Page 1

S WHQ  *DXGLSLV Q 3LVWHQ PKDIWSU¤SDULLHUWWH3 UDX W    LP LOLH NLORPHWHU I¼UGLHJDQ]H)DP Q:HVW .DUWHQYHUEXQG'DFKVWHL QG/LIWH QX  PRGHUQH6HLOEDKQH LGHVI¼U  %RDUGHUSDUNVXQG)UHHU ,QGLYLGXDOLVWHQ HU%HWUHXXQJ  9LHU.LGV&OXEVPLWEHVW VVH  *¼QVWLJH)DPLOLHQVNLS¤

?9>JHuKCÊLED I9>D;;<BE9A;D$KD:IA?>{JJ;D$ %5806,/$1'*26$8 6.,)$+5(1/(51(1:,(,0)/8*

1HXLP:LQWHU/XVWLJH*DXGLSLVWHQ 2SWLPLHUXQJXQG(UZHLWHUXQJ GHU%HVFKQHLXQJLP%HUHLFKGHU 'RSSHOVHVVHOEDKQ5LHGONDU

2 812 %„5(1&$035866%$&  '(06.,%„52+1(:,17(56&+/$)

<h_iY^[8[h]bk\jcWY^j^kd]h_]kdZZkhij_]"Wbie][^hjZ_[ ;_da[^h_d[_d[Z[hl_[b[d][c”jb_Y^[dIa_^”jj[dZ[hH[]_ed :WY^ij[_dM[ij[_d\WY^ZWpk>cYZcjg^\Zc=“iiZcjcY6abZc lZgYZi>]gjcY:jgZ;Vb^a^Z]Zgoa^X]Vj[\ZcdbbZc6ji]Zci^hX]Z IgVY^i^dc!<Zb“ia^X]`Z^ijcY`Žhia^X]ZgZ\^dcVaZHX]bVc`Zga ÒcYZi>]gVc[Vhi_ZYZgE^hiZjcY:X`Z^b<Zcjhh"H`^\ZW^Zi 9VX]hiZ^cLZhi

'DV%¤UHQFDPSEHLGHU7DOVWDWLRQGHU5XVVEDFKHU +RUQEDKQLVWGDVLGHDOHœEXQJVJHO¤QGHI¼U6NLDQI¤QJHU

6NLKXPPHO%UXPVLPDFKWHVYRU œEHU=DXEHUWHSSLFK%UXPVL%RDUGHUFURVVXQGLP ZLOGHQ6ODORP)OXJ]ZLVFKHQGHQ0¤UFKHQõJXUHQ GXUFKVFKQHOOGHQ(OWHUQ¼EHUGLH6NLEUHWWHUQXQG ZLHGHU]XU¼FN]XP6WDUW S  ,P%UXPVLODQGGLUHNWDQGHU7DOVWDWLRQGHU+RUQVSLW] KQ LQ*RVDX OHUQWDXFKGHUNOHLQVWH6NL]ZHUJWROOH K EDK L UXPVL %UXPV XQG% OHXQG LVFKXOH KLVFKX HU6FK GHU6F HKUHUG LOHKUHU HQ6NLO WWHQ6N LHQHWW GLHQH JHQG J %¶JHQ %¶J KHOIIHQ(XFKJDQ]HLQIDFKDXIGLH6NL(XUH(OWHUQN¶QQHQ GL UDVDQWHQ)RUWVFKULWWHEHLHLQHU7DVVH.DôHHHQW GLH DQQWW EHREDFKWHQXQGLKUHQ(OWHUQVWRO]NXQGWXQ D VSDQQ VSD 'LHJ¼QVWLJHQ.LQGHU6NLNXUV7DULIHXQGWROOHQ )DPLOLHQSDXVFKDOHQJHOWHQQDW¼UOLFKLQGHU JHVDPWHQ6NLUHJLRQ'DFKVWHLQ:HVW

XEHIDKUHQKDWKLHUVFKRQ /HLFKW]XHUUHLFKHQXQGOHLFKW] VHLQHHUVWHQ6FKZ¼QJH VRPDQFKHUNOHLQH6NLUHQQO¤XIHU +RUQHUREHUWKDW JH]RJHQEHYRUHUGLH3LVWHQDP =DXEHUWHSSLFKXQGœEXQJV PLWW=D HU%¤UHQZLHVHPL GHU XIG $XI LFKWXQG%UXQRGHU OLIWHQI¤OOWGDV6NLIDKUHQVLFKHUOH UWRIWPLWVHLQHQ 6NLE¤URKQH:LQWHUVFKODIWROOWGR W\6LFKHUKHLWVWDJ HQGXUFKGHQ6FKQHH%¤UHQSDU )UHXQGHQ KOXVVUHQQHQPLW6LHJHU *O¼KZ¼UPFKHQIHVWXQGHLQ$EVF HVMHGHQ.LQGHUVNLNXUVHV HKUXQJVLQGGLH+¶KHSXQNWHHLQ

:79>IJ;?DM;IJ$ :?;JEF#=7IJ=;8;H:;H7BF;D :_[X[ij[d7d][Xej[kdZiY^dij[d>ki[hÓdZ[ij:k]Wdp [_d\WY^kdZ]b[_Y^pkXkY^[dkdj[hmmm$ZWY^ij[_d$Wj_c 8[h[_Y^ØKhbWkXÇ:ehjaWddpm_iY^[dl[hiY^_[Z[d[dfh[_i# m[hj[d7d][Xej[d][m^bjeZ[h[_d[_dZ_l_Zk[bb[7d\hW][ WdZ_[Jef#=Wij][X[hZ[hIa_h[]_ed:WY^ij[_dM[ij][h_Y^j[j m[hZ[d$9^ZeZg[Z`iZJgaVjWh^c[dgbVi^dc\^WiZhVjX]]^Zg WZ^YZc[gZjcYa^X]ZcB^iVgWZ^iZgcYZgIdjg^hbjhkZgW~cYZ/

63$7=(11(675866%$&+ .,1'(5*$57(1)œ5',(./(,167(1

 ',3,67(1 167(,*8 (*$8 /8

GHQVWDXQHQ (UOHEQLVKXQJULJHZHU SDUFRXUVXQGQHXH $FWLRQUHLFKH7KHPHQ RFKPHKU6SDŸ *DXGLSLVWHQPDFKHQQ

=EI7K

:_[ :_[Ia_h[]_ed:WY^ij[_dM[ijm_hZ;kY^X[][_ij[hd0 [I Ia_h[]_ : D[k[=WkZ_#F_ij[d\”hc[^hIa_]WkZ_"aijb_Y^[IY^cWda[hb i[hl_[hjledZ[d^[hpb_Y^ij[d=Wij][X[hdZ[h7bf[d"[_d 8[h]fWdehWcWpkcL[hi_da[dkdZWk\'*&A_bec[j[hd f[h\[ajfhfWh_[hj[hm[_œ[hFhWY^jc_jZ[c:WY^ij[_dM[ij# J_Ya[jc[^hWbi][dk]FbWjppkc7kijeX[d ;“gVaaZ!Y^ZK>:AB:=GldaaZcVahaVc\lZ^a^\Z6jidWV]c" H`^e^hiZc6j[heVccZcYZc<VjY^"E^hiZc6WlZX]hajc\ZgaZWZc jcY^cZX]iZc!jg^\ZcH`^]“iiZcYVhAZWZc\Zc^Z›Zc4 =WkZ_f_ij[d#Ia_h[]_ed:WY^ij[_dM[ij

?c ?ceX[hij[hh[_Y^_iY^[dIWbpaWcc[h]kjb_[]jZ[h mkdZ[hiY^d_Zobb_iY^[Ehj=eiWkkdZX[[_dZhkYajc_j m ]heœ[d7kii_Y^j[dWk\Z_[PWYa[dZ[i=eiWkaWcc[i kdZZ[dX[h”^cj[d:WY^ij[_d=b[jiY^[h$ A^ZWZchl“gY^\Z<Vhi[gZjcYhX]V[i!ViZbWZgVjWZcYZCVijg! A jcWZ\gZcoiZ;gZ^oZ^ibŽ\a^X]`Z^iZc!YVhWZa^ZWiZ7gjbh^aVcY! [Vb^a^Zc[gZjcYa^X]ZHedgi]diZahjcYZ^cZ\jiZ>c[gVhigj`ijg kZglŽ]cZcY^Z\VcoZ;Vb^a^Z#B^iYZbEVcdgVbV"?Zi\ZaVc\ibVc hX]cZaajcYZ^c[VX]Vj[Y^ZOl^ZhZaVab!Z^c^YZVaZg6jh\Vc\hejc`i ^chH`^\ZW^Zi9VX]hiZ^cLZhi#CVi“ga^X]b^iegV`i^hX]ZcEVg`" bŽ\a^X]`Z^iZcjcYd] Z \ bŽ\a^X]`Z^iZcjcYd]cZaVc\Z;j›lZ\ZojYZc<dcYZac

HKII879> HkiiXWY^ÅZ[hab[_dij[Ehjc_jZ[cH_[i[d#I[hl_Y[0 Ehj ;_d][X[jj[jpm_iY^[d_cfeiWdj[d8[h]]_f\[bd"dkhm[d_][ C[j[hlecEhjip[djhkc[dj\[hdj"b_[]jZ_[>ehdXW^dHkiiXWY^$ =^ZgÒcYZibVcHX]^hX]jaZ!H`^kZgaZ^]!HX]^"jcYWZ]Z^oiZhHX]j]" YZedi!?VjhZcgVjb[“g?ZYZgbVccjcYYZc@^cYZgXajWHeVioZc" cZhi!ldGjhhWVX]Zg<~hiZ`^cYZg`dhiZcadhWZigZjilZgYZc# B^iYZg-Zg@VW^cZcWV]c\ZaVc\ZcH`^[V]gZg`db[dgiVWZaVj[h =dgc!ldh^X]aZ^X]iZW^hb^iiZahX]lZgZWgZ^iZE^hiZc^bcZWZa" [gZ^ZcIZggV^cVcZ^cVcYZggZ^]Zc#9ZgHcdlEVg`9VX]hiZ^cLZhi jciZg]VaWYZgcZjZc:YiVabWV]ca~hhi_ZYZh;gZZhinaZg"=Zgo ]Ž]ZghX]aV\Zc#6c[~c\ZgjcY@^cYZgZglVgiZi^bIVaYVh7~gZc" XVbeb^i7~gZcl^ZhZ!OVjWZgiZee^X]![“c[zWjc\ha^[iZc!YZg XV e Gdd`^ZeVg`jcYY^Z7VWnhX]Vj`Za#    Gdd`^ZeV

SLVWH HQ%XFNHOS VWH *HVFKZLQGLJNHLWWHVW EIDKUWHQ Q $E EUDQGQHXHQ HE DEVROYLHUHQRGHUGLH EH E Q DEVHLWVGHU6SXUHUOH DUWHWDXI ZD 6NL(UOHEQLVZ 6 'DVJDQ]EHVRQGHUH GV GV .LG HULLLJH.L JLH UHUXQGQHXJ KUH DK LID NLI 6N H6 JH WLJ XWL PX HP JH DJ ZD

7DD78;H=#BKD=zJP _ijZ[h=[^[_cj_ff\”h[_d[d\Wc_b_[d\h[kdZb_Y^[dM_dj[hkhbWkX$ :_[:eh\iY^Wka[bpm_iY^[d7ijWkm_da[bXW^dkdZAef\X[h]XW^d ^Wjl_[bpkX_[j[d09^ZcZjZHcdl8gdhh"HigZX`Za^Z[ZgiWZhiZIZhi" jcYIgV^c^c\hWZY^c\jc\ZcjcY^hiZ^cZl^aa`dbbZcZ6WlZX]h" ajc\[“ggdji^c^ZgiZH`^[V]gZgdYZgGZcca~j[Zg!Y^ZYZcHeV›" ;V`idghjX]Zc#6j[YZgBVgXZa=^ghX]ZgIZhihigZX`Z`ŽccZc \Z“WiZH`^[V]gZg^cY^Z;j›hiVe[ZckdcyHKHjeZghiVgBVgXZa =^ghX]ZgigZiZcjcY^]gZOZ^ibZhhZc#Ojh~ioa^X]l^gYZ^cZeZg" bVcZciZ<ZhX]l^cY^\`Z^ihbZhhjc\b^i\gd›Zg6coZ^\Z^bO^Za VjX]^b7ZgZ^X]@de[WZg\Vc\ZWdiZc#

)8;,Ø6,1',$1(5/$1' 63,(/(5,6&+6.,)$+5(1/(51(1 'LH5RWK¤XWHHUREHUQGHQ6FKQHH ,Q)X[LV,QGLDQHUODQGLQ$QQDEHUJLVWI¼U.LQGHUDE -DKUHQLPPHUHWZDVORV=ZHL=DXEHUWHSSLFKH HLQ6NLNDUXVVHOOXQGHLQ7HOOHUOLIWHUOHLFKWHUQGLH $QIDQJVYHUVXFKHLP6NLIDKUHQ LN FKQLN 7HFKQ XP7H LQ]XP VKLQ] QELVK LHUQEL Q6NLHU GHQ6N PLWGH NWPLW RQWDNW .RQWD UVVVWHQ. HUVWHQ 9RPH Q ZHUGH 3U¤ULH JXQGHLQHPZLOGHQ5LWWGXUFKGLH WUDLQLQJ DOHQWHGHU.LQGHUJHI¶UGHUW F VSRUWOLLFKHQ7 GLHVSRUWO O LLVVVFKGLH L OHULVFK VSLHOHU .ULHJHUQHU]¤KOW0DVNRWWFKHQ)X[LHLQH 0¼GHQ.ULHJH QGH*HVFKLFKWHLP'RQQHUNRJHOWLSLXQG]XU Q VSDQQHQ DXEHUWUDQNLP6DORRQ HU =D LPHU= JHKHLP )X[LVVJHKH G)X[L QJZLU QJ ZLUG 6W¤UNXQ Q QQHQ N¶QQH DUNN¶ VW\OH3DUN HVW\OH UVIUHH WHUVIUH XQJVWH RXQJV XHQ\R HXHQ\ W,PQH VHUYLHUW,PQ U HUJVLK GLHPXWLJVWHQ.LGVXQWHUGHU6RQQH$QQDE HQHQ UIDKUH GLH HUIDKU QGLHH KHOIHQ KKHOIH W¼UOLFK ]HLJHQ1DW¼UOLF .¶QQHQ]HLJHQ OH FKXOH GVFKX ERDUGV ZERDU 6QRZ  6QR 6NL HU6NL HQGHU HUWHQG ([SHUW )UHHVW\OOOH([S HDOSLQJHUQHEHLGHQHUVWHQ9HUVXFKHQ IUHHULGH $OVRUDXILQGHQ6DWWHO GLH%LQGXQJ XQGLP ZLOGHQ*DORSS RGHU6FKXVV GDVWROOH$QQDEHUJHU .LQGHU6NLJHO¤QGHKLQXQWHU

'HU.LQGHUFOXE6SDW]HQQHVWGLUHNWLQGHU7DOVWDWLRQGHU +RUQEDKQ5XVVEDFKVRUJWI¼UXQJHWU¼EWHQ6NLVSDŸI¼U DOOH(OWHUQPLW.LQGHUQDEHLQHP-DKU 1DFKZXFKVQRFK]XNOHLQI¼UGLH.LQGHUVFKL LVWVRUJHQ UHQLV DKUHQ P 6NLIDK ¼GHYRP6NLI K P¼G IDFKP HLQIDF DQ]HLQ RGHU JDQ] VFKXOHRGHUJ W  HVWÚ ]HQQHV DW]HQQ Ü6SDW LPÜ6S QHQLP ULQQHQ UHXHULQ HWUHXH HQ%HW GLHDXVJHELOGHWHQ% I¼UZRKOEHK¼WHWHXQGXQWHUKDOWVDPH6WXQGHQ'LHVHU LQ KHLQ :RFKH LH:RF GLH 7DJHG  7DJH XQJ RKQH $QPHOGXQJ NDQQRKQH HNDQQ 6HUYLFH H $QVSUXFKJHQRPPHQZHUGHQXQGLVWNRVWHQORVI¼UDOOH WHQ HQ.RV 5XVVEDFKHU*¤VWHNLQGHU*HJHQHLQHQJHULQJ KWHV HFKWHV GJHUHF LQGJHU HLQNLQ GHLQN VHXQG XVHXQ NH-DX QNH-D *HWU¤Q JLEW HVV*HWU¤ EHLWUDJJLEWH 0LWWDJHVVHQ $OOH,QIRUPDWLRQHQ XQWHU

<[h_[dh[]_ed:WY^ij[_dIWbpaWcc[h]kj IZa/ )(+&(*-('.!^c[d5YVX]hiZ^c"hVao`VbbZg\ji#Vi mmm$ZWY^ij[_d#iWbpaWcc[h]kj$Wj Jekh_ickil[hXWdZHkiiXWY^ IZa/ )(+')'*,,!;Vm'))!d[ÒXZ5gjhhWVX]#^c[d mmm$hkiiXWY^$_d\e Jekh_ickil[hXWdZ7ddWX[h]#Bkd]jp IWbpXkh][hBWcc[hjWb:WY^ij[_dM[ij IZa/ )(+)+(-+.%!VccVWZg\5aVbbZgiVa#^c[d mmm$WddWX[h]#bkd]e[jp$Wj

6&+1(//,1',( *$8',3,67(16.,5(*,21 <daa^c\ A^co B“cX]Zc EVhhVj HVaoWjg\ KŽX`aVWgjX` L^Zc

(*B^cjiZc 'HijcYZc 'HijcYZc 'HijcYZc &HijcYZ &HijcYZ (!*HijcYZc

EgZ^hZ^c:jgd#@W^h]Wd]iX[ij_cckd][d0@^cYZg?V]g\Vc\'%%+dYZg_“c\ZgZg]VaiZcZ^cZc;gZ^eVhh# gZ^hZ^c:jgd#@W^h]Wd]iX[ij_cckd][d0@^cYZg?V]g\Vc\'%%+ dYZg _“c\Zg Zg] ai A_dZ[h0?V]g\Vc\&..+W^h'%%*#?j\ZcY/?V]g\Vc\&..(!&..)!&..*#I[d_eh[d0?V]g\Vc\&.*'jcY~aiZg# dZ[h0?V]g\Vc\&..+ W^h '%%* ?j\ Y ? A^X]iW^aYVjhlZ^hZg[dgYZga^X]#<Wc_b_[dia_fii[0;Vb^a^Zc`VgiZWZ^\ZhX]adhhZcZb@VgiZc`Vj[Z^cZg;Vb^a^Z# LZcc[“gY^ZWZ^YZc~aiZhiZc@^cYZgjcYb^cYZhiZchZ^cZc:aiZgciZ^aZ^cH`^eVhh\Z`Vj[il^gY!Zg]~aiYVhYg^iiZ jcY_ZYZhlZ^iZgZ@^cYZ^cZc`dhiZcadhZcH`^eVhh[“gY^Z\aZ^X]ZAVj[oZ^i#7^iiZlZ^hZcH^Z>]gZ;Vb^a^Zc" ojhVbbZc\Z]Žg^\`Z^icVX]/b^iiZah;Vb^a^ZceVhhyhiZggZ^X]dYZg@^cYZg\ZaYWZhX]Z^Y9ZjihX]aVcYdYZg BZaYZoZiiZa$=Vjh]VaihWZhi~i^\jc\#=VWZcH^ZKZghi~cYc^hYV[“g!YVhhd]cZ6jhlZ^hlZYZg@^cYZg[gZ^e~hhZ! cdX]:gb~›^\jc\Zc\Zl~]gilZgYZc`ŽccZc#B_Y^jX_bZ06WYZb("IV\Zh"H`^eVhhlZgYZcY^\^iVaZ;didh `dhiZcadhVcYZg@VhhVZg[Vhhi#Fkdaj[aWhj[d0h^cYcjgVcYZc\Z`ZccoZ^X]cZiZczWjc\ha^[iZc^bIVaWZgZ^X] \“ai^\#Fh[_i[07Z^HV^hdc“WZghX]cZ^Yjc\l^gYZ^cB^hX]egZ^hWZgZX]cZi#>c[dgbVi^dcZc“WZgojh~ioa^X]Z H`^eVhhVc\ZWdiZZg]VaiZcH^ZVcYZcA^[i`VhhZc#PW^bkd]iWhj[d0L^gV`oZei^ZgZc7Vg\ZaY^c:jgd!BVZhigd! :8"8VgY!:jgdXVgY!K^hV!6bZg^XVc:megZhhjcY9^cZgh#A[oYWhZi06aaZH`^e~hhZlZgYZcVj[@ZnXVgYhl^ZYZg kZglZcYWVgZ!WZg“]gjc\hadhZ9ViZcig~\ZgVjh\Z\ZWZc#@ZnXVgY^cYZga^c`Zc?VX`Zc"dYZg=dhZciVhX]Z Z^chiZX`Zc#AWkj_ed0:jgd'!"#9^ZG“X`\VWZYZgjcWZhX]~Y^\iZc@ZnXVgYh^hiVcVaaZc@VhhZcbŽ\a^X]#@Z^cZ 6`oZeiVcohdchi^\Zg9ViZcig~\Zg#H[Y^jb_Y^[i09^ZZ^coZacZcAZ^hijc\Zc!ojYZcZcY^ZhZH`^`VgiZc WZgZX]i^\Zc!lZgYZckdcgZX]ia^X]hZaWhihi~cY^\ZcJciZgcZ]bZcZgWgVX]i#9ZgJciZgcZ]bZg!YZgY^Z@VgiZ kZg`Vj[i!]VcYZai[“gY^ZVcYZgZcJciZgcZ]bZgcjgVahYZgZcKZgigZiZg#Ojg:gWg^c\jc\YZgZ^coZacZc AZ^hijc\ZcjcYojbHX]VYZcZghVioWZ^Vaa[~aa^\ZcOl^hX]Zc[~aaZc^hiYV]ZgcjgYZg_ZlZ^a^\ZJciZgcZ]bZg kZgeÓ^X]iZi#C_iiXhWkY^ih[][bkd]0?ZYZb^hhWg~jX]a^X]ZKZglZcYjc\kdcH`^i^X`ZihZ^chX]a^Z›a^X]Z^cZg KZglZcYjc\YjgX]9g^iiZl^gY\ZV]cYZijcY]ViYZc:cioj\YZhH`^eVhhZhjcYYZc7Z[ŽgYZgjc\hVjhhX]ajhh ojg;da\Z#OjYZb^hiZ^c7j›\ZaYkdcb^cYZhiZch:jgd,%!"jcYYVh:ci\ZaiZ^cZhIV\Zh`VgiZclZgiZhojb KdaaiVg^[ojWZoV]aZc#9ZgKZghjX]!Z^cZcH`^eVhhVcZ^cZcVcYZgZc<Vhioj“WZgigV\Zc!\^aiWZgZ^ihVah B^hhWgVjX]#HigV[VcoZ^\ZkdgWZ]VaiZc ?cfh[iikc0>[hWki][X[h06G<:9VX]hiZ^cLZhi!Idjg^hbjhkZgWVcY>ccZgZhHVao`VbbZg\ji#<ejei0AZd =^bha!=ZabjiHigVhhZg!8aVjY^VO^Z\aZg!=#:gWZg#Aedp[fj_edkdZ=[ijWbjkd]0HijY^dB^iiZ9^\^iVaBZY^V <bW=#FWdehWc[d0@Vgid\gVe]^ZBdhZg#9gjX`/9gjX`ZgZ^7Zg\Zg#IgdioYZg\ZWdiZcZcHdg\[Vai`ŽccZc HVio"jcY9gjX`[Z]aZgc^X]iVjh\ZhX]adhhZclZgYZc#EgZ^hZHiVcY6j\jhi'%&&#>ggi“bZgkdgWZ]VaiZc#


IA?F7II#J7H?<; <; ; (&''%'( H`^eVhh

:glVX]hZc

+DXSWVDLVRQ

=ZLVFKHQVDLVRQ

9RU1DFKVDLVRQ

Õ Õ

Õ

ELV Õ

?j\ZcY

@^cYZg

HZc^dgZc

:glVX]hZc

?j\ZcY

@^cYZg

HZc^dgZc

:glVX]hZc

?j\ZcY

@^cYZg

HZc^dgZc

7DJ

























7DJH

























7DJH

























7DJH

























7DJH

























7DJH

























7DJH

























DXV7DJHQ

























7DJH

























7DJH

























7DJH

























7DJH

























7DJH

























DXV7DJHQ

























<7C?B?;D#J7H?<; 7H?< <; (&''%'( <ZWdgZccVX]YZb%&#%&#&..+

H`^eVhh

7DJ

+DXSWVDLVRQ

=ZLVFKHQVDLVRQ

9RU1DFKVDLVRQ

Õ Õ

Õ

ELV Õ

:aiZgc

:aiZgc

&@^cY

'@^cYZg

&:aiZgciZ^a  &@^cY

&:aiZgciZ^a  '@^cYZg

:aiZgc

:aiZgc

&:aiZgciZ^a

&@^cY

'@^cYZg

&@^cY

&:aiZgciZ^a  '@^cYZg

:aiZgc

:aiZgc

&@^cY

'@^cYZg

&:aiZgciZ^a  &@^cY

&:aiZgciZ^a  '@^cYZg

























7DJH

























7DJH

























7DJH

























7DJH

























7DJH

























7DJH

























DXV7DJHQ

























7DJH

























7DJH

























7DJH

























7DJH

























7DJH

























DXV7DJHQ

























={DIJ?=;IA?F7KI9>7B;D$ KI9>7 7B;D$ :79>IJ;?DM;IJ J >_[hÓdZ[j?^hZ_[X[ij[d <Wc_b_[d#Ia_fWkiY^Wb[dkdZ ]”dij_]ij[dIa_#FWYaW][iZ[h7bf[dMkdZ[hXWh[F_ij[d" h 7bf[d Mk Z [d" bkij_][>”jj[d"jhWkc^W\j[7kii_Y^j[d"h[_d[Bk\jkdZ ifWdd[dZ[;l[djipkX[iedZ[hifh[_im[hj[dIa_jWh_\[d  AZioiZg\“ai^\ZgIV\YZhH`^eVhhZh# 7Z^VaaZc6c\ZWdiZch^cYHVio[Z]aZgjcY>ggi“bZgkdgWZ]VaiZc

A?D:;H#IA?=7K:?0 ?:I =H7J?I#IA?KHB7K8<{HA '.$&)$X_i)'$&)$(&'(  @=(&&,k$`”d][h 7bb[A_dZ[hkdj[h,@W^h[d [hb[X[d"Z[ddZ_[ add[daeij[dbeiIa_ifWœ kdZZ_[j[_bd[^c[dZ[d Ia_h[]_ed:WY^ij[_dM[ij [dZ[dA_dZ[hd Kdj[hakd\jiX[jh_[X[iY^[da akd\jIW$#IW$kdZ -Ia_]WkZ_#JW][_dab$Kdj[h <h$_dabki_l[ +JW][=WkZ_#Ia_akhiCe$# a_[hkdZIY^k^[$ ,JW][Ia_[gk_fc[djB[_^i Wdi\^aiWZ^7jX]jc\ 9^ZhZh@^cYZg"H`^\VjY^"6c\Z h^kZ+"IV\Zh"H`^eVhh kdc,zWZgcVX]ijc\Zc^c`aj [“gZ^cZc:aiZgciZ^a# h\^WiZh gdAZ^hijc\h\gjeeZ^bH`^`jg 7Z^lZc^\ZgVahk^Zg@^cYZgce ]aZcYZb daaoV Egdk ^X]i# ciZgg jVaj ^bLZgiYZhH`^`jghZh>cY^k^Y VhH`^\VjY^"EVX`V\Z# :glVX]hZcZcZg]~aiZ^c@^cYY

=7K:?F?IJ;DEF;D?D=0 C KI)&FHEP;DJ C?D IW_iedX[]_ddX_i(($'($(&''  :glVX]hZcZjcY@^cYZg Zg]VaiZcVWYZb@Vj[ Z^cZh'"IV\Zh"H`^eVhhZh )&DWY^bWiiWk\Z[d DehcWbjWh_\WZ^KdgaV\Z Z^cZg7jX]jc\hWZhi~i^\jc\ [“gb^cYZhiZchZ^cZ C~X]i^\jc\#

;KH;M7D:;HH;=?ED0 :79>IJ;?DM;IJ?CIECC;H$

=7K:?ME9>;(&' (

'&$X_i'-$Chp(&' ( <VjY^e^hiZciZhi HeZo^ZaaZHX]bVc`Z ga Vj[YZc=“iiZc H`^"Ldg`h]dehVj[ jcY cZWZcYZgHejg <ZdXVX]^c\Ä=ZWZ cH^Z YZc<VjY^hX]Vio JciZg]VaihVbZ6WZ cYhijcYZc \VgVci^Zgi

<7C?B?;D#=7K:?0 =H7J?IIA?J?9A;J <{HA?D:;H '.$&)$(&'(X_iIW_ied [dZ[ A_dZ[hX_i'+@W^h[@= '//, k$`”d][h\W^h[d_dZ[h Ia_# h[]_ed:WY^ij[_dM[i j\h[_" lZccb^cYZhiZch&:a iZgc"Wol# &<gd›ZaiZgciZ^aZ^cZcH `^eVhh ojbKdaaiVg^[[“gY^Z\aZ ^X]Z AVj[oZ^iYZh@^cYZgh`^e VhhZh Zgl^gWi\“ai^\VWYZb @Vj[ Z^cZh)"IV\Zhh`^eVhhZ h#

:WY^ij[_dM[ijX[]h”œj;kY^]Wdp^[hpb_Y^pkhIecc[h\h_iY^[ :ehj"me_cM_dj[hIa_\W^h[h_^h9Whl_d]]b”YaÓdZ[d"bWZ[d _cIecc[hiW\j_]#]h”d[7bc[dkdZiWd\j[8[h]h”Ya[dc_j \WdjWij_iY^[d7kiXb_Ya[dWk\Z_[ij[hh[_Y^_iY^[d7bf[dpkc MWdZ[hdkdZIfWp_[h[d][^[d[_d$

')$Å'+$&'$(&'(_d=eiWk

Ah_ff[dij[_d Ij$CWhj_d

7ddWX[h] Bkd]jp

AWhae][b

=eiWk

:79>IJ;?DM;IJ I9>D;;IF;AJ7A;B

9^ZWdYZchi~cY^\Zc@Žhia^X]`Z^iZc\^WiZhcVi“ga^X]VjX] ^bHdbbZgÄY^ZHdccZciZggVhhZcaVhhZch^X]WZ^b^aYZc IZbeZgVijgZc\VcoWZhdcYZgh\Zc^Z›Zc

('$&'$(&'(_dHkiiXWY^

I9>D;;JEKHF7HJO C?JH7:?EJH7KID?JP JP KD:H7:?E=7B7NO (+$&($(&'(_d=eiWk

A?D:;HI9>D;;<;IJ

HkiiXWY^

FeijWbc <[k[hae][b

A7HJ;DL;H8KD::79>IJ;?DM;IJ$ ?ED H;=?ED #IA??H;= D#IA J;D ?IJ; ?F?I K:?F 7K: ;KH;=7 > > E9> D DE9

>;DA;D$ IA?IF7IIPKCL;HI9 JI9>;?D;$ :79>IJ;?DM;IJ=K

1RFKPHKU3LVWHQQRFKPHKU+¼WWHQJLEWØVPLW 'DFKVWHLQ:HVW6NLS¤VVHQDE7DJHRKQH$XISUHLV 'LHJHOWHQQ¤POLFKÕQHEHQ*RVDX5XVVEDFKXQG$QQD EHUJÕDXFKLQVHFKVZHLWHUHQ6NLJHELHWHQ)UHHVSRUWV $UHQD.ULSSHQVWHLQ'DFKVWHLQLQ2EHUWUDXQ)HXHUNRJHOLQ (EHQVHH6W0DUWLQDP7HQQHQJHELUJH/XQJ¶W].DUNRJHO $EWHQDX LQNO)OXWOLFKW6NLIDKUHQLQ/XQJ¶W] XQG3RVWDOP 'LH6DLVRQNDUWHJLOWDXŸHUGHPDXFKEHLGHQ=LQNHQOLIWHQ LQ'¼UUQEHUJXQGEHLP/RVHULQ$OWDXVVHH

;?D <H;;IFEHJI7H;D7AH?FF;DIJ;?D %LVWGXEHUHLW")¼UNPIHLQVWHQ7LHIVFKQHH" )¼UGLHO¤QJVWH$EIDKUW–VWHUUHLFKV" " GJHV" IWH /RGJHV DIWH DIWH/R DXPKD XQG WUDXPK QQWH +¼WWHQXQGWU DQQWH D WVSD HQWVSD )¼UHQ )¼U HQH LGHU6] U)UHHU SRWGH 'HU+RW6 ) O K )HOV LW XJKHQ L WWHUWWWPLWUR EHJHLV E Q VUHLFKH KVOXQJ DEZHF N¤PPHQ :DOG NWLYHQ QGVHOH +¤QJHQX H 3RZGHUIUHDN HQMHGHQ VWUHFNHQMHG ZZZNULSSHQVWHLQFRP

BKD=zJP 6FKQHHVLFKHUHV)DPLOLHQ6NLSDUDGLHV /$00(57$/ 6RQQHQKDQJI¼UXQVHUH JURŸHQXQGDXFKJDQ]NOHLQHQDOSLQHQ 6FK¼OHU0LWWZRFK )UHLWDJ )OXWOLFKW 6FK¼OHU0LWWZRFK )UHLWDJÚ)OXWOLFKW SLVWHÛYRQÕ8KU *(5=.23) 6FKQHHVLFKHUHNP 6FKQHHVLFKHUH   NP $EIDKUW P+8 ]ZHLJHWUHQQWH3LVWHQ Q I¼U $QI¤QJHUELV]XP I¼U I¤ EL 3HUIHNWLRQLVWHQ I NL I¼U5HQQHQXQG7UDLQLQJ J ZZZOXQJRHW]DW

<;K;HAE=;B%;8;DI;;

A7HAE=;B%78J;D7K

'DVIUHXQGOLFKH6NLJHELHW  'HU)HXHUUUNRJHO2EHU¶VWHUUHLFKV LW L GWP XO¤ WHD SOD VFK¶QVWHVVV+RFK  QHU RQGHOHL *R HU* HU Q HQ HXH HLQHUQHXH YLHOHQ XQG KQ OED QHXHQHUU6HVVH P HP LQH HLQ ]XH Q]X HQ HLWH NHLW FKN OLFK JOL J ¶J 6SRUWP¶J LV HEQ (UO QHH 6FK XQYHUJHVVVVOLFKHQ V WHV XWH UJX HUJ PH PP DP ]ND DO]N 6DO HV6 GHV QG Q LLP+HU]HQ LP HW HOQ ZZZIHXHUNRJ

IJ$C7HJ?D7CJ;DD;D=;8?H=; 'DVK¶FKVWJHOHJHQH6NLGRUILQGHU6NLUHJLRQ 'DFKVWHLQ:HVW )¼U6NLDQI¤QJHUXQGDXFK)RUW )¼U6NLDQI¤QJHUXQGDXFK)RUW JHVFKULWWH HQHVLQGGLHHLQIDFKHQELVPLWWHOVWHLOHQ 3LVWHQ H HLQHLGHDOH9RUDXVVHW]XQJ HLQHLGHDO OH9RUDXVVHW]XQJI¼UJHOXQJHQH6NLWDJH I¼UJHOXQJHQH6NLWDJH 'LHJ¼QVWWWLJHQ)DPLOLHQWDULIHVLQGZHLWHUH9RUWHLOHI¼U )DPLOLHQ P )DPLOLHQP PLW.LQGHUQ6NLOLIWH6NLYHUOHLKXQG6NLVFKXOH PLW .LQGHUQ 6NLOLIWH 6NLYHUOHLK XQG 6NLVFKXOH EHõQGHQVLFKPLWWHQLP=HQWUXPGHVVFKQHHVLFKHUHQ 6NLGRUIHV 6W 6NLGRUIHV 6W0DUWLQ0LWJOLHGLP.DUWHQYHUEXQG 0DUWLQ 0LWJOLHG LP .DUWHQYHUEXQG QG GHU6NLUHJ JLRQ'DFKVWHLQ:HVW J ZZZIDPLOLHQVNLJHELHWFRP

.DUNRJHOGHUEHZHJWH%HUJÕ OHLVWEDUI¼U*URŸXQG.OHLQ 'UHLNPODQJHPLW)OXWOLFKW EHOHXFKWHWHX HXQG QGEHV EHVFKQ FKQHLW HLWH H 5RGHOEDKQVRZLHHLQ1RUGLF &HQWHU HQWHUP PLW LW)OXWO )OXWOLF LFKW KW/ /RLSH RLSH ZZZNDUNRJHOFRP

FEIJ7BC 'LH3RVWDOP$UHQDDXIP6HHK¶KH ELHWHWVLHEHQ/LIWDQODJHQHLQHQ HU1(8 KHXHU QGKHX SDUN XQG 7XELQJSDUNX HLQHQPODQJHQSURIHVVLRQHOO G 6NL XQG HU6NL I JHVWDOOWHWHQ$QI¤QJ NLOR 3LVWHQ  S UN 6QRZERDUGSD 6 PHWHUXQG/RLSHQNLORPHWHU ZZZSRVWDOPDW

h :_[M[hj]kjiY^[_d[Z[ ji_dZ [i Ia_h[]_ed:WY^ij[_dM hWbb[ ZWi_Z[Wb[=[iY^[da\” ehjb[h X[][_ij[hj[dM_dj[hif ceZg" JcYhdkZghX]Zc`ibV `^heV›" gH [Z`iZcH`^heV›^cYZ <Vco gZ\^dc9VX]hiZ^cLZhi/ j Y^ij[_d$Wj Z^c[VX]jciZgmmm$ZW gaVYZc LZgi\jihX]Z^cZ]ZgjciZ  YZ Zj jcY:jgZcA^ZWZc;g WZgZ^iZc

]i#

BZ^cZA^ZWa^c\hWjX

BZ^cIgVjbh igVcY#

c€ <jihX]Z^c^bLZgikd <jihX]Z^c^bLZ gikdc

?d\ehcWj_ed[dkdZFh[_i[ i[ M_dj[h(&''%'( mmm$ZWY^ij[_d$Wj €

bWkXi_di[b$ _d[KhbW :WY^ij[_dM[ij$C[ iZg >c[dgbVi^dcZcjc LZ^iZgZ>c[d ij[_d$Wj jdYZg mm$ZWY^ WjdYZgm d$W Y^ij[_d$ ZWY^ij[_ e@Z \e _d\e@ZW _d\e

 WZ^VaaZcA^[i`VhhZc 9^ZhZg<jihXX]Z^c`Vcc aŽhilZgYZc# c9VX]hiZ^cLZhiZ^c\Z YZgH`^gZ\^dc9V bŽ\a^X]# :^cZ7VgVWaŽhZ^hic^X]i

:WY^ij[_dM[ij

$C[_d[KhbWkXi_

di[b$ [b$

LZ^iZg L LZ^iZ LZ^i LZ^iZgZ ^^iZgZ>c Z>c[dg >c[d >c[dgbVi^ >c[ dgbVi^d bVi^dc Vi^dcZc dcZcj dcZ dcZc __d\e@Z _d\e ZcjciZ \e@ZWY^ij jciZg ZW ZWY ciZgg ciZ WY^ij[ ^ij[_d$W [_d [_d$W [_d$Wj _d$WjdY jdY dYZgm dYZg Zgmmm mm$ZW $ZWY^i Y^ij[_d j[_d$Wj $Wj 9^ZhZg<jihX]Z^c`V ccWZ^VaaZcA^[i`Vhh YZgH`^gZ\^dc9VX]h Zc iZ^c LZhiZ^c\ZaŽhi iZ^cLZhi Z^ lZgYZc# :^cZ7VgVWaŽhZ^hic ^X]ibŽ\a^X]#

I9>?I9>KB;D$ ;?D<79>IA?<7>H;DB;HD;D$ :_[Ia_ifWœh[]_ed:WY^ij[_dM[ij[_]d[ji_Y^c_ji[_d[d Xh[_j[d"][\W^hbei[dF_ij[dX[iedZ[hi]kj\”hIa_Wd\d][h$ <VcoZ\VadW?jc\dYZg6ai!lZgYVhH`^[V]gZcdYZgHcdl" WdVgYZcZgaZgcZcbŽX]iZ!YZbhiZ]Zck^ZaZ`dbeZiZciZ H`^hX]jaZcojgKZg[“\jc\#

IA?L;HB;?>$ F;H<;AJØ=;M79>I;BJÇ$ 9^Z<VjY^e^hiZcbVX]ZcWZhdcYZghk^ZaHeV›!lZcc>]gVj[ cV\ZacZjZc!hjeZghX]cZaaZclZ^aeZg[Z`ieg~eVg^ZgiZcH`^ jciZglZ\hhZ^YJcYYVhVaaZhojZ^cZbhjeZg\“chi^\Zc EVjhX]VaegZ^h

=EI7K

H`^"Hcdl";jchedgihÄHX]^"HcdlWdVgYhX]jaZ<dhVj IZa/ )(+&(+-**.dYZg )(++)&*(.&%.!h`^5h`^\dhVj#Vi mmm$ia_]eiWk$Wj

=eiWk[hIa_l[hb[_^ÅJWbijWj_ed>ehdif_jpXW^d IZajcY;Vm/ )(+&(+'%%*- dYZg )(++)*.%(()& kZgaZ^]5h`^\dhVj#Vi mmm$ia_]eiWk$Wj

hcdlhedgihgjhhWVX]ÄH`^"HcdlWdVgYhX]jaZGjhhWVX] IZa/ )(+,+-)--''--&!^c[d5gjhhWVX]#Xdb mmm$hkiiXWY^$Yec

HedgijcYHX]^kZgaZ^]7ZgiacZWZc=diZaHdbbZg]d[ IZa/ )(+&(+--*(dYZg )(++)&('+(,( mmm$ifehjX[hjb$Wj

[gZZg^YZ"Vae^cÄH`^"HcdlWdVgYhX]jaZ6ccVWZg\ IZa/ )(+*%)%*-+++!^c[d5[gZZg^YZ"Vae^c#Vi mmm$\h[[h_Z[#Wbf_d$Wj

HKII879>

:WY^ij[_dJekh_icki7==eiWk[h8[h]XW^d[d )-')<dhVj,%&!6jhig^V IZa/ )(*%&)% \dhVj5YVX]hiZ^c#Vi HkiiXWY^[hIa_b_\j=[i$c$X$>$9e$A= HX]ViiVj.%!*))'GjhhWVX]VbEV›<hX]“ii!6jhig^V IZa/ )(+')'))%!;Vm )(+')'))* gjhhWVX]5YVX]hiZ^c#Vi 7ddWX[h][hPm_[i[bWbcXW^d[d=[i$c$X$>$9e$A= **')6ccVWZg\'&*!6jhig^V IZa/ )(+)+(-'',!;Vm )(+)+(-'',". VccVWZg\5YVX]hiZ^c#Vi _d\e6ZWY^ij[_d$Wj"mmm$ZWY^ij[_d$Wj

9^[YaFe_djIa_#IdemXeWhZl[hb[_^ HZgk^XZ!H`^YZediÄIVahiVi^dc=dgcWV]c IZa/ )(+')''-&!X]ZX`ed^ci5hW\#Vi

6CC67:G< HedgiGjhhZ\\ZgH`^"HcdlWdVgYkZgaZ^] IZa/ )(+)+(-))* mmm$Wb]e$Wj%ifehj#hkii[]][h [gZZg^YZ"Vae^cÄH`^"HcdlWdVgYhX]jaZ6ccVWZg\ H`^"HcdlWdVgYkZgaZ^]Y^gZ`iWZ^bH`^hX]jaW“gd IZa/ )(+*%)%*-+++!^c[d5[gZZg^YZ"Vae^c#Vi mmm$\h[[h_Z[#Wbf_d$Wj [[h_Z[ Wbf_d$Wj

1 6 . ,' ( 3 27 6

87=(1

PWUDJHQ DXI6NL+HUX VW X / H Q HL N )¼UDOOHGLH UWHQGLH LQDOOHQGUHL2 HV W LE J HQ KDE WDQGHQ QG(TXLSPHQ X NL 6 LW NH K WHLQIDFK 0¶JOLF RQLHUHQ)UDJ HS G X ] HQ Q KGHQ 7DOVWDWLR LWDUEHLWHUQDF 0 HQ K OLF G Q X RWV XQVHUHIUH EHKHL]WHQ'HS    

] j[ 6`ijZaaZhjcY>ciZgZhhVciZhVjX]V _dm[ij ^ij[ ^jjf0%%mmm$\WY[Xeea$Yec%ZWY

winterfolder_skiregi_2011_10_31_16_43  

...

Read more
Read more
Similar to
Popular now
Just for you