH6HHUHLVHGHXWVFKHU3LOJHULP-DKUKXQGHUW,Q$UFKLY IU%XFKJHZHUEHXQG*HEUDXFKVJUDSKLN6  2HKPH  5 2HKPH 'LH 3DOlVWLQDNDUWH DXV %HUQKDUG YRQ %UHLGHQEDFKV 5HLVH LQV +HLOLJH /DQG,Q)HVWVFKULIWIU*/H\K=HQWUDOEODWWIU%LEOLRWKHNVZHVHQ %HLKHIW/HLS]LJ6  2KOHU 1RUEHUW2KOHU5HLVHQLP0LWWHODOWHU0QFKHQ=ULFK  

%LEOLRJUDSKLH



2KOHU 1RUEHUW2KOHU3LOJHUOHEHQLP0LWWHODOWHU)UHLEXUJ%DVHO:LHQ  2KOHU 1RUEHUW 2KOHU 3LOJHUVWDE XQG -DNREVPXVFKHO 'LH *HVFKLFKWH GHU :DOOIDKUW LP 0LWWHODOWHUXQG1HX]HLW'VVHOGRUI  2KO\ )ULHGULFK 2KO\ 9RP JHLVWLJHQ 6LQQ GHV :RUWHV LP 0LWWHODOWHU ,Q =IG$    2WW 1RUEHUW+2WW=XU,NRQRJUDSKLHGHU5HLVH%LOGIRUPHOQXQG6WUXNWXUSULQ]LSLHQ PLWWHODOWHUOLFKHU5HLVH,OOXVWUDWLRQHQ,Q'LHWULFK+XVFKHQEHWWX-RKQ0DUJHWWV +UVJ  5HLVHQ XQG :HOWHUIDKUXQJ LQ GHU GHXWVFKHQ /LWHUDWXU GHV 0LWWHODOWHUV :U]EXUJHU %HLWUlJH ]XU GHXWVFKHQ 3KLORORJLH GHV 0LWWHODOWHUV  :U] EXUJ  3DUDYLFLQL :HUQHU3DUDYLFLQL9RQGHU+HLGHQIDKUW]XU.DYDOLHUVWRXUhEHU0RWLYHXQG)RU PHQDGOLJHQ5HLVHQVLPVSlWHQ0LWWHODOWHU,Q%UXQQHU:ROI6  3DW]H  +DQV3DW]H +UVJ *HVFKLFKWVVFKUHLEXQJXQG*HVFKLFKWVEHZXVVWVHLQLPVSlWHQ0LW WHODOWHU6LJPDULQJHQ 3DXO\  3DXO\V 5HDOHQF\FORSlGLH GHU FODVVLVFKHQ $OWHUWXPVZLVVHQVFKDIW +UVJ YRQ *HRUJ :LVVRZDX:LOKHOP.UROO6WXWWJDUW  3LHSHU -DQ 3LHSHU -HUXVDOHPNLUFKHQ 0LWWHODOWHUOLFKH .OHLQDUFKLWHNWXUHQ QDFK GHP 0RGHOO GHV+HLOLJHQ*UDEHV$XVVWHOOXQJVNDWDORJ,Q:LVVHQVFKDIWOLFKH6FKULIWHQGHU )DNXOWlWIU$UFKLWHNWXUGHU5:7+$DFKHQ%G$DFKHQ  3/ -DFTXHV3DXO0LJQH +UVJ 3DWURORJLD/DWLQD%GH3DULV  3OLQLXV  'LH 1DWXUJHVFKLFKWH GHV &DLXV 3OLQLXV 6HFXQGXV +UVJ Y /HQHORWWH 0|OOHU X 0DQXHO 9RJHO ,QV 'HXWVFKH EHUVHW]W XQG PLW $QPHUNXQJHQ YHUVHKHQ YRQ3URI'U*&:LWWVWHLQ%GH:LHVEDGHQ



%LEOLRJUDSKLH

3O|W]  5REHUW3O|W]6WUXNWXUZDQGHOGHUSHUHJULQDWLRLP+RFKPLWWHODOWHU%HJULIIXQG.RP SRQHQWHQ,Q5KHLQLVFKZHVWIlOLVFKH=HLWVFKULIWIU9RONVNXQGH%G 6  3RFKDW *|W] 3RFKDW 'DV )UHPGH LP 0LWWHODOWHU 'DUVWHOOXQJ LQ .XQVW XQG /LWHUDWXU :U]EXUJ  3RWWKDVW  $XJXVW3RWWKDVW%LEOLRWKHFDKLVWRULFDPHGLLDHYL:HJZHLVHUGXUFKGLH*HVFKLFKWV ZHUNHGHV(XURSlLVFKHQ0LWWHODOWHUVELV%HUOLQ  5DDEH 3DXO5DDEH*XWHQEHUJ-DKUH%XFKGUXFNLQ(XURSD:HLQKHLP      5DIIHO (YD 5DIIHO %HDUE  :HOW GHU :LHJHQGUXFNH 'LH HUVWHQ JHGUXFNWHQ %FKHU GHU +HU]RJLQ $QQD $PDOLD %LEOLRWKHN (LQH $XVVWHOOXQJ GHU .ODVVLN 6WLIWXQJ :HLPDU DQOlVVOLFK GHU :LHGHUHU|IIQXQJ GHU +HU]RJLQ $QQD $PDOLD %L EOLRWKHNLQ:HLPDU'H]HPEHU$XJXVW.ODVVLN6WLIWXQJ :HLPDU/HLS]LJ  5HLFKHUW  )RONHU5HLFKHUW)UHPGH)UDXHQ'LH:DKUQHKPXQJYRQ*HVFKOHFKWHUUROOHQLQGHQ VSlWPLWWHODOWHUOLFKHQ2ULHQWUHLVHEHULFKWHQ,Q(QJHOV6FKUHLQHU6  5HLFKHUW  )RONHU5HLFKHUW)HUQUHLVHQLP0LWWHODOWHU,Q'DV0LWWHODOWHU%G6   5HLFKHUW  )RONHU5HLFKHUW(UIDKUXQJGHU:HOW5HLVHQXQG.XOWXUEHJHJQXQJLPVSlWHQ0LW WHODOWHU6WXWWJDUW%HUOLQ.|OQ  5|FNH :HUQHU5|FNH:XQGHUGHU)UHPGHXQGGHU7UDXPYRP5HLVHQ'DUVWHOOXQJVPX VWHUQHXHU:HOWHQLQ$XJVEXUJHU)UKGUXFNHQGHV-DKUKXQGHUWV,Q*QWHU %HUJHUX6WHSKDQ.RKO +UVJ )UHPGHUIDKUXQJLQ7H[WHQGHV6SlWPLWWHODOWHUV XQGGHUIUKHQ1HX]HLW7ULHU6 

%LEOLRJUDSKLH



5|KULFKW  5HLQKROG5|KULFKW%LEOLRWKHFDJHRJUDSKLFD3DODHVWLQDH&KURQRORJLVFKHV9HU]HLFK QLV GHU DXI GLH *HRJUDSKLH GHV +HLOLJHQ /DQGHV EH]JOLFKHQ /LWHUDWXU YRQ  ELV +UVJY'+.$PLUDQ-HUXVDOHP>]XYRU%HUOLQ@  5|KULFKW  5HLQKROG5|KULFKW'LH'HXWVFKHQLP+HLOLJHQ/DQGH,QQVEUXFN  5|KULFKW 5HLQKROG 5|KULFKW .DUWHQ XQG 3OlQH ]XU 3DOlVWLQDNXQGH DXV GHP  ELV  -DKUKXQGHUW,Q='396  5|KULFKW 5HLQKROG 5|KULFKW 0DULQR 6DQXGR VHQ DOV .DUWRJUDSK 3DOlVWLQDV ,Q ='39 6  5|KULFKW  5HLQKROG5|KULFKW'LH3DOlVWLQDNDUWH%HUQKDUGYRQ%UHLGHQEDFK·V0LWGHULQ 7DIHOQDXIJHWHLOWHQJORVVLHUWHQ3DOlVWLQD-HUXVDOHPNDUWHGHV%HUQKDUGYRQ %UHLGHQEDFKLP$QKDQJ,Q='39/HLS]LJ6  5|KULFKW0HLVQHU 5HLQKROG5|KULFKWX+HLQULFK0HLVQHU'HXWVFKH3LOJHUUHLVHQQDFKGHP+HLOL JHQ/DQGH%HUOLQ  5RKUEDFKHU +HLQULFK5RKUEDFKHU%HUQKDUGYRQ%UH\GHQEDFKXQGVHLQ:HUNÄ3HUHJULQDWLRLQ 7HUUDP6DQFWDP·  ,Q3KLORELEOLRQ%G+HIW6  5RQDUW  6WHSKDQ5RQDUW1DQG\5RQDUW/H[LNRQGHU$UDELVFKHQ :HOW(LQKLVWRULVFK SROLWLVFKHV1DFKVFKODJHZHUN=ULFK0QFKHQ  5RVV (OL]DEHWK 5RVV 3LFWXULQJ .QRZOHGJH DQG ([SHULHQFH LQ WKH (DUO\ 3ULQWHG %RRN 5HXZLFK·V ,OOXVWUDWLRQV IRU %UH\GHQEDFK·V 3HUHJULQDWLR LQ WHUUDP VDQFWDP 'LVV PDVFK +DUYDUG8QLYHUVLW\  5RWK  *XQKLOG5RWK'DVÄ+HLOLJH*UDE·LQ*|UOLW]7ELQJHQ 



%LEOLRJUDSKLH

5RWWHU (NNHKDUW5RWWHU$EHQGODQGXQG6DUD]HQHQ'DVRN]LGHQWDOH$UDEHUELOGXQGVHL QH(QWVWHKXQJLP)UKPLWWHODOWHU%HUOLQ1HZ%|KPHU@Ä'DV+HLOLJH*UDELQ*|U OLW]6HLQH%HVFKUHLEXQJXQG$EELOGXQJLQGHU/LWHUDWXUGHVELV-DKUKXQGHUWV· ,Q %LEOLRWKHNVMRXUQDO GHU &KULVWLDQ:HLVH%LEOLRWKHN =LWWDX   6   5XSSHO  $ 5XSSHO 3UREOHPH XP GDV 0DLQ]HU &DWKROLFRQ YRQ  ,Q *E-E ;,,,  6II  5XSSULFK  +DQV5XSULFK'LHGHXWVFKH/LWHUDWXUYRPVSlWHQ0LWWHODOWHUELV]XP%DURFN,Q +HOPXWGH%RRUX5LFKDUG1HZDOG*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXUYRQGHQ $QIlQJHQELV]XU*HJHQZDUW%G,9XQG0QFKHQ  6FKHHUHU  +DQV3HWHU6FKHHUHU0DLQ]XQGGLH5HLFKVUHIRUP0DLQ]  6FKOHXVHQHU(LFKKRO] *XGUXQ6FKOHXVHQHU(LFKKRO]'DV$XJHLP0LWWHODOWHU%GH0QVWHUVFKH 0LWWHODOWHU6FKULIWHQ,XQG,,0QFKHQ  6FKPDOW]  .DUO 6FKPDOW] 0DWHU (FFOHVLDUXP 'LH *UDEHVNLUFKH LQ -HUXVDOHP 6WXGLHQ ]XU *HVFKLFKWH GHU NLUFKOLFKHQ %DXNXQVW XQG ,NRQRJUDSKLH LQ $QWLNH XQG 0LWWHODOWHU 6WUD‰EXUJ  6FKPLHGHEDFK%RQGLR +HLQ]3HWHU 6FKPLHGHEDFK0DULDFDUOD * %RQGLR Ä)OHXFK SDOG IOHXFK IHUU NXPZLGHUVSDW«·(QWIUHPGXQJ)OXFKWXQG$JJUHVVLRQLP$QJHVLFKWGHU3HVWLOHQ] ,Q(UIHQ6SLHO6  6FKPXJJH /XGZLJ6FKPXJJHÄ3LOJHUIDKUWPDFKWIUHL·(LQH7KHVH]XU %HGHXWXQJGHVPLWWHO DOWHUOLFKHQ3LOJHUZHVHQV,Q5|PLVFKH4XDUWDOVFKULIW%G+HIW 6 

%LEOLRJUDSKLH



6FKQHLGHU &RUQHOLD6FKQHLGHU +UVJ 'LH5HLVHQDFK-HUXVDOHP%HUQKDUGYRQ%UHLGHQEDFKV :DOOIDKUWLQV+HLOLJH/DQG$XVVWHOOXQJVNDWDORJ*XWHQEHUJ0XVHXP0DLQ] 0DLQ]  6FKQHLGHU .DULQ 6FKQHLGHU 3DOlRJUDSKLH XQG +DQGVFKULIWHQNXQGH IU *HUPDQLVWHQ (LQH (LQIKUXQJ7ELQJHQ  6FKQHLGHU :ROIJDQJ 6FKQHLGHU 3HUHJULQDWLR KLHURVRO\PLWDQD 6WXGLHQ ]XP VSlWPLWWHODOWHUOL FKHQ-HUXVDOHPEUDXFKWXPXQG]XGHQDXVGHU+HLOLJODQGIDKUWKHUYRUJHJDQJHQHQQRUG ZHVWHXURSlLVFKHQ-HUXVDOHPEUXGHUVFKDIWHQ0QVWHU  6FKRHSV  -XOLXV + 6FKRHSV +UVJ  1HXHV /H[LNRQ GHV -XGHQWXPV *WHUVORK  >]XHUVW@  6FKUDPP  $OEHUW 6FKUDPP 'HU %LOGHUVFKPXFN GHU )UKGUXFNH  %GH /HLS]LJ    6FKUHFNHQEHUJ  +HLQ]6FKUHFNHQEHUJ'LH-XGHQLQGHU.XQVW(XURSDV(LQKLVWRULVFKHU%LOGDWODV *|WWLQJHQ)UHLEXUJL%U%DVHO:LHQ  6FKU|FNHU $OIUHG 6FKU|FNHU 8QLR DWTXH FRQFRUGLD 5HLFKVSROLWLN %HUWKROGV YRQ +HQQHEHUJ :U]EXUJ  6FKXOWH  $OR\V6FKXOWH'HU$GHOXQGGLHGHXWVFKH.LUFKHLP0LWWHODOWHU6WXGLHQ]XU6R ]LDO 5HFKWV XQG .LUFKHQJHVFKLFKWH 'DUPVWDGW  >]XHUVW 6WXWWJDUW @  6FKZDE  +HLNH 6FKZDE 7ROHUDQ] XQG 9RUXUWHLO 5HLVHHUOHEQLVVHVSlWPLWWHODOWHUOLFKH -HUXVD OHPSLOJHU%HUOLQ   



%LEOLRJUDSKLH

6HLIHUW 7UDXGO 6HLIHUW 3DOlVWLQDNDUWH DXV %HUQKDUG YRQ %UH\GHQEDFK 3HUHJULQDWLRQHV LQ 7HUUDP6DQFWDP9HUNOHLQHUWHU1DFKGUXFNGHV+RO]VFKQLWWHVDXVGHU0DLQ ]HU$XVJDEHYRQ8QWHUVFKQHLGKHLP  6KLUOH\  5RGQH\:6KLUOH\7KHPDSSLQJRIWKHZRUOG(DUO\SULQWLQJZRUOGPDSV /RQGRQ  6LPRQ $QQH6LPRQ6LJPXQG)H\HUDEHQG·V'DV5H\‰EXFKGHVKH\OLJHQ/DQGV$6WXG\LQ 3ULQWLQJ DQG /LWHUDU\ +LVWRU\ :LVVHQVOLWHUDWXU LP 0LWWHODOWHU 6FKULIWHQ GHV 6RQGHUIRUVFKXQJVEHUHLFKV:U]EHUJ(LFKVWlWW:LHVEDGHQ  6LQJHU +DQV 5XGROI 6LQJHU 'HXWVFKH )RUVFKXQJVUHLVHQGH LQ DUDELVFKHQ /lQGHUQ ,Q $UDEHUXQG'HXWVFKH7ELQJHQ6  6LHYHUQLFK%XGGH *HUHRQ 6LHYHUQLFK+HQGULN %XGGH +UVJ  (XURSD XQG GHU 2ULHQW  $XVVWHOOXQJVNDWDORJ0DUWLQ*URSLXV%DX%HUOLQ0QFKHQ  6RPPHUIHOG  0DUWLQ6RPPHUIHOG'LH5HLVHEHVFKUHLEXQJHQGHUGHXWVFKHQ-HUXVDOHPSLOJHULPDXV JHKHQGHQ0LWWHODOWHU,Q'9MV6WXWWJDUW6  6SLHV  2WWR6SLHV'HU2ULHQWLQGHUGHXWVFKHQ/LWHUDWXU%G,.HYHODHU  6SXOHU %HUWROG6SXOHU +UVJ 'LHZHVWV\ULVFKH PRQRSK\VLWLVFKH .LUFKHXQWHUGHP,VODP ,Q6DHFXOXP%G6  7KLHPH%HFNHU  +DQV9ROOPHU +UVJ $OOJHPHLQHV/H[LNRQGHUELOGHQGHQ.QVWOHUYRQGHU$QWL NH ELV ]XU *HJHQZDUW %HJU Y 8OULFK 7KLHPH X )HOL[ %HFNHU %G  0QFKHQ    

%LEOLRJUDSKLH



7LPP )UHGHULNH 7LPP 'HU 3DOlVWLQDEHULFKW GHV %HUQKDUG YRQ %UH\GHQEDFK XQG GLH +RO]VFKQLWWH(UKDUG5HXZLFKV'LH3HUHJULQDWLRLQWHUUDPVDQFWDP  DOV3URSD JDQGDLQVWUXPHQWLP0DQWHOGHUJHOHKUWHQ3LOJHUVFKULIW6WXWWJDUW  7REOHU  7LWXV7REOHU%LEOLRJUDSKLD*HRJUDSKLFD3DODHVWLQDH=XQlFKVWNULWLVFKH8HEHU VLFKWJHGUXFNWHUXQGXQJHGUXFNWHU%HVFKUHLEXQJHQGHU5HLVHQLQV+HLOLJH /DQG/HLS]LJ  7RUV\ -DNRE 7RUV\ +UVJ  /H[LNRQ GHU GHXWVFKHQ +HLOLJHQ 6HOLJHQ (KUZUGLJHQ XQG *RWWVHOLJHQ8QWHU0LWDUEHLWYRQ5XGROI/LOOX3ODFLGXV0LWWOHU.|OQ  8KOKRUQ  )ULHGULFK 8KOKRUQ =XU *HVFKLFKWH GHU %UH\GHQEDFKVFKHQ 3LOJHUIDKUW ,Q *E-E ,;0DLQ]6  8OPVFKQHLGHU +HOJDUG8OPVFKQHLGHU+DQV7XFKHU ,9 ,Q9/,;6S  9LQ]HQW  0DUNXV9LQ]HQW +UVJ 0HW]OHU/H[LNRQFKULVWOLFKHU'HQNHU8QWHU0LWDUEHLW YRQ8OULFK9ROSX8OULNH/DQJH6WXWWJDUW:HLPDU  9/ 9HUIDVVHUOH[LNRQ 'LH GHXWVFKH /LWHUDWXU GHV 0LWWHODOWHUV  Y|OOLJ QHX EHDUE $XIO+UVJY.XUW5XKXD%GH%HUOLQ  9RONHOW  3HWHU 9RONHOW 'LH 6WlGWHDQVLFKWHQ LQ GHQ JUR‰HQ 'UXFNZHUNHQ YRUQHKPOLFK GHV IQI]HKQWHQ-DKUKXQGHUWV3KLO'LVV0DUEXUJ  :DOGVWHLQ:DUWHQEHUJ  %HUWKROG:DOGVWHLQ:DUWHQEHUJ'LH9DVDOOHQ&KULVWL.XOWXUJHVFKLFKWHGHV-R KDQQLWHURUGHQVLP0LWWHODOWHU:LHQ.|OQ*UD]  :DOWHU  -RDFKLP:DOWHUÄ*|UOLW]HU6FKHNHO²:DOOIDKUWVPHGDLOOHQ·GHU.DSHOOH]XP+HLOL JHQ.UHX]XQG]XP+HLOLJHQ*UDE*|UOLW]0QVWHU 



%LEOLRJUDSKLH

:DOWKHU  .DUO . :DOWKHU +UVJ  /H[LNRQ GHU %XFKNXQVW XQG %LEOLRSKLOLH 0QFKHQ   :HKPHU  &DUO :HKPHU +UVJ  'HXWVFKH %XFKGUXFNHU GHV  -DKUKXQGHUWV :LHVEDGHQ   :HLGQHU  6WHIDQ:HLGQHU0DQXDOIUGHQ.DPSIGHU.XOWXUHQ:DUXPGHU,VODPHLQH+HU DXVIRUGHUXQJLVW(LQ9HUVXFK)UDQNIXUWDP0DLQ  :HLO  *XVWDY :HLO *HVFKLFKWH GHV $EEDVLGHQ&KDOLIDWV LQ (J\SWHQ %DQG ,9 XQG 9 6WXWWJDUW  :HLQPD\HU  %DUEDUD:HLQPD\HU6WXGLHQ]XU*HEUDXFKVVLWXDWLRQIUKHUGHXWVFKHU'UXFNSURVD /LWHUDULVFKH gIIHQWOLFKNHLW LQ 9RUUHGHQ ]X $XJVEXUJHU )UKGUXFNHQ 0QFKHQ   :HL‰  -RVHSK:HL‰%HUWKROGYRQ+HQQEHUJ(U]ELVFKRIYRQ0DLQ]  6HLQH NLUFKHQSROLWLVFKHXQGNLUFKOLFKH6WHOOXQJ)UHLEXUJL%U  :HQGODQG +HQQLQJ:HQGODQG 'LH%XFKLOOXVWUDWLRQ9RQGHQ)UKGUXFNHQELV]XU*HJHQ ZDUW6WXWWJDUW  :HQ]HO +RUVW:HQ]HO+|UHQXQG6HKHQ6FKULIWXQG%LOG.XOWXUXQG*HGlFKWQLVLP0LW WHODOWHU0QFKHQ  :HUQHU )UDQ]:HUQHU'HU0DLQ]HU'RPXQGVHLQH'HQNPlOHU0DLQ]  :LGPDQQ +DQV :LGPDQQ *HVFKLFKWH GHV %XFKKDQGHOV YRP $OWHUWXP ELV ]XU *HJHQZDUW :LHVEDGHQ  

%LEOLRJUDSKLH



:LPPHU  2WWR:LPPHU.HQQ]HLFKHQXQG$WWULEXWHGHU+HLOLJHQ%HDUEHLWHWXQGPLW%LO GHUQHUJlQ]WYRQ%DUEDUD.RWODFK=LQJHUOH,QQVEUXFN:LHQ  :LPPHU0HO]HU  2WWR:LPPHU+DUWPDQQ0HO]HU/H[LNRQGHU1DPHQXQG+HLOLJHQ%HDUEHL WHWXHUJlQ]WYRQ-RVHI*HOPL,QQVEUXFN:LHQ  :LQNOHU  ):LQNOHU(LQ7LWHOEODWWXQGVHLQH:DQGOXQJHQ,Q=HLWVFKULIWIU.XQVWZLV VHQVFKDIW;9  6  :LV  0DUMDWWD:LV)UXFWXVLQTXR$GDPSHFFDYLWhEHUIUKH%H]HLFKQXQJHQGHU%DQDQH LQ(XURSDXQGLQVEHVRQGHUHLQ'HXWVFKODQG,Q1HXSKLORORJLVFKH0LWWHLOXQJHQ +HOVLQNL6  :LV  0DUMDWWD :LV =XU %HGHXWXQJ GHU PLWWHODOWHUOLFKHQ 3DOlVWLQD3LOJHUEHULFKWH IU :RUWIRUVFKXQJXQG4XHOOHQNXQGH,Q1HXSKLORORJLVFKH0LWWHLOXQJHQ+HO VLQNL6  :ROI *HUKDUG :ROI 'LH GHXWVFKVSUDFKLJHQ 5HLVHEHULFKWH GHV 6SlWPLWWHODOWHUV ,Q 'HU 5HLVHEHULFKW 'LH (QWZLFNOXQJ HLQHU *DWWXQJ LQ GHU GHXWVFKHQ /LWHUDWXU +UVJ Y 3HWHU-%UHQQHU)UDQNIXUWDP0DLQ6  :ROI&URPH  (GLWKD:ROI&URPH +UVJ 3LOJHUXQG)RUVFKHULP+HLOLJHQ/DQG5HLVHEHULFKWH DXV3DOlVWLQD6\ULHQXQG0HVRSRWDPLHQYRPELV-DKUKXQGHUWLQ%ULHIHQXQG 7DJHEFKHUQ*LH‰HQ  =UHQQHU  &ODXGLD=UHQQHU'LH%HULFKWHGHUHXURSlLVFKHQ-HUXVDOHPSLOJHU(XUR SlLVFKH+RFKVFKXOVFKULIWHQ5HLKH,%G)UDQNIXUWDP0DLQ

5HJLVWHU

  'LH=lKOXQJIROJWGHU)ROLLHUXQJGHUIUKQHXKRFKGHXWVFKHQ(UVWDXIODJH $XIJHIKUW VLQG XQWHU GHQ /HPPDWD ÅÅ.|QLJH´ Å.DLVHU´ Å3DSVW´ Å3KDUDR´ Å6XOWDQ´NHLQH7UlJHUGLHVHV1DPHQVDOVRDXFKQLFKWÅ.|QLJYRQ8QJDUQ´Å.| QLJYRQ,VUDHO´XVZVRQGHUQQXUGLH%HOHJVWHOOHQLQGHQHQGLHVH%H]HLFKQXQJHQ DOOJHPHLQH7LWHOYRQ:UGHQWUlJHUQE]Z+HUUVFKHUQVLQG  $7 RGHU 17 EHGHXWHWÄ%XFKGHV$OWHQ·E]ZÄ%XFKGHV1HXHQ7HVWDPHQWV· $XIGLH$XIQDKPHGHU,QVHOQDPHQGLHDXIGHQ6HLWHQUXQGYDXIJHIKUW VLQGZXUGHLP5HJLVWHUYHU]LFKWHW %HL/HPPDWDGLHVLFKDXIGDV$OWH7HVWDPHQWEH]LHKHQ Å-RVXD´Å0DNNDElHU´ HWF ZXUGH]ZLVFKHQGHQELEOLVFKHQ%FKHUQXQGGHQ7UlJHUQGHVMHZHLOLJHQ1D PHQVQLFKWGLIIHUHQ]LHUW 'LH )UHTXHQ] HLQLJHU 6WLFKZ|UWHU LVW PLWXQWHU VR KRFK GDVV HLQ 5HJLVWHU VFKOHFKWHUGLQJVHLQH1HJDWLYOLVWHGDUVWHOOHQPVVWH$XIZHOFKHU6HLWHNRPPWGDV HQWVSUHFKHQGH :RUW QLFKW YRU" %HWURIIHQ VLQG IROJHQGH 6WLFKZ|UWHU JU|‰WHU 'LJQLWlW%HJULIIHXQG1DPHQGLHGLH=HQWUHQGHV7H[WHVNRQVWLWXLHUHQ6LHZXU GHQ DXV GHP 5HJLVWHUFRUSXV DXVJHVFKLHGHQ QDFKGHP LKUH MHZHLOLJH =lKOXQJ GLH EHUVFKULWWHQKDW$EODVVKO*UDE,VUDHO-HVXV&KULVWXVKO.DWKDULQD.DWKDULQHQ NORVWHU.LUFKH0DULD0HHU6QGH6QGHUVQGLJHQ,Q(UZlJXQJGHU7DWVDFKHGDVV Å:DVVHU´ IU HLQHQ 3LOJHU HLQH H[LVWHQWLHOOH %HGHXWXQJ KDWWH LVW GLHVHV /HPPD WURW]VHLQHUDEXQGDQWHQ)UHTXHQ]DXFKLQGLHVHV6WLFKZRUWYHU]HLFKQLVDXIJHQRP PHQ  $DURQUUY $EDOKDURFNU $EDULPYUYYU $EGHPXWDODY $EGLDYY $EHOU $EHOLQDY $EHVVLQLHUUYUY $ELJDLMOY $EUDKDPYUYUUUU UUYUYYUU $EUDPU $EX%HNU.DOLI UHJ Y $E\EDVU $E\WDOLEY $FKlDYYUUYU $FKLWREY

$FNHU%RRVU $FROLWHKOY $GDPUYUUUYY Y $GOHUUUUY $GRPLQU $GULDYUY $GULDWLVFKHV0HHUYUY $GRQL%HVHNU bJlLVFKHV0HHUUY bJ\SWHQYUUYUYY YUYUUUYY YYUUYY YYUUYUY bQHDVY bQRQU bROXVU

5HJLVWHU

bWKLRSLHQUYUYU bWQDY $IHNȺ$IIHWK $IIHWKYU $IULNDUUUUYY Y $JDUȺ+DJJDU $JDUHQU $JULSSDȺ+HURGHV $KDE.|QLJYRQ,VUDHO UHJ  UYY $KDVMDDWO.|QLJYYU $KLPDQU $LYY $LVFKDYY $NNDURQYU $NNRYUYUUYU UYYYY $OEDQLHQYUYU $OH[DQGHUG*U UHJ YU UU $OH[DQGULDYYYUY UYYUUUY UU $OH[DQGULQLVFKHV0HHUU $OIRQVL3HWUXVYY $OND\UUY $OOH[DQGULQXVU $OWDUUYUYUYY UYUUYUUY YYUU $OWDUIHXHUUY $OWDUPHQVDUU $OWDUVWHLQY $OWDUVDNUDPHQWY $PDOHNLWHUY $PEURVLXVKOY $PRQUYUYY $PRQLWDVY $PRQLWHUUY $PRUUlHUU $PRVUU $PULDWO.|QLJY $PWȺ0HVVDPW $QDNU $QDVWDVLXVKOUY $QGUHDVKO$SRVWHOYYY Y $QGURPDGXVY $QGURPHGDU

 $QQDKOUUYU $QQHUY $QWLOLEDQRQYUYY $QWLRFKLDYUUUUU UY $QWLSDWULGDYY $QWRQLXVKOYYY $QWRQLXV.DLVHU UHJ 7ULXPYLUDW Y $QWRQLXVPHOLJDERUYU 6W$QWRQLXV.ORVWHUY 6W$QWRQLXV7XUPY $SROORY $SSROOLQDULXVU $SROORQLXVYRQ7\DQD FDFD  U $SRVWHOJHVFKLFKWH 17 YUU YUUY $SXOLHQYUYYU UYY $UU $UDELHQUYYUYU YUYUU $UDP *|W]H Y $UDP .LUFKHQYDWHU U $UDWKY $UDWKHWY $UDWKHXVY $UDXQDU $UFKDVYU $UFKDG\DY $UFKH1RDKUU $UHDSROLVU $ULPDWKlDȺ-RVHSKYRQ$ULPDWKlD $ULVWRWHOHV  UYYY $ULXVYU $UPHQLHUUYUYU UU $UYRQU $VFKDORQHY $VGRGYU $VFKHUUU $VHUUU $VLHQUYUYY $VSKDOWY $VVXUU $VV\UHUYUY $WKDQDVLXVKOU $WWLNDY $WWLODY

 $XIHUVWHKXQJYUYYYY UUYYYYYU UU $XJHULDQDU $XJXVWLQXVKOYUYU U $YLFHQQDY $]RUU $]RWXPU  %DDOY %DDOVSULHVWHUUY %DDVDDWO.|QLJY %DE\ORQ LHQ YUYUY U %DE\ORQLVFKH*HIDQJHQVFKDIWY Y %DGYUUUYU YU %DIIDYU %DKXULPYU %DNDUU %DOGDFK 6ZLWKD YY %DOGXLQ.|QLJYRQ-HUXVDOHP UHJ  YU %DOVDPJDUWHQYUYUY YUYUYUU %DOVDPU %DOVDPVWUlXFKHUY %DUEDUDKOUYY %DUI‰HUYYUU Ⱥ )UDQ]LVNDQHU  %DUI‰HU.ORVWHUY %DUPKHU]LJNHLWYYUUU UYUUUUY YYUY %DUWKRORPlXV*HVFKLFKWVVFKUHLEHUY %DUWKRORPlXVWDJY %DUXW K XVYUUUU %DVDQYY %DVLOLXVYRQ&DHVDUHDKO FD  UU %DVWDUQDVY %HHUVFKHEDYUYU %HLFKWHUYUUYY %HLUXWȺ%DUXWXV %HQMDPLQYYYU %HOLQDVȺ&DHVDUHD3KLOLSSL %HOORVWDGXPU %HRQUY

5HJLVWHU

%HUJ=LRQUUYYYUU UUYYYU %HUQKDUGYRQ%UH\GHQEDFKUUU U %HUWKHKOY %HUWKROGYRQ+HQQHEHUJ)UVWELVFKRI UHJ U %HWKVDPHVU %HVFKQHLGXQJYYUYU YUYY %HVHNU %HW(OY %HW+RURQY %HW6DFKDUMDY %HW6FKHDQYUY %HW6FKHPHVFKU %HWKDQLHQUUUY %HWKDJODY %HWKHQRSROY %HWKOHKHPUYUYUUY YUUY %HWXOLDUYYU %HWSKDJHYYY %LEOHWU %LEOLXVUU %LFNHQ3KLOLSSYRQUU %LOGDGYY %LOHDPU %ODVLXVKOY 6W%ODVLXV.LUFKHYU %OXWDFNHUȺ+DNHOGDPDFK %RGZLQHUU %RHWKLHQY %RHWKLXV3KLORVRSK FDFD  YY %RQLIDWLXV,9KO3DSVW UHJ  U %RVHURQU %RVUDȺ%R]DUD %RWUXPU %R]RUDU %UL[HQU %URWYYUYUUY UYYUUYY UUUUYYU YU %UXQGLVLXPY %UXQQHQUYYUYY UYYUYYYY UUUYYUUY

5HJLVWHU

UUYYUUU YYYYUU YYYU %XGXDY %XODFK&DVSDUYRQUY %XUJ&UDFKYUU %XUJXQGYU %XVHUHWKU  &DGHJDQYU &DGHV EDUQH YUUYU &DHVDU6WDDWVPDQQ)HOGKHUU 6FKULIWVWHOOHU  Y &DHVDUHD 3KLOLSSL UUYY UYYU &DOOLSKDY &DORJHULY &DO\QUYY &DPHO\RQY &DPRVY &DQGLDYUUYU &DUDWKU &DUSDWKRVY &DUUHUDY &DWKRY &DWKROLFRQU &DZDWKDȺ&DGHV EDUQH  &HGHVQHSKWDOLPUU &HOHRU &HQWDSROLVU &HUHVY &HWK\PU &KDOGlDY &KDOGlHUYYU FKDOGlLVFKUYU &KDONHGRQLHQYU &KDULWRQ$EW ‚XP Y &KD\QY &KLWWLPȺ&HWK\P &KRDVY &KREDUYY &KRVUDXSHUV.|QLJ UHJ U UU &KRUDODPWȺ0HVVDPW &KRURQU &KULVWLQDKOY &KURQLN%XFKGHU $7 YU &KURQLN%XFKGHU $7 UU &KU\VRVWRPRVȺ-RKDQQHV &KU\VRVWRPRV

 &HQWRQDU &LFHURU|P6WDDWVPDQQ5HGQHU 3KLORVRSK  Y &ODUDYRQ$VVLVLKOU 6W&ODUD.RQYHQWY &OHRSDWUD.|QLJLQYRQbJ\SWHQ UHJ  YU &OHRSKDVȺ.OHRSKDV &RHOHVWLQ,,,3DSVW UHJ Y &RQWHUHQL$XJXVWLQUY &RUQHOLXVYY &RUQHURYU &RUUR]D\PYU &RU]DY &RU]LFDȺ.RUIX &UDFK&UDTȺ%XUJ&UDFK &UDWLQXVY &\SULDQKOU  'DOPDWLHQUUYYY UUYU 'DPDVNXVUUYUUY UUU 'DQ%HUJU 'DQ)OXVVYYY 'DQ*HVFKOHFKWUY 'DQ6WDGWȺ&DHVDUHD3KLOLSSL 'DQEXVVRQ3HWUXV 3LHUUHG·$XEXVVRQ  UY $QWRQLXV $QWRLQHG·$XEXVVRQ Y 'DQLHO 3URSKHWXQG%XFKGHV$7 U YYY 'DUGDQHOOHQY 'DUGDQLDY 'DYLG.|QLJYRQ,VUDHO UHJFD  UUUUYUYU UYUUYYUUU UUYUUUU U 'HFDSROLVUU 'HOILQU 'HPHWULXVKOY 'HPHWULXVDWO.|QLJY 'HPHWULXV=RSKRQLDYU 'HPXWYUUY 'HXWHURQRPLXP $7 UYY YUU 'LRVFRUXVY 'RWDQUYY 'UDFKHQUUY



5HJLVWHU

'UHLN|QLJVWDJU 'XEURYQLNȺ5DJXVD '\RQLVLXVKOY  (EDOUY (EURQ 6WDGWXQG%HUJ YUUY UUUYUY (EXEHHUY (EXUQHDU (GHVVDU (KHEUXFKYY (LGHFKVHQU (LQKRUQYY (NURQU HO+DOLOȺ(EURQ (O/DGKLTL\DȺ/DRGLFDHD (OHXWKHULXV)OXVVU (OHXWKHULXVKOY (OLSKDV7KHPDQU (OLVDEHWKU (PPDXVYYU (Q*HGLUYUUYU (Q'yUUUY (QHDVY (QJHOUUYUUUU UUYYYYUY YUYUUUUY YUYUYUU UYUUYU (QJODQGYUU (QRVFKY (SKHVHUY (SKUDLPYYYUY (SLJHQLGXV LH(SLPHQLGHV Y (SLVNRSpȺ3LVFRSLD (UEVQGHUYY (VDXYUY (VGUHORQUYY (VHOUUYUYYY YUUYYYUU YYUUUUY (VHOWUHLEHU (VNDQGDUlWKLRS.|QLJ UHJ  U (VVHQHUU (VWKHUY (WKROLDY (WVFKU (XE|DȺ1LJURSRQW (XSKHPLDKOUU

(XSKUDWYU (XURSDUY (XVWDFKLXVKOU (XVWRFKLXPKOUU (XW\FKHVYUU (YDUUY ([RGXV $7 UYYY YYYY (]MRQ*HEHUȺ6\RQJDEHU  )DEDU )DEUL)HOL[Y )DONRY$QMRX.|QLJY-HUXVDOHP UHJ  U )DVWHQYUYUYUU YUYYUYU YYYU )HOLFLWDVKOU )HOVFK3HWHUY )HUUDUDUU )HUGLQDQG,,.|QLJYRQ$UDJRQLHQ 6L]LOLHQHWF UHJ U )UDQ]LVNDQHUȺ0LQGHUH%UGHU )UDQ]LVNDQHU'ULWWHU2UGHQGHVKO )UDQ]LVNXVUY )UDQ]LVNXVYRQ$VVLVLKOU )XONRYRQ$QMRX.|QLJY-HUXVDOHP UHJ U  *DGHUDY *DODDGUUU *DODWHUEULHI 17 UU *DOHHUHUUUUUUU YUUYYUU UUYUYUY UYUYUYU YYYYUUUY UYUUYUU²U UUYUUUU U *DOHVWU|OȺ*DOLRWKHQ *DOJDOLVU *DOLOlDUYUUYUY Y *DOLOlDJHQWLXPYU JDOLOlLVFKH(EHQHY JDOLOlLVFKHV0HHUUYUY UYUUYU *DOLRWKHQUYU *DOOXVKOU

5HJLVWHU

*DPDOLHOU *DUGDVHHU *DUL]LPUY *D\DIUDPHDU *D]DYUUY *D]DSROLVY *D]HUDȺ*D]D *HQXDY *HRUJLHU *HRUJLDQHU UY *HUPDQLHQYY *HWKVHPDQHYYY *HQHVLV $7 YYUYU YYYYYUUU YY *HQLVWHLU *HVHW]HVWDIHOQUYY *HWKY *LEHDU *LEOLQU *LKRQYYY *LOERDYUY *LSSHU *ROGHQHV.DOEUUYY *ROJDWKDUYY *ROJDWKD.LUFKHYU *RWWIULHGYRQ%RXLOORQ.|QLJYRQ -HUXVDOHP UHJ Y *ROLDWKUYU *UHJRUYRQ1\VVDKOU *UHJRUYRQ1D]LDQ]KOU *ULHFKHQUUYYYY UYUUYUY UYYYUU UUYUYY YUY *ULHFKHQODQGUUUYU UUUY *UR‰HV0HHUȺ0LWWHOPHHU *UWHO&KULVWHQYRPUUU UU *UWHOGHU-XQJIUDX0DULDU *XLGRY/XVLJQDQ.|QLJYRQ -HUXVDOHP UHJ UU *\PLQY *\RQYYY  +DEDNXNUY +DFKLODU +DGULDQU|P.DLVHU UHJ U +DJDUY

 +DJLD6RSKLDY +DKQU +DLIDȺ&D\SKD +DNHOGDPDFKU +DOODKDEHW1HIIH0RKDPPHGVY +DOOD\Y +DUXWY +D\UY +D]RUUUU +HEHUFLQHXVU +HEURQȺ(EURQ +HLGHQYUUYUYY YYUUYUYY UUUYUUYU YYUUUUU YYUUUUU YYYUU +HLOLJH6FKULIWYYYUYUY YUYU +HLQULFK9,.DLVHUGHV+O5|P 5HLFKV UHJ Y +HODDWO.|QLJY +HOHQD 0XWWHU.RQVWDQWLQVG*U U UUYYYUUU +HOHQD *DWWLQGHV0HQHODRV Y U 6W+HOHQD *ROI Y 6W+HOHQD .DSHOOH U 6W+HOHQD .ORVWHU U +HOLXV$GULDQXVȺ+DGULDQ +HOOHVSRQWY +HO\PY +HUDFOLXVE\]DQW.DLVHU UHJ  UUYU +HUEHUJHUUYYYU YUYUYYU UYUYUYU Y +HURGHV,G*UR‰HU|P6WDWWKDOWHULQ *DOLOlD UHJY&KU YYU UUY +HURGHV$JULSSD,7HWUDUFKLQ *DOLOlD UHJ YY +HURGHV$JULSSD,,7HWUDUFKLQ *DOLOlD UHJ Y +HURGHV$QWLSDV7HWUDUFKLQ*DOLOlD UHJ U +HURGHV3KLOLSSRV7HWUDUFKLQ*DOLOlD UHJFDY&KUQ&KU U +HURGLDVY

 +HURGLXPY +HUPRQUUUUUYU U +HUPRQLXPȺ+HUPRQ +HUPRQLRPRGLFDȺ+HUPRQ +HYURQHEUDLFDȺ(EURQ +LHURQ\PXVKOYUYUY U +LHXDWO.|QLJY +LODULXV3LFWDYHQVXVKO.LUFKHQOHKUHU FD U +LPPHOYUYUUYY YUYUYYYY UUUYUUUY UYUYUUY UUUUUYY YU +LPPHOIDKUWYU +LPPHOVEURWUY +LUWHQUYUYUUY YUUY +LVNLMDDWO.|QLJU +LW]HYYYYYY UYUYUY +RFKDOWDUYYYUYY Y +|OOHYUYYUUU YUYUYYY YY +RKHVOLHG6DORPRVU +RORFDXVWU +RORIHUQHVYU +RPDUXVU +RUWXVFRQFOXVXVY +XJR)ORULDFHQVLVU +XVU  ,GXPHRVY ,MREYYUUU ,MRE $7 U ,NDULVFKHV0HHUUY ,QGLDQHUȺ$EEHVVLQLHU ,QGLVFKHV0HHUY ,QNXUWK1LFRODXVGbUY ,QQR]HQ],,,3DSVW UHJ  U ,QQR]HQ]9,,,3DSVW UHJ  U ,RQLVFKHV0HHUU ,UHQHY

5HJLVWHU

,VDDNYUUUUUUY U ,VDFKDUY ,VHEHOYY ,VLGRUKOYYYY ,VLVYY ,VPDHOYUUYY ,VPDHOLWHQY ,VWULHQUYUYUU ,XGLFLXPȺ5LFKWHU  -DELQ.|QLJUYU -DKHO -DsO U -DNREUYYUYUY YYUYUYUU Y -DNRELWHQUYUYUY UUY -DNRELQHUYUYU -DNREVEUXQQHQUY -DNREVOHLWHUU -DPQLDU -DSKDUYUUYYYU YYYYUYYU U -DSKHWUUU -DUUDU -HEXVLWHUU -HUHPLDYUUUYYU -HULFKRUUYUYYU YUYYU -HUDVD -HUHPLDYUUUYYU -HUREHDPDWO.|QLJYUUU -HVDMDUUYYUU -HVUHHOUY -HWURU -RDFKDVDWO.|QLJY -RDVDWO.|QLJY -RHOU -RKDQQKO3ULHVWHUN|QLJUU Y 6W-RKDQQ.LUFKHU -RKDQQHVKO (YDQJHOLVWXQG (YDQJHOLXP UUUUUY UYYYYUYY UUYY -RKDQQHV&KU\VRVWRPRVKOU -RKDQQHV&OLPD[KOY -RKDQQHVGHU$OPRVHQJHEHUKOY

5HJLVWHU

-RKDQQHVGHU7lXIHUKOUYU YUYYUUYU YUUYYUYU UU -RKDQQHVYRQ'DPDVNXVKOU 6W-RKDQQHV.DSHOOHY 6W-RKDQQHV.LUFKHU 6W-RKDQQHV6SLWDOUU -RKDQQLWHUUYUYU YUYUU -RQD 3URSKHWXQG%XFKGHV$7 Y YUU -RSSHȺ-DSKD -RUYYY -RUGDQUUYUY YYYYUYUY UYUUYUYY YUY -RUDPDWO.|QLJY -RVDSKDWUY -RVFKLMDY -RVHSKKO =LHKYDWHU-HVX&KULVWL U UUYUUYU -RVHSK 6RKQ-DNREV UYY -RVHSKYRQ$ULPDWKlDUYU -RVHSKXV)ODYLXVYYUY UUYYU -RVXDYUYYUYY YYUUUUUY -XGlDYUYUUUU -XGDVKOU -XGDV0DNNDElXVUY -XGDVYHUUlWHU-QJHUYUY -XGHQUUUYYUYU UYYYUUYY UUYUUUYY UYUYYUUU YYUYYU YUYYYY -XGLWKYUY -QJOLQJ]X1DȓQUU -QJOLQJHLP)HXHURIHQY -XOLDQXVKOY -XQRU -XVWLQHKOU 6W-XVWLQH .LUFKH U -XVWLQLDQE\]DQW.DLVHU UHJ  Y  .DEDWKU

 .lOWHY .DLQYU .DLURYUUUYU YUUYUY YYUUUY .DOHSKUU .DOYDULHQEHUJUYUYY Y .DPHOYUUUYUY YUYUUYU YUUUYY .DPHOWUHLEHUUU .DQDDQUYY NDQDDQlLVFKY .DQGDNHU .DQRGHFLVWDY .DLSKDVUY .DQDDQY .DSKHUQDXPUYYYU .DSSDGRNLHQU .DUOG*UKOU|P.DLVHU UHJ  U .DUO,9GHU.DKOHU|P.DLVHU UHJ  YUYY .DUSDWKLVFKHV0HHUUY .HXVFKKHLWUUUYY UY .HUELW7HNX·Ⱥ7HNRD .KDQYRQ&KDUH\U .LQGHU$EUDKDPVY .LQGHU$PRQVU .LQGHU*RWWHVY .LQGHU,VUDHOVYYUUU YUUYUYUU YYYYUU YYYUY .LQGHUGHU3URSKHWHQY .LUEHWHO0HIJLUȺ*DOJDOD .LUEHW,E]LTȺ%HVHN .LUEHW4HGLVȺ&HGHVQHSKWDOLP .LUEHW6HIDWȺ-RVDSKDW .LUEHW6HLOXQȺ6\OR .LUMDW$UEDU .LUMDW-HDULPYU .LUMDW6HIHUU .LVFKRQUUYYU .LWWLPȺ&HWK\P .OHRSDVKOY .|QLJHYUYYUYY YUYUUYUY

 UYYYUUY UYUYYUU YUYUYUU Y .|QLJHKOOGUHL.|QLJHUUY .|QLJH%XFKGHU $7 YUU YYYUU .|QLJH%XFKGHU $7 YU UYYUUU .|QLJUHLFKWXPUYYY YYUYYUUY YYYUUYY UYYUYUU Y .RORVVYRQ5KRGRVY .RORVVHUEULHI 17 Y .RORVVHXPY .RPPXQLRQYY .RQVWDQWLQ,G*UU|P.DLVHU UHJ  UYUYY .RQVWDQWLQRSHOYYUYU UYUUYY YUYYU .RQ]LO]X&KDONHGRQ |NXP.RQ]LO  YU .RQ]LO]X(SKHVXV |NXP.RQ]LO  YY .RQ]LO]X/\RQ |NXP.RQ]LO  U .RQ]LO]X.RQVWDQWLQRSHO |NXP .RQ]LO YU .RQ]LO]X1L]lD |NXP.RQ]LO  YU .RQ]LO]X5RP |NXP.RQ]LO  /DWHUDQ,9 U .RUDQUUYYYUY UYUUUU .RUIXUYUYUY .UHWDȺ&DQGLD .UHX]UYYUYUUY UUYYUYYY UUYUUYY YUUYYY YUUU .UHX]LJXQJUYUUUY YYUYU .RU]LNDY .URNRGLOHYU .\NODGHQYUYYU YUYU

5HJLVWHU

 /DFKLVFKUU /DMLVFKȺ&DHVDUHD3KLOLSSL /DPSUHWKY /DQGDXHU3HWHUYUU /DWHLQHUYYUYY UYUUY /DXGDOHRQY /D]DUXVUUYY /D]LQXV-RKDQQY /HDUU /HPHVRVȺ/LPLV\Q /HRKOU /HR,,DUPHQ.|QLJ UHJ  Y /HRGHJDUKOU /HRGRVLDU /HRSDUGHUY /HRSDUGHQEHUJY /HSXDY /HYLWLFXVU /H]HQGDQU /LEDQRQUYYYUYU YUUUYYYU /LEQDU /LEXUQL7KRPDVYY /LJXULHQU /LPDVVROȺ/LPLV\Q /LPLV\QU /L]LQDYY /RGȺ/\GGD /RPEDUGHLUU /RWKDU,U|P.DLVHU UHJ  UY /RWKULQJHQUY /XFLDKOYY /XGZLJ,GHU)URPPHU|P.DLVHU UHJ U /XGZLJ,,U|P.DLVHU UHJ  UYY /XGZLJ,,,U|P.DLVHU UHJ  Y /XNDVKO (YDQJHOLVWXQG(YDQJHOLXP  UYYUUYUU YYUUU /XVY /LE\VFKHV0HHUU /\GGD/\GLD /RG U  0DFDULXV.HW]HUU

5HJLVWHU

0DFKDULXV(UHPLWYY 0DFKHURQWDU 0DGLDQLWHQUY 0lUW\UHUYYUYUY UUYYUUU YUUU 0DJGDOXPY 0DJPDVY 0DJQHWUY 0DLQ]UYUUYUU UU 0DNHGRQLHQYYYU 0DNNDElHUYUUY 0DNNDElHU%XFKGHU $7 Y UY 0DNNDElHU%XFKGHU $7 YY 0DOFKXVU 0DOHD 0DUH0DOHXP YU YUYU 0DOHXV.|QLJY 0DOIDVLHUY 0DOPDVLHUUU 0DOPRV\DY 0DPHOXFNHQUUYYY UUYUUYU U 0DPUHYU 0DQDVVHYUUY 0DRQY 0DQDKHODWO.|QLJY 0DUFHOODKOY 0DUFLDP\WK)LJXUY 0DUF XV $QWRQ LXV U|P.DLVHU UHJ Y&KUQ&KU Y 0DUH(X[LQXPȺ6FKZDU]HV0HHU 0DUH0DOHXPȺ0DOHD 0DUH0LUWKHXPU 0DULD0DJGDOHQDUUYUY UYUYYUU 0DUNLDQU|P.DLVHU UHJ Y 0DUNXVKO (YDQJHOLVWXQG (YDQJHOLXP UYYYY Y 6W0DUNXV.LUFKHUYYY YY 0DURQU 0DURQLWHQUYU 0DUURFKL DQ MU 0DUVYY 0DUVEDFK6LHJPXQGYRQY

 0DUWLQYRQ7RXUVKOY 0DUWLQYRQ7URSSDXY 6W0DUWLQ0DLQ]HU'RPY 0DUXWY 0DU[*HRUJ-|UJUY 0DVVDGDU 0DWKDUHDYYYUY 0DWWKlXVKO (YDQJHOLVWXQG (YDQJHOLXP UUYUYU YYUUUYY 0DWWKLDV&RUYLQXV.|QLJY8QJDUQX %|KPHQ UHJ Y 0DXUXVKOY 0D[HQWLXVU|P.DLVHU UHJ  U 0D[LPLOLDQU|P.DLVHU UHJ .|QLJVHLW UY 0D[LPLQXVKOU 0HGDQY 0HGHUYY 0HJJLGRY 0HKPHW,,GHU(UREHUHU )DWLK  RVPDQ6XOWDQ UHJ U YYU 0HNNDUUYUUYU Y 0HOFKLVHGHFKYUU 0HPSKLVU 0HQHODRVY 0HQVFKZHUGXQJYYU 0HUNXUY 0HUQDX9HUQDQGXVYRQUY 0HURPUYUU 0HUUKDY 0HVDGDKȺ0DVVDGD 0HVVDPWYYUUUU UUYY 0HVVLDVU 0HWRQȺ0RGRQ 0LFKDHOKOYY 6W0LFKDHO .LUFKH.DSHOOH Y Y 0LGLDQUU 0LGLDQLWHUYU 0LGLMHKȺ0RGLQ 0LQGHUH%UGHU )UDQ]LVNDQHU Y YYUYYUUU 0LWWHOPHHU 0DUH0HGLWHUUDQHXP  YYYYYYYU YU

 0RDEUYYUYY 0RDELWHUUY 0RGHVWXVKOU 0RGRQUUYUUU YU 0RKDPPHGYUUUYU YUUUYUY YYU 0RKUHQUUUY 0RQRWKHOHWLVPXVU 0RQV6H\UȺ6H\U 0RUERQHLU 0RUHDUYUY 0RULDUY 0RVHYYUUYYU YUYYYUUU YYUUUY UYYUYUU UYY 0RVFKHHUYUUY UYY 0Q]HQEHUJ+HUU]XȺ6ROPV 0XUDQRY 0\ORUY 0\VLHQY  1DDVRQUY 1DEDOYUU 1DEDOHXHVU 1DERWKUY 1DEDWlHUUU 1DGDEDWO.|QLJYU 1DIWDOLUUUUYY 1DȓQȺ-QJOLQJ]X1DȓQ 1DRQDȺ1REH 1DSROLPY 1DSROLVUY 1DSRORVDUY 1D]DUHWUUYYU 1HDSHOLQ$SXOLHQYUUU 1HDSHOYRQ5RPDQLDY 1HEDMRWU 1HEXNDGQH]DUEDE\ORQ.|QLJ UHJ  UU 1HERUYU 1HJHYȺ&DGHV EDUQH  1HSKWDOLPUUY 1HSK\PU 1HVWRULDQHUUYYY 1HVWRULXVYYYU

5HJLVWHU

1LJURSRQWYYUUY YY 1LNRGHPXVU 1LNRSROLVY 1LNRODXVKOY 6W1LNRODXV.LUFKHUY 1LNRODXV93DSVW UHJ  Y 1LNRODL 1LNRVLDYUY 1LOYYUYYUY YYYUYY UU 1RDKUUYUY 1RE H UYU 1RHPDY 1XPHULYUUY 1\PSKDU 1\XPU  2EDGMDY 2FKVHQUUYU 2IIHQEDUXQJGHV-RKDQQHV 17 Y 2JY 2ULJHQHVU 2URQU 2URQGHQY 2SSHQKHLPUU 2VHHDWO.|QLJY 2WQL OU 2]LDVY  3DGXDYU 3DOODV>$WKHQH@U 3DOPWDJYY 3DQHDVȺ&DHVDUHD3KLOLSSL 3DSKRVȺ%DIID 3DSLHUUU 3DSVWYUUUYU YYY 3DUDGLHVYUUUYYU YYYYYU 3DUDOLSRPHQRQȺ&KURQLN 3DULVYUU 3DVVXVFDQLVU 3DWUDVY 3DXO5HLVHEHJOHLWHU%HUQKDUGVY 3DXODKOYU 3DXOXVKO0LVVLRQDUYUYY YYUYUYYU

5HJLVWHU

UYUUUYY UUYU 3DXOXVYRQ7KHEHQKO(LQVLHGOHU UYY 6W3DXOXV .LUFKH YY 3HODJLXVU 3HOODY 3HORSRQQHVȺ0RUHD 3HUDYU 3HULVWRQU 3HUVHUYUYYY 3HUVHXVU 3HWHU6W %XUJ U 6W3HWHU 'RP UU 6W3HWHU +DIHQ U 6W3HWHU SlSVWO/HJDWLRQ U 3HWUD GHVHUWL U 3HWUXVKOYYUYUY UYUUYUYU YUUUYY 3ILQJVWHQUYY 3KDFHHDWO.|QLJY 3KDFHLDDWO.|QLJY 3DSKRQU 3KDUDRYYUUUY YYUY 3KDURQU 3KDVJDUYU 3KLDODYY 3KLOLSS,,$XJXVWIU].|QLJ UHJ  U 3KLOLSS,,,+HU]RJYRQ%XUJXQG UHJ UY 3KLOLSSYRQ%LFNHQȺ%LFNHQ 3KLOLSSXVKO$SRVWHOYUY 3KLOLVWHUUYUYYY YUYU 3KLORPHQHKOU 3K|QL]LHQUYYYUU U 3IHUGHYYUYYY UUUYYY YU 3IHUGHNULSSHQVWlOOHY 3KRFDV.DLVHU UHJ YU 3LODWXVU|P3UlIHNWYRQ-XGlD UHJ  YUUYYY 3LVFRSLDU 3LVWKHUDU 3ODWRQUU

 3ROHYDUGRU 3ROPHGRUU 3RO\NDUSU 3RUHÿȺ3DUHQW] 6W3UD[HGLV .LUFKH YU 3UHGLJHURUGHQYYYY UU 3URVGRFLPXVKOU 3VDOPHQUU 3WROHPDLVUY VDXFK$NNR  3WRORPlXV $7 UY 3XUSKLULXVU 3\JPDOLRQU 3\WKDJRUDVUY  4D\LW%H\0DPHOXFNHQVXOWDQ UHJ  Y 4HLVDULȺ&DHVDUHD 4XDUHQWDQDUYYYYY U  5DJHVPHGRUXPY 5DJXVDUYU 5DKvGȺ5RVVHWD 5DPDUUYUYUY YYUYY 5DPDWKDȺ5DQWLV 5DPDWK\PY 5DPDWKDLPVRSK\PU 5DPDWKDVRSK\PYU 5DPHWHO.KDOLOȺ0DPUH 5DPODȺ5DPD 5HEHNNDUU 5HKDEHDPU 5HXZLFK(UKDUWU 5LFKDUG'RPLQLNDQHUY 5LFKDUG,/|ZHQKHU].|QLJYRQ (QJODQG UHJ U 5KRGRVYYYUYUY YUUYUUY UYUYUUY 5LFKWHU $7 UUUUYY UYYUUYY 5|PHUUYYUYY Y 5RPYUYYUYY YYUUUUY UYUUUY 5RPDQLDY 5RSSHQVWHLQ0D[LPLQXVYRQUU

 5RVVHWDYYU 5RWHV0HHUYUUYY UYYUYU 5XEHQU 5XELJLQDU 5XWKU  6DED.|QLJLQYRQUY 6DEDWK\WDQNRU 6DEEDVKOY 6W6DEEDV .ORVWHU YU 6DEEDWKYUY 6DEHOOLXVU 6W6DELQD .LUFKH Y 6DFKDUMDYYYY 6DGGX]lHUU 6DIL\DKȺ=HSKRURQ 6DLGDȺ6LGRQ 6DNUDPHQWUYYYUU UYYUYY YYUUYY YU 6DODGLQ6XOWDQYRQ6\ULHQXbJ\SWHQ FD U 6DORPR.|QLJYRQ,VUDHOX-XGlD FD  UUYUYUU UU 3RUWLFXV6DORPRQLVUY 7HPSHO6DORPRVYUYU UU 6DO]YYYU 6DO]JUXEHQU 6DO]VlXOHU 6DO]PHHUY 6DO\PY  6DPDULDUYYYU 6DPDULWHUYYYU 6DPXHOYUUYU 6DPXHO%XFK $7 UUU YYUU 6DPXHO%XFK $7 YUU 6W6DPXHO %XUJ U 6DQ6DOYDWRU .LUFKH UYU Y 6DQDFKLPU 6DQFDVDQU 6DQKHULEDVV\U.|QLJ UHJ  U 6DQNW6RSKLH.RQVWDQWLQRSHO .LUFKH  Ⱥ+DJLD6RSKLD

5HJLVWHU

6DQNW6RSKLH1LNRVLD .LUFKH Y 6DQ\UUYY 6DSLHQWLDU 6DSSKRY 6DUDUUY 6DUGLQLHQUY 6DUHSWDY 6DURQ D YYY 6DUUD]HQHQYUYUUU UYUYYUYU YUUUYYUU UUYUUUUYU UYYUYYU UYUYUYU YUYUYUU YUYUUYU YYUU 6DWXUQYY 6DXOUUUYYUUU 6DXOXVYYU 6D[HP\ORY 6FKDIHYYUYYU 6FKDXHQEHUJ+HLQULFKYRQY 6FKHVFKDXU 6FKLORDFKYU 6FKODQJHQYUUUUU Y 6FKQHHUYYYYU U 6FKXQHPU 6FKXQHPLWHULQU 6FKZDU]HV0HHU 0DUH(X[LQXP  Y 6FKZHLQHUYUYYY Y 6FKZHLQHEOXWIOHLVFKUY 6FKZLW]EDGYU 6FUXWLQLXPVFULSWRUXPY 6FXWDULPYY 6HEDVWHUYU 6HEXORQUY 6HHUlXEHUU 6HIIRULVȺ=HSKRURQ 6HJHWKDY 6HOOXPDWO.|QLJY 6HUPLRQU 6H\UUYYU 6LFKHPUYU 6LGRQUYUYUUY UUUY

5HJLVWHU

6LHQOHLQ&DVSDUYRQY 6LIYU 6LPRQKOU 6LPRQ/HSURVLYUU 6LPRQ3HWUXVKOȺ3HWUXV 6LPRQYRQ&\UHQHU 6LQDLYYUUYYU UUYUYUY YUY 6LQRFK\PY 6LQWIOXWUYUYY 6LVHUDUUY 6L[WXV,93DSVW UHJ Y UUY 6L]LOLHQYYYUY 6NODYHQYUU 6NRUGLVFRVY 6NRUSLRQHUU 6ODZRQLHQUY 6ROGDQRȺ6XOWDQ 6ROPV+DQV*UDIYRQ+HUU]X 0Q]HQEHUJUUYYU 6RSROLPY 6SUFKH $7 U 6WHSKDQUUYYU 6WHSKDQVEHUJY 6XEHEHY 6XOWDQYYUUUUU UUUUYUU YUUYUYU YUYUYYU UYUUU 6XU6WDGWY 6XU:VWHY 6XULDQHUUYY 6ZLWKDY 6\OR H UUYUYYY 6\QY 6\QDJRJHUYY 6\QHXVY 6\UDNXVY 6\UHUYUY 6\ULD6HEDOU 6\ULHQYUYUYUU UYUYU 6\ULQY  7DELWDY 7DERU%HUJUUUYYY 7DIIQHYU

 7DOPDLU 7DQULFRVY 7DUVFKLVFK 7DWDUHQY 7DXEHQYYYUUY 7DXIHUUYUYYY UYUYYYU YYUYY 7DXUXVY 7HO$YLYȺ-DSKD 7HO%HHU6KHYDȺ%HHUVFKHED 7HOOHO.KHOHLIDȺ6\RQJDEHU 7HNRD 6WDGW UYUYY 7HNRD :VWH U 7HPSHOULWWHUYYUYY 7HSKH\P\WK)LJXUU 7HUVDU 7KHEHQYYY 7KHPDQY 7KHRGRVLXVGbU|P.DLVHU UHJ  Y 7KHVVDOLHQY 7KHVVDORQLFKHUEULHI 17 U 7KRPDVKO$SRVWHOUYUU 7KRPDV5HLVHEHJOHLWHU%HUQKDUGV Y 7KRPDVYRQ$TXLQKOVFKRODVWLVFKHU 7KHRORJH FD UU 7KRPDV/LEXUQLȺ/LEXUQL 7KRUUUYU 7KUDNLHQYY 7K\UUKHQLVFKHV0HHUYU 7LEHUU 7LEHULDV6HHȺJDOLOlLVFKHV0HHU 7LEHULXVU|P.DLVHU UHJ U 7LJULVY 7LPQDW6HUDFKY 7LULDFDU 7LUVDU 7LWXV%LVFKRIY 7LWXV/LYLXVU|P+LVWRULNHU  Y&KUQ&KU U 7LWXVU|P.DLVHU UHJ U 7LWXVEULHI 17 Y 7RELDVY 7RELW $7 U 7RWHV0HHUUUYUYY UUYUYUUY UYUU 7UDFKRQLWLVUUYUUU

 7UDFRQLWLGLVUHJLRȺ7UDFKRQLWLV 7UDSH]XQWY 7ULEDORVU 7ULSROLVYUYU 7URMDYYYUY 7UXW]HOPDQQYUYYY YUUYU 7XEDOY 7UNHLUYU 7UNHQYUUYUU UYYUYUU 7\EHULDGHVU 7\UHȺ7\UXV 7\UXVUUYUYUY UUUU  8JHOKHLPHU3HWHUUYU 8QJDUQYYYYU UUY XQNHXVFK8QNHXVFKKHLWYUY YYYY 8QVFKXOGLJH.LQGHUYUYU YY 8ULDVU 8ULXVKOU 8]U  9DODQLHY 9HORQDYY 9HQHGLJUYYUUUY UYUYYUY UYYUYUU YY 9HQH]LDQHUUUUUYU YUUUYYU Y 9HUJLOUU 9HURQDU 9HURQLFDKOU 9HQXVUUU 9HQXVEHUJ )UDX9HQXV%HUJ U 9HUVXFKXQJYY 9HVSDVLDQU|P.DLVHU UHJ U 9LQFHQ]U 9LQ]HQ]YRQ%HDXYDLVYY 9LWHUERY 9LWXVKOU 9RURELXPU

5HJLVWHU

9R\YY  :DVVHUUUUUYUY UYYYUYYY UYUYUUYY UUYUYYU UUYUYUU YYUYUUY YYYYYU YUUUUYU UYUYYU :DVVHUIlVVFKHQYUU :DVVHUTXHOOHU :HLGHQYUUYYUU UY :HLQUUUUUYU UYUYUYUU UYYYUYYY YYYUUUU UYUU :HLQEHUJUY :HLQJlUWHQYYYUU YUUUYUU :HLQVFKHQNU :HLQWUDXEHY :HLQYHUERWY :HLVKHLW $7 U :RUPVU