1968. Eine sprachwissenschaftliche Zwischenbilanz 9783110254716, 9783110254723

Citation preview

Heidrun Kämper, Joachim Scharloth, Martin Wengeler (Hrsg.) 1968

Sprache und Wissen Herausgegeben von

Ekkehard Felder Wissenschaftlicher Beirat

Markus Hundt · Wolf-Andreas Liebert Thomas Spranz-Fogasy · Berbeli Wanning Ingo H. Warnke · Martin Wengeler 6

De Gruyter

1968 Eine sprachwissenschaftliche Zwischenbilanz

Herausgegeben von

Heidrun Kämper, Joachim Scharloth und Martin Wengeler

De Gruyter

ISBN 978-3-11-025471-6 e-ISBN 978-3-11-025472-3 ISSN 1864-2284

Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar.

© 2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston Gesamtherstellung: Hubert & Co. GmbH & Co. KG, Göttingen

∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

,QKDOW

+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU (LQOHLWXQJ

81'',()2/*(1 6SUDFKDQDO\WLVFKH3HUVSHNWLYHQ -RDFKLP6FKDUORWK9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\ Å´LQGHU6SUDFKJHVFKLFKWHGHV'HXWVFKHQ 0DUWLQ:HQJHOHUÅ'HU$QJULII DXI GDV%HVWHKHQGH´ =XU(ULQQHUXQJVNXOWXUDQÅ´LQGHXWVFKHQ3ULQWPHGLHQ DP%HLVSLHOGHV63,(*(/ 1LFROH0OOHUÅ$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´ =XP9HUKlOWQLVYRQ6SUDFKZDQGHOXQG*HVHOOVFKDIWVNULWLN DP%HLVSLHOGHV5HFUXLWLQJ'LVNXUVHV

',(0(',(1'(63527(676 )OXJEOlWWHU:DQG]HLWXQJHQ/LHGHU.|USHU XQGNRPPXQLNDWLYH*DWWXQJHQ 7KRPDV1LHKUÅ6WLOOVFKlP¶LFKPLFKLQPHLQHU=HOOH )ULW]7HXIHO$XVJHEXUWGHU+|OOH´6SUDFKUHÁH[LYH (OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH, 3HWHU=DXJJ'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´² 6XENXOWXUHOOHU6WLOLPPXOWLPRGDOHQ7H[W

VI

.HUVWHQ6YHQ5RWK'DVSROLWLVFKH/LHGHUPDFKHUOLHGYRU ZlKUHQGXQGQDFK²]XU0RGHOOLHUXQJG\QDPLVFKHU 7H[WVRUWHQ'LVNXUV5HODWLRQHQ $QJHOLND/LQNH8QRUGHQWOLFKODQJKDDULJXQGPLWGHU0DWUDW]H DXI GHP%RGHQ=XU3URWHVWVHPLRWLNYRQ.|USHUXQG5DXP LQGHQHU-DKUHQ 1LQD9HUKH\HQ'LVWLQNWLRQGXUFK'LVNXVVLRQXQG GLHVR]LDOHQ)ROJHQYHUEDOHU,QWHUDNWLRQ 0RQLND6FKQR]'LH:DQG]HLWXQJHQGHV6HFKVWDJHUHQQHQV =XUNRPPXQLNDWLYHQ)XQNWLRQHLQHVDOWHUQDWLYHQ0HGLXPV

.5,7,6&+(6(0$17,. 'LVNXUVDQDO\WLVFKH3HUVSHNWLYHQDXI EHJULIÁLFKLGHRORJLVFKH .RQVWUXNWLRQHQ +HLGUXQ.lPSHU'HU)DVFKLVPXV'LVNXUV 6HPDQWLNXQG)XQNWLRQ -|UJ.LOLDQ*HZDOWVDPNHLWHQ6WXGHQWHQLKUH6SUDFKHXQG GLH(VNDODWLRQHLQHV7KHPDV]ZLVFKHQDNDGHPLVFKHP 'LVNXUVXQG6WUD‰HQNDPSI 'LHW]%HULQJ'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH" $QGUHDV5RWKHQK|IHUÅ-HQHVNQLVWHUQGH9LHWQDPJHIKO«´ 3HUVSHNWLYLVFKHU,QWHUQDWLRQDOLVPXVXQGJOREDOLVLHUWHU 3ROLWMDUJRQLPGHXWVFKHQXQGDPHULNDQLVFKHQ3URWHVWGLVNXUV 2ODI *lWMH=XU0HWDSKRULNDNDGHPLVFKHUXQGDYDQWJDUGLVWLVFKHU 6SUDFKNULWLNXPRGHUGDV%HPKHQÅHLQGLPHQVLRQDOH 'HQNXQG6SUDFKIRUPHQDXI]XVSUHQJHQXQGGLH 9LHOGLPHQVLRQDOLWlWNRQNUHWHU:LUNOLFKNHLW]X]HLJHQ´

VII

/,1*8,67,6&+(3(563(.7,9(1$8)'(1'(876&+(1 7(5525,6086 0DUWLQ6WHLQVHLIHU'LH5$)DOV0HGLHQHUHLJQLV² YLVXHOOHXQGVSUDFKOLFKH,QV]HQLHUXQJHQ $QGUHDV0XVROII'LH5$)DOVÅ+LWOHU·VFKLOGUHQ´"²gIIHQWOLFKHU 7HUURULVPXV'LVNXUVXQGÅ9HUJDQJHQKHLWVEHZlOWLJXQJ´

+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

(LQOHLWXQJ Å$FKWXQGVHFK]LJ´KDWDOV7HLOGHU3ROLWLNXQG*HVHOOVFKDIWVJHVFKLFKWHHLQH %HZHUWXQJHUIDKUHQGLHGDV(YRNDWLRQVSRWHQ]LDOGHU&KLIIUH$FKWXQGVHFK]LJ HUNOlUWLVWDOV1DPHIUGHQ(ULQQHUXQJVRUW HLQ 1DPH GHU LP NRO OHNWLYHQ*HGlFKWQLVHLQHQIHVWHQ3ODW]KDW'DVVGLHVH-DKUHJHSUlJWZDUHQ HLQHUVHLWV YRQ DXIJHNOlUWHQ ,GHHQ DQGHUHUVHLWV YRQ GHP +DQGHOQ HLQLJHU 3URWDJRQLVWHQGDVLQYROONRPPHQHP*HJHQVDW]VWDQG]XGLHVHQ,GHHQHU NOlUWGDVKRKH$VVR]LDWLRQVSRWHQ]LDOGLHVHV1DPHQV$OV*HJHQVWDQGGHU =HLWJHVFKLFKWH LVW  ]XJOHLFK HLQ XPVWULWWHQHU (ULQQHUXQJVRUW GHVVHQ %HGHXWXQJQRFKLPPHULPNRPPXQLNDWLYHQ*HGlFKWQLVDEHUDXFKLPZLV VHQVFKDIWOLFKHQ'LVNXUVYHUKDQGHOWZLUG)UOHW]WHUHVLVWGHUYRUOLHJHQGH 7DJXQJVEDQG HLQ %HOHJ 8QWHU GHP 7LWHO Å7HDFKLQV 'HPRNUDWLVLHUXQJ XQGÄGHUODQJH0DUVFK¶6SUDFKXQGNRPPXQLNDWLRQVJHVFKLFKWOLFKH8P EUFKHYRQĶ²(LQHVSUDFKZLVVHQVFKDIWOLFKH=ZLVFKHQELODQ]YLHU]LJ -DKUH GDQDFK´ IDQG DQ GHU +HLQULFK+HLQH8QLYHUVLWlW 'VVHOGRUI  YRP ELV0DLHLQHVSUDFKXQGNXOWXUZLVVHQVFKDIWOLFKH7DJXQJVWDWW ,KUH(UJHEQLVVHZHUGHQKLHUPLWYRUJHOHJW =XYRUMHGRFKVROOHQHLQLJHHLQIKUHQGH%HPHUNXQJHQ]XJHJHQZlUWL JHQJHVFKLFKWVZLVVHQVFKDIWOLFKHQ=XJlQJHQ]XGHQHU-DKUHQEHUGDV ZLGHUVSUFKOLFKHXQGRIIHQEDULQWHUHVVHQDEKlQJLJH5HGHQEHUVRZLH EHU GLH VSUDFK XQG NXOWXUZLVVHQVFKDIWOLFKHQ )RUVFKXQJVWUDGLWLRQHQ JH PDFKWZHUGHQEHYRUGLHHLQ]HOQHQ%HLWUlJHLP.RQWH[WNRPPHQWLHUWXQG NXU]YRUJHVWHOOWZHUGHQ 

ĶDOVJOREDOHVXQGPHGLDOHV(UHLJQLV

:HQQ PDQ VLFK GLH JHVFKLFKWVZLVVHQVFKDIWOLFKH )RUVFKXQJVOLWHUDWXU GHV YHUJDQJHQHQ -DKU]HKQWV DQVLHKW VR ]HLJW VLFK GDVV ]ZHL (QWZLFNOXQJHQ GLH(UIRUVFKXQJGHUHU-DKUHPD‰JHEOLFKJHSUlJWKDEHQHLQHUVHLWVGLH YHUWLHIWH(UIRUVFKXQJ GHU WUDQVQDWLRQDOHQ 9HUQHW]XQJ GHU $NWHXUH DQGH 

,P]ZHLWHQ%DQGYRQ)UDQoRLV6FKXO]H+J  JLEWHVHLQ.DSLWHOÄ5HYROXWLRQ¶LQGHP ĶDOV/HW]WHULQGHU5HLKHÄ5HIRUPDWLRQ¶Ä1DSROHRQ¶Ä3DXOVNLUFKH¶Ä'DV%UDQGHQEXUJHU 7RU¶Ä%LVPDUFN¶XQGÄ5RVD/X[HPEXUJ¶DOV(ULQQHUXQJVRUWGDUJHVWHOOWLVW



)UGLH)LQDQ]LHUXQJGU7DJXQJEHGDQNHQZLUXQVKHU]OLFKEHLGHU*HVHOOVFKDIWYRQ)UHXQ GHQXQG)|UGHUHUQGHU+HLQULFK+HLQH8QLYHUVLWlW'VVHOGRUI



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

UHUVHLWVGLH]HQWUDOH5ROOHGHU0HGLHQIUGLH.RQVWLWXLHUXQJGHU%HZHJXQJ XQGLKUHNXOWXUHOOH%UHLWHQZLUNXQJ ,QVEHVRQGHUHGLHLQWHUQDWLRQDOH'LPHQVLRQGHU5HYROWHGHUHU-DKUH KDWLQGHQOHW]WHQ-DKUHQHLQYHUVWlUNWHV)RUVFKXQJVLQWHUHVVHKHUYRUJHUXIHQ GDV LP 'LNWXP YRQ GHU ÅHUVWHQ JOREDOHQ 5HYROXWLRQ´ .UDXVKDDU   ]XP $XVGUXFN NRPPW ,P =HQWUXP GLHVHU JHVFKLFKWVZLVVHQVFKDIWOLFKHQ 8QWHUVXFKXQJHQ VWHKHQ QLFKW PHKU QXU HUHLJQLVJHVFKLFKWOLFKH RGHU LGHR ORJLVFKH+RPRORJLHQ]ZLVFKHQGHQ3URWHVWEHZHJXQJHQXQWHUVFKLHGOLFKHU /lQGHUVRQGHUQYRUDOOHPDXFKGLHJOREDOH=LUNXODWLRQYRQ3URWHVWSUDN WLNHQXQGV\PEROLVFKHQ)RUPHQ'LHVHZLUG]XQHKPHQGDOVGXUFKWUDQV QDWLRQDOH$NWHXUVQHW]ZHUNHYHUPLWWHOWEHVFKULHEHQ'DEHLLQWHUHVVLHUWYRU DOOHP GLH 6SH]LÀN GHU 5HNRQWH[WXDOLVLHUXQJHQ XQG )XQNWLRQDOLVLHUXQJHQ GLHVHUV\PEROLVFKHQXQGSHUIRUPDWLYHQ3UDNWLNHQIUGLHQDWLRQDOHQ%HZH JXQJHQGLHQLFKWPHKUQXUPLWWHOVGHU.RQ]HSWHYRQÄ$PHULNDQLVLHUXQJ¶ RGHUÄ:HVWHUQLVLHUXQJ¶EHJULIIHQZHUGHQ-QJHUH6WXGLHQLQWHUSUHWLHUHQGD KHUGLHZHOWZHLWHQ3URWHVWHXPDOVVR]LDOHXQGNXOWXUHOOH5HDNWLRQHQ DXI HLQHQTXDOLWDWLYQHXHQ|NRQRPLVFKHQWHFKQRORJLVFKHQXQGSROLWLVFKHQ *OREDOLVLHUXQJVSUR]HVVGHUQDFKGHP:HOWNULHJHLQVHW]W'LHVHJOREDOH 9HUQHW]XQJ HUP|JOLFKWH HUVW GLH .RQVWUXNWLRQ HLQHU NROOHNWLYHQ ,GHQWLWlW DXI GHU6HLWHGHU$NWLYLVWHQGLHGDQQ]X6ROLGDULWlW.RRSHUDWLRQJHJHQ VHLWLJHU,QVSLUDWLRQXQGGHP%HZXVVWVHLQHLQHUJOREDOHQ%HZHJXQJDXVGHQ XQWHUVFKLHGOLFKVWHQQDWLRQDOHQ5DKPHQEHGLQJXQJHQKHUDXVIKUHQNRQQWH 8QWHUGHP(LQÁXVVGHU.XOWXUVR]LRORJLHKDWVLFKDXFKGDVPHGLHQDQD O\WLVFKH(UNHQQWQLVLQWHUHVVHDQGHQ3URWHVWHQGHUHU-DKUHJHZDQGHOW 1HEHQGLH8QWHUVXFKXQJYRQ3UR]HVVHQGHU.RQVWUXNWLRQYRQ*HJHQ|I IHQWOLFKNHLWLQXQGGXUFK$OWHUQDWLYPHGLHQXQGQHEHQGLH$QDO\VHQPHGLDOHU 'DUVWHOOXQJVIRUPHQLVWGLH'LDOHNWLNYRQ6HOEVWVWLOLVLHUXQJXQGPHGLDOHU,Q V]HQLHUXQJGHV3URWHVWVXQGVHLQHU$NWHXUHLQV=HQWUXPGHVZLVVHQVFKDIW OLFKHQ ,QWHUHVVHV JHUFNW =HQWUDOH $QDO\VHNDWHJRULH VLQG YLVXHOOH &RGHV XQGGHUHQPHGLDOH9HUEUHLWXQJXQG7UDQVIRUPDWLRQ'DEHL]HLJWVLFKGDVV GHQ0HGLHQEHLGHU9HUEUHLWXQJQHXHUYLVXHOOHU&RGHVXQGGDPLWEHLGHU $XVELOGXQJYRQDOWHUQDWLYHQ+DELWXVXQG/HEHQVVWLOHQHLQHHQWVFKHLGHQGH %HGHXWXQJ ]XNDP 'LH 'LDOHNWLN YRQ 3URWHVW XQG PHGLDOHU ,QV]HQLHUXQJ OLHJWQXQGDULQGDVVGLH0HGLHQLQLKUHU0XOWLSOLNDWRUIXQNWLRQQLFKWDXIJLQ JHQVRQGHUQ LKUH PHGLHQlVWKHWLVFKHhEHUK|KXQJ GHV 3URWHVWVDXFK HLQH 7UDQVIRUPDWLRQ VHLQHU =LHOH KHUYRUEUDFKWH GLH YRQ GHQ $NWLYLVWHQ QLFKW  )U GLH JOREDOHWUDQVDWODQWLVFKHHXURSlLVFKH 'LPHQVLRQ GHU HU%HZHJXQJ VLHKH .DW LVDÀFDV )UDVHU 0DUZLFN )LQN-XQNHU*DVVHUW *LOFKHU+ROWH\  6XUL .OLPNH6FKDUORWK *DVVHUW.OLPNH .OLPNH  

9JO.OLPNH 



9JOHWZD6FKLOGW XQG6LHJIULHG 



9JOKLHU]X)DKOHQEUDFK 



(LQOHLWXQJ

LQWHQGLHUWZDU'LH%HGLQJXQJIUGLHVHWHLOVJHZROOWHWHLOVXQJHZROOWH$OOL DQ]]ZLVFKHQ0HGLHQXQG3URWHVWEHZHJXQJZDUHLQHPHGLHQJHVFKLFKWOLFKH (QWZLFNOXQJGLHDOV]XQHKPHQGH3HUVRQDOLVLHUXQJXQG,QWLPLVLHUXQJGHU %HULFKWHUVWDWWXQJXQGHLQH$XIZHLFKXQJGHU*UHQ]HQ]ZLVFKHQ3ULYDWKHLW XQG gIIHQWOLFKNHLW FKDUDNWHULVLHUW ZHUGHQ NDQQ ,Q PHGLHQZLVVHQVFKDIWOL FKHU3HUVSHNWLYHYHUGDQNWGLH6WXGHQWHQEHZHJXQJLKUH'\QDPLNDOVRHLQHU 'LDOHNWLN GHU PHGLDOHQ 9HUEUHLWXQJ XQG 7UDQVIRUPDWLRQ YLVXHOOHU &RGHV GLHGXUFKHLQHPHGLHQKLVWRULVFKH6FKZHOOHQVLWXDWLRQHUP|JOLFKWZXUGH -HQVHLWVGLHVHUUHODWLYQHXHQ=XJlQJH]XGHPNRPSOH[HQ*HJHQVWDQG ĶÀQGHQVLFKDEHUDXFKlOWHUH'HXWXQJVWUDGLWLRQHQGLHLP)ROJHQGHQ NULWLVFKDXI LKUHJHVFKLFKWVSROLWLVFKHQ,PSOLNDWLRQHQKLQGLVNXWLHUWZHUGHQ VROOHQ 

8UWHLOHEHU

'LH7RSRLGHV5HGHQVEHUĶVLQG]DKOUHLFKXQGZLGHUVSUFKOLFK6LH KDQGHOQPHLVWYRQ6LHJHUQXQG9HUOLHUHUQHVVLQG(UIROJVJHVFKLFKWHQRGHU (U]lKOXQJHQ YRQ SROLWLVFKHQ 1LHGHUODJHQ %HIUHLXQJVQDUUDWLYH RGHU *H VFKLFKWHQ YRP OLQNHQ 7HUURU 6LH ZHUWHQ GLH -DKUH GHU HU%HZHJXQJ LP +LQEOLFN DXI  LKUH %HGHXWXQJ IU GLH SROLWLVFKH .XOWXU LKUHQ (LQÁXVV DXI  GLH VR]LDOHQ :HUWH XQG WD[LHUHQ NULWLVFK GLH :LUNXQJ GHU %HZHJXQJ DXI GLH)RUPHQGHV=XVDPPHQOHEHQV-HQDFKSROLWLVFKHP6WDQGSXQNWVLQG GLHHUYHUDQWZRUWOLFKIUHLQHQ:HUWHYHUIDOOGHULQGHUDQWLDXWRULWlUHQ (U]LHKXQJXQGGHU9HUXQJOLPSIXQJYRQ)OHL‰'LV]LSOLQXQG2UGQXQJDOV 6HNXQGlUWXJHQGHQVHLQH:XU]HOQKDW6LHVLQGGLH8UVDFKHIUGLH=HUUW WXQJ GHU )DPLOLH XQG GLH VWHLJHQGH =DKO GHU (KHVFKHLGXQJHQ 6LH WUDJHQ 9HUDQWZRUWXQJIUGDV9RUGULQJHQYRQ3URPLVNXLWlWXQG+HGRQLVPXVLQ ZHLWH7HLOHGHU*HVHOOVFKDIW8QGPDQFKHEHKDXSWHQGDVVGHUQHXGHXWVFKH $QWL]LRQLVPXVLPOLQNHQ/DJHUGHUHU-DKUHGHU+XPXVGHVKHXWLJHQ 5HFKWVUDGLNDOLVPXVLVWHLQH(QWZLFNOXQJZLHVLHDQGHU3HUVRQGHVHKHPD OLJHQ$32$QZDOWV5$)7HUURULVWHQXQGKHXWLJHQ5HFKWVH[WUHPHQ+RUVW 0DKOHUH[HPSODULVFK]XEHREDFKWHQVHLZDUHLQH=HLWGHUSROLWLVFKHQ ,UUZHJHLQGHUHVUDGLNDOHQ.UlIWHQJHODQJGLH0HLQXQJVIKUHUVFKDIWLQGHU *HVHOOVFKDIW]XEHUQHKPHQ 9RQHLQHPDQGHUHQSROLWLVFKHQ6WDQGSXQNWDXVHUVFKHLQHQGLHHU LQJDQ]DQGHUHP/LFKW6LHZDUHQHVGLHGHQ0LHI GHU$GHQDXHUbUDGLH HLQHÀQVWHUHZDQGHOIHLQGOLFKHVLWWHQVWUHQJHSDWULDUFKDOLVFKH3HULRGHLQGHU EXQGHVUHSXEOLNDQLVFKHQ*HVFKLFKWHZDUJUQGOLFKDXVOIWHWHQ6LHKDEHQ GLH9HUGUlQJXQJVPHFKDQLVPHQGHU:LUWVFKDIWVZXQGHUPHQWDOLWlWNULWLVLHUW XQGEHUZXQGHQXQGIUHLQH$XIDUEHLWXQJGHU1D]LYHUJDQJHQKHLWJHVRUJW (VLVWLKU9HUGLHQVWGDVVDXVWUDGLWLRQHOOREULJNHLWVK|ULJHQ'HXWVFKHQHFKWH



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

'HPRNUDWHQZXUGHQXQGGDVV$XWRULWlWVJODXEHGXUFKHLQHGHPRNUDWLVFKH 'LVNXVVLRQV XQG 6WUHLWNXOWXU HUVHW]W ZXUGH 6LH KDEHQ GLH VH[XHOOH 9HU NOHPPWKHLWGHUHU-DKUHKLQWHUVLFKJHODVVHQXQGLQVJHVDPWGDIUJH VRUJWGDVVGLH*HVHOOVFKDIWOLEHUDOHUXQGSHUPLVVLYHUZXUGH(VZDUHQGLH HUGLHLQHLQHUÅVWLOOHQ5HYROXWLRQ´SRVWPDWHULDOLVWLVFKHQ:HUWHQ]XP 'XUFKEUXFKYHUKDOIHQXQGPLWGHPODQJHQ0DUVFKGXUFKGLH,QVWLWXWLRQHQ HLQHIXQGDPHQWDOH/LEHUDOLVLHUXQJGHV6WDDWHVXQGVHLQHU*HVHOOVFKDIWKHU EHLIKUWHQ 'LH )UDJH RE Ķ HLQ (UIROJ RGHU HLQ 0LVVHUIROJ ZDU EHKHUUVFKW QRFKLPPHUGLH|IIHQWOLFKHQ'HEDWWHQ8QGGLH*HJHQVlW]OLFKNHLWGHU$QW ZRUWHQYHUZHLVWDXI HLQHHUKHEOLFKH'LIIHUHQ]GHUDQJHOHJWHQQRUPDWLYHQ 0D‰VWlEH'RFKIDOOHQGLHZLVVHQVFKDIWOLFKHQ8UWHLOHQLFKWZHQLJHU]ZLH VSlOWLJDXV6RNRQVWDWLHUW:ROIJDQJ.UDXVKDDULQHLQHP(VVD\GHUVHLQHU &KURQRORJLH]XGHQ*HVFKHKQLVVHQGHV-DKUHVEHLJHJHEHQLVWÅ'DV -DKUKDWQLFKWVYHUlQGHUW6HLQH$NWHXUHVLQGSROLWLVFKDXI GHUJDQ]HQ /LQLHJHVFKHLWHUW´.UDXVKDDUD6 'RFKNRPPWHULPJOHLFKHQ (VVD\DQDQGHUHU6WHOOH]XGHPJHJHQWHLOLJHQ(UJHEQLVÅ'DV-DKUKDW LQGHU%XQGHVUHSXEOLNDOOHVYHUlQGHUW´HEG6 (VOLHJWQDKHGLHVH 'LVSDUDWKHLW GHU %HZHUWXQJHQ DXI  GLH YHUVFKLHGHQHQ HULQQHUXQJVSROLWL VFKHQ,QVWUXPHQWDOLVLHUXQJHQYRQĶ]XUFN]XIKUHQ 6RVFKHLQWĶ]XPÅ'UHKXQG$QJHOSXQNWGHVSROLWLVFKHQ.DPSIHV XP GDV 6HOEVWYHUVWlQGQLV GHU 5HSXEOLN´ JHZRUGHQ ]X VHLQ ZLH GHU +HL GHOEHUJHU +LVWRULNHU (GJDU :ROIUXP VFKUHLEW 0LW GHP 0DFKWNDPSI  XP 9HUJDQJHQKHLWVELOGHUVROOHÅJHJHQZlUWLJHV+DQGHOQOHJLWLPLHUWZHUGHQ'LH 'HXWXQJVKRKHLWEHU GDV *HVWHUQ YHUVSULFKW GLH 0DFKW IU PRUJHQ XQG GHVKDOE ZDU GLH 3RVLWLRQ GHV 6LHJHUV GHU *HVFKLFKWH LPPHU VFKRQ KHIWLJ XPNlPSIW´:ROIUXP6 6RZLH+HOPXW.RKOQDFKVHLQHU:DKO ]XP%XQGHVNDQ]OHULQVHLQHU5HJLHUXQJVHUNOlUXQJHLQHÅJHLVWLJPRUDOLVFKH :HQGH´YHUVSUDFKHLQH$ENHKUYRQGHQOLQNHQ:HUWHQGLHLQGHU)ROJH YRQĶGDVSROLWLVFKH+DQGHOQGHUHU-DKUHDEHUDXFKGDVJHVHOO VFKDIWOLFKH.OLPDSUlJWHQVRVWLOLVLHUWHGLHURWJUQH5HJLHUXQJLKUH5HJLH UXQJVEHUQDKPHDOVVSlWHQ6LHJGHUHUDOV)ROJHMHQHUSROLWLVFKHQ XQGLGHHOOHQ9HUlQGHUXQJHQGLHXPDQJHVWR‰HQZRUGHQZDUHQ -HQVHLWV GHU VNL]]LHUWHQ 'HPRNUDWLVLHUXQJV XQG ([WUHPLVPXVQDUUDWL YHDOVRMHQVHLWVGHULGHRORJLVLHUWHQ.ROSRUWDJHMHVWHUHRW\SLVLHUWHQ:LVVHQV ZDUODQJHNHLQ6SUHFKHQEHUĶP|JOLFK'LHHULQQHUXQJVSROLWLVFKPR WLYLHUWH)L[LHUXQJDXI GLH)UDJHQDFK(UIROJ RGHU 0LVVHUIROJGHU HU %HZHJXQJZDUODQJHHLQ+HPPVFKXKIUGLH(UIRUVFKXQJYRQĶ,KU YHUGDQNW VLFK GHU (LQGUXFN GDVV EHU GLH HU%HZHJXQJ VFKRQ DOOHV JHVDJWVHLGDVVGLH=HXJHQHLQYHUQDKPHDEJHVFKORVVHQXQGDOOHUK|FKVWHQV QRFKGDV8UWHLO]XVSUHFKHQVHL



(LQOHLWXQJ



DOVVSUDFKZLVVHQVFKDIWOLFKHU*HJHQVWDQG

'LHOLQJXLVWLVFKH)RUVFKXQJ]XUHU%HZHJXQJRSHULHUWHHEHQIDOOVODQJH LP*UDXEHUHLFKHLQHUWHLOZHLVHSROLWLVFKPRWLYLHUWHQ6SUDFKNULWLN=XQlFKVW GRPLQLHUWHQOH[LNRORJLVFKH=XJlQJHGHQQHVZDUHQ RIIHQEDU GLH:|UWHU GHU1HXHQ/LQNHQGLHgIIHQWOLFKNHLWXQG:LVVHQVFKDIWDOV&KDUDNWHULVWL NXPGHV6SUDFKJHEUDXFKVGHU%HZHJXQJLQV$XJHÀHOHQ,QNXU]HU)ROJH HUVFKLHQHQVFKRQNOHLQHUH%FKOHLQGLHGLHVSUDFKOLFKHQ(LJHQKHLWHQ HQWZHGHU VSUDFKNULWLVFK NRPPHQWLHUWHQ RGHU PLW GHP HUQVWHQ $QVSUXFK DXIWUDWHQGXUFK:RUWHUNOlUXQJHQ'LVNXUVPDXHUQEHUZLQGEDU]XPDFKHQ XQG 'LDORJH ]X HUP|JOLFKHQ 3HWHU :HLJWV Å5HYROXWLRQVOH[LNRQ´ .ODXV +RIPHLVWHUV VSUDFKNULWLVFKHV Å/LHEHQ 6LH (VWDEOLVKPHQW"´ XQG 5DLPXQG .RSOLQVÅ6SUDFKIKUHUGXUFKGLH5HYROXWLRQ´GHULQ)RUPXQG)DUEHGHU 0DR%LEHOGDKHUNDP 'DV HUVWH XPIDQJUHLFKH :|UWHUEXFK ]XU 6SUDFKH GHU 1HXHQ /LQNHQ YHUIDVVWH$QGUHDVYRQ:HLVV6HLQH=XVDPPHQVWHOOXQJYRQPHKUDOV 6FKODJZ|UWHUQGHU1HXHQ/LQNHQZLOO:HLVVDOV+LOIHEHLGHUNULWLVFKHQ$XV HLQDQGHUVHW]XQJPLWGHUSROLWLVFKHQ/LQNHQYHUVWDQGHQZLVVHQ'LHVH+LOIH VFKLHQZRKODXFKGHVKDOEQ|WLJZHLOGHUKlXÀJH)UHPGZRUWJHEUDXFKDOV HLQZHVHQWOLFKHV0HUNPDOGHU6SUDFKHGHU1HXHQ/LQNHQDXVJHPDFKWZXU GHYJO-lJHU6WHJHU6XQG0RVHU6 )UHPGZ|U WHUDXVGHQ%HUHLFKHQGHV1HR 0DU[LVPXVXQGGHU6R]LDOZLVVHQVFKDIWHQ LQVEHVRQGHUHGHU.ULWLVFKHQ7KHRULHDEHUDXFKGHU3V\FKRORJLHVHOWHQHU DXV GHP 9RNDEXODU GHU DPHULNDQLVFKHQ %UJHUUHFKWV XQG 6WXGHQWHQEH ZHJXQJYHUGLFKWHWHQVLFKLQGHU:DKUQHKPXQJGHU=HLWJHQRVVHQVFKQHOO ]XHLQHP6R]LROHNWPLWÅ(UNHQQXQJVXQG$EJUHQ]XQJVV\PEROLN´6WHJHU 6YJODXFK%UXQRWWH6 :HJHQGHVKlXÀJHQ)UHPG ZRUWJHEUDXFKVZXUGHGLH6SUDFKHGHU6WXGHQWHQEHZHJXQJSROHPLVFKDXFK Å6R]LRORJHQFKLQHVLVFK´/KRWWD6 RGHUÅDGRUQLHUWHV0DUFXVLVFK´ -lJHU6 JHQDQQW,QGHU)ROJHUFNWHGLH$XVEUHLWXQJYRQ6SUDFK JXWGHU1HXHQ/LQNHQLQGLH%LOGXQJVVSUDFKHXQGGHQ|IIHQWOLFKHQ6SUDFK JHEUDXFK LQ GHQ )RNXV GHV ,QWHUHVVHV 'HU 3ROLWLNZLVVHQVFKDIWOHU 5RODQG /KRWWDNRQVWDWLHUWHHWZDGDVV:|UWHUDXVGHP9RNDEXODU GHU.ULWLVFKHQ 7KHRULH ZLH KLQWHUIUDJHQ LQWHUQDOLVLHUHQ XPIXQNWLRQLHUHQ DXIDUEHLWHQ UHODWLYLHUHQ XQGUHÁHNWLHUHQ]HLWYHUVHW]WLQGLH%LOGXQJVVSUDFKHEHUQRPPHQZRUGHQVHL HQYJO/KRWWD6  $XFKLQGHU*HVFKLFKWHGHV|IIHQWOLFKHQ6SUDFKJHEUDXFKVLQGHU%XQ GHVUHSXEOLN 'HXWVFKODQG YRQ 6W|W]HO:HQJHOHU   VSLHOW ¶ HLQH ZLFKWLJH 5ROOH +LHU ZXUGHQ GLH ZLFKWLJVWHQ SROLWLVFKHQ 'HEDWWHQ LQ GHU *HVFKLFKWHGHU%XQGHVUHSXEOLNXQWHUVXFKW'DEHLNDPHQGLH$XWRUHQ]X GHP(UJHEQLVGDVVGLHHU%HZHJXQJ]ZDULQHLQLJHQ7KHPHQIHOGHUQGHQ |IIHQWOLFKHQ6SUDFKJHEUDXFKEHHLQÁXVVWKDWDQGHUH7KHPHQIHOGHUKLQJH



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

JHQ GXUFK OlQJHUIULVWLJH (LQÁVVH JHSUlJW ZXUGHQ QDPHQWOLFK GXUFK GLH 5HIRUPSROLWLNXQGGLHQHXHQ%UJHUEHZHJXQJHQYJO6W|W]HO6  'LHWKHPHQIHOG]HQWULHUWH$QDO\VHHUJDEGDVVGLHHU%HZHJXQJHLQHQHU KHEOLFKHQ(LQÁXVVDXI GHQ6SUDFKJHEUDXFKLQGHQ'HEDWWHQXPGLHQDWLR QDOVR]LDOLVWLVFKH9HUJDQJHQKHLWXP7HUURULVPXVXQG$EWUHLEXQJKDWWH$OV .DWDO\VDWRUXQG%HVFKOHXQLJHUGHVVSUDFKOLFKHQ:DQGHOVZLUNWHGLH6WXGHQ WHQEHZHJXQJDXI GHQ)HOGHUQGHU:LUWVFKDIWVSROLWLNGHU%LOGXQJVSROLWLN GHU)UDXHQSROLWLNGHU3DUWQHUVFKDIWVXQG6H[XDOHWKLNGHU8PZHOWGLVNXVVL RQXQGGHU(QWZLFNOXQJVSROLWLN(KHUJHULQJYHUDQVFKODJW6W|W]HOGHQ(LQ ÁXVV GHU 6WXGHQWHQEHZHJXQJ DXI  GLH )UHPGZRUW XQG $QJOL]LVPHQNULWLN XQGGLH6SUDFKHGHU|IIHQWOLFKHQ'HEDWWHQXPGLH$XVOlQGHUSROLWLNVRZLH GLH SROLWLVFKH 7HLOXQJ 'HXWVFKODQGV $XFK LP %HUHLFK GHU 6H[XDOVSUDFKH ]HLJHQVLFKXP8PEUFKH6RNRPPHQ.HUVWLQ)U|PHOXQG8UVXOD +RSS DQKDQG HLQHU $QDO\VH YRQ $XINOlUXQJVEFKHUQ ]X GHP (UJHEQLV GDVVKLHUHLQH(QWZLFNOXQJYRQNRQVHUYDWLYWDEXLVLHUHQGHU$N]HQWXLHUXQJ KLQ ]X SURJUHVVLYOLEHUDOLVWLVFKHQ XQG VR]LRSHUVRQDOHQ $N]HQWXLHUXQJHQ QDFK]XEHREDFKWHQVHLYJO)U|PHO+RSS 'DEHLLVWDXIIlOOLJ GDVV8PJDQJVXQGVRJ9XOJlUVSUDFKHHUVWDEGHQHU-DKUHQLQGHQ $XINOlUXQJVEFKHUQ]XÀQGHQVLQG 1HEHQGHU%HGHXWXQJIUGHQSROLWLVFKHQ:RUWVFKDW]VWDQGDXFKEDOG GLH)UDJHQDFKGHP(LQÁXVVGHUHU%HZHJXQJDXI GLH6SUDFKNXOWXUGHU %XQGHVUHSXEOLNLP)RNXVVSUDFKZLVVHQVFKDIWOLFKHQ,QWHUHVVHV'DEHLIROJ WHQGLHOLQJXLVWLVFKHQXQGVSUDFKNULWLVFKHQ$QWZRUWHQGHPLQGHQJHVHOO VFKDIWOLFKHQ'HEDWWHQEHUGDV*HVDPWSKlQRPHQÅ´XQWHUVFKLHGOLFK NRQ]LSLHUWHQNROOHNWLYHQ:LVVHQ6RZLHGLH'HEDWWHQYRQGHU)UDJHGRPL QLHUWZHUGHQREGLH-DKUHXPDOV:HQGHSXQNWRGHU(SLVRGHLQGHU *HVFKLFKWHGHU%XQGHVUHSXEOLNJHOWHQN|QQHQDOVHUIROJUHLFKHU7UDQVIRU PDWRURGHUDOV,UUZHJGHUSROLWLVFKHQ.XOWXUVRNRPPWDXFKGLH/LQJXLVWLN ]XlKQOLFKHQHLQDQGHUDXVVFKOLH‰HQGHQ$QQDKPHQEHUGLHVSUDFKKLVWRUL VFKH%HGHXWXQJGHUHU%HZHJXQJ 0DUWLQ:HQJHOHUHWZDIRUPXOLHUWHGLH+\SRWKHVHGDVVGLHYRQÅ´ KHUYRUJHUXIHQH 6SUDFKVHQVLELOLWlW DOV QLFKWLQWHQGLHUWH )ROJH GDV 3KlQR PHQGHUÅSROLWLFDOFRUUHFWQHVV´KHUYRUJHEUDFKWKDEHHLQH6SUDFKVHQVLELOL WlWGLHHLQHQEHVWLPPWHQ6SUDFKJHEUDXFK]XYHUPHLGHQVXFKWZHLOGXUFK LKQÅ3HUVRQHQRGHU*UXSSHQEHOHLGLJWRGHUDEJHZHUWHWZUGHQRGHUZHLO HUHLQHQQLFKWHUZQVFKWHQ8PJDQJPLWGHUGHXWVFKHQ9HUJDQJHQKHLWI|U GHUH´:HQJHOHU6 'DVV:|UWHUXQG%HJULIIHQLFKWPHKUXQUHÁHN WLHUWYHUZHQGHWVRQGHUQXPVLHJHVWULWWHQZUGHZLUGLQGHU6SUDFKZLVVHQ VFKDIWÅDOV,QGLNDWRUIUHLQHIRUWJHVFKULWWHQH=LYLOLWlWXQGGHPRNUDWLVFKH 

:HLWHUHZLFKWLJHOH[LNDOLVFKH8QWHUVXFKXQJHQ]XP|IIHQWOLFKHQ6SUDFKJHEUDXFKLQGHU*H VFKLFKWHGHU%XQGHVUHSXEOLN'HXWVFKODQGOLHJHQPLW6WUDX‰+D‰+DUUDV XQGIUGHQ =HLWUDXPYRQ²PLW1LHKU YRU



(LQOHLWXQJ

.XOWXULQGHU*HVHOOVFKDIW´:HQJHOHU6 DQJHVHKHQ$XFKDQGHUH 7HQGHQ]HQZLHGHU.DPSI XPQHXH2UWHSROLWLVFK|IIHQWOLFKHU'LVNXVVL RQGDV$XIVSUHQJHQWUDGLWLRQHOOHU6HPDQWLNHQXQG7H[WVRUWHQPXVWHURGHU QHXH NRPPXQLNDWLYH 6WLOH ZHUGHQ DQDORJ ]XU /LEHUDOLVLHUXQJVUKHWRULN LP 'LVNXUVEHUGLH&KLIIUHÅ´]XHLQHUÅ%HIUHLXQJGHV:RUWHV´.RSSHU VFKPLGW6 VWLOLVLHUW'LHVH%HZHUWXQJGHU%HGHXWXQJGHUHU %HZHJXQJOlVVWVLFKLP5DKPHQGHV'HPRNUDWLVLHUXQJVQDUUDWLYVYHURUWHQ $EHUDXFK9HUWUHWHUGHV([WUHPLVPXVQDUUDWLYVÀQGHQVLFKLQGHUOLQ JXLVWLVFKHQ )RUVFKXQJ 6R EHWUDFKWHW HWZD &ROLQ *RRG GLH VSUDFKOLFKHQ (QWZLFNOXQJHQ GHU HU -DKUH HKHU DOV HLQH (LQVFKUlQNXQJ GHV GHPR NUDWLVFKHQ6SUDFKJHEUDXFKV(UVLHKWGLHSROLWLVFKH6SUDFKHLQGHU%XQGHV UHSXEOLNELVVRJDUGDYRQJHSUlJWGDVVLKUH6SUHFKHU$QNOlQJHDQGLH 6SUDFKHGHU1D]L]HLWHLQHUVHLWVXQGGLH6SUDFKHGHU1HXHQ/LQNHQLQGHU %5'XQGGHV.RPPXQLVPXVLQGHU''5DQGHUHUVHLWVYHUPHLGHQZROOWHQ 'LHVH(LQHQJXQJGXUFK]ZHL6SUDFKWUDGLWLRQHQVHLHLQ*UXQGGDIUZDUXP GLHSROLWLVFKH$XVHLQDQGHUVHW]XQJYRUDOOHPGLHSDUODPHQWDULVFKH'HEDWWH YRQHLQHP$EVFKHXYRUEHU]RJHQHU5KHWRULNXQGHLQHU$EOHKQXQJDOO]X NRQIURQWDWLYHU8PJDQJVIRUPHQJHSUlJWVHLYJO*RRG6II $XFK YRQ6HLWHQGHUNRQVHUYDWLYHQ6SUDFKNULWLNZXUGHHLQ1DUUDWLYIRUPLHUWGDV LP6SUDFKJHEUDXFKGHU$NWLYLVWHQHLQHÅV\VWHPDWLVFKH1DUNRWLVLHUXQJGHV /RJLVFKHQGXUFKGHQURWHQ&RGH´'LHW]6 XQGHLQHÅ%HZX‰W VHLQVYHUHQJXQJGXUFKXQLIRUPLHUWH6SUDFKH´HEG6 DXVPDFKWHXQGLQ GHU9HUEUHLWXQJGLHVHVÅ-DUJRQV´HLQH*HIDKUIUGLHSROLWLVFKH.XOWXUGHU %XQGHVUHSXEOLNVDK $XFK LQ GHU /LQJXLVWLN ZLUG LP .RQWH[W GLHVHU VSUDFKJHVFKLFKWOLFKHQ )RUVFKXQJGLH)UDJHREÅ´DOV=lVXURGHU0DUJLQDOLHGHUEXQGHVUH SXEOLNDQLVFKHQ 6SUDFKJHVFKLFKWH DQ]XVHKHQ VHL VHKU XQWHUVFKLHGOLFK EH DQWZRUWHW:lKUHQGHLQLJH6SUDFKJHVFKLFKWHQGLH6WXGHQWHQEHZHJXQJJDU QLFKW6WHGMH RGHUDOOHUK|FKVWHQVLP.RQWH[WGHU6SUDFKNULWLN:ROII  6I HUZlKQHQZHUGHQGLH-DKUHXPLQ8QWHUVXFKXQJHQ]X SROLWLVFKHU6SUDFKHXQG|IIHQWOLFKHP6SUDFKJHEUDXFKDOVÅVSUDFKJHVFKLFKW OLFKH=lVXU´Y3ROHQ]6 EH]HLFKQHW:HQJHOHUXQG 6W|W]HO 'RFKHVJLEWDXFK8QWHUVXFKXQJHQ]XUSROLWLVFKHQ6SUDFKH GHU%XQGHVUHSXEOLN(URPV GLHGLH6WXGHQWHQEHZHJXQJPLWNHLQHP :RUWHUZlKQHQ 

'LHNXOWXUJHVFKLFKWOLFKH3HUVSHNWLYH

=ZLVFKHQGHQ)URQWHQYRQ'HPRNUDWLVLHUXQJVXQG([WUHPLVPXVQDUUDWLY KDWVLFKLQGHQYHUJDQJHQHQ-DKUHQHLQZHLWHUHUGLVNXUVLYHU5DXPJH|IIQHW GHU VLFK GHU HULQQHUXQJVSROLWLVFKHQ 9HUHLQQDKPXQJ ZHLWJHKHQG HQW]LHKW ZHLO LQ LKP PLW .DWHJRULHQ RSHULHUW ZLUG GLH NHLQH VR VWDUNH QRUPDWLYH



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

/DGXQJKDEHQZLHHWZDÅ'HPRNUDWLVLHUXQJ´Å0RGHUQLVLHUXQJ´RGHUÅ([ WUHPLVPXV´GLHWHQGHQ]LHOOHLQHHQWZHGHUSRVLWLYHRGHUQHJDWLYH:HUWXQJ WUDQVSRUWLHUHQ(VVLQGGLH)HOGHUGHU.XOWXUXQG6R]LDOJHVFKLFKWHLQGH QHQ DOWHUQDWLYH *HVFKLFKWHQ YRQ GHQ :DQGHOSUR]HVVHQ GHU HU -DKUH HQWZLFNHOW ZXUGHQ 6LH XQWHUVFKHLGHQ VLFK YRQ GHQ WUDGLWLRQHOOHQ ]HLWJH VFKLFKWOLFKHQ1DUUDWLYHQGDULQGDVVVLHGLH)L[LHUXQJDXI GLHÅ6WXGHQWHQ EHZHJXQJ´DOV*HQHUDWRUNXOWXUHOOHQ:DQGHOV]XJXQVWHQHLQHU(LQEHWWXQJ LQOlQJHUH]HLWJHVFKLFKWOLFKH(QWZLFNOXQJHQDXIJHEHQXQGQHEHQGHPSR OLWLVFKHQ3URWHVWDXFKDQGHUH(UNOlUXQJVIDNWRUHQLQLKU0RGHOONXOWXUHOOHQ :DQGHOVLQWHJULHUHQ 6R VLQG GLH ÅODQJHQ HU -DKUH´ GLH -DKUH YRQ  ELV   LQ GHQ )RNXV ]HLWKLVWRULVFKHU )RUVFKXQJ JHUFNW LQ GHQHQ IXQGDPHQWDOH ZLUWVFKDIWV XQG VR]LDOKLVWRULVFKH :DQGHOSUR]HVVH ]X HLQHP :DQGHO YRQ $OOWDJVNXOWXUXQG:HUWHQDEHUDXFKGHUSROLWLVFKHQ.XOWXUJHIKUWKDEHQ 'LHYHUEHVVHUWH|NRQRPLVFKH/DJHXQGPLWLKUHLQKHUJHKHQGGLH$EVLFKH UXQJGHU([LVWHQ]JUXQGODJHZHLWHU7HLOHGHU%HY|ONHUXQJGLH=XQDKPHGHV )UHL]HLWEXGJHWVXQGGLHZDFKVHQGH9HUIJEDUNHLW]DKOUHLFKHU .XOWXUJWHU XQG3UDNWLNHQGHU)UHL]HLWJHVWDOWXQJZLH)HUQVHKHU$XWRRGHU7RXULVPXV ZHUGHQDOVPDWHULHOOH%HGLQJXQJHQGHV:DQGHOV6LHJIULHG DQJHVHKHQ DXI GHVVHQ%DVLVVLFKHLQH+LQZHQGXQJ]XSRVWPDWHULHOOHQ,QJOHKDUW  RGHUKHGRQLVWLVFKHQ0DDVH :HUWHQYROO]RJ'LH.RQVXPJHVHOOVFKDIW HUZHLWHUWHGLH0|JOLFKNHLWHQ]XU5HSUlVHQWDWLRQXQWHUVFKLHGOLFKHU/HEHQV VWLOHXQGGLHLPPHUVFKQHOOHUH$GDSWLRQJHJHQNXOWXUHOOHU=HLFKHQV\VWHPH GXUFKGLH.RQVXPJWHULQGXVWULHPDFKWHHVP|JOLFKGDVVJHJHQNXOWXUHOOH )RUPHQ]XPNXOWXUHOOHQ0DLQVWUHDPZHUGHQNRQQWHQIUHLOLFKQLFKWRKQH 7UDQVIRUPDWLRQ LKUHU VR]LDOV\PEROLVFKHQ )XQNWLRQ :HVHQWOLFKH ,PSXOVH YHUGDQNWGLH)RUVFKXQJ]XPNXOWXUHOOHQ:DQGHODXFKGHU0HGLHQJHVFKLFK WH'HPQDFKÀHOGLH(QWZLFNOXQJDOWHUQDWLYHU/HEHQVVWLOHPLWHLQHUPHGLHQ JHVFKLFKWOLFKHQ6FKZHOOHQVLWXDWLRQ]XVDPPHQGLHDOVHLQH+LQZHQGXQJ]XU ,QWLPLVLHUXQJXQG(PRWLRQDOLVLHUXQJGHU0HGLHQEHULFKWHUVWDWWXQJFKDUDN WHULVLHUWZHUGHQNDQQ)DKOHQEUDFK 'LHPDVVHQPHGLDOH5HSUlVHQWD WLRQYLVXHOOHU&RGHVGHU*HJHQNXOWXUHWZD+RPHVWRULHVYRQ5XGL'XWVFK NHGLHGHQ 5HYROXWLRQlU EHLP :LFNHOQ VHLQHV.LQGHV ]HLJWHQRGHU UHLFK EHELOGHUWH6HQVDWLRQVEHULFKWHYRP/HEHQLQGHU.RPPXQH,IXQJLHUWHDOV 9HUPLWWOHUDOWHUQDWLYHU=HLFKHQV\VWHPHLQGLH0HKUKHLWVJHVHOOVFKDIW .XOWXUXQGVR]LDOJHVFKLFKWOLFKH)RUVFKXQJYHUZHLJHUWVLFKGHU)UDJH QDFK6LHJRGHU1LHGHUODJHQDFK(UIROJRGHU0LVVHUIROJGHUHU%HZH JXQJRKQHGLH)UDJHQDFKGHQ)ROJHQQDFKGHU%HGHXWXQJYRQÅ´IU GLH JHVHOOVFKDIWOLFKHQ 7UDQVIRUPDWLRQVSUR]HVVH XQEHDQWZRUWHW ODVVHQ ]X ZROOHQ,QGLH/LQJXLVWLNKDEHQGLHVH$QVlW]HPLWGHPSURJUDPPDWLVFKHQ $XIVDW].ODXV-0DWWKHLHUV (LQ]XJJHKDOWHQ3DUDOOHO]XU+HUDXVELO GXQJGHUSHUPLVVLYHQ*HVHOOVFKDIWNRQVWDWLHUWHUGDVVXQWHUGHP(LQÁXVV



(LQOHLWXQJ

GHUHU%HZHJXQJHLQH=XQDKPHXPJDQJVVSUDFKOLFKHU)RUPHQLQGHU 6WDQGDUGVSUDFKHIHVW]XVWHOOHQVHL'LHVHÅ9HUXPJDQJVVSUDFKOLFKXQJ´IKUW HUGDUDXI ]XUFNGDVVLP=XJHGHUHU%HZHJXQJQHXH%HY|ONHUXQJV JUXSSHQ LQVEHVRQGHUH MXQJH 0HQVFKHQ |IIHQWOLFKHQ *HEUDXFK YRQ GHU 6WDQGDUGYDULHWlW JHPDFKW XQG GLHVH LQIRUPDOLVLHUW KlWWHQ YJO 0DWWKHLHU  6 II  (LQH ,QIRUPDOLVLHUXQJ XQG (PRWLRQDOLVLHUXQJ GHV |IIHQW OLFKHQ6SUDFKJHEUDXFKVXQGYRQVSUDFKOLFKHQ9HUKDOWHQVVWDQGDUGVNRQVWD WLHUWDXFK6FKDUORWK HUNOlUWLKQDOOHUGLQJVDXVGHU(QWZLFNOXQJ HLQHV 7HLOV GHV $OWHUQDWLYPLOLHXV ]X HLQHP KHJHPRQLDOHQ 0LOLHX VHLW GHQ HU-DKUHQ 

XQWHUGHP=HLFKHQVSUDFKOLFKHU.RQVWUXNWLRQ

'HUYRUOLHJHQGH%DQGWUlJWGHQQHXHUHQ(QWZLFNOXQJHQLQGHUHU)RU VFKXQJLQPHKUIDFKHU+LQVLFKW5HFKQXQJ$XVJHKHQGYRQ8QWHUVXFKXQJHQ ]XPÅ(ULQQHUXQJVRUW´XQG]XGHQOlQJHUIULVWLJHQ)ROJHQGHUHU %HZHJXQJIUGLH.XOWXUXQG0HQWDOLWlWVJHVFKLFKWHGHU%XQGHVUHSXEOLNLQ VSUDFKDQDO\WLVFKHU3HUVSHNWLYHWUlJWHUGHU]HQWUDOHQ%HGHXWXQJGHU0HGLHQ 5HFKQXQJ,P$EVFKQLWWÅ'LH0HGLHQGHV3URWHVWV´YHUVDPPHOWHU%HLWUl JHGLHGLHXQWHUVFKLHGOLFKHQ3URWHVWPHGLHQGHUHU%HZHJXQJYRUGHP +LQWHUJUXQGGHU)UDJHLQGHQ%OLFNQHKPHQZHOFKHNRPPXQLNDWLYHQ6WUD WHJLHQVLHHUODXEWHQXQGKHUYRUEUDFKWHQXQGZHOFKHVSH]LÀVFKHQV\PEROL VFKHQ/DGXQJHQHVHUP|JOLFKWHQGDVVVLH(QGHGHUHU-DKUH]X]HQWUD OHQ0HGLHQGHV3URWHVWVZHUGHQNRQQWHQ)UGLHGDUDXI IROJHQGHQ%HLWUlJH LP$EVFKQLWWÅ.ULWLVFKH6HPDQWLN´LVWGLH)UDJHOHLWHQGLQZLHIHUQ6SUDFKH VHOEVW]XU.RQVWUXNWLRQYRQJHVHOOVFKDIWOLFKHP:LVVHQXQG]XU+HUVWHOOXQJ HLQHU%HZHJXQJVLGHQWLWlWHLQJHVHW]WZXUGHXP]XHLQHPWLHIHUHQ9HUVWlQG QLVYRQGHQJHVHOOVFKDIWOLFKHQ.RQÁLNWOLQLHQGLHVHU8PEUXFKV]HLW]XNRP PHQ'DEHLNRPPWDXFKGHULQGHU*HVFKLFKWVZLVVHQVFKDIW]HQWUDOH$VSHNW GHU7UDQVQDWLRQDOLWlW]XU*HOWXQJ,QGLHHU-DKUHJUHLIHQMHQH%HLWUlJH DXVLQGHQHQGLH5ROOHGHU6SUDFKHEHLGHU.RQVWUXNWLRQYRQ7HUURULVPXV DOVHLQHP.RPPXQLNDWLRQVSKlQRPHQXQWHUVXFKWZLUG$XFKIUVLHLVWGLH .DWHJRULH GHU 0HGLDOLWlW ]HQWUDO LQGHP 7HUURULVPXV DOV 0HGLHQHUHLJQLV DXIJHIDVVWZLUG 'HU YRUOLHJHQGH %DQG JLEW HUVWPDOV HLQHQ hEHUEOLFN EHU GLH OLQJX LVWLVFKH )RUVFKXQJ ]XU HU%HZHJXQJ LP GHXWVFKHQ 6SUDFKUDXP GHU GLHJUR‰H9LHOIDOWGHUXQWHUVFKLHGOLFKHQOLQJXLVWLVFKHQ=XJlQJH]XÅ´ UHÁHNWLHUW=ZDUJHKWGHUYRUOLHJHQGH%DQGDXI HLQHOLQJXLVWLVFKH7DJXQJ ]XUFNGHQQRFKÀQGHQVLFKLQLKPDXFK%HLWUlJHYRQ1LFKW/LQJXLVWLQQHQ GLHLQLKUHQ$UEHLWHQMHGRFKDXFKVSUDFKDQDO\WLVFKYRUJHKHQ'LHKLHUYHU VDPPHOWHQ%HLWUlJHIRNXVVLHUHQ6SUDFKEHZXVVWVHLQXQG6SUDFKUHÁH[LRQDOV



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

%HGLQJXQJHQVSUDFKOLFKHU3UDNWLNHQVLHXQWHUVXFKHQGHQ6SUDFKJHEUDXFK XQWHUGHQ$VSHNWHQGHU,GHQWLWlWVELOGXQJQHKPHQGLVNXUVLYH)UHPGXQG (LJHQNRQVWUXNWLRQHQDEHUDXFK.RQVWUXNWLRQHQGHV9HUJDQJHQHQLQGHQ %OLFNXQWHUVXFKHQGHQ:DQGHOYRQ.RPPXQLNDWLRQVIRUPHQRUGQHQ LQGLH6SUDFKJHVFKLFKWHGHV'HXWVFKHQHLQXQGQHKPHQGLH)XQNWLRQYRQ 6SUDFKHXQG%LOGIUGLH5HSUlVHQWDWLRQXQG.RQVWUXNWLRQYRQ*HZDOWXQG 7HUURULQGHQ%OLFN6LHPDFKHQGDPLW6SUDFKHXQG6SUHFKHQDOV]HQWUDOHV 0HGLXPXQG*HQHUDWRUGHVNXOWXUHOOHQXQGPHQWDOLWlUHQ:DQGHOVLQGHQ HU-DKUHQVLFKWEDUHLQH3HUVSHNWLYHGHULQGHU=HLWJHVFKLFKWHELVODQJ YLHO]XZHQLJ%HDFKWXQJJHVFKHQNWZXUGH 

=XGHQ%HLWUlJHQGLHVHV%DQGHV

$OV]HLWJHVFKLFKWOLFKHU*HJHQVWDQGLVWõHLQXPVWULWWHQHUXQGHLQH$Q QlKHUXQJDQLKQLVWRKQHHLQH$QDO\VHVHLQHUHULQQHUXQJVSROLWLVFKHQ,QVWUX PHQWDOLVLHUXQJHQXQG'HXWXQJHQNDXPDGlTXDWP|JOLFK'LHHUVWH*UXS SH YRQ %HLWUlJHQ ZLGPHWVLFK GDKHU GHU JHVFKLFKWOLFKHQ (LQRUGQXQJ GHU HU%HZHJXQJLQVSUDFKDQDO\WLVFKHU3HUVSHNWLYH'LH%HLWUlJHXQWHUVX FKHQHLQHUVHLWVGLHHULQQHUXQJVSROLWLVFKHQ'LPHQVLRQHQXQGGDPLWGLHYD ULDEOHQ=XVFKUHLEXQJHQ]HLWJHVFKLFKWOLFKHU5HOHYDQ]GHUHU%HZHJXQJ IUGLH*HVFKLFKWHGHU%5':HQJHOHU DQGHUHUVHLWVEHVFKlIWLJHQVLHVLFK PLWGHQ)ROJHQGHUHU%HZHJXQJLQVSUDFKXQGPHQWDOLWlWVJHVFKLFKW OLFKHU+LQVLFKW6FKDUORWK0OOHU  -RDFKLP 6FKDUORWK SUlVHQWLHUW $XVVFKQLWWH DXV VHLQHQ XQWHU GHP NXOWXUZLVVHQVFKDIWOLFKHQ $VSHNW GHU 3HUIRPDWLYLWlW DQJHOHJWHQ EUHLWHUHQ 8QWHUVXFKXQJHQ]XP.RPPXQLNDWLRQVYHUKDOWHQGHUHUXQGGHUHQ)RO JHZLUNXQJHQDXI GLH*HVHOOVFKDIWGHU%XQGHVUHSXEOLN,QGHQNRPPXQLND WLRQVVWUXNWXUHOOHQ XQG VR]LDOVWLOLVWLVFKHQ 8QWHUVXFKXQJHQ ]HLJW HU DQKDQG GRNXPHQWLHUWHU *HVSUlFKVVHTXHQ]HQ DXV GHU =HLW XP  GLH 6W|UXQJ ULWXHOOHU2UGQXQJGXUFKGLHHUDOVGHUHQEHYRU]XJWHV)HOGGHU$XVHLQDQ GHUVHW]XQJPLWGHQKHUUVFKHQGHQ6WUXNWXUHQ =LHOVROFKHU6W|UXQJHQZDUHQ>«@YRUDOOHPNRPPXQLNDWLYH*DWWXQJHQLQLQVWL WXWLRQDOLVLHUWHQ.RQWH[WHQ'DV6SUHQJHQYRQ9RUOHVXQJHQGDV6W|UHQYRQ*RW WHVGLHQVWHQXQG,PPDWULNXODWLRQVIHLHUQRGHUGDV,QWHUYHQLHUHQLQ9RUWUlJHQYRQ XQOLHEVDPHQ5HGQHUQJHK|UWHQ]XP$OOWDJVWXGHQWLVFKHU3URWHVWH

+LHU ZHUGHQ ]ZHL VHKU XQWHUVFKLHGOLFKH 6WUDWHJLHQ GHU 6'6$NWLYLVWHQ :ROIJDQJ1LWVFKXQG5XGL'XWVFKNHYRUHLQHP8QWHUVXFKXQJVVDXVVFKXVV YRUJHIKUW GHVVHQ ULWXHOOH 2UGQXQJ YRQ LKQHQ DXIJHEURFKHQ ZLUG 'DU EHU KLQDXV KDW GLHVH LQV]HQLHUWH 8QRUGQXQJ DOV 5LWXDOVW|UXQJ GHQ 9HU KDOWHQVVWLOHLQHVJDQ]HQ0LOLHXVJHSUlJWGDVLQVR]LRORJLVFKHQ6WXGLHQDOV

(LQOHLWXQJ



6HOEVWYHUZLUNOLFKXQJVPLOLHX EH]HLFKQHW ZLUG 'LHVHP VWHOOW 6FKDUORWK DXI  GHU NRPPXQLNDWLYVR]LDOVWLOLVWLVFKHQ (EHQH GHQ %HJULII  GHV KHGRQLVWL VFKHQ6HOEVWYHUZLUNOLFKXQJVVWLOVJHJHQEHUGHQHUHLQGUFNOLFKDQHLQHP *HVSUlFKVSURWRNROODXVGHU.RPPXQHEHZHJXQJGDUVWHOOW'HU*HEUDXFK YRQ 8PJDQJVVSUDFKH GLH 0DUNLHUXQJ GHU 5HODWLYLWlW GHU HLJHQHQ $XVVD JHQ HPRWLRQDOH (PSKDVH VRZLH GLH VWDUNH ,FKEH]RJHQKHLW LQ GHQ bX‰H UXQJHQ]HLFKQHQGLHVHQ6WLODXV'DVVHLQ7HLOGHUHU%HZHJXQJGDPLW ÅDOV (U]HXJHU HLQHV NRPPXQLNDWLYHQ 6WLOV EHWUDFKWHW ZHUGHQ >NDQQ@ GHU ELVKHXWHDOV6\PEROGHV6HOEVWYHUZLUNOLFKXQJVPLOLHXVIXQJLHUW´ZLUGDE VFKOLH‰HQGDQHLQHU)HUQVHKGLVNXVVLRQYRQPLW'DQLHO&RKQ%HQGLW VRZLH DQ HLQHU ,QWHUYLHZbX‰HUXQJ GHU *UQHQ3ROLWLNHULQ &ODXGLD 5RWK YRQYRU$XJHQJHIKUW'DVVGLHVHU.RPPXQLNDWLRQVVWLODXFKMHQVHLWV GHV$OWHUQDWLYPLOLHXVZLUNVDPZDU]HLJW6FKDUORWKDP%HLVSLHOGHV:DQGHOV YRQ9HUKDOWHQVVWDQGDUGV$XFKKLHU]HLJWVLFKVHLWGHQHU-DKUHQHLQH 7HQGHQ] ]XU ,QIRUPDOLVLHUXQJ XQG (PRWLRQDOLVLHUXQJ GLH 6FKDUORWK DOV ÅGRLQJEXGG\´GHXWHW6FKDUORWKVEHUGLHH[HPSODULVFKHQ(LQ]HOEHLVSLHOH KLQDXVJHKHQGHV )D]LW VHLQHU 8QWHUVXFKXQJHQ GDV GHU ELVKHULJHQ VSUDFK XQGNRPPXQLNDWLRQVJHVFKLFKWOLFKHQ)RUVFKXQJ]XGHQ)ROJHQYRQõ HLQHQZHVHQWOLFKHQXQGPHWKRGLVFKEHVVHUDEJHVLFKHUWHQ$VSHNWKLQ]XIJW ODXWHW 'LHNRPPXQLNDWLYH8QRUGQXQJYRQZLUNW>«@ELVKHXWHIRUW6LHLVWVLFKWEDU LQGHU,QV]HQLHUXQJYRQ,QIRUPDOLWlWXQG(PRWLRQDOLWlWLQGHU|IIHQWOLFKHQ.RP PXQLNDWLRQ'RFKLVWVLHNHLQHSODNDWLYH8QRUGQXQJPHKUVRQGHUQHLQHVXEWLOH $QGHXWXQJGHVVHQGDVVPDQHVPLWGHU(LQKDOWXQJYRQ)RUPHQQLFKWVRJHQDX QHKPHQPDJXQGGDVVGHU6SUHFKHURGHUGLH6SUHFKHULQDXFKHPRWLRQDOLQGHQ NRPPXQLNDWLYYHUKDQGHOWHQ*HJHQVWDQGLQYROYLHUWVLQG>«@'DVV,QIRUPDOLVLH UXQJXQG(PRWLRQDOLVLHUXQJDOOHUGLQJVQLFKWPHKUQXULPOLQNVDOWHUQDWLYHQ0LOLHX LQV]HQLHUWZHUGHQVRQGHUQVLFKJHUDGH]X]XHLQHPQHXHQ.RPPXQLNDWLRQVVWLOLP |IIHQWOLFKHQ 5DXP HQWZLFNHOW KDEHQ GDV PDFKW XQV DOOH ]X (UEHQ GHU HU %HZHJXQJ

$XI GHU%DVLVYRQ63,(*(/6HULHQE]Z$UWLNHOQ]XPXQG-DK UHVWDJ YRQ õ XQWHUVXFKW 0DUWLQ :HQJHOHU GLH |IIHQWOLFKH PHGLDOH (ULQQHUXQJVDUEHLWGLHGLH*HVHOOVFKDIW]XGLHVHPSRODULVLHUHQGHQ(UHLJQLV OHLVWHW)UDPHVHPDQWLVFKHQ$QDO\VHLGHHQIROJHQGIUDJWGHU$XWRUGDQDFK Å]XU(WDEOLHUXQJZHOFKHU6WDQGDUGZHUWHLPSOL]LWHU3UlGLNDWLRQHQ GKIU GLH 9HUVWlQGLJXQJ EHL GHU 9HUZHQGXQJ YRQ $XVGUFNHQ YRUDXVVHW]EDUHQ +LQWHUJUXQGZLVVHQVGHV:LVVHQVUDKPHQVĶGLH63,(*(/7H[WHEHL WUDJHQ´(VJHKWDOVRXPGDVNROOHNWLYH:LVVHQXQGGHVVHQ9HUlQGHUXQJ )QIGLH/HHUVWHOOHQGHV0DWUL[IUDPHVQDFK.ODXV3HWHU.RQHUGLQJXQG $OH[DQGHU=LHP EH]HLFKQHQGH/HLWIUDJHQQDFKGHQ9RUDXVVHW]XQJHQGHQ (UHLJQLVVHQ GHQ KDQGHOQGHQ 3HUVRQHQ GHQ )ROJHQ XQG GHQ 1DPHQ IU GDV(UHLJQLVõ ELOGHQGHQ*HJHQVWDQGGHU8QWHUVXFKXQJGLHGHXW



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

OLFK PDFKW 9DULLHUHQGHU 6FKZHUSXQNWVHW]XQJHQ XQG $XVIKUOLFKNHLW GHU 63,(*(/$UWLNHO XQJHDFKWHW ODVVHQ GLH %HIXQGH ]X DOOHQ IQI  /HLWIUDJHQ DOVRKLQVLFKWOLFKGHU%HVHW]XQJGHUPLWGLHVHQ)UDJHQJH|IIQHWHQ/HHVWHOOHQ GHQ6FKOXVV]XGDVVVLFKGHU63,(*(/GXUFKNRQWLQXLHUOLFKHGHP(UHLJQLV õPLW$IÀQLWlWEHJHJQHQGH(ULQQHUXQJVDUEHLWDXV]HLFKQHW 'LH 6R]LRORJLQ 1LFROH 0OOHU XQWHUVXFKW GLH JHVFKLFKWOLFKH %HGHX WXQJGHUHU%HZHJXQJQLFKWDXVGHU3HUVSHNWLYHGHU$NWHXUHVRQGHUQ EHWUDFKWHW GLH 7H[WVRUWH GHU 6WHOOHQDQ]HLJH DOV 6HLVPRJUDSK IU YRQ GHU HU%HZHJXQJDXVJHO|VWH9HUlQGHUXQJHQLPKHUUVFKHQGHQ'LVNXUV6LH IROJWGHQ6SXUHQYRQ/XF%ROWDQVNLXQGeYH&KLDSHOORGLHGLH)ROJHQGHU HU%HZHJXQJIU)UDQNUHLFKDOVWLHIJHKHQGHQ:DQGHONDSLWDOLVWLVFKHU 6LQQVWLIWXQJV XQG 5HFKWIHUWLJXQJVPXVWHU XQWHUVXFKW KDEHQ $QKDQG GHU $QDO\VHGHU6SUDFKHYRQUXQG6WHOOHQDQ]HLJHQDXVGHQ-DKUHQXQG ]HLJWVLHGDVVMHQHGLVNXUVLYHQ(OHPHQWHGLHNULWLVFKJHJHQGHQ .DSLWDOLVPXVJHZHQGHWZXUGHQZLH.UHDWLYLWlW,QGLYLGXDOLWlWXQG.ROOHNWL YLWlWVLFKKHXWHLP$QZHUEXQJVXQG5HNUXWLHUXQJVGLVNXUVEHLVSLHOVZHLVH DOV6HOEVWYHUZLUNOLFKXQJLP%HUXI XQG)RUGHUXQJQDFK7HDPIlKLJNHLWZLH GHUÀQGHQ 6LH GLDJQRVWL]LHUW GDPLW HLQH XPIDVVHQGH 8PZHUWXQJ GHU DQ WLNDSLWDOLVWLVFKHQ ,GHDOH GHU HU%HZHJXQJ XQG LKUH $QHLJQXQJ GXUFK GHQPDUNWZLUWVFKDIWOLFKHQ'LVNXUV'LHQLFKWDNWHXUV]HQWULHUWH3HUVSHNWLYH HUZHLVWVLFKGDEHLDOVKHUYRUUDJHQGJHHLJQHWGLHQLFKWLQWHQGLHUWHQ)ROJHQ GHUHU%HZHJXQJIUGLH*HJHQZDUWKHUDXV]XDUEHLWHQ 'LH]ZHLWH*UXSSHYRQ%HLWUlJHQEHIUDJWGLH]HQWUDOHQ7H[WVRUWHQXQG 0HGLHQGHUHU%HZHJXQJGDUDXIKLQZHOFKHNRPPXQLNDWLYHQ6WUDWHJL HQLQLKQHQ]XU$QZHQGXQJNDPHQXQGZHOFKHQVR]LDOV\PEROLVFKHQXQG SHUIRUPDWLYHQ :HUW GLHVH 0HGLHQ IU GLH .RQVWLWXWLRQ HLQHU %HZHJXQJV RGHUJDU*HQHUDWLRQHQLGHQWLWlWKDWWHQ1HEHQGHQNODVVLVFKHQ3URSDJDQGD PHGLHQ)OXJEODWW1LHKU :DQG]HLWXQJ6FKQR] =HLWVFKULIW=DXJJ XQG SROLWLVFKHV/LHG5RWK ZLUGGHU%OLFNGDEHLDXFKDXI GLHNRPPXQLNDWLYH ,QV]HQLHUXQJ GHV DQWLIDVFKLVWLVFKHQ .|USHUV /LQNH  XQG DXI  GLH 6WLOLVLH UXQJGHUNRPPXQLNDWLYHQ*DWWXQJGHU'LVNXVVLRQ]XHLQHP3URWHVWPHGL XP9HUKH\HQ JHOHQNW 'LH)OXJEOlWWHUDXVGHU=HLWXPKDEHQVFKRQHLQLJH0DOHZLVVHQ VFKDIWOLFKHVXQGIHXLOOHWRQLVWLVFKHV,QWHUHVVHKHUYRUJHUXIHQXQGN|QQHQDOV HLQH]HQWUDOH7H[WVRUWHGHU=HLWJHOWHQGLHDXFKLQGHU7UDGLWLRQDQGHUHU VR]LDOHUXQGSROLWLVFKHU%HZHJXQJHQVWHKW7KRPDV1LHKUXQWHU]LHKWGLH ÅVSUDFKUHÁH[LYHQ(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,´HLQHUV\V WHPDWLVFKHQ7H[WVRUWHQDQDO\VHPLWGHP=LHO]X]HLJHQ GDVVPDQHQWZHGHUQLFKWYRQÄGHQ¶)OXJEOlWWHUQGHUHUVSUHFKHQVROOWHRGHUVLFK ]XPLQGHVWGDUEHUNODUZHUGHQPXVVGDVVXQWHUGLHVHP/DEHOHLQH9LHO]DKOK|FKVW XQWHUVFKLHGOLFKHU7H[WHVXEVXPLHUWZLUGGLH]ZDULPJOHLFKHQ=HLWUDXPYHUEUHLWHW ZXUGHQ DEHU VRQVW ² ELV DXI  GDV 9HUEUHLWXQJVPHGLXP ² QLFKW YLHO JHPHLQVDP KDEHQ

(LQOHLWXQJ



,P.RQWUDVW]XGHQVHKUHUQVWKDIWHQSROLWLVFKHQ)OXJEOlWWHUQDXVVWXGHQWL VFKHQ=LUNHOQN|QQWHQGLH)OXJEOlWWHUGHU.RPPXQH,DPEHVWHQPLWGHQ $XVGUFNHQ+XPRU6DWLUHXQG&DPRXÁDJHEHVFKULHEHQZHUGHQ1LHKUXQ WHUVFKHLGHWXQGEHVFKUHLEWH[HPSODULVFKIQI SUDJPDWLVFKH6WUDWHJLHQPLW GHQHQGLH.RPPXQH,LQLKUHQ)OXJEOlWWHUQKXPRULVWLVFKHXQGVDWLULVFKH (IIHNWHHU]LHOW'LH5HJLVWHUXQGGLH7H[WVRUWHQ3DURGLHGLHYHUIUHPGHQGH .RPELQDWLRQYRQ3KUDVHRORJLVPHQGHUHQUHPRWLYLHUHQGHQ*HEUDXFKVR ZLHÅHLQHÀNWLYH6SUDFKEHUDWXQJGLHGLH6SUDFKHGHVSROLWLVFKHQ*HJQHUV XQWHUGHP9RUZDQGGHU%HUDWXQJDXIV.RUQQLPPW´(UNDQQGDPLWGLH %HVRQGHUKHLW JHUDGH GHU )OXJEOlWWHU GHU .RPPXQH , KHUDXVDUEHLWHQ GLH HKHUDOVIUKH)RUPHQGHVSROLWLVFKHQ.DEDUHWWVXQGGHU.OHLQNXQVWGHQQ DOVDJLWSURS7H[WHGHU6WXGHQWHQEHZHJXQJEHWUDFKWHWZHUGHQPVVHQXQG GDPLW DOV SURWRW\SLVFKH 7H[WH GHV YRQ 6FKDUORWK GDUJHVWHOOWHQ KHGRQLVWL VFKHQ6HOEVWYHUZLUNOLFKXQJVVWLOVJHOWHQN|QQHQ(EHQIDOOVPLWHLQHP3UR GXNWGHU6XENXOWXUEHVFKlIWLJWVLFKGHU%HLWUDJYRQ3HWHU=DXJJ(UXQ WHU]LHKWGLH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´GLHYRQ LQ LQVJHVDPW  $XVJDEHQ HUVFKLHQ HLQHU PXOWLPRGDOHQ 6WLODQDO\VH 'DV Å+RWFKD´VWHKWUHSUlVHQWDWLYIUYLHOH8QWHUJUXQG]HLWVFKULIWHQGHUHQJH PHLQVDPHV0HUNPDOYRUDOOHPHLQHLQV]HQLHUWH8QRUGHQWOLFKNHLWZDUGLH VLFKDXI DOOHQ(EHQHQGHVPXOWLPRGDOHQ7H[WVYHUEDOHU7H[W/D\RXW7\ SRJUDILH%HELOGHUXQJVRZLHZHLWHUHPDWHULHOOH'LPHQVLRQHQ ]HLJWH'LHVH 8QRUGHQWNOLFKNHLWNRUUHOOLHUWHVRGLH$QDO\VHGHV=UFKHU6SUDFKZLVVHQ VFKDIWOHUVPLWYLHOHQ3KlQRPHQHQGHUVXENXOWXUHOOHQ/HEHQVZHOWGLHHEHQ IDOOVDXI Ã8QRUGHQWOLFKNHLWµDXI VR]LDOV\PEROLVFKHU(EHQHYHUZHLVHQ6R ZDUHQGLHHLQ]HOQHQ6WLOHOHPHQWHGHVÅ+RWFKD´DOV(QVHPEOHKRPRORJPLW GHPVXENXOWXUHOOHQKHGRQLVWLVFKHQ6HOEVWYHUZLUNOLFKXQJVVWLOPLWGHQNRP PXQLNDWLYHQXQGNXOWXUHOOHQ3UDNWLNHQGHVÃ8QWHUJUXQGVµ (LQHIUGLHHU%HZHJXQJXQGLKUH)ROJHQHEHQVRW\SLVFKH7H[WVRU WHZLHGDV)OXJEODWWXQWHUVXFKW.HUVWHQ6YHQ5RWKPLWGHPÅSROLWLVFKHQ /LHGHUPDFKHUOLHGYRUZlKUHQGXQGQDFK´$QKDQG]DKOUHLFKHU7H[WH YRQ)UDQ]-RVHI 'HJHQKDUGW+DQQHV:DGHUXQG5HLQKDUG0H\HUOlXWHUW HUGLH:DQGOXQJHQGHU7H[WVRUWH/LHGHUPDFKHUOLHGYRQLKUHQ$QIlQJHQEHL GHQ)HVWLYDOVDXI GHU%XUJ:DOGHFNVHLW ELVKLQ]XGHQ/LHGHUQGHU )ULHGHQVEHZHJXQJ$QIDQJGHUHU-DKUHLP.RQWH[WGHU'LVNXUVNRQ VWHOODWLRQHQ 'DV SROLWLVFKH /LHGHUPDFKHUOLHG HUZHLVW VLFK GDEHL DOV HLQH SURWRW\SLVFKH XQG YRQ LKUHQ 3HUIRUPDQ]EHGLQJXQJHQ KHU ]X HUNOlUHQGH ZLFKWLJH7H[WVRUWHGHUHUXQGGHUVRJ1HXHQ6R]LDOHQ%HZHJXQJHQGHU HU-DKUHDOVXQPLWWHOEDUHU)ROJHHUVFKHLQXQJHQYRQõ (U]HLJW GLHVLQGUHL6FKULWWHQZLHGDVSROLWLVFKH/LHGHUPDFKHUOLHGW\SLVFKHXQGVLFK ZDQGHOQGH'LVNXUVSRVLWLRQHQYRQGHU9RUHU.ULWLNDQGHUVSLH‰LJPLH ÀJHQ :RKOVWDQGVJHVHOOVFKDIW EHU GHQ GH]LGLHUWHQ SROLWLVFKJHVHOOVFKDIWOL FKHQVHKUG\QDPLVFKHQ*HJHQGLVNXUVGHU=HLWYRQELVELVKLQ



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

]XU$XVHLQDQGHUVHW]XQJXPGLH/HJLWLPLWlWYRQ*HZDOW$QIDQJGHUHU -DKUHLP5DKPHQGHVDXINRPPHQGHQ5$)7HUURULVPXV]XDUWLNXOLHUHQLQ GHU/DJHZDUXQGGDEHLHLQHIUGHQ'LVNXUVXQGGLH6HOEVWYHUVWlQGLJXQJ GHU$NWHXUH]HQWUDOH7H[WVRUWHHWDEOLHUWZXUGH,QHLQHP]ZHLWHQ6FKULWWUH NRQVWUXLHUW5RWKDQKDQGGHU7H[WHGLHPHWDGLVNXUVLYH$XVHLQDQGHUVHW]XQJ XP GHQ 6WHOOHQZHUW GHV /LHGHUPDFKHUOLHGHV DOVR XP VHLQH )XQNWLRQV]X VFKUHLEXQJHQLP'LVNXUVXQGIUGLH'LVNXUVDNWHXUH=XPGULWWHQZLUGGDV /LHGHUPDFKHUOLHGIUGLH1HXHQ6R]LDOHQ%HZHJXQJHQGHUHU-DKUHH[ HPSODULVFKIUGLH)ULHGHQVEHZHJXQJDOVHLQHE]ZGLH7H[WVRUWHGDUJHVWHOOW LQ GHU HLQH EHU ODQJH =HLW JOHLFK EOHLEHQGH 'LVNXUVSRVLWLRQ ]HPHQWLHUW ZLUG,PDEVFKOLH‰HQGHQ.DSLWHO]HLJW5RWKDQKDQGHUIROJUHLFKHU6FKODJHU GHU HU -DKUH ZLH Å /XIWEDOORQV´ XQG Å(LQ ELVVFKHQ )ULHGHQ´ ZLH 'LVNXUVSRVLWLRQHQDXVGHPSROLWLVFKHQ/LHGHUPDFKHUOLHGLQHLQHYHUZDQGWH 7H[WVRUWHHLQJHKHQXQGGXUFKGLHVHLQGHQJHVDPWJHVHOOVFKDIWOLFKHQ'LV NXUV GLIIXQGLHUHQ 6\VWHPDWLVFK EQGHOW 5RWK VHLQH DQ HLQHU IU Å XQG GLH)ROJHQ´W\SLVFKHQ7H[WVRUWHJHZRQQHQHQ(UNHQQWQLVVHDEVFKOLH‰HQGLQ HLQHP0RGHOO]XU)XQNWLRQYRQ7H[WVRUWHQIUXQGLQ'LVNXUVHQGDVGLH G\QDPLVFKHQ%H]LHKXQJHQ]ZLVFKHQ7H[WVRUWHQXQG'LVNXUVHQGDUVWHOOW 0LWGHP9HUVWlQGQLVYRQVR]LDOHP5DXPDOV3URGXNWVLWXDWLYHU.RQ VWHOODWLRQHQ IUDJW $QJHOLND /LQNH QDFK GHU )XQNWLRQ GHU =HLFKHQKDIWLJ NHLWYRQ.|USHULQVEHVRQGHUHLQLKUHU,GHQWLWlWVFKDIIHQGHQ(UVFKHLQXQJ 'D]XNRQWUDVWLHUWVLHN|USHUVHPLRWLVFKH3KlQRPHQHGHV-DKUKXQGHUWV PLW VROFKHQ GHU HU -DKUH .RQWLQXLWlW XQG KLVWRULVFK EHGLQJWH .RQ WH[WXDOLWlWVLQGGDEHLLKUHEHLGHQ)UDJHSHUVSHNWLYHQ'LH,QV]HQLHUXQJYRQ .|USHUOLFKNHLWLP-DKUKXQGHUWLVWLKUHUVHLWV]X%HJLQQGHV-DKUKXQGHUWV YRQ HLQHP :DQGHO GHV ,GHDOV GHU Å*UDYLWDV´ ]X GHP GHU Å/HLFKWLJNHLW´ JHNHQQ]HLFKQHWZlKUHQGDP(QGHGHV-DKUKXQGHUWV9HUEUJHUOLFKXQJXQG 1DWUOLFKNHLW EHL =XUFNQDKPH GHV .|USHUDXIWULWWV VWHKHQ 'LHVHU 8P EDX GHU *HVHOOVFKDIW GHU VLFK LQ GHU .|USHUVHPLRWLN DXVGUFNW LVW DXFK ZDKUQHKPEDU(QWEUJHUOLFKXQJGHU.OHLGXQJVVSUDFKHXQGlX‰HUHQ (UVFKHLQXQJGHU0|EOLHUXQJXQG9HUPHLGXQJSK\VLVFKHU$QZHVHQKHLWLQ EHVWLPPWHQ|IIHQWOLFKHQ6LWXDWLRQHQIDVVWGLH$XWRULQDOV(QWGLIIHUHQ]LH UXQJVSKlQRPHQHGHUHQYHUWLNDOHXQGKRUL]RQWDOH'LPHQVLRQVLHDOVÄQHXHV 6LW]HQ¶ÄDNWLYHV/LHJHQ¶XQGÄ(QWGLIIHUHQ]LHUXQJYRQ7RSRJUDÀHQ¶VSH]LÀ ]LHUW,QLKUHP)D]LWIRUPXOLHUWGLH$XWRULQGLHJHJHQVHLWLJH%HGLQJWKHLWYRQ 6SUDFKVWLOHQXQG.|USHUVWLOHQGLHVLHPLOLHXWKHRUHWLVFKHLQRUGQHWXQGLP =HLFKHQGHUYRQ-UJHQ/LQNYRUJHVFKODJHQHQ.DWHJRULHGHU(QWGLIIHUHQ ]LHUXQJEHZHUWHW )DFHWRIDFH.RPPXQLNDWLRQ DOV Ķ EHUKDXSW HLQ *HQHUDWLR QHQEHZXVVWVHLQ LQVEHVRQGHUH NHQQ]HLFKQHQGH XQG QDFKKDOWLJ SUlJHQGH *UXQGHUIDKUXQJ LVW GHU *HJHQVWDQG GHV %HLWUDJV GHU .XOWXUKLVWRULNHULQ 1LQD 9HUKH\HQ GHQ GLH $XWRULQ PLW HLQHP 9HUVWlQGQLV YRQ 'LVNXVVL

(LQOHLWXQJ



RQDOVVR]LRNXOWXUHOOJHSUlJWDQ.RQYHQWLRQHQJHEXQGHQXQGIXQNWLRQDO EHVWLPPW/XFNPDQQ LQGLH3HUVSHNWLYHHLQHUDOOHVDQGHUHDOVHPDQ]LSDWL YHQXQGGHPRNUDWLVFKHQYLHOPHKU0DFKWXQG+HUUVFKDIW'LVWLQNWLRQXQG $EJUHQ]XQJDXVEHQGHQNRPPXQLNDWLYHQ3UD[LVUFNW'LH3UDNWL]LHUXQJ QHXHU.RPPXQLNDWLRQVVWLOHLQQHXHQ.RPPXQLNDWLRQVUlXPHQ7HDFKLQ  GDV,GHDOGHV$XVGLVNXWLHUHQVXQGGHU(QW]HLWOLFKXQJGLHNULWLVFKH0HWDGLV NXVVLRQVRZLHGLH$XIKHEXQJUlXPOLFKHU*HEXQGHQKHLWVLQGGLH.HQQ]HL FKHQNRPPXQLNDWLYHUVWXGHQWLVFKHU3UD[LVXPGLHDOVJHQHUDWLRQHQ SUlJHQGHLPNROOHNWLYHQ*HGlFKWQLVWLHI HLQJHVFKQLWWHQH(UIDKUXQJJHOWHQ NDQQ 'HU%HLWUDJGHU0HGLHQZLVVHQVFKDIWOHULQ0RQLND6FKQR]QLPPWPLW GHU :DQG]HLWXQJ HLQ 0HGLXP LQ GHQ %OLFN GDV QLFKW QXU DOV PDRLVWLVFK NXOWXUUHYROXWLRQlUHV=LWDWlX‰HUVWH3RSXODULWlWJHQRVV$XI GHU%DVLVHLQHU HLQPDOLJHQ6DPPOXQJYRQ:DQG]HLWXQJHQGLHLP5DKPHQHLQHUVHFKV 7DJH GDXHUQGHQ 'LVNXVVLRQ LQ =ULFK  HUVWHOOW ZXUGHQ XQWHUVXFKW VLHZHOFKHQV\PEROLVFKHQXQGSHUIRUPDWLYHQ(LJHQVFKDIWHQGDV0HGLXP :DQG]HLWXQJVHLQH3RSXODULWlWYHUGDQNWH'DEHL]HLJWVLFKGDVVQHEHQGHU $XUDGHV0RGHUQHQ²GHU)LO]VWLIWWUDWJHUDGHVHLQHQ6LHJHV]XJDQ²DXFK GHVVHQNRPPXQLNDWLYH0|JOLFKNHLWHQVHLQHQKlXÀJHQ*HEUDXFKHUNOlUHQ 6R]HLJHQGLH$QDO\VHQGHU:DQG]HLWXQJHQGDVVHVVLFKEHLLKQHQQLFKWXP XQLGLUHNWLRQDOH .RPPXQLNDWLRQ VRQGHUQ ZHJHQ GHU 0|JOLFKNHLW ]XU (U JlQ]XQJXQG.RPPHQWLHUXQJXPHLQHQ.RPPXQLNDWLRQVUDXPKDQGHOWH GHU]XHLQHPXQJOHLFK]HLWLJHQ*HVSUlFKHLQOXG 'LH %HLWUlJH GHV IROJHQGHQ $EVFKQLWWV VLQG XP GLH )UDJH ]HQWULHUW PLWZHOFKHQ6WUDWHJLHQXQG=LHOHQ%HVWlQGHKLVWRULVFKHQXQGJHVHOOVFKDIW OLFKHQ VSUDFKOLFKHQ NRPPXQLNDWLYHQ XQG lVWKHWLVFKHQ :LVVHQV YRQ GHU HU%HZHJXQJ IU LKUH SROLWLVFKZLGHUVWlQGLVFKHQ 3URWHVW]ZHFNH LQVW UXPHQWDOLVLHUW ZXUGHQ 'HU GLVNXUVJHVFKLFKWOLFK XQG ZLVVHQVVR]LRORJLVFK HEHQVRZLHVSUDFKXQGEHJULIIVJHVFKLFKWOLFKUHOHYDQWHQ)UDJHZHUZHOFKHV :LVVHQIUZDKUKlOWODVVHQVLFKGLHMHQLJHQ%HLWUlJH]XRUGQHQGLHVSUDFK OLFKH6WUDWHJLHQXQWHUGHP=HLFKHQYRQ,QVWUXPHQWDOLVLHUXQJUHNRQVWUXLH UHQ'D]X]lKOWGLH$QSDVVXQJVVWUDWHJLHGHV)DVFKLVPXVNRQ]HSWV.lPSHU  HEHQVRZLHGLHVSUDFKOLFKH.RQVWUXNWLRQYRQÅ*HZDOW´.LOLDQ 'D]X]lK OHQDEHUDXFKVSUDFKOLFKH,GHQWLWlWVSUDNWLNHQDQGHQHQVLFK²ZLHLP)DOO GHU%H]HLFKQXQJÅ,QWHOOHNWXHOOHU´²HQWZHGHU'LVVR]LDWLRQHQLQQHUKDOEGHU %HZHJXQJ]HLJHQ%HULQJ RGHUDQGHQHQ²ZLHLP)DOOGHVJOREDOLVLHUWHQ 3ROLWMDUJRQV²GLH9HUVXFKH]XU.RQVWUXNWLRQHLQHUWUDQVQDWLRQDOHQ3URWHVW LGHQWLWlW VLFKWEDU ZHUGHQ 5RWKHQK|IHU  'LHVH 3UDNWLNHQ YHUZHLVHQ DXI  GDV9RUKDQGHQVHLQVSUDFKUHÁH[LYHUZRUEHQHQ:LVVHQVEHU3UR]HVVHGHU :LUNOLFKNHLWVNRQVWUXNWLRQXQGPDQLSXODWLRQPLWWHOV6SUDFKH*lWMH  ,P =HQWUXP GHV %HLWUDJV YRQ +HLGUXQ .lPSHU VWHKW GLH .DWHJR ULH )DVFKLVPXV ,QVRIHUQ GLHVH .DWHJRULH HLQ ]HQWUDOHV (OHPHQW GHV NULWL



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

VFKHQ'LVNXUVHVGHUVSlWHQHU-DKUHGDUVWHOOWIUDJWGLH$XWRULQQDFK GHQ VSUDFKOLFKHQ 6WUDWHJLHQ PLW GHQHQ GDV .RQ]HSW Å)DVFKLVPXV´ GHQ %H]HLFKQXQJVEHGUIQLVVHQGHUVSlWHQHU-DKUHDQJHSDVVWZLUG=XYRU EHQHQQWVLHDOVGLH]HQWUDOHQ5HIHUHQ]EHUHLFKHGLHGHQ*HEUDXFKGHV.RQ ]HSWVNRQWH[WXDOLVLHUHQGHQ-XQLGLH1RWVWDQGVJHVHW]HVRZLHGLH 5DGLNDOLVLHUXQJGHU6WXGHQWHQDXI GLHLQVEHVRQGHUH+DEHUPDVPLWVHLQHP 7RSRVOLQNHU)DVFKLVPXV%H]XJQLPPW'LH6WUDWHJLHQPLWGHQHQ)DVFKLVPXV ]XHLQHPDXI GLH*HJHQZDUWDSSOL]LHUEDUHQ.RQ]HSWXPJHGHXWHWZLUGEH ]HLFKQHWGLH$XWRULQGDQQDOVÅ(QWKLVWRULVLHUHQ´XQGDOVÅ$QDORJLVLHUHQ´ 'LH *UXQGWKHVH LQVEHVRQGHUH GHU VWXGHQWLVFKHQ %HWHLOLJWHQ Ä.RQWLQXLWlW GHV )DVFKLVPXV¶ VHW]W YRUDXV GDVV GHU WUDGLWLRQHOOH %HJULIIVXPIDQJ YRQ )DVFKLVPXV GHU VLFK HLJHQWOLFK DXI  GDV KLVWRULVFKH 3KlQRPHQ GHU HU ELV HU -DKUH EH]LHKW HUZHLWHUW XQG YRQ GHP KLVWRULVFKHQ 3KlQRPHQ GHV GHXWVFKHQ 1DWLRQDOVR]LDOLVPXV DEJHJUHQ]W ZLUG :lKUHQG (QWKLVWR ULVLHUHQ HLQH VHPDQWLVFKH 6WUDWHJLH GHU 8PGHXWXQJ GDUVWHOOW EH]HLFKQHW Å$QDORJLVLHUXQJ´HLQUKHWRULVFKHV3KlQRPHQQlPOLFKGLH%HKDXSWXQJHL QHV*OHLFKKHLWVRGHUbKQOLFKNHLWVYHUKlOWQLVVHV]ZLVFKHQ]ZHL6DFKYHUKDO WHQ,QGLHVHP6LQQEDVLHUWGLH.RQVWUXNWLRQLPHU'LVNXUVDXI HLQHP $QDORJLHVFKOXVVGHUEHUHLQVWLPPHQGH9HUKlOWQLVVHE]Z6WUXNWXUHQLQGHU 1D]L]HLWXQGLQGHU*HJHQZDUWEHKDXSWHW'LHVH6WUDWHJLH%XQGHVUHSXEOLN XQG)DVFKLVPXVHQJ]XIKUHQLVWHLQ'LVNXUVPHUNPDOGDVGLH(QWKLVWR ULVLHUXQJGHV)DVFKLVPXV.RQ]HSWV]XU9RUDXVVHW]XQJKDW$EVFKOLH‰HQG EHZHUWHWGLH$XWRULQGLHVHV)DVFKLVPXV.RQVWUXNWDOVHLQHQ$VSHNWLQVEH VRQGHUH GHV VWXGHQWLVFKHQ 'HPRNUDWLHGLVNXUVHV GHU VSlWHQ HU -DKUH PLWGHU)XQNWLRQGHU/HJLWLPDWLRQHLQHUUDGLNDOHQ'HPRNUDWLH 'DVWLWHOJHEHQGHÅ*HZDOWVDPNHLWHQ´VRZLHÅ(VNDODWLRQ´VLQGGLH/HLW Z|UWHU GHV %HLWUDJV LQ GHP -|UJ .LOLDQ GLH ÅEHUHLFKVVSH]LÀVFKH ,QGLND WRUIXQNWLRQ´ GLHVHU EHLGHQ +\SHURQ\PH DXV]HLFKQHW XP VR GDV YRQ LK QHQPLWDXVJHGUFNWH*HZDOW3RWHQ]LDO]XUHNRQVWUXLHUHQ,P=XJHHLQHU 3UREOHPDWLVLHUXQJ GHU =lVXUKDIWLJNHLW PLW GHU GLH &KLIIUH ¶ LQ GHU 6SUDFKJHVFKLFKWHYHUVHKHQVHLXQWHU9HUZHLVDXI GLH6WXGHQWHQEHZHJXQJ GHV-DKUKXQGHUWV NRQVWLWXLHUWGHU$XWRUVHLQHQ*HJHQVWDQGVR]LROHN WDODOVLQVLFKKHWHURJHQHJUXSSHQVSH]LÀVFKH8PJDQJVXQGDNDGHPLVFKH )DFKVSUDFKHXPGDQDFK]XIUDJHQZLHLQ7H[WHQVWXGHQWLVFKHU3URYHQLHQ] DXVGHU=HLWXPXQGDXVVSlWHUHU=HLW*HZDOWNRQ]HSWXDOLVLHUWZLUG XQGZHOFKH)XQNWLRQGLHVH.RQ]HSWXDOLVLHUXQJKDW'HUHPSLULVFKH7HLOGHU $QDO\VHVRZLHGLH$XVHLQDQGHUVHW]XQJPLWGHPYRQ:ROIJDQJ.UDXVKDDU V\VWHPDWLVLHUWHQNRPSOH[HQ*HZDOW.RQ]HSW5XGL'XWVFKNHVNRPPHQ]X GHU(UNHQQWQLVGDVVDOVVSUDFKOLFKH3URYRNDWLRQHQ]XEHZHUWHQVHLZDV DXFKDOV*HZDOWDXIUXIHYHUVWHKEDUVHLQN|QQWHGDVVLP=XJHGHUHUHLJ QLVJHEXQGHQHQ*HVFKLFKWHVLFKGDV*HZDOW.RQ]HSWGHU$32KLQVLFKWOLFK VWDDWOLFKHU XQG KLQVLFKWOLFK DXVJHEWHU *HZDOW LP 6LQQ HLQHU (VNDODWLRQ

(LQOHLWXQJ



YHUlQGHUWH 'DV )D]LW GHU 8QWHUVXFKXQJ ODXWHW 'HU Å*HZDOW´%HJULII  LVW XPQLFKW*HJHQVWDQGHLQHU=lVXURGHUDOV6SUDFKZDQGHOSKlQRPHQ EHVFKUHLEEDU $XI GLH=HLWYRUJHKW'LHW]%HULQJLQVHLQHU$QDO\VHGHV*H EUDXFKVHLQHV%HJULIIV]XUFNGHQHUVFKRQLQGHQHU-DKUHQLQVHLQHU )XQNWLRQIUSROLWLVFKH'HEDWWHQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVDOV Å*HVFKLFKWHHLQHV6FKLPSIZRUWV´ XQWHUVXFKWKDWWHGHQGHV,QWHOOHN WXHOOHQ$OV7HLOHLQHUNXU]YRUGHP$EVFKOXVVVWHKHQGHQEHJULIIVJHVFKLFKW OLFKHQ1DFKIROJHXQG(UZHLWHUXQJVVWXGLHEHUGLH5ROOHGLHVHV%HJULIIVIU GLH*HVFKLFKWH'HXWVFKODQGVQDFKSUlVHQWLHUW%HULQJLQGLHVHP%DQG GLH(UJHEQLVVHVHLQHU8QWHUVXFKXQJIUGLHHU=HLW8QWHUGHP7LWHO Å$QWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH´JHKWHUPLWGHU+\SRWKHVHDQVHLQHYLHO IlOWLJHQ4XHOOHQKHUDQGDVVGHU%HJULII IUGLHHU%HZHJXQJHLQ]HQ WUDOHU6HOEVWYHUVWlQGQLVEHJULII KlWWHVHLQN|QQHQGHU]XPHLQHQDQGHVVHQ ZLHGHU SRVLWLYHQ *HEUDXFK LQ GHU 1DFKNULHJV]HLW DQNQSIHQ NRQQWH GHU ]XPDQGHUHQGHP6HOEVWYHUVWlQGQLVYLHOHUHUDOVJHVHOOVFKDIWVXQGNDSL WDOLVPXVNULWLVFKH%HZHJXQJHQWVSURFKHQKlWWH%HULQJVWHOOWDEHUIHVWGDVV LQ 7HLOHQ GHU HU%HZHJXQJ GLH WUDGLWLRQHOOH GHXWVFKH XQG RUWKRGR[ PDU[LVWLVFKH,QWHOOHNWXHOOHQIHLQGOLFKNHLWLQVHLQHP7H[WNRUSXVYRU]XÀQGHQ LVW XQG GLH ,GHQWLWlWVNRQVWUXNWLRQ GHU %HZHJXQJ NHLQHVZHJV EHU GLHVHQ %HJULII HUIROJWH9LHOPHKUOLHIHUWGHVVHQ%HJULIIVJHVFKLFKWHZHLWHUH(YLGHQ ]HQIUGLH+HWHURJHQLWlWGHU%HZHJXQJLQGHUHVDQWLLQWHOOHNWXHOOH5HV VHQWLPHQWVHEHQVRJDEZLH,QWHOOHNWXHOOHGLHVLFKDOVVROFKHYHUVWDQGHQGLH DEHU²DQGHUVDOVLQ)UDQNUHLFKZLH%HULQJDP%HLVSLHO6DUWUH]HLJW²QLFKW EHUHLWZDUHQGHQ,QWHOOHNWXHOOHQ%HJULII DOV)DKQHQZRUW]XYHUWHLGLJHQ6R NRPPW%HULQJ]XP)D]LWÅ0DQNDQQYRQGHQHUQQLFKWVDJHQGDVVVLH]XU .OlUXQJ ]ZLVFKHQ GHQ YHUVFKLHGHQHQ ,QWHOOHNWXHOOHQ9DULDQWHQ LQV *HZLFKW )DOOHQGHVEHLJHWUDJHQKlWWHQ´4XHOOHQUHLFKNDQQ%HULQJDEHUHLQHQÅ.DPSI  XP:RUWH´]HLJHQGHUHLQLJHVEHUGLHKHWHURJHQHQ:LUNOLFKNHLWVNRQVWUXNWL RQHQLQQHUKDOEGHUHU%HZHJXQJDXI]HLJW $QGUHDV5RWKHQK|IHULVWLQVHLQHP%HLWUDJGHPÅJOREDOLVLHUWHQ3ROLW MDUJRQLPGHXWVFKHQXQGDPHULNDQLVFKHQ3URWHVWGLVNXUV´XPDXI GHU 6SXUGHQHUDQKDQGXQWHUVFKLHGOLFKHU7H[WHPLWYHUVFKLHGHQHQ PHWKRGL VFKHQ$QVlW]HQDXIVSUW(U]HLJWÅGDVVHVLQOH[LNDOLVFKHUZLHDXFKLQV\Q WDNWLVFKNRQVWUXNWLRQHOOHU +LQVLFKW IUDSSLHUHQGH bKQOLFKNHLWHQ ]ZLVFKHQ EHVWLPPWHQ)RUPXOLHUXQJVPXVWHUQXQGVFKHPDWLVFKHQ 6DFKYHUKDOWVNRQ VWUXNWLRQHQGHXWVFKHUXQGDPHULNDQLVFKHU3URWHVWDNWLYLVWHQJHJHEHQKDW´ XP GDGXUFK GLH ÅNRUUHVSRQGLHUHQGHQ 0HQWDOLWlWHQ XQG :HOWHQWZUIH´ GHU HU$NWLYLVWHQ EHLGHUVHLWV GHV $WODQWLNV ]X EHOHJHQ 'D]X DQDO\VLHUW HU)OXJEOlWWHUXQGHLQH%%&'LVNXVVLRQVVHQGXQJPLWHLQHP9HUWUHWHUGHU DPHULNDQLVFKHQ 3URWHVWEHZHJXQJ XQG HU YHUJOHLFKW GLH GHXWVFKHXQG GLH HQJOLVFKDPHULNDQLVFKH9HUVLRQGHVIUGLHHU*HQHUDWLRQ]HQWUDOHQ:HU



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

NHV YRQ +HUEHUW 0DUFXVH Å'HU HLQGLPHQVLRQDOH 0HQVFK´ 1HEHQ YLHOHQ VLFKVSUDFKOLFKQLHGHUVFKODJHQGHQhEHUHLQVWLPPXQJHQLQGHQ:HOWHQWZU IHQGHUGHXWVFKHQXQGGHU86DPHULNDQLVFKHQÅHU´KlOWHUPLWVHLQHP OLQJXLVWLVFKHQ ,QVWUXPHQWDULXP DXFK FKDUDNWHULVWLVFKH 8QWHUVFKLHGH IHVW ZLHGHQ%H]XJDXI GLHGHXWVFKH9HUJDQJHQKHLWRGHUDXI GHQ$JJUHVVRULP 9LHWQDPNULHJ ÅGLH 86$´ DOV *HVDPWKHLW DXI  GHU GHXWVFKHQ 6HLWH%HLGHV IHKOWLPDPHULNDQLVFKHQ'LVNXUVLQGHPGLH7lWHUUROOHGLIIHUHQ]LHUWHUKHU DXVJHDUEHLWHWZLUGXQGLQGHPGHUDPHULNDQLVFKH3DWULRWLVPXVXQG$VSHNWH JOREDOHUVR]LDOHU*HUHFKWLJNHLWDOV%HUXIXQJVLQVWDQ]HQJHJHQGHQ9LHWQDP NULHJLQV)HOGJHIKUWZHUGHQ$QKDQGGHUhEHUQDKPHYRQDXVGHUDPH ULNDQLVFKHQ %UJHUUHFKWVEHZHJXQJ VWDPPHQGHQ /HKQZ|UWHUQ ZLH 6LWLQ *RLQXQG7HDFKLQXQGGHUHQ9HUZHQGXQJVJHVFKLFKWHLQ'HXWVFKODQG]HLJW 5RWKHQK|IHUDEVFKOLH‰HQGDXFKGDVVQXULQÅEHJUHQ]WHQ=HLWHQHLQHVEH VRQGHUVLQWHQVLYHQÄJUHQ]EHUVFKUHLWHQGHQ·6SUDFKXQG.XOWXUDXVWDXVFKV ²ZLHHUWHLOZHLVHXPP|JOLFKZDU²>«@DQDORJHKDQGOXQJVOHLWHQGH =HLFKHQNRQ]HSWH´LQXQWHUVFKLHGOLFKHQ6SUDFKHQXQG*HVHOOVFKDIWHQHQW VWHKHQ'DPLWZLUGGLH7KHVHHLQHVJOREDOLVLHUWHQ3ROLWMDUJRQVGHUVLFKDXI  GLHHU3URWHVWEHZHJXQJEHVFKUlQNWXQG(YLGHQ]IUGHUHQ,QWHUQDWLRQD OLWlWOLHIHUWQRFKHLQPDOXQWHUPDXHUW $QVHW]HQGEHL%HLVSLHOHQYRQ9HUVXFKHQLP=XJHUHYROXWLRQlUHUJH VHOOVFKDIWOLFKHU9HUlQGHUXQJHQVSUDFKSROLWLVFKHQ(LQÁXVV]XQHKPHQLQ GHPGLH]XYHUlQGHUQGH6SUDFKHDOVIUGLHQHXH*HVHOOVFKDIWXQJHHLJQHW HUNOlUW ZLUG OHQNW 2ODI  *lWMH ]X GHP 3ULQ]LS GHU NRQVWLWXWLYHQ 0DFKW YRQ 6SUDFKH LP =XVDPPHQKDQJ PLW JHVHOOVFKDIWOLFKHQ 9HUlQGHUXQJHQ GDVGHQVSUDFKNULWLVFKHQ'LVNXUVXPLQKRKHP0D‰HEHVWLPPWKDW (LQHQHXH*HVHOOVFKDIWHUIRUGHUWHLQHQHXH6SUDFKH²GLHVHU*HGDQNHKDW GHQVSUDFKNULWLVFKHQ'LVNXUVEHKHUUVFKWGHQGHU$XWRUQDFK]HLFKQHW$XI  GHU *UXQGODJH YRQ 7H[WHQ GHU Å9RUGHQNHU GHU 3URWHVWEHZHJXQJ´ LQV EHVRQGHUH 0DUFXVHV Å'HU HLQGLPHQVLRQDOH 0HQVFK´ XQG ÅgIIHQWOLFKNHLW XQG(UIDKUXQJ´YRQ2VNDU1HJWXQG$OH[DQGHU.OXJHVRZLHXQWHU(LQ EH]LHKXQJVSUDFKNULWLVFKHU$XVVDJHQDXVÅ'LDOHNWLNGHU$XINOlUXQJ´YRQ 0D[+RUNKHLPHUXQG7KHRGRU:$GRUQRYHUIROJWGHU$XWRUGLH7KHVH ÅGDVV GHU PHWDSKRULVFKH 6SUDFKJHEUDXFK LP %HUHLFK GHV 3ROLWLVFKHQ GLH 6FKZHOOH]XU$QZHQGXQJYRQ*HZDOWKHUDEVHQNHQ´ZHQQQLFKWJDUÅ]XU *HZDOW DQVWLIWHQ NDQQ´ 0DUFXVHV VSUDFKNULWLVFKHQ %HLWUDJ GHQ HU LQ GLH 7UDGLWLRQ6WHUQEHUJHUVXQG.OHPSHUHUVVWHOOWZHLVWHUDOV$XVGUXFNHLQHV LGHDOLVWLVFKHQ6SUDFKEHJULIIVDXV'LH)XQNWLRQDOLVLHUXQJGHU6SUDFKHLKUH ,QGLHQVWQDKPHGXUFKGLH+HUUVFKHQGHQLVW0DUFXVHVVSUDFKNULWLVFKHU*H JHQVWDQG GHQ HU DXI  GHU (EHQH GHV 9RNDEXODUV LQVEHVRQGHUH DEHU DXI  GHUDOVÅDQDO\WLVFK´LP6LQQH.DQWV NULWLVLHUWHQ6\QWD[YHUIROJW'HU8Q WHUVXFKXQJVIRNXVLVWGDQQDXI GLHYRP$XWRUDOVIUGHQVSUDFKNULWLVFKHQ HU'LVNXUVNHQQ]HLFKQHQGH0HWDSKHUGHU9HUVWHLQHUXQJJHULFKWHWGLHHU

(LQOHLWXQJ



EHL0DUFXVHHEHQVRQDFKZHLVWZLHLQ7H[WHQ]XU.RQNUHWHQ3RHVLH'DEHL HQWIDOWHWGHU$XWRUHLQPLWGHU9HUVWHLQHUXQJVPHWDSKHUPHKURGHUZHQL JHUNRQJUXHQWHV%LOGQHW]XPDEVFKOLH‰HQGDXVJHZlKOWH.RQ]HSWHGLHXP Å]XU(UQHXHUXQJGHU6SUDFKH´IRUPXOLHUWZXUGHQ]XVNL]]LHUHQ$OV %HIXQG KLQVLFKWOLFK GHU :LUNXQJ LQVEHVRQGHUH 0DUFXVHV VSUDFKNULWLVFKHU 7KHVHQYHUZHLVWGHU$XWRUDXI HLQHQQDFKKDOWLJHQ,PSXOVGHUVLFKQLFKW ]XOHW]WGDULQDXVGUFNHGDVVVLFKGLH6SUDFKHGHUHULQQHUKDOENXU]HU=HLW YHUlQGHUWKDEH 0LW GHP YRQ .LOLDQ XQWHUVXFKWHQ %HJULII  GHU *HZDOW LVW EHUHLWV HLQ 7KHPD DQJHNOXQJHQ GDV IU GLH %HZHUWXQJ GHU HU%HZHJXQJ YRQ ]HQWUDOHU%HGHXWXQJLVW2EGHU/LQNVWHUURULVPXVDOVORJLVFKH.RQVHTXHQ] GHU6WXGHQWHQEHZHJXQJDXI]XIDVVHQVHLRGHUDOV0LVVEUDXFKLKUHU,GHDOH LVWIUGLH(LQRUGQXQJGHUHU%HZHJXQJLQGDVNXOWXUHOOH*HGlFKWQLV HQWVFKHLGHQG'LHOHW]WH*UXSSHGHU%HLWUlJHGLHVHV%DQGHVJLEWDXI GLHVH )UDJH]ZDUNHLQH$QWZRUWVLHOHLVWHWDEHUHLQHQ%HLWUDJ]XHLQHPWLHIHUHQ 9HUVWlQGQLVGHV7HUURULVPXVGLVNXUVHVGDVVLFKGHU$XIIDVVXQJYRQ7HUUR ULVPXVDOV.RPPXQLNDWLRQYHUGDQNW 'LH $XVJDQJVWKHVHQ GHV %HLWUDJV YRQ 0DUWLQ 6WHLQVHLIHU ODXWHQ  7HUURULVPXVVWHOOWVLFKDOVÅHLQHKHWHURJHQH6HULHYRQ0HGLHQHUHLJQLVVHQ´ GDUGLH5$)ELOGHWGHQ.HUQGLHVHV0HGLHQ]XVDPPHQKDQJV'LHHUVWH 7KHVHEH]LHKWVLFKDXI GDV3KlQRPHQGDVVVLFKXQWHUVFKLHGOLFKH(UHLJQLVVH ]XHLQHP=XVDPPHQKDQJYHUGLFKWHQZREHLGLH(UHLJQLVNRPSOH[LWlWXQG LQGLYLGXDOLWlWYHUORUHQJHKHQ,QGHU)RUPHOÅGHXWVFKHU+HUEVW´GLHGLH HLQ]HOQHQWHUURULVWLVFKHQ(UHLJQLVVHGHV-DKUHVYHUGLFKWHWPDQLIHVWLHUW VLFK ]% GLHVHU 3UR]HVV GHU DX‰HUGHP EHHLQÁXVVW ZLUG YRQ GHU6WUDWHJLH GHU$NWHXUHGLH0HGLHQ]XLQVWUXPHQWDOLVLHUHQYRQGHU6WLJPDWLVLHUXQJGHU $NWHXUHXQGLKUHU+DQGOXQJHQDOV7HUURULVPXVVRZLHYRQGHU,QWHJULHUXQJ ZHLWHUHU(UHLJQLVVHLQGHQ=XVDPPHQKDQJ(UJHEQLVLVWGLH$XIEHUHLWXQJ DOV ZLHGHUYHUZHQGEDUHV 0HGLHQHUHLJQLV ZLH GLH &KLIIUH Å5$)´ RGHU EH VWLPPWH %LOGHU  ² DOV Å2ULHQWLHUXQJVPDUNHQ GHV NROOHNWLYHQ *HGlFKWQLV VHV´²]HLJHQ'UHLXQWHUVFKLHGOLFKH)RUPDWHGDV5$)/RJRGHU$NWHXUH GLH )DKQGXQJVSODNDWH GHU 3ROL]HL VRZLH GLH 9RUKHU1DFKKHU3RUWUlWV GHU 0HGLHQ VLQG GDQQ LP 6LQQ GHU ]ZHLWHQ $XVJDQJVWKHVH *HJHQVWDQG GHU )UDJHQDFKGHU9HUlQGHUXQJGHU%HGHXWXQJGLHVHU,QV]HQLHUXQJVIRUPHQ 'LH8QWHUVXFKXQJNRPPW]XGHP(UJHEQLVGDVVGLHNRQWLQXLHUOLFKHPDV VHQPHGLDOH 5HIRUPXOLHUXQJ GLHVHU ,QV]HQLHUXQJHQ ]XU 6WDELOLVLHUXQJ GHU 5$)LPNROOHNWLYHQ*HGlFKWQLVEHLWUlJWYRQGHUMHGRFKQLFKWHLQGHXWLJ]X VDJHQLVWREGLHVLQDXINOlUHQGHURGHUYHUGXQNHOQGHU:HLVHJHVFKLHKW $XVJHKHQGYRQHLQHU0HWDSKRULNGLHGLH*HVFKLFKWHGHU5$)DOVHLQH GHXWVFKH)DPLOLHQJHVFKLFKWHÅ+LWOHU·VFKLOGUHQ´ NRQ]HSWXDOLVLHUWYHUIROJW $QGUHDV 0XVROII DOV HLQH )ROJH YRQ õ GLH 'LVNXUVH GHU 5$) XQG DQGHUHU GHXWVFKHU WHUURULVWLVFKHU *UXSSHQ HEHQVR ZLH GHQ |IIHQWOLFKHQ



+HLGUXQ.lPSHU-RDFKLP6FKDUORWK0DUWLQ:HQJHOHU

'LVNXUVEHUGHQ7HUURULVPXV'HQQGLHVHEHLGHQ]HLJHQ$QDORJLHQKLQ VLFKWOLFKYRQ$UJXPHQWDWLRQVVWUXNWXUHQGLHGLHHLJHQHQ+DQGOXQJHQRGHU GLH0RWLYHGHUDQGHUHQPLW%H]XJDXI GLHGHXWVFKHGLH169HUJDQJHQKHLW GHXWHQ 'LHVHLWDNWLYHQWHUURULVWLVFKHQ*UXSSHQGHÀQLHUWHQVLFKDOVÄDQWLIDVFKLVWLVFK¶ XQGNODJWHQGLH%5'DQLP5DKPHQGHV86ÄLPSHULDOLVWLVFKHQ¶6\VWHPVZHVHQW OLFKH $VSHNWH GHU 163ROLWLN ZHLWHU]XIKUHQ ZDV DOV /HJLWLPDWLRQ IU GHQ HLJH QHQÄEHZDIIQHWHQ.DPSI¶DXVJHJHEHQZXUGH$QGHUHUVHLWVZXUGHQGLH7HUURULVWHQ DXIJUXQGLKUHUHVNDOLHUHQGHQ*HZDOWVHOEHUPLWGHQ1D]LVYHUJOLFKHQXQGLQGHU KLVWRULVFKHQ$XIDUEHLWXQJGHV%5'7HUURULVPXVZXUGHGLH+\SRWKHVHYRQHLQHU hEHUQDKPHGHV16*HGDQNHQJXWVGXUFKGLH7HUURULVWHQHQWZLFNHOW

0XVROII  ]HLJW GLHVH EHLGHQ 'LPHQVLRQHQ GHU EXQGHVGHXWVFKHQ Å9HUJDQ JHQKHLWVEHZlOWLJXQJ´DOVIUDJZUGLJH %HZlOWLJXQJGHU169HUJDQJHQKHLW ZLH DXFK GHU 9HUJDQJHQKHLW GHV /LQNVWHUURULVPXV PLW ]DKOUHLFKHQ %HOH JHQDXVGHP|IIHQWOLFKHQXQGZLVVHQVFKDIWOLFKHQ'LVNXUVVHLWGHQHU -DKUHQ:LHGLHGDEHL]XWDJHWUHWHQGHQ3DUDOOHOHQLQGHQ0RWLYDWLRQVXQG $UJXPHQWDWLRQVVWUXNWXUHQYRQDXVGHUHU%HZHJXQJKHUYRUJHJDQJHQHQ *UXSSHQDOVDQWLLVUDHOLVFKHELVDQWLVHPLWLVFKH$UJXPHQWDWLRQHQ]XEHZHU WHQVLQGZRPLWVLH]XHUNOlUHQVLQGXQGZRULQGDEHLGLH9HUDQWZRUWXQJYRQ Å´EHVWHKWGDV²VR0XVROII ²EHGUIHQRFKZHLWHUHUTXHOOHQJHVlWWLJ WHUGLVNXUVKLVWRULVFKHU)RUVFKXQJGLHLQVEHVRQGHUHDXFKPLWGHQOLQJXLVWL VFKHQ0HWKRGHQGHU0HWDSKHUQXQG7RSRVIRUVFKXQJ]XOHLVWHQVHL :LUGDQNHQGHP+HUDXVJHEHUYRQÅ6SUDFKHXQG:LVVHQ´(NNHKDUG)HO GHUIUGLH$XIQDKPHLQGLHVH5HLKHVRZLHGHP9HUODJGH*UX\WHUIUGLH SURIHVVLRQHOOH%HJOHLWXQJ'HQ0LWDUEHLWHULQQHQGHV,QVWLWXWVIU'HXWVFKH 6SUDFKH.DWKDULQD'FN&RUQHOLD+lXVHUPDQQXQG0HODQLH6WHLQOHGDQ NHQZLUIUGLHVRUJIlOWLJH(LQULFKWXQJGHU'UXFNYRUODJHQ /LWHUDWXU %UXQRWWH%DUEDUD 5HEHOOLRQLP:RUWHLQH]HLWJHVFKLFKWOLFKH'RNXPHQWDWLRQ )OXJEODWWXQG)OXJVFKULIWDOV$XVGUXFNMQJVWHU6WXGHQWHQXQUXKHQ)UDQNIXUWDP 0DLQ 'LHW]+HLQULFK 5RWH6HPDQWLN,Q.DOWHQEUXQQHU*HUG.ODXV+J 6SUDFKH XQG+HUUVFKDIW'LHXPIXQNWLRQLHUWHQ:|UWHU)UHLEXUJ%DVHO:LHQ6² (URPV+DQV:HUQHU 9RQGHU6WXQGH1XOOELVQDFKGHU:HQGH=XU(QWZLFN OXQJGHUSROLWLVFKHQ6SUDFKHLQGHU%XQGHVUHSXEOLN'HXWVFKODQG,Q)RUXPIU LQWHUGLV]LSOLQlUH)RUVFKXQJ6² )DKOHQEUDFK .DWKULQ   3URWHVW,QV]HQLHUXQJHQ 9LVXHOOH .RPPXQLNDWLRQ XQG .ROOHNWLYH,GHQWLWlWHQLQ3URWHVWEHZHJXQJHQ2SODGHQ

(LQOHLWXQJ



)DKOHQEUDFK .DWKULQ   3URWHVWLQV]HQLHUXQJHQ 'LH 6WXGHQWHQEHZHJXQJ YRQ LP6SDQQXQJVIHOGYRQ.XOWXU5HYROXWLRQXQG0HGLHQ(YROXWLRQ,Q.OLP NH0DUWLQ6FKDUORWK-RDFKLP+J +DQGEXFK]XU.XOWXUXQG0HGLHQJHVFKLFKWH GHU6WXGHQWHQEHZHJXQJ6WXWWJDUW6² )LQN&DUROH-XQNHU'HWOHI*DVVHUW3KLOLSS+J  7KH:RUOG7UDQVIRU PHG:DVKLQJWRQ )UDQoRLV (WLHQQH6FKXO]H +DJHQ +J    'HXWVFKH (ULQQHUXQJVRUWH ,, %UR VFKLHUWH6RQGHUDXVJDEH0QFKHQ )UDVHU5RQDOG $6WXGHQW*HQHUDWLRQLQ5HYROW1HZ@(LQH'LVNXVVLRQÀQGHWMHW]WQLFKWVWDWW=,FK KDEHHLQH)UDJH]XU5HFKWVEHOHKUXQJ 'LH%HOHKUXQJLVWDEJHVFKORVVHQ6LHLVW LQGHUJHVHW]OLFKYRUJHVFKULHEHQHQ)RUPGXUFK,KUH)UDJHQGLHWHLOVEHUHFK WLJWZDUHQZHVHQWOLFKDXVJHZHLWHWZRUGHQ6LHLVWDEJHVFKORVVHQ'LHVDFKOLFKH =HXJHQHLQYHUQDKPHEHJLQQW+HUU.ROOHJH:RKOUDEHKDWGDV:RUW = ,FKKDEHHLQH)UDJH]XGHUPLUDQJHNQGLJWHQ2UGQXQJVVWUDIH 9 6LHKDEHQQLFKWGDV:RUW=8PZHOFKH2UGQXQJVVWUDIHKDQGHOWHVVLFK"  6LHKDEHQMHW]WQLFKWGDV:RUW'DV:RUWKDEHLFK+HUUQ.ROOHJHQ:RKOUDEH HUWHLOW

1LWVFK EHVWHKW DOVR ZHLWHU GDUDXI ]XVlW]OLFKH 5HFKWVEHOHKUXQJHQ ]X HU KDOWHQREZRKOGLH0LWJOLHGHUGHV$XVVFKXVVHVVHLQH6WUDWHJLHGXUFKVFKDXW KDEHQGLHGDULQEHVWDQGGLH$XVVDJHPLWWHOVH[]HVVLYHU5HFKWVEHOHKUXQJV IUDJHQ]XYHUPHLGHQXQGGXUFKGHQ,QKDOWGHU)UDJHQGHP$XVVFKXVVLQGL UHNWVHLQH/HJLWLPLWlWDE]XVSUHFKHQ-HGHZHLWHUH)UDJHDXVGHP$XVVFKXVV ZLUG YRQ 1LWVFK PLW HLQHU 5HFKWVEHOHKUXQJVIUDJH EHDQWZRUWHW ZDV LKP



-RDFKLP6FKDUORWK

]ZHL%X‰JHOGHUYRQMH0DUNZHJHQ:HLJHUXQJ]XU%HDQWZRUWXQJNRQ NUHWHU)UDJHQXQGZHJHQXQJHEKUOLFKHQ9HUKDOWHQVHLQEULQJW$OV1LWVFK DOV=HXJHHQWODVVHQZLUGEH]HLFKQHWHUGDV9RUJHKHQGHV9RUVLW]HQGHQDOV Å0F&DUWK\0HWKRGHQ´ ,QVJHVDPWOlVVWVLFKGLH6WUDWHJLH1LWVFKVDOV VXEYHUVLYDIÀUPDWLY FKDUDNWHULVLHUHQ GHQQ VHLQ 9HUKDOWHQ ODJ IRUPDO EH WUDFKWHW VWHWV LP 5DKPHQ GHU LP $XVVFKXVV JHOWHQGHQ 9HUIDKUHQVUHJHOQ 'LH8QRUGQXQJHQWVWHKWGXUFKGLHEHUPl‰LJH$QZHQGXQJHLQHVRUGHQW OLFKHQ9HUIDKUHQV=XNHLQHP=HLWSXQNWYHUZHLJHUWHURIIHQGLH$XVVDJH VWHWV YHUZHLVW HU DXI  VHLQ 5HFKW 5HFKWVEHOHKUXQJ ]X HUKDOWHQ 'HQQRFK IKUWVHLQ9HUKDOWHQGD]XGDVVGLH(LQYHUQDKPHLKU=LHOYHUIHKOW'HU$XV VFKXVVHUKlOWYRQLKPNHLQHUOHL,QIRUPDWLRQHQ 6FKRQ DP  )HEUXDU  KDWWHQ 5XGL 'XWVFKNH :ROIJDQJ /HIqY UH%HUQKDUG%ODQNH+DQV-RDFKLP+DPHLVWHU&KULVWLDQ6HPOHUXQG3HWHU *lQJDOOHVDPW0LWJOLHGHUGHV6'6lKQOLFKH6WUDWHJLHQEHLLKUHU%HIUDJXQJ YRUGHPVHOEHQ8QWHUVXFKXQJVDXVVFKXVVPLWHUKHEOLFKHP0HGLHQHFKRDQ JHZHQGHW$QGHUVDOV1LWVFKDOOHUGLQJVYHUZHLJHUWHQVLHRIIHQGLH$XVVDJH $OV%HLVSLHOVHLHQKLHU]ZHL$XVVFKQLWWHDXVGHU(LQYHUQDKPHYRQ'XWVFK NHZLHGHUJHJHEHQ9 /|IÁHU= 'XWVFKNH  9 = 9 = 9 =

+HUU'XWVFKNHGLHHUVWH)UDJHGLHLFKDQ6LHDOV=HXJHQULFKWHQP|FKWH %HYRU6LH)UDJHQVWHOOHQP|FKWHLFKHLQH(UNOlUXQJDEJHEHQ +HUU'XWVFKNHZLUN|QQHQ·VGDQQNXU]PDFKHQ *DQ]NXU]PDFKHQ6RODQJHGLH+HUUHQ:RKOUDEH $FKQHKPHQ6LHGRFKELWWH3ODW]6RQVWNRPPW·VQLFKWLQV0LNURSKRQ ,FKJODXEHLFKELQODXWJHQXJXQG6LHN|QQHQPLFKYHUVWHKHQ6RODQJHGHUH[ HPSODULVFKH)DVFKLVW:RKOUDEH²8QUXKHLP=XK|UHUUDXP XQGGLH+HUUHQ 5HLPDQQXQG:HUWKQLFKWLKUH$XVVDJHQEHUGHQNULPLQHOOHQ&KDUDNWHUGHV 6'6]XUFNQHKPHQVRODQJHELQLFKQLFKWEHUHLWKLHUDXV]XVDJHQ9HUHLQ]HOW %HLIDOOLP=XK|UHUUDXP 9 *XWQHKPHQ6LHZLHGHU3ODW]

'XWVFKNHYHUVXFKWDOVR²lKQOLFKZLH:ROIJDQJ1LWVFK²GLUHNWQDFKGHU (LQYHUQDKPH ]XU 3HUVRQ GDV :RUW ]X HUJUHLIHQ $QGHUV DOV 1LWVFK DOOHU GLQJV GHU YRUJLEW YRQ VHLQHP 5HFKW DXI  5HFKWVEHOHKUXQJ *HEUDXFK ]X PDFKHQ ZLOO 'XWVFKNH HLQH (UNOlUXQJ DEJHEHQ 'LHV LVW HLQGHXWLJ HLQ 9HUVWR‰ JHJHQ GLH 9HUIDKUHQVUHJHOQ GLH YRUVHKHQ GDVV =HXJHQ VLFK QXU ]XPXQWHUVXFKXQJVUHOHYDQWHQ6DFKYHUKDOWlX‰HUQVROOHQYJO(QJHOV 6 1DFKGHPGHU9RUVLW]HQGH/|IÁHU7HLOHGHV3XEOLNXPVZHJHQLKUHU ,QWHUYHQWLRQGHV6DDOVYHUZLHVHQKDWNRPPWHV]XIROJHQGHP:RUWZHFKVHO 9 'DVZDVKLHUJHVFKLHKWLVWZHGHUGUDPDWLVFKQRFKVRQVWZLHPLW$WWULEXWHQ]X EHOHJHQ'DVLVWQLFKWVZHLWHUDOVNRP|GLDQWLVFKHV$XIWUHWHQ = 8QG6LHPDFKHQKLHU6SH]LDONRP|GLH  'LH(LQYHUQDKPHLVWGRNXPHQWLHUWLQ3URWRNROOEHUGLH|IIHQWOLFKH6LW]XQJ GHV 8QWHUVXFKXQJVDXVVFKXVVHVGHV$EJHRUGQHWHQKDXVHVYRQ%HUOLQYRP²9:DKOSH ULRGH%LEOLRWKHNGHV$EJHRUGQHWHQKDXVHV%HUOLQ9:38QW$%GKLHU%DQG

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



9 >@=XQlFKVWHLQPDOP|FKWHLFKIHVWVWHOOHQ = (VLVWNHLQH%HOHLGLJXQJ+HUUQ:RKOUDEHDOV)DVFKLVWHQ]XEH]HLFKQHQ²GDV LVWHLQHHLQGHXWLJHKLVWRULVFKH7DWVDFKH 9 6RZLH6LHHEHQ0LWJOLHGHUGHV8QWHUVXFKXQJVDXVVFKXVVHVWLWXOLHUWKDEHQ = (LQ0LWJOLHGXQGGD]XVWHKHLFK 9 (LQ0LWJOLHG = 8QGGDVP|FKWHLFKDXFKSROLWLVFKEHJUQGHQN|QQHQGDVVGDV 9 1HLQ QHLQ 6LH ZHUGHQ KLHU QLFKW EHJUQGHQ N|QQHQ ZHLO LFK ,KQHQ JOHLFK HLQH)UDJHVWHOOHQZHUGH = 2ND\ 9 (VLVWVHOWVDP6LHZROOHQ%HOHLGLJXQJVNODJHQYRU*HULFKWHQIKUHQXQGEHOHL GLJHQLPYRUKLQHLQ$EHU+HUU'XWVFKNHLFKGLVNXWLHUHQLFKW = 1DGDQQVWHOOHQ6LHNHLQH)UDJHQ

'XWVFKNHIJWVLFKQLFKWLQGLH5ROOHGHV=HXJHQGHUDXI )UDJHQGHU$XV VFKXVVPLWJOLHGHU ]X DQWZRUWHQ KDW VRQGHUQ LVW GDUXP EHPKW PLW GHP 9RUVLW]HQGHQDXI  GHU JOHLFKHQ (EHQH]X GLVNXWLHUHQ1XU ZHQQ HU *HOH JHQKHLWHUKDOWHVHLQH,QYHNWLYHDXI -UJHQ:RKOUDEH&'8 ]XEHJUQGHQ JHVWDWWHHUGHP9RUVLW]HQGHQHLQH)UDJHDQ]XEULQJHQ$OV'XWVFKNHZHL WHUGDUDXI EHKDUUWHLQHSROLWLVFKH(UNOlUXQJDEJHEHQ]XGUIHQXQG/|II OHU IRUWJHVHW]W LQV :RUW IlOOW VFKDOWHW GLHVHU VHLQ 0LNURSKRQ DE 'XWVFK NHYHUZHLJHUWGHUNRPPXQLNDWLYHQ*DWWXQJGHU=HXJHQHLQYHUQDKPHXQG GHUVLHGXUFKIKUHQGHQ,QVWLWXWLRQYRQ$QIDQJDQGLH$QHUNHQQXQJ6WDWW VLFK GHQ 5HJHOQ GHU *DWWXQJ JHPl‰ ]X YHUKDOWHQ YHUVW|‰W HU DEVLFKWOLFK JHJHQ VLH XQG NRPPXQL]LHUW QDFK 5HJHOQ ZLH VLH IU HLQ 6WUHLWJHVSUlFK RGHUHLQHNRQWURYHUVH'HEDWWHEOLFKVLQG'LH(LQYHUQDKPHZLUGLQLKUHU ULWXHOOHQ2UGQXQJJHVW|UWZRGXUFKGLHLQLKUUHSUlVHQWLHUWHQ:HUWH]XP *HJHQVWDQGGHU5HÁH[LRQZHUGHQ'XUFKGLH+HUVWHOOXQJYRQ5HÁH[LYLWlW ZLUGGLHULWXHOOH.RPPXQLNDWLRQDEHUHLQHULKUHUZHVHQWOLFKHQ)XQNWLRQHQ EHUDXEW,Q 5LWXDOHQNRPPXQL]LHUHQGLH+DQGHOQGHQ QLFKW LKUH ,QWHQWLR QHQVLHVLPXOLHUHQVLHYLHOPHKU|IIHQWOLFKXQGZHUGHQGXUFKGHQ9ROO]XJ GHV5LWXDOVDXI GLH*OWLJNHLWGHULQVHLQH)RUPHQHLQJHVFKULHEHQHQ:HUWH YHUSÁLFKWHW,QGHP'XWVFKNHGLH)RUPHQDEHUYHUOHW]WVLFKQLFKWVHOEVW YHUVWlQGOLFKGHQ5HJHOQGHUNRPPXQLNDWLYHQ3UDNWLNXQWHUZLUIWPDFKWHU DXVHLQHUQLFKWLQWHQWLRQDOHQ3UD[LVHLQHLQWHQWLRQDOHLQGHU)RUPHQXQG UHSUlVHQWLHUWH:HUWHDOVVWULWWLJHUNHQQEDUZHUGHQ ,P)ROJHQGHQVROOJH]HLJWZHUGHQGDVVLQV]HQLHUWH8QRUGQXQJQLFKWQXU EHL5LWXDOVW|UXQJHQ]XP(LQVDW]NDPVRQGHUQHLQHQJDQ]HQ9HUKDOWHQVVWLO SUlJWHGHUVLFKLP9HUODXI GHUHU%HZHJXQJELOGHWHXQG HLQHJUR‰H VR]LRNXOWXUHOOH:LUNXQJHQWIDOWHWH  'HQZRKOEHUKPWHVWHQ9HUVXFKGHU(QWULWXDOLVLHUXQJLQVWLWXWLRQHOOHU.RPPXQLNDWLRQZlK UHQGGHUHU%HZHJXQJXQWHUQDKPHQZRKO)ULW]7HXIHOXQG5DLQHU/DQJKDQVGLHLKUHQ 3UR]HVVZHJHQYHUPHLQWOLFKHU$XIIRUGHUXQJ]XU%UDQGVWLIWXQJWHLOZHLVHKDSSHQLQJDUWLJLQ 6]HQHVHW]WHQYJO/DQJKDQV7HXIHO )UHLQH$QDO\VHGHULP5DKPHQGLHVHV3UR]HV VHVYHUZHQGHWHQ6XEYHUVLRQVVWUDWHJLHQYJO6FKDUORWKF 





-RDFKLP6FKDUORWK

8QRUGQXQJXQG6R]LDOVWLOLVWLN'HU+HGRQLVWLVFKH 6HOEVWYHUZLUNOLFKXQJVVWLOXQGGLH)RUPLHUXQJGHV $OWHUQDWLYPLOLHXV

'HU7HUPLQXVÅ6WLO´EH]HLFKQHWLQGHU/LQJXLVWLNGLHLQWHUDNWLYHXQGGDKHU VR]LDOEHGHXWVDPH$UWXQG:HLVHGHU+DQGOXQJVGXUFKIKUXQJ6WLOHVLQG =HLFKHQHQVHPEOHVPLWLQGH[LNDOLVFKHP:HUWGHQQVLHVLJQDOLVLHUHQZLHGDV +DQGHOQ]XLQWHUSUHWLHUHQLVW6LHYHUZHLVHQDXI ,QWHUSUHWDWLRQVUDKPHQGLH EHLGHU.DWHJRULVLHUXQJXQG7\SLVLHUXQJYRQ+DQGOXQJ.RQWH[WXQG,Q WHUDNWLRQVSDUWQHUQ]XU$QZHQGXQJNRPPHQYJO6HOWLQJ6]XP 6WLOEHJULII  DOOJHPHLQ YJO /LQNH   6WLOH EHVWHKHQ PHLVW DXV =HLFKHQ PHKUHUHUVHPLRWLVFKHU&RGHV'LHVEULQJWHVPLWVLFKGDVVMHQDFKGHPDXI  ZHOFKHUVHPLRWLVFKHQ(EHQHVDOLHQWH0HUNPDOHYHURUWHWVLQG6WLOHYRQGHQ ,QWHUDNWDQWHQ XQWHUVFKLHGOLFK ÁH[LEHO JHKDQGKDEW ZHUGHQ N|QQHQ 6LQG HWZD YHUJOHLFKVZHLVH VWDWLVFKH =HLFKHQ ZLH .OHLGXQJ RGHU )ULVXU VDOLHQWH 0HUNPDOHHLQHV6WLOVVRVLQG6WLOZHFKVHOLQQHUKDOEHLQHU6LWXDWLRQHUKHEOLFK DXIZlQGLJHUDOVGLHVEHLWUDQVLWRULVFKHQ=HLFKHQZLHGHU6SUDFKHGHU)DOO LVW'HQQRFKYHUIJHQ,QGLYLGXHQEHUHLQPHKURGHUZHQLJHUJUR‰HV6WLO UHSHUWRLUHDXVGHPVLHMHQDFK6LWXDWLRQRGHUNRPPXQLNDWLYHP%HGUIQLV ZlKOHQN|QQHQ 'LHHU%HZHJXQJZDUNHLQHVZHJVHLQHHLQKHLWOLFKHRGHUJDUXQLIRU PLHUWH%HZHJXQJ9LHOPHKUZDUVLHHLQ*HQHUDWRUJDQ]XQWHUVFKLHGOLFKHU VR]LDOHU6WLOHDQGHULKUH%LQQHQGLIIHUHQ]LHUXQJXQG'\QDPLNDEOHVEDULVW GHPVNHSWLVFKHQ9HUZHLJHUXQJVVWLOGHU0HKUKHLWGHU$NWLYLVWHQGHPLQWHO OHNWXHOODYDQWJDUGLVWLVFKHQ6WLOZLHHUHWZDLQGHQUHSXEOLNDQLVFKHQ&OXEV XQG 7HLOHQ GHV 6'6 JHSÁHJW ZXUGH XQG GHP KHGRQLVWLVFKHQ 6HOEVWYHU ZLUNOLFKXQJVVWLOGHU.RPPXQHEHZHJXQJXQGDQGHUHU6XENXOWXUHQGHULP )ROJHQGHQQlKHUXQWHUVXFKWZHUGHQVROO 'LH%H]HLFKQXQJÄKHGRQLVWLVFKHU6HOEVWYHUZLUNOLFKXQJVVWLO¶VWDPPWDXV 8QWHUVXFKXQJHQ ]XP .OHLGXQJVYHUKDOWHQ GHU 6WXGHQWHQEHZHJXQJ 'HU EH]HLFKQHWH6WLOLVWJHNHQQ]HLFKQHWGXUFKH[SUHVVLYH)RUPHQGLHDOVHLQH $EVDJHDQGLHEUJHUOLFKH5HSUlVHQWDWLRQVNXOWXUJHZHUWHWZHUGHQN|QQHQ YJO )DKOHQEUDFK  6   :HLO GLH 0DVVHQPRGH LQ GHQ $XJHQ GHU 6XENXOWXUHQ 8QLIRUPLWlW XQG .RQVXPLVPXV GHQRWLHUWH ZXUGH HLQ .OHL GXQJVVWLOHQWZLFNHOWLQGHP.OHLGXQJVVWFNHDXVGHP6HFRQG+DQG/DGHQ RGHUDXVGHP.RVWPYHUOHLKPLW6HOEVWJHPDFKWHPRGHU6HOEVWYHUlQGHUWHP XQWHUVFKLHGOLFKVWHU7UDGLWLRQHQXQG6WLOHJHPLVFKWZXUGHQ=XVDPPHQPLW GHNRUDWLYHPKlXÀJGLFNDXIJHWUDJHQHP6FKPXFNUHSUlVHQWLHUWHGLHVHU6WLO GLH.UHDWLYLWlWXQG,QGLYLGXDOLWlWVHLQHU7UlJHU8QIULVLHUWHODQJH+DDUHXQG EHL 0lQQHUQ HLQ XUZFKVLJHU %DUW V\PEROLVLHUWHQ 1DWUOLFKNHLW XQG $X  )UHLQHNQDSSH5HNRQVWUXNWLRQGLHVHUXQWHUVFKLHGOLFKHQVR]LRNRPPXQLNDWLYHQ6WLOHYJO 6FKDUORWKD 

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



WKHQWL]LWlWGLHVLFKDXFKLP%HPKHQ]HLJWHVWHWVEHTXHPH.|USHUKDOWXQ JHQHLQ]XQHKPHQ]XOLHJHQRGHUDXI GHP%RGHQ]XVLW]HQ 'RFK EOLHE GLH 5HSUlVHQWDWLRQ YRQ $XWKHQWL]LWlW XQG ,QGLYLGXDOLWlW QLFKW DXI  GLH YLVXHOOHQ &RGHV DOOHLQH EHVFKUlQNW 'LH $QJHK|ULJHQ GHU .RPPXQHEHZHJXQJ XQG DQGHUHU 6XENXOWXUHQ XQWHUVFKLHGHQ VLFK DXFK VSUDFKOLFKGHXWOLFKYRQGHQ$NWLYLVWHQDQGHUHU*UXSSLHUXQJHQGHUHU %HZHJXQJ 'LHV VHL LP )ROJHQGHQ DQKDQG HLQHU 'LDORJSDVVDJH LOOXVWULHUW GLHHLQHP%XFKYRQ5ROI8OULFK.DLVHUHQWQRPPHQLVWGDVHUVFKLHQ 'DULQVLQG7RQEDQGWUDQVNULSWHYRQ*HVSUlFKHQ]ZLVFKHQGHQ%HZRKQHUQ HLQHU .RPPXQH XQG ,QWHUYLHZV GHV $XWRUV PLW GHQ .RPPXQDUGHQ DE JHGUXFNW $XIJUXQG GHV %XFKWLWHOV Å)DEULNEHZRKQHU´ XQG DXIJUXQG GHU ,QKDOWHGHU*HVSUlFKHNDQQPDQVFKOLH‰HQGDVVHVVLFKEHLGHQ6SUHFKHULQ QHQXQG6SUHFKHUQXP0LWJOLHGHUGHUHKHPDOLJHQ.|OQHU+RUOD.RPPX QHKDQGHOWGLHLQGHU]ZHLWHQ-DKUHVKlOIWHQDFK%HUOLQEHUJHVLHGHOW ZDUHQ XQG LQ GHP YRQ GHU .RPPXQH , DQJHPLHWHWHQ )DEULNJHElXGH LQ GHU 0RDELWHU 6WHSKDQVWUD‰H  HLQH (WDJH EHZRKQWHQ 2IIHQEDU XP GDV ([HPSODULVFKH hEHULQGLYLGXHOOH GHU *HVSUlFKH ]X EHWRQHQ VLQG GLH MH ZHLOLJHQbX‰HUXQJHQRKQH1HQQXQJGHVbX‰HUQGHQDEJHGUXFNWZDVHLQH OLQJXLVWLVFKH$QDO\VHHUKHEOLFKHUVFKZHUW'DLP)ROJHQGHQDEHUYRUDOOHP YHUEDOH$XVGUXFNVPLWWHOXQGZHQLJHUGLH&KDUDNWHULVWLNDGHU,QWHUDNWLRQLP =HQWUXPGHU$XIPHUNVDPNHLWVWHKHQZXUGHDXFKDXI HLQH5HNRQVWUXNWLRQ GHU6SUHFKHUUROOHQYHU]LFKWHW  

  

 

,FKPX‰VDJHQGD‰LFKQLFKWGLH%H]LHKXQJHQ]XHXFKKDEHZLHLKUXQWHU HLQDQGHU $EHU LFK NDQQ PLFK MD QLFKW YRQ KHXWH DXI  PRUJHQ DXI  VR HLQHQ /HEHQVW\SXVXPVWHOOHQ$QGHUVUHDJLHUHQ $VLLVWHUVWVHLWHLQHU:RFKHYRQ]X+DXVHZHJ'DVLVWNHLQQHXHU/HEHQVW\S GDWNRPPWDXI JDQ]DQGHUH6DFKHQDQGD‰PDQGHPDQGHUHQQLFKWGHQ6FKl GHOHLQVFKOlJW:HQQGX]XP%HLVSLHOGLH0XVLNDXIGUHKVWGDQQVFKOlJVWGX XQVULFKWLJGHQ6FKlGHOGDPLWHLQ $OVRDXFKDQGHUHKDEHQGLH0XVLNDXIJHGUHKW1LFKWQXULFK'LHKDEHQDXFK GDQQDXIJHGUHKWZHQQKLHUHLQLJHJHVFKODIHQKDEHQ :HQQKLHUHLQHUVFKOlIWGDVPDFKWQL[:HQQPDQPGHLVWVFKOlIWPDQ'DV KDEHQZLUUDXVJHNULHJWGD‰PDQDXFKPLW/LFKWRGHU0XVLNRGHU.UDFKGDV VSLHOWEHUKDXSWNHLQH5ROOH>@ ,FKPHLQZHQQLKUGDVDOOHVVR]HUSÁFNWZDUXPKDEHLFKGLH$QODJHJH PDFKWQXUNDQQPDQVDJHQXPPLFK]XXQWHUKDOWHQ"0DQNDQQDEHUDXFK VDJHQ GDPLW LFK GLH *HPHLQVFKDIW XQWHUKDOWH 'DV NRPPW JDQ] GDUDXI  DQ 8QGLFKPHLQLKUOHJWHVVRDXVGD‰LFKPLFKXQWHUKDOWH1XULFK$XVJDQ] EHVWLPPWHQ*UQGHQ 1HHLFKVHKHGDVDEHUHLQEL‰FKHQDQGHUV -DLFKZROOWHVDJHQLFKNDQQPLUYRUVWHOOHQZHQQGXLQGLH:VWHNRPPVW XQG PHLOHQZHLW NHLQH 6HHOH XQG NHLQHQ 0HQVFKHQ XQG JDU QL[ XQG GD OLHJW HEHQ LUJHQGZDW PLW 9HUVWlUNHU XQG 5DGLR UXP GD IlQJVW GX HEHQ DQ QHQ 9HUVWlUNHU]XEDVWHOQ



-RDFKLP6FKDUORWK





   



1HHZHL‰WHDOVRVRQH9HUJOHLFKHÀQGHLFKLUJHQGZLH$XVÁFKWH1HLQGXUFK VRHLQHQ9HUJOHLFKZLUGHLQHJDQ]EHVWLPPWH6LWXDWLRQH[WUHPLVLHUW8QGZHQQ ZLUZLHLFKGDVHEHQYHUVWHKHPLWGHQ%H]LHKXQJHQ]ZLVFKHQGLU XQGGHQ DQGHUHQ6FKZLHULJNHLWHQKDEHQ>@ ,KUSLFNWQXUGDV1HJDWLYHEHLPLUUDXV$X‰HUGHPLVWHVVRGD‰LFKZHL‰*RWW QLFKWYHUVXFKHPLFKYRQHXFKIHUQ]XKDOWHQ6RQGHUQLFKYHUVXFKH]XHXFK KLQ]XNRPPHQ $EHU ZHQQ LFK DE XQG ]X GHQ IDOVFKHQ 7RQ HUZLVFKH GDQQ OLHJWHVGRFKDXFKDQHXFKPLFKEHUHLQLJH'LQJHDXI]XNOlUHQ8QGGLHVH 'LQJHKDEWLKU]XP7HLODXFKDXIJHNOlUWDEHUPHKULQDJJUHVVLYHP7RQ'DV KDWPLFKJHKHPPW]XP%HLVSLHODXI YLHOHYRQHXFKHLQ]XJHKHQ ,FK ELQ PLU QLFKW NODU ZDV LFK VDJHQ NDQQ ,FK NDQQ PLW NHLQHP YRQ HXFK UHGHQZHLOLKUPLFKGDUDQKLQGHUW 'XKDVW]XP%HLVSLHOQLFKWYHUVXFKWDXI GHU(EHQHZRGXYLHOOHLFKWZDVYHU VWHKVWXQVGDVDXVHLQDQGHU]XVHW]HQ :DVKHL‰WKLHU(EHQHGDVLVWMDZLHGHULPlX‰HUVWHQ6LQQHQHJDWLY 1HH GDV VWLPPW QLFKW 'DV EHGHXWHW HLQIDFK QXU GX ZLOOVW DOOHV DXI  GHLQH EHVWLPPWH $UW XQG :HLVH SUREOHPDWLVLHUHQ DOVR QH EHVWLPPWH 3KLORVRSKLH GUDXV PDFKHQ 8QG LFK KDEH YHUVXFKW GLU GDV NODU]XPDFKHQ 'X NRQQWHVW MDGDPLWZDVDQIDQJHQ$EHULFKZDUQDFKGHUKDOEHQRGHUGUHLYLHUWHO6WXQGH WRWDOIHUWLJ'DVVLQGRIWHLQIDFKH'LQJHDEHUPDQNDQQGLUGDVMDQLFKWDQ %HLVSLHOHQNODUPDFKHQGDVVLQGHLQIDFK+DQGOXQJHQRGHU9HUKDOWHQVZHLVHQ GLHVLQGHLQIDFKLP0RPHQWQLFKWYHUVWlQGOLFK :LHHUNOlUVWGXGLUGHQQGDVLFKVDJHLPPHUGDVZHL‰WGXDXFKJHQDXGD‰ LFKXQKHLPOLFKJHPHLQVFKDIWVDEKlQJLJELQYLHOOHLFKWQRFKPHKUDOVLKU$EHU LFKÀQGHEHLGHQPHLVWHQNHLQH%H]LHKXQJHQ:HQQLFKWDWVlFKOLFKVRHLQHQ DXVJHIDOOHQHQ/HEHQVW\SXVKDEHGDQQLVWHVGRFKDXFKDQJHEUDFKWYRQHXUHU 6HLWHHLQEL‰FKHQGDUDXI HLQ]XJHKHQ(WZDV9HUVWlQGQLV]XKDEHQ$X‰HUGHP VLQGQRFKPHKU6DFKHQLQOHW]WHU=HLWSDVVLHUWGLHPLFKXQKHLPOLFKJHKHPPW KDEHQGD‰LFKGDGXUFKDXWRPDWLVFKZDVIDOVFKJHPDFKWKDEH

'DV3URWRNROO]HLJWREJOHLFKHVVLFKQDWUOLFKXPNHLQ7UDQVNULSWLP6LQQH GHULQWHUDNWLRQDOHQ/LQJXLVWLNKDQGHOW]DKOUHLFKH0HUNPDOHGHVKHGRQLVWL VFKHQ6HOEVWYHUZLUNOLFKXQJVVWLOV:RKODPDXIIlOOLJVWHQLVWGLHKlXÀJH9HU ZHQGXQJ GHV :RUWHV ÅXQKHLPOLFK´ GDV LQ GHU .RPPXQHEHZHJXQJ ]XP 0RGHZRUW DYDQFLHUW ZDU =XGHP ÀQGHQ VLFK 0HUNPDOH GLDOHNWDOHQ 6SUH FKHQVÅGDW´ÅLUJHQGZDW´ÅVRQH9HUJOHLFKH´ YRQGHQHQDXIJUXQGLKUHV SXQNWXHOOHQ9RUNRPPHQVDQJHQRPPHQZHUGHQNDQQGDVVHVVLFKXPDE VLFKWOLFKH6WLOLVLHUXQJHQKDQGHOW$XFK6XEVWDQGDUGÅ1HH´ÅUXPOLHJHQ´  XQGW\SLVFK6SUHFKVSUDFKOLFKHVZLH5HGX]LHUXQJ.RQWUDNWLRQXQG(OLVLRQ ÅZHL‰WH´ ÅQH´  ÀQGHQ KlXÀJ 9HUZHQGXQJ %HVRQGHUV FKDUDNWHULVWLVFK VLQGDEHUGLHELVZHLOHQGUDVWLVFKHQbX‰HUXQJHQEHUHLJHQH%HÀQGOLFKNHL WHQ Å:HQQ GX >@ GLH 0XVLN DXIGUHKVW GDQQ VFKOlJVW GX XQV ULFKWLJ  =ZDU NDQQ DQKDQG GLHVHV $XVVFKQLWWHV QLFKW EHOHJW ZHUGHQ GDVV GLH 9HUZHQGXQJ GLHVHU W\SLVFKVSUHFKVSUDFKOLFKHQ)RUPHQVR]LDOV\PEROLVFKH)XQNWLRQKDWWH(UJHEQLVVHDXVDQGH UHQ8QWHUVXFKXQJHQGHXWHQMHGRFKGDUDXI KLQGDVVVLHGXUFKDXV]XU6WLOLVLHUXQJHLQJHVHW]W ZXUGHQXQGVLFKLQGHQDQGHUHQ0LOLHXVGHUHU%HZHJXQJQLFKWLQJOHLFKHU:HLVHÀQGHQ 9JO6FKDUORWKD 

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



GHQ 6FKlGHO GDPLW HLQ´ ÅGDV KDW PLFK JHKHPPW´ Å$EHU LFK ZDU >@ WRWDOIHUWLJ´ =XGHPÀQGHQVLFKKlXÀJ$EW|QXQJVSDUWLNHOÅLUJHQGZLH´ ÅHLQIDFK´  XQG :HQGXQJHQ ZLH Å,FK PHLQ´ RGHU ÅÀQG LFK´ GLH EHLGH GLH )XQNWLRQ KDEHQ GLH 5HODWLYLWlW GHU $XVVDJH ]X EHWRQHQ 7\SLVFKH NRPPXQLNDWLYH 0HUNPDOH GHV KHGRQLVWLVFKHQ 6HOEVWYHUZLUNOLFKXQJVVWLOV VLQGGHPQDFKGHU*HEUDXFKYRQ8PJDQJVVSUDFKHXQGGLHVLQDOOHQ'R PlQHQ XQGGLHKlXÀJH6LJQDOLVLHUXQJGHU5HODWLYLWlWXQG,FKEH]RJHQKHLW YRQ$XVVDJHQ 'DVV GHU KHGRQLVWLVFKH 6HOEVWYHUZLUNOLFKXQJVVWLO XQG GHU LKP NRUUH VSRQGLHUHQGH .RPPXQLNDWLRQVPRGXV NHLQH NXU]H (SLVRGH GHU 3URWHVW JHVFKLFKWHZDUHQVRQGHUQYLHOPHKUIUHLQJDQ]HV0LOLHXSUlJHQGZLUNWHQ GDVEHOHJHQ8QWHUVXFKXQJHQDXV6R]LRORJLHXQG/LQJXLVWLNJOHLFKHUPD‰HQ 6R]lKOWGHU.XOWXUVR]LRORJH*HUKDUG6FKXO]HGDV6HOEVWYHUZLUNOLFKXQJV PLOLHX]XHLQHPGHUIHVWHQVR]LDOHQ)RUPDWLRQHQGHU%XQGHVUHSXEOLN'LH 2ULHQWLHUXQJDQ6SDQQXQJVVFKHPDXQG+RFKNXOWXUVFKHPDEHLJOHLFK]HLWL JHU'LVWDQ]]XP7ULYLDOVFKHPDVRZLHGLH9RUVWHOOXQJ,QGLYLGXDOLWlWEHUX KHDXI HLQHPVXEVWDQ]LHOOHQLQQHUHQ.HUQQDFKGHVVHQ%HGUIQLVVHQXQG $QODJHQGLH:HOWJHIRUPWZHUGHQPVVHVLQGW\SLVFKH&KDUDNWHULVWLNDMH QHU3HUVRQHQGLHGHP6HOEVWYHUZLUNOLFKXQJVPLOLHXDQJHK|UHQYJO6FKXO]H  6  II  8QWHUVXFKXQJHQ ]XU 6SRQWLVSUDFKH XQG ]XU 6SUDFKYHU ZHQGXQJLQ$OWHUQDWLYEHZHJXQJHQEHOHJHQGDVVGLHVHUNRPPXQLNDWLYH6WLO LP 6SUDFKJHEUDXFK ]DKOUHLFKHU QHXHU VR]LDOHU %HZHJXQJHQ IRUWOHEWH GLH IU GLH (UKDOWXQJ XQG (QWZLFNOXQJ GHV 6HOEVWYHUZLUNOLFKXQJVPLOLHXV EH GHXWVDPZDUHQYJO.XKQ6I+LQULFKV6WUD‰QHU6 I 6RZLHGLHHU%HZHJXQJGHU.XOWXUVR]LRORJLHDOVÅ0RWRUHLQHU 0LOLHXVHJPHQWLHUXQJ´6FKXO]H6 JLOWNDQQVLHLQGHU6SUDFK JHVFKLFKWHDOV(U]HXJHUHLQHVNRPPXQLNDWLYHQ6WLOVEHWUDFKWHWZHUGHQGHU ELVKHXWHDOV6\PEROGHV6HOEVWYHUZLUNOLFKXQJVPLOLHXVIXQJLHUW'LHVVHLLP )ROJHQGHQDQKDQGHLQHV%HLVSLHOVGHPRQVWULHUW 

,QIRUPDOLVLHUXQJGHU.RPPXQLNDWLRQDOV )ROJHGHUHU%HZHJXQJ

'DVHUVWH%HLVSLHOLVWHLQH)HUQVHKVHQGXQJ]XP]HKQMlKULJHQ-XELOlXPGHU 5HYROWH ,Q HLQHU &OXE6HQGXQJ YRP  -XQL  GLH LP |VWHUUHLFKL VFKHQ)HUQVHKHQ25) DXVJHVWUDKOWZXUGHQDKPHQ5XGL'XWVFKNHXQG 'DQLHO &RKQ%HQGLW 6WHOOXQJ ]XU KLVWRULVFKHQ %HGHXWXQJ GHU HU%H ZHJXQJXQG]XGHQDNWXHOOHQSROLWLVFKHQ=LHOHQGHVOLQNHQ0LOLHXV$QLKU QDKPHQ QHEHQ GHP 0RGHUDWRU *QWKHU 1HQQLQJ DXFK GHU NRQVHUYDWLYH 5XQGIXQNXQG)HUQVHKMRXUQDOLVW0DWWKLDV:DOGHQDXFK.RPPHQWD WRUGHUÅ:HOW´XQGGHU3ROLWLNZLVVHQVFKDIWOHU.XUW6RQWKHLPHUSURPLQHQ



-RDFKLP6FKDUORWK

WHU.ULWLNHUGHU%HZHJXQJWHLO+LHUZHUGHQGLHVWLOLVWLVFKHQ8QWHUVFKLHGH ]ZLVFKHQGHPKHGRQLVWLVFKHQ6HOEVWYHUZLUNOLFKXQJVVWLOGHVVHQ5HSUlVHQ WDQW&RKQ%HQGLWLVWXQGGHPNRQVHUYDWLYEUJHUOLFKHQ6WLOVFKRQLQ.OHL GXQJXQG.|USHUKDOWXQJGHXWOLFK6RQHLJHQGLHLQ$Q]XJXQG.UDZDWWH JHNOHLGHWHQ0DWWKLDV:DOGHQXQG.XUW6RQWKHLPHU]XHLQHUJHVFKORVVHQHQ .|USHUKDOWXQJ$EELOGXQJ]HLJW6RQWKHLPHUEHLP=XK|UHQ

$EE

6HOEVWGRUWZR6RQWKHLPHUGXUFKHLQHQYRUJHEHXJWHQ.|USHU(QJDJHPHQW DXVGUFNWKlOWHUGLH+lQGHYHUVFKORVVHQ]ZLVFKHQGHQ.QLHQ/HKQWHU VLFKLP6HVVHODQKlOWHUGLH%HLQHHQWZHGHUJHVFKORVVHQRGHUVFKOlJWVLH EHUHLQDQGHU)KUWHUGLH+lQGH]XP.RSIVREHUKUWHUDOOHUK|FKVWHQV GLH:DQJH*DQ]DQGHUVYHUKlOWVLFK&RKQ%HQGLWGHULQ3XOORYHU-HDQV XQG7XUQVFKXKHQHUVFKLHQHQLVW$EELOGXQJ 

$EE

(UVLW]WGLHPHLVWH=HLWEHUEUHLWEHLQLJDXI GHP6RIDELVZHLOHQVWHOOWHUGLH 6FKXKHHQWZHGHUDXI GHP3ROVWHURGHUGHU7LVFKNDQWHDE(UJHVWLNXOLHUW VWDUNZHQQHUVSULFKW+|UWHU]XVWW]WHUKlXÀJGHQ.RSI PLWGHUJDQ ]HQ+DQGÁlFKHDERGHUIlKUWVLFKGXUFKV+DDU'LHNRQWUROOLHUWZLUNHQGH .|USHUKDOWXQJXQG*HVWLN6RQWKHLPHUVNRQWUDVWLHUHQDOVRGHXWOLFKPLWGHP +DELWXV&RKQ%HQGLWV'HVVHQ.|USHUKDOWXQJXQG*HVWLNZDUHQIUGDV %HQHKPHQLQGHUgIIHQWOLFKNHLWGXUFKDXVXQEOLFKXQGZlUHQDOOHUK|FKV  'XWVFKNH]lKOHLFKZHJHQVHLQHU6'66R]LDOLVLHUXQJXQGVHLQHVXQLYHUVLWlUHQ:HUGHJDQJV QDFKVHLQHU*HQHVXQJYRQGHP$WWHQWDWDXI LKQQLFKW]XGHQ9HUWUHWHUQGHVKHGRQLVWLVFKHQ 6HOEVWYHUZLUNOLFKXQJVVWLOV'LHV]HLJWVLFKDXFKLQ.|USHUKDOWXQJXQG6SUDFKHZlKUHQGGHU &OXE6HQGXQJ

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



WHQVLPSULYDWHQ5DKPHQHUZDUWEDUJHZHVHQ'LHVUHFKWIHUWLJWHVYRQHLQHU ,QIRUPDOLVLHUXQJGHV|IIHQWOLFKHQ5DXPV]XVSUHFKHQ (VZDUYRUDOOHP&RKQ%HQGLWV9HUKDOWHQGDVGLH=XVFKDXHUSURYR ]LHUWH,QVJHVDPWJLQJHQZlKUHQGGHU6HQGXQJ$QUXIHHLQYRQGHQHQ HWOLFKH 9HUVW|‰H JHJHQ 9HUKDOWHQVQRUPHQ DEHU DXFK 9HUVW|‰H JHJHQ GLH *HVSUlFKVQRUPHQWKHPDWLVLHUWHQEHLVSLHOVZHLVHÅ&RKQ%HQGLWUHGHWXQ XQWHUEURFKHQGUHLQ&RKQ%HQGLWVROOULFKWLJHV'HXWVFKOHUQHQ>@&RKQ %HQGLWVROO)‰HYRQGHU%DQNQHKPHQ:LUUN|SIHUHGHQXQXQWHUEURFKHQ´ =LWLHUW LQ .UDXVKDDU  6   .|USHUYHUKDOWHQ XQG .RPPXQLNDWL RQVVWLOZXUGHQDOVRJOHLFKHUPD‰HQNULWLVLHUW6LHKWPDQYRQGHQ:HUWXQJHQ DEGLHGLH=XVFKDXHUPLWLKUHU.ULWLNYHUEDQGHQVR]HLJWHLQH$QDO\VHGHV VSUDFKOLFKHQ9HUKDOWHQV'XWVFKNHVXQG&RKQ%HQGLWVZlKUHQGGHU)HUQ VHKVHQGXQJGDVVVLHPLWLKUHQ%HREDFKWXQJHQQLFKWIDOVFKODJHQ'DVVGLH Ä:LUUN|SIH¶XQXQWHUEURFKHQJHUHGHWKlWWHQVWLPPW]ZDULQGLHVHU=XVSLW ]XQJQLFKWHVLVWDEHU]XWUHIIHQGGDVVGLHEHLGHQ9HUWUHWHUGHVOLQNVDOWHU QDWLYHQ0LOLHXVHUKHEOLFKPHKU5HGHDQWHLOHLQ$QVSUXFKQDKPHQDOVLKUH SROLWLVFKHQ*HJQHU$XI VLHHQWÀHOHQGHULQVJHVDPW7XUQV  :DOGHQXQG6RQWKHLPHUKLQJHJHQEUDFKWHQHV]XVDPPHQQXUDXI 7XUQV  $XFKGLHGXUFKVFKQLWWOLFKH/lQJHGHU7XUQVODJEHLGHQ$NWLYLV WHQK|KHU'XWVFKNHlX‰HUWHEHLMHGHU:RUWPHOGXQJGXUFKVFKQLWWOLFK :|UWHULQVJHVDPW XQG&RKQ%HQGLWLQVJHVDPW ZlKUHQG :DOGHQQXU:|UWHUSUR7XUQLQVJHVDPW lX‰HUWHXQG6RQWKHLPHU VLFKJDUPLWGXUFKVFKQLWWOLFKLQVJHVDPW EHVFKHLGHWH 'LH)RUGHUXQJGHU=XVFKDXHU&RKQ%HQGLWP|JHÄULFKWLJHV'HXWVFK¶ OHUQHQ]LHOWHRIIHQEDUYRUDOOHPDXI $EZHLFKXQJHQYRQGHPLP5DKPHQ HLQHU)HUQVHKVHQGXQJHUZDUWHWHQVWDQGDUGVSUDFKOLFKHQ.RPPXQLNDWLRQV VWLO 7DEHOOH  ]HLJW GDVV VLFK WDWVlFKOLFK VLJQLÀNDQWH 8QWHUVFKLHGH LP 6SUDFKJHEUDXFKGHU9HUWUHWHUGHVOLQNVDOWHUQDWLYHQ0LOLHXVXQGGHUDQGHUHQ 'LVNXVVLRQVWHLOQHKPHUÀQGHQ'LHVEHWULIIWYRUDOOHPMHQHLP5DKPHQGLH VHU6WXGLHDOV,QIRUPDOLWlWVLQGLNDWRUHQLGHQWLÀ]LHUWHQVSUDFKOLFKHQ)RUPHQ

 'LHUHVWOLFKHQ7XUQVHQWÀHOHQDXI GHQ0RGHUDWRU*QWHU1HQQLQJGHVVHQVSUDFKOLFKHV 9HUKDOWHQKLHUQLFKWDQDO\VLHUWZHUGHQVROOGDHUDOV0RGHUDWRUHLQH6RQGHUUROOHKDWWH$XFK EHLGHUIROJHQGHQ$QDO\VHYRQ,QIRUPDOLWlWVPDUNHUQZLUGDXI HLQH$XVZHUWXQJYRQ1HQ QLQJV5HGHDQWHLOHQYHU]LFKWHWGDVHLQ6SUHFKHQGLDOHNWDOH0HUNPDOHDXIZHLVWZDVGHQ9HU JOHLFKPLWGHQDQGHUHQ6SUHFKHUQHUVFKZHUW



.RQWUDNWLRQGHU HQNOLWLVFKHQ3DUWLNHO ÅHV´ :HLWHUH .RQWUDNWLRQHQ 5HGXNWLRQ XQEHVWLPPWHU$UWLNHO $OORPRUSKH :RUWYHUNU]XQJHQ XQG$VVLPLODWLRQHQ $SKlUHVHQ *HVDPW

-RDFKLP6FKDUORWK

&RKQ %HQGLW

'XWVFKNH

6RQWKHLPHU

:DOGHQ

































 

 

 

 

7DE+lXÀJNHLWYRQ,QIRUPDOLWlWVLQGLNDWRUHQLP6SUDFKJHEUDXFKGHU7HLOQHKPHUDQGHU &OXE)HUQVHKGLVNXVVLRQDP-XQLLP25)

'LH$QDO\VH]HLJWGDVV5XGL'XWVFKNHXQG'DQLHO&RKQ%HQGLWVLJQLÀNDQW KlXÀJHU.RQWUDNWLRQHQÄDXIP¶VWDWWÄDXI GHP¶ÄZLH·Q¶VWDWWÄZLHHLQ¶HWF  5HGXNWLRQHQÄQL[¶VWDWWÄQLFKWV¶ÄQHH¶VWDWWÄQHLQ¶HWF DOORPRUSKH:RUWYHU NU]XQJHQÄQLFK¶VWDWWÄQLFKW¶ÄLV¶VWDWWÄLVW¶HWF $VVLPLODWLRQHQÄKDP¶VWDWW ÄKDEHQ¶ÄN|QQ¶VWDWWÄN|QQHQ¶HWF XQG$SKlUHVHQÄWVFKXOGLJXQJ¶VWDWWÄHQW VFKXOGLJXQJ¶ÄZDV¶VWDWWÄHWZDV¶HWF YHUZHQGHQDOVLKUH.RQWUDKHQWHQDXV GHP EUJHUOLFKHQ /DJHU %HVRQGHUV KlXÀJ VLQG GDEHL .RQWUDNWLRQHQ GHU HQNOLWLVFKHQ 3DUWLNHO ÄHV¶ ÄZLUG·V¶ ÄZDU·V¶ ÄLFK·V¶ HWF  XQG GLH 5HGX]LHUXQJ GHVXQEHVWLPPWHQ$UWLNHOVÄQH¶ÄQ¶ÄQHU¶HWF GHQHQPDQGHQ6WDWXVYRQ 0DUNHUQ ]XHUNHQQHQ NDQQ 'LH 7DWVDFKH GDVV GLH )UHTXHQ]XQWHUVFKLHGH ]ZLVFKHQGHQ$QJHK|ULJHQGHUXQWHUVFKLHGOLFKHQSROLWLVFKHQ/DJHUVRJUR‰ VLQGLVWHLQGHXWOLFKHU%HOHJGDIUGDVVVLHNRPPXQLNDWLRQVVWLOLVWLVFKPRWL YLHUWVLQG'DVV]XGHP&RKQ%HQGLWWURW]GHUJHULQJHUHQ5HGHDQWHLOHUXQG PHKU,QIRUPDOLWlWVPDUNHUHLQVHW]WDOV'XWVFKNHVWHKWLP(LQNODQJ ]XPN|USHUNRPPXQLNDWLYHQ9HUKDOWHQGHUEHLGHQ9HUWUHWHUGHVOLQNVDOWHU QDWLYHQ0LOLHXV$XFKKLHUKDWWHVLFK&RKQ%HQGLWLQIRUPHOOHULQV]HQLHUWDOV VHLQ0LWVWUHLWHU (LQ ZHLWHUHU ,QIRUPDOLWlWVLQGLNDWRU LVW GHU *HEUDXFK YXOJlU XQG MX JHQGVSUDFKOLFKHU :|UWHU XQG :HQGXQJHQ GLH GXUFKDXV LP .RQWH[W YRQ :|UWHUQDXVGHP%HUHLFKGHUSROLWLVFKHQ7KHRULHJHEUDXFKWZHUGHQNRQQ WHQ ZLH IROJHQGH bX‰HUXQJ 'XWVFKNHV EHOHJW Å(LQ 6WDDW ZR¶V %HUXIV YHUERWHJLEWKDWVHLQHHLJHQH/HJLWLPDWLRQDXIP.ORYHUORUHQ´'DQHEHQ YHUZHQGHQGLH9HUWUHWHUGHVOLQNVDOWHUQDWLYHQ0LOLHXVDXFK$XVGUFNHZLH Ä6FKHL‰H¶ÄYHUÁXFKW¶Ä$UVFK¶XQGÄYROOH3XOOH¶ZlKUHQGVLFKEHLGHQ9HUWUH WHUQGHVEUJHUOLFKHQ/DJHUVNHLQH9XOJDULVPHQJHVFKZHLJHGHQQMXJHQG

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



VSUDFKOLFKH$XVGUFNHÀQGHQ,Q&RKQ%HQGLWV6SUDFKJHEUDXFKÀQGHWVLFK ]XGHPHLQHZHLWHUH%HVRQGHUKHLWGLH%H]HLFKQXQJDQZHVHQGHU3HUVRQHQ GXUFKGHQ*HEUDXFKGHV1DFKQDPHQVLQ9HUELQGXQJPLWGHPEHVWLPPWHQ $UWLNHOVWDWWGHUEOLFKHQ$QUHGHIRUPÄ+HUU¶DOOHUGLQJVQXULQGHVNULSWLYHQ EHVWHQIDOOV LQGLUHNW DGUHVVLHUHQGHQ 6SUHFKDNWHQ HWZD LQ GHQ )lOOHQ Å,FK P|FKWHGHP:DOGHQJHUHFKWZHUGHQZHQQHUVDJWLKUKDEWZDVGDPLW]X WXQ´RGHUÅ'DVLVWGDV3UREOHPGHU1HQQLQJKDWUHFKW´$XFKGLHVH$UW GHU $GUHVVLHUXQJ GHUHU VLFK 'XWVFKNH QLFKW EHGLHQW NDQQ DOV LQIRUPHOO JHGHXWHWZHUGHQ :HLWHUH8QWHUVFKLHGH]ZLVFKHQGHQ9HUWUHWHUQGHVOLQNVDOWHUQDWLYHQ0L OLHXV ]HLJHQ VLFK ZHQQ PDQ GLH 6WUDWHJLHQ]XU $XVVWDWWXQJGHU5HGH PLW (PSKDVHXQG(PRWLRQDOLWlWXQWHUVXFKW$XIIlOOLJLVW]XQlFKVWGDVV*UDG SDUWLNHOQEHLDOOHQ*HVSUlFKVWHLOQHKPHUQQXUVHKUQLHGHUIUHTXHQW9HUZHQ GXQJÀQGHQ2IIHQEDUZXUGHQVLHYRUDOOHPLQPLOLHXLQWHUQHQ*HVSUlFKHQ RGHULQDQGHUHQ*HVSUlFKVVRUWHQJHEUDXFKW'DIUÀQGHQVLFKDEHU]DKO UHLFKH%HÀQGOLFKNHLWVlX‰HUXQJHQGLHMHGRFKQXUYRQHLQHUHLQ]LJHQ3HUVRQ JHEUDXFKW ZHUGHQ YRQ 'DQLHO &RKQ%HQGLW *OHLFK ]X %HJLQQ ZHLFKW HU HLQHU)UDJHPLWGHU%HJUQGXQJDXVÅ,FKP|FKWHPLUHUVWPDOHWZDVYRQ GHU6HHOHUHGHQ´=ZHLPDONRPPHQWLHUWHUHLQH$XVVDJHPLWGHP+LQZHLV HUVHLVWRO]DXI GDV*HVDJWHÅ'DVLVHLQ.XQVWVWFNZRUDXI LFKVWRO]ELQ´  HLQPDOlX‰HUWHUbUJHUÅ:DVPLFKlUJHUWLVZHQQ+HUU:DOGHQVIÀVDQW ]XGLUVDJW7MDZREOLHEHQGLH>GLH$UEHLWHU@GHQQ"´ ]ZHLPDOGUFNWHU JDU+DVVDXVÅ$OVRZLUNOLFKLFKKDVVH3URIHVVRUHQXQG/HKUHUXQGZHUGH QLHVRGUDXI HLQJHKHQ´ (LQHQVFKZlFKHUHQ$XVGUXFNHPRWLRQDOHU%HWHL OLJXQJELOGHQ)RUPXOLHUXQJHQZLHÅ-HW]WVDJLFK,KQHQZDVPLUDXVPDFKW´ .RUSXVEHOHJ GLH$XVVDJHHWZDVVW|UHHLQHQZLHLQÅ0LFKVW|UWGLHVHV 3UREOHP /HJLWLPLWlW´   RGHU GHU 9HUZHLV PLW HLQHP 7KHPD KDEH PDQ HLQ3UREOHP (PSKDVHGUFNHQKLQJHJHQ$XVVDJHQDXVZLHÅ0RPHQW 5XGLGDVLVWIUPLFKVHKUZLFKWLJLFKZLOOMHW]]XPHUVWHQPDOZDVYHUVWH KHQ´6WDUNHHPRWLRQDOH%HWHLOLJXQJVLJQDOLVLHUHQGHU9HUZHLVDXI GDV(PS ÀQGHQYRQ(NHO JHJHQEHUEHVWLPPWHQ6DFKYHUKDOWHQÅ+LHULVWPHLQ JU|‰WHU(NHODQGHU0RURXQG6FKOH\HU$NWLRQ´ (PS|UXQJZLHLQÅXQHU WUlJOLFKÀQGLFK´ RGHU$XVGUFNHVWDUNHU$EOHKQXQJZLHÅGDVÀQGLFKMD ZDKQVLQQLJ´$XFKGHQ*HIKOHQVHLQHQ*HVSUlFKVSDUWQHUJHJHQEHUYHU OHLKW&RKQ%HQGLW$XVGUXFNLQGHPHUÅ,FKPDJ6LH´RGHUÅLFKEHZXQGHUH GLFKPDQFKPDO´lX‰HUW'XUFKGLH$XVVDJHÅGDVLVPHLQ7UDXP´YHUOHLKWHU ]XGHPDQHLQHU6WHOOHVHLQHU$XVVDJHEHVRQGHUH(PSKDVH &RKQ%HQGLWSURPLQHQWHU5HSUlVHQWDQWGHU)UDQNIXUWHU6SRQWL6]HQH DEHUDXFK6SUDFKURKUGHVOLQNVDOWHUQDWLYHQ0LOLHXVLQVJHVDPWEHGLHQWVLFK  'LHVH(UJHEQLVVHGHFNHQVLFKPLWGHU$QDO\VHYRQ:RGDN6 'LH|VWHU UHLFKLVFKH/LQJXLVWLQVWHOOW]XP6SUDFKJHEUDXFK&RKQ%HQGLWVIHVWGDVVGLHVHUGXUFK(PR WLRQDOLWlWXQG,FK%RWVFKDIWHQJHSUlJWLVWZlKUHQG'XWVFKNHVDFKOLFKHUDUJXPHQWLHUH



-RDFKLP6FKDUORWK

GHPQDFK HLQHV .RPPXQLNDWLRQVVWLOV GHU GXUFK GLHVHOEHQ 0HUNPDOH JH SUlJWZDUZLHGHULQ.RPPXQHQXQG6XENXOWXUHQGHUHU%HZHJXQJHQW VWDQGHQH.RPPXQLNDWLRQVVWLO(PRWLRQDOLWlWXQG,QIRUPDOLWlWLQ6SUDFKH XQG.|USHUKDOWXQJZHUGHQDOVRZLHQLFKWQXUPLOLHXLQWHUQSUDNWL]LHUW VRQGHUQDOV*OREDOVWLOLQDOOHQ'RPlQHQVRJDULQGHU)HUQVHK|IIHQWOLFKNHLW 

9RP$QVWDQG]XPdoing buddy

'LHVHU.RPPXQLNDWLRQVVWLO²VRGLH]HQWUDOH+\SRWKHVHGLHVHV$XIVDW]HV² KDWWHDXFK.RQVHTXHQ]HQIUGLH9HUKDOWHQVVWDQGDUGVLP5HVWGHU*HVHOO VFKDIW8QWHUVXFKWPDQXQWHUVFKLHGOLFKH$XÁDJHQGHV%HQLPPEXFKVGHV )DFKDXVVFKXVVHV IU 8PJDQJVIRUPHQ DXI  GHQ :DQGHO YRQ 9HUKDOWHQV VWDQGDUGVGDQQ]HLJHQVLFKQlPOLFKHEHQIDOOV9HUlQGHUXQJHQGLHVLFKDOV ,QIRUPDOLVLHUXQJXQG(PRWLRQDOLVLHUXQJGHUJHVHOOVFKDIWOLFKHQ.RPPXQL NDWLRQGHXWHQODVVHQ %HWUDFKWHW PDQ GLH (QWZLFNOXQJ GHU 9HUKDOWHQVVWDQGDUGV EHLP *U ‰HQ9RUVWHOOHQXQG%HNDQQWPDFKHQLQGHQQRPLQDOHQ$QUHGHIRUPHQIU )UDXHQLP*HEUDXFKYRQ7LWHOQLQGHQ)RUPHQSURQRPLQDOHU$QUHGHXQG GHQ$QUHGHXQG6FKOXVVIRUPHQLP%ULHI LQGHQ-DKUHQ]ZLVFKHQXQG VRODVVHQVLFKLQVJHVDPWGUHL7HQGHQ]HQDXVPDFKHQ  (LQH9HUHQJXQJGHV)RUPHQUHSHUWRLUHV]XP$XVGUXFNYRQ)RUPDOLWlW XQG'LVWDQ]XQGSDUDOOHOGD]XHLQH9HUJU|‰HUXQJGHV5HSHUWRLUHV]XP $XVGUXFNYRQ9HUWUDXWKHLW  (LQH$XVZHLWXQJGHU*HEUDXFKVGRPlQHQVROFKHU)RUPHQGLHYRUKHU QXU]ZLVFKHQ3HUVRQHQJHEUDXFKWZXUGHQGLHPLWHLQDQGHULQHQJHU%H ]LHKXQJVWDQGHQ  (LQ%HGHXWXQJVYHUOXVWGHUVR]LDOHQ.DWHJRULHQ$OWHU*HVFKOHFKWXQG 6WDWXV XQG GDPLW ]XVDPPHQKlQJHQG GHU 9HUOXVW GHU +DQGOXQJVNDWH JRULHQGHU+RFKDFKWXQJXQG9HUHKUXQJHLQHUVHLWVXQGGHU*QDGHXQG *XQVWDQGHUHUVHLWV 'HU$VSHNWGHU9HUNOHLQHUXQJGHV5HSHUWRLUHVVROFKHU)RUPHQGXUFKGLH %H]LHKXQJHQDOVIRUPHOOXQGGLVWDQ]LHUWJHNHQQ]HLFKQHWZHUGHQ ]HLJW VLFKEHLVSLHOVZHLVHLP9HUVFKZLQGHQGHU$QUHGHIRUPÄJQlGLJH)UDX¶LQGHU GLUHNWHQ.RPPXQLNDWLRQGLHGD]XYHUZHQGHWZXUGHQHEHQ5HVSHNWXQG 9HUHKUXQJDXFK'LVWDQ]DXV]XGUFNHQbKQOLFKYHUKlOWHVVLFKEHLGHQQR PLQDOHQ $QUHGHIRUPHQ IU )UDXHQ LP %ULHI EHL GHQHQ GLH 'LVWDQ]IRUP  )UHLQHDXVIKUOLFKH$QDO\VHYJO6FKDUORWK   $OOJHPHLQHU 'HXWVFKHU 7DQ]OHKUHU9HUEDQG   )DFKDXVVFKXVV IU 8PJDQJVIRUPHQ  6FKQLW]HU 



9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\

Ä6HKUYHUHKUWHJQlGLJH)UDX¶DXVGHU0HQJHP|JOLFKHU%ULHIDQUHGHQJHWLOJW ZXUGH 7DEHOOH  ]HLJW GDVV DXFK GLH )RUP Ä6HKU YHUHKUWH OLHEH JQlGLJH )UDX¶GLHDOV=ZLVFKHQIRUPGXUFKÄOLHEH¶HLQHJHZLVVH1lKHDEHU]XJOHLFK PLWWHOVGHU$WWULEXWHÄYHUHKUWH¶XQGÄJQlGLJH¶HLQHVFKLFNOLFKH'LVWDQ]PDU NLHUHQVROOWHYHUVFKZLQGHWDXVGHP5HSHUWRLUHVFKULIWOLFKHU$QUHGHIRUPHQ $OV)RUPGLHHLQH=ZLVFKHQVWXIH]ZLVFKHQ'LVWDQ]XQG9HUWUDXWKHLWPDU NLHUWEOHLEWQXUQRFKGLH'RSSHOIRUPÄVHKUYHUHKUWHOLHEH)UDX¶EULJGLH KHXWH NDXP PHKU JHEUlXFKOLFK LVW 6FKOLH‰OLFK OlVVW VLFK DXFK GHU $EEDX GHU$QUHGHÄ6LH¶LQ.RPELQDWLRQPLWGHP9RUQDPHQDOV$EEDXHLQHU'LV WDQ]IRUPGHXWHQ'HQQGHU)DFKDXVVFKXVVPDKQWLQVHLQHQ(PSIHKOXQJHQ VWHWVGDVYHUWUDXWHÄ'X¶QLFKW]XKlXÀJXQGDXFKQLFKWOHLFKWIHUWLJ]XYHUJH EHQVRQGHUQVWDWWGHVVHQGHUHQWVWDQGHQHQ9HUWUDXWKHLWGXUFK*HZlKUXQJ GHU$QUHGHPLW9RUQDPHQ5HFKQXQJ]XWUDJHQGHUJHEOLHEHQHQ'LVWDQ] DEHUGXUFKGDVÄ6LH¶$XVGUXFN]XYHUOHLKHQ6FKOLH‰OLFKOlVVWVLFKDXFKGHU 6FKZXQG GHU 9HUZHQGXQJ YRQ 7LWHOQ LQ GHU $QUHGH GLH VWDWWGHVVHQ QXU QRFK EHLP %HNDQQWPDFKHQ HLQPDOLJ JHQDQQW ZHUGHQ DOV 5HGX]LHUXQJ GHV5HSHUWRLUHVGLVWDQ]LHUHQGHU)RUPHQGHXWHQGHQQ7LWHOZXUGHQLQGHQ HU-DKUHQ QXUEHLGHU$GUHVVLHUXQJYRQ 3HUVRQHQ YHUZHQGHW]X GH QHQ PDQ LQ IRUPHOOHU %H]LHKXQJ VWDQG QLFKW DEHU LQ IUHXQGVFKDIWOLFKHQ %H]LHKXQJHQ3DUDOOHO]XP9HUVFKZLQGHQYRQ)RUPHQGHU)RUPDOLWlWXQG 'LVWDQ] LVW LQ HLQHP %HUHLFK HLQH 9HUJU|‰HUXQJ GHV 5HSHUWRLUHV VROFKHU 3UDNWLNHQ]XEHREDFKWHQGLH9HUWUDXWKHLW]XP$XVGUXFNEULQJHQ6RZLUG GHU%HVWDQGDQ*UX‰IRUPHQXPGLH$NNRODGHHUZHLWHUWGLHDOV*UX‰]ZL VFKHQJXWHQ%HNDQQWHQXQG)UHXQGHQHLQH1lKHSUDNWLNLVW

6HKUJHHKUWHU+HUU)UDX 6HKUYHUHKUWHU)UDX+HUU 6HKUYHUHKUWHJQlGLJH)UDX 6HKUYHUHKUWHOLHEHJQlGLJH )UDX 6HKUYHUHKUWHOLHEH)UDX 6HKUJHHKUWHUOLHEHU+HUU /LHEHU)UDX+HUU

 ; ; ;

 ; ; ;

 ; ; 

 ; ; 

;

;





 ; ;

 ; ;

; ; ;

; ; ;

7DE5HSHUWRLUHGHU$QUHGHIRUPHQLPVFKULIWOLFKHQ9HUNHKULQGHQ$XVJDEHQGHU(PS IHKOXQJHQGHV)DFKDXVVFKXVVHVIU8PJDQJVIRUPHQ$OOH$QUHGHIRUPHQVROOWHQLQ9HUELQ GXQJPLWGHP1DFKQDPHQJHEUDXFKWZHUGHQ

 +RFKDFKWXQJVYROO 0LWYRU]JOLFKHU+RFKDFKWXQJ 0LWDXIULFKWLJHQ*U‰HQ 0LWKHU]OLFKHQ*U‰HQ 0LWVHKUKHU]OLFKHQ*U‰HQ 0LWIUHXQGOLFKHQ*U‰HQ *U‰H,KU *U‰H,KUHUJHEHQHU *U‰H,KUVHKUHUJHEHQHU

-RDFKLP6FKDUORWK

 ; ; ; ; ; ; ; ; ;

 ; ; ; ; ; ; ; ; ;

    ; ; ; ;  

    ; ; ; ;  

7DE5HSHUWRLUHGHU6FKOXVVIRUPHOQLPVFKULIWOLFKHQ9HUNHKULQGHQ$XVJDEHQGHU(PS IHKOXQJHQGHV)DFKDXVVFKXVVHVIU8PJDQJVIRUPHQ

'DQHEHQLVWLQGHQ.RGL]HVGHV)DFKDXVVFKXVVHV HLQH$XVZHLWXQJGHU *HEUDXFKVGRPlQHQVROFKHU3UDNWLNHQ]XEHREDFKWHQGLHXUVSUQJOLFKQXU ]ZLVFKHQ9HUZDQGWHQ)UHXQGHQXQGJXWHQ%HNDQQWHQEOLFKZDUHQ'D]X JHK|UW HWZD GDV 9RUGULQJHQ GHU YRUKHU GHP SULYDWHQ 6FKULIWYHUNHKU XQ WHU PLWHLQDQGHU QlKHU EHNDQQWHQ 3HUVRQHQ YRUEHKDOWHQHQ $EVFKOXVVÁRV NHOÄPLWIUHXQGOLFKHPKHU]OLFKHP*UX‰¶E]ZÄPLWIUHXQGOLFKHQKHU] OLFKHQ*U‰HQ¶GDVGDVDOV]XNKOHPSIXQGHQHÄ+RFKDFKWXQJVYROO¶DXFK LQ GHU JHVFKlIWOLFKHQ .RUUHVSRQGHQ] DEO|VWH ,QVEHVRQGHUH GDV $WWULEXW ÄKHU]OLFK¶GDVQXUZLUNOLFKYHUWUDXWHQ%H]LHKXQJHQYRUEHKDOWHQZDU MHGRFKDEDXFKEHLEOR‰HU%HNDQQWVFKDIWJHVWDWWHWZXUGHLVWHLQ,Q GL] GDIU GDVV GLH 5HIHUHQ] DXI  *HIKOH DXI  GHUHQ 6LW] ² GHP +HU]HQ ²LQGHU)ORVNHOUHIHULHUWZLUGPHKUXQGPHKU]XU1RUPZLUG$XFKGLH SURQRPLQDOH$QUHGHPLWÄ'X¶HUREHUWVLFKZHLWHUH'RPlQHQ(VZLUGDOV *UXSSHQ'X DXFK LQ %HWULHEHQ 9RONVKRFKVFKXONXUVHQ RGHU )HULHQFOXEV ]XHLQHUDN]HSWDEOHQ$QUHGHIRUP]ZLVFKHQ0HQVFKHQGLHQLFKWQRWZHQGLJ JXW PLWHLQDQGHU EHNDQQW VLQG XQG YHUOLHUW GDPLW VHLQH VR]LDOV\PEROLVFKH )XQNWLRQDOVÅ*UDGPHVVHUGHU,QWHQVLWlWGHU9HUELQGXQJ´6FKQLW]HU  ,QGLHVHP7UHQGOLHJWDXFKGLH/LEHUDOLVLHUXQJGHUSURQRPLQDOHQ$QUH GHHKHPDOLJHU.LQGHUIUHXQGHGXUFKGHQ)DFKDXVVFKXVV6LHGUIHQVLFKDE GHU$XÁDJHYRQZHLWHUGX]HQZlKUHQGVLHQDFKGHU$GROHV]HQ] QRFK]XPÄ6LH¶PLW9RUQDPHQEHUJHKHQVROOWHQ ,QGHU*HVDPWWHQGHQ]LVWLQGHQ1RUPHQGHV)DFKDXVVFKXVVHVDXFK  HLQ%HGHXWXQJVYHUOXVWGHUVR]LDOHQ.DWHJRULHQ$OWHU*HVFKOHFKWXQG6WD WXVIHVW]XVWHOOHQ:DUHVEHLVSLHOVZHLVHQXUGHQbOWHUHQYRUEHKDOWHQ -QJHUHQGDVÄ'X¶DQ]XELHWHQGDUI GLH,QLWLDWLYHDXFKYRQGHQ-QJH UHQDXVJHKHQ8QG)UDXHQGLH0lQQHUQGDVÄ'X¶DQELHWHQPVVHQDXFK QLFKWPHKUEHIUFKWHQGDVVPDQLKU$QVLQQHQDOVQLFKWQXUIUHXQGVFKDIW OLFKPLVVYHUVWHKW$XFKIUGLH)RUPHQGHV*UX‰ULWXDOVYHUOLHUHQ$OWHUXQG *HVFKOHFKW ]XQHKPHQG DQ %HGHXWXQJ *DOW IUKHU GLH 5HJHO Å'HU +HUU

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



GLH 'DPH GHU -QJHUH GHQ bOWHUHQ GHU $QJHVWHOOWH GHQ $EWHLOXQJVOHLWHU GHU$EWHLOXQJVOHLWHUGHQ&KHI´)DFKDXVVFKXVVIU8PJDQJVIRUPHQ   LVW LQ GHQ IROJHQGHQ -DKU]HKQWHQ LP SULYDWHQ %HUHLFK GHUHQ DOOPlK OLFKH (URVLRQ KLQ ]XU SUDJPDWLVFKHQ 5HJHOXQJ ÅZHU GHQ DQGHUHQ ]XHUVW HUNHQQW´ )DFKDXVVFKXVV IU 8PJDQJVIRUPHQ    ]X NRQVWDWLHUHQ $XFKGLHJHVFKOHFKWVXQGDOWHUVVSH]LÀVFKHQ8QWHUVFKLHGHLQGHQ)RUPHQ GHV*U‰HQVVLQGLQGHU$XVJDEHYRQQLYHOOLHUWVRYHUOLHUHQ)UDXHQ XQGbOWHUHLKU3ULYLOHJGLH+DQGUHLFKHQRGHUYHUZHLJHUQ]XGUIHQ$XFK EHLP%ULHIHVFKUHLEHQPXVVGLH'DPHQLFKWPHKUGDUDXI DFKWHQGDVVVLH GXUFKGHQ*HEUDXFKGHU%HVLW]IRUPHOÄ,KUH¶]X0LVVGHXWXQJHQ$QODVVJH EHQN|QQWHXQGPXVVDXFKVRQVWQLFKWPHKU]XUFNKDOWHQGHULP*HEUDXFK YRQ 1lKHIRUPHQ VHLQ DOV PlQQOLFKH 6FKUHLEHU $P DXJHQIlOOLJVWHQ ZLUG GHU%HGHXWXQJVYHUOXVWGHUVR]LDOHQ.DWHJRULHQ$OWHU*HVFKOHFKWXQG6WD WXVLQGHU(QWZLFNOXQJGHU3UDNWLNHQGHV9RUVWHOOHQVXQG%HNDQQWPDFKHQV 'LH Ä$EVFKDIIXQJ¶ GHV 9RUVWHOOHQV DOV HLQHU 3UDNWLN GHV %HNDQQWPDFKHQV YRQ 3HUVRQHQ XQWHUVFKLHGOLFKHQ VR]LDOHQ 5DQJV GLH ]X NHLQHP *HVSUlFK ]ZLVFKHQGHQ%HWHLOLJWHQYHUSÁLFKWHQVROOWH]HLJWEHUHLWVGDVVLQGHQ1RU PHQGHV)DFKDXVVFKXVVHVGHU6WDWXVHLQHU3HUVRQIUGLH$XVGLIIHUHQ]LH UXQJYRQ+|ÁLFKNHLWVSUDNWLNHQDQ%HGHXWXQJYHUORUHQKDW'DVVGDV$Q VWDQGVJUHPLXP ]XGHP VHLW  DXFK JHVWDWWHWH HLQIDFK GHU 5HLKH QDFK YRU]XVWHOOHQZlKUHQGYRUKHUGLH(LQKDOWXQJGHU5HJHOQDFKGHUÅ+HUUGHU 'DPH²GLH-QJHUHGHPbOWHUHQ²GHU8QWHUJHEHQHGHP9RUJHVHW]WHQ´ )DFKDXVVFKXVVIU8PJDQJVIRUPHQ YRU]XVWHOOHQVHLDOVREOLJD WRULVFKJDOWEHOHJWGHQ5HOHYDQ]YHUOXVWGHV$OWHUVXQGGHV*HVFKOHFKWVIU GLH1RUPLHUXQJYRQ3UDNWLNHQGHU+|ÁLFKNHLW 'LHVHP$EEDXGHU%HGHXWXQJVR]LDOHU.DWHJRULHQNRUUHVSRQGLHUHQGHU %HGHXWXQJVYHUOXVWGHU.DWHJRULHQGHU+RFKDFKWXQJXQG9HUHKUXQJHLQHU VHLWVXQGGHU*QDGHXQG*XQVWDQGHUHUVHLWV6RPDFKWHGHU)DFKDXVVFKXVV LQVHLQHQ(PSIHKOXQJHQYRQ)UDXHQLP9ROO]XJWUDGLWLRQHOOHU+|I OLFKNHLWVULWXDOHQRFK]XP2EMHNWYRQ9HUHKUXQJXQG]XP6XEMHNWGHU*H ZlKUXQJYRQ*XQVWXQG*QDGH'LH$QUHGHÄJQlGLJH)UDX¶GLHLQLKUHUXU VSUQJOLFKHQ%HGHXWXQJGHQ$QUHGHQGHQLQGLH5ROOHHLQHU3HUVRQEUDFKWH GHUHWZDGXUFKGLH*HZlKUXQJGHU+DQG]XP*UX‰HLQH*XQVWHUZLHVHQ ZXUGH RGHU GLH %ULHIDQUHGH ÄVHKU YHUHKUWH )UDX ;¶ GHUHQ $WWULEXW ÄYHU HKUW¶ EOLFKHUZHLVH QXU JHVFKOHFKWVVSH]LÀVFK YHUZHQGHW ZXUGH ZlKUHQG GHU0DQQOHGLJOLFKÄJHHKUW¶ZXUGHEHOHJHQGLH9LWDOLWlWGLHVHU.DWHJRULHQ LP $QVWDQGVGLVNXUV GHU HU -DKUH ,P /DXIH GHU XQWHUVXFKWHQ 'HND GHQDOOHUGLQJVZHUGHQ3UDNWLNHQGLHH[SOL]LWDXI 9HUHKUXQJXQG$FKWXQJ UHIHULHUHQIDVWYROOVWlQGLJDXVGHP5HSHUWRLUHGHU9HUKDOWHQVVWDQGDUGVJH VWULFKHQ (WZD JHOWHQ VHLW  GLH $EVFKLHGVÁRVNHOQ ÄKRFKDFKWXQJVYROO¶ XQG ÄPLW YRU]JOLFKHU +RFKDFKWXQJ¶ VHLW  DXFK Ä,KU HUJHEHQHU¶ XQG Ä,KUVHKUHUJHEHQHU¶DOVQLFKWPHKU]HLWJHPl‰$XFKGLH$QUHGHÄJQlGLJH



-RDFKLP6FKDUORWK

)UDX¶YHUOLHUWQDFKXQGQDFKDQ6WHOOHQZHUW$XFK+|ÁLFKNHLWVULWXDOHLQGH QHQHLQH3HUVRQDXIJUXQGLKUHUVR]LDOHQ5ROOHHLQH:DKOIUHLKHLWKDWGLHLKU DOV*XQVWEH]HLJXQJRGHUJDUDOV*QDGHDXVJHOHJWZHUGHQN|QQWHZHUGHQ VWUHQJHUJHUHJHOW6RJLOWHWZDGLH9HUZHLJHUXQJGHU+DQGGXUFKHLQHlOWHUH RGHUZHLEOLFKH3HUVRQDOV$IIURQW$XFKNDQQGLHUDQJK|KHUH3HUVRQZLH HVGLH5HJHOQEHLP9RUVWHOOHQHUODXEWHQQLFKWPHKUHQWZHGHUHLQ*H VSUlFKDQNQSIHQRGHUGHP9RUJHVWHOOWHQHLQHQVFK|QHQ$EHQGZQVFKHQ 9LHOPHKUPXVVDXFKVLHLP5LWXDOGHV%HNDQQWPDFKHQVHLQ*HVSUlFKPLW GHPQHXHQ%HNDQQWHQEHJLQQHQ 'LH'\QDPLNGHU9HUKDOWHQVVWDQGDUGVYRQELVNDQQGHP QDFK LQVJHVDPW EHVFKULHEHQ ZHUGHQ DOV HLQ $EEDX IRUPHOOHU XQG GLVWDQ ]LHUHQGHU3UDNWLNHQ]XJXQVWHQHLQHV$XVEDXVYRQ3UDNWLNHQGHU9HUWUDXW KHLWXQGLKUHV*HEUDXFKVLQWUDGLWLRQHOOYRQIRUPHOOHQ3UDNWLNHQJHSUlJWHQ 'RPlQHQ'DPLW+DQGLQ+DQGJHKWHLQ%HGHXWXQJVYHUOXVWGHUVR]LDOHQ .DWHJRULHQ$OWHU*HVFKOHFKWVR]LDOHU5DQJXQGGDPLW]XVDPPHQKlQJHQG YRQ $FKWXQJ XQG 9HUHKUXQJ *QDGH XQG *XQVW IU GLH $XVGLIIHUHQ]LH UXQJ YRQ 9HUKDOWHQVVWDQGDUGV 2KQH GDVV GLHV LQ GHQ $QVWDQGVEFKHUQ DXVGUFNOLFKWKHPDWLVLHUWZUGHJHZLQQWGXUFKGLHVHQ%HGHXWXQJVYHUOXVW GHU JHQDQQWHQ VR]LDOHQ .DWHJRULHQ GHU %H]LHKXQJVJUDG DOV KDQGOXQJVOHL WHQGH.DWHJRULHHLQH]HQWUDOH%HGHXWXQJ1DFKGHPVLFKGLH3UDNWLNHQ]XP K|ÁLFKHQ9HUNHKUPLW0lQQHUQXQG)UDXHQPLWbOWHUHQXQG-QJHUHQVR ZLHPLW5DQJK|KHUHQXQG5DQJQLHGULJHUHQLQYLHOHQ'RPlQHQDQJHJOLFKHQ KDEHQGLIIHUHQ]LHUHQVLFK9HUKDOWHQVVWDQGDUGVGHPQDFKLPPHUPHKUQDFK GHP*UDGGHU9HUWUDXWKHLWE]ZGHU'LVWDQ]]ZLVFKHQGHQKDQGHOQGHQ3HU VRQHQ 8QG GLHV LVW HQWVFKHLGHQG 1lKHSUDNWLNHQ ZHUGHQ YHUPHKUW ]XP 6WDQGDUG 'LHVH ,QV]HQLHUXQJ YRQ 9HUWUDXWKHLW XQG 1lKH P|FKWH LFK DOV GRLQJEXGG\EH]HLFKQHQ 

)D]LW

:DV LVW KHXWH YRP KHGRQLVWLVFKHQ 6HOEVWYHUZLUNOLFKXQJVVWLO JHEOLHEHQ" 'DVVGLHVHU6WLOKHXWHQLFKWPHKUYRQGHQJOHLFKHQH[SUHVVLYHQ&RGHVNRQ VWLWXLHUWZLUGZLHLQGHQ-DKUHQXPLVWHYLGHQW'LHVWDUNH([SUHVVLYL WlWLVWHLQHUVXEWLOHUHQ5HSUlVHQWDWLRQVSUD[LVJHZLFKHQGHUZHQLJHVDOLHQWH 0HUNPDOH ]XU .RQWH[WXDOLVLHUXQJ XQG ,QV]HQLHUXQJ YRQ (PRWLRQDOLWlW ,QIRUPDOLWlW XQG $XWKHQWL]LWlW JHQJHQ $OV %HLVSLHO KLHUIU VROO HLQ ,Q WHUYLHZPLWGHU*UQHQ3ROLWLNHULQ&ODXGLD5RWKGLHQHQ,QGHU)ROJH GHV*UQH-XJHQG3RGFDVWVYRP-XQLZLUGVLHJHIUDJWREPDQDOV OLQNH$QWLIDVFKLVWLQEHUKDXSWIU'HXWVFKODQGMXEHOQGUIH

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



&ODXGLD5RWK  LFKMXEHOMDQLFKIU'(8WVFKODQG'(8WVFKODQGEHU$//HV  VRQGHUQLFKMXEOHIURGHULFKIUHXPLFKDQQHU68SD-XQJHQ)5(FKHQ81 WHXWRQLVFKHQGHXWVFKHQPDQQVFKDIW  LFKÀQGHGLH63,(OHQ VRZLHLFKPLUGHVYRUVWHOOH  2))HQ08WLJULV.,(5QZDV  VLH63,(OHQQLFKW6(/%67YHUOLHEW  GDVVLQGNHLQHEDOOHU,1HQDXIP3/$W]NHLQH',YHQ  VRQGHUQGLHVSLHOHQHLQIDFKHQ72//HQMXQJHQVSRUW  XQGGHVJHIb//WPLUXQGGDQQ NDQQLFKDOVGHXWVFKHUDXFKVDJQ  DFK.2PPGHVLVGRFKHQ68SSHUWHDP  DX‰HUGHP)5(8WVPLFKGDVV GLHVHJDQ]H*/,(16PDQQKHW]H%$6+LQJ 02%%LQJ  GDVVGDVMHW]WPDHELVVOLQVLFK]X6$00HQIlOOW  GHU./,(16PDQQKDWMDDXFKQLFKGLH'(8WVFKHQWXJHQGHQDXIQSODW]JH VWHOOW  lKP XQG ZHQQ LFK PLU EHUOHJH ZLH KDW )5hKHU KDEHQ )5hKHU GHXWVFKH QDWLRQDOPDQQVFKDIWHQJHVSLHOW  ZRPDQLUJHQGZLHVLFKJH:81GHUWKDWZDUXP.20PHQGLHHLJHQWOLFKVR ZHLWQH"  GLHVLQG,5JHQGZLHVLQGVH,0PHUGXUFKJHNRPPHQXQGHLJHQWOLFKZDUV,0 PHUQXUDXI HU*(%QLVRULHQWLHUW  XQGEHL'(QHQKDVWHGHVJHIKOGLHKDEHQHLQIDFKQXU/867XQG63$66DP VSLHO

%HVRQGHUV DXIIlOOLJ DQ 5RWKV bX‰HUXQJHQ LVW GLH ,QV]HQLHUXQJ YRQ W\SL VFKHQ0HUNPDOHQJHVSURFKHQHU6SUDFKHGLHLQPDVVHQPHGLDOHQ,QWHUYLHZ VLWXDWLRQHQQLFKWLQGHUVHOEHQ'LFKWHHUZDUWEDUVLQG6RÀQGHQVLFKHWZD ]DKOUHLFKH5HGX]LHUXQJHQÅGHV´=OÅVH´=O (OLVLRQHQÅQHU´=O ÅHQ´=OXQG XQG.RQWUDNWLRQHQÅDXIP´=OÅIUHXWV´=O ÅKDVWH´ =O   $XFK GHU *HEUDXFK YRQ ÅGX´ VWDWW GHV XQSHUV|QOLFKHQ 3URQRPHQVÅPDQ´ÅEHLGHQHQKDVWHGDV*HIKO´=O LVWLQ,QWHUYLHZ VLWXDWLRQHQ PLW 3ROLWLNHUQ XQJHZ|KQOLFK 6LFKHUOLFK LVW GLH 'LFKWH GHU VSUDFKOLFKHQ0HUNPDOHGHP0HGLXP3RGFDVWJHVFKXOGHWXQGGHU7DWVDFKH GDVVHVVLFKXPHLQ,QWHUYLHZIUHLQMXQJHV3XEOLNXPKDQGHOW'RFKÀQGHQ VLFKGLHEHVFKULHEHQHQ0HUNPDOHLQ&ODXGLD5RWKV|IIHQWOLFKHQbX‰HUXQ JHQKlXÀJHUDOVLQbX‰HUXQJHQYRQ3ROLWLNHUQDQGHUHUSROLWLVFKHU&RXOHXU EHVRQGHUVGLH(OLVLRQHQEHLXQEHVWLPPWHQ$UWLNHOQ%HLLKQHQKDQGHOWHV VLFKXP0DUNHUGHV.RPPXQLNDWLRQVVWLOVGHV6HOEVWYHUZLUNOLFKXQJVPLOLHXV   9JOKWWSZZZJUXHQHMXJHQGGHXSORDGVJMSRGFDVWBPS   =XGHPÀQGHQVLFKDXFK]DKOUHLFKH%HÀQGOLFKNHLWVlX‰HUXQJHQZLHÅLFKIUHXPLFKDQ´=O  ÅGDVJHIlOOWPLU´=O ÅDX‰HUGHPIUHXWVPLFK´=O GLHIUHLOLFKWHLOZHLVHDXFKGHP ,QKDOWGHU)UDJHJHVFKXOGHWVLQG



-RDFKLP6FKDUORWK

LQGHP&ODXGLD5RWKVR]LDOLVLHUWZXUGHGHVVHQVLHVLFKDEHUDXFKEHZXVVW EHGLHQWXPVLFKDOV9HUWUHWHULQHEHQGLHVHV0LOLHXV]XLQV]HQLHUHQ 'LHNRPPXQLNDWLYH8QRUGQXQJYRQZLUNW²GDVOHJWGLHVHU3DU IRUFHULWWGXUFKGLH-DKU]HKQWHQDKH²DOVRELVKHXWHIRUW6LHLVWVLFKWEDULQ GHU ,QV]HQLHUXQJ YRQ ,QIRUPDOLWlW XQG (PRWLRQDOLWlW LQ GHU |IIHQWOLFKHQ .RPPXQLNDWLRQ 'RFK LVW VLH NHLQH SODNDWLYH 8QRUGQXQJ PHKU VRQGHUQ HLQHVXEWLOH$QGHXWXQJGHVVHQGDVVPDQHVPLWGHU(LQKDOWXQJYRQ)RU PHQQLFKWVRJHQDXQHKPHQPDJXQGGDVVGHU6SUHFKHURGHUGLH6SUHFKHULQ DXFKHPRWLRQDOLQGHQNRPPXQLNDWLYYHUKDQGHOWHQ*HJHQVWDQGLQYROYLHUW VLQG 'LHVH ,QIRUPDOLVLHUXQJ XQG (PRWLRQDOLVLHUXQJ |IIHQWOLFKHU 5HGH ]HLJW GDVV GLH $QJHK|ULJHQ GHV 6HOEVWYHUZLUNOLFKXQJVPLOLHXV VSUDFKOLFK JHVHKHQ QLFKW GLH (UEHQ 'XWVFKNHV RGHU .DUO'LHWULFK :ROIIV GHV 6'6 RGHU GHU .*UXSSHQ VLQG VRQGHUQ GDV (UEH YRQ .RPPXQHEHZHJXQJ +DVFKUHEHOOHQXQG6SRQWLVDQJHWUHWHQKDEHQ'DVV,QIRUPDOLVLHUXQJXQG (PRWLRQDOLVLHUXQJDOOHUGLQJVQLFKWPHKUQXULPOLQNVDOWHUQDWLYHQ0LOLHXLQ V]HQLHUWZHUGHQVRQGHUQVLFKJHUDGH]X]XHLQHPQHXHQ.RPPXQLNDWLRQV VWLOLP|IIHQWOLFKHQ5DXPHQWZLFNHOWKDEHQGDVPDFKWXQVDOOH]X(UEHQ GHUHU%HZHJXQJ /LWHUDWXU $OOJHPHLQHU'HXWVFKHU7DQ]OHKUHU9HUEDQG+J  +|ÁLFKNHLWKHXWH(LQNOHLQHV %UHYLHU QHX]HLWOLFKHU 8PJDQJVIRUPHQ %HDUEHLWHW YRQ HLQHP )DFKDXVVFKXVV IU 8PJDQJVIRUPHQ.|OQ %HUJHU 3HWHU //XFNPDQQ 7KRPDV   'LH JHVHOOVFKDIWOLFKH .RQVWUXNWLRQ GHU :LUNOLFKNHLW(LQH7KHRULHGHU:LVVHQVVR]LRORJLH$XÁDJH)UDQNIXUWD0 (QJHOV 'LHWHU   3DUODPHQWDULVFKH 8QWHUVXFKXQJVDXVVFKVVH *UXQGODJHQ XQG 3UD[LVLP'HXWVFKHQ%XQGHVWDJ+HLGHOEHUJ +HLGHOEHUJHU:HJZHLVHU:HJZHL VHU3DUODPHQW  )DFKDXVVFKXVV IU 8PJDQJVIRUPHQ +J    +|ÁLFKNHLW KHXWH ² 6FKOVVHO ]XP (UIROJ *HVDPWDXVJDEH VlPWOLFKHU VHLW *UQGXQJ GHV )DFKDXVVFKXVVHV IU 8P JDQJVIRUPHQ YHU|IIHQWOLFKWHQ(PSIHKOXQJHQ.|OQ )DFKDXVVFKXVVIU8PJDQJVIRUPHQ+J  8PJDQJVIRUPHQKHXWH'LH(PSIHK OXQJHQ GHV )DFKDXVVFKXVVHV IU 8PJDQJVIRUPHQ hEHUDUEHLWHWH XQG HUJlQ]WH 1HXDXÁDJH.|OQ )DFKDXVVFKXVVIU8PJDQJVIRUPHQ+J  8PJDQJVIRUPHQKHXWH'LH(PSIHK OXQJHQGHV)DFKDXVVFKXVVHVIU8PJDQJVIRUPHQhEHUDUEXQGHUJ1HXDXÁDJH .|OQ )DFKDXVVFKXVVIU8PJDQJVIRUPHQ+J  8PJDQJVIRUPHQKHXWHhEHUDUEHLWH WHXQGQHXJHVWDOWHWH$XÁDJH'LH(PSIHKOXQJHQGHV)DFKDXVVFKXVVHVIU8P JDQJVIRUPHQ1LHGHUQKDXVHQLP7DXQXV

9RQGHU,QIRUPDOLWlW]XPGRLQJEXGG\



)DKOHQEUDFK .DWKULQ   3URWHVW,QV]HQLHUXQJHQ 9LVXHOOH .RPPXQLNDWLRQ XQG .ROOHNWLYH,GHQWLWlWHQLQ3URWHVWEHZHJXQJHQ2SODGHQ )LVFKHU/LFKWH(ULND *UHQ]JlQJHXQG7DXVFKKDQGHO$XI GHP:HJH]XHLQHU SHUIRUPDWLYHQ.XOWXU,Q:LUWK8ZH+J 3HUIRUPDQ]=ZLVFKHQ6SUDFKSKLOR VRSKLHXQG.XOWXUZLVVHQVFKDIWHQ)UDQNIXUWDP0DLQ6² )LVFKHU/LFKWH (ULND   bVWKHWLN GHV 3HUIRUPDWLYHQ )UDQNIXUW D0   HGLWLRQ VXKUNDPS  )LVFKHU/LFKWH (ULND.RHOVFK 'RULV   9RUZRUW ,Q )LVFKHU/LFKWH (ULND .RHOVFK 'RULV +J  .XOWXUHQ GHV 3HUIRUPDWLYHQ 3DUDJUDQD %DQG  +HIW  6 *DUÀQNHO+DUROG 6WXGLHVLQ(WKQRPHWKRGRORJ\(QJOHZRRG&OLIIV *DUÀQNHO+DUROG 6WXGLHQEHUGLH5RXWLQHJUXQGODJHQYRQ$OOWDJVKDQGHOQ,Q 6WHLQHUW+HLQ]+J 6\PEROLVFKH,QWHUDNWLRQ6WXWWJDUW6² *DUÀQNHO+DUROG 'DV$OOWDJVZLVVHQEHUVR]LDOHXQGLQQHUKDOEVR]LDOHU6WUXN WXUHQ,Q$UEHLWVJUXSSH%LHOHIHOGHU6R]LRORJHQ+J $OOWDJVZLVVHQ,QWHUDNWLRQ XQGJHVHOOVFKDIWOLFKH:LUNOLFKNHLW2SODGHQ6² *URE0DULRQ 'DV.OHLGXQJVYHUKDOWHQMXJHQGOLFKHU3URWHVWJUXSSHQLQ'HXWVFK ODQGLP-DKUKXQGHUW0QVWHU +DOO(GZDUG7 'LH6SUDFKHGHV5DXPHV'VVHOGRUI +DUWK'LHWULFK +DQGOXQJVWKHRUHWLVFKH$VSHNWHGHU5LWXDOG\QDPLN,Q+DUWK 'LHWULFK6FKHQN*HUULW-DVSHU+J 5LWXDOG\QDPLN.XOWXUEHUJUHLIHQGH6WXGL HQ]XU7KHRULHXQG*HVFKLFKWHULWXHOOHQ+DQGHOQV+HLGHOEHUJ6² +LQULFKV 8ZH   6WXGHQWHQVSUDFKH 6SRQWLVSUDFKH ,Q 0XWWHUVSUDFKH  6² .DLVHU5ROI8OULFK )DEULNEHZRKQHU3URWRNROOHLQHU.RPPXQHXQG7ULSV 'VVHOGRUI .RPPXQH,+J  4XHOOHQ]XU.RPPXQHIRUVFKXQJ%HUOLQ .UDXVKDDU :ROIJDQJ   )LVFKHU LQ )UDQNIXUW .DUULHUH HLQHV $X‰HQVHLWHUV +DPEXUJ .XKQ)ULW] hEHUOHJXQJHQ]XUSROLWLVFKHQ6SUDFKHGHU$OWHUQDWLYEHZHJXQJ,Q 6SUDFKHXQG/LWHUDWXULQ:LVVHQVFKDIWXQG8QWHUULFKW6² /DQJKDQV5DLQHU7HXIHO)ULW] .ODXPLFK8QYHUlQGHUWH1DFKDXÁDJH%HUOLQ /LQNH$QJHOLND 6WLOXQG.XOWXU,Q)L[8OOD*DUGW$QGUHDV.QDSH-RDFKLP +J 5KHWRULNXQG6WLOLVWLN5KHWRULFDQG6W\OLVWLFV(LQLQWHUQDWLRQDOHV+DQGEXFK KLVWRULVFKHUXQGV\VWHPDWLVFKHU)RUVFKXQJ$Q,QWHUQDWLRQDO+DQGERRNRI +LVWR ULFDODQG6\VWHPDWLF5HVHDUFK +DQGEFKHU]XU6SUDFKXQG.RPPXQLNDWLRQV ZLVVHQVFKDIW+DQGERRNV RI  /LQJXLVWLFV DQG &RPPXQLFDWLRQ 6FLHQFH   %HUOLQ1HZ]X@EHUZLQGHQ´XQGPHLQWHGDPLW Å´GDVÅPHKU:HUWH]HUVW|UW>KDEH@DOVGDV'ULWWH5HLFK´+HUPDQQ 6 6HLWKHUVWHKWGLH(ULQQHUXQJDQXQGGLH%HZHUWXQJYRQÅ´ QLFKWQXUDOOHIQI -DKUH]XPMHZHLOLJHQÅUXQGHQ´-DKUHVWDJDXI GHUPHGL DOHQXQGSROLWLVFKHQ7DJHVRUGQXQJVRQGHUQVLHZLUGLPPHUZLHGHUDXFK DQOlVVOLFKWDJHVSROLWLVFKHU.RQÁLNWH]XP7KHPD6HLHVEHLGHU6XFKHQDFK GHQ8UVDFKHQIUDXVOlQGHUIHLQGOLFKH3RJURPH$QIDQJGHUHU-DKUH EHLGHP9HUVXFKGLH%HOLHEWKHLWGHVHKHPDOLJHQ$X‰HQPLQLVWHUV-RVFKND )LVFKHUEHUVHLQHÅHU9HUJDQJHQKHLW´]XHUVFKWWHUQRGHUHEHQEHLGHU .ULWLN]XPÅ-DKUHVWDJ´DQGHU=HUVW|UXQJYRQ)DPLOLHQZHUWHQGXUFK GLH$NWHXUHGLHVHU=HLW 1XQZlUHHVZQVFKHQVZHUWDEHUQXUGXUFKHLQNOHLQHVNRUSXVEDVLHU WHV )RUVFKXQJVSURMHNW ]X OHLVWHQ GLHVH |IIHQWOLFKH PHGLDOH (ULQQHUXQJV DUEHLWLQHLQHPGLDFKURQLVFKHQ/lQJVVFKQLWWJHQDXHU]XXQWHUVXFKHQXP KHUDXV]XÀQGHQREHV*HPHLQVDPNHLWHQXQG8QWHUVFKLHGHLQGHQYHUVFKLH GHQHQ-DKUHQJLEWGLH$XIVFKOXVVJHEHQEHUGDVMHZHLOVYRU KHUUVFKHQGH NROOHNWLYH :LVVHQ EHU W\SLVFKHV 'HQNHQ )KOHQ XQG :ROOHQ YJO +HU PDQQV EH]JOLFKGLHVHU=HLWLQGHU%XQGHVUHSXEOLN'HXWVFKODQG'D LFKGLHVLQHLQHUXPIDVVHQGHQ:HLVHQLFKWOHLVWHQNDQQKDEHLFKPLFKDXI  HLQHQ VHKU NOHLQHQ $XVVFKQLWW GHV HU(ULQQHUXQJVGLVNXUVHV EHVFKUlQNW GHUHLQHUVHLWVOHLFKW]XJlQJOLFKLVWXQGDQGHUHUVHLWVYRQHLQHPNRQWLQXLHU OLFKIUGLH|IIHQWOLFKHQ'HEDWWHQGHU%XQGHVUHSXEOLNZLFKWLJHQNROOHNWLYHQ 'LVNXUVDNWHXUVWDPPW,FKKDEHGLH]XP(LQVWLHJPLWLKUHQ7LWHOQ]LWLHUWHQ 63,(*(/6HULHQE]Z$UWLNHO]XPXQG-DKUHVWDJGHV(UHLJQLVVHV Å´ XQWHUVXFKW XQG KDWWH EHUHLWV GDPLW HLQH MHZHLOLJH 7H[WPHQJH YRQ HWZD6HLWHQDXV]XZHUWHQ $XFKPHWKRGRORJLVFKPXVVWHLFKPLFKEHVFKUlQNHQ*HSODQWZDUGLH LQGHQ7H[WHQDQJHVSURFKHQHQ7KHPHQGLH%HQHQQXQJHQGHU$NWHXUHXQG GHU(UHLJQLVVHGLHJHQXW]WH0HWDSKRULNVRZLHEHYRU]XJWH$UJXPHQWDWLRQV PXVWHU]XU%HZHUWXQJGHU*HVFKHKQLVVH]XDQDO\VLHUHQ,FKYHUVXFKHKLHU GLHVH$VSHNWHXQWHUHLQHPHLQKHLWOLFKHQPHWKRGLVFKHQ'DFK]XLQWHJULHUHQ XQGPXVVGD]X]XQlFKVWHWZDV]XUWKHRUHWLVFKHQXQGPHWKRGLVFKHQ,GHH GHUGXUFKJHIKUWHQ$QDO\VHVDJHQ 

=XU0HWKRGH

,QGLHVHP=XVDPPHQKDQJKDEHLFKVFKRQELVKHUÅ´QLFKWRKQH+LQ WHUJHGDQNHQ DOV Å(UHLJQLV´ EH]HLFKQHW 'DVV LP (ULQQHUXQJVGLVNXUV EHU Å´PLWGHU-DKUHV]DKOQLFKWHLQ-DKUJHPHLQWLVWVRQGHUQGLH=DKODOV HLQH&KLIIUHIUHLQH9LHO]DKOYRQ(UHLJQLVVHQGLHQWGLHPLWGHU-DKUHV]DKO

Å'HU$QJULII DXI GDV%HVWHKHQGH´



HEHQVRZLHGLH5HIRUPDWLRQGLH)UDQ]|VLVFKH5HYROXWLRQRGHUGHUHUVWH:HOWNULHJDOV HLQJHVFKLFKWOLFKHV(UHLJQLVJHEQGHOWZHUGHQLVWVFKRQKlXÀJDXFKH[SOL]LW WKHPDWLVLHUWZRUGHQ(LQVFK|QHU%HOHJGD]XDXVHLQHP(ULQQHUXQJVEXFK Ä$FKWXQGVHFK]LJ¶²ZHUGLHVH=DKODXVVSULFKWEHQHQQWQLFKWHLQIDFKHLQEHVWLPP WHV-DKUVRQGHUQPHLQWGDPLWHLQJDQ]HV%QGHOYRQ]XP7HLOVHKUXQWHUVFKLHGOL FKHQ*HVFKHKQLVVHQGLHLP=XVDPPHQZLUNHQGLHSROLWLVFKH1DFKNULHJVRUGQXQJ DXIJHO|VWKDEHQ&RKQ%HQGLW'DPPDQQ6

,Q GHP YRQ PLU KLHU LQ $QVSUXFK JHQRPPHQHQ WKHRUHWLVFKHQ =XVDP PHQKDQJ YHUZHLVW GHU 7HUPLQXV Å(UHLJQLV´ DXI  HLQHQ GHU 0DWUL[IUDPHV GLH.RQHUGLQJLQVHLQHUJUXQGOHJHQGHQ$UEHLWEHU)UDPHVKHUDXV JHDUEHLWHW KDW )U GLVNXUVDQDO\WLVFKH =ZHFNH RSHUDWLRQDOLVLHUW KDW GLHVHV .RQ]HSWQHEHQ&ODXGLD)UDDV $OH[DQGHU=LHP 'LH$UEHLW IXQJLHUWIUPLFKKLHUQLFKWQXUDOV,GHHQJHEHUIUGHQPHWKRGLVFKHQ$Q VDW]VRQGHUQDXFKDOV/HLWIDGHQIUGLH$QDO\VH²RKQHGDVVLFKGLHVHKLHU VRH[DNWEHJUQGHQXQGGXUFKIKUHQNDQQZLHHUHVIUGLH.DSLWDOLVPXV 'HEDWWH YRQ  PLW GHU 0HWDSKHU GHU +HXVFKUHFNH JHOHLVWHW KDW ,QGHP LFKGDYRQDXVJHKHGDVVLPEXQGHVGHXWVFKHQ(ULQQHUXQJVGLVNXUVIU HLQ JHVFKLFKWOLFKHV (UHLJQLV VWHKW IUDJH LFK GDQDFK ]XU (WDEOLHUXQJ ZHO FKHU 6WDQGDUGZHUWH LPSOL]LWHU 3UlGLNDWLRQHQ  GK IU GLH 9HUVWlQGLJXQJ EHLGHU9HUZHQGXQJYRQ$XVGUFNHQYRUDXVVHW]EDUHQ+LQWHUJUXQGZLVVHQV GHV:LVVHQVUDKPHQV )UDPH Å´GLH63,(*(/7H[WHLQGHQMHZHLOLJHQ -DKUHQEHLWUDJHQLQGHPLQLKQHQGDVÅ(UHLJQLV´PLWEHVWLPPWHQ)OOZHUWHQ ÀOOHUQ  YHUVHKHQ ZLUG ² XQG ]ZDU PLW WH[WXHOOHQ XQG OH[LNDOLVFKHQ 0LW WHOQ GLH ]7 W\SLVFK IU GHQ PHGLHQOLQJXLVWLVFK GHV gIWHUHQ EHVFKULHEH QHQ63,(*(/6WLOXQG-DUJRQVLQGGHUGLH:LUNVDPNHLWGHU7H[WHIUGDV NROOHNWLYH VR]LDOH :LVVHQ EHU Å´ P|JOLFKHUZHLVH DXI  HLQLJH VR]LDOH *UXSSHQHLQVFKUlQNW'HQQRFKEOHLEHQGLH7H[WHDOVHL QH 0DQLIHVWDWLRQ GLHVHV:LVVHQVXQGGLHVHV(ULQQHUXQJVGLVNXUVHVXQWHUVXFKHQVZHUW,FKZLOO DXI GHQ63,(*(/6WLOMHGHQIDOOVQLFKWVSH]LÀVFKHLQJHKHQVRQGHUQPLFKDXI  GLHYRQ.RQHUGLQJXQG=LHPIUGHQ0DWUL[IUDPHÅ(UHLJQLV´HQWZLFNHOWHQ )UDJHQ]XGHQ/HHUVWHOOHQGLHGLHVHU0DWUL[IUDPHHU|IIQHWNRQ]HQWULHUHQ 'DGXUFK P|FKWH LFK V\VWHPDWLVFK XQG PHWKRGLVFK DEJHVLFKHUW HWZDV EHU GLH ÅTXDVL H[SOL]LWHQ 3UlGLNDWLRQHQ KLQVLFKWOLFK GHU DQJHVSURFKH QHQ:LVVHQVDVSHNWHDOVRGHU/HHUVWHOOHQGHV0DWUL[IUDPHV ´=LHP 6 LQ(UIDKUXQJEULQJHQGLHLQGHQ63,(*(/6HULHQ]XU6SUDFKHNRP PHQXQGVRPLW(OHPHQWHGHVNROOHNWLYHQ:LVVHQVEHUÅ´MHZHLOVPLW EHVWLPPHQ0LFKLQWHUHVVLHUWZLHGLHVHVLFKLPGLDFKURQLVFKHQ9HUJOHLFK YHUlQGHUWKDEHQXQGZHOFKHGDYRQLQDOOHQ-DKUHVUFNEOLFNHQDXIWDXFKHQ XQG VLFK GDKHU RIIHQEDU VR VHKU YHUIHVWLJW KDEHQ GDVV Å´ RKQH VLH 

9JO]XP63,(*(/6WLOLQVEHVRQGHUH(Q]HQVEHUJHU &DUVWHQVHQ *ULPPLQJHU  XQG'RUHQEHFN 



0DUWLQ:HQJHOHU

NDXP]XGHQNHQE]Z]XHULQQHUQLVW:HQQÅ(ULQQHUQLP6LQQHYRQ*H GHQNHQUHFROOHFWLRQ GDUDQJHEXQGHQLVWZLHHLQH*HVHOOVFKDIWLKUH9HU JDQJHQKHLWVR]LDONRQVWUXLHUW´:DUQNH6 GDQQWUDJHQHEHQVRO FKH*HGHQN$UWLNHOLQHLQHP/HLWPHGLXP(QWVFKHLGHQGHV]XGHPEHLZDV GLH *HVHOOVFKDIWVPLWJOLHGHU EHU Å´ ZLVVHQ ZDV VLH GD]X IU ÅZDKU´ KDOWHQ²ELVKLQ]XGHQLQGLYLGXHOOHQ(ULQQHUXQJHQGHU=HLWJHQRVVHQGLH GDYRQEHHLQÁXVVWVLQGYJOHEG6II  +LOIUHLFKIUGLH$QDO\VHLVWGLHYRQ=LHPIUVHLQ$OOWDJVEHLVSLHO6FKHL GXQJYRUJHQRPPHQH5HGXNWLRQGHVXPIDVVHQGHQYRQ.RQHUGLQJSUlVHQ WLHUWHQ)UDJHQNDWDORJV]XP0DWUL[IUDPHÅ(UHLJQLV´DQKDQGGHVVHQLFKGLH 63,(*(/7H[WH XQWHUVXFKHQ ZLOO 'LH IROJHQGH ² PLW GHQ YRQ .RQHUGLQJ HQWZLFNHOWHQ )UDJHQ DUEHLWHQGH XQG YRQ =LHP  6   PRGLÀ]LHUW EHUQRPPHQH²7DEHOOH]HLJWGLHUHOHYDQWHQ)UDJHQ /HHUVWHOOHQGHV0DWUL[IUDPHV  :DVKDWGDV(UHLJQLV]XU9RUDXVVHW]XQJ":RGXUFKLVWGDV(UHLJQLV

EHGLQJW":DVPDFKWHVP|JOLFK"

 :RUDXI JHKWGDV(UHLJQLV]XUFN"  :RYRQLVWHV%HVWDQGWHLO",QZHOFKHPEHUJHRUGQHWHQIXQNWLRQD

OHQ=XVDPPHQKDQJÀJXULHUWGDV(UHLJQLV"

 :HOFKH&KDUDNWHULVWLNDNHQQ]HLFKQHQGHQ$EODXI GHV(UHLJQLVVHV"  :HOFKHZHVHQWOLFKHQ3KDVHQE]Z7HLOHUHLJQLVVHZHLVWGDV(UHLJQLV

DXI ":LHVLQGGLHVHFKDUDNWHULVLHUW"  0LWZHOFKHQDQGHUHQ(UHLJQLVVHQRGHUZHOFKHQYRQGHUHQ3KDVHQ EHUVFKQHLGHWVLFKGDV(UHLJQLV"  :HOFKH ZHVHQWOLFKHQ 0LWVSLHOHU,QQHQ,QWHUDNWLRQVSDUWQHU,QQHQ DJLHUHQLQGHP(UHLJQLV"  :LHVLQGGLHVHFKDUDNWHULVLHUW"  'XUFK ZHOFKH UHOHYDQWHQ (LJHQVFKDIWHQ VLQG GLH MHZHLOLJHQ 0LW

VSLHOHU,QQQHQXQGLKUH5ROOHQFKDUDNWHULVLHUW"

 :DVXQWHUVWW]WGDV(UHLJQLV" 

:HOFKHQ1DPHQKDWGDV(UHLJQLV"

 :DVIROJWGHP(UHLJQLVRGHUHLQ]HOQHQVHLQHU3KDVHQQDFK"

0LWGLHVHQ)UDJHQVLQGDOVRHLQLJHGHU/HHUVWHOOHQEHQDQQWGLHEH]JOLFK MHGHV (UHLJQLVVHV LQ XQVHUHP LQGLYLGXHOOHQ XQG NROOHNWLYHQ :LVVHQ PLW

Å'HU$QJULII DXI GDV%HVWHKHQGH´



GXUFK'LVNXUVHHWDEOLHUWHQ6WDQGDUGZHUWHQJHIOOWVLQGXQGGLHLQ7H[WHQ XQG*HVSUlFKHQPLWNRQNUHWHQ)OOZHUWHQDXVJHVWDWWHWVLQG(UVLFKWOLFKLVW GDEHLGDVVLQGLHVHQ)UDJHQDXFKWUDGLWLRQHOOHJHUDGHLQGHU3ROLWROLQJXLVWLN JHQXW]WH$QDO\VHDVSHNWHLQWHJULHUWVLQG$QWZRUWHQDXI GLH)UDJHQDFKGHQ %HQHQQXQJHQGHU$NWHXUHXQGGHU*HVFKHKQLVVHXQGQDFKGHUYHUZHQGHWHQ 0HWDSKRULNEHWUHIIHQGLHVSUDFKOLFKHQ0LWWHOPLWGHQHQGLH*HVFKHKQLVVH GLHKDQGHOQGHQ3HUVRQHQXQGGLH)ROJHQQLFKWQXUEHQDQQWVRQGHUQDXFK FKDUDNWHULVLHUW ZHUGHQ 0LW YLHOHQ DQGHUHQ )UDJHQ DXV GHP .DWDORJ N|Q QHQGLH$QWZRUWHQEH]JOLFKGHULQGHQ7H[WHQDQJHVSURFKHQHQ7KHPHQ GLIIHUHQ]LHUWEHKDQGHOWZHUGHQXQGGLHPHWKRGLVFKH(LQRUGQXQJLQHLQH )UDPHE]Z:LVVHQVUDKPHQDQDO\VHUHFKWIHUWLJWGDEHLGLH%HUFNVLFKWLJXQJ LQKDOWOLFKHU$VSHNWHGLHYRQ/LQJXLVWHQJHUQHQRFKLQKDOWVDQDO\WLVFKHQ$Q VlW]HQGHU6R]LDOXQG0HGLHQZLVVHQVFKDIWHQEHUODVVHQZHUGHQ'LH)UD JHQDFKYHUZHQGHWHQ$UJXPHQWDWLRQVPXVWHUQWRSRLYJO:HQJHOHU  ÀQGHWVLFKDOOHUGLQJVLQGLHVHQ/HHUVWHOOHQGHV(UHLJQLV)UDPHVQLFKWZLH GHU'DLQGHQXQWHUVXFKWHQ7H[WHQDEHUDXFK$UJXPHQWDWLRQHQIURGHU JHJHQHLQHDXIJHVWHOOWH7KHVH]%Å'LHHUVLQGDQDOOHP6FKOHFKWHQLQGHU *HVHOOVFKDIWVFKXOG´RGHUÅ'LHHUKDEHQHLQHXPIDVVHQGH'HPRNUDWLVLH UXQJ XQG /LEHUDOLVLHUXQJ GHU GHXWVFKHQ *HVHOOVFKDIW EHZLUNW´  DXIJUXQG GHUQDUUDWLYHQ'DUVWHOOXQJVIRUPQXUHLQHXQWHUJHRUGQHWH5ROOHVSLHOHQLVW HLQH7RSRV$QDO\VHGHU7H[WHQLFKWHUJLHELJ$OVKHXULVWLVFKH)UDJHQ]XP MHZHLOVLQGHQ7H[WHQNRQVWLWXLHUWHQ:LVVHQEHUÅ´HUJLHELJVFKLHQHQ PLU QDFK GHU HUVWHQ /HNWUH GHU 63,(*(/6HULHQ DEHU GLH IROJHQGHQ IQI  )UDJHQGLH]7GLHLQGHU7DEHOOHJHQDQQWHQ'LIIHUHQ]LHUXQJHQZLHGHUXP EQGHOQ î 'LH )UDJH GDQDFK ZDV ]X Å´ JHIKUW KDW :DV KDW GDV (UHLJQLV Å´ ]XU 9RUDXVVHW]XQJ" :RGXUFK LVW GDV (UHLJQLV EHGLQJW" :DV PDFKWHVP|JOLFK":RUDXI JHKWGDV(UHLJQLVÅ´]XUFN" î 'LH)UDJHQDFKGHPZDVÅ´HLJHQWOLFKSDVVLHUWLVWZHOFKH(UHLJ QLVVHLQZHOFKHQ%HGLQJXQJV]XVDPPHQKlQJHQDEJHODXIHQVLQG:HOFKH &KDUDNWHULVWLNDNHQQ]HLFKQHQGHQ$EODXI GHV(UHLJQLVVHVÅ´":HO FKHZHVHQWOLFKHQ3KDVHQE]Z7HLOHUHLJQLVVHZHLVWGDV(UHLJQLVÅ´ DXI ":LHVLQGGLHVHFKDUDNWHULVLHUW" î 'LH )UDJH QDFK GHQ KDQGHOQGHQ 3HUVRQHQ ZHU LQ ZHOFKHU 5ROOH PLW ZHOFKHQ*UQGHQXQGZHOFKHQ$NWLRQHQGDV(UHLJQLVÅ´DXVJH PDFKWKDW:HOFKHZHVHQWOLFKHQ0LWVSLHOHU,QQHQ,QWHUDNWLRQVSDUWQHU ,QQHQDJLHUHQLQGHP(UHLJQLV":LHVLQGGLHVHFKDUDNWHULVLHUW"'XUFK ZHOFKHUHOHYDQWHQ(LJHQVFKDIWHQVLQGGLHMHZHLOLJHQ0LWVSLHOHU,QQQHQ XQGLKUH5ROOHQFKDUDNWHULVLHUW" î :HOFKHJHVHOOVFKDIWOLFKHQSROLWLVFKHQXQGLQGLYLGXHOOHQ)ROJHQKDWGDV (UHLJQLVÅ´XQGZLHZHUGHQGLHVHEHZHUWHW:DVIROJWGHP(UHLJ QLVRGHUHLQ]HOQHQVHLQHU3KDVHQQDFK"



0DUWLQ:HQJHOHU

î :LHZHUGHQGDV(UHLJQLVRGHU7HLOHGHV(UHLJQLVVHV]HLWJHQ|VVLVFKXQG H[SRVW EHQDQQW:HOFKHQ1DPHQKDWGDV(UHLJQLV" $XI GLHVH)UDJHQVROOHQQXQDOV$XVZHUWXQJGHU7H[WHHLQLJH$QWZRUWHQ JHJHEHQZHUGHQ'D]XPXVVDEHUYRUDENXU]HWZDV]XUXQWHUVFKLHGOLFKHQ )RUPGHU63,(*(/6HULHQE]Z$UWLNHOGHUGUHL-DKUJlQJHJHVDJWZHUGHQ YHU|IIHQWOLFKW'(563,(*(/DE+HIWDFKW7HLOHHLQHU6HULHGLHDXI  GHP7LWHOYRQ+HIWLQHLQHPNOHLQHQ%DONHQPLWÅXQGGLH)ROJHQ´ DQJHNQGLJW LVW 'DULQ ZLUG LQ HLQHU LQKDOWOLFKHQ 'RSSHOXQJ GDV 7KHPD GXUFK XQWHUVFKLHGOLFKH $XWRUHQ 7HLO ,,,, YRQ :LOKHOP %LWWRUI 7HLO 9, 9,,,YRQ-UJHQ/HLQHPDQQ ]ZHLPDODEJHKDQGHOWLQVRIHUQEH]LHKHQVLFK $QWZRUWHQDXI GLH)UDJHQ]7DXI GLH]ZHLIDFKH%HKDQGOXQJGHU$VSHNWH 'LH LQ +HIW  EHJLQQHQGH IQIWHLOLJH Å)ROJH YRQ %HLWUlJHQ´ ZLUG QLFKWPHKUDOVÅ6HULH´WLWXOLHUWXQGLVWGXUFKYLHU$XWRUHQXQGHLQ,QWHUYLHZ DXFKKHWHURJHQHUJHVWDOWHW2EZRKOGXUFKHLQ3RUWUlWYRQ)ULW]7HXIHOXQG HLQ,QWHUYLHZPLWGUHL0LWJOLHGHUQGHUÅ%HZHJXQJ-XQL´QDWUOLFKDXFK )OOZHUWHJHUDGHEH]JOLFKGHUXQWHUEHQDQQWHQ/HHUVWHOOHQUHDOLVLHUWZHU GHQVLQGGLHVHEHLGHQ7HLOHLQVJHVDPWGRFKUHFKWZHQLJHUJLHELJ,QGHQ -DKUHQVSOLWWHWVLFKGLHÅ(ULQQHUXQJVDUEHLW´]HLWOLFKDXI,Q+HIW JLEWHVHLQHQVHLWLJHQ$UWLNHOLQGHU5XEULNÅ.XOWXU´EHUÅ'LH 7DJHGHU.RPPXQH´LQ+HIWPLWGHPHLQJDQJVEHWUDFKWHWHQ7L WHOHLQHQVHLWLJHQ$XV]XJDXVGHP%DQGÅ,FDQ·WJHWQR²HLQSDDUHU WUHIIHQVLFKXQGUHFKQHQDE´+DQQRYHU6FKQLEEHQ LQ)RUPHLQHV YHUVFKULIWOLFKWHQ *HVSUlFKV 8P TXDQWLWDWLY ZHQLJVWHQV PLW GHU %HLWUDJV IROJHYRQLQHWZD9HUJOHLFKEDUHV]XJUXQGH]XOHJHQKDEHLFKDOV(U JlQ]XQJ]XGHPHLQHQ9RUDEGUXFNYRQ%XFKDXV]JHQDXV5HLQKDUG0RKUV Å'HUGLVNUHWH&KDUPHGHU5HEHOOLRQ´ ZLHHULQ63,(*(/21/,1(YRP HUVFKLHQHQLVWKLQ]XJH]RJHQ 

$XVZHUWXQJGHU63,(*(/6HULHQXQG



9RUDXVVHW]XQJHQYRQÅ´

8QWHUGUFNXQJXQG:LGHUVWDQGLQ:HOW9LHWQDP.XED,UDQ +DOEVWDUNHXQG5RFN·Q5ROO%HDWQLNVXQG5RFN0XVLN %UJHUUHFKWVEHZHJXQJXQG:LGHUVWDQGJHJHQ9LHWQDPNULHJLQ86$ 2UGLQDULHQXQGÅEUDXQH´8QLYHUVLWlW 6'6'HQNVFKULIWXQG$NWLRQHQDQ)8%HUOLQXQG 0DU[LVPXV3V\FKRDQDO\VH.ULWLVFKH7KHRULH

Å'HU$QJULII DXI GDV%HVWHKHQGH´



1LFKWGLH7KHRULHQQLFKWGHU6'6QLFKWGHU9LHWQDPNULHJVRQGHUQ ÅGHUVXEMHNWLYH)DNWRU´ =XVWlQGHLQXQG5ROOHGHU)DPLOLHVHLW.DLVHUUHLFKPLW5HVWDXUDWLRQ QDFK :LUWVFKDIWVZXQGHU1D]L]HLW7DEX3ROLWLNDEVWLQHQ]86$2ULHQWLHUXQJ XQGGDV6WUHEHQQDFKÅ5XKHXQG2UGQXQJ´ 6SLHJHO$IIlUHGLH6FKZDELQJHU.UDZDOOHGLHÅ3LOOH´0LQL5RFNXQG 5RFN·Q5ROOGLH%HDWOHVVRZLHÅ9RONHV6WLPPH´]XGLHVHQ$XIEUFKHQ 7DE9RUDXVVHW]XQJHQGHV(UHLJQLVVHVÅ´LP63,(*(/

:HLOVLHGLHOlQJVWHLVWELHWHWGLH6HULHYRQQDWXUJHPl‰GLHGLIIHUHQ ]LHUWHVWH$QWZRUWDXI GLH)UDJHQDFKGHQ9RUDXVVHW]XQJHQGLHGDV(UHLJQLV Å´HUP|JOLFKWKDEHQV7DE ,P9HUJOHLFK]XGHQDQGHUHQ/HHUVWHO OHQZLUGGLHVEH]JOLFKDEHUDXFKKLHULQVJHVDPWQXUUHODWLYZHQLJÅJHIOOW´ ,P (LQVWLHJVWH[W ZLUG GLH 8QWHUGUFNXQJ LQ 'ULWWH :HOW6WDDWHQ XQG GHU GRUWLJH:LGHUVWDQGDOV0RWLYDWLRQXQG9RUDXVVHW]XQJHUZlKQW9LHWQDP NULHJNXEDQLVFKH5HYROXWLRQXQGGDV6FKDK5HJLPHLQ3HUVLHQGHVVHQ5H SUlVHQWDWLRQEHLP6FKDK%HVXFKHLQ]HQWUDOHU$XVO|VHUJHZHVHQVHL 'D]XZHUGHQLQHLQHP5FNEOLFNGLH+DOEVWDUNHQXQGGHU5RFN·Q5ROOLQ GHQHU-DKUHQGHU%5'VRZLHGLH%HDWQLNVXQGGLH5RFN0XVLNVHLWGHQ HU -DKUHQ DOV 9RUDXVVHW]XQJHQ EHQDQQW XQG DQKDQG YRQ ELRJUDÀVFKHQ 'DUVWHOOXQJHQYRQ-DPHV'HDQEHU-DFN.HURXDF-DQLV-RSOLQ-LP0RUUL VRQ%RE'\ODQXQG-LPL+HQGUL[H[HPSOLÀ]LHUW=XGHPZLUGGLH%UJHU UHFKWVEHZHJXQJ GHU 6FKZDU]HQ LQ GHQ 86$ QHEHQ GHP GRUWLJHQ :LGHU VWDQGJHJHQGHQ9LHWQDPNULHJWKHPDWLVLHUW,QHLQHPHLJHQHQ7HLO,9 EHU GLH=XVWlQGHDQGHQ+RFKVFKXOHQZHUGHQDOV9RUDXVVHW]XQJGLHYHUNUXVWH WHQ6WUXNWXUHQGHU2UGLQDULHQXQLYHUVLWlWLP$OOJHPHLQHQXQGGLHÅEUDXQH 8QLYHUVLWlW´PLWGHU169HUJDQJHQKHLWYLHOHU/HKUHQGHULP%HVRQGHUHQDOV PRWLYLHUHQGH9RUDXVVHW]XQJIUÅ´VRZLHDOV]HLWOLFKH9RUDXVVHW]XQJ HLQH6'6'HQNVFKULIW]XUÅ'HPRNUDWLHLQ+RFKVFKXOHQ´EHUHLWVYRQ VRZLHSROLWLVFKH$NWLRQHQDQGHU)8%HUOLQVFKRQVHLWEHQDQQW$XFK 0DU[LVPXV3V\FKRDQDO\VHXQG.ULWLVFKH7KHRULHJHOWHQGHP$XWRUDOVGLH WKHRUHWLVFKHQ9RUDXVVHW]XQJHQGHU5HYROWH ,PHUJlQ]HQGHQ]ZHLWHQ7HLOGHU6HULHDE7HLO9, ZHUGHQGLH9RUDXV VHW]XQJHQQLFKWQXUNU]HUDEJHKDQGHOWVRQGHUQEH]JOLFKGHVLPHUVWHQ 

,FKYHU]LFKWH]XJXQVWHQGHU/HVEDUNHLWGHV7H[WHVGDUDXIMHGHQ:RUWEHOHJXQGMHGHLQKDOWOL FKH:LHGHUJDEHYRQ7H[WDXVVFKQLWWHQPLWJHQDXHU+HIWXQG6HLWHQ]DKOÅVDXEHU´DXV]XZHL VHQ=XP1DFKYROO]XJGHU$QDO\VHJHQJWP(LQGLHVHP)DOOGHUDOOJHPHLQH9HUZHLVDXI  GLH7HLOHGHU63,(*(/6HULHQRGHUGLH+HIW1XPPHUQ1XUOlQJHUH=LWDWHZHUGHQJHQDXHU DXVJHZLHVHQ



0DUWLQ:HQJHOHU

7HLO*HVDJWHQDXFKVWDUNUHODWLYLHUW1LFKWGLH7KHRULHQQLFKWGHU6'6XQG QLFKWGHU9LHWQDPNULHJVHLHQGLHHQWVFKHLGHQGHQÅ'LQJH´JHZHVHQGLH]X Å´JHIKUWKlWWHQVRQGHUQÅGHUVXEMHNWLYH)DNWRU´'LHVHUZLUGHUOlX WHUWDOVGLH=XVWlQGHLQGHQXQGGLH5ROOHGHU)DPLOLHQGLHVLFKVHLWGHP .DLVHUUHLFK PLW LKUHQ DXWRULWlUHQ 6WUXNWXUHQ XQG LKUHU ULJLGHQ 5ROOHQYHU WHLOXQJ HWDEOLHUW KlWWHQ XQG DXFK LQ GHQ HU -DKUHQ XQWHU 9HUGUlQJXQJ GHU 16*HVFKLFKWH VR UHVWDXULHUW ZRUGHQ VHLHQ *HJHQ GDV GRUW ÅJHOHEWH 2EULJNHLWVXQG$XWRULWlWVPRGHOO´KDEHVLFKÅ´DOVÅ$XIVWDQGJHJHQ GLH(OWHUQ´YRUDOOHPJHULFKWHW$OVHEHQIDOOVUHOHYDQWZHUGHQKLHULQVFKQHO OHU)ROJHGLHZHVWGHXWVFKHQJHVHOOVFKDIWOLFKHQ=XVWlQGHGHUHU-DKUHPLW :LUWVFKDIWVZXQGHU 1D]L]HLW7DEX 3ROLWLNDEVWLQHQ] 86$2ULHQWLHUXQJ XQGGHP6WUHEHQQDFKÅ5XKHXQG2UGQXQJ´DXIJHIKUWVRZLHDOVÅUHEHOOL VFKH´9RUOlXIHUXQGÅ´YRUDQJHKHQGH(QWZLFNOXQJHQGLH6SLHJHO$I IlUHGLH6FKZDELQJHU.UDZDOOHGLHÅ3LOOH´0LQL5RFNXQG5RFN·Q5ROOGLH %HDWOHVVRZLHÅ9RONHV6WLPPH´]XGLHVHQ$XIEUFKHQGDVVGLH%HWHLOLJWHQ ÅYHUJDVW´JHK|UWHQEHQDQQW 9RQGLHVHQYLHOIlOWLJHQ9RUDXVVHW]XQJHQGHV(UHLJQLVVHVÅ´EOHL EHQLQGHQ5FNEOLFNHQGHUVSlWHUHQ-DKU]HKQWHVFKRQDXIJUXQGGHU/lQJH GHU7H[WHQXUZHQLJHEULJ,QVRIHUQLVWHVLQWHUHVVDQW]XVHKHQZDVQRFK ZLHIUHUZlKQHQVZHUWJHKDOWHQZLUG,P)QIWHLOHUYRQ  ZLUG OHGLJ OLFK]X%HJLQQGHVHUVWHQ7HLOVDOV(UOlXWHUXQJGHU$XVVDJHÅ´KDEH IUGLHJHVHOOVFKDIWOLFKH(QWZLFNOXQJLQ'HXWVFKODQGHLQHÅ.OLPDVFKHLGH´ GDUJHVWHOOW GLH YRUDQJHKHQGH %5' DOV ÅHLQH $UW ZLOKHOPLQLVFKHU 2EULJ NHLWVVWDDW´XQGDOVÅGHXWVFKH6RIDNLVVHQGLNWDWXU´LQGHUDOOHVXQGDOOHPLW *HERWHQXQG9HUERWHQXPVWHOOWJHZHVHQVHLHQFKDUDNWHULVLHUW 8QG HEHQVR ZHUGHQ LQ GHQ DNWXHOOHUHQ 7H[WHQ LP *HVSUlFK GHU $OW HUQXUGHU=XVWDQGGHUEUJHUOLFKHQ)DPLOLHQGLHGRUWKHUUVFKHQGH'RS SHOPRUDOXQG9HUORJHQKHLWVRZLHGLH9HUGUlQJXQJGHU169HUJDQJHQKHLW DOVMHSHUV|QOLFKH9RUDXVVHW]XQJHQ]XU%HWHLOLJXQJDQGHQ(UHLJQLVVHQUH ÁHNWLHUW (KHU DXI]lKOHQG NRPPHQ KLHU DOV NRQNUHWH $QOlVVH XD KLQ]X 'LHÅ3LOOH´GLH%HDWOHV0XVLNGHU0LQL5RFN9LHWQDP1D]L/HKUHUXQG 3ROLWLNHUDEHUDXFKSV\FKRORJLVFKH0RWLYHZLHGHUÅ(JRLVPXVQDFKÄPHKU /HEHQ·´GLH/XVWDQGHU3URYRNDWLRQXQGGLH,QWHQWLRQHLQHUÅYRUJHVWDQ] WHQ=XNXQIW´]XHQWJHKHQ 

'LH(UHLJQLVVHYRQÅ´

,QDOOHQ'HNDGHQYLHODXVIKUOLFKHUJHIOOWZHUGHQGLH/HHUVWHOOHQGHV(U HLJQLVVHVÅ´GLHPLWGHP]ZHLWHQ)UDJHQNRPSOH[DQJHVSURFKHQVLQG :DV ÅGDPDOV´JHQDXSDVVLHUWLVWZHOFKH(UHLJQLVVHXQG7HLOHUHLJQLVVHLQ ZHOFKHQ%HGLQJXQJV]XVDPPHQKlQJHQVLFK]XJHWUDJHQKDEHQXQGZLHGLHVH FKDUDNWHULVLHUWZHUGHQPDFKWQHEHQGHU5HÁH[LRQGHU)ROJHQHLQHQ*UR‰ WHLOGHU(ULQQHUXQJVDUEHLWLQGHQ63,(*(/7H[WHQDXV=XMHGHU=HLWZLUG

Å'HU$QJULII DXI GDV%HVWHKHQGH´



GDEHLDPDXVIKUOLFKVWHQGHU-XQLGDUJHVWHOOWXQGVHLQH%HGHXWXQJ IUÅ´UHÁHNWLHUW2IWGLHQWGDVDQGLHVHP7DJVWDWWJHIXQGHQH7HLOHU HLJQLV YRQ Å´ DXFK DOV Å$XIKlQJHU´ XQG (LQVWLHJ LQ GLH (ULQQHUXQJ DQÅ´6RLP]ZHLWHQ7HLOGHU63,(*(/6HULHYRQDP%HJLQQGHU IQI  %HLWUlJH LP -DKU  VRZLH DP  LP ]ZHLWHQ 7HLO GHV 63,( *(/21/,1($EGUXFNVYRQ5HLQKDUG0RKUV%XFK(EHQVRRIWXQGQRFK DXVIKUOLFKHUZHUGHQGDQHEHQQXUGLH$NWLRQHQXQGGLH/HEHQVIRUPGHU .RPPXQH,LQMHGHP5FNEOLFNWKHPDWLVLHUW9RUDOOHPLQGHQ-DKUHQ XQGJHZLQQWGHU63,(*(//HVHUGDGXUFKGHQ(LQGUXFNÅ´ KDEHYRUDOOHPDXVGHP-XQLXQGGHU.RPPXQH,EHVWDQGHQV7DE XQG  -XQL7RG%HQQR2KQHVRUJVDOV%HJLQQXQG=HQWUXPGHV(UHLJ QLVVHVÅ´JHVFKLOGHUWDXVGHU6LFKWYRQ$XJHQ]HXJHQ $NWLRQHQXQG/HEHQVIRUPGHU.RPPXQH, QXUXQG 3HWHU6FKQHLGHUV5HGHYRP0DLLQGHU)8 %HUOLQDOVÅVRHWZDVZLHGDV0DQLIHVWGHUHU´ 7DE'LHLP63,(*(/LQMHGHP(ULQQHUXQJVMDKUGDUJHVWHOOWHQ(UHLJQLVVHYRQÅ´

Å´DOVHLQYLHOIlOWLJHV*HVFKHKHQYLHOH7HLOHUHLJQLVVHLQWHUQDWLRQDOHV *HVFKHKHQ $NWLRQHQGHVDPHULNDQLVFKHQ6'6JHJHQGHQ9LHWQDPNULHJGHU3DULVHU 0DLGHUÅ3UDJHU)UKOLQJ´ $WWHQWDWDXI 5XGL'XWVFKNHDP$SULOXQGGLHGDUDXI IROJHQGHQ Å2VWHUXQUXKHQ´ GHU6RPPHUDOVÅ(QGHGHV6WXUPODXIVGHU3URWHVWEHZHJXQJ´XQG GDV=HUEUHFKHQGHV6'6LP1RYHPEHUDOVHQGJOWLJHV$XV GLH (QWVWHKXQJ YRQ Å:HLEHUUlWHQ´ LQ GHU 6WXGHQWHQEHZHJXQJ DOV GHU %HJLQQGHU)UDXHQEHZHJXQJ GDV0XVLN)HVWLYDOLQ:RRGVWRFNYRQDOVGHUXQSROLWLVFKH7HLOGHV (UHLJQLVVHVÅ´ 7DE'LH(UHLJQLVVHYRQÅ´LQGHU63,(*(/'DUVWHOOXQJ

,P -DKUH  GDJHJHQ ELOGHW ]ZDU GHU 7RG %HQQR 2KQHVRUJV HEHQIDOOV GHQÅ$XIKlQJHU´IU7HLO,,GHU6HULHXQGHUZLUGLP7HLO9,QRFKHLQPDO HUZlKQWLQEHLGHQ)lOOHQUHLFKWGHQ$XWRUHQDEHUGLHNXU]H(UZlKQXQJ



0DUWLQ:HQJHOHU

XPYRQGRUWDXVDXI GLHVHV7HLOHUHLJQLVDOV$XVO|VHUGHU3ROLWLVLHUXQJXQG 5DGLNDOLVLHUXQJYLHOHUDP(UHLJQLVÅ´%HWHLOLJWHU]XIRNXVVLHUHQ'LHVHU $VSHNWZLUGDXFKLQGHQVSlWHUHQ-DKUHVUFNEOLFNHQKHUYRUJHKREHQGDQQ DEHUHUVWQDFK HLQHUMHZHLOVDXVIKUOLFKHQ6FKLOGHUXQJGHU$NWLRQHQXQG GHV7RGHVVFKXVVHVDXI %HQQR2KQHVRUJ]XPHLVWDXVGHU6LFKWYRQ$XJHQ ]HXJHQ 'DGXUFK ZLUG LQ GHQ VSlWHUHQ -DKU]HKQWHQ VHKU HLQGHXWLJ GHU  -XQLDOV%HJLQQXQG=HQWUXPGHV(UHLJQLVVHVÅ´GDUJHVWHOOWÅ'HU 7RGGHV6WXGHQWHQ>«@PDFKWHDXVHLQHUDQWLDXWRULWlUHQ5HYROWHLQ:HVW %HUOLQGLH3URWHVWEHZHJXQJGHUHUGLHGDV/DQGXPNUHPSHOWHXQGELV KHXWHSUlJW´6 YJOGD]XDXFK6FKQHLGHU6II  ZlKUHQG  Å´ QRFK DOV HLQ ZHLWDXV YLHOIlOWLJHUHV *HVFKHKHQ HU VFKHLQW ,Q DOOHQ 5FNEOLFNHQ HUVFKHLQW GDEHL GLHVHV 7HLOHUHLJQLV XQG GLH 5HDNWLRQHQGDUDXI VHLWHQVGHU6WDDWVPDFKWGHU6SULQJHU 0HGLHQXQGGHU 'HPRQVWUDQWHQ DOVHLQHGXUFKVWDDWOLFKH3URWDJRQLVWHQXQGGXUFK0HGLHQ EHZLUNWH(VNDODWLRQDXI GLHGLH3URWHVWOHUPLWYHUVWlQGOLFKHU:XWXQGYHU VWlQGOLFKHQ$NWLRQHQXQGPLW3ROLWLVLHUXQJXQG5DGLNDOLVLHUXQJUHDJLHUWHQ 1XU  DEHU ZHUGHQ DXFK YLHOH DQGHUH 7HLOHUHLJQLVVH HUZlKQW XQG JHVFKLOGHUWZDVQLFKWQXUDQGHUJU|‰HUHQ$XVIKUOLFKNHLWGHV5FNEOLFNV LQVJHVDPWOLHJWVRQGHUQDXFKDQGHU*HZLFKWXQJGHU7HLOHUHLJQLVVH(LQHU VHLWVZLUGQXU-DKUHGDQDFKGDV(UHLJQLVÅ´DOVHLQLQWHUQDWLRQDOHV (UHLJQLV HULQQHUW LQGHP MHZHLOV DXVIKUOLFK GLH $NWLRQHQ GHV DPHULNDQL VFKHQ6'6JHJHQGHQ9LHWQDPNULHJGHU3DULVHU0DLVRZLHGHUVRJ Å3UDJHU)UKOLQJ´HU]lKOWZHUGHQDQGHUHUVHLWVZLUGXQGGHU -XQLYLHODXVIKUOLFKHUHU]lKOW%H]JOLFKGHU7HLOHUHLJQLVVHNDQQDOVR HLQHUVHLWVYRQHLQHU9HUHQJXQJGHV%OLFNZLQNHOVEHLJOHLFK]HLWLJHU([SDQVL RQGHUQDUUDWLYHQ)RUPEHLHLQHPDOV]HQWUDOKHUDXVJHKREHQHQ7HLOHUHLJQLV LQGHQVSlWHUHQ63,(*(/(ULQQHUXQJVWH[WHQJHVSURFKHQZHUGHQ(EHQIDOOV QXU  ZLUG DXVIKUOLFK DOV HLQ ZHLWHUHV ]HQWUDOHV 7HLOHUHLJQLV DXI  GDV $WWHQWDWDXI 5XGL'XWVFKNHDP$SULOXQGGLHGDUDXI IROJHQGHQ Å2VWHUXQUXKHQ´ PLW 6SULQJHU%ORFNDGH XQG GHQ IROJHQGHQ 3ROL]HLHLQVlW ]HQ DEJHKREHQ 'LHVH 7HLOHUHLJQLVVH ZHUGHQ KLHU FKDUDNWHULVLHUW DOV HQW VFKHLGHQGIUHLQH5DGLNDOLVLHUXQJGHU6WXGHQWHQHLQHUVHLWVXQGLKUHJOHLFK ]HLWLJHJHVHOOVFKDIWOLFKH0DUJLQDOLVLHUXQJGXUFKGHQÅ+DVVGHU0HKUKHLW´ GHQGLHVWXGHQWLVFKHQ$NWLRQHQQXQDXI VLFK]LHKHQDQGHUHUVHLWV=ZHLPDO GDJHJHQZLUGDOOHUGLQJVMHZHLOVQXUVHKUNQDSS3HWHU6FKQHLGHUV5HGHYRP 0DLLQGHU)8%HUOLQ]LWLHUWRKQH'DWXPVDQJDEH]XÅVRHWZDV ZLHGDV0DQLIHVWGHUHU´6 HUNOlUWXQGNRPPHQWLHUW PLWÅ-HGHVR]LDOH%HZHJXQJKDWHLQH5HGHKDWHLQHQ5HIUDLQXQGGLHVHKLHU ZDUGLHGHUGHXWVFKHQ6WXGHQWHQUHYROWH´6  1XULQGHPDXVIKUOLFKHQHU5FNEOLFNZLUGGHU6RPPHUEHUHLWV DOVÅ(QGHGHV6WXUPODXIVGHU3URWHVWEHZHJXQJ´EHVFKULHEHQXQGGDV=HU

Å'HU$QJULII DXI GDV%HVWHKHQGH´



EUHFKHQGHV6'6LP1RYHPEHUDOVHQGJOWLJHV$XVHLQHUHLQKHLWOLFKHQ SROLWLVFKHQ%HZHJXQJFKDUDNWHULVLHUWZRPLWDXFKGLH'DUVWHOOXQJGHV(U HLJQLVVHVÅ´FKURQRORJLVFKHQGHQNDQQ$OOHVDQGHUHZLUGGDQQEHUHLWV DOV)ROJHQGHV(UHLJQLVVHVÅ´WKHPDWLVLHUW²PLWZHQLJHQUHFKWNQDSS JHVFKLOGHUWHQ$XVQDKPHQZHUGHQDOV7HLOHUHLJQLVVHGLH(QWVWHKXQJ YRQÅ:HLEHUUlWHQ´LQGHU6WXGHQWHQEHZHJXQJXQGGDPLWGLH(UHLJQLVVHDOV GHU%HJLQQGHU)UDXHQEHZHJXQJGDUJHVWHOOW]XGHPZLUGGDV0XVLN)HVWLYDO LQ:RRGVWRFNYRQDOVGHUXQSROLWLVFKH7HLOGHV(UHLJQLVVHVÅ´ GDV DEHU GLH Å.XOWXU LQ 2SSRVLWLRQ´ V\PEROLVLHUH SUlVHQWLHUW )U GHQ VSUDFKJHVFKLFKWOLFKHQ.RQWH[WGHVYRUOLHJHQGHQ%DQGHVLPHQJHUHQ6LQQ LQWHUHVVDQWLVWGDVVLP$UWLNHOYRQ0DWXVVHNXQG2HKPNHYRQ1U 6II IRNXVVLHUWDXI 5XGL'XWVFKNHDOV7HLODVSHNWYRQÅ´DXFKGLH Å6SUDFKHGHV3URWHVWV´XQGGHUHQ(QWZLFNOXQJDQJHVSURFKHQZLUG 

'LH$NWHXUHYRQÅ´

9RUDOOHPDEHUZHUGHQLQDOOHQ5FNEOLFNHQLQKHUYRUJHKREHQHU:HLVHGLH $NWLRQHQGHU.RPPXQH,XQGXQWHUJHRUGQHW]7DXFKDQGHUHU.RPPX QHQ DOV7HLOHUHLJQLVVHHULQQHUW'DHVGDEHLHLQHUVHLWVVFKRQYRQGHU6DFKH KHUQXUXPHLQLJHZHQLJHKDQGHOQGH3HUVRQHQGHU=HLWJHKWXQGDQGHUHU VHLWVLQGHU'DUVWHOOXQJQRFKVWlUNHUDOVLQDQGHUHQ7HLOHQSHUVRQDOLVLHUWXQG ÅELRJUDÀVLHUW´ZLUGZHUGHQGDPLWHKHUGLH/HHUVWHOOHQGHVÅ(UHLJQLVVHV´ LQGHQHQHVXPGLHKDQGHOQGHQ3HUVRQHQLKUH5ROOHLKUH*UQGHXQGLKUH $NWLRQHQJHKWVR3XQNW JHIOOW,QMHGHP-DKU]HKQWEHNRPPHQGLHVH 3URWDJRQLVWHQLP63,(*(/LKUHHLJHQH'DUVWHOOXQJLQHLQHPHLJHQHQ6HULHQ WHLORGHU$UWLNHO'HPJHJHQEHUZHUGHQDQGHUHKDQGHOQGH3HUVRQHQQXULQ HLQHP-DKUXQGLQHLQHPMHVSH]LÀVFKHQ=XVDPPHQKDQJDXVIKUOLFKHUEH WUDFKWHW,QGHUXPIDQJUHLFKHQ6HULHYRQZHUGHQ5XGL'XWVFKNH:LO KHOP5HLFKDOVHLQWKHRUHWLVFKHU*HZlKUVPDQQHLQHV7HLOVGHU%HZHJXQJ  XQGÅGHU6'6&KHÀGHRORJH´ +DQV-UJHQ.UDKOLQHLJHQHQ$UWLNHOQSRU WUlWLHUW  ZHUGHQ GXUFK GLH VWLOLVWLVFKH )RNXVVLHUXQJ GHU 'DUVWHOOXQJ GHU(UHLJQLVVHGXUFKGLHÅ%ULOOH´GHU'DEHLJHZHVHQHQ]XQlFKVWGLHDP -XQLDOV'HPRQVWUDQWLQXQG3ROL]LVWEHWHLOLJWHQ)ULHGHULNH+DXVPDQQ XQG+DUWPXW0ROGHQKDXHUVRZLHGHU7RGHVVFKW]H.DUO+HLQ].XUUDVPLW LKUHQ0RWLYHQXQG/HEHQVJHVFKLFKWHQJHQDXHUGDUJHVWHOOWXQGVSlWHUGXUFK HLQ ,QWHUYLHZ GUHL Å%HZHJXQJ  -XQL´.lPSIHU %RPPL %DXPDQQ 7LOO 0H\HU$QQH5HLFKH LQGHQ0LWWHOSXQNWJHUFNW$OOHUGLQJVLVWGDEHLDXFK LQWHUHVVDQWGDVVLQGHQ63,(*(/(ULQQHUXQJVWH[WHQGLHVSlWHUHQ5$)3UR WDJRQLVWHQZLH$QGUHDV%DDGHU8OULNH0HLQKRI*XGUXQ(QVVOLQXQG+RUVW 0DKOHUQXUVHKUDP5DQGHPLWLKUHQ$NWLYLWlWHQ]XGHU=HLWHUZlKQWZHU GHQXQGDXFKEHLGHU7KHPDWLVLHUXQJGHU)ROJHQQXUXQWHUÅIHUQHUOLHIHQ´



0DUWLQ:HQJHOHU

EHKDQGHOWZHUGHQ=XGHPZHUGHQEHLP%OLFNDXI GLH)ROJHQYRQÅ´ HLQLJH  DNWLYH 3DUWHLSROLWLNHU PLW LKUHQ SROLWLVFKHQ :XU]HOQ LQ GLHVHU =HLW GDUJHVWHOOW E]Z SUREOHPDWLVLHUW -RVFKND )LVFKHU +HUPDQQ 6FKHHU .DUVWHQ9RLJW$QWMH9ROOPHU*HUKDUG6FKU|GHU 8QGZLUGQHEHQ GHPELRJUDSKLVFKHQ*HVSUlFKYRQXQEHNDQQWHQ%HWHLOLJWHQ]XP(QGH GHV$UWLNHOVLP+HIWQRFKHLQPDO5XGL'XWVFKNHDXIJUXQGGHVDNWXHOOHQ $QODVVHVGHUQHJDWLYHQ%HZHUWXQJYRQ'XWVFKNHGXUFK:LVVHQVFKDIWOHUGHV +DPEXUJHU,QVWLWXWVIU6R]LDOIRUVFKXQJSRUWUlWLHUW 1LHPDQGDEHUZLUGVRGXUFKJlQJLJXQGDXVIKUOLFKEHKDQGHOWZLHGLH 0LWJOLHGHUGHU.RPPXQH,XQGGDEHLYRUDOOHPLKUHÅ6WDUV´)ULW]7HXIHO 5DLQHU/DQJKDQVXQG'LHWHU.XQ]HOPDQQ8QWHUGHQhEHUVFKULIWHQÅ.RP PXQHQXQGGLHOLQNH/HEHQVUHIRUPYRQ´ VRZLHJOHLFK]ZHLPDO ZRUWJOHLFKÅ'LH7DJHGHU.RPPXQH´XQG ZHUGHQGLHÅ3RS VWDUVGHU6WXGHQWHQUHYROWH´6 XQGGLHNXU]H*HVFKLFKWHGHU .RPPXQH,PLWLKUHQ$NWLRQHQYRQGHU*UQGXQJELV]XU$XÁ|VXQJXQG LKUHPYRQGHQ3URWDJRQLVWHQHU]lKOWHQ ,QQHQOHEHQ]7YRQGHQ63,(*(/ $XWRUHQHU]lKOW]7YRQ%HWHLOLJWHQUHÁHNWLHUW+LQ]XNRPPWHLQ3RUWUlW YRQ)ULW]7HXIHOLQGHU6HULHYRQ1HEHQGHU5HÁH[LRQGHU)ROJHQVWH KHQGDEHLGLH*HVFKOHFKWHUEH]LHKXQJHQXQGGLH6H[XDOLWlWLQGHU.RPPX QHGLHÅ%H]LHKXQJVDUEHLW´XQG'URJHQH[SHULPHQWHVRZLH|IIHQWOLFKNHLWV ZLUNVDPH$NWLRQHQZLHGDVJHSODQWH3XGGLQJ$WWHQWDWXQGGLH$XIWULWWH YRU*HULFKW VRZLHGLH5HDNWLRQHQGHU0HGLHQXQGGLH6HOEVWLQV]HQLHUXQ JHQ GHU 0LWJOLHGHU LP 0LWWHOSXQNW 8QWHUVFKLHGH LQ GHQ YHUVFKLHGHQHQ 'HNDGHQEHVWHKHQGDULQGDVVQHEHQGHUQXUKLHUYRUJHQRPPHQHQ (UZHLWHUXQJ DXI  GLH *HVFKLFKWH ]ZHLHU DQGHUHU Å.RPPXQHQ´ ZRGXUFK GDVHLQ]LJH0DODXFKGHU8PJDQJPLW.LQGHUQGLHDQWLDXWRULWlUH(U]LH KXQJXQGGLH*UQGXQJYRQ.LQGHUOlGHQPLWHLQEH]RJHQZLUG *HVFKLFK WH /HEHQVIRUP XQG $NWLRQHQ GHU . , TXDOLWDWLY JOHLFKJHZLFKWLJ PLW GHQ )ROJHQ WKHPDWLVLHUW ZHUGHQ GDV HLQ]LJH 0DO DXFK DXI  lKQOLFKH OLEHUWlUH ([SHULPHQWHDXVGHU*HVFKLFKWH%H]XJJHQRPPHQZLUGXQGGLH'DUVWHO OXQJLQVJHVDPWUHFKWVDFKOLFKXQGZHUWIUHLLVW'HPJHJHQEHULVWGLH*H VFKLFKWHYRQVHKUVWDUNHLQH1DFKHU]lKOXQJGHUHLQ]HOQHQ6WDWLRQHQ XQG$NWLRQHQGHU.RPPXQHPLWGHP)RNXVDXI LKUHÅ6WDUV´XQGGHUHQ %H]LHKXQJHQ]XHLQDQGHU.XQ]HOPDQQ/DQJKDQV2EHUPHLHU EHLGHUHLQH LQVJHVDPWVHKUNULWLVFKH+DOWXQJVLFK]%LQ%H]HLFKQXQJHQGHV*DQ]HQDOV +RUURUNRPPXQHXQGNOHLQH3V\FKRVHNWHRGHUYRQ.XQ]HOPDQQDOV3V\FKRWHUURULVW VSLHJHOW'LH)ROJHQZHUGHQGDJHJHQDEVFKOLH‰HQGQXUVHKUNXU]SODNDWLY XQGLURQLVFKDQJHGHXWHW



,QVRIHUQWUDJHQMHGHQIDOOVGLH63,(*(/(ULQQHUXQJVWH[WHDQÅ´QLFKWGD]XEHLGDVVVLFK 3HWHU6FKQHLGHUV%HIUFKWXQJEHZDKUKHLWHWGDVVGLH5$)ÅGHUHLQVWGDV(LQ]LJHVHLQZLUG ZDVYRP$XIEUXFKGHUHULPNROOHNWLYHQ*HGlFKWQLVEULJEOHLEW´6 

Å'HU$QJULII DXI GDV%HVWHKHQGH´



$P(QGHKDWGLH.RPPXQHVRJDUGHQ.DSLWDOLVPXVPRGHUQLVLHUW(LQÅXQP|JOL FKHV0|EHOKDXVDXV6FKZHGHQ´KDWWHHVGDQDFKOHLFKWPLWGHP9HUNDXI YRQ)LFK WHQKRO]ZRKQ]LPPHUQXQGHLQH*HQHUDWLRQYRQ.LQGHUQPRGHUQHU(OWHUQKDWWH HVVFKZHUZHLO3DSDDXV]RJXQGZLHGHUHLQ]RJXQGZLHGHUDXV]RJXQGVLHGD]X 6DXHUNUDXWVDIWWULQNHQPX‰WHQXQGGLHÅRIIHQH%H]LHKXQJ´VFKRQLP.LQGHUODGHQ GLVNXWLHUWZXUGH9LHOH/HVHUYRQ6WDGW]HLWVFKULIWHQKDOWHQGLHVH$UWGHV$XIZDFK VHQVELVKHXWHIUGDV1RQSOXVXOWUD'HU6SLHJHO6

'LH)ROJHQGDJHJHQVWHKHQLP.DSLWHOYRQYRQ%HJLQQDQLP0LW WHOSXQNW EHYRU GDQQ HUVW LP 9HUODXIH GHV $UWLNHOV GLH *HVFKLFKWH GHU . ,NU]HUDOVHU]lKOWZLUG%HVRQGHUVDXIIlOOLJVLQGKLHUGLHYLHOHQ%H ]JHGLHYRQGHU.,]X(UVFKHLQXQJHQGHUDNWXHOOHQ0HGLHQJHVHOOVFKDIW KHUJHVWHOOWZHUGHQ²ZREHLLQGHU6FKZHEHJHKDOWHQZLUGXQGHVGHP/HVHU EHUODVVHQEOHLEWGDULQHLQHNDXVDOH)ROJH]XVHKHQRGHUQXUHLQ1HEHQ HLQDQGHUYHUJOHLFKEDUHU3KlQRPHQH(UVWHUHVZLUGLPEOLFKHQ63,(*(/6WLO YJO'RUHQEHFN QDKHJHOHJWDEHUQLFKWH[SOL]LWSUlGL]LHUW6RZLUG QXUJHIUDJWXQGQLFKWEHDQWZRUWHW REGLH.,QXUGLHÅ(LQEXQJLQGLH PRGHUQH3DUW\JHVHOOVFKDIW´JHZHVHQVHL6LHKDEHÅLP3ROLW&RQWDLQHU´ÅGLH HUVWH%LJ%URWKHU1XPPHU´YRUJHIKUW.XQ]HOPDQQV$XVODVVXQJHQVHLHQ KHXWHGLHÅ(VVHQ]MHGHU1DFKPLWWDJV7DONVKRZ´PLWGHU.,VHL,QWLPHV |IIHQWOLFKJHZRUGHQVRZLHHVKHXWHLP,QWHUQHWSUDNWL]LHUWZHUGH,PHU 'LVNXUVJHUQHDXI GLH$NWLRQHQXQG,GHHQGHUHU*HQHUDWLRQEH]JOLFK 3DUWQHUEH]LHKXQJHQ6H[XDOLWlW)UHL]HLWNXOWXUXQG0HGLHQ]XUFNJHIKUWH XQGNXOWXUNULWLVFKEHZHUWHWH0HGLHQSKlQRPHQHZHUGHQGDPLWDXFKLQGHQ 63,(*(/7H[WHQ PLW Å´ LQ 9HUELQGXQJ JHEUDFKW QDFKGHP EHUHLWV ]X %HJLQQGHV$UWLNHOVGDVLQMHGHUGHUGUHL-DKU]HKQWHDOVÅ$XIPDFKHU´JH GUXFNWHEHUKPWH.,)RWRVX DOV6\PEROIUGLHÅ*HEXUWVVWXQGHGHU SHUPLVVLYHQ*HVHOOVFKDIW´DSRVWURSKLHUWZRUGHQZDU -HGHU (ULQQHUXQJVWH[W LP 63,(*(/ WUlJW DOVR GD]X EHL GDV NROOHNWLYH :LVVHQ YRQ Å´ DXI  GLH .RPPXQHQ XQG GLH . , LP %HVRQGHUHQ ]X IRNXVVLHUHQZREHLGLHVH]XQHKPHQGLP9RUGHUJUXQGVWHKW 

'LH)ROJHQYRQÅ´

'DVV ]X GHQ XQWHU  DQJHVSURFKHQHQ /HHUVWHOOHQ GLH GLH )ROJHQ GHV (U HLJQLVVHVÅ´DQVSUHFKHQLQGHQ7H[WHQ]DKOUHLFKH)OOZHUWHJHOLHIHUW ZHUGHQOLHJWDOOHLQGHVKDOEDXI GHU+DQGZHLOVROFKHXPIDQJUHLFKHQ(U LQQHUXQJVWH[WHQDWUOLFKDXFKGDGXUFKPRWLYLHUWVLQGGDVVHLQJHVFKLFKWOL FKHVÅ(UHLJQLV´DXFKXQG-DKUHGDQDFKQRFKIUVRIROJHQUHLFK JHKDOWHQ ZLUG GDVV GDUEHU HLQH JHVHOOVFKDIWOLFKH 'HEDWWH HQWVWHKW 8QG GLH63,(*(/7H[WHUHÁHNWLHUHQXQGNRPPHQWLHUHQGLHVHQ'LVNXUVEHUGLH 

bKQOLFKDOOHUGLQJVVFKRQEHUGLHÅ3V\FKR6R]LRVSUDFKH´GHU.,PLWGHUHQÅ5HVWHQ KHXWH*HIKOVVSH]LDOLVWHQZLH+DQV0HLVHUXQG-UJHQ)OLHJHLQLKUHQ1DFKPLWWDJVWDONVKRZV KHUXPKDQWLHUHQ´6 



0DUWLQ:HQJHOHU

)ROJHQLQYLHOIDFKHU:HLVHXQGWUDJHQ²ZHQQDXFKRIW63,(*(/W\SLVFKHKHU ]ZLVFKHQ GHQ =HLOHQ ² DXFK LKUHQ 7HLO ]XU $QWZRUW DXI  GLH YRQ &RKQ %HQGLW'DPPDQQZLHIROJW]XVDPPHQJHIDVVWHQ)UDJHQEHL 'HU'HXWXQJVNDPSI XPWREWZHLWHUKLQ8QGVRNRPPWHVGDVVYLHOHGHUGDPD OLJHQ$XVHLQDQGHUVHW]XQJHQELVKHXWHQDFKZLUNHQ>«@:DVDEHUZDUHVQXQGLHVHV RPLQ|VH"(LQ$XIEUXFKHLQ8PEUXFKHLQH5HYROWHHLQH.XOWXUUHYROXWLRQ" 2GHU QXU GDV NXU]H ZLOGH DQDUFKLVFKH $XIEHJHKUHQ HLQHU QDFK 6HOEVWYHUZLUNOL FKXQJVWUHEHQGHQÄ-XJHQG·GLHVLFKPLWDOOHU0DFKWYRQDOOHPÄ$OWHQ·DE]XJUHQ]HQ WUDFKWHWH"&RKQ%HQGLW'DPPDQQ6

2GHUPLWGHQ:RUWHQYRQ5HLQKDUG0RKULP63,(*(/21/,1($UWLNHOYRP )HEUXDU²QDFKGHPHU]XYRUYRPÅ9HUIDOOGHUEUJHUOLFKHQ:HUWH´ ELV]XPÅ8PEDXYRQ*RWWHVKlXVHUQ]X.QHLSHQXQG'LVNRWKHNHQ´ÅDOOH SRSXOlUHQ (UNOlUXQJVPXVWHU DXV GHQ YHUJDQJHQHQ  -DKUHQ´ GLH VFKRQ HLQPDODOV)ROJHQYRQÅ´EHQDQQWZRUGHQVLQGLQSROHPLVFKHUhEHU VSLW]XQJDXIJH]lKOWKDW²ZDVLFKZLHGHUXPDOV,QGL]GDIUZHUWHGDVVJH UDGHLPDNWXHOOHUHQ'LVNXUVGLHVHU$VSHNWYRQÅ´EHVRQGHUVEULVDQWLVW :DVDEHUVWLPPWGHQQQXQ":DUÅ´HLQSROLWLVFKNXOWXUHOOHV-DKUKXQGHUWEH EHQGDVELVKHXWHGLH*HVHOOVFKDIWSUlJW²RGHUQXUHLQHUDQGVWlQGLJH(SLVRGH HKHUZLUUH)RONORUHDOVZLUNOLFKH+LVWRULHHLQSHLQOLFKHU,UUWXPGHU*HVFKLFKWH" %HLGHV ]XVDPPHQ JHKW QLFKW 'RFK JHQDX GDV SDVVLHUW VHLW YLHU]LJ -DKUHQ 9|O OLJ JHJHQVlW]OLFKH HLQDQGHU ORJLVFK DXVVFKOLH‰HQGH ,QWHUSUHWDWLRQHQ GHU 5HYROWH ZHUGHQQDFK%HOLHEHQ]XVDPPHQJHZRUIHQRGHUH[LVWLHUHQPXQWHUQHEHQHLQDQGHU KHU(LQHUVHLWVVLQGGLHHUDQDOOHPVFKXOGXQGLP*UXQGHKDEHQVLHGLHJDQ]H *HVHOOVFKDIWLQÀOWULHUW$QGHUHUVHLWVVLQGVLHEOR‰DQDFKURQLVWLVFKH9HWHUDQHQHLQHV DEVXUGHQ=ZHUJHQDXIVWDQGHVHLQJHVFKLFKWOLFKHV1XOOXPHLQHTXDQWLWpQpJOLJHD EOH

'LH )ROJHQ XQG LKUH %HZHUWXQJ GLH PLW Å´ YHUNQSIW ZHUGHQ E]JO 3DUWQHUVFKDIWHQ )DPLOLH .LQGHUHU]LHKXQJ *HVFKOHFKWHU XQG $XWRULWlWV YHUKlOWQLVVHQZHUGHQLQGHQ63,(*(/7H[WHQYRUDOOHPDEHUQLFKWQXULP 5DKPHQGHU.RPPXQH'DUVWHOOXQJHQDQJHVSURFKHQ:lKUHQGGDEHL QRFKGLH:RKQIRUPGHU.RPPXQHOHGLJOLFKDOVÅUDGLNDOHV8UPXVWHU´DOV 9RUELOGIUGLH:RKQJHPHLQVFKDIWHQGHUHU-DKUHXQGGLH.ROOHNWLYHLQ GHQEHVHW]WHQ+lXVHUQGHUHU-DKUHSUlVHQWLHUWZHUGHQXQGVRPLWGLH )ROJHQDXI HLQHQEHJUHQ]WHQ%HUHLFKGHU*HVHOOVFKDIWEHVFKUlQNWEOHLEHQ ZLUGLQGHULPYRULJHQ.DSLWHO]LWLHUWHQ3DVVDJHEHUHLWVHLQZHLWHUHU )RNXVDXI IDPLOLlUH/HEHQVIRUPHQLP$OOJHPHLQHQZHQQDXFKQXULQLUR QLVFKHUXQGDQGHXWHQGHU)RUPJHVHW]W(UVWZHUGHQLP5DKPHQGHV QXQYLUXOHQWHQHU'LVNXUVHVXQGDXV$QODVVGHU9HUÀOPXQJGHV/HEHQV YRQ8VFKL2EHUPHLHUQHEHQGHQREHQ]LWLHUWHQPHGLDOHQ(UVFKHLQXQJHQ GLH)ROJHQGHV(UHLJQLVVHVÅ´IUGHQ$OOWDJGLH*HVHOOVFKDIWGHU%5' XDLP.RQWH[WGHU.RPPXQH(U]lKOXQJEHQDQQW5DLQHU/DQJKDQVZLUG KLHUGLH(LQVFKlW]XQJ]XJHVFKULHEHQÅ0LVVLRQHUIOOWGLH*HVHOOVFKDIWLVW

Å'HU$QJULII DXI GDV%HVWHKHQGH´



ORFNHUHUGLH)UDXHQVLQGJOHLFKEHUHFKWLJWGLH.LQGHUGUIHQDXFKPDO:L GHUZRUWH JHEHQ´  6 I  (LQHQ .RPPHQWDU ]XP GLHVEH]JOL FKHQ'LVNXUVOLHIHUWGDQQDXFKGLH(LQOHLWXQJ]XPDEJHGUXFNWHQ9HWHUD QHQ*HVSUlFK .LQGHUPDQJHO)DPLOLHQNULVH:HUWHYHUIDOOXQG6FKXOGKDEHQGLHHU">«@.UL WLNHUGHUNXOWXUHOOHQ)ROJHQGHV5HEHOOLRQVMDKUHVUHVPLHUHQLQ]ZLVFKHQHLQHWLHI JUHLIHQGH9HUlQGHUXQJGHU5HSXEOLNGLHLPPHUQRFK8UVDFKHIUYLHOH3UREOHPH GHV/DQGHVVHL-HZHLWHUGDVEHNODJWH6FKLFNVDOVMDKU]XUFNOLHJWGHVWREHGHXWHQGHU ZLUGHVGHVWRHLQVFKQHLGHQGHUGHVWRIROJHQUHLFKHU'LH'URJHQGHU.LQGHUPDQ JHOGLH)DPLOLHQNULVHGHU%LOGXQJVQRWVWDQGGHU:HUWHYHUIDOOGLH3RUQRVGLH7DON VKRZVDOOHVGLH)ROJHQYRQZHQQPDQGHQ.ULWLNHUQJODXEW6I

8QGLPDEJHGUXFNWHQ*HVSUlFKZLUGHEHQGLHVHUQHJDWLYHQ%HZHUWXQJGHU )ROJHQZLGHUVSURFKHQXQGGDPLWGLH*HJHQSRVLWLRQGHVJHVHOOVFKDIWOLFKHQ 'LVNXUVHV DUWLNXOLHUW $OV (UIROJH GHU Å%HZHJXQJ´ ]X GHU VLFK GLH *H VSUlFKVWHLOQHKPHU]lKOHQZHUGHQÅGLH)UDXHQEHIUHLXQJ´6 XQGÅGDV YHUlQGHUWH9HUKlOWQLV]ZLVFKHQ(UZDFKVHQHQXQG.LQGHUQ>«@'HPWL JXQJHQVLQGYHUS|QWMHGHUZHL‰GDVV/REPHKUEULQJWDOV6WUDIH´6  LQ $QVSUXFK JHQRPPHQ ZlKUHQG GLH ÅLQGLYLGXDOLVLHUWH *HVHOOVFKDIW´ DOV XQJHSODQWHXQGXQHUZQVFKWH1HEHQIROJHVNHSWLVFKEHXUWHLOWZLUGHEHQVR ZLHGLHVRJÅVH[XHOOH%HIUHLXQJ´6I  1HEHQGLHVHQJHVHOOVFKDIWOLFKHQXQG$OOWDJVIROJHQYRQÅ´ZHUGHQ LQGHQIUKHUHQ6HULHQE]Z$UWLNHOQVWlUNHUGLHSROLWLVFKHQ)ROJHQVRZLH JHVHOOVFKDIWOLFKH)ROJHQDQGHUHU$UWEHWUDFKWHW6RZRKODOVDXFK LVWGDIU63,(*(/5HSRUWHU-UJHQ/HLQHPDQQ]XVWlQGLJ1HEHQGHPNXU ]HQ%OLFNDXI GLH)ROJHQYRQÅ´LQGHQ+RFKVFKXOHQDP(QGHYRQ 7HLO,9LQGHU6HULHYRQQHXH+RFKVFKXOJHVHW]HDE0LWEHVWLP PXQJXQG*UXSSHQ8QLYHUVLWlW ZLGPHQVLFKGLHJHVDPWHQ7HLOH9,,XQG 9,,,VRZLHGHU7HLO,,,DXVVFKOLH‰OLFKGHQSROLWLVFKHQXQGJHVHOO VFKDIWVSROLWLVFKHQ)ROJHQYRQÅ´,QGHQDNWXHOOHUHQ$UWLNHOQZHUGHQ GLHVH)ROJHQIDVWJDUQLFKWHUZlKQW  EHKDQGHOW HLQ JDQ]HU 6HULHQWHLO GLH XQPLWWHOEDUHQ )ROJHQ YRQ Å´IU3ROLWLNXQG*HVHOOVFKDIWLQGHQHU-DKUHQZlKUHQGVLFKHLQ ZHLWHUHU7HLOPLWGHPÅZDVEULJEOLHEYRQ´6hEHU VFKULIW EHIDVVW=LWDWI|UPLJNRPPHQKLHUDXFK*HVDPWEHZHUWXQJHQZLH Å'DÀQJIUPLFKGLH5HSXEOLNDQ´XQGÅGLHEHGHXWVDPVWH=lVXUGLHHV LQGHU*HVFKLFKWHGHU5HSXEOLNELVKHUJHJHEHQKDW´6 YRU %H]JOLFKGHUHU-DKUHUHÁHNWLHUWGHU7H[WDOV)ROJHQ î VROFKHIUGLH63'Å.XOWXUUHYROXWLRQLQGHU3DUWHL´Å5HIRUPEHJHLV WHUXQJ´ Å9HUVR]LDOGHPRNUDWLVLHUXQJ´ YRQ QHXQ =HKQWHOQ GHU HU %HZHJXQJ



0DUWLQ:HQJHOHU

î VROFKH IU GLH $XVHLQDQGHUVHW]XQJ PLW GHU 169HUJDQJHQKHLW GHUHQ *UXQGODJHÅ´HEHQVRJHOLHIHUWKDEHZLHGHUHQ([]HVVHDXIJUXQGGH UHUVFKRQKLHUGLH'HQNXQG/HEHQVIRUPHQGHUHUDOVÅVSLHJHOYHU NHKUWHV$EELOG´GHU9lWHU*HQHUDWLRQYJO*|W]$O\V3ROHPLNHQYRQ  EHZHUWHWZHUGHQ î GLH=HUVSOLWWHUXQJGHUHULQÅVHNWLHUHULVFKHQ$XVHLQDQGHUVHW]XQJHQ´ XQGLKUÅ0DUVFKGXUFKGLH,QVWLWXWLRQHQ´YRQGHU%XQGHVZHKUELV]XP %XQGHVWDJ î GHQ 7HUURULVPXV GHU 5$) PLW GHU (QWZLFNOXQJ ELV ]XP ÅKHL‰HQ +HUEVW´XQGDOV)ROJHGDYRQ î HLQH Å*HJHQUHYROXWLRQ´ GHV 6WDDWHV KLQ ]XP Å2EULJNHLWVVWDDW´ PLW YHUVFKlUIWHQ Å6LFKHUKHLWV´0D‰QDKPHQ Å%HUXIVYHUERWHQ´ XD YRQ ÅUDFKHOXVWLJHQ5HDNWLRQlUHQGLHIU]XUFN]DKOHQNRQQWHQ´ î 6HOEVWKLOIH,QLWLDWLYHQXQGQHXHVR]LDOH%HZHJXQJHQVRZLHHLQHKHGR QLVWLVFKH *UXQGVWLPPXQJ DOV )ROJH YRQ Å:RKQJHPHLQVFKDIWHQ XQG .LQGHUOlGHQ´ î GLH'LVNXVVLRQ-DKUHGDQDFKVHLGDV6FKHLWHUQGHUHUDQKDQG GHVÅ1|OHQV´LKUHU3URWDJRQLVWHQÅDQGHQNRQVXPRULHQWLHUWHQWKHR ULHIHLQGOLFKHQXQSROLWLVFKHQ-QJHUHQ´HEHQVRHPSIXQGHQZRUGHQZLH $XVHLQDQGHUVHW]XQJHQZLHGLHXPGHQ%DXGHV$.:%URNGRUI DOVSR VLWLYH6SlW)ROJHQJDOWHQ $QVROFKHDXV6LFKWGHV9HUIDVVHUVSRVLWLYHQ6SlW)ROJHQNQSIWDXFKGLH 5HÁH[LRQ GHU HU -DKUH DQ :lKUHQG LQWHUHVVDQWHUZHLVH  -DKUH VSlWHU DOVRLP5FNEOLFNGLHHU-DKUHDOVGDVXQSROLWLVFKHUHLQNRQVXP RULHQWLHUWH-DKU]HKQWLQGHPEHL-QJHUHQQLHPDQGDOVVRXQFRROXQGÅYRQ JHVWHUQ´JHJROWHQKDEHZLHGLHHUHULQQHUWZHUGHQVLHKWGDV]HLWQDKJDQ] DQGHUVDXV$XVIKUOLFKZHUGHQGLH)UDXHQ8PZHOWXQG)ULHGHQV EHZHJXQJXQGGLHSROLWLVLHUWHQ.LUFKHQWDJHDOVHLQH.RQWLQXLWlWYRQDQWL DXWRULWlUHQ3URWHVWDNWLRQHQLQGHU7UDGLWLRQYRQÅ´WKHPDWLVLHUWGLHLQ HLQHQHXHSROLWLVFKH/DQGVFKDIWJHPQGHWVHLHQ'HU(LQ]XJGHU*UQHQ LQ GHQ %XQGHVWDJ DP  ZLUG GDEHL DOV GLUHNWH /DQJ]HLWIROJH YRQ Å´SUlVHQWLHUW'DVVHLQHÅNXOWXUUHYROXWLRQlUH'XUFKOIWXQJ´GHUJH VDPWHQ *HVHOOVFKDIW VWDWWJHIXQGHQ KDEH ZLUG HQWJHJHQ GHU YRQ .RQVHU YDWLYHQDXFKJHJHQGLH,GHHQYRQÅ´JHULFKWHWHQÅJHLVWLJPRUDOLVFKHQ :HQGH´PLWOLEHUDOHQ7HQGHQ]HQLQGHU&'8LOOXVWULHUWIUGLHQHEHQGHP EHNDQQWHQ=LWDW+DEHUPDV·GHU5LWD6VVPXWKLQGHU&'8DOVÅ(UJHEQLV YRQÄ´6 KHUYRUJHKREHQKDWWHHLQ=LWDWGHV&'8:DKO NDPSIPDQDJHUV GHU HU -DKUH :XOI  6FK|QERKP DQJHIKUW ZLUG 'HU Å0XIÀJNHLWJHLVWLJH>Q@(QJH.OHLQNDULHUWKHLWXQG6SLH‰LJNHLW´HEG GHU YRQGHU8QLRQJHSUlJWHQ*HVHOOVFKDIWZROOWHQDXFKGLHÅ5HIRUPHU´LQGHU 8QLRQLP$QVFKOXVVDQÅ´HQWJHJHQWUHWHQ

Å'HU$QJULII DXI GDV%HVWHKHQGH´



$PELYDOHQWZLHJHZRKQWNRQVWDWLHUW'(563,(*(/HLQHODQJZHLOLJH XQGDSDWKLVFKHSROLWLVFKH6]HQHULHGXUFKGHQ5FN]XJGHU%UJHULQV3ULYD WHVRZLHHLQHPDVVLYH+lXIXQJYRQ%UFKHQLQGHQ/HEHQVJHVFKLFKWHQGHU HU*HQHUDWLRQPLW+LOÁRVLJNHLW6HOEVW]ZHLIHOQXQG'HSUHVVLYLWlWEHLGHQ Å.LQGHUQGHU7lWHU´HLQHUVHLWVDQGHUHUVHLWVGDVVGXUFKÅ´]ZDUQLFKWV XPJHIDOOHQDEHUYLHOHVEHZHJWZRUGHQVHL,QYLHOHQ(LQ]HOLQLWLDWLYHQXQG YRQGHQ.LUFKHQWDJHQELVKLQ]XGHQ*UQHQVHLÅGHU$XIVWDQGJHJHQGHQ VHOEVWJHUHFKWHQ .XUV GHU :DFKVWXPVJHVHOOVFKDIW VLFKWEDU´ XQG DXFK GLH .RQVHUYDWLYHQEH]ZHLIHOWHQQLFKWÅGDVVGLH6WXGHQWHQEHZHJXQJVXEYHUVLY JOHLWHQGSHU6LFNHUHIIHNWGHQ%RGHQIUGLHVHSROLWLVFKH*HJHQNXOWXUEHUHL WHWH´6  'LHVHDPELYDOHQWH+DOWXQJ]XGHQ)ROJHQYRQÅ´ZLUGLPJU|‰HUHQ ]HLWOLFKHQ$EVWDQGNQDSS]HKQ-DKUHVSlWHUYRPJOHLFKHQ$XWRU]XJXQVWHQ GHUSRVLWLYHQ6LFKWZHLVHDXI GLHHU-DKUHDXIJHO|VW6WlUNHUSHUVRQDOL VLHUWDXI GDVSROLWLVFKH3HUVRQDOYRQ63'XQG*UQHQ6FKHHU9RLJW)L VFKHU6FKODXFK9ROOPHU PLWLKUHQSROLWLVFKHQ:XU]HOQLQÅ´ZHUGHQ GLH$XVJUHQ]XQJHQLQGHQHU-DKUHQXQGGLH5DGLNDOLVLHUXQJGHU5$) HEHQVRNU]HUEHKDQGHOWZLHGLHVR]LDOHQ%HZHJXQJHQDOVDX‰HUSDUODPHQWD ULVFKH)RUPHQSROLWLVFKHQ+DQGHOQV$XVIKUOLFKHUZHUGHQGHPJHJHQEHU KLHUGLHSDUODPHQWDULVFKHQ)ROJHQPLWGHP(LQ]XJGHU*UQHQLQGHQ%XQ GHVWDJPLWHLQHUYHUlQGHUWHQ'HEDWWHQNXOWXUXQGGHU,QWHJUDWLRQGHUHLQVWL JHQ5HEHOOHQLQGHQ%RQQHU$OOWDJSRVLWLYGDUJHVWHOOW'LH*UQHQVHLHQGDV Å,QVWUXPHQW]XU5HVR]LDOLVLHUXQJGHUHUIUGLHEXQGHVGHXWVFKH3ROLWLN´ JHZRUGHQ :LHGHU DXIJHJULIIHQ ZLUG DXFK GHU %OLFN DXI  GLH ÅDOWHUQDWLYHQ HU´XQG5LWD6VVPXWKLQGHU&'8XQGGLH)HVWVWHOOXQJGLH*HVHOOVFKDIW KDEHVLFKGXUFKÅPLWWHOEDUH(IIHNWH´YRQÅ´QDFKKDOWLJYHUlQGHUW1H EHQ GHU KLHU JHJHEHQHQ .RQ]HQWUDWLRQ DXI  GLH LP HQJHUHQ 6LQQH SROLWL VFKHQ)ROJHQXQGGHUGDUDXI EH]RJHQHQSRVLWLYHQ%HZHUWXQJNRPPW HLQQHXHU$VSHNWGHU(ULQQHUXQJVDUEHLWLQV6SLHOÅ´ZLUGLQ%H]LHKXQJ JHVHW]W]XGHPZDVQXQDOVZHLWHUH=lVXULQGHUEXQGHVUHSXEOLNDQLVFKHQ *HVFKLFKWHJLOW'HU0DXHUIDOODOVRÅ´ZLUGKLHUDOVÅ(QGHGHUHU´ XQGDOVÅ(QGHGHV0DFKWZHFKVHOV´DSRVWURSKLHUW'LH9HUKlOWQLVVHKlWWHQ GDPLW²HLQH8WRSLHYRQÅ´]LWLHUHQG²]XWDQ]HQEHJRQQHQXQGGLH HUKLHOWHQQXQGHQ7LVFKIHVW 'HPHQWJHJHQZLUGMDEDOGGDUDXI GLH5HJLHUXQJ6FKU|GHU)LVFKHUDOV ÅHUDQGLH0DFKW´JHUDGHYRP63,(*(/6I GDUJHVWHOOW'LH VH6LFKWZHLVHZDUVFKRQLQGHQ5FNEOLFNHQYRQXQGPLWGHU6X FKHQDFKGHQSHUVRQLÀ]LHUWHQ0DFKWSHUVSHNWLYHQYRQHUQEHL63'XQG *UQHQXQDEKlQJLJYRQGHUUHDOHQ5ROOHGHU3HUVRQHQIUÅ´HU|IIQHW ZRUGHQ:lKUHQG%M|UQ(QJKROP*HUKDUG6FKU|GHUXQG-RVFKND)L VFKHUIUGLHHUGLH]XUSROLWLVFKHQ0DFKWVWUHEWHQVWDQGHQLVWLQGLHVHP 7ULRQXU(QJKROPYRQ2VNDU/DIRQWDLQHHUVHW]WZRUGHQ$OVQHXHV



0DUWLQ:HQJHOHU

3UREOHPQDFKGHU:LHGHUYHUHLQLJXQJDEHUZLUGYRUDOOHPEHWRQWGDVVGLH *HQHUDWLRQHQ GHU 8PEUFKH YRQ  XQG YRQ  HWZDV WUHQQH ZHLO JHUDGH Å´ GLH JHVHOOVFKDIWOLFKH $XVHLQDQGHUHQWZLFNOXQJ GHU EHLGHQ 'HXWVFKODQGVIRUFLHUWKDEH%HLGLHVHULQVJHVDPWDEHUVHKUSRVLWLYHQ63,( *(/%LODQ]YRQPLWGHP7LWHOÅ$P(QGHGHVODQJHQ0DUVFKHV´XQG GHPHUVWHQ6DW]GHV/HDG7H[WHVÅ'LH*HQHUDWLRQYRQ·KDWGDV'HQNHQ LQ'HXWVFKODQGYHUlQGHUW´6 IlOOWYRUDOOHPDXIGDVVKLHU ZHGHUGLH3UREOHPDWLVLHUXQJHQGHU)ROJHQYRQÅ´ZLHVLHIQI -DKUH ]XYRULP.RQWH[WYRQDXVOlQGHUIHLQGOLFKHQ0RUGDQVFKOlJHQWKHPDWLVLHUW ZRUGHQZDUHQQRFKVROFKHQHJDWLYHQJHVHOOVFKDIWOLFKHQ)ROJHQZLHVLHLP DNWXHOOHUHQ'LVNXUVYLUXOHQWVLQGXQGDXFK]XGHUREHQHUZlKQWHQGHIHQVL YHQHU5HKDELOLWLHUXQJV6WUDWHJLHLQYLHOHQDXFKGHQ63,(*(/9HU|IIHQWOL FKXQJHQIKUHQHLQH5ROOHVSLHOHQ 'LH/HHUVWHOOHGHU)ROJHQGHV(UHLJQLVVHVÅ´ZLUGDOVRLQGHQXQ WHUVFKLHGOLFKHQ]HLWOLFKHQ$EVWlQGHQDXFKPLWJOHLFKHQ3UlGLNDWLRQHQDXV JHIOOWZLHÅKDWWLHI JUHLIHQGHJHVHOOVFKDIWOLFKH9HUlQGHUXQJHQEHZLUNW´ RGHU Å KDW ]XU )UDXHQHPDQ]LSDWLRQ XQG ]X GHQ QHXHQ VR]LDOHQ %H ZHJXQJHQ JHIKUW´ DEHU LP (LQ]HOQHQ LVW VLH GRFK UHFKW XQWHUVFKLHGOLFK JHIOOWXQGPLWXQWHUVFKLHGOLFKHQ&KDUDNWHULVLHUXQJHQYHUVHKHQ'HUVHKU DPELYDOHQWHQXQGKLQVLFKWOLFKYLHOHUYHUVFKLHGHQHU7HLOIROJHQGLIIHUHQ]LHU WHQ%HZHUWXQJYRQJHVHOOVFKDIWOLFKHgIIQXQJYV2EULJNHLWVVWDDWLQ GLYLGXHOOH/HEHQVNULVHQYVQHXHVR]LDOH%HZHJXQJHQ IROJWHLQHEHL QDKHGXUFKJlQJLJSRVLWLYH:HUWXQJGHUSDUODPHQWDULVFKHQXQGNXOWXUHOOHQ /LEHUDOLVLHUXQJGHV'HQNHQVPLWGHUHLQ]LJHQ3UREOHPDWLVLHUXQJKLQVLFKW OLFKGHU.RPSDWLELOLWlWGLHVHU(QWZLFNOXQJPLWGHQVHLWÅ´YHUlQGHUWHQ *HJHEHQKHLWHQGDJHJHQLVWGLH63,(*(/(ULQQHUXQJVDUEHLWYRU DOOHPHLQH$XVHLQDQGHUVHW]XQJPLWXQGGHIHQVLYH5HWWXQJVDUEHLWJHJHQEHU GHQGLVNXUVLYHQ$QIHLQGXQJHQEH]JOLFKGHUJHVHOOVFKDIWOLFKHQ:HUWH8P EUFKHGXUFKGLHHU 

%HQHQQXQJHQGHV(UHLJQLVVHVÅ´

%H]JOLFKDOOGLHVHU$VSHNWHGHV(UHLJQLVVHVÅ´NDQQGLHOHW]WHGHUKLHU LQ )UDJHIRUP DQJHVSURFKHQHQ /HHUVWHOOHQ EHWUDFKWHW ZHUGHQ :LH ZHUGHQ GDV(UHLJQLVRGHU7HLOHGHV(UHLJQLVVHVEHQDQQW"*HJHQEHUGHULQVSUDFK ZLVVHQVFKDIWOLFKHQ8QWHUVXFKXQJHQJHUQHSUDNWL]LHUWHQ5HGXNWLRQGHU$QD O\VHDXI GLHVHQOH[LNDOLVFKHQ$VSHNWVROOGLHVH)UDJHKLHUQXUDOVHLQHYRQYLH OHQ:LVVHQVDVSHNWHQGLHIUGLH(ULQQHUXQJDQGDV(UHLJQLVÅ´ZLFKWLJ VLQGEHWUDFKWHWZHUGHQ'DVVROODEHULKUH5HOHYDQ]QLFKWVFKPlOHUQ'HQQ VFKOLH‰OLFKLVWGLH%HQHQQXQJGHVJHVDPWHQ(UHLJQLVVHVYRQ7HLOHQGHV(U HLJQLVVHVXQGYRQ$NWHXUHQHLQ|NRQRPLVFKHV0LWWHOXPQLFKWQXU]XUHIH ULHUHQVRQGHUQPLWGHQ%H]HLFKQXQJHQDXFKLPSOL]LW]XSUlGL]LHUHQXQG]X EHZHUWHQ :HOFKH %HQHQQXQJHQ JHZlKOW ZHUGHQ LVW VFKOLH‰OLFK ZLHGHUXP

Å'HU$QJULII DXI GDV%HVWHKHQGH´



PLWYHUDQWZRUWOLFKGDIUZHOFKH:LVVHQVUDKPHQGDGXUFKHU|IIQHWZHUGHQ 'LHDXVVFKOLH‰OLFKH.RQ]HQWUDWLRQDXI GLHVHQWUDGLWLRQHOOHQOH[LNRORJLVFKOH [LNDOLVFKHQ8QWHUVXFKXQJVDVSHNWEOHQGHWDEHUYLHOH:LVVHQVDVSHNWHDXVGLH EHLGHU(ULQQHUXQJDQÅ´EHUGLHVHV(UHLJQLVYHUPLWWHOWZHUGHQ:DV DOVRZDUHVQXQGHVVHQLQ$EVWlQGHQYRQ]HKQ-DKUHQHULQQHUWZLUG",QGHP ZLUGLH&KLIIUHGHU-DKUHV]DKOIUGDV(UHLJQLVHLQVHW]HQHQWKHEHQZLUXQV GHV=ZDQJVVFKRQPLWGHU%HQHQQXQJHLQHQ)RNXVXQGHLQH%HZHUWXQJGHV Å(UHLJQLVVHV´IHVW]XOHJHQ6WXGHQWHQEHZHJXQJXQG5HYROWHGUIWHQ]ZHLGHUJlQ JLJVWHQ%H]HLFKQXQJHQVHLQ'(563,(*(/PLWVHLQHQEHNDQQWHQ1HLJXQJHQ ]XRULJLQHOOHQ:RUWELOGXQJHQOLHIHUWLQGHQKLHUEHWUDFKWHWHQXPIDQJUHLFKHQ 6HULHQQDWUOLFKUHLFKKDOWLJHV0DWHULDOPLWGHPGLHJHQDQQWH/HHUVWHOOHJH IOOWZLUG,FKEHVFKUlQNHPLFKLP)ROJHQGHQDXI GLH%HVFKUHLEXQJGHUIU GDV*HVDPWHUHLJQLVJHZlKOWHQ%H]HLFKQXQJHQV7DE  -XJHQGUHYROXWLRQ XQG 3URWHVWEHZHJXQJ $XIVWDQG DQ GHQ 8QLYHUVLWlWHQ $XIUXKU VXEYHUVLYHV*UR‰HUHLJQLV3URWHVWEHZHJXQJHQ$YDQWJDUGHQ Å(UHLJQLVVHGLHGDV-DKU]XPDX‰HUJHZ|KQOLFKVWHQ-DKUVHLWGHP (QGHGHV=ZHLWHQ:HOWNULHJVPDFKHQVROOWHQ²]XHLQHPYXONDQLVFKHQ -DKUGDVGLHKHUUVFKHQGHQ2UGQXQJHQLQV:DQNHQEUDFKWH´ HU%HZHJXQJ$XIVWDQGJHJHQGLH9lWHU$XIEUXFK6WXGHQWHQUHYROWH8PEUXFK 5HYROWH-DKU HU5HYROWHGLHZLOGHQ0RQDWH.XOWXUUHYROXWLRQDQWLDXWRULWlUH5HYROWHGLH3UR WHVWJHQHUDWLRQ GDV HU $EHQWHXHU -XJHQGUHYROWH GLH 5HYROWH YRQ  $SR GLH HU*HQHUDWLRQ XQG%HZHJXQJGLH$SR/LQNHQGLH5HYROWH 7DE'LH%HQHQQXQJVYLHOIDOWGHV63,(*(/LP-DKU

HWZDKDEHQGLHHUVWHQGUHL7HLOHGHU6HULHGHQ8QWHUWLWHOÅ-XJHQGUHYR OXWLRQXQG3URWHVWEHZHJXQJ´7HLO,9EHKDQGHOWGHQÅ$XIVWDQGDQGHQ8QL YHUVLWlWHQ´7HLO9,GHQÅ$XIVWDQGJHJHQGLH9lWHU´LQ7HLO9,,JHKWHVXP GLH)ROJHQGHVÅ5HYROWH-DKUHV´,PHUVWHQ7HLOGHU6HULHZLUGLQHLQHU DOOJHPHLQHQ&KDUDNWHULVLHUXQJ%H]XJJHQRPPHQDXI GLHÅ(UHLJQLVVHGLH GDV-DKU]XPDX‰HUJHZ|KQOLFKVWHQ-DKUVHLWGHP(QGHGHV=ZHLWHQ :HOWNULHJVPDFKHQVROOWHQ²]XHLQHPYXONDQLVFKHQ-DKUGDVGLHKHUUVFKHQ GHQ2UGQXQJHQLQV:DQNHQEUDFKWH>«@GDVEHLP%HWUDFKWHUGHUDXVGHQ EOXWDUPHQ7DJHQYRQGDUDXI ]XUFNEOLFNWRIWEODQNH8QJOlXELJNHLW KHUYRUUXIW´6 'DPLWLVWGLH%HVRQGHUKHLWGHU(UHLJQLVVHDQ GLHHULQQHUWZLUGLQNDXPQRFKEHUELHWEDUHU)RUPVXSHUODWLYLVFKXQGK\ SHUEROLVFKKHUYRUJHKREHQ'LH'HPRQVWUDWLRQHQQDFKGHP$QVFKODJDXI  5XGL'XWVFKNHLP$SULOZHUGHQDOVÅ$XIUXKUGHUQXQDXVGHQXQLYHU



0DUWLQ:HQJHOHU

VLWlUHQ*HWWRVLQ%HUOLQXQGGHU%XQGHVUHSXEOLNKHUYRUEULFKW´DOVÅVXEYHU VLYHV*UR‰HUHLJQLV´PLWGHQÅKHIWLJVWHQXQGYHUEUHLWHWVWHQ6WUD‰HQNlPSIHQ VHLW GHU :HLPDUHU 5HSXEOLN´ 1U  6   FKDUDNWHULVLHUW XQG LP )ROJHQGHQLP%HPKHQXPHLQHQHXWUDOH.HQQ]HLFKQXQJDOV2VWHUXQUXKHQ EH]HLFKQHW3URWHVWEHZHJXQJHQLVWHLQ:RUWGDVGLH63,(*(/$XWRUHQGHVgI WHUHQ YHUZHQGHQ XP HLQH 6DPPHOEH]HLFKQXQJ IU GLH XQWHUVFKLHGOLFKHQ (UVFKHLQXQJVIRUPHQ GHU (UHLJQLVVH LQ YHUVFKLHGHQHQ /lQGHUQ ]X ÀQGHQ ]%6XQG $YDQWJDUGHQZLUGHEHQIDOOVKlXÀJHUYHUZHQGHW ]%Å6WXGHQWHQ$YDQWJDUGHQ´6ÅGLHXUVSUQJOLFKHQ$YDQW JDUGHQ´ 6  ÅGLH VWXGHQWLVFKH $YDQWJDUGH 6   GLH 2UJDQLVDWLRQVEH ]HLFKQXQJ6R]LDOLVWLVFKHU'HXWVFKHU6WXGHQWHQEXQG6'6 6 ZLUG ZHQQDXI GLH6WXGHQWHQUHIHULHUWZLUGHEHQIDOOVGDVHLQHRGHUDQGHUH0DO HUZlKQWLURQLVFKNULWLVFKZLUGQXUHLQPDOLP.RQWH[WGHV=LHOVGLHÅ5HYR OXWLRQLHUXQJGHV%HZXVVWVHLQV´]XHUUHLFKHQGLHÅ3ULHVWHUGHUÄ5HYROXWLR QLHUXQJ·´EHQXW]WGLH%HZHJXQJKHL‰WHVDOVHVXPGLH%HVFKUHLEXQJGHU$XI O|VXQJVWHQGHQ]HQGHU$SRJHKWHLQ:RUWGDVQXUDOV%HVWLPPXQJVZRUWLQ HLQHU%LOGXQWHUVFKULIW$SR+RIQDUUYHUZHQGHWZLUG $OVHU%HZHJXQJ6XQG ZHUGHQGLH(UHLJQLVVHYRU DOOHPLP7HLOEHUGHQÅ$XIVWDQGJHJHQGLH9lWHU´EH]HLFKQHWLQGHPQH EHQ$XIEUXFK6 XQG6WXGHQWHQUHYROWH6 DXFK8PEUXFK6 DOV GLH =HLW FKDUDNWHULVLHUHQGH .HQQ]HLFKQXQJ YRUNRPPW 'LH 3O|W]OLFKNHLW GHU(UHLJQLVVHKDEHÅ=JHHLQHU(UZHFNXQJVEHZHJXQJ´HEG JHKDEW'LH YLHOIlOWLJVWHQ%H]HLFKQXQJHQHUKlOWGDV*HVDPWHUHLJQLVLQGHQ6HULHQWHLOHQ EHUGLH)ROJHQHU5HYROWHGLHZLOGHQ0RQDWH.XOWXUUHYROXWLRQ[ DQWLDXWR ULWlUH5HYROWHGLH3URWHVWJHQHUDWLRQGDVHU$EHQWHXHU-XJHQGUHYROWHGLH5HYROWHYRQ $SRGLHHU*HQHUDWLRQ XQG%HZHJXQJGLH$SR/LQNHQGLH5HYROWH'LH HUXQGGLH$SRNRPPHQKLHUGHXWOLFKKlXÀJHULQGHP%HPKHQEHLGHU $EZlJXQJ GHU )ROJHQ DXI  DOOJHPHLQ DN]HSWLHUWH XQG UHODWLY QHXWUDOH %H ]HLFKQXQJHQ]XUFN]XJUHLIHQYRUDOVLQGHQ*HVFKHKQLV%HULFKWHQLQGHQ 6HULHQWHLOHQGDYRU*HUDGHGLHVHGLH*HVFKHKQLVVHXQG3URWDJRQLVWHQGHU =HLWDXI HWZDV*HPHLQVDPHVIHVWOHJHQGHQ6DPPHOEH]HLFKQXQJHQVLQGHV GLHLPDNWXHOOHQ'LVNXUVYRQ%HWHLOLJWHQGHU=HLWDEJHOHKQWXQGWKHPDWLVLHUW ZHUGHQ²EHLGHP9HUVXFKNULWLVFKHQ%HWUDFKWXQJHQGHU)ROJHQGHVÅ(U HLJQLVVHV´ QLFKW SDXVFKDO ]X ZLGHUVSUHFKHQ GLH )ROJHQ ]X GLIIHUHQ]LHUHQ XQGYRUDOOHPVLFKVHOEVWDOVDQGHQ8UVDFKHQGLHVHU)ROJHQQLFKWEHWHLOLJW DXV]XZHLVHQÅ(VZDUQLFKWDOOHVVFKOHFKW´6RJHVFKLHKWHV]%LPHLQOHLWHQ GHQ7H[W]XP$EGUXFNDXVGHPDOV%XFKSXEOL]LHUWHQ=HLW]HXJHQJHSUlFK Å'LHHU´JDEHVVFKRQQLFKWXQGLQGHQ-DKU]HKQWHQGDQDFKJDEHVVLHDOV JHVFKORVVHQH %HZHJXQJ  LPPHU ZHQLJHU VLH ZDUHQ HLQH KHWHURJHQH 0DVVH PLW XQWHUVFKLHGOLFKHQ$XIIDVVXQJHQJOHLFK]HLWLJJHZDOWIUHLJHZDOWEHUHLWSD]LÀVWLVFK EHOOL]LVWLVFKPDUNWJOlXELJSODQJOlXELJDXWRULWlUDQWLDXWRULWlUFKDXYLQLVWLVFKIH PLQLVWLVFKPDRLVWLVFKWURW]NLVWLVFKVWDOLQLVWLVFKVSRQWDQHLVWLVFKVR]LDOGHPRNUD

Å'HU$QJULII DXI GDV%HVWHKHQGH´



WLVFKOLEHUDOJOlXELJXQJOlXELJDQWLNRPPXQLVWLVFKSURNRPPXQLVWLVFKNDUULHUH JHLO KHGRQLVWLVFK NLQGHUIHLQGOLFK NLQGHUIUHXQGOLFK EUJHUOLFK NOHLQEUJHUOLFK DQWLEUJHUOLFK NRQVXPÀ[LHUW NRQVXPIHLQGOLFK VWDDWVJOlXELJ DQDUFKLVWLVFK VLH ZDUHQDOOHVXQGQLFKWVXQGGDVJOHLFK]HLWLJ6LHZDUHQVWDUNGDULQ]XVDPPHQGLH ULFKWLJHQ)UDJHQ]XVWHOOHQDQHLQHNULVHOQGH*HVHOOVFKDIWDEHULQGHQ$QWZRUWHQ DXI GLHVH)UDJHQNDPHQVLH]XZLGHUVSUFKOLFKHQ$QWZRUWHQ(UVWLP5FNEOLFN ZXUGHQVLH]XHLQHUHLQKHLWOLFKHQ%HZHJXQJ6

1LFKWVGHVWRWURW]VLQGZLULP$OOWDJXQGVLQG6FKUHLEHUYRQ(ULQQHUXQJV WH[WHQGHVgIWHUHQJH]ZXQJHQDXI GLH=HLWXQGLKUH3URWDJRQLVWHQVSUDFK OLFKNRPSULPLHUW]XUHIHULHUHQ:LHJHVFKLHKWGLHVQXQLQGHQ 63,(*(/7H[WHQ"8QGJLEWHVDXIIlOOLJH8QWHUVFKLHGH]XGHUGRFKUHFKWJUR ‰HQ%H]HLFKQXQJVYLHOIDOWGHV-DKUHV",QGHQ²]XJHJHEHQYLHONU]H UHQ ² 7H[WHQ YRQ  LVW GLH %H]HLFKQXQJVYLHOIDOW WDWVlFKOLFK DXI  GUHLELVYLHU.HQQ]HLFKQXQJHQ]XVDPPHQJHVFKPRO]HQ'LHHUXQG GLH5HYROWHE]ZGLH5HEHOOLRQQXUHLQPDOGLH6WXGHQWHQEHZHJXQJ VLQGGLHHLQ]L JHQ ZLHGHUNHKUHQGHQ %H]HLFKQXQJHQ IU GLH $NWHXUH XQG GLH (UHLJQLVVH GHU=HLW:lKUHQGPDQVLFKPLWGHQHUVWHUHQQLFKWDXI HLQHQRPLQDOH3Ul GLNDWLRQGHV*HVFKHKHQVIHVWOHJWVRQGHUQHEHQDXI GDVYHUWUDXWZDVGHU :LVVHQVUDKPHQGHU5H]LSLHQWHQ]XP$EUXI EHLGLHVHQ=DKOHQEHUHLWKlOW XQGDXI GLH)OOZHUWH3UlGLNDWLRQHQGLHLP7H[WVHOEVWDQJHVSURFKHQVLQG ZLUGPLWGHQ/HW]WHUHQGHU&KDUDNWHUGHV3O|W]OLFKHQXQJHSODQW$XIVWlQ GLJHQGHV*HVFKHKHQVKHUYRUJHKREHQ(WZDVSRHWLVFKHUZLUGLQNRQNUHWHQ =XVDPPHQKlQJHQDXFKYRP6FKLFNVDOVMDKULQGHU*HVFKLFKWHGHU%5'JH VSURFKHQXQGGLH=HLWQlKHUFKDUDNWHULVLHUWDOVGLHÅ6RPPHUGHU$QDUFKLH XQGGHU=HLWDOVGLH(UGHVLFKDQGHUVKHUXPGUHKHQVROOWH´6  ÅGLH +LSSLH=HLW´ 6   VRZLH DOV ÅHLQ :DKQ GHU LQ GLHVHQ 7DJHQ GLH JDQ]H ZHVWOLFKH :HOW EHIDOOHQ KDWWH $OOHV JDQ] QHX ]X JHVWDOWHQ GDV ZDU HLQ7UDXPYRQJHZDOWLJHU6FK|QKHLWXQGQRFKJHZDOWLJHUHU6FKRQXQJVOR VLJNHLW´6 8QGGD]ZLVFKHQ"'LH63,(*(/$UWLNHOYRQKDEHQGHQ9RUWHLOPLW HLQHPHLQKHLWOLFKJHVWDOWHWHQ/HDGYRQ]ZHLELVGUHL6lW]HQDQSURPLQHQWHU 6WHOOHPLWSUlGL]LHUHQGHQ.HQQ]HLFKQXQJHQ%H]XJQHKPHQ]XPVVHQDXI  GDV ZRUXP HV LP $UWLNHO JHKW +LHU VLQG DOVR EHVRQGHUV GLH YHUNU]WHQ 3UlGL]LHUXQJHQGHUÅ(UHLJQLVVH´]XHUZDUWHQGLHDXFKGLH+DOWXQJHQGHV /HVHUV]XVWHXHUQYHUVXFKHQ,QGHU63,(*(/Å+DXVPLWWHLOXQJ´]X%HJLQQ GHU$UWLNHOIROJHZLUGYRQÅMHQHU%HZHJXQJGHUHU´JHVSURFKHQÅGLHGDV /DQGLQGHQ-DKUHQGDQDFKXPNUHPSHOWH´6 LQhEHUVFKULIW XQG/HDGGHVHUVWHQ7HLOVZHUGHQGLHHUDOVÅ9ROOVWUHFNHUGHV:HOWJHZLV VHQV´LP7H[WPLWGHU(UJlQ]XQJÅ3DUWLVDQHQHLQHUQHXHQ:HOWRUGQXQJ´  DSRVWURSKLHUWGLHQDFKGHU(UPRUGXQJ%HQQR2KQHVRUJVLP7H[WÅGLH .OLPDVFKHLGH]ZLVFKHQ]ZHL*HVHOOVFKDIWHQ´ DXVÅHLQHUOXVWLJHQ5HYROWH´ LP7H[WÅDXVHLQHUDQWLDXWRULWlUHQ5HYROWHLQ:HVW%HUOLQ´ GHQÅ$XIVWDQG



0DUWLQ:HQJHOHU

GHUHU´LP7H[WÅGLH3URWHVWEHZHJXQJGHUHUGLHGDV/DQGXPNUHP SHOWHXQGELVKHXWHSUlJW´ JHPDFKWKlWWHQ'DV*DQ]HZLUGGDQQQRFKDOV .XOWXUUHYROXWLRQJHNHQQ]HLFKQHWGLHVHLWKHUGLH'HEDWWHQLQGHU5HSXEOLNPLW EHVWLPPH'HU7H[WKlOWGDQQZLHGHUXPHLQHJDQ]H0HQJHXQWHUVFKLHGOL FKHUSUlGL]LHUHQGHU.HQQ]HLFKQXQJHQIUGLH=HLWXQGLKUH3URWDJRQLVWHQ EHUHLWGLHZHQLJHUGHUVSUDFK|NRQRPLVFKNRPSULPLHUWHQ5HIHUHQ]GD]X GLHQWKLHUDQGHUVDOVYRUDOOHPGLH$SRXQG²ZLH²GLHHU XQGGLH5HYROWHYRQĶ DOVHEHQGHU3UlGLNDWLRQGLHQHQÅ7UlXPHUGHV$EVR OXWHQ´6 ÅHLQHPlFKWLJHOXVWYROOH%HZHJXQJGLHDOOH$XWRULWlWHQLQ )UDJHVWHOOWH´6 ÅHLQH]ZHLMlKULJH6WUD‰HQSDUW\´HEG 2EZRKOYRQ GLH%HZHJXQJGHUHUJHVSURFKHQZLUGZLUGDXFKKLHUH[SOL]LWUHODWLYLHUW²ZLH ]HKQ-DKUHVSlWHU²GDVVGLHHUQLHHLQHJHVFKORVVHQH%HZHJXQJJHZHVHQVHLHQ 'LH%H]HLFKQXQJ'LH.XOWXUUHYROXWLRQGHUHUZLUGLQGHPJHZROOWSDUDGR[HQ =XVDPPHQKDQJJHZlKOWLQGHPVLHDOV.HWWHHUIROJUHLFKHU1LHGHUODJHQEHZHUWHW ZLUG  3URWHVWEHZHJXQJGHUHUGLHGDV/DQG XPNUHPSHOWH DQWLDXWRULWlUH5HYROWH $XIVWDQGGHUHU GLH$SR GLHHU  GLH5HYROWHYRQĶ GLH%HZHJXQJGHUHU GLH.XOWXUUHYROXWLRQGHUHU 6WXGHQWHQUHYROWH

 GLHHU E]Z GLH5HYROWHYRQĶ GLH5HEHOOLRQ QXUHLQPDOGLH6WXGHQWHQEHZHJXQJ 6FKLFNVDOVMDKU 6RPPHUGHU$QDUFKLHXQGGLH=HLWDOV GLH(UGHVLFKDQGHUVKHUXPGUHKHQVROOWH GLH+LSSLH=HLW

7DE%HQHQQXQJHQGHV(UHLJQLVVHVÅ´LP63,(*(/XQG

=XVDPPHQJHIDVVW VHKH LFK EHL GHQ %HQHQQXQJHQ GHV *HVDPWHUHLJQLVVHV Å´LQGHQ63,(*(/(ULQQHUXQJVWH[WHQHLQH7HQGHQ]YRQHLQHU9LHOIDOW XQWHUVFKLHGOLFKH)DFHWWHQDEGHFNHQGHU%H]HLFKQXQJHQPLWHLQHP6FKZHU SXQNWDXI GHQVWXGHQWLVFKHQ3URWDJRQLVWHQXQGGHQ&KDUDNWHUGHV8PEUXFKV XQGGHV3URWHVWVJHJHQ%HVWHKHQGHVXQGLQGLHVHP=XVDPPHQKDQJDXFK HLQHP)RNXVDXI GHUHQ%HUHFKWLJXQJXQGGHQYHUQXQIWJHOHLWHWHQ8UVDFKHQ XQG0RWLYHQKLQ]XHLQHU]XQHKPHQGHQ9HUHQJXQJGHU%H]HLFKQXQJHQDXI  DQGHU2EHUÁlFKHQXUUHIHULHUHQGH$XVGUFNHZLHGLHHUXQGDEHU QXU GLH$SRVRZLH%H]HLFKQXQJHQGLHGHQHUXSWLYHQVSRQWDQHQXQG QLFKWVWUDWHJLVFKJHSODQWHQ&KDUDNWHUGHV(UHLJQLVVHVKHUYRUKHEHQ5HYROWH 5HEHOOLRQ 'LHVZLUGEHJOHLWHWYRQPHLVWDXVIKUOLFKHUHQ8PVFKUHLEXQJHQ

Å'HU$QJULII DXI GDV%HVWHKHQGH´



GHU%HZHJXQJLQGHQHQZLHGHUXPGHUDOOWDJVNXOWXUHOOH=lVXUFKDUDNWHUDEHU DXFKGLHXQUHDOLVWLVFKHQ7UlXPHXQGGHUHKHUHPRWLRQDOJHOHLWHWH&KDUDNWHU GHV*DQ]HQLP0LWWHOSXQNWVWHKHQ=XGHPZLUGMHOlQJHUGDV(UHLJQLVKHU LVWGHVWRPHKU²ZRKODXFKLQGHUGHIHQVLYHQ$EZHKUYRQLP'LVNXUVYLUX OHQWHQ9RUZUIHQDQGLHHUKHXWLJHJHVHOOVFKDIWOLFKH0LVVVWlQGHEHZLUNW ]XKDEHQ²WKHPDWLVLHUWGDVVHVQLFKWGLHHUJHJHEHQKDEHXQGGDVVGLHPLW GHU&KLIIUHEH]HLFKQHWHQ(UHLJQLVVHVHKUXQWHUVFKLHGOLFKHQ&KDUDNWHUKDW WHQYRQVHKUXQWHUVFKLHGOLFKHQ$NWHXUHQJHWUDJHQZDUHQXQGGDKHUDXFK² ZLHLQ3XQNWJH]HLJW²VHKUXQWHUVFKLHGOLFKH)ROJHQJH]HLWLJWKlWWHQ 

6FKOXVVEHPHUNXQJ

$XFKDQKDQGGHU%HQHQQXQJHQGHV(UHLJQLVVHVE]ZGHU(UHLJQLVVHEHVWl WLJWVLFKGDVVGHU63,(*(/LQMHGHP-DKU]HKQWPLWVHLQHQ(ULQQHUXQJVWH[WHQ WURW]HLQLJHU63,(*(/W\SLVFKHUKlPLVFKHU6HLWHQKLHEHDXI HLQLJH$XVZFK VHXQG$NWLRQHQGHU=HLWLP(ULQQHUXQJVGLVNXUVDQÅ´NRQWLQXLHUOLFK ]X HLQHU SRVLWLYHQ %HZHUWXQJ YRQ Å´ DOV GHP %HJLQQ HLQHU /LEHUDOL VLHUXQJXQG'HPRNUDWLVLHUXQJGHU%XQGHVUHSXEOLNXQGHLQHUDOOWDJVNXOWX UHOOHQ8PRULHQWLHUXQJEHLJHWUDJHQKDW'LHVLVWDXFKGLH4XLQWHVVHQ]GHU )OOXQJGHUDQGHUHQLQGHQ%OLFNJHQRPPHQHQ/HHUVWHOOHQGHVLPNROOHNWL YHQ:LVVHQYHUDQNHUWHQ)UDPHVÅ´]XGHUGLH63,(*(/7H[WHLQDOOHQ GUHL (ULQQHUXQJVMDKUHQ EHLWUDJHQ +LQVLFKWOLFK GHVVHQ ZDV GHP (UHLJQLV YRUDXVJHKW ZRULQ GDV (UHLJQLV EHUKDXSW EHVWDQGHQ KDW ZHOFKH $NWHX UH HV ZLH EHZLUNW KDEHQ XQG ZHOFKH )ROJHQ HV JHKDEW KDW JLEW HV ]ZDU DOOHLQ VFKRQ DXIJUXQG GHU XQWHUVFKLHGOLFKHQ /lQJH GHU 7H[WH YHUVFKLHGH QH 6FKZHUSXQNWVHW]XQJHQ LP *UR‰HQ XQG *DQ]HQ DEHU GRFK HLQH HKHU NRQWLQXLHUOLFKH (ULQQHUXQJVDUEHLW DXFK ZHQQ VLH VLFK LQ GHQ KHUDXVJHDU EHLWHWHQ )DFHWWHQ XQWHUVFKHLGHW 6RZRKO GLHVH .RQWLQXLWlW ZLH DXFK GLH 9HUlQGHUXQJHQLP(LQ]HOQHQKDEHLFKDXI]X]HLJHQYHUVXFKWDQKDQGHLQHU 0HWKRGH GHUHQ 3RWHQWLDO DOV KHXULVWLVFKHU =XJULII  DXI  :LVVHQV$VSHNWH XQVHUHV6SUDFKYHUVWHKHQVXQGIUGLH$QDO\VHHLQHUJU|‰HUHQ7H[WPHQJH GDPLWHEHQVRHUSUREWZHUGHQVROOWH(LQHZLFKWLJHPHGLDOH)DFHWWHLVWGDEHL DXV 3ODW]JUQGHQ DXVJHNODPPHUW JHEOLHEHQ ,KU NRPPW DEHU LP (ULQQH UXQJVGLVNXUVHLQHHEHQVRZLFKWLJH5ROOHZLHGHQKLHUDQDO\VLHUWHQ7H[WHQ ]XYJO6WHLQVHLIHU 'LH)RWRVPLWGHQHQ'(563,(*(/VHLQH7H[WH EHJOHLWHW VLQG HLQH GDV KLHU 9RUOLHJHQGH HUJlQ]HQGH $QDO\VH ZHUW (V LVW ]%RIIHQVLFKWOLFKVR²DEHUGLHVHDEVFKOLH‰HQGH$QPHUNXQJPXVVKLHUJH QJHQ²GDVVZLHLQGHQ7H[WHQGHU-XQLXQGGLH.RPPXQH,ZH VHQWOLFKH)OOZHUWHIUÅ´GDUVWHOOHQDXI GHUELOGOLFKHQ(EHQHÅ´ QLFKWRKQHGDVIROJHQGHLQDOOHQ-DKUHQ'(563,(*(/1U6 1U61U6 DEJHGUXFNWH)RWR]XGHQNHQLVW



0DUWLQ:HQJHOHU

/LWHUDWXU $O\*|W] 8QVHU.DPSI²HLQLUULWLHUWHU%OLFN]XUFN)UDQNIXUWD0 &DUVWHQVHQ %URGHU   63,(*(/:|UWHU 63,(*(/:RUWH =XU 6SUDFKH HLQHV GHXWVFKHQ1DFKULFKWHQPDJD]LQV0QFKHQ &RKQ%HQGLW'DQLHO'DPPDQQ5GLJHU+J  'LH5HYROWH)UDQNIXUW D0 'RUHQEHFN 1LOV   =ZHLIHOKDIWH :HJZHLVHU 3UDJPDWLVFKH &KDUDNWHULVWLND XQG NRPPXQLNDWLYH6WUDWHJLHGHU63,(*(/6WRU\,Q6SUDFKHXQG/LWHUDWXULQ:LV VHQVFKDIWXQG8QWHUULFKW6² (Q]HQVEHUJHU+DQV0DJQXV 'LH6SUDFKHGHV6SLHJHO,Q(Q]HQVEHUJHU+DQV 0DJQXV(LQ]HOKHLWHQ,%HZXVVWVHLQVLQGXVWULH)UDQNIXUWD06² )UDDV &ODXGLD   *HEUDXFKVZDQGHO XQG %HGHXWXQJVYDULDQ] LQ 7H[WQHW]HQ 'LH .RQ]HSWH,GHQWLWlWXQG'HXWVFKHLP'LVNXUV]XUGHXWVFKHQ(LQKHLW7ELQJHQ *ULPPLQJHU5ROI  .DXPDXINOlUHQGHU.RQVXP6WUDWHJLHGHV6SLHJHOLQGHUJH JHQZlUWLJHQ 0DVVHQNRPPXQLNDWLRQ ,Q 5XFNWlVFKHO $QQDPDULD +J  6SUDFKH XQG*HVHOOVFKDIW0QFKHQ6² +DQQRYHU,UPHOD6FKQLEEHQ&RUGW ,FDQ·WJHWQR(LQSDDUHUWUHIIHQVLFK ZLHGHUXQGUHFKQHQDE.|OQ

Å'HU$QJULII DXI GDV%HVWHKHQGH´



+HUPDQ(YD 'DV(YD3ULQ]LS)UHLQHQHXH:HLEOLFKNHLW0QFKHQ +HUPDQQV )ULW]   6SUDFKJHVFKLFKWH DOV 0HQWDOLWlWVJHVFKLFKWH hEHUOHJXQJHQ ]X 6LQQ XQG )RUP XQG *HJHQVWDQG KLVWRULVFKHU 6HPDQWLN ,Q $QGUHDV *DUGW 0DWWKHLHU.ODXV-5HLFKPDQQ2VNDU+J 6SUDFKJHVFKLFKWHGHV1HXKRFKGHXW VFKHQ*HJHQVWlQGH0HWKRGHQ7KHRULHQ7ELQJHQ6² +HUUPDQQ /XGROI    +LWOHU %RQQ XQG GLH :HQGH :LH GLH %XQGHVUHSXEOLN LKUH /HEHQVNUDIW ]XUFNJHZLQQHQ NDQQ ,Q 'LH SROLWLVFKH 0HLQXQJ  +  6² .RQHUGLQJ.ODXV3HWHU )UDPHVXQGOH[LNDOLVFKHV%HGHXWXQJVZLVVHQ7ELQJHQ .UDXVKDDU:ROIJDQJ $FKWXQGVHFK]LJ(LQH%LODQ]%HUOLQ 0RKU5HLQKDUG 'HUGLVNUHWH&KDUPHGHU5HEHOOLRQ(LQ/HEHQPLWGHQHUQ %HUOLQ 6FKQHLGHU3HWHU 5HEHOOLRQXQG:DKQ0HLQ.|OQ 6WHLQVHLIHU0DUWLQ Ä)RWRVZLH%UDQGZXQGHQ¶"²hEHUOHJXQJHQ]XUGHRQWLVFKHQ %HGHXWXQJYRQ3UHVVHIRWRJUDÀHQDP%HLVSLHOYRQ+DQQV0DUWLQ6FKOH\HUDOV2S IHUGHU5RWHQ$UPHH)UDNWLRQ,Q'LHWULFK%XVVH1LHKU7KRPDV:HQJHOHU0DU WLQ +J  %ULVDQWH 6HPDQWLN 1HXHUH .RQ]HSWH XQG )RUVFKXQJVHUJHEQLVVH HLQHU NXOWXUZLVVHQVFKDIWOLFKHQ/LQJXLVWLN7ELQJHQ6² :DUQNH,QJR+ 'LHVSUDFKOLFKH.RQVWLWXLHUXQJYRQJHWHLOWHP:LVVHQLQ'LV NXUVHQ,Q)HOGHU(NNHKDUG0OOHU0DUNXV+J :LVVHQGXUFK6SUDFKH7KHR ULH3UD[LVXQG(UNHQQWQLVLQWHUHVVHGHV)RUVFKXQJVQHW]ZHUNHVÅ6SUDFKHXQG:LV VHQ´%HUOLQ1HZ«@ 'HU .DSLWDOLVPXV LVW DXFK GXUFK GLH /RKQDUEHLW JHNHQQ]HLFKQHW 'LH 0HKU]DKO GHU %HY|ONHUXQJ GLH NHLQ RGHU QXU ZHQLJ.DSLWDO]XU9HUIJXQJKDWHUKlOWLKU(LQNRPPHQDXVGHP9HUNDXI LKUHU$UEHLWVNUDIW XQGQLFKWGXUFKGHQ9HUNDXI GHU3URGXNWHLKUHU$UEHLW>«@'DVOHW]WH.HQQ]HLFKHQGHV .DSLWDOLVPXVLVWGLH.RQNXUUHQ]-HGHNDSLWDOLVWLVFKH(LQKHLWLVWSHUPDQHQWEHGURKWGXUFK GLH+DQGOXQJHQDQGHUHUNRQNXUULHUHQGHU(LQKHLWHQ´



'LH5HGHYRPÅ*HLVWGHV.DSLWDOLVPXV´JHKW]XUFNDXI 0D[:HEHU'LH3URWHVWDQWLVFKH(WKLN XQGGHU*HLVWGHV.DSLWDOLVPXV,QDEJHZDQGHOWHU)RUPZLUGHUYRQ%ROWDQVNL&KLDSHOOR 6² EHUQRPPHQ

Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´



DEKlQJLJHQ$QJHVWHOOWHQ²]XPRWLYLHUHQXQGLKUH(LQVDW]EHUHLWVFKDIW]X ZHFNHQ9LHOPHKUEHGDUI HVKLHUIUHLQHUVFKOVVLJHQÅ,GHRORJLH´,GHROR JLHVROOKLHUQLFKWDOVPDU[LVWLVFKHV9RNDEXODUYHUVWDQGHQZHUGHQVRQGHUQ HKHULP6LQQHHLQHVVLQQJHEHQGHQ*HLVWHVGHUÅGDV(QJDJHPHQWIUGHQ.D SLWDOLVPXVUHFKWIHUWLJW´%ROWDQVNL&KLDSHOOR6 ZHOFKHUXQWHUDQ GHUHPLQGLVNXUVLYHU)RUPGDV'HQNHQXQG+DQGHOQYRQ0HQVFKHQSUlJW *HIRUGHUWVLQGVRPLWQLFKWQXU7HLOQDKPHDP:HUWVFK|SIXQJVSUR]HVV VRQGHUQDNWLYHU(LQVDW]LQ)RUPYRQ2SIHUEHUHLWVFKDIW,QLWLDWLYHXQG(Q JDJHPHQWXQGGLHV]XQHKPHQGQLFKWQXUYRQ)KUXQJVNUlIWHQVRQGHUQ YRQGHU*HVDPWEHOHJVFKDIW8PGHQ)RUWEHVWDQGGHV|NRQRPLVFKHQ6\V WHPV ]X VLFKHUQ PXVV GLHVHV DXFK YHUPLWWHOV 6SUDFKH OHJLWLPLHUW ZHUGHQ *HQDX GLHVH PRWLYDWLRQDOH 6SUDFKH LVW HV GLH LP /DXIH GHU YHUJDQJHQHQ -DKU]HKQWHHLQHQGHXWOLFKHQ:DQGHOGXUFKODXIHQKDW'LHVHU:DQGHO²VR ODXWHWGLHGHQIROJHQGHQ8QWHUVXFKXQJHQ]XJUXQGHOLHJHQGH+\SRWKHVH² LVWLQHQWVFKHLGHQGHP0D‰HJHSUlJWYRQGHQ3URWHVWEHZHJXQJHQVRZLHGHQ XQWHUVFKLHGOLFKHQ5HFKWIHUWLJXQJVNULVHQGHQHQVLFKGHU.DSLWDOLVPXV(QGH GHUHUXQGLQGHQHU-DKUHQKDWVWHOOHQPVVHQ ,QQHUKDOEGHUNULWLVFKHQ%HZHJXQJODVVHQVLFK/DJHUXQWHUVFKLHGOLFKV WHU&RXOHXUDXVPDFKHQGLHVLFK]XZHLOHQKHPPHQGLP:HJHRGHUVRJDU IHLQGOLFK JHJHQEHUVWDQGHQ *UXSSHQ XQG V]HQHEHUJUHLIHQG NDQQ GLH 3URWHVWEHZHJXQJ²XQGGLHVEHUHLWVYRUȨ²DOOHUGLQJVLQ]ZHLJUXQGVlW] OLFKH6WU|PXQJHQJHWHLOWZHUGHQ6R]LDONULWLNHLQHUVHLWVXQG.QVWOHUNULWLN DQGHUHUVHLWV%ROWDQVNL&KLDSHOORXQG6² =ZDUPDJ GLHVH'LFKRWRPLHLQ)UDQNUHLFKVWlUNHUH$XVSUlJXQJHQDQJHQRPPHQKD EHQDOVLQ'HXWVFKODQGGRFKDXFKKLHUÀQGHQVLFKMHQHEHLGHQXQWHUVFKLHG OLFKHQ4XDOLWlWHQGHU.ULWLN 

)RUPHQGHU.ULWLNXQGLKUHGLVNXUVLYHQ=XVFKUHLEXQJHQ

'LH (QWZLFNOXQJ GHV .DSLWDOLVPXV XQG GLH JHJHQ LKQ HUKREHQHQ .ULWL NHQ ODVVHQ VLFK LQ HLQH '\QDPLN ]XVDPPHQIDVVHQ LQ ZHOFKHU GLH .ULWLN DOVÅ0RWRUIUGLH9HUlQGHUXQJHQGHVNDSLWDOLVWLVFKHQ*HLVWHV´%ROWDQVNL &KLDSHOOR6 IXQJLHUW'LH6SUDFKHGHV.DSLWDOLVPXVXQGGLH6SUD FKHGHV$QWLNDSLWDOLVPXVVLQGHQJPLWHLQDQGHUYHUNQSIWXQGLP=XVDP PHQVSLHOVRZLHLP.RQWH[WLKUHUEHLGHUVHLWLJHQ+HJHPRQLHDQVSUFKH]X

EHWUDFKWHQ

'LHXQWHUVFKLHGOLFKHQ)RUPHQGHU*HVHOOVFKDIWVXQG.XOWXUNULWLNGLH XPDXIHLQDQGHUWUDIHQVLQGQLFKWRKQHZHLWHUHVNODVVLÀ]LHUEDU:HQQ JOHLFKGLH0DQQLJIDOWLJNHLWGHU*UXSSLHUXQJHQXQG6WU|PXQJHQGXUFKHL 

(UQHVWR /DFODX XQG &KDQWDO 0RXIIH HQWZLFNHOQ LQ +HJHPRQLH XQG UDGLNDOH 'HPRNUDWLH =XU 'HNRQVWUXNWLRQ GHV 0DU[LVPXV   GLH *UXQGODJH IU HLQH )RUP GHU 'LVNXUVDQDO\VH GLH ZHVHQWOLFKDXI GHP%HJULII GHUXPNlPSIWHQ+HJHPRQLHYRQ%HGHXWXQJHQEDVLHUW



1LFROH0OOHU

QLJH*HPHLQVDPNHLWHQYHUEXQGHQVFKLHQVLQGGLH8QWHUVFKLHGHGHU.ULWLN EH]JOLFKGHU3UREOHPGHÀQLWLRQGHU=LHOVHW]XQJXQGGHU'XUFKVHW]XQJV PLWWHOHEHQVR]DKOUHLFK'LHYRQ%ROWDQVNLXQG&KLDSHOORYRUJHQRPPHQH 7UHQQXQJ]ZLVFKHQ6R]LDOXQG.QVWOHUNULWLNLVWDOVHLQHLGHDOW\SLVFKH]X YHUVWHKHQXQGOlVVWHLQHNODUH=XRUGQXQJDOOHUDXV]XPDFKHQGHQ*UXSSLH UXQJHQQLFKW]X:LUGGLHVH7UHQQXQJMHGRFK]X=ZHFNHQGHU$QDO\VHJH VHW]WVREHZlKUWVLHVLFKDOVIUXFKWEDUH8QWHUVFKHLGXQJ 'LH EHUHLWV YRU  VWlUNHU ZHUGHQGH 6R]LDONULWLN ULFKWHWH VLFK XQWHU DQGHUHP JHJHQ GLH WURW] GHV GDPDOLJHQ :LUWVFKDIWVDXIVFKZXQJV IRUWEH VWHKHQGHQ VR]LDOHQ 8QJOHLFKKHLWHQ 'LH PDQJHOQGH *HUHFKWLJNHLW LQ GHU 9HUWHLOXQJYRQ.DSLWDO*WHUQXQG0DFKWVRZLHGDPLWHLQKHUJHKHQGGLH ZHLWHUKLQ H[LVWLHUHQGH $UPXW LQ 'HXWVFKODQG XQG GDV (OHQG LQ GHU GULW WHQ:HOW'LH(UULFKWXQJHLQHVQHXHQ6WDDWHVQDFKGHP=ZHLWHQ:HOWNULHJ KDWWHYLHOHURUWV+RIIQXQJHQDXI HLQHJHPHLQZLUWVFKDIWOLFKH8PJHVWDOWXQJ GHU(LJHQWXPVYHUKlOWQLVVHVRZLHDXI HLQHXPIDVVHQGH9HUZLUNOLFKXQJZLUW VFKDIWOLFKHU 0LWEHVWLPPXQJ XQG 6HOEVWYHUZDOWXQJ JHZHFNW %UDQG%V VHU5XFKW6II 7UDGLWLRQHOOH/LQNHDOVDXFKQHRPDU[LVWLVFKHXQG NRPPXQLVWLVFKH6WU|PXQJHQIDQGHQVLFKXQWHUDQGHUHQLQGLHVHU.ULWLNOL QLH YHUHLQW GLH ZHLWHUKLQ Å$XVEHXWXQJ´ GXUFK KHUUVFKHQGH 3URGXNWLRQV YHUKlOWQLVVHDOVJHVHOOVFKDIWOLFKHV.HUQSUREOHP GHÀQLHUWH$XFK 7HLOHGHU &KULVWXQG6R]LDOGHPRNUDWHQXQWHUVWW]HQLQGHU:LHGHUDXIEDXSKDVH%H VWUHEXQJHQKLQ]XHLQHUJHPHLQZLUWVFKDIWOLFKHQ2UGQXQJYJOHEG6  -HGRFKVWHOOWHVLFKLQGHQHU-DKUHQKHUDXVGDVVGLHYRQGHU6R]LDONUL WLNJHIRUGHUWHZLUWVFKDIWVGHPRNUDWLVFKH8PJHVWDOWXQJGHUgNRQRPLHGK HLQHU WDWVlFKOLFKHQ EHWULHEOLFKHQ 0LWEHVWLPPXQJ  PHKU XQG PHKU GXUFK HLQHLQVWLWXWLRQHOOH(LQELQGXQJGHU*HZHUNVFKDIWHQXQG$UEHLWHUVFKDIWLQ GLH VR]LDOH 0DUNWZLUWVFKDIW XPJDQJHQ ZXUGH 'LH +RIIQXQJHQ DXI  HLQH WLHIJUHLIHQGH6HOEVWYHUZDOWXQJXQG0LWEHVWLPPXQJVUHFKWHGHU$UEHLWQHK PHULPJHVDPWHQ:LUWVFKDIWVEHUHLFKKDWWHQVLFKJHJHQ(QGHGHUVHFK]LJHU -DKUHZHLWJHKHQG]HUVFKODJHQ'LHVR]LDOVWDDWOLFKHQ=XJHVWlQGQLVVHMHGRFK ZXUGHQYRQYLHOHQ$QJHK|ULJHQGHUHU%HZHJXQJDOV%HVFKZLFKWLJXQJV YHUVXFKHYJO+HFNHQ6II%UDQG%VVHU5XFKW6II  HQWZHUWHWZHOFKHGLH+HUUVFKDIWVVWUXNWXUHQGHV.DSLWDOLVPXVYRUZHLWHUHQ =XJHVWlQGQLVVHQ DQ GLH LQQHUEHWULHEOLFKHQ 'HPRNUDWLVLHUXQJVEHVWUHEXQ JHQGHU$UEHLWQHKPHUVFKW]WHQ ,P*HJHQVDW]GD]XZHUWHWHGLH.QVWOHUNULWLNGLH8PYHUWHLOXQJYRQ3UR GXNWLRQVPLWWHOQ .DSLWDO XQG *WHUQ QLFKW DOV /|VXQJ GHU JHVHOOVFKDIWOL FKHQ0LVVYHUKlOWQLVVH9LHOPHKUHQWZHUWHWHVLHGHQHUUXQJHQHQ:RKOVWDQG GHUQLYHOOLHUWHQ0LWWHOVWDQGVJHVHOOVFKDIWYJO*ODVHU6II GHVVHQ 

=XGHQYHUVFKLHGHQHQ*UXSSLHUXQJHQGHU3URWHVWEHZHJXQJLQGHU%XQGHVUHSXEOLNYRQGHU 1HXHQ /LQNHQ EHU GLH NRPPXQLVWLVFKHQ ELV ]X GHQ DQDUFKLVWLVFKHQ 9HUHLQLJXQJHQ YRU ZlKUHQGXQGQDFKYJOLQDXVIKUOLFKHU)RUP/DQJJXWK 

Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´



QHXH 0|JOLFKNHLWHQ GHV .RQVXPV XQG GHU 0DVVHQPHGLHQ HLQHQ ÅWRWDOHQ 9HUEOHQGXQJV]XVDPPHQKDQJ´ +HFNHQ  6   HUULFKWHW KDEH 'HU ÅZRKOIDKUWVVWDDWOLFKUHJXOLHUWH.DSLWDOLVPXV´2IIH6 JHKHPLW HLQHU NRQVXPLVWLVFKHQ %HGUIQLVPDQLSXODWLRQ XQG HLQHU Å|NRQRPLVFK WHFKQLVFKHQ *OHLFKVFKDOWXQJ´ 0DUFXVH  6   HLQKHU 'LH SRVWPD WHULDOLVWLVFKH$XVULFKWXQJGLHVHU.ULWLNOHKQWHVLFKJHJHQGLHGDVSHUV|QOL FKH/HEHQEHKHUUVFKHQGHQÅ6DFK]ZlQJH´*ODVHU6 DXIGLHGHQ 0HQVFKHQLQKLHUDUFKLVFKRUJDQLVLHUWHQ$EKlQJLJNHLWVYHUKlOWQLVVHQJHIDQ JHQKLHOWHQXPIRUWZlKUHQGDQGHU3URGXNWLRQEHU]lKOLJHUXQQW]HU'LQ JH PLW]XZLUNHQ %HHLQÁXVVW YRQ H[LVWHQWLDOLVWLVFKHQ .RPSRQHQWHQ ZLUG GDV ,QGLYLGXXP DOV 6XEMHNW NXOWXUHOOHU (QWZLFNOXQJ HQWGHFNW 1XU GXUFK LQGLYLGXHOOH %HIUHLXQJ N|QQH DXFK NROOHNWLYH (PDQ]LSDWLRQ YRQ SDVVLYHU XQNUHDWLYHU)UHPGJHVWHXHUWKHLWHUUHLFKWZHUGHQGXUFKZHOFKHGHUHLQ]HOQH 0HQVFK]XQHKPHQG]XP2EMHNWJHVHOOVFKDIWOLFK|NRQRPLVFKHU6WUXNWXUHQ JHZRUGHQVHLYJO+HFNHQ6II %HLGLHVHU$UWGHU.ULWLNJHZLQQW GHUDXVGHQ0DU[ȨVFKHQ)UKVFKULIWHQVWDPPHQGH%HJULII GHUÅ(QWIUHP GXQJ´JHJHQEHUGHPGHU$XVEHXWXQJDQ*HZLFKW,PGHXWVFKHQ5DXP QLPPW XQWHU DQGHUHQ +HUEHUW 0DUFXVH HLQH 6FKOVVHOUROOH LQ GHU YRU DO OHP YRQ $YDQWJDUGH0LOLHXV YHUWUHWHQHQ .QVWOHUNULWLN HLQ ZHOFKH EHU GLH %HDQVWDQGXQJ GHU .DSLWDO XQG 0DFKWYHUWHLOXQJ KLQDXVJHKW XQG VLFK ]XHLQHUXPIDVVHQGHQ.XOWXUNULWLNVWHLJHUW%HL0DUFXVHLVWGLH%HIUHLXQJ GXUFK GDV 3UROHWDULDW YHUXQP|JOLFKW GD GLH HLQGLPHQVLRQDOH *HVHOOVFKDIW XQWHUGHUHQWIUHPGHWHQ/HEHQVZHLVHYHUHLQWXQGLKUH0LWJOLHGHUDOVDEOHQ NXQJVVFKWLJH)UHL]HLWPHQVFKHQYRQGHUREMHNWLYLHUWHQNXOWXUHOOHQ*OHLFK VFKDOWXQJEHWURIIHQVHLHQ%HGLQJWGXUFKGLHVH2EMHNWLYLHUXQJGHU9HUEOHQ GXQJ N|QQH GHU 0HQVFK QLFKW PHKU ]ZLVFKHQ ÅZDKUHQ´ XQG ÅIDOVFKHQ´ %HGUIQLVVHQXQWHUVFKHLGHQ0DUFXVH6II 'HU%HGHXWXQJVJHKDOW GHUÅ(QWIUHPGXQJ´LVWKLHUQLFKWPHKUJOHLFK]XVHW]HQPLWMHQHPGHQGHU MXQJH0DU[EHVFKUHLEW'LH8PYHUWHLOXQJGHU3URGXNWLRQVPLWWHON|QQHGHQ HQWGLPHQVLRQLHUWHQ0HQVFKHQQLFKWPHKUDXVGHU9HUEOHQGXQJVHLQHUVXEV WDQ]ORVHQ.RQVXPVXFKWEHIUHLHQGLHGDV5HJLPHQWGHUHLQW|QLJHQXQGPH FKDQLVLHUWHQ$UEHLWLQ)DEULNXQG%URDXIUHFKWHUKDOWH'LH(QWIDOWXQJGHU LQGLYLGXHOOHQ3HUV|QOLFKNHLWGLH:LHGHUEHOHEXQJHLQHVNULWVFKHQ%HZXVVW VHLQV YRQ bVWKHWLN .UHDWLYLWlW XQG VLQQOLFKHQ (UIDKUEDUNHLW ÀQGHQ QHXH %HWRQXQJ /XNiFV  6 II  -HGH )RUP YRQ $XWRULWlW ZLUG DEJH OHKQW'LHKHUUVFKHQGHQNDSLWDOLVWLVFKHQ3URGXNWLRQVEHGLQJXQJHQXQGLKUH WHFKQRORJLVFKH5DWLRQDOLVLHUXQJZHUGHQGHU(QW]DXEHUXQJGHP0DQJHODQ $XWKHQWL]LWlWEH]LFKWLJW'HUSURNODPLHUWH6LQQYHUOXVWGHUPDWHULDOLVWLVFKHQ :DUHQJHVHOOVFKDIWXQGGHVVHQ6WDQGDUGLVLHUXQJXQG9HUPDVVXQJPVVHEH HQGHWZHUGHQ6SLULWXDOLWlW6HOEVWHQWIDOWXQJ$QWLWUDGLWLRQDOLVPXVXQG$X WRQRPLHVWUHEHQVWHKHQLP*HJHQVDW]]XEURNUDWLVLHUWHQ$OOWDJVVWUXNWXUHQ IUHPGEHVWLPPHQ5RXWLQHQXQGDXWRULWlWHQ.RQWUROOHQ



1LFROH0OOHU

%ROWDQVNL XQG &KLDSHOOR   ]XIROJH ZXUGHQ QXQ DXV GHQ EHLGHQ JHQDQQWHQNULWLVFKHQ6WU|PXQJHQYRUQHKPOLFK(OHPHQWHGHU.QVWOHUNUL WLNLQGHQÅNDSLWDOLVWLVFKHQ*HLVW´DXIJHQRPPHQREJOHLFKGLHVH5HDNWLRQ QLFKWDOVHLQHPVWUDWHJLVFKDXVJHNOJHOWHQ3ODQIROJHQGYHUVWDQGHQZHUGHQ GDUIGHPHLQHEHZXVVWH.RQ]HSWLRQDOLVLHUXQJ]XJUXQGHOlJH)UGLH6HLWH GHU8QWHUQHKPHQMHGRFKEUDFKWHGHU(LQEH]XJGHUJHJHQVLHJHULFKWHWHQ .ULWLNODQJIULVWLJHQRUPH|NRQRPLVFKH9RUWHLOH'LH6XFKHQDFKÅDOWHUQD WLYHQ/HEHQVIRUPHQ´XQG$UEHLWVEHGLQJXQJHQGLHÁH[LEOH$UEHLWV]HLWHQ SURMHNWJHEXQGHQH %HVFKlIWLJXQJV]HLWUlXPH VRZLH 0RELOLWlW XQG 8QJH EXQGHQKHLWI|UGHUQIKUWQDFK(UIOOXQJGLHVHU)RUGHUXQJHQ]X8PVWlQ GHQ GLH PLW HLQHU OLEHUWlUHQ 0DUNWORJLN XQG GHUHQ ,QWHUHVVHQ LQ ZHLWHQ 7HLOHQ YHUHLQEDU VLQG 'LH .RQWUROOH GXUFK 9RUJHVHW]WH ZLUG ]XQHKPHQG XQQ|WLJHUXQGNDQQHLQHUZHLWDXVNRVWHQJQVWLJHUHQHUK|KWHQ6HOEVWNRQW UROOHZHLFKHQGLH(LJHQYHUDQWZRUWOLFKNHLWXQGHLJHQH(QWVFKHLGXQJVIUHXGH IRUGHUWVWDWWHQWIUHPGHWHQ5RXWLQHQPLWÅ7HDPZRUN´ÁDFKHQ+LHUDUFKLHQ XQG%HWULHEVGHPRNUDWLHZLUEW ,P 8PNHKUVFKOXVV IKUW GLHV MHGRFK QLFKW QXU XQJHZROOW ]X PHKU ÅFRPPLWPHQW´]XHUK|KWHU,GHQWLÀNDWLRQXQGSHUV|QOLFKHU$XVHLQDQGHU VHW]XQJPLWGHUDXVJHEWHQ7lWLJNHLWVRQGHUQDXFK]XHLQHPQLFKWPHKU YRUKDQGHQHQ 6FKXW] JHUHJHOWHU $UEHLWV]HLWHQ XQG XQEHIULVWHWHU 9HUWUlJH :HLWHUKLQZLUGGLH$EJDEHYRQ9HUDQWZRUWXQJVGUXFNHUVFKZHUW(UK|KWH 2SIHUEHUHLWVFKDIWXQGSHUV|QOLFKH(LQJHEXQGHQKHLWZXUGHQELVGDKLQYRU QHKPOLFKGHQ,QKDEHUQYRQ)KUXQJVSRVLWLRQHQDEYHUODQJW 

'LVNXUVLYH&RGLHUXQJHQGHVÅNUHDWLYHQ6XEMHNWV´

'LH=XVDPPHQKlQJHYRQ6SUDFKHGHUHQ2UGQXQJXQGGHQGDULQHQWKDO WHQHQ$QIRUGHUXQJHQDQGDVPRGHUQH6XEMHNWVLQGHLQZLFKWLJHV,QWHUHVVH VR]LROLQJXLVWLVFKHU XQG VSUDFKVR]LRORJLVFKHU $QDO\VHQ :HOFKH &RGLHUXQ JHQGLH6SUDFKH²ZLHDXFKGHUJHVDPWHPHQVFKOLFKH+DELWXV%RXUGLHX :DFTXDQW ²LQVLFKWUlJWPLWZHOFKHQ6FKHPDWDVLHDQGDV6XEMHNWKH UDQWULWWGDVGLHVH&RGHV]XJOHLFKUH]LSLHUWUHSURGX]LHUWXQGPRGLÀ]LHUWLVW LQGHUNXOWXUZLVVHQVFKDIWOLFKHQ)RUVFKXQJHLQHLPPHUKlXÀJHUXQWHUVXFKWH )UDJHVWHOOXQJ$XFKLP%H]XJDXI GLH6SUDFKHGHU.ULWLNXQGGHV.DSLWD OLVPXVVRZLHGLHLQEHLGHPYHUZREHQHQ6XEMHNWHVLQGGLH(QWVWHKXQJXQG GHU:DQGHOVSH]LÀVFKHU6LQQVWUXNWXUHQYRQ%HODQJ,QGHQ0LWWHOSXQNWGHV ,QWHUHVVHVUFNWGDVZDVGHQNEDUXQGVDJEDUHUVFKHLQWZLH6LQQHUP|JOLFKW XQGUHJXOLHUWZLUGZLH'LVNXUVH²GKJHUHJHOWH$XVVDJHV\VWHPH²EHVFKDI IHQVLQG ,QGHU0RGHUQHODVVHQVLFKXQWHUVFKLHGOLFKH6XEMHNWFRGHVXQG'LVSRVL WLRQVVWUXNWXUHQDXVPDFKHQDXVGHQHQVLFKLP$QVFKOXVVDQGLHREHQHU OlXWHUWHQ.ULWLNIRUPHQ]ZHLDOVLQWHUHVVDQWHUZHLVHQ=XPHLQHQGLH)RUP

Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´



GLHDOV6XEMHNWGHUEUJHUOLFKHQ0RGHUQHEH]HLFKQHWZHUGHQNDQQYJO5HFNZLW] 6II ]XPDQGHUHQGDVNUHDWLYH6XEMHNWGHUlVWKHWLVFKHQ6XENXO WXUHQLQGHUVWlUNVWHQ$XVSUlJXQJLQGHU.XOWXUGHU$YDQWJDUGH'DVPR GHUQH6XEMHNWZHLVWIUHLOLFKHLQH+\EULGELOGXQJEHLGHU6XEMHNWFRGLHUXQJHQ DXI YJOHEG6²  'DVNUHDWLYH6XEMHNW]HLFKQHWVLFKGLVNXUVLYEHWUDFKWHWGXUFKGLH)RUP VHLQHU %HZHJWKHLW DXV HLQH UDGLNDOH %HZHJWKHLW HLQH ÅPHQWDOH )OXLGLWlW´ HEG6 VRZLHHLQH9LHOIDOWYRQ(UOHEHQV:DKUQHKPXQJVXQG*H IKOVIRUPHQ'DVUDGLNDODQWLEUJHUOLFKHlVWKHWLVFKH6XEMHNWPRGHOOXQWHU JUlEWGLH'LV]LSOLQXQG*OHLFKI|UPLJNHLWGLHLQWUDGLWLRQDOLVWLVFKHU(WKLN GDV6XEMHNWLQ*UHQ]HQ]XKDOWHQYHUVXFKH'LHVHVWlQGLJH%HZHJWKHLWXQG IRUWZlKUHQGH9HUlQGHUXQJJHOWHQDOV,GHDO(UOHEHQGHVUDGLNDO1HXHQLVW GDVQLHHLQ]XKROHQGH=LHOLQGHVVHQ9HUIROJXQJ%HVFKOHXQLJXQJXQG/H EHQGLJNHLWHYR]LHUWZHUGHQXQGGDV6XEMHNWDXI (LQKHLWXQG:LHGHUKROXQJ YHU]LFKWHW '\QDPLN )OXLGLWlW XQG 8QJHEXQGHQKHLW )OH[LELOLWlW bVWKHWL ]LVPXV .RPPXQLNDWLRQ XQG 6HOEVWGDUVWHOOXQJ ]lKOHQ ]X GHQ &RGHV GHV NUHDWLYHQ6XEMHNWV 9HUJOLFKHQPLWGHUUDVWORVHQ%HZHJWKHLWGHVNUHDWLYHQ6XEMHNWVLVWGLH&R GLHUXQJ GHV EUJHUOLFKHQ 6XEMHNWV JHNHQQ]HLFKQHW YRQ 'RPHVWL]LHUXQJ XQG 0RGHULHUXQJ GHU %HZHJXQJ YJO HEG 6   *OHLFKI|UPLJNHLW XQG UH JHOPl‰LJH6WUXNWXULHUWKHLWVRZLH1W]OLFKNHLWGHV6XEMHNWVVWHKHQLP9RU GHUJUXQGGHU)RUPLHUXQJZHOFKHLP$OOWDJNRQWLQXLHUOLFKHU'LV]LSOLQ%H ZHJXQJHLQVFKUlQNWXQGEHUHFKHQEDUZHUGHQOlVVW'HU(UZHUEVGLVNXUVLP EUJHUOLFKHQ,GHDOLVWYRQHLQHPVSH]LÀVFKHQ$UEHLWVHWKRVJHSUlJWGHUVLFK VRZRKOYRQH[]HVVLYHU.RQVXPNXOWXUDOVDXFKYRQULVLNRIUHXGLJHPÅ$EHQ WHXHUNDSLWDOLVPXV´:HEHU6 DEJUHQ]W$OOHVŁEHUVFKVVLJH´XQG XQNRQWUROOLHUWH ZHLVW GLHVHU ]XJXQVWHQ HLQHU DXVJHJOLFKHQHQ UHJXOLHUWHQ 0l‰LJNHLWYRQVLFK $XVVLFKEHUODJHUQGHQ6LQQHOHPHQWHQXQWHUVFKLHGOLFKHU$QWHLOHGLHVHU EHLGHQ(QWZLFNOXQJVOLQLHQ²RGHUGHU$EJUHQ]XQJ]XLKQHQ²ELOGHWQXQ GDVPRGHUQH6XEMHNWLQVHLQHP6HOEVWYHUVWlQGQLVK\EULGH6WUXNWXUHQDXV ZHOFKH 6SUDFKH XQG 'HQNHQ LQ PDQFKHU +LQVLFKW SUlJHQ YJO 5HFNZLW] 6II 0LW%OLFNDXI GHQ5HFUXLWLQJ'LVNXUV]HLJWVLFKQXQGDVV VLFKDXFKGLH$QIRUGHUXQJHQDQ6WHOOHQEHZHUEHUHQWVSUHFKHQGGHQ%HGLQ JXQJHQGHV0DUNWHVGHUEHLGHQHUOlXWHUWHQ&RGLHUXQJHQEHGLHQHQ(LQHU VHLWV VLQG HV EUJHUOLFKH 6XEMHNWNRPSHWHQ]HQ GLH LQ GHQ 6WHOOHQDQJHER WHQEHQDQQWZHUGHQ6RHWZD0RWLYHGHU6HOEVWRSWLPLHUXQJGHVVWlQGLJHQ $UEHLWHQVDPHLJHQHQ6HOEVWGDVLQVHLQHULQQHUHQXQGlX‰HUHQ:LUNXQJ GDXHUKDIWHUIROJUHLFKXQGDWWUDNWLYHUVFKHLQHQPXVV'LHVHÅ(QWZLFNOXQJV P|JOLFKNHLWHQ´YJODXFKGLHIROJHQGHQ$XVZHUWXQJHQ EHVFKZ|UHQHLQH EHUXÁLFKHXQGSHUV|QOLFKH:HLWHUHQWZLFNOXQJEHLZHOFKHUGHU$NWHXU%H IULHGLJXQJHUODQJWGXUFKGLH(UIROJHHLQHVVHOEVWNRQWUROOLHUWHQ'DVHLQVGDV



1LFROH0OOHU

PLW 6HOEVWEHZXVVWVHLQ XQG 6RXYHUlQLWlW %HVWlWLJXQJ GXUFK (UZHUEVDUEHLW HLQIlKUW'LHVHV,GHDOLVWVWDUNDQGDV$UEHLWVHWKRVGHUEUJHUOLFKHQ.XO WXUDQJHOHKQWYHUPLVFKWVLFKMHGRFKPLWGHUG\QDPLVFKHQ6HOEVWNUHLHUXQJ XQG6HOEVWSUlVHQWDWLRQGHVDYDQWJDUGLVWLVFKHQ6XEMHNWV'LHNRQ]HQWULHUWH 6HOEVWGLV]LSOLQLHUXQJLP8QWHUQHKPHQVLGHDOGHV%UJHUWXPVSDDUWVLFKPLW ÁH[LEOHQ$NWLYLWlWHQLQYHUVFKLHGHQHQMHZHLOVEHIULVWHWHQ3URMHNWHQGLHQLFKW GXUFK HLQ WUDGLWLRQHOOHV *UR‰XQWHUQHKPHQ ]XVDPPHQJHKDOWHQ ZHUGHQ VRQGHUQ GXUFK GDV 3URMHNW GHV XQWHUQHKPHULVFKHQ 6HOEVW %U|FNOLQJ D  'LHVHV EULQJW VWHWV (QWKXVLDVPXV DQ NUHDWLYHU $UEHLW DXI PRELOLVLHUW LP PHUQHXHV(QJDJHPHQWIUVLFKZDQGHOQGH$XIJDEHQDUEHLWHWNRQVWDQWDQ VLFKVRZLHGHUHLJHQHQ:HLWHUELOGXQJXQGEOHLEWLQGLHVHP6LQQHÅÁXLGH´ .RPPXQLNDWLRQVNRPSHWHQ] LVW LQ GLHVHP =XVDPPHQKDQJ ]XU ]HQWUDOHQ Å6FKOVVHOTXDOLÀNDWLRQ´JHZRUGHQ 'HU/HVHUDOV$GUHVVDWEOHLEWYRQGHQDXVJHVSURFKHQHQXQGH[SOL]LWDQ LKQ JHVWHOOWHQ $QIRUGHUXQJHQ VHOEVWYHUVWlQGOLFK QLFKW XQEHHLQÁXVVW 'HU $UEHLWQHKPHU DOV 6XEMHNW LVW GHU 5H]LSLHQW HLQHV 'LVNXUVHV GHQ HU QLFKW QXU ZDKUQLPPW VRQGHUQ DQ ZHOFKHP HU VLFK PD‰JHEOLFK ]X RULHQWLHUHQ JH]ZXQJHQLVWXPVHLQhEHUOHEHQ]XVLFKHUQXQGVHLQH$UEHLWVNUDIWZHLWHU KLQHUIROJUHLFKYHUNDXIHQ]XN|QQHQ(UUH]LSLHUWXQGUHVSRQGLHUWQLPPW GHQYRP$UEHLWJHEHUDOV6SUHFKHUYRUJHJHEHQHQ'LVNXUVXQGGDPLWGHVVHQ VSUDFKOLFKH &RGLHUXQJHQ LQ VHLQH VFKULIWOLFKH XQG PQGOLFKH %HZHUEXQJ VRZLHLQVHLQ6HOEVWELOGDXI$XI GLHVH:HLVHZXFKHUWGHU'LVNXUVZHLWHU XQGHVHQWZLFNHOQVLFKQHXHXQGDOWH6FKOVVHOYRNDEHOQXQGVLQQKDIWH&R GLHUXQJHQ 

$XVZHUWXQJGHU'DWHQ*UXQGOHJHQGH8QWHUVFKLHGH ]ZLVFKHQXQG

,P9HUJOHLFKGHU-DKUHXQGODVVHQVLFKYRUDEJUXQGOHJHQGH'LI IHUHQ]HQDXVPDFKHQGLHHVEHLGHU$XVZHUWXQJGHV.RUSXV]XEHDFKWHQ JLOWXQGGLH]XGHP$XIVFKOVVHEHU7H[WIRUPXQG6SUDFKYHUZHQGXQJJH EHQ3ULPlULVWGLH]XEHREDFKWHQGH7UHQQXQJ]ZLVFKHQ0lQQHUQXQG )UDXHQ SUlJQDQW ,Q VHSDULHUWHQ 6SDOWHQ ZHUGHQ Å6WHOOHQDQJHERWH 0lQQ OLFK´XQGÅ6WHOOHQDQJHERWH:HLEOLFK´DXVJHVFKULHEHQ+LHUVLQGGHXWOLFKH $XVZLUNXQJHQGHUJHVHOOVFKDIWOLFKHQ8PEUXFKVNUDIWXQGGHU(PDQ]LSDWL RQVEHVWUHEXQJHQGHU=HLWQDFKYJO6FKXO] ]XHUNHQQHQ'LHEH UXÁLFKHQ0|JOLFKNHLWHQIUGLHÅ'DPHQ´HQWVSUDFKHQQLFKWYHUJOHLFKEDUHQ 3RVLWLRQHQZLHMHQHGHUÅ+HUUHQ´VRQGHUQEHVFKUlQNWHQVLFKJU|‰WHQWHLOV DXI 3RVLWLRQHQPLW$XVELOGXQJLQDXVIKUHQGHU7lWLJNHLWPHLVWDOV6HNUH WlULQ6WHQRW\SLVWLQRGHU$VVLVWHQWLQ'HV:HLWHUHQÀQGHQVLFKKlXÀJNRQ NUHWH$OWHUVDQJDEHQHWZDÅ]ZLVFKHQXQG-DKUH´ÅELVMlKULJH

Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´



$VVLVWHQWHQ´RlRIWPDOVDXFKGLH$QJDEHHLQHV0LQGHVWRGHU+|FKVWDO WHUVQRFKKlXÀJHUGHU:XQVFKDOOJHPHLQQDFKÅMXQJHQ´RGHUÅMQJHUHQ´ +HUUHQE]Z'DPHQ'LHVH)RUPGHU'LVNULPLQLHUXQJLVWLQNHLQHU $XVVFKUHLEXQJPHKU]XÀQGHQZDVMHGRFKLQRIÀ]LHOOQLFKWVDQWDWVlFKOLFK VWDWWÀQGHQGHQ$OWHUVVHOHNWLRQHQEHLGHQ%HZHUEHUQlQGHUQPXVV (LQHLQGHQ$Q]HLJHQGHUVHFK]LJHU-DKUHEOLFKHLQNHLQHP)DOO DQJHWURIIHQH3UD[LVLVWGLH6WHOOHQDXVVFKUHLEXQJEHU&KLIIUHGLHNHLQH'H WDLOV EHU GDV GDKLQWHUVWHKHQGH 8QWHUQHKPHQ YHUUDWHQ ZLOO VR EHLVSLHOV ZHLVHÅ'DZLUGLH'RWLHUXQJQHQQHQKDEHQ6LHVLFKHU9HUVWlQGQLVGDIU GDVVZLUGLHVHV,QVHUDWXQWHU&KLIIUH>«@LQGHU6=YHU|IIHQWOLFKHQ(VVHL ,KQHQQXUVRYLHOJHVDJWGDVVZLUHLQEHGHXWHQGHV8QWHUQHKPHQGHU7H[ WLOLQGXVWULH VLQG´ 6GGHXWVFKH =HLWXQJ 1U    6R ÀQGHQ VLFK(QGHGHUVHFK]LJHU-DKUHYHUHLQ]HOWUlWVHOKDIWZLUNHQGH$Q]HLJHQGLH PHKU)UDJHQDXIZHUIHQDOVDXFKQXUGLHJHQDXH%H]HLFKQXQJGHU]XEHVHW ]HQGH6WHOOH]XYHUUDWHQÅ%HGHXWHQGHVMXQJHV+DQGHOVXQWHUQHKPHQVXFKW GHQ0RWRUIUVHLQH0|EHODEWHLOXQJ´HEG $OOJHPHLQNDQQGLH$XVVDJH JHWURIIHQ ZHUGHQ GDVV GLH $Q]HLJHQ DXV GHP -DKUH  HLQH JHULQJHUH 6WDQGDUGLVLHUXQJXQGIRUPDOH*HEXQGHQKHLWDXIZHLVHQZDVVLFKYRUDOOHP LQGHU:RUWZDKOQLHGHUVFKOlJW'DVYHUZHQGHWH9RNDEXODUIUGLH%HVFKUHL EXQJGHU]XEHVHW]HQGHQ6WHOOHHLQHUVHLWVVRZLHIUGLH$QIRUGHUXQJHQDQ GHQ%HZHUEHUDQGHUHUVHLWVVFKHLQHQLQGHQVHFK]LJHU-DKUHQ]XPHLVWLQGLYL GXHOOHUDQGLH6WHOOHDQJHSDVVWXQGZLHGHUKROHQVLFKZHLWDXVVHOWHQHUDOVGLH DXVGHP-DKUH'RUWÀQGHQVLFKDXFKEHLK|FKVWXQWHUVFKLHGOLFKHQ]X EHVHW]HQGHQ3RVLWLRQHQLPPHUJOHLFKH%HQHQQXQJHQEHVWLPPWHUÅ6FKOV VHOTXDOLÀNDWLRQHQ´ 'LH$Q]HLJHQZHLVHQLP$OOJHPHLQHQHLQHK|KHUH:RUW]DKODXI  XQGVLQGVRPLWLQVJHVDPWXPIDQJUHLFKHUDOV=XGHPVLQGGLH%LOGXQJV DQIRUGHUXQJHQXQJOHLFKK|KHUÀQGHQVLFKQRFKYLHOH6WHOOHQDXV VFKUHLEXQJHQ RKQH VSH]LÀVFKH $QIRUGHUXQJHQ DQ $XV RGHU 9RUELOGXQJ ,P *HJHQVDW] GD]X ZLUG ZHLWDXV KlXÀJHU HLQH XPIDVVHQGH Å$QOHUQXQJ´ YHUVSURFKHQ 

$XWRULWlWVNULWLN$XWRQRPLHVWUHEHQXQG GHPRNUDWLVFKH6WUXNWXUHQ

'LHHUVWH$EELOGXQJXQWHUVXFKWGLH7KHPDWLNGHU$XWRQRPLHHLQH]HQWUDOH )RUGHUXQJGHU.QVWOHUNULWLNGLH(QGHGHUVHFK]LJHU-DKUHDQ6WlUNHJH ZDQQXQGGHUHQ9RUZXUI ²ZLHVLFKLQGHU'DUVWHOOXQJGHXWOLFKDE]HLFK QHW²LQGHQ-DKU]HKQWHQGDQDFKLQ9HUVSUHFKXQJHQYRUDOOHPDEHULQ$Q IRUGHUXQJHQ XPJHVHW]W ZLUG %HVRQGHUV GLH :RUWH YHUDQWZRUWXQJVYROO XQG 9HUDQWZRUWXQJGLH]XVDPPHQLQHLQH9DULDEOHDXIJHQRPPHQZXUGHQZHU



1LFROH0OOHU

GHQLP*HJHQVDW]]XP-DKUPLWDXIIlOOLJHU+lXÀJNHLWYHUZHQGHW XQGVWHLJHUQVLFK]X(LJHQYHUDQWZRUWOLFKNHLWGLHQLHPDOVYRUNRPPWYJO KLHU]XDXFK/HPNH ,P*HJHQVDW]GD]XLVWLQEHLGHQ-DKUHQLQYHU JOHLFKEDUHP 9HUKlOWQLV 6HOEVWVWlQGLJNHLW JHIRUGHUW REJOHLFK DXFK KLHU  DQGHU6SLW]HOLHJW$XFKLQGHQ)lOOHQ(QJDJHPHQW,QLWLDWLYHXQG(LJHQLQLWLDWLYH VRZLH2UJDQLVDWLRQVYHUP|JHQGLHDOOHHLQHHUK|KWH)lKLJNHLW]XHLJHQVWlQGL JHP$UEHLWHQEHVFKUHLEHQXQGHLQHQ$UEHLWVSODW]PLWKRKHU$XWRQRPLH HLJHQHU(QVFKHLGXQJVNUDIWXQGYHUDQWZRUWXQJVYROOHU7lWLJNHLWVXJJHULHUHQ OLHJWGDV-DKUZHLWYRUQ'LHKLHUKlXÀJJHQDQQWHQ6FKODJZRUWHGHUHU K|KWHQ(LJHQVWlQGLJNHLWHQWVSUHFKHQGHQNULWLVFKHQ6WLPPHQGLHYRUDOOHP EHL-REVPLWK|KHUHQ$XVELOGXQJVQLYHDXVGHQÅ:LGHUVSUXFK]ZLVFKHQGHU ZHQLJVWHQVQRFK]XP7HLODQVSUXFKVYROOHQ$XVELOGXQJVRZLHHLQHUGXUFK HUK|KWHWHFKQRORJLVFKHRGHUEURNUDWLVFKH$QIRUGHUXQJHQNRPSOH[HQ$U EHLWDXI GHUHLQHQ6HLWHXQGGHUUHFKWOLFKVRZLHKLHUDUFKLVFKXQVHOEVWVWlQ GLJHQ6WHOOXQJDXI GHUDQGHUHQ6HLWH´+HFNHQ6 DQSUDQJHUWHQ (UK|KWH 7HLOKDEH DQ (QWVFKHLGXQJVSUR]HVVHQ XQG 0LWEHVWLPPXQJ GHU +DQGOXQJVDEOlXIHVRZLHHLQ$EEDXDXWRULWlUHU.RQWUROOHQZHUGHQKLHUPLW LPSOL]LHUW -DKU  

YHUDQWZRUWXQJVYROO9HUDQWZRUWXQJ VHOEVWVWlQGLJ (QJDJHPHQW 2UJDQLVDWLRQVYHUP|JHQ (LJHQYHUDQWZRUWOLFK ,QLWLDWLYH (LJHQLQLWLDWLYH XQDEKlQJLJ















0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE$XWRQRPLH

=XJOHLFKVLQGMHGRFKDXFKQHXH)RUPHQGHU6HOEVWGLV]LSOLQLHUXQJXQGGHU SHUV|QOLFKHQ,GHQWLÀNDWLRQPLWGHQJHVWHOOWHQ$XIJDEHQLQGLHVHQ(UZDU WXQJHQHQWKDOWHQIUGHVVHQ(UIOOXQJGHU$NWHXUVLFKDXVHLJHQHP$QWULHE PLWYROOHU.UDIWHLQVHW]HQVROOH'HU:LOOH]X/HLVWXQJXQG(UIROJZLUGDXV GHU([WHUQDOLVLHUXQJGXUFKGHQ$UEHLWJHEHU]XHLQHPSHUV|QOLFKHQ$QOLH JHQGHV$UEHLWQHKPHUVLQWHUQDOLVLHUW



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´

'LH)RUGHUXQJQDFK9HUDQWZRUWXQJXQG(QJDJHPHQWWULIIWVLFK]XGHP PLWGHQ5XIHQQDFKGHPRNUDWLVFKHQ%HWULHEVVWUXNWXUHQGLHLQÁDFKHQ+L HUDUFKLHQ*OHLFKEHUHFKWLJXQJXQG0LWVSUDFKHUHFKWHQ]XP$XVGUXFNNRP PHQ'LHVYHUGHXWOLFKWGLH$EELOGXQJ]XU7KHPDWLNGHU+LHUDUFKLHQLQZHO FKHUVLFKDXFKGLHVWDUNKHUUVFKHQGH'HPRNUDWLHNULWLNVSLHJHOWYJO HWZD)UHL6II 9RUGHPRNUDWLVFKH.RQ]HSWHYRQ$XWRULWlWXQG +LHUDUFKLHHUIXKUHQYRUZlKUHQGXQGQDFKHLQHZHLWUHLFKHQGH'HOH JLWLPDWLRQJHVFKUWYRQGHU:LGHUVSUXFKVHUIDKUXQJ]ZLVFKHQGHQ,GHDOHQ ZHVWOLFKHU'HPRNUDWLHXQGGHUZDKUJHQRPPHQHQSROLWLVFKJHVHOOVFKDIWOL FKHQ5HDOLWlW'HPRNUDWLHVROOWHQLFKWQXUIRUPDOHV3ULQ]LSEOHLEHQVRQ GHUQLP$OOWDJHUIDKUEDUZHUGHQ/DQJJXWK6II  'LHSHUV|QOLFKH,GHQWLÀNDWLRQPLWGHU$UEHLWXQGDXI 0QGLJNHLWJUQ GHQGH3DUWL]LSDWLRQJHKHQ+DQGLQ+DQGPLWGHU(LQELQGXQJLQHLQ7HDP 'HU  JHEUlXFKOLFKH 7HUPLQXV 7HDP LVW QLFKW JOHLFK]XVHW]HQ PLW %H JULIIHQZLH*UXSSHRGHU.ROOHJHQ(ULPSOL]LHUWYLHOPHKUHLQH)RUPYRQ*H PHLQVFKDIW7|QQLHV GLHHLQKHUJHKWPLWHPRWLRQDOHU9HUEXQGHQKHLW JHJHQVHLWLJHU9HUDQWZRUWOLFKNHLWXQG6ROLGDULWlW -DKU  

3URMHNW 7HDP 7HDPJHLVWWHDPIlKLJ NRQWDNWVWDUNNRQWDNWIUHXGLJ 6R]LDONRPSHWHQ] NROOHJLDO NRRSHUDWLY 1HW]ZHUN NRPSHWHQWH6FKQLWWVWHOOH













0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE+LHUDUFKLHQ

+LHUHUK|KWVLFKQLFKWQXUGLH2SIHUEHUHLWVFKDIWIUGDVJHPHLQVDPH=LHO PLWGHP%HJULII GHV7HDPVZHUGHQDXFKPHKURGHUZHQLJHUJOHLFKJHVWHOOWH XQGJOHLFKEHUHFKWLJWH0LWJOLHGHUSRVWXOLHUWGLHJHVFKORVVHQDQHLQHP3URMHNW DUEHLWHQ LQ GHPRNUDWLVFKHQ $XVKDQGOXQJVSUR]HVVHQ NRPPXQL]LHUHQ XQG GLVNXWLHUHQ+LHUIDQGPLWHLQHP$QJOL]LVPXV]XJOHLFKHLQHQHXH%HGHXWXQJ (LQ]XJ/LQNH GLHVLFKPLW)RUPHQZLH7HDPJHLVWWHDPIlKLJRGHU7HDP SOD\HUZHLWHUDXVEUHLWHWXQGPLWKHUDXVUDJHQGHU+lXÀJNHLWYHUZHQGHWZLUG 6FKRQÀQGHWGLHVHV:RUW9HUZHQGXQJDOOHUGLQJVZHLWDXVVHOWHQHU





1LFROH0OOHU

.RPPXQLNDWLRQ3URMHNWDUEHLWXQG)OH[LELOLWlW

,QGHUIROJHQGHQ'DUVWHOOXQJIlOOWHLQHZHLWHUHVRJHQDQQWHÅ6FKOVVHOTXDOL ÀNDWLRQ´GHVKHXWLJHQ$UEHLWVPDUNWHVDXI.RPPXQLNDWLRQVIlKLJNHLW.RPPX QLNDWLRQVVWlUNHE]Z.RPPXQLNDWLRQ'LHVHKDEHQ.RQMXQNWXUHUIDKUHQ²LP 9HUJOHLFK]XDOVGLH7HUPLQLNRQWDNWVWDUNNRQWDNWIUHXGLJK|KHULP.XUV VWDQGHQ YHUKlOWQLVPl‰LJ MHGRFK QRFK LPPHU ]XUFNVWHKHQ ² XQG VFKOLH ‰HQHQJDQGLH7KHPDWLNGHV7HDPVDOVHLQHQHXH)RUPGHU*HPHLQVFKDIW DQ6WDWWHLQVHLWLJHU%HIHKOVEHIROJXQJZLUGKLHUDXVGLVNXWLHUWPLWHLQDQGHU NRPPXQL]LHUW JHPHLQVDP YHUKDQGHOW XQG LQQHUKDOE HLQHV UKL]RPDWLVFK YHUNQSIWHQ1HW]ZHUNVYRQ7HDPPLWJOLHGHUQ.XQGHQXQG*HVFKlIWVSDUW QHUQ .QRWHQSXQNWH RGHU DXFK NRPSHWHQWH 6FKQLWWVWHOOHQ JHELOGHW 'LH 1HW] ZHUNORJLNLQGHUMHGHUVLFKLQ3URMHNWHQDNWLYEHWHLOLJWHUVHW]WGLHEHUNRP PHQH0HWDSKHUHLQHV%HWULHEVLQZHOFKHPGHU0LWDUEHLWHUÅQXUHLQNOHLQHV 5lGFKHQ´LVW -DKU  

.RPPXQLNDWLRQVVWlUNHIlKLJNHLW

.RPPXQLNDWLRQ

JHZDQGW

9HUKDQGOXQJVJHVFKLFN

6SUDFKJHIKO













0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE.RPPXQLNDWLRQ

6WDWWGHVVHQ LVW HU .QRWHQSXQNW LQ HLQHP ZHLWJHKHQG HQWKLHUDUFKLVLHUWHQ 1HW]ZHUNLQZHOFKHPDOOHVPLWHLQDQGHUYHUZREHQVFKHLQWXQG.RPPXQL NDWLRQVVWU|PHEHUDOOKLQÁLH‰HQYJO%ROWDQVNL&KLDSHOOR 6²  *HVWHLJHUWHHPRWLRQDOH%HWHLOLJXQJVLQGGDV5HVXOWDW 'HU $NWLYLVPXV EUDXFKW $NWHXUH GLH VLFK QLFKW KLQWHU %HWULHEVKLHUDUFKLHQ RGHU 3DUWHLGLV]LSOLQYHUVWHFNHQVRQGHUQVLFKYRUEHKDOWORVHLQVHW]HQXQGVLFKGDEHLQLFKW GXUFKVWDUUH'LHQVWZHJHRGHUEHKlELJH5HJOHPHQWVDXVEUHPVHQODVVHQ%U|FNOLQJ 6



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´

(LQHZHLWHUH$XIIlOOLJNHLWLQQHUKDOEGHUKLHUGXUFKJHIKUWHQTXDQWLWDWLYHQ $QDO\VHVWHOOWGLHKlXÀJH9HUZHQGXQJGHU%H]HLFKQXQJ3URMHNWVLHKH$EELO GXQJÅ+LHUDUFKLHQ´ GDU,QGHQ$Q]HLJHQYRQKLQJHJHQWDXFKWDXFK GLHVHU %HJULII  OHGLJOLFK YHUVFKZLQGHQG VHOWHQ DXI $XFK KLHU LVW PLW GHP (UVFKHLQHQHLQHVQHXHQ:RUWHV]XJOHLFKHLQHQHXH%HGHXWXQJ]XYHUPXWHQ GLHGDV:RUW$UEHLWLQG\QDPLVFKHYHUHLQ]HOWHXQGZHFKVHOQGH3URMHNWHDXI  VSUDFKOLFKHP:HJH]XYHUSDFNHQYHUVXFKWYJO%ROWDQVNL%ROWDQVNL &KLDSHOOR6²² :LHGHUXPLVWHVHLQHÁXRUHV]LHUHQGH %HZHJXQJ XQG HLQH )RUP GHU NUHDWLYHQ JHPHLQVFKDIWOLFKHQ (UVFKDIIXQJ GLHYRQGLHVHUQHXHQ9RNDEHOLPSOL]LHUWZLUG'HU7HUPLQXVGHU3URMHNWKDI WLJNHLWHULQQHUWDQHLQHJDQ]KHLWOLFKH)RUPGHU$UEHLWYJO$EELOGXQJÅ3HU V|QOLFKNHLWVHQWZLFNOXQJ´ GLHYRQGHU,GHHELV]XU)HUWLJXQJHLQH7lWLJNHLW NUHDWLY YHUZLUNOLFKW GHU HLQ JHPHLQVDPHV ,QWHUHVVH GHV 7HDPV ]XJUXQGH OLHJW 3URMHNW EHGHXWHW DXFK +HUDXVIRUGHUXQJ XQG 8QVLFKHUKHLW 6FK|S IHUWXPXQG$QIDQJVVWDGLXPLQZHOFKHPPD‰JHEOLFKPLWJHIRUPWZHUGHQ GDUI 3URMHNWDUEHLW NDQQ DXFK EHGHXWHQ %HIULVWHWH $UEHLW IU GLH 'DXHU HLQHVVROFKHQVWHWHU:HFKVHOYRQ)UDJPHQW]X)UDJPHQWXQGZLHGHUKRO WHV(LQDUEHLWHQ3URMHNWEHGHXWHW'\QDPLNXQG*HPHLQVFKDIWDEHUDXFK 8QVLFKHUKHLW5LVLNRGHV*HOLQJHQVXQGHLQ$XIWUDJPLW$QIDQJXQG(QGH 3URMHNWHEHQVRZLH7HDPVLQGGLVNXUVLYLQWHUHVVDQWHQHXH(UVFKHLQXQJHQ -DKU  

)OH[LELOLWlW

0RWLYDWLRQPRWLYLHUW

DXIJHVFKORVVHQXQYRUHLQJHQRPPHQ

XQJHEXQGHQ

%HZHJOLFKNHLWEHZHJOLFK

XQDEKlQJLJ

ZHQGLJ









0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE)OH[LELOLWlW

)OH[LELOLWlWVWHOOWHLQHGHUKHUYRUVWHFKHQGVWHQ$QIRUGHUXQJDQGHQ%HZHUEHU GHV-DKUHVGDUYJOKLHU]XDXFK/HPNH $XFKKLHUVFKHLQWVLFK HLQH.ULWLNZLHGHU]XÀQGHQGLH8QDEKlQJLJNHLWXQG6HOEVWEHVWLPPXQJ(L JHQJHVWDOWXQJGHU$UEHLWV]HLWHQXQGHLQHQ$UEHLWVSODW]RKQHVWDUUH5RXWL



1LFROH0OOHU

QHQXQGIHVWJHIDKUHQH6WUXNWXUHQDQGLH6WHOOHGHUWUDGLWLRQHOOHQ%HWULHEV JHVWDOWXQJVHW]HQZROOWH(VIlOOWMHGRFKEHLJHQDXHUHP+LQVHKHQDXI²XQG GLHVUFNWPLWGHU+lXÀJNHLWGHU9HUZHQGXQJGHV:RUWHVLQV-HQVHLWVGHU 5HÁHNWLHUWKHLW²GDVV)OH[LELOLWlWLQKRKHP0D‰HDOVOHHUHU6LJQLÀNDQW/D FODX0RXIIH  /DFODX  6WlKHOL  +HW]HO   ]X YHUVWHKHQ LVW)OH[LEHO]XVHLQNDQQYLHOHVEHGHXWHQXQGMHQDFK$QODVVXPJHGHXWHW ZHUGHQ²VRZRKO]XJXQVWHQGHV$UEHLWQHKPHUVDOVDXFK]XJXQVWHQGHV$U EHLWJHEHUV/HW]WHUHPLVWYHUPXWOLFKGDUDQJHOHJHQGHQ9RUWHLOMHQHUÅPR GHUQHQ´ $UEHLWVVLWXDWLRQ IU GHQ $UEHLWQHKPHU KHUYRU]XKHEHQ ZlKUHQG HU ]XJOHLFK DXI VHLQH HLJHQHQ $QVSUFKH LP 1DPHQ GHU Å)OH[LELOLWlW´ ]X SRFKHQYHUPDJ)U0RELOLWlWJLOWLP:HVHQWOLFKHQbKQOLFKHVMHGRFKKDIWHW GLHVHP %HJULII EHUHLWV HLQH JHZLVVH 1HJDWLYNRQQRWDWLRQ GXUFK GHQ EUHL WHU JHZRUGHQHQ 'LVNXUV EHU KHXWLJH $UEHLWVEHGLQJXQJHQ EHLVSLHOVZHLVH LP =XVDPPHQKDQJ PLW )DPLOLHQSROLWLN DQ 'D LQWHUHVVDQWHUZHLVH ZHGHU 0RELOLWlWQRFK)OH[LELOLWlW]XPJHEUlXFKOLFKHQ:RUWVFKDW]GHU6WHOOHQDQ]HL JHQDXVGHQVHFK]LJHU-DKUHQJHK|UHQZXUGHQLQGHQ'DUVWHOOXQJHQ]XP =ZHFN GHV 9HUJOHLFKV EHGHXWXQJVlKQOLFKH :|UWHU KHUDQJH]RJHQ -HGRFK NRPPHQDXFKGLH%HJULIIHXQDEKlQJLJXQJHEXQGHQEHZHJOLFKZHQGLJRGHUDXI JHVFKORVVHQ²GLHP|JOLFKHUZHLVHGXUFKGHQ7HUPLQXV)OH[LELOLWlWVXEVWLWXLHUW ZXUGHQ²YHUJOHLFKVZHLVHVHOWHQYRU 

6HOEVWYHUZLUNOLFKXQJXQGLQGLYLGXHOOH(QWIDOWXQJ

,P -DKU  HUVFKHLQW PLW DXIIDOOHQGHU +lXÀJNHLW GDV 9HUVSUHFKHQ GHU ÅSHUV|QOLFKHQ XQG EHUXÁLFKHQ :HLWHUHQWZLFNOXQJ E]Z YRQ (QWZLFNOXQJVP|J OLFKNHLWHQ $XFK GLHV NDQQ DXI  XQWHUVFKLHGOLFKH :HLVH JHGHXWHW ZHUGHQ ZREHL XQNODU EOHLEW RE HV VLFK XP $XIVWLHJVP|JOLFKNHLWHQ RGHU )RUWELOGXQJV P|JOLFKNHLWHQKDQGHOW²ZLHVLHQLFKWVHOWHQH[SOL]LWJHQDQQWZXUGHQ² RGHUXPHLQHSULQ]LSLHOOH%HUHLFKHUXQJGHU3HUV|QOLFKNHLWEH]JOLFKQHXHU (UIDKUXQJHQPHKU6HOEVW]XIULHGHQKHLWHWF'HU7HUPLQXVGHU(QWZLFNOXQJ LPSOL]LHUWQLFKW]ZDQJVOlXÀJHLQH%HI|UGHUXQJDOVHKHUHLQH(QWIDOWXQJGHV Å8QWHUQHKPHULVFKHQ6HOEVW´%U|FNOLQJD bKQOLFKHVJLOWIUGDVKlXLJ JHQDQQWH9HUVSUHFKHQHLQHU&KDQFHGLHHVZDKU]XQHKPHQJHOWH²DXFKKLHU EOHLEWRIIHQZDVGLH&KDQFHWDWVlFKOLFKEHLQKDOWHW$XFKÀQGHQVLFK $Q]HLJHQPLWGHUhEHUVFKULIWÅ'HP1DFKZXFKVHLQH&KDQFH´6GGHXWVFKH =HLWXQJ1U RGHUÅ(LQH&KDQFHIU´HEG MHGRFKLQ 

8QWHU%H]XJQDKPHDXI -DFTXHV'HUULGDEHUQHKPHQ/DFODX0RXIIHLQ+HJHPRQLHXQGUDGL NDOH'HPRNUDWLH=XU'HNRQVWUXNWLRQGHV0DU[LVPXV GHQ%HJULII GHVOHHUHQ6LJQLÀNDQWHQ GKZHLWJHKHQGEHGHXWXQJVRIIHQH6LJQLÀNDQWHQGHQHQNHLQHLQGHXWLJHV6LJQLÀNDQWJHJHQ EHUVWHKW $XV GLHVHP *UXQG ÀQGHQ XP GHQ VRJHQDQQWHQ OHHUHQ 6LJQLÀNDQWHQ YHUPHKUW 'HXWXQJVNlPSIHVWDWWXPGLHVHQDVVR]LDWLY]XYHUNQSIHQXQGLKQPLWKLVWRULVFKZHFK VHOQGHU %HGHXWXQJ]XÅIOOHQ´



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´

OHW]WHUHP )DOO VRJDU RKQH %H]HLFKQXQJ GHV WDWVlFKOLFK JHVXFKWHQ %HUXIV ÀQGHQVLFKKlXÀJ9HUNQSIXQJHQ]ZLVFKHQ(QWZLFNOXQJXQG&KDQFH VREHLVSLHOVZHLVHÅ'DQQQXW]HQ6LHMHW]W,KUH&KDQFHVLFKLQHLQHPV\P SDWKLVFKHQ8PIHOGSURIHVVLRQHOOXQGSHUV|QOLFK]XHQWZLFNHOQ´)$=1U   -DKU  

&KDQFH (QWZLFNOXQJVP|JOLFKNHLWHQ :HLWHUHQWZLFNOXQJ =XNXQIWV 3HUVSHNWLYH )RUWELOGXQJVP|JOLFKNHLWHQ ]XNXQIWVZHLVHQG]XNXQIWVWUlFKWLJ DXVEDXIlKLJ $XIVWLHJVP|JOLFKNHLWHQ











0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE6HOEVWYHUZLUNOLFKXQJ

+LHUNOLQJHQ9HUVSUHFKXQJHQDXI HLQHLQVJHVDPWEHIULHGLJHQGH$UEHLWVVWHO OHDQGLHDQVWHOOHYRQ6WDJQDWLRQHLQH%HZHJWKHLWVXJJHULHUWGLHVWlQGLJÁXLGH EOHLEW XQG GDXHUKDIWHU 9HUlQGHUXQJ XQWHUOLHJW 'LH DQJHERWHQH 7lWLJNHLW EOLHEHGHPQDFKDEZHFKVOXQJVUHLFKLQWHUHVVDQWVSDQQHQGYLHOVHLWLJXQGDQVSUXFKV YROOPLWLPPHUQHXHQ+HUDXVIRUGHUXQJHQGLHIUQLHDXINRPPHQGH/DQJHZHLOH VRUJHQ6RZLUEWHLQH$Q]HLJHLQGHU6GGHXWVFKHQ=HLWXQJDXVGHP-DKU PLWHLQHU6WHOOHDOV9HUPLWWOXQJVEHUDWHU,QEHLHLQHU-REDJHQWXUDXVGUFNOLFK IULKUHQ$UEHLWVSODW]PLWGHQ:RUWHQ 8QVHUHEHUDXVHUIROJUHLFKHQ%HUDWHUVLQGDX‰HUJHZ|KQOLFKH0HQVFKHQ>«@8Q VHUEHPHUNHQVZHUWHU(UIROJNRPPWQLFKWYRQXQJHIlKU:LUKDEHQVWUHQJH/HLV WXQJVYRUJDEHQ XQG YHUODQJHQ DX‰HURUGHQWOLFKHV (QJDJHPHQW :LU YHUVSHFKHQ ,KQHQK|FKVWLQWHUHVVDQWH+HUDXVIRUGHUXQJHQXQGDOOHVDQGHUHDOV$OOWDJVURXWLQH 'HUJDQ]EHVRQGHUH/RKQIU,KUH$QVWUHQJXQJHQ(LQDWWUDNWLYHV*HKDOWVRZLH GLHHQRUPH%HIULHGLJXQJGD]XEHL]XWUDJHQGDV/HEHQ+XQGHUWHUYRQ0HQVFKHQ ]XP%HVVHUHQ]XZHQGHQ6GGHXWVFKH=HLWXQJ

(LQH ZHLWHUH $Q]HLJH DXV GHU )UDQNIXUWHU 5XQGVFKDX LP $XJXVW  YHU VSULFKWIUHLQH6WHOOHLQHLQHU5HFKWVDQZDOWVNDQ]OHL



1LFROH0OOHU

$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW¶8QVHUH$UEHLWVZHLVHXQGGLHDQXQVJHVWHOOWHQ $QIRUGHUXQJHQNHQQHQNHLQHQ$OOWDJXQGNHLQH5RXWLQH'DKHUSDVVHQ6LH]XXQV ZHQQ6LHEHUVHKUJXWHMXULVWLVFKH)lKLJNHLWHQYHUIJHQXQWHUQHKPHULVFKGHQNHQ EHU]HXJHQGDXIWUHWHQVLFKIUPHKUHUH5HFKWVJHELHWHJOHLFK]HLWLJEHJHLVWHUQN|Q QHQDEVROXWÁH[LEHOVLQGXQGHLQHKRKH/HLVWXQJVEHUHLWVFKDIWPLWEULQJHQ)UDQN IXUWHU5XQGVFKDX

6ROFKHUOHL)RUPXOLHUXQJHQXQGH[SOL]LWH%H]JH]XQLFKWURXWLQLHUWHQ$U EHLWVDQIRUGHUXQJHQÀQGHQVLFKHUVWLQVRJUR‰HU=DKOXQGVLQGGHXW OLFKSRVLWLYNRQQRWLHUW -DKU  

LQWHUHVVDQW DEZHFKVOXQJVUHLFK (QWZLFNOXQJVP|JOLFKNHLWHQ YLHOVHLWLJYLHOIlOWLJ DQVSUXFKVYROO DWWUDNWLY :HLWHUHQWZLFNOXQJ +HUDXVIRUGHUXQJ VSDQQHQG JDQ]KHLWOLFK DNWLY 











0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE3HUV|QOLFKNHLWVHQWZLFNOXQJ



(QWIUHPGXQJXQG.UHDWLYLWlW

'LH SRVLWLYH :HQGXQJ GHV (QWIUHPGXQJVYRUZXUIV LQ GHQ XQWHUQHKPHUL VFKHQ 'LVNXUV ÀQGHW VLFK EHUHLWV LQ GHQ YRUDQJHJDQJHQHQ 'DUVWHOOXQJHQ LQXQEHUVHKEDUHU'HXWOLFKNHLW%HVRQGHUVGHUQHXDXIJHNRPPHQH%HJULII  JDQ]KHLWOLFK VLHKH Å3HUV|QOLFKNHLWVHQWZLFNOXQJ´  ZHFNW ]XQlFKVW EHUUD VFKHQGH$VVR]LDWLRQHQ]X'LVNXUVHQGHU(VRWHULNGLHGHQ(LQEH]XJGHV JHVDPWHQ 0HQVFKHQ LQ VHLQHU 3HUV|QOLFKNHLW XQG VHLQHQ /HEHQVXPVWlQ GHQDQVWUHEW,PXQWHUQHKPHULVFKHQ=XVDPPHQKDQJZLUGPLWGHU9RND EHO JDQ]KHLWOLFK HLQH %HWULHEVVWUXNWXU VXJJHULHUW GLH DQVWHOOH LVROLHUWHU 3UR GXNWLRQVVFKULWWHLQGHU$UEHLWVWHLOXQJPLWHLQJHVFKUlQNWHU%HWHLOLJXQJDP (QGSURGXNW  GHQ *HVDPWUDGLXVGHU 3URGXNWLRQ PLWHLQEH]LHKW XQG VRPLW ]XJU|‰HUHU%HIULHGLJXQJ²XQGHUK|KWHU,GHQWLÀNDWLRQPLWGHP3URGXNW² IKUHQNDQQ



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´ -DKU  

)UHXGH

)UHXQGOLFKNHLW

%HJHLVWHUXQJ

(LQVDW]IUHXGH

6SD‰

$UEHLWVHLIHU

















0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE$UEHLWVHLQVWHOOXQJ

1HEHQ GHQ EHUHLWV GDUJHOHJWHQ +HUDXVIRUGHUXQJHQ GLH HLQH DEZHFKVOXQJVUHLFKH 7lWLJNHLW ELHWHQ ]HLFKQHQ DXFK GLH %HJULIIH )UHXGH 6SD‰ XQG %HJHLVWHUXQJ VLHKH Å$UEHLWVHLQVWHOOXQJ´  GDV LGHDOLVLHUWH %LOG HLQHV $QJHVWHOOWHQ GHU VWHWVPLW/HLGHQVFKDIW2SWLPLVPXVXQG/HLFKWLJNHLW]XVHLQHU$UEHLWVVWHO OHVWUHEW'RUWOHJWHUXQEHJUHQ]WH(LQVDW]IUHXGHDQGHQ7DJGDLKQVHLQH DQVSUXFKVYROOH 7lWLJNHLW PLW SHUV|QOLFKHU %HIULHGLJXQJ HUIOOW 'DV  JHEUlXFKOLFKHUH:RUW$UEHLWVHLIHUGDJHJHQOlVVWYLHOPHKUDQEHU]HXJWHHWKL VFKH 3ÁLFKWHUIOOXQJ GHQNHQ GD GLH WUDGLWLRQHOO YHUEUHLWHWH $UEHLWVPRUDO Å$UEHLW´QDWUOLFKHUZHLVHDOVHLQQRWZHQGLJHV*HJHQVWFN]XPÅ9HUJQ JHQ´YHUVWHKW ,P.RQWUDVWGD]XVLQGVRZRKO)UHXGHDOVDXFK6SD‰VWlUNHUVRJDUQRFK GLH LQ GHU $EELOGXQJ ÅFRPPLWPHQW´ GDUJHVWHOOWHQ (LJHQVFKDIWHQ PRWLYLHUW XQG KRFKPRWLYLHUW LQ 9HUELQGXQJ PLW HLQHP SHUV|QOLFKHQ :LOOHQ XQG HLQHU VSLHOHULVFKHQ /XVW ]XU %HWHLOLJXQJ DP  3URMHNW ]X VHKHQ 'HU RSWLPLHUWH $QJHVWHOOWHNDQQDXVVLFKVHOEVWKHUDXVJHQJHQG6LQQVWLIWHQXPZHLWHUKLQ EHJHLVWHUWVHLQHQ%HUXI ]XP3ULYDWOHEHQZHUGHQ]XODVVHQGLHVH(QWIUHP GXQJVWLIWHQGH7UHQQXQJJDUDXI]XKHEHQ



1LFROH0OOHU

(QJDJHPHQW 'XUFKVHW]XQJVYHUP|JHQ

-DKU  

%HODVWEDUNHLW 0RWLYDWLRQPRWLYLHUW (UIROJHUIROJUHLFK %HUHLWVFKDIW ]LHORULHQWLHUW]LHOVWUHELJ KRFKPRWLYLHUW OHLVWXQJVRULHQWLHUW /HLVWXQJVEHUHLWVFKDIW EHUGXUFKVFKQLWWOLFK HPRWLRQDOH6WDELOLWlW :LOOH]XP(UIROJ









0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EEFRPPLWPHQW

,QGHU$EELOGXQJ]XÅFRPPLWPHQW´ZLUGLP*HJHQ]XJHLQHHUK|KWH2S IHUEHUHLWVFKDIW YHUODQJW %HODVWEDUNHLW 'XUFKVHW]XQJVYHUP|JHQ %HUHLWVFKDIW XQG HPRWLRQDOH 6WDELOLWlW VLQG YRP $QJHVWHOOWHQ ]X HUIOOHQGH $QIRUGHUXQJHQ (EHQVRVLQG/HLVWXQJVXQG=LHORULHQWLHUWKHLWRGHUVRJDUGHU:LOOH]XP(UIROJ KlXÀJJHQDQQWH9RNDEHOQGLHEHUHLWVEHLP/HVHQGHU$Q]HLJHVRZRKODOV +HPPVFKZHOOHDOVDXFKPDQLSXODWLYZLUNHQN|QQHQXPQLFKWYRUKDQGHQH 0RWLYDWLRQHQXQGGHQ:LOOHQ]XHU]HXJHQDXFKXQWHU2SIHUEULQJXQJGHQ K|FKVWHQ $QVSUFKHQ ]X JHQJHQ (QWVFKORVVHQKHLW JLOW HV ]X EHZHLVHQ GHQQ :HQQGHU(UIROJDOOHLQYRQGHUHLJHQHQ(QWVFKLHGHQKHLWDEKlQJWLVWMHGHU0LVV HUIROJHLQ%HZHLVGDVVPDQVLFKHLQIDFKQRFKQLFKWJHQXJDQJHVWUHQJWKDW'HU 5HYROXWLRQlUZLHGDVHQWHUSULVLQJVHOIEOHLEHQGHVKDOEVWHWVKLQWHUGHQHLJHQHQ$Q VSUFKHQ]XUFNDEHUJHUDGHGLHVH.OXIW]ZLVFKHQ,GHDOXQG:LUNOLFKNHLWKlOWVLH LQ%HZHJXQJ%U|FNOLQJ6

'DV.RQ]HSWGHVÅNUHDWLYHQ6XEMHNWV´VSLHJHOWVLFKVFKOLH‰OLFKQRFKHLQPDO LQGHU$EELOGXQJÅ.UHDWLYLWlW´ZLGHU,QGLHVHQ$Q]HLJHQ]lKOHQYRUDOOHP '\QDPLNXQG,QQRYDWLYLWlW,GHHQXQG.UHDWLYLWlWZREHLZLHGHUXPGLH0HQJH GHU1HQQXQJHQGLHVHU$WWULEXWHEHL:HLWHPXQWHUOLHJHQ'LHVFK|S IHULVFKHQ(QHUJLHQGHV6XEMHNWV²VRGLH9HUKHL‰XQJ]DKOUHLFKHU$Q]HLJHQ ²N|QQHQVLFKKLHUSURGXNWLYHQWIDOWHQ0DUNWORJLNXQGNUHDWLYHV6XEMHNW VFKHLQHQ VLFK LQ LKUHU =LHOVHW]XQJ ]X WUHIIHQ 1LH :DKUJHQRPPHQHV ZLOO HQWGHFNWQLH'DJHZHVHQHVHUIXQGHQZHUGHQ'HU0DUNWLVWHEHQVRZLHGDV



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´

DYDQWJDUGLVWLVFKH6XEMHNWUDVWORVLQVHLQHU%HZHJXQJXQGDXI 7UDQVJUHVVL YLWlWDXVJHULFKWHW -DKU  

G\QDPLVFK LQQRYDWLY .UHDWLYLWlW DXIJHVFKORVVHQXQYRUHLQJHQRPPHQ ,GHHQ %HZHJOLFKNHLWEHZHJOLFK DJLO ZHQGLJ DXIJHZHFNW EHZHJOLFK IOLQN XQYRUHLQJHQRPPHQ 









0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE.UHDWLYLWlW



'HUWUDGLWLRQHOOEUJHUOLFKH'LVNXUV

8P QXQ GLH KHUYRUVWHFKHQGVWHQ :RUWYHUZHQGXQJHQ GHV -DKUHV  LP .RQWUDVW ]X EHWUDFKWHQ LVW LQ GHU $EELOGXQJ Å7UDGLWLRQHOOH :HUWH´ GHXW OLFK ]X VHKHQ ZLH HLQ WUDGLWLRQHOOEUJHUOLFKHV $UEHLWVHWKRV GHQ 'LVNXUV GRPLQLHUWH 1HEHQ 2UGQXQJVVLQQ XQG $UEHLWVHLIHU ZLUG :HUW JHOHJW DXI  (L JHQVFKDIWHQZLHVDXEHUSQNWOLFKÁHL‰LJ]XYHUOlVVLJJHZLVVHQKDIWWFKWLJVRUJIlOWLJ XQGXPVLFKWLJ%HPHUNHQVZHUWLVWKLHUEHLGDVV]XP7HLOVHKUXQWHUVFKLHGOL FKH$QIRUGHUXQJHQDQ0lQQHUHLQHUVHLWVXQG)UDXHQDQGHUHUVHLWVJHVWHOOW ZXUGHQ6RVLQGHWZD2UGQXQJVVLQQVDXEHURGHUSQNWOLFK$WWULEXWHGLHKlX ÀJHULQGHU.DWHJRULHÅ6WHOOHQDQJHERWH:HLEOLFK´DXIÀHOHQ$OOJHPHLQELOGXQJ KLQJHJHQLVWLQGHU6WLFKSUREHYRQGLHYRQEHLGHQ*HVFKOHFKWHUQDP +lXÀJVWHQJHIRUGHUWH4XDOLÀNDWLRQ (LQ]LJGLH+lXÀJNHLWGHV:RUWHV]XYHUOlVVLJVWLFKWLP-DKUKHUDXV +LHUVFKHLQHQVLFKDOWEHZlKUWH4XDOLWlWHQHUKDOWHQ]XKDEHQGLHDXFKXQWHU GHU7KHPDWLNÅFRPPLWPHQW´JHIKUWZHUGHQN|QQWHQ(LQKRKHU*UDGGHU 9HUSÁLFKWXQJGUFNWVLFKLQGLHVHU9DULDEOHDXVXQGZLHEHUHLWVHUOlXWHUW VWHKWGLH+LQJDEHDQGHQ-RELP-DKUEHLGHQYRP$UEHLWJHEHUJH ZQVFKWHQ/HLVWXQJVDQIRUGHUXQJHQJDQ]REHQ



1LFROH0OOHU -DKU  

]XYHUOlVVLJ $OOJHPHLQELOGXQJ JXWHDXVJH]HLFKQHWH 8PJDQJVIRUPHQ IOHL‰LJ)OHL‰ WFKWLJ JHZLVVHQKDIW XPVLFKWLJ VRUJIlOWLJ SQNWOLFK $UEHLWVHLIHU 2UGQXQJVVLQQ VDXEHU 











0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE7UDGLWLRQHOOH:HUWH

1RFK HLQPDO XQWHUPDXHUW ZLUG GLH $XVULFKWXQJ DQ WUDGLWLRQHOOHQ :HUWHQ LQ GHU $EELOGXQJ Å6LFKHUKHLW´ LQ ZHOFKHU GDV IDPLOLlUH 8QWHUQHKPHQ KRFK LP.XUVVWHKW²LQWHUHVVDQWHUZHLVHMHGRFKDXFKZRGLHHUQHXWH%HWR QXQJDXI YHUORUHQJHJODXEWH%HWULHEVVWUXNWXUHQZLHGHUXPDXI GHQZLHGHU DXINHLPHQGHQNULWLVFKHQ'LVNXUV]XUFN]XIKUHQVHLQPDJ'LH=XJHK| ULJNHLW ]X HLQHP )DPLOLHQXQWHUQHKPHQ VWlUNW LGHDOHUZHLVH GLH HPRWLRQDOH %LQGXQJ9HUDQWZRUWOLFKNHLWXQG,GHQWLÀNDWLRQPLWGHP%HWULHEVRZLHGLH *HPHLQVFKDIWOLFKNHLW DP $UEHLWVSODW] 6RPLW EOHLEW GDV ÅIDPLOLlUH 8QWHU QHKPHQ´²DXFKZHQQHVNHLQ)DPLOLHQEHWULHELPHLJHQWOLFKHQ6LQQHPHKU VHLQPDJ²DXFKHLQ:HUEHIDNWRUZHOFKHUGHU9RUVWHOOXQJYRQHLQHP HQWIUHPGHWHQ$UEHLWVSODW]HQWJHJHQZLUNW $XIIlOOLJLVWGLH+lXÀJNHLWGHV:RUWHV/HEHQVVWHOOXQJGLHEHLNHLQHU GHUXQWHUVXFKWHQ6WHOOHQJHVXFKHDQ]XWUHIIHQZDU/HEHQVVWHOOXQJVFKHLQWDXV GHP9RNDEXODUYHUVFKZXQGHQ]XVHLQXQGZXUGHHUVHW]WGXUFKZHFKVHOQ GH)RUPXOLHUXQJHQZLHHWZDGDXHUKDIWH$QVWHOOXQJGDXHUKDIWH=XVDPPHQDUEHLW =XNXQIWV SHUVSHNWLYHQXQEHIULVWHWHU9HUWUDJE]ZXQEHIULVWHWH6WHOOH'LH%H]HLFK QXQJÅ/HEHQVVWHOOXQJ´GDJHJHQVFKHLQWHQWZHGHUDEVFKUHFNHQGJHZRUGHQ ]X VHLQ DQJHVLFKWV HLQHV JHVWLHJHQHQ 9HUODQJHQV QDFK (QWZLFNOXQJ XQG 9HUlQGHUXQJVRZLHHLQHU$QJVWYRU7URWW6WDJQDWLRQXQG$OOWDJRGHUGDV 9HUVSUHFKHQ HLQHU Å/HEHQVVWHOOXQJ´ ZLUG XQWHU GHQ 8PVWlQGHQ HUK|KWHU )OXNWXDWLRQVFKOLFKWZHJQLFKWPHKUJHJHEHQ



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´ -DKU  

/HEHQVVWHOOXQJ

IDPLOLlUHV8QWHUQHKPHQ

:DFKVWXP

9HUVFKZLHJHQKHLW

9HUWUDXHQVZUGLJNHLW









0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE6LFKHUKHLW

Å*HVXFKW ZLUG HLQH 3HUV|QOLFKNHLW «´ LVW LQ GHQ 6WHOOHQDQJHERWHQ LP -DKU  HLQH JlQJLJH )RUPXOLHUXQJ JHZRUGHQ ,Q HLQLJHQ )lOOHQ ZLUG DXFK H[SOL]LWQDFKÅ3HUV|QOLFKNHLWHQ´JHVXFKWYLHU]LJ-DKUHVSlWHULVWHVGHQ $Q]HLJHQ]XIROJHHLQHQRFKZHVHQWOLFKHQWVFKHLGHQGHUH.XQVWVLFKVHOEVW XQGVHLQH3HUV|QOLFKNHLWZLHHLQ0DUNWREMHNWVWLOYROO]XYHUNDXIHQ²'LVWLQN WLRQ DOV ,PSHUDWLY =XGHP JLEW HV QHXH 7LWHO IU VROFKH 3HUV|QOLFKNHLWHQ (WZD GLH VRJHQDQQWH +DQGV2Q0HQWDOLWlW GLH ZLHGHU HLQHQ 1HRORJLVPXV GDUVWHOOW GHU LP 5HFUXLWLQJ'LVNXUV LPPHU PHKU DXINRPPW :DV PLW GHP %HJULII JHPHLQWLVWNDQQQXULQWXLWLYHUVFKORVVHQZHUGHQXQGLVWDXFKQLFKW DXI  À[H %HVWLPPWKHLW DQJHOHJW 'LH +DQGV2Q0HQWDOLWlW NDQQ VLFK ² GHU IUHLHQ $VVR]LDWLRQ IROJHQG ² LQ IUHPGH 6DFKYHUKDOWH VFKQHOO HLQDUEHLWHQ ZHL‰VWHWVZDV]XWXQLVWHUNHQQWLQMHGHU6LWXDWLRQZRÅ1RWDP0DQQ´ LVWXQGKDWHLQ*HVSUIUGDV7HDPXQGGLH$UEHLW6LHNDQQ]XSDFNHQLVW SUDNWLNDEHOXQGVHW]WHLQPDOJHIDVVWH3OlQHXPJHKHQGLQGLH7DWXP'LH 9HUZHQGXQJGHUYHUZDQGWHQ%H]HLFKQXQJHQ.QRZ+RZXQG7DWNUDIWGDJH JHQZLUGYRQDQJHIKUW



1LFROH0OOHU -DKU  

JHVXFKWZLUGHLQH 3HUV|QOLFKNHLW %HODVWEDUNHLW +DQGVRQ0HQWDOLWlW 7DWNUDIW .QRZ+RZ NULVHQIHVW WHPSHUDPHQWYROO HPRWLRQDOH6WDELOLWlW









0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE3HUV|QOLFKNHLWVDQIRUGHUXQJHQ

$EVFKOLH‰HQGEOHLEWQRFKGLHÅ:LUNXQJQDFK$X‰HQ´LQGHQ%OLFN]XQHK PHQGLHLQEHLGHQ-DKUHQYRQUHODWLYHU:LFKWLJNHLWLVW6RZRKOHLQHDOOJH PHLQH)UHXQGOLFKNHLWDOVDXFKGDVULFKWLJH$XIWUHWHQVLQGVHKUKlXÀJJHQDQQWH $QIRUGHUXQJHQ.RPELQLHUWZLUGGDV:RUWÅ$XIWUHWHQ´JHUQHPLWYDULLH UHQGHQ(LJHQVFKDIWHQZLHVLFKHUVHOEVWEHZXVVWRGHUVRXYHUlQLQGHQPHLVWHQ )lOOHQMHGRFKÀQGHWVLFKGLHXQNRQNUHWEOHLEHQGH)RUGHUXQJQDFKHLQHP EHU]HXJHQGHQ$XIWUHWHQ$XVJH]HLFKQHWHE]ZJXWH8PJDQJVIRUPHQXQG+|ÁLFKNHLW VLQG KLHUEHL ZLHGHUXP JXWEUJHUOLFKH :HUWH GLH VLFKHUOLFK QLFKW DXV GHU 0RGH JHNRPPHQ VLQG GXUFKDXV DEHU LKUH RIIHQH %HQHQQXQJ 'HU DNWX HOOH'LVNXUVEOHLEWQLFKWQXUDQGHU2EHUÁlFKHGHU0DQLHUHQVRQGHUQLVW DXI  GHU 6XFKH QDFK $XWKHQWL]LWlW QDFK $XVVWUDKOXQJ XQG LQQHUHU hEHU ]HXJXQJVNUDIW DXI  GHU (EHQH HLQHU VHOEVWEHZXVVWHQ 3HUV|QOLFKNHLW 'HU $QIRUGHUXQJVGUXFNEHLVROFKHQ)RUPHQGHU3HUV|QOLFKNHLWVRSWLPLHUXQJLVW DOOHVDQGHUHDOVJHULQJXQGGLHVHU'LVNXUVOlVVW]XGHPHLQHQ=ZHLIHODQGHU :LFKWLJNHLWGHUIDFKOLFKHQ4XDOLÀNDWLRQHQDXINRPPHQ



Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´ -DKU  

$XIWUHWHQ

)UHXQGOLFKNHLW

$OOJHPHLQELOGXQJ

JXWHDXVJH]HLFKQHWH 8PJDQJVIRUPHQ

(LQIKOXQJVYHUP|JHQ

K|IOLFK















0LWWHOZHUW

'XUFKVFKQLWWOLFKH+lXILJNHLWGHU:RUWQHQQXQJDXVGHU*HVDPWKHLWGHUXQWHUVXFKWHQ$Q]HLJHQ

$EE:LUNXQJQDFK$X‰HQ



6FKOXVVEHWUDFKWXQJHQ

(VNRQQWHGHXWOLFKJH]HLJWZHUGHQGDVVGLHHLQJDQJVDXIJHVWHOOWH7KHVHGHU KHXWLJH 5HFUXLWLQJGLVNXUV KDEH VLFK (OHPHQWH HLQHU  QRFK JHJHQ GDV 0DUNWV\VWHP JHULFKWHWHQ .ULWLN DQJHHLJQHW WHQGHQ]LHOO %HVWlWLJXQJ IDQG =ZDU JLOW HV GLHVH (UJHEQLVVH LQ XPIDQJUHLFKHUHQ (UKHEXQJHQ ZHLWHU ]X YHUIROJHQ XQG HPSLULVFK XQG WKHRUHWLVFK ]X XQWHUPDXHUQ GRFK OlVVW GLH LQEHJUHQ]WHP8PIDQJHUKREHQH6WLFKSUREHGLH%HKDXSWXQJ]XGDVVVLFK LQGLHVHP'LVNXUVQHXDXINRPPHQGHXQGVLFKZHLWHUHWDEOLHUHQGH7HUPLQL ÀQGHQGHQHQHLQHLPSOL]LWH5LFKWXQJJHPHLQVDPLVW'LHVHJLEWGHQ.XUV YRU]XHLQHUYHUVWlUNWHQJHPHLQVFKDIWOLFKHQ(LQELQGXQJLQGDV8QWHUQHK PHQ EHU GDV 7HDP GDPLW HLQKHUJHKHQG HLQH HUK|KWH ,GHQWLÀNDWLRQ XQG 2SIHUEHUHLWVFKDIW GXUFK JU|‰HUH (LJHQYHUDQWZRUWXQJ E]Z 9HUDQWZRUWOLFKNHLW (QJDJHPHQW0RWLYDWLRQXQG,QLWLDWLYH*OHLFK]HLWLJZLUGGXUFKGLH7HUPLQL]X QHKPHQGHLQ,QGLYLGXDOLVPXVFRGLHUWGHUHLQHVWlQGLJH6HOEVWRSWLPLHUXQJ GHU3HUV|QOLFKNHLWYHUODQJWGLHPLWJUR‰HP6HOEVWEHZXVVWVHLQEHU]HXJHQG DXIWULWWVRZLH)UHXGHXQG6SD‰DP%HUXI NRPPXQL]LHUW'XUFKVHW]XQJVYHUP|JHQ XQGHLQHKRKH%HODVWEDUNHLWVROOWHQDQGHQ7DJJHOHJWZHUGHQZlKUHQG(QW ZLFNOXQJGHV6HOEVWHLQHJUR‰H5ROOHVSLHOHQHEHQVRZLHNUHDWLYHXQGLQQRYD WLYH(QWIDOWXQJ'\QDPLVFKVXFKWGLHKRFKPRWLYLHUWH3HUV|QOLFKNHLWLPPHUQHXH +HUDXVIRUGHUXQJHQGLHVLHLQLPPHUQHXHQ3URMHNWHQXPVHW]WZHOFKHEHIULVWHWH (QWZLFNOXQJVP|JOLFKNHLWHQELHWHQ0LWJUR‰HP.RPPXQLNDWLRQVYHUP|JHQEHZHJW VLHVLFKLQHLQHP8PIHOGPLWÁDFKHQ+LHUDUFKLHQZRVLHLQGHPRNUDWLVFKHQ



1LFROH0OOHU

6WUXNWXUHQ,GHHQJOHLFKEHUHFKWLJWDXVKDQGHOWXQGPRGHUQXQGJDQ]KHLWOLFKXP VHW]W%HLDOOGHPLVWGLH)OH[LELOLWlWHQWVFKHLGHQGGLHGHUJHVXFKWH$NWHXU VRZRKOEH]JOLFKVHLQHU$UEHLWV]HLWHQVHLQHU$UEHLWVDXIJDEHQVHLQHU.RO OHJHQDOVDXFKVHLQHV$UEHLWVRUWHVRGHUGHV3URMHNWHVDQGHQ7DJOHJHQNDQQ 9RUDOOHPDEHUNDQQHUQLHZLVVHQLQZHOFKHU:HLVHHUVHLQH)OH[LELOLWlWXQG %HZHJOLFKNHLWDOVQlFKVWHVZLUGXQWHU%HZHLVVWHOOHQN|QQHQXQGPVVHQ 0LW GHQ LPPHU SURPLQHQWHU ZHUGHQGHQ Å6FKOVVHOTXDOLÀNDWLRQHQ´ ZHUGHQQHXH$VVR]LDWLRQVQHW]HJHNQSIWGHUHQGLVNXUVLYH9HUEUHLWXQJLQ JU|‰HUHP 8PIDQJ XQWHUVXFKW ZHUGHQ N|QQWH %HVRQGHUV LQ GHQ 6FKQLWW PHQJHQ OLQJXLVWLVFKHU XQG VR]LDOZLVVHQVFKDIWOLFKHU )UDJHVWHOOXQJHQ VLQG GDEHLQRFK]DKOUHLFKHZHLWHUHLQWHUHVVDQWH$QNQSIXQJVSXQNWHDXIÀQGEDU ,QVRIHUQEVSZGLH6R]LRORJLH²SURPLQHQWHWZDLQGHQVRJJRYHUQHPHQWDOLW\ VWXGLHV²LQGHQOHW]WHQ-DKUHQYHUVWlUNWGDV.UHDWLYVXEMHNWGHUgNRQRPLH LQ GHQ %OLFN ]X QHKPHQ VXFKWH XQG GDEHL $QDO\VHQ YRQ 0DQDJHPHQWOL WHUDWXU6HOEVWKLOIHEFKHUQXQG%HZHUEXQJVUDWJHEHUQGXUFKIKUWH%U|FN OLQJDE0DDVHQD0DDVHQ6XWWHU'XWWZHLOHUE  ]HLJWVLFKKLHUHLQHIUXFKWEDUHhEHUVFKQHLGXQJYRQ6SUDFKZLVVHQVFKDIWXQG 6R]LDOWKHRULH,QGHU.RPPXQLNDWLYHQ*DWWXQJGHU6WHOOHQDQ]HLJHZLUGGLH VHhEHUVFKQHLGXQJEHVRQGHUVGHXWOLFK6LHYHUlQGHUWVLFKXQPLWWHOEDUXQ WHU GHP (LQÁXVV JHVHOOVFKDIWOLFKHQ :DQGHOV XQG IXQJLHUW JOHLFK]HLWLJ DOV HLQHGLUHNWH9HUELQGXQJ]XP5H]LSLHQWHQGHUGLHVHVRZRKOJHVHOOVFKDIWOLFK JHSUlJWHQ ZLH DXFK VSUDFKOLFK FRGLHUWHQ $QIRUGHUXQJHQ IU VHLQH HLJHQH ,GHQWLWlWVNRQVWUXNWLRQUHOHYDQWVHW]W)UGHQ 'LVNXUV LVW HVZHQLJHU YRQ %HODQJREGDV*HVDJWHGHQUHDOHQ=XVWlQGHQHQWVSULFKWDOVYLHOPHKUQDFK ZHOFKHQ5HJHOQPLWZHOFKHQ%HJUHQ]XQJHQQDFKZHOFKHQVLQQKDIWHQ2UG QXQJHQHURUJDQLVLHUWLVWZDVHUQLFKWVDJWXQGZHOFKHÅ:DKUKHLW´HUVRPLW GDUVWHOOW=XP9HUVWlQGQLVGLVNXUVLYHU.RQVWHOODWLRQHQHUZHLVWHVVLFK]X ZHLOHQDOVDXIVFKOXVVUHLFKGLH9HUZREHQKHLWYRQ.ULWLVLHUHQGHPXQG.ULWLVLHU WHP]XHQWVFKOVVHOQXQGDXI]X]HLJHQZRVLFKOHW]WHUHVGXUFK$QHLJQXQJ VSUDFKOLFKHUXQGLQKDOWOLFKHU0RPHQWHGHU.ULWLN]XHQW]LHKHQYHUPDJ /LWHUDWXU %HUJHU 3HWHU //XFNPDQQ 7KRPDV   'LH JHVHOOVFKDIWOLFKH .RQVWUXNWLRQ GHU :LUNOLFKNHLW)UDQNIXUWD0 %ROWDQVNL/XF /HEHQDOV3URMHNW3UHNDULDWLQGHUVFK|QHQQHXHQ1HW]ZHUNZHOW ,Q3RODU3ROLWLN7KHRULH$OOWDJ1U,QWHUQHWZZZVRQOLQHGHIURQWHQG SRVLWLRQSKS"LG 

%ROWDQVNL/XF&KLDSHOOReYH 'LH5ROOHGHU.ULWLNLQGHU'\QDPLNGHV.DSL WDOLVPXVXQGGHUQRUPDWLYH:DQGHO,Q%HUOLQHU-RXUQDOIU6R]LRORJLH+HIW %ROWDQVNL/XF&KLDSHOOReYH 'HUQHXH*HLVWGHV.DSLWDOLVPXV.RQVWDQ]

Å$OOWDJVURXWLQHJLEWHVEHLXQVQLFKW´



%ROWDQVNL/XF&KLDSHOOReYHLP*HVSUlFKPLWVHLHQ@VRQGHUQ$QNODJHVFKULIWHQ JHJHQHLQHNOHLQEUJHUOLFKHXQGSROLWLVFKH-XVWL]´36]RQGL%ULHIH)UDQNIXUWD0 6]LWQDFK:LQNOHU6 



7KRPDV1LHKU

,FK ]LWLHUH DXV]XJVZHLVH DXV ]ZHL ÅKHUN|PPOLFKHQ´ )OXJEOlWWHUQ GLH VLFKJHJHQGHQ9LHWQDP.ULHJE]ZGHQ(LQPDUVFKYRQ7UXSSHQGHV:DU VFKDXHU3DNWHVLQGLH7VFKHFKRVORZDNHLZHQGHQ 'LH9|ONHU$VLHQV$IULNDVXQG/DWHLQDPHULNDVNlPSIHQJHJHQ+XQJHU7RGXQG (QWPHQVFKOLFKXQJ 'LH HKHPDOLJHQ 6NODYHQ ZROOHQ 0HQVFKHQ ZHUGHQ .XED .RQJR9LHWQDP²GLH$QWZRUWGHU.DSLWDOLVWHQLVW.ULHJ0LW:DIIHQJHZDOWZLUG GLHDOWH+HUUVFKDIWDXIUHFKWHUKDOWHQ0LW.ULHJVZLUWVFKDIWZLUGGLH.RQMXQNWXUJH VLFKHUW>@-HW]WEOHLEWGHQ8QWHUGUFNWHQQXUQRFKGHU*ULII ]XU:DIIH)UVLH KHL‰W =XNXQIW 5(92/87,21 :LU VROOHQ GHQ +HUUVFKHQGHQ EHLP 9|ONHUPRUG KHOIHQ'HVKDOEEHVFKZ|UHQVLHGDV*HVSHQVWGHUJHOEHQ*HIDKU:LHODQJHQRFK ODVVHQZLUHV]XGD‰LQXQVHUHP1DPHQJHPRUGHWZLUG" $0,65$86$869,(71$0²,QWHUQDWLRQDOH%HIUHLXQJVIURQW0LHUPHLVWHU6WDDGW

6

'HU(LQPDUVFKGHU7UXSSHQYRQ6WDDWHQGHV:DUVFKDXHU3DNWVLQGLH6R]LDOLV WLVFKH7VFKHFKRVORZDNLVFKH5HSXEOLN]HLJWPLWHUGUFNHQGHU2IIHQKHLWZLHGLHVH 6WDDWHQGHQSUROHWDULVFKHQ,QWHUQDWLRQDOLVPXVYHUVWHKHQ>@1DFKGHP%UXFKPLW GHP VWDOLQLVWLVFKHQ 1RYRWQ\5HJLPH LVW GLH (QWZLFNOXQJ LQ GHU &665 PLW LKUHQ EUJHUOLFKHQ(UVFKHLQXQJVIRUPHQQXUDOV5HDNWLRQDXI GLHEURNUDWLVFKH(UVWDU UXQJLQDOOHQJHVHOOVFKDIWOLFKHQ%HUHLFKHQZLHDXFKLQGHU3DUWHLVHOEVW]XEHJUHLIHQ >@'LHPLOLWlULVFKH,QWHUYHQWLRQKDWGHQ.UlIWHQGHVSUROHWDULVFKHQ,QWHUQDWLRQD OLVPXVHUQHXWJH]HLJWZLHQRWZHQGLJLKU.DPSI JHJHQMHGH)RUPEURNUDWLVFKHU +HUUVFKDIWLQGHQYHUVFKLHGHQHQ*HVHOOVFKDIWVV\VWHPHQLVW(6/(%(',(62=,$ /,67,6&+(:(/75(92/87,21(EG6

'LHVH3DVVDJHQZLUGPDQZRKODOVDUJXPHQWDWLYVWULQJHQWEH]HLFKQHQN|Q QHQ XQDEKlQJLJ GDYRQ ZLH PDQ VLH LQKDOWOLFK HLQVFKlW]W :HLWHUKLQ IlOOW DXI GDVV ZLU HV EHL GLHVHQ )OXJEOlWWHUQ PLW ŁEHUZLHJHQG VHKU HUQVWKDI WHQSROLWLVFKXQGRGHUPRUDOLVFKKRFKHQJDJLHUWHQXQGWHLOZHLVHHUELWWHU WHQ*HGDQNHQ9RUVFKOlJHQXQG$XIUXIHQ´]XWXQKDEHQ6FKPLW] 6  'LHVH (LQVFKlW]XQJ OlVVW VLFK HWZD GXUFK HLQH $QDO\VH GHU YRUNRP PHQGHQ6FKODJZ|UWHUEHVWlWLJHQ,QXQVHUHQEHLGHQ%HLVSLHOWH[WHQÀQGHQ VLFK6NODYHQ.DSLWDOLVWHQ+HUUVFKDIW8QWHUGUFNWH5HYROXWLRQSUROHWDULVFKHU,QWHU QDWLRQDOLVPXVVR]LDOLVWLVFKH:HOWUHYROXWLRQ%UXQRWWHHUZlKQW]XGHP'HPRNUDWLH GHPRNUDWLVFK 'HPRNUDWLVLHUXQJ +RFKVFKXO 6WXGLHQUHIRUP 'ULWWHOSDULWlW 5HIRUP (VWDEOLVKPHQWSROLWLVFKH-XVWL]DOV%HLVSLHOHIUGLHÅ7HUPLQRORJLHGHUOLQNVJH ULFKWHWHQ*UXSSHQZLH6'6$32XD ´%UXQRWWH6 :HLWHUKLQ KHEWVLHDXI GLH)UHPGZRUWIUHTXHQ]DEDXWRULWlU(VWDEOLVKPHQW0DQLSXODWLRQ 5HSUHVVLRQXQG$JJUHVVLRQHEG6I ]lKOWHQ]XGHQÅKlXÀJYRUNRPPHQ

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



GHQ)UHPGZ|UWHUQ´HEG6 )DVVWPDQGLHVH(UJHEQLVVH]XVDPPHQ VR NDQQ PDQ PLW 6FKPLW] IHVWKDOWHQ GDVV GLH VWXGHQWLVFKHQ )OXJEOlWWHU GLHVHU =HLW VLFK ÅHUQVWKDIW ELHGHU RGHU HPSKDWLVFK DNWXHOOHQ SROLWLVFKHQ 7KHPHQ>ZLGPHQ7K1@GLHPHLVWHQVLQHLQHQJU|‰HUHQ=XVDPPHQKDQJ JHVWHOOWZHUGHQ´6FKPLW]6  8QGJHQDXGDVLVWHVZDVVLHYRQGHQ)OXJEOlWWHUQGHU.RPPXQH,VSUDFK OLFKXQWHUVFKHLGHW'LHW\SLVFKHQ6FKODJZ|UWHUGHU$32NRPPHQLQGHQ )OXJEOlWWHUQGHU.RPPXQH,JHUDGHQLFKWYRUDXFKGLH)UHPGZRUWIUHTXHQ] LVWUHODWLYQLHGULJXQGZHGHUGHQYRQ6FKDUORWKE6I WUHIIHQG EHVFKULHEHQHQ ÅVNHSWLVFKHQ 9HUZHLJHUXQJVVWLO´ QRFK GHQ ÅLQWHOOHNWXHOO DYDQWJDUGLVWLVFKHQ6WLO´ÀQGHWPDQLQGHQ)OXJEOlWWHUQZLHGHU 'HU HUVWH (LQGUXFN LVW GDVV HLQ ZHQLJ HUQVWKDIWHU 7RQ YRUKHUUVFKW :ROOWHPDQGLHVHQ7RQGHU)OXJEOlWWHULQZHQLJHQ:RUWHQ]XVDPPHQIDV VHQVRZlUHQZRKO+XPRU6DWLUHXQG&DPRXÁDJHGLHULFKWLJHQ9RNDEHOQ 'LHVHU VSUDFKOLFKH +XPRU OlVVW VLFK DQ ]DKOUHLFKHQ (LQ]HOKHLWHQ IHVWPD FKHQ)QI GLHVHU9HUIDKUHQZHUGHQKlXÀJHUDQJHZHQGHWXQGVROOHQKLHU PLW%HLVSLHOHQYRUJHVWHOOWZHUGHQ 

'LH5HJLVWHU3DURGLH

'DV 9HUIDKUHQ GHU Å5HJLVWHU3DURGLH´ EHVWHKW GDULQ VSUDFKOLFKH 5HJLVWHU ]XYHUZHQGHQXQGJOHLFK]HLWLJ]XLURQLVLHUHQ'DIUHLQHUVWHV%HLVSLHO(V VWDPPWDXVHLQHP)OXJEODWWGHU.RPPXQH,YRPGDVÅ8QVHU :LOO\´ EHUVFKULHEHQ LVW *HPHLQW LVW GHU GDPDOLJH $X‰HQPLQLVWHU XQG YRUPDOLJH5HJLHUHQGH%UJHUPHLVWHUYRQ%HUOLQ:LOO\%UDQGW

 'DVV%UXQRWWHGLHVH$XVGUFNHOHGLJOLFKDOVÅVFKQHOOHELJH0RGHZ|UWHU´ FKDUDN WHULVLHUWPXVVPDQDXVKHXWLJHU6LFKW]XUFNZHLVHQ$XFKGLH:HUWXQJHQGLH%UXQRWWHHQW JHJHQLKUHUHLJHQHQ$EVLFKWYJO6 LPPHUZLHGHUDEJLEWYJO]%6  ZLUNHQKHXWHHKHUEHIUHPGOLFK  $OOHUGLQJVZHLVWDXFKVFKRQ%UXQRWWH6II DXI GLH,URQLHLQVWXGHQWLVFKHQ)OXJ EOlWWHUQKLQ  =XGHQ6FKODJZ|UWHUQGHUHU-DKUHPLWZHLWHUIKUHQGHU/LWHUDWXUYJO1LHKU HLQ hEHUEOLFNEHUGLH6FKODJZRUWIRUVFKXQJÀQGHWVLFKEHL1LHKU   +DNHPL6I VWHOOW]X5HFKWIHVWGDVVGLH0LWJOLHGHUGHU.RPPXQH,Å6SUDFKH DOV :DIIH JHJHQ GLH 0HKUKHLWVJHVHOOVFKDIW´ HLQVHW]HQ 'LH VSlWHUHQ 7H[WH GHU 5$) VHLHQ GDGXUFKJHNHQQ]HLFKQHWGDVVÅ3DURGLH,URQLH6DWLUH*URWHVNH´HUVDW]ORVZHJJHIDOOHQVHLHQ :lKUHQGPDQGLH7H[WHGHU.RPPXQH,]XPLQGHVWDOV.RPPXQLNDWLRQVDQJHERWHDQGLH 0HGLHQGHU0HKUKHLWVJHVHOOVFKDIWYHUVWHKHQN|QQHVHLHQGLH7H[WHGHUVSlWHQ5$)GDGXUFK JHNHQQ]HLFKQHWGDVV.RPPXQLNDWLRQPLWGHPHUNOlUWHQ*HJQHUÅZHGHUJHZROOWQRFKP|J OLFK´VHL  (VJHK|UWQLFKW]XGHQGXUFKQXPPHULHUWHQ)OXJEOlWWHUQ



7KRPDV1LHKU

>@$OVHUQRFKLQ%HUOLQZDUGDVDK·VKLHUDQGHUVDXV'DZDUHQDOOHQHWW]XHLQ DQGHUXQGGLH.RKOHQZDUHQELOOLJHU'DV:HWWHUZDUVFK|QHU(VJDENHLQH.RP PXQHQXQGLKPZlUHGDVPLW2KQHVRUJEHVWLPPWQLFKWSDVVLHUW$XFKGHU)ULW] ZlUHQDWUOLFKVFKRQODQJHZLHGHUIUHL²GDVJlE·VQLFKWEHL:LOO\9LHOOHLFKWZHL‰ HUJDUQLFKWVGDYRQ9LHOOHLFKWPVVWHPDQHVLKPPDOEHLEULQJHQ'HU)KUHUVROO MDDXFKQLFKWDOOHVJHZX‰WKDEHQ(ULVWHLQKRQRULJHU0DQQ'DVVLHKWPDQVFKRQ GDUDQ ZLH HU VHLQH 6|KQH HU]RJHQ KDW 'LH EHUHFKWLJHQ GRFK ]X GHQ VFK|QVWHQ +RIIQXQJHQ>@

'HUUDXQHQGH7RQGHV6SLH‰EUJHUVZLUGKLHUSHUIHNWJHWURIIHQXQGSDUR GLHUW'DVVGLHVH3DURGLHEULJHQVLQ=XVDPPHQKDQJPLWHLQHPNRQNUHWHQ (UHLJQLVVWHKW²HLQHU9HUDQVWDOWXQJLQGHU)8%HUOLQPLW$[HO6SULQJHUXQG :LOO\ %UDQGW YJO (Q]HQVEHUJHU  6  I  ² HUIlKUW GHU /HVHU GHV )OXJEODWWVHUVWLQGHQOHW]WHQ=HLOHQ (LQlKQOLFKHU(IIHNWZLUGHUUHLFKWZHQQLP)OXJEODWW1RLPVFK|QV WHQ -XULVWHQGHXWVFK H[SOL]LW ]XU %UDQGVWLIWXQJ DXIJHUXIHQ ZLUG XQG ]ZDU PLWGHQ:RUWHQGHU$QNODJHVFKULIWGLHGHQ0LWJOLHGHUQGHU.RPPXQH, YRUZLUIWPLWLKUHQ)OXJEOlWWHUQ]XVWUDIEDUHQ+DQGOXQJHQDXI]XUXIHQ +LHUPLWUXIHLFKGLH%HY|ONHUXQJ%HUOLQVDXIGLHXQWHQDQJHNUHX]WHQ5lXPOLFK NHLWHQZHOFKH]HLWZHLVHGHP$XIHQWKDOWYRQ0HQVFKHQGLHQHQXQG]ZDU]XHLQHU =HLWZlKUHQGZHOFKHU0HQVFKHQLQGHQVHOEHQVLFKDXI]XKDOWHQSÁHJHQLQEUDQG ]XVHW]HQ,FKHPSIHKOHGD]XXQDXIIlOOLJHV9RUJHKHQ6WUHLFKK|O]HUXQGJHJHEH QHQIDOOVEHQ]LQJHWUlQNWH/DSSHQ

'HU ÅDEJHZRJHQH´ 6SUDFKJHEUDXFK YRQ 3ROLWLNHUQ ZLUG YRQ )ULW] 7HXIHO LP)OXJEODWW1RYLPLWLHUWXQGSHUVLÁLHUWZHQQHUXQWHUGHU hEHUVFKULIWÅ-HW]WJHVWHKHLFK´VFKUHLEW >@ZHVKDOELFKHVDXFKIUYHUIUKWKDOWHLQ%HUOLQYRQ(6.$/$7,21]XVSUH FKHQVRODQJH6HQDWXQG3ROL]HLQRFKRKQHDPHULNDQLVFKH0LOLWlUEHUDWHUJHJHQGLH 6WXGHQWHQDXVNRPPHQ>@

'LHVHV%HLVSLHO]HLJW]XGHPGDVVDXFKGLH$UJXPHQWDWLRQLQGHQ7H[WHQ GHU.RPPXQH,QLFKWXQEHGLQJWGHPHQWVSULFKWZDVZLUDOVUDWLRQDOH)RUP GHU6LFKHUXQJYRQ*HOWXQJVDQVSUFKHQDQVHKHQZUGHQ9LHOPHKUHQWKlOW DXFKGLH$UJXPHQWDWLRQLURQLVLHUHQGH(OHPHQWH6RKHL‰WHVEHLVSLHOVZHLVH LPYRQ)ULW]7HXIHOYHUIDVVWHQYJO(Q]HQVEHUJHU6 )OXJEODWW 1RGHU.RPPXQH, 3ROLWLVFKH$NWLRQHQDQGHU)8EHUOD‰WGRFK/LHEHU>VLF1DPHGHVGDPDOLJHQ5HN WRUV GHU )8@ &,$ XQG 9HUIDVVXQJVVFKXW] >@ 0DFKW NHLQH 'LVNXVVLRQVEHLWUlJH 0DFKWNHLQH:DQG]HLWXQJHQ$EHUZHQQLKUVFKRQ:DQG]HLWXQJHQPDFKWGHQNW DQGDVDNDGHPLVFKH1LYHDX)UHPGZ|UWHUTP +|UWZDVGLH)XQNWLRQlUHVD JHQ>@/HEWJHUlXVFKORV5XKHLVWDNDGHPLVFK>@QLHGHUPLWGHP.RPPXQLV  'LH HQWVSUHFKHQGHQ 3DVVDJHQ GHU $QNODJHVFKULIW VLQG QDFK]XOHVHQ EHL +ROWKXVHQ  6I 

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



PXVQLHGHUPLWGHU.RPPXQHQLHGHUPLWGHP$67$QLHGHUPLWGHQ6WXGHQWHQ 1,('(5´

'LHVLVWJDQ]RIIHQVLFKWOLFKHLQE|VHULURQLVFKHU$QJULII DXI GHQDXV6LFKW GHU.RPPXQH,EUDYELHGHUHQ6'6GHPGLHVHEHZXVVWEHUVSLW]WHQ$XI IRUGHUXQJHQXQWHUVFKREHQZHUGHQLQGHPGDV)OXJEODWWPLWÅ6'6´XQWHU ]HLFKQHWZLUG'HU6'6VLHKWLQVROFKHQ$NWLRQHQHLQHÅVHOEVW]HUVW|UHULVFKH 6DERWDJHGHUQLFKWHUIROJORVHQ$UEHLWDQGHU+RFKVFKXOH´]LWQDFK0LHU PHLVWHU6WDDGW6 XQGEHVFKOLH‰WGLH.RPPXQH,DXVGHP6'6 DXV]XVFKOLH‰HQ 'DV KLHU EHVFKULHEHQH SDURGLVWLVFKLURQLVFKH (OHPHQW GHU .RPPX QH ,)OXJEOlWWHU IKUW EULJHQV PLW GD]X GDVV GLH VSUDFK XQG OLWHUDWXU ZLVVHQVFKDIWOLFKHQ*XWDFKWHULP3UR]HVVGHUGHQ.RPPXQDUGHQ$XIUXI  ]XU%UDQGVWLIWXQJ]XU/DVWOHJW]XGHP(UJHEQLVNRPPHQGDVVGLH)OXJ EOlWWHUNHLQHVZHJVDOV$XIUXI ]XU%UDQGVWLIWXQJJHOHVHQZHUGHQGUIWHQ $XI GLHVH)UDJHP|FKWHLFKPLFKLP)ROJHQGHQQLFKWZHLWHUNRQ]HQWULHUHQ VRQGHUQDXI GLHVSUDFKOLFKHQ(LJHQKHLWHQGHU)OXJEOlWWHU]XUFNNRPPHQ 'DVHEHQDQJHGHXWHWHSDURGLVWLVFKH0RPHQWLVWHLQ0HUNPDO]DKOUHL FKHU)OXJEOlWWHUGHU.RPPXQH,'HU7ULFNGHUGDEHLDQJHZHQGHWZLUGLVW GDVVGLH$XWRUHQFDPRXÁLHUHQGHLQHDQGHUH,GHQWLWlWDQQHKPHQ9RUDXVVHW ]XQJGDIUVROFKHLQHQVSUDFKOLFKHQ7ULFNGXUFKIKUHQ]XN|QQHQLVWHLQ DXVJHSUlJWHVPHWDVSUDFKOLFKHV%HZXVVWVHLQGDVHVHUODXEWGLH(LJHQKHLWHQ GHUVSUDFKOLFKHQ.RPPXQLNDWLRQDQGHUHU*UXSSHQQLFKWQXU]XHUNHQQHQ VRQGHUQDXFK]XLPLWLHUHQ'DVVGLH9HUIDVVHUGHU.RPPXQH,)OXJEOlWWHU EHUHEHQMHQHV%HZXVVWVHLQLQKRKHP0D‰HYHUIJWHQGDIUODVVHQVLFK DXI GHUVSUDFKOLFKHQ(EHQHZHLWHUH,QGL]LHQÀQGHQ(QJYHUZDQGWPLWGHU 5HJLVWHU3DURGLHLVWGLH7H[WVRUWHQ3DURGLHGLHLFKLP)ROJHQGHQYRUVWHOOHQ P|FKWH 

7H[WVRUWHQ3DURGLH

'LH%HVRQGHUKHLWGLHVHV9HUIDKUHQVEHVWHKWGDULQPLWKLOIHHLQHV)OXJEODWWV 7H[WHE]Z([HPSODUHHLQHU7H[WVRUWH]XYHUEUHLWHQGLHXQVDXVDQGHUHQ  :LQNOHU EH]HLFKQHW GHQ 6'6 DOV ÅYHUJOHLFKZHLVH >«@ VWDDWVWUDJHQGH >«@ 2UJDQLVDWLRQ´ :LQNOHU6   :DSQHZVNL6 EHJUQGHWGLHVXDPLWGHU)HVWVWHOOXQJGDVVMDDXFKGHUEHNDQQWH $XVVSUXFK*|W]YRQ%HUOLFKLQJHQVNHLQHVZHJVDOV$XIIRUGHUXQJÅ]XU9RUQDKPHVLWWHQZLG ULJHU RGHU XQ]FKWLJHU +DQGOXQJHQ´ DXI]XIDVVHQ VHL 9JO ]X GHQ *XWDFKWHQ DXVIKUOLFK XQGVHKUNULWLVFK%ULHJOHE6II (UVLHKWLQGHQ*XWDFKWHQÅYRUELOGOLFKH>«@ =HXJQLVVHHLQHU]ZHFNIUHLHQ([SHUWHQPRUDO´HEG6 XQGLQGHQ*XWDFKWHUQÅ%HDPWH >«@IU/LWHUDWXU´6 /HGLJOLFKGLH*XWDFKWHQYRQ6]RQGLXQG7DXEHVZHUGHQ YRQ%ULHJOHEVELVVLJHU.ULWLNYHUVFKRQWYJOHEG6I 9JOGD]XDXFKGLHGLIIHUHQ]LHU WHQhEHUOHJXQJHQ+ROWKXVHQV6II .UDXVKDDUV6I XQG6FKQHLGHUV 6II 



7KRPDV1LHKU

=XVDPPHQKlQJHQJHOlXÀJVLQG6RHUZDUWHWPDQEOLFKHUZHLVHDXI )OXJ EOlWWHUQ PHKU RGHU PLQGHU GLUHNWH $SSHOOH HLQH EHVWLPPWH SROLWLVFKH  )RUGHUXQJRGHU*UXSSH]XXQWHUVWW]HQRGHUDEHUGHQ3URWHVWJHJHQKHUU VFKHQGHSROLWLVFKH=XVWlQGH,QGLHVHP6LQQHNDQQPDQ)RUGHUXQJHQZLH Å(VOHEHGLHVR]LDOLVWLVFKH:HOWUHYROXWLRQ´RGHUÅ$PLVUDXVDXV9LHWQDP´ OHVHQ1LFKWEOLFKLVWHVGDJHJHQVROFKH)RUGHUXQJHQXQG$SSHOOHLQGLUHNW GXUFKHLQH)DEHOHLQ0lUFKHQHWF]XNRPPXQL]LHUHQ*HQDXGLHVDEHUWXQ GLH9HUIDVVHUGHU.RPPXQH,)OXJEOlWWHUZHQQVLHEHLVSLHOVZHLVHHLQJDQ ]HV)OXJEODWWLP6WLOHHLQHV0lUFKHQVYHUIDVVHQ (VZDUHLQPDOHLQNOHLQHV.|QLJUHLFKYRUODQJHU=HLWGDJDEHVQLFKWQXUHLQHQ.| QLJVRQGHUQDXFKHLQHQ6WDWWKDOWHUGHUVHLQH8QWHUWDQHQVHKUXQWHUGUFNWH8QG GHVZHJHQlUJHUWHHVLKQIXUFKWEDUGD‰GDV9RON/HXWHYRQVLFKLQHLQHUHJHOPl‰LJH 9HUVDPPOXQJVFKLFNWHXQGGRUWEHULHWXQGVLFK9|JWHZlKOWH>@+LHUHQGHWGLH *HVFKLFKWHGLHJHIXQGHQZXUGHLQHLQHPKDOEYHUEUDQQWHQ+DXVGDVDXVJHJUDEHQ ZXUGH(VZDUQLFKWVHKUJUR‰ZLHHLQ6RPPHUKDXVHLQHV6WDWWKDOWHUVXQGHVZDUHQ DXFKYLHOHDQGHUH6FKULIWHQGDULQPHLVWDPWOLFKH)OXJEODWW1R

%HVRQGHUVDXIIlOOLJDQGLHVHP7H[WLVWGDVVVLFKNHLQGLUHNWHU$SSHOOGDUDXV DEOHVHQ OlVVW $OOHQIDOOV ÀQGHQ ZLU KLHU GLH %HZHUWXQJ HLQHV (UHLJQLVVHV GDV DOOHUGLQJV RKQH .HQQWQLV GHU QlKHUHQ 8PVWlQGH QLFKW HLQPDO PHKU HLQGHXWLJ LGHQWLÀ]LHUW ZHUGHQ NDQQ /HGLJOLFK PLWKLOIH GHV NRPPHQWLHU WHQ ,QKDOWVYHU]HLFKQLVVHV OlVVW VLFK KHUDXVÀQGHQ GDVV GLHVHV )OXJEODWW LQ GHQ.RQWH[WXQLYHUVLWlUHU$XVHLQDQGHUVHW]XQJHQ]ZLVFKHQ5HNWRU6HQDW $67$XQGGHP6'6JHK|UWXQG]XP7KHPDÅ8UDEVWLPPXQJ´DQGHU)8 %HUOLQ6WHOOXQJEH]LHKW .HLQ=ZHLIHONDQQDOOHUGLQJVGDUDQEHVWHKHQDXI ZHOFKHV(UHLJQLVVLFK GLH9HUIDVVHUGHV)OXJEODWWV1RYRP0DLEH]LHKHQ=ZHL7DJH ]XYRUZDUDXI GDV%UVVHOHU.DXIKDXVÅ$O·,QQRYDWLRQ´HLQ%UDQGDQVFKODJ YHUEWZRUGHQEHLGHP0HQVFKHQJHVWRUEHQXQG]DKOUHLFKHZHLWHUH YHUOHW]WZRUGHQZDUHQYJO:LQNOHU6I ,P6WLOHHLQHV=HLWXQJV DUWLNHOVGHU%RXOHYDUGSUHVVHZLUGGLHVHU.DXIKDXVEUDQGDOV3URWHVWJHJHQ GHQ9LHWQDPNULHJJHGHXWHW 1HXH 'HPRQVWUDWLRQVIRUPHQ LQ %UVVHO HUVWPDOV HUSUREW >hEHUVFKULIW GRSSHOW XQWHUVWULFKHQ@ ,Q HLQHP *UR‰KDSSHQLQJ VWHOOWHQ 9LHWQDPGHPRQVWUDQWHQ IU HLQHQ KDOEHQ 7DJ NULHJVlKQOLFKH=XVWlQGHLQGHU%UVVHOHU,QQHQVWDGWKHU>@=XU=HLWGHV%UDQGHV IDQGLQGHPJUR‰HQ.DXIKDXV$O·,QQRYDWLRQ=XU(UQHXHUXQJ JHUDGHHLQH$XV VWHOOXQJDPHULNDQLVFKHU:DUHQVWDWWGLHGHUHQ$EVDW]KHEHQVROOWH'LHVQDKPHQ >VLF@HLQH*UXSSH$QWLYLHWQDPGHPRQVWUDQWHQ]XP$QOD‰LKUHQ3URWHVWHQJHJHQ GLHDPHULNDQLVFKH9LHWQDPSROLWLN1DFKUXFN]XYHUOHLKHQ,FKVSUDFKPLWGHP0LW JOLHGGHUSURFKLQHVLVFKHQ*UXSSHÅ$NWLRQIU)ULHGHQXQG9|ONHUIUHXQGVFKDIW´ 0DXULFH/ >@

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



'LHVH7H[WVRUWHQSHUVLÁDJHEHNRPPWLKUH/RJLNGDGXUFKGDVVVLHHLQ$U JXPHQWDWLRQVPXVWHUGHU%RXOHYDUGSUHVVHDXIQLPPWXQGZHLWHUVSLQQW)U GLH6SULQJHU3UHVVHZDUHQGLH9HUDQWZRUWOLFKHQIUGLHVHQ.DXIKDXVEUDQG VFKQHOO DXVJHPDFKW QlPOLFK ÅGLH EOLFKHQ 9HUGlFKWLJHQ >@ ² $PHULND IHLQGH .RPPXQLVWHQ PLOLWDQWH 9LHWQDPNULHJV*HJQHU´ :LQNOHU  6 (UVWYRUGHP+LQWHUJUXQGGLHVHU3UHVVHEHULFKWHUVWDWWXQJZLUGGLH VHV)OXJEODWWXQGVHLQH7H[WVRUWHQSDURGLHYHUVWlQGOLFK ,QHLQHlKQOLFKH5LFKWXQJZHLVWGDV)OXJEODWW1RHEHQIDOOVYRP 0DL+LHUZLUGGXUFKGLHPHKUIDFKZLHGHUKROWHQhEHUVFKULIWHQÅ1HX 8QNRQYHQWLRQHOO´E]ZÅ1HX$WHPEHUDXEHQG´GHU(LQGUXFNHLQHU:HU EXQJ HLQHU 5HNODPH:XUIVHQGXQJ KHUYRUJHUXIHQ 'DV EUHQQHQGH .DXI KDXVZLUGGHPHQWVSUHFKHQGLP7H[WXPJHGHXWHW 0LWHLQHPQHXHQJDJLQGHUYLHOVHLWLJHQ*HVFKLFKWHDPHULNDQLVFKHU:HUEHPHWKR GHQZXUGHMHW]WLQ%UVVHOHLQHDPHULNDQLVFKH:RFKHHU|IIQHWHLQXQJHZ|KQOLFKHV 6FKDXVSLHOERWVLFKDP0RQWDJGHQ(LQZRKQHUQGHUEHOJLVFKHQ0HWURSROH(LQ EUHQQHQGHV .DXIKDXV PLW EUHQQHQGHQ 0HQVFKHQ YHUPLWWHOWH ]XP HUVWHQPDO LQ HLQHUHXURSlLVFKHQ*URVVVWDGW>VLF@MHQHVNQLVWHUQGH9LHWQDPJHIKOGDEHL]XVHLQ XQGPLW]XEUHQQHQ GDVZLULQ%HUOLQELVODQJQRFKPLVVHQPVVHQ

'HU OHW]WH $EVDW] GLHVHV )OXJEODWWV YHUQHLQW GDQQ DXVGUFNOLFK HLQH 0LW EHWHLOLJXQJ YRQ $QWLYLHWQDP'HPRQVWUDQWHQ GD GLHVH ]X HWZDV GHUDUWLJ Å.KQHPXQG8QNRQYHQWLRQHOOHP´JDUQLFKWLQGHU/DJHVHLHQ $XFK GHU 8PVWDQG GDVV PDQ GLHVHV )HXHUZHUN $QWL9LHWQDP'HPRQVWDUQWHQ >VLF@DQGLFKWHQZLOOYHUPDJXQVQLFKWELUUH]XIKUHQ>VLF@:LUNHQQHQGLHVHZHOW IUHPGHQMXQJHQ/HXWHGLHLPPHUGLH3ODNDWH YRQJHVWHUQWUDJHQXQGZLUZLVVHQ GDVVVLHWURW]DOOHUDEVWUDNWHQ%FKHUZHLVKHLWXQGURPDQWLVFKHU7UlXPHUHLHQQRFK LPPHUDQXQVHUHUG\QDPLVFKDPHULNDQLVFKHQ:LUNOLFKNHLWYRUEHLJHJDQJHQVLQG

'DVVHVVLFKDQJHVLFKWVGHU]DKOUHLFKHQ7RGHVRSIHUXQG9HUOHW]WHQPLQGHV WHQV XP *HVFKPDFNORVLJNHLWHQ KDQGHOW GLH LQ GHQ bX‰HUXQJHQ Å:DUXP EUHQQVW'X.RQVXPHQW"´)OXJEODWW1R XQGÅEXUQZDUHKRXVHEXUQ´ )OXJEODWW 1R   JLSIHOQ GDUEHU PXVV KLHU NHLQ ZHLWHUHV :RUW YHUORUHQ ZHUGHQ'LHVKDEHQQLFKWQXUSROLWLVFKH*HJQHUVRQGHUQDXFKLQ]ZLVFKHQ GLH GDPDOLJHQ 6\PSDWKLVDQWHQ OlQJVW NODUJHVWHOOW 'LH 9HUDQWZRUWOLFKHQ IUGHQ.DXIKDXVEUDQGLQ%UVVHODOOHUGLQJVKDWPDQELVKHXWHQLFKWDXV ÀQGLJPDFKHQN|QQHQYJO:LQNOHU6 'DVVHVVLFKGDEHLMHGRFK WDWVlFKOLFKXP3HUVRQHQDXVGHP8PIHOGGHU$32RGHUJDUGHU.RPPXQH ,JHKDQGHOWKDEHQN|QQWHNDQQODXW(Q]HQVEHUJHUQDKH]XDXVJHVFKORVVHQ  %HLVSLHOHIUDEVWR‰HQGH'HWDLOVEHL:LQNOHU6   'HODEDU EHWRQWGDVVGLH)OXJEODWW$XWRUHQKLHUDXI HLQ0HGLHQSKlQRPHQXQGQLFKW DXI GHQ%UDQGVHOEVWUHDJLHUHQ  9JOGDV=LWDWYRQ3HWHU6FKQHLGHUVR VRZLH(Q]HQVEHUJHU6 



7KRPDV1LHKU

ZHUGHQÅ'LHHXURSlLVFKH/LQNHZDUGDPDOVSD]LÀVWLVFKELVDXI GLH.QR FKHQ>@1LFKWVWDDWOLFKH*HZDOWZDUDXVVFKOLH‰OLFKHLQH6DFKHGHU5HFKWHQ 1RFKQLHZDUHLQ0RORWRZ&RFNWDLOLQGHU%5'JHÁRJHQ'DVJDEHVQLFKW LQ:HVWHXURSD´(Q]HQVEHUJHU6 (LQ ZHLWHUHV %HLVSLHO IU HLQH 7H[WVRUWHQSDURGLH ÀQGHW VLFK LP )OXJ EODWW1UYRP0DL'LHVHV)OXJEODWWLVWODXWhEHUVFKULIWÅ-HW]W JHVWHKH LFK´  HLQ *HVWlQGQLV )ULW] 7HXIHOV ÅDXV GHP /RFK´ 'XUFK GLH hEHUVFKULIWZLHGXUFKGHQ$QIDQJGHV7H[WHVÅ+LHUPLWJHEHLFK]X«´  NDQQGHU/HVHUHUZDUWHQGDVV)ULW]7HXIHOVLFK]XGHQYRQLKPEHJDQJHQHQ 6WUDIWDWHQlX‰HUW'LHVH(UZDUWXQJZLUGGXUFKGDVWDWVlFKOLFKH*HVWlQGQLV 7HXIHOVMHGRFKHQWWlXVFKW +LHUPLWJHEHLFK]X>@GDVVLFKDP$EHQGGHV-XQLGHPRQVWULHUHQGYRUGHU 2SHUPLFKDXIKLHOWZR]XJDUNHLQ*UXQGEHVWDQGGHQQGHU6FKDKLVWHUVWHQVHLQ VHKUJHELOGHWHU0|UGHUGHUIQI 6SUDFKHQODXW4XLFNÁLH‰HQGVSULFKWZDVLKP GHU'lXPOLQJYRP6DXHUODQGHUVWPDOQDFKPDFKHQVROOWHZHVKDOEGDVJDQ]H*HUH GHYRP$QDOSKDEHWLVPXVLQ3HUVLHQJHJHQVWDQGVORVZLUGZHLOQlPOLFKGLH%LOGXQJ GRUWDQGHUVYHUWHLOWLVWDOVEHLXQVXQG]ZHLWHQVZDVJHKWXQV3HUVLHQDQVROOHQZLU GRFKIURKVHLQGDVVZLUKLHUOHEHQZRQXUHLQ6WXGHQWHUVFKRVVHQZLUGZHQQHV LQ3HUVLHQWDXVHQGZlUHQ>@

'DV*HVWlQGQLVHUZHLVWVLFKVRDOV$QNODJHDXFKDOV$QNODJHJHJHQHLQH XQIlKLJH-XVWL]GHUHQDUJXPHQWDWLYH9HUUHQNXQJHQHEHQIDOOVGXUFKhEHU WUHLEXQJSDURGLHUWZHUGHQ +LHUPLWJHEHLFK]X>@ZDVGDV6FKOLPPVWHLVWGDVVLFKQXQDOVLFKVFKRQPDO GDZDUQLFKWPLW6WHLQHQZDUIREZRKOPDQYRQPLUGHULFKDOV7HUURULVWEHNDQQW ELQVROFKHVKlWWHHUZDUWHQGUIHQZHVKDOEHVQXQQDFKGHPLFKVFKRQOlQJHUDOV VHFKV :RFKHQ LQKDIWLHUW ELQ ZRPLW LFK DOV %DUWWUlJHU EULJHQV UHFKQHQ PXVVWH VRDXVVHURUGHQWOLFKVFKZLHULJZLUGPLUQDFK]XZHLVHQGDVVLFKPLW6WHLQHQZDUI ZRGXUFKZLHGHUXPGLH6WKOHGHUHUODXFKWHQ+HUUHQGHV%LVFKRIV$OL%DU]HOYRQ 6FK|QHEHUJXQGGHV&KHIVVHLQHU3UlWRULDQHUJDUGH6FKPDOJHVDQJ]XZDFNHOQDQ IDQJHQ>@

'HUKXPRULVWLVFKH(IIHNWHQWVWHKWKLHUQLFKWQXUGXUFKGHQGHU7H[WVRUWH *HVWlQGQLVHQWJHJHQJHVHW]WHQ,QKDOWVRQGHUQDX‰HUGHPGXUFKGHQYHU VFKDFKWHOWHQ6DW]EDXGHUDQGHQ6WLOMXULVWLVFKHU)DFKWH[WHHULQQHUW 

3KUDVHRORJLVPHQ9HUIUHPGXQJ

1HEHQGHU3DURGLHYRQ5HJLVWHUQXQG7H[WVRUWHQODVVHQVLFKHLQH9LHO]DKO YHUIUHPGHWHU3KUDVHRORJLVPHQLQGHQ)OXJEOlWWHUQGHU.RPPXQH,ÀQGHQ 'LHVH9HUIUHPGXQJVWHFKQLNVHW]WQLFKWQXUGLH.HQQWQLVVROFKHU5HGHZHQ GXQJHQYRUDXVVRQGHUQDXFKGLH.UHDWLYLWlWGLHVHNRQWH[WJHPl‰]XYHUlQ GHUQE]Z]XNRPELQLHUHQ 0DFKW(XFKHLQHQVFK|QHQ3UR]HVV²UXIW]XU%UDQGVWLIWXQJDXI

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



'LHVHU6SUXFKGUIWHGLH.RPELQDWLRQ]ZHLHU5HGHZHQGXQJHQVHLQQlP OLFK0DFKW(XFKHLQHQVFK|QHQ7DJXQG-HPDQGHPHLQHQNXU]HQ3UR]HVVPDFKHQ(U WDXFKWLP)OXJEODWW1RGHU.RPPXQH,DXIGDVDXI GHQEHYRUVWHKHQ GHQ3UR]HVVZHJHQ$XIUXI ]XU%UDQGVWLIWXQJDXIPHUNVDPPDFKW 0DQPXVVGHQ7HXIHOIHLHUQVRODQJHHUORVLVW)OXJEODWW1R,,Y

(LQH .RPSLODWLRQ DXV 0DQ PXVV GLH )HVWH IHLHUQ ZLH VLH IDOOHQXQG 'D LVW GHU 7HXIHOORV'DV)OXJEODWWEH]LHKWVLFKDXI GLHYRUOlXÀJH+DIWHQWODVVXQJ)ULW] 7HXIHOVDP$XJXVWGLH7HXIHOVWDQGHVJHPl‰DXI GHP.XGDPP IHLHUWH (LQH lKQOLFKH .RQVWUXNWLRQ ÀQGHW VLFK LQ GHU hEHUVFKULIW GHV )OXJEODWWHV1RY'RUWKHL‰WHV /DVVWGHQ7HXIHOIUHLVRQVWLVWHUORV

,QHLQHU(LQODGXQJ]XUÅ$PWVEHUQDKPH -XEHOIHLHU´.RPPXQH,  ÀQGHWVLFKGDQQGHU6SUXFK 0DQPXVVGHQ6HQDWVRODQJHIHLHUQZLHHUOLHJW²ZHQQHUVWHKWPXVVPDQLKQIHLHUQELVHUIlOOW

+LHU K|UW PDQ $QNOlQJH DQ 'HU .UXJ JHKW VRODQJH ]XP %UXQQHQ ELV HU EULFKW :HLWHUKLQ ZLUG PDQ ZHJHQ GHU 9HUEHQ VWHKHQ OLHJHQ IDOOHQ P|JOLFKHUZHLVH DQGDV.LQGHUOLHG+RSSHKRSSH5HLWHUZHQQHUIlOOWGDQQVFKUHLWHU«HULQQHUW +DQV*QWHU+RSSHZDUYRQELV-XVWL]VHQDWRULQ%HUOLQXQGHL QHUGHU/LHEOLQJVJHJQHUGHU.RPPXQH,6HLQ1DPHWDXFKWLQ]DKOUHLFKHQ 6FKULIWHQGHU.RPPXQH,DXI .HLQVFK|QHU0RUGLQGLHVHU=HLW)OXJEODWWYRP 

2IIHQVLFKWOLFKHLQ$QNODQJDQGDV9RONVOLHG.HLQVFK|QHU/DQGLQGLHVHU=HLW GDV EULJHQV DXFK KHXW]XWDJH QRFK VHKU JHUQH LQ ]DKOUHLFKHQ .RQWH[WHQ ]LWLHUWZLUGLQVEHVRQGHUHDOV7LWHOYRQ0XVLNVHQGXQJHQLP)HUQVHKHQ  9JOGLH)RWRVEHL%ULHJOHE EHL+ROPLJ6 VRZLHLQ.RPPXQH,  'HUHQGJOWLJH)UHLVSUXFKHUIROJWDP0lU]=XP9HUKlOWQLVYRQ6WUD‰HQWKHDWHU XQG+DSSHQLQJYJO.UDXV6II   9JOKWWSZZZEHUOLQGHUEPVN]OUEPVHQDWVJDOHULHDOEHUW]KWPO6WDQG   'LHVHVVRJHQDQQWHÅ.LQJ)OXJEODWW´.RPPXQH, JHK|UWHEHQIDOOVQLFKW]XGHQ GXUFKQXPPHULHUWHQ)OXJEOlWWHUQ  9JO ]XU hEHUOLHIHUXQJVJHVFKLFKWH XQG :LUNXQJ DXVIKUOLFK /LQGHU%HURXG:LGPDLHU  'LH$XWRUHQVWHOOHQIHVWGDVVVLFKGHU$QIDQJGHV/LHGHVYHUVHOEVWVWlQGLJWKDEHÅ(U GLHQWYLHOIDFKDOV7LWHOYRQ7RQWUlJHUQXQG/LHGHUEFKHUQVRZLHHLQHUVHLWDXVJHVWUDKO WHQ )HUQVHKVHULH GLH 0XVLNODQGVFKDIWHQ SRUWUlWLHUW 0RGHUDWRU *QWHU :HZHO  'DUEHU KLQDXVKDWHU²LP6LQQHHLQHU$QVSLHOXQJDXI DNWXHOOHGHXWVFKH=XVWlQGHXQG%HÀQGOLFKNHL WHQ²YHUVFKLHGHQWOLFKDOV6DFKEXFKWLWHO9HUZHQGXQJJHIXQGHQHWZDEHL(PDQXHO(FNKDUW Å.HLQVFK|QHU/DQG(LQGHXWVFKHU8PZHOWDWODV´ XQG+HULEHUW3UDQWOÅ.HLQVFK| QHU/DQG'LH=HUVW|UXQJGHUVR]LDOHQ*HUHFKWLJNHLW´ 



7KRPDV1LHKU

>@ZHLOHKHUHLQ5LQGYLHKGXUFKHLQ6FKOVVHOORFKJHKWDOVGD‰GHXWVFKH%HDPWHDQGHU*ODXE ZUGLJNHLWGHXWVFKHU%HDPWHU]ZHLIHOWHQ.RPPXQH,

'HU$QNODQJDQGLH%LEHOVWHOOH0DWWKlXVLVWGHXWOLFK'RUWLVWMHGRFK EHNDQQWOLFKGDYRQGLH5HGHGDVVHKHUHLQ.DPHOGXUFKHLQ1DGHO|KUJHKHDOV GDVVHLQ5HLFKHULQGDV5HLFK*RWWHVNRPPH 2E PDQ LQ GHP PLW EXUQ ZDUHKRXVH EXUQ EHUVFKULHEHQHQ )OXJEODWW WDW VlFKOLFK$QNOlQJHDQGHQ.LQGHUUHLP0DLNlIHUÁLHJGHLQ9DWHULVWLP.ULHJ HUNHQQHQNDQQYJO%ULHJOHE6 GDVODVVHLFKHLQPDOGDKLQJHVWHOOW ,FKIKOHPLFKHKHUDQ5HQQ%XGG\UHQQHLQHDPHULNDQLVFKH)HUQVHKVHULH DXVGHP-DKUHHULQQHUWGLHLQ'HXWVFKODQGDOOHUGLQJVHUVW²DOVR GHXWOLFKQDFKGHP(UVFKHLQHQGHV)OXJEODWWVLP-DKUH²DXVJHVWUDKOW ZXUGH 

6SUDFKEHUDWXQJ

$X‰HULQGHUYHUIUHPGHQGHQ=LWDWLRQXQG.RPSLODWLRQYRQ5HGHQVDUWHQ ZLUG GLH VSUDFKUHÁH[LYH .RPSRQHQWH GHU .RPPXQH ,)OXJEOlWWHU GXUFK HLQHZHLWHUH(LJHQDUWGHXWOLFKGLHPDQDOVÀNWLYH6SUDFKEHUDWXQJEH]HLFK QHQN|QQWH6LHULFKWHWVLFKDQGHQMHZHLOLJHQSROLWLVFKHQ*HJQHU²VHLHVGHU 6'6VHLHQHVGLHYHUVWlQGQLVORVHQÅ6SLH‰EUJHU´ ,P1DPHQGHV6'6GHUODXW)OXJEODWW1RZHGHUPLWVHLQHU+RFK VFKXOSROLWLN QRFK PLW Å0LNURSKRQZHJQHKPHQ´ ELVKHU HUIROJUHLFK ZDU ZHUGHQGHQ6WXGLHUHQGHQQDWUOLFKDXFKLURQLVLHUHQG 7LSSVIUVSUDFKOL FKH3URYRNDWLRQHQJHJHEHQ 2GHU YLHOOHLFKW %HOHLGLJXQJHQ $OOH 0LWPDFKHQ >VLF@ « 3URELHUHQ ZLU·V PDO ,KU N|QQWHW]XP%HLVSLHOZHQQ,KUJHPHLQVHLQZROOWVDJHQ 'HU /LHEHU LVW HLQ NRPSOHWWHU ZLVVHQVFKDIWOLFKHU 9HUVDJHU GHVKDOE ZROOWH HU HU IROJUHLFKHU5HNWRUGHU)8ZHUGHQ²EHLGHU5HNWRUHQNRQIHUHQ]LVWHUDXFKQLFKW DQJHNRPPHQ RGHU GHUDNDGHPLVFKH6HQDWEHVWHKWDXVDOWHQDXWRULWlUHQ6FKHL‰HUQGLHGHP6WlQGH VWDDWQDFKWUDXHUQ RGHU $OEHUW]XQG'XHQVLQJVLQG+RPRVXQG/LHEHULVWHLIHUVFKWLJ RGHU «+LOIHLVWGDVVFKZHU²ZHUNDQQ·VEHVVHU :DVPHLQW,KU²RE·VGLHVPDOUHLFKW" 9LHOOHLFKWVLQG)OXJEOlWWHUGRFKGDV)DOVFKH 6'6  9JO GD]X KWWSZZZNDEHOHLQVGHVHULHQBVKRZVVHULHQOH[LNRQHUJHEQLVVHLQGH[SKSVHULDOGHWDLOV 6WDQG 

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



'LHlQJVWOLFKEHÁLVVHQH)UDJHÅRE·VGLHVPDOUHLFKW"´PDFKWKLHUGLH3UR YRNDWLRQ SHUIHNW (LQH YHUJOHLFKEDUH 6WUDWHJLH ÀQGHQ ZLU LQ GHP EHUHLWV HUZlKQWHQ)OXJEODWW1R,,YRPGDV)ULW]7HXIHOVYRUOlXÀJH )UHLODVVXQJIHLHUW

4XHOOH.OLPNH6FKDUORWK6 

)U3DVVDQWHQGLHGLHVHP6SHNWDNHODXI GHP.XGDPPUDWORVJHJHQEHU VWHKHQZUGHQ²GDVVGLHVLQGHU7DWVRZDU]HLJWGDV)RWRUHFKWGHXWOLFK² KDWWHGLH.RPPXQH,5DWVFKOlJHYRUEHUHLWHWGLHPDQQXUDOV3HUVLÁDJHDXI  6WDPPWLVFK6SUFKH E]Z GDV $UJXPHQWDWLRQVQLYHDX GHV SURWRW\SLVFKHQ 6SLH‰EUJHUVGLHVHU=HLWOHVHQNDQQ 6FKDXWGRFKQLFKWVRVDXEO|G²0XQG]X2GHUEUOOWHLQELVVFKHQUXP D LQGHQ2VWHQPLW(XFK E LQV$UEHLWVKDXV F YRQXQVHUHQ6WHXHUQ G 5EHDEGDVZlUHULFKWLJ H XQWHU+LWOHUZlUHGDVQLFKW« GDVEHUXKLJWXQJHPHLQ

'DVVGLHVHÅ5DWVFKOlJH´GHU5HDOLWlWUHFKWQDKHNDPHQZLUGLQGHQ(ULQ QHUXQJHQ 3HWHU 6FKQHLGHUV EHVWlWLJW (U ]LWLHUW $UEHLWVODJHU6SUFKH XQG (PSIHKOXQJHQQDFKGUEHQ¶]XJHKHQYJO6FKQHLGHU6 



7KRPDV1LHKU

GLHSURWHVWLHUHQGHQ6WXGHQWHQHQWJHJHQJHKDOWHQZXUGHQ$XFK)RUGHUXQ JHQ 'HPRQVWUDQWHQ ÅLQV /DJHU´ RGHU ZDKOZHLVH ÅLQV *DV´ ]X VFKLFNHQ ZXUGHQRIIHQVLFKWOLFKEHLSDVVHQGHU*HOHJHQKHLWJHlX‰HUW 

5HPRWLYLHUXQJHQ

(LQZHLWHUHU3XQNWGHUHEHQIDOOVGLH6SUDFKNRPSHWHQ]GHU)OXJEODWWPDFKHU XQWHUVWUHLFKWLVWGLH5HOH[LNDOLVLHUXQJE]Z5HPRWLYLHUXQJYRQ$XVGUFNHQ 1DPHQ XQG 3KUDVHRORJLVPHQ 'DUXQWHU P|FKWH LFK KLHU YHUHLQIDFKW GDV :|UWOLFK1HKPHQ OH[LNDOLVLHUWHU $XVGUFNH YHUVWHKHQ (LQ %HLVSLHO DXI  GHU:RUWHEHQHZlUHHWZD=HEUDVWUHLIHQ²EHLGHQ3KUDVHRORJLVPHQHWZDVHL QH6FKlIFKHQLQV7URFNHQHEULQJHQRGHUGLH)OLQWHLQV.RUQZHUIHQ0DQNDQQPLW VROFKHQ $XVGUFNHQ VSUDFKVSLHOHULVFK WlWLJ ZHUGHQ LQGHP PDQ VLH GHOH [LNDOLVLHUW²DOVRHQWJHJHQGHUEOLFKHQ/HVDUWZ|UWOLFKDXIIDVVW'DQQEH ]HLFKQHWH =HEUDVWUHLIHQ HLQHQ RGHU PHKUHUH 6WUHLIHQ HLQHV =HEUDV XQG QXU :DIIHQEHVLW]HUN|QQWHQLQOlQGOLFKHQ*HJHQGHQGLH)OLQWHLQV.RUQZHUIHQ 'HU 3UR]HVV LQ GHP GLH 0LWJOLHGHU GHU .RPPXQH GHV $XIUXIV ]XU %UDQGVWLIWXQJEHVFKXOGLJWZXUGHQZLUGLQGHQ)OXJEOlWWHUQDOV0RDELWHU6HL IHQRSHUEH]HLFKQHW'HU$XVGUXFN6HLIHQRSHUVWDQGXUVSUQJOLFKIUVHLFKWH +|UVSLHOVHQGXQJHQGLHVLFK²YRQ:HUEHVSRWVXQWHUEURFKHQ²LQHUVWHU/L QLHDQ+DXVIUDXHQZDQGWHQXQGYRQ:DVFKPLWWHOXQG6HLIHQÀUPHQÀQDQ ]LHUWZXUGHQYJO:DKULJ6 6HLIHQRSHUZLUGLQHLQHP)OXJEODWW PHKUIDFKPLW5HIHUHQ]DXI GHQ6WDDWVDQZDOW.XQW]HUHPRWLYLHUW 9LHOHYRQHXFKNRQQWHQ·VOHLGHUQLFKWVHKHQZLH.XQW]H6WDDWVDQZDOWXQG6HLIHQ VLHGHUVHLQH/XIWXQG6HLIHQEODVHPLW%UDYRXUEHUGHQHUVWHQ9HUKDQGOXQJVWDJ GHU0RDELWHU6HLIHQRSHUKLQZHJUHWWHWH)OXJEODWW1RY

'LH /HVHU GHV )OXJEODWWV ZHUGHQ GD]X DXIJHIRUGHUW GHQ Å/XIW XQG 6HLIHQEODVH>Q@´GHV6WDDWVDQZDOWHV.XQW]HHWZDV$GlTXDWHVHQWJHJHQ]XVHW ]HQ ,KUVROOWHWGLH6HLIHQEODVHQHQGOLFKVHOEHUSURGX]LHUHQVWDWWDXI GLHHLQH]XJDIIHQ GLHGHP.XQW]HYRUP0XQGKlQJW*HQDXVRVFK|QH6HLIHQEODVHQ'D]XLVWQXU Q|WLJHLQH%FKVH3867(),;3IHQQLJH (EG

.RQVHTXHQWIRUWJHVHW]WZLUGGLHVH5HPRWLYLHUXQJGXUFKGHQ9HUZHLVDXI  GDVEHOLHEWH.LQGHUVSLHO]HXJÅ3XVWH)L[´GDVGD]XGLHQWDXVHLQHUVSH]LHO  9JO6FKQHLGHU6 VRZLHGLH=LWDWHEHL0RKU6 XQG$O\ 6   $XI  GLHVH ,GHH PLW GHU 6HLIHQRSHU ZDUHQ GLH 0LWJOLHGHU GHU .RPPXQH JHNRPPHQ ZHLO VLHHLQHPRQDWHODQJH9HUKDQGOXQJVGDXHUHUZDUWHWKDWWHQYJO(Q]HQVEHUJHU6  ,QWHUHVVDQWH:RUWZHFKVHODXVGHU*HULFKWVYHUKDQGOXQJJLEW(Q]HQVEHUJHU6II II ZLHGHU6FKDUORWKD6II LQWHUSUHWLHUWGLHVH:RUWZHFKVHOXQGGDV9HUKDOWHQ GHU$QJHNODJWHQDOVÅSHUIRUPDWLYH7HFKQLNHQGHU.ULWLNV\PEROLVFKHU2UGQXQJ´

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



OHQ/DXJH6HLIHQEODVHQ]XSURGX]LHUHQXQGGXUFKGLH/XIWÁLHJHQ]XODVVHQ 'DVVGLH.RPPXQDUGHQGLHVHQ5DWVFKODJGXUFKDXVHUQVWPHLQWHQLVW DXI GHPIROJHQGHQ%LOGJXW]XVHKHQGDV5DLQHU/DQJKDQVEHLHLQHU'H PRQVWUDWLRQLP5DWKDXV6FK|QHEHUJ]HLJW

4XHOOH.OLPNH6FKDUORWK6 

.HLQH 5HPRWLYLHUXQJ DEHU HLQH VSUDFKVSLHOHULVFKH 9HUEDOOKRUQXQJ ZLUG PLWGHP1DPHQGHVEHUHLWVHUZlKQWHQ%HUOLQHU-XVWL]VHQDWRUV+DQV*Q WHU +RSSH JHWULHEHQ ,P )OXJEODWW 1R  Y  ZLUG +RSSH DOV +RSSHUHLWHUEH]HLFKQHWGHUÅQLFKWVRUHFKWJHVWROSHUW>LVW@EHYRUHULQGHQ *UDEHQSOXPSVWH´:HLWHUKLQKHL‰WHVLQHLQHP5XQGEULHI GHU.RPPXQH ,YRPÅ%OHLEWGHU7HXIHOIUHLGDQQNULHJWGHU+RSSH6DPW $OEHUW]YRQGHQ%UJHUQ.ORSSH´.RPPXQH, 'HU 1DPH HLQHV GHU 3URWDJRQLVWHQ GHU .RPPXQH , QDWUOLFK )ULW] 7HXIHO HLJQHW VLFK JDQ] EHVRQGHUV IU 5HPRWLYLHUXQJHQ hEOLFKHUZHLVH YHUVWHKHQZLU1DPHQ²VRIHUQVLHEHUKDXSWPRWLYLHUWVLQG²HEHQQLFKW LQGHUZ|UWOLFKHQ%HGHXWXQJ-HPDQGGHU0HLHU6FKlIHU6FKXVWHURGHU5LFKWHU KHL‰WZLUGYRQXQVQLFKWPLWGHQHQWVSUHFKHQGHQ%HUXIVJUXSSHQLQ9HU ELQGXQJJHEUDFKW8QGHEHQIDOOVZUGHQZLUQLFKWDXI GLH,GHHNRPPHQ  =XU*HVFKLFKWHGHVÅ3XVWHÀ[´YJOGLH+RPHSDJHGHU)LUPD'U5ROI +HLQ*PE+ &R .*XQWHUKWWSZZZSXVWH¿[GH6WDQG :HLWHUH$NWLRQHQGHUHUPLW6HLIHQEOD VHQZHUGHQEHL6FKDUORWKD6I EHVFKULHEHQ



7KRPDV1LHKU

0HQVFKHQGLH(QJHORGHU7HXIHOKHL‰HQHLQHEHVRQGHUVHQJH9HUELQGXQJ]X GHQHQWVSUHFKHQGHQUHOLJL|VHQ:HVHQ]X]XVFKUHLEHQZHLOZLU(LJHQQDPHQ EOLFKHUZHLVHOHGLJOLFK]X5HIHUHQ]]ZHFNHQYHUZHQGHQ 0DQPXVVGHQ7HXIHOIHLHUQVRODQJHHUORVLVW)OXJEODWW1R,,Y

+LHU ZHUGHQ QLFKW QXU ² ZLH EHUHLWV DQJHGHXWHW ² ]ZHL 3KUDVHRORJLVPHQ NRPSLOLHUWKLHUZLUGDXFKGHU(LJHQQDPH7HXIHOUHPRWLYLHUW(LQHUVHLWVZLUG HUYHUVWDQGHQLQGHUOH[LNDOLVLHUWHQ%HGHXWXQJÅGDLVWGHU7HXIHOLVWORV´  ÄGDLVWGLH+|OOHORV· 'LHVH/HVDUWZLUGGXUFKGHQEHVWLPPWHQ$UWLNHOIDYR ULVLHUW$QGHUHUVHLWVZLUGPLW7HXIHODXI )ULW]7HXIHOUHIHULHUW'LH%HGHXWXQJ LVWGDQQÅ6RODQJH)ULW]7HXIHOIUHLLVWIHLHUQZLU´ /DVVWGHQ7HXIHOIUHLVRQVWLVWHUORV

+LHULVWGLHVHV3KlQRPHQQRFKGHXWOLFKHU]XVHKHQ(LQH3DUDSKUDVHGLHVHU 6WHOOH N|QQWH ODXWHQ Å/DVVW )ULW] 7HXIHO IUHL VRQVW LVW GHU 7HXIHO   GLH +|OOH ORV´ 6WLOOVFKlP·LFKPLFKLQPHLQHU=HOOH )ULW]7HXIHO$XVJHEXUWGHU+|OOH )OXJEODWW1RY

'XUFK GHQ =XVDW] Å$XVJHEXUW GHU +|OOH´ ]XP 1DPHQ 7HXIHO ZLUG KLHU HEHQIDOOVGLH9HUELQGXQJ]XUUHPRWLYLHUHQGHQ/HVDUWKHUJHVWHOOW:LHPDQ HVVLFKDOOHUGLQJVYRU]XVWHOOHQKDWGDVVHLQH$XVJHEXUWGHU+|OOHVLFKVWLOOLQ LKUHU=HOOHVFKlPWGDVPXVVGHU)DQWDVLHGHU)OXJEODWW/HVHUEHUODVVHQEOHL EHQ 

)D]LW

,FKKDEHLQPHLQHQ$XVIKUXQJHQYHUVXFKWGLH)OXJEOlWWHUGHU.RPPXQH ,DXI LKUHVSUDFKOLFKHQ(LJHQKHLWHQKLQ]XDQDO\VLHUHQ(V]HLJWHVLFKGDVV LURQLVLHUHQGH 6SUDFKVSLHOH HLQH EHGHXWHQGH 5ROOH LQ GLHVHQ )OXJEOlWWHUQ VSLHOWHQ1HEHQGHU5HJLVWHUXQG7H[WVRUWHQ3DURGLHGHUYHUIUHPGHQGHQ .RPELQDWLRQYRQ3KUDVHRORJLVPHQXQGLKUHUUHPRWLYLHUHQGHQ/HVDUWIDQG VLFKDXFKHLQHÀNWLYH6SUDFKEHUDWXQJGLHGLH6SUDFKHGHVSROLWLVFKHQ*HJ QHUVXQWHUGHP9RUZDQGGHU%HUDWXQJDXIV.RUQQLPPW %HWUDFKWHWPDQGLH)OXJEOlWWHUGHU.RPPXQH,XQWHUGLHVHPVSUDFK OLFKHQ $VSHNW VR NDQQ PDQ VLH VFKRQ IDVW DOV .OHLQNXQVW DYDQW OD OHWWUH EH]HLFKQHQ=XPLQGHVWDEHU²VRKRIIHLFK²LVWNODUJHZRUGHQGDVVVLHPLW ÅQRUPDOHQ´)OXJEOlWWHUQGLHVHU=HLWQLFKWDOO]XYLHOJHPHLQKDEHQ

6SUDFKUHÁH[LYH(OHPHQWHLQGHQ)OXJEOlWWHUQGHU.RPPXQH,



/LWHUDWXU $O\*|W] 8QVHU.DPSI²HLQLUULWLHUWHU%OLFN]XUFN)UDQNIXUWD0 %ULHJOHE.ODXV /LWHUDWXULQGHUDQWLDXWRULWlUHQ%HZHJXQJ)UDQNIXUWD0 %UXQRWWH%DUEDUD 5HEHOOLRQLP:RUW(LQH]HLWJHVFKLFKWOLFKH'RNXPHQWDWLRQ )OXJEODWWXQG)OXJVFKULIWDOV$XVGUXFNMQJVWHU6WXGHQWHQXQUXKHQ)UDQNIXUWD0 &]XED\NR $VWULG   'LH 6SUDFKH YRQ 6WXGHQWHQ XQG $OWHUQDWLYEHZHJXQJ $D FKHQ 'HODEDU:DOWHU Å%XUQZDUHKRXVHEXUQ´=XGHQ)OXJEOlWWHUQGHU.RPPXQH ,,QWHUQHWKWWSZZZOLWHUDWXUNULWLNGHSXEOLFUH]HQVLRQSKS"UH]BLG 6WDQG  (Q]HQVEHUJHU8OULFK 'LH-DKUHGHU.RPPXQH,%HUOLQ².|OQ )UHL1RUEHUW -XJHQGUHYROWHXQGJOREDOHU3URWHVW0QFKHQ +DNHPL 6DUD   'DV WHUURULVWLVFKH 0DQLIHVW 'LH HUVWH *HQHUDWLRQ GHU 5$) LP .RQWH[W DYDQWJDUGLVWLVFKHU XQG QHRDYDQWJDUGLVWLVFKHU 'LVNXUVH ,Q .OLPNH 6FKDUORWK6² +HFNHQ7KRPDV $YDQWJDUGHXQG7HUURULVPXV5KHWRULNGHU,QWHQVLWlWXQG3UR JUDPPHGHU5HYROWHYRQGHQ)XWXULVWHQELV]XU5$)%LHOHIHOG +ROPLJ$OH[DQGHU 'LHDNWLRQLVWLVFKHQ:XU]HOQGHU6WXGHQWHQEHZHJXQJ6XE YHUVLYH$NWLRQ.RPPXQH,XQGGLH1HXGHÀQLWLRQGHV3ROLWLVFKHQ,Q.OLPNH 6FKDUORWK6² +ROWKXVHQ+DQV(JRQ 6DUWUHLQ6WDPPKHLP=ZHL7KHPHQDXVGHQ-DKUHQGHU JUR‰HQ7XUEXOHQ]6WXWWJDUW .OHLQ-RVHI  7H[WVRUWHQLP%HUHLFKSROLWLVFKHU,QVWLWXWLRQHQ,Q%ULQNHU.ODXV HWDO+J 7H[WXQG*HVSUlFKVOLQJXLVWLN(LQLQWHUQDWLRQDOHV+DQGEXFK]HLWJH Q|VVLVFKHU)RUVFKXQJ%HUOLQ1HZR2@ .UDXV'RURWKHD 6WUD‰HQWKHDWHUDOVSROLWLVFKH3URWHVWIRUP,Q.OLPNH6FKDU ORWK6² .UDXVKDDU:ROIJDQJ $FKWXQGVHFK]LJ(LQH%LODQ]%HUOLQ /lPPHUW(EHUKDUG %UDQGVWLIWXQJGXUFK)OXJEOlWWHU"(LQ*XWDFKWHQ,Q6SUD FKHLPWHFKQLVFKHQ=HLWDOWHU6² /LQGHU%HURXG:DOWUDXG:LGPDLHU7RELDV .HLQVFK|QHU/DQGLQGLHVHU=HLW ,Q3RSXOlUHXQGWUDGLWLRQHOOH/LHGHU+LVWRULVFKNULWLVFKHV/LHGHUOH[LNRQ)UGDV 'HXWVFKH9RONVOLHGDUFKLYKUVJYRQ(FNKDUG-RKQ,QWHUQHWKWWSZZZOLHGHUOH[LNRQGH OLHGHUNHLQBVFKRHQHUBODQGBLQBGLHVHUB]HLW6WDQG  0LHUPHLVWHU-UJHQ6WDDGW-RFKHQ+J  3URYRNDWLRQHQ'LH6WXGHQWHQXQG -XJHQGUHYROWHLQLKUHQ)OXJEOlWWHUQ'DUPVWDGW1HXZLHG



7KRPDV1LHKU

0RHVVQHU/LOR *HQUH7H[W7\SH6W\OH5HJLVWHU$7HUPLQRORJLFDO0D]H",Q (XURSHDQ-RXUQDORI (QJOLVK6WXGLHV9RO1R6² 0RKU5HLQKDUG 'HUGLVNUHWH&KDUPHGHU5HEHOOLRQ(LQ/HEHQPLWGHQHUQ %HUOLQ 1LHKU 7KRPDV   6FKODJZ|UWHU LP SROLWLVFKNXOWXUHOOHQ .RQWH[W =XP |IIHQWOL FKHQ'LVNXUVLQGHU%5'YRQELV:LHVEDGHQ 1LHKU7KRPDV Å6FKODJZRUW´,Q8HGLQJ*HUW+J +LVWRULVFKHV:|UWHUEXFK GHU5KHWRULN%G7ELQJHQ6S² 6FKDUORWK-RDFKLPD 5LWXDONULWLNXQG5LWXDOHGHV3URWHVWV'LH(QWGHFNXQJGHV 3HUIRUPDWLYHQLQGHU6WXGHQWHQEHZHJXQJGHUHU-DKUH,Q.OLPNH6FKDUORWK 6² 6FKDUORWK-RDFKLPE 'LH6SUDFKHGHU5HYROWH/LQNH:|UWHUXQGDYDQWJDUGLVWL VFKH.RPPXQLNDWLRQVVWLOH,Q.OLPNH6FKDUORWK6² 6FKPLW]8OULFK 'LH7ELQJHU)OXJEOlWWHUGHV6RPPHUVHPHVWHUV,Q'LHN PDQQVKHQNH+DMR0HL‰QHU,ULV+J 3ROLWLVFKH.RPPXQLNDWLRQLPKLVWRULVFKHQ :DQGHO7ELQJHQ6² 6FKQHLGHU3HWHU 5HEHOOLRQXQG:DKQ0HLQ(LQHDXWRELRJUDSKLVFKH(U]lK OXQJ.|OQ 6]RQGL3HWHU $XIIRUGHUXQJ]XU%UDQGVWLIWXQJ"(LQ*XWDFKWHQLP3UR]H‰/DQJ KDQV7HXIHO,Q6SUDFKHLPWHFKQLVFKHQ=HLWDOWHU6² 7DXEHV-DNRE 6XUUHDOLVWLVFKH3URYRNDWLRQ(LQ*XWDFKWHQ]XU$QNODJHVFKULIW LP3UR]HVV/DQJKDQV7HXIHOEHUGLH)OXJEOlWWHUGHU.RPPXQH,,Q0HUNXU 6² YRQ/XFNH$OEUHFKW RGHUQHXHV%LHGHUPHLHU'HU.DPSI XPGLH'HXWXQJV PDFKW%HUOLQ :DKULJ 'HXWVFKHV:|UWHUEXFKYROOVWlQGLJQHXEHDUEHLWHWHXQGDNWXDOLVLHUWH $XÁDJH*WHUVORK0QFKHQ :DSQHZVNL3HWHU *XWDFKWHQ,Q6SUDFKHLPWHFKQLVFKHQ=HLWDOWHU6² :LQNOHU:LOOL 'LH*HVFKLFKWHGHU5$)%HUOLQ

3HWHU=DXJJ 'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´² 6XENXOWXUHOOHU6WLOLPPXOWLPRGDOHQ7H[W 

(LQOHLWXQJXQG)UDJHVWHOOXQJ

'LHVHU%HLWUDJEHVFKlIWLJWVLFKPLWHLQHP]HQWUDOHQ%HVWDQGWHLOGHU6FKZHL ]HU ÄHU %HZHJXQJ¶ GHU =UFKHU 8QWHUJUXQG]HLWVFKULIW Å+RWFKD´ GLH YRQLQLQVJHVDPW$XVJDEHQHUVFKLHQ'DVVGHP%ODWWELVODQJ YRUDOOHPLQGHUDNDGHPLVFKHQ'LVNXVVLRQZHQLJ$XIPHUNVDPNHLW]XNDP OLHJWZRKODXFKGDUDQGDVVVLFKGLH)RUVFKXQJHUVWVHLW.U]HUHPVROFKHQ VXENXOWXUHOOHQ$VSHNWHQGHUHU%HZHJXQJ]XZHQGHWGLHVRQVWZHJHQGHV )RNXV DXI GLH 6WXGHQWHQEHZHJXQJHQDXV GHP %OLFN JHULHWHQ 'LH QHXHUH $XVHLQDQGHUVHW]XQJPLWGHQVR]LDOHQ%HZHJXQJHQGHUHU-DKUHEHWRQW DEHUJHUDGHGDVVGLH6XENXOWXUHQGHVÄ8QGHUJURXQGV¶IUGHQNXOWXUHOOHQ 7UDQVIRUPDWLRQVSUR]HVVYRQYRQKRKHU%HGHXWXQJZDUHQ'DVÅ+RW FKD´ZDU7HLOGHVLQWHUQDWLRQDOHQÄ8QGHUJURXQGV¶GHUZHLWYRPLQWHOOHNWX HOOHQ+RUL]RQWGHU6WXGHQWHQEHZHJXQJHQXQGGHU1HXHQ/LQNHQHQWIHUQW ZDUXQGVLFKZHQLJHUGXUFKSROLWLVFKHVXQGVR]LDOHV(QJDJHPHQWVRQGHUQ YRU DOOHP GXUFK GHQ :LOOHQ ]XP $XVVWLHJ DXV GHU *HVHOOVFKDIW DXV]HLFK QHWHYJO*LOFKHU+ROWH\6 'LHVXENXOWXUHOOHQ6]HQHQZDQGWHQ VLFKGH]LGLHUWYRPJHVHOOVFKDIWOLFKHQÄ0DLQVWUHDP¶DEXQGVXFKWHQH[SHUL PHQWLHUHQGDOWHUQDWLYH)RUPHQLQ0XVLN.XQVW/LWHUDWXUXQGDXFKLQGHU *HVWDOWXQJGHV$OOWDJVOHEHQVYJO6FKZDQKlX‰HU6 $XVGHU8Q ]XIULHGHQKHLWPLWGHUEUJHUOLFKHQ/HEHQVZHOWYHUIROJWHQGLHVH6]HQHQHLQH >«@)OXFKWLQGLH:HOWGHU%RKHPHXQGGHU$XVVWHLJHULQGLH9HUZHLJHUXQJJH JHQEHU EURNUDWLVFKWHFKQRNUDWLVFKHU 'LV]LSOLQLHUXQJ LQ GLH 1RQNRQIRUPLWlW GLH $EZHKU GHV .RQVXPV GHU ]XP 0LWPDFKHQ YHUIKUW *LOFKHU+ROWH\  6

'HU/LIHVW\OHZXUGH]XP]HQWUDOHQ0LWWHOXPPLWGHUEUJHUOLFKHQ2UGQXQJ ]XEUHFKHQ'HUQRQNRQIRUPLVWLVFKH+DELWXVGHU6XENXOWXUHQHQWZLFNHOWH XQGlX‰HUWHVLFKLQÅ,QVLJQLHQGHU$EZHLFKXQJ´6LHJIULHG6  ZHOFKHGLHSURVSHULHUHQGH.RQVXPJHVHOOVFKDIWGHUHU-DKUHEHUHLWKLHOW .OHLGXQJ0XVLN/HNWUH)ULVXUHQ$FFHVVRLUHVHWFZXUGHQGLH5HVVRXU 

,Q GHQ -XELOlXPVMDKUHQ¶  XQG  YHU|IIHQWOLFKWH *ZHUGHU QRFK ]ZHL ZHLWHUH Å+RWFKD´



3HWHU=DXJJ

FHQ XP V\PEROLVFKH 'LVWDQ] ]XU $OOWDJVNXOWXU LQ HLQHU LQGLYLGXDOLVLHUWHQ $UWXQG:HLVHKHU]XVWHOOHQ6SlWHVWHQVDE0LWWHGHUHU-DKUHYHUlQGHU WHVLFKGXUFKGLHVH(QWZLFNOXQJGDV%LOGGHU3URWHVWEHZHJXQJHQ ,QZDFKVHQGHU=DKOSUlJHQGDV%LOGGHU$QWLNULHJVGHPRQVWUDWLRQHQ-XJHQGOLFKH GLHGLH.OHLGHUGHU:RKOVWDQGVJHVHOOVFKDIWJHJHQSKDQWDVLHYROOH*HZlQGHURGHU HLQIDFKH )HW]HQ YHUWDXVFKW KDEHQ %OXPHQ 5lXFKHUVWlEFKHQ RGHU .XKJORFNHQ WUDJHQ XQG %RE'\ODQ6RQJV RGHU +DUH .ULVKQD DQVWLPPHQ *LOFKHU+ROWH\ 6

3DUDGR[HUZHLVHVROOWHQHVJHUDGHGLHVHJHJHQNXOWXUHOOHQ6WU|PXQJHQVHLQ ZHOFKHVFKQHOOYRQGHU.XOWXULQGXVWULHDXIJHJULIIHQXQGNRPPHU]LDOLVLHUW ZXUGHQGLH([SHULPHQWHXQG8WRSLHQGHU6XENXOWXUHQO|VWHQHLQHQÅNXO WXUHOOHQ 0RGHUQLVLHUXQJVVFKXE´ 7DQQHU  6   DXV GHP VLFK EH VRQGHUVGLH.RQVXPNXOWXUGHUHU-DKUHXQGGLHÄ(UOHEQLVJHVHOOVFKDIW¶ 6FKXO]H YHUGDQNHQ 'DVÅ+RWFKD´ZDUGDV2UJDQGHU=UFKHU6XENXOWXUXQGZXUGHPLW EHWUlFKWOLFKHP(UIROJYHUWULHEHQ,QXQUHJHOPl‰LJHQ$EVWlQGHQYRQHWZD HLQHP0RQDWHUVFKLHQHQ$XVJDEHQ]ZLVFKHQXQGGLHHLQHQ UHLVVHQGHQ$EVDW]IDQGHQVRGDVVGLH$XÁDJHQJU|VVHVWHWVJHVWHLJHUWZXU GH²YRQGHUHUVWHQ1XPPHUZXUGHQ6WFNJHGUXFNWZlKUHQGGLHOHW] WH1XPPHUYRQHLQH$XÁDJHQJU|‰HYRQ([HPSODUHQKDWWHYJO %RUWOLN6 +HUDXVJHJHEHQZXUGHGDV%ODWWYRP=UFKHU8UEDQ *ZHUGHUGHUGLHHLJHQHQXQGGLHYRQYHUVFKLHGHQHQ0LWDUEHLWHUQYHUIDVV WHQ%HLWUlJHEQGHOWHXQGVRYRUDOOHPIUV/D\RXWGHU=HLWVFKULIWYHUDQW ZRUWOLFK ZDU ,P Å+RWFKD´ ÀQGHW VLFK HLQH 9LHO]DKO YHUVFKLHGHQHU 7KH PHQGLHYRQGHPEUHLWJHIlFKHUWHQ7KHPHQ6SHNWUXPGHUVXENXOWXUHOOHQ 6]HQH]HXJW$UWLNHO]X(VRWHULN'URJHQNRQVXP6H[XDOLWlW8PZHOWSUR EOHPHQXQG.XQVWVLQGZLFKWLJH%HVWDQGWHLOHGHU$XVJDEHQ+lXÀJZXU GHDXFKEHUGLHDPHULNDQLVFKHQ([SRQHQWHQXQGÄ,GROH¶GHV8QWHUJUXQGV )UDQN=DSSD%RE'\ODQ7LPRWK\/HDU\$OOHQ*LQVEHUJ*DU\6Q\GHU 7KH /LYLQJ 7KHDWUH HWF  EHULFKWHW GLH ]X /HLWELOGHUQ GHU 6]HQH HUKREHQ ZXUGHQ'LH=HLWVFKULIWZDUDEHUYRUDOOHPHLQHZLFKWLJH3ODWWIRUPIUGLH =UFKHU 6XENXOWXU *ZHUGHU SXEOL]LHUWH QHEHQ HLJHQHQ %HLWUlJHQ YLHOHV ZDVLKP]XJHVFKLFNWZXUGHXQGQXUQRFKLQGLH=HLWVFKULIWHLQJHIJWZHU GHQPXVVWH'DGXUFKNRQQWHQXQWHUVFKLHGOLFKVWH.QVWOHUGDVÅ+RWFKD´ DOV3XEOLNDWLRQVRUJDQQXW]HQ'LFKWHU0DOHU&RPLF=HLFKQHU)RWRJUDIHQ HWF²GDVÅ+RWFKD´HQWZLFNHOWHVLFKÅ]XHLQHU)DPLO\]XHLQHU$UW6LS SH´1LJJ6 ZLH*ZHUGHUJHJHQEHU+HLQ]1LJJUFNEOLFNHQG IHVWKlOW'LH0LWDUEHLWHUVFKDIWGHVÅ+RWFKD´GLHÄ+RWFKD6LSSH¶PXVVDOV HLQHÁXNWXLHUHQGH6]HQHYHUVWDQGHQZHUGHQGHUHQJHQDXH=XVDPPHQVHW ]XQJQLHIHVWVWDQGXQGGHVKDOEDXFKQLFKWGHÀQLWLY]XUHNRQVWUXLHUHQLVW ,P)ROJHQGHQZLUGHVGDUXPJHKHQGHQ7H[WVWLOGHVÅ+RWFKD´QlKHU ]XIDVVHQ(LQHU6WLO8QWHUVXFKXQJGHVÅ+RWFKD´GLHVLFKQXUGHUVSUDFK

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



OLFKHQ0RGDOLWlWGHV7H[WHVZLGPHWHQWJHKHQQlPOLFKHQWVFKHLGHQGHVH PLRWLVFKH'LPHQVLRQHQ1XULQGHU$QDO\VHGHV=XVDPPHQVSLHOVYRQUHLQ 9HUEDOHPPLW9LVXHOOHPHUVFKOLH‰WVLFKGLHNRPPXQLNDWLYH%HGHXWXQJXQG HLQVR]LDOHU6LQQVWLIWHQGHU6WLO'HVKDOEZHQGHWVLFKGLHVH$UEHLWDXFKGHQ QRQYHUEDOHQ$VSHNWHQGHVÅ+RWFKD´]X6FKRQHLQHUVWHU%OLFNLQVÅ+RW FKD´JHQJWXPGLHVHQ$XVJDQJVSXQNW]XXQWHUPDXHUQ'DV=HLFKHQV\V WHPGHV%LOGOLFKHQQLPPWHLQHQJUR‰HQ3ODW]QHEHQGHPYHUEDOHQ7H[WHLQ 'LH$UEHLWEHUFNVLFKWLJWDOVRGLH0XOWLPRGDOLWlWGHV8QWHUVXFKXQJVJHJHQ VWDQGHVXQGZLOO]HLJHQGDVVVLFKGHUNRPPXQLNDWLYH:HUWGHVÅ+RWFKD´ QLFKW QXU DXI UHLQ YHUEDO YHUPLWWHOWH ,QKDOWH ]XUFNIKUHQ OlVVW VRQGHUQ LQVEHVRQGHUHDXIGHP$UUDQJHPHQWGHU7H[WHLQHLQHPNRPSOH[HQ7H[WGH VLJQIX‰WXQGGHU7H[WVWLODXIGHP6SLHOPLWGHQ0|JOLFKNHLWHQGHU0XOWLPR GDOLWlWEHUXKW'DVÅ+RWFKD´VWHKWUHSUlVHQWDWLYIUYLHOH8QWHUJUXQG]HLW VFKULIWHQXQGGLH(UJHEQLVVHGHV$XIVDW]HVN|QQHQGDKHUDXFKIUGLHHU %HZHJXQJDX‰HUKDOE=ULFKVUHOHYDQWVHLQ ,P/DXIHGHV%HLWUDJHVVROOJHNOlUWZHUGHQLQZHOFKHU$UWXQG:HLVH VLFKGLHYHUVFKLHGHQHQ(OHPHQWHGHVPXOWLPRGDOHQ7H[WV]XHLQHPVLQQ YROOHQ*DQ]HQ]XHLQHPKROLVWLVFKDXIJHIDVVWHQ6WLOIJHQYJO$EVFKQLWW  XQGZHOFKHVSH]LÀVFKHQ3ULQ]LSLHQGLH6WLOELOGXQJEHVWLPPHQYJO$E VFKQLWW %HYRUGLHVH)UDJHVWHOOXQJHQJHNOlUWZHUGHQZLUGHLQH.OlUXQJ GHU %HJULIIH GHV 6WLOV GHU 0XOWLPRGDOLWlW XQG GHV 7H[WGHVLJQV YRUDXVJH VFKLFNW 

6WLOLPPXOWLPRGDOHQ7H[W

'LH$XVELOGXQJYRQ6WLOEDVLHUWDXIGHUJUXQGVlW]OLFKHQ:DKOP|JOLFKNHLW GHVNRPPXQLNDWLYHQ$XVGUXFNV6WLOLVWGDVZLHGLH$UWXQG:HLVHGHULQ NRPPXQLNDWLYHU$EVLFKWYHUZHQGHWHQ=HLFKHQ'HPQDFKLVW6WLOSULQ]LSLHOO HLQH)RUPNDWHJRULHGLHDEHUQLFKWDOVJlQ]OLFKDEO|VEDUYRQGHULQKDOWOLFKHQ 'LPHQVLRQHLQHV$XVGUXFNVPLVVYHUVWDQGHQZHUGHQGDUI'LHVWLOLVWLVFKHQ $VSHNWHGHU.RPPXQLNDWLRQWUDJHQ]XU.RQVWLWXWLRQGHU%HGHXWXQJHLQHU %RWVFKDIWEHLXQGVLQGVR]LDOIXQNWLRQDO6WLOPXVVGHPQDFKDOVVLJQLÀNDQWH )RUPJHOWHQXQGVWHOOWQLFKWQXUUHLQHVGHFRUXPGDUYJO/LQNH6I 6DQGLJ6  (LQ]HOQH VWLOLVWLVFKH (OHPHQWH VLQG PXVWHUKDIW W\SLVFKH $XVSUlJXQJHQ HLQHV*HVDPWVWLOVXQGEH]LHKHQVLFKLPPHUDXIGLHVHVPXVWHUKDIWHKROLVWLVFKH *DQ]H 6WLO EDVLHUW DXI GHU 5HNXUUHQ] JOHLFKHU )RUPHQ GLH GXUFK LKU =X VDPPHQVSLHOVLWXDWLRQVEHUJUHLIHQG6WLODOV+\SHU]HLFKHQDOVJDQ]KHLWOLFK VWUXNWXULHUWHV.RQ]HSWNRQVWLWXLHUHQ'LHHLQ]HOQHQ6WLOHOHPHQWHRUJDQLVLH UHQ VLFK EHU +RPRORJLHQ ]X HLQHP EHGHXWXQJVWUDJHQGHQ *DQ]HQ 6WLOLVWL VFKH (QVHPEOHV VLQG EHU HLQDQGHU KRPRORJH (OHPHQWH VWUXNWXULHUW GLH



3HWHU=DXJJ

HLQHPUHNXUUHQWHQ0XVWHUIROJHQYJO+HEGLJHI.HLP 6/LQNH6I  6WLODOVNXOWXUHOOHUE]ZVXENXOWXUHOOHU.ROOHNWLYVWLOGDUI QLFKWQXU DOV$XV GUXFN NXOWXUHOOHU 'LVSRVLWLRQHQ JHOWHQ VRQGHUQ PXVV DXFK DOV NRKlUHQ] VWLIWHQG XQG NXOWXUNRQVWLWXWLYYHUVWDQGHQ ZHUGHQ6XENXOWXUHOOHU 6WLO OHLVWHW GLH$EJUHQ]XQJJHJHQEHUGHUEHUJHRUGQHWHQ.XOWXUXQGGLHJOHLFK]HLWLJH 6WLIWXQJYRQVR]LDOHU,GHQWLWlW)U6XENXOWXUHQLVW6WLOGDV]HQWUDOH0LWWHO XPPLWGHPJHVHOOVFKDIWOLFKHQ.RQVHQV]XEUHFKHQXQGGHYLDQWH:HOWYHU VWlQGQLVVH ]XP $XVGUXFN ]X EULQJHQ YJO +HEGLJH  6  I .HLP 6²/LQNH6²6DQGLJ6IXQGI  'LH*HQHVHVXENXOWXUHOOHU6WLOHZLUGPLWGHPNXOWXUZLVVHQVFKDIWOLFKHQ .RQ]HSW GHU EULFRODJH WUHIIHQG HUNOlUW 0LW GHP %HJULII GHU EULFRODJH ZLUG HLQ 3UR]HVV EH]HLFKQHW LQ GHVVHQ 9HUODXI =HLFKHQ DXV HLQHP RGHU PHK UHUHQ+HUNXQIWVNRQWH[WHQHQWOLHKHQXQGGXUFKHLQH1HX$QRUGQXQJXQG 5H.RQWH[WXDOLVLHUXQJLQHLQHPQHXHQ(QVHPEOHPLWQHXHQ%HGHXWXQJHQ YHUVHKHQZHUGHQ6XENXOWXUHOOH6WLOHHQWVWHKHQDOVRLQGHU7UDQVIRUPDWLRQ XQGGHP5H$UUDQJHPHQWYRQ=HLFKHQGLHEHUHLWVH[LVWHQWH'LVNXUVHEH UHLWVWHOOHQ'LHWUDQVIHULHUWHQ=HLFKHQEHKDOWHQLKUHXUVSUQJOLFKHQ.RQQR WDWLRQHQZHLWHUKLQXQGVWHKHQGHVKDOELQHLQHP6SDQQXQJVYHUKlOWQLV]XP QHXHQ.RQWH[WZDVHLQHQLQKDOWOLFKHQXQGlVWKHWLVFKHQ0HKUZHUW]XU)RO JHKDW'LHEULFRODJHQlKUWVLFKDXVGHPXPIDQJUHLFKHQNXOWXUHOOHQ=HLFKHQ YRUUDWGHQHLQH*HVHOOVFKDIWEHVLW]WYJO&ODUNH6I+HEGLJH 6²  7H[WVWLO NRQVWLWXLHUW VLFK QXQ EHU DOOH 5HVVRXUFHQ GHV PXOWLPRGDOHQ 7H[W ² QHXHUH ZLVVHQVFKDIWOLFKH $QVlW]H SURSDJLHUHQ HLQH 7H[WDQDO\VH GLHVLFKQLFKWPHKUDXIGLHUHLQYHUEDOHQ7H[WDQWHLOHEHVFKUlQNWVRQGHUQ VLFK YHUPHKUW DXFK DQGHUHQ &RGHV ZLGPHW GLH DOV NRQVWLWXWLY IU 7H[W VWLO XQG EHGHXWXQJ DXIJHIDVVW ZHUGHQ ,P )DOOH YRQ JHGUXFNWHQ 7H[WHQ VLQGGLHVH]XVlW]OLFKHQ&RGHVGLH%HELOGHUXQJGDV/D\RXWGLH7\SRJUDÀH VRZLHZHLWHUHPDWHULHOOH4XDOLWlWHQ9RUUHLWHUUROOHLQGLHVHP)HOGEHVLW]HQ GLH$UEHLWHQYRQ*XQWKHU.UHVVXQG7KHRYDQ/HHXZHQGLH$QVlW]HGHU VRFLDO VHPLRWLFV ]XQlFKVW GDIU IUXFKWEDU PDFKWHQ %LOGHU DOV JUXQGVlW]OLFK OHVEDUH7H[WH]XYHUVWHKHQXQGVFKOLH‰OLFKHLQH*UDPPDWLNGHVYLVXHOOHQ 'HVLJQVHQWZLFNHOWHQYJO.UHVVYDQ/HHXZHQ ,QZHLWHUHQ6FKULWWHQ XQWHUVXFKWHQ VLH GLH )XQNWLRQ YRQ =HLWXQJVOD\RXW XQG HQWZLFNHOWHQ HLQH 7KHRULHGHVPXOWLPRGDOHQ'LVNXUVHVZHOFKHGLH8QWHUVXFKXQJYRQEUHLW JHIlFKHUWHQ3KlQRPHQHQLP+LQEOLFNDXI0XOWLPRGDOLWlW HUODXEW1HEHQ JHGUXFNWHQ 7H[WHQ RGHU *HVSUlFKVDXI]HLFKQXQJHQ N|QQHQ DXFK 0XVLN )HUQVHKHQ,QQHQDUFKLWHNWXUHWF2EMHNWHYRQ$QDO\VHQVHLQYJO.UHVV YDQ/HHXZHQ  .UHVVYDQ/HHXZHQYHUVWHKHQÄ7H[W¶DOVZHLWHQ%HJULII1LFKWQXUYHU EDOHU 7H[W ZLUG XQWHU GHQ %HJULII VXEVXPLHUW VRQGHUQ DXFK UHLQ YLVXHOOH

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



XQGDQGHUHPDWHULHOOH$VSHNWHGLH²VR.UHVVYDQ/HHXZHQ²DOVXQWHU VFKLHGOLFKH0RGDOLWlWHQGHVPXOWLPRGDOHQ7H[WVGHVVHQ%HGHXWXQJNRQVWL WXLHUHQ:LHLQGHUIDFHWRIDFH,QWHUDNWLRQEHVWHKW.RPPXQLNDWLRQDXFK LP)DOOHJHVFKULHEHQHU7H[WHQLFKWQXUDXVGHP9HUEDOHQVRQGHUQDXFKDXV GHP1RQ9HUEDOHQGDVVLFKEHLÀ[LHUWHP7H[WLQYLVXHOOHQXQGPDWHULHOOHQ 3KlQRPHQHQPDQLIHVWLHUW'LH%HGHXWXQJVNRQVWLWXWLRQGXUFKPHKUDOVHL QHQVHPLRWLVFKHQ&RGHSUlJWODXW.UHVVXQGYDQ/HHXZHQMHGHQ7H[WÅ$OO WH[WVDUHPXOWLPRGDO´.UHVVYDQ/HHXZHQ6 7H[WDQDO\VHQGLH VLFKQXUGHQYHUEDOHQ$QWHLOHQHLQHV7H[WVZLGPHQYHUSDVVHQHVGHVKDOE DOOH%HGHXWXQJVDVSHNWH]XHUIDVVHQ'HQQRFKVHKHQ.UHVVYDQ/HHXZHQ GLH5HÁH[LRQEHUGLH0XOWLPRGDOLWlWYRQ7H[WHQDUJYHUQDFKOlVVLJW >@WKHPXOWLPRGDOLW\RIZULWWHQWH[WVKDVE\DQGODUJHEHHQLJQRUHGZKHWKHULQ HGXFDWLRQDOFRQWH[WVLQOLQJXLVWLFWKHRUL]LQJRULQSRSXODUFRPPRQVHQVH.UHVV YDQ/HHXZHQ6

'LHYHUVFKLHGHQHQ6WUXNWXULHUXQJVP|JOLFKNHLWHQPXOWLPRGDOHU7H[WHVLQG PLW GHQ VR]LRNXOWXUHOOHQ .RQWH[WHQ HQJ YHUNQSIW XQG WUDJHQ VR]LDOHQ 6LQQ².UHVVYDQ/HHXZHQVVHPLRWLVFKHV9HUVWlQGQLVOlVVWVLFKPLWGHP .RQ]HSWGHVNXOWXUHOOHQ6WLOVSUREOHPORVNRPELQLHUHQREZRKOÄ6WLO·NHLQH H[SOL]LWH.DWHJRULHLQLKUHQ$UEHLWHQGDUVWHOOW *LYHQWKDWVRFLHWLHVDUHQRWKRPRJHQRXVEXWFRPSRVHGRIJURXSVZLWKYDU\LQJ DQGRIWHQFRQWUDGLFWRU\LQWHUHVWVWKHPHVVDJHVSURGXFHGE\LQGLYLGXDOVZLOOUHÁHFW WKHGLIIHUHQFHVLQFRQJUXLWLHVDQGFODVKHVZKLFKFKDUDFWHUL]HVRFLDOOLIH,WLVOLNHO\ DQGLQRXUH[SHULHQFHRIWHQWKHFDVHWKDWWKHGLIIHUHQWPRGHVWKURXJKZKLFKWH[WV DUHFRQVWUXFWHGVKRZWKHVHVRFLDOGLIIHUHQFHVVRWKDWLQDPXOWLPRGDOWH[WXVLQJ LPDJHVDQGZULWLQJWKHZULWLQJPD\FDUU\RQHVHWRIPHDQLQJVDQGWKHLPDJHVFDUU\ DQRWKHU.UHVVYDQ/HHXZHQ6

'LHVR]LDOVWLOLVWLVFKH5HOHYDQ]PXOWLPRGDOHU7H[WHXQWHUVWUHLFKHQDXFKDQ GHUH $XWRUHQ XQG YHUZHLVHQ LKUHUVHLWV WHLOV H[SOL]LW DXI VR]LDOH NXOWXUHOOH Ä6WLOH¶GHU7H[WH-DQQLV.$QGURXWVRSRXORV]%YHUWULWWGLH$QVLFKWGDVV VLFKGXUFKGDV=XVDPPHQVSLHOGHUYHUVFKLHGHQHQVHPLRWLVFKHQ&RGHVLP PXOWLPRGDOHQ7H[WHLQVR]LDOHU6LQQXQG,GHQWLWlWYHUPLWWHOQGHU6WLOHUJLEW ,Q8QWHUVXFKXQJHQYRQMXJHQGNXOWXUHOOHQ3ULQWPHGLHQZLH)DQ]LQHVRGHU )O\HUV]HLJW$QGURXWVRSRXORVZLHVLFKGLH7H[WHLQLKUHUPXOWLPRGDOHQ*H VWDOWVWLOLVWLVFKDXIHLQ=LHOSXEOLNXPEH]LHKHQXQGGDPLWHLQVR]LDOEHGHXW VDPHVDXGLHQFHGHVLJQEHVLW]HQYJO$QGURXWVRSRXORVD6E 6I66 'DV'HVLJQYRQ7H[WHQVWHKWLQHLQHU HQJHQ%H]LHKXQJ]XPVR]LDOHQ6WDWXVGHU.RPPXQL]LHUHQGHQXQGWUlJW² LQVEHVRQGHUHLPPDVVHQPHGLDOHQ.RQWH[W²GHP=LHOSXEOLNXP5HFKQXQJ 'LHVKlOWDXFK+DUWPXW6W|FNOIHVW 

'HQ%HJULII ÄDXGLHQFHGHVLJQ¶EHUQLPPW$QGURXWVRSRXORVYRQ$OODQ%HOO



3HWHU=DXJJ

,QPDVVHQPHGLDOHU7H[WSURGXNWLRQZHUGHQ>«@DXIlXVVHUVWGLIÀ]LOH:HLVHGLHYHU PHLQWOLFKH VR]LDOH 9HURUWXQJ2ULHQWLHUXQJ VRZLH GHU lVWKHWLVFKH $QVSUXFK XQG GLHNRJQLWLYHQ9RUDXVVHW]XQJHQGHV=LHOSXEOLNXPVUHÁHNWLHUWXQGLQGHU)RUPX OLHUXQJVDUEHLWXQGGHP'HVLJQGHV7H[WVEHUFNVLFKWLJW>«@6W|FNO6

7H[WHVLQGQLFKWQXUUHLQVSUDFKOLFK]XHUIDVVHQVRQGHUQLP+LQEOLFNDXI ÅGLH*HVDPWDUFKLWHNWXUGHVPXOWLPRGDOHQ7H[WVGHU>«@VHLQH7H[WEHGHX WXQJ>«@DXVHLQHU6\QWKHVHPHKUHUHU=HLFKHQPRGDOLWlWHQVFK|SIW´HEG  'LH $QDO\VH PXOWLPRGDOHU 7H[WH PXVV GLH YHUVFKLHGHQHQ &RGHV XQG GLH &RGHYHUNRSSHOXQJHQHLQHV7H[WVEHUFNVLFKWLJHQ 1HEHQGLHVHQ$QVlW]HQGLHVLFKXQWHUGHP/DEHOGHUÄ0XOWLPRGDOLWlW¶ LP )HOG GHU 6HPLRWLN YHURUWHQ LVW GDV PHGLHQZLVVHQVFKDIWOLFKH .RQ]HSW GHVÄ7H[WGHVLJQV¶KHUYRU]XKHEHQ'HU%HJULIIGHV7H[WGHVLJQVEH]LHKWVLFK HEHQIDOOVDXIGDV=XVDPPHQVSLHOGHUYHUVFKLHGHQHQ&RGHVGLHHLQHP7H[W %HGHXWXQJYHUOHLKHQ'LHQHXHUH)RUVFKXQJEHWRQWGDVVGLH:LUNXQJHLQHV 7H[WV QLFKW DOOHLQ GXUFK VHLQHQ YHUEDOHQ &RGH NRQVWLWXLHUW ZLUG VRQGHUQ DXFKGXUFKGLHQRQYHUEDOHQ5HVVRXUFHQGHV/D\RXWVGHU7\SRJUDÀHXQG GHU %HELOGHUXQJ 'HU 0HGLHQZLVVHQVFKDIWOHU +DQV-UJHQ %XFKHU XQWHU VWUHLFKW]XGHPGDVVGLH(QWZLFNOXQJGHU3ULQWPHGLHQLP-DKUKXQGHUW YRQ GHU EXFKlKQOLFKHQ )OLH‰WH[WDXIPDFKXQJ ]X PRGHUQHP 7H[WGHVLJQ DXFKHLQHQQHXHQ/HVHUW\SPLWVLFKEULQJW'HUVHOHNWLYH/HVHUUH]LSLHUWGLH =HLWXQJVVHLWH QLFKW OLQHDU VRQGHUQ VSULQJW QRQOLQHDU ]ZLVFKHQ YHUVFKLH GHQHQ$QJHERWHQKLQXQGKHU%HVRQGHUVGLH7LWHOVHLWHPRGHUQHU=HLWXQ JHQSUlVHQWLHUWVLFKDOVÅ&OXVWHUDXVYHUVFKLHGHQHQ,QIRUPDWLRQVPRGXOHQ´ %XFKHU  6   'LH )XQNWLRQ GHV 7H[WGHVLJQV EH]LHKW VLFK QHEHQ YHUEDOHQXQGYLVXHOOHQ $VSHNWHQGHU,QIRUPDWLRQVHUPLWWOXQJGXUFK%LO GHURGHU*UDÀNHQ DXIGLH2UJDQLVDWLRQGHU,QIRUPDWLRQVYHUPLWWOXQJGXUFK RSWLVFKH(OHPHQWHZLH7\SRJUDÀH/HLWIDUEHQ/RJRVHWF GHUHQNRPPX QLNDWLYH)XQNWLRQGDULQEHVWHKWÅGLH6WUXNWXUHLQHV,QIRUPDWLRQVDQJHERWV ]XYLVXDOLVLHUHQ´HEG XQGGDPLWGLH$XIPHUNVDPNHLWGHV/HVHUV]XOHQ NHQ7H[WGHVLJQEHWULIIWDOVRVRZRKOGLHÅ,QKDOWVRGHU,QIRUPDWLRQVHEHQH´ DOV DXFK GLH ÅRSHUDWLRQDOH (EHQH´ HEG 6   HLQHV 7H[WV Ä7H[WGHVLJQ¶ VROOÅGLHVH9HUELQGXQJYRQ)RUPXQG,QKDOWYRQ9LVXDOLVLHUHQXQG)RU PXOLHUHQ]XP$XVGUXFNEULQJHQ´HEG XQGÅLQWHJULHUWDOVR6WLOLVWLNXQG 2SWLN7H[WJHVWDOWXQJXQG/D\RXW´%XFKHU6 'LHVHÅLQWHJUDWLYH %HWUDFKWXQJVZHLVH YRQ )RUP ,QKDOW XQG )XQNWLRQ HLQHV 0HGLXPV´]LHOW DOOHUGLQJVDXIHLQHÅ*HVWDOWXQJVOHKUH´IUGLHPRGHUQHQ0DVVHQPHGLHQGHU HU -DKUH %XFKHU HQWZLFNHOW VHLQHQ $QVDW] XP GHQ Å7HQGHQ]HQ GHU PRGHUQHQ=HLWXQJVJHVWDOWXQJ´EHL]XNRPPHQGLHVLFKLQHLQHPÅ.RQ]HSW GHU QHXHQ hEHUVLFKWOLFKNHLW´ XQG LQ HLQHU (QWZLFNOXQJ GHU =HLWXQJ YRQ HLQHPÅOLQHDUHQ]XHLQHPQLFKWOLQHDUHQ0HGLXP´HEG6² lX‰HUQ 'LH=HLWXQJHQUHDJLHUHQGDPLWDXIGLHQHXHQ%HGUIQLVVHLKUHU/HVHUVFKDIW .U]HUH/HVH]HLWHQXQGLQGLYLGXHOOHUH1XW]XQJVZQVFKHIKUHQGD]XGDVV

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



GLH=HLWXQJHQGDQNHLQHUQHXHQhEHUVLFKWOLFKNHLWHLQHUVHLWVLKUXQLYHUVHO OHV ,QIRUPDWLRQVDQJHERW EHKDOWHQ GLHVHV DOOHUGLQJV DQGHUHUVHLWV YRQ GHQ /HVHUQ HLQHU ]HLW|NRQRPLVFKHQ XQG LQGLYLGXHOOHQ 6HOHNWLRQ XQWHUZRUIHQ ZLUG²GLHVH2UJDQLVDWLRQOlVVW%XFKHUGLHPRGHUQH7DJHV]HLWXQJJDUDOV LQWHUDNWLYHV0HGLXPEHJUHLIHQ'DV7H[WGHVLJQPRGHUQHU=HLWXQJHQVHW]W VLFKVFKOLH‰OLFKLQGHQ+\SHUWH[WHQHOHNWURQLVFKHU2QOLQH=HLWXQJHQNRQ VHTXHQWIRUW²GRFKVFKRQGLHPRGHUQJHVWDOWHWH7DJHV]HLWXQJLVWDOV+\SHU WH[WFKDUDNWHULVLHUEDUYJO%XFKHU6  )U GLH 8QWHUVXFKXQJ GHV Å+RWFKD´ NDQQ GLHVHU SUHVVHKLVWRULVFKH 7H[WGHVLJQ%HJULIIGHUVLFKYDDXIGLH(QWZLFNOXQJHQGHU7DJHV]HLWXQJLQ GHQHU-DKUHQEH]LHKWNHLQHGLUHNWH$QZHQGXQJÀQGHQ'LH%HVFKUHL EXQJVGLPHQVLRQHQ GLH HU EHLQKDOWHW HLJQHQ VLFK DOOHUGLQJV DXFK IU GLH Å+RWFKD´8QWHUVXFKXQJ%HVRQGHUVGDVDXVIKUOLFKGLVNXWLHUWH3KlQRPHQ GHU1RQ/LQHDULWlWXQGGLH%HWRQXQJGHUDNWLYHQ5ROOHGHV/HVHUVN|QQHQ DXFKIUGDVÅ+RWFKD´UHOHYDQWVHLQÄ7H[WGHVLJQ¶VROOKLHUGHVKDOEDOVDOO JHPHLQHU$QVDW]]XU%HVFKUHLEXQJPXOWLPRGDOHU3ULQWPHGLHQYHUVWDQGHQ ZHUGHQ 'HU YRUOLHJHQGH $XIVDW] YHUVXFKW DOVR GLH 6WLO$QDO\VH LP 6LQQH GHU .RQ]HSWH GHU 0XOWLPRGDOLWlW XQG GHV 7H[WGHVLJQV DXV]XZHLWHQXP GHP 8QWHUVXFKXQJVJHJHQVWDQGDXVHLQHUJDQ]KHLWOLFKHQ3HUVSHNWLYH]XEHJHJ QHQ 

Ä8QRUGHQWOLFKNHLW¶DOV6WLOPHUNPDOGHVÅ+RWFKD´

:LFKWLJHV6WLOPHUNPDOGHVÅ+RWFKD´LVWHLQHLQV]HQLHUWHÄ8QRUGHQWOLFKNHLW¶ GHU7H[WIRUPHQGLHKRPRORJLVWPLWGHQ)RUPHQXQG3UDNWLNHQGLHVLFKLQ GHQ6XENXOWXUHQGHUHU-DKUHDXVELOGHWHQXQGHEHQIDOOVGXUFKLKUHÄ8Q RUGHQWOLFKNHLW¶'LVVHQV]XUEUJHUOLFKHQ.XOWXUKHUVWHOOWHQ-RDFKLP6FKDU ORWK]HLJWLQVHLQHP$XIVDW]ÅXQGGLH8QRUGQXQJLQGHU6SUDFKH.RP PXQLNDWLRQVVWUXNWXUHOOHXQGVR]LDOVWLOLVWLVFKH8QWHUVXFKXQJHQ´ GDVV HVIUGLHVXENXOWXUHOOHQ6]HQHQGHUÄHU%HZHJXQJ¶FKDUDNWHULVWLVFKZDU EHUHLQHVWLOLVWLVFKHÄ8QRUGHQWOLFKNHLW¶LKUH3URWHVWKDOWXQJ]XP$XVGUXFN ]XEULQJHQ'HUVWULNWHQ2UGQXQJGHVÄ(VWDEOLVKPHQWV¶ZXUGHHLQHPHKU RGHUZHQLJHUEHZXVVWLQV]HQLHUWH8QRUGQXQJHQWJHJHQJHVHW]WGLHVLFKLQ YHUVFKLHGHQHQ=HLFKHQV\VWHPHQPDQLIHVWLHUWHXQGHLQHVR]LDOV\PEROLVFKH )XQNWLRQ HUKLHOW 0lQQHU WUXJHQ ODQJH +DDUH OLH‰HQ VLFK %lUWH ZDFKVHQ XQGZLOGNRPELQLHUWHEXQWHXQGOHJHUH.OHLGXQJDXV6HFRQGKDQG/lGHQ GLHVLFKLQGHU6XENXOWXUHWDEOLHUWHQNDPLQ0RGHGDV6LW]HQDXIGHP%R GHQZXUGHHLQHUVHLWV]XP3URWHVWV\PEROLP6LWLQDQGHUHUVHLWVZDUHVDXFK 7HLOGHV.RPPXQHOHEHQVGDVGLHEUJHUOLFKHQ0D[LPHQLQ([SHULPHQWHQ GHV=XVDPPHQOHEHQVLQ8QRUGQXQJEUDFKWH'HPRQVWUDWLRQV]JHZXUGHQ



3HWHU=DXJJ

YRQXQNRRUGLQLHUWHP9RUSUHVFKHQXQGKDQGJHVFKULHEHQHQ3ODNDWHQGRPL QLHUWXQGVFKOLH‰OLFK]HLJWHVLFK8QRUGQXQJDXFKLQGHU6SUDFKHGLHXD YRQ9XOJDULVPHQXQGGLDOHNWDOHQ9DULDQWHQGXUFKVHW]WZXUGHYJO6FKDU ORWK6²  'LHVHVR]LDOVWLOLVWLVFKHQ)RUPHQGHU8QRUGHQWOLFKNHLWSUlJWHQYRUDOOHP GLHVXENXOWXUHOOHQ6]HQHQGHU%HZHJXQJ+LHUHQWZLFNHOWHVLFKHLQKHGRQLV WLVFKHU6HOEVWYHUZLUNOLFKXQJVVWLOGHULQ]DKOUHLFKHQVSlWHUHQVR]LDOHQ%HZHJXQ JHQIRUWOHEWHXQGKHXWHLQHLQHP6HOEVWYHUZLUNOLFKXQJVPLOLHXZHLWHUZLUNW 'LHH[SUHVVLYHQ)RUPHQGLHVHV6WLOVUHSUlVHQWLHUWHQ.UHDWLYLWlW,QGLYLGXD OLWlW1DWUOLFKNHLWXQG$XWKHQWL]LWlWDOV$EVDJHDQGLHXQLIRUPHXQGNRQ VXPLVWLVFKYHUVWDQGHQHEUJHUOLFKH.XOWXUYJOHEG6I $OVZHLWHUH ]HQWUDOH(OHPHQWHGHVÅVR]LDOHQ5DGLNDOLVPXV´6LHJIULHG6 GHV 8QWHUJUXQGV]lKOW'HWOHI6LHJIULHG(PRWLRQDOLWlW6SRQWDQHLWlW8QPLWWHO EDUNHLW(NOHNWL]LVPXVXQGXWRSLVFKHV%HZXVVWVHLQDXI'LHVH2ULHQWLHUXQ JHQEHVWLPPWHQHLQHUVHLWVGHQ/HEHQVVWLOGHU$NWHXUHXQGDQGHUHUVHLWVXD GLH*HVWDOWXQG3URGXNWLRQVZHLVHGHU8QWHUJUXQG]HLWVFKULIWHQ ,P )ROJHQGHQ VROO JH]HLJW ZHUGHQ ZLH VLFK GDV Å+RWFKD´ DXI DOOHQ (EHQHQGHVPXOWLPRGDOHQ7H[WVDOVÄXQRUGHQWOLFK¶SUlVHQWLHUW  

Ä8QRUGHQWOLFKNHLW¶LQGHUVHULHOOHQ3URGXNWLRQ 'DV%HLVSLHOGHUXQWHUVFKLHGOLFKHQ7LWHOEOlWWHU

:HUGHQ QLFKW QXU HLQ]HOQH $XVJDEHQ GHV Å+RWFKD´ DQDO\VLHUW VRQGHUQ PHKUHUHYHUVFKLHGHQH1XPPHUQJUREPLWHLQDQGHUYHUJOLFKHQ²XQGVRPLW GLHVHULHOOH3URGXNWLRQGHU=HLWVFKULIWEHUHLQHQOlQJHUHQ=HLWUDXPLQGHQ )RNXVJHUFNW²]HLJWVLFKÄ8QRUGHQWOLFKNHLW¶EHUHLWVKLHUDOV&KDUDNWHULVWL NXP .RQYHQWLRQHOOH=HLWVFKULIWHQEHZDKUHQEHLDOOHQ$XVJDEHQHLQVSH]LÀ VFKHV0XVWHUGDVGHQ$XIEDXGHU=HLWVFKULIWHQSULQ]LSLHOOYRUKHUEHVWLPPW 'DV)RUPDWGLHJUREHWKHPDWLVFKH6WUXNWXUXQGGLH$EIROJHGHU5XEULNHQ HLQLJH3ULQ]LSLHQGHV7H[WGHVLJQVEHLVSLHOVZHLVHGLH9HUZHQGXQJYRQ7\ SRJUDÀHQ XQGDXFKGLHXQJHIlKUH6HLWHQDQ]DKOEOHLEHQVLFKLPPHUJOHLFK -HGH QHXH 1XPPHU IJW VLFK LQ GLHVHV 5DVWHU XQG JDUDQWLHUW GXUFK GLH VHVNRPSOH[HUHNXUUHQWH6HWGHQ(IIHNWGHU:LHGHUHUNHQQXQJGXUFKGHQ /HVHUDXIYHUVFKLHGHQHQ(EHQHQGHV7H[WV'LHÅ+RWFKD´6HULHKLQJHJHQ EHVWHKWDXVHLQHU9LHO]DKOVHKUKHWHURJHQHU1XPPHUQGLHDXIGHQHUVWHQ %OLFN²DX‰HUGHQ=HLWVFKULIWHQQDPHQ²EHUKDXSWQLFKWVPLWHLQDQGHUJH PHLQVDPKDEHQGDGXUFKEHVWLPPWÄ8QRUGHQWOLFKNHLW·GLHVHULHOOH3URGXNWL RQGHU=HLWVFKULIW,P)ROJHQGHQVROOGLHVHU$VSHNWPLWHLQHU$XVZDKOYRQ 7LWHOEOlWWHUQH[HPSODULVFKEHOHXFKWHWZHUGHQ (VLVWVFKZLHULJZHQQQLFKWJDUXQP|JOLFKHLQ0XVWHUJOHLFKEOHLEHQ GHU7H[WGHVLJQ)RUPHQIUGLHÅ+RWFKD´&RYHUV]XÀQGHQVLHNRQVWLWX LHUHQVLFKYLHOPHKULQHLQHU:HLJHUXQJJHJHQEHUUHNXUUHQWHU)RUPHQXQG

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



VWHOOHQMHZHLOVIUVLFKDOOHLQVWHKHQGHJDQ]LQGLYLGXHOOJHKDOWHQH.RPSRVL WLRQHQGDU:DVVLFKJOHLFKEOHLEWLVWVFKQHOOIHVWJHKDOWHQ0LWZHQLJHQ$XV QDKPHQSUlJWGHU1DPHÅ+RWFKD´GLH7LWHOEOlWWHUDOVJUXQGOHJHQGHU%DX VWHLQ GHU GLH :LHGHUHUNHQQXQJ XQG (LQUHLKXQJ LQ GLH =HLWVFKULIWHQVHULH JDUDQWLHUW'HUJOHLFKEOHLEHQGH=HLWVFKULIWHQQDPHVWHOOWGLH9RUDXVVHW]XQJ IUGLH(QWVWHKXQJGHUÄ8QRUGHQWOLFKNHLW·GDU'LH+HWHURJHQLWlWGHUYHU VFKLHGHQHQ1XPPHUQGLHÄ8QRUGHQWOLFKNHLW¶GHU=HLWVFKULIWHQVHULHNDQQ HUVW EHPHUNW ZHUGHQ ZHQQ GLH HLQ]HOQHQ ([HPSODUH DOV 7HLO HLQHU 6HULH HUNHQQEDUEOHLEHQ 'LH)UHLKHLWHQGLHGDV'HVLJQGHU7LWHOEOlWWHUSUlJHQEHJLQQHQVFKRQ EHLGHU:DKOGHV)RUPDWV'LHPHLVWHQ1XPPHUQVLQG]ZDULP$)RUPDW JHKDOWHQDEHUHVÀQGHQVLFKDXFK$XVJDEHQLP$)RUPDWEHLQDKHTXDG UDWLVFKH)RUPDWHRGHUVFKUlJJHVWDQ]WH1XPPHUQZHOFKHGLHUHFKWHFNLJH 6WUXNWXULHUXQJGXUFKEUHFKHQ1U (LQZHLWHUHU3XQNWEHWULIIWGLH W\SRJUDÀVFKH 5HDOLVLHUXQJ GHV =HLWVFKULIWHQWLWHOV $XFK KLHU H[LVWLHUW HLQ *UXQGW\SXVGHUGHQ1DPHQÅ+RWFKD´LQJUR‰HQIHWWHQ.DSLWDOEXFKVWD EHQUHDOLVLHUWXQGGLHUHJHOPl‰LJHQ$EZHLFKXQJHQGDIUXPVRDXIIlOOLJHU ZLUNHQOlVVW6ROFKHW\SRJUDÀVFKHQ([SHULPHQWHSUlJHQEHLVSLHOVZHLVHGLH &RYHUGHU1XPPHUZRGLH%XFKVWDEHQDXVGHUNDOOLJUDÀVFKHQ$Q RUGQXQJYRQ%DXPVWlPPHQXQG/DXEZHUNHQWVWHKHQRGHUGHU1XPPHU ZRGHU7LWHOVLFKERJHQI|UPLJXPGDVGDUXQWHUDQJHRUGQHWHNUHLVUXQ GH%LOGOHJWXQGDXVJUR‰HQKDQGVFKULIWOLFKHQ/HWWHUQEHVWHKW'DV/D\RXW GHU&RYHUVPRQWLHUWGHQ7LWHO]ZDUPHLVWLP6HLWHQNRSIHVH[LVWLHUHQDEHU DXFKKLHU9DULDQWHQGLHGHQ7LWHO]%DPXQWHUHQ6HLWHQUDQGJDQ]NOHLQ SODW]LHUHQ1U $XFKGLH%HELOGHUXQJGHU&RYHUVLVWVHKUXQWHUVFKLHG OLFK RUJDQLVLHUW (LQLJH 7LWHOVHLWHQ YHU]LFKWHQ IDVW JDQ] DXI $EELOGXQJHQ XQGZHUGHQYRQYHUEDOHP7H[WGRPLQLHUW1U ZlKUHQGEHLDQGHUHQ GLH%HELOGHUXQJGDV]HQWUDOH7H[WHOHPHQWGDUVWHOOWEHLVSLHOVZHLVHEHLGHQ 1XPPHUQXQG 'LHJH]HLJWHQ$EELOGXQJHQN|QQWHQXQWHU VFKLHGOLFKHUNDXPVHLQ1HEHQ6WLFKHQ1UXQG ÀQGHQVLFKHLQ ]HOQH &RPLF3DQHOV 1U   NXQVWYROO DUUDQJLHUWH )RWRJUDÀHQ 1U   &ROODJHQ1U =HLFKQXQJHQ1U HWF 

Ä8QRUGHQWOLFKNHLW¶DOV3KlQRPHQGHU1RQ/LQHDULWlW

9LHOH6HLWHQGHVÅ+RWFKD´YHU]LFKWHQGDUDXIGHP/HVHUGDV7H[WDQJHERW OLQHDUXQGVHTXHQWLHOOJHRUGQHW]XSUlVHQWLHUHQ6LHSURYR]LHUHQYLHOPHKU HLQHQRQOLQHDUH5H]HSWLRQLQGHPEHLVSLHOVZHLVHYLHOHHLQ]HOQHNXU]H7H[WH LQHLQHP²DXIGHQHUVWHQ%OLFNKLQ²FKDRWLVFKHQÄXQRUGHQWOLFKHQ¶'XUFK 

9JO$EE



9JO$EE



9JO$EE



3HWHU=DXJJ

HLQDQGHUDXIHLQHUGLFKWEHVFKULHEHQHQ6HLWHSODW]LHUWVLQGXQGNHLQHOLQHDUH RGHUKLHUDUFKLVFKH%H]LHKXQJGHUHLQ]HOQHQ7H[WHDXV]XPDFKHQLVW²GLH :DKOHLQHV/HVHSIDGVZLUGGHP/HVHUZHLWJHKHQGIUHLJHVWHOOW 6HKUVFK|Q]HLJWVLFKGLHVDXIHLQHU'RSSHOVHLWHGHUÅ+RWFKD´1XP PHU  'LH 'RSSHOVHLWH EHLQKDOWHW HLQH VNXUULOH XQG FKDRWLVFKH 6DPP OXQJNXU]HU 7H[WHGLHDXI$QOlVVHZLH)LOPYRUIKUXQJHQ .RQ]HUWH XQG 'LVNXVVLRQHQKLQZHLVHQIU%FKHU6FKDOOSODWWHQOlGHQXQG8QWHUJUXQG ]HLWVFKULIWHQZHUEHQGDVLQWHUQDWLRQDOH.RQWDNWQHW]GHV8QWHUJUXQGVSUR SDJLHUHQ XQG I|UGHUQ LQGHP YD$GUHVVHQEHNDQQW JHJHEHQZHUGHQ HWF 6ROFKH .OHLQDQ]HLJHQ6HLWHQ ÀQGHQ VLFK VHKU RIW LQ GHQ Å+RWFKD´$XV JDEHQ$QGLHVHU6HLWHLVWDOOHUGLQJVDXIIDOOHQGGDVVVLHVLFKEHLJHQDXHUHU %HWUDFKWXQJVHKUZRKOHLQHPVWUXNWXULHUHQGHQ/D\RXW3ULQ]LSXQWHURUGQHW ZlKUHQG DQGHUH .OHLQDQ]HLJHQ6HLWHQ GHV Å+RWFKD´ HLQH VHKU EHOLHELJH ]XIlOOLJH =XVDPPHQVWHOOXQJ GHU HLQ]HOQHQ 7H[WH GDUVWHOOHQ 6LH HQWSXSSW VLFKYRUDOOHPEHLGHU%HWUDFKWXQJDXVHLQHUJU|‰HUHQ(QWIHUQXQJDOVHLQH .RPSRVLWLRQGLHHQWODQJGHQUlXPOLFKHQ'LPHQVLRQHQYRQ=HQWUXPXQG 5DQG RUJDQLVLHUW LVW 'LH $QRUGQXQJ GHU YHUVFKLHGHQHQ (LQ]HOWH[WH ZLUG EHVWLPPWYRQHLQHP.UHLVGHUDXIGHU'RSSHOVHLWH]HQWUDOSRVLWLRQLHUWLVW VLFKYHUWLNDOEHUGLHJDQ]H6HLWHHUVWUHFNWXQGOLQNVZLHUHFKWVHLQLJHQ3ODW] IUHLOlVVWGHUDEHUHEHQVRGLFKWEHVFKULHEHQXQGEHELOGHUWLVWZLHGDV.UHL VLQQHUH *UDÀVFK GHÀQLHUW ZLUG GHU .UHLV DXI GHU OLQNHQ 6HLWH GXUFK GLH 9DULDWLRQGHU+LQWHUJUXQGJHVWDOWXQJ:lKUHQGGDV.UHLVLQQHUHYRQHLQHP QHXWUDOHQ+LQWHUJUXQGEHVWLPPWZLUGLVWGHU+LQWHUJUXQGGDQHEHQPLWHQJ EHLHLQDQGHU OLHJHQGHQ 3XQNWHQ EHUVlKW $XI GHU UHFKWHQ 6HLWH ZLUG GHU .UHLVGDQQPLWKLOIHHLQHURUQDPHQWDOHQ8PUDQGXQJIRUWJHIKUW ,P =HQWUXP PRQWLHUW GDV /D\RXW HLQ NOHLQHUHV &RPLF%LOG GDV HLQH 6]HQH]HLJWGLHZRKODPHKHVWHQDOV'DUVWHOOXQJHLQHU([SORVLRQ]XYHU VWHKHQ LVW 8P GLHVHV XUNQDOOlKQOLFKH Ä(SL]HQWUXP¶ GHU 'RSSHOVHLWH OHJW VLFKGDV$UUDQJHPHQWGHUHLQ]HOQHQ7H[WH1DFKGHU7\SRORJLVLHUXQJYRQ .UHVVYDQ/HHXZHQOlVVWVLFKGDV/D\RXWGHU'RSSHOVHLWHDQJHPHVVHQDOV =HQWUXP5DQG.RPSRVLWLRQ FKDUDNWHULVLHUHQ YJO .UHVVYDQ /HHXZHQ 6I  'HU(LQVWLHJLQGLHVHV7H[WHQVHPEOHPXVVQXQQLFKWXQEHGLQJWEHU GDV=HQWUXPGHU'RSSHOVHLWHHUIROJHQ]XPDOGLH=HQWUXP5DQG.RPSR VLWLRQYRUDOOHPDXVHLQHU'LVWDQ]DXIIlOOWDXVGHUHLQH/HNWUHGHUPHLVWHQ ]LHPOLFKNOHLQJHVFKULHEHQHQ7H[WHVHKUVFKZHUIlOOW%HLHLQHPNRQYHQWLR QHOOHUHQ$EVWDQG]ZLVFKHQ7H[WXQG/HVHURULHQWLHUWVLFKGHU/HVHUQDFK DQGHUHQ.ULWHULHQ6HLQHHUVWH$XIPHUNVDPNHLWJHZLQQWZRKOGDVPLWJUR ‰HQ )RWRJUDÀHQ DXVJHVWDWWHWH VNXUULOH 7H[WHQVHPEOH GDV WKHPDWLVFK XP GHQ'URJHQNRQVXPNUHLVWXQGDXIGHUOLQNHQ6HLWHLQQHUKDOEGHV.UHLVHV SODW]LHUWLVW'LH)RWRJUDÀHHLQHV+XQGHVDXIHLQHP3LDQR²YHUVHKHQPLW 

9JO$EE

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



GHUQDFKWUlJOLFKLQV%LOGPRQWLHUWHQKXPRULVWLVFKHQ'HQNEODVHÅ6DOYDGRU 'DOL"´ ² IlOOW EHVRQGHUV DXI $XVJHKHQG YRQ GLHVHP 7H[WHOHPHQW LVW GLH 5HLKHQIROJHLQGHUGLHXPOLHJHQGHQYHUEDOHQ7H[WHJHOHVHQZHUGHQVHKU IUHLZDVYRUDOOHPGXUFKGLHW\SRJUDÀVFKH*HVWDOWXQJJHZlKUOHLVWHWZLUG GLHWURW]GHV(LQVDW]HVYHUVFKLHGHQHU6FKULIWW\SHQGRFKPHKUKHLWOLFKLQGHU JOHLFKHQ6FKULIWJU|‰HJHKDOWHQLVW²NHLQH6FKULIWVWLFKWEHVRQGHUVGHXWOLFK KHUYRU'HVKDOELVWGHU/HVHUJH]ZXQJHQVHLQHQ%OLFNEHUGLH6HLWHVFKZHL IHQ]XODVVHQVLH]XVFDQQHQXQGGLHYHUEDOHQ7H[WHLQHLQHUEHOLHELJHQ)RO JH]XUH]LSLHUHQZRUDXIVLFKGHU=XVDPPHQKDQJGHU7H[WHOHPHQWHNOlUW 'LH 6FKULIWW\SHQ HLQLJHU YHUEDOHU 7H[WH ODVVHQ GLHVH DOV =HLWXQJVPHOGXQJ HUNHQQHQGLHGHQ9RUJDQJDXIGHU)RWRJUDÀHHUOlXWHUW²GHU+XQGLVWHLQ 3ROL]HLKXQGGHUZlKUHQGHLQHU'HPRQVWUDWLRQIUGLHgIIHQWOLFKNHLWLQHL QHP3LDQRYHUVWHFNWH'URJHQHUVFKQIIHOW'LHKDQGVFKULIWOLFKHQYHUEDOHQ 7H[WHOHPHQWHGDQHEHQNRPPHQWLHUHQGHQDXVHLQDQGHUJHVFKQLWWHQHQ=HL WXQJVWH[WXQWHUKDOEGHUNXUVLYJHKDOWHQHQ%LOGOHJHQGH XQGYHUVHKHQGDV JDQ]H(QVHPEOHPLWHLQHPHLQJlQJLJHQXQGJHUHLPWHQHQJOLVFKHQ6SUXFK REHUKDOEGHU)RWRJUDÀH 'LH1RQ/LQHDULWlWZLUGEHLGLHVHP7H[WHQVHP EOHXQWHUDQGHUHPDXFKGXUFKGLH9DULDWLRQGHU6FKUHLEULFKWXQJHQJHI|U GHUW'LH'HPRQWDJHGHV=HLWXQJVDUWLNHOVO|VWGHVVHQYHUEOHLEHQGH7H[WHOH PHQWHDXVGHU/LQHDULWlWLKUHVXUVSUQJOLFKHQ.RQWH[WVXQGDUUDQJLHUWGHQ XUVSUQJOLFKHQ7LWHOGHVGHPRQWLHUWHQ=HLWXQJVDUWLNHOVQHXLQHLQHUYHUWL NDOHQ $XVULFKWXQJ GLH YHUVFKLHGHQH 0|JOLFKNHLWHQ GHU ZHLWHUHQ /HNWUH HU|IIQHW/LHVWGHU/HVHUGLH6FKULIWYRQXQWHQQDFKREHQNDQQHUHQWZHGHU QDFKXQWHQ]XGHQZHLWHUHQ=HLWXQJVWH[WHQVSULQJHQZDVGLHW\SRJUDÀVFKH 9HUZDQGWVFKDIWGHU7H[WHQDKHOHJHQZUGHRGHUDEHUHUOlVVWVHLQHQ%OLFN LQGHUJHUDGHHEHQDXVJHIKUWHQ/HVHEHZHJXQJQDFKREHQZHLWHUJOHLWHQ XQGJHODQJWVR]X7H[WHQGLHLQGLHVHU5LFKWXQJOLHJHQ²VROFKH9DULDQWHQ GHU /HVHSIDGH HU|IIQHQ DXFK QRFK ZHLWHUH :HFKVHO GHU 6FKUHLEULFKWXQJ DQDQGHUHQ2UWHQGHU'RSSHOVHLWH%HLVSLHOVZHLVHEHLHLQHU5HLKHNOHLQHUHU 7H[WHLP.UHLVLQQHUQDXIGHUUHFKWHQ6HLWH 'LHQRQOLQHDUH5H]HSWLRQGHU'RSSHOVHLWHZLUGDEHUYRUDOOHPGDQQ DPH[WUHPVWHQDXVIDOOHQZHQQVLFKGHU/HVHUYRQGHQUHLQYLVXHOOHQ*H VWDOWXQJVPLWWHOQ OHLWHQ OlVVW =XP (LQHQ EHWULIIW GLHV GLH VFKRQ HUZlKQWH JUXQGOHJHQGH .RPSRVLWLRQ GHU 'RSSHOVHLWH HQWODQJ GHQ UlXPOLFKHQ 'L PHQVLRQHQYRQ=HQWUXPXQG5DQG²GHU%OLFNGHV5H]LSLHQWHQVFKZHLIWXP GDV=HQWUXPGHU'RSSHOVHLWHJHKWYRQLKPDXVXQGNHKUWLPPHUZLHGHU ]XLKP]XUFN=XP$QGHUQHU|IIQHQDXFKGLHLP.UHLVLQQHUQGHUOLQNHQ 6HLWHSODW]LHUWHQNOHLQHUHQ3XQNWHE]Z.UHLVHGLHDQ6HLIHQEODVHQHULQQHUQ 0|JOLFKNHLWHQGHU5H]HSWLRQ'HU%OLFNGHV/HVHUVZUGHGDQQYRQÄ%OD VH¶]XÄ%ODVH¶VSULQJHQXQG]X7H[WHQIKUHQGLHLQHLQHUYLVXHOOIRUPDOHQ .RUUHVSRQGHQ]]XGHQÄ%ODVHQ¶VWHKHQ²EHLVSLHOVZHLVH]XU:HUEHDQ]HLJH IUGDVÅ5DGLR*HURQLPR´LQGHUUHFKWHQXQWHUHQ(FNHGHUOLQNHQ6HLWH



3HWHU=DXJJ

'LHJHQDQQWHQ3KlQRPHQHGLH]XU1RQ/LQHDULWlWGHUJHVDPWHQ.RP SRVLWLRQEHLWUDJHQUFNHQDOOHLQYHUVFKLHGHQHQ*UDGHQGLH)OlFKLJNHLWGHU 'RSSHOVHLWHLQV=HQWUXPGHU5H]HSWLRQ6LHYHUVWlUNHQGLH:DKUQHKPXQJ GHV7H[WVDOV)OlFKHXQGUFNHQGLHPDWHULHOOHWH[WXHOOH*UXQGODJHLQGHQ )RNXVGLH6HLWHDOV7H[WWUlJHUGLHSULQ]LSLHOOHLQHUlXPOLFK]XVWUXNWXULH UHQGH )OlFKH GDUVWHOOW $QVWHOOH GHU VWDUN VHTXHQWLHOOHQ OLQHDUHQ XQG QRU PLHUWHQ/HVDUWYRQREHQQDFKXQWHQXQGYRQOLQNVQDFKUHFKWVHUODXEHQ QRQOLQHDUH7H[WNRPSRVLWLRQHQGDVH[SORUDWLYH9RUGULQJHQLQYHUVFKLHGH QHÄ5HJLRQHQ¶GHU6HLWHXQGYHUVWlUNHQGDEHLGLH:DKUQHKPXQJGHU6HLWH DOVODQGNDUWHQlKQOLFKH)OlFKHGLHHVLQH[SHULPHQWHOOHP/HVHQ]XHUNXQ GHQJLOWZDVHLQHU(PDQ]LSDWLRQGHV/HVHUVYRQGHU$XWRULWlWGHV7H[WV JOHLFKNRPPW 

:HLWHUH)RUPHQGHUÄ8QRUGHQWOLFKNHLW¶

$XFKGLHZHLWHUHQ0RGDOLWlWHQGHVYHUEDOHQ7H[WVGHU7\SRJUDÀHGHU%H ELOGHUXQJXQGZHLWHUHUPDWHULHOOHQ'LPHQVLRQHQWUDJHQ]XPVXENXOWXUHO OHQ ÄXQRUGHQWOLFKHQ¶ 6WLO GHV Å+RWFKD´ EHL 'HU YHUEDOH 7H[W KLQWHUOlVVW YRU DOOHP ZHJHQ GHU JUR‰HQ RUWKRJUDÀVFKHQ )UHLKHLWHQ GLH VLFK GLH $X WRUHQHUODXEHQHLQHQÄXQRUGHQWOLFKHQ¶(LQGUXFN'HU'XGHQ6WDQGDUGLVW ]ZDU$XVJDQJVODJHZLUGDEHUQLFKWNRQVHTXHQWHLQJHKDOWHQ'DVVHVVLFK KLHUEHLQLFKWQXUXPXQJHZROOWHÄ)HKOHU¶GHU$XWRUHQKDQGHOWXQGYRQGH UHQ8QYHUP|JHQ]HXJWVRQGHUQXPJU|‰WHQWHLOVEHZXVVWHJHJHQNXOWXUHOOH ,QV]HQLHUXQJHQOHJHQDQGHUH'HYLDQ]HQQDKH=LHPOLFKYLHOH7H[WHIROJHQ ]ZDUGHUNRUUHNWHQ8QWHUVFKHLGXQJYRQ*UR‰XQG.OHLQVFKUHLEXQJDQGH UHKLQJHJHQEHVWHKHQGXUFKZHJVHQWZHGHUDXV.OHLQRGHU*UR‰EXFKVWD EHQ'DV7UHQQHQYRQ:|UWHUQEHL=HLOHQXPEUFKHQZLUGEHLGHQPHLV WHQ7H[WHQVHKUIUHLJHKDQGKDEW,QQHUKDOEHLQHV7H[WVÀQGHQVLFKQHEHQ NRUUHNWHU6LOEHQWUHQQXQJPLW%LQGHVWULFKDXFK9DULDQWHQGLHRKQH%LQGH VWULFKDXVNRPPHQRGHUQLFKWHLQPDOGLH6LOEHQWUHQQXQJEHDFKWHQ²VR]% LQ HLQHP 7H[W GHU Å+RWFKD´$XVJDEH  0LW GLHVHQ Ä1DFKOlVVLJNHLWHQ¶ GLYHUJLHUWGDVÅ+RWFKD´VHKUGHXWOLFKYRQGHU.RUUHNWKHLWGHUNRQYHQWL RQHOOHQNRPPHU]LHOOHQ3UHVVH²PDQFKPDOIROJHQGLHXQNRQYHQWLRQHOOHQ =HLOHQXPEUFKHDEHUHLQHUYLVXHOOHQ/RJLNXQGYHUOLHUHQLKUHQ&KDUDNWHU GHUÄ1DFKOlVVLJNHLW¶'LH:|UWHUZHUGHQDQEHVWLPPWHQ3RVLWLRQHQGHU=HL OHJHWUHQQWXPHLQ(UVFKHLQXQJVELOGGHV7H[WHV]XDN]HQWXLHUHQ(LQ7H[W LQGHUÅ+RWFKD´1XPPHUHUVFKHLQWVRLQHLQHPH[DNWHQ%ORFNVDW] 'LH 6WDQGDUGVSUDFKH LVW GLH JUXQGOHJHQGH 9DULHWlW GHU YHUEDOHQ 7H[ WH DEHU PLWXQWHU ZHUGHQ 9DULDQWHQ GHV 6FKZHL]HUGHXWVFKHQ YHUZHQGHW $XIIDOOHQGLVWDXFKGHU(LQVDW]YRQYLHO9XOJlUVSUDFKOLFKHPVRZLHDQGHUHU 

9JO$EE



9JO$EE

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



6SUDFKHQ ZLH GHV )UDQ]|VLVFKHQ ,WDOLHQLVFKHQ XQG YRU DOOHP GHV (QJOL VFKHQ 'LH9HUZHQGXQJYLHOHUYHUVFKLHGHQHU6FKULIWW\SHQXQGGHU+DQGVFKULIW VWHOOWÄ8QRUGHQWOLFKNHLW¶DXIGHUW\SRJUDÀVFKHQ(EHQHKHU:lKUHQGNRQ YHQWLRQHOOH=HLWVFKULIWHQHLQH+DXVVFKULIWE]ZHLQFRUSRUDWHW\SHIDFHNHQQHQ ZLUGLPÅ+RWFKD´PLWGHP(LQVDW]YHUVFKLHGHQVWHU7\SRJUDÀHQJHVSLHOW +DQGVFKULIWOLFK JHKDOWHQH 7H[WH VWHOOHQ ]XGHP HLQH %H]LHKXQJ GHU 1lKH ]ZLVFKHQ3URGX]HQWXQG5H]LSLHQWVRZLHHLQHQ&KDUDNWHUGHU8QSURIHVVLR QDOLWlWKHU$X‰HUGHPYDULLHUHQDXFKGLH6FKUHLEULFKWXQJHQ=HLOHQGLHYRQ GHU EOLFKHQ KRUL]RQWDOHQ 2ULHQWLHUXQJ DEZHLFKHQ YHUlQGHUQ GDV /HVHQ DXFKOLQHDUNRQ]LSLHUWHU7H[WHHQWVFKHLGHQG2IWPDOVVLHKWVLFKGHU/HVHU JH]ZXQJHQGLH6HLWH]XGUHKHQXPGLH7H[WHEHUKDXSWOHVHQ]XN|QQHQ² HLQ 8PJDQJ PLW GHP 7H[WWUlJHU GHQ HLQH ÄRUGHQWOLFKH¶ =HLWVFKULIW QLFKW I|UGHUQZROOWH ,PÅ+RWFKD´ÀQGHQVLFKVHKUYLHOH%HELOGHUXQJHQGLHRIWHLQH]HQWUDOH 5ROOHEHLGHU*HQHVHGHVÄ8QRUGHQWOLFKNHLWV¶6WLOVVSLHOHQ6R]%LQHLQHU NOHLQHQ:HUEHDQQRQFHLQGHUÅ+RWFKD´$XVJDEHZRGHUYHUEDOH7H[W Å(VIUHXWLPPHU3RVWLP%ULHINDVWHQ]XKDEHQ´ GLH9HUPLWWOXQJGHU SURYRNDWLYHQ$XVULFKWXQJGHVEHZRUEHQHQ3URGXNWVJDQ]GHU%HELOGHUXQJ EHUOlVVW²GLH=HLFKQXQJ]HLJWHLQHQNOHLQHQ7HXIHOGHUHLQH)UDXVFKRQ ELV]XU+lOIWHLQHLQHQ%ULHINDVWHQJHVFKREHQKDW6LFKWEDULVWDOOHUGLQJVQXU QRFKGLHXQWHUH.|USHUKlOIWHGHU)UDX:RKOJHIRUPWH%HLQHLQ6WUPSIHQ XQGKRFKKDNLJHQ6FKXKHQVRZLHGHUXQEHNOHLGHWH+LQWHUQ8PGLH7DLOOH GHU)UDXLVWHLQ=HWWHOFKHQDQJHEUDFKWDXIGHPGHU6FKULIW]XJÅ7R\RX´]X OHVHQLVW'LHVHV%LOGWUlJWVLQQELOGOLFKPLQGHVWHQV]ZHL,QIRUPDWLRQHQGLH GHUYHUEDOH7H[WQLFKWYHUPLWWHOW'LHÅ+RWFKD´3URGX]HQWHQHUVFKHLQHQ LP%LOGDOV7HXIHOZlKUHQGGDVÅ+RWFKD´LQGHU)UDXZLHGHUHUNDQQWZHU GHQ PXVV ² EHUWUDJHQ DXI GLH VXENXOWXUHOOH2ULHQWLHUXQJ GHU =HLWVFKULIW ZHLVWGLH6HOEVWFKDUDNWHULVLHUXQJGHU3URGX]HQWHQDOV7HXIHODXIGHUHQVXE YHUVLYH+DOWXQJJHJHQEHUGHU*HVHOOVFKDIWKLQ'DV3URGXNWZLUGGXUFK GDV6LQQELOGGHUKDOEQDFNWHQ)UDXDOVÄXQRUGHQWOLFK¶GHQ0RUDOYRUVWHOOXQ JHQGHUEUJHUOLFKHQ*HVHOOVFKDIWGLDPHWUDOHQWJHJHQJHVHW]WSUlVHQWLHUW =XGHPSUlJWGDVÅ+RWFKD´HLQHEXQWH$QVDPPOXQJYHUVFKLHGHQVWHU %LOGW\SHQ XQG $EELOGXQJVSUDNWLNHQ )RWRJUDÀHQ =HLFKQXQJHQ 6LHEGUX FNH&RPLFV.DULNDWXUHQ2UQDPHQWH&ROODJHQHWF(VZUGH]XZHLWIK UHQLP'HWDLODXIDOOHGLHVH)RUPHQHLQ]XJHKHQDEHUVFKRQDOOHLQGLH9LHO IDOW GHU XQWHUVFKLHGOLFKHQ $EELOGXQJVW\SHQ ]HLJW GDVV LP Å+RWFKD´ GDV 9LVXHOOHVHKU]HQWUDOEHKDQGHOWZLUGXQGJU|‰WH$XIPHUNVDPNHLWJHQLH‰W 'DVÅ+RWFKD´ZDULPPHUDXFKHLQH3ODWWIRUPIUELOGHQGH.QVWOHUXP LKUH:HUNH]XSUlVHQWLHUHQ  

9JO$EE



3HWHU=DXJJ

'RFKQLFKWQXUGLH$QVDPPOXQJHLQHU8Q]DKOYHUVFKLHGHQHU%LOGHUW\SHQ XQG$EELOGXQJVSUDNWLNHQHUVFKHLQWÄXQRUGHQWOLFK¶=XP(LQHQGLYHUJLHUHQ GLH%HELOGHUXQJHQEHUGDV'DUJHVWHOOWHYRQGHUEUJHUOLFKHQ0RUDOLQGHP *HVFKOHFKWVWHLOH6H[V]HQHQ'URJHQJHEUDXFKHWFJH]HLJWZHUGHQ]XP$Q GHUHQEHVWHKWGLH'HYLDQ]GHU%HELOGHUXQJHQDXFKRIWLQGHU$UWXQG:HLVH GHU'DUVWHOOXQJ'DV7LWHOELOGGHUÅ+RWFKD´$XVJDEH]LHUWEHLVSLHOVZHL VHHLQHGRSSHOWEHOLFKWHWH)RWRJUDÀHHLQHU5RFNEDQGLQHLQHPVFKXPPULJ EHOHXFKWHWHQ 6HWWLQJ ,Q HLQHU NRQYHQWLRQHOOHQ =HLWVFKULIW IlQGHQ VROFKH ([SHULPHQWHNHLQHQ3ODW]LPÅ+RWFKD´ZHUGHQVLH]XP3URJUDPP $XFK ZDV GLH ZHLWHUHQ PDWHULHOOHQ 'LPHQVLRQHQ GHV 7H[WHV DQJHKW NDQQÄ8QRUGHQWOLFKNHLW¶DOVVWLOLVWLVFKHV0HUNPDONRQVWDWLHUWZHUGHQ1LFKW QXUGDV)RUPDWNDQQYRQ$XVJDEH]X$XVJDEHZHFKVHOQDXFKGLH3DSLHU TXDOLWlWHQ XQG 'UXFNIDUEHQ YDULLHUHQ 'DPLW XQWHUVWW]W GDV 7H[WGHVLJQ GHQ(LQGUXFNGHUÄ8QRUGHQWOLFKNHLW¶GHUGXUFKGLH+HWHURJHQLWlWGHU7H[W WUlJHUHQWVWHKWXQGEHQXW]WGLHPDWHULHOOHQ'LPHQVLRQHQDOVWH[WVWLOLVWLVFK UHOHYDQWHXQG7H[WVLQQJHQHULHUHQGH(EHQHQGHVPXOWLPRGDOHQ7H[WV'DV Å+RWFKD´VSLHOWPLWGHQNRQQRWDWLYHQ%HGHXWXQJVSRWHQWLDOHQGHU0DWHUL DOLHQ XQG QXW]W GLHVH NRPPXQLNDWLYHQ 0|JOLFKNHLWHQ GHU 0XOWLPRGDOLWlW LQWHQVLY$XIGLH6SLW]HJHWULHEHQZLUGGLHVHUH[SHULPHQWHOOH8PJDQJPLW )DUEHQXQGYHUVFKLHGHQHP3DSLHUDOV7H[WWUlJHULQGHUÅ+RWFKD´$XVJDEH 'LH$XVJDEHEHVWHKWDXVHLQHU5HLKHYRUQHXQGKLQWHQEHGUXFNWHU$ 6HLWHQGLH]ZDUPLWWLJJHIDOWHWXQGLQHLQDQGHUJHOHJWVLQGVRGDVVHLQ+HIW LP$)RUPDWHQWVWHKW'LHHLQ]HOQHQ%OlWWHUXQWHUVFKHLGHQVLFKDEHUEH ]JOLFKLKUHU PDWHULHOOHQ%HVFKDIIHQKHLW8QWHUVFKLHGHLQ GHU 3DSLHUIDUEH XQGRGHU'UXFNIDUEH XQGUHJHQGHQ/HVHUVFKRQDOOHLQGHVKDOEGD]XDQ GDV+HIWDXVHLQDQGHU]XQHKPHQXQGGLHHLQ]HOQHQ$6HLWHQ]XEHWUDFK WHQ'LHVHRIIHQEDUHQGDQQ7H[WNRPSRVLWLRQHQGLHLPYRUKHULJHQ+HIW YHUEXQGQLFKW]XU*HOWXQJNDPHQ (LQHZHLWHUH%HVRQGHUKHLWEHWULIIWGDVGLUHNWH%HPDOHQXQG*HVWDOWHQ GHUHLQ]HOQHQ([HPSODUHYRQ+DQGZDVEHLHLQLJHQÅ+RWFKD´$XVJDEHQ YRUNRPPW 'XUFK GLHVH JHVWDOWHULVFKH =XZHQGXQJ GLH MHGHP ([HPSODU HLQ]HOQ]XNRPPWYHUlQGHUWVLFKGHU&KDUDNWHUGHVPDVVHQPHGLDOHQ3UR GXNWV 'LH =XJDEH ]X GHU UHLQ WHFKQLVFKHQ 5HSURGXNWLRQ GXUFK GDV ]X VlW]OLFKH *HVWDOWHQ YRQ 0HQVFKHQKDQG WUDQVIRUPLHUW GLH ([HPSODUH YRQ LGHQWLVFKHQ 5HSURGXNWLRQHQ ]X LQGLYLGXHOOHQ (LQ]HOH[HPSODUHQ GLH VLFK DOOHJHULQJIJLJYRQHLQDQGHUXQWHUVFKHLGHQ²GDV+DQGNRORULHUHQYRQ%H ELOGHUXQJHQIROJW]ZDUEHLGHQ([HPSODUHQHLQHU$XVJDEHLPPHUGHPVHO EHQ0XVWHUSURGX]LHUWDEHUGHQQRFKJHULQJH8QWHUVFKLHGH'DV([HPSODU ZLUGGDGXUFKLQGLYLGXHOOXQGJUHQ]WVLFKYRQGHU6HULHQSURGXNWLRQDE=X GHPIKUWGLHVHDXIZHQGLJHXQG]HLWLQWHQVLYH%HDUEHLWXQJMHGHVHLQ]HOQHQ ([HPSODUVGD]XGDVVGLH3URGXNWHHWZDVYRQGHUÄ$XUD¶]XUFNJHZLQQHQ GLH:DOWHU%HQMDPLQ]XIROJHGHQ.XQVWZHUNHQGXUFKLKUHWHFKQLVFKH5H

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



SURGX]LHUEDUNHLWLQGHU0RGHUQHDEKDQGHQNRPPHYJO%HQMDPLQ  'LHVHV6SLHOPLWGHPSHUIRUPDWLYHQ(LJHQVLQQGHU([HPSODUHHUUHLFKWEHL GHU $XVJDEH  HLQHQ +|KHSXQNW ZR URWH .XVVPQGHU DXI GHU OHW]WHQ 6HLWH ]X ÀQGHQ VLQG GLH RIIHQVLFKWOLFK GXUFK GDV HIIHNWLYH .VVHQ MHGHV HLQ]HOQHQ([HPSODUV]XVWDQGHNDPHQ 6ROFKH)RUPHQXQWHUVWUHLFKHQGHQ6WDWXVGHUHLQ]HOQHQ([HPSODUHDOV HLJHQVWlQGLJH:HUNH-HGHV([HPSODUEHVLW]WHLQHQJHZLVVHQ(LJHQVLQQGHU QXULKP]XNRPPHQNDQQ'DPLWVHW]WVLFKGDVÅ+RWFKD´ZLHGHUXPYRQ NRQYHQWLRQHOOHQ =HLWVFKULIWHQ DE GLH GHQ (KUJHL] KDEHQ GLH ([HPSODUH HLQHU $XVJDEH DOV LGHQWLVFKH .RSLHQ YRQHLQDQGHU UHLQ WHFKQLVFK ]X UH SURGX]LHUHQXQG7HFKQLNHQGLHZLHGDV.RORULHUHQYRQ+DQGGHQGLUHN WHQ(LQVDW]YRQ0HQVFKHQIRUGHUWDOVÄXQSURIHVVLRQHOO¶XQGÄXQRUGHQWOLFK¶ DVVR]LLHUHQ  

BricolageDOV3ULQ]LSGHU6WLOELOGXQJ XQGGDV9HUKlOWQLVYRQ+LJKXQG/RZLPÅ+RWFKD´

,Q GHQ Å+RWFKD´$XVJDEHQ ÀQGHQ VLFK XQJHZ|KQOLFK YLHOH =HQWUXP 5DQG.RPSRVLWLRQHQZLHMHQHGHUEHVSURFKHQHQ'RSSHOVHLWH'LHVH²LQ GHU ZHVWOLFKHQ 7UDGLWLRQ ² VHOWHQH .RPSRVLWLRQ XQWHUVWW]W ]XP (LQHQ GLH ]XYRU EHVSURFKHQH 1RQ/LQHDULWlW ]XP $QGHUHQ VWHOOW VLH DEHU DXFK HLQJXWHV%HLVSLHOIUGHQVHPLRWLVFKHQ,PSRUWHLQHU7H[WIRUPGDUGHUDOV EULFRODJH EHJULIIHQ ZHUGHQ NDQQ (V LVW VHKU ZDKUVFKHLQOLFK GDVV GLH $X WRUHQGHVÅ+RWFKD´GLH=HQWUXP5DQG.RPSRVLWLRQDXVGHQ.RQWH[WHQ IHUQ|VWOLFKHU5HOLJLRQHQXQG(VRWHULNHQWOLHKHQXQGLQLKUH7H[WSURGXNWL RQLQWHJULHUWHQ²HEHQVRGHQNEDULVWHLQH,QVSLUDWLRQGXUFKGLH6\PEROLN QRUGDPHULNDQLVFKHU ,QGLDQHUNXOWXUHQ ZR =HQWUXP5DQG.RPSRVLWLRQHQ HEHQIDOOVHLQHZLFKWLJH5ROOHHLQQHKPHQ'LH%HVFKlIWLJXQJPLWIHUQ|VWOL FKHQXQGLQGLDQLVFKHQ.XOWXUHQJHK|UWH]XGHQ]HQWUDOHQ%HVWDQGWHLOHQGHV VXENXOWXUHOOHQ/HEHQVVWLOVXQGJHULHW]XU5HVVRXUFHIUGDV6WLO5HSHUWRLUH GHU6XENXOWXU ,P*HJHQVDW]]XGHQZHVWOLFKHQ.XOWXUHQVLQG=HQWUXP5DQG.RP SRVLWLRQHQ LP IHUQ|VWOLFKHQ .XOWXUNUHLV ZHLW YHUEUHLWHW $OV 0DQGDODV ELO GHQVLHHLQZLFKWLJHV2EMHNWLQGHQXUVSUQJOLFKHQUHOLJL|VHQ.RQWH[WHQ 6LHGLHQHQYRUDOOHPGHU'DUVWHOOXQJYRQ*|WWHUQXQG%XGGKDVGLHVLFK VWUHQJKLHUDUFKLVFKLQGLH7H[WNRPSRVLWLRQHQIJHQ²GDV=HQWUXPELHWHW GHUMHZHLOVZLFKWLJVWHQ)LJXUGHVUHOLJL|VHQ6\VWHPV3ODW]GHUVLFKGLHXP OLHJHQGHQ XQWHURUGQHQ YJO .UHVVYDQ /HHXZHQ  6  I  ,Q GHQ =HQWUXP5DQG.RPSRVLWLRQHQGHVÅ+RWFKD´ÀQGHQVLFKGDJHJHQ7H[W ERWVFKDIWHQYHUVFKLHGHQVWHU$UW(UQlKUXQJVWLSSV+LQZHLVHDXI9HUDQVWDO



3HWHU=DXJJ

WXQJHQ:HUEXQJHQIU%FKHU6FKDOOSODWWHQHWF'LHPDQGDODlKQOLFKHQ .RPSRVLWLRQHQZHUGHQPLW7H[WHQÄJHIOOW¶GLHPLWGHP+HUNXQIWVNRQWH[W GHV/D\RXWLQKDOWOLFKQLFKWVJHPHLQKDEHQ$X‰HUGHPLVWLQGLHVHQ.RP SRVLWLRQHQRIWQLFKWNODUREGDVJHZLFKWLJVWH7H[WHOHPHQWDXFKLPPHULP =HQWUXPVWHKW:lKUHQGLQEXGGKLVWLVFKHQ0DQGDODVGLH*|WWHUJHPl‰LK UHU+LHUDUFKLHXQWHUHLQDQGHUDEJHELOGHWZHUGHQVFKHLQWGLH3ODW]LHUXQJLP Å+RWFKD´HKHUHLQHUFKDRWLVFKHQ:LOONU]XIROJHQXQGNHLQH]ZLQJHQGH 5HLKHQIROJHGHU5HOHYDQ]DQ]X]HLJHQREZRKOGLH7H[WNRPSRVLWLRQQDWU OLFKHLQHRSWLVFKH*HZLFKWXQJPLWVLFKEULQJW 'LHVH EULFRODJH DOV 1HX$QRUGQXQJ XQG 5H.RQWH[WXDOLVLHUXQJ  VWHOOW GLH=HQWUXP5DQG.RPSRVLWLRQLQQHXH%HGHXWXQJV]XVDPPHQKlQJHXQG HUZHLWHUW GDGXUFK LKU %HGHXWXQJVSRWHQWLDO ,P Å+RWFKD´ ZLUG GLH =HQ WUXP5DQG.RPSRVLWLRQ YRQ LKUHP UHOLJL|VHQ IHUQ|VWOLFKHQ +HUNXQIWV NRQWH[WORVJHO|VWXQGLQHLQHVXENXOWXUHOOH$XVGUXFNVIRUPWUDQVIRUPLHUW GLHGLYHUVHQ,QKDOWHQ3ODW]ELHWHW$OOHUGLQJVN|QQWHHLQJHZHQGHWZHUGHQ GDVV VLFK HLQH EULFRODJH GXUFK GLH 7UDQVIHULHUXQJ HLQHV =HLFKHQV DXV]HLFK QH GLH =HQWUXP5DQG.RPSRVLWLRQ ]ZDU HLQ 3ULQ]LS GHU $QRUGQXQJ YRQ =HLFKHQ GDUVWHOOH VHOEHU MHGRFK NHLQ =HLFKHQ VHL 'RFK GLH $VVR]LDWLRQ GHU =HQWUXP5DQG.RPSRVLWLRQ PLW LKUHP XUVSUQJOLFKHQ $XIWUHWHQ DOV 0DQGDODZHOFKHVDOV=HLFKHQIUIHUQ|VWOLFKH5HOLJLRQHQZDKUJHQRPPHQ ZHUGHQ NDQQ YHUOHLKW GHU =HQWUXP5DQG.RPSRVLWLRQ HLQHQ GHXWOLFKHQ =HLFKHQFKDUDNWHU 'DV 0DQGDOD ZLUG LP Å+RWFKD´ LQV =HLFKHQUHSHUWRLUH DXIJHQRPPHQXQGHUVFKHLQWUHDUUDQJLHUWLQQHXHQ.RQWH[WHQ7H[WNRP SRVLWLRQHQ ZLH GLH DXVIKUOLFK EHVSURFKHQH 'RSSHOVHLWH GHU Å+RWFKD´ 1XPPHU  ELHWHQ VR GDQN GHU =HQWUXP5DQG.RPSRVLWLRQ HLQHQ lV WKHWLVFKHQ 0HKUZHUW GHU GLH LGHRORJLVFKH 2ULHQWLHUXQJ GHU 3URGX]HQWHQ YHUPLWWHOQNDQQ'LH7H[WNRPSRVLWLRQNRQQRWLHUWLKUHQ+HUNXQIWVNRQWH[W XQG]HLJWGDPLWGLH$IÀQLWlWGHU$XWRUHQ]XIHUQ|VWOLFKHQ.XOWXUHQ²XQG GLHVDXIUHLQYLVXHOOHU(EHQHRKQHYHUEDOHQ7H[W]XEHQ|WLJHQ 'HUEULFRODJHYRQ=HLFKHQDXVSRVLWLYEHZHUWHWHQ+HUNXQIWVNRQWH[WHQ ZLH LP YRUDQJHJDQJHQHQ %HLVSLHO  VWHKW GHU 7UDQVIHU YRQ =HLFKHQ DXV .RQWH[WHQ GHV Ä(VWDEOLVKPHQW¶ JHJHQEHU 'DV ]HQWUDOH YLVXHOOH (OHPHQW HLQHU:HUEHDQQRQFHLQGHUÅ+RWFKD´$XVJDEHLVWGLH'DUVWHOOXQJHL QHV MXQJHQ EUJHUOLFKHQ 3DDUHV LP 3URÀO GDV GHQ ,GHDOW\SHQ YRQ 0DQQ XQG )UDX GHU ZHVWOLFKHQ 0DVVHQNXOWXU LQ GHQ HU XQG HU -DKUHQ HQWVSULFKW 'HU NRQQRWLHUWH +HUNXQIWVNRQWH[W GHV MXQJHQ EUJHUOLFKHQ 3DDUHVVWHKWQXQLQHLQHPNUDVVHQ:LGHUVSUXFK]XPVXENXOWXUHOOHQ.RQ WH[WGHU:HUEHDQ]HLJH=LHOLVWQLFKWGLH,GHQWLÀNDWLRQGHVVXENXOWXUHOOHQ %HWUDFKWHUV PLW GHQ JH]HLJWHQ )LJXUHQ VRQGHUQ YLHOPHKU HLQ LURQLVFKHU 6HLWHQKLHE ]XODVWHQ GHV SRSXOlUNXOWXUHOOHQ +HUNXQIWVNRQWH[WHV GHV MXQ  9JO$EE  9JO$EE

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



JHQ3DDUHV,P%LOGKLQWHUJUXQGSUlVHQWLHUWVLFKGHP%HWUDFKWHUHLQZLUUHV 'XUFKHLQDQGHU YRQ 6FKULIWHQ DVWURORJLVFKHQ XQG UHOLJL|VHQ  6\PEROHQ XQG DQGHUHQ JUDÀVFKHQ (OHPHQWHQ GDV HLQHQ .RQWUDVW ]XU LQV]HQLHUWHQ 3HUIHNWLRQGHVMXQJHQ3DDUVKHUVWHOOWXQGGLHVHXQWHUVWUHLFKWGLH/HLVWXQJ GHUEULFRODJHEHVWHKWKLHULQHLQHUQHJDWLYHQ8PZHUWXQJGHU=HLFKHQ²HLQHU 3HUVLÁDJHGHUNRQYHQWLRQHOOHQPDVVHQNXOWXUHOOHQ)RUPHQGHU:HUEHXQG )LOPEUDQFKHPLWLKUHQLGHDOLVLHUWHQ,GHQWLÀNDWLRQVDQJHERWHQ 1HEHQVROFKHQ7UDQVIHUVDXVGHU3RSXOlUNXOWXUGLHYRQGHUNULWLVFKHQ VXENXOWXUHOOHQ6LFKWZHLVHDXIGLH0DVVHQNXOWXUGHVÄ0DLQVWUHDPV·]HXJHQ OlVVWVLFKLPÅ+RWFKD´DEHUDXFKHLQH)DV]LQDWLRQJHJHQEHUSRSXOlUNXO WXUHOOHQ)RUPHQDXVPDFKHQ9RUDOOHPGLH+LQZHQGXQJ]X$XVGUXFNVIRU PHQZLHGHP&RPLF6WULS]HXJWYRQHLQHUQHXHQSRVLWLYHUHQ%HZHUWXQJ GLHVHU)RUPHQXQGXQWHUOlXIWGLHNODUHEUJHUOLFKH'LFKRWRPLHYRQ+RFK XQG3RSXOlUNXOWXU'LHWUDGLWLRQHOOK|KHUEHZHUWHWHQXQGGHU(OLWHNXOWXU ]XJHUHFKQHWHQ)RUPHQYHUOLHUHQLQGHUVXENXOWXUHOOHQ3HUVSHNWLYHLKUHQHOL WlUHQ6WDWXV'DVVXENXOWXUHOOH6HOEVWYHUVWlQGQLVHUNHQQWDXFKPDVVHQNXO WXUHOOH3KlQRPHQHZLH)LOPH3RS0XVLNXQG&RPLF6WULSVDOV)RUPHQDQ GHQHQHLQHlVWKHWLVFKH)XQNWLRQ]XNRPPHQNDQQXQGGLH]XP$XVGUXFN]HQ WUDOHU ,QKDOWH XQG ]XU %HKDQGOXQJ SUREOHPDWLVFKHU 7KHPHQIHOGHU GLHQHQ N|QQHQ²VRZLUGHWZDGDV3UREOHPGHU8PZHOWYHUVFKPXW]XQJLQQHUKDOE YRQ&RPLF6WULSV]XP]HQWUDOHQ0RWLY$XIIDOOHQGLVW]XGHPGDVVGLHVH )RUPHQYRUDOOHP86DPHULNDQLVFKHU3URYHQLHQ]VLQGXQGGDPLWDOV=HL FKHQHLQHUÄ$PHULNDQLVLHUXQJ·LQWHUSUHWLHUWZHUGHQN|QQHQ'LHSRSXOlU NXOWXUHOOHQ)RUPHQHUKDOWHQGLH)XQNWLRQGDV6HOEVWELOGGHU6XENXOWXU]X GHÀQLHUHQXQGVR]LDOH,GHQWLWlWHQ]XVWLIWHQ²HLQH$XIJDEHGLHLQEUJHUOL FKHQ.RQWH[WHQGHU(OLWHE]Z+RFKNXOWXU]XNRPPW$XFKGLH7HQGHQ] 3RS0XVLNXQGSROLWLVFKHQ3URWHVWH[SOL]LWLQ9HUELQGXQJ]XEULQJHQIlOOW XQWHUGLHVHQ$VSHNW :LHDXFK$QMD6FKZDQKlX‰HULQLKUHU8QWHUVXFKXQJYRQ8QWHUJUXQG ]HLWVFKULIWHQDXVGHPJHVDPWHQGHXWVFKVSUDFKLJHQ5DXPDXVGHQHU XQGHU-DKUHQ]HLJWLVWIUGHQÄ8QGHUJURXQG¶HLQHÅ$IÀQLWlW]XU3R SXOlUNXOWXU´ 6FKZDQKlX‰HU  6   FKDUDNWHULVWLVFK $XFK IU GDV Å+RWFKD´WULIIWGLHVVLFKHUOLFK]X$OOHUGLQJVGDUIQLFKWYHUJHVVHQZHUGHQ GDVVVLFKLPÅ+RWFKD´DXFKYLHOH7H[WHÀQGHQGLHQLFKWVRRKQHZHLWH UHVGHU3RSXOlUNXOWXU]XJHRUGQHWZHUGHQN|QQHQ$PDXJHQIlOOLJVWHQZLUG GLHVZHQQ5HPLQLV]HQ]HQDQXUVSUQJOLFK+RFKNXOWXUHOOHVLPÅ+RWFKD´  8PZHOWYHUVFKPXW]XQJLVW]%GDV]HQWUDOH7KHPDGHUÅ+RWFKD´$XVJDEHGLHQXU DXVHLQHPODQJHQ&RPLF6WULS(PDQXHO+DOSHUQVEHVWHKWXQGNHLQHVRQVWLJHQ%HLWUlJHDXI ZHLVW  'LH2ULHQWLHUXQJDPÄ8QGHUJURXQG¶GHU86$]HLJWVLFKXDLQGHQ%HLWUlJHQ]X0XVLNHUQ )UDQN=DSSD%RE'\ODQHWF $XWRUHQ$OOHQ*LQVEHUJ*DU\6Q\GHUHWF RGHU7KHDWHU VFKDIIHQGHQ7KH/LYLQJ7KHDWUH DXVGHQ86$XQGLP(LQVDW]GHV(QJOLVFKHQ



3HWHU=DXJJ

HUVFKHLQHQ=%ÀQGHWVLFKXQWHUGHQDUFKLYLHUWHQÅ+RWFKD´$XVJDEHQHLQ ORVHV%ODWWGDVOHLGHUNHLQHU1XPPHU]XJHRUGQHWZHUGHQNDQQXQGHLQHU Å+RPDJHWR(ULN6DWLH´GHQIUDQ]|VLVFKHQ3LDQLVWHQXQG.RPSRQLVWHQ 3ODW]ELHWHWZlKUHQGGDV7LWHOEODWWGHUÅ+RWFKD´$XVJDEHHLQHQ6WLFK ]HLJWDXIGHPHLQHPlQQOLFKHQDFNWH)LJXUGDUJHVWHOOWLVWGLHGHPEHUKP WHQ$GDPYRQ0LFKHODQJHORLQGHU6L[WLQLVFKHQ.DSHOOHÄ'LH(UVFKDIIXQJ GHV$GDP¶ VHKUJOHLFKW²KLHUZLUGGLH)LJXUDXVHLQHUDQGHUH3HUVSHNWL YHJH]HLJWGLH+DOWXQJXQGGLHQDWXUDOLVWLVFKH'DUVWHOOXQJVZHLVHGHU)LJXU OHJHQ GHQ 9HUJOHLFK DOOHUGLQJV QDKH $X‰HUGHP NHQQW GDV Å+RWFKD´ HLQ DXVJHSUlJWHV ,QWHUHVVH DQ 3RHVLH XQG /LWHUDWXU 1LFKW QXU DPHULNDQLVFKH %HDW/LWHUDWXUVRQGHUQDXFK$XWRUHQZLHGLHgVWHUUHLFKHU.RQUDG%D\HU RGHU+DQV&DUO$UWPDQQZHUGHQ]XP/HVHQHPSIRKOHQ²EHLVSLHOVZHLVH LQGHUÅ+RWFKD´$XVJDEH'HU=XVDPPHQEUXFKGHUNODVVLVFKHQEU JHUOLFKHQ+LJK/RZ'LFKRWRPLHYRQ+RFKXQG3RSXOlUNXOWXULPÅ+RW FKD´YHUGDQNWVLFKGHPDQFKQXU]XHLQHP7HLOGHU$IÀQLWlW]X3RSXOlU NXOWXUHOOHP &KDUDNWHULVWLVFK IU GDV Å+RWFKD´ LVW QLFKW GLH 3XEOLNDWLRQ OHGLJOLFKSRSXOlUNXOWXUHOOHQ*XWVVRQGHUQHLQ1HEHQHLQDQGHUYRQ=HLFKHQ DXV XQWHUVFKLHGOLFKVWHQ +HUNXQIWVNRQWH[WHQ QHEHQ 3RSXOlUNXOWXUHOOHP ÀQGHQ DXFK 7H[WH DXV GHU (OLWHNXOWXU LKUHQ 3ODW] ² SUlJW GDV &RYHU GHU Å+RWFKD´1XPPHUGHUKRFKNXOWXUHOOYHURUWHWH$GDPVREHVWLPPWGDV 7LWHOEODWWGHUYRUDQJHKHQGHQ$XVJDEHHLQ&RPLF3DQHOPLWGHPSRSXOlU NXOWXUHOOHQ+HOGHQ'RQDOG'XFN'DV5H$UUDQJHPHQWGLHVHU=HLFKHQDXV XQWHUVFKLHGOLFKVWHQ .RQWH[WHQ LP VHOEHQ 7H[WHQVHPEOH YHUOHW]W GLH NODUH $EJUHQ]XQJ GHU +HUNXQIWVNRQWH[WH YRQHLQDQGHU =HLFKHQ GLH DXV HLQHU EUJHUOLFKHQ3HUVSHNWLYHQXULQJHWUHQQWHQ=XVDPPHQKlQJHQHUVFKHLQHQ N|QQHQZHUGHQLQGHUEULFRODJHGHVÅ+RWFKD´]XNRQVWLWXWLYHQQLYHOOLHUWHQ (OHPHQWHQHLQHV7H[WHQVHPEOHV'DPLWNDQQGLH7HQGHQ]]XHLQHUV\QNUH WLVWLVFKHQ+\EULGNXOWXUGLHODXW0LFKDHO%|KOHUIUGLHÄ$PHULNDQLVLHUXQJ· DOV(QWGLIIHUHQ]LHUXQJVSKlQRPHQGHU+LJK/RZ'LFKRWRPLHFKDUDNWHULV WLVFKLVWDXFKLPÅ+RWFKD´IHVWJHVWHOOWZHUGHQYJO%|KOHU6  'LH YLUXOHQWH )UDJH EHVWHKW QXQ GDULQ RE GHU =XVDPPHQEUXFK GHU EUJHUOLFKHQ:HUWKLHUDUFKLHJOHLFKEHGHXWHQGPLWHLQHU(QWGLIIHUHQ]LHUXQJ GHV=ZHL(EHQHQ0RGHOOVYRQ+LJKXQG/RZLVW'LH+LQZHQGXQJ]XP 3RSXOlUNXOWXUHOOHQLPÅ+RWFKD´OHJWGLH9HUPXWXQJQDKHGDVVGLHNODUH 7UHQQXQJHLQHVSURIDQHQ5DXPVYRQHLQHPYDORULVLHUWHQNXOWXUHOOHQ5DXP DXIJHJHEHQZLUG$OOHUGLQJVZUGHGLHVH6LFKWZHLVHGHQ$XVIKUXQJHQ0L FKDHO %|KOHUV ZLGHUVSUHFKHQ GHU EHWRQW GDVV GDV =ZHL(EHQHQ0RGHOO YRQ +LJK XQG /RZ DOV Å=LUNXODWLRQV XQG $XVWDXVFKPRGHOO´ DXIJHIDVVW ZHUGHQ PVVH XQG QLFKW VWDWLVFK YRQHLQDQGHU DEJHWUHQQWH %HUHLFKH EH ]HLFKQH VRQGHUQ GLH $EELOGXQJ G\QDPLVFKHU 3UR]HVVH GHV Å$XVWDXVFKHV  9JO$EE  9JO$EE

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



XQG GHU NRQVWDQWHQ =LUNXODWLRQ YRQ .XOWXUZHUWHQ XQG JWHUQ´ %|KOHU 6 HUP|JOLFKH$XVGLHVHU3HUVSHNWLYHEOHLEWDOVRDXFKLPVXENXO WXUHOOHQ.RQWH[WGHVÅ+RWFKD´GLH8QWHUVFKHLGXQJYRQ+LJKXQG/RZVHKU ZRKOEHVWHKHQ²VLHULFKWHWVLFKLQGHU%HZHUWXQJNXOWXUHOOHU3KlQRPHQH OHGLJOLFKQDFKQHXHQ.ULWHULHQ$OOHVZDVLQLUJHQGHLQHU:HLVHGHPÄ(VWD EOLVKPHQW¶]XJHRUGQHWZHUGHQNDQQYHUOLHUWVHLQHQKRKHQ6WDWXVXQGZLUG DEJHO|VWYRQQHXHQ)RUPHQGHU6XENXOWXU'LHVH6LFKWZHLVHZLUGGDGXUFK XQWHUVWW]WGDVVLPÅ+RWFKD´UHODWLYKlXÀJGLVNXWLHUWZLUGLQZLHIHUQVLFK GHUÄ8QWHUJUXQG¶YRPÄ0DLQVWUHDP¶XQWHUVFKHLGH'LH+LQZHQGXQJ]XJH ZLVVHQSRSXOlUNXOWXUHOOHQ)RUPHQGDUIDOVRQLFKWPLVVYHUVWDQGHQZHUGHQ DOVEOLQGH2ULHQWLHUXQJDQGHU0DVVHQNXOWXULP*HJHQWHLOHQWZLFNHOQVLFK LP 5LQJHQ XP $EJUHQ]XQJ YRQ GHUVHOEHQ HUVW GLH )RUPHQ ZHOFKH GHQ YDORULVLHUWHQ5DXP²GDVVXENXOWXUHOOH+LJK²EHVWLPPHQ ,QGLHVHP=XVDPPHQKDQJLVWDXFKGLH5ROOHGHU.XQVWLPÅ+RWFKD´ DXIVFKOXVVUHLFK'DVÅ+RWFKD´ZDU²ZLHVFKRQDXVJHIKUWZXUGH²HLQH ZLFKWLJH 3ODWWIRUP IU HLQH EUHLWH 6]HQH MXQJHU /HXWH GLH VLFK DOV .QVW OHU YHUVWDQGHQ XQG PLW GHQ XQWHUVFKLHGOLFKVWHQ )RUPHQ DUEHLWHWHQ ² &R PLF6WULS$XWRUHQ XQG )LOPHU JHK|UWHQ HEHQVR ]XP VXENXOWXUHOOHQ 8P IHOG ZLH 'LFKWHU 0DOHU 6FKDXVSLHOHU XQG 3HUIRUPDQFH.QVWOHU 1HEHQ .QVWOHUQ GLH GHP QlKHUHQ 8PIHOG GHV Å+RWFKD´ DQJHK|UWHQ ZXUGHQ DEHUDXFK.XQVWVFKDIIHQGHDXVDQGHUHQ.RQWH[WHQLPÅ+RWFKD´WKHPDWL VLHUWÅ+RWFKD´$XVJDEHEHULFKWHWEHUGHQQLHGHUOlQGLVFKHQ.QVWOHU XQG*UDÀNHU0DXULWV&RUQHOLV(VFKHUGHVVHQRSWLVFKH7lXVFKXQJVELOGHU PLWWOHUZHLOHHLQVFKOlJLJH%HNDQQWKHLWHUODQJWHQXQGPLWGHPIUDQ]|VLVFKHQ 0DOHU*HRUJHV0DWKLHXHLQHP9HUWUHWHUGHV7DFKLVPXVIKUWH)ULW]%LOOH WHUHLQ,QWHUYLHZGDVLQGHUÅ+RWFKD´$XVJDEHHUVFKLHQ 'LH8QWHUVFKHLGXQJYRQ+LJKXQG/RZYRQ.XQVWXQG1LFKW.XQVW JLQJ LP VXENXOWXUHOOHQ .RQWH[W QLFKW HLQIDFK JlQ]OLFK YHUORUHQ VRQGHUQ HWDEOLHUWHVLFKLQQHXHU)RUP'DVÅ+RWFKD´ZDUEHWHLOLJWDQGHU+HUDXV ELOGXQJQHXHU.XQVWIRUPHQXQGHLQHVQHXHQ.XQVWYHUVWlQGQLVVHVGDVGLH GLFKRWRPLVFKHQ%HZHUWXQJVNDWHJRULHQYRQ+LJKXQG/RZEHLEHKLHOWDEHU HLQHQHXH:HUWHKLHUDUFKLHXQGQHXH.ULWHULHQIU.XQVWVFKDIIHQXQGNUL WLNHQWZLFNHOWH:lKUHQGGLHWUDGLWLRQHOOHPXVHDOH.XQVWGHV%UJHUWXPV LKU$QVHKHQHLQE‰WHEHVHW]WHGHQ3ODW]GHV+LJKQXQQHXYRUDOOHPGLH H[SHULPHQWHOOHSURYRNDWLYH.XQVWGHU6XENXOWXUGLHPLW9HUVDW]VWFNHQ DXVYHUVFKLHGHQHQ+HUNXQIWVNRQWH[WHQRSHULHUWH=XWUHIIHQGLVWVLFKHUOLFK GDVVVLFKGLHVHÄQHXH¶.XQVW]XP7HLOGXUFKGDVHNOHNWL]LVWLVFKHV\QNUHWLV WLVFKH6SLHOPLWSRSXOlUNXOWXUHOOHQ)RUPHQDXV]HLFKQHWH²lKQOLFKZLHGLH 3RS$UW(LQHQ=XVDPPHQEUXFKGHU%HZHUWXQJVNDWHJRULHÄ+LJKYV/RZ¶ KDWWHGLHVMHGRFKQLFKW]XU)ROJH



 

3HWHU=DXJJ

6\QWKHWLVLHUHQGH=XVDPPHQVFKDX GHUVWLOLVWLVFKHQ3KlQRPHQH

$EVFKOLH‰HQG VROO HV QXQ GDUXP JHKHQ GLH DQDO\VLHUWHQ HLQ]HOQHQ VWLOLV WLVFKHQ3KlQRPHQHLQHLQHU=XVDPPHQVFKDXGDUDXIKLQ]XXQWHUVXFKHQ LQZLHIHUQVLHDOV(QVHPEOH6WLODOV+\SHU]HLFKHQELOGHQ,P5FNJULIIDXI 3KlQRPHQHGHVVR]LRNXOWXUHOOHQ.RQWH[WHVZLUG]X]HLJHQYHUVXFKWGDVV XQGZLHGLHHLQ]HOQHQ6WLOHOHPHQWHGHVÅ+RWFKD´DOV(QVHPEOHKRPRORJ VLQG PLW GHP VXENXOWXUHOOHQ KHGRQLVWLVFKHQ 6HOEVWYHUZLUNOLFKXQJVVWLO PLW GHQ NRPPXQLNDWLYHQXQGNXOWXUHOOHQ3UDNWLNHQGHVÄ8QWHUJUXQGV¶ 7\SLVFKIUGHQ6WLOGHVÅ+RWFKD´LVWYRUDOOHQ'LQJHQHLQHLQV]HQLHUWH 8QRUGHQWOLFKNHLW 'LHVH Ä8QRUGHQWOLFKNHLW¶ RIIHQEDUW VLFK DXI DOOHQ (EHQHQ GHV PXOWLPRGDOHQ 7H[WV YHUEDOHU 7H[W /D\RXW 7\SRJUDÀH %HELOGHUXQJ VRZLHZHLWHUHPDWHULHOOH'LPHQVLRQHQ XQGNRUUHOLHUWPLWGHQYLHOHQ3Kl QRPHQHQ GHU VXENXOWXUHOOHQ /HEHQVZHOW GLH HEHQIDOOV Ä8QRUGHQWOLFKNHLW¶ DXIVR]LDOV\PEROLVFKHU(EHQHEHGHXWHWHQ'LH$EJUHQ]XQJJHJHQEHUGHU EHUJHRUGQHWHQ.XOWXUPDQLIHVWLHUWHVLFKLQGHU.OHLGXQJLP+DDUVFKQLWW LQNXOWXUHOOHQ3UDNWLNHQLQGHU/HNWUHLP0XVLNJHVFKPDFNHWF,QDOOHQ GLHVHQYHUVFKLHGHQHQ%HUHLFKHQNDQQDOVGXUFKJHKHQGHV0HUNPDOGLHÄ8Q RUGHQWOLFKNHLW¶GHU)RUPHQJHJHQEHUGHPWUDGLWLRQHOOHQ8VXVJHJHQEHU GHUEUJHUOLFKHQ.XOWXUIHVWJHVWHOOWZHUGHQ ,QGHU$EJUHQ]XQJYRQGHUXQLIRUPXQGNRQVXPLVWLVFKYHUVWDQGHQHQ EUJHUOLFKHQ.XOWXUHQWZLFNHOWHQVLFKLQGHU6XENXOWXUDOWHUQDWLYH,GHDOH GLHVLFKLP/HEHQVVWLOVSLHJHOWHQXQGDXFKGLH)RUPHQGHVÅ+RWFKD´SUlJ WHQ'DV,GHDOGHU,QGLYLGXDOLWlWÀQGHWVLFK]%LQGHUÄ8QRUGHQWOLFKNHLW¶ GHUVHULHOOHQ3URGXNWLRQLQVRIHUQZLHGHUDOVGDVVGLHH[WUHPXQWHUVFKLHG OLFKH *HVWDOWXQJ GHU YHUVFKLHGHQHQ $XVJDEHQ GHQ 6WDWXV GHU HLQ]HOQHQ 1XPPHUQDOVHLJHQVWlQGLJHLQGLYLGXHOOH3URGXNWHXQWHUVWUHLFKW'LHGXUFK GLHVHVHULHOOH'LVNRQWLQXLWlWKHUJHVWHOOWHÄ8QRUGHQWOLFKNHLW¶ULFKWHWVLFKJH JHQ GDV .RQYHQWLRQHOOH )HVWJHIDKUHQH XQG HQWVSULFKW GHV :HLWHUHQ GHQ VXENXOWXUHOOHQ,GHDOHQGHU6SRQWDQHLWlWXQGGHUH[SHULPHQWHOOHQ.UHDWLYL WlW,QGHUÁH[LEOHQ+DQGKDEXQJGLYHUVHU7H[WGHVLJQ)RUPHQ]HLJWVLFKHLQ VWLOLVWLVFKHV0XVWHUGDVLQGHU$EOHKQXQJIHVWJHIDKUHQHU)RUPHQEHVWHKW XQGGDIUGLH(QWZLFNOXQJLPPHUQHXHU)RUPHQEHGHXWHW'HUSROLWLVFK LGHRORJLVFKH$OWHUQDWLYLVPXVGHU6XENXOWXU]HLJWVLFKKRPRORJ]XP6WLOGHV Å+RWFKD´$EJUHQ]XQJXQGÄ$QGHUVDUWLJNHLW¶]XP3URJUDPPGHV7H[WGH VLJQVGHUVHULHOOHQ3URGXNWLRQ]XHUKHEHQ 'LH1RQ/LQHDULWlWGHV7H[WDQJHERWVLPÅ+RWFKD´NRUUHOLHUWYRUDOOHP PLWGHUSURJUDPPDWLVFKHQ6SRQWDQHLWlWGHU6XENXOWXU'XUFKGLHQRQOLQH DUH$QODJHGHU7H[WHZLUGGDV/HVHQVHOEHU]XHLQHPVSRQWDQHLVWLVFKHQ$NW 'HU/HVHUKDWGLHIUHLH:DKOLQZHOFKHU5HLKHQIROJHHUGLHHLQ]HOQHQ7H[WH UH]LSLHUW(UPXVVVLFKQDFKGHU/HNWUHHLQHV7H[WHVVSRQWDQHQWVFKHLGHQZR

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´



HULP7H[WDQJHERWZHLWHUIlKUW'LHGXUFKGDV$UUDQJHPHQWGHU7H[WHSUR YR]LHUWHQRQOLQHDUH5H]HSWLRQSDVVWZLHGHUXP]XUVXENXOWXUHOOHQ9RUOLHEH IU([SHULPHQWHZLHGHQ+DSSHQLQJVGLHVLFKYRUDOOHPGDGXUFKDXV]HLFKQH WHQGDVVVLHHLQHQNDXPVWUXNWXULHUWHQ$EODXIXQGNHLQHQYRUDXVVHKEDUHQ $XVJDQJNDQQWHQbKQOLFKZLHGDV+DSSHQLQJODVVHQDXFKGLHQRQOLQHDUHQ 7H[WNRPSRVLWLRQHQHLQHQVWULNWYRUJH]HLFKQHWHQ$EODXIYHUPLVVHQXQGJH EHQGHP5H]LSLHQWHQQHXH)UHLKHLWHQDQGLH+DQGYJO=DXJJ6  :LHGDV+DSSHQLQJYRQGHU0LWJHVWDOWXQJGHU=XVFKDXHUOHEW²XQGGLH *UHQ]HQ]ZLVFKHQ3XEOLNXPXQG$NWHXUHG\QDPLVLHUW²YHUlQGHUWVLFKGLH 5ROOHGHV/HVHUVEHLQRQOLQHDUHQ7H[WNRPSRVLWLRQHQLQYHUJOHLFKEDUHU$UW XQG:HLVH'HU/HVHUPXVVEHVWLPPHQZHOFKH7H[WHOHPHQWHHULQZHOFKHU 5HLKHQIROJH UH]LSLHUW XQG WULWW GDPLW LQ HLQH YHUVWlUNW ÄLQWHUDNWLYH¶ %H]LH KXQJ]XP7H[W/HVHQZLUGVHOEVW]XHLQHPNUHDWLYHQ$NWGHU²WKHRUHWLVFK ²VRYLHOHYHUVFKLHGHQH/HVHSIDGHXQGZHLVHQJHQHULHUWZLHHV/HVHUJLEW 'LHVH(PDQ]LSDWLRQGHV/HVHUVYRQGHU$XWRULWlWGHV7H[WVSDVVWZLHGHUXP ]XUSURJUDPPDWLVFKHQ,QGLYLGXDOLWlWGHU6XENXOWXU 9RUDOOHPGLHQRQOLQHDUHQ7H[WNRPSRVLWLRQHQGHU.OHLQDQ]HLJHQ6HL WHQSUlVHQWLHUHQVLFKKRPRORJ]XPH[SHULPHQWHOOHQXQGNUHDWLYHQ&KDRVGDV DOVZLFKWLJHU%HVWDQGWHLOGHUÅ+RWFKD´3URGXNWLRQXQGGHVVXENXOWXUHOOHQ .RQWH[WVJHOWHQNDQQ'LH.UHDWLYLWlWDOVIHVWHU3IHLOHUGHUVXENXOWXUHOOHQ /HEHQVZHOW GDV 6WUHEHQ GDQDFK Ä1HXHV¶ XQG Ä$QGHUHV¶ H[SHULPHQWHOO ]X HQWZLFNHOQ]HLJWVLFKLPÅ+RWFKD´LQGHU3URGXNWLRQYLHOIlOWLJHUXQGKH WHURJHQHU 7H[WIRUPHQ YRQ HLQHU 9LHO]DKO XQWHUVFKLHGOLFKHU 3URGX]HQWHQ $XIIDOOHQG LVW DOOHUGLQJV GDVV VLFK HLQH JUXQGVlW]OLFKH 7HQGHQ] ]XU YHU VWlUNWHQ%HWRQXQJGHU9LVXDOLWlWGHV7H[WHVIHVWVWHOOHQOlVVW(VLVWYRUDOOHP GHU8PJDQJPLWGHP/D\RXWGHQ)RUPHQGHU7\SRJUDÀHGHP(LQVDW]YRQ )DUEHQ%HELOGHUXQJHQXQG7H[WUDKPXQJVKLOIHQGHUIUGHQVXENXOWXUHOOHQ 6WLOGHVÅ+RWFKD´NRQVWLWXWLYLVWXQGVFKRQDXIUHLQYLVXHOOHU(EHQH²RKQH GDVV HLQ JHQDXHV /HVHQ GHU YHUEDOHQ 7H[WH Q|WLJ LVW ² GHQ (LQGUXFN GHU 6XENXOWXUDOLWlWHQWVWHKHQOlVVW'DULQLVWGDVÅ+RWFKD´KRPRORJ]XU3UD[LV YLHOHUVXENXOWXUHOOHU$NWHXUHDOOHLQVFKRQGXUFKLKUlX‰HUHV(UVFKHLQXQJV ELOG²GXUFK.OHLGXQJGXUFKGDV7UDJHQYRQ%lUWHQXQGODQJHQ+DDUHQEHL GHQ0lQQHUQ²'LVVHQV]XUEUJHUOLFKHQ.XOWXUKHU]XVWHOOHQ 'LHVWLOLVWLVFKHQ3KlQRPHQHGHVÅ+RWFKD´]HLJHQVLFKDOVRKRPRORJ PLW GHP +\SHU]HLFKHQ GHV VXENXOWXUHOOHQ 6WLOV GHU LQ GHU %H]HLFKQXQJ DOV KHGRQLVWLVFKHU6HOEVWYHUZLUNOLFKXQJVVWLOPHLQHV(UDFKWHQVHLQHSURGXNWLYH3Ul]L VLHUXQJHUIlKUW'LHVHU6WLONRQVWLWXLHUWVLFKLQGHUEULFRODJHYRQ=HLFKHQDXV VHKU XQWHUVFKLHGOLFKHQ .RQWH[WHQ )HUQ|VWOLFKH 5HOLJLRQHQ ZLH GHU %XG GKLVPXV SRSXOlUNXOWXUHOOH $XVGUXFNVIRUPHQ ZLH GHU &RPLF6WULS %HDW /LWHUDWXUDEHUDXFK+HUNXQIWVNRQWH[WHZLHGLH.XQVWGHU5HQDLVVDQFHGLH /LWHUDWXUGHV-DKUKXQGHUWV$XVVFKQLWWHDXV5DEHODLV·5RPDQÅ*DUJDQ WXDHW3DQWDJUXHO´LQGHUÅ+RWFKD´$XVJDEH RGHU5HPLQLV]HQ]HQDQ



3HWHU=DXJJ

.RPSRQLVWHQNODVVLVFKHU0XVLN(ULN6DWLH VLQG7HLOGHVEUHLWHQ=HLFKHQ UHSHUWRLUHVGHVVXENXOWXUHOOHQ6WLOVLPÅ+RWFKD´,QGHUEULFRODJHJHKWGLH $IÀQLWlW]XU3RSXOlUNXOWXUHLQKHUPLWGHP,QWHUHVVHDQXQGGHU5H.RQ WH[WXDOLVLHUXQJ YRQ =HLFKHQ DXV HLQHU NDXP ]X EHUEOLFNHQGHQ 9LHO]DKO XQWHUVFKLHGOLFKHU +HUNXQIWVNRQWH[WH $XFK XUVSUQJOLFK KRFKNXOWXUHOOH )RUPHQ ÀQGHQ LP Å+RWFKD´ GXUFKDXV LKUHQ 3ODW] 'DPLW ]HLJW VLFK GDV Å+RWFKD´ ZLHGHUXP KRPRORJ ]X GHQ )RUPHQ GHU LQWHUQDWLRQDOHQ VXE NXOWXUHOOHQ6]HQHGLHVLFKGXUFK(NOHNWL]LVPXV+\EULGLVLHUXQJXQG6\Q NUHWLVPXVDXV]HLFKQHWH,QGHU0XVLNIDQGHQ6LWDUNOlQJHDXVIHUQ|VWOLFKHQ .RQWH[WHQHEHQVR3ODW]]%EHLGHQÅ%HDWOHV´RGHUGHQÅ5ROOLQJ6WRQHV´  ZLH GLH 9HUZHQGXQJ YRQ .RPSRVLWLRQVHOHPHQWHQ NODVVLVFKHU 0XVLN 6R YHUVFKPRO]HWZDGLHEULWLVFKH5RFNEDQGÅ(PHUVRQ/DNHDQG3DOPHU´DXI LKUHUHUVFKLHQHQHQ/3Å3LFWXUHVDWDQ([KLELWLRQ´0RGHVW0XVVRUJV N\V.ODYLHU]\NOXVÅ%LOGHUHLQHU$XVVWHOOXQJ´PLW%OXHVVFKHPHQ5RFNULIIV XQGDWRQDOHQ.ODQJH[SHULPHQWHQ $EELOGXQJVYHU]HLFKQLV 4XHOOH*ZHUGHU8UEDQ+J  +RWFKD1U1U 1U=ULFK

$EE+RWFKD1UR'6

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´

$EE+RWFKD1U-DQXDU6

$EE+RWFKD1U$SULO6





$EE'RSSHOVHLWHDXV+RWFKD1UR'

$EE$XVVFKQLWWDXV+RWFKD1U$SULO

3HWHU=DXJJ

'LH=UFKHU8QWHUJUXQG]HLWVFKULIWÅ+RWFKD´

$EE$XVVFKQLWWDXV+RWFKD1UR'

$EE$XVVFKQLWWDXV+RWFKD1UR'

$EE+RWFKD1U-DQXDU6





3HWHU=DXJJ

/LWHUDWXU $QGURXWVRSRXORV-DQQLV.D =XU%HVFKUHLEXQJYHUEDONRQVWLWXLHUWHUXQGYLVX HOO VWUXNWXULHUWHU 7H[WVRUWHQ GDV %HLVSLHO )O\HU ,Q )L[ 8OOD:HOOPDQQ +DQV +J %LOGLP7H[W²7H[WXQG%LOG+HLGHOEHUJ6² $QGURXWVRSRXORV-DQQLV.E 9RP0DLQVWUHDP5DGLRELV]XGHQ6NDWHUPDJD]L QHQ-XJHQGPHGLHQVSUDFKZLVVHQVFKDIWOLFKEHWUDFKWHW,QPHGLHQXQGHU]LHKXQJ 6² $QGURXWVRSRXORV -DQQLV .   7H[WVRUWHQ XQG )DQNXOWXUHQ ,Q )L[ 8OOD HW DO +J =XU.XOWXUVSH]LÀNYRQ7H[WVRUWHQ7ELQJHQ6± $QGURXWVRSRXORV-DQQLV. )DQ]LQHVXQG)DFHWWHQGHUOLQJXLVWLVFKHQ3ULQWPH GLHQDQDO\VH,Q'HU'HXWVFKXQWHUULFKW6HHO]H6² %HQMDPLQ:DOWHU 'DV.XQVWZHUNLP=HLWDOWHUVHLQHUWHFKQLVFKHQ5HSURGX]LHU EDUNHLW,Q2SLW]0LFKDHO+J :DOWHU%HQMDPLQ(LQ/HVHEXFK)UDQNIXUWD0 6² %|KOHU0LFKDHO +LJKXQG/RZ=XUWUDQVDWODQWLVFKHQ=LUNXODWLRQYRQNXOWXUHO OHP.DSLWDO,Q/LQNH$QJHOLND7DQQHU-DNRE+J $WWUDNWLRQXQG$EZHKU'LH $PHULNDQLVLHUXQJGHU$OOWDJVNXOWXULQ(XURSD.|OQ6² %RUWOLN :ROIJDQJ   9RQ Ä+RWFKD¶ ELV Ä6LQQNULVH¶ 'LH $OWHUQDWLYSUHVVH LQ GHU 6FKZHL],Q,'$UFKLYLP,,6*$PVWHUGDP+J 9HU]HLFKQLVGHUDOWHUQDWLY0H GLHQ$XVJDEH%HUOLQ6² %XFKHU+DQV-UJHQ 7H[WGHVLJQ²=DXEHUPLWWHOGHU9HUVWlQGOLFKNHLW"'LH7D JHV]HLWXQJDXIGHP:HJ]XPLQWHUDNWLYHQ0HGLXP,Q+HVV/WWLFK(UQHVW: %HWDO+J 7H[WVWUXNWXUHQLP0HGLHQZDQGHO)UDQNIXUWD06² %XFKHU+DQV-UJHQ 9RP7H[WGHVLJQ]XP+\SHUWH[W*HGUXFNWHXQGHOHNWUR QLVFKH=HLWXQJHQDOVQLFKWOLQHDUH0HGLHQ,Q+ROO\:HUQHU%LHUH%HUQG8OULFK +J 0HGLHQLP:DQGHO2SODGHQ:LHVEDGHQ6² %XFKHU+DQV-UJHQ 7H[WXQG%LOGLQ3ULQWPHGLHQRGHU:DUXP)RUPXOLHUHQ XQG9LVXDOLVLHUHQ]XVDPPHQJHK|UHQ,Q+ROO\:HUQHUHWDO+J 0LWWHLOXQJHQ GHV'HXWVFKHQ*HUPDQLVWHQYHUEDQGHV6SUDFKHXQG%LOG,%LHOHIHOG6² &ODUNH-RKQ 6W\OH,Q+DOO6WXDUW-HIIHUVRQ7RQ\+J 5HVLVWDQFHWKURXJK 5LWXDOV V@ 0L‰YHUVWlQGQLV´VHLÅGLH(SRFKHGHU>«@YHUELHVWHUWHQ7KHRUHWLNHUJH ZHVHQ´9LHOPHKUVR6LFKWHUPDQQÅEHEWHQ´GLHVH-DKUHÅYRU6LQQOLFKNHLW´ YJO6LFKWHUPDQQ 'HQQÅ:DVGLH-XJHQG]XU$32WULHEZDUYRUDO OHPGLH$XVVLFKWDXI IUHLH/LHEHDXI 6WRQHVXQG%RE'\ODQDXVGHQ%R[HQ XQGDXI HLQ+DVFKLVFK3IHLIFKHQ]XGHQQLFKWHQGHQZROOHQGHQ'LVNXVVL RQHQEHU2UJDVPXVXQG:HOWUHYROXWLRQ´HEG6 8QGDQDQGHUHU 6WHOOHHULQQHUWVLHÅ7DXVHQGHPDFKWHQPLWLKUHU.ULWLNDQGHQ9HUKlOWQLVVHQ HUQVW DP $UEHLWVSODW] DQ GHU 8QL LQ GHU )DPLOLH LQ 3DUWHLHQ XQG 9HU ElQGHQhEHUDOOEUDFKGDV'LVNXVVLRQVÀHEHUDXVGLHELVKHU*HJlQJHOWHQ ZROOWHQQXQÄNULWLVLHUHQ¶´HEG6I (VLVWDOOHUGLQJVV\PSWRPDWLVFK GDVV6LFKWHUPDQQLKUH9HUPXWXQJHQEHUGDVÅZDVGLH-XJHQG]XU$32 WULHE´PLWGHP+LQZHLVDXI GLHÅQLFKWHQGHQZROOHQGHQ'LVNXVVLRQHQEHU 2UJDVPXVXQG:HOWUHYROXWLRQ´HQGHQOlVVWDQVWDWWPLWGLHVHU%HREDFKWXQJ HLQ]XVHW]HQ'HQQZDVJHQDXVROODQSDXVHQORVHQ'LVNXVVLRQHQLQNOHLQH UHQXQGJU|‰HUHQ*UXSSHQGLHVLFKPDOGHP:HOWJHVFKHKHQXQGPDOGHU HLJHQHQ /LELGR ZLGPHWHQ HLJHQWOLFK VR DWWUDNWLY JHZHVHQ VHLQ" :LH ZR YRQZHPXQGZDUXPZXUGHQGHUDUWLJH*HVSUlFKHJHIKUWDXI ZHOFKH:HL VHZXUGHQVLHYRQGHQ%HWHLOLJWHQGDPDOVHUIDKUHQXQGLQZLHIHUQKDEHQVLH VLFKDOVOHLEOLFKH(UIDKUXQJLQGDV*HQHUDWLRQVEHZXVVWVHLQGHUHUHLQJH VFKULHEHQ"



1LQD9HUKH\HQ

8P GLHVH )UDJHQ ]X EHDQWZRUWHQ VFKODJH LFK YRU 'LVNXVVLRQHQ PLW GHP6R]LRORJHQ7KRPDV/XFNPDQQ DOVHLQVR]LRNXOWXUHOOJHUDKPWHV 0XVWHUNRPPXQLNDWLYHQ+DQGHOQVLQGHQ%OLFN]XQHKPHQZHOFKHVDQGHU 6FKQLWWVWHOOHYRQ6WUXNWXUXQG+DQGHOQ]XIHVWHQ.RQYHQWLRQHQJHULQQWXQG EHVWLPPWHQ=ZHFNHQGLHQW'DEHLODVVHQVLFK'LVNXVVLRQHQVHKUZHLWXQG LGHDOW\SLVFKDOV*HVSUlFKHYRQ$QJHVLFKW]X$QJHVLFKWIDVVHQGLH²GHP $QVSUXFKGHU$NWHXUHQDFK²GHPHUJHEQLVRIIHQHQ$XVWDXVFKYRQ$UJX PHQWHQEHUHLQHQVWULWWLJHQ*HJHQVWDQGGLHQHQ$XI GLHVHU*UXQGODJH N|QQHQ'LVNXVVLRQHQYRQDQGHUHQNRPPXQLNDWLYHQ*DWWXQJHQDEJHJUHQ]W ZHUGHQ ]% YRQ GHU XQWHUKDOWVDPHQ .RQYHUVDWLRQ RGHU GHP HURWLVFKHQ )OLUW =XVlW]OLFK OlVVW VLFK EHVWLPPHQ ZHOFKHU 6WHOOHQZHUW 'LVNXVVLRQHQ LQQHUKDOE HLQHU YRQ HLQHU EHVWLPPWHQ *UXSSH NXOWLYLHUWHQ .RPPXQL NDWLRQVNXOWXU ]XNRPPW GHQQ QDFK /XFNPDQQ  6   PXVV PDQ ÅLQ PDQFKHQ *UXSSHQ PDQFKHU *HVHOOVFKDIW 5HGHGXHOOH IKUHQ N|QQHQ LQDQGHUHQ:LW]HHU]lKOHQ´(UJlQ]HQGLVWDOOHUGLQJVGDUDXI KLQ]XZHLVHQ GDVVGLH,QVWLWXWLRQDOLVLHUXQJNRPPXQLNDWLYHU*DWWXQJHQQLFKWQXUJHQX LQNRPPXQLNDWLYHQVRQGHUQDXFKVR]LDOHQ)XQNWLRQHQ]XNRPPHQNDQQ $OVHWZDGDVGHXWVFKH%UJHUWXPGHV-DKUKXQGHUWVGLHÅ.RQYHUVDWLRQ´ NXOWLYLHUWHGDJHVFKDKGLHVQLFKW]XOHW]WXPVLFKVRZRKOQDFKREHQJHJHQ EHUGHP$GHODOVDXFKQDFKXQWHQJHJHQEHUGHUVLFKKHUDXVELOGHQGHQ $UEHLWHUNXOWXUDE]XJUHQ]HQ'HPJHPl‰LVW]XYHUPXWHQGDVV'LVNXVVLR QHQQLFKWQXU,QVWUXPHQWHGHV(UNHQQWQLVJHZLQQVGDUVWHOOHQVRQGHUQDXFK DOV0DFKWWHFKQLNHQRGHU,QVWUXPHQWHGHV'LVWLQNWLRQVJHZLQQVYHUVWDQGHQ ZHUGHQ PVVHQ )HUQHU LVW ]X EHWRQHQ GDVV NRPPXQLNDWLYH *DWWXQJHQ *HJHQVWDQG YRQ .RQWUROOYHUVXFKHQ XQG 1RUPLHUXQJVSUR]HVVHQ ZHUGHQ N|QQHQ'DV]HLJWQLFKW]XOHW]WGDV%HLVSLHOGHUZHVWGHXWVFKHQ6WXGHQ WHQEHZHJXQJ

 =XU6HPDQWLNGHV:RUWHV'LVNXVVLRQVLHKH%|KOHU=HLOH² $OV%HLVSLHOIU HLQHHPSLULVFKH$QDO\VHYRQ'LVNXVVLRQHQDOVNRPPXQLNDWLYHQ*DWWXQJHQVLHKH.QREODXFK 6²   9JO GLH DQ GHU 6FKQLWWVWHOOH YRQ /LQJXLVWLN HLQHUVHLWV 6R]LDO XQG .XOWXUJHVFKLFKWH DQGH UHUVHLWVJHODJHUWH 6WXGLH YRQ /LQNH GLH KLHU GHU ÄVR]LDOV\PEROLVFKHQ¶ )XQNWLRQ GHU .RQYHUVDWLRQQDFKJHKWDOOHUGLQJVQLFKWPLWGHP.RQ]HSWGHUÄNRPPXQLNDWLYHQ*DWWXQJ¶ DUEHLWHW  +LHUDXI YHUZHLVWDXFK)|OOPHU6² GHUHLQHQVHKUORKQHQVZHUWHQGLH/LQJXLVWLN OHLGHUZHLWJHKHQGDXVNODPPHUQGHQ)RUVFKXQJVEHULFKWLQ(QWZLFNOXQJHQYRQIDFHWRIDFH .RPPXQLNDWLRQLQGHUGHXWVFKHQ*HVFKLFKWHGHVXQG-DKUKXQGHUWVOLHIHUW

'LVWLQNWLRQGXFK'LVNXVVLRQ

 



'LVNXVVLRQHQDOVNRPPXQLNDWLYH3UD[LV GHU6WXGHQWHQEHZHJXQJ

'LVNXVVLRQHQ ZDUHQ LQ GHU 6WXGHQWHQEHZHJXQJ RPQLSUlVHQW XQG ]ZDU VRZRKO DOV 0LWWHO ZLH DXFK DOV =LHO GHU 3URWHVWH 9HUVWDQGHQ DOV VLQH TXD QRQHLQHU'HPRNUDWLVLHUXQJYRQ+RFKVFKXOHXQG*HVHOOVFKDIWZXUGHGLH YHUEDOGLDORJLVFK$XVKDQGOXQJVWULWWLJHU)UDJHQ]XQlFKVWHLQPDODOVGRPL QDQWHU ,QWHUDNWLRQVPRGXV XQLYHUVLWlUHQ /HEHQV HLQJHIRUGHUW 6R NULWLVLHU WHQ0LWJOLHGHUGHV6'6GHQ$XVVFKOXVVYRQ6WXGLHUHQGHQDXVXQLYHUVLWlUHQ *UHPLHQGDVLHÄPLWGLVNXWLHUHQ¶XQGÄPLWEHVWLPPHQ¶ZROOWHQ3DUDOOHOXQG HUJlQ]HQGZLHVHQDQGHUH6WXGLHUHQGHGDUDXI KLQDXFKLQGHUUHJXOlUHQ9HU DQVWDOWXQJVIRUPGHV6HPLQDUVZHUGHQXUVFKHLQEDUGLVNXWLHUW6LHIRUGHUWHQ DOVR]XPHLQHQPHKU'LVNXVVLRQHQXQG]XPDQGHUHQQHXH)RUPHQGHV'LVNX WLHUHQV%HLVSLHOVZHLVHKLH‰HVLQHLQHP3DPSKOHWYRQ6WXGHQWHQGHV3KL ORVRSKLVFKHQ6HPLQDUVGHU8QLYHUVLWlW)UDQNIXUWYRP 2NWREHU Å6LQQ XQG *HOWXQJ SKLORVRSKLVFKHU 7KHRULHQ´ VHLHQ ÅZHVHQWOLFK DQ GLH 6SKlUH KHUUVFKDIWVIUHLHU .RPPXQLNDWLRQ GHU 3KLORVRSKLHUHQGHQ JHEXQ GHQ´ DEHU ÅGHU WUDGLWLRQHOOH 6WLO SKLORVRSKLVFKHU 6HPLQDUH´ ]HLFKQH VLFK HLQHUVHLWVDXVGXUFKÅHLQHQPRQRORJLVLHUHQGHQ3URIHVVRUGHUGHP6HPLQDU VHLQH3UREOHPVWHOOXQJVHLQHQ6HPLQDUSODQXQGGLH%HGLQJXQJHQGHU'LV NXVVLRQYRUVFKUHLEW´XQGDQGHUHUVHLWVÅGXUFKHLQGXUFKVHLQH9RUELOGXQJ XQGGLHUHSUHVVLYHDXWRULWlUH6HPLQDUVWUXNWXULQHLQH.RQVXPHQWHQKDOWXQJ JHGUlQJWHV3XEOLNXP´ $OV SRVLWLYHU *HJHQHQWZXUI  JDOW HLQH EDVLVGHPRNUDWLVFK DXIJHORFNHU WH 'LVNXVVLRQ ,Q LKU ZDU GLH $XWRULWlW GHV 'R]HQWHQ EHJUHQ]W HU VROOWH EHLVSLHOVZHLVH GHQ 6HPLQDUSODQ QLFKW VFKOLFKW YRUJHEHQ VRQGHUQ VHOEVW ]XQlFKVW ]XU 'LVNXVVLRQ VWHOOHQ XQG VHLQH 6WXGHQWHQ QLFKW YRQ ÄREHQ KHUDE¶ EHKDQGHOQ VRQGHUQ LKQHQ ÄDXI  $XJHQK|KH¶ EHJHJQHQ =X GLHVHP =ZHFN NRQIURQWLHUWH LP :LQWHUVHPHVWHU  HLQ 3KLORVRSKLHVWXGHQW GHU)UDQNIXUWHU8QLYHUVLWlWVHLQHQ3URIHVVRU-UJHQ+DEHUPDVPLWHLQHP EHVRQGHUVÅVDORSSHQ´8PJDQJVWRQXQGUHFKWIHUWLJWHGLHVHV9RUJHKHQVSl WHU VFKULIWOLFK PLW GHQ :RUWHQ =LHO VHLQHU 3URYRNDWLRQ VHL JHZHVHQ ÅHU VWDUUWH'LVNXVVLRQVIRUPHQ]XGXUFKEUHFKHQXQGHLQHOHEHQGLJHDQJVWIUHLH .RPPXQLNDWLRQKHU]XVWHOOHQ´$EHURIIHQVLFKWOLFKVRGHU6WXGHQWZDULFK ÅQDLY GDULQ DQ]XQHKPHQ 6LH KlWWHQ PLW XQV HUNDQQW GD‰ GLHVHU $QJULII  DXI LKUH$XWRULWlWHUIRUGHUOLFKVHLXPGLH9HUlQGHUXQJHQLP6HPLQDUGLH ZLULQWHQGLHUWHQZLUNOLFKYRU]XQHKPHQ´7URW]GHULQGLHVHP%ULHI DQ NOLQJHQGHQ(QWWlXVFKXQJJHODQJHVGHQ6WXGLHUHQGHQLQVJHVDPWGXUFKDXV HLQHUVHLWVQHXHNRPPXQLNDWLYH7HFKQLNHQE]ZHLQHQQHXHQ'LVNXVVLRQVVWLO  2KQH$XWRU2KQH7LWHOLQ=ROOHU+J  6  %ULHI YRQ*6WDPHUDQ3URI+DEHUPDVDXI %HVFKOX‰GHU%DVLVJUXSSHYHU|IIHQWOLFKWLQ =ROOHU+J  6



1LQD9HUKH\HQ

]X HQWZLFNHOQ XQG GLHVHQ DQGHUHUVHLWV LQ QHXHQ .RPPXQLNDWLRQVUlXPHQ ]X YHUDQNHUQ E]Z ]X LQVWLWXWLRQDOLVLHUHQ ]% LQ GHP DXV GHU DPHULNDQL VFKHQ%UJHUUHFKWVEHZHJXQJDGDSWLHUWHQ7HDFK,QLQGHQ]DKOUHLFKHQ%D VLVJUXSSHQRGHULQGHUVRJHQDQQWHQ.ULWLVFKHQ8QLYHUVLWlW(LQH5HLKH YRQ ,QGL]LHQ VSUHFKHQ GDIU GDVV GLH *HVSUlFKVIRUP 'LVNXVVLRQ LQ GHU VWXGHQWLVFKXQLYHUVLWlUHQ.RPPXQLNDWLRQVNXOWXUYRUGLHVHP+LQWHUJUXQG HLQHGHXWOLFKH$XIZHUWXQJHUIXKU'DEHLODVVHQVLFKIUGLHQHXHWDEOLHUWHQ )RUPHQYHUEDODUJXPHQWDWLYHU.RPPXQLNDWLRQPHKUHUH6SH]LÀNDEHQHQ QHQGLHLP)ROJHQGHQDQKDQGVWXGHQWLVFKHU3URWHVWIRUPHQDQGHU8QLYHU VLWlW)UDQNIXUWYHUDQVFKDXOLFKWZHUGHQVROOHQ (UVWHQV ZDU GHU NRPPXQLNDWLYHQ (QHUJLH GHU 6WXGHQWHQEHZHJXQJ HLQ XWRSLVFKHV 0RPHQW HLJHQ :lKUHQG GHQ $NWLYLVWHQ PDVVHQPHGLD OH .RPPXQLNDWLRQ DOV WHQGHQ]LHOO YHUPDFKWHW JDOW VFKLHQ IDFHWRIDFH .RPPXQLNDWLRQ]XPLQGHVWHLQHP7HLOYRQLKQHQGDV3RWHQ]LDOGHU+HUU VFKDIWVIUHLKHLW]XEHUJHQ1RFKEHYRU-UJHQ+DEHUPDVGLH)RUPHOYRP ÅHLJHQWPOLFK ]ZDQJORVHQ =ZDQJ GHV EHVVHUHQ $UJXPHQWV´ HQWZLFNHOWH +DEHUPDV  6   ZXUGH LP 8PIHOG GHU 6WXGHQWHQEHZHJXQJ GLH )RUPHO GHV Ä$XVGLVNXWLHUHQV¶ JHSUlJW ² XQG GDPLW GDV ,GHDO PDQ N|QQH HLQ7KHPDVRODQJHDUJXPHQWDWLYHLQNUHLVHQELVHLQ.RQVHQVJHIXQGHQVHL 'LHVHU XWRSLVFKH (UZDUWXQJVEHUVFKXVV OlVVW VLFK XQWHU DQGHUHP DQ GHQ ELWWHUHQ(QWWlXVFKXQJHQDEOHVHQGLHHUSURGX]LHUWH6REHJUQGHWHQ6WX GHQWHQGHU)UDQNIXUWHU8QLYHUVLWlWGLH$XIQDKPHGHV6WUHLNVLP:LQWHUVH PHVWHUPLWGHQ:RUWHQÅ)UKHUHLQPDOKDEHQZLUJHJODXEW9HU KDQGOXQJHQDPUXQGHQ7LVFKVHLHQQRFKP|JOLFK8QVHUH$UJXPHQWHDOOHLQ VHLHQVWDUNJHQXJ6SlWHVWHQVVHLWGHQ3ROL]HLDQGURKXQJHQ5HJJVKDWZRKO MHGHUHLQJHVHKHQGD‰.RQÁLNWHDXFK0DFKWNRQÁLNWHVLQG´'LHNHLQHV ZHJVDX‰HUJHZ|KQOLFKH(UIDKUXQJGDVVHLQH'LVNXVVLRQQLFKWXQPLWWHOEDU GHQ$EEDXYRQ+LHUDUFKLHQEHZLUNWIKUWHLQGHU6WXGHQWHQEHZHJXQJDOVR ]XU/HJLWLPLHUXQJYRQ6WUHLNXQG*HZDOW $XIIlOOLJLVW]ZHLWHQVGHU8PJDQJPLW=HLW(VJHK|UWH]XGHQXQKLQ WHUIUDJWHQ5HJHOQGHU6WXGHQWHQEHZHJXQJZHGHUGLHHLQ]HOQHQ5HGHEHLWUl JHQRFKGLHHLQ]HOQHQ'LVNXVVLRQHQLQVJHVDPW]HLWOLFK]XEHJUHQ]HQ:HU DXI GDV(QGHHLQHV*HVSUlFKGUlQJWHPXVVWHVRJDUPLWVFKDUIHQ$WWDFNHQ UHFKQHQ'LHVHUIXKU-UJHQ+DEHUPDVDPHLJHQHQ/HLEGHULP:LQWHUVH PHVWHUDQGHU8QLYHUVLWlW)UDQNIXUWNXU]IULVWLJ]XHLQHU'LVNXVVLRQ GHV6'6DPIUKHQ$EHQGHLQJHODGHQZRUGHQZDU+DEHUPDVNDPGLHVHU  =XUNUHDWLYHQ$QHLJQXQJGHVÄ7HDFK,Q¶LP5DKPHQGHUZHVWGHXWVFKHQ6WXGHQWHQEHZHJXQJ VLHKH.OLPNH   9JOKLHU]XZLHDXFK]XGHQIROJHQGHQ$EVlW]HQGDV.DSLWHOEHUGLH6WXGHQWHQEHZHJXQJLQ 9HUKH\HQ   2KQH$XWRU6LQQYROOHXQGVLQQORVH6HOEVWNULWLNDP8QL7HDFK,QLQ=ROOHU+J  6 (EHQGDÀQGHWDXFKGHU7HUPLQXVÄDXVGLVNXWLHUHQ¶9HUZHQGXQJ

'LVWLQNWLRQGXFK'LVNXVVLRQ



(LQODGXQJQDFKEHPHUNWHDEHUQDFKHWZDVHLQHU6WXQGHHUKDEHMDOHLGHU HUVWYRUNXU]HPYRQGHU9HUDQVWDOWXQJHUIDKUHQXQGPVVHDXIJUXQGHLQHV DQGHUHQ7HUPLQVLQ]HKQ0LQXWHQJHKHQ(LQHUGHU$QZHVHQGHQNRQVWD WLHUWHGLHVVHLÅJHJHQEHUGHQ6WXGHQWHQHLQH8QYHUVFKlPWKHLW«´(LQ DQGHUHUHUNOlUWHÅ+HUU3URIHVVRU+DEHUPDVN|QQHQ6LHPDOIRUPXOLHUHQ ZDVIU6LHKHXWHDEHQGVRZLFKWLJLVWGD‰6LHKLHUMHW]WQLFKWEHUGDV,Q VWLWXWUHGHQN|QQHQ"´+DEHUPDVYHUOLH‰KLHUDXI GHQ5DXPLQGHPGLH 6WXGLHUHQGHQQRFKELVLQGLH$EHQGVWXQGHQGLVNXWLHUWHQ =XQHQQHQLVWGULWWHQVGLH$XVGHKQXQJGHV7KHPHQNDWDORJVXQG]ZDU LQ]ZHL5LFKWXQJHQ=XPHLQHQZXUGHQGLHXUVSUQJOLFKSUlIHULHUWHQ7KH PHQGKLQVEHVRQGHUHGLH+RFKVFKXOUHIRUPDEHUDXFKGHU9LHWQDPNULHJ RGHU GLH 1RWVWDQGVJHVHW]H HUJlQ]W GXUFK PHWDNRPPXQLNDWLYH 7RSRL 6R ZXUGHQ LP 9HUODXI  GHU 6WXGHQWHQEHZHJXQJ ]XQHKPHQG *HVSUlFKH RU JDQLVLHUWXQGJHIKUWGLH,QKDOW)RUPHQXQG)XQNWLRQ]XNQIWLJHURGHU YHUJDQJHQHU 'LVNXVVLRQHQ LKUHUVHLWV SUREOHPDWLVLHUWHQ ZRUDXV VLFK HLQH (LJHQG\QDPLNLPPHUPHKUXQGLPPHUOlQJHUHU'LVNXVVLRQHQHUJHEHQKD EHQGUIWH=XPDQGHUHQEHJQVWLJWHGLH(UZHLWHUXQJGHV3ROLWLNEHJULIIV GDVDXFKLQYRUJHEOLFKSROLWLVFKHQ'LVNXVVLRQHQGLHSHUV|QOLFKHQXQGLQWL PHQ3UREOHPHYRQ$QZHVHQGHQ]XHLQHPOHJLWLPHQ7KHPDDYDQFLHUWHQ 'LHVH7HQGHQ]YHUPLVFKWHVLFKPLWGHQ(LQÁVVHQGHU3V\FKRDQDO\VH%HL VSLHOVZHLVHEHULFKWHWHGLH%HUOLQHUÄ.RPPXQH¶LQHLQHPSXEOL]LHU WHQ(UIDKUXQJVEHULFKWEHUHLQNODXVXUDUWLJHV7UHIIHQYRQ0LWJOLHGHUQGHV 6'6GDVLQHLQHP/DQGKDXVLQ6GGHXWVFKODQGVWDWWIDQG'RUWZXUGH YRUJHVFKODJHQÅGD‰MHGHUDXFKHWZDVEHUVHLQHSULYDWHQ3UREOHPHVDJHQ VROOWH´ (LQLJH 7HLOQHKPHU KlWWHQ DXFK IUKHU EHUHLWV YHUVXFKW ÅSV\FKR DQDO\WLVFKH.DWHJRULHQDXI JUXSSHQG\QDPLVFKHXQGLQGLYLGXHOOH3UREOHPH DQ]XZHQGHQ´'HQ%HPKXQJHQZDUMHGRFKZHQLJ(UIROJEHVFKLHGHQ 'DV/DLHQKDIWHGLHVHU0HWKRGHSULYDWHXQGSROLWLVFKH3UREOHPHLQ'LVNXVVLRQV IRUP]XVDPPHQ]XEHKDQGHOQZDURIIHQEDU'LH9HUZHQGXQJYRQSV\FKRDQDO\ WLVFKHQ 9HUVDW]VWFNHQ LQ GHU 'LVNXVVLRQ YHUVFKlUIWH QXU GLH LQTXLVLWRULVFKH $W PRVSKlUHLQGHUQLHPDQGHWZDVYRQVHLQHQSHUV|QOLFKHQ3UREOHPHQSUHLVJHEHQ ZROOWH'HUGHWHNWLYLVFKH6FKDUIVLQQPLWGHPHLQLJHYHUVXFKWHQGHQLQGLYLGXHOOHQ 5DWLRQDOLVLHUXQJHQDXI GLH6SXU]XNRPPHQZXUGHVFKRQGDPDOVDOVÄ3V\FKRWHU URU·LURQLVLHUW'LH7HQGHQ]SV\FKRDQDO\WLVFKHV:LVVHQUHSUHVVLYLQGHU*UXSSH  'LH'LVNXVVLRQIDQGLP:LQWHUVHPHVWHULP7DJXQJVUDXPLP.ROEKHLPDP%HHWKR YHQSODW]VWDWW9JOGDVDXI GHU*UXQGODJHYRQ7RQEDQGSURWRNROOHQHUVWHOOWH:RUWSURWRNROO LQ:ROII:LQGDXV+J  6KLHU5HGHEHLWUDJ+DEHUPDV6  (EHQGD5HGHEHLWUDJ.QDSS6  (EHQGD5HGHEHLWUDJ:ROII6  9JOHEHQGD6²  =XU3URJUDPPDWLNGHU1HXHQ)UDXHQEHZHJXQJGLHGDV'LNWXPÅ'DV3ULYDWHLVWSROLWLVFK´ PD‰JHEOLFKSUlJWHVLHKH6FKXO] 



1LQD9HUKH\HQ

HLQ]XVHW]HQLVWDXFKKHXWHQRFKLQ6WXGHQWHQXQG6FKOHUJUXSSHQ]XEHREDFK WHQ%RRNKDJHQHWDO+J 6I

+LHUNOLQJWEHUHLWVDQZDUXPVLFKHLQ7HLOGHU$NWLYLVWHQIUK]HLWLJYRQ'LV NXVVLRQHQDEZDQGWHXQGVLFKOLHEHULQJH]LHOWHQÄ3URYRNDWLRQHQ¶GHVÄ(VWDE OLVKPHQWV¶EWH'LHVGDUI EHUGLHJUR‰H%HGHXWXQJGHU*HVSUlFKVIRUP IU GLH 6WXGHQWHQEHZHJXQJ LQVJHVDPW LQGHV QLFKW KLQZHJWlXVFKHQ $OV GULWWHV0HUNPDOLVWGDEHLGLH$XÁ|VXQJHLQHUUlXPOLFKHQ%HJUHQ]XQJGHU *HVSUlFKVIRUP]XQHQQHQ:lKUHQG]XPDOSROLWLVFKHXQGSURWRNROOLHUWH 'LVNXVVLRQHQWUDGLWLRQHOODQEHVWLPPWH5lXPHJHEXQGHQZDUHQ]%DQGLH 8QLYHUVLWlWRGHUDQGDV3DUODPHQW]HLFKQHWVLFKLQGHU6WXGHQWHQEHZHJXQJ GLH7HQGHQ]DEGDV'LVNXWLHUHQDOV+DQGOXQJVPRGXVYRQGHU8QLYHUVLWlW LQDQGHUH.RPPXQLNDWLRQVUlXPH]XEHUWUDJHQE]ZDOVGRPLQDQWHQ,Q WHUDNWLRQVPRGXVVFKOHFKWKLQ]XHWDEOLHUHQ'LVNXVVLRQHQZXUGHQDEHQGVLQ GHU.QHLSHXQGQDFKWVLQGHU:RKQJHPHLQVFKDIWVFKOLFKWIRUWJHIKUWRGHU DEHUQHXEHJRQQHQ$QGHUVDOVLQGHUZHVWGHXWVFKHQ.RPPXQLNDWLRQVNXO WXUMHQHU=HLWEOLFKJDEHVGDPLWGHU7HQGHQ]QDFKNHLQH.RPPXQLND WLRQVUlXPH PHKU GLH H[SOL]LW GHU REHUÁlFKOLFKDPVDQWHQ .RQYHUVDWLRQ YRUEHKDOWHQE]ZYRU'LVNXVVLRQJHVFKW]WZDUHQ*HQDXGLHVLVWHVZDV LQ8UV-DHJJLV5RPDQÅ%UDQGHLV´VRHLQGUFNOLFKLQ6]HQHJHVHW]WZLUG,P 8PIHOGGHU6WXGHQWHQEHZHJXQJPXVVWHGDKHUMHGHU]HLWXQGDQMHGHP2UW PLWHLQHU'LVNXVVLRQJHUHFKQHWZHUGHQXQG]ZDUEHUMHGHV7KHPDRKQH MHJOLFKH%HJUHQ]XQJGHU=HLWXQGDXVJHVWDWWHWPLWKRKHQQRUPDWLYHQ$Q VSUFKHQ(VZXUGHGDPLWLPPHUVFKZHUVLFKRKQH$QVHKHQVYHUOXVWHLQHU 'LVNXVVLRQ]XHQW]LHKHQXQGGDVSDXVHQORVH'LVNXWLHUHQGUIWH]XJOHLFK HLQH5LWXDOLVLHUXQJHUIDKUHQKDEHQ²REZRKOGLHQHXHQ)RUPHQDXI )RUP ORVLJNHLW]LHOWHQ=XGHPVFKHLQWHVQLFKWQXUGHUDUJXPHQWDWLYHQ$XVKDQG OXQJVWULWWLJHU*HJHQVWlQGHLQ5HGHXQG*HJHQUHGHJHGLHQW]XKDEHQ'LH .XOWLYLHUXQJ GHV DUJXPHQWDWLYHQ *HVSUlFKV DYDQFLHUWH YLHOPHKU ]XU YHU ELQGHQGHQ(UIDKUXQJXQG]XUV\PEROLVFKHQ&KLIIUHGHUHU*HQHUDWLRQ 

'LVNXVVLRQHQDOV6FKOVVHOHUIDKUXQJGHUHU*HQHUDWLRQ

$XWRELRJUDSKLVFKH 5HÁH[LRQHQ YRQ VHOEVW HUQDQQWHQ HULQQHQ KDEHQ VHLWJHUDXPHU=HLW.RQMXQNWXUDXFKGLH1DFKIUDJHVFKHLQWXQJHEURFKHQ 1LFKWVHOWHQSUREOHPDWLVLHUHQGLH$XWRUHQEHLGLHVHU*HOHJHQKHLWREXQG LQZLHIHUQVLHVLFKEHUKDXSWDOVHUGHÀQLHUHQ'LHVJLOWDXFKIU$QQHOLH .HLOHPHULWLHUWH3URIHVVRULQGHU*HVXQGKHLWVZLVVHQVFKDIWDQGHU8QLYHUVL WlW%UHPHQYJO.HLO .HLO-DKUJDQJZDUZlKUHQGGHV6WXGLXPV 0LWWHGHUHU-DKUHLP6'6GHU8QLYHUVLWlW+DPEXUJDNWLY'RUWZXUGHVLH  'LH]HLWJHQ|VVLVFKHQWZLFNHOWHQ6WUDWHJLHQ]XU,URQLVLHUXQJYRQ'LVNXVVLRQVYHUDQVWDOWXQJHQ ]HLJW6FKDUORWK 

'LVWLQNWLRQGXFK'LVNXVVLRQ



YRQ:LOKHOP+HQQLVSURPRYLHUWEHYRUVLHDOVZLVVHQVFKDIWOLFKH$V VLVWHQWLQDQGLH8QLYHUVLWlW*|WWLQJHQJLQJ$OVGLH6WXGHQWHQEHZHJXQJLKUH +RFKSKDVHHUUHLFKWHZDUVLHVHOEVWDOVRNHLQH6WXGHQWLQPHKU$Q.HLO OlVVWVLFKMHGRFK]HLJHQGDVVDXFKRKQHSK\VLVFKH7HLOQDKPHDQGHQ'H PRQVWUDWLRQHQLQ%HUOLQRGHU6DQ)UDQFLVFRGLHVHXQGDQGHUH]HQWUDOH(U HLJQLVVHGHU6WXGHQWHQEHZHJXQJ]XLGHQWLWlWVVWLIWHQGHQ(UIDKUXQJHQJHULQ QHQNRQQWHQ²XQG]ZDUGXUFKOHEWLP0RGXVGHU'LVNXVVLRQ6RVFKUHLEW .HLOLQHLQHPVHKUODQJHQ6DW] 'LH9HUDEVFKLHGXQJGHU1RWVWDQGVJHVHW]HGLH9HUKDIWXQJGHUVFKZDU]HQ%UJHU UHFKWOHULQ$QJHOD'DYLVLQGHQ86$GLH5HGHQYRQ'XWVFKNHXQGGLH$WWHQWDWH DXI LKQXQG%HQQR2KQHVRUJGLH0DVVDNHUYRQ0\/DLLQ6GYLHWQDP XQG GHU 9LHWQDPNULHJ LQVJHVDPW GLH JUR‰HQ 9LHWQDPGHPRQVWUDWLRQHQ LQ :HVWEHUOLQ  XQGDQGHUVZRVSlWHUGLHJUR‰H'HPRQVWUDWLRQJHJHQGDVJHSODQWH$.: %URNGRUI  GHU5DGLNDOHQHUODVVXQGGLH%HUXIVYHUERWHGLHPLWGHQXQJODXE OLFKVWHQ%HJUQGXQJHQDXVJHVSURFKHQZXUGHQZDUHQIUPLFKQLFKWLUJHQGZHOFKH (UHLJQLVVHVRQGHUQ$XVO|VHUQlFKWHODQJHU'LVNXVVLRQHQXQGQHUYHQDXIUHLEHQGHU $XVHLQDQGHUVHW]XQJHQNRQWURYHUVHU(LQVFKlW]XQJHQXQGOHW]WOLFK$QODVV]XUSHU V|QOLFKHQZLHEHUXÁLFKHQ%HWHLOLJXQJDQDQGHUHQ JHVHOOVFKDIWOLFKUHOHYDQWHQ%H ZHJXQJHQ GLH GLH ÄJHLVWLJHQ 6WU|PXQJHQ· DXIQDKPHQ ZLH GLH )UDXHQEHZHJXQJ 6FKZXOHQ XQG /HVEHQEHZHJXQJ $QWLSV\FKLDWULH XQG *HVXQGKHLWVEHZHJXQJ /HKUOLQJV 6FKOHU XQG -XJHQG]HQWUXPVEHZHJXQJ +DXVEHVHW]HUEHZHJXQJ RGHU GLH%HZHJXQJJHJHQ6R]LDODEEDX.HLO

:LHKLHUGHXWOLFKZLUGLVWHVQLFKWGLHSK\VLVFKH%HWHLOLJXQJDQEHVWLPP WHQ$NWLRQHQVRQGHUQGHUHQQlFKWHODQJHGLVNXUVLYH'XUFKDUEHLWXQJPLW DQGHUHQGLH.HLOLQGHU(ULQQHUXQJDOV]HQWUDOH(UIDKUXQJMHQHU=HLWXQG DXFKDOV0RYHQVGHV:DQGHOVÀUPLHUHQ$OVVLFKLQGHQVSlWHQHU-DKUHQ GDV*HQHUDWLRQVEHZXVVWVHLQGHUHUKHUDXV]XELOGHQEHJDQQGUIWHQGLHVH WDWVlFKOLFKJUR‰H7HLOHLKUHV$OOWDJVLPLPPHUJOHLFKHQ+DQGOXQJVPRGXV YHUEUDFKWKDEHQGHP'LVNXWLHUHQ'LH*HVSUlFKVIRUPZDURPQLSUlVHQW VLHVFKULHEVLFK²VRPHLQH9HUPXWXQJ²LQGHQ+DELWXVXQGGLH(ULQQH UXQJGHU%HWHLOLJWHQQDFKKDOWLJHLQXQG]ZDUDOVOHLEOLFKH(UIDKUXQJ'HQQ DXFK ZHQQ GLHV LQ GHU 6SUDFKSKLORVRSKLH ZHLWJHKHQG DXVJHEOHQGHW ZLUG LVW6SUHFKHQGRFKHLQHLQKRKHP0D‰HN|USHUOLFKH7lWLJNHLW*HUDGHGDV 5HGHQYRUJU|‰HUHQ*UXSSHQNDQQ]XU$XVVFKWWXQJYRQ$GUHQDOLQXQG GDGXUFKSURGX]LHUWHQJHUDGH]XUDXVFKKDIWHQ=XVWlQGHQIKUHQ$EHUDXFK GDYRQXQDEKlQJLJLVW'LVNXWLHUHQPLWHLQHUJDQ]VSH]LÀVFKHQ*HVWLNXQG 0LPLNYHUEXQGHQHVHUIRUGHUW.RQ]HQWUDWLRQXQG²EHLODQJHQ5HGHEHLWUl JHQ².UDIW1LFKW]XIlOOLJEUJHUWHHVVLFKLP9HUODXI GHU6WXGHQWHQUHYROWH HLQPLWXQWHUELV]XUY|OOLJHQSK\VLVFKHQ(UVFK|SIXQJHLQLJHU7HLOQHKPHU ]XDUJXPHQWLHUHQ:HQQHVGDQQ]XU$EVWLPPXQJNDPZDUHQQXUQRFKGLH

 *HVSUlFKPLW3URI'U$QQHOLH.HLO



1LQD9HUKH\HQ

3HUVRQHQPLWGHUEHVWHQSK\VLVFKHQ.RQVWLWXWLRQ]XJHJHQZDVGLH.RQ VHQVÀQGXQJHUOHLFKWHUWH (V LVW GDKHU ZHQLJ YHUZXQGHUOLFK ZHQQ LQ ]HLWJHQ|VVLVFKHQ (UIDK UXQJVEHULFKWHQZLHLQ/HEHQVHULQQHUXQJHQYRQHULQQHQLPPHUZLHGHU DXI GLH(UIDKUXQJXQHUPGOLFKHQ$UJXPHQWLHUHQVKLQJHZLHVHQZLUG%HL VSLHOVZHLVHUHVPLHUWHHLQ0LWJOLHGGHU.RPPXQHEHUVHLQHQÅ$OOWDJLQ GHU.RPPXQH´GLHVHUEHVWHKHÅDXVSHUPDQHQWHP*HVSUlFKPLWGHQDQ GHUHQLQGHU.FKHLP%DGLP)DKUVWXKOXQGHLJHQWOLFKQLHDQJHVWUHQJWH .RQYHUVDWLRQ VRQGHUQ QXU GDV ZDV HLQHQ LQWHUHVVLHUW SROLWLVFKH 6DFKHQ XQVHUH)LQDQ]HQGLHDQOLHJHQGH$UEHLWSHUV|QOLFKH:QVFKHRGHU6FKZLH ULJNHLWHQ´YJO%RRNKDJHQHWDO+J 6I :LHGHU5RPDQÅ%UDQG HLV´LOOXVWULHUWZXUGHGLHVWXGHQWLVFKH3UD[LVVWlQGLJHQ$UJXPHQWLHUHQVYRQ YLHOHQ'R]HQWHQXQGDXFKPDQFKHQ3URIHVVRUHQGXUFKDXVDOVIDV]LQLHUHQG XQGLQQRYDWLYHUOHEWÅ(VZDUHWZDV1HXHV(UUHJHQGHVZLHVLH>GLH6WXGLH UHQGHQ19@GLVNXWLHUWHQZLHGLHDXIJHEUDFKWHQXQGLQWHUHVVLHUWHQ6WXGHQ WHQGLH+|UVlOHXQG6HPLQDUHIOOWHQXQGEHUIOOWHQ>@'LH6WXGHQWHQ WHLOWHQVLFKLQ*UXSSHQGLVNXWLHUWHQVFKULHEHQ$UEHLWVSDSLHUHUHGHWHQIDVW 7DJXQG1DFKW´-DHJJL6 )UHLOLFKEHKLHOWHQQLFKWDOOH%HWHLOLJ WHQGLHNRPPXQLNDWLYH*DWWXQJSRVLWLYLP*HGlFKWQLV6REHULFKWHWHHLQH HKHPDOLJH0LWEHZRKQHULQGHU.RPPXQHLQHLQHPHUVFKLHQHQ6DP PHOEDQGPLWGHP7LWHOÅ'LHHULQQHQ´ZLHVLHLQGHQVSlWHUHU-DKUHQ XQJHSODQWVFKZDQJHUZXUGHZRUDXIKLQÅEHDQVWDQGHW´ZXUGHGD‰VLHÅGDV 6FKZDQJHUZHUGHQQLFKWYRUKHUPLWGHU.RPPXQHEHVSURFKHQ´KDWWH'HU LQHLQHUJHPHLQVDPHQ'LVNXVVLRQEHVFKORVVHQHXQGLP$QVFKOXVVYROO]RJH QH$EEUXFKZXUGHYRQGHU.RPPXQHEH]DKOW²XQGGHU%HWURIIHQHQZDU QXQHQGJOWLJÅNODU´GD‰VLHÅQLFKWPHKULQGHU.RPPXQHEOHLEHQ´ZROOH 3]U\WXOOD6I 'LH(UIDKUXQJYHUPHLQWOLFKEHVVHUHQ$UJXPHQ WHQJHZLVVHUPD‰HQ]XP2SIHUJHIDOOHQ]XVHLQELOGHWIUVLHQRFKKHXWH HLQHQ ZXQGHQ QHXUDOJLVFKHQ 3XQNW GHU (ULQQHUXQJ 'LHV GHXWHW QXU DQ GDVVVLFK+LHUDUFKLHQXQG0DFKWYHUKlOWQLVVHGXUFKGLH:DKODUJXPHQWDWL YHU(QWVFKHLGXQJVPRGLYLHOIDFKQLFKWDEPLOGHUWHQVRQGHUQGLHVHYLHOPHKU LP*HVSUlFKIRUWJHIKUWXQGEHVWHQIDOOVYHUVFKOHLHUWZXUGHQ 3URWRNROOH ]HLWJHQ|VVLVFK YHUIDVVWH 6HOEVW]HXJQLVVH XQG SURJUDPPD WLVFKH 7H[WH DXV GHP 8PIHOG GHU 6WXGHQWHQEHZHJXQJ VSLHJHOQ ]XJOHLFK GLH]HLWJHQ|VVLVFKH:DKUQHKPXQJLQHLQHUGLVNXVVLRQVIHLQGOLFKHQ*HVHOO VFKDIW ]X OHEHQ 'LHV VROOWH JHlQGHUW ZHUGHQ Å$XI  ODQJH 6LFKW´ VFKULHE +HOPXW.HQWOHULP0DLLQGHUÅ3DUGRQ´ÅN|QQHQGLH:RKQJUXSSHQ ZHQQ VLH DQ =DKO EHWUlFKWOLFK ]XQHKPHQ ]X HLQHU JUXQGOHJHQGHQ bQGH UXQJ XQVHUHU *HVHOOVFKDIWVRUGQXQJ IKUHQ ZHLO GLH *HZ|KQXQJ ]DKOUHL FKHU0HQVFKHQDQKHUUVFKDIWVIUHLH.RPPXQLNDWLRQDQ.RRSHUDWLRQXQG  'LHVH 3UD[LV XQG (UIDKUXQJ ZXUGH VSULFKZ|UWOLFK XQG JHUDQQ ]XU Å'LNWDWXU GHV 6LW]ÁHL VFKHV´9JO:HLQULFK 

'LVWLQNWLRQGXFK'LVNXVVLRQ



DQ5HÁH[LRQDXFKLP|IIHQWOLFKHQ/HEHQDQWLDXWRULWlUH3UR]HVVHLQ*DQJ VHW]WGLHVLFKGDQQGHPRNUDWLVLHUHQGDXVZLUNHQPVVHQ´9RUDOOHPGLH HLJHQH(OWHUQJHQHUDWLRQVFKLHQQLFKWLQGHU/DJHRGHUQLFKWEHUHLWVWULWWLJH *HJHQVWlQGH PLW GHQ .LQGHUQ GLDORJLVFK DXV]XKDQGHOQ XQG SUREOHPDWL VFKH 7KHPHQ ZLH GHQ 16 EHUKDXSW DQ]XVSUHFKHQ 'DV 6FKODJZRUW GHV ÅNRPPXQLNDWLYHQ%HVFKZHLJHQV´GHU9HUEUHFKHQGHV1DWLRQDOVR]LDOLVPXV ZXUGH ]ZDU HUVW LQ GHQ HUQ -DKUHQ YRQ +HUPDQQ /EEH XQG QRFK GD]XLQELOOLJHQGHU$EVLFKWJHSUlJWHVN|QQWHDEHUGLHGDPDOLJHQHJDWL YH:DKUQHKPXQJGHUZHVWGHXWVFKHQ.RPPXQLNDWLRQVNXOWXU]XPLQGHVWLQ GHU3HUVSHNWLYHGHU+HUDQZDFKVHQGHQGXUFKDXVWUHIIHQGEHVFKUHLEHQ9HU KH\HQ6I :LH1RUEHUW)UHLSUlJQDQWIRUPXOLHUWKDWELOGHWHGDV ÅLP.OLPDGHVÄNRPPXQLNDWLYHQ%HVFKZHLJHQV¶GHU9HUJDQJHQKHLWLQGHQ IQI]LJHU-DKUHQYLHOIDFKJHVFKHLWHUWH*HVSUlFK]ZLVFKHQ9lWHUQXQG6|K QHQ 0WWHUQ XQG 7|FKWHUQ´ GHQ ÅJOHLFKVDP QHJDWLYHQ *UXQGVWRFN YRQ (UIDKUXQJHQGLHVLFKGDQQLP6WXGLXPZLHGHUKROWHQXQGEHVWlWLJWHQ´)UHL 6 $OOHUGLQJVLVWQLFKWQXUGDV7KHPDGHUJHVFKHLWHUWHQ*HVSUl FKH²GHQ16²VRQGHUQDXFKGHUHQJHZQVFKWH)RUP²GLH'LVNXVVLRQ ²DOVNRQVWLWXWLYH1HJDWLYHUIDKUXQJHUQVW]XQHKPHQÅ8PVWHOOWYRQGHP Ä7DEX.ULHJ¶GHPÄ7DEX1DWLRQDOVR]LDOLVPXV¶XQGGHPÄ7DEX$QJVW¶´VR $QQHOLH.HLOLP5FNEOLFNÅOHEWHQZLUPLWXQVHUHUVSH]LÀVFKHQ(UIDKUXQJ LQ GHQ 7DEX]RQHQ HLQHU IUKHUHQ *HQHUDWLRQ GLH XQVHUH (OWHUQ XQG (U ]LHKHUZDUHQ²XQGKDWWHQJHOHUQWEHUXQVVHOEVWXQVHUHbQJVWHXQVHUH :XWXQVHUH9HU]ZHLÁXQJXQG=XNXQIWVVRUJHQ]XVFKZHLJHQRGHUDOOHQIDOOV KHURLVFKRGHUEDJDWHOOLVLHUHQGGDUEHU]XVSUHFKHQ´.HLO  ,Q.RQWUDVW]XGLHVHP%LOGHLQHUVFKZHLJVDPHQ*HVHOOVFKDIWGDV GXUFKGHQSV\FKRDQDO\WLVFKHQ%HVWVHOOHUGHV(KHSDDUHV0LWVFKHUOLFKEHU Å'LH8QIlKLJNHLW]XWUDXHUQ´QRFKEHVWlUNWZRUGHQVHLQGUIWHLQV]HQLHU WHQVLFKGLHHUDOVHLQH*HQHUDWLRQGLHOHUQWHXQGGDUDXI GUlQJWHLKUH 3UREOHPHUDGLNDOÄDXV]XGLVNXWLHUHQ¶YJO0LWVFKHUOLFK0LWVFKHUOLFK  'LHVHV 6HOEVWELOG ZXUGH PHGLHQZLUNVDP LQ 8PODXI  JHEUDFKW =DKOUHLFKH )RWRVGHU6WXGHQWHQEHZHJXQJ]HLJWHQLPPHUZLHGHU'LVNXVVLRQHQ=X GHP YHU|IIHQWOLFKWHQ GLH 3URWHVWLHUHQGHQ PLW JUR‰HU (QHUJLH 7H[WVDPP OXQJHQGLHDXVVFKOLH‰OLFKDXV3URWRNROOHQEHVWHKHQ$XFKDXI GLHVH:HLVH GHPRQVWULHUWHQVLHGLH%HGHXWXQJGLHVLHGHPIUHLHQ*HVSUlFKLQ5HGHXQG *HJHQUHGH]XZLHVHQhEHUPDQFKH3RGLXPVGLVNXVVLRQZXUGHQJDUJDQ]H  3DUGRQ1U0DL6  9JO/EEH   9JOHWZDGLHSURPLQHQWHQ)RWRJUDSKLHQYRQ5XHW] ]XPNDONXOLHUWHQ6SLHOPLWGHQ 0DVVHQPHGLHQVLHKH)DKOHQEUDFK6²   'LHVJLOWDXFKIUGLHEHUHLWVJHQDQQWHQ9HU|IIHQWOLFKXQJHQ%RRNKDJHQHWDO+J  =ROOHU+J  



1LQD9HUKH\HQ

'RNXPHQWDUÀOPHJHGUHKWXQGLQ8PODXI JHEUDFKW=XUNROOHNWLYHQ(U LQQHUXQJDQĶJHK|UWGDKHUQLFKWQXUGDV%LOGYRQ'HPRQVWULHUHQGHQ GLH+DQGLQ+DQGXQGLP'DXHUODXI GXUFKGLH6WUD‰HQVWUPWHQVRQGHUQ DXFK GLH *HVWLN XQG 0LPLN GLVNXWLHUHQGHU 6WXGHQWHQ (LQ ZLFKWLJHU 6WL PXOXV GLHVHU GHUPD‰HQ GHPRQVWUDWLY GLVNXWLHUHQGHQ *HQHUDWLRQ VFKHLQW GHU EHUHLWV EHVFKULHEHQH (LQGUXFN HLQHU 9RUUHLWHUUROOH JHZHVHQ VHLQ GHU DOOHUGLQJVYRUVFKQHOOZDU'LH$NWHXUHEHUVDKHQGDVVLP9HUODXI GHUHU XQGHU-DKUHGDVKHL‰WHLQGHXWLJYRUGHU6WXGHQWHQEHZHJXQJOlQJVWIU 'LVNXVVLRQHQ DOV QRQGLNDWRULVFKHU +DQGOXQJVPRGXV SDU H[FHOOHQFH JH ZRUEHQZXUGHLP5DKPHQGHU5HHGXFDWLRQGHU(UZDFKVHQHQELOGXQJGHV +|UIXQNGHU6FKXOSOlQHXQGGHV)HUQVHKHQV6RHQWVWDQGGHU(LQGUXFN XPKDEHVLFKHLQHH[SORVLRQVDUWLJH'LDORJLVLHUXQJGHUZHVWGHXWVFKHQ .RPPXQLNDWLRQVNXOWXUYROO]RJHQGLHYRQGHQHUQQLFKWQXUYHUVWlUNW VRQGHUQDXFKHQWVFKHLGHQGDQJHVWR‰HQZRUGHQVHL'LHVH3HUVSHNWLYHZHO FKHGHQKLVWRULVFKHQ%UXFKHEHQVRZLHGLH$XWRQRPLHGHU$NWHXUHEHU VFKlW]W]HLJWVLFKEHL%DUEDUD6LFKWHUPDQQGLHUHVPLHUW 'LH,GHHGHU3DUWL]LSDWLRQGHV0LWPDFKHQVXQG0LWHQWVFKHLGHQVVHLHVDEKlQJLJ %HVFKlIWLJWHUVHLHVQDFKLKUHU0HLQXQJJHIUDJWHU0LWJOLHGHUYRQ,QVWLWXWLRQHQDOOHU $UWYRQ8QPQGLJHQ6FKFKWHUQHQ6FKZDFKHQRGHUVRQVWZLHJDQ]XQWHQDQ GLH/HLWHUGHU+LHUDUFKLH3ODW]LHUWHQGLHVH,GHHZXUGHGDPDOVNUHLHUWXQGSUDNWLVFK HUSUREW%LVGDKLQJDOWHQ+LHUDUFKLHQDOV(LQEDKQVWUD‰HQ²YRQREHQNDPHQ%H IHKOHXQWHQZXUGHJHKRUFKW:HUNHLQH/XVWKDWWHQXU]XJHKRUFKHQPX‰WHHEHQ VHKHQGD‰HUQDFKREHQNDP-HW]WZXUGHPLWGLHVHP3ULQ]LSJHEURFKHQ(LQIDFKH $UEHLWHU0LWJOLHGHU$QJHVWHOOWH6ROGDWHQ.LQGHU+DXVIUDXHQ%LWWVWHOOHUXQGVR ZHLWHU²VLHDOOHVROOWHQVDJHQN|QQHQ1HLQ:DUXP"2GHU'DVVHKHLFKQLFKWHLQ 2GHU'D]XP|FKWHLFKPHLQH0HLQXQJVDJHQ8QVVLHDOOHEHJULIIHQLQ:LQGHV HLOHXQGÀQJHQDQGD]ZLVFKHQ]XUHGHQ)UGLHDOWHQ)XQNWLRQVHOLWHQZDUGDVHLQH JUDXVDPH6W|UXQJLKUHU*HVFKlIWVJlQJH$EHUGHUQHXH*HLVWGHV:LGHUVSUXFKV EXKWHVLHDXV(LQHbUDXQHUK|UWHUÄ'LVNXVVLRQHQ¶EHJDQQHLQZ|OÀVFKHU'HEDW WHQKXQJHUEUDFKDXV6LFKWHUPDQQ6

,Q]ZLVFKHQIXQJLHUWSHUPDQHQWH'LDORJEHUHLWVFKDIWOlQJVWDOV&KLIIUHGHQ +DELWXV GHU HU ]X NDULNLHUHQ 'D ]HLJW GLH MRXUQDOLVWLVFKH .RQWURYHUVH XPÅ'DVEOHLFKH+HU]GHU5HYROXWLRQ´HLQYHU|IIHQWOLFKWHU5RPDQ EHUDXVGHU3HUVSHNWLYHGHUKHXWHMQJHUHQ*HQHUDWLRQ'LH$XWRULQ -DKUJDQJKDWXQWHU3VHXGRQ\PGLH7UlXPHGHUZHVWGHXWVFKHQ6WX GHQWHQEHZHJXQJEHVFKULHEHQVRZLHGLH7UDXPDWDHLQHVGDPDOVJHERUHQHQ 0lGFKHQVGDVGLHDQWLDXWRULWlUHQ(U]LHKXQJVH[SHULPHQWHLKUHU8PJHEXQJ QLFKW XQEHVFKDGHWEHUVWDQGHQ KDW .LWW\&DVSDU\ GLH +DXSWÀJXU ]HLFK QHWVLFKLQNRPPXQLNDWLYHU3HUVSHNWLYHGXUFKHLQHQRVWHQWDWLYHQ+DQJ]XU 6FKZHLJVDPNHLW DXV ² XQG NRQVWDWLHUW ]XJOHLFK PLW GUUHQ :RUWHQ Å'LH  9JO7UDQVNULSWHXQG6WDQGELOGHULQ:ROII:LQGDXV+J    9JOKLHU]XDXVIKUOLFK9HUKH\HQ 

'LVWLQNWLRQGXFK'LVNXVVLRQ



HUKDEHQJHQXJJHTXDWVFKW´'DQQHQEHUJ6 'LHMRXUQDOLVWL VFKHQ5HDNWLRQHQDXI GLHVHQ5RPDQÀHOHQVHKU]ZLHVSlOWLJDXV'LH)UDQN IXUWHU5XQGVFKDXHPS|UWHVLFKEHUGHQÅVFKDXHUOLFKHQ.LWVFK´GHVÅ$QWL HU.HWWHQVlJHQPDVVDNHU´YJO+LOOJUXEHU6 XQGGLH6GGHXWVFKH =HLWXQJPRNLHUWHGHQÅXQHUELWWOLFKKHUULVFKHQ*HVWXV´HLQHUÅ$EUHFKQXQJ´ GLHHEHQVRÅXQOXVWLJ´ZLHÅOlSSLVFK´VHLYJO0DQJROG6  'DV 0RQDWVPDJD]LQ 1(21 GDV VLFK H[SOL]LW DQ MXQJH (UZDFKVHQH ]ZLVFKHQXQG-DKUHQULFKWHWEHZHUWHWHGHQ5RPDQGDJHJHQlX‰HUVW SRVLWLY(VKDQGHOHVLFKXPGDVÅOXVWLJVWH%XFKGHU:HOW´XQGGLHVZDUGHQ 5HGDNWHXUHQ VRJDU GLH (LQULFKWXQJ HLQHU ,QWHUQHW6HLWH ZHUW YJO 0RFHN 6 8QWHUGHP0RWWRÅ'XODVVXQVPDOGUEHUUHGHQ¶1(21 /HVHUVFKUHLEHQEHUGLHHU6SOHHQVLKUHU(OWHUQ´ZXUGHGLH/HVHUVFKDIW ]XPGLJLWDOHQ$XVWDXVFKEHU'DQQHQEHUJV'HEWDXIJHUXIHQYJOHEG  9RUGLHVHP+LQWHUJUXQGOlVVWVLFKGLH7KHVHYHUWUHWHQGDVVGDVZDVKHXWH MQJHUHQ *HQHUDWLRQHQ DQ ÄHUQ¶ RGHU ÄYRQ  JHSUlJWHQ¶ 3HUVRQHQ XQ YHUVWlQGOLFKVFKHLQWQLFKW]XOHW]WHLQHEHVWLPPWH.RPPXQLNDWLRQVEHUHLW VFKDIWLVW'LHGDPDOLJH)UHXGHDQSDXVHQORVHQ'LVNXVVLRQHQEHU2UJDV PXV XQG :HOWUHYROXWLRQ NDQQ QLFKW PHKU LQWXLWLY QDFKYROO]RJHQ ZHUGHQ VLH ZLUG YHUlFKWOLFK RGHU OLHEHYROO LURQLVLHUW 'DKLQWHU VWHKW HLQ EUHLWHUHU 7UHQG'LHNRPPXQLNDWLYH*DWWXQJ'LVNXVVLRQLVW]ZDULQ]ZLVFKHQHLQIHVW YHUDQNHUWHVXQGNDXPPHKUZHJ]XGHQNHQGHV(OHPHQWXQVHUHU$OOWDJVNXO WXU²'LVNXVVLRQVOXVWZLUGGHVKDOEMHGRFKQLFKWHPSIXQGHQ

/LWHUDWXU %|KOHU 'LHWULFK.DWVDNRXOLV *UHJRULH   $UW Å'LVNXVVLRQ´ ,Q *HUW 8HGLQJ +J +LVWRULVFKHV:|UWHUEXFKGHU5KHWRULN%G7ELQJHQ=HLOH± %RRNKDJHQ&KULVWOHWDO+J  .RPPXQH9HUVXFKGHU5HYROXWLRQLHUXQJGHV EUJHUOLFKHQ ,QGLYLGXXPV .ROOHNWLYHV /HEHQ PLW SROLWLVFKHU $UEHLW YHUELQGHQ :HVW%HUOLQ %XGH+HLQ] 'DV$OWHUQHLQHU*HQHUDWLRQ'LH-DKUJlQJHELV)UDQN IXUW0DLQ 'DQQHQEHUJ6RSKLH 'DVEOHLFKH+HU]GHU5HYROXWLRQ5RPDQ0QFKHQ )DKOHQEUDFK.DWKULQ 3URWHVWLQV]HQLHUXQJHQ'LH6WXGHQWHQEHZHJXQJLP6SDQ QXQJVIHOG YRQ .XOWXU5HYROXWLRQ XQG 0HGLHQ(YROXWLRQ ,Q .OLPNH6FKDUORWK +J 6² )|OOPHU 0RULW]   (LQOHLWXQJ ,QWHUSHUVRQDOH .RPPXQLNDWLRQ XQG 0RGHUQH LQ 'HXWVFKODQG ,Q )|OOPHU +J    6HKQVXFKW QDFK 1lKH ,QWHUSHUVRQDOH .RPPXQLNDWLRQLQ'HXWVFKODQGVHLWGHP-DKUKXQGHUW:LHVEDGHQ6²



1LQD9HUKH\HQ

)UHL1RUEHUW -XJHQGUHYROWHXQGJOREDOHU3URWHVW0QFKHQ )UHVH0DWWKLDV3DXOXV-XOLD7HSSH.DUO *HVFKZLQGLJNHLWHQXQG)DNWRUHQGHV :DQGHOV²HU-DKUHLQGHU%XQGHVUHSXEOLN,Q'LHV+J  'HPRNUDWL VLHUXQJXQGJHVHOOVFKDIWOLFKHU$XIEUXFK'LHVHFK]LJHU-DKUHDOV:HQGHSXQNWGHU 5HSXEOLN3DGHUERUQ6² *LHVHQ%HUQKDUG *HQHUDWLRQXQG7UDXPD,Q5HXOHFNH0OOHU/XFNQHU+J  6² *LOFKHU+ROWH\ ,QJULG +J     ² 9RP (UHLJQLV ]XP *HJHQVWDQG GHU *H VFKLFKWVZLVVHQVFKDIW*|WWLQJHQ *LOFKHU+ROWH\,QJULG 'LHHU%HZHJXQJ'HXWVFKODQG²:HVWHXURSD²86$ 0QFKHQ +DEHUPDV-UJHQ 9RUEHUHLWHQGH%HPHUNXQJHQ]XHLQHU7KHRULHGHUNRPPXQL NDWLYHQ.RPSHWHQ],Q+DEHUPDV/XKPDQQ+J 6² +DEHUPDV-UJHQ >5HGHEHLWUDJ@,Q:ROII:LQGDXV+J 6 +DEHUPDV-UJHQ1LNODV/XKPDQQ+J  7KHRULHGHU*HVHOOVFKDIWRGHU6R]LDO WHFKQRORJLH:DVOHLVWHWGLH6\VWHPIRUVFKXQJ")UDQNIXUWD0 +HUEHUW8OULFK 'UHLSROLWLVFKH*HQHUDWLRQHQLP-DKUKXQGHUW,Q5HXOHFNH 0OOHU/XFNQHU+J 6² +LOOJUXEHU.DWULQ (LQ.RPPXQLVWEUDXFKWNHLQ'HRGRUDQW$QWLHU.HWWHQ VlJHQPDVVDNHU 6RSKLH 'DQQHQEHUJV Å'DV EOHLFKH +HU] GHU 5HYROXWLRQ´ JHIlOOW VLFKLQPRUDOLVFKHP(NHO,Q)UDQNIXUWHU5XQGVFKDXYRP6 YRQ+RGHQEHUJ&KULVWLQD6LHJIULHG'HWOHI +J  :RÅ´OLHJW5HIRUPXQG 5HYROWHLQGHU*HVFKLFKWHGHU%XQGHVUHSXEOLN*|WWLQJHQ +XQW,PJDUG 1DFKZRUW,Q-DHJJL 6² -DHJJL8UV %UDQGHLV5RPDQ0LWHLQHP1DFKZRUWYRQ,UPJDUG+XQW+DP EXUJ .HLO$QQHOLHXQYHU|IIHQWOLFKWHV0DQXVNULSW *HQHUDWLRQDOVELRJUDÀVFKH(UIDK UXQJ$OV.ULHJVNLQGXQGLJHULQlOWHUJHZRUGHQXQGYLHOJHOHUQW .HUVWLQJ)UDQ]:HUQHU (QW]DXEHUXQJGHV0\WKRV"$XVJDQJVEHGLQJXQJHQXQG 7HQGHQ]HQHLQHUJHVHOOVFKDIWVJHVFKLFKWOLFKHQ6WDQGRUWEHVWLPPXQJGHUZHVWGHXW VFKHQÄHU·%HZHJXQJ,Q:HVWIlOLVFKH)RUVFKXQJHQ6² .OLPNH0DUWLQ 6LWLQ7HDFKLQ*RLQ'LHWUDQVQDWLRQDOH=LUNXODWLRQNXOWXUHO OHU3UDNWLNHQLQGHQHU-DKUHQDP%HLVSLHOGHUGLUHNWHQ$NWLRQ,Q.OLPNH 6FKDUORWK+J 6² .OLPNH 0DUWLQ6FKDUORWK -RDFKLP +J    +DQGEXFK  =XU .XOWXU XQG 0HGLHQJHVFKLFKWHGHU6WXGHQWHQEHZHJXQJ6WXWWJDUW:HLPDU .QDSS8GR >5HGHEHLWUDJ@,Q:ROII:LQGDXV+J 6 .QREODXFK+XEHUW .RPPXQLNDWLRQVNXOWXU'LHNRPPXQLNDWLYH.RQVWUXNWLRQ NXOWXUHOOHU.RQWH[WH%HUOLQ1HZ2KQH7LWHO@,Q=ROOHU+J 6² 11   6LQQYROOH XQG VLQQORVH 6HOEVWNULWLN DP 8QL7HDFK,Q ,Q =ROOHU +J  6² 11 :RUWSURWRNROO,Q:ROII:LQGDXV+J 6² 3]U\WXOOD'DJPDU Å1LHPDQGDKQWHGDVVZLUHLQ]LHPOLFKYHUNOHPPWHU+DX IHQZDUHQ´,Q.lW]HO8WH+J  'LHHULQQHQ3RUWUlWHLQHUUHEHOOLVFKHQ )UDXHQJHQHUDWLRQ%HUOLQ6² 5HXOHFNH-UJHQ0OOHU/XFNQHU(OLVDEHWK+J  *HQHUDWLRQDOLWlWXQG/HEHQV JHVFKLFKWHLP-DKUKXQGHUW0QFKHQ 5XHW]0LFKDHO (LQ=HLWDOWHUZLUGEHVLFKWLJW)UDQNIXUWD0 6FKDUORWK -RDFKLP   5LWXDONULWLN XQG 5LWXDOH DOV 3URWHVW 'LH (QWGHFNXQJ GHV 3HUIRUPDWLYHQLQGHU6WXGHQWHQEHZHJXQJGHUHU-DKUH,Q.OLPNH6FKDUORWK +J 6² 6FKLOGW$[HO :RKOVWDQG²SUDJPDWLVFKH3ROLWLN²NXOWXUHOOH8PEUFKH'LHHU -DKUH LQ GHU %XQGHVUHSXEOLN 'HXWVFKODQG ,Q 6FKLOGW6LHJIULHG/DPPHUV +J  6² 6FKLOGW$[HO6LHJIULHG'HWOHI/DPPHUV.DUO&KULVWLDQ+J  '\QDPLVFKH=HL WHQ'LHHU-DKUHLQGHQEHLGHQGHXWVFKHQ*HVHOOVFKDIWHQ+DPEXUJ 6FKXO].ULVWLQD 'HUODQJH$WHPGHU3URYRNDWLRQ'LH)UDXHQEHZHJXQJLQGHU %XQGHVUHSXEOLNXQGLQ)UDQNUHLFK)UDQNIXUWD0



1LQD9HUKH\HQ

6LFKWHUPDQQ%DUEDUD XQGGLH)ROJHQ,Q-DFRE\(GPXQG*HRUJ0+DI QHU+J  ²%LOGHUEXFKHLQHU5HYROWH0LWHLQHPGRNXPHQWDULVFKHQ )LOPYRQ-RDFKLP)DXOVWLFKXQG*HRUJ0+DIQHU)UDQNIXUWD06² 6LHJIULHG'HWOHI  5H]HQVLRQ]X)RUVFKXQJVEHULFKWÅ´,QKWWSKVR]NXOW JHVFKLFKWHKXEHUOLQGHUH]HQVLRQLG  6WDPHU*HUKDUG %ULHI DQ3URI+DEHUPDV,Q=ROOHU+J 6I 9HUKH\HQ 1LQD   'LVNXWLHUHQ LQ GHU IUKHUHQ %XQGHVUHSXEOLN =XU .XOWXUJH VFKLFKWHGHVÅEHVVHUHQ$UJXPHQWV´]ZLVFKHQ5HHGXFDWLRQXQG6WXGHQWHQEHZH JXQJ,Q:=%'LVFXVVLRQ3DSHU1U63,9² 9HUKH\HQ1LQD 'LVNXVVLRQVÀHEHU'LVNXWLHUHQDOVNRPPXQLNDWLYH3UD[LVLQGHU ZHVWGHXWVFKHQ6WXGHQWHQEHZHJXQJ,Q.OLPNH6FKDUORWK+J 6² 9HUKH\HQ 1LQD   'LVNXVVLRQVOXVW (LQH .XOWXUJHVFKLFKWH GHV ÅEHVVHUHQ $UJX PHQWV´LQ:HVWGHXWVFKODQG*|WWLQJHQ :HLQULFK+DUDOG 6\VWHP'LVNXUVXQGGLH'LNWDWXUGHV6LW]ÁHLVFKHV,Q0HUNXU 6² :ROII5HLQKDUW >5HGHEHLWUDJ@,Q:ROII:LQGDXV+J 6 :ROII)UDQN:LQGDXV(EHUKDUG+J  6WXGHQWHQEHZHJXQJ²3URWR NROOHXQG0DWHULDOLHQ)UDQNIXUWD0 =ROOHU-|UJ+J  $NWLYHU6WUHLN'RNXPHQWDWLRQ]XHLQHP-DKU+RFKVFKXOSROL WLNDP%HLVSLHOGHU8QLYHUVLWlW)UDQNIXUWDP0DLQ'DUPVWDGW

0RQLND6FKQR] 'LH:DQG]HLWXQJHQGHV6HFKVWDJHUHQQHQV =XUNRPPXQLNDWLYHQ)XQNWLRQ HLQHVDOWHUQDWLYHQ0HGLXPV 

(LQIKUXQJ

1DFKGHP GLH )RUGHUXQJHQ GHU =UFKHU -XJHQG QDFK HLQHP -XJHQGKDXV MDKUHODQJ XQJHK|UW EOLHEHQ HVNDOLHUWH LP 6RPPHU  GLH 6LWXDWLRQ (V NDP]X$XIVWlQGHQXQG.UDZDOOHQGHU|IIHQWOLFKH.DPSI IUGLH)RUGH UXQJHQGHU-XJHQGOLFKHQEHJDQQ+LQWHUGLH-XJHQGOLFKHQVWHOOWHVLFKHLQH *UXSSHYRQDQHUNDQQWHQ3HUV|QOLFKNHLWHQGHU=UFKHU*HVHOOVFKDIW'LH VH RUJDQLVLHUWHQ LP 6HSWHPEHU GHV JOHLFKHQ -DKUHV HLQH VHFKVWlJLJH 'LV NXVVLRQVYHUDQVWDOWXQJ XQWHU GHP 7LWHO Å6HFKV 7DJH =UFKHU 0DQLIHVW´ :lKUHQGGLHVHU9HUDQVWDOWXQJKDWWHQGLH7HLOQHKPHUGLH0|JOLFKNHLWDXI  :DQG]HLWXQJHQLKUH0HLQXQJNXQG]XWXQ'LHVZXUGHEHJHLVWHUWDXIJHQRP PHQ'LH%HVXFKHUQXW]WHQGLH:DQG]HLWXQJHQXP]XIUDJHQ]XDQWZRUWHQ ]XDUJXPHQWLHUHQ]XNULWLVLHUHQRGHU]XLURQLVLHUHQhEHU([HPSODUH GLHVHU:DQG]HLWXQJHQZHUGHQKHXWHLP6FKZHL]HULVFKHQ6R]LDODUFKLY= ULFKDXIEHZDKUWXQGELOGHQGDV.RUSXVGHUYRUOLHJHQGHQ8QWHUVXFKXQJ 

+LVWRULVFKHU+LQWHUJUXQG



'DVJHIRUGHUWH-XJHQGKDXV

'LH HU%HZHJXQJ LQ =ULFK XQG GHU 6FKZHL] DOOJHPHLQ ZXUGH ELVODQJ HKHUVSlUOLFKZLVVHQVFKDIWOLFKXQWHUVXFKW(UVWLQGHQOHW]WHQ-DKUHQZXFKV GDV,QWHUHVVHGHU)RUVFKXQJGDUDQXQGKHXWHEHVFKlIWLJWVLFKQLFKWPHKU QXU GLH *HVFKLFKWVZLVVHQVFKDIW PLW GLHVHP *HJHQVWDQG bKQOLFK YHUKlOW HVVLFKPLWGHP,QWHUHVVHGHU%HY|ONHUXQJZLUGQLFKWDOVJHVFKLFKW OLFKHUHLJQLVUHLFKHV-DKUIUGLH6FKZHL]HPSIXQGHQ'DVVHVDXFKLQGHU 6FKZHL]HLQÅ´JDELVWYLHOHQXQEHNDQQW(LQH5HLKHYRQ3XEOLNDWLRQHQ ]XP-XELOlXPVMDKUGHU%HZHJXQJZHFNWHDEHUGDV%HZXVVWVHLQXQG,Q WHUHVVHGHU%HY|ONHUXQJIUGLHVHV-DKU7URW]GHPZLUGGDVÅ6FKZHL]HU´ JDQ]DQGHUVHPSIXQGHQDOVGDVÅ´LQDQGHUHQ/lQGHUQ:lKUHQGLQGHU 6FKZHL]DPHKHVWHQGHUVRJHQDQQWH*OREXV.UDZDOODOVKLVWRULVFKH*HJH



0RQLND6FKQR]

EHQKHLWHULQQHUWZLUGZLUGLQDQGHUHQEHWURIIHQHQ/lQGHUQDOVZLFK WLJHVKLVWRULVFKHV(UHLJQLVEHWUDFKWHWXQGZLUG]XU/HJHQGH]XP0\WKRV VWLOLVLHUWVWHKWIUGLH5HEHOOLRQJHJHQGDVEUJHUOLFKH(VWDEOLVKPHQW IU5HYROWHJHJHQ.ULHJ8QWHUGUFNXQJXQG)UHPGEHVWLPPXQJXQGIU GHQ$XIEUXFKLQHLQHEHVVHUH=HLW (UVWUHEW ZXUGH HLQH 9HUlQGHUXQJ YRQ /HQNXQJV XQG (QWVFKHLGXQJVVWUXNWXUHQ LQSROLWLVFKHQZLUWVFKDIWOLFKHQVR]LDOHQXQGNXOWXUHOOHQ,QVWLWXWLRQHQGXUFKGHQ $EEDXYRQ+HUUVFKDIWXQG+LHUDUFKLHQGXUFK6HOEVWEHVWLPPXQJXQG6HOEVWYHU ZDOWXQJ*LOFKHU+ROWH\6

:lKUHQG GLH :HOW LQ GLHVHP -DKU VFKHLQEDU EHVRQGHUV LQ %HZHJXQJ ZDU ².XUODQVN\ EH]HLFKQHWDOVÅWKH\HDUWKDWURFNHGWKHZRUOG´ ²XQGEHUDOOIUEHVVHUH=XVWlQGHRGHU]XPLQGHVWIUHLQHEHVVHUH*H VHOOVFKDIWGHPRQVWULHUWXQGJHJHQGHQÅDOWHQ0XII´SURWHVWLHUWZXUGHNDP HVLQ=ULFK]X3URWHVWHQZHLOGHU6WDGWUDWGHQ-XJHQGOLFKHQGDVVHLW JHIRUGHUWH-XJHQG]HQWUXPYHUZHLJHUWH1DFKGHPHLQH(QGH0DLHLQ JHUHLFKWH0RWLRQIUHLQDXWRQRPHV-XJHQG]HQWUXPDEJHOHKQWZXUGHVWHOO WHQ GLH -XJHQGOLFKHQ GHP 6WDGWUDW HLQ 8OWLPDWXP 'HU 6WDGWUDW ZDU ]ZDU EHUHLW]XHLQHP*HVSUlFKHVNRQQWHDEHUNHLQHIUEHLGH6HLWHQDN]HSWDEOH /|VXQJ JHIXQGHQ ZHUGHQ ,Q GHU )ROJH ZLHV GHU 6WDGWUDW GDV 8OWLPDWXP ]XUFNZDVZVWH$XVHLQDQGHUVHW]XQJHQ]ZLVFKHQGHQ-XJHQGOLFKHQXQG GHU3ROL]HL]XU)ROJHKDWWHGHQ*OREXV.UDZDOO'LHVFKZHUHQ$XVVFKUHL WXQJHQLQGHU1DFKWYRP]XP-XQLIKUWHQ]X9HUOHW]WHQXQG XQ]lKOLJHQ9HUKDIWXQJHQ$OV0D‰QDKPHJHJHQZHLWHUH.UDZDOOHYHUKlQJ WHGLH3ROL]HLHLQ'HPRQVWUDWLRQVYHUERWYJO6WXW]6II  

'DV=UFKHU0DQLIHVW

,P$QVFKOXVVDQGHQ*OREXV.UDZDOOELOGHWHVLFKHLQH*UXSSHGLHDP -XOLGDVVRJHQDQQWHÅ=UFKHU0DQLIHVW´KHUDXVJDE'LHVHUÅ$XIUXI  ]XU%HVLQQXQJ´ZLHGDV0DQLIHVWEHWLWHOWZXUGHIRUGHUWHXQWHUDQGHUHP GLH:LHGHUDXIQDKPHGHV|IIHQWOLFKHQ'LDORJHVXQGGLH:LHGHUKHUVWHOOXQJ GHV YHUIDVVXQJVPlVVLJHQ 'HPRQVWUDWLRQVUHFKWV 'DV 0DQLIHVW ZXUGH DOV )OXJEODWW YHUWHLOW XQG DOV ,QVHUDW LQ YHUVFKLHGHQHQ =HLWXQJHQ DEJHGUXFNW 'LH0LWJOLHGHUGHU*UXSSHIKUWHQGLHDNWXHOOHQ*HVFKHKQLVVHLQ=ULFK DXI HLQH.ULVHDXI HLQHQNXOWXUHOOHQ.RQÁLNW]XUFNGHPVLHHQWJHJHQZLU NHQZROOWHQ'LH$UEHLWVJUXSSHEWHVFKDUIH.ULWLNDQGHQ,QVWLWXWLRQHQ GHUHQ8QEHZHJOLFKNHLWVLHDOV8UVDFKHGHU.ULVHEH]HLFKQHWH'LH*UXSSH JHJUQGHWYRQDQJHVHKHQHQ3HUV|QOLFKNHLWHQDXVGHP|IIHQWOLFKHQ/HEHQ QDQQWH VLFK IRUWDQ $UEHLWVJHPHLQVFKDIW =UFKHU 0DQLIHVW =0  XQG JH ZDQQUDVFKDQ0LWJOLHGHUQ ,P$QVFKOXVVDQGHQ6RPPHUQDFKGHPVLFKGLHDOOJHPHLQH/DJH ZLHGHUEHUXKLJWKDWWHRUJDQLVLHUWHGDV=0LQ=ULFKHLQHPHKUWlJLJH'LV

'LH:DQG]HLWXQJHQGHV6HFKVWDJHUHQQHQV



NXVVLRQVYHUDQVWDOWXQJ9RPELV6HSWHPEHUIDQGLP$XVVWHOOXQJVJHElX GH&HQWUHOH&RUEXVLHUGHP+HLGL:HEHU0XVHXPGLH0DUDWKRQGLVNXVVL RQÅ6HFKV7DJH=UFKHU0DQLIHVW´VWDWW,Q$QVSLHOXQJDXI GHQ=UFKHU 5DGUHQQ.ODVVLNHUGHUHEHQIDOOVVHFKV7DJHGDXHUWZLUGGLH9HUDQVWDOWXQJ DXFKÅ6HFKVWDJHUHQQHQ´JHQDQQW6LHVROOWHDOOHQGLHGDV%HGUIQLVKDWWHQ VLFKEHU3ROLWLVFKHVDXV]XWDXVFKHQHLQ)RUXPELHWHQ=LHOGHU9HUDQVWDO WXQJZDUÅGDV*HVSUlFKDOV$OWHUQDWLYH]XU0XQGWRWPDFKXQJXQOLHEVDPHU 5HYROX]]HUDOVhEHUZLQGXQJHLQHUNDOWNULHJHULVFKHQ9HUVWHLIXQJGDV*H VSUlFK DOV (LQOHLWXQJ ZDKUKDIW GHPRNUDWLVFKHU VFK|SIHULVFKHU 3UR]HVVH´ ZLHLQHLQHP)OXJEODWWYHUNQGHWZXUGH5HYROXWLRQGXUFK.RPPXQLNDWLRQ ²JDQ]LP*HJHQVDW]]XUELVKHUYRUKHUUVFKHQGHQ.RPPXQLNDWLRQVYHUZHL JHUXQJLQVEHVRQGHUHGHU5HJLHUXQJ 'DV&HQWUHOH&RUEXVLHUZXUGHVRZHQQDXFKQXUYRUEHUJHKHQG]XP DXWRQRPHQ -XJHQG]HQWUXP GDV VR ODQJH YHUJHEOLFK JHIRUGHUW ZXUGH (V |IIQHWHZlKUHQGVHFKV7DJHQMHZHLOVYRQ0LWWDJELVVSlWLQGLH1DFKWVHLQH 7UHQIUDOOH,QWHUHVVLHUWHQ'HU$QODVVZXUGHVHKUJXWEHVXFKWXQGGLH 0HGLHQEHULFKWHWHQDXVIKUOLFKGDUEHU(VZXUGHQLFKWQXULP3OHQXPEHL GHQ RUJDQLVLHUWHQ 'LVNXVVLRQHQ GLVNXWLHUW VRQGHUQ HV HUJDEHQ VLFK DXFK *HVSUlFKHLQNOHLQHQ*UXSSHQ$OOH7HLOQHKPHQGHQVFKLHQHQYRPIUGLH VH =HLW QLFKW JDQ] XQW\SLVFKHQ Å'LVNXVVLRQVÀHEHU´ YJO 9HUKH\HQ  6 JHSDFNW]XVHLQ'LH'LVNXVVLRQHQZDUHQLQHLQORFNHUHV7KHPHQ JHUVWHLQJHEXQGHQXQGUHLFKWHQYRQ(U]LHKXQJVPHWKRGHQXQG6H[XDOLWlW EHU'HPRNUDWLHXQG0LOLWlUELVKLQ]X6WDGWSODQXQJRGHU3UHLVHQGHV|I IHQWOLFKHQ9HUNHKUV'LH*HVFKHKQLVVHGHV6RPPHUVZDUHQDOV7KHPDWLN HEHQIDOOV SUlVHQW 1HEHQ GHQ 'LVNXVVLRQHQ JDE HV YHUVFKLHGHQH 3URGXN WLRQHQ ZLH *HGLFKWOHVXQJHQ RGHU $XIIKUXQJHQ YRQ 6WUD‰HQWKHDWHU XQG )LOPHQ'LH%HVXFKHUKDWWHQ]XGHPGLH0|JOLFKNHLWLKUH0HLQXQJHQRGHU ,GHHQDXI :DQG]HLWXQJHQNXQG]XWXQ'LH:lQGHGHV&HQWUHOH&RUEXVLHU ERWHQ EDOG NDXP QRFK OHHUH 6WHOOHQ 6LH ZDUHQ GLFKW PLW :DQG]HLWXQJHQ EHGHFNW 

'LH:DQG]HLWXQJHQ



9RUJHKHQ

*HPl‰6FKDUORWK ZDUGLHHU%HZHJXQJÅ]XQlFKVWXQGYRUDOOHP HLQH5HYROWHPLWGHU6SUDFKH´6FKDUORWK6 'LHVH6SUDFKHDEHU DXFKWH[WH[WHUQH.ULWHULHQYJO/LQNHHWDO6II GHU:DQG]HL WXQJHQZXUGHQLP6LQQHHLQHUTXDOLWDWLYHQ,QKDOWVDQDO\VHXQWHUVXFKWXQG LQWHUSUHWLHUW XP GLH )UDJH ]X NOlUHQ ZHVKDOE GLH :DQG]HLWXQJHQ HLQ VR JHHLJQHWHV 0HGLXP LP 5DKPHQ GHU 'LVNXVVLRQVYHUDQVWDOWXQJ ZDUHQ XQG EHUZHOFKHEHVRQGHUHQ(LJHQVFKDIWHQVLHYHUIJHQ





0RQLND6FKQR]

.RUSXV

'DV.RUSXVVHW]WVLFKDXVFLUFD:DQG]HLWXQJHQ]XVDPPHQGLHZlKUHQG GHU9HUDQVWDOWXQJÅ6HFKVWDJHUHQQHQ´LP+HUEVWLQ=ULFKDQJHIHUWLJW ZXUGHQXQGKHXWHLP6FKZHL]HULVFKHQ6R]LDODUFKLYLQ=ULFKDXIEHZDKUW ZHUGHQ'LH:DQG]HLWXQJHQZXUGHQDP6HSWHPEHULP5DKPHQ HLQHU5FNVFKDXDXI GLH9HUDQVWDOWXQJLP&HQWUHOH&RUEXVLHUGHP6R]LDO DUFKLYLQHLQHPRIÀ]LHOOHQ$NWEHUJHEHQYJO)ODVFKEHUJHU6  'DV 9HUIDVVHQ YRQ :DQG]HLWXQJHQ ZXUGH YRQ GHQ 9HUDQVWDOWHUQ DOV $N WLYLWlWDQJHERWHQXQGVRLP9RUIHOGDXFKDQJHNQGLJW'DV$QJHERWNDP EHLGHQ%HVXFKHUQVHKUJXWDQ(VHQWVWDQGHLQHEUHLWH'RNXPHQWDWLRQYRQ 0HLQXQJHQ*HGDQNHQEOLW]HQ)UDJHQ3DUROHQXQGJUDSKLVFKHQ,OOXVWUDWLR QHQGLHHLQHQ(LQEOLFNLQGLH,QWHUHVVHQVODJHXQWHUVFKLHGOLFKVWHU3HUVRQHQ JLEW 

'LH:DQG]HLWXQJHQDOV.RPPXQLNDWLRQVPHGLXP

:HOFKH&KDUDNWHUHLJHQVFKDIWHQVLQGQXQIUGLH%HOLHEWKHLWGHU:DQG]HL WXQJHQYRQ%HGHXWXQJ",P)ROJHQGHQZHUGHQYHUVFKLHGHQH]HQWUDOH*UQ GHNRPPHQWLHUW (LQHUVWHUZLFKWLJHU*UXQGLVWGDVV:DQG]HLWXQJHQKRFKPRGHUQ ZDUHQ,QGHQIUKHQ6HFK]LJHUQKDWWHGHU-DSDQHUVLF@+2&+087h%(5+$83712&+(7:$6 .2007´'HU]ZHLWH%HWlWLJXQJVSXQNWGHUHUVWHQ+DQGLVWÅ'HQ.QSSHO LPHLJHQHQ$XJHVHKHQ«´XQGGHUGULWWHÅ0DNHORYHQRW:DVVHUZHUIHU´ (LQHP|JOLFKH,QWHUSUHWDWLRQGLHVHU$XI]lKOXQJN|QQWHIROJHQGHVHLQ1XU GXUFKGLHKDOOX]LQRJHQH:LUNXQJHLQHVJHJHVVHQHQ3LO]HVNDQQGHU3ROL]LVW VLFKLQGLH/DJHGHU'HPRQVWUDQWHQYHUVHW]HQDOVRGHQ.QSSHOLPHLJH QHQ$XJHVHKHQ8QWHU'URJHQHLQÁXVVLVWGLH3ROL]HLQLFKWPHKUVRDJJUHV VLYXQGNDQQGHVKDOEDXIJHIRUGHUWZHUGHQ/LHEHVWDWW:DVVHUZHUIHUZHOFKH MDV\PEROLVFKIUGHQÅ.ULHJ´]ZLVFKHQ3ROL]HLXQG'HPRQVWUDQWHQVWHKW ]XPDFKHQ'HU6ORJDQÅ0DNHORYHQRWZDU´ZLUGKLHUDXI ZLW]LJH:HLVH HQWIUHPGHWXQGGHUNRQNUHWHQ6LWXDWLRQDQJHSDVVW

'LH:DQG]HLWXQJHQGHV6HFKVWDJHUHQQHQV



$EE'LH=UFKHU6WDGWSROL]HLZLUGDXI GLH6FKLSSHJHQRPPHQ



+HUU6FKZHL]HU

%HVRQGHUVLQWHUHVVDQWEHLGHU:DQG]HLWXQJDXI $EELOGXQJLVWGDVVGDV 9HUE ÅUHYROX]]HQ´ LQ $QIKUXQJV XQG 6FKOXVV]HLFKHQ JHVHW]W ZLUG GLH VFKZHL]HUGHXWVFKHQ $XVGUXFNH MHGRFK QLFKW %HPHUNHQVZHUW LVW ]XGHP GDVVGHU6DW]ÅHUKDWMDVHLQ+VOLVHLQ$XW|OL>«@´6WDQGDUGGHXWVFKXQG 6FKZHL]HUGHXWVFKPLVFKW(LQH]ZHLWH+DQGHUJlQ]WÅVHLQ)UDXHOL´²DXFK 6WDQGDUGGHXWVFK XQG 6FKZHL]HUGHXWVFK PLVFKHQG ² ZlKUHQG HLQH GULWWH +DQGQXUQRFKLQ6FKZHL]HUGHXWVFKKLQ]XIJWÅ6FKLQEDUIlKOW·VGLUQR´ 'HU7H[WNULWLVLHUWGHQVWHUHRW\SHQ6FKZHL]HUGHUGLH5HYROXWLRQHQLQDQ GHUHQ/lQGHUQGLHLKQSHUV|QOLFKQLFKWEHWUHIIHQXQWHUVWW]WJOHLFK]HLWLJ DEHUHLQHVROFKHLQGHU6FKZHL]YHUXUWHLOWZHLOVRQVWVHLQZRKOJHUHJHOWHV /HEHQDXVGHP*OHLFKJHZLFKWJHUDWHQN|QQWH 6HKU NUHDWLY LVW GHU PLW 7HOOV $UPEUXVWSIHLO GXUFKERKUWH $SIHO DOV L3XQNWGDV6\PEROIUHLQH6FKZHL]HU,G\OOH²GLHP|JOLFKHUZHLVHJOHLFK ÀNWLYZLH:LOKHOP7HOOVHOEVWLVW



0RQLND6FKQR]

$EE.ULWLNDPUHYROXWLRQVVFKHXHQ6FKZHL]HU



0DNHORYHQRWZDU

%HL GHU :DQG]HLWXQJ LQ $EELOGXQJ  ]HLJW VLFK GDVV GDV *HVWDOWHQ YRQ :DQG]HLWXQJHQGXUFKDXVHLQNRPPXQLNDWLYHV6SLHOVHLQNDQQ'DV0RWLY GHV6ORJDQVÅ0DNHORYHQRWZDU´ZLUGXQWHUVFKLHGOLFKXPJHVHW]WXQGZHL WHUHQWZLFNHOW :lKUHQG GDV )ULHGHQVV\PERO GDV VR JHQDQQWH 3HDFH=HL FKHQHEHQIDOOVZLHÅ0DNHORYHQRWZDU´)ULHGHVWDWW.ULHJIRUGHUWJHKWHV EHLÅ/RYHDOOWKHZRUOG´XPGLH/LHEHDOVXQLYHUVHOOH.UDIW(LQHVH[XHOOH 'LPHQVLRQIJWGLH$XIIRUGHUXQJÅ$LPH]YRXVOHVXQVVXUOHVDXWUHV´KLQ ]X'LHGUHL$XVVDJHQZXUGHQYRQGUHLYHUVFKLHGHQHQ3HUVRQHQJHVFKULH EHQ(LQHYLHUWH3HUVRQKDWXQWHUGDV3HDFH=HLFKHQÅ0HU]HGHV%HQ]´PLW URWHP 6WLIW XQG LQ 9HUVDOLHQ JHVFKULHEHQ 'DV Å]´ DQVWHOOH GHV ÅF´ EHLP :RUW0HUFHGHVLUULWLHUWJOHLFKHUPD‰HQZLHGLH$EVXUGLWlWGDVVGDV3HDFH =HLFKHQ SUDNWLVFK LGHQWLVFK PLW GHP 0HUFHGHV6WHUQ LVW XQG VRPLW GHQ :HOWIULHGHQVHKUQDKDQ.RQVXPXQG.DSLWDOLVPXVEULQJW

'LH:DQG]HLWXQJHQGHV6HFKVWDJHUHQQHQV



$EE'HUEHNDQQWH6ORJDQGHUDPHULNDQLVFKHQ6WXGHQWHQEHZHJXQJ Å0DNHORYHQRWZDU´ZLUGKLHUVSLHOHULVFKYHUIUHPGHW



)D]LW

'LHJUR‰IRUPDWLJHQYRQ+DQGEHVFKUHLEEDUHQ3DSLHUE|JHQHLJQHWHQVLFK EHLGHU'LVNXVVLRQVYHUDQVWDOWXQJÅ6HFKV7DJH=UFKHU0DQLIHVW´EHVWHQV DOVHUJlQ]HQGHV.RPPXQLNDWLRQVPHGLXPQHEHQGHQHLJHQWOLFKHQ'LVNXV VLRQHQ'LHPHLVWDQRQ\PEOHLEHQGHQ9HUIDVVHUKDWWHQGLH0|JOLFKNHLWLKUH *HGDQNHQ,GHHQRGHU0HLQXQJHQHLQHUJUR‰HQ=LHOJUXSSHNXQG]XWXQ'LH :DQG]HLWXQJHQVWHOOHQgIIHQWOLFKNHLWKHUXQGDQLPLHUHQLKUH5H]LSLHQWHQ ]XZHLWHUIKUHQGHQ*HGDQNHQRGHU*HVSUlFKHQ'LH:DQG]HLWXQJHQGHV XQWHUVXFKWHQ .RUSXV ZHLVHQ MH QDFK 9HUIDVVHU XQWHUVFKLHGOLFKH JUDÀVFKH 9DULDQWHQ DXI (LQLJH 'RNXPHQWH HQWKDOWHQ QXU 7H[W DQGHUH EHLQKDOWHQ DXFK LOOXVWUDWLRQVJUDÀVFKH (OHPHQWH 9LHOH :DQG]HLWXQJHQ ZXUGHQ YRQ PHKUDOVHLQHU+DQGEHVFKULHEHQ]XP7HLONDPHVVRJDU]XGLDORJlKQOLFKHQ ,QWHUDNWLRQHQDXI GHQ:DQG]HLWXQJHQ'HUYHUZHQGHWH:RUWVFKDW]VWHKWLQ HQJHU%H]LHKXQJ]XGHQ'LVNXVVLRQVWKHPHQ(LQJUR‰HU7HLOGHU:DQG]HL WXQJHQNDQQQXUYRUGHP+LQWHUJUXQGGHV+DQGOXQJVUDKPHQVYHUVWDQGHQ RGHULQWHUSUHWLHUWZHUGHQ'DV6DW]EDXPXVWHUYDULLHUWMHQDFK:DQG]HLWXQJ XQGLVWVRPLWDXFKLQGLYLGXHOOJHSUlJW(VOlVVWVLFKHLQH7HQGHQ]]XHLQID FKHQ6lW]HQIHVWVWHOOHQZDVJDQ]GHU7H[WIXQNWLRQHQWVSULFKW 



0RQLND6FKQR]

'LH :DQG]HLWXQJHQ XQWHUVWW]WHQ DOVR GLH +DXSWIXQNWLRQ GHU 9HUDQVWDO WXQJ GHQ $XVWDXVFK GDV *HVSUlFK 6LH |IIQHWHQ HLQHQ NRPPXQLNDWLYHQ 5DXPXQGNRQQWHQVRDOVDOWHUQDWLYH3ODWWIRUPGDV=LHOGHU9HUDQVWDOWXQJ I|UGHUQQlPOLFK5HYROXWLRQGXUFK:RUWHVWDWW*HZDOW]XPDFKHQ $EVFKOLH‰HQG QRFK IROJHQGH EHPHUNHQVZHUWH $XIIlOOLJNHLW GHU 7H[WH DXI GHQ:DQG]HLWXQJHQ2EZRKOGLH:DQG]HLWXQJHQLKUHQ9HUIDVVHUQHLQ 0D[LPXP DQ )UHLKHLW ELHWHQ ]X VDJHQ ZDV PDQ ZLOO XQG ZLH PDQ ZLOO ZXUGHQVSUDFKOLFKH5HJHOQSUDNWLVFKQLHYHUOHW]W(VJDENHLQH$XVEUXFKV YHUVXFKHDXVGHU6SUDFKHZLHHV]XYHUPXWHQJHZHVHQZlUH2EZRKOGDV 0RWWR GHV 6HFKVWDJHUHQQHQV Å5HYROXWLRQ GXUFK *HVSUlFK´ DOVR GXUFK 7H[W ZDU ZXUGH DP 7H[W VHOEVW QLFKWV $XJHQVFKHLQOLFKHV UHYROXWLRQLHUW 'LH6SUDFKHZHOFKHMD7HLOGHVNULWLVLHUWHQJHVHOOVFKDIWOLFKHQ6\VWHPVLVW ZXUGHQLFKWYHUlQGHUWGLH6WUXNWXUQLFKWDXIJHEURFKHQ /LWHUDWXU )ODVFKEHUJHU6DELQH 6HFKV7DJH=UFKHU0DQLIHVW6HPLQDUDUEHLW8QLYHUVLWlW =ULFK *LOFKHU+ROWH\ ,QJULG   'LH HU %HZHJXQJ 'HXWVFKODQG :HVWHXURSD 86$ 0QFKHQ -lJHU6LHJIULHG /LQNH:|UWHU(LQLJH%HPHUNXQJHQ]XU6SUDFKHGHU$32,Q 0XWWHUVSUDFKH6² .OLPNH0DUWLQ6FKDUORWK-RDFKLP+J +DQGEXFK]XU.XOWXUXQG0HGLHQJH VFKLFKWHGHU6WXGHQWHQEHZHJXQJ6WXWWJDUW:HLPDU .XUODQVN\0DUF 'DV-DKUGDVGLH:HOWYHUlQGHUWH.|OQ /DFKHQPHLHU 'RPLQLN   'LH $FKWXQGVHFK]LJHU%HZHJXQJ ]ZLVFKHQ HWDEOLHU WHUXQGDOWHUQDWLYHUgIIHQWOLFKNHLW,Q.OLPNH0DUWLQ6FKDUORWK-RDFKLP+J  6² /KRWWD5RODQG 6LQGZLUÅJHOLQNW´ZRUGHQ"=XP(LQGULQJHQYRQHU9RNDEX ODULQGLH*HPHLQXQG%LOGXQJVVSUDFKH,Q6SUDFKHXQG/LWHUDWXULQ:LVVHQVFKDIW XQG8QWHUULFKW6² /LQNH$QJHOLND1XVVEDXPHU0DUNXV3RUWPDQQ3DXO5 6WXGLHQEXFK/LQJX LVWLNXQYHUlQGHUWH$XÁDJH 5HLKHJHUPDQLVWLVFKH/LQJXLVWLN 7ELQJHQ 0DWWKHLHU .ODXV -   3URWHVWVSUDFKH XQG 3ROLWMDUJRQ hEHU GLH SUREOHPDWLVFKH ,GHQWLWlWHLQHUÅ6SUDFKHGHU$FKWXQGVHFK]LJHU´,Q2WW8OULFK/XFNVFKHLWHU5R PDQ +J  %HOOHV OHWWUHV*UDIÀWL 6R]LDOH 3KDQWDVLHQ XQG $XVGUXFNVIRUPHQ GHU $FKWXQGVHFK]LJHU*|WWLQJHQ6² 0RVHU+XJR 'LH(QWZLFNOXQJGHUGHXWVFKHQ6SUDFKHVHLW,Q%HVFK :HUQHU5HLFKPDQQ 2VNDU6RQGHUHJJHU 6WHIDQ +J  6SUDFKJHVFKLFKWH (LQ +DQGEXFK%DQG%HUOLQ1HZQ@$EEDX>V@GHV/LEHUDOLVPXV(V KDEHHLQHQHXH3KDVHEHJRQQHQLQGHUGHU1DFKNULHJVOLEHUDOLVPXVQLFKWLP 2VWHQGHQ*HJQHUHUNHQQWVRQGHUQGLHLQQHQSROLWLVFKJHZHQGHWH$JJUHVVLRQDXI  DOOHQ(EHQHQ'LH(UVFKHLQXQJVIRUPHQVHLHQDQWLGHPRNUDWLVFK'LH([HNXWLYH VFKDIIWVLFKOHJDOH,QVWUXPHQWHXPHLQHDXI DXWRULWlUH9HUZDOWXQJEHVFKUlQNWH6WDDWV SODQXQJJU|‰WHQ$XVPD‰HVRKQHZLUNOLFKH.RQWUROOHGHUGHPRNUDWLVFKHQ,QVWLWXWLRQHQ LQ*DQJVHW]HQ]XN|QQHQ1HJW6 2VNDU1HJW]LHKW3DUDOOHOHQ]XU 'HPRNUDWLHJHVFKLFKWH'HXWVFKODQGV'LHSODQHQGHQ(LQJULIIHLQGDVJHVHOOVFKDIW OLFKH/HEHQKDEHQLQ'HXWVFKODQGELVKHUVWHWVGLH)XQNWLRQJHKDEWGLH2SSRVLWLRQDOV 6DQGLP*HWULHEH]XGLIIDPLHUHQHEG6I $XFKGHU+LVWRULNHU.DUO'LHW ULFK%UDFKHUYHUZHLVWDP-XQLDQOlVVOLFKHLQHUYRP$6W$GHU8QLYHUVLWlW %RQQYHUDQVWDOWHWHQ7UDXHUIHLHUDXI GLHGHPRNUDWLVFKHQ*UXQGUHFKWH (VJHKWXPXQVHU*UXQGJHVHW]$UWÄ'LH:UGHGHV0HQVFKHQLVWXQDQWDVWEDU6LH]XDFKWHQ XQG]XVFKW]HQLVW9HUSÁLFKWXQJDOOHUVWDDWOLFKHQ*HZDOW¶(VJHKWXPGLHXQYHUOHW]OLFKH)UHL KHLWGHU3HUVRQ$UW XQGGDV5HFKWGHV6WDDWVEUJHUVDXI IUHLH0HLQXQJVlX‰HUXQJ(VJHKW XPGDV5HFKWDXI .ULWLNXQG2SSRVLWLRQPLWGHPXQVHUH]ZHLWHGHXWVFKH'HPRNUDWLHVWHKWXQG IlOOW%UDFKHU6

%UDFKHUQLPPWGLH5XKHXQG2UGQXQJXPIDVWMHGHQ3UHLV$WPRVSKlUHDOV%HOHJ IU GDV JHVW|UWH 9HUKlOWQLV YRQ 6WDDWVEUJHU XQG $XWRULWlW LQ GLHVHU 'H PRNUDWLH$XVZHLVGLHVHV9HUKlOWQLVVHVVHL²GLH$UJXPHQWDWLRQHQWVSULFKW GHUMHQLJHQPLWGHUPDQGLH1RWVWDQGVJHVHW]HNRPPHQWLHUW² GD‰ZHQLJHUYRQ'HPRNUDWLHXQGXQWHLOEDUHU)UHLKHLWZLHGHUPHKUXQGPHKUYRQ6WDDWVDXWRULWlW XQG QDWLRQDOEHZX‰WHU 3ROLWLN JHVSURFKHQ ZLUG GD‰ SO|W]OLFK QLFKW PHKU GLH IUHLH %HWHLOLJXQJ XQG (QWIDOWXQJ GHV %UJHUV VRQGHUQ VHLQ *HKRUVDP JHJHQEHU MHGZHGHU 0D‰QDKPH GHU 2E ULJNHLWJHIRUGHUWZLUGGD‰JHJHQGLHÄDXÁ|VHQGHQ¶XQGÄ]HUVHW]HQGHQ¶.UlIWHGHU,QWHOOHNWXHOOHQ HLQÄ*HPHLQVFKDIWVGHQNHQ¶LP6LQQHÄDOOJHPHLQYHUSÁLFKWHQGHU:HUWYRUVWHOOXQJHQ¶JHIRUGHUWZLUG HEG6 

'DV)D]LWGLHVHU$QDO\VH%UDFKHUVODXWHWGDVZLGHUVSULFKWGHP'HPRNUDWLHEHJULII  XQVHUHV *UXQGJHVHW]HV GHU SOXUDOLVWLVFK LVW XQG QLFKW NRQIRUPLVWLVFK HEG 6 I 



+HLGUXQ.lPSHU

$XI  GHU 7UDXHUIHLHU GLH DP  -XQL YRP $6W$ XQG YRQ SROLWLVFKHQ 6WX GHQWHQJUXSSHQDQGHU8QLYHUVLWlW.|OQYHUDQVWDOWHWZXUGHIRUPXOLHUWGHU 6SUHFKHUIUGHQ6R]LDOLVWLVFKHQ'HXWVFKHQ6WXGHQWHQEXQG6'6 GHQ/L EHUDOHQ6WXGHQWHQEXQG'HXWVFKODQGV/6' XQGGHQ+DQV%|FNOHU.UHLV 3HWHU%XEHQEHUJHUGLH)HVWVWHOOXQJGD‰GHU7RGYRQ%HQQR2KQHVRUJQXUHLQ *OLHGGDUVWHOOWLQHLQHUODQJHQ.HWWHLP3UR]H‰GHV$EEDXVGHU'HPRNUDWLHXQGGHV $QZDFKVHQVQHRIDVFKLVWLVFKHU7HQGHQ]HQLQXQVHUHU*HVHOOVFKDIW%XEHQEHUJHU 6  >'LH 1RWVWDQGVJHVHW]H VLQG@ GDV *UXQGJHVHW] HLQHU ]XU =ZDQJVNDVHUQH DEJHULHJHOWHQ *HVHOO VFKDIWGLHVHU6WDDWLVWEHUHLWVLFKVHOEVW]XPIDVFKLVWLVFKHQ)KUHU]XPDFKHQ.UDKOD 6

'LHVHU5HGHEHLWUDJ+DQV-UJHQ.UDKOVDP0DLDXI GHP)UDQN IXUWHU5|PHUEHUJLVWHLQSURWRW\SLVFKHU%HOHJIUGLH$XVHLQDQGHUVHW]XQJ YRQHUQPLWGHP7KHPDÄ1RWVWDQGVJHVHW]H¶ÄGHU6WDDWGHUVHLQH%UJHU XQWHUGUFNW¶'HU'LVNXUV]XGHQ1RWVWDQGVJHVHW]HQGLHJHSODQWEHUHLWV VHLW  LQ GHQ -DKUHQ  SDUODPHQWDULVFK YRUEHUHLWHW XQG GHUHQ 9HUDEVFKLHGXQJ GHU *UR‰HQ .RDOLWLRQ DXIJUXQG HQWVSUHFKHQGHU 0HKU KHLWVYHUKlOWQLVVH DP  0DL  P|JOLFK ZXUGH DXFK GHU 'LVNXUV ]X GHQ1RWVWDQGVJHVHW]HQLVWJHNHQQ]HLFKQHWYRQHLQHPEUHLWHQ.RQVHQVGHU KHWHURJHQ]XVDPPHQJHVHW]WHQ'LVNXUVJHPHLQVFKDIW'HUEUHLWH.RQVHQV GUFNWVLFKQLFKW]XOHW]WLQHLQHPGRPLQDQWHQ$UJXPHQWDWLRQVPXVWHUDXV 9HUJOHLFKVPRPHQW LVW GHU IDVFKLVWLVFKH 6WDDW 'HU IU XQGHPRNUDWLVFK JHKDOWHQHGHP6WDDWXQEHVFKUlQNWH0DFKWPLWWHOYHUVFKDIIHQGH&KDUDNWHU GHU 1RWVWDQGVJHVHW]H YHUDQODVVW GLH 'LVNXUVWHLOQHKPHU LQ GLHVHQ *HVHW ]HQGDV,QVWUXPHQWHLQHV6WDDWHVPLWIDVFKLVWRLGHQ=JHQ]XVHKHQ'HU 

Å*HVWDQGHQH*HZHUNVFKDIWHUZLH2WWR%UHQQHUHPSIDQGHQGXUFKDXVGLHGURKHQGH1lKH HLQHVQHXHQ7RWDOLWDULVPXV/LEHUDOHDXVHLQHPJDQ]DQGHUHQ/DJHUVRJDU&'8/HXWH.RQ VHUYDWLYHYHUVFKLHGHQHU+HUNXQIW6LHDOOHZDUHQYRP8QJOFNGLHVHU1RWVWDQGVJHVHW]HEH WURIIHQQLFKW]XOHW]WGHVKDOEZHLOVLHVLFKQLFKWYRQGHP*HGDQNHQEHIUHLHQNRQQWHQGD‰ HVLPZHVHQWOLFKHQQLFKWXP9RUEHUHLWXQJIUGLH1RWVLWXDWLRQJHJHQGHQlX‰HUHQ)HLQG JLQJVRQGHUQXPLQQHUVWDDWOLFKH)HLQGHUNOlUXQJHQXQGXPOHJDOH0|JOLFKNHLWHQGHQLQQH UHQ)HLQG]X]HUVW|UHQ´1HJW6 

 Å'LHMHQLJHQGLHJHJHQGLHVH*HVHW]HRSSRQLHUWHQKDWWHQ([LVWHQ]lQJVWH,QGHQ.|SIHQ JDEHV9H[LHUELOGHUGHV)DVFKLVPXVXQG$QDORJLHQ]XP(QGHGHU:HLPDUHU=HLWVSLHOWHQ XQ]ZHLIHOKDIWHLQH5ROOH´1HJW6   Å9RUDOOHPGLHVHLW%HJLQQGHUHU-DKUHLQWHUQHU|UWHUWHQXQGLP0DLYHUDEVFKLHGHWHQ JHVHW]OLFKHQ0D‰QDKPHQIUGHQ)DOOHLQHVVWDDWOLFKHQ1RWVWDQGHVSD‰WHQLQGDV%LOGYRQ GHU9RUEHUHLWXQJHLQHVYRQJOHLFKJHVFKDOWHWHQ0DVVHQPHGLHQXQWHUVWW]WHQDXWRULWlUHQ6WDD WHVDOVÄQHXHV!¶ZLHHVYRQ$QKlQJHUQGHUVLFKYHUEUHLWHUQGHQ$X‰HUSDUODPHQWDULVFKHQ 2SSRVLWLRQ$32 DXI 7UDQVSDUHQWHQDOOHQ(UQVWHVEHKDXSWHWZXUGH$OOHUGLQJVWHLOWHDXFK GHU3KLORVRSK.DUO-DVSHUVGLHVHGVWHUH6LFKWXQGVWLH‰GDPLWEHLPELOGXQJVEUJHUOLFKHQ 3XEOLNXPDXI JUR‰H5HVRQDQ]´6FKLOGW6 

'HU)DVFKLVPXV'LVNXUV



'LVNXUV]XGHQ1RWVWDQGVJHVHW]HQVWHOOWLQVRIHUQHLQHQ]HQWUDOHQ6XEGLV NXUVGHV)DVFKLVPXV6HJPHQWVGDU:HQGXQJHQZLHGLNWDWRULVFKHU=XJULII GHV 1RWVWDQGVVWDDWHV :RUWELOGXQJHQ ZLH 1RWVWDQGVGLNWDWXU XQG 'LNWDWXUJHVHW]H VRZLH VSUDFKVSLHOHULVFKH 9HUIUHPGXQJHQ LQVEHVRQGHUH GLH :RUWELOGXQJ 16*HVHW]H²GDVVLQG'RNXPHQWHHLQHU6LFKWZHLVHDXI GLH*HVHW]HDOV(U VFKHLQXQJVIRUPHQHLQHV6WDDWHVPLWIDVFKLVWLVFKHQ7HQGHQ]HQ'LH3DUDOOH OLVLHUXQJYRQ)DVFKLVPXVXQG%XQGHVUHSXEOLNYLD1RWVWDQGVJHVHW]HOHLVWHQ $UJXPHQWH î Ä:LH GHU 1DWLRQDOVR]LDOLVPXV PXVV GHU JHJHQZlUWLJH 6WDDW VLFK GHV :LGHUVWDQGVHQWOHGLJHQ²GLH1RWVWDQGVJHVHW]HVROOHQHVHUP|JOLFKHQ JJIGLH:LGHUVWDQGVEHZHJXQJ]X]HUVFKODJHQXQGGLHQHQLQVRIHUQGHU +HUUVFKDIWVVLFKHUXQJ¶ î Ä:LHLP1DWLRQDOVR]LDOLVPXVHQWPDFKWHWVLFKGDV3DUODPHQWVHOEVWXQG PLVVDFKWHWGDPLW*UXQGJHVHW]XQGGHPRNUDWLVFKH3ULQ]LSLHQ¶ î Ä'LH 1RWVWDQGVJHVHW]H VLQG (UVDW] IU GHQ RIIHQWHUURULVWLVFKHQ )D VFKLVPXVXQG DOV8QWHUGUFNXQJVLQVWUXPHQW HLQHU XQGHPRNUDWLVFKHQ 6WDDWVPDFKW%HOHJIUODWHQWHQ)DVFKLVPXVGHUMHGHU]HLWLQRIIHQH*H ZDOWDXVEUHFKHQNDQQ¶  'LH(UPlFKWLJXQJVJHVHW]HYRP0lU]ZDUHQIUGLH16'$3HLQXQPLWWHOEDUQRWZHQGLJHUXQGXQ PLWWHOEDUIXQNWLRQDOHU+HEHO]XUVRIRUWLJHQRIÀ]LHOOHQ8PZDQGOXQJGHUSDUODPHQWDULVFKHQ6WDDWVKOVHLQ HLQIDVFKLVWLVFKHV6\VWHP'LH1RWVWDQGVJHVHW]HYRP-XQLWUHIIHQGDJHJHQQXUGLH9RUVRUJH]XU=HU VFKODJXQJSRWHQWLHOOHUGHPRNUDWLVFKHURGHUUHEHOOLVFKHU0DVVHQEHZHJXQJHQ5HLFKH6 6RZLHGHU )DVFKLVPXVHLQPDODQGHU0DFKWVLFKVHLQHUHLJHQVWHQJHQXLQIDVFKLVWLVFKHQ.HUQWUXSSHHQWOHGLJHQPX‰WH GDPLWHUVHLQH$XIJDEHLP'LHQVWGHV.DSLWDOLVPXVHUIOOHQNRQQWHVRZXUGHHVQDFKGHP)DVFKLVPXVIU MHGHVUHVWDXUDWLYHNDSLWDOLVWLVFKGHPRNUDWLVFKH6\VWHPHLQHhEHUOHEHQVIUDJHGD‰ZLUNOLFKNHLQHIXQGDPHQ WDOGHPRNUDWLVFKH%HZHJXQJDXINlPHGLHLKUHUVHLWVVRUDGLNDOGHPRNUDWLVFKZUGHGD‰VLHGLHNDSLWDOLVWL VFKHQ)HVVHOQGHVIRUPDOGHPRNUDWLVFKHQ6\VWHPV]XVSUHQJHQGURKWH'LHVHVJUR‰H3URJUDPPGHUSROLWLVFKHQ XQG |NRQRPLVFKHQ +HUUVFKDIWVVLFKHUXQJ LP NDSLWDOLVWLVFKHQ 7HLO 'HXWVFKODQGV ZLUG JHJHQZlUWLJ PLW GHQ 1RWVWDQGVJHVHW]HQDEJHVFKORVVHQ'LHVH1RWVWDQGVJHVHW]HKDEHQLPPHUQRFKHLQHSUlYHQWLYH)XQNWLRQVLH VLQGGHU5LHJHOJHJHQHLQHP|JOLFKHUZHLVHGRFKQRFKDXINRPPHQGHGHPRNUDWLVFKH%HZHJXQJHEG6  SROLWLVFKH+HUUVFKDIWVVLFKHUXQJGXUFKGLH9HUDEVFKLHGXQJGHU16*HVHW]H6'66   'HU,QQHQVHQDWRUYRQ:HVWEHUOLQ1HXEDXHUKDWEHNDQQWOLFKJHPHLQWDXI HLQSDDU7RWHNRPPHHVQLFKWDQ'LHVH YHUEUHFKHULVFKH*OHLFKJOWLJNHLWZLUGLQGHU1RWVWDQGVSODQXQJWHFKQLVFKSHUIHNWLQQDWLRQDOHP0D‰VWDEVLFKWEDU 'LH%UJHUNULHJVSODQHUKDEHQVHOEVWGDV*UXQGJHVHW]]XPDOWHQ(LVHQJHZRUIHQMHW]WZROOHQVLHXQV]XU9HUIDV VXQJVWUHXHHUPDKQHQ$EHUGLH1RWVWDQGVVWUDWHJHQKDEHQGLH5HFKQXQJRKQHXQVDOOHJHPDFKW:LUZHUGHQQLFKWLQ DOOHU5XKH]XVHKHQZLHHLQ3DUODPHQW]XP]ZHLWHQ0DOLQGHUGHXWVFKHQ*HVFKLFKWHVLFKVHOEVWYROOHQGVEHUÁVVLJ PDFKWXQGXQVGLHQHXH'LNWDWXUEHVFKHUW:ROII  7UDQVIRUPDWLRQGHU'HPRNUDWLHLQGHQ1RWVWDQGVVWDDW %HUOLQHU([WUDGLHQVW 

 'LH%XQGHVUHSXEOLNLQLKUHUMHW]LJHQSROLWLVFKHQ2UJDQLVDWLRQXQGQRFKPHKUGXUFKGLHLP*UXQGHYROONRP PHQLOOHJLWLP]XVWDQGHJHNRPPHQHQ1RWVWDQGVJHVHW]H>PDFKW@GHQ)DVFKLVPXVEHUÁVVLJGHQ)DVFKLVPXV LP6LQQHGHVRIIHQHQWHUURULVWLVFKHQ6\VWHPV$JQROLD6I JHVHOOVFKDIWOLFKHQ=ZDQJVFKDUDNWHU PLWGHU9HUDEVFKLHGXQJGHU1RWVWDQGVJHVHW]HUHFKWVNUlIWLJHQ$XVGUXFNYHUOLHK.UDKOE6  GLHKHUUVFKHQGH*HZDOWSUlVHQWLHUWLKUH%HUHLWVFKDIW]XUQDFNWHQ8QWHUGUFNXQJDOV*HVHW]%HUOLQHU ([WUDGLHQVW (LQHGHU+DXSWJHIDKUHQGHU1RWVWDQGVJHVHW]HLVWGDVVVLHHLQJHVHW]OLFKHV,QVWUXPHQ WDULXPIUHLQHQLQQHQSROLWLVFKHQ6WDDWVVWUHLFKVFKDIIHQ'LH1RWVWDQGVJHVHW]HZUGHQGHQYHUIDVVXQJVZLGUL



+HLGUXQ.lPSHU

î Ä'LH 1RWVWDQGVJHVHW]H RIIHQEDUHQ GLH NDSLWDOLVWLVFKH 1HLJXQJ ]X UH SUHVVLYHQ0D‰QDKPHQXQGVLQGLQGHUEXQGHVUHSXEOLNDQLVFKHQ9HUIDV VXQJDQJHOHJW¶ ,P-XQLEHVFKUHLEW2VNDU1HJWLQHLQHPIUGLH6'6=HLWVFKULIWÄQHXH NULWLN¶YHUIDVVWHQ%HLWUDJHLQHQVSUDFKOLFKHQ3UR]HVV 'HU %RXOHYDUGSUHVVH XQG UHFKWVJHULFKWHWHQ ÅVHUL|VHQ´ %OlWWHUQ LVW HV LQ]ZLVFKHQ JHOXQJHQ GLH 6SUDFKIRUPHOYRPÅ/LQNVIDVFKLVPXV´PLWGHU9RUVWHOOXQJYRQHLQHUDXI 6HOEVWLVROLHUXQJEHGDFK WHQ0LQRULWlW]XYHUELQGHQGLHLKUHHOLWlUHQXQGPDQLSXODWLYHQ=ZHFNHWHUURULVWLVFKGXUFKVHW]W 6RNRQQWHGHUJHVDPWHVR]LDOSV\FKRORJLVFKH%HUHLFKGHUÅXQDXIJHDUEHLWHWHQ9HUJDQJHQKHLW´GLH 0HFKDQLVPHQGHU6FKXOGXQG$EZHKUGHU3URMHNWLRQUHDNWLYLHUWXQGLQGHQ'LHQVWGHU%H NlPSIXQJGHUVWXGHQWLVFKHQ0LQGHUKHLWJHVWHOOWZHUGHQ(VZDU]XHUZDUWHQGD‰GLH0DVVHQ EOlWWHUGHQDEVHKEDUHQ9HUOXVWGHU:LUNVDPNHLWDQWLNRPPXQLVWLVFKHU3DUROHQVRVFKQHOOZLH P|JOLFKDXVJOHLFKHQPX‰WHQXPHLQDXI HPRWLRQDOH5HDNWLRQHQGUHVVLHUWHV3XEOLNXPZHLWHUKLQ ]XELQGHQ$EHUGDV6SH]LÀVFKHGHUQHXHQ6LWXDWLRQEHVWHKWGDULQGD‰HLQ(OHPHQWZLUNOLFKHU ZHQQDXFKXQDXIJHNOlUWHU)XUFKWYRUGHP)DVFKLVPXVJHUDGHOLEHUDOH.ULWLNHUYHUDQOD‰WHGLH SROLWLVFKH 6SUDFKH XP OHLFKW ID‰OLFKH 6\PEROH ]XU ,GHQWLÀ]LHUXQJ OLQNHU )HLQGJUXSSHQ ]X EH UHLFKHUQ/LEHUDOHU0HQWDOLWlWHQWVSULQJWHLQHSROLWLVFKH6SUDFKHGHUVLFKPLWWOHUZHLOHDOOHDXFK 13')XQNWLRQlUH EHGLHQHQÅOLQNHU)DVFKLVPXV´Å$QDUFKR)DVFKLVPXV´Å,QTXLVLWLRQYRQ OLQNV´XDP1HJWD6I

'LH 9RUJHVFKLFKWH GLHVHV 3UR]HVVHV EHJLQQW LP $SULO  PLW GHU =X VFKUHLEXQJIDVFKLVWLVFKH0HWKRGHQ6LHJLEWGHQGLVNXUVLYHQ,PSXOVXQGVSlWHV WHQVLP)UKMDKUHUKDOWHQGLHVWLJPDWLVLHUHQGHQ6WHUHRW\SHIDVFKLVWLVFK )DVFKLVPXV HLQH VLJQLÀNDQWH NRPPXQLNDWLYH )XQNWLRQ $P  $SULO  SURWHVWLHUHQ6WXGHQWHQPLWHLQHP6LWLQLQGHU)8%HUOLQJHJHQYHUVFKLH GHQH0D‰QDKPHQGHU8QLYHUVLWlWVYHUZDOWXQJ5HNWRU/LHEHULVWGHU$Q VLFKW PDQ GHPRQVWULHUH PLW IDVFKLVWLVFKHQ 0HWKRGHQ YJO 'DPHURZ  6 ,P0DLHUNHQQWGHU5HNWRUGHU+DPEXUJHU8QLYHUVLWlWLQHL JHQ$XVQDKPH]XVWDQGZLHHUQDFKGHP-XQLYRQGHUSROLWLVFKHQ)KUXQJSURNODPLHUWZRUGHQZDUVHLQHV VWDDWVVWUHLFKlKQOLFKHQ&KDUDNWHUVHQWNOHLGHQXQGLKQOHJDOLVLHUHQ1HYHUPDQQ6   9RQGHU'LVNXVVLRQEHUGLHP|JOLFKH)DVFKLVLHUXQJGHU%5'VFKUHLEWPDQGHU9HUDEVFKLHGXQJGHU1RW VWDQGVJHVHW]H]HQWUDOH%HGHXWXQJ]X'LH$XIIDVVXQJDEHUGD‰GLH1RWVWDQGVJHVHW]HHLQHQ%UXFKLQGHU .RQWLQXLWlWGHUSROLWLVFKHQ(QWZLFNOXQJXQGGHU9HUIDVVXQJLQ:HVWGHXWVFKODQGGDUVWHOOHQPDJDJLWDWRULVFK ULFKWLJVHLQWULIIWGLH6DFKHVHOEVWQLFKW'LH1RWVWDQGVJHVHW]HVHW]HQNHLQHQHXHQ$N]HQWHVLHHQWKOOHQ YLHOPHKUGLHSROLWLVFKH4XDOLWlWGHU9HUIDVVXQJVHQWZLFNOXQJHLQHV6WDDWHVGHUDOV2UJDQLVDWLRQHLQHUND SLWDOLVWLVFKSURGX]LHUHQGHQ*HVHOOVFKDIWLPPHUGLH7HQGHQ]KDWLQEHVRQGHUHQJHVFKLFKWOLFKHQ6LWXDWLRQHQ ]XUHSUHVVLYHQ0D‰QDKPHQ]XJUHLIHQ$JQROL GHQVLFK]XQlFKVWUDGLNDOGHPRNUDWLVFKDUWL NXOLHUHQGHQ3URWHVWJHJHQGLH)RUPLHUXQJVPD‰QDKPHQGHV6SlWNDSLWDOLVPXV1RWVWDQGVJHVHW]HXVZ ]XP 3URWHVWJHJHQHLQ6\VWHP]XPDFKHQGDVQRWZHQGLJ]XIDVFKLVWRLGHQ/|VXQJHQVHLQHU:LGHUVSUFKHWHQGLHUW 5HLFKH*lQJ6I   $QODVVGLHVHV6LWLQVVLQGGLH(LQOHLWXQJYRQ'LV]LSOLQDUYHUIDKUHQJHJHQGLHVRJHQDQQWHQ+XPSKUH\ $WWHQWlWHU  GLH 6SHUUXQJ GHU =XVFKVVH IU GLH 6WXGHQWHQVFKDIW %HPKXQJHQ GHP 6'6 GLH Ä)|UGH UXQJVZUGLJNHLW¶DE]XVSUHFKHQXQGGHU9HUVXFK9RUOHVXQJVUH]HQVLRQHQLP)86SLHJHOGHV$6W$]X XQWHUGUFNHQ'DPHURZ6 

'HU)DVFKLVPXV'LVNXUV



QHP6LWLQIDVFKLVWLVFKH=JH3URIHVVRU7DXEHVQLPPWDP-XQLLQVHLQHP %HLWUDJ DXI  GHU 9ROOYHUVDPPOXQJ LP $XGLPD[ GHU 8QLYHUVLWlW +DPEXUJ ]XGHP7KHPDÄ:LVVHQVFKDIWXQG)DVFKLVPXV¶GDUDXI %H]XJ'DV*HVSHQVW GHV)DVFKLVPXVJHKWXP'DV:RUWLVWJHIDOOHQ7DXEHV6 $P0DL UHDJLHUWGHU)UDQNIXUWHU6'6DXI HLQH)HVWDQVSUDFKH+RUNKHLPHUVGLHGLH VHU]XGHP7KHPDÅ$PHULNDKHXWHLP%HZX‰WVHLQGHU'HXWVFKHQ=XP 3UREOHPGHU9HUVWlQGLJXQJ´DP0DL]XU(U|IIQXQJHLQHUGHXWVFK DPHULNDQLVFKHQ)UHXQGVFKDIWVZRFKHJHKDOWHQKDW+RUNKHLPHUIRUPXOLHUW GDULQVHLQH6\PSDWKLHIU$PHULNDZDVGHQ6'6YHUDQODVVWGLHVDOV$SRORJLH GHV)DVFKLVPXVXQG,PSHULDOLVPXV6'66 ]XVFKPlKHQ+RUNKHL PHUGHUELVGDKLQGHQ|IIHQWOLFKHQ6WUHLWJHVFKHXWKDWWH%HKUPDQQ 6 UHDJLHUWVHLQHUVHLWVPLWHLQHP%ULHILQGHPHUVHLQHU)XUFKWYRUGHU 9HUZDQGWVFKDIWGHVVHQZDVKHXWHVLFKNRPPXQLVWLVFKQHQQWPLWIDVFKLVWLVFKHP7HUURU +RUNKHLPHU6 $XVGUXFNJLEW ,QVEHVRQGHUH+DEHUPDV·,QYHNWLYHYRP-XQLDEHUG\QDPLVLHUW XQGHPRWLRQDOLVLHUW >5XGL'XWVFKNHKDW@HLQHYROXQWDULVWLVFKH,GHRORJLHHQWZLFNHO>W@GLHPDQLP-DKUHXWR SLVFKHQ 6R]LDOLVPXV JHQDQQW KDW GLH DEHU XQWHU KHXWLJHQ 8PVWlQGHQ ² MHGHQIDOOV JODXEH LFK *UQGH]XKDEHQGLHVH7HUPLQRORJLHYRU]XVFKODJHQ²ÄOLQNHQ)DVFKLVPXV¶QHQQHQPX‰+D EHUPDV6

'LHVHU5HGHEHLWUDJ-UJHQ+DEHUPDV·LVWHLQSURWRW\SLVFKHU%HOHJIUGLH $XVHLQDQGHUVHW]XQJYRQHUQPLWGHP7KHPDÄ*HZDOW¶Ä6WXGHQWHQGLH GHQ6WDDWSURYR]LHUHQ¶+DEHUPDVDWWULEXLHUWGDV6WHUHRW\S)DVFKLVPXVPLW GHP3DUWQHUZRUWOLQNVXQG]ZLQJWGDPLWSROLWLNVHPDQWLVFKH*HJHQVlW]HLQ HLQ *OHLFKKHLWVYHUKlOWQLV :DV ]XYRU LP 'LVNXUV RKQH 6SH]LÀ]LHUXQJ JH EUDXFKWZXUGHHUKlOWQXQPHKUHLQ$WWULEXWZRPLWHLQDQGHUDXVVFKOLH‰HQ GH .RQ]HSWH LQ HLQHQ .RQWH[W JHEUDFKW ZHUGHQ +DEHUPDV EH]LHKW]ZHL &KLIIUHQPLWKRKHPDVVR]LDWLYHP3RWHQ]LDODXIHLQDQGHUGHUHQ(YRNDWLR QHQHLQDQGHUZLGHUVSUHFKHQOLQNVLVWDQWLIDVFKLVWLVFK)DVFKLVPXVLVWUHFKWV 'LHVHDSRUHWLVFKHDQWRQ\PLVFKH.RQVWHOODWLRQEHZLUNWGLH'XUFKVHW]XQJ /LQNHU)DVFKLVPXV²GDV:RUWLVWGDXQGEHKHUUVFKWGHQ'LVNXUV'LH.UDIW GHV7RSRVGRNXPHQWLHUWVHLQHKRKHLQWHUGLVNXUVLYH3UlVHQ]GLHVLFK]% LQ GHU ZLW]LJHQ 6HOEVWEH]HLFKQXQJ PDQLIHVWLHUW %HUOLQV OLQNH )DVFKLVWHQ JU ‰HQ7HGG\GHQ.ODVVL]LVWHQLVWDXI HLQHP7UDQVSDUHQW]XOHVHQGDVLP=XJH GHVQDFKGHP6WUHLWXPGHQ,SKLJHQLH9RUWUDJ]ZLVFKHQ$GRUQRHLQHUVHLWV .RPPXQH,,XQG6'6DQGHUHUVHLWVHQWVWDQGHQHQ7XPXOWVDQGHU)8%HU  $OV %HQHQQXQJVPRWLY YHUPXWHW %HKUPDQQ EHUVWHLJHUWH (UZDUWXQJHQ :HLO VLH QLFKW PLW GHP1DWLRQDOVR]LDOLVPXVLQ9HUELQGXQJJHEUDFKWZHUGHQNRQQWHXQGGDKHUÅPRUDOLVFKSUL YLOHJLHUW´ZDUULFKWHWHQVLFKÅDQGLHVH>HU@*HQHUDWLRQGDKHUEHVRQGHUH(UZDUWXQJHQ ZLHVLH-UJHQ+DEHUPDVLQ+DQQRYHUDUWLNXOLHUWKDWWH:HLOEHU]RJHQZDUHQGLHVH(UZDU WXQJHQDEHUDXFKEHVRQGHUVHQWWlXVFKXQJVDQIlOOLJ´%HKUPDQQ6 



+HLGUXQ.lPSHU

OLQ DP  -XOL  HQWIDOWHW ZXUGH YJO .UDXVKDDU    'HU 'LV NXUVVHW]WVLFKIRUWHWZDPLWGHU%HZHUWXQJGHV5HNWRUVGHU)UDQNIXUWHU 8QLYHUVLWlW5HJJGHULP1RYHPEHUGLH*R,QVLQGLH9RUOHVXQJHQ YRQ &DUOR 6FKPLG XQG ,ULQJ )HWVFKHU ]X GHQHQ GHU 6'6 )UDQNIXUW DP  1RYHPEHU DXIJHUXIHQ KDW DOV (LQEXQJ IDVFKLVWLVFKHU 7HUURUPHWKRGHQ GH QXQ]LHUW VFKOLH‰OLFK PLW GHP YRQ GHP +DEHUPDV'RNWRUDQGHQ 2VNDU 1HJW LQLWLLHUWHQ 3URMHNW Ä'LH /LQNH DQWZRUWHW +DEHUPDV¶ 'DVV GHU 9RU ZXUI +DEHUPDV·YRQGHQ/LQNHQDOV$XVGUXFNIUHLQHHUQVWH(QW]ZHLXQJ JHKDOWHQZLUGGUFNWGLHVHV3URMHNWDXV0DQVHW]WVLFKGDPLWPLWGHUYRQ GHQ$NWLYLVWHQDOV$XWRULWlWXPZRUEHQHQ+DEHUPDVGHPPLWLKQHQMDZHLW JHKHQG VROLGDULVFKHQ 7KHRULHOLHIHUDQWHQ DXVHLQDQGHU ² 2VNDU 1HJW VHLQ 6FKOHUVSLHOWGDEHLRIIHQVLFKWOLFKGLH5ROOHHLQHVGLVNXUVLYHQ0HGLDWRUV,Q GHU(LQOHLWXQJ]XGLHVHP6DPPHOEDQGVWHOOW1HJWIHVWGDVVGLH$QHUNHQ QXQJÅGHUSURYRNDWLYHQ*HZDOWDQZHQGXQJXQGGHUEHJUHQ]WHQ5HJHOYHU OHW]XQJHQVFKOLH‰OLFKDXFKGD]XIKUWHGD‰HU>+DEHUPDV@GHQ9RUZXUI  GHVÄOLQNHQ)DVFKLVPXV¶VWLOOVFKZHLJHQG]XUFNQDKP´1HJWE6  %HLIDOOZLUGHUGDIUYRQ7KHRGRU:$GRUQRHUKDOWHQKDEHQ6HLQH%HL WUlJH ]X GHP DXI  GLH VWXGHQWLVFKH /LQNH EH]RJHQHQ )DVFKLVPXV'LVNXUV VLQGGLHHLQHV0HQWRUV$GRUQRVWHOOWVLFKYRUGLHVWXGHQWLVFKH/LQNHDP 1RYHPEHUHWZDLP5DKPHQVHLQHUbVWKHWLN9RUOHVXQJ²,FKP|FK WHDEHUGRFKVDJHQJHUDGHLQGLHVHP=XVDPPHQKDQJGD‰LFKGHQ9RUZXUI IDVFKLVWLVFKHU 0HWKRGHQQLFKWIUJHUHFKWIHUWLJWKDOWH²LQGHPHUPLW%HGDFKWXQGZRKOEHJUQ GHW YRQ VHLQHQ SHUV|QOLFKHQ (UIDKUXQJHQ PLW IDVFKLVWLVFKHQ 0HWKRGHQ EHULFKWHWZLHHLQH+RUGHIDVFKLVWLVFKHU6WXGHQWHQLQGLH8QLYHUVLWlWJHVWUPW LVWXQGGLH'LVVHUWLHUHQGHQYHUSUJHOWKDW'HU8QWHUVFKLHG]ZLVFKHQGLHVHU(U IDKUXQJXQGGHUVWXGHQWLVFKHQ$NWLRQGHV*RLQVVHLGHU8QWHUVFKLHGXPGDV *DQ]H'LHVHU8QWHUVFKLHGEHJUQGHVLFKGDULQGDVVHLQH%HZHJXQJGLHQLFKW PLW0LWWHOQGHVSK\VLVFKHQ7HUURUVRSHULHUWXQGGLHDXVGUFNOLFKQLFKWDXI HLQHHOLWlUH RGHU0LQGHUKHLWHQKHUUVFKDIWDXVLVWHLQH%HZHJXQJGLHYLHOPHKUVLFK]XP=LHO GLH$XINOlUXQJGHUGHPRNUDWLVFKHQ0DMRULWlWJHPDFKWKDWGDVVHLQHVROFKH%HZH JXQJHEHQDXFKGDQQPLWGHP)DVFKLVPXVQLFKW]XLGHQWLÀ]LHUHQVHLZHQQHLQ]HOQH 'LQJHYRUNRPPHQGLHPLWXQVHUHQWUDGLWLRQHOOGHPRNUDWLVFKHQ6SLHOUHJHOQQLFKWJDQ] EHUHLQVWLPPHQ0LWGLHVHU%HJUQGXQJOHKQW$GRUQRGDV3UlGLNDWIDVFKLVWLVFK DXVGUFNOLFKDE²6RZUGHLFKIUPHLQHQ7HLOGLHGHPRQVWULHUHQGHQ6WXGHQWHQJHJHQ GHQ 9RUZXUI  GHV )DVFKLVPXV YHUWHLGLJHQ ² XP DOV ZHLWHUHV $UJXPHQW GDV GHU SK\VLVFKHQ*HZDOW]XQHQQHQ 'LH $NWLRQHQ VHOEVW KDEHQ MD ELV MHW]W QLFKW GHQ &KDUDNWHU GHU ]HUWUDPSHOQGHQ SK\VLVFKHQ *HZDOWWlWLJNHLW JHKDEW VRQGHUQ KDEHQ VLFK GXUFK GHQ HLJHQHQ &KDUDNWHU TXDOLWDWLY YRQ GHQ IDVFKLVWLVFKHQ$NWLRQHQXQWHUVFKLHGHQ$GRUQR6  ,QHLQHP,QWHUYLHZPLW:ROIJDQJ.UDXVKDDULP-DKUEH]HLFKQHW1HJWGLHVHV3URMHNW DOVÅ:LHGHUJXWPDFKXQJ'DPDOVLVWYRQHLQHU*UXSSHYRQ/HXWHQ+DEHUPDVJHJHQEHU HLQH)RUPGHU$UURJDQ]LP6SLHOJHZHVHQGLHDOOHVDQGHUHDOVJHUHFKWIHUWLJWZDU´.UDXVKDDU ,,, 

'HU)DVFKLVPXV'LVNXUV



'LHVH 6NL]]H GHV 'LVNXUVYHUODXIV PDFKW GHXWOLFK )DVFKLVPXVIDVFKLVWLVFK LVW HLQH KRFKZLOONRPPHQH .DWHJRULH ]XU %HZHUWXQJ ZLGHUVWlQGLVFKHQ VWX GHQWLVFKHQHEHQVRZLHVWDDWOLFKDXWRULWlUHQ9HUKDOWHQV'LHNRPPXQLNDWLYH %HGLQJXQJGLHVHV'LVNXUV6HJPHQWVMHGRFKLVWHLQHYRQ]XWLHIVWDQWLIDVFKLV WLVFKHP6HOEVWYHUVWlQGQLVDOOHU%HWHLOLJWHQEHVWLPPWH.RQVWHOODWLRQGLHGLH LQMXULHUHQGH .UDIW GHV 6WHUHRW\SV DXVPDFKW 'HVVHQ (UIROJ LP 'LVNXUV OlVVW VLFK GDPLW HUNOlUHQ GDVV DOOH %HWHLOLJWHQ JHSUlJW VLQG YRQ GH]LGLHUW DQWLIDVFKLVWLVFKHP 'HQNHQ .HLQ 3ROLWLNHU NHLQ 9HUWUHWHU GHU 0HGLHQ LP 1DFKNULHJVGHXWVFKODQG GHU QLFKW GHQ $QWLIDVFKLVPXV H[SOL]LW DOV JHVHOO VFKDIWOLFKH /HLWLGHH YHUWHLGLJW ² ZLU VSUHFKHQ YRP |IIHQWOLFKHQ 'LVNXUV 'LH(PLJUDQWHQ+RUNKHLPHUXQG$GRUQRKDEHQVHLWGHQGUHL‰LJHU-DKUHQ LKUH ZLVVHQVFKDIWOLFKH $UEHLW GDUDXI  DEJHVWHOOW +DEHUPDV YHUVWHKW VHLQH $QDO\VHQDOV%HLWUDJ]XHLQHUGXUFKXQGGXUFKGHPRNUDWLVFKHQXQGGDPLW YRQMHJOLFKHQIDVFKLVWLVFKHQ7HQGHQ]HQIUHLHQ*HVHOOVFKDIW(EHQVRGLHVWX GHQWLVFKH/LQNH²PLW3HWHU6FKQHLGHUÅ'HUDQWLIDVFKLVWLVFKH,PSXOVGHU HU%HZHJXQJLVWGDVEHVWLPPHQGHHPRWLRQDOH0RWLYGHU5HEHOOLRQ LQ'HXWVFKODQGJHZHVHQ´6FKQHLGHU6 8QWHUGLHVHQ9RUDXV VHW]XQJHQKDWGDV6WHUHRW\SJDQ]RIIHQVLFKWOLFKGHQYRQMHJOLFKHUGHQRWLH UHQGHQ)XQNWLRQIHUQHQ&KDUDNWHUHLQHU,QYHNWLYHHLQHU%HOHLGLJXQJGHUHQ SHUORNXWLYH.UDIWVLFKHQWZLFNHOWZHLOGDV'HQRWDWGHU=XVFKUHLEXQJXQG GDV6HOEVWYHUVWlQGQLVGHUGDPLW9HUVHKHQHQDOOHUJU|‰WH*HJHQVlW]HELOGHQ )UDJHQ ZLU QXQ QDFK GHQ EHJULIÁLFKWKHRUHWLVFKHQ 9RUDXVVHW]XQJHQ GHV)DVFKLVPXV'LVNXUVHV:HOFKHV)DVFKLVPXV.RQ]HSWOLHJWGHP'LVNXUV ]XJUXQGH" 

'LHWKHRUHWLVFKHQ9RUDXVVHW]XQJHQ

'LH.DWHJRULH)DVFKLVPXVLVWDIÀQ]XGHQNODVVLVFKHQOLQNHQE]ZNRPPX QLVWLVFKHQ7KHRULHQ'LHVH7KHRULHQEHUQHKPHQYRQ%HJLQQDQ)DVFKLVPXV DOV.DPSIZRUWGHUSROLWLVFKHQ$XVHLQDQGHUVHW]XQJPLWGHP*HJQHU,Q GHU NODVVLVFKHQ NRPPXQLVWLVFKHQ )DVFKLVPXV'HÀQLWLRQ VLQG GLHMHQLJHQ (OHPHQWH HQWKDOWHQ DXI  GLH VLFK GLH DQWLIDVFKLVWLVFKH DQWLNDSLWDOLVWLVFKH .ULWLVFKH7KHRULH²DOV)DVFKLVPXVWKHRULH²EH]LHKWXQGGLHHVGHQ'LV  ,Q GHQ IUKHQ HU -DKUHQ ZLUG )DVFKLVPXVIDVFKLVWLVFK DOV 6HOEVWEH]HLFKQXQJ YRQ 0LW JOLHGHUQGHUYRQ0XVVROLQLJHJUQGHWHQLWDOLHQLVFKHQVHOWHQHUDXFKYRQ$QJHK|ULJHQGHU 1D]L%HZHJXQJ YHUZHQGHW *OHLFK]HLWLJ LVW HV DXFK .DPSIZRUW GHV SROLWLVFKHQ *HJQHUV LQVEHVRQGHUHGHU.RPPXQLVWHQXQGGHU6R]LDOGHPRNUDWHQ'LHNODVVLVFKH'HÀQLWLRQODXWHW Å'HU)DVFKLVPXVLVWGLHRIIHQHWHUURULVWLVFKH'LNWDWXUGHUDPPHLVWHQUHDNWLRQlUHQFKDXYL QLVWLVFKHQXQGLPSHULDOLVWLVFKHQ(OHPHQWHGHV)LQDQ]NDSLWDOV´]LWQDFK%UXQQHU&RQ]H .RVHOOHFN%DQGVY)DVFKLVPXV6 =XP6HOEVWYHUVWlQGQLVGHU''5DOVDQWLID VFKLVWLVFKXQG]XP$QWHLOGHU$QWLIDVFKLVWHQDPSROLWLVFKHQXQGJHVHOOVFKDIWOLFKHQ$XIEDX GHU''5YJO.lPSHU6IIXQG6II 



+HLGUXQ.lPSHU

NXUVEHWHLOLJWHQYRQHUODXEWGLHJHVHOOVFKDIWOLFKHQ6WUXNWXUHQGHU %XQGHVUHSXEOLN'HXWVFKODQGVXEVSHFLH)DVFKLVPXV]XDQDO\VLHUHQ7HUUR ULVWLVFKH'LNWDWXUGDVLVW]XP%HLVSLHOGHU3ROL]HLWHUURUGHPDP-XQL %HQQR2KQHVRUJ]XP2SIHUÀHO$OVUHDNWLRQlUFKDXYLQLVWLVFKXQGLPSHULDOLV WLVFKJHOWHQGHQVWXGHQWLVFKHQ$NWLYLVWHQGLH+HUUVFKHQGHQPLW)LQDQ]NDSL WDONDQQPDQVLFKDXI GHQ6SlWNDSLWDOLVPXV1DFKNULHJVGHXWVFKODQGVEH]LH KHQ9RQGHU.ULWLVFKHQ7KHRULHHUKlOWGLHVWXGHQWLVFKH/LQNHDOVRDXFK LKUH$UJXPHQWHLP.RQWH[WGHV)DVFKLVPXV'LVNXUVHV6LHYHUGLFKWHQVLFK LQGHU/LJDWXUYRQ)DVFKLVPXVXQG.DSLWDOLVPXVXQGYRQIDVFKLVWLVFKXQGDXWR ULWlU'LHVH/LJDWXUZLUG]XPHLQHQPLWGHUYRQ+RUNKHLPHUHQWZLFNHOWHQ .DWHJRULHGHVDXWRULWlUHQ6WDDWV]XPDQGHUQPLWYRQ$GRUQRHQWZLFNHOWHQ GHVDXWRULWlUHQ&KDUDNWHUVYROO]RJHQ%HLGHVLQG(UJHEQLVVHYRQ)DVFKLVPXV DQDO\VHQ :DV +RUNKHLPHUV 7KHRULH VR EHUDXV JHHLJQHWPDFKW GHQ HU'LV NXUVDUJXPHQWDWLYDXV]XVWDWWHQLVWVHLQ.DSLWDOLVPXV.RQ]HSWPLWGHPHU DXI  GDV |NRQRPLVFKH 6WUXNWXUHOHPHQW GHV GHXWVFKHQ )DVFKLVPXV %H]XJ QLPPW0DQIROJWVHLQHP&UHGRÅ:HUDEHUYRP.DSLWDOLVPXVQLFKWUHGHQ ZLOOVROOWHDXFKYRP)DVFKLVPXVVFKZHLJHQ´+RUNKHLPHU6 XQG VFKDIIWVLFKVRHLQH$UJXPHQWDWLRQVEDVLV²VR]%+DQV-UJHQ.UDKOGHU GLHHLQJlQJLJH6HQWHQ]+RUNKHLPHUVUHIRUPXOLHUW²0D[+RUNKHLPHUV7KHR UHPGD‰GHU0RQRSRONDSLWDOLVPXVSRWHQWLHOO)DVFKLVPXVLVWEHVWHKW]X5HFKW.UDKO F6I ²VR]%-RKDQQHV$JQROLGHUGLH5HIRUPXOLHUXQJ.DSLWD OLVPXVIKUW]XP)DVFKLVPXVXPHLQH6SH]LÀ]LHUXQJHUJlQ]W (EHQVRZLHGLHXQJOHLFKPl‰LJH(QWZLFNOXQJGHV.DSLWDOLVPXV]XYHUVFKLHGHQHQKLVWRULVFKHQ(U VFKHLQXQJVIRUPHQGHV)DVFKLVPXVJHIKUWKDWVRVSH]LÀ]LHUWVLFKKHXWHGDV9HUKlOWQLVGHV.DSL WDOLVPXV]XP)DVFKLVPXVMHQDFKGHP(QWZLFNOXQJVVWDQGGHUNDSLWDOLVWLVFKHQ2UJDQLVDWLRQGHU 3URGXNWLRQXQGGHV0DUNWHV$JQROLE6

'DVV )DVFKLVPXV HLQH .DWHJRULH GDUVWHOOW GLH DXI  GLH YRQ .DSLWDOLVPXV JHSUlJWH *HJHQZDUW EH]LHKEDU LVW VWHKW DOVR DX‰HU )UDJH 'HQQ )DVFKLV PXVVHW]WGLHDOVJHVHW]Pl‰LJYHUVWDQGHQH(SRFKDOLVLHUXQJIRUWDOVOHW]WHV  Å'LHVH.ULWLVFKH7KHRULH>GHUHU-DKUHGLHLQGHQHU-DKUHQYHUEUHLWHWZXUGH@JDOWYRUDOOHPDOV )DVFKLVPXVWKHRULH$P,I6ZXUGHGHU1DWLRQDOVR]LDOLVPXVDOVÄ)DVFKLVPXV¶LQWHUSUHWLHUW6R]L DOVWUXNWXU|NRQRPLVFKSROLWLVFKH9HUIDVVXQJGHU*HVHOOVFKDIW .XOWXUYRUKHUUVFKHQGH/HEHQV IRUPHQ'HQN*HIKOVXQG9HUKDOWHQVZHLVHQ XQG&KDUDNWHUVWUXNWXUDXWRULWlUH3HUV|QOLFKNHLW  ZXUGHQLQGHU$QDO\VHVRPLWHLQDQGHUYHUVFKUlQNWGD‰VLFKGHU(LQGUXFNHLQHVQDKH]XJHVFKORV VHQHQ:LUNXQJV]XVDPPHQKDQJVDXIGUlQJWH)UGLHVSlWH:LUNXQJGLHVHU)DVFKLVPXVWKHRULHLQ GHQHU-DKUHQZDUQXQXQWHUDQGHUHPEHVRQGHUVZLFKWLJGD‰GHU)DVFKLVPXVDOV]ZDQJVOlXÀJH )ROJHGHUNULVHQKDIWHQ(QWZLFNOXQJGHUNDSLWDOLVWLVFKHQ*HVHOOVFKDIWHQJHGHXWHWZXUGHGLHVLFK QXUQRFKLQGLHVHU)RUPUHSURGX]LHUHQN|QQHQ´%RFN6 

 Å'LHVHU6DW]+RUNKHLPHUVKDWIUGLHUHEHOOLHUHQGHQ6WXGHQWHQXQG-XJHQGOLFKHQXQGGLH )RUPHOQGLHVLHLPSROLWLVFKHQ7DJHVNDPSI EHQXW]WHQHLQHVFKOHFKWKLQ]HQWUDOH%HGHXWXQJ JHKDEW.DSLWDOLVPXVLVWSRWHQWLHOOHU)DVFKLVPXV´1HJW6 

'HU)DVFKLVPXV'LVNXUV



6WDGLXP GHV .DSLWDOLVPXV 0LW GLHVHP 0RGHOO OlVVW VLFK )DVFKLVPXV DOV 6WUXNWXUSKlQRPHQ EHVFKUHLEHQ =ZLVFKHQ .DSLWDOLVPXV XQG )DVFKLVPXV VWHOOW PDQ LQVRIHUQ HLQ .DXVDOLWlWVYHUKlOWQLV KHU PLW GHP PDQ GLH EXQ GHVUHSXEOLNDQLVFKH*HJHQZDUWXQGGLH*HIDKUHQLKUHU(QWZLFNOXQJNRQ VWLWXLHUW 'LHVHU =XVDPPHQKDQJ VFKDIIW GLH 0|JOLFKNHLW GDV EHVWHKHQGH NDSLWDOLVWLVFKH :LUWVFKDIWVV\VWHP GHU JHJHQZlUWLJHQ %XQGHVUHSXEOLN E]Z $XVGUXFNVIRUPHQGHUVSlWNDSLWDOLVWLVFKHQ*HVHOOVFKDIW]XHUNOlUHQ]XEH ZHUWHQ]XNULWLVLHUHQXQG]XGHQXQ]LHUHQ²LP6LQQYRQ6WUXNWXUHQXQG 6\VWHPHQXQGLKUH$XVZLUNXQJHQDXI GLH*HVHOOVFKDIW²'DKHUHUNOlUWVLFK EULJHQVDXFKGDVVGLHSHUV|QOLFKH%HWHLOLJXQJDP1DWLRQDOVR]LDOLVPXVLQ GHQ-DKUHQLP9HUJOHLFK]XGHQIUKHQVHFK]LJHU-DKUHQ ZHQLJ PHKULP6LQQHLQHVLQGLYLGXHOOHQ3KlQRPHQVHLQHU(LQ]HOSHUVRQ]XJHO WHQVFKHLQW=ZDUHUKDOWHQGLH'LVNXUVWHLOQHKPHUYRQGHP6FKZHLJHQGHU 1D]L*HQHUDWLRQ]XLKUHU9HUDQWZRUWXQJLKUH:LGHUVWDQGVEHUHLWVFKDIWXQG LKUH$UJXPHQWH]ZDUUXIWGLHSHUVRQHOOH.RQWLQXLWlWLQGHU1DFKNULHJV ]HLW LKUH (PS|UXQJ KHUYRU ]ZDU VLQG 3HUVRQHQ ZLH .LHVLQJHU XQG /E NH=LHOLKUHVDQWLIDVFKLVWLVFKHQ.DPSIHV6LHVLQGHVMHGRFKLQGHQ-DKUHQ QLFKWPHKUDOV3HUVRQ.LHVLQJHURGHU/ENHVRQGHUQYLHOPHKUDOV HLQ 6WU XNWXUSKlQRPHQ DOV VRJ &KDUDNWHUPDVNHQ GLH GLH SRVWIDVFKLVWL VFKHEUJHUOLFKH*HVHOOVFKDIWV\VWHPDWLVFKHUP|JOLFKW0D:.LHVLQJHULVW GHU9HUWUHWHUGHU%XQGHVUHSXEOLNGLHIUGLH'LVNXUVEHWHLOLJWHQHLQVSlWND SLWDOLVWLVFKHVEUJHUOLFKHV6\VWHPGDUVWHOOWGHPGHU)DVFKLVPXVLPPDQHQW LVWXQGGHVVHQ(UVFKHLQXQJVIRUPHQSUlSRVWRGHUQHRIDVFKLVWLVFKH=JH KDW :lKUHQG .DSLWDOLVPXV GDV 'HXWXQJVPXVWHU IU GDV GHQ )DVFKLVPXV KHUYRUEULQJHQGH |NRQRPLVFKH 6\VWHP GDUVWHOOW EH]LHKW VLFK GLH .DWHJR  Å>@GHU)DNWRUGHUVWUXNWXUHOOHQ|NRQRPLVFKHQ.RQWLQXLWlWZXUGHLQGHQHU-DKUHQYRQ GHULQWHOOHNWXHOOHQ2SSRVLWLRQ]XQHKPHQG]XP.HUQHOHPHQWGHU6WDDWVNULWLNHUKREHQ'D EHLKDQGHOWHHVVLFK]XQlFKVWXPHLQHQ5HÁH[JHJHQGLHQRFKNXU]]XYRUDOOJHJHQZlUWLJH 1HJLHUXQJMHGHU.RQWLQXLWlWEHUGLH-DKUHXQGKLQZHJ'LHGDUDXVHQWVWHKHQGH DEVWUDNWH)DVFKLVPXVGHEDWWHZLGPHWHGHQ|NRQRPLVFKHQ.RQWLQXLWlWVPHUNPDOHQGLHJU|‰ WH$XIPHUNVDPNHLW$QGLHVHU6WHOOHHUJDEHQVLFKPDQFKH$IÀQLWlWHQ]XGHULQGHU''5 YHUWUHWHQHQ )DVFKLVPXV$XIIDVVXQJ DOV GHU H[WUHPVWHQ 9DULDQWH PRQRSRONDSLWDOLVWLVFKHU 'LNWDWXU´6LHJIULHG6   Å:LU DOOH ZDUHQ GDYRQ EHU]HXJW GD‰ GHU 1DWLRQDOVR]LDOLVPXV QLFKW GLH 0DFKW HUJULIIHQ KlWWHZHQQXQVHUH(OWHUQXQG*UR‰HOWHUQQLFKWLQREULJNHLWVK|ULJHU.OHLQEUJHUHLXQG6H [XDOIHLQGOLFKNHLWEHIDQJHQJHZHVHQZlUHQ´%|FNHOPDQQ6   ,QVRIHUQNRQJUXLHUHQÅGLHJHQHUDOLVLHUHQGHQ.RQ]HSWH]XU9HUJDQJHQKHLWVEHZlOWLJXQJ´GLH GLH.ULWLVFKH7KHRULHEHUHLWKLHOWPLWGHQ,QWHUHVVHQGHUVWXGHQWLVFKHQ/LQNHQ6LHIKUWHQ ÅDXV GHU KLVWRULVFKHQ (LQ]HOIDOODEZlJXQJ GHU 9lWHUJHQHUDWLRQ DXV KLVWRULVFKKHUPHQHXWL VFKHQ'HXWXQJHQGHV1DWLRQDOVR]LDOLVPXVKLQDXV´VLHOLH‰HQÅJHQHUHOOHXQGGDPLWGHÀQLWLYH 8UWHLOHEHU8UVDFKHQXQG6FKXOGIUDJHQ]X´GLHVRPLWSROLWLVFKDXI GLH*HJHQZDUWVODJHQ EHUWUDJEDUZDUHQ6RNRQQWHGHUÅYHUORUHQH>@.DPSI GHU9lWHUJHJHQGHQ)DVFKLVPXV´ QDFKJHKROWZHUGHQVRNRQQWHPDQVLFKÅSROLWLVFKPRUDOLVFKIUGLH'HPRNUDWLHTXDOLÀ ]LHUHQ´$OEUHFKWE6 



+HLGUXQ.lPSHU

ULH DXWRULWlUHU &KDUDNWHU DXI  GLH PHQWDOH DQWLGHPRNUDWLVFKH 'LVSRVLWLRQ 7KHRGRU:$GRUQRVVR]LDOSV\FKRORJLVFKH6WXGLHGLHLPDPHULNDQLVFKHQ ([LO XQWHU GHP 7LWHO Ä7KH $XWKRULWDULDQ 3HUVRQDOLW\¶  HUVFKLHQ VFKDIIWGHQ$UJXPHQWDWLRQVXQG/HJLWLPDWLRQVJUXQGIUGLHhEHU]HXJXQJ GLHGDV'HQNHQ9HUKDOWHQXQG5HGHQGHU0LWJOLHGHUGHU3URWHVWEHZHJXQJ EHKHUUVFKHQ )DVFKLVPXV LVW ODWHQWH LP Ä&KDUDNWHU¶ DQJHOHJWH *HIDKU GLH XQWHUEHVWLPPWHQ%HGLQJXQJHQDXIEULFKW'LHLQ7H[WHQGHUVSlWHQHU -DKUHZLHGHUNHKUHQGHQ)RUPHOQDXWRULWlUH3HUV|QOLFKNHLWDXWRULWlUHV9HUKDOWHQ VSRWHQWLDOXQGDXWRULWlUHU&KDUDNWHUVLQG%HOHJHIUGHQ:HUWGLHVHU7KHRULH DOV(UNOlUXQJVPRGHOOGHU1DFKNULHJVJHVHOOVFKDIW0DQEHQXW]W$GRUQRV .RQ]HSWZLHGDV.DSLWDOLVPXV.RQ]HSWYRQ+RUNKHLPHU]XU(UNOlUXQJYRQ JHVHOOVFKDIWOLFKHQ*HJHQZDUWVSKlQRPHQHQ'LHVH3KlQRPHQHVLQGVROFKH LQGHQHQVLFKHLQHPDXWRULWlUHQ&KDUDNWHUHQWVSUHFKHQGHV9HUKDOWHQXQG 'HQNHQ PDQLIHVWLHUHQ $QOlVVOLFK GHU VWDDWOLFKHQ 5HDNWLRQHQ DXI  GLH (U VFKLH‰XQJ%HQQR2KQHVRUJVGHXWHWPDQ]%GLH3HUVRQDOLVLHUXQJGHU6FKXOGEHL HLQHP.ULPLQDOEHDPWHQDOVDXFKGLH7KHRULHYRQGHQ5lGHOVIKUHUQ5DGLNDOLQVNLVXQG 6FKDUIPDFKHUQLQXQVHUHU0LWWHGLHVHQGXQNOHQ.UlIWHQLP+LQWHUJUXQGDOVZRKOEH NDQQWH6WUDWHJLHQ:LUNHQQHQVLHDXVGHU,GHRORJLHGHVDXWRULWlUHQ&KDUDNWHUV(V VLQGGDVLPPHUZLHGHUDQDO\VLHUWH6WHUHRW\SHGHVIDVFKLVWRLGHQ'HQNHQV7LHGHPDQQ 6I  'LH.DWHJRULH)DVFKLVPXVIDVFKLVWLVFKOHLVWHWDOVRLP*HJHQVDW]]X1DWLRQDOVR ]LDOLVPXV GLH$EVWUDNWLRQGLHQ|WLJLVWXPGDPLWDXI GLH*HJHQZDUW%H]XJ QHKPHQ]XN|QQHQXQGZHQQGHQ'LVNXUVEHWHLOLJWHQ]XJHVFKULHEHQZLUG IUHLQH5DGLNDOLVLHUXQJXQG8QLYHUVDOLVLHUXQJJHVRUJW]XKDEHQGDQQ EHVWHKW GLH 5DGLNDOLVLHU XQJ LQ GHU NRQ]HSWXHOOHQ $EVWUDKLHU XQJ GHU:RUWIDPLOLHGLHGHQ8PIDQJLKUHUUHIHUHQ]LHOOHQ%H]JHVWDUNHUZHL  Ä7KH $XWKRULWDULDQ 3HUVRQDOLW\¶ EHLQKDOWHW $GRUQRV %HLWUlJH ]X GHP YRQ LKP )UDQNHO %UXQVZLN/HYLQVRQXQG6DQIRUGYHUDQWZRUWHWHQ%DQGHLQHUIQIElQGLJHQ5HLKHÄ6WXGLHVLQ 3UHMXGLFH¶GLHGLH(UJHEQLVVHHLQHUJUR‰DQJHOHJWHQ8QWHUVXFKXQJ]XUÅ*HQHVHGHV9RUXU WHLOVXQGLQVEHVRQGHUHGHV$QWLVHPLWLVPXV´]LWQDFK$GRUQR,; GDUVWHOOW  (EHQVRLVWQDWUOLFKGLH6HOEVWNRQVWLWXLHUXQJDOVDQWLDXWRULWlULQGLHVHQ.RQWH[W]XVWHOOHQ 'DV$XWRVWHUHRW\SDQWLDXWRULWlULVWRKQHGHQ(LQÁXVVGHU%HIXQGHGLH$GRUQRLQVHLQHU6WX GLHIRUPXOLHUWKDWQLFKW]XGHQNHQYJOGD]XDXFK.URKQ6   Å>@GLHNULWLVFKHQ6WXGHQWHQGHUVSlWHQHU-DKUH>ZDUHQ@DOOHVDQGHUHDOVGLH$XVO|VHUHLQHU VHOEVWNULWLVFKHQ 16'HEDWWH 6LH UDGLNDOLVLHUWHQ OHGLJOLFK MHQHQ LQWHQVLYHQ 'LVNXUV GHU GLH ZHVWGHXWVFKH*HVHOOVFKDIWEHUHLWVVHLW]HKQ-DKUHQEHVFKlIWLJWHPLWGHPVLHJUR‰JHZRUGHQ ZDUHQGHUDEHUDXFKGLH9HUVlXPQLVVHSRLQWLHUWEHQDQQWKDWWH'LHVH5DGLNDOLVLHUXQJVSHLVWH VLFKQLFKWHWZDDXVHLQHU6FKRFNZLUNXQJGHU169HUEUHFKHQVRQGHUQDXVGHU(PS|UXQJ EHUGLH'RSSHOPRUDOPLWGHUGLHZHVWGHXWVFKH*HVHOOVFKDIWGLHVHQ9HUEUHFKHQHQWJHJHQ WUDWXQGLKUH9HUJDQJHQKHLW]XEHZlOWLJHQEHKDXSWHWH´6LHJIULHG6   1LFKWVRQGHUQÅ>EUDFK@GLH'LVNXVVLRQXPGLHXQEHZlOWLJWH9HUJDQJHQKHLWORV>@ XQGGLHSROLWLVFKH3lGDJRJLN>QDKP@VLFKGHV7KHPDVDQ>@'LHSURWHVWLHUHQGH*HQHUDWLRQ XQLYHUVDOLVLHUWHKLHUQXUZDVLKULQGHQ6FKXOHQXQGGHQ0HGLHQLQGHQHU-DKUHQYHUPLWWHOW ZRUGHQZDU´$OEUHFKWF6 

'HU)DVFKLVPXV'LVNXUV



WHUW 0LW 8QLYHUVDOLVLHU XQJ OlVVW VLFK GLH GLVNXUVLYH 2PQLSUlVHQ] GHV)DVFKLVPXV.RQ]HSWVEH]HLFKQHQ,FKELQGDPLWEHLGHQVSUDFKOLFKHQ 6WUDWHJLHQGLHGLH$GDSWLRQGHV)DVFKLVPXV.RQ]HSWVDXI GLHEXQGHVUH SXEOLNDQLVFKH *HJHQZDUW HUP|JOLFKHQ ² HV KDQGHOW VLFK XP VHPDQWLVFKH 6WUDWHJLHQGHU8PGHXWXQJ 

(QWKLVWRULVLHUHQ

)DVFKLVPXVIDVFKLVWLVFKZLUGLQGHQVSlWHQHU-DKUHQDOV6WHUHRW\SDXVJHGHX WHWGDVGLH*HJHQZDUWNRQVWLWXLHUW*HJHQZDUWDXVGHU3HUVSHNWLYHGHUVWX GHQWLVFKHQ/LQNHQVWHOOWVLFKGDUDOV3KlQRPHQHLQHVQHXHQ)DVFKLVPXVHLQHV KHXWLJHQ)DVFKLVPXV²HLQHÅ/HHUIRUPHO´GLH3HWHU6FKQHLGHULP5FNEOLFNIU ÅEHVRQGHUVYHUIKUHULVFKXQGJHIlKUOLFK´KlOWZHLOVLHÅDOOH8QWHUVFKLHGH ]ZLVFKHQGHPKLVWRULVFKHQ)DVFKLVPXVHLQVFKOLH‰OLFKVHLQHUDNWXHOOHQ$XV SUlJXQJHQLQ6SDQLHQXQG3RUWXJDOXQGGHQZHVWOLFKHQ'HPRNUDWLHQYHU ZLVFKWH´6FKQHLGHU6 .RQWLQXLWlWXQG'LVNRQWLQXLWlW]XJOHLFK VLQGGDPLWDXVJHGUFNW.RQWLQXLWlWPHLQWGDVVGLHVHOEHQ6WUXNWXUHQXQG 0HFKDQLVPHQ ZLUNHQ GLH GHQ KLVWRULVFKHQ )DVFKLVPXV ]XU )ROJH KDWWHQ 'LVNRQWLQXLWlWPHLQWGDVVGHU)DVFKLVPXVGHU*HJHQZDUWHLQQHXHV*HVLFKW KDW9HUELQGXQJHQZLHQHXHU)DVFKLVPXVKHXWLJHU)DVFKLVPXVGLH3UR]HVVEH ]HLFKQXQJ )DVFKLVLHUXQJ GLH =XVWDQGVEH]HLFKQXQJ IDVFKLVLHUW XQG YRU DOOHP GHU HU1HRORJLVPXV IDVFKLVWRLG EHOHJHQ 'DV )DVFKLVPXVNRQ]HSW HUIlKUW HLQH 8PGHXWXQJ 'LH %XQGHVUHSXEOLN DOV HLQ GHP )DVFKLVPXV LUJHQGZLH YHUJOHLFKEDUHVYHUZDQGWHV6\VWHPPLWIDVFKLVWLVFKHQ(UVFKHLQXQJVIRUPHQ ²GLHVH.RQVWLWXWLRQLVWGLVNXUVQRWZHQGLJ]XU.RQ]HSWLRQGHU*HJHQZDUW DOVGHPRNUDWLHIHLQGOLFKGHU=XNXQIWDOVZLUNOLFKGHPRNUDWLVFK'LHGLVNXU VLYH6WUDWHJLHGHU(QWKLVWRULVLHUXQJUHDOLVLHUWGLHVHV.RQ]HSW(QWKLVWRULVLH  (EHQVRKlOW1RUEHUW)UHLÅGLH8QLYHUVDOLVLHUXQJGHV)DVFKLVPXVYRUZXUIVZLHVLHGLHUDGL NDOH/LQNH]XP=ZHFNHGHU.DSLWDOLVPXVNULWLNIDYRULVLHUWHQLFKWQXU>IU@PD‰ORVEHU ]RJHQVRQGHUQDXFK>IU@HLQH9HUKDUPORVXQJGHVÄ'ULWWHQ5HLFKHV¶´)UHL6  8QDEKlQJLJ GDYRQ DEHU GRNXPHQWLHUW GLHVHV 'LVNXUVHOHPHQW GLH XQJHKHXUH 3UlVHQ] GHQ 1DWLRQDOVR]LDOLVPXV(UELOGHWGLHVWHWVHLQJH]RJHQH5HIHUHQ]HEHQHGLHLPPHUJOWLJH,QWHU SUHWDWLRQVYRUDXVVHW]XQJGHUJHJHQZlUWLJHQ*HJHEHQKHLWHQ  'HUKHXWLJH)DVFKLVPXVVWHFNWLQGHQDXWRULWlUHQ,QVWLWXWLRQHQXQGLP6WDDWVDSSDUDW'HQOHW]WHUHQ]X VSUHQJHQLVWXQVHUH$XIJDEHXQGGDUDQDUEHLWHQZLU'XWVFKNH6 'HUKHXWLJH)DVFKLVPXV LVWQLFKWPHKUPDQLIHVWLHUWLQHLQHU3DUWHLRGHULQHLQHU3HUVRQHUOLHJWLQGHUWDJWlJOLFKHQ$XVELOGXQJGHU 0HQVFKHQ]XDXWRULWlUHQ3HUV|QOLFKNHLWHQHUOLHJWLQGHU(U]LHKXQJNXU]HUOLHJWLPEHVWHKHQGHQ6\VWHP GHU,QVWLWXWLRQHQHEG6 (UIROJUHLFKXQGSUlPLHUWLVWGHU:LVVHQVFKDIWOHUKHXWHLQGHU%XQGHVUHSX EOLN²HLQHU*HVHOOVFKDIWGLHVLFK]XHLQHPQHXHQ)DVFKLVPXVWRWDOLVLHUW²XPGHQ3UHLVGHU$XIJDEHHPDQ]L SDWLYHUV\VWHPWUDQV]HQGLHUHQGHU,QWHQWLRQHQ%UFNQHU/HLWKlXVHU6 %HL(Q]HQVEHUJHU LVW KHXWH UHSUlVHQWLHUW GXUFK :LUNOLFKNHLW 'LHVHU QHXH )DVFKLVPXV LVW NHLQH 'URKXQJ HU LVW OlQJVW :LUNOLFKNHLW HV LVW HLQ DOOWlJOLFKHU HLQKlXVLJHU YHULQQHUOLFKWHU LQVWLWXWLRQHOO JHVLFKHUWHU XQG PDVNLHUWHU )DVFKLVPXV(Q]HQVEHUJHU6 



+HLGUXQ.lPSHU

UXQJLVW9RUDXVVHW]XQJ]XU(UUHLFKXQJGLHVHVGLVNXUVLYHQ=ZHFNVDOVRGLH ,GHQWLÀ]LHUXQJYRQIUDXWRULWlUGHPRNUDWLHIHLQGOLFKJHKDOWHQHQJHJHQZlU WLJHQ 6WUXNWXUHQ XQG (UVFKHLQXQJHQ GHU %XQGHVUHSXEOLN PLW 0HUNPDOHQ IDVFKLVWLVFKHU3URYHQLHQ]DOV0|JOLFKNHLWDXI GHUÅ7KHVHYRQGHU.RQWL QXLWlWGHV)DVFKLVPXV´5XVLQHN6 EHKDUUHQ]XN|QQHQ :LHVLFKGHUDOWHJHJHQGHQQHXHQJHJHQZDUWVEH]RJHQHQ)DVFKLVPXV YHUKlOW LVW *HJHQVWDQG YRQ $QDO\VHQ GHUHQ (UJHEQLVGDUVWHOOXQJ GXUFK (QWKLVWRULVLHUXQJJHSUlJWLVW:lKUHQG+DQV0DJQXV(Q]HQVEHUJHUV([ SOL]LWKHLWHLQH$XVQDKPHGDUVWHOOWLQGHPHUYRUEHKDOWORVGLH=XVFKUHLEXQJ QHXHU)DVFKLVPXVJHEUDXFKW²'HUQHXH)DVFKLVPXVLVWGLH3DURGLHGHU.RQWHUUHYROX WLRQ(Q]HQVEHUJHU6 ²LVWYLHOPHKUGLVNXUVW\SLVFKGLH1XW]XQJ PHKURGHUZHQLJHULPSOLNDWRULVFKHQ3RWHQ]LDOV&ODXV2IIHLPSOL]LHUWPLW GHU)RUPXOLHUXQJ)DVFKLVPXVDOWHQ7\SVGLH3DUDOOHOH)DVFKLVPXVQHXHQ7\SV GLH 9HUENRQVWUXNWLRQ ZDU QRFK LPSOL]LHUW QLFKW PHKU 'LHVH EHDEVLFKWLJWHQ (YRNDWLRQHQZHUGHQGXUFKGLHDQVFKOLH‰HQGH7HPSRUDOGHL[LV+HXWHGXUFK GHQ*OHLFKKHLWVPDUNHUJOHLFKHVRZLHGXUFKGLH.RPSDUDWLYIRUPHQJHUlXVFK ORVHUXQGXQDXIIlOOLJHU EHVWlWLJW5HLPXW5HLFKHNHQQ]HLFKQHWLQVHLQHP%HL WUDJGHQ:DKUKHLWVZHUWHLQHU$XVVDJH]ZDUDOVRIIHQH)UDJHVWHOOWMHGRFK PLWGHU)RUPXOLHUXQJNODVVLVFKHU)DVFKLVPXVHEHQIDOOVLPSOL]LWH,GHQWLWlWKHU NODVVLVFKHU)DVFKLVPXVLPSOL]LHUWQLFKWNODVVLVFKHU)DVFKLVPXV:LUVHKHQ(VJLEW +DOWXQJHQ]XU*HJHQZDUWVGHPRNUDWLHGLHHLQH3DUDOOHOH]XPKLVWRULVFKHQ )DVFKLVPXVGXUFKGLH$NWXDOLVLHUXQJYRQGDV3KlQRPHQ]ZDUPl‰LJHQGHQ .HQQ]HLFKHQKHUVWHOOHQHLQHSULQ]LSLHOOH1lKHDEHU²GXUFKGHQ*HEUDXFK GHU.DWHJRULH)DVFKLVPXV²EHKDXSWHQ'LHVH%HKDXSWXQJGUFNWVLFKGXUFK $WWULEXLHUXQJ DXV :lKUHQG GLH DEVROXWH DWWULEXWORVH 9HUZHQGXQJ YRQ )DVFKLVPXV NHLQH SDUDOOHOLVLHUHQGHQ (YRNDWLRQHQ HU]HXJW LQGHP )DVFKLVPXV GDQQ DXVVFKOLH‰OLFK DXI  GDV KLVWRULVFKH 3KlQRPHQ LQ GHU 9HUJDQJHQKHLW UHIHULHUWVLQGHVGLH.ROORNDWRUHQZLHDOWNODVVLVFK GLHGHQ$QDORJLVPXV IRUGHUQJOHLFKVDPHLQH/HHUVWHOOHHU|IIQHQ3DUDOOHOLVLHUXQJKHLVFKHQ'LHVH )RUP GHU 3DUDOOHOLVLHUXQJ EHUXKW DXI  GHU 6WUDWHJLH GHU (QWKLVWRULVLHUXQJ (QWKLVWRULVLHUHQ PHLQW GLH %HGHXWXQJVVWUXNWXU YRQ )DVFKLVPXV VR ]XULFK WHQGDVVGLH%H]HLFKQXQJIUGLH*HJHQZDUWDGDSWLHUEDUZLUG(LQHUGHU 3URWDJRQLVWHQGLHVHU6WUDWHJLHLVW-RKDQQHV$JQROL,QGHU)HVWVWHOOXQJHLQHU IHKOHQGHQIDVFKLVWLVFKHQ3KlQRPHQRORJLHVLHKWHUHLQH*HIDKU  >@GHU)DVFKLVPXVDOWHQ7\SVZDUQRFKGDUDXI DQJHZLHVHQGLHGLVUXSWLYHQ7HQGHQ]HQGHVEUJHUOLFKHQ 3DUODPHQWDULVPXVGXUFKGHVVHQ=HUVW|UXQJDE]XZHQGHQ+HXWHOlXIWGHUIXQNWLRQDOJOHLFKH3UR]H‰JHUlXVFK ORVHUXQGXQDXIIlOOLJHUQlPOLFKLQQHUKDOEGHVLQVWLWXWLRQHOOHQ5DKPHQVSDUODPHQWDULVFKHU+HUUVFKDIWVDXV EXQJVHOEHUDE2IIHD6  (VLVWLP5DKPHQGLHVHU$QDO\VHHLQH$QWZRUWGDUDXI QLFKWP|JOLFKREGLHSROLWLVFKH6WXQGHEHUHLWVZLHGHU GDLVWGDGDV6\VWHPGHU+HUUVFKDIWLPDXWRULWlUHQ6WDDWZLUNOLFKDXI GLH0HFKDQLVPHQZLUG]XUFNJUHLIHQ XQGVLHNROOHNWLYJHJHQXQVZLUGHLQVHW]HQPVVHQGLHKHXWHªQXU©DOVLQGLYLGXHOOHXQGLVROLHUWH0HFKDQLVPHQ YRUKDQGHQVLQG8QEHDQWZRUWEDUEOHLEWDXFKGLH)UDJHREGLHVVRJODWWJHOLQJHQZUGHZLHLPNODVVLVFKHQ )DVFKLVPXV5HLFKH6

'HU)DVFKLVPXV'LVNXUV



(LQHGHU)HKOHUTXHOOHQIUGLH)DVFKLVPXVUHÁH[LRQXQGGLH%HVFKlIWLJXQJPLWQHRIDVFKLVWLVFKHQ 6WU|PXQJHQVFKHLQWPLULQ'HXWVFKODQGGDULQ]XOLHJHQGD‰PDQJHZ|KQOLFKLQ7HUURUXQG*H ZDOWDQZHQGXQJGDV:HVHQVPHUNPDOGHV)DVFKLVPXVVLHKWXQGVRDOOPlKOLFK7HUURUXQG*HZDOW ]XUHLQ]LJHQ%HWlWLJXQJVIRUPGHV)DVFKLVPXVYHUDEVROXWLHUWZXUGHQ$JQROLE6

$JQROLVLHKWGLH)L[LHUXQJGHUGHXWVFKHQgIIHQWOLFKNHLWDEHUDXFKGHUGHXWVFKHQ:LV VHQVFKDIW DXI  GHQ 1DWLRQDOVR]LDOLVPXV DOV DXI  GLH HLJHQWOLFKH )RUP GHV )DVFKLVPXV DOV *HIDKU GLH GD]X IKUHQ >NDQQ@ GD‰ PDQ DXV GHP )DVFKLVPXV ² DOV KLVWRUL VFKHV3KlQRPHQXQGDOVYLUWXHOOH(QWZLFNOXQJGHUEUJHUOLFKHQ*HVHOOVFKDIWDXI HLQHQ QHXHQ )DVFKLVPXV KLQ ² JHQDX GLH .RPSRQHQWHQ GLH HWZD DXI  GLH %XQGHVUHSXEOLN ]XWUHIIHQDXVNODPPHUWHEG6I (UYHUZHLVWGDUDXIGDVVZHQQPDQXQ WHU)DVFKLVPXVZHLWJHKHQG*DVNDPPHUQ.RQ]HQWUDWLRQVODJHUYHUVWHKHGLH%5'DOV FKHPLVFKUHLQYRQ)DVFKLVPXVGDVWHKHHEG6 )DVFKLVPXVVHLGDKHUQLFKW QXUJOHLFK]XVHW]HQPLWVHLQHQlX‰HUHQ0HUNPDOHQXQGHVVHLREHUÁlFKOLFK GLH3ROLWLNHLQHV6WDDWHVDOVQLFKWIDVFKLVWLVFK]XEH]HLFKQHQQXUZHLOGLH*HZHUNVFKDIWHQ VLFKÄIUHL¶HQWIDOWHQN|QQHQ$XIVFKOXVVUHLFKLVWGDQQHLQNXU]HU:RUWZHFKVHO GHUZlKUHQGGLHVHV5HIHUDWVVWDWWIDQG$XI GLH)HVWVWHOOXQJ$JQROLV6HOEVWGLH 1RWVWDQGVJHVHW]HVHKHQZLHPDQZHL‰GLH(UULFKWXQJYRQ*DVNDPPHUQQLFKWYRUIROJW GHU=ZLVFKHQUXI 1RFKQLFKWDXI GHQ$JQROLXQPLWWHOEDUUHDJLHUW 1HLQJHUDGHLQGLHVHPÄQRFKQLFKW¶VFKHLQWPLUGLHJHVFKLFKWOLFKH*HIDKUGHU0DQJHODQJHVFKLFKW OLFKHU6SH]LÀ]LHUXQJ]XOLHJHQ:HQQZLUVDJHQQRFKQLFKWGDQQEHJHEHQZLUXQVHEHQLQGLH)DO OHGLHXQVEHJULIÁLFKJHVWHOOWZLUGGHQQGDQQVDJHQZLU'HXWVFKODQGLVWQRFKQLFKWIDVFKLVWLVFK ZHLOHVLPPHUQRFKNHLQH*DVNDPPHUQJLEWHEG6

:RUDXI ZLOOGHU5HIHUHQWKLQDXV":HUJODXEWGDVV$JQROLVLFKKLHUNRQ]HS WXHOOH%HGLQJXQJHQVFKDIIWGLH%XQGHVUHSXEOLNPLW)DVFKLVPXVXQPLWWHOEDU JOHLFK]XVHW]HQLUUW'LH%XQGHVUHSXEOLN'HXWVFKODQGLVWNHLQIDVFKLVWLVFKHU6WDDW OlVVW HU YHUODXWHQ XP ² EHU $EVWUDNWLRQ XQG 6HOHNWLRQ ² GLH =XVFKUHL EXQJPLWGHP3UlGLNDWIDVFKLVWLVFKGDQQDOOHUGLQJVGRFKZLHGHU]XYROO]LHKHQ DEHUGLH.HUQWHQGHQ]GHU$EZHKUJHJHQ(PDQ]LSDWLRQLQGHU%XQGHVUHSXEOLNLPEU JHUOLFKHQ6WDDWLVWIDVFKLVWLVFK'KNRQNUHWHUIRUPXOLHUWXQGDXFKKLVWRULVFKHU'HU 8PVFKODJLQGHQRIIHQHQ)DVFKLVPXVLVWGHPEUJHUOLFKHQ6WDDWLPPDQHQWHEG6  $XFK)XULR&HUXWWL²HULVWDUULYLHUWHU3ROLWRORJH²DUJXPHQWLHUWHQWKLVWRUL VLHUHQG(UP|FKWHGHQVWDUUHQ)DVFKLVPXVEHJULIIDXIJHEHQXQGLKQQLFKWQXU  0LWVHLQHU(LQVFKlW]XQJHLQHUDQ7HUURUXQG*HZDOWJHNQSIWHQ)DVFKLVPXV.RQ]HSWLRQ KDW $JQROL UHFKW 'LH $XVGHXWXQJ GHV JHJHQZDUWVEH]RJHQHQ )DVFKLVPXV.RQ]HSWV OlXIW ZHVHQWOLFK EHU GLH %HJULIIVHOHPHQWH GHV Ä7HUURU XQG *HZDOW¶)HOGHV WHUURULVWLVFKHU 'UXFN SK\VLVFKHU7HUURU3ROL]HLWHUURU]HUWUDPSHOQGHSK\VLVFKH*HZDOWWlWLJNHLWQDFNWH*HZDOWGHU5HSUHVVLRQ LUUDWLRQDOH *HZDOW 0DVFKLQHQJHZHKU EHZDIIQHWH UHVWDXUDWLYH 5HDNWLRQ SDUDPLOLWlULVFKH 2UJDQLVDWLR QHQ 0LQGHUKHLWHQ LQ $QJVW YHUVHW]HQ SK\VLVFK YHUQLFKWHQ .RQ]HQWUDWLRQVODJHU 0RUG )ROWHUXQJ VLQG GLHYLHOIDFKEHOHJWHQ3DUWQHUZ|UWHU'DV)HOGÄXQGHPRNUDWLVFK¶LVWMHGRFKQLFKWXQEHVHW]W 0LQGHUKHLWHQKHUUVFKDIW)KUHUSULQ]LS$XIKHEXQJGHU*UXQGUHFKWHJOHLFKJHVFKDOWHWH3UHVVHXQGHPRNUD WLVFKH9HUKlOWQLVVHEOLQGH$NNODPDWLRQKLHUDUFKLVFKH6WUXNWXUVLQGHEHQIDOOV.RQWH[WSDUWQHUYRQ )DVFKLVPXVIDVFKLVWLVFK



+HLGUXQ.lPSHU

EH]LHKHQDXI HLQHQ6WDDWGHUGLHQDFNWH*HZDOWGHU5HSUHVVLRQDQZHQGHWZHQQ GDV0DVFKLQHQJHZHKUGHQ3ROL]HLNQSSHODEO|VWXQG.=HUULFKWHWZHUGHQ9LHOPHKU PVVHPDQ HUNHQQHQGD‰LPNDSLWDOLVWLVFKHQ5HVWDXUDWLRQVSUR]H‰QDFKGHP=ZHLWHQ:HOWNULHJ7HUURUXQG *HZDOWQHXHVXEWLOH)RUPHQDQJHQRPPHQKDEHQGD‰DEHUGDVWLHÁLHJHQGHIDVFKLVWLVFKH3RWHQWLDO GLHVHU*HVHOOVFKDIWLQHLQHUYHUVFKlUIWHQ.DPSÁDJHXPVWDQGVORV]XVHLQHQWUDGLWLRQHOOHQ0LWWHOQ ]XUFNJUHLIWGDVKDWVLFKJHUDGHLQGHUEUXWDOHQ5HSUHVVLRQGHU6WXGHQWHQGHPRQVWUDWLRQHQJH ]HLJW&HUXWWL6I

6FKOLH‰OLFK (NNHKDUW .ULSSHQGRUI GHU GDIU SOlGLHUW GLH MHW]LJH *HVHOO VFKDIW QLFKW QDFK GHQ .ULWHULHQ GHU GHP KLVWRULVFKHQ )DVFKLVPXV HLJHQHQ lX‰HUOLFKHQ +HUUVFKDIWVPHWKRGHQ]XEHXUWHLOHQ6WDWWGHVVHQVHLDOOHLQDXVVFKODJJHEHQG GLH)UDJHQDFKGHQJHVHOOVFKDIWOLFKHQ)XQNWLRQHQGHV)DVFKLVPXVLQGHUMQJVWHQGHXWVFKHQXQG ZHVWHXURSlLVFKHQ*HVFKLFKWH²QlPOLFKDOVHLQP|JOLFKHUXQGLQMHQHUNRQNUHWHQ)RUPNDXP UHSURGX]LHUEDUHU 9HUVXFK GHU 6LFKHUXQJ JHVHOOVFKDIWOLFKHU 0DFKWSRVLWLRQHQ LP .DSLWDOLVPXV .ULSSHQGRUI 6

'LHVHJHVHOOVFKDIWVIXQNWLRQDOHYRQGHPKLVWRULVFKHLQPDOLJHQ%HJULII YRQ)DVFKLVPXV HQWEXQGHQH3HUVSHNWLYHDXVGHUGLH/LQNHLKU6HOEVWYHUVWlQGQLVJHQHULHUW ]HLJH GD‰)DVFKLVPXVVLFKDXFKLQDQGHUHQ)RUPHQDOVGHQHQGHV'ULWWHQ5HLFKHVPLW6FKOlJHUNRORQQHQ XQG.=¶VHLQVWHOOHQNDQQRGHUDQGHUVJHVDJWGD‰GLHJHJHQZlUWLJHVSlWNDSLWDOLVWLVFKH*HVHOO VFKDIWMHQHUNUXGHQ)RUPHQGHU5HSUHVVLRQQRFKQLFKWRGHUQLFKWPHKU]XLKUHU6HOEVWHUKDOWXQJ XQG]XU8QWHUGUFNXQJLKUHULQQHUHQ:LGHUVSUFKHEHGDUI HEG 

:LUVHKHQ'LH%H]XJVHW]XQJYRQ)DVFKLVPXVXQG1DFKNULHJVGHXWVFKODQG LVW HLQH HYLGHQWH 'LVNXUVVWUDWHJLH GHU VSlWHQ HU -DKUH 'LHVH %H]XJ  >@GLHVHJHVHOOVFKDIWVIXQNWLRQDOH²LP8QWHUVFKLHG]XHLQHUKLVWRULVFKHQRGHUSKlQRPHQRORJLVFKHQ²$QD O\VHGHV)DVFKLVPXV>VSLHOW@HLQHZHVHQWOLFKH5ROOHLP6HOEVWYHUVWlQGQLVGHU/LQNHQ.ULSSHQGRUI  6   ,QGLHVHP%HLWUDJVXFKW.ULSSHQGRUI HLQH$QWZRUWDXI GLH)UDJH2EXQGZLHZHLWGLHVHXQVHUH *HVHOOVFKDIWIDVFKLVWRLGH=JHWUlJWE]ZREXQGZLHZHLWVLHEHUHLWVDOVQHRIDVFKLVWLVFKEH]HLFKQHWZHUGHQ NDQQ.ULSSHQGRUI 6 'LHVH)UDJHVWHKWLQXQPLWWHOEDUHP=XVDPPHQKDQJPLW +DEHUPDV·YHKHPHQWHU.ULWLNDQGHU%HOHJXQJGHU%XQGHVUHSXEOLNPLWGHP$WWULEXWIDVFKL VWLVFKGLHHUDXI GHPYRP9HUEDQG'HXWVFKHU6WXGHQWHQVFKDIWHQHLQEHUXIHQHQ6FKOHUXQG 6WXGHQWHQNRQJUHVVDP-XQLDQGHQ6'6ULFKWHWHVLH>YHUZHFKVHOQ@GLH$EZHKUUHDNWLRQHQ HLQHV6WDDWHVGHUGXUFK1RUPHQQRFKJHKDOWHQLVWDXI 3URWHVWVSLHOHVLFKHLQ]XODVVHQPLWGHUQDFNWHQ5H SUHVVLRQHLQHUIDVFKLVWLVFKHQ*HZDOW²VLHXQWHUVFKlW]HQGHVKDOEGLHSRWHQWLHOOH*HZDOWHLQHV6WDDWHVGHUHLQHV 7DJHVZLUNOLFK]XUPDQLIHVWHQ8QWHUGUFNXQJZHKUORVHU*UXSSHQEHUJHKHQN|QQWH+DEHUPDV 6 .ULSSHQGRUI UHFKWIHUWLJW²PLWH[SOL]LWHP%H]XJXQG+DEHUPDV]LWLHUHQG²GLHVH =XVFKUHLEXQJDOVSROLWLVFKGXUFKDXVOHJLWLP(VVHL]XOlVVLJEHUHLWVGRUWYRQ)DVFKLVPXV]XVSUHFKHQ XQGYRULKP]XZDUQHQZR+DEHUPDVQRFKQXUªGLH$EZHKUUHDNWLRQHQHLQHV6WDDWHVGHUGXUFK1RUPHQ QRFKJHKDOWHQLVW©VHKHQ]XN|QQHQJODXEW.ULSSHQGRUII 6 

'HU)DVFKLVPXV'LVNXUV



VHW]XQJNDQQQLFKWGLHHLQHUXQEHGLQJWHQ*OHLFKVHW]XQJVHLQ²VFKOLH‰OLFK ZHLVWGHUGHXWVFKH1DFKNULHJVVWDDWHLQLJHIRUPDOGHPRNUDWLVFKH0HUNPDOH DXI8P]XPLQGHVWHLQHVWUXNWXUHOOH9HUZDQGWVFKDIWEHKDXSWHQ]XN|QQHQ EHQXW]W PDQ GLH VSUDFKOLFKH 6WUDWHJLH GHV (QWKLVWRULVLHUHQV 0LW GHU %H KDXSWXQJÄGLH0HUNPDOHGHVKLVWRULVFKHQ)DVFKLVPXVVLQGQLFKWGLHHLQ]LJ JOWLJHQXPHLQ6\VWHPDOVIDVFKLVWLVFKDXV]XZHLVHQ¶PRGLÀ]LHUWPDQGLH %HGHXWXQJVVWUXNWXUYRQ)DVFKLVPXV$XVGHU3HUVSHNWLYHGHU=HLWGLPHQVLRQ ZLUGVRLP:HVHQWOLFKHQYRQGHUVWXGHQWLVFKHQ/LQNHQ)DVFKLVPXVLQGHQ -DKUHQDOVHLQDXI GLH*HJHQZDUWEH]LHKEDUHV'LVNXUVHOHPHQWNRQ VWLWXLHUWÄ.RQWLQXLWlWGHV)DVFKLVPXV¶ODXWHWGLH*UXQGWKHVHGHU%HWHLOLJWHQ 9RUDXVVHW]XQJ IU GLHVH hEHUWUDJXQJ LVW GLH (UZHLWHUXQJ GHV WUDGLWLRQHO OHQ%HJULIIVXPIDQJVGHUYRQGHPKLVWRULVFKHQ3KlQRPHQGHVGHXWVFKHQ 1DWLRQDOVR]LDOLVPXV DE]XJUHQ]HQ LVW XP VR GLH 0|JOLFKNHLW ]X VFKDIIHQ GHQ6WDDWXQGGLH*HVHOOVFKDIWGHU*HJHQZDUWGLH%XQGHVUHSXEOLNXQWHU GLHVHU.DWHJRULH²PLWLKUHPKRFKZLOONRPPHQHQ(YRNDWLRQVSRWHQ]LDO² ]XIDVVHQ,VWGDVZHVWOLFKH'HXWVFKODQGIDVFKLVWLVFKSUlIDVFKLVWLVFK QHRIDVFKLVWLVFK RGHUIDVFKLVWRLG"'LHZDFNOLJHQ:|UWHUYHUUDWHQGDVVGDUEHUNHLQH.ODUKHLWKHUUVFKW (Q]HQVEHUJHU6 (Q]HQVEHUJHUPRFKWHUHFKWKDEHQZRP|J OLFKKHUUVFKWHNHLQH.ODUKHLWVRYLHODEHUZDUVLFKHU'LH*HVHOOVFKDIWVROOWH IDVFKLVWLVFK GLVSRQLHUW VHLQ GHU 6WDDW VROOWH IDVFKLVWLVFKH =JH KDEHQ ² GLHVRDUJXPHQWLHUHQVHKHQXQGVFKDIIHQ GXUFKJlQJLJ$QOlVVHGHQ6WDDW DOV SUl SRVW QHR DXI  MHGHQ )DOO DEHU IDVFKLVWLVFK ]X EH]HLFKQHQ 'LH DXV HLQHU $ENHKU YRQ lX‰HUHQ XQG HLQHU +LQZHQGXQJ ]X WLHIHQVWUXNWXUHOOHQ 0HUNPDOHQGHV)DVFKLVPXVUHVXOWLHUHQGHQ%HJULIIVHUZHLWHUXQJHQODVVHQHV ]XMHJOLFKHIUDXWRULWlUJHKDOWHQH(UVFKHLQXQJVIRUPHQGHV6\VWHPVXQG VHLQHU9HUWUHWHU XQWHUGLHVH.DWHJRULH]XIDVVHQXQGGLHVH(UVFKHLQXQJV IRUPHQDOV6LJQDOH]XPLQGHVWHLQHVGURKHQGHQZHQQQLFKWH[LVWHQWHQ)D VFKLVPXV]XGHXWHQ

 'LHVH *HZLVVKHLWHQ ZHUGHQ LQ ([LVWHQ]DXVVDJHQ PDQLIHVW 'LH %HGURKXQJ GXUFK HLQHQ QHXHQ )DVFKLVPXVGXUFKVHLQHVLFKKlXIHQGHQ0DQLIHVWDWLRQHQEHWUHIIHQREZRKOVLHYRQHLQLJHQVR]LDOHQ3RVLWLRQHQ DXVGHXWOLFKHUHUIDKUEDUXQGDEVHKEDUVLQGGDVVR]LDOH6\VWHPDOV*DQ]HV2IIHE6 Å+DO WHQ6LHHVQLFKWIUP|JOLFKGD‰'HXWVFKODQGLQHLQHQQHXHQ)DVFKLVPXV]XUFNIlOOW"´Å'LH*HIDKULVW JDQ]]ZHLIHOORVGD,FKYHUPXWHDOVRGD‰LQVEHVRQGHUHZHQQGLH$UEHLWHULQ0DVVHQPLWLQGLH%HZHJXQJ KLQHLQJH]RJHQZHUGHQHV]XQlFKVWYRUEHUJHKHQGIDVFKLVWLVFKH7HQGHQ]HQJDQ]PDVVLYJHEHQZLUG´/H IqYUH6 6SULQJHU=HLWXQJHQ>SURSDJLHUHQ@HLQHLOOXVLRQlUH3ROLWLNGLHGHPIDVFKLVWLVFKHQ 3RWHQWLDOLQXQJOHLFKK|KHUHP$XVPD‰9RUVFKXEOHLVWHWDOVGDV1HEHQSURGXNWHLQHU5HJHOYHUOHW]XQJ6R ODQJHGLHVH*HVHOOVFKDIWZHGHUIlKLJLVWGLHNDSLWDOLVWLVFKHQ(LJHQWXPVXQG+HUUVFKDIWVYHUKlOWQLVVHGXUFK GHPRNUDWLVFKH9HUKlOWQLVVH]XHUVHW]HQQRFKGHQJHPHLQJHIlKUOLFKHQ6SULQJHU.RQ]HUQ]X]HUVFKODJHQVR ODQJHLVWGHU)DVFKLVPXVDOVHLQ0DVVHQSKlQRPHQQDFKZLHYRUGLHEHGURKOLFKH3HUVSHNWLYHGLHVHU*HVHOOVFKDIW 1HJWF6 





+HLGUXQ.lPSHU

$QDORJLVLHUHQ

'LHHQWKLVWRULVLHUWHXQGGDPLWEHJULIÁLFKHUZHLWHUWH)DVFKLVPXVNRQ]HSWLRQ GHXWHW)DVFKLVPXVDOVRVRGDVVGDV.RQ]HSWDXI GLHEXQGHVUHSXEOLNDQLVFKH :LUNOLFKNHLW GHU -DKUH  DSSOL]LHUEDU LVW 'DV LVW GLH )XQNWLRQ GHU HQWKLVWRULVLHUHQGHQ6WUDWHJLH)DVFKLVPXVDOVVWUXNWXUHOOHVV\VWHPDWLVFKEH VFKUHLEEDUHV3KlQRPHQDOVHLQ.HQQ]HLFKHQGHUEXQGHVUHSXEOLNDQLVFKHQ *HVHOOVFKDIWDOVHLQHLQLKUHPVSlWNDSLWDOLVWLVFKHQDXWRULWlUHQ6\VWHPDQ JHOHJWH7HQGHQ]LQWHUSUHWLHUHQ'LHVH0RGLÀ]LHUXQJGHVWUDGLWLRQHOOHQ)D VFKLVPXVNRQ]HSWVJHVFKLHKWDXI GHP:HJGHV$QDORJLVLHUHQVPLWGHU%H KDXSWXQJÄ0HUNPDOHGHVJHJHQZlUWLJHQ6WDDWVXQGGHV)DVFKLVPXVVWHKHQ LQHLQHUbKQOLFKNHLWVEH]LHKXQJ]XHLQDQGHU¶,QGLHVHP6LQQDNWXDOLVLHUWPDQ YHUJOHLFKEDUH6WUXNWXUPHUNPDOHDXI GHQHYRNDWLYHQ(IIHNWGLHVHU3DUDOOH OLVLHUXQJVHW]HQG $OV $UJXPHQWDWLRQVPXVWHU GLHQW GLH 6WUDWHJLH GHU $QDORJLVLHUXQJ GD]X ]ZHL 6DFKYHUKDOWH LQ HLQH 5HODWLRQ ]X VHW]HQ ² ÅXP 8QEHNDQQ WHV DXV %HNDQQWHP ]X HUVFKOLH‰HQ RGHU XP 8QJOHLFKHV PLW 8QJOHLFKHP LQ=XVDPPHQKDQJ]XEULQJHQ´+RHQHQ6 'LHVH5HODWLRQLVW GDV (UJHEQLV HLQHV 9HUJOHLFKV 'LH 6DFKYHUKDOWH ZHLVHQ (QWVSUHFKXQJHQ bKQOLFKNHLWHQRGHU*OHLFKKHLWDXI GHUDUWGDVVVLHDOVNRQ]HSWXHOO]XVDP PHQJHK|ULJLQWHUSUHWLHUWZHUGHQN|QQHQ'LHVJHVFKLHKWLQXQVHUHP)DOO DOVRLP.RQWH[WGHV'HQNVWLOVGHU)UDQNIXUWHU6FKXOHGXUFK9HUJOHLFKYRQ 6WUXNWXUPHUNPDOHQ $QDORJLVLHUHQ EHGHXWHW LP 'HQNVWLO GHU )UDQNIXUWHU 6FKXOHDOVR%HKDXSWHQHLQHU*OHLFKKHLWVRGHUbKQOLFKNHLWVEH]LHKXQJGHU 6WUXNWXUPHUNPDOH YRQ )DVFKLVPXV XQG GHU GHXWVFKHQ 1DFKNULHJVGHPR NUDWLH 'DV NODVVLVFKH XQG H[SOL]LWH 0XVWHU ]XU %H]HLFKQXQJ HLQHU $QD ORJLHEH]LHKXQJKDWGLH)RUPÅ6R ZLH;VRDXFK Q@'LVNXVVLRQ´ÅGDV0LNURSKRQHQW]RJHQ´XQGGLH9HU DQVWDOWXQJVHLÅJHVW|UW´ZRUGHQ²GDVYHUZHLVWDXI HLQHQQRQYHUEDOHQ$NW 'HU6'6KDEHGLHVH$NWLRQ]ZDUYHUXUWHLOWMHGRFKHUNOlUWÅGD‰DXVGHQ HLQ]HOQHQ3URWHVWDNWLRQHQHLQH3ROLWLNGHUSHUPDQHQWHQ8QLYHUVLWlWVUHYRO WH¶JHPDFKWZHUGHQPVVH´'HUUFNEOLFNHQGH%HWUDFKWHUPDJEHLGLHVHU )RUPXOLHUXQJDXFKDQ8OULNH0HLQKRIV)RUGHUXQJQDFKHLQHPÅhEHUJDQJ YRP3URWHVW]XP:LGHUVWDQG´LQGHU=HLWVFKULIWÅNRQNUHW´DXVGHP-DKU GHQNHQGRFKKLQNWGLHVHU9HUJOHLFKNRQ]HQWULHUWHVLFKGLH6'6)RU GHUXQJDXVGHP-DKUGRFKQRFKHLQGHXWLJDXI XQLYHUVLWlUH%HODQJH  'LH/HLWXQJGHU)8XUWHLOWHODXWGLHVHP%HULFKWGDVVGLHVH)RUGHUXQJGHV 6'6 ÅHLQHU .ULHJVHUNOlUXQJ DQ GLH 8QLYHUVLWlW´ JOHLFKNRPPH %UXQRWWH 4XHOOH1U 'HU7RQVRGDUI PDQVDJHQLVWVFKRQLP)UKMDKU DXI EHLGHQ6HLWHQÅUGH´JHZHVHQ 'LH(VNDODWLRQKDWWHEHJRQQHQXQGGDVVSLHJHOWVLFKDXFKLP6SUDFK JHEUDXFKGHUZHLWHUHQ4XHOOHQ:lKUHQGLQHLQHU6WHOOXQJQDKPHGHV7 ELQJHU6+%YRPGLHÅJHUHL]WH6WLPPXQJ´XQGGLHÅ6SDQQXQJ´ GLH LQ %HUOLQ LKUHQ 7LHISXQNW LQ GHU (UVFKLH‰XQJ %HQQR 2KQHVRUJV DP IDQGLQV%LOGJHEUDFKWZLUGLQGHPGHPÅEUXWDOH>Q@9RUJHKHQGHU 3ROL]HL´Å(LHUXQG3XGGLQJGHU6WXGHQWHQ´JHJHQEHUJHVWHOOWZHUGHQ%UX QRWWH4XHOOH1U EHNODJWGHU%XQGHVYRUVWDQGGHV6'6LQHLQHU Å(UNOlUXQJ´GLHÅ2KQPDFKWGHU6WXGHQWHQ´JHJHQEHUGHUÅRUJDQLVLHUWH>Q@ *HZDOW GHV 6\VWHPV´ XQG IRUPXOLHUW Å5DXFKERPEHQ (LHU XQG 3XGGLQJ VLQG GLH 0LWWHO HLQHU RKQPlFKWLJHQ 5HEHOOLRQ´ %UXQRWWH  4XHOOH 1UXQGDWLHUW ,Q HLQHU Å=Z|OI3XQNWH(UNOlUXQJ YRQ 3URIHVVRUHQ GHU )UHLHQ 8QL YHUVLWlW´XQWHU]HLFKQHWXDYRQ2VVLS.)OHFKWKHLP(EHUKDUG/lPPHUW



-|UJ.LOLDQ

.XUW 6RQWKHLPHU 3HWHU 6]RQGL 3HWHU :DSQHZVNL  ZLUG LP 1RYHPEHU GLH(QWZLFNOXQJGHV9HUKlOWQLVVHV]ZLVFKHQ6WXGHQWHQHLQHUVHLWVXQG ÅDNDGHPLVFKHQXQGSROLWLVFKHQ$XWRULWlWHQ´DQGHUHUVHLWVWKHPDWLVLHUWXQG HLQH(VNDODWLRQYRQ*HZDOWVDPNHLWHQDQJHGHXWHWZHQQHVKHL‰W%UXQRWWH 4XHOOH1U 

Å*HZDOWDQZHQGXQJ´²XQGGDPLWLVWGLH$QZHQGXQJSK\VLVFKHU*HZDOWLP HQJHUHQ6LQQHJHPHLQW²HUVFKHLQWKLHUEHUHLWVDOV]ZLQJHQGHIDVWVHOEVWYHU VWlQGOLFKH$UWGHU)RUWVHW]XQJGHU$XVHLQDQGHUVHW]XQJGLHYRQÅDGPLQLVW UDWLYHQ0D‰QDKPHQ´DXVJHO|VWZHUGHQN|QQWH'DVLVWLQHLQHUÅ(UNOlUXQJ YRQ3URIHVVRUHQ´DOOHVDQGHUHDOVVHOEVWYHUVWlQGOLFKXQGJHUDGHGHVKDOEHLQ ,QGL]GDIUGDVV*HZDOWDOV0LWWHOGHU$XVHLQDQGHUVHW]XQJWDWVlFKOLFKQLFKW PHKUDXV]XVFKOLH‰HQZDU (LQ %OLFNQDFK 0QFKHQOLHIHUWHEHQIDOOV,QGL]LHQ LQ GLHVH5LFKWXQJ XQG EHOHJWHLQPDOPHKUGDVVHVGLH6WXGHQWHQEHZHJXQJQLFKWJDEVRQGHUQHKHU HLQH ]ZDU LP JUR‰HQ *DQ]HQ JOHLFKJHULFKWHWH 7HQGHQ] ]XU 9HUlQGHUXQJ YRQ XQLYHUVLWlUHQ XQG GDUEHU KLQDXV DXFK JHVHOOVFKDIWOLFKHQ /HEHQVIRU PHQ GLH LQGHV YRQ XQWHUVFKLHGOLFKHQ VWXGHQWLVFKHQ *UXSSHQ LQKDOWOLFK XQG LQ GHU :DKO GHU 0LWWHO XQWHUVFKLHGOLFK DXVJHULFKWHW ZXUGH ,Q HLQHU Å6FKQHOOLQIRUPDWLRQ´GHV$6W$GHU8QLYHUVLWlW0QFKHQYRP-DQXDU  GLVWDQ]LHUW VLFK GHU $6W$ YRQ HLQHP ZLH HV KHL‰W ÅVFKZHUHQ =ZL VFKHQIDOO´ GHU GDULQ EHVWDQGHQ KDWWH GDVV 9RUOHVXQJHQ GXUFK LQ 3ROL]HL XQLIRUPJHE]ZYHUNOHLGHWH6WXGHQWHQJHVW|UWZRUGHQZDUHQXDPLWGHQ :RUWHQ%UXQRWWH4XHOOH1U 

*HZDOWVDPNHLWHQ



(VLVWQLFKWDQJH]HLJWGLHVHÅ6FKQHOOLQIRUPDWLRQ´ZHJHQGHVGDULQHQWKDO WHQHQ9HUJOHLFKVGHUÅ3URYRNDWLRQHQ´PLWÅ-XQJHQVWUHLFKHQ´DXVVFKOLH‰OLFK DOV YHUKDUPORVHQGH ,QV]HQLHUXQJ ]X EHWUDFKWHQ *OHLFKZRKO GLVWDQ]LHUHQ VLFKGLH$XWRUHQYRUGHU]LWLHUWHQ3DVVDJHDXFKPLWGHP'LVWDQ]PDUNHUÅVR JHQDQQW´YRQÅJRLQV´XQGZHUWHQGLHVHH[SOL]LWDOV6W|UXQJ0DQGDUI LQ GLHVHUÅ6FKQHOOLQIRUPDWLRQ´GHQQZRKODXFKHLQH7HQGHQ]]XU'H(VNDOD WLRQOHVHQ 1XUHLQHQ7DJVSlWHUMHGRFKlX‰HUWVLFKGLHÅ+RFKVFKXOSURMHNWJUXSSH GHV6'6´GHU8QLYHUVLWlW0QFKHQLQHLQHP)OXJEODWWGDVVPLWÅ7HUURU ,QIRUPDWLRQ´LP2ULJLQDOLQ9HUVDOLHQ EHUVFKULHEHQLVW²DOVRQLFKWPHKU Å6FKQHOOLQIRUPDWLRQ´²]XU5HDNWLRQGHV5HNWRUDWVDXI GHQVHOEHQ9RUIDOO 'HU6'6NODVVLÀ]LHUWGLHVH5HDNWLRQGDKLQJHKHQGGDVVVLHÅGLH,QWHUHVVHQ GHU6WXGHQWHQVFKDIWGLNWDWRULVFKXQWHUGUFNW´XQGEHVFKOLH‰WGLHÅ7HUURU ,QIRUPDWLRQ´ PLW GHP 6DW] Å'LH (VNDODWLRQ JHKW ZHLWHU «´ %UXQRWWH 4XHOOH1U 2GHUHLQ%OLFNQDFK0DLQ]'RUWEHVFKOLH‰WGLH9ROOYHUVDPPOXQJLP 0DL  ]XP $XVGUXFN GHV 3URWHVWVJHJHQ GLH 1RWVWDQGVJHVHW]JHEXQJ GHQ$XIUXI ]XP6WUHLNXQGDOOHLQGLHVHU$XIUXI YHUDQODVVWGHQ5HNWRUHLQH (UNOlUXQJ GHV 6HQDWV ]X YHU|IIHQWOLFKHQ LQ GHU HV KHL‰W %UXQRWWH  4XHOOH1U 

:RGLH(LQKDOWXQJHLQHUÅ=XVLFKHUXQJJHZDOWIUHLHU'XUFKIKUXQJ´HLQJH IRUGHUW ZLUG VSLHOW *HZDOW EHUHLWV HLQH 5ROOH DOV XQVLFKWEDUH 'LVNXUVEH GLQJXQJ:HOFKHV*HVLFKWVLHHUKlOWLVWDEKlQJLJYRQGHQ.RQ]HSWXDOLVLH UXQJHQ GHU 6SUHFKHU 6R EHNODJW GHU 6'6%XQGHVYRUVWDQG ZLH HUZlKQW Å5DXFKERPEHQ(LHUXQG3XGGLQJ´DOVÅ0LWWHOHLQHURKQPlFKWLJHQ5HEHO OLRQ´²XQGZLUEWLQGHUVHOEHQÅ(UNOlUXQJ´VWDWWGHVVHQIUÅSUl]LVHZLVVHQ VFKDIWOLFKEHOHJWH$XINOlUXQJXQGV\VWHPDWLVFKHDXI 'DXHUJHVWHOOWHSROL WLVFKH$NWLRQHQ´%UXQRWWH4XHOOH1UXQGDWLHUW 'RFKQDFKGHU (UVFKLH‰XQJ2KQHVRUJVXQG]XGHPQDFKGHP$WWHQWDWDXI 5XGL'XWVFKNH VFKHLQWGLH)UDJHQDFKGHU:DKOGHU0LWWHOIUHLQLJH$NWHXUHZLHGHURIIHQ 'LHÅ+RFKVFKXOJUXSSH0DLQ]´GHV6'6QRWLHUWLQHLQHP)OXJEODWWXQWHU GHUhEHUVFKULIWÅ'HU:LGHUVWDQGPX‰ZDFKVHQ´LP2ULJLQDOLQ9HUVDOLHQ %UXQRWWH4XHOOH1U 



-|UJ.LOLDQ

'RFKZLHLVW]XEHZHUWHQZHQQ0LWJOLHGHUGHU.RPPXQH,YRUGHP+LQ WHUJUXQG HLQHV .DXIKDXVEUDQGHV EHL GHP XP  0HQVFKHQ GHQ 7RG IDQGHQDPEUDQQWHGDV%UVVHOHU.DXIKDXVÅ$O·,QQRYDWLRQ´  DXI HLQ)OXJEODWWVFKUHLEHQÅ:DQQEUHQQHQGLH%HUOLQHU.DXIKlXVHU´XQG ÅEXUQZDUHKRXVHEXUQ´)OXJEODWW1UGHU.RPPXQH, "0DQ KDWKLHULQHLQHUVHLWVGHQ$XIUXI ]XU%UDQGVWLIWXQJHUEOLFNWXQGDQGHUHU VHLWVHLQHOLWHUDULVFKHHLQHVDWLULVFKHbVWKHWLVLHUXQJGHU*HZDOWYJOGD]X ]% /lPPHUW   :LH LVW ]X YHUVWHKHQ ZLH LVW YRQ GHQ =HLWJHQRVVHQ YHUVWDQGHQ ZRUGHQ ZHQQ LQ HLQHP $XIUXI  ]XU JHPHLQVDPHQ 'HPRQVW UDWLRQ DXI  HLQHP )OXJEODWW IRUPXOLHUW ZLUG Å$XFK PLW 3ROL]HLDXWRV NDQQ PDQJXWVSLHOHQ´%UXQRWWH4XHOOH "'HU5FNEOLFNDXVGHU$X ‰HQSHUVSHNWLYHZlUHIHKOJHOHLWHWVRZRKOZHQQHU*HZDOWYHUKHUUOLFKXQJZLH DXFKZHQQHUEOR‰XQEHGDFKWHV6SUDFKVSLHONRQVWDWLHUWH'LH:RUWHVLQG PLW%HGDFKWJHVHW]WGRFKVROOHQVLHQLFKWDXVGHP7H[WKHUDXVLQGLH:HOW KLQHLQ$QVROFKHQ6WHOOHQ]HLJWVLFKYLHOPHKUGLHVSUDFKOLFKH$XIPSÀJ NHLWGHUVWXGHQWLVFKHQHU-XJHQGGLHZXVVWHZLHGDV(VWDEOLVKPHQW]X SURYR]LHUHQZDU  

*HZDOWDOVÅ*HJHQJHZDOW´²=XU'LDOHNWLNGHVGewalt%HJULIIV GHUHU

'LH 6SUDFKVSXUHQ YRQ GHQHQ HLQLJH ZHQLJH ]LWLHUW ZXUGHQ PVVHQ QXQ DXFKXPDXVVSUDFKKLVWRULVFKHU6LFKWEHXUWHLOHQ]XN|QQHQREHVVLFKXP NRQ]HSWLRQHOOH (LQ]HOIlOOH KDQGHOW RGHU XP OH[LNDOLVFKVHPDQWLVFKH %DX VWHLQHLP=XJHGHUVSUDFKOLFKHQ.RQVWUXNWLRQHLQHVYHUlQGHUWHQÅ*HZDOW´ %HJULIIVDXI LKUHNRQ]HSWLRQHOOHQ.RQWXUHQDOV)DNWRUHQGHU6SUDFKXQG Å6DFK´GK(UHLJQLVJHVFKLFKWHKLQLQGHQ%OLFNJHQRPPHQZHUGHQ,QHL QHPÅ6SUDFKIKUHUGXUFKGLH5HYROXWLRQ´LVW]XOHVHQ.RSOLQ6I 

*HZDOWVDPNHLWHQ



,QVRIHUQ DOV LP 5DKPHQ GHU ² ZHQQ PDQ VR VDJHQ GDUI KHUUVFKHQGHQ $32/HKUH ² GHU 6WDDW DOOHLQ DXI  UHSUHVVLYHU *HZDOW DOV 0LWWHO GHU +HUU VFKDIWVVWDELOLVLHUXQJEHUXKWLVWODXW:HLJWVÅ5HYROXWLRQVOH[LNRQ´DOOHVZDV VLFK YRQ DX‰HQ JHJHQ GLHVH 6WDDWVJHZDOW ZHQGHW DOVR HWZD DXFK GLH $X ‰HUSDUODPHQWDULVFKH2SSRVLWLRQ *HJHQJHZDOW'DVSD]LÀVWLVFKH,GHDOHLQHU VROFKHQ*HJHQJHZDOWLQJHZDOWORVHU)RUPVFKOLH‰WLQGHVDNWLYHQ:LGHUVWDQGLP 5DKPHQHLQHU*HZDOWJHJHQ6DFKHQQLFKWDXV²]XPLQGHVWZLHHVEHL:HLJW KHL‰WÅQDFKDOOHQELVKHULJHQYHUDQWZRUWOLFKHQbX‰HUXQJHQYRQ6HLWHQGHU $32´YJO:HLJW6VY*HZDOW²*HJHQJHZDOW %HL.RSOLQKHL‰WHV GD]XHUJlQ]HQGGLH$32KDEHVLFKQDFKGHUÅ2VWHUUHEHOOLRQ´GDIU DXVJHVSURFKHQ ÅLP =ZHLIHOVIDOO GRUW ZR 3HUVRQHQ ]X VFKDGHQ NRPPHQ N|QQHQ DXFK DXI  GDV 0LWWHO GHU V\PEROLVFKHQ *HZDOW JHJHQ 6DFKHQ ]X YHU]LFKWHQ´.RSOLQ6I 'LHVH'LDOHNWLNLQ%H]XJDXI GHQÅ*HZDOW´%HJULIIYRUQHKPOLFKGHU 9HUVXFKGHU'LIIHUHQ]LHUXQJ]ZLVFKHQ*HZDOWXQG*HJHQJHZDOWVRZLH]ZL VFKHQ*HZDOWJHJHQ6DFKHQXQG*HZDOWJHJHQ3HUVRQHQ]XGHP=ZHFNJOHLFKVDP HLQH/HJLWLPDWLRQIUÅJXWH*HZDOW´]XHUKDOWHQZXUGHDXFKYRQDQGHUHQ =HLWJHQRVVHQIHVWJHVWHOOW'HU$32NULWLVFKH$XWRU.ODXV+RIPHLHUHWZD IRUPXOLHUWLQVHLQHPVDWLULVFKHQ%lQGFKHQÅ/LHEHQ6LH(VWDEOLVKPHQW"´DXV GHP-DKU+RIPHLHU6I 



-|UJ.LOLDQ

,QGLHVHU'LDOHNWLNZDUVFKOLH‰OLFKDXFK5XGL'XWVFKNHYHUIDQJHQ,QVHL QHP $XIVDW] Å5XGL 'XWVFKNH XQG GHU EHZDIIQHWH .DPSI´ XQWHUVFKHLGHW HLQHUGHUDXVJHZLHVHQHQ.HQQHUGHUHU:ROIJDQJ.UDXVKDDUÅIQI *H ZDOWD[LRPH´EHL5XGL'XWVFKNH Å*HZDOWLVWGHP6\VWHP]ZDULQKlUHQWLQGHQ0HWURSROHQDEHUNDXP VLFKWEDU´.UDXVKDDU>LP2ULJLQDOIHWWJHVHW]W@ 'XWVFKNHZLUGKLHU PLWGHQEHNDQQWHQ:RUWHQ]LWLHUWGLHÅKHUUVFKHQGH>@NDS>LWDOLVWLVFKH@2UG QXQJ´ PVVH DOV Å'LNWDWXU GHU *HZDOW´ HQWODUYW ZHUGHQ 'XWVFKNH JLQJ EHNDQQWOLFKGDYRQDXVGDVVDOOHNDSLWDOLVWLVFKHQ6\VWHPHODWHQWQXUGXUFK *HZDOWQlPOLFKGLH*HZDOWGHU8QWHUGUFNXQJDXIUHFKWHUKDOWHQZUGHQ 0DQGDUI KLHUZRKOHLQHNRQ]HSWXHOOH9RUIRUPGHVVHQHUNHQQHQZDV-R KDQ*DOWXQJXQWHUGHP%HJULII ÅVWUXNWXUHOOH*HZDOW´WHUPLQRORJLVFK

*HZDOWVDPNHLWHQ



IDVVWH]XJOHLFKDEHUDXFKHLQH$QOHKQXQJDQGHQJHVHOOVFKDIWVSROLWLVFKRUL HQWLHUWHQÅ*HZDOW´%HJULII EHL.DUO0DU[XQGDQ+HUEHUW0DUFXVHV$Q VLFKWGHUZHVWOLFKNDSLWDOLVWLVFKHQ6\VWHPHDOVÅHLQGLPHQVLRQDOH´UHSUHVVLYH 6\VWHPH.UDXVKDDUQHQQWDOV]ZHLWHV$[LRP Å 5HYROXWLRQlUH *HZDOW LVW *HJHQJHZDOW GLH GHU $EVFKDIIXQJ YRQ *HZDOWYHUKlOWQLVVHQLQVJHVDPWGLHQHQVROO´.UDXVKDDU>LP2ULJLQDO IHWWJHVHW]W@  .UDXVKDDUGUFNWHVQLFKWDXVDEHUPDQGDUI ZRKODQGLHVHU6WHOOHDXFK HLQH 'HQNEHZHJXQJ 'XWVFKNHV DQQHKPHQ GLH PLW GHU /HJLWLPDWLRQ GHU JHZDOWVDPHQ$EVHW]XQJYRQ'LNWDWRUHQYHUJOHLFKEDULVW,Q%H]XJDXI GHQ 6FKDKYRQ3HUVLHQKDW'XWVFKNHGLHVDXFKH[SOL]LW]XP$XVGUXFNJHEUDFKW 'DKLQWHUVWHKWZRKODXFK0DUFXVHV$QVDW]GHVÅ1DWXUUHFKWVDXI :LGHU VWDQG´GLH*HZDOWDQZHQGXQJ]XP=ZHFNGHU=HUVW|UXQJGHU*HZDOWGHU +HUUVFKHQGHQWKHRUHWLVFKOHJLWLPLHUW.UDXVKDDUIlKUWIRUW Å 2IIHQVLYWKHRULH XQG (VNDODWLRQVVWUDWHJLH´ .UDXVKDDU  >LP 2ULJLQDOIHWWJHVHW]W@ 'XWVFKNHV1HLJXQJ]XGHPZDVHUÅGLUHNWH$NWLRQ´QDQQWHLVWLQGHP XQWHUGHPHUVWHQÅ$[LRP´DQJHIKUWHQ*HGDQNHQ]XEHJUQGHQGDVVGLH ÅKHUUVFKHQGHNDSLWDOLVWLVFKH2UGQXQJ´DXI HLQHUYHUERUJHQHQ*HZDOWEH UXKHXQGGDVVHEHQGLHVH*HZDOWDQV/LFKWJHEUDFKWZHUGHQPVVHQGXUFK JH]LHOWHGLHVH*HZDOWHVNDOLHUHQGH3URYRNDWLRQHQ Å'LH8QWHUVFKHLGXQJ]ZLVFKHQ*HZDOWLQGHU(UVWHQXQG*HZDOWLQ GHU'ULWWHQ:HOW´.UDXVKDDU>LP2ULJLQDOIHWWJHVHW]W@  'LH*HZDOWYHUKlOWQLVVHLQGHQ.RORQLHQDEHUDXFKQRFKLQGHQHKHPD OLJHQGDPDOVQRFKUHODWLYMXQJHUVWGHU(LJHQVWDDWOLFKNHLWEHUDQWZRUWHWHQ .RORQLHQVHLHQQLFKWODWHQWVHLHQRIIHQVLFKWOLFKXQGGDKHUVHLIU'XWVFKNH VR.UDXVKDDUGLHUHYROXWLRQlUH*HZDOWLQVHLQHP*HGDQNHQJHElXGHDOVR GLH*HJHQJHZDOWLP5DKPHQGHVÅ%HIUHLXQJVNDPSIHV´OHJLWLPXQGQRWZHQ GLJ,QGHU(UVWHQ:HOWKLQJHJHQVHLHVHLQÅ:LGHUVWDQGVNDPSI´PLWZLH XQWHUGHPGULWWHQÅ$[LRP´DXVJHIKUWÅGLUHNWHQ$NWLRQHQ´8QGVFKOLH‰ OLFK Å8QWHUVFKHLGXQJ]ZLVFKHQ*HZDOWJHJHQ6DFKHQXQG*HZDOWJHJHQ 3HUVRQHQ´'LHVHVIQIWH$[LRPVR.UDXVKDDUVHLIU'XWVFKNHÅPD‰JHE OLFK JHZHVHQ´ ZDV .UDXVKDDU PLW IROJHQGHP 'XWVFKNH=LWDW ]X EHOHJHQ VXFKWÅ:LUNHQQHQQXUHLQHQ7HUURU²GDVLVWGHU7HUURUJHJHQXQPHQVFK OLFKH0DVFKLQHULHQ'LH5RWDWLRQVPDVFKLQHULHYRQ6SULQJHULQGLH/XIW]X MDJHQXQGGDEHLNHLQH0HQVFKHQ]XYHUQLFKWHQGDVVFKHLQWPLUHLQHHPDQ ]LSLHUHQGH7DW´.UDXVKDDU>LP2ULJLQDOIHWWJHVHW]W@  .UDXVKDDU PDFKW GHXWOLFK GDVV YRQ GLHVHQ Å$[LRPHQ´ NHLQ GLUHNWHU :HJ]XU5$)IKUWXQGHUVXFKWGLHVXDPLW'XWVFKNHVGHXWOLFKHU9HU XUWHLOXQJGHUWHUURULVWLVFKHQ*HZDOWGHU5$)]XEHOHJHQ*OHLFKZRKOEH WRQW HU GDVV GLH (VNDODWLRQVVWUDWHJLH 'XWVFKNHV *HZDOWDQZHQGXQJ QLFKW



-|UJ.LOLDQ

DXVJHVFKORVVHQ KDEH 'LH 6WDGWJXHULOOD,GHH HWZD VHL NHLQ Å=HUIDOOV XQG 9HU]ZHLÁXQJVSURGXNWGHUHU%HZHJXQJ´VRQGHUQYRQ'XWVFKNHVFKRQ IUKHUJHSÁHJWZRUGHQ5XGL'XWVFKNHVRGDUI PDQ.UDXVKDDUV$XVIK UXQJHQ]XVDPPHQIDVVHQQDKPHLQHUHYROXWLRQVWKHRUHWLVFKH9HURUWXQJGHU *HZDOWYRUXPIUGLH(UUHLFKXQJGHV=LHOVGLH:DKOGHU0LWWHO]XVRQ GLHUHQ (V PVVWHQ GDKHU VR .UDXVKDDU GXUFKDXV =XVDPPHQKlQJH GHU 'HQNEHZHJXQJHQ]ZLVFKHQ6WXGHQWHQEHZHJXQJ$32XQG5$)LQ%H]XJ DXI GDV9HUKlOWQLV]XU*HZDOWJHVHKHQZHUGHQXQG.UDXVKDDUEHNODJWGDVV GLHVÅELVKHUVWUlÁLFKYHUQDFKOlVVLJWZRUGHQ´VHL (VLVWKLHUQLFKWGHU2UWGLHVHU.ODJHXQGGHU)UDJHGDQDFKREXQG LQZLHIHUQGHUÅ*HZDOW´%HJULII 'XWVFKNHVVLFKXPJHZDQGHOWKDEH XQG RE XQG LQZLHIHUQ 'XWVFKNH GHU *HZDOW ]X RGHU DEQHLJWH YJO DXV WHQGHQ]L|VNRQVHUYDWLYHU3HUVSHNWLYHGD]XDXFK/DQJJXWK ZHLWHUDXI  GHQ*UXQG]XJHKHQ'DVVQLFKWZHQLJH3XEOLNDWLRQHQ]XU6WXGHQWHQEHZH JXQJGHUHQ.RSI XQGDXFKGLH6WXGHQWHQEHZHJXQJLQVJHVDPWQLFKWVHOWHQ LQHLQHPOHGLJOLFKYHUNOlUHQGQRVWDOJLVFKHQ5FNEOLFNDXI ÅGLHHU´]HLJHQ XQGGDVLQGHQ6SUDFKTXHOOHQ]ZHLIHOORVEHOHJEDUHUHYROXWLRQlUH6HOEVWYHU VWlQGQLV PDQFKHU HU*UXSSLHUXQJHQ XQG DXFK GHUHQ :DQGOXQJHQ GHV Å*HZDOW´%HJULIIV QXU HQ SDVVDQW HUZlKQHQ LVW LQGHV DXFK QLFKW ]X YHU VFKZHLJHQ :HVHQWOLFKHUVROOKLHUVHLQGDVV.UDXVKDDUPLWWHOEDUGDV(UJHEQLVGHU QXU NXUVRULVFKHQ 9HUIROJXQJ YRQ 6SUDFKVSXUHQ GHU *HZDOWVDPNHLWHQ LP YRUDQJHKHQGHQ.DSLWHOEHVWlWLJW%HVWlWLJWZLUGGDPLWDXFKGDVV'XWVFK NHV(VNDODWLRQVVWUDWHJLHDXIJLQJ²ZHQQDXFKDQGHUVDOVEHDEVLFKWLJW'LH 6WXGHQWHQEHZHJXQJ EHZHJWH VLFK ]X LKUHP %HJLQQ DXI  GHP %RGHQ GHV VWDDWOLFKHQ*HZDOWPRQRSROVXQGIKUWHGLHVHVHLQHU]XQlFKVWLP*UXQGH DXI XQLYHUVLWlUH,QVWLWXWLRQHQEH]RJHQHQ.ULWLN]XLQGLHDOOHUGLQJVQRFK NHLQH WLHIVFKUIHQGH .ULWLN GHV UHFKWVVWDDWOLFKHQ Å*HZDOW´%HJULIIHV HLQ JHÁRFKWHQZDU'HU%H]XJVUDKPHQZXUGHVRGDQQDEHUHUZHLWHUWXQGGHU UHFKWVVWDDWOLFKHÅ*HZDOW´%HJULII DOVXQUHFKWPl‰LJHÅ'LNWDWXUGHU*HZDOW´ EHJULIIHQXQG]ZDUQLFKWDOOHLQLQ%H]XJDXI GLH²LP6LQQHGHU*HZDOWHQ WHLOXQJ²H[HNXWLYH*HZDOWVRQGHUQDXFKLQ%H]XJDXI GLHOHJLVODWLYHXQG MXGLNDWLYH*HZDOW'LHVDQIWH*HZDOWGHV:LGHUVWDQGVLQ)RUPYRQÅ6LW LQV´Å*RLQV´RGHUDXFKGLH6SUDFKJHZDOWGHU%HOHLGLJXQJXQGNRPPXQL NDWLYHQÅ6W|UXQJ´DOVEHZXVVWJHZlKOWHÅQHXHSHUIRUPDWLYH3UDNWLN´YJO GD]X6FKDUORWKD6I ZXUGHYHUZDQGHOWLQHLQH*HZDOWGHUÅ$NWL RQ´GLHDXFKDNWLYHÅ*HZDOWJHJHQ6DFKHQ´DOV0LWWHODN]HSWLHUWHPLWKLQ lVWKHWLVLHUWHYJO:HLJW6 XQGGLHVFKOLH‰OLFKYRQ(LQ]HOQHQXPGLH DNWLYHÅ*HZDOWJHJHQ3HUVRQHQ´HUZHLWHUWZXUGHÅhEHUGLH*HZDOWJHJHQ 3HUVRQHQ KHUUVFKHQ LQQHUKDOE GHU $32 YHUVFKLHGHQH $XIIDVVXQJHQ´ LVW VFKRQLPÅ5HYROXWLRQVOH[LNRQ´DXVGHP-DKU]XOHVHQ:HLJW 6 

*HZDOWVDPNHLWHQ



0DQN|QQWHVDJHQ*HZDOWJHJQHUXQG$QWLDXWRULWlUHGLHGLHPHLVWHQHU LQ LKUHP 6HOEVWYHUVWlQGQLV ZDUHQ EUDFKWHQ DXV LKUHU 0LWWH *HZDOWWlWLJH KHUYRU'HU%HJULII GHUÅUHSUHVVLYHQ*HZDOW´GHU]XYRUQXUGHP*HJQHU JHZLGPHW ZDU IDQG LQ GHQ HLJHQHQ 5HLKHQ 5HIHUHQ]REMHNWH 'D HV DEHU QLFKWÅGLH´6WXGHQWHQZDUHQGLHGLHHUELOGHWHQVRQGHUQHLQ7HLOGHU6WX GHQWHQVFKDIWXQGGDHVDXFKQLFKWÅGLH´HUZDUHQGLHQXQLQGHQ/LFKW NHJHOGHV%HJULIIVGHU ÅUHSUHVVLYHQ*HZDOW´WUDWHQ VRQGHUQ QXU HLQ]HOQH *UXSSLHUXQJHQPLWKLQQXUHLQ]HOQH0HQVFKHQNDQQHLQHVSUDFKJHVFKLFKW OLFKHQ=lVXUHLQVSUDFKJHVFKLFKWOLFKHU8PEUXFKRGHUJDUHLQ6SUDFKZDQ GHOXPLQ%H]XJDXI GHQÅ*HZDOW´%HJULII QLFKWIHVWJHVWHOOWZHUGHQ )DFHWWHQGLHVHV%HJULIIHVZXUGHQLQGHUGHXWVFKHQ6SUDFKHNRQ]HSWXHOOQHX EHOHXFKWHWPLWKLQOH[LNDOLVFKDQGHUVJHIDVVW]XP%HLVSLHOGLH'LIIHUHQ]LH UXQJ*HZDOWJHJHQ3HUVRQHQYHUVXV*HZDOWJHJHQ6DFKHQ DEHUHLQHQDFKKDOWLJH 9HUlQGHUXQJYRQVSUDFKKLVWRULVFKHP5DQJZDU GDV DOOHVQLFKWXQG ]ZDU DXFKQLFKWLQOH[LNDOLVFKHU+LQVLFKWLP5DKPHQHLQHV:RUWXQG6DFKIHO GHVGHUÅ*HZDOW´E]ZGHUÅ*HZDOWPLWWHO´'HUZHVHQWOLFKJU|‰HUH7HLOGHU 6WXGHQWHQKDWWHEHUGLHVGLHNRQ]HSWXHOOHQ9HUVFKLHEXQJHQGHVÅ*HZDOW´ %HJULIIVHQWZHGHUJDUQLFKWPLWJHPDFKWRGHUNHKUWHEDOG]XUNRQYHQWLRQHO OHQVSUDFKOLFKHQXQGNRQ]HSWXHOOHQ7DJHVRUGQXQJ]XUFN'LHVHZDUQDFK  ]ZDU HLQH DQGHUH LQ %H]XJ DXI  GHQ Å*HZDOW´%HJULII  DEHU IDVW GLH DOWHÅ)DVW´GHQQGLH)ULHGHQVEHZHJXQJDXI GHUHLQHQ6HLWHXQGGLH5$) DXI GHUDQGHUHQ6HLWHVLQGQLFKWRKQH%H]XJ]XGHQHUQ]XVHKHQGHU %H]XJLVW]XPLQGHVWKLQVLFKWOLFKGHU.RQVWUXNWLRQHLQHVÅ*HZDOW´%HJULI IHVDEHUDXFKQLFKWGHU$UWGDVVÅGLH6WXGHQWHQVSUDFKH´E]ZGDVVÅ´ DOOHLQGDKLQJHIKUWKlWWHQ /LWHUDWXU %UXQRWWH%DUEDUD 5HEHOOLRQLP:RUW(LQH]HLWJHVFKLFKWOLFKH'RNXPHQWDWLRQ )OXJEODWWXQG)OXJVFKULIWDOV$XVGUXFNMQJVWHU6WXGHQWHQXQUXKHQ)UDQNIXUW0 )VVHO 0DULDQ   'HYLDQ] DOV 1RUP" 6WXGHQWLVFKH *HZDOW XQG DNDGHPLVFKH )UHLKHLW LQ .|OQ LP  XQG  -DKUKXQGHUW ,Q :HVWIlOLVFKH )RUVFKXQJHQ  6² *URVVPDQQ+HLQ]1HJW2VNDU+J  'LH$XIHUVWHKXQJGHU*HZDOW6SULQJHU EORFNDGHXQGSROLWLVFKH5HDNWLRQLQGHU%XQGHVUHEXEOLN)UDQNIXUW0 +HQQH+HOPXW -XJHQGXQGLKUH6SUDFKH'DUVWHOOXQJ0DWHULDOLHQ.ULWLN%HU OLQ1HZ@7ELQJHQ .RQWURYHUVHQDOWHXQGQHXH%G 6²

*HZDOWVDPNHLWHQ



6W|W]HO*HRUJ DOVVSUDFKJHVFKLFKWOLFKH=lVXU,Q6SUDFKHXQG/LWHUDWXULQ :LVVHQVFKDIWXQG8QWHUULFKW+6² :HLJW3HWHU 5HYROXWLRQVOH[LNRQ7DVFKHQEXFKGHUDX‰HUSDUODPHQWDULVFKHQ$N WLRQ)UDQNIXUW :HQJHOHU 0DUWLQ   Å´ DOV VSUDFKJHVFKLFKWOLFKH =lVXU ,Q 6W|W]HO *HRUJ :HQJHOHU0DUWLQ.RQWURYHUVH%HJULIIH*HVFKLFKWHGHV|IIHQWOLFKHQ6SUDFKJH EUDXFKVLQGHU%XQGHVUHSXEOLN'HXWVFKODQG>«@%HUOLQ1HZKUVJYRQ*UHWFKHQ'XWVFKNH@.|OQ +LQULFKV8ZH 6WXGHQWHQVSUDFKH6SRQLWVSUDFKH,Q0XWWHUVSUDFKH6²  .LOLDQ-|UJ 'HPRNUDWLVFKH6SUDFKH]ZLVFKHQ7UDGLWLRQXQG1HXDQIDQJ$P %HLVSLHOGHV*UXQGUHFKWH'LVNXUVHV7ELQJHQ /KRWWD5RODQG 6LQGZLUÅJHOLQNW´ZRUGHQ"=XP(LQGULQJHQYRQHU9RNDEX ODULQGLH*HPHLQXQG%LOGXQJVVSUDFKH,Q6SUDFKHXQG/LWHUDWXULQ:LVVHQVFKDIW XQG8QWHUULFKW+6²

'LHW]%HULQJ 'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH" 6HLWODQJHPELQLFKGDPLWEHVFKlIWLJWPHLQHUHQGHQGHQ6FKLPSIZRUW JHVFKLFKWHÅ'LH,QWHOOHNWXHOOHQ´YRUGUHL‰LJ-DKUHQJHVFKULHEHQHLQHQELV KHXWHUHLFKHQGHQ7HLOKLQ]X]XIJHQ,FKZLOO0LFKHO:LQQRFNVPlFKWLJHP 2SXVÅ'DV-DKUKXQGHUWGHU,QWHOOHNWXHOOHQ´HLQHGHXWVFKH3DUDOOHOJHVFKLFK WHHQWJHJHQVWHOOHQ:DUXPHQWJHJHQXQGQLFKW]XU6HLWHVWHOOHQ":lKUHQGMH QHU JDQ] 3HUVRQHQRULHQWLHUW HLQIDFK DXIVFKUHLEW ZDV GLH IUDQ]|VLVFKHQ ,QWHOOHNWXHOOHQ LP  -DKUKXQGHUW VR DOOHV JHPDFKW KDEHQ P|FKWH LFK ]HLJHQZHOFKXPIDVVHQGH3HUVSHNWLYHQHLQHNXOWXUKLVWRULVFKIXQGLHUWH%H JULIIVJHVFKLFKWH]XELHWHQKDW,FKDUEHLWHPLFKDP6DW]0HUOHDX3RQW\VDE Å'HUURWH)DGHQGHU*HVFKLFKWHLVWHLQ:HUGHQYRQ%HGHXWXQJHQGLH]X 0lFKWHQXQG,QVWLWXWLRQHQZXUGHQ´0HUOHDX3RQW\6 

(LQGHXWLJH9HUJDQJHQKHLWZLGHUVSUFKOLFKHHU

'LH(UNOlUXQJGLHVHU7KHVH]ZLQJWPLFKJHUDGH]XLQHLQHJHZLVVH3HUVSHN WLYHQEUHLWH ZHLW HQWIHUQW YRQ NOHLQWHLOLJHP 0RVDLNEDX 'LH VLFK DXIGUlQ JHQGH)UDJHODXWHWMHW]WMD,VWGLH%HGHXWXQJÅ,QWHOOHNWXHOOH´ZHQQVFKRQ QLFKW]XU,QVWLWXWLRQVRGRFK]XHLQHUUHDOHQ0DFKWJHZRUGHQ":DUVLHEHL GHQHUQHLQH",Q)UDQNUHLFK]lKOWÅ,QWHOOHNWXHOOHU´VHLWGHP'UH\IXV3UR ]HVVDOV+RFKZHUWNDWHJRULH,Q'HXWVFKODQGKLQJHJHQIXQJLHUWHGDV:RUW LQ GHU  +lOIWH GHV  -KGWV JHPHLQKLQ DOV 9HUQLFKWXQJVGURKXQJ )U +LWOHUV3ODQGLH,QWHOOHNWXHOOHQÅDXV]XURWWHQRGHUVRHWZDV´+LWOHU 6 JLEWHVYLHOH5HDOLVDWLRQHQXQG/HQLQV'LNWXPÅ'LH,QWHOOHNWXHOOHQ PVVHQ LPPHU PLW HLVHUQHU )DXVW DQJHSDFNW ZHUGHQ´    HUKLHOW EHL VHLQHQ1DFKIROJHUQHLQHVROFKH6FKlUIHGDVV0LODQ.XQGHUDLQVHLQH (ULQQHUXQJHQVFKULHE ,QWHOOHNWXHOOHU GDV ZDU LP GDPDOLJHQ 3ROLWMDUJRQ HLQ 6FKLPSIZRUW JHZHVHQ >@ 6lPWOLFKH .RPPXQLVWHQ GLH VHLQHU]HLW YRQ DQGHUHQ .RPPXQLVWHQ DXIJHKlQJW ZRUGHQZDUHQKDWWHPDQPLWGLHVHP6FKLPSIZRUWEHOHJW

$OVRNHLQ=ZHLIHOELVHLQHJHUDGH]XW|GOLFKH0DFKW:DVDEHULQGHQ -DKUHQGDQDFKDOVGLH%5'%UJHUDXIJHUXIHQXQGJH]ZXQJHQZDUHQLQ 

,QÅ'DV%XFKYRP/DFKHQXQGYRP9HUJHVVHQ´DOV0RWWR]LWLHUWYRQ/RWKDU%DLHU 



'LHW]%HULQJ

LKUHQ %HJULIIVDSSDUDWHQ GLH ZHVWOLFKGHPRNUDWLVFKHQ 3ULQ]LSLHQ PlFKWLJ ZHUGHQ]XODVVHQ"1DFKPLVVJOFNWHQ9HUVXFKHQLPIUGHXWVFKHVÅ:HVHQ´ VRW\SLVFKHQ%HJULII ÅGLH*HLVWLJHQ´+DOW]XÀQGHQEHJDQQHQVHLWYRU DOOHPGUHL=HLWVFKULIWHQHLQHQSRVLWLYHQ,QWHOOHNWXHOOHQJHEUDXFKDXI]XEDX HQ$XFKGLH*UXSSHGDUI GDDOVEHVRQGHUVHUIROJUHLFKH6SUDFKIRUPHULQ JHOWHQ%HLP.DPSI JHJHQGLH:LHGHUDXIUVWXQJXQGGDQQLP.DPSI XP GLH$WRPEHZDIIQXQJWUDWHQDXFKIKUHQGH.|SIHGHU63'VWW]HQGKLQ]X 'HQDOOPlKOLFKJHZDFKVHQHQQHXHQVHPDQWLVFKHQ6WDWXVKDWZRKODP EHVWHQ&DUOR6FKPLGEHVFKULHEHQZHQQHULKQQLFKWJDUVHOEHUDXI VHLQHQ *LSIHOJHWULHEHQKDW'LHVHUKRFKJHLVWLJH)HXHUNRSIGLHVHULQ)UDQNUHLFK JHERUHQH$XVQDKPHSROLWLNHUGHU63'GHÀQLHUWH,QWHOOHNWXHOOH²GDVVHLHQ GLHÅ0DKQHU´XQGGLHÅ9HUNQGHU´GHVÅ(ZLJHQLP0HQVFKHQ´VLHPVV WHQLQGHUWHFKQLVFKHQ5HYROXWLRQGDVÅ+XPDQXP´UHWWHQQLHDXI GHU6HLWH GHU 1XW]QLH‰HU JHVHOOVFKDIWOLFKHU 9HUKlOWQLVVH VHL LKUH +DXSWDXIJDEH GLH DOWH+XJHQRWWHQ7XJHQGÅVDYRLUUpVLVWHU´:LUKDEHQYRUXQVHLQ%QGHO YRQ +DQGOXQJVYHUSÁLFKWXQJHQ DOVR HLQHQ HPSKDWLVFK JHODGHQHQ GXUFK XQGGXUFKÅGHRQWLVFKHQ´%HJULII8QGZHQQZLUXQVQRFKHLQPDOYRU$X JHQVWHOOHQQLHDXI GHU6HLWHGHU3URÀWHXUHVRQGHUQJHEW:LGHUVWDQG]X OHLVWHQ²VHKHQZLUMHW]WQLFKWGLHHUVFKRQYRUXQV"8QGZHUGHQZLUQLFKW QRFKGHXWOLFKHUDXI GLH&KDUDNWHULVLHUXQJÅ,QWHOOHNWXHOOH´YHUZLHVHQZHQQ ZLUXQVYRU$XJHQUFNHQGDVVLKUH+DXSWDNWHXUHGRFKGXUFKZHJÅHLQHU DNDGHPLVFKHQ(OLWH´.UDXVKDDU6 HQWVWDPPWHQ" :LUJODXEHQXQVDOVRLQHLQHPVFKOVVLJHQ.UHLV²ELVZLUIDVWVFKR FNLHUWGLH6HLWHYRQ:ROIJDQJ.UDXVKDDUVYHUWUDXHQVZUGLJHUÅ%LODQ]´ GHU HU OHVHQ (U EHVFKUHLEW GD GLH %HJHLVWHUXQJ IKUHQGHU 6'6([SR QHQWHQIUGLHQHXHQ6HUJLR/HRQHXQG&RUEXFFL)LOPHEHULFKWHWYRQGHU *UQGXQJ GHU Å/HGHUMDFNHQIUDNWLRQ´ LQ )UDQNIXUW (QGH  XQG UHV PLHUWÅ'LH$QOHLKHQEHLP,WDORZHVWHUQZDUHQLQJHZLVVHU:HLVHDXFK,Q VLJQLHQ HLQHV DQWLWKHRUHWLVFKHQ HLQHV DQWLKDEHUPDVLDQLVFKHQ $IIHNWV DXI  MHGHQ)DOOHLQHUWLHIVLW]HQGHQ,QWHOOHNWXHOOHQIHLQGVFKDIW´$XI 6OHVHQ ZLU GDQQ GDVV &KH *XHYDUD ÅGLH ,QWHOOHNWXHOOHQ HEHQVR YHUDFKWHWH ZLH .RPPXQLVWHQGHUHQ3DUWHLHQGLH'XUFKIKUXQJUHYROXWLRQlUHU$NWLRQHQ DQJHEOLFKVFKRQGXUFKLKUH([LVWHQ]OlKPWHQ´(EHQQRFKVLFKHULQHLQHP VFKOVVLJHQ.UHLVVWHKHQZLUQXQPHKUHLQLJHUPD‰HQGHVRULHQWLHUWGDXQG PVVHQXQVQHXH.RRUGLQDWHQVXFKHQ 

'LHODQJVDPH)RUPXQJGHV%HJULIIVLQGLHVH5LFKWXQJLVWDXVIKUOLFKEHVFKULHEHQEHL%HULQJ  



9JO%HULQJ6² 'DVVGLHVHKRFKHPRWLRQDOH)HVWVFKUHLEXQJHLQHQ3ODW]LP DOOJHPHLQHQ%HZXVVWVHLQIDQGOLH‰HVLFKGXUFKHLQH9LHO]DKOYRQ6WHOOHQEHOHJHQ]%GXUFK HLQHSURJUDPPDWLVFKHbX‰HUXQJYRQ:DOWHU'LUNVQRFKHLQHGHUPHLVWJHK|UWHQXQG HLQGUXFNVYROOVWHQ6WLPPHQLQGHU%XQGHVUHSXEOLNÅ6ROOHVLP6WDDWXQGLQGHU6WDDWVZHOWJXW JHKHQVREHGDUI HVGHU,QWHOOHNWXHOOHQGLHVLFKLQ.ULWLNXQGLP=XVDPPHQGHQNHQIUGLH :DKUKHLWXQGGDV*HPHLQZRKOHQJDJLHUHQ'LH*HVFKLFKWHIRUGHUWVLHDQ´6

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH





0HWDSKHUQHUOHLFKWHUQGLHPHWKRGLVFKHQ3UREOHPH

'DVWHKWQXQHLQHNXOWXUZLVVHQVFKDIWOLFKJHULFKWHWH6SUDFKXQG%HJULIIV JHVFKLFKWHYRUVFKZHUHQPHWKRGLVFKHQ3UREOHPHQ8PGLH)XQNWLRQXQG GLHYHUVFKLHGHQH$XVSUlJXQJYRQ%HJULIIHQSODXVLEHO]XPDFKHQKDEHLFK |IWHUGDV%LOGYRP:RUWDOVHLQHP:HUN]HXJEHPKWHLQHP:HUN]HXJGDV 6WHOOVFKUDXEHQKDWVRGDVVHVIUYLHOHYHUVFKLHGHQH6LWXDWLRQHQXQG=ZH FNHWDXJOLFKLVW'DVHUNOlUWDEHUQXUGLH*HQHVHEHVRQGHUVGLHUHDOLWlWVDG lTXDWH)RUPXQJXQGGLH%UHLWHGHU9HUZHQGXQJVP|JOLFKNHLWHQ8QEHDFK WHWEOHLEWGHUIXQGDPHQWDOH8QWHUVFKLHGYRQ:RUW%HJULII XQG:HUN]HXJ 'DV:HUN]HXJIXQNWLRQLHUWJDQ]DOOHLQQDFKGHP:LOOHQGHV9HUZHQGHUV 'DV:RUWKLQJHJHQLVWDXI GDV9HUVWHKHQDOVRDXI .RRSHUDWLRQHLQHVDQGH UHQDQJHZLHVHQLQGHU6SUDFKHGHU3ROLWLNVRJDUEHVRQGHUVYLHOHU8PGDV NODU]XPDFKHQXQGXQV]XJOHLFKGLHDQVWHKHQGHQ)RUVFKXQJVHUIRUGHUQLVVH YRU$XJHQ]XUFNHQIKUHLFKMHW]WHLQ]ZHLWHV%LOGHLQ'DMHGHU:RUWJH EUDXFKHVVLQGMD$EHUWDXVHQGHQHXH1XDQFLHUXQJHQEULQJWJOHLFKHQGLH %HJULIIVYHUZHQGXQJHQ HKHU GHP )OXJ YRQ 6DQGN|UQHUQ (UVW GLH 0DVVH LKUHU$EODJHUXQJHQDQlKQOLFKHUQLHLGHQWLVFKHU6WHOOHEULQJWGLHNODUH6LO KRXHWWH GHU 'QHQ KHUYRU .RPSOL]LHUWH %HJULIIH ² JHZLVV Å,QWHOOHNWXHO OHU´²lKQHOQGDQQEUHLWJHODJHUWHQ'QHQPLWMHZHLOVPHKUHUHQMHGHUPDQQ VLFKWEDUHQDEHULPPHUÅZDQGHUQGHQ´6SLW]HQ$XVOHJXQJVYDULDQWHQ DXI  EUHLWJHODJHUWHP6RFNHO8PGLHVH6SLNHV]XYHULÀ]LHUHQNRPPWPDQXP GHQ1DFKZHLVHLQHUJUR‰HQ$Q]DKOYRQlKQOLFKHQ%HJULIIVYHUZHQGXQJHQ QLFKWKHUXP'DVLVWHLQVFKZLHULJHVPKHYROOHV8QWHUIDQJHQ 

6HPDQWLVFKHU6WDWXVDP9RUDEHQGGHUHU%HZHJXQJ

:DU DOVR GLHVHU HPSKDWLVFKGHPRNUDWLVFKH ,QWHOOHNWXHOOHQEHJULII  LQ GHU 1DFKIROJH&DUOR6FKPLGVJlQJLJVRGDVVLKQGLHHUGHXWOLFKVHKHQGD HLQVWHLJHQRGHULKUHQ6SUDFKJHEUDXFKDQDQGHUHU6WHOOHLP.RQWUDSRVW]HQ WULHUHQNRQQWHQ"2KQH=ZHLIHOMDYHUVDPPHOWHQ]%6FKULIWVWHOOHU GDUXQWHU:DOVHU(Q]HQVEHUJHU6FKQXUUH5LFKWHU/HQ]*UDVV.XE\LKUH 6WLPPHQLPURURUR%lQGFKHQÅ%UDXFKHQZLUHLQHQHXH5HJLHUXQJ"´:DO VHU 0DOVWDQGÅ,QWHOOHNWXHOOHU´GDLQVHLQHUHPSKDWLVFKSRVLWLYHQ %HGHXWXQJ$OVGDQQ$UQROG*HKOHQLPÅ0HUNXU´PDVVLYH9RUZU IHJHJHQGLH,QWHOOHNWXHOOHQYRUWUXJDXI KRKHP1LYHDXYHUVWHKWVLFK GD ZDUIHQVLFKVFKRQLQGHUEHUQlFKVWHQ$XVJDEHGLH$WWDFNLHUWHQGHP$Q 

*HKOHQ   Å*HUHL]WKHLW GHU ,QWHOOHNWXHOOHQ´ DEJHOHLWHW DXV LKUHU JHQHUHOOHQ +DQG OXQJVXQIlKLJNHLW6I GDKHUDXFKLKUHÅJHLVWLJWLHI HQWPXWLJHQGHIUXVWULHUHQGH/DJH´ 6   8POHLWHQ YHUXQP|JOLFKWHU $NWLYLWlW ÅLQ GHQ (QWKXVLDVPXV YRQ 0HLQXQJHQ XQG *HVLQQXQJHQ´ 6   XQG YRQ GLHVHU 3RVLWLRQ DXV ÅZHOWIUHPGHU +HUUVFKDIWVDQVSUXFK´ 6 



'LHW]%HULQJ

JUHLIHUHQWJHJHQ(ULFK1RVVDFN VRJDUXQWHUGHUhEHUVFKULIWÅ:LU ,QWHOOHNWXHOOHQ´(LQHGHUDUWUFNKDOWORVH6HOEVWLGHQWLÀNDWLRQKDWWHPDQLQ 'HXWVFKODQGELVODQJNDXPJHK|UW :DU GDV QXQ DEVHLWLJHV /LWHUDWHQJHUDQJHO ZHLW HQWIHUQW YRP 8QLYHU VLWlWVDOOWDJ" 0LWQLFKWHQ %XUNKDUGW /LQGQHU EH]HXJW GDVV GLH )UDQNIXUWHU 6WXGLHQDQIlQJHU DP $QIDQJ GHU HU -DKUH GHQ (LQGUXFN KDWWHQ GDV HL JHQWOLFKH6WXGLHQ]LHOEHVWHKHGDULQHLQ,QWHOOHNWXHOOHU]XZHUGHQ/LQGQHU  6   6WW]H IDQGHQ VLH GD EHL HLQHP JHZLVVHQ 3URIHVVRU $GRUQR GHUGHQ6WXGHQWHQGDV3UIXQJV]LHOGHV3KLORVRSKLNXPVMHQHUOlQJVW DEJHVFKDIIWHQ9RUSUIXQJIU/HKUDPWVNDQGLGDWHQGRFKWDWVlFKOLFKVRHU NOlUWH (V JHOWH GD KHUDXV]XEHNRPPHQ RE HLQHU HLQ Å,QWHOOHNWXHOOHU´ VHL $GRUQR  6   .HLQ =ZHLIHO DOVR 'LH HPSKDWLVFKGHPRNUDWLVFKH %HJULIIVYDULDQWHNDQQWHQGLHHUJXWMDHLQHQLFKWJHULQJH=DKOYRQLKQHQ PXVVWHYRQLKUHQJHLVWLJHQ9lWHUQGHU)UDQNIXUWHU6FKXOHLQGLHVH'HQN ULFKWXQJJHGUlQJWZRUGHQVHLQ =ZHL9DULDQWHQZDUHQQHEHQGLHVHUGHRQWLVFKHQ%HGHXWXQJQRFKDXI IlOOLJ  'LH 9HUIHFKWHU GHU :LHGHUDXIUVWXQJ XQG GLH 6WW]HQ GHU JHVDPWHQ $GHQDXHU5HVWDXUDWLRQ KDWWHQ GHQ SURJUHVVLYNlPSIHULVFKHQ ,QWHOOHNWX HOOHQEHJULII VRIRUWDOV*HIDKUHUNDQQW$QOHLKHQEHLGHUDOWHQQDWLRQDOVR ]LDOLVWLVFKHQ $XVOHJXQJ QLFKW VFKHXHQG YHUSÀIIHQ VLH PLW EHDFKWOLFKHP (UIROJLKUHNULWLVFKHQ*HJQHUDOVK\SHUWURSKHDOOHPDOÅNRPPXQLVWLVFKH´ Å9HUVWDQGHVPHQVFKHQ´PLWJUXQGVlW]OLFKQHJDWLYHP9HUKlOWQLV]XP6WDDW QRWRULVFKHÅ1RQNRQIRUPLVWHQ´XQGÅ1HLQVDJHUDXV3ULQ]LS´GDKHUÅ]HU VHW]HQG´XQGVHOEHUÅHQWZXU]HOW´:DVZDUGHU=ZHFNGHVVRJHIRUPWHQ :HUN]HXJV"(VVROOWH*HJQHUDXIJUXQGEHVWLPPWHU(LJHQVFKDIWHQLGHQWL À]LHUHQXQG]XJOHLFKEUDQGPDUNHQ1DWUOLFKYHUPXWHWPDQ]XHLQHPVR JHIRUPWHQ,QWHOOHNWXHOOHQEHJULII EHLGHQHUQHQWVFKLHGHQH)HUQVWHOOXQJ (VKDWWHVLFKDEHUDXI GHPEUHLWHQ6RFNHOMHQHU'QHQRFKHLQHGULWWH )RUPDWLRQJHELOGHWHLQVFKLFKWHQDQDO\WLVFKHU%HJULII=XPPDU[LVWLVFKHQ 5HVWPDWHULDO DXV GHU :HLPDUHU .3'=HLW ZR DXFK HLQIDFK NODVVHQDQDO\ WLVFKYRQGHQ,QWHOOHNWXHOOHQDOVHLQHUDNDGHPLVFKHQ6FKLFKWGLH5HGHZDU GLH]ZLVFKHQGHQ+DXSWNODVVHQ$UEHLWHUXQG.DSLWDOLVWHQVWHKH]XGLHVHP (UEHZDUHLQQHXHVVR]LRORJLVFKHV5HGHQEHUGLHXQZHLJHUOLFK]XQHKPHQ GH =DKO GHU 6WXGLHUWHQ JHWUHWHQ LQWHOOHNWXHOOH $UEHLWHU DOVR DNDGHPLVFK DXVJHELOGHWH)DFKOHXWHLP5HSURGXNWLRQVSUR]HVVGHU*HVHOOVFKDIW 7DXVHQGHYRQ:RUWJHEUlXFKHQKDWWHQDOVRGLHVHGUHLPDUNDQWHQ6SLNHV DXI GHPEUHLWHQ6RFNHODQJHKlXIW'HU6RFNHOVHOEHUUHLFKWHQXQYRQGXUFK DXV VWXGLHUWH RGHU DXFK JDQ] XQVWXGLHUWH 0HQVFKHQ GLHVH DOOHUGLQJV PLW 

$XVIKUOLFKEHL%HULQJ6² 



9JO%HULQJ6² 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



ZDFKVDPHU HLQVDW]IUHXGLJHU .ULWLN DQ JHVDPWJHVHOOVFKDIWOLFKHQ 0lQJHOQ XQGHEHQGHVZHJHQDOOHPDODXFKÅ,QWHOOHNWXHOOH´JHQDQQW²ELVKLQ]XVWX GLHUWH 1LFKW+DQGDUEHLWHU DOOHLQ VFKRQ ZHJHQ LKUHV ([SHUWHQZLVVHQV DOV Å,QWHOOHNWXHOOH´EH]HLFKQHWPRFKWHQVLHQXQQRFKVRZLOOIlKULJHNULWLNORVH 'LHQHUGHV.DSLWDOLVPXVVHLQ0DQKDWWHGXUFKDXVGLHVSUDFKOLFKHQ0LWWHO GLHVHQ 7\SXV WHUPLQRORJLVFK VHSDUDW ]X KDOWHQ Å3URGXNWLRQVLQWHOOLJHQ]´ QDQQWHPDQVLHXQGFKDUDNWHULVLHUWHGLHVHDOVÅREHUVWH6NODYHQVFKLFKW´:LU VROOWHQJHQDXKLQVFKDXHQREGLHVH*UHQ]HDXFKHEHQVRNRQWLQXLHUOLFKZLH PDUNDQWGXUFKJH]RJHQZXUGH 

*UXQGSRVLWLRQHQGHUHU

:RKDEHQGLHHUDXI GLHVHPEUHLWHQ)HOGQXQLKUH)DKQHQDXIJHSÁDQ]W" 'DMD:RUWH:HUN]HXJHVLQGNDQQPDQLKUHVSH]LÀVFKH.RQVWUXNWLRQXQG LKUHQ(LQVDW]QXUQDFK]HLFKQHQZHQQPDQGLH=ZHFNHNHQQWGHQHQVLH GLHQHQ VROOHQ :LU PVVHQ XQV DOVR HLQHQ JUREHQ hEHUEOLFN YHUVFKDIIHQ ZLH GLH :HOW IU GLH HU DXVVDK XQG ZHOFKH =LHOH VLH LQ LKU YHUIROJWHQ 0DUFXVHGHUEHLZHLWHPÅHLQÁXVVUHLFKVWH'HQNHU´MD*XUXGHUHUKDW LQHLQHUJHKDOWHQHQ5HGHGLH*UXQGOLQLHQGHU:HOWVLFKWVHOEHUDXI JH]HLJW(UVWHOOWHGLHDOWHRUWKRGR[HSDUWHLNRPPXQLVWLVFKH/LQNHJHJHQ HLQHQHXH 'LHQHXH/LQNHKDEHHLQWLHIHV0LVVWUDXHQJHJHQDOOH$UWYRQ,GHRORJLH $XFKYRQGHUDOWHQVR]LDOLVWLVFKHQ,GHHJODXEHPDQVLFKYHUUDWHQ,PPHU 

=%+DQV(ULFK1RVVDFN6 ÅZLHGHQQEHUKDXSWGLH%H]HLFKQXQJÄ,QWHOOHNWX HOOH·IUXQVQLFKWGDVJHULQJVWHPLWGHP%URWEHUXI ]XWXQKDWVRQGHUQHLQ9HUKDOWHQNHQQ ]HLFKQHWEHLGHPGDVV*HZLFKWDXI (LQVLFKWJHOHJWZLUG´1RDP&KRPVN\DP Å(LQ,QWHOOHNWXHOOHU]XVHLQLVWHLQH%HUXIXQJIUMHGHUPDQQ´ZZZFLW\UHLWVSRUWGHZLNL,QWHOOHN WXHOOHJDQ]RKQHXQLYHUVLWlUDNDGHPLVFKH9RUEHGLQJXQJHQVFKLOGHUWDXFK-UJHQ)RKUPDQQ Å'LH(UÀQGXQJGHV,QWHOOHNWXHOOHQ´6 VHKUlKQOLFKGHUV 



'XWVFKNHYHUZHQGHWLKQ|IWHULQ0DUFXVH6II GHQ%HJULII KDWWHVFKRQ 5LFKDUG/|ZHQWKDOJHQXW]WVHEG6 



6R GDV 8UWHLO GHU :LVVHQVFKDIW YJO %HKUPDQQ F 6  XQG E 6   GLHVH ZLVVHQVFKDIWOLFKH(LQVFKlW]XQJVWLPPW]XGHUGHUJHVFKLFKWOLFKKDQGHOQGHQ3HUVRQHQhEHU GHQQDKHQGHQ7RG0DUFXVHVLQIRUPLHUWWUlJW5XGL'XWVFKNH]%LQVHLQ7DJHEXFKHLQÅ'LH 7LHIHXQG'DXHUVHLQHV(LQÁXVVHVLVWDOOHLQPLWGHPYRQ%ORFK]XYHUJOHLFKHQEHUUDJHQ $GRUQR+RUNKHLPHUPHLOHQZHLW«´6 

 (LQ3RWSRXUULGHULP6FKZDQJHEHÀQGOLFKHQ(SLWKHWDEHL%HKUPDQQF6 Å(SL SKDQLHHLQHV>«@3URSKHWHQ´Å6WDUXQGJHLVWLJHU9DWHU´Å1DFKIROJHU.DUO0DU[HQVXQG GHV3URSKHWHQ-HVDMD´Å3DSVW´Å6WXGHQWHQSURSKHW´Å0DUFXVH)HVWLYDO´XDPHKU  0DUFXVH6² Å'DV3UREOHPGHU*HZDOWLQGHU2SSRVLWLRQ´  .RQVHTXHQWHUZHLVHLVWGDV$EUFNHQYRQGHQIROJHQGHQIQI 3XQNWHQLGHQWLVFKPLWGHP (QGHGHUHU%HZHJXQJ$G3XQNWXQGYJO.UDXVKDDU6I 



'LHW]%HULQJ

ZLHGHUKDEHQ5XGL'XWVFKNHXQGVHLQH*HQRVVHQGDVVHOEHJHVDJWXQGJHJHQ GHQ6WDOLQLVPXVHEHQVRJHZHWWHUWZLHJHJHQ3HUYHUWLHUXQJHQGHU''5 'LHVH 1HJDWLRQ VFKHLQW ]XU HUVWHQ ]XU NULWLVFKIUHLKHLWOLFKHPSKDWLVFKHQ 9DULDQWH YRQ Å,QWHOOHNWXHOOHU´ JXW ]X SDVVHQ .UDXVKDDU YHUWULWW EHUGLHV LQ VHLQHU Å%LODQ]´ *UXQGWKHVHQ GLH XQV LQ GLHVHU (UZDUWXQJ EHVWlWLJHQ Å'LH$FKWXQGVHFK]LJHUEHZHJXQJZDUGHVKDOEYRUDOOHPHLQHV.ULWLNHLQH SUDNWLVFKJHZHQGHWH.ULWLNDQGHQEHVWHKHQGHQ9HUKlOWQLVVHQLQMHGHUQXU GHQNEDUHQ+LQVLFKW´6  $EJHOHJWVHLGHU*ODXEHDQHLQHQQRWZHQGLJHQ$EODXI GHU*HVHOOVFKDIWV HQWZLFNOXQJGHVVHQWUHLEHQGH.UDIWGLH$UEHLWHUNODVVHVHLEHHQGHWDOVRGHU *ODXEHDQGLH'LNWDWXUGHV3UROHWDULDWVDOVGDVYRUOHW]WH=LHOGHU:HOWJH VFKLFKWH HKH GLH VFKOLH‰OLFK NODVVHQORVH *HVHOOVFKDIW LQ HLQHQ SDUDGLHVL VFKHQ=XVWDQGGHUWRWDOHQ%HIULHGLJXQJGHUHFKWHQ%HGUIQLVVHGHV0HQ VFKHQIKUH'LH.RQVHTXHQ]:HQQQLFKWGLH$UEHLWHUZHUN|QQWHGHQQ GDQQGDVUHYROXWLRQlUH6XEMHNWVHLQ"2KQH=ZHLIHO'LHVH)UDJHIKUWGHQ ,QWHOOHNWXHOOHQLQGHQ(UZDUWXQJVKRUL]RQW /DVVHQZLU]XQlFKVWHLQPDO,QJULG*LOFKHU+ROWH\DQWZRUWHQGLHVH YHUVLHUWH.HQQHULQGHUIUDQ]|VLVFKHQ3DUDOOHOHQWZLFNOXQJHQYRQ >«@ HLQH ]HQWUDOH *UXQGDQQDKPH GHU LQWHOOHNWXHOOHQ 1RXYHOOH *DXFKH XQG GHU 1HZ/HIWGLH3UlPLVVHGDVVGHQ,QWHOOHNWXHOOHQGHUMXQJHQ,QWHOOLJHQ]GHU-XJHQG HLQH ]HQWUDOH 5ROOH LP 3UR]H‰ GHU 7UDQVIRUPDWLRQ GHU *HVHOOVFKDIW GHU *HJHQ ZDUW]XÀHO%HVWUHEWGDVVHOEVWJHZlKOWH0DQGDWDOVLQWHOOHNWXHOOH$YDQWJDUGH HLQ]XO|VHQ JULIIHQ VLH DXFK DXI  GLH *HVHOOVFKDIWVDQDO\VH GHU .ULWLVFKHQ 7KHRULH ]XUFNXQGYHUVXFKWHQ]XJOHLFKGLHVHLQ3UD[LV]XEHUIKUHQ

bKQOLFKHVVDJWH0DUFXVHLQ%HUOLQ$EHUZLUK|UHQGDREZRKOZLUGRFKYRQ HLQHUGLVWDQ]LHUWHQ:LVVHQVFKDIWOHULQ]XHLQHP$JLWDWRULQDFWXZHFKVHOQ VHOWVDPHUZHLVH HLQHQ YLHO ÁDFKHUHQ IDVW HLQHQ DQWLHPSKDWLVFKHQ Å7RQ´ 1DFKGHPGLHHKHPDOVYHUHKUWHUHYROXWLRQlUH.UDIWGHU$UEHLWHUVFKDIWLKUHU HUO|VHQGHQ:LUNXQJYHUOXVWLJJHJDQJHQVHLN|QQHPDQGLHQHXHQ6FKXE NUlIWHJDUQLFKWPHKUNODVVHQPl‰LJEHVFKUHLEHQ6LHEHVWQGHQDXV ,QWHOOHNWXHOOHQDXV*UXSSHQGHU%UJHUUHFKWVEHZHJXQJXQGDXVGHU-XJHQGEH VRQGHUVDXVUDGLNDOHQ(OHPHQWHQGHU-XJHQGDXFKDXVVROFKHQGLHDXI GHQHUVWHQ %OLFN JDU QLFKW SROLWLVFK HUVFKHLQHQ QlPOLFK GHQ Ä+LSSLHV· >«@ GLHVH %HZHJXQJ  9JO'XWVFKNH6I   $OEUHFKWD6ÅPRFKWHDXFKGHUNULWLVFKHQ7KHRULHPLWGHP3UROHWDULDWGHU7UlJHU GHVJHVFKLFKWOLFKHQ)RUWVFKULWWHVYHUORUHQJHJDQJHQVHLQLQGHU-XJHQGDOVQHXHUÄNULWLVFKHU ,QWHOOLJHQ]·IDQGHQ+RUNKHLPHU$GRUQRXQG0DUFXVHHLQHQHXH´lKQOLFK*PQGHU 6IDOOHUGLQJVPLWYLHODOOJHPHLQHUDUWLNXOLHUWHP+RIIQXQJVSROÅ5DQGJUXSSHQGHU*H VHOOVFKDIW´ *KHWWREHY|ONHUXQJ $UEHLWVORVH ÅDUEHLWHQGH .ODVVHQ LQ GHQ UFNVWlQGLJHUHQ NDSLWDOLVWLVFKHQ/lQGHUQ´ YJOZHLWHU*LOFKHU+ROWH\6   *LOFKHU+ROWH\  6   GLHV  6   EHU GDV $YDQWJDUGH%HZXVVWVHLQ XQG 6 EHUGLHORNDOH.RQ]HQWUDWLRQGHU,QWHOOHNWXHOOHQLP=HQWUXPYRQ3DULV

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



KDWDOV6SUHFKHUHLJHQWOLFKNHLQHWUDGLWLRQHOOHQ3ROLWLNHUVRQGHUQYLHOHKHUVROFKH YHUGlFKWLJHQ)LJXUHQZLH'LFKWHU6FKULIWVWHOOHU,QWHOOHNWXHOOH

² GDV JDQ]H 6]HQDULR TXDOLÀ]LHUW DOV ÅHLQ $OSGUXFN IU Ä$OWPDU[LVWHQ·´ 2IIHQEOHLEWKLHUZLHGDQQGLHHUVHOEHUGLHVHV6DPPHOVXULXPVSUDFKOLFK LQHLQVIDVVHQ6LFKHUVSLHOWGDÅGLHMXQJH,QWHOOLJHQ]´LPPHUZLHGHUHLQH 5ROOHDEHUGHU6WDQGGHV%HZXVVWVHLQVXQGGHU=LHOELOGXQJZDUGRFKQLHVR GDVVHVHLQIDFKKHL‰HQNRQQWH'LH,QWHOOHNWXHOOHQKDEHQGLH$UEHLWHUVFKDIW DOVUHYROXWLRQlUHV6XEMHNWDEJHO|VW)HVWVWHKWGDVVGLH5HEHOOHQPLWLKUHP :LOOHQ]XU(OLWHQELOGXQJLQHLQHPELVLQGLH$QIDQJV]HLWGHU%XQGHVUHSX EOLN]XUFNUHLFKHQGHQODQJHQ=XVDPPHQKDQJVWDQGHQGHUGDQQYRQGHU )UDQNIXUWHU6FKXOHQRFKHLQPDOGHXWOLFKXQWHUVWULFKHQZXUGH1RWZHQGLJ VHLQDFKGHU1D]L=HLWXQGQDFKGHU$GHQDXHU5HVWDXUDWLRQÅ'LH)RUPDWL RQHLQHUQHXHQ(OLWH´$OEUHFKWF6  =XGLHVHQGUHL3XQNWHQIJHQZLUMHW]WQRFK]ZHLJlQJLJH6WUXNWXUHOH PHQWHGHU:LUNOLFKNHLWVDXIIDVVXQJKLQ]XGLH0DUFXVHLQVHLQHU5HGHYRQ QLFKWQHQQW  ,VW GHU *ODXEH DQ HLQHQ JHVHOOVFKDIWOLFKHQ $XWRPDWLVPXV PLW GHP XQDXVZHLFKOLFKHQ (QG]LHO NODVVHQORVH *HVHOOVFKDIW DXIJHJHEHQ GDQQ WULWW GDV:LOOHQVHOHPHQWLP*HVFKLFKWVSUR]HVVYLHOGHXWOLFKHUKHUYRU'LHV)DNWXP VFKUHLEWGLH:LVVHQVFKDIWIUGLHIUDQ]|VLVFKHQ9HUKlOWQLVVHIHVWGDVKD EHQDEHUDXFK+HUEHUW0DUFXVHXQG5XGL'XWVFKNHLPPHUZLHGHUEHWRQW %HLGHJODXEWHQMDIHVWDQGLH0DFKEDUNHLWGHU:HOW'HPHQWVSUHFKHQGKDW+D EHUPDVLQVHLQHUEHNDQQWHQ5HGHEHLP+DQQRYHU.RQJUHVVDP-XQL QHEHQVHLQHPKHL‰XPNlPSIWHQ9RUZXUI YRPÅOLQNHQ)DVFKLVPXV´VRIRUW GHQGHUÅYROXQWDULVWLVFKHQ,GHRORJLH´XQGGHVÅXWRSLVFKHQ6R]LDOLVPXV´LP 6WLOHGHU=HLWJHVWHOOW9HUJHJHQZlUWLJHQZLUXQV'LHVH*UXQGDQQDK PHYRQGHU(IIHNWLYLWlWLQGLYLGXHOOHQ(LQJUHLIHQVVFKDIIWGRFKZRKOHKHUHLQ  0DUFXVH6 GLH7KHVHYRQGHU$EGDQNXQJGHU$UEHLWHUVFKDIWXQGGHUKHUDXINRP PHQGHQ%HGHXWXQJDQGHUHU*UXSSHQDXFKEHL'XWVFKNH6 (LQWUDJXQJY0DL  ZREHLKLHUGLH(UVDW]JUXSSHYLHONODUHUEHQDQQWLVWÅ'LH6WXGHQWHQIKOHQLQVWLQNWLY GDVVHVMHW]WLKUH$XIJDEHLVWGLH)DFNHOUHYROXWLRQlUHQ3URWHVWHVLQGLH+DQG]XQHKPHQ´  6RLPPHUZLHGHULQ$EUHGHJHVWHOOWYRQ6FKPLGWNH IUGLHDPHULNDQLVFKHQ6  XQGPLWEHVRQGHUHP1DFKGUXFNIUGLHGHXWVFKHQ9HUKlOWQLVVH6 =XVDPPHQIDVVHQG XUWHLOWHUÅ'LH%HVWLPPXQJGHVUHYROXWLRQlUHQ6XEMHNWVÀHOYRQ/DQG]X/DQGXQWHUVFKLHG OLFKDXVXQGVROOWHLP/DXIHGHUVHFK]LJHU-DKUHEHUHWKQLVFKH0LQGHUKHLWHQXQGVR]LDOH 5DQGJUXSSHQELV]XGHQ%HIUHLXQJVEHZHJXQJHQGHU'ULWWHQ:HOWUHLFKHQ´6 (LQLJZDU PDQVLFKGDVVGLHÅMXQJH,QWHOOLJHQ]´.DWDO\VDWRUHQIXQNWLRQEHUQHKPHQN|QQH6   9JO*LOFKHU+ROWH\6   9JO0DUFXVH6I 'XWVFKNH6 VRDXFKLQ:ROII:LQGDXV6   62WWR6 'HU9ROXQWDULVPXV9RUZXUI JHK|UWHGDQQ]XP6WDQGDUGDUJXPHQW LPLGHRORJLVFKHQ5LQJHQ]%6FKZDQLQ0DUFXVH6 ÅKLHULVWHLQLQWHOOHNWXHOOHU 9ROXQWDULVPXVDP:HUNHLQ5FNIDOOLQGLHVSHNXODWLYVWH)RUPGHU0HWDSK\VLN´



'LHW]%HULQJ

$NWLRQV7HUUDLQIU,QWHOOHNWXHOOHDOVGDVVVLHGLHVHYRP3ODW]HGUlQJW8QGDOV /HW]WHV (VVWHOOWHVLFKGLHJHEDOOWH0HKUKHLWGHUHUKLQWHU0DUFXVHV*UXQG YRUVWHOOXQJGLHHULQMHQHU%LEHOGHU5HEHOOLHUHQGHQÅ'HUHLQGLPHQVLRQDOH 0HQVFK´XQGDXFKLQVHLQHPEHUKPWHVWHQ$XIVDW]0DUFXVH YHU IRFKWUHSUHVVLYH7ROHUDQ]ODVVHGLH%HY|ONHUXQJJDQ]IUHLZLOOLJLQVJHLVWLJH *HIlQJQLV PDUVFKLHUHQ VLH N|QQH MD JDU QLFKW PHKU GXUFKVFKDXHQ GDVV .RQVXPUDXVFKXQGDOOJHJHQZlUWLJH.XOWXULQGXVWULHLQ:LUNOLFKNHLW$OWHU QDWLYORVLJNHLWMD)HVVHOXQJEHGHXWH'LHVH'LDJQRVHZDUHLQHLQ]LJHU5XI  QDFK0HQVFKHQGLHGLHVHVIUHLZLOOLJJHWUDJHQHREHQGUHLQQRFKXQHUNDQQWH -RFKGXUFK.ULWLNDOVZDKUH%UGHHQWODUYHQXQGGDQQDEZHUIHQNRQQWHQ 0LW GHQ :RUWHQ *QWHU & %HKUPDQQV 'LH 4XLQWHVVHQ] GLHVHV %XFKHV Å'LHGHPRNUDWLVFKH$XIKHEXQJGHV'HQNHQV´²VLHÅIRUGHUWHHLQ'HQNHQ LP:LGHUVSUXFK´%HKUPDQQ6 9HUVWlQGOLFKDOVR5XGL'XWVFK NHV 5XI  QDFK 0HQVFKHQ GLH LQ GHU /DJH VLQG GLH YHUEOHQGHWHQ 0DVVHQ HQGOLFKEHULKUHZDKUH/DJHDXI]XNOlUHQ :LU]LHKHQGLHKLHUDQJHGHXWHWHQWHUPLQRORJLVFKHQ/LQLHQYRUDEQLFKW ZHLWHUDXVNRQVWDWLHUHQQXUGDVVXQVDQJHVLFKWVGHV9RUJHWUDJHQHQZRKO NHLQ6DW]SODXVLEOHUDQPXWHWDOVGHU3DXO1RDFNVEHUGLH6WXGHQWHQEHZH JXQJYRQÅ6LHZDUHLQH,QWHOOHNWXHOOHQUHYROWHZLHNHLQHYRUKHUXQG NHLQHQDFKKHU´1RDFN6 1RFK]HKQ-DKUHVSlWHUWLWHOW*QWHU& %HKUPDQQVRJDUHLQ.DSLWHOEHUGHQ2UWDQGHP0DUFXVHGLHYRUJHIKUWH 5HGHJHKDOWHQKDWWHÅ'DV$XGLPD[GHU)8DOV,QWHOOHNWXHOOHQ6FKDXEKQH GHU%HZHJXQJ´%HKUPDQQ6 ²VRDOVRGLHWHUPLQRORJLVFKH3UD [LVGHUKRFKLQIRUPLHUWHQ:LVVHQVFKDIWYRQKHXWHLQLKUHU%HVFKUHLEXQJV VSUDFKH :LH DEHU VSUHFKHQ GLH ]HLWJHQ|VVLVFKHQ 4XHOOHQ" :LU ZROOHQ MD GHP:HUGHQYRQ%HJULIIHQQDFKVSUHQGHQHQ0DFKW]XZXFKV'DVNDQQ MDQLFKWDQGHUVJHVFKHKHQDOVGXUFKGHQ1DFKZHLVGDVVGLH0HQVFKHQLKUH %HJULIIVZHUN]HXJH GXUFK 1HXIRUPXQJ RGHU ZHQLJVWHQV GXUFK LQWHQVLYHQ (LQVDW]GHVVFKRQLP6FKZDQJH%HÀQGOLFKHQPlFKWLJJHPDFKWRGHUZHQLJV WHQVJHNUlIWLJWKDEHQ

 9JO %HKUPDQQ  6   EHU GLH LPPHQVH :LUNXQJ GLHVHV ZHOWZHLWHQ %HVWVHOOHUV 6 EHUVHLQHQÅ$PDOJDP´&KDUDNWHUEHLGHQHQDXFKURPDQWLVFKH,QJUHGLHQ]LHQQLFKW IHKOWHQVX   'LHVHV)DNWXPGDVJHIHVVHOWH/HEHQLQXQHQWULQQEDUHU(LQ]HLWLJNHLWLVWDXFKYRQ$GRUQR LPPHUZLHGHUEHVFKULHEHQZRUGHQYJOGLH=LWDWHEHL$OEUHFKWE6   (UJHKWMDYRQGHU7KHVHDXVÅ'DVNDSLWDOLVWLVFKH1DWXUJHVHW]EHUXKWDXI GHU%HZX‰WORVLJ NHLWGHU%HWHLOLJWHQ0LWGHP9HUVFKZLQGHQGLHVHU%HZX‰WORVLJNHLWYHUVFKZLQGHWDXFKGDV 1DWXUJHVHW]LQVHLQHUUHSUHVVLYHQ)RUP´6 lKQOLFK6 YJOGD]X5LFKWHU 6 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH





'DV6SUDFKEHZXVVWVHLQGHUHU

(KHZLUDEHUGLHVHQ6FKULWWWXQVROOWHQZLUQRFKHUNXQGHQREGLHHUXQG LKUH9RU'HQNHUYRQGHQWHUPLQRORJLVFKHQ$QIRUGHUXQJHQGHU6WXQGHHLQH 9RUVWHOOXQJKDWWHQ=ZHLHUOHLEH]HXJWGDV(LQPDOZDUHVLKQHQGXUFKDXV EHZXVVWGDVVVLHDXFKKHUDXVJHIRUGHUWH(UEHQHLQHVPDVVLYQHJDWLYHQ,Q WHOOHNWXHOOHQEHJULIIVZDUHQ0DUFXVHVDJWGHXWOLFKÅ'LH6WXGHQWHQRSSRVLWL RQKDWDOOH0|JOLFKNHLWHQDXVGHPHQJHQ5DKPHQLQGHPVLHKHXWHQRFK LVWDXV]XEUHFKHQXQGZLHGHUGLH,QWHOOLJHQ]GLHÄEUJHUOLFKH¶,QWHOOLJHQ]DQ 6WHOOHHLQHV6FKLPSIZRUWHV]XHLQHP(KUHQZRUW]XPDFKHQ´6  =XPDQGHUHQJDEHVDXFKHLQ%HZXVVWVHLQYRQGHUDOWHQPDU[LVWLVFKHQ3UD [LVGHQ%HJULII DE]XZHLVHQ =ZHLWHQVVLQGVLHVLFKEHUGLH7DWVDFKHQLFKWLP8QNODUHQGDVVQlP OLFK%HJULIIHJUXQGVlW]OLFKLGHRORJLVFKJHIRUPWVLQG6LHIRUGHUQDOVR$XI EDXXQGHQHUJLVFKH9HUWHLGLJXQJ6FKRQLP'H]HPEHUKDWWH'XWVFKNH LQ HLQHP 6FKXODXIVDW] Å)UHLKHLW XQG 2UGQXQJ (QWZLFNHOQ 6LH GLHVH %H JULIIHXQGLKUH3UREOHPDWLN´JHVFKULHEHQÅ,FKZHL‰DXFKGDVVGXUFKGLH SROLWLVFKH6SDOWXQJGHU:HOWGLH%HJULIIHGHU)UHLKHLWXQGGHU2UGQXQJHLQH JUXQGYHUVFKLHGHQH,QWHUSUHWDWLRQHUIDKUHQ´5HFKQHQZLU]XGLHVHQGLUHNW DXI  %HJULIIH ]LHOHQGHQ %HPHUNXQJHQ QRFK 0DUFXVHV EHUKPWHV .DSLWHO EHU GLH IUHLKHLWVEHUDXEHQGH (QJIKUXQJ GHU 6SUDFKH GXUFK GLH +HUU VFKHQGHQKLQ]XGDQQN|QQHQZLUVLFKHUVHLQGDVVPDQIU6SUDFKSUREOH PHHLJHQWOLFKHLQRIIHQHV2KUKDWWH $QJHVLFKWVGLHVHV%HZXVVWVHLQVVWDQGHVXQGGHUDXVGHQIQI YRUJHIKU WHQ%DVLVYRUVWHOOXQJHQGHUHUDEJHOHLWHWHQ'HQNULFKWXQJHQVROOWHPDQQXQ HLQH SRVLWLYH )OOXQJ YRQ Å,QWHOOHNWXHOOHU´ HUZDUWHQ $EHU ZLU VLQG VFKRQ GXUFK.UDXVKDDUJHZDUQW8QGVRIUDJHQZLUMHW]WZLHN|QQWHQVLFKVROFKH (UZDUWXQJHQ EHUKDXSW UHDOLVLHUHQ DQJHVLFKWV GHU 7DWVDFKH GDVV GLH +DP EXUJHU6WXGHQWHQYRULKUHPLP2UQDWHLQPDUVFKLHUHQGHQ3URIHVVRUHQKHU]R JHQPLWMHQHPXQVWHUEOLFKHQ6DW]Å8QWHUGHQ7DODUHQGHU0XII YRQWDXVHQG  'XWVFKNH6 Å:LUKDEHQ]XGLHVHQ$UEHLWHUQ]XJHKHQ]XOHUQHQ]XHUNOlUHQ ]XRUJDQLVLHUHQXQGXQVDOVEUJHUOLFKH,QWHOOHNWXHOOH]XQHJLHUHQ´6 Å,FK]LHKH GLH%H]HLFKQXQJ,QVWLWXWGHP1DPHQ.RPPXQHYRU´  'XWVFKNH6 RGHU0DUFXVHYHUWHLGLJWHLQHQVWULNWHQXQDXVJHZHLWHWHQ%HJULII YRQ Å*HZDOW´LQ6 0DQZHL‰DXFKGDVVHVHLQHVSUDFKUHOHYDQWH0DFKWIUDJHLVWIHVW]X OHJHQZDVZDVLVWÅZLUQHQQHQ·VMDQLFKW3URYRNDWLRQVRQGHUQZLUQHQQHQHV:DKUXQJYRQ 5HFKWHQ´:ROII:LQGDXV6 6SUDFKEHZXVVWVHLQEH]HXJWDXFK'XWVFKNHV 6 3OlGR\HUIUGHQ%HJULII Å,QVWLWXW´DQ6WHOOHYRQÅ.RPPXQH´VHLQ.DPSI JHJHQGLH 7DWVDFKHGDVVGLH6R]LDOLVWHQLQGHU%5'LQHLQHUÅJHVHOOVFKDIWOLFKHQ:LUNOLFKNHLW´OHEHQÅLQ GHUGLH%HJULIIH6R]LDOLVPXV.RPPXQLVPXV%ROVFKHZLVPXVXQG6WDOLQLVPXVIDVWXQZLGHU VSURFKHQJOHLFKJHVHW]WZHUGHQ´6 ZHLWHUKLQGLHÅ8PGUHKXQJ´HLQHVQHJDWLYHQLQ HLQHQSRVLWLYHQ%HJULIIÅ6SRQWL´.UDXVKDDU6   0DUFXVH6² Å'LH$EVSHUUXQJGHV8QLYHUVXPVGHU5HGH´



'LHW]%HULQJ

-DKUHQ´ZDVPVVHQZLUHUZDUWHQZRGRFKGLH%HUOLQHU6WXGHQWHQ$GRUQR XQ]ZHLIHOKDIWHLQ,QWHOOHNWXHOOHUSDUH[FHOOHQFH]XVHLQHP9RUWUDJEHUGHQ Å.ODVVL]LVPXV YRQ *RHWKHV ,SKLJHQLH´ DP  PLW GHP 3RVWHU HPS ÀQJHQÅ%HUOLQVOLQNH)DVFKLVWHQJU‰HQ7HGG\GHQ.ODVVL]LVWHQ´XQGGLH .RPPXQH,,LKPGLHVHPEHNHQQHQGHQÅ,QWHOOHNWXHOOHQ3UIHU´GD]XQRFK SHU )OXJEODWW LQV 6WDPPEXFK VFKULHE Å:DV VROO XQV GHU DOWH $GRUQR XQG VHLQH7KHRULHGLHXQVDQZLGHUWZHLOVLHQLFKWVDJWZLHZLUGLHVH6FKHL‰ 8QLDPEHVWHQDQ]QGHQXQGHLQLJH$PHULND+lXVHUGD]X´0LHUPHLVWHU 6WDDGW6 ZRUDXI PXVVPDQVLFKZHLWHUJHIDVVWPDFKHQDQJHVLFKWV GHU7DWVDFKHGDVVLQ)UDQNIXUWHLQ3OlGR\HU+DEHUPDV·PLWGHP6DW]DE JHIHUWLJWZXUGHÅ,FKYHUVWHKHEHUKDXSWQLFKWZLHLUJHQGHLQHUYRQ,KQHQ QDFKGHPZDVGHU+DEHUPDVJHVDJWKDWGHQ0DQQQRFKGXOGHW%HLIDOO 3IXL%XKUXIH ´ +HUEHUW0DUFXVHÅ'HUHLQGLPHQVLRQDOH0HQVFK´ 3UIHQZLUDOVR]XQlFKVWHLQPDOGLH4XHOOHQVSUDFKHMHQHVHLQÁXVVUHLFKVWHQ %XFKHVGHUHULQGHUGDV6FKUHFNHQVELOGGHVHLQGLPHQVLRQDOUHGX]LHUWHQ 0HQVFKHQVRHLQGUXFNVYROOJH]HLFKQHWZLUG(UVWDXQWVWHOOHQZLUIHVW8Q VHUHDXIJHEDXWHQ(UZDUWXQJHQZHUGHQGDQLFKWHUIOOW*DQ]HIQI 0DOÀQ GHQZLUGDV:HUN]HXJÅ,QWHOOHNWXHOOHU´LQ$QVDW]JHEUDFKW(UVWDXQWVFKRQ GLHVH.QDSSKHLWVRQRFKPHKUGLH$UWGHU9HUZHQGXQJ 'LHHUVWHÀQGHQZLULP$EVFKQLWWÅ'LHHLQGLPHQVLRQDOH*HVHOOVFKDIW´ 8QWHUNDSLWHOÅ'LHQHXHQ)RUPHQGHU.RQWUROOH´²ZDKUOLFKHLQH3DVVD JHLQGHUGLH,QWHOOHNWXHOOHQPLWLKUHUNULWLVFKHQ3RWHQ]LKUHQ3ODW]KDEHQ *HVFKLOGHUWZLUGGDMDZLHÅ0XVWHUHLQGLPHQVLRQDOHQ'HQNHQVXQG9HUKDO WHQV´HQWVWHKHQLQGHPQlPOLFK ,GHHQ%HVWUHEXQJHQXQG=LHOHGLHLKUHP,QKDOWQDFKGDVEHVWHKHQGH8QLYHUVXP YRQ6SUDFKHXQG+DQGHOQWUDQV]HQGLHUHQHQWZHGHUDEJHZHKUWRGHU]X%HJULIIHQ GLHVHV8QLYHUVXPVKHUDEJHVHW]WZHUGHQ6LHZHUGHQQHXEHVWLPPWYRQGHU5DWLR QDOLWlWGHVJHJHEHQHQ6\VWHPV6

*HUDGH]X]HOHEULHUWZUGHQGHUDUWLJH9HUNU]XQJHQGHV6HLQVLP2SHUD WLRQDOLVPXVGHU1DWXUZLVVHQVFKDIWHQXQGHEHQVRLPSXUHQ%HKDYLRULVPXV LQGHQ6R]LDOZLVVHQVFKDIWHQ'LHVHEHLGHQ9HUIDKUHQVZHLVHQWUlIHQVLFKLP WRWDOHQ(PSLULVPXV/lVWLJHZHLONULWLVFKH%HJULIIHHOLPLQLHUHPDQHLQIDFK GXUFKGHQ(LQZDQGVLHOLH‰HQVLFKMDQLFKWLQÅ2SHUDWLRQHQ´QDFKSUIHQ  2IWEHVFKULHEHQ]%6DLG6 Å$GRUQRZDUGHUNODVVLVFKH,QWHOOHNWXHOOHGHUDOOHQ 6\VWHPHQPLWGHPJOHLFKHQ$EVFKHXEHJHJQHWH´  .|OQHU6WDGW$Q]HLJHUYhEHUGLHJDQ]H6]HQHULH%HKUPDQQF6   9JO:ROII:LQGDXV6 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



8QGQXQGLH4XLQWHVVHQ]LQGHUXQVHUHP:RUW=HQWUDOVWHOOXQJ]XJHZLHVHQ LVW'LHVHU UDGLNDOHHPSLULVFKH$QJULII >«@OLHIHUWVRGLHPHWKRGRORJLVFKH5HFKWIHUWLJXQJIU GLH+HUDEPLQGHUXQJGHV*HLVWHVGXUFKGLH,QWHOOHNWXHOOHQ²HLQ3RVLWLYLVPXVGHU GDPLWGDVVHUGLHWUDQV]HQGLHUHQGHQ(OHPHQWHGHU9HUQXQIWOHXJQHWGDVDNDGHPL VFKH*HJHQVWFNELOGHW]XPJHVHOOVFKDIWOLFKHUIRUGHUWHQ9HUKDOWHQ6 

+DEHQZLUKLHUHLQ:HUN]HXJGDVNULWLVFKJHULFKWHW]XU$XIEUHFKXQJMHQHU (LQGLPHQVLRQDOLWlWWDXJW"1HLQÅ'LH>@,QWHOOHNWXHOOHQ´IKUHQMHQHQ=X VWDQGJHUDGH]XHUVWKHUEHL'DPLWVLQGVLHUDGLNDOQHJDWLYEHVWLPPW 1XQ GLH ]ZHLWH 6WHOOH JHIXQGHQ LP 6SUDFKZLVVHQVFKDIWOHU EHVRQGHUV LQWHUHVVLHUHQGHQ.DSLWHOEHUGLHÅ6SUDFKHGHUWRWDOHQ9HUZDOWXQJ´Å5H NODPHDJHQWHQ´PDQDJHQGLH0HGLHQGLH]ZLVFKHQGHQ+HUUHQXQGLKUHQ 'LHQHUQYHUPLWWHOQ ,KUH6SUDFKH]HXJW>«@YRQGHPSODQPl‰LJHQ$QJULII DXI WUDQV]HQGHQWHNULWLVFKH %HJULIIH>«@'DEHLKLOIWGLH)XQNWLRQDOLVLHUXQJGHU6SUDFKHQRQNRQIRUPLVWLVFKH (OHPHQWHDXVGHU6WUXNWXUXQG%HZHJXQJGHV6SUHFKHQV]XYHUGUlQJHQ6I

$EHUHVJLEWQRFK*HJHQVWU|PXQJHQ6LHNRPPHQDXVGHP6ODQJXQGGHU 8PJDQJVVSUDFKHMHQHUVFKRQEHVFKZRUHQHQZLGHUVWlQGLJHQ5DQGJUXSSHQ (VLVWDOVVHW]WHGHUHLQIDFKH0DQQ >«@LQVHLQHU6SUHFKZHLVHVHLQH+XPDQLWlW JHJHQ GLH EHVWHKHQGHQ 0lFKWH GXUFK DOV EUlFKHQ $EOHKQXQJ XQG 5HYROWH QLH GHUJHKDOWHQLPSROLWLVFKHQ%HUHLFKLQHLQHP9RNDEXODUKHUYRUGDVGLH'LQJHEHL LKUHP1DPHQQHQQWÄKHGVKULQNHU·.RSIVFKUXPSIHUIUGHQ3V\FKRDQDO\WLNHU  XQGÄHJJKHDG·(LHUNRSI ÄERREWXEH·EO|GHU=\OLQGHU ÄWKLQNWDQN·'HQN7DQN IUGHQ,QWHOOHNWXHOOHQ 6

$OVRDEHUPDOVGDV:HUN]HXJÅ,QWHOOHNWXHOOHU´DQJHVHW]WXPHEHQGLHVHQ 7\SDOV]HQWUDOH)LJXULQMHQHPJUR‰HQLQKXPDQHQNDXPGXUFKEUHFKEDUHQ 8QWHUGUFNXQJV]XVDPPHQKDQJ]XHQWODUYHQ (VEUDXFKWNHLQHJUR‰H'HQNNUDIWXPGDVVLFKMHW]WDE]HLFKQHQGH(U JHEQLVYRU$XJHQ]XUFNHQ:LUPVVHQXQVMDQXUGLH)UDQNIXUWHU6WXGHQ WHQYRQ$QIDQJGHUHU-DKUHLQ(ULQQHUXQJUXIHQ'LHKDWWHQGRFKGDV Å,QWHOOHNWXHOOHU:HUGHQ´ DOV HLJHQWOLFKHV 6WXGLHQ]LHO XQG REHQGUHLQ HLQHQ 3URIHVVRUGHUGDVVRJDUDESUIWH'DVGD$QJHVWUHEWHZDULQKDOWOLFKJHZLVV JHQDXGDV*HJHQWHLOYRQMHQHQ(LJHQVFKDIWHQGLH0DUFXVHLQGLHVHQEHLGHQ 6WHOOHQDQSUDQJHUWH(UPHLQWGDQLFKWMHQHQGHRQWLVFKGHPRNUDWLVFKHQ,Q WHOOHNWXHOOHQEHJULIIVRQGHUQ]LHOWPLWGHP:RUWÅ,QWHOOHNWXHOOHU´RIIHQEDU QXU DXI  GLH Å3URGXNWLRQVLQWHOOLJHQ]´ MHQH REHUVWH 6FKLFKW GHU .DSLWDOLV PXV6NODYHQ:LHVWHOOWHHUVLFKDEHU]XGHQHQGLHEHL$GRUQRMHQH3UIXQJ PLW%UDYRXUEHVWDQGHQ":DUHQGDVVHLQHHUVHKQWHQ0LWVWUHLWHUXQGGHVKDOE GXUFKHLQHQVWULNWVHSDULHUHQGHQ%HJULII JHVFKW]WXQGJHIHLHUW"'LH$QW ZRUWNRQQWHPDQLQVHLQHPEHUKPWHQ$XIVDW]EHUGLHÅ5HSUHVVLYH7R



'LHW]%HULQJ

OHUDQ]´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

'HQGHRQWLVFKHQ'UXFNMHQHV%HJULIIHVDEZHKUHQGZLUGGDV,QVWUXPHQW DOVNRQWUDSURGXNWLY]XUFNJHZLHVHQ :DV KDEHQ ZLU ELVKHU LQ GHU +DQG" (LQ YROONRPPHQ GLVSDUDWHV %H JULIIVV\VWHPKDEHQZLUJHRUWHW3RVLWLYH.UlIWHLQGHU&DUOR6FKPLG$G RUQR/LQLH ZLHQHJDWLYHV3RWHQWLDOLP6LQQH0DUFXVHV VLQGLQJOHLFKHP 0D‰HLQLKPJHEXQGHQ(LQHGHUDUWZLGHUVSUFKOLFKH6SUHL]XQJLVWZHQLJ KLOIUHLFK YLHOOHLFKW VRJDU JHIlKUOLFK IU =HLWHQ LQ GHQHQ HV XP NULWLVFKH $JLWDWLRQ XQG GDPLW DXFK XP GLH 'XUFKVFKODJVNUDIW GHU YHUEDOHQ 0LWWHO JHKW 

'LH0DVVHGHU4XHOOHQ



1HXWUDOHELVSRVLWLYH3RVLWLRQHQ

+DW GLHVHV (UJHEQLV %HVWDQG ZHQQ ZLU GLH DQGHUHQ %HOHJH KLQ]XIJHQ" =XQlFKVW GLH 5HVWVWHOOHQ DXV GHP Å(LQGLPHQVLRQDOHQ 0HQVFK´ HLQIDFK KLQWHUHLQDQGHU JHVFKDOWHW GLH ZXFKHUQGHQ $ENU]XQJHQ ZLH 1$72 8G665''5XVZEH]HLFKQHWHQDOOHLQGLH,QVWLWXWLRQHQWUDQV]HQGLHUHQGH 1HEHQEHGHXWXQJHQ VHLHQ DEJHVFKQLWWHQ 'LH %HGHXWXQJ VHL VRPLW À[LHUW YHUIlOVFKWÅ1DFKGHPVLHHLQPDO]XURIÀ]LHOOHQ9RNDEHOJHZRUGHQLVWGLH LPDOOJHPHLQHQ6SUDFKJHEUDXFKEHVWlQGLJZLHGHUKROWXQGYRQGHQ,QWHOOHN WXHOOHQÄVDQNWLRQLHUW¶ZLUGKDWVLHDOOHQ(UNHQQWQLVZHUWYHUORUHQ´6  1RFKNU]HUGLHYLHUWH6WHOOHEHUGHQÅDNDGHPLVFKHQ6DGRPDVRFKLVPXV´ EHU GLH 6HOEVWHUQLHGULJXQJ XQG 6HOEVWDQNODJH GHV ,QWHOOHNWXHOOHQ ÅGHU VLFKQLFKWDXI ZLVVHQVFKDIWOLFKHWHFKQLVFKHRGHUlKQOLFKH(UJHEQLVVHEH VFKUlQNW´6 1XUDQHLQHPHLQ]LJHQ2UWZHKWGHU:LQGDXVHLQHU DQGHUHQ5LFKWXQJGDQlPOLFKZRYRQGHU8PIRUPXQJGHVNULWLVFKHQ'HQ NHQVLQRSHUDWLRQHOOHXQGEHKDYLRULVWLVFKH7HUPLQLGLH5HGHLVW:HULVWGD XP]XSURJUDPPLHUHQGHU3DWLHQW"(LQHÅEHVWLPPWH$UWYRQ,QWHOOHNWXHOOHQ GHUHQ*HLVWXQG6SUDFKHPLWGHQ$XVGUFNHQGHUJHZ|KQOLFKHQ6SUDFKH QLFKWEHUHLQVWLPPHQ´6

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



=LHKHQZLUIU0DUFXVHV*UXQGZHUN6XPPHVRODXWHWGDV(UJHEQLV PDVVLYQHJDWLYH9HUZHQGXQJHQJHJHQHLQHSRVLWLYH:DVDEHUVDJHQGLH DQGHUHQ4XHOOHQ"6LHEHQ.RPSHQGLHQPLW]XVDPPHQ6HLWHQKDEHQ ZLUV\VWHPDWLVFKGXUFKIRUVWHW(KHPDQDXIDWPHWDQJHVLFKWVGHV*HVDPW HUJHEQLVVHV GDVV HV KLHU IU ÅGLH ,QWHOOHNWXHOOHQ´ NHLQHVZHJV VR QHJDWLY DXVVLHKWPXVVQRFKGDUDXI KLQJHZLHVHQZHUGHQGDVVGLHGDJHVDPPHOWHQ )OXJEOlWWHUGLH5HGHQLP$XGLPD[GHU)8XVZQLFKWLPHQWIHUQWHVWHQDQ GLH9HUEUHLWXQJMHQHV:HOW%HVWVHOOHUVYRQ0DUFXVHKHUDQUHLFKHQNRQQWHQ 7URW]GHPHUJLEWVLFKDXVGHQLQGLH$QPHUNXQJHQJHVWHOOWHQVWDWLVWLVFKHQ (UJHEQLVVHQHLQDXVJHJOLFKHQHUHV%LOGGDVDOOHUGLQJVYRUGLH(UIRUGHUQLV VHGHU6WXQGHJHVWHOOWQRFKHLQHUGLIIHUHQ]LHUWHQ,QWHUSUHWDWLRQEHGDUI'DV JOREDOH(UJHEQLV (VWUHWHQDXI QHXWUDOHHKHUVFKOLFKWNODVVHQDQDO\WLVFKJHPHLQWH9HU ZHQGXQJHQSRVLWLYH9HUZHQGXQJHQXQGQHJDWLYH%HLGHQSRVLWLYHQ 9HUZHQGXQJHQIlOOWDXIGDVVVLHLPPHUHUVWGXUFKVSH]LÀVFKH(SLWKHWDLQV 3RVLWLYHJHZHQGHWZHUGHQN|QQHQ]%ÅOHEHQGLJHVR]LDOLVWLVFKH´ÅOLQ NH´ÅUHYROXWLRQlUH´XDPHKU:HLWHUJLEWHVLQGHU7DWVHOWHQ]ZDU)lO OHYRQ6HOEVWLGHQWLÀDWLRQÅZLUGLH,QWHOOHNWXHOOHQDOOHU$OWHUVVWXIHQ´Å:LU GLH6WXGHQWHQXQG,QWHOOHNWXHOOHQZLUPVVHQOHUQHQPLWMHQHU2SSRVLWLRQ LQ GHU *HVHOOVFKDIW ]XVDPPHQ]XVWHKHQ´ ZHQQ GLHV EHLGHV DXFK EH]HLFK QHQGHUZHLVHGHUDOWHKUZUGLJH3URIHVVRU$EHQGURWKVDJW1RFKVHOWHQHU WULIIWPDQDXI GHRQWLVFKH)RUPXQJHQ5XGL'XWVFKNH]%]LWLHUWQXUDXV GHQ9ROWDLUH)OXJVFKULIWHQ$QGUHZ.RSNLQG (VLVWNHLQH=HLWQFKWHUQHU5HÁH[LRQVRQGHUQHLQH=HLWGHU%HVFKZ|UXQJ'LH $XIJDEHGHU,QWHOOHNWXHOOHQLVWPLWGHUGHV2UJDQLVDWRUVGHU6WUD‰HPLWGHUGHV:HKU GLHQVWYHUZHLJHUHUVGHV'LJJHUVLGHQWLVFKPLWGHP9RONH]XVSUHFKHQXQGQLFKWEHUGDV 9RON

'DUDXI IROJWDEHUVRIRUWGDV(LQJHVWlQGQLV'XWVFKNHVGDVVHVÅGLH'LDORJH GHU,QWHOOHNWXHOOHQPLWGHP9RONH´QRFKJDUQLFKWJHEH6 2GHU HLQ%HLVSLHOYRQ0DUFXVHÅLFKJODXEHGDVVGLH,QWHOOLJHQ]KLHUGLH$XIJDEH KDWGDUDXI ]XDFKWHQGDVVGLH6SH]LDOLVWHQDQGHUHDOVGLH6SH]LDOLVWHQYRQ  (LQVFKOlJLJH 6WHOOHQ YRQ Å,QWHOOLJHQ]´ VLQG KLHU PLWJH]lKOW  0LHUPHLVWHU6WDDGW   QHXWUDOHSRVLWLYHQHJDWLYH'XWVFKNH QHXWUDOHSRVLWLYHQHJDWLYH 0DUFXVH QHXWUDOHSRVLWLYHQHJDWLYH'XWVFKNH QHXWUDOHSRVLWLYH QHJDWLYH2WWRQHXWUDOHSRVLWLYHQHJDWLYH:ROII:LQGDXV QHX WUDOHSRVLWLYHQHJDWLYH'XWVFKNH QHXWUDOHSRVLWLYHQHJDWLYH  0LHUPHLVWHU6WDDGW6   :ROII:LQGDXV6 2WWR6   ÅUDGLNDOH,QWHOOLJHQ]´GLHGLHÅ8QLYHUVLWlWDXÁ|VHQ´>@PXVV'XWVFKNH6 ÅNULWL VFKH´2WWR6   9JO:ROII:LQGDXV66 



'LHW]%HULQJ

KHXWHQlPOLFK6SH]LDOLVWHQGHU%HIUHLXQJVLQG´RGHUDXFKPLWQDFKODVVHQ GHP'UXFNXQG)RUPXQJVZLOOHQÅ0DUFXVHSRVWXOLHUW>«@GHU,QWHOOHNWX HOOHKDEHEHU$XINOlUXQJXQG$NWLRQGLH2SSRVLWLRQ]XYHUEUHLWHUQ²DOV GLH.DWDO\VDWRUIXQNWLRQGHU,QWHOOLJHQ]´,QGHU7DWDXI MHQHU6XFKHQDFK HLQHUQHXHQ)KUXQJVVFKLFKWLVWKlXÀJHUYRQÅ$YDQWJDUGH´GLH5HGH(V ODVVHQVLFKDEHUDXFKHLQH)OOHYRQ6WHOOHQDQIKUHQGLH]HQWUDOYRQÅGHQ ,QWHOOHNWXHOOHQ´LQMHQHPGHRQWLVFKHQ6LQQHKDQGHOQZlKUHQGJHQDXGLH VHP:RUWDEHUDXVJHZLFKHQZLUG(VLVWHEHQVRVHOWVDPZLHHVYLHOOHLFKW EH]HLFKQHQGLVWGDVVLPJHVDPWHQ.RUSXVQXUHLQHHLQ]LJH6WHOOHDXIÀQGEDU ZDU GLH HLQH ZLUNOLFK ZHKUKDIWH .DPSÁLQLH XP GHQ %HJULII  ]LHKW Å'LH HPDQ]LSDWLY RULHQWLHUWH ,QWHOOLJHQ] LQ GLH 0LWJOLHGHUVFKDIW RGHU GHQ 6\P SDWKLVDQWHQNUHLVGHVLQGLYLGXHOOHQ7HUURUVHLQ]XRUGQHQNDQQQXUDOV,QWHO OHNWXHOOHQ-DJGYHUVWDQGHQZHUGHQ´'DVVFKULHEÅ'LH=HLW´DEHUHUVWDP 6HSWHPEHUDOVRLPÅ'HXWVFKHQ+HUEVW´'HUEUDFKWHQDFKPDV VLYHQ $QJULIIHQ YRQ UHFKWV YRUQHZHJ +HOPXW 6FKHOVN\   XQG .XUW 6RQWKHLPHU LQGHU7DWHLQHQHXHUOLFKH.UlIWLJXQJGHVVFKZlFKHOQ GHQ :RUWHV 9RU DOOHP GXUFK GLHVHQ 9LWDOLWlWVVFKXE LVW ZRKO ]X HUNOlUHQ GDVVHVVLFKGDQQLP-DQXDUYLHOH1DFKUXIHDXI 5XGL'XWVFKNHQLFKW QHKPHQOLH‰HQGLHVH6RQGHUJHVWDOWGHXWVFKHU*HVFKLFKWHDOVHLQHQÅ,QWHO OHNWXHOOHQ´]XIHLHUQ 

1HJDWLYH)HVWOHJXQJHQ

*LQJHVDEHUHLQ-DKU]HKQWYRUKHUEHLGHQHUQVHOEHUJHJHQÅGLH,QWHOOHNWX HOOHQ´GDQQK|UWHPDQVROFKH7|QH  'XWVFKNH66 GLHVHLQVWXGHQWLVFKHU'LVNXVVLRQVEHLWUDJ   'XWVFKNH6 Å6FKDIIXQJHLQHUGLV]LSOLQLHUWHQXQGVFKODJNUlIWLJHQ$YDQWJDUGHGHU 8QWHUGUFNWHQ´6Å'LH%DVLVNUDIWGHU]XNQIWLJHQ*HVHOOVFKDIWGLHYRQGHU$YDQWJDUGH ÄEHDUEHLWHW·ZLUG´  *HZLVVHVOlVVWVLFKGHUIUHLH6SUDFKJHEUDXFKQLFKWSO|W]OLFKLQGLH)HVVHOQEHVWLPPWHU9HU ZHQGXQJVSÁLFKWHQVFKODJHQ*HUDGHGHVZHJHQLVWMDMHGH:DKORGHU1LFKW:DKOVRVLJQLÀ NDQW:LUGDOVRDQHEHQVRKHUDXVVWHFKHQGHQZLH]DKOUHLFKHQ6WHOOHQGDV]XHUZDUWHQGH:RUW XPJDQJHQGDQQNDQQPDQGHPGRFKHLQHJHZLVVH6LJQLÀNDQ]]XVSUHFKHQ]%'XWVFKNH 6 ZR]XHUVW]ZDUYRPÅNULWLVFKHQ%HZXVVWVHLQYRQ3ULYDWOHXWHQ´GLH5HGHLVW GDQQGDYRQGDVVÅGDV5lVRQQHPHQWGHU3ULYDWOHXWH>«@]XU3URJUDPPQXPPHUGHU6WDUVLQ )XQNXQG)HUQVHKHQ´ZLUGXQGVRÅ:DUHQIRUP´JHZLQQWZDVMDQLFKWVDQGHUVUHDOLVLHUWDOV GHQVSlWHUJHERUHQHQ%HJULII Å0HGLHQLQWHOOHNWXHOOH´YJOZHLWHUH9HUPHLGXQJVVWHOOHQYRQ ,QWHOOHNWXHOOHU6  'LHVH4XDOLÀ]LHUXQJÀQGHWPDQPHKUIDFKLQGHP%XFKYRQ'XWVFKNH ]%6 +HOPXW*ROOZLW]HULQVHLQHU3UHGLJWEHLGHU%HHUGLJXQJ6&RKQ%HQGLWDP-DQ LQGHUÅ/LEHUiWLRQ´XQGLQGHU7$=ÅHLQGHXWVFKHU,QWHOOHNWXHOOHUV\PSDWKLVFKXQGIHLHUOLFK KRFKWUDEHQGJHQHU|VXQGSHGDQWLVFK>@'LH*HJHQNXOWXUGHV8QGHUJURXQGVPLWLKUHP PLOLWDQWHQ$QWL,QWHOOHNWXDOLVPXVSURYR]LHUWHVHLQHQ0DU[LVPXV´6-UJHQ+DEHUPDV EHUGHQ%HJUlEQLVRUW%HUOLQ'DKOHPÅ+LHUZDU'XWVFKNHGHU&KDULVPDWLNHUHLQHU,QWHOOHN WXHOOHQEHZHJXQJGHUXQHUPGOLFKH,QVSLUDWRUHLQKLQUHL‰HQGHU5KHWRU´

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



*HQRVVHQYRQ²HVKDWNHLQHQ=ZHFNGHQIDOVFKHQ/HXWHQGDV5LFKWLJHHUNOlUHQ ]X ZROOHQ >«@ 'LH %DDGHU%HIUHLXQJV$NWLRQ KDEHQ ZLU QLFKW GHQ LQWHOOHNWXHOOHQ 6FKZlW]HUQGHQ+RVHQVFKHL‰HUQGHQ$OOHVEHVVHU:LVVHUQ]XHUNOlUHQVRQGHUQGHQ SRWHQWLHOOUHYROXWLRQlUHQ7HLOHQGHV9RONHV>«@'HQHQ²XQGQLFKWGHQNOHLQEUJHU OLFKHQ,QWHOOHNWXHOOHQ²KDEWLKU]XVDJHQGD‰MHW]W6FKOX‰LVWGD‰HVMHW]WORVJHKW GDVVGLH%HIUHLXQJ%DDGHUVQXUGHU$QIDQJLVW'D‰HLQ(QGHGHU%XOOHQKHUUVFKDIW DE]XVHKHQLVW0LHUPHLVWHU6WDDGW6

2GHU LQ MHQHP EHUKPWHQ Å5(&+(16&+$)76%(5,&+7 GHV ZHLEHU UDWVGHUJUXSSHIUDQNIXUW´ZHQQHUPDOGDV0DXODXIJHPDFKWKDEHVHLLKP HEHQGLHVHVJHVWRSIWZRUGHQPLWÅVR]LDOLVWLVFKHPEXPV]ZDQJ>«@VR]LDOLV WLVFKHPLQWHOOHNWXHOOHPSDWKRV´HEG6I .HLQ=ZHLIHO9HUÁXFKXQJ XQG%HVFKLPSIXQJZDUHQYRUDOOHPEHLGHUUDGLNDODQWLDXWRULWlUJHVWLPP WHQ.RPPXQH5LFKWXQJDQGHU7DJHVRUGQXQJ$EHUDXFKEHL5XGL'XWVFK NHOLHVWPDQ8UWHLOHGLHÅGLH,QWHOOHNWXHOOHQ´QRFKHKHULQVIHLQGOLFKH/DJHU VHW]HQ6RVFKUHLEWHULQMHQHPEHUKPWHQDQGHQ$WWHQWlWHU%DFKPDQQ JHULFKWHWHQ%ULHI 'LH6WXGHQWHQXQG,QWHOOHNWXHOOHQKDEHQELVKHUDQ(XHUHU%HQXW]XQJXQG$XVEHX WXQJVLFKEHWHLOLJW)UXQVWDXJHQ6WXGHQWHQQXUHWZDVZHQQVLHHQGOLFKZLHGHU LQV9RONJHKHQ'LH,QWHOOHNWXHOOHQXQG.QVWOHUPVVHQHQGOLFKLKUHDXFKVFK|S IHULVFKH3KDQWDVLHIHVWPLWGHP/HEHQGHV9RONHVYHUELQGHQEHL(XFKDUEHLWHQ (XFKXQWHUVWW]HQVLFKYHUlQGHUQ>@(XFKXQG'LFKYHUlQGHUQ'XWVFKNH 6

'DVVHOEHLQQRFKGHXWOLFKHUHQ:RUWHQÅ:LUKDEHQ]XGLHVHQ$UEHLWHUQ]X JHKHQ]XOHUQHQ]XHUNOlUHQ]XRUJDQLVLHUHQXQGXQVDOVEUJHUOLFKH,QWHO OHNWXHOOH]XQHJLHUHQ´6 'DVVWHKWVFKRQ]LHPOLFKQDKDPNRPPXQLV WLVFKHQ6FKLPSIZRUWZlKUHQGGHU:HLPDUHU5HSXEOLN'DKDWWH-RKDQQHV 5%HFKHUMDDXFKJHIRUGHUWGDVVVLFKGHU,QWHOOHNWXHOOH]XHUVWÅNRPSOHWW´ >@lQGHUQPVVHHKHHU]XP3UROHWDULDWNRPPHQN|QQHYJO%HULQJ 6I  )KUW PDQ VLFK QXQ VROFKH YRUVLFKWLJ JHVSURFKHQ 9RUEHKDOWH JHJHQ GLHVHQ RIW EHVFKLPSIWHQ 7\SXV YRU $XJHQ GDQQ ZDQGHOW VLFK HLQ YRQ .UDXVKDDU DQJHSUDQJHUWHU :LGHUVSUXFK SO|W]OLFK GRFK LQ 6WLPPLJNHLW Å'LH7DWVDFKHGDVVEXQGHVGHXWVFKH6WXGHQWHQXQG,QWHOOHNWXHOOHGLH([ HU]LWLHQ GHU FKLQHVLVFKHQ ,QWHOOHNWXHOOHQIHLQGVFKDIW QLFKW QXU JXWKLH‰HQ VRQGHUQVLHEHZXQGHUWHQXQGDOVYRUELOGOLFKSURSDJLHUWHQZDUHLQHLQ]LJHU JUR‰HU:LGHUVSUXFK´6 (EHQVRJXWOlVVWVLFKDQJHVLFKWVGHVLP 6FKZDQJHEHÀQGOLFKHQ:RUWJHEUDXFKVHUNOlUHQZLHVREHLPVFKQHOOHQ=HU IDOOGHULPPHUSUHNlUHQ(LQKHLWGHUHUGLH.*UXSSHQGDQQXPVWDQGVORV ]XU*UXQGDQVFKDXXQJYRQGHU$UEHLWHUVFKDIWDOVUHYROXWLRQlUHP6XEMHNW ]XUFNNHKUHQ NRQQWHQ LQ GHU ODQJHQ 7UDGLWLRQ GHV DXWRULWlURUWKRGR[HQ .RPPXQLVPXVZDUHQGLH,QWHOOHNWXHOOHQMDLPPHUDOV]XPLQGHVWGXELRVH ZHQQ QLFKW JDU VFKlGOLFKH DUEHLWHUIHLQGOLFKH (OHPHQWH DQJHVHKHQ ZRU



'LHW]%HULQJ

GHQ(VKDWQXQZRKODXFKQLFKWV(UVWDXQOLFKHVPHKUDQVLFKZHQQ8OULFK (Q]HQVEHUJHUDOV,QVLGHU6HLWHQODQJEHUÅ'LH-DKUHGHU.RPPXQH ,´EHULFKWHWRKQHDXFKQXUHLQHLQ]LJHV0DO]XMHQHPRPLQ|VHQ:RUW]X JUHLIHQ 

'LVNXVVLRQV]XVDPPHQKlQJHÅ$QWZRUWHQDXI «´

'DV ELVKHU JH]HLFKQHWH %LOG LVW WDWVlFKOLFK SRLQWLOLVWLVFK YRUQHKPOLFK DXV HLQHP 4XHOOHQNRUSXV HQWZLFNHOW LQ GHP GLVSDUDWHV 0DWHULDO LQ )OOH ]X VDPPHQJHWUDJHQLVW)OXJEOlWWHU'LVNXVVLRQHQ$QVSUDFKHQ7DJHEXFKDXI ]HLFKQXQJHQ$QWUlJH3UHVVHHUNOlUXQJHQ(VVD\VXDPHKU.RPPWPDQ ]X DQGHUHQ (UJHEQLVVHQ ZHQQ PDQ NRKlUHQWH 'HEDWWHQ XQWHUVXFKW" 'D KDEHQZLU]ZHL$XIVDW]VDPPOXQJHQGLHGLH7LWHODOVÅ$QWZRUWHQDXI´FKD UDNWHULVLHUHQ]XQlFKVWHLQPDOÅ$QWZRUWHQDXI +HUEHUW0DUFXVH´YRQ+D EHUPDVJHVDPPHOWXQGGDQQÅ'LH/LQNHDQWZRUWHW-UJHQ+DEHUPDV´'HU KDWWHMDQLFKWQXULQ+DQQRYHUGHQDXIJHEUDFKWHQ6WXGHQWHQÅ9ROXQWDULV PXV´XQGÅOLQNHQ)DVFKLVPXV´YRUJHZRUIHQ(UKDWWH²VFKlUIHUQRFK²DP -XQLDXI HLQHP.RQJUHVVGHV9HUEDQGHV'HXWVFKHU6WXGHQWHQVFKDI WHQLQ)UDQNIXUWXQWHUGHPYLHOVDJHQGHQ7LWHOÅ'LH6FKHLQUHYROXWLRQXQG LKUH.LQGHU´Å6HFKV7KHVHQEHU7DNWLN=LHOHXQG6LWXDWLRQVDQDO\VHQGHU RSSRVLWLRQHOOHQ-XJHQG´YRUJHWUDJHQ'DGLHVHPDVVLYHQ9RUKDOWXQJHQDP -XQLDXFKLQGHU)5$1.)857(5581'6&+$8HUVFKLHQHQNRQQWHHLQ*HJHQ ]XJQLFKWDXVEOHLEHQ 

$QWZRUWHQDXI +HUEHUW0DUFXVH

=XQlFKVW]XGHQ$QWZRUWHQDXI 0DUFXVH2EZRKOGHULPÅ(LQGLPHQVLR QDOHQ0HQVFKHQ´HLQHQGHXWOLFKQHJDWLYHQ,QWHOOHNWXHOOHQEHJULII DQJHVHW]W KDWWHGDQQLQVHLQHU%HUOLQHU5HGHQLFKWDXVGUFNOLFKUHYR]LHUWHDEHU SRVLWLYHUDN]HQWXLHUWH²LQMHQHQÅVHKUKHUEH.ULWLN´YRUWUDJHQGHQVLHEHQ Å$QWZRUWHQ´IlOOWGDV:RUWLP7H[WNHLQHLQ]LJHV0DO'DVLVWEHPHUNHQV ZHUW ZR GRFK 0DUFXVH LQ JDQ]HU %UHLWH DQJHJDQJHQ XQG MHQH %LEHO GHU HU YLHOIDFK LQV =HQWUXP JHVHW]W LVW 1XU LQ HLQHU $QPHUNXQJ ZHUGHQ ÅNULWLVFKH ,QWHOOHNWXHOOH EUJHUOLFKHU +HUNXQIW ZLH 0DUFXVH´ ZHJHQ LKUHV *ODXEHQVJHWDGHOWÅGLHHLQJHKHQGH%HVFKlIWLJXQJPLW+HLGHJJHUWUDJH]X LKUHUSROLWLVFKHQ6HOEVWYHUVWlQGLJXQJEHL´+DEHUPDV 6$QP   (LQODVVXQJHQ GLHVHU $UW VLQG MHGHQIDOOV QLFKW DOV 6WDELOLVLHUXQJ HLQHV SRVLWLYHQ,QWHOOHNWXHOOHQEHJULIIV]X]lKOHQ  9JO%HULQJ6²EHVRQGHUV6II   9JO+DEHUPDV6 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH





$QWZRUWHQDXI -UJHQ+DEHUPDV

'DQQ]X+DEHUPDV+LHUZDUHQDXI MHQHVHFKV$WWDFNHQJH]LHOWH5HSOLNHQ XQDXVEOHLEOLFK(LQHKDWWHVLFKGRFKDXVGUFNOLFKJHJHQGLHOLQNHQ6WXGHQ WHQDOVGHJHQHULHUWH Å,QWHOOHNWXHOOH´JHZDQGW1DFKGHPGD]XQlFKVWGLH QHXHQ 'HPRQVWUDWLRQVWHFKQLNHQ JHUKPW GDQQ DEHU DOV ÅQLFKW JHQHUDWL RQVQHXWUDO´ 6   FKDUDNWHULVLHUW ZDUHQ ZLHV +DEHUPDV *UXQGLUUWPHU QDFKGLHGLHODXIHQGHQYRQÅ:DKQYRUVWHOOXQJHQ´JHOHLWHWHQ$NWLRQHQLQ GLH1lKHYRQÅ,QIDQWLOLVPXV´UFNWHQ*HQDXGLHVHUYHUZHFKVHOHMDÅ5H DOLWlW XQG :XQVFKSKDQWDVLH´ 6   :RKHU DEHU QDKP VROFK ÅIDOVFKH>V@ %HZXVVWVHLQ´LQGHQOHW]WHQ:RFKHQVHLQHEHDFKWOLFKH9LWDOLWlW"+DEHUPDV DQWZRUWHW(VKDWJHOHEW YRQ MHQHQ 6FKZlFKHQ GHU ,QWHOOHNWXHOOHQ >«@ GLH LQ UXKLJHQ =HLWHQ ]X GHQ Gp IRUPDWLRQVSURIHVVLRQHOOHVJHK|UHQGLHLQOHEKDIWHUHQ=HLWHQDEHUZHQQVLHDXV GHP6FKDWWHQUHLFKGHUSHUV|QOLFKHQ3V\FKRORJLHKHUDXVWUHWHQXQG]XUSROLWLVFKHQ *HZDOWZHUGHQZDKUOLFKHLQ6NDQGDOVLQG,FKPHLQHGLH5ROOHGHV$JLWDWRUVGHU ZHLOHUGHQ5HDOLWlWVNRQWDNWYHUORUHQKDWQXUQRFKGLH5HDOLWlWGHU0DVVHQUHDNWLRQ NHQQWXQGDQHUNHQQWGHUYRQNXU]IULVWLJHQQDU]L‰WLVFKHQ%HIULHGLJXQJHQOHEWXQG GLH $NWLRQ YRQ HLQHU %HVWlWLJXQJ ]XU QlFKVWHQ WUHLEW XP GHU 6HOEVWEHVWlWLJXQJ ZLOOHQ ,FK PHLQH IHUQHU GLH 5ROOH GHV 0HQWRUV GHU ZHLO HU JHJHQ (UIDKUXQJHQ LPPXQLVLHUWLVWHLQH2UWKRGR[LHPLWJUDXHQ9RNDEHOQDOOHQ%HZX‰WVHLQVWUEXQ JHQDXISUlJWXPGDV]XUDWLRQDOLVLHUHQZR]XGHQDQGHUQGLH:RUWHIHKOHQ,FK PHLQHVFKOLH‰OLFKGLH5ROOHGHV]XJHUHLVWHQ+DUOHNLQVDP+RI GHU6FKHLQUHYROXWLR QlUHGHUZLHHUVRODQJHXQJODXEZUGLJH0HWDSKHUQDXVGHP6SUDFKJHEUDXFKGHU ]ZDQ]LJHU-DKUHIUVHLQHU]HLWIROJHQORVH3RHPHHQWOHKQHQPXVVWHQXQÁXJV]XP 'LFKWHUGHU5HYROXWLRQVLFKDXIVFKZLQJW²DEHULPPHUQRFKLQGHU$WWLWGHGHV 8QYHUDQWZRUWOLFKHQGHUVLFKXPGLHSUDNWLVFKHQ)ROJHQVHLQHUDXVO|VHQGHQ5HL]H QLFKWNPPHUW6I

.HLQ =ZHLIHO 'DV ZDUHQ VFKDUIH $QJULIIH GLH DEHU QLFKW GHQ ,QWHOOHNWX HOOHQ JHQHUHOO VRQGHUQ QXU HLQH ÅGpIRUPDWLRQ´ LQ EHVWLPPWHU 6LWXDWLRQ EHWUDIHQ 0RFKWH GLHV 9HUIDKUHQ YLHOOHLFKW XQJHZROOW ÅDEIlUEHQ´ QHJDWLY VLVWLHUHQGH (LQIlUEXQJ GHV %HJULIIV LQ VHLQHU QLFKW GHIRUPLHUWHQ 9HUVLRQ ZDUGDMHGHQIDOOVQLFKWDQYLVLHUW(VJLQJDOVRQLFKWXPGLH8PIRUPXQJGHV *UXQGZHUN]HXJV1XUHLQH$EZHLFKXQJZDU]XUFNJHZLHVHQHLQ9HUEOHL EHQGHV%HJULIIVLQVHLQHUDQJHVWDPPWHQ1RUPDOODJHJHUDGH]XJHIRUGHUW² GDV*DQ]HHLQHNULWLVFKH$XVHLQDQGHUVHW]XQJZLHVLHVLFKMHGH.DWHJRULH JHIDOOHQODVVHQPXVV 'LH QXQPHKU IlOOLJHQ HQWVFKLHGHQHQ Å$QWZRUWHQ´ GHU $WWDFNLHUWHQ NRQQWHQDQJHVLFKWVGHULP6FKZDQJHEHÀQGOLFKHQVHPDQWLVFKHQ8VDQFHQ QLFKWDQGHUVDOVDXVÅNOHPPLJHU´6LWXDWLRQJHVSURFKHQZHUGHQ,P'HQ NHQGHUUHSOL]LHUHQGHQ/LQNHQVSLHOWHHLQQHJDWLYHU,QWHOOHNWXHOOHQ%HJULII MD HLQHLQV*HZLFKWIDOOHQGH5ROOH8QWHQZHUGHQDXFKQRFKPHKU4XHOOHQJH QDQQWGLHIUHLQHQHJDWLYH$XVOHJXQJJHVRUJWKDEHQGUIWHQ6RNRQQWHQ GLH =XUFNZHLVXQJHQ GHV +DEHUPDVVFKHQ $QJULIIV DOVR QLFKW VRQGHUOLFK



'LHW]%HULQJ

HQWVFKLHGHQVHLQXQGVFKRQJDUQLFKWYRQMHQHU(PSKDVHJHWUDJHQGLHGH RQWLVFKH%HJULIIHYLWDOKDOWHQ1XU2VNDU1HJW]HLJWVLFKHEHQVRIUHLPWLJ ZLH HQWVFKLHGHQ DOV 9HUWHLGLJHU GHU ,QWHOOHNWXHOOHQ 'LH *HJHQ]JH GHU DQGHUHQZDUHQPDWW )XULR&HUXWWLVFKULHEHLQIDFKLQVHLQHPÅ%ULHI DQ-UJHQ+DEHUPDV´ Å:UGHGLH6'6)KUXQJWDWVlFKOLFKDXVODXWHUYROOQHXURWLVLHUWHQ/LQNVLQ WHOOHNWXHOOHQEHVWHKHQGDQQKlWWHVLHQLFKWGLHSROLWLVFKHQ(UIROJHHUUHLFKW GLH 6LH DXFK DQHUNHQQHQ´ (EG 6 I  'DV VFKOLH‰H QLFKW DXV GDVV GD ÅZLHLPPHUDXFKJHDUWHWH>Q@SV\FKRORJLVFKH>Q@)DNWRUHQYRQJUXSSHQVSH ]LÀVFKHQ1HXURVHQGLH6FKZlFKHQGHU,QWHOOHNWXHOOHQ ´PLWVSLHOWHQ6  'DVPXVVPDQGRFKZRKOHLQHGXUFKDXV]ZLHVSlOWLJH9HUWHLGLJXQJQHQQHQ .ODXV'|UQHU]LWLHUWHHLQIDFKQXU+DEHUPDV·$WWDFNHQXQGTXDOLÀ]LHUWHVLH HLQVFKOLH‰OLFKMHQHUÅGpIRUPDWLRQVSURIHVVLRQHOOHV´DOVHLQHÅNOLQLVFKH$E VLFKHUXQJSROLWLVFKHU$UJXPHQWDWLRQ´VLHYHUODQJHHLQHHLQJHKHQGHUH$QD O\VHDOVDQGLHVHU6WHOOHP|JOLFKVHL6 $XI ,QWHOOHNWXHOOHNDPHUGDQQ DXFKJDUQLFKWPHKU]XVSUHFKHQ bKQOLFKYHUIlKUW5HLPXW5HLFKHGHUGDVEHZXVVWH'LNWXP+DEHUPDV· EUHLW]LWLHUWGDQQDEHUQLFKWZHLWHUGDUDXI HLQJHKW6 XQGDXFK3HWHU %UFNQHUIKUWHVZ|UWOLFKDQOlVVWGDV,QWHOOHNWXHOOHQSUREOHPDQVFKOLH‰HQG DEHUHEHQVRJDQ]DXVGHP6SLHO=XGLHVHQGXUFKDXVVFKZDFKHQIDVWLQV /HHUHODXIHQGHQ*HJHQ]JHQPXVVPDQQXQQRFK)XULR&HUXWWLV0HLQXQJ VWHOOHQGDVVHVHLJHQWOLFKDQGHU=HLWVHLÅGDV3UREOHPGHV9HUKlOWQLVVHV GHUNULWLVFKHQ7KHRULH]XU3UD[LV]XGLVNXWLHUHQ´$EHUHVJHEHHEHQHLQH LQ GHU 7UDGLWLRQ GHU GHXWVFKHQ ,QWHOOLJHQ] DQJHOHJWH 8QWHUGUFNXQJ GHU 3UD[LV GXUFKGLH7KHRULHGLHVRPLWVHOEVW]XHLQHUIDOVFKHQZLUGLQGHPVLHGHPVSH]L ÀVFKHQ&KDUDNWHUGHVSROLWLVFKHQ.DPSIHVGHUÄVFKPXW]LJMGLVFKHQ·3UD[LVVLFK YHUVFKOLH‰WXQGOHW]WOLFKXQSROLWLVFKZLUG$XFKGLH:LUNXQJVJHVFKLFKWHGHU)UDQN IXUWHU6FKXOHLVWYRQGLHVHP$VSHNWGHUGHXWVFKHQ0LVHUHQLFKWIUHL6

0DQ PXVV YRQ GHU DOWHLQJHEWHQ ,QHLQVVHW]XQJ YRQ Å-XGH´ XQG Å,QWHOOHNWXHOOHU´ JDU QLFKW VRQGHUOLFK YLHO ZLVVHQ XP ]XP *HVDPWXUWHLO ]X NRPPHQ ,Q GLHVHQ ]ZHL NRKlUHQWHQ 'HEDWWHQ ÀQGHQ ZLU DXFK NHLQH GH]LGLHUWH9HUWHLGLJXQJGHV,QWHOOHNWXHOOHQ 

Å'DV(VWDEOLVKPHQWDQWZRUWHWGHU$32´

1XQJDEHVQRFKHLQGULWWHV0DODNWXHOOHÅ$QWZRUWHQ´GLHVPDODEHU LQJDQ]DQGHUHU5ROOHQYHUWHLOXQJÅ'DV(VWDEOLVKPHQWDQWZRUWHWGHU$32´ :LQNOHU 'LH7LWHOlKQOLFKNHLWIKUWJOHLFKZRKOLQGLH,UUH+LHUZLUG QlPOLFK QLFKW HLQ HQJ YHU]DKQWHU 'LVNXVVLRQV]XVDPPHQKDQJ YRUJHIKUW  9JO+DEHUPDV6   9JOGD]X%HULQJ6² 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



VRQGHUQHKHUHLQ6DPPHOVXULXPDOOHUQXUGHQNEDUHQ*HJHQVWLPPHQYRQ GHQJDQ]UHFKWHQ([SRQHQWHQGHUUHFKWHQ&68]%'U5LFKDUG-lJHU ELV KLQ]XGHQJDQ]OLQNHQGHUOLQNHQ63']%-RFKHQ6WHIIHQ %LVZHLOHQVLQG DXFK3OlGR\HUVVRQVWZLH$UULYLHUWHUIUGLH3URWHVWLHUHQGHQHLQJHVWUHXW'DV *DQ]HLVWDOVRlKQOLFK]XVDPPHQJHZUIHOWZLHGDVREHQXQWHUVXFKWHIQI ElQGLJH*UXQGNRUSXVGHUHU*OHLFKZRKOZHUGHQZLUGXUFKMHQHÅ$QW ZRUWHQ´DXI HLQZLFKWLJHV)HOGJHIKUW:LUN|QQHQGDUDXI DEHUQXUQRFK HLQHQNXU]HQ%OLFNZHUIHQ :LHEHQHQQHQGHQQQXQGLHVH*HJQHUMHQH3URWHVWLHUHU"7HQGLHUHQVLH ]XUDOWEHZlKUWHQ:DIIHÅ,QWHOOHNWXHOOH´"1HLQ(VGRPLQLHUHQGLH$EZHL VXQJHQGLHGHQ3URWHVWLHUHQGHQMHGHGLVSXWDWRULVFKH*OHLFKEHUHFKWLJXQJ MHGHVDUJXPHQWDWLYH*HZLFKWDEVSUHFKHQ$OVXQEHUELHWEDUHV([WUHP(PLO )UDQ]HO.DQGLGDWIUGHQÅ$GHQDXHU3UHLV´LQHLQHP$UWLNHOGHV5H JHQVEXUJHU7$*(6$1=(,*(56Å0DQNDQQ8QJH]LHIHUHEHQQXUPLWGHQJH HLJQHWHQPHFKDQLVFKHQXQGFKHPLVFKHQ0LWWHOQYHUWLOJHQQLFKWPLWJXWHP =XUHGHQ´6 $QGHU7DJHVRUGQXQJDEHUZDUGLHVÅNOHLQH0LQGHUKHLW´ +HLQULFK/ENH)HUQVHKDQVSUDFKH]XP-DKUHVZHFKVHO6 Å6FKUHLHU´ .XUW*HRUJ.LHVLQJHU6 GLHVHQDQJHGURKWÅ3UJHO´DXVÅJHVXQGHP (PSÀQGHQ´ %HUOLQHU &'8$EJHRUGQHWHU 6   ÅGLH UHYROXWLRQlUHQ 6WXGHQWHQ XQG GLH UHYROXWLRQlUHQ 3URIHVVRUHQ´ :LOOLDP 6 6FKODPP 6   LPPHU ZLHGHU Å'UDKW]LHKHU´ 5DLQHU %DU]HO 6   ÅNOHLQH *UXSSH UDGLNDOHU 6WXGHQWHQ´ 63'3UlVLGLXP 6   Å-XJHQGOLFKH´ Å5lGHOVIK UHU´3URI+DQV$FKLQJHU6 DXFKÅ5DGDXEUGHU´:LOO\%UDQGW6  Å5DGLNDOLQVNLV´-RFKHQ6WHIIHQ6 XQGLQXQHUVFK|SÁLFKHU)OOH ÅNRPPXQLVWLVFK´:LUEHHQGHQGLHYRQ6HLWH]X6HLWHYRUJHKHQGHORFNHUH $XI]lKOXQJXQGYHU]LFKWHQGDUDXIGLH8Q]DKOYRQ3DUDOOHOEHOHJHQDXVDQ GHUHQ4XHOOHQKLQ]X]XIJHQ :DVDEHUPLWMHQHPYRQGHQÅUHYROXWLRQlUHQ6WXGHQWHQ´HEHQQLFKW NRQVHTXHQW YHUWHLGLJWHQ XQG VFKRQ JDU QLFKW DOV )DKQHQZRUW EHQXW]WHQ Å,QWHOOHNWXHOOHU´" ,Q GHU (LQOHLWXQJ OHJW GHU +HUDXVJHEHU +DQV-RDFKLP :LQNOHUEHUHLWVIHVWÅ'DV:HVHQGHV(VWDEOLVKPHQW%HJULIIHVOLHJWLP6WD WLVFKHQLQGHU(UKDOWXQJGHV6WDWXVTXRLQPDQJHOQGHU2IIHQKHLWLQHLQHP JHZLVVHQ$QWL,QWHOOHNWXDOLVPXV´6 )QIPDOZLUGGDQQDXFKÅ,QWHOOHNWXHOOHU´DXI 6HLWHQDSRVWURSKLHUW QLFKWHEHQRIWGDIUDEHULQEHUUDVFKHQGHU%UHFKXQJ(VVWHKHQGDJHUDGH QLFKWGLHJlQJLJHQUHFKWVJHGUHKWHQ$QZUIHGHVJHJQHULVFKHQ(VWDEOLVK  'LH%HUOLQHU6WXGHQWHQEHJDQQHQVRIRUWGHUDUWLJH$QZUIHDNULELVFK]XVDPPHOQ(LQHNOHL QH$XVZDKOELHWHWVFKRQGHU)863,(*(/1U6RQGHUGUXFN-XQLÅ'LHÄ0RUJHQSRVW¶ YHUEUHLWHWHGLH'HPRQVWUDWLRQVHLGDV:HUNÄK\VWHULVFKHU5XGHODNDGHPLVFKHU+DOEVWDUNHU· ÄQRWRULVFKHU5DXGDXPDFKHU¶ÄJHVFKXOWHUNRPPXQLVWLVFKHU6WUD‰HQNlPSIHU¶XQGÄDPVLHUWHU 1LFKWVWXHU¶JHZHVHQ,P)RUWLVVLPRVSLHOWHVLHDXI GHU.ODYLDWXU[HQRSKRELVFKHU,QVWLQNWH Ä:HU HV ZRKO PHLQW PLW %HUOLQ >«@ GHU MDJH HQGOLFK GLH .UDZDOO5DGLNDOHQ ]XP 7HPSHO KLQDXV«¶´



'LHW]%HULQJ

PHQWV(VZHUGHQYLHOPHKUGHUDUWLJH$WWDFNHQYRQGHQ9HUWHLGLJHUQGHUHU DOVJlQJLJQXUXQWHUVWHOOW$EJHZHKUWZHUGHQVLHHEHQIDOOVPLWGHQJlQJLJHQ $UJXPHQWHQÅ:HU.ULWLNEWGLHJHHLJQHWLVWGLHJHJHEHQHQ+HUUVFKDIWV YHUKlOWQLVVHLQ)UDJH]XVWHOOHQVW|UWXQVHUH2UGQXQJLVW3LQVFKHU0LHV PDFKHU1HVWEHVFKPXW]HURGHU]HUVHW]HQGHU,QWHOOHNWXHOOHU´3URI*HUKDUG .DGH6 9RPÅWLHI HLQJHZXU]HOWH>Q@9RUXUWHLOJHJHQ,QWHOOHNWXHOOH´LVW GLH5HGH3URI+DQV:.XKQ6 YRQGHUMDKUHODQJHQ%HVFKLPSIXQJ YRQÅ6WXGHQWHQXQG,QWHOOHNWXHOOHQ´DOVÅ·/LQNVPRE¶Ä(LWHUEHXOH¶ÄDNDGH PLVFKH*DPPOHU¶Ä3|EHO¶ÄJHLVWLJH+DOEVWDUNH¶Ä1HXURWLNHU¶Ä6FKUHLHU¶XQG Ä6FKZlW]HU¶´(UNOlUXQJGHU9LHU]HKQLQGHU=(,7Y6 (V VFKHLQWDOVRDOVZHUGHKLHUGDV*HVFKHKHQYRQGHQZHQLJHQ9HUWHLGLJHUQ DXV GHU 5HLKH GHU $UULYLHUWHQ QDFK GHQ DOWHQ .DPSÁLQLHQ GHV $QWLLQWHO OHNWXDOLVPXVDXIJHDUEHLWHW'HVVHQJlQJLJH6FKHPDWDKDWWHQDEHUYHUEDOLWHU ZHGHUGLHDEZHKUHQGHQ*HJQHUGHUHUQRFKGLHDQJUHLIHQGHQ5HEHOOHQ EHUXIHQ'HQQGLHVHNRQQWHQMDQLFKW]XU0|JOLFKNHLWÀQGHQÅ,QWHOOHNWXHO OHU´YRUEHKDOWORVDOV)DKQHQZRUW]XIKUHQZHLOVLHGRFKGXUFKDXV5HVHU YDWLRQHQJHJHQGLHVH.DWHJRULHKDWWHQXQGGLH*HJQHUGHUHUVHW]HQMD IDVWDXVVFKOLH‰OLFKDXI NRPSOHWWH'HVSHNWLHUOLFKNHLWXQGYHUPHLGHQRIIHQ LQVDOWH)DKUZDVVHUGHV$QWLLQWHOOHNWXDOLVPXV]XJHUDWHQZHLOGHUMDJHPHLQ KLQHLQHQSRWHQWHQJHIUFKWHWHQIDVWGlPRQLVLHUWHQ*HJQHUYRUDXVVHW]W MHGHQIDOOVNHLQHTXDQWLWpQpJOLJHDEOH0DQNlPSIWHDOVRZHQQVFKRQQLFKW LQYHUNHKUWHUVRGRFKLQHLQHUVFKLHIHQ6FKODFKWRUGQXQJ 'DVVHKHU6FKHPDWDlOWHUHU3URYHQLHQ]GLH$XIDUEHLWXQJEHLGHQDUUL YLHUWHQÅ6\PSDWKLVDQWHQ´VWHXHUWHEHZHLVWDXFKHLQHHLQ]LJDUWLJH6WHOOXQJ QDKPHMHQHVKRFKJHDFKWHWHQ&DUOR6FKPLG(UUDIIWHVLFKLQGHU%XQGHV WDJVVLW]XQJYRPGUHL:RFKHQQDFKGHP'XWVFKNH$WWHQWDWDXI  XQGWUXJQRFKHLQPDOGLH)RUPXQJGHV,QWHOOHNWXHOOHQEHJULIIVYRUPLWGHU HU JHQDX  -DKUH YRUKHU GLHVHU .DWHJRULH HLQH EHGHXWVDPH YRUELOGOLFKH )DVVRQXQGGDPLWDXFK)HVWLJNHLWJHJHEHQKDWWH 'DV3UREOHPÄGLH,QWHOOHNWXHOOHQXQGGHU6WDDW¶LVWIUXQVLQ'HXWVFKODQGLPPHU HLQ3UREOHPJHZHVHQ²QLFKWQXULQ'HXWVFKODQGIUHLOLFKDEHUZLUKDEHQGLHVHP 3UREOHP ]X DOOHQ =HLWHQ ZHQLJ LQQHUH 6LFKHUKHLW HQWJHJHQ]XEULQJHQ YHUPRFKW :DVVLQG,QWHOOHNWXHOOH"²1XQGDVVLQGGLH/HXWHGLHVLFKPLWGHUXQVXPJHEHQ GHQ:LUNOLFKNHLWNULWLVFKEHIDVVHQXQGXQVVDJHQZDVVLHGDEHLÀQGHQ,PDOWHQ $WKHQZDUHQGDVGLH6RSKLVWHQ>«@6LHVLQGGLH$QDO\WLNHU0DQVDJWVLH]HUVHW] WHQ6LHPVVHQ]HUVHW]HQ:HQQPDQDQDO\VLHUWPX‰PDQGDV3UREOHPLQVHLQH (OHPHQWH]HUVHW]HQ'DEHLDOOHUGLQJVPX‰PDQVRYRUJHKHQGDVVGLH(OHPHQWHVR VDXEHUKHUDXVSUlSDULHUWZHUGHQGD‰PDQGDUDXVGDQQHLQHQHXHXQGUHLQHUH:LUN OLFKNHLWVFKDIIHQNDQQGDVZDV'HVFDUWHVGLHGHFRPSRVLWLRXQGGLHUHFRPSRVLWLR QDQQWH$EHU]XUJOHLFKHQ=HLWZLHGHQ3URWDJRUDVXQGGHQ*RUJLDVJDEHVQRFK HLQHQDQGHUHQ,QWHOOHNWXHOOHQHLQHQJHZLVVHQ6RNUDWHVGDV0XVWHUELOGGHV%UJHUV  8QWHU]HLFKQHWYRQ$GRUQR%DKUGW%|OO%UFNQHUYRQ)ULHGHEXUJ-HQV.RJRQ*0DQQ $0LWVFKHUOLFK+'0OOHU3URI3RSLW]+3URVV3URI5LGGHU3URI=PDU]OLN

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



GHUDXFKHLQ,QWHOOHNWXHOOHUMDGHUJHUDGH]XGHU,QWHOOHNWXHOOHJHZHVHQLVWHLQHUGHU VHLQHP9RONHXQGVHLQHP6WDDWYRQGHU,GHHGHV0HQVFKHQDXVGHQ6SLHJHOYRU KLHOW'DVLVWHLQHJXWHXQGQRWZHQGLJH6DFKH:LUEUDXFKHQEHLGHXQGZLUVROOWHQ HVXQVQLFKWYHUGULH‰HQODVVHQGDVVVLHXQVJHOHJHQWOLFK'LQJHVDJHQGLHZLUDOV XQIUHXQGOLFKHPSÀQGHQPVVHQ:LUVROOWHQDXI GLH(KUHJHOHJHQWOLFK=LHOVFKHLEH VHLQ]XGUIHQQLFKWYHU]LFKWHQ6I

'HUDUWLJHVZLUG]DKOUHLFKHQVFKOLFKWDXI Å3LQVFKHU´À[LHUWHQ$EJHRUGQH WHQJHJHQLKU6SUDFKJHIKOXQGJHJHQLKUHSROLWLVFKHQ*UXQGEHU]HXJXQ JHQJHJDQJHQVHLQ'DVVGDV3URWRNROODEHUDOV5HDNWLRQIHVWKlOWÅ+HLWHU NHLWXQG%HLIDOOEHLDOOHQ)UDNWLRQHQ ´]HLJWGDVVYLHOHIUVROFKHLQHLQ:RUW HLQJHODJHUWHQ3RVLWLRQHQGRFKDXFKHLQHQJHZLVVHQ6LQQHQWZLFNHOWKDWWHQ 'LHIHVWJHVFKULHEHQHQ)OOXQJHQDXVGHQHQGIQI]LJHU-DKUHQKDWWHQDOVR %HVWDQGDXFKZHQQVLH]XUHU=HLWQLFKWLP=HQWUXPGHU.DPSIIURQWHQ VWDQGHQVRQGHUQRIIHQVLFKWOLFKHLJHQVDQJHPDKQWZHUGHQPXVVWHQ 

'HU.RQWUDVW]X)UDQNUHLFKV9RUGHQNHU6DUWUH

=LHKHQZLUMHW]WXQWHUDOOHVHLQHQ6XPPHQVWULFKVRPXVVGDV8UWHLOODXWHQ ,QMHQHQHU=HLWHQJHKWHVEHLGHU9HUZHQGXQJGHV]XU'HEDWWHVWHKHQGHQ %HJULIIVVHKUJHPLVFKW]X,QXQVHUHU0HWDSKHUJHGDFKWGHU:LQGWUHLEWGLH 6DQGN|UQHU LQ VHKU YHUVFKLHGHQH 5LFKWXQJHQ LQ 0DUFXVHV *UXQGZHUNHQ GLH(LQHEQXQJGHV+RFKZHUWZRUWHVGXUFKPDVVLYQHJDWLYHQ*HEUDXFKGHU VSlWHUQLFKWH[SUHVVLVYHUELVUHYR]LHUWZLUG%HLGHQNlPSIHQGHQHUQPL VFKHQ VLFK GDQQ ZHQLJ HPSKDWLVFKH  SRVLWLYH XQG QHJDWLYH bX‰HUXQJHQ +DWWHQMHQHYRUJHIKUWHQIQI *UXQGDQQDKPHQGHUHUDXFKGHXWOLFKLQ GLH5LFKWXQJYRQÅ,QWHOOHNWXHOOHQ´JHZLHVHQVRWUDI GLHHUZDUWHWH=HQWUDO VWHOOXQJQLFKWHLQ'HU/LQNVGUDOOGHUJHVDPWHQ6WXGHQWHQEHZHJXQJGUlQJWH GHQ6SUDFKJHEUDXFKHKHULQGLH7UDGLWLRQQHJDWLYHQ:RUWJHEUDXFKVEHLGHQ UDGLNDOHQ/LQNHQ9RUDOOHPDEHUEULQJHQ9HUJOHLFKHNODUKHUDXVGDVVPDQ ]XGLHVHU.DWHJRULHNHLQXQEH]ZHLIHOEDUSRVLWLYHV9HUKlOWQLVKDWHQWZLFNHOQ N|QQHQ.RQWUDVWLHUHQZLUQlPOLFKGHQHEHQVRGUXFNYROOHQZLHHUIROJUHL FKHQ)RUPXQJVZLOOHQYRQ&DUOR6FKPLGXQGVHLQHQ1DFKIROJHUQPLWGHQ WXUEXOHQWHQ0HKUGHXWLJNHLWHQGHUHUGDQQWUHWHQGHUHQ8QNRRUGLQLHUW KHLWXQG6WUHEXQJVYLHOIDOWGHXWOLFKKHUYRU'LHVHOLH‰HQVLHMDDXFKVFKRQ QDFKNDXP]Z|OI 0RQDWHQRUJDQLVDWRULVFKDXVHLQDQGHUIDOOHQ *HUDGH]X NUDVV ]HLJW VLFK GHU 0DQJHO DQ NRPSDNWHU NlPSIHULVFKHU (QWVFKLHGHQKHLW DEHU ZHQQ ZLU GLH %HJULIIVYHUZHQGXQJ LQ 'HXWVFKODQG YHUJOHLFKHQ PLW GHU YHUEDOHQ 3UDNWLN GHV DOOHV EHUVWUDKOHQGHQ IUDQ]|VL VFKHQ9RUGHQNHUV-HDQ3DXO6DUWUH'LHVHUUHYROXWLRQlUH.RSI KDWWHZDV  9JOEHL%HULQJ GDV0DU[LVPXV.DSLWHOYRUDOOHP6² 



'LHW]%HULQJ

LQ 'HXWVFKODQG GRFK YROONRPPHQ IHKOWH GDV 3UREOHP GHV ,QWHOOHNWXHO OHQPHKUIDFKLQV=HQWUXPXPIDVVHQGHUhEHUOHJXQJHQJHVWHOOW'DVVVHLQ VR ]HQWULHUWHV 'HQNHQ DXFK JHQDX LQ GLHVHU $N]HQWXLHUXQJ ZDKUJHQRP PHQZRUGHQZDUEHZHLVHQGLHVSH]LÀVFKHQ7LWHOVHLQHULQ'HXWVFKODQGHU VFKLHQHQHQ 6DPPHO:HUNH 6FKRQ  OHLWHWH HU LQ GUHL DXVJHGHKQWHQ 9RUWUlJHQGDV:HVHQGHV,QWHOOHNWXHOOHQDXVVHLQHPXQLYHUVHOOIXQGLHUWHQ 'HQNHQKHU'LHVHVO|VHVLFKEHLHLQLJHQDXVGHU]XQlFKVWEHHQJWWHFKQR NUDWLVFKHQ=LHOVHW]XQJWUDQV]HQGLHUHVHLQHQ]XQlFKVWQXUH[SHUWHQKDIWHQ ERXUJHRLVLHK|ULJHQ$QDO\VHDQVSUXFKXQGGHKQHLKQDXI GLHJHVHOOVFKDIWOL FKHQ*HVDPWYHUKlOWQLVVHDXV6RQHXJHULFKWHWEHNRPPHQGLHHKHPDOLJHQ )XQNWLRQlUHGHV.DSLWDOLVPXVDXFKGLH$UEHLWHULQGHQ%OLFNXQGZHUGHQ XQZHLJHUOLFKDXI GLH6HLWHGHUHUJHGUlQJWZRGHU.HLPGHUQHXHQSUROHWD ULVFKHQXQGVFKOLH‰OLFKXQLYHUVHOOKXPDQHQ*HVHOOVFKDIWVYHUKlOWQLVVHVFKRQ DQJHOHJWVHL6HLQHNODUHZHGHUYRQ0DUFXVHQRFKGHQDQGHUHQHUQXQG HEHQVRZHQLJYRQLKUHQSURPLQHQWHQ9HUWHLGLJHUQJH]RJHQH.RQVHTXHQ] 1LHPDQG YHUGLHQW EHL LKP GLH (KUHQEH]HLFKQXQJ Å,QWHOOHNWXHOOHU´ GHU QRFKVRVFKODXXQGEHVWHQVGXUFKVWXGLHUWIUGLHSDUWLNXODUHQHJRLVWLVFKHQ =ZHFNHGHU%RXUJHRLVLHDUEHLWHW ,QHLQHPDXVJHGHKQWHQ,QWHUYLHZVSLW]WH6DUWUHLP-DQXDUGLHVHVHLQH DOOJHPHLQH7KHRULHGDQQQRFKHLQPDODXI GLHEHVRQGHUHJHVFKLFKWOLFKH6WXQ GH]X$SRGLNWLVFKYHUWHLGLJWGLHVHU9RUGHQNHUGHPGDVLQWHOOHNWXHOOH)UDQN  0LFKHO YLHOJHOHVHQGDLP.XUVEXFKYRUDEJHGUXFNW NDQQDOVVROFKHV:HUNNDXP JHOWHQ%HLGLHVHPVFKZHU]XElQGLJHQGHQ$OOHVZLVVHUWULIIWPDQEHLVHLQHPKLHUQXUELV]XU +lOIWHQDFKJHJDQJHQHQ 6WUHLI]XJGXUFKIDVWDOOH=HLWHQXQGYLHOH.XOWXUHQDXI HLQHGHUDUW EUHLWHMDYHUZLUUHQGH%HJULIIVYHUZHQGXQJGDVVNHLQHHLQGHXWLJH9HUZHQGXQJVHPSIHKOXQJ IU GDV :RUWLQVWUXPHQW ]X H[WUDSROLHUHQ LVW (V JHKW GXUFKHLQDQGHU ÅGLH QHXHQ ,QWHOOHN WXHOOHQ´GLHÅKHUN|PPOLFKHQ´6 GLHÅEUJHUOLFKHQ´6 PLWLKUHU6WHLJHUXQJVVWXIH ÅNOHLQEUJHUOLFKH´ 6   (U EHYHUNODJW D  GHQ ,QGLYLGXDOLVPXV GHV ,QWHOOHNWXHOOHQ XQG VHLQHQ=ZHLIHODQGHU,QWHOOLJHQ]VHLQHU0LWPHQVFKHQZDVLKQQRWZHQGLJDXI HLQHXWRSLVFKH =XNXQIWVSHNXOLHUHQODVVH6I E GHQ,UUDWLRQDOLVPXVGHU,QWHOOHNWXHOOHQ6 F GLH Å$XVK|KOXQJGHV%HJULIIHV´XQG]XJOHLFKGLH5HVHUYDWLRQGHV%HJULIIHVIU/LQNH6 G  GDVVGDV3ULYLOHJGHU,QWHOOHNWXHOOHQGLH6SUDFKH]XLKUHP*KHWWRJHZRUGHQVHLLKUHÅHVR WHULVFKHQ5HGHQ´]XHLQHUÅ]ZHLWHQ5HDOLWlW´6 0LFKHO]LWLHUWGLH0DVVHZLGHUVSUFK OLFKVWHU +HUOHLWXQJHQ GHU ,QWHOOHNWXHOOHQPLVHUH GXUFK 0D[ :HEHU 5REHUW 0LFKHOV 0D[ 6FKHOHU$UQROG*HKOHQ RKQHHLQHNODUHHLJHQH3RVLWLRQGDJHJHQ]XVWHOOHQ6I 1DFKVR YLHOHQXQNRRUGLQLHUWHQ$QOlXIHQZLUNWGLHDXI GHU+lOIWHGHV%XFKHV6 DXIWDXFKHQGH VFKRQWDXVHQGIDFKJHVWHOOWH )UDJHGDQQOHLFKWNRPLVFKÅ:HULVWHLQ,QWHOOHNWXHOOHU"´'HU IROJHQGH'HÀQLWLRQVYHUVXFKLVWYDJHXQGZLUGDOVEDOGLQ)UDJHJHVWHOOWGXUFK0LWWHLOXQJHQ ZLHÅ*HEDQQWJHUHL]WVWDUUWGHU,QWHOOHNWXHOOHDXI $XÁDJHQK|KHQ/HVHUXQG+|UHU]DKOHQ :HUEHXQGDQGHUH.RQWDNWH²HUYHUKlOWVLFKPDUNWJHUHFKWGHQQZHUGLH.RQWDNWHKDWKDW VFKRQGLH.XQGVFKDIW´6 (LQJU|‰HUHU.RQWUDVW]XGHQNlPSIHULVFKHQ*UHQ]]LHKXQ JHQ6DUWUHVLVWNDXPGHQNEDU  9JO6DUWUH   9JO6DUWUH6²   9JOHEG6 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



UHLFK ODQJH =HLW EHGHQNHQORV QDFKVSUDFK GHQ DXV VHLQHQ *UXQGDQQDKPHQ UHVXOWLHUHQGHQ:RUWJHEUDXFKÅ9RUDOOHPPHLQHLFKGDVVNHLQ,QWHOOHNWXHOOHU H[LVWLHUWGHUQLFKWÄOLQNV¶LVW´6DUWUH66 $OOHDQGHUHQ VLQGEOR‰H)XQNWLRQlUHGHU%RXUJHRLVLHQLHXQGQLPPHUÅ,QWHOOHNWXHOOH´ 

6XEWH[WXHOOH4XHOOHQIU$QWLLQWHOOHNWXDOLVPXV

.HKUHQ ZLU MHW]W ]X GHQ YLHO YHUZLUUHQGHUHQ GHXWVFKHQ 9HUKlOWQLVVHQ ]X UFNXQGIRUVFKHQQDFKZHLWHUHQ*UQGHQGLHGLHHUPLW9RUEHKDOWHQ ]XPLQGHVW]ZLHVSlOWLJYRP,QWHOOHNWXHOOHQGHQNHQOLH‰HQ,FKNDQQKLHUQXU QRFKHWZDVLQJHUDIIWHQ7KHVHQ]XEHGHQNHQJHEHQ î 'LHGHXWVFKHQHUKDWWHQHQJHQ.RQWDNW]XGHQ3RVLWLRQHQ/HQLQV ZHQQVLHDXFK6WDOLQXQGGLH''5PHLVWKDVVWHQ%HLMHQHP%HJUQGHU XQG9HUIHFKWHUGHVGHPRNUDWLVFKHQ=HQWUDOLVPXVZLPPHOWHVDEHUJH UDGH]XYRQUDGLNDOHQ$QJULIIHQDXI GLH,QWHOOHNWXHOOHQ î 'HUPDVVLYQHJDWLYH%HJULII Å,QWHOOHNWXHOOH´KDWWHLQGHU7UDGLWLRQRU WKRGR[HU /LQNHU YRU DOOHP GLH )XQNWLRQ Å)KUHU´ ]X EUDQGPDUNHQ DXI  GDVV GLH $UEHLWHU DOV GLUHNWH $NWHXUH GHV JHVHOOVFKDIWOLFKHQ 3UR ]HVVHVLP9RUGHUJUXQGVWDQGHQ+XQGHUWIDFKHU(LQVDW]GLHVHUVFKDUI  JHVFKOLIIHQHQ:DIIH]XJHQDXGLHVHP=ZHFNLVWYRUDOOHPLQGHU:HL PDUHU5HSXEOLNEH]HXJW$IIHNWHJHJHQÅ)KUHU´KDEHQDXFKGLHHU LPPHUZLHGHUDUWLNXOLHUW]%Å%HLXQVVLQGGLHHQWVFKHLGHQGHQ.RP SRQHQWHQ 6HOEVWWlWLJNHLW 6HOEVWRUJDQLVDWLRQ (QWIDOWXQJ GHU ,QLWLDWLYH XQG GHU %HZXVVWKHLW GHV 0HQVFKHQ XQG NHLQ )KUHUSULQ]LS´ 6WHKW PDQ LQ HLQHU VROFKHQ 7UDGLWLRQ GDQQ KDW PDQ RIIHQH 2KUHQ IU GLH LPPHUZLHGHUYRUJHWUDJHQH6FKPlKXQJ$UEHLWHU9HU)KUHUVHLHQGLH ,QWHOOHNWXHOOHQLQ:LUNOLFKNHLW

 =LUND6WHOOHQEHL%HULQJ6² 'XWVFKNHV'DXHUNRQWDNW]X/HQLQLVWEH NDQQW]%6X| (VOLH‰HVLFKDXFKOHLFKWEHZHLVHQGDVVJHUD GHGLH:HUNH/HQLQVPLWGHQZLFKWLJVWHQ,QWHOOHNWXHOOHQLQYHNWLYHQLQWHQVLYJHOHVHQZXUGHQ ]%Å'LH.LQGHUNUDQNKHLWGHVÄ5DGLNDOLVPXV·LP.RPPXQLVPXV´$EHQGURWKHWDO 6    EHU /HQLQV ,QWHOOHNWXHOOHQKDVV NRQQWH PDQ VLFK XPIDVVHQG DXFK EHL 0LFKHO 6I RULHQWLHUHQ  9JO%HULQJ6²   6R5XGL'XWVFKNH6 LPEHUKPWHQ,QWHUYLHZPLW**DXVGLHVH3RVLWLRQYLHOIDFK ZLHGHUKROW]%HEG6 K|FKVWHQVDP(QGHHLQHUYRUUHYROXWLRQlUHQ3KDVHJHEHHVHLQH 0|JOLFKNHLWIUGLH6WXGHQWHQ5HYROXWLRQ]XPDFKHQÅ'DVZlUHQLFKWVDQGHUHVDOVHLQH 5HSURGXNWLRQGHU(OLWHWKHRULHGD‰ZLUDOV6WXGHQWHQGHP9RONVDJHQN|QQWHQZDVORVLVW ,FKIKOHPLFKQLFKWDOV(OLWH´bKQOLFKHEG6 



'LHW]%HULQJ

î 9LHOHVVSULFKWIU:ROIJDQJ.UDXVKDDUV7KHVHGDVVZLUHVEHLGHQHUQ PLWHLQHUÅURPDQWLVFKHQ5HYROWH´]XWXQKDEHQ:HQQGLH(UHLJQLVVH DEHUHLQHQURXVVHDXVFKHQ6XEWH[WKDWWHQGDQQN|QQWHGLHDXIWDXFKHQ GH$QWLSDWKLHGXUFKDXVDXVGLHVHU4XHOOHJHQlKUWZRUGHQVHLQGHQQ GDVHLQXQGYRUDXVJUHLIHQGHXWRSLHJHVWHXHUWH'HQNHQGHV,QWHOOHNWX HOOHQXQGGDV)KOHQGDV9HUWUDXHQGHV5RPDQWLNHUVLQVXQDQWDVWEDUH KLVWRULVFK*HZDFKVHQH²GDVGUIWHQZRKOGLDPHWUDOH*HJHQVlW]HVHLQ î 0LWGHP.RPSOH[DGN|QQWHPDQDXFKSODXVLEOHUPDFKHQZLHVR² MHW]WHEHQQLFKWPHKUYROONRPPHQXQEHJUHLIEDU²DXIIlOOLJYLHOH3URWD JRQLVWHQGHUHU]XGHQ5HFKWVUDGLNDOHQEHUJHWUHWHQVLQG,VWGLHVHU 3RVLWLRQVZHFKVHO DEHU DXV HLQHU LPPHU PLWÁLH‰HQGHQ 8QWHUVWU|PXQJ ]X HUNOlUHQ GDQQ ZlUH HV DXFK QLFKW VR HUVWDXQOLFK GDVV VLFK GLHVH Å.U\SWR´5HFKWHQPLWÅ,QWHOOHNWXHOOHQ´VHLWMH+DVVREMHNWHRUJDQLVFK QDWLRQDOLVWLVFKHQ 'HQNHQV QLH VR ULFKWLJ LGHQWLÀ]LHUHQ ZROOWHQ $XFK GLHPDQLIHVWH-XGHQIHLQGOLFKNHLWYLHOHUHUN|QQWHZHLWHUH3UlGLVSRVL WLRQHQJHVFKDIIHQKDEHQZDUGRFKÅGHU-XGH´XQGÅGHU,QWHOOHNWXHOOH´ LQGHUWLHI KLQDEUHLFKHQGHQ7UDGLWLRQHLQXQGGLHVHOEH3HUVRQ 

%HDQWZRUWXQJGHU7LWHOIUDJH

1XQVWHKWMDQRFKHLQH$QWZRUWDXI GLHLP7LWHOGHV$XIVDW]HVJHVWHOOWH)UD JHRIIHQ1DFKGHU:LUUQLVGLHLFKLQGHQ4XHOOHQJHIXQGHQKDEHZLUGPDQ ]XP7HUPLQXVÅDQWLLQWHOOHNWXHOOH´ZRKOVDJHQPVVHQ1HLJXQJHQLQGLHVH 5LFKWXQJZDUHQGDZHQQDXFKQLFKWEHLDOOHQ8QGGLHNRQWUDGLNWRULVFKH )RUPXOLHUXQJ ÅDQWLLQWHOOHNWXHOOH ,QWHOOHNWXHOOH´" =X LKU OlVVW VLFK YLHOOHLFKW DPEHVWHQ3RVLWLRQEH]LHKHQZHQQPDQQRFKHLQPDOEHL6DUWUHQDFKK|UW .ODUGDVVEHLLKPGLHSDUWLNXODUHQ,QWHUHVVHQIROJHQGHQKRFKVWXGLHUWHQ /LHEHGLHQHUGHUKHUUVFKHQGHQ.ODVVHDQGHU'HPDUNDWLRQVOLQLHÅ,QWHOOHN WXHOOH´DESUDOOHQ :DVDEHU PLWMHQHQ5HYROXWLRQlUHQ GLH VLFKVFKOLH‰OLFK DXIJUXQGUDGLNDOHQDEHUGRFKXQLYHUVDOHQ'HQNHQVLQHLQHQNULWLNIHUQHQ SURSDJDQGDJHVWHXHUWHQ/LQNVUDGLNDOLVPXVYHUUDQQWKDEHQ"6DUWUH]HLJWGD HLQHQ NODUHQ 'HQNZHJ Å'HPQDFK VLQG ,QWHOOHNWXHOOH GLH EHU GLH 8QLYHU VDOLWlW >+HUYRUKHEXQJ ' %@ LQ GHQ /LQNVUDGLNDOLVPXV JHUDWHQ VLQG ]ZDU ,QWHOOHNWXHOOHDEHUVROFKHGLHVLFKLUUHQ´6DUWUH6  .UDXVKDDU6²6 GDVEH]HLFKQHQGH=LWDWYRQ&RKQ%HQGLWÅ'DV0HQ VFKHQELOGGHU/LQNHQZDUVHKUYRQ5RXVVHDXV7KHRULHJHSUlJW'HU0HQVFKLVWDQXQGIU VLFKJXWXQGGLH*HVHOOVFKDIWLVWE|VHXQGHVJHKWQXUGDUXPGLH*HVHOOVFKDIWJXW]XPD FKHQGLH(QWIUHPGXQJ]XEHVHLWLJHQ'DQQZLUGGHUJXWH0HQVFKDXWRPDWLVFK]XP9RU VFKHLQNRPPHQ'LHVDEHULVWIDOVFK´  %UHLWDXVJHIKUWEHL.UDXVKDDU6II   'LH,GHQWLWlWPDWHULDOUHLFKQDFKJHZLHVHQYRQ%HULQJ6² 

'LHHU²DQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH



%HLDOOHU1HLJXQJ]XU6HOEVWVWlQGLJNHLWLVWHVJHZLVVNHLQH6FKDQGHZHQQ PDQVLFKKLQWHU'HQNHUQJDQ]JUR‰HQ)RUPDWVYHUVWHFNW$OVRDQWZRUWHLFK DEVFKOLH‰HQGÅ-D6LHZDUHQ]LHPOLFKÄDQWLLQWHOOHNWXHOOH,QWHOOHNWXHOOH·DEHU ,QWHOOHNWXHOOH GLH VLFK JHLUUW KDEHQ´ $QGHUH ZHQLJHU JQlGLJ 8UWHLOHQGH ZLVVHQVFKDIWOLFKDOVJXWH.HQQHUGHU0DWHULH$XVJHZLHVHQHPHLQWHQDEHU VDJHQ]XPVVHQ6LHZDUHQÅ([,QWHOOHNWXHOOH´$XFKDQGLHVHU%HXUWHL OXQJVGLIIHUHQ]NDQQPDQZLHGHUGDVDOOJHPHLQH*HVHW]NXOWXUDQDO\WLVFKHU %HJULIIVJHVFKLFKWHGHPRQVWULHUHQ=XPLQGHVWGLH%HJULIIHLQ%ULVDQ]]RQHQ EOHLEHQ XQZHLJHUOLFK XPVWULWWHQ :DV ZDV LVW ZLH ZDV KHL‰W ² GDV GUIWH ZRKOLQYLHOHQ)lOOHQHLQHQRFKQLFKWHQWVFKLHGHQH)UDJHVHLQDOVRHLQ5LQ JHQDXI VSUDFKOLFKHP)HOG'DVVÅ,QWHOOHNWXHOOHU´]XGLHVHQXPNlPSIWHQ :|UWHUQ JHK|UW KDEHQ ZLU LQ GHQ 4XHOOHQ GHXWOLFK JHVHKHQ XQG 3LHUUH %RXUGLHXKDWHQHUJLVFKGDIUSOlGLHUWGDVVGLHVHU.DPSI DXFKKHXWHQRFK DOVRIIHQ]XJHOWHQKDW(LQVDEHUVWHKWIHVW0DQNDQQYRQGHQHUQQLFKW VDJHQ GDVV VLH ]XU .OlUXQJ ]ZLVFKHQ GHQ YHUVFKLHGHQHQ ,QWHOOHNWXHOOHQ 9DULDQWHQLQV*HZLFKW)DOOHQGHVEHLJHWUDJHQKlWWHQ /LWHUDWXU $EHQGURWK:ROIJDQJHWDO 'LH/LQNHDQWZRUWHW-UJHQ+DEHUPDV)UDQNIXUW D0 $GRUQR 7KHRGRU :   3KLORVRSKLH XQG /HKUHU ,Q (LQJULIIH 1HXQ NULWLVFKH 0RGHOOH)UDQNIXUWD06² $OEUHFKW&OHPHQVD Å'DV$OOHUZLFKWLJVWHLVWGDVVPDQGLH-XJHQGIUVLFKJH ZLQQW´'LHNXOWXUXQGELOGXQJVSROLWLVFKHQ3OlQHGHV+RUNKHLPHU.UHLVHVEHLGHU 5HPLJUDWLRQ,Q$OEUHFKWHWDO 6² $OEUHFKW&OHPHQVE'LH0DVVHQPHGLHQXQGGLH)UDQNIXUWHU6FKXOH,Q$OEUHFKW HWDO 6² $OEUHFKW&OHPHQVF'LH6FKDWWHQGHV1DWLRQDOLVPXV'LHSROLWLVFKH3lGDJRJLN GHU)UDQNIXUWHU6FKXOH,Q$OEUHFKWHWDO 6² $OEUHFKW&OHPHQVHWDO 'LHLQWHOOHNWXHOOH*UQGXQJGHU%XQGHVUHSXEOLN(LQH :LUNXQJVJHVFKLFKWHGHU)UDQNIXUWHU6FKXOH)UDQNIXUW1HZ«@*HZL‰VLQG8PZlO]XQJHQLQGHQ5H SURGXNWLRQVEHGLQJXQJHQ GHV PDWHULHOOHQ /HEHQV LKUHUVHLWV VSUDFKOLFK YHUPLWWHOW DEHUHLQHQHXH3UD[LVZLUGQLFKWQXUGXUFKHLQHQHXH,QWHUSUHWDWLRQLQ*DQJJH EUDFKWVRQGHUQDOWH0XVWHUGHU,QWHUSUHWDWLRQZHUGHQDXFKÄYRQXQWHQ¶GXUFKHLQH QHXH3UD[LVDQJHJULIIHQXQGXPJHZlO]W+DEHUPDV6I

*HVHOOVFKDIWOLFKH 7UDQVIRUPDWLRQVSUR]HVVH UHVXOWLHUHQ LQ GLHVHU 'DUVWHO OXQJDXVHLQHU'LDOHNWLNYRQ6SUDFKHXQGJHVHOOVFKDIWOLFKHU3UD[LVXQGVLQG



2ODI *lWMH

QLFKWDOV(UJHEQLVHLQHVJH]LHOWKHUEHLJHIKUWHQ:DQGHOVVSUDFKOLFKHU$XV GUXFNVZHUN]HXJH]XLQWHUSUHWLHUHQ1LFKWVGHVWRWURW]VSULFKWDXFKGHU6R ]LDOSKLORVRSK+DEHUPDVGHUÅ0HWDLQVWLWXWLRQ6SUDFKH´HLQHKHUDXVUDJHQGH %HGHXWXQJLP=XVDPPHQKDQJPLWWLHI JUHLIHQGHQJHVHOOVFKDIWOLFKHQ9HU lQGHUXQJHQ]X 

(UNHQQWQLVLQWHUHVVH

,FKP|FKWHLP)ROJHQGHQGHQVSUDFKNULWLVFKHQ'LVNXUVQDFK]HLFKQHQGHU LP]HLWOLFKHQ8PIHOGYRQLQGHQ7H[WHQGHU9RUGHQNHUGHU3URWHVWEH ZHJXQJ*HVWDOWDQJHQRPPHQKDW'DEHLZLUGGLH.ULWLNDPÅVSUDFKOLFKHQ 8QLYHUVXP´LQGHPIUGLH6WXGHQWHQEHZHJXQJEHGHXWVDPHQ:HUNÅ'HU HLQGLPHQVLRQDOH0HQVFK´LP0LWWHOSXQNWGHV,QWHUHVVHVVWHKHQLQGLH$QD O\VHHLQEH]RJHQZLUGDX‰HUGHPGDVHUVFKLHQHQH%XFKÅgIIHQWOLFKNHLW XQG(UIDKUXQJ´YRQ2VFDU1HJWXQG$OH[DQGHU.OXJHVRZLHHLQLJHOLWHUD WXUZLVVHQVFKDIWOLFKH$UWLNHO]XU.RQNUHWHQE]Z(QJDJLHUWHQ3RHVLHLQGHQHQ ZLHGHUXP GLH ,GHHQ 0DUFXVHV GHXWOLFKH 6SXUHQ KLQWHUODVVHQ KDEHQ 'LH %HVFKUlQNXQJGHU$QDO\VHDXI GLHVHZHQLJHQ7H[WHOHJLWLPLHUWVLFKDXVGHU EHJUQGHWHQ$QQDKPHGDVVJHUDGH0DUFXVHVSKLORVRSKLVFKH6SUDFKNULWLN HLQHQ VWDUNHQ (LQÁXVV DXI  GDV .RPPXQLNDWLRQVYHUKDOWHQ GHU HU3UR WHVWEHZHJXQJDXI GHUHQVSUDFKOLFKHV6HOEVWYHUVWlQGQLVVRZLHDXI GDV9HU VWlQGQLVGHU%HZHJXQJYRQGHU6SUDFKHLP.DSLWDOLVPXVDXVJHEWKDW'LH LPXQPLWWHOEDUHQ$QVFKOXVVDQGHQ+|KHSXQNWGHU%HZHJXQJIRUPXOLHUWH 6SUDFKNULWLNYRQ1HJW.OXJHEHJUHLIHLFKGDJHJHQDOVUHSUlVHQWDWLYHQ$XV VFKQLWWGHVVLFKVHLWLQQHUKDOEGHU1HXHQ/LQNHQHQWIDOWHQGHQQLFKW ]XOHW]W GXUFK 0DUFXVH LQVSLULHUWHQ VSUDFKNULWLVFKHQ 'LVNXUVHV 'DEHL JLOW PHLQ,QWHUHVVHLQHUVWHU/LQLHGHP*DQJGHUVSUDFKNULWLVFKHQ$UJXPHQWD WLRQVRZLHGHUHLQJHVHW]WHQ0HWDSKRULN,QVEHVRQGHUHGLH$QDO\VHGHUGHQ VSUDFKNULWLVFKHQ'LVNXUVGXUFK]LHKHQGHQ0HWDSKRULNZLUGVLFKDOVKLOIUHLFK EHLGHU5HNRQVWUXNWLRQGHVLQGHUHU%HZHJXQJYHUEUHLWHWHQ6SUDFKYHU VWlQGQLVVHVHUZHLVHQ:HQQLFKDXFKQLFKWVRZHLWZLH*HUKDUG.XU]JHKHQ ZUGH GHU DQQLPPW GDVV HLQH SROLWLVFKH .XOWXU DQ LKUHQ 0HWDSKHUQ ]X HUNHQQHQ VHL YJO  6   VR JHEHQ 0HWDSKHUQ GRFK +LQZHLVH DXI  GLH9RUVWHOOXQJHQXQG(LQVWHOOXQJHQHLQHUSROLWLVFKHQ.XOWXU]XEHVWLPP WHQ 7KHPHQ 'DVV 0HWDSKHUQ ]XGHP DOV 0LWWHO GHU VXJJHVWLYHQ (LQVWHO OXQJVYHUPLWWOXQJSUlGHVWLQLHUWVLQGOlVVWVLFKPLW+LOIHGHU8QWHUVFKHLGXQJ YRQ%LOGVSHQGHUXQG%LOGHPSIlQJHUYHUGHXWOLFKHQ:HQQZLHLQGHPKLHU XQWHUVXFKWHQ)DOOGHU%LOGHPSIlQJHU6SUDFKHQlPOLFKPLW%LOGHUQE]Z0H WDSKHUQ DXV HLQHP ELOGVSHQGHQGHQ %HUHLFK ZLH ]% 1DWXU LQ VSH]LÀVFKHU :HLVHNRQ]HSWXDOLVLHUWZLUGGDQQZLUGGDPLWHLQEHVWLPPWHU$VSHNWGHV %LOGHPSIlQJHUV²DOVRLQXQVHUHP)DOOHGHU6SUDFKH²KHUYRUJHKREHQZlK

=XU0HWKDSKRULNDNDGHPHLVFKHUXQGDYDQWJDUGLVWLVFKHU6SUDFKNULWLNXP



UHQG DQGHUH $VSHNWH YHUQDFKOlVVLJW ZHQQ QLFKW VRJDU YHUERUJHQ ZHUGHQ YJO/DNRII-RKQVRQ6II 'LHVXJJHVWLYH.UDIWYRQ0HWDSKHUQ XQGGDULQOLHJWLKUH7FNHJHUDGHDXFKLQSROLWLVFKHU.RPPXQLNDWLRQUH VXOWLHUWQXQGDUDXVGDVVGDV+HUYRUKHEHQHLQHVEHVWLPPWHQ$VSHNWVXQG GDVJOHLFK]HLWLJH9HUGHFNHQDQGHUHU$VSHNWHIUGLH7HLOKDEHUHLQHU6SUDFKH ZHLWJHKHQGXQEHZXVVWEOHLEWYJO/DNRII:HKOLQJ6I (VJHKW EHLGHU9HUZHQGXQJYRQ0HWDSKHUQDOVRQLFKWGDUXPGHQÅ%LOGHPSIlQJHU XQWHUEHVWLPPWHQ$VSHNWHQ]XHUNHQQHQZLHLQQLFKWPHWDSKRULVFKHU3UlGL NDWLRQVRQGHUQ]XVHKHQZDKU]XQHKPHQYRU]XVWHOOHQ]XHUOHEHQ´.XU] 6 0LW+LOIHGHUKLHUVNL]]LHUWHQ)XQNWLRQVZHLVHYRQ0HWDSKHUQOlVVW VLFKGHUHQ0DFKWHUNOlUHQSROLWLVFKH5HDOLWlWHQLQGHQ.|SIHQGHU+|UHU ]XHU]HXJHQYJO/DNRII:HKOLQJ6 'LHVH9HUlQGHUXQJLQGHQ .|SIHQPLW+LOIHYRQ0HWDSKHUQNDQQQXQVRZHLWJHKHQGDVVGLH6FKZHOOH ]XU$QZHQGXQJYRQ*HZDOWKHUDEJHVHQNWZHUGHQNDQQMDGDVVGHU(LQ VDW]YRQ0HWDSKHUQVRJDU]XPDQLIHVWHU*HZDOWDQVWLIWHQNDQQYJO.XU] 6  

'LHDNDGHPLVFKHXQGDYDQWJDUGLVWLVFKH 6SUDFKNULWLNXP

0DUFXVH ZDU HLQHU GHU HUVWHQ XQG HLQÁXVVUHLFKVWHQ .ULWLNHU DQ GHU KHUU VFKHQGHQ 6SUDFKH LP .DSLWDOLVPXV ,Q VHLQHP EHUHLWV  LQ HQJOLVFKHU 6SUDFKHHUVWYHU|IIHQWOLFKWHQXQGLQGHXWVFKHU6SUDFKHHUVFKLHQHQHQ %XFK Å'HU HLQGLPHQVLRQDOH 0HQVFK´ ZLGPHWH HU HLQ JDQ]HV .DSLWHO GHU )UDJH QDFK GHU Å$EVSHUUXQJ GHV 8QLYHUVXPV GHU 5HGH´  6   2EZRKO GLH .ULWLN VLFK JHJHQ MHGZHGH )RUP ULWXHOODXWRULWlUHU 6SUDFKHQ ULFKWHQVROOXQJHDFKWHWGHV8PVWDQGHVRELQNDSLWDOLVWLVFKHQRGHUNRPPX QLVWLVFKHQ*HVHOOVFKDIWVV\VWHPHQXQG0DUFXVHWDWVlFKOLFKDXFKGLHVSUDFK OLFKHQ(QWZLFNOXQJHQLQGHUVWDOLQLVWLVFKHQ6RZMHWXQLRQ]XP*HJHQVWDQG GHU.ULWLNPDFKWULFKWHWVLFKGHU)RNXVGRFKDXI GLH6SUDFKHLQGHQZHVWOL FKHQNDSLWDOLVWLVFKHQ'HPRNUDWLHQZDVQLFKW]XOHW]WGLHHQJOLVFKVSUDFKLJHQ %HLVSLHOlX‰HUXQJHQEHOHJHQPLWGHQHQGHU]XP=HLWSXQNWGHU$EIDVVXQJ YRQÅ2QH'LPHQVLRQDO0DQ´LQGHQ86$OHEHQGH0DUFXVHVHLQHDEVWUDNW WKHRUHWLVFKHQ$XVIKUXQJHQYHUDQVFKDXOLFKW 'DGXUFKGDVV0DUFXVHV6SUDFKNULWLNYRQGHU.ULWLNDPHLQGLPHQVLRQD OHQ'HQNHQQLFKW]XWUHQQHQLVWVWHKWGHU3KLORVRSKLQHLQHU7UDGLWLRQPLW 6SUDFKNULWLNHUQZLH6WHUQEHUJHUXQG.OHPSHUHUGLHHLQHLP6LQQH+HJHOV LGHDOLVWLVFKH6SUDFKDXIIDVVXQJYHUWUDWHQÅQDFKGHU6SUDFKHDOVGHUSULPlUH=X JDQJ]XU:HOWDQ]XVHKHQLVWGLHGDV'HQNHQZHLWJHKHQGGHWHUPLQLHUWXQG 

'HUIROJHQGH6ORJDQEULQJWGLHVHQ'RSSHOFKDUDNWHUYRQ0HWDSKHUQDXI GHQ3XQNWÅ0HWD SKRUVKLGHDQGKLJKOLJKW´/DNRII:HKOLQJ6



2ODI *lWMH

VSUDFKOLFKH:HOWELOGHUDOVSV\FKLVFKH*U|‰HQDOVPHQWDOH.RQVWUXNWHSUR GX]LHUW´6FKLHZH6I 'DVVGDV%HGLQJXQJVYHUKlOWQLV]ZLVFKHQ 6SUDFKH XQG (UNHQQWQLV ZLHGHUXP IU GLH SROLWLVFKH +DQGOXQJVIlKLJNHLW GHV0HQVFKHQIROJHQUHLFKLVWGLHVHQ$VSHNWEHWRQHQ1HJWXQG.OXJHLQ GHQ VSUDFKNULWLVFKHQ $XVIKUXQJHQ LKUHU 8QWHUVXFKXQJ ÅgIIHQWOLFKNHLW XQG(UIDKUXQJ´ 6SUDFKNULWLNGLH$XVHLQDQGHUVHW]XQJXP%HJULIIHXQG:RUWHVFKHLQWHLQDEZHJL JHVQXW]ORVHV8QWHUIDQJHQYRQNRQNXUULHUHQGHQ6SH]LDOLVWHQ]XVHLQVRIHUQPDQ GHQ(LQZDQGHVJHKHQLFKWXP:RUWHVRQGHUQXP6DFKYHUKDOWH]XP0D‰VWDE QLPPW'DVLVWMHGRFKHLQJHIlKUOLFKHU,UUWXP6RZHQLJ:RUWHXQG%HJULIIHYRQ GHQ LKQHQ ]XJUXQGHOLHJHQGHQ6DFKYHUKDOWHQDE]XWUHQQHQVLQG VRXQYHUNHQQEDU LVWGRFKGHU%HZHJXQJVVSLHOUDXPGHV|IIHQWOLFKHQ+DQGHOQVHLQ]HOQHUHEHQVRZLHGHU .ROOHNWLYHYRQ9HUIJXQJVP|JOLFKNHLWHQEHUGDV6SUDFKXQG6\PEROVSHNWUXP DEKlQJLJ :HOFKH )UHLKHLWV XQG 6HOEVWEHVWLPPXQJVUHFKWH LQ HLQHP *HPHLQZH VHQ*HOWXQJKDEHQLVWQLFKW]XOHW]WGXUFKGHQ*UDGGHÀQLHUWLQGHPGLHSURSD JDQGLVWLVFKH3KUDVHGLHYHUGUHKWHQ)RUPHOVSUDFKHQGHUDXI 7lXVFKXQJ]LHOHQGH $XVGUXFNDPNULWLVFKHQ8QWHUVFKHLGXQJVYHUP|JHQP|JOLFKVWYLHOHU0HQVFKHQDESUDOOHQ 1HJW.OXJH6I

'LH SRWHQWLHOOH :LUNNUDIW PDQLSXODWLYHQ XQG YHUVFKOHLHUQGHQ 6SUDFKJH EUDXFKVKlQJWIROJOLFKYRQGHP)HKOHQRGHU9RUKDQGHQVHLQHLQHVNULWLVFKHQ 8QWHUVFKHLGXQJVYHUP|JHQVDXI 6HLWHQGHUHUDEGHUHQ'HQNHQXQG+DQ GHOQ]XP*HJHQVWDQGYRQ.RQWUROOHXQG%HUHFKHQEDUNHLWJHPDFKWZHUGHQ VROOHQ 'HQQ HUVW GHU ]XU .ULWLN GHU LKQ XPJHEHQGHQ 6SUDFKH EHIlKLJWH 0HQVFKZLUGVLFKGHU%HGLQJWKHLWVHLQHU(UNHQQWQLVJHZDKUXQGLVWLPVWDQ GHVHLQHÅ)UHLKHLWVXQG6HOEVWEHVWLPPXQJVUHFKWH´HLQ]XIRUGHUQ6SUDFKH 'HQNHQ XQG |IIHQWOLFKHVSROLWLVFKHV +DQGHOQ VWHKHQ GHPQDFK LQ HLQHP $EKlQJLJNHLWV XQG %HGLQJXQJVYHUKlOWQLV ]XHLQDQGHU HLQ 8PVWDQG GHP LQGHU3URWHVWEHZHJXQJJUR‰H$XIPHUNVDPNHLW]XWHLOZXUGH9RUGLHVHP +LQWHUJUXQGZLUGVFKOLH‰OLFKDXFKQDFKYROO]LHKEDUZDUXPVSUDFKNULWLVFKHV 9HUKDOWHQÅ]XHLQHP7HLOGHUSROLWLVFKHQ3UD[LV´ZXUGHYRQ3ROHQ] 6  0DUFXVHV .ULWLN ULFKWHW VLFK JHJHQ GLH ÅKHUUVFKHQGHQ 6SUHFKZHLVHQ´ 6 GLHHUZDKOZHLVHDOVÅ6SUDFKHGHUWRWDOHQ9HUZDOWXQJ´DOV ÅRIÀ]LHOOHXQGKDOERIÀ]LHOOH5HGHZHLVH´6 DOVÅSROLWLVFKH6SUDFKH´  RGHUDOVÅNRPPHU]LHOOHQXQGSROLWLVFKHQ6WLO´6 DSRVWURSKLHUW ,Q 2SSRVLWLRQ ]XU KHUUVFKHQGHQ 9DULHWlW VWHKHQG VLHKW 0DUFXVH 9RONV VSUDFKH6ODQJXQG8PJDQJVVSUDFKHYJO6 GLH]ZDUGLH'LQJHPLW ELWWHUHP:RUWZLW]EHLLKUHQZLUNOLFKHQ1DPHQQHQQHQXQGGLHRIÀ]LHOOHQ 6SUDFKUHJHOXQJHQ XQWHUODXIHQ GHUHQ 'HVWUXNWLYLWlW DEHU NHLQH SROLWLVFKH 'LPHQVLRQHQWIDOWHQNDQQGDGLHVH$XVGUXFNVIRUPHQLQGHU|IIHQWOLFKHQ .RPPXQLNDWLRQQLFKWVWDWWÀQGHQ6 :lKUHQG6ODQJXQG8PJDQJV VSUDFKHYRPÅHLQIDFKHQ0DQQ´6 JHVSURFKHQZHUGHYHUIJHQGLH

=XU0HWKDSKRULNDNDGHPHLVFKHUXQGDYDQWJDUGLVWLVFKHU6SUDFKNULWLNXP



KHUUVFKHQGHQ 3HUVRQHQ *UXSSHQ XQG ,QVWLWXWLRQHQ EHU GLH RIÀ]LHOOH 6SUDFKH 'LH9HUWHLGLJXQJVODERUDWRULHQXQG9ROO]XJVlPWHUGLH5HJLHUXQJHQXQG0DVFKL QHQGLH$XIVHKHUXQG0DQDJHUGLH/HLVWXQJVH[SHUWHQXQGGLHSROLWLVFKHQ6FK|Q KHLWVVDORQVGLHGLH)KUHUPLWGHPSDVVHQGHQ0DNHXSDXVVWDWWHQ >«@VFKHLQHQ YRUHUVWGDVOHW]WH:RUW]XKDEHQ+HUYRUKHEXQJ2*

'LH6SUDFKHGHU+HUUVFKHQGHQEHKlOW²ZRKOJHPHUNWQXUYRUHUVW²GDVOHW]WH :RUWZHLOVLHGDV'HQNHQGHU%HKHUUVFKWHQLQHLQGLPHQVLRQDOHQ%DKQHQ KlOWXQGGDVÅ8QLYHUVXPGHU5HGH´XQGDOVRGHV'HQNHQVGDPLWDEVSHUUW ,Q GHU PHWDSKRULVFKHQ 5HGH YRQ ÅGHU $EVSHUUXQJ GHV 8QLYHUVXPV GHU 5HGH´NRQGHQVLHUWGLH+DXSWNULWLN0DUFXVHVDQGHUKHUUVFKHQGHQ6SUDFKH (VJLEWGHPQDFK]XPLQGHVWYLUWXHOOHLQH*DQ]KHLWGHU6SUDFKHDXI GLHGHU 0HQVFK LQ GHU $QDO\VH 0DUFXVHV NHLQHQ =XJULII  KDW 'LH VXEVWDQWLYLHUWH )RUPGHV7lWLJNHLWVYHUEVDEVSHUUHQLQGHU*HQLWLYNRQVWUXNWLRQYHUZHLVWDXI  HLQHQ$NWHXUGHUIUGLHVH1LFKWYHUIJEDUNHLWGHV6SUDFKXQLYHUVXPVYHU DQWZRUWOLFK]HLFKQHW)UGLH(UULFKWXQJGHU$EVSHUUXQJVLQGPXWPD‰OLFK GLH9HUZDOWHUGHU|IIHQWOLFKHQ6SUDFKHYHUDQWZRUWOLFKGDVLHHLQ|NRQRPL VFKHVXQGSROLWLVFKHV,QWHUHVVHGDUDQKDEHQEHVWLPPWH(UNHQQWQLVSUR]HV VHDXI 6HLWHQGHU0DVVHQ]XEORFNLHUHQ1XQLVWGLH)UDJHYRQ,QWHUHVVH ZDVGLHVXQGMHQVHLWVGHU6SHUUHOLHJW%HLGHU.OlUXQJGLHVHU)UDJHNDQQ HLQ%OLFNDXI GLHVSUDFKNULWLVFKHQ$XVVDJHQLQGHUÅ'LDOHNWLNGHU$XINOl UXQJ´ YRQ $GRUQR XQG +RUNKHLPHU KHOIHQ 'RUW KHL‰W HV Å'LH 6LJQLÀ NDWLRQDOVHLQ]LJH/HLVWXQJGHV:RUWVYRQ6HPDQWLN]XJHODVVHQYROOHQGHW VLFKLP6LJQDO´6 'LH.ULWLNDQGHU6SUDFKHGHU.XOWXU LQGXVWULHEHVWHKWGDULQGDVVGHUHQ6HPDQWLNDXI GHQ%HUHLFKGHU6LJQDOH UHGX]LHUWXQGGLHVSUDFKOLFKH.RPPXQLNDWLRQGDPLWLQGDV3URNUXVWHVEHWW HLQHV 5HL]5HDNWLRQV6FKHPD JHSUHVVW ZLUG LQ ZHOFKHP GHP :RUW QXU QRFKGLH)XQNWLRQ]XNRPPWEHVWLPPWHXQGEHVWLPPEDUH5HDNWLRQHQKHU YRU]XUXIHQ $XFK QDFK 0DUFXVHV $QDO\VH GHU KHUUVFKHQGHQ 6SUDFKH VROO QLFKWGHU6LQQVSUDFKOLFKHUbX‰HUXQJYHUVWDQGHQZHUGHQVRQGHUQGHUPLW HLQHU bX‰HUXQJ YHUEXQGHQH SHUORNXWLRQlUH =ZHFN VROO UHDOLVLHUW ZHUGHQ 'LH +DXSWVFKZLHULJNHLW DQ GHU 6SUDFKH GHU +HUUVFKHQGHQ VLHKW 0DUFXVH GHPQDFK LQ LKUHU )XQNWLRQDOLVLHUXQJ GLH HLQ EHJULIÁLFKHV 6LQQYHUVWHKHQ GHU|IIHQWOLFKHQ6SUDFKHYHUKLQGHUW'DV8QLYHUVXPGHU5HGHLVWDOVRXQ WHUWHLOWLQGLHYRUKHUUVFKHQGH|IIHQWOLFKH6SUDFKHGLHVLJQDOKDIWZLUNHXQG HLQHQRFKDXVVWHKHQGHÅ6SUDFKHGHU(UNHQQWQLV´ :HQQGLHVHVNULWLVFKH%HZX‰WVHLQVSULFKWVRVSULFKWHVÄGLH6SUDFKHGHU(UNHQQWQLV¶ %DUWKHV  GLH GDV JHVFKORVVHQH 8QLYHUVXP GHU 6SUDFKH XQG VHLQHU YHUVWHLQHUWHQ 6WUXNWXU DXIEULFKW 'LH 6FKOVVHOEHJULIIH GLHVHU 6SUDFKH VLQG NHLQH K\SQRWLVFKHQ 1RPLQD GLHHQGORVGLHVHOEHQHLQJHIURUHQHQ3UlGLNDWHEHVFKZ|UHQ6LHJHVWDWWHQYLHOPHKUHLQH RIIHQH (QWZLFNOXQJ VLH HQWIDOWHQ LKUHQ ,QKDOW VHOEVW LQ 3UlGLNDWHQ GLH HLQDQGHU ZLGHUVSUHFKHQ0DUFXVH6



2ODI *lWMH

'LH)XQNWLRQDOLVLHUXQJGHU6SUDFKHZLUGYRQ0DUFXVHDXI GHU(EHQHGHV 9RNDEXODUVGHU6\QWD[DQKDQGYRQ.ROORNDWLRQHQXQG$NURQ\PHQVRZLH DP%HLVSLHOYRQ$GUHVVLHUXQJVVWUDWHJLHQXQGEHVWLPPWHQ)RUPHQGHU$W WULEXLHUXQJ6WLFKZRUWSHUVRQDOLVLHUWH6SUDFKH QDFKJHZLHVHQ'LH+DXSW DQJULIIVÁlFKH VHLQHU 6SUDFKNULWLN VWHOOW LQGHV GLH 6\QWD[ GDU GLH DQDO\WLVFK VHL0DUFXVHYHUZHQGHWGLHVHQ7HUPLQXVL6.DQWVZHQQHUIHVWVWHOOWGDVV GLHLQGHURIÀ]LHOOHQ6SUDFKH]XKDXI JHELOGHWHQDQDO\WLVFKHQ6lW]HVLFKQXU VHOEVWEHVWlWLJHQXQGWDXWRORJLVFKVHLHQYJO6 XQGGHPHQWVSUHFKHQG NHLQHQ (UNHQQWQLVJHZLQQ SURGX]LHUHQ .DQW EHVFKUHLEW GLH GHQ V\QWKHWL VFKHQ6lW]HQHQWJHJHQJHVHW]WHQDQDO\WLVFKHQ8UWHLOHZLHIROJW $QDO\WLVFKH8UWKHLOHGLHEHMDKHQGH VLQGDOVRGLHMHQLJHLQZHOFKHQGLH9HUNQS IXQJGHV3UlGLFDWVPLWGHP6XEMHFWGXUFK,GHQWLWlW>«@JHGDFKWZLUG'LHHUVWHUH >.DQW YHUZHLVW KLHU DXI  GLH DQDO\WLVFKHQ 8UWHLOH $QPHUNXQJ 2*@ N|QQWH PDQ DXFK (UOlXWHUXQJVXUWKHLOH >«@ KHL‰HQ ZHLO MHQH GXUFK GDV 3UlGLFDW QLFKWV ]XP %HJULII GHV6XEMHFWVKLQ]XWKXQVRQGHUQGLHVHQQXUGXUFK=HUJOLHGHUXQJLQVHLQH 7KHLOEHJULIIH]HUIlOOHQGLHLQVHOELJHPVFKRQREJOHLFKYHUZRUUHQ JHGDFKWZDUHQ .DQW6

%H]RJHQDXI GLHYRQ0DUFXVHWKHPDWLVLHUWHÅ6SUDFKHGHUWRWDOHQ9HUZDO WXQJ´ LVW GHU 9RUWHLO VROFKHU 6DW]VWUXNWXUHQ GDULQ ]X VHKHQ GDVV VLH ZLH ÅPDJLVFKULWXHOOH >«@ )RUPHQ IXQNWLRQLHUHQ´ 0DUFXVH 6   XQG GDV $XINRPPHQNULWLVFKHQ%HZXVVWVHLQVYHUKLQGHUQ *HPHLQVDPLVWLKQHQ>GDV3URQRPHQEH]LHKWVLFKDXI GLHLP7H[W]XYRUHUZlKQ WHQÅDQDO\WLVFKHQ$XVVDJHQ´GLHIUGLHÅ6SUDFKHGHUWRWDOHQ9HUZDOWXQJ´W\SLVFK VHLHQ$QPHUNXQJ2*@HLQ=XVDPPHQGUlQJHQXQG9HUNU]HQGHU6\QWD[ZHO FKHV 9HUIDKUHQ GLH (QWZLFNOXQJ GHV 6LQQHV DEVFKQHLGHW LQGHP HV VWDUUH Ä%LOGHU· KHUYRUEULQJWGLHVLFKPLWEHUZlOWLJHQGHUXQGYHUVWHLQHUWHU.RQNUHWKHLWDXIGUlQJHQ´ 0DUFXVH6+HUYRUKHEXQJHQ2*

1DFKGHPLFKGLH*UXQG]JHGHU6SUDFKNULWLN0DUFXVHVELV]XGLHVHU6WHO OH NXU] UHIHULHUW KDEH VROO LP :HLWHUHQ DXI  GLH 0HWDSKRULN HLQJHJDQJHQ ZHUGHQ GLH IU GHQ $QJULII  JHJHQ GLH +HUUVFKDIWVVSUDFKH EHPKW ZLUG XQGGLHGHQVSUDFKNULWLVFKHQ'LVNXUVGHUHU%HZHJXQJSUlJWH9RQ]HQ WUDOHU:LFKWLJNHLWLVWGDEHLGLHLPYRUDQVWHKHQGHQ=LWDWQLFKW]XPHUVWHQ 0DODXIWDXFKHQGH9HUVWHLQHUXQJVPHWDSKHUHVZLUGYRQGHUÅYHUVWHLQHUWHQ .RQNUHWKHLWVSUDFKOLFKHU%LOGHU´XQGGHPÅ$XIEUHFKHQGHUYHUVWHLQHUWHQ 9HUKlOWQLVVH´V=LWDWZHLWHUREHQ JHVSURFKHQ :HQQ HV GDUXP JHKW HLQHQ JHVFKORVVHQHQ +RUL]RQW DXI]XEUHFKHQ GHUGXUFK7UDGLWLRQ,GHRORJLHRGHUHLQIDFKQXU*HZRKQKHLWJHELOGHWZHU GHÅWDXFKWPLWJUR‰HU:DKUVFKHLQOLFKNHLWGLH0HWDSKHUGHU9HUÁVVLJXQJ DXI´$VVPDQQ6 'LHVH%HREDFKWXQJEHVWlWLJHQGEHVFKUHLEHQ 

'LH OLQJXLVWLVFKH 3ODXVLELOLWlW VRZLH 0DUFXVHV ODWHQW EHKDYLRULVWLVFKHV 6SUDFKYHUVWlQGQLV N|QQHQHQWVSUHFKHQGGHUKLHUYHUIROJWHQ)UDJHVWHOOXQJQLFKWSUREOHPDWLVLHUWZHUGHQ

=XU0HWKDSKRULNDNDGHPHLVFKHUXQGDYDQWJDUGLVWLVFKHU6SUDFKNULWLNXP



1HJW.OXJH LP 5FNEOLFN DXI  GLH HU3URWHVWEHZHJXQJ GHUHQ :XQVFK QDFK HLQHU Å9HUULQJHUXQJ GHU $QJVW YRU ÁLH‰HQGHU %HZHJXQJ´ XQG GHP ÅÄ)OVVLJPDFKHQ GHU YHUVWHLQHUWHQ 9HUKlOWQLVVH¶´ 1HJW.OXJH  6  +HUYRUKHEXQJ2* (QWVFKHLGHQGHUDOVGLH9HUÁVVLJXQJVPHWDSHULVWGLH YRQ1HJW.OXJHYHUZHQGHWHLPV\VWHPXQGVSUDFKNULWLVFKHQ'LVNXUVXP UHODWLYKlXÀJDQ]XWUHIIHQGHÅ9HUVWHLQHUXQJVPHWDSKHU´'LH9HUVWHL QHUXQJVPHWDSKHU LVW LP =XVDPPHQKDQJ PLW GHU HU3URWHVWEHZHJXQJ DOVRPLQGHVWHQVJHQDXVREHGHXWVDPZLHGLH9HUÁVVLJXQJVPHWDSKHUGLHLQ 9HUELQGXQJPLWGHU9HUVWHLQHUXQJVPHWDSKHUZLHGHUXPHLQHWZDVVFKLHIHV %LOGDEJLEW(VEHGDUI VLFKHUOLFKNHLQHUVHPDQWLVFKHQ0HUNPDOVDQDO\VHGHV ELOGVSHQGHQGHQ:RUWHVÅ9HUVWHLQHUXQJ´XPHLQ]XVHKHQGDVVGLHVHVHKHU PLW3UlÀ[GHULYDWLRQHQGHV9HUEVEUHFKHQDOVPLWGHP9HUEYHUÁVVLJHQNRRN NXULHUW$OOHUGLQJVVLQGGLH0HWDSKHUQIHOGHUQLFKWVWULNW]XWUHQQHQXQGVR LVWHVLP6LQQHVSUDFKOLFKHU.UHDWLYLWlWXQGPHWDSKRULVFKHU8QVFKlUIHSUR EOHPORVP|JOLFKGLH9HUÁVVLJXQJVPHWDSKHULQ.RQWH[WHQHLQ]XVHW]HQLQGH QHQJHVFKORVVHQH+RUL]RQWHDXIJHEURFKHQZHUGHQVROOHQYJO$VVPDQQ 6 1LFKWVGHVWRWURW]EOHLEWGLH(QWVFKHLGXQJIUGDVHLQHRGHUDQGH UH9HUELQPHWDSKRULVFKHU5HGHEHGHXWVDP0LWGHU9HUZHQGXQJGHV9HUEV ÅEUHFKHQ´ZLUGGHUDNWLYH$VSHNWGHV+DQGOXQJVYRUJDQJVKHUYRUJHKREHQ ZRKLQJHJHQGDV9HUEÅYHUÁVVLJHQ´HKHULQSDVVLYLVFKHQ.RQVWUXNWLRQHQ 9HUZHQGXQJÀQGHW9HUVWHLQHUXQJHQYHUÁVVLJHQVLFKQLFKWVRQGHUQZHUGHQ DXVHLQHPJU|‰HUHQ*HVWHLQKHUDXVJHEURFKHQZHUGHQ]HUEURFKHQRGHUDXIJHEUR FKHQ'DVLQGHU9HUVWHLQHUXQJVPHWDSKHUHQWKDOWHQH%HGHXWXQJVHOHPHQWGHU )HVWLJNHLWÀQGHWVLFKLPhEULJHQLQGHQPHWDSKRULVFKHQ.RQVWUXNWLRQHQ ÅHLQJHIURUHQH3UlGLNDWH´XQGÅVWDUUH%LOGHU´ZLHGHU'LH5HGHYRQGHP ÅHLQJHIURUHQHQ 3UlGLNDW´ NDQQ ZLHGHUXP RKQH JU|‰HUHQ LQWHUSUHWDWLYHQ $XIZDQG PLW GHU EHUHLWV HUZlKQWHQ 9HUÁVVLJXQJVPHWDSKHU LQV 9HUKlOW QLV JHVHW]W ZHUGHQ (LQJHIURUHQH )OVVLJNHLWHQ N|QQHQ VHOEVWYHUVWlQGOLFK ZLHGHU VFKPHO]HQ XQG VRPLW LQ GHQ ÁVVLJHQ $JJUHJDW]XVWDQG ]XUFNYHU VHW]WZHUGHQ0DUFXVHSUlIHULHUWDEHUHKHUGLH9HUVWHLQHUXQJVXQG$XIEUHFKHQ 0HWDSKRULN$QGHUVDOVEHLGHU9HUÁVVLJXQJVPHWDSKHUNRQQRWLHUWGLH5HGH YRP$XIEUHFKHQGHU9HUVWHLQHUXQJHQQlPOLFKGHQ(LQVDW]YRQ.UDIWXQG*H ZDOWDQZHQGXQJ 9RU GLHVHP +LQWHUJUXQG LVW DXFK GLH LP 7LWHO HUZlKQWH )RUGHUXQJGHU/LWHUDWXUZLVVHQVFKDIWOHULQ'LVFKQHUDQGLH.RQNUHWH3RHVLH ]X YHUVWHKHQ GLH HLQGLPHQVLRQDOHQ 'HQN XQG 6SUDFKIRUPHQ QLFKW HLQ IDFKQXUDXI]XEUHFKHQVRQGHUQDXI]XVSUHQJHQXPÅGLH9LHOGLPHQVLRQDOLWlW NRQNUHWHU:LUNOLFKNHLW]X]HLJHQ´'LVFKQHU6 :lKUHQG1HJW .OXJHLPPLOGHQ5FNEOLFNDXI GLHJHVFKODJHQHQ6FKODFKWHQGHU3URWHVW EHZHJXQJGHQYHUKlOWQLVPl‰LJKDUPORVNOLQJHQGHQ:XQVFKQDFKGHP)OV 

'DV PHWDSKRULVFK YHUZHQGHWH 9HUE ÅEUHFKHQ´ JHK|UW ]XP 0HWDSKHUQIHOG GHU 9HUVWHLQH UXQJVPHWDSKHU



'HU$XVGUXFNÅ%LOGHU´LVWGHU*HJHQEHJULII ]XGHPKHJHOVFKHQ%HJULII GHVÅ%HJULIIV´



2ODI *lWMH

VLJPDFKHQGHUYHUVWHLQHUWHQ9HUKlOWQLVVHDWWHVWLHUHQXQG0DUFXVHLP9RUIHOGYRQ LPUHYROXWLRQlUHQ,PSHWXVQRFKGDV$XIEUHFKHQGHU9HUVWHLQHUXQJHQIRU GHUWZLUGLPXQPLWWHOEDUHQ$QVFKOXVVDQGHQ+|KHSXQNWGHU%HZHJXQJ LP-DKUGLH)RUGHUXQJ0DUFXVHVVSUDFKOLFKUDGLNDOLVLHUWXQGHVZLUG GDV$XIVSUHQJHQGHUHLQGLPHQVLRQDOHQ'HQNXQG6SUDFKIRUPHQJHIRUGHUW ,QGLHVHP=XVDPPHQKDQJVHLQRFKDXI HLQHZHLWHUHZHQLJHUDXJHQ IlOOLJH %HGHXWXQJVNRPSRQHQWH GHU 9HUVWHLQHUXQJVPHWDSKHU HLQJHJDQJHQ 9HUVWHLQHUXQJHQ VLQG DQRUJDQLVFK E]Z OHEORV $OOHUGLQJV ZDU GDV KHXWH LQ YHUVWHLQHUWHU *HVWDOW YRUOLHJHQGH XUVSUQJOLFK HLQPDO RUJDQLVFK DOVR SÁDQ]OLFKHQRGHUWLHULVFKHQ8UVSUXQJV$QGLHVHU6WHOOHVHLGDUDQHULQQHUW GDVV GLH 2UJDQLVPXVPHWDSKHU LP JHLVWHV ZLVVHQVFKDIWOLFKHQ 5HGHQ EHU 6SUDFKH VSlWHVWHQV VHLW +HUGHU XQG :LOKHOP YRQ +XPEROGW NXUUHQW LVW )ROJOLFKNDQQGDV$XIEUHFKHQRGHU$XIVSUHQJHQGHUYHUVWHLQHUWHQ6SUDFKHDOV 5HYLWDOLVLHUXQJ5HDQLPDWLRQ HLQHV VHLQHU 9LWDOLWlW EHUDXEWHQ 2UJDQLVPXV JHGHXWHWZHUGHQ0LWGHU2UJDQLVPXVPHWDSKHU NRPSDWLEHO LVW0DUFXVHV PHWDSKRULVFKH5HGHYRQHLQHUQRWZHQGLJJHZRUGHQHQÅOLQJXLVWLVFKHQ7KH UDSLH´ 0DUFXVH  6   ,Q GHP JHJHEHQHQ SROLWLVFKUHYROXWLRQlUHQ .RQWH[W HQWZLFNHOW GLH LQ GHU 9HUVWHLQHUXQJVPHWDSKHU HLQJHVFKORVVHQH 2UJDQLVPXVPHWDSKHUHLQHDSSHOODWLYH'LPHQVLRQGHQQZHUZROOWHHLQHP VHLQHU /HEHQVNUlIWH EHUDXEWHQ 2UJDQLVPXV GHQ $QVSUXFK DXI  7KHUDSLH YHUZHKUHQ" 'DVV GLH 'XUFKIKUXQJ HLQHU OLQJXLVWLVFKHQ 7KHUDSLH NHLQHV ZHJVVHOEVWORVLVWZLUGGDUDQHUVLFKWOLFKGDVVHUVWGDVYROOZLHGHUKHUJHVWHOO WH2UJDQ6SUDFKHGDVGHXWVFKH:RUW2UJDQOHLWHWVLFKYRPGHPJULHFKLVFKHP žƱƣơƭƯƭDEXQGEHGHXWHWÄ:HUN]HXJ¶ DOOHLKP]XIDOOHQGHQ)XQNWLRQHQHU IOOHQNDQQZR]XDXFKGLH(UNHQQWQLVIXQNWLRQ]lKOW 'HUJDQ]ZHVHQWOLFKYRQ0DUFXVHLQVSLULHUWHVSUDFKNULWLVFKH*HVWXVGHU HU%HZHJXQJVHW]WVLFKZHQQDXFKPLWOHLFKWHQ$N]HQWYHUVFKLHEXQJHQ LQGHPYRQ2VNDU1HJWXQG$OH[DQGHU.OXJHYRUJHOHJWHQ:HUNÅgI IHQWOLFKNHLWXQG(UIDKUXQJ´IRUW'LHGLHEUJHUOLFKHgIIHQWOLFKNHLWSUlJHQ GH9HUNHKUVVSUDFKHIROJWGHQ5HJHOQHLQHUgNRQRPLHGLHÅHLQHJUREXQ WHUGUFNHQGH9HU]HUUXQJGHV$XVGUXFNVGHU(UIDKUXQJHQ]XU)ROJH>KDW@ ZHLOVLHZHVHQWOLFKH7HLOHGHV3URGXNWLRQV]XVDPPHQKDQJVXQGGHV/HEHQV XQWHUDQGHUHPGLHJHVDPWH6H[XDOLWlW QLFKWDXVGUFNW´6 :lKUHQG DOVRZLHZHLWHUREHQJH]HLJW+DEHUPDVQRFKGDYRQDXVJHKWGDVVGLHDXV GHQ3URGXNWLRQVSUR]HVVHQUHVXOWLHUHQGHQ$XVGUXFNVEHGUIQLVVHGHU$UEHL WHUVFKDIW GHQ 6SUDFKZDQGHO YRUDQWUHLEHQ JHKHQ 1HJW.OXJH GDYRQ DXV GDVVJHQDXGLHVH$XVGUXFNVEHGUIQLVVHGHU$UEHLWHUVFKDIWXQWHUGUFNWZHU GHQ



$QGLHVHU6WHOOHVHLDQGLH(UNHQQWQLVGHU0HWDSKHUQWKHRULHHULQQHUWGDVV%LOGVSHQGHUXQG %LOGHPSIlQJHUQLFKWLGHQWLVFKVLQG(VNDQQDOVRQLFKWVW|UHQGDVVHFKWH9HUVWHLQHUXQJHQ QRFK" QLFKWZLHGHU]X/HEHQHUZHFNWZHUGHQN|QQHQ

=XU0HWKDSKRULNDNDGHPHLVFKHUXQGDYDQWJDUGLVWLVFKHU6SUDFKNULWLNXP



2EZRKOVLFKGLHVSUDFKOLFKHQ0LWWHOPLWGHQHQ0DUFXVHDXI GHUHLQHQ XQG 1HJW.OXJH DXI  GHU DQGHUHQ 6HLWH LKUH .ULWLN DXVGUFNHQ VWDUN lK QHOQ²0DUFXVHVSULFKWYRQGHU$EVSHUUXQJGHV8QLYHUVXPVGHU|IIHQWOLFKHQ 5HGHXQG1HJW.OXJHNULWLVLHUHQGLHYRQGHUEUJHUOLFKHQgIIHQWOLFKNHLW HUULFKWHWHQ 6SUDFKEDUULHUHQ ² OLHJHQ GRFK XQWHUVFKLHGOLFKH 9RUVWHOOXQJHQ GDUEHU ]X *UXQGH ZDV GHU JHQDXH *HJHQVWDQG GHU .ULWLN LVW XQG ZLH HLQHQHXH6SUDFKH]XHUODQJHQLVW,P)ROJHQGHQVROOHQ]XQlFKVWGLH:HJH VNL]]LHUW ZHUGHQ GLH ]XU (UUHLFKXQJ HLQHU QHXHQ 6SUDFKH YRUJHVFKODJHQ ZHUGHQXPLP$QVFKOXVVGDUDQGLHP|JOLFKHQ(LJHQVFKDIWHQGLHVHU6SUD FKHDXI]X]HLJHQ 

:HJH]XU(UQHXHUXQJGHU6SUDFKH

1DFKGHP LP YRUDQJHJDQJHQHQ $EVFKQLWW GLH $UJXPHQWH 0DUFXVHV XQG 1HJW.OXJHVJHJHQGLH+HUUVFKDIWVXQG6SUDFKYHUKlOWQLVVHVNL]]LHUWZXU GHQXQGGLHGDEHLYHUZHQGHWH0HWDSKRULNDQDO\VLHUWZXUGHZLUGLQHLQHP ZHLWHUHQ6FKULWWQDFKGHQYRQGHQ3KLORVRSKHQDXIJH]HLJWHQ0|JOLFKNHLWHQ ]XU(UODQJXQJHLQHUQHXHQ6SUDFKHJHIUDJW,Q0DUFXVHV'DUVWHOOXQJKlQJW GLH (QWVWHKXQJ GHU YRQ LKP JHIRUGHUWHQ Å6SUDFKH GHU (UNHQQWQLV´ PLW GHUHVP|JOLFKZLUGGLHYHUVWHLQHUWHQ6WUXNWXUHQGHUKHUUVFKHQGHQ6SUD FKH DXI]XEUHFKHQ YRQ GHU (QWVWHKXQJ HLQHV NULWLVFKHQ XQG KLVWRULVFKHQ %HZXVVWVHLQVDE0LW+LOIHGLHVHV%HZXVVWVHLQVN|QQHQGLH)DNWRUHQLGHQ WLÀ]LHUWZHUGHQÅGLHGLH/HEHQVZHLVH>XQGPDQN|QQWHHUJlQ]HQGLHKHUU VFKHQGH5HGHZHLVH$QPHUNXQJ2*@GHWHUPLQLHUHQXQG+HUUHQXQG.QHFKWH HLQIKUWHQ´6 'HUUHÁHNWLHUHQGH%H]XJGHV0HQVFKHQDXI GLH*H VFKLFKWH XQG GLH (UNHQQWQLV GHV +LQHLQZLUNHQV GHU 9HUJDQJHQKHLW LQ GLH DNWXHOOH*HJHQZDUWELOGHQHLQH$UW7UXW]EXUJJHJHQÅGLH$EULHJHOXQJGHV 8QLYHUVXPVYRQ6SUDFKHXQG9HUKDOWHQ´6 'LHVLFKDXI *UXQGODJH GHVNULWLVFKHQ%HZXVVWVHLQVDXVELOGHQGHÅ6SUDFKHGHU(UNHQQWQLV´ZLUGZLH IROJWFKDUDNWHULVLHUW 'LH6FKOVVHOEHJULIIHGLHVHU6SUDFKHVLQGNHLQHK\SQRWLVFKHQ1RPLQDGLHHQGORV GLHVHOEHQHLQJHIURUHQHQ3UlGLNDWHEHVFKZ|UHQ6LHJHVWDWWHQYLHOPHKUHLQHRIIHQH (QWZLFNOXQJ VLH HQWIDOWHQ LKUHQ ,QKDOW VHOEVW LQ 3UlGLNDWHQ GLH HLQDQGHU ZLGHU VSUHFKHQ0DUFXVH6

'LH5HGHYRQGHQÅK\SQRWLVFKHQ1RPLQD´XQGGHQÅHLQJHIURUHQHQ3UlGL NDWHQ´YHUZHLVWZLHGHUDXI GLHYRQ0DUFXVHNULWLVLHUWHDQDO\WLVFKH6\QWD[GLH GLHKHUUVFKHQGH6SUDFKHGRPLQLHUHVR 'LHQHXH6SUDFKHPVVWHGDJHJHQ EHUHLQHV\QWKHWLVFKH6\QWD[YHUIJHQLQGHQHQGLH3UlGLNDWHVRJDUHLQDQGHU ZLGHUVSUHFKHQ GUIHQ XP EHU GLHVHQ :LGHUVSUXFK HLQHQ GLDOHNWLVFKHQ



2ODI *lWMH

(UNHQQWQLVSUR]HVV]XLQLWLLHUHQ(QWVFKHLGHQGLVWGDVVGLHL6.DQWVDXI  *UXQGODJHGHUYHUVWDQGHVPl‰LJHQ6\QWKHVLVJHELOGHWHQ6lW]HHLQH(UZHLWH UXQJGHU(UNHQQWQLVEHGHXWHQXQGGDPLWGLHYRQGHUKHUUVFKHQGHQ6SUD FKHDXIHUOHJWHQ'HQNVSHUUHQDXIJHEURFKHQZHUGHQ'HQUDGLNDOVWHQ%UXFK PLWGHUKHUUVFKHQGHQ6SUDFKH²XQG6\QWD[²ÀQGHW0DUFXVHLQGHUDYDQW JDUGLVWLVFKHQ 3RHVLH GHV 'DGDLVPXV XQG GHV 6XUUHDOLVPXV YJO 0DUFXVH 6II6II GHUHQ:RUWNXQVWÅVLFKGHUYHUHLQKHLWOLFKWHQ YHUQQIWLJHQ+HUUVFKDIWGHV6DW]HV´YHUZHLJHUWXQGÅGLHLPYRUDXVIHVWJH OHJWH6WUXNWXUGHU%HGHXWXQJVSUHQJW´6+HUYRUKHEXQJ2* ,Q GHUHUVFKLHQHQHQ$EKDQGOXQJÅ&RXQWHUUHYROXWLRQDQG5HYROW´HQW ZLUIW0DUFXVHGLHDYDQWJDUGLVWLVFKH.XQVWE]Z3RHVLHVRJDUDOVÅ:DIIHLP SROLWLVFKHQ .DPSI  JHJHQ GLH HWDEOLHUWH *HVHOOVFKDIW´ 6   'LHVH )RU GHUXQJKDEHQVLFK9HUWUHWHUGHU.RQNUHWHQ3RHVLH]X(LJHQJHPDFKWLK UHQSURQRQFLHUWHVWHQ$XVGUXFNÀQGHWVLHLQGHU)RUPHOGHV'LFKWHUV&KULV %H]]HOÅGLFKWXQJGHUUHYROXWLRQEHGHXWHWUHYROXWLRQGHUGLFKWXQJ´ 6 'LHDYDQWJDUGLVWLVFKH/LWHUDWXULVWGHU2UWRGHUEHVVHUGDV9HUVXFKV IHOGDXI GHPGLHLQWHUQDOLVLHUWHQ6SUDFKJHZRKQKHLWHQÅGXUFKGLH,VRODWLRQ YRQ:|UWHUQDXV>LKUHP@JHZRKQWHQ$EODXI DXIJHEURFKHQ´'LVFKQHU 6 ZHUGHQN|QQHQ'LH,VROLHUXQJHLQHV:RUWHVDXVVHLQHPÅJHZRKQ WHQ$EODXI´NDQQOLQJXLVWLVFKZLHIROJWSUl]LVLHUWZHUGHQ'LHNQVWOHULVFKH :RUWYHUZHQGXQJHUIROJWEHIUHLWYRQV\QWDNWLVFKHQ'HSHQGHQ]HQ.RQJUX HQ]EH]LHKXQJHQ SKUDVHRORJLVFKHQ (LQEHWWXQJHQ LGLRPDWLVFKHQ 3UlJXQ JHQXQGVHPDQWLVFKHQ.ROORNDWLRQHQ$XI GLHVH:HLVHNDQQVLFKGDVDXV VHLQHQJHZ|KQOLFKHQ9HUZHQGXQJVZHLVHQEHIUHLWH:RUWPLWQHXHQ%HGHX WXQJHQDQUHLFKHUQXQGGDPLWQHXH(UNHQQWQLVSUR]HVVHDQVWR‰HQ .RPSOHPHQWlU ]XU 5HGH YRQ GHU Å$EVSHUUXQJ GHV 8QLYHUVXPV GHU 6SUDFKH´UXIHQ1HJW.OXJHQDFKHLQHUÅ(UZHLWHUXQJGHU6SUDFKH´ 6 E]ZQDFKHLQHUÅ(UZHLWHUXQJGHU$XVGUXFNVZHUN]HXJH´HEG XQG QRFK-DKUHVSlWHUIRUGHUQVLHHQWVSUHFKHQGGHULPVSUDFKNULWLVFKHQ'LV NXUVGHUHUYHUZHQGHWHQ0HWDSKRULNYRQ6SUDFKHDOV2UJDQLVPXVHLQH Å9HUYLHOIlOWLJXQJGHUOHEHQGLJHQ$XVGUXFNVIRUPHQ´6 'LH)UDJH ODXWHWZDVGLH$XWRUHQXQWHUGHU(UZHLWHUXQJHLQHU6SUDFKHYHUVWHKHQ%H ]XJQHKPHQGDXI HLQHYRQGHPPDRLVWLVFKHQ3ROLWLNHUXQG0LOLWlU/LQ3LDR LP =XJH GHU FKLQHVLVFKHQ .XOWXUUHYROXWLRQ HQWZLFNHOWH 6FKUHLEDQOHLWXQJ PDFKHQGLH$XWRUHQNRQNUHWH9RUVFKOlJHZLHGLHGHVLGHUDEOH(UZHLWHUXQJ GHU6SUDFKHGHUVRJÅSUROHWDULVFKHQgIIHQWOLFKNHLW´DXVVHKHQN|QQWH/LQ 3LDRV$QOHLWXQJHQWVSUHFKHQGVROODXI GHUHLQHQ6HLWHGLH+RFKVSUDFKHXP :RUWHDQJHUHLFKHUWZHUGHQGLHQLFKWGHU+RFKVSUDFKHHQWVSULQJHQVRQ 

0DUFXVHÅ,P*HJHQVDW]]XDOOHU2UZHOOVFKHQ6SUDFKHZLUGGHU:LGHUVSUXFKGDUJHOHJWH[ SOL]LHUWEHJUQGHWXQGGHQXQ]LHUW´6

 .DQWYHUZHQGHWDOV6\QRQ\PIUÅV\QWKHWLVFKH8UWKHLOH´GDQQDXFKGHQ$XVGUXFNÅ(UZHL WHUWXQJVXUWKHLOH´YJO.DQW6

=XU0HWKDSKRULNDNDGHPHLVFKHUXQGDYDQWJDUGLVWLVFKHU6SUDFKNULWLNXP



GHUQYRQGHQÅ0DVVHQLPPHUQHXHU]HXJWZHUGHQ´6 XQGDXI  GHUDQGHUHQ6HLWHVROOHQÅSROLWLVLHUWH:RUWH´GLHGHPÅWKHRUHWLVFKHQRGHU GHU 3DUWHL EOLFKHQ -DUJRQ HQWQRPPHQ VLQG ]% (QWIUHPGXQJ $XVEHX WXQJVV\VWHP 'HQNHQ JHVHW]Pl‰LJ 8QWHUGUFNXQJ $XVWDXVFK %HZX‰W VHLQ8QWHUVXFKXQJXVI ´HEG LQGLH6SUDFKSUD[LVGHU0DVVHQLQWHJULHUW ZHUGHQ:lKUHQG1HJW.OXJHGHP]ZHLWHQ$VSHNWNHLQHZHLWHUH%HDFK WXQJVFKHQNHQ²]XVHKUVFKHLQWGLHRIIHQVLFKWOLFK SURSDJDQGLVWLVFKHLQ GRNWULQLHUHQGH)XQNWLRQÅPLOOLRQHQIDFKZLHGHUKROWHUSROLWLVFKHU(LQKHLWV IRUPHOQ´ VLH DE]XVFKUHFNHQ ² HQWZLFNHOQ VLH DQKDQG GHU DQ HUVWHU 6WHOOH HUZlKQWHQ)RUGHUXQJ/LQ3LDRVLKUH9RUVWHOOXQJYRQGHU(UZHLWHUXQJGHU 6SUDFKH 'DEHL VWHOOW VLFK GLH SURSDJLHUWH (UZHLWHUXQJ GHU 6SUDFKH LQ HUVWHU /LQLHDOVHLQH(UZHLWHUXQJGHV:RUWVFKDW]HVGDU(LQHQVROFKHQ6SUDFKHUZHLWH UXQJVSUR]HVVJODXEHQGLH$XWRUHQLQGHU6SUDFKSUD[LVGHU''5EHREDFK WHQ]XN|QQHQ (VZHUGHQ$XVGUFNHGLH9RUJlQJHGHV3URGXNWLRQVSUR]HVVHVHLQEH]LHKHQDEHU QLFKWGHU+RFKVSUDFKHHQWVSUHFKHQYHUZHQGHW6RJLEWHV]%]DKOORVH$XVGU FNH IU GDV %HIHVWLJHQ YRQ (LVHQWHLOHQ RGHU 6FKUDXEHQ 'LH 9HUZHQGXQJ GLHVHU $XVGUFNH LP SROLWLVFKHQ =XVDPPHQKDQJ EHUWUlJW NROOHNWLYH JHVHOOVFKDIWOLFKH (UIDKUXQJDXI GDV3UREOHPO|VXQJVYHUKDOWHQLQGHU3ROLWLN>«@'LHVH(UZHLWHUXQJ GHU6SUDFKHLVWHLQHGLUHNWH)XQNWLRQGHU3ROLWLVLHUXQJGHU*HVHOOVFKDIW'LHVHVHW]W HLQH3ROLWLVLHUXQJGHU$XVGUXFNVIRUPHQYRUDXVGLHZHGHUGLH+RFKVSUDFKHQRFK GLHQDWXUZFKVLJVLFKQHEHQGHU9HUNHKUVVSUDFKHHQWZLFNHOQGH8PJDQJVVSUDFKH QRFKGLHSURIHVVLRQHOOH6SUDFKHGHU:LVVHQVFKDIWRGHUGHUWHFKQLVFKHQ6SH]LDOLV WHQ]XU9HUIJXQJVWHOOW>«@(VLVWHLQ7HLODVSHNWGHV7UDQVIRUPDWLRQVSUR]HVVHV GHU,QWHOOLJHQ]GD‰VLHLKUHVSH]LÀVFKH6HQVLELOLVLHUXQJDXI GLH(UZHLWHUXQJGLHVHU VSUDFKOLFKHQ$XVGUXFNVZHUN]HXJHULFKWHW6LHNDQQGLHVQXULQGHPVLHLKUHVSH ]LÀVFKHQ$XVGUXFNVIlKLJNHLWHQLQHLQHÅ0DVVHQOLQLH´HLQIJW1HJW.OXJH 6

%HLJHQDXHUHU%HWUDFKWXQJEHGHXWHWGLH9HUYLHOIlOWLJXQJGHU$XVGUXFNVIRU PHQE]ZGLH(UZHLWHUXQJGHU6SUDFKHQLFKWVDQGHUHVDOVHLQH(QWGLIIHUHQ ]LHUXQJYRQYDULHWlWHQVSH]LÀVFKHQ:|UWHUQXQG3KUDVHQ'LH,QWHJUDWLRQ YRQVSUDFKOLFKHQ9HUVDW]VWFNHQDXVGHULP:HVHQWOLFKHQYRQ$UEHLWJH SUlJWHQ/HEHQVZHOWGHU:HUNWlWLJHQLQGLH6LQQVSKlUHSROLWLVFKHU.RPPX QLNDWLRQKDWTXDVLDXWRPDWLVFKHLQH3ROLWLVLHUXQJGHUSUROHWDULVFKHQgIIHQW OLFKNHLW]XU)ROJHhEHUOHJXQJHQ]XU%HGHXWXQJGHU6\QWD[ZLHQRFKYRQ 0DUFXVHDQJHVWHOOWVSLHOHQLQGLHVHUHLQIDFKHQ*OHLFKXQJNHLQH5ROOHPHKU (VPXVVOHW]WHQGOLFKRIIHQEOHLEHQZHOFKH :LUNNUDIW GLH SKLORVRSKL VFKH 6SUDFKNULWLN LQVEHVRQGHUH 0DUFXVHV HLQGULQJOLFK YRUJHWUDJHQH DXI  GLH3URWHVWEHZHJXQJKDWWH(VNDQQMHGRFKDOVJHVLFKHUWH(UNHQQWQLVDQ JHVHKHQZHUGHQGDVV0DUFXVHGHU6SUDFKHGHU1HXHQ/LQNHQQDFKKDOWLJH ,PSXOVHJHJHEHQKDWZDVVLFKLQHUVWHU/LQLHDQGHU9HUEUHLWXQJEHVWLPP  'DV HQWVSUHFKHQGH .DSLWHO LQ GHP %XFK KHL‰W GHQQ DXFK Å:RUWVFKDIW XQG SUROHWDULVFKH gIIHQWOLFKNHLW´



2ODI *lWMH

WHUYRQLKPJHSUlJWHU$XVGUFNH]HLJW6RZXUGHGHU9RUZXUI GHU(LQGL PHQVLRQDOLWlW GHV 'HQNHQV XQG GHU 6SUDFKH LP ZHVWOLFKHQ .DSLWDOLVPXV HLQ*HPHLQSODW]GHU3URWHVWEHZHJXQJXQGGLH)RUGHUXQJ0DUFXVHVQDFK HLQHU=ZHLGLPHQVLRQDOLWlWGHV'HQNHQVZXUGHPLWGHP5XI QDFKGHUÅ9LHO GLPHQVLRQDOLWlW´'LVFKQHU6 GHV'HQNHQVXQG6SUHFKHQVEHU WUXPSIW:LHGHPDXFKVHL)HVWVWHKWGDVVHVLQVEHVRQGHUHLQ.UHLVHQGHU UHYROWLHUHQGHQ6WXGHQWHQVFKDIWLQQHUKDOEHLQHVVHKUNXU]HQ=HLWUDXPV]X HLQHUGHXWOLFKHQ9HUlQGHUXQJGHVVSUDFKOLFKHQ$XVGUXFNVYHUKDOWHQVNDP ,QVHLQHPHUVFKLHQHQHQ5FNEOLFNDXI VHLQH(UOHEQLVVHJLEWGHU GDPDOLJH6WXGHQWHQIKUHU3HWHU6FKQHLGHUHLQHQ(LQEOLFNLQGLHVHQDPHL JHQHQ/HLEHHUIDKUHQHQ7UDQVIRUPDWLRQVSUR]HVV $EHUJOHLFK]HLWLJUVWHWHLFKYHUEDOPlFKWLJDXI0LW9HUEOIIXQJUHJLVWULHUWHLFK ZLHUDVFKVLFKLQPHLQHQGDPDOVJHVFKULHEHQHQ7H[WHQGHU:RUWVFKDW]lQGHUWH,Q ZHQLJHQ:RFKHQXQG0RQDWHQ²LFKVSUHFKHYRQGHU=HLW]ZLVFKHQGHP-XQL XQGGHP$WWHQWDWDXI 5XGL'XWVFKNH2VWHUQ²IDQGLQGHU6WXGHQWHQ EHZHJXQJHLQH,GHRORJLVLHUXQJGHU6SUDFKHXQGGHV'HQNHQVVWDWW0DQNDQQYRQ HLQHU$UWOLQJXLVWLVFKHU0DFKWHUJUHLIXQJVSUHFKHQ0HKUXQGPHKUEHUQDKPLFK 'HQNÀJXUHQ XQG )DFKZ|UWHU DXV GHP 5HYROXWLRQVOH[LNRQ 'LHVHU 3UR]H‰ LVW LQ GHQIUGLHgIIHQWOLFKNHLWEHVWLPPWHQ7H[WHQGHXWOLFKHUDOVLQGHQ7DJHEXFKDXI ]HLFKQXQJHQ 'HU |IIHQWOLFK 6FKUHLEHQGH XQG 5HGHQGH VDK VLFK RIIHQEDU XQWHU HLQHP>«@'UXFNPLW+LOIHVSUDFKOLFKHU)HUWLJWHLOHVHLQHUHYROXWLRQlUH*HVLQQXQJ XQWHU%HZHLV]XVWHOOHQ6FKQHLGHU6

'LH,GHRORJLVLHUXQJGLH6FKQHLGHUV6SUDFKHPHKURGHUZHQLJHUZLGHUIDK UHQ LVW PXVV DXFK DOV (UJHEQLV GHU KLHU GLVNXWLHUWHQ YRQ GHU 3URWHVWEH ZHJXQJ ZHLWJHKHQG EHUQRPPHQHQ 6SUDFKNULWLN YHUVWDQGHQ ZHUGHQ ,Q GDVHUZlKQWH5HYROXWLRQVOH[LNRQDEHUDXFKLQGLH5HYROXWLRQVJUDPPDWLN KDEHQQLFKWQXU0DU[XQG(QJHOVVRQGHUQVLFKHUOLFKDXFK0DUFXVH1HJW .OXJHXQGYLHOHDQGHUHKLQHLQJHVFKULHEHQ /LWHUDWXU $VVPDQQ$OHLGD 2SWLQJ,QXQG2SWLQJ2XW=XP:DQGHOGHV6WLOEHJULIIVLP (QJODQGGHV-DKUKXQGHUWV´,Q*XPEUHFKW+DQV8OULFK3IHLIIHU.DUO/XG ZLJ+J 6WLO*HVFKLFKWHQXQG)XQNWLRQHQHLQHVNXOWXUZLVVHQVFKDIWOLFKHQ'LV NXUVHOHPHQWV)UDQNIXUWD06² $VVPDQQ $OHLGD   )HVW XQG )OVVLJ $QPHUNXQJHQ ]X HLQHU 'HQNÀJXU ,Q $VVPDQQ $OHLGD+DUWK 'LHWULFK +J  .XOWXU DOV /HEHQVZHOW XQG 0RQXPHQW )UDQNIXUWD06² %H]]HO&KULV GLFKWXQJXQGUHYROXWLRQ,Q7H[W.ULWLN+HIW.RQNUHWH 3RHVLH,6² 'LVFKQHU*LVHOD GLFKWXQJXQGUHYROXWLRQ,Q7H[W.ULWLN+HIW.RQNUHWH 3RHVLH,6²

=XU0HWKDSKRULNDNDGHPHLVFKHUXQGDYDQWJDUGLVWLVFKHU6SUDFKNULWLNXP



*QWKQHU6XVDQQH.QREODXFK+XEHUW )RUPVDUHWKHIRRGRIIDLWK*DWWXQ JHQDOV0XVWHUNRPPXQLNDWLYHQ+DQGHOQV,Q.|OQHU=HLWVFKULIWIU6R]LRORJLH XQG6R]LDOSV\FKRORJLH6² +DEHUPDV-UJHQ =X*DGDPHUVÄ:DKUKHLWXQG0HWKRGH¶,Q+HUPHQHXWLNXQG ,GHRORJLHNULWLN7KHRULHGLVNXVVLRQ)UDQNIXUWD06² +LJRQQHW 3DWULFH /5   7KH SROLWLFV RI OLQJXLVWLF WHUURULVP DQG JUDPPDWLFDO KHJHPRQ\GXULQJWKH)UHQFK5HYROXWLRQ,Q6RFLDO+LVWRU\,6² +RUNKHLPHU0D[$GRUQR7KHRGRU: 'LDOHNWLNGHU$XINOlUXQJ3KL ORVRSKLVFKH)UDJPHQWH)UDQNIXUWD0 .DQW,PPDQXHO .ULWLNGHUUHLQHQ9HUQXQIW.DQW·VJHVDPPHOWH6FKULI WHQ+HUDXVJHJHEHQYRQGHU3UHX‰LVFKHQ$NDGHPLHGHU:LVVHQVFKDIWHQ%DQG,,, %HUOLQ*HRUJ5HLPHU .RSSHUVFKPLGW-RVHI RGHUÅ'LH/XVWDP5HGHQ´hEHUGLHUHYROXWLRQl UHQ)ROJHQHLQHU6FKHLQUHYROXWLRQ,Q0XWWHUVSUDFKH6² /DNRII*HRUJH-RKQVRQ 0DUN  /HEHQLQ0HWDSKHUQ.RQVWUXNWLRQXQG*H EUDXFKYRQ6SUDFKELOGHUQ+HLGHOEHUJ /DNRII *HRUJH:HKOLQJ (OLVDEHWK   $XI OHLVHQ 6RKOHQ LQV *HKLUQ 3ROLWLVFKH 6SUDFKHXQGLKUHKHLPOLFKH0DFKWDNWXDOLVLHUWH$XÁDJH+HLGHOEHUJ /XFNPDQQ7KRPDV .RPPXQLNDWLYH*DWWXQJHQLPNRPPXQLNDWLYHQ+DXVKDOW HLQHU*HVHOOVFKDIW,Q6PROND.RHUGW*LVHODHWDO+J 'HU8UVSUXQJGHU/LWH UDWXU0QFKHQ6² .XU]*HUKDUG 0HWDSKHU$OOHJRULH6\PERO*|WWLQJHQ 0DUFXVH+HUEHUW 9HUVXFKEHUGLH%HIUHLXQJ)UDQNIXUWD0 0DUFXVH+HUEHUW 'HUHLQGLPHQVLRQDOH0HQVFK1HXZLHG%HUOLQ 0DUFXVH+HUEHUW .RQWHUUHYROXWLRQXQG5HYROWH)UDQNIXUWD0 1HJW2VNDU.OXJH$OH[DQGHU gIIHQWOLFKNHLWXQG(UIDKUXQJ,Q1HJW2VNDU .OXJH$OH[DQGHU+J  'HUXQWHUVFKlW]WH0HQVFK*HPHLQVDPH3KLORVR SKLHLQ]ZHL%lQGHQ%G)UDQNIXUWD0 1HJW2VNDU.OXJH$OH[DQGHU 0D‰YHUKlOWQLVVHGHV3ROLWLVFKHQ,Q1HJW2V NDU.OXJH$OH[DQGHU+J  'HUXQWHUVFKlW]WH0HQVFK*HPHLQVDPH3KL ORVRSKLHLQ]ZHL%lQGHQ%G)UDQNIXUWD0 1HJW2VNDU.OXJH$OH[DQGHU+J  'HUXQWHUVFKlW]WH0HQVFK*HPHLQVDPH 3KLORVRSKLHLQ]ZHL%lQGHQ%G)UDQNIXUWD0 YRQ3ROHQ]3HWHU 'HXWVFKH6SUDFKJHVFKLFKWH9RP6SlWPLWWHODOWHUELV]XU*H JHQZDUW%DQG,,,XQG-DKUKXQGHUW%HUOLQ1HZ@0RUVFKH *HVHOOVFKDIW 9HUIDOO GHU 6LWWHQ 1HEHO]XNXQIW PLW VROFKHQ PHODQFKROLVFKHQ %LOGHUQ WUlJW

'LH5$)DOV0HGLHQHUHLJQLV



VHOHUHLJQLVVH GLHQHQ VHLWGHP LQ UHJHOPl‰LJHQ $EVWlQGHQ DOV $QODVV IU ZHLWHUHÅ0HGLHQHUHLJQLVVH´XQGVLQGGLH0DUNHQ 'LHVHUFNEH]RJHQHQ,QWHQVLYLHUXQJHQYRQ.RPPXQLNDWLRQKDEHQDOOHU GLQJVHLQHDQGHUH4XDOLWlWDOVGLH$XVJDQJVHUHLJQLVVHGHQQVLHVLQGJHSODQW XQG NDONXOLHUEDU 8P GLHVHQ 8QWHUVFKLHG DXFK EHJULIÁLFK ]X PDUNLHUHQ NDQQPDQLQGLHVHP]ZHLWHQ)DOOYRQ0HGLHQHYHQWVVSUHFKHQLQGHQHQGLH Ä$X‰HUDOOWlJOLFKNHLW¶GHU(UHLJQLVVHDOV7HLOGHVÄQRUPDOHQ¶0HGLHQJHVFKlIWV ZLHGHUWKHPDWLVLHUWZLUG :HQQLP+LQEOLFNDXI 7HUURULVPXVYRQHLQHU6HULHYRQ0HGLHQHUHLJQLVVHQGLH 5HGH LVW GDQQ NRPPHQ ]XU ,QWHQVLYLHUXQJ YRQ .RPPXQLNDWLRQVSUR]HV VHQLP%H]XJDXI DX‰HUDOOWlJOLFKH*HVFKHKQLVVHDEHUQRFKGUHLVSH]LÀVFKH 3XQNWHKLQ]X î (VLVW]XEHDFKWHQGDVVGLH$XIPHUNVDPNHLWGHU0HGLHQLP=XVDP PHQKDQJ PLW Ä7HUURULVPXV¶ VHOEVW 7HLO GHU 6WUDWHJLH YRQ *HZDOWKDQ GHOQGHQGHUYHUVFKLHGHQHQ*UXSSHQLVW6LHKRIIHQGDPLWDXI LQGLUHN WHP:HJ(IIHNWHGHU6ROLGDULVLHUXQJDXI GHUHLQHQXQGhEHUUHDNWLRQ DXI GHUDQGHUHQ6HLWH]XHUUHLFKHQ²hEHUUHDNWLRQHQGXUFKGLHVLFKGHU IDVFKLVWLVFKH&KDUDNWHUGHV6WDDWHVHQWODUYHQVROO î 9RQ GHU %HGHXWVDPNHLW GLH GHQ *HVFKHKQLVVHQ GXUFK GLH 0HGLHQDXI PHUNVDPNHLW ]XNRPPW VLQG GLH 'HXWXQJHQ ]X XQWHUVFKHLGHQ GLH GHQ VRHQWVWHKHQGHQ(UHLJQLVVHQ]XJHVFKULHEHQZHUGHQ'LHÄ$NWLRQHQ¶GHU 5RWHQ$UPHH)UDNWLRQXQGDQGHUHU*UXSSHQZHUGHQQLFKWDOVOHJLWLPH UHYROXWLRQlUH*HZDOWSUlVHQWLHUWDOVGLHVLHYRQGHQ7lWHUQYHUVWDQGHQ ZHUGHQ VRQGHUQ GXUFK GLH 9HUELQGXQJ PLW GHP :RUW Ä7HUURULVPXV¶ VWLJPDWLVLHUW'LH.lPSIHUZHUGHQDOVÄ7HUURULVWHQ¶GDUJHVWHOOWGLHHV LKUHUVHLWV]XEHNlPSIHQJLOW:HQQ7HUURULVPXVDOV0HGLHQHUHLJQLVNRQ ]HSWLRQDOLVLHUWZLUGGDQQLPSOL]LHUWGDVGLHVHVWLJPDWLVLHUHQGH8PGHX WXQJGHU*HZDOW+DQGOXQJHQGLHPLWGHUPHGLDOHQ$UWLNXODWLRQHLQHV HQWVSUHFKHQGHQ7HUURULVPXV=XVDPPHQKDQJVYROO]RJHQZLUG VLFKDXFKGHU+HUEVW6FK|QXQGXQJHQDX(VVLQGPLOGHUQGHYHUNOlUHQGH%LOGHUQDFKZR FKHQODQJHQ 6FKUHFNVHNXQGHQ :HQQ VFKRQ ZHQLJH WUDXHUQ KLHU ZLH GRUW GDQQ GLHQW GHU +HUEVWOHXFKWHQGXQGYHUKDQJHQDOVQDWUOLFKHU(UVDW]´ 

9JO]XP%HJULII GHUÄ0HGLHQHYHQWV¶DXFK+HSS GHUDOOHUGLQJVLQHUVWHU/LQLHÄSRSX OlUH0HGLHQHYHQWV¶ZLHVLHLP8PIHOGYRQXQWHUKDOWHQGHQ)HUQVHKVKRZVHQWVWHKHQLP%OLFN KDW



9JO]XHLQHPVROFKHQ9HUVWlQGQLVYRQ7HUURULVPXVDOV.RPPXQLNDWLRQVVWUDWHJLHXD:DOG PDQQ ²HWZD6IÅ'LH0DVVHQPHGLHQVLQGZHQLJHUÅHLQ0LWWHO]XPWHUURULVWLVFKHQ =ZHFN6LHVLQGYLHOPHKULQWHJUDOHU%HVWDQGWHLOGHVWHUURULVWLVFKHQ.DONOV>@6LHELOGHQ>@ ELOGOLFKJHVSURFKHQGHQ7UDQVPLVVLRQVULHPHQ]ZLVFKHQGHULVROLHUWHQ7DWXQGGHUHQVR]LDO SV\FKRORJLVFKHQ)ROJHZLUNXQJHQ´$XVOLQJXLVWLVFKHU3HUVSHNWLYHKDW+HUPDQQV GLH WHUURULVWLVFKH.RPPXQLNDWLRQVVWUDWHJLHPLWVSUHFKDNWWKHRUHWLVFKHQ0LWWHOQDQDO\VLHUW

 9JO]XU*HVFKLFKWHGHUVWLJPDWLVLHUHQGHQ9HUZHQGXQJGHV:RUWHVÄ7HUURULVPXV¶0XVROII   



0DUWLQ6WHLQVHLIHU

î 6FKOLH‰OLFKNRPPWKLQ]XGDVVDEGHP0RPHQWZRGHU=XVDPPHQ KDQJ HWDEOLHUW LVW DXFK DQGHUH (UHLJQLVVH LQ GLHVHQ =XVDPPHQKDQJ HLQJHRUGQHW ZHUGHQ N|QQHQ 'D]X ]lKOHQ )DKQGXQJVHUHLJQLVVH ZLH 9HUKDIWXQJHQ(UHLJQLVVHLQGHU+DIWZLH+XQJHUVWUHLNVXQG7RGHVIlO OHRGHUGLH(FNSXQNWHYRQ*HULFKWVYHUIDKUHQ*HPHLQVDPLVWGLHVHQ (UHLJQLVVHQGDVVVLHGLH|IIHQWOLFKH$XIPHUNVDPNHLWDXI GLH$NWHXUH OHQNHQ &KDUDNWHULVWLVFK IU 0HGLHQHUHLJQLVVH LVW GDVV GLH PDWHULHOOHQ 5HVXOWDWH PDVVHQPHGLDOHU $UWLNXODWLRQHQ DXV GHP HQWVSUHFKHQGHQ =XVDPPHQKDQJ IU HLQH VSlWHUH :LHGHUYHUZHQGXQJ ]XU 9HUIJXQJ VWHKHQ 'LHVH :LH GHUYHUZHQGXQJEHVWLPPWHUEHUHLWVLQHLQHP=XVDPPHQKDQJDUWLNXOLHUWHU $XVGUXFNVIRUPHQ GXUFK GLH 0DVVHQPHGLHQ VWDELOLVLHUW XQG GHVWDELOLVLHUW HQWVSUHFKHQGH$VVR]LDWLRQHQZLHHWZDLP)DOOGHUGUHL%XFKVWDEHQÄ5$)¶ 'HUNRPPXQLNDWLYH6LQQNDQQVLFKEHLGHU:LHGHUYHUZHQGXQJLP/DXI GHU =HLWlQGHUQDEHU]XU%HGHXWXQJGHU)RUPHQJHK|UWGDVVVLHDOV)RUPHQ GHQ(UHLJQLV]XVDPPHQKDQJDXIUXIHQ²GDVVVLHLKQÄNRQQRWLHUHQ¶ZLHPDQ XQWHU9HUZHQGXQJGHV.RQQRWDWLRQVEHJULIIVYRQ8W]0DDVVDJHQNDQQ %HVWLPPWH=HLFKHQ)RUPHQZHUGHQVR]X2ULHQWLHUXQJVPDUNHQHLQHV NROOHNWLYHQ *HGlFKWQLVVHV 6LH JDUDQWLHUHQ GHVVHQ .ROOHNWLYLWlW LQGHP VLH DOV$UWLNXODWLRQVIRUPHQSDUVSURWRWRIUGHQ(UHLJQLV]XVDPPHQKDQJVWH KHQ RKQH GDEHL GLH 2ULHQWLHUWHQ VFKRQ DXI  HLQH %HZHUWXQJ IHVW]XOHJHQ 6LHEHUHLWHQGHQ%RGHQIU.RQWURYHUVHQ:HQQGDEHLGLHUHFKWDEVWUDNWHQ $XVGUFNH=HLFKHQ)RUPHQRGHU$UWLNXODWLRQVIRUPHQYHUZHQGHWZHUGHQGDQQ KDWGDVHLQHQGRSSHOWHQ*UXQG0LWGLHVHQ$XVGUFNHQVLQGQlPOLFKHLQHU VHLWV VSUDFKOLFKH (LQKHLWHQ XQWHUVFKLHGOLFKHU .RPSOH[LWlW DQJHVSURFKHQ /H[HPH ZLH Ä,VRODWLRQVIROWHU¶ RGHU Ä6WDPPKHLP¶ XQG 9HUELQGXQJHQ ZLH Ä%DDGHU0HLQKRI¶ RGHU NXU]H 3KUDVHQ ZLH ÄGHXWVFKHU +HUEVW¶ $QGHUHU VHLWVNDQQGHU(UHLJQLV]XVDPPHQKDQJQLFKWQXUGXUFKVSUDFKOLFKH(LQKHL WHQDXIJHUXIHQZHUGHQVRQGHUQHEHQVRGXUFKELOGOLFKH(VJLEWHLQHJDQ]H 5HLKHIRWRJUDÀVFKHU%LOGHUGLHELVKHXWHIUGHQÄ7HUURULVPXV¶GHUHU -DKUHVWHKHQXQGEHVWLPPWH%LOGHUZHUGHQLPPHUZLHGHUDQSURPLQHQWHU 6WHOOHLQGLHVHU6FKOVVHOELOG)XQNWLRQYHUZHQGHW  9JO0DDV KLHU6Å-HGH$XVGUXFNVZHLVHLVWTXDVLLQGH[LNDOLVFKJHEXQGHQDQHLQHQ 3UD[LV]XVDPPHQKDQJ GHQ VLH LP (UIDKUXQJVKRUL]RQW GHV 6SUHFKHUV+|UHUV V\PEROLVFK ELQGHW²GHVVHQ)RUPVLHNRQQRWLHUW´  9JO]XUGDPLWDXIUXIEDUHQ'LVNXVVLRQXP+DIWEHGLQJXQJHQGHULQKDIWLHUWHQ0LWJOLHGHUGHU 5$)HWZD-DQGHU   2EXQGZHOFKHJU|‰HUHQVSUDFKOLFKHQ(LQKHLWHQLQGHU)XQNWLRQVROFKHU:LHGHUHUNHQQXQJV PDUNHQDXIWUHWHQLVWVFKZHUHU]XEHDQWZRUWHQ.DQGLGDWHQZlUHQDEHU9HUVDW]VWFNHDXV %HNHQQHUVFKUHLEHQGHU5$)RGHUDXVGHPOHW]WHQ%ULHI GHV5$)0LWJOLHGV+ROJHU0HLQV YRUVHLQHP7RGLQGHU+DIWDQVWDOW:LWWOLFKDP1RYHPEHUGLHNXU]H=HLWVSlWHULP 6SLHJHODEJHGUXFNWZXUGHQXQG]XÅ0HLQV·0lUW\ULVLHUXQJ´(OWHU6 EHLWUXJHQ

'LH5$)DOV0HGLHQHUHLJQLV



%HJLEW PDQ VLFK DXI  GLHVHV )HOG GHU YLVXHOOHQ ,QV]HQLHUXQJHQ GDQQ EOHLEWHVDEHUQLFKWEHLHLQHPHLQIDFKHQ1HEHQHLQDQGHUYRQ7H[WWHLOHQXQG %LOGHUQVRQGHUQHV]HLJHQVLFKYLHOIlOWLJH:HFKVHOEH]LHKXQJHQ,FKP|FK WHLPIROJHQGHQDXVGLHVHPZHLWHQ)HOGGHU7H[W%LOG=XVDPPHQVWHOOXQJHQ GUHL)RUPHQKHUDXVJUHLIHQXQGHWZDVJHQDXHUDQDO\VLHUHQGLHGUHL$NWHXUV SRVLWLRQHQGHV.RPPXQLNDWLRQV]XVDPPHQKDQJVÄ7HUURULVPXV¶]XJHRUGQHW ZHUGHQN|QQHQ î (LQH)RUPGLHYRQGHQ$NWHXUHQGHVÄEHZDIIQHWHQ.DPSIV¶PLWLKUHP ,QWHUHVVHDQ3URSDJDQGLHUXQJGHUUHYROXWLRQlUHQ6DFKHHQWZLFNHOWZXU GHLVW/RJRGHUÄ5$)¶ î (LQH )RUP GLH YRQ GHQ VWDDWOLFKHQ 6WUDIYHUIROJXQJVRUJDQHQ PLW LK UHP,QWHUHVVHDQGHU9HUIROJXQJXQG9HUKDIWXQJGHU7lWHUHQWZLFNHOW ZXUGHVLQG)DKQGXQJVSODNDWHGLHDQYHUVFKLHGHQHQ2UWHQ|IIHQWOLFK DXVJHKlQJWZXUGHQ î (LQH )RUP VFKOLH‰OLFK GLH YRQ GHQ MRXUQDOLVWLVFKHQ 0DVVHQPHGLHQ VHOEVWPLWLKUHPDPELYDOHQWHQ,QWHUHVVHDQHLQHU'UDPDWLVLHUXQJVRZLH HLQHUQRUPDOLVLHUHQGHQ(LQRUGQXQJGHU(UHLJQLVVHJHSUlJWZXUGHVLQG YRUKHUQDFKKHU9HUJOHLFKHYRQ*HVLFKWHUQPXWPD‰OLFKHU7HUURULVWHQ 'D GHQ GUHL JHQDQQWHQ $NWHXUHQ XQWHUVFKLHGOLFKH ,QWHUHVVHQ XQG =LHOH XQWHUVWHOOW ZHUGHQ N|QQHQ NDQQ PDQ DXFK YRQ GUHL VSUDFKOLFKYLVXHOOHQ ,QV]HQLHUXQJVIRUPHQVSUHFKHQ*HPHLQVDPLVWLKQHQGDVVVLHVLFKDOVVFKH PDWLVLHUWH)RUPHQZLHGHUYHUZHQGHQODVVHQGLHPHKURGHUZHQLJHUJXWJH HLJQHW VLQG GHQ 7HUURULVPXV=XVDPPHQKDQJ ]X NRQQRWLHUHQ $XV NRP PXQLNDWLRQVJHVFKLFKWOLFKHU3HUVSHNWLYHVWHKWEHLGHQ$QDO\VHQGLH)UDJHLP 0LWWHOSXQNWRE²XQGZHQQMDZLH²VLFKMHQVHLWVGLHVHU*HPHLQVDPNHLWGLH %HGHXWXQJ GHU MHZHLOLJHQ $UWLNXODWLRQVIRUP LQ GHU PDVVHQPHGLDOHQ :LH GHUYHUZHQGXQJYHUlQGHUWXQGLQZLHZHLWVLHVLFKGDEHLYRQGHUDQIlQJOLFKHQ ,QV]HQLHUXQJVDEVLFKWO|VW+LHUKHUJHK|UWGLH]ZHLWH7KHVHYRQGHU5$)DOV .HUQGHV0HGLHQHUHLJQLV]XVDPPHQKDQJV6LHOHQNWGHQ%OLFNQlPOLFKDXI VROFKH PHGLDOHQ'DUVWHOOXQJVIRUPHQGLHGLH5$)XQGLKUH3URWDJRQLVWHQ²XQG QLFKWHWZDGLH2SIHULKUHU*HZDOWWDWHQRGHUGLHSROLWLVFKHQ.RQVHTXHQ]HQ ²LQGHQ0LWWHOSXQNWGHUPHGLHQ|IIHQWOLFKHQ$XIPHUNVDPNHLWUFNHQ'DV HU|IIQHWGLH)UDJHLQZLHZHLWDXFKGLHGUHL)RUPHQDOV)RUPHQ²DOVYLVX HOOH(UNHQQXQJV]HLFKHQQlPOLFK²GD]XEHLWUDJHQLQGHUPDVVHQPHGLDOHQ 5FNVFKDXDXI GHQ(UHLJQLV]XVDPPHQKDQJGLH5$)DOV*UXSSHYRQ$QWL  0DQNDQQGLHZHFKVHOVHLWLJH%H]RJHQKHLWLQGHUIROJHQGHQ7KHVH]XVDPPHQIDVVHQ7H[WH À[LHUHQXQGVWDELOLVLHUHQP|JOLFKH%HGHXWXQJHQYRQ%LOGHUQXQG%LOGHUVWDWWHQXPJHNHKUW 7H[WHLQGHU5FNELQGXQJDQ6LFKWEDUHVPLW]XVlW]OLFKHU3ODXVLELOLWlWE]Z(YLGHQ]DXV(LQH JHQDXH ]HLFKHQ VSUDFK XQG ELOGWKHRUHWLVFKH %HJUQGXQJ GLHVHU 7KHVH VRZLH GLH H[HP SODULVFKH8QWHUVXFKXQJHLQ]HOQHU(YLGHQ]HIIHNWHELHWHWPHLQH'LVVHUWDWLRQÅÃ7HUURULVPXVµ ]ZLVFKHQ(UHLJQLVXQG'LVNXUV=XU3UDJPDWLNYRQ7H[W%LOG=XVDPPHQVWHOOXQJHQLQ3ULQW PHGLHQGHUHU-DKUH´6WHLQVHLIHU 



0DUWLQ6WHLQVHLIHU

+HOGHQDEHUGDULQHEHQGRFKDOV*U|‰HPLWEOHLEHQGHP,GHQWLÀNDWLRQVDS SHDO]XHWDEOLHUHQ0DQN|QQWHDXFKYRQHLQHUÄ(ULQQHUXQJV0DUNH¶VSUH FKHQ ZHQQ GDV :RUW Ä0DUNH¶ LQ GLHVHP =XVDPPHQKDQJ QLFKW GXUFK GLH Ä3UDGD0HLQKRI¶0RGHH[SHULPHQWH HLQHQ DOO]X HLQVHLWLJHQ %HLJHVFKPDFN YRQSXUHU2EHUÁlFKOLFKNHLWEHNRPPHQKlWWH 

Ä*HVLFKWHUGHV7HUURULVPXV¶²'LH)UDXDOV7HUURULVWLQ

'LHOHW]WHGHU]XYRUJHQDQQWHQ$UWLNXODWLRQVIRUPHQGLHYRQGHQ0DVVHQ PHGLHQVHOEVWZLHGHUKROWYHUZHQGHWZXUGHXPÄ7HUURULVWHQ¶GDU]XVWHOOHQ LVW DOV %LOG7H[W)RUP ]XQlFKVW HLQPDO QLFKW VSH]LÀVFK IU GHQ7HUURULV PXV=XVDPPHQKDQJ(VKDQGHOWVLFK²DEVWUDNWJHIDVVW²XPHLQH=XVDP PHQVWHOOXQJYRQPLQGHVWHQV]ZHL%LOGHUQGLHGHQVHOEHQ*HJHQVWDQGGDU VWHOOHQ'DEHLZLUGGLH,GHQWLWlWGHU*HJHQVWlQGHEHUXPVWHKHQGH7H[WH HLQH%LOGXQWHUVFKULIWRGHUlKQOLFKHVKHUJHVWHOOWZlKUHQGGLH%LOGHUXQWHU 9HUZHQGXQJGHVVHOEHQ0RWLYVGHXWOLFKH8QWHUVFKLHGHVLFKWEDUPDFKHQXQG VR LQ ]HLWOLFKHU 3HUVSHNWLYH HLQH 9HUlQGHUXQJ GHV *H]HLJWHQ YLVXHOO SODX VLEHOHUVFKHLQHQODVVHQ:RULQGLHVH9HUlQGHUXQJEHVWHKWZLUGZLHGHUXP PLWVSUDFKOLFKHQ0LWWHOQH[SOL]LHUW,P7HUURULVPXV=XVDPPHQKDQJ]HLJHQ GLH%LOGHUVHULHQXPGLHHVGDEHLJHKWPHKUIDFKGLHVHOEH3HUVRQPHLVWIR NXVVLHUW DXI  GDV *HVLFKW XQG GLH 9HUlQGHUXQJHQ VROOHQ GLH (QWZLFNOXQJ YRQÄ%UJHUNLQGHUQ¶ZLHHVKlXÀJKLH‰]XÄ7HUURULVWHQ¶SODXVLEHOPDFKHQ *HUDGH ZR GLHVH (QWZLFNOXQJ DXFK XQWHU (LQEH]LHKXQJ GHU YHUIJEDUHQ ELRJUDÀVFKHQ,QIRUPDWLRQHQVSUDFKOLFKQLFKW]XHUNOlUHQLVWELHWHWGLH%LO GHUVHULHHLQH0|JOLFKNHLWVLHYLVXHOO]XYHUDQVFKDXOLFKHQ (QWVSUHFKHQGH %LOGHUVHULHQ ÀQGHQ VLFK LP JHVDPWHQ 6SHNWUXP GHU 3ULQWPHGLHQYRP%RXOHYDUGIRUPDW%LOGELV]XU)UDQNIXUWHU5XQGVFKDXXQG LQGHUNRQVHUYDWLYHQ,OOXVWULHUWHQ4XLFNHEHQVRZLHLPOLQNVOLEHUDOHQ6WHUQ RGHULP1DFKULFKWHQPDJD]LQ'HU6SLHJHO

 9JOGD]X6DFKVVH   9JOHWZDGLH7LWHOJHVFKLFKWHGHU,OOXVWULHUWHQ6WHUQ+ LP0DLÅ%UJHUNLQGHULP 6RJGHU*HZDOW:DUXPPRUGHQ6LH"´  'DLPIROJHQGHQ%HLVSLHOHDXV%LOG=HLWXQJ4XLFNXQG6WHUQJHQDXHUDQDO\VLHUWZHUGHQVHL HQ]ZHL6HULHQDXVGHQDQGHUHQEHLGHQ=HLWXQJHQEHLGHQHQ]XP7HLOGLHJOHLFKHQ)RWRJUDÀ HQYHUZHQGHWZXUGHQ]XPLQGHVWJHQDQQW6LHHUVFKLHQHQQDFKGHU9HUKDIWXQJYRQ*XGUXQ (QVVOLQLQGHU)UDQNIXUWHU5XQGVFKDX6 XQGLP6SLHJHO+6 

'LH5$)DOV0HGLHQHUHLJQLV



$EE%LOG=HLWXQJ6UHFKWV$XVVFKQLWW

'LH 7H[W%LOG=XVDPPHQVWHOOXQJ GLH DP  -XQL  QDFK GHU )HVW QDKPHYRQ%ULJLWWH0RKQKDXSWXQG%HUQKDUG %UDXQLQ%HUOLQXQWHUGHU 6FKODJ]HLOHÅ%DQGHQ3lUFKHQPLWGHU%RPEHQLQGHU7DVFKHYHUKDIWHW´DXI  GHU 7LWHOVHLWH GHU %LOG=HLWXQJ HUVFKLHQ $EE   LVW JHUDGH]X GLGDNWLVFK DXIJHEDXW 6LH IKUW GLH 6FKHPDWLVLHUXQJ XQG GDPLW GLH 0XVWHUKDIWLJNHLW GHU )RUP LQ LKUHP $XIEDX VHOEVW QRFK HLQPDO YRU LQGHP KLHU QLFKW QXU ]ZHL PDO ]ZHL %LOGHU SDUDOOHOLVLHUW VRQGHUQ DXFK PLW ZHLWJHKHQG SDUDOOHO DXIJHEDXWHQ%LOGXQWHUVFKULIWHQ]XVDPPHQJHVWHOOWVLQG'LH8QWHUVFKULIWHQ EHWRQHQ]XGHPH[SOL]LWGDVVHVXPGDV$XVVHKHQGHUJH]HLJWHQJHKWÄ6R VDK;DXVDOVVLHE]ZHULQGHQ8QWHUJUXQGJLQJ¶Ä6RVDK;DXVDOVVLHE]Z HU YHUKDIWHW ZXUGH¶ 'LH hEHUVFKULIW LP VFKZDU]HQ .DVWHQ VWHOOW VFKOLH‰ OLFKQRFKHLQPDOH[SOL]LWGLH9HUELQGXQJ]XP7HUURULVPXVDOVGHPUHOHYDQ WHQ%HJUQGXQJV]XVDPPHQKDQJKHU'LH%LOGHU]HLJHQQLFKWQXUZLHGLH 3HUVRQHQ]XXQWHUVFKLHGOLFKHQ=HLWSXQNWHQDXVVDKHQXQGPDFKHQ8QWHU VFKLHGHQDFKYROO]LHKEDUVRQGHUQVLHVROOHQGDUVWHOOHQÅ>Z@LHGHU7HUURUGLH *HVLFKWHUGHUEHLGHQ7HUURULVWHQYHUlQGHUWKDW´ 'LH8QWHUVFKLHGH]ZLVFKHQGHQ%LOGHUQDXI GHUOLQNHQXQGGHUUHFKWHQ 6HLWHVLQGLQEHLGHQ)lOOHQLQGHU7DWGHXWOLFK1LFKWQXUDXIJUXQGGHU)UL VXUHQXQGGHU7DWVDFKHGDVVGLH*H]HLJWHQLQGHQOLQNHQ%LOGHUQGHQ%OLFN QDFKUHFKWVXQWHQYRP%HWUDFKWHUDEZHQGHQVLQGGLH*HVLFKWHUDOOHLQDXI JUXQGGHU%LOGHUNDXPZLHGHUHUNHQQEDU'DEHLLVW]XEHDFKWHQGDVV%LOGHU ZLH GLH EHLGHQ DXI  GHU OLQNHQ HQWVWDQGHQZHLO VLFK YLHOH GHU 9HUKDIWHWHQ JHJHQGLHHUNHQQXQJVGLHQVWOLFKH)RWRSUD[LVGHU3ROL]HL]XZHKUHQYHUVXFK



0DUWLQ6WHLQVHLIHU

WHQXPVRHLQH,GHQWLÀ]LHUXQJ]XHUVFKZHUHQXQG]XJOHLFKZRKODXFKXP GDV)RWRJUDÀHUHQLQHU]ZXQJHQHU3RVHDOVXQYHUKlOWQLVPl‰LJH*HZDOWDQ ZHQGXQJGHU3ROL]HLEOR‰]XVWHOOHQ'DV5HVXOWDWGLHVHV:LGHUVWDQGVZLUGLQ GHU %LOG=XVDPPHQVWHOOXQJ GHU %LOG=HLWXQJ JHJHQ GLH *HIDQJHQHQ YHU ZHQGHW'HQQGLHGXUFKGLHVH$EZHLFKXQJYRQGHU1RUPDOIRUPGHV)RWR SRUWUlWVHU]HXJWHÄ8QNHQQWOLFKNHLW¶ZLUGDOVW\SLVFKIU7HUURULVWHQJHVLFKWHU GDUJHVWHOOW 'LH $EZHLFKXQJ YRQ GHU 1RUPDOIRUP N|QQWH DXFK HLQH (UNOlUXQJ IUGLH$QRUGQXQJGHU%LOGHUVHLQEHLGHUWURW]DOOHU'HXWOLFKNHLWDXI GHQ HUVWHQ %OLFN YHUZXQGHUOLFK LVW GDVV GLH 3IHLOH JHJHQ GLH XQWHUVWHOOWH (QW ZLFNOXQJVULFKWXQJJHULFKWHWVLQG6LHZHLVHQQlPOLFKDXI GLHÄ1RUPDOIRUP¶ ]XUFNXQGVLHZHLVHQGDEHLDXI %LOGHUGLHDOVEHNDQQWXQWHUVWHOOWZHUGHQ N|QQHQZHLOVLHDXFKEHUHLWVLP5DKPHQGHU)DKQGXQJVPD‰QDKPHQYHU ZHQGHWZXUGHQ 'DV %HLVSLHO LVW DOOHUGLQJV LQVRIHUQ XQJHZ|KQOLFK DOV HLQ 0DQQ YRU NRPPW'LH)RUPÀQGHWVLFKQlPOLFKPHLVWHQVLQ9HUELQGXQJPLW)UDX HQJHVLFKWHUQDXI GHQHQVLFKYRUJHEOLFKGHU:HJLQGHQ7HUURUDOV$EZHL FKXQJYRQ:HLEOLFKNHLWVRGHU6FK|QKHLWVVWHUHRW\SHQDE]HLFKQHW

$EE4XLFN+6²

6HKUGHXWOLFKZLUGGLHVH9HUELQGXQJLP7H[W]XHLQHU%LOGHUVHULHGLHQDFK GHU9HUKDIWXQJYRQ8OULNH0HLQKRI HEHQIDOOVLP-XQLLQGHU,OOXVWULHU WHQ4XLFNHUVFKLHQ$EE 1RFKGHXWOLFKHUDOVGLH%LOGXQWHUVFKULIWHQ]X GHQÅ6WDWLRQHQLKUHQ/HEHQV´GLHHLQH$QWZRUWDXI GLH)UDJHJHEHQVROOHQ ZLHHVP|JOLFKZDUÅGD‰VLFKGLHVHVQLHGOLFKHNOHLQH0lGFKHQREHQ8OULNH 0HLQKRI PLW-DKUHQ ]XHLQHUJHIUFKWHWHQ7HUURULVWLQHQWZLFNHOWH´LVW  8OULNH0HLQKRI XQGLKUHJUDXVDPHQ0lGFKHQ,Q4XLFN+6²KLHU 6'DVXQWHUH%LOGDXI GHU6HLWHGDVQDFKGHU9HUKDIWXQJHQWVWDQGGRNXPHQWLHUWHUQHXW

'LH5$)DOV0HGLHQHUHLJQLV



GHU%HJLQQGHV$UWLNHOWH[WHV]ZHL6HLWHQ]XYRU+LHUKHL‰WHVQHEHQHLQHP ZHLWHUHQ%LOGGDVQDFKGHU9HUKDIWXQJHQWVWDQGHQLVW 6LH VDK DXV ZLH GLH YRQ HLQHP ODQJHQ /HEHQ ]HUVW|UWH (GLWK 3LDI XQG VLH ZRJ QXUQRFK3IXQG'DEHLZDU8OULNH0HLQKRI ]XP=HLWSXQNWLKUHU9HUKDIWXQJ LQ +DQQRYHU/DQJHQKDQJHQ DP 'RQQHUVWDJ OHW]WHU :RFKH HUVW  -DKUH DOW ,Q HLQHP=HLWUDXPYRQUXQG]ZHL'XW]HQG0RQDWHQKDWWHQLKUHLJHQHUUFNVLFKWV ORVHU)DQDWLVPXVXQGGLHNRQVHTXHQWH-DJGGHU3ROL]HLLKUH=JHGHUDUWHQWVWHOOW GD‰ PDQ VLH DXIJUXQG lX‰HUHU 0HUNPDOH QLFKW PHKU LGHQWLÀ]LHUHQ NRQQWH 9RQ HLQHPEHVWLPPWHQ$OWHUDQVRVDJWPDQLVWMHGHU0HQVFKIUVHLQ*HVLFKWVHOEVW YHUDQWZRUWOLFK'DV*HVLFKWGHU8OULNH0HLQKRI ZXUGH]XP6LQQELOGHLQHVGHUDUW JUQGOLFKYHULUUWHQ/HEHQVGD‰PDQGLHVH)UDXQLFKWHLQPDOPHKUDQLKUHPHLJH QHQ*HVLFKWHUNHQQHQNRQQWHHEG6I

9RQHLQHU6FKZLHULJNHLWGHU3ROL]HL8OULNH0HLQKRI PLW6LFKHUKHLW]XLGHQ WLÀ]LHUHQZLUGDXFKDQDQGHUHU6WHOOHEHULFKWHW6LHKDWWHQHEHQGHPYHU lQGHUWHQ$XVVHKHQZRKOHEHQVRGDPLW]XWXQGDVVVLHYRUKHUQLHÄHUNHQ QXQJVGLHQVWOLFK EHKDQGHOW¶ ZRUGHQ ZDU ,P ]LWLHUWHQ $QIDQJVDEVDW] GHV 4XLFN%HLWUDJV ZLUG DEHU EHU GLH H[SOL]LW DOV 7HLO HLQHV &RPPRQ 6HQVH HLQJHIKUWH $QQDKPH GDVV HV HLQH 9HUDQWZRUWXQJ IU GDV $XVVHKHQ GHV *HVLFKWV JHEH GHU ² DXFK XQWHU GLHVHU 9RUDXVVHW]XQJ QRFK NHLQHVZHJV ]ZLQJHQGH ² 5FNVFKOXVV YRQ GHU 9HUlQGHUXQJ GHV $XVVHKHQV GLH HLQ :LHGHUHUNHQQHQXQP|JOLFKPDFKWHDXI GDVYHULUUWH/HEHQ¶DOVSODXVLEHO SUlVHQWLHUW

$EE6WHUQ+6² GHQ 9HUVXFK VLFK JHJHQ )RWRJUDÀHQ ]X ZHKUHQ 8OULNH 0HLQKRI  ZLUG GDEHL YRQ EHLGHQ 6HLWHQLQ3RVLWLRQJHKDOWHQ  9JO'HU0RUGEHIHKO,Q6WHUQ+6²KLHU6



0DUWLQ6WHLQVHLIHU

,P4XLFN%HLWUDJZLUGGLH(QWZLFNOXQJYRQ8OULNH0HLQKRI LQGHU5FN VFKDXDOVÄXQDXIKDOWVDPHU$EVWLHJ¶SUlVHQWLHUW'LHVHVWDUNH8QWHUVWHOOXQJ ÀQGHW VLFK LQ GHQ HKHU OLEHUDOHQ 3XEOLNDWLRQHQ QLFKW GRFK GLH %HWRQXQJ GHV *HVLFKWV XQG GLH 3DUDOOHOLVLHUXQJ YRQ VLFKWEDUHQ 8QWHUVFKLHGHQ ]ZL VFKHQ%LOGHUQXQGHLQHP:DQGHOGHUDEJHELOGHWHQ3HUVRQÀQGHWVLFKDXFK KLHU'HU6WHUQHU|IIQHWHLQHQ%HLWUDJ]X8OULNH0HLQKRIGHULQHLQHU5HLKH YRQ 3RUWUlWV GHU $QJHNODJWHQ ]XP $XIWDNW GHV 3UR]HVVHV LQ 6WDPPKHLP DP0DLHUVFKHLQWPLWGHU=XVDPPHQVWHOOXQJYRQ%LOGHUQDXI  HLQHU'RSSHOVHLWHGLHMHZHLOVGHQ.RSI YRQ8OULNH0HLQKRI ]HLJHQ$EE  6LHVLQGEHU-DKUHV]DKOHQGLHGHQ%LOGXQWHUVFKULIWHQMHZHLOVJUR‰YR UDQJHVWHOOWVLQG]XHLQHUFKURQRORJLVFKHQ%LOGHUVHULHYHUEXQGHQ,P6HL WHQ 7LWHOZLUGDXFKKLHUGLHVLFKWEDUH9HUlQGHUXQJGHV*HVLFKWVPLWHLQHU (QWZLFNOXQJYHUEXQGHQDQGHUHQ(QGH*HZDOW²DXFKJHJHQ3HUVRQHQ² JHUHFKWIHUWLJWZLUGÅ'LH*HVLFKWHUGHU8OULNH0HLQKRI ²6WDWLRQHQHLQHV /HEHQV0LW-DKUHQULHI VLH]XPHUVWHQ0DO]XU*HZDOWJHJHQ0HQVFKHQ DXIÄ1DWUOLFKNDQQJHVFKRVVHQZHUGHQ¶´=ZDUZLUGGLH9HUlQGHUXQJGHV *HVLFKWVQLFKWH[SOL]LWDOV)ROJHGHV/HEHQVZDQGHOVEH]HLFKQHWXQGGLH 6HULHLVWVRZHLWYHUOlQJHUWGDVVVLHVLFKIDVWVHOEVWQHJLHUWXQGHLQH=XRUG QXQJGHVPLWGHP=LWDWEHOHJWHQ:HQGHSXQNWVLQGHU+DOWXQJ]XU*HZDOW QLFKWPHKUNODUHLQHUVLFKWEDUHQ'LIIHUHQ]]ZLVFKHQHLQ]HOQHQ%LOGHUQ]X ]XRUGQHQLVW$EHUEHLDOOHQ8QWHUVFKLHGHQ]X4XLFNXQG%LOG=HLWXQJEOHLEW GLH8QWHUVWHOOXQJGLHVHOEH'DVVPDQDQGHQ*HVLFKWHUQGHU8OULNH0HLQ KRI GHQ:HJ]XP*HZDOWDXIUXI XQG]XP*HZDOWKDQGHOQDEOHVHQN|QQWH 7H[W%LOG=XVDPPHQVWHOOXQJHQ GLH GLHVHP 0XVWHU HQWVSUHFKHQ ÀQGHQ VLFK QLFKW QXU ZlKUHQG GHV (UHLJQLV]XVDPPHQKDQJV VRQGHUQ DXFK LQ UFNEOLFNHQGHQ 'DUVWHOOXQJHQ ZLH HWZD DXI  HLQHU YRQ PHKUH UHQ %LOGHUVHLWHQ PLW GHQHQ GHU 6WHUQ LP )UKMDKU  HLQH IQIWHLOL JH 6HULH ]XP Ä7HUURUMDKU ¶ XQG GHU *HVFKLFKWH GHU 5$) HU|IIQHWH 'LH %LOGHUUHLKH EHVWHKW DXV GUHL %LOGHUQ HUQHXW YRQ 8OULNH 0HLQKRI EHL GHU GHU :DQGHO ]XU 7HUURULVWLQ DXIJUXQG LKUHU |IIHQWOLFKHQ 9RUJH VFKLFKWH DOV -RXUQDOLVWLQ YLHOOHLFKW EHVRQGHUV HUNOlUXQJVEHGUIWLJ HU  Å'HUXQDXIKDOWVDPH$EVWLHJGHU8OULNH0HLQKRI´ODXWHWGHU6HLWHQWLWHODXI 6GHV%HLWUDJV LQ4XLFN+  >(ULFK .XE\@ Å'LH $QJHNODJWHQ´ ,Q 6WHUQ +   6 ² ² KLHU 6²'LH=XRUGQXQJHQGHU-DKUHV]DKOHQ]XGHQ$XIQDKPHQVLQGLP(LQ]HOIDOOPLW9RU VLFKW]XEHWUDFKWHQ6RLVWGHU*HVLFKWVDXVVFKQLWWGHU8OULNH0HLQKRI QDFKGHU9HUKDIWXQJ ]HLJWXQGGHQDXFKGLH4XLFNLQGLHVHP=XVDPPHQKDQJYHUZHQGHWKDWWHDXI GDV-DKU GDWLHUWZlKUHQGIUGDV-DKUHLQDQGHUHU%LOGDXVVFKQLWWDXVGHPVHOEHQ=XVDPPHQKDQJ YHUZHQGHWZLUG  'DVJLOWDXFKIUGLH%LOGXQWHUVFKULIWHQ]XGHQLQ$QPJHQDQQWHQ%LOGHUVHULHQYRQ*X GUXQ(QVVOLQLQ)UDQNIXUWHU5XQGVFKDXXQG6SLHJHO  'LH*HVFKLFKWHGHU5$),Q6WHUQ+6²

'LH5$)DOV0HGLHQHUHLJQLV



VFKHLQW $EE   'LH 8QWHUVFKULIW ODXWHW Å'UHL *HVLFKWHU HLQHU )UDX 8OULNH0HLQKRI DOV6WXGHQWLQLQGHQHU-DKUHQDOVHUIROJUHLFKH-RXUQD OLVWLQ LQ GHQ 6HFK]LJHUQ XQG EHL LKUHU )HVWQDKPH DOV 7HUURULVWLQ ´

$EE6WHUQ+6$XVVFKQLWW

'LH HUVWHQ 6HLWHQ GHV 6WHUQ%HLWUDJV YHUVDPPHOQ YRUJHEOLFK GLH ÅGUDPD WLVFKVWHQ%LOGHUGLHVHU=HLW´6LHUHLFKHQYRQHLQHP7DWRUWELOGGHV.DXI KDXVEUDQGVYRQEHUGLH%LOGHUGHU7RWHQXQG9HUOHW]WHQYRQ6WDPP KHLPDXVGHP-DKUXQGHLQHP7DWRUWELOGGHV%RPEHQDQVFKODJVDXI  GHQ*HIlQJQLVQHXEDXLQ:HLWHUVWDGWGHPOHW]WHQ$QVFKODJLP1DPHQGHU 5$)DXVGHP-DKU=XGHQÄGUDPDWLVFKVWHQ¶%LOGHUQJHK|UWGLH%LO GHUVHULH YRQ 8OULNH 0HLQKRI  ZRKO NDXP 8PVR LQWHUHVVDQWHU LVW HV GDVV HVGLH'DUVWHOOXQJVIRUPGHVÄGXUFKGHQ7HUURULVPXVYHUlQGHUWHQ*HVLFKWV¶ LQGLHVH=XVDPPHQVWHOOXQJJHVFKDIIWKDW'DVPDJPLWGHUDQVFKDXOLFKHQ (YLGHQ]]XWXQKDEHQGLHVLHDOVHLQIDFKH7H[W%LOG)RUPGHUVFKZHU]X HUNOlUHQGHQ (QWZLFNOXQJ YRQ Ä%UJHUNLQGHUQ¶ ]X Ä7HUURULVWHQ¶ YHUOHLKW ² PDQVLHKWMDGLH9HUlQGHUXQJ(VPDJDEHUDXFKGDPLW]XVDPPHQKlQJHQ GDVVVLHVLFKDOV)RUP]XU'DUVWHOOXQJYRQÄ.|SIHQ¶RGHUÄ*HVLFKWHUQ¶GHV 7HUURULVPXVPLWHLQHU]ZHLWHQ$UWLNXODWLRQVIRUPDXVGHP7HUURULVPXV=X VDPPHQKDQJEHUKUWGHU)RUPGHV)DKQGXQJVSODNDWV

 (EG6  (EG6  'HUDQGLH%LOGHUVHLWHQDQVFKOLH‰HQGH%HLWUDJYRQ6WHIDQ6FKPLW]WUlJWDOVHUVWHU7HLOGHU 6HULHGHQ7LWHOÅ9RP3URWHVW]XP7HUURU´6 XQGKlOWGDPLWGLH9HUELQGXQJYRQ6WX GHQWHQUHYROWHXQG7HUURULVPXVDOV7HLOGHU9RUJHVFKLFKWHGHVÄ7HUURUMDKUHV¶IHVW



 

0DUWLQ6WHLQVHLIHU

Ä*HVLFKWHUGHV7HUURULVPXV¶² )DKQGXQJVSODNDWHXQGLKUH$GDSWLRQHQ

'DV )DKQGXQJVSODNDW PDUNLHUW ]ZDU NHLQHQ NRPPXQLNDWLRQVJHVFKLFKWOL FKHQ8PEUXFKXQGHVLVWDXFKNHLQH(UÀQGXQJGHUHU-DKUH(VLVWDEHU DOV 0HGLHQIRUPDW HLQH 1HXHUXQJ LQ GHU .RPPXQLNDWLRQVJHVFKLFKWH GHU %5' GLH DXI  GHQ (UHLJQLV]XVDPPHQKDQJ Ä7HUURULVPXV¶ ]XUFNJHKW XQG JHUDGHGHVZHJHQELVKHXWHPLWLKPYHUEXQGHQZLUG'LH9HUIROJXQJVEH K|UGHQ YHUEUHLWHWHQLKUH%LWWHXP8QWHUVWW]XQJEHL GHU )DKQGXQJ QDFK 0LWJOLHGHUQ GHU 5$) XQG DQGHUHU *UXSSHQ HUVWPDOV QLFKW QXU EHU GLH HWDEOLHUWHQ0DVVHQPHGLHQVRQGHUQVLHVFKXIHQVLFKPLWGHP)DKQGXQJV SODNDWHLQHLJHQHVPDVVHQPHGLDOHV)RUPDW$OV0LWWHOGHU)DKQGXQJHUZLHV HVVLFKYRQ$QIDQJDQDOVZHQLJ]ZHFNPl‰LJZHLOGLH*HVXFKWHQLKU$XVVH KHQYHUlQGHUWHQXQG+LQZHLVHLPPHUZLHGHU]XIDOVFKHQ9HUGlFKWLJXQJHQ IKUWHQDEHUDOV(ULQQHUXQJDQGLH5HDOLWlWHLQHUÄWHUURULVWLVFKHQ%HGUR KXQJ¶ZDUHQGLH3ODNDWHZLUNXQJVYROO'DVKDWWHQLFKWQXUPLWLKUHUJUR‰HQ 9HUEUHLWXQJ VRQGHUQ HUQHXW DXFK PLW (LJHQVFKDIWHQ GHU $XVGUXFNVIRUP ]XWXQ²PLWGHUVSH]LÀVFKHQYLVXHOOHQ*HVWDOW

$EE)DKQGXQJVSODNDWYRQKLHUQDFK*|UWHPDNHU6  9JOGD]XMHW]WDXFK5HJHQHU   'LHVH)DKQGXQJVSDQQHQZDUHQEHUHLWVLP)UKMDKUVHOEVW*HJHQVWDQGPDVVHQPHGLDOHU %HULFKWHUVWDWWXQJ9JOÅ*HEHQ6LHGRFK]XVLHVLQG8OULNH0HLQKRI´:LHGLH3ROL]HLEHLGHU 6XFKHQDFKGHU%DDGHU0HLQKRI*UXSSHGLH)DOVFKHQMDJW,Q6WHUQ+6²

'LH5$)DOV0HGLHQHUHLJQLV



$EE4XLFN+7LWHO

'HQJU|‰WHQ7HLOGHU3ODNDWÁlFKHQHKPHQ$EELOGXQJHQYRQVFKZDU]ZHL ‰HQ)RWRVGLHLQPHKUHUHQ5HLKHQ]XHLQHP%LOGUDVWHUDQJHRUGQHWVLQGXQG GLH MHZHLOV GDV *HVLFKW HLQHU 3HUVRQ YRU HLQHP QHXWUDOHQ RGHU MHGHQIDOOV QLFKWJHJHQVWlQGOLFKHQ+LQWHUJUXQG]HLJHQ²PHLVWLQ)URQWDODQVLFKWRGHU OHLFKWHP+DOESURÀO8QWHUGHQ%LOGHUQVWHKWMHZHLOVHLQ1DPHXQG$QJDEHQ ]XP*HEXUWVGDWXPXQGZHLWHUHV2EHUKDOEXQGXQWHUKDOEGHV5DVWHUIHOGHV ÀQGHQVLFK7H[W]HLOHQRGHU7H[WEO|FNHPLW+LQZHLVHQ]XP$XIWUDJJHEHU GHU3ODNDWH]XU)DKQGXQJXQG]XU*HIlKUOLFKNHLWGHU*HVXFKWHQ,QGHU /RJLNGHU)DKQGXQJVROOHQGLH$EELOGXQJHQGD]XEHLWUDJHQGLHQDPHQWOLFK *HVXFKWHQ ]X LGHQWLÀ]LHUHQ ZHLO VLH VLH DOV )RWRJUDÀHQ ZLHGHUHUNHQQEDU ]HLJHQ$OOHUGLQJVOlVVWVFKRQGLHWHFKQLVFKH4XDOLWlWYLHOHUGHU)RWRJUDÀHQ ²KDUWH.RQWUDVWHXQGJUREH5DVWHUXQJ²VLHNDXPGD]XJHHLJQHWHUVFKHL QHQ GLHVH ,GHQWLÀ]LHUXQJVIXQNWLRQ ]X HUIOOHQ (QWVSUHFKHQG LVW DXFK LQ GHQ0HGLHQQLFKWQXUDQOlVVOLFKYRQ9HUKDIWXQJHQLPPHUZLHGHUGLH5HGH GDYRQGDVVGLH*HVXFKWHQGHQ)DKQGXQJVIRWRVQLFKWlKQOLFKVHKHQ

 %HLPDQFKHQ$EELOGXQJHQLVWHUNHQQEDUGDVVGDV*HVLFKWNQVWOLFKIUHLJHVWHOOWZXUGHXP GHP%LOGW\SHLQHUNODUNRQWXULHUWHQ)LJXUGLHVLFKYRQHLQHPHLQIDUELJHQQHXWUDOHQ*UXQG DEKHEW]XHQWVSUHFKHQ  6RHWZDDXFKLPHUVWHQ%HLWUDJGHV6SLHJHOQDFKGHU(QWIKUXQJYRQ+DQQV0DUWLQ6FKOH\HU LP6HSWHPEHU+6 LQGHPGDUDXI KLQJHZLHVHQZLUGGDVVÅNDXP HLQHUGHUJHVXFKWHQ7HUURULVWHQ>@QRFKbKQOLFKNHLWPLWGHQPLWXQWHU-DKUHDOWHQ)DKQ GXQJVSKRWRV´KlWWH



0DUWLQ6WHLQVHLIHU

:HQQ GLH )RWRV WURW]GHP ZHLWHU YHUZHQGHW ZHUGHQ GDQQ GUIWH GDV QHEHQ*UQGHQGHU9HUIJEDUNHLWDXFKGDPLW]XVDPPHQKlQJHQGDVVVLHLQ GHU=XVDPPHQVWHOOXQJ]XHLQHP%LOGUDVWHUJHUDGHDXIJUXQGLKUHU*OHLFK I|UPLJNHLWGD]XJHHLJQHWZDUHQXQGVLQGGLHÄ7HUURULVWHQ¶DOV7\SGDU]X VWHOOHQ6LHYHUOHLKHQGHPÄ7HUURULVPXV¶HLQZLHGHUHUNHQQEDUHVXQGGDEHL XQVFKDUIHVÄ*HVLFKW¶ZlKUHQGGLHJHVXFKWHQ*HZDOWWlWHULP$OOWDJJHUDGH QLFKWZLHÄ7HUURULVWHQ¶DXVVHKHQVRQGHUQY|OOLJXQDXIIlOOLJVLQG 'DVVGLH=XVDPPHQVWHOOXQJDXI GHP3ODNDWDOV'DUVWHOOXQJYRQÄ7HU URULVWHQ¶ ]X YHUVWHKHQ LVW GDIU VSUHFKHQ QLFKW ]XOHW]W GLH 6FKULIW]JH GLH EHU GHP 7H[W%LOG5DVWHU LQ GHU 3RVLWLRQ HLQHU hEHUVFKULIW VWHKHQ (VLVWZDKUVFKHLQOLFKQLFKWHLQIDFK=XIDOOGDVVVLFKGDEHLLP9HUODXI GHU HU-DKUHGDV:RUWÄ7HUURULVWHQ¶GXUFKVHW]W+HL‰WHVDXI HLQHP3ODNDW GDVQDFKGHQ%RPEHQDQVFKOlJHQYRP0DLJHGUXFNWZXUGH$EE  QRFKÅ$QDUFKLVWLVFKH*HZDOWWlWHU²%DDGHU0HLQKRI%DQGH´VRÀQGHWVLFK DQ JOHLFKHU 6WHOOH LQ GHQ IROJHQGHQ -DKUHQ GLH =HLOH Å'ULQJHQG JHVXFKWH 7HUURULVWHQ´8QGDEGHQHU-DKUHQKHL‰WGLH7LWHO]HLOHVFKOLH‰OLFKQXU QRFKÅ7HUURULVWHQ´ 'LH 'DUVWHOOXQJ HLQHU WHUURULVWLVFKHQ %HGURKXQJ GLH QLFKW ]X IDVVHQ LVW²SROL]HLOLFKQLFKWXQGELOGOLFKQLFKW²PXVVDOVRDOVLP=XVDPPHQKDQJ PLWGHQ)DKQGXQJVSODNDWHQZRKODOV7HLOGHUVWDDWOLFKHQ,QV]HQLHUXQJVDE VLFKWDQJHVHKHQZHUGHQ6LHUFNWDEHUJHJHQEHUGHU)DKQGXQJVIXQNWLRQ HQGJOWLJLQGHQ9RUGHUJUXQGZHQQGLH$UWLNXODWLRQVIRUPLQGHQ0DVVHQ PHGLHQDXIJHJULIIHQXQGZLHGHUYHUZHQGHWZLUG1HEHQ)RWRVYRQ3ODNDWHQ LQVLWXRGHU$EELOGXQJHQYRQ$XVVFKQLWWHQÀQGHQVLFKLPPHUZLHGHUDXFK HLJHQVWlQGLJH$GDSWLRQHQGHU)RUP (LQHVROFKH$GDSWLRQHUVFKLHQ(QGH2NWREHU²QDFKGHU$NWLRQ LQ0RJDGLVFKXGHQ7RGHVIlOOHQYRQ6WDPPKHLPXQGGHP0RUGDQ+DQQV 0DUWLQ6FKOH\HU²DOV7LWHOVHLWHGHU,OOXVWULHUWHQ4XLFN$EE 'DV%LOGUDV WHUKHEWVLFKKLHUYRUHLQHPURWHQ+LQWHUJUXQGDEGLH1DPHQWUHWHQJHJHQ EHUGHQ3ODNDWHQGHU%HK|UGHQ]XUFNXQGDOVUDKPHQGH=XVFKUHLEXQJ ZLUGLH=HLOHÅ'LH6WDDWVIHLQGH´LQ)RUPHLQHVVFKUlJHQJHOEHQ6WUHLIHQV EHUGDV%LOGUDVWHUJHVHW]W,QGHU8QWHU]HLOHZLUGGLH%HGURKXQJQRFKHLQ  9JO GHQ 7LWHO GHV ]XYRU JHQDQQWHQ 6SLHJHO %HLWUDJV +   6   ÅÄ(LJHQWOLFK PVVWHMHGHUYHUGlFKWLJVHLQ¶GDV'LOHPPDGHU7HUURULVWHQ)DKQGXQJ8QWHUJUXQGLQ%U JHUPDVNH´  6RHWZDDXI GHQ3ODNDWHQPLWGHQ6LJQDWXUHQ3ODNXQG3ODNGHV %XQGHVDUFKLYV  9JOGDV3ODNDWGHV%XQGHVNULPLQDODPWVYRQGDVLP/HEHQGLJHQYLUWXHOOHQ0XVHXP2Q OLQH /H02 GHV 'HXWVFKHQ +LVWRULVFKHQ 0XVHXPV XQG GHV +DXVHV GHU *HVFKLFKWH GHU %XQGHVUHSX EOLN 'HXWVFKODQG LP .DSLWHO Å/LQNVWHUURULVPXV´ YHUZHQGHW ZLUG ,QWHUQHW KWWSZZZGKP GHOHPRKWPO'DV*HWHLOWH'HXWVFKODQG1HXH+HUDXVIRUGHUXQJHQ/LQNVWHUURULVPXVLQGH[KWPO 6WDQG  VRZLHDXFKGLH3ODNDWH3ODN3ODN3ODN GHV%XQGHVDUFKLYV

'LH5$)DOV0HGLHQHUHLJQLV



PDOHLJHQVKHUYRUJHKREHQZHQQGHU5FNEH]XJDXI GDVJHUDGHSUlVHQWH (UHLJQLVJHQXW]WZLUGXPHLQH$XVVDJHGLHLQGLH=XNXQIWZHLVW]XSODXVL ELOLVLHUHQÅ6FKOH\HULVWWRW²GRFKVFKRQVXFKHQVLHLKUQlFKVWHV2SIHU´

$EE.RQNUHW+0lU]7LWHO

$EE3ODNDWGHU6HFRXUV5RXJH,QWHUQDWLRQDO  4XLFN+7LWHO



0DUWLQ6WHLQVHLIHU

'HUDUWLJH$GDSWLRQHQÀQGHQVLFKHUQHXWDXFKEHLVSlWHUHQ5FNEH]JHQ DXI  GHQ (UHLJQLV]XVDPPHQKDQJ (V LVW DOOHUGLQJV QLFKW QXU HLQ ]HLWOLFKHU $EVWDQGYRQ-DKUHQVRQGHUQDXFKHLQSROLWLVFKHUGHUGLH7LWHOVHLWHGHU LQGHQHU-DKUHQUHFKWZHLWYHUEUHLWHWHQUHFKWVNRQVHUYDWLYHQ,OOXVWULHU WHQ4XLFNYRQHLQHU7LWHOVHLWHGHUOLQNHQ=HLWVFKULIWNRQNUHW²HLQHVGHUZLFK WLJHQ2UJDQHGHU6WXGHQWHQEHZHJXQJGDVKHXWHHLQ1LVFKHQGDVHLQIULVWHW ²YRP0lU]WUHQQW'XUFKGLH'LVNXVVLRQXPGLH+DIWHQWODVVXQJHQ YRQ%ULJLWWH0RKQKDXSWXQG&KULVWLDQ.ODUZXUGHGLH(ULQQHUXQJDQGHQ ÄGHXWVFKHQ+HUEVW¶LQYHUVFKLHGHQHQ0DVVHQPHGLHQDXI GDV)UKMDKUYRU JH]RJHQ'LHVH|IIHQWOLFKH$XIPHUNVDPNHLWDXI GHQÄOLQNHQ7HUURULVPXV¶ ELOGHWGHQ=XVDPPHQKDQJGHU7LWHOVHLWHGLHGDV0XVWHUGHV)DKQGXQJVSOD NDWVDGDSWLHUWXQGVHLQ.RQQRWDWLRQVSRWHQ]LDOQXW]W²HVDOOHUGLQJV]XJOHLFK LQHLQHQDQGHUHQ=XVDPPHQKDQJUFNW$EE :LFKWLJGDIULVWGHU7H[W (ULVWHUQHXWLQHLQHQGLHVPDOZHL‰HQ6WUHLIHQJHVHW]WGHUGDV%LOGUDVWHU VFKUlJGXUFKVFKQHLGHWXQGGDKHUDOVHLQHGDUEHUOLHJHQGH(EHQHHUVFKHLQW 'LH $XIVFKULIW EHWRQW MHGRFK QLFKW PHKU HLQH DNWXHOOH %HGURKXQJ GXUFK Å6WDDWVIHLQGH´VRQGHUQEHQHQQWHKHUGDV*HJHQWHLOÅ5$)HUOHGLJW´XQG VLHQXW]WGDEHLDXFKQLFKWGLHVWLJPDWLVLHUHQGH%H]HLFKQXQJÅ7HUURULVWHQ´ VRQGHUQ GLH NROOHNWLYH 6HOEVWEH]HLFKQXQJ Å5$)´ $OOHUGLQJV LVW GHU 7H[W VHOEVWQXUXQWHU%HUFNVLFKWLJXQJVHLQHUYLVXHOOHQ*HVWDOW]XYHUVWHKHQ'LH JHJHQEHUGHQ.DQWHQGHV6WUHLIHQVHUQHXWVFKUlJYHUVHW]WH3RVLWLRQXQG 5DKPXQJ GHV 3DUWL]LSV HUOHGLJW ODVVHQ DQ HLQHQ 6WHPSHO GHQNHQ GHU GHP Ä9RUJDQJ 5$)¶ DXIJHGUFNW ZLUG ]XPDO DXFK KLHU HLQH hEHUODSSXQJ GHU EHLGHQ6FKULIW]JHYRUOLHJW+LQ]XNRPPWDOVHLQZHLWHUHVYLVXHOOHV(OHPHQW QRFKHLQ+DNHQUHFKWVXQWHUGHPHUOHGLJW.DVWHQ(UYHUOHLKWGHU$XVVDJH Ä'LH5$)LVWHUOHGLJW¶]XVlW]OLFKHQ1DFKGUXFN0DQNDQQGLH9HUGRSSOXQJ GHV1DFKGUXFNVGXUFK6WHPSHOXQG+DNHQDEHU]XJOHLFKDXFKDOV+LQZHLV GDUDXI YHUVWHKHQGDVVGLHVFKULIWELOGOLFKDUWLNXOLHUWH%HZHUWXQJQLFKWJDQ] EHLP:RUW]XQHKPHQLVWXQGQLFKWGLH3RVLWLRQGHU=HLWVFKULIWPDUNLHUW 'LHVH P|JOLFKH /HVDUW EHVWlWLJW VLFK EHLP %OLFN LQ GLH /HLW.ROXPQH +HUPDQQ / *UHPOL]DV ]XP 7LWHOWKHPD 'HQQ HU DWWDFNLHUW GDULQ HLQH ÄEUJHUOLFKH¶gIIHQWOLFKNHLWGLHGLH5$)HUOHGLJHQZROOH²DOOHQYRUDQ-DQ 3KLOLSS 5HHPWVPD GHU LQ ÄIDQDWLVFKHU¶ :HLVH PLW VHLQHP ,QVWLWXW IU 6R ]LDOIRUVFKXQJDQJHWUHWHQVHLÅQLFKWQXUGLH*HVFKLFKWHGHU5$)XQGGHU UDGLNDOHQ/LQNHQLQNOXVLYHGHV7HLOVGHQHUVHOEHUDQLKUKDWWH>]X@ÄOLTXLGLH UHQ¶VRQGHUQMHGH.ULWLNGHUKHUUVFKHQGHQ9HUKlOWQLVVH>]X@GHQXQ]LHUHQ´ 'HPJHJHQEHUYHUODQJW*UHPOL]DHLQHVFKZHUP|JOLFKHKDOELHUWHÄ(UKDO WXQJ¶GHU5$)DOV'URKNXOLVVH

 +HUEHUW/*UHPOL]D7RWH$UPHH)UDNWLRQ,Q.RQNUHW+0lU]6²  (EG6

'LH5$)DOV0HGLHQHUHLJQLV



,P6RPPHUGHUQHXH3DWULRWLVPXVLP:LQWHUGLH(UOHGLJXQJGHU5$)'HU7HXIHO KROHLKUH3UD[LVDEHU*RWWHUKDOWHVLHXQVDOVNRQVWDQWH'URKXQJEHUGHQ+lXS WHUQMHQHUGLHGDVEUJHUOLFKH/HEHQXQGDOOGLH=XPXWXQJHQZHOFKHHVQRFKLQ SHWWRKDWDXV]XKDOWHQOHKUHQZROOHQ:HUQLFKWPLW5HYROXWLRQGURKWEHNRPPW QLFKW HLQPDO .UDQNHQJHOG 0DQ Z‰WH JHUQ ZHOFKH 8QWDWHQ GHU +HUUVFKHQGHQ XQVGLH$QJVWHUVSDUWKDWZHOFKHGLH7DWHQGHU5$)XQWHULKQHQYHUEUHLWHWKDEHQ

=XGLHVHUDEVWUDNWHQ,GHDOLVLHUXQJGHU5$)SDVVWHVGDVVDXI GHU7LWHOVHLWH DXI HLQH,GHQWLÀ]LHUXQJGHU*HVLFKWHUGXUFK1DPHQYHU]LFKWHWZLUGXQG GLH%LOGHU]XHLQHUJHVFKORVVHQHQ)OlFKHYHUEXQGHQZHUGHQZREHLGHU(LQ GUXFNGHU)OlFKLJNHLWGXUFKGLHURWH(LQIlUEXQJQRFKYHUVWlUNWZLUG'DPLW ZLUGHLQHUVHLWVGLHLQGHU)RUPGHV)DKQGXQJVSODNDWVDQJHOHJWH7\SLVLHUXQJ XQG+RPRJHQLVLHUXQJZHLWHUYHUVWlUNW=XJOHLFKZLUGDEHUDQGHUHUVHLWVJH UDGHDXI HLQH)RUP]XUFNJHJULIIHQGLHEHUGLHJH]HLJWHQ*HVLFKWHU3HU VRQHQ LQ GHQ 0LWWHOSXQNW VWHOOW GHUHQ %LOGHU MHGHQIDOOV LQ HLQLJHQ )lOOHQ ZLHGHUHUNHQQEDUEOHLEHQ$XFKGLHDEVWUDNWH,GHDOLVLHUXQJGHU5HYROXWL RQVGURKXQJ EUDXFKWLGHQWLÀ]LHUEDUH +HOGHQ² XQG GLHVHOLHIHUW QLFKW QXU LP)DOOYRQ*UHPOL]DSDUDGR[HUZHLVHGDV)DKQGXQJVSODNDW(LQZHLWHUHV %HLVSLHO GDIU LVW GDV 3ODNDW PLW GHP GLH VHOEVW HUNOlUWHQ UHYROXWLRQlUHQ .lPSIHUGHU6HFRXUV5RXJH,QWHUQDWLRQDOLP2NWREHUGUHL‰LJ-DKUHQDFK GHP7RGYRQ$QGUHDV%DDGHU*XGUXQ(QVVOLQXQG-DQ&DUO5DVSHLQGHU -XVWL]YROO]XJVDQVWDOW 6WXWWJDUW6WDPPKHLP ]X HLQHU 6ROLGDULWlWVYHUDQVWDO WXQJDXIULHIHQ$EE $XFKKLHUELOGHWGDV=HQWUXPGHV3ODNDWVHLQ%LOG UDVWHUDXVGHVVHQNRQWUDVWDUPHUXQGGDGXUFKHLQKHLWOLFKÁlFKLJHU*HVWDOW DOOHUGLQJVGLH%LOGHUGHUGUHLJHQDQQWHQ7RWHQXQGGDVGHUGHUGDPDOVLQ LKUHU=HOOHVFKZHUYHUOHW]WDXIJHIXQGHQHQ,QJULG6FKXEHUWGXUFKJU|‰HUHV  (EG  ,Q GLHVHU 9DULDQWH ZXUGH GLH )RUP GHV )DKQGXQJVSODNDWV HLQ -DKU VSlWHU DXFK DXI  GHP 3ODNDWGHV)LOPÅ'HU%DDGHU0HLQKRI .RPSOH[´ YRQ%HUQG(LFKLQJHUXQG8OL(GHO YHUZHQGHWZREHLKLHUGLH)DKQGXQJVIRWRVGXUFK)RWRVGHU'DUVWHOOHUGHV)LOPVHUVHW]WVLQG GLHDEHUHUVWYRUGHU)ROLHGHUDOVEHNDQQWXQWHUVWHOOWHQ)DKQGXQJVIRWRVGHQ(LQGUXFNYRQ bKQOLFKNHLW KHUYRUUXIHQ N|QQHQ XQG GDPLW IU GLH $XWKHQWL]LWlW GHV )LOPV ZHUEHQ 8QG DXFKLQGHU%HULFKWHUVWDWWXQJ]XP)LOPZXUGHQGLHURWKLQWHUOHJWHQ)RWRVDXIJHJULIIHQ9JO Å(V ZDU HLQPDO LQ :HVWGHXWVFKODQG´ ,Q )UDQNIXUWHU $OOJHPHLQH 6RQQWDJV]HLWXQJ  6  (LQZLHEHLPNRQNUHW7LWHOURWHLQJHIlUEWHU$XVVFKQLWWDXVHLQHP)DKQGXQJVSODNDWPLWGHQ *HVLFKWHUQYRQ$QGUHDV%DDGHU*XGUXQ(QVVOLQ+ROJHU0HLQVXQG8OULNH0HLQKRI ZDKU VFKHLQOLFKYRQ ÀQGHWVLFKDOVJDQ]VHLWLJH$EELOGXQJDXFKDXI GHP&RYHUGHU1HXDXI ODJHGHV%XFKHVÅ+DQVXQG*UHWH´$XIEDX9HUODJ YRQLQGHP$VWULG3UROOVHOEVW HKHPDOLJHV0LWJOLHGGHU5$)Å%LOGHUGHU5$)²´]XVDPPHQJHVWHOOWKDW  9JOGLH6HOEVWGDUVWHOOXQJXQWHU ZZZUKLVULRUJ6WDQG LQGHUHVXQWHUDQGHUHP KHL‰WÅ'LH$NWLYLWlWHQGHU5+,VLQGZHGHUKXPDQLWlUQRFKNDULWDWLYVLHVLQGSROLWLVFKHU1D WXU6LHYHUVWHKHQVLFKDOV7HLOGHUZHOWZHLWHQDQWLNDSLWDOLVWLVFKHQDQWLLPSHULDOLVWLVFKHQXQG DQWLIDVFKLVWLVFKHQ%HZHJXQJGLHVLFKGHQ6WXU]YRQ$XVEHXWXQJXQG8QWHUGUFNXQJ]XP =LHOJHVHW]WKDW´



0DUWLQ6WHLQVHLIHU

)RUPDWXQGVWlUNHUHQ.RQWUDVWVRZLHGXUFKGLHKLQ]XJHIJWHQ1DPHQKH UDXVJHKREHQVLQG :DVJHJHQEHUGLHVHU(ULQQHUXQJDQ0lUW\UHUGLH]XYRU DQDO\VLHUWHQ 'DUVWHOOXQJHQYHUELQGHWLVWGLH)RNXVVLHUXQJYRQ*HVLFKWHUQGHV7HUUR ULVPXV¶ LP =XVDPPHQKDQJ PLW )UDJHQ YRQ :LHGHUHUNHQQEDUNHLW ,GHQ WLÀ]LHUEDUNHLW XQG ,GHQWLWlWVZHFKVHO 6LH WUDJHQ DEHU QLFKW XQEHGLQJW ]XU .OlUXQJ EHL VRQGHUQ PDQ N|QQWH LP *HJHQWHLO EHKDXSWHQ GDVV VLH YHU ZHQGHWZHUGHQXPHLQHEOHLEHQGH8QNODUKHLW]XDUWLNXOLHUHQ'DEHLZHUGHQ GLHGDUJHVWHOOWHQ3HUVRQHQVRZHLWVLHZLHGHUHUNHQQEDUVLQGRGHUGXUFK=X VFKUHLEXQJHQLGHQWLÀ]LHUWZHUGHQDOOHUGLQJV]XJOHLFKDOVWHUURULVWLVFKH$Q WL+HOGHQSUlVHQWLHUWXQGVRKDOWHQDXFKGLH'DUVWHOOXQJHQGHUHWDEOLHUWHQ 0DVVHQPHGLHQ WURW] LKUHU 6WLJPDWLVLHUXQJ ]XJOHLFK GDV $XVJDQJVPDWHULDO IU+HOGHQJHVFKLFKWHQLPNROOHNWLYHQ*HGlFKWQLVSUlVHQW  

(ULQQHUXQJLP=HLFKHQGHU5$)² 'DV/RJRDOV/D\RXWHOHPHQW

'LH$NWHXUHGHU5$)KDEHQ]ZDUHEHQIDOOVLKUHQ$QWHLOGDUDQGDVVHV GDVELVKLHUKHUDQDO\VLHUWH0DWHULDOJLEW²GRFKEOHLEWHUVHKULQGLUHNW$OOHU GLQJVYHUIROJWHQJHUDGHGLH3URWDJRQLVWHQGHUHUVWHQ*HQHUDWLRQHLQH.RP PXQLNDWLRQVVWUDWHJLHEHLGHUVLHHVPLWDOOHU.RQVHTXHQ]YHUVXFKWKDEHQ 6LWXDWLRQHQ]XLKUHQSURSDJDQGLVWLVFKHQ=ZHFNHQXP]XGHÀQLHUHQ²QLFKW QXULPÄEHZDIIQHWHQ.DPSI¶VRQGHUQDXFKLQGHU+DIWXQGYRU*HULFKW (LQHYHUEDOYLVXHOOH)RUPPLWKRKHP:LHGHUHUNHQQXQJVZHUWGLHYRQGHQ 5$)$NWHXUHQEHUHLWVIUKJHSUlJWZXUGHXQGGLHLQVRIHUQQLFKW]XIlOOLJ DXFKDQSURPLQHQWHU6WHOOHDXI GHP3ODNDWGHU6HFRXUV5RXJHHUVFKHLQWLVWGDV /RJRGHU5$) 'HU$XIEDXGHV/RJRVGUIWHEHNDQQWVHLQ'LH6FKZDU]JHUDKPWHQ EORFNLJHQ *UR‰EXFKVWDEHQ 5$) EHUVFKUHLEHQ GLH VWLOLVLHUWH 'DUVWHOOXQJ  'LH6SDQQXQJYRQ9HUIUHPGXQJXQGP|JOLFKHU:LHGHUHUNHQQEDUNHLWGLHGLH)DKQGXQJV IRWRVPLWGHQ]XYRUDQDO\VLHUWHQ%LOGHUVHULHQYHUELQGHWNHQQ]HLFKQHWVFKOLH‰OLFKDXFKGLH :LHGHUYHUZHQGXQJGHU%LOGHULP2QOLQH3RUWDOGHU:RFKHQ]HLWXQJ'LH=HLWDP +LHU ZXUGHQ QDFKWUlJOLFK PLW HLQHP H[WUHP JUREHQ 5DVWHU YHUVHKHQH $EELOGXQJHQ HLQHU 5HLKHYRQ)DKQGXQJVIRWRVDOVYLVXHOOHU$XIKlQJHUHLQHU6HULHYRQ7H[WHQYHUZHQGHWXP YRUJHEOLFKGLH|IIHQWOLFKH'LVNXVVLRQGXUFK,QIRUPDWLRQHQ]XHLQ]HOQHQ5$)0LWJOLHGHUQ ]XYHUVDFKOLFKHQ'LHNQDSSHQ%HLWUlJHVLQGGD]XNDXPJHHLJQHWGLH%LOGHUDEHUGD]XGLH Å*HVLFKWHUGHV7HUURULVPXV´²VRGHU7LWHOGHU6HULH²LP|IIHQWOLFKHQ*HGlFKWQLV]XKDOWHQ 'LH6HULHLVWOHLGHUXQWHUGHUGDPDOLJHQ85/KWWSZZZ]HLWGHRQOLQHELOGHUJDOHULHUDI" 6WDQG QLFKWPHKUYHUIJEDU  (VVHLDQGLHVHU6WHOOHIUZHLWHUIKUHQGHhEHUOHJXQJHQ]XU.RPPXQLNDWLRQVVWUDWHJLHGHU 5$)$NWHXUHDXI GLH$QDO\VHQYRQ$QGUHDV(OWHULQVHLQHP%XFKÅ3URSDJDQGDGHU7DW'LH 5$)XQGGLH0HGLHQ´ KLQJHZLHVHQEHVRQGHUVDXI GDV.DSLWHOÅ'HU6WDPPKHLP 0\WKRV´6²

'LH5$)DOV0HGLHQHUHLJQLV



HLQHU 0DVFKLQHQSLVWROH YRP 7\S +HFNOHU XQG .RFK 03  'LH ZLHGHU XPEHUGHFNWLKUHUVHLWVWHLOZHLVHHLQHQURWHQIQI]DFNLJHQ6WHUQXQGEHU UDJW LKQ DQGHUHUVHLWV DXI  GHU OLQNHQ XQG UHFKWHQ 6HLWH :DV GDV /RJR LP 5DKPHQ GHU YRUOLHJHQGHQ $QDO\VHQ GHV 0HGLHQHUHLJQLV]XVDPPHQKDQJV LQWHUHVVDQW PDFKW VLQG DOOHUGLQJV ZHQLJHU 'HWDLOV VHLQHU )RUP XQG LKUHU (QWVWHKXQJVRQGHUQVHLQH|IIHQWOLFKH.DUULHUH'DV/RJRZXUGHYRQ%H JLQQDQPLWOHLFKWHQ0RGLÀNDWLRQHQ YRQGHU5RWHQ$UPHH)UDNWLRQDXI  %HNHQQHUVFKUHLEHQDOV0DUNHQ]HLFKHQYHUZHQGHWDEHUHVZXUGHLQGHQHWD EOLHUWHQ 0HGLHQIRUPDWHQ NDXP UHSURGX]LHUW *U|‰HUH PHGLHQ|IIHQWOLFKH 9HUEUHLWXQJIDQGHVHUVWPLWGHQ)RWRXQG9LGHRDXIQDKPHQGLHGLH(QW IKUHU+DQV0DUWLQ6FKOH\HUVYRQLKUHU*HLVHODQIHUWLJWHQXQGEHLGHQHQ HV MHZHLOV LP +LQWHUJUXQG ]X VHKHQ ZDU $OOHUGLQJV EHVFKUlQNWH VLFK GLH :LHGHUYHUZHQGXQJODQJH=HLWDXI GHQ$EGUXFNGLHVHU6FKOVVHO%LOGHUGHV 7HUURULVPXV=XVDPPHQKDQJV :LUNOLFK .DUULHUH PDFKWH HV LQ GHU 0H GLHQ|IIHQWOLFKNHLWDEHUHUVWQDFKGHU$XÁ|VXQJGHU5RWHQ$UPHH)UDNWLRQ LQGHQVSlWHQHU-DKUHQ)UGLHVSlWH9HUEUHLWXQJLVWDOVRGLH0HGL HQSROLWLNGHU5$)QLFKWGLUHNWYHUDQWZRUWOLFKVLHPXVVYLHOPHKUDOV)ROJH YHUlQGHUWHU /D\RXWSUDNWLNHQ GHU 3ULQWPHGLHQ EHL GHQHQ &ROODJLHUXQJHQ XQGIUHLJHVWHOOWH2EMHNWHHLQH]XQHKPHQGZLFKWLJH5ROOHVSLHOHQDQJHVH KHQZHUGHQ²/D\RXWSUDNWLNHQIUGLHVLFKGDV/RJRPLWVHLQHUNODUHQXQG GDGXUFKHLQSUlJVDPHQ*HVWDOWDQELHWHW 'LH9HUlQGHUXQJOlVVWVLFKYHUGHXWOLFKHQZHQQPDQGLH7LWHOVHLWHGHV 6SLHJHODXVGHP6HSWHPEHUPLWGHP7KHPDÅ6FKOH\HU0RJDGLVFKX 6WDPPKHLP+HUEVWGHV7HUURUV-DKUHGDQDFK´XQGGLH7LWHOVHLWHGHV 6WHUQ ]X GHU VFKRQ HUZlKQWHQ 6HULH ]XU Ä*HVFKLFKWH GHU 5$)¶ DXV GHP )UKMDKU  YHUJOHLFKW $EE  XQG $EE   %HLGH 7LWHOVHLWHQ DUEHL WHQ PLW &ROODJHQ YRQ (OHPHQWHQ PLW KRKHP .RQQRWDWLRQVSRWHQ]LDO XQG YLVXDOLVLHUHQGDPLWHLQ1HW]P|JOLFKHU$VVR]LDWLRQHQYRQ0HGLHQELOGHUQ ]XGHQHQLQEHLGHQ)lOOHQQHEHQHLQHP7DWRUWPRWLYGHP0RWLYGHUHQW IKUWHQ/XIWKDQVD0DVFKLQHÄ/DQGVKXW¶DXI HLQHP5ROOIHOGDXFKHLQHVGHU %LOGHUGHVHQWIKUWHQ+DQQV0DUWLQ6FKOH\HU]lKOW,QVRIHUQNRPPWDXFK LQEHLGHQ&ROODJHQGDV5$)/RJRYRU$XI GHP6SLHJHO7LWHOLVWHVDEHU 7HLOGHV*HLVHOELOGHVGDVKLHULQ]HQWUDOHU3RVLWLRQZLHGHUYHUZHQGHWZLUG XPGHQÄ+HUEVWGHV7HUURUV¶]XNRQQRWLHUHQ(VEOHLEWEHLGLHVHU9HUZHQ GXQJDOOHUGLQJVDXFKZHJHQVHLQHU)DUEORVLJNHLWHLQ+LQWHUJUXQGHOHPHQW

 9JOGD]XHUQHXW6DFKVVH   9JO]XGLHVHQ%LOGHUQXQGLKUHU9HUZHQGXQJ6WHLQVHLIHUXQG.DS VRZLH 6DFKVVH   $XI GHP6SLHJHO7LWHOLVWHVGHU2UWGHU(QWIKUXQJ6FKOH\HUVLQ.|OQDXI GHP6WHUQ 7LWHOGHU2UWGHV$QVFKODJVDXI $OIUHG+HUUVKDXVHQLQ2EHUXUVHO



0DUWLQ6WHLQVHLIHU

$EE6SLHJHO+7LWHO

$EE6WHUQ+7LWHO

$XI GHU7LWHOVHLWHGHV6WHUQHUVFKHLQWGDV/RJRGDQQDEHUJOHLFK]ZHLPDO (V LVW QLFKW QXU 7HLO GHV *HLVHOELOGHV ² XQG DOV VROFKHV ZHLWJHKHQG YRP 6WHUQ6FKULIW]XJ YHUGHFNW ² VRQGHUQ HV ZLUG DXFK ]XP HLJHQVWlQGLJHQ

'LH5$)DOV0HGLHQHUHLJQLV



/D\RXWREMHNWGDVDOVVROFKHVXQGLQ)DUEHLQGHQ0LWWHOSXQNWGHU&ROODJH UFNW*OHLFK]HLWLJ]XGLHVHUQHXHQKHUYRUJHKREHQHQ3RVLWLRQGHV/RJRV ZLUGDXI VSUDFKOLFKHU6HLWHGLH%XFKVWDEHQNHWWH5$)]XP7HLOGHVUHGDN WLRQHOOHQ6HULHQWLWHOV1LFKWPHKUÄ+HUEVWGHV7HUURUV¶RGHUÄ7HUURULVPXV¶ VRQGHUQÅ'LH*HVFKLFKWHGHU5$)´$XI GHU7LWHOVHLWHZLUGEHLGHVYLVXHOO YHUEXQGHQXQGGXUFKGLH(LQVFKUHLEXQJGHUUHGDNWLRQHOOHQ7LWHOIRUPXOLH UXQJLQGDV/RJRJHZLQQWGLHVHVLQGHU7H[W%LOG=XVDPPHQVWHOOXQJGHU 7LWHOVHLWHQRFKHLQPDO]XVlW]OLFKDQ3URPLQHQ] 

6FKOXVV

'HU %OLFN DXI  GUHL KlXÀJ ZLHGHUNHKUHQGH YLVXHOOVSUDFKOLFKH $UWLNXODWL RQVIRUPHQKDWGHXWOLFKJHPDFKW'LH(ULQQHUXQJDQGHQ0HGLHQHUHLJQLV ]XVDPPHQKDQJ GHV /LQNVWHUURULVPXV LVW QLFKW QXU GXUFK HLQH EOHLEHQGH )RNXVVLHUXQJ DXI  GLH $NWHXUH XQG LKUH /HEHQVOlXIH JHNHQQ]HLFKQHW IU GHUHQEOHLEHQGH8QHUNOlUOLFKNHLWXQG$WWUDNWLYLWlWGLHYHUVFKLHGHQHQ.RQV WHOODWLRQHQGHUÄ*HVLFKWHUGHV7HUURULVPXV¶DOVNRPSDNWHGLVNXUVLYH2ULHQ WLHUXQJVPDUNHQVWHKHQ'LH(ULQQHUXQJÀQGHWLQGHQOHW]WHQ-DKUHQDXFK ]XQHKPHQGÄLP=HLFKHQGHU5$)¶VWDWW'LHPDVVHQPHGLDOH9HUZHQGXQJV SUD[LVXQGGLHGDPLWYHUEXQGHQHVSlWH.DUULHUHGHV/RJRVJHKWDOOHUGLQJV QXUEHGLQJWDXI GDV.RQWRVHLQHU(UÀQGHU(VKDQGHOWVLFKQLFKWXPHLQHQ GLUHNWHQ(UIROJLKUHU.RPPXQLNDWLRQVVWUDWHJLHVRQGHUQYLHOPHKUXPHLQHQ LQGLUHNWHQ(IIHNWZHQQGDV/RJR]XQHKPHQGDOVLVROLHUWHV/D\RXWHOHPHQW ZLHGHUYHUZHQGHWZLUGXPDXI GHQÄ7HUURULVPXV¶=XVDPPHQKDQJKLQ]X ZHLVHQ0LWGHU+HUDXVO|VXQJDXVGHP.RQWH[WZLUGDEHUDXFKGDV/RJR OHLFKW ]XU ÄXQGXUFKVLFKWLJHQ¶ 0DUNH GHUHQ %HGHXWXQJ KLQWHU GHU NODUHQ )RUPYHUEODVVWZHLOGLHVHQLFKWPHKUIUHLQEHVWLPPWHV9HUVWlQGQLVRGHU HLQHQ 6WDQGSXQNW VRQGHUQ IU HLQHQ NRPSOH[HQ =XVDPPHQKDQJ VWHKW 'LH)UDJHRELPÄ=HLFKHQGHU5$)¶GDEHLYRQGHQMRXUQDOLVWLVFKHQ0DV VHQPHGLHQHKHUDXIJHNOlUWRGHUYHUXQNODUWZLUGOlVVWVLFKQLFKWSDXVFKDO EHDQWZRUWHQ²XQGVHOEVWLQHLQ]HOQHQ%HLWUlJHQJHVFKLHKWZDKUVFKHLQOLFK EHLGHV]XJOHLFK'DVPDJPDQEHGDXHUQDXFKZHQQPDQQLFKWZLH*UHP OL]DGDKLQWHUVRIRUWHLQHKHUUVFKHQGH%RXUJHRLVLHHQWGHFNW,QMHGHP)DOO YROO]LHKW VLFK LQ GHQ  PDVVHQPHGLDOHQ $UWLNXODWLRQVIRUPHQ JHUDGH NHLQH Ä/LTXLGLHUXQJ¶ GHU 5$) ² QLFKW ]XOHW]W GLH 9HUlQGHUXQJ GHU /D\RXWSUDN WLNHQ KDW HKHU JHJHQWHLOLJH (IIHNWH 5FNW LQ GHQ HWDEOLHUWHQ 3ULQWPHGLHQ PLWGHP5$)/RJRHLQ(OHPHQWGHU6HOEVWGDUVWHOOXQJLQGHQ0LWWHOSXQNW VFKULIWELOGOLFKHU$UUDQJHPHQWVHUZHLVWVLFKXPJHNHKUWGLHYRQGHQVWDDW  (QWVSUHFKHQGH:LHGHUYHUZHQGXQJHQÀQGHWVLFKHUQHXWLQYHUVFKLHGHQHQ0HGLHQIRUPDWHQ 'DV/RJRZLUGGDEHLLPPHUZLHGHUDXFKDQJHVFKQLWWHQHXQGRGHUOHLFKWVFKUlJDXI HLQHU 6HLWHRGHULQHLQHP%LOGSODW]LHUW9JO6SLHJHO+7LWHOVRZLH%LOG=HLWXQJ 0RQWDJ6



0DUWLQ6WHLQVHLIHU

OLFKHQ9HUIROJXQJVEHK|UGHQHWDEOLHUWH)RUPGHV)DKQGXQJVSODNDWVDOVDQ VFKOXVVIlKLJH 5DKPHQIRUP IU GLHMHQLJHQ GLH JHJHQ GLH Ä+HUUVFKHQGHQ¶ LKUH(ULQQHUXQJDQ0lUW\UHUZDFKKDOWHQZROOHQ /LWHUDWXU %RW]DW7DWMDQDXD (LQGHXWVFKHU+HUEVW=XVWlQGH)UDQNIXUWD09HU ODJ1HXH.ULWLN (OWHU $QGUHDV   3URSDJDQGD GHU 7DW 'LH 5$) XQG GLH 0HGLHQ   HV   )UDQNIXUWD0 *DOWXQJ-RKDQXQG0DULH+ROPERH5XJH 7KH6WUXFWXUHRI )RUHLJQ1HZV,Q -RXUQDORI 3HDFH5HVHDUFK6² *|UWHPDNHU 0DQIUHG   .OHLQH *HVFKLFKWH GHU %XQGHVUHSXEOLN 'HXWVFKODQG %RQQ%XQGHV]HQWUDOHIUSROLWLVFKH%LOGXQJ 6FKULIWHQUHLKHGHU%S% =X HUVW0QFKHQ&+%HFN +HSS$QGUHDV 6WHIDQ5DDE5HJLQD=LQGOHUXQGGHU0DVFKHQGUDKW]DXQ(LQ SRSXOlUHV0HGLHQHUHLJQLVDOV%HLVSLHOGHU(YHQWLVLHUXQJYRQ0HGLHQNRPPXQLNDWL RQ,Q+HSS$QGUHDV9RJHOJHVDQJ:DOGHPDU+J 3RSXOlUH(YHQWV0HGLHQH YHQWV6SLHOHYHQWV6SD‰HYHQWV (UOHEQLVZHOWHQ 2SODGHQ6² +HUPDQQV)ULW] Å.ULHJJHJHQGHQ7HUURULVPXV´hEHUGLH%HGHXWXQJHQGHV :RUWHV7HUURULVPXVLP'LVNXUVGHU0HGLHQXQG([SHUWHQ,Q&ODXGLD)UDDVXQG 0LFKDHO .OHPP +J  0HGLHQGLVNXUVH %HVWDQGVDXIQDKPH XQG 3HUVSHNWLYHQ )UDQNIXUWD0XD6² -DQGHU0DUWLQ ,VRODWLRQ=XGHQ+DIWEHGLQJXQJHQGHU5$)*HIDQJHQHQ,Q .UDXVKDDU:ROIJDQJ+J 'LH5$)XQGGHU/LQNH7HUURULVPXV%GH+DPEXUJ +DPEXUJHU(GLWLRQ6² .UDXVKDDU:ROIJDQJ+J  'LH5$)XQGGHU/LQNH7HUURULVPXV%GH+DP EXUJ+DPEXUJHU(GLWLRQ /XKPDQQ1LNODV 'LH5HDOLWlWGHU0DVVHQPHGLHQ$XÁ:LHVEDGHQ=XHUVW 2SODGHQ 0DDV8W] .RQQRWDWLRQ,Q-DQXVFKHN)UDQ]+J 3ROLWLVFKH6SUDFKZLVVHQ VFKDIW =XU $QDO\VH YRQ 6SUDFKH DOV NXOWXUHOOHU 3UD[LV 2SODGHQ :HVWGHXWVFKHU 9HUODJ6² 0XVROII$QGUHDV .ULHJJHJHQGLHgIIHQWOLFKNHLW7HUURULVPXVXQGSROLWLVFKHU 6SUDFKJHEUDXFK2SODGHQ 5HJHQHU 6XVDQQH   Ä$QDUFKLVWLVFKH *HZDOWWlWHU¶ =XU 0HGLHQJHVFKLFKWH GHU 5$)3ODNDWH,Q3DXO*HUKDUG+J 'DV-DKUKXQGHUWGHU%LOGHU%LOGDWODV ELVKHXWH*|WWLQJHQ6² 6DFKVVH5ROI  'LH5$)DOV0DUNH(LQ9HUVXFKLQSROLWLVFKHU,NRQRORJLH,Q .UDXVKDDU:ROIJDQJ+J 'LH5$)XQGGHU/LQNH7HUURULVPXV%G+DPEXUJ +DPEXUJHU(GLWLRQ6²

'LH5$)DOV0HGLHQHUHLJQLV



6DFKVVH5ROI  3HQWDJUDPPKLQWHUGHXWVFKHU0DVFKLQHQSLVWROHXQWHU5XVVLVFK %URW=XU6HPLRVSlUHGHU(ULQQHUXQJDQGLH5RWH$UPHH)UDNWLRQ,Q&ROLQ1L FROHGH*UDDI%HDWULFH3HNHOGHU-DFFR8PODXI-RDFKLP+J 'HUÅ'HXWVFKH +HUEVW´XQGGLH5$)LQ3ROLWLN0HGLHQXQG.XQVW1DWLRQDOHXQGLQWHUQDWLRQDOH 3HUVSHNWLYHQ%LHOHIHOG7UDQVFULSW6± +LVWRLUH  6DFKVVH 5ROI    'LH (QWIKUXQJ 'LH 5$) DOV %LOGHUPDWLRQDOVFKLQH ,Q 3DXO *HUKDUG+J 'DV-DKUKXQGHUWGHU%LOGHU%LOGDWODVELVKHXWH*|WWLQJHQ 6² 6WHLQVHLIHU0DUWLQ Ä)RWRVZLH%UDQGZXQGHQ¶"²hEHUOHJXQJHQ]XUGHRQWLVFKHQ %HGHXWXQJYRQ3UHVVHIRWRJUDÀHQDP%HLVSLHOYRQ+DQQV0DUWLQ6FKOH\HUDOV2S IHU GHU 5RWHQ $UPHH )UDNWLRQ ,Q %XVVH 'LHWULFK1LHKU 7KRPDV:HQJHOHU 0DUWLQ+J %ULVDQWH6HPDQWLN1HXHUH.RQ]HSWHXQG)RUVFKXQJVHUJHEQLVVHHL QHUNXOWXUZLVVHQVFKDIWOLFKHQ/LQJXLVWLN 5HLKH*HUPDQLVWLVFKH/LQJXLVWLN  7ELQJHQ6² 6WHLQVHLIHU0DUWLQ (UHLJQLVELOGHU=XP9HUKlOWQLVYRQ,QGH[LNDOLWlW6\PEROL]L WlWXQG,NRQL]LWlWEHL3UHVVHIRWRJUDÀHQ,Q%RHKP*RWWIULHG(JHQKRIHU6HEDV WLDQ6SLHV&KULVWLDQ+J =HLJHQ'LH5KHWRULNGHV6LFKWEDUHQ0QFKHQ)LQN 6± 6WHLQVHLIHU0DUWLQ Ü7HUURULVPXVµ]ZLVFKHQ(UHLJQLVXQG'LVNXUV=XU3UDJPD WLNYRQ7H[W%LOG=XVDPPHQVWHOOXQJHQLQ3ULQWPHGLHQGHUHU-DKUH%HUOLQ 1HZ@D >D@D >E@E >@E =X GHQHLQ]HOQHQ7H[WHQVLHKH%|OO )HWVFKHU6 0XVROII 6²  *LHUGV -DQGHU6² 6HLIHUW6² 6WUD‰QHU6²  



$QGUHDV0XVROII

GHU %UDQGW6FKHHOÅ$GPLQLVWUDWLRQ´ VHLW   XQG GDV YRP Å0RVKH 'D\DQ)DVFKLVPXV´UHJLHUWH,VUDHO(LQ-DKU]HKQWVSlWHULQGHP0DQLIHVW *XHULOOD:LGHUVWDQGXQGDQWLLPSHULDOLVWLVFKH)URQWPLWGHPGLH*HQHUDWLRQ GHUÅ5RWH$UPHH)UDNWLRQ´LKUH)ROJHUXQJHQDXVGHU0RUGXQG6HOEVW PRUGVHULHYRQIRUPXOLHUWHZXUGHGHUVHOEHDQWLIDVFKLVWLVFKH.ULHJV P\WKRVEHVFKZRUHQXP]XPLQGHVWHLQHQ7HLOVLHJIUGLHHLJHQH6WUDWHJLH EXFKHQ]XN|QQHQDQÅ6WDPPKHLPXQG0RJDGLVFKX´VRKLH‰HVVHLGLH ÅYHUGHFNWH .ULHJVIKUXQJ´ GHU EXQGHVUHSXEOLNDQLVFKHQ 5HJLHUXQJ Å]HU EURFKHQ´XQGÅGHURIIHQUHDNWLRQlUDXIWUHWHQGHLPSHULDOLVWLVFKH6WDDWGHU GHQ 9HUJOHLFK PLW VHLQHU IDVFKLVWLVFKHQ 9HUJDQJHQKHLW QLFKW PHKU VFKHX WHVRQGHUQIHLHUWH´]XWDJHJHWUHWHQ'LHLP*HIlQJQLVJHVWRUEHQHQZLH DXFKGLHQRFKHLQVLW]HQGHQÅ*HQRVVHQ´ZXUGHQVR]X0lUW\UHUQÅIDVFKLV WLVFKHU´0RUG*HZDOWVWLOLVLHUWHLQ$UJXPHQWDWLRQVPXVWHUGDVVLFKEHUHLWV LQGHQ+XQJHUVWUHLNVXQGLKUHU,QVWUXPHQWDOLVLHUXQJDOV3URSDJDQGDPLWWHO ]XU 5HNUXWLHUXQJ QHXHU $QKlQJHU ² LQNOXVLYH %HVFKZ|UXQJ YRQ $XVFK ZLW] XQG %XFKHQZDOG$VVR]LDWLRQHQ ² EHZlKUW KDWWH 1RFK  KLHOW GDVHKHPDOLJH5$)0LWJOLHG/XW]7DXIHUDQGHU*OHLFKXQJ$QWLIDVFKLVPXV  $QWLLPSHULDOLVPXV DOV 0RWLYDWLRQ IU GHQ ÅEHZDIIQHWHQ .DPSI´ IHVW ÅYRUGHP+LQWHUJUXQGYRQ$XVFKZLW]XQG9LHWQDPZDUHV>GHQNEDU@GLH VHP$XIVWDQG>JHJHQGDVLPSHULDOLVWLVFKH:HOWV\VWHP@EHL]XWUHWHQ'HU EHZDIIQHWH .DPSI  LQ GHU %XQGHVUHSXEOLN ZDU JHZLVVHUPD‰HQ DXFK GHU 9HUVXFKHLQHUQDFKKROHQGHQ5pVLVWDQFH´ $XVGHQKLHUYRUJHVWHOOWHQ7H[WEHOHJHQOlVVWVLFKGLH)ROJHUXQJ]LHKHQ GDVVLQGHU*UQGXQJVSKDVHZLHDXFKLQGHQQDFKIROJHQGHQÅ*HQHUDWLR QHQ´ GDV 6HOEVWELOG DOV ÅDQWLIDVFKLVWLVFKH :LGHUVWDQGVNlPSIHU´ QLFKW QXU HLQHQ KRKHQ 6WHOOHQZHUW LQ GHU 5HFKWIHUWLJXQJVUKHWRULN GHU EXQGHVGHXW VFKHQ 7HUURULVWHQ HLQQDKP VRQGHUQ DXFK HLQH VSH]LÀVFKH ,QWHUSUHWDWLRQ GHU EXQGHV GHXWVFKHQ *HVFKLFKWH XQG LKUHU 1D]L9RU  9HUJDQJHQKHLW EHLQKDOWHWH$QKDQGGHU%H]XJQDKPHDXI GLH1D]LbUDOLH‰VLFKGLH*HJ QHUVFKDIW]XU%5'XQGLKUHU$QELQGXQJDQGLH86$XQGGHUHQ$OOLLHUWHQ 6\VWHPDOV1HX $XIQDKPHDQWLIDVFKLVWLVFKHQ:LGHUVWDQGVUHFKWIHUWLJHQ GHUEHUMHGHQ=ZHLIHOHUKDEHQZDUXQGXQEHGLQJWH.RQVHTXHQ]GHVHL  5RWH$UPHH)UDNWLRQ>D@D6   5RWH$UPHH)UDNWLRQ>@D6   5RWH$UPHH)UDNWLRQ>@E6 ]XUÅIDVFKLVWLVFKHQ´)HLQG,GHQWLÀ]LHUXQJLQ GHUÅ(UNOlUXQJ´GHU]ZHLWHQ*HQHUDWLRQÅ]XC´GXUFKGLH+RORFDXVW$QVSLHOXQJÅ(QGO| VXQJGLH([HNXWLHUXQJYRQ$QGUHDV*XGUXQ-DQ,QJULG´GLHYRPÅVSHFLDOFRRUGLQDWLRQ FRPPLWWHH¶GHV1DWLRQDOHQ6LFKHUKHLWVUDWHVGHU86$´JHVWHXHUWJHZHVHQVHLVLHKH+DXVHU 6   6LHKH.RHQHQ6² +DXVHU6²   7DXIHU   ]LWLHUW QDFK %DFNHV  6   ]XU NULWLVFKHQ %HXUWHLOXQJ VLHKH +DXVHU 6 

'LH5$)DOVÅ+LWOHU¶VFKLOGUHQ´"



JHQHQ(LQVDW]HVIRUGHUWH(LQ.RPSURPLVVPLWGHPDOV1D]LbTXLYDOHQW DXIJHIDVVWHQ*HJQHUZDUQLFKWP|JOLFKDX‰HUGHPHUP|JOLFKWHGLH,GHQWLÀ ]LHUXQJ$QWLIDVFKLVPXV $QWLLPSHULDOLVPXVGLH,OOXVLRQHVPLWHLQHPDXV GHUHLJHQHQQDWLRQDOHQ*HVFKLFKWHEHNDQQWHQQXUDOO]XYHUWUDXWHQ*HJQHU ]XWXQ]XKDEHQ6HOEVWZHQQGLHUHWURVSHNWLYH6HOEVWVWLOLVLHUXQJDOVÅQDFK KROHQGH 5pVLVWDQFH´ HLQH QDFKWUlJOLFKH hEHUK|KXQJ LVW ]HLJW VLFK DQ LKU GDV %HPKHQ GLH HLJHQH *HZDOWDQZHQGXQJ DOV Å%HJOHLFKXQJ´ HLQHU LP PHUQRFKRIIHQHQSROLWLVFKKLVWRULVFKHQÅ5HFKQXQJ´LQHLQHPQDWLRQDOHQ 5DKPHQ]XUHFKWIHUWLJHQ,P)ROJHQGHQVWHKWGLHKLVWRULVFKH$XIDUEHLWXQJ XQG .RPPHQWLHUXQJ GLHVHU QDWLRQDOHQ 'LPHQVLRQ GHV EXQGHVGHXWVFKHQ 7HUURULVPXVGLHLQVEHVRQGHUHLPOHW]WHQ-DKU]HKQWSXEOL]LVWLVFKXQGZLV VHQVFKDIWOLFKDQ%HGHXWXQJJHZRQQHQKDWLP9RUGHUJUXQG 

Å%HZlOWLJXQJ´GHXWVFKHU7HUURUYHUJDQJHQKHLW

:lKUHQGGLH5$)PHLQWHVLFKPLWGHU5HIHUHQ]DXI GLH1D]L]HLWDOVÅDQ WLIDVFKLVWLVFKH´ :LGHUVWDQGVNlPSIHU UHFKWIHUWLJHQ ]X N|QQHQ KDWWH GLH 169HUJDQJHQKHLW LQ GHQ VHLW GHQ VLHE]LJHU -DKUHQ YRUJHWUDJHQHQ SXEOL ]LVWLVFKHQXQGKLVWRULVFKHQ(UNOlUXQJHQHLQHHQWJHJHQJHVHW]WH)XQNWLRQ 6LHGLHQWHGHUZDUQHQGHQXQGDQNODJHQGHQ9HUJOHLFKXQJGHU7HUURULVWHQ JHZDOW PLW GHU GHU 1D]LV XQG ELOGHWH ]XGHP GLH *UXQGODJH IU 7KHVHQ LQ GHQHQ VSH]LÀVFKH .RQWLQXLWlWHQ ]ZLVFKHQ GHQ QD]LVWLVFKHQ XQG OLQNV WHUURULVWLVFKHQ ,GHRORJLHQ DXIJH]HLJW ZXUGHQ XQG GHU 7HUURULVPXV GXUFK GHQ9HUZHLVDXI GLH3UREOHPHGHUEXQGHVGHXWVFKHQ*HVHOOVFKDIWPLWGHU Å9HUJDQJHQKHLWVEHZlOWLJXQJ´HUOlXWHUWZXUGH 6ROFKH'HXWXQJVE]Z(UNOlUXQJVYHUVXFKHJHKHQKLQDXVEHUSXQN WXHOOHSROHPLVFKH16XQGVSH]LHOO$XVFKZLW]XQG+LWOHU 9HUJOHLFKHGLH VLFKVHLWLPGHXWVFKHQZLHDXFKLPLQWHUQDWLRQDOHQSROLWLVFKHQ'LVNXUV DOV.ULWLNXQG%HOHLGLJXQJVPXVWHUHWDEOLHUWKDEHQ'LHKLHU]XGLVNXWLH UHQGHQ$QVlW]H]HLFKQHQVLFKGDGXUFKDXVGDVVVLHHLQHJUXQGVlW]OLFKH$I ÀQLWlW ]ZLVFKHQ GHQ LGHRORJLVFKHQ 0RWLYDWLRQVVWUXNWXUHQ GHU 7HUURULVWHQ XQG GHQ )DVFKLVWHQ E]Z 1DWLRQDOVR]LDOLVWHQ ]XU 'LVNXVVLRQ VWHOOHQ 'LH ZLFKWLJVWHQ5HIHUHQ]SXQNWHVLQGGDEHLGDVEHUHLWVYRQ%HFNHU KH UDXVJHVWHOOWHDQWLLVUDHOLVFKDQWLVHPLWLVFKHÄ(QJDJHPHQW·GHUZHVWGHXWVFKHQ 7HUURUJUXSSHQ]XPDQGHUHQGHUELRJUDÀVFKH.RQWH[WHLQLJHU7HUURULVWHQ XQG$QNOlQJHDQQDWLRQDOLVWLVFKHRGHUQDWLRQDOVR]LDOLVWLVFKH3RVLWLRQHQLQ LKUHQ6FKULIWHQRGHU6WHOOXQJQDKPHQ 'HQPHQWDOLWlWVJHVFKLFKWOLFKEHGHXWVDPHQ+LQWHUJUXQGIUGLHVH'HX WXQJHQELOGHWHGLHÅ/LQNVIDVFKLVPXV´+\SRWKHVH]XYROXQWDULVWLVFKHQXQG DNWLRQLVWLVFKHQ 7HQGHQ]HQ GHU $32 GLH -UJHQ +DEHUPDV LP -XQL   6LHKH6W|W]HO (LW]XQG6W|W]HO6²²² 6RULF 



$QGUHDV0XVROII

DOV$QWZRUWDXI GLHYRQ5XGL'XWVFKNHDXI GHP+DQQRYHUDQHU.RQJUHVV Å%HGLQJXQJHQ XQG 2UJDQLVDWLRQ GHV :LGHUVWDQGV´ GHV 6R]LDOLVWLVFKHQ 'HXWVFKHQ6WXGHQWHQEXQGHV6'6 IRUPXOLHUWHEHLGHPGLH.RQVHTXHQ ]HQ GHU 2KQHVRUJ(UVFKLH‰XQJ GLVNXWLHUW ZXUGHQ =ZDU GLHQWH GLHVHU +LQZHLV LQ HUVWHU /LQLH GHU VROLGDULVFKHQ :DUQXQJ YRU 5DGLNDOLVLHUXQJV WHQGHQ]HQ GRFK ZXUGH GLH SRLQWLHUWH )RUPXOLHUXQJ GXUFK GHQ MQJVWHQ SURPLQHQWHQ9HUWUHWHUGHUÅ)UDQNIXUWHU6FKXOH´YRQ6'66SUHFKHUQHQW UVWHW]XUFNJHZLHVHQ(LQDQGHUHUYRQGHQ%HWURIIHQHQPHLVWHEHQIDOOV HPS|UW DEJHZHKUWHU 9RUZXUI  EHWULIIW $VSHNWH GHV DQWLLVUDHOLVFKHQSUR SDOlVWLQHQVLVFKHQ(QJDJHPHQWVGHU6WXGHQWHQEHZHJXQJXQG$32GKGLH DXVGHXWVFKHU3HUVSHNWLYHQXUDOVJHVFKLFKWVYHUJHVVHQ]XFKDUDNWHULVLHUHQ GH hEHUQDKPH SDOlVWLQHQVLVFKHU 3ROHPLN JHJHQ GHQ 6WDDW ,VUDHO ZHOFKH URXWLQHPl‰LJGLH1HJDWLRQVHLQHV([LVWHQ]UHFKWVXQGGLHSULQ]LSLHOOH'H QXQ]LDWLRQLVUDHOLVFKHU3ROL]HLRGHU0LOLWlUDNWLRQHQDOVÅ9|ONHUPRUG´E]Z Å+RORFDXVW´EHLQKDOWHWH 'LH QHXHUH KLVWRULVFKH (UIRUVFKXQJ GHU (QWVWHKXQJVSKDVH YRQ 5RWH $UPHH)UDNWLRQ7XSDPDURV:HVWEHUOLQ%HZHJXQJ-XQLXQG5HYROXWLRQlUH=HOOHQ KDW HLQH )OOH YRQ 0DWHULDO GRNXPHQWLHUW XQG DQDO\VLHUW DQKDQG GHVVHQ VLFKEHOHJHQOlVVWGDVVGDVDQWLLVUDHOLVFKHÅDQWL]LRQLVWLVFKH´(QJDJHPHQW VRZHLWJLQJ*HZDOWDNWHJHJHQ-XGHQDXFKDXI GHXWVFKHP%RGHQDOVÅDQ WLLPSHULDOLVWLVFKH´ XQG VRPLW ÅDQWLIDVFKLVWLVFKH´  9HUWHLGLJXQJVDNWH ]X UHFKWIHUWLJHQ'LHVJLOWLQVEHVRQGHUHIUGDVEHUHLWVHUZlKQWH%RPEHQDW WHQWDWDXI GLHMGLVFKH*HPHLQGHLQ:HVWEHUOLQXQGGHQ2O\PSLDDQVFKODJ GHU SDOlVWLQHQVLVFKHQ 7HUURURUJDQLVDWLRQ 6FKZDU]HU 6HSWHPEHU GLH LQ )OXJ EOlWWHUQ %HNHQQHUVFKUHLEHQ XQG 3UR]HVVHUNOlUXQJHQ EHUHLWV LQKDIWLHUWHU 7HUURULVWHQYHUWHLGLJWZXUGHQ'LHVHQLFKWPHKULPQlKHUHQ6LQQDQWLLVUD HOLVFKHQVRQGHUQDOOJHPHLQDQWLVHPLWLVFKHQ$VSHNWHGHUEXQGHVGHXWVFKHQ 7HUURULVWHQLGHRORJLHZDUHQ]ZDUQLFKW]HQWUDOIUGLH|IIHQWOLFKH5HDNWLRQ EOLHEHQDQGHUHUVHLWVDEHUNHLQHVZHJVXQEHDFKWHW(LQHQEHVRQGHUHQ6LJQDO ZHUWKDWWHGDEHLGLH(QWIKUXQJGHV$LU)UDQFH)OXJ]HXJVQDFK(QWHEEHLQ 8JDQGDGXUFKGDVGHXWVFKSDOlVWLQHQVLVFKHÅ.RPPDQGR&KH*XHYDUD´LP -DKUHPLWGHPGLH)UHLSUHVVXQJYRQ*HVLQQXQJVJHQRVVHQLQ,VUD  6LHKH$EHQGURWK:ROI %UFNQHU .UDXVKDDUD6²   6R]%GXUFK2VNDU1HJWGHUGHQÅ9RUZXUI GHV/LQNVIDVFKLVPXV´LP.XUVEXFKDOV$XVGUXFN HLQHUÅ=HUIDOOVVWXIHGHVEUJHUOLFKOLEHUDOHQ%HZX‰WVHLQV´GHQXQ]LHUWH1HJW6  ,QQHXHUHQKLVWRULVFKHQ$UEHLWHQ]XU*HZDOWGLVNXVVLRQXQWHUGHQ3URWDJRQLVWHQGHV6'6LVW KHUDXVJHDUEHLWHWZRUGHQGDVVYROXQWDULVWLVFKHXQGJXHULOODWDNWLVFKHhEHUOHJXQJHQ YRQLKQHQGXUFKDXVLP+LQEOLFNDXI SUDNWLVFKHUHYROXWLRQlUH8PVHW]XQJDQJHVWHOOWZXUGHQ .RHQHQ6².UDXVKDDUE   6LHKH%URGHU6² %LVFKRI 1HLGKDUW $O\6²   6LHKH.RHQHQ6² +DXVHU .UDXVKDDUE .OLPNH0DXVEDFK 6² 

'LH5$)DOVÅ+LWOHU¶VFKLOGUHQ´"



HOGHU%5'.HQLD)UDQNUHLFKXQGGHU6FKZHL]HU]ZXQJHQZHUGHQVROOWH 8P GHQ 'UXFN DXI  ,VUDHO ]X HUK|KHQ ZXUGHQ XQWHU )KUXQJ GHU GHXW VFKHQ 5=0LWJOLHGHU :LOIULHG %|VH XQG %ULJLWWH .XKOPDQQ MGLVFKH XQG QLFKWMGLVFKH*HLVHOQVHOHNWLHUWXQGGLHOHW]WHUHQIUHLJHODVVHQZlKUHQGGLH MGLVFKHQ*HLVHOQPLW(UVFKLH‰XQJEHGURKWZXUGHQ'LH1lKHGLHVHU$NWL RQ]XGHQ0HQVFKKHLWVYHUEUHFKHQGHU1D]LVZDUXQEHUVHKEDUXQGZXUGH VHOEVWUHGHQG LQWHUQDWLRQDO KHUDXVJHVWHOOW ,P 8PIHOG GHU 7HUURULVWHQ XQG LQOLQNHQ*UXSSLHUXQJHQGLHVLFKGHPÅDQWLLPSHULDOLVWLVFKHQ´$32(UEH YHUSÁLFKWHWIKOWHQZXUGH GLHVHU$VSHNWMHGRFK QLFKW WKHPDWLVLHUWVWDWW GHVVHQZXUGHLQHUVWHU/LQLHGHUÅY|ONHUUHFKWVZLGULJH´&KDUDNWHUXQGGLH DQJHEOLFKGHU1D]LÅ%OLW]NULHJ´7DNWLNlKQOLFKH%UXWDOLWlWGHUHUIROJUHLFKHQ LVUDHOLVFKHQ%HIUHLXQJVDNWLRQDQJHSUDQJHUW 'LH=XVFKUHLEXQJGHU$JJUHVVRUHQUROOHDQ,VUDHOXQGVHLQHÅLPSHUL DOLVWLVFKHQ´+DXSWXQG1HEHQYHUEQGHWHQ86$XQG%5' XQGGLHEH GLQJXQJVORVH ,GHQWLÀ]LHUXQJ PLW GHU 2SIHU RGHU :LGHUVWlQGOHUUROOH VR ZLH GLH 3URMHNWLRQ GLHVHV )UHXQG)HLQG6FKHPDV DXI  HLJHQH *HZDOWWDWHQ JHJHQ MGLVFKH 3HUVRQHQ XQG (LQULFKWXQJHQ LVW YRQ GHU +LVWRULNHU XQG 3XEOL]LVWHQJUXSSHXP:ROIJDQJ.UDXVKDDU*HUG.RHQHQXQG'RURWKHD +DXVHUDOVVSH]LHOOH$XVIRUPXQJGHVVFKRQYRQ7KHRGRU:$GRUQR GLDJQRVWL]LHUWHQÅ6FKXOGDEZHKUDQWLVHPLWLVPXV´LQGHUZHVWGHXWVFKHQ*H VHOOVFKDIWJHGHXWHWZRUGHQ*HPl‰GLHVHP9HUGUlQJXQJVXQG3URMHNWL RQVPHFKDQLVPXVZXUGHQGLHPLWGHP9|ONHUPRUGDQGHQ-XGHQYHUEXQ GHQHQ6FKXOGJHIKOHNRPSHQVDWRULVFKXPLQWHUSUHWLHUW]XHLQHPYRUJHEOLFK ÅDOWUXLVWLVFKHQ´(LQVDW]IU*UXSSHQGLHDQJHEOLFKDOOHYRQ-XGHQYHUIROJW ZXUGHQ=ZDUXQWHUVFKLHGHQPDQFKH$329HUWUHWHU]ZLVFKHQLQDN]HSWDE OHP$QWLVHPLWLVPXVXQGDN]HSWDEOHPRGHUJDUQRWZHQGLJHP$QWL]LRQLVPXV GRFKLVWGLHVH'LIIHUHQ]LHUXQJLP+LQEOLFNDXI GLHDQWLMGLVFKHQ$QVFKOl JHGHUOLQNVWHUURULVWLVFKHQ*UXSSHQZDKUVFKHLQOLFKHKHUDOVQDFKJHOLHIHUWH VHOEVWDSRORJHWLVFKH5DWLRQDOLVLHUXQJ]XVHKHQ  %HFNHU  6 ²  %URGHU  6 ² 9RZLQFNHO   -XGW  6   .UDXVKDDUE6² 6NHOWRQ5RELQVRQ6² 1RFKLQ7RQ\ -XGWV SRSXOlUHU 1DFKNULHJVJHVFKLFKWH (XURSDV ZLUG GLH 1D]L.RQWLQXLWlW GHV GHXWVFKHQ (QJDJHPHQWV¶EHLGHU(QWHEEH(QWIKUXQJLPLQWHUQDWLRQDOHQ7HUURU9HUJOHLFKKHUYRUJH KREHQÅ7KHOLQNEHWZHHQ3DOHVWLQLDQRUJDQL]DWLRQVDQG(XURSHDQWHUURULVWJURXSVZDV« ZHOOHVWDEOLVKHG ² (QVVOLQ %DDGHU DQG 0HLQKRI  DOO WUDLQHG¶ DW RQH WLPH ZLWK 3DOHVWLQLDQ JXHUULOODVDORQJZLWK%DVTXHV,WDOLDQV,ULVK5HSXEOLFDQVDQGRWKHUV%XWRQO\*HUPDQVZHQW WKHH[WUDPLOHZKHQIRXUJXQPHQWZR*HUPDQVWZR$UDEV KLMDFNHGDQ$LU)UDQFHSODQHLQ -XQHDQGÁHZLWWR(QWHEEHLQ8JDQGDLWZDVWKH*HUPDQVZKRXQGHUWRRNWRLGHQWLI\ DQGVHSDUDWHWKH-HZLVKSDVVHQJHUVIURPWKHUHVW´-XGW6  ,QVWLWXWIU6R]LDOIRUVFKXQJ VLHKHDXFK.UDXVKDDUE6²  6LHKH]%GLH(UNOlUXQJGHV)UDQNIXUWHU6'6]XP$WWHQWDWVYHUVXFKDXI GDV:HVWEHUOLQHU -GLVFKH*HPHLQGHKDXVYRPLQ$O\6 



$QGUHDV0XVROII

+DXVHU ZHLVWDXI VLJQLÀNDQWHLGHRORJLVFKH3DUDOOHOHQ]ZLVFKHQ ZHVWGHXWVFKHQLWDOLHQLVFKHQXQGMDSDQLVFKHQ7HUURULVPXVEHZHJXQJHQKLQ GLH VLFK ² LP 8QWHUVFKLHG ]X DQGHUHQ 7HUURUJUXSSHQ LP LQWHUQDWLRQDOHQ 9HUJOHLFK ² GXUFK HLQ VFKDPEHVHW]WHV 9HUKlOWQLV ]XP Å9HUOLHUHUQDUUDWLY´ LKUHU1DWLRQHQLP=ZHLWHQ:HOWNULHJDXV]HLFKQHQ6SH]LHOOGHU5$)DWWHV WLHUWVLHHLQÅEHZXVVWHV%HVFKZHLJHQ´GHUH[SDQVLRQLVWLVFKHQXQGJHQR]L GDOHQÅ*HZDOWYHUJDQJHQKHLW´GHUHLJHQHQ1DWLRQYLHOPHKUZXUGHGHU1D WLRQDOVR]LDOLVPXVLQGHQ5$)0DQLIHVWHQDOVÅ9RUZHJQDKPHGHV LPSHULDOLVWLVFKHQ 6\VWHPV´ QLFKW PHKU GHQ 'HXWVFKHQ VRQGHUQ GHU ÅLP SHULDOLVWLVFKHQ´6XSHUPDFKW86$XQGLKUHQ9HUEQGHWHQDQJHODVWHW6RO FKH*HVFKLFKWVYHUGUHKXQJZLHDXFKGLHREHQ]LWLHUWHQ$XVVDJHQDXVGHP 8PIHOGGHU7XSDPDURV:HVWEHUOLQ%HZHJXQJ-XQLGHXWHQLQGHU7DWDXI HLQH )L[LHUXQJ IKUHQGHU 0LWJOLHGHU GHU HUVWHQ 7HUURULVWHQÅ*HQHUDWLRQ´ DXI  GHQVFKDPEHVHW]WHQ6WDWXVDOV$QJHK|ULJHGHV9RONVGHU+RORFDXVW7lWHU KLQ%LRJUDÀVFKH)RUVFKXQJHQ]XP)DPLOLHQKLQWHUJUXQGXQG]XUYRUWHUUR ULVWLVFKHQ(QWZLFNOXQJ+RUVW0DKOHUV8OULNH0HLQKRIV$QGUHDV%DDGHUV XQG *XGUXQ (QVVOLQV KDEHQ GDUEHU KLQDXV ,QGL]LHQ IU HLQH NROOHNWLYH %HZXVVWVHLQVODJHHUEUDFKWDXVGHUKHUDXVGLH$XIQDKPHGHVÅEHZDIIQHWHQ .DPSIHV´ JHJHQ GDV JOREDOH ÅLPSHULDOLVWLVFKH´ 6\VWHP YHUN|USHUW GXUFK GLH6WDDWHQ86$%5'XQG,VUDHODOVHLQH$UWÅ(UO|VXQJ´YRQHLQHPXQHU WUlJOLFKJHZRUGHQHQDXI GLH169HUJDQJHQKHLWEH]RJHQHQ6FKDPNRPSOH[ HUVFKHLQHQPRFKWH0LW%H]XJDXI GLHVH7KHPHQDEHUPLWZHQLJHUDQ NOlJHULVFKHP3DWKRV]RJGHUHKHPDOLJH6WXGHQWHQIKUHUGHVIUDQ]|VLVFKHQ Å0DL´XQGVSlWHUH*UQHQ*UQGHU'DQLHO&RKQ%HQGLW/HKUHQDXVGHU 9HUELQGXQJ YRQ ÅDQWLIDVFKLVWLVFKHU´ (PSDWKLH GHU 3URWHVWEHZHJXQJ PLW 2SIHUQÅLPSHULDOLVWLVFKHU´*HZDOWXQGGHUVHOEVWJHUHFKWHQ6HOEVWHUPlFKWL JXQJGHU5$)]XÅDQWLLPSHULDOLVWLVFKHU´ÅDQWLIDVFKLVWLVFKHU´*HZDOW GLHPRUDOLVLHUHQGH5LJLGLWlWGHU5$)KDWHWZDVYRQGHU+DOWXQJ$PGHXWVFKHQ :HVHQVROOGLH:HOWJHQHVHQ$EHUGHUHQWVFKHLGHQGH0HFKDQLVPXVZDUHLQDQGH UHU HQWJHJHQJHVHW]WHU -XQJH 0HQVFKHQ KDEHQ YHUVXFKW GHQ .DPSI  JHJHQ GHQ )DVFKLVPXVGHQLKUH(OWHUQQLFKWJHIKUWKDEHQQDFK]XKROHQ«>ZLU@KDEHQQLFKW NODU DXVHLQDQGHU JHKDOWHQ ² ZDV KHL‰W :LGHUVWDQG LQ HLQHP IDVFKLVWLVFKHQ 6WDDW ZDVLVW:LGHUVWDQGLQHLQHU'HPRNUDWLH":LUN|QQHQXQVGHVKDOEYRQHLQHUSROLWL VFKHQXQGPRUDOLVFKHQ9HUDQWZRUWXQJIUGLH5$)QLFKWIUHLVSUHFKHQ

 +DXVHU   +DXVHU6²  6LHKH0HLQKRI  9HVSHU .RHQHQ :LHODQG 6HLIHUW .UDXV KDDUE -DQGHU %UHVVDQ-DQGHU   &RKQ%HQGLW 

'LH5$)DOVÅ+LWOHU¶VFKLOGUHQ´"





9RUOlXÀJH6FKOXVVIROJHUXQJHQ

'LH SROLWLVFKKLVWRULVFKH %HZHUWXQJ GLHVHU PHQWDOLWlWVJHVFKLFKWOLFKHQ %H IXQGH]XP9HUKlOWQLVYRQHU'LVNXUV/LQNVWHUURULVPXVXQGGHPEHJOHL WHQGHQ0HGLHQGLVNXUV XQGÅ9HUJDQJHQKHLWVEHZlOWLJXQJ´GHU16=HLWLVW QRFKQLFKWDEJHVFKORVVHQVLHLVWVHOEHULQWHJUDOHU%HVWDQGWHLOHLQHUÅ]ZHL WHQ 9HUJDQJHQKHLWVEHZlOWLJXQJ´ ² GHU GHV ÅHU´3URWHVWV ² JHZRUGHQ $X‰HUGHP LVW GLH KLVWRULVFK SUl]LVH =XVFKUHLEXQJ YRQ 0RWLYDWLRQV XQG $UJXPHQWDWLRQVVWUXNWXUHQLQGLHVHP%HUHLFKEHVRQGHUVVFKZLHULJGLHSUL YDWHQXQG|IIHQWOLFKHQ7H[WHGHUVSlWHUHQ5$)*UQGHUDXVGHQVHFK]LJHU -DKUHQJLQJHQPLWQLFKWHQQDKWORVLQGLHIUKHQ5$)-XQL(UNOlUXQJHQ EHUXQGZDUHQQRFKZHQLJHUNRQJUXHQWPLWGHQLQGHU+DIWSURGX]LHU WHQ 6HOEVWLQWHUSUHWDWLRQHQ GLH YRU DOOHP DSRORJHWLVFKH XQG SURSDJDQGLV WLVFKHDXI 5HNUXWLHUXQJQHXHU0LWJOLHGHUDE]LHOHQGH)XQNWLRQKDWWHQ'LH DQ DOOH GHQNEDUHQ 6\PSDWKLVDQWHQ HLQVFKOLH‰OLFK QDWLRQDOLVWLVFKH *UXS SHQ JHULFKWHWHQ 7H[WH HLQVLW]HQGHU 5$)0LWJOLHGHU N|QQHQ GDKHU QLFKW DOVREMHNWLYHRGHUDSULRULJODXEZUGLJH$XVVDJHQEHUHLJHQHYRUJlQJLJH 0RWLYDWLRQVVWUXNWXUHQDQJHVHKHQZHUGHQYLHOPHKUEHGUIHQVLHHLQHUJH QDXHQGLVNXUVKLVWRULVFKHQWH[WNULWLVFKHQ$QDO\VHGLH]7QRFKDXVVWHKW6R LVW]XSUIHQLQZLHZHLWGHUÅ$QWLIDVFKLVPXV´'LVNXUVGHUZHVWGHXWVFKHQ 3URWHVWOHU GHU HU -DKUH XQG GHU VLFK IRUPLHUHQGHQ 7HUURUJUXSSHQ VLFK YRPLQWHUQDWLRQDOHQ*HEUDXFKXQWHUVFKHLGHWXQGEHUKDXSWDOVVSH]LÀVFK ÅGHXWVFK´ HLQ]XVFKlW]HQ LVW =ZHLWHQV VLQG %HOHJH EHU GLH 0RWLYDWLRQV VWUXNWXU HLQLJHU 5$)*UQGHU QRFK NHLQ %HZHLV IU HLQH GXUFKJlQJLJH )DVFKLVPXVÀ[LHUXQJGHV7HUURULVWHQGLVNXUVHVGLHVHUKDWVLFKLP/DXI GHV 9LHUWHOMDKUKXQGHUWVYRQ5$)$NWLRQHQQDFKZHLVEDUJHZDQGHOW,QGLH VHP =XVDPPHQKDQJ ]HLJW VLFK GLH 3UREOHPDWLN GHU Å*HQHUDWLRQHQ´0H WDSKHUGLHHLQHXQJHEURFKHQHOLQHDUH.RQWLQXLWlWQDFKGHP0RGHOOHLQHV Å)DPLOLHQHUEHV´VXJJHULHUW  'DUEHU KLQDXV JLEW HV VHOEVW LQ GHQ SROHPLVFKVWHQ LVUDHONULWLVFKHQ 5$)9HUODXWEDUXQJHQNDXP%HOHJHIU$UJXPHQWDWLRQHQGLHDQGHQUDV VHQWKHRUHWLVFK ÅEHJUQGHWHQ´ JHQR]LGRULHQWLHUWHQ $QWLVHPLWLVPXV GHU 1D]LVDQNQSIHQ'LHVJLOWP(DXFKIUGLHNUDVVHSROLWLVFKHÅ:DQGOXQJ´ GHVHKHPDOLJHQ$32$QZDOWVXQG5$)*UQGHUV+RUVW0DKOHU]XP16 '$3$SRORJHWHQXQG+RORFDXVW/HXJQHU6HLQHVHLW(QGHGHUQHXQ]LJHU -DKUHZRKOGRNXPHQWLHUWHQUHFKWVH[WUHPHQXQGUDVVLVWLVFKHQbX‰HUXQJHQ ODVVHQVLFKQLFKWRKQHZHLWHUHVDXI VHLQH,QWHQWLRQHQDXV$32XQG5$)  'HPHQWVSUHFKHQGSROHPLVFKIlOOWDXFK]7GLH.ULWLNDQGHQDQGHU161lKHLQWHUHVVLHUWHQ QHXHUHQKLVWRULVFKHQ$UEHLWHQDXVVLHKH]%$QDO\VH .ULWLN *UHPOL]D   6LHKH0XVROII 6² :XQVFKLN6² 6WUD‰QHU6²   0DKOHUXQG6FK|QKXEHU 0DKOHU 



$QGUHDV0XVROII

=HLWSURML]LHUHQ(VEHGDUI GDKHUZHLWHUHUGHWDLOOLHUWHUGLVNXUVKLVWRULVFKHU 6WXGLHQ XP IHVW]XVWHOOHQ ZHOFKH .RQWLQXLWlWHQ XQG 8QWHUVFKLHGH VLFK DXI WLHIHUHQ'LVNXUVHEHQHQZLHPHWDSKRULVFKHQXQGDQGHUHQÀJUOLFKHQ .RQ]HSWXDOLVLHUXQJHQ RGHU DOOJHPHLQHQ $UJXPHQWDWLRQVWRSRL DXIÀQGHQ ODVVHQ ]XP HLQHQ ]ZLVFKHQ IDVFKLVWLVFKHP XQG QDWLRQDOVR]LDOLVWLVFKHP 'LVNXUV XQG OLQNVWHUURULVWLVFKHP 7HUURULVWHQVSUDFKJHEUDXFK ]XP DQGH UHQ ]ZLVFKHQ %HZlOWLJXQJVGLVNXUVHQ ]XP 16.RPSOH[ LP 8PNUHLV GHU $32XQG6WXGHQWHQEHZHJXQJGLHZLHGHUXPLQGHUZHLWHUHQEXQGHVGHXW VFKHQ 'LVNXUVJHVFKLFKWH ]X YHURUWHQ VLQG  GHU 6HOEVWZDKUQHKPXQJ XQG LQWHUSUHWDWLRQGHU7HUURULVWHQXQGLKUHV8PIHOGHVVRZLHLKUHU|IIHQWOLFKHQ :DKUQHKPXQJ /LWHUDWXU $EHQGURWK:ROIJDQJ:ROI)UDQN%UFNQHU3HWHU+J  'LH/LQNHDQWZRUWHW -UJHQ+DEHUPDV)UDQNIXUWD0 $O\*|W] 8QVHU.DPSI²HLQLUULWLHUWHU%OLFN]XUFN)UDQNIXUWD0 $O\*|W] :LUDOOHKDEHQXQVJHLUUW,Q'LH=HLW0DL $QDO\VH  .ULWLN   'HP 6WDDWH GLHQHQ 'DV +DPEXUJHU ,QVWLWXW IU 6R]LDOIRU VFKXQJGLH5$)XQGGHUÅ6\PSDWKLVDQWHQVXPSI´$QDO\VH .ULWLN²=HLWXQJIU OLQNH'HEDWWHXQG3UD[LV0lU] $XVW6WHIDQ 'HU%DDGHU0HLQKRI .RPSOH[+DPEXUJ %DFNHV8ZH %XQGHVUHSXEOLN'HXWVFKODQGÅ:LUZROOWHQDOOHVXQGJOHLFK]HLWLJ QLFKWV´,Q:DOGPDQQ3HWHU+J %HUXI7HUURULVW/HEHQVOlXIHLP8QWHUJUXQG 0QFKHQ6² %DXPDQQ%RPPL0LFKDHO  :LHDOOHVDQÀQJ0QFKHQWULNRQW %HFNHU -LOOLDQ   +LWOHU¶V &KLOGUHQ /RQGRQ 0LFKDHO -RVHSK  $XÁDJH  /RQGRQ3LFNZLFNGHXWVFKHhEHUVHW]XQJ+LWOHUV.LQGHU"'HU%DDGHU0HLQKRI 7HUURULVPXV)UDQNIXUWD0  %LVFKRI:LOOL1HLGKDUW,ULW+J  Å:LUVLQGGLH*XWHQ´$QWLVHPLWLVPXVLQGHU UDGLNDOHQ/LQNHQ0QVWHU %RHKOLFK:DOWHU 6FKOH\HUV.LQGHU,Q%RW]DW7DWMDQD.LQGHUOHQ(OLVDEHWK :ROII)UDQN+J (LQGHXWVFKHU+HUEVW=XVWlQGH)UDQNIXUWD06² (UVWYHU|IIHQWOLFKXQJ  %|OO+HLQULFK :LOO8OULNH*QDGHRGHUIUHLHV*HOHLW"'HU6SLHJHO %UHVVDQ 6XVDQQH-DQGHU 0DUWLQ   *XGUXQ (QVVOLQ ,Q .UDXVKDDU :ROIJDQJ +J 'LH5$)XQGGHUOLQNH7HUURULVPXV +DPEXUJHU(GLWLRQ%G +DP EXUJ6²  =XUKLVWRULVFKHQ(QWZLFNOXQJYRQ0DKOHUV,GHRORJLHVLHKH-DQGHU *LHUGV 

'LH5$)DOVÅ+LWOHU¶VFKLOGUHQ´"



%URGHU+HQU\N0 'HUHZLJH$QWLVHPLWhEHU6LQQXQG)XQNWLRQHLQHVEHVWlQ GLJHQ*HIKOV)UDQNIXUWD0 &RKQ%HQGLW'DQLHO Å,PPHUUDGLNDOHU´,QWHUYLHZPLW'DQLHO&RKQ%HQGLW,Q 'HU6SLHJHO 'XELHO+HOPXW 1LHPDQGLVWIUHLYRQGHU*HVFKLFKWH'LHQDWLRQDOVR]LDOLVWLVFKH +HUUVFKDIWLQGHQ'HEDWWHQGHV'HXWVFKHQ%XQGHVWDJHV0QFKHQ:LHQ (LW]7KRUVWHQ6W|W]HO*HRUJ :|UWHUEXFKGHUÅ9HUJDQJHQKHLWVEHZlOWLJXQJ´ 'LH169HUJDQJHQKHLWLP|IIHQWOLFKHQ6SUDFKJHEUDXFK+LOGHVKHLP (OLDV1RUEHUW 'HUEXQGHVGHXWVFKH7HUURULVPXV²$XVGUXFNHLQHVVR]LDOHQ*H QHUDWLRQHQNRQÁLNWV ,Q 6FKU|WHU 0LFKDHO +J 6WXGLHQ EHU GLH 'HXWVFKHQ )UDQNIXUWD06² )HWVFKHU,ULQJ 7HUURULVPXVXQG5HDNWLRQ.|OQ)UDQNIXUWD0 *LHUGV%HUQKDUG 'DVÅ.RQ]HSW6WDGWJXHULOOD´0HLQKRI0DKOHUXQGLKUHVWUD WHJLVFKHQ'LIIHUHQ]HQ,Q.UDXVKDDU:ROIJDQJ+J 'LH5$)XQGGHUOLQNH7HU URULVPXV +DPEXUJHU(GLWLRQ%G +DPEXUJ6² *UHPOL]D+HUPDQQ/ 'LH:DKUKHLWEHU¶+HUPDQQ/*UHPOL]DEHU5XGL Å$GROI´'XWVFKNHXQGDQGHUH ,Q.RQNUHW +DXVHU 'RURWKHD   'HXWVFKODQG ,WDOLHQ XQG -DSDQ 'LH HKHPDOLJHQ $FKVHQ PlFKWHXQGGHU7HUURULVPXVGHUHU-DKUH,Q.UDXVKDDU:ROIJDQJ+J 'LH 5$) XQG GHU OLQNH 7HUURULVPXV   +DPEXUJHU (GLWLRQ %G   +DPEXUJ 6² ,QVWLWXW IU 6R]LDOIRUVFKXQJ +J    *UXSSHQH[SHULPHQW (LQ 6WXGLHQEHULFKW )UDQNIXUWD0 -DQGHU0DUWLQ +RUVW0DKOHU,Q.UDXVKDDU:ROIJDQJ+J 'LH5$)XQGGHU OLQNH7HUURULVPXV +DPEXUJHU(GLWLRQ%G +DPEXUJ6² -HVVH(FNHKDUG 'LH8UVDFKHQGHV5$)7HUURULVPXVXQGVHLQ6FKHLWHUQ,Q$XV 3ROLWLNXQG=HLWJHVFKLFKWH²6² -XGW7RQ\ 3RVWZDU$+LVWRU\RI (XURSHVLQFH/RQGRQ .OLPNH0DUWLQ0DXVEDFK:LOIULHG $XI GHUlX‰HUHQ/LQLHGHU%HIUHLXQJVNULH JH'LH5$)XQGGHU9LHWQDPNRQÁLNW,Q.UDXVKDDU:ROIJDQJ+J 'LH5$) XQGGHUOLQNH7HUURULVPXV +DPEXUJHU(GLWLRQ%G +DPEXUJ6² .RHQHQ*HUG 'DV5RWH-DKU]HKQW8QVHUH.OHLQH'HXWVFKH.XOWXUUHYROXWLRQ ²)UDQNIXUWD0 .RHQHQ*HUG 9HVSHU(QVVOLQ%DDGHU8UV]HQHQGHVGHXWVFKHQ7HUURULVPXV )UDQNIXUWD0 .RHQHQ*HUG &DPHUD6LOHQV'DV3KDQWDVPDGHU9HUQLFKWXQJVKDIW,Q.UDXV KDDU:ROIJDQJ+J 'LH5$)XQGGHUOLQNH7HUURULVPXV +DPEXUJHU(GLWLRQ %G +DPEXUJ² .UDXVKDDU :ROIJDQJ D  'LH %RPEH LP MGLVFKHQ *HPHLQGHKDXV +DP EXUJ+DPEXUJHU,QVWLWXWIU6R]LDOIRUVFKXQJ



$QGUHDV0XVROII

.UDXVKDDU :ROIJDQJ E  5XGL 'XWVFKNH XQG GHU EHZDIIQHWH .DPSI ,Q 5XGL 'XWVFKNH$QGUHDV%DDGHUXQGGLH5$)9RQ:ROIJDQJ.UDXVKDDU.DULQ:LHODQG XQG-DQ3KLOLSS5HHPWVPD+DPEXUJ6² .UDXVKDDU:ROIJDQJD (QWVFKORVVHQKHLW'H]LVLRQLVPXVDOV'HQNÀJXU9RQGHU DQWLDXWRULWlUHQ %HZHJXQJ ]XP EHZDIIQHWHQ .DPSI ,Q .UDXVKDDU :ROIJDQJ +J 'LH5$)XQGGHUOLQNH7HUURULVPXV +DPEXUJHU(GLWLRQ%G +DP EXUJ6² .UDXVKDDU :ROIJDQJ E  $QWL]LRQLVPXV DOV 7URMDQLVFKHV 3IHUG =XU DQWLVHPLWL VFKHQ'LPHQVLRQLQGHQ.RRSHUDWLRQHQYRQ7XSDPDURV:HVW%HUOLQ5$)XQG 5=PLWGHQ3DOlVWLQHQVHUQ,Q.UDXVKDDU:ROIJDQJ+J 'LH5$)XQGGHUOLQNH 7HUURULVPXV +DPEXUJHU(GLWLRQ%G +DPEXUJ6² .XQ]HOPDQQ'LHWHU %ULHI DXV$PPDQ$JLW .XUEMXZHLW'LUNHWDO 9HUUDWYRUGHP6FKXVV,Q'HU6SLHJHO0DL /DNRII*HRUJH 0RUDO3ROLWLFV:KDW&RQVHUYDWLYHV.QRZ7KDW/LEHUDOV'RQ·W &KLFDJR/RQGRQ /DNRII5RELQ /DQJXDJHDQG:RPHQ·V3ODFH1HZ