Die doppelten Perfektbildungen im Deutschen: Eine diachrone Untersuchung 9783110292442, 9783110292480

This book is devoted to double forms of the perfect tense in the German language. The study is based on an extensive cor

202 92 16MB

German Pages 352 Year 2012

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
1 Einleitung
1.1 Ziel der Arbeit
1.2 Korpus und Belegsituation
1.3 Aufbau der Arbeit
2 Theoretische Vorbetrachtungen
2.1 Tempus/Temporalität, Aspekt/Aspektualität und Aktionsart/Situationsklasse
2.2 Bisherige Deutungen doppelter Perfektbildungen
2.3 Überlegungen zum methodischen Vorgehen
2.4 Fazit
3 Herausbildung der doppelten Perfektbildungen
3.1 Herausbildung als Plusquamperfektersatz im Zuge des Präteritumschwundes
3.1.1 Zur Hypothese
3.1.1.1 Eingang in Grammatiken
3.1.1.2 Umgang mit der Präteritumschwundhypothese in der Forschungsliteratur
3.1.1.2.1 Befürworter
3.1.1.2.2 Kritische Stimmen
3.1.1.2.3 Fazit
3.1.2 Präteritumschwund als Erklärungshintergrund für die doppelten Perfektbildungen
3.1.2.1 Existenz von Doppelplusquamperfekt
3.1.2.2 Kein systematischer Schwund von Plusquamperfekt
3.1.2.3 Vorkommen von doppelten Perfektbildungen im gesamten Sprachraum
3.1.2.4 Früheste Belege vor der Präteritumschwundphase
3.1.2.5 Frühe Formenvielfalt
3.1.3 Fazit: Herausbildung durch Präteritumschwund
3.2 Herausbildung als perfektive Struktur im Zuge der Perfektgrammatikalisierung
3.2.1 Entwicklung der Perfektkonstruktion und Aufgabe der aspektuellen Opposition
3.2.1.1 haben + Partizip II
3.2.1.2 sein + Partizip II
3.2.1.3 Aufgabe der aspektuellen Opposition
3.2.2 Zur Hypothese
3.2.3 Überprüfungsansätze
3.2.3.1 Grammatikalisierungsgrad der Perfektkonstruktion
3.2.3.1.1 haben + Partizip II
3.2.3.1.2 sein + Partizip II
3.2.3.1.3 Seit wann existieren doppelte Perfektbildungen?
3.2.3.2 Doppelte Perfektbildungen als Struktur zur Aufrechterhaltung perfektiver Semantik
3.2.3.2.1 Restrukturierungsprozesse im Verbalbereich während des Herausbildungszeitraumes doppelter Perfektbildungen
3.2.3.2.2 Vorkommen von ge- in Texten mit Doppelperfektvorkommen
3.2.4 Vorläufiges Fazit: Herausbildung als perfektive Struktur im Zuge der Perfektgrammatikalisierung
4 Gebrauch der doppelten Perfektbildungen
4.1 Gebrauch von haben + Partizip II + gehabt.
4.1.1 15. Jahrhundert
4.1.2 16. Jahrhundert
4.1.3 17. Jahrhundert
4.1.4 18. Jahrhundert
4.1.5 19. Jahrhundert
4.1.6 20. und beginnendes 21.Jahrhundert
4.1.7 Fazit: Gebrauch von haben + Partizip II + gehabt.
4.2 Gebrauch von sein + Partizip II + gewesen
4.2.1 Zum kategorialen Status von sein + Partizip II + gewesen.
4.2.2 14. Jahrhundert
4.2.3 15. Jahrhundert
4.2.4 16. Jahrhundert
4.2.5 17. Jahrhundert
4.2.6 18. Jahrhundert
4.2.7 19. Jahrhundert
4.2.8 20. und beginnendes 21.Jahrhundert
4.2.9 Fazit: Gebrauch von sein + Partizip II + gewesen
5 Bedeutung der doppelten Perfektbildungen
5.1 Bedeutung von haben + Partizip II + gehabt
5.1.1 Relativer Typ: E1 vor E2 vor R oder E1 vor [+ abgeschlossen zu] R?
5.1.2 Absoluter Typ: E vor R oder E vor [+ abgeschlossen zu] R?
5.1.3 Fazit: Bedeutung von haben + Partizip II + gehabt
5.2 Bedeutung von sein + Partizip II + gewesen
5.2.1 Relativer Typ: E1 vor E2 vor R oder E1 vor [+ abgeschlossen zu] R?
5.2.2 Absoluter Typ: E vor R oder E vor [+ abgeschlossen zu] R?
5.2.3 Fazit: Bedeutung von sein + Partizip II + gewesen
5.3 Nochmal: Herausbildung der doppelten Perfektbildungen
6 Zusammenfassung
7 Literaturverzeichnis
7.1 Sekundärliteratur
7.2 Korpusbibliographie
8 Belegsammlung
8.1 haben + Partizip II + gehabt
8.2 sein + Partizip II + gewesen
Recommend Papers

Die doppelten Perfektbildungen im Deutschen: Eine diachrone Untersuchung
 9783110292442, 9783110292480

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

Isabel Buchwald-Wargenau Die doppelten Perfektbildungen im Deutschen

Studia Linguistica Germanica

Herausgegeben von Christa Dürscheid Andreas Gardt Oskar Reichmann Stefan Sonderegger

115

De Gruyter

Isabel Buchwald-Wargenau

Die doppelten Perfektbildungen im Deutschen Eine diachrone Untersuchung

De Gruyter

Dissertation an der Universität Kassel, Fachbereich 02 Geistes- und Kulturwissenschaften, Tag der Disputation: 16.02.2011

ISBN 978-3-11-029244-2 e-ISBN 978-3-11-029248-0 ISSN 1861-5651 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 Druck: Hubert & Co. GmbH & Co. KG, Göttingen ∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com







9RUZRUW 'LHVHV%XFKVWHOOWHLQHOHLFKWYHUlQGHUWH)DVVXQJPHLQHU'LVVHUWDWLRQGDU GLHLFKLP)HEUXDUDP,QVWLWXWIU*HUPDQLVWLNGHU8QLYHUVLWlW.DV VHOYHUWHLGLJWKDEH0HLQKHU]OLFKVWHU'DQNJLOWPHLQHP'RNWRUYDWHU3URI 'U9LOPRVÉJHO(UKDWPLFKQLFKWQXUIDFKOLFKVRQGHUQDXFKPHQVFKOLFK LQDOOHQ3URPRWLRQVSKDVHQEHJOHLWHWXQGDXIYLHOIlOWLJH:HLVHXQWHUVWW]W 0HLQHP=ZHLWJXWDFKWHU3URI'U+DQV:HUQHU(URPVGDQNHLFKHEHQ IDOOVJDQ]KHU]OLFKIUGLHVFKQHOOH%HJXWDFKWXQJGHU$UEHLWXQGIUZHUW YROOH+LQZHLVHIUGLH'UXFNIDVVXQJ 'XUFK HLQ 3URPRWLRQVVWLSHQGLXP GHU 8QLYHUVLWlW .DVVHO NRQQWH LFK GLH $UEHLW ]JLJ YRUDQEULQJHQ XQG EHHQGHQ ,QVEHVRQGHUH GLH )DPLOLHQ IUHXQGOLFKNHLW GHV 6WLSHQGLXPV KDEH LFK VHKU ]X VFKlW]HQ JHZXVVW 'HU )RUVFKXQJVI|UGHUXQJGHU8QLYHUVLWlW.DVVHOJLOWKLHUIUPHLQDXIULFKWLJHU 'DQN %HGDQNHQP|FKWHLFKPLFK]XGHPEHL3URI'U0DWKLOGH+HQQLJGLH GLH $UEHLW LQ ZHLWHQ 7HLOHQ EHJOHLWHWH XQG GXUFK ZHUWYROOH +LQZHLVH PLW DXI GHQ :HJ EUDFKWH VRZLH EHL 3URI 'U (OYLUD 7RSDORYLý GLH PLFK GXUFK GLH IUHXQGOLFKH %HUHLWVWHOOXQJ LKUHV 'RSSHOSHUIHNWNRUSXV EHL GHU =XVDPPHQVWHOOXQJ PHLQHU %HOHJVDPPOXQJ XQWHUVWW]WH (LQ KHU]OLFKHV 'DQNHVFK|QJLOW]XGHPPHLQHU6FKZHVWHU-XOLDGLHXPIDQJUHLFKH.RUUHN WXUDUEHLWHQEHUQRPPHQKDW 'HQ+HUDXVJHEHUQGHU5HLKH6WXGLD/LQJXLVWLFD*HUPDQLFDGDQNHLFKIU GLH$XIQDKPHPHLQHV%XFKHVVRZLHGHQ0LWDUEHLWHUQGHV9HUODJHVIULK UH IUHXQGOLFKH 8QWHUVWW]XQJ EHL GHQ (QGIRUPDWLHUXQJHQ IU GLH 'UXFN IDVVXQJ 0HLQHU)DPLOLH²PHLQHP0DQQ)DONXQGPHLQHQ.LQGHUQ-RKDQQDXQG -XVWXV ² GDQNH LFK IU LKU 'D6HLQ XQG LKUHQ 5FNKDOW ,KQHQ LVW GLHVHV %XFKJHZLGPHW 

  





        







,QKDOWVYHU]HLFKQLV  (LQOHLWXQJ    =LHOGHU$UEHLW   .RUSXVXQG%HOHJVLWXDWLRQ  $XIEDXGHU$UEHLW   7KHRUHWLVFKH9RUEHWUDFKWXQJHQ    7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlW XQG$NWLRQVDUW6LWXDWLRQVNODVVH  %LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ    hEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ    )D]LW   +HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ   +HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV 3UlWHULWXPVFKZXQGHV    =XU+\SRWKHVH   (LQJDQJLQ*UDPPDWLNHQ   8PJDQJPLWGHU3UlWHULWXPVFKZXQGK\SRWKHVH LQGHU)RUVFKXQJVOLWHUDWXU   %HIUZRUWHU   .ULWLVFKH6WLPPHQ    )D]LW   3UlWHULWXPVFKZXQGDOV(UNOlUXQJVKLQWHUJUXQG IUGLHGRSSHOWHQ3HUIHNWELOGXQJHQ    ([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNW   .HLQV\VWHPDWLVFKHU6FKZXQGYRQ3OXVTXDPSHUIHNW    9RUNRPPHQYRQGRSSHOWHQ3HUIHNWELOGXQJHQLP JHVDPWHQ6SUDFKUDXP   )UKHVWH%HOHJHYRUGHU3UlWHULWXPVFKZXQGSKDVH    )UKH)RUPHQYLHOIDOW   )D]LW+HUDXVELOGXQJGXUFK3UlWHULWXPVFKZXQG    +HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJH GHU3HUIHNWJUDPPDWLNDOLVLHUXQJ  

9,,,

             

(QWZLFNOXQJGHU3HUIHNWNRQVWUXNWLRQXQG$XIJDEH GHUDVSHNWXHOOHQ2SSRVLWLRQ  KDEHQ3DUWL]LS,,   VHLQ3DUWL]LS,,  $XIJDEHGHUDVSHNWXHOOHQ2SSRVLWLRQ   =XU+\SRWKHVH  hEHUSUIXQJVDQVlW]H  *UDPPDWLNDOLVLHUXQJVJUDGGHU3HUIHNWNRQVWUXNWLRQ   KDEHQ3DUWL]LS,,   VHLQ3DUWL]LS,,  6HLWZDQQH[LVWLHUHQGRSSHOWH3HUIHNWELOGXQJHQ"   'RSSHOWH3HUIHNWELOGXQJHQDOV6WUXNWXU ]XU$XIUHFKWHUKDOWXQJSHUIHNWLYHU6HPDQWLN   5HVWUXNWXULHUXQJVSUR]HVVHLP9HUEDOEHUHLFKZlKUHQG GHV+HUDXVELOGXQJV]HLWUDXPHVGRSSHOWHU 3HUIHNWELOGXQJHQ   9RUNRPPHQYRQJHLQ7H[WHQPLW 'RSSHOSHUIHNWYRUNRPPHQ  9RUOlXILJHV)D]LW+HUDXVELOGXQJDOVSHUIHNWLYH 6WUXNWXULP=XJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJ  

 *HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ   *HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   XQGEHJLQQHQGHV-DKUKXQGHUW    )D]LW*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW   *HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ    =XPNDWHJRULDOHQ6WDWXVYRQVHLQ3DUWL]LS,,JHZHVHQ   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   -DKUKXQGHUW   XQGEHJLQQHQGHV-DKUKXQGHUW    )D]LW*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ   





,;

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lUOLWHUDWXU    .RUSXVELEOLRJUDSKLH   %HOHJVDPPOXQJ   KDEHQ3DUWL]LS,,JHKDEW    VHLQ3DUWL]LS,,JHZHVHQ  

;

$EELOGXQJVYHU]HLFKQLV $EELOGXQJ .RPSRVLWLRQDOH%HGHXWXQJGHUGRSSHOWHQ 3HUIHNWELOGXQJHQQDFK5|GHO    $EELOGXQJ +HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ QDFK5|GHO    $EELOGXQJ %HGHXWXQJVYHUlQGHUXQJGXUFK+LQ]XIJXQJYRQ JHKDEWEHLUHODWLYHQKDEHQ'RSSHOSHUIHNWELOGXQJHQ  $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU(YRU5 KDEHQ   $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 KDEHQ   $EELOGXQJ /HLVWXQJGHVUHODWLYHQ7\SVGRSSHOWHU 3HUIHNWELOGXQJHQ KDEHQ   $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU5 KDEHQ   $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 KDEHQ   $EELOGXQJ /HLVWXQJGHVDEVROXWHQ7\SVGRSSHOWHU 3HUIHNWELOGXQJHQ KDEHQ   $EELOGXQJ %HGHXWXQJVYHUlQGHUXQJGXUFK+LQ]XIJXQJYRQ JHZHVHQEHLUHODWLYHQVHLQ'RSSHOSHUIHNWELOGXQJHQ  $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU(YRU5 VHLQ   $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 VHLQ   $EELOGXQJ /HLVWXQJGHVUHODWLYHQ7\SVGRSSHOWHU 3HUIHNWELOGXQJHQ VHLQ   $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU5 VHLQ   $EELOGXQJ 3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 VHLQ   $EELOGXQJ /HLVWXQJGHVDEVROXWHQ7\SVGRSSHOWHU 3HUIHNWELOGXQJHQ VHLQ  





;,

7DEHOOHQYHU]HLFKQLV 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH

$Q]DKOGHUKDEHQ3DUWL]LS,,JHKDEWVRZLH VHLQ3DUWL]LS,,JHZHVHQ%LOGXQJHQ  7HPSRUDOH'HXWXQJHQGHUGRSSHOWHQ 3HUIHNWELOGXQJHQ  0RGHOOLHUXQJGHU'HXWXQJHQGRSSHOWHU 3HUIHNWELOGXQJHQ  $UJXPHQWHIUGLH3UlWHULWXPVFKZXQGK\SRWKHVH  $UJXPHQWHJHJHQGLH3Ul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lXPH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQ-DKUKXQGHUW   6WHOOXQJVYDULDQWHQGHV)LQLWXPVLP1HEHQVDW] KDEHQ-DKUKXQGHUW   9HUEHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW  

;,,

7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH

5HODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW   +HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQ-DKUKXQGHUW   9HUEHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW   +HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQ-DKUKXQGHUW   9HUEHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ  UHODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW   9HUWHLOXQJQlKHVSUDFKOLFKHUGRSSHOWHU3HUIHNWELOGXQ JHQDXIGLH6SUDFKUlXPH KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJQlKHVSUDFKOLFKHUGRSSHOWHU 3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJQlKHVSUDFKOLFKHU GRSSHOWHU3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   9HUEHQGHUQlKHVSUDFKOLFKHQGRSSHOWHQ 3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJGHUQlKHVSUDFKOLFKHQGRSSHOWHQ 3HUIHNWELOGXQJHQDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW   UHODWLYHU7\SQlKHVSUDFKOLFKH%HOHJH KDEHQ-DKUKXQGHUW   +HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ KDEHQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6SUDFKUlXPH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQ-DKUKXQGHUW   9HUEHQ KDEHQ-DKUKXQGHUW  



7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH



;,,,

9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW   UHODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW   +HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ KDEHQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6SUDFKUlXPH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQ-DKUKXQGHUW   9HUEHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW   UHODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJGHUGLVWDQ]VSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJGHUQlKHVSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJGHUGLVWDQ]VSUDFK OLFKHQ%HOHJH KDEHQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJGHU QlKHVSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW   9HUEHQGHUGLVWDQ]VSUDFKOLFKHQGRSSHOWHQ 3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   9HUEHQGHUQlKHVSUDFKOLFKHQGRSSHOWHQ 3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJGHUGLVWDQ]VSUDFKOLFKHQ%HOHJHDXIGLH 6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW   9HUWHLOXQJGHUQlKHVSUDFKOLFKHQ%HOHJHDXIGLH 6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW   UHODWLYHUXQGDEVROXWHU7\SGLVWDQ]VSUDFKOLFKH%HOHJH KDEHQ-DKUKXQGHUW   UHODWLYHUXQGDEVROXWHU7\SQlKHVSUDFKOLFKH%HOHJH KDEHQ-DKUKXQGHUW   GLVWDQ]VSUDFKOLFKHUXQGQlKHVSUDFKOLFKHU*HEUDXFK GRSSHOWHU3HUIHNWELOGXQJHQ KDEHQ-DKUKXQ GHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQGLDFKURQ   UHODWLYHU7\SXQGDEVROXWHU7\S KDEHQGLDFKURQ   6XEW\SHQGHVUHODWLYHQ7\SV KDEHQGLDFKURQ   WKHRUHWLVFKH([LVWHQ]E]Z1LFKWH[LVWHQ]GRSSHOWHU 3HUIHNWELOGXQJHQPLWVHLQ  

;,9

7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH 7DEHOOH

+HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH VHLQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ VHLQ-DKUKXQGHUW   9HUEHQ VHLQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ VHLQ-DKUKXQGHUW   +HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH VHLQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ VHLQ-DKUKXQGHUW   9HUEHQ VHLQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ VHLQ-DKUKXQGHUW   +HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH VHLQ-DKUKXQGHUW   +DXSWVDW]1HEHQVDW]9HUWHLOXQJ VHLQ-DKUKXQGHUW   9HUEHQ VHLQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ VHLQ-DKUKXQGHUW   )RUPHQYHUWHLOXQJ VHLQ-DKUKXQGHUW   9HUEHQ VHLQ-DKUKXQGHUW   9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ VHLQ-DKUKXQGHUW   6XEW\SHQGHVUHODWLYHQ7\SVGRSSHOWHU 3HUIHNWELOGXQJHQ KDEHQ XQGGHUHQ%HGHXWXQJ  6XEW\SHQGHVUHODWLYHQ7\SVGRSSHOWHU 3HUIHNWELOGXQJHQ VHLQ XQGGHUHQ%HGHXWXQJ   %HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ 



 (LQOHLWXQJ  =LHOGHU$UEHLW GLHJRHWWHUKHWHQPLWHLQDQGHUJHVWULWHQJHKHEW >)QKG-DKUKXQGHUW@

3UlWHULWXP 3HUIHNW XQG 3OXVTXDPSHUIHNW UHSUlVHQWLHUHQ GLH HWDEOLHUWHQ GHXWVFKHQ9HUJDQJHQKHLWVWHPSRUDGHUHQ%HVFKUHLEXQJLQMHGHU*UDPPD WLN YRU]XILQGHQ LVW =XP $XVGUXFN YRQ 9HUJDQJHQHP H[LVWLHUHQ GDPLW WUDGLWLRQHOO GLHVH GUHL 7HPSRUD :RUXP DEHU KDQGHOW HV VLFK EHL HLQHU )RUPGHV7\SVKDEHQ3DUWL]LS,,JHKDEWGLHRELJHV=LWDWEHLQKDOWHWXQG GLHQLFKW]XPWUDGLWLRQHOOHQ7HPSXVNDQRQGHV'HXWVFKHQJHK|UW" +DEHQ  3DUWL]LS ,,  JHKDEW ZLUG LQ GHU )RUVFKXQJVOLWHUDWXU XQG LQ *UDPPDWLNHQ ]XPHLVW PLW GHP 7HUPLQXV ÄGRSSHOWH 3HUIHNWELOGXQJ· EH QDQQW ]%/LWYLQRY5DGÿHQNR+HQQLJ'XGHQ 5|GHO  XQG %XFKZDOG:DUJHQDX   $XFK ZHLWHUH %H]HLFKQXQJHQ VLQG ELVZHLOHQDXIILQGEDUVREVSZÄ3HUIHNW,,XQG3OXVTXDPSHUIHNW,,· 7KLH URII/LWYLQRY5DGÿHQNR+HQQLJ%XFKZDOGD ÄVX SHUNRPSRQLHUWH )RUPHQ· ,G6*UDPPDWLN   RGHU ÄK\SHUSHULSKUDVWL VFKH)RUPHQ· $SSXKQ XPQXUHLQLJH]XQHQQHQ'LHYRUOLHJHQGH $UEHLW ZLUG GHQ 7HUPLQXV ÄGRSSHOWH 3HUIHNWELOGXQJ· IU GLH %HQHQQXQJ GHV 3KlQRPHQV YHUZHQGHQ 6ROO HLQH EHVWLPPWH )RUP EHQDQQW ZHUGHQ VRZHUGHQGLH7HUPLQLÄ'RSSHOSHUIHNW·XQGÄ'RSSHOSOXVTXDPSHUIHNW·JH ZlKOW (V KDQGHOW VLFK EHL GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ XP HLQH ]ZHLVFKULWWLJH3HUIHNWELOGXQJ=XPILQLWHQ+LOIVYHUEXQG]XP3DUWL]LS,, GHV9ROOYHUEVZLUGHLQ3DUWL]LS,,GHV+LOIVYHUEVKLQ]XJHIJW VLHKlWWHQJHVWULWWHQ

Æ

VLHKlWWHQJHVWULWWHQJHKDEW

'HUVHOEH0HFKDQLVPXVIXQNWLRQLHUWDXFKEHLVHLQ3DUWL]LS,,ZRUDXVMH GRFKDXIJUXQGGHUXQWHUVFKLHGOLFKHQNDWHJRULDOHQ=XRUGQXQJVP|JOLFKNHL WHQ YRQ VHLQ  3DUWL]LS ,, QLFKW LQ MHGHP )DOOH HLQH GRSSHOWH 3HUIHNWELO GXQJHQWVWHKW GLH=HLWLVWYHUIORVVHQ

Æ

GLH=HLWLVWYHUIORVVHQJHZHVHQ

'LHGRSSHOWHQ3HUIHNWELOGXQJHQVWHOOHQODQJH=HLWHLQXQWHUUHSUlVHQWLHUWHV )RUVFKXQJVWKHPDGHUJHUPDQLVWLVFKHQ/LQJXLVWLNGDU,POHW]WHQ-DKU]HKQW MHGRFK QLPPW GDV ,QWHUHVVH GHU )RUVFKXQJ ]X (V HQWVWHKHQ YHUPHKUW



(LQOHLWXQJ

3XEOLNDWLRQHQVRHWZDGLH0RQRJUDSKLHQYRQ/LWYLQRY5DGÿHQNR   XQG 5|GHO   VRZLH YHUVFKLHGHQH $XIVlW]H +HQQLJ  XQG  úDQGRU  XQG  $PPDQQ  XQG  %XFKZDOG D XQG %XFKZDOG:DUJHQDX  :HONH  XQG 7RSDORYLý   DXV GHQHQ HLQGHXWOLFKHU(UNHQQWQLV]XZDFKVLQ%H]XJDXIGLH+HUDXVELOGXQJGLH9HU ZHQGXQJXQGGLH%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQUHVXOWLHUW 'LH %HWUDFKWXQJ GHU +HUDXVELOGXQJVSUREOHPDWLN GXUFK GLH MQJHUH )RU VFKXQJIKUW]XU,QIUDJHVWHOOXQJGHUELVGDWRYRUKHUUVFKHQGHQ+HUDXVELO GXQJVK\SRWKHVH GHU 3UlWHULWXPVFKZXQGK\SRWKHVH GLH GLH *HQHVH GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ LQ HLQHQ GLUHNWHQ =XVDPPHQKDQJ PLW GHP 3UlWHULWXPVFKZXQG XQG GHP GDPLW HLQKHUJHKHQGHQ 3OXVTXDPSHUIHNW VFKZXQG VWHOOW 7RSDORYLý   XQG EHVRQGHUV 5|GHO   EHPKHQ VLFKDXVJHKHQGYRQHLQHUNULWLVFKHQ$XVHLQDQGHUVHW]XQJPLWGHU3UlWHUL WXPVFKZXQGK\SRWKHVHDOWHUQDWLYH+HUDXVELOGXQJVDQVlW]H]XHQWZLFNHOQ (VODVVHQVLFK]XGHPLQDOOHQMQJHUHQ8QWHUVXFKXQJHQ$QKDOWVSXQN WH ]X 9HUZHQGXQJVP|JOLFKNHLWHQ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ DXIILQGHQ GLHVLFKPHLVWHLQHP9DULHWlWHQDXVVFKQLWWZLGPHQ$XIGLH9HUZHQGXQJLQ GHU/LWHUDWXUVSUDFKHJHKHQ/LWYLQRY5DGÿHQNR  HLQ+HQQLJ   XQG%XFKZDOG D EHVFKUHLEHQ*HEUDXFKVXQWHUVFKLHGH]ZLVFKHQGLV WDQ] XQG QlKHVSUDFKOLFKHQ %LOGXQJHQ úDQGRU   ZLGPHW VLFK GHP *HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQLQGHQ0XQGDUWHQGHV%DQDWHU 'HXWVFKHQLQ5XPlQLHQ 'LH ELVKHULJH )RUVFKXQJ EHVFKlIWLJW VLFK DEHU ZRKO DP LQWHQVLYVWHQ PLWGHU)UDJHQDFKGHU%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ1HEHQ GHQ $UEHLWHQ GLH VLFK GDUXP EHPKHQ GLH WHPSRUDOH %HGHXWXQJ GHV 3KlQRPHQV]XEHVWLPPHQ ]%+HQQLJúDQGRUXQG%XFKZDOG D HUVFKHLQHQDXFK]XPHUVWHQ0DO8QWHUVXFKXQJHQGLHGLH%HGHX WXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQQLFKWYRUUDQJLJLPWHPSRUDOHQVRQ GHUQ H[SOL]LW LP DVSHNWXHOOHQ %HUHLFK VXFKHQ 5|GHO  7RSDORYLý   7URW] GHV ZDFKVHQGHQ ,QWHUHVVHV GHU )RUVFKXQJ DQ GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ LVW HLQH GLDFKURQH %HWUDFKWXQJ GHV 3KlQRPHQV ELVKHU PLW$XVQDKPHYRQ7RSDORYLý  GLHHLQH$QDO\VHGRSSHOWHU3HUIHNW ELOGXQJHQGHV-DKUKXQGHUWVGXUFKIKUWQLFKWYRU]XILQGHQ(PSLULVFKH 8QWHUVXFKXQJHQEHVFKUlQNHQVLFKLQGHU5HJHODXIJHJHQZDUWVVSUDFKOLFKH %HOHJH ]%+HQQLJXQG%XFKZDOGD E]ZDXI%HOHJHGLHPHLVW QXUELVLQV-DKUKXQGHUW]XUFNUHLFKHQ /LWYLQRY5DGÿHQNR5| GHO  (LQH)RUVFKXQJVOFNHOLHJWGDPLWJDQ]NODULP%HUHLFKGHUGLDFKURQHQ %HWUDFKWXQJGHV3KlQRPHQV(LQHQZHVHQWOLFKHQ*UXQGIUGHQ0DQJHO DQ JHVLFKHUWHQ GLDFKURQHQ (UJHEQLVVHQ VWHOOW GLH 7DWVDFKH GDU GDVV VHKU ZHQLJH GLDFKURQH %HOHJH YRUOLHJHQ XQG VLFK IU HLQH GLDFKURQH $QDO\VH



.RUSXVXQG%HOHJVLWXDWLRQ



QLFKWDXIEHVWHKHQGH%HOHJVDPPOXQJHQ]XUFNJUHLIHQOlVVW(LQHGLDFKUR QH8QWHUVXFKXQJPVVWHVLFKGDKHU]XQlFKVWGHU$XIJDEHGHU(UVWHOOXQJ HLQHVGLDFKURQHQ.RUSXVDQGRSSHOWHQ3HUIHNWELOGXQJHQVWHOOHQ 'LHYRUOLHJHQGH$UEHLWXQWHUQLPPWGHQ9HUVXFKGLHEHVWHKHQGH)RU VFKXQJXPGLHGLDFKURQH'LPHQVLRQ]XHUJlQ]HQ'DEHLVROOHQGLHDQJH VSURFKHQHQ $VSHNWH Ä+HUDXVELOGXQJ· Ä*HEUDXFK· XQG Ä%HGHXWXQJ· XQWHU GHQIROJHQGHQ=LHOVWHOOXQJHQEHDUEHLWHWZHUGHQ +HUDXVELOGXQJ 'LH 3ODXVLELOLlW GHU EHVWHKHQGHQ +HUDXVELOGXQJVK\SRWKHVHQ VROO DQKDQGYRQVHKUIUKHQ%HOHJHQGKYRQ%HOHJHQDXVGHUYHUPXWOLFKHQ+HUDXV ELOGXQJV]HLWHPSLULVFKEHUSUIWZHUGHQ *HEUDXFK 'LH %HVFKUHLEXQJ GHU 9HUZHQGXQJ GLH YRUUDQJLJ DXV GHU $QDO\VH JH JHQZDUWVVSUDFKOLFKHU %HOHJH UHVXOWLHUW VROO XP GLH %HWUDFKWXQJ GLDFKURQHU 9HU ZHQGXQJVP|JOLFKNHLWHQHUJlQ]WZHUGHQ'D]XZHUGHQGLHHLQ]HOQHQ-DKUKXQGHU WH DOV V\QFKRQH $EVFKQLWWH DQDO\VLHUW XQG GLDFKURQ PLWHLQDQGHU DEJHJOLFKHQ =XGHPZLUGYHUVXFKWGHQ*HEUDXFKGRSSHOWHU3HUIHNWELOGXQJHQLP6SDQQXQJV IHOGYRQ0QGOLFKNHLWXQG6FKULIWOLFKNHLW]XEHVFKUHLEHQ %HGHXWXQJ $QDORJ ]XU $QDO\VH GHV KLVWRULVFKHQ *HEUDXFKV VROO HLQH GLDFKURQH $QDO\VH GHU %HGHXWXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ HUIROJHQ 8P GLHVH =LHOVWHO OXQJ ]X UHDOLVLHUHQ ZLUG HLQH 0HWKRGH ]XU %HGHXWXQJVHUPLWWOXQJ HUDUEHLWHW GLH DXVJHKHQGYRP*HEUDXFKHLQH0|JOLFKNHLW]XU%HDUEHLWXQJGHU)UDJHELHWHWRE PLW GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ HLQ YRUUDQJLJ WHPSRUDO RGHU DVSHNWXHOO ]X NDWHJRULVLHUHQGHV 3KlQRPHQ YRUOLHJW $XFK KLHU VROOHQ GLH (UJHEQLVVH LQ %H]XJ DXIGLVWDQ]XQGQlKHVSUDFKOLFKH%HGHXWXQJVXQWHUVFKLHGHEHWUDFKWHWZHUGHQ

 .RUSXVXQG%HOHJVLWXDWLRQ 'LH 8QWHUVXFKXQJ ZLUG DQKDQG HLQHV VHOEVW ]XVDPPHQJHVWHOOWHQ .RUSXV KLVWRULVFKHU%HOHJHGXUFKJHIKUW]XGHVVHQ(UDUEHLWXQJHLQH$XVZHUWXQJ YHUVFKLHGHQHU .RUSRUD GHV )UKQHXKRFKGHXWVFKHQ XQG 1HXKRFKGHXW VFKHQ HUIROJWH =XGHP ZXUGH DXI EHUHLWV YRUKDQGHQH %HOHJVDPPOXQJHQ ]XUFNJHJULIIHQ,P)ROJHQGHQZLUGDXIJHIKUWZHOFKH.RUSRUDXQG%H OHJVDPPOXQJHQ9HUZHQGXQJIDQGHQ )UKQHXKRFKGHXWVFK  %RQQHU .RUSXV)UKQHXKRFKGHXWVFKELV(VZXUGHGDVLP,Q WHUQHW]XJlQJOLFKH$XVZDKONRUSXVYRQ7H[WHQYHUZHQGHW.HQQXQJGHU %HOHJHDXVGHP%RQQHU.RUSXV)UKQHXKRFKGHXWVFK>)QKG.HQQXQJGHV 7H[WHV@  3RQWXV XQG 6LGRQLD  -DKUKXQGHUW 'D LQ /LWYLQRY5DGÿHQNR    DXI IUKH %HOHJH GRSSHOWHU 3HUIHNWELOGXQJHQ LQ 3RQWXV XQG 6LGRQLD DXI BBBBBBBBBBBBBBBBBBB



ZZZNRUSRUDRUJ)QKGOHW]WHU=XJULIIDP



(LQOHLWXQJ

PHUNVDP JHPDFKW ZXUGH ZXUGH GLHVHU 7H[W KHUDQJH]RJHQ .HQQXQJ GHU %HOHJHDXV3RQWXVXQG6LGRQLD>3RQWXVXQG6LGRQLD@ 1HXKRFKGHXWVFK  1lKHNRUSXVHLQDQGHQ8QLYHUVLWlWHQ6]HJHGXQG.DVVHOXQWHUGHU/HLWXQJ YRQ 9LOPRV ÉJHO XQG 0DWKLOGH +HQQLJ HUDUEHLWHWHV E]Z QRFK LP $XIEDX EHILQGOLFKHV .RUSXV GHV =HLWUDXPV  ELV  GDV GLH 1lKH'LVWDQ] 'LPHQVLRQ EHUFNVLFKWLJW .HQQXQJ GHU %HOHJH DXV GHP 1lKHNRUSXV >1DPHGHV7H[WHV@  +H[HQYHUK|USURWRNROO.RUSXV.RUSXVDQ+H[HQYHUK|USURWRNROOHQGHV ELV-DKUKXQGHUWVHLQH6DPPOXQJYRQ'RSSHOSHUIHNWELOGXQJHQDXVGHQ +H[HQYHUK|USURWRNROOHQ ZXUGH YRQ (OYLUD 7RSDORYLý ]XVDPPHQJHVWHOOW .HQQXQJ GHU %HOHJH DXV +H[HQYHUK|UWH[WHQ >+H[HQYHUK|UH 1DPH GHV 7H[WHV@  (OVSD‰.RUSXV .RUSXV EHVWHKHQG DXV (LQZDQGHUHUEULHIHQ DXV GHP  -DKUKXQGHUW.HQQXQJGHU%HOHJHDXVGHP(OVSD‰.RUSXV>(OVSD‰1DPH@  /LWYLQRY5DGÿHQNR.RUSXVOLWHUDWXUVSUDFKOLFKH%HOHJHGHVELV-DKU KXQGHUWV YHU|IIHQWOLFKW LQ /LWYLQRY5DGÿHQNR  ²  .HQQXQJ GHU YRQ /LWYLQRY5DGÿHQNR EHUQRPPHQHQ %HOHJH >1DPH GHV /LWHUDWHQ ]LWLHUWQDFK/LWYLQRY5DGÿHQNR6HLWHQDQJDEH@  'LJLWDOH %LEOLRWKHN  'HXWVFKH $XWRELRJUDSKLHQ (V ZXUGHQ GLH $XWR ELRJUDSKLHQ YRQ %URPPH (GHOPDQQ XQG 0OOHU-DKQNH DOOH  -DKUKXQ GHUWYHUZHQGHW.HQQXQJGHU%HOHJHDXVGHQDQJHIKUWHQ$XWRELRJUDSKLHQ >'%1DPH@  /DQJ.RUSXV %HOHJVDPPOXQJ QlKHVSUDFKOLFKHU %HOHJH GHV  -DKUKXQ GHUWV YHU|IIHQWOLFKW LQ /LWYLQRY5DGÿHQNR  ²  .HQQXQJ GHU %HOHJHDXVGHP/DQJ.RUSXV>/DQJ]LWLHUWQDFK/LWLYLQRY5DGÿHQNR 6HLWHQDQJDEH@  HLJHQHV.RUSXV7DONVKRZEHOHJHXQG+|UEHOHJH-DKUKXQGHUWVHOEVWJH VDPPHOWH%HOHJHDXV7DONVKRZVXQG*HVSUlFKHQ.HQQXQJGHU7DONVKRZ EHOHJH>7DONVKRZ@.HQQXQJGHUHLJHQHQ+|UEHOHJH>HLJHQH+|UEHOHJH@

(LQ ZHVHQWOLFKHU 7HLO GHU YHUZHQGHWHQ 7H[WH VWDPPW DXV GHP QRFK LP $XIEDX EHILQGOLFKHQ 6]HJHG.DVVHO1lKHNRUSXV GDV DXV KLVWRULVFKHQ 7H[WHQPLWQlKHVSUDFKOLFKHQ0HUNPDOHQDXVGHP=HLWUDXPGHV1HXKRFK GHXWVFKHQ ² EHVWHKW$QKDQGGHUJHIXQGHQHQ%HOHJHDXVGHP 1lKHNRUSXV VROO YHUVXFKW ZHUGHQ HLQH (LQEH]LHKXQJ QlKHVSUDFKOLFKHU GRSSHOWHU3HUIHNWELOGXQJHQ]XJHZlKUOHLVWHQ,P1lKHNRUSXVJHOWHQ7H[ WHDEKLVWRULVFKHU1lKHVSUDFKOLFKNHLWDOVQlKHVSUDFKOLFKH7H[WH%HL BBBBBBBBBBBBBBBBBBB

  

)U GLH JHQDXH ELEOLRJUDSKLVFKH $QJDEH VLHKH .RUSXVELEOLRJUDSKLH LP /LWHUDWXUYHU]HLFK QLV 9ROOVWlQGLJHELEOLRJUDSKLVFKH$QJDEHQ]XGHQ.RUSXVWH[WHQVLHKH.RUSXVELEOLRJUDSKLHLP /LWHUDWXUYHU]HLFKQLV(LQHJHQDXHUH%HVFKUHLEXQJGHV1lKHNRUSXVHUIROJWXQWHQQDFKGHU $XIOLVWXQJGHUYHUZHQGHWHQ.RUSRUDXQG%HOHJVDPPOXQJHQ 'LH6DPPOXQJEHLQKDOWHWQXUKDEHQ%HOHJH



.RUSXVXQG%HOHJVLWXDWLRQ



GHU(UPLWWOXQJGHV1lKHJUDGHVLVWGHU%HDUEHLWXQJVVWDQGGHUYHUVFKLHGH QHQ 1lKHNRUSXVWH[WH MHGRFK XQWHUVFKLHGOLFK ZHLW YRUDQJHVFKULWWHQ GK IU GLH 1lKHZHUWHUPLWWOXQJ GHU 7H[WH OLHJW HQWZHGHU HLQ HUVWHU 3UR EHFKHFN HLQ 0LNURFKHFN RGHU HLQ *HVDPWFKHFN GHU HLQHQ 0LNUR XQG 0DNURFKHFN XPIDVVW  YRU ÉJHO+HQQLJ  ² ]XU 0HWKRGH GHU 1lKHZHUWHUPLWWOXQJ $XFKGHU6WDQGGHUUHJLRQDOHQ=XRUGQXQJGHU7H[ WHLVWXQWHUVFKLHGOLFK(QWZHGHUZXUGHQGLH.RUSXVWH[WH]XQlFKVWDQKDQG GHU %LRJUDSKLH GHV MHZHLOLJHQ 6FKUHLEHUV K\SRWKHWLVFK HLQJHRUGQHW +<  RGHUHVOLHJWHLQHJHVLFKHUWHUHJLRQDOH(LQRUGQXQJ 5( YRUGLHGXUFKGLH ,GHQWLIL]LHUXQJHLQVFKOlJLJHU'LDOHNWPHUNPDOHLPMHZHLOLJHQ7H[WHUEUDFKW ZXUGH =XU 5HDOLVLHUXQJ GHU =LHOVWHOOXQJHQ GLHVHU $UEHLW ZlUHQLGHDOHUZHLVH GLHIROJHQGHQ$QIRUGHUXQJHQDQGDV.RUSXVGRSSHOWHU3HUIHNWELOGXQJHQ ]XVWHOOHQ    

HLQHDXVJHZRJHQH$Q]DKODQ%HOHJHQIUGLHHLQ]HOQHQ-DKUKXQGHUWH DXVUHLFKHQG%HOHJHDXVIUKHQ-DKUKXQGHUWHQ ELV-DKUKXQGHUW  HLQHDXVJHZRJHQHUHJLRQDOH6WUHXXQJGHU%HOHJH VRZRKOGLVWDQ]DOVDXFKDXVUHLFKHQGQlKHVSUDFKOLFKH%HOHJH

,Q GHU IROJHQGHQ 7DEHOOH ZHUGHQ GLH )XQGH DQ %LOGXQJHQ GHV 7\SV KD EHQ 3DUWL]LS ,,  JHKDEW XQG VHLQ  3DUWL]LS ,,  JHZHVHQ IU MHGHV -DKU KXQGHUW GDUJHVWHOOW %HL GHQ KDEHQ%LOGXQJHQ KDQGHOW HV VLFK GDEHL LQ MH GHP)DOOHXPHLQHGRSSHOWH3HUIHNWELOGXQJ%HLGHQVHLQ%HOHJHQZXUGHQ ]XQlFKVW IRUPDO DOOH %HOHJH GHV 7\SV VHLQ  3DUWL]LS ,,  JHZHVHQ DXIJH QRPPHQ (LQH 'LVNXVVLRQ GHU NDWHJRULDOHQ =XJHK|ULJNHLW GHU )RUPHQ ZLUGDQVSlWHUHU6WHOOHGHU$UEHLWJHIKUW 

BBBBBBBBBBBBBBBBBBB



,QGHQ$QDO\VHQZLUGGLHIUGLH7H[WHGHV1lKHNRUSXVYRUOLHJHQGH,QIRUPDWLRQREGHU 7H[W K\SRWKHWLVFK +<  RGHU JHVLFKHUW UHJLRQDO HLQJHRUGQHW 5(  LVW PLW GHU UHJLRQDOHQ 9HURUWXQJ]XVDPPHQDQJHJHEHQ%HLGHQ7H[WHQGLHDXVGHQEULJHQ.RUSRUDVWDPPHQ ZLUGGLHGRUWDQJHJHEHQH,QIRUPDWLRQ]XUUHJLRQDOHQ(LQRUGQXQJEHUQRPPHQ



(LQOHLWXQJ

-K        JHVDPW

KDEHQ3DUWL]LS,,JHKDEW        

VHLQ3DUWL]LS,,JHZHVHQ        

7DEHOOH$Q]DKOGHUKDEHQ3DUWL]LS,,JHKDEWVRZLHVHLQ3DUWL]LS,,JHZHVHQ%LOGXQJHQ

 $QKDQGGHU7DEHOOHLVWEHUHLWVWHLOZHLVHDEOHVEDULQZLHZHLWGLHJHVWHOOWHQ $QIRUGHUXQJHQDQGDV.RUSXVYHUZLUNOLFKWZHUGHQNRQQWHQ  HLQHDXVJHZRJHQH$Q]DKODQ%HOHJHQIUGLHHLQ]HOQHQ-DKUKXQGHUWH 'LHVHV.ULWHULXPNRQQWHQLFKWUHDOLVLHUWZHUGHQ(VOLHJHQIUGLHHLQ]HOQHQ -DKUKXQGHUWHVHKUYHUVFKLHGHQH%HOHJPHQJHQXQGIUPDQFKH-DKUKXQGHUWH QXUZHQLJH%HOHJHYRU  DXVUHLFKHQG%HOHJHDXVIUKHQ-DKUKXQGHUWHQ ELV-DKUKXQGHUW  'LHVHV .ULWHULXP NRQQWH QXU WHLOZHLVH UHDOLVLHUW ZHUGHQ )U GDV  -DKU KXQGHUWOLHJHQDXVUHLFKHQG%HOHJHYRU)UGDVXQG-DKUKXQGHUW VLHKWGLH%HOHJODJHVSlUOLFKHUDXV

 HLQHDXVJHZRJHQHUHJLRQDOH6WUHXXQJGHU%HOHJH 'LHVHV.ULWHULXPOLH‰VLFKDXIJUXQGGHU6HOWHQKHLWGHU%HOHJHQLFKWUHDOLVLH UHQ 7HLOZHLVH OLHJHQ IU EHVWLPPWH =HLWUlXPH NHLQH GRSSHOWHQ 3HUIHNWELO GXQJHQ HLQHV 6SUDFKUDXPV YRU ZRUDXV MHGRFK DXIJUXQG GHV PDUJLQDOHQ 9RUNRPPHQVGHV3KlQRPHQVQLFKWJHVFKOXVVIROJHUWZHUGHQNDQQGDVVGLH GRSSHOWHQ3HUIHNWELOGXQJHQLPHQWVSUHFKHQGHQ*HELHWQLFKWH[LVWLHUHQ=X GHPOLHJWQLFKW IUDOOHXQWHUVXFKWHQ7H[WHHLQH UHJLRQDOH(LQRUGQXQJYRU VRGDVVYRQHLQHU8QWHUVXFKXQJGHU%HOHJVDPPOXQJXQWHUGLDWRSLVFKHQ*H VLFKWVSXQNWHQ LQVJHVDPW VHKU ZHQLJ YHUOlVVOLFKH (UNHQQWQLVVH ]X HUZDUWHQ VLQG  VRZRKOGLVWDQ]DOVDXFKDXVUHLFKHQGQlKHVSUDFKOLFKH%HOHJH 'LHVHV .ULWHULXP NRQQWH QXU WHLOZHLVH UHDOLVLHUW ZHUGHQ 'LHV OLHJW ]XP HL QHQ DQ GHU 6HOWHQKHLW GHV 3KlQRPHQV GLH HV NDXP HUP|JOLFKW HLQH UHSUl VHQWDWLYH$Q]DKODQVRZRKOGLVWDQ]DOVDXFKQlKHVSUDFKOLFKHQ%HOHJHQIU MHGHV HLQ]HOQH -DKUKXQGHUW ]XU 9HUIJXQJ ]X VWHOOHQ 'HV :HLWHUHQ ZXUGH EHUHLWV DXI GHQ XQWHUVFKLHGOLFKHQ %HDUEHLWXQJVVWDQG GHU 1lKHZHUWHUPLWW OXQJ LP 1lKHNRUSXV KLQJHZLHVHQ (V OLHJHQ ]X ZHQLJ 1lKHWH[WH PLW JHVL FKHUWHQ1lKHZHUWHQGKPLW0LNURXQG0DNURZHUWHQYRU:HLWHUH1lKH DQDO\VHQ GXUFK]XIKUHQ XP IU GLH QRFK DXVVWHKHQGHQ 7H[WH ]X HQGJO WLJHQ1lKHZHUWHQ]XJHODQJHQZDULP5DKPHQGLHVHU$UEHLWDXV]HLW|NRQR PLVFKHQ*UQGHQQLFKWP|JOLFK



$XIEDXGHU$UEHLW



'LH6HOWHQKHLWGHV3KlQRPHQVPDFKWHLQHOFNHQORVHHPSLULVFKH8QWHUVX FKXQJEHLQDKHXQP|JOLFK'LHDQJHVWUHEWH8QWHUVXFKXQJZLUGGDKHUGLH GDUJHVWHOOWHQ /FNHQ LP .RUSXV LQ .DXI QHKPHQ PVVHQ 6LH VROO GHQ QRFK GXUFKJHIKUW ZHUGHQ² DXI 6FKZDFKVWHOOHQ LP .RUSXV ]XUFNIKU EDUH 6FKZDFKVWHOOHQ LQ GHU HPSLULVFKHQ $QDO\VH ZHUGHQ DQ GHQ HQWVSUH FKHQGHQ6WHOOHQRIIHQGDUJHOHJWXQGEHVSURFKHQ

 $XIEDXGHU$UEHLW 'LH WKHRUHWLVFKHQ *UXQGODJHQ XQG PHWKRGLVFKHQ hEHUOHJXQJHQ GHU $U EHLWZHUGHQLQ.DSLWHOYRUJHVWHOOW=XQlFKVWHUIROJWGLH(LQIKUXQJXQG (UOlXWHUXQJ GHU %HJULIIH Ä7HPSXV7HPSRUDOLWlW· XQG Ä$VSHNW$VSHNWXD OLWlW·VRZLHÄ$NWLRQVDUW·XQGÄ6LWXDWLRQVNODVVH·GLHIUGDV9HUVWlQGQLVGHU QDFKIROJHQGHQ *HEUDXFKV XQG %HGHXWXQJVDQDO\VH GHU GRSSHOWHQ 3HU IHNWELOGXQJHQ HUIRUGHUOLFK VLQG ,P $QVFKOXVV GDUDQ ZHUGHQ GLH YRQ GHU ELVKHULJHQ'RSSHOSHUIHNWIRUVFKXQJHUEUDFKWHQ(UJHEQLVVH]XU%HGHXWXQJ GHUGRSSHOWHQ3HUIHNWELOGXQJHQGDUJHVWHOOWXQGGLVNXWLHUW.DSLWHOHQGHW VFKOLH‰OLFKPLWDXVIKUOLFKHQhEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ EH]JOLFK GHU %HGHXWXQJVDQDO\VH +LHUEHL ZLUG HUOlXWHUW ZDUXP GLH $Q QlKHUXQJDQGLH3UREOHPDWLNGHU%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQ JHQLQGHUYRUOLHJHQGHQ$UEHLWEHUGHQ:HJHLQHU*HEUDXFKVDQDO\VHJH OHLVWHW ZHUGHQ VROO 'DUDXIKLQ ZHUGHQ GLH 5HLFKHQEDFK·VFKHQ 3DUDPHWHU 6SUHFK]HLW (UHLJQLV]HLW XQG 5HIHUHQ]]HLW YRUJHVWHOOW GLH IU GLH %HGHX WXQJVDQDO\VHJHQXW]WZHUGHQ(VZLUGGDUJHOHJWGDVVGLH0RGHOOLHUXQJGHU WHPSRUDOHQXQGDVSHNWXHOOHQ%HGHXWXQJEHUGLH%HVFKUHLEXQJGHUMHZHL OLJHQ5HODWLRQHQ]ZLVFKHQGHQ3DUDPHWHUQHUIROJW .DSLWHO  EHIDVVW VLFK PLW GHU +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNW ELOGXQJHQ (V ZHUGHQ ]ZHL +HUDXVELOGXQJVK\SRWKHVHQ YRUJHVWHOOW GLH LQ GHU ELVKHULJHQ 'RSSHOSHUIHNWIRUVFKXQJ ]XU (UNOlUXQJ GHV 3KlQRPHQV KHUYRUJHEUDFKW ZXUGHQ 'DEHL KDQGHOW HV VLFK ]XQlFKVW XP GLH 3UlWHUL WXPVFKZXQGK\SRWKHVH GLH GLH ([LVWHQ] GRSSHOWHU 3HUIHNWELOGXQJHQ LP =XVDPPHQKDQJ PLW GHP 6FKZXQG GHU V\QWKHWLVFKHQ 3UlWHULWXPIRUP VLHKW$UJXPHQWHIUE]ZJHJHQGLH3UlWHULWXPVFKZXQGK\SRWKHVHZHUGHQ DXV GHU HLQVFKOlJLJHQ 'RSSHOSHUIHNWIRUVFKXQJ KHUDXVJHDUEHLWHW XQG LP $QVFKOXVV GDUDQ HPSLULVFK EHUSUIW ,P :HLWHUHQ ZLUG HLQH MXQ JH+HUDXVELOGXQJVK\SRWKHVH YRUJHVWHOOW GLH GLH +HUDXVELOGXQJ GHU GRS SHOWHQ 3HUIHNWELOGXQJHQ LQ HLQHQ =XVDPPHQKDQJ PLW GHU *UDPPDWLNDOL VLHUXQJ GHU 3HUIHNWNRQVWUXNWLRQ XQG GHU $XIJDEH GHU DVSHNWXHOOHQ 2SSRVLWLRQVWHOOW$XFKIUGLHVH+\SRWKHVHHUIROJWGDUDXIKLQHLQH(UDU EHLWXQJYRQhEHUSUIXQJVDQVlW]HQ



(LQOHLWXQJ

'HP*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQZLGPHWVLFK.DSLWHO(V EHVFKUHLEW GLH KLVWRULVFKH 9HUZHQGXQJ YRP VSlWHQ )UKQHXKRFKGHXW VFKHQ ELV ]XU *HJHQZDUW DQKDQG HLQHU HPSLULVFKHQ $QDO\VH GHU YRUKDQ GHQHQ %HOHJH )U GLH =HLWUlXPH IU GLH HV GLH .RUSXVVLWXDWLRQ ]XOlVVW ZLUG HLQH NRQWUDVWLYH $QDO\VH ]X 9HUZHQGXQJVXQWHUVFKLHGHQ YRQ QlKH XQGGLVWDQ]VSUDFKOLFKHQGRSSHOWHQ3HUIHNWELOGXQJHQGXUFKJHIKUW=LHOLVW KLHUEHL LKUHQ KLVWRULVFKHQ (QWZLFNOXQJVSUR]HVV QDFK]X]HLFKQHQ XQG ,Q GL]LHQDXI]XVSUHQGLH$XIVFKOXVVEHUGLH%HGHXWXQJXQG%HGHXWXQJV HQWZLFNOXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQJHEHQN|QQWHQ .DSLWHO  EHIDVVW VLFK PLW GHU %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELO GXQJHQ $OV =XJDQJ ]XU %HGHXWXQJVHUPLWWOXQJ GLHQHQ GLH LQ GHU *H EUDXFKVDQDO\VHKHUDXVJHDUEHLWHWHQ7\SHQGRSSHOWHU3HUIHNWELOGXQJHQ'LH $QZHQGXQJ GHU5HLFKHQEDFK·VFKHQ3DUDPHWHU XQG GHU3DUDPHWHUUHODWLR QHQ ZLUG LQ %H]XJ DXI GLHVH 7\SHQ XQG GLH HUPLWWHOWHQ 6XEW\SHQ YRUJH QRPPHQ6FKOLH‰OLFKHUIROJWGLH%HVFKUHLEXQJGHU%HGHXWXQJGHUGRSSHO WHQ3HUIHNWELOGXQJHQ:HQQHVGLH.RUSXVVLWXDWLRQHUP|JOLFKWZLUGHLQH %HGHXWXQJVEHVFKUHLEXQJ YRU GHP +LQWHUJUXQG YRQ 1lKH XQG 'LVWDQ] YRUJHQRPPHQ(LQH=XVDPPHQIDVVXQJGHU(UJHEQLVVHLQ.DSLWHOUXQ GHWGLH$UEHLWDE



 7KHRUHWLVFKH9RUEHWUDFKWXQJHQ =LHOYRQ.DSLWHOLVWHVGHQWHUPLQRORJLVFKHQWKHRUHWLVFKHQXQGPHWKR GLVFKHQ 5DKPHQ GHU $UEHLW YRU]XVWHOOHQ XQG ]X HUOlXWHUQ =XQlFKVW HU IROJWGLH.OlUXQJYRQLQGHUYRUOLHJHQGHQ$UEHLW]HQWUDOHQ%HJULIIHQ .D SLWHO (LQH'DUVWHOOXQJGHUELVKHULJHQ'HXWXQJHQGRSSHOWHU3HUIHNW ELOGXQJHQLQGHUHLQVFKOlJLJHQ/LWHUDWXUVFKOLH‰WVLFKDQ .DSLWHO ,Q .DSLWHO  ZLUG GLH GLHVHU$UEHLW ]XJUXQGH OLHJHQGH WKHRUHWLVFKH 8QWHU VFKHLGXQJYRQ7HPSRUDOLWlWXQG$VSHNWXDOLWlWVRZLHGHUHQ0RGHOOLHUXQJ DQKDQG GHU 5HLFKHQEDFK·VFKHQ 3DUDPHWHU YRUJHVWHOOW (LQH EHDFKWOLFKH WKHRUHWLVFKHXQGPHWKRGLVFKH6FKZLHULJNHLWGHU$UEHLWVWHOOWGLH)UDJHGDU ZLHVLFKGLH%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQPHWKRGLVFKQDFK YROO]LHKEDU DQDO\VLHUHQ OlVVW 'LH 'DUVWHOOXQJ GHV WKHRUHWLVFKPHWKRGL VFKHQ$XVZHJVDXVGLHVHU6FKZLHULJNHLWGHUGDULQEHVWHKWVLFKGHU%HGHX WXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ EHU HLQH HPSLULVFKH $QDO\VH LKUHV KLVWRULVFKHQ*HEUDXFKV ]X QlKHUQ ZLUG HEHQIDOOV *HJHQVWDQG GHV.DSL WHOVVHLQ

 7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlW XQG$NWLRQVDUW6LWXDWLRQVNODVVH 9RUOLHJHQGHV.DSLWHOVWUHEW]XQlFKVWGLH(UDUEHLWXQJHLQHU'HILQLWLRQ]X GHQLQGHUYRUOLHJHQGHQ$UEHLW]HQWUDOHQ%HJULIIHQ7HPSXV7HPSRUDOLWlW XQG$VSHNW$VSHNWXDOLWlWDQ'DGHU%HJULII$VSHNWKlXILJPLWGHPGHU $NWLRQVDUW LQ =XVDPPHQKDQJ JHEUDFKW XQG PLWXQWHU EHLQDKH V\QRQ\P YHUZHQGHWZLUGVROO]XGHPHLQH$EJUHQ]XQJEHLGHU%HJULIIHHUIROJHQ'LH GHILQLWRULVFKH .OlUXQJ GHU%HJULIIH LVW ]XP HLQHQ 9RUDXVVHW]XQJIU GDV 9HUVWlQGQLVGHULQ.DSLWHOGDUJHVWHOOWHQWHPSRUDOHQXQGDVSHNWXHOOHQ 'HXWXQJHQ GLH GLH HLQVFKOlJLJH )RUVFKXQJ IU GLH GRSSHOWHQ 3HUIHNWELO GXQJHQYRUVFKOlJW=XPDQGHUHQLVWVLH*UXQGODJHIUGLHLQ.DSLWHO YRUJHVWHOOWH0RGHOOLHUXQJ]XUWKHRUHWLVFKHQ8QWHUVFKHLGXQJYRQ7HPSR UDOLWlWXQG$VSHNWXDOLWlW ,P+LQEOLFNDXIGLH%HJULIIH7HPSXVXQG$VSHNWLVW]XQlFKVWGDUDXI KLQ]XZHLVHQGDVVGLHVHLQGHUHLQVFKOlJLJHQ/LWHUDWXUPHKUGHXWLJYHUZHQ GHWZHUGHQ$XIGHUHLQHQ6HLWHZHUGHQ7HPSXVXQG$VSHNWDOVJUDPPD



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

WLVFKH .DWHJRULVLHUXQJHQ )RUPNDWHJRULHQ  YHUVWDQGHQ GLH GLH MHZHLOLJHQ WHPSRUDOHQ EVSZGLH.DWHJRULH3UlWHULWXP XQGDVSHNWXHOOHQ.DWHJRULHQ EVSZGLH.DWHJRULH,PSHUIHNWLY EHLQKDOWHQ$XIGHUDQGHUHQ6HLWHODVVHQ VLFK 7HPSXV XQG $VSHNW DOV VHPDQWLVFKIXQNWLRQHOOH .DWHJRULHQ IDVVHQ GLHQLFKWLQMHGHU6SUDFKHLQHLQHUJUDPPDWLVFKHQ.DWHJRULVLHUXQJZLHGHU ]XILQGHQVLQG -XVW DV VRPH ODQJXDJHV GR QRW JUDPPDWLFDOLVH WLPH UHIHUHQFH WR JLYH WHQVHV VR VRPHODQJXDJHVGRQRWJUDPPDWLFDOLVHVHPDQWLFDVSHFWXDOGLVWLQFWLRQVWRJLYHDV SHFWV &RPULHI 

1LFKWYRUKDQGHQVHLQ HLQHU JUDPPDWLVFKHQ .DWHJRULVLHUXQJ ZLH EVSZ GHU $VSHNWNDWHJRULVLHUXQJ EHGHXWHW MHGRFK QLFKW GDVV GDV VHPDQWLVFK IXQNWLRQHOOH.RQ]HSWLQGHUMHZHLOLJHQ6SUDFKHQLFKWDXV]XGUFNHQVHL (LQHZHLWHUH6FKZLHULJNHLWEHVWHKWGDULQGD‰QHXH$XVGUXFNVIRUPHQHLQHU)XQN WLRQVFKZHUHQWGHFNEDUVLQGYRUDOOHPGDQQZHQQNHLQHXQPLWWHOEDUH(QWVSUH FKXQJ]ZLVFKHQ)RUPXQG)XQNWLRQYRUOLHJW'DVLVWLPPHUGDQQGHU)DOOZHQQ HLQH )XQNWLRQ QLFKW EHU HLQ HLQGHXWLJHV )OH[LY RGHU 0RUSKHP UHDOLVLHUW ZLUG VRQGHUQ EHU GDV =XVDPPHQVSLHO PHKUHUHU DQGHUHU JUDPPDWLVFKHU )XQNWLRQHQ UHJHOKDIW]XP$XVGUXFNJHEUDFKWZLUG'DPLWVLQGQLFKWVHPDQWLVFKH8PVFKUHL EXQJHQJUDPPDWLVFKHU)XQNWLRQHQJHPHLQWVRQGHUQDOOGLHNRPSOH[HQJUDPPD WLVFKHQ5HJHOV\VWHPHGLHQLFKWVRIRUWDOVUHJHOKDIWH0XVWHUHUNDQQWZHUGHQN|Q QHQ /HLVV 

'LHVHPDQWLVFKIXQNWLRQHOOHQ.DWHJRULHQ$VSHNWXQG7HPSXVZHUGHQPLW GHQ7HUPLQL$VSHNWXDOLWlWXQG7HPSRUDOLWlWHUIDVVWZREHLGLHVHDOVEHU HLQ]HOVSUDFKOLFKH XQLYHUVDOH .DWHJRULHQ YHUVWDQGHQ ZHUGHQ GLH DOOH JUDPPDWLVFKHQXQGOH[LNDOLVFKHQ0|JOLFKNHLWHQXPIDVVHQGLH]XU*HQH ULHUXQJYRQDVSHNWXHOOHUXQGWHPSRUDOHU%HGHXWXQJLQQHUKDOEHLQHU6SUD FKH ]XU 9HUIJXQJ VWHKHQ 6FKZDOO   /HLVV  ² ]XU $VSHNWXDOLWlW 6FKZDOOHUOlXWHUWGLHVZLHIROJW 'LHVHPDQWLVFKIXQNWLRQHOOH.DWHJRULH>«@ZLUGPLW+LOIHYRQPRUSKRORJLVFKHQ V\QWDNWLVFKHQZRUWELOGHQGHQXQGOH[LNDOLVFKHQ0LWWHOQE]ZGXUFK.RPELQDWLRQ DOOGLHVHU0LWWHORGHUNRQWH[WXHOODXVJHGUFNW>«@(LQHVHPDQWLVFKIXQNWLRQHOOH .DWHJRULH NDQQ PX‰ DEHU QLFKW  LQ HLQHU EHVWLPPWHQ 6SUDFKH DXI HLQHU UHLQ JUDPPDWLVFKHQ.DWHJRULH EDVLHUHQGKGHQ.HUQJHKDOWGLHVHUVHPDQWLVFKIXQN WLRQHOOHQ.DWHJRULHNDQQHLQHJUDPPDWLVFKH.DWHJRULHDXVPDFKHQ]%NDQQGHU .HUQ>«@GHUVHPDQWLVFKIXQNWLRQHOOHQ.DWHJRULH7HPSRUDOLWlWGLHJUDPPDWLVFKH .DWHJRULH7HPSXVVHLQ 6FKZDOO  BBBBBBBBBBBBBBBBBBB



.OHLQ    ZHLVW DXI GUHL YHUVFKLHGHQH %HGHXWXQJHQ GHV :RUWHV ·WHQVH· KLQ Å2QH SUREOHPLVSXUHO\WHUPLQRORJLFDOWKHZRUG·WHQVH·FDQEHXVHGDQGLVRIWHQXVHGLQWKUHH GLIIHUHQWPHDQLQJV,WFDQUHIHUWRDSDUWLFXODUIRUP HJZHZRXOGVD\WKDW*UHHNKDVVL[ WHQVHV LQWKHVHQVH RI·WHQVH IRUPV· WR WKH PHDQLQJ RID SDUWLFXODU IRUP ZH ZRXOGVD\ WKDW IRU H[DPSOH ZDV H[SUHVVHV SDVW WHQVH  DQG ILQDOO\ WR WKH YHUE FDWHJRU\ LWVHOI ZH ZRXOG VD\ WKDW WHQVH PRRG DQG YRLFH DUH JUDPPDWLFDO FDWHJRULHV RI WKH ,QGR(XURSHDQ YHUE µ



7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWXQG$NWLRQVDUW6LWXDWLRQVNODVVH



6R ZLH GLH JUDPPDWLVFKH .DWHJRULVLHUXQJ 7HPSXV DOV .HUQ GHV VHPDQ WLVFKIXQNWLRQHOOHQ)HOGHVGHU7HPSRUDOLWlWDQJHVHKHQZHUGHQNDQQOlVVW VLFK GLH JUDPPDWLVFKH .DWHJRULVLHUXQJ $VSHNW DOV .HUQ GHU VHPDQWLVFK IXQNWLRQHOOHQ.DWHJRULH$VSHNWXDOLWlWDXIIDVVHQ HEG  )ROJHQGH WHUPLQRORJLVFKH %HVWLPPXQJHQ VROOHQ IU GLH YRUOLHJHQGH $UEHLWJHOWHQ*HKWHVXP$VSHNWDOVVHPDQWLVFKIXQNWLRQHOOHEHUHLQ]HO VSUDFKOLFKH .DWHJRULH GLH DQKDQG YHUVFKLHGHQHU VSUDFKOLFKHU 5HDOLVLH UXQJVP|JOLFKNHLWHQDXV]XGUFNHQLVWVRZLUGYRQÄ$VSHNWXDOLWlW·JHVSUR FKHQ9RQÄ$VSHNW·VROOJHVSURFKHQZHUGHQZHQQHVVLFKXPYROOVWlQGLJ E]ZWHLOZHLVHJUDPPDWLNDOLVLHUWHQ9HUEDODVSHNWKDQGHOW 6RZRKO7HPSRUDOLWlWDOVDXFK$VSHNWXDOLWlWVWHOOHQ=HLWOLFKNHLWGDUMH GRFK LQ YHUVFKLHGHQHU :HLVH 'LH /RNDOLVLHUXQJ VSUDFKOLFKHU 6LWXDWLRQHQ LP ]HLWOLFKHQ .RQWLQXXP REOLHJW GHU (EHQH GHU7HPSRUDOLWlW 'XUFK VLH ZLUG HUP|JOLFKW 6LWXDWLRQHQ DOV JHJHQZlUWLJ YHUJDQJHQ RGHU ]XNQIWLJ GDU]XVWHOOHQ&RPULH  GHILQLHUWÅWHQVH´GDKHUDOVÅJUDPPDWLFDOLVHG H[SUHVVLRQ RI ORFDWLRQ LQ WLPH´ /LQGVWHGW YHUVWHKW XQWHU ´WHQVH >@ WKH JUDPPDWLFDOH[SUHVVLRQRIWHPSRUDOUHIHUHQFH´  &KXQJ7LP EHUODNHJHEHQDOVSUlJQDQWH(UNOlUXQJDQ 7HQVHORFDWHVWKHHYHQWLQWLPH &KXQJ7LPEHUODNH 

'LH]HLWOLFKH9HURUWXQJGHUVSUDFKOLFKHQ(UHLJQLVVHHUIROJWGDEHLVWHWVPLW 2ULHQWLHUXQJDXIHLQHQEHZHJOLFKHQ%H]XJVSXQNW 1R ODQJXDJH LV NQRZQ WR HQFRGH UHIHUHQFH WR D IL[HG FDOHQGDU WLPH JUDPPDWL FDOO\VRWKHWHPSRUDOORFDWLRQLVDOZD\VLQGLFDWHGZLWKUHVSHFWWRDPRYLQJUHIHU HQFHSRLQW,QWKHVLPSOHVWFDVHWKHSUHVHQWPRPHQWWKHWLPHRIWKHVSHHFKDFW LWVHOIVHUYHVDVWKHUHIHUHQFHSRLQWZKLFKSURYLGHVWKHGLVWLQFWLRQEHWZHHQSDVW SUHVHQWDQGIXWXUHVLWXDWLRQV /LQGVWHGW 

7HPSRUDOH%HGHXWXQJKDWVRPLWPLWGHU]HLWOLFKHQ9HURUWXQJVSUDFKOLFKHU 6LWXDWLRQHQ]XWXQ'DGLHVH9HURUWXQJYRQHLQHPEHVWLPPWHQ3XQNWDXV JHVFKLHKW ZLUG 7HPSRUDOLWlW DOV GHLNWLVFK HLQJHVWXIW %lXHUOH   &RPULH.OHLQ² $XFK%\EHHYHUVWHKW7HPSRUDOLWlW KLHU LQVEHVRQGHUH GLH JUDPPDWLVFKH .DWHJRULVLHUXQJ 7HPSXV DOV GHLNWL VFKH.DWHJRULH 7HQVHLVDGHLFWLFFDWHJRU\WKDWSODFHVDVLWXDWLRQLQWLPHZLWKUHVSHFWWRWKHPR PHQWRIVSHHFKRURFFDVLRQDOO\ZLWKUHVSHFWWRVRPHRWKHUSUHHVWDEOLVKHGSRLQW RIWLPH,WLVDFDWHJRU\WKDWKDVWKHZKROHSURSRVLWLRQZLWKLQLWVVFRSHDQG\HWLW VHHPVWREHDOZD\VPDUNHGRQWKHYHUELIDWDOO7KLVLVVRLQSDUWEHFDXVHLWLVWKH YHUEWKDWELQGVWKHSURSRVLWLRQWRJHWKHUDQGPDNHVLWUHIHUWRDVLWXDWLRQWKDWFDQ EHSODFHGLQWLPH %\EHH  BBBBBBBBBBBBBBBBBBB



'LH 8QWHUVFKHLGXQJ LQ YROOVWlQGLJ XQG WHLOZHLVH JUDPPDWLNDOLVLHUWHQ $VSHNW VFKOlJW YDQ 3RWWHOEHUJH  YRU1lKHUH(UOlXWHUXQJHQGD]XVLHKHZHLWHUXQWHQLQGLHVHP.DSLWHO



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

,P *HJHQVDW] ]XU 7HPSRUDOLWlW GLH ÅDXI GLH DX‰HUVSUDFKOLFKHQ =HLWYHU KlOWQLVVH GHV 9HUEDOJHVFKHKHQV UHIHULHUW´ 6FKURGW'RQKDXVHU    OHLVWHW $VSHNWXDOLWlW GLH &KDUDNWHULVLHUXQJ GHU LQWHUQHQ ]HLWOLFKHQ 6WUXNWXUVSUDFKOLFKHU6LWXDWLRQHQ:HONHVWHOOWIHVWGDVVÅNDXPHLQDQGHUHU %HJULII GHU 6HPDQWLN XQG *UDPPDWLN >@ VR YLHOIlOWLJH $XVOHJXQJHQ ZLH GHU%HJULIIGHV$VSHNWV´HUIlKUW  ,P5DKPHQGHUYRUOLHJHQGHQ $UEHLW LVW HLQH XPIDVVHQGH 'DUVWHOOXQJ GHU H[LVWLHUHQGHQ $VSHNW XQG $VSHNWXDOLWlWVWKHRULHQQLFKWP|JOLFK'LH$XVIKUXQJHQEHVFKUlQNHQVLFK GDUDXIHLQJUXQGOHJHQGHV9HUVWlQGQLVGHUSHUIHNWLYHQXQGLPSHUIHNWLYHQ $VSHNWNDWHJRULH]XYHUPLWWHOQ(LQH$XIOLVWXQJYHUVFKLHGHQHU$VSHNWGHIL QLWLRQHQ XQG GHUHQ (UOlXWHUXQJ ILQGHW VLFK EHL :HONH  ²  &RPULHGHILQLHUW$VSHNWXDOLWlWIROJHQGHUPD‰HQ ÄDVSHFWV DUH GLIIHUHQW ZD\V RI YLHZLQJ WKH LQWHUQDO WHPSRUDO FRQVWLWXHQF\ RI D VLWXDWLRQ· &RPULH 

(V KDQGHOW VLFK LP *HJHQVDW] ]XU 7HPSRUDOLWlW XP HLQH QLFKWGHLNWLVFKH .DWHJRULHGHQQÅGLVFXVVLRQRIWKHLQWHUQDOWHPSRUDOFRQVWLWXHQF\RIDVL WXDWLRQLVTXLWHLQGHSHQGHQWRILWVUHODWLRQWRDQ\RWKHUWLPHSRLQW´ &RP ULH   ZHLWHUKLQ &RPULH   NULWLVFK ]X $VSHNW DOV QLFKWGHLN WLVFK/HLVV 0LWKLOIHDVSHNWXHOOHU$XVGUXFNVP|JOLFKNHLWHQODVVHQ VLFK 6LWXDWLRQHQ LQ XQWHUVFKLHGOLFKHU ]HLWOLFKHU %HVFKDIIHQKHLW GDUVWHOOHQ ZREHLMHGRFKÅDVSHNWXHOOH'LIIHUHQ]LHUXQJHQ>«@LPPHUDXIHLQXQGGHU VHOEHQ =HLWVWXIH VWDWW>ILQGHQ@´ .OHLQ    'LH 3HUIHNWLY,PSHUIHN WLY8QWHUVFKHLGXQJVWHOOWGDEHLGLHZLFKWLJVWHXQGKlXILJVWH$VSHNWGLFKR WRPLHGDU %\EHH'DKOI/LQGVWHGW GLHLP )ROJHQGHQQlKHUHUOlXWHUWZLUG 'LH%HGHXWXQJGHVSHUIHNWLYHQ$VSHNWVZLUGPLW%HJULIIHQZLHÄJDQ] KHLWOLFK¶ ÄYROOVWlQGLJ¶ ÄDEJHVFKORVVHQ¶ ÄEHJUHQ]W· XQG ÄRKQH LQWHUQH WHP SRUDOH 6WUXNWXU¶ EHVFKULHEHQ &RPULH   &KXQJ7LPEHUODNH  %\EHH'DKO/HLVV/LQGVWHGWXQG I 1DFK&RPULHUHSUlVHQWLHUWGHUSHUIHNWLYH$VSHNW WKHWRWDOLW\RIWKHVLWXDWLRQUHIHUUHGWR>@ZLWKRXWUHIHUHQFHWRLWVLQWHUQDOWHPSR UDOFRQVWLWXHQF\WKHZKROHRIWKHVLWXDWLRQLVSUHVHQWHGDVDVLQJOHXQDQDO\VDEOH ZKROHZLWKEHJLQQLQJPLGGOHDQGHQGUROOHGLQWRRQHQRDWWHPSWLVPDGHWRGL YLGHWKLVVLWXDWLRQXSLQWRWKHYDULRXVLQGLYLGXDOSKDVHVWKDWPDNHXSWKHDFWLRQ RIHQWU\ &RPULH  BBBBBBBBBBBBBBBBBBB

 

%\EHH   XQG   EHUQLPPW GLH 'HILQLWLRQ &RPULHV ]XU (UNOlUXQJ GHV %HJULIIV Ä$VSHNW·HEHQVREHUQHKPHQ&KXQJ7LPEHUODNH  GLHVHVLQQJHPl‰ $X‰HUGHUSHUIHNWLYHQXQGGHULPSHUIHNWLYHQH[LVWLHUHQZHLWHUH$VSHNWNDWHJRULHQ'DGDV +DXSWLQWHUHVVHGLHVHU$UEHLWMHGRFKDXIGHUSHUIHNWLYHQ$VSHNWNDWHJRULHOLHJWZHUGHQNHL QH ZHLWHUJHKHQGHQ $XVIKUXQJHQ GD]X JHPDFKW =X ZHLWHUHQ $VSHNWNDWHJRULHQ VLHKH EVSZ&RPULH I 7KLHURII  XQG5RWKVWHLQ  =XUJHQDX HUHU$XVGLIIHUHQ]LHUXQJGHVLPSHUIHNWLYHQ$VSHNWVVLHKH&RPULH  



7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWXQG$NWLRQVDUW6LWXDWLRQVNODVVH



,P *HJHQVDW] GD]X ZLUG GLH %HGHXWXQJ GHV LPSHUIHNWLYHQ $VSHNWV DOV ÄXQYROOVWlQGLJ¶ ÄXQDEJHVFKORVVHQ¶ ÄXQEHJUHQ]W· XQG āEHU HLQH LQWHUQH WHPSRUDOH 6WUXNWXU YHUIJHQG¶ EHVFKULHEHQ ]% &RPULH   %\ EHH'DKO/HLVV/LQGVWHGWI %\EHHVWHOOWGHQ 8QWHUVFKLHGIROJHQGHUPD‰HQGDU 7KHSHUIHFWLYHDVSHFWV LQFHSWLYHSXQFWXDODQGFRPSOHWLYH YLHZWKHVLWXDWLRQDV DERXQGHGHQWLW\DQGRIWHQSXWDQHPSKDVLVRQLWVEHJLQQLQJRUHQG7KHLPSHU IHFWLYHDVSHFWVLQFRQWUDVWGRQRWYLHZWKHVLWXDWLRQDVERXQGHGEXWUDWKHUDVRQ JRLQJLQHLWKHUDGXUDWLYHFRQWLQXDWLYHRUKDELWXDOVHQVH %\EHH 

&RPULHELHWHWHLQHDQVFKDXOLFKHZHLWHUH0|JOLFKNHLWDQGHQ8QWHUVFKLHG ]ZLVFKHQ3HUIHNWLYLWlWXQG,PSHUIHNWLYLWlW]XHUIDVVHQ $QRWKHU ZD\ RI H[SODLQLQJ WKH GLIIHUHQFH EHWZHHQ SHUIHFWLYH DQG LPSHUIHFWLYH PHDQLQJLVWRVD\WKDWWKHSHUIHFWLYHORRNVDWWKHVLWXDWLRQIURPRXWVLGHZLWKRXW QHFHVVDULO\ GLVWLQJXLVKLQJ DQ\ RI WKH LQWHUQDO VWUXFWXUH RI WKH VLWXDWLRQ ZKHUHDV WKHLPSHUIHFWLYHORRNVDWWKHVLWXDWLRQIURPLQVLGHDQGDVVXFKLVFUXFLDOO\FRQ FHUQHG ZLWK WKH LQWHUQDO VWUXFWXUH RI WKH VLWXDWLRQ VLQFH LW FDQ ERWK ORRN EDFN ZDUGV WRZDUGV WKH VWDUW RI WKH VLWXDWLRQ DQG ORRN IRUZDUGV WR WKH HQG RI WKH VLWXDWLRQDQGLQGHHGLVHTXDOO\DSSURSULDWHLIWKHVLWXDWLRQLVRQHWKURXJKDOOWLPH ZLWKRXWDQ\EHJLQQLQJDQGZLWKRXWDQ\HQG &RPULH 

'DV EHL &RPULH GDUJHVWHOOWH .RQ]HSW GHU $X‰HQ XQG ,QQHQSHUVSHNWLYH GDV]XUFNJHKWDXI,VDÿHQNR EVSZ ILQGHWVLFKDXFKEHL/HLVVZLH GHU 0LWGHU:DKOHLQHVLPSHUIHNWLYHQ9HUEVLVWJOHLFK]HLWLJGLH:DKOHLQHU,QQHQSHU VSHNWLYH YHUEXQGHQ (LQ 9HUE SHUIHNWLYHQ $VSHNWV LPSOL]LHUW LPPHU $X‰HQ SHUVSHNWLYLHUXQJ 'LH YHUEDOH +DQGOXQJ NDQQ DXV GLHVHU 3HUVSHNWLYH DOV *DQ]HV XQGGDPLWLQLKUHU7RWDOLWlWJHVHKHQZHUGHQ'LH+DQGOXQJEHNRPPWDXVGLHVHU 3HUVSHNWLYHKHUDXV.RQWXUHQ6LHLVWGDPLWEHJUHQ]WXQGLQGLHVHP6LQQDXFKDE JHVFKORVVHQ /HLVV 

,P*HJHQVDW]]XUYRQGHU7HPSRUDOLWlWJHOHLVWHWHQ/RNDOLVLHUXQJHLQHU6L WXDWLRQ JHKW HV EHL DVSHNWXHOOHU ,QQHQ E]Z $X‰HQSHUVSHNWLYLHUXQJ XP GLH/RNDOLVLHUXQJGHV%HWUDFKWHUV /HLVV 'LHVHUNDQQLQQHUKDOE LPSHUIHNWLYHU $VSHNW  RGHU DX‰HUKDOE GHU 6LWXDWLRQ SHUIHNWLYHU $VSHNW  GDUJHVWHOOW ZHUGHQ %HILQGHW VLFK GHU %HWUDFKWHU LQQHUKDOE GHU 6LWXDWLRQ QLPPWHUVLHDOVQLFKWDEJHVFKORVVHQZDKUDX‰HUKDOEGHU6LWXDWLRQKLQJH JHQDOVDEJHVFKORVVHQXQGYROOHQGHW 9RQ GHQ YLHOHQ 0HUNPDOHQ PLW GHQHQ GLH $VSHNWRSSRVLWLRQ ELVODQJ JHNHQQ ]HLFKQHWZRUGHQLVWPX‰PDQGLHSULPlUH2SSRVLWLRQYRQGHQGDUDXVDEOHLWED UHQ VHNXQGlUHQ 0HUNPDOHQ XQWHUVFKHLGHQ 'LH 0HUNPDOH GHU $EJHVFKORVVHQ KHLW1LFKWDEJHVFKORVVHQKHLWRGHUGHU9ROOHQGXQJ1LFKWYROOHQGHWKHLWODVVHQVLFK YRQGHU%HWUDFKWHUSHUVSHNWLYHDEOHLWHQGDV8PJHNHKUWHJLOWQLFKW(LQHLQIDFKHV %LOGYHUPDJGDV]XLOOXVWULHUHQQXUZHUVLFKDX‰HUKDOEHLQHV+DXVHVEHILQGHWL V W  L Q  G H U  / D J H  GLHVHV DOV *DQ]HV ZDKU]XQHKPHQ %HILQGH LFK PLFK LQQHUKDOE HLQHV+DXVHVVRVLQGGLH.RQWXUHQGHV+DXVHVIUPLFKQLFKWZDKUQHKPEDUHV HUVFKHLQWPLUQLFKWLQVHLQHU7RWDOLWlW(LQ*HJHQVWDQG RGHUHLQH+DQGOXQJ GHU



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

PLW.RQWXUHQXQGGDPLWDOV*DQ]HVZDKUJHQRPPHQZLUGHYR]LHUWGDV0HUNPDO GHU %HJUHQ]WKHLW XQG GDPLW GHU $EJHVFKORVVHQKHLW 'DV .RQ]HSW GHU $EJH VFKORVVHQKHLWLVWSULPlUHLQUlXPOLFKHV.RQ]HSWGDVHUVWVHNXQGlUDOVWHPSRUDOH $EJHVFKORVVHQKHLW LQWHUSUHWLHUEDU LVW :LFKWLJ LVW HLQ *HJHQVWDQG RGHU HLQH +DQGOXQJ LVWQLFKWDQXQGIUVLFKDEJHVFKORVVHQRGHUQLFKWDEJHVFKORVVHQ'LH 4XDOLWlWLVWDEKlQJLJYRP6WDQGSXQNWGHV%HWUDFKWHUV /HLVV 

.OHLQ YHUZHLVW GDUDXI GDVV GLH ]DKOUHLFK YRUILQGEDUHQ 'HILQLWLRQHQ ]XU $VSHNWXDOLWlW JURE LQ ]ZHL *UXSSHQ HLQJHWHLOW ZHUGHQ N|QQHQ GLH GHQ EHLGHQ GDUJHOHJWHQ 'HILQLWLRQHQ GHU 9ROOHQGXQJ1LFKWYROOHQGHWKHLW XQG GHU,QQHQ$X‰HQSHUVSHNWLYHHQWVSUHFKHQ 0DQ\FKDUDFWHULVDWLRQVDUHIRXQGLQOLWHUDWXUHZKLFKRQHFDQJURXSLQWRWZR QRW QHFHVVDULO\H[FOXVLYH W\SHV 7KHVLWXDWLRQLVVHHQDV¶FRPSOHWHG¶YVWKHVLWXDWLRQLVVHHQDV¶QRWFRPSOHWHG¶RU ¶RQJRLQJ¶ 7KHVLWXDWLRQLVVHHQ¶IURPRXWVLGH¶YVWKHVLWXDWLRQLVVHHQ¶IURPLQVLGH¶ .OHLQ 

'LHDQJHIKUWHQ'HILQLWLRQHQ]XGHQ%HJULIIHQ7HPSRUDOLWlWXQG$VSHN WXDOLWlW VRZLH GHUHQ 8QWHUVFKHLGXQJ KDEHQ JHPHLQVDP GDVV VLH WKHRUH WLVFKHLQOHXFKWHQGVLQGDEHULQVJHVDPWVHKUYDJHXQGXQNRQNUHWEOHLEHQ $OO RI WKHVH FKDUDFWHULVDWLRQV ZKLOH LQWXLWLYHO\ RIWHQ DSSHDOLQJ VXIIHU IURP RQH FRUHSUREOHPWKH\DUHHQWLUHO\PHWDSKRULFDOLQQDWXUH HEG 

$XFK ZHQQ GLH GDUJHOHJWHQ 'HILQLWLRQHQ 8QWHUVFKHLGXQJVPHUNPDOH IU WHPSRUDOHXQGDVSHNWXHOOH6WUXNWXUHQDXIZHLVHQXQGGDGXUFKVXJJHULHUHQ GDVV GHQ NODU WUHQQEDUHQ VHPDQWLVFKIXQNWLRQHOOHQ .DWHJRULHQ DXFK HLQ GHXWLJH )RUPHQ HQWVSUHFKHQ GUIWHQ VR HUZHLVW VLFK EHL GHU 8QWHUVX FKXQJHLQHUNRQNUHWHQVSUDFKOLFKHQ)RUPGHUHQ$XVZHLVXQJDOVWHPSRUDO E]ZDVSHNWXHOO RGHUEHLGHV DOVGXUFKDXVQLFKWHLQGHXWLJ,QVEHVRQGHUHLQ %H]XJDXIGLH9HUJDQJHQKHLWVWHPSRUDLQWHUDJLHUHQ7HPSRUDOLWlWXQG$V SHNWXDOLWlWLQYLHOIlOWLJHU:HLVH9HUJDQJHQKHLWVWHPSRUDODVVHQVLFKKlXILJ QHEHQLKUHQWHPSRUDOHQ(LJHQVFKDIWHQ]XVlW]OLFKHDVSHNWXHOOH]XZHLVHQ +RZHYHULQVRPHODQJXDJHVZHILQGRWKHUDVSHFWXDOGLVWLQFWLRQVPDGHLQWKHSDVW WHQVHEXWQRWLQRWKHUWHQVHVVXJJHVWLQJWKDWLWPD\ZHOOEHDJHQHUDOFKDUDFWHULV WLF RI KXPDQ ODQJXDJHV WR UHVRUW WR JUHDWHU DVSHFWXDO GLIIHUHQWLDWLRQ LQ WKH SDVW WKDQLQRWKHUWHQVHV &RPULH  BBBBBBBBBBBBBBBBBBB



bKQOLFKHVYHUPHUNHQDXFK%\EHH'DKO I Å$PRQJWKHYDULRXVDFFRXQWVRIWKH VHPDQWLFVRIWKHSHUIHFWLYHLPSHUIHFWLYHGLVWLQFWLRQIRXQGLQWKHOLWHUDWXUHRQHPD\GLV WLQJXLVKWZRLPSRUWDQWWUHQGVRQHZKLFKFRQVLGHUVWKHFUXFLDOSURSHUW\WKDWFKDUDFWHUL]HV WKHSHUIHFWLYHDVSHFWWREHWKDWLWLQYROYHVD¶WRWDOYLHZRIWKHVLWXDWLRQ·DQGDQRWKHUZKLFK HPSKDVL]HVWKHFRQQHFWLRQEHWZHHQSHUIHFWLYLW\DQGWKHSUHVHQFHRIDOLPLWRUHQGVWDWHIRU WKHSURFHVV$FRPSDULVRQRIWKHXVHRIDVSHFWXDOFDWHJRULHVLQGLIIHUHQWODQJXDJHVVXJJHVWV WKDWLWLVQRWWKHFDVHWKDWRQHRIWKHVHYLHZVLVULJKWDQGWKHRWKHULVZURQJUDWKHUWKH\DUH QRWHTXDOO\DGHTXDWHIRUDOOODQJXDJHVµ



7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWXQG$NWLRQVDUW6LWXDWLRQVNODVVH



'LH VHPDQWLVFKH 1lKH GHU .DWHJRULHQ 7HPSRUDOLWlW XQG $VSHNWXDOLWlW YHUDQODVVW&RPULHGHQÅFRYHUWHUPWHQVHDVSHFW´JHQDXGRUWHLQ]XIKUHQ ÅZKHUH WKHGLVWLQFWLRQ EHWZHHQ WHQVH DQG DVSHFW LV LUUHOHYDQW RU ZKHUH D JLYHQIRUPFRPELQHVWHQVHDQGDVSHFWVSHFLILFDWLRQV´  'LHVWDU NH9HUZDQGWVFKDIWEHLGHU.DWHJRULHQEHZHJW7KLHURIIGD]XGLHNDWHJRULD OH7UHQQXQJEHLGHUDXI]XJHEHQ :HQQDEHU7HPSXVXQG$VSHNWJOHLFKHUPD‰HQ=HLWEH]LHKXQJHQVLQGGHUHQ6H PDQWLN ]XGHP PLW GHQVHOEHQ %HJULIIHQ ]X DQDO\VLHUHQ LVW GDQQ LVW QLFKW PHKU HLQ]XVHKHQZDUXPGLHMHZHLOLJHQ=HLWEH]LHKXQJHQ]ZHLYHUVFKLHGHQHQ.DWHJRUL VLHUXQJHQ]XJHRUGQHWZHUGHQVROOWHQ 7KLHURII 

bKQOLFK ZLH 7KLHURII QLPPW (LVHQEHUJ NHLQH NDWHJRULDOH 7UHQQXQJ YRQ 7HPSRUDOLWlW XQG $VSHNWXDOLWlW YRU VRQGHUQEH]LHKW GLH DVSHNWXHOOH 8Q WHUVFKHLGXQJÄSHUIHNWLYLPSHUIHNWLY·LQGLH7HPSXVEHGHXWXQJHLQ    (U EHWUDFKWHW DVSHNWXHOOH %HGHXWXQJHQ GDPLW DOV 7HLO GHU7HPSXV EHGHXWXQJ XQG VWHOOW GLHVH DXFK LQQHUKDOE VHLQHU 7HPSXVDQDO\VH GDU   'LHGDUJHOHJWHQ6FKZLHULJNHLWHQGHUNDWHJRULDOHQ(LQRUGQXQJHUVFKHL QHQ LQ HLQHP QHXHQ /LFKW ZHQQ PDQ ZLH %\EHH'DKO   %\EHH  %\EHH3HUNLQV3DJOLXFD  XQG/HLVV  YRQHLQHU+LHUDU FKLH GHU .DWHJRULHQ DXVJHKW GLH GHQ *UDPPDWLNDOLVLHUXQJVYHUODXI EH VWLPPW'DQDFKVLQG7HPSRUDOLWlWXQG$VSHNWXDOLWlWVFKRQGHVKDOEQLFKW H[DNW WUHQQEDU ZHLO VLH ÅQXU 3KDVHQ HLQHV HLQ]LJHQ NDWHJRULDOHQ (QWIDO WXQJVSUR]HVVHV´ VLQG /HLVV    (LQH )RUP LVW KLVWRULVFK LQ LKUHP *UDPPDWLNDOLVLHUXQJVYHUODXIYHUVFKLHGHQHQVHPDQWLVFKIXQNWLRQHOOHQ.D WHJRULHQ ]XJHK|ULJ VLH GXUFKOlXIW YHUVFKLHGHQH *UDPPDWLNDOLVLHUXQJVVWD GLHQ /HLVV VSULFKW GDYRQ GDVV Å.DWHJRULHQ DOWHUQ´    XQG YRQ GHUQlFKVWMQJHUHQLP*UDPPDWLNDOLVLHUXQJVSUR]HVVDEJHO|VWZHUGHQ'LH 5HDOLVLHUXQJGLHVHU6WDGLHQHUIROJWLQGHUXQXPNHKUEDUHQ5HLKHQIROJH$V SHNW²7HPSXV²0RGXVEHL/HLVV %H]XJQHKPHQGDXI%\EHH  DOVGDVÄ%\EHH*HVHW]·EH]HLFKQHW 'LH$QQDKPHHLQHU.DWHJRULHQKLHUDUFKLHVFKDIIWHLQHQQHXHQ=XJDQJ ]X YLHOGLVNXWLHUWHQ )UDJHVWHOOXQJHQ GHU JHJHQZlUWLJHQ )RUVFKXQJ (U NHQQWQLVVH ]X GLDFKURQHQ *UDPPDWLNDOLVLHUXQJV XQG 5HLQWHUSUHWDWLRQV SUR]HVVHQZHUIHQDXFKDXIGLHV\QFKURQH%HVFKUHLEXQJYRQ7HPSXVIRU PHQHLQQHXHV/LFKWGDVLFKGXUFKGLHVHVWUHQJHNDWHJRULDOH(LQWHLOXQJHQ DOV XQ]XOlQJOLFK HUZHLVHQ %HWUDFKWHW PDQ GLH )UDJH RE GDV 3HUIHNW HLQ YRUUDQJLJ WHPSRUDO RGHU DVSHNWXHOO ]X LQWHUSUHWLHUHQGHV 3KlQRPHQ GDU VWHOOW YRU GHP +LQWHUJUXQG GHU (UNHQQWQLVVH ]X GHQ GDUJHVWHOOWHQ JUDP BBBBBBBBBBBBBBBBBBB



/HLVV YHUZHLVW GDUDXI GDVV EHUHLWV *XLOODXPH LQ VHLQHU $UEHLW Å7HPSV HW YHUEH´  GHQ*UXQGJHGDQNHQGHU.DWHJRULHQKLHUDUFKLHLQ%H]XJDXI$VSHNW7HPSXV XQG0RGXVlX‰HUW



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

PDWLVFKHQ :DQGHOSUR]HVVHQ GLH GLH )RUP KLVWRULVFK GXUFKOlXIWVR ZLUG GLH $QWZRUW XQWHUVFKLHGOLFK DXVIDOOHQ MH QDFKGHP ZHOFKHU KLVWRULVFKH $XVVFKQLWWXQWHUVXFKWZLUG Å(QJH 9HUZDQGWVFKDIW´ YDQ 3RWWHOEHUJH    ZHLVW GLH JUDP PDWLVFKH.DWHJRULVLHUXQJ$VSHNW]XU$NWLRQVDUWDXI=XIUDJHQLVWGDKHU ]XQlFKVWZDV$VSHNWXQG$NWLRQVDUWJUXQGVlW]OLFKYRQ7HPSRUDOLWlWXQ WHUVFKHLGHW9DQ3RWWHOEHUJHVLHKWIROJHQGHQ8QWHUVFKLHG 7URW]GHP XQWHUVFKHLGHW VLFK GLH 7HPSXVNDWHJRULH GDGXUFK VRZRKOYRP $VSHNW DOVDXFKYRQGHU$NWLRQVDUWGD‰VLH+DQGOXQJHQXQG9RUJlQJHLQGHU=HLWORNDOL VLHUWZlKUHQGGHU$VSHNWXQGGLH$NWLRQDUWHLQH+DQGOXQJRGHUHLQHQ9RUJDQJ XQDEKlQJLJYRQGLHVHU]HLWOLFKHQ/RNDOLVLHUXQJFKDUDNWHULVLHUHQ YDQ3RWWHOEHUJH 

6RZRKO $VSHNW DOV DXFK $NWLRQVDUW VLQG GDPLW GHU VHPDQWLVFKIXQNWLR QHOOHQ .DWHJRULH GHU $VSHNWXDOLWlW ]XJHK|ULJ GHUHQ 8QWHUVFKHLGXQJ YRQ GHU .DWHJRULH GHU 7HPSRUDOLWlW *HJHQVWDQG GHU ELVKHULJHQ 'DUVWHOOXQJ ZDU 'DVJUR‰HWHUPLQRORJLVFKH'XUFKHLQDQGHUGXUFKGDVGLH&KDUDNWHUL VLHUXQJYRQ$VSHNWXQG$NWLRQVDUWLQGHUHLQVFKOlJLJHQ/LWHUDWXUJHNHQQ ]HLFKQHW LVW YDQ 3RWWHOEHUJH    UKUW ZRKO QLFKW VHOWHQ GDKHU GDVV EHLGH %HJULIIH XQ]XUHLFKHQG EHVFKULHEHQ XQG YRQHLQDQGHU DEJH JUHQ]WZHUGHQ$OVPLWWOHUZHLOHDOOJHPHLQYRQGHU$VSHNWIRUVFKXQJDQHU NDQQWHV$EJUHQ]XQJVNULWHULXPIU$VSHNWXQG$NWLRQVDUW YDQ3RWWHOEHU JH JLOWGDVV$VSHNWDOVGHU(EHQHGHU*UDPPDWLN$NWLRQVDUW DOVGHU(EHQHGHV/H[LNRQV]XJHK|ULJEHVFKULHEHQZLUG 'HU$VSHNWJHK|UWLP*HJHQVDW]]XU$NWLRQVDUW]XU*UDPPDWLNXQGEHWULIIWHLQH V\VWHPDWLVFKH2SSRVLWLRQYRQ)RUPHQGLHVLFKLP3ULQ]LSDXIDOOHRGHUGLHPHLV WHQ9HUEHQGHV/H[LNRQVHLQHU6SUDFKHHUVWUHFNWVRGD‰GLH2SSRVLWLRQEHLDOOHQ RGHUGHQPHLVWHQ9HUEHQUHDOLVLHUWZHUGHQNDQQE]ZPX‰'LHXQWHUVFKLHGOLFKHQ )RUPHQ GLH GLH 2SSRVLWLRQ HUP|JOLFKHQ ELOGHQ HLQ 3DUDGLJPD >«@ 'LH $NWL RQVDUW JHK|UW ]XU (EHQH GHV /H[LNRQV >«@ =ZLVFKHQ EHVWLPPWHQ 9HUEHQ JLEW HV HLQH 2SSRVLWLRQ LQ GHU $UW GHU 9HUEDOKDQGOXQJ DEHU GLHVH 2SSRVLWLRQ HU VWUHFNWVLFKDXIHLQHQEHVFKUlQNWHQ7HLOGHV9HUEOH[LNRQVHLQLJHZHQLJH9HUEHQ RGHU VRJDU DXI QXU ]ZHL 9HUEHQ $VSHNW XQG $NWLRQVDUW IXQJLHUHQ XQDEKlQJLJ YRQHLQDQGHU GDV KHL‰W HLQH 6SUDFKH NDQQ EHLGH (UVFKHLQXQJHQ DXIZHLVHQ RGHU DXFKQXUHLQHGHUEHLGHQ YDQ3RWWHOEHUJHI  BBBBBBBBBBBBBBBBBBB



.DXP HLQH GHXWVFKH 7HPSXVIRUP ZXUGH XQG ZLUG VR YLHO GLVNXWLHUW ZLH GDV 3HUIHNW ,Q %H]XJ DXI GLH %HGHXWXQJ XQG NDWHJRULDOH =XJHK|ULJNHLW GHV 3HUIHNWV KlOW GLH )RUVFKXQJ ]DKOUHLFKH 9RUVFKOlJH EHUHLW GLH (KULFK9DWHU    LQ YLHU *UXSSHQ GLH $V SHNW7HPSXV$PELJXLWlWVXQG.RPSOH[LWlWVK\SRWKHVHHLQWHLOHQ=XU'DUVWHOOXQJHLQL JHU'HXWXQJVYRUVFKOlJH]XP3HUIHNWVLHKH7KLHURII  9DWHU   VRZLH 9DWHU   XQG :HONH    =XU GLDFKURQHQ 'HXWXQJ GHV 3HUIHNWV EVSZ2XERX]DU XQG XQG/HLVV  =XUGLDFKURQHQ(QWZLFNOXQJ YRQKDEHQ3DUWL]LS,,XQGVHLQ3DUWL]LS,,VLHKH.DSLQGLHVHU$UEHLW



7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWXQG$NWLRQVDUW6LWXDWLRQVNODVVH



$XIJUXQGGHUV\VWHPDWLVFKHQ2SSRVLWLRQGHU)RUPHQFKDUDNWHULVLHUW/HLVV    GHQ $VSHNW DOVGRSSHOSHUVSHNWLYLHUHQG $NWLRQVDUWYHUEHQKLQ JHJHQ ZHUGHQ DOV PRQRSHUVSHNWLYLHUHQG EHVFKULHEHQ HEG  'HU $VSHNW YHUIJWVRPLWLP*HJHQVDW]]XU$NWLRQVDUWEHLGHUGLH:DKOGHV9HUEVGLH 3HUVSHNWLYHEHVWLPPWEHUHLQH3HUVSHNWLYLHUXQJVDOWHUQDWLYH 'HU$VSHNWLVWHLQH.DWHJRULHGLHGLH%HWUDFKWXQJHLQHV*HVFKHKHQVYRQ,QQHQ RGHUYRQ$X‰HQHUODXEW%HLGHQ$NWLRQVDUWHQLVWQXUHLQHGHUEHLGHQ3HUVSHNWL YHQP|JOLFK6LHLVWGXUFKGLHOH[LNDOLVFKH%HGHXWXQJGHV9HUEVYRUJHJHEHQ$N WLRQVDUWHQZHUGHQGHVZHJHQDOVÄREMHNWLY·LP*HJHQVDW]]XPÄVXEMHNWLYHQ·$VSHNW FKDUDNWHULVLHUW /HLVV 

6PLWKIDVVWGLHVH3HUVSHNWLYLHUXQJVOHLVWXQJGHV$VSHNWVEHUGLHGLH$NWL RQVDUWQLFKWV\VWHPDWLVFKYHUIJWLQHLQHPHLQSUlJVDPHQ6DW]]XVDPPHQ $VSHFWXDO FKRLFH DOORZV WKH VSHDNHU WR WDON DERXW VLWXDWLRQV LQ PRUH WKDQ RQH ZD\ 6PLWK 

'HP (LVHQEHUJ·VFKHQ $QVDW] ]XU 8QWHUVFKHLGXQJ YRQ $VSHNW XQG $N WLRQVDUWOLHJWGHUJOHLFKH*UXQGJHGDQNHZLHEHLYDQ3RWWHOEHUJH]XJUXQGH QlPOLFK GHU GHU 9HUWHLOXQJ YRQ $VSHNW XQG $NWLRQVDUW DXI *UDPPDWLN XQG/H[LNRQ(LVHQEHUJKHEWGLH%H]LHKEDUNHLWGHUDVSHNWXHOOHQ2SSRVLWL RQ ÄSHUIHNWLYLPSHUIHNWLY· DXI (LQKHLWHQNDWHJRULHQ KHUYRU XQG OHLWHW DXV GLHVHU %H]LHKEDUNHLW GHQ JUXQGVlW]OLFKHQ 8QWHUVFKLHG ]ZLVFKHQ $VSHNW XQG$NWLRQVDUWDE 'LH8QWHUVFKHLGXQJSHUIHNWLYLPSHUIHNWLYLVWDXI(LQKHLWHQNDWHJRULHQEH]LHKEDU XQGKDWGHVKDOEHLQHQJUXQGVlW]OLFKDQGHUHQ6WDWXVDOVGLH8QWHUVFKHLGXQJSXQN WXHOOGXUDWLYGLHMDDXIHLQHU.ODVVLILNDWLRQYRQ9HUEHQDOVOH[LNDOLVFKHQ:|UWHUQ EHUXKWVFKODIHQLVWHLQGXUDWLYHV9HUEGDVSHUIHNWLYHXQGLPSHUIHNWLYH)RUPHQ KDWXQGPDQVDJWGLHVH)RUPHQVHLHQXQWHUVFKLHGHQLP$VSHNW (LVHQEHUJ 

,QQHUKDOE GHV $VSHNWV OlVVW VLFK HLQH ZHLWHUH 8QWHUVFKHLGXQJ QDFK GHP *UDGGHU*UDPPDWLNDOLVLHUXQJYRUQHKPHQ+LHUEHLZLUGXQWHU+LQ]X]LH KXQJ]ZHLHU.ULWHULHQLQY|OOLJJUDPPDWLNDOLVLHUWHXQGWHLOZHLVHJUDPPDWL NDOLVLHUWH $VSHNWGLPHQVLRQHQ XQWHUVFKLHGHQ YDQ 3RWWHOEHUJH    'LH .RQVWUXLHUEDUNHLW GHU $VSHNWIRUPHQ JLOW DOV HUVWHV .ULWHULXP HEG  'DUXQWHUZLUGGLH0|JOLFKNHLWE]ZGHU*UDGGHU$XVSUlJXQJYHUVWDQGHQ IU GLH 9HUEHQ HLQHU MHZHLOLJHQ 6SUDFKH V\VWHPDWLVFK RSSRVLWLRQHOOH $V SHNWIRUPHQELOGHQ]XN|QQHQ'DV]ZHLWH.ULWHULXPEH]LHKWVLFKDXIÅGHQ *UDG GHU JUDPPDWLVFKHQ 5HJHOXQJ GHU :DKO ]ZLVFKHQ GHQ $VSHNWIRU PHQ´ HEG GKHVJHKWXPGLH)UDJHLQZLHZHLWGLH1XW]XQJHLQHUGHU RSSRVLWLRQHOOHQ)RUPHQREOLJDWRULVFKLVW/HKPDQQEH]HLFKQHWGLHVHV.UL WHULXPDOVWUDQVSDUDGLJPDWLFYDULDELOLW\E]ZREOLJDWRULQHVVREOLJDWRULILFDWLRQ   XQGHUNOlUWHVIROJHQGHUPD‰HQ



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

7KHUH PD\ EH WKHQ D FHUWDLQ IUHHGRP LQ HLWKHU VSHFLI\LQJ WKH FDWHJRU\ E\ XVLQJ RQHRILWVVXEFDWHJRULHVRUOHDYLQJWKHZKROHFDWHJRU\XQVSHFLILHG7RWKHH[WHQW WKDW WKH ODWWHU RSWLRQ EHFRPHV FRQVWUDLQHG DQG ILQDOO\ LPSRVVLEOH WKH FDWHJRU\ EHFRPHVREOLJDWRU\:HVKDOOWKHUHIRUHXVHWKHWHUP¶REOLJDWRULQHVV·DVD²PRUH KDQG\ ² FRQYHUVH HTXLYDOHQW RI ¶WUDQVSDUDGLJPDWLF YDULDELOLW\· &RUUHVSRQGLQJO\ WKH UHGXFWLRQ RI WUDQVSDUDGLJPDWLF YDULDELOLW\ ZLOO RFFDVLRQDOO\ EH FDOOHG E\ WKH QHRORJLVP¶REOLJDWRULILFDWLRQ· HEG 

9DQ 3RWWHOEHUJH EHVFKUHLEW GLH YROOVWlQGLJ JUDPPDWLNDOLVLHUWH $VSHNWGL PHQVLRQXQWHU+LQ]X]LHKXQJGHUGDUJHVWHOOWHQ.ULWHULHQ :HQQHLQH$VSHNWGLPHQVLRQY|OOLJJUDPPDWLNDOLVLHUWLVWYHUIJHQVlPWOLFKH9HU EHQGHV/H[LNRQVEHURSSRVLWLRQHOOH$VSHNWIRUPHQXQGJOHLFK]HLWLJHUIROJWGLH :DKO ]ZLVFKHQ GLHVHQ $VSHNWIRUPHQ QLFKW QDFK IUHLHP (UPHVVHQ VHLWHQV GHV 6SUDFKEHQXW]HUV VRQGHUQ ZLUG YRP 6SUDFKV\VWHP YRUJHVFKULHEHQ ,Q HLQHP .RQWH[WLVWHLQHGHURSSRVLWLRQHOOHQ)RUPHQREOLJDWRULVFK6LHPX‰EHQXW]WZHU GHQXQGVFKOLH‰WGDGXUFKGLHDQGHUH Q DXV(LQQHXWUDOHU$XVGUXFNGHUGHQ$V SHNWGHU9HUEDOKDQGOXQJQLFKWVSH]LIL]LHUWIHKOW YDQ3RWWHOEHUJH 

)UHLQHQXUWHLOZHLVHJUDPPDWLNDOLVLHUWH$VSHNWGLPHQVLRQJLOWHLQHVFKZl FKHUH$XVSUlJXQJGHU.ULWHULHQGHU.RQVWUXLHUEDUNHLWXQG2EOLJDWRULN 'DVHQWVFKHLGHQGH0HUNPDOLP9HUJOHLFK]XPY|OOLJJUDPPDWLNDOLVLHUWHQ$VSHNW LVW GDV )HKOHQ HLQHU YHUELQGOLFKHQ 2UJDQLVDWLRQ GHV *HEUDXFKV >«@ GHU XQWHU VFKLHGOLFKHQ)RUPHQ>«@(LQHWHLOZHLVHJUDPPDWLNDOLVLHUWH$VSHNWGLPHQVLRQEH VWHKW QLFKW DXV HLQHP 2SSRVLWLRQVSDDU GHVVHQ 0LWJOLHGHU HLQDQGHU JHJHQVHLWLJ DXVVFKOLH‰HQVRQGHUQDXVHLQHU QHXWUDOHQ*UXQGIRUPXQGHLQHU DVSHNWXHOOPDU NLHUWHQ)RUP,QHLQHPVROFKHQ6SUDFKV\VWHPLVWQLFKWIHVWJHOHJWGD‰GLH9HUEDO KDQGOXQJ LPPHU QDFK GHU $VSHNWGLPHQVLRQ XQWHUVFKLHGHQ ZHUGHQ PX‰ 0DQ NDQQEHUDOOXQG SUREOHPORVGLH*UXQGIRUPEHQXW]HQGLH DVSHNWXHOOPDUNLHUWH )RUPLVWPDQFKPDODOV$OWHUQDWLYHP|JOLFKMHGRFKQLHPDOVREOLJDWRULVFK8PJH NHKUWNDQQPDQGLHDVSHNWXHOOPDUNLHUWH)RUPLPPHUGXUFKGLHQHXWUDOH*UXQG IRUPHUVHW]HQGLHGDQQDOOHQIDOOVZHQLJHUVSH]LILVFKLVWMHGRFKNHLQHVZHJVHLQHQ DQGHUHQ$VSHNW]XP$XVGUXFNEULQJW YDQ3RWWHOEHUJH 

'LH HQJOLVFKH QRQSURJUHVVLYH ² SURJUHVVLYH2SSRVLWLRQ NDQQ DOV %HLVSLHO IU HLQH YROOVWlQGLJ JUDPPDWLNDOLVLHUWH $VSHNWGLPHQVLRQ YDQ 3RWWHOEHUJH  GLHIUDQ]|VLVFKH9HUODXIVIRUPrWUHHQWUDLQGHDOVWHLOZHLVHJUDP PDWLNDOLVLHUWH $VSHNWGLPHQVLRQ DQJHIKUW ZHUGHQ YDQ 3RWWHOEHUJH    =XPHLVW LVW HQWZHGHU GLH 7HPSXV RGHU GLH $VSHNWNDWHJRULVLHUXQJ HLQHU6SUDFKHVWlUNHUHQWZLFNHOW YDQ3RWWHOEHUJH XQGWULWWDOV GLHJUXQGOHJHQGHUH.DWHJRULVLHUXQJDXI (VJLEW6SUDFKHQLQGHQHQEHLP9HUEGLH$VSHNWRSSRVLWLRQJUXQGOHJHQGLVW6LH JHKWPRUSKRORJLVFKGHQ7HPSXVGLPHQVLRQHQYRUDXVGDVKHL‰WHVPX‰]XQlFKVW GHU$VSHNWDXVJHGUFNWZHUGHQXQGHUVWQDFKGLHVHU8QWHUVFKHLGXQJHUIROJWGLH )HVWOHJXQJ GHV 7HPSXV >«@ (LQH HLJHQVWlQGLJH JUDPPDWLNDOLVLHUWH 7HPSXVGL PHQVLRQNDQQVRJDUIHKOHQ>«@6ROFKH6SUDFKHQYHUIJHQEHUHLQHQ´GRPLQDQ WHQ´$VSHNW9RP ´GRPLQDQWHQ´$VSHNWLVWGHU ´UH]HVVLYH´$VSHNW]XWUHQQHQ %HVWLPPWH6SUDFKHQZHLVHQHLQHJUDPPDWLNDOLVLHUWH$VSHNWGLPHQVLRQDXIGLHVHU $VSHNWGLPHQVLRQ JHKW MHGRFK GDV 7HPSXV YRUDXV GDV KHL‰W GLH 7HPSXVHEHQH



7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWXQG$NWLRQVDUW6LWXDWLRQVNODVVH



ZLUG IHVWJHOHJW XQG HUVW LQQHUKDOE HLQHU 7HPSXVHEHQH 9HUJDQJHQKHLW *HJHQ ZDUW =XNXQIW  HUIROJW GLH )HVWOHJXQJ GHV $VSHNWV GHU GDKHU UH]HVVLY LVW  >«@ YDQ3RWWHOEHUJH 

,QQHUKDOEGHU$NWLRQVDUWOlVVWVLFKHLQHYHUJOHLFKEDUH$XVGLIIHUHQ]LHUXQJ QDFK GHP *UDG GHU /H[LNDOLVLHUXQJ YRUQHKPHQ 9DQ 3RWWHOEHUJH  ²  XQWHUVFKHLGHW LQ $NWLRQVDUWHQ PLW PRUSKRORJLVFKHU XQG RKQH PRUSKRORJLVFKH 0DUNLHUXQJ 'HP HUVWHQ 7\S JHK|UHQ $NWLRQVDUWHQ DQ GLHÅNRQYHQWLRQHOOPLWHLQHP :RUWELOGXQJV 0RUSKHPDXVJHGUFNWZHU GHQ´ YDQ 3RWWHOEHUJH    LP *HJHQVDW] ]XP ]ZHLWHQ 7\S EHL GHPGLH.RPSRVLWLRQDOLWlWXQGGLHIRUPDOH0DUNLHUXQJIHKOW HEG  'LH GDUJHVWHOOWH 8QWHUVFKHLGXQJ ]ZLVFKHQ $VSHNW XQG $NWLRQVDUW LVW NHLQHVWUHQJNDWHJRULVFKH9LHOPHKUKHUUVFKWHLQJUDGXHOOHUhEHUJDQJ]ZL VFKHQEHLGHQ+LVWRULVFKHQWZLFNHOQVLFK$VSHNWRSSRVLWLRQHQKlXILJÅDXV HLQHU 6\VWHPDWLVLHUXQJ YRQ $NWLRQVDUWHQ´ YDQ 3RWWHOEHUJH    'DV 9RUNRPPHQ HLQHV GHU EHLGHQ 3KlQRPHQH EHGHXWHW MHGRFK QLFKW GDVVGDVDQGHUHQLFKWDXFKDXVJHELOGHWVHLQNDQQ $VSHNWXQG$NWLRQVDUWIXQJLHUHQXQDEKlQJLJYRQHLQDQGHUGDV KHL‰WHLQH6SUD FKH NDQQ EHLGH (UVFKHLQXQJHQ DXIZHLVHQ RGHU DXFK QXU HLQH YRQ EHLGHQ (LQ $VSHNWV\VWHPVFKOLH‰WQLFKWDXVGD‰DXFK$NWLRQVDUWHQYRUNRPPHQXQGXPJH NHKUW YDQ3RWWHOEHUJH 

,P )ROJHQGHQ VROO QXQ GDUJHVWHOOW ZHUGHQ DQKDQG ZHOFKHU 6WUXNWXUHQ 7HPSRUDOLWlWXQG$VSHNWXDOLWlWLP'HXWVFKHQUHDOLVLHUWZHUGHQ'DUDXIKLQ HUIROJW HLQH %HVFKUHLEXQJ GHU $NWLRQVDUWHQGDUVWHOOXQJ ZLH VLH IU GDV 'HXWVFKHYRUJHQRPPHQZLUG 7HPSXVDOVYHUEDOH.DWHJRULVLHUXQJJLOWDOVZLFKWLJVWHV0LWWHO]XU'DU VWHOOXQJ YRQ 7HPSRUDOLWlW LP 'HXWVFKHQ 'LH 7HPSXVNDWHJRULVLHUXQJ LVW LP 'HXWVFKHQ REOLJDWRULVFK DQ MHGHP ILQLWHQ 9HUE UHDOLVLHUW MHGHU ILQLWH 6DW] ZHLVW GDPLW HLQ 7HPSXV DXI 'XGHQ    'LH WUDGLWLRQHOOH *UDPPDWLN]lKOWVHFKV7HPSRUDGHV'HXWVFKHQ3UlVHQV3UlWHULWXP3HU IHNW 3OXVTXDPSHUIHNW )XWXU XQG )XWXU,, ZREHL GLHVH (LQWHLOXQJ XQWHU GHP VWDUNHQ (LQIOXVV GHU ODWHLQLVFKHQ *UDPPDWLN HQWVWDQGHQ LVW 'XGHQ   9DWHU  I  1HEHQ GHU WUDGLWLRQHOOHQ 7HPSXVHLQWHL OXQJGLHELVKHXWHDOVGDVÅDPZHLWHVWHQYHUEUHLWHWHXQGDQHUNDQQWH7HP SXVV\VWHP´ 7KLHURII JLOWXQGDQGHUVLFKDXFKGLH0HKU]DKOGHU JHJHQZDUWVVSUDFKOLFKHQ *UDPPDWLNHQ RULHQWLHUW 7KLHURII    HQW BBBBBBBBBBBBBBBBBBB

 

'LH'DUVWHOOXQJHQN|QQHQLP5DKPHQGLHVHU$UEHLWQXUVNL]]HQKDIWHUIROJHQ)UZHLWHU IKUHQGH,QIRUPDWLRQHQVLHKHGLHLQGHQIROJHQGHQ'DUVWHOOXQJHQDQJHIKUWHHLQVFKOlJLJH /LWHUDWXU )DEULFLXV+DQVHQ PDFKW LQ GHU 'XGHQJUDPPDWLN GDUDXI DXIPHUNVDP GDVV PDQ GLH %H ]HLFKQXQJGHUGHXWVFKHQ7HPSRUDÅDOVUHLQH1DPHQYHUVWHKHQ>VROOWH@GLHQXUZHQLJEHU GLH)XQNWLRQHQGHUHQWVSUHFKHQGHQ9HUEIRUPHQDXVVDJHQ´ 'XGHQ 



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

VWDQGHQ LQ MQJHUHU =HLW HLQLJH QHXHUH 9RUVFKOlJH ]XU 6\VWHPDWLVLHUXQJ GHVGHXWVFKHQ7HPSXVV\VWHPVGLHLQGHU$Q]DKOGHU7HPSRUDVWDUNYDUL LHUHQ'LHELVKHULJH0LQLPDOYDULDQWHYRQHLQHP7HPSXVIUGDV'HXWVFKH VFKOlJW0XJOHU  YRU(UVLHKWOHGLJOLFKGDV3UlWHULWXPDOV7HPSXVDQ XQG HUNHQQW DOOHQ DQGHUHQ7HPSRUD GHQ7HPSXVVWDWXV DE LQGHP HU GDV 3UlVHQVÅDOVKLQVLFKWOLFK7HPSXVXQG$VSHNWPHUNPDOORVH)RUP´ 0XJOHU    EHVWLPPW XQG GLH EULJHQ WUDGLWLRQHOOHQ 7HPSRUD 3HUIHNW 3OXVTXDPSHUIHNW )XWXU XQG )XWXU ,, DOV $VSHNWH E]Z .RPELQDWLRQHQ YRQ$VSHNWHQFKDUDNWHULVLHUW 0XJOHU² 'LHELVKHULJH0D[L PDOYDULDQWHYRQ]HKQ7HPSRUDVFKOlJW7KLHURII II YRUGHUQH EHQ GHQ WUDGLWLRQHOO ]XP GHXWVFKHQ 7HPSXVV\VWHP JHK|ULJHQ 7HPSRUD QRFK 'RSSHOSHUIHNW XQG 'RSSHOSOXVTXDPSHUIHNW VRZLH )XWXU 3UlWHUL WXP,XQG)XWXU3UlWHULWXP,,KLQ]X]lKOW 1HEHQ GHU REOLJDWRULVFKHQ YHUEDOHQ .DWHJRULVLHUXQJ 7HPSXV EHVWH KHQZHLWHUH0LWWHO]XU'DUVWHOOXQJYRQ7HPSRUDOLWlWEVSZ7HPSRUDODG YHUELDOH 'XGHQ    XQG 1HEHQVlW]H PLW WHPSRUDOHQ -XQNWRUHQ 9DWHU5RWKVWHLQ  $VSHNWXDOLWlWLVWLP'HXWVFKHQQLFKWZLH7HPSRUDOLWlWGXUFKHLQHRE OLJDWRULVFKH 9HUEDONDWHJRULVLHUXQJ UHSUlVHQWLHUW (V H[LVWLHUW NHLQH YROO VWlQGLJJUDPPDWLNDOLVLHUWHXQGGDPLWREOLJDWRULVFKH$VSHNWGLPHQVLRQDXV GHUEHLMHGHPILQLWHQ9HUEHLQH$VSHNWIRUP]XZlKOHQLVW9DQ3RWWHOEHU JH IKUW GHQ DP3URJUHVVLY DOV WHLOZHLVH JUDPPDWLNDOLVLHUWH $VSHNWIRUP YRUGLHMHGRFKZHLWGDYRQHQWIHUQWLVWVLFK]XHLQHUREOLJDWRULVFKHQ$V SHNWIRUPXQGLP=XJHGHVVHQ]XHLQHP$VSHNWSDUDGLJPDZLHHVHWZDLP (QJOLVFKHQ EHVWHKW ]X JUDPPDWLNDOLVLHUHQ YDQ 3RWWHOEHUJH     5|GHO ZHLVW GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ DOV $VSHNWSKlQRPHQ ]XU 'DUVWHOOXQJ YRQ 3HUIHNWLYLWlW DXV EHWRQW MHGRFK GDVV GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ LP 5HJHOIDOO NHLQHVZHJV REOLJDWRULVFK VLQG    $XFK5|GHOIKUWGDPLWHLQ3KlQRPHQDXIGDVVLFKLQVHLQHU$UJXPHQWD WLRQDOVWHLOZHLVHJUDPPDWLNDOLVLHUWH$VSHNWGLPHQVLRQDXIIDVVHQOlVVW (LQZHLWHUHV0LWWHO]XU'DUVWHOOXQJYRQ$VSHNWXDOLWlWVWHOOHQ$NWLRQV DUWHQGDU 9DWHU ²5RWKVWHLQI (LVHQEHUJVWHOOWLQ %H]XJDXIGLH'DUVWHOOXQJGHU$NWLRQVDUWHQGHV'HXWVFKHQ)ROJHQGHVIHVW BBBBBBBBBBBBBBBBBBB

 ,QGHU7KLHURII·VFKHQ7HUPLQRORJLH3HUIHNW,,XQG3OXVTXDPSHUIHNW,,  (LQHWDEHOODULVFKH'DUVWHOOXQJYHUVFKLHGHQHU7HPSXVV\VWHPHILQGHWVLFKEHL9DWHU     =XPJHQDXHQ$UJXPHQWDWLRQVJDQJGHU$QDO\VHYRQ5|GHOVLHKH.DS  (V ODVVHQ VLFK DXFK $GYHUELHQ ]XU 'DUVWHOOXQJ DVSHNWXHOOHU %HGHXWXQJ QXW]HQ 6R NDQQ EVSZ PLW GHP $GYHUE DOOPlKOLFK ,PSHUIHNWLYLWlW PLW SO|W]OLFK RGHU VFKODJDUWLJ 3HUIHNWLYLWlW VLJQDOLVLHUWZHUGHQ9JOZHLWHUIKUHQG5RWKVWHLQ  



7HPSXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWXQG$NWLRQVDUW6LWXDWLRQVNODVVH



'DV $NWLRQVDUWHQV\VWHP LVW IU GDV 'HXWVFKH ELVKHU ]LHPOLFK XQHLQKHLWOLFK XQG XQWHUVFKLHGOLFKEHVFKULHEHQZRUGHQ>«@ (LVHQEHUJ 

(VOlVVWVLFK]XGHPHLQH9LHO]DKODQ7HUPLQL]XU%HQHQQXQJGHUYHUVFKLH GHQHQ$NWLRQVDUWHQDXVPDFKHQ'LHDPKlXILJVWHQDXIJHIKUWH$NWLRQVDU WHQXQWHUVFKHLGXQJLVWGLHLQHLQHSXQNWXHOOHSHUIHNWLYHPXWDWLYHUHVXOWD WLYH$NWLRQVDUWDXIGHUHLQHQXQGHLQHGXUDWLYHLPSHUIHNWLYHNXUVLYH$N WLRQVDUW DXI GHU DQGHUHQ 6HLWH *UXQG]JH  I +HOELJ%XVFKD  I (LVHQEHUJ  I  'LH HUVWH *UXSSH EH]LHKW VLFK DXI 9HUEHQGLHHLQÅ]HLWOLFKEHJUHQ]WHVRGHUSKDVHQKDIWDEJHVWXIWHV*HVFKH KHQ´ *UXQG]JH    EH]HLFKQHQ ZRKLQJHJHQ GXUFK GLH ]ZHLWH *UXSSHGHUUHLQHÅ9HUODXIGHV*HVFKHKHQVRKQHGDVVHWZDVEHU%HJUHQ ]XQJ XQG $EVWXIXQJ EHU $QIDQJ XQG (QGH GHV *HVFKHKHQV DXVJHVDJW LVW´ +HOELJ%XVFKD    EH]HLFKQHW ZLUG 9HUZDQGWVFKDIW KLHU]X ZHLVWGLH(LQWHLOXQJLQWHOLVFKHXQGDWHOLVFKH9HUEHQDXI (LVHQEHUJ   ZREHL WHOLVFKH 9HUEHQ ÅSXQNWXHOOH RGHU QRWZHQGLJ ]HLWEHJUHQ]WH 9RUJlQJHRGHU+DQGOXQJHQGK(UHLJQLVVHGLHHLQHQ.XOPLQDWLRQVRGHU (QGSXQNWYRUDXVVHW]HQRKQHGHQHLQ*HVFKHKHQGHVEHWUHIIHQGHQ7\SV QLFKWYRUOLHJHQZUGH´ 'XGHQ EH]HLFKQHQ$WHOLVFKH9HUEHQ KLQJHJHQ ÅEHVFKUHLEHQ VWDWLVFKH =XVWlQGH XQG 5HODWLRQHQ RGHU G\QDPL VFKH 9RUJlQJH 3UR]HVVH $NWLYLWlWHQ GLH NHLQHQ .XOPLQDWLRQV RGHU (QGSXQNW YRUDXVVHW]HQ´ HEG  9RUQHKPOLFK EHL 9HUEHQ PLW =XVWDQGV lQGHUXQJEHVWHKHQ]DKOUHLFKH0|JOLFKNHLWHQGHUZHLWHUHQ$XVGLIIHUHQ]LH UXQJ-HQDFKGHPZHOFKH3KDVHGHV*HVFKHKHQVEH]HLFKQHWZLUGZHUGHQ GLH 9HUEHQ HLQJHWHLOW LQ LQJUHVVLYHLQFKRDWLYH 9HUEHQ EH]HLFKQHQ GHQ $QIDQJHLQHV*HVFKHKHQV XQGHJUHVVLYH9HUEHQ EH]HLFKQHQGLH(QGSKD VHRGHUGHQ$EVFKOXVVHLQHV*HVFKHKHQV  +HOELJ%XVFKD  =X EHWRQHQ LVW MHGRFK GDVV GLH FKDUDNWHULVLHUWHQ +DQGOXQJHQ E]Z 9RUJlQJHQLFKWXQXPVW|‰OLFKGXUFKGLH9HUEVHPDQWLNGHWHUPLQLHUWVRQ GHUQ GDVV GLHVH YRQ GHU V\QWDNWLVFKVHPDQWLVFKHQ 8PJHEXQJ GHV 9HUEV DEKlQJLJVLQG 'LH $NWLRQVDUW HLQHV 9HUEV LVW LQ YLHOHQ )lOOHQ QLFKW HLQ IU DOOH 0DO IHVWJHOHJW VRQGHUQHKHUDOVHLQ3RWHQWLDODXI]XIDVVHQGDV MHQDFKGHP=XVDPPHQKDQJLQ GHPGDV9HUEHUVFKHLQWGLHHLQHRGHUGLHDQGHUH5LFKWXQJQHKPHQNDQQ:LFKWLJ LVWGDEHLPLWZHOFKHQ6DW]JOLHGHUQ²YRUDOOHP(UJlQ]XQJHQ²GDV9HUEVLFKYHU ELQGHW 'XGHQ  BBBBBBBBBBBBBBBBBBB

 (V H[LVWLHUHQ ZHLWHUH 'LIIHUHQ]LHUXQJVP|JOLFKNHLWHQ VRZRKO LQQHUKDOE GHU SXQNWXHOOHQ SHUIHNWLYHQPXWDWLYHQ $NWLRQVDUW DOV DXFK LQQHUKDOE GHU GXUDWLYHQLPSHUIHNWLYHQNXU VLYHQ $NWLRQVDUW $Q GLHVHU 6WHOOH VROO MHGRFK NHLQH XPIDVVHQGH 'DUVWHOOXQJ DQJHVWUHEW ZHUGHQ9JOZHLWHUIKUHQG*UXQG]JH  +HOELJ%XVFKD  (L VHQEHUJ I VRZLH'XGHQ 7KLHURIIVWHOOW$NWLRQVDUWHLQWHLOXQJHQ ZHLWHUHU*UDPPDWLNHQYRU  $XFKLQ6FKZDOO  VLQGYHUVFKLHGHQH$QVlW ]H]XU$NWLRQVDUWHQGLIIHUHQ]LHUXQJDXIJHIKUW



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

6RLVWHLQ9HUEZLHHVVHQDOVDWHOLVFKHLQ]XVWXIHQHEHQVRGLH$XVVDJH.LU VFKHQHVVHQ(LQ.LOR.LUVFKHQHVVHQKLQJHJHQOlVVWVLFKDOVWHOLVFKFKDUDNWHULVLH UHQ HEG 'HQ8PVWDQGGDVVGLHV\QWDNWLVFKH8PJHEXQJGHV9HUEVUH OHYDQWIUGLH&KDUDNWHULVLHUXQJGHU+DQGOXQJLVWKHEWDXFK&RPULHKHU YRU +RZHYHUVLWXDWLRQVDUHQRWGHVFULEHGE\YHUEVDORQHEXWUDWKHUE\WKHYHUEWR JHWKHUZLWKLWVDUJXPHQWV VXEMHFWDQGREMHFWV 7KXVDOWKRXJK -RKQLVVLQJLQJGH VFULEHVDQDWHOLFVLWXDWLRQWKHVHQWHQFH-RKQLVVLQJLQJDVRQJGHVFULEHVDWHOLFVLWXD WLRQ VLQFH WKLV VLWXDWLRQ KDV D ZHOOGHILQHG WHUPLQDO SRLQW QDPHO\ ZKHQ -RKQ FRPHV WR WKH HQG RI WKH VRQJ LQ TXHVWLRQ -RKQ LV VLQJLQJ VRQJV LV DJDLQ DWHOLF ZKHUHDV-RKQLVVLQJLQJILYHVRQJVLVDJDLQWHOLF &RPULH 

7KLHURII XQWHUVFKHLGHW GDKHU ]ZLVFKHQ $NWLRQVDUW XQG 6LWXDWLRQVNODVVH 8QWHU Ä$NWLRQVDUW· YHUVWHKW HU GLH UHLQ VHPDQWLVFKH .ODVVLIL]LHUXQJ YRQ 9HUEHQ RKQH%HUFNVLFKWLJXQJ LKUHU NRQNUHWHQ V\QWDNWLVFKHQ 8PJHEXQJ 7KLHURII XQWHUÄ6LWXDWLRQVNODVVH·IDVVWHUGLH.ODVVLIL]LHUXQJYRQ 6LWXDWLRQHQ GLH GXUFK 9HUEHQ XQG GHUHQV\QWDNWLVFKHU8PJHEXQJ JHELO GHWZHUGHQ6LWXDWLRQVNODVVHQVLQGGDPLWLP*HJHQVDW]]XGHQUHLQVHPDQ WLVFKGLIIHUHQ]LHUWHQ$NWLRQVDUWHQV\QWDNWLVFKGLIIHUHQ]LHUEDU HEG 7KLH URIIKHEWGLH0|JOLFKNHLWKHUYRUEHLQDKHMHGHV9HUEWHOLVFKXQGDWHOLVFK JHEUDXFKHQ ]X N|QQHQ (U EH]LHKW VLFK KLHUEHL DXI GDV REHQ DQJHIKUWH &RPULH=LWDW 'DPLW LVW DOVR GLH 7HOL]LWlW HLQHU 6LWXDWLRQ QLFKW QXU DEKlQJLJ YRP 9RUKDQGHQ RGHU 1LFKWYRUKDQGHQVHLQ HLQHV 2EMHNWV VRQGHUQ DXFK YRQ 1XPHUXV XQG 'H WHUPLQLHUWKHLW1LFKWGHWHUPLQLHUWKHLW GHV 2EMHNWV >«@ %H]LHKW PDQ GDQQ QRFK GLH0|JOLFKNHLWGHU,WHUDWLYLHUXQJYRQ6LWXDWLRQHQPLWHLQVRVFKHLQWHVNHLQH6L WXDWLRQPHKU]XJHEHQGLHQLFKWXQWHUEHVWLPPWHQ8PVWlQGHQDWHOLVFKVHLQNDQQ >«@8PJHNHKUWN|QQHQHEHQVR6lW]HGLHQRUPDOHUZHLVHHLQHDWHOLVFKH6LWXDWLRQ EHVFKUHLEHQGXUFKHLQHQJHHLJQHWHQ.RQWH[WHLQHWHOLVFKH,QWHUSUHWDWLRQHUIDKUHQ >«@'LHVZUGHEHGHXWHQGD‰HVZDKUVFKHLQOLFKDXFKNHLQ9HUEJLEWGDVQLFKW LQHLQHPEHVWLPPWHQVSH]LHOOHQ.RQWH[WDXFKWHOLVFKJHEUDXFKWZHUGHQNDQQ 7KLHURIII 

7KLHURIIHUPLWWHOWYLHU6LWXDWLRQVNODVVHQGLHDWHOLVFKHWHOLVFKHSXQNWXHOOH XQG VWDWLVFKH 6LWXDWLRQVNODVVH ZREHL HU EHWRQW GDVV HV VLFK EHL GHQ YRQ LKPGDUJHVWHOOWHQ.ODVVHQXPÅ(LJHQVFKDIWHQYRQ6LWXDWLRQHQQLFKWYRQ 9HUEHQ´  KDQGHOW (LQHVWDWLVFKH6LWXDWLRQEHLQKDOWHWNHLQHUOHL9HUlQGHUXQJVLHH[LVWLHUW NRQWLQXLHUOLFK 7KLHURIII  VWDWLVFKH6LWXDWLRQ

(UZRKQWLQ'UHVGHQ

$WHOLVFKH XQG WHOLVFKH 6LWXDWLRQHQ VLQG EHLGH GXUDWLY 'LVWLQJLHUHQGHV 0HUNPDO DWHOLVFKHU XQG WHOLVFKHU 6LWXDWLRQHQ LVW GDV 0HUNPDO ē*UHQ] EH]RJHQKHLW· 7HOLVFKH 6LWXDWLRQHQ VLQG JUHQ]EH]RJHQ DWHOLVFKH KLQJHJHQ QLFKW 7KLHURII² 



%LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ

DWHOLVFKH6LWXDWLRQ WHOLVFKH6LWXDWLRQ 



(UPDOW (UPDOWHLQ%LOG

3XQNWXHOOH6LWXDWLRQHQKDEHQLP*HJHQVDW]]XDWHOLVFKHQXQGWHOLVFKHQ6L WXDWLRQHQNHLQH]HLWOLFKH$XVGHKQXQJGKVLHVLQGQLFKWGXUDWLY 7KLHURII ²  SXQNWXHOOH6LWXDWLRQ

(UJHZLQQWGDV5HQQHQ

7KLHURII IRUPXOLHUW LQ $QOHKQXQJ DQ 9HQGOHU   )UDJHQ ]XU (UPLWW OXQJGHU6LWXDWLRQVNODVVH VWDWLVFKH6LWXDWLRQ DWHOLVFKH6LWXDWLRQ     WHOLVFKH6LWXDWLRQ      SXQNWXHOOH6LWXDWLRQ    

  :LHODQJH[WHHU":LHODQJHKDWHUJH[W" 7KLHURII  :LHODQJHKDWHUJHEUDXFKWXP]X[HQ":LHODQJHKDW HVJHGDXHUWELVHUJH[WKDWWH" HEG  =XZHOFKHP=HLWSXQNW"DEHU :LHODQJH"  7KLHURII 

'DDXFKGHUYRUOLHJHQGHQ$UEHLWGLHhEHU]HXJXQJ]XJUXQGHOLHJWGDVVGLH V\QWDNWLVFKH8PJHEXQJHLQHV9HUEVPD‰JHEOLFKHQ(LQIOXVVDXIGLH,QWHU SUHWDWLRQGHU6LWXDWLRQKDWVROOHQLQGHUGDU]XVWHOOHQGHQ*HEUDXFKVDQDO\ VHQHEHQGHU'DUVWHOOXQJGHU9HUEHQIUGLH%HOHJHPLWGRSSHOWHQ3HU IHNWELOGXQJHQ YRUOLHJHQ DXFK GLH HUOlXWHUWHQ 7KLHURII·VFKHQ 6LWXDWLRQV NODVVHQYHUZHQGHWZHUGHQ

 %LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ ,P YRUOLHJHQGHQ .DSLWHO ZHUGHQ GLH LQ GHU HLQVFKOlJLJHQ /LWHUDWXU YRU ILQGEDUHQ'HXWXQJHQGHUGRSSHOWHQ3HUIHNWELOGXQJHQSUlVHQWLHUW+LHUEHL ODVVHQVLFK]ZHL+DXSWVWUlQJHDQ'HXWXQJHQXQWHUVFKHLGHQ$XIGHUHLQHQ 6HLWHH[LVWLHUWHLQH9LHO]DKODQ$UEHLWHQGLHHLQHWHPSRUDOH'HXWXQJGHU GRSSHOWHQ 3HUIHNWELOGXQJHQ EHIUZRUWHW $XI GHU DQGHUHQ 6HLWH VLQG LQ GHQOHW]WHQ-DKUHQDXFK$QVlW]HHQWVWDQGHQGLHGLHGRSSHOWHQ3HUIHNWELO GXQJHQH[SOL]LWDOVDVSHNWXHOOHV3KlQRPHQDXVZHLVHQ 'LH H[LVWLHUHQGHQ $UEHLWHQ ]X GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ DOV WHPSRUDOHV 3KlQRPHQ ]HLFKQHQ VLFK GDGXUFK DXV GDVV VLH HLQH )OOH DQ WHPSRUDOHQ'HXWXQJVP|JOLFKNHLWHQXQGYDULDWLRQHQDXI]HLJHQXQGGDEHL GUHL YHUVFKLHGHQH 9HUJDQJHQKHLWVHEHQHQ EHGLHQHQ HLQIDFKH 9HUJDQJHQ KHLW9RUYHUJDQJHQKHLWXQG9RUYRUYHUJDQJHQKHLW(LQLJH%HLWUlJHJUHLIHQ OHGLJOLFKHLQHGRSSHOWH3HUIHNWELOGXQJKHUDXVXQGEHIDVVHQVLFKPLWGHUHQ BBBBBBBBBBBBBBBBBBB

 9JO.DS



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

WHPSRUDOHU%HGHXWXQJ EVSZ*HUVEDFK DQGHUH$UEHLWHQELHWHQHL QH XPIDVVHQGHUH 'DUVWHOOXQJ GHU WHPSRUDOHQ %HGHXWXQJ ELV KLQ ]XU %HVFKUHLEXQJ YRQ VRZRKO LQGLNDWLYLVFKHP DOV DXFK NRQMXQNWLYLVFKHP 'RSSHOSHUIHNW XQG 'RSSHOSOXVTXDPSHUIHNW ]% +DXVHU6XLGD+RSSH %HXJHO  XQG 7KLHURII   =XGHP ODVVHQ VLFK DXFK 'DUVWHOOXQJHQ ILQGHQ GLH VLFK GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ LQ %H]XJ DXI HLQH EH VWLPPWH 9DULHWlWHQGLPHQVLRQ ZLGPHQ 9RUUDQJLJ JHVFKLHKW GDV ]XP UH JLRQDOHQ*HEUDXFKXQGLQ%H]XJDXI8QWHUVFKLHGHLQQlKHXQGGLVWDQ] VSUDFKOLFKHU 9HUZHQGXQJ 7ULHU   6HPHQMXN   XQG *HUVEDFK   IRNXVVLHUHQ LKUH %HWUDFKWXQJ DXI REHUGHXWVFKHV 'RSSHOSHUIHNW úDQGRU   XQWHUVXFKW GDV 3KlQRPHQ IU GLH %DQDWHU GHXWVFKHQ 0XQGDUWHQ 5XPlQLHQV +HQQLJ   XQG %XFKZDOG D  EHIDVVHQ VLFK PLW GHU (UPLWWOXQJ GHU WHPSRUDOHQ %HGHXWXQJ GRSSHOWHU 3HUIHNWELO GXQJHQ LQ QlKHVSUDFKOLFKHU 9HUZHQGXQJ 'LH IROJHQGH 7DEHOOH VROO GLH 9LHOIDOWDQ'HXWXQJHQYHUDQVFKDXOLFKHQ %HLWUDJ *HUVEDFK   6HPHQMXN   7ULHU   7KLHO  

+DXVHU 6XLGD+RSSH %HXJHO  

(URPV  

7KLHURII  

'HXWXQJ YRUYHU YRUYRU YHUJDQJHQ JDQJHQ YHUJDQJHQ 'RSSHOSHUIHNWREGLQG  [  'RSSHOSHUIHNWREGLQG [ [  'RSSHOSHUIHNWREGLQG  [  'RSSHOSHUILQG  [  'RSSHOSOXVTXDPSHUILQG   [ 'RSSHOSHUIHNWLQG  [ [ 'RSSHOSOXVTXDPSHUIHNWLQG  [ [ 'RSSHOSHUIHNWNRQM  [  'RSSHOSOXVTXDPSHUIHNW  [  NRQM 'RSSHOSHUIHNWLQG [ [ [ 'RSSHOSOXVTXDPSHUIHNWLQG   [ 'RSSHOSHUIHNWNRQM  [  'RSSHOSOXVTXDPSHUIHNW  [  NRQM 'RSSHOSHUIHNWLQG  [  'RSSHOSOXVTXDPSHUIHNWLQG   [ 'RSSHOSHUIHNWNRQM  [  'RSSHOSOXVTXDPSHUIHNW  [  NRQM *HJHQVWDQG





%LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ

'RSSHOSHUIHNWLQG [ [ 'RSSHOSOXVTXDPSHUIHNWLQG  [ 'RSSHOSHUIHNWLQG +HQQLJ   [ [ QlKHVSUDFKOLFK  'RSSHOSHUIHNWLQG [ [ úDQGRU   'RSSHOSOXVTXDPSHUIHNWLQG [ [ 'RSSHOSHUIHNWLQG [ [ QlKHVSUDFKOLFK  %XFKZDOG D  'RSSHOSOXVTXDPSHUIHNWLQG  [ QlKHVSUDFKOLFK  /LWYLQRY   'RSSHOSHUIHNWREGLQG [ [ 6KHUHENRY   'RSSHOSHUIHNWREGLQG [ [ 'RSSHOSOXVTXDPSHUIHNWLQG  [ /LWYLQRY5DGÿHQNR 'RSSHOSHUIHNWNRQM  [   'RSSHOSOXVTXDPSHUIHNW  [ NRQM 7DEHOOH7HPSRUDOH'HXWXQJHQGHUGRSSHOWHQ3HUIHNWELOGXQJHQ 'RURZ  

 [  [ [       

$P KlXILJVWHQ LVW VRZRKO IU 'RSSHOSHUIHNW DOV DXFK IU 'RSSHOSOXV TXDPSHUIHNW GLH %HGHXWXQJ GHU 9RUYHUJDQJHQKHLW DXVJHZLHVHQ +LHUEHL ZLUGYD'RSSHOSHUIHNWYLHOIDFKDOV3OXVTXDPSHUIHNWHUVDW]EHVFKULHEHQ 'DVÄGRSSHOWH 3HUIHNW·GUFNWDOV3OXVTXDPSHUIHNWHUVDW]GLH9RU]HLWLJNHLWLQGHU 9HUJDQJHQKHLWDXV>«@ 6KHUHENRY  +LHU LVW GLH 'RSSHOXPVFKUHLEXQJ GLH Ä$EJHVFKORVVHQKHLW HLQHV 6DFKYHUKDOWV LQ %H]XJDXIHLQ3HUIHNW·DXVGUFNWOHGLJOLFK3OXVTXDPSHUIHNW(UVDW]6LHIOOWNHLQH /FNHLP6\VWHPVRQGHUQLVWYHUPXWOLFKDOV7HPSXVDVVLPLODWLRQDQGLHPLW3Ul VHQVJHELOGHWHHLQIDFKH8PVFKUHLEXQJ]XYHUVWHKHQ +DXVHU6XLGD+RSSH%HXJHO  7DWVlFKOLFKLVWZLHDQJHQRPPHQGLHKlXILJVWH%HGHXWXQJ>«@GHU'3)> 'RS SHOSHUIHNWIRUPHQ $QP GHU 9HUI@ GLH GHU ¶9RUYHUJDQJHQKHLW¶ 'DV NDQQ GXUFK GLH .RPSHQVDWLRQVIXQNWLRQ GLHVHU 7HPSXVIRUPHQ HUNOlUW ZHUGHQ GLH LQ )ROJH GHV REHUGHXWVFKHQ 3UlWHULWXPVFKZXQGHV GLH /HLVWXQJHQ GHU 3OXVTXDPSHUIHNWD EHUQRPPHQKDEHQ úDQGRU 

'DPLW ZLUG 'RSSHOSHUIHNW .RPSHQVDWLRQVIXQNWLRQ ]XJHVSURFKHQ (V NRPSHQVLHUH GHQ LP =XJH GHV 3UlWHULWXPVFKZXQGHV DXIJHNRPPHQHQ 3OXVTXDPSHUIHNWVFKZXQG +LQWHU GHU $QQDKPH GDVV GLH ([LVWHQ] GRS SHOWHU 3HUIHNWELOGXQJHQ GLUHNW PLW GHP 3OXVTXDPSHUIHNWVFKZXQG LQ =X VDPPHQKDQJ VWHKH YHUELUJW VLFK HLQH +\SRWKHVH ]XU +HUDXVELOGXQJ GHU GRSSHOWHQ3HUIHNWELOGXQJHQ6LHN|QQWHQVLFKDXIJUXQGGHVLPXQG -DKUKXQGHUWVWDWWJHIXQGHQKDEHQGHQ3UlWHULWXPXQGGHVGDPLWLQ=XVDP PHQKDQJVWHKHQGHQ3OXVTXDPSHUIHNWVFKZXQGHV ]HLWOLFKH'DWLHUXQJQDFK



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

/LQGJUHQ   KHUDXVJHELOGHW KDEHQ 'LHVH +HUDXVELOGXQJVK\SRWKHVH ZLUG LQ GHU HLQVFKOlJLJHQ /LWHUDWXU DOV 3UlWHULWXPVFKZXQGK\SRWKHVH EH ]HLFKQHW 'LHWHPSRUDOH(EHQHGHU9RUYRUYHUJDQJHQKHLWZLUGLQVEHVRQGHUHLQ %H]XJ DXI 'RSSHOSOXVTXDPSHUIHNW KHUDXVJHVWHOOW $XIJUXQG GHU =XZHL VXQJ GLHVHU WHPSRUDOHQ %HGHXWXQJ HUIl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«@HLQH9RU9RUYHUJDQJHQKHLWOl‰WVLFKDQVHW]HQEHLGHUHLQHU]lKOWHU RGHUEH VFKULHEHQHU 6DFKYHUKDOWYRUHLQHP)L[SXQNWDXVHLQHPDQGHUHQHU]lKOWHQ RGHU EHVFKULHEHQHQ 6DFKYHUKDOWOLHJWGHUZLHGHUXPYHUJDQJHQKHLWVEH]RJHQLVW (URPV 

1HEHQGHQ%HGHXWXQJHQGHU9RUYHUJDQJHQKHLWXQG9RUYRUYHUJDQJHQKHLW VWHOOHQHLQLJH$QVlW]HDXFKHLQIDFKH9HUJDQJHQKHLWVEHGHXWXQJIHVWLQVEH VRQGHUHIU'RSSHOSHUIHNW ,QGHQZHQLJHQ)lOOHQZRGDV'23)> 'RSSHOSHUIHNW$QPGHU9HUI@HLQID FKH 9HUJDQJHQKHLW EH]HLFKQHW ZLUG HV DXFK ]XU /RNDOLVLHUXQJ YRQ QLFKW UHVXOWDWLYHQ(UHLJQLVVHQDQVWHOOHGHV3HUIHNWVRGHUGHV3UlWHULWXPVJHEUDXFKW(L QHHLJHQVWlQGLJHWHPSRUDOH)XQNWLRQLPGHXWVFKHQ7HPSXVV\VWHPKDWHVMHGRFK QLFKW 'RURZI 

+HQQLJ  XQG%XFKZDOG D ILQGHQGLHVH%HGHXWXQJYHUPHKUWLQ LKUHQ8QWHUVXFKXQJHQ]XQlKHVSUDFKOLFKHQGRSSHOWHQ3HUIHNWELOGXQJHQ 'HU*HEUDXFKYRQ'3)LQGHUJHVFKULHEHQHQXQGJHVSURFKHQHQ6SUDFKHXQWHU VFKHLGHWVLFKGDGXUFKGDVVGLH'3)LQGHUJHVFKULHEHQHQ6SUDFKHKlXILJEHVRQ GHUH )XQNWLRQHQ HUIOOHQ GLH DQGHUH 9HUJDQJHQKHLWVWHPSRUD QLFKW EHUQHKPHQ N|QQHQ NHQQ]HLFKQHQG IU GLH JHVSURFKHQH 6SUDFKH GDJHJHQ LVW GHU *HEUDXFK DOVHLQIDFKHV9HUJDQJHQKHLWVWHPSXVRGHU7HPSXV]XU%H]HLFKQXQJYRQ9RUYHU JDQJHQKHLWDOVRV\QRQ\P]X3HUIHNWXQG3UlWHULWXPE]Z3OXVTXDPSHUIHNW +HQQLJLP2ULJLQDONXUVLY 

BBBBBBBBBBBBBBBBBBB

 =XUJHQDXHUHQ'DUVWHOOXQJXQGhEHUSUIXQJGHU3UlWHULWXPVFKZXQGK\SRWKHVHVLHKH.DS 



%LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ



6RPLWLVWGHUKDXSWVlFKOLFKH8QWHUVFKLHG]ZLVFKHQJHVSURFKHQXQGJHVFKULHEHQ VSUDFKOLFKHP 3HUIHNW,,*HEUDXFK GDULQ ]X VHKHQ GDVV 3HUIHNW,, LQ GHU *636 > JHVSURFKHQH 6SUDFKH $QP GHU 9HUI@ KlXILJ DOV HLQIDFKHV 9HUJDQJHQKHLWV WHPSXV 9HUZHQGXQJ ILQGHW 3HUIHNW,, LQ GHU %HGHXWXQJ (YRU6 > (UHLJQLV]HLW YRU6SUHFK]HLW$QPGHU9HUI@LVWGDEHLLQDOOHQYRUOLHJHQGHQ)lOOHQDXVWDXVFK EDUPLW3HUIHNWXQG3UlWHULWXP %XFKZDOGD 

'DPLWZLUGGLH9LHOIlOWLJNHLWDQWHPSRUDOHQ'HXWXQJHQGHXWOLFK6RZRKO IU 'RSSHOSHUIHNW DOV DXFK IU 'RSSHOSOXVTXDPSHUIHNW ZHUGHQ DOOH GUHL 9HUJDQJHQKHLWVEHGHXWXQJHQLQ(UZlJXQJJH]RJHQZREHL'RSSHOSHUIHNW ]XPHLVW GLH %HGHXWXQJHQ ÄHLQIDFKH 9HUJDQJHQKHLW· XQG Ä9RUYHUJDQJHQ KHLW· 'RSSHOSOXVTXDPSHUIHNW GLH %HGHXWXQJHQ Ä9RUYHUJDQJHQKHLW· XQG Ä9RUYRUYHUJDQJHQKHLW·]XJHVSURFKHQZHUGHQ VLHKH7DEHOOH  'LH 8QWHUVFKLHGOLFKNHLW GHU %HGHXWXQJV]XZHLVXQJ IKUW ]XU )UDJH QDFKGHQLQGHUHLQVFKOlJLJHQ/LWHUDWXUYHUZHQGHWHQ.ULWHULHQ]XU(UPLWW OXQJGHUWHPSRUDOHQ%HGHXWXQJGK]XU)UDJHZLHGLH$UEHLWHQ]XGHQ YRUJHVFKODJHQHQ'HXWXQJHQJHODQJHQ%HLGHU'XUFKVLFKWGHUHLQVFKOlJL JHQ/LWHUDWXULQ%H]XJDXIGLHGHQ'HXWXQJHQ]XJUXQGHOLHJHQGHQ.ULWH ULHQ OLH‰HQVLFK GLH%HLWUlJH LQ GUHL *UXSSHQ JOLHGHUQ'LH HUVWH *UXSSH 7KLHO  /LWYLQRY  6KHUHENRY  6HPHQMXN  *HUVEDFK  ZHLVWVFKOLFKWZHJJDUNHLQ.ULWHULXPRGHUNHLQIUGHQ/HVHUQDFK YROO]LHKEDUHV .ULWHULXP ]XU (UPLWWOXQJ GHU %HGHXWXQJ DXI 6RPLW LVW GLH 1DFKYROO]LHKEDUNHLWGHU(UJHEQLVVHQLFKWJHJHEHQXQGGLH'DUVWHOOXQJHQ VLQG PHWKRGLVFK SUREOHPDWLVFK GD GLH $UJXPHQWDWLRQ QLFKW DXI YRUKHU YRUJHVWHOOWHQ .ULWHULHQ EHUXKW *HUVEDFK EVSZ VFKOXVVIROJHUW QDFK GHU 8QWHUVXFKXQJHLQLJHU%HOHJH )UGLH=HLWUHIHUHQ]]HLJWHVLFKGD‰GDVGRSS3HUIJDQ]EHUZLHJHQGPLW5HIH UHQ] DXI Ä9RUYHUJDQJHQKHLW· YHUZHQGHW ZLUG GLH 5HIHUHQ] DXI Ä9HUJDQJHQKHLW· VSLHOWGHPJHJHQEHUNDXPHLQH5ROOH>@ *HUVEDFK 

8QNODU EOHLEW KLHU MHGRFK ZLH GLH %HGHXWXQJ GHU 9RUYHUJDQJHQKHLW PH WKRGLVFK HUPLWWHOW ZXUGH 'LH ]ZHLWH *UXSSH 7ULHU  +DXVHU6XL GD+RSSH%HXJHO'RURZ+HQQLJ%XFKZDOGD OHJW GDV.ULWHULXPGHU$XVWDXVFKEDUNHLW]XJUXQGH(VZLUGGLH)UDJHJHVWHOOW PLW ZHOFKHQ VWDQGDUGVSUDFKOLFKHQ  7HPSRUD 'RSSHOSHUIHNW XQG 'RS SHOSOXVTXDPSHUIHNW DXVWDXVFKEDU VLQG (LQH $XVWDXVFKEDUNHLW PLW 3OXV TXDPSHUIHNW OHJW QDFK $XIIDVVXQJ GLHVHU $XWRUHQ 9RUYHUJDQJHQKHLWVEH GHXWXQJ QDKH $XVWDXVFKEDUNHLW PLW 3UlWHULWXP XQG 3HUIHNW ZHLVW DXI HLQIDFKH9HUJDQJHQKHLWVEHGHXWXQJKLQ 'LH GULWWH *UXSSH (URPV  7KLHURII  /LWYLQRY5DGÿHQNR úDQGRUXQG%XFKZDOGD ZHQGHWHLQ9HUIDKUHQDQGDVDOV =HLWHEHQHQUHNRQVWUXNWLRQEH]HLFKQHWZHUGHQVROO'DPLWLVWJHPHLQWGDVV GHU (UHLJQLVDEODXI GHU DX‰HUVSUDFKOLFKHQ 6LWXDWLRQ GLH GHU bX‰HUXQJ ]XJUXQGHOLHJWUHNRQVWUXLHUWZLUG



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

  -DQXQEHJUHLI¶LFK·VIUHLOLFKZDUXPPHLQH.DPHUDGHQGDV:LOGWXQ   PGHJHZRUGHQVLQGQDFKGHPVLHKDEHQJHKHLUDWHWJHKDEW >«@ ,Q   ZLUG EHVRQGHUV GHXWOLFK GD‰ EHLP *HEUDXFK GHV 3HUIHNW,, GUHL =HLWHEHQHQLQYROYLHUWVLQG'HU$NWGHV%HJUHLIHQVLVWKLHULQGHU*HJHQZDUWVLWX LHUWGHU3UR]H‰GHV0GHZHUGHQVLQGHU9HUJDQJHQKHLWXQGGHU$NWGHV+HLUD WHQV HEHQ LQ GHU Å9RUYHUJDQJHQKHLW´ DOVR LQ HLQHU =HLW GLH LKUHUVHLWV YRU GHP YHUJDQJHQHQ 3UR]H‰GHV0GHZHUGHQVOLHJW 7KLHURIII%HOHJ   LP2ULJLQDOIHWWJHGUXFNW    $8QGZRKHUZHL‰WGXGDVVHUGDVJHQRPPHQKDW"+DEWLKUGDUEHU   JHVSURFKHQ"   %'XUFKHLQHQ)UHXQG   $8QGKDWHUHVDXFK]XJHJHEHQ"   %(UKDWHVHUKDWHV]XJHJHEHQHUKDWHVEHWHXHUW+DWVLFKDXFK   HQWVFKXOGLJWJHKDEW >«@'LH(UHLJQLVVH]XJHEHQ EHWHXHUQXQGHQWVFKXOGLJHQLQ%HOHJNRQWH[W  VLQGDXI HLQHUJHPHLQVDPHQ]HLWOLFKHQ(EHQHVLWXLHUWVLHILQGHQJOHLFK]HLWLJDXIHLQIDFKHU 9HUJDQJHQKHLWVHEHQHVWDWW$QKDQGGLHVHV.RQWH[WHVLVWGDKHUJXWQDFKYROO]LHK EDU GDVV DXFK GLH YRUOLHJHQGH PLW GHP 9HUE HQWVFKXOGLJHQ JHELOGHWH 3HUIHNW,, )RUPHLQIDFKH9HUJDQJHQKHLW(YRU6VLJQDOLVLHUW %XFKZDOGD 

$OOH$QVlW]HGLHGHQGRSSHOWHQ3HUIHNWELOGXQJHQWHPSRUDOH%HGHXWXQJHQ ]XPHVVHQHUZHFNHQGHQ(LQGUXFNGLHVRKQHGLH9RUEHUOHJXQJ]XWXQ GDVVHLQHDQGHUHDOVWHPSRUDOH%HGHXWXQJLQ)UDJHNRPPH0LWDQGHUHQ :RUWHQ(VZLUGGHU)UDJHQDFKJHJDQJHQZHOFKHWHPSRUDOHQ%HGHXWXQ JHQ 'RSSHOSHUIHNW XQG 'RSSHOSOXVTXDPSHUIHNW DXV]HLFKQHQ ² GLH GHP YRUJHODJHUWH)UDJHVWHOOXQJMHGRFKREHVVLFKEHUKDXSWXPHLQHWHPSRUD OH RGHU QLFKW HWZD XP HLQHDQGHUVJHDUWHWHEVSZ DVSHNWXHOOH %HGHXWXQJ KDQGHOW ZLUG QLFKW LQ (UZlJXQJ JH]RJHQ 'LH XQEHVHKHQH (LQRUGQXQJ GRSSHOWHU3HUIHNWELOGXQJLQGLH7HPSXVNDWHJRULVLHUXQJLVWYHUPXWOLFKGHU 7DWVDFKH JHVFKXOGHW GDVV 7HPSXV DXIJUXQG GHU REOLJDWRULVFKHQ 7HP SXVPDUNLHUXQJ DP GHXWVFKHQ 9HUE HLQ LQGHU JHUPDQLVWLVFKHQ /LQJXLVWLN YLHOIDFKUHSUlVHQWLHUWHVXQGVRPLWVWDUNSUlVHQWHV7KHPDLVWZRKLQJHJHQ 6WXGLHQ ]X $VSHNWXDOLWlW LP 'HXWVFKHQ DXIJUXQG GHV QLFKW YRUKDQGHQHQ REOLJDWRULVFKHQ 9HUEDODVSHNWV EHL ZHLWHP QLFKW LQ VROFKHU 9LHOIDOW DQ]X WUHIIHQVLQG(VZLUGVRPLWHWZDVSODNDWLYIRUPXOLHUWGDVVGLH'DUVWHOOXQ JHQ]XU%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQGXUFKHLQHÄWHPSRUDOH %ULOOH¶ HUIROJHQ 'LHVH hEHUOHJXQJ NDQQ GXUFK GLH %HREDFKWXQJ XQWHU PDXHUW ZHUGHQ GDVV GLH %HVFKUHLEXQJ WHPSRUDOHU %HGHXWXQJHQ LQ GHQ DQJHIKUWHQ$UEHLWHQKlXILJDQKDQGYRQ%HJULIIHQHUIROJWGLHGHU'RPl QH GHU $VSHNWXDOLWlW QlKHU VWHKHQ DOV GHU GHU 7HPSRUDOLWlW +DXVHU 6XLGD+RSSH%HXJHO  IRUPXOLHUHQDOVHLQH)XQNWLRQGHUGRS SHOWHQ 3HUIHNWELOGXQJHQ Ŷ$EJHVFKORVVHQKHLW GHV 6DFKYHUKDOWV LQ %H]XJ DXI HLQ 3OXVTXDPSHUIHNW¶ >«@ RGHU GLH ¶$EJHVFKORVVHQKHLW LQ %H]XJ DXI HLQ 3UlWHULWXP¶´ DXV]XGUFNHQ (URPV    VWHOOW DOV %HGHXWXQJ



%LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ



YRQ 'RSSHOSOXVTXDPSHUIHNW KHUDXV Å$EJHVFKORVVHQKHLW HLQHV 6DFKYHU KDOWV ]X VLJQDOLVLHUHQ GHU YRU HLQHP 6DFKYHUKDOW GHU 9RUYHUJDQJHQKHLW OLHJW´ 6KHUHENRY    EH]HLFKQHW GDV 'RSSHOSHUIHNW DOV ÅHLQH DV SHNWXHOOH 3RVVHVVLYNRQVWUXNWLRQ PLW YHUVHOEVWlQGLJWHQ *OLHGHUQ´ XQG DXFK EHL úDQGRU OlVVW VLFK HLQH DVSHNWQDKH %HGHXWXQJVEHVFKUHLEXQJ HU NHQQHQGLHMHGRFKDXFKLQHLQH'HXWXQJDOVWHPSRUDOH6WUXNWXUPQGHW ,QHLQLJHQ%DQDWHUGHXWVFKHQ0XQGDUWHQPLWPRVHOIUlQNLVFKHP(LQIOXVVKDWGDV +LOIVYHUE KDEHQ VHLQH 3UlWHULWXPIRUPHQ EHZDKUW VR GDVV VRZRKO HLQIDFKHV 3OXVTXDPSHUIHNW DOV DXFK 3OXVTXDPSHUIHNW,, JHELOGHW ZHUGHQ N|QQHQ :HQQ DXFKLQGLHVHQ0XQGDUWHQGDV3HUIHNW,,KlXILJYHU]HLFKQHWZHUGHQNRQQWHGDQQ KDWHVP|JOLFKHUZHLVHDXFKHLQHDQGHUH(UNOlUXQJ:HQQGDV3HUIHNWGDVQRUPDOH 9HUJDQJHQKHLWVWHPSXV GHU 0XQGDUWHQ LVW GDQQ ZLUG RIW GDV 3OXVTXDPSHUIHNW QLFKWDOVYRU]HLWLJ]XP3HUIHNWHPSIXQGHQ(VPDUNLHUWQLFKWGHXWOLFKJHQXJGLH $EJHVFKORVVHQKHLW HLQHU YRU]HLWLJHQ +DQGOXQJ LQ %H]XJ DXI GDV 3HUIHNW $OVR ZLUGHLQH7HPSXVIRUPJHZlKOWGLHIUGHQ0XQGDUWVSUHFKHUGLHVHQ$EJHVFKORV VHQKHLWVFKDUDNWHUGHXWOLFKHU]XP$XVGUXFNEULQJWGDV3HUIHNW,, úDQGRU 

6RZRKO GLH DOV GLH KlXILJVWH %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ DXVJHZLHVHQH 9RUYHUJDQJHQKHLWVEHGHXWXQJ DOV DXFK GLH 9RUYRUYHUJDQ JHQKHLWVEHGHXWXQJZHUGHQDOVRVRNRQQWHQGLHDQJHIKUWHQ=LWDWH]HLJHQ QLFKW XQEOLFKHUZHLVH PLW GHP %HJULII GHU Ä$EJHVFKORVVHQKHLW¶ EHVFKULH EHQGHUMHGRFKHKHUHLQHDVSHNWXHOOHGHQQHLQHWHPSRUDOH%HGHXWXQJQD KHOHJW ,Q %XFKZDOG D   NRPPH LFK QDFK HLQHU $XVZHUWXQJ QlKH VSUDFKOLFKHU GRSSHOWHU 3HUIHNWELOGXQJHQ ]X GHP 6FKOXVV GDVV HV VFKZHU IlOOW ÅHLQH %HJUQGXQJ DXV WHPSRUDOHU 3HUVSHNWLYHIU GLH 1XW]XQJ YRQ 3HUIHNW,,XQG3OXVTXDPSHUIHNW,,]XILQGHQ´$XFKGLH'DUOHJXQJHQGHV YRUOLHJHQGHQ .DSLWHOV ]HLJHQ GDVV HV HLQLJH *UQGH JLEW GLH 5LFKWLJNHLW HLQHU UHLQ WHPSRUDOHQ %HGHXWXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ ZLH VLH LQ GHU ELVKHU UHIHULHUWHQ HLQVFKOlJLJHQ /LWHUDWXU DXVJHZLHVHQ ZLUG LQ )UDJH ]XVWHOOHQ'LH*UQGHVHLHQQRFKPDOVJHQDQQW  ,QGHUHLQVFKOlJLJHQ/LWHUDWXUNDQQNHLQHHLQKHLWOLFKHWHPSRUDOH%HGHXWXQJ IU 'RSSHOSHUIHNW XQG 'RSSHOSOXVTXDPSHUIHNW HUPLWWHOW ZHUGHQ %HL EHL GHQ)RUPHQUHLFKHQGLH%HGHXWXQJHQYRQHLQIDFKHU9HUJDQJHQKHLWVEHGHX WXQJEHU9RUYHUJDQJHQKHLWVEHGHXWXQJELV]X9RUYRUYHUJDQJHQKHLWVEHGHX WXQJXQGYDULLHUHQVWDUN BBBBBBBBBBBBBBBBBBB

 5|GHOVWHOOWGLHVJHQHUHOOIUGLH%HVFKUHLEXQJGHUGHXWVFKH7HPSRUDIHVWÅ(WZDVKlXILJHU ILHODXIGDVVGLH'DUVWHOOXQJGHUGHXWVFKHQ7HPSRUDDQHLQHUZHLWHUHQ6WHOOHSUREOHPEH KDIWHWVHLQN|QQWH'LHIUGLH%HVFKUHLEXQJGHU6HPDQWLNGHU3HUIHNWWHPSRUDYHUZHQGH WHQ%HJULIIHÅYROO]RJHQ9ROO]XJ´>«@RGHUÅDEJHVFKORVVHQYROOHQGHW´JHK|UHQHLJHQWOLFK GHU'RPlQHGHV$VSHNWVDQ>«@9LHOH*UDPPDWLNHQYHUZHQGHQDOVRIUGHXWVFKH7HP SRUDHLQH7HUPLQRORJLHGLHLQDQGHUHQ6SUDFKHQGHP$VSHNWYRUEHKDOWHQLVW´ 5|GHO  



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

 (LQJUR‰HU7HLOGHU$UEHLWHQGLHGLHGRSSHOWHQ3HUIHNWELOGXQJHQDOVWHPSR UDOHV 3KlQRPHQ DXVZHLVHQ YHUIJW QLFKW EHU WUDQVSDUHQWH XQG EHU]HX JHQGHPHWKRGLVFKH9HUIDKUHQ6RPLWLVWNHLQH1DFKYROO]LHKEDUNHLWGHU$QD O\VHJHZlKUOHLVWHW  'LH8QWHUVXFKXQJGRSSHOWHU3HUIHNWELOGXQJHQHUIROJWGXUFKHLQHÄWHPSRUDOH %ULOOH¶(LQHDQGHUHDOVWHPSRUDOH%HGHXWXQJZLUGQLFKWLQ(UZlJXQJJH]R JHQ  'LH =XZHLVXQJ YRQ WHPSRUDOHU %HGHXWXQJ HUIROJW DQKDQG YRQ %HJULIIHQ GHUHKHUGHU'RPlQHGHU$VSHNWXDOLWlWDQJHK|UHQ

1HXHUH$UEHLWHQ 0DLZDOG]XPREHUGHXWVFKHQ'RSSHOSHUIHNW5| GHOXQG7RSDORYLý IDYRULVLHUHQHLQHYRUGHUJUQGLJDVSHNWXHOOH 'HXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ6LHZHLVHQLKQHQSHUIHNWLYH%H GHXWXQJXQGGDPLWGLH)lKLJNHLW]XHLQH9HUEDOVLWXDWLRQDOVJDQ]KHLWOLFK DEJHVFKORVVHQXQGDX‰HQSHUVSHNWLYLVFKGDU]XVWHOOHQ 'LHGHWDLOOLHUWHVWH'DUVWHOOXQJ]XGHQGRSSHOWHQ3HUIHNWELOGXQJHQDOV DVSHNWXHOOHV3KlQRPHQILQGHWVLFKLQGHU0RQRJUDSKLHYRQ5|GHO   DEHUVFKRQEHL0DLZDOG  ZLUGGHP'RSSHOSHUIHNWLQHLQHUNQDSSHQ $QDO\VH YRQ IQI LP 6SUDFKDWODV YRQ 2EHUED\HUQ YRUJHIXQGHQHQ QlKH VSUDFKOLFKHQ 'RSSHOSHUIHNWIRUPHQ YRUUDQJLJ DVSHNWXHOOH %HGHXWXQJ ]X JHVSURFKHQ =ZHL ,QGL]LHQ ZHLVHQ QDFK 0DLZDOG DXI DVSHNWXHOOH %HGHX WXQJKLQ=XQlFKVWVWHOOWVLHIHVWGDVVVLFK7HPSRUDODGYHUELHQXQGWHPSR UDOH 6XEMXQNWRUHQ LQ 'RSSHOSHUIHNWEHOHJHQ KlXILJ UHIHUHQ]]HLWEH]RJHQ YHUKDOWHQ 'LH%HLVSLHOH]HLJHQGDVVGLH)XQNWLRQGHV3HUIHNW,,VRZRKODVSHNWXHOODOVDXFK WHPSRUDOLQWHUSUHWLHUWZHUGHQNDQQ$OOHUGLQJVVSULFKWGLH7DWVDFKHGDVVGLHYHU ZHQGHWHQ7HPSRUDODGYHUELHQVLFK IDVW DXVVFKOLH‰OLFKDXIGHQ5HIHUHQ]]HLWSXQNW EH]LHKHQGDIUGDVVHLQH,QWHUSUHWDWLRQPLWDVSHNWXHOOHU'HXWXQJGHU1RUPDOIDOO LVW 0DLZDOG 

'HV:HLWHUHQDUJXPHQWLHUWVLHGDVVHVVLFKEHLGHQXQWHUVXFKWHQ.RQWH[ WHQ PHKUIDFK XP (UHLJQLV)ROJH%H]LHKXQJHQ KDQGHOW ZREHL GHU LP 'RSSHOSHUIHNW GDUJHVWHOOWH 6DFKYHUKDOW HLQ DEJHVFKORVVHQHV (UHLJQLV VLJ QDOLVLHUWGDVDOV9RUDXVVHW]XQJIUGDV)ROJHHUHLJQLV]XYHUVWHKHQLVW   8QGERHGGD%URGGRDJGRKLQWJDQJDJZHQLVQDKRVWDQ/RDE  UDXVJPDFKW 0DLZDOGLP2ULJLQDONXUVLY  $XFK LQ %HLVSLHO   LVW GLH )XQNWLRQ GHU %H]HLFKQXQJ GHU $EJHVFKORVVHQKHLW GLHHLJHQWOLFKH$XIJDEHGHV3HUIHNW,,+LHUZLUGGHXWOLFKJHPDFKWGDVVGDVEH ]HLFKQHWH (UHLJQLV ]XHUVW DEJHVFKORVVHQ VHLQ PXVV EHYRU GLH +DQGOXQJ DXI GHU HLQIDFKHQ9HUJDQJHQKHLWVHEHQH 3HUIHNW VWDWWILQGHQNDQQ 0DLZDOG  BBBBBBBBBBBBBBBBBBB

 =XP3DUDPHWHUGHU5HIHUHQ]]HLWXQGGHQZHLWHUHQ3DUDPHWHUQ5HLFKHQEDFKVYJO.DS  9RQ0DLZDOGLQV6WDQGDUGVSUDFKOLFKHEHUVHW]WDOVÄVREDOG¶  



%LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ



'LH0RQRJUDSKLHYRQ5|GHO  VWHOOWGDVXPIDQJUHLFKVWH3OlGR\HUIU GLH DVSHNWXHOOH 6HPDQWLN GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ GDU 5|GHO XQ WHUQLPPWGHQ9HUVXFK]XYHUGHXWOLFKHQÅGDVVHVVLFKEHLGHQGRSSHOWHQ 3HUIHNWELOGXQJHQXPHLQH$UW(UZHLWHUXQJVPHFKDQLVPXVKDQGHOWGHUSR WHQWLHOODXIMHGHP3HUIHNWWHPSXVRSHULHUHQNDQQ´ 5|GHO XQG GDVVPLWGLHVHU,QWHUSUHWDWLRQGHP$QVSUXFKJHUHFKWZLUGÅHLQH,QWHUSUH WDWLRQIUGLHYLHOHQYHUVFKLHGHQHQ/HVDUWHQGLHYRQGHU)RUVFKXQJXQWHU 9HUZHQGXQJWHPSRUDOHU%HVFKUHLEXQJVPLWWHO]XVDPPHQJHWUDJHQZXUGHQ ]XU9HUIJXQJ]XVWHOOHQ´ HEG $XVJDQJVSXQNWGHU5|GHO·VFKHQ$QDO\VH VWHOOW GLH 9RUVWHOOXQJ GHU WHPSRUDOHQ%HVFKUHLEXQJVDQVlW]H GDU GLH DXFK EHLLKPLQIROJHQGH(UNHQQWQLVPQGHW 'LHWHPSRUDOHQ,QWHUSUHWDWLRQVDQVlW]HPLWGHQHQGLHJHUPDQLVWLVFKH)RUVFKXQJ ELVGDWRRSHULHUWRIIHQEDUHQKLHUHLQ'HIL]LWDQ(UNOlUXQJVSRWHQWLDO6LHPVVWHQ GDUDXI ]XUFNJUHLIHQ DOOH GLHVH %HOHJH >GLH XQWHU WHPSRUDOHU 3HUVSHNWLYH DXV WDXVFKEDU PLW 3HUIHNW E]Z 3OXVTXDPSHUIHNW HUVFKHLQHQ $QP GHU 9HUI@ DOV ÅXQPRWLYLHUW´HLQ]XVWXIHQRGHUVLHGXUFKHLQHQEHUJHQHUDOLVLHUHQGHQ*HEUDXFK GHUGRSSHOWHQ3HUIHNWELOGXQJHQHUNOlUHQ 5|GHO 

5|GHOEHWUDFKWHWGLH)RUVFKXQJVJHVFKLFKWH]XGRSSHOWHQ3HUIHNWELOGXQJHQ DQGHUHU6SUDFKHQXQGVWHOOWIHVWGDVVLQGHUIUDQ]|VLVFKHQ)RUVFKXQJVJH VFKLFKWHDVSHNWXHOOHQ'HXWXQJHQGHUIRUPHVVXUFRPSRVpHVGXUFKDXVGHU9RU ]XJJHJHEHQZLUG 9LHOHURPDQLVFKH6SUDFKHQYRUDOOHPGDV)UDQ]|VLVFKHYHUIJHQEHUHLQlTXL YDOHQWHV3KlQRPHQGDVQLFKWQXUPRUSKRORJLVFKVHLQHPGHXWVFKHQ9HUZDQGWHQ HQWVSULFKW VRQGHUQ DXFK HLQH lKQOLFKH 6\VWHPSRVLWLRQ HLQQLPPW :lKUHQG LP 6HNWRUGHUSHUIHNWLYHQ9HUJDQJHQKHLWVWHPSRUD GDV3HUIHNWLQGHQ:LUNXQJVEH UHLFK GHV 3UlWHULWXPV HLQGULQJW VWHKHQ GLH IRUPHV VXUFRPSRVpHV DOV (UVDW]IRUP IU GDV3OXVTXDPSHUIHNW]XU9HUIJXQJ=ZDUWUHWHQVLHLP)UDQ]|VLVFKHQZRKOVR JDUZHQLJHUKlXILJDXIDOVLP'HXWVFKHQGRFKVLHN|QQHQDOVZHVHQWOLFKEHVVHU HUIRUVFKW JHOWHQ 'LH )RUVFKXQJVHUJHEQLVVH XQWHUVFKHLGHQ VLFK MHGRFK GHXWOLFK 'HQQZlKUHQGIUGDV'HXWVFKHGLHEHUZlOWLJHQGH0HKUKHLWGHU$XWRUHQGLHVHQ (UVFKHLQXQJHQHLQHUHLQWHPSRUDOH)XQNWLRQ]XVFKUHLEWEOHLEWJHQDXGLHVH)UDN WLRQLP)UDQ]|VLVFKHQNODULQGHU0LQGHUKHLW>«@&RUQX  GHUVLFKDOVHUV WHULQHLQHU0RQRJUDSKLHPLWGHQIRUPHVVXUFRPSRVpHVDXVHLQDQGHUVHW]WHHUNDQQWHLQ LKQHQHLQH.RQVWUXNWLRQGLHLQHUVWHU/LQLHPLWDVSHNWXHOOHU6HPDQWLNDXVJHVWDWWHW LVWXQGGHUHUVWLQHLQHP]ZHLWHQ6FKULWWWHPSRUDOH,PSOLNDWLRQHQ]X]XVFKUHLEHQ VLQG(VKDQGHOHVLFKDOVRXPHLQ3KlQRPHQPLWDVSHNWXHOOHU3ULPlUXQGWHPSR UDOHU6HNXQGlUIXQNWLRQ 5|GHOI 

$XVJHKHQG YRQ GHQ JHQDQQWHQ )HVWVWHOOXQJHQ GDVV GLH WHPSRUDOHQ 'HXWXQJHQ GHU GHXWVFKHQ )RUVFKXQJVJHVFKLFKWH 'HIL]LWH DXIZHLVHQ XQG GXUFKDXVYRUUDQJLJDVSHNWXHOOJHSUlJWH%HVFKUHLEXQJHQGHV3KlQRPHQVLQ



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

DQGHUHQ 6SUDFKHQ H[LVWLHUHQ XQWHUVXFKW 5|GHO VHLQH%HOHJVDPPOXQJ LQ %H]XJDXIHLQHP|JOLFKHDVSHNWXHOOH%HGHXWXQJ 5|GHO PDFKW GDUDXI DXIPHUNVDP GDVV HLQH HPSLULVFKH $QDO\VH GLH VLFK ]XP =LHO PDFKW GLH %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ ]X EHVFKUHLEHQ DXV ]ZHL *UQGHQ DQ GLH *UHQ]HQ PHWKRGLVFK H[DNWHU XQG VWDWLVWLVFKUHSUlVHQWDWLYHU$QDO\VHP|JOLFKNHLWHQVW|‰W 'HQQ GLH $XVZHUWXQJ VFKHLWHUW QLFKW QXU DQ GHU 8QP|JOLFKNHLW SDVVHQGH XQG WUHQQVFKDUIHVHPDQWLVFKH.DWHJRULHQ]XGHILQLHUHQLQZHOFKHGLH%HOHJHHLQVRU WLHUWZHUGHQN|QQWHQVRQGHUQDXFKDQGHU7DWVDFKHGDVVJHUDGHEHLVROFKVHOWH QHQ3KlQRPHQHQZLHGRSSHOWHQ3HUIHNWIRUPHQGLH+HUVWHOOXQJYRQ5HSUlVHQWD WLYLWlWXQG6LJQLILNDQ]QXUVHKUVFKZHUP|JOLFKLVW 5|GHO 

$XV GHQ GDUJHOHJWHQ *UQGHQ HQWVFKOLH‰W VLFK 5|GHO VHLQH 8QWHUVX FKXQJVHUJHEQLVVH TXDOLWDWLY YRU]XVWHOOHQ    (LQHQ ZLFKWLJHQ $V SHNW VHLQHU $QDO\VH VWHOOW GLH %HWUDFKWXQJ GHU %HVRQGHUKHLWHQ GHU GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ NRQVWLWXLHUHQGHQ XQG YRQ 3HUIHNW XQG 3OXV TXDPSHUIHNWXQWHUVFKHLGHQGHQ3DUWL]LSLHQJHKDEWXQGJHZHVHQGDU'LH7DW VDFKHGDVVGLH%LOGXQJYRQ'RSSHOSHUIHNWPLWKDEHQXQGVHLQXQJUDPPD WLVFK LVW VLHKW 5|GHO DOV HUVWHV ,QGL] IU HLQH 6RQGHUVWHOOXQJ GHU EHLGHQ 3DUWL]LSLHQ

,FKKDEH6FKZLPPXQWHUULFKWJHKDEWJHKDEW

,FKELQ6FKZLPPOHKUHUJHZHVHQJHZHVHQ ]LWLHUWQDFK5|GHO 

(UIKUWHLQH$UW.RQMXQNWLYWHVWGXUFK'DGHUGHXWVFKH.RQMXQNWLYNHL QH WHPSRUDOH %HGHXWXQJ PHKU EHVLW]W LVW GLH HLQ]LJH 0|JOLFKNHLW HLQHU 0DUNLHUXQJYRQ9RU]HLWLJNHLWLP.RQMXQNWLYGLH+LQ]XIJXQJYRQJHKDEW RGHUJHZHVHQ $XVVDJH,FKKDWWHJHUDGH.LORPHWHU]XUFNJHOHJWDOVLFKLQV6FKOHXGHUQJH ULHW ,QGLUHNWH 5HGH (U KDEH JHUDGH  .LORPHWHU ]XUFNJHOHJW JHKDEW DOV HU LQV 6FKOHXGHUQJHUDWHQVHL ]LWLHUWQDFK5|GHO 

'LHV JLOW DEHU JHUDGH GDQQQLFKW ZHQQ HLQ LQGLNDWLYLVFKHV 3HUIHNW KDW JH KDEWRGHULVWJHZHVHQYRUOLHJWGDVLQGHQ.RQMXQNWLYEHUIKUWZLUG $XVVDJH'LHVH=XVDJHZDU%DVLVDOOHUZHLWHUHQ*HVSUlFKHJHZHVHQDEHUGLH5H JLHUXQJKLHOWGLHVH=XVDJHQLFKWHLQ BBBBBBBBBBBBBBBBBBB

 5|GHOV%HOHJVDPPOXQJEHVWHKWDXVGUHL7HLOHQ7HLOVWHOOHQGLHEHUOLWHUDWXUVSUDFKOL FKHQ %HOHJH YRQ /LWYLQRY5DGÿHQNR   GDU 0LW 7HLO  OLHJHQ ODXW 5|GHO  %HOHJH DXVGHUJHVSURFKHQHQ6SUDFKHYRUGLHÅLQSHUV|QOLFKHQ*HVSUlFKHQDXI9RUWUlJHQLQ5D GLRXQG79´  JHVDPPHOWXQGÅGXUFKLQGHU)RUVFKXQJVOLWHUDWXUDXIJHIKUWH%H OHJHHUJlQ]W´ZXUGHQ HEG 'HUGULWWH7HLOEHVWHKWDXVFDPLWKLOIHGHU6XFKPDVFKLQH ZZZJRRJOHGHJHZRQQHQHQ%HOHJHQ=XUGHWDLOOLHUWHUHQ%HVFKUHLEXQJGHU%HOHJVDPPOXQJ VLHKH5|GHO I 



%LVKHULJH'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ



,QGLUHNWH 5HGH 'LHVH =XVDJH VHL %DVLV DOOHU ZHLWHUHQ *HVSUlFKH JHZHVHQ DEHU GLH5HJLHUXQJKDEHGLHVH=XVDJHQLFKWHLQJHKDOWHQ $XVVDJH'HU(UEODVVHUKDW*HVFKZLVWHUJHKDEWXQGGHVZHJHQEHJLQQWKHXWHGLH 6XFKHQDFKLKQHQ ,QGLUHNWH 5HGH 'HU (UEODVVHU KDEH *HVFKZLVWHU JHKDEW XQG GHVZHJHQ EHJLQQH KHXWHGLH6XFKHQDFKLKQHQ HEG 

'DUDXVVFKOXVVIROJHUW5|GHOLQ%H]XJDXIGLH6RQGHUVWHOOXQJEHLGHU3DUWL ]LSLHQ %HLGHU7UDQVIRUPDWLRQHLQHUbX‰HUXQJLQGHQ.RQMXQNWLYZLUGGHQ9HUEIRUPHQ 7HPSRUDOLWlWVXEWUDKLHUWMHGRFKQLFKWZHQQJHKDEWXQGJHZHVHQEHWHLOLJWVLQG'LH ORJLVFKH.RQVHTXHQ]ZlUHQXQGLH%HKDXSWXQJMHQHEHLGHQ3DUWL]LSLHQEUlFKWHQ HWZDV ]XP$XVGUXFN ZDV ]XU*HQHULHUXQJ YRQ 7HPSRUDOLWlW LQ JHZLVVHU :HLVH EHLWUDJHQ NDQQ MHGRFK QLFKW RULJLQlU GHU 6SKlUH GHU 7HPSRUDOLWlW ]X]XUHFKQHQ LVW 5|GHO 

5|GHOYHUPXWHWGDVVGLHSULPlUH%HGHXWXQJEHLGHU3DUWL]LSLHQLPDVSHN WXHOOHQ %HUHLFK ]X VXFKHQ LVW XQG GDVV GLHVH ÅGHU ]XVlW]OLFKHQ  0DUNLH UXQJYRQ3HUIHNWLYLWlWGLHQHQ´  8QWHUVWW]WZLUGGLHVH9HUPX WXQJGXUFKGHQ+HUDXVELOGXQJVSUR]HVVYRQJHKDEWXQGJHZHVHQ'LHVHELO GHQVLFKLP9HUJOHLFK]XDQGHUHQ3DUWL]LSLHQ,,HUVWVSlWKHUDXVVRGDVV QDFK5|GHO JHKDEWXQGJHZHVHQQLFKWDOV3DUWL]LSLHQYRQ9ROOYHUEHQJHELOGHWZXUGHQXQGGDQQ ²PLWGHU*UDPPDWLNDOLVLHUXQJGLHVHU9ROOYHUEHQ]X 3HUIHNW +LOIVYHUEHQ²LKUH %HGHXWXQJ XQWHU 8PVWlQGHQ YHUlQGHUW KDEHQ VRQGHUQ GDVV VLH HUVW P|JOLFK ZXUGHQDOVGHU3UR]HVVGHU$X[LOLDULVLHUXQJYRUDQJHVFKULWWHQZDU6RZRKOJHKDEW DOV DXFK JHZHVHQ PVVHQ GDKHU DOV 3DUWL]LSLHQ YRQ +LOIVYHUEHQ JHOWHQ GLH VFKRQ DXVGLHVHU3RVLWLRQKHUDXVHLQHQEHVRQGHUHQ6WDWXVHLQQHKPHQ 5|GHO 

'LH$QQDKPHGDVVGLH3DUWL]LSLHQJHKDEWXQGJHZHVHQ]XU0DUNLHUXQJYRQ 3HUIHNWLYLWlW GLHQHQ OlVVW ZHLWUHLFKHQGH 6FKOVVH DXI GLH %HGHXWXQJ GHU GRSSHOWHQ3HUIHNWELOGXQJHQ]X(VZUGHVLFKGDQQWDWVlFKOLFKPLWHLQHP (UZHLWHUXQJVPHFKDQLVPXVKDQGHOQGHUDVSHNWXHOOH6HPDQWLNLQGLHWHP SRUDOH$XVJDQJVVWUXNWXU 3HUIHNWRGHU3OXVTXDPSHUIHNW KLQHLQWUlJW JHKDEWJHZHVHQ GRSSHOWH3HUIHNWIRUP  $GGLWLRQDVSHNWXHOOHU,QIRUPDWLRQ

$XVJDQJVWHPSXV 3HUIHNW3OXVTXDPSHUIHNW  WHPSRUDOH,QIRUPDWLRQ

$EELOGXQJ.RPSRVLWLRQDOH%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQQDFK5|GHO  

1DFKGHU%HWUDFKWXQJGHU3DUWL]LSLHQJHKDEWXQGJHZHVHQVWHOOW5|GHO9HU ZHQGXQJVZHLVHQGHUGRSSHOWHQ3HUIHNWELOGXQJHQYRUGLHLQVHLQHU$QDO\ VHDXIIlOOLJHUVFKHLQHQXQGGLHHUDXIGLHDVSHNWXHOOH%HGHXWXQJGRSSHOWHU BBBBBBBBBBBBBBBBBBB

 =XU+HUDXVELOGXQJYRQJHKDEWXQGJHZHVHQYJO.DS



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

3HUIHNWELOGXQJHQ ]XUFNIKUW +LHUEHL ILQGHQ VLFK EVSZ GLH VFKRQ EHL 0DLZDOG   WKHPDWLVLHUWHQ (UHLJQLV)ROJH%H]LHKXQJHQ ZLHGHU 'RS SHOWH 3HUIHNWELOGXQJHQ ZHUGHQ DXIIDOOHQG KlXILJ ÅJHQDX GDQQ HLQJHVHW]W ZHQQHLQ RIWGHXWOLFKDOVDEJHVFKORVVHQ]XLQWHUSUHWLHUHQGHV (UHLJQLVGLH 8UVDFKH IU HLQH NRQNUHWH )ROJH LVW RGHU HLQH EHVWLPPWH .RQVHTXHQ] QDFKVLFK]LHKW´ 5|GHO 'LHVH9HUZHQGXQJVZHLVHSDVVWQDFK 5|GHO ]XU &KDUDNWHULVLHUXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ DOV SULPlU DVSHNWXHOOHV3KlQRPHQGDHUGHQGDUJHVWHOOWHQ(IIHNWDXIGLHGXUFKGHQ (LQVDW]GRSSHOWHU3HUIHNWELOGXQJHQHU]LHOWHVHPDQWLVFKH9HUVFKLHEXQJDXI GLH$X‰HQSHUVSHNWLYHXQGGLHGDPLWKHUJHVWHOOWH*DQ]KHLWOLFKNHLWGHU9HU EDOVLWXDWLRQ ]XUFNIKUW    $XVJHKHQG YRQ GHU HUPLWWHOWHQ DVSHNWXHOOHQ%HGHXWXQJHQWZLFNHOW5|GHO ² HLQH+HUDXVELO GXQJVK\SRWKHVH]XGHQGRSSHOWHQ3HUIHNWELOGXQJHQ (LQH ZHLWHUH $UEHLW GLH YRQ HLQHU DVSHNWXHOOHQ%HGHXWXQJ GRSSHOWHU 3HUIHNWELOGXQJHQDXVJHKWOLHJWPLW7RSDORYLý  YRU$XVJHKHQGYRQ LKUHQ (UJHEQLVVHQ ]XU JHRJUDSKLVFKHQ 9HUWHLOXQJ GHUGRSSHOWHQ 3HUIHNW ELOGXQJHQ LP  -DKUKXQGHUW OHJW VLH GDU GDVV GHU 3UlWHULWXPVFKZXQG QLFKW DOV +HUDXVELOGXQJVXUVDFKH IU GRSSHOWH 3HUIHNWELOGXQJHQ LQ )UDJH NRPPHQNDQQ6LHHQWZLFNHOWGDUDXIKLQ ZLH]XYRU5|GHO HLQHDO WHUQDWLYH +HUDXVELOGXQJVK\SRWKHVH GHU GLH $QQDKPH HLQHU XUVSUQJOLFK DVSHNWXHOOHQ )XQNWLRQ GRSSHOWHU 3HUIHNWELOGXQJHQ LQKlUHQW LVW 7RSDORYLý YHUPXWHWMHGRFKJHPl‰GHULQ.DSLWHOGDUJHOHJWHQ.DWHJR ULHQKLHUDUFKLHGDVVVLFKGLHXUVSUQJOLFKHDVSHNWXHOOH%HGHXWXQJGRSSHO WHU 3HUIHNWELOGXQJHQ LP *UDPPDWLNDOLVLHUXQJVSUR]HVV JHJHQZDUWVVSUDFK OLFKEHUHLWV]XHLQHUWHPSRUDOHQ%HGHXWXQJUHDQDO\VLHUWKDW 'DVXUVSUQJOLFKH$VSHNWXDOLWlWVSRWHQ]LDOGHU3HUIHNW,,)RUPHQZXUGHDOV0DU NLHUXQJ YRQ =HLWUHODWLRQHQ UHLQWHUSUHWLHUW NRQNUHW IU 9RUYHUJDQJHQKHLW UHVS 9RU]HLWLJNHLW PLW 5HIHUHQ]WHPSXV 3HUIHNW  XQG GDPLW LQ .RQNXUUHQ] ]XP 3OXV TXDPSHUIHNW 7RSDORYLý 

,P*HJHQVDW]]X7RSDORYLýJHKW5|GHOQLFKWYRQHLQHPIRUWJHVFKULWWHQHQ *UDPPDWLNDOLVLHUXQJVYHUODXI DXV (U GHXWHW GLH JHJHQZDUWVVSUDFKOLFKHQ BBBBBBBBBBBBBBBBBBB

 'HUJHVDPWH$UJXPHQWDWLRQVXQG,QWHUSUHWDWLRQVDEODXIGHU5|GHO·VFKHQ$QDO\VHOlVVWVLFK VFKZHUNXU]XPUHL‰HQ$QGLHVHU6WHOOHZXUGHQHLQLJHZHVHQWOLFKH$UJXPHQWHJHQDQQWGLH YRQ 5|GHO ]XU 8QWHUPDXHUXQJ VHLQHU %HKDXSWXQJ GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ VHLHQ HLQDVSHNWXHOOHV3KlQRPHQYRUJHIKUWZXUGHQ(LQLJHZHLWHUH9HUZHQGXQJVZHLVHQGLHHU MHGRFKDOOHVDPWDXIGLHDVSHNWXHOOH%HGHXWXQJ]XUFNIKUWVHLHQJHQDQQW(VKDQGHOWVLFK EVSZ XP GLH KRKH $IILQLWlW GRSSHOWHU 3HUIHNWELOGXQJHQ ]XP +DXSWVDW]    XQG GLH 6HPDQWLN GHU VFKQHOOHQ 9ROOHQGXQJ LQ .RPELQDWLRQ PLW 6FKQHOOLJNHLW DXVGU FNHQGHQ 7HPSRUDODGYHUELHQ     =XU YROOVWlQGLJHQ 'DUVWHOOXQJ GHU $QDO\VH YJO5|GHO    'LH+\SRWKHVHZLUG*HJHQVWDQGGHV.DSVHLQ  9JO.DS  =XU'DUVWHOOXQJGHU+HUDXVELOGXQJVK\SRWKHVHYJO.DS



hEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ



'RSSHOSHUIHNWELOGXQJHQ VHLQHU %HOHJVDPPOXQJ GXUFKJHKHQG DOV NRPSR VLWLRQDO XQG IDVVW GHUHQ *UDPPDWLNDOLVLHUXQJ ]X YRUGHUJUQGLJ WHPSRUD OHQ6WUXNWXUHQDOVHLQH(QWZLFNOXQJDXIGLH]XNQIWLJVWDWWILQGHQN|QQWH 'DVVGDV'RSSHOSHUIHNWSDUWL]LSRKQHJU|‰HUH3UREOHPH YRUDOOHPLQ+DXSWVlW ]HQ  ÅQDFKJHWUDJHQ´ ZHUGHQ NDQQ GDVV HV LP *HVSURFKHQHQ DXFK KlXILJ QDFK HLQHUNXU]HQ3DXVHUHDOLVLHUWZLUG>«@GDVDOOHVVSULFKWGDIUGLHGRSSHOWHQ3HU IHNWIRUPHQ WDWVlFKOLFK DOV (UZHLWHUXQJVPHFKDQLVPXV GHU 3HUIHNWIRUPHQ XQG QRFK QLFKW DOV HLJHQVWlQGLJH PRUSKRORJLVFKH (LQKHLWHQ ]X EHVFKUHLEHQ 0LW 6SDQQXQJLVWOHGLJOLFK]XEHREDFKWHQREGLHGHXWVFKH6SUDFKHDP6WDUWSXQNWHL QHUVHPDQWLVFKHQ'LIIHUHQ]LHUXQJGHUHLQ]HOQHQGRSSHOWHQ3HUIHNWIRUPHQVWHKW 5|GHO 

(V NRQQWH JH]HLJW ZHUGHQ GDVV LQ GHU JHUPDQLVWLVFKHQ )RUVFKXQJVJH VFKLFKWH ]X GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ ]DKOUHLFKH WHPSRUDOH 'HX WXQJVYRUVFKOlJHZHQLJHQDVSHNWXHOOHQJHJHQEHUVWHKHQ'DEHLZHLVHQGLH $UEHLWHQ GLH WHPSRUDOH 'HXWXQJHQ EHIUZRUWHQ PHKUHUH 'HIL]LWH DXI 'LHZHQLJHQ$UEHLWHQGLHGLHGRSSHOWHQ3HUIHNWELOGXQJHQDVSHNWXHOOGHX WHQ VFKUHLEHQ LKQHQ HLQKHLWOLFK SHUIHNWLYH %HGHXWXQJ ]X 9RUWHLO GHU DVSHNWXHOOHQ'HXWXQJVFKHLQWGDPLW]XVHLQGDVVPLWLKUJHQDXHLQH)XQN WLRQ QlPOLFK GLH 0DUNLHUXQJ YRQ 3HUIHNWLYLWlW IU GDV 3KlQRPHQ ÄGRS SHOWH3HUIHNWELOGXQJ·EHUHLWJHVWHOOWZHUGHQNDQQ 'DV IROJHQGH .DSLWHO VWHOOWhEHUOHJXQJHQ ]XP PHWKRGLVFKHQ 9RUJH KHQEHLGHU(UPLWWOXQJGHU%HGHXWXQJGRSSHOWHU3HUIHNWELOGXQJHQDQ'DV XUVSUQJOLFKH 9RUKDEHQ GHU $UEHLW DXV GHU WKHRUHWLVFKHQ /LWHUDWXU ]X 7HPSRUDOLWlW XQG $VSHNWXDOLWlW RSHUDWLRQDOLVLHUEDUH .ULWHULHQ ]XU 8QWHU VFKHLGXQJ WHPSRUDOHU XQG DVSHNWXHOOHU 6WUXNWXUHQ DE]XOHLWHQ PLVVODQJ ZHLOHVVFKOLFKWNHLQHVROFKHQ.ULWHULHQJLEW(VNDQQVRPLWLQ.DSLWHO NHLQH 0HWKRGH LQ)RUP HLQHV .ULWHULHQUDVWHUV GDUJHVWHOOW ZHUGHQGLH GLH %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ GLUHNW ]X HUPLWWHOQ YHUPDJ 'DV QDFKIROJHQGH .DSLWHOP|FKWH GDKHU IU HLQH +HUDQJHKHQVZHLVH SOl GLHUHQ GLH VLFK GHU $QDO\VH GRSSHOWHU 3HUIHNWELOGXQJHQ JHEUDXFKVRULHQ WLHUWQlKHUW

 hEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ ,Q GHU YRUOLHJHQGHQ $UEHLW ZHUGHQ GLH DXI +DQV 5HLFKHQEDFK   ]XUFNJHKHQGHQ 3DUDPHWHU SRLQW RI VSHHFK SRLQW RI HYHQW XQG SRLQW RI UHIHUHQFH LQ GHU GHXWVFKHQ hEHUVHW]XQJ Ä6SUHFK]HLW· Ä(UHLJQLV]HLW·



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

XQG Ä5HIHUHQ]]HLW· ]XU %HGHXWXQJVEHVFKUHLEXQJ YHUZHQGHW 'LH $UEHLW P|FKWHGDEHLGHQ5HLFKHQEDFK·VFKHQ=HLWSDUDPHWHUDQVDW]VRZRKOIUGLH %HVFKUHLEXQJ YRQ 7HPSRUDOLWlW DOV DXFK $VSHNWXDOLWlW QXW]EDU PDFKHQ 'LH5HLFKHQEDFK·VFKHQ3DUDPHWHUZHUGHQ]XQlFKVWHLQJHIKUW'DUDXIKLQ HUIROJW GLH (UNOlUXQJ GHU GLHVHU $UEHLW ]XJUXQGH OLHJHQGHQ 9RUVWHOOXQJ GLH 3DUDPHWHU ]XU %HVFKUHLEXQJ VRZRKO WHPSRUDOHU DOV DXFK DVSHNWXHOOHU %HGHXWXQJ ]X QXW]HQ 1DFK .OlUXQJ GLHVHU WKHRUHWLVFKHQ 9RUDXVVHW]XQ JHQZLUGGDUJHOHJWZDUXPGLHYRU]XVWHOOHQGH$QDO\VHHLQHQJHEUDXFKVRUL HQWLHUWHQ=XJDQJ]XU%HGHXWXQJVHUPLWWOXQJZlKOW 5HLFKHQEDFK IKUW GLH YRQ LKP YRUJHVFKODJHQHQ 3DUDPHWHU DQKDQG HLQHV%HLVSLHOVIROJHQGHUPD‰HQHLQ /HWXVFDOOWKHWLPH SRLQWRIWKHWRNHQ WKHSRLQWRIVSHHFK7KHQWKHWKUHHLQGLFD WLRQV¶EHIRUHWKHSRLQWRIVSHHFK·¶VLPXOWDQHRXVZLWKWKHSRLQW RIVSHHFK·DQG ¶DIWHU WKH SRLQW RI VSHHFK· IXUQLVK RQO\ WKUHH WHQVHV VLQFH WKH QXPEHU RI YHUE WHQVHVLVREYLRXVO\JUHDWHUZHQHHGDPRUHFRPSOH[LQWHUSUHWDWLRQ)URPDVHQ WHQFHOLNH¶3HWHUKDGJRQH·ZHVHHWKDWWKHWLPHRUGHUH[SUHVVHGLQWKHWHQVHGRHV QRWFRQFHUQRQHHYHQWEXWWZRHYHQWVZKRVHSRVLWLRQVDUHGHWHUPLQHGZLWKUH VSHFWWRWKHSRLQWRIVSHHFK:HVKDOOFDOOWKHVHWKHSRLQWRIHYHQWDQGWKHSRLQWRIUHI HUHQFH ,Q WKH H[DPSOH WKH SRLQW RI WKH HYHQW LV WKH WLPH ZKHQ 3HWHU ZHQW WKH SRLQWRIUHIHUHQFHLVDWLPHEHWZHHQWKLVSRLQWDQGWKHSRLQWRIVSHHFK 5HLFKHQEDFK 

'LH5HLFKHQEDFK·VFKHQ3DUDPHWHUGLHÅHKHUHLQH6NL]]HGHQQHLQHSUl]LV DXVJHDUEHLWHWH7KHRULHGDU>VWHOOHQ@´ =HOOHU ZHUGHQYRQ]DKOUHL FKHQ 7HPSXVWKHRUHWLNHUQ DXIJHJULIIHQ XQG DOV *UXQGODJH IU LKUH 7HP SXVDQDO\VH YHUZHQGHW ]XPHLVW LQ PRGLIL]LHUWHU XQG HUZHLWHUWHU )RUP :lKUHQGGLH3DUDPHWHU6SUHFK]HLWXQG(UHLJQLV]HLWKLHUEHLUHODWLYHLQGHX WLJ]XVFKUHLEEDUVLQGIKUWGHUZHQLJHUHLQGHXWLJH5HIHUHQ]]HLWSDUDPHWHU LPPHUZLHGHU]XQHXHQ$XVGHXWXQJHQ5HLFKHQEDFKVHOEVWJLEWNHLQHJH QDXHUH %HVFKUHLEXQJ GHV 5HIHUHQ]]HLWSDUDPHWHUV DOV GLH LQ RELJHP =LWDW DQJHIKUWHZDVGLHDXI5HLFKHQEDFK%H]XJQHKPHQGHQ$UEHLWHQYLHOIDFK NULWLVLHUHQ :lKUHQG GLH 6SUHFK]HLW XQG GLH (UHLJQLV]HLW NDXP 6FKZLHULJNHLWHQ EHUHLWHQ LVW GDV .RQ]HSW GHV 5HLFKHQEDFKVFKHQ ´SRLQW RI UHIHUHQFH´ >«@ YRQ $QIDQJ DQ PDQQLJIDFKHQ ,QWHUSUHWDWLRQHQ 8PGHXWXQJHQ XQG QHXHQ 'HILQLWLRQHQ XQWHU ZRUIHQ ZDV VLFKHUOLFK QLFKW ]XOHW]W DXFK GDUDXI ]XUFN]XIKUHQ LVW GD‰ VFKRQ BBBBBBBBBBBBBBBBBBB

 %HLGHU'DUVWHOOXQJVHLQHU3DUDPHWHUEH]LHKWVLFK5HLFKHQEDFK $QP  DXI-HVSHUVHQ  DXIGHQGHU*UXQGJHGDQNHGHUÅWKUHHSRLQWVWUXFWXUH´ 5HLFKHQEDFK $QP ]XUFNJHKW  $UEHLWHQ ]X GHQ GHXWVFKHQ 7HPSRUD GLH GLH 5HLFKHQEDFK·VFKHQ 3DUDPHWHU DOV PHWKRGL VFKH*UXQGODJHLKUHU7HPSXVDQDO\VHQXW]HQVLQGEVSZ%lXHUOH  )DEULFLXV+DQVHQ   %DOOZHJ  XQG   (KULFK9DWHU   7KLHURII   .OHLQ   %UHXHU   'RURZ   :HONH   XQG 5RWKVWHLQ  (V H[LVWLHUW QRFK HLQH 9LHO]DKODQZHLWHUHQ$UEHLWHQGLHDXI5HLFKHQEDFK%H]XJQHKPHQ



hEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ



EHL5HLFKHQEDFKVHOEVWGDV.RQ]HSWGHV´SRLQWRIUHIHUHQFH´DOOHVDQGHUHDOVHLQ GHXWLJLVW 7KLHURII 

$OOJHPHLQ ZLUG DQJHQRPPHQ GDVV GLH 5HIHUHQ]]HLW LQ HLQHU bX‰HUXQJ GXUFKHLQH9LHO]DKODQ)DNWRUHQGHXWOLFKZHUGHQNDQQ=XQlFKVWLVWGDEHL MHGRFKIHVW]XKDOWHQGDVVGLH5HIHUHQ]]HLW7HLOGHU9HUEIRUPVHPDQWLNLVW ZLH7KLHURIILQ%H]XJDXIGHQ5HLFKHQEDFK·VFKHQSDVWSHUIHFW6DW]3HWHUKDG JRQHIHVWVWHOOW 6FKOLH‰OLFKGDUIQLFKWYHUJHVVHQZHUGHQGD‰GLH5HIHUHQ]]HLW]ZDUGXUFK7HPSR UDODGYHUELDOHNRQNUHWLVLHUWZHUGHQNDQQGD‰VLHDEHUDOV%HVWDQGWHLOGHU7HPSXV VHPDQWLN DQJHVHKHQ ZLUG 6R LVW EHLP 3OXVTXDPSHUIHNW RKQH ZHLWHUHV QDFKYROO ]LHKEDU GD‰ GLH 5HIHUHQ]]HLW ÅLUJHQGZR´ ]ZLVFKHQ 6SUHFK]HLW XQG (UHLJQLV]HLW DQJHVLHGHOWLVWDXFKEHLHLQHPWHPSRUDODGYHUELDOORVHQ6DW]ZLH3HWHUKDGJRQH 7KLHURII 

(V JLEW YHUVFKLHGHQH 0|JOLFKNHLWHQ GLH 5HIHUHQ]]HLW ]XP $XVGUXFN ]X EULQJHQHWZDGXUFKVSUDFKOLFKH(OHPHQWHLQWHPSRUDODGYHUELDOHU)XQNWL RQEVSZ7HPSRUDODGYHUELHQRGHUWHPSRUDOH1HEHQVlW]H=XGHPLVWVLH GXUFKGHQZHLWHUHQVSUDFKOLFKHQ.RQWH[WHWDEOLHUEDUEVSZGXUFKYRUDQ JHJDQJHQH $XVVDJHQ 0|JOLFK HUVFKHLQW VFKOLH‰OLFK DXFK GDVV GLH 5HIH UHQ]]HLW GXUFK GHQ DX‰HUVSUDFKOLFKHQ .RQWH[W RGHU GXUFK :HOWZLVVHQ IHVWJHOHJWZLUG ,P *HJHQVDW] ]XU 6SUHFK]HLW XQG >@ ]XU (UHLJQLV]HLW LVW GLH 5HIHUHQ]]HLW QLFKW LPPHULQWXLWLY]XHUIDVVHQVLHHQWVSULQJWDPHKHVWHQUHLQWKHRUHWLVFKHQhEHUOH JXQJHQ 'D VLH YRQ YHUVFKLHGHQHQ 3KlQRPHQHQ HWDEOLHUW ZHUGHQ NDQQ ]% :HOWZLVVHQ$GYHUELDOHQ'LVNXUV.RWH[W>@ VWHOOWVLFKGDV3UREOHPHLQH'H ILQLWLRQ]XILQGHQGLHDOOH)lOOHHLQVFKOLH‰WRKQHVFKZDPPLJ]XZHUGHQ %UHXHUI 

'LHGDUJHOHJWHQ6FKZLHULJNHLWHQGHU5HIHUHQ]]HLWGDUVWHOOXQJVROOHQMHGRFK QLFKWGLHJHQHUHOOH1RWZHQGLJNHLWHLQHV5HIHUHQ]]HLWSDUDPHWHUVZLH5HL FKHQEDFKLKQHLQIKUWLQ)UDJHVWHOOHQ 5HLFKHQEDFK·VDFFRXQWWXUQHGRXWWREHH[WUHPHO\IUXLWIXODQGLWLVQRWH[DJJHUDW LQJWRVD\WKDWPRVWPRGHUQWUHDWPHQWVRIWHQVHDGRSW²LQRQHZD\RUDQRWKHU² WKHQRWLRQRID¶UHIHUHQFHSRLQW·RUDVPRVWDXWKRUVZRXOGVD\D¶WLPHRIUHIHU HQFH·ZKLFKLVHLWKHUDSRLQWRUDORQJHUWLPHLQWHUYDO .OHLQ 

'LHYRUOLHJHQGH$UEHLWP|FKWHGDV9HUKlOWQLVYRQ6SUHFK]HLW(UHLJQLV]HLW XQG5HIHUHQ]]HLWVRZRKOIUGLH%HVFKUHLEXQJWHPSRUDOHUDOVDXFKDVSHN WXHOOHU%HGHXWXQJQXW]EDUPDFKHQ+LHUEHLVROOMHGRFKDXFKGLH6SUHFK]HLW DOV5HIHUHQ]]HLWEH]HLFKQHWZHUGHQZHLOVRIUGLH0RGHOOLHUXQJGHUSHU IHNWLYHQ %HGHXWXQJ LQ 7DEHOOH  QLFKW GUHL YHUVFKLHGHQH 3DUDPHWHUEH BBBBBBBBBBBBBBBBBBB

 =XU'HEDWWHREPLWGHQ3DUDPHWHUQ6SUHFK]HLW(UHLJQLV]HLWXQG5HIHUHQ]]HLW=HLWSXQNWH RGHU =HLWLQWHUYDOOH EHVFKULHEHQ ZHUGHQ VLHKH EVSZ %UHXHU  I  RGHU 0DUVFKDOO I 



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

VFKUHLEXQJHQDQJHVHW]WZHUGHQPVVHQ,P)ROJHQGHQZLUGGLH(UHLJQLV ]HLWPLW(GLH5HIHUHQ]]HLWPLW5EHQDQQW:HQQPHKUHUH5HIHUHQ]]HLWHQ YRUKDQGHQVLQGZHUGHQGLHVHQXPPHULHUW 55«5[ ZREHL5LP PHUGLH6SUHFK]HLWEH]HLFKQHW  =XGHPZHUGHQNHLQHNRQNUHWHQ3DUDPHWHUIHVWJHOHJWGLHIUGLH0R GHOOLHUXQJ HLQHU GHU .DWHJRULHQ 7HPSRUDOLWlW RGHU $VSHNWXDOLWlW YHUDQW ZRUWOLFK VLQG VRQGHUQ GLH WHPSRUDOH E]Z DVSHNWXHOOH %HGHXWXQJ ZLUG DQKDQGGHU5HODWLRQ]ZLVFKHQGHQ3DUDPHWHUQEHVFKULHEHQ%HVWHKW]ZL VFKHQ ]ZHL 3DUDPHWHUQ HLQH WHPSRUDOH 5HODWLRQ VR ZLUG GLHVH DOV 9RU 5HODWLRQ HUIDVVW (LQH DVSHNWXHOOH 5HODWLRQ ]ZLVFKHQ ]ZHL 3DUDPHWHUQ ZLUGDOV$EJHVFKORVVHQ5HODWLRQHUIDVVW $OV JUXQGOHJHQGH $QQDKPH GLHVHU $UEHLW VROO JHOWHQ GDVV IU 'RS SHOSHUIHNWXQG'RSSHOSOXVTXDPSHUIHNWLQ%H]XJDXIGHUHQWHPSRUDOH%H GHXWXQJ HLQH PLW ( YRU 5 EHVFKUHLEEDUH 9HUJDQJHQKHLWVEHGHXWXQJ YRU OLHJW 'LH WHPSRUDOH *UXQGEHGHXWXQJ ( YRU 5 ZLUG DQ DOOHQ $UEHLWHQ GHXWOLFKGLHGLHGRSSHOWHQ3HUIHNWELOGXQJHQDXILKUHWHPSRUDOH/HLVWXQJ KLQ XQWHUVXFKHQ (V JLEW NHLQHQ $QVDW] GHU IU 'RSSHOSHUIHNW XQG 'RSSHOSOXVTXDPSHUIHNW HLQH %HGHXWXQJVYDULDQWH PLW *HJHQZDUWV RGHU =XNXQIWVEH]XJIHVW]XVWHOOHQPHLQW 9HUJDQJHQKHLWVEHGHXWXQJ LVW DXFK EHLP 3OXVTXDPSHUIHNW GDV MD GDV $XVJDQJVWHPSXVGHV'RSSHOSOXVTXDPSHUIHNWVGDUVWHOOWXQEHVWULWWHQ$OOH IU3OXVTXDPSHUIHNWEHVFKULHEHQHQ%HGHXWXQJVYDULDQWHQ ]%*UXQG]JH (URPV%UHXHU+HOELJ%XVFKDI'XGHQ  I XQG %XFKZDOG E  ZHLVHQ JHQHUHOO 9HUJDQJHQKHLWVEH]XJ DXI]XPHLVWLQ%H]XJDXI3UlWHULWXP$XFKGDV3HUIHNWDOV$XVJDQJVWHP SXV IU 'RSSHOSHUIHNW ZLUG JUXQGVlW]OLFK DOV Å9RU]HLWLJNHLWVWHPSXV LP BBBBBBBBBBBBBBBBBBB

 $OV %HLVSLHO IU HLQ VROFKHV 9RUJHKHQ NDQQ :HONH   JHOWHQ GHU GDV 9HUKlOWQLV YRQ (UHLJQLV]HLWXQG6SUHFK]HLW LQGHU:HONH·VFKHQ7HUPLQRORJLHDOVÄSULPlUH(YDOXDWLRQV]HLW· EH]HLFKQHW DOVWHPSRUDOGDV9HUKlOWQLVYRQ(UHLJQLV]HLWXQG5HIHUHQ]]HLW EHL:HONHÄVH NXQGlUH(YDOXDWLRQV]HLW· DOVDVSHNWXHOOPRGHOOLHUW  'LH 9RU5HODWLRQ EH]LHKW VLFK KLHU QXU DXI GLH WHPSRUDOH %HGHXWXQJ GHU GRSSHOWHQ 3HU IHNWELOGXQJHQXQGLVWQLFKWHWZDDOVDOOJHPHLQJOWLJ]XYHUVWHKHQ  $XFKGLHVH5HODWLRQZLUGLQ%H]XJDXIGLHGRSSHOWHQ3HUIHNWELOGXQJHQPRGHOOLHUWXQGEH VLW]WNHLQH$OOJHPHLQJOWLJNHLW  9JOKLHU]X7DEHOOHLQ.DS  'DLP'HXWVFKHQGUHL3HUIHNWWHPSRUDH[LVWLHUHQ 3HUIHNW3OXVTXDPSHUIHNWXQG)XWXU,,  VLQGDXFKGUHLYHUVFKLHGHQHGRSSHOWH3HUIHNWELOGXQJHQK\SRWKHWLVFKP|JOLFK 'RSSHOSHU IHNW 'RSSHOSOXVTXDPSHUIHNW XQG GRSSHOWHV )XWXU,,  :HLO MHGRFK LQ GHP GHU $UEHLW ]XJUXQGHOLHJHQGHQ.RUSXVGRSSHOWHU3HUIHNWELOGXQJHQNHLQHLQ]LJHU%HOHJIUGRSSHOWHV )XWXU,, 7\SHUZLUGJHPDFKWJHKDEWKDEHQ HUIDVVWZXUGHLVWDQ]XQHKPHQGDVVHVVLFKEHLP GRSSHOWHQ)XWXU,,GHPWHPSRUDO=XNXQIWVEHGHXWXQJ]X]XZHLVHQZlUHHKHUXPHLQWKHR UHWLVFKHV.RQVWUXNWKDQGHOW$XFK5|GHO  VWHOOWIUGDVGRSSHOWH)XWXU,,HLQH[ WUHP VHOWHQHV 9RUNRPPHQ IHVW 'LHVHV NDQQ GDKHU LQ GHQ ZHLWHUHQ %HWUDFKWXQJHQ DX‰HU $FKWJHODVVHQZHUGHQ



hEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ



9HUKlOWQLV]XP3UlVHQV´ 'XGHQ GDUJHVWHOOWMHGRFKEHLQKDOWHW HV DXFK ]ZHL %HGHXWXQJVYDULDQWHQ RKQH 9HUJDQJHQKHLWVEH]XJ (V NDQQ ]XP HLQHQ ]XU %H]HLFKQXQJ DOOJHPHLQ JOWLJHU 6DFKYHUKDOWH YHUZHQGHW ZHUGHQ XQG LVW LQ GLHVHU )XQNWLRQ GXUFK GDV 3UlVHQV HUVHW]EDU +HO ELJ%XVFKD )ROJHQGHV%HLVSLHOZLUGKLHUIUDQJHIKUW (LQ8QJOFNLVWVFKQHOOJHVFKHKHQ 'XGHQ 

'HV:HLWHUHQNDQQGLH%HGHXWXQJGHV3HUIHNWVGHUGHV)XWXU,,HQWVSUH FKHQZHQQÅ>G@HU2ULHQWLHUXQJV]HLWSXQNW>«@GXUFKHLQ7HPSRUDODGYHU ELDOHRGHUGHQZHLWHUHQ=XVDPPHQKDQJLQGLH=XNXQIWYHUOHJW´LVW HEG  ,QWHUHVVDQWHUZHLVHVWHOOW5|GHO ² DQKDQGHLQHV(UZHLWH UXQJVWHVWV IHVW GDVV GLH (UZHLWHUXQJ YRQ 3HUIHNWIRUPHQ PLW )XWXUEH GHXWXQJ E]Z DOOJHPHLQJOWLJHU %HGHXWXQJ ]XP 'RSSHOSHUIHNW HQWZHGHU ]X XQJUDPPDWLVFKHQ bX‰HUXQJHQ IKUW EHL )XWXUEHGHXWXQJ  RGHU HLQH 9HUVFKLHEXQJ GHV (UHLJQLVVHV LQ GLH 9HUJDQJHQKHLWVHEHQH XQG GDPLW GLH 'HQRWLHUXQJGHVNRQNUHWHQ(UHLJQLVVHVEHZLUNW EHLDOOJHPHLQJOWLJHU%H GHXWXQJ  (LQH6RQGHUVWHOOXQJQHKPHQVFKOLH‰OLFK3HUIHNWJUDPVLQIXWXULVFKHUXQGJHQHUHO OHU %HGHXWXQJ HLQ :LUG ]X MHQHQ HLQ 'RSSHOSHUIHNWSDUWL]LS DGGLHUW HQWVWHKHQ HQWZHGHUXQJUDPPDWLVFKHbX‰HUXQJHQRGHUGLHJHVFKLOGHUWH6LWXDWLRQZLUGLQGLH 9HUJDQJHQKHLWYHUVFKREHQ 5|GHO  ,FKKDEHGDVELVPRUJHQIUGLFKHUOHGLJW

,FKKDEHGDVELVPRUJHQIUGLFKHUOHGLJWJHKDEW HEG  (LQ8QJOFNLVWVFKQHOOJHVFKHKHQ (LQ8QJOFNLVWVFKQHOOJHVFKHKHQJHZHVHQ 5|GHO 

6RPLW ODVVHQ VLFK DXFK DXV GHQ )lOOHQ LQ GHQHQ 3HUIHNW NHLQHQ 9HUJDQ JHQKHLWVEH]XJ EHVLW]W NHLQH QLFKWYHUJDQJHQKHLWVEH]RJHQHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ JHQHULHUHQ ZDV DOV ,QGL] IU GLH JHQHUHOOH 9HUJDQJHQ KHLWVEHGHXWXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ JHZHUWHW ZHUGHQ NDQQ $XFK 5|GHOJHKWYRQHLQHUJUXQGVlW]OLFKHQ9HUJDQJHQKHLWVEHGHXWXQJGRSSHOWHU 3HUIHNWELOGXQJHQ DXV GLH HU DXI GLH $XVJDQJVWHPSRUD3HUIHNW XQG 3OXV TXDPSHUIHNW]XUFNIKUW *OHLFK]HLWLJ LVW GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ JHPHLQ GDVV VLH LQ WHPSRUDOHU +LQVLFKW VWHWV LQ GHU 9HUJDQJHQKHLW ORNDOLVLHUW VLQG DOVR GHP JHJHQEHU GHP 6SUHFK]HLWSXQNW]XUFNOLHJHQGHQ=HLWLQWHUYDOO'DV$XVJDQJVWHPSXVEULQJWGLHVH =HLWUHIHUHQ]LQGLH.RQVWUXNWLRQHLQ>«@ 5|GHO 

*UXQGJHGDQNH GHU $QDO\VH LVW GDPLW PLQGHVWHQV HLQH ( YRU 55HODWLRQ IUGLHGRSSHOWHQ3HUIHNWELOGXQJHQDQ]XQHKPHQ'LHVHPRGHOOLHUWGLHJH QHUHOOH9HUJDQJHQKHLWVEHGHXWXQJGRSSHOWHU3HUIHNWELOGXQJHQ'LH$Q]DKO BBBBBBBBBBBBBBBBBBB

 5|GHOHUZHLWHUWKLHU$XVVDJHQLP3HUIHNWPLWYHUVFKLHGHQHQIU3HUIHNWDXVJHZLHVHQHQ%H GHXWXQJVYDULDQWHQXPGDV]ZHLWH3DUWL]LSJHKDEWRGHUJHZHVHQ



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

GHU ]X GLHVHU HUVWHQ 9RU5HODWLRQ KLQ]XNRPPHQGHQ 9RU5HODWLRQHQ EH VWLPPWGHQ*UDGGHU=XUFNVWXIXQJLQWLHIHUH9HUJDQJHQKHLWVHEHQHQ'LH 0RGHOOLHUXQJ GHU ]XVlW]OLFK ]XU WHPSRUDOHQ %HGHXWXQJ GHU 9HUJDQJHQ KHLW  LQ )UDJH NRPPHQGHQ DVSHNWXHOOHQ %HGHXWXQJ GHU 3HUIHNWLYLWlW HU IROJWGXUFKGLH+LQ]XIJXQJHLQHU$EJHVFKORVVHQ5HODWLRQ]XHLQHU9RU 5HODWLRQ 'LHLQ.DSLWHOYRUJHVWHOOWHQWHPSRUDOHQXQGDVSHNWXHOOHQ'HXWXQ JHQ GRSSHOWHU 3HUIHNWELOGXQJHQ N|QQHQ GDPLW DQKDQG GHU YRUJHVFKODJH QHQ WKHRUHWLVFKHQ 8QWHUVFKHLGXQJ YRQ 7HPSRUDOLWlW XQG $VSHNWXDOLWlW IROJHQGHUPD‰HQPRGHOOLHUWZHUGHQ 'HXWXQJHQ WHPSRUDOH'HXWXQJHQ 9HUJDQJHQKHLW 9RUYHUJDQJHQKHLW 9RUYRUYHUJDQJHQKHLW DVSHNWXHOOH'HXWXQJHQ 3HUIHNWLYLWlW

%HVFKUHLEXQJDQKDQGGHU3DUDPHWHU  (YRU5 (YRU5YRU5 (YRU5YRU5YRU5  (YRU>DEJHVFKORVVHQ]X@5

7DEHOOH0RGHOOLHUXQJGHU'HXWXQJHQGRSSHOWHU3HUIHNWELOGXQJHQ

'DV YRQ 5|GHO   KHUYRUJHEUDFKWH $UJXPHQW GDVV HLQH DVSHNWXHOOH 'HXWXQJ LP *HJHQVDW] ]X WHPSRUDOHQ 'HXWXQJHQ GHQ 9RUWHLO KlWWH JH QDXHLQH(UNOlUXQJGHU/HLVWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ QlPOLFK GLH GHU 3HUIHNWLYLWlW  ]X HUEULQJHQ NDQQ DQKDQG GHU 3DUDPHWHUEHVFKUHL EXQJGHU7DEHOOHJXWPRGHOOLHUWZHUGHQ3HUIHNWLYH%HGHXWXQJOLHJWLPPHU GDQQYRUZHQQHLQH9RU5HODWLRQGXUFKHLQH$EJHVFKORVVHQ5HODWLRQHU ZHLWHUW LVW 'LHVH 0RGHOOLHUXQJ DVSHNWXHOOHU %HGHXWXQJ WUlJW DXFK GHU LQ GHU HLQVFKOlJLJHQ /LWHUDWXU KHUYRUJHEUDFKWHQ WKHRUHWLVFKHQ $QQDKPH 5HFKQXQJ GDVV ÅDVSHNWXHOOH 'LIIHUHQ]LHUXQJHQ >«@ LPPHU DXI HLQ XQG GHUVHOEHQ=HLWVWXIHVWDWW>ILQGHQ@´ .OHLQ GKGDVVGLH(UZHLWH UXQJHLQHU9RU5HODWLRQXPHLQH$EJHVFKORVVHQ5HODWLRQQLFKWVPLWHLQHU ZHLWHUHQ =XUFNVWXIXQJ GHV (UHLJQLVVHV LQ HLQH WLHIHUH 9HUJDQJHQKHLWV HEHQH]XWXQKDW'LHMHZHLOLJHWHPSRUDOH%HGHXWXQJEOHLEWEHVWHKHQKLQ ]XNRPPWGLHSHUIHNWLYH%HGHXWXQJGHU$EJHVFKORVVHQKHLW 'LH JHQDXH 8QWHUVXFKXQJ GHU ELVKHULJHQ 'HXWXQJHQ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQLQ.DSLWHOEUDFKWHKHUYRUGDVVGLHWHPSRUDOHQ'HX BBBBBBBBBBBBBBBBBBB

 %HL GHU 5HIHUHQ]]HLW NDQQ HV VLFK KLHU XP GLH 5HIHUHQ]]HLW HUVWHQ *UDGHV GK XP GLH 6SUHFK]HLW RGHUXPGLH5HIHUHQ]]HLW]ZHLWHQRGHUGULWWHQ*UDGHVKDQGHOQ)UGLH+LQ]X IJXQJHLQHU$EJHVFKORVVHQ5HODWLRQLVWGHU*UDGXQHUKHEOLFK  9JO.DS



hEHUOHJXQJHQ]XPPHWKRGLVFKHQ9RUJHKHQ



WXQJHQPHLVWHLQH9RUYHUJDQJHQKHLWVEHGHXWXQJGLHDVSHNWXHOOHQ'HXWXQ JHQ HLQH $EJHVFKORVVHQKHLWVEHGHXWXQJ IU GLH GRSSHOWHQ 3HUIHNWELOGXQ JHQKHUDXVVWHOOHQ'HUWKHRUHWLVFKH.QDFNSXQNWVFKHLQWDOVRWDWVlFKOLFKLQ GHU)UDJHVWHOOXQJ]XOLHJHQREGDVMHZHLOLJH9HUKlOWQLVYRQ(]X5HKHU DOV 9RU5HODWLRQ RGHU DOV 9RU$EJHVFKORVVHQ5HODWLRQ ]X EHVFKUHLEHQ LVW $OVQLFKWPDFKEDUKDWHVVLFKHUZLHVHQRSHUDWLRQDOLVLHUEDUH.ULWHULHQ ]XU8QWHUVFKHLGXQJYRQ7HPSRUDOLWlWXQG$VSHNWXDOLWlWDXVGHUHLQVFKOl JLJHQ 7HPSXV XQG $VSHNWOLWHUDWXU DE]XOHLWHQ 'LH VWDUNH VHPDQWLVFKH 1lKHGHU.DWHJRULHQ7HPSRUDOLWlWXQG$VSHNWXDOLWlWOHJW]XGHPGLH9HU PXWXQJ QDKH GDVV HV LQ GHU 7DW NHLQH NODUHQ .ULWHULHQ ]XU (LQRUGQXQJ VSUDFKOLFKHU6WUXNWXUHQLQGLHHLQHRGHUDQGHUH.DWHJRULHJLEW6RPLWLVWHV QLFKW P|JOLFK HLQH NRQNUHWH 0HWKRGH ]XU 8QWHUVFKHLGXQJ YRQ 9RU 5HODWLRQHQ XQG 9RU$EJHVFKORVVHQ5HODWLRQHQ XQG GDPLW ]XU %HGHX WXQJVHUPLWWOXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ]XHUDUEHLWHQ 'LHYRUOLHJHQGH$UEHLWIDYRULVLHUWGDKHUHLQHDQGHUH+HUDQJHKHQVZHL VH 6LH ZLGPHW VLFK GHU 8QWHUVXFKXQJ GHV KLVWRULVFKHQ *HEUDXFKV GHU GRSSHOWHQ3HUIHNWELOGXQJHQ'LHYRUKDQGHQHQ%HOHJNRQWH[WHZHUGHQDXI V\QWDNWLVFKH XQG VHPDQWLVFKH 9RUILQGOLFKNHLWHQ E]Z $XIIlOOLJNHLWHQ PLW GHP =LHO XQWHUVXFKW W\SLVFKH .RQWH[WPRGHOOH IU GLH ]X EHWUDFKWHQGHQ -DKUKXQGHUWHKHUDXV]XDUEHLWHQ'LH$QDO\VHRULHQWLHUWVLFKDQHLQLJHQLP 9RUIHOG]XVDPPHQJHWUDJHQHQ$VSHNWHQGLHDEHUEHLZHLWHUHQ*HEUDXFKV DXIIlOOLJNHLWHQMHGHU]HLWHUZHLWHUWZHUGHQN|QQHQXQGVHW]WVLFK]XP=LHO GHQ W\SLVFKHQKLVWRULVFKHQ*HEUDXFK GHU GRSSHOWHQ3HUIHNWELOGXQJHQ ]X EHVFKUHLEHQ6LHVROOLQGLH)UDJHPQGHQREDQKDQGGHUHUPLWWHOWHQW\ SLVFKHQ .RQWH[WPRGHOOH 5FNVFKOVVH DXI GLH %HGHXWXQJ XQG %HGHX WXQJVHQWZLFNOXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ P|JOLFK VLQG GK RE V\QWDNWLVFKHXQGRGHUVHPDQWLVFKH.ULWHULHQJHIXQGHQZHUGHQGLHHLQH( YRU5E]ZHLQH(YRU>DEJHVFKORVVHQ]X@5'HXWXQJXQGGDPLWHLQH %HVFKUHLEXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ DOV WHPSRUDOH E]Z WHPSRUDO DVSHNWXHOOH6WUXNWXUEHIUZRUWHQXQGGLHEHUGHQJHEUDXFKVRULHQWLHUWHQ Ä8PZHJ·HLQHKLVWRULVFKH%HGHXWXQJVEHVFKUHLEXQJGHUGRSSHOWHQ3HUIHNW ELOGXQJHQHUP|JOLFKHQ

BBBBBBBBBBBBBBBBBBB

 9JO.DS



7KHRUHWLVFKH9RUEHWUDFKWXQJHQ

 )D]LW =LHOGHV.DSLWHOVZDUHVGHQWHUPLQRORJLVFKHQWKHRUHWLVFKHQXQGPHWKR GLVFKHQ5DKPHQGHU$UEHLWGDU]XVWHOOHQ'LH.OlUXQJGHU%HJULIIH7HP SXV7HPSRUDOLWlW$VSHNW$VSHNWXDOLWlWVRZLH$NWLRQVDUWXQG6LWXDWLRQV NODVVHZDU7KHPDGHV.DSLWHOV,P$QVFKOXVVGDUDQZXUGHQLQ.DSLWHO GLHELVKHULJHQ'HXWXQJHQGHUGRSSHOWHQ3HUIHNWELOGXQJHQGDUJHVWHOOW 'DEHL]HLJWHVLFKGDVVGLH0HKU]DKOGHU$UEHLWHQHLQHWHPSRUDOH'HXWXQJ GHV3KlQRPHQVDQELHWHWGHUMHGRFKLQGHU5HJHOWHUPLQRORJLVFKHXQGPH WKRGLVFKH6FKZLHULJNHLWHQDQKDIWHQ:HQLJHQHXHUH$UEHLWHQKLQJHJHQ]R JHQHLQHDVSHNWXHOOH%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ 3HUIHNWL YLWlW LQ(UZlJXQJ,Q.DSLWHOHUIROJWH]XQlFKVWGLH'DUVWHOOXQJGHULQ GLHVHU$UEHLWYRUJHQRPPHQHQWKHRUHWLVFKHQ8QWHUVFKHLGXQJYRQ7HPSR UDOLWlW XQG $VSHNWXDOLWlW GLH DQKDQG GHU 5HLFKHQEDFK·VFKHQ 3DUDPHWHU PRGHOOLHUW ZXUGH 'LH 0RGHOOLHUXQJ ZXUGH GDEHL DQKDQG GHU ]ZLVFKHQ (UHLJQLV]HLW XQG 5HIHUHQ]]HLW EHVWHKHQGHQ 5HODWLRQ YRUJHQRPPHQ (LQH WHPSRUDOH 9RUYHUJDQJHQKHLWVEHGHXWXQJ ZXUGH GXUFK HLQH 9RU5HODWLRQ HLQH SHUIHNWLYH $EJHVFKORVVHQKHLWVEHGHXWXQJ GXUFK HLQH $EJHVFKORVVHQ 5HODWLRQPRGHOOLHUW(EHQIDOOV.DSLWHOVWHOOWHGLH*UQGHGDUDXVGH QHQ VLFK GLH YRUOLHJHQGH $UEHLW IU HLQHQ JHEUDXFKVRULHQWLHUWHQ =XJDQJ ]XU$QDO\VHGHUKLVWRULVFKHQGRSSHOWHQ3HUIHNWELOGXQJHQHQWVFKLHGHQKDW 



 +HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ 9RUOLHJHQGHV .DSLWHO ZLGPHW VLFK GHU (QWVWHKXQJVIUDJH GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ=LHOGHV.DSLWHOVLVWHVGLH+HUDXVELOGXQJGHUGRSSHO WHQ 3HUIHNWELOGXQJHQ ]X EHOHXFKWHQ LQGHP EHVWHKHQGH +HUDXVELOGXQJV K\SRWKHVHQ GDUJHVWHOOW XQG HLQHU HPSLULVFKHQ hEHUSUIXQJ XQWHU]RJHQ ZHUGHQ =XQlFKVW ZLGPHW VLFK GDV .DSLWHO  GHU WUDGLWLRQHOOHQ 3UlWHULWXP VFKZXQGK\SRWKHVH GLH GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQ JHQ DXI GHQ 3UlWHULWXPVFKZXQG XQG GHQ GDPLW HLQKHUJHKHQGHQ 3OXV TXDPSHUIHNWVFKZXQG]XUFNIKUW1DFKHLQHU9RUVWHOOXQJGHU+\SRWKHVH ZLUG GLH HLQVFKOlJLJH )RUVFKXQJ DXI LKUH +DOWXQJ EH]JOLFK GHU 3UlWHUL WXPVFKZXQGK\SRWKHVH XQWHUVXFKW 'LH KHUDXVJHILOWHUWHQ $UJXPHQWH IU E]Z JHJHQ GLH +\SRWKHVH ZHUGHQ LP $QVFKOXVV GDUDQ HPSLULVFK EHU SUIW .DSLWHO  EHIDVVW VLFK PLW GHU ]ZHLWHQ LQ GHU 'RSSHOSHUIHNWIRU VFKXQJ H[LVWLHUHQGHQ +HUDXVELOGXQJVK\SRWKHVH GLH ]ZLVFKHQ GHU *UDP PDWLNDOLVLHUXQJ GHV 3HUIHNWV XQG GHU +HUDXVELOGXQJ GHU GRSSHOWHQ 3HU IHNWELOGXQJHQHLQHQ=XVDPPHQKDQJVLHKWXQGLQ$EJUHQ]XQJ]XUWUDGLWLR QHOOHQ 3UlWHULWXPVFKZXQGK\SRWKHVH DOV DOWHUQDWLYH +HUDXVELOGXQJVK\SR WKHVH EH]HLFKQHW ZLUG 1DFKGHP GLH IU GDV 9HUVWlQGQLV GHU +\SRWKHVH ZLFKWLJHQVSUDFKKLVWRULVFKHQ(QWZLFNOXQJHQYRQKDEHQ3DUWL]LS,,XQG VHLQ3DUWL]LS,,VRZLHGHU$XIJDEHGHUDVSHNWXHOOHQ2SSRVLWLRQ1XOOJH GDUJHVWHOOW ZXUGHQ ZHUGHQ DXFK KLHU $QVlW]H ]XU HPSLULVFKHQ hEHUSU IXQJGHU+\SRWKHVHHUDUEHLWHW

 +HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV 3UlWHULWXPVFKZXQGHV  =XU+\SRWKHVH $OV3UlWHULWXPVFKZXQGZLUGGHU5FNJDQJGHUV\QWKHWLVFKHQ3UlWHULWXP IRUP LP REHUGHXWVFKHQ 6SUDFKJHELHW EH]HLFKQHW GHVVHQ JHRJUDSKLVFKH $XVGHKQXQJXQG]HLWOLFKH9HURUWXQJ*HJHQVWDQGPHKUHUHU8QWHUVXFKXQ JHQGDUVWHOOW ]%-DFNL]XUJHRJUDSKLVFKHQ$XVGHKQXQJVRZLH/LQG



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

JUHQXQG-|UJ]XU'DWLHUXQJ 9RUDOOHPGLHDXVIKUOLFKH$U EHLWYRQ/LQGJUHQ  NDQQLP+LQEOLFNDXIGLH]HLWOLFKH9HURUWXQJGHV 3UlWHULWXPVFKZXQGHV DOV ULFKWXQJVZHLVHQG JHOWHQ /LQGJUHQ VWHOOW QDFK  ÅGLH HUVWHQ OHLFKWHQ 6SXUHQ HLQHU EHJLQQHQGHQ bQGHUXQJ´   XQGIUGLHHUVWH+lOIWHGHV-DKUKXQGHUWVGUDVWLVFKHUH9HUlQGH UXQJHQIHVW 1DFKKDWVLFKGLH/DJHDXIHLQPDOY|OOLJYHUlQGHUW$XFKLQZLUNOLFKHUHFK WHU(U]lKOXQJVWHLJWGHU$QWHLOGHV3HUIHNWVELVDXIVRJDUXQGPHKU HEG 

(VH[LVWLHUHQYHUVFKLHGHQH(UNOlUXQJVDQVlW]HIUGDV3KlQRPHQGHV3Ul WHULWXPVFKZXQGHV 'LH NODVVLVFKH $SRNRSHWKHVH ZXUGH YRQ 5HLV   IRUPXOLHUW (U JHKW GDYRQ DXV GDVV GLH REHUGHXWVFKH 6FKZD$SRNRSLH UXQJEHLVFKZDFKHQ9HUEHQGHQ6FKZXQGDXVO|VWHGLHHLQHQ)RUPHQ]X VDPPHQIDOOYRQ3UlVHQVXQG3UlWHULWXPLQGHU3HUVRQ6LQJXODU]XU)RO JHKDWWH HUPDFKWHÆHUPDFKW· 'LH7KHVHXQWHUOLHJWMHGRFKXDGHUVWDUNHQ .ULWLNGDVVGLH+RPRQ\PLVLHUXQJGHU)RUPHQQXUIUGLH3HUVRQ6LQ JXODUGHUVFKZDFKHQ9HUEHQ]XWULIIWXQGHVDOVXQZDKUVFKHLQOLFKJLOWGDVV DXV GLHVHU 3RVLWLRQ KHUDXV GLH JHVDPWH .DWHJRULH 3UlWHULWXP VRZRKO GHU VFKZDFKHQ DOV DXFK GHU VWDUNHQ 9HUEHQ LQ 0LWOHLGHQVFKDIW JH]RJHQ ZHU GHQNRQQWH .DLEOLQJHUIXQG/LQGJUHQ  (LQZHLWHUHU(UNOlUXQJVDQVDW]IUGHQ3UlWHULWXPVFKZXQGILQGHWVLFK LQGHU*UDPPDWLNDOLVLHUXQJGHV3HUIHNWV]XP9HUJDQJHQKHLWVWHPSXV+LHU ZLUG GDYRQ DXVJHJDQJHQ GDVV GDV 3HUIHNW ZHOFKHV HWZD DE GHP -DKUKXQGHUW 2XERX]DUXQG.XURGD UHLQH9HUJDQ JHQKHLWVEHGHXWXQJ DXIZHLVHQ NRQQWH LQ VHLQHU QHXHQ )XQNWLRQ DOV 9HU JDQJHQKHLWVWHPSXV]XP.RQNXUUHQWHQGHV3UlWHULWXPVZHUGHQXQGGLHVHV VFKULWWZHLVH YHUGUlQJHQ NRQQWH 9HUWUHWHU GLHVHU 7KHVH VLQG EVSZ )UHL  XQG-|UJ   'RSSHOWH 3HUIHNWELOGXQJHQ ZHUGHQ YRQ MHKHU PLW GHP 3UlWHULWXP VFKZXQG LQ 9HUELQGXQJ JHEUDFKW 'HU YHUPXWHWH =XVDPPHQKDQJ ]ZL VFKHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ XQG 3UlWHULWXPVFKZXQG OlVVW VLFK DOV +\SRWKHVHIROJHQGHUPD‰HQIRUPXOLHUHQ

BBBBBBBBBBBBBBBBBBB



(LQHXPIDVVHQGH'DUVWHOOXQJDOOHU(UNOlUXQJVDQVlW]H]XP3UlWHULWXPVFKZXQGZLUGDQGLH VHU 6WHOOH QLFKW DQJHVWUHEW 9JO ZHLWHUIKUHQG *HUVEDFK    0DLZDOG  I 6FKURGW'RQKDXVHU  XQG5|GHO  



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



'HU6FKZXQGGHV3UlWHULWXPVIKUW]XP6FKZXQGGHV3OXVTXDPSHUIHNWVGDVZH JHQ VHLQHU SUlWHULWDOHQ .RPSRQHQWH QLFKW PHKU ELOGEDU LVW 'LH 0|JOLFKNHLW ]XU :LHGHUJDEHGHU9RUYHUJDQJHQKHLWVEHGHXWXQJJHKWGDPLWYHUORUHQ'RSSHOWH3HU IHNWELOGXQJHQ ELOGHQ VLFK ]XU .RPSHQVDWLRQ GLHVHV 'HIL]LWHV KHUDXV ,KUH )XQN WLRQ LVW GLH GHV 3OXVTXDPSHUIHNWHUVDW]HV LKUH %HGHXWXQJ GLH GHU 9RUYHUJDQJHQ KHLW

'LH([LVWHQ]GHUGRSSHOWHQ3HUIHNWELOGXQJHQDXIGLHVH:HLVH]XEHJUQ GHQVFKHLQWLQGHUJHUPDQLVWLVFKHQ/LQJXLVWLNEHLQDKHHLQH7UDGLWLRQJH ZRUGHQ ]X VHLQ ,P )ROJHQGHQ ZLUG GDUJHVWHOOW ZLH WLHI GLH 3UlWHULWXP VFKZXQGK\SRWKHVH (LQJDQJ LQ *UDPPDWLNHQ XQG HLQVFKOlJLJH /LWHUDWXU ]XP'RSSHOSHUIHNWIDQG  (LQJDQJLQ*UDPPDWLNHQ 'LH JUDPPDWLNRJUDSKLVFKH (UZlKQXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ JHKWELVLQV-DKUKXQGHUW]XUFN,QgOLQJHUV*UDPPDWLNILQGHWVLFKGLH lOWHVWHEHNDQQWH(UZlKQXQJGHU.RQVWUXNWLRQ ,QTXLEXVGDPORFLV*HUPDQLDHWHPSXVSOXVTXDPSHUIHFWXPSHUSUDHWHULWXPSHU IHFWXP YHUEL DX[LOLDULV HW SDUWLFLSLXP SUDHWHULWL WHPSRULV LWD FRQLXJDWXU YW HW D SXG*DOORVLQHLXVPRGLH[HPSOLV-·D\HXHVFULWHWFYW,FKKDEJHVFKULHEHQJHKDEWLFK ELQNRPPHQJHZHVHQSURLFKKDWWHJHVFKULHEHQLFKZDUJHZHVHQHWFLGTXRGQRQRP QHVDSSUREDQW gOLQJHU 

%HUHLWVgOLQJHULQWHUSUHWLHUWGLHGRSSHOWHQ3HUIHNWELOGXQJHQDOVIXQNWLRQV lTXLYDOHQWH (UVDW]IRUPHQ IU 3OXVTXDPSHUIHNWKHEW MHGRFK KHUYRU GDVV GLHVH(UVDW]IRUPHQÅLQTXLEXVGDPORFLV*HUPDQLDH´ HEG YRUNlPHQ )UGDV-DKUKXQGHUWOlVVWVLFKGLH*UDPPDWLNYRQ6FKRWWHOIUGLH (UZlKQXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ DQIKUHQ 6HLQH $XVIKUXQ JHQEHVFKUlQNHQVLFKMHGRFKDXIGLH%HQHQQXQJGHV3KlQRPHQVXQGGHV VHQ 9HUZHQGXQJ $QJDEHQ ]X %HGHXWXQJ E]Z +HUDXVELOGXQJ PDFKW 6FKRWWHOKLHUEHLQLFKW (V ZLUG ]XZHLOHQ GDV +XHOIIZRUW EH\ VHLQHP +DXSWZRUWH GRSSHOWHU :HLVH JH EUDXFKHWDOVLFKKDEHJHVFKULHEHQJHKDEWLFKKDWWHJHOHVHQJHKDEWQDFKGHP HU JHVWRUEHQ JHZHVHQ ZDU  DOV HU LVW JHNRPHQ JHZHVHQ  HWF $EHU PDQ SIOHJW JHPHLQLJOLFKGLHVHQ'RSSHOVDW]LQGHU5HGH]XEHUJHKHQ 6FKRWWHO 

'LH$XIIDVVXQJGDVVGLHGRSSHOWHQ3HUIHNWELOGXQJHQHLQHQDXIGHQ3UlWH ULWXPVFKZXQG]XUFN]XIKUHQGHQ3OXVTXDPSHUIHNWHUVDW]GDUVWHOOHQZLUG LQGHXWOLFKHU$XVIRUPXOLHUXQJ]XPHUVWHQ0DOLP-DKUKXQGHUWYRQ$L FKLQJHUYHUWUHWHQ +LHU ]X /DQGH LVW HLQ VXSHUSOXVTXDPSHUIHFWXP JHEUDHXFKOLFK DEHU DXFK DQGHU ZDHUWVQLFKWXQEHNDQQW=%LQ+DEHUPDQQV*HEHWHUQVWHKWZDVLFKEHJHKUWJH



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

KDEWKDEH(VLVWDEHUQLFKWVDOVGDVSOXVTXDPSHUIHFWXPXQGNRPPHWGDKHUGD‰ EH\XQVZLHREHQJHPHOGHWNHLQLPSHUIHFWXPLQGLFDWLXLXQWHUJHPHLQHQ/HXWHQ LP%UDXFKLVWZHOFKHVGRFK]XU)RUPDWLRQGHVUHFKWHQSOXVTXDPSHUIHFWLQRHWLJ ZDHUH :HU DOVR UHGHQ RGHU VFKUHLEHQ ZLOO PX‰ MHQHV VXSHUSOXVTXDPSHUIHFWXP YHUPHLGHQ'RFKNDQQHVELVZHLOHQVRQGHUOLFKLPLQILQLWLXRQRWKZHQGLJZHUGHQ ZHLOPDQNHLQDQGHUHVSOXVTXDPSHUIHFWXPLQILQLWLXLKDW=%HUVROO]XGHUVHOEHQ =HLWVFKRQJHVWRUEHQJHZHVHQVH\Q $LFKLQJHU 

'LH7DWVDFKHGDVV$LFKLQJHUIUGLHYRQLKPDQJHIKUWH'RSSHOSHUIHNW IRUP EHJHKUWJHKDEWKDEH NHLQH)RUPXOLHUXQJZlKOWGLHGDV:RUWÄ3HUIHNW· EHLQKDOWHW VRQGHUQ GLHVH DOV ÄVXSHUSOXVTXDPSHUIHFWXP· EH]HLFKQHW VSLH JHOWKLHUGHQ(UVDW]JHGDQNHQEHVRQGHUVGHXWOLFKZLGHU $XFK IU GDV  -DKUKXQGHUW ODVVHQ VLFK 9HUWUHWHU GHU $XIIDVVXQJ DXVPDFKHQHVKDQGHOHVLFKEHLGHQGRSSHOWHQ3HUIHNWELOGXQJHQXP)RU PHQPLW3OXVTXDPSHUIHNWHUVDW]IXQNWLRQ%HL%ODW]KHL‰WHV]X'RSSHOSHU IHNWXQG'RSSHOSOXVTXDPSHUIHNW 'LHVRJHQDQQWHQ'RSSHOSHUIHFWDXQG'RSSHOSOXVTDPSHUIHFWD>@²]%,FKKDEH YHUJHVVHQ JHKDEW ,FK KDWWH EHJRQQHQ JHKDEW (U KDWWH GDPDOV EHUHLWV GLH 6WDGW YHUODVVHQJHKDEWDOVLFKGLH5HLVHDQWUDW²JHK|UHQYRU]XJVZHLVHGHU9RONVVSUD FKHDQXQGYHUWUHWHQGLH6WHOOHGHV3OXVT'RFKVLQGVLHGHU6FKULIWVSUDFKHQLFKW JDQ] IUHPG XQG ZHUGHQ ELVZHLOHQ ]XU QDFKGUFNOLFKHQ +HUYRUKHEXQJ GHU 9RU ]HLWLJNHLW HLQHU +DQGOXQJ RGHU HLQHV IUKHU GDXHUQG JHZHVHQHQ =XVWDQGHV JH EUDXFKW ]% +lWWHQ 6LH JHOHVHQ JHKDEW /HVV  $OOH PHLQH 8QUXKH ZDU VFKRQ YHUJDQJHQJHZHVHQDOVLFKYRQQHXHPHUVFKUHFNWZXUGH %ODW] 

8QG6WWHUOLQYHUPHUNW]XGHQGRSSHOWHQ3HUIHNWELOGXQJHQ)ROJHQGHV 'LHHLJHQWOLFKH9HUJDQJHQKHLWLVW²LPlX‰HUVWHQ6GHQJDQ]Q|UGOLFKHUELVDXI JHULQJH 5HVWH >@ ² XQWHUJHJDQJHQ XQG GLH YROOHQGHWH *HJHQZDUW DQ LKUH 6WHOOH JHWUHWHQVRGD‰KLHULFKKDEHJHVHKHQJOHLFK]HLWLJVFKULIWGHXWVFKHPLFKVDKXQG LFK KDEH JHVHKHQ HQWVSULFKW >@ ,P (LQNODQJ GDPLW ZLUG VFKULIWGHXWVFKHV ÅLFK KDWWHJHVHKHQ´LQGLHVHQ0XQGDUWHQGXUFKGLH=XVDPPHQVHW]XQJLFKKDEHJHVH KHQJHKDEWDXVJHGUFNW>@ 6WWHUOLQI 

'LH 7UDGLWLRQ GHU 'DUVWHOOXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ DOV 3OXV TXDPSHUIHNWHUVDW] VHW]W VLFK LQ *UDPPDWLNHQ GHV  -DKUKXQGHUWV VHKU GHXWOLFKIRUW%HKDJKHOEHVFKUHLEWGDV3KlQRPHQ]XQlFKVWIROJHQGHUPD ‰HQ BBBBBBBBBBBBBBBBBBB





.XU]H(UZlKQXQJIDQGHQGLHGRSSHOWHQ3HUIHNWELOGXQJHQGXUFKDXVLQZHLWHUHQ*UDPPD WLNHQGHVDXVJHKHQGHQXQGIUKHQ-DKUKXQGHUWV5|GHO  IKUWKLHU]X(Q JHOLHQ  :LOPDQQV  XQG&XUPH  DQ=XU(UZlKQXQJLQZHLWHUHQ*UDP PDWLNHQELV]XP(QGHGHV-DKUKXQGHUWVYJO-HOOLQHN I  $Q GLHVHU 6WHOOH GDUI QLFKW GHU (LQGUXFN HQWVWHKHQ GDVV GLH 0HKU]DKO GHU *UDPPDWLNHQ GHV XQG EHJLQQHQGHQ -DKUKXQGHUWV GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ WKHPDWLVLHUHQ 5|GHO  I  XQWHUVXFKW  *UDPPDWLNHQ GHV =HLWUDXPHV  ELV  DXI GHUHQ %HUFNVLFKWLJXQJ YRQ GRSSHOWHQ 3HUIHNWELOGXQJHQ XQG VWHOOW IHVW GDVV ÅIDVW GLH +lOIWH GHU DXVJHZlKOWHQ *UDPPDWLNHQ GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ Y|OOLJ YHUQDFKOlVVLJHQ´





+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



=XU (U]LHOXQJ EHVRQGHUHU 'HXWOLFKNHLW GHV 9HUJDQJHQKHLWVEHGHXWXQJ WUHWHQ LP 1KGDXFK'RSSHOXPVFKUHLEXQJHQDXI=LPPHUVFKH&KURQHUKDEVYRQVHLP ZHLEHUHUEWJHKDEW>«@ %HKDJKHO 

'HV :HLWHUHQ JHKW %HKDJKHO LQVEHVRQGHUH DXI VGGHXWVFKHV 'RSSHOSHU IHNWHLQGDVDXFKHUDOV3OXVTXDPSHUIHNWHUVDW]EHVFKUHLEW ,QGHQVGOLFKHQ*HELHWHQ LVWGLHHLQIDFKHSUlWHULWDOH )RUPJDQ]RGHUIDVWJDQ] GXUFK GLH XPVFKULHEHQH )RUP >GK GXUFK GDV 3HUIHNW $QP GHU 9HUI@ HUVHW]W ZRUGHQ>«@KLHULVWDQ6WHOOHGHV3OXVTXGLH'RSSHOXPVFKUHLEXQJJHWUHWHQLFK KDWWHJHVFKLFNW!LFKKDEHJHVFKLFNWJHKDEW>«@ %HKDJKHO 

$XFK 'DO lX‰HUW VLFK ]XP 9HUKlOWQLV YRQ 3UlWHULWXPVFKZXQG XQG GRS SHOWHQ3HUIHNWELOGXQJHQ%HLLKUKHL‰WHV 'LHVHQ 9RUJDQJ >GHQ 9RUJDQJ GHV 3UlWHULWXPVFKZXQGHV $QP GHU 9HUI@ N|Q QHQZLUYRP-KDEEHREDFKWHQXQGLQQHXHUHU=HLWKDWVLFKGDV3HUIHNWLQGHU 9RONVVSUDFKH VR VWDUN DXVJHEUHLWHW GD‰ HV DXI GHP VGGHXWVFKHQ 6SUDFKJHELHW GDV HLQIDFKH 3UlWHULWXP YROONRPPHQ YHUGUlQJW KDW $XI GLHVHP *HELHW LVW 3HU IHNW GLH HLQ]LJH )RUP EHL %HULFKW EHU *HJHEHQKHLWHQ LQ GHU 9HUJDQJHQKHLW 'DQHEHQVWHKWHLQHGRSSHOWXPVFKULHEHQH)RUPGDLP3OXVTXDPSHUIHNWXPIU GLHXQWHUJHJDQJHQHQ3UlWHULWDKDWWHXQGZDUGLH]XVDPPHQJHVHW]WHQ)RUPHQKDEH JHKDEWELQJHZHVHQHLQWUHWHQLFKKDEHJHOHVHQJHKDEWLFKELQHLQJHVFKODIHQJHZHVHQ 'DO 

'LH  $XIODJH GHU 'XGHQJUDPPDWLN IKUW IROJHQGH (UNOlUXQJ IU GLH ([LVWHQ]GHUGRSSHOWHQ3HUIHNWELOGXQJHQDQ 'HU $XVIDOO GHV 3UlWHULWXPV XQG GHV 3OXVTXDPSHUIHNWV KDW LP 2EHUGHXWVFKHQ ]XU+HUDXVELOGXQJHLQHUQHXHQ)RUPIUGLH9RUYHUJDQJHQKHLWJHIKUW ,FKKDE·VJDQ]YHUJHVVHQJHKDEW IUKRFKVSUDFKOLFK,FKKDWWHHVJDQ]YHUJHVVHQ ,FK ELQHLQJHVFKODIHQJHZHVHQ IUKRFKVSUDFKOLFK,FKZDUHLQJHVFKODIHQ  'XGHQ 

,Q GHU  $XIODJH GHU 'XGHQJUDPPDWLN   XQG I  ZLUG GHQ GRSSHOWHQ3HUIHNWELOGXQJHQ]XPHUVWHQ0DOLQHLQHU*UDPPDWLN7HPSXV VWDWXV]XJHVSURFKHQ$OVHLQH)XQNWLRQGHV'RSSHOSHUIHNWVZLUGDXFKKLHU 3OXVTXDPSHUIHNWHUVDW]JHQDQQWMHGRFKZHUGHQZHLWHUH)XQNWLRQHQLQ%H WUDFKWJH]RJHQ (V>GDV'RSSHOSHUIHNW$QPGHU9HUI@NDQQGDEHLGLH)XQNWLRQGHV3UlWHULWXP SHUIHNWVDOV7HPSXVGHU9RUYHUJDQJHQKHLWEHUQHKPHQGLHVLVWYRUDOOHPEHLWH OLVFKHQ3UlGLNDWHQGHU)DOO>@,Q*HJHQGHQE]Z7H[WHQLQGHQHQILQLWH3UlWHUL WXPIRUPHQEHUKDXSWDOVRDXFKGLH)RUPHQGHV3UlWHULWXPSHUIHNWVYHUPLHGHQ ZHUGHQ >@ IOOW GDV GRSSHOWH 3UlVHQVSHUIHNW VRPLW HLQH IXQNWLRQDOH /FNH (V BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 :HUGHQVLHEHVSURFKHQGDQQKlXILJOHGLJOLFKLQ$QPHUNXQJHQRGHU)X‰QRWHQ VREVSZLP'XGHQ  $XVQDKPHQELOGHQKLHUEHLGLH$XIODJHGHU'XGHQ JUDPPDWLN  VRZLHGLH*UDPPDWLNYRQ+HOELJXQG%XVFKD  GLHHLQHDXVIKU OLFKHUH%HVFKUHLEXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQJHEHQ



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

NDQQDEHUDXFKDOV(QWVSUHFKXQJGHVHLQIDFKHQ3UlWHULWXPVE]ZGHVYHUJDQJHQ KHLWVEH]RJHQHQ3UlVHQVSHUIHNWVJHEUDXFKWZHUGHQ>@ 'XGHQI 

bKQOLFKÄDXVIKUOLFK·ZHUGHQGLHGRSSHOWHQ3HUIHNWELOGXQJHQQXUQRFKLQ GHU*UDPPDWLNYRQ+HOELJXQG%XVFKDEHKDQGHOW'LH$XWRUHQUHIOHNWLH UHQLQ%H]XJDXIGHUHQ6WDWXVXQG)XQNWLRQGLHOLQJXLVWLVFKH'LVNXVVLRQ 'HU6WDWXVGLHVHU.RQVWUXNWLRQLVWXPVWULWWHQ(VLVWQRFKQLFKWHQGJOWLJJHNOlUW REHVVLFKXPHLJHQH7HPSRUDKDQGHOWZHOFKH5HJXODULWlWHQIULKUHQ*HEUDXFK JHOWHQXQGLQZLHZHLWVLHDOVNRUUHNWHPSIXQGHQZHUGHQ +HOELJ%XVFKD 

'LH $XWRUHQ XQWHUVFKHLGHQ LQ JHVFKULHEHQVSUDFKOLFKH XQG JHVSURFKHQ VSUDFKOLFKH )XQNWLRQHQ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ 6LH ZHLVHQ GLH )XQNWLRQGHU9RUYHUJDQJHQKHLWDOVGLHLP*HVFKULHEHQHQSULPlUH )XQN WLRQDXV I 'HQJHVSURFKHQVSUDFKOLFKHQGRSSHOWHQ3HUIHNWELO GXQJHQVSUHFKHQ+HOELJ%XVFKDMHGRFKYLHOIlOWLJHUH)XQNWLRQHQPLWHKHU ZLOONUOLFKHP*HEUDXFK]X   $XFK (UEHQ EHWUDFKWHW GHQ 3OXVTXDPSHUIHNWHUVDW] DOVHLQH )XQNWLRQ GHUGRSSHOWHQ3HUIHNWELOGXQJHQ :RLQGHU$OOWDJVVSUDFKHEHVRQGHUVGHVVGGHXWVFKHQ5DXPHVGDV3HUIHNWDXFK DOV ´(U]lKOIRUP´ GRPLQLHUW NDQQ 9RU9HUJDQJHQKHLW GXUFK =XVDW] YRQ JH KDEWJHZHVHQ VLJQDOLVLHUW ZHUGHQ >@ $X‰HU GLHVHU ´3 H U I H N W V W U H F N X Q J ´ GLH DOV ODQGVFKDIWOLFKHU (UVDW] GHV 3OXVTXDPSHUIHNWV ]X YHUVWHKHQ LVW ILQGHQ VLFK YHUHLQ]HOWOLWHUDWXUVSUDFKOLFKH%HOHJH>@GLHDOV$XVGUXFNVIRUPHLQHU·9RU]HLWLJ NHLW*UDGHV·JHGHXWHWZHUGHQN|QQHQ>@ (UEHQ 

(QJHO GHVVHQ $XVIKUXQJHQ VLFK DXI NRQMXQNWLYLVFKH 'RSSHOSHUIHNWELO GXQJHQ EHVFKUlQNHQ VFKHLQW DOV (UNOlUXQJVKLQWHUJUXQG IU GLH (QWVWH KXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQHEHQIDOOVGHQ3UlWHULWXPVFKZXQG]X YHUPXWHQGDHUGLHVHYRUUDQJLJGHPREHUGHXWVFKHQ6SUDFKJHELHW]XRUG QHWXQGDOV3OXVTXDPSHUIHNWHQWVSUHFKXQJFKDUDNWHULVLHUW =XGHQEHLGHQ.RQMXQNWLYIRUPHQOl‰WVLFKEHUGLHVHLQH)RUPELOGHQGLHGHP 3OXVTXDPSHUIHNWHQWVSULFKW'DQXQHLQHUVHLWVGDV3OXVTXDPSHUIHNWVLFKDXV3Ul WHULWXP XQG 3HUIHNW ]XVDPPHQVHW]W XQG DQGHUHUVHLWV LP .RQMXQNWLYEHUHLFK DOV (QWVSUHFKXQJ]XP3UlWHULWXPHEHQIDOOVHLQH3HUIHNWIRUPYHUZHQGHWZLUGHUJLEW VLFK KLHUEHL HLQH GRSSHOWH 3HUIHNWIRUP 'HP QLFKWNRQMXQNWLYLVFKHQ 6DW]JHIJH 6LHZDUVRHEHQDQJHNRPPHQDOVHUDQULHIHQWVSULFKWVRGLHNRQMXQNWLYLVFKH)RUPXOLH UXQJ $EHULFKWHWH VLHVHLVRHEHQDQJHNRPPHQJHZHVHQDOVHUDQJHUXIHQKDEH(LQVROFKHV Ä'RSSHOSHUIHNW·LVWDOOHUGLQJVUHODWLYVHOWHQDQ]XWUHIIHQ(VILQGHWVLFKLPJDQ]HQ PHKU LQ 6GGHXWVFKODQG ZR GLH 0XQGDUWHQ NHLQ 3UlWHULWXP NHQQHQ XQG VWDWW GHVVHQDXVQDKPVORVGDV3HUIHNWYHUZHQGHQ DOVLQ0LWWHOXQG1RUGGHXWVFKODQG (QJHO 

$OV ÅUHJLRQDOH (UVDW]IRUPHQ GHV 3OXVTXDPSHUIHNWV´ EHWUDFKWHQ DXFK GLH $XWRUHQ GHU ,G6*UDPPDWLN GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ XQG NODP PHUQ GLHVH DXIJUXQG GHU JHQDQQWHQ UHJLRQDOHQ 9RUNRPPHQVEHJUHQ]XQJ DXVLKUHQ$XVIKUXQJHQLP7HPSXVNDSLWHODXV=XU5HFKWIHUWLJXQJGLHVHV



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



9RUJHKHQV ]LHKHQ VLH GHQ )RUVFKXQJVEHLWUDJ YRQ +DXVHU6XLGD+RSSH %HXJHO  KHUDQ ,QGHUhEHUVLFKW QLFKWDXIJHQRPPHQVLQGGLHVRJHQDQQWHQÄVXSHUNRPSRQLHUWHQ )RUPHQ·DXVILQLWHP+LOIVYHUE3DUWL]LS,,GHV+LOIVYHUEV3DUWL]LS,,GHV9ROO YHUEV]%*HVWHUQKDEHLFKJHVFKODIHQJHKDEW6ROFKH)RUPHQVLQGUHJLRQDODOV(UVDW] IRUPHQGHV3UlWHULWXPSHUIHNWVGDJHEUlXFKOLFKÄZRGLHSUlWHULWDOH)RUPJDQ]JH VFKZXQGHQ LVW RGHU ]XJXQVWHQ GHV >3UlVHQV@3HUIHNWV LQ VWDUNHP 0D‰H ]XUFNWULWW· +DXVHU6XLGD+RSSH%HXJHO    'LHV LVW ODXW +DX VHU+RSSHLQGHQREHUGHXWVFKHQ0XQGDUWHQGHU)DOODEHUDXFKLQGHQRVWXQG ZHVWPLWWHOGHXWVFKHQ ,G6*UDPPDWLN 

bKQOLFKIKUHQ+HQWVFKHO:H\GW]XP'RSSHOSHUIHNWDXV 'DV 'RSSHOSHUIHNW LVW LP VGOLFKHQ GHXWVFKHQ 6SUDFKUDXP GXUFKJHKHQG JH EUlXFKOLFKXQGHUVHW]WGRUWGDV3OXVTXDPSHUIHNWGDVZHJHQGHPIHKOHQGHQ3Ul WHULWXPQLFKWJHELOGHWZHUGHQNDQQ,FKKDEHHVLKPJHVDJWJHKDEWDEHUHUKDWHVYHUJHV VHQ'DVKDEHLFKYRUKHUQLFKWJHZXVVWJHKDEW +HQWVFKHO:H\GW 

'LHVHUNXU]H6WUHLI]XJGXUFKGLH*UDPPDWLNRJUDSKLHGHV'HXWVFKHQGUI WHGHXWOLFKJHPDFKWKDEHQGDVVGHU3UlWHULWXPVFKZXQGK\SRWKHVHWDWVlFK OLFK HLQH ODQJH 7UDGLWLRQ LQ GHU *UDPPDWLNVFKUHLEXQJ ]XNRPPW 6FKRQ YRP  -DKUKXQGHUW DQ ELV LQ GLH *HJHQZDUWVJUDPPDWLNHQ ZHUGHQ GLH GRSSHOWHQ3HUIHNWELOGXQJHQYRUUDQJLJDOV(UVDW]IRUPHQIU3OXVTXDPSHU IHNWJHZHUWHW,KUH+HUDXVELOGXQJZLUG]XPHLVWLQHLQHQGLUHNWHQ=XVDP PHQKDQJ ]XP 3UlWHULWXPVFKZXQG XQG GHP GDPLW HLQKHUJHKHQGHQ 3OXV TXDPSHUIHNWVFKZXQG JHVWHOOW 3OXVTXDPSHUIHNWHUVDW] VWHOOW ELV DXI HLQLJH $XVQDKPHQ EVSZ (UEHQ  +HOELJ%XVFKD  XQG 'XGHQ  GLHHLQ]LJH)XQNWLRQGDUGLH*UDPPDWLNHQGHQGRSSHOWHQ3HUIHNW ELOGXQJHQ]XZHLVHQZDVGHUHQ6WDWXVDOV.RPSHQVDWLRQVIRUPIUIHKOHQ GHV3OXVTXDPSHUIHNWGHXWOLFKKHUYRUKHEW  8PJDQJPLWGHU3UlWHULWXPVFKZXQGK\SRWKHVH LQGHU)RUVFKXQJVOLWHUDWXU 1DFKGHP IHVWJHVWHOOW ZHUGHQ NRQQWH GDVV GLH 3UlWHULWXPVFKZXQGK\SR WKHVHLQ*UDPPDWLNHQZHLWH9HUEUHLWXQJIDQGXQGQRFKILQGHWLVWLP)RO JHQGHQGHU)UDJHQDFK]XJHKHQZLHGLHHLQVFKOlJLJH'RSSHOSHUIHNWOLWHUD WXU PLW GHU 3UlWHULWXPVFKZXQGK\SRWKHVH XPJHKW =LHO LVW KLHUEHL GLH /LWHUDWXUDXI$UJXPHQWHIUE]ZJHJHQGLH3UlWHULWXPVFKZXQGK\SRWKHVH ]X GXUFKVXFKHQ ,Q $QEHWUDFKW GHU REHQ DQJHIKUWHQ *UDPPDWLNHQ GLH DOV (UNOlUXQJVKLQWHUJUXQG IU GLH ([LVWHQ] GHU GRSSHOWHQ 3HUIHNWELOGXQ JHQ PHKU RGHU ZHQLJHU GLUHNW GHQ 3UlWHULWXPVFKZXQG DQJHEHQ ZLUG HV YHUZXQGHUQGDVVQXUVHKUZHQLJHHLQVFKOlJLJH%HLWUlJH]XGHQGRSSHOWHQ 3HUIHNWELOGXQJHQ HEHQVR YRUEHKDOWORV YRUJHKHQ'LH 0HKUKHLW GHU DQ]X IKUHQGHQ7H[WHVWHKWGHU+\SRWKHVHGXUFKDXVNULWLVFKJHJHQEHU



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 %HIUZRUWHU 'LH ZHQLJHQ %HLWUlJH GLH GLH 3UlWHULWXPVFKZXQGK\SRWKHVH DOV (UNOl UXQJVKLQWHUJUXQG IU GRSSHOWH 3HUIHNWELOGXQJHQ EHIUZRUWHQ KDEHQ JH PHLQVDPGDVVVLHVLFKPLWLKUHQ%HWUDFKWXQJHQOHGLJOLFKDXIGDVREHUGHXW VFKH 6SUDFKJHELHW EH]LHKHQ (V KDQGHOW VLFK XP GLH $UEHLWHQ YRQ /LQGJUHQ  7ULHU  6HPHQMXN  XQG*HUVEDFK   /LQGJUHQ   VLHKW GHQ 3UlWHULWXPVFKZXQG XQG GLH (QWZLFNOXQJ YRQ GRSSHOWHQ3HUIHNWELOGXQJHQLQHLQHPNODUNDXVDOHQ=XVDPPHQKDQJ'RS SHOSHUIHNWHUJlQ]WGLH/FNHGLHGXUFKGHQPLWGHP3UlWHULWXPVFKZXQG HLQKHUJHKHQGHQ3OXVTXDPSHUIHNWVFKZXQGLP2EHUGHXWVFKHQHQWVWHKW ,P2EHUGHXWVFKHQVFKOXJGLH(QWZLFNOXQJMHGRFKDQGHUH%DKQHQHLQ+LHUJLQJ LP  -K GDV 3UlWHULWXP YHUORUHQ XQG HV HUJDE VLFK ]XQlFKVW ZLHGHU HLQH =ZHLJOLHGHUXQJGLHIUHLOLFKVHKUEDOGPLWHLQHUQRFKPDOLJHQ8PVFKUHLEXQJGHP VRJ GRSSHOWHQ 3HUIHNW HUJlQ]W ZXUGH VR GDVV HLQGUHLJOLHGULJHV 6FKHPD DXI]X VWHOOHQLVW HUQLPPW HUKDWJHQRPPHQ HUKDWJHQRPPHQJHKDEW /LQGJUHQ 

$QGHU/LQGJUHQ·VFKHQ6FKHPDWLVLHUXQJZLUGGHVVHQ$XIIDVVXQJGHXWOLFK GDVVGDV'RSSHOSHUIHNWGLH3RVLWLRQYRQ3OXVTXDPSHUIHNWYROOVWlQGLJHLQ JHQRPPHQKDEHXQG]XPREOLJDWRULVFKHQ7HPSXV]XU6LJQDOLVLHUXQJYRQ 9RUYHUJDQJHQKHLWLP2EHUGHXWVFKHQJHZRUGHQVHL $XFKIU7ULHUOLHJWPLW'RSSHOSHUIHNWHLQH.RPSHQVDWLRQVIRUPIU 3OXVTXDPSHUIHNWLP2EHUGHXWVFKHQYRU%HLLKPZLUGYDPLWGHUUHJLR QDOHQ=XRUGQXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQDUJXPHQWLHUW $QGHUVDOVGDV6FKHLQSOXVTXDPSHUIHNWLVWHWZDV]XEHXUWHLOHQZDVLFKKLHUHLQ PDOVFKHU]KDIWXQGRKQHGDPLW HLQHQ7HUPLQXVHLQIKUHQ]XZROOHQGDV8OWUD SHUIHFWXPQHQQHQP|FKWH:HQQPDQHU]lKOHQGHV3HUIHNWDOVVGGHXWVFKH:HL VH ]XJLEW GDQQ PX‰ PDQ HLQVHKHQ GD‰ HLQ VROFKHU (U]lKOHU LP 5FNEOLFN DXV GHP .UHX]XQJVSXQNW VHLQHV (U]lKOWHPSXV QRFK HLQ 7HPSXV EUDXFKW GDV GLH /HLVWXQJ EHUQLPPW GLH EHLP 5FNEOLFN YRP KRFKVSUDFKOLFKHQ ,PSHUIHNW DXV GDVKRFKVSUDFKOLFKH3OXVTXDPSHUIHNW]XHUIOOHQKDW(VEOHLEWLKPQLFKWVEULJ DOV KLQWHU GHP 3HUIHNW HLQ ]ZHLWHV JHVWHLJHUWHV 3HUIHNW HLQ GRSSHOWHV 3HUIHNW HEHQHLQ8OWUDSHUIHNWDXI]XEDXHQ 7ULHU 

6HPHQMXNEHWUDFKWHW'RSSHOSHUIHNWHEHQIDOOVDOVHLQHREHUGHXWVFKH.RP SHQVDWLRQVIRUP IU GDV JHVFKZXQGHQH 3OXVTXDPSHUIHNW 6LH VWHOOW HLQHQ GLUHNWHQ =XVDPPHQKDQJ ]XP 3UlWHULWXPVFKZXQG KHU LQGHP VLH DUJX BBBBBBBBBBBBBBBBBBB



8QWHUÄ6FKHLQSOXVTXDPSHUIHNW·YHUVWHKW7ULHUGLH9HUZHQGXQJHLQHU3OXVTXDPSHUIHNWIRUP LQ GHU %HGHXWXQJ HLQIDFKHU 9HUJDQJHQKHLW 6HLQHV (UDFKWHQV KDQGHOW HV VLFK KLHUEHL XP HLQH ÅDXV 8QVLFKHUKHLW >LQIROJH GHV 3UlWHULWXPVFKZXQGHV $QP GHU 9HUI@ HQWVWHKHQGH .RQWDPLQDWLRQYRQ3HUIHNWXQG,PSHUIHNW´  



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



PHQWLHUW GDVV GDV 9RUNRPPHQVJHELHW GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ PLWGHPGHV3UlWHULWXPVFKZXQGHVNRUUHOLHUH 'HU+HUNXQIWQDFKOLHJHQVGGHXWVFKH)RUPHQYRUGLHLQGHU)XQNWLRQGHU9HU JDQJHQKHLWLQMHQHQ)lOOHQDXIWUHWHQLQGHQHQLQGHUJHVSURFKHQHQ6SUDFKHXQG LQ GLDOHNWDO JHIlUEWHU 6SUDFKH VRZRKO GDV 3UlWHULWXP ZLH GDV 3OXVTXDPSHUIHNW IHKOHQ>@ 6HPHQMXN 

*HUVEDFKlX‰HUWVLFKLQ%H]XJDXIGLH%HGHXWXQJGHUGRSSHOWHQ3HUIHNW ELOGXQJHQLQVHLQHU0RQRJUDSKLH]XGHQ9HUJDQJHQKHLWVWHPSRUDGHUJH VSURFKHQHQREHUGHXWVFKHQ6SUDFKHIROJHQGHUPD‰HQ )UGLH=HLWUHIHUHQ]]HLJWHVLFKGD‰GDVGRSS3HUIJDQ]EHUZLHJHQGPLW5HIH UHQ] DXI Ä9RUYHUJDQJHQKHLW· YHUZHQGHW ZLUG GLH 5HIHUHQ] DXI Ä9HUJDQJHQKHLW· VSLHOWGHPJHJHQEHUNDXPHLQH5ROOH>@ *HUVEDFK 

'LH%HVWLPPXQJGHV'RSSHOSHUIHNWVDOV9RUYHUJDQJHQKHLWVLJQDOLVLHUHQGH 6WUXNWXU YHUGHXWOLFKW *HUVEDFKV $XIIDVVXQJ Å>G@D‰ GRSS3HUI JDQ]  EHUZLHJHQGDOV(UVDW]IU3OSHUIIXQJLHUW´   $XVGHQGDUJHVWHOOWHQ%HLWUlJHQODVVHQVLFK]ZHL+DXSWDUJXPHQWHKH UDXVILOWHUQGLHIUGLH5LFKWLJNHLWGHU3UlWHULWXPVFKZXQGK\SRWKHVHDQJH IKUWZHUGHQ $UJXPHQWSUR  $UJXPHQWSUR 

 

 

.RUUHODWLRQGHV9RUNRPPHQVJHELHWHVGRSSHOWHU 3HUIHNWELOGXQJHQPLWGHP3UlWHULWXPVFKZXQGJHELHW 9RUYHUJDQJHQKHLWVEHGHXWXQJGHUGRSSHOWHQ 3HUIHNWELOGXQJHQ

,Q7DEHOOHZHUGHQGLHEHVSURFKHQHQ$UEHLWHQPLWGHQDQJHIKUWHQ$U JXPHQWHQ QRFKPDOV GDUJHVWHOOW HUJlQ]W XP GDV MHZHLOLJH 9HUIDKUHQ ]XU hEHUSUIXQJGHU$UJXPHQWH



BBBBBBBBBBBBBBBBBBB





(V OlVVW VLFK GDUEHU QDFKGHQNHQ RE QRFK HLQ $UJXPHQW SUR  Ä9RUNRPPHQ GRSSHOWHU 3HUIHNWELOGXQJHQQXULQ'LDOHNWJHELHWHQE]ZLQ1lKHVSUDFKH·KLQ]X]XIJHQZlUH(VZLUG DQGLHVHU6WHOOHMHGRFKGDYRQDEJHVHKHQGDGLH)UDJHQDFKGHU.RUUHODWLRQGHU+HUDXVELO GXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQPLWYRP3UlWHULWXPVFKZXQGEHWURIIHQHQ9DULHWlWHQ ]XPLQGHVW WHLOZHLVH YRP $UJXPHQWSUR  HUIDVVW ZLUG 'LH )UDJH LQ ZHOFKHQ 6SUDFKUlX PHQGLHGRSSHOWHQ3HUIHNWELOGXQJHQ YRUUDQJLJ YRUNRPPHQ E]ZGLH )UDJH QDFKGLVWDQ] XQGQlKHVSUDFKOLFKHU9HUZHQGXQJZLUGLQ.DSE]Z.DSDXIJHJULIIHQ 8QWHUÄhEHUSUIXQJVYHUIDKUHQ·ZLUGKLHUGLH$UWXQG:HLVHYHUVWDQGHQZLHLQGHQMHZHLOL JHQ%HLWUlJHQGLHGDUJHOHJWHQ$UJXPHQWHDXILKUH5LFKWLJNHLWXQWHUVXFKWZHUGHQ



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

$UJXPHQW   /LQGJUHQ     7ULHU     6HPHQMXN     %HLWUDJ

*HUVEDFK  





hEHUSUIXQJVYHUIDKUHQ NHLQhEHUSUIXQJVYHUIDKUHQ NHLQhEHUSUIXQJVYHUIDKUHQ NHLQhEHUSUIXQJVYHUIDKUHQ NHLQhEHUSUIXQJVYHUIDKUHQ $UJXPHQW  E]ZNHLQQDFKYROO]LHKEDUHV hEHUSUIXQJVYHUIDKUHQ $UJXPHQW 

7DEHOOH$UJXPHQWHIUGLH3UlWHULWXPVFKZXQGK\SRWKHVH

 .ULWLVFKH6WLPPHQ :LH EHUHLWV HUZlKQW IlOOW GHU $QWHLO GHU HLQVFKOlJLJHQ %HLWUlJH GLH GHU 3UlWHULWXPVFKZXQGK\SRWKHVH NULWLVFK JHJHQEHUVWHKHQ GHXWOLFK K|KHU DXVDOVGHUGHUEHIUZRUWHQGHQ$UEHLWHQ,P)ROJHQGHQZHUGHQGLH.ULWLN EHQGHQ %HLWUlJH JHQDQQW XQG GHUHQ $UJXPHQWH JHJHQ GLH 3UlWHULWXP VFKZXQGK\SRWKHVHGDUJHVWHOOW /LWYLQRY  lX‰HUW.ULWLNDQGHU3UlWHULWXPVFKZXQGK\SRWKHVHDQ KDQGYRQ]ZHLHUOHL3XQNWHQ=XQlFKVWVWHOOWHUGDUGDVVGLH([LVWHQ]GHV 'RSSHOSOXVTXDPSHUIHNWV LQ GHQ GLH 3UlWHULWXPVFKZXQGK\SRWKHVH EHIU ZRUWHQGHQ$QVlW]HQQLFKWHUNOlUEDULVW ,Q NHLQHU GHU ]LWLHUWHQ $UEHLWHQ MHGRFK LVW GDV 3OXVTXDPSHUIHNW ,, GHU 7\S ,FK KDWWHHVJHPDFKWJHKDEW HUZlKQWGDVVLFKLQGHVVHQDXFKEHOHJHQOlVVW>@KLHULVWPLW GHU,GHHGHUÅ8PVFKUHLEXQJHQ´QLFKWZHLWHU]XNRPPHQ /LWYLQRY 

'HV:HLWHUHQ]HLJWHUDQKDQGYRQ%HOHJHQGHVXQG-DKUKXQGHUWV GDVV VLFK OLWHUDWXUVSUDFKOLFKH GRSSHOWH 3HUIHNWELOGXQJHQ DXV GHP JHVDP WHQ GHXWVFKHQ 6SUDFKUDXP DXIILQGHQ ODVVHQ  ²  ZRGXUFK GLH 3UlWHULWXPVFKZXQGK\SRWKHVHHUQHXWLQ)UDJH]XVWHOOHQLVW(LQHDOWHUQDWL YH +HUDXVELOGXQJVK\SRWKHVH ]XU 3UlWHULWXPVFKZXQGK\SRWKHVH ZLUG YRQ /LWYLQRYMHGRFKQLFKWDQJHIKUW 6KHUHENRY   QLPPW GLH 1LFKWHUNOlUEDUNHLW GHU ([LVWHQ] YRQ 'RSSHOSOXVTXDPSHUIHNW ]XP $QODVV XP ]ZLVFKHQ REHUGHXWVFKHQ XQG QLFKWREHUGHXWVFKHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ ]X XQWHUVFKHLGHQ $OV (UNOlUXQJVKLQWHUJUXQG IU GLH REHUGHXWVFKHQ %LOGXQJHQ EHIUZRUWHW HU GLH3UlWHULWXPVFKZXQGK\SRWKHVH 'HU 6FKZXQG GHV 3UlWHULWXPV XQG GHV 3OXVTXDPSHUIHNWV LQ GHQ REHUGHXWVFKHQ 0XQGDUWHQ ² -DKUKXQGHUW  KDWWH XD GLH +HUDXVELOGXQJ HLQHU GRSSHOWHQ 3HUIHNWXPVFKUHLEXQJ YRP 7\SXV LFK KDEH YHUJHVVHQ JHKDEW ]XU )ROJH GLH KLHU GDV IHKOHQGH 3OXVTXDPSHUIHNW HUVHW]W XQG DOV JOHLFKEHUHFKWLJWHV *OLHG GHV 7HPSXV V\VWHPVDOVRDOVHLQH=HLWIRUPDQJHVHKHQZLUG 6KHUHENRY 



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



,Q lKQOLFKHU :HLVH ZLH /LQGJUHQ    JHKW 6KHUHENRY YRQHLQHP REOLJDWRULVFKHQ *HEUDXFK YRQ 'RSSHOSHUIHNW DOV 3OXVTXDPSHUIHNWHUVDW] LP 2EHUGHXWVFKHQ DXV 'LH ([LVWHQ] YRQ 'RSSHOSOXVTXDPSHUIHNWVRZLH GDV9RUNRPPHQYRQGRSSHOWHQ3HUIHNWELOGXQJHQLQGHU/LWHUDWXUVSUDFKH PRWLYLHUHQ 6KHUHENRY GD]X HLQHQ ÅQRUPDOVSUDFKOLFKHQ´ YV UHJLRQDO VSUDFKOLFKVWLOLVLHUHQGHQ *HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQDQ]X QHKPHQ    IU GHQ GHU 3UlWHULWXPVFKZXQG DOV +HUDXVELOGXQJV K\SRWKHVHQLFKWJHOWHQNDQQ(LQH+HUDXVELOGXQJVK\SRWKHVHIUÄQRUPDO VSUDFKOLFKH· GRSSHOWH 3HUIHNWELOGXQJHQ ZLUG MHGRFK EHL 6KHUHENRY QLFKW YRUJHVFKODJHQ 'LH YHUZHQGHWHQ 7HUPLQL ZLH ÄVWLOLVLHUHQG· XQG ÄQRUPDO VSUDFKOLFK· EOHLEHQ ]XGHP LQVRIHUQ XQNODU DOV GDVV QLFKW H[SOL]LHUW LVW ZHOFKH MHZHLOLJH 9DULHWlW E]Z 9DULHWlWHQGLPHQVLRQ GDUXQWHU YHUVWDQGHQ ZLUG bKQOLFKH .ULWLNSXQNWH ZLH GLH EHUHLWV JHQDQQWHQ lX‰HUQ +DXVHU6XL GD+RSSH%HXJHO   ,KU 1DFKZHLV GDVV GRSSHOWH 3HUIHNWELOGXQJHQ QLFKW QXU LP 2EHUGHXWVFKHQ EHOHJW VLQG IKUW GLH $XWRULQQHQ MHGRFK QLFKW VRIRUW ]XU ,QIUDJHVWHOOXQJ GHU 3UlWHULWXPVFKZXQGK\SRWKHVH 9LHO PHKU IKUHQ VLH DOV (UNOlUXQJ GLHVEH]JOLFK DQ ÅGD‰ GHU 3UlWHULWXP VFKZXQG QLFKW QXU DXI REHUGHXWVFKH 0XQGDUWHQ EHVFKUlQNW LVW´   'DV9RUNRPPHQYRQ'RSSHOSOXVTXDPSHUIHNWYHUDQODVVWGLH$XWR ULQQHQMHGRFKGD]XGLH3UlWHULWXPVFKZXQGK\SRWKHVHDOVDOOHLQLJH+HUDXV ELOGXQJVK\SRWKHVHDE]XOHKQHQ 'D‰ GLH 'RSSHOXPVFKUHLEXQJ QLFKW QXU DXV GHP 3UlWHULWXPVFKZXQG HUNOlUW ZHUGHQ NDQQ ]HLJHQ GLH IU EHVWLPPWH 0XQGDUWJHELHWH EHVWlWLJWHQ )RUPHQ PLW 3UlWHULWXPYRQKDEHQ3DUWL]LS,,JHKDEWGLHJHUDGHGHPREHUGHXWVFKHQ7HP SXVV\VWHP QLFKW DQJHK|UHQ N|QQHQ 'LH 'RSSHOXPVFKUHLEXQJ VWHKW DOVR LQ EH VWLPPWHQ'LDOHNWJHELHWHQQ H E H Q GHP3OXVTXDPSHUIHNW>@ +DXVHU6XLGD+RSSH%HXJHO 

9DWHU   JUHLIW GHQ EHUHLWV PHKUIDFK DQJHIKUWHQ 'LVNXVVLRQVSXQNW DXIGDVVQHEHQ'RSSHOSHUIHNWDXFK'RSSHOSOXVTXDPSHUIHNWH[LVWLHUH,P *HJHQVDW] ]X GHQ ELVKHULJHQ %HLWUlJHQ IRUPXOLHUW HU HLQH NQDSSH (UNOl UXQJVP|JOLFKNHLWIU'RSSHOSOXVTXDPSHUIHNWGLHPLWGHU0|JOLFKNHLWHL QHUXUVSUQJOLFKHQ+HUDXVELOGXQJYRQ'RSSHOSHUIHNWGXUFKGHQ3UlWHUL WXPVFKZXQGYHUHLQEDULVW 'DV 'RSSHOSOXVTXDPSHUIHNW Ol‰W VLFK QLFKW GXUFK GHQ REHUGHXWVFKHQ 3UlWHUL WXPVFKZXQGHUNOlUHQGDEHLGLHVHP3UR]H‰PLWGHQ3UlWHULWDOIRUPHQYRQKDEHQ XQG VHLQ MD )RUPEHVWDQGWHLOH GHV 3OXVTXDPSHUIHNWV ZHJILHOHQ (V HUNOlUW VLFK ZRKO HKHU GXUFK $QDORJLH ]XP 'RSSHOSHUIHNW XQG GDV %HGUIQLV QDFK HLQHP $XVGUXFNIU9RU9RUYHUJDQJHQKHLW lKQOLFKZLHGDVIUDQ]|VLVFKHSDVVpVXUFRP SRVp  9DWHU 

*HQDXHUH$XVIKUXQJHQGD]XZDVHUXQWHUÄ$QDORJLH]XP'RSSHOSHUIHNW· YHUVWHKWPDFKW9DWHUQLFKW*HPHLQWLVWKLHUZRKOGDVVGDV9RUNRPPHQ YRQ'RSSHOSHUIHNW]XHLQHPEHVWLPPWHQ=HLWSXQNWHLQH(UZHLWHUXQJGHU



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

.RQVWUXNWLRQ DXI GLH EULJHQ 3HUIHNWELOGXQJHQ DXVO|VWLQVEHVRQGHUH DXI GDVVWDQGDUGVSUDFKOLFKH3OXVTXDPSHUIHNW 7KLHURII  lX‰HUWVLFKNULWLVFK]XU3UlWHULWXPVFKZXQGK\SRWKHVH LQGHPHU)UDJHQIRUPXOLHUWGLHGLH%HGHXWXQJGHV'RSSHOSHUIHNWVEHWUHI IHQ ,VWDOVRGDV3HUIHNW,,WDWVlFKOLFKQXUHLQÅ(UVDW]´IUGDV3OXVTXDPSHUIHNWGHU DXVJHKHQG YRP 2EHUGHXWVFKHQ GHQ JHVDPWHQ GHXWVFKHQ 6SUDFKUDXP HUREHUW KDW" .DQQ GHP 3HUIHNW,, PLWKLQ NHLQH HLJHQH )XQNWLRQ ]XJHZLHVHQ ZHUGHQ" 7KLHURII 

7KLHURII ZHQGHW VLFK YD GHU $XIJDEH ]X HLQH HLJHQVWlQGLJH %HGHXWXQJ IU'RSSHOSHUIHNWXQG'RSSHOSOXVTXDPSHUIHNWKHUDXV]XDUEHLWHQ(LQHDO WHUQDWLYH +HUDXVELOGXQJVK\SRWKHVH ]XU 3UlWHULWXPVFKZXQGK\SRWKHVH lX ‰HUWHUQLFKW $XFK 'RURZ EHXUWHLOW GLH 3UlWHULWXPVFKZXQGK\SRWKHVH NULWLVFK LQ GHP HU GDUDXI KLQZHLVW GDVV GDV REHUGHXWVFKH 3OXVTXDPSHUIHNW NHLQHV ZHJV YROOVWlQGLJ XQWHUJHJDQJHQ VHL VR GDVV YRQ HLQHU hEHUQDKPH GHU 9RUYHUJDQJHQKHLWVEHGHXWXQJ GXUFK 'RSSHOSHUIHNW QXU EHGLQJW GLH 5HGH VHLQ NDQQ    (LQ ZHLWHUHV $UJXPHQW JHJHQ GLH 'DUVWHOOXQJ YRQ 'RSSHOSHUIHNW DOV 3OXVTXDPSHUIHNWHUVDW] VLHKW 'RURZ LQ GHU %HGHXWXQJ YRQ'RSSHOSHUIHNW 'DV'23)>'RSSHOSHUIHNW$QPGHU9HUI@ZLUGLQGHQVGGHXWVFKHQ0XQGDU WHQQlPOLFKVHOEVWLQVROFKHQ.RQWH[WHQJHEUDXFKWZRGDVHLQIDFKH3HUIHNWDXV UHLFKHQZUGHZRDOVROHGLJOLFKHLQH9HUJDQJHQKHLWVLJQDOLVLHUWZHUGHQVROO>«@ HEG 

$OV GULWWHV $UJXPHQW JHJHQ GLH 3UlWHULWXPVFKZXQGK\SRWKHVH ZLUG DXFK EHL'RURZGLH([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNWDQJHIKUW 8QG VFKOLH‰OLFK EH]HLFKQHW GDV QLFKW PLQGHU EHUUHJLRQDO YHUEUHLWHWH '23/483)>'RSSHOSOXVTXDPSHUIHNW$QPGHU9HUI@KlXILJJHQDXVRZLHGDV '23) QLFKWV ZHLWHU DOV HLQH HLQIDFKH 9RU9HUJDQJHQKHLW 'RFK JHUDGH GLHVH )RUP VR GLH HLQKHOOLJH 0HLQXQJ GHU )RUVFKHU /LWYLQRY  6KHUHENRY 9DWHU ODVVHVLFKYRUDOOHPZHJHQVHLQHUSUlWHULWDOHQ%HVWDQGWHL OHDEHUDXFKZHJHQVHLQHUYRP3OXVTXDPSHUIHNWJlQ]OLFKXQDEKlQJLJHQWHPSR UDOHQ%HGHXWXQJXQP|JOLFKDXIGHQREHUGHXWVFKHQ3UlWHULWXPVFKZXQG]XUFN IKUHQ HEG 

,QGHU0RQRJUDSKLH]XGHQGRSSHOWHQ3HUIHNWELOGXQJHQLQGHU/LWHUDWXU VSUDFKH YRQ /LWYLQRY5DGÿHQNR   ILQGHW VLFK LQ %H]XJ DXI GLH +HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQHLQHlKQOLFKH,QWHUSUHWDWL RQZLHEHL6KHUHENRY  (VZLUG]ZLVFKHQVGGHXWVFKHQ%LOGXQJHQ IU GLH LP *HVSURFKHQHQ YRQ HLQHU $XVZHLWXQJ EHU GDV REHUGHXWVFKH 6SUDFKJHELHWKLQDXVDXVJHJDQJHQZLUGXQGOLWHUDULVFKHQ%LOGXQJHQXQWHU VFKLHGHQ II )UGLHREHUGHXWVFKHQGRSSHOWHQ3HUIHNWELOGXQJHQ JLOWDXFKEHL/LWYLQRY5DGÿHQNRGHU.RPSHQVDWLRQVDVSHNW



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



'HU DQGHUH KlXILJH *UXQG GHU '3%LOGXQJ GLH .RPSHQVDWLRQ YRQ DEJH VFKZlFKWHQ 3UlWHULWDOIRUPHQ LVW GHP 'HXWVFKHQ MHGRFK EHNDQQW 'LH VGGHXW VFKHQ'3)JHK|UHQRIIHQVLFKWOLFK]XGLHVHP7\S /LWYLQRY5DGÿHQNR 

'LHOLWHUDULVFKHQ%HOHJHKDOWHQGLH$XWRUHQDXIJUXQGLKUHU1LFKWHUNOlUEDU NHLW GXUFK .RPSHQVDWLRQ IU GLHMHQLJHQ GLH GDV HLJHQWOLFKH :HVHQ GHU GRSSHOWHQ3HUIHNWELOGXQJHQDPEHVWHQZLGHUVSLHJHOQZUGHQ :HQQLPJHVSURFKHQHQ'HXWVFKGDV3HUIHNW,,EHUGDV 3OXVTXDPSHUIHNW,, EHUZLHJW VR LVW LQ QDUUDWLYHQ *HQUHV GHU JHVFKULHEHQHQ 6SUDFKH JHQDX GDV *H JHQWHLOGHU)DOO'LH(U]lKOIRUPLVWKLHUPHLVWHQVGDV3UlWHULWXPGLHVH)RUPLVW JOHLFKVDPGLH*HJHQZDUWVIRUPGHU(UHLJQLVVHGLHGDGXUFKJHJHQGLH*HJHQZDUW GHV(U]lKOHUVXQGGHV/HVHUVDEJHKREHQLVW+LHUJLEWHVNHLQH)RUP]XNRPSHQ VLHUHQ XQG GDV 3KlQRPHQ GHU '3) YHUODQJW QDFK HLQHU DQGHUHQ $XVGHXWXQJ 'HVKDOELVWGLH6SUDFKHGHUQDUUDWLYHQ7H[WHGDVZLUNOLFKJHHLJQHWH0DWHULDOXP GDV:HVHQGHUGHXWVFKHQ'3)DXI]XGHFNHQ0LWDQGHUHQ:RUWHQGHUHLJHQWOLFKH 7\SGHU'3)LVWLQGHU/LWHUDWXUVSUDFKHUHDOLVLHUWLPJHVSURFKHQHQ'HXWVFKLVWHU PLWGHPEHNDQQWHQ.RPSHQVDWLRQVW\SYHUEXQGHQ>«@ /LWYLQRY5DGÿHQNRI 

'LHÄXQHLJHQWOLFKHQ·GRSSHOWHQ3HUIHNWELOGXQJHQILQGHQEHL/LWYLQRY5DG ÿHQNR VRPLW LKUH +HUDXVELOGXQJVJUQGH LQ GHU 3UlWHULWXPVFKZXQGK\SR WKHVH)UGLHOLWHUDWXUVSUDFKOLFKHQGRSSHOWHQ3HUIHNWELOGXQJHQIRUPXOLH UHQGLH$XWRUHQMHGRFKNHLQH+HUDXVELOGXQJVK\SRWKHVHDEHUGDV'HVLGH UDWHLQHUKLVWRULVFKHQ8QWHUVXFKXQJGLHDXIJUXQGGHU%HVFKUlQNXQJLKUHU %HOHJVXFKHDXIGDVELV-DKUKXQGHUWYRQLKQHQQLFKW]XOHLVWHQZDU   úDQGRU  QLPPWDQKDQGYRQ%HOHJHQDXVGHU0XQGDUWOLWHUDWXU XQG QlKHVSUDFKOLFKHQ %HOHJHQHLQH 8QWHUVXFKXQJGHU GRSSHOWHQ 3HU IHNWELOGXQJHQ LQ GHQ %DQDWHU GHXWVFKHQ 0XQGDUWHQ 5XPlQLHQV YRU ,Q GHQYRP3UlWHULWXPVFKZXQGEHWURIIHQHQ0XQGDUWHQHUNOlUWVLHGLH([LV WHQ] GRSSHOWHU 3HUIHNWELOGXQJHQ GXUFK GLH )XQNWLRQ GHV 3OXVTXDPSHU IHNWHUVDW]HV 'RSSHOSHUIHNWELOGXQJHQ HUKDOWHQ DXFK KLHU GHQ 6WDWXV YRQ .RPSHQVDWLRQVIRUPHQ  $QGHUVVLHKWGLH'HXWXQJLQGHQMHQL JHQ0XQGDUWHQDXVGLHQRFKEHU3OXVTXDPSHUIHNWIRUPHQYHUIJHQZR GXUFK GLH 0|JOLFKNHLW DXVIlOOW 'RSSHOSHUIHNW DOV GHUHQ (UVDW]IRUP ]X EHWUDFKWHQ $XFK KLHU HUIROJW NHLQH (UDUEHLWXQJ HLQHU +HUDXVELOGXQJVK\ SRWKHVHIUQLFKWDOV.RPSHQVDWLRQVIRUPHUNOlUEDUHGRSSHOWH3HUIHNWELO GXQJHQ 0DLZDOG GLH VLFK LQ LKUHU 'LVVHUWDWLRQVVFKULIW PLW GHP WHPSRUDOHQ 6\VWHPGHV0LWWHOEDLULVFKHQEHVFKlIWLJWOHLWHWLKU.DSLWHO]XP'RSSHOSHU IHNWLP2EHUGHXWVFKHQIROJHQGHUPD‰HQHLQ )UGDV3HUIHNW,,LP2EHUGHXWVFKHQELHWHWHVVLFKDXIGHQHUVWHQ%OLFNDQYRQ HLQHU )XQNWLRQVlTXLYDOHQ] PLW GHP VWDQGDUGVSUDFKOLFKHQ 3OXVTXDPSHUIHNW DXV ]XJHKHQ 0DLZDOG 



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

$XV GHU NQDSSHQ $QDO\VH YRQ IQI QlKHVSUDFKOLFKHQ 'RSSHOSHUIHNWIRU PHQHUJLEWVLFKIU0DLZDOGGDVVGLHYRUOLHJHQGHQ%HOHJHZHQLJHUWHPSR UDOH DOV DVSHNWXHOOH %HGHXWXQJ DXIZHLVHQ XQG VRPLW QLFKW RKQH :HLWHUHV DOVIXQNWLRQVlTXLYDOHQWH)RUPHQ]XP3OXVTXDPSHUIHNWDQJHVHKHQZHUGHQ N|QQHQ ² 'DVVLP2EHUGHXWVFKHQWURW]GHPGLH0|JOLFK NHLW EHVWHKW 9RUYHUJDQJHQKHLW GXUFK 'RSSHOSHUIHNW DXV]XGUFNHQ VLHKW VLH HKHU DOV HLQH )ROJH GHV H[LVWLHUHQGHQ XQG LQ VROFKHQ )lOOHQ WHPSRUDO XPJHGHXWHWHQ 'RSSHOSHUIHNWV 0DLZDOG EHWUDFKWHW 'RSSHOSHUIHNW VRPLW QLFKWDOVHLQHLP=XJHGHV3UlWHULWXPVFKZXQGHVHQWVWDQGHQHVRQGHUQDOV HLQH XQDEKlQJLJ GDYRQ H[LVWLHUHQGH DVSHNWXHOOH 6WUXNWXU GLH LQ .RQWH[ WHQ LQ GHQHQ GDV IHKOHQGH 3OXVTXDPSHUIHNW HUVHW]W ZHUGHQ PXVV ÄHLQ VSULQJHQ·NDQQ )UGDV2EHUGHXWVFKHERWVLFKGXUFKGDV(UVFKHLQHQGHV3HUIHNW,,]XVlW]OLFKGLH 0|JOLFKNHLWGLH/FNHGLHVLFKGXUFKGHQ:HJIDOOGHV3OXVTXDPSHUIHNWVHUJHEHQ KDWWH]XVFKOLH‰HQ 0DLZDOG 

$OV ZHLWHUHV $UJXPHQW JHJHQ GLH3UlWHULWXPVFKZXQGK\SRWKHVH NDQQ DQ JHIKUWZHUGHQGDVVVLFKLQ0DLZDOGV'DWHQPDWHULDO]XP0LWWHOEDLULVFKHQ GXUFKDXV 3OXVTXDPSHUIHNWIRUPHQ ILQGHQ ODVVHQ    ZDV GLH )XQNWLRQYRQ'RSSHOSHUIHNWDOVUHLQHQ3OXVTXDPSHUIHNWHUVDW]]ZHLIHOKDIW HUVFKHLQHQOlVVW 'LH 0RQRJUDSKLH YRQ 5|GHO   EHLQKDOWHW GLH ELVKHU XPIDQJ UHLFKVWH$XVHLQDQGHUVHW]XQJPLWGHU3UlWHULWXPVFKZXQGK\SRWKHVH'DEHL GLDJQRVWL]LHUW5|GHOGDVVGLHVHLQYLHOHQ3XQNWHQ]ZDUDOVXQ]XOlQJOLFKHU (UNOlUXQJVKLQWHUJUXQG IU GLH 'RSSHOSHUIHNWELOGXQJHQ DQJHVHKHQ ZLUG GLHVMHGRFKELVKHUQLFKWGD]XIKUWHHLQHDOWHUQDWLYH+\SRWKHVHKHUDXV]X DUEHLWHQ $XVIKUOLFKH $XVHLQDQGHUVHW]XQJHQ PLW GHU (QWVWHKXQJ GRSSHOWHU 3HUIHNWELO GXQJHQ GLH EHU GLH NQDSS HUNOlUWH .RUUHODWLRQ PLW GHP 3UlWHULWXPVFKZXQG KLQDXVJHKHQ NHQQW GLH )RUVFKXQJVJHVFKLFKWH QLFKW 'DV KDW ]ZHLIHOVRKQH PLW GHP0DQJHODQ1DFKZHLVHQDXVGHU)UK]HLWGHU.RQVWUXNWLRQ]XWXQ 5|GHO 

5|GHOIKUWLP:HLWHUHQHLQH5HLKHYRQ%HREDFKWXQJHQDQGLHGLH3UlWH ULWXPVFKZXQGK\SRWKHVHLQ)UDJHVWHOOHQ6HLQHUVWHV$UJXPHQWJHJHQGLH VHQ(UNOlUXQJVKLQWHUJUXQGEHWULIIWGLHQDFKZLHYRUYRUNRPPHQGHQ3OXV TXDPSHUIHNWIRUPHQLP2EHUGHXWVFKHQ 6R LVW LQ GHU $UJXPHQWDWLRQ GLHVHV (UNOlUXQJVPXVWHUV XQNODU ZDUXP GDV 3OXV TXDPSHUIHNW PLW VHLQ LQ JOHLFKHU :HLVH GXUFK GDV 'RSSHOSHUIHNW HUVHW]W ZLUG REZRKOGLH3UlWHULWDOIRUPYRQVHLQLP2EHUGHXWVFKHQJHUDGHEHVRQGHUVIUHTXHQW ² XQG GDPLW DOVR JDU QLFKW EORFNLHUW ² LVW ,Q YLHOHQ 'LDOHNWHQ LVW GLH 3UlWHULWDO IRUP YRQ KDEHQ HEHQVR YLWDO IU HLQH (UVHW]XQJ GHV 3OXVTXDPSHUIHNWV PLW ÅKD EHQ´EHVWQGHGRUWHEHQIDOOVNHLQH1RWZHQGLJNHLW HEG 



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



'LH'DWLHUXQJGHUELVKHUIUKHVWHQ)XQGHDQGRSSHOWHQ3HUIHNWELOGXQJHQ DQKDQGGHUHUÅ>G@DV'RSSHOSHUIHNW>@QlPOLFKVFKRQYRU%HJLQQGHUHQW VFKHLGHQGHQ3KDVHGHV3UlWHULWXPVFKZXQGHVLP-DKUKXQGHUWQDFK]X ZHLVHQ´ HEG LVWVWHOOWIU5|GHOHLQZHLWHUHV*HJHQDUJXPHQWGDU$XV GHU)RUPHQYLHOIDOWGLHVHUIUKHVWHQ%HOHJHHUJLEWVLFKHLQZHLWHUHV*HJHQ DUJXPHQW ,QWHUHVVDQWHUZHLVHWULWWLQMHQHQHUVWPDOVYRQ/LWYLQRYXQG5DGÿHQNRSUlVHQWLHU WHQ%HOHJHQDXVGHP-DKUKXQGHUWGDVGRSSHOWH3HUIHNWQLFKWQXULP,QGLNDWLY DXIVRQGHUQDXFKGDVGRSSHOWH3OXVTXDPSHUIHNWXQGGLHVHV]ZDUJOHLFKHUPD‰HQ LP ,QGLNDWLY ZLH LP .RQMXQNWLY =X GLHVHP =HLWSXQNW ZDU GHU 3UlWHULWXP VFKZXQG LP 6\VWHP ZRKO EHUHLWV DQJHOHJW DEHU PDQ LVW ZHLW HQWIHUQW GDYRQ VSUHFKHQ]XN|QQHQGDVVVLFKGDV3UlWHULWXPLQHQWVFKHLGHQGHU :HLVHDXIGHP 5FN]XJEHIDQG(VLVWIUDJOLFKRE]XMHQHU=HLWEHUKDXSWVFKRQHLQH%ORFNLH UXQJGHV3OXVTXDPSHUIHNWVGXUFKGHQ3UlWHULWXPVFKZXQGDQ]XQHKPHQLVW1LFKW SODXVLEHO HUVFKHLQW HV ]X GLHVHP =HLWSXQNW EHUHLWV HLQH VR ZHLW IRUWJHVFKULWWHQH *UDPPDWLNDOLVLHUXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ DQ]XVHW]HQ GDVV QLFKW QXU GLH PXWPD‰OLFKGXUFKGHQ3UlWHULWXPVFKZXQGPHKU RGHUZHQLJHUGLUHNWDXVJHO|VWH 0|JOLFKNHLW]XU%LOGXQJHLQHVGRSSHOWHQ3HUIHNWVVRQGHUQDXFKVFKRQGLH0|J OLFKNHLW]XU%LOGXQJHLQHVGRSSHOWHQ3OXVTXDPSHUIHNWV VRJDULP.RQMXQNWLY EH VWDQG 5|GHOI 

'LHDXIJHIKUWHQ6FKZDFKVWHOOHQGHU3UlWHULWXPVFKZXQGK\SRWKHVHYHUDQ ODVVHQ 5|GHO GD]X HLQH DOWHUQDWLYH +HUDXVELOGXQJVK\SRWKHVH ]X HUDUEHL WHQLQGHUGLHPD‰JHEOLFKH9RUDXVVHW]XQJIUGLH+HUDXVELOGXQJGRSSHO WHU3HUIHNWELOGXQJHQLQGHU*UDPPDWLNDOLVLHUXQJGHV3HUIHNWV]XVHKHQLVW ²  7RSDORYLý  XQWHUVXFKW+H[HQYHUK|USURWRNROOHGHV-DKUKXQ GHUWV DXI GRSSHOWH 3HUIHNWELOGXQJHQ XQG ILQGHW  KDEHQ%HOHJH DXV  YHUVFKLHGHQHQ2UWVSXQNWHQ6LHVFKOLH‰WGDPLWHLQH%HOHJOFNHGHQQGLH )RUVFKXQJVJHVFKLFKWH YHUIJWH ELV GDWR QLFKW EHU GRSSHOWH 3HUIHNWELO GXQJHQ GHV  -DKUKXQGHUWV =X GHUHQ 9HUEUHLWXQJ VWHOOW 7RSDORYLý LQ %H]XJDXIGLH7H[WVRUWHGHU+H[HQYHUK|USURWRNROOH)ROJHQGHVIHVW 'RSSHOWH 3HUIHNWELOGXQJHQ VLQG DXFK LP  -DKUKXQGHUW JXW EHOHJW XQG LP JH VDPWHQGHXWVFKVSUDFKLJHQ*HELHWYHUEUHLWHW 7RSDORYLý 

%H]JOLFKGHU3UlWHULWXPVFKZXQGK\SRWKHVHVFKOXVVIROJHUW7RSDORYLý BBBBBBBBBBBBBBBBBBB



5|GHOEH]LHKWVLFKKLHUEHLDXIGLHLQ/LWYLQRY5DGÿHQNR  DXIJHIKUWHQIQI%HOH JH DXV GHP  -DKUKXQGHUW 'LH %HOHJH VWDPPHQ DXV HLQHU DQRQ\PHQ hEHUVHW]XQJ YRQ 3RQWXVXQG6LGRQLD HEG   'LH +\SRWKHVH GHU 3HUIHNWJUDPPDWLNDOLVLHUXQJ DOV (UNOlUXQJVKLQWHUJUXQG IU GLH (QWVWH KXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQZLUG*HJHQVWDQGGHV.DSVHLQ  6HLQ%HOHJHZHUGHQEHL7RSDORYLý  QLFKWEHUFNVLFKWLJW  'LH)RUPXOLHUXQJÄ2UWVSXQNWH·ZLUGYRQ7RSDORYLý  EHUQRPPHQ



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

'LH(UJHEQLVVHXQWHUPDXHUQDXFKGHQ6FKOXVVGDVV3HUIHNW,,XQG3OXVTXDPSHU IHNW,,QLFKWXUVSUQJOLFKGXUFKGHQVRJ3UlWHULWXPVFKZXQGLP6GGHXWVFKHQHU NOlUW ZHUGHQ N|QQHQ >@ DOOHUGLQJV VWHKHQ VLH LP 6G GHXWVFKHQ ² ZLH DXFK LQ ]DKOUHLFKHQ ZHLWHUHQ HXURSlLVFKHQ 6SUDFKHQ ² LQ HLQHU EHVRQGHUHQ %H]LHKXQJ ]XHLQDQGHU 7RSDORYLýI 

:LHEHUHLWV5|GHOVLHKW7RSDORYLýHLQHQYLHOYHUVSUHFKHQGHQ(UNOlUXQJVDQ VDW]LQGHU*UDPPDWLNDOLVLHUXQJVJHVFKLFKWHGHV3HUIHNWV ²  6RPLW NRQQWHQ LQ GHU HLQVFKOlJLJHQ /LWHUDWXU GLH IROJHQGHQ $UJX PHQWHJHJHQGLH3UlWHULWXPVFKZXQGK\SRWKHVHJHIXQGHQZHUGHQ $UJXPHQWFRQWUD  ([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNW $UJXPHQWFRQWUD  NHLQV\VWHPDWLVFKHU6FKZXQGYRQ3OXVTXDPSHUIHNW $UJXPHQWFRQWUD  9RUNRPPHQYRQGRSSHOWHQ3HUIHNWELOGXQJHQLP   JHVDPWHQ6SUDFKUDXP $UJXPHQWFRQWUD  NHLQH)XQNWLRQVlTXLYDOHQ]PLW3OXVTXDPSHUIHNW $UJXPHQWFRQWUD  IUKHVWH'RSSHOSHUIHNWEHOHJHYRU   3UlWHULWXPVFKZXQGSKDVH $UJXPHQWFRQWUD  IUKH)RUPHQYLHOIDOWGRSSHOWHU3HUIHNWELOGXQJHQ

'LHLQGHU)RUVFKXQJVOLWHUDWXU]XGHQGRSSHOWHQ3HUIHNWELOGXQJHQYRUJH IXQGHQHQ $UJXPHQWH JHJHQ GLH 3UlWHULWXPVFKZXQGK\SRWKHVH ZHUGHQ LQ 7DEHOOHGDUJHVWHOOW'DEHLZLUGDQKDQGHLQHUJHQDXHQ%HVFKUHLEXQJGHV hEHUSUIXQJVYHUIDKUHQVYHUVXFKWDXFKGLHGHU$QDO\VHMHZHLOV]XJUXQGH OLHJHQGHQ 9DULHWlWHQ JHQDX ]X HUIDVVHQ VR GDVV GDV VLFK DXV GHU 7DEHOOH HUJHEHQGH%LOGDXFKYDULHWlWHQEH]RJHQ]XLQWHUSUHWLHUHQLVW

BBBBBBBBBBBBBBBBBBB

 $XFKKLHUHUIROJHQQlKHUH(UOlXWHUXQJHQLQ.DS  %HLGHU)RUVFKXQJVOLWHUDWXUGLHVLFKNULWLVFKPLWGHU3UlWHULWXPVFKZXQGK\SRWKHVHDXVHLQ DQGHU VHW]W IHKOW %XFKZDOG:DUJHQDX   'DULQ VWHOOH LFK HUVWH $QVlW]H ]XU HPSLUL VFKHQ hEHUSUIXQJ GHU 3UlWHULWXPVFKZXQGK\SRWKHVHDQKDQG GHVGLHVHU $UEHLW ]XJUXQGH OLHJHQGHQ .RUSXV YRU 'DGLHVHU $QVDW] LQ GHU YRUOLHJHQGHQ $UEHLWDXIJHJULIIHQ XQG XP HLQLJHVGHWDLOOLHUWHUGDUJHVWHOOWZLUGDOVHVLQHLQHP$XIVDW]JHVFKHKHQNRQQWHZLUGDXIHL QH :LHGHUJDEH GHU YRUOlXILJHQ (UJHEQLVVH YRQ %XFKZDOG:DUJHQDX   YHU]LFKWHW $XFK9DWHU  ZLUGLQGHU7DEHOOHQLFKWEHUFNVLFKWLJWGDHU]ZDUDOV$UJXPHQWJHJHQ GLH 3UlWHULWXPVFKZXQGK\SRWKHVH GLH ([LVWHQ] YRQ 'RSSHOSOXVTXDPSHUIHNW DQIKUW VHLQ $UJXPHQW MHGRFK GXUFK GLH Ä$QDORJLHK\SRWKHVH· UHODWLYLHUW GHQQ JHUDGH GLH $QQDKPH 'RSSHOSOXVTXDPSHUIHNW VHL GXUFK $QDORJLH ]XP 'RSSHOSHUIHNW HQWVWDQGHQ JLEW MD GHU 3UlWHULWXPVFKZXQGK\SRWKHVHQHXH(UNOlUXQJVNUDIW  +LHUEHLLVW]XEHDFKWHQGDVVGLHVHV$UJXPHQWQXUIUGHQMHZHLOVXQWHUVXFKWHQ9DULHWlWHQ XQG7H[WVRUWHQDXVVFKQLWWJHOWHQNDQQ'LHJHQDXHQ9DULHWlWHQDQJDEHQILQGHQVLFK]XVDP PHQJHIDVVWLQ7DEHOOH



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV

$UJXPHQW      

%HLWUDJ

/LWYLQRY    6KHUHENRY    +DXVHU 6XLGD+RSSH  %HXJHO   7KLHURII  



 























 



'RURZ    

 

 

/LWYLQRY5DG ÿHQNR  



úDQGRU  

 



0DLZDOG  

 

 

5|GHO  

7RSDORYLý  

 

 





 











hEHUSUIXQJVYHUIDKUHQ DQKDQGYRQOLWHUDWXUVSUDFKOLFKHQ %HOHJHQGHVXQG-DKUKXQGHUWV DQKDQGYRQOLWHUDWXUVSUDFKOLFKHQ %HOHJHQGHV-DKUKXQGHUWV DQKDQGYRQVFKULIWVSUDFKOLFKHQ %HOHJHQGHV-DKUKXQGHUWV

DQKDQGGHV7HVWNULWHULXPVGHU =HLWHEHQHQUHNRQVWUXNWLRQ]XU   %HGHXWXQJVHUPLWWOXQJYRQ'RSSHOSHUIHNW XQG'RSSHOSOXVTXDPSHUIHNW NHLQHHLJHQHhEHUSUIXQJ   5HIHUHQ]DXI)RUVFKXQJVOLWHUDWXU DQKDQGYRQOLWHUDWXUVSUDFKOLFKHQ   %HOHJHQGHVELV-DKUKXQGHUWV DQKDQGHLQHUHPSLULVFKHQJHJHQZDUWV VSUDFKOLFKHQ8QWHUVXFKXQJYRQ%HOH   JHQDXVGHU%DQDWHU0XQGDUWOLWHUDWXUVR ZLHQlKHVSUDFKOLFKHQ0XQGDUWEHOHJHQ DQKDQGHLQHUHPSLULVFKHQJHJHQZDUWV   VSUDFKOLFKHQ8QWHUVXFKXQJYRQIQI REHUED\ULVFKHQQlKHVSUDFKOLFKHQ%HOHJHQ $UJXPHQWNHLQHHLJHQH hEHUSUIXQJ5HIHUHQ]DXI )RUVFKXQJVOLWHUDWXU $UJXPHQWXQG5HIHUHQ]DXIGLHLQ /LWYLQRY5DGÿHQNR  DXIJHIKUWHQ   IUKHVWHQ%HOHJHDXV3RQWXVXQG6LGRQLD -DKUKXQGHUW  $UJXPHQW'DUVWHOOXQJDQKDQGGHULQ /LWYLQRY5DGÿHQNR  DXIJHIKUWHQ IUKHVWHQ%HOHJHDXV3RQWXVXQG6LGRQLD -DKUKXQGHUW  HPSLULVFKH8QWHUVXFKXQJYRQ   %HOHJHQDXV+H[HQYHUK|USURWRNROOHQ GHV-DKUKXQGHUWV

7DEHOOH$UJXPHQWHJHJHQGLH3UlWHULWXPVFKZXQGK\SRWKHVH



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 )D]LW :LHLQ.DSLWHOXQGGDUJHVWHOOWZXUGHEHUZLHJHQLQGHU HLQVFKOlJLJHQ'RSSHOSHUIHNWOLWHUDWXULQ%H]XJDXIGLH3UlWHULWXPVFKZXQG K\SRWKHVH GXUFKDXV GLH *HJHQDUJXPHQWH =ZHL GHU VHFKV DXIJH]HLJWHQ *HJHQDUJXPHQWH ILQGHQ VLFK DXFK DXI GHU3UR6HLWH ZLHGHU ZHUGHQ DOVR VRZRKO DOV 3UR DOV DXFK DOV &RQWUDDUJXPHQWH DQJHIKUW “9RUNRPPHQ YRQGRSSHOWHQ3HUIHNWELOGXQJHQLPJHVDPWHQ6SUDFKUDXPXQG“)XQNWL RQVlTXLYDOHQ] PLW 3OXVTXDPSHUIHNW  )U HLQ ZHLWHUHV *HJHQDUJXPHQW ([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNW ZXUGHYRQ9DWHU  GLH$QD ORJLHK\SRWKHVHIRUPXOLHUWGLHLQ9HUELQGXQJPLWGHU3UlWHULWXPVFKZXQG K\SRWKHVH HLQ (UNOlUXQJVPXVWHU VRZRKO IU 'RSSHOSHUIHNW 3UlWHULWXP VFKZXQG  DOV DXFK IU 'RSSHOSOXVTXDPSHUIHNW $QDORJLHELOGXQJ ]XP 'RSSHOSHUIHNW  ELHWHW XQG VRPLW OHW]WOLFK XQWHUVWW]HQG IU GLH 3UlWHUL WXPVFKZXQGK\SRWKHVHZLUNW)UGLHZHLWHUHQ*HJHQDUJXPHQWH NHLQV\V WHPDWLVFKHU6FKZXQGYRQ3OXVTXDPSHUIHNWIUKHVWH'RSSHOSHUIHNWEHOHJH YRU GHU 3UlWHULWXPVFKZXQGSKDVH XQG IUKH )RUPHQYLHOIDOW  ODVVHQ VLFK DXI3UR6HLWHNHLQH(UNOlUXQJVDOWHUQDWLYHQDQIKUHQ %HWUDFKWHW PDQ GLH DQJHZDQGWHQ hEHUSUIXQJVYHUIDKUHQ VR LVW ]X NRQVWDWLHUHQGDVVGLH%HIUZRUWHUGHU3UlWHULWXPVFKZXQGK\SRWKHVHDOOH VDPW /LQGJUHQ7ULHU6HPHQMXNXQG*HUVEDFK NHL QHhEHUSUIXQJGHUYRQLKQHQDQJHIKUWHQ$UJXPHQWHOHLVWHQ$XI.ULWL NHUVHLWH ILQGHQ VLFK ]ZHL 0HWKRGHQ =XP HLQHQ ZLUG ]XU 6WlUNXQJ GHU HLJHQHQ$UJXPHQWHDXIGLHEHVWHKHQGH)RUVFKXQJVOLWHUDWXUYHUZLHVHQ VR 'RURZ  IU DOO VHLQH $UJXPHQWH XQG 5|GHO  LQ %H]XJ DXI GDV $UJXPHQW GHV QLFKW V\VWHPDWLVFK VWDWWJHIXQGHQ KDEHQGHQ 3OXVTXDPSHU IHNWVFKZXQGHV =XPDQGHUHQOlVVWVLFKHLQHPSLULVFKHV9RUJHKHQDQIK UHQ GDV LQ GHQ PHLVWHQ )lOOHQ /LWYLQRY  6KHUHENRY  +DXVHU 6XLGD+RSSH%HXJHO  /LWYLQRY5DGÿHQNR  úDQGRU  XQG 0DLZDOG   MHGRFK QLFKW PLW %HOHJHQ DXV GHU +HUDXVELOGXQJV]HLW GHU GRSSHOWHQ3HUIHNWELOGXQJHQVRQGHUQPLWVSlWHUHQ]XPHLVWGLVWDQ]VSUDFK OLFKHQ %HOHJHQ GHV  ELV  -DKUKXQGHUWV DUEHLWHW $XVQDKPHQ ELOGHQ KLHU5|GHO  XQG7RSDORYLý   $OV )D]LW OlVVW VLFK IRUPXOLHUHQ GDVV HLQH HPSLULVFKH 8QWHUVXFKXQJ GLH DQKDQG YRQ GRSSHOWHQ 3HUIHNWELOGXQJHQ DXV GHU )UK]HLW GHU .RQ VWUXNWLRQ GKDXVGHPELV-DKUKXQGHUW GXUFKJHIKUWZLUGELVKHU QXU LQ $QVlW]HQ GXUFK 5|GHO   XQG 7RSDORYLý   HUIROJWH Ä,Q $QVlW]HQ·KHL‰WGDEHLGDVVGLH$QDO\VHHUVWHQVDQKDQGQXUVHKUZHQLJHU %HOHJH GXUFKJHIKUW ZXUGH 5|GHO   XQG ]ZHLWHQV QXU HLQHQ $XV VFKQLWW GHU GDUJHOHJWHQ $UJXPHQWH XPIDVVW EVSZ 7RSDORYLý  ]XP 9RUNRPPHQ LP JHVDPWHQ 6SUDFKUDXP  (LQH XPIDVVHQGH HPSLULVFKH



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



hEHUSUIXQJGHUGDUJHOHJWHQ$UJXPHQWHVWHKWGDKHUIUGLH)UK]HLWGHU .RQVWUXNWLRQDXV  3UlWHULWXPVFKZXQGDOV(UNOlUXQJVKLQWHUJUXQG IUGLHGRSSHOWHQ3HUIHNWELOGXQJHQ ,PYRUOLHJHQGHQ.DSLWHOZLUGGHU9HUVXFKXQWHUQRPPHQGLHGDUJHOHJWHQ $UJXPHQWHIUE]ZJHJHQGLH3UlWHULWXPVFKZXQGK\SRWKHVHHPSLULVFK]X EHUSUIHQ 'LHV JHVFKLHKW DQKDQG GHU LP .RUSXV HUIDVVWHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ GHV  ELV  -DKUKXQGHUWV $XVJHNODPPHUW ZLUG GDV $UJXPHQW “ )XQNWLRQVlTXLYDOHQ] PLW 3OXVTXDPSHUIHNW KLQWHU GHP VLFK YRUUDQJLJGLH )UDJH YHUELUJW RE GLHGRSSHOWHQ 3HUIHNWELOGXQJHQ 9RUYHU JDQJHQKHLWVEHGHXWXQJWUDJHQ'LHVH3UREOHPDWLNZLUGLQ.DSLWHODXIJH JULIIHQGDVVLFKGHU%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQZLGPHW $XIJUXQG GHU QRFK DXVVWHKHQGHQ 'LVNXVVLRQ ]XP 6WDWXV GHU )RUP VHLQ3DUWL]LS,,JHZHVHQZHUGHQGLHIROJHQGHQ8QWHUVXFKXQJHQYRUZLH JHQG DQ GRSSHOWHQ 3HUIHNWELOGXQJHQ PLW KDEHQ GXUFKJHIKUW :HUGHQ VHLQ3UlGLNDWLRQHQ DQJHIKUW VR ZLUG DXV GHPVHOEHQ *UXQG OHGLJOLFK GLH )RUPVHLQ3DUWL]LS,,E]ZVHLQ3DUWL]LS,,JHZHVHQEHQDQQW  ([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNW 'DVVGLH([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNWGDV+DXSWDUJXPHQWJHJHQ GHQ 3UlWHULWXPVFKZXQG DOV +HUDXVELOGXQJVXUVDFKH GRSSHOWHU 3HUIHNWELO GXQJHQGDUVWHOOWNRQQWHEHUHLWVJH]HLJWZHUGHQ(LQHHPSLULVFKHhEHUSU IXQJGHU)UDJHDEZDQQWDWVlFKOLFK'RSSHOSOXVTXDPSHUIHNWEHOHJHDXIWUH WHQZXUGHELVKHUMHGRFKQXULQ$QVlW]HQYRQ5|GHO I GXUFK GHQ +LQZHLV DXI HLQHQ EHL /LWYLQRY5DGÿHQNR    DXIJHIKUWHQ 'RSSHOSOXVTXDPSHUIHNWEHOHJGHV-DKUKXQGHUWVJHOHLVWHW'LH0HKU]DKO GHU ZHLWHUHQ $UEHLWHQ EHUSUIW GDV 9RUKDQGHQVHLQ YRQ 'RSSHOSOXV TXDPSHUIHNWEHOHJHQDQKDQGVSlWHUHUYRUUDQJLJOLWHUDWXUVSUDFKOLFKHU7H[WH GHVELV-DKUKXQGHUWV %HLGHP%HOHJGHULQ/LWYLQRY5DGÿHQNR  XQG5|GHO   ]LWLHUW QDFK /LWYLQRY5DGÿHQNR  DOV IUKHVWHU 'RSSHOSOXVTXDPSHU IHNWEHOHJDQJHIKUWZLUGKDQGHOWHVVLFKXPHLQHQ%HOHJDXV3RQWXVXQG BBBBBBBBBBBBBBBBBBB

 'LH.RUSXV]XVDPPHQVWHOOXQJZXUGHLQ.DSGDUJHVWHOOW  =XP NDWHJRULDOHQ 6WDWXV YRQ VHLQ  3DUWL]LS ,, YJO .DS  =XU )UDJH GHU ([LVWHQ] YRQVHLQ'RSSHOSHUIHNWELOGXQJHQYJO.DS



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

6LGRQLDDXVGHP-DKUKXQGHUW'LHVHUZLUGEHL/LWYLQRY5DGÿHQNRXQG 5|GHOIROJHQGHUPD‰HQ]LWLHUW (VZDVDXFKQLWZRQGHUGDQ\HJHJHQH\PHFULVWHQZDUHQ]HKHQKH\GHQGDQGLH FULVWHQZHUWHQVLFKYEHUPDL‰VHUHVLHKDWWHQDQGHUVODQJHYHUORUHQJHKDEW

%HLGHU(LQVLFKWGHU3ULPlUOLWHUDWXUQDFKGHU/LWYLQRY5DGÿHQNRGHQ%H OHJ]LWLHUWHQLVWIHVWJHVWHOOWZRUGHQGDVVHVVLFKKLHUEHLQLFKWXPHLQHQLQ GLNDWLYLVFKHQVRQGHUQHLQHQNRQMXQNWLYLVFKHQ'RSSHOSOXVTXDPSHUIHNWEH OHJKDQGHOWGHUIROJHQGHUPD‰HQODXWHW  (VZDVDXFKQLWZRQGHUGDQ\HJHJHQH\PHFULVWHQZDUHQ]HKHQKH\GHQGDQ GLHFULVWHQZHUWHQVLFKYEHUPDL‰VHUHVLHKHWWHQDQGHUVODQJHYHUORUHQJHKDEW %HVRQGHUV%HUQKDUWYRQ5RFKHVGHWW]XPDOZROGHVGDJVGDVHU\PHUPHGDYRQ ZDUWJHSULHVHQ>3RQWXVXQG6LGRQLD@

'LH /HNWUH GHV 7H[WHV HUEUDFKWH ZHLWHUH QHXQ YRQ /LWYLQRY5DGÿHQNR QLFKWDXIJHIKUWHGRSSHOWH3HUIHNWELOGXQJHQ (LQHQ EHUHFKWLJWHQ (LQZDQG JHJHQ %HOHJH DXV 3RQWXV XQG 6LGRQLD GHUDXFKEHL/LWYLQRY5DGÿHQNR I GLVNXWLHUWZLUGVWHOOWGHUh EHUVHW]XQJVFKDUDNWHU GHV 7H[WHV GDU (V N|QQWH VLFK KLHU XP GLH ZRUW Z|UWOLFKH hEHUVHW]XQJ HLQHU IUDQ]|VLVFKHQ WHPSV VXUFRPSRVp KDQGHOQ ,P 5DKPHQGHU$UEHLWZXUGHYHUVXFKWGLHGHUhEHUVHW]XQJ]XJUXQGHOLHJHQ GH IUDQ]|VLVFKH 2ULJLQDOYHUVLRQ GHV7H[WHV HLQ]XVHKHQ XP IHVW]XVWHOOHQ LQZLHZHLW WDWVlFKOLFK ZRUWZ|UWOLFKH hEHUVHW]XQJHQ GHU MHZHLOLJHQ 7H[W VWHOOHQ YRUOLHJHQ 'DV ZDU MHGRFK DXIJUXQG GHU 7DWVDFKH GDVV GHU GHXW VFKH 7H[W NHLQH $QJDEH GDUEHU PDFKW ZHOFKH GHU ]DKOUHLFK HUKDOWHQHQ IUDQ]|VLVFKHQ +DQGVFKULIWHQ DOV *UXQGODJH IU GLH hEHUVHW]XQJ GLHQW QLFKW P|JOLFK =XP 6WLO GHU YRQ HLQHP XQEHNDQQWHQ $XWRU YHUIDVVWHQ hEHUVHW]XQJYHUPHUNWGLH+HUDXVJHEHULQMHGRFK)ROJHQGHV %HLPDQRQ\PHQ9HUIDVVHUGHV·3RQWXV·%KLQJHJHQPHUNWPDQGLH$EVLFKWGHXW OLFK KHUDXV HU ZROOWH QLFKW QXU GLH hEHUVHW]XQJ HLQHV IUHPGOlQGLVFKHQ 6WRIIHV ELHWHQ VRQGHUQ HLQ OLWHUDULVFKHV :HUN VFKDIIHQ GDV GHP *HVFKPDFN GHU =HLW HQWVSUDFK XQG QLFKW QXU GHQ 6WRIIKXQJHU GHV 3XEOLNXPV EHIULHGLJWH VRQGHUQ DXFK GHQ lVWKHWLVFKHQ 6LQQ GHV LQ GHU 3RHVLH XQG 5KHWRULN EHZDQGHUWHQ /HVHUV DQVSUDFK 6FKQHLGHU 

'LHVH %HREDFKWXQJHQ N|QQHQ DOV $QKDOWVSXQNW GDIU JHZHUWHW ZHUGHQ GDVV LP 'HXWVFKHQ GHV  -DKUKXQGHUWV EHUHLWV GLH 0|JOLFKNHLW ]XU %LO GXQJ GRSSHOWHU3HUIHNWELOGXQJHQ EHVWDQG XQG HV VLFK QLFKW QXU XP HLQH ZRUWZ|UWOLFKHhEHUVHW]XQJDXVGHP)UDQ]|VLVFKHQKDQGHOW$XFK]XUUH JLRQDOHQ9HURUWXQJGHUhEHUVHW]XQJlX‰HUWVLFK6FKQHLGHU BBBBBBBBBBBBBBBBBBB

 'LHYROOVWlQGLJHELEOLRJUDSKLVFKH$QJDEHZLUGGDHVVLFKEHL6FKQHLGHU  XPGLH+H UDXVJHEHULQGHV.RUSXVWH[WHV3RQWXVXQG6LGRQLDKDQGHOWLQGHU.RUSXVELEOLRJUDSKLHXQ WHUGHP(LQWUDJ>3RQWXVXQG6LGRQLD@DXIJHIKUW



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



'DGHUJU|‰HUH7HLOGHUHUKDOWHQHQ+VVGHU)DVVXQJ%LQUKHLQPRVHOIUlQNLVFKHP 'LDOHNW YHUIDVVW LVW XQG GLH EHLGHQ DOHPDQQLVFKHQ +VV VLFKWOLFK UKHLQIUlQNLVFKH 9RUODJHQKDWWHQ GDVJHKWDXVHLQHU$Q]DKOPXQGDUWOLFKHU:|UWHUKHUYRUGLHLQ GLH+V6WWHLOVXQYHUVWDQGHQEHUQRPPHQWHLOGXUFKHQWVSUHFKHQGHRGHUDQGHUH VFKZlELVFKH :|UWHU HUVHW]W ZRUGHQ VLQG  VR LVW HV YLHOOHLFKW QLFKW ]X DEZHJLJ ZHQQPDQHLQHUKHLQIUlQN2ULJLQDOKVDQQLPPWXQGGHQhEHUVHW]HUVHOEVWHEHQ IDOOVDXIGLHVHP*HELHWHVXFKW 6FKQHLGHU 

)U GLH LQ 3RQWXV XQG 6LGRQLD JHIXQGHQHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ ZLUGVRPLWGDYRQDXVJHJDQJHQGDVVHVVLFKD XPLP'HXWVFKHQELOGEDUH GK QLFKW GHU hEHUVHW]XQJ DQ]XODVWHQGH )RUPHQ XQG E  XP %LOGXQJHQ ZHVWPLWWHOGHXWVFKHU+HUNXQIWKDQGHOW ,QVJHVDPW ILQGHQ VLFK  GRSSHOWH 3HUIHNWELOGXQJHQ LQ 3RQWXV XQG 6LGRQLD %HL GHP ELVKHU DOV lOWHVWHQ 'RSSHOSOXVTXDPSHUIHNWEHOHJ DQJH IKUWHQ%HOHJGHV7H[WHVKDQGHOWHVVLFKZLHEHUHLWVGDUJHOHJWQLFKWXP HLQHQLQGLNDWLYLVFKHQVRQGHUQNRQMXQNWLYLVFKHQ'RSSHOSOXVTXDPSHUIHNW EHOHJ(VEHILQGHWVLFKMHGRFKDXFKHLQLQGLNDWLYLVFKHU'RSSHOSOXVTXDP SHUIHNWEHOHJLP7H[W  'HWNRQLJ7\ERUXQGGLHVLQZXUGHQVHUHHUIHUWYQGVWDOWHQVLFK]XGHUZHUGH GDV EHVWH VLH PRFKWHQ ZDQW GHU NRQLJ VHOEH HLQ JXW ULWWHU DOOH VLQ WDJH JHZHVHQ ZD‰YQGZHUWHVLFKVRODQJHVRQGHUGD‰HUVLFKQLWJHIDQJHQZROWJHEHQPLWGD‰ HUHUVODJHQZDUWLQQVLQHUH\JHQVWDWWDOVLUZROYHUVWDQGHQKDQWZLH\PHGLHYRQ GHQK\GHQDQJHZRQQHQZD‰ZRUGHQGDVHLQJURVVHUVFKDQGHZD‰QDFKGHPDOV HUDOOHVLQ]\WZROKHUNRPPHQZD]YQGQDFKJURVVHQHUHQJHOHEWKDWWHJHKDEW 'DQXQOH\GHUGLHNRQLJ\QQHJHVDFKGD‰LUKHUUHHUVODJHQVWDWWYQGGLHEXUJYHU ORUHQZD‰GDPRFKWVLHQLWEHWUXSWHUQRFKWUXULJHUJHVLQ>3RQWXVXQG6LGRQLD@

'RSSHOSOXVTXDPSHUIHNWEHOHJHDXVGHP-DKUKXQGHUWIUGDVQXUIQI %HOHJHYRUOLHJHQVLQGQLFKWYRUKDQGHQ'DVYRUOLHJHQGH.RUSXVZHLVWHUVW ZLHGHULP-DKUKXQGHUW'RSSHOSOXVTXDPSHUIHNWEHOHJHDXI  1XQNDQQLFKVGHU7HEHOKRKOPHUQLFKWVDJHQZLHGHPDOWHQ.HUOHGLH.QR FKHQVRVHKUHVWXQFNHQLFKZLOOZHWWHQGD‰HUVLHZRKOLQHLQHPKDOEHQ-DKUQLFKW KDWWHJHZDVFKHQJHKDEW>5HXWHU@

(VODVVHQVLFKVRPLWIUGLHIUKH3KDVHGHU.RQVWUXNWLRQ]ZHL'RSSHO SOXVTXDPSHUIHNWEHOHJHLP,QGLNDWLYDXI]HLJHQ$QGHUVVLHKWGLH/DJHDXV ZHQQPDQ'RSSHOSOXVTXDPSHUIHNWEHOHJHLP.RQMXQNWLYKLQ]X]LHKW9LHU %HOHJHILQGHQVLFKLQ3RQWXVXQG6LGRQLDYRQGHQHQHLQHULP)ROJHQGHQ DQJHIKUWZLUG  (LQHVDEHQWVZDVHU]XPDOHEHWUXSWLQ\PHVHOEV(U JLQJLQGHQEXVFKXQG KRUW GHU IRJHOLQ VX‰HQ VLQJHQ GLH \QH YRU ]\WHQ GLFN HUIUDZHW KHWWHQ JHKDEW >3RQWXVXQG6LGRQLD@

(LQ ZHLWHUHU %HOHJ IU NRQMXQNWLYLVFKH 'RSSHOSOXVTXDPSHUIHNWIRUPHQ VWDPPWDXVHLQHPREHUGHXWVFKHQ7H[WGHV-DKUKXQGHUWV



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 DQGHPGULWHQEXRFKVDJWG]KRPHUXVYRQGHQYRQ$WKHQLVIUHLQHQYQVLQQL JHQ YQG WKRUHQ JHKDOWHQ VHº ZRUGHQ GDUXPE GDV HU JHVSURFKH KHW GLH JRHWWHU KHWHQPLWHLQDQGHUJHVWULWHQJHKHEW6FKUHLEWDXFK3ROLFUDWXVMPHUVWHQEXRFK >)QKG@

)U GDV  -DKUKXQGHUW ODVVHQ VLFK ]ZDU QXU ]ZHL 'RSSHOSOXVTXDPSHU IHNWEHOHJH LP ,QGLNDWLY ILQGHQ MHGRFK LVW NRQMXQNWLYLVFKHV 'RSSHOSOXV TXDPSHUIHNWLP.RUSXVPDOEHOHJW%HLVSLHOHKLHUIU  (LQHQKRKHQ)HOVHQYRUEH\PDUFKLUHWLQGH‰HQ0LWWHLVWHLQ/RFKZRULQQHQ HLQK|O]HUQHV&UXFLIL[VWHKHW0DQVDJHWHVKlWWHYRQGLHVHQGHU.D\VHU0D[LPL OLDQXV VLFK DXI GHU *HPEVHQ-DJG ELV GDKLQ YHUVWLHJHQ JHKDEW XQG KlWWH HU GXUFKNHLQHPHQVFKOLFKH+OIHYRQGDKHUXQWHUNRPPHQN|QQHQELVLKPHGXUFK IOHL‰LJ%HWHQXQG$QUXIXQJ*RWWHVHLQKH\OLJHU(QJHOHUVFKLHQHQGHULKPHKHUDE JHKROIHQ>+DQQRYHUVFKH5RWU|FNH@  :HLWHUHU]HKOHWHGHU)UHPGHDXFKZLHHUZlUHLQ/RQGRQJHZHVHQXQGEH\GHQ )UDXHQ]LPPHULQVROFKHQ$QVHKHQJHVWDQGHQGD‰VLFKDXFKHLQHVHKUYRUQHKPH 'DPHVRLQLKQKlWWHYHUOLHEWJHKDEWGD‰VLHNHLQHQ7DJRKQHLKQOHEHQN|QQHQ GHQQ ZHQQ HU QLFKW DOOH 7DJH ZlUH ]X VLH JHNRPPHQ VR KlWWH VLH JOHLFK HLQHQ &DPPHUMXQFNHU]XLKQJHVFKLFNW>5HXWHU@

'DV9RUNRPPHQYRQ'RSSHOSOXVTXDPSHUIHNWLQGHQIUKHQ-DKUKXQGHU WHQZLUGLP)ROJHQGHQWDEHOODULVFKGDUJHVWHOOW -K

'343 LQG

'343 NRQM

   

   

   

GDYRQREG LQG NRQM        

GDYRQPG LQG NRQM        

GDYRQQG LQG NRQM        

7DEHOOH9RUNRPPHQYRQLQGLNDWLYLVFKHPXQGNRQMXQNWLYLVFKHP KDEHQ'RSSHOSOXVTXDPSHUIHNW

'DV (UJHEQLV GHU $XVZHUWXQJ ]HLJW GDVV GLH %LOGXQJ YRQ 'RSSHOSOXV TXDPSHUIHNWEHUHLWVPLWGHQIUKHVWHQYRUJHIXQGHQHQ%HOHJHQGRSSHOWHU 3HUIHNWELOGXQJHQP|JOLFKLVW$XFKEHLGHUQXUGQQHQ%HOHJODJHEH]HX JHQGLHVMHZHLOVHLQLQGLNDWLYLVFKHU'RSSHOSOXVTXDPSHUIHNWEHOHJDXVGHP XQG-DKUKXQGHUW)UGLHIUKH%LOGEDUNHLWYRQ'RSSHOSOXVTXDP SHUIHNW VSUHFKHQ ]XP DQGHUHQ GLH EHUHLWV DE GHP  -DKUKXQGHUW YRU NRPPHQGHQNRQMXQNWLYLVFKHQ'RSSHOSOXVTXDPSHUIHNWEHOHJH BBBBBBBBBBBBBBBBBBB 

$XV 3ODW]JUQGHQ ZLUG LQ JU|‰HUHQ 7DEHOOHQ 'RSSHOSHUIHNW PLW'3) 'RSSHOSOXVTXDP SHUIHNWPLW'343DEJHNU]W



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



 .HLQV\VWHPDWLVFKHU6FKZXQGYRQ3OXVTXDPSHUIHNW 'LH NRUSXVEDVLHUWHQ 8QWHUVXFKXQJHQ YRQ *HUVEDFK XQG 0DLZDOG ]XP 7HPSXVV\VWHPGHVJHJHQZDUWVVSUDFKOLFKHQ2EHUGHXWVFKHQOHJHQGDUGDVV 3OXVTXDPSHUIHNW LP 2EHUGHXWVFKHQ GXUFKDXV H[LVWLHUW GD GLH 3UlWHULWDO IRUPHQYRQKDEHQXQGVHLQQLFKWY|OOLJJHVFKZXQGHQVLQG *HUVEDFK IXQG0DLZDOGI 'HU6FKZXQGYRQ3OXVTXDPSHUIHNWVWHOOW MHGRFK LQ GHU 3UlWHULWXPVFKZXQGK\SRWKHVH GLH $XVJDQJVEDVLV IU GLH (QWZLFNOXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ GDU ,Q .DSLWHO  ZXUGH JH]HLJW GDVV GLH .RUUHODWLRQ YRQ 3OXVTXDPSHUIHNWVFKZXQG XQG +HUDXV ELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQGHVgIWHUHQDQJH]ZHLIHOWZLUG,Q %DQDWHU GHXWVFKHQ 0XQGDUWHQ 5XPlQLHQV EVSZ VWHOOW úDQGRU IHVW GDVV GLHGRSSHOWHQ3HUIHNWELOGXQJHQGXUFKDXVDXFKLQ0XQGDUWHQYRUNRPPHQ GLH VRZRKO EHU 3UlWHULWXP DOV DXFK EHU 3OXVTXDPSHUIHNW YHUIJHQ   ,P)ROJHQGHQZHUGHQYLHU.RUSXVWH[WHGHV-DKUKXQGHUWVDXVGHP REHUGHXWVFKHQ 6SUDFKUDXP LP +LQEOLFN DXI GHUHQ 3OXVTXDPSHUIHNW JHEUDXFK XQWHUVXFKW XP HLQHQ (LQGUXFN GDYRQ ]X JHZLQQHQ LQZLHZHLW GHU 3UlWHULWXPVFKZXQG HLQHQ 3OXVTXDPSHUIHNWVFKZXQG QDFK VLFK ]RJ 8P GLH 3UlWHULWXPVFKZXQGK\SRWKHVH ]X EHVWlWLJHQ GUIWHQ NHLQH RGHU NDXP 3OXVTXDPSHUIHNWIRUPHQ DXIWUHWHQ $Q GHUHQ 6WHOOH PVVWH GDV 'RSSHOSHUIHNW]XILQGHQVHLQ hEHUSUIWZHUGHQYLHU7H[WHYRQGHQHQ]ZHLDXVZHVWREHUGHXWVFKHP +HEHUOHXQG/DLFKLQJHU&KURQLN GLHZHLWHUHQ .OHLQVFKURWKXQG+DXV EFKO DXVRVWREHUGHXWVFKHP'LDOHNWJHELHWVWDPPHQ+HEHUOHZHLVW]ZHL 3OXVTXDPSHUIHNWIRUPHQPLWGHP$X[LOLDUKDEHQDXI  :LHZROOGLH&DWROLVFKHQQRFKQLFKWY|OOLJHQVLJXQGGLH(YDQJHOLVFKHQQRFK QLFKWXEHUZXQGHQKDWHGDQQRFK]ZH\HWHQVLHGDUXPEDXFKXQGHUGHQHQGLHLU HLJHQVLQGWXQGQLHVWUHLWLJJHZHVVHQZDUHQ>+HEHUOH@   1DFKGHP 7KLOL GLH VWDW 0DJGHEXUJ ]HUVWHUHW KDWH XQG VLFK GHU HYDQJHOLVFKH EXQGWPLWGHP6FKZHGHQYHUJOLFKHQKDEHQKDEHQVLHLUYROFNK]XVDPHQJHILHUW GLH.H\VVHULVFKHQ]XYHUIROJHQ>+HEHUOH@

,P7H[WNRPPHQZHLWHUKLQHOI)RUPHQGHV7\SVVHLQ 3UlW 3DUWL]LS,, YRU+LHU]X]ZHL%HLVSLHOH  0LWOHUZHLOZDUGDVNH\VVHULVFKYROFNKDXFKEH\1HUOLQJHQDQNRPHQXQGGLH VWDWEHOHJHUW>+HEHUOH@  $XIIGHPWDJ]X5HJHQVSXUJZDUZHQLJDX‰JHULFKW>+HEHUOH@

'LH$XVZHUWXQJGHV.OHLQVFKURWK7H[WHVIlOOWIROJHQGHUPD‰HQDXV$XFK KLHU ILQGHQ VLFK DFKW 3OXVTXDPSHUIHNWIRUPHQ PLW KDEHQ XQG  )RUPHQ GHV7\SVVHLQ 3UlW 3DUWL]LS,,%HLVSLHOHKLHUIU



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 0HLQ&DVSDUHU]HKOHWHPLUPLWZD‰YRUVFKPHU]HQVLHPLFKYHUORKUHQKlWWHQ VLHZDUHQLUUJHULWHQ'RFKKDWWHQVLHEH\HLQHQEDXUQKDX‰HLQPDJGDQJHWURI IHQVRLKQHQGHQUHFKWHQZHHJJHZLVHQ>.OHLQVFKURWK@  %H\GHUZDFKW]X+DLQIHOGNRPHQZLUPLWHLQHQWULQFNKJHOG EDOGGXUFKGDQ VLHVFKRQZVWHQZD‰XQ‰EHJHJQHWZDUDXVQDFKULFKWGH‰33ULRUVYRQ0D ULHQFHOO>.OHLQVFKURWK@

3OXVTXDPSHUIHNWNRPPWVRPLWLQEHLGHQXQWHUVXFKWHQ7H[WHQYRU,Q%H ]XJ DXI GDV 9RUNRPPHQ GRSSHOWHU 3HUIHNWELOGXQJHQ LVW ]X NRQVWDWLHUHQ GDVV EHLGH XQWHUVXFKWHQ 7H[WH NHLQH GRSSHOWHQ 3HUIHNWELOGXQJHQ PLW KD EHQDEHU)RUPHQGHV7\SVVHLQ3DUWL]LS,,JHZHVHQDXIZHLVHQ (LQ YHUJOHLFKEDUHU 3OXVTXDPSHUIHNWJHEUDXFK LVW MHGRFK LQ GHQ ]ZHL ZHLWHUHQ 8QWHUVXFKXQJVWH[WHQ QLFKW YRU]XILQGHQ 'HU +DXVEFKO7H[W ZHLVW HLQH 3OXVTXDPSHUIHNWIRUP PLWKDEHQ GLH /DLFKLQJHU &KURQLN NHLQH 3OXVTXDPSHUIHNWIRUPDXI,QWHUHVVDQWHUZHLVHILQGHQVLFKLQEHLGHQ7H[WHQ KDEHQ'RSSHOSHUIHNWELOGXQJHQXQG)RUPHQYRQVHLQ3DUWL]LS,,JHZH VHQ,P+DXVEFKOVLQGHLQKDEHQ'RSSHOSHUIHNWEHOHJXQG]ZHLVHLQ3DU WL]LS,,JHZHVHQ)RUPHQHQWKDOWHQLQGHU/DLFKLQJHU&KURQLNGUHLKDEHQ 'RSSHOSHUIHNWEHOHJHXQGHLQHVHLQ3DUWL]LS,,JHZHVHQ)RUP =XQlFKVWZLUGGHUKDEHQ'RSSHOSHUIHNWVRZLHGHU3OXVTXDPSHUIHNW EHOHJGHV+DXVEFKO7H[WHVQlKHUEHWUDFKWHW   8QWHUGHVVHQ NRPPW GLH 3RVW YRQ 7UDJ|‰ GD‰ GHU 3IDUUHU VFKRQ JHVWRUEHQ MHW]W KDW PDQ LKP 9RUZUIH JHPDFKW XQG YHUERWHQ GDV +DXV ]X YHUODVVHQ (U KDWDOOHVYHUKHLPOLFKWJHKDEWGD‰VLFKQXQVHLQ:HLEYRULKPHQWVHW]WHXQGLQ GLH)UDLVHQYHUILHO>+DXVEFKO@  +DEQDFKKHUGLH(YHUOLQHLQHP.ODJHNOHLGQDFK-XGHQEXUJ]XU%HVWDWWXQJJH VFKLFNWKDEDXFKHLQHQVFK|QHQJUQHQ%UDXWNUDQ]YRQ5RVPDUHLQELQGHQXQG PLWWUDJHQODVVHQGHQKDWVLHGHP7RWHQ DXIGHQ.RSI JHOHJWXQGPLWLQV*UDE JHJHEHQ +DWWLKUVFKRQHKYRU HLQ%UDXWJHZDQGXQGDQGUH6DFKHQJHEHQZDV QXQDOOHVYHUEOLHEHQLVWXQGQRFKHLQ6WFN*HOGDXFKYHUVFKDIIW>+DXVEFKO@

,Q %HOHJ  LVW ]ZDU GDV 6XEMHNW QLFKW PDNURUHDOLVLHUW ZHVKDOE DXFK HLQH ,QWHUSUHWDWLRQYRQKDWWJHEHQDOV3HUIHNWGHQNEDUZlUHGLH%HWUDFKWXQJGHV YRUDQJHJDQJHQHQ .RQWH[WHV PDFKW MHGRFK HLQH ,QWHUSUHWDWLRQ DOV 3OXV TXDPSHUIHNWIRUPZDKUVFKHLQOLFK 'LH /DLFKLQJHU &KURQLN ZHLVW GUHL KDEHQ'RSSHOSHUIHNWEHOHJH DEHU NHLQHQ3OXVTXDPSHUIHNWEHOHJDXI  GHQGL‰,VW9Q‰HUJQlGLJHU/DQGWVIUVW9QGKHUU1DFKGHPHU,QGHPVFK| QHQKROW]9IIGLHZLOGHUVFKZHLQ,QQHLP-DJHQJHIDQJHQJHKDEW9QG5HK DOKHURNRPHQYQGGHQ'L‰LVWHLQIUDQW]|‰LVFKHUJHVDQGWHUPLW%H\VLFKKDEH WHQ3IHUGWDOOKHURNRPHQ>/DLFKLQJHU&KURQLN@





+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV

  GHQ  0D\L KDW PDQ =ZHKQ GLHE GHU HLQ GH‰ -RKDQ 5DXZHQ 5RWKJHUEHUV 6RKQ9QGVHLQVFKZDJHUHLQVFKHIIHUV6RKQ9RQ1LHUWLQJHQZHOFKHDOGDHLQJUR ‰H6XPDJHOGWV9‰,KUHP6FKDW]GHUKLHUHQ9RQ1LHUWWLQJHQJHVWRKOHQJHKDEW JHKHQFNWJRWWNRP,KUDUPHQ6HHOOHQ=XKOIIGDQ6LHIOHL‰LJJHEHWWHQ >/DLFKLQJHU&KURQLN@  GHQIHEUXDULLVWGHU9RJW9RQ1LHUWLQJHQDOVHLQ&RPRQVDULRDOKHURNR PHQ9RQZHJHQGH‰KDQ‰%DVFKHQ9RQKDWWHQKRIIHQZHOFKHQPDQ%H=LFKWLJHW HUKDEVHLQZHLE=XWRGJHZRUIIHQPDQKDWLQ/DQJ9PEJHVFKODLIIW%L‰(QG OLFKGHPKHQNKHU9QGHUGLHKDQGHQNRPHQ9QGKDWLQVFKRQDQJHOHJWJHKDEW KHWLQQXUGHUIIHQ9II]LHKHQ9QGGDPDQJHVHKHQGD‰HUQL[ZLOO%HNHQHQ,VWHU 1DKHUZ|FKHQWOLFKHUJHIHQFNK/R‰JHV3URFKHQZRUGHQ>/DLFKLQJHU&KURQLN@

'LH (UJHEQLVVH DXV DOOHQ YLHU 7H[WHQ ZHUGHQ LP )ROJHQGHQ WDEHOODULVFK GDUJHVWHOOW

7H[W

+HUNXQIW $Q]DKOGHU :RUWIRUPHQ

RVWREG FD ZHVWREG .OHLQVFKURWK FD ZHVWREG +DXVEFKO FD /DLFKLQJHU RVWREG &KURQLN FD +HEHUOH

KDEHQ

VHLQ   3UlW  3UlW  3DUWL]LS,, 3DUWL]LS,,     3DUWL]LS,, 3DUWL]LS,, JHKDEW JHZHVHQ KDEHQ

VHLQ

































7DEHOOH9RUNRPPHQYRQ3OXVTXDPSHUIHNWXQG'RSSHOSHUIHNW

:LHDP8QWHUVXFKXQJVHUJHEQLV]XVHKHQLVWNDQQ]ZDUYRQHLQHPJHZLV VHQ5FNJDQJ GHV3OXVTXDPSHUIHNWV QLFKW MHGRFK YRQ HLQHP JlQ]OLFKHQ 6FKZXQG LP 2EHUGHXWVFKHQ JHVSURFKHQ ZHUGHQ ,Q ]ZHL GHU XQWHUVXFK WHQ 7H[WH H[LVWLHUHQ GXUFKDXV 3OXVTXDPSHUIHNWIRUPHQ 'DV +DXVEFKO XQGGLH/DLFKLQJHU&KURQLNZHLVHQ]ZDUNDXPE]ZNHLQH3OXVTXDPSHU IHNWIRUPHQ DXI IUDJOLFK EOHLEW MHGRFK RE GDUDXV DXI HLQHQ (UVDW] YRQ 3OXVTXDPSHUIHNWGXUFK'RSSHOSHUIHNWJHVFKORVVHQZHUGHQNDQQ'LH$Q ]DKODQGRSSHOWHQ3HUIHNWELOGXQJHQLQGLHVHQEHLGHQ7H[WHQLVWJHULQJVR GDVV QLFKW DQ]XQHKPHQ LVW GDVV MHGHU 9RUYHUJDQJHQKHLWVNRQWH[W GHU HL JHQWOLFK GXUFK HLQ 3OXVTXDPSHUIHNW DXVJHGUFNW ZRUGHQ ZlUH QXQ HLQH GRSSHOWH 3HUIHNWELOGXQJ ]XU 6LJQDOLVLHUXQJ GHU 9RUYHUJDQJHQKHLWVEHGHX WXQJDXIZHLVW %HOHJ  LQ GHP 'RSSHOSHUIHNW LQ HLQHP WHPSRUDOHQ 1HEHQVDW] PLW GHU6XEMXQNWLRQQDFKGHPYRUNRPPWVWHOOWHLQHQIU3OXVTXDPSHUIHNWW\SL



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

VFKHQ 9RUYHUJDQJHQKHLWVNRQWH[W GDU (V N|QQHQ MHGRFK ZHLWHUH QDFKGHP .RQWH[WH GHVVHOEHQ 7H[WHV DQJHIKUW ZHUGHQ LQ GHQHQ NHLQ *HEUDXFK YRQ'RSSHOSHUIHNWVWDWWILQGHW  GHQ6HWHPEHU1DFKGHPGLH6WRUFNKHQ9II,KUJHZRKQOLFK=HLWVHLQGW KLQZHFNKJHIORJHQVLQGWZLGHUKHUUNRPHQ>/DLFKLQJHU&KURQLN@   GHQ  -XOOL 9QG GLH ZRFKHQ GXUFK ,VW HLQ JUR‰H IRUFKW ,Q JDQW]HQ 5|PL VFKHQ 5HLFK HLQ NRPHQ 9RQ ZHJHQ GH‰ WUNKHQ 1DFK GHP 'D‰ 9HVWH 2UWK GR‰1HLZKHL‰HO(LQ%HNRPHQ>/DLFKLQJHU&KURQLN@

'LH 6HOWHQKHLW GHU YRUNRPPHQGHQ 'RSSHOSHUIHNWIRUPHQ PDFKW HLQHQ V\VWHPDWLVFKHQ (UVDW] YRQ 3OXVTXDPSHUIHNW GXUFK 'RSSHOSHUIHNW XQ ZDKUVFKHLQOLFK=ZDUNRQQWHPLW%HOHJJH]HLJWZHUGHQGDVV'RSSHOSHU IHNW LQ SOXVTXDPSHUIHNWW\SLVFKHQ .RQWH[WHQ DXIWUHWHQ NDQQ GLH $QIK UXQJ ZHLWHUHU QDFKGHP1HEHQVlW]H RKQH 'RSSHOSHUIHNW YHUGHXWOLFKW MHGRFK GDVV 'RSSHOSHUIHNW KLHU NHLQHVZHJV REOLJDWRULVFK LVW %HOHJH  XQG 'LH9HUPXWXQJGDVV3OXVTXDPSHUIHNWLP2EHUGHXWVFKHQV\VWH PDWLVFKGXUFK'RSSHOSHUIHNWHUVHW]WZRUGHQVHLQVROOILQGHWGDKHULQGHQ XQWHUVXFKWHQ7H[WHQNHLQH%HVWlWLJXQJ (VOLH‰HVLFKDOOHUGLQJVHLQZHQGHQGDVVLP-DKUKXQGHUWQRFKHLQH $UW hEHUJDQJVVWDGLXP YRUJHOHJHQ KDEHQ N|QQWH LQ GHP VRZRKO 3OXV TXDPSHUIHNWDOVDXFKGRSSHOWH3HUIHNWELOGXQJHQYRUNRPPHQEHYRUVLFK GHU (UVDW] YRQ 3OXVTXDPSHUIHNWGXUFK'RSSHOSHUIHNWHWDEOLHUW 8P GLH VHP(LQZDQG]XEHJHJQHQZLUGDEVFKOLH‰HQGHLQREHUGHXWVFKHU7H[WDXV GHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV $QJHU&KURQLN DXIGHVVHQ3OXV TXDPSHUIHNW XQG 'RSSHOSHUIHNWYHUZHQGXQJ XQWHUVXFKW 'LH $QJHU &KURQLN ZHLVW EHL HLQHP 8PIDQJ YRQ FD  :RUWIRUPHQ NHLQH 3OXV TXDPSHUIHNWIRUPPLWKDEHQDEHUIQIVHLQ 3UlW 3DUWL]LS,,%HOHJHDXI 'RSSHOWH3HUIHNWELOGXQJHQNRPPHQQLFKWYRUZDVGLHDXVGHU8QWHUVX FKXQJGHUIUKHUHQ7H[WHJH]RJHQHQ6FKOXVVIROJHUXQJHQXQWHUPDXHUW  9RUNRPPHQYRQGRSSHOWHQ3HUIHNWELOGXQJHQ LPJHVDPWHQ6SUDFKUDXP 'LH $QQDKPH GDVV GRSSHOWH 3HUIHNWELOGXQJHQ QLFKW QXU LP 2EHUGHXW VFKHQ VRQGHUQ LP JHVDPWHQ 6SUDFKJHELHW YRUNRPPHQ ZXUGH IU GDV -DKUKXQGHUWYRQ7RSDORYLý  DQKDQGYRQ%HOHJHQDXV+H[HQYHU K|USURWRNROOHQ EHVWlWLJW ,P )ROJHQGHQ VROO GDUJHVWHOOW ZHUGHQ ZLH VLFK GLHUHJLRQDOH9HUWHLOXQJGHU%HOHJHLPYRUOLHJHQGHQ.RUSXVIUGDVELV -DKUKXQGHUWJHVWDOWHW



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



-DKUKXQGHUW )UGDV-DKUKXQGHUWOLHJWNHLQHGRSSHOWH3HUIHNWELOGXQJPLWKDEHQDEHU HLQHVHLQ3DUWL]LS,,JHZHVHQ)RUPYRU'DEHLKDQGHOWHVVLFKXPHLQHQ %HOHJ DXV HLQHU ZHVWPLWWHOGHXWVFKHQ &KURQLN GHU ]ZHLWHQ +lOIWH GHV -DKUKXQGHUWV  ,WHPLQGHVHP6H[WHUQHVDOOPHQY\QGHQGLHJHVFK\FKWHLQGYHUKDQGHOXQJHGLH YDQGHQJKHQHQGLHV\FKQRHPHQWYDQGHQJHVOHFKWHQE\QQHQ&RHOQHYXUW]LMW] YHUKDQGHOW KDLQW GDUXPE GDW YSORXIIH LQG PDQFKHUOH\H YQJHOXFNH E\QQHQ GHU 6WDW YDQ &RHOQH YQWVWDQGHQ JHZH\VW V\QW ,WHP LQ GHVHP 6H[WHUQH VWHLW RXFK GDW,QVWUXPHQWVXOFKVEHNHQWQLVVHDVKHU+H\QU\FKYDP6WDXHLQV\PHOHVWHQJH GDLQKDLW>)QKG@

6RPLWVWDPPWGHUIUKHVWH%HOHJGHQGLH)RUVFKXQJNHQQWQLFKWDXVGHP 2EHUGHXWVFKHQ -DKUKXQGHUW 'DV.RUSXVZHLVWIUGDV-DKUKXQGHUWLQVJHVDPWKDEHQ%HOHJHDXI (LQ(EHUWHWDO  HQWQRPPHQHU%HOHJVWDPPWDXVHLQHU1UQEHUJHU +DQGVFKULIW =XGHP ZXUGH HLQ ZHLWHUHU REHUGHXWVFKHU %HOHJ LQ HLQHU &KURQLNDXVGHP5DXP$XJVEXUJJHIXQGHQ  DQGHPGULWHQEXRFKVDJWG]KRPHUXVYRQGHQYRQ$WKHQLVIUHLQHQYQVLQQL JHQ YQG WKRUHQ JHKDOWHQ VHº ZRUGHQ GDUXPE GDV HU JHVSURFKH KHW GLH JRHWWHU KHWHQPLWHLQDQGHUJHVWULWHQJHKHEW6FKUHLEWDXFK3ROLFUDWXVMPHUVWHQEXRFK >)QKG@

'LH  YHUEOHLEHQGHQ KDEHQ%HOHJH VWDPPHQ DXV GHP LQ .DSLWHO  GLVNXWLHUWHQ 7H[W 3RQWXV XQG 6LGRQLD ZHOFKHU GHP ZHVWPLWWHOGHXWVFKHQ 6SUDFKUDXP]XJHZLHVHQZXUGH -DKUKXQGHUW )UGDV-DKUKXQGHUWOLHJHQIQI%HOHJHYRU=ZHL/LWYLQRY5DGÿHQNR    HQWQRPPHQHQ %HOHJHQ OlVVW VLFK NHLQH +HUNXQIW ]XRUGQHQ ]ZHL ZHLWHUH DXV (EHUW HW DO    VWDPPHQ YRQ VGGHXWVFKHQ 6FKUHLEHUQ'HUYHUEOHLEHQGH%HOHJLVWHLQHDILQLWH'RSSHOSHUIHNWIRUPGLH GHPPLWWHOGHXWVFKHQ6SUDFKUDXP]X]XRUGQHQLVW

BBBBBBBBBBBBBBBBBBB

 ,Q .DS  ZLUG GDUJHOHJW GDVV HV VLFK EHL%HOHJ  XP HLQHVHLQ'RSSHOSHUIHNWELOGXQJ KDQGHOW



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 'HPQDFKVSUHFKHQZLU&KXUIXUVWOLFKH6HFKVLVFKH6FK|SSHQ]X/HLSW]LJNGD UDXII XQG HUVWOLFKHQ VRYLHO JHPHOWH 0HWWKH )OLVFKWLVFKLQ XQG $QQHQ 6XSUDQJLQ EHODQJHWYRQUHFKWKDEHQGLHVHOEHQLQGHUVFKDUIIHQIUDJHDXVJHVDJWXQGEHNDQW GDVVLHEH\GHPLWGHPWHXIIHOXQGVLHGLH)OLVFKWLVFKHPLWHLQHPGHQVLH/XFLIHU JHQDQWXQGLKUYRQGHU)ULHGULVFKHQ]X'UXELJ]XJHZLHVHQZRUGHQGLH6XSUDQ JLQDEHUPLWHLQHPGHQVLH6WUDXVVJHQDQW]XVFKDIIHQXQGJHEXKOHWJHKDSW >+H[HQYHUK|UH3:HUQLJHURGH@

-DKUKXQGHUW 'LH%HOHJVLWXDWLRQVLHKWIUGDV-DKUKXQGHUWGHXWOLFKEHVVHUDOVIUGLH YRUKHUJHKHQGHQ -DKUKXQGHUWH DXV (V OLHJHQ LQVJHVDPW  KDEHQ%HOHJH YRUGLHVLFKDXVGHU$QDO\VHYRQ7H[WHQGHV1lKHNRUSXVVRZLHGHU +H[HQYHUK|USURWRNROOHXQGGHV%RQQHU.RUSXV)UKQHXKRFKGHXWVFKHU JHEHQ 'DUDXV HUJLEW VLFK IROJHQGH UHJLRQDOH 9HUWHLOXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQPLWKDEHQ 6SUDFK UDXP REG PG QG JHVDPW

1lKHNRUSXV    

+H[HQYHUK|U SURWRNROOH    

%RQQHU.RUSXV )QKG    

JHVDPW    

7DEHOOH'DUVWHOOXQJGHUUHJLRQDOHQ9HUWHLOXQJGHUKDEHQ%HOHJHLP-DKUKXQGHUW

)UGDVXQG-DKUKXQGHUWOlVVWVLFKMHZHLOVHLQ%HOHJDXVQLFKWREHU GHXWVFKHP6SUDFKJHELHWDQIKUHQOlVVW'LH0HKUKHLWGHU%HOHJHDXVGHP -DKUKXQGHUWZHLVWDXIJUXQGGHU]DKOUHLFKHQ)XQGHLQ3RQWXVXQG6L GRQLD PLWWHOGHXWVFKH +HUNXQIW DXI $XV GHU 'DUVWHOOXQJ GHU %HOHJYHUWHL OXQJLP-DKUKXQGHUWZLUGGHXWOLFKGDVVREHUGHXWVFKH%HOHJHLPYRU OLHJHQGHQ .RUSXV VRJDU DP VHOWHQVWHQ PLWWHOGHXWVFKH KLQJHJHQ DP KlXILJVWHQYHUWUHWHQVLQG(VNDQQGDPLWDOVJHVLFKHUWJHOWHQGDVVEHUHLWV GDV 9RUNRPPHQ VHKU IUKHU GRSSHOWHU 3HUIHNWELOGXQJHQ QLFKW DXI GHQ REHUGHXWVFKHQ6SUDFKUDXPEHJUHQ]WZDU

BBBBBBBBBBBBBBBBBBB

 'LH 7H[WH YHUWHLOHQ VLFK ZLH IROJW DXV GLH 6SUDFKUlXPH DFKW REHUGHXWVFKH VHFKV PLWWHO GHXWVFKHXQGGUHLQLHGHUGHXWVFKH7H[WH  'LHKRKH$Q]DKOQLHGHUGHXWVFKHU%HOHJHHUJLEWVLFKGDUDXVGDVVHLQHUGHU7H[WHGHV1l KHNRUSXVGLH+DQQRYHUVFKHQ5RWU|FNH  KDEHQ%HOHJHEHLQKDOWHWZDVZRKONHLQHVIDOOV GHU'XUFKVFKQLWWVDQ]DKOGRSSHOWHU3HUIHNWELOGXQJHQLQQLHGHUGHXWVFKHQ7H[WHQHQWVSULFKW



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



 )UKHVWH%HOHJHYRUGHU3UlWHULWXPVFKZXQGSKDVH 0LWGHU$UEHLWYRQ/LQGJUHQ  ZXUGHGLH+RFKSKDVHGHV3UlWHULWXP VFKZXQGHVDXIGLHHUVWH+lOIWHGHV-DKUKXQGHUWVGDWLHUW=ZDUZDUHQ EHUHLWVLP-DKUKXQGHUW$QIlQJHGHV6FKZXQGHV]XHUNHQQHQ /LQGJUHQ    'RSSHOSHUIHNWEHOHJH VLQG MHGRFK QDFK GLHVHU 'DWLHUXQJ IU KHVWHQVIUGDV-DKUKXQGHUW]XHUZDUWHQGDGHU3UlWHULWXPVFKZXQGVR ZHLWIRUWJHVFKULWWHQVHLQPXVVWHXPHLQHQ3OXVTXDPSHUIHNWVFKZXQGQDFK VLFK ]X ]LHKHQ GHU GDQQ GLH +HUDXVELOGXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ DXVO|VWH (VZXUGHEHUHLWVGDUJHOHJWGDVVGDVYRUOLHJHQGH.RUSXVEHU%HOHJH DXV GHP  XQG  -DKUKXQGHUW YHUIJW 'HU lOWHVWH %HOHJ DXV GHP -DKUKXQGHUWLVWDOV%HOHJLQ.DSLWHODQJHIKUW$XFKGLH%HOH JHGHV-DKUKXQGHUWVIDOOHQ]HLWOLFKIROJWPDQGHU/LQGJUHQ·VFKHQ'D WLHUXQJYRUGLH+RFKSKDVHGHV3UlWHULWXPVFKZXQGHV %HL GHU 8QWHUVXFKXQJ GHV ZHLWHUHQ .RQWH[WV GHU %HOHJH DXV GHP  -DKUKXQGHUWIlOOW DXI GDVV ]Z|OI GHU %HOHJNRQWH[WH3UlWHULWXPIRUPHQ DXIZHLVHQGLHEHUGLH)RUPHQYRQKDEHQXQGVHLQKLQDXVJHKHQ,P)RO JHQGHQZHUGHQHLQLJH%HLVSLHOHDQJHIKUW  'DUQDFKYEHUODQFNKXEHVLHDQXQGVSUDFKPLWJURVVHQIXJHQ]X\PH+HU ODQWPLULVWJHVDJWYFKV\ED‰HUORQJHQ]X]LHKHQYZHUQMXQJHQNQDEHQGHQP\Q KHUUHYDWWHUYFKHQWSKROHQKDWWJHKDEWGDQQGHQQDQGHUQDOOHQGLHODQGHVKHU UHQY‰HU%U\WDQLJHQ>3RQWXVXQG6LGRQLD@  (VZDVDXFKQLWZRQGHUGDQ\HJHJHQH\PHFULVWHQZDUHQ]HKHQKH\GHQGDQ GLHFULVWHQZHUWHQVLFKYEHUPDL‰VHUHVLHKHWWHQDQGHUVODQJHYHUORUHQJHKDEW >3RQWXVXQG6LGRQLD@  (UQDP\QHYQGKLH‰\QHVLW]HQWXVFKHQVLQ]ZRGRFKWHU]XGHPHVVHQDEHU HU ZHUWH VLFK ODQJH GDU]X =XOHVW PXVW HU LV WKXQ ZDQW LV GHU NRQLJ ZROW KDQ JHKDEW1DFKGHPHVVHQJLQJHQVLHVSDFLHUHQLQGHQJDUWHQ>@ >3RQWXVXQG6LGRQLD@

'LH+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQPXVVVRPLWYRUGHP 3UlWHULWXPVFKZXQG VWDWWJHIXQGHQ KDEHQ 'LHV OHJHQ ]XP HLQHQ GLH IU KHVWHQGRSSHOWHQ3HUIHNWELOGXQJHQQDKHGHUHQ'DWLHUXQJYRUGLH+RFK SKDVH GHV 3UlWHULWXPVFKZXQGHV IlOOW =XP DQGHUHQ LVW LQ GHQ IUKHVWHQ %HOHJNRQWH[WHQ HLQ 1HEHQHLQDQGHU YRQ 3UlWHULWXP XQG GRSSHOWHQ 3HU IHNWELOGXQJHQ DXIIlOOLJ 'RSSHOWH 3HUIHNWELOGXQJHQ VFKHLQHQ GHP]XIROJH LP -DKUKXQGHUW QHEHQ 3UlWHULWDOIRUPHQ H[LVWLHUW ]X KDEHQ XQG YHU ZHQGHWZRUGHQ]XVHLQ



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 )UKH)RUPHQYLHOIDOW $XIGHQ)DNWGDVVEHUHLWVGLHLQ/LWYLQRY5DGÿHQNR  YRUILQGED UHQ %HOHJH GHV  -DKUKXQGHUWV HLQH HUVWDXQOLFKH )RUPHQYLHOIDOW DXIZHL VHQPDFKW5|GHO I DXIPHUNVDP6HLQHP$UJXPHQWVROODQGLH VHU 6WHOOH GXUFK GLH 8QWHUVXFKXQJ GHU YRUOLHJHQGHQ IUKHQ KDEHQ%HOHJH QDFKJHJDQJHQZHUGHQ ,QGHQKDEHQ%HOHJHQGHV-DKUKXQGHUWVILQGHWVLFKGDV'RSSHO SHUIHNWLP,QGLNDWLYDOVKlXILJVWH)RUP QHXQ%HOHJH ,P)ROJHQGHQZHU GHQ]ZHL%HLVSLHOHDQJHIKUW   6DQW %DUWKROPH‰ XQG 6DQW 7KDWHH « GLH KDEHQ GLH $UPHQLJHQ EHFKHUW ]X FKULVWHQOLFKHQJODXEHQDEHUVLHKDEHQVLFKRIIWZLGHUXPEJHVFKODJHQJHKDEW >*UDPPDWLN)QKG@  'LHKDQWYQVERVVHOLFKEHORJHQJHJHQP\PYDWWHUGHPNRQQLJYQGZHL‰GRFK JRWWGDVZLUQLHDUJRGHUYQHUH]XYQVHUOLHEHJHGDFKWHQGLH]\WHUVLFKPLUYQG LFKPLFK\PHKDQHUJHEHQJHKDEW9QGGXUFKP\QHQZLOOHQPX‰HUKRII\QG ODQGUXPHQVROWPLFKGDVQLWVHUHEHVZHUHQ">3RQWXVXQG6LGRQLD@

1HEHQGLHVHQ'RSSHOSHUIHNWEHOHJHQILQGHQVLFK'RSSHOSOXVTXDPSHUIHNW EHOHJH HLQ%HOHJLP,QGLNDWLYXQGIQI%HOHJHLP.RQMXQNWLY %HLVSLHOH KLHU]XZXUGHQLQ.DSLWHOEHUHLWVDQJHIKUW'HUHUVWHNRQMXQNWLYL VFKH'RSSHOSHUIHNWEHOHJHUVFKHLQWLP-DKUKXQGHUW  $O‰JHIUDJW2EVLHGDEH\JHZHVHQDO‰GLHYHUEUDQGWZRUGHQ"*HDQWZRUWW-D 'LH KLQJHULFKWH KDEH VLH EHVFKZH]W JHKDEW KDEH 6LH DXFK ZLGHU YHUDQWZRUWW VRVLHEHZHLVHQZROOH'HUDOOWYHUVWRUEHQH5HQWPHLVWHUZHKUHDXFKGDUEHLJHZH VHQ>+H[HQYHUK|UH3%ODQNHQKHLP@

'HV:HLWHUHQNRPPHQDEGHP-DKUKXQGHUWDXFKDILQLWHGRSSHOWH3HU IHNWELOGXQJHQ YRU ,P  -DKUKXQGHUW ILQGHQ VLFK ]XQlFKVW ]ZHL LP -DKUKXQGHUWGDQQDILQLWH%HOHJH  ,FKVROOWHGRFKGDVYRQGHU5DWWHQRFKHLQPDOHU]HKOHQXQGREGDV/RFKDXFK JUR‰JHZHVHQZlUHZRVLHKLQHLQJHODXIHQDOVVLHGDVVHLGQH.OHLG]HUIUHVVHQJH KDEW"6LHJDEDXFK+H\UDWKHQVEH\PLUYRUXQGIUDJWHRELFKVLHQHKPHQZROOWH >5HXWHU-DKUKXQGHUW@  'DPLFKGDQQDFKYHUULFKWHWHQ6DFKHQGLH6WDWWPLWWGHQ+DXSWOHXWKHQVWDWOLFK WUDFWLUHWXQGLVW]XQRWLUHQGD‰ JHGDFKWH+DXSWOHXKWXQGHUVLFKXQZL‰HQWPHL QHUEHVFKOR‰HQJHKDEWQLFKWZHLWHU]XSD‰LUHQVRQGHUQLQGHPHUVWHQ4XDUWLU GH‰2EULVWHQ]XHUZDUWHQ>6|OGQHUOHEHQ:LGPDUFNWHUV-DKUKXQGHUW@

'LH )RUPHQYLHOIDOW GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ GHV  ELV  -DKU KXQGHUWVOlVVWVLFKWDEHOODULVFKIROJHQGHUPD‰HQGDUVWHOOHQ



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV

-K   

'3) LQG   

'3) NRQM   

'343 LQG   

'343 NRQM   



DILQLW   

7DEHOOH)RUPHQLQYHQWDUGHUKDEHQ%LOGXQJHQGHVELV-DKUKXQGHUWV

'DV (UJHEQLV OlVVW GHU +\SRWKHVH YRQ 9DWHU   HV N|QQH HLQH XU VSUQJOLFKH'RSSHOSHUIHNWIRUPJHJHEHQKDEHQGLHVLFKGXUFK$QDORJLH ELOGXQJ DXI GLH ZHLWHUHQ 3HUIHNWELOGXQJHQ DXVGHKQWH ZHQLJ 6SLHOUDXP 'LH $XVGHKQXQJ HLQHU XUVSUQJOLFK UHJLRQDOVSUDFKOLFKHQ (UVFKHLQXQJ ZLHGLH$QDORJLHK\SRWKHVHGDV'RSSHOSHUIHNWYHUVWHKW DXIGLH/HLWYDULH WlW PLW(QWVWHKXQJGHV'RSSHOSOXVTXDPSHUIHNWVGXUFK$QDORJLHELOGXQJ  HUVFKHLQWYRUGHP+LQWHUJUXQGGHU5HLFKPDQQ·VFKHQ9HUWLNDOLVLHUXQJWKH RULH ]% GLHIUVSUDFKOLFKH6WUXNWXUHQDEGHU=HLWQDFKGHP -DKUKXQGHUWQXUQRFKHLQHYDULHWlWHQEH]RJHQHÄ(UREHUXQJ·DXVJHKHQGYRQ GHU/HLWYDULHWlWLQ%HWUDFKW]LHKWHEHQIDOOVXQSODXVLEHO 'DV8QWHUVXFKXQJVHUJHEQLVHUZHFNWYLHOPHKUGHQ(LQGUXFNGDVVGLH GRSSHOWHQ 3HUIHNWELOGXQJHQ YRQ %HJLQQ GHU .RQVWUXNWLRQ DQ EHU HLQ EUHLWHV )RUPHQLQYHQWDU YHUIJHQ 'LH %LOGXQJ VRZRKO YRQ 'RSSHOSHU IHNW DOV DXFK 'RSSHOSOXVTXDPSHUIHNW LP ,QGLNDWLY XQG .RQMXQNWLY VFKHLQWEHUHLWVDEGHU(QWVWHKXQJVSKDVHP|JOLFK]XVHLQ  )D]LW+HUDXVELOGXQJGXUFK3UlWHULWXPVFKZXQG 'LH 3UlWHULWXPVFKZXQGK\SRWKHVH DOV (UNOlUXQJVPXVWHU IU GLH +HUDXV ELOGXQJGRSSHOWHU3HUIHNWELOGXQJHQDOVWUDGLWLRQHOO]XEH]HLFKQHQKDWYD LQ%H]XJDXIGLHJUDPPDWLNRJUDSKLVFKH%HVFKUHLEXQJGHUGRSSHOWHQ3HU IHNWELOGXQJHQGXUFKDXV%HUHFKWLJXQJ(VNRQQWHJH]HLJWZHUGHQGDVVGLH GRSSHOWHQ 3HUIHNWELOGXQJHQ YRQ ]DKOUHLFKHQ *UDPPDWLNHUQ VHLW GHP  -DKUKXQGHUW ELV LQ GLH *HJHQZDUW DOV 3OXVTXDPSHUIHNWHUVDW] LP 3UlWHUL WXPVFKZXQGJHELHW EHZHUWHW ZHUGHQ 'HPJHJHQEHU ZXUGH LQ GHU HLQ VFKOlJLJHQ)RUVFKXQJVOLWHUDWXU]XGHQGRSSHOWHQ3HUIHNWELOGXQJHQHLQNUL WLVFKHUHU8PJDQJPLWGHU3UlWHULWXPVFKZXQGK\SRWKHVHIHVWJHVWHOOW6HFKV $UJXPHQWHJHJHQGLH+\SRWKHVHNRQQWHQDXVJHPDFKWZHUGHQ,Q.DSLWHO BBBBBBBBBBBBBBBBBBB

 $XVGHU'DUVWHOOXQJGHV)RUPHQLQYHQWDUVIUGDV-DKUKXQGHUWVROOWHQLFKWJHVFKOXVVIRO JHUWZHUGHQGDVVQXULQGLNDWLYLVFKHV'RSSHOSHUIHNWXQGDILQLWHV'RSSHOSHUIHNWIUGLHVHQ =HLWUDXPP|JOLFKJHZHVHQZlUH6LFKHULVWGLHJHULQJH)RUPHQYLHOIDOWHKHUGHP8PVWDQG JHVFKXOGHWGDVVIUGDV-DKUKXQGHUWQXUIQIGRSSHOWH3HUIHNWELOGXQJHQJHIXQGHQZHU GHQNRQQWHQ



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

ZXUGHGHU9HUVXFKXQWHUQRPPHQGLHLQKHUDXVJHDUEHLWHWHQ $UJXPHQWHIUE]ZJHJHQGLH3UlWHULWXPVFKZXQGK\SRWKHVHHPSLULVFK]X EHUSUIHQ'DVVRZRKODOV3URDOVDXFKDOV&RQWUDDUJXPHQWDQJHIKUWH $UJXPHQW“)XQNWLRQVlTXLYDOHQ]PLW3OXVTXDPSHUIHNWZXUGHGDEHLDXV JHNODPPHUW,P)ROJHQGHQZHUGHQGLH(UJHEQLVVHGHUHPSLULVFKHQ8QWHU VXFKXQJLQ%H]XJDXIGLH3UlWHULWXPVFKZXQGK\SRWKHVHEHZHUWHW $UJXPHQW([LVWHQ]YRQ'RSSHOSOXVTXDPSHUIHNW (V NRQQWH JH]HLJW ZHUGHQ GDVV 'RSSHOSOXVTXDPSHUIHNW VHLW GHP  -DKUKXQGHUWEHOHJWLVW=ZDUILQGHWVLFKLQGLNDWLYLVFKHV'RSSHOSOXVTXDP SHUIHNW LQ GHU )UK]HLW GHU .RQVWUXNWLRQ QXU VHOWHQ %HOHJH LP 'RSSHO SOXVTXDPSHUIHNW.RQMXQNWLYVLQGMHGRFKKlXILJHUDQ]XWUHIIHQVRGDVVGD YRQDXVJHJDQJHQZLUGGDVVGLH%LOGXQJYRQ'RSSHOSOXVTXDPSHUIHNWVHLW %HJLQQ GHU ([LVWHQ] GRSSHOWHU 3HUIHNWELOGXQJHQ P|JOLFK LVW 'DV 9RU NRPPHQYRQ'RSSHOSOXVTXDPSHUIHNWLVWMHGRFKQLFKWPLWGHU3UlWHULWXP VFKZXQGK\SRWKHVHHUNOlUEDUGLHMDJHUDGHLP6FKZXQGYRQ3OXVTXDPSHU IHNW DXIJUXQG YRQ GHVVHQ SUlWHULWDOHU .RPSRQHQWH HLQHQ (UNOlUXQJVKLQ WHUJUXQG IU 'RSSHOSHUIHNW VLHKW (UVFKHLQW QXQ HLQH GRSSHOWH 3HU IHNWELOGXQJ PLW SUlWHULWDOHU .RPSRQHQWH DOVR 'RSSHOSOXVTXDPSHUIHNW  VR]HLJWGLHVGHXWOLFKGLH*UHQ]HQGHU3UlWHULWXPVFKZXQGK\SRWKHVHDXI 'DV IUKH $XIWUHWHQ YRQ 'RSSHOSOXVTXDPSHUIHNW VSULFKW GHV :HLWHUHQ JHJHQGLHYRQ9DWHU  JHlX‰HUWH$QDORJLHK\SRWKHVHGLHDXFKGXUFK GLH 9HUWLNDOLVLHUXQJVWKHRULH YRQ 5HLFKPDQQ ]%   LQ )UDJH JHVWHOOW ZXUGH $UJXPHQW.HLQV\VWHPDWLVFKHU6FKZXQGYRQ3OXVTXDPSHUIHNW 'LH8QWHUVXFKXQJYRQYLHUREHUGHXWVFKHQ7H[WHQGHVXQGHLQHVREHU GHXWVFKHQ 7H[WHV GHV  -DKUKXQGHUWV ]HLJWH GDVV 3OXVTXDPSHUIHNWIRU PHQ]ZDU]XUFNJHJDQJHQVLQGDEHUQLFKWLQGHP0D‰HJHVFKZXQGHQ]X VHLQVFKHLQHQZLHHVGLH3UlWHULWXPVFKZXQGK\SRWKHVHDQQLPPW$XIIlOOLJ LVWGDVVDXFKLQ7H[WHQRKQHRGHUPLWQXUZHQLJHQ3OXVTXDPSHUIHNWIRU PHQNDXPGRSSHOWH3HUIHNWELOGXQJHQDXIWUHWHQ6FKRQGLH6HOWHQKHLWGLH VHU )RUPHQ VSULFKW VRPLW JHJHQ HLQHQ V\VWHPDWLVFKHQ (UVDW] YRQ 3OXV TXDPSHUIHNW GXUFK 'RSSHOSHUIHNW =ZDU NDQQ 'RSSHOSHUIHNW LQ SOXV TXDPSHUIHNWW\SLVFKHQ .RQWH[WHQ DXIWUHWHQ MHGRFK LVW GHVVHQ 9HUZHQ GXQJKLHUNHLQHVZHJVREOLJDWRULVFKZDVDQKDQGGHUQDFKGHP.RQWH[WHGHU /DLFKLQJHU&KURQLNGDUJHVWHOOWZXUGH'RSSHOWH3HUIHNWELOGXQJHQN|QQHQ VRPLW QLFKW GDV HLQ]LJH0LWWHO ]XU 6LJQDOLVLHUXQJ YRQ 9RUYHUJDQJHQKHLWV EHGHXWXQJLQSOXVTXDPSHUIHNWORVHQ7H[WHQVHLQ'LHGHQGRSSHOWHQ3HU IHNWELOGXQJHQGXUFKGLH3UlWHULWXPVFKZXQGK\SRWKHVH]XJHZLHVHQH)XQN WLRQ GHV3OXVTXDPSHUIHNWHUVDW]HV OlVVW VLFK GHP]XIROJH LQ GHU YRUOLHJHQ



+HUDXVELOGXQJDOV3OXVTXDPSHUIHNWHUVDW]LP=XJHGHV3UlWHULWXPVFKZXQGHV



GHQ8QWHUVXFKXQJ]XPLQGHVWLP+LQEOLFNDXIGLH+HUDXVELOGXQJVPRWLYD WLRQGHUGRSSHOWHQ3HUIHNWELOGXQJHQQLFKWEHVWlWLJHQ $UJXPHQW “9RUNRPPHQYRQGRSSHOWHQ3HUIHNWELOGXQJHQLPJHVDPWHQ6SUDFKUDXP (VZXUGHGDUJHOHJWGDVVIUGLH)UK]HLWGHU.RQVWUXNWLRQ%HOHJHYRUOLH JHQ GLH QLFKW DXV REHUGHXWVFKHP *HELHW VWDPPHQ 'HU IUKHVWH %HOHJ VHOEVWLVWHLQZHVWPLWWHOGHXWVFKHU(VEHVWHKWVRPLWNHLQ=ZHLIHOGDVVHV VLFK EHL GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ XP HLQ3KlQRPHQ KDQGHOW GDV ]XNHLQHU=HLWDXIHLQHQEHVWLPPWHQ6SUDFKUDXPGHV'HXWVFKHQEHJUHQ]W ZDU.HLQHVIDOOVLVWGDV9RUNRPPHQGHUIUKHQGRSSHOWHQ3HUIHNWELOGXQ JHQDXIGDV3UlWHULWXPVFKZXQGJHELHWEHJUHQ]W6RPLWEHNUlIWLJWDXFKGLH VHV$UJXPHQWGLH=ZHLIHODQGHU3UlWHULWXPVFKZXQGK\SRWKHVH $UJXPHQW)UKHVWH%HOHJHYRQ3UlWHULWXPVFKZXQGSKDVH 'DV 5|GHO·VFKH $UJXPHQW HV IlQGHQ VLFK EHUHLWV YRU GHU 3UlWHULWXP VFKZXQGSKDVH GRSSHOWH 3HUIHNWELOGXQJHQ NRQQWH DQKDQG GHU YRUKDQGH QHQ %HOHJH GHV  XQG  -DKUKXQGHUWV HPSLULVFK XQWHUPDXHUW ZHUGHQ =XGHP ZHLVWGLH 0HKU]DKOGHU IUKHVWHQ %HOHJH HLQ 1HEHQHLQDQGHU YRQ 3UlWHULWXP XQG GRSSHOWHQ 3HUIHNWELOGXQJHQ DXI ZDV ZLHGHUXP GDIU VSULFKWGDVVGHU+HUDXVELOGXQJV]HLWUDXPGHUGRSSHOWHQ3HUIHNWELOGXQJHQ YRUGHP3UlWHULWXPVFKZXQGDQ]XVLHGHOQLVW(LQH(UNOlUXQJGHU+HUDXV ELOGXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ GXUFK GHQ 3UlWHULWXPVFKZXQG ZLUG GDPLWXQZDKUVFKHLQOLFK $UJXPHQW)UKH)RUPHQYLHOIDOW 'LHGRSSHOWHQ3HUIHNWELOGXQJHQZHLVHQEHUHLWVLQGHU)UK]HLWGHU.RQ VWUXNWLRQ HLQ EUHLWHV )RUPHQLQYHQWDU DXI %LV ]XP  -DKUKXQGHUW VLQG VRZRKO'RSSHOSHUIHNWDOVDXFK'RSSHOSOXVTXDPSHUIHNWLP,QGLNDWLYXQG .RQMXQNWLYVRZLHDILQLWH'RSSHOSHUIHNWELOGXQJHQPLQGHVWHQVHLQPDOEH OHJW(LQHVROFKIUKH)RUPHQYLHOIDOWOlVVWVLFKMHGRFKQLFKWPLWGHU3UlWH ULWXPVFKZXQGK\SRWKHVHEHJUQGHQGLHDOOHQIDOOVHLQH(UNOlUXQJIU'RS SHOSHUIHNWLQEHLGHQ0RGLQLFKWMHGRFKIULQGLNDWLYLVFKHVXQGNRQMXQN WLYLVFKHV'RSSHOSOXVTXDPSHUIHNWEHUHLWKlOW :LHGLH=XVDPPHQIDVVXQJGHU(UJHEQLVVH]HLJWNRQQWHQDOOHLQGHU/LWH UDWXU DQJHIKUWHQ $UJXPHQWH JHJHQ GLH 3UlWHULWXPVFKZXQGK\SRWKHVH HPSLULVFKXQWHUPDXHUWZHUGHQ(VVSULFKWHLQH9LHO]DKODQ)DNWHQJHJHQ GLHWUDGLWLRQHOOH+\SRWKHVHGLHGDKHULQLKUHUVWDUNHQ$XVIRUPXOLHUXQJDOV ZLGHUOHJWDQ]XVHKHQLVW'LHVH6FKOXVVIROJHUXQJDXVGHUHPSLULVFKHQ$QD O\VH VROO MHGRFK QLFKW EHVDJHQ GDVV GHP 3UlWHULWXPVFKZXQG XQG GHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ EHUKDXSW NHLQH %HUKUXQJVSXQNWH ]XNRP



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

PHQ (LQ GLUHNWHU NDXVDOHU =XVDPPHQKDQJ ]ZLVFKHQ GHP 6FKZXQG GHU V\QWKHWLVFKHQ3UlWHULWXPIRUPXQGGHU+HUDXVELOGXQJGHUGRSSHOWHQ3HU IHNWELOGXQJHQEHVWHKWMHGRFKQLFKW

 +HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJH GHU3HUIHNWJUDPPDWLNDOLVLHUXQJ  (QWZLFNOXQJGHU3HUIHNWNRQVWUXNWLRQXQG$XIJDEH GHUDVSHNWXHOOHQ2SSRVLWLRQ 8P GLH ]ZHLWH LQ GHU HLQVFKOlJLJHQ /LWHUDWXU EHVWHKHQGH +\SRWKHVH YHU VWlQGOLFKGDU]XVWHOOHQGLHD GLH+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELO GXQJHQ LQ HLQHQ =XVDPPHQKDQJ PLW GHU *UDPPDWLNDOLVLHUXQJ GHV 3HU IHNWV VWHOOW XQG E  GLH )XQNWLRQ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ LQ GHU $XIUHFKWHUKDOWXQJDVSHNWXHOOHU6HPDQWLNVLHKWLVWHVQRWZHQGLJYRUDEGLH (QWZLFNOXQJVHWDSSHQGHU3HUIHNWNRQVWUXNWLRQ 1RWZHQGLJNHLWIUD XQG GLH $XIJDEH GHU DVSHNWXHOOHQ 2SSRVLWLRQ 1RWZHQGLJNHLW IU E  ]X VNL] ]LHUHQ 'DKHU ZLUG LP )ROJHQGHQ ]XQlFKVW GLH (QWZLFNOXQJ YRQ KD EHQ3DUWL]LS,,XQGVHLQ3DUWL]LS,,VRZLHGHU6FKZXQGGHUJH9HUEHQ GDUJHVWHOOW  KDEHQ3DUWL]LS,, 'LH(QWVWHKXQJGHUKDEHQ3DUWL]LS,,.RQVWUXNWLRQZLUGVSlWHVWHQVDXI GDVIUKH$OWKRFKGHXWVFKGDWLHUW %HKDJKHOXQG*U¡QYLN II :DKUVFKHLQOLFKHULVWHVMHGRFKLKU(QWVWHKHQEHUHLWVYRUGHU DOWKRFKGHXWVFKHQ 6SUDFKSHULRGH DQ]XVHW]HQ *U¡QYLN   XQG 6FKURGW ,P$OWKRFKGHXWVFKHQHUVFKHLQWGLH)RUPLQYRUJUDP PDWLNDOLVLHUWHP =XVWDQG VLH LVW NRPSRVLWLRQDO GHXWEDU +DEHQ WUlJW DOV 9ROOYHUEGLH%HGHXWXQJÄKDOWHQEHVLW]HQ·XQGUHJLHUWHLQ$NNXVDWLYREMHNW ]X GHP GDV QDFKJHVWHOOWH DGMHNWLYLVFKH 3DUWL]LS,, LQ REMHNWVSUlGLNDWLYL VFKHU%H]LHKXQJVWHKW *U¡QYLNXQG7HXEHU *U¡QYLN YHUGHXWOLFKW GLH (LJHQVFKDIWHQ GHU XUVSUQJOLFKHQ KDEHQ  3DUWL]LS,, .RQVWUXNWLRQDXIGLHGDVKHXWLJHKDEHQ3HUIHNW]XUFNJHKWDQKDQGHLQHV DOWKRFKGHXWVFKHQ%HLVSLHOV ,Q HLQHU VROFKHQ REMHNWVSUlGLNDWLYHQ )JXQJ PLWKDEHQ YRP 7\S DKG LK KDEēQ LQDQ JLEXQWDQDQ  VWDQG KDEHQ XUVSUQJOLFK DOV 9ROOYHUE LQ GHU %HGHXWXQJ ·KDOWHQ· XQGKDWWHGDV$NNXVDWLYREMHNW LQDQ DOV(UJlQ]XQJ'DV3DUWL]LSZDUSUlGLNDWLY DXIGLHVHV2EMHNWEH]RJHQXQGEHNDPGHVKDOEGLH)OH[LRQVHQGXQJHQGHV$NNX VDWLYV JLEXQWDQDQ >@'LH)JXQJEHGHXWHWHDOVRXUVSUQJOLFKÄLFKKDOWHLKQJH



+HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJ



EXQGHQ DOV HLQHQ *HEXQGHQHQ· GUFNWH VRPLW HLQHQ GXUDWLYHQ =XVWDQG DXV LQ GHPGDV2EMHNWIHVWJHKDOWHQZXUGH *U¡QYLN 

.XURGD  VFKUHLEWGHUDOWKRFKGHXWVFKHQKDEHQ3DUWL]LS,,.RQ VWUXNWLRQ GLH (LJHQVFKDIWHQ ÄUHVXOWDWLY· ÄVWDWLY· XQG ÄEHQHIDNWLY· ]X $XV GHUGHU.RQVWUXNWLRQ]XJHVFKULHEHQHQ%HGHXWXQJGHU5HVXOWDWLYLWlWIROJW HLQH %HVFKUlQNXQJ GHU 7\SHQ YRQ 3DUWL]LSLHQ GLH PLW GHU .RQVWUXNWLRQ NRPSDWLEHOVLQG(VN|QQHQXUVSUQJOLFKQXUSHUIHNWLYHWUDQVLWLYH9HUEHQ GLHHLQHQ1DFK]XVWDQGJHQHULHUHQLQGLH.RQVWUXNWLRQHLQJHKHQ 2XERX ]DUIXQG*U¡QYLNI  'HU HUVWH *UDPPDWLNDOLVLHUXQJVVFKULWW EHVWHKW LQ GHU $XIJDEH GHU .RQJUXHQ] ]ZLVFKHQ $NNXVDWLYREMHNW XQG 3DUWL]LS ,, GLH 2XERX]DU I IUGDV6SlWDOWKRFKGHXWVFKHIHVWVWHOOW'LH.RQVWUXNWLRQEOHLEW MHGRFKLP:HVHQWOLFKHQQXUPLWSHUIHNWLYHQWUDQVLWLYHQ9HUEHQELOGEDU ,P ZHLWHUHQ *UDPPDWLNDOLVLHUXQJVYHUODXI ILQGHW GLH $X[LOLDULVLHUXQJ YRQ KDEHQJHNHQQ]HLFKQHWGXUFKGHQ9HUOXVWGHU5HNWLRQGHV$NNXVDWLYREMHN WHV XQG GLH $XIO|VXQJ GHU %LOGXQJVEHVFKUlQNXQJHQ GHU KDEHQ  3DUWL ]LS,,.RQVWUXNWLRQ VWDWW 'DPLW HLQKHU JHKW HLQH (UZHLWHUXQJ GHU XU VSUQJOLFKHQ UHVXOWDWLYHQ %HGHXWXQJ 'LH .RQVWUXNWLRQ NDQQ GDQQ DXFK WHPSRUDOH%HGHXWXQJDQQHKPHQ 'LHVHU*UDPPDWLNDOLVLHUXQJVZHJZLUGLP)ROJHQGHQHWZDVDXVIKUOL FKHUGDUJHOHJW,P-DKUKXQGHUWPDFKW]ZDUGHU$QWHLOGHUSHUIHNWLYHQ WUDQVLWLYHQ 9HUEHQ QRFK GLH 0HKU]DKO GHU KDEHQ  3DUWL]LS ,,%LOGXQJHQ DXV HV HUIROJW MHGRFK HLQH gIIQXQJ GHU .RQVWUXNWLRQ IU LPSHUIHNWLYH XQGLQWUDQVLWLYH9HUEHQ .XURGDII $XIJUXQGGHU(UZHLWHUXQJ DXI LPSHUIHNWLYH 9HUEHQ GLH ZHJHQ LKUHU 1LFKWJUHQ]EH]RJHQKHLW NHLQH 1DFK]XVWDQGVEHGHXWXQJDQQHKPHQN|QQHQHUIlKUWGLH.RQVWUXNWLRQHLQH VHPDQWLVFKH$XVZHLWXQJ+DEHQ3DUWL]LS,,NDQQ]XU6LJQDOLVLHUXQJYRQ 9HUJDQJHQKHLWVEHGHXWXQJDQDORJ]XP3UlWHULWXPYHUZHQGHWZHUGHQ 2X ERX]DU 'DVZLUGLQVEHVRQGHUHGXUFKGLH9HUZHQGXQJGHU.RQ VWUXNWLRQPLW$GYHUELHQGHXWOLFKPLWGHQHQKDEHQ3DUWL]LS,,ELVGDKLQ QLFKWNRPSDWLEHOZDU K3,,NDQQDX‰HUGHP]X%HJLQQGHV-KGDQQYHUZHQGHWZHUGHQZHQQGHU LP 9HUEDOOH[HP DXVJHGUFNWH 9RUJDQJ GXUFK HLQ $GYHUE HLQH DGYHUELDOH %H VWLPPXQJRGHUGHQ.RQWH[WLQGLH=HLWYRUGHQ6SUHFKDNWRGHUGHQ$EODXIGHU (U]lKOXQJJHOHJWZLUG HUKDWKHWGD]ODQJHrJHWkQ  HEG 

'LH9HUlQGHUXQJHQZHUGHQLPXQG-DKUKXQGHUWZHLWHUDXVJHEDXW %HOHJH PLW LPSHUIHNWLYHQ XQG LQWUDQVLWLYHQ 9HUEHQ ZHUGHQ ]DKOUHLFKHU 'LH9HUZHQGXQJYRQKDEHQ3DUWL]LS,,PLW9HUJDQJHQKHLWVEH]XJHUIROJW BBBBBBBBBBBBBBBBBBB

 2XERX]DU VWHOOW IU GDV  -DKUKXQGHUW HLQH VHKU VHOWHQH 9HUZHQGXQJ GHU .RQVWUXNWLRQ PLWSHUIHNWLYHQLQWUDQVLWLYHQ9HUEHQIHVW  .XURGDILQGHWLP-DKUKXQGHUWHLQL JH%HOHJHPLWLPSHUIHNWLYHQWUDQVLWLYHQ9HUEHQEVSZKRUHQ  



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

KlXILJHU 2XERX]DU YHU]HLFKQHW LP  -DKUKXQGHUW GDV HUVWH 3DUWL]LS ,, GHV DXVJHVSURFKHQ LPSHUIHNWLYHQ 9HUEV KDEHQ   XQG   LP -DKUKXQGHUWYLHU%HOHJHGLHVHV7\SV JHKDEWKDEHQ   'LHYROO VWlQGLJH*UDPPDWLNDOLVLHUXQJYRQKDEHQ3DUWL]LS,,HUIROJWLP-DKU KXQGHUWGXUFKGLH,QNRUSRULHUXQJGHU0RGDOYHUEHQ 2XERX]DU  0LWGHP(LQ]XJGHU0RGDOYHUEHQLQGLH.RQVWUXNWLRQEHVWHKHQIUKDEHQ 3DUWL]LS,,NHLQH%LOGXQJVEHVFKUlQNXQJHQPHKU  VHLQ3DUWL]LS,, $XFK GLH VHLQ 3DUWL]LS,,.RQVWUXNWLRQ OlVVWVLFK LP$OWKRFKGHXWVFKHQ DOV 5HVXOWDWLYNRQVWUXNWLRQ FKDUDNWHULVLHUHQ GLH EHUHLWV LQ ]DKOUHLFKHQ DOW KRFKGHXWVFKHQ 7H[WHQ DXIWULWW .XURGD    ,P *HJHQVDW] ]XU KD EHQ3DUWL]LS,,.RQVWUXNWLRQYHUKlOWVLFKGDV3DUWL]LS,,MHGRFKQLFKWRE MHNWV VRQGHUQ VXEMHNWVSUlGLNDWLYLVFK XQG NRQJUXLHUW PLW GHP 6XEMHNW 'DEHLUFNWGLH=XVWDQGVEHVWLPPXQJGHV6XEMHNWHVLQGHQ9RUGHUJUXQG (VLVW]XHUNHQQHQGD‰LP0LWWHOSXQNWGHU$XVVDJHHKHUGHU=XVWDQGGHV6XEMHN WHVVWHKWGHUVLFKZLHGHUXPDXVHLQHPDEJHVFKORVVHQHQ(UHLJQLVHUJLEWHLQHU=X VWDQGVlQGHUXQJDXIGLHVLFKGDV3DUWL]LSOH[LNDOLVFKEH]LHKWGDEHLZLUGGHU9HU ODXIGLHVHVDEJHVFKORVVHQHQ(UHLJQLVVHVVHOEVWQLFKWHLJHQVWKHPDWLVLHUW .XURGD 

,P6SlWDOWKRFKGHXWVFKHQLVWVHLQ3DUWL]LS,,QXUPLWSHUIHNWLYHQWUDQVLWL YHQXQGLQWUDQVLWLYHQ9HUEHQELOGEDU 2XERX]DU GLHEHJLQQHQ GH*UDPPDWLNDOLVLHUXQJ]HLJWVLFKMHGRFKGXUFKGHQ$EEDXGHU6XEMHNWV NRQJUXHQ]GHV3DUWL]LSV 2XERX]DU  'LH*UDPPDWLNDOLVLHUXQJGHUVHLQ3DUWL]LS,,.RQVWUXNWLRQVFKUHLWHW ODQJVDPHUYRUDQDOVEHLKDEHQ3DUWL]LS,, .XURGD 6HLQ3DU WL]LS ,, EHKlOW LP 0LWWHOKRFKGHXWVFKHQ GLH XUVSUQJOLFKH UHVXOWDWLYH %H GHXWXQJEHL(UVWGDQDFKVLQGZHVHQWOLFKH9HUlQGHUXQJHQIHVW]XVWHOOHQ :lKUHQGGHVhEHUJDQJVYRP0LWWHOKRFKGHXWVFKHQ]XP)UKQHXKRFKGHXWVFKHQ VFKHLQWVLFKHLQHWLHIJUHLIHQGH(QWZLFNOXQJYROO]RJHQ]XKDEHQZLHVLHDXFKEHL GHU KDEHQ.RQVWUXNWLRQ EHREDFKWHW ZXUGH 'LH %HOHJH KDEHQ VLFK LP )RUWXQDWXV HUKHEOLFK YHUPHKUW EHL GHQHQ GLH VHLQ3HUIHNWNRQVWUXNWLRQ QLFKW HLQIDFK GHP KHUN|PPOLFKHQ7\SGLHVHU.RQVWUXNWLRQ JOHLFKJHVHW]WZHUGHQGDUI%HLVROFKHQ %HOHJHQ VFKHLQHQ DOOH 9HUEHQ LQ GHU VHLQ3HUIHNWNRQVWUXNWLRQ XQHLQJHVFKUlQNW DXIWUHWHQ]XN|QQHQRKQHGD‰DXIIlOOLJH,PSOLNDWLRQYHUXUVDFKWZUGH'LH/HLV WXQJ GHU VHLQ3HUIHNWNRQVWUXNWLRQ LQ VROFKHQ %HOHJHQ N|QQHQ ZLU GDQQ DXI GHQ JOHLFKHQ 1HQQHU EULQJHQ ZHQQ ZLU GLHVHQ .RQVWUXNWLRQVW\S DOV Ä9RU]HLWLJNHLWV IRUP·FKDUDNWHULVLHUHQZLHZLUHVEHLGHUQHXHUHQ9HUZHQGXQJVZHLVHGHUKDEHQ 3HUIHNWNRQVWUXNWLRQHEHQIDOOVJHPDFKWKDEHQ .XURGD 

2XERX]DU VWHOOW GLH 6WHLJHUXQJ GHU VHLQ  3DUWL]LS ,,9HUZHQGXQJ ]ZL VFKHQGHP$QIDQJXQGGHU0LWWHGHV-DKUKXQGHUWVIHVWGLHDXFKVLH



+HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJ



]XUFNIKUWDXIGLH]XQHKPHQGH9HUZHQGXQJGHU.RQVWUXNWLRQPLW9HU JDQJHQKHLWVEH]XJ   6HLQ3DUWL]LS,,NRPPW]ZDUVFKRQDEGHP-DKUKXQGHUWDXFKPLW LPSHUIHNWLYHQ9HUEHQZLHEOHLEHQYRU .XURGD ZDVDXIHLQHVLFK DE]HLFKQHQGHVHPDQWLVFKH$XVGHKQXQJGHU.RQVWUXNWLRQKLQGHXWHW6RO FKH %HOHJH VLQG MHGRFK ELV ]XP EHJLQQHQGHQ  -DKUKXQGHUW GLH $XV QDKPH 2XERX]DU 'DV3DUWL]LS,,YRQVHLQILQGHWVLFK]XPHUV WHQ 0DO LP  -DKUKXQGHUW 2XERX]DU   XQG .XURGD    HUVWLP-DKUKXQGHUWMHGRFKZLUGGDV$XIWUHWHQYRQJHZHVHQKlXILJ 2X ERX]DU  ,Q GHU JHJHQZlUWLJHQ )RUVFKXQJ KDW VLFK XP GLH )RUP VHLQ  3DUWL ]LS,,HLQUHJHOUHFKWHU'LVSXWHQWIDFKWEHLGHPGLH)UDJHGHUNDWHJRULDOHQ =XJHK|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FNJHKHQG DXI *OLQ]   EH]HLFKQHW XQG QHEHQ $NWLY XQG 9RU JDQJVSDVVLYGHU.DWHJRULVLHUXQJ*HQXVYHUEL]XJHZLHVHQ/LHJWHLQUHIOH [LYHV 9HUE ]XJUXQGH ]% LVW YHUOLHEW  VR ZLUG GLHVHV LG5 PLW +HO ELJ%XVFKD ]% DOV=XVWDQGVUHIOH[LYEH]HLFKQHW 1HXHUH $UEHLWHQ EHQ YD .ULWLN DQ GHU (LQRUGQXQJ HLQHU )RUP LQ YHUVFKLHGHQH.DWHJRULHQ ]%/HLVVXQG7HXEHU /HLVV  ²  VSULFKW VLFK GDIU DXV GLH )RUPVHLWH HUQVW ]X QHKPHQ XQG VHLQ3DUWL]LS,,DXFKNDWHJRULDOHLQKHLWOLFKDOV5HVXOWDWLYXP]XEHVFKUHL EHQ 7HXEHU  ²  VSULFKW VHLQ  3DUWL]LS ,, GHQ 6WDWXV HLQHU DQDO\WLVFKHQ 9HUEIRUP DE XQG RUGQHW GLH .RQVWUXNWLRQ DOV .RSXODNRQ VWUXNWLRQDQDORJ]XVHLQ$GMHNWLY EVSZLVWRIIHQ HLQ(LQH$XVZDKOGHU .DWHJRULVLHUXQJVYRUVFKOlJHZLUGLQGHUIROJHQGHQ7DEHOOHGDUJHVWHOOW QDFK 7HXEHU  HUZHLWHUWXPGLH$UEHLWHQYRQ7HXEHUXQG0DL HQERUQ 



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ



WUDGLWLRQHOO

'LH+DDUH VLQGURW

.RSXOD NRQVWUXN WLRQ

'LH+DDUH VLQG JHIlUEW 'LH+DDUH VLQG JHZDFKVHQ

=XVWDQGV SDVVLY

5DSS   .RSXOD NRQVWUXN WLRQ

/HLVV  

7HXEHU  

.RSXODNRQ VWUXNWLRQ

5HVXOWDWL YXP

.RSXOD NRQVWUXN WLRQ

VHLQ3HUIHNW VHLQ3HUIHNW

0DLHQERUQ   .RSXOD NRQVWUXN WLRQ

VHLQ3HUIHNW

7DEHOOH.DWHJRULVLHUXQJYRQVHLQ3DUWL]LS,,

$QKDQGGHU)OOHYRQ$UEHLWHQGLHVLFKPLWGHUNDWHJRULDOHQ=XJHK|ULJ NHLWYRQVHLQ3DUWL]LS,,EHIDVVHQZLUGGHXWOLFKGDVVGLH(LQRUGQXQJGHU )RUP HLQ VFKZLHULJHV WKHRUHWLVFKHV 3UREOHP GDUVWHOOW GDV $XVZLUNXQJHQ DXIGLH)UDJHKDWREGRSSHOWH3HUIHNWELOGXQJHQPLWVHLQEHUKDXSWE]ZLQ ZHOFKHP 8PIDQJ GLHVH H[LVWLHUHQ )ROJW PDQ GHQ .DWHJRULVLHUXQJVYRU VFKOlJHQYRQ/HLVV  XQG7HXEHU  VRKDEHQGLHVHGLHWKHRUHWL VFKH.RQVHTXHQ]GDVVHVNHLQHGRSSHOWHQ3HUIHNWELOGXQJHQPLWVHLQJLEW 'DUDXIVROOMHGRFKDQGLHVHU6WHOOHQXUDXIPHUNVDPJHPDFKWZHUGHQ'LH 3UREOHPDWLNZLUGLQ.DSLWHOGLVNXWLHUW  $XIJDEHGHUDVSHNWXHOOHQ2SSRVLWLRQ ,P $OWKRFKGHXWVFKHQ XQG 0LWWHOKRFKGHXWVFKHQ LVW GDV 9HUEDOV\VWHP QLFKWZLHLP1HXKRFKGHXWVFKHQGXUFK7HPSXVRSSRVLWLRQVRQGHUQYRU UDQJLJ GXUFK GLH DVSHNWXHOOH 2SSRVLWLRQ 1XOO ² 3UlIL[ JH JHNHQQ]HLFK QHW(VH[LVWLHUWHQ9HUESDDUHYRQGHQHQMHQDFKDVSHNWXHOOHU3HUVSHNWL YLHUXQJGHU$XVVDJHHQWZHGHUGDVLPSHUIHNWLYHSUlIL[ORVH9HUERGHUGHU SHUIHNWLYHPLWJHSUlILJLHUWH3DUWQHUJHZlKOWZHUGHQNRQQWH BBBBBBBBBBBBBBBBBBB

 'HUEHL2XERX]DU  XQG%HKDJKHO  YHUZHQGHWH7HUPLQXVJH.RPSRVL WXP ZLUG LQ GHU YRUOLHJHQGHQ $UEHLW QLFKW YHUZHQGHW GD GHU ZRUWELOGXQJVWKHRUHWLVFKH %HJULII GHV .RPSRVLWXPV IUHLH 0RUSKHPH YRUDXVVHW]W GLH MHGRFK EHL SHUIHNWLYLHUHQGHQ PLW JH SUlILJLHUWHQ 9HUEHQ QLFKW YRUOLHJHQ (V ZLUG GDYRQ DXVJHJDQJHQ GDVV HV VLFK EHL GHQJH.RQVWUXNWLRQHQXUVSUQJOLFKXP3UlIL[GHULYDWHKDQGHOW,P/DXIHGHU*UDPPDWLND OLVLHUXQJVJHVFKLFKWH YRQJH HQWZLFNHOW VLFK GDV XUVSUQJOLFKH 3UlIL[GHULYDW ]X HLQHP=LU NXPIL[GHULYDW]XU.HQQ]HLFKQXQJGHV3DUWL]LS,,'DHVKLHUMHGRFKQLFKWXPHLQHZRUWELO GXQJVWKHRUHWLVFKH'HEDWWHJHKHQVROOZLUGLP)ROJHQGHQVWDWWGHV7HUPLQXVJH.RPSRVL WXPGHUQHXWUDOH%HJULIIJH9HUE]XU%HQHQQXQJGHV3KlQRPHQVYHUZHQGHW



+HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJ



%HLGHU$XIIDVVXQJGDVVlOWHUH6SUDFKVWXIHQGHV'HXWVFKHQEHUHLQ$V SHNWV\VWHPYHUIJWHQKDQGHOWHVVLFKMHGRFKQLFKWXPHLQHGXUFKZHJDN ]HSWLHUWH)RUVFKXQJVPHLQXQJ1HEHQ$UEHLWHQGLHGLH([LVWHQ]HLQHV$V SHNWV\VWHPV EHMDKHQ 0DUDFKH  2XERX]DU  /HLVV   D XQG E  ILQGHQ VLFK DXFK VNHSWLVFKH 6WLPPHQ YJO KLHU]X 6FKURGW'RQKDXVHU   6FKURGW'RQKDXVHU NRPPHQ QDFK *HZLFK WXQJGHU$UJXPHQWHIUE]ZJHJHQGLH$XIIDVVXQJGDVIUKHUH'HXWVFK YHUIJHEHUHLQH$VSHNWRSSRVLWLRQ]XIROJHQGHP(UJHEQLV )ROJWPDQGLHVHQhEHUOHJXQJHQGDQQYHUIJHQGDV$OWXQGGDV0LWWHOKRFKGHXW VFKH]ZDUYLHOOHLFKWQLFKWEHUHLQPRUSKRORJLVFKNRQVLVWHQWHV$VSHNWV\VWHPLP 6LQQH GHU VODZLVFKHQ 6SUDFKHQ HV ILQGHQ VLFK DEHU LP HQJHUHQ XQG ZHLWHUHQ JUDPPDWLVFKHQ8PIHOGGHUOH[LNDOLVFKHQ.DWHJRULH9HUELQVJHVDPWGRFKVRYLHOH (YLGHQ]HQIUGDV9RUKDQGHQVHLQHLQHUVROFKHQ.DWHJRULHGDVVGHU$QVDW]HLQHU .DWHJRULHGHV$VSHNWQHEHQGHQ.DWHJRULHQ7HPSXVXQG0RGXVIUGLHIUKHQ 6SUDFKVWXIHQGHV'HXWVFKHQWURW]GHUQRFKRIIHQHQ)UDJHQQLFKWQXUEHLGHU,Q WHUSUHWDWLRQ GHU )XQNWLRQ GHU JL3UlILJLHUXQJ GHU]HLW LQVJHVDPW JHUHFKWIHUWLJW HU VFKHLQW 6FKURGW'RQKDXVHU 

'HU $EEDX GHU $VSHNWSDDUH HUIROJW EHU HLQHQ VHKU ODQJHQ =HLWUDXP /HLVVVHW]WKLHUIUPHKUDOV-DKUHDQ6LHVLHKWEHUHLWVLP*RWLVFKHQ GHV-DKUKXQGHUWV$QIlQJHGHV$EEDXVGHUHUVWLP-DKUKXQGHUWLP 6GGHXWVFKHQ YROOVWlQGLJ EHHQGHWLVW D   (V OlVVWVLFK EH]JOLFK GHV $EEDXV GHU DVSHNWXHOOHQ 2SSRVLWLRQ YRQ HLQHP 1RUG6G*HIlOOH VSUHFKHQ HEG  2XERX]DU VWHOOW IU GDV  -DKUKXQGHUW IROJHQGH 6LWXDWLRQ LQ %H]XJ DXIGLHDVSHNWXHOOHQ*HVLFKWVSXQNWHGHV9HUEDOV\VWHPVIHVW ,P $NWLY ZLUG GLHVHV 6\VWHP >GDV 9HUEDOV\VWHP EHL 1RWNHU $QP GHU 9HUI@ GXUFK GLH 2SSRVLWLRQ 1XOOJH EHVWLPPW (LQ 9RUJDQJ NDQQ LQ VHLQHP 9HUODXI RGHUPLW+LQEOLFNDXIVHLQ5HVXOWDWGDUJHVWHOOWZHUGHQ WXRQJHWXRQ 'LHJH.RP SRVLWDXQWHUOLHJHQZLHGLHHLQIDFKHQ9HUEHQGHU7HPSXVRSSRVLWLRQ3UlVHQV3Ul WHULWXP 2XERX]DU 

=ZHL-DKUKXQGHUWHVSlWHU]HLJWVLFKGLH7HQGHQ]]XU$XIO|VXQJGHUDVSHN WXHOOHQ 2SSRVLWLRQ ]ZDU GHXWOLFKHU GLH $VSHNWRSSRVLWLRQ EOHLEW MHGRFK VWUXNWXULHUHQGHV0HUNPDOGHV9HUEDOV\VWHPV 'HQQ GLH DVSHNWXHOOH 2SSRVLWLRQ LVW IU GDV 1LEHOXQJHQOLHG EHVWLPPHQG DXFK ZHQQVLHLP9HUJOHLFK]X1RWNHULP5FN]XJEHJULIIHQLVW%HL1RWNHUZDUHQGLH JH.RPSRVLWD ]DKOUHLFKHU DOV GLH )RUPHQ GHU 9ROO]XJVVWXIH  JH.RPSRVLWD JHJHQEHU)RUPHQGHU9ROO]XJVVWXIH  ,P1LEHOXQJHQOLHGGD JHJHQ ILQGHQ ZLU  JH.RPSRVLWD    JHJHQEHU  )RUPHQ GHU 9ROO ]XJVVWXIH    >@ 'LH DOWHQ 9HUKlOWQLVVH FKDUDNWHULVLHUW GXUFK GLH DVSHN WXHOOH 2SSRVLWLRQ  XQG GLH QHXHQ 9HUKlOWQLVVH FKDUDNWHULVLHUW GXUFK GLH 3KDVHQRSSRVLWLRQ EHILQGHQVLFKQHEHQHLQDQGHU'DV]HLJWVLFKEHVRQGHUVJXWDQ 6WHOOHQ DQ GHQHQ VLFK GDV 3UlWHULWXP GHVJH.RPSRVLWXPV XQG GLH )RUPHQ GHU 9ROO]XJVVWXIHLQNRPSOHPHQWlUHU'LVWULEXWLRQEHILQGHQ 2XERX]DUI 



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

)UGDV-DKUKXQGHUWEHVFKUHLEW2XERX]DUGLHDVSHNWXHOOH2SSRVLWLRQ DOVÅQRFKOHEHQGLJ´  VWHOOWDEHUIHVWGDVVVLFKGLH9HUZHQGXQJ GHU JH9HUEHQ DXI ZHQLJH V\QWDNWLVFKH 3RVLWLRQHQ EHVFKUlQNW EVSZ DXI PLW G{ HLQJHOHLWHWH 1HEHQVlW]H    $E GHP -DKUKXQGHUW ZLUG GDV9RUNRPPHQGHUJH9HUEHQPDUJLQDO(V]HLJWVLFKGHXWOLFKGDVVVLFK GDV9HUEDOV\VWHPQDFKWHPSRUDOHQ*HVLFKWVSXQNWHQQHXVWUXNWXULHUWKDW ,P$NWLYVWHOOHQZLUHLQIDVWY|OOLJHV9HUVFKZLQGHQGHVJH.RPSRVLWXPVLQV\Q WDNWLVFKHU)XQNWLRQIHVW>@'LHDVSHNWXHOOH2SSRVLWLRQEHVWLPPWQLFKWPHKUGDV 9HUEDOV\VWHP GHV $NWLYV 'LH SUlWHULWDOHQ )RUPHQ GHV JH.RPSRVLWXPV VLQG LP DOOJHPHLQHQYRQGHQ)RUPHQGHU9ROO]XJVVWXIHDEJHO|VWZRUGHQLQHLQHP.RQ WH[WLP3UlVHQVYRQGHP3UlVHQVGHU9ROO]XJVVWXIHLQHLQHP.RQWH[WLP3UlWHUL WXPYRQGHP3UlWHULWXPGHU9ROO]XJVVWXIH 2XERX]DU 

*H HUIlKUW HLQH 8PGHXWXQJ ]XP REOLJDWRULVFKHQ %HVWDQGWHLO GHV 3DUWL ]LS,, GLH DVSHNWXHOOH 6HPDQWLN YRQ JH EOHLEW MHGRFK ZHLWHUKLQ VSUEDU 'DV]HLJWVLFKGHXWOLFKDQGHPHUVWVSlWHQJHPHLQVDPHQ9RUNRPPHQYRQ JHPLWGHP3DUWL]LS,,SHUIHNWLYHU9HUEHQZLHEVSZNRPPHQILQGHQWUHIIHQ GDV ELV LQV  -DKUKXQGHUW KLQHLQ 6FKZDQNXQJHQ LP *HEUDXFK YRQ JH DXIZHLVW (EHUW HW DO    1HEHQ GHQ DXI HLQH QRFK YRUKDQGHQH SHUIHNWLYH%HGHXWXQJYRQJH]XUFNIKUEDUHQ8QVLFKHUKHLWHQEHLP3DUWL ]LS,, SHUIHNWLYHU 9HUEHQ IKUHQ (EHUW HW DO  ²  ZHLWHUH *UQGHIU6FKZDQNXQJHQEHLPJH*HEUDXFKGHV3DUWL]LS,,LP)UKQHX KRFKGHXWVFKHQ DQ %HL JNDQODXWHQGHQ 9HUEHQ NDQQ SKRQRWDNWLVFK ]X ZHUWHQGHU JH$XVIDOO EHL WUHQQEDUHQ 9HUEHQ YRUUDQJLJ PRUSKRORJLVFK PRWLYLHUWH8QVLFKHUKHLWLP*HEUDXFKYRQJHYRUOLHJHQ (EHUWHWDO   9RUZLHJHQG *HORVLJNHLW LVW DXFK EHL XUVSUQJOLFKHQ V\QNRSLHUWHQ 3UlIL[YHUEHQZLHEVSZEOHLEHQ]XEHREDFKWHQ (EHUWHWDO (UVW LP9HUODXIGHV-DKUKXQGHUWIHVWLJWVLFKGHU*HEUDXFKYRQJHDOVREOL JDWRULVFKHU %HVWDQGWHLO GHV 3DUWL]LS ,, ZDV YRQ (EHUW HW DO    ÅLP =XVDPPHQKDQJ GHU QRUPDWLYHQ %HPKXQJHQ GHU ]HLWJHQ|VVLVFKHQ *UDPPDWLNHU´JHVHKHQZLUG 5HOLNWHGHUDVSHNWXHOOHQ2SSRVLWLRQILQGHQVLFKQRFKLP*HJHQZDUWV GHXWVFKHQ ZHQQ GDV QLFKWSUlILJLHUWH *UXQGYHUE ]XUFNJHGUlQJW ZXUGH ZLH]%JHElUHQ RGHUZHQQJHGXUFK$XVIDOOGHVHYHUEODVVWH ZLH]% JODXEHQ  /HLVV 9HUESDDUHVLQGDXIJUXQGYRQVHPDQWLVFKHU'LIIH UHQ]LHUXQJHUKDOWHQJHEOLHEHQ ]%KRUFKHQJHKRUFKHQ  HEG  (LQ5HVXOWDWGHV=XVDPPHQEUXFKVGHUDVSHNWXHOOHQ2SSRVLWLRQVWHOOW GLH(QWVWHKXQJXQG=XQDKPHDQDO\WLVFKHU)RUPHQGDU 'LH 1HXJUDPPDWLNDOLVLHUXQJ HLQHU %DVLVNDWHJRULH IKUW VRPLW JDQ] QDWUOLFKHU ZHLVH]XHLQHU=XQDKPHDQDO\WLVFKHU.RQVWUXNWLRQHQ*HQDXGDVLVWHLQ&KDUDN WHULVWLNXPGHU6SUDFKJHVFKLFKWH GHUJHUPDQLVFKHQ6SUDFKHQ$VSHNWJHKWYHUOR UHQ XQG DQDO\WLVFKH .RQVWUXNWLRQHQ HQWVWHKHQ ZHUGHQ HUSUREW XQG LQ GHQ YHU VFKLHGHQHQ JHUPDQLVFKHQ 6SUDFKHQ ]XP 7HLO YHUZRUIHQ ]XP 7HLO EHLEHKDOWHQ /HLVVD 



+HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJ



'HU=XVDPPHQEUXFKGHVDVSHNWXHOOHQ6\VWHPVZLUGVRPLWYDYRQ/HLVV LQPHKUHUHQ$UEHLWHQEVSZDXQGE DOVHLQHEH GHXWVDPH9HUlQGHUXQJLQQHUKDOEGHV9HUEDOV\VWHPVEHZHUWHWGLHJUXQG OHJHQGH6SUDFKZDQGHOSUR]HVVHDXV]XO|VHQYHUPDJ /HLVVD   =XU+\SRWKHVH 'LH +\SRWKHVH GDVV GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ ]XP HLQHQ LQ %H]LHKXQJ ]XU *UDPPDWLNDOLVLHUXQJ GHV 3HUIHNWV XQG ]XP DQGHUHQ LQ %H]LHKXQJ ]XU $XIJDEH GHU DVSHNWXHOOHQ 2SSRVLWLRQ VWHKH ILQGHWEHL5|GHO  LKUHHUVWH$XVEXFKVWDELHUXQJ'DEHLJHKWHV5|GHO YD XP HLQH WKHRUHWLVFKH 'DUVWHOOXQJ VHLQHU +\SRWKHVH RKQH HPSLULVFKH hEHUSUIXQJ 'DV>GHU0DQJHODQ%HOHJHQDXVGHU)UK]HLWGHU.RQVWUXNWLRQ$QPGHU9HUI@ LVWGHU*UXQGZDUXPDXFKLQGLHVHU$UEHLWQXUGHU9HUVXFKXQWHUQRPPHQZHU GHQ NDQQ GLH (QWVWHKXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ XQWHU %HUFNVLFKWL JXQJ GHV DNWXHOOHQ )RUVFKXQJVVWDQGHV GHU GLDFKURQHQ *UDPPDWLN LQ HLQ QHXHV /LFKW]XUFNHQ=LHOLVWHLQHP|JOLFKVWSODXVLEOH(UNOlUXQJGLH]XNQIWLJHQ)RU VFKHUQDOVEHUSUIEDUH+\SRWKHVHGLHQHQNDQQ 5|GHO 

'LH 9RUDXVVHW]XQJ IU GLH +HUDXVELOGXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ VWHOOW QDFK GLHVHU +\SRWKHVH GLH *UDPPDWLNDOLVLHUXQJ GHV 3HUIHNWV GDU 1XUEHLQLFKWVWDELOHP3HUIHNWHU|IIQHWVLFKGLH0|JOLFKNHLWGHU(QWZLFN OXQJ GRSSHOWHU3HUIHNWELOGXQJHQ ZREHL XQWHU ÄQLFKW VWDELOHP 3HUIHNW· ]X YHUVWHKHQLVWGDVVGLH3HUIHNWNRQVWUXNWLRQQLFKWPHKUQXU3HUIHNWEHGHX WXQJLPVSUDFKW\SRORJLVFKHQ6LQQHDXIZHLVWVRQGHUQVLFKLP=XJHLKUHU (QWZLFNOXQJ IU WHPSRUDOH /HVDUWHQ SDVW%HGHXWXQJ LP VSUDFKW\SRORJL VFKHQ 6LQQH  |IIQHW 'LHV LVW PLW GHU GHXWVFKHQ 3HUIHNWNRQVWUXNWLRQ JH VFKHKHQ ZLH LQ .DSLWHO  XQWHU 5FNJULII DXI GLH HLQVFKOlJLJH )RU VFKXQJ JH]HLJW ZHUGHQ NRQQWH 'HP 3HUIHNW ZLUG HV GXUFK GLH KLQ]XJH ZRQQHQHWHPSRUDOH/HVDUWHUP|JOLFKWLQ.RQNXUUHQ]]XP3UlWHULWXP]X WUHWHQ $XVO|VHU IU GLH %LOGXQJ VROFK DQDO\WLVFKHU 7HPSXVIRUPHQ VWHOOW QDFK/HLVV D GHU5FNJDQJXQG6FKZXQGGHUDVSHNWXHOOHQ2S SRVLWLRQGDUEHLGHPJHVHLQHDVSHNWXHOOHQ.DSD]LWlWHQYHUOLHUWXQGYRP $VSHNWPDUNHU]XPREOLJDWRULVFKHQ%HVWDQGWHLOGHV3DUWL]LS,,XPJHGHXWHW ZLUG 5|GHOVLHKWLQGHU+HUDXVELOGXQJYRQGRSSHOWHQ3HUIHNWELOGXQJHQGLH 6FKDIIXQJHLQHU0|JOLFKNHLW]XU$XIUHFKWHUKDOWXQJGHU'DUVWHOOXQJDVSHN WXHOOHU %HGHXWXQJ 'LH YRUOLHJHQGH +HUDXVELOGXQJVK\SRWKHVH LVW GDPLW BBBBBBBBBBBBBBBBBBB

 (LQH HPSLULVFKH $EVLFKHUXQJ GHU +\SRWKHVH ZDU EHL 5|GHO DXIJUXQG VHLQHU .RUSXV]X VDPPHQVWHOOXQJQLFKWP|JOLFK9JOKLHU]X.DS



+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

QLFKW YROONRPPHQ ORVJHO|VW YRP 3UlWHULWXPVFKZXQG ]X EHWUDFKWHQ ,P *HJHQVDW] MHGRFK ]XU 3UlWHULWXPVFKZXQGK\SRWKHVH GLH HLQHQ NDXVDOHQ =XVDPPHQKDQJ]ZLVFKHQGHP9HUOXVWGHVV\QWKHWLVFKHQ3UlWHULWXPVXQG GHU +HUDXVELOGXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ XQWHUVWHOOW OLHJW KLHU HLQH DQGHUH %H]LHKXQJ YRQ3UlWHULWXPVFKZXQG XQGGRSSHOWHQ 3HUIHNWELOGXQ JHQ]XHLQDQGHUYRU%HLGHZHUGHQDOV)ROJHGHU*UDPPDWLNDOLVLHUXQJGHV 3HUIHNWV]XP9HUJDQJHQKHLWVWHPSXVJHZHUWHW 9HUOXVWGHV$VSHNWV\VWHPV *UDPPDWLNDOLVLHUXQJGHV3HU IHNWVWHPSRUDOH.RPSRQHQWH PLWZDFKVHQGHP*HZLFKW 'RSSHOWH3HUIHNWELOGXQJHQ .RQNXUUHQ]]XP3UlWHULWXP 3UlWHULWXPVFKZXQG

0|JOLFKNHLWGHV5FNJULIIV DXIDVSHNWXHOOH$XVGUXFNV P|JOLFKNHLWHQ]XU5HDOLVLH UXQJYRQ9RUYHUJDQJHQKHLW

$EELOGXQJ+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQQDFK5|GHO  



7RSDORYLý   lX‰HUW LQ %H]XJ DXI GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQGLHJOHLFKH9HUPXWXQJZLH5|GHO$XFKVLHVLHKWLQGHU *UDPPDWLNDOLVLHUXQJ GHV 3HUIHNWV ]XP 9HUJDQJHQKHLWVWHPSXV HLQHQ (U NOlUXQJVDQVDW]IU'RSSHOSHUIHNW 0LWGHP5FNJDQJGHUDVSHNWXHOOHQ%HVFKUlQNXQJGXUFKGLH9HUESDDUHZHUGHQ 3HUIHNWIRUPHQDOV7HPSXVPDUNHUEHLDOOHQ9HUEHQJUDPPDWLNDOLVLHUW'LHWHPSR UDOHQ %HGHXWXQJVDQWHLOH ² DXFK EHLP 3OXVTXDPSHUIHNW GDV PLW SUlWHULWDOHQ JH 9HUEIRUPHQ]XU.RGLHUXQJYRQ9RUYHUJDQJHQKHLWNRQNXUULHUWH²GRPLQLHUHQDO VR QDFK GHU 5HVWUXNWXULHUXQJ EHU GLH DVSHNWXHOOHQ GLH 7HPSRUDOLWlW VR DXFK HLQIDFKH 9HUJDQJHQKHLW  ZLUG ]XP SULPlUHQ 0HUNPDO *HUDGH LQ GLHVHU 8P EUXFKSKDVH YRQ $VSHNW ]X 7HPSXVIRUPHQ N|QQWHQ 3HUIHNW ,, XQG 3OXVTXDP SHUIHNW,,DOVHLQHLQGHXWLJDVSHNWXHOOH0DUNLHUXQJHQYRQDEJHVFKORVVHQHU9HUJDQ JHQKHLWRGHU9RUYHUJDQJHQKHLWLQ%H]XJ]XP3HUIHNWXQGDEJHVFKORVVHQHU9RU YHUJDQJHQKHLW RGHU 9RU9RUYHUJDQJHQKHLW LQ %H]XJ ]XP 3OXVTXDPSHUIHNW HQWZLFNHOWZRUGHQVHLQ 7RSDORYLýI 

'LH+\SRWKHVHZLUGQXQQRFKHLQPDOIRUPXOLHUW



+HUDXVELOGXQJDOVSHUIHNWLYH6WUXNWXULP=XJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJ



9RUDXVVHW]XQJ IU GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ VWHOOW ]XP HLQHQGLH*UDPPDWLNDOLVLHUXQJGHV3HUIHNWV]XPDQGHUHQGLH$XIJDEHGHUDVSHN WXHOOHQ2SSRVLWLRQGDU'RSSHOWH3HUIHNWELOGXQJHQELOGHQVLFKGDUDXIKLQDOVSHU IHNWLYH3DUWQHUGHV3HUIHNWVKHUDXV,KUH)XQNWLRQLVWHVGLH0|JOLFKNHLW]XU6LJ QDOLVLHUXQJ SHUIHNWLYHU %HGHXWXQJ ]X VLFKHUQ ,KUH %HGHXWXQJ LVW GDPLW LP DVSHNWXHOOHQ%HUHLFK]XVHKHQ

6RPLWVWHKWGHUWUDGLWLRQHOOHQ3UlWHULWXPVFKZXQGK\SRWKHVHGLHLQ.DSLWHO ZLGHUOHJWZHUGHQNRQQWHHLQHVHKUMXQJH+\SRWKHVHJHJHQEHU$Q VlW]H]XGHUHQhEHUSUIXQJZHUGHQLP)ROJHQGHQGDUJHVWHOOW  hEHUSUIXQJVDQVlW]H %HL GHU hEHUSUIXQJ GHU +\SRWKHVH ZLUG LP )ROJHQGHQ ]ZHLJOHLVLJ YHU IDKUHQ=XPHLQHQVROO]XQlFKVWHUPLWWHOWZHUGHQEHLZHOFKHP*UDPPD WLNDOLVLHUXQJVJUDGGHU3HUIHNWNRQVWUXNWLRQVLFKGRSSHOWH3HUIHNWELOGXQJHQ KHUDXVELOGHQ 8P GLHVH )UDJH ]X EHDQWZRUWHQ ZLUG GLH 'DWLHUXQJ GHU IUKHVWHQ'RSSHOSHUIHNWEHOHJHPLWGHPIUGLHVHQ=HLWSXQNWYRQGHUHLQ VFKOlJLJHQ)RUVFKXQJDQJHQRPPHQHQ*UDPPDWLNDOLVLHUXQJVJUDGGHU3HU IHNWNRQVWUXNWLRQDEJHJOLFKHQ'DPLWVROODXFKHLQH$QWZRUWDXIGLH)UDJH JHIXQGHQ ZHUGHQ VHLW ZDQQ GRSSHOWH 3HUIHNWELOGXQJHQ LP 'HXWVFKHQ H[LVWLHUHQ ,Q HLQHP ]ZHLWHQ 6FKULWW ZLUG YHUVXFKW ]X HUJUQGHQ LQZLHZHLW GLH +HUDXVELOGXQJGRSSHOWHU3HUIHNWELOGXQJHQWDWVlFKOLFKLP=XVDPPHQKDQJ PLW GHU $XIUHFKWHUKDOWXQJ GHU DVSHNWXHOOHQ $XVGUXFNVP|JOLFKNHLWHQ ]X VHKHQLVW'DEHLOLHJWGDV+DXSWDXJHQPHUN]XQlFKVWDXIGHU)UDJHREIU GHQ HUPLWWHOWHQ +HUDXVELOGXQJV]HLWUDXP GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ PD‰JHEOLFKH 8PVWUXNWXULHUXQJVSUR]HVVH LP 9HUEDOEHUHLFK LP =XJH GHU $XIJDEH GHU DVSHNWXHOOHQ 2SSRVLWLRQ IHVW]XVWHOOHQ VLQG 'DUDXIKLQ ZLUG BBBBBBBBBBBBBBBBBBB

 6SUDFKW\SRORJLVFKH6WXGLHQ 7KLHURIIXQG$PPDQQ VFKHLQHQGLHYRUOLH JHQGH+\SRWKHVHLQVRIHUQ]XXQWHUPDXHUQDOVVLH]HLJHQGDVVVLFKGLHDUHDOH9HUEUHLWXQJ YRQGRSSHOWHQ3HUIHNWELOGXQJHQWHLOZHLVHPLWGHU9HUEUHLWXQJGHU3HUIHNWNRQVWUXNWLRQPLW SDVW%HGHXWXQJGHFNW 7KLHURII 'LH0HKU]DKOGHU6SUDFKHQPLWLQVWDELOHP3HU IHNW 'HXWVFK 6GGHXWVFK )UDQ]|VLVFK 3RQWXVXQG6LGRQLD@

,Q GHQ YRUOLHJHQGHQ 1HEHQVDW]EHOHJHQ LVW GLH 1DFKVWHOOXQJ YRQ JHKDEW NRQVHTXHQWUHDOLVLHUWHVH[LVWLHUWNHLQ%HOHJIUHLQHZHLWHUH6WHOOXQJVYDUL DQWHGHVDX[LOLDUHQ3DUWL]LSV0LW$XVQDKPHYRQ%HOHJHUJLEWVLFKGDPLW IROJHQGH$EIROJHGHU3UlGLNDWVWHLOHLP1HEHQVDW] 3DUWL]LS,,GHV9ROOYHUEV )LQLWXP

3DUWL]LS,,GHV$X[LOLDUV

ZROW

KDQ

JHKDEW

HUIUDZHW

KHWWHQ

JHKDEW

9

9

9 



+lUG   XQWHUVXFKW LQ HLQHU GLDFKURQHQ 6WXGLH DXVIKUOLFK GLH 6WHO OXQJVYDULDQWHQ GHV )LQLWXPV EHL PHKUJOLHGULJHQ 1HEHQVDW]SUlGLNDWHQ (U XQWHUVFKHLGHWKLHUEHLÅVHFK]HKQ9HUENRPSOH[HPLWYHUEDOHQ.RQVWLWXHQ WHQ´ +lUGIUHVPLHUHQGÉJHO² %HLGHU8QWHUVX FKXQJGUHLJOLHGULJHU9HUEDONRPSOH[H ,ELV9,E GHV-DKUKXQGHUWVHU ZHLVWVLFKGLH=ZLVFKHQVWHOOXQJDOVKlXILJYRUNRPPHQGH6WHOOXQJVYDULDQWH GHV)LQLWXPVQHEHQ9RUDQXQG(QGVWHOOXQJ +lUGXQG]X VDPPHQIDVVHQG+lUG² 'LHYRUJHOHJWHQHPSLULVFKHQ%HIXQGH ]XGHQ6WHOOXQJVYDULDQWHQGHV)LQLWXPVLP1HEHQVDW]EHUUDVFKHQGDKHU YRU GHP +LQWHUJUXQG GHU +lUG·VFKHQ 8QWHUVXFKXQJ QLFKW 'LH YRUKHUU VFKHQGH =ZLVFKHQVWHOOXQJ HQWVSULFKW GHQ VSUDFKKLVWRULVFKHQ (UNHQQWQLV VHQ]X6WHOOXQJVYDULDQWHQGHV)LQLWXPVLP-DKUKXQGHUWXQGVWHOOWNHL BBBBBBBBBBBBBBBBBBB

 

'DYRQHLQ%HOHJPLWHOOLSWLVFKHP)LQLWXPXQGHOOLSWLVFKHP3DUWL]LSGHV$X[LOLDUV 'RSSHOWH3HUIHNWELOGXQJHQILQGHQEHL+lUG  NHLQH%HUFNVLFKWLJXQJ



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

QHUOHL$EZHLFKXQJYRQGHQYRQ+lUGXQWHUVXFKWHQGUHLJOLHGULJHQ9HUEDO NRPSOH[HQGDU )U GLH *HJHQZDUWVVSUDFKH NRQVWDWLHUW 5|GHO GDVV GLH 3RVLWLRQ YRP 3DUWL]LS,,GHV9ROOYHUEVXQGGHV$X[LOLDUVIHVWJHOHJWLVW )U GDV 'HXWVFKH LVW KLHUEHL IHVW]XVWHOOHQ GDVV ² XQDEKlQJLJ YRP 6DW]W\S XQG YRQGHU$UWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ²3DUWL]LS,,GHV9ROOYHUEVXQG3DU WL]LS ,, GHV $X[LOLDUV VWHWV XQPLWWHOEDU DXIHLQDQGHU IROJHQ LKUH 3RVLWLRQ DOVR IL [LHUWLVW>«@ 5|GHO 

5|GHOZLUIWGLH)UDJHDXIREGLHIL[LHUWH3RVLWLRQGHU3DUWL]LSLHQ,,DXFK IU%HOHJHDXVGHU)UK]HLWGHU.RQVWUXNWLRQJLOW )UGLH5HNRQVWUXNWLRQGHU(QWVWHKXQJVEHGLQJXQJHQGHV'RSSHOSHUIHNWVLVWHLQH $XVVDJHGDUEHUQLFKWXQHUKHEOLFKREGLHVVFKRQVHLWMHKHUJHJHEHQLVW GKVHLW GLH.RQVWUXNWLRQP|JOLFKLVW 1DKH]X3UR]HQWGHUEHNDQQWHQ%HOHJHZHLVHQ MHQHIL[LHUWH6WUXNWXUDXI*HJHQEHLVSLHOHJLEWHVQXUZHQLJH 5|GHO 

'LHVEH]JOLFKZXUGHIHVWJHVWHOOWGDVVJHUDGHGLH=ZLVFKHQVWHOOXQJEHLGHU GLH 3DUWL]LSLHQ QLFKW GLUHNW QDFKHLQDQGHU YRUNRPPHQ VRQGHUQ 'LVWDQ] VWHOOXQJ]XHLQDQGHUDXIZHLVHQGLHKlXILJVWH6WHOOXQJVYDULDQWHLP-DKU KXQGHUWLVW (LQLJH $UEHLWHQ XQWHUVXFKWHQ EHUHLWV GLH .RPSDWLELOLWlW GRSSHOWHU 3HUIHNWELOGXQJHQ PLW 9HUEHQ YHUVFKLHGHQHU $NWLRQVDUWHQ 6RZRKO /LWYL QRY5DGÿHQNR    DOV DXFK 5|GHO    NRPPHQ GDEHL ]X GHP6FKOXVVGDVVHVLQGHU*HJHQZDUWVVSUDFKHNHLQH9HUEJUXSSHJLEWGLH VLFKGHU%LOGXQJGRSSHOWHU3HUIHNWELOGXQJHQV\VWHPDWLVFKYHUZHLJHUW'R URZ  XQG+HQQLJ  YHUPXWHQMHGRFKGDVVGLHGRSSHO WHQ3HUIHNWELOGXQJHQEHVRQGHUVKlXILJPLW9HUEHQSHUIHNWLYHU$NWLRQVDUW YRUNRPPHQ $XFKGLHVHV(UJHEQLVVROOLP)ROJHQGHQKLVWRULVFKEHWUDFKWHWZHUGHQ 'DEHLZLUG]XQlFKVWHLQH/LVWHGHU9HUEHQHUVWHOOWPLWGHQHQKDEHQ'RS SHOSHUIHNWELOGXQJHQYRUOLHJHQ,P$QVFKOXVVGDUDQZLUGGHUHQ9HUWHLOXQJ DXIGLH6LWXDWLRQVNODVVHQGDUJHVWHOOW 9HUEHQ VLFKXPVFKODJHQ HPSIHKOHQ YHUOLHUHQ EHKHUEHUJHQ WXQ

$Q]DKO     

BBBBBBBBBBBBBBBBBBB



(LQHQ hEHUEOLFN ]XU (QWZLFNOXQJ GHU 6WHOOXQJ GHV )LQLWXPV EHL PHKUJOLHGULJHQ 1HEHQ VDW]SUlGLNDWHQJLEWÉJHO    =XU(UNOlUXQJGHU]XJUXQGHJHOHJWHQ6LWXDWLRQVNODVVHQYRQ7KLHURII  VLHKH.DS



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

9HUEHQ HUIUHXHQ VWUHLWHQ OHEHQ HUJHEHQ YHUZDQGHOQ YHUNHKUHQ WXQ ODFKHQ KDOWHQ ZROOHQ



$Q]DKO          

7DEHOOH9HUEHQ KDEHQ-DKUKXQGHUW 

'LH7DEHOOHYHUPLWWHOWHLQUHFKWJHPLVFKWHV%LOGGHUGHQKDEHQ%LOGXQJHQ ]XJUXQGHOLHJHQGHQ9HUEHQ1HEHQSHUIHNWLYHQ9HUEHQZLHYHUOLHUHQILQGHQ VLFKGXUFKDXVDXFKDXVJHVSURFKHQGXUDWLYH9HUEHQZLHOHEHQXQGZROOHQ(V VFKHLQW]XGHPQLFKWGHU)DOO]XVHLQGDVV9HUEHQPLWSHUIHNWLYHU6HPDQ WLNGHXWOLFKKlXILJHUVLQGDOVGXUDWLYH9HUEHQ'DVIUKH9RUNRPPHQHL QHV 0RGDOYHUEV LVW DXIJUXQG GHU 7DWVDFKH GDVV 0RGDOYHUEHQ HUVW VHKU VSlW(LQJDQJLQGLH3HUIHNWNRQVWUXNWLRQILQGHQK|FKVWLQWHUHVVDQW 6LWXDWLRQVNODVVH WHOLVFK DWHOLVFK SXQNWXHOO VWDWLVFK

$Q]DKO    

7DEHOOH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW 

'LH'DUVWHOOXQJGHU6LWXDWLRQVNODVVHQHUJLEWZLHGHUXPHLQUHFKWDXVJHZR JHQHV%LOG-HGH6LWXDWLRQVNODVVHLVWPLQGHVWHQV]ZHLPDOYHUWUHWHQVRGDVV VLFKEHUHLWVLQGHU)UK]HLWGHU.RQVWUXNWLRQNHLQH$XVVFKOVVHEHVWLPP WHU 6LWXDWLRQVNODVVHQ QDFKZHLVHQ ODVVHQ 'LH VWDWLVFKH 6LWXDWLRQVNODVVH LVW LQ GHQ XQWHUVXFKWHQ %HOHJHQ VRJDU YHUJOHLFKVZHLVH KlXILJ YHUWUHWHQ ,P )ROJHQGHQZLUGMHHLQ%HLVSLHOIUGLH6LWXDWLRQVNODVVHQJHQDQQW

BBBBBBBBBBBBBBBBBBB

 =XU(QWZLFNOXQJYRQKDEHQ3DUWL]LS,,YJO.DS



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

WHOLVFK   ,Q GHP ZDUHQ GLH QXZHQ PHUHQ ]X KRIIH NRPHQ ZLH HLQ EURWEHWWHOHU ZHUH NRPHQLQGDVODQWGHUKHWWHHUNHQQHWGHQ9RUJHQDQWHQYQGLVZHUGHUJXWKHUU 3RQWXVGHVNRQLJVVRQHYRQ*DOOLVVHQYQGKHWWPLWYIIGLH]\WV\QHQQDPHQYHU ZDQGHOWXQGYHUNHUWJHKDEWYPEGDVHUQLWEHNDQWHQZXUGH >3RQWXVXQG6LGRQLD@ DWHOLVFK  DQGHPGULWHQEXRFKVDJWG]KRPHUXVYRQGHQYRQ$WKHQLVIUHLQHQYQVLQQL JHQ YQG WKRUHQ JHKDOWHQ VHº ZRUGHQ GDUXPE GDV HU JHVSURFKH KHW GLH JRHWWHU KHWHQPLWHLQDQGHUJHVWULWHQJHKHEW6FKUHLEWDXFK3ROLFUDWXVMPHUVWHQEXRFK >)QKG@ SXQNWXHOO  (VZDVDXFKQLWZRQGHUGDQ\HJHJHQH\PHFULVWHQZDUHQ]HKHQKH\GHQGDQ GLHFULVWHQZHUWHQVLFKYEHUPDL‰VHUHVLHKHWWHQDQGHUVODQJHYHUORUHQJHKDEW %HVRQGHUV%HUQKDUWYRQ5RFKHVGHWW]XPDOZROGHVGDJVGDVHU\PHUPHGDYRQ ZDUWJHSULHVHQ>3RQWXVXQG6LGRQLD@ VWDWLVFK  'HUNRQLJYQGGLHNRQLJ\QQHYQGDOOHDQGHUQHUEXWHQ\PHJUR‰HUHGDVHUVLFK VLQVFKDPSWYQG]XOHVW\QHVDJWKHWWHHUJHZ\VWGDVPDQPLW\PHDOVRYLOOREHQV ZROWKDQJHKDEW]XYQUHFKWPLWGHUHUHQGLHVLH\PHDOOH\QEHZ\VWHQHUHQZHUH QLWLQGHQVWU\WNRPPHQ>3RQWXVXQG6LGRQLD@

'LHXQWHUVXFKWHQ%HOHJHZHLVHQNHLQDXIIlOOLJHV9RUNRPPHQPLW$GYHU ELDOHQ-XQNWRUHQRGHUlKQOLFKHPDXI=ZDUILQGHQVLFKLQGHQ%HOHJNRQ WH[WHQ 7HPSRUDODGYHUELDOH LQ 9HUELQGXQJ PLW GHQ KDEHQ'RSSHOSHUIHNW ELOGXQJHQVRZLH%HOHJHLQWHPSRUDOHQ1HEHQVlW]HQGRFKKDQGHOWHVVLFK KLHUEHLLPPHUQXUXPHLQ(LQPDOYRUNRPPHQVRGDVVNHLQH*HEUDXFKV SUlIHUHQ]HQGLHVHU$UWHUPLWWHOEDUVLQG ,QGHUHLQVFKOlJLJHQ/LWHUDWXUZXUGHPHKUIDFKEHVSURFKHQGDVVVLFK LQ 'RSSHOSHUIHNWNRQWH[WHQ KlXILJ (UHLJQLV)ROJH%H]LHKXQJHQ HUNHQQHQ ODVVHQ ZREHL GDV PLW HLQHU GRSSHOWHQ 3HUIHNWELOGXQJ UHDOLVLHUWH (UHLJQLV GDV GLH )ROJH DXVO|VHQGH (UHLJQLV GDUVWHOOW 0DLZDOG  XQG 5|GHO   (V ZXUGH GDKHU LQ GHQ YRUKDQGHQHQ .RQWH[WHQ GHV  -DKUKXQ GHUWV]XQlFKVWQDFKGLHVHP7\SYRQ(UHLJQLVEH]LHKXQJJHVXFKW+LHUEHL NRQQWH IHVWJHVWHOOW ZHUGHQ GDVV PHKU DOV GLH +lOIWH GHU .RQWH[WH QHXQ YRQ HLQH[SOL]LWHV)ROJHHUHLJQLVDXIZHLVWGDVGXUFKHLQPLWHLQHUKDEHQ 'RSSHOSHUIHNWELOGXQJUHDOLVLHUWHV(UHLJQLVYHUXUVDFKWZLUG  'RHU]XKRIIHTZDPGDHQWSKLQJHUGHQJUHIIHQZROYQGHUKDWWHVLFKDXFK YRU GDU]X JHUXVW VHUH NRVWOLFK ZDQ \PH GHU JUHIIH YRQ 5LFKPRQW GLH HUVW ERW VFKDIWJHWKDQKDWWJHKDEW>3RQWXVXQG6LGRQLD@  (UQDP\QHYQGKLH‰\QHVLW]HQWXVFKHQVLQ]ZRGRFKWHU]XGHPHVVHQDEHUHU ZHUWH VLFK ODQJH GDU]X =XOHVW PXVW HU LV WKXQ ZDQW LV GHU NRQLJ ZROW KDQ JH KDEW1DFKGHPHVVHQJLQJHQVLHVSDFLHUHQLQGHQJDUWHQ>@ >3RQWXVXQG6LGRQLD@



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



  ,Q GHP ZDUHQ GLH QXZHQ PHUHQ ]X KRIIH NRPHQ ZLH HLQ EURWEHWWHOHU ZHUH NRPHQLQGDVODQWGHUKHWWHHUNHQQHWGHQ9RUJHQDQWHQYQGLVZHUGHUJXWKHUU 3RQWXV GHV NRQLJV VRQH YRQ *DOOLVVHQ YQG KHWW PLW YII GLH ]\W V\QHQ QDPHQ YHUZDQGHOWXQGYHUNHUWJHKDEWYPEGDVHUQLWEHNDQWHQZXUGH >3RQWXVXQG6LGRQLD@

,Q GHQ DQJHIKUWHQ .RQWH[WHQ OLHJHQ IROJHQGH (UHLJQLV)ROJH%H]LHKXQ JHQYRU (UHLJQLV      %RWVFKDIWWXQ     HVZROOHQ      VHLQHQ1DPHQYHUZDQGHOQXQGYHUNHKUHQ

)ROJH VLFKUVWHQ  HVWXQPVVHQ QLFKWEHNDQQWZHUGHQ

'LHXQWHUVXFKWHQKDEHQ'RSSHOSHUIHNWELOGXQJHQEHVWlWLJHQGDPLWGLH%H REDFKWXQJYRQ0DLZDOG  XQG5|GHO  GDVVLQGHQ%HOHJNRQ WH[WHQKlXILJ(UHLJQLV)ROJH%H]LHKXQJHQHUNHQQEDUVLQG (VNRQQWHQRFKHLQZHLWHUHU7\SYRQ(UHLJQLVEH]LHKXQJLQGHQXQWHU VXFKWHQ.RQWH[WHQIHVWJHVWHOOWZHUGHQQl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ÅDQDFWLRQZKLFKOHGWRDUH VXOW WKDW LV ODWHU EHHQ FDQFHOOHG´ 7KLHURII VWHOOW IHVW GDVV 'RSSHOSHUIHNW ]XU'DUVWHOOXQJYRQWZRZD\DFWLRQVGLHQW  $XFK5|GHOILQGHWLQ VHLQHU%HOHJVDPPOXQJDOVWZRZD\DFWLRQV]XLQWHUSUHWLHUHQGH.RQWH[WHPLW GRSSHOWHQ3HUIHNWELOGXQJHQYRUGLHGXUFKÅGLH$XIKHEXQJGHVGXUFKGDV (UHLJQLVKHUEHLJHIKUWHQ5HVXOWDWV´  JHNHQQ]HLFKQHWVLQG 'LHVHU 7\S VROO LQ GHU YRUOLHJHQGHQ $UEHLW DQDORJ ]X GHU (UHLJQLV )ROJH%H]LHKXQJ DOV Ä(UHLJQLV$EVFKOXVV%H]LHKXQJ· EH]HLFKQHW ZHUGHQ 6HFKVGHU%HOHJHN|QQHQDOV(UHLJQLV$EVFKOXVV%H]LHKXQJHLQJHVWXIW ZHUGHQ%HLVSLHOHKLHUIU   $FK GRWW Q\H KDVWX VR YEHO JHWKDQQ DOV GLHVHP ULWWHU GHU GD EHKHUEHUJ>W@ KDWJHKDEWDOOHGRJHQWYRUDOOHQULWWHUQGLHGDOHSWHQ>3RQWXVXQG6LGRQLD@  'HWNRQLJ7\ERUXQGGLHVLQZXUGHQVHUHHUIHUWYQGVWDOWHQVLFK]XGHUZHUGH GDV EHVWH VLH PRFKWHQ ZDQW GHU NRQLJ VHOEH HLQ JXW ULWWHU DOOH VLQ WDJH JHZHVHQ BBBBBBBBBBBBBBBBBBB

 :HONHVWHOOWGLHÅWZRZD\DFWLRQ,PSOLNDWXU´  DOVHLQVFKOlJLJIUGLHGRSSHOWHQ3HU IHNWELOGXQJHQGDU)ULKQVFKHLQWGLHVHMHGRFKQXUIU'RSSHOSOXVTXDPSHUIHNW]XEHVWH KHQ HEG 



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

ZD‰YQGZHUWHVLFKVRODQJHVRQGHUGD‰HUVLFKQLWJHIDQJHQZROWJHEHQPLWGD‰ HUHUVODJHQZDUWLQQVLQHUH\JHQVWDWWDOVLUZROYHUVWDQGHQKDQWZLH\PHGLHYRQ GHQK\GHQDQJHZRQQHQZD‰ZRUGHQGDVHLQJURVVHUVFKDQGHZD‰QDFKGHPDOV HUDOOHVLQ]\WZROKHUNRPPHQZD]YQGQDFKJURVVHQHUHQJHOHEWKDWWHJHKDEW 'DQXQOH\GHUGLHNRQLJ\QQHJHVDFKGD‰LUKHUUHHUVODJHQVWDWWYQGGLHEXUJYHU ORUHQZD‰GDPRFKWVLHQLWEHWUXSWHUQRFKWUXULJHUJHVLQ>3RQWXVXQG6LGRQLD@  (LQHVDEHQWVZDVHU]XPDOHEHWUXSWLQ\PHVHOEV(UJLQJLQGHQEXVFKXQG KRUWGHUIRJHOLQVX‰HQVLQJHQGLH\QHYRU]\WHQGLFNHUIUDZHWKHWWHQJHKDEW6LH VRQJHQVRVX‰OLFKLVPRFKWZROHLQHQEHWUXSWHQPHQWVFKHQHLQZHQLJIUHXGHJH EHQKDQ>3RQWXVXQG6LGRQLD@

(V OLHJHQ EHL GHQ DXIJHIKUWHQ %HOHJHQ IROJHQGH (UHLJQLV$EVFKOXVV %H]LHKXQJHQYRU (UHLJQLV=XVWDQG  7XJHQGHQEHKHUEHUJHQ  QDFKJUR‰HQ(KUHQOHEHQ VLFKHUIUHXHQ  

DXVGHP.RQWH[WDEOHLWEDUHV(UHLJQLV VWHUEHQ VWHUEHQ EHWUEWVHLQ

'LH(UHLJQLV)ROJH%H]LHKXQJXQGGLH(UHLJQLV$EVFKOXVV%H]LHKXQJKD EHQJHPHLQVDPGDVVMHZHLOV]ZHL(UHLJQLVVHLP.RQWH[WYRUKDQGHQVLQG YRQGHQHQGDVPLWHLQHUKDEHQ%LOGXQJUHDOLVLHUWHGDVYRUDQJHKHQGH(UHLJ QLVGDUVWHOOWGDVLP)DOOHHLQHU(UHLJQLV)ROJH%H]LHKXQJGLH)ROJHYHUXU VDFKW XQG LP )DOOH HLQHU (UHLJQLV$EVFKOXVV%H]LHKXQJ GXUFK GDV QDFK IROJHQGH(UHLJQLV]XP$EVFKOXVVNRPPW'LHVHU7\SEHLGHPGLHKDEHQ %LOGXQJHLQLQ%H]XJDXIHLQZHLWHUHV(UHLJQLVLP.RQWH[WYRUNRPPHQGHV XQGGLHVHPYRUDQJHKHQGHV(UHLJQLVGDUVWHOOWVROOLP)ROJHQGHQDOVÄUHODWL YHU7\S·EH]HLFKQHWZHUGHQ $XFK GHU DOV (UHLJQLV)ROJH%H]LHKXQJ HLQJHVWXIWH %HOHJ  NDQQ LP 6LQQHHLQHU(UHLJQLV$EVFKOXVV%H]LHKXQJLQWHUSUHWLHUWZHUGHQZHQQGLH $UJXPHQWDWLRQVRDXVVLHKWGDVVGDV7XQVFKOLH‰OLFKGHP:ROOHQHLQ(QGH VHW]W %HOHJ  HUZHLVW VLFK GDPLW DOV %HLVSLHO GDIU GDVV NHLQH (LQV]X (LQV=XZHLVXQJYRQ%HOHJNRQWH[WXQG(UHLJQLVEH]LHKXQJDQJHVWUHEWZHU GHQVROOWH²HLQ%HOHJNDQQGXUFKDXVLQ]ZHL RGHUPHKU (UHLJQLVEH]LH KXQJHQHLQ]XRUGQHQVHLQ (LQ%HOHJLVWYRUKDQGHQGHUNHLQHGHUEHLGHQREHQGDUJHVWHOOWHQ(U HLJQLVEH]LHKXQJHQEHLQKDOWHW  (VZDVDXFKQLWZRQGHUGDQ\HJHJHQH\PHFULVWHQZDUHQ]HKHQKH\GHQGDQ GLHFULVWHQZHUWHQVLFKYEHUPDL‰VHUHVLHKHWWHQDQGHUVODQJHYHUORUHQJHKDEW %HVRQGHUV%HUQKDUWYRQ5RFKHVGHWW]XPDOZROGHVGDJVGDVHU\PHUPHGDYRQ ZDUWJHSULHVHQ>3RQWXVXQG6LGRQLD@

+LHULVWIHVW]XVWHOOHQGDVVGHUGLHKDEHQ%LOGXQJEHLQKDOWHQGH6DFKYHUKDOW NHLQYRUDQJHKHQGHV(UHLJQLVGDUVWHOOWGDVLQ%H]LHKXQJ]XHLQHPQDFKIRO JHQGHQ(UHLJQLVVWHKW'LHVHU7\SZLUGLP)ROJHQGHQDOVÄDEVROXWHU7\S· EH]HLFKQHW



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



'LH YRUJHIXQGHQHQ 7\SHQ XQG GLH GHP UHODWLYHQ 7\S VXEVXPLHUWHQ (UHLJQLVEH]LHKXQJHQ 6XEW\SHQ  ZHUGHQ LQ GHU IROJHQGHQ 7DEHOOH QRFK PDOVGDUJHVWHOOW UHODWLYHU7\S   DEVROXWHU7\S   6XEW\S(UHLJQLV 6XEW\S(UHLJQLV )ROJH%H]LHKXQJ $EVFKOXVV%H]LHKXQJ      7DEHOOH5HODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW 

$EVFKOLH‰HQG ZHUGHQ QRFKPDOV GLH LQ GHQ XQWHUVXFKWHQ %HOHJNRQWH[WHQ DOVKlXILJKHUDXVJHVWHOOWHQ9HUZHQGXQJHQGHUKDEHQ'RSSHOSHUIHNWELOGXQ JHQDXIJHIKUW$XIJUXQGGHUGDUJHVWHOOWHQUHJLRQDOHQ9HUWHLOXQJGHU%H OHJHNDQQGDEHLMHGRFKQXUHLQH$XVVDJH]XUPLWWHOGHXWVFKHQ9HUZHQGXQJ JHPDFKW ZHUGHQ GD MD GLH 0HKU]DKO GHU %HOHJH HLQHP PLWWHOGHXWVFKHQ 7H[W HQWVWDPPW 8QWHU GLHVHP 9RUEHKDOW NDQQ IU GLH %HOHJH GHV  -DKUKXQGHUWV)ROJHQGHVIHVWJHVWHOOWZHUGHQ+lXILJHUVFKHLQWEHLGHQIU KHVWHQYRUOLHJHQGHQKDEHQ%HOHJHQGDV9RUNRPPHQLP1HEHQVDW]+LHU EHLNRQQWHJH]HLJWZHUGHQGDVVGDV)LQLWXP]XPHLVWLQ=ZLVFKHQVWHOOXQJ XQGGLHEHLGHQ3DUWL]LSLHQLQ'LVWDQ]VWHOOXQJ]XHLQDQGHUDXIWUHWHQ(EHQ IDOOV KlXILJ ZXUGH GDV 9RUNRPPHQ GHV UHODWLYHQ 7\SV IHVWJHVWHOOW GHU GXUFK GLH ([LVWHQ] HLQHV ZHLWHUHQ (UHLJQLVVHV LP %HOHJNRQWH[W JHNHQQ ]HLFKQHW LVW GDV HQWZHGHU GXUFK HLQH )ROJH RGHU HLQH $EVFKOXVVEH]LH KXQJ ]XP PLW HLQHU KDEHQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWHQ (UHLJQLV LQ %H]LHKXQJVWHKW

BBBBBBBBBBBBBBBBBBB

 %HOHJ  GHU VRZRKO DOV (UHLJQLV)ROJH DOV DXFK DOV (UHLJQLV$EVFKOXVV%H]LHKXQJ HLQJH RUGQHWZHUGHQN|QQWHZLUGXQWHU(UHLJQLV)ROJH%H]LHKXQJJHOLVWHW



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 -DKUKXQGHUW )UGDV-DKUKXQGHUWOLHJWHLQHVHKUVFKPDOH%HOHJODJHYRU(VNRQQWHQ OHGLJOLFKIQIKDEHQ%LOGXQJHQHUPLWWHOWZHUGHQ $Q]DKOGHU

7H[W6HNXQGlUOLWHUDWXU

+HUNXQIWGHV7H[WHV

*UDPPDWLN)QKG   /LWYLQRY5DGÿHQNR   +H[HQYHUK|UH3 :HUQLJHURGH

REG NHLQH$QJDEH

 

PG



KDEHQ%HOHJH

7DEHOOH+HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW 

)ROJHQGH)RUPHQYHUWHLOXQJOLHJWYRU  $Q]DKO

'3)  LQG NRQM  

9HUWHLOXQJDXI GLH0RGL

'343 

DILQLW 





7DEHOOH)RUPHQYHUWHLOXQJ KDEHQ-DKUKXQGHUW 

,P *HJHQVDW] ]XP  -DKUKXQGHUW ILQGHQ VLFK NHLQH 'RSSHOSOXVTXDP SHUIHNWEHOHJH(VWUHWHQDEHU]XPHUVWHQ0DODILQLWH.RQVWUXNWLRQHQDXI  'HPQDFKVSUHFKHQZLU&KXUIXUVWOLFKH6HFKVLVFKH6FK|SSHQ]X/HLSW]LJNGD UDXII XQG HUVWOLFKHQ VRYLHO JHPHOWH 0HWWKH )OLVFKWLVFKLQ XQG $QQHQ 6XSUDQJLQ EHODQJHWYRQUHFKWKDEHQGLHVHOEHQLQGHUVFKDUIIHQIUDJHDXVJHVDJWXQGEHNDQW GDVVLHEH\GHPLWGHPWHXIIHOXQGVLHGLH)OLVFKWLVFKHPLWHLQHPGHQVLH/XFLIHU JHQDQWXQGLKUYRQGHU)ULHGULVFKHQ]X'UXELJ]XJHZLHVHQZRUGHQGLH6XSUDQ JLQ DEHU PLW HLQHP GHQ VLH 6WUDXVV JHQDQW ]XVFKDIIHQ XQG JHEXKOHW JHKDSW >+H[HQYHUK|UH:HUQLJHURGH@

,QGHUIROJHQGHQ7DEHOOHZLUGGLHUHJLRQDOH9HUWHLOXQJGHU)RUPHQGDUJH VWHOOWGLHMHGRFKDXIJUXQGGHUJHULQJHQ%HOHJDQ]DKONHLQVHKUDXIVFKOXVV UHLFKHV%LOGHUJLEW 'RSSHOSHUIHNW $Q]DKO 9HUWHLOXQJDXIGLH 6SUDFKUlXPH 9HUWHLOXQJDXIGLH 0RGL

 REG

PG

QG











LQG 

NRQM 

NHLQH $QJDEH  LQG NRQM  





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

DILQLW $Q]DKO



9HUWHLOXQJDXIGLH 6SUDFKUlXPH

REG

PG

QG







NHLQH $QJDEH 

7DEHOOH)RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH KDEHQ-DKUKXQGHUW 

'LH+DXSWVDW]1HEHQVDW]9HUWHLOXQJVLHKWIROJHQGHUPD‰HQDXV  9RUNRPPHQLP+DXSWVDW] 9RUNRPPHQLP1HEHQVDW]

'RSSHOSHUIHNW  

DILQLW QLFKWP|JOLFK 

7DEHOOH+DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQ-DKUKXQGHUW 

'LHEHLGHQ1HEHQVlW]HVWHOOHQHLQHQ2EMHNWXQGHLQHQ$WWULEXWVDW]GDU hEHUGLH6WHOOXQJGHV)LQLWXPVLP1HEHQVDW]LVWNHLQH$XVVDJHP|JOLFK GDVLFKGLHLP1HEHQVDW]YRUNRPPHQGHQ%HOHJHDXIDILQLWH.RQVWUXNWLR QHQ EHVFKUlQNHQ 6RPLW NDQQ QLFKW QDFKYROO]RJHQ ZHUGHQ ZLH VLFK GLH IUGDV-DKUKXQGHUWIHVWJHVWHOOWHYRUKHUUVFKHQGH=ZLVFKHQVWHOOXQJGHV )LQLWXPVLP1HEHQVDW]LP-DKUKXQGHUWZHLWHUHQWZLFNHOW 7DEHOOH]HLJWZHOFKH9HUEHQYRUNRPPHQ7DEHOOHVWHOOWGLH9HU WHLOXQJDXIGLH6LWXDWLRQVNODVVHQGDU 9HUEHQ HLQVFKODJHQ L6YHLQSDFNHQ  HQWVFKOLH‰HQ YHUZVWHQ YHUJHKHQ EXKOHQ

$Q]DKO     

7DEHOOH9HUEHQ KDEHQ-DKUKXQGHUW 

$XFKLP-DKUKXQGHUWILQGHQVLFKVRPLWVRZRKOGXUDWLYH9HUEHQ EXK OHQ  DOV DXFK SHUIHNWLYH 9HUEHQ HQWVFKOLH‰HQ YHUZVWHQ  LQ 9HUELQGXQJ PLW KDEHQ'RSSHOSHUIHNWELOGXQJHQ



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

6LWXDWLRQVNODVVH WHOLVFK DWHOLVFK SXQNWXHOO VWDWLVFK

$Q]DKO    

7DEHOOH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW 

7DEHOOHHUJLEWLP9HUJOHLFK]XULP-DKUKXQGHUWIHVWJHVWHOOWHQ6LWXD WLRQVNODVVHQYHUWHLOXQJHLQYHUlQGHUWHV%LOGZHOFKHVVLFKMHGRFKPLWKRKHU :DKUVFKHLQOLFKNHLW DXV GHU JHULQJHQ %HOHJGLFKWH HUNOlUHQ OlVVW (V ZLUG DXIJUXQG GHU LP  -DKUKXQGHUW YRUJHIXQGHQHQ 9HUWHLOXQJ QLFKW GDYRQ DXVJHJDQJHQGDVVGLHKDEHQ%LOGXQJHQLP-DKUKXQGHUWHLQH,QNRPSD WLELOLWlWPLWGHUVWDWLVFKHQ6LWXDWLRQVNODVVHDXIZHLVHQ,P)ROJHQGHQZLUG MHHLQ%HOHJIUGLHYRUJHIXQGHQHQ6LWXDWLRQVNODVVHQDXIJHIKUW WHOLVFK  GDQQLFKZHL‰QLWZDV1RWZLUHWZDQGHP%DXUHQYRQ.UDIWVKRIHQKDEHQJH KROIHQ GHU GHQ 0DJHQ PLW .XWWHOIOHFN XQG 0RONHQ RKQ :HLQWULQNHQ DOVR YHU ZVWJHKDEWGD‰ZLULKQKDEHQPVVHQDXVQHKPHQHLQ,QYHQWDULPLW1XPHUR GDUEHU PDFKHQ XQG ZLH HLQ 3IHIIHUVDFN XPVWLOSHQ DXFK PLW HLQ 6WURKZLVFK .DONXQG6DQGZRKOUHLEHQXQGIHJHQZLHGLH:HLEHUGLH6WHJHQ >=LPP&KU]LWLHUWQDFK/LWYLQRY5DGÿHQNR@ DWHOLVFK  'HPQDFKVSUHFKHQZLU&KXUIXUVWOLFKH6HFKVLVFKH6FK|SSHQ]X/HLSW]LJNGD UDXII XQG HUVWOLFKHQ VRYLHO JHPHOWH 0HWWKH )OLVFKWLVFKLQ XQG $QQHQ 6XSUDQJLQ EHODQJHWYRQUHFKWKDEHQGLHVHOEHQLQGHUVFKDUIIHQIUDJHDXVJHVDJWXQGEHNDQW GDVVLHEH\GHPLWGHPWHXIIHOXQGVLHGLH)OLVFKWLVFKHPLWHLQHPGHQVLH/XFLIHU JHQDQWXQGLKUYRQGHU)ULHGULVFKHQ]X'UXELJ]XJHZLHVHQZRUGHQGLH6XSUDQ JLQDEHUPLWHLQHPGHQVLH6WUDXVVJHQDQW]XVFKDIIHQXQGJHEXKOHWJHKDSW >+H[HQYHUK|UH:HUQLJHURGH@ SXQNWXHOO   KDXW VLFK GHU WXUNLVW NDLVVHU HQWKVFKORVVHQ JHKHSW DP GRQVWDJ« PLW DOOHU VLQHU PDFKW DOOHQWKDOE DQ GHU VWDWW ]X VWXHUPHQG >+XJ ]LWLHUW LQ *UDPPDWLN )UKQHXKRFKGHXWVFK@

(V NRPPHQ ]ZHL %HOHJH LP EHUJHRUGQHWHQ 6DW] PLW GHP .RUUHODW DOVR XQG GHP NRQVHNXWLYHQ -XQNWRU GDVV LP GDUDXIIROJHQGHQ XQWHUJHRUGQHWHQ 6DW]YRU  GDQQLFKZHL‰QLWZDV1RWZLUHWZDQGHP%DXUHQYRQ.UDIWVKRIHQKDEHQJH KROIHQ GHU GHQ 0DJHQ PLW .XWWHOIOHFN XQG 0RONHQ RKQ :HLQWULQNHQ DOVR YHU ZVWJHKDEWGD‰ZLULKQKDEHQPVVHQDXVQHKPHQHLQ,QYHQWDULPLW1XPHUR GDUEHU PDFKHQ XQG ZLH HLQ 3IHIIHUVDFN XPVWLOSHQ DXFK PLW HLQ 6WURKZLVFK .DONXQG6DQGZRKOUHLEHQXQGIHJHQZLHGLH:HLEHUGLH6WHJHQ >=LPP&KU]LWLHUWQDFK/LWYLQRY5DGÿHQNR@





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

  (U KDW VLFK DEHU XI GHQ GHPPHQ VHLWPDOV GDV ODQG YROOHU ZD‰HUJUDEHQ XQG NDQDODOVRYHUJDQJHQJHKDEWGDVHUQLWZL‰WZRKLQDXV-HGRFKLVWHUEHUDOOH JUHEHQJHVSUXQJHQRQHHLQGHULVWLP]XZHLWJHZHVHQ >)LVFKDUW]LWLHUWQDFK/LWYLQRY5DGÿHQNR@

'LH7DWVDFKHGDVVLP-DKUKXQGHUW]ZHLKDEHQ'RSSHOSHUIHNWELOGXQJHQ YRUJHIXQGHQZXUGHQGLH]XLKUHP)ROJHVDFKYHUKDOWLQHLQHUNRQVHNXWLYHQ 5HODWLRQVWHKHQNQSIWGLUHNWDQGLHLQ.DSLWHOJHPDFKWHQ%HREDFK WXQJHQ ]X (UHLJQLV)ROJH%H]LHKXQJHQ GHV UHODWLYHQ 7\SV DQ 'LHVHVLQG VRJDUH[SOL]LWGXUFKGLHNRQVHNXWLYH9HUNQSIXQJPLWDOVRGDVVZLHGHU]X ILQGHQ =ZHL ZHLWHUH %HOHJH GLH GHU 6HNXQGlUOLWHUDWXU HQWQRPPHQ ZXU GHQZHLVHQ]XZHQLJ.RQWH[WDXIXPHLQH$XVVDJHGDUEHU]XWUHIIHQRE KLHU GHU UHODWLYH RGHU GHU DEVROXWH 7\S YRUOLHJW (V KDQGHOW VLFK XP %H OHJXQGGHQIROJHQGHQ%HOHJ  0HUVRZL‰GDVGHU:LOEROGHL]WKDWZHLOVROHQ]LFKHQJHQ/\DQYQGKDWVHLQ GLQJOLFK :DUHQ VFKRQHLQJHVFKODJHQNDEW HLQJHSDFNWJHKDEW  >*UDPPDWLN)QKG@

%HLP YHUEOHLEHQGHQ %HOHJNRQWH[W OLHJW GHU DEVROXWH 7\S YRU %HOHJ   $XIJUXQGGHUVHKUJHULQJHQ%HOHJGLFKWHHUVFKHLQWHVQLFKWVLQQYROO9HU ZHQGXQJVWHQGHQ]HQIUGDV  -DKUKXQGHUW ]XIRUPXOLHUHQ 6RPLW NDQQ QLFKWJHQDXYHUIROJWZHUGHQZLHVLFKGDVIUGDV-DKUKXQGHUWJHZRQ QHQH%LOGLP-DKUKXQGHUWIRUWVHW]WLQEHVRQGHUHLQ%H]XJDXIGLH5HD OLVLHUXQJLP1HEHQVDW]XQGGDV9RUNRPPHQGHULP-DKUKXQGHUWDXI IlOOLJHQ(UHLJQLVEH]LHKXQJHQGHVUHODWLYHQ7\SV  -DKUKXQGHUW 'LH%HOHJVLWXDWLRQLP-DKUKXQGHUWVLHKWGHXWOLFKEHVVHUDXVDOVLPYRU KHUJHKHQGHQ -DKUKXQGHUW (V OLHJHQ  KDEHQ%HOHJH YRU GLH DXV IROJHQ GHQ7H[WHQVWDPPHQXQGGLHVLFKZLHIROJWDXIGLH)RUPHQYHUWHLOHQ 7H[W

+HUNXQIWGHV7H[WHV

$Q]DKOGHU

KDEHQ%HOHJH

)QKG

PG



)QKG

PG



+DQQRYHUVFKH5RWU|FNH

+«@ PDVVHQKDIW JHEUDXFKW´ ZHUGHQ (EHUW HW DO    LVW VRPLWDXFKLQ%H]XJDXIGLH5HDOLVLHUXQJGHUKDEHQ'RSSHOSHUIHNWELOGXQ JHQ ]X]XVWLPPHQ %HOHJHPLW UHDOLVLHUWHP)LQLWXP KLQJHJHQ VFKHLQHQ LP 1HEHQVDW] VHKU VHOWHQ YRU]XNRPPHQ VLH EHVFKUlQNHQ VLFK LP  -DKU KXQGHUWZHLWHVWJHKHQGDXIGHQ+DXSWVDW] %HLGHU8QWHUVXFKXQJGHU1HEHQVDW]W\SHQIlOOWDXIGDVVPHKUDOVGLH +lOIWHDOOHU1HEHQVlW]HPLWGRSSHOWHQ3HUIHNWELOGXQJHQ$WWULEXWVlW]HGDU VWHOOHQ YRQ (LQLJH%HLVSLHOHZHUGHQLP)ROJHQGHQDQJHIKUW  GHQ0D\LKDWPDQ=ZHKQGLHEGHUHLQGH‰-RKDQ5DXZHQ5RWKJHUEHUV6RKQ 9QG VHLQ VFKZDJHU HLQ VFKHIIHUV 6RKQ 9RQ 1LHUWLQJHQ ZHOFKH DOGD HLQ JUR‰H 6XPDJHOGWV9‰,KUHP6FKDW]GHUKLHUHQ9RQ1LHUWWLQJHQJHVWRKOHQJHKDEWJH KHQFNWJRWWNRP,KUDUPHQ6HHOOHQ=XKOIIGDQ6LHIOHL‰LJJHEHWWHQ >/DLFKLQJHU&KURQLN@   'LHVHQ 7DJN LVW DXFK +DXSWPDQ &UDW] GHP LFK DEHU YHUOHLEW JHKDEW QDFK +DX‰]X]LKHQZLHGHU]XP5HJLPHQWNRPPHQXQGKDWVLFKGD‰JUR‰H*HEUJ DOEHUHLWWDKQJHIDQJHQ>6|OGQHUOHEHQ:LGPDUFNWHUV@  (VZXUGHHLQH%DWWHULHYRQ0|UVHUQDP:D‰HUIHUWLJZHOFKHGDQQQHEVWGH QHQDXIGHP%HUJHXQG]ZHHQ%DODQGHUVVRVLFKMHQVHLWVKDUWDQGLH6WDGWJHOHJW JHKDEWYLHOH%RPEHQKLQHLQJHZRUIHQ>+DQQRYHUVFKH5RWU|FNH@

1HEHQ GHQ VHKU KlXILJHQ 1HEHQVlW]HQ PLW DWWULEXWLYHU )XQNWLRQ OLHJHQ DXFK1HEHQVlW]HPLW6XEMHNW2EMHNWXQG$GYHUELDOIXQNWLRQYRUMHGRFK ZHLW ZHQLJHU ]DKOUHLFK 'LH $GYHUELDOVlW]H PLW GHQ GD]XJHK|ULJHQ EHU JHRUGQHWHQ6lW]HQZHLVHQHLQH9LHO]DKODQ,QKDOWVUHODWLRQHQDXI$PKlX ILJVWHQ ILQGHQ VLFK LQ GHU YRUOLHJHQGHQ %HOHJVDPPOXQJ 7HPSRUDOVlW]H  %HOHJH  DEHU DXFK .RQGLWLRQDO .RQVHNXWLY .DXVDOVlW]H XD (LQLJH %HLVSLHOHKLHUIU BBBBBBBBBBBBBBBBBBB

 (UJLEWVLFKDXVDFKW'RSSHOSHUIHNWEHOHJHQ'RSSHOSOXVTXDPSHUIHNWEHOHJHQVRZLH%H OHJXQG  'DYRQHLQXQHLQJHOHLWHWHU1HEHQVDW]PLW9HUE]ZHLWVWHOOXQJ  (UJLEW VLFK DXV HLQHP 'RSSHOSHUIHNW GUHL 'RSSHOSOXVTXDPSHUIHNWEHOHJHQ  DILQLWHQ %HOHJHQXQG%HOHJ



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

7HPSRUDOVDW]   %DOW GDUQDFK DXI HLQ DQGHU PDOK ,P VRPEHU DO‰ YRQ 0XQVWHUHLIHO NRPPHQ YQGW.H‰HQIHLOJHWUDJHQJHKDEWZHUHDEHUPDOKHLQHUEHLVLHNRPPHQYQGJH NOHLGHWJHZHVVHQZLHHLQ0HQVFKZHOFKHUJHIUDJWREQRFKPLW,UHQ.LQGHUHQDO OHLQZHUH6LHJHDQWZRUWGHUKLPOLVFKHU9DWWHUHUQHKUHWVLHDOQRFK >+H[HQYHUK|UH3)ODPHUVKHLP@ .DXVDOVDW]   9HUZXQGHUWHQ VLFK JOHLFKVDP XHEHU GHQ ZXQGHUEDKUHQ -UUWKXP GHU 1DWXU XQGYHUZLHVHQGHP7RGHHLQHXQEHVRQQHQH8QRUGQXQJGD‰GDGLH5HLKHYLHO JUDXH+DHXSWHUEHWURIIHQJHKDEWHUDXIGLHVHVIULVFKH$OWHUJHIDOOHQ>)QKG@ .RQGLWLRQDOVDW]  'DZXVWHLFKQXQGHU7HEHOKRKOPHUQLFKWRELFKJHJHQ$EHQGRGHUJHJHQ GHU6RQQHQ1LHGHUJDQJ]XPDUFKLUHQVROOWHKDWWHZROPDOLQ:LOOHQVZLHGHU XP]XNHKUHQXQGEH\PHLQHU)UDX0XWWHU]XEOHLEHQZHQQLFKVROFKHVQLFKWVR OlVWHUOLFKYHUVFKZRUHQJHKDEWQLFKWHKHUZLHGHU]XLKU]XNRPPHQELVGD‰LFK HLQEUDY.HUOJHZRUGHQZlUH>5HXWHU@

%HLGHU8QWHUVXFKXQJGHU%HOHJVDPPOXQJHQWVWHKWGHU(LQGUXFNGDVVGLH KDEHQ'RSSHOSHUIHNWELOGXQJHQ JUXQGVlW]OLFK LQ MHGHP 1HEHQVDW]W\S YRU NRPPHQN|QQHQ(V]HLJWVLFKKLHUMHGRFKHLQHEHDFKWOLFKH7HQGHQ]]XP $WWULEXWVDW] ,Q%H]XJDXIGLH6WHOOXQJGHU3UlGLNDWVWHLOHLP1HEHQVDW]NRQQWHIU GDV-DKUKXQGHUWNRQVWDWLHUWZHUGHQGDVVGLHKDEHQ%LOGXQJHQEHLQDKH DXVVFKOLH‰OLFKPLW=ZLVFKHQVWHOOXQJGHV)LQLWXPVDXIWUDWHQ'DV-DKU KXQGHUWOLHIHUWHKLHU]XNHLQH$XVVDJHGDVLFKGDV9RUNRPPHQLP1HEHQ VDW] DXI DILQLWH %HOHJH EHVFKUlQNWH ,P )ROJHQGHQ ZLUG GLH 6LWXDWLRQ IU GDV-DKUKXQGHUWGDUJHVWHOOW $XIJUXQG GHU KRKHQ $Q]DKO DQ DILQLWHQ %HOHJHQ OLHJHQ DXFK LP  -DKUKXQGHUWQXUYLHU%HOHJHLPHLQJHOHLWHWHQ1HEHQVDW]YRUDQKDQGGHUHU GLH 6WHOOXQJ GHU 3UlGLNDWVWHLOH XQWHUVXFKW ZHUGHQ NDQQ (V KDQGHOW VLFK XPGLHIROJHQGHQ%HOHJH  :HLWHUHU]HKOHWHGHU)UHPGHDXFKZLHHUZlUHLQ/RQGRQJHZHVHQXQGEH\ GHQ )UDXHQ]LPPHU LQ VROFKHQ $QVHKHQ JHVWDQGHQ GD‰ VLFK DXFK HLQH VHKU YRU QHKPH'DPHVRLQLKQKlWWHYHUOLHEWJHKDEWGD‰VLHNHLQHQ7DJRKQHLKQOHEHQ N|QQHQGHQQZHQQHUQLFKWDOOH7DJHZlUH]XVLHJHNRPPHQVRKlWWHVLHJOHLFK HLQHQ&DPPHUMXQFNHU]XLKQJHVFKLFNW>5HXWHU@  1XQNDQQLFKVGHU7HEHOKRKOPHUQLFKWVDJHQZLHGHPDOWHQNHUOHGLH.QR FKHQVRVHKUHVWXQFNHQLFKZLOOZHWWHQGD‰HUVLHZRKOLQHLQHPKDOEHQ-DKUQLFKW KDWWH JHZDVFKHQ JHKDEW 'D LFK LKQ QXQ GLH VWLQFNLFKWHQ .QRFKHQ JHNVVHW KDWWHVRZROOWHLFKLKQLPPHUDXIIZHFNHQXQGIUDJHQZDUXPHUVLFKGHQQQLFKW DOOH$EHQGGLH0DJGHLQ)D‰PLW:DVVHUEULQJHQOLHVVH>5HXWHU@  $OKLU,VWGHUREHUVWHJXQGWHUZLHGHUYRQGHP5HJHPHGW]X5XJNPLWHGWOL FKHRIIHFHUHU,QZXUGWHEHUJHUODQGWDXIIZHUEXQJDXIIGLVPDOKDWWPHLQKDXEW PDQ GHQ ZLU JHKDEW KDEHQ JHKHLVVHQ -RKDQ 6LHEHQKRUU HLQ (KUOLFKHU PDQ





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

KDEHWHJOLFKPLW,KQYEHUWLFKVPXVWHVVHQ PXVW ,VWYQV]XHQJHOVWDWZLHGHQ -DFNREPXVVHO]X'RQDZHUGW,VWJHVWRUEHQIXUJHVWHOOHWZRUGHQ>6|OGQHUOHEHQ@  26DSSHUPHQWDOVLFKGDVVHOEH=HXJLQ/HLENULHJWHZLHILQJPLUZLHGHUDQ EHO]XZHUGHQXQGKDWWHLFK]XYRUQLFKWJHVS\HQVRVS\HLFKDOOHUHUVWQDFKGHQ %UDQWHZHLQHGD‰DXFK²DOVLFKYLHUJDQW]HU7DJHZLHGHULQHLQHQ:HJJHVS\HQ² GHQ7DJGUDXIGHU7HEHOKRKOPHUGDVNODUH=LHJHQ0ROFNHQYRQPLUJLQJZHO FKHVLFKYRQPHLQHU.LQGKHLWDQEL‰LQGDVWH-DKUJHVRIIHQXQGVLFKLQ/HLEH LUJHQGVZRVRODQJHQRFKPVVHKDEHQYHUIDQJHQJHKDEW'DVROFKHVQXQDXV GHP/HLEHDXFKKHUDXVZDUXQGLFKJDQW]QLFKWVPHKU]XVSH\HQKDWWHKLH‰PLFK GHU 6FKLIIHU HLQ JXW *OD‰ YROO %RPROLH DXVVDXIIHQ GD‰ PLU GHU 0DJHQ IHLQ JH VFKPHLGLJ ZLHGHU GDUQDFK ZUGH ZHOFKHV LFK DXFK WKDW XQG VRII GHU 7HEHO KRKOPHUZRKOEHU.DQQHQ%RPROLHDXIHLQHQ6FKOXFNLQPLFKKLQHLQ >5HXWHU@

%HOHJXQGZHLVHQEHLGH9RUDQVWHOOXQJGHV)LQLWXPVDXI%HOHJ GHUREHUIOlFKOLFKQDFK=ZLVFKHQVWHOOXQJGHV)LQLWXPVDXVVLHKWVWHOOWNHL QHQ %HOHJ IU =ZLVFKHQVWHOOXQJ GDU GD GLH $EIROJH GHU 3UlGLNDWVWHLOH QLFKW ZLH EHL GHU =ZLVFKHQVWHOOXQJ OLQNVOlXILJ 9 ² 9 ² 9  VRQGHUQ UHFKWVOlXILJHUIROJW JHKDEW 9 

 

KDEHQ  9 

JHKHLVVHQ 9

%HL%HOHJLVWGLH9RUDQVWHOOXQJGHVILQLWHQ0RGDOYHUEVXQGHLQH*OLHGH UXQJGHVYHUEDOHQ6FKOXVVIHOGHVLQ2EHUIHOGXQG8QWHUIHOG LP6LQQHYRQ %HFKII HUNHQQEDU >«@VRODQJHQRFK>>PVVHKDEHQ@2EHUIHOG>YHUIDQJHQJHKDEW@8QWHUIHOG@6FKOXVVIHOG 'LH *HVDPWKHLW GHU YRUKDQGHQHQ 1HEHQVDW]EHOHJH ]HLJW VHKU GHXWOLFK GDVV GLH 1LFKWUHDOLVLHUXQJ GHV )LQLWXPV LP  -DKUKXQGHUW LQ DOOHQ 6SUDFKUlXPHQGHQ5HJHOIDOOGDUVWHOOW=ZHLGHUYLHU%HOHJHPLWUHDOLVLHUWHP )LQLWXP LP 1HEHQVDW] ZHLVHQ HLQGHXWLJ 9RUDQVWHOOXQJ GHV )LQLWXPV DXI :LHGHU HQWVSUHFKHQ GLHVH HPSLULVFKHQ %HIXQGH GHQ (UJHEQLVVHQ YRQ +lUGGHUIUGDV-DKUKXQGHUWHLQHQÅVWDUNJHVWHLJHUWHQ*HEUDXFKGHU (OOLSVH GHU ILQLWHQ +LOIVYHUEHQ´ NRQVWDWLHUW    )U GLH 9HUZHQ GXQJ QLFKWDILQLWHU 1HEHQVDW]VWUXNWXUHQ VWHOOW DXFK HU 9RUDQVWHOOXQJ GHV )LQLWXPVIHVW 6LHKWPDQYRQGHP6RQGHUIDOOGHU:HJODVVXQJLQGHQ.RPSOH[HQ,,9XQG,;D DEJHKWGDVILQLWH+LOIVYHUELP1RUPDOIDOOGHQLQILQLWHQ.RQVWLWXHQWHQYRUDQ +lUG 

,Q7DEHOOHVLQGGLHYRUNRPPHQGHQ9HUEHQDXIJHOLVWHW7DEHOOHVWHOOW GDUDXIKLQGLH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQGDU 9HUEHQ EHVFKOLH‰HQ YHUOHLEHQ

$Q]DKO  

9HUEHQ NHQQHQ KlQJHQ

$Q]DKO  

 9HUEHQ WUDJHQ VlHQ VLFKYHUOLHEHQ NRFKHQ EH]DXEHUQ YHUVSUHFKHQ ZRKQHQ HLQQHKPHQ IHLOWUDJHQ HUQHQQHQ YHUUHQNHQ VWHFNHQ DQEHIHKOHQ NDOEHQ YHUPHLQHQ DQVWUHLFKHQ HLQVHW]HQ IOXFKHQ K|UHQ VWHKHQ VSLHOHQ HUPXPPHQ HUJHEHQ EHGHFNHQ WXQ DQOREHQ OHJHQ KROHQ HLQKHL]HQ VFKQHLGHQ OHKUHQ VLFKYHUOHJHQ KHL‰HQ VLFKYHUVFKDQ]HQ ]XPXWHQ

*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

$Q]DKO                                   

9HUEHQ JHOWHQ VLFKYHUPXPPHQ ELQGHQ VLFKYHUUVWHQ UHXHQ ODGHQ EHVHW]HQ EHWUHIIHQ IDQJHQ VWHKOHQ YHUVFKZ|UHQ ]HUIUHVVHQ YHUVSUHFKHQ UHWLULHUHQ VLFK YHUVWHFNHQ DXVVFKLFNHQ ODJHUQ YHUNDXIHQ DXVVSLHOHQ VLFKYHUVSlWHQ DWWDTXLHUHQ HUSUHVVHQ YHUXUVDFKHQ YHUULFKWHQ HPEDUTXLHUHQ SROWHUQ DQIDQJHQ YHUIHUWLJHQ VHKHQ NVVHQ DQOHJHQ YHUKHLPOLFKHQ HLQE‰HQ EOHVVLHUHQ ZDVFKHQ

$Q]DKO                                   





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

9HUEHQ IUHLHQ EHVFKZlW]HQ HLIHUQ

$Q]DKO   

9HUEHQ VLFKYHUVWHLJHQ VLFKYHUIDQJHQ VHJQHQ

$Q]DKO   

7DEHOOH9HUEHQ KDEHQ-DKUKXQGHUW 

:LH EHUHLWV LQ GHQ ]XYRU GDUJHVWHOOWHQ -DKUKXQGHUWHQ YHUPLWWHOW DXFK GLH 6LWXDWLRQ LP -DKUKXQGHUW HLQ YLHOVHLWLJHV %LOG GHU GHQ GRSSHOWHQ 3HU IHNWELOGXQJHQ]XJUXQGHOLHJHQGHQ9HUEHQ(VNRPPHQZLHGHUDXVJHVSUR FKHQGXUDWLYH9HUEHQZLHZRKQHQODJHUQVSLHOHQNHQQHQJHOWHQQHEHQSHUIHN WLYHQ9HUEHQZLHYHUNDXIHQRGHUDQIDQJHQYRU 6LWXDWLRQVNODVVH WHOLVFK DWHOLVFK SXQNWXHOO VWDWLVFK

$Q]DKO    

7DEHOOH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW 

-HGH 6LWXDWLRQVNODVVH LVW PHKUIDFK YRUKDQGHQ (V ]HLJW VLFK DOOHUGLQJV LQ GHU XQWHUVXFKWHQ %HOHJVDPPOXQJ HLQH 3UlIHUHQ] IU GLH WHOLVFKH XQG SXQNWXHOOH6LWXDWLRQVNODVVHGHQHQLP*HJHQVDW]]XUDWHOLVFKHQXQGVWDWL VFKHQ6LWXDWLRQVNODVVHGDV0HUNPDOGHU*UHQ]EH]RJHQKHLWLQKlUHQWLVW,P )ROJHQGHQZLUGZLHGHUMHHLQ%HLVSLHOYRUJHVWHOOW WHOLVFK  ,FKELQGHU7HEHOKRKOPHUHLQUHFKWHU%lUHQKlXWHUGD‰LFKPHLQHZDKUKDIIWL JHFXUL|VHXQGVHKUJHIlKUOLFKH5HLVH%HVFKUHLEXQJ]X:DVVHUXQG/DQGHZHOFKH LFKVFKRQHLQHJHUDXPH=HLWYHUIHUWLJWJHKDEWVRODQJHXQWHUGHU%DQFNVWHFNHQ ODVVHQXQGQLFKWOlQJVWHQVPLWKHUYRUJHZLVFKWELQ>5HXWHU@ DWHOLVFK   :HQ HU DXIP GDQ]SODW] NRPPH SIHLIIH LQHQ VHLQ ERHO GDQ]WHQ DXIU HUGHQ PLWWHQLPSODW]VWHKHHLQHLFNHGDUXPEGDQ]HWHQVLHKHU(UKHWWHHLQGLQJDOVHLQ JXOGHQVDFNSIHLIIHZDUXIHUJHVSHOWJHKDEWVHLDEHUHLQKXQGWVWUHFNJHZHVW=D FKDULHV6FKRUWHQ]X2EHUNLUFKHQKHWWDXIUWURPPHQJHVFKODJHQ'HUWHXIIHOVWH FKHGHQDOWHQZHLEHUQGDVOLFKWLQGHQKLQGHUQVWHKHQDXIPNRSGLHIXH‰REHU ZHUW]NHUHQGW>+H[HQYHUK|UH32EHUNLUFKHQ@ SXQNWXHOO  GHQIHEUXDULLVWGHU9RJW9RQ1LHUWLQJHQDOVHLQ&RPRQVDULRDOKHURNR PHQ9RQZHJHQGH‰KDQ‰%DVFKHQ9RQKDWWHQKRIIHQZHOFKHQPDQ%H=LFKWLJHW HUKDEVHLQZHLE=XWRGJHZRUIIHQPDQKDWLQ/DQJ9PEJHVFKODLIIW%L‰(QG OLFKGHPKHQNKHU9QGHUGLHKDQGHQNRPHQ9QGKDWLQVFKRQDQJHOHJWJHKDEW



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

KHWLQQXUGHUIIHQ9II]LHKHQ9QGGDPDQJHVHKHQGD‰HUQL[ZLOO%HNHQHQ,VWHU 1DKHUZ|FKHQWOLFKHUJHIHQFNK/R‰JHV3URFKHQZRUGHQ>/DLFKLQJHU&KURQLN@ VWDWLVFK  $G6DJWNHQQHNHLQHQXQQGZDQGLHSULVWHUVFKDIIWSDWHU%ROWKHXQGGHU FDSHOODQ]X6W3HWWHUVLHQLWXPEGHQXQQGGHQMHQHQLQVSHFLHJHIUDJWVRKHWWH VLH DXFK NHLQHQ JHNHQW JHKDEW XQQG ZHKHUH LKUR YXUJHKDOWWHQ XII )UDQFNHQ WKXUQGD‰GHUFDSHOODQ]X6W3HWHUVLHEHNODJWGDUGXUFKVLHXIIGLHIOHLVFKEDQFNK JHOLHEHUW>+H[HQYHUK|UH.|OQ@

$XFKGLH%HOHJHGHV-DKUKXQGHUWVZHLVHQNHLQDXIIlOOLJHV9RUNRPPHQ PLW$GYHUELDOHQ-XQNWRUHQHWFDXI(VVFKHLQWVRJDUGHU5HJHOIDOO]XVHLQ GDVVLP%HOHJNRQWH[WNHLQHUOHLVROFK9RUNRPPHQ]XNRQVWDWLHUHQLVW'LHV LVWEHLYRQ%HOHJHQGHU)DOO%HLGHQYHUEOHLEHQGHQ)lOOHQKDQ GHOW HV VLFK ]XPHLVW XP HLQ (LQPDOYRUNRPPHQ YRQ $GYHUELDOHQ XQG -XQNWRUHQ(WZDVKlXILJHU YLHUPDO NRPPWZLHEHUHLWVIUGDV-DKU KXQGHUWIHVWJHVWHOOWGHU6XEMXQNWRUGDVVE]ZVRGDVVLP)ROJHVDFKYHUKDOW GHVGLHKDEHQ'RSSHOSHUIHNWELOGXQJEHLQKDOWHQGHQ6DFKYHUKDOWHVYRU  8QWHUGHVVHQNRPPWGLH3RVWYRQ7UDJ|‰GD‰GHU3IDUUHUVFKRQJHVWRUEHQ MHW]W KDW PDQ LKP 9RUZUIH JHPDFKW XQG YHUERWHQ GDV +DXV ]X YHUODVVHQ (U KDWDOOHVYHUKHLPOLFKWJHKDEWGD‰VLFKQXQVHLQ:HLEYRULKPHQWVHW]WHXQGLQ GLH)UDLVHQYHUILHO>+DXVEFKO@  :HLWHUHU]HKOHWHGHU)UHPGHDXFKZLHHUZlUHLQ/RQGRQJHZHVHQXQGEH\ GHQ )UDXHQ]LPPHU LQ VROFKHQ $QVHKHQ JHVWDQGHQ GD‰ VLFK DXFK HLQH VHKU YRU QHKPH'DPHVRLQLKQKlWWHYHUOLHEWJHKDEWGD‰VLHNHLQHQ7DJRKQHLKQOHEHQ N|QQHQGHQQZHQQHUQLFKWDOOH7DJHZlUH]XVLHJHNRPPHQVRKlWWHVLHJOHLFK HLQHQ&DPPHUMXQFNHU]XLKQJHVFKLFNW>5HXWHU@

(EHQIDOOVLP)ROJHVDFKYHUKDOWILQGHWVLFKLQVLHEHQ%HOHJHQHLQ9RUNRP PHQYRQDEHU  'HUE|V)HLQGWVH\HHLQPDKO]XH,KUNKXPPHQDOV,KU0DQ]XhEHUOLQJHQ JHZHVHQ(UGLHVHOEH6WDWWHLQJHQRPPHQKDE(UEH\,KUVFKODIIHQZ|OOHQGHVVHQ 6LHVLFK9HUZDLJHUWGDUXEHU(U6LHEOJHVFKODJHQKDE,KU]XJHPXHWWHWJHKDEW 5R‰YQG.H]XOlPHQVRDEHUQLWZHLWWHUEHVFKHKHQDOVREYHUPHOW >+H[HQYHUK|UH3+HFKLQJHQ@   $LQHP 3DXUQ ]X +RO]HQ EHM $EHQVSHUJ DLQ VROFKHV 3XOXHU JHOHJW JHKHEW GDUEHUHU3DXUDEHUQLWJDQJHQGLVHQYRUJHPHOWHQGUH\HQKDEHUV3XOXHUVHOEVW YPEGDV6LHPLW,PH=XYQIULGHQZRUGHQJHOHJWDQGHUVWNKDLQHZRUWRGHUVHJHQ GDU=XHJHEUDXFKW>+H[HQYHUK|UH30QFKHQ@

,QGHQ%HOHJHQGHV-DKUKXQGHUWVODVVHQVLFKGHUUHODWLYHXQGGHUDEVR OXWH7\SGHUKDEHQ'RSSHOSHUIHNWELOGXQJHQQDFKZHLVHQ,PUHODWLYHQ7\S ILQGHQVLFKVRZRKOGLHIUGDVXQG-DKUKXQGHUWIHVWJHVWHOOWHQ(U HLJQLV)ROJH%H]LHKXQJHQDOVDXFKGLHIUGDV-DKUKXQGHUWDXIJH]HLJ WHQ(UHLJQLV$EVFKOXVV%H]LHKXQJHQZREHLGLH(UHLJQLV)ROJH%H]LHKXQ JHQ VHKU KlXILJ YRUNRPPHQ  %HOHJH ZXUGHQ LQ GLHVHU :HLVH LQWHUSUHWLHUW,P)ROJHQGHQHLQLJH%HLVSLHOH



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



 $FW>XP@)HEU>XDU@LL%HNHQGWGDVVLH>,17@ HLQVPDKOV LQPHLQXQJKJHZH VHQ$>QQ@RS>HUJH@VH\/HQKDUGW0DDVVHQHLQHNXKHYPE]XEULQJHQGLHZHLOO VLHVLHJHKRQVSUDFKWYQG,KUJHVSRWWHWWDEHUQLWJHN|QWWGDQHUVHOEHJHVHJQHWW >,17@ JHKDEW YQGDX‰GHQHQYUVDFKHQ+DE>+H[HQYHUK|UH35KHQV@   GHQ  0D\L KDW PDQ =ZHKQ GLHE GHU HLQ GH‰ -RKDQ 5DXZHQ 5RWKJHUEHUV 6RKQ9QGVHLQVFKZDJHUHLQVFKHIIHUV6RKQ9RQ1LHUWLQJHQZHOFKHDOGDHLQJUR ‰H6XPDJHOGWV9‰,KUHP6FKDW]GHUKLHUHQ9RQ1LHUWWLQJHQJHVWRKOHQJHKDEW JHKHQFNWJRWWNRP,KUDUPHQ6HHOOHQ=XKOIIGDQ6LHIOHL‰LJJHEHWWHQ >/DLFKLQJHU&KURQLN@  (LQHQKRKHQ)HOVHQYRUEH\PDUFKLUHWLQGH‰HQ0LWWHLVWHLQ/RFKZRULQQHQ HLQK|O]HUQHV&UXFLIL[VWHKHW0DQVDJHWHVKlWWHYRQGLHVHQGHU.D\VHU0D[LPL OLDQXV VLFK DXI GHU *HPEVHQ-DJG ELV GDKLQ YHUVWLHJHQ JHKDEW XQG KlWWH HU GXUFKNHLQHPHQVFKOLFKH+OIHYRQGDKHUXQWHUNRPPHQN|QQHQELVLKPHGXUFK IOHL‰LJ%HWHQXQG$QUXIXQJ*RWWHVHLQKH\OLJHU(QJHOHUVFKLHQHQGHULKPHKHUDE JHKROIHQ>+DQQRYHUVFKH5RWU|FNH@

UHODWLYH%HOHJHZDUHQDOV(UHLJQLV$EVFKOXVV%H]LHKXQJHQ]XLQWHUSUH WLHUHQ'LH%HLVSLHOHXQGVWHKHQH[HPSODULVFKKLHUIU  (EHQXPEGLHVH=HLWVLQGGLH6SDQLHUZHOFKHVLFKLQ-UUODQGGLH&DWKROL VFKHQ GDVHOEVW ]X VFKXHW]HQ HLQJHQLVWHOW YRQ GHQ (QJHOODHQGHUQ DXIIV +DXSW JHVFKODJHQXQGGXUFK(LQQHKPXQJGHU6WDGW.LQJVDOGLHVLHEHVHW]WJHKDEW JDHQW]OLFKDX‰GHP/DQGHJHWULHEHQZRUGHQ>)QKG@   $G  :LH VLH KHLVFKH RGHU JHQDQQW ZHUGH" $QWZ (OVH 6LPRQV 7KRHQLVVHQ )UDZH]X3XHW]IHOG$G:LHDOWVLHVH\"VDJWGDVZLVVHVLHQLWWGRFKJHUHFKQHW ZLH ODQJ EHVWDWW JHZHVHQ JHIXQGHQ GD‰ HLQH IXHQI]LJMDHKULJH 3HUVRKQ $G  :LHYLHO0HQQHUJHKDEW"VDJWQLWWPHKUDOVMHW]LJHQ0DQQ+HU]RJHQ7KRHQQLV]X +RHQQLQJHQ VR YHUEUDQGW KDHWWH DQ LKU ZROO HLQ -DKU JHIULHW JHKDEW VLH LKQ QLFKWKDEHQZROOHQ>+H[HQYHUK|UH3$OWHQDKU@

'LH (UHLJQLV$EVFKOXVV%H]LHKXQJ WULWW EHVRQGHUV GHXWOLFK KHUYRU ZHQQ GLHLP.RQWH[WGDUJHVWHOOWHQ(UHLJQLVVHLQHLQHU*HJHQVDW]EH]LHKXQJ]X HLQDQGHUVWHKHQ  'DPLFKGDQQDFKYHUULFKWHWHQ6DFKHQGLH6WDWWPLWWGHQ+DXSWOHXWKHQVWDW OLFK WUDFWLUHW XQG LVW ]X QRWLUHQ GD‰ JHGDFKWH +DXSWOHXKW XQGHU VLFK XQZL‰HQW PHLQHU EHVFKOR‰HQ JHKDEW QLFKW ZHLWHU ]X SD‰LUHQ VRQGHUQ LQ GHP HUVWHQ 4XDUWLUGH‰2EULVWHQ]XHUZDUWHQ1DFKGHPZLKUDEHULQ‰4XDUWLU0HLOOEHU /\RQNRPPHQKDWWVLFKGHU+HUUYRQ*RQGUDVHLQZROOEHUHWWHUWDSIHUHU&DYDO OLHU DX‰%HIHKOLFKGH‰*RXEHUQDWRUVYRQ/\RQ EH\PLKU DKQJHJHEHQXQG]XP LQVWHQGLJHQ DKQJHKDOWHQ GD‰ ZLKU XQ‰ QDKHU /\RQ EHJHEHQ XQG XQVHU 4XDUWLU MHQVHLWGHP5KRGDQVLQGHU9RUVWDWW/D*LOORWWLUHQHKPHQZROOWH >6|OGQHUOHEHQ:LGPDUFNWHUV@  'LHVHQ7DJNLVWDXFK+DXSWPDQ&UDW]GHPLFKDEHUYHUOHLEWJHKDEWQDFK +DX‰]X]LKHQZLHGHU]XP5HJLPHQWNRPPHQXQGKDWVLFKGD‰JUR‰H*HEUJ DOEHUHLWWDKQJHIDQJHQ>6|OGQHUOHEHQ:LGPDUFNWHUV@  .DPHQHWOLFKH6SLRQHZHOFKHGHQ&DSLW*HQDXVJHVFKLFNHWJHKDEWZLGHU DQKHURXQGEUDFKWHQPLWGD‰GLHWUNLVFKH$UPpLQ0DQQVWDDUNEH\/H SDQWRVWQGH>+DQQRYHUVFKH5RWU|FNH@



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

6RZRKO EHL GHU (UHLJQLV)ROJH%H]LHKXQJ DOV DXFK EHL GHU (UHLJQLV$E VFKOXVV%H]LHKXQJKDQGHOWHVVLFKXP%HOHJNRQWH[WHLQGHQHQLPPHU]ZHL (UHLJQLVVHLQ%H]LHKXQJ]XHLQDQGHUJHVHW]WZHUGHQ'DEHLLVWGDVYRUDQ JHKHQGH(UHLJQLVGDVLQGHU(UHLJQLV)ROJH%H]LHKXQJDOVGDVXUVlFKOLFKH LQ GHU (UHLJQLV$EVFKOXVV%H]LHKXQJ DOV GDV ]XP $EVFKOXVV NRPPHQGH (UHLJQLVLQWHUSUHWLHUWZLUGPLWHLQHUKDEHQ'RSSHOSHUIHNWELOGXQJUHDOLVLHUW ,QGHQ%HOHJHQGHV-DKUKXQGHUWVNRQQWHQ%HOHJNRQWH[WHGHVUH ODWLYHQ7\SVDXVJHPDFKWZHUGHQGLHNHLQH(UHLJQLV)ROJHE]Z(UHLJQLV $EVFKOXVV%H]LHKXQJ GDUVWHOOHQ MHGRFK HEHQIDOOV EHU ]ZHL (UHLJQLVVH YHUIJHQYRQGHQHQGDVGXUFKHLQHKDEHQ'RSSHOSHUIHNWELOGXQJUHDOLVLHUWH (UHLJQLVGDVYRUDQJHKHQGHGDUVWHOOW   'D VH\H VLH LQQ -R‰ +HPPHUOLQV &RUQUDGWV VRKQV VWDOO NKRPPHQ XQG RE YHUPHOWSXOYHULQQGLHVWUHZHJHZRUIIHQGDYRQGLHNHKHDQIDQJHQNUDQFNKZHU GHQGHUQGLH]ZRJHVWRUEHQXQGGLHGULWWHGXUFKPLWHOHLQHVIUHPEGHQGD]XJH KROOWHQ PDQQ‰ ZLGHU GDYRQ JHEUDFKW ZRUGHQ 6R KDEH VLH DOO‰ VLH LQQ LKUHV QDKEDUQ -DFRE +XFKOHUV VWDOO NKRPPHQ VROK SXOYHU LQQ GLH VWUHZH JHZRUIIHQ GDUDXILKQHQGLHNHKHVRNU]OLFKNDOEOHWJHKDEWJOHLFKVHOELJHQDKWJHVWRUEHQ >+H[HQYHUK|UH3+RKHQHPV@  (VZXUGHHLQH%DWWHULHYRQ 0|UVHUQDP:D‰HU IHUWLJZHOFKHGDQQQHEVW GHQHQDXIGHP%HUJHXQG]ZHHQ%DODQGHUVVRVLFKMHQVHLWVKDUWDQGLH6WDGWJH OHJWJHKDEWYLHOH%RPEHQKLQHLQJHZRUIHQ>+DQQRYHUVFKH5RWU|FNH@  GDEHLKHWWHGHU1HZHEHFNKGHQ:HLEHUQKLQGHQXQG9RUQHQGUDQJULIIHQHU YRUVLFKKHWHVLFK QLFKWV JHDFKWHZLVHDXFK QLFKWVGDUXPEYRQGDQQHQZHKULQ VLHZLGHUMHGHVQDFK+DXVJHIDKUHQVHLQ*HVHOOVFKDIWHUKHWWHQDOOHJHODGHQJH KDEWXQGZHKUHQXIGHUYHQHGLJHU5HL‰GHU1HXH%HFNKXQGGLH+NKOLQDOVGLH HLQZHQLJLPVFKDXWQHEHQHLQDQGHUGDQQHUXQGVHLQ/HKUPHLVWHULQGLH%DUEHULQ XQG6W|FNOLQMH3DKUXQG3DKUPLWHLQDQGHUGLH3lXULQYRQ5HXWWHUQDEHUDOOHLQ LQGHU0LWWHJHIDKUHQ>+H[HQYHUK|UH3:ROIUDPV(VFKHQEDFK@

'LHVHU6XEW\SGHVUHODWLYHQ7\SVVROODOVÄ]HLWOLFKH6WDIIHOXQJ·EH]HLFKQHW ZHUGHQ,QVJHVDPWOLHJHQYRQ%HOHJHQLPUHODWLYHQ7\SYRU'LHVH ODVVHQ VLFK LQWHUSUHWLHUHQ DOV (UHLJQLV)ROJH%H]LHKXQJHQ (UHLJQLV$E VFKOXVV%H]LHKXQJHQ RGHU DOV UHLQ ]HLWOLFKH 6WDIIHOXQJ ]ZHLHU (UHLJQLVVH 'UHL%HOHJHOLHJHQLPDEVROXWHQ7\SYRU+LHU]XIROJHQGHV%HLVSLHO   6R EDOW 6LH DXFK GHP7HXIIHO DKQJHOREW KHWWH VLFK HLQ WLVFK PLWW H‰HQ YQGW GULQNHQIXQG>HQ@DOOHVYROODXIIZHFNYQGWZHLQDEHUHVZHKUHDOOHVEHWUXJKHWWH PLW GHP WHXIIHO QLW JHEXKOHWKHWWH 6LH DXFK IORNV JHUHZHW JHKDSW DOV 6LH ]XP ]ZHLWHQ0DKOYRUDFKWWDJ>HQ@GDUQDFKYRQG>HU@JUR‰HQ0DUJUHWKLQGHU3XUJN KHOODXII,KUH:LHVHEHVFKHLG>HQ@ZRUG>HQ@>+H[HQYHUK|UH3:LWWJHQVWHLQ@

%HLGHQYHUEOHLEHQGHQYLHU%HOHJHQKDQGHOWHVVLFKXPVROFKHGHUHQ,Q KDOWXQYHUVWlQGOLFKLVWE]ZGLHEHU]XZHQLJ/LQNVXQG5HFKWVNRQWH[W YHUIJHQ VR GDVV NHLQH (QWVFKHLGXQJ GDUEHU JHWURIIHQ ZHUGHQ NDQQ ZHOFKHU 7\S YRUOLHJW 'LH IROJHQGH 7DEHOOH JLEW ]XVDPPHQIDVVHQG HLQHQ





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

hEHUEOLFN EHU GDV 9RUNRPPHQ GHV UHODWLYHQ XQG DEVROXWHQ 7\SV LP -DKUKXQGHUW 6XEW\S(U HLJQLV)ROJH %H]LHKXQJ 

UHODWLYHU7\S   6XEW\S(UHLJ 6XEW\S QLV$EVFKOXVV ]HLWOLFKH %H]LHKXQJ 6WDIIHOXQJ  

DEVROXWHU 7\S  

,QKDOW XQYHUVWlQGOLFK RGHU]XZHQLJ .RQWH[W  





7DEHOOHUHODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW 

'LH%HOHJODJHLP-DKUKXQGHUWHUP|JOLFKWHVDQKDQGYRQKDEHQ%LO GXQJHQDXVYLHU7H[WHQGLHHLQHQ1lKHVSUDFKOLFKNHLWVZHUWDEHWZD HUUHLFKHQHLQH$QDO\VHGHU9HUZHQGXQJLQKLVWRULVFKHU1lKHVSUDFKHYRU ]XQHKPHQ+LHU]XZHUGHQGLH%HOHJHQRFKPDOVDQDO\VLHUWXQGGLH(U JHEQLVVH PLW GHQHQ GHU EHUHLWV GDUJHVWHOOWHQ *HVDPWDQDO\VH NRQWUDVWLHUW =LHOLVWHV$QKDOWVSXQNWHEHUVSH]LILVFKQlKHVSUDFKOLFKH9HUZHQGXQJV ZHLVHQ ]X HUKDOWHQ 'LH YLHU 7H[WH GLH GHQ 0LQGHVWZHUW YRQ HWZD  KLVWRULVFKHU 1lKHVSUDFKOLFKNHLW HUUHLFKHQ YHUWHLOHQ VLFK IROJHQGHUPD‰HQ DXIGLH6SUDFKUlXPH 7H[W 6|OGQHUOHEHQ 5HXWHU /DLFKLQJHU&KURQLN +DXVEFKO

+HUNXQIWGHV7H[WHV 5(PG 5(PG +'%(GHOPDQQ@ 6XEMHNWVDW]  'DVZXQGHUEDUVWHZDUGD‰HUDXIGHP5FNHQHLQHQ7RGWHQ.RSIVRHLJHQW OLFKDEJH]HLFKQHWJHKDEWGD‰HVNHLQ0DKOHUHLJHQWOLFKPDFKHQN|QQWH >)UDQFNH@ BBBBBBBBBBBBBBBBBBB

 (UJLEW VLFK DXV GHQ IQI 'RSSHOSOXVTXDPSHUIHNWEHOHJHQ LP 1HEHQVDW] XQG GHQDILQLWHQ .RQVWUXNWLRQHQ



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

$WWULEXWVDW]  9RUHLQ3DDU7DJHQHUKDOWHLFKHLQHQ%ULHIYRQPHLQHP)UHQGHGHP'%LHV WHU GHU 6HNUHWlU EHLP 0LQLVWHU YRQ =HGOL] LVW DXV %HUOLQ YRP WHQ Y>RULJHQ@ 0>RQDWV@GDWLUWZRULQHUPLUGLHWU|VWOLFKH1DFKULFKWJLHEWGD‰+HUU&KRGRZLH FN\GDPDOVQRFKQLFKWHLQPDO DQJHIDQJHQ JHKDEWDQXQVHUQ.XSIHUQ]XDUEHL WHQXQGPLUGDKHUXQWHUQ)XVJLHEWLKQ]XERPEDUGLHUHQZDVGDV=HJKDOWHQ ZROWH>%UJHUV*HOGPlQQFKHQ@

'LH(UJHEQLVVHGHV-DKUKXQGHUWVHUZHFNHQGHQ(LQGUXFNGDVVGLHIU GLH YRUKHUJHKHQGHQ -DKUKXQGHUWH DOV KlXILJ KHUDXVJHVWHOOWH 9HUZHQGXQJ LQ 1HEHQVlW]HQ PLW DWWULEXWLYHU )XQNWLRQ LP  -DKUKXQGHUW NHLQH YRU GHUJUQGLJH5ROOHPHKUVSLHOW-HGRFKLVWDXFKGLHVHhEHUOHJXQJYRUGHP +LQWHUJUXQGGHU7DWVDFKH]XEHWUDFKWHQGDVVQXUVLHEHQ1HEHQVDW]EHOHJH YRUOLHJHQYRQGHQHQIQIHLQHP7H[WHQWVWDPPHQ 'LH GHP 7H[W '%  (GHOPDQQ HQWQRPPHQHQ IQI 'RSSHOSOXV TXDPSHUIHNWEHOHJH PLW UHDOLVLHUWHP )LQLWXP ]HLJHQ DOOH (QGVWHOOXQJ GHV )LQLWXPVGLH$EIROJHGHU3UlGLNDWVWHLOHODXWHW 3DUWL]LS,,GHV9ROOYHUEV YHUOlXJQHW JHWKDQ

3DUWL]LS,,GHV$X[LOLDUV JHKDEW  JHKDEW 

)LQLWXP KlWWH KlWWH

9

9

9



$XFKGLHVHU%HIXQGGHFNWVLFKPLWGHP(UJHEQLVGHUHPSLULVFKHQ8QWHU VXFKXQJ YRQ +lUG   GHU IU GUHLJOLHGULJH 1HEHQVDW]SUlGLNDWH GHV  -DKUKXQGHUWV HLQHQ VWDUNHQ $QVWLHJ GHU 1DFKVWHOOXQJ IHVWVWHOOW  I 7DEHOOHXQG7DEHOOH]HLJHQGLHYRUNRPPHQGHQ9HUEHQXQG GLH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ 9HUEHQ DE]HLFKQHQ DQIDQJHQ VLFKDXVVHW]HQ KLQGHUQ EHUVFKLFNHQ VLFKEHGLHQHQ VLFKYHUVFKDQ]HQ VlHQ ELWWHQ HQWEO|‰HQ WXQ DQZHLVHQ YHUOHXJQHQ

$Q]DKO             

7DEHOOH9HUEHQ KDEHQ-DKUKXQGHUW 



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



:LH EHUHLWV LQ DOOHQ YRUKHUJHKHQGHQ -DKUKXQGHUWHQ ZHLVHQ GLH 9HUEHQ DXFKLP-DKUKXQGHUWVRZRKOGLHGXUDWLYH VlHQWXQ DOVDXFKGLHSHUIHN WLYH$NWLRQVDUW VLFKYHUVFKDQ]HQHQWEO|‰HQ DXI 6LWXDWLRQVNODVVH WHOLVFK DWHOLVFK SXQNWXHOO VWDWLVFK

$Q]DKO    

7DEHOOH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW 

'LHIUGDV-DKUKXQGHUWIHVWJHVWHOOWH7HQGHQ]]XJUHQ]EH]RJHQHQ6L WXDWLRQVNODVVHQNDQQIUGDV-DKUKXQGHUWQLFKWEHVWlWLJWZHUGHQ+LHU OLHJHQYRUUDQJLJDWHOLVFKH%HOHJHYRU6WDWLVFKH%HOHJHHUVFKHLQHQQLFKW WHOLVFK   7DXVHQG 0DQQ XQG GLH .DLVHUOLFKHQ 9RUQH PLW +XQWHUW 7DXVHQG 0DQQ GD VDJ‰JHIHUOLFKDXVPLWXQVZLUKDWWHQQLFKWIUH\DOV'|UIIHUXQG6FKZHLGQLW]GD KDEHQZLUXQVJDQ‰XQGJDUYHUVFKDQ]HWJHKDEW:LUKDEHQ PVVHQ7DJXQG 1DFKWDUEHLGHQGDVLQGZLUYRQGHU$UEHLWDEJHO|VWZRUGHQIU0LWWDJV$EHQV XQG0LWWHUQDFKWV>+HUUPDQQ@ DWHOLVFK  /H\GWKXWPLUVGDVVGX.DUOXQG)HUGLQDQG(XFKVHLWKHUPLW6FKQXSIHQXQG +XVWHQ EHVFKZHUW JHIXQGHQ +DEW ,KU (XFK YLHOOHLFKW EH\ (XUHP 6SLHOHQ DXI GHP+RIGHUXQJQVWLJHQ:LWWHUXQJHLQZHQLJ]XYLHODXVJHVHW]WJHKDEW"0LFK GHXFKWLFKKDEHHVHUUDWHQ>*ULPPEULHIH@ SXQNWXHOO  8QGQXQJXWHU-DFRNNDQQ,FKGLUQLFKWJHQXJVDJHQZLHVHKUPLFKGLHEHU VDQGWH 3UREHQ GHLQHU QXW]EDU DQJHZHQGHWHQ 6WXQGHQ HUIUHXHW KDEHQ ,FK KDEH VLHGDPDOVVREDOGGHLQHU7DQWHQDFK.DVVHOEHUVFKLFNWJHKDEWXQGVFKRQKDW VLHPLULKUHQLFKWPLQGHU EHVRQGHUQ)UHXGHGDUEHU]XHUNHQQHQJHJHEHQ :DV IUHLQHV0RGHOVYRQ9RUVFKULIWHQKDVW'X'LFKGDQEHGLHQWJHKDEW"'HU5LHVL VFKHQGHXFKWPLFKQLFKW>*ULPPEULHIH@

'LHIQI'RSSHOSOXVTXDPSHUIHNWEHOHJHLPNRQGLWLRQDOHQXQGNRPSDUDWL YHQ1HEHQVDW]NRPPHQPLWGHQ6XEMXQNWRUHQZHQQXQGDOVZHQQYRU'LH UHVWOLFKHQ %HOHJH GHV  -DKUKXQGHUWV ]HLJHQ NHLQHUOHL *HEUDXFKVSUlIH UHQ]HQPLWEHVWLPPWHQ$GYHUELDOHQRGHU-XQNWRUHQ )UGDV-DKUKXQGHUWZXUGHGDUJHVWHOOWGDVVEHLQDKHDOOH.RQWH[WH LPUHODWLYHQ7\SYRUODJHQ0HKUHUH7\SHQYRQ(UHLJQLVEH]LHKXQJHQZXU GHQ DXVJHPDFKW GLH (UHLJQLV)ROJH%H]LHKXQJ GLH (UHLJQLV$EVFKOXVV %H]LHKXQJ XQG HLQH UHLQ ]HLWOLFKH 6WDIIHOXQJ GHU (UHLJQLVVH ,Q ZHQLJHQ )lOOHQVWHOOWHGDVPLWHLQHUKDEHQ'RSSHOSHUIHNWELOGXQJUHDOLVLHUWH(UHLJQLV NHLQ YRUDQJHKHQGHV (UHLJQLV GDU 'LH IROJHQGH 7DEHOOH ]HLJW GDV IU GDV -DKUKXQGHUWHUPLWWHOWHQ7\SHQYRUNRPPHQ



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

6XEW\S(UHLJQLV )ROJH%H]LHKXQJ 

UHODWLYHU7\S   6XEW\S(UHLJQLV $EVFKOXVV%H]LHKXQJ 

6XEW\S]HLWOLFKH 6WDIIHOXQJ 

DEVROXWHU 7\S   

7DEHOOHUHODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW 

:LHGHU GRPLQLHUHQ GLH UHODWLYHQ %LOGXQJHQ VWDUN 'DEHL EHUZLHJW DXFK LP-DKUKXQGHUWGLH(UHLJQLV)ROJH%H]LHKXQJOHLFKW.RQWH[WHLQGH QHQGLH(UHLJQLVEH]LHKXQJDOV]HLWOLFKH6WDIIHOXQJHPSIXQGHQZLUGNRQQ WHQEHLQDKHJHQDXVRKlXILJDXVJHPDFKWZHUGHQ'LH(UHLJQLV$EVFKOXVV %H]LHKXQJVSLHOWLQGHQYRUKDQGHQHQ%HOHJHQGHV-DKUKXQGHUWVNHLQH 5ROOH UHODWLYHU7\S²(UHLJQLV)ROJH%H]LHKXQJ  /H\GWKXWPLUVGDVVGX.DUOXQG)HUGLQDQG(XFKVHLWKHUPLW6FKQXSIHQXQG +XVWHQ EHVFKZHUW JHIXQGHQ +DEW ,KU (XFK YLHOOHLFKW EH\ (XUHP 6SLHOHQ DXI GHP+RIGHUXQJQVWLJHQ:LWWHUXQJHLQZHQLJ]XYLHODXVJHVHW]WJHKDEW"0LFK GHXFKWLFKKDEHHVHUUDWHQ>*ULPPEULHIH@ UHODWLYHU7\S²]HLWOLFKH6WDIIHOXQJ   7DXVHQG 0DQQ XQG GLH .DLVHUOLFKHQ 9RUQH PLW +XQWHUW 7DXVHQG 0DQQ GD VDJ‰JHIHUOLFKDXVPLWXQVZLUKDWWHQQLFKWIUH\DOV'|UIIHUXQG6FKZHLGQLW]GD KDEHQZLUXQVJDQ‰XQGJDUYHUVFKDQ]HWJHKDEW:LUKDEHQ PVVHQ7DJXQG 1DFKWDUEHLGHQGDVLQGZLUYRQGHU$UEHLWDEJHO|VWZRUGHQIU0LWWDJV$EHQV XQG0LWWHUQDFKWV>+HUUPDQQ@ DEVROXWHU7\S  'DVZXQGHUEDUVWHZDUGD‰HUDXIGHP5FNHQHLQHQ7RGWHQ.RSIVRHLJHQW OLFKDEJH]HLFKQHWJHKDEWGD‰HVNHLQ0DKOHUHLJHQWOLFKPDFKHQN|QQWH >)UDQFNH@

$XIJUXQGGHUGQQHQ%HOHJODJHLVWNHLQH$QDO\VHQlKHVSUDFKOLFKHU%HOHJH P|JOLFK)UGDV-DKUKXQGHUWLVWJHQDXHLQ%HOHJDXVHLQHP7H[WPLW EHU1lKHZHUWYRUKDQGHQ   9RU HLQ 3DDU 7DJHQ HUKDOWH LFK HLQHQ %ULHI YRQ PHLQHP )UHQGH GHP ' %LHVWHUGHU6HNUHWlUEHLP0LQLVWHUYRQ=HGOL]LVWDXV%HUOLQYRPWHQY>RULJHQ@ 0>RQDWV@GDWLUWZRULQHUPLUGLHWU|VWOLFKH1DFKULFKWJLHEWGD‰+HUU&KRGRZLH FN\GDPDOVQRFKQLFKWHLQPDO DQJHIDQJHQ JHKDEWDQXQVHUQ.XSIHUQ]XDUEHL WHQXQGPLUGDKHUXQWHUQ)XVJLHEWLKQ]XERPEDUGLHUHQZDVGDV=HJKDOWHQ ZROOWH>%UJHUV*HOGPlQQFKHQ@

)U GLH ZHLWHUHQ 7H[WH OLHJHQ NHLQH JHVLFKHUWHQ 1lKHZHUWH YRU*ULPP EULHIHXQG'%(GHOPDQQDXVGHQHQQHXQYRQ%HOHJHQVWDPPHQ HUVFKHLQHQ MHGRFK HKHU GLVWDQ]VSUDFKOLFK VR GDVV GDYRQ DXVJHJDQJHQ ZHUGHQ PXVV GDVV IU GDV  -DKUKXQGHUW NHLQH QHQQHQVZHUWH $Q]DKO QlKHVSUDFKOLFKHU%HOHJHYRUOLHJW $XIJUXQG GHU %HOHJODJH LVW NHLQH W\SLVFKH 9HUZHQGXQJ IU GDV  -DKUKXQGHUWIRUPXOLHUEDU1XUZHQLJHGLDWRSLVFKDEJHVLFKHUWH%HOHJHVLQG



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



YRUKDQGHQGLHVLFKDXIGHQPLWWHOGHXWVFKHQ6SUDFKUDXPEHVFKUlQNHQXQG YRQGHQHQIQIDXVHLQHP7H[WVWDPPHQ$OOHYLHU%HOHJHGHU*ULPPEULH IHIUGLHNHLQH$QJDEH]XUUHJLRQDOHQ+HUNXQIWYRUOLHJWHUVFKHLQHQLP 'RSSHOSHUIHNW,QGLNDWLYLP+DXSWVDW]DOOH%HOHJHGHV7H[WHV'%( GHOPDQQLP'RSSHOSOXVTXDPSHUIHNW.RQMXQNWLYLP1HEHQVDW]ZDVYHU PXWHQ OlVVW GDVV EHL LKUHU 9HUZHQGXQJ HLQH VWDUNH LGHROHNWDOH .RPSR QHQWHHLQH5ROOHVSLHOW  -DKUKXQGHUW )U GDV  -DKUKXQGHUW NRQQWHQ ]Z|OI KDEHQ%HOHJH DXV GHQ IROJHQGHQ 7H[WHQHUPLWWHOWZHUGHQ 7H[W '%0OOHU-DKQNH '%%URPPH /HEHQVHULQQHUXQJHQ 6FKLOH =LPPHU

+HUNXQIWGHV7H[WHV PG PG +/HEHQVHULQQHUXQJHQ@



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

DWHOLVFK  ª6LHVDJWHQJHVWHUQ6LHVHLHQJHVXQGXQGVWDUN,FKJODXEH,KQHQZHLOLFK,K UHQ :LOOHQ NHQQHQJHOHUQW KDEH 8QG KHXWH ZHUGHQ 6LH HLQ YROOJHUWWHOWHV 0D‰ YRQ.UDIWQ|WLJKDEHQ©ª:DVLVWJHVFKHKHQ"©6LHHQWIDOWHWHHLQ%ODWWGDVVLHLQGHU +DQGYHUERUJHQJHKDEWKDWWHª,KU.LQGZDUYRPHUVWHQ0RPHQWDQVFKZDFK :LOPD8QGGHUDQJHERUHQHVFKZHUH)HKOHUGD]X²LFKHUKLHOWVRHEHQHLQ%LOOHWW YRQ'U%HUQVGRUIIHU²²©>'%0OOHU-DKQNH@ SXQNWXHOO  $P6RQQDEHQGOLHEHU$OH[DQGHURUGQHWHXNHKUWHXSXW]WHPDQFKHVVWDXELJH (FNFKHQDXVXKDWWH%HDWFKHQXGHP%UXGHU6WXQGH]XJHEHQ%HDWFKHQODVPLW )UHXGLJNHLWGRFKEHLP6FKUHLEHQZXUGHVLHEDOGXQDUWLJXLFKOLH‰VLHIRUW(GX DUG KDWWH GLH 6WXQGH JDQ] YHUJHVVHQ JHKDEW $P $EHQG JLQJ LFK ZLHGHU ]X *UQVXKDEHGRUWGLHFPROO6RQDWHY%HHWJHVSLHOW>6FKLOH@

:LHGHUEHVWHKHQNHLQHDXIIlOOLJHQ*HEUDXFKVSUlIHUHQ]HQPLW$GYHUELDOHQ RGHU -XQNWRUHQ ,Q IQI YRQ ]Z|OI )lOOHQ LVW QLFKWV YRUKDQGHQ GUHLPDO NRPPWVFKRQLP'RSSHOSHUIHNWE]Z'RSSHOSOXVTXDPSHUIHNWNRQWH[WYRU $OOHZHLWHUHQ9RUNRPPHQVLQG(LQPDOYRUNRPPHQ ,QGHQ%HOHJHQGHV-DKUKXQGHUWVNRQQWHIROJHQGH7\SHQYHUWHLOXQJ DXVJHPDFKWZHUGHQ 6XEW\S(UHLJQLV )ROJH%H]LHKXQJ 

UHODWLYHU7\S   6XEW\S(UHLJQLV 6XEW\S $EVFKOXVV%H]LHKXQJ ]HLWOLFKH6WDIIHOXQJ  

DEVROXWHU 7\S   

7DEHOOHUHODWLYHUXQGDEVROXWHU7\S KDEHQ-DKUKXQGHUW 

$OV5HJHOIDOOVWHOOWVLFKDXFKLQGHQYRUOLHJHQGHQ%HOHJHQGHV-DKUKXQ GHUWVGHUUHODWLYH7\SKHUDXV'LH(UHLJQLV)ROJH%H]LHKXQJVSLHOWMHGRFK LP-DKUKXQGHUWQLFKWGLHLQGHQYRUDQJHJDQJHQHQ-DKUKXQGHUWHQDXI JH]HLJWHYRUGHUJUQGLJH5ROOH+lXILJHUNRPPHQGLH.RQWH[WHYRULQGH QHQGDVYRUDQJHKHQGHPLWHLQHUGRSSHOWHQ3HUIHNWELOGXQJUHDOLVLHUWH(U HLJQLVDOV]HLWOLFKYRUJHVFKDOWHWZDKUJHQRPPHQZLUG UHODWLYHU7\S²(UHLJQLV)ROJH%H]LHKXQJ  'HU*UHLV]XFNWH]XVDPPHQ2IIHQEDUKDWWHHUGLHVHHUVFKUHFNHQGH7DWVDFKH YROOVWlQGLJYHUJHVVHQJHKDEW0LWWRQORVHU6WLPPHEDWHUª)UlXOHLQFKHQVWXQ GHQ 6H V PLU EOR‰ GLV HHQH 0DO QRFK ,FN NRPPH QLFK GXUFK 1lFKVWHQ 6RQQ DEHQG²²©>'%0OOHU-DKQNH@ UHODWLYHU7\S²(UHLJQLV$EVFKOXVV%H]LHKXQJ  ª6LHVDJWHQJHVWHUQ6LHVHLHQJHVXQGXQGVWDUN,FKJODXEH,KQHQZHLOLFK,K UHQ :LOOHQ NHQQHQJHOHUQW KDEH 8QG KHXWH ZHUGHQ 6LH HLQ YROOJHUWWHOWHV 0D‰ YRQ.UDIWQ|WLJKDEHQ©ª:DVLVWJHVFKHKHQ"©6LHHQWIDOWHWHHLQ%ODWWGDVVLHLQGHU +DQGYHUERUJHQJHKDEWKDWWHª,KU.LQGZDUYRPHUVWHQ0RPHQWDQVFKZDFK :LOPD8QGGHUDQJHERUHQHVFKZHUH)HKOHUGD]X²LFKHUKLHOWVRHEHQHLQ%LOOHWW YRQ'U%HUQVGRUIIHU²²©>'%0OOHU-DKQNH@



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



UHODWLYHU7\S²]HLWOLFKH6WDIIHOXQJ  8QGZLHUVHJHOWHQZLHGHUZRKOJHPXWKZHLWHUHQWOLFKDPWKHQHUHLFKWHQZLHU 9HUDNUX] HLQH VFK|KQH 6WDGW ZRKULQ GD]XPDKO VHKU IKOH )UDQ]RVHQ :RKQWHQ DEHUZLHVDKVLHDXVZHUHVQLFKWPLWHLFKHQHQ$XFKHQ JHVHKHQ KDWWHNDQQVLFK NHLQHQ EHJULI GDYRQ PDFKHQ *HQHUDO 6FNRWW KDWWH VLH DEHU VDPPW GHU EHLWKHQ &KDVWlOODOVZLHUDKQNDPHQVFKRQHUREHUWKJHKDEWGDUXPGLHVHYHUZVWXQJGHU 6WDGW ZLHU EHNDKPHQ VRIRUW 2UWKHU QLFKW LQQ GHU 6WDGW ]X /DQGHQ VRQGHUQ  0HLOOHQREHUKDOEGHUVHOEHQDQV/DQG]XJHKHQ>=LPPHU@ DEVROXWHU7\S  ª,FKZHL‰QLFKW3DQQDZHQ6LHPHLQHQ,FKKDEDQYLHOHYHUPLHWHWJHKDEW DXFKDQ'DPHQ:HQPHLQHQ6LHQXU3DQQD"©>'%0OOHU-DKQNH@

)U GDV  -DKUKXQGHUW OLHJHQ YLHU %HOHJH DXV GUHL 7H[WHQ YRU GLH GHP .ULWHULXPYRQPLQGHVWHQV1lKHVSUDFKOLFKNHLWHQWVSUHFKHQ  $PHUVWHQ7DJDOOHVKLQXQWHU*HUHLPWGDV+DXVJDQ]DEJHULVVHQXQGDOOHVDXI JHUlXPW .HOOHU KDEHQ GLH 7HLFKJUDEHU VFKRQ WKHLOZHLVH DXVJHJUDEHQ JHKDEW XQGDPDQGHUQ7DJZXUGHVFKRQDQJHIDQJHQ]XP0DXHUQ*UXQGVWHLQJHOHJW >/HEHQVHULQQHUXQJHQ@  $P6RQQDEHQGOLHEHU$OH[DQGHURUGQHWHXNHKUWHXSXW]WHPDQFKHVVWDXEL JH(FNFKHQDXVXKDWWH%HDWFKHQXGHP%UXGHU6WXQGH]XJHEHQ%HDWFKHQODV PLW )UHXGLJNHLW GRFK EHLP 6FKUHLEHQ ZXUGH VLH EDOG XQDUWLJ X LFK OLH‰ VLH IRUW (GXDUGKDWWHGLH6WXQGHJDQ]YHUJHVVHQJHKDEW$P$EHQGJLQJLFKZLHGHU]X *UQVXKDEHGRUWGLHFPROO6RQDWHY%HHWJHVSLHOW>6FKLOH@   'LH JXWH )UDX IUDJWH PLFK QDFK GHU =DKO GHU 6WXQGHQ LFK VFKULHE NXU] GLH 6DFKHDXIHLQH9LVLWHQNDUWHDXIGDVLVWPLULPPHUHLQVHKUXQDQJHQHKPHU3XQNW PLUZXUGHGDEHLJDQ]XQKHLPOLFKDOVLFKHVNXU]KLQVFKUHLEHQPX‰WH=X0LWWDJ KDWWHQ ZLU GLH NOHLQHQ 5XVVHQ HLQJHODGHQ JHKDEW GRFK DP 0RUJHQ HLQH DE VFKOlJLJH$QWZRUWEHNRPPHQZHLOVLFKGLH%XUVFKHQQLFKWSIOLFKWJHWUHXGLH:R FKHEHUEHWUDJHQKDWWHQ(VZDUPLUOHLGZHLOLFKPLFKEHUHLWVGDULQJHIXQGHQ GHQ JHVWULJHQ 7DJ LKQHQ ]X ZLGPHQ GHQQ QlFKVWHQ 6RQQWDJ LVW 6RSKLHQV *H EXUWVWDJ>@XDPKRIIHLFK'LFKKLHU]XKDEHQELVGDKLQZLUGVLFKDXFKQRFK 0DQFKHVVLFKUHUJHVWDOWHQXYLHOOHLFKWDXFKJQVWLJHUGDPLWZLUXQVUHFKWJHQLH ‰HQN|QQHQ>6FKLOH@  8QGZLHUVHJHOWHQZLHGHUZRKOJHPXWKZHLWHUHQWOLFKDPWKHQHUHLFKWHQZLHU 9HUDNUX] HLQH VFK|KQH 6WDGW ZRKULQ GD]XPDKO VHKU IKOH )UDQ]RVHQ :RKQWHQ DEHUZLHVDKVLHDXVZHUHVQLFKWPLWHLFKHQHQ$XFKHQ JHVHKHQ KDWWHNDQQVLFK NHLQHQ EHJULI GDYRQ PDFKHQ *HQHUDO 6FNRWW KDWWH VLH DEHU VDPPW GHU EHLWKHQ &KDVWlOODOVZLHUDKQNDPHQVFKRQHUREHUWKJHKDEWGDUXPGLHVHYHUZVWXQJGHU 6WDGW ZLHU EHNDKPHQ VRIRUW 2UWKHU QLFKW LQQ GHU 6WDGW ]X /DQGHQ VRQGHUQ  0HLOOHQREHUKDOEGHUVHOEHQDQV/DQG]XJHKHQ>=LPPHU@

9LHU %HOHJH VLQG HLQGHXWLJ ]X ZHQLJ XP HLQH $QDO\VH QlKHVSUDFKOLFKHU %HOHJHGXUFK]XIKUHQZLHVLHIUGDV-DKUKXQGHUWYRUJHQRPPHQZXU GH(VNDQQMHGRFK]XPLQGHVWGHU$VSHNWGHU)RUPHQYHUWHLOXQJDXIJHJULI IHQ ZHUGHQ IU GHQ LP  -DKUKXQGHUW HLQH 7HQGHQ] QlKHVSUDFKOLFKHU %HOHJH ]X 'RSSHOSHUIHNW XQG GLVWDQ]VSUDFKOLFKHU %HOHJH ]X 'RSSHOSOXV TXDPSHUIHNWYHUPXWHWZXUGH'LHVH*HEUDXFKVSUlIHUHQ]OlVVWVLFKIUGLH



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

QlKHVSUDFKOLFKHQ KDEHQ%LOGXQJHQ GHV  -DKUKXQGHUWV QLFKW EHVWlWLJHQ KLHUOLHJHQGUHLYRQYLHU%HOHJHQLP'RSSHOSOXVTXDPSHUIHNWYRU $XIJUXQGGHUJHULQJHQ$Q]DKOYRQLQVJHVDPW]Z|OI%HOHJHQN|QQHQ DXFKIUGDV-DKUKXQGHUWNHLQHW\SLVFKHQ*HEUDXFKVZHLVHQIRUPXOLHUW ZHUGHQ  XQGEHJLQQHQGHV-DKUKXQGHUW 'LHIUGDV-DKUKXQGHUWYRUOLHJHQGH%HOHJVLWXDWLRQHUP|JOLFKWHL QH NRQWUDVWLHUHQGH $QDO\VH GLVWDQ] XQG QlKHVSUDFKOLFKHU KDEHQ'RSSHO SHUIHNWELOGXQJHQGLHHEHQVRIUGLHYRUDQJHKHQGHQ-DKUKXQGHUWHYRUJH VHKHQDXIJUXQGGHUGRUWLJHQ%HOHJVLWXDWLRQMHGRFKQLFKWUHDOLVLHUEDUZDU ,Q GHU *HEUDXFKVDQDO\VH GHV  -DKUKXQGHUWV ZHUGHQ  GLVWDQ] XQGQlKHVSUDFKOLFKH%HOHJHDQDO\VLHUWXQGGHUHQ(UJHEQLVVHDEJHJOL FKHQXP9HUZHQGXQJVXQWHUVFKLHGHKHUDXV]XVWHOOHQ 'LHGLVWDQ]VSUDFKOLFKHQ%HOHJHVLQGGHQOLWHUDWXUVSUDFKOLFKHQ%H OHJHQ/LWYLQRY5DGÿHQNRV ² HQWQRPPHQ'LHQlKH VSUDFKOLFKHQ %HOHJH VHW]HQVLFK ZLH IROJW ]XVDPPHQ  QlKHVSUDFKOLFKH %HOHJHVWDPPHQDXVDXIJHQRPPHQHQXQGDXVJHZHUWHWHQ7DONVKRZV DXV GHP-DKU %HOHJHVWHOOHQHLJHQH+|UEHOHJH DXVGHQ-DKUHQ ELV   GDU =ZHL %HOHJH VLQG GHP LQ /LWYLQRY5DGÿHQNR  ²  DXIJHIKUWHQ QlKHVSUDFKOLFKHQ /DQJ.RUSXV DXV GHP -DKU  HQWQRPPHQ 'LH EHLGHQ IROJHQGHQ 7DEHOOHQ ]HLJHQ GLH )RUPHQYHUWHLOXQJ GHU GLV WDQ]XQGGHUQlKHVSUDFKOLFKHQ%HOHJH  $Q]DKO 9HUWHLOXQJDXI GLH0RGL

'3)  LQG NRQM  

'343  LQG NRQM  

DILQLW  

7DEHOOH)RUPHQYHUWHLOXQJGHUGLVWDQ]VSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW 

 $Q]DKO 9HUWHLOXQJ DXIGLH0RGL

'3)  LQG 

'343  NRQM 

LQG 

NRQM 

7DEHOOH)RUPHQYHUWHLOXQJGHUQlKHVSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW  BBBBBBBBBBBBBBBBBBB

 %HL GHU $XVZDKO GHU  %HOHJH ZXUGH :HUW GDUDXI JHOHJW GDVV GLHVH NHLQH GLDORJLVFKHQ 3DVVDJHQHQWKDOWHQGLHILQJLHUWH1lKHVSUDFKHGDUVWHOOHQ





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

'LH )RUPHQYHUWHLOXQJ GLYHUJLHUW DXIIlOOLJ ,P 'LVWDQ]VSUDFKOLFKHQ GRPL QLHUW 'RSSHOSOXVTXDPSHUIHNW %HOHJ   $XFK DILQLWH .RQVWUXNWLRQHQ DOV OLWHUDULVFKHV6WLOPLWWHOVLQGQDFKZHLVEDU %HOHJ   ,POHW]WHQ.ULHJVKHUEVWQDFKKHUZDUGHU$UWKXU%OPFKHQ3H:LV9DWHUDXI HLQHQNXU]HQ*HQHVXQJVXUODXELQV'RUIJHNRPPHQ$P2EHUVFKHQNHOKDWWHHV LKQ HUZLVFKW JHKDEW HLQ *UDQDWVSOLWWHU« >%ULQNPDQQ ]LWLHUW QDFK /LWYLQRY 5DGÿHQNR@   « HU KDWWH VFKRQ DOV 6FKRWWHQJ\PQDVLDVW URWH *UWHO JHWUDJHQ XQG WUXJ VLH KHXWH OHW]WHV hEHUEOHLEVHO MHQHU ´.OHLGHUURPDQWLN´ GHUHQ HU VLFK DOV -QJOLQJ JHIOHL‰LJWJHKDEW>%HFKHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR@

,P1lKHVSUDFKOLFKHQNDQQIHVWJHVWHOOWZHUGHQGDVVGLH'RSSHOSHUIHNWEH OHJHGHXWOLFKEHUZLHJHQ'LHVHV(UJHEQLVHQWVSULFKWGDPLWGHQELVKHULJHQ )RUVFKXQJVHUNHQQWQLVVHQ /LWYLQRY5DGÿHQNR+HQQLJ %XFKZDOGD   :LUZX‰WHQQLFKWPHKUZRKLQPLW2PDV0|EHOQ*RWWOREKDW2QNHO5LFKDUG XPHLQHQ]ZHLWHQ.RIIHUJHIUDJWJHKDEWVRNRQQWHQZLUIUHLQH:HLOHHUVWPDO KHOIHQ>/DQJ]LWLHUWQDFK/LWYLQRY5DGÿHQNR@

'HU.RQMXQNWLYVFKHLQWEHLGHQQlKHVSUDFKOLFKHQ%HOHJHQNDXPHLQH5RO OH]XVSLHOHQ$XFKGLHKLHUXQWHUVXFKWHQGLVWDQ]VSUDFKOLFKHQ%HOHJHZHL VHQGHXWOLFKZHQLJHUNRQMXQNWLYLVFKHDOVLQGLNDWLYLVFKH%HOHJHDXI %HLGHQGLVWDQ]VSUDFKOLFKHQ%HOHJHQZLUGNHLQHUHJLRQDOH(LQRUGQXQJ GHU $XWRUHQ YRUJHQRPPHQ ZHLO GHUHQ :HUNH YRUUDQJLJ GHU JHVFKULHEH QHQ 6WDQGDUGVSUDFKH HQWVSUHFKHQ ,Q %H]XJ DXI GLH UHJLRQDOH 9HUWHLOXQJ GHU QlKHVSUDFKOLFKHQ %HOHJH NDQQ HEHQIDOOV NHLQH $XVVDJH JHPDFKW ZHU GHQGD+HUNXQIWVLQIRUPDWLRQHQLP+LQEOLFNDXIGLH6SUHFKHUIHKOHQ'LH +DXSWVDW]1HEHQVDW]9HUWHLOXQJVLHKWIROJHQGHUPD‰HQDXV '3)

'343

9RUNRPPHQLP+DXSWVDW]





JHVDPWH 'LVWDQ]EHOHJH 

9RUNRPPHQLP1HEHQVDW]









7DEHOOH+DXSWVDW]1HEHQVDW]9HUWHLOXQJGHUGLVWDQ]VSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW 

BBBBBBBBBBBBBBBBBBB

 (UJLEWVLFKDXVIQI'RSSHOSHUIHNW'RSSHOSOXVTXDPSHUIHNWEHOHJHQVRZLHGHQDIL QLWHQ.RQVWUXNWLRQHQ9RQGHQ1HEHQVDW]EHOHJHQQHXQXQHLQJHOHLWHW



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

'3)

'343

9RUNRPPHQLP+DXSWVDW]





JHVDPWH 1lKHEHOHJH 

9RUNRPPHQLP1HEHQVDW]









7DEHOOH+DXSWVDW]1HEHQVDW]9HUWHLOXQJGHUQlKHVSUDFKOLFKHQ%HOHJH KDEHQ-DKUKXQGHUW 

'LHGLVWDQ]VSUDFKOLFKHQ%HOHJH]HLJHQHLQHOHLFKWH7HQGHQ]]XU9HUZHQ GXQJLP+DXSWVDW]ZHLVHQDEHULPPHUKLQQRFK1HEHQVDW]EHOHJHDXI 'HU$WWULEXWVDW]LVWDPKlXILJVWHQYRUKDQGHQ YRQ%HOHJHQ 0HKU IDFK NRPPHQ DXFK .RPSDUDWLYVDW] IQIPDO .RQGLWLRQDOVDW] IQIPDO  XQG7HPSRUDOVDW] YLHUPDO YRU'LHZHLWHUHQ9RUNRPPHQVLQGZHQLJHU KlXILJ,QDOOHQ1HEHQVDW]EHOHJHQPLWUHDOLVLHUWHP)LQLWXPOLHJW(QGVWHO OXQJGHV)LQLWXPVYRU'LHQlKHVSUDFKOLFKHQ%HOHJHNRPPHQDXVVFKOLH‰ OLFK LP +DXSWVDW] YRU HV ZXUGH NHLQ 1HEHQVDW]EHOHJ YRUJHIXQGHQ 7DEHOOHXQG7DEHOOH]HLJHQGLHYRUNRPPHQGHQ9HUEHQ 9HUEHQ VLFKDEILQGHQ DEJHEHQ DEVDJHQ IRUWVFKLFNHQ VLFKDEVHW]HQ DEVWHOOHQ DQOHKQHQ DQSURELHUHQ DQVFKDIIHQ DXVEHVVHUQ DQVHW]HQ DQVSUHFKHQ DQYHUWUDXHQ DQ]LHKHQ DUEHLWHQ DXIHVVHQ VHKHQ DXIJHEHQ

$Q]DKO                  

9HUEHQ HLQQLVWHQ HLQSUlJHQ HLQULFKWHQ HLQUKUHQ VLFKHLQVWHOOHQ HPSIHKOHQ HQWIKUHQ HQWZLFNHOQ VLFKHQW]LHKHQ HUEOLFNHQ HUREHUQ HUZlKQHQ HUZLVFKHQ IDOWHQ LQVSLULHUHQ NQGLJHQ OHJHQ OHVHQ

BBBBBBBBBBBBBBBBBBB

 'DYRQVLHEHQ%HOHJHPLWZHLO9HUE]ZHLWVWHOOXQJ

$Q]DKO                  





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

9HUEHQ DXIVFKQHLGHQ DXIVWHFNHQ DXVKHFNHQ VLFKDXVPDOHQ DXVVFKODIHQ DXVVWUHFNHQ DXV]LHKHQ EDXHQ VHW]HQ EHGHFNHQ EHIOHL‰LJHQ EHI|UGHUQ EHPHUNHQ EHUKUHQ EHVFKOLH‰HQ EHWUHWHQ KLQWHUVLFKEULQJHQ VLFKPHOGHQ VLFKGHNODULHUHQ GHSRQLHUHQ HLQGUFNHQ YHUVWULFNHQ YHUZDKUHQ ZLVVHQ ]LHOHQ

$Q]DKO                         

9HUEHQ PDFKHQ SDFKWHQ SDFNHQ SODQHQ SRVWLHUHQ VFKOLH‰HQ VFKUHLHQ VWUHLFKHQ EHUOHJHQ EHUZLQGHQ YHUDEUHGHQ YHUJHVVHQ YHUJUDEHQ YHUKOOHQ YHUNDXIHQ GHQ.RSIYHUOLHUHQ YHUPDFKHQ YHUULHJHOQ YHUVFKOLQJHQ YHUVFKPlKHQ YHUVFKZHLJHQ YHUVWHFNHQ YRUEHUHLWHQ ZLWWHUQ ]XZHQGHQ

$Q]DKO                         

7DEHOOH9HUEHQGHUGLVWDQ]VSUDFKOLFKHQGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW 

9HUEHQ

$Q]DKO

IUDJHQ



IUHVVHQ VDJHQ VLFKZRKOIKOHQ VLFKHQWVFKXOGLJHQ VFKUHLEHQ

    

9HUEHQ VLFKVHOEVWVWlQGLJ PDFKHQ UHQRYLHUHQ VLFKDQIUHXQGHQ VLFKVWUHLWHQ DQIDQJHQ PHLQHQ

$Q]DKO      



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

9HUEHQ ]XJHEHQ

$Q]DKO 

NODUPDFKHQ



OHEHQ EHHQGHQ YRUVFKODJHQ XQWHUVWHOOHQ EHWUJHQ 5DQGDOHPDFKHQ ]LHKHQ NULHJHQ VFKODJHQ VLFKPHOGHQ PDFKHQ UEHUPDFKHQ VLFKYHUOLHEHQ VSUHFKHQ DUEHLWHQ DQUXIHQ VFKDIIHQ HQWWlXVFKHQ KHLUDWHQ VLFKHQWZLFNHOQ VHKHQ VLFKYHUVFKlW]HQ ]HLJHQ IDQJHQ ]HUWUPPHUQ DXVUlXPHQ YHUGLHQHQ

                          

9HUEHQ VLFKHQWVFKOLH‰HQ VLFKDXIGLH)‰H VWHOOHQ UDXVNULHJHQ HU]lKOHQ NRFKHQ VLFKVHKHQ YHUJHVVHQ YHUOLHUHQ SODQHQ DQJXFNHQ VLFKYRUEHUHLWHQ VWXGLHUHQ DEVFKZlFKHQ DXVOHLKHQ VLFKDXVVXFKHQ OHVHQ PLWQHKPHQ ]XUFNVFKUHLEHQ VRUWLHUHQ DEJHEHQ DQNOLFNHQ DQVWUHLFKHQ HLQIULHUHQ EHFKHUQ HLQVFKOLH‰HQ GUDXIGUFNHQ WUHQQHQ UHJQHQ EUHFKHQ

$Q]DKO                             

7DEHOOH9HUEHQGHUQlKHVSUDFKOLFKHQGRSSHOWHQ3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW 

:LHIUDOOHYRUDQJHKHQGHQ-DKUKXQGHUWH]HLJWVLFKDXFKIUGLHGLVWDQ] VSUDFKOLFKHQXQGGLHQlKHVSUDFKOLFKHQKDEHQ'RSSHOSHUIHNWELOGXQJHQGHV -DKUKXQGHUWVGDVVVLHVRZRKOPLWGXUDWLYHQDOVDXFKPLWSHUIHNWL YHQ9HUEHQJHELOGHWZHUGHQ'LHGLVWDQ]VSUDFKOLFKHQ%HOHJHZHLVHQGXUD



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



WLYH9HUEHQZLHZLVVHQEDXHQOHVHQDEHUDXFKSHUIHNWLYH9HUEHQZLHYHUJHV VHQYHUNDXIHQEHVFKOLH‰HQDXI$XFKLPQlKHVSUDFKOLFKHQ%HUHLFKVLQGGXUD WLYH DUEHLWHQ OHVHQ  XQG SHUIHNWLYH 9HUEHQ ]HUWUPPHUQ HLQIULHUHQ  YRUILQG EDU$XIIDOOHQGKlXILJNRPPWLQQHUKDOEGHUQlKHVSUDFKOLFKHQ%HOHJHGDV 9HUEVDJHQYRU PDO 'LH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQVLHKWIRO JHQGHUPD‰HQDXV 6LWXDWLRQVNODVVH WHOLVFK DWHOLVFK SXQNWXHOO VWDWLVFK

$Q]DKO    

7DEHOOH9HUWHLOXQJGHUGLVWDQ]VSUDFKOLFKHQ%HOHJH DXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW 

6LWXDWLRQVNODVVH WHOLVFK DWHOLVFK SXQNWXHOO VWDWLVFK

$Q]DKO    

7DEHOOH9HUWHLOXQJGHUQlKHVSUDFKOLFKHQ%HOHJH DXIGLH6LWXDWLRQVNODVVHQ KDEHQ-DKUKXQGHUW 

'LH SXQNWXHOOH 6LWXDWLRQVNODVVH LVW VRZRKO EHL GHQ GLVWDQ] DOV DXFK GHQ QlKHVSUDFKOLFKHQ%HOHJHQDPKlXILJVWHQYHUWUHWHQ,PGLVWDQ]VSUDFKOLFKHQ %HUHLFK GRPLQLHUHQ GLH JUHQ]EH]RJHQHQ 6LWXDWLRQVNODVVHQ VLH PDFKHQ LQVJHVDPW  YRQ  %HOHJHQ DXV 'LH QlKHVSUDFKOLFKHQ %HOHJH ZHLVHQ HEHQIDOOV HLQH K|KHUH $IILQLWlW ]X GHQ JUHQ]EH]RJHQHQ 6LWXDWLRQVNODVVHQ DXI  YRQ   KLHU NRPPHQ MHGRFK DXFK KlXILJHU DWHOLVFKH .RQWH[WH YRU,P)ROJHQGHQZLUGMHHLQGLVWDQ]XQGHLQQlKHVSUDFKOLFKHU%HOHJIU GLHYRUJHIXQGHQHQ6LWXDWLRQVNODVVHQYRUJHVWHOOW WHOLVFK GLVWDQ]VSUDFKOLFK   (LQHV7DJHVVWDQGHUDXIHLQHUGHU7KHPVHEUFNHQ(U KDWWH VHLW]ZHL7DJHQ QLFKWV5LFKWLJHVJHJHVVHQGHQQGLH/HXWHDQGLHHUVLFKLQVHLQHUDOWHQ6ROGDWHQ PRQWXUKHUDQJHPDFKWKDWWHEH]DKOWHQLKPZRKOHLQLJH*HWUlQNHDEHUNHLQ(V VHQ2KQHGLH0RQWXUKlWWHQVLHLKPDXFKNHLQH*HWUlQNHEH]DKOWHUKDWWHVLH GHVKDOE HLJHQV DQJH]RJHQ JHKDEW >%UHFKW ]LWLHUW QDFK /LWYLQRY5DGÿHQNR @ WHOLVFK QlKHVSUDFKOLFK   :LUKDEHQHLJHQWOLFKQXUJOFNOLFKH=HLWHQPLWHLQDQGHUJHKDEWXQGDXFK+| KHQ XQG 7LHIHQ ZLH LQ MHGHU %H]LHKXQJ 'DQQKDWWH HU VLFK VHOEVWVWlQGLJ JH PDFKWJHKDEWXQGGDQQJLQJHVORV,FKZDU]XGHP=HLWSXQNW+DXVIUDXJHZH



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

VHQMDXQGGDQQZDUHVLP(QGHIIHNWGDQQVRJHZHVHQHUKDWWH]ZDU$XIWUlJH JHKDEWDEHUZLHJHVDJWGDV*HOGNDPHEHQKDOWQLFKW>7DONVKRZ@ DWHOLVFK GLVWDQ]VSUDFKOLFK   6HLQH(OWHUQ«NRQQWHHUQLFKWEHIUDJHQZHLOHULKQHQVHLQHSODWRQLVFKHQ(V NDSDGHQYHUVFKZLHJHQJHKDEW«'DJDEHUGLH6XFKHDXI >%HFKHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR@ DWHOLVFK QlKHVSUDFKOLFK   $$OVRZHQQHUMHW]WZLHJHVDJWZHLOHUPLFKGLHJDQ]H=HLWLPPHUZLHGHUEH ORJHQ KDWWH ZUGH LFK GDQQ DXFK HLQHQ 6FKOXVVVWULFK ]LHKHQ ZHLO LFK P|FKWH PHLQHLJHQHV/HEHQLP*ULIIKDEHQ%0HLQVWGXGXVFKDIIVWGDVGXNDQQVWGDV" $-DZHLOLFKKDEHHLQJDQ]HV-DKUMHW]WDOOHLQHPLWGHQ.LQGHUQJHOHEWJHKDEW XQGVDJHLFKPDOVRLFKPXVVWHPLFKZLUNOLFKKRFKUDSSHOQ JDQ]KRFKUDSSHOQ XQGLFKKDEHHVJHVFKDIIW>7DONVKRZ@ SXQNWXHOO GLVWDQ]VSUDFKOLFK   $OVHUGDV0|EHODXVVWHOOXQJVJHOlQGHEHWUHWHQJHKDEWKDWWHKlWWHLKQSO|W] OLFK HLQ VFKZDU] JHNOHLGHWHU +HUU GHU DXV HLQHU YHUVDPPHOWHQ 0HQJH YRQ VFKZDU]JHNOHLGHWHQ+HUUHQJHWUHWHQVHLDXILKQPHLQHQ)UHXQG]XJHWUHWHQVHL DQJHVSURFKHQ'LHVHUVFKZDU]JHNOHLGHWH+HUUKDEHJHVDJW« >-RQNH]LWLHUWQDFK/LWYLQRY5DGÿHQNR@ SXQNWXHOO QlKHVSUDFKOLFK   'DV.LQGGDVVLHPLW6KDWWHKDWVLHYHUORUHQJHKDEWXQGGDQQKDWVLHHLQV DGRSWLHUW>HLJHQH+|UEHOHJH@ VWDWLVFK GLVWDQ]VSUDFKOLFK   (VPDFKWLPPHUZLHGHUHLQHQ6FKRFNZHQQZLUHUIDKUHQGD‰ZLUQLFKWHLQ ]LJDUWLJVLQG'D‰ZLUVRVHLQVROOHQZLHDOOHUlXPHQZLUHLQQXUZLUJODXEHQHV QLFKWJDQ]$EHULPPHUNRPPWGHU$XJHQEOLFNLQGHPZLUJDQ]GDUDQJODXEHQ PVVHQ²(UPX‰WHGDUDQJODXEHQHUPX‰WHGUDQJODXEHQ²GLH9RUJlQJHGLH KLHUJHPHLQWVLQGVLQGVRYHUVFKLHGHQQLFKW,FKKDEHJHZX‰WJHKDEWGD‰HL QHP0HQVFKHQGHUHLJHQH1DPHHQWIDOOHQNDQQ(LQHP%FKHUOHVHUHLQHP=HL WXQJVOHVHUHLQHP,OOXVWULHUWHQOHVHUEOHLEWVRHWZDVQLFKWODQJHYHUERUJHQDEHUZDV KDWWHGDVPLWPLU]XWXQ"1XQZX‰WHLFKGD‰DXFKGLHVPLWPLU]XWXQKDWWH6R ZlFKVWPDQKHUDQ>.DQW]LWLHUWQDFK/LWYLQRY5DGÿHQNR@ VWDWLVFK QlKHVSUDFKOLFK   7URW]GHPKlWWHLFKGLH3UJHOYHUGLHQWJHKDEWLFKKDEHVLHVFKOLH‰OLFKVLW ]HQODVVHQ>HLJHQH+|UEHOHJH@

,P+LQEOLFNDXIGDV9RUNRPPHQGLVWDQ]VSUDFKOLFKHUKDEHQ%LOGXQJHQPLW $GYHUELDOHQ XQG -XQNWRUHQ OlVVW VLFK NRQVWDWLHUHQ GDVV NHLQH EHVRQGHUV KlXILJHQ9HUZHQGXQJHQDXIIDOOHQ'LHHLQ]LJH$XIIlOOLJNHLWGLHLQ%H]XJ DXIGLHGLVWDQ]VSUDFKOLFKHQ%HOHJHIHVWJHVWHOOWZHUGHQNRQQWHLVWGDVYLHO IDFKH)HKOHQYRQ$GYHUELDOHQXQG-XQNWRUHQ,QYRQ.RQWH[WHQ LVWQLFKWVGHUJOHLFKHQDXIILQGEDU *HQDXVRKlXILJ PDO IHKOHQ$GYHUELDOHXQG-XQNWRUHQLQGHQQl KHVSUDFKOLFKHQ%HOHJNRQWH[WHQ'DUEHUKLQDXVKDWGLH$QDO\VHGHUQlKH VSUDFKOLFKHQKDEHQ%LOGXQJHQZHLWHUHDXIIlOOLJH9RUNRPPHQYRQ7HPSR UDODGYHUELDOHQ HUJHEHQ (V LVW HLQ KlXILJHV 9RUNRPPHQ YRQ VFKRQ E]Z



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



VFKRQ[LQ9HUELQGXQJPLWHLQHUKDEHQ'RSSHOSHUIHNWELOGXQJIHVWVWHOOEDU 6FKRQNRPPWQHXQPDOGLH9HUELQGXQJVFKRQ[DFKWPDOYRU(LQLJH%HL VSLHOHZHUGHQDQJHIKUW VFKRQ  'HQÅ.OHLQHQ3URIHVVRU´KDEHQZLUGRFKVFKRQDXVJHOLHKHQJHKDEW >HLJHQH+|UEHOHJH@  (UKDWGDVLP*XWDFKWHQVFKRQJHVFKULHEHQJHKDEWXQGYRQGDKHUZXVVWH LFKZDVHUVDJW>HLJHQH+|UEHOHJH@ VFKRQ[  =XPHLQHP *HEXUWVWDJLVWHUPLWPLU]X+XJHQGXEHO JHJDQJHQXQGGD GXUIWHLFKPLUHLQ%XFKDXVVXFKHQ8QGGDKDELFKHVPLUVFKRQPDODXVJHVXFKW JHKDEW>HLJHQH+|UEHOHJH@  'DVKDWGLUGRFKPHLQ9DWHUHU]lKOWKDVWGXZRKOVFKRQZLHGHUYHUJHVVHQJH KDEW>HLJHQH+|UEHOHJH@

/LWYLQRY5DGÿHQNRVWHOOHQLQLKUHU6DPPOXQJOLWHUDWXUVSUDFKOLFKHU%HOHJH GHU GLH KLHU XQWHUVXFKWHQ  %HOHJH HQWQRPPHQ VLQG Å'XW]HQGH YRQ %HLVSLHOHQ IU GHQ *HEUDXFK YRQ $GYHUELDOEHVWLPPXQJHQ GHU .ODVVH ÅVFKRQ´´ IHVW    GHU LQ GHU YRUOLHJHQGHQ $QDO\VH QLFKW LQ GHU HQWVSUHFKHQGHQ +lXILJNHLW EHVWlWLJW ZHUGHQ NDQQ (V OLHJHQ LQ GHQ GLV WDQ]VSUDFKOLFKHQ%HOHJHQ]ZHL%HOHJNRQWH[WHPLW*HEUDXFKYRQVFKRQXQG ZHLWHUHIQI.RQWH[WHPLW*HEUDXFKYRQVFKRQ[YRU (LQH ZHLWHUH $XIIlOOLJNHLW QlKHVSUDFKOLFKHU KDEHQ%LOGXQJHQ VWHOOW GDV 9RUNRPPHQYRQGDQQVRZRKOLPGLHKDEHQ'RSSHOSHUIHNWELOGXQJEHLQKDO WHQGHQ6DFKYHUKDOW ]HKQPDOEVSZ%HOHJ DOVDXFKLP)ROJHVDFKYHU KDOW HEHQIDOOV]HKQPDOEVSZ%HOHJ GDU$XFKHLQ9RUNRPPHQYRQ GDQQLQEHLGHQ6DFKYHUKDOWHQLVWYRUILQGEDU VLHEHQPDOEVSZ%HOHJ   $+DEWLKUHXFKRIWJHVHKHQLQGHUOHW]WHQ=HLW"%-DMHW]WGLHVHV:RFKHQ HQGHQLFKWDEHUGDQQGLHYRUKHUJHKHQGHQ]ZHL:RFKHQKDWWHQZLUXQVJHVHKHQ JHKDEW>7DONVKRZ@  $XIGHU3DUW\ZDUHQQXUVLHEHQDFKW/HXWHGLHKDEHQJHNRFKWJHKDEWXQG ZLUNDPHQGDQQGD]X>HLJHQH+|UEHOHJH@  0LWPHLQHU3URPRWLRQLFKKDWWHGLHGDQQDEJHJHEHQJHKDEWXQGGDQQJLQJ GDVPLWGHP9HUWHLGLJXQJVWHUPLQJDQ]VFKQHOO>HLJHQH+|UEHOHJH@

'HU *HEUDXFK YRQ VFKRQ LP GLH KDEHQ%LOGXQJ EHLQKDOWHQGHQ 6DFKYHUKDOW XQGGDQQLP)ROJHVDFKYHUKDOWZXUGHGUHLPDOYRUJHIXQGHQ  0DQFKH6DFKHQKDEHLFKDXFKVFKRQDQJHVWULFKHQJHKDEWXQGGDQQKDEHQ ZLUGDUEHUJHVSURFKHQ>HLJHQH+|UEHOHJH@   'D ZDU +HUU 8 DXFK GD KDW VFKRQ RUGHQWOLFK ZLHGHU HLQHQ JHEHFKHUW JH KDEWXQGGDQQLVWHU]X0JHJDQJHQXQGKDWVLFKPLWLKUXQWHUKDOWHQ >HLJHQH+|UEHOHJH@



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 $,FKILQGHGDVEO|GGDVVPDQGDQXUPLW.DUWHEH]DKOHQNDQQ%-D,FK KDEH VFKRQ GUDXIJHGUFNW JHKDEW XQG GDQQ KDEH LFK JHPHUNW GDVV LFK NHLQ *HOGUHLQVFKPHL‰HQNDQQ>HLJHQH+|UEHOHJH@

'LHIROJHQGHQ7DEHOOHQVWHOOHQGLH9HUWHLOXQJHQGHUGLVWDQ]XQGGHUQl KHVSUDFKOLFKHQ%HOHJHDXIGHQUHODWLYHQE]ZDEVROXWHQ7\SGDU UHODWLYHU7\S   6XEW\S(UHLJQLV 6XEW\S(UHLJQLV 6XEW\S )ROJH%H]LHKXQJ $EVFKOXVV%H]LHKXQJ ]HLWOLFKH6WDIIHOXQJ   

DEVROXWHU 7\S   

7DEHOOHUHODWLYHUXQGDEVROXWHU7\SGLVWDQ]VSUDFKOLFKH%HOHJH KDEHQ-DKUKXQGHUW 

6XEW\S(UHLJQLV )ROJH%H]LHKXQJ 

UHODWLYHU7\S   6XEW\S(UHLJQLV $EVFKOXVV%H]LHKXQJ 

6XEW\S ]HLWOLFKH6WDIIHOXQJ 

DEVROXWHU 7\S   

7DEHOOHUHODWLYHUXQGDEVROXWHU7\SQlKHVSUDFKOLFKH%HOHJH KDEHQ-DKUKXQGHUW 

(LQEHDFKWOLFKHU8QWHUVFKLHGLQGHU9HUWHLOXQJEHVWHKWEHLGHQDEVROXWHQ %HOHJNRQWH[WHQ 'LHVH ILQGHQ VLFK LP GLVWDQ]VSUDFKOLFKHQ %HUHLFK QXU VHKU PDUJLQDO ,P 1lKHVSUDFKOLFKHQ VLQG VLH ZHLWDXV KlXILJHU VLH VWHOOHQ PLWYRQ%HOHJHQEHLQDKHGLH+lOIWHDOOHU%HOHJNRQWH[WH 'LH (UHLJQLV$EVFKOXVV%H]LHKXQJ ILQGHW VLFK VHOWHQHU XQWHU GHQ Ql KHVSUDFKOLFKHQ DOV XQWHU GHQ GLVWDQ]VSUDFKOLFKHQ %HOHJHQ GLH DQVRQVWHQ IHVW]XVWHOOHQGHQ 8QWHUVFKLHGH HUVFKHLQHQ YRQ JHULQJHUHU :LFKWLJNHLW %HL GHQ QlKHVSUDFKOLFKHQ (UHLJQLV$EVFKOXVV%H]LHKXQJHQNRPPW GDV QDFK IROJHQGH (UHLJQLV GDV GDV YRUDQJHKHQGH EHHQGHW GHV gIWHUHQ LPSOL]LW YRU,P)ROJHQGHQZLUGIUMHGH(UHLJQLVEH]LHKXQJMHHLQGLVWDQ]XQGHLQ QlKHVSUDFKOLFKHU%HOHJYRUJHVWHOOW UHODWLYHU7\S²(UHLJQLV)ROJH%H]LHKXQJ GLVWDQ]VSUDFKOLFK   'HU)HQVWHUODGHQZDUDQJHOHKQWGDV)HQVWHUOLH‰VLFKHLQGUFNHQ«:DKU VFKHLQOLFKKDWWHHV'RNWRU6WLOOPDQQOHLFKWDQJHOHKQWJHKDEW >:HQGODQG]LWLHUWQDFK/LWYLQRY5DGÿHQNR  UHODWLYHU7\S²(UHLJQLV)ROJH%H]LHKXQJ QlKHVSUDFKOLFK   $'LH%HWUHXHUKDEHQLKUJHVDJWXQGDXFKYRP-XJHQGDPWKHUVLHP|FKWH ELWWHLKU=LPPHUDXIUlXPHQ'DKDWHVDXFKJHPXIIHOWGULQ'DLVWVLHKLQJHJDQ JHQKDWWHGHQ.OHLQHQLP=LPPHUOLHJHQKDWWH)HQVWHUDXIJHULVVHQXQG'XIW|OH EHUDOODXIJHVWHOOW%1LFROHVWLPPWGDVZDVGHLQH0XWWHUVDJW"&'DVVWLPPW 'HU .LQGHUDU]W KDW PLU JHVDJW JHKDEW GDVV 'XIW|OH .LQGHUQ QLFKW VFKDGHQ GDVVGDVHKHUEHUXKLJW8QGLFKKDEHVLHDXIJHVWHOOWKDEHPLWPHLQHQ%HWUHXHUQ GDQQ JHVSURFKHQ XQG VROOWH VLH GDQQ ZHJVWHOOHQ XQG KDEH YHUJHVVHQ VLH GDQQ ZHJ]XVWHOOHQ>7DONVKRZ@



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



UHODWLYHU7\S²(UHLJQLV$EVFKOXVV%H]LHKXQJ GLVWDQ]VSUDFKOLFK   +DEGDV=HLFKHQ]XYRULP$QKDOWHODJHU:|OOHUVGRUIJHVHKQEHLPLWLQWHUQLHU WHQ1DWLRQDOVR]LDOLVWHQGLHVLFKLQV5HLFK]XU|VWHUUHLFKLVFKHQ/HJLRQ6WDQGRUW 3DVVDX DEJHVHW]W JHKDEW DOV 6DERWDJH6SH]LDOLVWHQ ]XUFNJHVFKOHXVW XQG JH VFKQDSSWZRUGHQZDUHQ>%HFKHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR@ UHODWLYHU7\S²(UHLJQLV$EVFKOXVV%H]LHKXQJ QlKHVSUDFKOLFK   'LHEHLGHQKDWWHQVLFKDXFKVFKRQPDOJHWUHQQWJHKDEWDEHUGDQQKDEHQ VLHVLFK]XVDPPHQJHULVVHQ>HLJHQH+|UEHOHJH@ UHODWLYHU7\S²]HLWOLFKH6WDIIHOXQJ GLVWDQ]VSUDFKOLFK   'RFKDXI/XLVHYRQ3UHX‰HQV5HLVH>«@YRQ0HFNOHQEXUJQDFK3UHX‰HQLVW *UDQVHHGXUFKDXVNHLQXQHUKHEOLFKHU)OHFNJHZHVHQGLHYHUGVWHUWH&RUWHJHKDW GHQ 6DUJ KLHU DEJHVWHOOW JHKDEW IU GLH 1DFKW XQG 6FKLQNHO KDW QDFKKHU HLQ 'HQNPDOGD]XJHPDFKW>.DQW]LWLHUWQDFK/LWYLQRY5DGÿHQNR@ UHODWLYHU7\S²]HLWOLFKH6WDIIHOXQJ QlKHVSUDFKOLFK   0DQFKH6DFKHQKDEHLFKDXFKVFKRQDQJHVWULFKHQJHKDEWXQGGDQQKDEHQ ZLUGDUEHUJHVSURFKHQ>HLJHQH+|UEHOHJH@ DEVROXWHU7\S GLVWDQ]VSUDFKOLFK   (LQHUKDWPHLQOLQNHV%HLQ JHKDOWHQHLQHUGDVUHFKWHHLQHU KDWGHQ$UPLQ *LSVEHVRQGHUVXQGYLHOOHLFKWDXFKEHVRQGHUVVRUJIlOWLJJHIKUWXQGGHU*lUWQHU KDW VHLQH $UPH XQWHU PHLQH $FKVHOQ JHVFKREHQ XQG KDW GLH NQRFKLJHQ +lQGH DXI PHLQHU %UXVW JHIDOWHW JHKDEW >.DQW ]LWLHUW QDFK /LWYLQRY5DGÿHQNR  @ DEVROXWHU7\S QlKHVSUDFKOLFK    *HRUJ LVW GRFK PDO DXV GHP )HQVWHU JHVSUXQJHQ EHLP 6FKODIZDQGHOQ +DW VLFKGHQJDQ]HQ)X‰]HUWUPPHUWJHKDEW>HLJHQH+|UEHOHJH@

)UGLHQlKHVSUDFKOLFKHQ%HOHJHKDWVLFKGLHDEVROXWH9HUZHQGXQJDOVDXI IDOOHQGKlXILJKHUDXVJHVWHOOW'DGLHVHU*HEUDXFKVWDUNDEZHLFKWYRQGHP LQGHQYRUDQJHKHQGHQ-DKUKXQGHUWHQYRUJHIXQGHQHQXQGIUGLHGLVWDQ] VSUDFKOLFKHQ%HOHJHGHV-DKUKXQGHUWVZHLWJHKHQGEHVWlWLJWHQ*H EUDXFK VROOHQ LP )ROJHQGHQ HLQLJH ZHLWHUH %HLVSLHOH IU GLHVH 9HUZHQ GXQJQlKHVSUDFKOLFKHUKDEHQ'RSSHOSHUIHNWELOGXQJHQDXIJHIKUWZHUGHQ   ,FK KDWWH LKP 6DODW JHJHEHQ 'DKDW HU QDWUOLFK JOHLFK JHIUHVVHQ JHKDEW >/DQJ]LWLHUWQDFK/LWYLQRY5DGÿHQNR@   :LU KDEHQ XQV XP GLH /XIWPDWUDW]H JHVWULWWHQ XQG 0XWWL NDP ZXVVWH JDU QLFKWZDVORVZDUXQGGDKDEHQZLUEHLGHHLQHJHIDQJHQJHKDEW >HLJHQH+|UEHOHJH@  $8QGZRKHUZHL‰WGXGDVVHUGDVJHQRPPHQKDW"+DEWLKUGUEHUJHVSUR FKHQ"%'XUFKHLQHQ)UHXQG$8QGKDWHUHVDXFK]XJHJHEHQ"%(UKDWHVHU KDWHV]XJHJHEHQHUKDWHVEHWHXHUW+DWVLFKDXFKHQWVFKXOGLJWJHKDEW >7DONVKRZ@  ,FKJODXEHGDVKDEHLFKYRUKLQQLFKWVRJHVDJWJHKDEW>HLJHQH+|UEHOHJH@

%HL GHQ QlKHVSUDFKOLFKHQ %HOHJHQ LVW LQ PDQFKHQ .RQWH[WHQ HLQH UHJHO UHFKWH+lXIXQJYRQKDEHQ'RSSHOSHUIHNWELOGXQJHQ]XEHREDFKWHQ



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

  $ ,FK KDEH ]X GLU VR RIW JHVDJW JHKDEW NRPP PLW QDFK GHP $PW 'X KDVWDXFKLPPHUJHVDJWJHKDEWMDGXJHKVWPLW$PDQGHUHQ0RUJHQKDVWGX GLFKQLFKWZRKOJHIKOWJHKDEW%1HLQLFKPXVVPRUJHQV]XP$U]WXQGLFK JHKHGDYRQDXVZHQQGX]XP$PWJHKVW RGHUVRXQGVDJVWGXZDUVWDXFKGD GDVV GX PLFK QLFKW EHOJVW $ 0RPHQW 'X KDVW JHUDGH JHVDJW JHKDEW GUHL 0RQDWHODQJKlWWHLFKNHLQ*HOGJHNULHJWJHKDEW>7DONVKRZ@  $8QGLUJHQGZDQQGDQQZDUHVGDQQVRZHLWJHZHVHQGDVVLFKZLUNOLFK EHUDOO EHWWHOQ JHKHQ PXVVWH XP VDJ LFK PDO IU PHLQH .LQGHU ZDV ]X HVVHQ 0LHWH EH]DKOHQ XVZ 8QG GDQQ KDWWHQ ZLU XQV HQWVFKORVVHQ JHKDEW GDVV ZLU XQV HUVW PDO IU HLQH :HLOH WUHQQHQ DOVR MHGHU KlXVOLFK ,FK VHOEHU KDEH PLFK GDQQDXIGLH)‰HJHVWHOOWJHKDEWKDEHHLQH$UEHLWEHNRPPHQGXUFKVDJLFK PDOGXUFK6R]LDODPW-DXQGLP(QGHIIHNWLVWHVGDQQVRJHZHVHQLP/DXIHGHU =HLW VDJ LFK PDO KDWWH HU VLFK LPPHU PHKU MD YHUlQGHUW HU LVW GDQQ KDEH LFK UDXVJHNULHJWGDVVHUPLFKZDKUVFKHLQOLFKEHWUJW % :LH KDVW GX GDV UDXVJHNULHJW GDVV HU GLFK EHWUJW" $ 'XUFK )UHXQGH KDEH LFKGDVUDXVJHNULHJWJHKDEW'XUFK$UEHLWVNROOHJHQHEHQZHLOLFKVHOEHUDXFK PDOPLWHLQELVVFKHQDXIGHU%DXVWHOOHPLWJHKROIHQKDWWHXQGVR8QGGDKDWWHQ PLFKGDQQZHOFKHPDODQJHUXIHQJHKDEWXQGJHVDJWJHKDEWGXKRUFK]X9LR ODLUJHQGZDVVWLPPWGDPLW5HQpQLFKW8QGGDQQKDWWHQVLHPLUGDYRQHU]lKOW JHKDEWGDVVHUVHKURIWLQHLQHP%lFNHULVWEHLHLQHU)UDXXQGGDVLVWLUJHQGZR XQQRUPDOVDJHLFKPDO:HQQMHPDQGNDPZRLVW 5HQpMDVWlQGLJLQGHP%l FNHUGULQ6RQDMDXQGGDQQKDEHLFKLKQZHQQHUGDQQ:RFKHQHQGHNDPKDEH LFKLKQGDQDFKJHIUDJWPHKUIDFK-DXQGQHLQGDLVWQLFKWVGDLVWQLFKWVXQGVLH KDWHLQHQ3DUWQHUXQGMDGDQQKDEHLFKUDXVJHNULHJWJHKDEWGDVVHVQLFKWVR ZDU>7DONVKRZ@

'LH 9HUZHQGXQJVP|JOLFKNHLWHQ VFKHLQHQ GDPLW LQ GHQ QlKHVSUDFKOLFKHQ %HOHJHQGHV-DKUKXQGHUWVXPGLHDEVROXWH9HUZHQGXQJHUZHLWHUW ]XVHLQ'LHVHU*HEUDXFKLVWLQGHQYRUDQJHKHQGHQ-DKUKXQGHUWHQXQGLQ GHQGLVWDQ]VSUDFKOLFKHQ%HOHJHQGHV-DKUKXQGHUWV]ZDUDXFKYRU ILQGEDULQGHU+lXILJNHLWMHGRFKPDUJLQDO $EVFKOLH‰HQGZLUGHLQW\SLVFKHUGLVWDQ]VSUDFKOLFKHUXQGQlKHVSUDFK OLFKHU*HEUDXFKLP-DKUKXQGHUWDXVGHQGDUJHVWHOOWHQ$QDO\VHHU JHEQLVVHQH[WUDKLHUW'LHVHUIROJW]XUEHVVHUHQhEHUVLFKWOLFKNHLWLQWDEHOOD ULVFKHU)RUP



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

 KlXILJVWH)RUP +DXSWVDW] 1HEHQVDW] 9HUWHLOXQJ 6LWXDWLRQV NODVVHQ YHUWHLOXQJ

GLVWDQ]VSUDFKOLFKH%HOHJH 'RSSHOSOXVTXDPSHUIHNW ,QGLNDWLY

QlKHVSUDFKOLFKH%HOHJH 'RSSHOSHUIHNW,QGLNDWLY

HWZDVPHKU+DXSWVDW] DOV1HEHQVDW]YRUNRPPHQ

QXU+DXSWVDW]YRUNRPPHQ

7HQGHQ]]XJUHQ]EH]RJHQHQ 6LWXDWLRQVNODVVHQ

7HQGHQ]]XJUHQ]EH]RJHQHQ 6LWXDWLRQVNODVVHQ

9RUNRPPHQ YRQ $GYHUELDOHQ XQG -XQNWRUHQ

KlXILJNHLQ9RUNRPPHQ NHLQH*HEUDXFKVSUlIHUHQ]HQ IHVWVWHOOEDU

9RUNRPPHQ GHVUHODWLYHQ XQGDEVROXWHQ 7\SV

YRUGHUJUQGLJ9RUNRPPHQ GHVUHODWLYHQ7\SVPLWGHQ GUHL6XEW\SHQ(UHLJQLV )ROJH%H]LHKXQJ(UHLJQLV $EVFKOXVV%H]LHKXQJXQG ]HLWOLFKH6WDIIHOXQJGHU (UHLJQLVVHOHW]WHUHVDP KlXILJVWHQ



KlXILJNHLQ9RUNRPPHQ *HEUDXFKVSUlIHUHQ]YRQVFKRQ LPGLHKDEHQ%LOGXQJEHLQKDO WHQGHQ6DFKYHUKDOWE]ZYRQ GDQQLPGLHKDEHQ%LOGXQJ EHLQKDOWHQGHQ6DFKYHUKDOWXQG LP)ROJHVDFKYHUKDOW  9RUNRPPHQGHVUHODWLYHQ 7\SVPLWGUHL6XEW\SHQ (UHLJQLV)ROJH%H]LHKXQJ(U HLJQLV$EVFKOXVV%H]LHKXQJXQG ]HLWOLFKH6WDIIHOXQJGHU(UHLJQLV VHOHW]WHUHVDPKlXILJVWHQ  EHLQDKHHEHQVRKlXILJHV 9RUNRPPHQGHVDEVROXWHQ7\SV

7DEHOOHGLVWDQ]VSUDFKOLFKHUXQGQlKHVSUDFKOLFKHU*HEUDXFKGRSSHOWHU3HUIHNWELOGXQJHQ KDEHQ-DKUKXQGHUW 

 )D]LW*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW ,P )ROJHQGHQ ZHUGHQ GLH DXV GHU *HEUDXFKVDQDO\VH YRQ KDEHQ  3DUWL ]LS,,  JHKDEW JHZRQQHQHQ (UJHEQLVVH ]XVDPPHQJHIDVVW 'DEHL ZHUGHQ DOOHXQWHUVXFKWHQ$VSHNWHHUQHXWDXIJHJULIIHQXQGGHUHQKLVWRULVFKH(QW ZLFNOXQJGDUJHOHJW.RQQWHGLH9HUZHQGXQJYRQKDEHQ3DUWL]LS,,JH KDEW LQ %H]XJ DXI GLH 1lKH'LVWDQ]'LPHQVLRQ XQWHUVXFKW ZHUGHQ VR ZHUGHQGLHVH(UJHEQLVVHLQGLH'DUVWHOOXQJGHUHLQ]HOQHQ8QWHUVXFKXQJV DVSHNWHLQWHJULHUW )RUPHQYHUWHLOXQJ ,QGHQIUKHVWHQ%HOHJHQGHV-DKUKXQGHUWVOlVVWVLFKGLH([LVWHQ]VR ZRKO YRQ 'RSSHOSHUIHNW DOV DXFK YRQ 'RSSHOSOXVTXDPSHUIHNWQDFKZHL VHQ'RSSHOSOXVTXDPSHUIHNWWULWWEHUHLWVLP-DKUKXQGHUWLP,QGLNDWLY YDDEHULP.RQMXQNWLYDXI'RSSHOSHUIHNWHUVFKHLQWLP-DKUKXQGHUW ]XQlFKVWLP,QGLNDWLY'HUIUKHVWHYRUOLHJHQGHNRQMXQNWLYLVFKH'RSSHO



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

SHUIHNWEHOHJ VWDPPW DXV GHP  -DKUKXQGHUW 'RSSHOSHUIHNW XQG 'RS SHOSOXVTXDPSHUIHNWNRPPHQLQDOOHQXQWHUVXFKWHQ-DKUKXQGHUWHQYRUPLW $XVQDKPHGHV-DKUKXQGHUWVIUGDVDXIJUXQGGHUVHKUVFKPDOHQ%H OHJVLWXDWLRQNHLQ'RSSHOSOXVTXDPSHUIHNW]XEHOHJHQZDU $QKDQG YRQ  QlKHVSUDFKOLFKHQ %HOHJHQ GHV  -DKUKXQGHUWV ZDU HLQH 7HQGHQ] QlKHVSUDFKOLFKHU %HOHJH ]X 'RSSHOSHUIHNW DXV]XPDFKHQ GLHIUGLH)ROJHMDKUKXQGHUWHMHGRFKQLFKWZHLWHUHUXLHUWZHUGHQNRQQWH 'RSSHOSOXVTXDPSHUIHNWNDPLQGHQQlKHVSUDFKOLFKHQ%HOHJNRQWH[WHQGHV  -DKUKXQGHUWV VHOWHQHU YRU ,Q GHQ GLVWDQ]VSUDFKOLFKHQ %HOHJHQ GHV -DKUKXQGHUWVILHOGHXWOLFKPHKU'RSSHOSOXVTXDPSHUIHNWDOV'RS SHOSHUIHNWYRUNRPPHQ DXI 'DV XPJHNHKUWH 9HUKlOWQLV YRQ 'RSSHOSHU IHNW XQG 'RSSHOSOXVTXDPSHUIHNW ZDU LQ GHQ QlKHVSUDFKOLFKHQ %HOHJHQ GHV-DKUKXQGHUWVIHVW]XVWHOOHQKLHUVWHOOWHQXUMHGHYLHUWH)RUPHL QH 'RSSHOSOXVTXDPSHUIHNWIRUP GDU 'LH (UJHEQLVVH ]XU )RUPHQYHUWHL OXQJGHUJHJHQZDUWVVSUDFKOLFKHQGLVWDQ]XQGQlKHVSUDFKOLFKHQGRSSHOWHQ 3HUIHNWELOGXQJHQ EHVWlWLJHQ GDPLW JDQ] HLQGHXWLJ GLH ELVKHULJHQ )RU VFKXQJVHUJHEQLVVHGLHHLQHQKlXILJHUHQ*HEUDXFKYRQ'RSSHOSHUIHNWLQ 1lKHXQGYRQ'RSSHOSOXVTXDPSHUIHNWLQ'LVWDQ]VSUDFKHIHVWVWHOOHQ /LW YLQRY5DGÿHQNR+HQQLJ%XFKZDOGD  $ILQLWH .RQVWUXNWLRQHQ VLQG DE GHP  -DKUKXQGHUW EHOHJW ,P  -DKUKXQGHUWZDUHLQHVWDUNH=XQDKPHGLHVHU)RUPHQ]XEHREDFKWHQGLH GLH$Q]DKODQYRUKDQGHQHQ'RSSHOSHUIHNWXQG'RSSHOSOXVTXDPSHUIHNW IRUPHQ ZHLW EHUWUDIHQ XQG LQVJHVDPW PHKU DOV ]ZHL'ULWWHO DOOHU%HOHJH DXVPDFKWHQ,P-DKUKXQGHUWZXUGHHLQH$EQDKPHGHUDILQLWHQKDEHQ 'RSSHOSHUIHNWELOGXQJHQYHU]HLFKQHWGLHGDQQLQGHQXQWHUVXFKWHQ%HOH JHQGHV-DKUKXQGHUWVY|OOLJYHUVFKZDQGHQ'DPLWHQWVSULFKWGLH+lX ILJNHLWGHULQGHU%HOHJVDPPOXQJYRUJHIXQGHQHQDILQLWHQKDEHQ%LOGXQJHQ JHQDX GHU GXUFK GLH HLQVFKOlJLJH /LWHUDWXU HUPLWWHOWHQ 7HQGHQ] (LQHQ hEHUEOLFNKLHU]XJLEWÉJHO  'LHDILQLWHQ.RQVWUXNWLRQHQNRPPHQ LP  -DKUKXQGHUW DXI +lUG    HUOHEHQ LKUH +RFK]HLW LP  -DKUKXQGHUW +lUG   6HPHQMXN   $GPRQL    XQGQHKPHQDEGHP-DKUKXQGHUWLQLKUHU)UHTXHQ]ZLHGHUDE 6HPHQ MXN²+lUGXQG$GPRQLUHVPLH UHQG ÉJHO    'LH GLVWDQ]VSUDFKOLFKHQ %HOHJH GHV -DKUKXQ GHUWVZHLVHQZLHGHUHLQHQLFKWXQEHWUlFKOLFKH=DKODQDILQLWHQ.RQVWUXN WLRQHQDXIGLHMHGRFKDOVOLWHUDULVFKHV6WLOPLWWHO]XGHXWHQZDUHQ 9HUWHLOXQJDXIGLH6SUDFKUlXPH +DEHQ'RSSHOSHUIHNWXQGKDEHQ'RSSHOSOXVTXDPSHUIHNWIRUPHQNRQQWHQ DEGHP-DKUKXQGHUWIUPLWWHOGHXWVFKHVXQGREHUGHXWVFKHV6SUDFKJH ELHWEHOHJWZHUGHQ)UGDVXQG-DKUKXQGHUWIHKOHQQLHGHUGHXWVFKH %LOGXQJHQLQGHUXQWHUVXFKWHQ%HOHJVDPPOXQJ6ROFKHVLQGMHGRFKLQ6D





*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW

UDXZ  I  DXIJHIKUW VR GDVV KDEHQ'RSSHOSHUIHNWELOGXQJHQ DE GHP-DKUKXQGHUWIUPLWWHOREHUXQGQLHGHUGHXWVFKHV6SUDFKJHELHW DOVEHOHJWJHOWHQN|QQHQ'LHHUVWHQQLHGHUGHXWVFKHQ%HOHJHHUVFKHLQHQLP GLHVHU$UEHLW]XJUXQGHJHOHJWHQ.RUSXVLP-DKUKXQGHUW=XU+lXILJ NHLW LQGHQ HLQ]HOQHQ 6SUDFKUlXPHQ LVW DXIJUXQGGHU6HOWHQKHLWGHV3Kl QRPHQV XQG GHU GDUDXV UHVXOWLHUHQGHQ SDUWLHOO VFKPDOHQ %HOHJVLWXDWLRQ NHLQH$XVVDJHP|JOLFK8PYHUOlVVOLFKHGLDWRSLVFKH$QJDEHQ]XPDFKHQ PVVWH HLQH QRFK ZHLWDXV JU|‰HUH 7H[WPHQJH DOV GLH LP 5DKPHQ GLHVHU $UEHLWXQWHUVXFKWH]XU$XVZHUWXQJNRPPHQ +DXSWVDW]1HEHQVDW]9HUWHLOXQJ 'LH IROJHQGH 7DEHOOH VWHOOW GLH IU GLH XQWHUVXFKWHQ -DKUKXQGHUWH YRUJH IXQGHQHQ+DXSWVDW]1HEHQVDW]9HUWHLOXQJHQLQHLQHPhEHUEOLFNGDU -DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW $QDO\VHRKQH%HUFN VLFKWLJXQJGHU1lKH 'LVWDQ]'LPHQVLRQ -DKUKXQGHUW 1lKHDQDO\VH -DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW 'LVWDQ]DQDO\VH -DKUKXQGHUW 1lKHDQDO\VH

9RUNRPPHQ LP+DXSWVDW]  

9RUNRPPHQ LP1HEHQVDW]  













 

 

 













JHVDPW  

7DEHOOH+DXSWVDW]1HEHQVDW]9HUWHLOXQJ KDEHQGLDFKURQ 

'LHGLDFKURQHQ'DWHQ]HLJHQGDVVGLHKDEHQ'RSSHOSHUIHNWELOGXQJHQELV ]XP-DKUKXQGHUWHLQH$IILQLWlW]XU9HUZHQGXQJLP1HEHQVDW]DXIZHL VHQGLHLP-DKUKXQGHUWDXIJUXQGGHUKRKHQ9RUNRPPHQVKlXILJNHLW DILQLWHU%HOHJHEHVRQGHUVDXVJHSUlJWHUVFKHLQW,P-DKUKXQGHUWLVWHLQ DXVJHZRJHQHUHV9HUKlOWQLVGHV*HEUDXFKVLP+DXSWXQGLP1HEHQVDW] YRU]XILQGHQ$EGHP-DKUKXQGHUWEHUZLHJWGHU*HEUDXFKLP+DXSW BBBBBBBBBBBBBBBBBBB

 'LHIUGDV-DKUKXQGHUWHUPLWWHOWHQ=DKOHQZHUGHQDQGLHVHU6WHOOHDXIJUXQGGHUJHULQ JHQ%HOHJDQ]DKOYHUQDFKOlVVLJW



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

VDW]'LHQlKHVSUDFKOLFKHQ%HOHJHGHV-DKUKXQGHUWVZLHVHQDOOH VDPW+DXSWVDW]YRUNRPPHQDXIZRKLQJHJHQVLFKEHLGHU%HWUDFKWXQJGHU GLVWDQ]VSUDFKOLFKHQ %HOHJH HLQ DXVJHZRJHQHUHV %LOG GHU +DXSWVDW]1H EHQVDW]9HUWHLOXQJHUJLEW 6RPLWLVWGHU%HREDFKWXQJ5|GHOVGDVVÅ1HEHQVlW]H>«@JHQHUHOOJH PLHGHQZHUGHQ´  QXULQ%H]XJDXIGLHQlKHVSUDFKOLFKHQKDEHQ %LOGXQJHQ GHU *HJHQZDUWVVSUDFKH ]X]XVWLPPHQ 'LH XQWHUVXFKWHQ GLV WDQ]VSUDFKOLFKHQ %HOHJH GHV  -DKUKXQGHUWV ZHLVHQ GHXWOLFK PHKU 1HEHQVDW]YRUNRPPHQ DXI EHLQDKH GLH +lOIWH DOOHU %HOHJH NRPPHQ LP 1HEHQVDW] YRU  VR GDVV NHLQHVIDOOV YRQ HLQHU JHQHUHOOHQ 9HUPHLGXQJ LP 1HEHQVDW]JHVSURFKHQZHUGHQNDQQ$XFKGLHGLDFKURQHQ(UJHEQLVVH]HL JHQ GDVV GRSSHOWH 3HUIHNWELOGXQJHQ LP 1HEHQVDW] NHLQH ÅUDUH $XVQDK PH´ELOGHQ 5|GHO VRQGHUQELV]XP-DKUKXQGHUWKlXILJHU DOV+DXSWVDW]EHOHJHYRUNRPPHQ7RSDORYLý  ZHLVWGDUDXIKLQ GDVVÅGLDFKURQEHWUDFKWHW>«@HLQH9HUVFKLHEXQJ]XP+DXSWVDW]´VWDWWJH IXQGHQKDW1DFKGHPIUGLH%HOHJHGHVELV-DKUKXQGHUWVHLQH1H EHQVDW]DIILQLWlWIHVWJHVWHOOWZXUGHLVWIUGLHQDFKIROJHQGHQ-DKUKXQGHUWH LP GLVWDQ]VSUDFKOLFKHQ %HUHLFK HLQH $QQlKHUXQJ GHU +DXSWVDW]1HEHQ VDW]9HUWHLOXQJ HUNHQQEDU 'LH +DXSWVDW]DIILQLWlW GHU QlKHVSUDFKOLFKHQ KDEHQ%LOGXQJHQLVWLP-DKUKXQGHUWGHXWOLFKDXVJHSUlJWHVIHKOHQ MHGRFK DXVUHLFKHQG KLVWRULVFKH QlKHVSUDFKOLFKH %HOHJH XP GLH 6LWXDWLRQ IU GLH YRUDQJHKHQGHQ -DKUKXQGHUWH ]X UHNRQVWUXLHUHQ 'LH  IU GDV -DKUKXQGHUW YRUKDQGHQHQ QlKHVSUDFKOLFKHQ %HOHJH ZHLVHQ YRUUDQJLJ 1HEHQVDW]YRUNRPPHQDXIZDVMHGRFKGHU7DWVDFKHJHVFKXOGHWVHLQNDQQ GDVV GLH 1lKHWH[WH 1lKHZHUWH ELV ]X  DXIZHLVHQ XQG GDPLW LPPHU QRFKEHUZLHJHQGGLVWDQ]VSUDFKOLFKVLQG'DPLWHUVFKHLQWGLH6FKOXVVIRO JHUXQJ GDVVIU GLH QlKHVSUDFKOLFKHQ %HOHJH HLQH 9HUVFKLHEXQJ YRQ GHU 1HEHQVDW]]XU+DXSWVDW]YHUZHQGXQJVWDWWIDQGQLFKWKDOWEDU$XFKHLQH GLDFKURQHYRUUDQJLJH+DXSWVDW]YHUZHQGXQJQlKHVSUDFKOLFKHUKDEHQ'RS SHOSHUIHNWELOGXQJHQ LVW GHQN LQ GHU YRUOLHJHQGHQ $UEHLW MHGRFK QLFKW QDFKZHLVEDU 1HEHQVDW]W\SHQ $OVKlXILJVWH)XQNWLRQGHU1HEHQVlW]HLQGHQHQKDEHQ'RSSHOSHUIHNWELO GXQJHQ YRUNRPPHQ NRQQWH GLH DWWULEXWLYH )XQNWLRQ KHUDXVJHVWHOOW ZHU GHQ 'LHVH VSLHOW EHUHLWV LQ GHQ IUKHVWHQ XQWHUVXFKWHQ -DKUKXQGHUWHQ DEHUDXFKLQGHQGLVWDQ]VSUDFKOLFKHQ%HOHJHQGHV-DKUKXQGHUWVHL QH ZHVHQWOLFKH 5ROOH 'HU *HEUDXFK LP 7HPSRUDOVDW] LVW EHOHJW VFKHLQW BBBBBBBBBBBBBBBBBBB

 $XFKIUGDVXQG-DKUKXQGHUWLVWDQGLHVHU6WHOOHQRFKPDOVDXIGLHJHULQJH%HOHJDQ ]DKO XQG DXI GLH GDPLW YHUEXQGHQH KRKH ,UUWXPVZDKUVFKHLQOLFKNHLW EHL GHQ (UJHEQLVVHQ KLQ]XZHLVHQ



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



DEHUZHLWDXVZHQLJHUKlXILJYRU]XNRPPHQVRGDVV5|GHOV%HREDFKWXQJ ]X]XVWLPPHQLVWGDVVÅGRSSHOWH3HUIHNWELOGXQJHQNDXPLQ>«@WHPSRUD OHQ6DW]JHIJHQ´DXI]XILQGHQVLQG   6WHOOXQJVYDULDQWHQGHV)LQLWXPVLP1HEHQVDW] 'LH IU GDV  -DKUKXQGHUW YRUOLHJHQGHQ KDEHQ%LOGXQJHQ ]HLJHQ =ZL VFKHQVWHOOXQJ GHV )LQLWXPV DOV GRPLQDQWH 6WHOOXQJVYDULDQWH )U GDV  -DKUKXQGHUWOLHJHQQXUDILQLWH1HEHQVDW]EHOHJHYRU'LH1HEHQVDW]EHOHJH GHV-DKUKXQGHUWVVLQGELVDXIYLHU$XVQDKPHQYRQGHQHQ]ZHL9RUDQ VWHOOXQJGHV)LQLWXPVDXIZHLVHQDILQLW$EGHP-DKUKXQGHUWOLHJHQQXU QRFK1HEHQVDW]EHOHJHPLW(QGVWHOOXQJGHV)LQLWXPVYRU'LHVH%HIXQGH HQWVSUHFKHQ DXIIlOOLJ GHQ YRQ +lUG   DXIJH]HLJWHQ 7HQGHQ]HQ GHU VWUXNWXUHOOHQ(QWZLFNOXQJGUHLJOLHGULJHU3UlGLNDWHLP1HEHQVDW] 9HUEHQ$NWLRQVDUWHQXQG6LWXDWLRQVNODVVHQ 'LH LP KDEHQ'RSSHOSHUIHNW E]Z 'RSSHOSOXVTXDPSHUIHNW YRUNRPPHQ GHQ 9HUEHQ ]HLJHQ YRP  -DKUKXQGHUW DQ NHLQH %LOGXQJVEHVFKUlQNXQ JHQ LQ %H]XJ DXI LKUH $NWLRQVDUW (V ODVVHQ VLFK LQ MHGHP XQWHUVXFKWHQ -DKUKXQGHUW VRZRKO GXUDWLYH DOV DXFK SHUIHNWLYH 9HUEHQ EHOHJHQ 6RPLW ZHLVHQGLHKDEHQ'RSSHOSHUIHNWELOGXQJHQLQGLHVHP3XQNWNHLQH$QDORJLH ]XKDEHQ3DUWL]LS,,DXIGHVVHQ%LOGXQJLQGHU)UK]HLWGHU.RQVWUXNWL RQ VWDUN UHVWULQJLHUW ZDU 8QWHU GHQ IUKHVWHQ %LOGXQJHQ GHV  -DKU KXQGHUWVILQGHQVLFKDXFK]ZHL%HOHJHPLW0RGDOYHUEHQ ZROWKDQJHKDEW  GHUHQ$XINRPPHQLQGHU3HUIHNWNRQVWUXNWLRQHUVWLQHLQHPVSlWHQ*UDP PDWLNDOLVLHUXQJVVWDGLXP ]X EHREDFKWHQ ZDU 'LH IU GLH *HJHQZDUWV VSUDFKH JHPDFKWH )HVWVWHOOXQJ GDVV GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ NHL QHQ$NWLRQVDUWEHVFKUlQNXQJHQXQWHUOLHJHQ /LWYLQRY5DGÿHQNR 5|GHO NDQQGDPLWDXFKGLDFKURQEHVWlWLJWZHUGHQ-HGRFK LVW GXUFK GDV (UJHEQLV GHU YRUOLHJHQGHQ GLDFKURQHQ 8QWHUVXFKXQJ GLH %HKDXSWXQJ5|GHOVGLHIHKOHQGHQ%LOGXQJVEHVFKUlQNXQJHQGHXWHWHQÅDXI HLQHQIRUWJHVFKULWWHQHQ*UDPPDWLNDOLVLHUXQJVVWDQGGHU.RQVWUXNWLRQKLQ´    QLFKW ]X XQWHUVWW]HQ GD JH]HLJW ZHUGHQ NRQQWH GDVV GLH .RQVWUXNWLRQKLVWRULVFKNHLQH(UZHLWHUXQJXPELVGDKLQYRQGHU%LOGXQJ DXVJHVFKORVVHQH 9HUEHQ HUIlKUW VRQGHUQ YRQ ([LVWHQ]EHJLQQ DQ NHLQHQ %HVFKUlQNXQJHQ XQWHUOLHJW 'LHV NDQQ DOV ,QGL] GDIU JHZHUWHW ZHUGHQ GDVVGDV3DUWL]LS,,JHKDEWDOV(UZHLWHUXQJ]XUYROOVWlQGLJHQ.RQVWUXNWLRQ KDEHQ3DUWL]LS,,KLQ]XNRPPWGLH]XGLHVHP=HLWSXQNWVRZHLWJUDPPD WLNDOLVLHUW LVW GDVV VLH NHLQH %LOGXQJVEHVFKUlQNXQJHQ PHKU DXIZHLVW 'LH KDEHQ'RSSHOSHUIHNWELOGXQJHQ ÄSURILWLHUHQ· GDPLW YRQ GHU YROOVWlQGLJHQ BBBBBBBBBBBBBBBBBBB 

9JO]XUKLVWRULVFKHQ(QWZLFNOXQJYRQKDEHQ3DUWL]LS,,.DS



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

*UDPPDWLNDOLVLHUXQJYRQKDEHQ3DUWL]LS,,VLHVLQGYRQ%HJLQQDQPLW MHGHP9HUEELOGEDUGDVHLQ3HUIHNWELOGHQNDQQ $XFKDOOHYLHU6LWXDWLRQVNODVVHQVLQGDEGHP-DKUKXQGHUWYRUILQG EDUZREHLLQGHQ$QDO\VHQ]XPXQG-DKUKXQGHUWXQGLQGHU$QD O\VHVRZRKOGHUGLVWDQ]DOVDXFKGHUQlKHVSUDFKOLFKHQGRSSHOWHQ3HUIHNW ELOGXQJHQGHV-DKUKXQGHUWVHLQH3UlIHUHQ]IUGLHJUHQ]EH]RJHQHQ 6LWXDWLRQVNODVVHQIHVWJHVWHOOWZXUGH $XIIlOOLJHV9RUNRPPHQPLW$GYHUELDOHQ-XQNWRUHQHWF $OV DXIIlOOLJ KDW VLFK HUZLHVHQ GDVV YLHOIDFK NHLQHUOHL 9RUNRPPHQ YRQ $GYHUELDOHQ-XQNWRUHQXl]XYHU]HLFKQHQZDU'DVVWHOOWDXFK7RSDORYLý LQ %H]XJ DXI LKUH XQWHUVXFKWHQ %HOHJH DXV +H[HQYHUK|USURWRNROOHQ IHVW 6LHEHPHUNWGDVVHVÅ>J@HUDGH]XDXIIDOOHQGLVW>«@GDVVGLH6FKUHLEHU]XU 9HUGHXWOLFKXQJ GHU =HLWVWUXNWXUHQ QXU VHOWHQ 7HPSRUDODGYHUELHQ EHQXW ]HQ>«@´ 7RSDORYLý  /HGLJOLFK LQ GHQ QlKHVSUDFKOLFKHQ %HOHJHQ GHV  -DKUKXQGHUWV NDPHLQDXIIlOOLJHUHU*HEUDXFKYRQ7HPSRUDODGYHUELDOHQYRU'LH%HOHJH ZLHVHQHLQYHUPHKUWHV9RUNRPPHQYRQVFKRQE]ZVFKRQ[LPGLHKDEHQ %LOGXQJEHLQKDOWHQGHQ6DFKYHUKDOWDXI=XGHPNRQQWHHLQKl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

%HLGHU(UHLJQLV)ROJH%H]LHKXQJVWHOOWGDVYRUDQJHKHQGHPLWHLQHUKDEHQ 'RSSHOSHUIHNWELOGXQJUHDOLVLHUWH(UHLJQLVGDVXUVlFKOLFKH(UHLJQLVGDUDXV GHP HLQ )ROJHUHLJQLV UHVXOWLHUW ,Q MHGHP GHU XQWHUVXFKWHQ -DKUKXQGHUWH NRQQWHQ(UHLJQLV)ROJH%H]LHKXQJHQDXVJHPDFKWZHUGHQ,QGHQ%HOHJHQ GHV KLHUVRZRKOEHLGHUDOOJHPHLQHQDOVDXFKEHLGHU1lKHDQDO\VH  XQG-DKUKXQGHUWVLVWLQHWZDGLH+lOIWHDOOHU.RQWH[WHGLH]ZHL(UHLJ QLVVH EHLQKDOWHQ GLHVHU (UHLJQLVEH]LHKXQJ ]X]XRUGQHQ ,P  -DKU KXQGHUWZXUGHQHLQ9LHUWHOGHUGLVWDQ]XQGHLQ'ULWWHOGHUQlKHVSUDFKOL FKHQ%HOHJHDOV(UHLJQLV)ROJH%H]LHKXQJHQHLQJHVWXIW



*HEUDXFKYRQKDEHQ3DUWL]LS,,JHKDEW



'LH(UHLJQLV$EVFKOXVV%H]LHKXQJYHUIJWHEHQIDOOVEHU]ZHL(UHLJQLVVH YRQ GHQHQ GDV YRUDQJHKHQGH PLW HLQHU KDEHQ%LOGXQJ UHDOLVLHUW LVW XQG GXUFKGDVQDFKIROJHQGHEHHQGHWZLUG'DVGDVYRUDQJHKHQGH(UHLJQLVEH HQGHQGH (OHPHQW NDQQ KLHUEHL DXFK LPSOL]LW YRUKDQGHQ VHLQ ZDV YD LQ GHQ QlKHVSUDFKOLFKHQ%HOHJHQ KlXILJHUGHU)DOO ZDU (UHLJQLV$EVFKOXVV %H]LHKXQJHQNRPPHQLQDOOHQXQWHUVXFKWHQ-DKUKXQGHUWHQVHOWHQHUYRUDOV (UHLJQLV)ROJH%H]LHKXQJHQ ,Q GHQ GLVWDQ]VSUDFKOLFKHQ %HOHJHQ GHV  -DKUKXQGHUWVPDFKHQVLHHLQ9LHUWHODOOHU%HOHJHDXVZRKLQJHJHQGLHQl KHVSUDFKOLFKHQ%HOHJHZHLWDXVZHQLJHUDXIZHLVHQ 'LH GULWWH )RUP GHU (UHLJQLVEH]LHKXQJ XQWHUVFKHLGHW VLFK LQVRIHUQ YRQGHQEHLGHQHUVWHQDOVKLHUGLHUHLQ]HLWOLFKH6WDIIHOXQJGHU(UHLJQLVVH LP9RUGHUJUXQGVWHKW'LHVHU]HLWOLFKH$VSHNWLVW]ZDUDXFKEHLGHQEHL GHQ EHUHLWV GDUJHVWHOOWHQ (UHLJQLVEH]LHKXQJHQ YRUKDQGHQ WULWW DEHU ]X JXQVWHQ GHU (UHLJQLV)ROJH E]Z (UHLJQLV$EVFKOXVV%H]LHKXQJ LQ GHQ +LQWHUJUXQG,QGHQ.RQWH[WHQLQGHQHQGDV'RSSHOSHUIHNWE]Z'RS SHOSOXVTXDPSHUIHNWHUHLJQLVDOVYRUDQJHKHQGFKDUDNWHULVLHUWZXUGHNRQQWH EHU GLH ]HLWOLFKH 1DFKHLQDQGHUDQRUGQXQJ GHU (UHLJQLVVH KLQDXV NHLQH (UHLJQLVEH]LHKXQJ IHVWJHVWHOOW ZHUGHQ 'LH ]HLWOLFKH 6WDIIHOXQJ NRPPW LQ GHUXQWHUVXFKWHQ%HOHJVDPPOXQJ]XPHUVWHQ0DOLP-DKUKXQGHUWYRU XQGVWHOOWIRUWDQHLQHQZHVHQWOLFKHQ7HLOGHU.RQWH[WHGLHEHU]ZHL(U HLJQLVVH YHUIJHQ ,Q GHQ GLVWDQ]VSUDFKOLFKHQ %HOHJHQ GHV  -DKU KXQGHUWV PDFKW VLH EHLQDKH GLH +lOIWH LQ GHQ QlKHVSUDFKOLFKHQ %HOHJHQ HWZDHLQ'ULWWHODOOHU.RQWH[WHDXV (V ZXUGH IHUQHU JH]HLJW GDVV GDV ]ZHLWH ]XP 'RSSHOSHUIHNW E]Z 'RSSHOSOXVTXDPSHUIHNWHUHLJQLVLQ%H]LHKXQJVWHKHQGH(UHLJQLVJHOHJHQW OLFK IHKOHQ NDQQ (LQH VROFKH DEVROXWH 9HUZHQGXQJ LVW DE GHP  -DKU KXQGHUWEHOHJWNRPPWDEHUELV]XP-DKUKXQGHUWVHOWHQYRU$XFKLQ GHQGLVWDQ]VSUDFKOLFKHQ%HOHJHQGHV-DKUKXQGHUWVHUVFKHLQWGLHVHU *HEUDXFK QXU YHUHLQ]HOW (LQH JUR‰H $EZHLFKXQJ GLHVEH]JOLFK KDW MH GRFK GLH $QDO\VH GHU QlKHVSUDFKOLFKHQ %HOHJH GHV  -DKUKXQGHUWV HUJHEHQ KLHU NRQQWH GLHVH 9HUZHQGXQJ VHKU KlXILJ IHVWJHVWHOOW ZHUGHQ %HLQDKHGLH+lOIWHGHU%HOHJHYHUIJWQLFKWEHUGLHELVKHUW\SLVFKHQ]ZHL (UHLJQLVVH ,Q GLHVHP =XVDPPHQKDQJ LVW DXFK HLQH +lXIXQJ GHV 9RU NRPPHQVYRQKDEHQ'RSSHOSHUIHNWELOGXQJHQLQYHUVFKLHGHQHQYRUOLHJHQ GHQ %HOHJNRQWH[WHQ EHREDFKWHW ZRUGHQ GLH 5|GHO DOV ÅLQIODWLRQlUHQ *HEUDXFK´    EH]HLFKQHW +LHU NRPPW VRZRKO GLH UHODWLYH DOV DXFKGLHDEVROXWH9HUZHQGXQJLQHLQHP.RQWH[WYRU $EVFKOLH‰HQG ZHUGHQ GLH UHVPLHUWHQ %HREDFKWXQJHQ ]XP UHODWLYHQ XQGDEVROXWHQ7\SWDEHOODULVFKDXIJHIKUW7DEHOOHVWHOOWGLH+lXILJNHLW GHV UHODWLYHQ XQG DEVROXWHQ *HEUDXFKV GDU 7DEHOOH  YHUPLWWHOW HLQHQ hEHUEOLFN EHU GLH 9RUNRPPHQVKlXILJNHLW GHU GDUJHVWHOOWHQ (UHLJQLVEH ]LHKXQJHQLPUHODWLYHQ7\S



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

-DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW $QDO\VHRKQH%H UFNVLFKWLJXQJGHU 1lKH'LVWDQ] 'LPHQVLRQ -DKUKXQGHUW 1lKHDQDO\VH -DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW 'LVWDQ]DQDO\VH -DKUKXQGHUW 1lKHDQDO\VH

UHODWLYHU 7\S

DEVROXWHU 7\S

 

 

]XZHQLJ .RQWH[WRGHU ,QKDOW XQYHUVWlQGOLFK  

















 

 

 

 

















*HVDPW DQ]DKOGHU %HOHJH  

7DEHOOHUHODWLYHU7\SXQGDEVROXWHU7\S KDEHQGLDFKURQ 

-DKUKXQGHUW

6XEW\S(UHLJQLV )ROJH%H]LHKXQJ

-DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW $QDO\VHRKQH%H UFNVLFKWLJXQJGHU 1lKH'LVWDQ] 'LPHQVLRQ -DKUKXQGHUW 1lKHDQDO\VH -DKUKXQGHUW -DKUKXQGHUW -DKUKXQGHUW 'LVWDQ]DQDO\VH -DKUKXQGHUW 1lKHDQDO\VH

 

UHODWLYHU7\S 6XEW\S(UHLJQLV $EVFKOXVV %H]LHKXQJ  

6XEW\S]HLWOLFKH 6WDIIHOXQJ  













 

 

 













7DEHOOH6XEW\SHQGHVUHODWLYHQ7\SV KDEHQGLDFKURQ 



*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ



 *HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ $QDORJ]XKDEHQ3DUWL]LS,,JHKDEWZLUGLPYRUOLHJHQGHQ.DSLWHOHLQH *HEUDXFKVDQDO\VH YRQ VHLQ  3DUWL]LS ,,  JHZHVHQ GXUFKJHIKUW +LHUEHL VROOHQZHQQGLH%HOHJVLWXDWLRQHVHUP|JOLFKWGLHJOHLFKHQ$VSHNWHZLHLQ .DSLWHO%HUFNVLFKWLJXQJILQGHQ        

)RUPHQYHUWHLOXQJ 9HUWHLOXQJDXIGLH6SUDFKUlXPH +DXSWVDW]1HEHQVDW]9HUWHLOXQJ 1HEHQVDW]W\SHQ 6WHOOXQJVYDULDQWHQGHV)LQLWXPVLP1HEHQVDW] 9HUEHQ$NWLRQVDUWHQXQG6LWXDWLRQVNODVVHQ $XIIlOOLJHV9RUNRPPHQPLW$GYHUELDOHQ-XQNWRUHQHWF 7\SHQYRQ(UHLJQLVEH]LHKXQJHQ

'HU*HEUDXFKVDQDO\VHYRU]XVFKDOWHQLVWMHGRFKGLH)UDJHQDFKGHU.DWH JRULVLHUXQJ YRQ VHLQ 3DUWL]LS ,,  JHZHVHQ ,Q .DSLWHO  ZXUGH EH UHLWVGLH.DWHJRULVLHUXQJVSUREOHPDWLNYRQVHLQ3DUWL]LS,,DQJHVSURFKHQ 'DVIROJHQGH.DSLWHOZLGPHWVLFK]XQl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Ä=XVWDQGVUHIOH[LY· EOLFK 1HXHUH 3RVLWLRQHQ ]X VHLQ  3DUWL ]LS,, ZHLVHQ GHU )RUP HLQHQ Y|OOLJ DQGHUHQ 6WDWXV ]X EVSZ GHQ HLQHV 5HVXOWDWLYXPV /HLVV   RGHU HLQHU .RSXODNRQVWUXNWLRQ ]% 7HXEHU   (LQ WKHRUHWLVFKHV 3UREOHP EHVWHKW ]XGHP LQ GHU $EJUHQ]XQJ YRQ 3DUWL]LS,,XQG$GMHNWLY*HUDGH3DUWL]LSLHQ,,LQ=XVWDQGVSDVVLYNRQVWUXN WLRQHQPXWHQKlXILJDGMHNWLYLVFKDQ BBBBBBBBBBBBBBBBBBB

 9JO.DS



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

'HU%ULHILVWJH|IIQHW ]LWLHUWQDFK0DLHQERUQ 

(LVHQEHUJ VSULFKW YRQ HLQHP ÅV\VWHPDWLVFKHQ hEHUJDQJ >GHV 3DUWL]LS ,, $QPGHU9HUI@]XP$GMHNWLY´  GHUHLQHH[DNWH$EJUHQ]XQJ YRQHLQDQGHU HUVFKZHUW 0DLHQERUQ VWHOOW GDKHU GLH )UDJH RE VLFK ÅGHU Å0LWWHOZRUW´&KDUDNWHUGHV3DUWL]LSV,,JHUDGHLQHLQHPIOLH‰HQGHQhEHU JDQJ]ZLVFKHQ9HUEXQG$GMHNWLY>RIIHQEDUW@´  6LHSOlGLHUWGD IU DOOH =XVWDQGVSDVVLYD DOV .RSXODNRQVWUXNWLRQHQ HLQ]XRUGQHQ VSULFKW VLFKDEHULP*HJHQVDW]]X/HLVV  XQG7HXEHU  IUHLQH$XI UHFKWHUKDOWXQJGHVVHLQ3HUIHNWVDXV ²  'LH'LVNXVVLRQXPGLHNDWHJRULDOH(LQRUGQXQJYRQVHLQ3DUWL]LS,, EHUKUW GHQ 8QWHUVXFKXQJVJHJHQVWDQG GHV YRUOLHJHQGHQ .DSLWHOV VHLQ  3DUWL]LS,,JHZHVHQ'LHMHZHLOLJH.DWHJRULVLHUXQJYRQVHLQ3DUWL]LS,, KDW.RQVHTXHQ]HQIUGLHWKHRUHWLVFKH([LVWHQ]E]Z1LFKWH[LVWHQ]GRS SHOWHU3HUIHNWELOGXQJHQPLWVHLQ,QGHQ.DWHJRULVLHUXQJVYRUVFKOlJHQGLH HLQVHLQ3HUIHNWDEOHKQHQNDQQHVNRQVHTXHQWHUZHLVHDXFKNHLQVHLQ'RS SHOSHUIHNW JHEHQ 'LHVH 3UREOHPDWLN ZLUG DQ GHU IROJHQGHQ LQ .DSLWHO  EHUHLWV DQJHIKUWHQ 'DUVWHOOXQJ YHUVFKLHGHQHU .DWHJRULVLHUXQJV YRUVFKOlJHH[HPSOLIL]LHUW 7DEHOOHLQ$QOHKQXQJDQ7HXEHUHU ZHLWHUWXP7HXEHUXQG0DLHQERUQ  

WUDGLWLRQHOO

'LH+DDUH VLQGURW

.RSXODNRQ VWUXNWLRQ

'LH+DDUH VLQGJHIlUEW 'LH+DDUHVLQG JHZDFKVHQ GRSSHOWH3HU IHNWELOGXQJHQ PLWVHLQ"

=XVWDQGV SDVVLY

5DSS   .RSXOD NRQVWUXN WLRQ

VHLQ3HUIHNW

VHLQ3HUIHNW

P|JOLFK

P|JOLFK

/HLVV  

7HXEHU  

.RSXOD NRQVWUXN WLRQ .RSXOD NRQVWUXN 5HVXOWD WLRQ WLYXP QLFKW P|JOLFK

QLFKW P|JOLFK

0DLHQ ERUQ   .RSXOD NRQVWUXN WLRQ VHLQ 3HUIHNW P|JOLFK

7DEHOOHWKHRUHWLVFKH([LVWHQ]E]Z1LFKWH[LVWHQ]GRSSHOWHU3HUIHNWELOGXQJHQPLWVHLQ

,P )ROJHQGHQ VROO HLQ %OLFN LQ GLH HLQVFKOlJLJH )RUVFKXQJ ]X GHQ GRS SHOWHQ 3HUIHNWELOGXQJHQ JHZRUIHQ ZHUGHQ XP GDU]XVWHOOHQ ZLH PLW VHLQ 3DUWL]LS,,JHZHVHQLQELVKHULJHQ$UEHLWHQXPJHJDQJHQZLUG'DVVGLH ([LVWHQ] YRQ VHLQ'RSSHOSHUIHNWELOGXQJHQ DXFK KLHU XPVWULWWHQ LVW ZLUG GDEHLVHKUVFKQHOOGHXWOLFK6KHUHENRYEVSZYHUQHLQWGHUHQ([LVWHQ]RK QH KLHUIU MHGRFK HLQH WKHRUHWLVFKH (UNOlUXQJ RGHU HLQHQ XPIDVVHQGHQ HPSLULVFKHQ1DFKZHLV]XOLHIHUQ



*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ



%HOHJHPLWVHLQ)RUPHQKDEHQZLU]%EHUKDXSWQLFKW 6KHUHENRY 

$XFK:HONHEH]ZHLIHOWGLH([LVWHQ]YRQVHLQ'RSSHOSHUIHNWELOGXQJHQLP 3UlVHQV LQGHP HU DQQLPPW GDVV Å>Q@XU GLHMHQLJHQ 9HUEHQ PLW VHLQ 3HUIHNWGLHDXFKGLH,QWHUSUHWDWLRQDOV.RSXODNRQVWUXNWLRQ]XODVVHQ>«@ RKQH (LQVFKUlQNXQJ )RUPHQ PLW VHLQ  3DUWL]LS ,,  JHZHVHQ >HUODXEHQ@´ :HONH 'LH0|JOLFKNHLWHLQHUDN]HSWDEOHQ%LOGXQJYRQSUlVHQ WLVFKHPVHLQ3DUWL]LS,,JHZHVHQZlUHGDPLWDXIJUXQGGHU/HVDUWÄ.RSX ODNRQVWUXNWLRQ·JHJHEHQGLH/HVDUWÄ3HUIHNWNRQVWUXNWLRQ·KLQJHJHQZUGH NHLQH JUDPPDWLVFK DN]HSWDEOH )RUP YRQ VHLQ  3DUWL]LS ,,  JHZHVHQ HU EULQJHQ HEG :HONHIKUWZHLWHUKLQDXV (LQ SUlVHQWLVFKHV VHLQ'RSSHOSHUIHNW VFKHLQW HV LQQHUKDOE HLQHV 'RSSHOSHUIHNW 8VXVDOVRQLFKW]XJHEHQ(VJLEWQXU.RSXODNRQVWUXNWLRQHQPLWGHU.RSXODVHLQ LP3HUIHNW'DVZLUGQLFKWQXULQ*UDPPDWLNHQEHUVHKHQ :HONH 

)USUlWHULWDOHVVHLQ3DUWL]LS,,JHZHVHQVFKHLQWGHUGDUJHVWHOOWH$QVDW] :HONHV MHGRFK QLFKW ]X JHOWHQ GD HU KLHU ÅVRZRKO GLH ,QWHUSUHWDWLRQ DOV .RSXODNRQVWUXNWLRQ DOV DXFK DOV 'RSSHOSOXVTXDPSHUIHNW´ IU P|JOLFK KlOW HEG  ,Q LKUHU HPSLULVFKHQ 8QWHUVXFKXQJ OLWHUDWXUVSUDFKOLFKHU GRSSHOWHU 3HUIHNWELOGXQJHQILQGHQ/LWYLQRY5DGÿHQNR    %HOHJH GHV 7\SV VHLQ  3DUWL]LS ,,  JHZHVHQ YRU $QKDQG GHV 7UDQVIRUPDWLRQVWHVWV YRQ +HOELJ%XVFKDHUPLWWHOQ/LWYLQRY5DGÿHQNR]XQlFKVWGHQ'LDWKHVHQW\S YRQVHLQ3DUWL]LS,, D E F G D E F G D E F G

'HU6FKDWWHQLVWYHUVFKZXQGHQ 'HU6FKDWWHQYHUVFKZDQG

'HU6FKDWWHQYHUVFKZDQGVLFK

'HU6FKDWWHQZXUGHYHUVFKZXQGHQ 'HU%ULHILVWJHVFKULHEHQ

'HU%ULHIVFKULHE

'HU%ULHIVFKULHEVLFK 'HU%ULHIZXUGHJHVFKULHEHQ 'DV0lGFKHQZDUYHUOLHEW

'DV0lGFKHQYHUOLHEWH 'DV0lGFKHQYHUOLHEWHVLFK

'DV0lGFKHQZXUGHYHUOLHEW /LWYLQRY5DGÿHQNRI 

$XVGHQ(UJHEQLVVHQGHU7UDQVIRUPDWLRQIROJHUQVLHGDVVQXUGHU%HOHJ 'HU6FKDWWHQZDUYHUVFKZXQGHQJHZHVHQHLQHGRSSHOWH3HUIHNWELOGXQJ JHQDXHU HLQ'RSSHOSOXVTXDPSHUIHNW GDUVWHOOWPLWGHQ6lW]HQ'HU%ULHIZDUJHVFKULH EHQ JHZHVHQ XQG 'DV 0lGFKHQ ZDU YHUOLHEW JHZHVHQ OLHJHQ HLQ =XVWDQGVSDVVLY XQG HLQ =XVWDQGVUHIOH[LY LP 3OXVTXDPSHUIHNW YRU /LWYLQRY5DGÿHQNR BBBBBBBBBBBBBBBBBBB

 9JOKLHU]XGDV.DS]X*HQXVYHUELLQ+HOELJ%XVFKD ]% 



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 'DPLWHUZHLVWVLFKIU/LWYLQRY5DGÿHQNRGHU%LOGXQJVSUR]HVV XQG GLH 5FNIKUEDUNHLW EHL GHU (UPLWWOXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ DOVHLQVFKOlJLJ :HQQYRQGHUÅ%LOGXQJ´GHU'3)JHVSURFKHQZLUGVROOWHQLFKWRGHUQLFKWQXU GHU6WUXNWXUEHVWDQGJHPHLQWVHLQVRQGHUQHEHQGHU3UR]H‰ /LWYLQRY5DGÿHQNR 

/LWYLQRY5DGÿHQNR  ²  PDFKHQ DXI %HOHJH DXIPHUNVDP GLH KLQVLFKWOLFK LKUHV'LDWKHVHQW\SVQLFKW HLQGHXWLJ ]X]XRUGQHQ VLQG+LHU]X IROJHQGHV%HLVSLHO 'XW]HQGHYRQ)ODVFKHQZDUHQNDSXWW1HKPHQZLUDQDXFKGLHVHVLQG]HUEURFKHQ JHZHVHQ>5HPDUTXH]LWLHUWQDFK/LWYLQRY5DGÿHQNR@

%HLGHP9HUE]HUEUHFKHQKDQGHOWHVVLFKXPHLQODELOHV9HUEEHLGHPVLFK QLFKWHQWVFKHLGHQOlVVWÅRE²WUDGLWLRQHOOJHVSURFKHQ²HLQ$NWLYVDW] VHLQ 3HUIHNWGHULQWUDQVLWLYHQ$OWHUQDQWH RGHUHLQ3DVVLYVDW] 3UlVHQVGHVVHLQ 3DVVLYVGHUWUDQVLWLYHQ$OWHUQDQWH YRUOLHJW´ ÉJHO 1HEHQ]HUEUH FKHQVWHOOHQGLH9HUEHQWURFNQHQVFKPHO]HQHLQIULHUHQYHUEUHQQHQXQGUROOHQ%HL VSLHOH IU ODELOH 9HUEHQ GDU ÉJHO    'LH 6LFKWXQJ GHU /LWYL QRY5DGÿHQNR·VFKHQ%HOHJHLQ%H]XJDXIGLHVH9HUEHQHUJDEHLQHQ%HOHJ PLWGHP9HUEHLQIULHUHQ +LHU ZDU GHU JDQ]H 5DXP ZDUP 'LH .QRFKHQ NRQQWHQ HQGOLFK DXIWDXHQ 'LH .QRFKHQXQGGHU6FKlGHO'HU6FKlGHOZDUOlQJHUHLQJHIURUHQJHZHVHQ >5HPDUTXH]LWLHUWQDFK/LWYLQRY5DGÿHQNR@

'DV 3UREOHP GHU $EJUHQ]XQJ YRQ 3DUWL]LS ,, XQG $GMHNWLY VHKHQ DXFK /LWYLQRY5DGÿHQNR ² 6LHPDFKHQEVSZDXI%HOHJHPLWVRO FKHQ 3DUWL]LSLHQ ,, DXIPHUNVDP GHUHQ ,QILQLWLYH JHJHQZDUWVVSUDFKOLFK NDXPPHKULQ*HEUDXFKVLQG /LWYLQRY5DGÿHQNR  'DV 3DUWL]LS YHUVWRFNW ZLUG KHXW]XWDJH DXFK QLFKW DXI GDV LQWUDQVLWLYH 9HUE YHU VWRFNHQEH]RJHQ>«@>«@«GD‰HUGDPDOVVRYHUVWRFNW«JHZHVHQZDU >3DQLW]]LWLHUWQDFK/LWYLQRY5DGÿHQNR@

$XV GHQ GDUJHVWHOOWHQ 3UREOHPDWLNHQ GHV ]XJUXQGH OLHJHQGHQ 'LDWKHVHQ W\SVXQGGHU$EJUHQ]XQJYRQ3DUWL]LS,,XQG$GMHNWLYOHLWHQVLHIROJHQGHV PHWKRGLVFKH9HUIDKUHQ]XU,GHQWLIL]LHUXQJYRQVHLQ'RSSHOSHUIHNWELOGXQ JHQDE $OOH%HLVSLHOHGLHQLFKWGLH3UREHDXIGLH]XJUXQGHOLHJHQGH3UlVHQV3UlWHULWXP .RQVWUXNWLRQLQJH]HLJWHU:HLVHEHVWHKHQZHUGHQDXVJHVFKORVVHQ>«@$OOH%HL VSLHOH GLH ]ZHL 'HXWXQJHQ ]XODVVHQ QDFK GHUHQ HLQHU VLH HLQH '3) HQWKDOWHQ QDFK GHU DQGHUHQ DEHU QLFKW ZHUGHQ LQ GDV HUZHLWHUWH .RUSXV DXIJHQRPPHQ BBBBBBBBBBBBBBBBBBB

 =XP7HUPLQXVÄODELOHV9HUE·EVSZÉJHO    'LH0HWKRGLNZLUGQXULQ%H]XJDXIGLHGDUJHVWHOOWHQ3UREOHPDWLNHQXQGLQ%H]XJDXIVHLQ %LOGXQJHQZLHGHUJHJHEHQ=XPJHVDPWHQ9HUIDKUHQYJO/LWYLQRY5DGÿHQNR I 



*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ



>«@$OOH%HLVSLHOHGLHVLFKDOOHQ3UREOHPDWLVLHUXQJHQZLGHUVHW]HQJHOWHQDOVÅVL FKHUH'3)XQGELOGHQXQVHUHQJHUHV.RUSXV /LWYLQRY5DGÿHQNRI 

$XFK5|GHOVWHOOWGDV.DWHJRULVLHUXQJVSUREOHPYRQVHLQ3DUWL]LS,,GDU ² 6HLQH+\SRWKHVHGDVVGLH(UZHLWHUXQJPLWJHKDEWXQGJHZH VHQHLQHQDVSHNWXHOOHQ0HKUZHUWHLQEULQJWZLUNWVLFKLQVRIHUQDXIGLH.D WHJRULVLHUXQJVIUDJHDXVDOVHUGDYRQDXVJHKWGDVVGHU(UZHLWHUXQJVVFKULWW PLWJHZHVHQLPPHUGHQJOHLFKHQSHUIHNWLYLHUHQGHQ(IIHNWKDWHJDOZHOFKH .RQVWUXNWLRQ]XJUXQGHOLHJW 'LHVH+\SRWKHVHPXVVQXQQDWUOLFKDQGHQGRSSHOWHQ3HUIHNWELOGXQJHQJHSUIW ZHUGHQ %HZDKUKHLWHW VLH VLFK GDQQ LVW GDYRQ DXV]XJHKHQ GDVV JHZHVHQ LQ DOOHQ 9HUZHQGXQJVZHLVHQGHQJOHLFKHQRGHU]XPLQGHVWHLQHQVHKUlKQOLFKHQVHPDQWL VFKHQ (IIHNW YHUXUVDFKW XQDEKlQJLJ GDYRQ RE HV LQ HLQHP 3HUIHNW >«@ =X VWDQGVSDVVLY >«@ =XVWDQGVUHIOH[LY >«@ HLQHU .RQVWUXNWLRQ PLW SUlGLNDWLYHP $GMHNWLY>«@RGHUHLQHP3UlGLNDWVQRPHQDXIWULWW >«@ (ULVWHLQJHVFKODIHQJHZHVHQ >«@ 'DV6SLHOLVWJHVSLHOWJHZHVHQ >«@ 'HU-XQJHLVWHUNlOWHWJHZHVHQ >«@ 'DV0lGFKHQLVWVFK|QJHZHVHQ >«@ 'LH)UDXLVW/HKUHULQJHZHVHQ 5|GHO 

5|GHO VWHOOW IHVW GDVV VHLQ'RSSHOSHUIHNWELOGXQJHQ XQG =XVWDQGVSDVVLYD ÅVLFKQLFKWQXUGXUFKLKUHIRUPDOH.RQJUXHQ]DXV>]HLFKQHQ@ VHLQ3DUWL ]LS,,JHZHVHQ ´VRQGHUQGDVVVLHVLFKÅDXFKVHPDQWLVFK>HQWVSUHFKHQ@² ]XPLQGHVWQDFKGHP(UZHLWHUXQJVVFKULWWPLWGHP3DUWL]LSJHZHVHQ´ 5|GHO I (UOLHIHUWMHGRFKKLHU]XNHLQHXPIDVVHQGHXQGGLH+\SRWKHVH EHU]HXJHQG EHVWlWLJHQGH $QDO\VH YRQ GRSSHOWHQ 3HUIHNWELOGXQJHQ XQG =XVWDQGVSDVVLYDVRGDVVVHLQH6FKOXVVIROJHUXQJOHW]WHQGOLFKQLFKWEHUHL QH+\SRWKHVHKLQDXVJHKWREZRKOHUPLWGLHVHUÅGLHPHKUPDOVDQJHVSUR FKHQH PXWPD‰OLFKH hEHUHLQVWLPPXQJ GHVVHQ ZDV WUDGLWLRQHOO DOV 3HUIHNW GHV =XVWDQGVSDVVLYV XQG DOV GRSSHOWHV 3HUIHNW GHU VHLQVHOHJLHUHQGHQ 9HUEHQ EH ]HLFKQHWZLUG>«@HQGJOWLJYRP0DNHOGHU0XWPD‰XQJEHIUHLW´ZLVVHQ P|FKWH 5|GHO  0LWGHQ'DUVWHOOXQJHQLVWGHXWOLFKJHZRUGHQGDVVVLFKGLH'RSSHOSHU IHNWIRUVFKXQJLQ%H]XJDXIGLH%HKDQGOXQJYRQVHLQ3DUWL]LS,,JHZHVHQ VHKUKHWHURJHQYHUKlOW'LHYRUOLHJHQGH$UEHLWPDFKWVLFK]XP=LHOGHQ *HJHQVWDQGÄVHLQ'RSSHOSHUIHNWELOGXQJ·]XEHVFKUHLEHQXQGGLHLQELVKH ULJHQ $QVlW]HQ DXIJHZRUIHQH )UDJH RE HVGLHVHQ*HJHQVWDQG EHUKDXSW JLEW XQG ZLH KlXILJ HU YRUNRPPW HPSLULVFK IXQGLHUW ]X EHDQWZRUWHQ 'LHVH =LHOVWHOOXQJ LPSOL]LHUW HLQH $XIUHFKWHUKDOWXQJ GHU NDWHJRULDOHQ 7UHQQXQJYRQVHLQ3DUWL]LS,,JHZHVHQLQ'RSSHOSHUIHNW=XVWDQGVSDV VLYXQG.RSXODNRQVWUXNWLRQ (VZXUGHEHLGHU6DPPOXQJGHU%HOHJHVRYRUJHJDQJHQGDVV]XQlFKVW DOOH LQ GHQ .RUSXVWH[WHQ YRUILQGEDUHQ %HOHJH GHV 7\SV VHLQ  3DUWL ]LS,,JHZHVHQ XQDEKlQJLJ YRQ GHUHQ NDWHJRULDOHU =XJHK|ULJNHLW DXIJH



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

QRPPHQZXUGHQ(VOLHJHQGDKHU%HOHJHYRUGLHDOV'RSSHOSHUIHNW=X VWDQGVSDVVLYRGHU.RSXODNRQVWUXNWLRQ]XDQDO\VLHUHQVLQG +HXWHKDEHGHUOLHEHQ0DPD%ULHIYRPWHQKXLXVHUKDOWHQXQGPLFKJHZXQ GHUWGD‰GHUDPWHQDEJHJDQJHQH&RIIUHPLW:lVFKHQRFKQLFKWDQJHNRPPHQ JHZHVHQ>)UDQFNH-DKUKXQGHUW@ÆGRSSHOWH3HUIHNWELOGXQJ DILQLW  0DQZROOWH]ZDUVDJHQVLHKlWWHQHLQH DOWH )UDXLP%HWWDQJHWURIIHQZHOFKHLQ GLH/HQGHJHVFKRVVHQJHZHVHQ$EHUZHLOLFK VQLFKWVHOEVWJHVHKHQODVVHLFK V VWHKHQ>0HLVWHU'LHW]-DKUKXQGHUW@Æ=XVWDQGVSDVVLY3HUIHNW DILQLW  :LU KDWWHQ  6SLHOWLVFKH XQG GHQ $EHQG ZDU HU VHKU ]XIULHGHQ GD‰ DOOH 0HQ VFKHQVRYHUJQJWJHZHVHQZDUHQ>%RLH0HMHU-DKUKXQGHUW@ Æ3HUIHNWHLQHU.RSXODNRQVWUXNWLRQ

'LH $UEHLW XQWHUVXFKW LQ GHU IROJHQGHQ *HEUDXFKVDQDO\VH DQDORJ ]X KD EHQ3DUWL]LS,,JHKDEWQXU6WUXNWXUHQGHV7\SVVHLQ3DUWL]LS,,JHZH VHQ GLH DXI HLQ 3HUIHNW RGHU 3OXVTXDPSHUIHNW DOV %DVLV ]XUFN]XIKUHQ VLQG'LH$QDO\VHNDSLWHOVLQGGDEHLVRJHVWDOWHWGDVVLQMHGHP]XXQWHUVX FKHQGHQ -DKUKXQGHUW ]XQlFKVW GLH *HVDPWDQ]DKO YRUJHIXQGHQHU VHLQ  3DUWL]LS,,JHZHVHQ)RUPHQJHQDQQWZLUGXQGLP$QVFKOXVVGDUDQGLHDOV GRSSHOWH3HUIHNWELOGXQJHQLGHQWLIL]LHUWHQ%HOHJHLQ%H]XJDXIGLHLQ.DSL WHO  DXIJHIKUWHQ $VSHNWH DQDO\VLHUW ZHUGHQ 6LQG %HOHJH YRUKDQGHQ EHL GHQHQ QHEHQ GHU (LQRUGQXQJ DOV GRSSHOWH 3HUIHNWELOGXQJ QRFK HLQH ZHLWHUH.DWHJRULVLHUXQJP|JOLFKLVW EVSZEHL]XJUXQGHOLHJHQGHQODELOHQ 9HUEHQ ZLUGGLHVLQGHU*HEUDXFKVDQDO\VHDXIJHIKUW$XIHLQHNDWHJRUL DOH(LQRUGQXQJDOOHU%HOHJHZLUGMHGRFKDXIJUXQGGHUGDUJHVWHOOWHQWKHRUH WLVFKHQ 6FKZLHULJNHLWHQ GHU .DWHJRULHQ]XRUGQXQJ XQG GHU IOLH‰HQGHQ *UHQ]H]ZLVFKHQ3DUWL]LS,,XQG$GMHNWLYYHU]LFKWHW :LHVLFKLQGHQIROJHQGHQ.DSLWHOQ]HLJHQZLUGLVWGLH$Q]DKODQDOV GRSSHOWH 3HUIHNWELOGXQJHQ LQWHUSUHWLHUEDUHQ VHLQ  3DUWL]LS ,,  JHZHVHQ %HOHJHQ VHKU JHULQJ 'DKHU PXVV DXI HLQH %HUFNVLFKWLJXQJ GHU 1lKH 'LVWDQ]'LPHQVLRQ GLH EHL GHQ KDEHQ%HOHJHQ IU GDV  XQG  -DKUKXQGHUW HLQJHEUDFKW ZHUGHQ NRQQWH EHL GHU VHLQ*HEUDXFKVDQDO\VH YHU]LFKWHWZHUGHQ  -DKUKXQGHUW )UGDV-DKUKXQGHUWZXUGHHLQPLWWHOGHXWVFKHU%HOHJGHU)RUPVHLQ 3DUWL]LS,,JHZHVHQJHIXQGHQ'HU%HOHJLVWDOV'RSSHOSHUIHNWIRUPLQWHU SUHWLHUEDU





*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ

 ,WHPLQGHVHP6H[WHUQHVDOOPHQY\QGHQGLHJHVFK\FKWHLQGYHUKDQGHOXQJHGLH YDQGHQJKHQHQGLHV\FKQRHPHQWYDQGHQJHVOHFKWHQE\QQHQ&RHOQHYXUW]LMW] YHUKDQGHOW KDLQW GDUXPE GDW YSORXIIH LQG PDQFKHUOH\H YQJHOXFNH E\QQHQ GHU 6WDW YDQ &RHOQH YQWVWDQGHQ JHZH\VW V\QW ,WHP LQ GHVHP 6H[WHUQH VWHLW RXFK GDW,QVWUXPHQWVXOFKVEHNHQWQLVVHDVKHU+H\QU\FKYDP6WDXHLQV\PHOHVWHQJH GDLQKDLW>)QKG@

'LH 'RSSHOSHUIHNWELOGXQJ OLHJW DOV 3UlGLNDW HLQHV NDXVDOHQ 1HEHQVDW]HV PLW(QGVWHOOXQJGHV)LQLWXPVYRU 3DUWL]LS,,GHV9ROOYHUEV HQWVWDQGHQ 9

3DUWL]LS,,GHV$X[LOLDUV JHZHVHQ  9

)LQLWXP VLQG 9 

'LH(QGVWHOOXQJGHV)LQLWXPVLVWLQVRIHUQLQWHUHVVDQWDOVGLHVH6WHOOXQJV YDULDQWHIUKDEHQ3DUWL]LS,,JHKDEWHUVWPDOVLP-DKUKXQGHUWIHVW JHVWHOOW ZXUGH %HL GHQ IUKHVWHQ KDEHQ%HOHJHQ LP 1HEHQVDW]  -DKU KXQGHUW  GRPLQLHUWH GLH =ZLVFKHQVWHOOXQJ ZDV DXFK GHU LQ +lUG   DXIJH]HLJWHQ7HQGHQ]GHU6WHOOXQJVYDULDQWHQGUHLJOLHGULJHU1HEHQVDW]SUl GLNDWHHQWVSUDFK 'DV 9HUEHQWVWHKHQ LVW DOV SHUIHNWLY GLH 6LWXDWLRQVNODVVHLP NRQNUHWHQ %HOHJDOVWHOLVFKHLQ]XVWXIHQ=X$XIIlOOLJNHLWHQLP9RUNRPPHQPLW$G YHUELDOHQ -XQNWRUHQ HWF NDQQ DXIJUXQGGHV 9RUKDQGHQVHLQV YRQ QXU HL QHP %HOHJ NHLQH $XVVDJH JHPDFKW ZHUGHQ 'HU %HOHJ LVW GHP UHODWLYHQ 7\S ]X]XRUGQHQ GD GDV PLW HLQHU VHLQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWH (UHLJQLV LQ %H]LHKXQJ ]X HLQHP ZHLWHUHQ (UHLJQLV VWHKW 'LH %H]LHKXQJ EHLGHU(UHLJQLVVH]XHLQDQGHULVWDOV(UHLJQLV)ROJH%H]LHKXQJNODVVLIL]LHU EDU  -DKUKXQGHUW )UGDV-DKUKXQGHUWZXUGHQYLHU%HOHJHYRQVHLQ3DUWL]LS,,JHZHVHQ JHIXQGHQ %HL GLHVHQ KDQGHOW HV VLFK MHGRFK LPPHU XP =XVWDQGVSDVVLY NRQVWUXNWLRQHQLP3HUIHNW+LHU]XH[HPSODULVFKHLQ%HOHJ  +DVWGXLHHPSIXQGHQGDVPHLQJWLJNDLWYRUGLUV\HYHUVFKORVVHQJHZHVHQ KHQ DOV GX PLU VDJWHVW ZLH GX DLQHU PRHULQ ]HGLHQHQ EHJHUWHVW OLH‰ LFK QLW DOOH GLQJ XQG VXFKWH VLH" )UEDV VDJWHVW GX ZROWHVW JHUQ DLQ YHUVFKQLWWHQ KDEHQ GLH GRFKDOODLQGLHNQLJLQEUDXFKHQ>)QKG@

(LQHVHLQ'RSSHOSHUIHNWELOGXQJOLHJWQLFKWYRU



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 -DKUKXQGHUW )RUPHQYRQVHLQ3DUWL]LS,,JHZHVHQZXUGHQIUGDV-DKUKXQGHUW HUPLWWHOWZRYRQHLQHDOVVHLQ'RSSHOSHUIHNWELOGXQJNDWHJRULVLHUEDULVW  DOOHLQ5REHUWXVGHUKDWWHLQHQVHXIIW]HQEHUGHQDQGHUHQJHODVVHQXQGVLFK JDQW]WUDZULJHU]HLJHWGDVGDQQGLHDQGUHQVHLQHOLHEHQQDFKEDXUQXQGIUHXQGW DXFKWURVWPXHWLJJHPDFKWKDW'HUJHOHUWPDQVRKDUWQHEHQ5REHUWRJHVHVVHQ JHZHVHQLVWKDWWLQPLW JDUVDQIIWPXHWLJHQZRUWHQDQJHUHGW /LHEHUKHUU 5R EHUWHZDVEHNPPHUWHXFKVRVFKZHUOLFKHQGDVLUVRJDUQLWJXRWHUGLQJHQVHLQ ZRHOOHQ">)QKG@

$XVVRUWLHUW ZXUGHQ DXFK KLHU %HOHJH IU =XVWDQGVSDVVLY 3HUIHNW RGHU 3OXVTXDPSHUIHNW XQG .RSXODNRQVWUXNWLRQHQ LP 3HUIHNW RGHU 3OXVTXDP SHUIHNW,P)ROJHQGHQZLUGKLHU]XMHHLQ%HLVSLHODXIJHIKUW =XVWDQGVSDVVLY   'HU EUHXWLJDP DEHU KDWW HLQHP \HGHQ DUPHQ PHQVFKHQ HLQHQ JURVFKHQ JH VFKHQFNWGDPLWVLQGVLHDEJHIHUWLJWJHZHVHQ,FKPXRVDEHUHLQZRUWGDU]XR UHGHQ(VLVWGHUEUDXFKJDUQLWEH\XQVZLHZROZLUHLQDQGHUHJHZRQKHLW GLH DXFKQLW]XRYHUZHUIIHQ EH\XQVKDEHQ>)QKG@ .RSXODNRQVWUXNWLRQ  'LH]XEHVFKUHLEHQZLUGLFKPHVVHQYLORHUWHUJHJHQ0LWWHUQDFKWJHOHJHQEH UUHQ GLH GHQ9RUHOWHUQ DXFK GHQHQ VR ]X YQVHUQ ]HLWHQ GDXRQ JHVFKULEHQ QLW ZRO EHNDQW VHLQ JZHVW PLW GHQVHOEHQ LFK QLW DOOHQWKDOEHQ JOHLFK KHOOHQ ZLUGGDVJHVFKLHFKWQLWGDUXPEGDVLFKPLUGDPLWYLO]XH]LHKHQYQGGLHDQGHUQ VWUDIIHQZROOWH>)QKG@

%HL KDQGHOWVLFKXPHLQHQ%HOHJDXVHLQHPREHUGHXWVFKHQ7H[W'LHVHU OLHJW LP 1HEHQVDW] PLW DWWULEXWLYHU )XQNWLRQ YRU :LH LP %HOHJ GHV  -DKUKXQGHUWVLVWDXFKKLHU(QGVWHOOXQJGHVILQLWHQ3UlGLNDWVWHLOV]XNRQVWD WLHUHQ 3DUWL]LS,,GHV9ROOYHUEV JHVHVVHQ 9

3DUWL]LS,,GHV$X[LOLDUV JHZHVHQ 9

)LQLWXP LVW 9

0LW GHP 9HUE VLW]HQ OLHJW HLQ GXUDWLYHV 9HUE YRU GLH 6LWXDWLRQVNODVVH LP NRQNUHWHQ%HOHJZLUGDOVDWHOLVFKEHVWLPPW:LHGHUNDQQ]X$XIIlOOLJNHL WHQLP9RUNRPPHQPLW$GYHUELDOHQ-XQNWRUHQHWFDXIJUXQGGHU%HOHJOD JHNHLQH$XVVDJHJHPDFKWZHUGHQ :LHEHUHLWVLP-DKUKXQGHUWOLHJWDXFKKLHUHLQUHODWLYHU%HOHJYRU GHVVHQ (UHLJQLVVH MHGRFK QLFKW LQ HLQHU (UHLJQLV)ROJH%H]LHKXQJ ]XHLQ DQGHU VWHKHQ 'LH %H]LHKXQJ EHLGHU (UHLJQLVVH ]XHLQDQGHU ]HLFKQHW VLFK HKHUGXUFKHLQHLP9RUGHUJUXQGVWHKHQGH]HLWOLFKH6WDIIHOXQJDXVZREHL GDV LP VHLQ'RSSHOSHUIHNW UHDOLVLHUWH (UHLJQLV GDV ]HLWOLFK YRUJHVFKDOWHWH GDUVWHOOW





*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ



 -DKUKXQGHUW )UGDV-DKUKXQGHUWOLHJHQLQVJHVDPWVHLQ3DUWL]LS,,JHZHVHQ %HOHJHYRUYRQGHQHQVHFKVDOVVHLQ'RSSHOSHUIHNWELOGXQJDQDO\VLHUWZHU GHQN|QQHQ  :DQHLQ3DUWH\NlPHGLHXQV]XVWlUNZHKUHVRVROWHQXQGPXVWHQZLULQOR‰ VFKLHVHQGDVVLHGHQ6FKX‰XIIGHP%HUJK|UHWHQXQGXQV]X+XOINlPHQ$EHU DOKLH ZDU ]XIRUGHUV *RWWHV +XOI VRQVW ZHKU HV JDU EDOW JHVFKHKHQ JHZHVHQ >%DXHUQOHEHQ@  0LWGHP$FNHUQKDWWHVGL‰-DKUVFKOHFKWDEJDQJHQGDQXII-DFRELLVWGLH5X KHU 3IOJHQ QRFKNDXPKDOEJHVFKHQJHZHVHQ(VLVWGXUFKGHQ6RPPHU DOO]XKDUWJHZHVHQ>%DXHUOHEHQ@  $XIIHLQH=HLW,VWDXIIGHQVSLOSODGW]VROFKIOXFKHQYQGWVFKZHUHQJHZHVVHQ VRWXGWVLFKHLQHUQDFKGHQZXUIIHOEXJNHQGHQVLHKDEHQDXIIHLQHQWLFKVJHVSL OHW GD ,KP HLQ ZXUIIHO ,VW HPEWIDOOHQ JHZHVVHQ VR VLHKHW HU DP WLFKV HLQHQ VWHKHQPLWHLQHQNXKIXVGLHVHUIHQJWDQRKHU-HVXZDVVLQGW$OKLUYRUVSLOHUDP WLFKV DOVR ,VW HU DOVREDOGW YHUVFKZXQGHQ EHL GHQ WLFKV YQGW KDW HLQH JURVVHQ VWDQJKLQGHUVLFKJHODVVHQ>6|OGQHUOHEHQ@  :HOFKHV.XSIHUGDFKXQWHUGHP.XSIHUDQGHQ%UHWWHUQXQGLP+RO]DOVGHQ 6SDUUHQXQG%DONHQLP*UXQGYHUIDXOHWLVWJHZHVHQGD‰HVPLWQHXHQ%DONHQ XQG6SDUUHQKDWPVVHQDXVJHEHVVHUWZHUGHQXQGPLW6FKLQGHOQEHGHFNWZHUGHQ XQGGDVGDFKURWDQJHVWULFKHQZRUGHQLVW>.OHLQKHPSHOV+DXVFKURQLN@  6RKDWPDQ JHUlXPHW ELVGLH 1DFKWXPE8KUGD‰PDQVLHJHIXQGHQ KDW $EHUVLHLVW7RGHVYHUEOLFKHQJHZHVHQDQLKUHQ/HLELVWQLFKWV]HUEURFKHQJH ZHVHQZHGHU$UPHQRFK%HLQH>.OHLQKHPSHOV+DXVFKURQLN@  LVWHUVDPEWGHP3IHUGYRQGHPVHOEHQPLWJDQW]HP*HZDOWDEZHUWVGHP:DV VHUQDFKZRGDVVHOEH]XPWLHIIHVWHQZDUJHIXHKUWZRUGHQGDULQQHUYQJHIDHKU OLFKEH\GUH\YLHUWHO6WXQGPLWKRHFKVWHU*HIDKUGH‰/HEHQVZHLOHUEHUHLWVFKLHU EL‰DQGHQ+DOVYHUVXQFNHQJHZHVHQYPEJHVFKZXPPHQ'DQXQGHVVHQ*H IHKUWHQHQW]ZLVFKHQQLFKWZX‰WHQREHUOHEHQGLJRGHUWRGW>)QKG@

$QKDQGGHUDQJHIKUWHQ%HOHJHZLUGGLH3UREOHPDWLNGHU.DWHJRULVLHUXQJ YRQ VHLQ 3DUWL]LS,, QRFKPDOV GHXWOLFK%HL DOOHQ%HOHJHQ LVW QHEHQGHU 'HXWXQJDOVGRSSHOWH3HUIHNWELOGXQJDXFKHLQH'HXWXQJDOV3HUIHNWHLQHU .RSXODNRQVWUXNWLRQP|JOLFK'HU%HOHJOlVVWDXIJUXQGGHVODELOHQ9HUEV ]HUEUHFKHQ]XVlW]OLFKHLQH'HXWXQJDOV=XVWDQGVSDVVLY3HUIHNW]X %HOHJHGHVIROJHQGHQ7\SVGLHQXUHLQH'HXWXQJDOV=XVWDQGVSDVVLY NRQVWUXNWLRQ RGHU DOV .RSXODNRQVWUXNWLRQ QLFKW DEHU DOV GRSSHOWH 3HU IHNWELOGXQJ]XODVVHQZXUGHQDXVVRUWLHUW =XVWDQGVSDVVLY  'DQPLUKDEHQPVVHQ]XVDPPHQ]LHKHQLQGLHJUR‰HQIOHFNKHQ'DPH‰HQ ZLU XQ‰ VWDUFN ZHKUHQ XQG KDEHQ PLW SL[HQ GDSIIHQ GUDXII JHVFKR‰HQ GDQ ZLU KDEHQGHQ EHIHOFKYRQGHUREHUNHLW8QGLVWGHPNULHJVYROFNDXFKYRQLKUH R EHUVWHDXFKYHUERWHQJHZHVVHQGDVVLHGLH8OPLVFKHQG|UIIHUQLFKWVROOHQEOQ GHUQGDQVLHZDUHQGL‰PDOOQRFKIUHQGW>+HEHUOH@



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

.RSXODNRQVWUXNWLRQ  'HQWDJ$XJXVWLVLQGWGLHYRQ*HL‰OLQJHQPLWVDFNKXQGEDFNKQDFK8OPJH IORKHQ DX‰ IRUFKW GHU 6FKZHGLVFKHQ XQG )UDQFLVFKHQ 'DQ GDPDOOHQ ZDUHQ VLH XQVHUH IHLQGW XQG GLH .H\VVHULVFKHQ XQG %D\ULVFKHQ IUHQGW $EHU HV LVW YDVW XPEJHNHUWJHZHVVHQGDVGLH.H\VVHULVFKHQXQG%D\ULVFKHQXQ‰PHKUJHTXHOHW XQGJHSODJHWKDEHQGDQGLH6FKZHGLVFKHQ>+HEHUOH@

'LHIROJHQGHQ7DEHOOHQ]HLJHQIUGLHYRUJHIXQGHQHQVHLQ'RSSHOSHUIHNW ELOGXQJHQGLHUHJLRQDOH9HURUWXQJGHU7H[WHGLH)RUPHQYHUWHLOXQJDOOJH PHLQVRZLHGLH)RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH +HUNXQIW GHV7H[WHV

7H[W %DXHUQOHEHQ 6|OGQHUOHEHQ .OHLQKHPSHOV+DXVFKURQLN )QKG

5(PG 5(PG 5(PG REG

$Q]DKOGHUDOV GRSSHOWH3HUIHNWELOGXQJ LQWHUSUHWLHUEDUHQVHLQ%HOHJH    

7DEHOOH+HUNXQIWGHUGRSSHOWHQ3HUIHNWELOGXQJHQ VHLQ-DKUKXQGHUW 

 $Q]DKO

'3) 

9HUWHLOXQJDXIGLH 0RGL

LQG 

NRQM 

'343  LQG NRQM  

DILQLW  

7DEHOOH)RUPHQYHUWHLOXQJ VHLQ-DKUKXQGHUW 

'RSSHOSHUIHNW $Q]DKO 9HUWHLOXQJDXIGLH 6SUDFKUlXPH

REG 

9HUWHLOXQJDXIGLH 0RGL



 PG  LQG 

'RSSHOSOXVTXDPSHUIHNW $Q]DKO 9HUWHLOXQJDXIGLH 6SUDFKUlXPH

REG 

9HUWHLOXQJDXIGLH 0RGL



QG  NRQM 

 PG  LQG 



QG  NRQM 







*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ

DILQLW $Q]DKO

 PG 

REG 

9HUWHLOXQJDXIGLH 6SUDFKUlXPH

QG 

7DEHOOH)RUPHQYHUWHLOXQJDXIGLH6SUDFKUlXPH VHLQ-DKUKXQGHUW 

'LH +DXSWVDW]1HEHQVDW]9HUWHLOXQJ GHU %HOHJH VLHKW IROJHQGHUPD‰HQ DXV  9RUNRPPHQLP+DXSWVDW] 9RUNRPPHQLP1HEHQVDW]

'3)  

'343  

DILQLW QLFKWP|JOLFK 

7DEHOOH+DXSWVDW]1HEHQVDW]9HUWHLOXQJ VHLQ-DKUKXQGHUW 

%HLGHQ1HEHQVlW]HQKDQGHOWHVVLFKXPHLQHQ$WUULEXWVDW] %HOHJ XQG ]ZHL.DXVDOVlW]H %HOHJHXQG 'LHEHLGHQ1HEHQVlW]HPLWUHDOLVLHUWHP )LQLWXP ZHLVHQ HLQPDO 9RUDQVWHOOXQJ %HOHJ   HLQPDO =ZLVFKHQVWHOOXQJ GHV)LQLWXPVDXI %HOHJ )ROJHQGH9HUEHQOLHJHQGHQ%HOHJHQ]XJUXQGH 9HUEHQ JHVFKHKHQ HQWIDOOHQ YHUIDXOHQ ]HUEUHFKHQ YHUVLQNHQ

$Q]DKO     

7DEHOOH9HUEHQ VHLQ-DKUKXQGHUW 

 (VKDQGHOWVLFKLQMHGHP)DOOXP9HUEHQSHUIHNWLYHU$NWLRQVDUW%HLGHU 6LWXDWLRQVNODVVHQHUPLWWOXQJ ZXUGHQ OHGLJOLFK JUHQ]EH]RJHQH 6LWXDWLRQV NODVVHQKHUDXVJHVWHOOW'LH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQVLHKWKLHU EHLIROJHQGHUPD‰HQDXV 6LWXDWLRQVNODVVH WHOLVFK SXQNWXHOO

$Q]DKO  

7DEHOOH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ VHLQ-DKUKXQGHUW 



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

WHOLVFK  LVWHUVDPEWGHP3IHUGYRQGHPVHOEHQPLWJDQW]HP*HZDOWDEZHUWVGHP:DV VHUQDFKZRGDVVHOEH]XPWLHIIHVWHQZDUJHIXHKUWZRUGHQGDULQQHUYQJHIDHKU OLFKEH\GUH\YLHUWHO6WXQGPLWKRHFKVWHU*HIDKUGH‰/HEHQVZHLOHUEHUHLWVFKLHU EL‰DQGHQ+DOVYHUVXQFNHQJHZHVHQYPEJHVFKZXPPHQ'DQXQGHVVHQ*H IHKUWHQHQW]ZLVFKHQQLFKWZX‰WHQREHUOHEHQGLJRGHUWRGW>)QKG@ SXQNWXHOO  6RKDWPDQJHUlXPHWELVGLH1DFKWXPE8KUGD‰PDQVLHJHIXQGHQKDW $EHUVLHLVW7RGHVYHUEOLFKHQJHZHVHQDQLKUHQ/HLELVWQLFKWV]HUEURFKHQJH ZHVHQZHGHU$UPHQRFK%HLQH>.OHLQKHPSHOV+DXVFKURQLN@

,Q %H]XJ DXI GDV 9RUNRPPHQ PLW $GYHUELDOHQ -XQNWRUHQ HWF NRQQWHQ NHLQH$XIIlOOLJNHLWHQIHVWJHVWHOOWZHUGHQ ,P-DKUKXQGHUWWUHWHQIQI%HOHJHLPUHODWLYHQ7\SDXIYRQGHQHQ HLQHU GHP 6XEW\S Ä]HLWOLFKH 6WDIIHOXQJ· ]X]XRUGQHQ LVW %HOHJ   XQG GLH YLHUZHLWHUHQDOV(UHLJQLV)ROJH%H]LHKXQJHQ]XNODVVLIL]LHUHQVLQG %HOHJH XQG =XPHUVWHQ0DOWULWWHLQDEVROXWHU%HOHJDXI %HOHJ   -DKUKXQGHUW 9RQ GHQ LQVJHVDPW  VHLQ  3DUWL]LS ,,  JHZHVHQ%HOHJHQ GLH IU GDV -DKUKXQGHUWYRUOLHJHQNRQQWHIUYLHUHLQH'HXWXQJDOVGRSSHOWH3HU IHNWELOGXQJYRUJHQRPPHQZHUGHQ   +HXWH KDEH GHU OLHEHQ 0DPD %ULHI YRP WHQ KXLXV HUKDOWHQ XQG PLFK JH ZXQGHUW GD‰ GHU DP WHQ DEJHJDQJHQH &RIIUH PLW :lVFKH QRFK QLFKW DQJH NRPPHQJHZHVHQ>)UDQFNH@  'LH)UDX'%XGGHXVVHQLVWVRJWLJJHZHVHQGDLFKYRUHLQLJHQ7DJHQ.RVW JHOG SUDHQXPHULUHQ ZROOWH GD‰VLH VROFKH QLFKW DQQHKPHQ ZROOHQ ZHLO LFK YHU UHLVWJHZHVHQXQGDXIGLHVH7DJHVFKRQSUDHQXPHULUW>)UDQFNH@  'DV.LQGZDUJUR‰XQGJHVXQG]XJUR‰XQGJHVXQGIUVLH,FKDKQGHGD‰HV DQJHZDFKVHQJHZHVHQLVW²YLHOOHLFKWDQGHQLQQHUOLFKHQ6FKDGHQYRQGHPZLU VLHJDQ]JHKHLOWJODXEWHQ²XQGGDKHUQLFKWKDWJHERUHQZHUGHQN|QQHQ >%RLH0H\HU@  ,FKZlUHGDPDOVQRFKHLQIlOWLJJHQXJJHZHVHQGLHVHPKHLOLJHQ*HVFKZlW]H]X JODXEHQZHQQVLFKGHUJXWH$SRVWHOQLFKWVHOEHUYHUUDWKHQKlWWHGD‰VHLQ)OHLVFK QRFK QLFKW VR HUVWRUEHQ JHZHVHQ DOV (U XQV LQ VHLQHP HUVWHQ 'LVFXUVH ZHL‰ PDFKHQZROOHQ>'%(GHOPDQQ@

%HLDOOHQ%HOHJHQLVWMHZHLOVDXFKHLQH,QWHUSUHWDWLRQDOV3HUIHNWHLQHU.R SXODNRQVWUXNWLRQGHQNEDU%HOHJHGLHHLQGHXWLJNHLQHGRSSHOWHQ3HUIHNW ELOGXQJHQ VRQGHUQ =XVWDQGVSDVVLY RGHU .RSXODNRQVWUXNWLRQHQ VLQG ZXUGHQZLHGHUXPDXVJHVFKORVVHQ





*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ

=XVWDQGVSDVVLYNRQVWUXNWLRQHQ  $XIGHPPLWGHU:lVFKHJHVFKLFNWHQ3DFN3UHGLJWHQKDWJHVWDQGHQUWKOU JJUZHLODEHUQLFKWVGDEH\JHVFKULHEHQJHZHVHQVRLVWHLQ=ZHLIHOHQWVWDQGHQ   RE GLH 3UHGLJWHQ ]X VDPPHQ VR YLHO NRVWHQ   XQG RE GLH /DWHLQLVFKH (SLV W>ROD@DG7DSLQXPPLWLQGLHVHQ6XPPDHLQJHVFKOR‰HQVH\RGHUDSDUWEH]DKOHW ZHUGHQPVVHQ>)UDQFNH@ .RSXODNRQVWUXNWLRQHQ  ,FKZDUNDXPDXIGHPKHUUVFKDIWOLFKHQ&KRUDQJHNRPPHQDOVDOOHVZDVLFK VDKHXQGK|UWHHLQHQVRVWDUNHQ(LQGUXFNDXIPLFKPDFKWHGD‰LFK]XUFNWUHWHQ XQGZLUNOLFKZHLQHQPX‰WH,FKELQLQPHLQHP/HEHQQLHVRJHUKUWJHZHVHQ $OOHVVFKLHQPLUHLQV‰HU7UDXP]XVHLQ>=HUUHQQHU@

'LHIROJHQGHQ7DEHOOHQ]HLJHQGLH+HUNXQIWGLHYRUJHIXQGHQHQ)RUPHQ XQGGHUHQ9HUWHLOXQJDXIGLH6SUDFKUlXPH +HUNXQIW GHV7H[WHV

7H[W )UDQFNH %RLH0H\HU '%(GHOPDQQ

5(PG +%RLH0H\HU@ SXQNWXHOO   +HXWH KDEH GHU OLHEHQ 0DPD %ULHI YRP WHQ KXLXV HUKDOWHQ XQG PLFK JH ZXQGHUW GD‰ GHU DP WHQ DEJHJDQJHQH &RIIUH PLW :lVFKH QRFK QLFKW DQJH NRPPHQJHZHVHQ>)UDQFNH@

:LHGHUVLQGNHLQHEHVRQGHUHQ$XIIlOOLJNHLWHQLP9RUNRPPHQPLW$GYHU ELDOHQ-XQNWRUHQHWF]XYHU]HLFKQHQ'DV-DKUKXQGHUWZHLVWGUHLUHOD WLYH %HOHJH DXI YRQ GHQHQ ]ZHL GHP 6XEW\S Ä(UHLJQLV)ROJH%H]LHKXQJ·



*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ



%HOHJH  XQG   XQG HLQHU GHP 6XEW\S Ä]HLWOLFKH 6WDIIHOXQJ· ]XJHRUGQHW ZHUGHQ %HOHJ (VOLHJW]XGHPHLQDEVROXWHU%HOHJYRU %HOHJ   -DKUKXQGHUW 9RQYRUOLHJHQGHQVHLQ3DUWL]LS,,JHZHVHQ%HOHJHQVLQGGLHIROJHQ GHQQHXQ%HOHJHDOVGRSSHOWH3HUIHNWELOGXQJLQWHUSUHWLHUEDU  YHUQHUPX‰LFKHXFKDQPHOGHQGDVLFKELQEHU0RKQDGWYHUUHLVHWJHZH VHQXQGELQHUVWGHQWHQ0HUW]KLHUJHVXQGZLHGHUDQJHNRPPHQ >(OVSD‰2HYHVWH@  8QEHJUHLIOLFKZlUHHVZLHGRUWVRZLFKWLJH2SHUDWLRQHQ YRUJHQRPPHQZHU GHQNRQQWHQLQGHPGHU6XPSIYRQGHPZLURIWLQGHQ=HLWXQJHQODVHQGDVVHOEH ULQJVXPJLEW6WXQGHEUHLWXQGVHKUWLHILVWZHQQHVQLFKWGDPDOVQRFKJH IURUHQ JHZHVHQ ZlUH 8QVHUH %HJOHLWHU EOLHEHQ UDWKORV GDYRU VWHKHQ DEHU 6FKPLGW XQG LFK ]RJHQ 6WLHIHOQ XQG 6WUPSIH DXV  GUDQJHQ YRUVLFKWLJ KLQHLQ >.DVVHOHU$U]W@  LFKKlWWHHXFK6FKRQOlQJVWHLQHQ%ULHIJHVFKULHEHQZHQLFKQLFKWGHQOHW]WHQ :LQWHUYHUUHLVHWJHZHVHQZlKUHGRFKKDEHLFKNXUW]YRUPHLQHUDEUHLVHHLQHQ NOHLQHQ %ULHI PLW $UQGW 0OOHU VHLQHQ DEJHVFKLFNW XQG PHLQH *HVXQGKHLW XQG DXIHQWKDOWHXFKGDULQDQJH]HLJW>(OVSD‰2HYHVWH@   0HLQH $FKWXQJ JHJHQ VLH XQG LKU $QGHQNHQ LVW LKUHQ 7XJHQGHQ JOHLFK XQG REZRO LFK OHLGHU QRFK QLFKW VHOEVW VR ZHLW KHUDQJHUHLIW JHZHVHQ GD‰ LFK LP 6WDQGH KlWWH VH\Q P|JHQ VLH VHOEVW ]X HUNHQQHQ XQG ]X VFKlW]HQ VR LVW PHLQ *ODXEHLQGLHVHU+LQVLFKWGHUhEHU]HXJXQJJOHLFK>(LQHP@    8KU PRUJHQV GDJHJHQ ZDU HU VFKRQ WRGW (U LVW XQWHU GHQ JUl‰OLFKVWHQ 6FKPHU]HQJHVWRUEHQVHLQH'lUPHVLQGJDQ]VFKZDU]X$OOHVYHUEUDQQWJHZH VHQ1XQKDWVLHQRFKHLQHQ%UXGHU-XOLXVZHOFKHKLHUDXJHQEOLFNOLFKLP1RUG ZHVWHQLQ+HOHQD 0RQWDQD LVW>(OVSD‰6FKZDEH@  %HLGHP5LWWHKDWWHLFKGLH0W]HDXIJHVHW]WGHU'UDJRQHUGDJHJHQWUXJHLQHQ +HOP'DVZLUGPHLQ*OFNXQGVHLQ8QJOFNJHZHVHQVHLQGHQQGHU)UDQ]RVH KDWGHQ'UDJRQHULQVHLQHUYLHOLQGLHIDOOHQGHUHQ8QLIRUPVLFKHUIUGHQ+|KH UHQ JHKDOWHQ 'HU IHLJH 6FKQDSSKDKQ VFKHLQW EHU GLH :LUNXQJ VHLQHV 6FKXVVHV HUVFKURFNHQJHZHVHQ]XVHLQGHQQVRQVWZ‰W LFKQLFKWZDVLKQKlWWHDEKDO WHQVROOHQYRQVHLQHUVLFKHUHQ+|KHDXVGHQ]ZHLWHQ6FKX‰HUKDWWHHLQ-DJGJH ZHKUDXIPLFKDE]XJHEHQ>2WW@  1XQKDEHQZLUYHUUHFKQHWGHQ0DWWHQ]LQ‰D)ZLHDXFKGHQ0RRVIHOG]LQ‰ PLW);UYRUV-DKUDXFKGDV%UDQG JHOG;UXQGGHQ6FKZHLQKLU WHQORKQ ;U GDQQ GHU =LQ‰ YRQ ) &DSLWDO PLW ) ;U ZHOFKHU =LQ‰ EHU *HRUJL G-  YHU IDOOHQ JHZHVHQ $OVR PX‰ +DLPEUJHU QRFK KHUDXV EH ]DKOHQ);UGDUDQJOHLFKEH]DKOW)5HVWLHUWQRFK);U>5HLFK@   'HQ WHQ -XQ\  KDW GHU +HLPEUJHU GHP 'RPPLQLFN VHLQH /XLVGRU YRUGDV2UJHOVSLHOHQEH]DKOWZHOFKHEHU6W*HRUJLYHUIDOOHQJHZHVHQ>5HLFK@



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 'HQWHQ0D\KDEHLFKPLWGHP+HLPEUJHUDEJHUHFKQHWXQGPLWLK PH YHUUHFKQHW GHQ 0DWWHQ]LQV ZHOFKHU YHUIDOOHQ JHZHVHQ EHU 0DUWLQWL  SHU);UGDQQ);U3UR]HVV .|VWHQXQG]ZH\-DKU=LQVYRP-DKU ELVXQGYRPELV6W*HRUJL>5HLFK@

'HQNEDULVWDXFKKLHULQMHGHP)DOOHHLQH'HXWXQJDOV3HUIHNWE]Z3OXV TXDPSHUIHNWHLQHU.RSXODNRQVWUXNWLRQ%HL%HOHJLVWDXIJUXQGGHVODEL OHQ9HUEVYHUEUHQQHQ]XGHPHLQH,QWHUSUHWDWLRQDOV=XVWDQGVSDVVLY3HUIHNW P|JOLFK =XUEHVVHUHQ1DFKYROO]LHKEDUNHLWZLUGDQGLHVHU6WHOOHZLHGHUHLQ%H OHJHLQHU=XVWDQGVSDVVLYXQGHLQHU.RSXODNRQVWUXNWLRQHQDXIJHIKUWGLH DXVGHU$QDO\VHDXVJHVFKORVVHQZXUGHQ =XVWDQGVSDVVLYNRQVWUXNWLRQ  :LHEHNDQQWVLQGLP-DKUHGLHGHXWVFKHQ+HHUHVPDVVHQLQ$UPHHQ JHWHLOWJHZHVHQYRQGHQHQMHGHHLQH*HQHUDO(WDSSHQ,QVSHNWLRQEHVD‰>2WW@ .RSXODNRQVWUXNWLRQ  6FKRQODQJHKDEHQZLUXQVJHVHKQWHLQPDOZLHGHUHWZDVYRQ(XFK]XK|UHQ XQGVFKRQODQJHKlWWHLFKZLHGHUVFKUHLEHQVROOHQDEHUGLHOHW]WH=HLWELQLFKVR EHVFKlIWLJWJHZHVHQXQGKDEHGHQ.RSIVRYROOJHKDEWGD‰LFKID‰WDQQLFKWV KDEHGHQNHQN|QQHQ>(OVSD‰*UR‰HQVWHLQEHFN@

'LHVHLQ'RSSHOSHUIHNWELOGXQJHQZHLVHQIROJHQGH+HUNXQIWXQG)RUPHQ YHUWHLOXQJDXI +HUNXQIW GHV7H[WHV

7H[W (OVSD‰2HYHVWH .DVVHOHU$U]W (LQHP (OVSD‰6FKZDEH 2WW 5HLFK

QG +/DQJ@  'UHL0RQDWHZDUHQYHUIORVVHQJHZHVHQHVZDUHEHQJHVFKLHGHQZRUGHQVLH KDWWHLKUHQDOWHQ1DPHQZLHGHUDQJHQRPPHQ>/DQJ@   'HU 5HFKWVDQZDOW KDW LKU GDUDXIKLQ PLWJHWHLOW GD‰ LKU $QVSUXFK ]X GLHVHP =HLWSXQNWVFKRQYHUIDOOHQJHZHVHQVHL>/DQJ@  2EHQDP6HHGDVLQG3XPSHQDXVJHIDOOHQJHZHVHQ>HLJHQH+|UEHOHJH@

$XVVRUWLHUWZXUGHQZLHGHUXP%HOHJHEHLGHQHQHVVLFKHLQGHXWLJQLFKWXP 'RSSHOSHUIHNWRGHU'RSSHOSOXVTXDPSHUIHNWVRQGHUQXP=XVWDQGVSDVVL YDRGHU.RSXODNRQVWUXNWLRQHQKDQGHOW =XVWDQGVSDVVLYNRQVWUXNWLRQHQ   %LQ *RWW VHLQ 'DQN LPPHU JHVXQG XQG PXQWHU%LQ ELV MHW]W DOOHQ $QIRUGH UXQJHQXQG6WUDSD]HQJHZDFKVHQJHZHVHQ+DEHGHVZHJHQLQGHQOHW]WHQ-DK UHQDXFKNHLQHQ$ONRKROJHQRVVHQ>NDWKROLVFKH)HOGEULHIH@ .RSXODNRQVWUXNWLRQHQ  'DZDUJUR‰HU$QGUDQJYRUGHQ.LQRV:HJHQGHP9HUOXVWGHU$UPHHZD UHQ GRFK DOOH 9HUDQVWDOWXQJHQ DQ GHQ 7DJHQ ]XYRU YHUERWHQ JHZHVHQ 'DV ZXUGHYRQGHQ(LQZRKQHUQYRQ'DP6RQQWDJGHPDOOHVQDFKJHKROW >6ROGDWHQSRVW@

'DHVVLFKEHLDOOHQYLHUVHLQ%HOHJHQ ELV XP+|UEHOHJHKDQGHOW]X GHQHQNHLQHZHLWHUHQ6SUHFKHULQIRUPDWLRQHQYRUOLHJHQNDQQNHLQHGLDWR SLVFKH 9HURUWXQJ GHU %HOHJH HUIROJHQ )ROJHQGH )RUPHQYHUWHLOXQJ OLHJW YRU  $Q]DKO 9HUWHLOXQJDXI GLH0RGL

'3)  LQG NRQM  

'343  LQG NRQM  

7DEHOOH)RUPHQYHUWHLOXQJ VHLQ-DKUKXQGHUW 

(VNRPPWHLQ%HOHJLP1HEHQVDW] 2EMHNWVDW] YRUGHU(QGVWHOOXQJGHV )LQLWXPV DXIZHLVW %HOHJ   'LH DQGHUHQ %HOHJH VWHOOHQ +DXSWVDW]EHOHJH GDU:LHGHUOLHJHQGHQ%HOHJHQQXUSHUIHNWLYH9HUEHQ]XJUXQGH



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

9HUEHQ YHUJHKHQ YHUIOLH‰HQ YHUIDOOHQ DXVIDOOHQ

$Q]DKO    

7DEHOOH9HUEHQ VHLQ-DKUKXQGHUW 

6LWXDWLRQVNODVVH WHOLVFK SXQNWXHOO

$Q]DKO  

7DEHOOH9HUWHLOXQJDXIGLH6LWXDWLRQVNODVVHQ VHLQ-DKUKXQGHUW 

SXQNWXHOO   'HU 5HFKWVDQZDOW KDW LKU GDUDXIKLQ PLWJHWHLOW GD‰ LKU $QVSUXFK ]X GLHVHP =HLWSXQNWVFKRQYHUIDOOHQJHZHVHQVHL>/DQJ@

(LQDXIIlOOLJHV9RUNRPPHQPLWEHVWLPPWHQ$GYHUELDOHQRGHU-XQNWRUHQ ZXUGHQLFKWEHREDFKWHW,P-DKUKXQGHUWOLHJHQ]ZHL%HOHJHGHVUH ODWLYHQ7\SVYRUEHLGHQHQMHZHLOVGLH]HLWOLFKH6WDIIHOXQJGHU(UHLJQLVVH LP 9RUGHUJUXQGVWHKW %HOHJH  XQG  %HL HLQHP %HOHJ KDQGHOW HV VLFK XPHLQ%HLVSLHOIUGHQDEVROXWHQ9HUZHQGXQJVW\S %HOHJ %HOHJOLHJW LQ UHODWLYHU 9HUZHQGXQJ YRU ZREHL MHGRFK GHU =HLWSXQNW ]X GHP GLH GRSSHOWH3HUIHNWELOGXQJLQ%H]LHKXQJVWHKWQLFKWZLHEHL]DKOUHLFKHQUHOD WLYHQ %HOHJHQ GXUFK HLQ ZHLWHUHV (UHLJQLV VRQGHUQ GXUFK HLQ 7HPSRUDO DGYHUELDO ]XGLHVHP=HLWSXQNW UHDOLVLHUWLVW  )D]LW*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ ,P.RUSXVZXUGHQLQVJHVDPWVHLQ3DUWL]LS,,JHZHVHQ)RUPHQJH IXQGHQ9RQGLHVHQZDUHQDOVGRSSHOWH3HUIHNWELOGXQJHQLQWHUSUHWLHU EDUVRGDVV]XQlFKVWIHVW]XKDOWHQLVWGDVVGHU*HJHQVWDQGÄVHLQ'RSSHO SHUIHNWELOGXQJ· H[LVWLHUW DEHU VHOWHQ LVW 'HU $QWHLO DQ DOV GRSSHOWH 3HUIHNWELOGXQJ LQWHUSUHWLHUEDUHQ VHLQ  3DUWL]LS ,,  JHZHVHQ)RUPHQ OLHJW LPYRUOLHJHQGHQ.RUSXVGDPLWEHLHWZD-HGRFKZDUKLHUDXFKKlXILJ HLQH ZHLWHUH 'HXWXQJ GHU )RUP P|JOLFK HWZD DOV .RSXOD RGHU DOV =X VWDQGVSDVVLYNRQVWUXNWLRQ'LH*HEUDXFKVDQDO\VHVSLHJHOWGDPLWGDVLQGHQ .DSLWHOQXQGEHVFKULHEHQH.DWHJRULVLHUXQJVSUREOHPYRQVHLQ 3DUWL]LS,,GHXWOLFKZLGHU'DGDVLP)ROJHQGHQGDU]XVWHOOHQGH)D]LWDXI GHU$QDO\VHYRQ%HOHJHQEHUXKWVLQGGLH(UJHEQLVVHPLW9RUVLFKW]X LQWHUSUHWLHUHQ



*HEUDXFKYRQVHLQ3DUWL]LS,,JHZHVHQ



)RUPHQYHUWHLOXQJ 0LWGHQIUKHVWHQYRUJHIXQGHQHQ)RUPHQDXVGHPXQG-DKUKXQ GHUW OLHJHQ 'RSSHOSHUIHNWIRUPHQ YRU 'RSSHOSOXVTXDPSHUIHNWEHOHJH HU VFKHLQHQDEGHP-DKUKXQGHUW(EHQIDOOVDEGHP-DKUKXQGHUWVLQG DILQLWH.RQVWUXNWLRQHQ]XYHU]HLFKQHQ 9HUWHLOXQJDXIGLH6SUDFKUlXPH =XU9HUWHLOXQJDXIGLH6SUDFKUlXPHODVVHQVLFKDXIJUXQGGHU%HOHJVLWXD WLRQ NHLQH $XVVDJHQ WUHIIHQ (V VROO KLHU OHGLJOLFK GHU MHZHLOV IUKHVWH )XQG DXV MHGHP 6SUDFKUDXP JHQDQQW ZHUGHQ ,P XQWHUVXFKWHQ .RUSXV VWDPPWGHUHUVWHPLWWHOGHXWVFKH%HOHJDXVGHPGHUHUVWHREHUGHXWVFKH %HOHJDXVGHPXQGGHUHUVWHQLHGHUGHXWVFKH%HOHJDXVGHP-DKU KXQGHUW +DXSWVDW]1HEHQVDW]9HUWHLOXQJ :LHEHLGHQKDEHQ%HOHJHQVWHOOHQDXFKGLHIUKHVWHQVHLQ%HOHJHYRUUDQJLJ 1HEHQVDW]EHOHJH GDU +DXSWVDW]EHOHJH NRPPHQ LP -DKUKXQGHUW ]XP HUVWHQ 0DO YRU 'LH QlKHVSUDFKOLFKHQ %HOHJH GHV  -DKUKXQGHUWV ZHLVHQHUVWPDOVPHKU+DXSWVDW]DOV1HEHQVDW]YRUNRPPHQDXIZREHLMH GRFKDXFKKLHUDXIGLHVHKUJHULQJH%HOHJDQ]DKO]XYHUZHLVHQLVW0LWGHP KlXILJHQ 1HEHQVDW]YRUNRPPHQ IUKHU %HOHJH GDV VRZRKO EHL KDEHQ DOV DXFK EHL VHLQ%LOGXQJHQ DXIIlOOLJ LVW OLHJW P|JOLFKHUZHLVH HLQ $UJXPHQW JHJHQ HLQH .RSXOD,QWHUSUHWDWLRQ GHU HLQVFKOlJLJHQ %HOHJH YRU GHQQ IU HLQGHXWLJH .RSXODNRQVWUXNWLRQHQ HUVFKHLQW HLQ KlXILJHV 9RUNRPPHQ LP 1HEHQVDW] IUDJZUGLJ ,Q GHU YRUOLHJHQGHQ $UEHLW PXVV HLQ HPSLULVFKHU 1DFKZHLVGLHVEH]JOLFKMHGRFKRIIHQEOHLEHQ 1HEHQVDW]W\SHQ (V NRQQWHQ NHLQH DXIIlOOLJHQ 9HUZHQGXQJHQ PLW HLQHU EHVWLPPWHQ 1H EHQVDW]IXQNWLRQIHVWJHVWHOOWZHUGHQZDVYHUPXWOLFKDXIGLHJHULQJH%HOHJ DQ]DKO]XUFN]XIKUHQLVW 6WHOOXQJVYDULDQWHQGHV)LQLWXPVLP1HEHQVDW] 'LHEHLGHQIUKHVWHQ%HOHJHDXVGHPXQG-DKUKXQGHUWZHLVHQHQW JHJHQ GHU YRQ +lUG   DXIJH]HLJWHQ 7HQGHQ] GUHLJOLHGULJHU 1HEHQ VDW]SUlGLNDWH (QGVWHOOXQJ GHV )LQLWXPV DXI ,P  -DKUKXQGHUW OLHJHQ 9RUDQ XQG =ZLVFKHQVWHOOXQJ YRU $E GHP  -DKUKXQGHUW NRPPW PLW $XVQDKPH HLQHV %HOHJV DXV GHP  -DKUKXQGHUW EHL GHP GDV )LQLWXP YRUDQJHVWHOOWLVWQXUQRFK(QGVWHOOXQJGHV)LQLWXPVYRU



*HEUDXFKGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

9HUEHQ$NWLRQVDUWHQXQG6LWXDWLRQVNODVVHQ %HL LQWUDQVLWLYHQ SHUIHNWLYHQ 9HUEHQ ZLUG VHLQ ]XU %LOGXQJ GHV 3HUIHNWV YHUZHQGHW ÅZHQQ GLHVH EH]JOLFK GHV 6XEMHNWV WHOLVFK VLQG´ (LVHQEHUJ   VLHKH DXFK +HOELJ%XVFKD   XQG 'XGHQ  I (VNDPHQDXFKEHLGHQXQWHUVXFKWHQGRSSHOWHQ3HUIHNWELOGXQJHQ PLWVHLQELVDXIHLQH$XVQDKPH HLQREHUGHXWVFKHU%HOHJDXVGHP-DKU KXQGHUW PLW GHP 9HUE VLW]HQ  QXU %HOHJH SHUIHNWLYHU 9HUEHQ YRU $XFK ]HLJWHVLFKHLQHGHXWOLFKH$IILQLWlW]XGHQJUHQ]EH]RJHQHQ6LWXDWLRQVNODV VHQ ÄWHOLVFK· XQG ÄSXQNWXHOO· ZLHGHU PLW $XVQDKPH GHV REHQ JHQDQQWHQ VLW]HQ%HOHJVGHUDOVDWHOLVFKHLQJHVWXIWZXUGH $XIIlOOLJHV9RUNRPPHQPLW$GYHUELDOHQ-XQNWRUHQHWF (VNRQQWHNHLQDXIIlOOLJHV9RUNRPPHQIHVWJHVWHOOWZHUGHQ 5HODWLYHUXQGDEVROXWHU7\S 'LHLQGHU*HEUDXFKVDQDO\VHYRQKDEHQ3DUWL]LS,,JHKDEWHUDUEHLWHWH .ODVVLIL]LHUXQJ LQ HLQHQ UHODWLYHQ XQG HLQHQ DEVROXWHQ 7\S ZDU DXFK EHL GRSSHOWHQ3HUIHNWELOGXQJHQPLWVHLQDQZHQGEDU'LHIUKHVWHQ%HOHJHDXV GHPXQG-DKUKXQGHUWJHK|UWHQGHPUHODWLYHQ9HUZHQGXQJVW\SDQ ,QGHQDOVUHODWLYDQDO\VLHUWHQVHLQ'RSSHOSHUIHNWELOGXQJHQZDUHQDOOHGUHL 6XEW\SHQ (UHLJQLV)ROJH%H]LHKXQJ (UHLJQLV$EVFKOXVV%H]LHKXQJ XQG ]HLWOLFKH 6WDIIHOXQJ  YRUILQGEDU ZREHLGLH (UHLJQLV)ROJH%H]LHKXQJ XQG GLH ]HLWOLFKH 6WDIIHOXQJ KlXILJHU YRUNDPHQ DOV GLH (UHLJQLV$EVFKOXVV %H]LHKXQJGLHQXUPLWHLQHP%HOHJYHUWUHWHQZDU'HUDEVROXWH7\SHU VFKHLQWDEGHP-DKUKXQGHUW 



 %HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ 'LH.DWHJRULVLHUXQJHQ7HPSRUDOLWlWXQG$VSHNWXDOLWlWVRZLHGLH6FKZLH ULJNHLWHQLKUHU$EJUHQ]XQJYRQHLQDQGHUZXUGHQLQ.DSLWHODXVIKUOLFK GDUJHVWHOOW'DGLHVWDUNHVHPDQWLVFKH1lKHYRQ7HPSRUDOLWlWXQG$VSHN WXDOLWlW NHLQH DQKDQG YRQ GHILQLHUWHQ .ULWHULHQ YROO]LHKEDUH WUHQQVFKDUIH (LQRUGQXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ LQ HLQH GHU .DWHJRULVLHUXQ JHQHUODXEWZXUGHDOVPHWKRGLVFKH+HUDQJHKHQVZHLVHDQGLH)UDJHQDFK GHU %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ HLQ JHEUDXFKVRULHQWLHUWHU =XJDQJJHZlKOW 'LH %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ VROO DQKDQG GHU 5HL FKHQEDFK·VFKHQ3DUDPHWHU(UHLJQLV]HLWXQG5HIHUHQ]]HLWEHVFKULHEHQZHU GHQZREHLGLH0RGHOOLHUXQJWHPSRUDOHUE]ZDVSHNWXHOOHU%HGHXWXQJDQ KDQGGHU5HODWLRQ]ZLVFKHQGHU(UHLJQLV]HLWE]ZGHQ(UHLJQLV]HLWHQXQG GHU5HIHUHQ]]HLWGDUJHVWHOOWZHUGHQVROO$OV*UXQGDQQDKPHJLOWGDVVGHU 6HPDQWLN GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ JUXQGVlW]OLFK HLQH 9HUJDQJHQ KHLWVEHGHXWXQJ (YRU5 LQKlUHQW LVW 'XUFK GLH (UVFKOLH‰XQJ GHU ELVKHU YRQ GHU HLQVFKOlJLJHQ)RUVFKXQJ KHUDXVJHVWHOOWHQ%HGHXWXQJHQ GHU GRS SHOWHQ3HUIHNWELOGXQJHQNRQQWHGLH)UDJHREGLHVHSULPlU9RUYHUJDQJHQ KHLWV RGHU $EJHVFKORVVHQKHLWVEHGHXWXQJ LQ %H]XJ DXI HLQ YHUJDQJHQHV (UHLJQLV WUDJHQ DOV WKHRUHWLVFKHU XQG PHWKRGLVFKHU .QDFNSXQNW KHUDXV JHDUEHLWHWZHUGHQ=XU0RGHOOLHUXQJGLHVHU3UREOHPDWLNZLUG9RUYHUJDQ JHQKHLWVEHGHXWXQJ PLW HLQHU ZHLWHUHQ 9RU5HODWLRQ $EJHVFKORVVHQKHLWV EHGHXWXQJ 3HUIHNWLYLWlW  PLW HLQHU ]XU JUXQGVlW]OLFK EHVWHKHQGHQ 9RU 5HODWLRQ KLQ]XNRPPHQGHQ $EJHVFKORVVHQ5HODWLRQ HUIDVVW 'LH %HGHX WXQJHQN|QQHQGDKHUPLWKLOIHIROJHQGHU)RUPHOQJHPl‰7DEHOOHLQ.D SLWHOHUIDVVWZHUGHQ 9HUJDQJHQKHLW  9RUYHUJDQJHQKHLW 3HUIHNWLYLWlW 

(YRU5 (YRU5YRU5 (YRU>DEJHVFKORVVHQ]X@5

BBBBBBBBBBBBBBBBBBB

  

=XU'DUVWHOOXQJGHUELVKHULJHQ'HXWXQJHQYJO.DS =XUDXVIKUOLFKHQ'DUVWHOOXQJGHUPHWKRGLVFKHQhEHUOHJXQJHQYJO.DS 'HU]XU0RGHOOLHUXQJYRQ9RUYHUJDQJHQKHLWYHUZHQGHWH3DUDPHWHU5ZLUGLQ.DS]X (YHUlQGHUWZDVEHUHLWVDQGHUhEHUVFKULIWGHV.DSHUVLFKWOLFKLVW(UNOlUWZLUGGLHVH (QWVFKHLGXQJHEHQIDOOVLQ.DS



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

'LH *HEUDXFKVDQDO\VHKLVWRULVFKHU XQG JHJHQZDUWVVSUDFKOLFKHU GRSSHOWHU 3HUIHNWELOGXQJHQZXUGHQHEHQGHP=LHOHLQH'DUVWHOOXQJGHUKLVWRULVFKHQ 9HUZHQGXQJYRU]XVWHOOHQDXFKPLWGHP=LHOGXUFKJHIKUW+LQZHLVHDXI GHUHQ %HGHXWXQJ XQG %HGHXWXQJVHQWZLFNOXQJ ]X HUODQJHQ (LQ IU GLH %HGHXWXQJVHUPLWWOXQJ DOV YLHOYHUVSUHFKHQG HUDFKWHWHV ,QGL] VWHOOHQ GLH KHUDXVJHDUEHLWHWHQ ]ZHL 7\SHQ GRSSHOWHU 3HUIHNWELOGXQJHQ UHODWLY XQG DEVROXW XQGGLH6XEW\SHQGHVUHODWLYHQ7\SVGDUGLHGDKHULQGHQIROJHQ GHQ.DSLWHOQDXIJHJULIIHQXQGLQ%H]XJDXIGLH%HGHXWXQJGHUGRSSHOWHQ 3HUIHNWELOGXQJHQXQWHUVXFKWZHUGHQ

 %HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW  5HODWLYHU7\S(YRU(YRU5RGHU (YRU>DEJHVFKORVVHQ]X@5" $OV HLQVFKOlJLJHV 0HUNPDO IU GLH KLVWRULVFKHQ KDEHQ'RSSHOSHUIHNWELO GXQJHQ XQG GLH GLVWDQ]VSUDFKOLFKHQ KDEHQ'RSSHOSHUIHNWELOGXQJHQ GHU *HJHQZDUWVVSUDFKH KDW VLFK GHUHQ UHODWLYHU *HEUDXFK HUZLHVHQ 'LH %H WUDFKWXQJGHU%H]LHKXQJLQGHUGLHEHLGHQ(UHLJQLVVHGHV.RQWH[WHV]X HLQDQGHUVWHKHQEUDFKWHIROJHQGH6XEW\SHQGHVUHODWLYHQ7\SVKHUYRU 6XEW\SÄ(UHLJQLV)ROJH%H]LHKXQJ· 8QWHUGHVVHQNRPPWGLH3RVWYRQ7UDJ|‰GD‰GHU3IDUUHUVFKRQJHVWRUEHQMHW]W KDWPDQLKP9RUZUIHJHPDFKWXQGYHUERWHQGDV+DXV]XYHUODVVHQ(UKDWDO OHV YHUKHLPOLFKW JHKDEW GD‰ VLFK QXQ VHLQ :HLE YRU LKP HQWVHW]WH XQG LQ GLH )UDLVHQYHUILHO>+DXVEFKO-DKUKXQGHUW@ 6XEW\SÄ(UHLJQLV$EVFKOXVV%H]LHKXQJ· (EHQXPEGLHVH=HLWVLQGGLH6SDQLHUZHOFKHVLFKLQ-UUODQGGLH&DWKROLVFKHQ GDVHOEVW]XVFKXHW]HQHLQJHQLVWHOWYRQGHQ(QJHOODHQGHUQDXIIV+DXSWJHVFKOD JHQ XQG GXUFK (LQQHKPXQJ GHU 6WDGW .LQJVDO  GLH VLH EHVHW]W JHKDEW JDHQW]OLFKDX‰GHP/DQGHJHWULHEHQZRUGHQ>)QKG-DKUKXQGHUW@ 6XEW\SÄ]HLWOLFKH6WDIIHOXQJ· GHQGL‰,VW9Q‰HUJQlGLJHU/DQGWVIUVW9QGKHUU1DFKGHPHU,QGHPVFK|QHQ KROW]9IIGLHZLOGHUVFKZHLQ,QQHLP-DJHQJHIDQJHQJHKDEW9QG5HKDO KHURNRPHQYQGGHQ'L‰LVWHLQIUDQW]|‰LVFKHUJHVDQGWHUPLW%H\VLFKKDEHWHQ 3IHUGWDOOKHURNRPHQ>/DLFKLQJHU&KURQLN-DKUKXQGHUW@

BBBBBBBBBBBBBBBBBBB



'LH (UHLJQLVEH]LHKXQJHQ ZHUGHQ DQ GLHVHU 6WHOOHQLFKW QRFKHLQPDO HUOlXWHUWGDGLHV EH UHLWV YHUVFKLHGHQIDFK LQ.DS  JHVFKDK =XU KLVWRULVFKHQ 9HUWHLOXQJGHU (UHLJQLVEH]LH KXQJHQYJO.DS



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



9RU GHP +LQWHUJUXQG GHU GDUJHVWHOOWHQ (UHLJQLVEH]LHKXQJHQ LVW LP )RO JHQGHQGLH)UDJH]XVWHOOHQZHOFKHGHUDXIJHIKUWHQ3DUDPHWHUUHODWLRQHQ GLHMHZHLOLJHQ6XEW\SHQGHVUHODWLYHQ7\SVDPWUHIIHQGVWHQEHVFKUHLEHQ 'LH(UHLJQLVEH]LHKXQJHQVSUHFKHQ]XQlFKVWDOOJHPHLQIUHLQHQ]HLWOLFKHQ 5FNJULIIZHOFKHUGXUFKGLHKDEHQ'RSSHOSHUIHNWELOGXQJHUP|JOLFKWZLUG 'XUFKGLH([LVWHQ]HLQHVZHLWHUHQ(UHLJQLVVHVZLUGGHXWOLFKGDVVGDVPLW HLQHUKDEHQ%LOGXQJUHDOLVLHUWH(UHLJQLV]XUFNJHVWXIWLVWVRGDVVGLHVHVDOV YRUDQJHKHQGZDKUJHQRPPHQZLUG'LHYRQGHU)RUVFKXQJDPKlXILJVWHQ KHUDXVJHVWHOOWH %HGHXWXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ LVW GLH %HGHXWXQJ GHU 9RUYHUJDQJHQKHLW (V VWHOOW VLFK GLH )UDJH RE GLH ]XVlW]OLFKH 9RU 5HODWLRQGLH%HGHXWXQJGHUKDEHQ'RSSHOSHUIHNWELOGXQJHQDGlTXDWHUIDVVW RGHUREGLHVHHKHUGXUFKGLH+LQ]XIJXQJHLQHU$EJHVFKORVVHQ5HODWLRQ ]XUJUXQGVlW]OLFKHQ9HUJDQJHQKHLWVEHGHXWXQJ]XFKDUDNWHULVLHUHQLVW0LW DQGHUHQ :RUWHQ %HZLUNW GLH +LQ]XIJXQJ YRQ JHKDEW HLQHQ WHPSRUDOHQ 5FNJULIILP6LQQHHLQHU9RU]HLWLJNHLWVEH]LHKXQJ]XPQDFKIROJHQGHQ(U HLJQLVRGHUOLHJWHLQHDVSHNWXHOOH%HGHXWXQJVQXDQFHLP6LQQHGHU+LQ]X IJXQJ HLQHU $EJHVFKORVVHQKHLWVEHGHXWXQJ LQ %H]XJ DXI GDV ]ZHLWH (U HLJQLVYRU" 

  $XVJDQJVWHPSXV   (YRU5

 JHKDEW 

WHPSRUDOHU5FNJULII  (YRU(YRU5     

RGHU DVSHNWXHOOHU5FNJULII  (YRU>DEJHVFKORVVHQ]X@5

$EELOGXQJ%HGHXWXQJVYHUlQGHUXQJGXUFK+LQ]XIJXQJYRQJHKDEWEHLUHODWLYHQ KDEHQ'RSSHOSHUIHNWELOGXQJHQ

,P)ROJHQGHQZHUGHQGLHEHLGHQGDUJHVWHOOWHQ0|JOLFKNHLWHQGHU%HGHX WXQJVEHVFKUHLEXQJ DXIJHJULIIHQ XQG GLH 6XEW\SHQ GHV UHODWLYHQ 7\SV YRU GHP+LQWHUJUXQGGLHVHU%HVFKUHLEXQJHQXQWHUVXFKW=LHOLVWHVGDEHL]X HUPLWWHOQREGLHUHODWLYHQKDEHQ%LOGXQJHQHKHUGXUFKGLH3DUDPHWHUEH]LH KXQJRGHUGHURELJHQ$EELOGXQJEHVFKUHLEEDUVLQG BBBBBBBBBBBBBBBBBBB

 

'LH%HQHQQXQJ(EHLGHU%HVFKUHLEXQJGHVDVSHNWXHOOHQ5FNJULIIVPDJYHUZXQGHUQGD KLHUQXUHLQ(YRUNRPPW6LHLVWMHGRFKQ|WLJGDLP)ROJHQGHQGLH%H]LHKXQJYRQ(]X HLQHPZHLWHUHQ( ( XQWHUVXFKWZLUG



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

(V ZLUG VLFK GHU )UDJH QDFK GHU %HGHXWXQJVEHVFKUHLEXQJ ]XQlFKVW GD GXUFKJHQlKHUWGDVVGLHDXIJHVWHOOWHQ)RUPHOQJHQDXHUEHOHXFKWHWZHUGHQ %HJRQQHQZLUGPLWGHU)RUPHO(YRU(YRU5PLWGHUGLH%HVFKUHLEXQJ HLQHUWHPSRUDOHQ$XVGHXWXQJGHV3KlQRPHQVLP6LQQHHLQHVWHPSRUDOHQ 5FNJULIIV YRUJHQRPPHQ ZLUG $QVFKOLH‰HQG HUIROJW GLH %HVFKUHLEXQJ GHU)RUPHO(YRU>DEJHVFKORVVHQ]X@5GLHLQGHUYRUOLHJHQGHQ$UEHLW IUGLH%HVFKUHLEXQJHLQHUDVSHNWXHOOHQ,QWHUSUHWDWLRQLP6LQQHHLQHU$E JHVFKORVVHQKHLWVGHXWXQJGHV3KlQRPHQVYRUJHVHKHQLVW ,QGHQIROJHQGHQ$EELOGXQJHQZHUGHQGLHEHLGHQ3DUDPHWHUUHODWLRQHQ LQ%H]XJDXIGDVIUKDEHQ'RSSHOSHUIHNWELOGXQJHQHLQVFKOlJLJHNRQWH[WX HOOH0XVWHU]ZHLHUYRUKDQGHQHU(UHLJQLVVHGDUJHVWHOOW 9RUYHUJDQJHQKHLWVHEHQH



HLQIDFKH9HUJDQJHQKHLWVHEHQH

( 



( 

YRU ( GDVDOVYRUDQJHKHQG ZDKUJHQRPPHQH(UHLJQLV GHV.RQWH[WHVPLWHLQHU KDEHQ'RSSHOSHUIHNW ELOGXQJUHDOLVLHUW

6SUHFKE]Z6FKUHLE]HLWSXQNW



5

YRU

( GDVDOVQDFKIROJHQG ZDKUJHQRPPHQH(UHLJQLV GHV.RQWH[WHV

$EELOGXQJ3DUDPHWHUUHODWLRQ(YRU(YRU5 KDEHQ 

'LH $EELOGXQJ YHUGHXWOLFKW GDVV EHL GHU WHPSRUDOHQ ,QWHUSUHWDWLRQ GDV PLWHLQHUGRSSHOWHQ3HUIHNWELOGXQJUHDOLVLHUWH(UHLJQLVDXI9RUYHUJDQJHQ KHLWVHEHQH YHURUWHW LVW 'LH %HVFKUHLEXQJ GLHVHV (UHLJQLVVHV EHLQKDOWHW ]ZHL9RU5HODWLRQHQ'LH%HVFKUHLEXQJGHVZHLWHUHQLP.RQWH[WYRUKDQ GHQHQ (UHLJQLVVHV KLQJHJHQ YHUIJW QXU EHU HLQH 9RU5HODWLRQ XQG EH ILQGHW VLFK GDPLW DXIGHU (EHQH GHU HLQIDFKHQ 9HUJDQJHQKHLW %HLGH (U HLJQLVVHVWHKHQGXUFKHLQH9RU5HODWLRQLQ%H]LHKXQJ]XHLQDQGHU'HUDXI HLQIDFKHU9HUJDQJHQKHLWVHEHQHJHVHW]WH3DUDPHWHUZLUGKLHUHQWJHJHQGHU ]XQlFKVWLQ.DSLWHOYRUJHQRPPHQHQ0RGHOOLHUXQJGLHDQGLHVHU6WHOOH HLQ5DQQLPPWDOV(DXIJHIDVVWGDGLHVGHPHPSLULVFKQDFKJHZLHVHQHQ %HIXQG 5HFKQXQJ WUlJW GDVV HLQ KDEHQ'RSSHO SOXVTXDP SHUIHNWHUHLJQLV ]XPHLVWPLWHLQHPZHLWHUHQ(UHLJQLVYRUNRPPWZHOFKHVDOVQDFKIROJHQG ZDKUJHQRPPHQZLUGXQGDXIHLQIDFKHU9HUJDQJHQKHLWVHEHQH]XYHURUWHQ LVW,P*UXQGHVWHOOWDXFK( HLQ5GDUGLH%HQHQQXQJDOV(LVWMHGRFK GLHSUl]LVHUHLQ%H]XJDXIGLHHPSLULVFKHQ*HJHEHQKHLWHQ'LH)RUPHO( YRU>DEJHVFKORVVHQ]X@5LVWIROJHQGHUPD‰HQDEELOGEDU





%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW

HLQIDFKH9HUJDQJHQKHLWVHEHQH



( 



6SUHFKE]Z6FKUHLE]HLWSXQNW

( 



5

YRU YRUDEJHVFKORVVHQ]X (  DEJHVFKORVVHQHVSHUIHNWL YHV(UHLJQLVPLWHLQHU KDEHQ'RSSHO SHUIHNWELOGXQJUHDOLVLHUW

( QLFKWDEJHVFKORV VHQHVLPSHUIHNWLYHV (UHLJQLV

$EELOGXQJ3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 KDEHQ 

'LHEHLGHQLP.RQWH[WYRUKDQGHQHQ(UHLJQLVVHZHUGHQDXIGHUJOHLFKHQ 9HUJDQJHQKHLWVHEHQHPRGHOOLHUWZDVGHULQGHU$VSHNWIRUVFKXQJYHUEUHL WHWHQ$QQDKPH5HFKQXQJWUlJWGDVVÅDVSHNWXHOOH'LIIHUHQ]LHUXQJHQ>«@ LPPHUDXIHLQXQGGHUVHOEHQ=HLWVWXIHVWDWW>ILQGHQ@´ .OHLQ 'LH (UHLJQLVVHXQWHUVFKHLGHQVLFKQLFKWGXUFKHLQHZHLWHUH9RU5HODWLRQVRQ GHUQGXUFKHLQH$EJHVFKORVVHQ5HODWLRQZREHLGLHWHPSRUDOH(EHQHDXI GHUEHLGH(UHLJQLVVHDQJHVLHGHOWVLQGGLHJOHLFKHLVW0LWDQGHUHQ:RUWHQ 6RZRKO(DOVDXFK(VWHKHQGXUFKHLQH9RU5HODWLRQLQ%H]XJ]X5GDV GHQ6SUHFKE]Z6FKUHLE]HLWSXQNWEHVFKUHLEW(YHUIJWMHGRFKEHUHLQH ]XVlW]OLFKH$EJHVFKORVVHQ5HODWLRQ 'XUFK GLH GDUJHVWHOOWH 0RGHOOLHUXQJ ZLUG GHXWOLFK GDVV GHU %HGHX WXQJVXQWHUVFKLHG LQ GHU %H]LHKXQJ GHU YRUILQGEDUHQ (UHLJQLVVH ]XHLQDQ GHU]XVHKHQLVW%HLWHPSRUDOHU%HGHXWXQJZLUGHUDOV9RU5HODWLRQEHL DVSHNWXHOOHU %HGHXWXQJ DOV $EJHVFKORVVHQ5HODWLRQ LQWHUSUHWLHUW ,P )RO JHQGHQZHUGHQGLHYRUJHIXQGHQHQ6XEW\SHQGHVUHODWLYHQ7\SVLQ%H]XJ DXI GLH )UDJH EHWUDFKWHW ZHOFKH GHU 3DUDPHWHUUHODWLRQHQ DGlTXDW HU VFKHLQW=XQlFKVWZLUGGLHVH'LVNXVVLRQIUGHQ6XEW\SÄ(UHLJQLV)ROJH %H]LHKXQJ·JHIKUW+LHU]XHLQLJH%HLVSLHOH  'RHU]XKRIIHTZDPGDHQWSKLQJHUGHQJUHIIHQZROYQGHUKDWWHVLFKDXFK YRU GDU]X JHUXVW VHUH NRVWOLFK ZDQ \PH GHU JUHIIH YRQ 5LFKPRQW GLH HUVW ERW VFKDIWJHWKDQKDWWJHKDEW>3RQWXVXQG6LGRQLD-DKUKXQGHUW@  GDQQLFKZHL‰QLWZDV1RWZLUHWZDQGHP%DXUHQYRQ.UDIWVKRIHQKDEHQJH KROIHQ GHU GHQ 0DJHQ PLW .XWWHOIOHFN XQG 0RONHQ RKQ :HLQWULQNHQ DOVR YHU ZVWJHKDEWGD‰ZLULKQKDEHQPVVHQDXVQHKPHQHLQ,QYHQWDULPLW1XPHUR GDUEHU PDFKHQ XQG ZLH HLQ 3IHIIHUVDFN XPVWLOSHQ DXFK PLW HLQ 6WURKZLVFK .DON XQG 6DQG ZRKO UHLEHQ XQG IHJHQ ZLH GLH :HLEHU GLH 6WHJHQ >=LPP &KU ]LWLHUWQDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW@



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 /H\GWKXWPLUVGDVVGX.DUOXQG)HUGLQDQG(XFKVHLWKHUPLW6FKQXSIHQXQG +XVWHQ EHVFKZHUW JHIXQGHQ +DEW ,KU (XFK YLHOOHLFKW EH\ (XUHP 6SLHOHQ DXI GHP+RIGHUXQJQVWLJHQ:LWWHUXQJHLQZHQLJ]XYLHODXVJHVHW]WJHKDEW"0LFK GHXFKWLFKKDEHHVHUUDWHQ>*ULPPEULHIH-DKUKXQGHUW@  ,FKELQGRUWJHZHVHQZHLOLFKKDEHLP,QWHUQHWJHOHVHQJHKDEWGDVVGLHHUV WHQ6HPHVWHUGDPLWVFKRQDQIDQJHQ>HLJHQH+|UEHOHJH-DKUKXQGHUW@  'HU)HQVWHUODGHQZDUDQJHOHKQWGDV)HQVWHUOLH‰VLFKHLQGUFNHQ«:DKU VFKHLQOLFKKDWWHHV'RNWRU6WLOOPDQQOHLFKWDQJHOHKQWJHKDEW>:HQGODQG]LWLHUW QDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW 

%HLGHU(UVHW]XQJGHU3DUDPHWHU(VRZLH(GXUFKGLHLQGHQDXIJHIKU WHQ .RQWH[WHQ YRUKDQGHQHQ (UHLJQLVVH HUJHEHQ VLFK IROJHQGH =XVFKUHL EXQJHQ ( KDWJHWDQJHKDEW KDWJHWDQJHKDEW YHUZVWHWJHKDEW YHUZVWHWJHKDEW KDEWHXFKDXVJHVHW]WJHKDEW KDEWHXFKDXVJHVHW]WJHKDEW KDEHJHOHVHQJHKDEW  KDEHJHOHVHQJHKDEW  KDWWHDQJHOHKQWJHKDEW  KDWWHDQJHOHKQWJHKDEW 

5HODWLRQ YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU  DEJHVFKORVVHQ]X YRU  DEJHVFKORVVHQ]X YRU  DEJHVFKORVVHQ]X

( KDWWHVLFKJHUVWHW KDWWHVLFKJHUVWHW KDEHQPVVHQDXVQHKPHQ KDEHQPVVHQDXVQHKPHQ EHVFKZHUWJHIXQGHQ EHVFKZHUWJHIXQGHQ ELQGRUWJHZHVHQ ELQGRUWJHZHVHQ OLH‰VLFKHLQGUFNHQ OLH‰VLFKHLQGUFNHQ

(VOlVVWVLFK]XQlFKVWIHVWKDOWHQGDVVVLFKLQNHLQHPGHU%HLVSLHOHHLQHGHU EHLGHQ GDUJHVWHOOWHQ 3DUDPHWHUUHODWLRQHQ DOV QLFKW P|JOLFK HUZHLVW 6R ZRKOGLH9RUDOVDXFKGLH$EJHVFKORVVHQ5HODWLRQVFKHLQW]XU%HVFKUHL EXQJGHU(UHLJQLVEH]LHKXQJDQZHQGEDU]XVHLQZREHLMHQDFK:DKOGHU 5HODWLRQHLQH%HGHXWXQJVQXDQFLHUXQJHLQJHEUDFKWZLUG$QKDQGGHU%HL VSLHOH ZLUG MHGRFK GHXWOLFK ZLH HQJ EHLGH 5HODWLRQHQ PLWHLQDQGHU YHU IORFKWHQVLQGYJO%HOHJ+DWPDQGHQ0DJHQDXVQHKPHQPVVHQZHLO HU ]XYRU YHUZVWHW ZXUGH GDQQ LPSOL]LHUW GDV GDVV GLH 9HUZVWXQJ GHV 0DJHQV DEJHVFKORVVHQ ZDU DOV GDV $XVQHKPHQ EHJDQQ %]Z ,VW GLH 9HU ZVWXQJ GHV 0DJHQV DEJHVFKORVVHQ XQG ZLUG HU QXQ DXVJHQRPPHQ GDQQ KHL‰W GDV JOHLFK]HLWLJ GDVV GLH 9HUZVWXQJ YRU GHP $XVQHKPHQ VWDWWJH IXQGHQKDW*HQDXVROlVVWVLFKEHLGHQZHLWHUHQDXIJHIKUWHQ%HOHJHQDU JXPHQWLHUHQ 'LHGDUJHVWHOOWH%HREDFKWXQJGDVVEHLGH3DUDPHWHUUHODWLRQHQ]XWUHI IHQG HUVFKHLQHQ EHVWlWLJW VLFK EHL GHU %HWUDFKWXQJ ZHLWHUHU (UHLJQLV )ROJH%H]LHKXQJHQ  'LHUHD(OVMXGLFLDOLWHUYRUJHVWHOOWXQGHUIUDJWZDVIXHUHLQ)UDXEH\LKURDP QDHFKVWHQ YHUZLFKHQHQ XQVHU OLHEHQ )UDZHQ +HLPEVXFKXQJVWDJ JHZHVHQ VDJW



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



GLH*ULHWKDOKLHULP'KDOOVH\LKUEHJHJQHWVLHGLHVHOEHJHIUDJWZRJHZHVHQGLH VHOEH JHDQWZRUWHW ZDHU EH\ LKUHU 6XHVWHU ]X GHU %HU]HQ7KRHQQLV )UDXHQ VR NUDQN JHZHVHQ HLQ KDOE 9LHUWHO :HLQ GDKLQ JHWUDJHQ JHKDEW VR VDPPHQ JH WUXQNHQ>+H[HQYHUK|UH3$OWHQDKU-DKUKXQGHUW@  GHQ6HEWHPJH]RJHQDXIIVDOOHUQVWXQGWYRQEUXQVZLHJGHQVWHLQEUXJ EHVFKRVVHQYQGWHLQJHQRPPHQGHQGHUIHLQWKDGWZROIIHQEXGWHOEHOHJHUWYQGW KDWVLFKYHUVFKDQVVHWJHKDEWGDVZLU,KQHQQLFKW]XJHN|QGWKDEHQ$OVRKDWW HU GHQ  6HEWHPEHU GDV ZDVVHU ZHOFKHV HU JHVFKZHOOHW KDWW YQGW YHUPHLQGW GLHVWDGWGDGXUFK]XEHNRPPHQODVVHQODXIIHQ>6|OGQHUOHEHQ-DKUKXQGHUW@  GHQ0D\LKDWPDQ=ZHKQGLHEGHUHLQGH‰-RKDQ5DXZHQ5RWKJHUEHUV6RKQ 9QG VHLQ VFKZDJHU HLQ VFKHIIHUV 6RKQ 9RQ 1LHUWLQJHQ ZHOFKH DOGD HLQ JUR‰H 6XPDJHOGWV9‰,KUHP6FKDW]GHUKLHUHQ9RQ1LHUWWLQJHQJHVWRKOHQJHKDEWJH KHQFNWJRWWNRP,KUDUPHQ6HHOOHQ=XKOIIGDQ6LHIOHL‰LJJHEHWWHQ >/DLFKLQJHU&KURQLN-DKUKXQGHUW@   (LQ &DSLW G $UPV YRQ GHQ 0H\OlQGHUQ ZXUG ZHLO HU HWZDV YRQ 3XOYHU XQG .XJHOQYHUNDXIWJHKDEWDUFKLERXVLUHW'LHVHQ$EHQGJLQJHQGHV3ULQ]HQ2KUV %ORZVXQG5DXKJUDIHQ5HJLPHQWLQGLH$SSURFKHQ >+DQQRYHUVFKH5RWU|FNH-DKUKXQGHUW@ ( JHWUDJHQJHKDEW  JHWUDJHQJHKDEW  KDWVLFKYHUVFKDQ]WJHKDEW KDWVLFKYHUVFKDQ]WJHKDEW JHVWRKOHQJHKDEW  JHVWRKOHQJHKDEW  YHUNDXIWJHKDEW  YHUNDXIWJHKDEW 

5HODWLRQ YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X

( ]XVDPPHQJHWUXQNHQ ]XVDPPHQJHWUXQNHQ QLFKWJHNRQQWKDEHQ QLFKWJHNRQQWKDEHQ KDWJHKlQJW KDWJHKlQJW ZXUGHDUFKLERXVLHUW ZXUGHDUFKLERXVLHUW

'LH0|JOLFKNHLWVRZRKOGLH9RUDOVDXFKGLH$EJHVFKORVVHQ5HODWLRQ]XU %HVFKUHLEXQJ YHUZHQGHQ ]X N|QQHQ HUZHLVW VLFK IU HLQHQ JUR‰HQ 7HLO GHULQGHUYRUOLHJHQGHQ$UEHLWXQWHUVXFKWHQUHODWLYHQKDEHQ%LOGXQJHQGHV 6XEW\SV Ä(UHLJQLV)ROJH%H]LHKXQJ· DOV HLQVFKOlJLJ 'LHV LVW LQVEHVRQGHUH EHLGHQ%HOHJHQIHVW]XVWHOOHQGLHNHLQHZHLWHUHQWHPSRUDOHQ0LWWHOLP%H OHJNRQWH[WDXIZHLVHQ HLQVFKOlJLJKLHUIU%HLVSLHOHXQG ZREHLLQ .DSLWHOJH]HLJWZHUGHQNRQQWHGDVVGLHVH(LJHQVFKDIWDXIGLH0HKU ]DKO GHU XQWHUVXFKWHQ %HOHJH ]XWULIIW 6RZHLW DXV JHJHQZDUWVVSUDFKOLFKHU 3HUVSHNWLYH EHXUWHLOEDU VFKHLQW GLH =XZHLVXQJ EHLGHU 5HODWLRQHQ VFKRQ IU GLH IUKHQ KDEHQ%LOGXQJHQ ]X JHOWHQ HLQVFKOlJLJ KLHUIU %HLVSLHOH  XQG   $XFK LQ GHQ GLVWDQ] XQG QlKHVSUDFKOLFKHQ %HOHJHQ GHV  -DKUKXQGHUWVLVWVLH]XWUHIIHQGZLHGLH%HLVSLHOHXQGH[HPSODULVFK]HL JHQ ,P )ROJHQGHQ ZHUGHQ (UHLJQLV)ROJH%H]LHKXQJHQ GDUJHVWHOOW XQG GLVNXWLHUWEHLGHUHQ%HVFKUHLEXQJHQWZHGHUGLH9RU5HODWLRQ XQGGDPLW



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

GLHWHPSRUDOH,QWHUSUHWDWLRQ RGHUGLH$EJHVFKORVVHQ5HODWLRQ XQGGDPLW GLHDVSHNWXHOOH,QWHUSUHWDWLRQ LQPHKURGHUZHQLJHUJUR‰HP0D‰HDQJH PHVVHQHUHUVFKHLQW$XFKKLHUWULIIWMHGRFK]XGDVVGLHMHZHLOVZHQLJHU]X WUHIIHQGH 5HODWLRQ JUXQGVlW]OLFK DXFK P|JOLFK LVW +LHU]X IROJHQGHV %HL VSLHO   &DWKDULQD /DJHULQ /HGLJVWDQGV YRQ %DPEHUJ ,VW DXI YQGWHU VFKLHGOLFK (LQ NRPPHQH %HNHQGWQX‰HQ +H[HUH\ KDOEHU ]XHU YHUKDIIW JHQRKPPHQ YQQGW GH UHQWZHJHQGHQ.D\VHUOLFKHQ5HFKWHQDXFKGHUIXHUVWO%DPEHUJUHIRUPDWLRQJH PDH‰ VR JXHHW DO‰ 3HLQOLFK ([DPLQLUW ZRUGHQ GLH EHNHQQHW 6LH VH\H DXI ZHL‰ XQG IRUPE ,QKDOOW LKUHU 2ULJLQDO $XVVDJH QXQPHKUR YRU YQJHIHKU  -DKUHQ ]X GLHVHP /DVWHU GHU +H[HUH\ YHUIXHKUW ZRUGWHQ YQQGW KDEH LQ VROFKHU =HLW YRO JHQGH XHEOWKDWHQ ZDUKDIIWLJ EHJDQJHQ (UVWOLFKHU DO‰ 6LH GDPDKOV VLFK LQ HLQH 0DQQ‰3HUVRKQ =LPEOLFK YHUOLHEW JHKDEW DXFK PLW ,KPH LQ YQ]XFKW JHUDWKHQ KHWWHVLFKKHUQDFKHUGHUERHHVHIHLQGWLQGHVVHOEHQJHVHOOHQJHVWDOOWZLGHUXPE]X ,KUYHUIXHHJWZHOFKH6LHDQVHLQHUHUVFKURHNKOLFKHQ9HUHQGHUXQJ(UNHQWGDURE 6LHGDQQKRFKHUVFKURFNHQGRFKYIIVHLQ=XUHGHQKHWWH6LHVLFKDX‰VFKUHFNK]X ,KPHYHUVSURFKHQ>+H[HQYHUK|UH3%DPEHUJ-DKUKXQGHUW@

'HU GDUJHVWHOOWH %HOHJNRQWH[W ZHLVW HLQH $QKlXIXQJ ZHLWHUHU 0LWWHO ]XU 'DUVWHOOXQJ YRQ 7HPSRUDOLWlW DXI 'LH KDEHQ%LOGXQJ HUVFKHLQW ]XQlFKVW LPPLWDOVHLQJHOHLWHWHQ7HPSRUDOVDW]LQGHPGHV:HLWHUHQGDV7HPSRUDO DGYHUELDOGDPDOVDXIWULWW=XGHPZHUGHQGXUFKHUVWOLFKHU²KHUQDFKHU(XQG ( PLWHLQDQGHU YHUEXQGHQ 'LH (UVHW]XQJ GHU 3DUDPHWHU HUJLEW GDV LP )ROJHQGHQ DXIJHIKUWH %LOG 'DV )UDJH]HLFKHQ NHQQ]HLFKQHW KLHUEHL GLH ZHQLJHU]XWUHIIHQGH'HXWXQJ ( 5HODWLRQ ( HUVWOLFKHUDOVVLFKGDPDOVYHUOLHEWJHKDEW YRU KHUQDFKHUKlWWHVLFKYHUIJW HUVWOLFKHUDOVVLFKGDPDOVYHUOLHEWJHKDEW "DEJHVFKORVVHQ]X KHUQDFKHUKlWWHVLFKYHUIJW

'LH]XVlW]OLFKHQWHPSRUDOHQ0LWWHOODVVHQHLQHWHPSRUDOH'HXWXQJGHV%H OHJVLP6LQQHHLQHU9RUYHUJDQJHQKHLWVEH]LHKXQJWUHIIHQGHUHUVFKHLQHQDOV HLQH $EJHVFKORVVHQKHLWVGHXWXQJ GLH MHGRFK DXFK KLHU GDV VHL QRFKPDOV EHWRQWNHLQHVIDOOVDXVJHVFKORVVHQLVW(VILQGHWVLFKHLQlKQOLFKHU%HOHJLP JOHLFKHQ+H[HQYHUK|USURWRNROO  $QQD%DUEDUD1HXHGHFNKHULQ/HGLJVWDQQGWVLQGLH-DKUDOWLVWDXIYQGWHU VFKLHGOLFKH%HNDQGWQX‰KH[HUH\KDOEHU]XHUYHUKDIIWJHQRKPHQYQQGWGHUHQWZH JHQGHQ.D\VHUO5HFKWHQJHPH‰JXHHWYQG3HLQOLFK([DPLQLUWZRUGHQ'LHEH NHQQHWGDV6LHDXIZHL‰YQGIRUPE,QKDOOW,KUHURULJLQDO$XVVDJQXQPHKURYRU -DKUHQ ]X GLHVHP (OHQG YQGW HUVFKURHFNKOLFKHQ +H[HQODVWHU YHUIXHKUW ZRUGHQ KDEHDXFKYROJHQGWH8HEHOWKDWHQZDUKDIIWLJEHJDQJHQ(UVWOLFKHUKHWWH6LHVLFKLQ HLQHQ .QDEHQ YHUOLHEW JHKDEW ZHKUH KHUQDFKHU GLH JHVWDOW GHVVHOEHQ -XHQJOLQJV VR DXFK LQ GLHVHP +H[HQODVWHU ]X ,KU NRPPH PLW ,KU JHVFKHUW]HW 6LH ]XHU 9Q]XFKWYQGWGDKLQEHUHGWGDV6LHVLFK,KPH6HLQ]XVHLQYHUVSURFKHQZHOFKHV KHUQDFK GHU ERHHVH IHLQGW JHZHVW GHQH 6LH DQ VHLQHU DEVFKHXOLFKHQ JHVWDOOW HU NHQQHW>+H[HQYHUK|UH3%DPEHUJ-DKUKXQGHUW@



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



$XFKKLHUWULWWGXUFKGLH]XVlW]OLFKHLQJHEUDFKWH%H]LHKXQJHUVWOLFKHU²KHU QDFKHUGLHWHPSRUDOH%HGHXWXQJHKHULQGHQ9RUGHUJUXQGGLHDVSHNWXHOOH %HGHXWXQJ GHU $EJHVFKORVVHQKHLW HUVFKHLQW VHNXQGlU ,Q GLHVHP 6LQQH GLVNXWLHUEDULVWDXFKGHUIROJHQGH%HOHJ   ,WHP ,Q /HGLJHUQ VWDQQGW KDEH VLH EH\ GHP 3DXUHQ YII GHP 5DPVWDLQ JH GLHQW ZHOFKHU VLH YEHO JHVFKODJHQ 1DFKJHQQW] KDEH VLH $OO‰ VLH VLFK $Q GHQQ 7KHIHOHUJHEHQJHKDEWVROFKHP3DXUHQ$XFK$LQ5RV‰,QQV7KHIHOV1DP PHQ=XH7RGWJHVFKODJHQQ>+H[HQYHUK|UH35RVHQIHOG-DKUKXQGHUW@

(VLVW]XIUDJHQREGDV9RUNRPPHQLPWHPSRUDOHQ1HEHQVDW] KLHUPLW DOV  HLQH SULPlU WHPSRUDOH 9RUYHUJDQJHQKHLWVEHGHXWXQJ GHV .RQWH[WHV KHUDXVVWHOOW ( DOVVLFKHUJHEHQJHKDEW  DOVVLFKHUJHEHQJHKDEW 

5HODWLRQ YRU "DEJHVFKORVVHQ]X

( ]X7RGHJHVFKODJHQ ]X7RGHJHVFKODJHQ

+LHU HUVFKHLQW GLH %HYRU]XJXQJ GHU WHPSRUDOHQ 5HODWLRQ WURW] GHV 9RU NRPPHQVLPWHPSRUDOHQ1HEHQVDW]ZHQLJHUHLQGHXWLJDOVLQGHQ%HLVSLH OHQXQG 1DFKGHP HLQLJH .RQWH[WH PLW EHYRU]XJW WHPSRUDOHU 'HXWXQJ EH WUDFKWHWZXUGHQLVWLQGHQIROJHQGHQ%HLVSLHOHQ]XGLVNXWLHUHQZDUXPGLH $EJHVFKORVVHQ5HODWLRQ ]XU %HGHXWXQJVEHVFKUHLEXQJ DQJHPHVVHQHU HU VFKHLQW  8QWHUGHVVHQNRPPWGLH3RVWYRQ7UDJ|‰GD‰GHU3IDUUHUVFKRQJHVWRUEHQ MHW]W KDW PDQ LKP 9RUZUIH JHPDFKW XQG YHUERWHQ GDV +DXV ]X YHUODVVHQ (U KDWDOOHVYHUKHLPOLFKWJHKDEWGD‰VLFKQXQVHLQ:HLEYRULKPHQWVHW]WHXQGLQ GLH)UDLVHQYHUILHO>+DXVEFKO-DKUKXQGHUW@  'HU*UHLV]XFNWH]XVDPPHQ2IIHQEDUKDWWHHUGLHVHHUVFKUHFNHQGH7DWVDFKH YROOVWlQGLJYHUJHVVHQJHKDEW0LWWRQORVHU6WLPPHEDWHUª)UlXOHLQFKHQVWXQ GHQ 6H V PLU EOR‰ GLV HHQH 0DO QRFK ,FN NRPPH QLFK GXUFK 1lFKVWHQ 6RQQ DEHQG²²©>'%0OOHU-DKQNH9-DKUKXQGHUW@   ,FK ZDU XQVLFKHU KDEH HLQ SDDU 'LQJH YHUJHVVHQ JHKDEW XQG ELQ ]X VSlW JHNRPPHQ>HLJHQH+|UEHOHJH-DKUKXQGHUW@ ( KDWYHUKHLPOLFKWJHKDEW  KDWYHUKHLPOLFKWJHKDEW KDWWHYHUJHVVHQJHKDEW  KDWWHYHUJHVVHQJHKDEW  KDEHYHUJHVVHQJHKDEW  KDEHYHUJHVVHQJHKDEW 

5HODWLRQ  "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X

( VLFKQXQHQWVHW]WH VLFKQXQHQWVHW]WH ]XFNWH]XVDPPHQ ]XFNWH]XVDPPHQ ELQJHNRPPHQ ELQJHNRPPHQ



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

,Q%HOHJZLUGHLQH$EJHVFKORVVHQ5HODWLRQGXUFKGLHLP.RQWH[WYRU KDQGHQH(UHLJQLVEH]LHKXQJYRQYHUKHLPOLFKHQXQGVLFKHQWVHW]HQGHXWOLFKQDKH JHOHJW:HQQHLQH)UDXVLFKQXQYRULKUHP0DQQHQWVHW]WZHLOHULKUODQJH =HLWHWZDVYHUKHLPOLFKWHPXVVGLH=HLWGHV9HUKHLPOLFKHQVEHHQGHWVHLQ GKGHU=XVWDQGGHV9HUKHLPOLFKHQVLVWDEJHVFKORVVHQ'DV(UHLJQLVVLFK HQWVHW]HQXQGGLHLP=XVDPPHQVSLHOEHLGHU(UHLJQLVVHPLWJHGDFKWH%HHQ GLJXQJ GHV (UHLJQLVVHV DOOHVYHUKHLPOLFKHQ EHZLUNW GDVV GLH $EJHVFKORVVHQ KHLWVEHGHXWXQJ KLHU SULPlU HUVFKHLQW GLH WHPSRUDOH %HGHXWXQJ GHU 9RU YHUJDQJHQKHLWZLUNWKLQJHJHQVHNXQGlU (UVHW]WPDQLPEHWUDFKWHWHQ%HLVSLHOGDV(UHLJQLVVLFKHQWVHW]HQGXUFK HLQ DQGHUHV (UHLJQLV VR WULWW GLH $EJHVFKORVVHQKHLWVEHGHXWXQJ ZHQLJHU VWDUN LQ (UVFKHLQXQJ'LH9RU5HODWLRQ KLQJHJHQ VFKHLQW LQ GHQ 9RUGHU JUXQG]XWUHWHQ · 8QWHUGHVVHQNRPPWGLH3RVWYRQ7UDJ|‰GD‰GHU3IDUUHUVFKRQJHVWRUEHQ MHW]W KDW PDQ LKP 9RUZUIH JHPDFKW XQG YHUERWHQ GDV +DXV ]X YHUODVVHQ (U KDWDOOHVYHUKHLPOLFKWJHKDEW6HLQ:HLEDKQWHGDKHUQRFKQLFKWVYRQGHU7UD J|GLH>NRQVWUXLHUWHV%HLVSLHO@

bKQOLFKOlVVWVLFKLQ%HLVSLHODUJXPHQWLHUHQ'DV(UHLJQLV]XVDPPHQ]X FNHQ YHUZHLVW GDUDXI GDVV GHP *UHLV GDV 9HUJHVVHQH ZLHGHU HLQJHIDOOHQ VHLQPXVV=XGHPOLHJWPLWGHP$NNXVDWLYREMHNWGLHVHHUVFKUHFNHQGH7DWVDFKH HLQZHLWHUHV,QGL]GDIUYRUGDVVVLFKDQGDV9HUJHVVHQHQlPOLFKDQGLHVH HUVFKUHFNHQGH7DWVDFKH ZLHGHUHULQQHUW ZXUGH'HU =XVWDQG GHV 9HUJHVVHQ KDEHQVLVWGDPLWDEJHVFKORVVHQGLH$EJHVFKORVVHQKHLWVEHGHXWXQJSULPlU $XFKKLHUOlVVWVLFKHLQ%HLVSLHONRQVWUXLHUHQGDVGLH$EJHVFKORVVHQ KHLWVEHGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQZHQLJHUVWDUNLQ(UVFKHL QXQJ WUHWHQ OlVVW )UDJOLFK LVW MHGRFK GLH $N]HSWDQ] GHU KDEHQ 'RSSHOSHUIHNWELOGXQJLQGLHVHP%HOHJ · 'HU*UHLVJUEHOWHXQGJUEHOWH"2IIHQEDUKDWWHHUHWZDV:LFKWLJHVYHUJHV VHQJHKDEW>NRQVWUXLHUWHV%HLVSLHO@

(LQZHLWHUHV%HLVSLHOPLWYHUJHVVHQLQHLQHPQlKHVSUDFKOLFKHQ+|UEHOHJEHL GHP DXFK GHU DX‰HUVSUDFKOLFKH .RQWH[W UHNDSLWXOLHUW ZHUGHQ NDQQ VWHOOW %HOHJGDU+LQWHUJUXQGGHV.RQWH[WHV'LH6SUHFKHULQLVW]XVSlW]XU $UEHLW JHNRPPHQ ZHLO LKUDXI GHP +LQZHJ HLQILHO GDVVVLH HLQLJHV YHU JHVVHQ KDWWH 6LH NHKUWH GHVKDOE QRFKPDO XP $XFK KLHU OLHJW GDPLW HLQ 0RPHQWGHV(ULQQHUQVYRUGHUGHQ=XVWDQGGHV9HUJHVVHQKDEHQVEHHQ GHW ,Q GLHVHP 6LQQH ZlUHQ GLH %HOHJH  XQG  HEHQVR DOV (UHLJQLV $EVFKOXVV%H]LHKXQJHQ LQWHUSUHWLHUEDU ]X GHQHQ %HOHJH PLW YHUJHVVHQ RK QHKLQ]XWHQGLHUHQVFKHLQHQ BBBBBBBBBBBBBBBBBBB



'LHVH3UREOHPDWLNZLUGZHLWHUXQWHQLQGLHVHP.DSDXIJHJULIIHQ



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



,Q%H]XJDXIGHQ6XEW\SÄ(UHLJQLV)ROJH%H]LHKXQJ·OlVVWVLFKGDPLWIHVW KDOWHQ GDVV HLQH 9LHO]DKO DQ %HOHJHQ VRZRKO GLH WHPSRUDOH DOV DXFK GLH DVSHNWXHOOH ,QWHUSUHWDWLRQVP|JOLFKNHLW DXIZHLVW -H QDFK ,QWHUSUHWDWLRQ ZHUGHQ%HGHXWXQJVQXDQFHQLQGHQ.RQWH[WHLQJHEUDFKWGLHMHGRFKVWDUN PLWHLQDQGHUYHUIORFKWHQVLQG'LH)HVWVWHOOXQJGDVVEHLGH'HXWXQJVP|J OLFKNHLWHQDQJHEUDFKWHUVFKHLQHQWULIIW²VRZHLWHQWVFKHLGEDU²DXIUHODWLYH KDEHQ%LOGXQJHQ DOOHU XQWHUVXFKWHU -DKUKXQGHUWH XQG VRZRKO DXI GLVWDQ] DOVDXFKDXIQlKHVSUDFKOLFKH%LOGXQJHQ]X(VNRQQWHQHLQLJH%HOHJHDXI JHIKUWZHUGHQGLHEHYRU]XJWWHPSRUDO]XGHXWHQZDUHQ$OOHLQGLHVHP =XVDPPHQKDQJGDUJHVWHOOWHQ%HLVSLHOHZLHVHQZHLWHUH0LWWHO]XU'DUVWHO OXQJ YRQ 7HPSRUDOLWlW DXI GHQHQ GDV 3RWHQWLDO ]XJHVFKULHEHQ ZHUGHQ NRQQWH GLH WHPSRUDOH 'HXWXQJ GHV 3KlQRPHQV KHUDXV]XVWHOOHQ $XFK YRUUDQJLJ DVSHNWXHOO ]X GHXWHQGH %HLVSLHOH ZXUGHQ YRUJHVWHOOW 'LH 7HQ GHQ] ]XU $EJHVFKORVVHQKHLWVEHGHXWXQJ VFKLHQ KLHU HKHU DQKDQG GHU MH ZHLOV YRUOLHJHQGHQ 9HUEHQ XQG GHV NRQWH[WXHOOHQ 8PIHOGHV EHJUQGEDU ]X VHLQ .RQQWH HLQH %HGHXWXQJ DOV YRUGHUJUQGLJ HUPLWWHOW ZHUGHQ VR LPSOL]LHUWGLHVH)HVWVWHOOXQJMHGRFKQLFKWGDVVGLH]ZHLWH%HGHXWXQJVLFK DOVXQP|JOLFKHUZHLVW9LHOPHKUZXUGHGLHVHLQHLQHPVROFKHQ)DOOHDOVVH NXQGlUGLHSDVVHQGHUHDOVSULPlUFKDUDNWHULVLHUW ,P)ROJHQGHQZHUGHQ%HOHJHGHV6XEW\SVÄ(UHLJQLV$EVFKOXVV%H]LH KXQJ· DXI GLH =XZHLVXQJ GHU 3DUDPHWHUUHODWLRQHQ XQWHUVXFKW (UHLJQLV $EVFKOXVV%H]LHKXQJHQ ]HLFKQHQ VLFK GDGXUFK DXV GDVV GDV PLW HLQHU GRSSHOWHQ 3HUIHNWELOGXQJ UHDOLVLHUWH (UHLJQLV GXUFK HLQ ZHLWHUHV (UHLJQLV EHHQGHW ZLUG 'LHVH 'HILQLWLRQ YRQ (UHLJQLV$EVFKOXVV%H]LHKXQJ OHJW EHUHLWVGLH9HUPXWXQJQDKHGDVVHVVLFKEHLGLHVHQXPSULPlUDVSHNWXHOO ]XGHXWHQGH%HOHJNRQWH[WHKDQGHOQGUIWH'LHVLVWZLHLP)ROJHQGHQ]X ]HLJHQVHLQZLUGEHLGHQKDEHQ%LOGXQJHQDXFKWDWVlFKOLFKGHU)DOO  (EHQXPEGLHVH=HLWVLQGGLH6SDQLHUZHOFKHVLFKLQ-UUODQGGLH&DWKROL VFKHQ GDVHOEVW ]X VFKXHW]HQ HLQJHQLVWHOW YRQ GHQ (QJHOODHQGHUQ DXIIV +DXSW JHVFKODJHQXQGGXUFK(LQQHKPXQJGHU6WDGW.LQJVDOGLHVLHEHVHW]WJHKDEW JDHQW]OLFKDX‰GHP/DQGHJHWULHEHQZRUGHQ>)QKG-DKUKXQGHUW@  ª6LHVDJWHQJHVWHUQ6LHVHLHQJHVXQGXQGVWDUN,FKJODXEH,KQHQZHLOLFK,K UHQ :LOOHQ NHQQHQJHOHUQW KDEH 8QG KHXWH ZHUGHQ 6LH HLQ YROOJHUWWHOWHV 0D‰ YRQ .UDIW Q|WLJ KDEHQ© ª:DV LVW JHVFKHKHQ"© 6LH HQWIDOWHWH HLQ %ODWW GDV VLH LQ GHU +DQG YHUERUJHQ JHKDEW KDWWH ª,KU .LQG ZDU YRP HUVWHQ 0RPHQW DQ VFKZDFK:LOPD8QGGHUDQJHERUHQHVFKZHUH)HKOHUGD]X²LFKHUKLHOWVRHEHQ HLQ%LOOHWWYRQ'U%HUQVGRUIIHU²²©>'%0OOHU-DKQNH-DKUKXQGHUW@  $$EHU%LDQFDZLHVRKDVWGXHLQH1HXH",FKPHLQHLKUKDEWVHLW'LHQVWDJ HLQH$XV]HLWULFKWLJ"%-DDEHULFKKDEHLP)HEUXDUKDEHLFKVFKRQGLH%H]LH KXQJ EHHQGHW JHKDEW :LU VLQG PDO ZLHGHU ]XVDPPHQJHNRPPHQ VLH KDW VLFK DXFKHLQHHLJHQH:RKQXQJJHVXFKW(VJHKWQLFKW'LH(LIHUVXFKWGDVLVWNUDQN KDIW>7DONVKRZ-DKUKXQGHUW@



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

( EHVHW]WJHKDEW EHVHW]WJHKDEW YHUERUJHQJHKDEWKDWWH YHUERUJHQJHKDEWKDWWH KDEHEHHQGHWJHKDEW KDEHEHHQGHWJHKDEW

5HODWLRQ  "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X

( JHWULHEHQZHUGHQ JHWULHEHQZHUGHQ HQWIDOWHWH HQWIDOWHWH VLQG]XVDPPHQJHNRPPHQ VLQG]XVDPPHQJHNRPPHQ

$QKDQG GHU %HLVSLHOH ]HLJW VLFK JDQ] GHXWOLFK GDVV ( MHZHLOV GXUFK ( EHHQGHWZLUG,Q%HOHJZLUGGLH%HVHW]XQJGHU6WDGWGXUFKGLH6SDQLHU GDGXUFKEHHQGHWGDVVGLHVHDXVGHP/DQGJHWULHEHQZHUGHQ,Q%HOHJ ZLUGGDV9HUEHUJHQGHV%ODWWHVLQGHU+DQGGXUFKGDV(QWIDOWHQEHHQGHW $XFK GHU =XVWDQG GHV %H]LHKXQJVVFKOXVVHV LQ %HOHJ  ZLUG GXUFK GHQ 8PVWDQG ZLHGHU ]XVDPPHQ]XNRPPHQ EHHQGHW )U GLH %HVFKUHLEXQJ GLHVHU%HOHJNRQWH[WHZLUGGDKHUGLH$EJHVFKORVVHQ5HODWLRQEHYRU]XJWGD GLHVH DOV YRUGHUJUQGLJ ]X HUDFKWHQ LVW 'LH WHPSRUDOH 9RU5HODWLRQ HU VFKHLQWVHNXQGlU(LQLJHZHLWHUH%HLVSLHOHZHUGHQDQJHIKUW  .DPHQHWOLFKH6SLRQHZHOFKHGHQ&DSLW*HQDXVJHVFKLFNHWJHKDEWZLGHU DQKHURXQGEUDFKWHQPLWGD‰GLHWUNLVFKH$UPpLQ0DQQVWDDUNEH\/H SDQWRVWQGH>+DQQRYHUVFKH5RWU|FNH-DKUKXQGHUW@  0RFKWHVHLQGD‰GHU$QSUDOOGDV%OHFKELV]XU)HVWNODPPHUXQJGHV9RUGHU UDGV HLQJHGUFNW JHKDEW ² GD‰ HLQH /DLHQKDQG HV ZLHGHU ]XUHFKWJHKlPPHUW KDWWHGHQQHVIKOWHVLFKZHOOLJDQ>%HFKHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR -DKUKXQGHUW@  1DFKVHLQHU5FNNHKUHUZDUEHUGDVVWHLULVFKH-DJGUHYLHUGDVHUELVGDKLQQXU JHSDFKWHWJHKDEWKDWWH>0DUJLQWHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR -DKUKXQGHUW@  'LHEHLGHQKDWWHQVLFKDXFKVFKRQPDOJHWUHQQWJHKDEWDEHUGDQQKDEHQ VLHVLFK]XVDPPHQJHULVVHQ>HLJHQH+|UEHOHJH-DKUKXQGHUW@ ( DXVJHVFKLFNWJHKDEW DXVJHVFKLFNWJHKDEW HLQJHGUFNWJHKDEW HLQJHGUFNWJHKDEW JHSDFKWHWJHKDEWKDWWH JHSDFKWHWJHKDEWKDWWH KDWWHQVLFKJHWUHQQWJHKDEW KDWWHQVLFKJHWUHQQWJHKDEW

5HODWLRQ  "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X "YRU  DEJHVFKORVVHQ]X

( ZLHGHUKHUNRPPHQ ZLHGHUKHUNRPPHQ ZLHGHU]XUFNJHKlPPHUWKDWWH ZLHGHU]XUFNJHKlPPHUWKDWWH HUZDUE HUZDUE KDEHQVLFK]XVDPPHQJHULVVHQ KDEHQVLFK]XVDPPHQJHULVVHQ

$XFKLQGHQ%HLVSLHOHQELVZLUG( GXUFK(EHHQGHW'DV:LHGHU KHUNRPPHQ EHHQGHW GDV $XVJHVFKLFNWKDEHQ GDV =XUFNKlPPHUQ EHHQ GHWGDV(LQJHGUFNWVHLQGDV(UZHUEHQEHHQGHWGDV*HSDFKWHWKDEHQXQG



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



GDV 6LFK=XVDPPHQUHL‰HQ EHHQGHW GDV 6LFK*HWUHQQWKDEHQ 6RPLW HQW VWHKWGXUFKGLHMHZHLOV]XJUXQGHOLHJHQGH(UHLJQLVEH]LHKXQJHLQHDVSHNWX HOOH$XVGHXWXQJGHVGLHKDEHQ'RSSHOSHUIHNWELOGXQJEHLQKDOWHQGHQ.RQ WH[WHV 'LH 9RU]HLWLJNHLWVEH]LHKXQJ WULWW LQ GHQ +LQWHUJUXQG 'LH %HR EDFKWXQJGDVVKDEHQ%LOGXQJHQPLW(UHLJQLV$EVFKOXVV%H]LHKXQJYRUUDQ JLJ DVSHNWXHOOH %HGHXWXQJ ]XJHZLHVHQ ZHUGHQ NDQQ OlVVW VLFK IU MHGHV XQWHUVXFKWH -DKUKXQGHUW EHVWlWLJHQ KLHU]X %HOHJH  XQG  IU IUKH %HLVSLHOH %HOHJ  VRZLH  ELV  IU JHJHQZDUWVVSUDFKOLFKH %HLVSLHOH  =XGHP VLQG GLVWDQ]VSUDFKOLFKH VRZLH QlKHVSUDFKOLFKH %HOHJH IU SULPlU DVSHNWXHOOH (UHLJQLV$EVFKOXVV%H]LHKXQJHQ QDFKZHLVEDU %HOHJH  XQG IU'LVWDQ]VSUDFKOLFKNHLWXQGIU1lKHVSUDFKOLFKNHLW  ,QGHU%HOHJVDPPOXQJZDULQVEHVRQGHUHGLHKlXILJH9HUZHQGXQJGHV 9HUEV YHUJHVVHQ LP 'RSSHO SOXVTXDP SHUIHNW DOV ( HLQHU (UHLJQLV$E VFKOXVV%H]LHKXQJ DXIIDOOHQG $OOH LP )ROJHQGHQ DXIJHIKUWHQ %HLVSLHOH ELVEHLQKDOWHQHLQHQ0RPHQWGHV6LFK(ULQQHUQVDOV$EVFKOXVVGHV 9HUJHVVHQKDEHQVXQGVLQGSULPlUDVSHNWXHOOGHXWEDU  'DVKDWGLUGRFKPHLQ9DWHUHU]lKOWKDVWGXZRKOVFKRQZLHGHUYHUJHVVHQ JHKDEW>HLJHQH+|UEHOHJH-DKUKXQGHUW@  (UUROOWHGLH'HFNHQXQG.LVVHQLQGLH/HLQWFKHUXQGYHUNQRWHWHVLH«$OV HUGDV%QGHODXIGHQ%RGHQOHJWHVDKHU KLQWHUGHP%HWWVHLQHQ7RUQLVWHU(U KDWWH LKQ YHUJHVVHQ JHKDEW >5HPDUTXH ]LWLHUW QDFK /LWYLQRY5DGÿHQNR  -DKUKXQGHUW@   +RUVW 6FKUHLQHU KDWWH GLHVH 0HQLQJLWLV VFKRQ IDVW YHUJHVVHQ JHKDEW -HW]W HULQQHUWHHUVLFKGD‰LKPMHQH.LQGHUlU]WLQPLWGHPUXQGHQ*HVLFKWJHVDJWKDW WH«>5LQHFNHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW@  ,FKEOLFNWHPLFKDEZHVHQGXP+DWWHLFKGLHVHQ5DXPYRQGUHLHLQKDOE0H WHU/lQJHHWZDYHUJHVVHQJHKDEW"'HQJDQ]HQVFKZHUHQ$QIDQJGDPDOV" >5DXFKIX‰]LWLHUWQDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW@

'HQ %HOHJNRQWH[WHQ LQ GHQHQ ]ZHL (UHLJQLVVH LQ HLQHU (UHLJQLV$E VFKOXVV%H]LHKXQJ ]XHLQDQGHU VWHKHQ OlVVW VLFK GDPLW SULPlU DVSHNWXHOOH $EJHVFKORVVHQKHLWVEHGHXWXQJ XQG VHNXQGlU WHPSRUDOH 9RUYHUJDQJHQ KHLWVEHGHXWXQJ ]XZHLVHQ 'DEHL HUIlKUW GHU GXUFK GLH KDEHQ'RSSHOSHU IHNWELOGXQJ JHOHLVWHWH ]HLWOLFKH 5FNJULII GLH YRUGHUJUQGLJ DVSHNWXHOOH $XVOHXFKWXQJGXUFKGLHVSH]LILVFKH%H]LHKXQJGHUEHLGHQ(UHLJQLVVH]X HLQDQGHU ,P )ROJHQGHQ ZLUGVLFK GHU %HWUDFKWXQJ GHU .RQWH[WH JHZLGPHW LQ GHQHQ]ZHL(UHLJQLVVHLQ]HLWOLFKHU6WDIIHOXQJYRUNRPPHQ'DVPLWHLQHU KDEHQ'RSSHOSHUIHNWELOGXQJUHDOLVLHUWH(UHLJQLVVWHOOWKLHUHLQHQ5FNJULII KLQWHU GDV ZHLWHUH YRUNRPPHQGH (UHLJQLV RKQH VSH]LIL]LHUEDUH (UHLJQLV EH]LHKXQJGDU(VVWHOOWVLFKGDEHLZLHGHUXPGLH)UDJHGXUFKZHOFKH3D UDPHWHUUHODWLRQ ² GXUFK GLH WHPSRUDOH 9RU RGHU GLH DVSHNWXHOOH $EJH



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

VFKORVVHQ5HODWLRQRGHUGXUFKEHLGHJOHLFKHUPD‰HQ²GLHVHU6XEW\SWUHI IHQGHUZHLVH]XEHVFKUHLEHQLVW+LHU]XHLQLJH%HLVSLHOH   'D VH\H VLH LQQ -R‰ +HPPHUOLQV &RUQUDGWV VRKQV VWDOO NKRPPHQ XQG RE YHUPHOWSXOYHULQQGLHVWUHZHJHZRUIIHQGDYRQGLHNHKHDQIDQJHQNUDQFNKZHU GHQGHUQGLH]ZRJHVWRUEHQXQGGLHGULWWHGXUFKPLWHOHLQHVIUHPEGHQGD]XJH KROOWHQ PDQQ‰ ZLGHU GDYRQ JHEUDFKW ZRUGHQ 6R KDEH VLH DOO‰ VLH LQQ LKUHV QDKEDUQ -DFRE +XFKOHUV VWDOO NKRPPHQ VROK SXOYHU LQQ GLH VWUHZH JHZRUIIHQ GDUDXILKQHQGLHNHKHVRNU]OLFKNDOEOHWJHKDEWJOHLFKVHOELJHQDKWJHVWRUEHQ >+H[HQYHUK|UH3+RKHQHPV-DKUKXQGHUW@  GHQIHEUXDULLVWGHU9RJW9RQ1LHUWLQJHQDOVHLQ&RPRQVDULRDOKHURNR PHQ9RQZHJHQGH‰KDQ‰%DVFKHQ9RQKDWWHQKRIIHQZHOFKHQPDQ%H=LFKWLJHW HUKDEVHLQZHLE=XWRGJHZRUIIHQPDQKDWLQ/DQJ9PEJHVFKODLIIW%L‰(QG OLFKGHPKHQNKHU9QGHUGLHKDQGHQNRPHQ9QGKDWLQVFKRQDQJHOHJWJHKDEW KHWLQQXUGHUIIHQ9II]LHKHQ9QGGDPDQJHVHKHQGD‰HUQL[ZLOO%HNHQHQ,VWHU 1DKHUZ|FKHQWOLFKHUJHIHQFNK/R‰JHV3URFKHQZRUGHQ >/DLFKLQJHU&KURQLN-DKUKXQGHUW@   8QG VR JLQJ GDV IRUW DEHU LFK KlWWH VFKOLH‰OLFK DOOHV KLQJHQRPPHQ ZHQQ QLFKWQRFKHWZDVDQGUHVJHZHVHQZlUH(WZDLQGHU]ZHLWHQ:RFKHQDFKPHLQHP $QWULWW KDWWH GLH ª*QlGLJH© IU XQJHIlKU  0DUN %LHUPDUNHQ DXI HLQ %UHWW JH ]lKOWJHKDEW6LHKDWWHGDQQYRP%IHWWZHJJHPX‰WXQGDOVVLHZLHGHUNDPZD UHQGLH0DUNHQYHUVFKZXQGHQ>'%%URPPH9-DKUKXQGHUW@   .HQQVW GX GLH 6" 'LH KDW /HKUDPW 'HXWVFK VWXGLHUW JHKDEW XQG GLH KDW QRFKVRHLQ)HUQVWXGLXPZHLWHUJHPDFKW>HLJHQH+|UEHOHJH-DKUKXQGHUW@  $XIGHU3DUW\ZDUHQQXUVLHEHQDFKW/HXWHGLHKDEHQJHNRFKWJHKDEWXQG ZLUNDPHQGDQQGD]X>HLJHQH+|UEHOHJH-DKUKXQGHUW@ ( JHNDOEWJHKDEW JHNDOEWJHKDEW KDWDQJHOHJWJHKDEW KDWDQJHOHJWJHKDEW KDWWHJH]lKOWJHKDEW KDWWHJH]lKOWJHKDEW KDWVWXGLHUWJHKDEW KDWVWXGLHUWJHKDEW KDEHQJHNRFKWJHKDEW KDEHQJHNRFKWJHKDEW

5HODWLRQ YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X

( JHVWRUEHQ JHVWRUEHQ KlWWHGUIHQDXI]LHKHQ KlWWHGUIHQDXI]LHKHQ KDWWHZHJJHPXVVW KDWWHZHJJHPXVVW KDWZHLWHUJHPDFKW KDWZHLWHUJHPDFKW NDPHQGD]X NDPHQGD]X

:LH EHUHLWV EHL GHU %HWUDFKWXQJ GHU (UHLJQLV)ROJH%H]LHKXQJHQ IHVWJH VWHOOW VFKHLQHQ DXFK KLHU EHLGH 3DUDPHWHUUHODWLRQHQ JOHLFKHUPD‰HQ P|J OLFK]XVHLQZREHLZLHGHUGLHHQJH9HUIOHFKWXQJEHLGHU%HGHXWXQJVQXDQ FLHUXQJHQGHXWOLFKZLUG+DWGLH.XKJHNDOEWEHYRUVLHJHVWRUEHQLVWVRLVW GDV.DOEHQDEJHVFKORVVHQDOVVLHJHVWRUEHQLVW%]Z,VWGDV.DOEHQEHHQGHW XQG GLH .XK GDUDXIKLQ JHVWRUEHQ VR IDQG GDV .DOEHQ YRU GHP 6WHUEHQ



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



VWDWW:LHGHUIXQNWLRQLHUWGLHVH3DUDSKUDVLHUXQJEHLDOOHQDQJHIKUWHQ%H OHJHQELV :HLWHUH %HOHJH EHL GHQHQ EHLGH 3DUDPHWHUUHODWLRQHQ JOHLFKHUPD‰HQ JHHLJQHWVLQGZHUGHQLP)ROJHQGHQDQJHIKUW   6LH ZX‰WH QLFKWV DQGUHV« 1LFKWV DQGUHV VHLW +HUU $SULOH LKU GDV LP DQJHO VlFKVLVFKHQ.OHLQIRUPDWJHKDOWHQH%LJOLHWWRG·DPRUHEHUUHLFKWGDVHLQ%XEPLW HLQHP (VHO DEJHJHEHQ JHKDEW >%HFKHU ]LWLHUW QDFK /LWYLQRY5DGÿHQNR  -DKUKXQGHUW@  «XQGLFKKDEJHVDJWLFKELQDXFKPDOZLHGHUGDXQGGDQQKDWHUGDV%LHU JHEUDFKW XQG GDV %URW XQG GHQ 6SHFN KDW HU GLFN DXIJHVFKQLWWHQ JHKDEW DXI GDV%URWGHU3RVWZLUWLVWQLFKWNQDXVHULJGHUYHUVWHKWZDVYRQ*HVFKlIW >*UQ]LWLHUWQDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW@   ,FK KDEH GDV VFKRQ JHOHVHQ LFKKDWWH LKU HLJHQWOLFK DXFK VFKRQ]XUFNJH VFKULHEHQJHKDEWDEHUVLHKDWHVZRKOQRFKQLFKWJHOHVHQ >HLJHQH+|UEHOHJH-DKUKXQGHUW@  'DZDU+HUU8DXFKGDKDWVFKRQRUGHQWOLFKZLHGHUHLQHQJHEHFKHUWJH KDEWXQGGDQQLVWHU]X0JHJDQJHQXQGKDWVLFKPLWLKUXQWHUKDOWHQ >HLJHQH+|UEHOHJH-DKUKXQGHUW@

( DEJHJHEHQJHKDEW DEJHJHEHQJHKDEW KDWDXIJHVFKQLWWHQJHKDEW KDWDXIJHVFKQLWWHQJHKDEW KDWWH]XUFNJHVFKULHEHQJHKDEW KDWWH]XUFNJHVFKULHEHQJHKDEW KDWJHEHFKHUWJHKDEW KDWJHEHFKHUWJHKDEW

5HODWLRQ YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X

( EHUUHLFKW EHUUHLFKW KDWJHEUDFKW KDWJHEUDFKW KDWQRFKQLFKWJHOHVHQ KDWQRFKQLFKWJHOHVHQ LVWJHJDQJHQ LVWJHJDQJHQ 

)UGHQJU|‰WHQ7HLOGHU%HOHJHHUVFKHLQHQEHLGH3DUDPHWHUUHODWLRQHQD GlTXDW]XU%HGHXWXQJVEHVFKUHLEXQJGLHVHV6XEW\SVGHUDEGHP-DKU KXQGHUWLQMHGHPXQWHUVXFKWHQ-DKUKXQGHUWYRUNRPPW %HOHJHXQG IUGDV-DKUKXQGHUW XQGJHJHQZDUWVVSUDFKOLFK]XGHPVRZRKOLPGLV WDQ] %HOHJHXQG DOVDXFKLPQlKHVSUDFKOLFKHQ%HUHLFKDQ]XWUHIIHQ LVW XQGVRZLHXQG  (LQLJH %HLVSLHOH HUZHFNHQ GHQ (LQGUXFN HLQHU YRUGHUJUQGLJ WHPSR UDOHQ9RUYHUJDQJHQKHLWVEHGHXWXQJ   (U IUDJWH LKQ DEHU WURW]GHP VHOEVW XP 5DW XQG OLH‰ LKQ VRJDU HLQPDO HLQHQ %ULHI VFKUHLEHQ XP ZLHGHU %DUPLWWHO IOVVLJ ]X PDFKHQ (U KDWWH QlPOLFK LP -DKUHYRUKHUHLQH6WHOOHDXIHLQHPKLQWHUSRPPHUVFKHQ*XWHEHUQRPPHQJH KDEW %LV GDKLQ ZDU HU PHLVW LQ GHU 3URYLQ] 3RVHQ XQG :HVWSUHX‰HQ JHZHVHQ >'%%URPPH9-DKUKXQGHUW@



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 'RFKDXI/XLVHYRQ3UHX‰HQV5HLVH>«@YRQ0HFNOHQEXUJQDFK3UHX‰HQLVW *UDQVHHGXUFKDXVNHLQXQHUKHEOLFKHU)OHFNJHZHVHQGLHYHUGVWHUWH&RUWHJHKDW GHQ 6DUJ KLHU DEJHVWHOOW JHKDEW IU GLH 1DFKW XQG 6FKLQNHO KDW QDFKKHU HLQ 'HQNPDO GD]X JHPDFKW >.DQW ]LWLHUW QDFK /LWYLQRY5DGÿHQNR    -DKUKXQGHUW@   'LH +LOIORVLJNHLW GHU 5RNLW]HU ZXUGH JDQ] RIIHQNXQGLJ XQG LQ GLHVHP $X JHQEOLFNHUKREVLFK0HO]HUXQGZDUIVLFKYRULKUDXIGLH.QLHRKQHGD‰VLHYRU KHU LP OHLVHVWHQ HLQDQGHU EHUKUW JHKDEW KlWWHQ QLFKW HLQPDO PLW GHQ )LQJHU VSLW]HQ>'RGHUHU]LWLHUWQDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW@ ( KDWWHLP-DKUYRUKHUEHUQRPPHQJHKDEW KDWWHLP-DKUYRUKHUEHUQRPPHQJHKDEW KDWDEJHVWHOOWJHKDEW KDWDEJHVWHOOWJHKDEW YRUKHUEHUKUWJHKDEWKlWWHQ  YRUKHUEHUKUWJHKDEWKlWWHQ 

5HODWLRQ YRU "DEJHVFKORVVHQ]X YRU "DEJHVFKORVVHQ]X YRU  "DEJHVFKORVVHQ]X 

( IUDJWH IUDJWH KDWQDFKKHUJHPDFKW  KDWQDFKKHUJHPDFKW   LQGLHVHP$XJHQEOLFN HUKREVLFK LQGLHVHP$XJHQEOLFN HUKREVLFK

'LH .RQWH[WH  ELV  ZHLVHQ DOOHVDPW7HPSRUDODGYHUELDOH DXI GLH GDV 3RWHQWLDO GHU KDEHQ%LOGXQJ HLQHQ 5FNJULII KLQWHU HLQ ZHLWHUHV (UHLJQLV ]XEHZLUNHQSULPlUWHPSRUDODOV9RUYHUJDQJHQKHLWVEHGHXWXQJDXVOHXFK WHQ$XFKKLHULVWGLH$EJHVFKORVVHQKHLWVEHGHXWXQJQLFKWDXVJHVFKORVVHQ VLHWULWWMHGRFK]XJXQVWHQGHU9RUYHUJDQJHQKHLWVEHGHXWXQJLQGHQ+LQWHU JUXQG(LQHYRUGHUJUQGLJDVSHNWXHOOH$EJHVFKORVVHQKHLWVEHGHXWXQJZLH VLH EHL HLQLJHQ %HOHJHQ PLW (UHLJQLV)ROJH%H]LHKXQJ IHVWJHVWHOOW ZXUGH NRQQWHKLHUQLFKWJHIXQGHQZHUGHQ 'DPLWHUZHLVWVLFKDXFKKLHUIUHLQHQ*UR‰WHLOGHU%HOHJHVRZRKOGLH 9RUDOVDXFKGLH$EJHVFKORVVHQ5HODWLRQDOVJOHLFKHUPD‰HQSDVVHQGH%H VFKUHLEXQJVP|JOLFKNHLW %HL HLQLJHQ %HLVSLHOHQ NRQQWH GLH 9RU5HODWLRQ DOVWUHIIHQGHUH&KDUDNWHULVLHUXQJGHUMHZHLOLJHQNRQWH[WXHOOHQ/HLVWXQJGHU KDEHQ'RSSHOSHUIHNWELOGXQJ EHVWLPPW ZHUGHQ ,Q GHU IROJHQGHQ 7DEHOOH ZHUGHQGLH(UJHEQLVVH]XVDPPHQJHIDVVWGLHLQ%H]XJDXIGLH%HGHXWXQJ GHU6XEW\SHQUHODWLYHUKDEHQ%LOGXQJHQKHUDXVJHDUEHLWHWZXUGHQ WHPSRUDO DVSHNWXHOOH %HGHXWXQJ (UHLJQLV)ROJH%H]LHKXQJ [ (UHLJQLV$EVFKOXVV%H]LHKXQJ  ]HLWOLFKH6WDIIHOXQJ [ 6XEW\S

SULPlU WHPSRUDOH %HGHXWXQJ [  [

SULPlU DVSHNWXHOOH %HGHXWXQJ [ [ 

7DEHOOH6XEW\SHQGHVUHODWLYHQ7\SVGRSSHOWHU3HUIHNWELOGXQJHQ KDEHQ  XQGGHUHQ%HGHXWXQJ



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



'LHELVKHULJHQ'DUVWHOOXQJHQ]HLJHQ]ZHL6DFKYHUKDOWHGHXWOLFKDXI  'LHKDEHQ'RSSHOSHUIHNWELOGXQJHQZHUGHQLQGHQPHLVWHQ)lOOHQPLWHLQHP ZHLWHUHQ (UHLJQLV XQG LQ %H]XJ DXI GLHVHV ZHLWHUH (UHLJQLV YHUZHQGHW VLH VLQGUHODWLY  'LH UHODWLYHQ KDEHQ'RSSHOSHUIHNWELOGXQJHQ NHQQ]HLFKQHQ HLQHQ ]HLWOLFKHQ 5FNJULIILQ%H]XJDXIGLHVHVZHLWHUH(UHLJQLV

=HLWOLFKNHLWVXEVXPLHUW7HPSRUDOLWlWXQG$VSHNWXDOLWlW6RPLWZXUGHGLH )UDJHJHVWHOOWREGHUYRPUHODWLYHQ7\SJHOHLVWHWH]HLWOLFKH5FNJULIIWHP SRUDOHU1DWXULP6LQQHHLQHU9RUYHUJDQJHQKHLWVEHGHXWXQJRGHUDVSHNWXHO OHU1DWXULP6LQQHHLQHU$EJHVFKORVVHQKHLWVEHGHXWXQJLVW%HLGHU8QWHU VXFKXQJ HQWVWDQG GHU (LQGUXFN GDVV GLH $XVGHXWXQJ GHV GXUFK GLH UHODWLYHQ KDEHQ%LOGXQJHQ JHOHLVWHWHQ 5FNJULIIV DOV WHPSRUDODVSHNWXHOO SULPlUWHPSRUDORGHUSULPlUDVSHNWXHOOQLFKWYRQGHUGRSSHOWHQ3HUIHNW ELOGXQJ DQ VLFK YRUJHJHEHQ VRQGHUQ YRQ GHQ NRQNUHWHQ NRQWH[WXHOOHQ )DNWRUHQDEKlQJLJLVW,QVHKUYLHOHQ)lOOHQHUVFKHLQHQEHLGH3DUDPHWHUUH ODWLRQHQ]XU%HGHXWXQJVEHVFKUHLEXQJDQJHPHVVHQLQVEHVRQGHUHEHL%HOH JHQ RKQH ZHLWHUH 7HPSRUDODGYHUELDOH WHPSRUDOH -XQNWRUHQ Xl 'DPLW ZLUGGHXWOLFKGDVVHVVLFKYRUGHP+LQWHUJUXQGGHUKLHUYHUZHQGHWHQ0H WKRGH QLFKW DOV JHUHFKWIHUWLJW HUZHLVW HLQH GHU EHLGHQ %HGHXWXQJHQ DOV *UXQGEHGHXWXQJ GHU KDEHQ%LOGXQJHQ DQ]XQHKPHQ ZLH 5|GHO  I  GDV LQ %H]XJ DXI GLH DVSHNWXHOOH %HGHXWXQJ WXW (V NRQQWHQ VHKU IUKH%HOHJHDXVJHPDFKWZHUGHQEHLGHQHQHLQHSULPlUWHPSRUDOH,QWHU SUHWDWLRQDQJHPHVVHQHUVFKLHQ %HLVSLHOHXQG 6RPLWODVVHQVLFKYRU GHP +LQWHUJUXQG GHU YHUZHQGHWHQ 0HWKRGH NHLQH VWLFKKDOWLJHQ ,QGL]LHQ GDIU ILQGHQ GDVV GLH KDEHQ'RSSHOSHUIHNWELOGXQJHQ VLFK DOV SULPlU DV SHNWXHOOHV3KlQRPHQKHUDXVELOGHQXQGKLVWRULVFKHLQH5HDQDO\VH]XHLQHP YRUGHUJUQGLJWHPSRUDOHQ3KlQRPHQLP6LQQHGHU.DWHJRULHQKLHUDUFKLH HUIDKUHQZLHEVSZ7RSDORYLý  DQQLPPW 'LH8QWHUVXFKXQJZHLVWGDPLWGLUHNWDXIGLH)UDJHQDFKGHU6LQQKDI WLJNHLW GHU 6XFKH QDFK HLQHU LQYDULDQWHQ *UXQGEHGHXWXQJ LP 6LQQH YRQ :HONH  KLQ,Q.DSLWHOZXUGHEHLGHU'DUVWHOOXQJGHUELVKH ULJHQ 'HXWXQJHQ DOV HLQ .ULWLNSXQNW KHUDXVJHDUEHLWHW GDVV GLH %HGHX WXQJVEHVFKUHLEXQJ YRQ 9HUIHFKWHUQ WHPSRUDOHU %HGHXWXQJHQ KlXILJ GXUFK HLQH ÄWHPSRUDOH %ULOOH· HUIROJW ZDV DXFK 5|GHO NULWLVFK EHPHUNW  'LHGXUFKJHIKUWH%HGHXWXQJVDQDO\VHPDFKWMHGRFKGHXWOLFK GDVVJHQDXVRYLHO9RUVLFKWJHERWHQLVWPLW,QWHUSUHWDWLRQHQGLHHLQHUUHLQ DVSHNWXHOOHQ %HGHXWXQJ GHQ 9RU]XJ JHEHQ (LQH SULPlU WHPSRUDOH RGHU DVSHNWXHOOH %HGHXWXQJ ZDU LQ GHU YRUOLHJHQGHQ $UEHLW PHWKRGLVFK QLFKW BBBBBBBBBBBBBBBBBBB

 

9JO.DS 9JO.DS



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

GDUVWHOOEDU'HUVWDUNWKHRULHJHOHLWHWHQ$UJXPHQWDWLRQ5|GHOVHQWVSUHFKHQ GLHHPSLULVFKHQ(UJHEQLVVHGLHVHU$UEHLWGDKHUQXUWHLOZHLVH'LHHPSLUL VFKHQ%HIXQGHODVVHQQLFKWHUNHQQHQGDVVGLHDVSHNWXHOOH%HGHXWXQJDOV SULPlUH%HGHXWXQJDXV]XZHLVHQLVWGLHHLQHVHNXQGlUHWHPSRUDOH%HGHX WXQJEHZLUNHQNDQQ ,Q%H]XJDXIGLH%HGHXWXQJGHVUHODWLYHQ7\SVGHUKDEHQ'RSSHOSHU IHNWELOGXQJHQNDQQYRUGHP+LQWHUJUXQGGHUGXUFKJHIKUWHQ$QDO\VHDOV JHVLFKHUWJHOWHQGDVVGLHVHUHLQHQ]HLWOLFKHQ5FNJULIIKLQWHUHLQZHLWHUHV (UHLJQLV OHLVWHW 'LH ,QWHUSUHWDWLRQ GLHVHV 5FNJULIIV DOV WHPSRUDODVSHN WXHOO SULPlU DVSHNWXHOO RGHU SULPlU WHPSRUDO XQG GDPLW GLH MHZHLOLJH NRQNUHWH %HGHXWXQJ GHU KDEHQ%LOGXQJ  LVW NRQWH[WDEKlQJLJ +LHUEHL KD EHQVLFKIROJHQGH)DNWRUHQDOVHLQVFKOlJLJHUZLHVHQ GLH$XIOLVWXQJLVWDOV HUZHLWHUEDU]XYHUVWHKHQ   GLHGHQ(UHLJQLVVHQ]XJUXQGHOLHJHQGHQ9HUEHQXQGGHUHU%H]LHKXQJ]XHLQ DQGHU DOV 3DUDGHEHLVSLHO LVW KLHU GLH (UHLJQLV$EVFKOXVV%H]LHKXQJ KHUDXV ]XVWHOOHQGLHLQMHGHP)DOOHHLQHSULPlUDVSHNWXHOOH,QWHUSUHWDWLRQGHV3Kl QRPHQVQDKHOHJW   GLHZHLWHUHQ7HPSRUDODGYHUELDOHLP.RQWH[W YRUKHUGDQDFKHUVW²GDQDFK GLH HLQHSULPlUWHPSRUDOH,QWHUSUHWDWLRQEHJQVWLJHQ  GHUDX‰HUVSUDFKOLFKH.RQWH[W LQVEHVRQGHUHEHLQlKHVSUDFKOLFKHQ%HOHJHQ 

,P=XJHGHUHPSLULVFKHQ$QDO\VHRIIHQEDUWHQVLFKDXFKWKHRUHWLVFKPH WKRGLVFKH(UNHQQWQLVVHLQ%H]XJDXIGHQ8QWHUVXFKXQJVJHJHQVWDQG  7HPSRUDOLWlW XQG $VSHNWXDOLWlW HUVFKHLQHQ LP %HUHLFK GHU 9HUJDQJHQKHLWV WHPSRUD WDWVlFKOLFK GHUDUW PLWHLQDQGHU YHUIORFKWHQ GDVV HLQH PHWKRGLVFKH $XIGU|VHOXQJ NDXP P|JOLFK HUVFKHLQW 'LHVH 7DWVDFKH PDFKW GLH 6XFKH QDFKHLQHUGHUEHLGHQ%HGHXWXQJHQDOV*UXQGEHGHXWXQJZHQLJVLQQYROO  'LH 6XFKH QDFK HLQHU *UXQGEHGHXWXQJ LP 6LQQH HLQHV (QWZHGHU2GHU 3ULQ]LSV  IKUW LP ([WUHPIDOO GD]X GDVV GLH :LFKWLJNHLW GHU (LQEH]LHKXQJ NRQNUHWHUNRQWH[WXHOOHU)DNWRUHQPLVVDFKWHWZLUGGLHGXUFKDXVZLHDQKDQG GHU $QDO\VH JH]HLJW ZHUGHQ NRQQWH JUR‰HQ (LQIOXVV QHKPHQ DXI GLH $XV JHVWDOWXQJGHUMHZHLOLJHQNRQNUHWHQ%HGHXWXQJ  'LH YRUOLHJHQGH $UEHLW QLPPW ZHGHU GLH WHPSRUDOH QRFK GLH DVSHNWXHOOH %HGHXWXQJLQYDULDQWDOV*UXQGEHGHXWXQJGHUUHODWLYHQKDEHQ'RSSHOSHUIHNW ELOGXQJHQDQVRQGHUQSOlGLHUWGDIUGDVVVLFKGLH%HGHXWXQJVQXDQFLHUXQJ ÄWHPSRUDODVSHNWXHOO·ÄSULPlUWHPSRUDO·RGHUÄSULPlUDVSHNWXHOO·DXVGHPMH ZHLOVDNWXHOOHQ.RQWH[WHUJLEW

'LH IROJHQGH $EELOGXQJ IDVVW GLH HPSLULVFK HUPLWWHOWHQ (UJHEQLVVH GHV .DSLWHOVLQ%H]XJDXIGLH%HGHXWXQJGHUUHODWLYHQKDEHQ'RSSHOSHUIHNWELO GXQJHQDEVFKOLH‰HQG]XVDPPHQ





%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW

/HLVWXQJGHUUHODWLYHQKDEHQ'RSSHO SHUIHNWELOGXQJHQ5FNJULIIKLQWHU(

 ( 





( 



5

WHPSRUDODVSHNWXHOOHSULPlUWHPSRUDOH RGHUSULPlUDVSHNWXHOOH,QWHUSUHWDWLRQ GHV9HUKlOWQLVVHVYRQ(XQG( GXUFKGHQDNWXHOOHQ.RQWH[W $EELOGXQJ/HLVWXQJGHVUHODWLYHQ7\SVGRSSHOWHU3HUIHNWELOGXQJHQ KDEHQ 



 $EVROXWHU7\S(YRU5RGHU(YRU>DEJHVFKORVVHQ]X@5" %HUHLWV DE GHP  -DKUKXQGHUW EHJHJQHW HLQ DEVROXWHV 9RUNRPPHQ GHU KDEHQ'RSSHOSHUIHNWELOGXQJHQGDVVLFKGXUFKHLQHQ*HEUDXFKRKQHQDFK IROJHQGHV (UHLJQLV LP .RQWH[W DXV]HLFKQHW 'LHVH 9HUZHQGXQJ NRPPW ]XQlFKVWQXUVHKUYHUHLQ]HOWYRULVWGDQQMHGRFKLQGHQQlKHVSUDFKOLFKHQ %HOHJHQ GHU *HJHQZDUWVVSUDFKH PDVVLY DQ]XWUHIIHQ (LQLJH KLVWRULVFKH %HLVSLHOHZHUGHQDXIJHIKUW  'HPQDFKVSUHFKHQZLU&KXUIXUVWOLFKH6HFKVLVFKH6FK|SSHQ]X/HLSW]LJNGD UDXII XQG HUVWOLFKHQ VRYLHO JHPHOWH 0HWWKH )OLVFKWLVFKLQ XQG $QQHQ 6XSUDQJLQ EHODQJHWYRQUHFKWKDEHQGLHVHOEHQLQGHUVFKDUIIHQIUDJHDXVJHVDJWXQGEHNDQW GDVVLHEH\GHPLWGHPWHXIIHOXQGVLHGLH)OLVFKWLVFKHPLWHLQHPGHQVLH/XFLIHU JHQDQWXQGLKUYRQGHU)ULHGULVFKHQ]X'UXELJ]XJHZLHVHQZRUGHQGLH6XSUDQ JLQ DEHU PLW HLQHP GHQ VLH 6WUDXVV JHQDQW ]XVFKDIIHQ XQG JHEXKOHW JHKDSW >+H[HQYHUK|UH3:HUQLJHURGH-DKUKXQGHUW@  $UW6LQWHPDKOZDKUGD‰QDFKGHP]XGHU=HLWZLH,KU(KHPDQQLP'RUIIH 'HORZ GHQ +RIIHPHLVWHU 'LHQVW YQWHU +UQ 5LWWPHLVWHU 3KLOLS %RUFNHQ EHVWDQ GHQ^,QTXLVLWD`HW]OLFKH$SIHODEJHVFK?RX^H`^X`WWHOWYQGXQWHUGHP%DXPPLW HLQHU6FK?RX^H`^X`UW]HEHGHFNHWJHKDEW:DKUGD‰XQGZLHGDPDKOLJNHLQ 8QWHUWKDQDXVGHP'RUIIH&OHERZ1DKPHQV0LFKHOO%?RX^H`^X`QGLNHYRQVRO FKHQ$HSIHOQQXUHLQZHQLJ]XVLFKJHQRPPHQ^,QTXLVLWD`GHU8UVDFKHQJHIOX FKHW YQGW GH‰ZHJHQ VHKU JHEDQQHW >+H[HQYHUK|UH 6FKLHYHOEHLQ   -DKU KXQGHUW@



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 'DVZXQGHUEDUVWHZDUGD‰HUDXIGHP5FNHQHLQHQ7RGWHQ.RSIVRHLJHQW OLFKDEJH]HLFKQHWJHKDEWGD‰HVNHLQ0DKOHUHLJHQWOLFKPDFKHQN|QQWH >)UDQFNH-DKUKXQGHUW@

'LH DEVROXWH 9HUZHQGXQJ LVW GDGXUFK JHNHQQ]HLFKQHW GDVV GDV VRQVW GXUFKJlQJLJH NRQWH[WXHOOH 0XVWHU ]ZHLHU (UHLJQLVVH YRQ GHQHQ GDV PLW HLQHU GRSSHOWHQ 3HUIHNWELOGXQJ UHDOLVLHUWH GDV YRUDQJHKHQGH GDUVWHOOW GXUFKEURFKHQZLUG(VILQGHWVLFKNHLQQDFKIROJHQGHV(UHLJQLVZLHHVLQ GHQUHODWLYHQ%HOHJNRQWH[WHQIHVWVWHOOEDUZDU'DGXUFKZLUNWGDV'RSSHO SOXVTXDP SHUIHNWHUHLJQLVQLFKWYRUDQJHKHQG 'LHVH 9HUZHQGXQJVZHLVH ZXUGH LQ GHU ELVKHULJHQ )RUVFKXQJ EHUHLWV NRQVWDWLHUW XQG LQ GHU 5HJHO XQWHU GHU WHPSRUDOHQ %HGHXWXQJ ÄHLQIDFKH 9HUJDQJHQKHLW·VXEVXPLHUW ]%'RURZ+HQQLJXQG%XFKZDOG D  5|GHO MHGRFK KlOW DXFK KLHU GHQ DVSHNWXHOOHQ (UNOlUXQJVDQVDW] EHUHLW GDVV GLH Å6SUHFKHU GXUFK GLHVHQ 1DFKWUDJ >YRQ JHKDEW $QP GHU 9HUI@QRFKHLQPDOGLH$X‰HUSHUVSHNWLYH XQGGDPLWGLH]HLWOLFKH'LVWDQ]  DXIGLHJHVFKLOGHUWH6LWXDWLRQEHWRQHQ´   'LHLQ.DSLWHOKHUDXVJHDUEHLWHWHJUXQGVlW]OLFKH9HUJDQJHQKHLWVEH GHXWXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ ZLUG DXFK EHL GLHVHU 9HUZHQGXQJV ZHLVHYRUDXVJHVHW]W+LQ]XNRPPWGLH)UDJHREGRSSHOWH3HUIHNWELOGXQ JHQGHVDEVROXWHQ7\SV]XVlW]OLFKDOVSHUIHNWLY]XGHXWHQVLQGZLH5|GHO GLHV YRUVFKOlJW 'LH hEHUWUDJXQJ GHU EHLGHQ 'HXWXQJVP|JOLFKNHLWHQ DXI GLH 5HLFKHQEDFK·VFKHQ 3DUDPHWHU XQG GHUHQ 5HODWLRQ ]XHLQDQGHU HUJLEW GLHIROJHQGHQ=XRUGQXQJHQ HLQIDFKH9HUJDQJHQKHLWVHEHQH



(

6SUHFKE]Z6FKUHLE]HLWSXQNW







YRU ( GDVPLWHLQHU KDEHQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWH(UHLJQLV $EELOGXQJ3DUDPHWHUUHODWLRQ(YRU5 KDEHQ 

BBBBBBBBBBBBBBBBBBB



9JO.DS

5





%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW

HLQIDFKH9HUJDQJHQKHLWVHEHQH



(

6SUHFKE]Z6FKUHLE]HLWSXQNW







5

YRUDEJHVFKORVVHQ]X ( GDVPLWHLQHU KDEHQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWH(UHLJQLV SHUIHNWLY  $EELOGXQJ3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 KDEHQ 

$XVGHQ$EELOGXQJHQLVWHUVLFKWOLFKGDVVVLFKGLHEHLGHQ'HXWXQJVP|J OLFKNHLWHQGXUFKHLQH$EJHVFKORVVHQ5HODWLRQYRQHLQDQGHUXQWHUVFKHLGHQ 'LH 'HXWXQJ JHPl‰ $EELOGXQJ  VWHOOW GLH WHPSRUDOH %HGHXWXQJ GLHVHV 9HUZHQGXQJVW\SV LQ GHQ 9RUGHUJUXQG ZRKLQJHJHQ GLH 'HXWXQJ JHPl‰ $EELOGXQJGHQ)RNXVDXIHLQH]XU9HUJDQJHQKHLWVEHGHXWXQJKLQ]XNRP PHQGH $EJHVFKORVVHQKHLWVEHGHXWXQJ OHJW %HLGH %HGHXWXQJHQ OLHJHQ DXI GHUJOHLFKHQ9HUJDQJHQKHLWVHEHQH GDUJHVWHOOWGXUFKGLHEHLEHLGHQ0RGHO OLHUXQJHQ YRUKDQGHQH 9RU5HODWLRQ 'LH DVSHNWXHOOH'HXWXQJ EULQJW ]X VlW]OLFK]XU9HUJDQJHQKHLWVEHGHXWXQJQRFKGLH%HGHXWXQJGHU3HUIHNWLYL WlWHLQ GDUJHVWHOOWGXUFKGLH$EJHVFKORVVHQ5HODWLRQ 'LH(UVHW]XQJGHU 3DUDPHWHUGXUFKGLHNRQNUHWHQ%HOHJNRQWH[WHELVHUJLEWGDVIROJHQGH %LOG (

5HODWLRQ

5

JHEXKOWJHKDEW JHEXKOWJHKDEW

YRU YRUXQGDEJHVFKORVVHQ]X

6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW

EHGHFNWJHKDEW EHGHFNWJHKDEW

YRU YRUXQGDEJHVFKORVVHQ]X

6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW

DEJH]HLFKQHWJHKDEW DEJH]HLFKQHWJHKDEW

YRU YRUXQGDEJHVFKORVVHQ]X

6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW

:HLWHUH%HOHJNRQWH[WHGHVDEVROXWHQ7\SVVROOHQGLHVEH]JOLFKXQWHUVXFKW ZHUGHQXPHUVWH6FKOXVVIROJHUXQJHQ]X]LHKHQ  'HQNGRFKQLFKWHWZDGD‰LFK'HLQHOLHEHYROOH%HIOLVVHQKHLWPLWZHOFKHU'X PLU]XPHLQHP2KQOlQJVWZLHGHUHUOHEWHQ*HEXUWVWDJH JUDWXOLHUWKDVWYHUNDQQW KDEH1HLQJXWHU-DFREVLHJHUHLFKWHPLU]XULQQLJVWHQ=XIULHGHQKHLWXQGQXUDO OHLQH PHLQH VHLWKHU QRFK DEJHZHFKVHOWH *HVXQGKHLWVXPVWlQGH KDEHQ PLFK JH KLQGHUWJHKDEW'LUVROFKHLKUHUJDQW]HQ(PSILQGXQJ]XHUNHQQHQ]XJHEHQ >*ULPPEULHIH-DKUKXQGHUW@



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

  (LQHU KDW PHLQ OLQNHV %HLQ JHKDOWHQ HLQHU GDV UHFKWH HLQHU KDW GHQ $UP LQ *LSVEHVRQGHUVXQGYLHOOHLFKWDXFKEHVRQGHUVVRUJIlOWLJJHIKUWXQGGHU*lUWQHU KDW VHLQH $UPH XQWHU PHLQH $FKVHOQ JHVFKREHQ XQG KDW GLH NQRFKLJHQ +lQGH DXI PHLQHU %UXVW JHIDOWHW JHKDEW >.DQW ]LWLHUW QDFK /LWYLQRY5DGÿHQNR  -DKUKXQGHUW@  'LHJDQ]HQ=LWDWHKDVWGXPLUVFKRQJH]HLJWJHKDEW >HLJHQH+|UEHOHJH-DKUKXQGHUW@  $8QGZRKHUZHL‰WGXGDVVHUGDVJHQRPPHQKDW"+DEWLKUGUEHUJHVSUR FKHQ"%'XUFKHLQHQ)UHXQG$8QGKDWHUHVDXFK]XJHJHEHQ"%(UKDWHVHU KDWHV]XJHJHEHQHUKDWHVEHWHXHUW+DWVLFKDXFKHQWVFKXOGLJWJHKDEW >7DONVKRZ-DKUKXQGHUW@ (

5HODWLRQ

KDEHQJHKLQGHUWJHKDEW KDEHQJHKLQGHUWJHKDEW KDWJHIDOWHWJHKDEW KDWJHIDOWHWJHKDEW KDVWJH]HLJWJHKDEW KDVWJH]HLJWJHKDEW KDWVLFKHQWVFKXOGLJWJHKDEW KDWVLFKHQWVFKXOGLJWJHKDEW

YRU  YRUXQGDEJHVFKORVVHQ]X YRU  YRUXQGDEJHVFKORVVHQ]X YRU  YRUXQGDEJHVFKORVVHQ]X YRU  YRUXQGDEJHVFKORVVHQ]X



5 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW

'LHDXIJHIKUWHQ%HOHJNRQWH[WHELVHUZHFNHQGHQ(LQGUXFNGDVVVR ZRKOGLH9RUDOVDXFKGLH9RU$EJHVFKORVVHQ5HODWLRQJOHLFKHUPD‰HQ ]XU %HGHXWXQJVEHVFKUHLEXQJ DQJHPHVVHQ HUVFKHLQW 'LH %HLVSLHOH ODVVHQ NHLQHGHXWOLFKH3UlIHUHQ]IUHLQHGHUEHLGHQ3DUDPHWHUUHODWLRQHQHUNHQ QHQ9LHOPHKUZLUGDQLKQHQZLHGHUXPGLHHQJH9HUIOHFKWXQJYRQ7HP SRUDOLWlWXQG$VSHNWXDOLWlWGHXWOLFK'HUWHPSRUDOHQ9RU5HODWLRQVFKHLQW LQJHZLVVHU:HLVHEHUHLWVHLQH$EJHVFKORVVHQKHLWVEHGHXWXQJLQKlUHQWEHL VSLHOKDIWKLHUIU%HOHJ)LQGHWGDV(QWVFKXOGLJHQYRUGHP5HIHUHQ]]HLW SXQNWVWDWWVRLVWGLHVHV]XP5HIHUHQ]]HLWSXQNWEHUHLWVDEJHVFKORVVHQ (V ZXUGH YHUVXFKW %HOHJH GHV DEVROXWHQ 7\SV ]X ILQGHQ GHUHQ %H GHXWXQJHKHUGXUFKGLHWHPSRUDOHDOVGXUFKGLHWHPSRUDODVSHNWXHOOH,Q WHUSUHWDWLRQEHVFKUHLEEDUHUVFKHLQW)ROJHQGH%HOHJHVROOHQLQGLHVHP=X VDPPHQKDQJDXIJHIKUWXQGGLVNXWLHUWZHUGHQ   *HIJ RE QLW GHU E|VHU IHLDQGW PHKUPDKOHQ ]X LKU NRPPHQ YQG GLH YQ]XFKW DKQLKUJHVRQQHQ"$QW-DYLHOPDKOHQYQGDQYHUVFKHLGHQHQRUWHUHQDXIGHUJD‰HQ YQG LKP KDX‰ ZHUH DXFK YRQ GHPVHOEHQ YHUVFKHLGHQH PDKOHQ DXI GLH KH[HQ GHQ‰ JHIXKUW ZRUGHQ *HIJ ZLH YQG ZHOFKHU JHVWDOW (U VLH GDKLQ JHIXKUW" $QW VH\HGXUFKGLHOXIWJHIXKUWYQGDQHLQRUWEUDFKWGDVLHYHUPHLQGWJHKDEWLP3D UDGLVJHZHVHQ]XVHLQ*HIJZLHRIWVLHDXIVROFKHGHQ‰JHZHVHQ"$QW,KUHVEHVWHQ EHKDOWVVLHEHQPDKO*HIJREVLHDXFKLHPDQGWHPHWZDVERH‰JHWKDQRGHU]XJH IXHJW" $QW 1HLQ 1XU DOOHLQ LKUHP OHLEOLFKHQ >+H[HQYHUK|UH .|OQ  0DFKD +HUERUQJHVDPW-DKUKXQGHUW@



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



 ,FKJODXEHGDVKDEHLFKYRUKLQQLFKWVRJHVDJWJHKDEW >HLJHQH+|UEHOHJH-DKUKXQGHUW@ ( YHUPHLQWJHKDEW YHUPHLQWJHKDEW YRUKLQKDEHJHVDJWJHKDEW YRUKLQKDEHJHVDJWJHKDEW

5HODWLRQ 5 YRU 6SUHFKE]Z6FKUHLE]HLWSXQNW "YRUXQGDEJHVFKORVVHQ]X 6SUHFKE]Z6FKUHLE]HLWSXQNW YRU 6SUHFKE]Z6FKUHLE]HLWSXQNW "YRUXQGDEJHVFKORVVHQ]X 6SUHFKE]Z6FKUHLE]HLWSXQNW

%HOHJHEHLGHQHQGLHWHPSRUDOH'HXWXQJHLQGHXWLJDQJHPHVVHQHUDOVGLH WHPSRUDODVSHNWXHOOHHUVFKHLQWVWHOOHQLQGHUYRUOLHJHQGHQ%HOHJVDPPOXQJ (LQ]HOIlOOHGDU'LH%HOHJHXQGHUZHLVHQVLFKDOVDXIGLHVH:HLVHGHXW EDU ZREHL MHGRFK GLH WHPSRUDODVSHNWXHOOH 'HXWXQJ DXFK KLHU QLFKW IDOVFK VRQGHUQ ZHQLJHU DQJHPHVVHQ HUVFKHLQW $XIJUXQG GHV VHOWHQHQ 9RUNRPPHQVVROFKHU%HOHJNRQWH[WHNDQQQXUDQKDQGGHUYRUJHIXQGHQHQ (LQ]HOIlOOH YHUPXWHW ZHUGHQ ZHOFKH NRQWH[WXHOOHQ )DNWRUHQ GLH YRUGHU JUQGLJ WHPSRUDOH /HVDUW EHZLUNHQ N|QQHQ %HL %HLVSLHO  LVW GHQNEDU GDVVGLH,QWHUSUHWDWLRQDOVYRUGHUJUQGLJWHPSRUDOGXUFKGLH6WDWL]LWlWGHV (UHLJQLVVHVYHUPHLQHQEHGLQJWLVWGHPNHLQ1DFK]XVWDQGLQKlUHQWLVW%HL VSLHOYHUIJWEHUHLQZHLWHUHV7HPSRUDODGYHUELDOYRUKLQGDVHLQHYRUGHU JUQGLJWHPSRUDOH/HVDUW]XEHJQVWLJHQVFKHLQW 8QWHUVXFKW ZXUGH ZHLWHUKLQ RE %HOHJNRQWH[WH YRUOLHJHQ EHL GHQHQ GLH +LQ]XIJXQJ HLQHU $EJHVFKORVVHQ5HODWLRQ ]XU 9RU5HODWLRQ ZLFKWLJ HUVFKHLQW XP GLH %HGHXWXQJ GHU DEVROXWHQ KDEHQ'RSSHOSHUIHNWELOGXQJ DGlTXDW ]X EHVFKUHLEHQ 'LH IROJHQGHQ %HLVSLHOH N|QQHQ KLHU]X LQ %H WUDFKWJH]RJHQZHUGHQ   :LU KDEHQ XQV XP GLH /XIWPDWUDW]H JHVWULWWHQ XQG 0XWWL NDP ZXVVWH JDU QLFKWZDVORVZDUXQGGDKDEHQZLUEHLGHHLQHJHIDQJHQJHKDEW >HLJHQH+|UEHOHJH-DKUKXQGHUW@   *HRUJ LVW GRFK PDO DXV GHP )HQVWHU JHVSUXQJHQ EHLP 6FKODIZDQGHOQ +DW VLFKGHQJDQ]HQ)X‰]HUWUPPHUWJHKDEW >HLJHQH+|UEHOHJH-DKUKXQGHUW@ (

5HODWLRQ

5

KDEHQJHIDQJHQJHKDEW KDEHQJHIDQJHQJHKDEW KDWVLFK]HUWUPPHUWJHKDEW KDWVLFK]HUWUPPHUWJHKDEW

"YRU YRUXQGDEJHVFKORVVHQ]X "YRU YRUXQGDEJHVFKORVVHQ]X

6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW 6SUHFKE]Z6FKUHLE]HLWSXQNW

$XFK KLHU OLHJHQ QXU (LQ]HOIlOOH YRU GLH QHEHQ GHU ]XJUXQGH JHOHJWHQ 9RU5HODWLRQ GLH +LQ]XIJXQJ HLQHU $EJHVFKORVVHQ5HODWLRQ ]XU %HGHX WXQJVEHVFKUHLEXQJ DQJHPHVVHQ HUVFKHLQHQ ODVVHQ 'DKHU KDQGHOW HV VLFK EHLGHU)UDJHZHOFKH(OHPHQWHGLHDVSHNWXHOOH/HVDUWEHJQVWLJHQZLHGHU



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

XP(LQ]HOIDOOHQWVFKHLGXQJHQDXVGHQHQNHLQHJHQHUHOOHQ6FKOXVVIROJHUXQ JHQJH]RJHQZHUGHQN|QQHQ %HOHJOLHJWHLQSXQNWXHOOHV9HUE]XJUXQGH$XFKGLH6LWXDWLRQVNODV VH GHV 'RSSHOSHUIHNWHUHLJQLVVHV LVW DOV SXQNWXHOO RKQH ]HLWOLFKH $XVGHK QXQJ ]X FKDUDNWHULVLHUHQ ZDV HLQH SHUIHNWLYH /HVDUW GHV .RQWH[WHV EH JQVWLJW(LQHlKQOLFKH$UJXPHQWDWLRQLVWIU%HOHJDQ]XVHW]HQ:LHGHU KDQGHOWHVVLFKXPHLQSXQNWXHOOHV9HUEGHP'RSSHOSHUIHNWHUHLJQLVOLHJW GLH SXQNWXHOOH 6LWXDWLRQVNODVVH ]XJUXQGH 'LH IHKOHQGH ]HLWOLFKH $XVGHK QXQJ IDYRULVLHUW GLH SHUIHNWLYH /HVDUW GHV 'RSSHOSHUIHNWHUHLJQLVVHV XQG GLH)RNXVVLHUXQJDXIGHQGXUFKGDV(UHLJQLVEHZLUNWHQ1DFK]XVWDQG (VOlVVWVLFKIHVWKDOWHQGDVVLQYLHOHQ.RQWH[WHQGHVYRUOLHJHQGHQDE VROXWHQ 9HUZHQGXQJVW\SV QLFKW HQWVFKHLGEDU LVW RE HLQH YRUGHUJUQGLJ WHPSRUDOH /HVDUW PLW DVSHNWXHOO QHXWUDOHU %HGHXWXQJ RGHU HLQH YRUGHU JUQGLJ SHUIHNWLYH /HVDUW GLH ]XU JUXQGVlW]OLFKHQ 9HUJDQJHQKHLWVEHGHX WXQJ KLQ]XNRPPW DQJHPHVVHQHU ]XU %HGHXWXQJVEHVFKUHLEXQJ HUVFKHLQW 0HLVWVLQGDXIJUXQGGHUVWDUNHQ9HUIOHFKWXQJYRQWHPSRUDOHUXQGDVSHN WXHOOHU%HGHXWXQJVRZRKOGLHWHPSRUDOHDOVDXFKGLHWHPSRUDODVSHNWXHOOH %HGHXWXQJVQXDQFLHUXQJ JOHLFKHUPD‰HQ P|JOLFK %HL HLQLJHQ .RQWH[WHQ HUVFKHLQW HLQH GHU EHLGHQ 3DUDPHWHUUHODWLRQHQ DQJHPHVVHQHU ZREHL GLH MHZHLOVDQGHUHLPPHUDXFKP|JOLFKLVW$QKDQGGLHVHUZHQLJHQ.RQWH[WH NRQQWHQ HLQLJH )DNWRUHQ KHUDXVJHVWHOOW ZHUGHQ GLH IU GLH %HGHXWXQJV NRQVWLWXLHUXQJHLQVFKOlJLJHUVFKHLQHQ  GDV GHP 'RSSHOSHUIHNW E]Z 'RSSHOSOXVTXDPSHUIHNWHUHLJQLV ]XJUXQGH OLHJHQGH9HUEXQGGLH]XJUXQGHOLHJHQGH6LWXDWLRQVNODVVH EHJQVWLJHQHQW ZHGHUGLHWHPSRUDOHRGHUGLHWHPSRUDODVSHNWXHOOH/HVDUW   ZHLWHUH7HPSRUDODGYHUELDOHLP.RQWH[W EHJQVWLJHQGLHWHPSRUDOH/HVDUW 

$XIJUXQGGHUZHQLJHQ.RQWH[WHEHLGHQHQGLH)DYRULVLHUXQJHLQHU3DUD PHWHUUHODWLRQ HUNHQQEDU ZDU VWHOOHQ GLH DXIJHIKUWHQ )DNWRUHQ OHGLJOLFK $QKDOWVSXQNWH DXI GLH)UDJH GDU ZHOFKH )DNWRUHQ HLQVFKOlJLJ IU GLH MH ZHLOLJH%HGHXWXQJVNRQVWLWXLHUXQJVHLQN|QQHQ:HLWHUH0LWWHOVLQGGXUFK DXVGHQNEDU %LV ]XP  -DKUKXQGHUW NDP GHU DEVROXWH 9HUZHQGXQJVW\S QXU YHUHLQ]HOWYRU$XFKGLHGLVWDQ]VSUDFKOLFKHQ%HOHJHGHU*HJHQZDUWVVSUD FKHZLHVHQHLQHQVROFKHQ*HEUDXFKQXUVHOWHQDXI'LH$QDO\VHGHUQlKH VSUDFKOLFKHQ%HOHJHGHV-DKUKXQGHUWVKLQJHJHQ]HLJWHHLQHPDVVLYH 9HUZHQGXQJYRQKDEHQ%LOGXQJHQRKQHGDVHUPLWWHOWH0XVWHU]ZHLHU(U HLJQLVVH LP .RQWH[W  YRQ  QlKHVSUDFKOLFKHQ %HOHJNRQWH[WHQ ODJHQ LQGLHVHU9HUZHQGXQJYRU'DPLW]HLJWVLFKJHUDGHDQ GHQQlKHVSUDFKOL FKHQ %HOHJHQ GHU *HJHQZDUWVVSUDFKH HLQH $XIVSUHQJXQJ GHV ELVKHULJHQ 0XVWHUVEHLGHPGLHKDEHQ%LOGXQJHQLQ.RQWH[WHQPLW]ZHL(UHLJQLVVHQ YRUNRPPHQXQGLKUH/HLVWXQJGDULQ]XVHKHQLVWGDVVVLHHLQHQ]HLWOLFKHQ



%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



5FNJULII LQ %H]XJ DXI GDV ]ZHLWH LP .RQWH[W YRUNRPPHQGH (UHLJQLV HLQEULQJHQ =XPHUVWHQ0DOWUDWLQGHQQlKHVSUDFKOLFKHQ%HOHJNRQWH[WHQGHU*H JHQZDUWVVSUDFKHHLQPHKUIDFKHU*HEUDXFKYRQKDEHQ'RSSHOSHUIHNWXQG KDEHQ'RSSHOSOXVTXDPSHUIHNWLQHLQHP.RQWH[WDXIGHQ5|GHODOVÅLQIOD WLRQlU´  EH]HLFKQHW   $ ,FK KDEH ]X GLU VR RIW JHVDJW JHKDEW NRPP PLW QDFK GHP $PW 'X KDVWDXFKLPPHUJHVDJWJHKDEWMDGXJHKVWPLW$PDQGHUHQ0RUJHQKDVWGX GLFKQLFKWZRKOJHIKOWJHKDEW%1HLQLFKPXVVPRUJHQV]XP$U]WXQGLFK JHKHGDYRQDXVZHQQGX]XP$PWJHKVW RGHUVRXQGVDJVWGXZDUVWDXFKGD GDVV GX PLFK QLFKW EHOJVW $0RPHQW 'X KDVW JHUDGH JHVDJW JHKDEW GUHL 0RQDWHODQJKlWWHLFKNHLQ*HOGJHNULHJWJHKDEW >7DONVKRZ-DKUKXQGHUW@  $8QGLUJHQGZDQQGDQQZDUHVGDQQVRZHLWJHZHVHQGDVVLFKZLUNOLFK EHUDOO EHWWHOQ JHKHQ PXVVWH XP VDJ LFK PDO IU PHLQH .LQGHU ZDV ]X HVVHQ 0LHWH EH]DKOHQ XVZ 8QG GDQQ KDWWHQ ZLU XQV HQWVFKORVVHQ JHKDEW GDVV ZLU XQV HUVW PDO IU HLQH :HLOH WUHQQHQ DOVR MHGHU KlXVOLFK ,FK VHOEHU KDEH PLFK GDQQDXIGLH)‰HJHVWHOOWJHKDEWKDEHHLQH$UEHLWEHNRPPHQGXUFKVDJLFK PDOGXUFK6R]LDODPW-DXQGLP(QGHIIHNWLVWHVGDQQVRJHZHVHQLP/DXIHGHU =HLW VDJ LFK PDO KDWWH HU VLFK LPPHU PHKU MD YHUlQGHUW HU LVW GDQQ KDEH LFK UDXVJHNULHJWGDVVHUPLFKZDKUVFKHLQOLFKEHWUJW % :LH KDVW GX GDV UDXVJHNULHJW GDVV HU GLFK EHWUJW" $ 'XUFK )UHXQGH KDEH LFKGDVUDXVJHNULHJWJHKDEW'XUFK$UEHLWVNROOHJHQHEHQZHLOLFKVHOEHUDXFK PDOPLWHLQELVVFKHQDXIGHU%DXVWHOOHPLWJHKROIHQKDWWHXQGVR8QGGDKDWWHQ PLFKGDQQZHOFKHPDODQJHUXIHQJHKDEWXQGJHVDJWJHKDEWGXKRUFK]X9LR ODLUJHQGZDVVWLPPWGDPLW5HQpQLFKW8QGGDQQKDWWHQVLHPLUGDYRQHU]lKOW JHKDEWGDVVHUVHKURIWLQHLQHP%lFNHULVWEHLHLQHU)UDXXQGGDVLVWLUJHQGZR XQQRUPDOVDJHLFKPDO:HQQMHPDQGNDPZRLVW 5HQpMDVWlQGLJLQGHP%l FNHUGULQ6RQDMDXQGGDQQKDEHLFKLKQZHQQHUGDQQ:RFKHQHQGHNDPKDEH LFKLKQGDQDFKJHIUDJWPHKUIDFK-DXQGQHLQGDLVWQLFKWVGDLVWQLFKWVXQGVLH KDWHLQHQ3DUWQHUXQGMDGDQQKDEHLFKUDXVJHNULHJWJHKDEWGDVVHVQLFKWVR ZDU>7DONVKRZ-DKUKXQGHUW@  8QGZLHHVPLWLKUDQJHIDQJHQKDWKDWWHLFKJHVDJWJHKDEWLFKELQVFKZHU HLIHUVFKWLJXQGDOOHVJHOOXQGGDQQGLH5HDNWLRQPLWGHU([DOOHVXQGGDKDEH LFKJHVDJWJHKDEWLFKZLOOGDVGDQQQLFKWPHKUKDEHQLFKZROOWHNHLQ""">XQ YHUVWlQGOLFK$QPGHU9HUI@PHKUXQGKDEHGDQQPLWLKUSURELHUWKDWJHNODSSW >7DONVKRZ-DKUKXQGHUW@   1XU HLQV (LQHQ $XJHQEOLFN :DV KDEH LFK ]X GLU JHVDJW JHKDEW PLW VR /HXWHQ":DVKDEHLFKJHVDJWJHKDEW"9LHUPDOKDEHLFK]XGLUJHVDJWJHKDEW ODVVGLFKQLFKWDXIVR/HXWHHLQZHJHQGHLQHU9RUJHVFKLFKWH >7DONVKRZ-DKUKXQGHUW@

BBBBBBBBBBBBBBBBBBB

 9JO.DS



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

,Q GHQ GDUJHVWHOOWHQ %HOHJNRQWH[WHQ OlVVW VLFK NHLQ 9HUZHQGXQJVPXVWHU PHKU HUNHQQHQ+DEHQ'RSSHOSHUIHNWELOGXQJHQ ZHUGHQ VRZRKO ]XU 'DU VWHOOXQJYRUDQJHKHQGHUDOVDXFKQDFKIROJHQGHU(UHLJQLVVHYHUZHQGHW'D KHULVWEHLGHU%HWUDFKWXQJGHU%HLVSLHOHELVGHU5|GHO·VFKHQ$UJX PHQWDWLRQ GDVV GRSSHOWH 3HUIHNWELOGXQJHQ ]XU $X‰HQSHUVSHNWLYLHUXQJ GHV(UHLJQLVVHVGLHQHQQXUQRFKVFKZHUOLFK]XIROJHQ 0|JOLFKHUZHLVH VWHOOW GLH DEVROXWH 9HUZHQGXQJ HLQ ,QGL] IU HLQHQ *UDPPDWLNDOLVLHUXQJVVFKULWW GHU .RQVWUXNWLRQ GDU 'DV ELVODQJ VHKU DXI IlOOLJH9HUZHQGXQJVPXVWHULQ.RQWH[WHQPLW]ZHL(UHLJQLVVHQYHUVFKZLQ GHWEHLEHLQDKHGHU+lOIWHDOOHUXQWHUVXFKWHQQlKHVSUDFKOLFKHQ%HOHJHGHU *HJHQZDUWVVSUDFKH 'LH KLHU YRUJHIXQGHQH 9HUZHQGXQJ VFKHLQW VLFK NDXP YRQ GHU3HUIHNW E]Z 3OXVTXDPSHUIHNWYHUZHQGXQJ ]X XQWHUVFKHL GHQ 'LH KDEHQ%LOGXQJHQ GHU %HOHJNRQWH[WH  ELV  ZLUNHQ DOOH DXV WDXVFKEDUPLW3HUIHNWRGHU3OXVTXDPSHUIHNWRKQHGDVVHLQ,QIRUPDWLRQV YHUOXVW]XEHIUFKWHQZlUH 9RUGHP+LQWHUJUXQGGHUYRUOLHJHQGHQ%HOHJVDPPOXQJQLFKWNOlUEDU LVWGLH)UDJHDEZDQQGHUDEVROXWH9HUZHQGXQJVW\SLP1lKHVSUDFKOLFKHQ KlXILJHU ZLUG (V IHKOHQ QlKHVSUDFKOLFKH KLVWRULVFKH %HOHJH GLH KLHU]X $XIVFKOXVVJHEHQN|QQWHQ,QGHQXQWHUVXFKWHQQlKHVSUDFKOLFKHQ%HOHJHQ GHV  -DKUKXQGHUWV WUDW GHU DEVROXWH 9HUZHQGXQJVW\S JDU QLFKW DXI 0|JOLFK HUVFKHLQW KLHU MHGRFK GDVV GLHVHV )HKOHQ DXI GLH UHODWLYH 1lKH VSUDFKOLFKNHLWGHUKLVWRULVFKHQ7H[WH]XUFN]XIKUHQLVW ,Q %H]XJ DXI GLH %HGHXWXQJ GHV DEVROXWHQ 7\SV OlVVW VLFK ]XQlFKVW NRQVWDWLHUHQ GDVV GLH KLHU YRUOLHJHQGH 5HODWLRQVORVLJNHLW GHV KDEHQ'RS SHO SOXVTXDP SHUIHNWHUHLJQLVVHV EHZLUNW GDVV GLHVHP GLH LQ .DSLWHO  KHUDXVJHVWHOOWH /HLVWXQJ HLQHV ]HLWOLFKHQ 5FNJULIIV QLFKW PHKU LQKlUHQW LVW (V ZXUGH DXFK KLHU ]XU %HGHXWXQJVEHVFKUHLEXQJ HLQH JUXQGVlW]OLFKH 9HUJDQJHQKHLWVEHGHXWXQJ DQJHQRPPHQ PRGHOOLHUW GXUFK HLQH 9RU 5HODWLRQ 'DUDXIKLQ VWHOOWH VLFK GLH )UDJH RE GLH %HGHXWXQJ GLHVHV 9HU ZHQGXQJVW\SVGXUFKHLQH9RU5HODWLRQRGHUGXUFKHLQH9RU5HODWLRQXQG HLQH]XVlW]OLFKH$EJHVFKORVVHQ5HODWLRQLQ%H]XJ]X5DGlTXDWEHVFKULH EHQLVW'LH8QWHUVXFKXQJHUJDEGDVVIUHLQHQ*UR‰WHLOGHUHLQVFKOlJLJHQ %HOHJHEHLGH3DUDPHWHUUHODWLRQHQDQJHPHVVHQHUVFKLHQHQXQGOHGLJOLFKLQ (LQ]HOIlOOHQ HLQH GHU EHLGHQ ]X IDYRULVLHUHQ ZDU 6RPLW LVW EH]JOLFK GHU /HLVWXQJ GHV DEVROXWHQ 7\SV ]XQlFKVW IHVW]XKDOWHQ GDVV GLH KDEHQ %LOGXQJHQKLHUGLH9HURUWXQJHLQHV(UHLJQLVVHVDXIHLQIDFKHU9HUJDQJHQ KHLWVHEHQHEHZLUNHQ'DV9HUKlOWQLVYRQ(XQG5NDQQKLHUEHLWHPSRUDO DVSHNWXHOOH RGHU SULPlU WHPSRUDOH =JH WUDJHQ ZREHL GLH $XVOHXFKWXQJ GHV9HUKlOWQLVVHVYRQ(XQG5XQGGDPLWGLH)UDJHQDFKHLQHUWHPSRUDO DVSHNWXHOOHQ RGHU SULPlU WHPSRUDOHQ %HGHXWXQJVQXDQFLHUXQJ GXUFK GHQ MHZHLOVDNWXHOOHQ.RQWH[WJHOHLVWHWZLUG'LHMHZHLOLJH%HGHXWXQJGHVDEVR OXWHQ7\SVLVWGDPLWZLHGHUXPNRQWH[WDEKlQJLJ





%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW



(







5

WHPSRUDODVSHNWXHOOHRGHUSULPlUWHPSRUDOH ,QWHUSUHWDWLRQGHV9HUKlOWQLVVHVYRQ(XQG5 GXUFKGHQDNWXHOOHQ.RQWH[W $EELOGXQJ/HLVWXQJGHVDEVROXWHQ7\SVGRSSHOWHU3HUIHNWELOGXQJHQ KDEHQ 



 )D]LW%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEW 'LHLQGHU*HEUDXFKVDQDO\VHHUPLWWHOWHQ7\SHQÄUHODWLY· PLWGUHLKHUDXV JHVWHOOWHQ 6XEW\SHQ  XQG ÄDEVROXW· VWHOOWHQ LQ YRUOLHJHQGHP .DSLWHO GHQ $XVJDQJVSXQNW]XU%HGHXWXQJVEHVFKUHLEXQJYRQKDEHQ3DUWL]LS,,JH KDEWGDU$XIVLHZXUGHQGLHLQ.DSLWHOKHUDXVJHDUEHLWHWHQ3DUDPHWHU UHODWLRQHQDQJHZDQGW=LHOZDUHV]XHUPLWWHOQREGLHKDEHQ'RSSHOSHU IHNWELOGXQJHQ QHEHQ GHU ]XJUXQGH JHOHJWHQ WHPSRUDOHQ 9HUJDQJHQKHLWV EHGHXWXQJ (YRU5 ZHLWHUH WHPSRUDOH E]Z DVSHNWXHOOH %HGHXWXQJV]JH WUDJHQ %HL GHU 8QWHUVXFKXQJ GHV UHODWLYHQ 7\SV NRQQWH IHVWJHVWHOOW ZHUGHQ GDVV GDV PLW HLQHU KDEHQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWH (UHLJQLV ( HL QHQ5FNJULIIKLQWHUGDVZHLWHUHLP.RQWH[WYRUILQGEDUH(UHLJQLV(GDU VWHOOW 'LH $XVOHXFKWXQJ GLHVHV 5FNJULIIV XQG GDPLW GHV 9HUKlOWQLVVHV YRQ(]X(DOVWHPSRUDODVSHNWXHOOSULPlUWHPSRUDORGHUSULPlUDVSHN WXHOOHUVFKLHQGDEHLMHGRFKQLFKWDOVHLQHGHUKDEHQ'RSSHOSHUIHNWELOGXQJ LPPDQHQWH/HLVWXQJVRQGHUQKLQJVWDUNYRPNRQNUHWHQ.RQWH[WDE:HO FKHGHU%HGHXWXQJHQMHZHLOVLQGHQ9RUGHUJUXQGUFNWHZDUYRQPHKUH UHQ)DNWRUHQDEKlQJLJ ZHLWHUHVLQGGHQNEDU   YRQGHQ(XQG(]XJUXQGHOLHJHQGHQ9HUEHQXQGGDPLWYHUEXQGHQYRQ GHUHQ$NWLRQVDUWHQ6LWXDWLRQVNODVVHQXQG(UHLJQLVEH]LHKXQJHQ  YRQGHQZHLWHUHQWHPSRUDOHQ0LWWHOQGHV.RQWH[WHV  YRPDX‰HUVSUDFKOLFKHQ.RQWH[W

'LH8QWHUVXFKXQJGHVDEVROXWHQ7\SVHUJDEHLQHQ9HUOXVWGHV5FNJULIIV FKDUDNWHUVGHUVLFKEHLPUHODWLYHQ7\SDOVHLQVFKOlJLJKHUDXVJHVWHOOWKDWWH 6RPLWNRQQWHLQ%H]XJDXIGLH%HGHXWXQJDEVROXWHUKDEHQ'RSSHOSHUIHNW ELOGXQJHQ]XQlFKVWGLH9HURUWXQJHLQHV(UHLJQLVVHV(DXIHLQIDFKHU9HU JDQJHQKHLWVHEHQH EHVWlWLJW ZHUGHQ 'LH $XVOHXFKWXQJ GHV 9HUKlOWQLVVHV YRQ ( ]XU 5HIHUHQ]]HLW 5 DOV WHPSRUDODVSHNWXHOO E]Z SULPlU WHPSRUDO KDW VLFK GDEHL ZLHGHU DOV DEKlQJLJ YRP DNWXHOOHQ .RQWH[W HUZLHVHQ (U



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

PLWWHOWHHLQVFKOlJLJH)DNWRUHQZDUHQKLHUEHL ZLHGHUXPVLQGZHLWHUHYRU VWHOOEDU   GDV(]XJUXQGHOLHJHQGH9HUEXQGGDPLWYHUEXQGHQGHVVHQ$NWLRQVDUWXQG 6LWXDWLRQVNODVVH  GLHZHLWHUHQWHPSRUDOHQ0LWWHOGHV.RQWH[WHV

,QQHUKDOEGLHVHV9HUZHQGXQJVW\SVHUVFKLHQLQGHU8QWHUVXFKXQJGHUQl KHVSUDFKOLFKHQ KDEHQ%LOGXQJHQ GHU *HJHQZDUWVVSUDFKH ]XP HUVWHQ 0DO HLQJHKlXIWHU*HEUDXFKYRQ'RSSHOSHUIHNWXQG'RSSHOSOXVTXDPSHUIHNW LQHLQHP.RQWH[W'HUDEVROXWH9HUZHQGXQJVW\SVWHOOWP|JOLFKHUZHLVHHL QH*UDPPDWLNDOLVLHUXQJVVWXIHYRQKDEHQ3DUWL]LS,,JHKDEWGDUGDGD PLW GDV ELVKHU HLQVFKOlJLJH 0XVWHU GHU UHODWLYHQ 9HUZHQGXQJ DXIJHEUR FKHQZLUG ,QGHUYRUOLHJHQGHQ$UEHLWZDUHLQHLQYDULDQWH*UXQGEHGHXWXQJE]Z HLQHSULPlUH%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEWYRUGHP+LQWHU JUXQGGHUJHZlKOWHQ0HWKRGHQLFKWGDUVWHOOEDU'LH%HGHXWXQJGHUKDEHQ 'RSSHOSHUIHNWELOGXQJHQKDWVLFKYLHOPHKUDOV3DUDGHEHLVSLHOIUGLHHQJH 9HUIOHFKWXQJYRQ7HPSRUDOLWlWXQG$VSHNWXDOLWlWDXI9HUJDQJHQKHLWVHEH QHHUZLHVHQ=XGHPNRQQWHIHVWJHVWHOOWZHUGHQGDVVGLHMHZHLOLJH%HGHX WXQJVNRQVWLWXLHUXQJGHV3KlQRPHQVHLQHVWDUNH.RQWH[WDEKlQJLJNHLWDXI ZHLVW 'HU GXUFK GLH KDEHQ%LOGXQJ JHOHLVWHWH 5FNJULII NDQQ WHPSRUDOH XQGDVSHNWXHOOH=JHWUDJHQZREHLMHQDFK.RQWH[WGLHHLQHRGHUGLHDQ GHUH%HGHXWXQJVWlUNHULQGHQ9RUGHUJUXQGWULWW(VVFKHLQWQLFKWJHUHFKW IHUWLJW GLH KDEHQ'RSSHOSHUIHNWELOGXQJHQ HLQHU GLHVHU .DWHJRULVLHUXQJHQ ]X]XVFKODJHQ 'LH $UEHLW SOlGLHUW DXIJUXQG GHU HPSLULVFKHQ (UJHEQLVVH GDIU GLH (QWZHGHU 7HPSXV 2GHU $VSHNW )UDJH DG DFWD ]X OHJHQ ,Q GHUYRUOLHJHQGHQ$UEHLWKDWVLFKEHLGHU8QWHUVXFKXQJGHU%HGHXWXQJGHV 3KlQRPHQVLQVEHVRQGHUHGHVVHQVWDUNHNRQWH[WXHOOH$EKlQJLJNHLWLPPHU ZLHGHUEHVWlWLJW

 %HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ  5HODWLYHU7\S(YRU(YRU5RGHU (YRU>DEJHVFKORVVHQ]X@5" ,QGHUIUVHLQ'RSSHOSHUIHNWELOGXQJHQYRUJHQRPPHQHQ*HEUDXFKVDQDO\ VHZXUGHDQDORJ]XKDEHQ%LOGXQJHQHLQKlXILJHV9RUNRPPHQGHUUHODWL YHQ 9HUZHQGXQJ KHUDXVJHVWHOOW $XFK KLHUEHL ZDUHQ GLH GUHL 6XEW\SHQ Ä(UHLJQLV)ROJH%H]LHKXQJ·Ä(UHLJQLV$EVFKOXVV%H]LHKXQJ·XQGÄ]HLWOLFKH BBBBBBBBBBBBBBBBBBB

 9JO.DS





%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ

6WDIIHOXQJ· YRUILQGEDU 'D GLHVH LP )ROJHQGHQ DXFK ]XU %HGHXWXQJVHU PLWWOXQJ YRQ UHODWLYHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ PLW VHLQ QXW]EDU JH PDFKWZHUGHQVROOHQZLUGQRFKPDOVHLQ%HLVSLHOIUMHGHQ6XEW\SHQSUl VHQWLHUW 6XEW\SÄ(UHLJQLV)ROJH%H]LHKXQJ· 'DV.LQGZDU JUR‰XQGJHVXQG]XJUR‰XQGJHVXQGIUVLH,FKDKQGHGD‰HV DQJHZDFKVHQJHZHVHQLVW²YLHOOHLFKWDQGHQLQQHUOLFKHQ6FKDGHQYRQGHPZLU VLHJDQ]JHKHLOWJODXEWHQ²XQGGDKHUQLFKWKDWJHERUHQZHUGHQN|QQHQ >%RLH0HMHU-DKUKXQGHUW@ 6XEW\SÄ(UHLJQLV$EVFKOXVV%H]LHKXQJ· YHUQHUPX‰LFKHXFKDQPHOGHQGDVLFKELQEHU0RKQDGWYHUUHLVHWJHZHVHQ XQGELQHUVWGHQWHQ0HUW]KLHUJHVXQGZLHGHUDQJHNRPPHQ >(OVSD‰2HYHVWH-DKUKXQGHUW@ 6XEW\SÄ]HLWOLFKH6WDIIHOXQJ· 6RKDWPDQJHUlXPHWELVGLH1DFKWXPE8KUGD‰PDQVLHJHIXQGHQKDW$EHU VLHLVW7RGHVYHUEOLFKHQJHZHVHQDQLKUHQ/HLELVWQLFKWV]HUEURFKHQJHZHVHQ ZHGHU$UPHQRFK%HLQH>.OHLQKHPSHOV+DXVFKURQLN-DKUKXQGHUW@

:LH EHUHLWV EHL GHU %HGHXWXQJVDQDO\VH UHODWLYHU KDEHQ'RSSHOSHUIHNWELO GXQJHQ VWHOOW VLFK DXFK KLHU GLH )UDJH RE GHU (UZHLWHUXQJVVFKULWW GHU 3HUIHNW RGHU 3OXVTXDPSHUIHNWNRQVWUXNWLRQ XP JHZHVHQ WUHIIHQGHU GXUFK GLH+LQ]XIJXQJHLQHU9RURGHUHLQHU$EJHVFKORVVHQ5HODWLRQ]XU$XV JDQJVEHGHXWXQJ(YRU5EHVFKUHLEEDULVWGKREGHUGXUFKGLH(UHLJQLV EH]LHKXQJHQ JHNHQQ]HLFKQHWH ]HLWOLFKH 5FNJULII DOV WHPSRUDOHU RGHU DOV DVSHNWXHOOHU5FNJULII]XEHWUDFKWHQLVW)ROJHQGH$EELOGXQJYHUGHXWOLFKW GLH]ZHL%HVFKUHLEXQJVP|JOLFKNHLWHQ]XU'DUVWHOOXQJGHU%HGHXWXQJVYHU lQGHUXQJEHLGHU+LQ]XIJXQJYRQJHZHVHQ

$XVJDQJVWHPSXV  (YRU5

 JHZHVHQ 

WHPSRUDOHU5FNJULII  (YRU(YRU5 RGHU DVSHNWXHOOHU5FNJULII  (YRU>DEJHVFKORVVHQ]X@5

$EELOGXQJ%HGHXWXQJVYHUlQGHUXQJGXUFK+LQ]XIJXQJYRQJHZHVHQEHLUHODWLYHQ VHLQ'RSSHOSHUIHNWELOGXQJHQ



BBBBBBBBBBBBBBBBBBB

 9JO.DS  'D GLH (UOlXWHUXQJ GHU QDFKIROJHQGHQ GUHL $EELOGXQJHQ EHUHLWV DXVIKUOLFK IU KDEHQ LQ .DSHUIROJWHXQGDXIVHLQEHUWUDJEDULVWZHUGHQGLHVHKLHUQXULQDOOHU.U]HHUNOlUW



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

'LH %HVFKUHLEXQJ GHV ]HLWOLFKHQ 5FNJULIIV DOV WHPSRUDO LPSOL]LHUW GLH +LQ]XIJXQJ HLQHU 9RU5HODWLRQ ]XU $XVJDQJVEHGHXWXQJ ( XQG ( OLH JHQDXIYHUVFKLHGHQHQ9HUJDQJHQKHLWVHEHQHQXQGVWHKHQGXUFKHLQH9RU 5HODWLRQLQ%H]LHKXQJ]XHLQDQGHU 9RUYHUJDQJHQKHLWVHEHQH



(

HLQIDFKH9HUJDQJHQKHLWVHEHQH

YRU

GDVDOVYRUDQJHKHQG ZDKUJHQRPPHQH(UHLJQLV GHV.RQWH[WHVPLWHLQHU VHLQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUW

(

6SUHFKE]Z6FKUHLE]HLWSXQNW

YRU

5

GDVDOVQDFKIROJHQG ZDKUJHQRPPHQH(UHLJQLV GHV.RQWH[WHV

$EELOGXQJ3DUDPHWHUUHODWLRQ(YRU(YRU5 VHLQ 

,P*HJHQVDW]GD]XEHILQGHQVLFK(XQG(EHLGHUDVSHNWXHOOHQ'HXWXQJ GHV 5FNJULIIV DXI HLQHU JHPHLQVDPHQ 9HUJDQJHQKHLWVHEHQH VLH VWHKHQ EHLGH GXUFK HLQH 9RU5HODWLRQ LQ %H]LHKXQJ ]X 5 ( YHUIJW ]XVlW]OLFK GD]XEHUHLQH$EJHVFKORVVHQ5HODWLRQGLH(IHKOW HLQIDFKH9HUJDQJHQKHLWVHEHQH



( 



6SUHFKE]Z6FKUHLE]HLWSXQNW

( 



5

YRU YRUDEJHVFKORVVHQ]X (  DEJHVFKORVVHQHVSHUIHNWL YHV(UHLJQLVPLWHLQHU VHLQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUW

( QLFKWDEJHVFKORV VHQHVLPSHUIHNWLYHV (UHLJQLV

$EELOGXQJ3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 VHLQ 



,P)ROJHQGHQZHUGHQGLHGUHL6XEW\SHQUHODWLYHUVHLQ%LOGXQJHQLQ%H]XJ DXI GLH )UDJH XQWHUVXFKW ZHOFKH GHU EHLGHQ GDUJHVWHOOWHQ %HGHXWXQJVEH VFKUHLEXQJHQ DQJHPHVVHQHU HUVFKHLQW 'D IU VHLQ LQVJHVDPW  UHODWLYH



%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ



%HOHJH YRUOLHJHQ ]HKQ (UHLJQLV)ROJH%H]LHKXQJHQ HLQH (UHLJQLV$E VFKOXVV%H]LHKXQJ XQG QHXQ %HOHJH GHV 6XEW\SV Ä]HLWOLFKH 6WDIIHOXQJ·  NDQQ GLH %HGHXWXQJVEHVFKUHLEXQJ GHU MHZHLOLJHQ 6XEW\SHQ YROOVWl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|OGQHUOHEHQ-DKUKXQGHUW@  0LWGHP$FNHUQKDWWHVGL‰-DKUVFKOHFKWDEJDQJHQGDQXII-DFRELLVWGLH5X KHU 3IOJHQ QRFKNDXPKDOEJHVFKHQJHZHVHQ(VLVWGXUFKGHQ6RPPHU DOO]XKDUWJHZHVHQ>%DXHUQOHEHQ-DKUKXQGHUW@  :HOFKHV.XSIHUGDFKXQWHUGHP.XSIHUDQGHQ%UHWWHUQXQGLP+RO]DOVGHQ 6SDUUHQXQG%DONHQLP*UXQGYHUIDXOHWLVWJHZHVHQGD‰HVPLWQHXHQ%DONHQ XQG6SDUUHQKDWPVVHQDXVJHEHVVHUWZHUGHQXQGPLW6FKLQGHOQEHGHFNWZHUGHQ XQGGDVGDFKURWDQJHVWULFKHQZRUGHQLVW>.OHLQKHPSHOV+DXVFKURQLN-DKU KXQGHUW@  LVWHUVDPEWGHP3IHUGYRQGHPVHOEHQPLWJDQW]HP*HZDOWDEZHUWVGHP:DV VHUQDFKZRGDVVHOEH]XPWLHIIHVWHQZDUJHIXHKUWZRUGHQGDULQQHUYQJHIDHKU OLFKEH\GUH\YLHUWHO6WXQGPLWKRHFKVWHU*HIDKUGH‰/HEHQVZHLOHUEHUHLWVFKLHU EL‰DQGHQ+DOVYHUVXQFNHQJHZHVHQYPEJHVFKZXPPHQ'DQXQGHVVHQ*H IHKUWHQHQW]ZLVFKHQQLFKWZX‰WHQREHUOHEHQGLJRGHUWRGW >)QKG-DKUKXQGHUW@  'LH)UDX'%XGGHXVVHQLVWVRJWLJJHZHVHQGDLFKYRUHLQLJHQ7DJHQ.RVW JHOG SUDHQXPHULUHQ ZROOWH GD‰VLH VROFKH QLFKW DQQHKPHQ ZROOHQ ZHLO LFK YHU UHLVWJHZHVHQXQGDXIGLHVH7DJHVFKRQSUDHQXPHULUW >)UDQFNH-DKUKXQGHUW@

BBBBBBBBBBBBBBBBBBB

 ,Q.DSZXUGHHLQHZHLWHUHVHLQ'RSSHOSHUIHNWELOGXQJGHVUHODWLYHQ9HUZHQGXQJVW\SV YRUJHVWHOOW GHUHQ LP 'RSSHOSHUIHNW UHDOLVLHUWHV (UHLJQLV QLFKW DXI HLQ ZHLWHUHV (UHLJQLV VRQGHUQDXIHLQ7HPSRUDODGYHUELDO%H]XJQLPPW'LHVH9HUZHQGXQJGLHLP*UXQGHQH EHQ GHU (UHLJQLV)ROJH%H]LHKXQJ GHU (UHLJQLV$EVFKOXVV%H]LHKXQJ XQG GHP 6XEW\S Ä]HLWOLFKH 6WDIIHOXQJ· HLQHQ YLHUWHQ 6XEW\SHQ GHV UHODWLYHQ 7\SV ÄUHODWLYH 9HUZHQGXQJ LQ %H]XJDXIHLQ7HPSRUDODGYHUELDO· GDUVWHOOWZLUGLP)ROJHQGHQMHGRFKDXIJUXQGLKUHVHLQ PDOLJHQ9RUNRPPHQVYHUQDFKOlVVLJW



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 'DV.LQGZDUJUR‰XQGJHVXQG]XJUR‰XQGJHVXQGIUVLH,FKDKQGHGD‰HV DQJHZDFKVHQJHZHVHQLVW²YLHOOHLFKWDQGHQLQQHUOLFKHQ6FKDGHQYRQGHPZLU VLHJDQ]JHKHLOWJODXEWHQ²XQGGDKHUQLFKWKDWJHERUHQZHUGHQN|QQHQ >%RLH0HMHU-DKUKXQGHUW@  LFKKlWWHHXFK6FKRQOlQJVWHLQHQ%ULHIJHVFKULHEHQZHQLFKQLFKWGHQOHW]WHQ :LQWHUYHUUHLVHWJHZHVHQZlKUHGRFKKDEHLFKNXUW]YRUPHLQHUDEUHLVHHLQHQ NOHLQHQ %ULHI PLW $UQGW 0OOHU VHLQHQ DEJHVFKLFNW XQG PHLQH *HVXQGKHLW XQG DXIHQWKDOWHXFKGDULQDQJH]HLJW>(OVSD‰2HYHVWH-DKUKXQGHUW@   0HLQH $FKWXQJ JHJHQ VLH XQG LKU $QGHQNHQ LVW LKUHQ 7XJHQGHQ JOHLFK XQG REZRO LFK OHLGHU QRFK QLFKW VHOEVW VR ZHLW KHUDQJHUHLIW JHZHVHQ GD‰ LFK LP 6WDQGH KlWWH VH\Q P|JHQ VLH VHOEVW ]X HUNHQQHQ XQG ]X VFKlW]HQ VR LVW PHLQ *ODXEHLQGLHVHU+LQVLFKWGHUhEHU]HXJXQJJOHLFK>(LQHP-DKUKXQGHUW@  %HLGHP5LWWHKDWWHLFKGLH0W]HDXIJHVHW]WGHU'UDJRQHUGDJHJHQWUXJHL QHQ+HOP'DVZLUGPHLQ*OFNXQGVHLQ8QJOFNJHZHVHQVHLQGHQQGHU)UDQ ]RVH KDW GHQ 'UDJRQHU LQ VHLQHU YLHO LQ GLH IDOOHQGHUHQ 8QLIRUP VLFKHU IU GHQ +|KHUHQ JHKDOWHQ 'HU IHLJH 6FKQDSSKDKQ VFKHLQW EHU GLH :LUNXQJ VHLQHV 6FKXVVHV HUVFKURFNHQ JHZHVHQ ]X VHLQ GHQQ VRQVW Z‰W  LFK QLFKW ZDV LKQ KlWWHDEKDOWHQVROOHQYRQVHLQHUVLFKHUHQ+|KHDXVGHQ]ZHLWHQ6FKX‰HUKDWWH HLQ-DJGJHZHKUDXIPLFKDE]XJHEHQ>2WW-DKUKXQGHUW@

%HLGHU(UVHW]XQJGHU3DUDPHWHU(VRZLH(GXUFKGLHLQGHQDXIJHIKU WHQ .RQWH[WHQ  ELV  YRUKDQGHQHQ (UHLJQLVVH HUJHEHQ VLFK IROJHQGH =XVFKUHLEXQJHQ ( HQWVWDQGHQJHZHVHQVLQG HQWVWDQGHQJHZHVHQVLQG LVWHQWIDOOHQJHZHVHQ LVWHQWIDOOHQJHZHVHQ DXI-DFRELLVWJHVFKHKHQJHZHVHQ  DXI-DFRELLVWJHVFKHKHQJHZHVHQ  YHUIDXOWLVWJHZHVHQ  YHUIDXOWLVWJHZHVHQ  EHUHLWVELV]XP+DOVYHUVXQNHQ JHZHVHQ EHUHLWVELV]XP+DOVYHUVXQNHQ JHZHVHQ YHUUHLVWJHZHVHQ YHUUHLVWJHZHVHQ

5HODWLRQ YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU  DEJHVFKORVVHQ]X  YRU  DEJHVFKORVVHQ]X  YRU  DEJHVFKORVVHQ]X  YRU DEJHVFKORVVHQ]X

( YHUKDQGHOWKDW YHUKDQGHOWKDW WXWVLFKEFNHQ WXWVLFKEFNHQ KDWGLHVHV-DKUVFKOHFKW DEJHJDQJHQ KDWGLHVHV-DKUVFKOHFKW DEJHJDQJHQ KDWDXVJHEHVVHUWZHUGHQ PVVHQ KDWDXVJHEHVVHUWZHUGHQ PVVHQ GUHLYLHUWHO6WXQG XPJHVFKZRPPHQ GUHLYLHUWHO6WXQG XPJHVFKZRPPHQ QLFKWDQQHKPHQZROOHQ QLFKWDQQHKPHQZROOHQ



%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ

DQJHZDFKVHQJHZHVHQLVW  DQJHZDFKVHQJHZHVHQLVW  OHW]WHQ:LQWHUQLFKWYHUUHLVWJHZHVHQZlUH OHW]WHQ:LQWHUQLFKWYHUUHLVWJHZHVHQZlUH QLFKWKHUDQJHUHLIWJHZHVHQ QLFKWKHUDQJHUHLIWJHZHVHQ VFKHLQWHUVFKURFNHQJHZHVHQ]XVHLQ  VFKHLQWHUVFKURFNHQJHZHVHQ]XVHLQ 

YRU  DEJHVFKORVVHQ]X  YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU  DEJHVFKORVVHQ]X  



QLFKWKDWJHERUHQ ZHUGHQN|QQHQ QLFKWKDWJHERUHQ ZHUGHQN|QQHQ KlWWHVFKRQOlQJVWJHVFKULHEHQ KlWWHVFKRQOlQJVWJHVFKULHEHQ LP6WDQGHKlWWHVHLQP|JHQ LP6WDQGHKlWWHVHLQP|JHQ KlWWHDEKDOWHQVROOHQ>«@ DE]XJHEHQ KlWWHDEKDOWHQVROOHQ>«@ DE]XJHEHQ

%HUHLWVEHLGHU%HGHXWXQJVDQDO\VHYRQKDEHQ'RSSHOSHUIHNWELOGXQJHQGHV 6XEW\SV Ä(UHLJQLV)ROJH%H]LHKXQJ· NRQQWH IU HLQH 9LHO]DKO DQ %HOHJHQ IHVWJHVWHOOW ZHUGHQ GDVV EHLGH 3DUDPHWHU]XVFKUHLEXQJHQ JOHLFKHUPD‰HQ ]XU%HGHXWXQJVEHVFKUHLEXQJJHHLJQHWHUVFKHLQHQXQGGDVVYRUGHP+LQ WHUJUXQGGHUYHUZHQGHWHQ0HWKRGHQLFKWHQWVFKHLGEDULVWREHLQHGHU%H GHXWXQJHQ GLH SULPlUH LVW 'LHVHU (LQGUXFN EHVWlWLJW VLFK EHL GHQ DQJH IKUWHQ VHLQ%LOGXQJHQ GLHVHV 6XEW\SV +lXILJ ZLUNHQ GLH WHPSRUDOH XQG GLH DVSHNWXHOOH 'HXWXQJVP|JOLFKNHLW HQJ PLWHLQDQGHU YHUNQSIW ([HP SODULVFK KLHUIU %HOHJ  %FNW VLFK MHPDQG QDFK HLQHP :UIHO ZHLO HU LKP]XYRUHQWIDOOHQLVWGDQQLPSOL]LHUWGDVGDVVGDV(QWIDOOHQGHV:UIHOV DEJHVFKORVVHQLVWDOVGDV%FNHQEHJLQQW%]Z,VWGDV(QWIDOOHQGHV:UIHOV DEJHVFKORVVHQXQGZLUGVLFKGDQQQDFKLKPJHEFNWGDQQKHL‰WGDVJOHLFK ]HLWLJGDVVGDV(QWIDOOHQYRUGHP%FNHQVWDWWJHIXQGHQKDW )UGLHKHUDXVJHVWHOOWHQKDEHQ'RSSHOSHUIHNWELOGXQJHQGHV6XEW\SV Ä(UHLJQLV)ROJH%H]LHKXQJ· NRQQWH QHEHQ HLQHU 9LHO]DKO DQ WHPSRUDODV SHNWXHOOHQ'HXWXQJHQLQ(LQ]HOIlOOHQHLQHNRQWH[WDEKlQJLJHSULPlUWHP SRUDOH RGHU SULPlU DVSHNWXHOOH 'HXWXQJ HUPLWWHOW ZHUGHQ $QDORJH %HL VSLHOH ODVVHQ VLFK EHL GHQ DQJHIKUWHQ VHLQ%HOHJHQ QLFKW IHVWVWHOOHQ ZDV K|FKVWZDKUVFKHLQOLFK DXI GLH JHULQJH $Q]DKO ]X XQWHUVXFKHQGHU VHLQ %HOHJH ]XUFN]XIKUHQ LVW ,Q %H]XJ DXI GHQ 6XEW\S Ä(UHLJQLV)ROJH %H]LHKXQJ·LVWIHVW]XKDOWHQGDVVDOOH%HOHJHVRZRKOGLHWHPSRUDOHDOVDXFK GLHDVSHNWXHOOH,QWHUSUHWDWLRQVP|JOLFKNHLWDXIZHLVHQ-HQDFK,QWHUSUHWDWL RQZHUGHQOHLFKWH%HGHXWXQJVQXDQFHQLQGHQ.RQWH[WHLQJHEUDFKWGLHMH GRFK VWDUN PLWHLQDQGHU YHUTXLFNW VLQG 'DV IRUPXOLHUWH )D]LW GDVV EHLGH 'HXWXQJVP|JOLFKNHLWHQ DQJHEUDFKW HUVFKHLQHQ WULIIW ² VRZHLW HQWVFKHLG EDU²DXIVHLQ(UHLJQLV)ROJH%H]LHKXQJHQIUKHUVRZLHVSlWHUHU-DKUKXQ GHUWH]X ]%%HOHJIUGDV%HOHJHELVIUGDV-DKUKXQGHUW  )UGLHUHODWLYHQKDEHQ%LOGXQJHQGHV6XEW\SVÄ(UHLJQLV$EVFKOXVV %H]LHKXQJ· EHL GHQHQ GDV PLW HLQHU GRSSHOWHQ 3HUIHNWELOGXQJ UHDOLVLHUWH (UHLJQLVGXUFKHLQQDFKIROJHQGHV(UHLJQLVEHHQGHWZLUGNRQQWHLQ.DSL



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

WHO  SULPlU DVSHNWXHOOH %HGHXWXQJ KHUDXVJHVWHOOW ZHUGHQ 'LH *H EUDXFKVDQDO\VHIUVHLQ3DUWL]LS,,JHZHVHQHUJDEHLQHQVHLQ%HOHJGLHVHV 6XEW\SV  YHUQHUPX‰LFKHXFKDQPHOGHQGDVLFKELQEHU0RKQDGWYHUUHLVHWJHZH VHQXQGELQHUVWGHQWHQ0HUW]KLHUJHVXQGZLHGHUDQJHNRPPHQ >(OVSD‰2HYHVWH-DKUKXQGHUW@

$XFKIUGLHVHQ%HOHJVFKHLQWGLHDVSHNWXHOOH'HXWXQJGLHYRUGHUJUQGLJH ]X VHLQ GD GDV ( ]XJUXQGH OLHJHQGH 9HUE DQNRPPHQ GDV YRUDQJHKHQGH (UHLJQLV(XQPLWWHOEDUEHJUHQ]W²YHUUHLVWVHLQZLUGGXUFKZLHGHUDQNRPPHQ EHHQGHW ( ELQEHU0RQDWHYHUUHLVWJHZHVHQ  ELQEHU0RQDWHYHUUHLVWJHZHVHQ 

5HODWLRQ "YRU  DEJHVFKORVVHQ]X 

( ELQHUVWGHQWHQ0lU]ZLHGHU DQJHNRPPHQ ELQHUVWGHQWHQ0lU]ZLHGHU DQJHNRPPHQ

'LH WHPSRUDOH 9RUYHUJDQJHQKHLWVEHGHXWXQJ WULWW ]XJXQVWHQ GHU $EJH VFKORVVHQKHLWVEHGHXWXQJLQGHQ+LQWHUJUXQGZDVMHGRFKQLFKWKHL‰WGDVV VLFKHLQHWHPSRUDOH,QWHUSUHWDWLRQGHV.RQWH[WHVDOVIDOVFKHUZHLVW$XFK KLHU VROO JHOWHQ GDVV GLH 'RSSHOSHUIHNWIRUP SULPlU DVSHNWXHOOH XQG VH NXQGlUWHPSRUDOH%HGHXWXQJWUlJW'LH,QWHUSUHWDWLRQGHVGXUFKGLH'RS SHOSHUIHNWELOGXQJ JHOHLVWHWHQ ]HLWOLFKHQ 5FNJULIIV DOV DVSHNWXHOO NRPPW GDEHLGXUFKGDV=XVDPPHQVSLHOYRQ(XQG(]XVWDQGH 'HU6XEW\SÄ]HLWOLFKH6WDIIHOXQJ·NRQQWHIUVHLQ'RSSHOSHUIHNWELOGXQ JHQQHXQPDOEHOHJWZHUGHQ  DOOHLQ5REHUWXVGHUKDWWHLQHQVHXIIW]HQEHUGHQDQGHUHQJHODVVHQXQGVLFK JDQW]WUDZULJHU]HLJHWGDVGDQQGLHDQGUHQVHLQHOLHEHQQDFKEDXUQXQGIUHXQGW DXFKWURVWPXHWLJJHPDFKWKDW'HUJHOHUWPDQVRKDUWQHEHQ5REHUWRJHVHVVHQ JHZHVHQLVWKDWWLQPLW JDUVDQIIWPXHWLJHQZRUWHQDQJHUHGW /LHEHUKHUU 5R EHUWHZDVEHNPPHUWHXFKVRVFKZHUOLFKHQGDVLUVRJDUQLWJXRWHUGLQJHQVHLQ ZRHOOHQ">)QKG-DKUKXQGHUW@  6RKDWPDQJHUlXPHWELVGLH1DFKWXPE8KUGD‰PDQVLHJHIXQGHQKDW $EHUVLHLVW7RGHVYHUEOLFKHQJHZHVHQDQLKUHQ/HLELVWQLFKWV]HUEURFKHQJH ZHVHQZHGHU$UPHQRFK%HLQH>.OHLQKHPSHOV+DXVFKURQLN-DKUKXQGHUW@  ,FKZlUHGDPDOV QRFKHLQIlOWLJJHQXJ JHZHVHQGLHVHP KHLOLJHQ*HVFKZlW]H ]X JODXEHQ ZHQQ VLFK GHU JXWH $SRVWHO QLFKW VHOEHU YHUUDWKHQ KlWWH GD‰ VHLQ )OHLVFKQRFKQLFKWVRHUVWRUEHQJHZHVHQDOV(UXQVLQVHLQHPHUVWHQ'LVFXUVH ZHL‰PDFKHQZROOHQ>'%(GHOPDQQ-DKUKXQGHUW@  1XQKDEHQZLUYHUUHFKQHWGHQ0DWWHQ]LQ‰D)ZLHDXFKGHQ0RRVIHOG]LQ‰ PLW);UYRUV-DKUDXFKGDV%UDQG JHOG;UXQGGHQ6FKZHLQKLU WHQORKQ ;U GDQQ GHU =LQ‰ YRQ ) &DSLWDO PLW ) ;U ZHOFKHU =LQ‰ EHU



%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ



*HRUJL G-  YHU IDOOHQ JHZHVHQ $OVR PX‰ +DLPEUJHU QRFK KHUDXV EH ]DKOHQ);UGDUDQJOHLFKEH]DKOW)5HVWLHUWQRFK);U >5HLFK-DKUKXQGHUW@  'HQWHQ-XQ\KDWGHU+HLPEUJHUGHP'RPPLQLFNVHLQH/XLVGRU YRUGDV2UJHOVSLHOHQEH]DKOWZHOFKHEHU6W*HRUJLYHUIDOOHQJHZHVHQ >5HLFK-DKUKXQGHUW@   'HQ WHQ 0D\  KDEH LFK PLW GHP +HLPEUJHU DEJHUHFKQHW XQG PLW LKPHYHUUHFKQHWGHQ0DWWHQ]LQVZHOFKHUYHUIDOOHQJHZHVHQEHU0DUWLQWL SHU);UGDQQ);U3UR]HVV .|VWHQXQG]ZH\-DKU=LQVYRP-DKU ELVXQGYRPELV6W*HRUJL>5HLFK-DKUKXQGHUW@    8KU PRUJHQV GDJHJHQ ZDU HU VFKRQ WRGW (U LVW XQWHU GHQ JUl‰OLFKVWHQ 6FKPHU]HQJHVWRUEHQVHLQH'lUPHVLQGJDQ]VFKZDU]X$OOHVYHUEUDQQWJHZH VHQ1XQKDWVLHQRFKHLQHQ%UXGHU-XOLXVZHOFKHKLHUDXJHQEOLFNOLFKLP1RUG ZHVWHQLQ+HOHQD 0RQWDQD LVW>(OVSD‰6FKZDEH-DKUKXQGHUW@  DOOHPHLQH8QUXKHZDUVFKRQYHUJDQJHQJHZHVHQDOVLFKPLFKYRQQHX HPHUVFKUHFNWH>/DQJ-DKUKXQGHUW@   'UHL 0RQDWH ZDUHQ YHUIORVVHQ JHZHVHQ HV ZDU HEHQ JHVFKLHGHQ ZRUGHQ VLHKDWWHLKUHQDOWHQ1DPHQZLHGHUDQJHQRPPHQ>/DQJ-DKUKXQGHUW@ ( JHVHVVHQJHZHVHQLVW JHVHVVHQJHZHVHQLVW LVWQLFKWV]HUEURFKHQJHZHVHQ LVWQLFKWV]HUEURFKHQJHZHVHQ QLFKWHUVWRUEHQJHZHVHQ QLFKWHUVWRUEHQJHZHVHQ EHU*HRUJLG-YHUIDOOHQJHZHVHQ EHU*HRUJLG-YHUIDOOHQJHZHVHQ EHU6W*HRUJLYHUIDOOHQJHZHVHQ  EHU6W*HRUJLYHUIDOOHQJHZHVHQ  YHUIDOOHQJHZHVHQ  YHUIDOOHQJHZHVHQ  YHUEUDQQWJHZHVHQ  YHUEUDQQWJHZHVHQ  ZDUVFKRQYHUJDQJHQJHZHVHQ  ZDUVFKRQYHUJDQJHQJHZHVHQ 

5HODWLRQ YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU DEJHVFKORVVHQ]X YRU  DEJHVFKORVVHQ]X  YRU  DEJHVFKORVVHQ]X  YRU  DEJHVFKORVVHQ]X  YRU  DEJHVFKORVVHQ]X 

                        

( KDWDQJHUHGHW KDWDQJHUHGHW JHIXQGHQKDW JHIXQGHQKDW VLFKQLFKWYHUUDWHQKlWWH VLFKQLFKWYHUUDWHQKlWWH KDEHQYHUUHFKQHW KDEHQYHUUHFKQHW GHQWHQ-XQL KDWEH]DKOW GHQWHQ-XQL KDWEH]DKOW GHQWHQ0DL KDEHYHUUHFKQHW GHQWHQ0DL KDEHYHUUHFKQHW 8KUPRUJHQVZDU VFKRQWRW 8KUPRUJHQVZDU VFKRQWRW DOVPLFKYRQ1HXHP HUVFKUHFNWH DOVPLFKYRQ1HXHP HUVFKUHFNWH



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

GUHL0RQDWHZDUHQYHUIORVVHQJHZHVHQ  GUHL0RQDWHZDUHQYHUIORVVHQJHZHVHQ 

YRU  DEJHVFKORVVHQ]X 

   

ZDUHEHQJHVFKLHGHQ ZRUGHQ ZDUHEHQJHVFKLHGHQ ZRUGHQ

+LHU RIIHQEDUW VLFK HLQ lKQOLFKHV %LOG ZLH EHL GHU $QDO\VH GHV 6XEW\SV Ä(UHLJQLV)ROJH%H]LHKXQJ·'LHWHPSRUDOHXQGGLHDVSHNWXHOOH%HGHXWXQJ ZLUNHQ LQ GHQ %HLVSLHOHQ GHUDUW PLWHLQDQGHU YHUIORFKWHQ GDVV HLQH (QW VFKHLGXQJGDUEHUZHOFKH%HVFKUHLEXQJDQJHEUDFKWHUHUVFKHLQWQLFKWDOV VLQQYROOHUDFKWHWZLUG9LHOPHKUGHXWHQGLH%HOHJHZLHGHUDXIHLQHWHPSR UDODVSHNWXHOOH %HGHXWXQJ GHU MHZHLOLJHQ GRSSHOWHQ 3HUIHNWELOGXQJ KLQ RKQHGDVVHLQHGHUEHLGHQ%HGHXWXQJHQIUSULPlU]XKDOWHQLVW'LHVWDU NH 9HUIOHFKWXQJ YRQ 7HPSRUDOLWlW XQG $VSHNWXDOLWlW LP 9HUJDQJHQKHLWV EHUHLFKZLUGDXFKKLHUEHLVSLHOKDIWGHXWOLFK ]%%HOHJ ,VWGLH8QUXKH YHUJDQJHQEHYRUPDQVLFKYRQQHXHPHUVFKUHFNWVRLVWGDV8QUXKLJVHLQDEJH VFKORVVHQZHQQPDQVLFKYRQQHXHPHUVFKUHFNW%]Z,VWGDV8QUXKLJVHLQEH HQGHWXQGHUVFKUHFNWPDQVLFKGDUDXIKLQYRQQHXHPVRIDQGGDV8QUXKLJVHLQ YRUGHP(UVFKUHFNHQVWDWW %HL GHU $QDO\VH GHU  KDEHQ%LOGXQJHQ GLHVHV 6XEW\SV NRQQWH JH ]HLJW ZHUGHQ GDVV LQVEHVRQGHUH .RQWH[WH PLW ZHLWHUHQ 7HPSRUDODGYHU ELDOHQ ]X HLQHU SULPlU WHPSRUDOHQ %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELO GXQJWHQGLHUHQ$QDORJH%HOHJHNRQQWHIUVHLQ%LOGXQJHQGLHVHV6XEW\SV QLFKWQDFKJHZLHVHQZHUGHQ'LHVHU8PVWDQGLVWZRKOHUQHXWGHUJHULQJHQ %HOHJGLFKWH DQ]XODVWHQ 'LH IROJHQGH 7DEHOOH IDVVW GLH IU GLH HLQ]HOQHQ 6XEW\SHQGHVUHODWLYHQ7\SVKHUDXVJHVWHOOWHQ%HGHXWXQJHQ]XVDPPHQ 6XEW\S (UHLJQLV)ROJH %H]LHKXQJ (UHLJQLV$EVFKOXVV %H]LHKXQJ ]HLWOLFKH6WDIIHOXQJ

WHPSRUDODVSHNWXHOOH %HGHXWXQJ

SULPlU WHPSRUDOH %HGHXWXQJ

SULPlU DVSHNWXHOOH %HGHXWXQJ

[









[

[





7DEHOOH6XEW\SHQGHVUHODWLYHQ7\SVGRSSHOWHU3HUIHNWELOGXQJHQ VHLQ XQGGHUHQ%HGHXWXQJ

=ZDU OLHJHQ VHKU YLHO ZHQLJHU GRSSHOWH 3HUIHNWELOGXQJHQ PLW VHLQ DOV PLW KDEHQYRUEHLGHU$QDO\VHVLQGMHGRFKDQDORJ]XUKDEHQ%HGHXWXQJVDQDO\VH GLHEHLGHQIROJHQGHQ3XQNWHGHXWOLFKJHZRUGHQ BBBBBBBBBBBBBBBBBBB

 9JO.DS



%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ



 'LH0HKU]DKOGHUVHLQ%LOGXQJHQEHJHJQHWLQHLQHP.RQWH[WPLWHLQHPZHL WHUHQ(UHLJQLVXQGLVWGDKHUUHODWLY  'LHUHODWLYHQVHLQ%LOGXQJHQNHQQ]HLFKQHQHLQHQ]HLWOLFKHQ5FNJULIILQ%H ]XJDXIGDVZHLWHUH(UHLJQLVLP.RQWH[W

%LVDXIHLQH$XVQDKPHZXUGHHLQHWHPSRUDODVSHNWXHOOH$XVOHXFKWXQJGHV 5FNJULIIV IHVWJHVWHOOW GK GHU MHZHLOLJH %HOHJNRQWH[W OLH‰ VRZRKO HLQH 9RUYHUJDQJHQKHLWV DOV DXFK HLQH $EJHVFKORVVHQKHLWVOHVDUW ]X 1XU EHL GHP HLQ]LJHQ %HOHJ GHU IU GHQ 6XEW\S Ä(UHLJQLV$EVFKOXVV%H]LHKXQJ· YRUODJZXUGHSULPlUDVSHNWXHOOH%HGHXWXQJKHUDXVJHVWHOOW %HOHJ  :HQQJOHLFK HV GLH VHLQ%HGHXWXQJVDQDO\VH ZHQLJHU GHXWOLFK ]X ]HLJHQ YHUPRFKWH LVW DQ]XQHKPHQ GDVV GLH $XVJHVWDOWXQJ GHV GXUFK GLH VHLQ 'RSSHOSHUIHNWELOGXQJ JHOHLVWHWHQ ]HLWOLFKHQ 5FNJULIIV DQDORJ ]X KDEHQ %LOGXQJHQHLQHVWDUNH.RQWH[WDEKlQJLJNHLWDXIZHLVW$OVGLH%HGHXWXQJV NRQVWLWXLHUXQJEHGLQJHQGHU)DNWRU ZXUGH GDEHL GHUIROJHQGH QDFKJHZLH VHQ  GLH(XQG(]XJUXQGHOLHJHQGHQ9HUEHQXQGGHUHQ%H]LHKXQJ]XHLQDQGHU 3DUDGHEHLVSLHODVSHNWXHOOH(UHLJQLV$EVFKOXVV%H]LHKXQJ 

)U GLH %HGHXWXQJVNRQVWLWXLHUXQJ HLQVFKOlJLJ VLQG YHUPXWOLFK DXFK GLH IROJHQGHQ)DNWRUHQ DQDORJ]XKDEHQ%LOGXQJHQ IUGLHMHGRFKDXIJUXQG GHUJHULQJHQ%HOHJDQ]DKONHLQ%HLVSLHOJHIXQGHQZXUGH  ZHLWHUH7HPSRUDODGYHUELDOHLP.RQWH[W  GHUDX‰HUVSUDFKOLFKH.RQWH[W

:LHGHUXP ZHLVHQ GLH 8QWHUVXFKXQJVHUJHEQLVVH DXI GLH )UDJH QDFK GHU 6LQQKDIWLJNHLWGHU8QWHUVFKHLGXQJYRQ7HPSRUDOLWlWXQG$VSHNWXDOLWlWLP 9HUJDQJHQKHLWVEHUHLFK KLQ 'LH 3DUDPHWHU]XRUGQXQJ PDFKWH LQ GHU 0HKU]DKOGHU)lOOHGHXWOLFKZLHVWDUNGLHWHPSRUDOH9RUXQGGLHDVSHN WXHOOH $EJHVFKORVVHQ5HODWLRQ PLWHLQDQGHU YHUIORFKWHQ VLQG VR GDVV GLH YRUOLHJHQGH$UEHLWGLH(QWZHGHU 7HPSXV 2GHU $VSHNW )UDJHDXFKIU GLH %HGHXWXQJ YRQ UHODWLYHQ VHLQ'RSSHOSHUIHNWELOGXQJHQ DEOHKQW XQG GDIUSOlGLHUWGLHNRQNUHWH$XVJHVWDOWXQJGHVGXUFKGLHUHODWLYH'RSSHO SHUIHNWELOGXQJ JHOHLVWHWHQ ]HLWOLFKHQ 5FNJULIIV DOV WHPSRUDODVSHNWXHOO SULPlUWHPSRUDO KLHUQLFKWQDFKZHLVEDU RGHUSULPlUDVSHNWXHOODOVNRQ WH[WDEKlQJLJ]XZHUWHQ'LHLQ.DSLWHODXIJHIKUWHUHVPLHUHQGH'DU VWHOOXQJGHU/HLVWXQJUHODWLYHUKDEHQ'RSSHOSHUIHNWELOGXQJHQLVWVRPLWDXI GLH%HGHXWXQJYRQVHLQ%LOGXQJHQEHUWUDJEDU

BBBBBBBBBBBBBBBBBBB

 'LHGDUJHVWHOOWHQUHODWLYHQVHLQ%HOHJHZHLVHQNHLQH%HLVSLHOHIUHLQHSULPlUWHPSRUDOH,Q WHUSUHWDWLRQGHV9HUKlOWQLVVHVYRQ(XQG(DXIZLH7DEHOOHYHUGHXWOLFKW'LHSULPlU WHPSRUDOH%HGHXWXQJVROOGHQQRFKLQ$EELOGXQJHUVFKHLQHQGDQLFKWGDYRQDXVJHJDQ





              

%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

/HLVWXQJGHUUHODWLYHQVHLQ'RSSHO SHUIHNWELOGXQJHQ5FNJULIIKLQWHU(  ( 





( 



5

WHPSRUDODVSHNWXHOOHSULPlUWHPSRUDOH RGHUSULPlUDVSHNWXHOOH,QWHUSUHWDWLRQ GHV9HUKlOWQLVVHVYRQ(XQG( GXUFKGHQDNWXHOOHQ.RQWH[W $EELOGXQJ/HLVWXQJGHVUHODWLYHQ7\SVGRSSHOWHU3HUIHNWELOGXQJHQ VHLQ 

 $EVROXWHU7\S(YRU5RGHU(YRU>DEJHVFKORVVHQ]X@5" 'HU DEVROXWH 7\S GRSSHOWHU 3HUIHNWELOGXQJHQ HUVFKHLQW IU VHLQ DE GHP -DKUKXQGHUW,QVJHVDPWOLHJHQYLHU%HOHJHGLHVHV9HUZHQGXQJVW\SV  :DQHLQ3DUWH\NlPHGLHXQV]XVWlUNZHKUHVRVROWHQXQGPXVWHQZLULQOR‰ VFKLHVHQGDVVLHGHQ6FKX‰XIIGHP%HUJK|UHWHQXQGXQV]X+XOINlPHQ$EHU DOKLHZDU]XIRUGHUV*RWWHV+XOIVRQVWZHKUHVJDUEDOWJHVFKHKHQJHZHVHQ >%DXHUQOHEHQ-DKUKXQGHUW@   +HXWH KDEH GHU OLHEHQ 0DPD %ULHI YRP WHQ KXLXV HUKDOWHQ XQG PLFK JH ZXQGHUW GD‰ GHU DP WHQ DEJHJDQJHQH &RIIUH PLW :lVFKH QRFK QLFKW DQJH NRPPHQJHZHVHQ>)UDQFNH-DKUKXQGHUW@  8QEHJUHLIOLFKZlUHHVZLHGRUWVRZLFKWLJH2SHUDWLRQHQ YRUJHQRPPHQZHU GHQNRQQWHQLQGHPGHU6XPSIYRQGHPZLURIWLQGHQ=HLWXQJHQODVHQGDVVHOEH ULQJVXPJLEW6WXQGHEUHLWXQGVHKUWLHILVWZHQQHVQLFKWGDPDOVQRFKJH IURUHQ JHZHVHQ ZlUH 8QVHUH %HJOHLWHU EOLHEHQ UDWKORV GDYRU VWHKHQ DEHU 6FKPLGWXQGLFK]RJHQ6WLHIHOQXQG6WUPSIHDXV GUDQJHQYRUVLFKWLJKLQHLQ >.DVVHOHU$U]W-DKUKXQGHUW@  2EHQDP6HHGDVLQG3XPSHQDXVJHIDOOHQJHZHVHQ >HLJHQH+|UEHOHJH-DKUKXQGHUW@

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

JHQ ZLUG GDVV GLHVH %HGHXWXQJ DXVJHVFKORVVHQ LVW VRQGHUQ YLHOPHKU DQJHQRPPHQ ZLUG GDVVGDV)HKOHQDXIGLHJHULQJH%HOHJDQ]DKO]XUFN]XIKUHQLVW





%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ

)UGHQDEVROXWHQ9HUZHQGXQJVW\SZLUG]XQlFKVWHLQH9RU5HODWLRQDQ JHQRPPHQ XQG GDV LP VHLQ'RSSHO SOXVTXDP SHUIHNW UHDOLVLHUWH (UHLJQLV GDPLW DXI HLQIDFKHU 9HUJDQJHQKHLWVHEHQH YHURUWHW =X SUIHQ LVW RE GLH /HLVWXQJGHUDEVROXWHQVHLQ'RSSHOSHUIHNWELOGXQJGXUFKGLH9RU5HODWLRQ DXVUHLFKHQGPRGHOOLHUWLVWRGHUREGLH+LQ]XIJXQJHLQHU$EJHVFKORVVHQ 5HODWLRQ QRWZHQGLJ LVW XP GDV (UHLJQLV DGlTXDW ]X EHVFKUHLEHQ 'LH IROJHQGHQ$EELOGXQJHQVWHOOHQEHLGH3DUDPHWHUUHODWLRQHQYRU HLQIDFKH9HUJDQJHQKHLWVHEHQH



(

6SUHFKE]Z6FKUHLE]HLWSXQNW







5

YRU ( GDVPLWHLQHU VHLQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWH(UHLJQLV $EELOGXQJ3DUDPHWHUUHODWLRQ(YRU5 VHLQ 

HLQIDFKH9HUJDQJHQKHLWVHEHQH



(

6SUHFKE]Z6FKUHLE]HLWSXQNW







5

YRUDEJHVFKORVVHQ]X ( GDVPLWHLQHU VHLQ'RSSHOSHUIHNWELOGXQJ UHDOLVLHUWH(UHLJQLV SHUIHNWLY  $EELOGXQJ3DUDPHWHUUHODWLRQ(YRU>DEJHVFKORVVHQ]X@5 VHLQ 

'LH(UVHW]XQJGHU3DUDPHWHUGXUFKGLHNRQNUHWHQ%HOHJNRQWH[WHELV GHVDEVROXWHQ9HUZHQGXQJVW\VHUJLEWGDVIROJHQGH%LOG

BBBBBBBBBBBBBBBBBBB

 (LQH DXVIKUOLFKH +HUOHLWXQJ HUIROJWH IUKDEHQ%LOGXQJHQ LQ.DS  'LHVH LVW DXIVHLQ EHUWUDJEDU



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

( ZlUHEDOGJHVFKHKHQ JHZHVHQ ZlUHEDOGJHVFKHKHQ JHZHVHQ QRFKQLFKWDQJHNRPPHQ JHZHVHQ QRFKQLFKWDQJHNRPPHQ JHZHVHQ QLFKWGDPDOVQRFKJHIURUHQ JHZHVHQZlUH QLFKWGDPDOVQRFKJHIURUHQ JHZHVHQZlUH VLQGDXVJHIDOOHQJHZHVHQ VLQGDXVJHIDOOHQJHZHVHQ

5HODWLRQ

5

YRU

6SUHFKE]Z6FKUHLE]HLWSXQNW

YRUXQGDEJHVFKORVVHQ]X 6SUHFKE]Z6FKUHLE]HLWSXQNW YRU

6SUHFKE]Z6FKUHLE]HLWSXQNW

YRUXQGDEJHVFKORVVHQ]X 6SUHFKE]Z6FKUHLE]HLWSXQNW YRU



6SUHFKE]Z6FKUHLE]HLWSXQNW

YRUXQGDEJHVFKORVVHQ]X 6SUHFKE]Z6FKUHLE]HLWSXQNW YRU  6SUHFKE]Z6FKUHLE]HLWSXQNW YRUXQGDEJHVFKORVVHQ]X 6SUHFKE]Z6FKUHLE]HLWSXQNW

'DVPLWHLQHUGRSSHOWHQ3HUIHNWELOGXQJUHDOLVLHUWH(UHLJQLVLVWEHLDEVROX WHQ .RQWH[WHQ DXI HLQIDFKHU 9HUJDQJHQKHLWVHEHQH YHURUWHW XQG VWHKW LQ %H]LHKXQJ ]X 5 'LH %HWUDFKWXQJ GHU %HGHXWXQJVYDULDQWHQ GHU ZHQLJHQ DEVROXWHQ%HOHJNRQWH[WHYHUGHXWOLFKWGDVVGHUIUUHODWLYH%LOGXQJHQHLQ VFKOlJLJH 5FNJULIIVFKDUDNWHU KLQWHU HLQ ZHLWHUHV (UHLJQLV QLFKW QDFK]X ZHLVHQLVW%HLGHUhEHUSUIXQJGHU)UDJHREGDV9HUKlOWQLVYRQ(XQG5 GXUFKHLQH9RU5HODWLRQRGHUGXUFKHLQH9RU$EJHVFKORVVHQ5HODWLRQ DQJHPHVVHQEHVFKUHLEEDULVWHQWVWDQGDQDORJ]XGHQELVKHUGXUFKJHIKU WHQ $QDO\VHQ GHU (LQGUXFN GDVV EHLGH 3DUDPHWHUUHODWLRQHQ ]XU %HGHX WXQJVEHVFKUHLEXQJP|JOLFKVLQGXQGNHLQHGHUEHLGHQ5HODWLRQHQHLQHDXI IDOOHQGEHVVHUH%HGHXWXQJVEHVFKUHLEXQJGHUMHZHLOLJHQVHLQ%LOGXQJDQELH WHQNDQQ %HLGHU$QDO\VHGHUDEVROXWHQ'RSSHOSHUIHNWELOGXQJHQPLWKDEHQ NRQQWHDOV5HJHOIDOOHLQHWHPSRUDODVSHNWXHOOHLQ(LQ]HOIlOOHQHLQHSULPlU WHPSRUDOH %HGHXWXQJ IHVWJHVWHOOW ZHUGHQ 'LH WHPSRUDODVSHNWXHOOH %H GHXWXQJ LVW DXFK EHL GHQ ZHQLJHQ %HOHJHQ DEVROXWHU VHLQ%LOGXQJHQ YRU KHUUVFKHQG 'LH HQJH 9HUIOHFKWXQJ YRQ 7HPSRUDOLWlW XQG $VSHNWXDOLWlW WULWW GDEHL DXFK KLHU GHXWOLFK KHUYRU ]% %HOHJ   )LQGHW GDV $XVIDOOHQ GHU3XPSHQYRU5VWDWWVRLVWGLHVHV]XP=HLWSXQNW5EHUHLWVDEJHVFKORV VHQ .RQWH[WH PLW SULPlU WHPSRUDOHU %HGHXWXQJ GLH EHL GHQ KDEHQ %LOGXQJHQYRUUDQJLJGXUFKZHLWHUHLP.RQWH[WYRUNRPPHQGH7HPSRUDO DGYHUELDOH HYR]LHUW ZXUGH VLQG DQ GLHVHU 6WHOOH QLFKW QDFKZHLVEDU 'DV BBBBBBBBBBBBBBBBBBB

 9JO.DS





%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ

9RUNRPPHQYRQVHLQ.RQWH[WHQPLWSULPlUWHPSRUDOHU%HGHXWXQJLVWMH GRFKGXUFKDXVDOVP|JOLFK]XHUDFKWHQGDV)HKOHQGLHVHU%HOHJHZLUGDXI GLHVFKPDOH%HOHJODJH]XUFNJHIKUW 2EZRKODQGLHVHU6WHOOHDXIJUXQGGHV9RUOLHJHQVYRQQXUYLHU%HOHJHQ QLFKW QDFKZHLVEDU ZLUG DXFK IU DEVROXWH VHLQ'RSSHOSHUIHNWELOGXQJHQ GDYRQ DXVJHJDQJHQ GDVV GHUHQ %HGHXWXQJ DQDORJ ]X GHU %HGHXWXQJ GHU UHODWLYHQVHLQVRZLHGHUUHODWLYHQXQGDEVROXWHQKDEHQ%LOGXQJHQHLQHVWDU NH.RQWH[WDEKlQJLJNHLWDXIZHLVW6RPLWLVWDOV/HLVWXQJDEVROXWHUVHLQ%LO GXQJHQIHVW]XKDOWHQGDVVGLHVHHLQ(UHLJQLVDXIHLQIDFKHU9HUJDQJHQKHLWV HEHQH(YRU5YHURUWHQ'LH$XVOHXFKWXQJGHV9HUKlOWQLVVHVYRQ(]X5 DOV WHPSRUDODVSHNWXHOO RGHU SULPlU WHPSRUDO LVW GDEHL ZLHGHU DEKlQJLJ YRPNRQNUHWHQ.RQWH[W 

(







5

WHPSRUDODVSHNWXHOOHRGHUSULPlUWHPSRUDOH ,QWHUSUHWDWLRQGHV9HUKlOWQLVVHVYRQ(XQG5 GXUFKGHQDNWXHOOHQ.RQWH[W $EELOGXQJ/HLVWXQJGHVDEVROXWHQ7\SVGRSSHOWHU3HUIHNWELOGXQJHQ VHLQ 

 )D]LW%HGHXWXQJYRQVHLQ3DUWL]LS,,JHZHVHQ 'HQ$XVJDQJVSXQNWGHU%HGHXWXQJVDQDO\VHELOGHWHQDXFKEHLVHLQ3DUWL ]LS ,,  JHZHVHQ GLH KHUDXVJHDUEHLWHWHQ ]ZHL 7\SHQ UHODWLY XQG DEVROXW  XQG GLH 6XEW\SHQ GHV UHODWLYHQ 7\SV $XI VLH ZXUGHQ GLH 5HLFKHQ EDFK·VFKHQ 3DUDPHWHU PLW GHQ IU GLH WHPSRUDOH XQG DVSHNWXHOOH %HGHX WXQJIHVWJHOHJWHQ3DUDPHWHUUHODWLRQHQDQJHZDQGW %HL GHU 8QWHUVXFKXQJ GHU %HGHXWXQJ UHODWLYHU VHLQ'RSSHOSHUIHNWELO GXQJHQZXUGHDQDORJ]XKDEHQ%LOGXQJHQIHVWJHVWHOOWGDVVGDVLP'RSSHO SOXVTXDP SHUIHNWUHDOLVLHUWH(UHLJQLV(HLQHQ]HLWOLFKHQ5FNJULIIKLQWHU GDVZHLWHUHLP.RQWH[WYRUNRPPHQGH(UHLJQLV(OHLVWHW9RQGHQXQ WHUVXFKWHQ %HOHJHQ ZLHVHQ  HLQH WHPSRUDODVSHNWXHOOH %HGHXWXQJ DXI GLHVRZRKOGLHWHPSRUDOHDOVDXFKGLHDVSHNWXHOOH/HVDUW]XOlVVW(LQHYRU BBBBBBBBBBBBBBBBBBB

 $XIJUXQG GHU $QQDKPH GDVV GDV )HKOHQ SULPlU WHPSRUDO ]X GHXWHQGHU .RQWH[WH GHU VFKPDOHQ%HOHJVLWXDWLRQDQ]XODVWHQLVWZLUGGLHSULPlUWHPSRUDOH%HGHXWXQJHEHQIDOOVDXI JHIKUW



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

GHUJUQGLJ DVSHNWXHOOH %HGHXWXQJ NRQQWH IU GLH HLQ]LJH YRUNRPPHQGH (UHLJQLV$EVFKOXVV%H]LHKXQJIHVWJHVWHOOWZHUGHQ)UGLH%HGHXWXQJUHOD WLYHUVHLQ'RSSHOSHUIHNWELOGXQJHQZXUGHHEHQIDOOVHLQHVWDUNH.RQWH[WDE KlQJLJNHLWDQJHQRPPHQDXFKZHQQGLHVHDQKDQGGHUJHULQJHQ%HOHJDQ ]DKOZHQLJHUGHXWOLFKDOVEHLUHODWLYHQKDEHQ%HOHJHQKHUDXVJHDUEHLWHWZHU GHQ NRQQWH (V ZLUG MHGRFK GDYRQ DXVJHJDQJHQ GDVV GLH 8QWHUVXFKXQJ JU|‰HUHU%HOHJPHQJHQHLQYLHOIlOWLJHUHV%LOGGHV(LQIOXVVHVYRP.RQWH[W DXIGLH%HGHXWXQJGHUVHLQ%LOGXQJHQHUEUDFKWKlWWH $XFK IU GLH%HGHXWXQJGHU YLHU XQWHUVXFKWHQ DEVROXWHQ VHLQ%LOGXQ JHQ ZXUGH DQDORJ ]X DEVROXWHQ KDEHQ%LOGXQJHQ GHU 9HUOXVW GHV 5FN JULIIVFKDUDNWHUV IHVWJHVWHOOW 'DPLW OLH‰HQ VLFK PLW HLQHU VHLQ'RSSHOSHU IHNWELOGXQJUHDOLVLHUWH(UHLJQLVVHDXIHLQIDFKHU9HUJDQJHQKHLWVHEHQH(YRU 5YHURUWHQ'LH$XVOHXFKWXQJGHV9HUKlOWQLVVHVYRQ(]X5ZLHVLQDOOHQ YLHU.RQWH[WHQGLHWHPSRUDODVSHNWXHOOH/HVDUWDXI$QJHQRPPHQZLUGMH GRFKDXFKKLHUHLQVWDUNHU(LQIOXVVGHV.RQWH[WHVDXFKZHQQGLHVHUDXI JUXQGGHUVFKPDOHQ%HOHJVLWXDWLRQQLFKWQDFKZHLVEDUZDU'LHXQWHUVXFK WHQKDEHQXQGVHLQ'RSSHOSHUIHNWELOGXQJHQZHLVHQGDPLWLQLKUHU%HGHX WXQJVWDUNH3DUDOOHOHQDXIZLHGLHIROJHQGH7DEHOOHYHUGHXWOLFKW 7\S

%HGHXWXQJ

KDEHQ²UHODWLY

Æ 5FNJULIIYRQ(KLQWHU( Æ WHPSRUDODVSHNWXHOOHSULPlUWHPSRUDOHRGHU SULPlUDVSHNWXHOOH,QWHUSUHWDWLRQGHV9HUKlOWQLV VHVYRQ(]X(GXUFKGHQDNWXHOOHQ.RQWH[W

VHLQ²UHODWLY  KDEHQ²DEVROXW   VHLQ²DEVROXW 

Æ 9HURUWXQJYRQ(DXIHLQIDFKHU 9HUJDQJHQKHLWVHEHQH(YRU5 Æ WHPSRUDODVSHNWXHOOHRGHUSULPlUWHPSRUDOH ,QWHUSUHWDWLRQGHV9HUKlOWQLVVHVYRQ(]X5GXUFK GHQDNWXHOOHQ.RQWH[W 7DEHOOH%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

'LH LGHQWLVFKH %HGHXWXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ PLW KDEHQ XQG VHLQ NDQQ QHEHQ GHP HPSLULVFK QDFKJHZLHVHQHQ 9RUNRPPHQ YRQ VHLQ 'RSSHOSHUIHNWELOGXQJHQ DOV ]XVlW]OLFKHV ,QGL] IU GLH ([LVWHQ] YRQ SHU IHNWLVFKHQ)RUPHQPLWVHLQJHZHUWHWZHUGHQ(EHQVRVWHOOHQGLHSDUDOOHOHQ (UJHEQLVVHGHUKDEHQXQGGHUVHLQ'RSSHOSHUIHNWELOGXQJHQGLH/HLVV·VFKH 7KHRULHGHU=XJHK|ULJNHLWYRQKDEHQ3DUWL]LS,,XQGVHLQ3DUWL]LS,,]X YHUVFKLHGHQHQ.DWHJRULHQ 3HUIHNWXQG5HVXOWDWLYNDWHJRULH VWDUNLQ)UD JH'LHHPSLULVFKHQ(UJHEQLVVHGHUYRUOLHJHQGHQ%HGHXWXQJVDQDO\VHVSUH FKHQHKHUGDIUGLH(LQRUGQXQJGHU)RUPVHLQ3DUWL]LS,, LQWUDQVLWLY LQ



1RFKPDO+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ



GLH3HUIHNWNDWHJRULH XQGGDPLWLQGLH7HPSXVNDWHJRULVLHUXQJ DXIUHFKW]X HUKDOWHQ 'LH ELVKHULJHQ 'HXWXQJHQ OLH‰HQ VLFK LP :HVHQWOLFK DXI GLH )UDJH ]HQWULHUHQ RE GLH GRSSHOWHQ 3HUIHNWELOGXQJHQ WHPSRUDOH 9RUYHUJDQJHQ KHLWV RGHU DVSHNWXHOOH $EJHVFKORVVHQKHLWVEHGHXWXQJ WUDJHQ 'DKHU ZXUGHGHU)RNXVLQGHUGLHVHU$UEHLW]XJUXQGHJHOHJWHQ0HWKRGH]XU%H GHXWXQJVHUPLWWOXQJ DXI GLH 5HODWLRQ ]ZLVFKHQ GHQ 3DUDPHWHUQ JHULFKWHW 7HPSRUDOH%HGHXWXQJZXUGHDOV9RU5HODWLRQDVSHNWXHOOH%HGHXWXQJDOV $EJHVFKORVVHQ5HODWLRQPRGHOOLHUW,QGHU%HGHXWXQJVDQDO\VHOLH‰VLFKYRU GHP+LQWHUJUXQGGHUDQJHZDQGWHQ0HWKRGHNHLQH%HGHXWXQJDOVJUXQG VlW]OLFKYRUGHUJUQGLJQDFKZHLVHQ9LHOPHKUKDWVLFKGLH(WDEOLHUXQJYRQ WHPSRUDOHU XQGRGHU DVSHNWXHOOHU %HGHXWXQJ LQ 'RSSHO SOXVTXDP SHU IHNWNRQWH[WHQDOVLQKRKHP0D‰HNRQWH[WDEKlQJLJHUZLHVHQ.ODUKHUDXV JHVWHOOW ZHUGHQ NRQQWH GHU 5FNJULIIVFKDUDNWHU UHODWLYHU GRSSHOWHU 3HU IHNWELOGXQJHQ 5FNJULIIYRQ(KLQWHU( VRZLHGLH9HURUWXQJDEVROXWHU GRSSHOWHU3HUIHNWELOGXQJHQDXIHLQIDFKHU9HUJDQJHQKHLWVHEHQH (YRU5  'LH$XVJHVWDOWXQJGHV9HUKlOWQLVVHVYRQ(]X(EHLUHODWLYHQ%LOGXQJHQ VRZLH YRQ ( ]X5 EHL DEVROXWHQ %LOGXQJHQ KLQJHJHQVWHOOW HLQH /HLVWXQJ GDUGLHGHP.RQWH[W]X]XVSUHFKHQLVW

 1RFKPDO+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ ,Q.DSLWHOZXUGHGLHhEHUSUIXQJGHU]ZHLLQGHUHLQVFKOlJLJHQ'RS SHOSHUIHNWIRUVFKXQJ H[LVWLHUHQGHQ +HUDXVELOGXQJVK\SRWKHVHQ YRUJHQRP PHQ'DEHLNRQQWHGLH+\SRWKHVH WUDGLWLRQHOOH+\SRWKHVH3UlWHULWXP VFKZXQGK\SRWKHVH  HQWNUlIWHW ZHUGHQ %HL GHU hEHUSUIXQJ YRQ +\SR WKHVH  DOWHUQDWLYH +\SRWKHVH 3HUIHNWJUDPPDWLNDOLVLHUXQJVK\SRWKHVH  ZXUGHQZHQLJHUHLQGHXWLJH(UJHEQLVVHHU]LHOWVRGDVVIUHLQHHQGJOWLJH (UJHEQLVIRUPXOLHUXQJGDV5HVXOWDWGHU%HGHXWXQJVDQDO\VHIUKHUGRSSHO WHU3HUIHNWELOGXQJHQDEJHZDUWHWZXUGH ,QGHU%HGHXWXQJVDQDO\VHZXUGHYRUGHP+LQWHUJUXQGGHUGLHVHU$U EHLW]XJUXQGHJHOHJWHQ0HWKRGHNHLQHNODUHSULPlUDVSHNWXHOOH%HGHXWXQJ IUKHU GRSSHOWHU 3HUIHNWELOGXQJHQ KHUDXVJHVWHOOW 'HU 5HJHOIDOO ZDU YLHO PHKUHLQHWHPSRUDODVSHNWXHOOH%HGHXWXQJGHUYRUUDQJLJUHODWLYHQ%LOGXQ JHQGHUIUKHQ-DKUKXQGHUWH  'RHU]XKRIIHTZDPGDHQWSKLQJHUGHQJUHIIHQZROYQGHUKDWWHVLFKDXFK YRU GDU]X JHUXVW VHUH NRVWOLFK ZDQ \PH GHU JUHIIH YRQ 5LFKPRQW GLH HUVW ERW VFKDIWJHWKDQKDWWJHKDEW>3RQWXVXQG6LGRQLD-DKUKXQGHUW@ BBBBBBBBBBBBBBBBBBB

 9JO.DS



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

 GDQQLFKZHL‰QLWZDV1RWZLUHWZDQGHP%DXUHQYRQ.UDIWVKRIHQKDEHQJH KROIHQ GHU GHQ 0DJHQ PLW .XWWHOIOHFN XQG 0RONHQ RKQ :HLQWULQNHQ DOVR YHU ZVWJHKDEWGD‰ZLULKQKDEHQPVVHQDXVQHKPHQHLQ,QYHQWDULPLW1XPHUR GDUEHU PDFKHQ XQG ZLH HLQ 3IHIIHUVDFN XPVWLOSHQ DXFK PLW HLQ 6WURKZLVFK .DON XQG 6DQG ZRKO UHLEHQ XQG IHJHQ ZLH GLH :HLEHU GLH 6WHJHQ >=LPP &KU ]LWLHUWQDFK/LWYLQRY5DGÿHQNR-DKUKXQGHUW@  ,WHPLQGHVHP6H[WHUQHVDOOPHQY\QGHQGLHJHVFK\FKWHLQGYHUKDQGHOXQJHGLH YDQGHQJKHQHQGLHV\FKQRHPHQWYDQGHQJHVOHFKWHQE\QQHQ&RHOQHYXUW]LMW] YHUKDQGHOW KDLQW GDUXPE GDW YSORXIIH LQG PDQFKHUOH\H YQJHOXFNH E\QQHQ GHU 6WDW YDQ &RHOQH YQWVWDQGHQ JHZH\VW V\QW ,WHP LQ GHVHP 6H[WHUQH VWHLW RXFK GDW,QVWUXPHQWVXOFKVEHNHQWQLVVHDVKHU+H\QU\FKYDP6WDXHLQV\PHOHVWHQJH GDLQKDLW>)QKG-DKUKXQGHUW@  DOOHLQ5REHUWXVGHUKDWWHLQHQVHXIIW]HQEHUGHQDQGHUHQJHODVVHQXQGVLFK JDQW]WUDZULJHU]HLJHWGDVGDQQGLHDQGUHQVHLQHOLHEHQQDFKEDXUQXQGIUHXQGW DXFKWURVWPXHWLJJHPDFKWKDW'HUJHOHUWPDQVRKDUWQHEHQ5REHUWRJHVHVVHQ JHZHVHQLVWKDWWLQPLW JDUVDQIIWPXHWLJHQZRUWHQDQJHUHGW /LHEHUKHUU 5R EHUWHZDVEHNPPHUWHXFKVRVFKZHUOLFKHQGDVLUVRJDUQLWJXRWHUGLQJHQVHLQ ZRHOOHQ">)QKG-DKUKXQGHUW@

1XULQHLQ]HOQHQ)lOOHQZXUGHHLQHSULPlUDVSHNWXHOOH%HGHXWXQJIHVWJH VWHOOWZLHGLHIROJHQGHQ%HLVSLHOHDXVGHP-DKUKXQGHUW]HLJHQ   8QWHUGHVVHQ NRPPW GLH 3RVW YRQ 7UDJ|‰ GD‰ GHU 3IDUUHU VFKRQ JHVWRUEHQ MHW]W KDW PDQ LKP 9RUZUIH JHPDFKW XQG YHUERWHQ GDV +DXV ]X YHUODVVHQ (U KDWDOOHVYHUKHLPOLFKWJHKDEWGD‰VLFKQXQVHLQ:HLEYRULKPHQWVHW]WHXQGLQ GLH)UDLVHQYHUILHO>+DXVEFKO-DKUKXQGHUW@  .DPHQHWOLFKH6SLRQHZHOFKHGHQ&DSLW*HQDXVJHVFKLFNHWJHKDEWZLGHU DQKHURXQGEUDFKWHQPLWGD‰GLHWUNLVFKH$UPpLQ0DQQVWDDUNEH\/H SDQWRVWQGH>+DQQRYHUVFKH5RWU|FNH-DKUKXQGHUW@

-HGRFKOLHJHQIUGDV-DKUKXQGHUWDXFK.RQWH[WHYRUGLHSULPlUWHP SRUDOJHGHXWHWZXUGHQ   &DWKDULQD /DJHULQ /HGLJVWDQGV YRQ %DPEHUJ ,VW DXI YQGWHU VFKLHGOLFK (LQ NRPPHQH %HNHQGWQX‰HQ +H[HUH\ KDOEHU ]XHU YHUKDIIW JHQRKPPHQ YQQGW GH UHQWZHJHQGHQ.D\VHUOLFKHQ5HFKWHQDXFKGHUIXHUVWO%DPEHUJUHIRUPDWLRQJH PDH‰ VR JXHHW DO‰ 3HLQOLFK ([DPLQLUW ZRUGHQ GLH EHNHQQHW 6LH VH\H DXI ZHL‰ XQG IRUPE ,QKDOOW LKUHU 2ULJLQDO $XVVDJH QXQPHKUR YRU YQJHIHKU  -DKUHQ ]X GLHVHP /DVWHU GHU +H[HUH\ YHUIXHKUW ZRUGWHQ YQQGW KDEH LQ VROFKHU =HLW YRO JHQGH XHEOWKDWHQ ZDUKDIIWLJ EHJDQJHQ (UVWOLFKHU DO‰ 6LH GDPDKOV VLFK LQ HLQH 0DQQ‰3HUVRKQ =LPEOLFK YHUOLHEW JHKDEW DXFK PLW ,KPH LQ YQ]XFKW JHUDWKHQ KHWWHVLFKKHUQDFKHUGHUERHHVHIHLQGWLQGHVVHOEHQJHVHOOHQJHVWDOOWZLGHUXPE]X ,KUYHUIXHHJWZHOFKH6LHDQVHLQHUHUVFKURHNKOLFKHQ9HUHQGHUXQJ(UNHQWGDURE 6LHGDQQKRFKHUVFKURFNHQGRFKYIIVHLQ=XUHGHQKHWWH6LHVLFKDX‰VFKUHFNK]X ,KPHYHUVSURFKHQ>+H[HQYHUK|UH3%DPEHUJ-DKUKXQGHUW@

,QGHU%HGHXWXQJVDQDO\VHGHUUHODWLYHQGRSSHOWHQ3HUIHNWELOGXQJHQZXUGH DOVHLQVFKOlJLJHV0HUNPDODXFKIUKHU%HOHJHGHU5FNJULIIVFKDUDNWHUGHU GRSSHOWHQ 3HUIHNWELOGXQJ KHUDXVJHVWHOOW 'LH MHZHLOLJH $XVJHVWDOWXQJ GHV 5FNJULIIVDOVWHPSRUDODVSHNWXHOOSULPlUWHPSRUDORGHUSULPlUDVSHNWXHOO



1RFKPDO+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ



ZXUGHMHGRFKQLFKWDOV/HLVWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQVRQGHUQ DOVNRQWH[WDEKlQJLJEHVFKULHEHQ 'LH XUVSUQJOLFKH +HUDXVELOGXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ GXUFK GHQ 3UlWHULWXPVFKZXQG LP 6LQQH HLQHV GLUHNWHQ NDXVDOHQ =XVDPPHQ KDQJV ZXUGH ZLGHUOHJW $XIJUXQG GHV HUPLWWHOWHQ +HUDXVELOGXQJV]HLW UDXPVGRSSHOWHU3HUIHNWELOGXQJHQXQGGHUSDUDOOHOGD]XDEODXIHQGHQ5H VWUXNWXULHUXQJVSUR]HVVH LP 9HUEDOEHUHLFK HUVFKHLQW HV HKHU ULFKWLJ GLH +HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ]XQlFKVWDOOJHPHLQDOVHL QH )ROJHHUVFKHLQXQJ GHU *UDPPDWLNDOLVLHUXQJ GHU 3HUIHNWNRQVWUXNWLRQ XQGGHU$XIJDEHGHUDVSHNWXHOOHQ2SSRVLWLRQ]XVHKHQ'RSSHOWH3HUIHNW ELOGXQJHQ ZHUGHQ JHQDX GDQQ P|JOLFK ZHQQ DXFK LPSHUIHNWLYH 9HUEHQ (LQJDQJ LQ GLH .RQVWUXNWLRQHQ KDEHQ  3DUWL]LS ,, XQG VHLQ  3DUWL]LS,, ILQGHQXQGGLH%LOGXQJGHV3DUWL]LS,,YRQKDEHQXQGVHLQP|JOLFKLVW 5|GHO YHUPXWHW GDVV GLH XUVSUQJOLFK DVSHNWXHOOHQ GRSSHOWHQ 3HU IHNWELOGXQJHQ GXUFK GHQ 3UlWHULWXPVFKZXQG ÅWHPSRUDO IXQNWLRQDOLVLHUW ZHUGHQ´  7RSDORYLý  XQWHUVWW]WGLHVH7KHVH1XQOLHJW GHU(QWVWHKXQJV]HLWUDXPGHURELJHQ%HOHJHXQGIUGLHNHLQHSULPlU DVSHNWXHOOHVRQGHUQHLQHWHPSRUDODVSHNWXHOOH%HGHXWXQJ XQGGDPLWEH UHLWVHLQHWHPSRUDOH%HGHXWXQJVNRPSRQHQWH HUPLWWHOWZXUGH]HLWOLFKYRU GHU +RFKSKDVH GHV 3UlWHULWXPVFKZXQGHV ZDV GLHVH 9HUPXWXQJ ]XPLQ GHVWYRUGHP+LQWHUJUXQGGHULQGLHVHU$UEHLWYHUZHQGHWHQ0HWKRGH]XU %HGHXWXQJVHUPLWWOXQJLQ)UDJHVWHOOW ,QGHU%HGHXWXQJVDQDO\VHKDWGLHVWDUNHVHPDQWLVFKH1lKHYRQ7HP SRUDOLWlW XQG $VSHNWXDOLWlW LPPHU ZLHGHU ]X GHP 6FKOXVV JHIKUW GDVV NHLQH HLQGHXWLJH (QWVFKHLGXQJ LP 6LQQH HLQHU (QWZHGHU $VSHNW 2GHU 7HPSXV (QWVFKHLGXQJ YRUJHQRPPHQ ZHUGHQ NDQQ 6FKOLH‰OLFK ZXUGH VLFKNODUJHJHQHLQHVROFKHDXVJHVSURFKHQ'LH$UEHLWP|FKWHGLHVHU/LQLH DXFKLQ%H]XJDXIGLH)UDJHQDFKGHU+HUDXVELOGXQJGHUGRSSHOWHQ3HU IHNWELOGXQJHQ IROJHQ $XV GLHVHP *UXQG ZLUG GLH NODVVLVFKH )UDJH QDFK HLQHU +HUDXVELOGXQJVXUVDFKH DEJHOHKQW 9LHOPHKU VROO GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ DOV 9HU]DKQXQJ YHUVFKLHGHQHU )DNWRUHQ JHGDFKWZHUGHQGLHGHQ+HUDXVELOGXQJVXQG(QWZLFNOXQJVSUR]HVVGRS SHOWHU 3HUIHNWELOGXQJHQ LQ HLQHP NRPSOH[HQ =XVDPPHQVSLHO EHGLQJHQ 'LHVH +HUDXVELOGXQJVYRUVWHOOXQJ WUlJW GHQ (UJHEQLVVHQ GHU %HGHXWXQJV DQDO\VH 5HFKXQJ XQG HV HUVFKHLQW ]XGHP UHDOLVWLVFKHU EHL GHU %HWUDFK WXQJYRQ6SUDFKHQWZLFNOXQJVSUR]HVVHQGDYRQDXV]XJHKHQGDVVYHUVFKLH GHQH8PVWUXNWXULHUXQJVSUR]HVVHPLWHLQDQGHULP*DQJHVLQGGKGDVVVLH VLFKJHJHQVHLWLJEHGLQJHQVLFKEHVFKOHXQLJHQXQGRGHUEUHPVHQVRGDVV GHUHQ(QWZLFNOXQJVFKOLH‰OLFKQXUYHU]DKQWJHGDFKWZHUGHQNDQQ %HL GHU +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ VSLHOW GLH *UDPPDWLNDOLVLHUXQJ GHU 3HUIHNWNRQVWUXNWLRQ HLQH ZLFKWLJH 5ROOH 6LH PXVV ELV ]XP 6WDGLXP GHU gIIQXQJ GHU .RQVWUXNWLRQ IU LPSHUIHNWLYH



%HGHXWXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQ

9HUEHQ IRUWJHVFKULWWHQ VHLQ GDPLW GRSSHOWH 3HUIHNWELOGXQJHQ EHUKDXSW P|JOLFK ZHUGHQ ,Q HLQHP NRPSOH[HQ =XVDPPHQKDQJ PLW GLHVHU (QW ZLFNOXQJLVWGLH$XIJDEHGHUDVSHNWXHOOHQ2SSRVLWLRQVRZLHGHU6FKZXQG GHUV\QWKHWLVFKHQ3UlWHULWXPIRUP]XVHKHQ)ROJOLFKHUVFKHLQWHVORJLVFK GDVVDOOHGLHVHLQ%H]LHKXQJ]XHLQDQGHUVWHKHQGHQ8PVWUXNWXULHUXQJHQGLH +HUDXVELOGXQJ XQG (QWZLFNOXQJ GRSSHOWHU 3HUIHNWELOGXQJHQ JHPHLQVDP DQVWR‰HQXQGYRUDQWUHLEHQ'DVVLQGHU%HGHXWXQJVDQDO\VHNHLQH%HGHX WXQJ DOV SULPlU KHUDXVJHVWHOOW ZHUGHQ NRQQWH XQWHUPDXHUW GLH LQ GLHVHU $UEHLW IDYRULVLHUWH 9RUVWHOOXQJ GLH +HUDXVELOGXQJ XQG (QWZLFNOXQJ GHU GRSSHOWHQ3HUIHNWELOGXQJHQYRQ%HJLQQDQLQHLQHPNRPSOH[HQ=XVDP PHQVSLHO YHUVFKLHGHQHU 5HVWUXNWXULHUXQJVSUR]HVVH LP 9HUEDOEHUHLFK ]X VHKHQ XQG QLFKW YRQ 0RQRNDXVDOLWlW VRQGHUQ YRQ 0XOWLIDNWRULDOLWlW LP +HUDXVELOGXQJV XQG (QWZLFNOXQJVSUR]HVV GRSSHOWHU 3HUIHNWELOGXQJHQ DXV]XJHKHQ 



 =XVDPPHQIDVVXQJ =LHOGHU$UEHLWZDUHVHLQHQ%HLWUDJ]XU(UIRUVFKXQJGHUGLDFKURQHQ'L PHQVLRQ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ LQ %H]XJ DXI GHUHQ +HUDXVELO GXQJ*HEUDXFKXQG%HGHXWXQJ]XOHLVWHQ 'LH WKHRUHWLVFKHQXQG PHWKRGLVFKHQ *UXQGODJHQ GHU$UEHLW ZXUGHQ LQ .DSLWHO  YRUJHVWHOOW (V HUIROJWH HLQH (UDUEHLWXQJ GHU %HJULIIH Ä7HP SXV7HPSRUDOLWlW·Ä$VSHNW$VSHNWXDOLWlW·XQGÄ$NWLRQVDUW6LWXDWLRQVNODV VH·GLHIUGLH'DUVWHOOXQJGHUELVKHULJHQ'HXWXQJHQGHUGRSSHOWHQ3HU IHNWELOGXQJHQ XQG GLH 9RUVWHOOXQJ GHU GLHVHU $UEHLW ]XJUXQGH JHOHJWHQ PHWKRGLVFKHQhEHUOHJXQJHQQRWZHQGLJZDUHQ,P$QVFKOXVVGDUDQZXU GHQ GLH YRQ GHU HLQVFKOlJLJHQ )RUVFKXQJ YRUJHVFKODJHQHQ ELVKHULJHQ 'HXWXQJHQ GDUJHVWHOOW +HUDXVJHDUEHLWHW ZHUGHQ NRQQWH KLHUEHL GDVV GLH YRUKHUUVFKHQGHQ WHPSRUDOHQ 'HXWXQJHQ NODUH 'HIL]LWH DXIZLHVHQ $XFK GLH VHOWHQHQ $UEHLWHQ PLW DVSHNWXHOOHQ 'HXWXQJHQ GLH LQ GHU ELVKHULJHQ )RUVFKXQJ GHQ ]DKOUHLFKHQ WHPSRUDOHQ JHJHQEHUVWDQGHQ HUNDQQWHQ GLH (UNOlUXQJVGHIL]LWHGHUWHPSRUDOHQ'HXWXQJHQXQGYHUVXFKWHQGLHVHQGLH HLQKHLWOLFKH DVSHNWXHOOH %HGHXWXQJ GHU 3HUIHNWLYLWlW HQWJHJHQ]XVWHOOHQ .DSLWHODEVFKOLH‰HQGHUIROJWHGLH9RUVWHOOXQJGHUGLHVHU$UEHLW]XJUXQGH JHOHJWHQ 0HWKRGH (V ZXUGHQ GLH 5HLFKHQEDFK·VFKHQ 3DUDPHWHU ]XU %H GHXWXQJVHUPLWWOXQJ JHZlKOW ZREHL MHGRFK QLFKW GLH YHUVFKLHGHQHQ 3DUD PHWHUVRQGHUQGLH]ZLVFKHQGHQ3DUDPHWHUQEHVWHKHQGHQ5HODWLRQHQIU GLH 0RGHOOLHUXQJ GHU WHPSRUDOHQ E]Z DVSHNWXHOOHQ %HGHXWXQJ QXW]EDU JHPDFKW ZXUGHQ 'D NHLQH HLQGHXWLJHQ GHU 7HPSXV XQG $VSHNWIRU VFKXQJ HQWQHKPEDUHQ .ULWHULHQ ]XU (LQRUGQXQJ VSUDFKOLFKHU )RUPHQ LQ GLHHLQHRGHUDQGHUH.DWHJRULVLHUXQJYRUODJHQZlKOWHGLH$UEHLWGHQ:HJ EHUHLQHGLDFKURQH*HEUDXFKVDQDO\VHGLHQHEHQHLQHU%HVFKUHLEXQJGHU GLDFKURQHQ 9HUZHQGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ $QKDOWVSXQNWH IUGLH%HGHXWXQJVEHVFKUHLEXQJOLHIHUQVROOWH 'LH )UDJH QDFK GHU +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ ZDU7KHPDLQ.DSLWHO+LHU]XZXUGHQGLHEHLGHQLQGHU)RUVFKXQJH[LV WLHUHQGHQ +HUDXVELOGXQJVK\SRWKHVHQ EHVFKULHEHQ XQG $QVlW]H ]X GHUHQ hEHUSUIXQJ HQWZLFNHOW %HL GHU %HWUDFKWXQJ GHU WUDGLWLRQHOOHQ 3UlWHUL WXPVFKZXQGK\SRWKHVH GLH GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELO GXQJHQLQHLQHPGLUHNWHQ=XVDPPHQKDQJPLWGHP6FKZXQGGHVV\QWKHWL VFKHQ 3UlWHULWXPV XQG GHP GDPLW HLQKHUJHKHQGHQ 6FKZXQG GHV 3OXV TXDPSHUIHNWV VLHKW ZXUGHQ DXV GHU HLQVFKOlJLJHQ /LWHUDWXU 3UR XQG



=XVDPPHQIDVVXQJ

&RQWUDDUJXPHQWHKHUDXVJHILOWHUWGLHDQKDQGYRQ%HOHJHQDXVGHUYHUPXW OLFKHQ +HUDXVELOGXQJV]HLW HPSLULVFK EHUSUIW ZXUGHQ 'LH HPSLULVFKH 8QWHUVXFKXQJ NRQQWH GHQ 3UlWHULWXPVFKZXQG DOV DOOHLQLJH +HUDXVELO GXQJVXUVDFKHDXIJUXQGIROJHQGHU(UJHEQLVVHVWDUNLQ)UDJHVWHOOHQ  (VZDUHLQVHKUIUKHV9RUNRPPHQYRQ'RSSHOSOXVTXDPSHUIHNWQDFKZHLV EDU  (V NRQQWH JH]HLJW ZHUGHQ GDVV GHU 6FKZXQG YRQ 3OXVTXDPSHUIHNW LP 2EHUGHXWVFKHQ QLFKW V\VWHPDWLVFK VWDWWIDQG XQG GLH 3UlWHULWDOIRUPHQ YRQ KDEHQXQGVHLQZHLWHUKLQYRUNDPHQ  )UKH%HOHJHDXVGHPQLFKWREHUGHXWVFKHQ6SUDFKUDXPZDUHQYRUKDQGHQ  'LH ([LVWHQ] GRSSHOWHU 3HUIHNWELOGXQJHQ EHUHLWV YRU GHU +RFKSKDVH GHV 3UlWHULWXPVFKZXQGHVNRQQWHQDFKJHZLHVHQZHUGHQ  (VKHUUVFKWHHLQHIUKH)RUPHQYLHOIDOWGRSSHOWHU3HUIHNWELOGXQJHQ

'LH (UJHEQLVVH OHJWHQ QDKH GDVV GHU 3UlWHULWXPVFKZXQG DOV DOOHLQLJHU +HUDXVELOGXQJVJUXQG QLFKW KDOWEDU LVW (LQ GLUHNWHU NDXVDOHU =XVDPPHQ KDQJ]ZLVFKHQ3UlWHULWXPVFKZXQGXQGGHU+HUDXVELOGXQJGHUGRSSHOWHQ 3HUIHNWELOGXQJHQZXUGHGDPLW]XUFNJHZLHVHQ 'LH $OWHUQDWLYH ]XU 3UlWHULWXPVFKZXQGK\SRWKHVH VWHOOWH HLQH MXQJH +\SRWKHVHGDUGLHGLH+HUDXVELOGXQJGHUGRSSHOWHQ3HUIHNWELOGXQJHQDOV )ROJHGHU3HUIHNWJUDPPDWLNDOLVLHUXQJXQGGHV9HUOXVWVGHV$VSHNWV\VWHPV ZHUWHW 9RU GHU hEHUSUIXQJ GHU +\SRWKHVH ZXUGHQ ]XQlFKVW GLH QRW ZHQGLJHQVSUDFKKLVWRULVFKHQ(QWZLFNOXQJHQYRQKDEHQ3DUWL]LS,,XQG VHLQ3DUWL]LS,,VRZLHGHU$XIJDEHGHUDVSHNWXHOOHQ2SSRVLWLRQ1XOOJH GDUJHVWHOOW,P$QVFKOXVVGDUDQZXUGHDQKDQGHLQHV$EJOHLFKVGHUIUKHV WHQ %HOHJIXQGH PLWGHP LP =HLWUDXP GHU IUKHVWHQ %HOHJIXQGH YRUKHUU VFKHQGHQ*UDPPDWLNDOLVLHUXQJVVWDGLXPYRQKDEHQ3DUWL]LS,,VRZLHVHLQ  3DUWL]LS,, HUPLWWHOW LQ ZHOFKHP *UDPPDWLNDOLVLHUXQJVWDGLXP VLFK GLH 3HUIHNWNRQVWUXNWLRQ EHL GHU +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQ JHQEHIDQG(VNRQQWHJH]HLJWZHUGHQGDVVGLH*UDPPDWLNDOLVLHUXQJYRQ KDEHQ3DUWL]LS,,XQGVHLQ3DUWL]LS,,VRZHLWIRUWJHVFKULWWHQZDUGDVV GLH .RQVWUXNWLRQ DXFK LPSHUIHNWLYH 9HUEHQ ]XOLH‰ XQG GLH %LOGXQJ YRQ JHKDEW XQG JHZHVHQ P|JOLFK JHZRUGHQ MHGRFK QRFK VHKU VHOWHQ ZDU 'LH GRSSHOWHQ 3HUIHNWELOGXQJHQ ELOGHWHQ VLFK ]HLWQDK DXI GLH gIIQXQJ GHU .RQVWUXNWLRQIULPSHUIHNWLYH9HUEHQKHUDXV$OVXQJHIlKUHU+HUDXVELO GXQJV]HLWUDXPZXUGHIUKDEHQ3DUWL]LS,,GDVIUVHLQ3DUWL ]LS,,GDV-DKUKXQGHUWIHVWJHOHJW(VZXUGHHLQH$QDO\VHGXUFKJH IKUW XP KHUDXV]XILQGHQ LQZLHZHLW GLH +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQWDWVlFKOLFKLQ=XVDPPHQKDQJPLWGHU$XIUHFKWHUKDOWXQJ DVSHNWXHOOHU$XVGUXFNVP|JOLFKNHLWHQVWDQG'DEHLNRQQWHJH]HLJWZHUGHQ GDVV GHU +HUDXVELOGXQJV]HLWUDXP LQ GLH PD‰JHEOLFKH 8PVWUXNWXULHUXQJV SKDVH GHU $XIJDEH GHU DVSHNWXHOOHQ 2SSRVLWLRQ XQG GHU 5HRUJDQLVDWLRQ GHV9HUEDOV\VWHPVQDFKWHPSRUDOHQ*HVLFKWVSXQNWHQILHO'LHVHV(UJHEQLV



=XVDPPHQIDVVXQJ



XQWHUVWW]WH GDPLW GLH DOWHUQDWLYH +HUDXVELOGXQJVK\SRWKHVH ,Q HLQHP ]ZHLWHQ 6FKULWW ZXUGH GLH 9HUZHQGXQJ YRQ JH LQ GHQ IUKHVWHQ 7H[WHQ PLW'RSSHOSHUIHNWIXQGHQXQWHUVXFKW'LHDVSHNWXHOOH2SSRVLWLRQZDUELV DXI ZHQLJH 5HOLNWH QLFKW PHKU QDFKZHLVEDU ,P *HJHQVDW] GD]X NDP JH /RVLJNHLW EHL 3DUWL]LSLHQ ,, GXUFKDXV QRFK YRU GLHVH ZDU MHGRFK QLFKW LPPHUSDXVFKDODXIHLQHQRFKEHVWHKHQGHSHUIHNWLYLHUHQGH:LUNXQJYRQ JH ]XUFN]XIKUHQ 'D GDPLW MHGRFK NHLQH HLQGHXWLJHQ GLH +\SRWKHVH VWW]HQGHQ RGHU ZLGHUOHJHQGHQ $UJXPHQWH YRUODJHQ VROOWH GDV (UJHEQLV GHU%HGHXWXQJVDQDO\VHLQ%H]XJDXIGLH)UDJHDEJHZDUWHWZHUGHQREGLH IUKHQ GRSSHOWHQ 3HUIHNWELOGXQJHQ WDWVlFKOLFK YRUUDQJLJ DVSHNWXHOOH 6H PDQWLNWUXJHQ ,Q .DSLWHO  ZXUGH HLQH GLDFKURQH *HEUDXFKVDQDO\VH GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ GXUFKJHIKUW 'LHVH XPIDVVWH IU KDEHQ%LOGXQJHQ GDV  ELV  -DKUKXQGHUW (V JHODQJ IU KDEHQ'RSSHOSHUIHNWELOGXQJHQ ]XGHP GLH 1lKH'LVWDQ]'LPHQVLRQ LQ GLH $QDO\VH GHV  XQG  -DKUKXQGHUWVHLQ]XEULQJHQ'LH$QDO\VHGHUGLDFKURQHQ9HUZHQGXQJYRQ KDEHQ3DUWL]LS,,JHZHVHQHUEUDFKWHLP:HVHQWOLFKHQGLHIROJHQGHQ(U JHEQLVVH  )RUPHQYHUWHLOXQJ 6HLW %HJLQQ GHU .RQVWUXNWLRQ ZDU VRZRKO KDEHQ'RSSHO SHUIHNW DOV DXFK KDEHQ'RSSHOSOXVTXDPSHUIHNW ELOGEDU ZREHL GLH GLVWDQ] VSUDFKOLFKHQ %LOGXQJHQ HKHU ]X 'RSSHOSOXVTXDPSHUIHNW GLH QlKHVSUDFKOL FKHQ %LOGXQJHQ HKHU ]X 'RSSHOSHUIHNW WHQGLHUWHQ $ILQLWHKDEHQ%LOGXQJHQ HUVFKLHQHQ]XPHUVWHQ0DOLP-DKUKXQGHUWQDKPHQLP-DKUKXQGHUW VWDUN]XXQGLP-DKUKXQGHUWZLHGHUDE,KU9RUNRPPHQHQWVSUDFKGD PLW GHU IU DILQLWH .RQVWUXNWLRQHQ DOOJHPHLQ IHVWJHVWHOOWHQ 9RUNRPPHQV KlXILJNHLW  9HUWHLOXQJ DXI GLH 6SUDFKUlXPH $E GHP  -DKUKXQGHUW ZDUHQ REHU PLWWHO XQGQLHGHUGHXWVFKHKDEHQ%LOGXQJHQEHOHJW

 +DXSWVDW]1HEHQVDW]9HUWHLOXQJ%LV]XP-DKUKXQGHUWZLHVHQGLHKDEHQ %LOGXQJHQ HLQH $IILQLWlW ]XP 9RUNRPPHQ LP 1HEHQVDW] DXI ZREHL GLHVH LP  -DKUKXQGHUW DXIJUXQG GHV KlXILJHQ 9RUNRPPHQV DILQLWHU %HOHJHEHVRQGHUVDXVJHSUlJWZDU'DV-DKUKXQGHUW]HLJWHHLQDXVJH JOLFKHQHV %LOG GHU +DXSWVDW]1HEHQVDW]9HUWHLOXQJ $E GHP  -DKU KXQGHUW EHUZRJ GDV 9RUNRPPHQ LP +DXSWVDW] 'DV +DXSWVDW]YRU NRPPHQGHUQlKHVSUDFKOLFKHQGRSSHOWHQ3HUIHNWELOGXQJHQGHV -DKUKXQGHUWODJEHL  6WHOOXQJVYDULDQWHQ GHV )LQLWXPV LP 1HEHQVDW] 'LH 1HEHQVDW]EHOHJH ZLHVHQ LP  -DKUKXQGHUW =ZLVFKHQVWHOOXQJ LP  -DKUKXQGHUW HKHU 9RUDQ VWHOOXQJXQGDEGHP-DKUKXQGHUW(QGVWHOOXQJGHV)LQLWXPVDXI'D PLW HQWVSUDFKHQ GLH IU KDEHQ'RSSHOSHUIHNWELOGXQJHQ HUPLWWHOWHQ GLD FKURQHQ6WHOOXQJVYDULDQWHQGHQYRQ+lUG  GDUJHVWHOOWHQ(QWZLFN OXQJVWHQGHQ]HQGUHLJOLHGULJHU3UlGLNDWHLP1HEHQVDW]  9HUEHQ$NWLRQVDUWHQXQG6LWXDWLRQVNODVVHQ'LHKDEHQ%LOGXQJHQ]HLJWHQYRQ %HJLQQ DQ NHLQH %HVFKUlQNXQJHQ LQ %H]XJ DXI 9HUEHQ $NWLRQVDUWHQ



=XVDPPHQIDVVXQJ

XQG6LWXDWLRQVNODVVHQZREHLIUGLHOHW]WHUHQHLQH3UlIHUHQ]IU*UHQ] EH]RJHQKHLWIHVWJHVWHOOWZXUGH  $XIIlOOLJHV 9RUNRPPHQ YRQ $GYHUELDOHQ -XQNWRUHQ HWF (V ZXUGH NHLQ VWDUN DXIIlOOLJHV 9RUNRPPHQ GHU KDEHQ%LOGXQJHQ PLW EHVWLPPWHQ $GYHUELD OHQRGHU-XQNWRUHQEHREDFKWHW  5HODWLYHUXQGDEVROXWHU7\S'DV9RUNRPPHQGHVUHODWLYHQ7\SVYRQKDEHQ 3DUWL]LS,,JHKDEWEHLGHPGLHKDEHQ%LOGXQJPLWHLQHPZHLWHUHQ(U HLJQLVLP.RQWH[WYRUNDPKDWVLFKDOVW\SLVFKHUZLHVHQ(UPLWWHOWZHU GHQ NRQQWHQ GLH GUHL 6XEW\SHQ Ä(UHLJQLV)ROJH%H]LHKXQJ· Ä(UHLJQLV $EVFKOXVV%H]LHKXQJ· XQG Ä]HLWOLFKH 6WDIIHOXQJ GHU (UHLJQLVVH· 9HUHLQ ]HOWZDUHLQDEVROXWHU*HEUDXFKRKQHZHLWHUHV(UHLJQLV]XEHREDFKWHQ GHULQGHQQlKHVSUDFKOLFKHQ%HOHJHQGHV-DKUKXQGHUWVVWDUN]X QDKP

)UVHLQ3DUWL]LS,,JHZHVHQZXUGHHLQH*HEUDXFKVDQDO\VHIUGDV ELV  -DKUKXQGHUW GXUFKJHIKUW (LQH %HUFNVLFKWLJXQJ GHU 1lKH 'LVWDQ]'LPHQVLRQ ZDU KLHU DXIJUXQG GHU %HOHJODJH QLFKW P|JOLFK 'LH $QDO\VHGHUZHQLJHQVHLQ3DUWL]LS,,JHZHVHQ%HOHJHGLHDXIHLQH3HU IHNWE]Z3OXVTXDPSHUIHNWEDVLV]XUFNIKUEDUZDUHQHUEUDFKWHLP:H VHQWOLFKHQGLHIROJHQGHQ(UJHEQLVVH  )RUPHQYHUWHLOXQJ (LQ VHLQ'RSSHOSHUIHNWEHOHJ HUVFKLHQ ]XP HUVWHQ 0DO LQ -DKUKXQGHUW VHLQ'RSSHOSOXVTXDPSHUIHNW LP  -DKUKXQGHUW $E GHP -DKUKXQGHUWZDUHQDILQLWHVHLQ%LOGXQJHQ]XYHU]HLFKQHQ  9HUWHLOXQJ DXI GLH 6SUDFKUlXPH 'HU HUVWH PLWWHOGHXWVFKH %HOHJ VWDPPWH DXV GHPGHUHUVWHREHUGHXWVFKH%HOHJDXVGHPXQGGHUHUVWHQLHGHUGHXW VFKH%HOHJDXVGHP-DKUKXQGHUW  +DXSWVDW]1HEHQVDW]9HUWHLOXQJ 'LH IUKHVWHQ %LOGXQJHQ ]HLJWHQ YRUUDQJLJ 1HEHQVDW]YRUNRPPHQ +DXSWVDW]EHOHJH NDPHQ LP -DKUKXQGHUW ]XP HUVWHQ0DOYRU'DV-DKUKXQGHUWZLHVHUVWPDOVPHKU+DXSWVDW]DOV 1HEHQVDW]YRUNRPPHQDXI  6WHOOXQJVYDULDQWHQ GHV )LQLWXPV LP 1HEHQVDW] 'LH IUKHVWHQ 1HEHQVDW]EHOHJH ZLHVHQ HQWJHJHQ GHU YRQ +lUG   IHVWJHVWHOOWHQ 7HQGHQ] (QGVWHOOXQJ GHV)LQLWXPVDXI,P-DKUKXQGHUWODJ9RUDQXQG=ZLVFKHQVWHOOXQJDE GHP-DKUKXQGHUWLQGHU5HJHO(QGVWHOOXQJGHV)LQLWXPVYRU  9HUEHQ $NWLRQVDUWHQ XQG 6LWXDWLRQVNODVVHQ 6HLQ'RSSHOSHUIHNWELOGXQJHQ ZXU GHQYRUUDQJLJPLWSHUIHNWLYHQ9HUEHQJHELOGHWHV]HLJWHVLFKHLQHGHXWOLFKH 7HQGHQ]]XJUHQ]EH]RJHQHQ6LWXDWLRQVNODVVHQ  $XIIlOOLJHV9RUNRPPHQYRQ$GYHUELDOHQ-XQNWRUHQHWF(VZXUGHNHLQDXIIlOOLJHV 9RUNRPPHQGHUVHLQ%LOGXQJHQPLW$GYHUELDOHQRGHU-XQNWRUHQIHVWJHVWHOOW  5HODWLYHU XQG DEVROXWHU 7\S $XFK VHLQ  3DUWL]LS ,,  JHZHVHQ WUDW ZLH KDEHQ PHLVWLQUHODWLYHU9HUZHQGXQJDXI'LHGUHLIUGLHKDEHQ%LOGXQJHQKHUDXV JHVWHOOWHQ 6XEW\SHQ Ä(UHLJQLV)ROJH%H]LHKXQJ· Ä(UHLJQLV$EVFKOXVV%H]LH KXQJ·XQGÄ]HLWOLFKH6WDIIHOXQJGHU(UHLJQLVVH·ZDUHQDXFKIUVHLQQDFKZHLV EDU9HUHLQ]HOWNDPGHUDEVROXWH7\SYRU



=XVDPPHQIDVVXQJ



'LH(UJHEQLVVHGHU*HEUDXFKVDQDO\VHZLHVHQIUKDEHQ3DUWL]LS,,JH KDEWXQGVHLQ3DUWL]LS,,JHZHVHQGHXWOLFKH3DUDOOHOHQDXIYRUDOOHPLQ %H]XJ DXI GDV 1HEHQVDW]YRUNRPPHQ LQ GHQ IUKHQ -DKUKXQGHUWHQ GHQ KlXILJHQ *HEUDXFK RKQH $GYHUELDOH XQG -XQNWRUHQ VRZLH GLH 9HUZHQ GXQJLPUHODWLYHQ7\SVDPW6XEW\SHQ 'LH LQ GHU *HEUDXFKVDQDO\VH KHUDXVJHDUEHLWHWHQ 7\SHQ ÄUHODWLY· PLW GUHL6XEW\SHQ XQGÄDEVROXW·ELOGHWHQGHQ$XVJDQJVSXQNWGHU%HGHXWXQJV DQDO\VH GLH *HJHQVWDQG GHV .DSLWHOV  ZDU (V HUIROJWH GLH $QZHQGXQJ GHULQ.DSLWHOYRUJHVWHOOWHQ0HWKRGH]XU%HGHXWXQJVHUPLWWOXQJDXIGLH YHUVFKLHGHQHQ 7\SHQ 'DEHL NRQQWH IU KDEHQ  3DUWL]LS ,,  JHKDEW IRO JHQGH%HGHXWXQJGHVUHODWLYHQXQGDEVROXWHQ7\SVHUPLWWHOWZHUGHQ  KDEHQ²UHODWLYHU7\S'HUUHODWLYH7\SGHUKDEHQ%LOGXQJEHZLUNWHHLQHQ5FN JULII KLQWHU HLQ ZHLWHUHV (UHLJQLV GHV .RQWH[WHV 'LH $XVJHVWDOWXQJ GLHVHV 5FNJULIIV DOV WHPSRUDODVSHNWXHOO SULPlU WHPSRUDO RGHU SULPlU DVSHNWXHOO OHLVWHWHGDEHLGHUMHZHLOLJH.RQWH[W  KDEHQ ² DEVROXWHU 7\S 'LH %HGHXWXQJ GHV DEVROXWHQ 7\SV ZDU GDGXUFK JH NHQQ]HLFKQHW GDVV GHU 5FNJULIIVFKDUDNWHU YHUORUHQ JHJDQJHQ LVW XQG GLH KDEHQ%LOGXQJHLQ(UHLJQLVDXIHLQIDFKHU9HUJDQJHQKHLWVHEHQH(YRU5GDU VWHOOWH'LH$XVJHVWDOWXQJGHV9HUKlOWQLVVHVYRQ(]X5DOVWHPSRUDODVSHN WXHOO RGHU SULPlU WHPSRUDO HUZLHV VLFK KLHUEHL ZLHGHUXP DOV NRQWH[WDEKlQ JLJ

:LHEHUHLWVLQGHU*HEUDXFKVDQDO\VHZDUHQDXFKLQGHU%HGHXWXQJVDQDO\VH GLH VWDUNHQ 3DUDOOHOHQ ]ZLVFKHQ GHU %HGHXWXQJ YRQ KDEHQ  3DUWL]LS ,, JHKDEW XQG VHLQ  3DUWL]LS ,,  JHZHVHQ DXIIDOOHQG)U VHLQ  3DUWL]LS,, JHZHVHQZXUGHGLHIROJHQGH%HGHXWXQJGHVUHODWLYHQXQGDEVROXWHQ7\SV HUPLWWHOW  VHLQ ² UHODWLYHU 7\S $XFK GLH UHODWLYH VHLQ%LOGXQJ EHZLUNWH HLQHQ 5FNJULII KLQWHUHLQZHLWHUHV(UHLJQLVGHV.RQWH[WHV'LHMHZHLOLJH,QWHUSUHWDWLRQGLH VHV5FNJULIIVDOV WHPSRUDODVSHNWXHOOSULPlUWHPSRUDORGHUSULPlUDVSHN WXHOOZDUGDEHLHEHQIDOOVNRQWH[WDEKlQJLJ  VHLQDEVROXWHU7\S'LHDEVROXWHVHLQ%LOGXQJZDUZLHKDEHQGXUFKGHQ9HUOXVW GHV5FNJULIIVFKDUDNWHUVJHNHQQ]HLFKQHW0LWLKUZXUGHHLQ(UHLJQLVDXIHLQ IDFKHU9HUJDQJHQKHLWVHEHQH(YRU5YHURUWHWZREHLDXFKKLHUGLHMHZHLOLJH $XVJHVWDOWXQJ GHV 9HUKlOWQLVVHV YRQ ( ]X 5 DOV WHPSRUDODVSHNWXHOO RGHU SULPlUWHPSRUDONRQWH[WDEKlQJLJZDU

$XIJUXQGGHUHUPLWWHOWHQ%HGHXWXQJHQSOlGLHUWHGLH$UEHLWGDIUGLH6X FKH QDFK HLQHU HLQKHLWOLFKHQ GK HQWZHGHU WHPSRUDOHQRGHU DVSHNWXHOOHQ %HGHXWXQJ GHUGRSSHOWHQ 3HUIHNWELOGXQJHQ DXI]XJHEHQ XQGGLH :LFKWLJ NHLW GHU (LQEH]LHKXQJ GHV MHZHLOLJHQ .RQWH[WHV EHL GHU %HGHXWXQJVIUDJH ]X EHDFKWHQ 'LH HUPLWWHOWHQ VWDUNHQ 3DUDOOHOHQ VRZRKO LP *HEUDXFK DOV DXFKLQGHU%HGHXWXQJYRQKDEHQ3DUWL]LS,,JHKDEWXQGVHLQ3DUWL ]LS,,  JHZHVHQ VWHOOWHQ ]XGHP HLQH NDWHJRULDO XQHLQKHLWOLFKH =XRUGQXQJ GHUEHLGHQ)RUPHQ HWZDLP6LQQHYRQ/HLVVDOV3HUIHNWXQG5HVXOWDWLY



=XVDPPHQIDVVXQJ

IRUPHQ VWDUNLQ)UDJHXQGZXUGHQYLHOPHKUDOV,QGL]IUGLH$XIUHFKWHU KDOWXQJGHUNDWHJRULDOHQ(LQRUGQXQJYRQVHLQ3DUWL]LS,, LQWUDQVLWLY LQ GLH3HUIHNWNDWHJRULHJHZHUWHW ,P$QVFKOXVVDQGLH%HGHXWXQJVHUPLWWOXQJZXUGHGLH3UREOHPDWLNGHU +HUDXVELOGXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQ QRFKPDOV DXIJHJULIIHQ 'DEHL VROOWH GLH LP .DSLWHO  RIIHQ JHEOLHEHQH )UDJH QDFK HLQHU YRUGHU JUQGLJ DVSHNWXHOOHQ %HGHXWXQJ IUKHU GRSSHOWHU 3HUIHNWELOGXQJHQ XQG GDPLW GLH )UDJH QDFK GHU 5LFKWLJNHLW GHU DOWHUQDWLYHQ +HUDXVELOGXQJV K\SRWKHVHEHDQWZRUWHWZHUGHQ,QGHU%HGHXWXQJVDQDO\VHZXUGHYRUGHP +LQWHUJUXQGGHUYHUZHQGHWHQ0HWKRGHNODUKHUDXVJHVWHOOWGDVVHLQHYRU UDQJLJ DVSHNWXHOOH %HGHXWXQJ IUKHU %LOGXQJHQ QLFKW QDFKZHLVEDU ZDU =ZDU H[LVWLHUWHQ SULPlU DVSHNWXHOO ]X GHXWHQGH IUKH %HOHJNRQWH[WH HV ZDUHQMHGRFKHEHQVRWHPSRUDODVSHNWXHOOHXQGSULPlUWHPSRUDOH.RQWH[ WHDXI]HLJEDU'LH$UEHLWVSUDFKVLFKGDKHUDXFKLQ%H]XJDXIGLH+HUDXV ELOGXQJVIUDJH GDIU DXV GLH 6XFKH QDFK HLQHP +HUDXVELOGXQJVPRWLY DXI ]XJHEHQ XQG GHQ 3UR]HVV GHU *HQHVH XQG (QWZLFNOXQJ GHU GRSSHOWHQ 3HUIHNWELOGXQJHQLQHLQHPNRPSOH[HQ=XVDPPHQVSLHOYHUVFKLHGHQHU5H VWUXNWXULHUXQJVSUR]HVVHLP9HUEDOEHUHLFK]XVHKHQ 





 /LWHUDWXUYHU]HLFKQLV  6HNXQGlUOLWHUDWXU $GPRQL:ODGLPLU  +LVWRULVFKH6\QWD[GHV'HXWVFKHQ7ELQJHQ1LHPH\HU ÉJHO 9LOPRV   6\QWD[ GHV 1HXKRFKGHXWVFKHQ ELV ]XU 0LWWH GHV  -DKUKXQ GHUWV,Q%HVFK:HUQHUHWDO +UVJ 6SUDFKJHVFKLFKWH(LQ+DQGEXFK]XU*H VFKLFKWH GHU GHXWVFKHQ 6SUDFKH XQG LKUHU (UIRUVFKXQJ  $XIO  %DQG %HU OLQ1HZ %DXHUQOHEHQ@ %DXHUQOHEHQ LP =HLWDOWHU GHV 'UHL‰LJMlKULJHQ .ULHJHV 'LH 6WDXVHED FKHU &KURQLN GHV &DVSDU 3UHLV ² +UVJ YRQ (FNKDUGW :LOKHOP $.OLQJHOK|IHU+HOPXW0LWHLQHU(LQIKUXQJYRQ0HQN*HUKDUG0DUEXUJDQ GHU/DKQ7UDXWYHWWHU )LVFKHU %HLWUlJH]XU+HVVLVFKHQ*HVFKLFKWH  ² >&KURQLN GHV 5DWVKHUUQ .RWKH@ 'LH &KURQLN GHV 5DWVKHUUQ .RWKH (LQH 4XHOOH ]XU ZHVWIlOLVFKHQ *HVFKLFKWH LP =HLWDOWHU GHV 'UHL‰LJMlKULJHQ .ULHJHV +UVJ YRQ )ODVNDPS)UDQ]*WHUVORK)O|WWPDQQ 4XHOOHQXQG)RUVFKXQJHQ]XUZHVWIlOL VFKHQ*HVFKLFKWH ² >)ULHVHQHJJHU@ 7DJHEXFK DXV GHP MlKULJHQ .ULHJ0DXUXV )ULHVHQHJJHU +UVJ YRQ 0DWKlVHU:LOOLEDOG0QFKHQ6GGHXWVFKHU9HUODJ² >*QW]HU@.OHLQHV%LHFKOLQYRQPHLQHPJDQW]HQ/HEHQ'LH$XWRELRJUDSKLHHLQHV(O VlVVHU .DQQHQJLH‰HUV DXV GHP  -DKUKXQGHUW +UVJ YRQ %UlQGOH 6HEDVWLDQ .|OQ:HLPDU%|KODX 6HOEVW]HXJQLVVHGHU1HX]HLW ² >+DQGZHUNHU%DXHUQ@Å'DV3DSLHULVWPHLQ$FNHU´(LQ1RWL]EXFKGHV-DKUKXQ GHUWVYRQ+DQGZHUNHU%DXHUQDXVGHPQRUGZHVWOLFKHQ2EHUIUDQNHQ9RQ5DLQHU +DPEUHFKW,Q-DKUEXFKGHU&REXUJHU/DQGHVVWLIWXQJ² >+DQQRYHUVFKH 5RWU|FNH@ +DQQRYHUVFKH 5RWU|FNH LQ *ULHFKHQODQG 'DV 7DJHEXFK GHV )lKQULFKV =HKH LQ GHQ 7UNHQNULHJHQ ²  +UVJ YRQ 5|KULJ +HU EHUW +LOGHVKHLP /D[ 4XHOOHQ XQG 'DUVWHOOXQJHQ ]XU *HVFKLFKWH 1LHGHUVDFK VHQV ² >+DXVEFKO@6WDPSIHULQ0DULD(OLVDEHWK'DV+DXVEFKOGHU6WDPSIHULQ.ODJHQIXUW &DULQWKLD .OHLQH.lUQWHQ%LEOLRWKHN ² >+HEHUOH@+HEHUOH+DQV=HLWUHJLVWHU,Q=LOOKDUGW*HUG'HUGUHL‰LJMlKULJH.ULHJLQ ]HLWJHQ|VVLVFKHU 'DUVWHOOXQJ )RUVFKXQJHQ ]XU *HVFKLFKWH GHU 6WDGW 8OP %DQG 6WXWWJDUW.RKOKDPPHU² >+H[H 6FKREHO @ 3UR]H‰ JHJHQ *HRUJ 6FKREHO XQG VHLQH )UDX ,Q 0DJ\DURUV]iJL %RV]RUNiQ\SHUHN .LVHEE IRUUiVNLDGYiQ\RN J\ťMWHPpQ\H  gVV]HiOOtWRWWD .ODQL F]D\*iERU.ULVWyI,OGLNy3yFVeYD%XGDSHVW07$² >+H[H 6FKQHOO @3UR]H‰JHJHQGLH)UDXGHV6LPRQ6FKQHOO,Q0DJ\DURUV]iJL%RV]RU NiQ\SHUHN.LVHEEIRUUiVNLDGYiQ\RNJ\ťMWHPpQ\HgVV]HiOOtWRWWD.ODQLF]D\*i ERU.ULVWyI,OGLNy3yFVeYD%XGDSHVW07$² BBBBBBBBBBBBBBBBBBB

 

%LVDXIGHQ7H[W3RQWXVXQG6LGRQLDJHK|UHQDOOHLP)ROJHQGHQDXIJHOLVWHWHQ%HOHJH]XP 1lKHNRUSXV(VZHUGHQDOOHQDFKGRSSHOWHQ3HUIHNWELOGXQJHQGXUFKVXFKWHQ7H[WHDXIJH IKUWDXFKGLHMHQLJHQGLHNHLQHGRSSHOWHQ3HUIHNWELOGXQJHQHQWKDOWHQ



/LWHUDWXUYHU]HLFKQLV

>.OHLQKHPSHOV +DXVFKURQLN@ 'HV .XSIHUVFKPLHGHPHLVWHUV /XGZLJ .OHLQKHPSHO +DXVFKURQLN ,P $QKDQJ 'LH JUR‰H 7HXHUXQJ ]X $QQDEHUJ LP -DKUH  1DFK GHQ 2ULJLQDOHQ GHV $QQDEHUJHU 5DWVDUFKLYV ,Q 0LWWHLOXQJHQ GHV 9HUHLQV IU *HVFKLFKWH YRQ $QQDEHUJ XQG 8PJHEXQJ  $QQDEHUJ *UDVHUVFKH %XFKKDQGOXQJ >.OHLQVFKURWKV7DJHEXFK@)OXFKWXQG=XIOXFKW'DV7DJHEXFKGHV3ULHVWHUV%DOWKDVDU .OHLQVFKURWKDXVGHP7UNHQMDKU+UVJYRQ:DW]O+HUPDQQ*UD].|OQ %|KODX )RUVFKXQJHQ]XU/DQGHVNXQGHYRQ1LHGHU|VWHUUHLFK ² >/DLFKLQJHU &KURQLN@ /DLFKLQJHU (OLDV &KURQLN 7UDQVNULSWLRQ 6WDGWDUFKLY *|SSLQ JHQ² >3HUVRQDOLD@*6DORPRQVÅ3HUVRQDOLD´,Q$XVYLHU-DKUKXQGHUWHQ6FKZHLQIXUWHU*H VFKLFKWH)HVWVFKULIW:LOKHOP%|KP+UVJLP$XIWUDJGHV+LVWRULVFKHQ9HUHLQV 6FKZHLQIXUWYRQ0OOHU8ZH6FKZHLQIXUW+LVWRULVFKHU9HUHLQ² >5HXWHU@ 5HXWHU &KULVWLDQ 6FKHOPXIIVN\V ZDKUKDIWLJH FXUL|VH XQG VHKU JHIlKUOLFKH 5HLVHEHVFKUHLEXQJ ]X :DVVHU XQG /DQGH +UVJ YRQ 3ROHQ] 3HWHU YRQ 7ELQ JHQ1LHPH\HU 1HXGUXFNHGHXWVFKHU/LWHUDWXUZHUNH ² >6FKlIHUVFKH&KURQLN@'LH6FKlIHUVFKH&KURQLN+UVJYRQ6WXPSI2WWR,Q0LWW2 EHUKHVV*91)² >6|OGQHUOHEHQ@(LQ6|OGQHUOHEHQLP'UHL‰LJMlKULJHQ.ULHJ(LQH4XHOOH]XU6R]LDOJH VFKLFKWH +UVJ YRQ 3HWHUV -DQ %HUOLQ $NDGHPLH9HUODJ 6HOEVW]HXJQLVVH GHU 1HX]HLW ² >6|OGQHUOHEHQ:LGPDUFNWHUV@6|OGQHUOHEHQDP9RUDEHQGGHV'UHL‰LJMlKULJHQ.ULHJHV /HEHQVODXIXQG .ULHJVWDJHEXFK GHVKHVVLVFKHQ2EULVWHQ&DVSDUYRQ:LG PDUFNWHU+UVJYRQ*UlI+ROJHU7K0LW%HLWUlJHQYRQ([WHUQEULQN6YHQXQG 3U|YH5DOI0DUEXUJDQGHU /DKQ7UDXWYHWWHUXQG)LVFKHU %HLWUlJH]XU+HVVL VFKHQ*HVFKLFKWH ² -DKUKXQGHUW >$EHUJODXEHQ@ )LVFKHU +HLQULFK /XGZLJ 'DV %XFK YRP $EHUJODXEHQ %DQG  +LO GHVKHLPHWDO2OPV 9RONVNXQGOLFKH4XHOOHQ  >%DOGLQJHU@%DOGLQJHU'RURWKHD)ULGHULND ² 9HUVXFKEHUPHLQH6WDQGHVHU ]LHKXQJ ,Q ,FK ZQVFKWH VR JDU JHOHKUW ]X ZHUGHQ 'UHL $XWRELRJUDSKLHQ YRQ )UDXHQ GHV  -DKUKXQGHUWV +UVJ YRQ +HXVHU 0DJGDOHQH HW DO *|WWLQJHQ :DOOVWHLQ² >%lFNHUFKURQLN@ 'HU 5RJJHQSUHLV XQG GLH .ULHJH GHV JUR‰HQ .|QLJV &KURQLN XQG 5H]HSWVDPPOXQJ GHV %HUOLQHU %lFNHUPHLVWHUV -RKDQQ )ULHGULFK +H\GH ² +UVJYRQ6FKXOW]+HOJD%HUOLQ$NDGHPLHYHUODJ >%RLH0HMHU@ ,FK ZDU ZRKO NOXJ GD‰ LFK GLFK IDQG +HLQULFK &KULVWLDQ %RLHV %ULHI ZHFKVHOPLW/XLVH0HMHU²+UVJYRQ6FKUHLEHU,OVH0QFKHQ%LHGHU VWHLQ >%UlNHU@%UlNHU8OULFK/HEHQVJHVFKLFKWHXQGQDWUOLFKH$EHQWHXHUGHV$UPHQ0DQ QHVLP7RFNHQEXUJ%HUOLQ1HXHV/HEHQ >%UR[WHUPDQQ@ 8QJHGUXFNWH %ULHIH %UR[WHUPDQQV XQG :LHODQGV +UVJ YRQ -DQVHQ +HLQ]6WXWWJDUW0HW]OHU² >%UJHUV *HOGPlQQFKHQ@ 0HLQ VFKDUPDQWHV *HOGPlQQFKHQ *RWWIULHG $XJXVW %U JHUV%ULHIZHFKVHOPLWVHLQHP9HUOHJHU'LHWHULFK+UVJYRQ-RRVW8OULFK%HUOLQ :DOOVWHLQ



.RUSXVELEOLRJUDSKLH



>HKUOLFKHU0DQQ@%ULHIHHLQHVHKUOLFKHQ0DQQHVEH\HLQHPZLHGHUKROWHQ$XIHQWKDOWLQ :HLPDU 8QYHUlQGHUWH 1HXDXVJDEH QDFK GHP (UVWGUXFN YRQ  +UVJ YRQ $YHQK|YHO :LQIULHG :HLPDU .LHSHQKHXHU  ² ² ² ² ² >)UDQFNH@)UDQFNH*RWWKLOI$XJXVW+HUW]OLHEH0DPD%ULHIHDXV-HQDHU6WXGLHQWDJHQ ² +UVJ YRQ 0OOHU 7KRPDV XQG :HVVHO &DUROD XQWHU 0LWDUEHLW YRQ %XWWHUZHFN &KULVWHO 7ELQJHQ 9HUODJ GHU )UDQFNHVFKHQ 6WLIWXQJHQ +DOOH LP 0D[1LHPH\HU9HUODJ >*ULPPEULHIH@ $XV GHU -XJHQG]HLW GHU %UGHU *ULPP QDFK XQJHGUXFNWHQ %ULHIHQ  ,Q+DQDXLVFKHV0DJD]LQ0RQDWVEOlWWHUIU+HLPDWVNXQGH-J² >+HUPDQQ@+HUUPDQQ*RWWIULHG/HEHQVODXIW²8QYHU|IIHQWOLFKWHV0DQXV NULSW7DJHEXFKDUFKLY(PPHQGLQJHQ >+‰QHU@'LH+DXVFKURQLNGHU:LHVHQEURQQHU)DPLOLH+‰QHU,KUH$XI]HLFKQXQJHQ ]X:LUWVFKDIW*HVFKLFKWH.OLPDXQG*HRJUDSKLH0DLQIUDQNHQVYRQ² +UVJYRQ*ODVHU5GLJHU6RQGKHLPYG5K|Q+DUWPDQQ 0DWHULDOLHQ]XU(U IRUVFKXQJIUKHUHU8PZHOWHQ  >/HQ]@/HQ]-DNRE0LFKDHO5HLQKROG'LH6ROGDWHQ(LQH.RP|GLH6WXWWJDUW5HFODP 8QLYHUVDOELEOLRWKHN $NW,²,,, >0HLVWHU'LHW]@0HLVWHU-RKDQQ'LHW]GHV*UR‰HQ.XUIUVWHQ)HOGVFKHUXQG.|QLJOL FKHU +RIEDUELHU +UVJ YRQ &RQVHQWLXV (UQVW (EHQKDXVHQ /DQJHZLHVFKH %UDQGW 6FKLFNVDOXQG$EHQWHXHU  >1lWKHUV&KURQLN@6FKREHU0DQIUHG(UHLJQLVVHGHU)UDQ]|VLVFKHQ5HYROXWLRQ XQG GHU VlFKVLVFKH %DXHUQDXIVWDQG YRQ  LP 6SLHJHO ]HLWJHQ|VVLVFKHU $XI ]HLFKQXQJHQGHV%DXHUQ-RKDQQ&KULVWRSK1lWKHU,Q6lFKVLVFKH+HLPDWEOlWWHU ² >1HKUOLFK@(UOHEQLVVHHLQHVIURPPHQ+DQGZHUNHUVLPVSlWHQ-DKUKXQGHUW+UVJ YRQ /lFKHOH 5DLQHU 7ELQJHQ 1LHPH\HU 9HUODJ GHU )UDQFNHVFKHQ 6WLIWXQJHQ +DOOHLP0D[1LHPH\HU9HUODJ+DOOHVFKH4XHOOHQSXEOLNDWLRQHQXQG5HSHUWRULHQ  ² >1HWWHOEHFN@ $EHQWHXHUOLFKHV /HEHQ YRQ 1HWWHOEHFN 9RQ LKP VHOEVW DXIJH]HLFKQHW +UVJYRQ/LFKWHQEHUJHU)UDQ]%UHVODX+LUW >3URVFK@/HEHQXQG(UHLJQLVVHGHV3HWHU3URVFKHLQHV7\UROHUVYRQ5LHGLP=LOOHUWKDO RGHU'DVZXQGHUEDUH6FKLFNVDO*HVFKULHEHQLQGHQ=HLWHQGHU$XINOlUXQJ+UVJ YRQ3|UQEDFKHU.DUO0QFKHQ.|VHO /HEHQVOlXIH  >5RFN@-RKDQQ)ULHGULFK5RFN:LHLKQ*RWWJHIKUHWXQGDXIGLH:HJHGHU,QVSLUDWL RQ JHEUDFKW KDEH $XWRELRJUDSKLVFKH 6FKULIWHQ +UVJ YRQ 6FKQHLGHU 8OI 0 /HLS]LJ(YDQJHOLVFKH9HUODJVDQVWDOW .OHLQH7H[WHGHV3LHWLVPXV ² >5RVD@5RVD$QJHOLND ² /HEHQVVFKLFNVDOHHLQHUGHXWVFKHQ)UDXLP-DKU KXQGHUW LQ HLJHQKlQGLJHQ %ULHIHQ ,Q ,FK ZQVFKWH VR JDU JHOHKUW ]X ZHUGHQ 'UHL$XWRELRJUDSKLHQYRQ)UDXHQGHV-DKUKXQGHUWV+UVJYRQ+HXVHU0DJ GDOHQHHWDO*|WWLQJHQ:DOOVWHLQ² >6FKDXVSLHOHUOHEHQ@6FKDXVSLHOHUOHEHQLPDFKW]HKQWHQ-DKUKXQGHUW(ULQQHUXQJHQYRQ -RVHSK $QWRQ &KULVW +UVJ YRQ 6FKLUPHU 5XGROI 0QFKHQ/HLS]LJ /DQJH ZLHVFKH%UDQGW(EHQKDXVHQ >6FKXKPDFKHU&KURQLN@ /DXQHU *HRUJ &KURQLN 7UDQVNULSWLRQ 6WDGWDUFKLY 5HXWOLQ JHQ



/LWHUDWXUYHU]HLFKQLV

>6HOEVWELRJUDSKLH =HKH@ 'LH 6HOEVWELRJUDSKLH GHV 2EHUVWOHXWQDQWV -RDFKLP 'LHWULFK =HKH+UVJYRQ5|KULJ+HUEHUW,Q1LHGHUVlFKVLVFKHV-DKUEXFKIU/DQGHVJH VFKLFKWH² >:DJQHU@ :DJQHU +HLQULFK /HRSROG 'LH .LQGHUP|UGHULQ ,Q 6WXUP XQG 'UDQJ 'UDPDWLVFKH6FKULIWHQ%DQG%HUOLQ5WWHQ /RHQLQJ²>$NW,² ,9@ >:HLNDUGV %LRJUDSKLH@ :HLNDUG 0HOFKLRU $GDP Ä%LRJUDSKLH· XQG Ä'HQNZUGLJNHL WHQ· 1DFKGUXFN GHU $XVJDEHQ YRQ  XQG LP $XV]XJ   )XOGD 9HUODJ GHU%XFKKDQGOXQJ8OHQVSLHJHO 'HXWVFKODQGV-DKUKXQGHUW4XHOOHQ  >=HUUHQQHU@ =HUUHQQHU +HLQULFK *RWWOLHE 1RFK HWZDV EHU 5HNDQ XQG GLH 6FKXO DQVWDOWHQGHV+HUUQ'RPKHUUQYRQ5RFKRZ,Q-RXUQDOIU3UHGLJHU² -DKUKXQGHUW >$OOWDJNOHLQHU/HXWH@'HQQGDV6FKUHLEHQJHK|UWQLFKW]XPHLQHUWlJOLFKHQ%HVFKlI WLJXQJ'HU$OOWDJNOHLQHU/HXWHLQ%LWWVFKULIWHQ%ULHIHQXQG%HULFKWHQDXVGHP  -DKUKXQGHUW (LQ /HVHEXFK +UVJ YRQ *URVVH 6LHJIULHG HW DO %RQQ 'LHW]  >$QJHU&KURQLN@$QJHU*HRUJ'LH&KURQLNGHV*HRUJ$QJHU ² DXV.HW ]HOVGRUI 0DQXVNULSW 'RNXPHQWDWLRQ OHEHQVJHVFKLFKWOLFKHU $XI]HLFKQXQJHQ :LHQ  >%HFKVWHGW@ 0HLQH +DQGZHUNVEXUVFKHQ]HLW ² +UVJ YRQ )UDQFNH5RHVLQJ &KDUORWWH%HUOLQ$XIEDX7DVFKHQEXFK9HUODJ $XIEDX7DVFKHQEFKHU%LR JUDILH  >%HUJDUEHLWHUEULHIH@ %LV YRU GLH 6WXIHQ GHV 7KURQV %LWWVFKULIWHQ XQG %HVFKZHUGHQ YRQ %HUJOHXWHQ LP =HLWDOWHU GHU ,QGXVWULDOLVLHUXQJ +UVJ YRQ 7HQIHOGH .ODXV 7ULVFKOHU+HOPXWK0QFKHQ%HFN·VFKH9HUODJVEXFKKDQGOXQJ >%ULHIZHFKVHO@ :HQQ GRFK GLHV (OHQG HLQ (QGH KlWWH (LQ %ULHIZHFKVHO DXV GHP 'HXWVFK)UDQ]|VLVFKHQ .ULHJ  +UVJ YRQ 6FKLNRUVN\ ,VD .|OQ HW DO %|KODX 6HOEVW]HXJQLVVHGHU1HX]HLW ² >'LHQVWMDKUH@6FK|QHJJHU -RVHI 8QWHUMlJHU $XV]XJDXVGHQGUHL'LHQVWMDKUHQ EHLGHQ.DLVHUOLFKHQ]ZHL-DKULQ%R]HQHLQ-DKULQGHU+HU]RYLQD 0DQXVNULSW 'RNXPHQWDWLRQOHEHQVJHVFKLFKWOLFKHU$XI]HLFKQXQJHQ:LHQ ² >'LHQVWPDJG $XWRELRJUDSKLH@ 0HLQH /HEHQVJHVFKLFKWH GLH DXWRELRJUDSKLVFKH /H EHQVEHVFKUHLEXQJ HLQHU 'LHQVWPDJG 1lKHULQ XQG +HEDPPH LP +HU]RJWXP :HVWIDOHQ XP GDV -DKU  'RNXPHQWDWLRQ HLQHV EHZHJWHQ )UDXHQOHEHQV PLW ]HLWJHVFKLFKWOLFKHQ+LQWHUJUQGHQ+UVJLP$XIWUDJGHU6WDGW$UQVEHUJ6WDGWDU FKLYXQGGHV$UQVEHUJHU+HLPDWEXQGHVH9YRQ*RVPDQQ0LFKDHO$UQVEHUJ %HFNHU 6WlGWHNXQGOLFKH6FKULIWHQUHLKHEHUGLH6WDGW$UQVEHUJ  >(LQHP@(LQHP&KDUORWWHYRQ ² -XJHQGJHVFKLFKWH,Q,FKZQVFKWHVRJDU JHOHKUW]XZHUGHQ'UHL$XWRELRJUDSKLHQYRQ)UDXHQGHV-DKUKXQGHUWV+UVJ YRQ+HXVHU0DJGDOHQHHWDO*|WWLQJHQ:DOOVWHLQ² >)XQGHU%XUVFKHQOHEHQ0DLHQ]HLW@)XQGHU/XGZLJ$XVPHLQHP%XUVFKHQOHEHQ*H VHOOHQZDQGHUXQJ XQG %UDXWZHUEXQJ HLQHV *UD]HU =XFNHUElFNHUV ² +UVJYRQ%UXFNPOOHU(UQVW:LHQHWDO%|KODX 'DPLWHVQLFKWYHUORUHQJHKW  ²XQG² >*DVVHU@ *DVVHU *HRUJ /HEHQVJHVFKLFKWH 0DQXVNULSW 'RNXPHQWDWLRQ OHEHQV JHVFKLFKWOLFKHU$XI]HLFKQXQJHQ:LHQ 



.RUSXVELEOLRJUDSKLH



>*UDGPDQQ@$XVGHP/HEHQHLQHVREHUVFKZlELVFKHQ.DXIPDQQV'DV7DJHEXFKGHV 8OULFK &KULVWRSK *UDGPDQQ YRQ 5DYHQVEXUJ DXV GHQ -DKUHQ ² %HDU EHLWHW YRQ (LWHO 3HWHU 6WXWWJDUW .RKOKDPPHU /HEHQGLJH 9HUJDQJHQKHLW    >+DQLHO@ +DQLHO )UDQ] ² 0DWHULDOLHQ 'RNXPHQWH XQG 8QWHUVXFKXQJHQ ]X /HEHQ XQG :HUN GHV ,QGXVWULHSLRQLHUV )UDQ] +DQLHO +UVJ YRQ +HU]RJ %RGR XQG0DWWKHLHU.ODXV-%RQQ5|KUVFKHLG 9HU|IIHQWOLFKXQJGHV,QVWLWXWVIU*H VFKLFKWOLFKH/DQGHVNXQGHGHU5KHLQODQGHGHU8QLYHUVLWlW%RQQ  >+HXFKHOKHLPHU7DJHEXFK@(LQ+HXFKHOKHLPHU7DJHEXFK+UVJYRQ.UDIW6FKQHLGHU *LVHOD ,Q 0LWWHLOXQJHQ GHV 2EHUKHVVLVFKHQ *HVFKLFKWVYHUHLQV 1)  ² >-lJHU@(ULQQHUXQJHQHLQHVDOWHQ/W]RZHU-lJHUV²%DQG+UVJYRQ.UL PHU:HQ]HO6WXWWJDUW/XW] >.DVVHOHU$U]W@3IHLIIHU/RXLV$OV.DVVHOHU$U]WLP3ROQLVFKHQ)UHLKHLWVNDPSI (LQ 7DJHEXFK +RIJHLVPDU 9HUHLQ IU +HVVLVFKH *HVFKLFKWH XQG /DQGHVNXQGH H9.DVVHO=ZHLJYHUHLQ+RIJHLVPDU 'LH*HVFKLFKWHXQVHUHU+HLPDW   >.UHWVFKPDQQ@ .ULHJVEULHIH DXV GHQ -DKUHQ  YRQ +DQV Y .UHWVFKPDQ ZHL ODQG*HQHUDOGHU,QIDQWHULH+UVJYRQ%UDXQ/LO\%HUOLQ0H\HU -HVVHQ >/HEHQVHULQQHUXQJHQ@ /HEHQVHULQQHUXQJHQ -RKDQQ *HRUJ %UXFNQHU ²  0DQXVNULSW'RNXPHQWDWLRQOHEHQVJHVFKLFKWOLFKHU$XI]HLFKQXQJHQ:LHQ  >0LPL/HYHUNXV@'LHDEHQWHXHUOLFKHQ5HLVHQGHU0LPL/HYHUNXVDXVGHP7DJHEXFK HLQHU .DSLWlQVIUDX  ²  +UVJ YRQ /HYHUNXV (UQVW XQG ,QJH %UHPHQ .XU]H6FK|QKRO]XQG=LHVHPHU² >2WW@2WW$GROI%HLK|KHUHQ6WlEHQ$GMXWDQWHQ(UOHEQLVVHDXVGHPJUR‰HQ.ULHJV MDKUH0QFKHQ%HFN·VFKH9HUODJVEXFKKDQGOXQJ >5DXFK@5DXFK)HGRUYRQ%ULHIHDXVGHPJUR‰HQ+DXSWTXDUWLHUGHU)HOG]JH XQGDQGLH*DWWLQ%HUOLQ6LHJLVPXQG >5HLFK@ 5HLFK 0DWKlXV 6FKUHLEEXFK DXV %XFKKRO] 7DJHEXFKDUFKLY (PPHQGLQJHQ 8QYHU|IIHQWOLFKWH7UDQVNULSWLRQ >6FKLOH@ 6FKLOH /XFLH %ULHIH DQ $OH[DQGHU %UFNQHU ²  7DJHEXFKDUFKLY (PPHQGLQJHQ8QYHU|IIHQWOLFKWH7UDQVNULSWLRQ >6ROGDWHQEULHIH@ :LQNOHKQHU )UDQ] 6ROGDWHQEULHIH ² 0DQXVNULSW 'RNX PHQWDWLRQOHEHQVJHVFKLFKWOLFKHU$XI]HLFKQXQJHQ:LHQ  >6RSKLD@%XGGH*XQLOOD)ULHGHULNH,Q7UlXPHQZDULFKLPPHUZDFK'DV/HEHQGHV 'LHQVWPlGFKHQV 6RSKLD YRQ LKU VHOEVW HU]lKOW +UVJ YRQ %XGGH *XQLOOD )ULHGHULNH%RQQ'LHW] 'LHW]7DVFKHQEXFK  >6WLHU@ 6WLHU (UQVW 8QWHU 3ULQ] )ULHGULFK .DUO (UOHEQLVVH HLQHV 0XVNHWLHUV YRP ; $UPHHNRUSXVLP)HOG]XJH0QFKHQ%HFN·VFKH9HUODJVEXFKKDQGOXQJ  >7KRPDQQ@7KRPDQQ-DNRE&5FNEOLFNHDXIGLHYHUIORVVQHQ/HEHQVWDJHYRQ-DNRE &KULVWRSK7KRPDQQDQJHIDQJHQGHQWHQ-XOOL,Q6W*DOOHU.XOWXUXQG *HVFKLFKWH6WDDWVDUFKLY6W*DOOHQ6WLIWVDUFKLY6W*DOOHQ%DQG6W*DO OHQ%XFKKDP5|VVOLWRU² >9HUZDOWHU7DJHEXFK@%HFNHU6LHJIULHG'LHQVWKHUUVFKDIWXQG*HVLQGHLQ.XUKHVVHQ GDV7DJHEXFKGHV-RKDQQ+HLQULFK6WLQJHO]X1LHGHUZDOJHUQDOV4XHOOH]XU*H VFKLFKWHGHU/HEHQVXQG$UEHLWVZHOWXQWHUElXHUOLFKHU6FKLFKWHQLP-DKUKXQ GHUW.DVVHO9HUHLQIU+HVVLVFKH*HVFKLFKWHXQG/DQGHVNXQGHH9 +HVVLVFKH



/LWHUDWXUYHU]HLFKQLV

)RUVFKXQJHQ]XUJHVFKLFKWOLFKHQ/DQGHVXQG9RONVNXQGH ²XQG ² >:DQGHUEXFK@:DQGHUEXFKGHV*HUEHUJHVHOOHQ -RVHI(JJHU JHELQ.LW]EKHO 0DQXVNULSW'RNXPHQWDWLRQOHEHQVJHVFKLFKWOLFKHU$XI]HLFKQXQJHQ:LHQ  -DKUKXQGHUW >$FKWHUQEXVFK@$FKWHUQEXVFK+HUEHUW(OOD*XVW0HLQ+HUEHUW:HJ9LHU6WFNH %HUOLQ+HQVFKHOYHUODJ²XQG² >$QQD +DUWPDQQ@ $QQD +DUWPDQQ (ULQQHUXQJHQ HLQHU DOWHQ :LHQHULQ +UVJ YRQ )OHPPLFK(ULND:LHQHWDO%|KODX 'DPLWHVQLFKWYHUORUHQJHKW  >%ULHIH (LOGHUPDQQ@ (LOGHUPDQQ :LOKHOP -XJHQG LP HUVWHQ :HOWNULHJ 7DJHEFKHU %ULHIH(ULQQHUXQJHQ%HUOLQ'LHW]²²²XQG²  >%ULHIH.RFK@%ULHIHGHV*HRUJ6HPHQLF.RFKLPHUVWHQ:HOWNULHJDQVHLQH(OWHUQLQ :LHQ 0DQXVNULSW6DPPOXQJ)UDXHQQDFKOlVVH,QVWLWXWGHU*HVFKLFKWHGHU8QL YHUVLWlW:LHQ1/  >%ULHIZHFKVHO@ =ZLVFKHQ )URQW XQG +HLPDW GHU %ULHIZHFKVHO GHV 0QVWHULVFKHQ ( KHSDDUHV $JQHV XQG $OEHUW 1HXKDXV ² +UVJ YRQ -DNREL )UDQ]-RVHI XQG/LQN5RVZLWKD0QVWHU5HJHQVEHUJ² >'LHQVW]HLW@ .RQKHLVHU 0DULH 0HLQH 'LHQVW]HLW LP +DXVH .|YHVV YRQ .|YHVVKiVD YRQ  0DQXVNULSW 'RNXPHQWDWLRQ OHEHQVJHVFKLFKWOLFKHU $XI]HLFKQXQJHQ :LHQ  >)DQWD@ )DQWD (OHRQRUD >RKQH 7LWHO@ 'RNXPHQWDWLRQ OHEHQVJHVFKLFKWOLFKHU $XI ]HLFKQXQJHQ:LHQ  >)HOGSRVWEULHIH@)HOGSRVWEULHIHDXVGHP(UVWHQ:HOWNULHJ²+UVJYRQ0DL HU5HLQKROG0LWHLQHU(LQIKUXQJYRQ0D[0LOOHU6WXWWJDUW.RKOKDPPHU /H EHQGLJH9HUJDQJHQKHLW  >)HOGSRVWNDUWHQ@ (ZLJ 'HLQ )HOGSRVWNDUWHQ GHV )ULW] 0H\HU ² DXV GHU 6DPPOXQJ3UREVW+UVJYRQ3UREVW$GROI*XQG.DOGHZHL*HUKDUG%LHOHIHOG HWDO:HVWIDOHQ9HUODJ >*URVVH3|KQ@ 3|KQ 5LFKDUG 6ROGDW LP  :HOWNULHJ DQ GHU UXVVLVFKHQ XQG LWDOLHQL VFKHQ)URQW%ULHIH)HOGSRVWNRUUHVSRQGHQ]$QVLFKWV:HLKQDFKWVNDU WHQ 6DPPOXQJ )UDXHQQDFKOlVVH ,QVWLWXW GHU *HVFKLFKWH GHU 8QLYHUVLWlW :LHQ 1/  >+ROHNV$UEHLWHUOHEHQ@ +ROHN :HQ]HO9RP+DQGDUEHLWHU]XP-XJHQGHU]LHKHU/H EHQVJDQJHLQHVGHXWVFKWVFKHFKLVFKHQ+DQGDUEHLWHUV-HQD'LHGHULFKV²  >-XGHQ@.ULHJVEULHIHJHIDOOHQHUGHXWVFKHU-XGHQ+UVJYRQ6WUDX‰)UDQ]-6WXWWJDUW 6HHZDOG >NDWKROLVFKH )HOGEULHIH@ )HOGEULHIH NDWKROLVFKHU 6ROGDWHQ 'ULWWHU 7HLO 'LH UHOLJL|VH *HGDQNHQZHOW GHV )HOGVROGDWHQ +UVJ YRQ 3IHLOVFKLIWHU *HRUJ )UHLEXUJ +HU GHUVFKH9HUODJVKDQGOXQJ >.ULHJVEULHIH )HOGDU]W@ .ULHJVEULHIH HLQHV )HOGDU]WHV GHU $UPHH +LQGHQEXUJ +UVJ YRQ3OHQ]3DXO**RWKD9HUODJ)ULHGULFK$QGUHDV3HUWKHV >.ULHJVEULHIH -XGHQ@ .ULHJVEULHIH GHXWVFKHU XQG |VWHUUHLFKHU -XGHQ +UVJ YRQ 7DQ QHQEDXP(XJHQ%HUOLQ1HXHU9HUODJ



.RUSXVELEOLRJUDSKLH



>/HEHQVEHVFKUHLEXQJ 6WUHPLW]HU@ 6WUHPLW]HU 6WHSKDQ /HEHQVEHVFKUHLEXQJ YRQ 6WH SKDQ 6WUHPLW]HU 0DQXVNULSW 'RNXPHQWDWLRQ OHEHQVJHVFKLFKWOLFKHU $XI]HLFK QXQJHQ:LHQ  >/HEHQVJHVFKLFKWH )LVFKHU@ )LVFKHU )UDQ] /HEHQVJHVFKLFKWH 0DQXVNULSW 'RNX PHQWDWLRQOHEHQVJHVFKLFKWOLFKHU$XI]HLFKQXQJHQ:LHQ  >/LHEHVEULHIH@ YRQ 6SLQOHU .DUROLQH /LQD 5LWWHU YRQ 1HXSDXHU .DUO /LHEHVEULHIH GHV %UDXW XQG (KHSDDUHV YRQ 1HXSDXHU 6DPPOXQJ )UDXHQQDFKOlVVH ,QVWLWXW GHU*HVFKLFKWHGHU8QLYHUVLWlW:LHQ1/  >0DULD'RUIPDQQ@'RUIPDQQ 0DULD,Q0LWWHUDXHU0LFKDHO.OR‰3HWHU3 +UVJ  .UHX]WUDJHQ 'UHL )UDXHQOHEHQ :LHQ HW DO %|KODX 'DPLW HV QLFKW YHUORUHQ JHKW ² >0DULD 5@ 0DULD 5 ,Q 0LWWHUDXHU0LFKDHO.OR‰ 3HWHU 3DXO +UVJ  .UHX]WUDJHQ 'UHL )UDXHQOHEHQ :LHQ HW DO %|KODX 'DPLW HV QLFKW YHUORUHQJHKW    ² >0HQNH@0HQNH-RVHSK2KQH:DIIH'DV.ULHJVHUOHEQLVHLQHV3ULHVWHUV3DGHUERUQ 6FK|QLQJK >1DFKUVWXQJVGHEDWWH@'LH1DFKUVWXQJVGHEDWWHLP'HXWVFKHQ%XQGHVWDJ3URWRNROO HLQHU KLVWRULVFKHQ (QWVFKHLGXQJ 5HLQEHN URZRKOW URURUR    ² XQG² >2WWLOLH 6@ 2WWLOLH 6 ,Q 0LWWHUDXHU0LFKDHO.OR‰ 3HWHU 3DXO +UVJ  .UHX]WUDJHQ 'UHL )UDXHQOHEHQ :LHQ HW DO %|KODX 'DPLW HV QLFKW YHUORUHQJHKW    ² >3ULYDWEULHIH@+HQQLJ0DWKLOGHSULYDWH%ULHIHDQ0+HQQLJYRQ² >5HKEHLQV$UEHLWHUOHEHQ@5HKEHLQ)UDQ]'DV/HEHQHLQHV /DQGDUEHLWHUV+UVJYRQ 'LHGHULFKV8UV-XQG5GHO+ROJHU+DPEXUJ&KULVWLDQV >6DO]HU@6DO]HU0DUFHOO  %HLPGHXWVFKHQ.URQSULQ]HQXQGVHLQHU$UPHH(LQH IHOGJUDXH9RUWUDJVUHLVH+DPEXUJ%HQMDPLQ >6FKZDEHQJlQJHULQ@ 5HJLQD /DPSHUW 'LH 6FKZDEHQJlQJHULQ (ULQQHUXQJHQ HLQHU MXQJHQ0DJGDXV9RUDUOEHUJ²+UVJYRQ7VFKRIHQ%HUQKDUG=ULFK /LPPDW >6ROGDWHQSRVW@ Å=LHKGLFKZDUPDQ´6ROGDWHQSRVWXQG+HLPDWEULHIHDXV]ZHL:HOW NULHJHQ&KURQLNHLQHU)DPLOLH+UVJYRQ6FKXPDQQ)UDQN%HUOLQ9HUODJ1HX HV/HEHQ >6SUDFKELRJUDSKLHQ@ )L[ 8OOD%DUWK 'DJPDU 6SUDFKELRJUDSKLHQ 6SUDFKH XQG 6SUDFKJHEUDXFK YRU XQG QDFK GHU :HQGH YRQ  LP (ULQQHUQ XQG (UOHEHQ YRQ =HLW]HXJHQ DXV GHU ''5 ,QKDOWH XQG $QDO\VHQ QDUUDWLYGLVNXUVLYHU ,QWHU YLHZV)UDQNIXUW0DLQHWDO/DQJ /HLS]LJHU$UEHLWHQ]XU6SUDFKXQG.RPPX QLNDWLRQVJHVFKLFKWH ²²XQG² >7DJHEXFK 0lGFKHQ@ 7DJHEXFK HLQHV KDOEZFKVLJHQ 0lGFKHQV +UVJ YRQ .XOHVVD +DQQH)UDQNIXUW6XKUNDPS 6XKUNDPS7DVFKHQEXFK 





 %HOHJVDPPOXQJ  KDEHQ3DUWL]LS,,JHKDEW -DKUKXQGHUW %HOHJ 6DQW%DUWKROPH‰XQG6DQW7KDWHH«GLHKDEHQGLH$UPHQL JHQ EHFKHUW ]X FKULVWHQOLFKHQ JODXEHQ DEHU VLH KDEHQ VLFK RIIWZLGHUXPEJHVFKODJHQJHKDEW $FKGRWWQ\HKDVWXVRYEHOJHWKDQQDOVGLHVHPULWWHUGHUGD EHKHUEHUJ>W@KDWJHKDEWDOOHGRJHQWYRUDOOHQULWWHUQGLHGD OHSWHQ 'RHU]XKRIIHTZDPGDHQWSKLQJHUGHQJUHIIHQZROYQG HU KDWWH VLFK DXFK YRU GDU]X JHUXVW VHUH NRVWOLFK ZDQ \PH GHUJUHIIHYRQ5LFKPRQWGLHHUVWERWVFKDIWJHWKDQKDWWJH KDEW 'DUQDFKYEHUODQFNKXEHVLHDQYQGVSUDFKPLWJURVVHQIX JHQ]X\PH+HUODQWPLULVWJHVDJWYFKV\ED‰HUORQJHQ]X ]LHKHQ YZHUQ MXQJHQ NQDEHQ GHQ P\Q KHUUH YDWWHU YFK HQWSKROHQKDWWJHKDEWGDQQGHQQDQGHUQDOOHQGLHODQGHV KHUUHQ Y‰HU %U\WDQLJHQ 9QG GDUXPE LFK GLH ZDUKHLW JHUQ ZROWZ\VVHQVRELWLFKYFKGDVLU3RQWXVGHQLUKDQWJHW]R JHQ ]X PLU KHUEULQJHQ RGHU VFKLFNHQ ZROOHW GDV LFK VHOEHU PRJHHUVHKHQRE\PHDOVRV\GDVPDQGDYRQKDLWJHVDJW 'HU NRQLJ YQG GLH NRQLJ\QQH YQG DOOH DQGHUQ HUEXWHQ \PH JUR‰HUHGDVHUVLFKVLQVFKDPSWYQG]XOHVW\QHVDJWKHWWHHU JHZ\VWGDVPDQPLW\PHDOVRYLOOREHQVZROWKDQJHKDEW]X YQUHFKWPLWGHUHUHQGLHVLH\PHDOOH\QEHZ\VWHQHUHQZHUH QLWLQGHQVWU\WNRPPHQ 'HWNRQLJ7\ERUXQGGLHVLQZXUGHQVHUHHUIHUWYQGVWDOWHQ VLFK]XGHUZHUGHGDVEHVWHVLHPRFKWHQZDQWGHUNRQLJVHO EHHLQJXWULWWHUDOOHVLQWDJHJHZHVHQZD‰YQGZHUWHVLFKVR ODQJHVRQGHUGD‰HUVLFKQLWJHIDQJHQZROWJHEHQPLWGD‰HU HUVODJHQZDUWLQQVLQHUH\JHQVWDWWDOVLUZROYHUVWDQGHQKDQW ZLH \PH GLH YRQ GHQ K\GHQ DQJHZRQQHQ ZD‰ ZRUGHQ GDV HLQJURVVHUVFKDQGHZD‰QDFKGHPDOVHUDOOHVLQ]\WZROKHU NRPPHQ ZD] YQG QDFK JURVVHQ HUHQ JHOHEW KDWWH JHKDEW 'D QXQ OH\GHU GLH NRQLJ\QQH JHVDFK GD‰ LU KHUUH HUVODJHQ VWDWW YQG GLH EXUJ YHUORUHQ ZD‰ GD PRFKW VLH QLW EHWUXSWHU QRFKWUXULJHUJHVLQ

4XHOOH *UDPPDWLN )UKQHXKRFKGHXWVFK 3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 'LHKDQWYQVERVVHOLFKEHORJHQJHJHQP\PYDWWHUGHPNRQ QLJYQGZHL‰GRFKJRWWGDVZLUQLHDUJRGHUYQHUH]XYQVHU OLHEH JHGDFKWHQ GLH ]\W HU VLFK PLU YQG LFK PLFK \PH KDQ HUJHEHQJHKDEW9QGGXUFKP\QHQZLOOHQPX‰HUKRII\QG ODQGUXPHQVROWPLFKGDVQLWVHUHEHVZHUHQ" (LQHVDEHQWVZDVHU]XPDOHEHWUXSWLQ\PHVHOEV(UJLQJLQ GHQEXVFKXQGKRUWGHUIRJHOLQVX‰HQVLQJHQGLH\QHYRU]\ WHQ GLFN HUIUDZHW KHWWHQ JHKDEW 6LH VRQJHQ VR VX‰OLFK LV PRFKWZROHLQHQEHWUXSWHQPHQWVFKHQHLQZHQLJIUHXGHJH EHQKDQ (UQDP\QHYQGKLH‰\QHVLW]HQWXVFKHQVLQ]ZRGRFKWHU]X GHPHVVHQDEHUHUZHUWHVLFKODQJHGDU]X=XOHVWPXVWHULV WKXQZDQW LVGHUNRQLJZROWKDQJHKDEW1DFKGHPHVVHQ JLQJHQVLHVSDFLHUHQLQGHQJDUWHQ>@ (V ZDV DXFK QLW ZRQGHU GDQ \H JHJHQ H\PH FULVWHQ ZDUHQ ]HKHQKH\GHQGDQGLHFULVWHQZHUWHQVLFKYEHUPDL‰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

4XHOOH

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD

3RQWXVXQG6LGRQLD



%HOHJVDPPOXQJ

%HOHJ 4XHOOH 9QGZLHZROLFKELQVRQHHLQVNRQLJVVRLVWLVGRFKHLQFOHLQ GLQJ GDQQ HLQHQ PDQ DQH HUEH SOLJW PDQ ZHQLJ ]X SU\VHQ 1LW GDV LFK GDV GDUXPE VDJH LU KDQW PLU PH HUHQ JHWKDQ 3RQWXVXQG6LGRQLD JHKDEW GDQ PLU OLHS ZDV YQG GDV LFK QLW ZHL‰ YPE YFK ]X YHUWLHQHQ DQGHPGULWHQEXRFKVDJWG]KRPHUXVYRQGHQYRQ$WKHQLV IU HLQHQ YQVLQQLJHQ YQG WKRUHQ JHKDOWHQ VHº ZRUGHQ GD )QKG UXPE GDV HU JHVSURFKH KHW GLH JRHWWHU KHWHQ PLWHLQDQGHU JHVWULWHQJHKHEW6FKUHLEWDXFK3ROLFUDWXVMPHUVWHQEXRFK -DKUKXQGHUW %HOHJ 4XHOOH KDXW VLFK GHU WXUNLVW NDLVVHU HQWKVFKORVVHQ JHKHSW DP GRQVWDJ« PLW DOOHU VLQHU PDFKW DOOHQWKDOE DQ GHU VWDWW ]X *UDPPDWLN)QKG VWXHUPHQG 0HU VR ZL‰ GDV GHU :LOEROG HL]W KDW ZHLO VROHQ ]LFKHQ JHQ /\DQ YQG KDW VHLQ GLQJOLFK :DUHQ  VFKRQ HLQ JHVFKODJHQ *UDPPDWLN)QKG NDEW HLQJHSDFNWJHKDEW  GDQQ LFK ZHL‰ QLW ZDV 1RW ZLU HWZDQ GHP %DXUHQ YRQ .UDIWVKRIHQKDEHQJHKROIHQGHUGHQ0DJHQPLW.XWWHOIOHFN XQG0RONHQRKQ:HLQWULQNHQDOVRYHUZVWJHKDEWGD‰ZLU LKQ KDEHQ PVVHQ DXVQHKPHQ HLQ ,QYHQWDUL PLW 1XPHUR /LWYLQRY5DGÿHQNR GDUEHUPDFKHQXQGZLHHLQ3IHIIHUVDFNXPVWLOSHQDXFKPLW HLQ 6WURKZLVFK .DON XQG 6DQG ZRKO UHLEHQ XQG IHJHQ ZLH GLH:HLEHUGLH6WHJHQ (U KDW VLFK DEHU XI GHQ GHPPHQ VHLWPDOV GDV ODQG YROOHU ZD‰HUJUDEHQ XQG NDQDO DOVR YHUJDQJHQ JHKDEW GDV HU QLW /LWYLQRY5DGÿHQNR ZL‰W ZR KLQDXV -HGRFK LVW HU EHU DOOH JUHEHQ JHVSUXQJHQ RQHHLQGHULVWLP]XZHLWJHZHVHQ 'HPQDFKVSUHFKHQZLU&KXUIXUVWOLFKH6HFKVLVFKH6FK|SSHQ ]X /HLSW]LJN GDUDXII XQG HUVWOLFKHQ VRYLHO JHPHOWH 0HWWKH )OLVFKWLVFKLQ XQG $QQHQ 6XSUDQJLQ EHODQJHW YRQ UHFKW KD EHQ GLHVHOEHQ LQ GHU VFKDUIIHQ IUDJH DXVJHVDJW XQG EHNDQW +H[HQYHUK|UH3 GDVVLHEH\GHPLWGHPWHXIIHOXQGVLHGLH)OLVFKWLVFKHPLWHL :HUQLJHURGH QHPGHQVLH/XFLIHUJHQDQWXQGLKUYRQGHU)ULHGULVFKHQ]X 'UXELJ ]XJHZLHVHQ ZRUGHQ GLH 6XSUDQJLQ DEHU PLW HLQHP GHQVLH6WUDXVVJHQDQW]XVFKDIIHQXQGJHEXKOHWJHKDSW 





KDEHQ3DUWL]LS,,JHKDEW

-DKUKXQGHUW %HOHJ (EHQXPEGLHVH=HLWVLQGGLH6SDQLHUZHOFKHVLFKLQ-UUODQG GLH&DWKROLVFKHQGDVHOEVW]XVFKXHW]HQHLQJHQLVWHOWYRQ GHQ(QJHOODHQGHUQDXIIV+DXSWJHVFKODJHQXQGGXUFK(LQ QHKPXQJ GHU 6WDGW .LQJVDO  GLH VLH EHVHW]W JHKDEW  JDHQW]OLFKDX‰GHP/DQGHJHWULHEHQZRUGHQ 9HUZXQGHUWHQ VLFK JOHLFKVDP XHEHU GHQ ZXQGHUEDKUHQ -UU WKXPGHU1DWXUXQGYHUZLHVHQGHP7RGHHLQHXQEHVRQQH QH 8QRUGQXQJ GD‰ GD GLH 5HLKH YLHO JUDXH +DHXSWHU EHWURIIHQJHKDEWHUDXIGLHVHVIULVFKH$OWHUJHIDOOHQ $OOH+HXVHUVRXPKHUJHVWDQGHQZDUHQYRQGHQXQHUK|UWHQ JUR‰HQ 6WHLQHQ EHUQ +DXIHQ JHIDOOHQ XQG DOOHV ZDV GDULQ JHZHVHQ ]HUPDOPHW ZRUGHQ ZHOFKHV 8QJOFN GHQ>Q@ DXFK GLHPHLVWH8UVDFKH]XUhEHUJDEHJHZHVHQLQGHPHGLH7U NHQLKUH:HLEHUXQG.LQGHUDOVRYRULKUHQ$XJHQ]XJUXQGH JHKHQ VHKHQ P‰HQ XQG ZDU JHZL‰ ]X YHUZXQGHUQ ZDV JUR‰HQ5XLQGLH%RPEHQDXIGHPJDQ]HQ&DVWHOYHUXUVDFKW JHKDEWZHOFKHVVLHGHQQ]XDQGHUQ*HGDQNHQJHEUDFKWXQG QDFKYLHOHP=ZLHVSDOWXQG8QHLQLJNHLWHQ >@ HQGOLFK]XHL QHU&DSLWXODWLRQVLFKEHTXHPW 'HU &DSLW *HQ PDFKWH LQGH‰HQ PLW GHQ 6FODYRQLHUQ XQG VHLQHQ )LJOLROL ERQQH FKHUH LQGHP VLH XPE 0\VWUD KHUXPE DOOHVSOQGHUWHQXQGZHJUDXEHWHQZLHGHQQGHU&DSLW*HQ YRUVHLQH3HUVRQYRQGHQHQGDVHOEVWVLFKQRFKDXIKDOWHQGHQ WUNLVFKHQ )DPLOLHQ EHL   =HFKLQH DQ EDUHP *HOGH HUSUH‰HWJHKDEWDXFKGHUVFK|QVWHQ6HEHOXQGGHU N|VWOLFKVWHQ 3IHUGH EHQHEHQVW  >.RSLH XQOHVHUOLFK@ XQG HLQHJUR‰H%DJDJLH.DPXQVHUH6FKLIIW)ORWDQHEVWGHQ*D OHD]HQDXIGHUDQGUHQ XQOHVHUOLFK:RUW GHV,VWKPLDQ'LH *DOHUHQ DEHU ZDUHQ EHL 1DSROL GH XQOHVHUOLFK  :RUW  JHEOLHEHQZHOFKH6WDGWVLFKVHKUREVWLQLUWHXQGVLFKELVDXI YHUPXWO'HQ OHW]WHQ0DQQ]XZHKUHQYHUODXWHQODVVHQ 'LH%RPEHQKlWWHQJUR‰HQ6FKDGHQLQGHQ6WDGWJHWKDQLQ 6SHFLHHLQHZHOFKHRKQOlQJVWLQHLQ+DXVJHIDOOHQZRULQQHQ YLHOH GHU YRUQHPEVWHQ )DPLOLHQ VLFK UHWHULUW JHKDEW KHWWH EHU:HLEHUHUVFKODJHQXQG]HUVFKPHWWHUW 'LHVHQ 0RUJHQ ZXUGHQ  'UDJRQHU YRQ GHP &RUERQVFKHQ 5HJLPHQWDXIJHKHQNWZHOFKHVLFKYRQVRGXUFKJHKHQZRO OHQ DXVJHVSLHOHW JHKDEW ZR]X YRQ MHGHU 1DWLRQ HWOLFKH 0DQVFKDIW FRPPHQGLUHW ZXUGHQ GHU ([HFXWLRQ EH\]XZRK QHQ

4XHOOH )QKG

)QKG

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH



%HOHJVDPPOXQJ

%HOHJ

4XHOOH

(LQ&DSLWG $UPVYRQGHQ0H\OlQGHUQZXUGZHLOHUHWZDV YRQ3XOYHUXQG.XJHOQYHUNDXIWJHKDEWDUFKLERXVLUHW'LH VHQ$EHQGJLQJHQGHV3ULQ]HQ2KUV%ORZVXQG5DXKJUD IHQ5HJLPHQWLQGLH$SSURFKHQ

+DQQRYHUVFKH 5RWU|FNH

(LQHQKRKHQ)HOVHQYRUEH\PDUFKLUHWLQGH‰HQ0LWWHLVWHLQ /RFKZRULQQHQHLQK|O]HUQHV&UXFLIL[VWHKHW0DQVDJHWHV KlWWH YRQ GLHVHQ GHU .D\VHU 0D[LPLOLDQXV VLFK DXI GHU *HPEVHQ-DJG ELV GDKLQ YHUVWLHJHQ JHKDEW XQG KlWWH HU GXUFK NHLQH PHQVFKOLFKH +OIH YRQ GD KHUXQWHU NRPPHQ N|QQHQ ELVLKPHGXUFK IOHL‰LJ %HWHQXQG$QUXIXQJ*RWWHV HLQKH\OLJHU(QJHOHUVFKLHQHQGHULKPHKHUDEJHKROIHQ (VKDWWH]ZDUGHUVHOEHVHLQP|JOLFKVWHVJHWKDQXQGHLQ&RU SXVYRQXQG0DQQ]XVDPPHQJHEUDFKWVHOEHDXFK EH\$OW1DYHULQHEHQDQGHP2UWZRGLH'HEDUFTXLUWHQJH ODJHUW JHKDEW :LH HU DEHU YHUQRPPHQ GD‰ GHU &DSLW *HQVLFKPLWGHU*DOHUHQQDFKHU/HSDQWREHJHEHQXQGVHL QHU 0H\QXQJ QDFK GDVHOEVW ]X GHEDUFTXLHUHQ VXFKWH KDW HU HLQHPDQGHUHQ%D‰DGDV&RPPDQGREHUVHOEH/HXWHDXIJH WUDJHQXQGVHOELJHQQDFKHU/HSDQWRXQG3DWHUDVJHVFKLFNHW (VZXUGHHLQH%DWWHULHYRQ0|UVHUQDP:D‰HUIHUWLJZHO FKHGDQQQHEVWGHQHQDXIGHP%HUJHXQG]ZHHQ%DODQGHUV VRVLFKMHQVHLWVKDUWDQGLH6WDGWJHOHJWJHKDEWYLHOH%RP EHQKLQHLQJHZRUIHQ *HKHW DOVR GDV *HIHFKWH UHFKW KLW]LJ DQ XQG VFKODJHQ VLFK YRQ0RUJHQDQELVDXIGHQ$EHQGJDQ]YHU]ZHLIHOWHU:HLVH ELVHQGOLFKGLHWUNLVFKHQ*DOHUHQUHLVVDXVQHKPHQXQGVLFK ELV1HJURSRQWRUHWHULUHQP‰HQGLH6XOWDQHQDEHUVHKUEHO ]XJHULFKWHWZLGHUQDFK0\ORNRPPHQVLQG+DEHQYLHOHGHU ,KULJHQHLQJHE‰HWXQGEOH‰LUHWJHKDEW'HU8QVULJHQDEHU JDQ]ZHQLJ'HU0DMRU3HWHUVHQEHJUDEHQZRUGHQ *HKHW DOVR GDV *HIHFKWH UHFKW KLW]LJ DQ XQG VFKODJHQ VLFK YRQ0RUJHQDQELVDXIGHQ$EHQGJDQ]YHU]ZHLIHOWHU:HLVH ELVHQGOLFKGLHWUNLVFKHQ*DOHUHQUHLVVDXVQHKPHQXQGVLFK ELV1HJURSRQWRUHWHULUHQP‰HQGLH6XOWDQHQDEHUVHKUEHO ]XJHULFKWHWZLGHUQDFK0\ORNRPPHQVLQG+DEHQYLHOHGHU ,KULJHQHLQJHE‰HWXQGEOH‰LUHWJHKDEW'HU8QVULJHQDEHU JDQ]ZHQLJ'HU0DMRU3HWHUVHQEHJUDEHQZRUGHQ

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ ,Q GHU 6WDGW VLHKHW PDQ VRQVW QRFK GHV 'HPRVWHQHV KRKH 6FKXHOHVRHEHQIDOVYRQODXWHUZHL‰HP0DUPRUHUEDXHWXQG HLQH ]LHPOLFKH *U|‰H KDW 'HU 7HPSHO GHV 7KHVH GHV 'H PRVWHQV/DQWHUQHGHU7HPSHOGHU:LQGHGHU%UXQQHQZR ULQQHQ VLFK GHU KHLOLJH $SRVWHO 3DXOXV YHUVWHFNW JHKDEW 1DFKGHPHHUGLH*HPHLQH]X$WKHQHLQHLQHU3UHGLJWJHVWUD IHW XQG VWDUN DQJHJULIIHQ KDEHQ VLH LKQ JHVXFKW ]X W|WHQ 1HEVW YLHOHQ DQGHUHQ 7HPSHOQ 6HXOHQ XQG %HJUHEQL‰HQ ZRYRQ HLQ HLJHQ %XFK EHVFKULHEHQ ZRUGHQ (V KDW  WUNL VFKH0RVFKHHQXQGVRZRKOLQDOVXP$WKHQHKHUXPKXQ GHUW JULHFKLVFKH .LUFKHQ GHUHQ  VLQG ZRULQQHQ QRFK WHJOLFKPHVVHJHOHVHQZLUG ,QGH‰HQ HLQH 3DUWKH\ DXI REJHPHOGHWHV 'RUI JDQJHQ ZR VHOEVW QRFK HLQLJH XQVHUHU .QHFKWH XQG 0DULQHUV VLFK YHU VSlWHW JHKDEW ZHOFKH VLH PHLVW JHVlEHOW XQG JHIDQJHQ JH QRPPHQ .DPHQ HWOLFKH 6SLRQH ZHOFKH GHQ &DSLW *HQ DXVJHVFKL FNHWJHKDEWZLGHUDQKHURXQGEUDFKWHQPLWGD‰GLHWUNL VFKH$UPpLQ0DQQVWDDUNEH\/HSDQWRVWQGH 0DQ EHIDQG GD‰ ZLU GLH YRULJH 1DFKW EDOG GLH +|KH YRQ 6DSLHQWLDHUUHLFKHWXQGGD‰ZLUEHU0HLOHQRKQH6HJHO YHUULFKWHWJHKDEW:LUGDQNWHQGHPK|FKVWHQ*RWWGD‰(U XQV QRFK VR JQlGLJ JHKROIHQ XQG EHWUDFKWHWHQ IROJHQGHQ GHQHOHQGHQ=XVWDQGXQVHUHV6FKLIIHV 1DFKGHPVLHYRQGHV*HQ0DMXQG5DXKJUDIHQ5HJLPHQW VDOYHQ DXVJHKDOWHQ XQG DEHU JHVHKHQ GD‰ EHU GLH 6SDQL VFKHQ5HXWHU]XNRPPHQRKQP|JOLFKZDUNRQWHQVLHQLFKW OlQJHU DXVKDOWHQ VRQGHUQ UHWHULUWHQ VLFK ]XHUVW DOOPlKOLFK QDFKJHKHQGVDEHUJDEHQVLHGLHY|OOLJH)OXFKWZLHGHQQDXFK GLHMHQLJHQ ZHOFKH GHQ OLQNHQ )OJHO DWWDFTXLUW JHKDEW LQ YROOHP&RXULHUGDYRQJLQJHQ 6RHEHQNDPGLH7DUWDQHVREHL&HULJRLP3RUWJHOHJHQDXFK DOKLHUDQDXIZHOFKHUVLFKXQVHU3URYHGHWRU0DUFHOOREHUHLW] HPEDUFTXLUHW JHKDEW XP QDFK GHU $UPp ]X JHKHQ $XFK NDP QRFK HLQH DQGHUH 7DUWDQH VR DXFK QDFK =DQWH JHKHQ ZROOWHZDUWHWHQDOVRQXUDXIEHTXHPHQ:LQG :DVGLHVHU7HPSHOLQVHLQHP(LQIDOOHQYRU6FKDGHQYHUXUVD FKHWLQGHPHVHOELJHUYRQ0HQQHUQ)UDXHQXQG.LQGHUQDQ JHIOOHW JHZHVHQ DOV ZHOFKH VLFK YRU GHQ %RPEHQ GDKLQHLQ RGHU XPKHU UHWHULUHW JHKDEW LVW OHLFKW ]X HUPHVVHQ ZHLOHQ ZLUGUDX‰HQQLFKWDQGHUVPHLQWHQDOVGDVJDQ]H&DVWHOZHUH EHUQ+DXIHQJHIDOOHQ

4XHOOH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH +DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH



%HOHJVDPPOXQJ

%HOHJ :XUG.ULHJHVUDWJHKDOWHQXQGEHVFKOR‰HQGHQ)HLQGLP/D JHU ]X DWWDFTXLUHQ GDUDXI QDFKPLWWDJV LQ 2UGQXQJ ]ZH\HU /LQLHQ VR LQ GHU 0LWWH HWOLFKH 3OXWRQV YHUVWHFNW JHKDEW GHP)HLQGHQWJHJHQJHUFNWZHOFKHUVLFKHEHQIDOOVPRYLUHW XQGGHQ8QVULJHQQlKHUNRPPHQ 8QWHUGHVVHQ NRPPW GLH 3RVW YRQ 7UDJ|‰ GD‰ GHU 3IDUUHU VFKRQ JHVWRUEHQ MHW]W KDW PDQ LKP 9RUZUIH JHPDFKW XQG YHUERWHQ GDV +DXV ]X YHUODVVHQ (UKDW DOOHV YHUKHLPOLFKW JHKDEWGD‰VLFKQXQVHLQ:HLEYRULKPHQWVHW]WHXQGLQGLH )UDLVHQYHUILHO 0DULD*H|UJ0DWWKHL‰HQVKDXVIUDZ'LHVHKDWYRUQHFKVWKLQ HUVFKLHQHQGUH\-DKUHQ(LQHP$UEH\WHUPLWQDKPHQ/XGZLJ ZDPEDFKHU VR LKU 0DULHQ LKP IHOGW NRUQ JHVHKHW JHKDEW QDFKGHPHUIHUWWLJJHZHVHQYQQGW]XKDQVKDLPENRPPHQ ]XUUHIHFWLRQ>"@6FKPLHUNHHV]XHVVHQJHEHQYQQGWIXUJHVHW]W GDUXRQGLHVHOEDXFKJHQR‰HQYQQGWVRYLOJQXJVDPJHVVHQ GLHVHULVWDEHUDOVREDOWQRFKLPVHOELJHQWDJGDUXII6FKZDFK YQQGWVHKUNUDQNZRUG>HQ@ (RGHP KDW GHU +HUU $PEWPDQQ DXI VHLQHUVHLWV EHQHQWH =HXJHQ +HUUQ 'HFDQXP &XOQHUXP 3HWUXP $OIHQVLV XQGW 0DWWKLDP 0ROLWRULV ZHOFKH HU VXSHU 9LWD HW )DPD LOOLXV ]X =HXJHQHUQHQQWJHKDEWUHQXQFLUWXQGWYHU]LHJHQ &KULVWRII /XWJ 1DFKWZlFKWHU $P YHUJDQJHQHQ 6RQQDEHQGW ]XQDFKWVHºHUYIGHUPDXHUJDQJHQYQGWKDEHZDFKWJHKDO WHQ >IRO U@ LP WKXUPH ! >"@ ZDUW JHEROGHUW JHKDEW DEHUQLFKWVJHVHKHQDP3RO‰QL]LVFKHQWKRUH6RQWDJVDEHU]X QDFKWYPE9KUZLHHUDQGDV3RO‰QL]LVFKHWKRUNRPPHQ YQGWDXVJHUXIIHQVHºZD‰(4?2 YŽ EHULKQNRPPHQDO‰ ZDQQHLQHJUR‰H/DVWYILKQILOH+HWWH6LFKYPELKQ+HUJH ZHO]HWYQGWLKQJHGQFNHWHVKDEHDXVJHVHKHQZLHHLQ%H HKU QDFK GHKP ZHKUH HV ZLHGHU KLQDXI JHIDKUHQ YQGW (4 ?2 YŽ EHUQGDFKHKLQDXVNRPPHQGDUDXIIHUJDUYRQVLFK VHOEVW.RPPHQYQGWHLQHJXWHZHLOHQLFKWJHZXVWZRHUVHº $G6DJWNHQQHNHLQHQXQQGZDQGLHSULVWHUVFKDIIWSDWHU %ROWKHXQGGHUFDSHOODQ]X6W 3HWWHUVLHQLWXPEGHQXQQG GHQMHQHQLQVSHFLHJHIUDJWVRKHWWHVLHDXFKNHLQHQJHNHQW JHKDEW XQQG ZHKHUH LKUR YXUJHKDOWWHQ XII )UDQFNHQWKXUQ GD‰GHUFDSHOODQ]X6W3HWHUVLHEHNODJWGDUGXUFKVLHXIIGLH IOHLVFKEDQFNKJHOLHEHUW

4XHOOH +DQQRYHUVFKH 5RWU|FNH

+DXVEFKO

+H[HQYHUK|UH $VFKDI

+H[HQYHUK|UH *HUROV

+H[HQYHUK|UH .DPHQ]

+H[HQYHUK|UH .|OQ





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 'HQQGULWWHQ>5DQG*HIUDJWZLHVROFKHVEHVFKHQZHLOOHQGLH FDSXFLQHU NHLQ JHOGW KHWWHQ@ KHWWH YRQQ GHP SDVWRU ]X 6W $OEDQGHQYLHUWHQYRQQSDWHU%ROWKHEHNRPPHQZHOFKHVLH EH\VDPPHQ EHKDOWHQ XQQG JHVSDUHW :DV ZHJHQ GHV URFNV JHVDJW GDUDX‰HU GHU WHXIIHOO HLQ VWXFNK VROW JHVFKQLWWHQ KD EHQZHKHUHHVDOVREHVFKDIIHQVHOEHQKHWWH]X1HX‰LQLK UHP KDX‰ XII HLQ OHLQ JHKDQJHQ JHKDEW GDVGLH PHX‰GD UDKQ NRPPHQ GLHVHOEHQ ]HUEL‰HQ GDV HWOLFKH ORFKHU GDULQ JHZHVHQ 6R KHWWH GHU MXQJHQ 0XVFKHQ .RQLQJ XII GHU 2EHUVWUD‰HQZRQKDIIWLKURGDVVWXFNKZLHGHUGDULQJHVHW]W 'HU0XVFKHQ.XQLQJNXQQHQLWVRVSHFLILFHGHVLJQLUHQZHLO OHQHLQ JH‰JHQDXFKDKQVHOELJHURUWKZRZRQQHGRFKGHU DOWKHNXQQHZROOGDKLQDQZHLVXQJJHEHQDXFKXIIGHU2EHU VWUD‰HQGDUQDFKZROO]XIUDJHQ 'LHNUHFKKDEGHPSDVWRUQJHEHQZLHDXFKQRFKHLQHDQGHUH $JQXV GHL ZHOFKH DXFK IROJHQWV YRQQ GHP WHXIIHOO EHNRP PHQ'HUSDVWRUKHWWHLKURKLQJHJHQHLQHDQGHUHVRNOHLQHU JHZHVHQQHEHQQRFKHLQHPOXHNHUGDOHUJHEHQXQQGGLHYRU ULJHZKHUHXQJHIKHUHLQUHLFKVGDOHUDKQVLOEHUZHUGWJHZHVHQ 8QQG DO‰ GLHVHV HU]HOW EHNODJW GDV GHU WHXIIHOO VLH EH\P KDXSWEHNRPPHQXQQG]XUHUGHQ]LHKHQZLOOHQXQQGZHKHUH LKUR VFKUHFNOLFK HUVFKLHQQHQ 'HQQ PRUHWWHQ URFN EHJHUW ZROO PKDQQ YHUEUHQQHQ ZHOFKHU HLQHQ ODSSHQ XII GHU OLQ FNHQVHLWKHQHLQJHVHW]WJHKDEWZHOFKHVORFKGHUWHXIIHOOLK UR HLQPDOO DX‰JHUL‰HQ XQQG ZHLOO VROFKHQ URFNK YRQQ GHP WHXIIHOOEHNRPPHQVREHJHUWGDVVHOELJHUYHUEUHQWZHUGH GLHVHQQVDFKHQDQGHUVQLFKWVDO‰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

4XHOOH

+H[HQYHUK|UH .|OQ

+H[HQYHUK|UH .|OQ

+H[HQYHUK|UH .|OQ

+H[HQYHUK|UH .|OQ



%HOHJVDPPOXQJ

%HOHJ *HI>UDJW@ ZHLO GLH +HLQRWLQ DOOHUKDQGW VDFKHQ LKP KRII JH VHKHWJHKDEWREGDQQLWGLHYHVWLJLDGH‰GDQ‰HQVGDULQQHQ VWHKHQSOLHEHQ"$QW>ZRUWHW@$O‰GHU7LVFKDXIJHQRPHQZHUH HV ZLH ]XXRUHQ JHZHVHQ VHW]WHQ DXFK GLH VSHLV DE LQ GD‰ KDXV LKP IOLJHQ VFKDII YQG ZHUGH GLH IUDZ +HLQRWLQ IUDZ .RQQLQJHQYQQG$0KRQ8UVXOIUDZ&DQFHOHUVJQDQGW6LH YRU LKUH 3HUVRKQ KHWWH QLW DKP 7LVFK JHVH‰HQ VRQGHUQ ]XPZHLOHQHLQVWXFNHOWJHQYRQGHU+HLQRWLQQHQEHNRPPHQ *HIJ RE QLW GHU E|VHU IHLDQGW PHKUPDKOHQ ]X LKU NRPPHQ YQGGLHYQ]XFKWDKQLKUJHVRQQHQ"$QW-DYLHOPDKOHQYQGDQ YHUVFKHLGHQHQ RUWHUHQ DXI GHU JD‰HQ YQG LKP KDX‰ ZHUH DXFK YRQ GHPVHOEHQ YHUVFKHLGHQH PDKOHQ DXI GLH KH[HQ GHQ‰ JHIXKUW ZRUGHQ *HIJ ZLH YQG ZHOFKHU JHVWDOW (U VLH GDKLQJHIXKUW"$QWVH\HGXUFKGLHOXIWJHIXKUWYQGDQHLQRUW EUDFKWGDVLHYHUPHLQGWJHKDEWLP3DUDGLVJHZHVHQ]XVHLQ *HIJZLHRIWVLHDXIVROFKHGHQ‰JHZHVHQ"$QW,KUHVEHVWHQ EHKDOWVVLHEHQPDKO*HIJREVLHDXFKLHPDQGWHPHWZDVERH‰ JHWKDQRGHU]XJHIXHJW"$QW1HLQ1XUDOOHLQLKUHPOHLEOLFKHQ *HIJ RE VLFK QLW HLQLJ JHVSHQV LQ VHLQHP KDX‰ VSXUHQ YQG PHUFNHQ OD‰HQ" $QW PX‰H EHNHQQHQ GD‰ ZDQ (U VHLQHQ 2IIHQ HLQJHKHL]HW JHKDEW YPE ]X EDFNHQ GD‰ LQ GHU ]HLW GLHIODP]XPPXQGWGHVRIIHQVDX‰JHVFKODJHQYQGDOVRVHLQH DUEHLGW QLW DOOHLQ ]X VFKLGHUHQ JDQJHQ VRQGHUQ DXFK GD‰ LQ VRUJHQ JHVWDQGHQ GD‰ VHOEVW YHUEUHQQHQ RGHU VLFK GXUFKV IHXUEHVFKHGLJHQPRFKWH LQ GHU GLSHQJD‰HQ ZKRQHQGHP EURGHU ZHOFKHU DXFK VHOEL JHQRUWVKDEHVLHGD‰IHEHUZLHVLHGHPVHOEHQHLQLJHKHPE GHU ]EUDFKW YQG GLHVHOEH DX‰ DQVWLIWWXQJ GH‰ WHXIIHOV PLW 3RQWVDOIIDQJHVWULHFKHQJHKDEWGD‰IHEHUDQJHKH[HW +HWWH LKUHQ VFKZDUW]HQ KDQHQ VR IRUWK ZLH VLH HV JHOHKUHW JHKDEWWLQVFKZDUW]HQNUDXWVRVLHGHQVHOEHQLQEURGWYRUJH ZRUIIHQYHUJHEHQLKUKDQ‰KHWWHHVLKUJHSUDFKWW $G  :LH VLH KHLVFKH RGHU JHQDQQW ZHUGH" $QWZ (OVH 6L PRQV7KRHQLVVHQ)UDZH]X3XHW]IHOG$G:LHDOWVLHVH\" VDJW GDV ZLVVH VLH QLWW GRFK JHUHFKQHW ZLH ODQJEHVWDWW JH ZHVHQ JHIXQGHQ GD‰ HLQH IXHQI]LJMDHKULJH 3HUVRKQ $G  :LHYLHO 0HQQHU JHKDEW" VDJW QLWW PHKU DOV MHW]LJHQ 0DQQ +HU]RJHQ7KRHQQLV]X+RHQQLQJHQVRYHUEUDQGWKDHWWHDQ LKUZROOHLQ-DKUJHIULHWJHKDEWVLHLKQQLFKWKDEHQZROOHQ

4XHOOH

+H[HQYHUK|UH.|OQ 0DFKD +HUERUQJHVDPW

+H[HQYHUK|UH.|OQ 0DFKD +HUERUQJHVDPW

+H[HQYHUK|UH.|OQ 0DFKD +HUERUQJHVDPW

+H[HQYHUK|UH.|OQ 0DFKD +HUERUQJHVDPW +H[HQYHUK|UH 2VQDEUFN

+H[HQYHUK|UH3 $OWHQDKU





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 'LHUHD(OVMXGLFLDOLWHUYRUJHVWHOOWXQGHUIUDJWZDVIXHUHLQ )UDX EH\ LKUR DP QDHFKVWHQ YHUZLFKHQHQ XQVHU OLHEHQ )UD ZHQ +HLPEVXFKXQJVWDJ JHZHVHQ VDJW GLH *ULHWK DOKLHU LP 'KDOOVH\LKUEHJHJQHWVLHGLHVHOEHJHIUDJWZRJHZHVHQGLH VHOEH JHDQWZRUWHW ZDHU EH\ LKUHU 6XHVWHU ]X GHU %HU]HQ 7KRHQQLV )UDXHQ VR NUDQN JHZHVHQ HLQ KDOE 9LHUWHO :HLQ GDKLQJHWUDJHQJHKDEWVRVDPPHQJHWUXQNHQ $QQD %DUEDUD 1HXHGHFNKHULQ /HGLJVWDQQGWV LQ GLH  -DKU DOWLVWDXIYQGWHUVFKLHGOLFKH%HNDQGWQX‰KH[HUH\KDOEHU]XHU YHUKDIIWJHQRKPHQYQQGWGHUHQWZHJHQGHQ.D\VHUO5HFKWHQ JHPH‰JXHHWYQG3HLQOLFK([DPLQLUWZRUGHQ'LHEHNHQQHW GDV 6LH DXI ZHL‰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‰HQ+H[HUH\ KDOEHU]XHU YHUKDIIW JHQRKPPHQ YQQGW GHUHQWZHJHQ GHQ .D\VHUOLFKHQ 5HFKWHQ DXFKGHU IXHUVWO%DPEHUJ UHIRUPDWLRQ JHPDH‰VR JXHHW DO‰ 3HLQOLFK ([DPLQLUW ZRUGHQ GLH EHNHQQHW 6LH VH\H DXIZHL‰XQGIRUPE,QKDOOWLKUHU2ULJLQDO$XVVDJHQXQPHKUR YRU YQJHIHKU  -DKUHQ ]X GLHVHP /DVWHU GHU +H[HUH\ YHU IXHKUWZRUGWHQYQQGWKDEHLQVROFKHU=HLWYROJHQGHXHEOWKD WHQ ZDUKDIIWLJ EHJDQJHQ (UVWOLFKHU DO‰ 6LH GDPDKOV VLFK LQ HLQH 0DQQ‰3HUVRKQ =LPEOLFK YHUOLHEW JHKDEW DXFK PLW ,KPH LQ YQ]XFKW JHUDWKHQ KHWWH VLFK KHUQDFKHU GHU ERHHVH IHLQGW LQ GHVVHOEHQ JHVHOOHQ JHVWDOOW ZLGHUXPE ]X ,KU YHU IXHHJW ZHOFKH 6LH DQ VHLQHU HUVFKURHNKOLFKHQ 9HUHQGHUXQJ (UNHQWGDURE6LHGDQQKRFKHUVFKURFNHQGRFKYIIVHLQ=X UHGHQKHWWH6LHVLFKDX‰VFKUHFNK]X,KPHYHUVSURFKHQ 2E 6LH QLFKW DXFK HWZD‰ JHNRFKHW JHKDEW YQG ZDV HV JH ZHVHQ 9RQ$QNHQQDFK&DOEHLQ‰KRVSLWDOVH\VLHGHU)D‰QHFKWHQ >"@EL‰HQKHUH>"@GDJHZHVHQGDVHOEVW6LHGHQ6FKDUIIULFKWHU 0HLVWHU >"@ 0HOFKLRUHQ JHKHLOW GHU ,KU   7K>DOHU@ JH EHQZHKUHEH]HXEHUWJHZH‰HQLPUHFKWHQEHLQGHUKDEHHV VHOEHUYRUGLH3HUVFKHJHZHVHQGLH,KQEH]HXEHUWJHKHEW RKQH LKUHQ EUXFKW JHZXVW GHQ YRU  -DKUHQ (U HLQHP ]X &DOEHJHULFKWHWPLWGHP5DGH

4XHOOH

+H[HQYHUK|UH3 $OWHQDKU

+H[HQYHUK|UH3 %DPEHUJ

+H[HQYHUK|UH3 %DPEHUJ

+H[HQYHUK|UH3 %DUE\

+H[HQYHUK|UH3 %DUE\



%HOHJVDPPOXQJ

%HOHJ 4XHOOH $O‰ JHIUDJW 2E VLH GDEH\ JHZHVHQ DO‰ GLH YHUEUDQGW ZRU GHQ" *HDQWZRUWW -D 'LH KLQJHULFKWH KDEH VLH EHVFKZH]W +H[HQYHUK|UH3 JHKDEW KDEH 6LH DXFK ZLGHU YHUDQWZRUWW VR VLH EHZHLVHQ %ODQNHQKHLP ZROOH 'HU DOOW YHUVWRUEHQH 5HQWPHLVWHU ZHKUH DXFK GDUEHL JHZHVHQ $OO‰6\QRFK/HGLJVVWDQGWVJHZHVHQVH\6\DLQHP6FKPLGW NQHFKWPDUWKLQ6FKZDU]HQ6RKQ&KULVWLDQJHQDQW JDUKROG ZRUGHQYQGYPE,QHJHEXHOOW_ZHOFKHUDEHU$XFK6\]XP +H[HQYHUK|UH3 WKDLO DLQDQG>HU@Q GLH (KH YHUVSURFKHQ JHKDEW _ZHOFKHQ %UHJHQ] ZHLODEHU6\DUPJHZHVHQKDEVHLQGH‰6FKPLGWNQHFKWV9DW WHUVROFKHVQLWZ|OOHQ=XOD‰HQ 2E ZROO ZDKU GDVV ZLH DUWLFXOR VH[DJHVLPR JHVHW]W GDV +H[HQYHUK|UH3 0lJGOHLQ DUWLFXOLUWHU PDVVHQ YHUJHEHQ ZRUGHQ QLFKW EHL LK &RHVIHOG PH 9HUVWULFNWHQ VRQGHUQ EH\ VHLQHQ 6RKQ -RKDQ .REELQJ JHZRKQWJHKDEW (RG>HP@ GLH KDW GRURWKHD GXQFNHUV QRFK JXHWOLFK EHNDQGW GDVVLHLKUHQEXOHQ9DOHQWLQ(UWPDQVIUDZHQYIIVOHLEJHZLH VHQDXVYUVDFKHQGDVVLHQHEHQLKUHP0DQQHYQG6RKQHVLH +H[HQYHUK|UH3 KDUW DQJHUHGHW GDV VLH LKQHQ DQ LKUHQ 6FKZHLQHQ VFKDGHQ &ULYLW] JHWKDQKHWWHLKPDEHUQLFKWEHIROHQLQVLH]XIDKUHQZHOFKHV HUJOHLFKZROJHWKDQLHGRFKKHWWHVLFKGLH(UWPDQVFKHDXFK VHKUJHHLIHUWJHKDEWYQGZHUHEDOWZLGHUEH‰HUJHZRUGHQ %DOWGDUQDFKDXIHLQDQGHUPDOK,PVRPEHUDO‰YRQ0XQVWH UHLIHONRPPHQYQGW.H‰HQIHLOJHWUDJHQJHKDEWZHUHDEHU PDOKHLQHU EHLVLHNRPPHQYQGJHNOHLGHW JHZHVVHQZLHHLQ +H[HQYHUK|UH3 0HQVFK ZHOFKHU JHIUDJW RE QRFK PLW ,UHQ .LQGHUHQ DOOHLQ )ODPHUVKHLP ZHUH 6LH JHDQWZRUW GHU KLPOLVFKHU 9DWWHU HUQHKUHW VLH DO QRFK (OVJHQ 0LVVHOHUV QRFKPDOV YRU JHULFKW EUDFKWW HUVWOLFK ZD UXPE H FDUFHULEXV JHZLFKHQ YQG RE GHU WHXIHO ,U %RHO ,UR UKDWW YQG WKDG JHEHQ $XFK ZDUXPE ,Q GHQ ZHLHU VLFK JHVWXUW]WHUQVWOLFKYQGHUIUDJ$QWZRUW6LHKDEHGLHDEHUPDO JHSHLQLJXQJKEHIRUFKWHWDOVRQHEHQDQGHUJHIHQJQX‰HLQH HLVHQHVFKOXSIDQHLQHPGLOOHORVJHEURFKHQZHOFKHVSLW]JH +H[HQYHUK|UH3 ZHVVHQDQHLQHUNDQWHQLQGDV .ODXVWHU JHTXHW]WYQGGDPLW )ODPHUVKHLP GHUPDVVHQDXIIGLHIHVVHUZHOFKHDKQGHQIXHVVHQKDEHJH VFKODJHQ GDV GLH )HGHU ,P .ODXVWHU ]HUEURFKHQ YQG GLH VFKOHXS HWZDV DEVSUXQJHQ ,Q PDVVHQ HV GHU DXJHQVFKHLQ GHQHQGHU*HULFKWVFKUHLEHUJHVWHUHQHLQJHQRKPHQJHKDEW DXFKDQJHZHLVW $G]XGHU]HLWKHWWHLD6FKUDGHUVFKRQJHKLQNHW$G1H JDW$G'DV0HLVWHU-DFRELGHV%DUELHUVNQHFKWZLHVLHLQ +H[HQYHUK|UH3 YRULJHQEDQGHQLKUHQIX‰YHUUHQNHWJHKDEWVLHJHIUDJHWRE *|WWLQJHQ VLHGHQKH[HQN|QQH"ZHOFKHVVLHYHUQHLQHW





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 'HP0lGOHVH\HDXFKGLH6DOEDQGHUKDQGWJHEOLEHQGDUPLW 6LHGDVPlGOHDKP6FKHQFNKHO EHVWULFKHQGDUXRIHHV/DPE ZRUGHQYQGKHUQDFKLQRGHU7DJHQJHVWRUEHQZLVVHQLW RE GLH |SIIHO YQG %LKUHQ DXFK GDUXRQ EHPHFNKOHW ZRUGHQ GD‰6LHGLH6DOEHQLP6DFNKJHVW|FNKWJHKDEW$O‰GHUE|V )HLQGW EH\ ,KU JHVFKODIIHQ KDE 6LH ,QH QLW ZLH ,KUHQ 0DQ VRQGHUQZLHHLQKROW]HUNKHQGW 'HUE|V)HLQGWVH\HHLQPDKO]XH,KUNKXPPHQDOV,KU0DQ ]XhEHUOLQJHQJHZHVHQ(UGLHVHOEH6WDWWHLQJHQRPPHQKDE (UEH\,KUVFKODIIHQZ|OOHQGHVVHQ6LHVLFK9HUZDLJHUWGD UXEHU (U 6LH EO JHVFKODJHQ KDE ,KU ]XJHPXHWWHW JHKDEW 5R‰ YQG .H ]X OlPHQ VR DEHU QLW ZHLWWHU EHVFKHKHQ DOV REYHUPHOW JHULQJVWH QLW ZLVVHQ ZROOHQ VRQGHUQ YII YRULJHU KDO‰VWDUULJ NHLWYHUSOLHEHQLWHUDQGRVDJHQWGH‰KHUUQYQQGWG>HU@2EULJ NHLWZLOOVROOHJHVFKHKHQJDEHEHQHEHQYRU6\HVH\HHLQWDJ RG>HU@GUH\HKHYQGWEHXRUPDQ6\H]XKDIIWHQJH]RJHQYRQ HLQHPDUPHQ0DQQVREURGWJHKD\VFKHQJHZDUQHWZRUG>HQ@ $O‰QXQVROFKHU JHVWDOOW DX‰,KUQLFKWV]XSULQJHQJHZHVHQ KDEHQ ,KUH *HVWU>HQJHQ@ GHU K>HUU@ $PSWPDQ ZH\O GHUR YRQGHUZHOWWOLFKHQK>HUUQ@5lWKHQGHURRKQHGD‰DKQEH XRKOHQ JHZHVHQ JHKDEW V\H PLW >"@ GHU WRUWXUô! ]X JUH\IIHQ GHQ 6FKDUSIIULFKWHU KRKOHQ YQQG 6\H GXUFK GHQ VHOEHQJOHLFKIDKOVJXWKOLFKEHVSUHFKHQYQQGHUPDKQHQDXFK HQWOLFKEHWUDXGHQODVVHQZHOFKHVDEHUHEHQZRKOQLFKWVKHOI IHQZROOHQ 'D VH\H VLH LQQ -R‰ +HPPHUOLQV &RUQUDGWV VRKQV VWDOO NKRPPHQ XQG REYHUPHOW SXOYHU LQQ GLH VWUHZH JHZRUIIHQ GDYRQGLHNHKHDQIDQJHQNUDQFNKZHUGHQGHUQGLH]ZRJH VWRUEHQ XQG GLH GULWWH GXUFK PLWHO HLQHV IUHPEGHQ GD]XJH KROOWHQ PDQQ‰ ZLGHU GDYRQ JHEUDFKW ZRUGHQ 6R KDEH VLH DOO‰ VLH LQQ LKUHV QDKEDUQ -DFRE +XFKOHUV VWDOO NKRPPHQ VROKSXOYHULQQGLHVWUHZHJHZRUIIHQGDUDXILKQHQGLHNHKH VRNU]OLFKNDOEOHWJHKDEWJOHLFKVHOELJHQDKWJHVWRUEHQ 6DJWDXFK$OV,UH6FKZHVWHUKDQ‰HQ&DWKDUHLQYRUYQJHIHKU  -DKUHQ HLQ VFKDGHQ PLW YII IDOOXQJ HLQHV EDOFNHQ DQ HLQHU KDQGW EHNRPPHQ 6 U! GDU]X VLH JHIOXFKW JHKDEW JOHLFKGDUDXIIZHKUHG>HU@E|‰H)HLQGW]X,UNRPPHQ,U]X JHPXWWHWGD‰VLHQlFKWOLFKHUZHLOG>HU@VHOE>HQ@,UHU6FKZHVWHU JLIIWLJHVDFKHQGDUDXIIJHVFKPLHUHWK

4XHOOH

+H[HQYHUK|UH3 +HFKLQJHQ

+H[HQYHUK|UH3 +HFKLQJHQ

+H[HQYHUK|UH3 +|FKVW

+H[HQYHUK|UH3 +RKHQHPV

+H[HQYHUK|UH3 /HPEHUJ



%HOHJVDPPOXQJ

%HOHJ 0LW )UHQ] -UJHQV 3HWHU KHGGH VH NHLQH )LHQWVFKRS JHKDW VXQGHUPLWGH‰HQ%URGHU%DUWHOWZHOFNHUELHUHLQHQ)DOHQLQ GHP*UDVHJHKDWVRVHYDQDQGHUQJHKHUWJHKDWZRUYRU KHHQHQQLFKWGH*HE|UJHYHQZLOOHQ,GWZHUHQ.|LHLQHL QHP .URJH ELVDPHQ JHJDQ ZRUYDQ VH GHU HLQHQ GDW 5RW WHQNUXGWLQJHJHYHQYHUPHLQHQGHGDWLGW)UDQW]-UJHQV%DU WHOWV.RKJHZHVHQ $LQHP 3DXUQ ]X +RO]HQ EHM $EHQVSHUJ DLQ VROFKHV 3XOXHU JHOHJW JHKHEW GDUEHU HU 3DXU DEHU QLW JDQJHQ GLVHQ YRU JHPHOWHQGUH\HQKDEHUV3XOXHUVHOEVWYPEGDV6LHPLW,PH =XYQIULGHQ ZRUGHQ JHOHJW DQGHUVW NKDLQH ZRUW RGHU VHJHQ GDU=XHJHEUDXFKW 2EVLHQLWYRQ KDEHUQZLVVHVR3IHUGHQYRUJHVFKWWHWXQG ZDVGUXIIHUIROJW"$QWZGHQKDEHUQKDEGLH*URWHQKRILVFKH YRQGHU:ROEHUVFKHQ]X*LYHQEHFNEHNRPPHQZHOFKHGHQ KDEHUQYRQ-DFRER1LHQWLGWJKROHWJKDSW 8QGKHWWHQGLHVHOEDOOHLQMHGHUVHLQHQEROHQ> %XKOHQ@DOGD JHKDEW 8QG HLQHU YRQ GHQ EROHQ VR IHLQHU JHZHVW DOV GLH DQGHUQ KHWW HLQ XQJHOOLFK >  7DOJOLFKW@ VR GLFN DOV HLQ DUP XQGGULWWKDOEHKOHQ> UGP@ODQJJHZHVHQLQGHUKDQGW JHKDOWHQ ZHOFKHV HLQHQ VFKZDU]HQ IODP JHEHQ +HWWHQ VLFK VHOELJHP KDXV DO]XPDKO JHVFKPLUGW PLW VFKZDU]HU >JHVWUL FKHQZL‰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‰REHUZHUW]NHUHQGW 1DFKPDKOV DEHU QHEHQ QRFK DLQHP DQGHUQ YQEHNKDQGWHQ :HLE ZHOLFKH YQJHIHKUOLFK ]X ,QHQ NKRP>P@HQ LQ HLQHQ :HLQNKHOOHUYQGYRQDOGRUWKDX‰JHJHQYLO‰KRXHQDXIDLQHQ 7DQ]VRHLQ)HULJHU7HLIHOPLWDQGHUQ3HUVRQHQEHUDLWV DQJHIDQJHQJHKHEWJHIDKUHQ $FW>XP@)HEU>XDU@LL%HNHQGWGDVVLH>,17@ HLQVPDKOV LQ PHLQXQJKJHZHVHQ$>QQ@RS>HUJH@VH\/HQKDUGW0DDV VHQ HLQH NXKH YPE]XEULQJHQ GLHZHLOO VLH VLH JHKRQVSUDFKW YQG,KUJHVSRWWHWWDEHUQLWJHN|QWWGDQHUVHOEHJHVHJQHWW >,17@ JHKDEW YQGDX‰GHQHQYUVDFKHQ+DE

4XHOOH

+H[HQYHUK|UH3 0HOGRUI

+H[HQYHUK|UH3 0QFKHQ

+H[HQYHUK|UH3 0QVWHU

+H[HQYHUK|UH3 2EHUNLUFKHQ

+H[HQYHUK|UH3 2EHUNLUFKHQ

+H[HQYHUK|UH3 5HLFKHQEHUJ

+H[HQYHUK|UH3 5KHQV





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ ,WHP +HQULFK 9ROFNHQ KDX‰IUDXZ $SSRORQLDP XII GHU ,P PHUHQXQGDKP.|QLJVWXOOJHVHKHQXQGDKQLKUHPJDQW]HQ OHLE HUNDQGW ,WHP 6FKDIIV $JQLHVVHQ DKP .|QLJVWXOO JHVH KHQDKQLKUHPSHOW]VRPLWJUQQHPZLHGHUVFKHLQXEHU]R JHQ XQG WUHLSSHQ OHLVWHQ KDWW ZHOFKH VLFK HUPXPPHWW JH KDSW %HIUDJW ZDUXPE VLH GHUHQ DOOH KHWWH YHUVFKRQHQ Z|OOHQGDGRFKLKUHUQLFKWYHUVFKRQWLVWZRUGHQVDJWKHWWH GHUKDOEHQLKUHUYHUVFKRQHWGDQVLHKHWWHJHGDXFKWZHUHPLW LKU]XYLHOO 1DFKGHPPDQQXQODQJKLQGHUJWWHPLWLKUYHUKDQGHOWXQG QLFKWVWKlWWOLFKVEHNHQQHQZ|OOHQDXFKZHJHQGHUFRPSOLFHV HUQVWOLFKEHIUDJWZHLOOVLHDEHUHWZDVVFKZDFKVHOHLEVDOVVLH VLFKDQJHQRKPPHQLKUGLHGDXPH\VVHQDXIIVFKUDXEHQODV VHQ HWZDV ]XJHVFKUDXEW ZRUGHQ GDUEHU XEHO JHVFKULKHQ DEHUVLFKQLFKWVHUJHEHQZ|OOHQHQGWOLFKGLHMXQJIUDXZDXII GLH VFKLHQEHLQ VFKUDXEHQ ODVVHQ FODPDW YDOGH OHW]WOLFK JH VDJW ZROWH EHNHQQHQ PDQ VROWH HV OR‰ VFKUDXEHQ LVW DEJH VFKUDXEW ZRUGHQ 'DUXII LQ JXHWH JHIUDJW EHNHQWW )HUJHUV +DQ‰ /W]LQJV KDX‰IUDXZ (QWJHQ DKQ LKUHP EHOW] VR WULE EHQ OHLVWHQ RGHU E|UWWJHU DQKDWW XQQG +HQULFK 9ROFNHQ KDX‰IUDXZ $SSROORQLD DKQ LKUHP JDQW]HQ OHLE HUNDQGW GDQ VLHZRKQHQHFKVWEH\LKU/RKHU(O‰HQDKQLKUHPJDQW]OHLE HUNDQGW &KULVWLDQ 'UH\VVHQV ZLWWLE 0DUJUHWKDP DEHU KHWWH VLHQLFKWGDJHVHKHQQKHWWHQVLFKYHUPXPSWJHKDEWDKP .|QLJVWXO VLH JHVHKHQ :LOO ZHLWWHUV YRQ NHLQHU JHVHOVFKDIIW PHKUZLVVHQDXFKQLFKWVWKlWWOLFKVEHNHQQHQZ|OOHQGDVVLH VROWH EHJDQJHQ KDEHQ 'DUXII YRQ LKU DEJDQJHQ XQG VLH YHUPDQWWVLFKEHVVHU]XEHGHQFNHQ ,WHP,Q/HGLJHUQVWDQQGWKDEHVLHEH\GHP3DXUHQYIIGHP 5DPVWDLQ JHGLHQW ZHOFKHU VLH YEHO JHVFKODJHQ 1DFKJHQQW] KDEHVLH$OO‰VLHVLFK$QGHQQ7KHIHOHUJHEHQJHKDEWVRO FKHP 3DXUHQ $XFK $LQ 5RV‰ ,QQV 7KHIHOV 1DPPHQ =XH 7RGWJHVFKODJHQQ %HULFKWHWJHIDQJLQQH9QGVDJHWW6LH*HIDQJLQQH*UHWHYQG $QQHNH 'HWWOHIIV ZHKUHQ HLQHV PDKO ]ZLVFKHQ GHU +XGH 9QQG6XGHUK|ZHWYIIGHU6FKHLGHEH\GHP6WHLQH]XVWHKHQQ .RPPHQ 6LH JHIDQJLQQH KHWWH HLQ %UDXQ SIHUGW $QQHNH 'HWWOHIIVHLQVFKZDU]HVYQGJUHWH:HGHOPDQVHLQ:LWWSIHUG JHKDEWW GDPLW ZHKUHQ 6LH QDFK -RKDQ 2WWHQ 6WDOO JHULWWHQ 9QQGW KHWWHQ LQ GHP VWDOOH LP RVWHUHQGH LQ HLQHP /LQQHQ 7XFK JUDZ =HXJ YQG DOOHUOH\ +DUH JHEXQGHQ JHKDEW YQG GDKLQJHOHJHWWGDVGLH%HHVWHGDXRQVWHUEHQVROWHQ

4XHOOH

+H[HQYHUK|UH3 5KHQV

+H[HQYHUK|UH3 5KHQV

+H[HQYHUK|UH3 5RVHQIHOG

+H[HQYHUK|UH3 6FKZDEVWHGW



%HOHJVDPPOXQJ

%HOHJ $G,QWHUU`+DEH7ULQH3DQWHOVQLFKWDUJHVJHWKDQQRFKGHQ *X‰ JLHVVHQ ODVVHQ ^DG `ZHL‰ YRQ NHLQHP *X‰ ^DG `6LH KDEH ,KU 0DFKROQGHOQ 2HKO JHJHEHQ :HLO VLH QXU GHQ IX‰ YHUUHQFNHWJHKDEW^DG`+DE,KUQLFKWJHWKDQVRQGHUQKDE LKU OLHEHU (UGWEHUQ XQG 6XUDPSIHO :DVVHU JHJHEHQ ]XP ^UHPHGLR`^DG`^1HJDW` 6RQVWHQ KHWWH HLQHQ 1HZHQ WRSII LQ GHU KHLOLJHQ GUH\IDOWLJ NHLWW QDKPHQ EHLP IHZU VWHKQGH JHKDEW GDULQ VLH  1HJH QDWHOQ YQG  1lJO ZLH DXFK GHU NUDQFNHQ IUDZ>HQ@ YULQ JHWKDQJHKDEW*HIUDJWZRIXUG>DV@JXWWZHKUH,OODZHKUH HLQHNXQVWGDIXUZDQHLQHPVFKHOPPHUH\JHWKDQG>DV@GHU VHOEHVRHVJHWKDQDO‰GDQNRPPHQYQGGHUNUDQFNHQ 6DJWVRQVW>HQ@DO‰6LHDXIGHQHUVWHQJHPHLQHQGHXIHOVGDQW] JHZHVHQ>,17@ 6R YIQ 5HLGHOVEHUJ DXI0OOHQ-RVWV$FNHU JHKDOW>HQ@ ZRUG>HQ@ VH\ -RKHQFKHQ %HFNHU G>HU@ OHLQZHEHU DO‰YRUDQ JHVSUXQJ>HQ@KHWWHVLFKLQNOHLGXQJ>HQ@Y>HU@UV WHWJHKHEWZLHGHQDOOHDQGHUQGDQ6LHLQVHLGHQYQGVDPHW GDKHU JHGDQ]W GD‰ 6LH (OVD 1LHPDQGW UHFKW HUNHQQHQ N|Q QHQGDPDOQVH\NHLQHVVHQRG>HU@WULQNHQ 6LHKHWWHDOGDQLHPDQGWVJHNHQQHWDOV-RKHQFKH%HNHUQGRFK KHWWH VLFK GHUVHOEH VHKU YHUUVW JHKDSW KHWWH 6LH DOV JH GDXFKWDOVZDQ6LHLQ6DPPHWYQGWVHLG>HQ@óJDQDXFKWK JDQJ>HQ@ DXFK WKHLO‰ JOGHQH VFKQU JHWUDJHQ HV ZHKUH HE>HQ@DOVZDQ6LHLQG>HU@OXIWIKUHQHVZHKUHHLQYHUEOHQW ZHUN 6REDOW6LHDXFKGHP7HXIIHODKQJHOREWKHWWHVLFKHLQWLVFK PLWW H‰HQ YQGW GULQNHQ IXQG>HQ@ DOOHV YROODXII ZHFN YQGW ZHLQ DEHU HV ZHKUH DOOHV EHWUXJ KHWWH PLW GHP WHXIIHO QLW JHEXKOHW KHWWH 6LH DXFK IORNV JHUHZHW JHKDSW DOV 6LH ]XP ]ZHLWHQ0DKOYRUDFKWWDJ>HQ@GDUQDFKYRQG>HU@JUR‰HQ0DU JUHWKLQGHU3XUJNKHOODXII,KUH:LHVHEHVFKHLG>HQ@ZRUG>HQ@ YRUGLH‰HPPDKODO‰6LHDQIDQJV]XU]DXEHUH\JHODQJWZHUH HLQUXQGWHUWLVFKVWUDFNVGDUJHVWDQG>HQ@VREDOGW6LHQXQGHQ E|VHQ IHLQGW VREH\,KUR YQG GHUJURV>HQ@0DUJUHWK>HQ@LQ LKUHU(OVHQ JDUW>HQ@EH\PKDX‰óLQ0LQHLQHV0DQVJHV WDOWVFKZDUW]PLWKDUGW>HQ@URWHQKlQGW>HQ@HUVFKLHQHQ DQJH OREWJHKDEWGDUEH\VLFKGHQHLQ3HUVRQRG>HU@0DQYQG ZHLE>HU@ JHIXQG>HQ@ 6LH KHWWH 1LHPDQGW HUNHQQHQ N|QQHQ GHQ 6LH DQIDQJV JDU >YHU@VHKHW JHZHVHQ ZHUH VRQVW>HQ@ EH\ LKUHP]XJHIKUWHQ%XOHQJHVHVVHQ

4XHOOH +H[HQYHUK|UH3 6WHWWLQ

+H[HQYHUK|UH3 6WUDOVXQG

+H[HQYHUK|UH3 :LWWJHQVWHLQ

+H[HQYHUK|UH3 :LWWJHQVWHLQ

+H[HQYHUK|UH3 :LWWJHQVWHLQ

+H[HQYHUK|UH3 :LWWJHQVWHLQ



KDEHQ3DUWL]LS,,JHKDEW



%HOHJ 4XHOOH GDEHLKHWWHGHU1HZHEHFNKGHQ:HLEHUQKLQGHQXQG9RUQHQ GUDQ JULIIHQ HU YRU VLFK KHWH VLFK QLFKWV JHDFKWH ZLVH DXFK QLFKWV GDUXPE YRQ GDQQHQ ZHKULQ VLH ZLGHU MHGHV QDFK +H[HQYHUK|UH3 +DXV JHIDKUHQ VHLQ *HVHOOVFKDIWHUKHWWHQ DOOH JHODGHQ JH KDEW XQG ZHKUHQ XI GHU YHQHGLJHU 5HL‰ GHU 1HXH %HFNK :ROIUDPV XQGGLH+NKOLQDOVGLHHLQZHQLJLPVFKDXWQHEHQHLQDQGHU (VFKHQEDFK GDQQHUXQGVHLQ/HKUPHLVWHULQGLH%DUEHULQXQG6W|FNOLQMH 3DKUXQG3DKUPLWHLQDQGHUGLH3lXULQYRQ5HXWWHUQDEHUDO OHLQLQGHU0LWWHJHIDKUHQ $UW  6LQWHPDKO ZDKU GD‰ QDFKGHP ]X GHU =HLW ZLH ,KU (KHPDQQ LP 'RUIIH 'HORZ GHQ +RIIHPHLVWHU 'LHQVW YQWHU +UQ5LWWPHLVWHU3KLOLS%RUFNHQEHVWDQGHQ^,QTXLVLWD`HW]OL FKH$SIHODEJHVFK?RX^H`^X`WWHOWYQGXQWHUGHP%DXPPLW +H[HQYHUK|UH HLQHU 6FK?RX^H`^X`UW]H EHGHFNHW JHKDEW  :DKU GD‰ 6FKLHYHOEHLQ XQG ZLH GDPDKOLJN HLQ 8QWHUWKDQ DXV GHP 'RUIIH &OHERZ 1DKPHQV 0LFKHOO %?RX^H`^X`QGLNH YRQ VROFKHQ $HSIHOQ QXU HLQ ZHQLJ ]X VLFK JHQRPPHQ ^,QTXLVLWD` GHU 8UVDFKHQ JHIOXFKHWYQGWGH‰ZHJHQVHKUJHEDQQHW GHQIHEUXDULLVWGHU9RJW9RQ1LHUWLQJHQDOVHLQ&RPRQ VDULRDOKHURNRPHQ9RQZHJHQGH‰KDQ‰%DVFKHQ9RQKDW WHQKRIIHQZHOFKHQPDQ%H=LFKWLJHWHUKDEVHLQZHLE=XWRG JHZRUIIHQ PDQ KDW LQ /DQJ 9PE JHVFKODLIIW %L‰ (QGOLFK /DLFKLQJHU&KURQLN GHP KHQNKHU 9QGHU GLH KDQGHQ NRPHQ 9QG KDW LQ VFKRQ DQJHOHJWJHKDEWKHWLQQXUGHUIIHQ9II]LHKHQ9QGGDPDQ JHVHKHQGD‰HUQL[ZLOO%HNHQHQ,VWHU1DKHUZ|FKHQWOL FKHUJHIHQFNK/R‰JHV3URFKHQZRUGHQ GHQ0D\LKDWPDQ=ZHKQGLHEGHUHLQGH‰-RKDQ5DXZHQ 5RWKJHUEHUV 6RKQ 9QG VHLQ VFKZDJHU HLQ VFKHIIHUV 6RKQ 9RQ 1LHUWLQJHQ ZHOFKH DOGD HLQ JUR‰H 6XPD JHOGWV 9‰ ,K /DLFKLQJHU&KURQLN UHP 6FKDW] GHU KLHUHQ 9RQ 1LHUWWLQJHQ JHVWRKOHQ JHKDEW JHKHQFNWJRWWNRP,KUDUPHQ6HHOOHQ=XKOIIGDQ6LHIOHL ‰LJJHEHWWHQ GHQ  GL‰ ,VW 9Q‰HU JQlGLJHU /DQGWVIUVW 9QG KHUU 1DFK GHPHU,QGHPVFK|QHQKROW]9IIGLHZLOGHUVFKZHLQ,QQ HLP-DJHQJHIDQJHQJHKDEW9QG5HKDOKHURNRPHQYQG /DLFKLQJHU&KURQLN GHQ'L‰LVWHLQIUDQW]|‰LVFKHUJHVDQGWHUPLW%H\VLFKKDEH WHQ3IHUGWDOOKHURNRPHQ 'D ZXVWH LFK QXQ GHU 7HEHO KRKO PHU QLFKW RE LFK JHJHQ $EHQG RGHU JHJHQ GHU 6RQQHQ 1LHGHUJDQJ ]X PDUFKLUHQ VROOWHKDWWHZRO PDOLQ:LOOHQVZLHGHUXP]XNHKUHQXQG 5HXWHU EH\ PHLQHU )UDX 0XWWHU ]X EOHLEHQ ZHQQ LFK VROFKHV QLFKW VR OlVWHUOLFK YHUVFKZRUHQ JHKDEW QLFKW HKHU ZLHGHU ]X LKU ]XNRPPHQELVGD‰LFKHLQEUDY.HUOJHZRUGHQZlUH



%HOHJVDPPOXQJ

%HOHJ ,FK ELQ GHU 7HEHO KRKOPHU HLQ UHFKWHU %lUHQKlXWHU GD‰ LFK PHLQH ZDKUKDIIWLJH FXUL|VH XQG VHKU JHIlKUOLFKH 5HLVH%H VFKUHLEXQJ]X:DVVHUXQG/DQGHZHOFKHLFKVFKRQHLQHJH UDXPH=HLWYHUIHUWLJWJHKDEWVRODQJHXQWHUGHU%DQFNVWH FNHQODVVHQXQGQLFKWOlQJVWHQVPLWKHUYRUJHZLVFKWELQ ,FK KDWWH PLFK DXFK JlQW]OLFKHQ UHVROYLUHW VLH ]X KH\UDWKHQ XQGKlWWHVLHDXFKJHQRPPHQZHQQVLHQLFKWLKU+HUU9DWHU RKQHPHLQXQGLKUHU:LVVHQXQG:LOOHQHLQHQDQGHUQ1REHO YHUVSURFKHQ JHKDEW :DV JHVFKDKH" 'DPLJHQ EDWK PLFK HLQVPDKOV GD‰ LFK PLW LKU PXVWH DQ HLQHQ 6RQQWDJH GXUFK GLH 6WDGW VSD]LHUHQ JHKHQ GDPLW PLFK GRFK GLH /HXWH QXU VlKHQ GHQQ VLH KlWWHQ YRQ GHQ /XVW*lUWQHU JHK|UHW GD‰ LFKVRHLQEUDYHUYRUWUHIIOLFKHU .HUOZlUHGHQQLFKWVXQJH PHLQHVDXVGHQ$XJHQIXQFNHOWH ,FKVROOWHGRFKGDVYRQGHU5DWWHQRFKHLQPDOHU]HKOHQXQG REGDV/RFKDXFKJUR‰JHZHVHQZlUHZRVLHKLQHLQJHODXIHQ DOV VLH GDV VHLGQH .OHLG ]HUIUHVVHQ JHKDEW" 6LH JDE DXFK +H\UDWKHQVEH\PLUYRUXQGIUDJWHRELFKVLHQHKPHQZROOWH 1DFKGHP HU QXQ VHLQHQ /HEHQV/DXII YRQ $QIDQJ ELV ]XP (QGHHU]HKOHWKDWWHVRILQJLFKKHUQDFKYRQPHLQHUZXQGHU OLFKHQ *HEXUWK DQ ]X VFKZDW]HQ XQG ZLH HV PLW GHU 5DWWH ZlUH]XJHJDQJHQGDVLHPHLQHU)U0XWWHUHLQJDQW]QHXVHL GHQ .OHLG ]HUIUHVVHQ JHKDEW XQG PHLQHU 6FKZHVWHU ]ZL VFKHQGLH%HLQHGXUFKJHODXIIHQZlUHXQGXQYHUVHKHQVLQHLQ /RFKJHNRPPHQGDVLHKlWWHVROOHQWRGWJHVFKODJHQZHUGHQ 1XQNDQQLFKVGHU7HEHOKRKOPHUQLFKWVDJHQZLHGHPDOWHQ NHUOHGLH .QRFKHQVRVHKUHVWXQFNHQLFKZLOOZHWWHQGD‰HU VLH ZRKO LQ HLQHP KDOEHQ -DKU QLFKW KDWWH JHZDVFKHQ JH KDEW'DLFKLKQQXQGLHVWLQFNLFKWHQ.QRFKHQJHNVVHWKDW WHVRZROOWHLFKLKQLPPHUDXIIZHFNHQXQGIUDJHQZDUXPHU VLFK GHQQ QLFKW DOOH $EHQG GLH 0DJG HLQ )D‰ PLW :DVVHU EULQJHQOLHVVH 1XQNDQQLFKVGHU7HEHOKRKOPHUQLFKWVDJHQZLHPLUDOOHV VR IUHPEGH XQG XQEHNDQW LQ PHLQHU *HEXUWV6WDGW YRUNDP LFKKDWWHVLHDXFKVRYHUNHQQHQJHOHUQWDOVZHQQLFKGLHVHOEH =HLWOHEHQVPLWNHLQHP$XJHJHVHKHQJHKDEW'UH\JDQW]HU 7DJHXQG1lFKWHOLHIILFKZLHHLQLUUH0HQVFKDXIIDOOHQ*DV VHQKHUXPE

4XHOOH 5HXWHU

5HXWHU

5HXWHU

5HXWHU

5HXWHU

5HXWHU





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 26DSSHUPHQWDOVLFKGDVVHOEH=HXJLQ/HLENULHJWHZLHILQJ PLU ZLHGHU DQ EHO ]X ZHUGHQ XQG KDWWH LFK ]XYRU QLFKW JHVS\HQ VR VS\H LFK DOOHUHUVW QDFK GHQ %UDQWHZHLQH GD‰ DXFK²DOVLFKYLHUJDQW]HU7DJHZLHGHULQHLQHQ:HJJHVS\HQ ² GHQ  7DJ GUDXI GHU 7HEHO KRKOPHU GDV NODUH =LHJHQ 0ROFNHQYRQPLUJLQJZHOFKHVLFKYRQPHLQHU.LQGKHLWDQ EL‰LQGDVWH-DKUJHVRIIHQXQGVLFKLQ/HLEHLUJHQGVZRVR ODQJH QRFK PVVH KDEHQ YHUIDQJHQ JHKDEW 'D VROFKHV QXQ DXV GHP /HLEH DXFK KHUDXV ZDU XQG LFK JDQW] QLFKWV PHKU ]X VSH\HQ KDWWH KLH‰ PLFK GHU 6FKLIIHU HLQ JXW *OD‰ YROO%RPROLHDXVVDXIIHQGD‰PLUGHU0DJHQIHLQJHVFKPHL GLJZLHGHUGDUQDFKZUGHZHOFKHVLFKDXFKWKDWXQGVRIIGHU 7HEHO KRKOPHU ZRKO EHU  .DQQHQ %RPROLH DXI HLQHQ 6FKOXFNLQPLFKKLQHLQ XQGLFKKlWWHHVDXFKQLPPHUPHKUJHJODXEHWGD‰VLHPHLQH )UDX0XWWHUZlUHZHQQLFKVLHQLFKWDQGHPVHLGHQHQ.OHLGH ZHOFKHVLKUDEHUPDOVGLHJUR‰H5DWWH]HUIUHVVHQJHKDEWHU NDQW KlWWH GHQQ HV ZDU LQ GHPVHOEHQ KLQWHQ XQG YRUQH HLQ DEVFKHXOLFKJUR‰/RFK :HLWHU HU]HKOHWH GHU )UHPGH DXFK ZLH HU ZlUH LQ /RQGRQ JHZHVHQXQGEH\GHQ)UDXHQ]LPPHULQVROFKHQ$QVHKHQJH VWDQGHQ GD‰ VLFK DXFK HLQH VHKU YRUQHKPH 'DPH VR LQ LKQ KlWWH YHUOLHEW JHKDEW GD‰ VLH NHLQHQ 7DJ RKQH LKQ OHEHQ N|QQHQGHQQZHQQHUQLFKWDOOH7DJHZlUH]XVLHJHNRPPHQ VRKlWWHVLHJOHLFKHLQHQ&DPPHUMXQFNHU]XLKQJHVFKLFNW :HQQLFKGUDXIVFKZHUHQVROOWHGD‰HVGHU3DEVWZHOFKHQLFK GLH )VVH JHNVVHW JHKDEW JHZL‰ JHZHVHQ ZlUH VR N|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|QGW KDEHQ $OVR KDWWHUGHQ6HEWHPEHUGDVZDVVHUZHOFKHVHUJHVFKZHO OHW KDWW YQGW YHUPHLQGW GLH VWDGW GDGXUFK ]X EHNRPPHQ ODVVHQODXIIHQ

4XHOOH

5HXWHU

5HXWHU

5HXWHU

5HXWHU

6|OGQHUOHEHQ

6|OGQHUOHEHQ



%HOHJVDPPOXQJ

%HOHJ YQGWHU GLHVHQ ,VW GHU IHLQGW JHJDQJHQ DQ GHU GRQD YQGW KDW VLFKYHUOHFKW]XGXGOLQJHQ,VWGDVKDXEWTDWLUJHZHVVHQYQVHU YROJNKDEHQVLFKYHUOHFKWJHKDEWLQ:XUWGHQEHUJHUODQGW $EHULQGHUHLO]XVDPPHQWDJYQGWQDFKWJHJDQJHQDOOHV,Q GHUVWLOIRUGWYQGWNRPPHQEHLGDVKDXEWTDUWLHU>@ 'D PLFK GDQ QDFK YHUULFKWHWHQ 6DFKHQ GLH 6WDWW PLWW GHQ +DXSWOHXWKHQ VWDWOLFK WUDFWLUHW XQG LVW ]X QRWLUHQ GD‰ JH GDFKWH +DXSWOHXKW XQGHU VLFK XQZL‰HQW PHLQHU EHVFKOR ‰HQJHKDEWQLFKWZHLWHU]XSD‰LUHQVRQGHUQLQGHPHUVWHQ 4XDUWLUGH‰2EULVWHQ]XHUZDUWHQ1DFKGHPZLKUDEHULQ‰ 4XDUWLU0HLOOEHU/\RQ NRPPHQKDWWVLFKGHU+HUUYRQ *RQGUDV HLQ ZROOEHUHWWHU WDSIHUHU &DYDOOLHU DX‰ %HIHKOLFK GH‰*RXEHUQDWRUVYRQ/\RQEH\PLKUDKQJHJHEHQXQG]XP LQVWHQGLJHQDKQJHKDOWHQGD‰ZLKUXQ‰QDKHU/\RQEHJHEHQ XQG XQVHU 4XDUWLU MHQVHLW GHP 5KRGDQV LQ GHU 9RUVWDWW /D *LOORWWLUHQHKPHQZROOWH 'LHVHQ7DJNLVWDXFK+DXSWPDQ&UDW]GHPLFKDEHUYHUOHLEW JHKDEW QDFK +DX‰ ]X ]LKHQ ZLHGHU ]XP 5HJLPHQW NRP PHQXQGKDWVLFKGD‰JUR‰H*HEUJDOEHUHLWWDKQJHIDQJHQ

4XHOOH 6|OGQHUOHEHQ

6|OGQHUOHEHQ :LGPDUFNWHUV

6|OGQHUOHEHQ :LGPDUFNWHUV

 -DKUKXQGHUW %HOHJ 4XHOOH 9RUHLQ3DDU7DJHQHUKDOWHLFKHLQHQ%ULHIYRQPHLQHP)UH QGHGHP'%LHVWHUGHU6HNUHWlUEHLP0LQLVWHUYRQ=HGOL] LVW DXV %HUOLQ YRP WHQ Y>RULJHQ@ 0>RQDWV@ GDWLUW ZRULQ HU %UJHUV PLU GLH WU|VWOLFKH 1DFKULFKW JLHEW GD‰ +HUU &KRGRZLHFN\ *HOGPlQQFKHQ GDPDOVQRFKQLFKWHLQPDODQJHIDQJHQ JHKDEWDQXQVHUQ.XS IHUQ ]X DUEHLWHQ XQG PLU GDKHU XQWHUQ )XV JLHEW LKQ ]X ERPEDUGLHUHQZDVGDV=HJKDOWHQZROOWH ,FKGDQFNWH*|WWOLFKHU*WHGD‰VLHPLURKQHPHLQ%LWWHQ HLQHJUR‰H/DVWDEJHQRPPHQXQGPLFKZLHGHUPHLQHLJHQHU +HUUZHUGHQODVVHQXQGZQVFKWHGHP%U(UKDUWYLHO*OFN ]X VHLQHU JHWURIIHQHQ 9HUlQGHUXQJ :HQQ (U GLH QDWUOLFKH +|IOLFKNHLW QLFKW EHUHLWV JDU ]X VWDUFN YHUOlXJQHW JHKDEW '%(GHOPDQQ KlWWH VR KlWWH (U ]XP ZHQLJVWHQ HLQ :RUW ZHJHQ XQVHUV GXUFK VHLQH HLJHQKlQGLJH 8QWHUVFKULIW EHVWlWLJWHQ +DX‰ =LQV&RQWUDFWVPLWPLUVSUHFKHQVROOHQZHLOPLUVHLQ$QWKHLO QXQPHKUR]XU/DVWILHO





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ ,FKHUKLHOW]XU$QWZRUW.RPPXQGVLHKHHV'DGXUFKZXU GH PHLQH %HJLHUGH QRFK PHKU DQJHIODPPHW XQG LFK ZlUH JHUQHPLWHUVWHU3RVWDEJHJDQJHQZHQQLFKPLFKQLFKWHEHQ GXUFK HLQHQ VWDUNHQ %FKHU.DXI GHUJHVWDOW DP *HOGH HQW EO|‰WJHKDEWKlWWHGD‰LFKGLHVH5HLVHQLFKWVRJOHLFKQDFK PHLQHP:LOOHQWKXQNRQQWH,FKOLH‰PLFKDEHUGLHVHVJHJHQ GHQ*UDIHQQLFKWPHUFNHQVRQGHUQYHUVSUDFK]XNRPPHQ 'HU :HUWK GHU /HW]WHUQ EHOLHI VLFK DXI HWOLFKH XQG GUHL‰LJ 7KDOHU6LHZXUGHQPLUDEHUYRQGHPLP3XQFWGHU*HQHUR VLWp ZRKO XQYHUJOHLFKOLFKHQ %U %HQLJQR HEHQ DOV ZHQQ (U QRFKJDUQLFKWVDQPLUJHWKDQJHKDEWKlWWHDEHUPDO]XP 3UlVHQW EHUPDFKW RKQH GD‰ (U RGHU LFK GDPDOV QRFK ZXVWHQGD‰GLHVH%FKHUGHQ$QIDQJZUGHQPDFKHQP ‰HQXQV]XHUPXQWHUQGHP$EHUJODXEHQGHUXQVXQWHUGHU VFKHLQEDUHQ 0DVTXH GHU 5HOLJLRQ EH\GHUVHLWV MHGRFK PLFK PHKU DOV ,KQ DXI PDQFKHUOH\ $UW QRFK lQJVWLJWH LPPHU QlKHU]XWUHWHQXQGLKPHQGOLFK]XXQVHUPXQDX‰VSUHFKOL FKHQ9HUJQJHQY|OOLJ]XGHPDVTXLUHQ (V KDEHQ PLU DEHU GLHVH YRUQHKPHQ 3DWKHQ LQ GHU )ROJH PHLQHV/HEHQVJDUQLFKWVXQGDOVRZHLWZHQLJHUJHQX]WDOV ZHQQPHLQH(OWHUQLKUHVJOHLFKHQJHEHWHQJHKDEWKlWWHQ†  ,Q]ZLVFKHQ ZXUGH LFK GRFK EDOG QDFK PHLQHU *HEXUWK JHWDXIW XQG GHU OHLGLJH 7HXIHO YRQ GHP LFK GDPDOV QRFK QLFKW ZXVWH RE HU PLW RGHU RKQH +|UQHU JHPDOHW ZHUGHQ PXVWH  ZXUGH XQWHU GHQ JHZ|KQOLFKHQ )RUPDOLHQ RKQH %DUPKHU]LJNHLWYRQPLUDXVJHWULHEHQ 8QG PDQ ZLUG JHVWHKHQ P‰HQ GD‰ VHLQ *HEHLQ QLFKW GD YRQJHNRPPHQVH\QZUGHZHQQ,KP*RWW QLFKWHLQHQVR PlFKWLJHQ 6FKXW] (QJHO DQ GHQ &KXUIUVWHQ YRQ 6DFKVHQ DQJHZLHVHQJHKDEWKlWWH:HQKDWWHDEHULFKZLHLFKPHL QH8QVFKXOGLJHQ:DKUKHLWHQ]XVFKUHLEHQDQILQJ" 'DV ZXQGHUEDUVWH ZDU GD‰ HU DXI GHP 5FNHQ HLQHQ 7RG WHQ.RSI VR HLJHQWOLFK DEJH]HLFKQHW JHKDEW GD‰ HV NHLQ 0DKOHUHLJHQWOLFKPDFKHQN|QQWH 'HQN GRFK QLFKW HWZD GD‰ LFK 'HLQH OLHEHYROOH %HIOLVVHQ KHLWPLWZHOFKHU'XPLU]XPHLQHP2KQOlQJVWZLHGHUHUOHE WHQ *HEXUWVWDJH JUDWXOLHUW KDVW YHUNDQQW KDEH 1HLQ JXWHU -DFREVLHJHUHLFKWHPLU]XULQQLJVWHQ=XIULHGHQKHLWXQGQXU DOOHLQH PHLQH VHLWKHU QRFK DEJHZHFKVHOWH *HVXQGKHLWVXP VWlQGH KDEHQ PLFK JHKLQGHUW JHKDEW 'LU VROFKH LKUHU JDQW]HQ(PSILQGXQJ]XHUNHQQHQ]XJHEHQ

4XHOOH

'%(GHOPDQQ

'%(GHOPDQQ

'%(GHOPDQQ

'%(GHOPDQQ

)UDQFNH

*ULPPEULHIH



%HOHJVDPPOXQJ

%HOHJ /H\G WKXW PLUV GDVV GX .DUO XQG )HUGLQDQG (XFK VHLWKHU PLW 6FKQXSIHQ XQG +XVWHQ EHVFKZHUW JHIXQGHQ +DEW ,KU (XFKYLHOOHLFKWEH\(XUHP6SLHOHQDXIGHP+RIGHUXQJQV WLJHQ:LWWHUXQJHLQZHQLJ]XYLHODXVJHVHW]WJHKDEW"0LFK GHXFKWLFKKDEHHVHUUDWHQ 8QG QXQ JXWHU -DFRN NDQQ ,FK GLU QLFKW JHQXJ VDJHQ ZLH VHKUPLFKGLHEHUVDQGWH3UREHQGHLQHUQXW]EDUDQJHZHQGH WHQ6WXQGHQHUIUHXHWKDEHQ,FKKDEHVLHGDPDOVVREDOGGHL QHU7DQWHQDFK .DVVHOEHUVFKLFNWJHKDEWXQGVFKRQKDW VLH PLU LKUH QLFKW PLQGHU EHVRQGHUQ )UHXGH GDUEHU ]X HU NHQQHQ JHJHEHQ :DV IU HLQHV 0RGHOV YRQ 9RUVFKULIWHQ KDVW 'X 'LFK GDQ EHGLHQW JHKDEW" 'HU 5LHVLVFKHQ GHXFKW PLFKQLFKW 8QG QXQ JXWHU -DFRN NDQQ ,FK GLU QLFKW JHQXJ VDJHQ ZLH VHKUPLFKGLHEHUVDQGWH3UREHQGHLQHUQXW]EDUDQJHZHQGH WHQ6WXQGHQHUIUHXHWKDEHQ,FKKDEHVLHGDPDOVVREDOGGHL QHU7DQWHQDFK.DVVHOEHUVFKLFNWJHKDEWXQGVFKRQKDWVLH PLU LKUH QLFKW PLQGHU EHVRQGHUQ )UHXGH GDUEHU ]X HUNHQ QHQ JHJHEHQ :DV IU HLQHV 0RGHOV YRQ 9RUVFKULIWHQ KDVW 'X'LFKGDQEHGLHQWJHKDEW"'HU5LHVLVFKHQGHXFKWPLFK QLFKW ,QGHP-DKUHKDWVLFKGLH(UQWHLQ$XJXVWHUVWDQJH IDQJHQ XQG KDW JHGDXHW EL‰ ]XP  2NWREHU GD KDEHQ ZLU YLHOVFKDWHQJHKDEG9RQGHU*UR‰HQ1lVVHVLQGYLHO.|UQHU DXI GHQ DFNHU OLHJHQ JHEOLHEHQ DEHU DQ 6FKRFNHQ LVW NHLQ 0DQJHOJHZHVHQDXVJHQRPPHQDP.RUQHGDVZDUVFKOHFKW XQGELV]X0LFKHOKDEHQZLUQRFKNHLQ.|UQFKHQJHVHKHW JHKDEWGDNRQGHNHLQHUDXIGHQDFNHUYRUQlVVH 7DXVHQG0DQQXQGGLH.DLVHUOLFKHQ9RUQHPLW+XQWHUW7DX VHQG 0DQQ GD VDJ‰ JHIHUOLFK DXV PLW XQV ZLU KDWWHQ QLFKW IUH\DOV'|UIIHUXQG6FKZHLGQLW]GDKDEHQZLUXQVJDQ‰ XQG JDU YHUVFKDQ]HW JHKDEW :LU KDEHQ PVVHQ 7DJ XQG 1DFKWDUEHLGHQGDVLQGZLUYRQGHU$UEHLWDEJHO|VWZRUGHQ IU0LWWDJV$EHQVXQG0LWWHUQDFKWV

4XHOOH *ULPPEULHIH

*ULPPEULHIH

*ULPPEULHIH

+HUUPDQQ

+HUUPDQQ





KDEHQ3DUWL]LS,,JHKDEW

-DKUKXQGHUW %HOHJ (UIUDJWHLKQDEHUWURW]GHPVHOEVWXP5DWXQGOLH‰LKQVRJDU HLQPDOHLQHQ%ULHIVFKUHLEHQXPZLHGHU%DUPLWWHOIOVVLJ]X PDFKHQ(UKDWWHQlPOLFKLP-DKUHYRUKHUHLQH6WHOOHDXIHL QHP KLQWHUSRPPHUVFKHQ *XWH EHUQRPPHQ JHKDEW %LV GDKLQ ZDU HU PHLVW LQ GHU 3URYLQ] 3RVHQ XQG :HVWSUHX‰HQ JHZHVHQ $OVLFKLKUDEHUQDFKKHUEHLP2KUHQDXVVSULW]HQLP/DERUD WRULXP GHQ 6DFKYHUKDOW QRFKPDOV NODUOHJWH JODXEWH VLH HV 'LHDQGHUQ PHLQWHQVLHKDEHXQVHU$XVEOHLEHQVFKRQGHP 'U/LW]QHUJHPHOGHWJHKDEW,FKK|UWHDEHUQLFKWVYRQGHU 6DFKH 0HLQHU9HUKHLUDWXQJVWDQGDOVRQLFKWVPHKULP:HJHGRFK VRYLHOVWHKWIHVWKlWWHLFKPHLQH%UDXWQLFKWJHVFKZlQJHUW JHKDEWLFKKlWWHQRFKODQJHQLFKWJHKHLUDWHWXQGZlUHYLHO OHLFKW6ROGDWJHZRUGHQ 8QG VR JLQJ GDV IRUW DEHU LFK KlWWH VFKOLH‰OLFK DOOHV KLQJH QRPPHQZHQQQLFKWQRFKHWZDVDQGUHVJHZHVHQZlUH(WZD LQGHU]ZHLWHQ:RFKHQDFKPHLQHP$QWULWWKDWWHGLHª*Ql GLJH©IUXQJHIlKU0DUN%LHUPDUNHQDXIHLQ%UHWWJH]lKOW JHKDEW 6LH KDWWH GDQQ YRP %IHWW ZHJJHPX‰W XQG DOV VLH ZLHGHUNDPZDUHQGLH0DUNHQYHUVFKZXQGHQ ª6LH VDJWHQ JHVWHUQ 6LH VHLHQ JHVXQG XQG VWDUN ,FK JODXEH ,KQHQZHLOLFK,KUHQ:LOOHQNHQQHQJHOHUQWKDEH8QGKHXWH ZHUGHQ 6LH HLQ YROOJHUWWHOWHV 0D‰ YRQ .UDIW Q|WLJ KDEHQ© ª:DV LVW JHVFKHKHQ"©6LH HQWIDOWHWH HLQ %ODWW GDV VLH LQ GHU +DQG YHUERUJHQ JHKDEW KDWWH ª,KU .LQG ZDU YRP HUVWHQ 0RPHQW DQ VFKZDFK :LOPD 8QG GHU DQJHERUHQH VFKZHUH )HKOHU GD]X ² LFK HUKLHOW VRHEHQ HLQ %LOOHWW YRQ 'U %HUQV GRUIIHU²²© 'HU *UHLV ]XFNWH ]XVDPPHQ 2IIHQEDU KDWWH HU GLHVH HU VFKUHFNHQGH 7DWVDFKH YROOVWlQGLJ YHUJHVVHQ JHKDEW 0LW WRQORVHU 6WLPPH EDW HU  ª)UlXOHLQFKHQ VWXQGHQ 6H V PLU EOR‰ GLV HHQH 0DO QRFK ,FN NRPPH QLFK GXUFK 1lFKVWHQ 6RQQDEHQG²²© ª,FK ZHL‰ QLFKW 3DQQD ZHQ 6LH PHLQHQ ,FK KDE DQ YLHOH YHUPLHWHW JHKDEW DXFK DQ 'DPHQ :HQ PHLQHQ 6LH QXU 3DQQD"© 'DV ZDU %HIHKO (U ZDU GHU &KHI XQG LFK GLH 8QWHUJHEHQH $EHU DXI HLQ 0RQDWVJHKDOW KlWWH LFK LQ GLHVHP $XJHQEOLFN YHU]LFKWHW ZHQQ LFK PLU KHXWH DEHQG NHLQH 8HEHUVWXQGH HLQJHULFKWHW JHKDEW VRQGHUQ UXKLJ XQG VLFKHU LQ PHLQHP 0DQVDUGHQNlPPHUFKHQJHVHVVHQKlWWH

4XHOOH

'%%URPPH

'%%URPPH

'%%URPPH

'%%URPPH

'% 0OOHU-DKQNH

'% 0OOHU-DKQNH '% 0OOHU-DKQNH '% 0OOHU-DKQNH



%HOHJVDPPOXQJ

%HOHJ

4XHOOH

$P HUVWHQ 7DJ DOOHV KLQXQWHU *HUHLPW GDV +DXV JDQ] DEJH ULVVHQ XQG DOOHV DXIJHUlXPW .HOOHU KDEHQ GLH 7HLFKJUDEHU /HEHQVHULQQHUXQJHQ VFKRQWKHLOZHLVHDXVJHJUDEHQJHKDEWXQGDPDQGHUQ7DJ ZXUGHVFKRQDQJHIDQJHQ]XP0DXHUQ*UXQGVWHLQJHOHJW $P6RQQDEHQGOLHEHU$OH[DQGHURUGQHWHXNHKUWHXSXW]WH PDQFKHV VWDXELJH (FNFKHQ DXV X KDWWH %HDWFKHQ X GHP %UXGHU6WXQGH]XJHEHQ%HDWFKHQODVPLW)UHXGLJNHLWGRFK EHLP 6FKUHLEHQ ZXUGH VLH EDOG XQDUWLJ X LFK OLH‰ VLH IRUW (GXDUG KDWWH GLH 6WXQGH JDQ] YHUJHVVHQ JHKDEW $P $EHQGJLQJLFKZLHGHU]X*UQVXKDEHGRUWGLHFPROO6R QDWHY%HHWJHVSLHOW

6FKLHOH

'LH JXWH )UDX IUDJWH PLFK QDFK GHU =DKO GHU 6WXQGHQ LFK VFKULHE NXU] GLH 6DFKH DXI HLQH 9LVLWHQNDUWH DXI GDV LVW PLU LPPHUHLQVHKUXQDQJHQHKPHU3XQNWPLUZXUGHGDEHLJDQ] XQKHLPOLFK DOV LFK HV NXU] KLQVFKUHLEHQ PX‰WH =X 0LWWDJ KDWWHQZLUGLHNOHLQHQ5XVVHQHLQJHODGHQJHKDEWGRFKDP 0RUJHQ HLQH DEVFKOlJLJH $QWZRUW EHNRPPHQ ZHLO VLFK GLH %XUVFKHQ QLFKW SIOLFKWJHWUHX GLH :RFKH EHU EHWUDJHQ KDW WHQ (V ZDU PLU OHLG ZHLO LFK PLFK EHUHLWV GDULQ JHIXQGHQ GHQJHVWULJHQ7DJLKQHQ]XZLGPHQGHQQQlFKVWHQ6RQQWDJ LVW 6RSKLHQV *HEXUWVWDJ>@ X DP  KRIIH LFK 'LFK KLHU ]X KDEHQELVGDKLQZLUGVLFKDXFKQRFK0DQFKHVVLFKUHUJHVWDO WHQXYLHOOHLFKWDXFKJQVWLJHUGDPLWZLUXQVUHFKWJHQLH‰HQ N|QQHQ

6FKLHOH

8QG ZLHU VHJHOWHQ ZLHGHU ZRKOJHPXWK ZHLWHU HQWOLFK DP  WKHQHUHLFKWHQZLHU9HUDNUX]HLQHVFK|KQH6WDGWZRKULQGD ]XPDKOVHKUIKOH)UDQ]RVHQ:RKQWHQDEHUZLHVDKVLHDXV ZHU HV QLFKW PLW HLFKHQHQ $XFKHQ JHVHKHQ KDWWH NDQQ VLFK NHLQHQ EHJULI GDYRQ PDFKHQ *HQHUDO 6FNRWW KDWWH VLH DEHU VDPPW GHU EHLWKHQ &KDVWlOO DOV ZLHU DKQNDPHQ VFKRQ HUR EHUWK JHKDEW GDUXP GLHVH YHUZVWXQJ GHU 6WDGW ZLHU EH NDKPHQ VRIRUW 2UWKHU QLFKW LQQ GHU 6WDGW ]X /DQGHQ VRQ GHUQ0HLOOHQREHUKDOEGHUVHOEHQDQV/DQG]XJHKHQ

=LPPHU





KDEHQ3DUWL]LS,,JHKDEW

-DKUKXQGHUW %HOHJ $VRHLQ,GLRW$VRHLQ0DQQ'DKDWHUQL[PHKUJHJROWHQ 'HU .UHLVEDXHUQIKUHU LVW EODPLHUW JHZHQ ZHLO HU %DXP JDUWQHU VHLQH UHFKW +DQG ² XQG DXVJHVFKLVVHQ KDEH LFK DXFK JHKDEW EHLP .UHLVEDXHUQIKUHU GHU KlWW GDQDFK VFKQHLGLJVWGDUDXIJHGUXFNWGD‰HUPHLQHP9DWHUGDV$QZH VHQDEJHPHLHUWKlWWXQGGHU9DWHUGDV6FKUHLPNULHJWHUKlWW VFKRQHLQHQDQGHUHQ $OOHVZDVHV1HXHVJHEHQKDWGDVKDEHLFKNDIIW:HLOZHQQ LFKNHLQ*HVFKlIWPDFKHZHLOGLH0DVFKLQHQ QLFKWVWDXJHQ GDQQKlWWHQGLH%DXHUQPLWDQGHUHQGURVFKHQGDQQKlWWHLFK PLUGHQ:HFKVHODXIGHQ+XWKLQDXIVWHFNHQN|QQHQ(VWH UHU(LQH/DQ]KDEHLFKHLQJHWDXVFKWJHKDEWGLHKDEHLFK QDFK5X‰ODQGJHVFKLFNWZHLOLFKVRYLHOGDIUNULHJWKDEGD‰ QRFKHLQ*HOGEULJJHEOLHEHQLVW 'DZDULFKZLHDOWZDULFKGHQQGDVLHE]HKQRGHUDFKW]HKQ -DKU GD KDW HU PLFK GHUPD‰HQ JHVFKODJHQ GD‰ LFK GLUHNW 6WULHPHQJDQ]ZLHILQJHUGLFNDP$UVFKXQGKLQWHQGDJHKDEW KDEH 8QG HLQ EODXHV $XJH 'D :HLO HU PLFK QLFKW P|JHQ KDW(UVWHQVKDWHUPLFKQLFKWP|JHQXQG]ZHLWHQVKDEHLFK QLFKW DEJHVSOW JHKDEW :HLO LFK LFK ELQ HLQIDFK VWXU JH ZRUGHQYRUODXWHU6FKODJHQZHLOLFKKDEHHLQIDFKQLFKWPHKU P|JHQ ZHLO HU PLFK HLQIDFK ZHQQ LFK KDEH PLU HK GHQNW 'HUKDWVFKRQHLQH.UDIWJHKDEWPHLQ/LHEHU 'HU+LWOHUKDWYRQ5XVVHQHWZDVP|JHQYRQ$QIDQJDQ'DV KlWWHQ VLH MD GDQDFK DXFK DXVWHLOHQ NLQQW XQG DXVKDQGHOQ ZHQQ VLH JHZRQQHQ KlWWHQ NKRG $EHU QLFKW HLQHQ MHGHQ HLQIDFKSDFNHQ8QGZDVKDWGHUYRQ5X‰ODQGKHUDXV 'HULVWHLQ0DXUHUJHZHQ'DKDWHUGDQQLQGHU6WDGWJHDU EHLWHW8QGGDKDWHUVLFKGDQQ GHQ'DPSINHVVHO NDIIW :R HU PHKU JHOG NULHJW KRW 'DV +lXVO KDW QLFKW VR YLHO NRVW NKRWZLHVHLQ$QZHVHQZDVHUYHUNDIIWKRW'DKDWHUGDQQ GLH *DUQLWXU NDIIW HLQHQ %XFKVEDXP.HVVHO XQG GHQ 'UHVFKZDJHQ

4XHOOH

$FKWHUQEXVFK

$FKWHUQEXVFK

$FKWHUQEXVFK

$FKWHUQEXVFK

$FKWHUQEXVFK

BBBBBBBBBBBBBBBBBBB





'LH7DEHOOHEHLQKDOWHWPHKU%HOHJHDOVLQGHU*HEUDXFKVXQG%HGHXWXQJVDQDO\VH$QZHQ GXQJIDQGHQ'DVOLHJWGDUDQGDVVIUGDV-DKUKXQGHUWHLQH1lKH'LVWDQ]$QDO\VH YRUJHQRPPHQZXUGHIUGLHHLQHJOHLFKH6WLFKSUREHVRZRKOGLVWDQ]DOVDXFKQlKHVSUDFK OLFKHUGRSSHOWHU3HUIHNWELOGXQJHQ MHZHLOV%HOHJH EHQ|WLJWZXUGH(VZHUGHQGHQQRFK DOOH JHIXQGHQHQ %HOHJH KLHU DXIJHIKUW (LQH $XIOLVWXQJ GHU /LWYLQRY5DGÿHQNR   HQWQRPPHQHQGLVWDQ]VSUDFKOLFKHQ%HOHJHVFKOLH‰WVLFKGHU7DEHOOHDQ 'LH%HOHJHDXV$FKWHUQEXVFKZXUGHQDXIJUXQGGHUEDVLVGLDOHNWDOHQ.RPSRQHQWHQLFKWEH UFNVLFKWLJW



%HOHJVDPPOXQJ

%HOHJ 4XHOOH 'LH 0DP KDW GDQQ JHVRJW ZDV LFK LKU HLQJHWULFKWHUW KRQ NKRG GD‰ PLU GHU 6FKZDU] NHLQH $UEHLWHU JLEW XQG GDVV HU PLFK DQJH]HLJW KDW 'D‰ LKQ QLHPDQG P|JHQ KRW ,FK KDEH $FKWHUQEXVFK HV PLW GHQ /HXWHQ NLQQW XQG SIHLOJHUDGH ZHUGH LFK YRP 3HWVFKQHUYRUJHODGHQ'LH6HNUHWlULQZROOWPLFKZLHGHUZHJ VFKLFNHQDEHUGDKDWPLFKGHU3HWVFKQHUVFKRQJHK|UWJHKRW 'LH 0DP KDW GDQQ JHVRJW ZDV LFK LKU HLQJHWULFKWHUW KRQ NKRG GD‰ PLU GHU 6FKZDU] NHLQH $UEHLWHU JLEW XQG GDVV HU PLFK DQJH]HLJW KDW 'D‰ LKQ QLHPDQG P|JHQ KRW ,FK KDEH $FKWHUQEXVFK HV PLW GHQ /HXWHQ NLQQW XQG SIHLOJHUDGH ZHUGH LFK YRP 3HWVFKQHUYRUJHODGHQ'LH6HNUHWlULQZROOWPLFKZLHGHUZHJ VFKLFNHQDEHUGDKDWPLFKGHU3HWVFKQHUVFKRQJHK|UWJH KRW 'LH 0DP KDW GDQQ JHVRJW ZDV LFK LKU HLQJHWULFKWHUW KRQ NKRG GD‰ PLU GHU 6FKZDU] NHLQH $UEHLWHU JLEW XQG GDVV HU PLFK DQJH]HLJW KDW 'D‰ LKQ QLHPDQG P|JHQ KRW ,FK KDEH $FKWHUQEXVFK HV PLW GHQ /HXWHQ NLQQW XQG SIHLOJHUDGH ZHUGH LFK YRP 3HWVFKQHUYRUJHODGHQ'LH6HNUHWlULQZROOWPLFKZLHGHUZHJ VFKLFNHQDEHUGDKDWPLFKGHU3HWVFKQHUVFKRQJHK|UWJH KRW,FKKDEHLKPKDOWDOOHVJHVDJW *HOGKDWGHU(UWOQLFKWNKDEWZLUKDEHQMDQLFKWYLHODQJH $FKWHUQEXVFK ]DKOW NKDEW 'DQQ KDEH LFK PLW GHP *HOG YRP (UWO HLQH 0DVFKLQZLHGHUJHNDIIW 8QGVRZHLWELQLFKVFKRQJHZHQGD‰LFKDXIGDV:DJHODXI VLW]HQ²DXIGDV/DXIZDJHOZLUKDEHQHLQVFK|QHV/DXIZDJHO NKRW GDQQ KDW PLFK GHU 9DWHU KLQXQWHUJHIDKUHQ :LH HU PLFK RSHULHUW KRW NKRW GLH JDQ]HQ %HLQHU HLQ ZHQLJ ]X $FKWHUQEXVFK VDPPHQJHULFKWHWMHGH=HKHKDWHUPLUGDLQHLQHQ%RJHQKL QDXIEXQGHQGD‰VLHZLHGHUJHUDGHKDWHUHLQHQ*LSVYHUEDQG KLQDXIJHPDFKWHLQHQVWDUNHQVFKRQJHSROVWHUWPLW:DWWXQG GDQQVLQGZLUZLHGHUKHLPJHIDKUHQ :LHGHU YHUNHKUW 6FKDX KHU GD GD KDWV PLU DOOHV ]HUGUFNW $FKWHUQEXVFK JHKDEW'LHJDQ]HQ%HLQHUXQGGD-DVFKDXKHUGDLFKKDEH MDGLH+D[HQQLPPHUUKUHQNLQQW 'D KDWWH HV GHU 0HLVWHU JDQ] YHUJHVVHQ JHKDEW GD‰ HU PLFKKHLPOLFKPLW6JUEHVWUDIWKDWWHXQGPXVVWHVLFKHUVW $UEHLWVHULQQHUXQJHQ HLQHQ KDOEHQ 7DJ ODQJ GDUDXI EHVLQQHQ DEHU GD NRQQWH LFK GLH3UlPLHIUHLOLFKQLFKWNULHJHQ 6LH ZROOWH 'LFK VR JHUQ UHFKW JXW HU]LHKHQ GDV KLHOW HWZDV +HUFKHU VFKZHULFKKDWWH'LULQPHLQHP$QJHJULIIHQVHLQXPHLQHQ 6RUJHQ]XYLHOQDFKJHVHKHQJHKDEW$EHUHVZXUGHEHVVHU





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 'DNHLQHZHLWHUHQ$QVFKOlJH]XYHU]HLFKQHQZDUHQXQGZLU YHUPHLQWHQGDV9DWHUODQGDXVUHLFKHQGYHUWHLGLJWJHKDEW]X KDEHQVFKQDOOWHQZLUXQVHUHQ5HLVHVDFNXQGEHUJDEHQXQ VHUH*UHQ]ZDFKWXQVHUHQ1DFKIROJHUQ $X‰HUGHP KDEH LFK HLQH JHZLVVH 9HUWUDXOLFKNHLW PLW GLHVHQ 3UREOHPHQYRUDXVJHVHW]WJHKDEW 'D KDE  LFK GLH 3ODWWH DEHU VFKRQ EHL 7RQJHU JHNDXIW JH KDEW 'DKDE LFKVR+HIWHJHNDXIWGDZDUHQ2SHUHWWHQGULQ'LH KDE LFKPLUVHOEHUJHNDXIWJHKDEWXQGGDPLWJHVSLHOW 'DKDWWHQVHJHVWHUQ QH6HQGXQJGLHKDPVHDEJHVHW]WJH KDEW:LHGHU6FKOH\HUHUPRUGHWZRUGHQLVW 'DQQKDWHVJDUQLFKWVPHKUJHIUHVVHQJHKDEW 'DV +DXV VWDQG QRFK LP 5RKEDX GD KDWWH HU V VFKRQ YHU PLHWHWJHKDEW 'DVZDUQDFKGHPPQGOLFKHQ$ELWXU'DKDWWHQZLUJUDGH EHVWDQGHQJHKDEW 'HQKDWHUJHNDXIWJHKDEWZRHUJHZRUGHQLVW 'HU .QXW KDW GDV VFKRQ JDQ] SULPD JHO|VW JHKDEW ,FK ZLUG VDXFKZLHGHUVR]XVDPPHQEDXHQ 'HU =XVDPPHQEUXFK NDP GDQQ DOV GHU 5HFKWVDQZDOW LKU PLWWHLOWHGLH.lXIHUKlWWHQ]XGLHVHP=HLWSXQNWEHUHLWVDOOH %HGLQJXQJHQHUIOOWJHKDEW 'LH)UDX3HWHULVWMDLPPHUQRFKVRVFKOLPPGUDQ*HVWHUQ JLQJVLKUZLHGHUZDVEHVVHU:LUKDWWHQGLH+RIIQXQJVFKRQ DXIJHJHEHQJHKDEW 'LH KDWWHQ DEHU VFKRQ HLQLJHV JHEHFKHUW JHKDEW DOV VLH KLHUDQNDPHQ 'LH KlWWHQ GDV )OXJ]HXJ GRFK VFKRQ OlQJVW JHVSUHQJW JHKDEWZHQQQLFKWLUJHQGZR+RIIQXQJEHVWDQGHQKlWWHIU GLHGD‰GLH*HLVHOQIUHLJHODVVHQZUGHQ 'LH/LHIHUXQJZDUMDXQP|JOLFK'XKDVWMDGRFKKRIIHQWOLFK ULFKWLJGLVSRQLHUWJHKDEW 'LH9DVHLVWPLUUXQWHUJHIDOOHQ QHXOLFK EHLP6WDXEZLVFKHQ ,FK KDWWH VLH VFKRQ PDO JHNOHEW JHKDEW -HW]W NDQQ PDQ ZRKOQLFKWVPHKUPDFKHQ 'RFKGDV7KHPDKlWWHHLQHJUQGOLFKH$XVVSUDFKHYHUGLHQW JHKDEW (LQ )DKUHU VROOWH QDFK 3RU] IDKUHQ XQG GHU KDW VFKRQ JHGUFNWJHKDEW'HULVWDXFKGDQQQLFKWJHIDKUHQ

4XHOOH +RUVW /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ



%HOHJVDPPOXQJ

%HOHJ (U KDWWH GDV ZRKO YHUDQOD‰W JHKDEW XP ZHLWHUH 8QDQ QHKPOLFKNHLWHQ]XYHUPHLGHQ'DPDOVKDWMDDXFKQRFKQLH PDQGDQGLH)ROJHQJHGDFKW (U PHLQW HU KlWWH HV VLFK VFKRQ PDO UHLIOLFK EHUOHJW JH KDEW (V LVW HLQ EL‰FKHQ DQJHVFKPXW]W ,FK KDE V IULVFK JHZD VFKHQJHKDEWDEHUGLH.LQGHUKDEHQHV6LONHV3XSSHDQJH ]RJHQ +DPZHUGHQQNHLQH=LJDUHWWHQLP+DXV",FKKDE GRFKPDO

QSDDUGHSRQLHUWJHKDEW +LHULVWZLHGHU%DGHQ%DGHQ:LUKDEHQXQVGDHLQJHVWHOOW JHKDEW>*HPHLQWKDQGHOWVLFKXPHLQDQGHUHV)XQNKDXVHV KDQGHOWVLFKXPHLQH.RPPHQWLHUXQJYRQ)X‰EDOOVSLHOHQLQ GHU%XQGHVOLJD$QPYRQ0/DQJ@ ,FKELQHLJHQWOLFKJDUQLFKWJXW]XUHFKWJHNRPPHQ,FKKDE  PLUGDYRQJDQ]DQGHUH9RUVWHOOXQJHQJHPDFKWJHKDEW ,FKKDE GDVLKUHUODXEWJHKDEWXQG]ZDUZHLOZLUXQVHUH :lVFKHDXVJHJHEHQKDEHQ ,FKKDE GDVPLQGHVWHQVYLHURGHUIQIPDOJHOHVHQJHKDEW EHYRUGLUHQGOLFKNODUZXUGHZDVGDPLWJHPHLQWZDU ,FK KDE  HV JHIUDJW JHKDEW ZDQQ NRPPVW GX ZLHGHU ]X PLU",FKKDE GRFKNHLQH=HLWKDWVHJHVDJW ,FKKDE LKPHUV  QHQ6FKDOJHJHEHQGHQKDWHUYHUJHVVHQ JHKDEW ,FKKDE ]XZHQLJEHQN|QQHQ,FKKDE ]ZHLHLQKDOE-DKUH JHOHUQWJHKDEW ,FK KDEH HEHQ HUVW LQ ,KUHP 'LHQVW]LPPHU DQJHUXIHQ JHKDEW ,FKKDEHJDQ]DQGHUVJHOHVHQJHKDEW ,FK KlWWH GDQQ VFKRQ UHFKW]HLWLJ (LQVSUXFK HUKREHQ JHKDEWLFKZ‰WH""JDUQLFKWGD‰GDVJHKW ,FK KDWWH GDV QRFK QLH YHUVXFKW JHKDEW :DU MD HLJHQWOLFK DXFKJDQ]XQZDKUVFKHLQOLFKGD‰GDVVRJHKHQVROOWH ,FKKDWWHGDVVFKRQJHWLSSWJHKDEW ,FKKlWWHGLFKVFKRQOlQJVWDQJHUXIHQJHKDEW0LULVWGDX HUQGZDVGD]ZLVFKHQJHNRPPHQLFKZDULQGHUOHW]WHQ=HLW ]LHPOLFKEHVFKlIWLJW ,FKKlWWHGLUVFKRQ%HVFKHLGJHJHEHQZHQQLFKGDVUHFKW]HL WLJ LQ (UIDKUXQJ JHEUDFKW JHKDEW KlWWH GD‰ ,QHV GLHVH :RKQXQJDXIJLEW ,FK KDWWH LKP 6DODW JHJHEHQ 'D KDW HU QDWUOLFK JOHLFK JHIUHVVHQJHKDEW

4XHOOH /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ /DQJ



KDEHQ3DUWL]LS,,JHKDEW



%HOHJ 4XHOOH ,FKVXFK  QHEHVWLPPWH6HLWHLFKKDE VHHEHQQRFKJHVH /DQJ KHQJHKDEW ,FKZlUHDXFKZHJJHEOLHEHQZHQQLFKQLFKWHLQ5HIHUDW IU /DQJ GLHOHW]WH6WXQGHEHUQRPPHQJHKDEWKlWWH 0LW GHP =QGVFKOR‰ KDEHQ GLH LQ GHU :HUNVWDWW 0LVW JH /DQJ PDFKW,FKKDE VVFKRQZLHGHUHLQJHEDXWJHKDEW 0LW GHU 5HVROXWLRQ KDEW ,KU V (XFK ]X HLQIDFK JHPDFKW /DQJ JHKDEW 8QG GD LV KLHU QH DOWH )UDX JHNRPPHQ LQV +DXV 'LH KDW /DQJ VFKRQPDO6WXGHQWLQQHQHLQJHODGHQJHKDEWZHL‰WGX]XVR

QHP1DFKPLWWDJVR QHDOWHJDQ]DOWH6FKZHVWHU :DVKDPZHULPPHUEHL.DLVHUVJHKROWJHKDEW" /DQJ :LUKDEHQ*RWWVHL'DQNGLH(UODXEQLVHLQJHKROWJHKDEW /DQJ :LU ZX‰WHQ QLFKW PHKU ZRKLQ PLW 2PDV 0|EHOQ *RWWORE KDW 2QNHO 5LFKDUG XP HLQHQ ]ZHLWHQ .RIIHU JHIUDJW /DQJ JHKDEWVRNRQQWHQZLUIUHLQH:HLOHHUVWPDOKHOIHQ )UHLOLFK .DUO QDFK HLQHP VR VFK|QHQ 7DJ ZLH GHU JHVWULJH NRPPHQ HLQHQ GLH GDUDXI IROJHQGHQ HQWVHW]OLFK QFKWHUQ YRU XQG KHXWH DOV GLH +DFNHQVWRO] DQJHUFNW NDP XQG PLW LKUHQ>@DQJHUFNWNDPPLUDOOHVP|JOLFKHLQ:lVFKHDQJH OHJHQKHLWHQHUNOlUWHXQGLPPHU ZLHGHUQDFKPHLQHQGLHVEH /LHEHVEULHIH ]JOLFKHQ :QVFKHQ IUDJWH NRQQWHQ PHLQH 6LQQH LKU QXU VHKU VFKZHU IROJHQ XQG LFK KDEH ]X LKUHU 9HUZXQGHUXQJ LPPHU ZLHGHU GLH JDQ]H *HVFKLFKWH >@ RG YHUJHVVHQ JH KDEW 'DQQ ELQ LFK GDYRQJHODXIHQ HLQ 6SUXQJO ]XU /H XQG GDQQKLQEHU]XXQVHUHU0DPND 'LH 0XWWHU XQG GDV $PUHLOH KDOIHQ PLU GHQ .RIIHU DXVSD FNHQ 'LH PDFKWHQ JURVVH $XJHQ -D KDVW GX VFK|QH .OHL GHU $Q HLQHP IRUW IUDJHQ VLH -D KDVW GX ]ZHL 6RQQWDJV NOHLGHU EHNRPPHQ" 'LH VFK|QHQ .OHLGHU VDPW GHQ H[WUD 6FKZDEHQJlQJHULQ VFK|QHQ 6FKXKHQ YRP N|QLJOLFKHQ +RI KDEH LFK LQ HLQ 7XFK JHZLFNHOW JHKDEW 'LHVH .OHLGHU ZLOO LFK KHXWH ]XP HUVWHQ0DODQ]LHKHQLQGLH.LUFKH :LH ZLU VSlWHU HUIDKUHQ KDEHQ LVW GD HLQ (UOD‰ JHZHVHQ GHPQDFKKlWWHQHLJHQWOLFKQXUVROFKHOLHIHUQGUIHQGLHPLW LKUHU *HVLQQXQJ HLQJHVFKZHQNW ZDUHQ DXI GHQ QHXHQ .XUV XQG VROFKH ]XHUVW GLH VFKRQ 3DUWHLPLWJOLHG JHZHVHQ VLQG $EHUHUVWHQVKlWWHQVLHGDODQJVXFKHQPVVHQXQGGLH$Q VFKZlELVFKH:LUWLQ IDKUWVZHJHIUGLH6WDQJHQZlUHQZHLWJHZHVHQXQGELV]XP (UVWHQ 0DL KlWWH HV DXI NHLQHQ )DOO JHUHLFKW XQG DX‰HUGHP KDWWHQ ZLU VFKRQ GDV JDQ]H *HVFKlIW JHPDFKW JHKDEW *HZL‰ ZDKU LFK KlWW PLFK QLFKW GDUXP JHULVVHQ ZHQQ GDV PLWGHP%RUNHQNlIHUQLFKWJHNRPPHQZlU



%HOHJVDPPOXQJ

%HOHJ $ 'X KDVW GLFK IDVW DXI PHLQH %HLQH JHVFKPLVVHQ % 'D KlWWHVWGXVLHJHEURFKHQJHKDEW $ 'X VROOWHVW MD DXFK GHLQH +DXVDXIJDEHQ DQIDQJHQ XQG QLFKWTXDWVFKHQ%1HLQLFKKDEHVLHDQJHIDQJHQ,FKKDEH VLHZLUNOLFKDQJHIDQJHQJHKDEW $ +DEW LKU JHVWHUQ QRFK ZDV JHPDFKW" :DUW LKU ZHJ RGHU VR" % -D :LU KDEHQ XQV QRFK ZDV ]X HVVHQ JHNRFKW JHKDEWXQGVLQGGDQQLQGLH)UDXHQNXOWXU $ ,FK ILQGH GDV EO|G GDVV PDQ GD QXU PLW .DUWH )DKU VFKHLQDXWRPDWLQGHU6WUD‰HQEDKQ EH]DKOHQNDQQ%-D,FK KDEHVFKRQGUDXIJHGUFNWJHKDEWXQGGDQQKDEHLFKJH PHUNWGDVVLFKNHLQ*HOGUHLQVFKPHL‰HQNDQQ $:LUKDEHQGDQQQRFKGHQ5XFNVDFNJHKROW%+DEWLKU GHQHLQJHVFKORVVHQJHKDEW" $:LUUlXPHQ)DONV=LPPHUZLHGHUHLQ%:LHKDEWLKUVR YLHODXVJHUlXPWJHKDEW" $XI GHU 3DUW\ ZDUHQ QXU VLHEHQ DFKW /HXWH GLHKDEHQ JH NRFKWJHKDEWXQGZLUNDPHQGDQQGD]X 'DZDU+HUU8DXFKGDKDWVFKRQRUGHQWOLFKZLHGHUHLQHQ JHEHFKHUWJHKDEWXQGGDQQLVWHU]X0JHJDQJHQXQGKDW VLFKPLWLKUXQWHUKDOWHQ 'DQQELQLFKKLQJHJDQJHQXQGKDEHJHVDJWLFKZQVFKHGLU QRFK HLQHQ VFK|QHQ $EHQG ZHLO HU KDW ]X PLU JHVDJW JH KDEWGDVVHUQRFK]XHLQHP*HEXUWVWDJJHKW 'DV %XFK $QP GHU 9HUI  JLEW HV QXU LP )HVWHLQEDQG LQ ,UODQG KDEH LFK GDV LPPHU JHVHKHQ JHKDEW XQG ZROOWH HV PLUNDXIHQ 'DV KDW GLU GRFK PHLQ 9DWHU HU]lKOW KDVW GX ZRKO VFKRQ ZLHGHUYHUJHVVHQJHKDEW 'DV.LQGGDVVLHPLW6KDWWHKDWVLHYHUORUHQJHKDEWXQG GDQQKDWVLHHLQVDGRSWLHUW 'DV ZDU QH ZDKUH *HVFKLFKWH GLH KDEHQ GLH LQ GHP )LOP VRJDUQRFKDEJHVFKZlFKWJHKDEW 'HQ Å.OHLQHQ 3URIHVVRU´ KDEHQ ZLU GRFK VFKRQ DXVJHOLH KHQJHKDEW 'LH EHLGHQ KDWWHQ VLFK DXFK VFKRQ PDO JHWUHQQW JHKDEW DEHUGDQQKDEHQVLHVLFK]XVDPPHQJHULVVHQ 'LHJDQ]HQ=LWDWHKDVWGXPLUVFKRQJH]HLJWJHKDEW 'LH KDEHQ PLFK DQJHUXIHQ ,FK KDEH GRUW PDO DQJHUXIHQ JHKDEWXQGMHW]WKDEHQVLHPLFKDQJHUXIHQ

4XHOOH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH

HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ 'LH6WUD‰HQEDKQLVWQLFKWELVJDQ]KLQJHIDKUHQ:LUKDWWHQ XQVHUH)DKUUlGHUPLWJHQRPPHQJHKDEWXQGVLQGGDQQGDV OHW]WH6WFNJHIDKUHQ 'RUWZDU*HZLWWHUXQG6WURPDXVIDOO+LHUKDW·VJDUQLFKWJH UHJQHWJHKDEWZRZLUKHUNDPHQ (U KDW GDV LP *XWDFKWHQ VFKRQ JHVFKULHEHQ JHKDEW XQG YRQGDKHUZXVVWHLFKZDVHUVDJW (U LVW LQ ]ZHL /.:V UHLQJHIDKUHQ (U KDW VLFK YHUVFKlW]W JHKDEWXQGLVWLQGLH.XUYHPLWUHLQJHIDKUHQ *HRUJ LVW GRFK PDO DXV GHP )HQVWHU JHVSUXQJHQ EHLP 6FKODIZDQGHOQ+DWVLFKGHQJDQ]HQ)X‰]HUWUPPHUWJH KDEW +DE PLU HLQ +|UEXFK JHNDXIW Å6LQQ XQG 6LQQOLFKNHLW´ YRQ -DQH$XVWHQKDELFKELVKHUQLFKWJHOHVHQJHKDEW +DVWGXGLUGLHOHW]WH.ODXVXUPDODQJHJXFNWJHKDEW" ,FK ELQ GRUW JHZHVHQ ZHLO LFK KDEH LP ,QWHUQHW JHOHVHQ JHKDEWGDVVGLHHUVWHQ6HPHVWHUGDPLWVFKRQDQIDQJHQ ,FKJODXEHGDVKDEHLFKYRUKLQQLFKWVRJHVDJWJHKDEW ,FK KDEH GDV VFKRQ HLQ SDDU 0DO VRUWLHUW JHKDEW GHVKDOE ZDUGDVKHXWHNHLQJUR‰HV3UREOHPPHKU ,FK KDEH GDV VFKRQ JHOHVHQ LFK KDWWH LKU HLJHQWOLFK DXFK VFKRQ ]XUFNJHVFKULHEHQ JHKDEW DEHU VLH KDW HV ZRKO QRFKQLFKWJHOHVHQ ,FK KlWWH DXFK 5RWNUDXW PDFKHQ N|QQHQ DEHU 5RVHQNRKO KDEHLFKHLQJHIURUHQ 3DXVH JHKDEW ,FK ZDU XQVLFKHU KDEH HLQ SDDU 'LQJH YHUJHVVHQ JHKDEW XQGELQ]XVSlWJHNRPPHQ ,FK ZXVVWH GDV JDU QLFKW 'DQLHO KDW PLU GDV JDU QLFKW HU ]lKOWJHKDEW ,P 6RPPHU KDEHQ ZLU HV MD DQGHUV JHSODQW JHKDEW LP JUR‰HQ.UHLVPLWYLHOHQ/HXWHQGDVKDWGDQQQLFKWJHNODSSW .HQQVW GX GLH 6" 'LH KDW /HKUDPW 'HXWVFK VWXGLHUW JH KDEWXQGGLHKDWQRFKVRHLQ)HUQVWXGLXPZHLWHUJHPDFKW 0DQFKH6DFKHQKDEHLFKDXFKVFKRQDQJHVWULFKHQJHKDEW XQGGDQQKDEHQZLUGDUEHUJHVSURFKHQ 0LW PHLQHU 3URPRWLRQ LFK KDWWH GLH GDQQ DEJHJHEHQ JH KDEWXQGGDQQJLQJGDVPLWGHP9HUWHLGLJXQJVWHUPLQJDQ] VFKQHOO 6XVL XQG LFK ZLU KDEHQ XQV VFKRQ ODQJH QLFKW PHKU JHVH KHQ JHKDEW XQG GD EHLP :LHGHUVHKHQ $QP GHU 9HUI  KDEHQZLUGDQQGDUEHUJHVSURFKHQ

4XHOOH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH



%HOHJVDPPOXQJ

%HOHJ 7URW]GHPKlWWHLFKGLH3UJHOYHUGLHQWJHKDEWLFKKDEHVLH VFKOLH‰OLFKVLW]HQODVVHQ 8QG KDVW GX GLFK YRUEHUHLWHW JHKDEW" QDFK 6HPLQDU $QPGHU9HUI  :LUKDEHQLP)HOGGHU'DWHQEDQNJHVXFKWKDEHDEHU9ROO WH[WDQJHNOLFNWJHKDEW :LU KDEHQ XQV XP GLH /XIWPDWUDW]H JHVWULWWHQ XQG 0XWWL NDPZXVVWHJDUQLFKWZDVORVZDUXQGGDKDEHQZLUEHLGH HLQHJHIDQJHQJHKDEW =XPHLQHP*HEXUWVWDJLVWHUPLWPLU]X+XJHQGXEHOJH JDQJHQ XQG GD GXUIWH LFK PLU HLQ %XFK DXVVXFKHQ 8QG GD KDELFKHVPLUVFKRQPDODXVJHVXFKWJHKDEW $ $EHU %LDQFD ZLHVR KDVW GX HLQH 1HXH" ,FK PHLQH LKU KDEWVHLW'LHQVWDJHLQH$XV]HLWULFKWLJ"%-DDEHULFKKDEH LP)HEUXDUKDEHLFKVFKRQGLH%H]LHKXQJEHHQGHWJHKDEW :LUVLQGPDOZLHGHU]XVDPPHQJHNRPPHQVLHKDWVLFKDXFK HLQHHLJHQH:RKQXQJJHVXFKW(VJHKWQLFKW'LH(LIHUVXFKW GDVLVWNUDQNKDIW $$EHUGDVLVWMDDXFKQXUHLQP|JOLFKHU-REYRQXQJHIlKU HLQWDXVHQG P|JOLFKHQ -REV % +DW DXFK PHLQ $UEHLWJHEHU DXFKKDOWJHVDJWJHKDEWLFKELQQLFKWVIUGHQ%HUXI $$EHUZDVKDVWGXLQGHQYLHU-DKUHQJHPDFKWVHLWGHPR GHULQGHQIQIVHLWGHPGXGLH6FKXOHYHUODVVHQKDVW"%$O VR HUVWHQV LFK KDWWH QRFK HLQH %lFNHUOHKUH  $ $FKW :R FKHQ % -D LFK KDWWH QRFK HLQH %lFNHUOHKUH DQJHIDQJHQ JHKDEW $$EHUZLHVLHKWGDVDXVWULIIVWGXGLFKQRFKPLWGHUDQGH UHQ )UDX"%(VJLEW7DJHZRLFKPLFKDXFK QRFKPDOPLW LKUWUHIIHQWXHMD*HUDGHZHLOVLHDXFKEHLP%lFNHUDUEHLWHW XQGGDVKDWWHLFKLKUDXFKJHVDJWJHKDEWGDVEOHLEWHEHQ QLFKW DXV (LQHQ .DIIHH ZHUGH LFK |IWHUV PDO WULQNHQ JHKHQ ZROOHQ8QGVRWUHIIHLFKPLFKGDQQDXFKDEXQG]XPLWLKU $$OVRZHQQHUMHW]WZLHJHVDJWZHLOHUPLFKGLHJDQ]H=HLW LPPHU ZLHGHU EHORJHQ KDWWH ZUGH LFK GDQQ DXFK HLQHQ 6FKOXVVVWULFK]LHKHQZHLOLFKP|FKWHPHLQHLJHQHV/HEHQLP *ULIIKDEHQ%0HLQVWGXGXVFKDIIVWGDVGXNDQQVWGDV"$ -D ZHLO LFK KDEH HLQ JDQ]HV -DKU MHW]W DOOHLQH PLW GHQ .LQ GHUQJHOHEWJHKDEWXQGVDJHLFKPDOVRLFKPXVVWHPLFK ZLUNOLFKKRFKUDSSHOQJDQ]KRFKUDSSHOQXQGLFKKDEHHVJH VFKDIIW

4XHOOH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH HLJHQH+|UEHOHJH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ $$QJHODZLHN|QQWHVWGXGLUGHQQHLQH=XNXQIWMHW]WYRU VWHOOHQ" % $OVR LFK KDEH MD VFKRQ PDO YRUJHVFKODJHQ JH KDEWGDVVZLUXQVIUHLQH:HLOHWUHQQHQDEHUHUGHQNWGDQQ JOHLFK GDVV HV GDQQ IU JDQ] LVW MD GDV ZLU HLQIDFK ZLHGHU XQV QHX RULHQWLHUHQ ZLH HV ZHLWHUJHKHQ VROO $EHU RND\ HU VWHKW MHW]W DP 'UFNHU HU PXVV VLFK HQWVFKHLGHQ RE HU VR ZHLWHUJHKHQZLOOGDVVZLUHVLUJHQGZLH]XVDPPHQVFKDIIHQ $ $QJHOLND OHEW MHW]W DXFK OHVELVFK DEHU GX KDWWHVW DXFK YRUKHU VFKRQ HLQHQ 0DQQ QH" % -D LFK KDWWH HLQHQ 0DQQ 8QGGHUZDUDXFKHWZDVMQJHU DOVLFKDEHUPLWGHP KDWWH LFKDXFKJDQ]QRUPDO6H[XQGHVKDWJHNODSSWDEHULFKELQ GHVZHJHQQLFKWOHVELVFKJHZRUGHQ$$OVRHVZDUGDQQHLQ IDFKVRGDNDPGDQQHLQH)UDXXQGGDQQKDVWGXGLFKYHU OLHEW%-DLFKKDEHPLFKVFKRQIUKHUDOVLFKQRFKMQJHU ZDU LQ )UDXHQ LPPHU YHUOLHEW JHKDEW DEHU LFK ZXVVWH MD QLFKWGDVVLFKGDQQDXFKZHLWHUKLQDXI)UDXHQVWHKH $%LQGDQQPLWVHLQHP1DPHQXQGVHLQHP3DVVZRUWLQV,Q WHUQHWUHLQXQGKDEHGDQQYRQDQGHUHQ0lGFKHQ(PDLOVJH OHVHQMDLFKVSDUHMHW]WPHLQ6FKDW]LXQGGDQQNRPPHLFK LP6HSWHPEHU]XGLUXQGGLHNDPDXV/HLS]LJXQGLFKKRIIH HV VW|UW GLFK QLFKW ZHQQ LFK LP VHFKVWHQ 0RQDW ELQ ZHQQ ZLU«QH8QGVRQHWWH6DFKHQKDOW%'DVKDVWGXJHOHVHQ" $'DVKDEHLFKJHOHVHQ8QGlKPMDXQGGDQQZDUHQZLU HLQPDO LP ,QWHUQHW XQG KDEHQ GD IU (PDLO ZDV JHPDFKW JHKDEW XQG lKP GD ZDUHQ GDQQ LUJHQGZLH +DOOR 6‰HU XQGVRXQG 3LHS GH8QGLFKGHQNZDVLVWGDVGHQQ $ 'DVV GX VLH JHVFKODJHQ KDVW KDVW GX QRFK PLW NHLQHP :RUW KLHU HUZlKQW % -D LFK KDEH VLH HLQPDO JHVFKODJHQ JHKDEWHLQPDO'DVJHEHLFK]X $'LH%HWUHXHUKDEHQLKUJHVDJWXQGDXFKYRP-XJHQGDPW KHUVLHP|FKWHELWWHLKU=LPPHUDXIUlXPHQ'DKDWHVDXFK JHPXIIHOWGULQ'DLVWVLHKLQJHJDQJHQKDWWHGHQ.OHLQHQLP =LPPHUOLHJHQKDWWH)HQVWHUDXIJHULVVHQXQG'XIW|OHEHUDOO DXIJHVWHOOW%1LFROHVWLPPWGDVZDVGHLQH0XWWHUVDJW"& 'DV VWLPPW 'HU .LQGHUDU]W KDW PLU JHVDJW JHKDEW GDVV 'XIW|OH.LQGHUQQLFKWVFKDGHQGDVVGDVHKHUEHUXKLJW8QG LFKKDEHVLHDXIJHVWHOOWKDEHPLWPHLQHQ%HWUHXHUQGDQQJH VSURFKHQXQGVROOWHVLHGDQQZHJVWHOOHQXQGKDEHYHUJHVVHQ VLHGDQQZHJ]XVWHOOHQ $ 'X PHLQVW DOVR HU KDW GDV .LQG VR]XVDJHQ % JHSODQW DXIJUXQGGHVVHQGDPLWHUGDV*HOGEHNRPPW$*ODXEVWGX GDV"%-D'DELQLFKDOVRIHOVHQIHVWLQGHU0HLQXQJ,P0DL KDWHU]XXQVJHVDJWJHKDEWHUEHNRPPWGLH*HOGHUQLFKW ZHLOVHLQ6RKQKDOWQLFKWEHLLKPZRKQWXQGHLQ0RQDWVSl WHUZXUGHXQVJHVDJWVLHLVWLQDQGHUHQ8PVWlQGHQ

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ



%HOHJVDPPOXQJ

%HOHJ $ (LQ )UHXQG YRQ GLU *HRUJ JODXEVW GX GHU KDW ZDV PLW LKU JHKDEW" 2GHU KDW ZDV" % (LQH =HLW ODQJ KDW HU LPPHU JHVDJWJHKDEWHLQ.ROOHJHGDWlWHUQLFKWVPDFKHQXQGGD VLQGZLUPDOJHJDQJHQVLHLVWYRUXQVJHJDQJHQXQGGDKDW HU]XPLUJHVDJWJHKDEWRKPLWGHUKlWWHLFKDXFKPDOJHUQ ZDV $ (LQ )UHXQG YRQ GLU *HRUJ JODXEVW GX GHU KDW ZDV PLW LKUJHKDEW"2GHUKDWZDV"%(LQH=HLWODQJKDWHULPPHUJH VDJWJHKDEWHLQ.ROOHJHGDWlWHUQLFKWVPDFKHQXQGGDVLQG ZLUPDOJHJDQJHQVLHLVWYRUXQVJHJDQJHQXQGGDKDWHU]X PLUJHVDJWJHKDEWRKPLWGHUKlWWHLFKDXFKPDOJHUQZDV $ (U JODXEW GLU % :HLO LFK KDWWH YRUKHU LPPHU JHPHLQW JHKDEWVLHN|QQWHYRUKHUQRFKDEVSULQJHQ$$OVRIUGLFK LVW GDV 9HUWUDXHQVEHZHLV JHQXJ" % :HQQ VLH KLHU ZDU XQG VLHKDWJHVDJWGDZDUQLFKWVGDQQJODXEHLFKLKUDXFK $(ULVWQRFKLQHLQHU%H]LHKXQJJHZHVHQZLHHUPLFKNHQ QHQ JHOHUQW KDW % 'DV VWLPPW QLFKW $ 8QG GDV LVW GXUFK =XIDOO:RFKHQVSlWHUQDFKGHU+RFK]HLWUDXVJHNRPPHQ(U KDW YRQ $QIDQJ DQ QLFKW PLW RIIHQHQ .DUWHQ JHVSLHOW IU PLFK(UKDWPLFKYRQYRUQHELVKLQWHQEHORJHQ&'DVLVW OLQN % 'DV LVW JDU QLFKW VR ULFKWLJ ,FK KDWWH GLHVH %H]LH KXQJ HLJHQWOLFK VFKRQ GUHL RGHU YLHU :RFKHQ YRUKHU EHHQ GHWJHKDEWQXULFKKDEHHVGLUQLFKWHU]lKOWZHLOGXHVQLFKW YHUVWDQGHQKlWWHVW $(UVWHQVELQLQDXIGLH$EVLFKWHUVWPDOKLQJHJDQJHQZROO WHHUVWPDO$QQLNDHLQQHXHV-DKUZQVFKHQ%0RPHQWPDO DEHUGLH*DVSLVWROHKDWWHVWGXGDEHL"$-DGLHKDEHLFKDEHU HLQJHVWHFNWGLHKDEHLFKQLFKWJH]RJHQJHKDEW $+DEWLKUHXFKRIWJHVHKHQLQGHUOHW]WHQ=HLW"%-DMHW]W GLHVHV :RFKHQHQGH QLFKW DEHU GDQQ GLH YRUKHUJHKHQGHQ ]ZHL:RFKHQKDWWHQZLUXQVJHVHKHQJHKDEW $ +DVW GX JDU QLFKWV JHPHUNW" % 1HH HFKW QLFKW $ 'DV PHUNWPDQGRFKDQ.OHLQLJNHLWHQDQ%HUKUXQJHQRGHU% 1HHHVZDUVRZLUKDWWHQ)HULHQGDKDWVLHVLFKDXFKQLFKW JHPHOGHWJHKDEWGDGDFKWHLFKDXFKKlZDVLVWORV"8QG GHVZHJHQVRZDVKlWWHLFKMHW]WHFKWQLHHUZDUWHW $+DWHUGDVGHQQPDO]XJHJHEHQGDVVHUZDVPLWGHUKDW" %(UKDWHVPLUGHQQQDFKHZLJODQJHU=HLWGDQQKDWHUHV GDQQ]XJHJHEHQJHKDEWGDVVHUPLWLKUJHVFKODIHQKDW

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ $+lWWHVWGXGHQQJHUQGHQ.OHLQHQJHVHKHQLQGHU=HLWLQ GHQYLHU-DKUHQ"%(LJHQWOLFKMD6LHNDPMDDXFKDEXQG]X PDOQRFKGDZDUPHLQH0XWWHUGDQQXQWHQVLQGZLUMDDXFK QRFKPDOVSD]LHUHQJHJDQJHQGDVZDUKDOEHVGUHLYLHUWHO-DKU VSlWHU&:HUNDP",FKNDP1LFKWGX,FKELQGLULQ$UVFK JHNURFKHQ % ,FK KDEH GLFK DQJHUXIHQ KDEH HLQH 606 U EHUJHPDFKWJHKDEW8QGGDKDVWGXPLUJHVFKULHEHQRND\ $ ,FK KDEH ]X GLU VR RIW JHVDJW JHKDEW NRPP PLW QDFK GHP $PW 'X KDVW DXFK LPPHU JHVDJW JHKDEW MD GX JHKVW PLW $P DQGHUHQ 0RUJHQ KDVW GX GLFK QLFKW ZRKO JHIKOW JHKDEW%1HLQLFKPXVVPRUJHQV]XP$U]WXQGLFKJHKH GDYRQ DXV ZHQQ GX ]XP $PW JHKVW RGHU VR XQG VDJVW GX ZDUVW DXFK GD GDVV GX PLFK QLFKW EHOJVW$0RPHQW 'X KDVW JHUDGH JHVDJW JHKDEW GUHL 0RQDWH ODQJ KlWWH LFK NHLQ *HOGJHNULHJWJHKDEW $,FKKDEH]XGLUVRRIWJHVDJWJHKDEWNRPPPLWQDFKGHP $PW'XKDVWDXFKLPPHUJHVDJWJHKDEWMDGXJHKVWPLW $PDQGHUHQ0RUJHQKDVWGXGLFKQLFKWZRKOJHIKOWJHKDEW % 1HLQ LFK PXVV PRUJHQV ]XP $U]W XQG LFK JHKH GDYRQ DXV ZHQQ GX ]XP $PW JHKVW RGHU VR XQG VDJVW GX ZDUVW DXFKGDGDVVGXPLFKQLFKWEHOJVW$0RPHQW'XKDVWJH UDGHJHVDJWJHKDEWGUHL0RQDWHODQJKlWWHLFKNHLQ*HOGJH NULHJWJHKDEW $,FKKDEH]XGLUVRRIWJHVDJWJHKDEWNRPPPLWQDFKGHP $PW 'X KDVW DXFK LPPHU JHVDJW JHKDEW MD GX JHKVW PLW $P DQGHUHQ 0RUJHQ KDVW GX GLFK QLFKW ZRKO JHIKOW JH KDEW % 1HLQ LFK PXVV PRUJHQV ]XP $U]W XQG LFK JHKH GDYRQ DXV ZHQQ GX ]XP $PW JHKVW RGHU VR XQG VDJVW GX ZDUVW DXFK GD GDVV GX PLFK QLFKW EHOJVW$0RPHQW 'X KDVW JHUDGH JHVDJW JHKDEW GUHL 0RQDWH ODQJ KlWWH LFK NHLQ *HOGJHNULHJWJHKDEW $,FKKDEH]XGLUVRRIWJHVDJWJHKDEWNRPPPLWQDFKGHP $PW 'X KDVW DXFK LPPHU JHVDJW JHKDEW MD GX JHKVW PLW $PDQGHUHQ0RUJHQKDVWGXGLFKQLFKWZRKOJHIKOWJHKDEW % 1HLQ LFK PXVV PRUJHQV ]XP $U]W XQG LFK JHKH GDYRQ DXV ZHQQ GX ]XP $PW JHKVW RGHU VR XQG VDJVW GX ZDUVW DXFKGDGDVVGXPLFKQLFKWEHOJVW$0RPHQW'XKDVWJH UDGH JHVDJW JHKDEW GUHL 0RQDWH ODQJ KlWWH LFK NHLQ *HOG JHNULHJWJHKDEW

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ



%HOHJVDPPOXQJ

%HOHJ $,FKKDEH]XGLUVRRIWJHVDJWJHKDEWNRPPPLWQDFKGHP $PW 'X KDVW DXFK LPPHU JHVDJW JHKDEW MD GX JHKVW PLW $PDQGHUHQ0RUJHQKDVWGXGLFKQLFKWZRKOJHIKOWJHKDEW % 1HLQ LFK PXVV PRUJHQV ]XP $U]W XQG LFK JHKH GDYRQ DXV ZHQQ GX ]XP $PW JHKVW RGHU VR XQG VDJVW GX ZDUVW DXFKGDGDVVGXPLFKQLFKWEHOJVW$0RPHQW'XKDVWJH UDGH JHVDJW JHKDEW GUHL 0RQDWH ODQJ KlWWH LFK NHLQ *HOG JHNULHJWJHKDEW $,VWHUPDOIUHPGJHJDQJHQLUJHQGZDQQ"%:LUKDWWHQXQV DQGHP$EHQGJHVWULWWHQJHKDEWXQGDQGHP$EHQGKDWWH HU ZDV PLW GHP HLQHQ 0lGFKHQ JHKDEW ZlKUHQG HU PLFK DXFKPDOIUQDMDNQDSSHLQH:RFKHYHUODVVHQKDW $ -DQHWWH ZHQQ GX GDV DEHU VR K|UVW GDV LVW MD HLQH JDQ] DQGHUH 1XPPHU JUDGH QH" % -D HLJHQWOLFK VFKRQ (U KDW PLU HLJHQWOLFK ZDV JDQ] DQGHUHV JHVDJW ZDUXP HU JHJDQJHQ LVW XQG QLFKW ZHJHQ KPP GDVV HU VLFK HLQJHVSHUUW IKOW 'DVKDVWGXJDUQLFKWJHVDJWJHKDEW $ 0DULR KDEW LKU GDV GHQQ ]XU $Q]HLJH JHEUDFKW" % 1HH GLHVHQ )DOO QLFKW ZHLO GDPDOV LKUH 5HFKWVDQZlOWLQ KDW XQV GDYRQDEJHUDWHQXQGKDWJHVDJWJHKDEWZHLONHLQH%HZHLV NUDIWYRUODJQHDOVRHVKDWQLFKWJHUHLFKWGDVVPHLQ.XPSHO GDEHLZDUXQGHVEH]HXJHQNRQQWHZHLODQGHUH/HXWHGDVQXU DXVPHLQHP+DXVJHVHKHQKDWWHQXQGGHVKDOEKDEHQZLUGDV QLFKW]XU$Q]HLJHJHEUDFKW $0LWZHPGHQQ"%0LWGHP-HQVGHUEHLPLUDXFKZRKQW $$OVRGRFKGHUGHQKPPZDVHUMDVFKRQDXFKXQWHUVWHOOW KDW%(UKDWHVXQWHUVWHOOWJHKDEWDEHU]XGHP=HLWSXQNW DOVZLU]XVDPPHQJHZHVHQZDUHQZDUHVMDQLFKWVR(VZDU QLFKWVR $6WHIDQNOlUXQVDXI:DVZHL‰VLHZRKO"%-DVLHKDWPLFK YRQ$QIDQJDQVDJHLFKPDOEHYRUZLUJHKHLUDWHWKDWWHQPDO KDWVLHPLFKVFKRQEHWURJHQJHKDEW $6WHIDQZDVPDFKVWGXGHQQYRUGHU+DXVWUYRQGHU$Q QLNDZHQQHVGDHLQHHLQVWZHLOLJH9HUIJXQJJLEWHUNOlUGDV GRFKPDO%:HLO]XGHU=HLW KDWWHLFK 8UODXE JHKDEWXQG ELQ]XLKUGDVZXVVWHVLHDXFKLFKKDEHHLQHQ%ULHIYRQLKU JHNULHJWJHKDEW

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ $8QGLUJHQGZDQQGDQQZDUHVGDQQVRZHLWJHZHVHQGDVV LFK ZLUNOLFK EHUDOO EHWWHOQ JHKHQ PXVVWH XP VDJ LFK PDO IU PHLQH .LQGHU ZDV ]X HVVHQ 0LHWH EH]DKOHQ XVZ 8QG GDQQKDWWHQZLUXQVHQWVFKORVVHQJHKDEWGDVVZLUXQVHUVW PDO IU HLQH :HLOH WUHQQHQ DOVR MHGHU KlXVOLFK ,FK VHOEHU KDEH PLFK GDQQ DXI GLH )‰H JHVWHOOW JHKDEW KDEH HLQH $UEHLW EHNRPPHQ GXUFK VDJ LFK PDO GXUFK 6R]LDODPW -D XQGLP(QGHIIHNWLVWHVGDQQVRJHZHVHQLP/DXIHGHU=HLW VDJ LFK PDO KDWWH HU VLFK LPPHU PHKU MD YHUlQGHUW HU LVW GDQQKDEHLFKUDXVJHNULHJWGDVVHUPLFKZDKUVFKHLQOLFKEH WUJW $ 8QG ZRKHU ZHL‰W GX GDVV HU GDV JHQRPPHQ KDW" +DEW LKUGUEHUJHVSURFKHQ"%'XUFKHLQHQ)UHXQG$8QGKDWHU HVDXFK]XJHJHEHQ"%(UKDWHVHUKDWHV]XJHJHEHQHUKDW HVEHWHXHUW+DWVLFKDXFKHQWVFKXOGLJWJHKDEW $:DUHVGHQQJHZROOWZDUHVHLQ8QIDOO"%-DDOVRDP$Q IDQJGDZDU LFKPLU QLFKWJDQ] VLFKHU JHZHVHQZHLOHVZDU HLJHQWOLFK HKHU HLQH XQJHZROOWH 6FKZDQJHUVFKDIW JDQ] DP $QIDQJZHLOLFKKDOWGDPLWJHUHFKQHWKDWWHLFKZUGHPHLQH 7DJHEHNRPPHQDEHUGDVZDUGHPQDFKQLFKWVRXQGGDQQ KDWWHQZLUlKPDOVRPHLQ)UHXQGXQGLFKPLWXQVDOVRKDW WHQ ZLU XQV PLW GHP *HGDQNHQ DQJHIUHXQGHW JHKDEW MD XQG GDQQ NDPHQ GRFK GLH 7DJH XQG GDQQ ZDUHQ ZLU LU JHQGZLH HQWWlXVFKW JHZHVHQ MD 8QG GDQQ LUJHQGZLH NRQQ WHQZLUGHQ*HGDQNHQQLFKWORVZHUGHQXQGGDQQKDEHQZLU HVKDOWJHZROOWEHNRPPHQ $:LHJHVDJWLFKZLOOLKQLFKKDEH*HIKOHQRFKIULKQVR LVW GDV QLFKW % $OVR GX ZLOOVW GLH %H]LHKXQJ JHUQH ZLHGHU DXIOHEHQ ODVVHQ $ -D ,FK KDEH LKP VFKRQ PDO HLQH ]ZHLWH &KDQFH JHJHEHQ GD KDW HU PLU HLQH 606 JHVFKULHEHQ JH KDEW XQG KDW KDOW EHWHXHUW GDVV HU GDV QLFKW PHKU PDFKHQ ZLOOXQGGDVVLKPGDV/HLGWXWXQGVR $OVRHVNDPVRLFKELQDEHQGVPLWHLQHP.ROOHJHQYRQPLU KDEHLFKJHWURIIHQQRFKEHLP(LQNDXIHQLFKVROOWHQRFK6DIW KROHQ IU GLH .LQGHU XQG ZLU KDEHQ XQV JHWURIIHQ ZLU KD EHQXQVVFKRQMDKUHODQJQLFKWPHKUJHVHKHQXQGKDEHQGDQQ ]XVDPPHQ HLQ %LHU JHWUXQNHQ +DEH DEHU DXIJUXQG GHVVHQ DXFK]X+DXVHDQJHUXIHQJHKDEW]ZHLPDOXPbUJHUYRU KHU]XYHUPHLGHQXQGHVZDUQDWUOLFKQLFKWVRVFK|QDXFK YRQPLUHVZDUVFKRQ]HKQRGHUKDOEHOIZRLFKQDFK+DXVH NDP8QGGDQQNDPHVHEHQ]X6WUHLWLJNHLWHQ

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ



%HOHJVDPPOXQJ

%HOHJ % :LH KDVW GX GDV UDXVJHNULHJW GDVV HU GLFK EHWUJW" $ 'XUFK )UHXQGH KDEH LFK GDV UDXVJHNULHJW JHKDEW 'XUFK $UEHLWVNROOHJHQ HEHQ ZHLO LFK VHOEHU DXFK PDO PLW HLQ ELVV FKHQ DXI GHU %DXVWHOOH PLWJHKROIHQ KDWWH XQG VR 8QG GD KDWWHQ PLFK GDQQ ZHOFKH PDO DQJHUXIHQ JHKDEW XQG JH VDJW JHKDEW GX KRUFK ]X 9LROD LUJHQGZDV VWLPPW GD PLW 5HQpQLFKW8QGGDQQKDWWHQVLHPLUGDYRQHU]lKOWJHKDEW GDVVHUVHKURIWLQHLQHP%lFNHULVWEHLHLQHU)UDXXQGGDV LVWLUJHQGZRXQQRUPDOVDJHLFKPDO:HQQMHPDQGNDPZR LVW 5HQp MD VWlQGLJ LQ GHP %lFNHU GULQ 6R QD MD XQG GDQQ KDEHLFKLKQZHQQHUGDQQ:RFKHQHQGHNDPKDEHLFKLKQ GDQDFK JHIUDJW PHKUIDFK -D XQG QHLQ GD LVW QLFKWV GD LVW QLFKWVXQGVLHKDWHLQHQ3DUWQHUXQGMDGDQQKDEHLFKUDXV JHNULHJWJHKDEWGDVVHVQLFKWVRZDU-DXQGGHQQZLHJH VDJWLUJHQGZDQQZDUGDVGDQQVRZHLWJHZHVHQGDVVHUVLFK ZLHJHVDJWLPPHUPHKU]XUFNJH]RJHQKDWWHVLFKLQ$XVUH GHQYHUZLFNHOWKDWWH 'DZDULFKZLUNOLFKVRHPRWLRQDOLFKZROOWHVLHZLUNOLFK]X UFNKDEHQ 6LH KDW HV GDQQ DEHU QLFKW JHVFKDIIW PLU LQ GLH $XJHQ]XJXFNHQXQG]XVDJHQGDVVVLHQLFKWPHKU]XU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‰W0DUFZHLWHUZHL‰LFKDXFKQLFKWZLHHUKHL‰W8QG MHGHQIDOOV VFKUHLEW HU 606 XQG VR UXIW VLH DQ 8QG GD KDEH LFK%HIUFKWXQJHQGDVVHUZDVYRQLKUZLOOZHLOVLHKDWDXFK VHOEHU]XPLUJHVDJWJHKDEWGDVVHULQVLHYHUOLHEWLVWXQGVR (VZDUVRJHZHVHQGDVVPHLQHNOHLQH7RFKWHUEHLLKPQDFK %HUOLQ JHJDQJHQ LVW XQG HU KDWWH GD EHL GHU )UDX GLH :RK QXQJUHQRYLHUWJHKDEW

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ





KDEHQ3DUWL]LS,,JHKDEW

%HOHJ ,FK P|FKWH PDO VDJHQ VLH ZDU GDPDOV LQ GHU 6LWXDWLRQ GLH KDEHQ IULVFK JHKHLUDWHW JHKDEW QH XQG VLH ZDU DXFK HLQ ELVVFKHQLQGHU+RIIQXQJJHZHVHQGDVVGLHVH(KHYLHOOHLFKW KlOWXQGVRDJJUHVVLYZDUHUGDPDOVMDQRFK QLFKWJHZHVHQ GDV KDW VLFK GRUW HUVW HQWZLFNHOW JHKDEW )DFWR LVW HLQV GD QDFKZUGHVLHLKQJDUDQWLHUWQLFKWPLWGHP.LQGDOOHLQODV VHQXQGZLHVLHVFKRQVDJWHHVZDUHLQ1RWIDOO ,FK P|FKWH PDO VDJHQ VLH ZDU GDPDOV LQ GHU 6LWXDWLRQ GLH KDEHQIULVFKJHKHLUDWHWJHKDEWQHXQGVLHZDUDXFKHLQELVV FKHQLQGHU+RIIQXQJJHZHVHQGDVVGLHVH(KHYLHOOHLFKWKlOW XQG VR DJJUHVVLY ZDU HU GDPDOV MD QRFK QLFKW JHZHVHQ GDV KDWVLFKGRUWHUVWHQWZLFNHOWJHKDEW)DFWRLVWHLQVGDQDFK ZUGH VLH LKQ JDUDQWLHUW QLFKW PLW GHP .LQG DOOHLQ ODVVHQ XQGZLHVLHVFKRQVDJWHHVZDUHLQ1RWIDOO 1XU HLQV (LQHQ $XJHQEOLFN :DV KDEH LFK ]X GLU JHVDJW JHKDEW PLW VR /HXWHQ" :DV KDEH LFK JHVDJW JHKDEW" 9LHUPDOKDEHLFK]XGLUJHVDJWJHKDEWODVVGLFKQLFKWDXI VR/HXWHHLQZHJHQGHLQHU9RUJHVFKLFKWH 8QG HU KDWWH LPPHU 6WUHVV EHL PLU JHPDFKW DOVR PHLQH :RKQXQJKDWHUZHL‰LFKJHNOLQJHOWKRFKJHEUOOWPLW*DV SLVWROHKDWHUPLW/HXFKWNXJHOQLQGLH=LPPHUYHUVXFKWUHLQ ]XVFKLH‰HQ ZR GLH .OHLQH JHVFKODIHQ KDWWH -D XQG 6LOYHVWHU KDWHUZLHGHUQXUYRUPHLQHU7UODVVPLFKPDOELWWHDXVUH GHQ KDW HU YRU PHLQHU 7U ZLHGHU 5DQGDOH JHPDFKW JH KDEW -HGHQIDOOV ELQ LFK PLW HLQHP .XPSHO UXQWHUJHJDQJHQ XQGLQGHP$XJHQEOLFNVHKHLFKEOR‰ZLHHUGDVHLQH:DIIH ]LHKW 8QGZLHHVPLWLKUDQJHIDQJHQKDWKDWWHLFKJHVDJWJHKDEW LFKELQVFKZHUHLIHUVFKWLJXQGDOOHVJHOOXQGGDQQGLH5H DNWLRQ PLW GHU ([ DOOHV XQG GD KDEH LFK JHVDJW JHKDEW LFK ZLOO GDV GDQQ QLFKW PHKU KDEHQ LFK ZROOWH NHLQ """ XQYHU VWlQGOLFK$QPGHU9HUI PHKUXQGKDEHGDQQPLWLKUSUR ELHUWKDWJHNODSSW 8QG ZLH HV PLW LKU DQJHIDQJHQ KDW KDWWH LFK JHVDJW JHKDEW LFKELQVFKZHUHLIHUVFKWLJXQGDOOHVJHOOXQGGDQQGLH5H DNWLRQPLWGHU([DOOHVXQGGDKDEHLFKJHVDJWJHKDEWLFK ZLOO GDV GDQQ QLFKW PHKU KDEHQ LFK ZROOWH NHLQ """ XQYHU VWlQGOLFK$QPGHU9HUI PHKUXQGKDEHGDQQPLWLKUSUR ELHUWKDWJHNODSSW

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ



%HOHJVDPPOXQJ

%HOHJ :LU KDEHQ GDQQ QDWUOLFK VFKRQ ]XVDPPHQJHZRKQW JOHLFK QDFK HLQHP 0RQDW XQG GDV ZDU QLFKW VR JXW 'D KDEH LFK JHPHUNW GDVV VLH QDFKWV QLFKW QDFK +DXVH NDP ,FK PHLQH PDFKW PDQ MD DXFK VR ZHQQ PDQ ]XVDPPHQ LVW GDVV PDQ QDFKWVQLFKWQDFK+DXVHNRPPW,FKKDEHIUVLHDOOHVJHWDQ LFKKDEHGDQRFKJHDUEHLWHWJHKDEWVWDQGNXU]YRUPHLQHQ 3UIXQJHQDOVRLFKKDWWHQLFKWZLUNOLFK=HLWIUVLH :LU KDEHQ HLJHQWOLFK QXU JOFNOLFKH =HLWHQ PLWHLQDQGHU JH KDEW XQG DXFK +|KHQ XQG 7LHIHQ ZLH LQ MHGHU %H]LHKXQJ 'DQQ KDWWH HU VLFK VHOEVWVWlQGLJ JHPDFKW JHKDEW XQG GDQQJLQJHVORV,FKZDU]XGHP=HLWSXQNW+DXVIUDXJHZH VHQ MD XQG GDQQ ZDU HV LP (QGHIIHNW GDQQ VR JHZHVHQ HU KDWWH ]ZDU $XIWUlJH JHKDEW DEHU ZLH JHVDJW GDV *HOG NDP HEHQKDOWQLFKW :LUKDWWHQJHVWHUQ$EHQG]%HLQ*HVSUlFKJHKDEWHVJLQJ EDOG GUHL 6WXQGHQ ODQJ LFK KDEH LKP DXFK NODU JHPDFKW JHKDEW ZLUNOLFK LFK ZUGH LKP JHUQH WUDXHQ ZROOHQ $EHU HEHQG ZLH JHVDJW ZHLO HU LPPHU ZLHGHU GLH :DKUKHLW QLFKW VDJW8QGGDVLVWGDV3UREOHP =X GHU 6WHIIL ZROOWH LFK VDJHQ LFK ZHWWH GX KDVW LKQ EH VWLPPW |IWHU VFKRQ HQWWlXVFKW JHKDEW ZDV 9HUWUDXHQ DQ JHKW"

4XHOOH

7DONVKRZ

7DONVKRZ

7DONVKRZ

7DONVKRZ

  $XVGHP.RUSXVYRQ/LWYLQRY5DGÿHQNR ² ZXUGHQGLVWDQ]VSUDFKOLFKH %HOHJHPLWGHQIROJHQGHQ1XPPHULHUXQJHQHQWQRPPHQ  DEDEDE DEDEDE                                                    





VHLQ3DUWL]LS,,JHZHVHQ

 VHLQ3DUWL]LS,,JHZHVHQ -DKUKXQGHUW %HOHJ ,WHPLQGHVHP6H[WHUQHVDOOPHQY\QGHQGLHJHVFK\FKWHLQG YHUKDQGHOXQJH GLH YDQ GHQ JKHQHQ GLH V\FK QRHPHQW YDQ GHQJHVOHFKWHQE\QQHQ&RHOQHYXUW]LMW]YHUKDQGHOWKDLQWGD UXPE GDW YSORXIIH LQG PDQFKHUOH\H YQJHOXFNH E\QQHQ GHU 6WDW YDQ &RHOQH YQWVWDQGHQ JHZH\VW V\QW ,WHP LQ GHVHP 6H[WHUQHVWHLWRXFKGDW,QVWUXPHQWVXOFKVEHNHQWQLVVHDVKHU +H\QU\FKYDP6WDXHLQV\PHOHVWHQJHGDLQKDLW

4XHOOH

)QKG

-DKUKXQGHUW %HOHJ *HJHQGHP$XVGLVHQZRUWHQLVWJXRW]HYHUVWRQGDVFKHUHD YRUZROJHEWLVWJHZHVHQDXIIGLHGLQJ8QGZLUWQLWXPE VXVWJHPHOGHW ,FKKDEGLUX‰JXRWHPZLOOHQDOOZHJJHJHEHQZDVGXEHJHU WHVW XQG LVW PHLQ JWLJNDLW LQ GLU QLH YHUVORVVHQ JHZHVHQ $OVREHUVSUDHFKH,FKELQGRFKJDQW]GHLQJHZHVHQPLWO\E XQGJXRWXQGZDVLFKGLUKRQHUW]DLJWGDVKDELFKYRQKHUW ]HQJHWRQXQGQLWXQZLOOLJNOLFK +DVW GX LH HPSIXQGHQ GDV PHLQ JWLJNDLW YRU GLU V\H YHU VFKORVVHQ JHZHVHQ KHQ DOV GX PLU VDJWHVW ZLH GX DLQHU PRHULQ ]HGLHQHQ EHJHUWHVW OLH‰ LFK QLW DOOH GLQJ XQG VXFKWH VLH" )UEDV VDJWHVW GX ZROWHVW JHUQ DLQ YHUVFKQLWWHQ KDEHQ GLHGRFKDOODLQGLHNQLJLQEUDXFKHQ 9LVVGLVVHQVFKLMQWGDWGDWEHJ\QHGCERLFKVWDXHV\YD$GD YQWVSUXQJHYQGYRQGH0HUZLHGLHV\QWJHQDWJHZHVW RIIJHVWDOWGDWLVQLHWRIIHQEDLU

4XHOOH )QKG

)QKG

)QKG

)QKG



%HOHJVDPPOXQJ

-DKUKXQGHUW %HOHJ GD &KULVWXV VDJHQ ZLUW GHQ VHOLJHQ XQG DXVVHUZHOWHQ ZHOFKHGDZHUGHQVWHKQ]XRGHUUHFKWHQGHV+HUUHQ]XRGH QHQZLUWGHU+HUUVSUHFKHQ.XPSWKHULUJHVHJQHWHQPHL QHVYDWWHUVHUHUEHWGDVUHLFKVRHXFKEHUHLWLVWYRQDQEHJLQ GHU ZHOW GDQQ LFK ELQQ KXQJHULJ JHZHVHQ XQG LKU KDQG PLFKJHVSHLVHW,FKELQQGXUVWLJJHZHVHQXQGLUKDQGPLFK JHGUHQFNW,FKELQQHLQJDVWJHZHVHQXQGLUKDQGPLFKEH KHUEHUJW ,FK ELQQ QDFNHQG JHZHVHQ XQG LU KDQG PLFK EHNOHLW,FKELQQNUDQFNJHZHVHQXQGLUKDEHQGPLFKEHVX RFKW ,FK ELQ JHIDQJHQ JHZH‰W XQG LU VLQG ]XR PLU NX PHQ 'LH]XEHVFKUHLEHQZLUGLFKPHVVHQYLORHUWHUJHJHQ0LWWHU QDFKW JHOHJHQ EHUUHQ GLH GHQ 9RUHOWHUQ DXFK GHQHQ VR ]X YQVHUQ ]HLWHQ GDXRQ JHVFKULEHQ QLW ZRO EHNDQW VHLQ JZHVW PLW GHQVHOEHQ LFK QLW DOOHQWKDOEHQ JOHLFK KHOOHQ ZLUGGDVJHVFKLHFKWQLWGDUXPEGDVLFKPLUGDPLWYLO]XH ]LHKHQYQGGLHDQGHUQVWUDIIHQZROWH 1HPEOLFKGDV6ODXRQLVFKYROFNVH\DX‰GHU1DWLRQ-DSKHW YQG KDE VLFK EH\ GHU 'RQDZ QLGHUJHODVVHQ GD \HW]PDOV +XQJHUODQG YQG %XOJDUQ  YQG VHLQ GHUVHOEHQ ]HLW 1RUFL JHQHQW JHZHVW YQG YRQ GDQQ DX‰ VHLQ V\ ]HUVWUDHHW YQG DX‰JHVDHHWZRUGHQKDEHQGLHQDPHQQDFKGHQ/DQGHQEH NXPHQ KDW *RVWRPLVVO GHU ZHLVH PDQ GHU DXFK ]X 1HXJDUWHQ LQ JURVVHP DQVHKHQ JHZHVW VHLQ 5DW JHEHQ 6\ VROOHQ ]X GHQ 9DUHJHUQ YPE GLH GUH\ JHEUXRHGHU GLH GDVHOEVWHQ JUR‰ JHDFKW JHZHVW VFKLFNKHQ GDPLW V\ GDV 5HJLPHQW RGHU 5HJLHUXQJ DQQDHPEHQ GHV 5DW PDQ JHXROJW YQG GLH GUH\ JHEUXHGHUVHLQDXIVROFKHUVXHFKHQNKXPHQYQGGDVJHSLHW ]ZLVFKHQHLQDQGHUDX‰JHWDLOW -6WHLQ+LVWRULDZLHGHU+(55-HVXVNXUW]YRUVHLQHPOHL GHQ]X-HUXVDOHPDXIIHLQHPHQWOHKHQWHQ(VHOHLQJHULWWHQVH\ 6ROFKHVVFKHLQHWIXHUGHU YHUQXQIIWHLQVFKOHFKWGLQJ$EHU HVLVWVHKUYLOGDUDQJHOHJHQJHZHVW'HQQPLWVROFKHPHLQ UHLWHQKDWGHU+(55-HVXVVLFKIXHUVHLQHP9ROFNDOVGHQ UHFKWHQYQQGHLQLJHQ0HVVLDPRGHU&KULVWXPZRHOOHQVH KHQODVVHQ

4XHOOH

]XR

)QKG

)QKG

)QKG

)QKG

)QKG





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 9QG YLHO ZHUGHQ VLFK DQ VHLQHU KH‰OLFKHQ JHVWDOW VFKPDFK YQGYHUZXQGXQJHUJHUQYQGVWRVVHQGDVVHLQ/HLEVRMHP PHUOLFKVFKHX‰OLFKYQGHUEHUPOLFK]XJHULFKWHWLVW'HQQGHU +(55&KULVWXVZLHHUDP&UHXW]HJHKDQJHQKDWYLHOHLQH KH‰OLFKHU JHVWDOW JHKDEW GHQQ DOOHU 0HQVFKHQ .LQGHU -VW EHVSH\HWYHUVSRWWHWPLW'RHUQHQJHNURHQHWYQGYHUKRHQHW YQGDQVHLQHPJDQW]HP/HLEH]HUULHVVHQYQG]XU]HUUHWYQG VRQVW DXIIV DOOHU HUJVWH YQG MHPPHUOLFKVWH DQJHULFKWHW JH ZHVHQ VLH ZHUGHQ VFKZHLJHQ PLW MKUHQ 0DQGDWHQ YQG 5HOLJLRQHQ YQG ZHUGHQ &KULVWXP LQ MKUHQ 7KRUHQ HLQODVVHQ YQG MKQ ODVVHQ UHGHQ YQG JHELHWHQ EL‰ DQ GHU :HOW (QGH ZLH HV KHXWH JHVFKLFKW YQG ZHOFKH QLFKWV GDXRQ JHKRHUHW KDEHQ GLHVHOELJHQ ZHUGHQV PLW OXVW VHKHQ'DUXPE GDV VLH HWZDV QHZHV  LP (XDQJHOLR  PLW OXVW VHKHQ KRHUHQ YQG YHUQH PHQ GDV MKQHQ ]XXRU YQEHNDQGW YQQG YHUERUJHQ JHZH VHQ LVW 'HQQ (UVWOLFK LVW GDV (XDQJHOLXP GHQ -XHGHQ YHUWUDZHW YQG YEHUDQWZRUWHW 'DUQDFK LVW GLH *HQDGH ZHLW YQGEUHLW]XGHQ-DSKLWHQYQG+H\GHQNRPPHQ GXUFK GLH KRHKH YQ YQEHJUHLIIOLFKHLW VROFKHU VHLQHU 9HU KHLVVXQJ GHUPD‰  ZLH REJPHOW  WXUELHUW YQG YQUXKLJ JH PDFKW ZDQ HU LQ VWDW VHLQHV YHUKHLVVHQ )OHLVFKV MQ QLW DQ GHUV GDQ QXU HLQ VWXFNOLQ ILJXUOLFKV %URWV ]XJHEHQ ZHUH EHGDFKWJHZHVHQ DOOHLQ5REHUWXVGHUKDWWHLQHQVHXIIW]HQEHUGHQDQGHUHQJH ODVVHQXQGVLFKJDQW]WUDZULJHU]HLJHWGDVGDQQGLHDQGUHQ VHLQH OLHEHQ QDFKEDXUQ XQG IUHXQGW DXFK WURVWPXHWLJ JH PDFKWKDW'HUJHOHUWPDQVRKDUWQHEHQ5REHUWRJHVHVVHQ JHZHVHQLVWKDWWLQPLWJDUVDQIIWPXHWLJHQZRUWHQDQJHUHGW  /LHEHU KHUU 5REHUWH ZDV EHN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

4XHOOH

)QKG

)QKG

)QKG

)QKG

)QKG

)QKG



%HOHJVDPPOXQJ

%HOHJ 'HUEUHXWLJDPDEHUKDWWHLQHP\HGHQDUPHQPHQVFKHQHLQHQ JURVFKHQJHVFKHQFNWGDPLWVLQGVLHDEJHIHUWLJWJHZHVHQ ,FKPXRVDEHUHLQZRUWGDU]XRUHGHQ(VLVWGHUEUDXFKJDU QLWEH\XQVZLHZROZLUHLQDQGHUHJHZRQKHLW GLHDXFKQLW ]XRYHUZHUIIHQ EH\XQVKDEHQ 'HV DQGUHQ WDJV KDW 5REHUWXV DOO VHLQ KDE XQG JXRW ]XR VFKLII YHURUGQHW XQG DOV HV GHP 3DWURQ GHV VFKLIIV JH VFKLFNWJHZHVHQKDWWHUDOOHGLHHUIRUGHUHQODVVHQVRPLW LPLQ3RUWXJDOKDQGIDUHQRGHUVFKLIIHQZRHOOHQ

4XHOOH )QKG

)QKG

-DKUKXQGHUW %HOHJ :DQHLQ3DUWH\NlPHGLHXQV]XVWlUNZHKUHVRVROWHQXQG PXVWHQ ZLU LQ OR‰VFKLHVHQ GDV VLH GHQ 6FKX‰XII GHP %HUJ K|UHWHQ XQG XQV ]X +XOI NlPHQ $EHU DOKLH ZDU ]XIRUGHUV *RWWHV+XOIVRQVWZHKUHVJDUEDOWJHVFKHKHQJHZHVHQ 'DQ ]X GHU =HLWW ZDKU GLH $PHQHEXUJ LQ GHP .ULJVZH‰HQ JDQW] XQG JDU YHUEUHQHW XQG YHUZVWHW GDV ]X GHU =HLW GHU + HUU  )RUVWPHLVWHU LQ GHU %UFNHU 0KOQ VHLQ $XIIHQWKDOW KDEHQPXVW'DQHVZDKU]XYRUHLQH&LWDWLRQYRQ,KU&KXU IXUVWOLFKHQ *HQDGHQ GXUFK GDV JDQW]H (UW]ELVWXP 0DLQW] DQJHVFKODJHQJHZH‰HQHVVROWHVLFKHLQLGHUZLGHU]XGHP VHLQHQ WXKQ HV ZHKUHQ .LQGHU )UHXQGH RGHU 6FKXOWOHXWK GLHGDYHUPHLQWHQHWZDV]XVXFKHQXQGLKUHQ1XW]HQSUXI IHQ (V ZROOWH DEHU GLH 2EHUNHLWW NHLQHQ %HVFKHLGW GDULQQHQ JH EHQZHLOHVYRQ,KUHU&KXUIXUVWOLFKH*HQDGHQHLQH&LWDFLRQ ZDUDQJHVFKODJHQJHZHVHQXQGVLFKGDV0DOQLHPDQGGHV *WWOHLQVDQQHPHQZROOHQ 0LWGHP$FNHUQKDWWHVGL‰-DKUVFKOHFKWDEJDQJHQGDQXII -DFRELLVWGLH5XKHU 3IOJHQ QRFKNDXPKDOEJHVFKHQ JHZHVHQ(VLVWGXUFKGHQ6RPPHUDOO]XKDUWJHZHVHQ ,QGLHVHP-DKULVW]X6WDXVHQEDFKDOOH)UXFKWLQEUDFKW JHZHVHQ DOOH LQ DOOHP GHQ  7DJ $XJXVW\ *RWW GHU +HUU Z|OOH VLH QXQ ODVHQ ZRKO JHGH\HQ XQG EHZDKUHQ YRU 8Q JOFN$PHQ

4XHOOH %DXHUQOHEHQ

%DXHUQOHEHQ

%DXHUQOHEHQ

%DXHUQOHEHQ

%DXHUQOHEHQ





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ $QQR  KDEH LFK PLGW 5DKW YLHOHU JXHWHQ /HXWH PHLQHU (OWHUHQVlKOLJH%HKDXVXQJYRQXQVHU6FKZHLJHULQQHQ&DWDUL QD +ROWKXVHQ JHNDXIIW YRU KXQGHUW 7KDOHU PLGW DOWHU XQW QHZHU *HUHFKWLJHLW QDFK $X‰ZH\VXQJ GHV JHULFKWOLFKHQ .DXIIEUHYHV*LEWMlKUOLFKLQGHV+HLOLJHQ*HLVWHV*DVWKDX‰ 6FKLOOLQJHPHQNDQVLHDEHUPLGW7KDOHUDX‰O|HVHQXQGW MlKUOLFK ,KU )>UVWOLFK@ *>HQDGHQ@ HLQ :RUGWKRHQ ,VW DEHU YRQ GHP .UHLJHVZHVHQ VHKU UXLQLUHW JHZHVHQ ZHOFKHV LFK PLGWJUR‰HU0HKHKEHPVVHQZLHGHUPDFKHQODVVHQ 6LHKDEHQ]ZDUGLH6WDGWLQ‰JHPHLQQLFKWJHSOQGHUWKDEHQ GLH %UJHU DEHU GHUPD‰HQ JHTXHW]HW XQG JHVFKHW]HW QDFK GHP LQ GHU %HODJHUXQFK DOOHV .RUQ DEJHVFKQLWWHQ JHZH VHQ GDV .LQGHVNLQGW GDVV|OEH ZROO HUIDKUHQ ZHUGHQ VR QRFKQLFKWJHERUHQVHLQ :LH VRQVW ]X $XJXVWLQL YQG YRULJHU =HLW GLH &KULVWHQKHLW KLHUYRQJHVLQQHWJHZHVHQZROOHQZLUDEQHPPHQDX‰GHP DOJHPHLQHQ &RQFLOLR ]X (SKHVR  ]X ZHOFKHP $XJXVWLQXV QXUGXUFKGHQ7RGYHUKLQGHUWZRUGHQ]XNRPPHQ LVWHUVDPEWGHP3IHUGYRQGHPVHOEHQPLWJDQW]HP*HZDOW DEZHUWVGHP:DVVHUQDFKZRGDVVHOEH]XPWLHIIHVWHQZDU JHIXHKUW ZRUGHQ GDULQQ HU YQJHIDHKUOLFK EH\ GUH\ YLHUWHO 6WXQGPLWKRHFKVWHU*HIDKUGH‰/HEHQVZHLOHUEHUHLWVFKLHU EL‰DQGHQ+DOVYHUVXQFNHQJHZHVHQYPEJHVFKZXPPHQ 'DQXQGHVVHQ*HIHKUWHQHQW]ZLVFKHQQLFKWZX‰WHQREHU OHEHQGLJRGHUWRGW (VVH\QGDXFKIXHUGLH+RFKORHEOLFKH+HUUHQ/DQG6WDHQG DXFKDQGHUH+RFK$GHOLFKH6WDQGV3HUVRQHQVFKRHQHXQG PLW NRVWEDUHQ 7DSSH]HUH\HQ JH]LHUWH 2UDWRULD DXIJHULFKWHW ZRUGHQ 'HU JDQW]H *UDEHQ XQG JURVVH 3ODW] LVW PLW VRO FKHP 3RPS XQG ZXQGHUVFKRHQHQ DSSDUDW YHUVHKHQ JH ZHVWGD‰HUHLQHPJURVVHQ6DORPRQLVFKHQ7HPSHOJOHLFKWH :LH ELVW GX JHZHVW GX DQVHKQOLFKH 6WDGW &RQVWDQWLQRSHO $QQR &KULVWL  $QWZRUW LFK ELQ XHEHUIXHOOW XQG XH EHUKXHOOW JHZHVW PLW ODXWHU 7UXHEVDOHQ XQG (OHQG XQG IRHUGHUVWZHJHQGHU8QUXKHXQGKRHFKVWVFKDHGOLFKHQ=ZLH VSDOWVGH‰$OH[DQGULQLVFKHQ0D[LPL :LHELVWGXJHZHVWGXEHUXHKPWH6WDGW3DUL‰$QQR&KULVWL $QWZRUWLFKELQJOHLFKVDPYHUVHQFNWXQGHUWUDHQFNW JHZHVW LQ ODXWHU :LGHUZDHUWLJNHLWHQ DEVRQGHUOLFK ZHJHQ GH‰7RGWVPHLQHV.RHQLJV6LJLEHUWL 'LHEHGUDQJWH6WDGW-HUXVDOHPKDWYRQ7LWR9HVSDVLDQRQLFKW DOVRJHOLWWHQZLHLFK'LHDEJHVHW]WH.RHQLJLQ9DVWKLLVWQLFKW DOVR EHGUDQJW JHZHVW ZLH LFK 'LH :LWWLE ]X 1DLQ KDW QLFKW DOVR JHZHLQHW ZLH LFK HOHQGH 7URHSILQ LQ GLHVHP VWHQ-DKU

4XHOOH

&KURQLNGHV 5DWVKHUUQ.RWKH

&KURQLNGHV 5DWVKHUUQ.RWKH

)QKG

)QKG

)QKG

)QKG

)QKG

)QKG



%HOHJVDPPOXQJ

%HOHJ -FK ZLOO QXU GDV HLQLJ  -DKU EHQHQHQ ZRULQHQ GLH %XUJHUVFKDIIW DOKLHU PHKU DOV ]XYRU LQ YLHO -DKUHQ EHWUDQJW JHZHVHQ.ULHJ7HZUXQJYQG3HVWNDPHQ]XVDPHQ'HU 9DWWHU NRQGWH GHP 6RKQ GHU 6RKQ GHP 9DWWHU QLFKW KHOI IHQ_6ROWHPDQGLHVHVQLFKWLQGLH&KURQLFN]XPHZLJHQ*H GDHFKWXX‰YHU]HLFKQHQ" ,FKKDEHHLQH9HU]HLFKQXVGHUMHQLJHQ*HVFKOHFKWHUZHOFKH YRQ $QQR  EL‰ ]X GLHVHU =HLW LQ GHU JURVVHQ =XQIIWB RGHU %XUJHU6WXEHQ GHU *HVHOOVFKDIIW ]XP /RHZHQ HLQJH VFKULHEHQ JHZHVHQ ZHLO DEHU GHU PHLVWHQ 7KHLO YRU ODHQJVWHQ DEJHVWRUEHQ ZLOO LFK QLFKW DOOHU JHGHQFNHQ (V ILQGHQ VLFK DEHU QHEHQ DQGHUQ IROJHQGH 1DKPHQ YQG *H VFKOHFKWHUGDULQQHQ (WOLFKH VFKUHLEHQ GLH )XHUVWHQ VH\HQ GD]XPDO DOOEHUHLW LQ GHU :DKO HUQVWOLFK EHJULIIHQ DXFK ]X GHP HQGH ]X )UDQN IXUW @YHUVDPPOHWJHZHVHQGD‰DOVRGHU3DEVWVLHDOOHLQ]X HLQHU ODXWHUQ XQSDUWH\LVFKHQ :DKO GXUFK VHLQH %RWVFKDIIW HUPDKQHQZROOHQ :HQQ DEHU GLH 3DHVVH YHUVFKORVVHQ VLQG GD‰ VLFK GLH 6L FKHUKHLW NDXP ELV DQ GDV 7KRU HUVWUHFNHW VR ZHUGHQ ZLU ZHQLJ6ROGDWHQKDEHQZHOFKHGHQ0XWKZHUGHQYHUGRSSHOQ NRHQQHQ(XU'LHVHVZDHUHGDVHUVWH([HPSHOQLFKWGD‰HLQ JHULQJHU +DXIIHQ GHU JURHVWHQ $UPpH ZDHUH JHZDFKVHQ JHZHVHQ GDVHOEVW UHGHW GHU 3ULHVWHU 3KLOLSSXV GHV $SRVWROLVFKHQ 6WXKOV$EJHVDQGWHUDOVR(VLVWNHLQ=ZHLIIHOMDHVLVW]X DOOHQ=HLWHQEHNDQWJHZHVHQGD‰GHU+HLOLJHYQG$OOHUVH OLJVWH3HWUXVGHU)XHUVWYQGGDV+DXSWGHU$SRVWHOHQGLH 6DXOGHV*ODXEHQVYQG*UXQGYHVWGHU&DWKROLVFKHQ.LUFK YRQYQVHUHP+HUUQ,(69&KULVWRGHP+H\ODQGYQQG(U ORHVHU GHV 0HQVFKOLFKHQ *HVFKOHFKWV GLH 6FKOXHVVHO GHV 5HLFKVHPSIDQJHQKDW 6R LVW DXFK QLW JOHLFK GDUXPE GLH KRKH %RWWPHVVLJNHLW GHV $SRVWROLVFKHQ 6WXKOV YHUQHLQW GD‰ PDQ VLFK LQ $IULFD YQGHUVWDQGHQ GLH )UH\KHLW YQQG YLOKHLW GHU $SSHOODWLRQHQ YQGGDUDX‰HQWVWHKHQGH%HVFKZDHUQXHVVHQ]XYHUKLQGHUHQ YQGHWZDLQGLHVHP(\IIHU]XZHLWJDQJHQGDQQPDQHUNHQQW DXFK YLOH DQGHUH KRKH 2EULJNHLWHQ ]X GHUHQ PDQ GRFK QLW JOHLFK GDV $SSHOOLUHQ ZLO JHVWDWWHQ:LH VRQVW ]X $XJXVWLQL YQG YRULJHU =HLW GLH &KULVWHQKHLW KLHUYRQ JHVLQQHW JHZH VHQZROOHQZLUDEQHPPHQDX‰GHPDOJHPHLQHQ&RQFLOLR]X (SKHVR  ]X ZHOFKHP $XJXVWLQXV QXU GXUFK GHQ 7RG YHU KLQGHUWZRUGHQ]XNRPPHQ

4XHOOH

)QKG

)QKG

)QKG

)QKG

)QKG

)QKG





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 1HEHQ GHP ZXVWH PDQ ]ZDU QLFKW HLJHQWOLFK ZLH GLH DOWH &LSULVFKH6\EDULWLVFKHXQG0LOHVLVFKH)DEOHQGHUHQGLHDO WHRIIWJHGHQFNHQDOOHZDHUHQJHVWDOWHWJHZHVWGRFKDEHU NRHQWH DX‰ GHQ 8PVWDHKQGHQ RKQVFKZHU DEJHQRPPHQ ZHUGHQ GD‰ VLH ODXWHU XP :RKOOXVW XQG %XKOHUUHL]XQJ ZDHUHQ DEJHVHKHQ JHZHVW XQG GHQ 5RPDQHQ PHLVWWKHLOV QLFKWRKQJOHLFKJHODXWHW 1HEHQ GHP ZXVWH PDQ ]ZDU QLFKW HLJHQWOLFK ZLH GLH DOWH &LSULVFKH6\EDULWLVFKHXQG0LOHVLVFKH)DEOHQGHUHQGLHDO WH RIIW JHGHQFNHQ DOOH ZDHUHQ JHVWDOWHW JHZHVW GRFK DEHU NRHQWH DX‰ GHQ 8PVWDHKQGHQ RKQVFKZHU DEJHQRPPHQ ZHUGHQ GD‰ VLH ODXWHU XP :RKOOXVW XQG %XKOHUUHL]XQJ ZDHUHQDEJHVHKHQJHZHVWXQGGHQ5RPDQHQPHLVWWKHLOV QLFKWRKQJOHLFKJHODXWHW :HQQVROFKHUJHVWDOWGLH+HUUHQ5RPDQ6FKUHLEHUYRQDOOHU %XKOHU QDWXUHOO XQG DOOHQ /LHEHV3RHVVHOQ VR ZH\GPDHQ LVFK XQG PDJLVWUDOLWHU ]XUHGHQ ZLVVHQ ZHU ZROWH QLFKW RK QDX‰QHKPOLFK JODXEHQ 6LH ZDHUHQ VHOEVW -DHJHU LQ GLVHQ :DHOGHUQ XQG YRQ GH‰ &XSLGR 0LVWJDEHO JHWURIIHQ JH ZHVW" (V KHLVW GD /RTXHUH XW WH YLGHDP 6FKZDW] ZDVVR NRPEWVKHUDX‰ZDVGXYRUHLQ.HUOELVW 'LH %LOGHU XQG 0DKOHUNXQVW PXVWH DP HUVWHQ GXUFK GLH +HFKHOVSD]LHUHQXQGZXUGHGHV3UD[LWHOLVXQG3KLGL 9H QXV XQG &XSLGR%LOGHUHQ JHGDFKW GLH DOVRDX‰JHPDFKW JHZHVW GD‰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‰LKUQLHPDQGGDV/HEHQPHKU]XJHVSURFKHQ-QVRO FKHP=XVWDQGKDWVLHDEHUPDOHQLKU+XHOIIEH\GHPKHLOLJHQ :XQGHUEDUOLFKHQ6DFUDPHQWJHVXFKWDXFKDOOGDJHIXQGHQ (-Q IURPPHU YQG JRWWVHHOLJHU 5HOLJLRV LVW $QQR  PLW GHP 6FKZLQGHO VHKU VWDUFN YQG ODQJH =HLW EHKDIIW JHZH VHQVROFKHUJHVWDOWGD‰HULKPHVFKLHUQLFKWWUDXHQGRHUI IHQ0H‰]XOHVHQ'LH0HGLFLKDEHQ]ZDUDOOHUOH\0LWWHOJH EUDXFKWVROFKHP8EHODE]XKHOIIHQDEHUQLFKWVDXVJHULFKW

4XHOOH

)QKG

)QKG

)QKG

)QKG

)QKG

)QKG

)QKG



%HOHJVDPPOXQJ

%HOHJ (LQ%DZHUVPDQJHODQJWZLHGHUXPE]XVHLQHP9HUVWDQGYQG JXWHU9HUQXQIIWGHUHQHUEHUDXEWJHZHVHQ (LQ :HLEV3HUVRKQ JHODQJW ZLHGHUXPE ]X LKUHP 9HUVWDQG YQGJXWHU9HUQXQIIWGHUHQVLHEHUDXEWJHZHVHQ $QGUHDV :HL‰ YRQ 2EHUHOFKLQJHQ HLQ 7RHFKWHUOHLQ YRQ  -DKUHQ DOW ZHOFKHV YQGHU DQGHUHQ VFKZHUHQ =XIDHOOHQ HLQ ODQJH =HLW VR ZRO 7DJV DOV 1DFKWV PLW HLQHP JURVVHQ YQG KHIIWLJHQ +DXSWB RGHU .RSIZHKH EHKDIIW JHZHVHQ 'HP QDFK DEHU NHLQ 5DWK QRFK IXHUJHZHQGWHV 0LWWHO DQ GHP .LQG HUVSULHVVHQ ZRHOOHQ YQG HU HQW]ZLVFKHQ YLO YRQ GHU .UDIIWYQG:XQGHUZHUFNHQGH‰$OOHUKHLOLJLVWHQ:XQGHUEDU OLFK6DFUDPHQWVYHUQRPPHQKDWHUVROFKHVLQ0HLQXQJLK PHGHQ*HVXQG]XHUODQJHQ]XPKHLOLJHQ&UHXW]PLWHLQHP 2SIHUYRQ:DFKVYQG*HOWDOOKHURYHUVSURFKHQ 0LFK GXQFNHW VSUDFK LFK QDFK DOOHP GLHVHP JHVSUlFK GD‰ LFK DXFK YRQ GHQ 9HUOLHEWHQ VDJHQ K|UHQ YQG ZHLO LFK YRU MDKUHQ VRZRO PLW GLHVHU .UDQFNKHLW DOV DXFK GHU 3RHWHUH\ HWZDVEHKDIIWHWJHZHVWP|FKWHLFKZROZLVVHQREDXFKYLHO 9HUOLHEWH ]XU +|OOH NRPPHQ" 'LH /LHEH $QWZRUWHWH GHU *HLVWLVWZLHHLQJURVVHU)OHFNHRGHU0DDVHYRQ2HOGLHHLQ JDQW]HV .OHLG YHUVFKlQGHW YQG KDW GHU 9HUOLHEWHQ IUH\OLFK JHQXJLQGHU+|OOHDEHUYRQYQGHUVFKLHGOLFKHUJDWWXQJGDQQ HWOLFKHVLQG9HUOLHEWLQVLFKVHOEVWHQ 'LH 1DFKW GDUDXII HQWVWXQG HLQ VROFKHU 6WXUP DX‰ 2VWHQ GD‰ PDQ ZLHGHU QLFKWV DQIDQJHQ NRHQQHQ 'HURZHJHQ PDQ LP.ULHJV5DWKYRUJXWEHIXQGHQZLHGHUDE]XVHHJHOQZHLO GLHUHFKWH=HLWYHUIORVVHQ'LH-DQLWVFKDUHQXQG%XHUJHUYRP /DQGHZLHGHULQGLH6WDGWNRPPHQ'LH)ORWWHDXFKPLW3UR YLDQW QLFKW XHEHUIOXHVVLJ YHUVHKHQ JHZHVHQ GDKHUR UDWKVDPHUGDV9RUKDEHQDXIIHLQHDQGHUH=HLW]XYHUVFKLH EHQDOVGLHJDQW]H$UPHHLQGLHDHXVVHUVWH*HIDKU]XVHW]HQ  -DKUH NXQGW LFK QLFKW PHKU LQ 5XKH VFKODIIHQ GDQ JH\HQ 7DJ HLQ RGHU HLQ KDOEH 6WXQGW 'H‰ 1DFKWV NRQGW LFK GHP /HLEHQLFKWUHFKWHUZHUPHQVRQGHUOLFKHQGLH)LH‰HVRPLKU GLHJDQW]H1DFKWZDUHQZLHGD‰(L‰VRNDOWZHOFKH.HOWHQ -DKU JHZHKUHW YRQ DQQR  EL‰ >@ ,Q GL‰HQ  -DKUHQ EHKDOIIH LFK PLFK PLW PHLQHQ .LQGHU VHKU JHQDX PLW GHU .OHLGXQJ XQG +ROW] VRZRO DOV PLW (VVHQ XQG 7ULQFNHQ ,Q GL‰HQ  -DKUHQ PHLQHQV /HLGWHQV ELQ LFK PLW YLOHUOH\ LQHUOL FKHQ /HLEVNUDQFNKHLWWHQ EHKDIIWHW XQGW EHODGHQ JHZH‰HQ PLWNDOWHQODXIIHW>H@Q*HVLFKWHUGHU*OLHGHU:H6DX‰HQXQG 3UDX‰HQGHU2KUHQ'DJXQG1DFKW

4XHOOH )QKG )QKG

)QKG

)QKG

)QKG

*QW]HU



VHLQ3DUWL]LS,,JHZHVHQ



%HOHJ 4XHOOH  -DKUH NXQGW LFK QLFKW PHKU LQ 5XKH VFKODIIHQ GDQ JH\HQ 7DJ HLQ RGHU HLQ KDOEH 6WXQGW 'H‰ 1DFKWV NRQGW LFK GHP /HLEHQLFKWUHFKWHUZHUPHQVRQGHUOLFKHQGLH)LH‰HVRPLKU GLHJDQW]H1DFKWZDUHQZLHGD‰(L‰VRNDOWZHOFKH.HOWHQ -DKU JHZHKUHW YRQ DQQR  EL‰ >@ ,Q GL‰HQ  -DKUHQ *QW]HU EHKDOIIH LFK PLFK PLW PHLQHQ .LQGHU VHKU JHQDX PLW GHU .OHLGXQJ XQG +ROW] VRZRO DOV PLW (VVHQ XQG 7ULQFNHQ ,Q GL‰HQ  -DKUHQ PHLQHQV /HLGWHQV ELQ LFK PLW YLOHUOH\ LQHUOL FKHQ /HLEVNUDQFNKHLWWHQ EHKDIIWHW XQGW EHODGHQ JHZH‰HQ PLWNDOWHQODXIIHW>H@Q*HVLFKWHUGHU*OLHGHU:H6DX‰HQXQG 3UDX‰HQGHU2KUHQ'DJXQG1DFKW $OV LFK ]X .RUQH\EXUFN LQ $UEHLGW VWXQGWH EHNDPH LFK GLH XQJHULVFKH .UDQFNKHLGW KDWW ]ZDU QLFKW KDUGW EH\ PLKU DQ JHVHW]$OKLHUKDELFKPLKUHUVWPDOOHQVFKU|SIIHQOD‰HQ)HU QHU ZDKU LFK GLH‰H JDQW]H =HLWW PLW VFKZHKUHQ PHODQFROL *QW]HU VFKHQ *HGDQFNHQ EHVFKZHUHW JHZHVVHQ LFK VFKU\H 7DJ XQGW 1DFKW ]X *RWW *RWW GHU GX PHLQ 9DWHU ELVW HUK|KUH PLFK *HRUJ '|W]VFKHO JHVFKULHEHQ GHQ  -DQXDU $QQR  -DKU +DEH HV ]X %HLFNKHLP EHNRPPHQ KDEH HV KHUDXV JH +DQGZHUNHU%DXHUQ VFKULHEHQLVLQHLQHU3RVW\OJHVWDQGHQLVWJHVFKULHEHQJH ZHVHQZLHHVGDVWHKW $QQR  GHQ  )HEUDU\ LVW HLQ .LQG ]X %UFNJUE LQ HLQHP*DUWHQJHIXQGHQZRUGHQ+DWHVHLQ+XQGDXVJHJUD EHQ ,VW LQ HLQHQ GUHLNlUWLJHQ +DIHQ JHVWHFNW JHZHVHQ +DQGZHUNHU%DXHUQ hEHUGLHVLVWGHU6FKXOWKHL‰YRQ%UFNJUXEXQG]HLJWHVGHU +HUUVFKDIW DQ :LUG GDV .LQG GXUFK GHQ +HUUQ 9HUZDOWHU -RKDQ&KULVWRSK5HEDXQGGXUFK*HULFKWVVFK|IHQEHVHKHQ 'LH7UNHQVRGDUDXIJHZHVHQKDWWHQVLFKVDOYLUHWXQGZD +DQQRYHUVFKH UHQ GDYRQ JDQJHQ (V ZDU XQWHU GHP 3|EHO HLQH VR JUR‰H )UHXGHDOVZHQQGLHWUNLVFKH)ORWWHZHUHJHVFKODJHQJH 5RWU|FNH ZHVHQ



%HOHJVDPPOXQJ

%HOHJ :HLOHQVROFKHVDEHULKUHP2UGHQ]XZLGHUXQGHUVHOEHQ]X QLHGHUVWR‰HQ VXFKHW ZLUIW GHU YHUIOXFKWH 0RKU HLQH EUHQ QHQGH /XQWH LQ HWOLFKH DOOGD VWHKHQGH 7RQQHQ 3XOYHU ZR GXUFK GHU YHUGDPPWH 6FKHOP QLFKW DOOHLQ VLFK VHOEVW VRQ GHUQ DXFK GLHVHQ KRFKEHUPEWHQ XQG JHOLHEWHQ *HQHUDO GH OD 7RXU QHEVW  VHLQHU &KHYDOOLHUV LQ GLH /XIW VSUHQJHW XQG REVLH]ZDUQLFKWKRFKJHZRUIHQJDEHQVLHGRFKDEVRQGHU OLFK GHU *HQHUDO DOV ZHOFKHU GXUFK XQWHUVFKLHGOLFKH DQGHUH :XQGHQXQGGXUFK%UDQGEHO]XJHULFKWHWZDUVREDOGGHL QHQ*HLVWDXIPLWJUR‰HP%HGDXHUQDOOHU&KHYDOOLHUVGH0DO WDDXFKXQVHUHUVlPEWOLFKHQ2IILFLHUGHQHQHUMHGHU]HLWVRQ GHUOLFK DIIHFWLRQLUHW JHZHVHQ 1RFK  DQGHUH &KHYDOOLHUV ZDUHQ JHIlKUOLFK EOH‰LUHW 9RQ GHQ 8QVULJHQ ZXUGHQ GXUFK HLQHQ6WFNVFKX‰WRWJHVFKR‰HQXQGEOH‰LUHW 'HQ  GLHVHV ZDUHQ  WRVFDQLVFKH *DOHUHQ VR GHU $GPLUDO *XLGL FRPPHQGLUWH QHEHQVW QRFK  )X‰NQHFKWHQ XQWHU GHV 3ULRUV 9HQGRPL &RQGXLWH ]X LKP JHVWR‰HQ GDUDXI GHQ  GLHVHV GLH SlEVWOLFKH XQG PDWKHVLVFKH )ORWWHQ GHUHQ MHQH  GLH DQGHUHQ  *DOHUHQ VWDUN XQG ]X EHLGHQ GHU IUWUHIIOLFKH3ULRU%UDQFDFFLRJHJHEHQZDUGHPHGDQQDXFK GHU&DYDOLHU0DODVSLQDDOV'LUHFWRUGHUFKULVWOLFKHQ*DOHUHQ ]XJHRUGQHW JHZHVHQ 'LH SlEVWOLFKHQ HQWKLHOWHQ  )X‰ NQHFKWH XQG GLH PDWKHVLVFKHQ DQGHUH  'DUXQWHU ZDV 5LWWHU ZDUHQ YRQ GHP *HQHUDO ]X /DQGH /D 7RXU VR ZH\ ODQG LQ GHU %HODJHUXQJH &DQGLD VHLQH 7DSIHUNHLW HUZLHVHQ FRPPHQGLUHWZXUGH +HXWH IUK KDW PDQ PLW GHQHQ 7URXSHQ VR ]XP 6WXUP GHVWLQLHUHWDYHQFLUHW:HLOHQDEHUGLH0LQHQRFKQLFKWY|OOLJ JHVWRSIHWJHZHVHQLVWPDQZLGHULQYRULJH%HUHLWVFKDIW]X UFNJHWUHWHQELVPDQQDFKPLWWDJVGD7RQQHQ3XOYHULQ GLH0LQHJHEUDFKWVRGDQQZLHGHUDYHQFLUHWDXFKGLH0LQH JHVSUHQJHWZRUGHQZHOFKHDEHUZHQLJHIIHFWXLUHW 'LH*DOHHUHQKDWWHQVLFKXQZHLWLQHLQH(FNHIUKPRUJHQGV JH]RJHQXQGGDV&DVWHOO6DUDQDGDZHOFKHVYRQGHQ0DQLRW WHQ VFKRQ EHUHQQHW JHZHVHQ DXIJHIRUGHUW ZHOFKHV VLFK GHQQDOVRIRUWPLW$FFRUGHUJHEHQXQGYHQHWLDQLVFKH%HVDW ]XQJHLQJHQRPPHQ 'HU *HIUHLWH KDWWH GHQ 7lWHU ZHOFKHU HWZDV WUXQNHQ JHZHVW XQG VLFK VFKODIHQ JHOHJW  DXIJHZHFNW XQG DXI GLH 6FKLOGZDFKWIKUHQZROOHQ

4XHOOH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH +DQQRYHUVFKH 5RWU|FNH





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ *HZL‰LVWZHQQZLUGHP)HLQGHDOVREDOGKlWWHQIROJHQN|Q QHQ ZLU HLQH XQVlJOLFKH %HXWH EHUNRPPHQ KlWWHQ GHQQ GLHVH 1DFKW YLHOH 7UNHQ ZLGHU XPEJHNHKUHW XQG EHU  &DPHO PLW DOOHP 5HLFKWKXPE GHV JDQ]HQ /DQGHV 1REOHVVH EHODGHQJHZHVHQQHEVWYLHOHQ 3IHUGHQ.UDQNHQXQG0X QLWLRQLVWQDFKJHKROHWZRUGHQ .DPHQ  7UNHQ YRQ &DVWHO 7RXUQHVH ZHOFKH DOGD HQWODX IHQ PLWHLQHU%DUFTXHDOOKLHUDQ(WOLFKH6FKLIIHZRUDXIHL QLJH &RPSDJQLHQ 0DUFXOLQHU HPEDUFTXLUHW JHZHVHQ JLQ JHQGDWRQDFKHU&OLPHQDXDEXPEGDVHOEVW]XFDPSLUHQ :XUGHQ  6ROGDWHQ YRQ ,KUR 'XUFKODXFKW GHV 3ULQ]HQ 5H JLPHQWDUFKLERXVLUHWZHOFKHLQGHUJHVFKHKHQHQ5HEHOOLUXQJ ]X0DOHPRNDDPPHLVWHQLQWHUUH‰LUWJHZHVHQXQGOLHIHQ GXUFKGLH6SLW]UXWKHQ 'LHVH1DFKWJLQJHQGLH*DOHUHQVRYRUHWOLFKHQ7DJHQKLHU ]XFRPPHQGLUWJHZHVHQGXUFKGLH'DUGDQHOOHQQDFKZHO FKHQ HLQ JUR‰HV 6FKLH‰HQ JHVFKDK GD‰ ZLU EHU  6FKX‰ JH]HKOHW 0DQOLH‰LQGH‰HQDXIGHU)RUWH‰HDOOKLUIOHL‰LJDUEHLWHQZHL OHQ PDQ HLQLJH *HZ|OEHU XQWHU GHU (UGH JHIXQGHQ VR YRQ ODQJHU=HLWKHUYHUVFKWWHWJHZHVHQZRULQQHQPDQXQWHU VFKLHGOLFKH DOWH PHWDOOLQH 6WFNH DXFK YLHO DOW YHUURVWHW (\ VHQXQGDQGHUH.ULHJV0DWHULDOLHQJHIXQGHQ :DVGLHVHU7HPSHOLQVHLQHP(LQIDOOHQYRU6FKDGHQYHUXUVD FKHW LQGHPH VHOELJHU YRQ 0HQQHUQ )UDXHQ XQG .LQGHUQ DQJHIOOHW JHZHVHQ DOV ZHOFKH VLFK YRU GHQ %RPEHQ GD KLQHLQ RGHU XPKHU UHWHULUHW JHKDEW LVW OHLFKW ]X HUPHVVHQ ZHLOHQZLUGUDX‰HQQLFKWDQGHUVPHLQWHQDOVGDVJDQ]H&DV WHOZHUHEHUQ+DXIHQJHIDOOHQ 0DQVLHKHWQRFKKLQXQGZLHGHUZDVKHUUOLFKH3DODW]LLQDO WHQ=HLWHQDX‰HUKDOEGHU6WDGWJHEDXHWJHZHVHQ8QWHUDQ GHUHQLVWPLW9HUZXQGHUHQ]XVHKHQZRGHUKHUUOLFKH3DODVW GHV.H\VHUV+DGULDQLJHVWDQGHQ>@ 'LHVH 6HXOHQ QHEVW GHP JDQ]HQ ZXQGHUZUGLJHQ *HEHXGH ZLH HV EHVFKULHEHQ ZRUGHQ ZDU DOOHV YRQ ZHL‰HP 0DPRU XQGVFK|QVWHQ%LOGKDXHUDUEHLWJHEDXHWKDWHLQHQYHUGHFNWHQ 6SD]LHUJDQJ VR DXI EHLGHQ 6HLWHQ PLW KRKHQ 0DUPRUVHXOHQ XQWHUVHW]WJHZHVHQZHOFKHU*DQJELVDXIGDV6FKOR‰GXUFK HLQHGD]XHUEDXHWH3RUWHELVLQGHU0LQHUYH7HPSHOJDQJHQ ZRVHOEVWDQGHU0DXHUYRQYRQGHQ6HXOHQVWHKHQLVWHLQ ZXQGHUZUGLJHVXQGNRVWEDUHV*HEHXGHJHZHVHQ

4XHOOH +DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH +DQQRYHUVFKH 5RWU|FNH +DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH



%HOHJVDPPOXQJ

%HOHJ .DPDEHUPDOHLQHWUNLVFKH3DUWH\ZHOFKHKDUWYRUGHU6WDGW HLQLJH JHIDQJHQ QDKPHQ XQG PLW VHOEHQ VLFK ZLHGHU GDYRQ PDFKWHQ $XI GHU 5HGRXWH LP +RO]H FRPPHQGLUHW JHZH VHQ ZRVHOEVW PDQ  7DJH VWHKHQ PXVWH :XUGHQ DEHUPDO GXUFKHLQHWUNLVFKH3DUWH\HLQLJH]X*HIDQJHQHJHPDFKW ,Q 'DOPDWLHQ KDWWH GHU *HQ &RUQDGR GLH 9HVWXQJ &DVWHOOR 1RYR QDFKGHP HV GLHVHQ JDQ]HQ 6RPPHU EHODJHUW JHZH VHQ JOFNOLFK RFFXSLUHW XQG ZXUG GLHVHUZHJHQ YRP KLHVL JHQ&DVWHOOLQJOHLFKHQLP+DIHQYRQDOOHQ6FKLIIHQXQG*D OHUHQ 6DOYH JHVFKR‰HQ XQG LQ GHQ .LUFKHQ GDV 7H 'HXP /DXGDPXVJHVXQJHQ ZRUDXI HU GHQQ JHUDGHV :HJHV DXI GLH 5HGRXWH ]XJDQJHQ XQG VHOE YLHUHU KLQHLQ JHVSUXQJHQ GD HU GDQQ DOOHV ZDV HU QXUDQJHWURIIHQEHUGLH.OLQJHVSULQJHQOD‰HQLQGH‰HQGH QHQ]XP6WXUPFRPPHQGLUWJHZHVHQHQ/HXWHQVFKOHXQLJH 2UWHNRPPHQGLH5HGRXWH]XHQWVHW]HQZHOFKHGDQQDXFK LPVFKOHXQLJHQ0DUFKGDVHOEVWDQNRPPHQ 'DV VR ODQJ YHUVHJHOW JHZHVHQH KH‰LVFKH 5HJLPHQW NDP KHXWHDXFKDQEHVWXQGLQ0DQEUDYHU/HXWH 'HQ  -XOL LVW GLH .|UQHULQ YRQ 0U]]XVFKODJ PLW IQI .LQGHUQ KHUHLQ JHIORKHQ ZHLO VLH DXFK LQ GHU JUR‰HQ 7U NHQJHIDKU VHLQG JHZHVW 'HU 6HPPHULQJEHUJ LVW ]ZDU ZRKO XQGJXWYHUKDFNWJHZHVWDEHUZHQLJ/HXW]XU:DFKW6HLQG ZRKOGLH7UNHQRIWNRPPHQXQGKDEHQ VYHVXFKWVHLQGD EHUPLWGHU+LOI*RWWHVZLHGHUYHUWULHEHQZRUGHQ 'DLVWXQVHU+DQV)ULHGULFKDXFKDXI:LHQJHUHLVWGHQ(LQ ]XJ]XVHKHQXQGKDWJHK|UWGD‰VLHGRUWZRVLHGLHDOOHU JU|‰WH3IRUWHQDXIJHULFKWHWHLQHWLHIH*UXQGIHVWHKDEHQJUD EHQ PVVHQ ZHJHQ GHU VFKUHFNOLFKHQ +|KH XQG GD KDEHQ VLHLQGHU7LHIHQHLQHURWHYRQ+DIQHUHUGHJHEUDQQWH7UXKH JHIXQGHQXQGLQGHU7UXHKQVHLQG7RWHQEHLQHUJHOHJHQXQG DOWHV.XSIHUJHOGGDUDXIJHVFKULHEHQLVWJHZHVW.RQVWDQWL QXVXQGQRFKPHKUZDVPLUHQWIDOOHQLVW'LHVHU.RQVWDQWL QXVVROO.RQVWDQWLQRSHOHUEDXWKDEHQ ,Q GLVHP MDU KDEHQ GLH 6FKZHGLVFKHQ PHFKWLJ JHVLJHW 6LH VLQGWLQ%|KPHQ0HKUHQXQGEL‰GLHIUQHKPHVWDW2OPLW] NRPHQ GLH VHOELJH EHPHFKWLJHW XQG HLQJHQRPHQ 'L‰H VWDW LVWPLWDOOHUOH\QRWWXUIIW]XIULHGHVXQGNULHJV]HLWHQXEHUIOLV VLJZROO YHUVHKHQJHZHVWXQG KDWGHQHQ6FKZHGLVFKHQHLQ KHUW]XQGPXWKJHPDFKWGLHVHOELJH]XHUKDOWHQ

4XHOOH +DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH

+DQQRYHUVFKH 5RWU|FNH +DQQRYHUVFKH 5RWU|FNH

+DXVEFKO

+DXVEFKO

+HEHUOH





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 'HQ  WDJ $XJXVWL VLQGW GLH YRQ *HL‰OLQJHQ PLW VDFNK XQG EDFNKQDFK8OPJHIORKHQDX‰IRUFKWGHU6FKZHGLVFKHQXQG )UDQFLVFKHQ 'DQ GDPDOOHQ ZDUHQ VLH XQVHUH IHLQGW XQG GLH .H\VVHULVFKHQ XQG %D\ULVFKHQ IUHQGW $EHU HV LVW YDVW XPEJHNHUW JHZHVVHQ GDV GLH .H\VVHULVFKHQ XQG %D\UL VFKHQXQ‰PHKUJHTXHOHWXQGJHSODJHWKDEHQGDQGLH6FKZH GLVFKHQ 'DQ PLU KDEHQ PVVHQ ]XVDPPHQ ]LHKHQ LQ GLH JUR‰HQ IOHFNKHQ'DPH‰HQZLUXQ‰VWDUFNZHKUHQXQGKDEHQPLW SL[HQGDSIIHQGUDXIIJHVFKR‰HQGDQZLUKDEHQGHQEHIHOFK YRQ GHU REHUNHLW 8QG LVW GHP NULHJVYROFN DXFK YRQ LKUH REHUVWH DXFK YHUERWHQ JHZHVVHQ GDV VLH GLH 8OPLVFKHQ G|UIIHU QLFKW VROOHQ EOQGHUQ GDQ VLH ZDUHQ GL‰PDOO QRFK IUHQGW ,QGLVHPMDUVWXQGWHVXEHOXPEGLHHYDQJHOLVFKHUHOLJLRQDQ DOOHQ RUWHQXQGZDQGHUN|QLJ DX‰6FKZHGHQGHP.H\VVHU PLWNULJQLWZLGHUVWDQGHQ KHWVRZHUHVXPEGHUWHWVFKHQ IUVWHQ JHVFKHKHQ JHZHVVHQ6LH ZHUHQ DOOHLQ ]X VFKZDFK JHZHVVHQ XQG >KlWWHQ@ GHQ OLVWLJHQ KDXIIHQ QLFKW XEHUZXQ GHQ$EHU*RWWGHUDOOHVHQGHQXQGZHQGHQNDQGHUVHOELJ KDWGHQLQJUXEHQJHIHOWGHUHVJUDEHQKDW 'HQ   WDJ &KULVWPRQHW VLQGW GLH UHLWHU ZD‰ EHULWHQ JHZH‰HQDXIIJHEURFKHQXQGGHU2EHUHSIDO]]X]RJHQGDQ GDVVFKZHGLVFKYROFNGDKLQVWUHLIIW 'L‰VLQGGLHIUDQ]W]|VFKHQRUWLQ7HWVFKODQGGLHVLQGWJH VHW]WJHZHVVHQEL‰]XHQGWGHVIULGHVDQQRMDU1XQ YROJHWGLH IUVWOLFKHQKHVVLVFKHQJDUQLVRQHQLQ7HWVFKODQG ZLHXQGZRVLHJHZHVVHQVLQGWZLHIROJW 'L‰ VLQGW KH‰LVFKH RUW LQ 7HWVFKODQG VLQG EHVHW]W JHZH ‰HQEL‰DQQRGDGHUIULGLVWEHVFKORVVHQZRUGHQ (VLVWDXFKLQGLVHPMDUGHQXQGVRIRUWDQLP &KULVWPRQHWHLQJUR‰HUFRPPHWHUVFKLQHQPLWHLQHPODQJHQ VFKZHLII RGHU UXWWHQ ZHOFKHU QXU VFKUHFNKOLFK LVW DQJHVH KHQJHZHVVHQ:DVHUDEHUPLWVLFKZLUGWEULQJHQJLEWGLH ]HLW .XUW]H HU]HOXQJ GHU N|QLJOLFKHQ LQ 6FKZHGHQ JXDUGLQVRQHQ LQ7HVFKODQGWVREH\HQGXQJGH‰NULHJVDQQRQRFKEH VHW]WJHZHVVHQLPPHKUHUWKHLOGHV5|PLVFKHQ5HLFKV>@ ,FK QHEVW PHLQHP :H\E VH\Q XQVHU /HEHQ ODQJ VROFKHV QLFKW EH]LHJHQ JHZHVHQ YLHO ZHQLJHU PLW +H[HUH\ XPE JDQJHQZHL‰DXFKQLFKWZLHGHUWRGWH.RSIXQG%HLQHXQWHU PHLQ6WlOFKHQNRPPHQVH\Q

4XHOOH

+HEHUOH

+HEHUOH

+HEHUOH

+HEHUOH

+HEHUOH +HEHUOH

+HEHUOH

+HEHUOH

+H[H



%HOHJVDPPOXQJ

%HOHJ +DWWHQVLHGLH6DFKHQDQHLQHQ2UWKJHWDKQ"6LHP|FKWHQMD EH\VDPPHQ JHWKDQ KDEHQ 6LH VLQG MD QLFKW EH\ HLQDQGHU VRQGHUQYHUVWUHXWJHZHVHQ",FKZHL‰QLFKWVZHLOLFKQLFKWV KLQJHWKDQ :LH LVWV PLW GHP (\ ZHOFKHV LP 0DXOZXUIIKDXIHQ HLQJH VWHFNWJHIXQGHQEHVFKDIIHQJHZHVHQ":LUSIOHJHQGLH+ QHU |IIWHUV LQ .HOOHU HLQ]XVSHUUHQ VR LVWV OHLFKW JHVFKHKHQ N|QQHQGD‰HVYRQHLQHUKLQJHOHJWZRUGHQ 6RQQWDJ GHQ  1RYHPEHU VLQG ZHOFKH  XPE  8KU QDFK 0LWWDJYRUGDV:RONHQVWHLQHU7RUNRPPHQGLHVLQG.DLVHUO JHZHVHQ XQG KDEHQ  6FKZHGLVFKH JHKROW GLH VLQG JHIDQ JHQJHZHVHQ8QGVLQGQDFKGHU3UH‰QLW]JH]RJHQ 6RQQWDJGHQ1RYHPEHUVLQG5HLWHUYRQ/HLS]LJNRP PHQ YRQ GHU VFKZHGLVFKHQ $UPHH GLH VLQG JHIDQJHQ JH ZHVHQGLHVLQGGXUFKJHJDQJHQ 'HQ  )HEHUDULXV LVW VFKZHGLVFK 9RON YRQ GHU 3UH‰QLW] NRPPHQ 'LH VLQG JHIDQJHQ JHZHVHQ DOV  GLH VLQG ZLHGHU QDFK )UHLEHUJ JH]RJHQ 'LH VLQG HLQH 1DFKW LQ GHU 6WDGWJHOHJHQXQGGHV0RUJHQIUKVLQGVLHIRUWJDQJHQ :LHVLHGLH/HLFKHQKDEHQJHWUDJHQVRKDEHQVLHHLQH)DKQH YRUGHP/DQWPDQQKHUJHWUDJHQGLHLVWYHUJROGHWJHZHVHQ 'DUQDFKLVWHLQHULQHLQHP.UD‰JHULWWHQ'DUQDFKGLHHUVWH /HLFKH 'DUQDFKKDWGHUJDQ]H&KRUJHVXQJHQ'DVLVWPDOZLHGHU KROHWZRUGHQ8QGGLH.LQGHU KDEHQ YRUGHP$OWDUJHNQLHW LQ ZHL‰HQ +HPSWHUQ +HPGHQ  XQG KDEHQ JUQH 5DXWHQ NUlQ]HREHQJHKDEW'DUQDFKLVWGHV+HUUQ'DQLHO(PPHU OLQJV 6WLHIVRKQ LQ HLQ :HLEVELOG YHUNOHLGHW JHZHVHQ LQ HL QHPVLOEHUZHL‰HQ.OHLGGHUKDWGHQ)ULHGHQYHUNQGLJWDOOHV IHUVFKZHLVXQGDXIDOOHQ%lQNHQKDWGDV&KRUJHDQWZRUWHW 8QGZLHZLUKDEHQQLHGHUJHJUDEHQVRLVWYRQVHLQHP.HOOHU GLH .DEHQ .DSSH  DQ GHU 7U QLHGHUJDQJHQ XQG HLQ 6WFN *HZ|OEH $EHU GLH 6WHLQPDXHU LVW QLFKW DQ EHLGHQ 6HLWHQ YHUVFKODJHQ JHZHVHQ VRQGHUQ QXU ZLGHU GHQ 6FKXWW JH PDXHUW 6ROFKH 0DXHU XQG *HZ|OE KDE LFK ZLHGHU PDFKHQ ODVVHQ 'DUQDFK LVW GHU 6XSHULQWHQGHQWH VDPEW  3IDUUKHUUHQ JDQ JHQGDUQDFKGLH5DWVKHUUHQGDUQDFKGLHYRUQHKPHQ%UJHU GDUQDFKGHU5LFKWHU]X%lUHQVWHLQVDPWGHQ*HVFKZRUHQHQ QDFK GHU .HUFKHQ $OV GLH 3UHGLJW YHUULFKWHW LVW JHZHVHQ VRLVWGDV6XSHULQWHQGHQWVDPWGHP5DWZLHGHUQDFKGHV6D PXOH 6FKUHLEHUV %HKDXVXQJ JDQJHQ XQG GDU 0LWWDJV]HLW JHKDOWHQ GDUQDFK GHV $EHQGV ]X +DXV JHIDKUHQ QDFK GHU 6WDGW$QQDEHUJ

4XHOOH +H[H

+H[H

.OHLQKHPSHOV +DXVFKURQLN .OHLQKHPSHOV +DXVFKURQLN .OHLQKHPSHOV +DXVFKURQLN .OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 6HLQH.UDQNKHLWEHWUHIIHQGVRLVWHUVHLW0LFKDHOKHULPPHU PLW.UDQNKHLWEHODGHQJHZHVHQXQGKDWJUR‰H%HVFKHUXQJ DP.RSIJHKDEWXQGZHQLJGHU6SHLVJHQLH‰HQN|QQHQ 'DUDXI QLPPW HU GDV 3LVWRO UDXV XQG VSDQQW HV GD HU DEHU GDV 3LVWRO DEHU ZLOO ]XU OLQNHQ +DQG HLQVWHFNHQ VR VFKOlJW LKPGHU0XIIHQDQGDV=QJHOGD‰HVDEJHKWXQGJHKWGHU 6FKX‰LQGDVOLQNH%HLQ'DV3LVWRODEHULVWPLWJHVWFNHOWHQ 6FKURWEHODGHQJHZHVHQGD‰GLH5|KUHQLP%HLQDXFKHQW ]ZHLJDQJHQXQGHVGLH)OHFKVHQYHUEUDQQWKDWGD]XLKPGLH 6FKURWLP%HLQEOLHEHQVLQG :HOFKHV.XSIHUGDFKXQWHUGHP.XSIHUDQGHQ%UHWWHUQXQG LP+RO]DOVGHQ6SDUUHQXQG%DONHQLP*UXQGYHUIDXOHWLVW JHZHVHQGD‰HVPLWQHXHQ%DONHQXQG6SDUUHQKDWPVVHQ DXVJHEHVVHUWZHUGHQXQGPLW6FKLQGHOQEHGHFNWZHUGHQXQG GDVGDFKURWDQJHVWULFKHQZRUGHQLVW 'HULVWDP/HEHQJHEOLHEHQDEHUDQGHP'RQQHUVWDJQDFK PLWWDJ LVW GHP 9HUVWRUEHQHQ GHU /HLE JH|IIQHW ZRUGHQ 6R KDWGHU'RNWRUJHIXQGHQGD‰LPGDV+HU]/XQJXQG/HEHU YHUOHW]WLVWJHZHVHQ'DUDXIGHQ6RQQWDJLVWHUPLW*HVDQJ XQG.ODQJ]XGHQ(UGHQEHVWDWWHWZRUGHQ $SULOLXV6RQQDEHQGDEHQGV]ZLVFKHQXQG8KULVWGHV +DQV.DXIPDQQHLQ 3RVDPHQWLHUHULQ%XFKKRO]VHLQ6RKQ PLW1DPHQ DXVGHU6WDGW JHJDQJHQXQGLVWWUXQNHQJH ZHVHQ$OVHUUXQWHUDQGHV:ROIIVJUDEQHUVHLQH0DXHUDP 9RUZHUNNRPPWVRPDJHULP/DXIJHZHVHQVHLQXQGLVWLQ GHQ)DKUZHJQHLQJHVFKRVVHQXQGKDWGHQ.RSIHLQJHIDOOHQ GD‰HUDOVREDOGLVWWRWEOLHEHQ 'HQ0DLKDWPDQ+HUUQ&KULVWLDQXV$UHQWKROWDXFKYHU EUDQQW JHVWRUEHQ EHJUDEHQ ZHOFKHU LQ $U]QHLVDFKHQ ZRKO HUIDKUHQLVWJHZHVHQXQGYLHO/HXWHQJHKROIHQKDW 6RKDWPDQJHUlXPHWELVGLH1DFKWXPE8KUGD‰PDQVLH JHIXQGHQ KDW $EHU VLH LVW 7RGHV YHUEOLFKHQ JHZHVHQ DQ LKUHQ/HLELVWQLFKWV]HUEURFKHQJHZHVHQZHGHU$UPHQRFK %HLQHDXFKDQGHP$QJHVLFKWQLFKWVYHUVHKUWJHZHVHQ 6RKDWPDQJHUlXPHWELVGLH1DFKWXPE8KUGD‰PDQVLH JHIXQGHQKDW$EHUVLHLVW7RGHVYHUEOLFKHQJHZHVHQDQLK UHQ/HLELVWQLFKWV]HUEURFKHQJHZHVHQZHGHU$UPHQRFK %HLQH 6RKDWPDQJHUlXPHWELVGLH1DFKWXPE8KUGD‰PDQVLH JHIXQGHQKDW$EHUVLHLVW7RGHVYHUEOLFKHQJHZHVHQDQLK UHQ /HLE LVW QLFKWV ]HUEURFKHQ JHZHVHQ ZHGHU $UPH QRFK %HLQHDXFKDQGHP$QJHVLFKWQLFKWVYHUVHKUWJHZHVHQ

4XHOOH .OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN

.OHLQKHPSHOV +DXVFKURQLN .OHLQKHPSHOV +DXVFKURQLN .OHLQKHPSHOV +DXVFKURQLN .OHLQKHPSHOV +DXVFKURQLN



%HOHJVDPPOXQJ

%HOHJ 8QGKDELKQ GHQ6FKZDQ]VWHUQ JHVHKHQZDQQHULVWKHOO JHZHVHQXQGKDWLPPHUDQGHQYHUPHQW )LUPDPHQW LPPHU KHFKHU JHVWDQGHQ $EHU HUVWOLFK LVW HU PLW GHQ 6WUDKOHQ YRU DQJHVWDQGHQ DEHU KHUQDFK LVW GHU 6WUDKOHQ KLQWHQQDFK JDQ JHQJHOHLFKZLHHLQSIDEHQVFKZDQW]JHVWHOOWJHZHVHQ:DV HVEHGHXWHWGDVLVW*RWWEHZX‰W6HLQHQ$XVJDQJKDWHUJH QRPPHQ (‰ZROOVLFKGHUJQVWLJHOHVHUQLWEHIUHPEGHQODV‰HQGD‰VR IDOVFKH]HLWXQJHQKHUXPEJDQJHQGD‰ZLUDXFKVRNOHLQJODX ELJJHZHVHQGHQHQGLHXQ‰GLHZDKUKHLWVDJHWHQ(‰LVWXQ‰ LQ GLVHQ NORVWHU QLW DOOHLQ JHVFKHKHQ H‰ LVW GDV JDQ]H ODQG YRQVROFKHQIDOVFKHQEHULFKWHLQJHQRPHQJHZHVHQ+DEHQ GRFKGLH.H\VHUOLFKH0D\HVWlWVHOEVWHQ0RQWDJXQGHUWDJ PHLOOYRQ:LHQJHMDJHW]X3HWHUVWRUIIXQG0HGOLQJDOOZRYLOO KXQGHUWIOFKWLJHOHXWKVLFKGHUPDOOHQVFKRQEHIXQGHQ ,FK JODXEH GDV HUV LKQHQ JHVDJW KDEH DO‰ JXHWHQ IUHXQGHQ GDQHUJDUVHKUEHNDQQWZDULQGHQJDQ]HQZLOGPDUFKVHOEL JHURUWKHQXQGKDWYHUPHLQWPLWHKUHQVDPEWVHLQHQVWLIIOHQ DOVR GDUGXUFK ]X NKRPEHQ XQG REZROOHQ HU ZHGHU SIHUG QRFKJHOGDXIGHQVHOELJHQYRUDQGHUHJHIKUWKDWWHVRLVWH‰ GRFK ZDKU GDV HU VR ZRKO DO‰ DQGHUH KHUUQ JHLVWOLFKH YRQ +HLOLJHQ &UHX] PLW JDU JXHWHQ JHOGPLWOHQ YHUVHKHQ VHLQ JHZHVHQ XQG LVW GLH VDFK VHKU EHO EHVWHOOWZRUGHQ GDV H‰ GLHOHLFKWIHUWLJHEDXUQKDEHQLQQHQZRUGHQ 8QGPHKUH‰GLVHQVH]WHHUKLQ]XHGDVHLQJXHWHVXPPDYRU PLFK XQG PHLQH NQDEHQ YHUPHLQHW ZlUH ZHOFKH‰ LKP ]XP K|FKVWHQ VFKPHU]HWH YHUORKUHQ ]X KDEHQ GDQ HU PHLQ DQ VRQGHUOLFKHUJXHWHUIUHXQGVH\HXQGZRKOZXVWHGDVLFKRK QH JHOG PLW GHQHQ NQDEHQ VH\H HQWODVVHQ ZRUGHQ (U DEHU KDEH PLU HLQH‰ ]XZHJHQ JHEUDFKW XQG YRUEHKDOWHQ VH\H DXFKLQZHUFNKEHJULIIHQJHZHVHQPLUGDVVHOELJH]XH]XVWHO OHQGHU]HLWDEHUZXVWHHUPLFKQLW]XILQGHQGHQHQNQDEHQ KDEHU‰QLWJHEHQZROOHQVRHUGRFKXQGWHUZHHJ‰DQJHWURI IHQGLVHLKPDEHUYRQPLUQLW]XVDJHQJHZXVWZRLFKVH\H 'LHVHU DO‰ HLQ ZDFNKHUHU PDQ GHPH GHVVJOHLFKHQ DOOH ZHHJ GXUFKGLHZlOGHUEHNDQQWZDUHQVDJWH]XPLUGDVHUVLFKQLW JQXHJVDPE YHUZXQGHUQ N|QQH GDV GLH SDWUHV GLVHQ MXQJHQ SULHVWHUVROFKHQJHZDOWEHUVLFKODV‰HQ]XLKUHQDLJQHQYHU GHUEHQ(UVDJWHZHLWHUZLHHUDXFKJHVLQQHWVH\JHZHVHQ PLWPLUGLHSDWUHVDX‰GHQNORVWHUGXUFKDOHUOH\DEZHHJGH QHQ7DUWHUQXQGEDXUQ]XHQWIKUHQ

4XHOOH

.OHLQKHPSHOV +DXVFKURQLN

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 'LH JU|VWH VR VLH KDEHQ ZDU GLVH 6LH KDEHQ PHVVHQ YLOO ]HQWHQXQGIlVVHOSXOYHULQGHQKRIIDQQHKPEHQXQGGLHVHO ELJH LQ GLH FDSHOOHQ XQG JHZ|OEHU OHJHQ DEHU GHU IHLQG KDW DOVEDOG HWOLFKH ERPEHQ LQ GHQ KRII JHZRUIIHQ XQG ZDQ QLW *RWW VLH DEVRQGHUOLFK EHKWHW KlWWH ZlU H‰ QLW DOOHLQ XPE VLHVRQGHUQDXFKXPEGHQJDQ]HQVHOELJHQGLVWULFWGHUVWDWW JHWKDQ JHZHVHQ 'DQ VR YLOO SXOYHU KlWWH DOOH‰ LQ GLH OXIIW JHVSUHQJHW MD ZD‰ PHKU LVW PDQ KDW KHUQDFK HLQ JURVVHV VWFNKYRQHLQHU]HUVSUXQJHQHQERPEHQLQHLQHQIlVVHOSXO YHUVWHFNKHQJHIXQGHQ 8QGWHUGHV‰HQ ELQ LFK LQ PHLQ ]LPPHU JDQJHQ ZHOFKHV YROO NUDQFNKHUXQGEHVFKlGLJWHUOHXWKZLHDXFKPLWYLOOHQWUJHQ NlVWHQ XQG IlV‰HUQ EHOHJW JHZHVHQ GDV LFK NDXP LQ PHLQ YHUVFKORVVQH‰NlPHUOHLQN|QQHQKLQHLQJHKHQ 'HUSDWHUVRGDVNORVWHUGHIHQGLHUHQZROOHQLVWVHOEVWHQHL QHU JHZHVHQ VR VLFK PLW LKQHQ GDUYRQ JHPDFKW 'DQ GHU NRFKKDWPLUKHUQDFKJHVDJWGDVQLWPHKUSXOYHUYRUKDQG WHQ JHZHVHQ DO‰ HLQ NOHLQH‰ VlFNKO YROO ZHOFKH‰ HU PLU DXFK QRFK JH]HLJW KDW /HW]WOLFK VSUlQJWHQ GLH 7DUWHUQ GD‰ LQQHUHJUR‰HKDXEWWKRUPLWJHZDOWHLQXQGKDXHWHQDOOH‰QL GHUZD‰VLFKZ|KUHWH +RFKJHHKUWHU OHVHU GLH LPPHUZHKUHWH OlUPHQ GLH VWlWWH IHLQG‰JHIDKU XQG GHU JURV‰H VFKURFNKHQ KDWWH GLH OHXWK VR IRUFKWVDPE JHPDFKW GDV ZR PDQ HLQLJH IOLHKHQ JHVHKHQ PDQJOHLFKYHUPHLQWKDWGHUIHLQGVH\DXFKVFKRQKLQGHULK QHQ 8QG REZROOHQ GDPDKO‰ GHU IHLQG QLFKW YRUKDQGWHQ JHZHVHQVRKDWHUGRFKGLHVHDUPHOHXWKYRQDQGHUQRUWKHQ KHUJHMDJWXQGLVWLQHLQHURGHUGHUDQGHUQVWXQGEDOGGDUDXI VHOEVWHQJHIROJHW 'DVNORVWHUZDUIDVWJDQ]HLQJHEUHQQW'HUPD\UKRIIPLWGHQ ZUWKVKDX‰ LVW Y|OOLJ DEJHEUHQQW ZD‰ DEHU JHZ|OEW JHZH VHQ LVW VWHKHQ EOLEHQ 'HU JURVVH KRII LQ ZHOFKHQ GLH VFK|QVWHQJDVW]LPHUJHZHVHQLVWLQGHQREHUQVWRFNKGXUFK GDVIHXHUJDQ]YHU]HKUHWZRUGHQ>@ 6RQVWHQLVWLQGHQXQGWHUQVWRFNKQLFKWVDXVEUHQQWZRUGHQ H‰ VHLQW JDU KRFKH ]HLOHQ OlGHQ VWHKHQ JHEOLEHQ DXVVHU GHU WLVFKOHUH\ZHOFKHVLHGHVVJOHLFKHQDXIGHQJUXQGDXVJHEUHQQW XQG REHU GLHVHU GLH JUXQGVWXEHQ LQ ZHOFKHU HEHQIDOOV GLH JlWWHUXQGIHQVWHUVWHLQMDDOOHVDXIGDVlUJVWH]XHJHULFKWJH ZHVHQXQGDXVJHEUHQQWJOHLFKZLHLQPHLQHQ]LPHU $OOH‰ LVW GDULQHQ JHZHVHQ EHU HLQHQ KDXIIHQ JHZRUIIHQ ZD‰ YHUVFKORVVHQ JHZHVHQ KDEHQ VLH DXIJHVFKODJHQ ZD‰ RIIHQJHZHVHQLVWXQYHUOH]WEOLEHQ

4XHOOH

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK

.OHLQVFKURWKV 7DJHEXFK



%HOHJVDPPOXQJ

%HOHJ 4XHOOH GDQ  6HWHPEHULV KDW PDQ GLH %HGH &RPSDQL =X 3IHUGW 9QGW IXR‰ JH0XVWHUW 9QG ([HU]LHUW LVW ZRKO HLQ KSVFK 9ROFNDOHLQ9HU9UVDFKW9Q‰JUR‰HQ&RVWHQDQNODLGHU9QGW JHZHKUGD‰HVVFKZHKUOLFKLVW9‰]XGDXUHQGHQHV1LH9RU /DLFKLQJHU&KURQLN GHU =HLW JHVFKHKHQ GDQ LFK 9RU 1|UQOLQJHU 6FKODFKW DXFK 9II  -DKU PLW GHU 9‰ZDKO %LQ YHUKRIIW JHZHVHQ 1HEHQ DQGHUQ DEHU 1HPDQGW QL[ JHEHQ GDQ JDKU DUPH %XUJHU -H PDKOHLQURFNRGHUHLQ%DKU6WULPSII 6R JDEHQ VLH PLU ]XU $QWZRUW 6LH ZHUGHQ ]XU 5DULWlW DOOGD YHUZDKUHWXQGDOOHGHQHQIUHPEGHQ6WDQGHV3HUVRQHQJH]HL JHW GHQQ YRU GLHVHQ VR ZlUH GHV +HU]RJV YRQ 0RQPRXWK 5HXWHU RGHUZLHGHU.HUOJHKHL‰HQKDWWHVHLQH6ROGDWHQPLWEHZDII QHWJHZHVHQXQGGLHKlWWHQPLWVROFKHQ6HQVHQGHQHQ/HX WHQGLH.RSIIHVRVWDWWOLFKKHUXQWHUJHVlEHOW 1DFKGHPLFKYRQPHLQHQ-XQJIHU0XKPHQQXQVROFKHVYHU QDKPGD‰HVXQYHUVHKHQHUZHLVHJHVFKHKHQZDUXQGGD‰GLH 5HXWHU 3UHVFKHQ ZHOFKH LFK EHNRPPHQ HLQHQ DQGHUHQ ZDUHQ ]X JHGDFKWJHZHVHQVROLH‰LFKVJXWVH\QXQGGDFKWH,UUHQLVW PHQVFKOLFK 'HVVHQJDUVLQ$ESULOGHQKDEHLFKPLFKYQWHUGHQ SDESHQKHPVHQ 5HJHPHQGW ]X 9OP ODVVHQ YQWHUKDOWHQ GHQ LFKELQJDQVDEJH5LVVHQJHZHVVHQIXUHLQHQJHIUHLWHQYRQ 6|OGQHUOHEHQ GDDXVVLQGWZLUDXIIGHQPXVWHUSODW]JHW]RJHQQDFKGLHREHU 0DUJUDIIVFKDII EDGHQ $OGRUW ,Q TDUWLHU JHOHKJHQ JHIUHVVHQ YQGWJHVRIIHQGDVHVJXGWKHLVVHW $OKLHUKDWVLFKGLHVFKZHGLHVVH$UPHYHUVFKDQVV]HWYQGWLVW HLQH JUDXVDKPH +LW]H JHZHVVHQ GDV HLQ WUXQJ ZDVVHU ]X GHPPDOWHXHUZDU$OVRZHLOHUYHUVFKDQW]HW,VWJHZHVHQ 6|OGQHUOHEHQ VLQGWZLUZLHGHU]X5XJDXIIWDQJHUPXQGHDXIIPDJWHERUJN DXII HLVOHEHQ $XII PHUVVHEXUJN DXII OHLHEFLHFK $OKLU GDV OHKJHUJHVFKODJHQ $XIIGLHVHQWDJVLQGWZLUJHVFKODJHQZRUGHQGLHJDQVVHEHL ULHVVH $UPH DXVJHQRPPHQ GLHVH  5HJHPHQGWHU QLFKW DOV 3DESHQKHP :DOOLHV :DQJHQHU 9QGW ,XQJH WLHOOLHVHQ GHQ ZLUVLQGWDXIIGHQ5HFKWHQIOXJHOJHVWDQGHQYQGWKDEHQDXI GHQ VD[HQ JHWURIIHQ GLH KDEHQ ZLU $OVR EDOW ,Q GLH IOXFKW 6|OGQHUOHEHQ JHVFKODJHQGDZLUYHUPHLQGWKDEHQZLUKDEHQJHZRQQHQVR ,VWYQVHUOLQJNHUIOXJHODOOHVJHVFKODJHQJHZHVVHQGDKD EHQZLUYQVDXFKPXVVHQ]XDOOHQJOXJ NRPEW XQGW >YQV@ GLH QDFKW DXII GHQ KDOVH VRQVW ZHUHQ ZLU DXFK NXESXW JH PDFKWZRUGHQ





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ GHQ  DXJXVWL VLQGW ZLU JH]RJHQ DXII 5XPEHOUEHO GHQ  DJXVWLKDEHQVLHJHDJFRUGLHUHWVLQGWDEJH]RJHQ$OGDKDEHQ ZLUYQVZROYHUVHKHQPLWVFKDQVVHQ$OVRGDVGLHJDQVVHDU PH ,VW EHVFKDQW]HW JHZHVVHQ GHQ  VHEWHPEHU GLHVHV JDUV,VWGHU.|QLHJDXVIUDQJUHLFKPLWWDXVHQGWPDQ]X VFKODJHQ YHU0HLQHW $EHU ZHKJHQ GLH YLHO VFKDQVVHQ KDW HU QLFKW]XYQVJHN|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

4XHOOH

6|OGQHUOHEHQ

6|OGQHUOHEHQ

6|OGQHUOHEHQ

6|OGQHUOHEHQ

6|OGQHUOHEHQ



%HOHJVDPPOXQJ

%HOHJ $XIIELQJHDP5HLQYQGW,VWYEHUJHVFKLHIIHWEHLGHQ0HXVH WXKUHQ,QGLH5HQJNRHLQVFK|QODQGWYRQZHLQZDJV[YQGW KDWVLFKYHUOHFKWPLWHWOLFKH5JHPHQWHUQGDKDEHQZLU,KQHQ DXFKQLFKWZROOHQOHLGHQYQGWKLQYQGWKDEHQGLH5HJH PHQWHU IDVW DOOH EHNRPHQ GD KDEHQ VLFK HGWOLFKH DXII GHQ PHXVHQWXKUHQ ULWWULUW YQGW DXFK LVW EHVHGW]HW ,VW  JHZHV VHQDXFKHLQJHQRPPHQ $XII HLQH =HLW ,VW DXII GHQ VSLOSODGW] VROFK IOXFKHQ YQGW VFKZHUHQJHZHVVHQVRWXGWVLFKHLQHUQDFKGHQZXUIIHOEXJ NHQ GHQ VLH KDEHQ DXII HLQHQ WLFKV JHVSLOHW GD ,KP HLQ ZXUIIHO,VWHPEWIDOOHQJHZHVVHQVRVLHKHWHUDPWLFKVHL QHQVWHKHQPLWHLQHQNXKIXVGLHVHUIHQJWDQRKHU-HVXZDV VLQGW $OKLU YRU VSLOHU DP WLFKV DOVR ,VW HU DOVREDOGW YHU VFKZXQGHQEHLGHQWLFKVYQGWKDWHLQHJURVVHQVWDQJKLQGHU VLFKJHODVVHQ ZLHGHU DXII K|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‰GHU&KXUIUVWYRQ&|OQ0DQ]X)X‰ XQG  3IHUG GXUFKV )UVWHQWKXPE +H‰HQ GHP +HUW]R JHQYRQ%D\HUQXQGGHU/LJD]X*XWHPLKUHQ3D‰PLWW*H ZDOW QHKPHQ OD‰HQ ZROOHQ VHLQG ,KUH )UVWOLFKH *QDGHQ VROFKHV]XYHUKLQGHUQLKUHU5LWWHUVFKDIIWXQGHW]OLFKH)HQG OHLQLKUHV$XVVFKX‰HVXI]XIRUGHUQHQWVFKOR‰HQJHZHVHQ +DEHQDOVRDXFKPLKUGDPDOVVFKULIIWOLFKH>IROU@EHIHKOL JHQ OD‰HQ DXFK PLWW HLJHQHQ +lQGHQ IROJHQGH :RUW JH VFKULHEHQ 'HQ2FWREHU$QQRKHUQDFKHLQH5HLVH]XGHP+HUUQ )HOGPDUVFKDON QDFK 5HQQHV LQ %ULWDQQLHQ JHWKDQ YRQ ZHO FKHULFKJOFNOLFKHQGHQ)DVWQDFKWV'LQVWDJN$QQR]X )UH\EHUJEH\PHLQHU9HUWUDXZWHQZLHGHUDQJHODQJHW=XQRW LUHQGD‰LFKGLHVHQ7DJNLQHLQHUORVHQ%DFKGLHDEHUGLHII XQGYRQYLHO5HJHQVHKUDKQJHODXIIHQJHZHVHQ0HLOYRQ JHGDFKWHP)UH\EHUJEH\QDKHQWHUVRIIHQ

4XHOOH

6|OGQHUOHEHQ

6|OGQHUOHEHQ

6|OGQHUOHEHQ

6|OGQHUOHEHQ

6|OGQHUOHEHQ :LGPDUFNWHUV

6|OGQHUOHEHQ :LGPDUFNWHUV





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ $O‰QDFKGHPHLFKDEHUGLHDKQJHERWWHQHQ*HZHKUDX‰,KUH )UVWOLFKHQ *QDGHQ =HXJKDXV LQ VR KRKHP :HKUW ZLH VLH DKQJHVFKODJHQJHZHVHQQLFKWDEQHKPHQN|QQHQELQLFK EH\GHURVHOEHQLQVHKUJUR‰H8QJQDGJHZHVHQGDUEHUYHU IROJHW DEHU HQWOLFK DEHU HQWOLFK ]X PHLQHU >XQOHVHUOLFKHV :RUW@ JOFNOLFK ZLHGHU =XUFNNXQIW DOV PHLQH (QWVFKXOGL JXQJ JHK|UHW DX‰ IUVWOLFKHU 0LOGH XQG GD‰ LFK JDQW] XQ VFKXOGLFKJHZHVHQZLHGHUYHUV|KQHWZRUGHQ 'LHVHQ7DJNLVWGHU5KHLQJUDIIPLWWVHLQHQ5HXWWHUQJHPXV WHUWZRUGHQZLHZROOHUQLFKWDOOHUGLQJVZHGHUPLWW5HXWWHUQ QRFKGHUHQ&XUDVVHVJHIDVWJHZHVHQH

4XHOOH

6|OGQHUOHEHQ :LGPDUFNWHUV

6|OGQHUOHEHQ :LGPDUFNWHUV

-DKUKXQGHUW %HOHJ $OOHLQDQGHPKDOEHQ%RJHQ3DSLHUZRPLWHLQHUGHU.|SIH EHGHFNWJHZHVHQZDU GHUJDQ]HhEHUUHVWGHQPDQHUKDO WHQNRQQWH HQWGHFNWHGDVEHZDIQHWH$XJHQLFKWQXU$UVHQL FN|UQHU VRQGHUQ QDFK PHKUHUQ PLW *HQDXLJNHLW JHPDFKWHQ 3UREHQ HQWKLHOW VROFKHV 3DSLHU $UVHQLF XQG =LQN RGHU VR JHQDQQWHQZHL‰HQ9LWULRO 'LH UHJH *HVWDOW ZHOFKH XQVHUH XUXUDOWHQ GHXWVFKHQ 9RU IDKUHQ GLHVHQ VWHLQHUQHQ .HLOHQ ]X JHEHQ IU JXW JHIXQGHQ RGHU YLHOPHKU DXV 1RWK LQ (UPDQJHOXQJ HUIRUGHUOLFKHU +OIVPLWWHOXQG:HUN]HXJH]XJHEHQJH]ZXQJHQJHZHVHQ VLQGXQGGLHLP*DQ]HQJHQRPPHQEHLNOHLQHQXQGJUR‰HQ 6WFNHQ LPPHU GLH QHPOLFKH LVW Ol‰W EHL XQV GLH )UDJH UHJH ZHUGHQ (EHQ GLH‰ VLHKW PDQ ]XZHLOHQ REJOHLFK VHOWHQ LQ 2WUDQWR XQGDQGHUQ2UWHQZRPDQHVDOVHLQHQXQOHXJEDUHQ%HZHLV GHV 7DUDQWHOELVVHV EHWUDFKWHW ,Q 0DOWD KLQJHJHQ VFKUHLEW PDQ HV GHU DOO]XJUR‰HQ +LW]H ]X ZHOFKHU GHU .UDQNH LVW DXVJHVHW]W JHZHVHQ 'HQQ GRUW JHKW GDV HQWJHJHQJHVH]WH 9RUXUWHLOVRZHLWGD‰GLH(LQZRKQHUGHQ7KLHUHQDOOHV*LIW VHLWGHU]HLWDEVSUHFKHQGD3DXOXVDXIGLHVHU,QVHOZRKLQLKQ HLQ6FKLIEUXFKJHEUDFKWKDWWHGLH6FKODQJHYRQVHLQHU+DQG LQV)HXHUVFKOHXGHUWH 6LHYHUVLFKHUWHQKRFKXQGWHXHUGD‰ZHQQVLHDOOHGLHJUR‰HQ 6FKZLHULJNHLWHQYRUDXVJHVHKHQKlWWHQVLHGLHVHV:HUNQLFKW IU7DXVHQG7KDOHUZUGHQXQWHUQRPPHQKDEHQ/HEHQVJH IDKU ZlUH GDPLW YHUNQSIW JHZHVHQ ZHQQ VLH QLFKW HLQH DXVVHURUGHQWOLFKH6WDQGKDIWLJNHLWEHZLHVHQKlWWHQ

4XHOOH

$EHUJODXEHQ

$EHUJODXEHQ

$EHUJODXEHQ

$EHUJODXEHQ



%HOHJVDPPOXQJ

%HOHJ $OVVLHQXQDOOHPLWGHQ+lQGHQLQGHU7DVFKHZLHGHULQGHV +HUUQ=LPPHU]XVDPPHQJHNRPPHQZDUHQVREHIDKOHUDO OHQLKUH+lQGHYRU]X]HLJHQ'DUXQWHUZDUDOVRNHLQHUGHP VLH QLFKW EHUX‰W JHZHVHQ ZlUHQ DOV GHU7KlWHU XQG GLHVH $Q]HLJHZDUQXQGHP+HUUQJHQXJGLHVHQIUGHQ'LHE]X HUNOlUHQ 'LHVH+HUUHQEHJDEHQVLFKDOVRLQHUPHOGHWHV'RUIXQGEH VLFKWLJWHQ GHQ EHUHLWV DXVJHJUDEHQHQ .|USHU GHV 3HWHU 0D JRMRZL] XQG IDQGHQ GD‰ YRQ GLHVHP .|USHU XQG GHVVHQ *UDEHQLFKWGHUPLQGHVWH7RGWHQJHUXFKYHUVSUKUHWZRUGHQ GHU .|USHU DXVVHU GHU 1DVH ZHOFKH HWZDV DEJHIDOOHQ JDQ] IULVFK +DUU XQG %DUW MD DXFK GLH 1lJHO ZRYRQ GLH DOWHQ KLQZHJJHIDOOHQDQLKPJHZDFKVHQGLHDOWH+DXWZHOFKHHW ZDV ZHLVOLFKW JHZHVHQ KlWWH VLFK ZHJJHVFKHHOW XQG HLQH QHXH IULVFKH GDUXQWHU KHUYRUJHWKDQ ² 'DV *HVLFKW +lQGH XQG)‰HXQGGHUJDQ]H/HLEZlUHQVREHVFKDIIHQJHZH VHQGD‰VLHLQVHLQHQ/HE]HLWHQQLFKWYROONRPPHQHUKlWWHQ VH\Q N|QQHQ ,Q VHLQHP 0XQGH KDEH PDQ QLFKW RKQH (U VWDXQHQHLQLJHVIULVFKHV%OXWHUEOLFNHWZHOFKHVGHUJHPHLQHQ 6DJH QDFK HU YRQ GHQ GXUFK LKQ 8PJHEUDFKWHQ JHVRJHQ NXU] HV ZlUHQ DOOH $Q]HLJHQ YRUKDQGHQ JHZHVHQ ZHOFKH GHUJOHLFKHQ/HXWH PHQOLFK9DPS\UHQ DQVLFKKDEHQVROOWHQ 'DV*HVLFKW+lQGHXQG)‰HXQGGHUJDQ]H/HLEZlUHQVR EHVFKDIIHQ JHZHVHQ GD‰ VLH LQ VHLQHQ /HE]HLWHQ QLFKW YROO NRPPHQHUKlWWHQVH\QN|QQHQ,QVHLQHP0XQGHKDEHPDQ QLFKWRKQH(UVWDXQHQHLQLJHVIULVFKHV%OXWHUEOLFNHWZHOFKHV GHUJHPHLQHQ6DJHQDFKHUYRQGHQGXUFKLKQ8PJHEUDFK WHQ JHVRJHQ NXU] HV ZlUHQ DOOH $Q]HLJHQ YRUKDQGHQ JH ZHVHQ ZHOFKH GHUJOHLFKHQ /HXWH PHQOLFK 9DPS\UHQ  DQ VLFKKDEHQVROOWHQ ZHOFKHU XQWHU ,KUR .DLVHUO 0DM &DUO GHP 9, EHL GHU 6FKODFKW EHL %HOJDUG JHVWDQGHQ LVW XQG VHLQH .XQVW DXI  -DKU GXUFK YLHOH /lQGHU EHZLHVHQ KDW DOV 8QJDUQ ,WDOLHQ 6SDQLHQ6DUGLQLHQ)UDQNUHLFKZLHDXFKLQ5|P5HLFKXQG DQGHUQ ZHOWEHUKPWHQ 6WlGWHQ YLHOH WDXVHQG 0HQVFKHQ DQ XQWHUVFKLHGOLFKHQVRZROLQQHUOLFKDOVlXVVHUOLFKHQ.UDQNKHL WHQFXULUHWXQGMHGHU]HLWVHKUJHVFKLFNWGDULQJHZHVHQGD YRQVHLQHLQKDEHQGHJODXEZUGLJH$WWHVWDWDVDWWVDP=HXJQLV JHEHQ ZHUGHQ DXFK LVW |IWHU LQ GHQ 1UQEHUJHU (UODQJHU %D\UHXWKHU%DPEHUJHUXQG/HLS]LJHU=HLWXQJHQYRQLKPJH OHVHQZRUGHQ

4XHOOH

$EHUJODXEHQ

$EHUJODXEHQ

$EHUJODXEHQ

$EHUJODXEHQ





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 'HUEHWURJHQH:LUWKEUDFKWH*XOGHQDQ*HOGHZHOFKHV 0OOHU LQ (PSIDQJ QDKP GDVVHOEH QHEVW GHQHQ YRQ +DQG EHFN GD]X JHOHJWHQ  *XOGHQ GDQQ HLQ 3DTXHW ZRUDXV  &DUROLQJHVFKULHEHQJHZHVHQ VWDWWGHUHQDEHUVLFKLQVRO FKHPQXUUXQGH%OHLSODWWHQEHIDQGHQLQHLQ3DSLHUZLFNHOWH XQGYHUVLHJHOWHVROFKHVDOVGDQQLQVHLQHQ+XWKDXIGLHGDULQ JHKDEWH (UGH ZRVHOEVW DXFK VFKRQ HLQ PLWJHEUDFKWHV IDO VFKHVPLW%OHLSODWWHQJHIOOWHV3DTXHWYHUVWHFNWJHZHVHQOHJ WHGHQ6HJHQGDUEHUVSUDFKHVPLW:HLKZDVVHUEHVSUHQJWH DOVGDQQDEHUHLQ/DLEEURGWREHQDXVVFKQLWW 'HUEHWURJHQH:LUWKEUDFKWH*XOGHQDQ*HOGHZHOFKHV 0OOHU LQ (PSIDQJ QDKP GDVVHOEH QHEVW GHQHQ YRQ +DQG EHFN GD]X JHOHJWHQ  *XOGHQ GDQQ HLQ 3DTXHW ZRUDXV  &DUROLQ JHVFKULHEHQ JHZHVHQ VWDWW GHUHQ DEHU VLFK LQ VRO FKHPQXUUXQGH%OHLSODWWHQEHIDQGHQLQHLQ3DSLHUZLFNHOWH XQGYHUVLHJHOWHVROFKHVDOVGDQQLQVHLQHQ+XWKDXIGLHGDULQ JHKDEWH (UGH ZRVHOEVW DXFK VFKRQ HLQ PLWJHEUDFKWHV IDO VFKHV PLW %OHLSODWWHQ JHIOOWHV 3DTXHW YHUVWHFNW JHZHVHQ OHJWH GHQ 6HJHQ GDUEHU VSUDFK HV PLW :HLKZDVVHU EH VSUHQJWHDOVGDQQDEHUHLQ/DLEEURGWREHQDXVVFKQLWW 'LHVH )UDX KlWWH (LQIOXV DXI PHLQHQ 9HUVWDQG KDEHQ N|Q QHQ ZHQQ GHU ,KULJH VHOEVW EHVVHU DXVJHELOGHW JHZHVHQ ZlUH VLH KDWWH DEHU QLHPDOV HWZDV NOXJHV JHOHVHQ XQG GLH =HLWHQ LQ ZHOFKHQ VLH MXQJ JHZHVHQ ZDU ZDUHQ QRFK QLFKW GLHYRUWKHLOKDIWHVWHQIUGLHZHLEOLFKH(U]LHKXQJ 6LH VFKUHLEW PLU GD‰ VLH GHQ YHUVWRUEHQHQ $EW JHOLHEW XQG PLWLKPYHUVSURFKHQJHZHVHQLVW $XFK QLFKW HLQ +DXV YRP &DOHQEHUJHU 7RUH DQ ELV ]XP 6FKOR‰LVWNlUJOLFKHUOHXFKWHWJHZHVHQ :LUKDWWHQ6SLHOWLVFKHXQGGHQ$EHQGZDUHUVHKU]XIULH GHQGD‰DOOH0HQVFKHQVRYHUJQJWJHZHVHQZDUHQ 'HU MlKULJH .URQSULQ] KDW VHLQHQ HUVWHQ 6FKULWW DOV HLQ VHOEVWlQGLJHU0DQQJHWDQXQGGHU3ODQLVWVRIHVWXQGYRU VLFKWLJ DQJHOHJW JHZHVHQ GD‰ GHU 'RQQHUVFKODJ DXV KHLW UHP+LPPHOJHVFKHKHQXQGNHLQH5HYROXWLRQHUIROJWLVW 'DV.LQGZDUJUR‰XQGJHVXQG]XJUR‰XQGJHVXQGIUVLH ,FKDKQGHGD‰HVDQJHZDFKVHQJHZHVHQLVW²YLHOOHLFKWDQ GHQLQQHUOLFKHQ6FKDGHQYRQGHPZLUVLHJDQ]JHKHLOWJODXE WHQ²XQGGDKHUQLFKWKDWJHERUHQZHUGHQN|QQHQ :HQQ LFK UHLFK RGHU QXU HLQJHULFKWHW JHZHVHQ ZlUH LFK KlWWH GHQ .QDEHQ EHL PLU EHKDOWHQ LKQ HU]RJHQ XQG HLQHQ EUDYHQ0DQQDXVLKP]XPDFKHQJHVXFKWZR]XHUJHZL‰DOOH P|JOLFKH$QODJHKDW

4XHOOH

$EHUJODXEHQ

$EHUJODXEHQ

%DOGLQJHU

%RLH0HMHU %RLH0HMHU %RLH0HMHU

%RLH0HMHU

%RLH0HMHU

%RLH0HMHU



%HOHJVDPPOXQJ

%HOHJ ,FKZlUHJHVWHUQVHKULQPLFK JHNHKUWJHZHVHQZHQQLFK DOOHLQJHZHVHQZlUHXQGPLWWHQLQGHU*HVHOOVFKDIWVFKZHEWH PLUGDV$QGHQNHQXQVHUVYRUMlKULJHQ:LHGHUVHKHQVPLWDOOHQ VHLQHQNOHLQHQ8PVWlQGHQYRU ,FK PHLQWH DEHU ]XU VHOEHQ =HLW LFK N|QQWH NHLQ ZUGLJHU *HVDQGWHU *RWWHV KHL‰HQ ZHQQ LFK GLH 6SUDFKH PHLQHV +HUUQ QLFKW YHUVWlQGH JHUDGH DOV ZHQQ HV VFKRQ DXVJH PDFKWJHZHVHQZlUHGD‰*RWWLQNHLQHUDQGHUQDOVLQGHU YHUIDOOHQHQ-XGHQVSUDFKHPLWGHQ0HQVFKHQUHGHQZROOHQ >@ 7URW] GHQHQ GLH PLU DXV ODXWHU *HZLVVHQKDIWLJNHLW HLQ *HZLVVHQ DE]XVSUHFKHQ VXFKHQ DOOH PHLQH +DQGOXQJHQ VR HLQ]XULFKWHQ EHIOLVVHQ JHZHVHQ GD‰ LFK PLU ZLVVHQWOLFK QLFKWVYRU]XZHUIHQKDEHQP|FKWH ,FK OlXJQH QLFKW GD‰ GLHVHU $QWUDJ PLW HLQHU ]LHPOLFKHQ 'URKXQJ YHUNQSIW JHZHVHQ $EHU ZHOFKHU 0HQVFK VXFKW QLFKWVHLQH9HUEH‰HUXQJZHQQHUVLHKDEHQNDQQ ,FKZlUHGDPDOVQRFKHLQIlOWLJJHQXJJHZHVHQGLHVHPKHLOL JHQ *HVFKZlW]H ]X JODXEHQ ZHQQ VLFK GHU JXWH $SRVWHO QLFKW VHOEHU YHUUDWKHQ KlWWH GD‰ VHLQ )OHLVFK QRFK QLFKW VR HUVWRUEHQ JHZHVHQ DOV (U XQV LQ VHLQHP HUVWHQ 'LVFXUVH ZHL‰PDFKHQZROOHQ ,Q VHLQHU -XJHQG VROO HU DXI GHU pFROH PLOLWDLUH VHKU HLQVDP XQG]XUFNJH]RJHQJHOHEWKDEHQXQGLPPHUDXIVHLQHQHLQ VDPHQ 6SDW]LHUJlQJHQ VR YHUWLHIW JHZHVHQ VH\Q VRGD‰ HV JHVFKLHQHQDOVVLQQHHUJUR‰H3OlQHDXV +HXWHKDEHGHUOLHEHQ0DPD%ULHIYRPWHQKXLXVHUKDOWHQ XQG PLFK JHZXQGHUW GD‰ GHU DP WHQ DEJHJDQJHQH &RIIUH PLW:lVFKHQRFKQLFKWDQJHNRPPHQJHZHVHQ $XIGHPPLWGHU:lVFKHJHVFKLFNWHQ3DFN3UHGLJWHQKDWJH VWDQGHQ  UWKOU  JJU ZHLO DEHU QLFKWV GDEH\ JHVFKULHEHQ JHZHVHQVRLVWHLQ=ZHLIHOHQWVWDQGHQ REGLH3UHGLJWHQ ]X VDPPHQ VR YLHO NRVWHQ   XQG RE GLH /DWHLQLVFKH ( SLVW>ROD@ DG 7DSLQXP PLW LQ GLHVHQ 6XPPD HLQ JHVFKOR‰HQ VH\RGHUDSDUWEH]DKOHWZHUGHQP‰HQ>@ (UEH]HXJWHQHXOLFKGDLFKHLQPDODOOHLQEH\LKPZDUGD‰HV LKPOLHEGD‰VHLQ+HUU9DWHULQ+DOOHJHZHVHQXQGKRIIHGD HU VRQVW VHKU SUDHRFFXSLUHW JHZHVHQ HU ZHUGH HLQHV DQ GHUQEHU]HXJHWVH\QZRUGHQ 'LH)UDX'%XGGHXVVHQLVWVRJWLJJHZHVHQGDLFKYRUHL QLJHQ 7DJHQ .RVWJHOG SUDHQXPHULUHQ ZROOWH GD‰ VLH VROFKH QLFKWDQQHKPHQZROOHQZHLOLFKYHUUHLVWJHZHVHQXQGDXI GLHVH7DJHVFKRQSUDHQXPHULUW

4XHOOH %RLH0HMHU

'%(GHOPDQQ

'%(GHOPDQQ

'%(GHOPDQQ

'%(GHOPDQQ

HKUOLFKHU0DQQ

)UDQFNH

)UDQFNH

)UDQFNH

)UDQFNH





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ $XFK 'HLQH 7DQWH ]X .DVVHO LVW VHLWKHU EHU GHQ 9DWHU lX ‰HUVWEHNPPHUWJHZHVHQGRFKKDE ,FK6LHDP6DPVWDJ PLW GHU HUIROJWHQ JQVWLJHQ :HQGXQJ GHU .UDQNKHLW ZLHGHU ]XWU|VWHQJHVXFKW 'HU +HUU *RXYHUQHXHU VLQG VR JHQHLJW JHZHVHQ PLU HLQ )UH\ELOOHWGDU]X]XEHUVFKLFNHQ 'DLVWDOVGDQZDUPZRUGHQGDLVWGHUZHLQVWRNODQ‰DPJDQ JHQ GD LVW HU ]X :DOEXUJL HUVW JHVFKQLWHQ ZRUGHQ ZHLO GDQ LVW LQ YHUJDQJHQHQ NDOGHQ ZLQWHU Y|OOLJ HUIURUHQ :D‰ QLFKW JHGHFNWLVWJHZHVWGDKDWPDQQDOOHVKLQZHJUHL‰HQP‰HQ 'D LFK GHQQ DOOHLQ LQ HLQ =LPPHU XQG MHQHU DXFK DOOHLQ LQ GLHNXUIUVWOLFKHQ%HWWHQORJLHUHWZXUGHQ:DVVHOELJH1DFKW IHUQHU SDVVLHUHW NDQQ LFK QLFKW VDJHQ GHQQ LFK HWZDV WUXQ NHQJHZHVHQXQGGLH(KUEDUNHLWHVQLFKW]XOl‰W 0DQZROOWH]ZDUVDJHQVLHKlWWHQHLQHDOWH)UDXLP%HWWDQ JHWURIIHQZHOFKHLQGLH/HQGHJHVFKRVVHQJHZHVHQ$EHU ZHLOLFK VQLFKWVHOEVWJHVHKHQODVVHLFK VVWHKHQ :lUHGDVQXU]HKQ0LQXWHQVRZHLWHUJHJDQJHQVRKlWWHHV NHLQ0HQVFKPHKUDXVKDOWHQN|QQHQXQGHVZlUHVDPWGHU /DGXQJYHUORUHQJHZHVHQ 'DUDQZDUDEHUQLFKW]XGHQNHQGHQQNHLQHUYRQXQVZlUH IUHLZLOOLJGDPLWHLQYHUVWDQGHQJHZHVHQ $EHUGDPLWZDUXQVHU/DEHTXHOOZLHGHUYHUVLHJWXQGZLUZl UHQ ZLHGHU ]XP 'XUVWHQ XQG )DVWHQ YHUXUWHLOW JHZHVHQ ZHQQZLUQLFKW]ZHL1HJHUJHWURIIHQKlWWHQ 9RQ GLHVHU JUR‰HQ 6XPPH NDPHQ QDFK GHP KROOlQGLVFKHQ 6HHUHFKW]ZHL'ULWWHOGHPIUDQ]|VLVFKHQ(LJHQWPHUXQGHLQ 'ULWWHO GHP 6FKLIIVYRON GHU &KULVWLQD ]X 'DV 9HUKlOWQLV ZlUHXPJHNHKUWJHZHVHQZHQQMHQHU+XQGYRQGHPLFK EHULFKWHWKDEHQLFKWPHKUDOV:lFKWHUDXIGHP6FKLIIJHZH VHQZlUHGHQQGDQQZlUHHVY|OOLJKHUUHQORVJHZHVHQ %HL GLHVHP )UVWHQ QXQ PX‰WH LFK KHUQDFK DOOH -DKUH VHFK ]HKQ:RFKHQEOHLEHQXQGZHQQHUQLFKWVHOEVWLQGHU1DUUH WHL EHVVHU HUIDKUHQ JHZHVHQ ZlUH DOV LFK VR ZlUH HV PLU PDQFKHVPDOEHOHUJDQJHQ :LUNOLFKHUVFKLHQHQDXFKGUHL3HUVRQHQ]XXQVHUHP*OFNH XQG (UUHWWXQJ VRQVW ZlUHQ ZLU JHZL‰ YHUORUHQ JHZHVHQ GHQQ LFK KlWWH PLFK JHZL‰ QLFKW JHZHKUW XQG YRU JUR‰HP &RXUDJH ODJ LFK QRFK JDQ] VWLOO DXI GHU (UGH GD GLH /HXWH VFKRQZLUNOLFKEHLXQVZDUHQ 'DV KDUWH 9HUIDKUHQ XQVHUHV %UXGHUV JHJHQ 6LH JHKHW XQV VHKU QDKH 'H‰KDOE VLQG ZLU DXI 0LWWHO EHGDFKW JHZHVHQ 6LHDXVGHU*HIDQJHQVFKDIW]XHUUHWWHQ:LUKDEHQ*HOHJHQ KHLWJHQRPPHQEHLGHP*UDIHQHLQH)UELWWHHLQ]XOHJHQ

4XHOOH *ULPPEULHIH *ULPPEULHIH

+‰QHU

0HLVWHU'LHW]

0HLVWHU'LHW] 1HWWHOEHFN 1HWWHOEHFN 1HWWHOEHFN

1HWWHOEHFN

3URVFK

3URVFK

5RVD



%HOHJVDPPOXQJ

%HOHJ 'HV 7DJHV OLHI LFK RIW YLHUPDO KLQXQWHU QDFK]XVHKHQ XQG ZlUH QLFKW LP 9RUVDDO HLQH *ORFNH DQJHEUDFKW JHZHVHQ GLH MHGHVPDO EHLP 7UDXIPDFKHQ HQWVHW]OLFK VFKHOOWH LFK JODXEHJHZL‰LFKKlWWHDXFKEHL1DFKWXQWHUVXFKW 'DPX‰WHLFKODFKHQGHQQQRFKYRUYLHU]HKQ7DJHQZROOWH PDQPLUQLFKWGUHLKXQGHUWYRUVFKLH‰HQGLHLFKLQHLQHP-DK UH]XUFN]X]DKOHQYHUVSUDFKXQGMHW]WVROOWHLFKYLHUKXQGHUW 7DOHU=XODJHHUKDOWHQ-DZlUHGHU9RUVFKX‰YRQ3HWHUVEXUJ QLFKWVFKRQYHUEUDXFKWJHZHVHQLFKKlWWHJHZL‰]XJHJULI IHQ DOOHLQ VR PX‰WH LFK GLH VFK|QVWHQ $XVVLFKWHQ YRQ PLU ZHLVHQ XQG QXQ EHVRUJW VHLQ ZR LFK MHPDQGHQ IlQGH GHU PLUGUHLKXQGHUW7DOHU]XU5HLVHQDFK5X‰ODQGYRU]XVWUHFNHQ ZDJWH 'HQ %XQG GHQ 6LH PLU YRUJHVFKODJHQ HLQH H[VFKDXVSLHOH ULVFKH )UHXQGVFKDIW XQWHU XQV DXI]XULFKWHQ JHKH LFK PLW GHP LQQLJVWHQ 9HUJQJHQ HLQ XQG YHUVLFKHUH 6LH GD‰ LFK PHLQHUVHLWV DXFK RKQH GDV YRUJHVFKODJHQH 3DNWXP VWHWV GDUDXIEHGDFKWJHZHVHQVHLQZUGHLP)DOOH ZDVQXQJDU QLFKW ]X YHUPXWHQ LVW  6LH ZHJHQ (QJDJHPHQW LQ 9HUOHJHQ KHLWJHUDWHQVROOWHQLFKJHZL‰DXFKRKQH,KUH$XIIRUGHUXQJ DOOHPHLQH.UlIWHDXIELHWHQZUGH,KU*OFN]XEHI|UGHUQ %HLPHLQHPHUVWHQ%HVXFKOHUQWHLFKGLH0XWWHUGHU'HPRL VHOOH0LFKHOVRKQNHQQHQGHP$QVHKHQQDFKHLQHVHKUZU GLJH0DWURQHDXFKGHUHQYHUKHLUDWHWJHZHVHQH7RFKWHUHL QH 0DGDP 2VEHUJ ZHOFKH GHQ EUXGHU REEHQDQQWHQ +HUUQ 6FKLIIVPHVVHUVJOHLFKHQ1DPHQV]XP0DQQHJHKDEW 6RKDWPDQGHQWHQRFW6DPEVWDJGHQ$FKHOEHUJDEJHOHV VHQGHQWHQGLWR0RQWDJYRUXQVHUP-DKUPDUFNWGHQ-HU JHQEHUJ DEJHOHVVHQ XQG KDW JDU ZHQLJ :HLQ JHJHEHQ ZLH LQ YRULJHQ -DKUHQ DXFK LVW JHVFKHKHQ GHQ LJVWHQ DP -DKU PDUFNW+DW(VHLQH.lOWHJHEHQGD‰ZD‰QRFKQLFKWLVWDE JHOHVVHQ JHZHVVHQ GLH 7UDXEHQ ]LPOLFKHUPDVVHQ HUIURK UHQ VRQGHUKHLWOLFK GLH /RVFKHQ+DOGHQ IHQQHU YHUKHOW VLFK GHU 0RQDWK PLW NLHOOHP ZHWWHU X 6RQQHQVFKHLQ EL‰ ]XP (QG GHU 1RYHPE YHUKHOW VLFK VHLQHU $UW QDFK PLW UHJHQ 1HEHO6FKQHHDXFKEL‰ZHLOHQ6RQQHQVFKHLQ]XP(QGHJH UHJQHW 6RLVW(VYRQGHU:HKPXWWHU$QQD0DJGDOLQD%|VVOHULQDXII HLQHP.UlWWOHLQDXIIGD‰%XUJHU+DX‰JHWUDJHQZRUGHQXQG LVWYRUGHQHQ+(55(1YRQGHQHQ0HGLFLXQG&K\UXUJ\ VDPSWGHQ:HK0WWHUQEHVLFKWLJHWZRUGHQ6RKDWPDQJH IXQGHQ GD‰ (V JDQW] DX‰JHZHLGQHW JHZHVVHQ DXFK NHLQ =QJOHLQ LP 0XQG PHKU XQG LVW VROFKHU *HVWDOWHQJHPDU WHUW JHZHVVHQ GD‰ PDQ QLFKWPHKU YHUNXQGLJHQ N|QQHQ 2E(VHLQ%HEOHLQRGHU0lJGOHLQJHZHVVHQ

4XHOOH 6FKDXVSLHOHUOHEHQ

6FKDXVSLHOHUOHEHQ

6FKDXVSLHOHUOHEHQ

6FKDXVSLHOHUOHEHQ

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ :D‰GLVHV-DKUDQEHODQJW6RKDWVLFKHLQXQJOLFN]XJHWUDJHQ GHQ  -DQZ GH‰ 1DFKWV 6R GD‰ GLH 6KHXU DXII GHU $OWHQ %XUJLVWLQGLH$VFKHJHOHJWZRUGHQXQGLVWGH‰1DFKWVXPE  XKU GHU /HUP DQJDQJHQ EL‰ PDQ DEHU LVW KLQDXII NRP>P@HQ LVW 6LH VFKRQ IDVW YHUEUXQQHQ JHZHVVHQ GD‰ NHLQH (UUHWWXQJ PHKU ]X KRIIHQ XQG LVW GXUFK HLQHQ *RWW XQG UXFKORVVHQ 0HQVFKHQ DQJH]LQGW ZRUGHQ  DOVR VDPSW )UXFKWXQG)XWWHU-lP>P@HUOLFKYHUEUXQQHQ GLHVH VHLQG $QQR LJ UHSDULHUW ZRUGHQ GDQQ GD‰ XQGHU *HZHOEUHFKWHU+DQGLVWVRXQGGHU*HVWDOWYHUEUXQQHQGD‰ GLH KHOIIWH HLQJHIDOOHQ ZHOFKHV YRQ 7DXJVWHLQ LVW JHPDFKW JHZHVHQPDQKDW(VZLGHUPLW%DFKHQVWHLQJHPDFKWDEHU (VKDWQLFKWJHKDOWHQXQGLVWZLGHUHLQJHIDOOHQ 6R JHJHQ :H\QDFKWHQ KDW HV YLHO JHUHJQHW GD LVW (V HUVW UHFKW JXWXQGDPEHVWHQEH]HKHQJHZH‰HQXQGKDWKLH PLWGHU+HUEVWVHLQ(QGHJHQRP>P@HQ 6R KDW PDQ YHUPHLQW PDQ N|QQH GLH :HLQEHUJ QLFKW EH]LH KHQGHQWHQKDW(VJHVFKQLHQ JHUHJQHW6RGD‰(VLVWDP EHVWHQ %H]LHKHQ JHZHVVHQ GHQ WHQ JHVFKQLHQ GDUDXII NDOWXQGJHIURKUHQ VR KDW GHU HLQH *HUEHU 1 6WHIIHQ *ULHQLQJHU GHQ 0HW]JHU 0LFKDHO :HUHQZDJ DQJULIIHQ X LQ GHQ %DFK ]X ERGHQ JH VFKPLVVHQX,KPVHLQ%UXGHU-RKDQQHV:HUHQZDJ=X+OII NRP>P@HQ X GHP *HUEHU 6WHIIHQ *ULHQLQJHU PLW HLQHP 0HVVHU  6WLFK JHJHEHQ ZHOFKH DEHU $OOHWUXQFNHQ JHZHV VHQGRFKLVW(UQLFKWJOHLFKDXIIGHP%ODW]JHEOLEHQ6RKDW PDQQ VLH *HIlQJOLFK HLQJH]RJHQ 6R LVW GHU SDFLHQW GHQ  1RYHPEJHVWRUEHQ  +LHUDXIIVLQG,KUR&KXU)UVWO'XUFKOYRQ3IDOW]LQGLHQH EHQGHP+DEHUHUEDXWHJURVVH.FKHZRULQQHQHLQJDQW]HU 2FKVHDQHLQHP6SLH‰HJHEUDWHQXQGPLWDOOHUKDQGJHIOJHO WHVXQGGHUJOHLFKHQJHVSLFNHWJHZHVHQJHULWWHQKDEHQYRQ ,KUR5|P.H\VHUO0DMHVWlWGDYRQJHQRP>P@HQXQG]XU7D IHOEULQJHQODVVHQ (LJHQWOLFKH %HVFKUHLEXQJ GHU -HQLJHQ )LQVWHUQXV VR VLFK LQ GLVHP $112 WHQ -DKUV DQ GHP JURVVHQ :HOW /LHFKW GHQWHQ0D\HQ)UH\WDJVYRUP6RQWDJ0LVHULFRUGLDV'RPL QL VHKHQ ODVVHQ ZLH VLH JHVWDOWHW JHZHVVHQ NDQ PDQ KLHU YHU]HLFKQHWVlKHQ

4XHOOH

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN 6FKXKPDFKHU &KURQLN 6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN



%HOHJVDPPOXQJ

%HOHJ 'D‰DOOHZDVVHUIOXWKHQYRQGHU6QGIOXWKDQQRFKJHULQJX NOHLQ ]X VFKHUW]HQ JHJHQ GHU (UVWDXQHQV:UGLJHQ hEHU VFKZLP>P@XQJXQGNHLQJU|VVHUV:XQGHU]XHU]HKOHQDOVGL VHVGD‰GLH/lQGHUZLHREHQJHPHOGWPLWZDVVHUJDQW]XJDU YHUGHFNW JHZHVVHQ GDPLW PDQQ V|KHQ N|QQH ZLH VWDUFN GLH+DQGGH‰+HUUHQXQGZLHZXQGHUEDKUOLFKGD‰*HULFKWH *RWWHVVH\HZLHZROVFKZHUOLFKHLQH)HGHUGHQHQWVHW]OLFKHQ -DP>P@HUJQXJVDPZLUGWEHVFKUHLEHQN|QQHQ (UVWOLFK ,VW GHV + 3KLOLSS )UDQW] :XFKUHUV 6RKQ PLW 1D PHQ-RK-DFRE:XFKUHUVR]X 3IXOOLQJHQZRQKDIIWJHZHV VHQ ZHOFKHU GHQ  -DQXZDU\ KLHU LQ XQVHU 6WDWW JHZHVVHQ EH\VHLQHQ(OWHUQXGH‰$EHQGVZLGHUQDFKHU+DX‰ZROOHQ (UDEHUHLQZHQLJWUXQFNHQJHZHVVHQ6RLVW(UGLHVHOELJH 1DFKW-lP>P@HUOLFKHUIURKUHQXKDWPLWVFKHUUHQX]DSSOHQ GLH1lJHODQGHQ+lQGHQDEJHULVVHQ 6RLVW(VYRQGHU:HKPXWWHU$QQD0DJGDOLQD%|VVOHULQDXII HLQHP.UlWWOHLQDXIIGD‰%XUJHU+DX‰JHWUDJHQZRUGHQXQG LVWYRUGHQHQ+(55(1YRQGHQHQ0HGLFLXQG&K\UXUJ\ VDPSWGHQ:HK0WWHUQEHVLFKWLJHWZRUGHQ6RKDWPDQJH IXQGHQ GD‰ (V JDQW] DX‰JHZHLGQHW JHZHVVHQ DXFK NHLQ =QJOHLQLP0XQGPHKUXQGLVWVROFKHU*HVWDOWHQJHPDUWHUW JHZHVVHQ GD‰ PDQ QLFKWPHKU YHUNXQGLJHQ N|QQHQ 2E (V HLQ%HEOHLQRGHU0lJGOHLQJHZHVVHQ $FK,D0DQP|FKWHVLFK]XWRGHZHLQHQGD‰GD‰ZWWHQG WREHQGH)HXUDQHLQHPVRNRVWEDUHQ7HPSHOHEHQVRZH QLJ DOV DQ GHQHQ GDULQQ JHIOFKWHW JHZHVVHQHQ 0RELOLHQ YHUJQLHJW JHZHVVHQ VRQGHUQ HV HUJULIIH GDUDXII GLH QHEHQ VLFK JHKDEWH 6FKXOHQ $SRWKHFN %XFKGUXFNHUH\ PLW QRFK ]LPOLFK GDULQQ JHZHVWHQ JHLVWUHLFKHQ %FKHUQ *|WWOLFKHQ :RUWV ZHLOHQ XQP|JOLFK JHZHVVHQ DOOH LQ 6LFKHUKHLW ]X EULQJHQ  VR JDU GD‰ GHU .|UQ GHUVHOEHQ ZLH :LQWHUV=HLW GLH6FKQHH)ORFNHQYRQGHQ)ODP>P@HQLQGLH+|KHJHWULEHQ XQGDOVRHEHQIDOOVHUElUPOLFKHU:HLVHHLQJHlVFKHUWZXUGH GHQ WHQGDKDW(VYLHOJHUHJQHWGD‰(VJXWEH]H KHQJHZHVVHQ]XP(QGGH‰0RQDWV1HEHOLFKWXQGWULHE ]X GH‰ -DKUV (QGH 2VFKHLQ XQG ZDUP ZDU DOVR HLQ KDUWHU :LQWHUYRU:H\QDFKWHQZHJHQJURVVHU.lOWHVHLQGDXFKGLH :HLQEHUJ ZD‰ GD‰ QLGHU )HOG LVW HUIURKUHQ ZD‰ QLFK EH]R JHQJHZHVVHQ

4XHOOH

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN

6FKXKPDFKHU &KURQLN 6FKXKPDFKHU &KURQLN



VHLQ3DUWL]LS,,JHZHVHQ



%HOHJ 4XHOOH $FK,D0DQP|FKWHVLFK]XWRGHZHLQHQGD‰GD‰ZWWHQG WREHQGH)HXUDQHLQHPVRNRVWEDUHQ7HPSHOHEHQVRZH QLJ DOV DQ GHQHQ GDULQQ JHIOFKWHW JHZHVVHQHQ 0RELOLHQ YHUJQLHJW JHZHVVHQ VRQGHUQ HV HUJULIIH GDUDXII GLH QHEHQ VLFK JHKDEWH 6FKXOHQ $SRWKHFN %XFKGUXFNHUH\ PLW QRFK 6FKXKPDFKHU ]LPOLFK GDULQQ JHZHVWHQ JHLVWUHLFKHQ %FKHUQ *|WWOLFKHQ &KURQLN :RUWV ZHLOHQ XQP|JOLFK JHZHVVHQ DOOH LQ 6LFKHUKHLW ]X EULQJHQ  VR JDU GD‰ GHU .|UQ GHUVHOEHQ ZLH :LQWHUV=HLW GLH6FKQHH)ORFNHQYRQGHQ)ODP>P@HQLQGLH+|KHJHWULEHQ XQGDOVRHEHQIDOOVHUElUPOLFKHU:HLVHHLQJHlVFKHUWZXUGH *HZL‰ ZlUH LFK QLH $U]W JHZRUGHQ JHZL‰ ZlUH LFK EH\ 0lGFKHQXQG-XQJHQZHQLJHUYHU]DJWJHZHVHQZHQQVLFK :HLNDUGV%LRJUDSKLH GLHVHU9RUIDOOQLFKWHUHLJQHWKlWWH ,PSURWHVWDQWLVFKHQ'HXWVFKODQGHZHUGHQ$HU]WHYRQGLHVHU .ODVVH 5H]HQVHQWHQ XQG QHKPHQ HLQH 0LHQH DQ DOV ZHQQ VLHZLUNOLFK*HOHKUVDPNHLWRGHU0HQVFKHQYHUVWDQGEHVl‰HQ ZHOFKHVGRFKEH\*RWWGHU)DOOlX‰HUVWVHOWHQLVW:HQQVLH :HLNDUGV%LRJUDSKLH QXQ 6FKZlFKH RGHU $OEHUQKHLW EH\ HLQHP GXPPHQ :LHQHU $U]WH GHU XQWHU LKQHQ ]XP 5H]HQVHQWHQ ZlUH JHERKUHQ JHZHVHQ HQWGHFNHQ VR ZLUG GDQQ EHUODXW EHU :LHQHU $HU]WHJHVFKULHQ ,FKZDUNDXPDXIGHPKHUUVFKDIWOLFKHQ&KRUDQJHNRPPHQ DOVDOOHVZDVLFKVDKHXQGK|UWHHLQHQVRVWDUNHQ(LQGUXFN =HUUHQQHU DXIPLFKPDFKWHGD‰LFK]XUFNWUHWHQXQGZLUNOLFKZHLQHQ PX‰WH,FKELQLQPHLQHP/HEHQQLHVRJHUKUWJHZHVHQ $OOHVVFKLHQPLUHLQV‰HU7UDXP]XVHLQ>@ -DKUKXQGHUW %HOHJ 4XHOOH 'KDWPHLQHV:LVVHQVLQGHQOHW]WHQ-DKUHQPLQGHVWHQV ,PPHGLDWHLQJDEHQJHPDFKWDXFKLVWHUEHLP.ULHJVXQG,Q YDOLGHQ 8QWHUVWW]XQJVIRQGV YHUVFKLHGHQWOLFK DEHU LPPHU RKQH(UIROJHLQJHNRPPHQ$XFKLVW'LOOHU IUKHUDXI .RV $OOWDJNOHLQHU/HXWH WHQGHU*HPHLQGHZLHGHUKROWLP$UPHQKDXVH]X0HLQLQJHQ XQG DXFK KLHU XQWHUJHEUDFKW JHZHVHQ 'LH :UGLJNHLW VWHKWGHP'LOOHUQLFKW]X VRNDQQHVJHZLVVNHLQHQJHQJHQGHQ%HGHQNHQXQWHUOLHJHQ GD‰ GHU .ULHJ GHQ )DPLOLHQ GHU HLQEHUXIHQ JHZHVHQHQ $OOWDJNOHLQHU/HXWH /DQGZHKUPlQQHUPDQQLJIDOWLJH:XQGHQJHVFKODJHQKDWGLH PDQVROHLFKWQLFKWZLHGHUDXVPHW]HQNDQQ %DOGHUIXKULFKYRQGHQDQGHUHQGD‰GLH0DGDPHNHLQH*X WH ZlUH XQG GLH 7RFKWHU GLH VFKRQ GUHLPDO YHUOREW JHZH %HFKVWHGW VHQ HEHQVRZHQLJ EHLGH KlWWHQ /LHEKDEHU KLQWHU GHP 5 FNHQGHV0HLVWHUVGHUQLFKWVPHUNWH



%HOHJVDPPOXQJ

%HOHJ +HXWH PHOGHWH VLFK GHU /RXLV 0HUWHQV YRQ :HQJHUQ ZHO FKHU IUKHU %HUJDUEHLWHU XQG XQWHU 1U  GHU , .ODVVH HLQJHVFKULHEHQ JHZHVHQ DEHU ZHJHQ 1LFKWDQQDKPH GHV 6WDWXV LQ )ROJH GHU $QZHLVJXQJ GHV .|QLJOLFKHQ %HUJDPWV YRP  0D\ F JHO|VFKW XQG YRQ GHU %HUJDUEHLW ]XUFNJH ZLHVHQLVW 'LHVHQ 9RUZXUI ZHLVH LFK HQWVFKLHGHQ ]XUFN XQG HUNOlUH LFKPLFKEHUHLWPLFKMHGHP$U]WH]XU8QWHUVXFKXQJ]XVWHO OHQ ,FK ELQ  -DKUH DXI GHU =HFKH 6lO]HU  1HXDFN DOV %HUJPDQQEHVFKlIWLJWJHZHVHQXQGQLHLVWPLUHLQVROFKHU 9RUZXUIJHPDFKWZRUGHQ 'DV LVW MD OHLGHU IRUPHOO ULFKWLJ DOOHLQ HV LVW (Z ([FHOOHQ] DXFKEHNDQQWZLHZHQLJGHUELVKHULJH:DKOPRGXVJHHLJQHW JHZHVHQLVWVHOEVWlQGLJHIXUFKWORVHXQGHLQVLFKWLJH9HUWUH WHUGHU$UEHLWHUDXVGHU8UQHKHUYRUJHKHQ]XODVVHQ 1DFKGHP LFK GHP +HUUQ %HUJUDWK PHLQ $QOLHJHQ YRUJH EUDFKWKDWWHZLHVGHUVHOEHPLFK]XUFNXQWHUGHU$XIIRUGH UXQJGD‰LFKHUVFKHLQHQPVVHZLHLFKEHVWHOOWVHLHUVW|UH VLFK DQ PHLQHQ VRQVWLJHQ $QVLFKWHQ QLFKW XQG N|QQH DXFK QLFKW -HGHUPDQQ $OOHV VR EHTXHP PDFKHQ ZLHV JHIRUGHUW ZLUG,FKZDUQRFKEHUGLHVHGLUHNWHXQGPLWVRQDFKWKHLOL JH =XUFNZHLVXQJ VHKU HUUHJW JHZHVHQ XQG KDEH ZLH LFK ]XJHEHQPX‰LQXQK|IOLFKHU:HLVHHUNOlUWGD‰LFKGHQIHVW JHVHW]WHQ 7HUPLQ QLFKW ZDKUHQ XQG MHW]W DXFK WKXQ ZUGH ZDVPLUDPSDVVHQGVWHQVHL $XI GHQ (LQZDQG GLH *HVFKlIWV &RPPLVVLRQ VHL ]X GLHVHU $XVZDKOQDFKLKUHU,QVWUXFWLRQYRP-DQXDUEHUHFK WLJWJHZHVHQELQLFKJHID‰W 'LHVH 0D‰UHJHOQ 6HLWHQV GHV 9RUVWDQGHV GHV .QDSSVFKDIWV 9HUHLQV VFKHLQHQ XQWHU GHQ YRUOLHJHQGHQ 8PVWlQGHQ QLFKW JHUHFKWIHUWRJW ]X VHLQ XQG GD LFK QXQPHKU ZLH HLJHQWOLFK QLFKW PDO QRWKZHQGLJ ZHLO PLU ZLH EHPHUNW GLH EUJHUOL FKHQ5HFKWHJHEOLHEHQHLQ3UREHMDKUDOV%HUJDUEHLWHU+DXHU DXI=HFKH.DXGDQJKDXHUEHVFKlIWLJWJHZHVHQXQGVHLWMH QHU=HLWKLHUVHOEVWZRKQHXQGPLFKWDGHOORVEHWUDJHQ>@ PLFKDXFKHUERWHQXQGQRFKHUELHWHGLHHWZDUFNVWlQGLJHQ *HIllOH QDFK]X]DKOHQ HUODXEH LFK PLU DQ (LQ .|QLJOLFKHV +RFKO|EOLFKHV 2EHUEHUJ$PW GLH JDQ] JHKRUVDPH %LWWH ]X ULFKWHQ>@ >«@XQG1LHPDQGDXIGHU*UXEHZLUGHVEH]HXJHQN|QQHQ GD‰HUEHWUXQNHQJHZHVHQXQGVRGRUWLP'LHQVWVH\JHVH KHQZRUGHQ

4XHOOH

%HUJDUEHLWHUEULHIH

%HUJDUEHLWHUEULHIH

%HUJDUEHLWHUEULHIH

%HUJDUEHLWHUEULHIH

%HUJDUEHLWHUEULHIH

%HUJDUEHLWHUEULHIH

%HUJDUEHLWHUEULHIH





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ :HQQLFKQXQDXFKDQ]XIKUHQHUODXEHGD‰LFKVRZRKOGLH =XDOV5FNUHLVHPLWMH7KEHUKDXSWDOVRPLW7KDXV HLJHQHQ0LWWHOQKDEHEHVWUHLWHQ PVVHQGDGLH6WDWXWHQ EH VDJHQ ZLH HV PLU PLWJHWKHLOW ZXUGH QXU GLHMHQLJHQ JHZlKUW ZRUGHQ ZHQQ GLHVHOEHQ  0RQDWH LQ GHU GRUWLJHQ *UXEH EHVFKlIWLJWJHZHVHQ+DEHQGLH'LUHNWLRQUHVSGHUHQDE JHVDQGWH:HUEHULKU:RUWLQ%HWUHIIGHVPLUXQGYLHOHQ$Q GHUHQ ]XJHVLFKHUWHQ /RKQHV QLFKW JHKDOWHQ VR NRQQWH YRQ HLQHPODQJHQ9HUEOHLEHQDXFKQLFKWGLH5HGHVHLQ 1XUGLH*UR‰PXWWHUPWWHUOLFKHUVHLWVLVWPLUSHUV|QOLFKEH NDQQWJHZHVHQ'HUYlWHUOLFKH*UR‰YDWHULVW-DKUH DOWGLH*UR‰PXWWHUIQI-DKUHVSlWHUJHVWRUEHQ :LU.LQGHUQHFNWHQXQVJHJHQVHLWLJLP%HWWDOVLFKSO|W]OLFK PHLQH 0XWWHU LQ GHU 6WXEH VDJHQ K|UWH ª7HOHJUDSKLHUH HLQ IDFK²0XWWHUWRW©1XQZX‰WHLFKWURW]PHLQHUVLHEHQ-DKUH DOOHV (V ZDU DOVR GHU DUPHQ *UR‰PXWWHU QLFKW YHUJ|QQW JHZHVHQLQLKUHP+HLPDWVGRUIH]XVWHUEHQ:LHGDQQPHL QH0XWWHUHU]lKOWHVROOVLH7RGHVDKQXQJHQJHKDEWKDEHQ 0HLQ 9DWHU QDKP VLFK GHQ 5HFKWVDQZDOW 6FKHOOHQEHUJ $OWHQEXUJ GHQ %UXGHU GHV 3DWHQ XQVHUHU )ORUD DQ 'LHVHU VDJWH DXFK ]X XQG PHLQ 9DWHU IKOWH VLFK HUOHLFKWHUW ,Q]ZL VFKHQ ZDU GDV YRQ :HOOHUV EHZRKQWH /RJLV YRQ HLQHP JH ZLVVHQ*UXKOEHZRKQWJHZHVHQXQGQDFKGHPGLHVHUVHOEVW HLQ+DXVJHNDXIW]RJGHU:HEHU0H\HUHLQLQWLPHU)UHXQG XQG*HQRVVHPHLQHV9DWHUVHLQ 6LH ZDUHQ EHLGH DXV %UlXQLJVZDOGH XQG KDWWHQ ]XOHW]W LQ 5RQQHEXUJ JHDUEHLWHW 'LH HLQH GHUVHOEHQ GLH lOWHUH ZDU YRUKHULQ5RQQHEXUJYHUKHLUDWHWJHZHVHQVLHVROOWHHLQVR JHQDQQWHU=ZLWWHUVHLQ ,FKYHUVWDQGGDVGDPDOVQLFKWXQGZDUHQWVHW]W+HXWHLVWHV PLU NODU GD‰ VLH GHU OHVELVFKHQ /LHEH HUJHEHQ JHZHVHQ XQG PLW MHQHP DQGHUHQ 0lGFKHQ GLH VHKU KEVFK DXVVDK ZLGHUQDWUOLFKH8Q]XFKWWULHE ,FKKDEHLKPIUHLOLFKQLFKWVGDYRQJHVDJWGD‰DXFKLFKGHP 8QIXJHUJHEHQJHZHVHQZDU ,FK K|UWH VLH VDJHQ ª'DV 0HQVFK VWHFKH LFK WRW ZHQQ VLH VLFKGHQ.HUOQLFKWYRP+DOVHVFKDIIW©0LFKHNHOWHVKHXWH QRFKZHQQLFKDQGDVDOOHVGHQNH:lUHPHLQH0XWWHUQLFKW DXIMHGHQ3IHQQLJDQJHZLHVHQJHZHVHQRGHUKlWWHVLHVRQVW DUEHLWHQN|QQHQVRKlWWHQZLUXQVQLFKWPLWGHUDUWLJHQYHU DEVFKHXXQJVZUGLJHP*HVLQGHOKHUXP]XVFKODJHQEUDXFKHQ

4XHOOH

%HUJDUEHLWHUEULHIH

'%%URPPH

'%%URPPH

'%%URPPH

'%%URPPH

'%%URPPH '%%URPPH

'%%URPPH



%HOHJVDPPOXQJ

%HOHJ $X‰HUGHP KlWWH HU VLFK QLFKW |IIHQWOLFK DQ GHU 3DUWHLEHZH JXQJEHWHLOLJHQVROOHQDXFKGDV$PWDOV.UDQNHQNDVVHQNDV VLHUHU GHU +DPEXUJHU 7LVFKOHUNUDQNHQNDVVH VHL IU HLQHQ %DKQZlUWHUQLFKWJHUDGHJHHLJQHWJHZHVHQ.XU]XQGJXW KlWWHHUYRUVLFKWLJHUJHKDQGHOWZlUHHVQLFKWVRZHLWJHNRP PHQXQGPDQVWlQGHVLFKEHVVHUDOVMHW]W 6HJHONHQ HU]lKOWH PLU GD‰ 1DSROHRQ GRUW  RGHU  LP 4XDUWLHU JHOHJHQ KDEH (V VHL HLQ $WWHQWDW DXI LKQ JH SODQW JHZHVHQ DEHU GXUFK GHQ 6FKOR‰NDVWHOODQ :LW]PDQQ GHP*UR‰YDWHUGHVMHW]LJHQ%HVLW]HUVYHUUDWHQZRUGHQ (U KlWWH JHK|UW GD‰ LFK JHPD‰UHJHOW JHZHVHQ XQG IUHXH VLFK LQ PLU HLQHQ RUJDQLVLHUWHQ $UEHLWHU XQG *HQRVVHQ ]X ILQGHQ :DVGLH)HVWOLFKNHLWHQDQEHWULIIWVRZDUHQVLH]LHPOLFKOXVWLJ ZHQQ 2QFOH QLFKW PL‰YHUVWLPPW JHZHVHQ ZlUH GHU ]XU .LQGWDXIHHLQ%HLQDEQHKPHQPX‰WH POOHUJLQJQHEHQXQV²HLQKXQGGHUDQ]XEHOOHQILQJXQG DXI PLFK ]X NDP ZFNWH PLFK DXV PHLQHU EHWHXEXQJ ²XQG QXQ ZXUG LFK VR QDFK XQG QDFK JHZDKU ² ZLH LFK HUVWDUUW JHZHVHQZDU²XQGGD‰PDQQIUPHLQHQ9HUVWDQGVHKUEH VRUJW JHZHVHQ VHLH LFK NDQWH DEHU PHLQ XQJOFN LQ GLHVHP ]XVWDQGHQLFKWLFKKDEHYRQPLUVHOEHUQLFKWVJHZXVW POOHUJLQJQHEHQXQV²HLQKXQGGHUDQ]XEHOOHQILQJXQG DXI PLFK ]X NDP ZFNWH PLFK DXV PHLQHU EHWHXEXQJ ²XQG QXQ ZXUG LFK VR QDFK XQG QDFK JHZDKU ² ZLH LFK HUVWDUUW JHZHVHQZDU²XQGGD‰PDQQIUPHLQHQ9HUVWDQGVHKUEH VRUJWJHZHVHQVHLHLFKNDQWHDEHUPHLQXQJOFNLQGLHVHP ]XVWDQGHQLFKWLFKKDEHYRQPLUVHOEHUQLFKWVJHZXVW R ZLH YHUELWWHUWHQ GLHVH PLU PHLQ RKQHKLQ WUDXULJHV OHEHQ GDVVWLFKHOHQGDXHUWHWlJOLFKMDVWQGOLFKYRQPHLQHUPXWWHU ² ZLH LFK KLQ NDP ZXVWH LFK QRFK QLFKW GDV LFK ZLHGHU VFKZDQJHU ZDU ² GDV (QWGHNWH LFK HUVW MH] GDV HUVFKZHUWH PHLQHODJHQRFKPHUPHLQHPXWWHUGLHHVEDOGPHUNWH²VWL FKHOWH QXQ QRFK PHU VFKOLPHU DOV ZHQ LFK VFKZDQJHU XQG QLFKWYHUKHLUDKWHWJHZHVHQZlUHLFKZX‰WHQXQ9RUDQJVW ZHJHQGHU]XNXQIWQLFKW]XEOHLEHQDOOHQXUHUGHQNOLJHNUlQ NXQJHQPXVWLFKDXVWHKHQ>@ 6ROHJLFKGHQQLQGHLQ*UDEGHQ6FKOVVHO]XGHPVFK|QHQ IUHXQGOLFKHQ%OXPHQJDUWHQPHLQHU.LQGKHLWQLHGHU,VWNHLQH 6FKODQJHNHLQ]HUVW|UHQGHV*HZUPXQWHULKQHQYHUERUJHQ JHZHVHQGDVPHLQHQ)X‰YHUOH]WKlWWH³VRGDQN·LFKVGHL QHU *HJHQZDUW GLH DOV HLQ 7DOLVPDQQ MHGHP 6FKlGOLFKHP ZLHGHUVWDQGXQGGDV%|VHLQGLH)HUQHVFKHXFKWH

4XHOOH

'%%URPPH

'%%URPPH

'%%URPPH 'LHFNKRII

'LHQVWPDJG $XWRELRJUDSKLH

'LHQVWPDJG $XWRELRJUDSKLH

'LHQVWPDJG $XWRELRJUDSKLH

(LQHP



VHLQ3DUWL]LS,,JHZHVHQ



%HOHJ 4XHOOH 0HLQH$FKWXQJJHJHQVLHXQGLKU$QGHQNHQLVWLKUHQ7XJHQ GHQ JOHLFK XQG REZRO LFK OHLGHU QRFK QLFKW VHOEVW VR ZHLW (LQHP KHUDQJHUHLIWJHZHVHQGD‰LFKLP6WDQGHKlWWHVH\QP|JHQ VLHVHOEVW]XHUNHQQHQXQG]XVFKlW]HQVRLVWPHLQ*ODXEHLQ GLHVHU+LQVLFKWGHUhEHU]HXJXQJJOHLFK 'LH JQ )UDX VDJWH GHQQ PHLVW ÅZLU ZROOHQ GLFK EHJOHLWHQ´ XQG JLQJ PLW GHQ  )UlXO GDYRQ GLH lOWVWH HWZDV WDXE XQG VHKU HUQVW GLH WH /XLVH HLQ VHKU KHLWUHV OLHEHQVZUGLJHV :HVHQGLHWH$PDOLHPLUDQ$OWHUJOHLFK²VWRO]HUDOV/XLVH (LQHP ² QDFKPDOV DQ GHQ %HUKPWHQ *HQHUDO %HQQLQJVHQ VROO YHUKHXUDWKHW JHZHVHQ VH\Q 'LHVH )DPLOLH EUDFKWH QXQ /HEHQXQG$XIVHKHQLQV'RUI (XUHQ ZHUWKHQ %ULHI YRP ȩ 2FW KDEHQ ZLU HUKDOWHQ XQG VLQG VHKU GDUEHU HUIUHXW JHZHVHQ9HU]HLKHW GD‰ ZLU LKQ (OVSD‰)UDXWVFKL QLFKW VRJOHLFK EHDQWZRUWHW KDEHQ ZROOHQ HV MHW]W YHUVXFKHQ ]XWKXQ 6FKRQODQJHKDEHQZLUXQVJHVHKQWHLQPDOZLHGHUHWZDVYRQ (XFK ]X K|UHQ XQG VFKRQ ODQJH KlWWH LFK ZLHGHU VFKUHLEHQ (OVSD‰ VROOHQDEHUGLHOHW]WH=HLWELQLFKVREHVFKlIWLJWJHZHVHQ *UR‰HQVWHLQEHFN XQGKDEHGHQ.RSIVRYROOJHKDEWGD‰LFKID‰WDQQLFKWVKD EHGHQNHQN|QQHQ 'LH (UEVFKDIWVVDFKH PLW GHQ (UEHQ GHV 9HUVWRUEHQHQ -RKV %HLHUZXUGHYRULJHV-DKUUHJXOLUWXQG]ZDULQGHU$UWGDVGLH $OWH %DDVH GLH *UXQGVWFNH YRQ LKUHP YHUVWRUEHQHQ 0DQQ ZHOFKH VLH LP *HPLH‰EUDXFK KDWH VR ODQJH VLH OHEWH DQ GLH (UEHQGHV-RKV%HLHUDEWUDWZRJHJHQ6FKZHVWHU.DWKQDFK GHP7RGHGHU%DDVHLQGHQJlQ]OLFKXQHQGJHOWOLFKHQ%HVLW] (OVSD‰+DPEORFK GHV9HUP|JHQGHUVHOEHQHLQVFKOL‰OLFKGHV:RKQKDXVHVWUDW :lUHGLH6DFKHQLFKWJHRUWQHWJHZHVHQKlWWHVLHMHW]WIU 6FKZ.DWKXQG)ULHGULFKIDGDOZHUGHQN|QQHQ'XZLUVWMH GHQIDOV LP %HVLW]H GHV IUDJOLFKHQ :HFKVHO VHLQ HKH 'X GHQ %ULHIHUKlOVW >@ GDV 6FKLII KDWWH HV YLHUFKWHUOLFK KHUXPJHZRUIHQ ZLH HLQ 6WURKKDOPGDVPDQDOOH$XJHQEOLFNQLFKWJHZX‰WKDWZDQDO (OVSD‰0DLHU OHV ]XJUXQGH JHKW GLH .XIIHU X .VWHQ VLQG DOOH DQJHOHJW JHZHVHQPLW6DLOHUDEHUGLHKDWHVDEJHULH‰HQZLHHLQHQ)D GHQXGLHPHLVWHYRQGLHVHQVLQG]XVDPHQJHEURFKHQ LFKELQPLWLKPVHKUJXW]XIULHGHQZLHLFKYRQ:LOKHOPJH K|UW VLQG VLH VHKU EHNPPHUW JHZHVHQ ZHJHQ GHP KHL (OVSD‰0HLV UDWKHQDOOHLQLFKGHQNHQLFKWGD‰HUVLFKUHXWGDV(UJHKHLUD WHWKDEH YHUQHUPX‰LFKHXFKDQPHOGHQGDVLFKELQEHU0RKQDGW YHUUHLVHW JHZHVHQ XQG ELQ HUVW GHQ WHQ 0HUW] KLHU JH (OVSD‰2HYHVWH VXQGZLHGHUDQJHNRPPHQ



%HOHJVDPPOXQJ

%HOHJ 4XHOOH LFKKlWWHHXFK6FKRQOlQJVWHLQHQ%ULHIJHVFKULHEHQZHQLFK QLFKW GHQ OHW]WHQ :LQWHU YHUUHLVHW JHZHVHQ ZlKUH GRFK KDEH LFK NXUW] YRU PHLQHU DEUHLVH HLQHQ NOHLQHQ %ULHI PLW (OVSD‰2HYHVWH $UQGW0OOHUVHLQHQDEJHVFKLFNWXQGPHLQH*HVXQGKHLWXQG DXIHQWKDOWHXFKGDULQDQJH]HLJW 9RQ0QFKLQJHQVLQG0D@LP)HOGHJHZHVHQDEHUHVLVW NHLQHU EOHVLUG JHZRUGHQ LFK ELQ DXFK VFKRQ JH]RJHQ JH (OVSD‰6FKPDO]ULHG ZHVHQ KDE DEHU QLFKW GUIHQ HLQUFNHQ GHU -DNRE>@ KDW  VLFK GLHVHV )UKMDKU IUHLJHVSLHOW DEHU HU LVW DXFK EHL GHU /DQGZHKUZLUVLQGEHLGHEHLGHU/DQGZHKUELVLQV-DKU /LHEVWHU*|WWVH\GXDOVRVRJXWXQGJHKLQGDV/DQGJHULFKW XQG HUKHE GDV *HOG XQG VDJH QXU LQ +HUUQ /DQGULFKWHU GDV LFKPHLQH5HL‰ IRUWVHW]WHQPXV VFKRQVWZHUUHXQVHU+DQG (OVSD‰6FKPLHGHOHU JHOGYHUORUHQJHZHVVHQEHKDOWHGDV*HOGLQ+lQGHQELVLFK HXFKZLHGHUVFKUHLEHZHQQZLUEHU:DVVHUVLQG 8KUPRUJHQVGDJHJHQZDUHUVFKRQWRGW(ULVWXQWHUGHQ JUl‰OLFKVWHQ 6FKPHU]HQ JHVWRUEHQ VHLQH 'lUPH VLQG JDQ] VFKZDU]X$OOHVYHUEUDQQWJHZHVHQ1XQKDWVLHQRFKHL (OVSD‰6FKZDEH QHQ %UXGHU -XOLXV ZHOFKH KLHU DXJHQEOLFNOLFK LP 1RUGZHV WHQLQ+HOHQD 0RQWDQD LVW 0HLQ'DVH\QLVWQRFKLPPHUVRDUPDQ$XVVLFKWHQX+RII QXQJHQZLHIUKHULFKZHUGHUHLFKHUDQ-DKUHQGDJHJHQXQG LPPHU LVW QXU IU PHLQH PRPHQWDQH ([LVWHQ] JHVRUJW PLW (OVSD‰6WHUQ 6FKDXGHUQEOLFNHLFKLQGLH=XNXQIWGLHPLUQLFKWVELHWHWDOV OHHUH+RIIQXQJHQ0HLQIUH\OLFKQLFKW IHVWJHID‰WJHZHVH QHU3ODQQDFK$PHULFDVFKHLWHUWDQGHU0|JOLFKNHLWVRZRKO GLH5HLVH]XPDFKHQDOVPHLQ)RUWNRPPHQ]XILQGHQ 'XZLUVW'LFKJHZL‰IUHXHQGLHVH=HLOHQGXUFK/RXLV.RVVH ]X HPSIDQJHQ LFK KlWWH DXFK VFKRQ VHLW HLQHU :RFKH JH (OVSD‰9RLJW VFKULHEHQZHQQLFKQLFKWEHU]HXJWJHZHVHQZlUHGD‰LFK EHLP &RORQHO HV DXVZLUNHQ N|QQWH GD‰ /RXLV HLQH 5HLVH QDFK 7H[DVPDFKHQNRQQWH ,P 9lWHUOLFKHQ +DXVH LVW XQV HLQH 8QWHUKDOWXQJ HUODXEW *DVVHU JHZHVHQ ZLU GXUIWHQ 6RQQ XQG )HLHUWDJH 6FKHLEHQVFKLHV VHQJHKHQ>@ 'LHVH=ZDQ]LJHUGLHEHUHLWVLQ9ROOZHUWKJHSUlJWJHZHVHQ VLQG VLQG  YRQ GHU NN5HJLHUXQJ QDFK JHVWHOOWHQ 7HU *DVVHU PLQDEJHVHW]WZRUGHQXQGHLQJH]RFKHQ 0DQZROOWH%HGHQNHQZHQQ+DEWPDQQGHQ0DUNWEHVXFKLQ %RW]HQ VFKRQ DQIDQJV JHU -DKUHQ DXIJHJHEHQ PLW VR *DVVHU JUR‰HQ 8PVDW] ZLH VLQG GLH NOHLQHUHQ JH]ZXQJHQ JHZH VHQ DXFK GDYRQ DE]XJHKHQ 6R LVW %RW]HQ LVW :HOWEHNDQQWH +DQGHOV6WDWWZLH+DOOGHVVJOHLFKHQLQNU]HYHUVFKZXQGHQ





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 'D QXQ GDV 6FKLFNVDO IKUW KDEH LFK PLFK GLHVHU 3HUVRQ  EHU]HLJW XQG VRPLW VLQG ZLUG JHJHQVHLWLJ HLQYHUVWDQGHQ JHZHVHQGLH+DQG]XELHWHQ8QVHUH9HUHKHOLFKXQJHUIROJ WHDPWHQ0D\LQ,Q]LQJ>@ $EHQWV ZDKU 6WDWWEHOHLFKWXQJ XQG )HXHUZHUNH 6WDWW XQG %HUJH VLQG JOHLFK EHOHLFKWHW JHZHVHQ $OV GLH %LVFK|IH DXVJHJDQJHQ GLH %HOHLFKWXQJHQ ]X VHFKHQ ZDU DOOHV DXI GHQ %HLQHQ9LYDWXQGGHQ-XEHOKDEHLFKQLHJHVHKHQ *HVFKZLVWHUWH EOHLEHQ QLFKW LPPHU EHLVDPPHQ HLQH )UDX KLQWHU LKU KlWWH PLW GHP $QVHFKHQ HUKDOWHQ KDUW JHWKDQ 0HLQHU 3HUVRQ KDOEHU ZlUH LFK IUHLOLFK GDU]X JHERUHQ JH ZHVHQ KDW PLFK DXFK IHLQ JHGXQNW XQG LVW JHZLVV NHLQHP %HVLW]HUVRJXWHUJDQJHQPLWVRZHQLJ*HOGDOVLFKDQNDXIWH :LH HUVFKUDN LFK DEHU DOV PHLQ :HLEFKHQ PLU HU]lKOWH ZLH VHKU VLH LQ $QVW JHVFKZHEW KDEHQ ZDV VLH PLU DOOHV QLFKW VFKUHLEHQZROOWHXPPLUNHLQHQQRFKJU|‰HUHQ.XPPHU]X YHUXUVDFKHQ ZLH 5DYHQVEXUJ  7DJH ODQJ JHVSHUUW JHZH VHQXQGPDQHLQH:RFKHODQJLQGHQJU|‰WHQbQJVWHQZDU HVP|FKWHQGLH7LUROHUHQGOLFKLQGLH6WDGWGULQJHQGLHYRQ DOOHQ 6HLWHQ ELV HLQH 6WXQGH YRQ KLHU YRUGUDQJHQ XQG QLU JHQGV:LGHUVWDQGIDQGHQZHLONHLQH7UXSSHQGDZDUHQ 'LHVHU:HJZDUEHUGLHVQXUHLQ)X‰ZHJDXV6WHLQJHKDXHQ XQG DOVR JD] VFKPDO /LQNV DX‰HURUGHQWOLFK KRKH VWHLOH *H ELUJH UHFKWV GHU DP *HVWDGH IDVW XQHUJUQGOLFKH 6HH ZlUH QXUHLQ6WHLQJHUROOWRGHUGDV3IHUGGXUFKLUJHQGHWZDVVFKHX JHZRUGHQ VR ZlUH LFK YHUORUHQ JHZHVHQ GHQQ GDV 3IHUG ZlUHRKQHDQGHUHVLQGHQ6HHJHVSUXQJHQ 6RIUFKWHUOLFKKDWPLFKQLHJHIURUHQZLHGDXQGEHLHLQHP +DDUZlU VXPPLFKJHVFKHKHQJHZHVHQGHQQLFKZXUGH QDFKXQGQDFKJDQ]VWHLIDP/HLEHNRQQWHNHLQHQ)X‰PHKU UKUHQ XQG VD‰ LQ HLQHP WRWHQlKQOLFKHQ =XVWDQG DXI PHL QHP3IHUG DXFK HU]lKOWH GLHVHU ZLH GHU %XUHDX &KHI EHVWlQGLJ ]ZL VFKHQGHQ)UDQ]|VLVFKHQ*HQHUDO3LFKHJUXHXQG+ROODQGJH UHLVW PLW GLHVHU *HJHQG VHKU EHNDQQW GHU IUDQ]|VLVFKHQ GHXWVFKHQ KROOlQGLVFKHQ 6SUDFKH PlFKWLJ XQG VHKU JH ZDQGW JHZHVHQ ]XU (UREHUXQJ YRQ +ROODQG GXUFK GLH )UDQ]RVHQLP-DKUGDVPHLVWHEHLJHWUDJHQKDEH 6HLQ 9DWHU ZDU PLW HLQHU 7RFKWHU DXV GHP LQ )HOVHQ DXVJH KDXHQHQ .HOOHU ]XP :HLQODJHU QHEVW +DXV VR :XQGHUEDX JHQDQQWGH‰HQ1DKPHQYRQGHU+H\GWKLH‰LQ%DUPHQYHU KHLUDWHWGH‰HQ9HUP|JHQGXUFKGLHVHQ%DX]HUVW|UWJHZH VHQVHLQVROO0HLQ9DWHUYHUPlKOWHVLFKPLWPHLQHU0XWWHU 6RSKLH$OHWWD1RRWLQ5XKURUW

4XHOOH *DVVHU

*DVVHU

*DVVHU

*UDGPDQQ

*UDGPDQQ

*UDGPDQQ

+DQLHO

+DQLHO



%HOHJVDPPOXQJ

%HOHJ ,FK-DNRE +RIPDQQGHUIQIWHELQ JHERUHQDP )HEUXDU  ZR PHLQH (OWHUQ VLHEHQ YROOH -DKU YHUHKHOLFKW VHLQ JHZHVHQDOVHUVWHV.LQG GHQWHQ)HEUXDUYLHUWHU%UDQGEHLPHLQHP6RKQ:LOKHOP LQGHU.LUFKJD‰0RUJHQV8KUEUDQQWHVHLQHMlKULJH 6FKHXHU ZLHGHU DE PLWWHQ XQWHU GHQ 1DFKEDUQ KHUDXV ZHLO %UDQGPDXHUQ GD ZDUHQ 'HU 7lWHU NDP DXFK LQ +DIW GHQ KDWWHHUIUKHUDOV:DLVHQNLQG:HQQHVLQGHU1DFKWDQJH VWHFNW JHZHVHQ ZlUH KlWWH HV GRFK ZLHGHU E|V $UEHLW JH JHEHQ $XFK VLQG GLH ZHLQEHUJH HUIURKUHQ GLH QLFKW JHGHFN JH ZHVVHQVLQGXQGGHUEDXHUVPDQKDWHUVWGLHIUKOLQJVVDWLQ $SULOOYHUULFKWHQN|QQHQ -HGHU NRQQWH QDFK VHLQHU (LQVLFKW KDQGHOQ PX‰WH DEHU MH QHP5HFKHQVFKDIWDEOHJHQXQGGDKHUNDPHVDXFKGD‰]X ZHLOHQ YRQ HLQ]HOQHQ GLH HLQHQ JQVWLJHQ $XJHQEOLFN EH QXW]WHQ 6WUHLFKH DXVJHIKUW ZXUGHQ GLH QLH HU]LHOW ZRUGHQ ZlUHQZHQQVLHGLHJHJHEHQHQ%HIHKOHVWULNWEHIROJWXQGGLH /HXWH VRPLW JHEXQGHQ JHZHVHQ ZlUHQ 1LFKWV ZXUGH VWUHQJHUJHDKQGHWDOV)HLJKHLW>@ 1XUHLQPDOZlUHQZLUEHLQDKHJDUVWLJZHJJHNRPPHQZHQQ ZLUQLFKWEHVVHUDOVGLH)UDQ]RVHQEHULWWHQJHZHVHQZlUHQ :HQLJH 6WXQGHQ QDFK GHP $EJDQJH MHQHV %XUVFKHQ HUKLHOW GHU3UlODWHLQHQ%ULHIYRQLKPZRULQHUJHVWDQGGD‰HUMHQH GUHL %HWWGHFNHQ HQWZHQGHW GD‰ HU VLH HLQPDO DOV LFK LQ GHU PLUDQYHUWUDXWHQ5HVHUYHVWXEHPLWGHP=lKOHQGHU+DQGW FKHUEHVFKlIWLJWJHZHVHQKHLPOLFK]XP)HQVWHU KLQDXVLQ GHQ*DUWHQJHZRUIHQ +HXWH 9RUPLWWDJ LVW HLQ (UHLJQLV YRUJHIDOOHQ ZDV QRFK UlWKVHOKDIWLVWQlPOLFKHLQ+DXVLQGHU$OWVWDGWVWU]WHSO|W] OLFK]XVDPPHQQDFKGHPVFKRQHLQLJH6WXQGHQODQJGLH=X JlQJH]XGHU6WUDVVHPLW6ROGDWHQEHVHW]WJHZHVHQZDUHQ 0DQVDJWHVVH\YRQGHQ5XVVHQLQGLH/XIWJHVSUHQJWZRU GHQZHLVVDEHUQLFKWZDUXP" >@$EHQGV8KUIXKULFKPLW%RFN )UDQNHPLWUD VFKHQ ([WUDSRVWSIHUGHQ DE HLQLJH 6WXQGHQ YRU GHP (LOZD JHQDXIGHPVFKRQVHLW7DJHQDOOH3OlW]HEHOHJWJHZHVHQ ZDUHQ 'HU HUVWH 7KHLO GHV :HJHV IKUWH EHU GDV VFKUHFN OLFKYHUZVWHWH6FKODFKWIHOG>@

4XHOOH +HXFKHOKHLPHU 7DJHEXFK

+HXFKHOKHLPHU 7DJHEXFK

+‰QHU

-lJHU

-lJHU

-lJHU

.DVVHOHU$U]W

.DVVHOHU$U]W



VHLQ3DUWL]LS,,JHZHVHQ



%HOHJ 4XHOOH 8QEHJUHLIOLFK ZlUH HV ZLH GRUW VR ZLFKWLJH 2SHUDWLRQHQ YRUJHQRPPHQZHUGHQNRQQWHQLQGHPGHU6XPSIYRQGHP ZLU RIW LQ GHQ =HLWXQJHQ ODVHQ GDVVHOEH ULQJV XPJLEW  .DVVHOHU$U]W 6WXQGHEUHLWXQGVHKUWLHILVWZHQQHVQLFKWGDPDOVQRFKJH IURUHQ JHZHVHQ ZlUH 8QVHUH %HJOHLWHU EOLHEHQ UDWKORV GD YRUVWHKHQDEHU6FKPLGWXQGLFK]RJHQ6WLHIHOQXQG6WUPS IHDXV GUDQJHQYRUVLFKWLJKLQHLQ>@ 1DFK  6WXQGH NDP HLQ IHLQGOLFKHU 2IIL]LHU PLW ZHL‰HU )DKQHXQGGUFNWHLP$XIWUDJHGHU.RORQHOVGDVDXIULFKWLJV WH XQG OHEKDIWHVWH %HGDXHUQ DXV GHU 0DQQ VHL EHWUXQNHQ .UHWVFKPDQQ JHZHVHQXQGPDXYDLVVXMHWXPLKQGDYRU]XVFKW]HQYRQ VHLQHQ.DPHUDGHQPDVVDNULHUW]XZHUGHQKDEHHULKQHLQJH VSHUUW >@ ZDU DEHU DXFK IU PLFK GLH K|FKVWH ]HLW NDXP DOV LFK GUDX‰HQZDUILHO[[[[[[DXFKVFKRQGDVEUHQHQWH'DFKKRO] KHUXQWHU KlWWH PVVHQ GULQQHQ EOHLEHQ ELV GDV )HXHU JH /HEHQVHULQQHUXQJHQ O|VFKWJHZHVHQZlUHKDWZROQLFKWKLQHLQJHEUDQWDEHUGLH +LW]H5DXFKKlWWHPLUVHKUVFKDGHQN|QHQ 6RFKH (UIDKUXQJHQ KDEH LFK YLHOH YLHOH KLQWHU PLU ZR PDQ HUVWQDFKYLHOHQ-DKUHQGLHJXWHQXQGZHLVHQ)KUXQJHQGHV +HUUQ IKOW XQG HUNHQW 8QG XQVHUH 7KRUKHLW ]HLJW PLU ZLH /HEHQVHULQQHUXQJHQ ZHLW HV JHIlOOW JHZHVHQ ZlUH PLW XQVHUHQ :QVFKHQ XQG *HGDQNHQ ZLH YLHOHV EOHLEW XQV QRFK YHUERUJHQ IU GLHVH :HOW :LHEHNDQQWVLQGLP-DKUHGLHGHXWVFKHQ+HHUHVPDV 2WW VHQLQ$UPHHQJHWHLOWJHZHVHQYRQGHQHQMHGHHLQH*H QHUDO(WDSSHQ,QVSHNWLRQEHVD‰ $XFK 0XQGZDVVHU PLW REOLJDWHP $E XQG $XVEUVWHQ GHU =lKQH XQG 1DVHQ EOLHE GHQ DUPHQ 7LHUHQ QLFKW HUVSDUW 2WW =XP *OFN ZDU GDV 6DWWHO]HXJ LQ GHU 6FKODINDPPHU GHV %XUVFKHQ XQWHUJHEUDFKW JHZHVHQ XQG VR PLW GHP $QVWH FNXQJVKHUGQLFKWLQ%HUKUXQJJHNRPPHQ 1DFKGHPHVDEHUVSlWDP$EHQGZDUGLH6WHUQHVFKRQKH UDXI]RJHQLFKDXFKQLFKWPLW6LFKHUKHLWZX‰WHDXIZHOFKHP GHUYHUVFKLHGHQHQ/lQJHQZHJHLFKPLFKEHIDQGVREHVFKOR‰ LFKDXIJXW*OFNPHLQH5HLVHLQGHUHLQPDOHLQJHVFKODJHQHQ 2WW 5LFKWXQJ IRUW]XVHW]HQ 'D‰ PHLQH 0LVVLRQ QLFKW EHVRQGHUV HLOWH LVW PLU DX‰HUGHP EHNDQQW JHZHVHQ (QGOLFK OLFKWHWH VLFKGHU:DOGXQGLFKHUEOLFNWHLPJOLPPHQGHQ$EHQGVFKHL QHHLQJUR‰HV'RUI 'HQDUPHQ'UDJRQHUJDEHQZLULQ3LWKLYLHUVDE(VZDULKP 2WW EHVFKLHGHQJHZHVHQDKQXQJVXQGVFKPHU]ORV]XVWHUEHQ 'HUJDQ]H6FKX‰KDWWHGDV+HU]JHWURIIHQ



%HOHJVDPPOXQJ

%HOHJ 0DJ VHLQ GD‰ GLH JDQ]H $QODJH PHKU (LQGUXFN DXI PLFK JHPDFKWKlWWHZlUHVLHYRQGHQZLPPHOQGHQ6ROGDWHQEH OHEWJHZHVHQKlWWHLFKVLHHUEOLFNWQRFKEHJOlQ]WYRQGHP QDSROHRQLVFKHQ*HVWLUQ 'LH IUDQ]|VLVFKHQ bU]WH KDWWHQ QDFKGHP VLH HLQH $Q]DKO YRQ $UP XQG %HLQOHLFKHQ JHPDFKW GHQ 6FKDXSODW] GHU 7KlWLJNHLWLKUHUH8QZLVVHQKHLWYHUODVVHQXQGZDUHQGHUIUDQ ]|VLVFKHQ$UPHHQDFKJHIORKHQ'DV3IOLFKWJHIKOVFKHLQWLQ GLHVHU 6RUWH VHKU VFKZDFK HQWZLFNHOW JHZHVHQ ]X VHLQ 1DKUXQJVPLWWHOIHKOWHQJlQ]OLFK 'HU 3DYLOORQ GHV .DLVHUV XQG GHU .DLVHULQ QLHGHUH HLQVW| FNLJHZHQLJH=LPPHUHQWKDOWHQGHNOHLQH%DXZHUNH]XZHO FKHQ 7UHSSHQ KLQDXI IKUWHQ ZDUHQ XPJHEHQ YRQ JDQ] NOHLQHQ +lXVFKHQ PLW QLHGOLFKHQ 9RUJlUWHQ ZHOFKH VHLQHU ]HLW YRQ GHP +RIVWDDWH $GMXWDQWHQ JHQHUDOHQ XQG GHUJOHL FKHQYRUQHKPHQ+HUUHQEHZRKQWJHZHVHQVHLQPRFKWHQ 'HU0RELOJDUGLVWKDWWHZVWLQLKQHQJHKDXVW 7LHIH5XKHODJZLHGHUEHU&RUEHLO'LH7UXSSHQZDUHQ]X UFNJH]RJHQXQGLFK IDQG*HOHJHQKHLWGLH'HWDLOVGHVJDQ ]HQ 9RUNRPPQLVVHV PLW GHQ DXVJHUFNW JHZHVHQHQ 2IIL ]LHUHQ]XEHVSUHFKHQ'DZXUGHPLUGDQQUDVFKGHU=XVDP PHQKDQJNODU %HL GHP 5LWWH KDWWH LFK GLH 0W]H DXIJHVHW]W GHU 'UDJRQHU GDJHJHQ WUXJ HLQHQ +HOP 'DV ZLUG PHLQ *OFN XQG VHLQ 8QJOFN JHZHVHQ VHLQ GHQQ HU )UDQ]RVH KDW GHQ 'UDJRQHU LQVHLQHUYLHOLQGLHIDOOHQGHUHQ 8QLIRUPVLFKHUIUGHQ+| KHUHQ JHKDOWHQ 'HU IHLJH 6FKQDSSKDKQ VFKHLQW EHU GLH :LUNXQJ VHLQHV 6FKXVVHV HUVFKURFNHQ JHZHVHQ ]X VHLQ GHQQ VRQVW Z‰W  LFK QLFKW ZDV LKQ KlWWH DEKDOWHQ VROOHQ YRQ VHLQHU VLFKHUHQ +|KH DXV GHQ ]ZHLWHQ 6FKX‰ HU KDWWH HLQ-DJGJHZHKUDXIPLFKDE]XJHEHQ 1XQ KDEHQ ZLU YHUUHFKQHW GHQ 0DWWHQ]LQ‰ D ) ZLH DXFK GHQ 0RRVIHOG]LQ‰ PLW ) ;U YRUV -DKU  DXFK GDV %UDQG  JHOG ;U XQG GHQ 6FKZHLQKLUWHQORKQ ;U GDQQ GHU =LQ‰ YRQ ) &DSLWDO PLW ) ;U ZHOFKHU =LQ‰ EHU *HRUJLG-YHU IDOOHQJHZHVHQ$OVRPX‰+DLPEU JHUQRFKKHUDXVEH]DKOHQ);UGDUDQJOHLFKEH]DKOW) 5HVWLHUWQRFK);U 'HQWHQ-XQ\KDWGHU+HLPEUJHUGHP'RPPLQLFN VHLQH/XLVGRUYRUGDV2UJHOVSLHOHQEH]DKOWZHOFKHEHU6W *HRUJLYHUIDOOHQJHZHVHQ

4XHOOH 2WW

2WW

2WW

2WW

2WW

5HLFK

5HLFK





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 'HQ WHQ 0D\  KDEH LFK PLW GHP +HLPEUJHU DEJH UHFKQHW XQG PLW LKPH YHUUHFKQHW GHQ 0DWWHQ]LQV ZHOFKHU YHUIDOOHQ JHZHVHQ EHU 0DUWLQWL  SHU ) ;U GDQQ );U3UR]HVV .|VWHQXQG]ZH\-DKU=LQVYRP-DKU ELVXQGYRPELV6W*HRUJL +HXWH KDEH LFK YHUVFKODIHQ HV WKDW PLU VR OHLG LFK NRQQWH QLFKW YRU GHP 5XKHWHH EHWHQ MD EHWHQ ]X JOHLFKHU =HLW PLW 'LU,FKELQJHVWHUQDX‰HURUGHQWOLFKQLHGHUJHVFKODJHQJH ZHVHQLFKODVGLHHUVWHQ6HLWHQ'HLQHV%ULHIHVZLHDQJH QHKPEHUKUWHPLFKGHU$XVGUXFN0HLQHV‰H%UDXW ZLHNDQQLFKDOV%UDXWUXKLJEOHLEHQZHQQVLHVDJWGDVVPDQ EHLGHU+HLUDWKGDV,FKDXIJHEHQPVVH6HKQVXFKWQDFKGHU 9DWHUVWDGW KDEHQ X ZLH PLU·V VFKLHQ OLHEHU ]XUFN JHKHQ ZUGH´  GHQ HUVWHQ $EHQG QDFKGHP LFK VLH JHVHKHQ KDWWH YHU]ZHLIHOWH LFK EHLQDKH ZHLQWH ELWWHUOLFK X ZlUH OLHEHU QLFKW YHUOREW JHZHVHQ QLFKW NOHLQHV +HU] ZHLO LFK 'LFK QLFKWOLHEHQHLQZHLOLFKGLHVHVWUDXULJH/RRVIUPLFKVDK 8P  8KU VHOELJHQ 7DJV HUKLHOW LFK HLQHQ =HWWHO Y 0DULH 6FKZDU]VLHIRUGHUWHPLFK]XVLFK]XP$EHQGDXIXEDWXP (QWVFKXOGLJXQJ GDVV GLHV VR VSlW JHVFKHKH GRFK KlWWHQ H EHQ/HLVWVDEJHVDJWXVLHZlUHQLP3ODW]EHVFKUlQNWJHZH VHQ,FKIROJWHGLHVHU$XIIRUGHUXQJGRFKGHQQLFKZDUQLFKW JHNUlQNWX0DULHQV2IIHQKHLWKDWWHPLFKJHIUHXW :LU VSUDFKHQ YRQ YHUVFKLHGHQHQ 'LQJHQ DXFK YRQ $GHOH LFKlXVVHUWHGDVVLFKEHVRQGHUH6\PSDWKLHIUVLHKDEHXVLH PLU OHLG WKlWH GDVV VLH HLQHQ VROFKHQ 0DQQ EHNRPPHQ ZR VLFKJHZLVVEHVVHUHIUVLHJHIXQGHQKlWWHQ-XOLHPHLQWHGDVV VLHLQ'U .DQ]OHU UHFKW YHUOLHEWJHZHVHQZlUHXGDQQSDU GpSLW>@ %ROWHQKDJHQ JHQRPPHQ KDEH DXVJHVFKODJHQ KlWWH VLH ]ZDU (LQHQ GDEHL PXUPHOWH VLH (WZDV DOV RE HU %ROWHQ KDJHQ JOHLFK NlPH GRFK GDV NDP JHZLVV DXV 9HUOHJHQKHLW LFK NHQQH GLH 6DFKH X EUDXFKH YRQ -XOLH NHLQH (UNOlUXQJ PLFKIUHXWHHVGDVVVLHPLWZDKUHU/LHEHYRQ$GHOHVSUDFKX VLFKQLFKWPHUNHQOLH‰GDVV'XGDGXUFKPDQFKHQNXPPHU YROOHQ7DJGDGXUFKHUOHEWKDVW 1DFK7LVFKHU]lKOWHPLU0LOLDHLJHQWKPOLFKH6DFKHQDXVLK UHU -XJHQG (V ZlUH GDPDOV HLQH :XWK XQWHU GHQ 0lGFKHQ JHZHVHQVLFK]XYHUOREHQVLHKDEHGLH0RGHPLWJHPDFKW6LH ZlUHDXFKYHUOREWJHZHVHQPHKUHMXQJH0lGFKHQXJHJHQ  MXQJH /HXWH ZDUHQ YRQ GHU *HVHOOVFKDIW  KlWWHQ UHFKW ]XVDPPHQJHKDOWHQ (VZDUIUPLFKHLQDQJHQHKPHU7DJ0RQWDJKDW6RQLD%HD WHQ6WXQGHJHJHEHQZHLOLFKVRQVWYRQ²õ8KUDQJH VSDQQWJHZHVHQZlUH

4XHOOH 5HLFK

6FKLHOH

6FKLHOH

6FKLHOH

6FKLHOH

6FKLHOH

6FKLHOH



%HOHJVDPPOXQJ

%HOHJ 4XHOOH %LV GDQQ HLQPDO GHU %UHQGOH $QWRQ GXUFK GLH )XWWHUOXNH LQ GHQ.XKVWDOOXQGPLWGHP.QLHLQGLH+HXJDEHO]LQNHQJHIDO OHQLVWXQGGHU'RNWRUJHVDJWKDWZHQQGHU$QWRQDP.QLH QLFKWVRVFK|QJHSROVWHUWJHZHVHQZlUHDQGHU6WHOOHPV VFKZlELVFKH:LUWLQ VHQ DQ GHU 8QWHUKRVH GUHL YLHU )OLFNHQ DXIHLQDQGHU KLQDXI JHVHW]WJHZHVHQVHLQGDQQZlUHQGLH=LQNHQYLHOWLHIHUHLQ JHGUXQJHQXQGGDV.QLHKlWWHVWHLIEOHLEHQRGHUJDUKLQVHLQ N|QQHQ %LV GDQQ HLQPDO GHU %UHQGOH $QWRQ GXUFK GLH )XWWHUOXNH LQ GHQ.XKVWDOOXQGPLWGHP.QLHLQGLH+HXJDEHO]LQNHQJHIDO OHQLVWXQGGHU'RNWRUJHVDJWKDWZHQQGHU$QWRQDP.QLH QLFKWVRVFK|QJHSROVWHUWJHZHVHQZlUHDQGHU6WHOOHPVVHQ VFKZlELVFKH:LUWLQ DQ GHU 8QWHUKRVH GUHL YLHU )OLFNHQ DXIHLQDQGHU KLQDXIJH VHW]W JHZHVHQ VHLQ GDQQ ZlUHQ GLH =LQNHQ YLHO WLHIHU HLQ JHGUXQJHQXQGGDV.QLHKlWWHVWHLIEOHLEHQRGHUJDUKLQVHLQ N|QQHQ 'LHVHU KDW VLFK GDQQ LQVJHKHLP YRQ :LOOL EHGLHQHQ ODVVHQ YRQ GHP %HVWHQ ZDV HV JDE 'DQQ VLQG VLH DOOH EHLGH EH 6RSKLD WUXQNHQJHZHVHQ'DQQKDWHUGLHJDQ]HQ%DONHQPLW )OD VFKHQNDSXWWJHZRUIHQ 'LH6XPPHK|UWVLFKNOHLQDQZDUDEHUGHU]HLWYLHO]XWHXHU 'HU DOWH )LVFKHU 6FKZDUWHQ VDJWH HLQVW ]X PLU 0LW  6RSKLD ZlU  HV UHLFKOLFK EH]DKOW JHZHVHQ 8QG +\SRWKHNHQNQ GLJXQJLQ]ZHL-DKUHQ8QGGLH=HLWIORJVFKQHOOHUGDKLQDOV VLHVROOWH 'HU2NWREHUZDUHLQEHGHXWVDPHU7DJIUXQV:LUZXU GHQ QlPOLFK DEJHO|VW YRP VWHQ /DQGZHKUUHJLPHQW GDV ]XU 'LYLVLRQ .XPPHU JHK|ULJ ELV GDKLQ DXI GHP UHFKWHQ 0RVHOXIHU JHVWDQGHQ XQG XQV XQHUH 5XKH EHQHLGHW KDWWH 6WLHU 'RUWKLQ ZDUHQ LPPHU KDXSWVlFKOLFK DEHU DP  $XJXVW XQG6HSWHPEHUGLH$QJULIIH%D]DLQHVJHULFKWHWJHZHVHQ QXQ VROOWHQ ZLU ZLH GDV DXFK ELOOLJ ZDU GLH JHIlKUOLFKHUH 6WHOOXQJEHUQHKPHQXQGGLH/DQGZHKUVLFKLQGHUXQVULJHQ HUKROHQ





VHLQ3DUWL]LS,,JHZHVHQ

%HOHJ 3ULQ] )ULHGULFK .DUO PX‰WH VLFK DOVR 0HW] YRQ 6GHQ KHU XPJHKHQG PLW VHLQHP +HHUH ZLH HLQ PlFKWLJHU .HLO ]ZL VFKHQ GLH 7UXSSHQ YRQ 0DF 0DKRQ XQG %D]DLQH VFKLHEHQ EH]ZGHQOHW]WHUHQGDUDQKLQGHUQGHQ$EPDUVFKYRQ0HW] QDFK:HVWHQZHOFKHUGXUFKGLH6FKODFKWYRQ&RORPEH\QXU DXIJHKDOWHQ QLFKW DEHU ]XP 6WLOOVWDQG JHEUDFKW ZHUGHQ NRQQWH IRUW]XVHW]HQ XQG GXUFK]XIKUHQ 'HQQ QDFK 9HUHL QLJXQJGHUEHLGHQIUDQ]|VLVFKHQ+HUUHZlUHQZLUJH]ZXQ JHQJHZHVHQJHJHQ0DQQLQPLWWHQGHVIHLQGOLFKHQ /DQGHV PLW GHQ XQHLQJHQRPPHQHQ )HVWXQJHQ 0HW] 'LH GHQKRIHQ7RXOXQG6WUD‰EXUJLP5FNHQDOVRXQWHUK|FKVW XQJQVWLJVWHQ9HUKlOWQLVVHQ]XNlPSIHQ (LJHQWPOLFKZDUHVZLHPlFKWLJEHLVROFKHQ*HOHJHQKHLWHQ GHU$EHUJODXEHVHLQH0DFKWRIIHQEDUW'LH6ROGDWHQ:DOOHQ VWHLQVN|QQHQDXFKQLFKWVFKOLPPHUGDYRQEHKHUUVFKWJH ZHVHQVHLQDOVZLU(VVLQGQLFKWDOOHIUHLGLHLKUHU.HWWHQ VSRWWHQ 'DV +|FKVWH ZDV ZLU QDFK 6FKLOOHUV 6SUXFK GHU 0HQVFKKHLWVFKXOGHQLVW:DKUKHLW 'DVSUDQJLFKZLHHLQ5HKGDVODQJHHLQJHVSHUUWJHZHVHQ GD ZDUI LFK GLH 6FKODINDSSH ZHJ XQG LFK NDQQ LP HLJHQWOL FKHQ6LQQGHV:RUWHVVDJHQGDGXUIWHLFKIUHLDWPHQ GD ZLOO 1DSROOHRQ ZLHGHU IULVFK DQVH]HQ JHJHQ GHP )HXQG ]X6WUHLWWHQXZHQQDOOHZDVYRUKLQXQWHUVHLQHP6FKXW]JH VWDQGHQ VLQG ZLHGHU JHKROIHQ KlWWHQ VR KlWWH HU QDFK PHQVFKOLFKHU XHEHUOHJXQJ ZLHGHU JHJHQ GHP )HXQG 6LHJHQ N|QQHQDEHUHULVWPHKUHUH-DKUJDQ]'HXWVFKODQG]XHLQHU KDUWHQ 6WUDIH DXIJHOHJW JHZHVHQ X LVW LKP DOOHV JHOXQJHQ GDQQLVWHU6WRO] JHZRUGHQX ZROOWHKHUVFKHUVHLQEHUGLH JDQ]H:HOGGDQQDEHUZLUGLKPJH]HLJWGD‰GD‰HLQHK|KHUH %HVWLPPXQJEHUGHQ0HQVFKHQJHVH]WLVW GHU 6FKZHG VH]W DEHU NHLQHQ *ODXEHQ DXI GHQ 6LHJ GDUXP ZLUG GLH 9HVWXQJ DXFK PLW $NRUW EHUJHEHQ ZlUH GLHVHV QLFKW JHVFKHKHQ XQG GLH 9HVWXQJ VROOWH GXUFK 6WUPHQ HU REHUWZHUGHQZLHYLHOHZUGHQQRFKYRQXQVHUHU6HLWHJHIDO OHQ VHLQ XQG 6FKZLPPHQ JHOHKUW EL‰ HLQ EDDU :DKO  *Ul EHQ ZlUHQ EHUVWLHJHQ JHZHVHQ XQG YHVWHQ VLFKHUHQ %RGHQILQGHQMHW]WPHUNHLVWGDVHLQJHULQJHVZHQQGXK|UVW RGHU LQ HLQHU %HVFKUHLEXQJ OHVHQ WKXVW GLHVH RGHU MHQH 9HVWXQJ LVW PLW $NRUW EHUJDQJHQ GLH 0DFKW ZDV LQ HLQHU 9HVWXQJLVW

4XHOOH

6WLHU

6WLHU

7KRPDQQ

:HL‰HUW

:HL‰HUW



%HOHJVDPPOXQJ

-DKUKXQGHUW %HOHJ (QGOLFK LVW VLH JHNRPPHQ KDW GDV *HEL‰ UDXVWDQ XQG GLH +LUWHU5HVKDWHVVLFKKLQHLQJHVWHFNWGLHLVWVFKRQDQJH]R JHQJHZHQXQGKDWQXUDXIGDV*HEL‰JHZDUWHW 8QG PLU LVW HUVW GDV =HXJ NRPPHQ ZLH LFK YHUKHLUDWHW JHZHVHQELQGDKDEHLFKPHLQGDVZHL‰LFKQRFKPKGD KDEHLFKVRYLHOJHVFKULHQLFKKDEHVRYLHO$QJVWJHKDEW 'DELQLFK:DULFKGDVHKUYHUZLUUWRGHUELQLFKVRDXIJH UHJWJHZHVHQDXIMHGHQ)DOOZlUHLFKGDPLWPHLQ%XEHQGD KLQHLQLQGHQ%DFKXQGGDQQKDWHLQHUJHVDJW 1DFKKDWVLHPLFKDQJH]HLJWGDELQLFKGDVHUVWH0DOHLQJH VSHUUW JHZHVHQ %LQ LFK GDV HUVWH 0DO HLQJHVSHUUW JHZH VHQ,FKZDUJDQ]YHU]ZHLIHOW 'V ZHQQ LFK MHPDQG YHU]lKOH GDV JLEW HV VFKRQ +D 'DV KDEH LFK VFKRQ QRFK PLWNULHJW ,FK ELQ HLQIDFK JDQ] YHU ]ZHLIHOW JHZHVHQ ,FK KDE EHL GHQ %DXHUQ KDEHQ MHPDQG JHEUDXFKW]XP$UEHLWHQ 8QG GD KDEHQ ZLU EHL )HOGDILQJ RGHU ZR GDV MHW]W JHZHVHQ LVWVLQGGDGLH1HJHUHLQTXDUWLHUWJHZHVHQXQGGDKDEHQ ZLUXQVUDQJHPDFKWEOR‰ZHJHQ)UHVVHQXQGGDKDWPLUHLQHU GLH6LILOLVDQJHKlQJWLPGULWWHQ*UDG =XHUVWKDEHLFKNHLQ*HOGQLFKWJHKDEWXQGGDQQELQLFKPLW GHP9LHFKKlQGOHUYHUKHLUDWHWJHZHVHQGDZDULFKGDVHUV WH0DOLQHLQHP.LQR 'XZHL‰WMDGLH0DUHHKQRFK'DELQLFKJHQDXJHKHLUD WHWJHZHQLVWVLHJHVWRUEHQ $EHULFKKDEHJDQ]VFKK|QJHIOXFKWDEHULPPHUJOHLFKHLQH JDQ]H /LWDQHL 'DV LVW QLFKW PLW ]ZHL )OFKHQ DEJHWDQ JHZHQ6FKQXSIHQZLUZLHGHUHLQH%ULVZHLOHVPLWGHU/LHV DXFKQLFKWVPHKULV ,FK KDEH GDQQ HLQH JU|‰HUH 0DVFKLQ JHNDIIW HLQH DOWH LP *lXERGHQGDX‰WLVW]XVDPPHQJHOXPSWJHZHQKDWQLFKW YLHONRVWZHLOLFKQLFKWYLHO*HOG 8QGZLHLFKGDKLQNLPPJHKHLFKGDLPPHUKLQXQGKHULFK KDEHGHQ:DJHQVFKRQJHVHKHQ=XJHVSLUUWLVWJHZHQ,P %URLVWHLQHUGULQQJHZHQXQGGHUKDWJHVFKULHP $VRHLQ,GLRW$VRHLQ0DQQ'DKDWHUQL[PHKUJHJROWHQ 'HU .UHLVEDXHUQIKUHU LVW EODPLHUW JHZHQ ZHLO HU %DXP JDUWQHUVHLQHUHFKW+DQG²XQGDXVJHVFKLVVHQKDEHLFKDXFK JHKDEWEHLP.UHLVEDXHUQIKUHU

4XHOOH $FKWHUQEXVFK $FKWHUQEXVFK $FKWHUQEXVFK $FKWHUQEXVFK

$FKWHUQEXVFK

$FKWHUQEXVFK

$FKWHUQEXVFK $FKWHUQEXVFK

$FKWHUQEXVFK

$FKWHUQEXVFK $FKWHUQEXVFK

$FKWHUQEXVFK



VHLQ3DUWL]LS,,JHZHVHQ



%HOHJ 4XHOOH 'DV*HOGKDEHLFKHUVWQDFK1HXMDKUHLQJHEUDFKWGDZDUHQ GLH :HFKVHO IlOOLJ 'LH :HFKVHO VLQG VR JHVFKULHP JZHQ $FKWHUQEXVFK GD‰VLHLP-HQQHUIlOOLJZHUGHQ'DKDEHLFKPHLQ*HOGNDV VLHUW 6DJH LFK ,FK ]DKO 6WHXHUQ XQG GLFK OD‰ LFK +RO]DUEHLWHQ %LVKHU KDVW GX VFKRQ JHQXJ JHVWRKOHQ@ ² -DMD'DQDFK ELQ LFK JHQDX  -DKU JHKHLUDWHW JZHQ GDQDFK LVW PLU GLH $FKWHUQEXVFK JHVWRUP'DQQELQLFKJH]ZXQJHQJHZHQ²LFKEUDXFKHLQH QHXH )UDX ZHLO LFK KDEH ORKQGUHVFKHQ PVVHQ XQG GDKHLP EUDXFKLFKHLQH)UDXGLHZLHZLUWVFKDIWHQNDQQ 'DQDFKELQLFKJHQDX-DKUJHKHLUDWHWJZHQGDQDFKLVWPLU GLHJHVWRUP'DQQELQLFKJH]ZXQJHQJHZHQ²LFKEUDXFK $FKWHUQEXVFK HLQHQHXH)UDXZHLOLFKKDEHORKQGUHVFKHQPVVHQXQGGD KHLPEUDXFKLFKHLQH)UDXGLHZLHZLUWVFKDIWHQNDQQ :LHKDWHUGHQQJOHLFKZLHGHUJHKHL‰HQGHUGHULFKNRPP VFKRQZLHGHUGUDXIMDMD$EHUGHU+LWOHUZlUHMDQLFKWYHU $FKWHUQEXVFK NHKUW JHZHQ 'DV ZDU JDQ] VFK|Q GDV 'XUFKJRWW XQG 'XUFKIUHXGH XQG 'XUFKNUDIW XQG GLH 6FKLIIH GLH HU KHUJH VWHOOWKDWGLHVLQGGXUFK.UDIWXQGGXUFK)UHXGHJHIDKUHQ 'DNRPPWHLQHV7DJHVHLQWFKWLJHU5HJHQJX‰XQGVLHKHGD GLH JDQ]H 6FK|QKHLW LVW ZHJ (V ZDU PLW GHP 0DOHUSLQVHO $QQD+DUWPDQQ QDFKJHKROIHQJHZHVHQ 'HU .DXIPDQQ :UIHO LQ )QIKDXV ZHOFKHU DXFK YRQ GHU *HJHPGEHL%UDXQDXZDUXQGHVYRQQLFKWV]X+lXVHUQ $QQD+DUWPDQQ JHEUDFKW KDWWH ZlUH HLQYHUVWDQGHQ JHZHVHQ ZHQQ +DUW PDQQVHLQ6FKZLHJHUVRKQJHZRUGHQZlUH 'D VDKHQ GLH JDQ]HQ %URFNHQ DQVZHQGLJ ZHL‰ DEHU LQZHQ GLJ QRFK JDQ] VFKZDU] DXV XQG ZDUHQ QRFK ODQJH ODQJH $UEHLWVHULQQHUXQJHQ QLFKWJDUJHEUDQQWJHZHVHQ 'DPX‰WHLFKMHGHQ6WHLQPLWGHU)RUPYRQGHU)RUPSODWWH DE]LHKHQ XQG LQ GHU )RUP DQ 2UW XQG 6WHOOH WUDJHQ XQG ZHQQLFKGDVQLFKW JOFNOLFKHUZHLVHJHNRQQWKlWWHGDZlUH $UEHLWVHULQQHUXQJHQ LFK VFK|Q YHUOHJHQ JHZHVHQ ZHQQ PLU GLH +lOIWH 6WHLQH GDEHLXQWHUGHQ7LVFKJHIORJHQZlUHQ 'DHULQQHUWHLFKLKQDQXQVHUQIUKHUQ0HLVWHUXQGGD‰GHU LKPIUHXQGOLFKJHVLQQWJHZHVHQZlUHXQGHUVROOWHYHUVX $UEHLWVHULQQHUXQJHQ FKHQ XQG HLQPDO KLQVFKUHLEHQ RE HU GD QLFKW KLQNRPPHQ N|QQWH ,FKKDEHPDOZLHGHUHLQHQVFK|QHQUXKLJHQ7DJKLQWHUPLU 'HQJDQ]HQ7DJELVDXIHLQH6WXQGH2II8QWHUULFKWELQLFK %ULHIZHFKVHO PLW GHQ 9RUEHUHLWXQJHQ IU XQVHUH PRUJLJH 8HEXQJ EH VFKlIWLJWJHZHVHQVHOEVWGHQ)X‰GLHQVWEUDXFKWHLFKQLFKW PLW]XPDFKHQ 2EHQDP6HHGDVLQG3XPSHQDXVJHIDOOHQJHZHVHQ HLJHQH+|UEHOHJH



%HOHJVDPPOXQJ

%HOHJ 'HU KDW GRFK KLHU GDV YLHOH )HOO XQG GDLVW ZLH HLQ 6FKQLWW JHVHW]WJHZHVHQXQGGDOLHIGHU(LWHUUDXV 1DFK HLQLJHQ 7DJHQ ULHI PLFK GLH 0XWWHU EHLVHLWH GRUW HU ]lKOWH VLH PLU GD‰ PHLQH YRU ]ZHL -DKUHQ YHUKHLUDWHWH 6FKZHVWHU HLQH VR XQJOFNOLFKH (KH HLQJHJDQJHQ GD‰ LKU 0DQQ VR YLHOH 6FKXOGHQ VFKSQ JHPDFKW XQG GD‰ DOOHV ZDV GLH (OWHUQ GDV KHL‰W 0XWWHU XQG 9DWHU VFKRQ JHWDQ KlWWHQ YHUORUHQVHL'HU9DWHUZlUHJH]ZXQJHQJHZHVHQ&DUROL QH PLW LKUHQ .LQGHUQ HLQH :RKQXQJ LQ HLQHP GHU +lXVHU GHU(LVHQJDVVH]XJHEHQ 'LH 5HLVH PX‰ DEHU LQ GHU 1DFKW YRU VLFK JHJDQJHQ VHLQ GHQQ ZHQQ LFK DXI LKU QLFKW JHVFKODIHQ KlWWH ZlUH PLU JH ZL‰HWZDVGDYRQLP*HGlFKWQLVJHEOHLEHQ6RZHL‰LFKDEHU JDUQLFKWVVGD‰LFKDXIGHP:HJHHWZDVJHVHKHQRGHUJHK|UW KlWWH$XFKZlUHLFKQLFKWVRHUVWDXQWJHZHVHQDOVLFKHU ZDFKWH GD‰ LFK PLFK ZLHGHU LQ HLQHU DQGHUQ :RKQXQJ DQ DQGHUP2UWHXQGEHLDQGHUQ0HQVFKHQVDK -DZLHRIWK|UWHLFKLKQNODJHQ GD‰HUEHVVHUH6WHOOHQKlWWH EHNOHLGHQN|QQHQZHQQHUQXULP/HVHQXQG6FKUHLEHQEHV VHUEHVFKODJHQJHZHVHQZlUH1RFKVFKOHFKWHUDOVLP/H VHQVWDQGHVEHLLKPPLW6FKUHLEHQ $FK ZlUH HV DXI PHLQH $QJVW DQJHNRPPHQ GD KlWWHQ ZLU VLFKHUNHLQ+RO]KHLPJHEUDFKWPLWGHPZLUXQVHU+lXVFKHQ KlWWHQ GHFNHQ N|QQHQ 2EZRKO ZLU YRU GHP +HJHU NHLQH $QJVW ]X KDEHQ EUDXFKWHQ GHU ZLH LFK DXV GHU 0XWWHUV 0XQGHHLQPDOK|UWHEHVWRFKHQJHZHVHQVHLQVROO,FKHU IXKUHVDOVVLHHLQPDOHLQHU1DFKEDULQGDV*HKHLPQLVDQYHU WUDXWH 8P HV XQVHUHP %HJULIIVYHUP|JHQ EHVVHU ]X YHUDQVFKDXOL FKHQIKUWHHUHLQ%HLVSLHOYRQ3ULEUDPDQ'RUWVROOZLHHU VDJWH HLQH )UDX YRQ VR HLQHP E|VHQ *HLVW HLQHP 7HXIHO EHVHVVHQ JHZHVHQ VHLQ *HLVWOLFKH SLOJHUWHQ KLQ ]X GHU )UDXXPLKQDXVLKU]XYHUWUHLEHQVLHYRQLKP]XEHIUHLHQ ,PEULJHQHUEOLFNWHXQVDXFKQRFKHLQHUXQVHUHU/HXWQDQWV GHU KRFKHUVWDXQW JHZHVHQ VHLQ PRFKWH GD‰ VHLQH /HXWH LKUHQ8UODXEGD]XEHQXW]HQXPLQ%HUOLQ]XU.LUFKH]XJH KHQ 'D‰ZLUGLHVHQMHQH6WHOOXQJDXINHLQHQ)DOOEHUODVVHQGXUI WHQODJNODUDXIGHU+DQGZlUHGRFKGDGXUFKXQVHUHJDQ]H 6WHOOXQJ GLH ZLU VFKRQ JHUDXPH =HLW LQQHKDWWHQ EHGHXWHQG HUVFKWWHUWJHZHVHQ(LQXPGDV*HK|IWIOLH‰HQGHUEUHLWHU %DFKPDFKWHGLH6WHOOXQJEHVRQGHUVYHUWHLGLJXQJVIlKLJ

4XHOOH HLJHQH+|UEHOHJH

)XQGHU0DLHQ]HLW

+ROHNV $UEHLWHUOHEHQ

+ROHNV $UEHLWHUOHEHQ

+ROHNV $UEHLWHUOHEHQ

+ROHNV $UEHLWHUOHEHQ

+RUVW

-XGHQ



VHLQ3DUWL]LS,,JHZHVHQ



%HOHJ 4XHOOH 0LWGHPKHXWLJHQ7DJHELQLFKHLQ-DKUYRQGHUOLHEHQ +HLPDWXQGDOOGHQ /LHEHQGRUWZHJ(LQH6SDQQH=HLWGLH -XGHQ PDQVRQVWZRKOQLHJHWUHQQWJHZHVHQZlUH8QGZHUZHL‰ ZDQQGLH=HLWGHV:LHGHUVHKHQVJHNRPPHQLVW" %LQ*RWWVHLQ'DQNLPPHUJHVXQGXQGPXQWHU%LQELVMHW]W NDWKROLVFKH DOOHQ $QIRUGHUXQJHQ XQG 6WUDSD]HQ JHZDFKVHQ JHZHVHQ )HOGEULHIH +DEH GHVZHJHQ LQ GHQ OHW]WHQ -DKUHQ DXFK NHLQHQ $ONRKRO JHQRVVHQ>«@ =ZHL $ZHOLP NRQQWHQ .DGGLVFK VDJHQ XQG GDV 6FK|QVWH ZDUGD‰HLQHUYRQGHQ]Z|OIVLFKEHUHLWVGDV(LVHUQH.UHX] YHUGLHQWKDWWHIUKHUYRUUDJHQGH/HLVWXQJHQ,PEULJHQLVW .ULHJVEULHIH-XGHQ GHU%HWUHIIHQGH*HIUHLWHUXQGVFKRQ]ZHLPDOGHNRULHUWJH ZHVHQ'DV(LVHUQH.UHX]HUVWHU.ODVVHLVWEHUHLWVEHDQWUDJW DOOHPHLQH8QUXKHZDUVFKRQYHUJDQJHQJHZHVHQDOVLFK /DQJ PLFKYRQQHXHPHUVFKUHFNWH 'UHL 0RQDWH ZDUHQ YHUIORVVHQ JHZHVHQ HV ZDU HEHQ JH VFKLHGHQ ZRUGHQ VLH KDWWH LKUHQ DOWHQ 1DPHQ ZLHGHU DQJH /DQJ QRPPHQ 'HU 5HFKWVDQZDOW KDW LKU GDUDXIKLQ PLWJHWHLOWGD‰ LKU $Q /DQJ VSUXFK]XGLHVHP=HLWSXQNWVFKRQYHUIDOOHQJHZHVHQVHL 1XUGLHUDXFKHQGH&RPEUHVK|KHGDVWlJOLFKH*HEHOVHUGHU %DWWHULHQNXU]HV0DVFKLQHQJHZHKUJHUDVVHOGDV.ODFN.ODFN GHU ,QIDQWHULHVFKVVH VSlKHQGH )HVVHOEDOORQH EUXPPHQGH $HURSODQH GDV 3XFN3XFN GHU LQ GHU EODXHQ +|KH SODW]HQ 0HQNH GHQ $EZHKUJHVFKRVVH PLW GHQ VFK|QHQ ZHL‰HQ 6SUHQJ Z|ONFKHQHULQQHUWHQDQGHQ.ULHJ1LFKWDOVREGLH'LYLVLRQ DXI 5RVHQ JHEHWWHW JHZHVHQ ZlUH 'LH 9HUOXVWPHGOXQJHQ GHU5HJLPHQWHUQDKPHQNHLQ(QGH 'LH 3UHGLJW GLH UHJHOPl‰LJ JHKDOWHQ ZXUGH ZXUGH YRQ GHQ 6ROGDWHQ QLFKW JHUQ HQWEHKUW :HU DEHU JODXEHQ ZROOWH GD‰ 0HQNH GHQ IHOGJUDXHQ =XK|UHUQ PLW UHLQ SDWULRWLVFKHQ NULHJHUL VFKHQRGHUJDUFKDXYLQLVWLVFKHQ$QVSUDFKHQJHGLHQWJHZH VHQVHLZUGHVLFKVHKUWlXVFKHQ ,FK ZDU LQ GHQ OHW]WHQ :RFKHQ PLW GHU 5HQRYLHUXQJ GHU 3ULYDWEULHIH :RKQXQJEHVFKlIWLJWJHZHVHQELQDOOHUGLQJVLPPHUQRFK QLFKWIHUWLJ 1DWUOLFKKDE·LFKPLFKPLWLKPJHIUHXWXQGHLQ*OFNLVWHV JHZHVHQGD‰LFKQRFKDP$EHQGGDV$XIVDW]KHIWKDE·VHKHQ ZROOHQVRQVWZlUHUVFK|QEODPLHUWJHZHVHQ*DQ] VFKZlELVFKH:LUWLQ ZHL‰LVWHULP*HVLFKWJHZRUGHQZLHHUJHVDJWKDWª'LHKHQ PUHQ5DQ]HQHL·EURQ]W©



%HOHJVDPPOXQJ

%HOHJ 4XHOOH .HLQHUYRQXQVZHL‰YRUKHUZDQQVHLQH6WXQGHVFKOlJW,FK ELQMDDXFKVFKRQ KDDUVFKDUIDP7RGHYRUEHLJHJDQJHQXQG 6ROGDWHQSRVW YHUZXQGHW JHZHVHQ DEHU *RWW VHL 'DQN PLW HLQHU 1DUEH DOV$QGHQNHQZLHGHUKHUJHVWHOOW 'HU $QQDEXUJHU HU KLH‰ +HUPDQQ *UQGHU ZDU LQ UXVVL VFKHQ+lQGHQKDWDEHUZLHGHUIOFKWHQN|QQHQZHLOHUJXW 6ROGDWHQSRVW ODXIHQNRQQWH(UZDUQLFKWYHUZXQGHWJHZHVHQ6LHKDEHQ GRUW VLHEHQ 0HWHU WLHI LQ GHU (UGH JHVHVVHQ XQG QLFKW JH ZX‰WREHV7DJRGHU1DFKWZDU 'DZDUJUR‰HU$QGUDQJYRUGHQ.LQRV:HJHQGHP9HUOXVW GHU$UPHHZDUHQGRFKDOOH9HUDQVWDOWXQJHQDQGHQ7DJHQ 6ROGDWHQSRVW ]XYRUYHUERWHQJHZHVHQ'DVZXUGHYRQGHQ(LQZRKQHUQ YRQ'DP6RQQWDJGHPDOOHVQDFKJHKROW :DV HLQHP GD DQ KXQJULJHQ 6WlGWHUQ DOOHV VR XQWHUJHNRP PHQLVW'DKDWHVVHLQN|QQHQHVLVWHLQHUGDKHUJHNRPPHQ VFKZlELVFKH:LUWLQ XQGZLUVLQGNDKOJHIUHVVHQJHZHVHQYRQEHVRQGHUVYLHOHQ $XVIOJOHUQGLHYRULKPVFKRQGDZDUHQ ,FK KlWW PLFK LKP JHJHQEHU JHVHW]W XQG JHVDJW ª-HW]W OR‰ GU·V VFKPHFNH© 'DV VHL JXW JHPHLQW JHZHVHQ XQG GLH VFKZlELVFKH:LUWLQ %UKHKDEHHUZRKOJHWUXQNHQDEHUGDV(VVHQVHLHLQH4XDO JHZHVHQ(VKlWWLKQJHZUJWXQGHUKlWWKHUXPJHVWRFKHUW $:DUHVGHQQJHZROOWZDUHVHLQ8QIDOO"%-DDOVRDP$Q IDQJGDZDU LFKPLU QLFKWJDQ] VLFKHU JHZHVHQZHLOHVZDU HLJHQWOLFK HKHU HLQH XQJHZROOWH 6FKZDQJHUVFKDIW JDQ] DP $QIDQJZHLOLFKKDOWGDPLWJHUHFKQHWKDWWHLFKZUGHPHLQH 7DJHEHNRPPHQDEHUGDVZDUGHPQDFKQLFKWVRXQGGDQQ KDWWHQZLUlKPDOVRPHLQ)UHXQGXQGLFKPLWXQVDOVRKDW 7DONVKRZ WHQZLUXQVPLWGHP*HGDQNHQDQJHIUHXQGHWJHKDEWMDXQG GDQQNDPHQGRFKGLH7DJHXQGGDQQZDUHQZLULUJHQGZLH HQWWlXVFKW JHZHVHQ MD 8QG GDQQ LUJHQGZLH NRQQWHQ ZLU GHQ *HGDQNHQ QLFKW ORVZHUGHQ XQG GDQQ KDEHQ ZLU HV KDOW JHZROOWEHNRPPHQ