Professional Documents
Culture Documents
&KULVWLDQ)ULHGULFK'DQLHO6FKXEDUW
gOJHPlOGHYRQ$XJXVW)ULHGULFK2HOHQKDLQ]
$QWRQLR5RVHWWLV&KDUDNWHU¶LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
0DUWLQ6WDHKHOLQ
$QWRQLR5RVHWWLV&KDUDNWHU¶
LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
,
'LHKLHUIROJHQGH6NL]]H±PHKUDOVHLQHVROFKHNDQQXQGZLOOVLHQLFKWVHLQ±ZHQGHWVLFKLQ
HLQHUHUVWHQ%HWUDFKWXQJGHPYLHOVHLWLJEHJDEWHQVFKZlELVFKHQ0XVLNHU7KHRORJHQ/HKUHU
XQG/LWHUDWHQ&KULVWLDQ)ULHGULFK'DQLHO6FKXEDUW ]X'LHVHUEULJHQVYRQ
ELVXQZHLWYRQ5RVHWWLVVSlWHUHP:LUNXQJVRUWDP2HWWLQJHQ:DOOHUVWHLQHU+RI
6FKOHUGHV1|UGOLQJHU/\FHXPVIKUWHEDOGHLQZLOGHV/HEHQGDVMHQLJHHLQHVZDKUKDIW
JHQLDOLVFKHQ6WUPHUVXQG'UlQJHUV¶6FKRQVHLQHGHU7KHRORJLHJHOWHQGH6WXGLHQ]HLW
DQGHU8QLYHUVLWlW(UODQJHQZDUYRQPDQQLJIDFKHQ$EHQWHXHUQXQGZLHHUVSlWHUVHOEHU
PHKUIDFK EHNHQQHQ VROOWH Ä$XVVFKZHLIXQJHQ³ EHJOHLWHW ZXUGH HU PLWWOHUZHLOH
2UJDQLVWDQGHU6WDGWNLUFKHGHUZUWWHPEHUJLVFKHQ5HVLGHQ]/XGZLJVEXUJZHJHQ(KH
EUXFKVGHV/DQGHVYHUZLHVHQ6HLQH(KHIUDXXQGIQI.LQGHUOLHHUDOOHLQ]XUFNXPHLQ
PHLVW]LHOORVHVXQGXQUXKLJHV:DQGHUOHEHQ]XIKUHQEHUQDKPHULQ$XJVEXUJGLH
+HUDXVJHEHUVFKDIWGHU'HXWVFKHQ&KURQLN¶LQGHUHUVLFKWHLOZHLVHNKQXQGQLFKWHEHQ
UHVSHNWYROOEHU3ROLWLN$GHO.LUFKH/LWHUDWXUXQG0XVLNlXHUWHGUHL-DKUHVSlWHUZXUGH
HUDXIZUWWHPEHUJLVFKHP%RGHQIHVWJHQRPPHQXQGODQJH-DKUHLQGHU)HVWXQJDXIGHP
+RKHQDVSHUJLQKDIWLHUW'LH*HIDQJHQVFKDIWPDFKWHLKPGDQQLQPDQFKHUOHL+LQVLFKWGLH
6FKOHFKWLJNHLWVHLQHV9RUOHEHQVEHZXVVWXQGHQWOLHLKQJHEURFKHQLQGLHZHQLJHQQRFK
IROJHQGHQ/HEHQVMDKUH
:lKUHQGGHU+DIWGLNWLHUWHHUÄHLQHP8QJHEWHQ³VHLQH,GHHQ]XHLQHUbVWKH
WLNGHU7RQNXQVW¶EUDFKWHGHU6RKQ/XGZLJ6FKXEDUWGLHZRQ|WLJJHRUGQHWHQXQG
YHUEHVVHUWHQ,GHHQ¶SRVWKXPLP'UXFNKHUDXV6LHVLQGGHU0XVLNIRUVFKXQJHLQIUGLH
]ZHLWH+lOIWHGHV-DKUKXQGHUWVLQVJHVDPWZLFKWLJHU7H[WJHZRUGHQ$XIHLQHHU|IIQHQGH
'DUVWHOOXQJGHU0XVLNJHVFKLFKWHVHLWGHP$OWHUWXPIROJWGDULQHLQODQJHV.DSLWHOEHUGLH
PXVLNDOLVFKH6FKXOHGHU'HXWVFKHQ¶GDVLQ]ZDQ]LJVXN]HVVLYHQ.OHLQDEVFKQLWWHQGHXWVFKH
=HQWUHQGHU0XVLNSÀHJHMHQHU=HLWVRZRKOLQDGOLJHQ5HVLGHQ]HQDOVDXFKLQVWlGWLVFKHQ
9HUKlOWQLVVHQEHVFKUHLEW'HP/HVHUPXVVVRJOHLFKDXIIDOOHQGDVVGLHVH0LWWHLOXQJHQ
IDVWGXUFKZHJXQGNRQVWLWXWLYDQMHQHQ6WHOOHQWlWLJH0XVLNHULQLKUHQ0LWWHOSXQNWVHW]HQ
XQG EHU GLHVH LQ EHLQDKH NDWDORJDUWLJHQ 5HLKXQJHQ$XVNXQIW JHEHQ 'LH =DKO GLHVHU
(LQ]HOGDUVWHOOXQJHQ LVW LQVJHVDPW VR JUR GDVV GLH LQ LKQHQ EHKDQGHOWHQ 0XVLNHU KLHU
XQP|JOLFKQDPHQWOLFKJHQDQQWZHUGHQN|QQHQ$EHUHVZLUGLQMHGHP)DOOHGHXWOLFKGDVV
6FKXEDUWGHQ5DQJXQGGLH%HGHXWXQJPXVLNDOLVFKHU$NWLYLWlWHQQLFKWVRVHKUGXUFKGHQ
$XIZDQGXQGGHQ3UXQNGHUMHZHLOLJHQ9HUKlOWQLVVHDOVYLHOPHKUXQGHQWVFKHLGHQGGXUFK
GLHEHVRQGHUHQPXVLNDOLVFKHQ6WlUNHQXQG9HUGLHQVWHGHUEHWHLOLJWHQ3HUVRQHQEHVWLPPW
VLHKW'LUHNWDQGLHVHODQJH5HLKHEHVFKULHEHQHUGHXWVFKHU0XVLNHUVFKOLHWVLFKEHYRU
QRFKGLH9HUKlOWQLVVHLQDXHUGHXWVFKHQ/lQGHUQGDUJHVWHOOWZHUGHQXQGHLQHJU|HUH$XV
ODVVXQJEHU'LH*UXQGVlW]HGHU7RQNXQVW¶IROJWHLQ$EVFKQLWWEHU&KDUDNWHUEHUKPWHU
7RQNQVWOHU¶ DQ GHU QRFKPDOV HLQH JU|HUH 0XVLNHU]DKO LQ VXN]HVVLYHQ (LQ]HOWH[WHQ
EHKDQGHOWQLFKWQXUKLHUVRQGHUQDXFKLQDQGHUHQ6FKULIWHQ6FKXEDUWVIlOOWDXIGDVVHEHQ
0DUWLQ6WDHKHOLQ
GHU%HJULIIGHV&KDUDNWHUV¶HLQHV0XVLNHUVLPPHUZLHGHUEHJHJQHWMDIU6FKXEDUWHLQH
RIIHQNXQGLJ]HQWUDOH%HGHXWXQJEHVLW]W'DQDFKGDUIPDQJHZLVVDXFKGDVZDVHULQGHQ
,GHHQ¶EHU5RVHWWLPLWWHLOWDOV&KDUDNWHU¶%HVFKUHLEXQJYHUVWHKHQ'LHVHLVWHLQJHIJW
LQGHQ$EVFKQLWWEHU:DOOHUVWHLQ2HWWLQJHQ¶
Ä5RVHWWL(LQHUGHUEHOLHEWHVWHQ7RQVHW]HUXQVHUHU=HLW$XIDOOHQ&ODYLHUHQVLHKWPDQ
MHW]W5RVHWWLVFKH6WFNHDXVDOOHQMXQJIUlXOLFKHQ.HKOHQKDOOHQVHLQH/LHGHUZLHGHU8QG
JHZLHVOlWVLFKNDXPHWZDV/HLFKWHUHV/LFKWYROOHUHV+RQLJVHUHVGHQNHQDOVGLH
6WFNHGLHVHV0DQQHV'LH1DLYHWlWLVWVRQGHUOLFKVHLQ+DXSW]XJ6ROHLFKWDEHUVHLQH
6lW]HDXVVHKHQVRVFKZHUVLQGVLHYRU]XWUDJHQZHQQPDQNHLQHLJHQHV+HU]JHIKOKDW
'HUEORHPXVLNDOLVFKH/XIWVSULQJHUGHUEORLQ6DOWRPRUWDOHQVHLQHQ5XKPVXFKWZLUG
VFKHLWHUQZHQQHUHLQ5RVHWWLVFKHV:HUNYRUWUDJHQVROO'LH*UD]LHXQG6FK|QKHLWLVWVR
XQHQGOLFKIHLQHU1DWXUGDPDQQXUPLWGHU+DQG]XFNHQGDUIVRLVWLKU]DKUWHU8PUL
]HUVW|UWXQGGDV9HQXVELOGZLUGHLQH)UDW]H±'LHVHV*UXQGJHVHW]JLOWLQHLQHPKRKHP
*UDGHYRP9RUWUDJGHU5RVHWWLVFKHQ&RPSRVLWLRQHQDXIHLQHPEHNLHOWHQ)OJHOZLUNHQ
VLHQXUVFKOHFKWDXIHLQHP6WHLQLVFKHQ)RUWHSLDQRVWDUNDPPHLVWHQDXIHLQHP6LOEHU
PDQQLVFKHQ&ODYLFRUGH
5RVHWWLVHW]WHDXFKPDQFKHVIUGLH.LUFKH6HLQ5HTXLHPDXIGHQ7RGGHU3ULQ]HVVLQQ
YRQ7D[LVLVWXQJHPHLQVFK|QKDWDEHUGDV)H\HUOLFKHUKDEHQHGDV7RGDKQGHQGHGDV
7URVWYROOH GHU$XIHUVWHKXQJ QLFKW VR ZLH GDV -RPHOOLVFKH 5HTXLHP (U WlQGHOW ]X YLHO
PLWEODVHQGHQ,QVWUXPHQWHQ'DV1lVHOQGHU7URPSHWHQPLW6DUWLQHQIlOOWEH\QDKHLQV
.RPLVFKHXQG]HUVW|UWGLH(LQGUFNHGHUVFKZHUPWKLJHQ$QGDFKW$XFKYHUVWHKWHUGHQ
&RQWUDSXQFWQLFKWWLHIJHQXJXPHLQH)XJHPLW.UDIWXQG1DFKGUXFNGXUFK]XDUEHLWHQ
5RVHWWLLVWGHUHUVWH,WDOLlQHUZHOFKHUGHXWVFKH3RHVLHPXVLNDOLVFKEHDUEHLWHWH'DHUGLH
GHXWVFKH6SUDFKHWLHIVWXGLHUWKDWVRVLQGLKPGLHVH$UEHLWHQPHLVWXQJHPHLQJXWJHOXQJHQ
/LHGHUGHU/LHEHXQGVDQIWZDOOHQGH(PS¿QGXQJHQJHOLQJHQLKPDPPHLVWHQ³
'LHVH&KDUDNWHULVLHUXQJ¶5RVHWWLVPXWHWVRJOHLFKPHUNZUGLJDQGHQQVLHJLOWNDXP
ZLHPDQQDFKLKUHPNQDSSHQ7LWHO]XPLQGHVWDXFKHUZDUWHQGUIWHGHP0HQVFKHQ5RVHWWL
RGHUJDUGHQLQGHVVHQ&KDUDNWHUDXVJHSUlJWHQSV\FKLVFKHQ$QODJHQVRQGHUQZHVHQWOLFK
VHLQHQ.RPSRVLWLRQHQGHU.RPSRQLVW5RVHWWLWULWWLQVHLQHUVSH]L¿VFKHQ3HUV|QOLFKNHLW
QXUGDKHUYRUZRGLHÄ1DLYHWlW³DOVVHLQÄ+DXSW]XJ³EH]HLFKQHWZLUGGHUVLFKDXIGLH
VWLOLVWLVFKH*HVWDOWJHZLVVHU6WFNHDXVVHLQHU)HGHUDXVZLUNH'HU/HVHUZLUGDXFKUDVFK
EHPHUNHQGDVVGLHVHU7H[WVLFK]X%HJLQQYRUQHKPOLFKEHUQDLYH¶XQGJUD]L|VH¶6WFNH
5RVHWWLVlXHUWNRQNUHWYRUDOOHPEHUVHLQH.ODYLHUVWFNHXQG.ODYLHUOLHGHU6FKXEDUW
LJQRULHUWGDEHL±ZDVLP)ROJHQGHQVRJOHLFKQRFK]XEHJUQGHQVHLQZLUG±GLH%UHLWHGHU
YRQ5RVHWWLDXFKVRQVWEHUFNVLFKWLJWHQ*DWWXQJHQJDQ]DOVRHWZDVHLQH6WUHLFKTXDUWHWWH
%OlVHUZHUNH6RORNRQ]HUWHRGHU6LQIRQLHQ(LQZHLWHUHV8UWHLOJHK|UWGDQQ5RVHWWLVJHLVW
OLFKHU0XVLNQDPHQWOLFKGHP]LWLHUWHQ5HTXLHP'LHVHVVFKHLQW6FKXEDUWMHGRFKQLFKW
VRIHLHUOLFKWLHIXQGWU|VWHQG]XNOLQJHQZLHHLQGDPDOVEHUKPWHV3DUDOOHOZHUN1LFFROz
-RPPHOOLV$XFKULVNLHUHGHU.RPSRQLVWKLHUIUDJZUGLJH,QVWUXPHQWDONOlQJHHWZDYRQ
JHGlPSIWHQ7URPSHWHQXQG5RVHWWLVNRQWUDSXQNWLVFKH'XUFKDUEHLWGHU)XJHQVlW]HKlOW
6FKXEDUWDOOJHPHLQQLFKWIUEHU]HXJHQG6FKOLHOLFKDQHUNHQQWHUGDVVGHU.RPSRQLVW
DOVÄGHUHUVWH,WDOLlQHU³VHKUHUIROJUHLFKÄGHXWVFKH3RHVLHPXVLNDOLVFKEHDUEHLWHWH³
6FKXEDUWV&KDUDNWHULVLHUXQJ¶XQGGHUHQ6FKUHLEDUWHUVFKHLQWDXVKHXWLJHU6LFKWXQYROO
VWlQGLJ'LHVH/FNHLVWIUHLOLFKKLVWRULVFKJXW]XEHJUQGHQGHQQ6FKXEDUWNDQQWHDXV
HLJHQHU+|UXQG6SLHOHUIDKUXQJZRKOYRUDOOHPGLH.ODYLHUXQG9RNDO.ODYLHU6WFNH
$QWRQLR5RVHWWLV&KDUDNWHU¶LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
VRZLHGDVHEHQHUZlKQWH5HTXLHP5RVHWWLZDUMDHUVWVHLW(QGHLQ:DOOHUVWHLQWlWLJ
XQGVHLQHEUHLWHNRPSRVLWRULVFKH3URGXNWLRQYRQJUREHVHW]WHQYRQJHVHOOVFKDIWVXQG
NDPPHUPXVLNDOLVFKHQ:HUNHQ EHJDQQ KLHU HUVW YROO ]X ÀLHHQ QDFKGHP 6FKXEDUW DXI
GHP+RKHQDVSHUJLQKDIWLHUWZRUGHQZDU6HLQ&KDUDNWHU¶8UWHLOEHU5RVHWWLV:HUNZLUG
GHU0XVLNKLVWRULNHUKHXWHDEHUWURW]GHPDXFKDXVGHVVHQ*HVDPWKHLWDOVRDXFKQRFKDXV
GHU=HLWELV]XVHLQHPHLQJHWUHWHQHQ7RGRGHUELV]XP(UVFKHLQXQJVMDKUGHU
6FKXEDUWVFKHQ,GHHQ¶SUIHQZROOHQMDPVVHQXQGDXVGLHVHU6LFKWLVWGDV6FKDIIHQGHV
.RPSRQLVWHQVRZLH6FKXEDUWHVEHQHQQWHEHQQRFKVHKUXQYROOVWlQGLJEHVFKULHEHQ$EHU
DQVSlWHQ6WFNHQZLHGHQ6LQIRQLHQLQJ0ROORGHU(V'XUZLUGPDQK|UHQN|QQHQ
GDVVHVLP9HUJOHLFK]X6FKXEDUWV7H[WJHZLFKWLJH6WFNHDXV5RVHWWLV)HGHUJLEWGLHVLFK
NHLQHVZHJVLQWlQGHOQG1DLY*UD]L|VHPHUVFK|SIHQVRQGHUQGXUFKDXVOHLGHQVFKDIWOLFKH
7|QHDQVFKODJHQ8QGGDVV5RVHWWLPLWGHP.RQWUDSXQNWXP]XJHKHQZHLN|QQHQDXFK
DQGHUHJHLVWOLFKH6WFNHDOVMHQHV5HTXLHP]HLJHQHWZDGHU(LQJDQJVFKRUGHV3DVVLRQV
RUDWRULXPV-HVXVLQ*HWKVHPDQH¶RGHUGHU$PHQ¶&KRUGHU+DOOHOXLD¶.DQWDWH6FKOLH
OLFKLVW6FKXEDUWGHU±QDFKELVKHULJHU0HLQXQJHKHUDEJHOHKQWHQ±$XIIDVVXQJ5RVHWWLVHL
XUVSUQJOLFKHLQ,WDOLHQHUPDQKDWLKQYLHOPHKUPHLVWIUHLQHQ%|KPHQXQGGHVKDOEPLW
GHUGHXWVFKHQ6SUDFKHZRKOYRQIUKHU-XJHQGDQHEHQIDOOVIUYHUWUDXWJHKDOWHQ
,,
$QJHVLFKWVGLHVHU%HREDFKWXQJHQZLUGPDQGLH6FKXEDUWVFKH&KDUDNWHU¶%HVFKUHLEXQJ
5RVHWWLVGHQQLQGHUQRWZHQGLJHQ(LQVFKUlQNXQJULFKWLJHLQRUGQHQXQGVLHQLFKWDOVDEVR
OXWH%HZHUWXQJYHUVWHKHQGUIHQ6LHNDQQMHGHQIDOOVQLFKWGDVOHW]WH:RUWEHU5RVHWWLV
6FKDIIHQEHGHXWHQXQGZLUGXQVGHVKDOEDOVKLVWRULRJUDSKLVFKH'DUVWHOOXQJGHU=HLWGHV
.RPSRQLVWHQXQGYRUDOOHPDOVHLQHHLQ]HOQH6WLPPHGHV-DKUKXQGHUWVEHU5RVHWWL
LQWHUHVVLHUHQ'DVLVWLP%OLFNDXIGDV)ROJHQGHDXFK]XYHUVFKPHU]HQGHQQHVNRPPW
XQVLQGHUYRUOLHJHQGHQ6NL]]HOHW]WOLFKYLHOPHKUDXIHWZDV$QGHUHVHLQHQPHKUIRUPDOHQ
*HVLFKWVSXQNWDQQlPOLFKDXIGHQYRQ6FKXEDUWVRVHKUIDYRULVLHUWHQ%HJULIIXQGGLH6DFKH
GHV&KDUDNWHUV¶HLQHV0XVLNHUV
'DV:RUW&KDUDNWHU¶LVWRIIHQEDUGXUFKGHQIUDQ]|VLVFKHQ0RUDOLVWHQ-HDQGHOD%UX
\qUHGHUVLFKVHLQHUVHLWVDXIGLH&KDUDNWHUEHVFKUHLEXQJHQGHVDOWJULHFKLVFKHQ6FKULIWVWHOOHUV
7KHRSKUDVWYRQ(UHVRVEHUXIWLP-DKUKXQGHUWLQGHQDOOJHPHLQHQ6SUDFKJHEUDXFKJH
ODQJWXQGYLHOOHLFKWKDEHQDXFKGLHGDPDOVYLHOJHOHVHQHQ/HEHQVEHVFKUHLEXQJHQ3OXWDUFKV
DXIGLHOLWHUDULVFKH*HVWDOWGHUQHX]HLWOLFKHQ&KDUDNWHU'DUVWHOOXQJHQIRUPDOHLQJHZLUNW
:HQQJOHLFKEHLGHQDOWHQ6FKULIWVWHOOHUQGLHZHUWHQGHQ.DWHJRULHQHLQHVWXJHQGKDIWHQ¶
RGHUODVWHUKDIWHQ¶9HUKDOWHQVGHQ&KDUDNWHU¶HLQHV0HQVFKHQEHVWLPPHQIHKOWGHU=HLW
6FKXEDUWVQRFKZHLWJHKHQGGLH$EVLFKWGLHVHQ%HJULIIQDFKGLIIHUHQ]LHUWSV\FKRORJLVFKHQ
XQGVLWWOLFKHQ.ULWHULHQ]XYHUVWHKHQZLHZLUGDVKHXWHGRFK]XWXQJHQHLJWVLQGGDPDOV
GLHQWGLH'DUVWHOOXQJGHV&KDUDNWHUV¶RIWHLQIDFKGD]XHLQEHVRQGHUHV.HQQ]HLFKHQHLQHQ
*UXQG]XJRGHUHLQXQWHUVFKHLGHQGHV0HUNPDOGHXWOLFK]XPDFKHQ(VVFKHLQWZLHZHQQ
HEHQGLHVHUDOOJHPHLQHUHXQGZHQLJHUWLHIH%HJULIIGHV&KDUDNWHUV¶GHQQDXFK6FKXEDUWV
$EVFKQLWWEHU5RVHWWL]XJUXQGHOLHJHXQGGLHVHV9HUVWlQGQLVYLHOOHLFKWDXFKQRFKGXUFK
MHQH=XUFNKDOWXQJJHSUlJWZlUHZHOFKHGLH*HIDQJHQVFKDIWGHV$XWRUVEHZLUNWKlWWH
'HQQ 6FKXEDUWV /HEHQ XQG *HVLQQXQJHQ¶ HLQH DXWRELRJUDSKLVFKH 'DUVWHOOXQJ ODVVHQ
VFKRQ GHU (UODQJHU 8QLYHUVLWlWV]HLW GHV 9HUIDVVHUV XQPLWWHOEDU HLQHQ$EVFKQLWW 8HEHU
PHLQHQPXVLNDOLVFKHQ.DUDNWHU¶IROJHQGHUGHQ$XWRUVHOEHUQRFKDOVWHPSHUDPHQWYROOHV
0DUWLQ6WDHKHOLQ
DXFKPXVLNDOLVFKHV2ULJLQDOJHQLHGDUVWHOOWÄLFKVSLHOWHXPGLHVH=HLW>«@PLWJHÀJHO
WHU*HVFKZLQGLJNHLWODVVHKUVFKZHUH6WNNHIUV.ODYLHURGHUHLQDQGHUHV-QVWUXPHQW
JHVH]WPLWXQGRKQH%DYRP%ODWHZHJVSLHOWHLQDOOHQ7|QHQPLWJOHLFKHU)HUWLJNHLW
IDQWDVLHUWHPLWIHXULJHU(U¿QGXQJVNUDIW³±GLH0XVLNZXUGHÄIUPLFKHLQH6LUHQHGLH
PLFKGXUFKLKUHQ=DXEHUJHVDQJRIWLQYHUVFKOLQJHQGH6WUXGHOORNWH³VFKUHLEW6FKXEDUWLQ
MHQHU$XWRELRJUDSKLH0DQVSUWKLHUZLHIHUQHGDPDOVGHP&KDUDNWHU¶MHQHV0XVLNHUV
GDVSV\FKRORJLVFKH0RPHQWXQGZLHQDKHLKPYLHOPHKUGLH9RUVWHOOXQJVHLQHV*HQLHV¶
ZDU,QGLHVHUZDUWURW]DOOHU]HLWOLFKHQ(QWIHUQXQJXQGYRP'LFKWHUDXIGHQ0XVLNHU
EHUWUDJHQRIIHQEDUDXFKQRFKGLHDQWLNH,GHHGHVIXURUSRHWLFXV¶DOVRGHV:DKQVLQQV
LQGHPGHU'LFKWHUVHLQH(LQJHEXQJHQJHVWDOWHWZLUNVDPOHW]WOLFKJHZLVVLQ5HDNWLRQDXI
GLHYRQGHU$XINOlUXQJIDYRULVLHUWH9HUQXQIWÄ*HQLHLVW*HQLXV³IRUPXOLHUWHGDPDOVGHU
EHUKPWH=UFKHU7KHRORJH-RKDQQ&DVSDU/DYDWHUÄ:HUEHPHUNWZDKUQLPPWVFKDXW
HPS¿QGHWGHQNWVSULFKWKDQGHOWELOGHWGLFKWHWVLQJW>«@±DOVZHQQ¶VLKPHLQ*HQLXV
HLQXQVLFKWEDUHV:HVHQK|KHUHU$UWGLNWLUWRGHUDQJHJHEHQKlWWHGHUKDW*HQLHDOVZHQQ
HUVHOEVWHLQ:HVHQK|KHUHU$UWZlUH±LVW*HQLH³
,,,
1XQIJWHVVLFKGDVVLPVGGHXWVFKHQ*HELHWHWZDJOHLFK]HLWLJHLQDQGHUHU/LWHUDWOHEWH
GHULQYHUVFKLHGHQHU+LQVLFKW6FKXEDUWlKQOLFKZDUQlPOLFK&DUO/XGZLJ-XQNHU
HU VROO LP =HQWUXP HLQHU ]ZHLWHQ GLH YRUDQJHJDQJHQH HUVWH SDUDOOHOLVLHUHQGHQ
%HWUDFKWXQJVWHKHQ-XQNHUZDUYRQ+DXVHDXVHEHQIDOOVSURWHVWDQWLVFKHU7KHRORJHLQ
VHLQHQPXVLNDOLVFKHQ,QWHUHVVHQ)lKLJNHLWHQXQGGHU3UD[LVHLJHQHQ.RPSRQLHUHQV6FKX
EDUWYHUJOHLFKEDUPLWGLHVHPEULJHQVDXFKEHIUHXQGHW,QIUKHQ%HUXIVMDKUHQZDUHU
LQGHU6FKZHL]DOV+DXVOHKUHUWlWLJJHZHVHQVSlWHU3DVWRUXQG.DSODQLQKRKHQORKLVFKHQ
'LHQVWHQJHZRUGHQLQVHLQHQlVWKHWLVFKHQ3XEOLNDWLRQHQHEHQIDOOVNHLQ/HKUEXFKDXWRU
VRQGHUQ HLQ /LWHUDW YRQ RIW JHQLDOLVFKOHLGHQVFKDIWOLFKHU 'LNWLRQ VRZLH EHUUDVFKHQG
JHQXJ HEHQIDOOV HLQ 'DUVWHOOHU YRQ PXVLNDOLVFKHQ &KDUDNWHUHQ 6HLQH =ZDQ]LJ &RP
SRQLVWHQ(LQH6NL]]H¶LQHUVWHU$XÀDJHYRQLQ]ZHLWHUYRQlKQOLFKZLHEHL
6FKXEDUWHUJlQ]WXPHLQHWKHRUHWLVFKH$EKDQGOXQJEHUGLH7RQNXQVW¶VWHOOWZLHGHU
8QWHUWLWHODXVGUFNOLFKVDJWHLQH±HEHQIDOOVNDWDORJDUWLJUHLKHQGH±&KDUDNWHULVWLNYRQ
&RPSRQLVWHQ¶YRUDQGLHVHVLQG±XQGLKUHJHJHQEHU6FKXEDUWNOHLQHUH=DKOHUODXEW
KLHUDXFKGLH1HQQXQJLKUHU1DPHQ±&DUO)ULHGULFK$EHO&DUO3KLOLSS(PDQXHO%DFK
-RKDQQ&KULVWLDQ%DFK/XLJL%RFFKHULQL&KULVWLDQ&DQQDELFK-RKDQQ%DSWLVW&UDPHU
&DUO'LWWHUVYRQ'LWWHUVGRUI(UQVW(LFKQHU,JQD])UlQ]O$QGUp(UQHVW0RGHVWH*UpWU\
7RPPDVR*LRUGDQL-RVHSK+D\GQ$QWRQLR.DPPHO)UDQoRLV$QGUp3KLOLGRU*DHWDQR
3XJQDQL&DUO6WDPLW]-RVHSK$OR\V6FKPLWWEDXU-RKDQQ6FKREHUW*LXVHSSH7RHVFKLXQG
-RKDQQ%DSWLVW9DQKDO8QGVHLQH%HWUDFKWXQJHQEHU0DKOHUH\7RQXQG%LOGKDXHUNXQVW¶
YRQ EULQJHQ LQ LKUHP 0LWWHOWHLO XQWHU GHP7LWHO 0XVLNDOLVFKHU &KDUDNWHU HLQHV
HLQ]HOQHQ0DQQHV¶ZLHGHUXPVXN]HVVLYH&KDUDNWHUVFKLOGHUXQJHQYRQQHXQ.RPSRQLVWHQ
QlPOLFK*HRUJ)ULHGULFK+lQGHO-RKDQQ*RWWOLHE*UDXQ-RKDQQ$GROI+DVVH*LRYDQQL
%DWWLVWD3HUJROHVL1LFFROz-RPPHOOL&KULVWRSK:LOOLEDOG*OXFN&DUO3KLOLSS(PDQXHO
%DFK-RKDQQ$GDP+LOOHUXQG$QWRQ6FKZHL]HU0DQZLUGDXFKKLHUOHLFKWIHVWVWHOOHQ
GDVV GLH$QRUGQXQJ XQG 'DUVWHOOXQJVIRUP YRQ GHU hEHU]HXJXQJ GLNWLHUW LVW GDVV VLFK
GDVZHVHQWOLFKHXQGEHVWHLQGHQ.QVWHQ*HVFKDIIHQHHQWVFKHLGHQGLQGHQ/HLVWXQJHQ
HLQ]HOQHUEHGHXWHQGHU3HUV|QOLFKNHLWHQPDQLIHVWLHUH'LHVHKUVXEMHNWLYHXQGJHOHJHQWOLFK
$QWRQLR5RVHWWLV&KDUDNWHU¶LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
HWZD]X+DVVHRGHU*OXFN ZDKUKDIWSDWKHWLVFKH'LNWLRQGHU'DUVWHOOXQJZHLVW-XQNHU
HQWVFKLHGHQ]XGHQVWXUPXQGGUDQJEHZHJWHQ6FKULIWVWHOOHUQZHQQHVGDIUQRFKHLQHV
%HZHLVHVEHGUIWHZlUHHUPLWVHLQHQLQLKUHU%HZXQGHUXQJXQG%HJHLVWHUXQJQLFKWVHO
WHQJHUDGH]XXQJHRUGQHWHQXQGHUXSWLYIRUPXOLHUHQGHQ%ULHIHQDQGHQEHUHLWVJHQDQQWHQ
-RKDQQ&DVSDU/DYDWHU]XHUEULQJHQ5RVHWWLLVWLQ-XQNHUV&KDUDNWHU¶%HVFKUHLEXQJHQ
]ZDUVHOWVDPHUZHLVHQLFKWHLQEH]RJHQDEHUGLHVHUPDJ6FKXEDUWLQVHLQHP+DQJ]XXQ
NRQWXULHUWbVWKHWLVFKHPLQ$XVVDJH6SHNXODWLRQXQG(PS¿QGXQJEHLHLQ]HOQHQGXUFKDXV
EHUHFKWLJWHQ8UWHLOHQGXUFKDXVYHUJOHLFKEDUVHLQLKQQLFKWVHOWHQJDUEHUWUHIIHQ
*HUQHZUGHPDQDOVRGLH%HXUWHLOXQJ5RVHWWLVLQHLQHPHWZDVEUHLWHUFKDUDNWHULVLH
UHQGHQ%HLWUDJ-XQNHUVNHQQHQOHUQHQXQGP|JOLFKHUZHLVHJLEWHVVRJDUHLQHQVROFKHQ
GHUQDFK'LNWLRQ6HOEVWVLFKHUKHLWXQGHLQ]HOQHQ$XVVDJHQDQGHUHQ7H[WHQ-XQNHUVDXFK
LQKDOWOLFK lKQHOW (LQLJH =HLWJHQRVVHQ KDOWHQ LQ GHP IUDJOLFKHQ )DOO -XQNHU WDWVlFKOLFK
IUGHQ$XWRU(LQHUVROFKHQ,GHQWL¿NDWLRQVWHKWIUHLOLFKGLHDQRQ\PHhEHUOLHIHUXQJGHU
HQWVSUHFKHQGHQ4XHOOHLP:HJ'HUIUDJOLFKH3DVVXV¿QGHWVLFKLQHLQHP0XVLNDOLVFKHQ
$OPDQDFKDXIGDV-DKU¶GHURKQH$QJDEHHLQHV9HUIDVVHUVRGHU+HUDXVJHEHUVHU
VFKLHQ DOOHUGLQJV PLW GHQ JUDH]LVLHUHQGHQ 2UWVDQJDEHQ $OHWKLQRSHO¶ DOVR GHU 6WDGW
GHU:DKUKHLWDXFK.RVPRSROLV¶DOVRHLQHU:HOWVWDGW2IIHQEDUVROOWHQGLHVH$QJDEHQ
GDPDOVQLFKWYHUHLQ]HOWHLQHUVHLWVGHQZLUNOLFKHQ9HUODJVRUWWDUQHQXPGHP$XWRUHLQH
XQJHKHPPWRIIHQH6SUDFKH]XHUP|JOLFKHQXQGDQGHUHUVHLWVZROOWHYRUDOOHPGLHHUVWH
$QJDEHDXFKEHDQVSUXFKHQGDVVKLHUGLH:DKUKHLWJHVDJWZUGH'DVVEHLGLHVHP$OPD
QDFKXQG]ZHL1DFKIROJHUQDXIGLH-DKUHXQGGHUVSlWHUH%DFK%LRJUDSK-RKDQQ
1LNRODXV)RUNHO GDQQJHUQHDOV9HUIDVVHUEH]HLFKQHWZXUGHXQGQRFKZLUG
KlQJWPLWGHPVHOWVDPHQ=XIDOO]XVDPPHQGDVV)RUNHOLQGHQ-DKUHQ
XQGQRFKPDOVLQ/HLS]LJHEHQIDOOVHLQHQPXVLNDOLVFKHQ$OPDQDFKKHUDXVEUDFKWH
LKQDEHULP7LWHOMHZHLOVPLWGHPXQWHUVFKHLGHQGHQ=XVDW]IU'HXWVFKODQG¶YHUVDKZH
QLJVWHQVGLHVH$OPDQDFK%lQGHVLQGDOV/HLVWXQJHQ)RUNHOVGDQNGHU8QWHU]HLFKQXQJGHU
MHZHLOLJHQ9RUUHGHXQGLQKDOWOLFKHU$XVVDJHQHLQGHXWLJLGHQWL¿]LHUEDUGUIHQDEHUPLWGHQ
QLFKW)RUNHOVFKHQ3DUDOOHOElQGHQQLFKWYHUPHQJWZHUGHQ)RUNHOVHOEHUKDW DOOHUGLQJVLQ
DXIIlOOLJXQEHVWLPPWHU)RUPXOLHUXQJ ]ZHLPDOHEHQIDOOVHUNOlUW-XQNHUZHUGHÄIUGHQ
9HUIDVVHUGHVPXVLNDOLVFKHQ$OPDQDFKVDXIGLH-DKUHXQG>«@JHKDOWHQ³
OHW]WHQ(QGHVLVW-XQNHUVGRUWLJH$XWRUVFKDIWDEHUQLFKWGXUFKHLQHQSRVLWLYHQ4XHOOHQQDFK
ZHLVJHVLFKHUW
.RQVXOWLHUWPDQQXQGLHVHKLHU]XQXW]HQGH4XHOOHDOVRHEHQGHQQLFKW)RUNHOVFKHQ
$OPDQDFKIUVRWULIIWPDQZLHGHUXPDXIHLQH5HLKHYRQ.XU]FKDUDNWHULVWLNHQ
XQGLQQHUKDOEGLHVHU5HLKH¿QGHWVLFKGLHIROJHQGHbXHUXQJEHU5RVHWWL
Ä5RVHWWL.DPPHUPXVLFXVEH\GHUKHUUOLFKHQ.DSHOOHLQ:DOOHUVWHLQWLVFKWHXFKHQ
DERQGDQFHEUDY0LOFKVSHLVHQDXI(VVFKHLQWDOVREHUVLFKHLQHQHLJHQHQEHWUHWHQHQ:HJ
EDKQHQZROOWHYHUPXWOLFKVROOWHGHULQ1HXKHLWYHUEXQGHQPLW*UD]LHEHVWHKHQ$EHU
GDEHLIlOOWHU]XRIWLQHNHOKDIWHIUDQ]|VLVFKH6LJNHLWZLUG]XPRQRWRQLVFKXQGZDJW
]XYLHODXIEOLQG*OFNJHJHQGLHEHVWLPPWHQ5HJHOQGHV&RVWXPVEHVRQGHUVLVWRIWGLH
%HJOHLWXQJVHLQHU]ZH\WHQ9LROLQHQ]XNQVWOLFK]XVSLHOHQGVRZLHRIWVHLQH$GDJLR¶VVWDWW
UKUHQGHVDQIWH(PS¿QGXQJ]XP*HJHQVWDQG]XKDEHQVHOEVWLQGLHV6SLHOHQGHIDOOHQ
$EHUULFKWLJHV9HUVWlQGQLVGHU1DWXUGHU,QVWUXPHQWHXQGEHVRQGHUVNOXJHQ*HEUDXFK
GHUEODVHQGHQKDEHQZLUEH\LKPDQJHWURIIHQ6RYLHOVFKPHLFKHOKDIWHVIUV2KUDXFK
LPPHUVHLQ6DW]KDEHQPDJVRVHKUHNHOWGHP0DQQHGHUYHUWUDXWPLWGHQ*HKHLPQLVVHQ
0DUWLQ6WDHKHOLQ
GHU.XQVWLVWYRUGHPWlQGHOQGHQ*HOH\HUXQGPGHHLQHUXQJHVDO]HQHQ6SHLVHVWHOOW
HUVLFKDQGLH%VWHHLQHV-RPHOOLRGHU*OXFNVXQGYHUWUlXPWGDGHQVHQ$EHQGGHV
%OXPHQPRQDWVXQWHUGHQ&RQFHUWHQGHU:DOGVlQJHU
>)XQRWH@ :LUKDEHQDXFK|IWHU5RVHWWLDXIGHPQlPOLFKHQ:HJ ELV]XU*HIDKUGHV
3ODJLDWV PLW+D\GHQDQJHWURIIHQ³
'LHVH&KDUDNWHULVWLNWHLOW]XQlFKVW6FKXEDUWVREHQYRUJHIKUWH0HLQXQJGDVV5RVHWWLV
0XVLNVHKU]XP*UD]L|VHQQHLJHMDHWZDVEUDYEOLHEHÄ)UDQ]|VLVFKH6LJNHLW³ZLUGLKU
QDFKJHVDJWDXFKGLH7HQGHQ]GDV6SLHOHULVFKHLQGHU.RPSRVLWLRQ]XSÀHJHQ$EHU5RVHWWLV
IHLQHU6LQQIU,QVWUXPHQWHQNODQJZLUGDQHUNDQQWGLHVQXQJHJHQGLH.ULWLN6FKXEDUWV
8QGJHUQHZLUGLKP]XJHVWDQGHQGDVVHUVLFKYRQGHUPXVLNDOLVFKHQ6XEVWDQ]GHU0XVLN
-RPPHOOLV*OXFNVRGHUJDU+D\GQVLQVSLULHUHQODVVH
'LHVH5HVHUYHQPDFKHQDXFKYHUVWlQGOLFKGDVVVLFKQRFKHLQ-DKU]HKQWVSlWHUHLQZLH
GHUXPXQJHQDQQWHU$XWRULQHLQHUI|UPOLFKHQÄ%HULFKWLJXQJ³SUHVVH|IIHQWOLFKIU5RVHWWL
YHUZDQGWHQDFKGHU]XJUXQGHOLHJHQGHQ=HLWXQJLKUHP9HUOHJHUVRZLH9HUODJVRUWN|QQWH
GLHVMHPDQGDXVGHPHQJHUHQ.UHLVHXPGHQLQ6SH\HUWlWLJHQ0XVLNYHUOHJHU+HLQULFK
3KLOLSS%RVVOHU ZHQQQLFKWJDUGLHVHUVHOEHUJHZHVHQVHLQ±XPVRPHKU
DOV%RVVOHUYRUKHUEHUHLWV]DKOUHLFKH.RPSRVLWLRQHQ5RVHWWLVLQHLJHQHQ9HUODJVZHUNHQ
SXEOL]LHUW KDWWH 6R OLHVW PDQ GHQQ LQ HLQHP LQ PHKUHUHQ )RUWVHW]XQJHQ HUVFKLHQHQHQ
=HLWXQJVDUWLNHOPLW%HULFKWLJXQJHQXQG=XVlW]HQ]XGHQPXVLNDOLVFKHQ$OPDQDFKHQDXI
GLH-DKUH¶XQWHUGLUHNWHP%H]XJDXIGHQYRUDQJHJDQJHQHQ%HLWUDJGDV
)ROJHQGH
Ä5RVHWWL,VW]XKDUWEHXUWKHLOWXQGZLUGQLHPLW-RPHOOLRGHU*OX>F@NYHUJOLFKHQZHUGHQ
N|QQHQZHLOHULQHLQHPJDQ]DQGHUQ)DFKHGHU7RQVH]NXQVWDUEHLWHW(ULVWHVZHOFKHU
GLH)RUPGHU,QVWUXPHQWNRQ]HUWHYHUEHVVHUWGLHHOOHQODQJHQ5LWRUQHOOHQDEJHVFKQLWWHQGLH
VFKLNOLFKHQNOHLQHQ5XKHSXQNWHIUGLH3ULQ]LSDOVWLPPHHLQJHVFKDOWHWXQGGDV%ULOODQWH
LP9RUWUDJHPLW(OHJDQ]]XYHUELQGHQGXUFKVHLQH.RPSRVLWLRQHQ%HLVSLHOXQG$QZHLVXQJ
JHJHEHQKDW,QGHPZDVPDQ,QVWUXPHQWHQSUD[LVQHQQWKDWHUHV]XHLQHUYRU]JOLFKHQ
*UQGOLFKNHLWJHEUDFKWXQGEHVFKlPWKLHULQQHPDQFKHQ.DSHOOPHLVWHUJURVVHU+|IH:DV
GLH+HUDXVJHEHUGHV$OPDQDFKV*HIDKUGHV3ODJLXPVQHQQHQEHUXKWVLFKHUOLFKDXIHLQHP
0LVYHUVWDQGH0XVLNDOLVFKH5HPLQLVFHQ]HQ3KUDVHQGLHDQGUHDXFKJHEUDXFKWKDEHQ
GHUHQVLFKDEHU5RVHWWLLQHLQHPJDQ]DQGHUQ6LQQHEHGLHQWGLHVHN|QQHQVLFKZRKOLQVHLQHQ
6WNHQ¿QGHQDEHUXPDQGHUQ3DVVDJHQ1RWHIU1RWHXQGLQlKQOLFKHQ.XQVWLQWHQWLRQHQ
DE]XERUJHQGD]XLVWVRHLQJHGDQNHQUHLFKHU0DQQZLH5RVHWWLQLFKWDUPJHQXJ³
(V LVW KLHU ]X VSUHQ GDVV HLQ .HQQHU VSULFKW (U JLEW VLFK QLFKW DOOHLQ GHQ DXJHQ
EOLFNOLFKHQ .ODQJHLQGUFNHQ KLQ VRQGHUQ YHUPDJ HWZDV ]X PXVLNDOLVFKHU )RUP XQG
,QVWUXPHQWLHUXQJ]XVDJHQXQGGLH%HKDXSWXQJ5RVHWWLKDEHVLFKEHLDQGHUHQ.RPSRQL
VWHQPLWPXVLNDOLVFKHP0DWHULDODXVJHVWDWWHW]XUFN]XZHLVHQ'DVVLQGHQEHLGHQHEHQ
]LWLHUWHQ 7H[WHQ XQJHQDQQWHU$XWRUHQ GXUFKDXV YHUVFKLHGHQH &KDUDNWHULVWLNHQ 5RVHWWLV
SUlVHQWLHUWZHUGHQZLUGGLH)RUVFKXQJKHXWLJHU=HLWZLHGHUXP]XU9RUVLFKWPDKQHQGLH
KLHUYHUWUHWHQHQ$XVVDJHQRKQH:HLWHUHVDOVLQKDOWOLFKDEVROXWJOWLJXQGYROOVWlQGLJ]X
DN]HSWLHUHQNDQQDEHUDXFKYHUVWlQGOLFKPDFKHQGDVVGHUHQZHLWHUH'LVNXVVLRQDQGLHVHU
6WHOOHXQWHUEOHLEW
$QWRQLR5RVHWWLV&KDUDNWHU¶LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
,9
(VZXUGHREHQVFKRQDXVJHIKUWGDVVGHU7DWVDFKHQ*UXQGDXIGHP6FKXEDUWXQG-XQNHU
DEHUDXFKHLQ]HOQH=HLWJHQRVVHQLKUHUHLKHQGHQ&KDUDNWHU%HVFKUHLEXQJHQDXIEDXHQDXV
KHXWLJHUKLVWRULVFKNULWLVFKHU6LFKWVRUJIlOWLJHU3UIXQJEHGDUIGLHVHV5HVXOWDWKDWPDQ
KLQ]XQHKPHQ,PPHUKLQLVWZRZLHEHL6FKXEDUWXQG-XQNHUGLHIRUPDOH.DWDORJJHVWDOW
YRUGLH6DFKDXVNXQIWJHVHW]WZLUGGRFKGLH%HREDFKWXQJGXUFKDXVDXIIlOOLJGDVVKLQWHU
MHQHU%HPKXQJXPGHQ&KDUDNWHU¶HLQ]HOQHU0XVLNHURIIHQNXQGLJHLQQHXHVVWDUNHV
XQGVHKUVSH]L¿VFKHV,QWHUHVVHDQGHUEHVRQGHUHQ3HUV|QOLFKNHLWHLQHV'ULWWHQVWHKW8QG
GLHVHV,QWHUHVVHLP+LQWHUJUXQGZRKOYLHOIDFKJHSDDUWPLWXQGEHOHEWYRQHLQHP,QWHUHVVH
DXFKDQVLFKVHOEHULVWRIIHQEDU$XVGUXFNHLQHUGXUFKDXVHPS¿QGVDPHQMDJHQLDOLVFKHQ
0HQWDOLWlWXQGIJWVLFKGDPLWDXFKOHLFKWLQGLH'HQNZHLVHYRQ6WUPHUQXQG'UlQJHUQ
HLQ6LHLVWXQWHUHEHQGLHVHQ9RUEHGLQJXQJHQXQGLQHEHQGLHVHU=HLWEULJHQVNHLQHVZHJV
HLQ(LQ]HOSKlQRPHQVRQGHUQ¿QGHWDXFKLQQLFKWPXVLNDOLVFKHQbXHUXQJHQ$XVGUXFN
0DQGHQNHHWZDDQGLHGDPDOVDXINRPPHQGHOLWHUDULVFKH)RUPGHV%ULHIURPDQVGHVVHQ
'DUVWHOOXQJHLQHEHVRQGHUVHQJHSHUV|QOLFKHMDLQWLPH9HUELQGXQJGHUNRUUHVSRQGLHUHQGHQ
3DUWQHUHUODXEW2GHUPDQHULQQHUHVLFKGHVEHUHLWVYHUVFKLHGHQWOLFKHUZlKQWHQ=UFKHU
7KHRORJHQ/DYDWHUGHUVLFKLQVHLQHQ3K\VLRJQRPLVFKHQ)UDJPHQWHQ¶LQ%UHLWHXQGLQ
JURHP6WLOGDUXPEHPKWKDWDXVGHPJHQDXHQ6WXGLXPHLQHUPHQVFKOLFKHQ3K\VLR
JQRPLHDXIGHQ&KDUDNWHULKUHV7UlJHUV]XVFKOLHHQ$XFKKLHUEHL/DYDWHUOLHJWHLQLQ
VHLQHU=HLWJHUDGH]XH[]HSWLRQHOOVWDUNHV,QWHUHVVHDP0HQVFKHQXQGGDEHLEHVRQGHUVDQ
GHVVHQ$QODJHQ]XJUXQGH'DVVGLHVHVHEHQLQGHQbXHUXQJHQHPS¿QGVDPHUMDRULJLQDO
JHQLDOHU0HQVFKHQ]XP$XVGUXFNNRPPWNDQQDQJHVLFKWVYRQGHUHQVWDUNVXEMHNWLYHP
XQGRIWDXIVLFKVHOEHUJHULFKWHWHP/HEHQVJHIKONDXPHUVWDXQHQ'DUDQEUDXFKWDXFK
GLH 7DWVDFKH QLFKWV ]X lQGHUQ GDVV GLH YRQ 6FKXEDUW XQG -XQNHU YRUJHIKUWHQ ODQJHQ
&KDUDNWHU¶5HLKXQJHQYRQ0XVLNHUQ]XQlFKVWYHUPXWHQODVVHQN|QQWHQGDVVGDV,QWHU
HVVH DP (LQ]HO.RPSRQLVWHQ YLHOOHLFKW HKHU ]XUFNWUlWH (V VFKHLQW DEHU YLHOPHKU VR
GDVVMHQHEHUHLQVWLPPHQGNDWDORJDUWLJHQ5HLKXQJHQLP*HJHQWHLOVRJDUHLQHEHVRQGHUH
%HGHXWXQJEH]HXJHQZUGHQGLHLKUH$XWRUHQMHQHP,QWHUHVVH]XJHPHVVHQKlWWHQ'LUHNW
LVWGLHVHV±XPGLHYRUOLHJHQGH6NL]]HDE]XVFKOLHHQ±LQMHQHU=HLWYRQQLHPDQGHPVR
GHXWOLFKMDEHLQDKHVRSURJUDPPDWLVFKDXVJHVSURFKHQZRUGHQZLHYRQGHP%HUOLQHU
3RSXODUSKLORVRSKHQXQG5RPDQDXWRU.DUO3KLOLSS0RULW]ZHQQGLHVHUIHVWKlOWÄ:LHNDQQ
LFKGHQJDQ]HQEULJHQ7HLOPHLQHV/HEHQVEHVVHUQXW]HQDOVZHQQLFKLKQQHEHQGHU
WlWLJHQ$XVEXQJPHLQHU3ÀLFKW]XU(UIRUVFKXQJXQG%HWUDFKWXQJGHVMHQLJHQDQZHQGH
ZDVPLUXQGPHLQHQ0LWJHVFK|SIHQJHUDGHDPZLFKWLJVWHQLVW"8QGZDVLVWGHP0HQVFKHQ
ZLFKWLJHUDOVGHU0HQVFK"'LHVHPYRUWUHIÀLFKHQ6WXGLXPZLOOLFKGDKHUPHLQH=HLWXQG
PHLQH.UlIWHZLGPHQXQGLQ5FNVLFKWDXIGDVVHOEHZLOOLFKVWXGLHUHQOHVHQEHREDFKWHQ
GHQNHQXQGOHEHQ³
$10(5.81*(1
2ULJLQDOLQGHU6WDDWVJDOHULH6WXWWJDUW'LH$EELOGXQJZXUGH%HUQG-UJHQ:DUQHNHQ
6FKXEDUW±GHUXQEUJHUOLFKH%UJHU)UDQNIXUWDP0DLQ6HQWQRPPHQ
-UJHQ+HLGULFK 0QVWHU: GDQNHLFKIUHLQZLOONRPPHQHV*HVSUlFKEHUGDV7KHPD
GLHVHV7H[WHVXQG*QWKHU*UQVWHXGHO $XJVEXUJ IUHLQLJHZLFKWLJHKLVWRULVFKH+LQZHLVH
0DUWLQ6WDHKHOLQ
XQG.RUUHNWXUHQ±=X6FKXEDUWV/HEHQXQG:HUNYJO+DQV-RDFKLP+LQULFKVHQLQ'LH
0XVLNLQ*HVFKLFKWHXQG*HJHQZDUW$XÀ3HUVRQHQWHLO%G.DVVHO6S
VRZLH+DUWPXW6FKLFN&KULVWLDQ)ULHGULFK'DQLHO6FKXEDUW'HU'LFKWHU0XVLNHU1|UG
OLQJHQXQG:DOOHUVWHLQLQ5RVHWWL)RUXP 6$XWRELRJUDSKLVFKHV¿QGHW
VLFKLQ&KULVWLDQ)ULHGULFK'DQLHO6FKXEDUW/HEHQXQG*HVLQQXQJHQ9RQLKPVHOEVWLP
.HUNHUDXIJHVH]W7KHLO6WXWWJDUW
9JOHEG7KHLOEHV6IGD]XLP,QKDOWVYHU]HLFKQLVDXVGUFNOLFKGHU=ZLVFKHQ
WLWHO$XVVFKZHLIXQJHQ¶
&KULVWLDQ)ULHGULFK'DQLHO6FKXEDUW,GHHQ]XHLQHUbVWKHWLNGHU7RQNXQVW+UVJYRQ
/XGZLJ6FKXEDUW:LHQ 1DFKGUXFN'DUPVWDGW
(EG6
(EG6±(VVHLVRJOHLFKNODUJHVWHOOWGDVVKLHUXQGLP)ROJHQGHQZHQQYRQ
&KDUDNWHU¶GLH5HGHVHLQZLUGGLHVNHLQHVIDOOVLQMHQHPYLHOIlOWLJHQlVWKHWLVFKHQ6LQQH
JHVFKHKHQZLUGZLHHVEHLPXVLNKLVWRULVFKHQ%HJULIIHQZLH&KDUDNWHUVWFN&KDUDNWHULVWL
VFKH6RQDWHXlGHU)DOOLVWYJO]XGLHVHP.RPSOH[-DFREGH5XLWHU'HU&KDUDNWHUEHJULII
LQGHU0XVLN6WXGLHQ]XUGHXWVFKHQbVWKHWLNGHU,QVWUXPHQWDOPXVLN6WXWWJDUW
%HLKHIWH]XP$UFKLYGHU0XVLNZLVVHQVFKDIW
6RVFKRQLQ6FKXEDUW/HEHQ ZLH$QP 7KHLO6LP,QKDOWVYHU]HLFKQLVXQWHU
GHP DXVGUFNOLFKHQ7LWHO 8HEHU PHLQHQ PXVLNDOLVFKHQ .DUDNWHU¶ 'LH %HGHXWXQJ GHV
%HJULIIV&KDUDNWHU¶LQGHU)DPLOLH6FKXEDUWVVFKHLQWVLFKDXFKGDULQ]XlXHUQGDVVGHU
6RKQ/XGZLJ6FKXEDUWLQGHULQ%HUOLQSXEOL]LHUWHQ=HLWVFKULIW'HU)UHLPWLJH¶HLQH
)ROJHYRQÄ.DUDNWHUHQ³YHU|IIHQWOLFKWHYRQGHQHQPLUHLQ%HLVSLHOPLWGHP7LWHO(LQ
4XDVL.DSHOOPHLVWHU¶ 6III YRUOLHJWGDVQLFKWHLQH
KLVWRULVFKHVRQGHUQHLQHHUIXQGHQH0XVLNHUSHUV|QOLFKNHLWLQDPVDQWVFKULIWVWHOOHULVFKHU
:HLVHEHVFKUHLEWPLWDOOHQP|JOLFKHQ6NXUULOLWlWHQDXVJHVWDWWHWXQGJHOHJHQWOLFKLQHFKWH
KLVWRULVFKH8PJHEXQJSURML]LHUW'LHGRNXPHQWLHUHQGH$EVLFKWGHUYlWHUOLFKHQ&KDUDNWHU
6FKLOGHUXQJHQHUVFKHLQWEHLP6RKQLQHLQHOLWHUDULVFKHYHUlQGHUW±'DV0RGHOOGHU&KDUDN
WHUH¶GHV9DWHUVN|QQWHEULJHQVQRFKLQ:LOKHOP+HLQULFK5LHKOVHEHQIDOOV5RVHWWLEHKDQ
GHOQGHQ0XVLNDOLVFKHQ&KDUDNWHUN|SIHQ¶ $XÀDJHXQG]DKOUHLFKH1HXDXÀDJHQ
ZHLWHUOHEHQYJO0DUWLQ6WDHKHOLQ$QWRQLR5RVHWWL±HLQÄJ|WWOLFKHU3KLOLVWHU³":LOKHOP
+HLQULFK5LHKOV5RVHWWL:UGLJXQJLQ5RVHWWL)RUXP 6
6FKXEDUW,GHHQ ZLH$QP 6I
0DULD7KHUHVLDGLHIUKYHUVWRUEHQHHUVWH*DWWLQGHV)UVWHQ.UDIW(UQVW]X2HWWLQJHQ
:DOOHUVWHLQ
6RXUGLQHQDOVR'lPSIHU
2EZRKOGLHVHU7H[WZLHREHQHUZlKQWHUVWLP'UXFNHUVFKLHQLVWHUGRFKEHUHLWV
YHUIDVVWZRUGHQHUVFKLHQLQ6WXWWJDUWGHU%DQGYRQ6FKXEDUWV/HEHQXQG
*HVLQQXQJHQ¶ ZLH$QP GLHVHUHQWKlOWDXI6HLQHQ$EVFKQLWWLQGHP6FKXEDUW
EHUVHLQHQ%HVXFKDP:DOOHUVWHLQHU+RILP-DKUHEHULFKWHW$XFKKLHUNRQ]HQWULHUW
HUVLFKIDVWJDQ]DXIVHLQHGRUWHPSIDQJHQHQPXVLNDOLVFKHQ(LQGUFNH6RlXHUWHUVLFK
YRUDOOHPEHUGHQ/HLWHUGHU.DSHOOHGHQ+DXSWPDQQ,JQD]YRQ%HHFNHNU]HUVRGDQQ
EHUGHQ*HLJHU$QWRQ-DQLWVFKDP6FKOXVVGHV$EVFKQLWWVHUIROJWHLQ+LQZHLVDXIHLQHQ
QLFKWQDPHQWOLFKJHQDQQWHQÄZHOVFKHQ³.RPSRQLVWHQLQGHPDEHUQDFK9HUJOHLFKPLW
GHQREHQDXVGHQ,GHHQ¶]LWLHUWHQXQGDXFKEHUHLQVWLPPHQGHQ0LWWHLOXQJHQXQVFKZHU
5RVHWWL]XHUNHQQHQLVWÄ$XHUGHPJHUKPWHQ%H>HF@NHKDWWHGHU:DOOHUVWHLQLVFKH+RI
$QWRQLR5RVHWWLV&KDUDNWHU¶LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
DXFK HLQHQ ZHOVFKHQ .RPSRQLVWHQ GHU QRFK IHUWLJHU LP 6D>W@] XQG YLHO IHXULJHU DOV
%H>HF@NHZDU6HLQ5HTXLHPDXIGHQ7RGGHUGDVLJHQ)UVWLQLVWGHU3HQGDQW]X-RPHOOLV
5HTXLHPXQGHEHQVRVFK|QXQGUKUHQGDOV:HUNPHLVWHUV/REUHGHDXIGLHVHIURPPH
3ULQ]HLQQ1XUPDKOWHU]XYLHOIUGHQHLQIlOWLJHQ.LUFKHQVWLO³:HUNPHLVWHUVÄ/REUHGH³
YHUPDJLFKELEOLRJUDSKLVFKQLFKWQDFK]XZHLVHQXQGDXFKGHQJHQDQQWHQ9HUIDVVHUNDQQ
LFKQLFKWLGHQWL¿]LHUHQLFKYHUPXWHDEHUGDVVHVVLFKXPHLQH/DXGDWLRDXIGLHYHUVWRUEHQH
)UVWLQKDQGHOWHGLHZHQQEHUKDXSWGDQQLQHLQHU=HLWVFKULIWRGHUHLQHP6DPPHOEDQG
JHGUXFNWZRUGHQVHLQN|QQWH±hEHUGLH0LWJOLHGHUGHUZDOOHUVWHLQLVFKHQ.DSHOOHLQMHQHU
=HLWYJOGLHTXHOOHQJHQlKUWHQXQGEHTXHP]XVDPPHQIDVVHQGHQ'DUOHJXQJHQYRQ*QWKHU
*UQVWHXGHO:DOOHUVWHLQ±GDV6FKZlELVFKH0DQQKHLP7H[WXQG%LOGGRNXPHQWH]XU
*HVFKLFKWH GHU:DOOHUVWHLQHU +RINDSHOOH 1|UGOLQJHQ EHV .DS ,,
$EVFKQLWWH
6WHUOLQJ(0XUUD\7KH0XVLFRI$QWRQLR5RVHWWL$7KHPDWLF&DWDORJ:DUUHQ0LFK
$RGHU$
=XU%HVWLPPXQJXQG.RPSRVLWLRQGLHVHV5HTXLHPVYJO0DULDQQH'DQFNZDUGW$QWRQLR
5RVHWWLV5HTXLHPIUGLH%HLVHW]XQJGHU)UVWLQ0DULD7KHUHVLD]X2HWWLQJHQ:DOOHUVWHLQ
LQ$XJVEXUJHU-DKUEXFKIU0XVLNZLVVHQVFKDIW6
0XUUD\ ZLH$QP *RGHU*
*QWKHU*UQVWHXGHOKDWPLUGDQNHQVZHUWHUZHLVHGHQ(QWZXUIHLQHVHEHQIDOOVLQGLHVHP
+HIWYHU|IIHQWOLFKWHQ$XIVDW]HV]XJlQJOLFKJHPDFKWLQGHPHUHVDXIJUXQGVRUJIlOWLJHU
4XHOOHQVLFKWXQJGRFKIUP|JOLFKKlOWGDVVQLFKWGHU1DPH5|OHU¶RlVRQGHUQGHU
LWDOLHQLVFKH1DPH5RVHWWL¶GHUHLJHQWOLFKH)DPLOLHQQDPHGHV.RPSRQLVWHQZDU
=XU:LUNXQJVJHVFKLFKWH3OXWDUFKVYJOQRFKLPPHU5XGROI+LU]HO3OXWDUFK/HLS]LJ
6II
9JO$UW&KDUDFWHU¶LQ-DFREXQG:LOKHOP*ULPP'HXWVFKHV:|UWHUEXFK%G
/HLS]LJ6SVRZLH/-3RQJUDW]$UW&KDUDNWHU¶LQ-RDFKLP5LWWHU +UVJ
+LVWRULVFKHV:|UWHUEXFKGHU3KLORVRSKLH%G%DVHO6SEHV6SII
6FKXEDUW/HEHQ ZLH$QP 7KHLO6XQG
-RKDQQ&DVSDU/DYDWHU3K\VLRJQRPLVFKH)UDJPHQWH]XU%HI|UGHUXQJGHU0HQVFKHQ
NHQQWQLXQG0HQVFKHQOLHEH9HUVXFK/HLS]LJ6
&DUO/XGZLJ-XQNHULVWLQQHUKDOEGHU0XVLNIRUVFKXQJXQ]XUHLFKHQGXQWHUVXFKW8PVR
YHUGLHQVWYROOHULVWGHUGDQNVHLQHUEUHLWHQ4XHOOHQQDFKZHLVHJUXQGOHJHQGH%HLWUDJYRQ8O
ULFK6LHJHOHLQ'LH0XVLNLQ*HVFKLFKWHXQG*HJHQZDUW%G.DVVHO6S
:LFKWLJLVWDXFKGLH0XVLNDOLVFKH/HEHQVJHVFKLFKWH.DUO/XGZLJ-XQNHU¶VYRQLKPVHOEVW
EHVFKULHEHQ¶LQ:LUWHPEHUJLVFKHV5HSHUWRULXPGHU/LWWHUDWXU 69JO
]XGHPQHXHUGLQJV,QJHERUJ:HVVHU0XVLNJHVFKLFKWHGHUKRKHQORKLVFKHQ5HVLGHQ]VWDGW
.LUFKEHUJ6WXWWJDUW6 4XHOOHQXQG6WXGLHQ]XU0XVLNLQ%DGHQ:UW
WHPEHUJ 'LH'LVVHUWDWLRQYRQ5R\H(:DWHV.DUO/XGZLJ-XQNHU6HQWLPHQWDO0XVLF
&ULWLF<DOH8QLY'LVVZDUPLUQLFKWHUUHLFKEDU9JODXFK$QPXQG
6LHJHOH ZLH$QP 6S
&DUO/XGZLJ-XQNHU=ZDQ]LJ&RPSRQLVWHQ(LQH6NL]]H%HUQXQGXQWHUGHP
+DXSWWLWHO3RUWHIHXLOOHIU0XVLNOLHEKDEHU¶/HLS]LJGLH6FKULIWHQ&KDUDNWHULVWLN
YRQ&RPSRQLVWHQ¶XQG$EKDQGOXQJEHUGLH7RQNXQVW¶YHUHLQLJHQG
&DUO /XGZLJ -XQNHU %HWUDFKWXQJHQEHU 0DKOHUH\7RQ XQG %LOGKDXHUNXQVW %DVHO
0DUWLQ6WDHKHOLQ
=ULFK=HQWUDOELEOLRWKHN)DPLOLHQDUFKLY/DYDWHU0V(VVLQGLQVJHVDPW
]Z|OI %ULHIH -XQNHUV DQ /DYDWHU DXV GHQ -DKUHQ HUKDOWHQ 'DUDXV LQ$XV
VFKQLWWHQKLHUQXUHLQH3UREHDXVGHP%ULHIYRP$XJXVWVFKRQGDV(UXSWLYHXQG
LPPHUZLHGHUGXUFK*HGDQNHQVWULFKH8QWHUEURFKHQHGHU6SUDFKHNHQQ]HLFKQHW-XQNHUV
SDWKHWLVFKHQ6WLOZLHHWZDÄ:RKOOHKUZUGLJHU+HUU+LHULVWPHLQ.RSI>RIIHQEDUHLQH
%LOGYRUODJHIU/DYDWHUV3K\VLRJQRPLVFKH)UDJPHQWH¶@:ROOWH*RWW7KHXHUVWHU/DYDWHU
6LHVlKHQ.RSIGULQQHQ±OLHEHU+HU]DOV.RSI±ZlUHQHVDXFKQXUGLHNHLPHQGHQ:DO
OXQJHQGHU*XWKHLW$EHUOLHEHUKlWWHLFKPLFK,KQHQMHGHU0XVNHO6FKZHOOXQJXQGGHV
$XJVZHJHQGXUFK6FKPROOHQV>GLGHV=HLFKQHUVXQG0DOHUV*HRUJ)ULHGULFK6FKPROO
GHUDXFK/DYDWHUSRUWUlWLHUWH@1DWXU+DQGJHJHEHQ>@*UR±EHUXKLJHQGJURPX
VLFKGHU0DQQGQNHQGHULQGHU)OOHVHLQHU*HVFKlIWLJNHLWDOOJWLJLVW/DYDWHUZLUG
DQWZRUWHQZHQQHU/FNHXQG/XVWKDW±ZLUGZHQLJVWHQVZLHGHUVFKUHLEHQGD(UOHEW
±GD(UIUV3XEOLFXPGHQNWXQGIKOWXQGGHQNHQXQGIKOHQZHUGH±XQGGLHOLHEW
GLHOLHEHUXIHQXQG/LHEHYHUGLHQHQ±XQGGDQQZLOOLFK¶V%ULHIJHQLP%XVHQWUDJHQXQG
PLFK/DYDWHUVIUHXHQ±.DQQ(UQLFKW6RVROOPHLQ*HQLXVDQWZRUWHQ±LQ/DYDWHUV6HHOH
DQWZRUWHQXQGGDQQUXILFK]XP6FKOXPLWHLQHP6HXI]HU ZROWKXQVROOPLUVZHQQHLQH
7KUlQHVLFKGUHLQPLVFKW $UPHUGLFKDXVEUHLWHQGHUVFKDIIHQGHUJHIROWHUWHUXQGQLHJH
QXJHUNDQQWHU/DYDWHU0LWGHPZlUPVWHQ+HU]HQPLWGHU]XGULQJOLFKVWHQ.LQGHVOLHEH
HUÀHKHLFK9DWHU/DYDWHUV/HEHQXQG:RKO6HHOHQ5XKH±XQG/LHEH(Z:RKOHKUZUGHQ
JHKRUVDPVWHU'LHQHU&DUO/XGZLJ-XQNHU³ )$/DYDWHU0V ±,FKYHUZHLVHDQ
GLHVHU6WHOOHJHOHLWHWGXUFKNXU]H%ULHIH-XQNHUVDQGHQ%DVOHU5DWVVFKUHLEHU,VDDF,VHOLQ
%DVHO6WDDWVDUFKLYGHV.DQWRQV%DVHO6WDGW)$ DXIZHLWHUHEHL6LHJHOH ZLH$QP
IHKOHQGH%HLWUlJH-XQNHUVLQGHQYRQ,VHOLQUHGLJLHUWHQ(SKHPHULGHQGHU0HQVFKKHLW¶
VR]%6WFN&/-XQNHUDQ.RVPRSROLWHQ¶XQG6WFN(LQLJH
*UXQGVlW]HYRP.OLPDRGHUYRP(LQÀXGHV+LPPHOVVWULFKVDXIGHQXUVSUQJOLFKHQ&KD
UDNWHUGHU1DWLRQHQ¶,P7H[WYRQ6GHUNHQQ]HLFKQHQGH3DVVXVEHUGLH0XVLN
Ä%UGHUGHU.QVWH)UHXGHQEHVVHUQGDV+HU]±GHQQVLHYHUIHLQHUQGDV*HIKO+D
:HQQGLH0DFKWGHU7RQNXQVWELVDXIGLHOHW]WH1HUYHGHLQHV*HIKOVGULQJW±N|QQWHVWGX
GDYHUVFKORVVHQVH\Q"±9HUVFKORVVHQGHU6WLPPHGHV%HGUlQJWHQ"±6LH>GLH7RQNXQVW@
LVWGLH+DUPRQLH3KLORPHOHQV*HVDQJGHP5HFKWVFKDIIHQHQ)KOVWGXZDVVFK|QLVWVR
IKOVWGXDXFKZDVJXWLVWGHQQGDVPRUDOLVFK6FK|QHLVWJXW±XQGQXQIURORNVWGXEHU
7KDWGLHQRFKYRULKUHU9ROOHQGXQJLP+LPPHODQJHVFKULHEHQLVW³
-XQNHUHUZlKQW5RVHWWLE]ZVHLQH0XVLNDEHULQVHLQHU0XVLNDOLVFKHQ/HEHQVJHVFKLFK
WH¶ ZLH$QP 6LQQHUKDOEHLQHU5HLKHYRQLKPLQLUJHQGHLQHU.DWHJRULHGHV
.RPSRQLHUHQVZLFKWLJHQ9RUELOGHUQDOV,GHDOPRGHOOÄIUGHQ6D>W@]GHU2ERHQXQG>GHV@
=RUQV³KLHULVWHLQ'UXFNIHKOHUDQ]XQHKPHQJHPHLQWLVWZRKOGHV+RUQV¶
9JO-XQNHU HEG 6Ä6RZLGHUVH]HQVLFKGHP*HQLHRIWWDXVHQG+LQGHUQLVVH±
DEHU'DQNVH\HVVHLQHP6FK|SIHUHV]HUEULFKWHQGOLFKVHLQH)HVVHOQXQGJHODQJW]XP
=LHOVHLQHU9ROOHQGXQJ³
9JO*HRUJ&KULVWRSK+DPEHUJHU-RKDQQ*HRUJ0HXVHO'DVJHOHKUWH7HXWVFKODQG
>«@GXUFKDXVYHUPHKUWHXQGYHUEHVVHUWH$XVJDEH%G/HPJR66FKX
EDUW,GHHQ ZLH$QP 6(UQVW/XGZLJ*HUEHU1HXHVKLVWRULVFKELRJUDSKLVFKHV
/H[LNRQGHU7RQNQVWOHU7KHLO/HLS]LJ6S
-RKDQQ1LNRODXV)RUNHO0XVLNDOLVFKHU$OPDQDFKIU'HXWVFKODQGDXIGDV-DKU
6XQG'HUV$OOJHPHLQH/LWWHUDWXUGHU0XVLNRGHU$QOHLWXQJ]XU.HQQWQLPXVLND
$QWRQLR5RVHWWLV&KDUDNWHU¶LP]HLWJHQ|VVLVFKHQPXVLNOLWHUDULVFKHQ8PIHOG
OLVFKHU%FKHUZHOFKHYRQGHQlOWHVWHQELVDXIGLHQHXVWHQ=HLWHQ>«@VLQGJHVFKULHEHQ
ZRUGHQ/HLS]LJ6
0XVLNDOLVFKHU$OPDQDFKDXIGDV-DKU6I
0XVLNDOLVFKH.RUUHVSRQGHQ]GHUWHXWVFKHQ)LODUPRQLVFKHQ*HVHOOVFKDIWIUGDV-DKU
6SI
/DYDWHUYHUVWHKWXQWHU3K\VLRJQRPLN¶±ZLHHUVHOEHULQGHQ3K\VLRJQRPLVFKHQ)UDJ
PHQWHQ¶ YJO$QP 9HUVXFK/HLS]LJ6IHVWKlOW±ÄGLH)HUWLJNHLWGXUFK
GDV$HXHUOLFKHHLQHV0HQVFKHQVHLQ-QQUHV]XHUNHQQHQ³
.DUO3KLOLSS0RULW]*QRWKLVDXWyQRGHU0DJD]LQ]XU(UIDKUXQJVVHHOHQNXQGHDOVHLQ
/HVHEXFKIU*HOHKUWHXQG8QJHOHKUWH>@%G6WFN%HUOLQ]LWLHUWQDFKGHU
1HXDXVJDEH1|UGOLQJHQ6
=XVDPPHQIDVVXQJ
&KULVWLDQ)ULHGULFK'DQLHO6FKXEDUWSRUWUlWLHUWLQVHLQHQ,GHHQ]XHLQHUbVWKHWLNGHU7RQ
NXQVW¶HLQHODQJHJOHLFKVDPNDWDORJDUWLJH5HLKHYRQ]HLWJHQ|VVLVFKHQ0XVLNHUQGDUXQWHU
DXFK$QWRQLR 5RVHWWL (LQH VROFKH 0XVLNHUGDUVWHOOXQJ QHQQW HU &KDUDNWHU¶ ZREHL GHU
$N]HQWNHLQHVZHJVDXIHLQHPSV\FKRORJLVFKHQRGHUVLWWOLFKHQ9HUVWlQGQLVYRQ&KDUDN
WHU¶OLHJWVRQGHUQPHKUDXILQGLYLGXDOVWLOLVWLVFKHQ0HUNPDOHQVHLQHU0XVLN$XFK&DUO
/XGZLJ-XQNHUKDWVROFKH&KDUDNWHU¶3RUWUlWVLQNDWDORJDUWLJHQ5HLKXQJHQYHUIDVVW9LHO
OHLFKWVWDPPWHLQHDQRQ\PH5RVHWWL&KDUDNWHULVWLN¶WDWVlFKOLFKYRQLKPHLQHGULWWHVLFK
DXIGLHVHEH]LHKHQGHP|JOLFKHUZHLVHYRQGHP0XVLNYHUOHJHU+HLQULFK3KLOLSS%RVVOHU
,QGHU%HXUWHLOXQJYRQ5RVHWWLV0XVLNXQWHUVFKHLGHQVLFKDOOHGUHL7H[WH'LHHLJHQDUWLJH
9HUELQGXQJYRQ&KDUDNWHU¶%HVFKUHLEXQJHQYRQ0XVLNHUQXQG.DWDORJIRUPGUIWHVLFK
OHW]WOLFKDXVHLQHPIUHPS¿QGVDPHXQGJHQLDOLVFKH$XWRUHQMHQHU=HLWNHQQ]HLFKQHQGHQ
LQWHQVLYHQ,QWHUHVVHDP0HQVFKHQHUNOlUHQ
6XPPDU\
&KULVWLDQ )ULHGULFK 'DQLHO 6FKXEDUW SRUWUD\V LQ KLV ,GHHQ ]X HLQHU bVWKHWLN GHU 7RQ
NXQVW¶DORQJDOPRVWFDWDORJOLNHVHULHVRIFRQWHPSRUDQHRXVPXVLFLDQVDPRQJZKLFKLV
$QWRQLR5RVHWWL+HFDOOVVXFKPXVLFDOSRUWUDLWVFKDUDFWHU¶WKHDFFHQWLVLQQRZD\RQ
DSV\FKRORJLFDORUPRUDOXQGHUVWDQGLQJRIFKDUDFWHU¶EXWUDWKHUPRUHRQWKHLQGLYLGXDO
VW\OLVWLFIHDWXUHVRIWKDWFRPSRVHU¶VPXVLF&DUO/XGZLJ-XQNHUDOVRZURWHVXFKFKDUDFWHU¶
SRUWUDLWVLQFDWDORJOLNHVHULHV3HUKDSVDQDQRQ\PRXV5RVHWWLFKDUDFWHUL]DWLRQ¶DFWXDOO\
VWHPPHGIURPKLPDWKLUGRQHUHIHUULQJWRLWSRVVLEO\IURPWKHPXVLFSXEOLVKHU+HLQULFK
3KLOLSS%RVVOHU,QWKHLUHYDOXDWLRQRI5RVHWWL¶VPXVLFDOOWKUHHWH[WVGLIIHU7KHSHFXOLDU
EOHQGLQJRIFKDUDFWHU¶GHVFULSWLRQVRIPXVLFLDQVDQGFDWDORJIRUPDWPLJKWXOWLPDWHO\EH
H[SODLQHGE\WKHLQWHQVLYHLQWHUHVWLQKXPDQEHLQJVH[KLELWHGE\VHQWLPHQWDODQGKLJKO\
JLIWHGDXWKRUVRIWKLVWLPH
Title: Antonio Rosettis Charakter im zeitgenössischen musikliterarischen Umfeld
Source: Rosetti-Forum: Mitteilungen der Internationalen Rosetti-Gesellschaft e.V. 13 (Juni 2012) 2–13) 2–13
ISSN: 1615-5556
e-ISSN: 0000-0000
Publisher: Internationale Rosetti Gesellschaft Copyright © 2012 by Internationale Rosetti Gesellschaft. All rights reserved.
Content compilation copyright © 2016-2023 by Répertoire International de Littérature Musicale, Inc. All rights reserved.
RILM Abstracts of Music Literature with Full Text contains electronic versions of previously published journals reproduced
with permission. It is owned and managed by Répertoire International de Littérature Musicale, Inc., 365 Fifth Avenue, New
York, NY 10016, USA.
As an Authorized User of RILM Abstracts of Music Literature with Full Text, you may print, download, or send articles for
individual use as authorized under the terms and conditions of this site, as well as under fair use as defined by U.S. and
international copyright law. No content may be otherwise copied, downloaded, or posted without the copyright holders’
express written permission.
To view the entire list of journals included within RILM Abstracts of Music Literature with Full Text collection, please visit
https://www.rilm.org/fulltext/.
Répertoire International de Littérature Musicale (RILM) documents and disseminates music research worldwide. It is
committed to the comprehensive and accurate representation of music scholarship in all countries and languages, and
across all disciplinary and cultural boundaries. RILM is a joint project of the International Association of Music Libraries,
Archives, and Documentation Centres (IAML); the International Council for Traditional Music (ICTM); and the International
Musicological Society (IMS). For further information, please visit http://rilm.org.