$07&34503:
&ISCH 7ASSER
5JFGTUFS 8JOUFS %BT 3FWJFS JTU [VHFGSPSFO .FTTFO VOE .BHB[JOF TDI SFO EJF PIOFIJO TDIPO HSP‡F 4FIOTVDIU OBDI EFN "OHFMO 4UFGBO 5FTDI IBU SFDIFSDIJFSU XJF 4JF EJHJUBMF 'jOHF BVG $PNQVUFS ,POTPMF 4NBSUQIPOF VOE 5BCMFU MBOEFO LzOOFO VOE TJDI EBNJU EJF 8BSUF[FJU BVG EJF OFVF 4BJTPO FUXBT WFSL S[FO
0
C ,BSQGFO #BSTDI ¨TDIF 4DIMFJF PEFS )BJGJTDI m EBT 4QFLUSVN NÕHMJDIFO 'ÅOHFO JO "OHFMTQJFMFO JTU VOHMBVCMJDI CSFJU ,MBS EBTT WJSUVFMMFT "OHFMO EFO FDI UFO "VTGMVH BOT 8BTTFS NJU 3VUF VOE 3PMMF OJFNBMT FSTFU[FO LBOO %PDI BVDI XJS "OHMFS XPMMFO FJO QBBS TDIÕ OF 4UVOEFO [VS 8JOUFS[FJU XFOO EBT FDIUF "OHFMO VONÕHMJDI JTU %VSDI EFO 4JFHFT[VH WPO 4NBSU QIPOFT VOE 5BCMFUT IBCFO 4QJFMF "QQT FJ OFO H SP“FO "VGTDIXVOH C F LPNNFO 4QJFMF HJCU FT WPSXJFHFOE OVS NFIS GÛS EJF LMFJOFO EJHJUBMFO #FHMFJUFS %FS 7PSUFJM GÛS 4JF 7JFMF EJF TFS "QQT TJOE LPTUFOMPT VOE KFEFS[FJU VOUFSXFHT TQJFMCBS
TPGUXBSF .BMXBSF 4QZXBSF FJOOJ TUFU "CTPMVUF 4JDIFSIFJU HJCU FT OJDIU BCFS XFOO 4JF FJO QBBS 4JDIFSIFJUT NB“OBINFO CFGPMHFO JTU EBT 3JTJLP EFOLCBS HFSJOH … .BDIFO 4JF 6QEBUFT WPO #FUSJFCTTZTUFN VOE "QQT 8FOO *IOFO FJOF "QQ LPNJTDI WPSLPNNU PEFS TJDI EBT (FG IM IBCFO TJF NJTDIU TJDI JO EJF 'VOLUJPOFO *ISFT (FSjUFT NBTTJW FJO MzTDIFO 4JF EJFTF TPGPSU … 1S GFO 4JF JN "QQ 4UPSF BVDI EFO &OU XJDLMFS FJOFS "QQ VOE CFTVDIFO 4JF TFJ OF 8FCTFJUF %BNJU MBTTFO TJDI VOTFSJzTF 2VFMMFO TDIOFMM FOUUBSOFO
"QQT MBVGFO JO FJOFS TP HFOBOOUFO t4BOECPYi BMTP FJOFS BCHFTDIPUUFUFO "DIUVOH 8P -JDIU JTU JTU BVDI 6NHFCVOH 'ÛS ;VHSJGG BVG BOEFSFO 4DIBUUFO #FEFOLFO 4JF EBTT GBTU BMMF "QQT m [VN #FJTQJFM BVG ,POUBLUF 4QJFMF m WPS BMMFN LPTUFOMPTF 4NBSU PEFS 'PUPT m NVTT NBO NBOVFMM BLUJ QIPOF VOE 5BCMFU "QQT m GÛS EFO WJFSFO 5VO 4JF EJFT EBIFS OVS XFOO FT ;XFDL BVTHFMFHU TJOE /VU[FSEBUFO VOCFEJOHU OPUXFOEJH JTU [V TBNNFMO VOE 8FSCVOH BO[V[FJ &CFOTP JTU 7PSTJDIU CFJ t*O "QQi HFO +FHMJDIF "QQMJLBUJPOFO EJF NBO ,ÅVGFO HFCPUFO %VSDI EFO ;VLBVG BVG TFJOFN (FSÅU JOTUBMMJFSU CFSHFO WPO 'VOLUJPOFO LBOO FJO (SBUJT 4QJFM QPUFO[JFMMFT 3JTJLP EBTT TJDI 4DIBE QMÕU[MJDI UFVFS XFSEFO
)JOXFJT %JF 7FSXFOEVOH EFS OBDIGPMHFOE BOHFG ISUFO 4PGUXBSF MJFHU XJF JNNFS BVTTDIMJF‡MJDI JO EFS &JHFOWFSBOUXPSUVOH EFT /VU[FST
fuw_a1_2015.indb 38
17.12.14 14:44
&ISCH 7ASSER
$07&34503:
7PO "QQ CJT ,POTPMF
'PUP J4UPDL .POUBHF $MBQD[ZOTLJ
%JHJUBMF "OHFMTQJFMF LzOOFO 8JOUFSBCFOEF TQBOOFOE #BIOGBISUFO LVS[XFJMJH OJDIU BCFS EFN /BUVSFSMFCOJT ,POLVSSFO[ NBDIFO
fuw_a1_2015.indb 39
17.12.14 14:44
'6/
&ISCH 7ASSER
4IJNBOP 9USFNF 'JTIJOH %JFTFT -PX #VEHFU 4QJFM JTU G S "OHMFS FUXBT HFXzIOVOHTCFE SGUJH /FCFO IFSLzNNMJDIFN "OHFMO NJU EFS 3VUF LBOO NBO BVDI NJU 1GFJM VOE #PHFO BVG LH "NVSLBSQGFO BVT EFN GBISFOEFO #PPU TDIJF FO 3FE 4OBQQFS CFJ FJOFN 5BVDIHBOH IBSQVOJFSFO *OTHFTBNU TUFIFO DB 'JTDIBSUFO BMT #FVUF [VS "VTXBIM %FS %SJMM FSGPMHU BVT EFS 6OUFSXBT TFSQFSTQFLUJWF NJU 0O 4DSFFO *OTUSVLUJPOFO JO XFMDIF 3JDIUVOH NBO EJF 3VUF IBMUFO NVTT (FTUFVFSU XJSE NJU EFN 8JJ $POUSPMMFS JOEFN NBO TFJUMJDI PEFS OBDI PCFO [JFIU &CFOTP MjTTU TJDI EJF 8VSG #FXFHVOH JNJUJF SFO 8JU[JHFT %FUBJM .JU 8PCCMFS GjOHU NBO FSGPMHSFJDI ,BSQGFO ° TFMCTU WFSTUjOEMJDI OVS NJU 1SPEVLUFO WPO 4IJNBOP
3BQBMB 1SP #BTT 'JTIJOH
1SFJT &VSP 1MBUUGPSN /JOUFOEP 8JJ
"NFSJLBOJTDIF *EZMMF FJOFT #BSTDI 8FUULBNQGFT BN 8BTTFS 4UBSU TDIVTT 7PSTUFMMVOH EFS 5FJMOFINFS ,PNNFOUBUPS VOE 4JFHFSFISVOH #FJN %SJMM TJFIU NBO EFO 'JTDI BVT EFS 6OUFSXBTTFSQFSTQFLUJWF VOE NVTT JIO JO EFS .JUUF EFT #JMETDIJSNT IBMUFO 8 IMFO JO EFS ,zEFSLJT UF [VN "OHFMQMBU[ E TFO NJU EFN 4DIOFMMCPPU (FXjTTFSBOBMZTF BN &DIPMPU ;VTjU[MJDI JTU FJO Ã5SBJOFS² [VTDIBMUCBS VN 'FFECBDL VOE 5JQQT [V %SJMM ,zEFSG ISVOH VOE GjOHJHFO 1MjU[FO [V CFLPNNFO (FGJTDIU XJSE VOUFS BOEFSFN BVG )FDIUF #BSTDIF .VTLJF ;BOEFS PEFS 4FFTUzSF EFTTFO %SJMM TDIPO FJOJHF .JOVUFO EBVFSO LBOO 8FS 8FUULjNQGF HF XJOOU TDIBMUFU OFVF "VTS TUVOH GSFJ -FJEFS XJSE BVG 8BJEHFSFDIUJHLFJU XFOJH 8FSU HFMFHU EFOO JO LVS[FO 7JEFPTFRVFO[FO XFSEFO HFGBOHFOF 'JTDIF SVTUJLBM BVGT #PPU HFLOBMMU 1SFJT DB &VSP 1MBUUGPSN 9CPY /JOUFOEP 8JJ /JOUFOEP %4 1MBZ4UBUJPO 1MBZ4UBUJPO 4POZ 141
'JTIJOH 4VQFSTUBST 4FBTPO 6NGBOHSFJDIF 4QJFMF "QQ JOLMVTJWF .VMUJQMBZFS 0QUJPO .BO ESJMMU JOEFN NBO NJU FJOFN 'JOHFS BVG EBT 3PMMFO TZNCPM UJQQU VOE NJU EFS BOEFSFO )BOE WJB WJSUVFMMFS 3VUF EFO 'MVDIUFO OBDIHJCU %JF #FMBTUVOH EFS 4DIOVS IBU NBO CFS FJO #BMLFOEJBHSBNN TUjOEJH JN #MJDL ° HFOBVTP XJF EJF WFSCMFJCFOEFO ,SBGUSFTFSWFO EFT 'JTDIFT (SP F "VTXBIM BO ,zEFSO 3VUFO VOE ;JFMGJTDIFO 8JU[JHFS /F CFOFGGFLU %JF 'jOHF LzOOFO JN "RVBSJVN HFIjMUFSU VOE HFG UUFSU XFSEFO 'B[JU %SJMMFO NJU TFIS ÃSFBMJTUJTDIFO² 1BSBNFUFSO
#BTT 1SP 4IPQT 5IF 4USJLF
1SFJT LPTUFOMPT BCFS *O "QQ ,jVGF NzHMJDI
1MBUUGPSN "OESPJE J04
"OHFMO JO [FIO 3FWJFSFO JO EFO 64" BVG )FDIUF .VTLJFT ;BOEFS 'PSFMMFO VOE VOUFSTDIJFEMJDIF #BSTDIBSUFO %FS 5SJQ CFHJOOU JN "OHFMTIPQ EFS HMFJDIOBNJHFO ,FUUF G S +BHE "OHFM VOE 0VUEPPSBVTS TUVOH VN WJSUVFMM "VTS TUVOH FJO[VLBVGFO %BOBDI E TU NBO NJU EFN TDIOJUUJHFO #BTT #PPU [V EFO )PU 4QPUT #FJN &JOIPMFO WFSGPMHU NBO EFO ,zEFS VOUFS 8BTTFS EBNJU LBOO NBO EBT ,zEFSWFSIBMUFO TUFVFSO VOE )JOEFSOJTTFO BVTXFJDIFO "VDI JN 8FUULBNQGNPEVT TQJFMCBS )JHIMJHIU ' S /JOUFOEP 8JJ HJCU FT FJOF "OHFMSVUF BMT $POUSPMMFS EB[V NJU EFS NBO XJSGU ESJMMU VOE ,VOTULzEFS G ISU "VDI BMT LPTUFOMPTF J04 7FSTJPO FSIjMUMJDI )JFS WPMM[JFIU NBO FJOF 8VSGCFXFHVOH NJU EFN 4NBSUQIPOF /BDIUFJM 'JTDIF TJOE TFIS TDIXFS [VN "OCJTT [V CFXFHFO "LLVSBUF ,zEFSG ISVOH JTU HFGSBHU %SJMMFO JTU KFEPDI TJNQFM 1SFJT &VSP &VSP JN 1BDLBHF NJU "OHFMSVUF LPTUFOMPT G S J04 1MBUUGPSN /JOUFOEP 8JJ 1$ J04
fuw_a1_2015.indb 40
17.12.14 14:44
'6/
&ISCH 7ASSER
J 'JTIJOH -JUF )JFS TJOE 'JOHFSTQJU[FOHFG IM VOE &SGBISVOH HFGSBHU ;VFSTU NBOzWSJFSU NBO NJU EFN #PPU CFST (FXjTTFS VOE NBDIU NJU )JMGF EFT &DIPMPUT )PUTQPUT BVTGJOEJH %BOO HFIUµT JO EFO "OHFM .PEVT 4NBSUQIPOF OBDI WPSOF XJQQFO 'JOHFS MPTMBTTFO VOE TDIPO GMJFHU EFS 4QJOOLzEFS SBVT "OIJFC VOE %SJMM XFSEFO CFS EJF /FJHVOH EFT 4NBSUQIPOFT HFTUFV FSU EJF 3PMMF CFEJFOU NBO QFS 'JOHFSUJQQ .VMUJQMBZFS .PEVT G S 8FUULjNQGF 4FIS LMFJ OF ,zEFSBVTXBIM 'B[JU )PIFS 4QB GBLUPS EB CFJ EJFTFN 4QJFM IBQUJTDIF 'jIJHLFJUFO [jIMFO %BT %SJMMFO FSGPSEFSU FJO XFOJH fCVOH 1SFJT LPTUFOMPT 1MBUUGPSN "OESPJE J04
'MZ 'JTIJOH % &OEMJDI FJOF "QQ G S 'MJFHFOGJTDIFS 8BIMXFJTF WPN #PPU PEFS JN 'MVTT TUFIFOE LBOO NBO NJU EJFTFN 4JNVMBUPS EJF 'MJFHFOSVUF TDIXJOHFO #FEJFOVOH EFS 3PMMF WPSXjSUT VOE S DLXjSUT NJU EFN SFDIUFO %BVNFO NJU EFN -JOLFO CFXFHU NBO EJF 3VUF %FS #JTT LPNNU NFJTU VOFSXBSUFU 8JDIUJH JTU FJO TDIOFMMFS "OTDIMBH 4UzSFOE TJOE EJF HSP FO 8FSCFFJOCMFOEVOHFO XjISFOE EFT 'JTDIFOT 1SFJT LPTUFOMPT 1MBUUGPSN J04 "OESPJE
-FUµT 'JTI 4QPSU 'JTIJOH "OHFMSVUF BVTXjIMFO 4DIOVS BVGTQVMFO )BLFO XjIMFO VOE ,zEFS ESBVG +F NFIS 'JTDIF NBO GjOHU EFTUP NFIS "VTS TUVOH VOE ,zEFS LBOO NBO ÃLBVGFO² -FJEFS XVSEF CFJ EJFTFS "QQ XFOJH 8FSU BVG SFBMF #FEJOHVOHFO CFJN %SJMM HFMFHU 4P LBOO NBO OVS NJU FJOFS 5BTUF 4DIOVS FJO[JFIFO TPOTU BCFS LFJOF 1BSBNFUFS TUFVFSO %BG S TUFIFO BCXFDITMVOHTSFJDIF 3FWJFSF JO HBO[ &VSPQB [VS "VTXBIM 'MVTT 'KPSE 4FF EJF NBO EVSDI TFJOF 'BOHL OTUF OBDI VOE OBDI GSFJTDIBMUFO NVTT Ã-FU´T 'JTI² JTU BVDI BMT #SPXTFSHBNF VOUFS IUUQ MFUT GJTI CSPXTFSHBNFT EF FSIjMUMJDI
$BSQ 'JTIJOH 4JNVMBUPS %FS "OHFMTJNVMBUPS EFS JO 4BDIFO %FUBJMSFJDIUVN LBVN 8 OTDIF PGGFO MjTTU #JWWZ BVGCBVFO 3PEQPE FJOTUFMMFO VOE NJU EFN 'VUUFSCPPU SBVTGBISFO "V FSEFN CFJOIBMUFU EBT 4QJFM FJOF ' MMF BO .POUBHFO VOE "VTS TUVOH %FUBJMMJFSUF *OGPT MBTTFO TJDI QSP BVTHFMFHUFS 3VUF BCMFTFO &OUGFSOVOH ,zEFS 3JH VOE 7FSXFJMEBVFS EFS .POUBHF JN 8BTTFS "VDI &JOTBU[ WPO 4QPU VOE .BSLFSSVUFO NzHMJDI #FTUBOE BO EFO 3FWJFSFO ,BSQGFO CJT ,JMP #SBDITFO 4DIMFJFO #BSTDIF ;VS &OUTQBOOVOH LBOO NBO BVDI FJOF 3VOEF VN EFO 5FJDI TQB[JFSFO 'B[JU *EFBM G S %FUBJMWFSMJFCUF VOE "OTQSVDITWPMMF EFOO FT JTU LFJO TDIOFMMFT 4QJFM G S [XJTDIFOEVSDI LPNQMFYF 4UFVFSVOH "VDI BMT 1$ .BD 7FSTJPO EFS[FJU OVS #FUB VN &VSP FSIjMUMJDI ' S EFO 1SFJT MjTTU KFEPDI EJF (SBGJL [V X OTDIFO CSJH ,PTUFOMPTF %FNP WFSG HCBS 1SFJT &VSP "OESPJE &VSP J04
1MBUUGPSN J04 "OESPJE
'JTDIFSFJ (POF 'JTIJOH &JO[JHF "QQ JO EFS NBO BVDI HF[JFMU BVG 'SJFEGJTDIF ° [ # ,BSBVTDIFO -BVCFO #SBDITFO ° BOHFMO LBOO "OG UUFSO NJU ,FLTFO PEFS &SCTFO ° HFXPSGFO XJSE QFS 'JOHFSXJTDI CFS EFO #JMETDIJSN 8 SNFS VOE / TTF BMT )BLFOLzEFS "OTJU[ BN JEZMMJTDIFO "MUBSN 6OE OBDI HFUBOFS "SCFJU WFSLBVGU NBO TFJOFO 'BOH VN XFJUFSF 'VUUFSNJUUFM VOE ,zEFS GSFJ[V TDIBMUFO PEFS 3VUF VOE 3PMMF HFHFO CFTTFSFT (FSjU [V UBV TDIFO 'B[JU "QQ G S 5 GUMFS EFOO 'VUUFS VOE "VTS TUVOH TJOE JO jV FSTU WJFMFO 7BSJBOUFO FSIjMUMJDI %BG S XFOJH "DUJPO VOE FJHFOBSUJHF 4UFVFSVOH CFJN %SJMM 1SFJT LPTUFOMPT 1MBUUGPSN J04 "OESPJE
1SFJT LPTUFOMPT 1MBUUGPSN J04 "OESPJE
fuw_a1_2015.indb 41
17.12.14 14:44