Authentisches Erzählen: Produktion, Narration, Rezeption 9783110291254, 9783110291131

A central feature of the newer forms of authenticity is that they replace the truth of what is presented with the truthf

170 21 4MB

German Pages 374 [376] Year 2012

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Weixler, Antonius|Authentisches erzählen – authentisches Erzählen. Über Authentizität als Zuschreibungsphänomen und Pakt
Produktion von Authentizität
Michaelis, Andree|Authentisches Erzählen nach der Shoah. Imre Kertész’ Liquidation und Jean Améry
Spanke, Kai|Authentizität als Entdifferenzierung in Hugo von Hofmannsthals Die Briefe des Zurückgekehrten
Hutchins, Michael|Intent to Mislead. W. G. Sebald’s Notion of Authenticity
Benkel, Thorsten|Authentische Erfindungen. Selbstdarstellungsstrategien in Erzählkontexten des sozialen Alltags
Narration der Authentizität
Funk, Wolfgang|Reziproker Realismus – Versuch einer Ästhetik der Authentizität
Hubmann, Philipp|Dokumente des Amoks. Literarische Montage als narrative Authentifizierungsstrategie am Beispiel von Joachim Gaertners Roman Ich bin voller Hass – und das liebe ich!!
Lehmann, Jan|,Unzuverlässige Authentizität‘ – Erzähler und Erzählen im Prolog des Wigalois Wirnts von Grafenberg
Ilgner, Julia|Ut veduta poesis. Topographisches Erzählen als Authentizitätsstrategie im historischen Roman
Bandtel, Matthias|Authentizität in der politischen Kommunikation. Mediale Inszenierungsstrategien und authentifizierende Selbstdarstellungspraktiken politischer Akteure
Rezeption von Authentizität
Huck, Christian|Authentizität im Dokumentarfilm. Das Prinzip des falschen Umkehrschlusses als Erzählstrategie zur Beglaubigung massenmedialen Wissens
Werner, Lukas|Authentic Life. Ein Paradigma des biographischen Films im Spannungsfeld von Hybridität, Relationalität und Narration
Simons, Sascha|„Ich bin Neda.“ Zur Authentizität ästhetischer Brüche und ihrer sozialen Resonanz im Web 2.0
Weixler, Antonius|Post-autoritäre Authentizität. Eine Rezeptionsanalyse von Eric Friedlers Aghet, Helene Hegemanns Axolotl Roadkill und Margaux Fragosos Tiger, Tiger
Anhang
Autorinnen und Autoren
Personen- und Werkregister
Recommend Papers

Authentisches Erzählen: Produktion, Narration, Rezeption
 9783110291254, 9783110291131

  • 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

Authentisches Erzählen

Narratologia Contributions to Narrative Theory

Edited by Fotis Jannidis, Matı´as Martı´nez, John Pier Wolf Schmid (executive editor) Editorial Board Catherine Emmott, Monika Fludernik ´ Jose´ Angel Garcı´a Landa, Peter Hühn, Manfred Jahn Andreas Kablitz, Uri Margolin, Jan Christoph Meister Ansgar Nünning, Marie-Laure Ryan Jean-Marie Schaeffer, Michael Scheffel Sabine Schlickers, Jörg Schönert

33

De Gruyter

Authentisches Erzählen Produktion, Narration, Rezeption

Herausgegeben von Antonius Weixler

De Gruyter

ISBN 978-3-11-029113-1 e-ISBN 978-3-11-029125-4 ISSN 1612-8427 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.dnb.de abrufbar. 쑔 2012 Walter de Gruyter GmbH, Berlin/Boston Druck: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com



'DQN (UVWH)DVVXQJHQHLQHV*UR‰WHLOVGHU%HLWUlJHZXUGHQDXIGHU7DJXQJÅ(U ]lKOWH $XWKHQWL]LWlW ² $XWKHQWL]LWlW GHV (U]lKOHQV´ GHP  :XSSHUWDOHU *UDGXLHUWHQIRUXP1DUUDWRORJLHGHV=HQWUXPVIU(U]lKOIRUVFKXQJ =()  GHU %HUJLVFKHQ 8QLYHUVLWlW :XSSHUWDO LP -XOL  YRUJHVWHOOW 'HU +HU DXVJHEHUGDQNWDOOHQGLHGLHVH.RQIHUHQ]P|JOLFKJHPDFKWKDEHQLQVEH VRQGHUH GHP =() XQG GHP =HQWUXP IU *UDGXLHUWHQVWXGLHQ =*6  GHU %HUJLVFKHQ8QLYHUVLWlW*HGDQNHQ$QUHJXQJHQXQG,GHHQDXV]DKOUHLFKHQ *HVSUlFKHQPLW0DWtDV0DUWtQH]0DWWKLDV$XPOOHU&KULVWRSK-UJHQVHQ XQG&KULVWLDQ.OHLQVLQGLQGLHVHQ6DPPHOEDQGHLQJHIORVVHQ/XNDV:HU QHU ZHL‰ VLFK GHU +HUDXVJHEHU IU YLHOJHVWDOWLJH +LOIH XQG $QUHJXQJHQ JDQ]EHVRQGHUV]X'DQNYHUSIOLFKWHW $QWRQLXV:HL[OHU :XSSHUWDOLP-XOL



,QKDOWVYHU]HLFKQLV $1721,86:(,;/(5 $XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ hEHU$XWKHQWL]LWlWDOV=XVFKUHLEXQJVSKlQRPHQXQG3DNW



352'8.7,21921$87+(17,=,7b7 $1'5((0,&+$(/,6 $XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK ,PUH.HUWpV]·/LTXLGDWLRQXQG-HDQ$PpU\  .$,63$1.( $XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJLQ +XJRYRQ+RIPDQQVWKDOV'LH%ULHIHGHV=XUFNJHNHKUWHQ  0,&+$(/+87&+,16 ,QWHQWWR0LVOHDG:*6HEDOG·V1RWLRQRI$XWKHQWLFLW\  7+2567(1%(1.(/ $XWKHQWLVFKH(UILQGXQJHQ6HOEVWGDUVWHOOXQJVVWUDWHJLHQLQ (U]lKONRQWH[WHQGHVVR]LDOHQ$OOWDJV



 



1$55$7,21'(5$87+(17,=,7b7 :2/)*$1*)81. 5H]LSURNHU5HDOLVPXV²9HUVXFKHLQHUbVWKHWLNGHU$XWKHQWL]LWlW   3+,/,33+8%0$11 'RNXPHQWHGHV$PRNV/LWHUDULVFKH0RQWDJHDOVQDUUDWLYH $XWKHQWLIL]LHUXQJVVWUDWHJLHDP%HLVSLHOYRQ-RDFKLP*DHUWQHUV 5RPDQ,FKELQYROOHU+DVV²XQGGDVOLHEHLFK   -$1/(+0$11 Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶²(U]lKOHUXQG(U]lKOHQ LP3URORJGHV:LJDORLV:LUQWVYRQ*UDIHQEHUJ  

9,,, 

,QKDOWVYHU]HLFKQLV

-8/,$,/*1(5 8WYHGXWDSRHVLV7RSRJUDSKLVFKHV(U]lKOHQDOV $XWKHQWL]LWlWVVWUDWHJLHLPKLVWRULVFKHQ5RPDQ   0$77+,$6%$1'7(/ $XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ 0HGLDOH,QV]HQLHUXQJVVWUDWHJLHQXQGDXWKHQWLIL]LHUHQGH 6HOEVWGDUVWHOOXQJVSUDNWLNHQSROLWLVFKHU$NWHXUH 

5(=(37,21921$87+(17,=,7b7 &+5,67,$1+8&. $XWKHQWL]LWlWLP'RNXPHQWDUILOP 'DV3ULQ]LSGHVIDOVFKHQ8PNHKUVFKOXVVHVDOV(U]lKOVWUDWHJLH ]XU%HJODXELJXQJPDVVHQPHGLDOHQ:LVVHQV  /8.$6:(51(5 $XWKHQWLF/LIH(LQ3DUDGLJPDGHVELRJUDSKLVFKHQ)LOPVLP 6SDQQXQJVIHOGYRQ+\EULGLWlW5HODWLRQDOLWlWXQG1DUUDWLRQ  6$6&+$6,0216 Å,FKELQ1HGD´=XU$XWKHQWL]LWlWlVWKHWLVFKHU%UFKHXQG LKUHUVR]LDOHQ5HVRQDQ]LP:HE  $1721,86:(,;/(5 3RVWDXWRULWlUH$XWKHQWL]LWlW(LQH5H]HSWLRQVDQDO\VH YRQ(ULF)ULHGOHUV$JKHW+HOHQH+HJHPDQQV$[RORWO5RDGNLOO XQG0DUJDX[)UDJRVRV7LJHU7LJHU









$1+$1* $XWRULQQHQXQG$XWRUHQ   3HUVRQHQXQG:HUNUHJLVWHU  



$1721,86:(,;/(5 :833(57$/ 

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ hEHU$XWKHQWL]LWlWDOV=XVFKUHLEXQJVSKlQRPHQXQG3DNW  :DVÄDXWKHQWLVFK¶LVWNDQQQLFKWJHNOlUWZHUGHQ +HOPXW/HWKHQ

  9LHOOHLFKW OlVVW VLFK QLFKWV VLFKHUHU EHU Ä$XWKHQWL]LWlW¶ VDJHQ DOV GDVV HV VLFK XP HLQHQ GH]LGLHUW SRVLWLYHQ %HJULII KDQGHOW ,P VHPDQWLVFKHQ 8P IHOG YRQ ÄDXWKHQWLVFK¶ ILQGHQ VLFK KlXILJ V\QRQ\P HLQJHVHW]WH $GMHNWLYH ZLH ÄHFKW¶ ÄQDWUOLFK¶ ÄXUVSUQJOLFK¶ ÄXQPLWWHOEDU¶ ÄDXIULFKWLJ¶ ÄZDKUKDI WLJ¶ ÄYHUEUJW¶ ÄRULJLQDO¶ ÄHLJHQWOLFK¶ 'LH =XVFKUHLEXQJ HEHQVR ZLH GLH $EHUNHQQXQJ YRQ $XWKHQWL]LWlW IKUW GHPHQWVSUHFKHQG XQPLWWHOEDU ]X lVWKHWLVFKHQ XQG PRUDOLVFKHQ 8UWHLOHQ (WZDV JOREDOHU IRUPXOLHUW $X WKHQWL]LWlWHQWVFKHLGHWEHUGLH*ODXEZUGLJNHLWXQG:HUWLJNHLWYRQ3HU VRQHQ2EMHNWHQXQGPHGLDOHQ.RPPXQLNDWLRQHQXQDEKlQJLJYRQGHUHQ 3UlVHQWDWLRQVIRUPHQ XQG GHP %HUHLFK DXV GHP VLH VWDPPHQ $OV .RQ ]HSW JLOW VLH LQ GHU 7KHRORJLH ZLH GHU /LWHUDWXU LQ GHU *HVFKLFKWVVFKUHL EXQJ ZLH LP -RXUQDOLVPXV LQ GHU (WKQRORJLH ZLH GHU 3V\FKRORJLH 'LH $QWZRUWDXIGLH)UDJHQDFK$XWKHQWL]LWlWEHHLQIOXVVWGLH%HXUWHLOXQJHLQHU =HXJHQDXVVDJH YRU *HULFKW HEHQVR ZLH GHV $QDPQHVHJHVSUlFKV EHLP $U]W *HJHQZlUWLJ HUZHLVW VLFK GDV 3KlQRPHQ $XWKHQWL]LWlW DOV EHVRQGHUV DNWXHOO XQG UHOHYDQW 6R ZLUG HLQH Å3RHWLN GHV $XWKHQWLVFKHQ´ LQ YHU BBBBBBBBBBBBBB 

 



+HOPXW/HWKHQÅ9HUVLRQHQGHV$XWKHQWLVFKHQVHFKV*HPHLQSOlW]H´LQ+DUWPXW%|KPH .ODXV56FKHUSH +UVJ /LWHUDWXUXQG.XOWXUZLVVHQVFKDIWHQ3RVLWLRQHQ7KHRULHQ0RGHOOH5HLQ EHNE+DPEXUJ6²KLHU6 9JOXD0DWtDV0DUWtQH]Å=XU(LQIKUXQJ$XWKHQWL]LWlWXQG0HGLDOLWlWLQNQVWOHULVFKHQ 'DUVWHOOXQJHQGHV+RORFDXVW´LQ'HUV +UVJ 'HU+RORFDXVWXQGGLH.QVWH0HGLDOLWlWXQG $XWKHQWL]LWlWYRQ+RORFDXVW'DUVWHOOXQJHQLQ/LWHUDWXU)LOP9LGHR0DOHUHL'HQNPlOHUQ&RPLFXQG 0XVLN %LHOHIHOG  6² KLHU 6 6XVDQQH .QDOOHU Å*HQHDORJLH GHV lVWKHWLVFKHQ $XWKHQWL]LWlWVEHJULIIV´LQ'LHV+DUUR0OOHU +UVJ $XWKHQWL]LWlW'LVNXVVLRQHLQHVlVWKHWL VFKHQ%HJULIIV0QFKHQ6²KLHU6 8UVXOD 0lU] Å3LOJHU 3IDUUHU 3URPLV 3RHWLN GHV $XWKHQWLVFKHQ 'DV SHUV|QOLFK HUOHEWH 6DFKEXFK´6GGHXWVFKH=HLWXQJ6



$QWRQLXV:HL[OHU

VFKLHGHQHQJHVHOOVFKDIWOLFKHQ%HUHLFKHQXQG6XEV\VWHPHQNRQVWDWLHUWXQG YLHOOHLFKW NDQQ $XWKHQWL]LWlW GHU]HLW VRJDU DOV GDV EHUJUHLIHQGH /HLWNRQ ]HSW GHU +RFK ZLH GHU 8QWHUKDOWXQJVNXOWXU GHU 3ROLWLN ZLH GHU :LUW VFKDIWYRQ3URGXNWHQZLHYRQ3HUVRQHQEH]HLFKQHWZHUGHQ,QGHU3ROL WLN XQG GHU 8QWHUKDOWXQJVLQGXVWULH LVW ÄDXWKHQWLVFK VHLQ¶ EHUHLWV ZLFKWLJHU DOV )DFKNRPSHWHQ] XQG 3URIHVVLRQDOLWlW 0‰LJ HUVFKHLQW HV HLQ]HOQH %HLVSLHOH DXV ,QGXVWULH XQG :LUWVFKDIW DQ]XIKUHQ GD VLFK LQ GHQ GDPLW YHUEXQGHQHQ .RPPXQLNDWLRQHQ QDKH]X MHGH :HUEHPD‰QDKPH DOV 9HU VXFKHLQHU$XWKHQWL]LWlWVJHQHULHUXQJSDUDSKUDVLHUHQOLH‰H3URGXNWHPV VHQ ÄDXWKHQWLVFK¶ VHLQ HJDO RE /HEHQVPLWWHO RGHU ,QGXVWULHZDUH 'DEHL ZLUGHLQ0XVWHUHUNHQQEDU'HU,QKDOWDOOHLQHNDQQQLFKWPHKUGLHHPSLUL VFKHRQWRORJLVFKHlVWKHWLVFKHRGHUPRUDOLVFKH4XDOLWlWHLQHU3HUVRQRGHU HLQHV3URGXNWHVJDUDQWLHUHQYLHOPHKUPXVVGXUFKHLQHNRQWH[WXHOOH.RQ VWUXNWLRQ RGHU HLQH (U]lKOXQJ HLQH =XVFKUHLEXQJ GHV 4XDOLWlWVPHUNPDOV ÄDXWKHQWLVFK¶ DQJHUHJW ZHUGHQ 'DPLW ZLUG GLH )UDJH QDFK GHU :DKUKHLW GHV 'DUJHVWHOOWHQ GXUFK GLH QDFK GHU :DKUKDIWLJNHLW GHU 'DUVWHOOXQJ HU VHW]WOHW]WOLFKZLUGVRHLQUHIHUHQWLHOOHU%HJULIIYRQ$XWKHQWL]LWlWGXUFKHLQHQ UHODWLRQDOHQ$XWKHQWL]LWlWV%HJULIIDEJHO|VW +HOPXW/HWKHQIROJHUWDXVGHU(UNHQQWQLVGDVVQLFKWJHNOlUWZHUGHQ N|QQHZDV$XWKHQWL]LWlWÅLVW´VWDWWGHVVHQGLH9HUIDKUHQXQWHUVXFKHQ]X ZROOHQ GLH ÅGHQ (IIHNW GHV Ä$XWKHQWLVFKHQ¶ DXVO|VHQ N|QQHQ EHL HLQHP 3XEOLNXP GDV GLH 0|JOLFKNHLW YRQ $XWKHQWL]LWlW HKHU VNHSWLVFK HLQ VFKlW]W´ 'HU YRUOLHJHQGH %DQG YHUVDPPHOW $QDO\VHQ YRQ 7H[WHQ XQG )LOPHQ LQ GHQHQ HLQHU KHUN|PPOLFKHQ XQG NRQYHQWLRQHOOHQ Å5HIHUHQ] DXWKHQWL]LWlW´ PLVVWUDXW XQG GLHVHV 0LVVWUDXHQ LQ NRPSOH[HQ (U]lKOYHU IDKUHQUHIOHNWLHUWZLUG9RUGHP+LQWHUJUXQGGHUDUWLJHUQDUUDWLYHU9HUIDK UHQ GHU (IIHNWHU]HXJXQJ ZLUG GDV 3KlQRPHQ $XWKHQWL]LWlW GDV LQ GHU )RUVFKXQJELVKHUEHUZLHJHQGDOVlVWKHWLVFKHV3KlQRPHQGLVNXWLHUWZXU GH ]XHLQHP *HJHQVWDQGGHU(U]lKOWKHRULH'LH %HLWUlJHOLHIHUQ8QWHU VXFKXQJHQGLHVLFKLQMHXQWHUVFKLHGOLFKHQ7HLOEHUHLFKHQGHU1DUUDWRORJLH BBBBBBBBBBBBBB 



  

=XP $QWDJRQLVPXV YRQ )DFKNRPSHWHQ] XQG $XWKHQWL]LWlW LQ 6HOEVWLQV]HQLHUXQJHQ YRQ 3ROLWLNHUQ YHUJOHLFKH GHQ %HLWUDJ YRQ 0DWWKLDV %DQGWHO LG %DQG 6²  =X HLQHU *HJHQEHUVWHOOXQJ YRQ 3URIHVVLRQDOLWlW XQG $XWKHQWL]LWlW YRU GHP +LQWHUJUXQG GHU *H VFKLFKWHGHV'LOHWWDQWLVPXVVLHKH$QWRQLXV:HL[OHUÅ7KH'LOHWWDQWLF&RQVWUXFWLRQRIWKH ([WUDRUGLQDU\ RU WKH $XWKHQWLFLW\ RI WKH $UWLILFLDO 7UDFLQJ 6WUDWHJLHV IRU 6XFFHVV LQ *HU PDQ 3RSXODU (QWHUWDLQPHQW 6KRZVµ LQ :ROIJDQJ )XQN )ORULDQ *UR‰ ,UPWUDXG +XEHU +UVJ  7KH $HVWKHWLFV RI $XWKHQWLFLW\ 0HGLDO &RQVWUXFWLRQV RI WKH 5HDO %LHOHIHOG  6²  /HWKHQ $QP 6 6XVDQQH .QDOOHU (LQ :RUW DXV GHU )UHPGH *HVFKLFKWH XQG 7KHRULH GHV %HJULIIV $XWKHQWL]LWlW +HLGHOEHUJ6II =XOHW]W:ROIJDQJ)XQN)ORULDQ*UR‰,UPWUDXG+XEHU +UVJ 7KH$HVWKHWLFVRI$XWKHQWLFL W\0HGLDO&RQVWUXFWLRQVRIWKH5HDO%LHOHIHOG

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



GHP 3KlQRPHQ GHU $XWKHQWL]LWlW DQQlKHUQ 'DEHL ZLUG JHIUDJW ZHOFKH 6WRIIH²DOVRGDV:DVGHU'DUVWHOOXQJEH]LHKXQJVZHLVHGLHKLVWRLUH²EHU KDXSWHLQHDXWKHQWLVFKH'DUVWHOOXQJHURGHUHLQIRUGHUQ,QGHU8QWHUVX FKXQJGHVGLVFRXUV²GHV:LHGHU'DUVWHOOXQJ²HUJLEWVLFKGDVYHUPHLQWOL FKH 3DUDGR[ GDVV JHUDGH EHVRQGHUV DUWLIL]LHOOH (U]lKOYHUIDKUHQ ÄDXWKHQWLVFK¶ ZLUNHQ N|QQHQ )HUQHU ZHUGHQ PLW $XWRU XQG /HVHU ]ZHL $VSHNWH IRNXVVLHUW GLH DXI GHU WH[WH[WHUQHQ .RPPXQLNDWLRQVHEHQH V\V WHPDWLVFK]XYHURUWHQVLQG'HQQHLQHUVHLWVZLUGLQNRPSOH[HQ(U]lKOYHU IDKUHQ GLH DXI $XWKHQWL]LWlW DE]LHOHQ GLH $XWRU,QVWDQ] SUREOHPDWLVLHUW DQGHUHUVHLWV NRPPW GHU /HVHU6HLWH LQVRIHUQ HLQH EHGHXWHQGH )XQNWLRQ ]XDOV$XWKHQWL]LWlWDOVHLQ3KlQRPHQYHUVWDQGHQZLUGGDVYRP5H]LSL HQWHQ DXIJUXQG EHVWLPPWHU 6WUXNWXUHQ XQG .RQVWUXNWLRQHQ HLQHP 7H[W ]XJHVFKULHEHQZLUG (QWVSUHFKHQG JLEW GDV .RPPXQLNDWLRQVPRGHOO QDUUDWLYHU 7H[WH GLH 6WUXNWXU IU GLH 8QWHUVXFKXQJ GHV UHODWLRQDOHQ $XWKHQWL]LWlWV%HJULIIHV XQGGLH*OLHGHUXQJGLHVHV%DQGHVLQGLH$EVFKQLWWHÄ3URGXNWLRQ¶Ä1DUUD WLRQ¶ XQG Ä5H]HSWLRQ¶ YRU 'LH (LQRUGQXQJ GHU %HLWUlJH LQ GLH HLQ]HOQHQ $EVFKQLWWH LVW GDEHL OHGLJOLFK GHU $N]HQWXLHUXQJ GHU MHZHLOLJHQ 6FKZHU SXQNWH JHVFKXOGHW LPSOL]LHUW NHLQH V\VWHPDWLVFKH 7UHQQXQJ XQG HUIROJW DOVRLQGHP%HZXVVWVHLQGDVVDQGHPUHODWLRQDOHQ=XVFKUHLEXQJVSKlQR PHQÄ$XWKHQWL]LWlW¶VWHWVDOOHGUHL)DNWRUHQGHV.RPPXQLNDWLRQVYRUJDQJV EHWHLOLJW VLQG 'HU $EVFKQLWW ]XU 3URGXNWLRQ ZLGPHW VLFK 6WUDWHJLHQ GLH $XWKHQWLVFKHVHU]lKOHQ,PPLWWOHUHQ7HLOZHUGHQ8QWHUVXFKXQJHQ]XU1DUUD WLRQ YRQ $XWKHQWL]LWlW YHUVDPPHOW XQG GDPLW ]XP DXWKHQWLVFKHQ (U]lKOHQ $EVFKOLH‰HQGUFNWGHU5H]LSLHQWHQDQWHLODP=XVFKUHLEXQJVSKlQRPHQLQ GHQ )RNXV XQG ZLUG DOV HLQ $XWKHQWL]LWlWV3DNW JHIDVVW 'HU YRUOLHJHQGH %DQGLVWVRNRQ]LSLHUWGDVVGLH$UWLNHOHLQHUVHLWVHLQHQhEHUEOLFNEHUHLQ EUHLWHV 6SHNWUXP XQWHUVFKLHGOLFKHU $XWKHQWL]LWlWV%HJULIIH XQG $VSHNWH LQYHUVFKLHGHQHQ(SRFKHQ.QVWHQXQG*DWWXQJHQJHEHQXQGVLHDQGH UHUVHLWV LQ GHU =XVDPPHQVFKDX HLQHQ V\VWHPDWLVFKHQ %HLWUDJ ]X HLQHU HU]lKOWKHRUHWLVFKHQ$QDO\VHYRQÄ$XWKHQWL]LWlW¶OLHIHUQ'LHYHUVDPPHOWHQ %HLWUlJH OHJHQ GDEHL HLQHQ 6FKZHUSXQNW DXI GLH 8QWHUVXFKXQJ XQG 'LV NXVVLRQYRQ$XWKHQWL]LWlWLQDXGLRYLVXHOOHPOLWHUDULVFKHPXQGDOOWDJVZHOW OLFKHP (U]lKOHQ 'LHVH (LQOHLWXQJ ZLUG LP )ROJHQGHQ ]XQlFKVW HLQHQ NXU]HQhEHUEOLFNEHUGLH*HVFKLFKWHXQGGLHWKHRUHWLVFKH$XVHLQDQGHU VHW]XQJPLWGHP3KlQRPHQ$XWKHQWL]LWlWOLHIHUQVRZLHHLQH6\VWHPDWLVLH UXQJ YHUVFKLHGHQHU %HJULIIOLFKNHLWHQ HQWZLFNHOQ $EVFKQLWWH , XQG ,,  'DUDQDQVFKOLH‰HQGZHUGHQGLHGLHVHQ%DQGVWUXNWXULHUHQGHQ.DWHJRULHQ 3URGXNWLRQ 1DUUDWLRQ XQG 5H]HSWLRQ MHZHLOV HUOlXWHUW XQG GLH GLHVHQ BBBBBBBBBBBBBB 



9JOXD$QVJDU1QQLQJ*UXQG]JHHLQHVNRPPXQLNDWLRQVWKHRUHWLVFKHQ0RGHOOVGHUHU]lKOHULVFKHQ 9HUPLWWOXQJ'LH)XQNWLRQGHU(U]lKOLQVWDQ]LQGHQ5RPDQHQ*HRUJH(OLRWV7ULHU6



$QWRQLXV:HL[OHU

$EVFKQLWWHQ]XJHRUGQHWHQ%HLWUlJHNXU]]XVDPPHQJHIDVVW $EVFKQLWW,,,  $EVFKOLH‰HQGZHUGHQ%HREDFKWXQJHQ]XZHLWHUHQ%HGLQJXQJHQYRQ$X WKHQWL]LWlWDQJHIKUWGLHTXHU]XUGDUJHOHJWHQ6\VWHPDWLNGHV%DQGHVOLH JHQ $EVFKQLWW,9  ,*HVFKLFKWHGHU$XWKHQWL]LWlW HQ  (LQ%HLWUDJ]XU*HVFKLFKWHGHV3KlQRPHQV$XWKHQWL]LWlWPXVV]ZLVFKHQ GHUWKHRUHWLVFKHQ'LVNXVVLRQXQG7KHPDWLVLHUXQJGHV%HJULIIVVRZLHGHU HPSLULVFKHQ%HREDFKWEDUNHLWLQPHGLDOHQ0DQLIHVWDWLRQHQXQWHUVFKHLGHQ +LVWRULVFK LVW GDV $XINRPPHQ GHV .RQ]HSWV HQJ PLW GHU (QWZLFNOXQJ XQG GHP :DQGHO GHU ,QGLYLGXDOLWlWV XQG 6XEMHNWLYLWlWVNRQ]HSWH YHU NQSIW 1LFKW ]XIlOOLJ JDOWHQ XQG JHOWHQ GLH EHLGHQ (U]lKOJHQUHV GLH LQ LKUHU(QWZLFNOXQJXQGLKUHUbVWKHWLNHQJPLW,QGLYLGXDOLWlWXQG6XEMHNWL YLWlW YHUEXQGHQ VLQG ² $XWR %LRJUDSKLH XQG 5RPDQ ² DXFK DOV EHVRQ GHUV DXWKHQWLVFKH *DWWXQJHQ -HDQ-DFTXHV 5RXVVHDX GHU DOV HLQHU GHU HUVWHQVXEMHNW]HQWULHUWHDXWRELRJUDSKLVFKH7H[WYHUIDVVWHRKQHGHP$GHO RGHUGHP.OHUXV]XHQWVWDPPHQLVWVRZRKOIUGLH(QWZLFNOXQJGHU$X WRELRJUDSKLHDOVDXFKIUGDV.RQ]HSWGHU$XWKHQWL]LWlWLP-DKUKXQ GHUW YRQ KHUDXVUDJHQGHU %HGHXWXQJ GD HU SDUDGLJPDWLVFK IU GDV .RQ ]HSW GHV JDQ]KHLWOLFKHQ ÅDXWKHQWLVFKHQ 0HQVFKHQ>V@´ HLQVWHKW -HDQ 6WDURELQVNL IDVVW GDV QHXH :DKUKHLWVNRQ]HSW 5RXVVHDXV XQWHU GHP 6FKODJZRUWHLQHUÅ(WKLNGHU$XWKHQWL]LWlW´]XVDPPHQXQGEHVWLPPWHV DOV HLQH WH[WLQWHUQH :DKUKHLW GLH VLFK QLFKW HPSLULVFK YHULIL]LHUHQ OlVVW Å:LU EHILQGHQ XQV QLFKW PHKU LP %HUHLFK GHU :DKUKHLW GHU ZDKUHQ *H VFKLFKWHVRQGHUQZLUVLQGLQGHQGHU$XWKHQWL]LWlW GHUDXWKHQWLVFKHQ5HGH  JHWUHWHQ´ 'DV ,FK NDQQ VLFK LQ GHU 5HGH GK LQ HLQHP GLVNXUVLYHQ SHUIRUPDWLYHQ$NW DOVZDKUHVXQGDXWKHQWLVFKHV,FKHQWZHUIHQLQGHPHV GLHVHQ$NWRKQH5HIOH[LRQ'LVWDQ]XQGLQÅXQEHNPPHUWH>U@+LQJDEHDQ XQPLWWHOEDUH ,PSXOVH´ YROO]LHKH 'DV HQWVFKHLGHQG 1HXH EHL 5RXVVHDX VHL GDVV GLH Å6SUDFKH >«@ ]XP 2UW HLQHU XQPLWWHOEDUHQ (UIDKUXQJ JH ZRUGHQ>LVW@XQG>«@GDEHLGRFK,QVWUXPHQWHLQHU9HUPLWWOXQJ´EOHLEH 5RXVVHDXVWHKWGDPLWIROJWPDQ6WDURELQVNLDP%HJLQQHLQHVPRGHUQHQ $XWKHQWL]LWlWVNRQ]HSWVLQGHP6FKULIWVWHOOHUXQG:HUNLQHLQHPRQWRORJL VFKHQ5HIHUHQ]YHUKlOWQLV]XHLQDQGHUVWHKHQ BBBBBBBBBBBBBB 

 /HWKHQ $QP 6  -HDQ 6WDURELQVNL 5RXVVHDX (LQH :HOW YRQ :LGHUVWlQGHQ EHUV YRQ 8OULFK 5DXOII 0QFKHQ 6  6WDURELQVNL $QP 6+HUYRUKHEXQJLP2ULJLQDO  6WDURELQVNL $QP 6  6WDURELQVNL $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



/LWHUDWXUJHVFKLFKWOLFK EHGHXWVDP ZLUG GDV 3KlQRPHQ $XWKHQWL]LWlW PLW GHU 3RHWLN GHV 6WXUP XQG 'UDQJ DXFK ZHQQ GHU %HJULII LQ GHQ (L JHQEHVFKUHLEXQJHQGHU(SRFKHNHLQH$QZHQGXQJILQGHW'RFKNDQQGHU *HQLHNXOWPLWGHQ9RUVWHOOXQJHQYRQ2ULJLQDOLWlW1DWUOLFKNHLW6SRQWD QHLWlWXQG,QGLYLGXDOLWlWDOV3RHWLNHLQHUHPSKDWLVFKHQ$XWKHQWL]LWlWDYDQW ODOHWWUHXPVFKULHEHQZHUGHQ,QIROJHQGHQ(SRFKHQZHUGHQGLHGHQMHZHL OLJHQ 3RHWLNHQ LQKlUHQWHQ $XWKHQWL]LWlWV.RQ]HSWH ]XQHKPHQG DPELYD OHQW5HDOLVPXVXQG1DWXUDOLVPXV3RVWXODWHHWZD]HLFKQHQVLFKGXUFKGLH $PELYDOHQ] DXV GLH Ä:LUNOLFKNHLW¶ LQ HLQHP GH]LGLHUW DOV lVWKHWLVFK XQG DUWLIL]LHOOYHUVWDQGHQHQ.XQVWZHUNP|JOLFKVWÄDXWKHQWLVFK¶ZLHGHUJHEHQ]X ZROOHQ3HWHU%UJHUEHVFKUHLEWGHQ5RPDQGHUNODVVLVFKHQ0RGHUQHDOV JUXQGVlW]OLFK YRQ HLQHU DXWRELRJUDSKLVFKHQ $XVULFKWXQJ JHSUlJW $OV 'LIIHUHQ]LHUXQJVPHUNPDOEHQXW]W%UJHUGHQÅ2UWGHU:DKUKHLW´:lK UHQG LQ 5RPDQHQ GHV 5HDOLVPXV GLH :DKUKHLW LQ HLQHU 5HIHUHQ] DXI GLH Ä:LUNOLFKNHLW¶ 5HIHUHQ]DXWKHQWL]LWlW YHURUWHWZHUGHVWHKH0DUFHO3URXVWV 5HFKHUFKHIUHLQHQ3DUDGLJPHQZHFKVHOGHQQGLH:DKUKHLWVHLHUVWPDOVLP 7H[W VHOEVW ]X ORNDOLVLHUHQ 'HU PRGHUQH 5RPDQ DQWZRUWH GHPQDFK DXI GLH.RQWLQJHQ]HUIDKUXQJGHU0RGHUQHLQGHPHU:DKUKHLWQLFKWPHKUDOV ÅHWZDV $XI]XILQGHQGHV´ EHJUHLIH ÅVRQGHUQ DOV HWZDV +HUYRU]XEULQJHQ GHV´ (QWVSUHFKHQG LVW XQWHU PRGHUQHQ 9RU]HLFKHQ RQWRORJLVFKH 5HIH UHQ]XQG,QGLYLGXDODXWKHQWL]LWlWQLFKWPHKUP|JOLFK ,P )XWXULVPXV HWZD EH]HLFKQHW )LOLSSR 7RPPDVR 0DULQHWWL GLH 0D VFKLQHQDOV 4XHOOHQYRQ$XWKHQWL]LWlW'HULQGHQ+LVWRULVFKHQ$YDQW JDUGHQLQJUR‰HU%UHLWHHLQVHW]HQGH3ULPLWLYLVPXVPLWGHU2ULHQWLHUXQJ DQDQLPLVWLVFKHQ.XOWXUHQNDQQDOVHLQH6XFKHQDFK8UVSUQJOLFKNHLWXQG $XWKHQWL]LWlWYHUVWDQGHQZHUGHQ(EHQVRKDWGLH$XVHLQDQGHUVHW]XQJPLW GHU3V\FKRDQDO\VHLQGHQYHUVFKLHGHQHQ.QVWHQ]XGLHVHU=HLWGDV=LHO ]X HLQHP XUVSUQJOLFKHQ XQG XQEHZXVVWHQ GK XQWHUEHZXVVWHQ  ,FK YRU]XVWR‰HQ8QGDXFKGLH6XFKHQDFKJDQ]QHXHQ$XVGUXFNVIRUPHQLVW LQGLHVHU+LQVLFKW]XEHWUDFKWHQ6RLVWGLHpFULWXUHDXWRPDWLTXHGHU6XUUHDOLV WHQ GDV 3URJUDPP HLQHU JU|‰WP|JOLFKHQ 8QPLWWHOEDUNHLW 5HLQKHLW 'L UHNWKHLW XQG ,QWHQVLWlW 'LH .RQ]HSWH XQG (LQVLFKWHQ GHU 3RVWPRGHUQH BBBBBBBBBBBBBB 

 3HWHU%UJHU3URVDGHU0RGHUQHXQWHU0LWDUEHLWYRQ&KULVWD%UJHU)UDQNIXUWD0 6  %UJHU $QP 6YJODXFK.QDOOHU:RUWDXVGHU)UHPGH $QP 6II  9JO/HWKHQ $QP 68OOD+DVHOVWHLQ$QGUHZ6*URVV0DU\DQQ6Q\GHU.|UEHU Å,QWURGXFWLRQ 5HWXUQV RI WKH 5HDO´ LQ 'LHV +UVJ  7KH 3DWKRV RI $XWKHQWLFLW\ $PHULFDQ 3DVVLRQVRIWKH5HDO+HLGHOEHUJ6²KLHU6  )UHLQHEUHLWH$XVHLQDQGHUVHW]XQJPLWGHP$XWKHQWL]LWlWVEHJULIIVLP.RQWH[WGHU+LVWR ULVFKHQ$YDQWJDUGHQVLHKH&KULVWRSK=HOOHUbVWKHWLNGHV$XWKHQWLVFKHQ/LWHUDWXUXQG.XQVWXP %HUOLQ1HZ0@LWGHU6lNX ODULVLHUXQJGHU.XQVWWULWWGLH$XWKHQWL]LWlWDQGLH6WHOOHGHV.XOWZHUWV´ )U 7KHRGRU : $GRUQR $OHVVDQGUR )HUUDUD XQG 3HWHU %UJHU LVW $X WKHQWL]LWlW JDU HLQ +DXSWZRUW XQG ]HQWUDOHV .HQQ]HLFKHQ GHU 0RGHUQH 6XVDQQH.QDOOHUKLQJHJHQEHWRQWZLHGHUKROWGDVVGHUKHXWLJHlVWKHWLVFKH $XWKHQWL]LWlWVEHJULIIQLFKWDXI:HUNHXQG7KHRULHQDXVGHU=HLWYRU EHUWUDJHQ ZHUGHQ GUIH (QWVSUHFKHQG IROJHUW .QDOOHU GDVV lVWKHWLVFKH $XWKHQWL]LWlWÅNHLQ+DXSWZRUWGHU0RGHUQH´VHLQN|QQHXQGHUVWLQGHU BBBBBBBBBBBBBB 

 )U DXVIKUOLFKH $XVIKUXQJHQ ]XU %HJULIIVJHVFKLFKWH VLHKH (OHRQRUH .DOLVFK Å$VSHNWH HLQHU %HJULIIV XQG 3UREOHPJHVFKLFKWH YRQ $XWKHQWL]LWlW XQG 'DUVWHOOXQJ´ LQ (ULND )L VFKHU/LFKWH +UVJ  ,QV]HQLHUXQJ YRQ $XWKHQWL]LWlW 7ELQJHQ  6² KLHU 6I .XUW5|WWJHUV5HLQKDUG)DELDQÅ$XWKHQWLVFK´LQ-RDFKLP5LWWHU +UVJ +LVWRULVFKHV:|U WHUEXFK GHU 3KLORVRSKLH 'DUPVWDGW  %G, 6SI (G]DUG .UFNHEHUJ Å$XWKHQWL]L WlW´LQ-RDFKLP5LWWHU +UVJ +LVWRULVFKHV:|UWHUEXFKGHU3KLORVRSKLH'DUPVWDGW%G, 6SI 6XVDQQH .QDOOHU +DUUR 0OOHU Å$XWKHQWLVFK$XWKHQWL]LWlW´ LQ .DUO+HLQ] %DUFNXD +UVJ bVWKHWLVFKH*UXQGEHJULIIH6WXWWJDUW:HLPDU%G,6².QDOOHU :RUW DXV GHU )UHPGH 6 ² .QDOOHU *HQHDORJLH $QP   6 ² 0DUWtQH] $QP   .DOLVFK $QP 6YJODXFK.QDOOHU*HQHDORJLH $QP 6II  .DOLVFK $QP 6  :DOWHU %HQMDPLQ 'DV .XQVWZHUN LP =HLWDOWHU VHLQHU WHFKQLVFKHQ 5HSURGX]LHUEDUNHLW )UDQNIXUW D06YJODXFK0DUWtQH] $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



]ZHLWHQ+lOIWHGHV-DKUKXQGHUWV]XP3DUDGLJPDZHUGH$XWKHQWL]LWlW ZLUGYRQLKUGDQQDXFKDOVÅ.ULVHQEHJULII´EH]HLFKQHWGHUDXIGLH9HUXQ VLFKHUXQJ GHV 6XEMHNWV LQ GHU 3RVWPRGHUQH DQWZRUWH )ROJW PDQ GHU (LQVFKlW]XQJ YRQ 5RODQG +DJHQEFKOH GDQQ KlQJW GLH $NWXDOLWlW GHV $XWKHQWL]LWlWV.RQ]HSWVPLWGHU1RWZHQGLJNHLW]XVDPPHQGHP6XEMHNW QDFK VHLQHU 'HJUDGLHUXQJ LP 3RVWVWUXNWXUDOLVPXV ZLHGHU ]X $QVHKHQ ]X YHUKHOIHQ 'LH JHJHQZlUWLJH .RQMXQNWXU GHV $XWKHQWL]LWlWV%HJULIIHV ZLUG GHQQ DXFK DOV 5HDNWLRQ DXI GLH 3RVWPRGHUQH XQG VRJDU DOV HLQ $Q]HLFKHQ IU LKU(QGHJHGHXWHW,QVEHVRQGHUHLQGHUDPHULNDQLVFKHQ'LVNXVVLRQZLUG XQWHU =XKLOIHQDKPH GHV $XWKHQWL]LWlWVEHJULIIHV UXQG XP GLH 7HUURU DQVFKOlJH GHV 6HSWHPEHU HLQ (SRFKHQZHFKVHO IHVWJHPDFKW GHU DOVÅSRVWSRVWPRGHUQLVP´ 7RP7XUQHU ÅPDWHULDOWXUQ´ 7RQ\%HQQHWW  RGHU DXFK DOV ÅUHWXUQ RI WKH UHDO´ +DO )RVWHU  EH]HLFKQHW ZLUG 8OOD +DVHOVWHLQ $QGUHZ *URVV XQG 0DU\$QQ 6Q\GHU.|UEHU VFKUHLEHQ EHU BBBBBBBBBBBBBB 

 6XVDQQH.QDOOHU+DUUR0OOHUÅ(LQOHLWXQJ´LQ'LHV +UVJ $XWKHQWL]LWlW'LVNXVVLRQHLQHV lVWKHWLVFKHQ %HJULIIV 0QFKHQ  6² KLHU 6 YJO DXFK .QDOOHU *HQHDORJLH $QP 6.QDOOHU:RUWDXVGHU)UHPGH $QP 6  .QDOOHU:RUWDXVGHU)UHPGH $QP 6XQG6I.QDOOHU0OOHU $QP 6 .QDOOHU *HQHDORJLH $QP  6 &KULVWRSK =HOOHU EH]HLFKQHW GDV KLVWRULVFKH $XIWDX FKHQGHV$XWKHQWL]LWlWVEHJULIIHVDOVHLQÅ,QGL]HLQHU.ULVH´9JO=HOOHU $QP 6  5RODQG +DJHQEFKOH Å6XEMHNWLYLWlW (LQH KLVWRULVFKV\VWHPDWLVFKH (LQIKUXQJ´ LQ 5HWR /X]LXV 5RODQG +DJHQEFKOH 3HWHU 6FKXO] +UVJ  *HVFKLFKWH XQG 9RUJHVFKLFKWH GHU PRGHUQHQ 6XEMHNWLYLWlW%G%HUOLQ1HZ$QP@6ZRUWJOHLFKLQ.QDOOHU*HQHD ORJLH >$QP@ 6  XQG DXI HLQHU ]ZHLWHQ $QDO\VHHEHQH Å5HIHUHQ]DXWKHQWL]LWlW´ Å.XQVWDXWKHQWL]LWlW´ XQG HUQHXW Å6XEMHNWDXWKHQWL]LWlW´ .QDOOHU :RUW DXV GHU )UHPGH >$QP@6II 6XEMHNWZLH2EMHNWDXWKHQWL]LWlWZHUGHQGDEHLLQ%H]XJDXI8UKHEHU VFKDIW$XWRU(PSLULHXQG2ULJLQDOLWlWEHVFKULHEHQ.XQVWDXWKHQWL]LWlWHUVFKHLQWOHGLJOLFK DOV 6WHLJHUXQJVIRUP YRQ 2EMHNWDXWKHQWL]LWlW 5HIHUHQ]DXWKHQWL]LWlW DOV HLQ 6\QRQ\P YRQ 2EMHNWDXWKHQWL]LWlW  .QDOOHU:RUWDXVGHU)UHPGH $QP 6.QDOOHU*HQHDORJLH $QP 6  .QDOOHU:RUWDXVGHU)UHPGH $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



QJHQ ZUGH MHZHLOV YRQ Å.XQVW´ ]X VSUHFKHQ 5HIHUHQ]DXWKHQWL]LWlW ZLUGVRGDQQDQDORJ]X2EMHNWDXWKHQWL]LWlWEHVWLPPW:LHVFKZLHULJHLQH 2SHUDWLRQDOLVLHUXQJ XQG 6\VWHPDWLVLHUXQJ GHV 3KlQRPHQV LVW ZLUG DP %HJULIIGHUÅ.XQVWDXWKHQWL]LWlW´EHLVSLHOKDIWGHXWOLFK$XWKHQWLVFKZLUNHQ RIIHQEDU VROFKH 9HUIDKUHQ GLH $VSHNWH GHU 6XEMHNW XQG GHU 2EMHNW DXWKHQWL]LWlW DXI MH XQWHUVFKLHGOLFKH :HLVH PLWHLQDQGHU YHUNQSIHQ (U NHQQWQLVI|UGHUQGHUHUVFKHLQWHVGDQQDEHUGLHMHVHKULQGLYLGXHOOHQ.RP ELQDWLRQHQ ]X XQWHUVXFKHQ XQG DOV VROFKH ]X EHQHQQHQ DQVWDWW YRUJHIHUWLJWH0XVWHULQ%HJULIIHQIHVW]XVFKUHLEHQ (LQH DQGHUH 6\VWHPDWLVLHUXQJ HQWZLFNHOW 0DWtDV 0DUWtQH] LQGHP HU GLH 9HUZHQGXQJVZHLVHQ YRQ $XWKHQWL]LWlW DQDO\VLHUW XQG LQ GLH YLHU %H GHXWXQJVDVSHNWH $XWRU 5HIHUHQ] *HVWDOWXQJ XQG )XQNWLRQ XQWHUWHLOW 'HU $XWRU$VSHNW DOV WH[WH[WHUQH $QDO\VHNDWHJRULH GHU 3URGXNWLRQ IUDJW GDQDFKREGHU8UKHEHUÅDOV3HUVRQEHVRQGHUVTXDOLIL]LHUW´LVWZRGXUFK VLFKHLQ=XVDPPHQKDQJ]ZLVFKHQ$XWKHQWL]LWlW$XWRUVFKDIWXQG$XWRUL WlW HUJLEW 'D GLH 6\VWHPDWLVLHUXQJ DQKDQG YRQ +RORFDXVW7KHPDWLVLH UXQJHQ HUVWHOOW ZLUG NRQVWDWLHUW 0DUWtQH] HLQH $XWKHQWLVLHUXQJ PLWKLOIH GLHVHU.DWHJRULHDQKDQGGHU%LRJUDSKLH6RZHUGHRIWPDOVEHKDXSWHWGDVV QXU SHUV|QOLFK %HWURIIHQH GHU 6KRDK ÄDXWKHQWLVFK¶ GDUEHU VFKUHLEHQ N|QQWHQ 8QWHU GHQ 5HIHUHQ]$VSHNW ZHUGHQ $XWKHQWL]LWlWV=XVFKUHL EXQJHQ VXEVXPPLHUW ZHQQ LQ :HUNHQ DXI ÅNRQNUHWH KLVWRULVFKH 3HUVR QHQXQG(UHLJQLVVH´%H]XJJHQRPPHQZLUG'LHEHLGHQ$VSHNWH$XWRU XQG5HIHUHQ]KDEHQGHQ9RUWHLOJUR‰HU(LQGHXWLJNHLWXQG.ODUKHLWODVVHQ MHGRFKGHQVHKUZHLWHQ%HUHLFKILNWLRQDOHU(U]lKOXQJHQDX‰HU%HWUDFKW² DEJHVHKHQ YRQ JUDGXHOOHQ $EVWXIXQJHQ ZLH LQ ILNWLRQDOHU (U]lKOOLWHUDWXU BBBBBBBBBBBBBB 

 )U (EHUKDUG 2VWHUPDQQ LVW $XWKHQWL]LWlW HLQ 6XEVWLWXW IU GHQ .XQVWEHJULII XQG GDPLW HLQ lVWKHWLVFKPRUDOLVFKHV .ULWLHULXP GDV KHXWH QRFK lVWKHWLVFKH $XWRQRPLH YHUEUJHQ NDQQXQGEHUGLH'LFKRWRPLH.XQVW1LFKW.XQVWHQWVFKHLGHW(EHUKDUG2VWHUPDQQ'LH $XWKHQWL]LWlWGHVbVWKHWLVFKHQ6WXGLHQ]XUlVWKHWLVFKHQ7UDQVIRUPDWLRQGHU5KHWRULN0QFKHQ 6  bKQOLFK DUJXPHQWLHUHQG ZXUGH YRQ .QDOOHU XQG 0OOHU YRUJHVFKODJHQ DXWKHQ WLVFKLQDXWKHQWLVFKDOVÅ=ZHLWFRGH´LQ(UJlQ]XQJ]XGHPIUGDV.XQVWV\VWHPNRQVWLWXWL YHQ&RGHVFK|QKlVVOLFKHLQ]XIKUHQ.QDOOHU0OOHU $QP 6  ,Q (LQ :RUW DXV GHU )UHPGH ZLUG 5HIHUHQ]DXWKHQWL]LWlW YRQ 6XVDQQH .QDOOHU ZLH IROJW EH VWLPPWÅ,PUHIHUHQWLHOOHQ)HOG>«@LVW$XWKHQWLVLHUXQJRIWYHUWUHWHQLQVRIHUQDOV5HIHUHQ WLDOLWlWIUlVWKHWLVFKH$XWKHQWL]LWlWPHKUIDFKNRQVWLWXWLYLVW²8UKHEHUVFKDIWXQG2ULJLQDOL WlWVLQG(UJHEQLVVHYRQ )UHPG YHUZHLVHQXQGEH]JHQDXIDXWRULVLHUHQGH,QVWDQ]HQZLH $XWRULQ.QVWOHULQ,QVWLWXWLRQXQG:LUNOLFKNHLW´6I1DKH]XJOHLFKODXWHWDXFKGLH %HJULIIVEHVWLPPXQJ YRQ 2EMHNWDXWKHQWL]LWlW Å2EMHNWDXWKHQWL]LWlW UHVXOWLHUW ]XPHLVW DXV GHU 5FNIKUEDUNHLW DXI HLQHQ 8UKHEHUHLQH 8UKHEHULQ RGHU DXI =XJHK|ULJNHLW 6LH LVW QDFKZHLVXQGJDUDQWLHUEDUGXUFK,QVWLWXWLRQHQRGHU$XWRULWlWHQZHOFKHGLH(FKWKHLWYRQ 8UKHEHUVFKDIWE]Z=XJHK|ULJNHLWDXWRULVLHUHQ´.QDOOHU:RUWDXVGHU)UHPGH $QP  6HEHQVRLQ.QDOOHU*HQHDORJLH $QP 6  0DUWtQH] $QP 6  0DUWtQH] $QP 6



$QWRQLXV:HL[OHU

PLWHLQ]HOQHQ5HIHUHQ]HQDXI5HDOHV$XWKHQWLVLHUXQJVVWUDWHJLHQILNWLRQD OHU7H[WHZHUGHQYRQ0DUWtQH]MHGRFKPLWGHPGULWWHQ$VSHNWGHU*HVWDO WXQJDOVHLQÅ(IIHNWEHVWLPPWHU)RUPHQYRQ.QVWOLFKNHLW´HUNOlUW9HU IDKUHQGHU *HVWDOWXQJN|QQHQGHPQDFKDXWKHQWLVLHUHQGZLUNHQZHQQLQ GHU'DUVWHOOXQJ0LWWHOYHUZHQGHWZHUGHQGLHHLQHQÅ:LUNOLFKNHLWVHIIHNW´ HU]HXJHQ3UREOHPDWLVFKDQGLHVHUQLFKWZHLWHUXQWHUWHLOWHQ.DWHJRULHLVW LKUH %UHLWH GD MH QDFK $UJXPHQWDWLRQ GDPLW DOOHV DOV ÄDXWKHQWLVFK¶ EH VFKULHEHQZHUGHQNDQQ$P$VSHNWGHU*HVWDOWXQJ]HLJWVLFKGDVVHVVLFK EHL $XWKHQWL]LWlW XP HLQ =XVFKUHLEXQJVSKlQRPHQ KDQGHOW $OV YLHUWHQ $VSHNW GLH )XQNWLRQ EH]HLFKQHW 0DUWtQH] PLW 9HUZHLV DXI :DOWHU %HQ MDPLQV ÅDXWKHQWLVFKH Ä$XUD¶´ HLQH VSH]LILVFKH )RUP GHV 8PJDQJV PLW .XQVWZHUNHQ,P.HUQLVWGDPLWGLH)XQNWLRQYRQ.XQVWLP$OOJHPHLQHQ DQJHVSURFKHQ ZHVKDOE GLHVH .DWHJRULH YRQ 0DUWtQH] VHOEVW HLQVFKUlQ NHQGDOVSUDJPDWLVFKJHIDVVWHU%HGHXWXQJVDVSHNWXPVFKULHEHQZLUG $OV =XVDPPHQIDVVXQJ XQG 3Ul]LVLHUXQJ GHU ELVKHULJHQ )RUVFKXQJV SRVLWLRQHQ VROO KLHU LP )ROJHQGHQ XQWHU 6XEMHNW$XWKHQWL]LWlW GLH =XVFKUHL EXQJ ÄDXWKHQWLVFK¶ LQ %H]XJ DXI GDV 6XEMHNW XQWHU2EMHNW$XWKHQWL]LWlW GLH =XVFKUHLEXQJ ÄDXWKHQWLVFK¶ LQ %H]XJ DXI GDV 2EMHNW HLQHU PHGLDOHQ .RP PXQLNDWLRQYHUVWDQGHQZHUGHQ,QEHLGHQ)lOOHQILQGHWHLQH=XVFKUHLEXQJ VWDWW(LQ7H[WHLQ.XQVWZHUNNDQQQLFKWDXWKHQWLVFKSHUVHVHLQHLQHGHU DUWLJH RQWRORJLVFKH 4XDOLWlW LVW LQ PHGLDOHQ .RPPXQLNDWLRQHQ QLFKW HU UHLFKEDU0DQNDQQHLQHP7H[WOHGLJOLFK]XVFKUHLEHQGDVVHUDXWKHQWLVFKLQ 5HODWLRQ DXI HLQHQ $XWRU EH]LHKXQJVZHLVH 8UKHEHU RGHU GDVV HU DXWKHQ WLVFKGXUFKGLH5HIHUHQ]DXIGDV'DUJHVWHOOWHLVW ,Q GHU *HJHQEHUVWHOOXQJ GHU .RQ]HSWH YRQ .QDOOHU XQG 0DUWtQH] ZLUGGHXWOLFKGDVVGHP6XEMHNWHLQHUPHGLDOHQ.RPPXQLNDWLRQGDV3Ul GLNDWÄDXWKHQWLVFK¶]XPHLQHQGXUFKGLH$XWRULWlWHLQHU$XWRULQVWDQ]]XP DQGHUHQGXUFKHLQHYHUPHLQWOLFKJDQ]KHLWOLFKH6XEMHNWLYLWlWXQG,QGLYLGXD OLWlW ]XJHVFKULHEHQ ZHUGHQ NDQQ 'LHVH %HVWLPPXQJHQ YRQ 6XEMHNW XQG 2EMHNW$XWKHQWL]LWlW N|QQHQ QRFK ZHLWHU GLIIHUHQ]LHUW ZHUGHQ $OV $XWRU $XWKHQWL]LWlW VROOHQ GHVKDOE VlPWOLFKH $XWKHQWL]LWlWV]XVFKUHLEXQJHQ EH ]HLFKQHW ZHUGHQ GLH DP 1DPHQ XQG GHU $XWRULWlW GHV 8UKHEHUV IHVWJH PDFKW ZHUGHQ $XWRU$XWKHQWL]LWlW NDQQ HGLWLRQVSKLORORJLVFK GLH 8UKH EHUVFKDIWEHJODXELJHQRGHUGLH4XDOLWlWGHV7H[WHVEHUGLH4XDOLILNDWLRQ GHV $XWRUV EHJUQGHQ $OV ,QGLYLGXDO$XWKHQWL]LWlW ZHUGHQ bX‰HUXQJHQ HLQHVYHUPHLQWOLFKJDQ]KHLWOLFKHQ,FKVYHUVWDQGHQZLHVLHRIWPDOVLQGHQ 6\QRQ\PHQ $XIULFKWLJNHLW :DKUKDIWLJNHLW 8UVSUQJOLFKNHLW LPSOL]LHUW BBBBBBBBBBBBBB 

   

0DUWtQH] $QP 6 0DUWtQH] $QP 6 0DUWtQH] $QP 6 6XVDQQH .QDOOHU EHQXW]W DQ HLQHU 6WHOOH VHOEVW Å,QGLYLGXDODXWKHQWL]LWlW´ DOV 6\QRQ\P IU 6XEMHNWDXWKHQWL]LWlW.QDOOHU:RUWDXVGHU)UHPGH $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



VLQG ,QGLYLGXDO$XWKHQWL]LWlW HUIRUGHUW QRWZHQGLJHUZHLVH GLH  3HUVRQ XQGNDQQLQ(U]lKOWH[WHQGLH.DWHJRULHQ$XWRU $XWRELRJUDSKLH (U]lK OHU DXWRGLHJHWLVFKKRPRGLHJHWLVFK  RGHU )LJXU GLUHNWH 5HGH  EHWUHIIHQ 'LH7DWVDFKHGDVVHLQH$XWRELRJUDSKLHLQHLQHPÅ3DNW´YHUEUJWGDVV GLHVH GUHL .DWHJRULHQ DXI GLHVHOEH (QWLWlW EH]RJHQ VLQG XQG ,QGLYLGXDO $XWKHQWL]LWlW XQG $XWRU$XWKHQWL]LWlW VLFK GDULQ JHJHQVHLWLJ YHUVWlUNHQ PDFKW GLHVH *DWWXQJ ]X HLQHU DXWKHQWLVFKHQ 'D LQ GHU NODVVLVFKHQ 0R GHUQHGLH9RUVWHOOXQJHLQHVHLQKHLWOLFKHQXQGJDQ]KHLWOLFKHQ6XEMHNW,FKV SUREOHPDWLVFK ZLUG PXVV GHU $QVFKHLQ HLQHV DXWKHQWLVFKHQ 6XEMHNWV LQ LPPHU NRPSOH[HUHQ (U]lKOYHUIDKUHQ NRQVWUXLHUW ZHUGHQ ,QGLYLGXDO $XWKHQWL]LWlW EHVLW]W NHLQH UHIHUHQWLHOOH RGHU RQWRORJLVFKH 4XDOLWlW VRQ GHUQPXVVYRQHLQHP3URGX]HQWHQNRQVWUXLHUWXQGYRQHLQHP5H]LSLHQ WHQ]XJHVFKULHEHQZHUGHQ$XWRU$XWKHQWL]LWlWNDQQLQGHU(GLWLRQVSKLOR ORJLH GXUFKDXV GXUFK QDWXUZLVVHQVFKDIWOLFKH 0HWKRGLNHQ QDFKJHZLHVHQ ZHUGHQ:lKUHQGHVVLFKEHL$XWRU$XWKHQWL]LWlWGHPQDFKXPHLQHQHLQ GHXWLJ ]X EHVWLPPHQGHQ $VSHNW KDQGHOW HUVFKHLQW ,QGLYLGXDO $XWKHQWL]LWlWDOVHLQlVWKHWLVFKHU(IIHNW 'HU%HUHLFKGHU2EMHNW$XWKHQWL]LWlW²GLH5HIHUHQ]DXIGLHÄ5HDOLWlW¶² LVWKLVWRULVFKUHOHYDQWIUGLHJUR‰HQ5HDOLVPXV0LPHVLVXQG5HSUlVHQ WDWLRQV3RHWLNHQ DEHU DXFK IU GLH HVVHQWLDOLVWLVFKHQ XQG HSLVWHPRORJL VFKHQ 'LVNXVVLRQHQ XP GLH Ä:DKUKHLW¶ GHU /LWHUDWXU VHLW GHU $XINOlUXQJ (JDORE.RQVWUXNWLYLVPXV)HUGLQDQGGH6DXVVXUHVVWUXNWXUDOLVWLVFKH)HVW VWHOOXQJ GHU $UELWUDULWlW GHV VSUDFKOLFKHQ =HLFKHQV SRVWVWUXNWXUDOLVWLVFKH 7KHRUHPH GHU +\EULGLWlW XQG 6LPXODWLRQ GHV 0HGLDOHQ RGHU QHXHVWH hEHUOHJXQJHQ ]XU 9LUWXDOLWlW DOOH 'HEDWWHQEHLWUlJH VWHOOHQ GLH 8QP|J OLFKNHLWHLQHUÄDXWKHQWLVFKHQ¶XQPLWWHOEDUHQ5HIHUHQ]]ZLVFKHQÄ:LUNOLFK NHLW¶XQGPHGLDOHU.RPPXQLNDWLRQIHVW8PGLHVH'LVNXVVLRQHQQLFKWQHX IKUHQ]XPVVHQVROOKLHUHLQHSUDJPDWLVFKH/|VXQJYRUJHVFKODJHQZHU GHQ ,QGHP 2EMHNW$XWKHQWL]LWlW QLFKW DOV HLQH UHIHUHQWLHOOH .DWHJRULH GHV Ä5HDOHQ¶GHILQLHUWZLUGVRQGHUQHEHQIDOOVDOVHLQ=XVFKUHLEXQJVSKlQRPHQ GDVHLQHUHODWLRQDOH5HIHUHQ]]XHLQHUVXEMHNWLYZDKUJHQRPPHQHQÄ:LUN OLFKNHLW¶ RGHU Ä:DKUKHLW¶ NRQVWUXLHUW NDQQ PDQ VLFK LQ GHU $QDO\VH YRQ PHGLDOHQ.RPPXQLNDWLRQHQGDUDXINRQ]HQWULHUHQZLHGDV9HUKlOWQLVYRQ KLVWRLUH XQG GLVFRXUV JHVWDOWHW ZLUG DQVWDWW VWHWV GLVNXWLHUHQ ]X PVVHQ RE XQG GDVV HLQ 9HUKlOWQLV ]ZLVFKHQ KLVWRLUH XQG DX‰HUWH[WXHOOHU :LUNOLFKNHLW YRUOLHJW 'HU6\VWHPDWLVLHUXQJVYHUVXFKXQGGLH%HJULIIOLFKNHLWHQODVVHQVLFKZLH IROJW]XVDPPHQIDVVHQ+LVWRULVFKLVWGHU%HJULIIGHU5HIHUHQ]$XWKHQWL]L WlW =XZHLVXQJ  YRQ GHQ UHODWLRQDOHQ $XWKHQWL]LWlWVEHJULIIHQ GHU Ä(U BBBBBBBBBBBBBB 

 9JO 3KLOLSSH /HMHXQH'HU DXWRELRJUDSKLVFKH 3DNW EHUV Y :ROIUDP %D\HU 'LHWHU +RUQLJ )UDQNIXUWD0



$QWRQLXV:HL[OHU

VFKUHLEXQJ¶VRZLHGHU=XVFKUHLEXQJ]XXQWHUVFKHLGHQ,QHUVWHUHPVWHFNW GLH9RUVWHOOXQJGDVVVLFKHLQHU%H]HLFKQXQJGLHRQWRORJLVFKH4XDOLWlWGHV %H]HLFKQHWHQ ]XZHLVHQ OLH‰H HLQH 9RUVWHOOXQJ GLH DXFK KHXWH QRFK LP DOOWlJOLFKHQ 6SUDFKJHEUDXFK YRQ ÄDXWKHQWLVFK¶ VWHFNW (LQ DQGHUHU %HJULII YRQ$XWKHQWL]LWlWHQWVWHKWGDQQZHQQPDQGDYRQDXVJHKWGDVV]ZLVFKHQ 6LJQLILNDWXQG6LJQLILNDQW]ZLVFKHQ$XWRUXQG:HUNRGHU]ZLVFKHQÄ/H EHQ¶XQG$XWRELRJUDSKLHHLQUHODWLRQDOHV9HUKlOWQLVYRUOLHJWGLHVH5HODWL RQ MHGRFK GXUFK HLQH Ä(UVFKUHLEXQJ¶ SUREOHPORV KHUVWHOOEDU LVW 'HP .RQ]HSWGHUÄ(UVFKUHLEXQJ¶OLHJWOHGLJOLFKHLQHHLQIDFKH5HODWLRQ]ZLVFKHQ ]ZHL (QWLWlWHQ GHV .RPPXQNDWLRQVPRGHOOV ]XJUXQGH ,P UHODWLRQDOHQ $XWKHQWL]LWlWVEHJULII GHU =XVFKUHLEXQJ VWHFNW VFKOLH‰OLFK GLH (LQVLFKW GDVV $XWKHQWL]LWlW QLFKW ]XZHLV RGHU HUVFKUHLEEDU LVW VRQGHUQ OHGLJOLFK GXUFK EHVWLPPWH QDUUDWLYH 9HUIDKUHQ GLH %HUHLWVFKDIW GHV 5H]LSLHQWHQ DQJHUHJWZHUGHQNDQQHLQHPPHGLDOHQ3URGXNWGDV3UlGLNDWÄDXWKHQWLVFK¶ ]X YHUOHLKHQ 'D LQ GLHVHP OHW]WHQ $XWKHQWL]LWlWVEHJULII VlPWOLFKH DP 'LVNXUVEHWHLOLJWHQ(OHPHQWHGHV.RPPXQLNDWLRQVPRGHOOVLQHLQH5HODWL RQ]XHLQDQGHUWUHWHQPVVHQZLUGGDV.RQ]HSWGHU=XVFKUHLEXQJV\QR Q\PDOVGLVNXUVLYH$XWKHQWL]LWlWEH]HLFKQHW 5HIHUHQ]DXIHLQ,QGLYLGXXP

6XEMHNW$XWKHQWL]LWlW

6RQGHUIRUP,QGLYLGXDO$XWKHQWL]LWlW  $XWRU$XWKHQWL]LWlW         3URGXNWLRQ 1DUUDWLRQ    6RQGHUIRUP PHWDGLVNXUVLYH$XWKHQWL]LWlW 

    5H]HSWLRQ  =XVFKUHLEXQJVSKlQRPHQ $XWKHQWL]LWlWV3DNW

5HIHUHQ]DXIGLHÄ:LUNOLFKNHLW¶ 2EMHNW$XWKHQWL]LWlW $EELOGXQJ'LVNXUVLYH$XWKHQWL]LWlWLP.RPPXQLNDWLRQVPRGHOOQDUUDWLYHU7H[WH

$XI HLQHU DQGHUHQ $QDO\VHHEHQH VLQG GLH %HJULIIOLFKNHLWHQ GHU 6XEMHNW 2EMHNW ,QGLYLGXDO $XWRU XQG 0HWD$XWKHQWL]LWlW ]X YHURUWHQ 8QWHU 6XEMHNW$XWKHQWL]LWlW ZHUGHQ 9HUIDKUHQ YHUVWDQGHQ GLH LP 5H]LSLHQWHQ GLH%HUHLWVFKDIWDQUHJHQGHQ,QKDOWHLQHUbX‰HUXQJDOVÄZDKUKDIWLJ¶RGHU BBBBBBBBBBBBBB 

 'DV0RGHOOLVWDQDQJHOHKQWDQ1QQLQJ $QP 6(LQDOWHUQDWLYHV0RGHOOHQWZL FNHOW/XNDV:HUQHULG%DQG6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



ÄRULJLQDO¶ LP +LQEOLFN DXI GHQ 8UKHEHU GHU bX‰HUXQJ $XWRU ,FK (U]lKOHU)LJXU ]XEHZHUWHQXQWHU2EMHNW$XWKHQWL]LWlWHQWVSUHFKHQGLP +LQEOLFN DXI GDV 2EMHNW GHU .RPPXQLNDWLRQVKDQGOXQJ Ä:LUNOLFKNHLW¶  $OV ,QGLYLGXDO$XWKHQWL]LWlW ZLUG GLH 6RQGHUIRUP GHU 6XEMHNW$XWKHQ WL]LWlW EH]HLFKQHW GLH DOV 6XPPH GHU NRPPXQLNDWLYHQ bX‰HUXQJHQ LP 5H]LSLHQWHQGDV%LOGHLQHVJDQ]KHLWOLFKHQ,FKVLP6LQQH5RXVVHDXVHQWVWH KHQOlVVW$XWRU$XWKHQWL]LWlWZLHGHUXPOLHJWYRUZHQQGLH=XVFKUHLEXQJ GHV 3UlGLNDWV ÄDXWKHQWLVFK¶ ZHQLJHU LP +LQEOLFN DXI GDV 2EMHNWRGHU GDV HLJHQWOLFKH6XEMHNWGHU6SUDFKlX‰HUXQJHUIROJWVRQGHUQGLH5HODWLRQE]Z =XVFKUHLEXQJ LQ GHU 5H]HSWLRQ GXUFK GLH $XWRULWlW GHU DX‰HUWH[WXHOOHQ (QWLWlW GHV $XWRUV DQJHUHJW ZLUG 0LW DOO GLHVHQ %H]HLFKQXQJHQ VROOHQ P|JOLFKH %H]XJVSXQNWH 5HODWLRQHQ  GHV $XWKHQWL]LWlWVEHJULIIHV DQJHJH EHQZHUGHQ+HUJHVWHOOWZHUGHQGLHVH%H]JHLQGHVGXUFK9HUIDKUHQGHU 3URGXNWLRQ 1DUUDWLRQ XQG 5H]HSWLRQ PHGLDOHU .RPPXQLNDWLRQHQ ZHV KDOE GDV .RPPXQLNDWLRQVPRGHOO QDUUDWLYHU 7H[WH GLH $QRUGQXQJ GHU %HLWUlJH LQ GLHVHP 6DPPHOEDQG VWUXNWXULHUW 'DV IROJHQGH .DSLWHO VNL] ]LHUW ]XQlFKVW GHQ WKHPDWLVFKHQ 5DKPHQ GHU HLQ]HOQHQ $EVFKQLWWH XQG VWHOOWGDQQGLH%HLWUlJHNXU]YRU ,,,$XWKHQWL]LWlWLP.RPPXQLNDWLRQVPRGHOOQDUUDWLYHU7H[WH  ,,,$XWKHQWLVFKHVHU]lKOHQ²=XU3URGXNWLRQYRQ$XWKHQWL]LWlW $XWRU8UKHEHUXQG$XWRULWlWVLQGGLHHW\PRORJLVFKlOWHVWHQ5LFKWJU|‰HQ GHV %HJULIIV Ä$XWKHQWL]LWlW¶ 'HU $XWRULWlWV$VSHNW NDQQ KLHUEHL LQ ]ZHL XQWHUVFKLHGOLFKHQ )RUPHQ DXIWUHWHQ XQG $XWKHQWL]LWlWV]XVFKUHLEXQJHQ DQUHJHQ (LQHUVHLWV EHVLW]HQ ,QVWLWXWLRQHQ GLH $XWRULWlW XQG GLH WHFKQL VFKHQ)lKLJNHLWHQEHLVSLHOVZHLVHGHQ1DFKZHLVHLQGHXWLJHU8UKHEHUVFKDIW HLQHV.XQVWZHUNHVHPSLULVFK]XEHOHJHQ'LHVH$XWRULWlWV$UWLVWHLQ$QD ORJRQ]XPKLVWRULVFKHQ*HEUDXFKGHV%HJULIIVÄ$XWKHQWL]LWlW¶LPWKHRORJL VFKHQ'LVNXUVLQGHPHWZDGLH$XWRULWlWGHU.LUFKHHLQH%LEHOLQWHUSUHWD WLRQ EHJODXELJWH ,Q GLHVHP $XWRUVFKDIWVPRGHOO EHUVFKQHLGHQ VLFK IROJOLFK $XWRU$XWKHQWL]LWlW XQG 2EMHNW$XWKHQWL]LWlW 'LH HLQGHXWLJH =X VFKUHLEXQJHLQHV:HUNHV]XVHLQHP$XWRULVWDXFKKHXWHQRFKLQGHU(GL WLRQVSKLORORJLH XQG LP .XQVWEHWULHE YRQ JUR‰HU %HGHXWXQJ EHGDUI MH GRFK HLQHU LQVWLWXWLRQHOOHQ %HJODXELJXQJ XQG $XWRULVLHUXQJ $QGHUHUVHLWV NDQQHLQH$XWRULVLHUXQJDXFKEHUGLH3HUV|QOLFKNHLWXQGGLH,QGLYLGXDOL BBBBBBBBBBBBBB 

 6XVDQQH.QDOOHUHQWZLFNHOWIUGHQ1DFKZHLVHLQGHXWLJHU$XWRUVFKDIWLP.XQVWEHWULHEGLH %HJULIIOLFKNHLWÅ.XQVWDXWKHQWL]LWlW´.QDOOHU:RUWDXVGHU)UHPGH $QP 6IIYJO HEHQIDOOV.QDOOHU0OOHU $QP 6I



$QWRQLXV:HL[OHU

WlW HLQHV $XWRUV8UKHEHUV HUIROJHQ ZDV VLFK HWZD LQ GHU YHUEUHLWHWHQ 9RUVWHOOXQJZLHGHUILQGHWGDVVQXUEHVWLPPWH$XWRUHQEHUGLH$XWRULWlW YHUIJHQÄDXWKHQWLVFK¶EHUGHQ+RORFDXVWVFKUHLEHQ]XN|QQHQ,QGLH VHP$XWRUVFKDIWV0RGHOOEHUVFKQHLGHQVLFK$XWRU$XWKHQWL]LWlWXQG,QGL YLGXDO$XWKHQWL]LWlW6HOEVWGHU$XWRUEH]XJEHVLW]WGDPLWNHLQHUHIHUHQWLHOOH RGHU JDU RQWRORJLVFKH 4XDOLWlW VRQGHUQ PXVV VWHWV GLVNXUVLY HQWZHGHU GXUFKHLQH,QVWLWXWLRQRGHUPLQGHVWHQVGXUFKHLQHQ3DUDWH[W $XWRUQDPH  UHODWLRQDO KHUJHVWHOOW ZHUGHQ $XWRU$XWRULWlW NDQQ VLFK LQ ]DKOUHLFKHQ %HLVSLHOHQHWZDGHU+RORFDXVW/LWHUDWXUQRFKDOVKLQUHLFKHQGH9RUDXVVHW ]XQJ IU HLQH HUIROJUHLFKH $XWKHQWL]LWlWV=XVFKUHLEXQJ HUZHLVHQ HLQH QRWZHQGLJH%HGLQJXQJVWHOOWVLHQLFKWPHKUGDU'LH%HLWUlJHLP$EVFKQLWW 3URGXNWLRQ YRQ $XWKHQWL]LWlW IKUHQ YLHOPHKU YRU GDVV PRUDOLVFKH XQG lV WKHWLVFKH8UWHLOHVWlUNHUVLQGDOVGLHHPSLULVFKH*DUDQWLHHLQHU$XWRUXQG =HXJHQVFKDIW 'LVNXUVLYH $XWKHQWL]LWlW NDQQ VRPLW GLH 6WHOOH GHU $XWRU $XWRULWlWHLQQHKPHQXQGGLH)XQNWLRQHLQHUSRVWDXWRULWlUHQ$XWKHQWLVLH UXQJ HUIOOHQ SUlJQDQW IRUPXOLHUW $XWKHQWL]LWlW EHVHW]W QDFK GHP Å7RG GHV$XWRUV´GHVVHQ6WHOOH 'LHVHU=XVDPPHQKDQJZLUGJOHLFKLPHUVWHQ%HLWUDJ]XU6HNWLRQ3UR GXNWLRQ DQVFKDXOLFK JHPDFKW LQVRIHUQ $QGUHH 0LFKDOLV GLH OLWHUDULVFKH $XVHLQDQGHUVHW]XQJ ,PUH .HUWpV]· PLW GHP /HEHQ XQG :HUN YRQ -HDQ $PpU\DQDO\VLHUWLQGHUGHUÅDXWKHQWLVFKH>@&KDUDNWHUGHV(U]lKOWHQZHLW HKHULQ)UDJH>JH@VWHOOWDOVSURGX]LHUW´ZLUG0LFKDHOLVNDQQQDFKZHLVHQ GDVV.HUWpV]GXUFKGLH6XEYHUVLRQYRQ2EMHNW$XWKHQWL]LWlWXQG,QGLYLGXDO $XWKHQWL]LWlW LP IUHLHQ 6SLHO DXWRELRJUDSKLVFKHU 'DWHQ HLQH GLVNXUVLYH $XWKHQWL]LWlWHU]HXJWGLHLQ]HLWJHQ|VVLVFKHQ.RQWH[WHQQRFKHLQHPRUDO lVWKHWLVFKH:DKUKDIWLJNHLWYHUEUJW .DL6SDQNHDQDO\VLHUWPLW+XJRYRQ+RIPDQQVWKDOV'LH%ULHIHGHV=X UFNJHNHKUWHQ   GLH IU GLH *HVFKLFKWH DXWKHQWLVFKHQ (U]lKOHQV HPLQHQWZLFKWLJH*DWWXQJGHU%ULHIHU]lKOXQJVRZLHGLHIUGLH$XVHLQDQ GHUVHW]XQJPLW6XEMHNWLYLWlW6SUDFKHXQGGHP.XQVWZHUNVEHJULIIEHGHX WHQGH(SRFKHGHUNODVVLVFKHQ0RGHUQH'HU%ULHIURPDQLQV]HQLHUWGXUFK VHLQH SDUDWH[WXHOOH 0DUNLHUXQJ HLQH DXWKHQWLVFKH (QWVWHKXQJ XQG HLQH XQPLWWHOEDUH 9HUZHQGXQJ +RIPDQQVWKDOV %ULHIHU]lKOXQJ IJW VLFK LQ HLQH5HLKHYRQ7H[WHQGLH,FK'LVVR]LDWLRQXQG6SUDFKNULWLNWKHPDWLVLH UHQ6SDQNH]HLJWLQVHLQHP%HLWUDJGDVVGHU3URWDJRQLVWGLHVHU%ULHIHQXU EHUGHQQDUUDWLYJHVWDOWHWHQ 8P :HJGHV7H[WHVEHUHLQH(QWGLIIHUHQ ]LHUXQJXQG'LVNXUVLYLHUXQJVHLQHU,QGLYLGXDO$XWKHQWL]LWlWHLQXQPLWWHO EDUHV 7RWDOLWlWVHUOHEQLV HU]HXJHQ NDQQ XP VLFK ZLHGHU DOV ÄJDQ]HU 0HQVFK¶]XIKOHQ BBBBBBBBBBBBBB 

 $QGUHH0LFKDHOLVLG%DQG6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



0LFKDHO+XWFKLQVVWHOOW]ZHLVLFKRIIHQEDUZLGHUVSUHFKHQGH$XWKHQWL ]LWlWVNRQ]HSWH :* 6HEDOGV YRU 6R IRUGHUW 6HEDOG DOV /LWHUDWXUZLVVHQ VFKDIWOHULQNULWLVFKHU$XVHLQDQGHUVHW]XQJPLWYHUVFKLHGHQHQOLWHUDULVFKHQ :HUNHQHLQHUHODWLYNRQVHUYDWLYHPDWHULDOH2EMHNW$XWKHQWL]LWlWZlKUHQG HUDOV6FKULIWVWHOOHULQVHLQHQHLJHQHQ7H[WHQHLQHKRFKGLIIHUHQ]LHUWH$X WKHQWL]LWlW SURGX]LHUW GLH 2EMHNW XQG $XWRU$XWKHQWL]LWlW XQWHUJUlEW +XWFKLQVNDQQGDEHL)RUPHQXQ]XYHUOlVVLJHQ(U]lKOHQVLGHQWLIL]LHUHQGLH GHQ5H]LSLHQWHQGDUDQKLQGHUQVLFKLQGLHILNWLRQDOH:HOWDOO]XSDVVLY]X YHUVHQNHQ XQG GD]X IKUHQ $XWRU XQG $XWRULWlWVJOlXELJNHLW ]X KLQWHU IUDJHQ ,QVHLQHU8QWHUVXFKXQJGHU(U]lKONRQWH[WHGHVVR]LDOHQ$OOWDJVNDQQ GHU6R]LRORJH7KRUVWHQ%HQNHOLPIDNWXDOHQDOOWlJOLFKHQ(U]lKOHQ]DKOUHL FKH 6WUXNWXUHOHPHQWH LGHQWLIL]LHUHQ GLH HKHU LQ %HVFKUHLEXQJHQ OLWHUDUL VFKHQILNWLRQDOHQ(U]lKOHQV$QZHQGXQJILQGHQ'DZLUHVLPDOOWlJOLFKHQ DXWRELRJUDSKLVFKHQ (U]lKOHQ ZLH %HQNHO KHUDXVDUEHLWHW VWHWV PLW VLFK VHOEVW LQV]HQLHUHQGHQ (U]lKOHUQ ]X WXQ KDEHQ ZLUG $XWKHQWL]LWlW ]X HL QHP XQHUUHLFKEDUHQ ,GHDO GDV DOV 0|JOLFKNHLWVKRUL]RQW IU DOOWlJOLFKH .RPPXQLNDWLRQDEHUGHQQRFKXQYHU]LFKWEDULVW ,,,$XWKHQWLVFKHV(U]lKOHQ²GLH1DUUDWLRQGHU$XWKHQWL]LWlW 'HU9RUJDQJ$XWKHQWLVFKHV]XHU]lKOHQE]ZDXWKHQWLVFK]XHU]lKOHQLVW GXUFK HLQ JUXQGOHJHQGHV 3DUDGR[ JHNHQQ]HLFKQHW $QVFKHLQHQG N|QQHQ VRZRKO VROFKH 9HUIDKUHQ GLH GHQ (LQGUXFN JUR‰HU 0LWWHOEDUNHLW HYR]LH UHQ GLH =XVFKUHLEXQJ ÄDXWKHQWLVFK¶ HU]LHOHQ ZLH DXFK VROFKH GLH GHQ (LQGUXFNJUR‰HU8QPLWWHOEDUNHLWKHUUXIHQ(U]lKOHULVFKHXQGlVWKHWLVFKH 8QPLWWHOEDUNHLWLVWHLQHVGHU]HQWUDOHQ6\QRQ\PHGLHVWHWVIU$XWKHQWL]L WlWDQJHIKUWZHUGHQZlKUHQG0LWWHOEDUNHLWHLJHQWOLFKLKU*HJHQWHLOGDU VWHOOW 'LH 8QPLWWHOEDUNHLW EHLVSLHOVZHLVH HLQHV GRNXPHQWDULVFKHQ (U]lK OHQVZLUGYRUDOOHPGXUFKJU|‰WP|JOLFKH=XUFNQDKPHGHU(U]lKOLQVWDQ] HUUHLFKW (LQH NODVVLVFKH 9DULDQWH LQ GLHVHP =XVDPPHQKDQJ VWHOOW GLH 6HOEVWLQV]HQLHUXQJ GHV (U]lKOHUV DOV +HUDXVJHEHU GDU GHU EHLVSLHOVZHLVH LP%ULHIURPDQRGHUGRNXPHQWDULVFKHQ5RPDQVXJJHULHUWYRUJHIXQGHQHV 0DWHULDOY|OOLJXQJHILOWHUWXQGXQPLWWHOEDUZLHGHU]XJHEHQ1DWUOLFKVLQG DXFK LQ VROFKHQ )RUPHQ GHU +HUDXVJHEHUILNWLRQ JUXQGOHJHQGH (U]lKOHU PHUNPDOHZLH6HOHNWLRQXQG$QRUGQXQJ]XHUNHQQHQZHVKDOELQHU]lK OHQGHQ 7H[WHQ VWHWV QXU YRQ HLQHU VXJJHULHUWHQ RGHU ÅYHUPLWWHOWH>Q@ 8Q PLWWHOEDUNHLW´ JHVSURFKHQ ZHUGHQ NDQQ ,QWHUHVVDQWHUZHLVH N|QQHQ DEHU DXFK (U]lKOIRUPHQ $XWKHQWL]LWlW IU VLFK EHDQVSUXFKHQ GLH GXUFK GLH BBBBBBBBBBBBBB 

 9JO:ROI6FKPLG(OHPHQWHGHU1DUUDWRORJLH%HUOLQ1HZQ@ :HOW´ +DXWKDO XD >$QP@ 6  XQG GDPLW HU QHXWDXI2EMHNWDXWKHQWL]LWlW  6FKPLG $QP  6 )U HLQHQ hEHUEOLFN EHU GLH YHUVFKLHGHQHQ 3RVLWLRQHQ LQ GHU )LNWLRQDOLWlWVGHEDWWHVLHKHHEHQIDOOV6FKPLG6²  9JO 0DWtDV 0DUWtQH] 0LFKDHO 6FKHIIHO (LQIKUXQJ LQ GLH (U]lKOWKHRULH 0QFKHQ  6  0DUWtQH]6FKHIIHO $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



DXWKHQWLVFKHVILNWLRQDOHVKLQJHJHQDOVÅ>X@QDXWKHQWLVFKHV´(U]lKOHQJLOW ZLUGHUNHQQEDUGDVVLQGHU(U]lKOWKHRULH$XWKHQWL]LWlWELVKHUYRUZLHJHQG DOV 0HWDSKHU IU 5HIHUHQWLDOLVLHUEDUNHLW YHUZHQGHW ZLUG %HUHLWV YRU YLHU -DKUKXQGHUWHQ WUDI 6LU 3KLOLS 6LGQH\ GLH HQWVSUHFKHQGH )HVWVWHOOXQJ GDVV GHU $XWRU HLQHV ILNWLRQDOHQ 7H[WHV QLFKW IU GHQ :DKUKHLWVJHKDOW GHU LQ VHLQHP 7H[W DXIJHVWHOOWHQ %HKDXSWXQJHQ YHUDQWZRUWOLFK JHPDFKW ZHUGHQ N|QQHKDQGHOHHVVLFKGRFKXPGHQILNWLYHQ(U]lKOHUGHUGLHVH6lW]HPLW :DKUKHLWVDQVSUXFK EHKDXSWH ,P IDNWXDOHQ (U]lKOHQ KLQJHJHQ VFKHLQW $XWKHQWL]LWlW GXUFK GLH 8UKHEHUVFKDIW GLH 2ULJLQDOLWlW XQG GLH 5HIHUHQ] DXI WDWVlFKOLFKH KLVWRULVFKH %HJHEHQKHLWHQ VFKRQ SHU GHILQLWLRQHP DOV JHVL FKHUW JHOWHQ ]X N|QQHQ 'LH YHUVFKLHGHQHQ IXQNWLRQDOHQ 9HUZHQGXQJV ZHLVHQGHV%HJULIIVPVVHQLQGLHVHQ8PVFKUHLEXQJHQVWHWVEHDFKWHWZHU GHQ 'HU HU]lKOWKHRUHWLVFKH 6WDWXV HLQHU DXWRELRJUDSKLVFKHQ 5HGH LVW ÄDXWKHQWLVFK¶ VHOEVW ZHQQ GDV lVWKHWLVFKH 8UWHLO ÄLQDXWKHQWLVFK¶ ODXWHQ PDJ 'HU HU]lKOWKHRUHWLVFKH 5HGHVWDWXV LVW HPSLULVFK QDFKSUIEDU XQG EHVLW]WHLQHRQWRORJLVFKH4XDOLWlW 'HU GLVNXUVLYH $XWKHQWL]LWlWVEHJULII YHUPDJ GHP GLFKRWRPHQ 9HU VWlQGQLVYRQ)DNWXDOLWlW)LNWLRQDOLWlWHLQH'LIIHUHQ]LHUXQJKLQ]X]XIJHQ 6R ]HLJHQ GLH %HLWUlJH YRQ &KULVWLDQ +XFN 7KRUVWHQ %HQNHO 3KLOLSS +XEPDQQ XQG $QWRQLXV :HL[OHU LQ GLHVHP %DQG GDVV JHUDGH DXFK LP IDNWXDOHQ (U]lKOHQ IU HLQH HUIROJUHLFKH $XWKHQWLVLHUXQJ ]XQHKPHQG UH IOH[LYHUH (U]lKOYHUIDKUHQ YRQQ|WHQ VLQG :LUG GHU HU]lKOWKHRUHWLVFK RQWRORJLVFKH6WDWXVXQHLQGHXWLJ²HWZDLQGHPLQIDNWXDOHQ*DWWXQJHQGHU .RQVWUXNWLRQVFKDUDNWHUGXUFKVFKHLQW $XWKHQWLVFKHVHU]lKOWZLUG RGHULQ ILNWLRQDOHQ*DWWXQJHQGHU$QVSUXFKHLQHVDXWKHQWLVFKHQ(U]lKOHQVHUKR EHQZLUG²WULWWGLH)UDJHQDFKGHUGLVNXUVLYHQ$XWKHQWL]LWlWDXIGHQ3ODQ 'HXWOLFKZLUGGDPLWDXFK GDVV2EMHNW$XWKHQWL]LWlWQLFKWOHGLJOLFKHLQ6\ QRQ\P IU )DNWXDOLWlW GDUVWHOOW $EVFKOLH‰HQG LVW LQ %H]XJ DXI IDNWXDOHV (U]lKOHQIHVW]XKDOWHQGDVVVHOEVWHLQ=XVDPPHQWUHIIHQYRQ$XWRU,QGL YLGXDO XQG 2EMHNWDXWKHQWL]LWlW IU HLQH HUIROJUHLFKH $XWKHQWLVLHUXQJ QLFKWDXVUHLFKW(VEHGDUIGDUEHUKLQDXVEHVWLPPWHUHU]lKOHULVFKHU9HU IDKUHQXPHLQHHUIROJUHLFKH$XWKHQWL]LWlWV]XVFKUHLEXQJDQ]XUHJHQ BBBBBBBBBBBBBB 

 6FKPLG $QP 6:lKUHQG6FKPLGVHOEVWGLH3RVLWLRQYHUWULWWGDVVLPILNWLRQDOHQ :HUNVlPWOLFKH7HLOHXQGGLHJHVDPWHGDUJHVWHOOWH:HOWILNWLYVLQG ÅIU)LNWLYLWlWJLEWHV NHLQH*UDGDWLRQ´6 OLHIHUQ&KULVWLDQ.OHLQXQG0DWtDV0DUWtQH]HLQ0RGHOOIUHLQH JUDGXHOOH $EVWXIXQJ 9JO &KULVWLDQ .OHLQ 0DWtDV 0DUWtQH] Å:LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU)RUPHQXQG)XQNWLRQHQQLFKWOLWHUDULVFKHQ(U]lKOHQV´LQ'LHV +UVJ :LUNOLFK NHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQ QLFKWOLWHUDULVFKHQ (U]lKOHQV 6WXWWJDUW :HLPDU 6²9JODXFK$EVFKQLWW,9GLHVHV$UWLNHOV  0DUWtQH]6FKHIIHO $QP 6  9JO/XNDV:HUQHULG%DQG6²  (YD8OULNH3LUNHUXQG0DUN5GLJHUYHUZHLVHQLQLKUHU8QWHUVXFKXQJ]XU$XWKHQWL]LWlWLQ KLVWRULVFKHQ (U]lKOXQJHQ DXI Å=XVFKUHLEXQJVSUR]HVVH´ GLH DXV ]ZHL Å=XVFKUHLEXQJVIHO



$QWRQLXV:HL[OHU

(LQJHOHLWHWZLUGGLH6HNWLRQ]XU1DUUDWLRQPLW:ROIJDQJ)XQNV,GHQWL ILNDWLRQ HLQHV 3DUDGLJPHQZHFKVHOV LQQHUKDOE GHU *HVFKLFKWH GHV PHWD UHIHUHQWLHOOHQ(U]lKOHQVLQGHPGLH:DKUKHLWGHV'DUJHVWHOOWHQGXUFKHLQH $XWKHQWL]LWlW GHU 'DUVWHOOXQJ DEJHO|VW ZLUG XQG ]X HLQHU 1HXEHZHUWXQJ HLQHV Å]HLWJHQ|VVLVFKHQ ÄUHDOLVWLVFKHQ¶ (U]lKOHQV´ IKUW )XQN HUOlXWHUW GLHVH7KHVHDQKDQGGHUGUHL3DUDGLJPHQ7UDQVSDUHQ].RQWLQJHQ]XQG² DOV6\QWKHVHGHUEHLGHQHUVWHQ²5H]LSUR]LWlW)UGLH$XWKHQWL]LWlWVVWUDWH JLHGHVÅUH]LSURNHQ5HDOLVPXV´GLHLQGHU,QWHUDNWLRQ]ZLVFKHQ3URGXNWL RQ1DUUDWLRQXQG5H]HSWLRQHQWVWHKWHQWZLFNHOW)XQNGHQ1HRORJLVPXV GHU Å,QWHUDXWKHQWL]LWlW´ 'HP $EVFKQLWW 1DUUDWLRQ ZLUG )XQNV %HLWUDJ HLQJHRUGQHW GD HU VHLQH 7KHVHQ LP :HVHQWOLFKHQ DQKDQG HLQHU $QDO\VH GHV0HWDGLVNXUVHVLQ'DYH(JJHUV$+HDUWEUHDNLQJ:RUNRI6WDJJHULQJ*HQLXV  YHULIL]LHUW 'LHRULJLQDOHQ3ROL]HLHUPLWWOXQJVDNWHQ]XP$PRNODXIDQGHU&ROXP ELQH +LJKVFKRRO ZHUGHQ YRQ -RDFKLP *DHUWQHU LQ GHP ÅGRNXPHQWDUL VFKHQ5RPDQ´,FKELQYROOHU+DVV²XQGGDVOLHEHLFK  YHUDUEHLWHWXQG FROODJLHUW 3KLOLSS +XEPDQQ ]HLJW LQ HLQHU GLVFRXUV]HQWULHUWHQ $QDO\VH GDVVVLFKGHUHLQVWHOOHQGH$XWKHQWL]LWlWVHIIHNWQLFKWOHGLJOLFKDQGHU2ULJL QDOLWlW XQG :DKUKDIWLJNHLW GHV SUlVHQWLHUWHQ 0DWHULDOV IHVWPDFKHQ OlVVW VRQGHUQ ZHVHQWOLFK DQ GHU VHOEVWUHIOH[LYHQ QDUUDWLYHQ .RQVWUXNWLRQ +XEPDQQYHUJOHLFKWGLHVHV9HUIDKUHQPLWGHQGRNXPHQWDULVFKHQ(U]lKO IRUPHQ YRQ +DQV 0DJQXV (Q]HQVEHUJHU XQG :DOWHU .HPSRZVNL XQG NDQQ*DHUWQHUVDOWHUQDWLYH3UlVHQWDWLRQVIRUPDQGHUVFKHLQEDUYROOVWlQGL JHQ $EZHVHQKHLW GHU $XWRULQVWDQ] IHVWPDFKHQ 'LH GXUFK GHQ GLVFRXUV HYR]LHUWHGLVNXUVLYH$XWKHQWL]LWlWHUVHW]WLQGLHVHP)DOOGLH$XWRU$XWRULWlW ,Q GHU PHGLlYLVWLVFKHQ )RUVFKXQJ ZLUG GHU $XWKHQWL]LWlWVEHJULII ELV KHU DXVVFKOLH‰OLFK LQ VHLQHU HGLWLRQVZLVVHQVFKDIWOLFKHQ %HGHXWXQJ EH]J OLFK GHU 2ULJLQDOLWlW GHU 'RNXPHQWH XQG GHU 6LFKHUXQJ GHU $XWRUVFKDIW EHQXW]W -DQ /HKPDQQ HUZHLWHUW GLHVH )RUVFKXQJVSHUVSHNWLYH RKQH MH GRFK VHLQHU 8QWHUVXFKXQJ GHV 3URORJV GHV :LJDORLV :LUQWV YRQ *UDIHQ EHUJ   HLQHQ LQDGlTXDWHQ PRGHUQHQ $XWKHQWL]LWlWVEHJULII ]X JUXQGH]XOHJHQ,PIDNWXDOHQ3URORJNDQQ/HKPDQQ(U]lKOHUZHFKVHOXQG GDPLW(OHPHQWHILNWLRQDOHQXQGXQ]XYHUOlVVLJHQ(U]lKOHQVLGHQWLIL]LHUHQ :lKUHQGLPPLWWHODOWHUOLFKHQ3URORJEOLFKHUZHLVHGHU$XWRULQIDNWXDOHU

BBBBBBBBBBBB 

GHUQ´EHVWHKHQ,QGHQ=XVFKUHLEXQJVIHOGHUQVWHFNWHLQHUVHLWV2EMHNW$XWKHQWL]LWlW²GDV =HXJQLVRGHUGDVPXVHDOH2EMHNW²XQGGLH1DUUDWLRQ/HW]WHUHVZLUGYRQ3LUNHU5GLJHU PLVVYHUVWlQGOLFKHUZHLVH PLW 6XEMHNWDXWKHQWL]LWlW JOHLFKJHVHW]W (YD 8OULNH 3LUNHU 0DUN 5GLJHU Å$XWKHQWL]LWlWVILNWLRQHQ LQ SRSXOlUHQ *HVFKLFKWVNXOWXUHQ $QQlKHUXQJHQ´ LQ (YD8OULNH3LUNHUXD +UVJ (FKWH*HVFKLFKWH$XWKHQWL]LWlWVILNWLRQHQLQSRSXOlUHQ*HVFKLFKWV NXOWXUHQ%LHOHIHOG6²KLHU6IIXQGII  :ROIJDQJ)XQNLG%DQG6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



5HGH VSULFKW VSUHFKHQ LP 3URORJ GHV :LJDORLV VRZRKO GLH 1DUUDWLRQ DOV DXFKGLH$YHQWLXUH KLVWRLUH VHOEVW -XOLD,OJQHUDQDO\VLHUWLQLKUHP%HLWUDJ$XWKHQWLVLHUXQJVVWUDWHJLHQGHV WRSRJUDSKLVFKHQ(U]lKOHQV LPKLVWRULVFKHQ5RPDQ'LHGDULQGDUJHVWHOO WHQ 5lXPH PVVHQ VLFK HLQHUVHLWV GXUFK HLQH JHZLVVH 5HIHUHQWLDOLVLHUEDU NHLW DXV]HLFKQHQ DQGHUHUVHLWV NDQQ ,OJQHU LQ LKUHU DQ WUDQVJHQHULVFKHQ 9HUIDKUHQ LQWHUHVVLHUWHQ 8QWHUVXFKXQJ GLH .RQYHQWLRQDOLWlW GHU 'DUVWHO OXQJ XQG LKUH 2ULHQWLHUXQJ DQ 6SHQGHUPHGLHQ ZLH ]HLWJHQ|VVLVFKHU 9HGXWHQPDOHUHL 6WDGWDQVLFKWHQ XQG 3DQRUDPDV QDFKZHLVHQ ,P XQWHU VXFKWHQ %HLVSLHO /RUHQ]R YRQ 0HGLFL XQG 6DYRQDUROD   YRQ .XUW 'HO EUFNHUZHLVWVLFKÅGDVWRSRJUDSKLVFKH (U]lKOHQDOVILNWLRQDOH6SLHOIRUP ÄZLUNOLFKHQ¶(U]lKOHQV´ 9RQKHUDXVUDJHQGHU%HGHXWXQJLVW$XWKHQWL]LWlWKHXW]XWDJHIU3ROL WLNHU XQG GHUHQ 6HOEVWLQV]HQLHUXQJHQ 0DWWKLDV %DQGWHO ]HLFKQHW LQ HLQHU 6HTXHQ]DQDO\VH DXV +DQQHORUH .UDIWV :DKONDPSI ]XP HLQHQ 6HOEVWGDU VWHOOXQJVSUDNWLNHQYRQ3ROLWLNHUQLQGHUSROLWLVFKHQ.RPPXQLNDWLRQQDFK ]XP DQGHUHQ NDQQ HU ]HLJHQ ZLH GLH 0HGLHQ VHOEVW PLWWHOV VSH]LILVFKHU QDUUDWLYHU 6WUDWHJLHQ YHUVXFKHQ GHQ 5H]LSLHQWHQ $XWKHQWL]LWlWVDQJHERWH ]XPDFKHQ(UVWHUHVLVWHLQ0HUNPDOGHU,QGLYLGXDO$XWKHQWL]LWlWOHW]WHUHV² XQGGDUDXIOHJW%DQGWHOGHQDQDO\WLVFKHQ6FKZHUSXQNW²YHUGHXWOLFKWGDVV GLH(U]lKOYHUIDKUHQGHV)HUQVHKHQVGDV'DUJHVWHOOWHDOVÄDXWKHQWLVFK¶DX WRULVLHUHQZROOHQ ,,,'HU$XWKHQWL]LWlWV9HUWUDJ²5H]HSWLRQYRQ$XWKHQWL]LWlW 'DVVHVVLFKEHLÄ$XWKHQWL]LWlW¶XPHLQ=XVFKUHLEXQJVSKlQRPHQKDQGHOW ZLUGLQGHU)RUVFKXQJVOLWHUDWXURIWPDOVDQJHGHXWHWVHOWHQZLUGMHGRFKGHU 9HUVXFK XQWHUQRPPHQ GLHVH +\SRWKHVH V\VWHPDWLVFK ]X EHVFKUHLEHQ 3HWHU%UJHUIROJHUWDXVVHLQHU8QWHUVXFKXQJ]XP9HUKlOWQLVYRQPRGHU QHU 3URVD XQG $XWKHQWL]LWlW GDVV $XWKHQWL]LWlW QLFKW PHKU DQ $XWRU $XWRULWlWJHEXQGHQLVWÅYLHOPHKUHQWVWHKWVLH]ZLVFKHQ$XWRU/HVHUXQG 7H[W´%HUQKDUG)HW]EH]HLFKQHWLP=XVDPPHQKDQJPLW8QWHUVXFKXQ JHQ ]XU %LRJUDSKLH $XWKHQWL]LWlW DOV HLQ UHODWLRQDOHV *HELOGH Å>6@LH HQW BBBBBBBBBBBBBB 

 -XOLD,OJQHULG%DQG6  :ROIJDQJ)XQNXQG/XFLD.UlPHUHWZDHUZlKQHQGDVVÅVLFKGLH$XWKHQWLIL]LHUXQJHLQHU ,QV]HQLHUXQJ DXI GLH 6HLWH GHV 5H]LSLHQWHQ´ YHUVFKREHQ KDEH )XQN.UlPHU >$QP@ 6  6XVDQQH .QDOOHU EH]HLFKQHW $XWKHQWL]LWlW DOV Å=XVFKUHLEXQJV XQG :HUWEHJULII´ .QDOOHU :RUW DXV GHU )UHPGH >$QP@ 6  XQG DOV Å6HW]XQJ XQG 6HOEVWEHVFKUHL EXQJ´ 6 GRFKZHUGHQGLHVHhEHUOHJXQJHQQLFKWV\VWHPDWLVFKZHLWHUYHUIROJW  %UJHU $QP  6 9JO KLHU]X DXFK .QDOOHU :RUW DXV GHU )UHPGH $QP  6I



$QWRQLXV:HL[OHU

VWHKW ]ZLVFKHQ GHU ELRJUDSKLVFKHQ (U]lKOXQJ LKUHQ 2EMHNWHQ XQG GHQ /HVHUQ MHZHLOV QHX´ 8P GHQ 5H]LSLHQWHQ$QWHLO ]X EHWRQHQ VROO GDV 3KlQRPHQGHU=XVFKUHLEXQJYRQ$XWKHQWL]LWlWLP)ROJHQGHQDOV%HVWDQGWHLO HLQHV$XWKHQWL]LWlWV9HUWUDJVJHIDVVWZHUGHQ0DQIUHG+DWWHQGRUINRPPWLQ VHLQHU $QDO\VH GHU $XWKHQWL]LWlW LP 'RNXPHQWDUILOP ]X GHP (UJHEQLV GDVV GLH $XWKHQWL]LWlW LQ ÅGHU :LUNXQJ ILOPLVFKHU 6WUDWHJLHQ LP $XJHQ EOLFNGHU5H]HSWLRQ´EHJUQGHWOLHJWXQGIROJHUWGDUDXVÅGDV=XVWDQGH NRPPHQHLQHVÄ:DKUQHKPXQJVYHUWUDJV¶]ZLVFKHQ=XVFKDXHUXQG)LOP´ 8P GHQ ÅIDNWXDOH>Q@ *HOWXQJVDQVSUXFK´ LP MRXUQDOLVWLVFKHQ (U]lKOHQ JHJHQ(LQZlQGHGHU.RQVWUXLHUWKHLWXQG)LNWLRQDOLWlW]XYHUWHLGLJHQJHKW 0DWtDV 0DUWtQH] SUDJPDWLVFK YRQ HLQHP ÅVWLOOVFKZHLJHQGHQ )DNWXDOLWlWV SDNW´ GHU MRXUQDOLVWLVFKHQ 7H[WH PLW GHP =HLWXQJVOHVHU DXV 0DWWKLDV %DQGWHO HQWZLFNHOW LQ VHLQHP %HLWUDJ GLH %HJULIIOLFKNHLW GHV Å$XWKHQWL]L WlWVSDNW>V@´&KULVWLDQ+XFNVSULFKWYRQHLQHPÅGRFXPHQWDU\FRQWUDFW´ XQG 6DVFKD 6LPRQV YHUVWHKW $XWKHQWL]LWlW DOV ÅVHPLRSUDJPDWLVFKH>Q@ 9HUWUDJ´ =HQWUDO LQ GLHVHP =XVDPPHQKDQJ LVW 3KLOLSSH /HMHXQHV ,GHH YRP ÅDXWRELRJUDSKLVFKHQ 3DNW´ PLW GHP HU HLQH Å1DPHQVLGHQWLWlW´ YRQ $XWRU (U]lKOHU XQG 3URWDJRQLVW NHQQ]HLFKQHW Å'HU DXWRELRJUDSKL VFKH 3DNW LVW GLH %HKDXSWXQJ GLHVHU ,GHQWLWlW LP 7H[W >«@´ 'DPLW BBBBBBBBBBBBBB 

 %HUQKDUG)HW]Å%LRJUDSKLVFKHV(U]lKOHQ]ZLVFKHQ:DKUKHLWXQG/JH,QV]HQLHUXQJXQG $XWKHQWL]LWlW´LQ&KULVWLDQ.OHLQ +UVJ +DQGEXFK%LRJUDSKLH0HWKRGHQ7UDGLWLRQHQ7KHRUL HQ 6WXWWJDUW :HLPDU  6 )XQN*UR‰+XEHU IRUPXOLHUHQ HLQHQ lKQOLFKHQ *HGDQNHQ LP +LQEOLFN DXI GHQ .RPPXQLNDWLRQVSUR]HVV Å$V DQ DHVWKHWLF FRQVWUXFW DX WKHQWLFLW\LVGHHSO\LPSOLFDWHGLQWKHSURFHVVRIFRPPXQLFDWLRQWKDWLVUHDOL]HGLQWKHLQWHU SOD\ EHWZHHQ SURGXFWLRQ DHVWKHWLF REMHFW FRQWH[W DQG UHFHSWLRQ´ )XQN*UR‰+XEHU $QP 6  0DQIUHG +DWWHQGRUI 'RNXPHQWDUILOP XQG $XWKHQWL]LWlW bVWKHWLN XQG 3UDJPDWLN HLQHU *DWWXQJ .RQVWDQ]6  +DWWHQGRUI $QP 6  0DWtDV0DUWtQH]Å(U]lKOHQLP-RXUQDOLVPXV´LQ&KULVWLDQ.OHLQ0DWtDV0DUWtQH] +UVJ  :LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQ QLFKWOLWHUDULVFKHQ (U]lKOHQV 6WXWWJDUW :HLPDU6²KLHU6'LH(LQVLFKWLQGLH5H]LSLHQWHQIRNXVVLHUXQJOLWHUDUL VFKHQ(U]lKOHQVOlVVWVLFKYHUDOOJHPHLQHUQZLH:ROI6FKPLGV%HPHUNXQJHQ]XP0LPHVLV %HJULIIEHL$ULVWRWHOHVDQGHXWHQ$ULVWRWHOHVVHKHGHQÅ:HUWGHU0LPHVLV´GHPQDFKGDULQ ÅEHLP5H]LSLHQWHQGLHJHZQVFKWH:LUNXQJKHUYRU]XUXIHQ´6FKPLG $QP 6  0DWWKLDV%DQGWHOLG%DQG6  &KULVWLDQ+XFNLG%DQG6  6DVFKD6LPRQVLG%DQG6II  /HMHXQH $QP 6  /HMHXQH $QP  6 /HMHXQH YHUZHQGHW LQ VHLQHU ZHLWHUHQ $UJXPHQWDWLRQ HLQHQ UHIHUHQWLHOOHQ$XWKHQWL]LWlWV%HJULIIÅ'DPLWLVWJHVDJWGD‰DOOH)UDJHQGHU7UHXH 3UREOHP GHUÄbKQOLFKNHLW¶ OHW]WOLFKYRQGHU)UDJHGHU$XWKHQWL]LWlW 3UREOHPGHU,GHQWLWlW DEKlQ JHQ GLH VHOEVW ZLHGHU LP (LJHQQDPHQ ]XP $XVGUXFN NRPPW´ ,QGHP $XWKHQWL]LWlW IU /HMHXQHHLQH)UDJHGHU,GHQWLWlWLVWZLUGGHU%HJULIIKLHUOHGLJOLFKLP+LQEOLFNDXI$XWRU $XWKHQWL]LWlWXQG,QGLYLGXDO$XWKHQWL]LWlWYHUZHQGHWGHU$XWKHQWL]LWlWV9HUWUDJLVWLQGHV DXIVlPWOLFKH8QWHUEHJULIIHXQGNDWHJRULHQGHV$XWKHQWLVFKHQ]XEH]LHKHQ

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



PDFKW /HMHXQH GHXWOLFK GDVV EHL DOOHU :DKUVFKHLQOLFKNHLW GHU 5HIHUHQ] XQG DOOHU 6LFKHUKHLW GHU $XWRU$XWKHQWL]LWlW GLH DEVFKOLH‰HQGH =XVFKUHL EXQJHLQHV7H[WHV]XUIDNWXDOHQ*DWWXQJ$XWRELRJUDSKLHOHW]WOLFKQXUDXV HLQHU %HKDXSWXQJ GHV 7H[WHV JHIROJHUW ZHUGHQ NDQQ (LQHU %HKDXSWXQJ NDQQ PDQ DEHU DXFK PLVVWUDXHQ HQWVSUHFKHQG LVW GLHVH 5HIHUHQ] NHLQH RQWRORJLVFKH 'HU DXWRELRJUDSKLVFKH 3DNW EHUXKW QLFKW QXU DXI GHU %H KDXSWXQJ GLHVHU ,GHQWLWlW LP 7H[W VRQGHUQ DXFK DXI GHU %HUHLWVFKDIW GHV /HVHUVGLHVHUGLVNXUVLYHQUKHWRULVFKHQ%HKDXSWXQJ*ODXEHQ]XVFKHQNHQ XQGVRPLWGHP7H[WGHQIDNWXDOHQ6WDWXVHLQHU$XWR U $XWKHQWL]LWlW]X ]XVFKUHLEHQ $OV$XWKHQWL]LWlWV3DNWZLUGGLH%HUHLWVFKDIWGHV5H]LSLHQWHQEH]HLFKQHW PHGLDOHQ 3URGXNWHQ DXIJUXQG EHVWLPPWHU QDUUDWLYHU 9HUIDKUHQ GLVFRXUV  XQG,QKDOWH KLVWRLUH GHQ6WDWXVÄDXWKHQWLVFK¶]X]XVFKUHLEHQ'LH%HUHLWVFKDIW EHVWLPPWH 9HUIDKUHQ DOV DGlTXDW DQ]XVHKHQ XQG VLH GDPLW DOV DXWKHQWL VFKH (U]lKOXQJ ]X DN]HSWLHUHQ LVW DOOHUGLQJV ]LHOJUXSSHQDEKlQJLJ 6R PXVV ZRKO GLH (LQVFKUlQNXQJ DQJHIKUW ZHUGHQ GDVV VLFK HLQ *UR‰WHLO GHULQGLHVHP%DQGDQDO\VLHUWHQ(U]lKOYHUIDKUHQYRUDOOHPDQVROFKH=LHO JUXSSHQ ZHQGHW GLH (LQVLFKW LQ GLH Å5HDOLWlW GHU 0DVVHQPHGLHQ´ LQ 6L PXODWLRQ XQG +\EULGLWlW KDEHQ DOVR .HQQWQLV GHU ÄNODVVLVFKHQ¶ SRVWPR GHUQHQ 'LVNXUVH EHVLW]HQ *OHLFK]HLWLJ ILQGHW DXFK HLQ UHIHUHQWLHOOHU $XWKHQWL]LWlWVEHJULII GHU =XZHLVXQJ QRFK $QZHQGXQJ QLFKW ]XOHW]W LQ GHU DOOWDJVVSUDFKOLFKHQ 9HUZHQGXQJ GHV %HJULIIV $XWKHQWL]LWlW LVW HLQ ]LHOJUXSSHQVSH]LILVFKHV=XVFKUHLEXQJVSKlQRPHQ (U|IIQHWZLUGGLH6HNWLRQ]XU5H]HSWLRQPLW&KULVWLDQ+XFNV8QWHU VXFKXQJ GHU $XWKHQWL]LWlW LP 'RNXPHQWDUILOP +XFN EH]HLFKQHW GHQ 5H]HSWLRQVYHUWUDJZLHEHUHLWVHUZlKQWDOVHLQHQÅGRFXPHQWDU\FRQWUDFW´ BBBBBBBBBBBBBB 

 0DQFKH7H[WHEHKDXSWHQHLQH,GHQWLWlWYRQ$XWRU(U]lKOHUXQG)LJXUXPVLFKDOV$XWR ELRJUDSKLH DXV]XJHEHQ RKQH HLQH VROFKH ]X VHLQ 9JO GLH $QDO\VH VROFKHU )lOOH LQ 0DUWtQH] $QP 6I  +DWWHQGRUI GHU GLH $XWKHQWL]LWlWLP 'RNXPHQWDUILOP XQWHU GHU 3HUVSHNWLYHGHU bVWKHWLN XQWHUVXFKW VSULFKW LQ GLHVHP =XVDPPHQKDQJ YRQ Å$XWKHQWLVLHUXQJVVWUDWHJLHQ´ +DWWHQ GRUI $QP 6LP2ULJLQDOPLW+HUYRUKHEXQJ  (LQH*HJHQSRVLWLRQQLPPW/XNDV:HUQHUHLQGHULQVHLQHP%HLWUDJGDYRQDXVJHKWGDVV HLQH $XWKHQWL]LWlWV=XVFKUHLEXQJ VWHWV HLQHU QDLYHQ 5H]HSWLRQVKDOWXQJ EHGUIH 6R UHV PLHUWHUÅ'LHUHIOH[LYH5HYLVLRQGHV*HIKOVGDVVHWZDVDXWKHQWLVFKLVWJHKWHLQKHUPLW VHLQHP9HUVFKZLQGHQ´:HUQHULG%DQG61RUEHUW%RO]NULWLVLHUWGLH$XWKHQWL]L WlWV.RQMXQNWXUJOREDODOVHLQHQÅ.XOWGHU1DLYLWlW´1REHUW%RO]%OLQGIOXJPLW=XVFKDXHU 0QFKHQ6(LQH]LHOJUXSSHQVSH]LILVFKH'LIIHUHQ]LHUXQJGHU(U]lKOYHUIDKUHQ NDQQPLWHLQHU:HLWHUHQWZLFNOXQJYRQ-UJHQ5DDEV0RGHOOHLQHUYLVXHOOHQ:LVVHQVVR]LR ORJLHVNL]]LHUWZHUGHQ9JO-UJHQ5DDE9LVXHOOH:LVVHQVVR]LRORJLH7KHRUHWLVFKH.RQ]HSWLRQXQG PDWHULDOH$QDO\VHQ.RQVWDQ]0LW+LOIHYRQ5DDEV8QWHUVXFKXQJHQLVWDQDQGHUHU6WHO OHEHUHLWVGHU9HUVXFKXQWHUQRPPHQZRUGHQQDFK]XZHLVHQGDVVDXFKGLHK|FKVWDUWLIL]L HOOHXQGNLWVFKLJH6KRZZHOWGHU)HVWHGHU9RONVPXVLNDXIGLH=LHOJUXSSHÄDXWKHQWLVFK¶ZLUNW 9JO:HL[OHU $QP 



$QWRQLXV:HL[OHU

XQG GHPRQVWULHUW ZLH GLH (YR]LHUXQJ GLHVHV 3DNWHV LQ VHFKV 6WUDWHJLHQ HLQHV ÅIDOVFKHQ 8PNHKUVFKOXVVHV´ RSHUDWLRQDOLVLHUW ZHUGHQ NDQQ 'LH 3ULQ]LSLHQGHVÅIDOVFKHQ8PNHKUVFKOXVVHV´VWHOOHQILOPLVFKH,QV]HQLHUXQ JHQGDULQGHQHQVLFKGHU'RNXPHQWDUILOPDOVGLIIHUHQ]LHOO]XKHUN|PP OLFKHQ9HUIDKUHQGHU0DVVHQPHGLHQSUlVHQWLHUW+XFNXQWHUVXFKW$XWKHQ WL]LWlWQLFKWQXUDOVHLQJHQUHVSH]LILVFKHV3DUDGLJPDHUOLHIHUWDXFKHLQHQ KLVWRULVFKHQ hEHUEOLFN ZLH LP OHW]WHQ 'H]HQQLXP PLW XQWHUVFKLHGOLFKHQ (U]lKOVWUDWHJLHQYHUVXFKWZXUGHDXWKHQWLVFKHV(U]lKOHQLP'RNXPHQWDU ILOP]XHU]HXJHQ 'LHQHXHQ9HUEUHLWXQJVNDQlOHGHV,QWHUQHWVVWHOOHQIUGLHDOWHQ0HGL HQ LQ XQWHUVFKLHGOLFKHU :HLVH HLQH +HUDXVIRUGHUXQJ GDU 6R HUOHEHQ ZLU VHLWLQYHUVFKLHGHQHQ6WDDWHQGHUDUDELVFKHQ:HOW5HYROWHQXQG5H YROXWLRQHQ GLH HLQHUVHLWV GXUFK 7ZLWWHU XQG )DFHERRN1DFKULFKWHQ PLW DXVJHO|VWZHUGHQXQGLQGHQHQDQGHUHUVHLWVGLHKHUN|PPOLFKHQ1DFKULFK WHQVHQGXQJHQ²XQGGDPLWXQVHUH:DKUQHKPXQJGLHVHU(UHLJQLVVH²ZH VHQWOLFKYRQI@DNWXDOH(U]lKOXQJHQPLWILNWLYHQ,QKDO WHQ´ ² ZLUG HLQH 2EMHNW$XWKHQWL]LWlW VXJJHULHUW GLH MHGRFK QLFKW YRU OLHJW GD GLH 7H[WH HLJHQWOLFK 8QZDKUHV HU]lKOHQ .OHLQ0DUWtQH] XQWHU VFKHLGHQ KLHU ZHLWHU ]ZLVFKHQ 7H[WHQ GLH 7DWVDFKHQ LUUWPOLFK RGHU LQWHQWLRQDODOVIDNWXDOEHKDXSWHQ$OV8QWHUVFKHLGXQJVPHUNPDOZLUGGDEHL GHU YRQ GHQ 7H[WHQ HUKREHQH Å*HOWXQJVDQVSUXFK´ DQJHIKUW ,Q GHU GULWWHQ )RUP ² Å>I@LNWLRQDOHQ (U]lKOXQJHQ PLW IDNWXDOHQ ,QKDOWHQ´ ² ZHUGHQ 5HIHUHQ]HQ DXI WDWVlFKOLFKH 2UWH 3HUVRQHQ RGHU (UHLJQLVVH HLQJHEDXW DXFK ZHQQ GLHVH (OHPHQWH OHGLJOLFK GHQ +RUL]RQW RGHU GLH $XVVWDWWXQJ GHU(U]lKOXQJHQELOGHQ'LHVH(U]lKOXQJHQWUHWHQIROJOLFKQLFKWPLWGHP $QVSUXFKDXI2EMHNWXQGRGHU6XEMHNWDXWKHQWL]LWlWHU]HXJHQ]XZROOHQ +LVWRULVFKH 5RPDQH N|QQHQ DEHU VHKU ZRKO GHQ $QVSUXFK KDEHQ ÄHLQH KLVWRULVFKH:DKUKHLW¶]XHU]lKOHQDXFKZHQQPLWGHQ)DNWHQVHKUNUHDWLY XPJHJDQJHQ ZLUG -XOLD ,OJQHU ]HLFKQHW LQ LKUHP %HLWUDJ QDFK ZLH LQ HLQHP ILNWLRQDOHQ KLVWRULRJUDSKLVFKHQ 5RPDQ PLWWHOV WRSRJUDSKLVFKHQ (U]lKOHQVGHU$XWKHQWL]LWlWVHIIHNWHLQHVIDNWXDOHQ(U]lKOHQVHU]HXJWZLUG /XNDV :HUQHU ZLGPHW VLFK PLW GHP %LRSLF HLQHU (U]lKOJDWWXQJ GLH DXI IDNWXDOH,QKDOWHUHIHULHUWDEHUZHVHQWOLFKDOVILNWLRQDOH(U]lKOXQJ]XJHO WHQKDW,QHLQHUOHW]WHQ+\EULGIRUP²Å>I@LNWLRQDOH(U]lKOXQJHQPLWIDNWXDOHP 5HGHPRGXV´²ZLUGYHUVXFKWGHQÅILNWLRQDOHQ6WDWXV]XNDVFKLHUHQ´XQG GHPQDFKZLHHLQHIDNWXDOH(U]lKOXQJ]XZLUNHQ.DL6SDQNHV%HLWUDJ]X +RIPDQQVWKDOV'LH%ULHIHGHV=XUFNJHNHKUWHQXQWHUVXFKWHLQHQ7H[WGHVVHQ ILNWLYH,QKDOWHLQGHUIDNWXDOHQ)RUPYRQ%ULHIHQSUlVHQWLHUWZHUGHQXQG GHUGDPLWHLQHIDNWXDOH(U]lKOIRUPLPLWLHUW *DWWXQJHQ XQG 0HGLHQ (U]lKOXQJHQ LQ K\EULGHQ )RUPHQ ZHUGHQ GDU EHUKLQDXVJHUQHPLWQHXHQ²RIWPDOVSDUDGR[HQ²*DWWXQJVEHQHQQXQ JHQYHUVHKHQ1HZ-RXUQDOLVP'RNXILFWLRQ'RNX'UDPD,QIRWDLQPHQW 'RNX1RYHOD EULFRODJH DXWRILFWLRQ DXWKHQWLF IDNH :HLWHUH LQ GLHVHP 6DPPHOEDQG DQDO\VLHUWH *DWWXQJVK\EULGH VLQG GRNXPHQWDULVFKHU 5RPDQ +XEPDQQ  %LRSLF :HUQHU  XQG 'RNXGUDPD :HL[OHU  8QG VFKOLH‰OLFK VLQGQHXH+\EULGIRUPHQDXFKDXIGHU0HGLHQHEHQH]XHUNHQQHQ(U]lKO

BBBBBBBBBBBBBB 

     

.OHLQ0DUWtQH] $QP 6 .OHLQ0DUWtQH] $QP 6 .OHLQ0DUWtQH] $QP 6+HUYRUKHEXQJLP2ULJLQDO .OHLQ0DUWtQH] $QP 6 .OHLQ0DUWtQH] $QP 6+HUYRUKHEXQJLP2ULJLQDO .OHLQ0DUWtQH] $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



IRUPHQ GLH DXI DXWKHQWLVFKHV (U]lKOHQ DE]LHOHQ NRPELQLHUHQ RIWPDOV XQWHUVFKLHGOLFKHPHGLDOH)RUPHQ +LVWRLUH$VSHNW,(U]lKOJHJHQVWDQG,PhEHUEOLFNEHUGLHYRUOLHJHQGHQ %HLWUlJH ODVVHQ VLFK IHUQHU HLQLJH WKHPDWLVFKH *HPHLQVDPNHLWHQ DXVPD FKHQ2IIHQEDUJLEWHVEHVWLPPWH6WRIIHGLHVWlUNHUDOVDQGHUHHLQDXWKHQWL VFKHV(U]lKOHQHUIRUGHUQHVVFKHLQWDEHUHEHQVREHVWLPPWH(U]lKOJHJHQ VWlQGH ]X JHEHQ GLH HLQH $XWKHQWL]LWlW GHV (U]lKOWHQ HU]HXJHQ 'D GDV 3UlGLNDWGHU$XWKHQWL]LWlWQLFKWQXUlVWKHWLVFKHVRQGHUQDXFKPRUDOLVFKH 8UWHLOHEHUNQVWOHULVFKH:HUNHJHQHULHUWYHUZXQGHUWHVQLFKWGDVVEH VRQGHUVVROFKH*HJHQVWlQGHHLQHDXWKHQWLVFKH'DUVWHOOXQJHLQIRUGHUQGLH XQWHUHLQHPHWKLVFKHQÄ6FKXW]¶VWHKHQ$OVHUVWHVXQGYRUDOOHPVLQGKLHU (U]lKOXQJHQ EHU GHQ +RORFDXVW ]X QHQQHQ $QGUHH 0LFKDHOLV XQG 0LFKDHO +XWFKLQV XQWHUVXFKHQ MH XQWHUVFKLHGOLFKH (U]lKOVWUDWHJLHQ GLH MHGRFKJHUDGHLP+LQEOLFNDXIGLH8QEHVFKUHLEEDUNHLWGHV+RORFDXVWGLH *HPHLQVDPNHLWKDEHQHLQHU2EMHNW$XWKHQWL]LWlW]XPLVVWUDXHQXQGGLHVHU HLQH PLW DUWLIL]LHOOHQ (U]lKOYHUIDKUHQ HU]HXJWH PHWD GLVNXUVLYH $XWKHQWL]LWlW HQWJHJHQ]XVWHOOHQ 'DUEHUKLQDXVVWHOOHQH[LVWHQWLHOOH([WUHPVLWXDWLRQHQZLH6FKPHU] 7RG 7UDXPD XQG *HZDOW ZHLWHUH 6WRIIH GDU GLH DQ GDV (U]lKOHQ GLH PRUDOLVFKH$QIRUGHUXQJGHV$XWKHQWLVFKHQVWHOOHQ:REHLKLHU]XIUDJHQ LVW RE 6FKLOGHUXQJHQ GHUDUWLJHU ([WUHPIRUPHQ QLFKW VHOEVW VFKRQ HLQHQ BBBBBBBBBBBBBB 

 6RLVWGHU$XVJDQJVSXQNWIUGHQ6DPPHOEDQGYRQ0DWtDV0DUWtQH]GLHÅ0HGLHQNRPELQD WLRQDOV9HUIDKUHQGHU$XWKHQWLVLHUXQJ´SUl]LVHUGLH.RPELQDWLRQYRQÅ6FKULIWPLWDQGH UHQ0HGLHQ´0DUWtQH] $QP 6Å(LQH]XQHKPHQGH9HUPLVFKXQJ´YRQ*HQUHVXQG 0HGLHQ LQ SRSXOlUHQ *HVFKLFKWVGDUVWHOOXQJHQ EHVFKUHLEHQ DXFK 3LUNHU5GLJHU $QP 6II  9JO0DUWtQH] $QP   +HOPXW/HWKHQVWHOOWGLHVLQGHQ=XVDPPHQKDQJYRQ.XOWXUXQG1DWXU8QWHUGHU2EHU IOlFKHGHU=LYLOLVDWLRQXQGGHVNRQYHQWLRQHOOHQVR]LDOHQ9HUKDOWHQVGDVDOV6HOEVWHQWIUHP GXQJ EHJULIIHQZLUG VFKOXPPHUQ %HJLHUGHQXQG 6FKPHU] DOV ,QGLNDWRUHQ GHU XQYHUVWHOO WHQDXWKHQWLVFKHQ1DWXUÅ,VWYRQGLHVHUhEHUOHJXQJDXV]XYHUVWHKHQZDUXPYRUDOOHP 6FKPHU] LQ XQVHUHU .XOWXU DOV HLQ VLFKHUHU ,QGLNDWRU HLQHV DXWKHQWLVFKHQ $XVGUXFNV JLOW" :lKUHQGGDVWUJHULVFKH*OFNOHLFKWLQGHQ9HUGDFKWGHU0DVNHUDGHJHUlWHUVFKHLQWGHU 0HQVFKLP6FKPHU]DOVPDVNHQORVHV:HVHQDQNHLQH5HJHOQGHU,QV]HQLHUXQJJHEXQGHQ´ /HWKHQ $QP 6  /HGLJOLFK NXUVRULVFK VHL DXI -HDQ %DXGULOODUGV NXOWXUSHVVLPLVWLVFKH hEHUOHJXQJHQ ]XP 6LPXODNUXP YHUZLHVHQ ,Q 'HU V\PEROLVFKH 7DXVFK XQG GHU 7RG ZLUG DXVVFKOLH‰OLFK GHP 7RG QRFK$XWKHQWL]LWlW]XJHVFKULHEHQLQHLQHU:HOWGHU6LPXODNUHQLVWHLQDXWKHQWLVFKHV/HEHQ XQGGDPLW,QGLYLGXDO$XWKHQWL]LWlWQXUQRFKDOV1HJDWLRQGHQNEDU6HOEVWLQGLHVHU$QWL $XWKHQWL]LWlWV3KLORVRSKLH LVW GHU 7RG HLQ 5HVLGXXPGHV $XWKHQLVFKHQ -HDQ %DXGULOODUG 'HUV\PEROLVFKH7DXVFKXQGGHU7RG%HUOLQ9JODXFK=HOOHU $QP 6II  +DVHOVWHLQXDGLHDP'DWXPGHV6HSWHPEHUVGLH(SRFKHQVFKZHOOH]XPÅSRVW SRVWPRGHUQLVP´ IHVWPDFKHQ VHKHQ GLH JHJHQZlUWLJH .RQMXQNWXU GHV $XWKHQWLVFKHQ YRU DOOHPDOVHLQH6WUDWHJLHGLHVHV7UDXPDGHU7HUURUDQVFKOlJH]XEHUZLQGHQÅ7UDXPDGLV FRXUVH >«@ LV SHUKDSV WKH PRVW LPSRUWDQW VKRZSODFH LQ WKH VWDJLQJ RI DXWKHQWLFLW\·V UH WXUQ´+DVHOVWHLQXD $QP 6I



$QWRQLXV:HL[OHU

(IIHNWGHV$XWKHQWLVFKHQHU]HXJHQ,P=XVDPPHQKDQJPLW7UDXPD7RG XQGH[WUHPHU*HZDOWZHUGHQJHUQH8QVDJEDUNHLWV7RSRLEHPKWVRGDVV (U]lKOXQJHQ GLH GLHVH 8QEHVFKUHLEEDUNHLW EHUZLQGHQ YHUPHLQWOLFK VLQJXOlULQGLYLGXHOOXQGIROJOLFKÄDXWKHQWLVFK¶ZLUNHQ'LH%HLVSLHODQDO\VHQ YRQ 3KLOLSS +XEPDQQ 6DVFKD 6LPRQV :ROIJDQJ )XQN XQG $QWRQLXV :HL[OHU]HLJHQGDVV7RG7UDXPDXQG*HZDOWHLQHHU]lKOWH$XWKHQWL]LWlW JHQHULHUHQXQG]XJOHLFKHLQH$XWKHQWL]LWlWGHV(U]lKOHQVHUIRUGHUQ 6FKOLH‰OLFKHU]HXJHQVROFKH(U]lKOHOHPHQWH$XWKHQWL]LWlWVHIIHNWHGLH IU GLH *HVFKLFKWH HLJHQWOLFK QLFKW YRQQ|WHQ VLQG PLWKLQ EHUIOVVLJH 'HWDLOV $OOWlJOLFKNHLW 7ULYLDOLWlW XQG %DQDOLWlW 6R VSLHOHQ LQ ]ZHL YRQ &KULVWLDQ+XFNEHVFKULHEHQHQÅIDOVFKHQ8PNHKUVFKOVVH>Q@´EHUIOVVLJH 'HWDLOV HLQH NRQVWLWXWLYH 5ROOH :HQQ VHOEVW MHQH 'HWDLOV JH]HLJW ZHUGHQ GLH IU GHQ (U]lKOIRUWVFKULWW QLFKW HUIRUGHUOLFK VLQG VR GHU Å8PNHKU VFKOXVV´ GDQQ ZLUG ZRKO DOOHV JH]HLJW ZLUG JOHLFKVDP GHU $OOWDJ RKQH )LOWHUZLHHUÄZLUNOLFK¶LVWJH]HLJW*DQ]lKQOLFKLVWDXFK-RDFKLP*DHUW QHUV $XVZDKO ]X EHZHUWHQ GLH HU DXV HLQHU XQEHUVFKDXEDUHQ 0DVVH DQ 3ROL]HLDNWHQIUVHLQHQGRNXPHQWDULVFKHQ5RPDQJHWURIIHQKDW'LHSUl VHQWLHUWHQ$XVVFKQLWWHVR3KLOLSS+XEPDQQLQVHLQHP%HLWUDJYHUPLWWHOQ HLQDXVJHSUlJWHV$XVPD‰DQ%DQDOLWlWXQG7ULYLDOLWlW +LVWRLUH$VSHNW,,.RQWLQJHQ]:LUG$XWKHQWL]LWlWPLWXQWHUHLQHUVHLWVDOV 5HDNWLRQ XQG DOV 0|JOLFKNHLW GHU hEHUZLQGXQJ YRQ .RQWLQJHQ]HUIDKU XQJHQ GHU 0RGHUQH EH]HLFKQHW VR HUVFKHLQW .RQWLQJHQ] DQGHUHUVHLWV VHOEVWDOVHLQ(OHPHQWGDVGHQ(IIHNWGHV$XWKHQWLVFKHQDXV]XO|VHQYHU PDJ'HPJHPl‰LVW.RQWLQJHQ]HLQZHVHQWOLFKHV3DUDGLJPDIU:ROIJDQJ )XQNV 7KHVH GHU ,QWHUDXWKHQWL]LWlW +HOPXW /HWKHQ HUOlXWHUW GDVV ZLU LQ GHU 0RGHUQH 'LQJH RKQH QRWZHQGLJHQ ([LVWHQ]JUXQG DOV NRQWLQJHQW HUDFKWHQXQGHQWVSUHFKHQGDXWKHQWLVLHUHQÅ:DVGLH'LQJHDEHUGDPDOV² LQ GHU YRUPRGHUQHQ :HOW ² DXWKHQWLVLHUW KDW ZDU GLH 9RUVWHOOXQJ HLQHV ]XVDPPHQKlQJHQGHQ 2UJDQLVPXV GHU $XWRULWlW GHU J|WWOLFKHQ :HOWRUG QXQJLQGHPDOOH'LQJHLKUHQ2UWKDEHQ´8QGHUIRUPXOLHUWDOV3RLQWH GDVV GLH :HQGH ZHJ YRP DQWKURSR]HQWULVFKHQ %HJULII GHU 6XEMHNW XQG ,QGLYLGXDO$XWKHQWL]LWlW HLQH 5FNNHKU ]XP WKHRORJLVFKDXWRULWlUHQ %H JULIIPDUNLHUH +LVWRLUH$VSHNW,,,5DXP6FKOLH‰OLFKLVWQRFKHLQ=XVDPPHQKDQJ]ZL VFKHQEHVWLPPWHQ 5lXPHQXQG$XWKHQWL]LWlW]XNRQVWDWLHUHQ$OOJHPHLQ LVWGLH$XVJHVWDOWXQJHLQHUHU]lKOWHQ:HOWPLW5lXPHQXQG2UWHQZLFKWLJ IU GLH .RQNUHWLVLHUXQJ GHV (U]lKOWHQ LP 5H]HSWLRQVYRUJDQJ XQG WUlJW GDPLWZHVHQWOLFK]XP5HDOLWlWVHIIHNWEHLÅ>'@LH(YRNDWLRQGHV6FKDXSODW BBBBBBBBBBBBBB 

 9JO&KULVWLDQ+XFNLG%DQG6II  9JO=HOOHU $QP 6  /HWKHQ $QP 6

$XWKHQWLVFKHVHU]lKOHQ²DXWKHQWLVFKHV(U]lKOHQ



]HV >JLOW@ WUDGLWLRQHOO DOV YHUPHLQWOLFK SKRWRJUDSKLVFKH :LHGHUJDEH TXDVL DXWKHQWLVFKHU :DKUQHKPXQJ´ ZHVKDOE EHLVSLHOVZHLVH ILNWLRQDOH 7H[WH DXI 5lXPH XQG EHNDQQWH 2UWH DOV IDNWXDOH ,QKDOWH ]XUFNJUHLIHQ GDPLW DXFK HUIXQGHQH *HVFKLFKWHQ ÄSRHWLVFKH :DKUKHLWHQ¶ YHUPLWWHOQ N|QQHQ hEHU GLHVH DOOJHPHLQH %HVWLPPXQJ KLQDXV NDQQ GHU Ä2UW¶ GHV $XWKHQWL VFKHQMHGRFKDQHLQHUJDQ]EHVWLPPWHQ$UWYRQ5DXPIHVWJHPDFKWZHU GHQ LP 'DKLQWHU'DUXQWHU EH]LHKXQJVZHLVH LP %DFNVWDJH%HUHLFK 6R LGHQWLIL]LHUW /HWKHQ ÅLPPHU GLH JOHLFKH 7RSRJUDSKLH GHV $XWKHQWLVFKHQ LPPHU OLHJW HV XQWHU HLQHP PRGHUQHQ .RQVWUXNW GDV DOV 2EHUIOlFKH EH JULIIHQ ZLUG GLH GXUFKGUXQJHQ ZHUGHQ PXVV´ (UYLQJ *RIIPDQ EH VFKUHLEWGLH6HOEVWGDUVWHOOXQJGHV,QGLYLGXXPVLP$OOWDJDOVHLQH7KHDWHU UROOH PLW 0DVNH 5HTXLVLWHQ XQG .RVWPHQ VR GDVV HQWVSUHFKHQG GLH ÄZDKUH¶,QGLYLGXDO$XWKHQWL]LWlWQXUKLQWHUGHU%KQH]XILQGHQLVW&KULV WLDQ +XFN DUEHLWHW LQ VHLQHP %HLWUDJ V\VWHPDWLVFK KHUDXV GDVV IU HLQH HU]lKOWH$XWKHQWL]LWlWGHU5DXPKLQWHUGHU%KQHIUHLQH$XWKHQWL]LWlW GHV(U]lKOHQVKLQJHJHQGHU0RPHQWXQG3UR]HVVGHVhEHUJDQJVYRQGHU +LQWHUEKQH DXI GLH %KQH YRQ HQWVFKHLGHQGHU %HGHXWXQJ VLQG 8QG 0DWWKLDV %DQGWHO VLHKW LQ GHU H[SOL]LWHQ $XVVWHOOXQJ GHV 5ROOHQZHFKVHOV ]ZLVFKHQ 9RUGHU XQG +LQWHUEKQH HLQH ]HQWUDOH $XWKHQWLVLHUXQJVVWUDWH JLHLQGHQ6HOEVWGDUVWHOOXQJVSUDNWLNHQYRQ3ROLWLNHUQ'HU'LHQVWZDJHQLVW VR]XVDJHQGHU%DFNVWDJH%HUHLFKGHV3ROLWLNHUV'D3ROLWLNHULKUHGLYHUVHQ 5ROOHQ LQ GHQ 0DVVHQPHGLHQ GK DXI HLQHU 9RUGHUEKQH DXVVWHOOHQ PVVHQ XP DXWKHQWLVFK ZLUNHQ ]X N|QQHQ VSULFKW %DQGWHO LP =XVDP PHQKDQJ YRQ SROLWLVFKHU .RPPXQLNDWLRQ YRQ Å%KQHQWUDQVSDUHQ]´ ,QZLHIHUQQLFKW5lXPHVHOEVWVRQGHUQ5DXP'DUVWHOOXQJHQDOV$XWKHQWL ]LWlWVVWUDWHJLH LP KLVWRULVFKHQ 5RPDQ ILJXULHUHQ HUOlXWHUW -XOLD ,OJQHU LQ LKUHP%HLWUDJ]XPWRSRJUDSKLVFKHQ(U]lKOHQ,QGLHVHPILNWLRQDOHQ*HQ UH PLW IDNWXDOHQ (UHLJQLV]XVDPPHQKlQJHQ LVW GHU +DQGOXQJVUDXP HLQ ZHVHQWOLFKHV0HUNPDOIUHLQLOOXVLRQVELOGHQGHV(U]lKOYHUIDKUHQ9HUVWHKW PDQÄ5DXP¶LQGHVDOV0HWDSKHUHLQHV'DKLQWHUV'DUXQWHUVHLQHU2EHUIOl FKH GLH GXUFKGUXQJHQ ZHUGHQ PXVV XP ]XP DXWKHQWLVFKHQ .HUQ ]X JHODQJHQVRLVWGLHVLP:HVHQWOLFKHQGLH*HGDQNHQILJXUGHU$XWKHQWL]LWlW GHU]ZHLWHQ2UGQXQJGLHGHQ%HLWUlJHQLQGLHVHP%DQG]XJUXQGHOLHJW BBBBBBBBBBBBBB 

$QVJDU 1QQLQJ Å)RUPHQ XQG )XQNWLRQHQ OLWHUDULVFKHU 5DXPGDUVWHOOXQJ *UXQGODJHQ $QVlW]H QDUUDWRORJLVFKH .DWHJRULHQ XQG QHXH 3HUVSHNWLYHQ´ LQ :ROIJDQJ +DOOHW %LUJLW 1HXPDQQ +UVJ 5DXPXQG%HZHJXQJLQGHU/LWHUDWXU'LH/LWHUDWXUZLVVHQVFKDIWXQGGHU6SDWLDO 7XUQ%LHOHIHOG6²KLHU6 /HWKHQ $QP 6+HUYRUKHEXQJLP2ULJLQDO (UYLQJ*RIIPDQ:LUDOOHVSLHOHQ7KHDWHU'LH6HOEVWGDUVWHOOXQJLP$OOWDJEHUV3HWHU:HEHU 6FKlIHU 0QFKHQ  )U HLQH DXVIKUOLFKH $XVHLQDQGHUVHW]XQJ PLW GHP UlXPOLFKHQ $VSHNW GHU $XWKHQWL]LWlW XQG *RIIPDQV $UEHLWHQ VLHKH &KULVWLDQ +XFNV XQG 7KRUVWHQ %HQNHOV%HLWUlJHLG%DQG 0DWWKLDV%DQGWHOLG%DQG6



$QWRQLXV:HL[OHU

/LWHUDWXU %DXGULOODUG -HDQ Å'HU *HLVW GHV 7HUURULVPXV +HUDXVIRUGHUXQJ GHV 6\VWHPV GXUFK GLHV\PEROLVFKH*DEHGHV7RGHV´LQ'HUV'HU*HLVWGHV7HUURULVPXVKUVJYRQ 3HWHU(QJHOPDQQ:LHQ6² ³ 'HUV\PEROLVFKH7DXVFKXQGGHU7RG%HUOLQ %HQMDPLQ :DOWHU 'DV .XQVWZHUN LP =HLWDOWHU VHLQHU WHFKQLVFKHQ 5HSURGX]LHUEDUNHLW )UDQN IXUWD0 %RO]1REHUW%OLQGIOXJPLW=XVFKDXHU0QFKHQ %UJHU 3HWHU 3URVD GHU 0RGHUQH XQWHU 0LWDUEHLW YRQ &KULVWD %UJHU )UDQNIXUW D0  &KDWPDQ 6H\PRXU 6WRU\ DQG 'LVFRXUVH 1DUUDWLYH 6WUXFWXUH LQ )LFWLRQ DQG )LOP ,WKDFD  )HW]%HUQKDUGÅ%LRJUDSKLVFKHV(U]lKOHQ]ZLVFKHQ:DKUKHLWXQG/JH,QV]HQLHUXQJ XQG $XWKHQWL]LWlW´ LQ &KULVWLDQ .OHLQ +UVJ  +DQGEXFK %LRJUDSKLH 0HWKRGHQ 7UDGLWLRQHQ7KHRULHQ6WXWWJDUW:HLPDU6² )LVFKHU/LFKWH (ULND Å7KHDWUDOLWlW XQG ,QV]HQLHUXQJ´ LQ 'LHV +UVJ  ,QV]HQLHUXQJ YRQ$XWKHQWL]LWlW7ELQJHQ%DVHO6² )XQN :ROIJDQJ )ORULDQ *UR‰ ,UPWUDXG +XEHU Å([SORULQJ WKH (PSW\ 3OLQWK 7KH $HVWKHWLFV RI $XWKHQWLFLW\´ 'LHV +UVJ  7KH $HVWKHWLFV RI $XWKHQWLFLW\ 0HGLDO &RQVWUXFWLRQVRIWKH5HDO%LHOHIHOG6² )XQN:ROIJDQJ/XFLD.UlPHUÅ9RUZRUW)LNWLRQHQYRQ:LUNOLFKNHLW²$XWKHQWL]LWlW ]ZLVFKHQ0DWHULDOLWlWXQG.RQVWUXNWLRQ´LQ'LHV +UVJ )LNWLRQHQYRQ:LUN OLFKNHLW $XWKHQWL]LWlW ]ZLVFKHQ 0DWHULDOLWlW XQG .RQVWUXNWLRQ %LHOHIHOG  6²  *RIIPDQ (UYLQJ :LU DOOH VSLHOHQ 7KHDWHU 'LH 6HOEVWGDUVWHOOXQJ LP $OOWDJ EHUV 3HWHU :HEHU6FKlIHU0QFKHQ +DJHQEFKOH 5RODQG Å6XEMHNWLYLWlW (LQH KLVWRULVFKV\VWHPDWLVFKH (LQIKUXQJ´ LQ 5HWR/X]LXV5RODQG+DJHQEFKOH3HWHU6FKXO] +UVJ *HVFKLFKWHXQG9RUJHV FKLFKWHGHUPRGHUQHQ6XEMHNWLYLWlW%G%HUOLQ1HZV@:RUW´EOHLEW ,,PUH.HUWpV]XQG-HDQ$PpU\*HPHLQVDPNHLWHQXQG'LIIHUHQ]HQ 9HUJOHLFKW PDQ ]XQlFKVW GLH %LRJUDSKLHQ YRQ ,PUH .HUWpV] XQG -HDQ $PpU\ VR EHUZLHJHQ GLH 8QWHUVFKLHGH 6LH ODVVHQ VLFK VRZRKO DXI ]ZHL GXUFKDXV XQJOHLFKH JHQHUDWLRQHOOH ZLH DXFK OHEHQVJHVFKLFKWOLFKH (UIDK UXQJVKRUL]RQWH]XUFNIKUHQ=ZDUZXUGHQEHLGH$XWRUHQDOV-XGHQYHU IROJWGHSRUWLHUWXQGQDFK$XVFKZLW]YHUVFKOHSSW.HUWpV]DEHUEOLHEQXU GUHL7DJHLQ$XVFKZLW]HKHHUQDFK%XFKHQZDOGJHEUDFKWZXUGHXQGLP $X‰HQODJHU :LOOHEHL =HLW]XQWHUNDXPZHQLJHUJUDXVDPHQ %HGLQJXQJHQ =ZDQJVDUEHLWOHLVWHQPXVVWH$PpU\GDJHJHQYHUEUDFKWHHLQNQDSSHV-DKU LQ$XVFKZLW]ZXUGHLP-DQXDUDXIPHKUHUH7RGHVPlUVFKHJHVFKLFNW XQG HUVW LQ %HUJHQ%HOVHQ EHIUHLW ,PUH .HUWpV] JHULHW DOV XQJDULVFKHU BBBBBBBBBBBBBB 





0DQN|QQWHDXFKYRQHLQHU$XWKHQWL]LWlWGHUÅ*HVWDOWXQJ´VSUHFKHQZLH0DWtDV0DUWtQH] HV VXJJHULHUW KDW ZHQQJOHLFK HV LP YRUOLHJHQGHQ )DOOH JHUDGH QLFKW XP Å:LUNOLFKNHLWVHI IHNW>H@´ JHKW 0DWtDV 0DUWtQH] Å=XU (LQIKUXQJ $XWKHQWL]LWlW XQG 0HGLDOLWlW LQ NQVWOHULVFKHQ'DUVWHOOXQJHQGHV+RORFDXVW´LQ'HUV +UVJ 'HU+RORFDXVWXQGGLH.QVWH 0HGLDOLWlW XQG $XWKHQWL]LWlW YRQ +RORFDXVW'DUVWHOOXQJHQ LQ /LWHUDWXU )LOP 9LGHR 0DOHUHL 'HQNPlOHUQ&RPLFXQG0XVLN%LHOHIHOG6²KLHU6  9JO 7KHRGRU : $GRUQR Å:|UWHU DXV GHU )UHPGH´ LQ 'HUV 1RWHQ ]XU /LWHUDWXU )UDQNIXUWD06²KLHU6



$QGUHH0LFKDHOLV

-XGH HUVW UHODWLY VSlW LQ GHQ (LQIOXVVEHUHLFK GHU QDWLRQDOVR]LDOLVWLVFKHQ 9HUIROJXQJVPDVFKLQHULH ,P 6RPPHU  ZDU HU HLQ NOHLQHU -XQJH YRQ -DKUHQDOVLKQGLHXQJDULVFKHQ*HQGDUPHQGHUGHXWVFKHQ66EHUJD EHQ-HDQ$PpU\GDJHJHQZDU$QIDQJGHUHU-DKUHDOVHUVHLQH|VWHU UHLFKLVFKH +HLPDW YHUODVVHQ PXVVWH XQG QDFK %HOJLHQ IORK EHUHLWV -DKUH DOW 1LFKWHUVW QDFKZXUGHHU]XP6FKULIWVWHOOHUXQG,QWHO OHNWXHOOHQ(UKDWWHEHUHLWVHLQHQ²]X/HE]HLWHQXQYHU|IIHQWOLFKWHQ²5R PDQ YHUIDVVW 'LH 6FKLIIEUFKLJHQ   XQG YHUVWDQG VLFK DOVKRPPH GH OHWWUHVGHXWVFKVSUDFKLJHU.XOWXU+LHULQOLHJWGHQQZRKODXFKHLQHUGHU]ZHL JHZLFKWLJVWHQ 8QWHUVFKLHGH ]X ,PUH .HUWpV] DEHU DXFK HWZD ]X 3ULPR /HYL -HDQ $PpU\ GXUFKOHEWH DOV GHXWVFKVSUDFKLJHU $XVJHVWR‰HQHU HLQH GRSSHOWH(QWIUHPGXQJLQVRIHUQGLH7lWHULKPXQWHU H[SOL]LWHU=XKLOIHQ DKPH GHU HLJHQHQ 6SUDFKH ZLH DXFK GHU HLJHQHQ .XOWXU GLH 'DVHLQVEH UHFKWLJXQJDEVSUDFKHQ'LH9HUIROJXQJVHUIDKUXQJJHZDQQGDGXUFKHLQH JHZLVVH VHOEVW]HUVW|UHULVFKH 4XDOLWlW GLH $PpU\V Å2SIHUGDVHLQ´ EHVWLP PHQGJHSUlJWKDW'LH]ZHLWHHLQVFKQHLGHQGH(UIDKUXQJ$PpU\VZDUGLH )ROWHUGHUPDQLKQLP-XOLQRFKYRUVHLQHU=HLWLQ$XVFKZLW]LQGHU EHOJLVFKHQ)HVWXQJ%UHHQGRQNXQWHUZDUI:HQLJHUGLH'HPWLJXQJHQGLH 6FKOlJHXQGGLHVFKOHFKWHQ/HEHQVEHGLQJXQJHQLQGHQ/DJHUQYRQGHQHQ ,PUH .HUWpV] HU]lKOW ELOGHQ GDV =HQWUXP VHLQHV 7UDXPDV VRQGHUQ GLH VDGLVWLVFKHQ 0DOWUlWLHUXQJHQ GLH LKP VHLQH GHXWVFKHQ Å)ROWHUNQHFKWH´ ]XIJWHQXQGGLHVHLQÅ:HOWYHUWUDXHQ´VFKRQKLHUXQZLHGHUEULQJOLFK]HU VW|UWHQ'LHVIKUWH$PpU\]XGHU7KHVHHVKDQGHOHVLFKEHLGHU7RUWXU ZHOFKH GHQ OXVWYROO )ROWHUQGHQ XQXPNHKUEDU LQ GHQ Å*HJHQPHQVFKHQ´ GHV*HIROWHUWHQYHUZDQGHOWXPGDVHVVHQWLHOOH0HUNPDOGHVQDWLRQDOVR]LD OLVWLVFKHQ 7HUURUV $PpU\ EHVWUHLWHW GDEHL MHGH 9HUJOHLFKEDUNHLW PLW )RUPHQ GHV NRPPXQLVWLVFKHQ 7RWDOLWDULPXV YHKHPHQW XQG EHKDUUW DXI GHU 6LQJXODULWlW GHV 1DWLRQDOVR]LDOLVPXV +LHULQ XQWHUVFKHLGHW HU VLFK JUXQGOHJHQGYRQ,PUH.HUWpV]GHULQVHLQHP1DFKNULHJVGDVHLQLPNRP PXQLVWLVFKHQ 8QJDUQ HLQH GLUHNWH .RQWLQXLWlW ]XU 16+HUUVFKDIW VDK BBBBBBBBBBBBBB 

 -HDQ$PpU\KDWGLHVHQ$VSHNWDXVIKUOLFKUHIOHNWLHUWLQVEHVRQGHUHLQVHLQHQEHLGHQ(VVD\V Å$QGHQ*UHQ]HQGHV*HLVWHV´XQGÅ:LHYLHO+HLPDWEUDXFKWGHU0HQVFK"´DXVGHP(V VD\%DQG-HQVHLWVYRQ6FKXOGXQG6KQH YJO-HDQ$PpU\:HUNH%G-HQVHLWVYRQ6FKXOGXQG 6KQH8QPHLVWHUOLFKH:DQGHUMDKUHgUWOLFKNHLWHQ6WXWWJDUW6²XQG6²   ,Q-HQVHLWVYRQ6FKXOGXQG6KQH $PpU\:HUNH%G>$QP@ LVWGDV7KHPDGHUÅ$XWR GHVWUXNWLRQ´ 6 YLUXOHQW1DKH]XMHGHUGHUIQI(VVD\VVFKOLH‰WYRQGHQ9HUIROJXQJV HUIDKUXQJHQ DXI 7HQGHQ]HQ GHU Å6HOEVWDXIKHEXQJ´ 6  GHU Å6HOEVWQHJDWLRQ´ 6  RGHUGHUÅ6HOEVW]HUVW|UXQJ´ 6   9JOKLHU]XGHQ(VVD\Å'LH7RUWXU´LQVEHVRQGHUH$PpU\:HUNH%G $QP 6II  9JO$PpU\:HUNH%G $QP 6II  9JO .HUWpV] $QP  6 Å:LU PVVHQ MHGRFK DQHUNHQQHQ GD‰ GLH 7RUWXU DXFK LP 6WDDWVWRWDOLWDULVPXVXQWHU+DPPHUXQG6LFKHONHLQ]XIlOOLJHVVRQGHUQGDVHVVHQWLHOOH(OH PHQWELOGHWH´

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



'LHVHU$VSHNWGHQ.HUWpV]DOOHUGLQJVHKHUDOVHLQ:HLWHUGHQNHQ$PpU\V GHQQ DOV HLQ :LGHUVSUHFKHQ YHUVWHKHQ ZLOO LVW ZLHGHUXP ]HQWUDO IU GDV 9HUVWlQGQLVGHVXQJDULVFKHQ$XWRUV'HQQ.HUWpV]EHWRQWGDVVHVJHUDGH GLH²JOHLFKZRKOZHQLJHUW|GOLFKH².RQWLQXLWlWGHU8QWHUGUFNXQJJHZH VHQ VHL GLH VHLQ /HEHQ EHVWLPPW XQG LKP ]XJOHLFK JHKROIHQ KDEH GDV hEHUOHEHQ ]X EHUOHEHQ 6R ODXWHW HLQ (LQWUDJ LQ VHLQHP *DOHHUHQWDJHEXFK YRQ  ,FK EHJLQQH ]X GXUFKVFKDXHQ GD‰ PLFK YRUP 6HOEVWPRUG GHP 9RUELOG %RURZVNLV &HODQV $PpU\V 3ULPR /HYLV XVZ  MHQH Ä*HVHOOVFKDIW¶ EHZDKUW KDW GLHPLUQDFKGHP.=(UOHEQLVLQ)RUPGHVVRJHQDQQWHQÄ6WDOLQLVPXV¶GHQ%H ZHLV EUDFKWH GD‰ YRQ )UHLKHLW %HIUHLXQJ JUR‰HU .DWKDUVLV XVZ >«@ QLFKW GLH 5HGHVHLQNRQQWHGLHVH*HVHOOVFKDIWJDUDQWLHUWHPLUGLH)RUWVHW]XQJGHV/HEHQV LQ .QHFKWVFKDIW XQG VRUJWH VR GDIU GD‰ YLHOH ,UUWPHU JDU QLFKW HUVW P|JOLFK ZXUGHQ

'DV Å/HEHQ LQ .QHFKWVFKDIW´ EHL JOHLFK]HLWLJHU VWlQGLJHU .RQIURQWDWLRQ PLW GHP HLJHQHQ 7RG PDUNLHUW ZLHGHUXP HLQH ]HQWUDOH 3DUDOOHOH ]X -HDQ $PpU\LQVRIHUQGLHVHUDEGHQHU-DKUHQLQ$QWZHUSHQ]ZDUlX‰HUOLFK IUHL OHEWH LQQHUOLFK KLQJHJHQ XQWHU GHP VWlQGLJHQ 'UDQJ GHV UHVVHQWL PHQWEHODGHQHQ7UDXPDVOLWW'HU7RGHVGUDQJGHQ.HUWpV]GXUFKVHLQH VR]LDOVSUEDUH8QWHUGUFNXQJJHKHPPWVDKKDWGDV/HEHQ$PpU\VLP PHU ZLHGHU JDQ] H[SOL]LW KHLPJHVXFKW ,Q GHQ :HUNHQ EHLGHU $XWRUHQ ZXUGHHU]XP7KHPDGRFKQXU$PpU\EULQJWVLFKQDFK]DKOUHLFKHQVFKHL WHUQGHQ9HUVXFKHQWDWVlFKOLFKXPV/HEHQ         

BBBBBBBBBBBBBB 

 ,PUH.HUWpV]*DOHHUHQWDJHEXFK5RPDQ5HLQEHNE+DPEXUJ6  9JO KLHU]X LQVEHVRQGHUH GHQ (VVD\ Å5HVVHQWLPHQWV´ LQ $PpU\ :HUNH %G $QP  6²  9JO ]X GHQ 6HOEVWPRUGYHUVXFKHQ $PpU\V +HLGHOEHUJHU/HRQDUG $QP  6II 6IIXQGEHVRQGHUV.DS6²



$QGUHH0LFKDHOLV

,,Å/LTXLGDWLRQ´ ,FKVDJWHGDVDXFK,FKVDJWHVRJDUXQVHUH*HVSUlFKHKlWWHQPHLQH EULJHQVJDQ]HUQVWJHPHLQWHQ(UZlJXQJHQEHU6HOEVWPRUGDXI HLQPDOLQHLQDQGHUHV/LFKWJHUFNW8PHVVRDXV]XGUFNHQVDJ WHLFKHVNRPPWPLUDXIHLQPDOEHUIOVVLJYRUPLFKXQGGLH*H VHOOVFKDIWGDPLW]XEHPKHQ(UODFKWH6FKDOOHQG(UNRQQWH JUR‰DUWLJODFKHQ6HLQ/DFKHQIHKOWPLU

 'DV9HUKlOWQLV]XP7RGXQGGHU6HOEVWPRUGVLQGGLH7KHPHQGLH,PUH .HUWpV]LQVHLQHPOHW]WHQ5RPDQ/LTXLGDWLRQ  XQWHUYLHOIlOWLJHU]X PHLVW LPSOL]LW YHUEOHLEHQGHU %H]XJQDKPH DXI GDV :HUN $PpU\V EHKDQ GHOW /LTXLGDWLRQ LVW GDEHL NHLQ 5RPDQ EHU -HDQ $PpU\ (U LVW 7HLO GHU JUR‰HQ $XWRELRJUDSKLH GLH DOOH :HUNH ,PUH .HUWpV]· VSHLVHQ XQG DOV VROFKHU ]XJOHLFK HLQH +RPPDJH DQ ]DKOUHLFKH DQGHUH hEHUOHEHQGH GLH VLFKZLH-HDQ$PpU\DEHUDXFKZLH3DXO&HODQRGHU3ULPR/HYLGDV/H EHQJHQRPPHQKDEHQ6HLQH)DV]LQDWLRQZLHDXFKVHLQUHIOH[LYHV3RWHQ WLDOVFK|SIWGHU7H[WLQVEHVRQGHUHDXVVHLQHUQDUUDWLYHQ6WUXNWXUGLHEHU HLQHSDUDGR[H$OWHULHUXQJGHU(U]lKOSHUVSHNWLYHGLH,GHQWLWlWVSUREOHPDWLN GHV hEHUOHEHQGHQ WKHPDWLVLHUW +LHU GHXWHW VLFK GHQQ DXFK VRJOHLFK HLQH 7H[WVWUDWHJLHDQGLHGHQDXWKHQWLVFKHQ&KDUDNWHUGHV(U]lKOWHQZHLWHKHU LQ)UDJHVWHOOWDOVSURGX]LHUW %HUHLWVPLWGHQHUVWHQ=HLOHQGHV%XFKHVIKUWHLQH(U]lKOHU6WLPPH GHQ3URWDJRQLVWHQGHU*HVFKLFKWHHLQXQGWDXIWLKQÅ.HVHUť´/DNRQLVFK ODXWHWGHU.RPPHQWDUKLHU]XÅ2EVFKRQZLUGDVDOOHVDXFKODVVHQN|QQHQ ZHLOXQVHU0DQQGHU+HOGGLHVHU*HVFKLFKWHDXFKLQ:LUNOLFKNHLW.HVHUť KHL‰W´ /L $XIGLHVHKDOEUHDOHKDOEHUIXQGHQH)LJXUZLUGGLH(U]lK OXQJLP)ROJHQGHQIRNDOLVLHUW)U.HVHUťDOVZlUHHUVLFKGLHVHUHU]lK OHULVFKHQ (UVFKDIIXQJ VHLQHU ([LVWHQ] EHZXVVW LVW DOOHUGLQJV GLH ÅVRJH QDQQWH :LUNOLFKNHLW´ VFKRQ VHLW /lQJHUHP Å]X HLQHP SUREOHPDWLVFKHQ %HJULII´ /L   JHZRUGHQ (U OLHVW VR HUIlKUW GHU /HVHU LQ HLQHP %K QHQPDQXVNULSWVHLQHVYHUVWRUEHQHQ)UHXQGHVÅ%´ E]ZÅ%H´ GDVGHQ BBBBBBBBBBBBBB 

 ,PUH.HUWpV]/LTXLGDWLRQ)UDQNIXUWD06²LP)ROJHQGHQLPGLUHNWHQ7H[WNRQ WH[W]LWLHUWPLWGHU6LJOHÅ/L´  ,Q'RVVLHU.  ZLUGVXJJHULHUWGDVV-HDQ$PpU\.HUWpV]DOV,QVSLUDWLRQIUGHQ5R PDQ/LTXLGDWLRQJHGLHQWKDEH.HUWpV]HUZlKQWGDEHLHLQH3KRWRJUDSKLH$PpU\VGLHGLHVHQ ]HLJWZLHHUOlFKHOQGDXIHLQHU%DQNVLW]WÅ$OVLFKGHQ5RPDQVFKULHEKDEHLFKGLHVHV)R WRRIWKHUYRUJHKROWPDQFKPDOVDKLFKHVPLUHLQHKDOEH6WXQGHODQJHDQ´ ,PUH.HUWpV] 'RVVLHU.(LQH(UPLWWOXQJ5HLQEHNE+DPEXUJ6   ,FKYHUZHQGHKLHUZLHDXFKLP)ROJHQGHQGHQ*HQHWWH·VFKHQ%HJULIIGHUÅ)RNDOLVLHUXQJ´ XP GHQ ² XQWHU 8PVWlQGHQ ZHFKVHOKDIWHQ ² SHUVSHNWLYLHUHQGHQ $VSHNW GHV 0RGXV GHU (U]lKOXQJ]XEHVFKUHLEHQ*HPHLQWLVWGDPLWGHUÅ6WDQGSXQNWYRQGHPDXVGDV(U]lKOWH YHUPLWWHOWZLUG´ *pUDUG*HQHWWH'LH(U]lKOXQJ0QFKHQ6 

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



VHOEHQ7LWHOIKUWZLHGDVJDQ]H%XFKÅ/LTXLGDWLRQ´'LH+DQGOXQJGLH VHV6WFNHVVSLHOWLP-DKULQ%XGDSHVW YJO/L XQGXPIDVVWGLH ÅIDVWZRUWZ|UWOLFK>H@´:LHGHUJDEHYRQ6LWXDWLRQHQGLH.HVHUťXQGVHLQH )UHXQGHHUOHEWHQVLFKDOOHUGLQJVHUVWYLHOH-DKUHQDFKGHP6HOEVWPRUGGHV $XWRUVHUHLJQHWKDEHQ YJO/L 6RVWHOOWGDV6WFNV]HQLVFKJHQDXGLH +DQGOXQJ GDU ZHOFKH DXFK GLH +DQGOXQJ GHV YRUOLHJHQGHQ %XFKHV LVW QlPOLFKZLH.HVHUťQDFKGHP7RGH%·VGHQ7H[WGHVVHOEHQ6WFNHVILQ GHWXQGGLH8PVWlQGHGHV6HOEVWPRUGHVDXI]XNOlUHQYHUVXFKW%DEHUKDW LQVHLQHP6WFNGLH(UHLJQLVVHQDFKVHLQHP7RGJHQDXVRHQWZRUIHQZLH VHLQH)UHXQGHVLHGDUDXIKLQGXUFKOHEWKDEHQ.HVHUťEULQJWGDVLQHLQLJH 9HUOHJHQKHLWLQVRIHUQHU QLFKWPHKUZX‰WHZDVHUPHKUEHVWDXQHQVROOWHGLHNULVWDOONODUH9RUDXVVLFKWGHV 9HUIDVVHUV>«@RGHUGHQHLJHQHQVR]XVDJHQUHXHYROOHQ(LIHUPLWGHPHUVLFKPLW GHUYRUJH]HLFKQHWHQ5ROOHLGHQWLIL]LHUWXQGGLH*HVFKLFKWH]XU(UIOOXQJJHEUDFKW KDWWH /L 

'RFKGDPLWQLFKWJHQXJ1DFKGHP.HVHUťHLQLJH6]HQHQDXVGHP0DQX VNULSWOLHVWXQGGDULQDXFKVHLQHHLJHQH9HUJDQJHQKHLWUHSUlVHQWLHUWZLUG VSULQJWGLH'LHJHVHQDFKHLQLJHQ6HLWHQYRQGHU:LHGHUJDEHGHVHU]lKOWHQ .HVHUťEHUGHQLQGHUGULWWHQ3HUVRQJHVSURFKHQZLUG]XU:LHGHUJDEH GHVHU]lKOHQGHQ.HVHUťGHUQXQDOV,FK(U]lKOHUKHUYRUWULWW YJO/L  GKYRQGHUH[WUDGLHJHWLVFKHQ(U]lKOHEHQH]XULQWUDGLHJHWLVFKHQ'LHVHU HU]lKOWQXQVHLQHUVHLWVGLHVHOEH*HVFKLFKWHVRODQJHZHLWHUELVGLH3HUVSHN WLYHVLFKLP)ROJHQGHQQRFKHLQLJHZHLWHUH0DOHlQGHUWRKQHGDVVDOOHU GLQJV HLQ GHXWOLFKHU :HFKVHO DXFK GHU GLHJHWLVFKHQ (EHQH VWDWWJHIXQGHQ KlWWH'HUhEHUJDQJYRQHLQHUGLHJHWLVFKHQ(EHQH]XUQlFKVWHQYROO]LHKW VLFKVRVXEWLOGDVVPDQLKQOHLFKWEHUVLHKW'RFKLVWDXVGHPHU]lKOWHQ .HVHUť LUJHQGZDQQ HLQ (U]lKOHU JHZRUGHQ GDQQ ZLHGHU HLQHU EHU GHQ HU]lKOW ZLUG 'DV Å,FK´ .HVHUťV VLHKW VLFK LQ HLQHP NRQWLQXLHUOLFKHQ :HFKVHOPDOYRQ,QQHQPDOYRQ$X‰HQ'DGXUFKJHUlWDXFKGLHGLHJHWL BBBBBBBBBBBBBB 

 Å'LHJHVH´ PHLQW KLHU GLH IRUWODXIHQGH (U]lKOXQJ XQDEKlQJLJ YRQ GHU (U]lKOHUVWLPPH RGHU(U]lKOSHUVSHNWLYHYRQGHUDXVVLHIRNDOLVLHUWZLUG  9JO/LÅÄ'DUEHUKDEHLFKPLUVHOEVWVFKRQRIWGHQ.RSI]HUEURFKHQ¶VDJWH.HVHUť >$EVDW]@'DUEHUKDEHLFKPLUVHOEVWVFKRQRIWGHQ.RSI]HUEURFKHQ'LH8PVWlQGHHU NOlUHQYLHOHV:LHKlWWHLFK>«@´XVZ  ,P*HVSUlFKPLW-XGLWGHU([)UDX%·VEHUQLPPWNXU]]HLWLJHUQHXWGHUDQRQ\PH(U]lK OHU YRP $QIDQJ GLH 3HUVSHNWLYH YJO /L²  GDQQ HU]lKOW ZLHGHU .HVHUť /L²  ,POHW]WHQ'ULWWHOGHV5RPDQVZHFKVHOWGLH)RNDOLVLHUXQJGDQQDXI-XGLWGLHLKUH(U ]lKOXQJ WHLOZHLVHGLUHNW DQLKUHQ ]ZHLWHQ 0DQQ ÉGiP DGUHVVLHUW )U HLQHQ NXU]HQ 0R PHQWVSULQJWKLHUGLH'LHJHVHLQHLQHQRIIHQEDUQXOOIRNDOLVLHUWHQV]HQLVFKHQ'DUVWHOOXQJV PRGXV YJO /L  HKH GHU 6FKOXVV LKUHU 8QWHUKDOWXQJ PLW ÉGiP DOV $XV]XJ DXV GHP 0DQXVNULSWÅ/LTXLGDWLRQ´ZLHGHUJHJHEHQZLUGGDV.HVHUťOLHVW YJO/LII 'HU5R PDQ VFKOLH‰W PLW GHUVHOEHQ 3HUVSHNWLYLHUXQJ PLW GHU HU EHJDQQ (LQH (U]lKOVWLPPH HU ]lKOW ZLH .HVHUť LQ VHLQHU :RKQXQJ GDV 6WFN OLHVW XQG YRU VHLQHP &RPSXWHU VLW]HQG GDUEHUVLQQLHUW YJO/L² 



$QGUHH0LFKDHOLV

VFKH 9HURUWXQJ GHU (U]lKOXQJ LPPHU ZLHGHU LQV :DQNHQ $XV UHDOHQ )LJXUHQGHUHU]lKOWHQ:HOWYRQ.HUWpV]·%XFK/LTXLGDWLRQZHUGHQILNWLRQD OLVLHUWH)LJXUHQDXV%·V%KQHQVWFNÅ/LTXLGDWLRQ´XQGXPJHNHKUW'LH :LUNOLFKNHLWVHEHQHQGHU'LHJHVHJHUDWHQGXUFKHLQDQGHU ,P/DXIHGHV7H[WHVZLUGGDEHLGLH)UDJHGDQDFKZDVHVEHGHXWHWHL QH HU]lKOEDUH *HVFKLFKWH ]X KDEHQ YJO /L I  PLW GHU 3UREOHPDWLN HLQHV:HLWHUOHEHQVQDFKGHU6KRDKYHUVFKUlQNW%GHUDOVDEZHVHQG$Q ZHVHQGHU LP =HQWUXP GHU +DQGOXQJ VWHKW LVW $XVFKZLW]hEHUOHEHQGHU GHU1DPHPLWGHPHU]HLFKQHWJHKW]XUFNDXIVHLQH.=1XPPHU% WUlJWGDEHLVRZRKOVROFKH=JHGLHDQ,PUH.HUWpV]VHOEVWHULQQHUQZLH DXFK VROFKH GLH DOV $QVSLHOXQJ DXI GDV :HUN -HDQ $PpU\V YHUVWHKEDU VLQG6HLQ&KDUDNWHUHUVFK|SIWVLFKKLHULQDOOHUGLQJVQLFKWLQVRIHUQEHU% DXFK 'LQJH DXVJHVDJW ZHUGHQ GLH DXI NHLQHQ GHU EHLGHQ ]XWUHIIHQ XQG EHLVSLHOVZHLVH DXFK QLFKW RKQH :HLWHUHV PLW 7DGHXV] %RURZVNL 3DXO &HODQRGHU3ULPR/HYLLQ=XVDPPHQKDQJ]XEULQJHQVLQG6RVROO%LQ $XVFKZLW]JHERUHQVHLQZDVDXINHLQHQEHNDQQWHQhEHUOHEHQGHQ]XWULIIW $XFKGDVV%VLFKPLWHLQHUhEHUGRVLV0RUSKLXPXPJHEUDFKWKDWNHQQW BBBBBBBBBBBBBB 

 0LW ÄILNWLRQDOLVLHUW¶ LVW KLHU QLFKW JHPHLQW GDVV VLFK GLH 3HUVRQHQ DOV HUIXQGHQH ÄILNWLYH¶ KHUDXVVWHOOHQVRQGHUQGDVVVLHDOV)LJXUHQLQHLQHPlVWKHWLVFKVWUXNWXULHUWHQOLWHUDULVFKHQ :HUNLQHLQHP0RGXVGHUÄ)LNWLRQDOLWlW¶HUVFKHLQHQGKLQHLQHU:HLVHGLHLKUHQ:LUN OLFKNHLWVVWDWXVDOVXQHUKHEOLFKDOVÄJOHLFKJOWLJ¶DXVZHLVW9JO]XHLQHP'HILQLWLRQVYHUVXFK YRQ Å)LNWLRQDOLWlW´ DOV Å9HUJOHLFKJOWLJXQJ´ $QGUHDV .DEOLW] Å/LWHUDWXU )LNWLRQ XQG (U]lKOXQJ ² QHEVW HLQHP 1DFKUXI DXI GHQ (U]lKOHU´ LQ ,ULQD 2 5DMHZVN\ 8OULNH 6FKQHLGHU +UVJ  ,P =HLFKHQ GHU )LNWLRQ $VSHNWH ILNWLRQDOHU 5HGH DXV KLVWRULVFKHU XQG V\VWHPDWLVFKHU6LFKW)HVWVFKULIWIU.ODXV:+HPSIHU]XP*HEXUWVWDJ6WXWWJDUW6² KLHU6I  'HV:HLWHUHQXPNODPPHUQ]ZHLLP7H[WVFKULIWELOGOLFKHLQPDOLJH$QIKUXQJV]HLFKHQGHQ JHVDPWHQ7H[WEORFNYRQ6HLWHZRHLQZHLWHUHU$XV]XJDXVGHQ0DQXVNULSWHQ%VEH JLQQWELV6HLWHZRHLQDQGHUHUHQGHW'DMHGRFKVFKRQYRUXQGDXFKQDFKGLHVHU0DU NLHUXQJ GLH GLHJHWLVFKHQ (EHQHQ ZHFKVHOQ OlVVW VLFK GLHV QXU DOV HLQ ]XVlW]OLFKHU $VSHNW GHV7H[WHVYHUVWHKHQGHUWUJHULVFKH(UZDUWXQJHQVFKUWXQGRIIHQEDUGDV:LUNOLFKNHLWV JHIKOGHV/HVHUVLQV:DQNHQEULQJHQVROO  'LHVH 6HOEVWEH]HLFKQXQJ OlVVW VLFK LQ YHUVFKLHGHQHU :HLVH LQWHUSUHWLHUHQ 6LH HULQQHUW VRZRKODQGHQ.QVWOHUQDPHQGHVLVUDHOLVFKHQ6FKULIWVWHOOHUV.D]HWQLNGHUJOHLFK IDOOVVHLQH.=1XPPHUDOV1DPHQDQJHQRPPHQKDWWH XQGLP%XFKDXFKHUZlKQWZLUG YJO/L ZLHDXFK²LQLKUHUJOHLFKVDPODXWVSUDFKOLFKHQ6FKUHLEXQJÅ%p´PLWVHLQHPDF FHQW DJXH EHU GHP ÅH´ ²DQ GHQ QRP GH SOXPH -HDQ $PpU\V 'RFK DXFK ,PUH .HUWpV] KDW VLFKLQOHW]WHU=HLW²VRHWZDLQ,FK²HLQDQGHUHU   ,PUH.HUWpV],FK²HLQDQGHUHU%HUOLQ  RGHUEHUHLWVGXUFKGHQ7LWHO'RVVLHU.  ²PLWGHPZLHGHUXP.DINDDQVSLHOHQ GHQ.U]HOÅ.´LGHQWLIL]LHUW  'HQQDXFKGLHVHGUHLIU,PUH.HUWpV]VRZLFKWLJHQ%H]XJVDXWRUHQVLQGLP7H[WSUlVHQW 6RVSLHOWHWZD%V+LQZHLVÅGD‰HUDXIGLHVHOHW]WH'HIRUPDWLRQGHVhEHUOHEHQV²DOVRDXI GLHVHYLHU]LJ-DKUH²QRFKNHLQHJHQDXH$QWZRUWJHIXQGHQKDEH'RFKHUVXFKHQDFKLKU XQGVHLQLFKWPHKUZHLWGDYRQHQWIHUQWVLH]XILQGHQ´ /L H[SOL]LWDXIHLQEHUKPWHV =LWDW3ULPR/HYLVDQÅ,FKILQGHNHLQH/|VXQJIUGDV'LOHPPD,FKVXFKHQDFKLKUDEHU LFKILQGHVLHQLFKW´ YJO3ULPR/HYLÄ,FKVXFKHQDFKHLQHU/|VXQJDEHULFKILQGHVLHQLFKW¶3ULPR /HYLLP*HVSUlFKPLW)HUGLQDQGR&DPRQ0QFKHQ=ULFK6 

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



NHLQ 9RUELOG REJOHLFK VLFK DOOH *HQDQQWHQ PLW GHU HLQ]LJHQ $XVQDKPH ,PUH.HUWpV]·XPJHEUDFKWKDEHQ$Q-HDQ$PpU\GDJHJHQHULQQHUWGDVV % ÅUDGLNDO XQHUELWWOLFK MD JUDXVDP LQ GHU 6HOEVW]HUVW|UXQJ´ /L   JHZHVHQVHLQVROOXQGHLQHGH]LGLHUWHÅ$XIIDVVXQJEHUGHQ6HOEVWPRUG´ /L JHKDEWKDEHÅ%´GHU%XFKVWDEHGHQ.HUWpV]DOV1DPHQKHUDQ ]LHKWOlVVWVLFK]XGHPDOVGLUHNWH)RUWVHW]XQJGHVÅ$´YHUVWHKHQGHQ-HDQ $PpU\ LQ VHLQHP %XFK hEHU GDV $OWHUQ   DOV $OLEL&KLIIUH IU GHQ $OWHUQGHQKHUDQ]LHKWXQGGHUIUHLOLFKQLFKW]XIlOOLJDQVHLQHHLJHQHQ,QLWLD OHQHULQQHUW8QGDXFKGHU$EVFKLHGVEULHI%·VHQWKlOWSUlJQDQWH.HUQ EHJULIIH$PpU\·VFKHQ'HQNHQVZHQQHUGRUWGLH:HOWDOVÅ*HIlQJQLV>@´ /L EH]HLFKQHWYRQGHUJUXQGVlW]OLFKHQÅ)UHPGKHLW´ /L VHLQHV /HEHQVVSULFKWXQGVFKOLH‰OLFKVFKUHLEWÅ>'@LHJDQ]H:HOWOLH‰HVLFKPLW PHLQHQ5HVVHQWLPHQWV]HUVW|UHQ´ /L  'RFK GDQQ JLEW HV PLQGHVWHQV HEHQVR YLHOH 6]HQHQ GLH HV HUODXEHQ GHQ $XVFKZLW]6FKULIWVWHOOHU % PLW ,PUH .HUWpV] ]X LGHQWLIL]LHUHQ 'HU 5RPDQHLQHV6FKLFNVDOORVHQ  NOLQJWKLHUVWHOOHQZHLVHHEHQVRDQZLHGHU 5RPDQ.DGGLVFKIUHLQQLFKWJHERUHQHV.LQG  GHVVHQPRQRORJLVLHUHQGHV ,FK HEHQIDOOV GHQ 1DPHQ Å%´ WUlJW 6RJDU YHUHLQ]HOWH 6]HQHQ JLEW HV VRZRKO LP .DGGLVFK5RPDQ ZLH DXFK LQ /LTXLGDWLRQ XQG JHZLQQHQ GXUFK BBBBBBBBBBBBBB 

 9JO-HDQ$PpU\:HUNH%GhEHUGDV$OWHUQ+DQGDQVLFKOHJHQ6WXWWJDUW6Å:LU EHQHQQHQ GLHVHQ $OWHUQGHQ PLW GHU &KLIIUH Ä$¶ VR ZLH ZLU DOOH VHLQH 6FKLFNVDOVJHQRVVHQ EH]HLFKQHQZHUGHQGLHZLUDXJHQEOLFNVZHLVHLQXQVHUHhEHUOHJXQJHQHLQ]XIKUHQJHGHQ NHQ´²Å$´OlVVWVLFKZLHGHUXPLQHLQHQGLUHNWHQ%H]XJPLWÅ;´VHW]HQGHQ$PpU\DFKW -DKUHVSlWHULQGHP]ZHL-DKUHYRUVHLQHP6HOEVWPRUGYHU|IIHQWOLFKWHQ%XFK+DQGDQVLFK OHJHQ'LVNXUVEHUGHQ)UHLWRG  DOV6WHOOYHUWUHWHUIUGHQ6HOEVWP|UGHUKHUDQ]LHKW HEG 6 Å%´DXV/LTXLGDWLRQZlUHVRPLWLUJHQGZR]ZLVFKHQ$PpU\VÅ$´XQGÅ;´DQ]XVLH GHOQ  ,Q-HQVHLWVYRQ6FKXOGXQG6KQHEH]HLFKQHW$PpU\VLFKXDDOVÅLP5HVVHQWLPHQW*HIDQJH QH>U@´ $PpU\:HUNH%G>$QP@6 ZLHDXFKDOVÅGHU*HIDQJHQH>«@GHUPRUDOL VFKHQ:DKUKHLWGHV.RQIOLNW´PLWVHLQHQHLQVWLJHQhEHUZlOWLJHUQ HEG6   Å)UHPG´LVWHLQLQ-HQVHLWVYRQ6FKXOGXQG6KQHEHUDXVKlXILJYRUNRPPHQGHU%HJULII9JO H[HPSODULVFK IROJHQGH 3DVVDJHQ Å6RIHUQ EHUKDXSW DXV GHU (UIDKUXQJ GHU 7RUWXU HLQH EHU GDV EOR‰ $OSWUDXPKDIWH KLQDXVJHKHQGH (UNHQQWQLV EOHLEW LVW HV GLH HLQHU JUR‰HQ 9HUZXQGXQJ XQG HLQHU GXUFK NHLQHUOHL VSlWHUH PHQVFKOLFKH .RPPXQLNDWLRQ DXV]XJOHL FKHQGH )UHPGKHLW LQ GHU :HOW´ $PpU\ :HUNH %G >$QP@ 6  Å2KQH :HOWYHU WUDXHQVWHKHLFKDOV-XGHIUHPGXQGDOOHLQJHJHQPHLQH8PJHEXQJXQGZDVLFKWXQNDQQ LVWQXUGLH(LQULFKWXQJLQGHU)UHPGKHLW´ HEG6   9JOKLHU]XGHQJOHLFKQDPLJHQ(VVD\Å5HVVHQWLPHQWV´DEHUDXFKGHQ7H[WÅhEHU=ZDQJ XQG8QP|JOLFKNHLW-XGH]XVHLQ´$PpU\:HUNH%G>$QP@6II  9JOGD]XEHLVSLHOVZHLVHGLH5HGHYRQHLQHP0DQXVNULSW%·VGDVÅLQGHQ.XOLVVHQHLQHV 1D]L.RQ]HQWUDWLRQVODJHUV´ VSLHOW /L  RGHU GHQ % ]XJHVSURFKHQHQ 6DW] Å0DQ PX‰ GHQ :HJ ELV DQV (QGH JHKHQ´ /L  GHU DQ GLH 3KLORVRSKLH GHU 6FKULWWH DXV ,PUH .HUWpV]·5RPDQHLQHV6FKLFNVDOORVHQHULQQHUW  9JO,PUH.HUWpV].DGGLVFKIUHLQQLFKWJHERUHQHV.LQG5HLQEHNE+DPEXUJ6



$QGUHH0LFKDHOLV

GLHVH 9HUGRSSHOXQJ DXWRELRJUDSKLVFKH 6LJQLINDQ] ,QVEHVRQGHUH DEHU GHXWHW GHU 7LWHO GHV 6WFNHV Å/LTXLGDWLRQ´ ]XUFN DXI .DGGLVFK LQVRIHUQ GHU%HJULIIGHUÅ/LTXLGLHUXQJ´GRUWEHUHLWVLQYLHOIlOWLJHU:HLVH]XU6SUD FKHNDP$XFKGDVOHW]WHJUR‰H:HUN%·VGDVYRQ.HVHUťVRYHU]ZHLIHOW JHVXFKWZLUG YJO/L HQWVSULFKWRIIHQEDU.HUWpV]·IUKHUHP5RPDQ 'DVDEHUEHGHXWHWGDVV,PUH.HUWpV]PLW/LTXLGDWLRQHLQ6]HQDULRHQWZLUIW GDV GLH YRU]HLWLJH 9HUQLFKWXQJ VHLQHV LQ :LUNOLFKNHLW EHUHLWV SXEOL]LHUWHQ 5RPDQV QlPOLFK.DGGLVFK HEHQVRZLHVHLQHQHLJHQHQQLHPDOVWDWVlFKOLFK YROO]RJHQHQ6HOEVWPRUG]XP7KHPDKDW'HU7H[WYHUQLFKWHWGDPLWHLQHQ 7HLOUHDOHU9HUJDQJHQKHLWXQGHUGLFKWHWHLQHQ7HLOILNWLYHU*HJHQZDUWXQG =XNXQIW (U NRPPW DOV HLQ OLWHUDULVFKHV *HELOGH GDKHU QlPOLFK DOV GLH Å.RP|GLHLQGUHL$NWHQ´ /L Å/LTXLGDWLRQ´GDVGLH)ROJHQXQG$XV ZLUNXQJHQ GHV 7RGHV VHLQHV $XWRUV ZHQLJHU EHVFKUHLEW DOV YLHOPHKU HQW ZLUIW+LHUVSULFKW HLQHUJOHLFKVDPDXVGHP-HQVHLWV]XUFNLQHLQH:HOW GLH HU LQ HLQHP SDUDGR[HQ $EKlQJLJNHLWVYHUKlOWQLV ]X VHLQHU lVWKHWLVFK HUVFKDIIHQHQ OLWHUDULVFKHQ :HOW ZHL‰ 'LHV JLOW DXFK XQG JHUDGH IU .HVHUť GHQ HLJHQWOLFKHQ +HOGHQ GHU LQ /LTXLGDWLRQ HU]lKOWHQ *HVFKLFKWH BBBBBBBBBBBBBB 

 'LHV JLOWLQVEHVRQGHUH IU GHQ Ä/DJHUSRNHU¶ LQ/LTXLGDWLRQ EHLGHP VLFK hEHUOHEHQGH PLW GHQ6WDWLRQHQLKUHU9HUIROJXQJXQG'HSRUWDWLRQHQEHUWUXPSIHQ /LI XQGGHUOHLFKW DEJHZDQGHOWDXFKLQ.DGGLVFKYRUNRPPW YJO.HUWpV]>$QP@6 DEHUDXFKIUGLH (UZlKQXQJHLQHU([)UDXGLHGHP3URWDJRQLVWHQ5H]HSWHDXVVWHOOW YJOHEG6IXQG /L ²,Q'RVVLHU.EH]HLFKQHW,PUH.HUWpV].DGGLVFKIUHLQQLFKWJHERUHQHV.LQG]ZDUH[ SOL]LWDOV)LNWLRQ YJO.HUWpV]>$QP@6 GRFKGLHVH(LQRUGQXQJPXVVQLFKWXQEH GLQJW HLQHU DXWRELRJUDSKLVFKHQ $XVOHJXQJ GHV 7H[WHV ZLGHUVSUHFKHQ ZLH GLH 'LVNXVVLRQ GHV9HUKlOWQLVVHVYRQ:DKUKHLW:LUNOLFKNHLWXQG)LNWLRQLQ'RVVLHU.QDKHOHJW  6R VSULFKW GHU (U]lKOHU KLHU HWZD YRP 6FKUHLEHQ DOV (QGVWDWLRQ DXI HLQHP ODQJHQ Å:HJ GHUZRKOEHZX‰WHQ6HOEVWOLTXLGLHUXQJ´ .HUWpV] $QP 6 VRZLHYRQGHUÅ6HOEVWOL TXLGLHUXQJ´DOVGHUÅHLQ]LJH>Q@$XIJDEHDXI(UGHQ´ HEG6 $XFKVHLQHJHVFKHLWHUWH (KHVRKHL‰WHVVHLGHU(U]lKOHUÅ]ZHLIHOORVHPLWGHU$EVLFKWXQG]XP=ZHFNGHU6HOEVW OLTXLGLHUXQJ HLQJHJDQJHQ´ HEG 6  $P (QGH GHV %XFKHV KHL‰W HV GDQQ YRQ VHLQHP /HEHQDOVhEHUOHEHQÅ,QGLHVHQ-DKUHQHUNDQQWHLFKPHLQ/HEHQ>«@GDVLFKMHGRFKDOV )DNWDOVUHLQHQ)DNWGHVhEHUOHEHQVDXVO|VFKHQXQGOLTXLGLHUHQZHUGHDXFKGDQQXQGQXU GDQQZLUNOLFKZHQQGLHVHU)DNW]XIlOOLJLFKELQ´ HEG6 ²(LQH'LIIHUHQ]LHUXQJYRQ Å/LTXLGDWLRQ´XQGÅ/LTXLGLHUXQJ´PDJDOOHLQDXIGLHhEHUVHW]XQJ]XUFN]XIKUHQVHLQGLH LP)DOOHGHUEHLGHQ%FKHUYRQXQWHUVFKLHGOLFKHQhEHUVHW]HUQEHVRUJWZXUGH  9JO/LI,QGHPYHUQLFKWHWHQ:HUNJHKHHVVRKHL‰WHVGRUWXPGHQÅ.DPSI]ZL VFKHQ HLQHP 0DQQ XQG HLQHU )UDX´ /L  GHU ]X GHU %HKDXSWXQJ GHV 0DQQHV IKUW GDVV GLH )UDX ZHJHQ $XVFKZLW] HLQ .LQG ÅQLFKW ZROOHQ GDUI´ /L  *HQDX DXI GLHVH )UDJHDQWZRUWHWGHU.DGGLVFK0RQRORJPLWGHPGDULQEHVWlQGLJZLHGHUKROWHQÅ1HLQ´  'DV:RUWÄILNWLY¶EH]LHKWVLFKKLHUJDQ]H[SOL]LWDXIGLHDX‰HUGLHJHWLVFKH:LUNOLFKNHLW²GDV /HEHQ,PUH.HUWpV]·²XQGLVWQLFKWPLWÄILNWLRQDO¶]XYHUZHFKVHOQ  6RNRPPW.HVHUťQDFKGHPHUGLHYRQ%EHVFKULHEHQH*HVFKLFKWHGLHVLFKQDFKGHVVHQ 7RGDEVSLHOHQVROOWHELV]XU*HJHQZDUWGXUFKOHEWKDWXQGVLFKQXQDQGHVVHQ(QGHILQGHW ]XIROJHQGHU)HVWVWHOOXQJÅ6HLQH>.HVHUťV$0@*HVFKLFKWHZDU]X(QGHLKQVHOEVWDEHU JDEHVQRFKXQGGDVZDUHLQ3UREOHPGHVVHQ/|VXQJHULPPHUZLHGHUDXIVFKRE(QWZH GHUPX‰WHHUVHLQH*HVFKLFKWHIRUWVHW]HQZDVVLFKDOVXQP|JOLFKHUZLHVRGHUHUPX‰WHHL QHQHXH*HVFKLFKWHDQIDQJHQZDVVLFKDOVHEHQVRXQP|JOLFKHUZLHV´ /L 

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



$OVHQWZRUIHQH=HQWUDOILJXUXQGLQWUDGLHJHWLVFKHU,FK(U]lKOHUHULQQHUWHU VRZRKO DQ Å.´ RGHU Å.HUWpV]´ GK GHQ IDNWXDOHQ $XWRU GHV %XFKHV VHOEVWGHUVLFKELVODQJLQVRJXWZLHDOOVHLQHQ:HUNHQKLQWHUVHLQHU3HU VRQQDJHYHUERUJHQKLHOWDOVDXFKDQGHQH[SOL]LWQLFKWMGLVFKHQ$QGH UHQGHQSRWHQWLHOOHQ/HVHUGHV%XFKHVDQXQV'DVVEHLGHKLHUDQJHVSUR FKHQ ZHUGHQ GHU hEHUOHEHQGH PLW VHLQHQ (UIDKUXQJHQ ZLH DXFK GHU DKQXQJVORVH /HVHU GHU *HJHQZDUW WUlJW RIIHQEDU ,PUH .HUWpV]· YLHOIDFK JHlX‰HUWHU$XIIDVVXQJ5HFKQXQJGDVV$XVFKZLW]XQGGHVVHQ)ROJHQÅ]X HLQHUXQLYHUVDOHQPHQVFKOLFKHQ(UIDKUXQJ´JHZRUGHQVHLHQ ,,,'LH$XWKHQWL]LWlWGHVhEHUOHEHQV /HEHQVOJH:HUYRQXQVN|QQWHKHUYRUWUHWHQPLWGHUWROONKQHQ 9HUVLFKHUXQJHUKDEHQLFKW/JHJHOHEWVRQGHUQVHLQHXUHLJHQH $XWKHQWL]LWlW".HLQHU'HQQGLHVHGLHVLFKVWlQGLJDXIEDXWQXU XPVLHVHOEVW]XVHLQVLFKLQ3HUPDQHQ]]HUVW|UWYHUVFKZLQGHWMH HLIULJHUHLQHULKUQDFKMDJWXPVRKXUWLJHULUJHQGZRLP1HEHO

 ,Q /LTXLGDWLRQ ZLUG HLQH JDQ] EHVWLPPWH )RUP DXWKHQWLVFKHQ 6FKUHLEHQV VXEYHUWLHUWXQGYHUQHLQWXQG]ZDUHLQ6FKUHLEHQGDVVLFKGXUFKGLH3Ul VHQ] DXWRELRJUDSKLVFKHU &RGHV HLQGHXWLJ DXI GLH ,GHQWLWlW VHLQHV $XWRUV EHUXIHQ NDQQ XQG GDGXUFK HLQH JHZLVVH 5HIHUHQ]DXWKHQWL]LWlW EHGLHQW +LHUEHLKDQGHOWHVVLFKGHQQDXFK]ZHLIHOVRKQHXPGLHGRPLQDQWH6WUDWH JLH HLQHU DXWKHQWL]LWlWVHU]HXJHQGHQ 5HSUlVHQWDWLRQ GLH DXI HLQH ODQJH 7UDGLWLRQ]XUFNJHKW2ELQGHU7KHRORJLHRGHULQGHU-XULVSUXGHQ]%H JULIIHZLHGDVJULHFKLVFKHÅDXWKHQWpV´RGHUGDVODWHLQLVFKHÅDXWKHQWLFXP´ ZXUGHQ VSlWHVWHQV VHLW GHP 0LWWHODOWHU LPPHU ZLHGHU LQ $QVFKODJ JH EUDFKWXPHLQHJHZLVVH$XWRULWlWGHV2ULJLQDOHQ]XEHI|UGHUQ'DEHLJLQJ HVVWHWVGDUXPHQWZHGHUHLQHU8UKHEHUVFKDIW$XWRULWlW]XYHUOHLKHQRGHU DEHU HLQ ]XPHLVW VFKULIWOLFKHV  (U]HXJQLV PLW GHU $XWRULWlW VHLQHV 8UKH

BBBBBBBBBBBBBB 

 %HUHLWV 5RPDQ HLQHV 6FKLFNVDOORVHQ GHU 7H[W GHU YRQ $QIDQJ DQ DOV HLQH GXUFK XQG GXUFK DXWRELRJUDSKLVFKH 'DUVWHOOXQJ YRQ ,PUH .HUWpV]· =HLW LQ $XVFKZLW] %XFKHQZDOG XQG =HLW] JHOHVHQ ZXUGH EULFKW JDQ] EHWRQW PLW /HMHXQHV DXWRELRJUDSKLVFKHP 3DNW LQVRIHUQ GHU1DPHGHV3URWDJRQLVWHQ*\|UJ\.|YHVNHLQH,GHQWLILNDWLRQPLWGHP$XWRU]XOlVVW $OOHUGLQJV OlVVW VLFK VFKRQ IU GLHVHQ 7H[W DUJXPHQWLHUHQ GDVV GLH ,GHQWLWlW GHV hEHUOH EHQGHQ GDULQ DQ VLFK ]X HLQHP 3UREOHP HUNOlUW ZLUG XQG VRPLW MHGH LGHQWLWlWVEDVLHUHQGH =XVFKUHLEXQJGHQ.HUQGHU6DFKHGLHGHU7H[WLOOXVWULHUWYHUIHKOW  .HUWpV] $QP 6  $PpU\:HUNH%G $QP 6 +DQGDQVLFKOHJHQ 



$QGUHH0LFKDHOLV

EHUVDXI]XZHUWHQ$XFKGLH7H[WHYRQhEHUOHEHQGHQGHU6KRDKZHUGHQ VFKRQ VHLW HLQLJHU =HLW DXI GLHVH :HLVH DXWRULVLHUW XQG VDQNWLRQLHUW 'HU 5HVSHNWXQGGLH(KUIXUFKWYRUGHQ(UOHEQLVVHQGHUhEHUOHEHQGHQIKUHQ GD]X GDVV GHQ 9HUIDVVHULQQHQ XQG 9HUIDVVHUQ GHVVHQ ZDV -DQ 3KLOLSS 5HHPWVPD ÅhEHUOHEHQVPHPRLUHQ´ JHQDQQW KDW HLQH XQEHGLQJWH PRUDOL VFKHXQGVDFKOLFKHÅ'HXWXQJVDXWRULWlW´]XJHVSURFKHQZLUG$OVhEHUOH EHQGHHLJQHWZLHDXWRPDWLVFKDOOLKUHQbX‰HUXQJHQHLQH$XWKHQWL]LWlWGLH VLFKSDUDGR[HUZHLVHDXIHLQHQ(UIDKUXQJVKRUL]RQWVWW]WGHUVHLQH$XWR ULWlWJHUDGHDXVGHU7DWVDFKHVFK|SIWGDVVHUQLFKWQDFKYROO]LHKEDURGHU EHUSUIEDULVW ,PUH .HUWpV] ZHKUW VLFK QXQ JDQ] RIIHQNXQGLJ PLW VHLQHP JDQ]HQ °XYUH JHJHQ GLHVHQ JHVHOOVFKDIWVSROLWLVFKHQ 0HFKDQLVPXV 1LFKW ]XOHW]W GHU 5RPDQ /LTXLGDWLRQ PDFKW GHXWOLFK GDVV HV LKP NHLQHVZHJV XP HLQH VROFKH)RUPGHULGHQWLWlWVEDVLHUHQGHQ$XWRULVLHUXQJVHLQHU6FKULIWHQJHKW MD GDVV HLQ VROFKHV 9HUVWlQGQLV VHLQHV /HEHQV XQG 6FKDIIHQV LQ VHLQHQ $XJHQJHUDGHQLFKWDXWKHQWLVFKLVW'LH$QQDKPHHLQHUJHVLFKHUWHQ,GHQWL WlWDOVJUXQGOHJHQGH9RUDXVVHW]XQJMHQHVDOWKHUJHEUDFKWHQUHIHUHQ]EH]R JHQHQ $XWKHQWL]LWlWVEHJULIIV DEHU DXFK GHU HKHU LQWXLWLY ]XJHVSURFKHQHQ 6XEMHNWDXWKHQWL]LWlWLVWIUHLQHQhEHUOHEHQGHQZLH,PUH.HUWpV]]XWLHIVW SUREOHPDWLVFK JHZRUGHQ 'DV 'DVHLQ LQ GHQ /DJHUQ GDV LKQ ]X HLQHU =LIIHU GHJUDGLHUW HQWZUGLJW JHLVWLJ XQG N|USHUOLFK ]XJUXQGHJHULFKWHW KDWWHIKUWHJHQDX]XGHP*HJHQWHLOHLQHUVRXYHUlQHQ(U]lKOEDUNHLWGHV VHQZDVJHVFKDK'HU%HWUDFKWHUVHOEVWGHUQXQ=HXJQLVDEOHJHQVROOLVW VLFK IUHPG JHZRUGHQ ZHL‰ QLFKW PHKU ZHU HU LVW ,P =HQWUXP GLHVHU 6HOEVWHQWIUHPGXQJ DEHU VWHKW GDV 9HUKlOWQLV GHU hEHUOHEHQGHQ ]X LKUHP HLJHQHQ 7RGH$XVFKZLW] EHGHXWHWHGLHVWlQGLJH$QGURKXQJGHVHLJHQHQ 7RGHV :LH -HDQ $PpU\ EHVFKUHLEW EHVWDQG LP /DJHU DQ GHVVHQ (UZDU WXQJNHLQ=ZHLIHODOOHLQPLWGHP:LHPLWGHU$UWGHV6WHUEHQVNRQQWHQ VLFK GLH +lIWOLQJH QRFK EHVFKlIWLJHQ 'LHV LVW DXFK GHU *UXQG GDIU GDVVGDVhEHUOHEHQIUVRYLHOH9HUIROJWHDOVHLQhEHU/HEHQGHVHLJHQHQ 7RGHVDOVHLQ/HEHQDXIhEHU]HLWHPSIXQGHQZLUG.HUWpV]·%YHUOHLKW GLHVHU:DKUQHKPXQJ$XVGUXFNZHQQHUVLFKLQHLQHUDOVJHVWULFKHQDXV JHZLHVHQHQ6]HQHVDJHQOlVVW BBBBBBBBBBBBBB 

 9JO KLHU]X .XUW 5|WWJHUV 5HLQKDUG )DELDQ Å$XWKHQWLVFK´ LQ -RDFKLP 5LWWHU +UVJ  +LVWRULVFKHV :|UWHUEXFK GHU 3KLORVRSKLH %G  $²& 'DUPVWDGW  6 VRZLH 6XVDQQH .QDOOHU +DUUR 0OOHU Å$XWKHQWLVFK$XWKHQWL]LWlW´ LQ .DUOKHLQ] %DUFN XD +UVJ  bVWKHWLVFKH*UXQGEHJULIIH%G6XSSOHPHQWH5HJLVWHU6WXWWJDUW:HLPDU6²6I  -DQ 3KLOLSS 5HHPWVPD Å'LH 0HPRLUHQ hEHUOHEHQGHU (LQH /LWHUDWXUJDWWXQJ GHV -DKUKXQGHUWV´LQ0LWWHOZHJ  6²KLHU6  9JO $PpU\ :HUNH %G $QP   6 Å'DV 6WHUEHQ ZDU DOOJHJHQZlUWLJ GHU 7RG HQW]RJVLFK´  9JOGD]XXD/DZUHQFH/DQJHUÅ0HPRU\·V7LPH&KURQRORJ\DQG'XUDWLRQLQ+RORFDXVW 7HVWLPRQLHV´LQ'HUV$GPLWWLQJWKH+RORFDXVW&ROOHFWHG(VVD\V2[IRUG6²

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



 ,QGLHVHPJUR‰HQ/HEHQVODJHU LQGLHVHUHOHQGHQ:HOW>«@ GHV>«@:HGHU9RU1RFK=XUFNVXVSHQGLHUWHQ/HEHQV LQGHUZLUYHUJUHLVHQ RKQHGD‰GLH=HLWYHUJHKW KDEHLFKJHOHUQW 5HEHOOLRQLVW $0/(%(1%/(,%(1>«@ 'DVHLQ]LJHZUGH6HOEVWPRUGLQVWUXPHQW LVWGDV/HEHQ /L 

Å5HEHOOLRQ´LVWHLQ6FKOVVHOEHJULIILP:HUN$PpU\VGRFKGDV:HLWHUOH EHQ DOV 5HEHOOLRQ ]X YHUVWHKHQ HQWVSULFKW ZHLW HKHU ,PUH .HUWpV]· 9HU VWlQGQLV VHLQHV /HEHQV LP NRPPXQLVWLVFKHQ 8QJDUQ GDV LKP ² ZLH EH UHLWV]LWLHUW²MHGH+RIIQXQJDXIÅ)UHLKHLW%HIUHLXQJJUR‰H>@.DWKDUVLV´ JHQRPPHQKDW,QGLHVHQ=HLOHQWUHIIHQVLFKVRPLWGLHEHLGHQ$XWRUHQ,Q /LTXLGDWLRQLVW%LP/LFKWHGHV9RUELOGV-HDQ$PpU\]XJOHLFK]XP6HOEVW PRUG EHVWLPPW ZLH DXFK GXUFK GLH JOHLFKIDOOV SUlVHQWHQ ELRJUDSKLVFKHQ =JH ,PUH .HUWpV]· GDYRU EHZDKUW (V LVW GLH :LGHUVSUFKOLFKNHLW LKUHU VLFK VR ]X HUNHQQHQ JHEHQGHQ JHPHLQVDPHQ (UIDKUXQJ ZHOFKH .HUWpV]· 'DUVWHOOXQJGHV'DVHLQVHLQHVhEHUOHEHQGHQVHLQHV'DVHLQVDXV]HLFKQHW :LH $PpU\ EULQJW VLFK GHU % LP 7H[W ]ZDU XP GRFK .HUWpV] GHU VLFK HEHQVRPLWGLHVHPLGHQWLIL]LHUHQOlVVWOHEWZHLWHU'LH(UIDKUXQJÅJOHLFK VDPDXIGHU6FKZHOOH]ZLVFKHQ/HEHQXQG7RG´]XVWHKHQZLH.HUWpV] DQ DQGHUHU 6WHOOH VDJW ILQGHW GDPLW LKUHQ $XVGUXFN XQG ZLUG ]XJOHLFK YHUVWHKEDU DOV GLH DXWKHQWLVFKH 6HOEVWZDKUQHKPXQJ GHV hEHUOHEHQV YRQ $XVFKZLW] $OOHLQ ZLH .HUWpV]· :HUN PLW LKU XPJHKW VFKHLQW ZLHGHUXP MHGHU$XWKHQWL]LWlW]XWURW]HQ ,9'HU6HOEVWPRUGGHV$QGHUHQXQGGLH$XWKHQWL]LWlWGHU/LWHUDWXU /LTXLGDWLRQ PDFKW HV GHP /HVHU VFKZHU :LH .HVHUť PLW GHU *HVFKLFKWH %·VULQJWGLHLKPLPPHUZLHGHUDOVÅXQHU]lKOEDU>@´ /L DOVÅXQLQWHU SUHWLHUWEDU XQG XQZLHGHUEULQJOLFK´ /L   HUVFKHLQW ]X GHU HU LPPHU QHXH(U]lKO$QOlXIHQHKPHQPXVVXQGGLHHUDXFKGDQQQXUEUXFKVWFN KDIWEHUGLH/LSSHQEULQJWRKQHGDV:HVHQGHQ.HUQGLHVHV0HQVFKHQ HUIDVVWRGHUYHUVWDQGHQ]XKDEHQVRPXVVDXFKGHU/HVHUPLWGHUHLJHQWOL FKHQ+DQGOXQJYRQ/LTXLGDWLRQZLHDXFKPLWGHUHLJHQWOLFKHQ6HOEVWZDKU QHKPXQJGHV$XWRUV,PUH.HUWpV]ULQJHQ'DV,FKGDVKLHUVSULFKWXQG BBBBBBBBBBBBBB 

 .HUWpV] $QP 6  ,PUH.HUWpV],FK²HLQ$QGHUHU%HUOLQ6



$QGUHH0LFKDHOLV

EHU GDV KLHU DXV HLQHU LPPHU ZLHGHU DQGHUHQ 3HUVSHNWLYH JHVSURFKHQ ZLUG OlVVW VLFK QLFKW IHVWOHJHQ GHQQ ,PUH .HUWpV] KDW JHQDX GLHV ]XP ]HQWUDOHQ =XJ VHLQHU 3RHWRORJLH JHPDFKW ,Q HLQHP IUKHUHQ %XFK PLW GHP EH]HLFKQHQGHQ 7LWHO ,FK ² HLQ $QGHUHU   QHQQW HU VLFK HLQHQ Å.HLQHUOHL-XGHQ´ Å6FKRQ VHLW ODQJHP VXFKH LFK´ KHL‰W HV GRUW ÅZHGHU +HLPDWQRFK,GHQWLWlW,FKELQDQGHUVDOVVLHDQGHUVDOVGLHDQGHUQDQGHUV DOVLFK´,PPHUZLHGHUVWHOOW.HUWpV]GDKHUIHVWÅGD‰ZLUQLFKWVPLWXQV VHOEVW]XWXQKDEHQ´XQGEHJHJQHWGHPLQLKPÅZXU]HOQGH>Q@IUHPGH>Q@ ,FK´LQGHPHUVLFKÅ]XHLQHPDQGHUQPDFKW>@´ 'LHVHV 0DQ|YHU GHV ,PPHUHLQ$QGHUHU6HLQV VWHKW RIIHQNXQGLJ LQ HLQHPHQJHQ=XVDPPHQKDQJPLWGHU7RGHVEH]RJHQKHLWGHVhEHUOHEHQV DXIGLHDQGLHVHU6WHOOHQRFKHLQPDO]XUFN]XNRPPHQLVWZREHLGHU%OLFN EHVRQGHUVDXI-HDQ$PpU\IlOOWÅ,FKZDUVFKRQ]X/HE]HLWHQWRW´ /L  KHL‰WHVYRQ%LQ/LTXLGDWLRQ9RQÅ/HEHQVHNHO´ /L Å(NHOYRUGHP 6HLQ>«@XQGGHP/HEHQ´ /L VSULFKW-HDQ$PpU\LQVHLQHPOHW]WHP JUR‰HQ7UDNWDW+DQGDQVLFKOHJHQ'LVNXUVEHUGHQ)UHLWRG$PpU\GHQEH UHLWV VHLW GHU 7RUWXU LQ %UHHQGRQFN HLQ Å*HIKO YRQ $XVJHOLHIHUWVHLQ DQ GHQ$QGHUHQ´EHJOHLWHWKDWXQGIUGHQGLH:HOWHLQHÅIHLQGVHOLJH´JHEOLH EHQ LVW YHUPDJ ]XOHW]W GHQ )UHLWRG DOV GHQ ÅHLQ]LJH>Q@ :HJ LQV )UHLH´ ZDKU]XQHKPHQ (V GXUFK]LHKW VHLQ JDQ]HV 1DFKGHQNHQ GDV YRQ GHU )ROWHUXQGYRQ$XVFKZLW]DXVJHKWGLH9RUVWHOOXQJHLQHUXQXQWHUEURFKH QHQÅ9HUJHZDOWLJXQJ´GXUFKGDV/HEHQ%HUHLWVLQhEHUGDV$OWHUQKHL‰W HV >'@DVHLQ]LJH:DKUH>LVW@GHU7RGGDHUGRFKDOOHU=XNXQIWHQ=XNXQIWLVW-HGHU 6FKULWWGHQZLUWXQIKUWXQV]XLKPMHGHU*HGDQNHGHQZLUGHQNHQEULFKWVLFK VFKOLH‰OLFK DQ LKP 6HLQH YROONRPPHQ OHHUH :DKUKHLW VHLQH XQZLUNOLFKH :LUN OLFKNHLWLVWXQVHUHV/HEHQVVLQQORVH9ROOHQGXQJXQVHU7ULXPSKEHUGDV/HEHQ GDVZLULP1LFKWVGHVhEHUWULWWVHUVWY|OOLJJHPHLVWHUWKDEHQ

)U $PpU\ IKUW GLH $XVEOHQGXQJ GHV 7RGHV ]XU /HEHQVOJH *HUDGH DEHUZHLOHUVLFKGLH$XIGHFNXQJXQGÅ=XUFNQDKPHDOOHU/HEHQVOJHQ´ ]XU$XIJDEHJHPDFKWKDWZHLOLKPVHLQJDQ]HV:HUN]XHLQHUXQHUELWWOL BBBBBBBBBBBBBB 

 .HUWpV] $QP 6  .HUWpV] $QP 66XQG6  $PpU\:HUNH%G $QP 6XQG$PpU\VSULFKWKLHUDXFKYRQHLQHUJHZLV VHQ Å)XQGDPHQWDONRQGLWLRQ GHU (LQVDPNHLW GHV LQ GLH IHLQGVHOLJH :HOW KLQDXVUDJHQGHQ 6XE MHNWVGDVVLFK]ZDUVWlQGLJDP$QGHUHQDXIEDXWYRQGLHVHPDEHUHEHQVRSHUPDQHQW]HU VW|UWZLUG´ 6I   $PpU\:HUNH%G $QP 6  9JO]XGLHVHU7KHVHGLHVLFKDXIGHQ=XVDPPHQKDQJGHU7RUWXUPLWGHP%XFKhEHUGDV $OWHUQEH]LHKWHLQJHKHQGHU+HLGHOEHUJHU/HRQDUG $QP 6XQGII  $PpU\:HUNH%G $QP 6  $PpU\:HUNH%G $QP 6

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



FKHQ6HOEVWEHIUDJXQJJHZRUGHQLVWGLHJDQ]DXIVHLQ/HEHQXQGGHVVHQ VXEMHNWLYH:DKUKHLWIL[LHUWLVWWULIIWLKQGDV9HU]ZHLIHOWHVHLQHU6LWXDWLRQ PLWJDQ]HU .UDIW$PpU\ EULQJWVLFKXPZHLOHUZLH HVLQ/HIHXRGHU'HU $EEUXFK  KHL‰WÅGDVhEHUVWHKHQQLFKWEHUVWHKHQ´NRQQWH ,PUH.HUWpV]YHUPHLGHWGLHVHGLUHNWH.RQIURQWDWLRQDOVZVVWHHUXP GLH*HIDKULQGLHHUVLFKGDPLWEHJHEHQN|QQWH$XFKVHLQÅ/HEHQLVWHLQ KDUWHU .DPSI XP GHQ 7RG´ DXFK LQ VHLQHP :HUN ZLUG JHVWRUEHQ ² ZHJHQ$XVFKZLW]'RFKGHUMHQLJHGHUKLHUVWLUEWZHQQ.HUWpV]VLFKPLW GHU 7RGHVEH]RJHQKHLW VHLQHV 'DVHLQV DXVHLQDQGHUVHW]W LVW LPPHU VFKRQ HLQDQGHUHU:LHGHUXPLQ,FK²HLQ$QGHUHUKHL‰WHV >0@HLQ.|USHUVWUHEW5LFKWXQJ7RGPHLQ.RSIGUHKWVLFK]XP/HEHQXPPHLQ )X‰KROWXQVFKOVVLJ]XHLQHP6FKULWWDXV(LQHP6FKULWWZRKLQ"(JDOGHQQZHU GHQ6FKULWWWXWELQVFKRQQLFKWPHKULFKGDVLVWHLQDQGHUHU

'HU5RPDQ/LTXLGDWLRQEULQJWDXFKGLHV]XP$XVGUXFN:lKUHQG%XP GHQVLFKKLHUDOOHVGUHKWPLWGHP(LQVHW]HQGHU*HVFKLFKWHEHUHLWVQLFKW PHKUDP/HEHQQLFKWPHKUHUVHOEVWLVWZHUGHQDXFKDOOHZHLWHUHQ3HUVR QHQZLH.HVHUťQDFKGHPVLHHLQH]HLWODQJVLFKVHOEVWHU]lKOHQNRQQWHQ LPPHUZLHGHUDXFK]X)LJXUHQLQGHQ(U]lKOXQJHQDQGHUHU6LHDOOHZHU GHQVLFKVHOEVWIUHPG.HUWpV]DEHUZLUGVLFKIUHPGLQ-HDQ$PpU\$PpU\ ZLUGLKP]XGHP$QGHUHQGHUVLFKDQVHLQHU6WDWWXPJHEUDFKWKDWGHUGLH XQEDUPKHU]LJH:DKUKHLWGHVhEHUOHEHQVJHOHEWKDWXQGGHUGDULQDXWKHQ WLVFKJHEOLHEHQLVWELV]XPELWWHUHQ(QGH8PGLHVDEHU]XEHZHUNVWHOOL JHQEUDXFKW,PUH.HUWpV]GLH/LWHUDWXU-HDQ$PpU\VHOEVWKDWZLHPDQ ZHL‰ IDVW DXVQDKPVORV (VVD\V JHVFKULHEHQ 6HOEVW VHLQ JUR‰HU Å5RPDQ (VVD\´ /HIHX RGHU 'HU $EEUXFK NHKUW VSlWHVWHQV PLW GHP DEVFKOLH‰HQGHQ .DSLWHO Å:DUXP XQG :LH´ JDQ] VLFKHU ZLHGHU ]XU $XWRELRJUDSKLH GHV BBBBBBBBBBBBBB 

 $P HLQGUXFNVYROOVWHQ LVW GLH LQ8QPHLVWHUOLFKH :DQGHUMDKUH   GHU )DOO 'DJPDU /RUHQ] FKDUDNWHULVLHUW $PpU\V 6HOEVWEHIUDJXQJ KLHU IROJHQGHUPD‰HQ Å-HDQ $PpU\ >«@ YHUVHW]W VHLQH/HVHUJOHLFKVDPLQGLH6]HQHULHHLQHV*HULFKWVVDDOVZRHLQH,FKHLQH'XXQGHLQH (U,QVWDQ] LQ ZHFKVHOQGHU 5HLKHQIROJH MHZHLOV GLH 5ROOH GHV $QJHNODJWHQ GHV $QNOlJHUV XQG GHV %HULFKWHUVWDWWHUV HLQQLPPW >«@ JOHLFKVDP HLQHP LQTXLVLWRULVFKHQ 9HUK|U´ 'DJPDU /RUHQ] Å5HYLGLHUWH ,GHQWLWlW -XGHQWXP DOV 3UREOHP GHU ,GHQWLWlWVILQGXQJ EHL -HDQ $PpU\´ LQ 0DWWKLDV %RUPXWK 6XVDQ 1XUPL6FKRPHUV +UVJ  .ULWLN DXV 3DVVLRQ 6WXGLHQ]X-HDQ$PpU\*|WWLQJHQ6²KLHU6   -HDQ$PpU\:HUNH%G'LH6FKLIIEUFKLJHQ/HIHXRGHU'HU$EEUXFK6WXWWJDUW6  .HUWpV] $QP 6  9JO.HUWpV] $QP 6Å>«@VFKUHLEHQKHL‰WVRYLHOZLHEHUVLFKULFKWHQ,P6WFN YHUXUWHLOHLFKPLFK]XP7RGH GDVWXHLFKLQMHGHP:HUNLFKVWHUEHXQHQWZHJW IDOOVLFK GDV8UWHLOEHUOHEHZHUGHLFKZHLWHUIOLHKHQQHXHQ7RGHQHQWJHJHQ>«@´  .HUWpV] $QP 6  9JOKLHU]X.HUWpV] $QP 6Å8QWHUGHQXQ]lKOLJHQ%FKHUQPLWJOHLFKHP6XMHW ILQGHQVLFKGRFKQXUJDQ]ZHQLJHGLHZLUNOLFKLPVWDQGHVLQGGDVXQYHUJOHLFKOLFKH(UOHEQLV GHU1D]L7RGHVODJHUDXWKHQWLVFK]XEHVFKUHLEHQ$EHUDXFKXQWHUGLHVHQ$XVQDKPHDXWRUHQ VDJHQYLHOOHLFKWGLH(VVD\VYRQ-HDQ$PpU\DPPHLVWHQGDUEHU´ +HUYRUKHEXQJ$0 



$QGUHH0LFKDHOLV

$XWRUV]XUFN:DVNRQ]LSLHUWZDUDOVHLQILNWLRQDOHU7H[WGHUVLFKGLH %LRJUDSKLH GHV 0DOHUV (ULFK 6FKPLG ]XU 9RUODJH QDKP KDW GHQ $XWRU OHW]WHQ (QGHV PLW HLQHU IDVW ]ZDQJVOlXILJHQ =LHOVWUHELJNHLW ZLHGHU HLQJH KROW *DQ] H[SOL]LW IKUW $PpU\ GLHV DEVFKOLH‰HQG ]X GHU )RUGHUXQJ ÅHLQ MHGHV OLWHUDULVFKH>V@ *HELOGH >VROOH@ GXUFK HLQH 5HIOH[LRQ GHV 9HUIDV VHUVHUJlQ]WZHUGHQ´MDHUEH]HLFKQHWGLHVHDXWRELRJUDSKLVFKH5HIOH[LRQ VRJDUDOVÅGDVLP:RUWVLQQ(LJHQWOLFKHGHV7H[WHVVHLQHVXEMHNWLYH$XWKHQ WL]LWlW´ GLH IU LKQ DEVROXW LP =HQWUXP VWHKW $PpU\ EOHLEW GDPLW JOHLFKZRKO LQ HLQHP HLQGHXWLJ UHIHUHQ] XQG ZDKUKHLWVEH]RJHQHQ 9HU VWlQGQLVGHV%HJULIIV ,PUH .HUWpV] GDJHJHQ VFKUHLEW OLWHUDULVFKH 7H[WH $OOH VHLQH :HUNH DXFK GLH DXWRELRJUDSKLVFKVWHQ DXFK VHLQ %HULFKW DXV GHP /DJHU VHOEVW GDV,QWHUYLHZ'RVVLHU.  EH]HLFKQHWHUDOV5RPDQH'HQQHVLVWGLH /LWHUDWXUGLHLKPKLOIWGLHW|GOLFKH$XWKHQWL]LWlWVHLQHV'DVHLQVDOVhEHU OHEHQGHU]XEHUOLVWHQÅ>,@FKZROOWHLPPHUVWHUEHQXQGVFKULHEVWDWWGHV VHQLPPHUHLQ%XFK>«@´7|GOLFKLVWGLHVH$XWKHQWL]LWlWDXFKGHVKDOE ZHLOVLHZLHLP)DOOH$PpU\VDOOHLQGLH/JHQKDIWLJNHLWXQG6LQQORVLJNHLW HLQHU:HOWDXI]HLJHQZLUGGLHXQGXUFKVFKDXEDULVW,Q/LTXLGDWLRQYHUVLQQ ELOGOLFKW GLHV GLH YHUVFKDFKWHOWH 6WUXNWXU GHU 7H[WHV Å'LH ([LVWHQ]EDVLV GHV7KHDWHUVWFNV´Å/LTXLGDWLRQ´VRKHL‰WHVLQHLQHP0HWD.RPPHQWDU GHV7H[WHV LVW HLQ 5RPDQ 'LH :LUNOLFKNHLW GHV :HUNV LVW DOVR HLQ DQGHUHV :HUN 'D]X NRPPWGD‰ZLUGLHVHVDQGHUH:HUN²GHQ5RPDQ²QLFKWHLQPDODOVHLQYROOVWlQ GLJHV *DQ]HV NHQQHQ (V HEHQVRZHQLJ NHQQHQ ZLH GLH 6FK|SIXQJ (V LVW DOVR JOHLFKHUZHLVHREVNXUZLHGLHXQVJHJHEHQH:HOWGLHZLUPLWDQGHUHP1DPHQGLH :LUNOLFKNHLWQHQQHQ /L 

:HQQ.HVHUťGHQQRFKYHU]ZHLIHOWQDFKGHP5RPDQWH[WVXFKWGDPLWHU HUIlKUWÅZDUXP%JHVWRUEHQLVW´ /L GDQQVWHFNWGDKLQWHUDXFKGDV 9HUODQJHQ QDFK 2ULHQWLHUXQJ XQG +LOIH :DV HU ]X ZLVVHQ DQVWUHEW LVW QLFKWV*HULQJHVQlPOLFKÅREHVPLUZHQQHUJHVWRUEHQLVWQRFKHUODXEW BBBBBBBBBBBBBB 

 'HU JDQ]H 7H[W ELUJW DXWRELRJUDSKLVFKH (OHPHQWH ([SOL]LW ZHUGHQ GLHVH DOOHUGLQJV HUVW QDFKGHP/HIHXHLQH(SLSKDQLHHUOHEWDOVHULQGHU0LWWHGHVIQIWHQ.DSLWHOVGLH*DVYRU NRPPHQORX*D]GH/DFTHUEOLFNW Å'LHURWH0W]H´YJO$PpU\:HUNH%G>$QP@ 6II  %HVRQGHUV SUlJQDQW VWHFKHQ LQ GHQ GDUDXIIROJHQGHQ 3DVVDJHQ LQV $XJH HLQH 5HPLQLV]HQ]DQGDV/DJHU*XUV YJOHEG6XQG GLHZRUWZ|UWOLFKH:LHGHUKROXQJ GHV(VVD\7LWHOVÅ:LHYLHO+HLPDWEUDXFKWGHU0HQVFK"´ HEG6 VRZLHGHUYHUERUJH QH +LQZHLV DXI GDV EHL GHU (ULQQHUXQJ DQ $XVFKZLW] ÅVLFK UHJ>HQGH@´ Å6FKXOWHUJHOHQN´ HEG6   $PpU\ VSULFKW GDKHU YRQ GHP ÅHZLJ $XWRELRJUDSKLVFKH>Q@ GHP ]X HQWULQQHQ LFK RIIHQ VLFKWOLFKQLFKWIlKLJZDU´ $PpU\:HUNH%G>$QP@6   $PpU\:HUNH%G $QP 6  .HUWpV] $QP 6

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



LVW ]X OHEHQ´ /L   'HU 7H[W /LTXLGDWLRQ UHDJLHUW VRPLW DXFK DXI GLH DOOJHPHLQH6LQQNULVHQDFK$XVFKZLW]ZHOFKHhEHUOHEHQGHZLH=HLWJHQRV VHQ]XJOHLFKEHWULIIW'LH)UDJHGLH.HVHUťXQGPLWLKPGHU/HVHUDQGLH hEHUOHEHQGHQ VWHOOW LVW VRPLW GLH )UDJH GDQDFK ZLH GDV /HEHQ QDFK $XVFKZLW] ]X EHZlOWLJHQ LVW (V JHKW PLW HLQHP :RUW .HUWpV]· GDV ]X JOHLFK DOV 8QWHUWLWHO VHLQHV $XIVDW]HV EHU -HDQ $PpU\ ILUPLHUW XP GHQ Å+RORFDXVWDOV.XOWXU´2EDEHU$XVFKZLW]]XHLQHPWDWVlFKOLFKHQNXO WXUHOOHQÄ:HUW¶DYDQFLHUWOLHJWQLFKW PHKU LQGHQ+lQGHQGHUhEHUOHEHQ GHQ(VEHWULIIWQXQXQVGLH/HVHQGHQREGLH(ULQQHUXQJDQGLH9HUIRO JXQJXQG9HUQLFKWXQJGHUHXURSlLVFKHQ-XGHQLQ.LWVFKVLFKDXIO|VWJDQ] LQ9HUJHVVHQKHLWJHUlWRGHUREVLHDOVVFKXOGEHODGHQH:XQGH7HLOXQVHUHV HLJHQHQ'DVHLQVZLUG'HU5RPDQVNL]]LHUW]XOHW]WDOOHGUHL6]HQHULHQ'LH Å:XQGH WUDJHQ´ /L   ZLOO DP (QGH GHV 7H[WHV -XGLW %V ([)UDX .HVHUť GDJHJHQ HQWGHFNW LP $QEOLFN GHU 2EGDFKORVHQ HLQHQ ]ZLHVSlOWL JHQ/HEHQVHQWZXUIGHV/HEHQVLPÅ=XVWDQGGDXHUQGHU*HJHQZDUW´XQG RKQH (ULQQHUXQJHQ YJO /L   GHQ HU RIIHQEDU DXFK IU VLFK VHOEVW P|JOLFKKlOW YJO/L $OV.LWVFKVFKOLH‰OLFKEH]HLFKQHWVFKRQIUKHU %VHOEVWVHLQH*HVFKLFKWH YJO/L GLH]ZHLWH)DVVXQJGHV6FKOXVVHV YRQÅ/LTXLGDWLRQ´VLHKWIHUQHUHLQ(QGHLQHLQHPK\VWHULVFKHQ/LHEHVIHVW ]ZLVFKHQ -XGLW XQG LKUHP ]ZHLWHQ 0DQQ ÉGiP YRU YJO /L I  .HUWpV]·5RPDQDEHUGHUGLHVHGUHL0|JOLFKNHLWHQHQWZLUIWHQGHWPLWGHU 8QHQWVFKORVVHQKHLW RGHU 8QZLOOLJNHLW .HVHUťV HLQH (QWVFKHLGXQJ ]X IlOOHQ2EHUÅZHLWHUJHKHQ´RGHUDOOH%HPKXQJHQDEEUHFKHQZLUGOlVVW GHU7H[W]XOHW]WJDQ]H[SOL]LWRIIHQ YJO/L  ,QDXWKHQWLVFKPDJGLH6WUXNWXUGHV%XFKHV/LTXLGDWLRQHUVFKHLQHQLQVR IHUQ GDULQ NDXP HLQGHXWLJ HLQHU 6WLPPH 2ULJLQDOLWlW (FKWKHLW XQG 9HU ELQGOLFKNHLW]X]XVFKUHLEHQLVW'RFKZLUGJHUDGHGLHVDOVDXWKHQWLVFKH+DO WXQJ HLQHV $XWRUV YHUVWHKEDU GHU ² EHGURKW YRP 7UDXPD VHLQHU (UIDKUXQJHQ XQG LP VWlQGLJHQ (LQJHGHQNHQ GHV 7RGHV ² ZHLWHU]XOHEHQ YHUVXFKW RKQH VHLQH ,GHQWLWlW LQ DOOHU 2IIHQKHLW EOR‰]XOHJHQ XQG RKQH GHILQLWLYH$QWZRUWHQOLHIHUQ]XPVVHQZRYLHOOHLFKWNHLQHJHIXQGHQZHU GHQ N|QQHQ 8P GLHV DEHU ]X HUUHLFKHQ SURGX]LHUW HU SDUDGR[H ZLGHU VSUFKOLFKH 6WUXNWXUHQ XQG ILQGHW GDPLW =XIOXFKW DOOHLQ LQ HLQHP 'LV BBBBBBBBBBBBBB 

 $Q HLQHU DQGHUHQ 6WHOOH KHL‰W HV JDQ] lKQOLFK Å,FK PX‰ GDUDXV >DXV GHP :HUN GDV % KLQWHUODVVHQ KDW $0@ HUIDKUHQ RE LFK LKP IROJHQ PX‰ RGHU RE LFK QRFK HLQH DQGHUH :DKOKDEH´ /L   9JO.HUWpV] $QP VLHKHGRUWXD6IÅ'DVhEHUOHEHQLVWQLFKWQXUGDVSHUV|QOL FKH 3UREOHP GHU hEHUOHEHQGHQ GHU ODQJH GXQNOH 6FKDWWHQ GHV +RORFDXVW OHJW VLFK EHU GLH JHVDPWH =LYLOLVDWLRQ LQ GHU HU JHVFKDK>@ XQG GLH ZHLWHUOHEHQ PX‰ PLW GHP *HZLFKW XQGGHQ)ROJHQGHU*HVFKHKQLVVH´  9JOGD]XGHQ6FKOXVVYRQ'RVVLHU.Å,FKVHKHEHUDOO:LGHUVSUFKH$EHULFKOLHEH:L GHUVSUFKH´ .HUWpV]>$QP@6 



$QGUHH0LFKDHOLV

NXUVGHUMHGHQUHIHUHQ]LHOOHQHEHQVRZLHMHGHQHLQGHXWLJHQ$XWKHQWL]LWlWV DQVSUXFK ]X VXVSHQGLHUHQ YHUPDJ GHU HV LKP HUODXEW DXWKHQWLVFK ]X VFKUHLEHQRKQH$XWKHQWLVFKHV]XVFKUHLEHQLQGHU/LWHUDWXU6RKHL‰WHV LQHLQHU6FKOVVHOV]HQHDXV/LTXLGDWLRQ 'RFKLFKJODXEHDQGLH/LWHUDWXU$QQLFKWVVRQVWHLQ]LJXQGDOOHLQDQGLH/LWHUD WXU 'LH 0HQVFKHQ OHEHQ ZLH GLH :UPHU DEHU VLH VFKUHLEHQ ZLH GLH *|WWHU (LQVWZDUHVHLQEHNDQQWHV*HKHLPQLVKHXWHLVWHVLQ9HUJHVVHQKHLWJHUDWHQ'LH :HOWEHVWHKWDXV6FKHUEHQGLHDXVHLQDQGHUIDOOHQVLHLVWHLQGXQNOHV]XVDPPHQ KDQJORVHV&KDRVDOOHLQYRP6FKUHLEHQ]XVDPPHQJHKDOWHQ'D‰GXHLQH9RUVWHO OXQJYRQGHU:HOWKDVWGD‰GXZHL‰WZDVDOOHVLQGHU:HOWJHVFKHKHQLVWMDGD‰ GXEHUKDXSWHLQH:HOWKDVWGDVDOOHVKDWGDV6FKUHLEHQIUGLFKHUVFKDIIHQXQGHU VFKDIIW HV XQXQWHUEURFKHQ HV LVW GHU XQVLFKWEDUH 6SLQQHQIDGHQ GHU XQVHU DOOHU /HEHQ]XVDPPHQKlOWGHU/RJRV /L 

/LWHUDWXU $GRUQR 7KHRGRU : Å:|UWHU DXV GHU )UHPGH´ LQ 'HUV 1RWHQ ]XU /LWHUDWXU )UDQNIXUWD06² $JDPEHQ*LRUJLR:DVYRQ$XVFKZLW]EOHLEW'DV$UFKLYXQGGHU=HXJH)UDQNIXUWD0  $PpU\-HDQ:HUNH%G'LH6FKLIIEUFKLJHQ/HIHXRGHU'HU$EEUXFK6WXWWJDUW ³ :HUNH%G-HQVHLWVYRQ6FKXOGXQG6KQH8QPHLVWHUOLFKH:DQGHUMDKUHgUWOLFKNHLWHQ 6WXWWJDUW ³ :HUNH%GhEHUGDV$OWHUQ+DQGDQVLFKOHJHQ6WXWWJDUW *HQHWWH*pUDUG'LH(U]lKOXQJ0QFKHQ +HLGHOEHUJHU/HRQDUG,UHQH-HDQ$PpU\5HYROWHLQGHU5HVLJQDWLRQ%LRJUDSKLH6WXWWJDUW  .DEOLW]$QGUHDVÅ/LWHUDWXU)LNWLRQXQG(U]lKOXQJ²QHEVWHLQHP1DFKUXIDXIGHQ (U]lKOHU´ LQ ,ULQD 2 5DMHZVN\ 8OULNH 6FKQHLGHU +UVJ  ,P =HLFKHQ GHU )LNWLRQ$VSHNWHILNWLRQDOHU5HGHDXVKLVWRULVFKHUXQGV\VWHPDWLVFKHU6LFKW)HVWVFKULIWIU .ODXV:+HPSIHU]XP*HEXUWVWDJ6WXWWJDUW6² .DOLVN\ $XUpOLD Å$YLV GH GpPROLWLRQ,QYHQWDLUH DYDQW OLTXLGDWLRQ -HDQ $PpU\ HQ GLDORJXHDYHF,PUH.HUWpV]´LQ-UJHQ'ROO +UVJ -HDQ$PpU\ ²  'HO·H[SpULHQFHGHVFDPSVjO·pFULWXUHHQJDJpH3DULV6² .HUWpV] ,PUH Å'LH 3DQQH 'HU +RORFDXVW DOV .XOWXU´ LQ 6WHSKDQ 6WHLQHU +UVJ  -HDQ$PpU\>+DQV0DLHU@%DVHO)UDQNIXUWD06² ³ .DGGLVFKIUHLQQLFKWJHERUHQHV.LQG5HLQEHNE+DPEXUJ ³ ,FK²HLQDQGHUHU%HUOLQ ³ 5RPDQHLQHV6FKLFNVDOORVHQ5HLQEHNE+DPEXUJ ³ *DOHHUHQWDJHEXFK5RPDQ5HLQEHNE+DPEXUJ ³ /LTXLGDWLRQ)UDQNIXUWD0 ³ 'RVVLHU.(LQH(UPLWWOXQJ5HLQEHNE+DPEXUJ .QDOOHU6XVDQQH(LQ:RUWDXVGHU)UHPGH*HVFKLFKWHXQG7KHRULHGHV%HJULIIV$XWKHQWL]LWlW +HLGHOEHUJ

$XWKHQWLVFKHV(U]lKOHQQDFKGHU6KRDK



.QDOOHU 6XVDQQH +DUUR 0OOHU Å$XWKHQWLVFK$XWKHQWL]LWlW´ LQ .DUOKHLQ] %DUFN XD +UVJ  bVWKHWLVFKH *UXQGEHJULIIH %G 6XSSOHPHQWH 5HJLVWHU 6WXWWJDUW :HLPDU6² /DQJHU /DZUHQFH Å0HPRU\·V 7LPH &KURQRORJ\ DQG 'XUDWLRQ LQ +RORFDXVW 7HVWLPRQLHV´ LQ 'HUV $GPLWWLQJ WKH +RORFDXVW &ROOHFWHG (VVD\V 2[IRUG  6² /HYL3ULPRÄ,FKVXFKHQDFKHLQHU/|VXQJDEHULFKILQGHVLHQLFKW¶3ULPR/HYLLP*HVSUlFKPLW )HUGLQDQGR&DPRQ0QFKHQ=ULFK /RUHQ] 'DJPDU Å5HYLGLHUWH ,GHQWLWlW -XGHQWXP DOV 3UREOHP GHU ,GHQWLWlWVILQGXQJ EHL-HDQ$PpU\´LQ0DWWKLDV%RUPXWK6XVDQ1XUPL6FKRPHUV +UVJ .ULWLN DXV3DVVLRQ6WXGLHQ]X-HDQ$PpU\*|WWLQJHQ6² 0DUWtQH] 0DWtDV Å=XU (LQIKUXQJ $XWKHQWL]LWlW XQG 0HGLDOLWlW LQ NQVWOHULVFKHQ 'DUVWHOOXQJHQ GHV +RORFDXVW´ LQ 'HUV +UVJ  'HU +RORFDXVW XQG GLH .QVWH 0HGLDOLWlW XQG $XWKHQWL]LWlW YRQ +RORFDXVW'DUVWHOOXQJHQ LQ /LWHUDWXU )LOP 9LGHR 0DOHUHL'HQNPlOHUQ&RPLFXQG0XVLN%LHOHIHOG6² 0LFKDHOLV$QGUHHÅ'LH$XWRULWlWXQG$XWKHQWL]LWlWGHU=HXJQLVVHYRQhEHUOHEHQGHQ GHU 6KRDK (LQ %HLWUDJ ]XU 'LVNXUVJHVFKLFKWH GHU )LJXU GHV =HXJHQ´ LQ 6LE\OOH6FKPLGW6\ELOOH.UlPHU5DPRQ9RJHV +UVJ 3ROLWLNGHU=HXJHQVFKDIW =XU.ULWLNHLQHU:LVVHQVSUD[LV%LHOHIHOG6² 5HHPWVPD -DQ 3KLOLSS Å'LH 0HPRLUHQ hEHUOHEHQGHU (LQH /LWHUDWXUJDWWXQJ GHV -DKUKXQGHUWV´0LWWHOZHJ  6² 5|WWJHUV.XUW5HLQKDUG)DELDQÅ$XWKHQWLVFK´LQ-RDFKLP5LWWHU +UVJ +LVWRULVFKHV :|UWHUEXFKGHU3KLORVRSKLH%G$²&'DUPVWDGW6²





.$,63$1.( %(5/,1 

$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJLQ+XJRYRQ +RIPDQQVWKDOV'LH%ULHIHGHV=XUFNJHNHKUWHQ  (LQIDYRULVLHUWHU*HJHQVWDQGJHUPDQLVWLVFKHU/LWHUDWXUZLVVHQVFKDIWLVWGLH XPYLUXOHQWH7KHPDWLNGHU6SUDFKNULVH'HULQGLHVHP=XVDPPHQ KDQJIUDJORVEHUKPWHVWH7H[WLVW+XJRYRQ+RIPDQQVWKDOVVRJHQDQQWHU &KDQGRV%ULHI GHU  XQWHU GHP VFKOLFKWHQ 7LWHO (LQ %ULHI HUVFKLHQ ,Q LKP VFKLOGHUW 3KLOLSS /RUG &KDQGRV ZLH HU PLW GHP =HUIDOO GHU (LQKHLW YRQ,FK1DWXUXQG*HVHOOVFKDIWLQHLQHVFKZHUH3HUV|QOLFKNHLWVNULVHJH UlW 8QJHDFKWHW VHLQHU RIIHQNXQGLJHQ (ORTXHQ] NRPPW &KDQGRV ]X IRO JHQGHP %HIXQG Å(V LVW PLU Y|OOLJ GLH )lKLJNHLW DEKDQGHQ JHNRPPHQ EHULUJHQGHWZDV]XVDPPHQKlQJHQG]XGHQNHQRGHU]XVSUHFKHQ´6HL QH,FK'LVVR]LDWLRQZLUGMHGRFKLPPHUZLHGHUGXUFKSO|W]OLFKXQG]XIlO OLJHLQVHW]HQGH$XJHQEOLFNVHSLSKDQLHQDXIJHIDQJHQ6LHVLQGGDV5HVXOWDW EDQDOHU$OOWDJVHUVFKHLQXQJHQÅ(LQH *LH‰NDQQHHLQHDXIGHP)HOGHYHU ODVVHQH(JJHHLQ+XQGLQGHU6RQQHHLQlUPOLFKHU.LUFKKRIHLQ.US SHO´RGHUÅHLQNOHLQHV%DXHUQKDXV´N|QQHQGLHÅJXWHQ$XJHQEOLFNH´YROO ÅK|KHUHQ/HEHQV´KHUEHLIKUHQ %LV KHXWH LVW GHU &KDQGRV%ULHI LP OLWHUDWXUZLVVHQVFKDIWOLFKHQ 'LVNXUV GHUXQDQJHIRFKWHQH5HIHUHQ]WH[W]XP3UREOHPGHU6SUDFKNULVHXQGGDV REZRKO+RIPDQQVWKDOLQHLQHUDQGHUHQ%ULHIHU]lKOXQJHLQJDQ]lKQOLFKHV .ULVHQXQG5HWWXQJVV]HQDULRHQWZLUIW$XFK'LH%ULHIHGHV=XUFNJHNHKUWHQ ²  HQWVWDQGHQ XQG )UDJPHQW JHEOLHEHQ ² KDQGHOQ YRQ HLQHU 6SUDFKNULVHGLHVLFK]XUXPIDVVHQGHQ'LVVR]LDWLRQHQWZLFNHOWXQGGXUFK HLQ Å(UOHEQLV GHV 6HKHQV´ JHVWRSSW ZLUG 'LH )RUVFKXQJ KDW GHQ 7H[W BBBBBBBBBBBBBB 

  

+XJRYRQ+RIPDQQVWKDOÅ(LQ%ULHI´6lPWOLFKH:HUNH.ULWLVFKH$XVJDEHKUVJYRQ5XGROI +LUVFK &KULVWRSK 3HUHOV +HLQ] 5|OOHNH )UDQNIXUW D 0  %G ;;;, (UIXQGHQH *H VSUlFKHXQG%ULHIHKUVJYRQ(OOHQ5LWWHU6²KLHU6 +RIPDQQVWKDO $QP 6 8QWHU GHP 7LWHO Å'DV (UOHEQLV GHV 6HKHQV´ ZXUGHQ GLH %ULHIH,9 XQG 9 DP  )HEUXDU LQGHU=HLWVFKULIW.XQVWXQG.QVWOHUJHGUXFNW'LH%ULHIH,,,XQG,,,HUVFKLHQHQDP -XQL-XOLXQG$XJXVWLQGHUYRQ+RIPDQQVWKDOPLWKHUDXVJHJHEHQHQ0R QDWVVFKULIW 0RUJHQ =XU 3ODQXQJ XQG (QWVWHKXQJ GHU %ULHIH YJO (OOHQ 5LWWHU Å+XJR YRQ +RIPDQQVWKDO Ä'LH %ULHIH GHV =XUFNJHNHKUWHQ¶´ -DKUEXFK GHV IUHLHQ GHXWVFKHQ +RFKVWLIWV  6²

 

.DL6SDQNH

YRUDOOHPDOV.XOWXUNULWLNDOV.RPPHQWDU]XUVHPLRWLVFKHQ$OWHULWlW]ZL VFKHQ%LOGXQG6SUDFKHXQGDOV0HGLWDWLRQEHUGHQ$XJHQEOLFNJHOHVHQ (LQH .DWHJRULH MHGRFK GHUHQ 5HOHYDQ] VLFK LQ GHQ %ULHIHQ LPPHU ZLHGHU DE]HLFKQHWLVWGDEHLGHXWOLFKXQWHUUHSUlVHQWLHUW$XWKHQWL]LWlW /HLWPRWLYLVFK QLPPW GHU YRQ VHLQHQ 5HLVHQ ]XUFNJHNHKUWH .DXI PDQQ %H]XJ DXI GLH :DKUKDIWLJNHLW H[RWLVFKHU .XOWXUHQ Å>-@HGHV )UDX HQELOG XQG %LOG YRQ *UHLV XQG 0DQQ XQG -QJOLQJ UHLFKHP 0DQQ XQG DUPHP /D]DUXV MHGHV ZDU DXV HLQHP *X‰ XQG YHUWUXJ GLH LQQHUH :DKU KHLWGDUDQLFKHVPD‰´'DV)UHPGHDOVGDVJDQ]$QGHUHZLUG]X%HJLQQ GHV-DKUKXQGHUWVLPPHUQRFKPLWXUVSUQJOLFKHU*DQ]KHLWXQG9LWDOL WlWDVVR]LLHUWPDQLPDJLQLHUWHVDOV+RUWGHVDXWKHQWLVFKHQ:HOWHUOHEHQV 'LH 9RU]JH GHV )UHPGHQ JHJHQEHU GHU HXURSlLVFKHQ 5HDOLWlW ZHUGHQ HEHQIDOOV YRP =XUFNJHNHKUWHQ EHQDQQW Å>%@LQ LFK ZLUNOLFK XQWHU KDOE EOWLJHQ3IHUGHKLUWHQXQGXQWHUQDFNWHQ,QVXODQHUQVRYHUZ|KQWZRUGHQ GD‰ PLU LQ 6DORQV GDKLHU XQG %DQNHWWVlOHQ XQG &RQIHUHQ]]LPPHUQ PDQFKPDOYRU8QEHKDJHQEHOZLUG"´   1HEHQGLHVHULP:HLWHUHQVWHWVPLWJHGDFKWHQXQGDXVGHP.XOWXUYHU JOHLFKJHERUHQHQ$XWKHQWL]LWlWVDXIIDVVXQJGHVSRVLWLYEHVHW]WHQ)UHPGHQ JLEWHVLQGHQ%ULHIHQGHV=XUFNJHNHKUWHQYLHU*UXQGHEHQHQDXIGHQHQ$X BBBBBBBBBBBBBB 



9JO ]% 6XVDQQH 6FKDUQRZVNL Å)XQNWLRQHQ GHU .ULVH .XOWXUNULWLN 3V\FKRSDWKRORJLH XQGlVWKHWLVFKH3URGXNWLRQLQ+XJRYRQ+RIPDQQVWKDOVÄ%ULHIHQGHV=XUFNJHNHKUWHQ¶´ LQ 6WHSKDQ 3RURPEND 6XVDQQH 6FKDUQRZVNL +UVJ  3KlQRPHQH GHU 'HUHDOLVLHUXQJ :LHQ 6²  9JO]%6DELQH6FKQHLGHUÅÄ)DUEH)DUEH0LULVWGDV:RUWMHW]WDUPVHOLJ¶(LQHPHGLDOH 5HIOH[LRQVILJXU EHL +RIPDQQVWKDO´ LQ +HOPXW 3IRWHQKDXHU :ROIJDQJ 5LHGHO 6DELQH 6FKQHLGHU +UVJ  3RHWLN GHU (YLGHQ] 'LH +HUDXVIRUGHUXQJ GHU %LOGHU LQ GHU /LWHUDWXU XP  :U]EXUJ6²  9JO]%-XOLD6+DSSÅÄ$XJHQEOLFNH¶6RPH5HIOHFWLRQVRQ2FXODU0RPHQWVLQWKH3URVH RI +RIPDQQVWKDO DQG 5LONH´ LQ 'DQLHO /DPEDXHU 0DULH ,VDEHO 6FKOLQ]LJ $ELJDLO 'XQQ +UVJ )URP0DJLF&ROXPQVWR&\EHUVSDFH7LPHDQG6SDFHLQ*HUPDQ/LWHUDWXUH$UWDQG7KHRU\ 0QFKHQ6²  =XU *HVFKLFKWH 7KHRULH XQG 5HLFKZHLWH GHV$XWKHQWL]LWlWVEHJULIIV YJO 6XVDQQH .QDOOHU (LQ:RUWDXVGHU)UHPGH*HVFKLFKWHXQG7KHRULHGHV%HJULIIV$XWKHQWL]LWlW+HLGHOEHUJ  'HU$XWKHQWL]LWlWVEHJULIIHQW]LHKWVLFKMHGHUVWDWLVFKHQ'HILQLWLRQZLUGMHGRFKDOOHQWKDOEHQ PLWWHOVGHU6\QRQ\PHÅ8QPLWWHOEDUNHLW8QYHUIlOVFKWKHLW8QYHUVWHOOWKHLW:DKUKDIWLJNHLW´ ]XIDVVHQYHUVXFKW6XVDQQH.QDOOHUÅ*HQHDORJLHGHVlVWKHWLVFKHQ$XWKHQWL]LWlWVEHJULIIV´ LQ 'LHV +DUUR 0OOHU +UVJ  $XWKHQWL]LWlW 'LVNXVVLRQ HLQHV lVWKHWLVFKHQ %HJULIIV 0QFKHQ 6²KLHU6  +XJR YRQ +RIPDQQVWKDO Å'LH %ULHIH GHV =XUFNJHNHKUWHQ´ 6lPWOLFKH :HUNH .ULWLVFKH $XVJDEHKUVJYRQ5XGROI+LUVFK&KULVWRSK3HUHOV+HLQ]5|OOHNH)UDQNIXUWD0 %G ;;;, (UIXQGHQH *HVSUlFKH XQG %ULHIH KUVJ YRQ (OOHQ 5LWWHU 6² KLHU 6 1DFKZHLVHNQIWLJPLWEOR‰HU6HLWHQDQJDEHXQPLWWHOEDULP7H[W  9JO 0LFKDHO 5|VVQHU Å/DWHLQDPHULNDYLVLRQHQ LP IUKHQ -DKUKXQGHUW´ LQ *XVWDY 6LHEHQPDQQ+DQV-RDFKLP.|QLJ +UVJ 'DV%LOG/DWHLQDPHULNDVLPGHXWVFKHQ6SUDFKUDXP (LQ$UEHLWVJHVSUlFKDQGHU+HU]RJ$XJXVW%LEOLRWKHN:ROIHQEWWHO²0lU]7ELQJHQ 6²KLHU6



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



WKHQWL]LWlWLP6LQQHHLQHUlVWKHWLVFKHQ(LJHQVFKDIWUHOHYDQWZLUG,Q$QOHK QXQJDQ0DWtDV0DUWtQH]ZLUGXQWHUVFKLHGHQ]ZLVFKHQ*HVWDOWXQJ5HIH UHQ]8UKHEHUVFKDIWXQG)XQNWLRQ'LHNDWHJRULDOHQ8QWHUVFKLHGHGLHVHU %HGHXWXQJVHEHQHQPDFKHQGHXWOLFKGDVV$XWKHQWL]LWlWKLHUQLFKWRQWROR JLVFK ² LP 6LQQH HLQHU XQVWULWWLJHQ 2EMHNWHLJHQVFKDIW ² VRQGHUQ DOOHLQ UHODWLRQDO²DOVSRO\UHIHUHQWLHOOHV3KlQRPHQ²JHGDFKWZHUGHQNDQQ$XI DOOHQYLHU(EHQHQVRGLH7KHVHWULWW$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ LQ (UVFKHLQXQJ 'HU $VSHNW GHU *HVWDOWXQJ XPIDVVW 'DUVWHOOXQJVVWUDWH JLHQ+RIPDQQVWKDOLQV]HQLHUWVHLQHQ7H[WLQ%ULHIHQXQGZlKOWGDPLWHLQ 0HGLXP GHU 6HOEVWEHJHJQXQJ XQG EHZXVVWZHUGXQJ $OV XQPLWWHOEDUHU $XVGUXFNGHV,FKVPLQLPLHUWGHU%ULHIGLH'LIIHUHQ]]ZLVFKHQGHP,QQHQ OHEHQGHV6FKUHLEHUVXQGGHU5HSUlVHQWDWLRQGLHVHV,QQHQOHEHQV5HIHUHQ WLHOOH $XWKHQWL]LWlW KHUUVFKW GRUW ZR NRQNUHWH KLVWRULVFKH 3HUVRQHQ XQG (UHLJQLVVHEHQDQQWZHUGHQ,QGHQ%ULHIHQVLQGGLHVLQHUVWHU/LQLH9LQFHQW YDQ *RJK XQG $OEUHFKW 'UHU ,KUH 1HQQXQJ UHGX]LHUW GLH 'LIIHUHQ] ]ZLVFKHQ 5HDOLWlW XQG lVWKHWLVFKHP .RQVWUXNW 'HU 8UKHEHU HLQHV .XQVWZHUNV LVW LP 5DKPHQ GHU 'LVNXVVLRQ XP $XWKHQWL]LWlW LQVRIHUQ ZLFKWLJ DOV VHLQH EHVRQGHUH 4XDOLILNDWLRQ GLH *UXQGODJH ZDKUKDIWLJHU .XQVWDEJLEW:LHEHLGHU5HIHUHQ]VLQGDXFKKLHU'UHUXQGYDQ*RJK GLH]HQWUDOHQ*HZlKUVPlQQHU,P)DOOYDQ*RJKVZLUGVLFK]HLJHQGDVV HVNHLQH'LIIHUHQ]JLEW]ZLVFKHQGHPZDVHUVFKDIIWXQGGHPZDVHULVW 6FKOLH‰OLFKN|QQHQ.XQVWZHUNHLKUH$XWKHQWL]LWlWEHUGLHLKUHU)XQNWLRQ ]XJUXQGH OLHJHQGH :LUNXQJ OHJLWLPLHUHQ 'LH %LOGHU YDQ *RJKV EHUHLWHQ GHP=XUFNJHNHKUWHQTXDVLVDNUDOH$XJHQEOLFNHUHLQJHJHQZlUWLJHU.RQ WHPSODWLRQ XQG HQWGLIIHUHQ]LHUWHU 7RWDOLWlW $XI GHU *HVWDOWXQJVHEHQH ZLUG $XWKHQWL]LWlW GHPQDFK GLVNXUVLY ILQJLHUW GLH $VSHNWH GHU 5HIHUHQ] 8UKHEHUVFKDIWXQG)XQNWLRQIDOOHQLQGHQ%HUHLFKGHU'LHJHVH 'HU HUVWH 7HLO GHU hEHUOHJXQJHQ JLOW GHU *HVWDOWXQJ 'DEHL ELOGHQ WKHRUHWLVFKH 3RVLWLRQHQ GLH VLFK VRZRKO DXI $OOWDJVEULHIH ZLH DXI HUIXQ GHQH%ULHIHEH]LHKHQGLH)ROLHYRUGHUIRUPDOlVWKHWLVFKH*HVLFKWVSXQNWH XQG,PSOLNDWLRQHQGHV6SUHFKPRGXVXQWHUVXFKWZHUGHQ,P]ZHLWHQ7HLO ZLUG GLH .ULVH GHV =XUFNJHNHKUWHQ UHNDSLWXOLHUW GD GLH $QDO\VH LKUHU 6\PSWRPHXQGLKUHV9HUODXIVJUXQGOHJHQGLVWIUGDV9HUVWlQGQLV VHLQHU BBBBBBBBBBBBBB 

 9JO 0DWtDV 0DUWtQH] Å=XU (LQIKUXQJ $XWKHQWL]LWlW XQG 0HGLDOLWlW LQ NQVWOHULVFKHQ 'DUVWHOOXQJHQGHV+RORFDXVW´LQ'HUV +UVJ 'HU+RORFDXVWXQGGLH.QVWH0HGLDOLWlWXQG $XWKHQWL]LWlWYRQ+RORFDXVW'DUVWHOOXQJHQLQ/LWHUDWXU)LOP9LGHR0DOHUHL'HQNPlOHUQ&RPLFXQG 0XVLN%LHOHIHOG6²KLHU6II  =XU8QWHUVFKHLGXQJ]ZLVFKHQRQWRORJLVFKHUXQGUHODWLRQDOHU$XWKHQWL]LWlWYJOGHQ%HLWUDJ YRQ/XNDV:HUQHULG%DQG]X$XWKHQWL]LWlWDOVUHODWLRQDOHPXQGGLVNXUVLYHP3KlQRPHQ YJO$QWRQLXV:HL[OHUV(LQOHLWXQJLG%DQG  'LH YRQ 0DUWtQH] IU GLH NRQNUHWH VR]LDOH 6LWXDWLRQ YRUJHVFKODJHQHQ .DWHJRULHQ ZHUGHQ KLHULQGLHHU]lKOWH:HOWYHUOHJW$OOHLQGLH.DWHJRULHGHU5HIHUHQ]EOHLEWDXI$X‰HUlVWKHWL VFKHVEH]RJHQGDVLHRKQH9HUZHLVDXI5HDOHVQLFKWIXQNWLRQLHUW



 

.DL6SDQNH

lVWKHWLVFKHQ*DQ]KHLWVHUIDKUXQJYRUGHQ%LOGHUQYDQ*RJKV'LHVSH]LIL VFKHQ 9RUDXVVHW]XQJHQ XQG (LJHQKHLWHQ GLHVHU *DQ]KHLWVHUIDKUXQJ VWH KHQQHEHQ$VSHNWHQGHU5HIHUHQ]XQG8UKHEHUVFKDIWLP)RNXVGHVGULW WHQ7HLOV'HU,QWHUSUHWDWLRQVVFKZHUSXQNWOLHJWDXIGHUVHOEVWUHIHUHQWLHOOHQ VSUDFKOLFK QLFKW PLWWHLOEDUHQ 4XDOLWlW GHU )DUEHQ DXI GHP (PSILQGHQ UHLQHU *HJHQZDUW ZlKUHQG GHU 5H]HSWLRQ XQG DXI GHP PLW :LOKHOP 'LOWKH\ EHVFKUHLEEDUHQ (UOHEHQ YRQ $XWKHQWL]LWlW DOV HQWGLIIHUHQ]LHUWHU 7RWDOLWlW ,$XWKHQWL]LWlW*HVWDOWXQJ 'DV RIIHQVLFKWOLFKVWH ZHLO lX‰HUOLFKIRUPDOH $XWKHQWL]LWlWVVLJQDO YRQ +RIPDQQVWKDOV7H[WOLHJWLQGHVVHQ*HVWDOWXQJ(VKDQGHOWVLFK²EHUHLWV GHU7LWHOYHUUlWHV²XP%ULHIH'LHVHU6DFKYHUKDOWOlVVWVLFKZHLWHUVSH]LIL ]LHUHQ $OOH IQI %ULHIH VLQG VRUWLHUW GLH HUVWHQ GUHL VRJDU GXUFKQXPPH ULHUW 'LH %ULHIH YLHU XQG IQI WUDJHQ GLH hEHUVFKULIW Å'LH )DUEHQ $XV GHQ%ULHIHQGHV=XUFNJHNHKUWHQ ´  =XGHPLVWMHGHP%ULHIHLQ'D WXP YRUDQJHVWHOOW ² Å$SULO ´   Å $SULO ´   Å 0DL ´  Å'HQ0DL´  Å0DL´  ²DQKDQGGHV VHQ PDQ EHL GHU /HNWUH GLH HU]lKOWH =HLW EHUEOLFNHQ XQG GLH (QWZLFN OXQJGHV6FKUHLEHUVWHPSRUDOHLQRUGQHQNDQQ$OOHLQGLHVHSDUDWH[WXHOOHQ (OHPHQWHNRQVWLWXLHUHQHLQHQ$XWKHQWL]LWlWVHIIHNWLQGHPVLHYRUWlXVFKHQ HV KDQGHOH VLFK XP UHDOH %ULHIH HLQHV UHDOHQ 6XEMHNWV 2GHU V\VWHPDWLVFK JHVSURFKHQ(VOLHJWHLQHXQHLJHQWOLFKH9HUZHQGXQJGHU%ULHIIRUPYRU² $EVHQGHU(PSIlQJHU$QODVVXQG*HJHQVWDQGVLQGHUIXQGHQGLH5KHWR ULNLVWlVWKHWLVFKEHUIRUPW²ZlKUHQGMHGRFKGLH3DUDWH[WHHLQHHLJHQWOL FKH9HUZHQGXQJILQJLHUHQ 'LHVH HLJHQWOLFKH 9HUZHQGXQJ GHV $OOWDJVEULHIV ]HLFKQHW VLFK GXUFK LKUHQ LQWHQWLRQDOSUDJPDWLVFKHQ &KDUDNWHU DXV $QDORJ ]XU PQGOLFKHQ .RPPXQLNDWLRQ VROO LP $OOWDJVEULHI HLQ $XVWDXVFK ]ZLVFKHQ ]ZHL *H VSUlFKVSDUWQHUQ UHDOLVLHUW ZHUGHQ GLH MHGRFK DQGHUV DOV EHLP 5HGHDNW UlXPOLFK XQG GXUFK GHQ 9HU]XJ GHU =XVWHOOXQJ ]HLWOLFK YRQHLQDQGHU JHWUHQQW VLQG $OV 'LDORJHUVDW] VLQG GLH *UXQGIXQNWLRQHQ GHV %ULHIV GLH .RQVWLWXWLRQ HLQHU Å%H]LHKXQJ ]ZLVFKHQ HLQHP ,FK XQG HLQHP DQGHUHQ ,FK´ VRZLH ,QIRUPDWLRQVYHUPLWWOXQJ $SSHOO XQG 6HOEVWbX‰HUXQJ %HL HLQHU GHUDUW V\VWHPDWLVFKHQ %HWUDFKWXQJ LVW DOOHUGLQJV HLQH Å8QWHUVFKHL BBBBBBBBBBBBBB 

 =XU 8QWHUVFKHLGXQJ ]ZLVFKHQ ÄHLJHQWOLFKHU¶ XQG ÄXQHLJHQWOLFKHU¶ 9HUZHQGXQJ GHU %ULHI IRUPYJO5HLQKDUG0*1LFNLVFK%ULHI6WXWWJDUW6²  3HWHU %UJHO Å'HU 3ULYDWEULHI (QWZXUI HLQHV KHXULVWLVFKHQ 0RGHOOV´'9MV    6 ²KLHU6+HUYRUKHEXQJLP2ULJLQDO



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



GXQJ GLH HFKWH %ULHIH YRQ XQHFKWHQ XQG UHDOH %ULHIWH[WH YRQ ILQJLHUWHQ E]ZILNWLRQDOHQWUHQQWXQHUKHEOLFKGHQQVRZRKOLQGHQHLQHQZLHLQGHQ DQGHUHQNDQQPDQYRUUDQJLJPLWWHLOHQDSSHOOLHUHQRGHUVLFKVHOEVWPDQL IHVWLHUHQ´ *HUDGH LQ %H]XJ DXI GHQ $VSHNW GHU 6HOEVWbX‰HUXQJ LVW HQWVFKHLGHQGGDVVDXFKUHDOH%ULHIHlVWKHWLVFKNRQVWUXLHUWVHLQN|QQHQ ,P)DOOYRQ+RIPDQQVWKDOV%ULHIHQGHV=XUFNJHNHKUWHQYHUKlOWHVVLFKXP JHNHKUW(UIXQGHQH%ULHIHILQJLHUHQ$XWKHQWL]LWlW 'LHVH$XWKHQWL]LWlWVILNWLRQYHUGDQNWVLFKQLFKWDOOHLQGHUIRUPDOlVWKH WLVFKHQ(EHQHGHU*HVWDOWXQJVRQGHUQDXFKGHPLQGHQ%ULHIHQUHDOLVLHU WHQ 6SUHFKPRGXV UDGLNDOHU 6XEMHNWLYLWlW =ZDU VLQG 6FKUHLEHU XQG (PS IlQJHUGXUFKGLHHUVWHXQG]ZHLWH3HUVRQ6LQJXODUUHSUlVHQWLHUW'RFKLQV JHVDPWOLHJWHLQHÅPRQRORJLVFKH´)RUPYRUGLHVLFKGXUFKGHQ:LOOHQGHV 9HUIDVVHUV ]XU ,QQHQVFKDX DXV]HLFKQHW (U ÅZLOO VLFK HUJUQGHQ XQG ]X VLFK VHOEVW NRPPHQ 6HLQH ,QWURVSHNWLRQ VXFKW QLFKW GHQ 3DUWQHU HLQHV *HVSUlFKV VRQGHUQ GHQ 5HIOH[ GHU HLJHQHQ $QVSUDFKH´ 6R ZLUG GLH $XWKHQWL]LWlWGHU$XVVDJHGXUFKLKUH8QPLWWHOEDUNHLWJHVWHLJHUW'HU=X UFNJHNHKUWHLVWYRUQHKPOLFKGDPLWEHVFKlIWLJWGHQ9HUODXIVHLQHU.ULVH GHUHQ hEHUZLQGXQJ VRZLH NXQVW XQG NXOWXUWKHRUHWLVFKH 5HIOH[LRQHQ ]X VFKLOGHUQ6HLQHHUVFKULHEHQHÅ6HOEVW.RQVWLWXWLRQ´LVWYRQVRDEVROXWHU 6XEMHNWLYLWlWGDVVNRQYHQWLRQHOOH)RUPHQGHU7H[WEHJUHQ]XQJIRUWIDOOHQ 1LFKWQXUIHKOHQ$QUHGH*UX‰IRUPHOQXQG8QWHUVFKULIWDXFKVWDQGDUGL VLHUWH(U|IIQXQJVXQG6FKOXVVIORVNHOQEOHLEHQLQQHUKDOEGLHVHUPRQRPD QHQ %HNHQQWQLVIROJH DXV 'HU (LQVWLHJ HUIROJW VWHWVLQ PHGLDV UHV ZLH VLFK UHSUlVHQWDWLY DP GULWWHQ %ULHI ]HLJHQ OlVVW Å'HQNH QLFKW GD‰ LFK LKUH /HLVWXQJHQ QLFKW DFKWH $EHU GD‰ GLH 'HXWVFKHQ DUEHLWHQ GDYRQ LVW GLH :HOW YROO 'D LFK KHLPNDP GDFKWH LFK ]X VHKHQ ZLH VLH OHEHQ´   BBBBBBBBBBBBBB 

 1LFNLVFK $QP 6'LHVHUYRQ1LFNLVFKHUKREHQH%HIXQGXQGGLH7DWVDFKHGDVV GLH%ULHIHGHV=XUFNJHNHKUWHQIRUPDO$XWKHQWL]LWlWVXJJHULHUHQVLQGDXVVFKODJJHEHQGGDIU GDVVLP9HUODXIGHV.DSLWHOVDXFK$UJXPHQWHGLHVLFKDXI$OOWDJVEULHIHEH]LHKHQIUGLH *HVWDOWXQJGHV+RIPDQQVWKDO7H[WVJHQXW]WZHUGHQ*UXQGVlW]OLFKVLQGGLH*UHQ]HQ]ZL VFKHQ$OOWDJVEULHIXQGlVWKHWLVFKHP%ULHIRIWPDOVQLFKWWUHQQVFKDUI]X]LHKHQZHVZHJHQ ODXW:ROIJDQJ*0OOHUHLQÅJDWWXQJVWKHRUHWLVFKHU'RJPDWLVPXV´EHLP%ULHIÅSUREOHPD WLVFK´LVW:ROIJDQJ*0OOHUÅ'HU%ULHI´LQ.ODXV:HLVVHQEHUJHU +UVJ 3URVDNXQVWRK QH(U]lKOHQ'LH*DWWXQJHQGHUQLFKWILNWLRQDOHQ.XQVWSURVD7ELQJHQ6²KLHU6  .DUO+HLQ]%RKUHUHWZDYHUDQVFKODJWGLH%ULHIH+HLQULFKYRQ.OHLVWV.DUROLQHYRQ*Q GHUURGHVXQG&OHPHQV%UHQWDQRVDOVÅDXWRQRPH7H[WH>«@LQGHQHQGDV,FKVLFKJHZLV VHUPD‰HQ HUVW VHPDQWLVFK ILQGHW HUILQGHW´ .DUO +HLQ] %RKUHU 'HU URPDQWLVFKH %ULHI 'LH (QWVWHKXQJlVWKHWLVFKHU6XEMHNWLYLWlW0QFKHQ:LHQ6YJODXFK+RUVW%HONH/LWHUD ULVFKH*HEUDXFKVIRUPHQ'VVHOGRUIKLHUYRUDOOHP6²  *XVWDY +LOODUG Å9RP :DQGHO XQG 9HUIDOO GHV %ULHIHV´ 0HUNXU 'HXWVFKH =HLWVFKULIW IU HXURSlLVFKHV'HQNHQ  6²KLHU6  -HDQ$PpU\'HUYHUORUHQH%ULHI9RP1LHGHUJDQJHLQHU$XVGUXFNVIRUPGHV+XPDQHQ:HUNHKUVJ YRQ ,UHQH +HLGHOEHUJHU/HRQDUG 6WXWWJDUW  %G 9,,, $XVJHZlKOWH %ULHIH ² KUVJYRQ*HUKDUG6FKHLW6²KLHU6



 

.DL6SDQNH

1LFKWZHQLJHUDEUXSWHQGHQGLH%ULHIHGHUGULWWHVFKOLH‰WPLWGHQ=HLOHQ Å'RFKZHL‰LFKQRFKQLFKWZRKLQLFKZLOO$XFKLVWYRUKHUVR0DQFKHV DE]XZLFNHOQ XQG 2HVWHUUHLFK ZLOO LFK MHGHQIDOOV YRUKHU QRFK HLQPDO ZLH GHUVHKHQ,FKVDJHÄYRUKHU¶GHQQLFKGHQNHVFKZHUOLFKGRUW]X EOHLEHQ´   (LQH VR SURQRQFLHUW DXVJHVWHOOWH 6XEMHNWLYLWlW LP 6LQQH YRQ Å6HOEVW EHJHJQXQJ XQG 6HOEVWEHZX‰WZHUGXQJ´ LVW LP OHEHQVZHOWOLFKUHDOHQ %ULHIYHUNHKUHUVWVHLWGHP]ZLVFKHQ3LHWLVPXVXQG5RPDQWLNYROO]RJHQHQ $XIVWLHJ GHU ,QGLYLGXDOLWlW P|JOLFK 'DV  -DKUKXQGHUW ZLUG VFKOLH‰ OLFKVR-UJHQ+DEHUPDVÅ]XHLQHPGHV%ULHIHV%ULHIHVFKUHLEHQGHQWIDO WHW VLFK GDV ,QGLYLGXXP LQ VHLQHU 6XEMHNWLYLWlW >«@ 6HOEVWEHREDFKWXQJ JHKWHLQHQHXJLHULJHWHLOVWHLOVPLWIKOHQGH9HUELQGXQJHLQPLWGHQVHHOL VFKHQ5HJXQJHQGHVDQGHUHQ,FKV´'LH(PHUJHQ]lVWKHWLVFKHU6XEMHNWLYL WlW KLQJHJHQ LVW DQ GHQ URPDQWLVFKHQ %ULHI GHV IUKHQ -DKUKXQGHUWV JHEXQGHQ=XGLHVHU=HLWYHUZHLJHUQVLFKGLHlVWKHWLVFKHQ6XEMHNWHGHU $QVFKOXVVIlKLJNHLW DQ GHQ PHQWDOLWlWVJHVFKLFKWOLFKHQ 3UR]HVV 'LHV ]HLJW VLFKODXW.DUO+HLQ]%RKUHUYRUDOOHPDQLKUHU,QGLIIHUHQ]JHJHQEHUGHU 6HOEVWHUKDOWXQJ Å6LH UHDJLHUHQ EHL %HGURKXQJ QLFKW PHKU |NRQRPLVFK KDQGHOQGRGHUUDWLRQDODUJXPHQWDWLY´VRQGHUQXQEHUOHJW9HUJOHLFKED UHV JLOW DXFK IU GHQ .DXIPDQQ 2KQH YHUQQIWLJ GDJHJHQ DQ]XDUEHLWHQ JHUlW HU LPPHU WLHIHU LQ HLQHQ FKDRWLVFKHQ 'LVVR]LDWLRQVSUR]HVV GHU VFKOLH‰OLFK ]XP 5HDOLWlWVYHUOXVW IKUW 'LHV ]HLJW VLFK HWZD ZHQQ GHU .DXIPDQQEHLP$QEOLFNYRQ'URVFKNHQNULVHQKDIWH=XVWlQGHEHNRPPW GLHPLWGHP9HUVWDQGQLFKWPHKUHLQKROEDUVLQGÅ6LHZDUHQ*HVSHQVWHU YRQ'URVFKNHQ(VYHUXUVDFKWHHLQHIDVWGDXHUORVHOHLVHhEHONHLWVLHDQ ]XVHKHQ HV ZDU ZLH HLQ PRPHQWDQHV 6FKZHEHQ EHU GHP %RGHQORVHQ GHP(ZLJ/HHUHQ´   ,P.RQWH[WGHUUDGLNDOVXEMHNWLYHQ6HOEVW.RQVWLWXWLRQVLQGGUHL$V SHNWH HQWVFKHLGHQG GLH VLFK GXUFK GLH =XVDPPHQIKUXQJ YRQ LQNRP BBBBBBBBBBBBBB 

 +LOODUG $QP 6  9JO1LFNLVFK $QP 69RQHLQHUZHQLJHUDXVJHSUlJWHQQLFKWVHOEVWUHIHUHQWLHOOHQ 6XEMHNWLYLWlW]HXJWGLHELVLQGLH$QWLNH]XUFNUHLFKHQGH9RUVWHOOXQJPDQOLHIHUHHLQ%LOG GHU6HHOHZHQQPDQHLQHQ%ULHIVFKUHLEWYJOKLHU]X:ROIJDQJ*0OOHUÅ'HU%ULHIDOV 6SLHJHOGHU6HHOH=XU*HVFKLFKWHHLQHV7RSRVGHU(SLVWRODUWKHRULHYRQGHU$QWLNHELV]X 6DPXHO5LFKDUGVRQ´$QWLNHXQG$EHQGODQG  6²  -UJHQ+DEHUPDV6WUXNWXUZDQGHOGHUgIIHQWOLFKNHLW8QWHUVXFKXQJHQ]XHLQHU.DWHJRULHGHUEUJHUOL FKHQ*HVHOOVFKDIW PLWHLQHP9RUZRUW]XU1HXDXIODJH )UDQNIXUWD06I YJOKLHU]XDX‰HUGHP+HOPXW+DUWZLJÅ=ZLVFKHQ%ULHIVWHOOHUXQG%LOGSRVWNDUWH%ULHIYHU NHKU XQG 6WUXNWXUZDQGHO EUJHUOLFKHU gIIHQWOLFKNHLW´ LQ /XGZLJ )LVFKHU .QXW +L FNHWKLHU .DUO 5LKD +UVJ  *HEUDXFKVOLWHUDWXU 0HWKRGLVFKH hEHUOHJXQJHQ XQG %HLVSLHODQDO\VHQ 6WXWWJDUW6²  9JO%RKUHU $QP   %RKUHU $QP 6



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



PHQVXUDEOHQ .DWHJRULHQ QlPOLFK +LVWRULVFKHP XQG bVWKHWLVFKHP DXV ]HLFKQHQ XQG VR HLQH VSH]LILVFKH $XWKHQWL]LWlWVILNWLRQ EHGLQJHQ 1LPPW PDQ HUVWHQV GLH IRUPDOHQ $XWKHQWL]LWlWVVLJQDOH HUQVW PXVV PDQ VR WXQ DOVREHVVLFKEHLGHQIQI%ULHIHQXP]HLWJHVFKLFKWOLFKH'RNXPHQWHKDQ GHOW GLH KLVWRULVFK SHUVSHNWLYLHUW GHP VHLW GHP -DKUKXQGHUW YLUXOHQ WHQ 0RGXV GHU 6XEMHNWLYLWlW YHUSIOLFKWHW VLQG =ZHLWHQV 'LHVHQ 0RGXV UDGLNDOLVLHUHQ VLH PLWWHOV HLQHV lVWKHWLVFK EHUIRUPWHQ 6SUDFKJHVWXV XQG HLQHURSDNEHUVFKVVLJHQ6HPDQWLNGLHVLFKDQGLHlVWKHWLVFKH6XEMHNWLYL WlW GHV -DKUKXQGHUWV DQVFKOLH‰HQ 'ULWWHQV WlXVFKW GLHVH lVWKHWLVFKH 6XEMHNWLYLWlW$XWKHQWL]LWlWYRUGHQQlVWKHWLVFKRGHUQLFKWlVWKHWLVFK6XE MHNWLYLWlW LVW GLH 9RUDXVVHW]XQJ SHUV|QOLFKLQWLPHU XQG DOVR DXWKHQWLVFKHU %HNHQQWQLVIlKLJNHLW 'HPHQWVSUHFKHQG LVW DXFK *RHWKHV bX‰HUXQJ ]X YHUVWHKHQ %ULHIHVHLHQGHVKDOEVRZHUWYROOÅZHLOVLH GDV8QPLWWHOEDUHGHV 'DVHLQV DXIEHZDKUHQ´ 0LW DQGHUHQ :RUWHQ %ULHIH VLQG HLQ YHUVFKULIW OLFKWHVbTXLYDOHQWLKUHV9HUIDVVHUV 'DVV +RIPDQQVWKDO GHQ %ULHI DOV 0HGLXP GHU ,QV]HQLHUXQJ VHLQHV 7H[WVZlKOWLVW²VRODVVHQVLFKGLH ELVKHULJHQ(U|UWHUXQJHQ ]XVDPPHQ IDVVHQ ² PLW HLQHU )RUP GHU :DKUQHKPXQJ GXUFK GHQ 5H]LSLHQWHQ YHU EXQGHQ GLH GDV 9RUKDQGHQVHLQ YRQ $XWKHQWL]LWlW DXV GHU ,QV]HQLHUXQJ DEOHLWHW1HEHQHLQHUHLJHQWOLFKHQ9HUZHQGXQJGHV%ULHIVPLWUHDOHP$E VHQGHU (PSIlQJHU $QODVV XQG *HJHQVWDQG ZLUG GHU VSlWHVWHQV DE GHP  XQG DXV lVWKHWLVFKHU 3HUVSHNWLYH DE GHP   -DKUKXQGHUW JlQJLJH 0RGXV GHU 6XEMHNWLYLWlW ILQJLHUW 'LH .DWHJRULH GHU ,QV]HQLHUXQJ HU]HXJW LQ GLHVHP =XVDPPHQKDQJ NHLQHQ :LGHUVSUXFK GHQQ ,QV]HQLHUXQJ LVW PLWQLFKWHQ HLQ XQEHGLQJWHU )LNWLYLWlWVPDUNHU =ZDU OlVVW VLFK Å,QV]HQLH UXQJ GXUFKDXV DOV 6FKHLQ 6LPXODWLRQ 6LPXODNUXP EHJUHLIHQ (V KDQGHOW VLFKGDEHLMHGRFKXPHLQHQ6FKHLQHLQH6LPXODWLRQHLQ6LPXODNUXPGLH DOOHLQ IlKLJ VLQG 6HLQ :DKUKHLW $XWKHQWL]LWlW ]XU (UVFKHLQXQJ ]X EULQ JHQ 1XU LQ XQG GXUFK ,QV]HQLHUXQJ YHUP|JHQ VLH XQV JHJHQZlUWLJ ]X ZHUGHQ´'DV]XU(UVFKHLQXQJJHEUDFKWHXQGVRGDQQUH]LSLHUWH3KlQR PHQ PXVV GHUZHLO ÅLPPHU VFKRQ HLQHU EHVWLPPWHQ $QRUGQXQJ XQWHUOLH JHQ>«@XPDOVGDV]XHUVFKHLQHQDOVGDVHVHUVFKHLQW´'DGLH*HVWDO WXQJ GHU %ULHIH GHV =XUFNJHNHKUWHQ EHLP /HVHU GHQ (LQGUXFN YRQ $XWKHQWL]LWlWHUZHFNWKDWHUGHU/HVHUGHQ7H[WQLFKWDOV,QV]HQLHUXQJ BBBBBBBBBBBBBB 

 -RKDQQ:ROIJDQJ*RHWKHÅ3DUDOLSRPHQD´6lPWOLFKH:HUNH%ULHIH7DJHEFKHUXQG*HVSUlFKH KUVJYRQ'LHWHU%RUFKPH\HUXD)UDQNIXUWD0%G;,9$XVPHLQHP/HEHQ'LFK WXQJXQG:DKUKHLWKUVJYRQ.ODXV'HWOHI0OOHU6²KLHU6PHLQH+HUYRUKH EXQJ.6  (ULND)LVFKHU/LFKWHÅ7KHDWUDOLWlWXQG,QV]HQLHUXQJ´LQ'LHVXD +UVJ ,QV]HQLHUXQJYRQ $XWKHQWL]LWlW7ELQJHQ%DVHO6²KLHU6  7DQMD 5HLQOHLQ 'HU %ULHI DOV 0HGLXP GHU (PSILQGVDPNHLW (UVFKULHEHQH ,GHQWLWlWHQ XQG ,QV]HQLH UXQJVSRWHQWLDOH:U]EXUJ6



 

.DL6SDQNH

VRQGHUQ GHQ ,QV]HQLHUXQJVVWUDWHJLHQ HQWVSUHFKHQG ZDKUJHQRPPHQ ,KUH :LUNXQJHQWIDOWHWGLH,QV]HQLHUXQJGDQQZHQQVLH QLFKW DOVVROFKH HPS IXQGHQ ZLUG ,QV]HQLHUXQJHQ VR GHU DEVFKOLH‰HQGH DOOJHPHLQH %HIXQG ZHUGHQGHPQDFKVWHWVLQXQGGXUFKXQWHUVFKLHGOLFKH0HGLHQUHDOLVLHUWGDV 0HGLXP%ULHIVRGHUSDUWLNXODUH%HIXQGZLUG]ZDQJVOlXILJPLW$XWKHQWL ]LWlW YHUEXQGHQ LVW DEHU HLQH ,QV]HQLHUXQJ =ZDU LVW GDV 0HGLXP DOOHLQ KLHUQLFKWGLH%RWVFKDIWDEHUVHLQH,QV]HQLHUXQJLVWHLQ7HLOYRQLKU ,,([NXUV'LH.ULVHGHV=XUFNJHNHKUWHQ :lKUHQGGDV0HGLXP%ULHIDXIGHUIRUPDOHQ(EHQHHLQHQ$XWKHQWL]LWlWV HIIHNW HU]HXJW ZLUG LQQHUKDOE GHU 'LHJHVH GDV .XQVWZHUN ]XP DXWKHQWL VFKHQ 0HGLXP $OV GHU =XUFNJHNHKUWH LQ HLQHP /DGHQ Å*HPlOGH XQG +DQG]HLFKQXQJHQ´  NOHLQHUXQGPLWWOHUHU*U|‰HVLHKWHUOHEWHUHLQHQ 5DXVFKDEVROXWHU8QPLWWHOEDUNHLW'RFKGLHVHlVWKHWLVFKH(UIDKUXQJYROO ]LHKW VLFK QLFKW YRUDXVVHW]XQJVORV 8P VLH YHUVWHKHQ ]X N|QQHQ LVW HV QRWZHQGLJ GLH VLFK YRQ $QZDQGOXQJHQ GHU 8QSlVVOLFKNHLW ELV KLQ ]X HLQHU YHUVW|UHQGHQ ,GHQWLWlWVNRQIXVLRQ VWHLJHUQGH .ULVH GHV .DXIPDQQV ]XDQDO\VLHUHQ 1DFK DFKW]HKQMlKULJHU $EZHVHQKHLW LVW HU ]XUFN LQ 'HXWVFKODQG ZHOFKHVIULKQVWHWVHLQ2UWGHU*DQ]KHLWZDUXQGGDVKHL‰WHLQ2UWDQ GHP ,FK XQG :HOW LQ HLQHP EUXFKORVHQ 9HUKlOWQLV ]XHLQDQGHU VWDQGHQ 'RFK QXQ VWHOOW HU JOHLFK ]X %HJLQQ GHV HUVWHQ %ULHIV IHVW Å>,FK@ ZHL‰ VHOEVWQLFKWZLHPLU]XPXWKLVW´  'LHVH,UULWDWLRQGLHGLHIDNWLVFKH %HXUWHLOXQJGHUHLJHQHQ%HILQGOLFKNHLWYHUXQP|JOLFKWZLUGLP)ROJHQGHQ NRQNUHWLVLHUWÅ0HLQH%HJULIIHVLQGPLUEHUGHPZLUNOLFKHQ$QVHKHQ>«@ YHUORUHQJHJDQJHQXQGLFKZHL‰QLFKWZDVDQLKUH6WHOOHJHWUHWHQLVWHLQ ]HUVSDOWHQHV *HIKO YRQ GHU *HJHQZDUW HLQH ]HUVWUHXWH %HQRPPHQKHLW HLQH LQQHUH 8QRUGQXQJ´ HEG  'D GHP +HLPNHKUHU GLH ÅVLQQVWLIWHQGHQ =HLFKHQ´ IHKOHQ JHUlW HU LQ HLQH ÅVHPLRWLVFKH .ULVH´ (V KHUUVFKW HLQH 'LIIHUHQ]]ZLVFKHQ%H]HLFKQHQGHPXQG%H]HLFKQHWHP$QGLH6WHOOHGHU DEKDQGHQJHNRPPHQHQ%HJULIIHWULWWKLHUVFKRQGLHEHJLQQHQGH'LVVR]LD WLRQ GHUHQ )UKV\PSWRPH HLQ Å]HUVSDOWHQHV *HIKO´ HLQH Å]HUVWUHXWH %HQRPPHQKHLW´XQGHLQHÅLQQHUH8QRUGQXQJ´VLQG,PZHLWHUHQ9HUODXI ZHL‰GHU=XUFNJHNHKUWHQLFKWÅZDV>HU@VDJHQVROO´HUEHGLHQWVLFKHLQHU Å.XQVWVSUDFKH´XQGVWUlXEWVLFKJHJHQGDVÅFRPSOLFLUWZHUGHQXQWHUGHQ BBBBBBBBBBBBBB 

 9JO)LVFKHU/LFKWH $QP 6  9JO 0DUVKDOO 0F/XKDQ Å'DV 0HGLXP LVW GLH %RWVFKDIW´ LQ 'HUV 'LH PDJLVFKHQ .DQlOH 'VVHOGRUI:LHQ6²  8UVXOD5HQQHUÅ'LH=DXEHUVFKULIWGHU%LOGHU´%LOGHQGH.XQVWLQ+RIPDQQVWKDOV7H[WHQ)UHLEXUJ L%6



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



&RPSOLFLUWHQ´   $XI ÅDEVWUDFWH RGHU WKHRUHWLVFKH /HEHQVZHLVKHLW´ YHU]LFKWHQGEHWRQWHUVHLQHÅSUDFWLVFKH(UIDKUXQJ´LP8PJDQJPLW0HQ VFKHQ HEG  8P GHP (PSIlQJHU GHU %ULHIH HLQH 9RUVWHOOXQJ YRQ HLQHP LQWDNWHQ 9HUKlOWQLV ]ZLVFKHQ %HJULII XQG $QVFKDXXQJ ]X JHEHQ ]lKOW GHU .DXI PDQQ HLQLJH %HJHEHQKHLWHQ DXI GLH LKQ LP $XVODQG DXI SRVLWLYH :HLVH HPRWLRQDODIIL]LHUWHQ 'HQQ PDQ HUOHEW YLHO DEHU GDV 0HLVWH WKXQ GLH 6LQQH DE RGHU GLH 1HUYHQ XQG GHU:LOOHRGHUGHU9HUVWDQGDEHUZDVGLH6HHOHWUHIIHQZLUGGDVOl‰WVLFKQLFKW YRUDXVDKQHQHVNDQQGHUHLQVDPHVFKZLQJHQGH)OXJHLQHVWURSLVFKHQ9RJHOVVHLQ EHUHLQHPJDQ]OHHUHQOHLHUI|UPLJJH|IIQHWHQ%HUJWKDORGHUGDV$UEHLWHQHLQHV JXWHQ6FKLIIHVXQWHUHLQHUVFKZHUHQ6HHRGHUGHU%OLFNHLQHVVWHUEHQGHQ$IIHQ RGHU HLQ EUDYHU NXU]HU +lQGHGUXFN 'LHVH 'LQJH DOOH ZHQQ VLH NDPHQ XQG LQV ,QQUH GHV ,QQHUQ WUDIHQ UHGHWHQ YRQ 'HXWVFKODQG PLW HLQHU 'HXWOLFKNHLW XQG .UDIW GLH ZHLW EHU GLHVHU LVW PLW GHU GLHVH 6FKULIW]HLFKHQ 'LU YRQ PLU UHGHQ 9LHO PHKU :HQQ HLQ VROFKHV PLFKWUDI VR ZDU LFK LQ 'HXWVFKODQG I+HU YRUKHEXQJHQLP2ULJLQDO 

1LFKW QXU KDEHQ GLHVH WULYLDOHQ (UOHEQLVVH HLQH HSLSKDQH 4XDOLWlW GLH QLFKW PHKU GXUFK GDV ,QYHQWDU N|USHUOLFKHU XQG UDWLRQDOHU )LOWHUXQJ Å6LQQH´ Å1HUYHQ´ Å:LOOH´ Å9HUVWDQG´  HLQKROEDU LVW VLH HUODXEHQ GDU EHUKLQDXVHLQHUlXPOLFKH9HUlQGHUXQJLQGHPVLH5HDOSUlVHQ]VFKDIIHQ 'HU =XUFNJHNHKUWH GDFKWH QLFKW DQ 'HXWVFKODQG VRQGHUQ ÅZDU GRUW´ +HUYRUKHEXQJHQLP2ULJLQDO $OOHUGLQJVODVVHQVLFKGLH(SLSKDQLHQ ÅQLFKWYRUDXVDKQHQ´LKQHQKDIWHW²LP*HJHQWHLO²ÅHWZDV%OLW]KDIWHV´DQ HEG 0LWGHUVLFKVSlWHUYROO]LHKHQGHQlVWKHWLVFKHQ(UIDKUXQJYRUGHQ %LOGHUQ YDQ *RJKV KDEHQ GLH (UOHEQLVVH LQ GHU )UHPGH XQWHU DQGHUHP JHPHLQGDVVVLH]XIlOOLJHU1DWXUVLQGGDVVVLHGHQ5H]LSLHQWHQYHUlQGHUQ XQGGDVVVLHVLFKLP6LQQHGHV8QVDJEDUNHLWV7RSRVVSUDFKOLFKQLFKWYHU PLWWHOQODVVHQ'DPLWVWHKHQVLHLP=HLFKHQHLQHUTXDVLUHOLJL|VHQ(UIDK UXQJ 'HU 5HOLJLRQVSKlQRPHQRORJH 5XGROI 2WWR KDW IU GDV +HLOLJH LQ VHLQHP JOHLFKQDPLJHQ  HUVFKLHQHQHQ :HUN SRVWXOLHUW HV VHL ÅLQHIIDELOH >«@ VRIHUQ HV EHJULIIOLFKHU (UIDVVXQJ Y|OOLJ XQ]XJlQJOLFK LVW´ BBBBBBBBBBBBBB 

 ,PPHU ZLHGHU ZLUG LQ GHQ %ULHIHQ DXI GHQ =XVDPPHQKDQJ ]ZLVFKHQ $XJHQEOLFNV XQG (LQKHLWVHUIDKUXQJ KLQJHZLHVHQ ÅIU HLQHV %OLW]HV 'DXHU´   ÅPHLQH 6HHOH VHOEVW VFKZHLIWH IU %OLW]HVGDXHU LQ LKUH 5HGH KLQEHU´   ÅGDV YHUVWDQG LFK MHW]W EOLW]KDIW´  EHUGLH%LOGHUYDQ*RJKVKHL‰WHVÅ:LHDEHUN|QQWHLFKHWZDVVR8QID‰OLFKHVLQ :RUWH EULQJHQ HWZDV VR 3O|W]OLFKHV >«@´   5DPD .ULVKQD HUOHEW ZLH EHLP $QEOLFN GHU 5HLKHU DP +LPPHO HWZDV 8QQHQQEDUHV ÅLQ GLHVHP $XJHQEOLFN LQ VHLQH 6HHOH´   GUlQJW=XU3O|W]OLFKNHLWDOV1LFKWLGHQWLVFKHPXQGDOV'LVNRQWLQXLWlWYJO.DUO+HLQ]%RK UHU3O|W]OLFKNHLW=XP$XJHQEOLFNGHVlVWKHWLVFKHQ6FKHLQV)UDQNIXUWD0YJODX‰HUGHP +DSS $QP   9JO5HQQHU $QP 6  5XGROI 2WWR'DV +HLOLJH hEHU GDV,UUDWLRQDOH LQ GHU,GHH GHV *|WWOLFKHQXQGVHLQ 9HUKlOWQLV ]XP 5DWLRQDOHQ0QFKHQ6+HUYRUKHEXQJLP2ULJLQDO



 

.DL6SDQNH

=XGHPVHLHV)DV]LQRVXPXQG7UHPHQGXPHVN|QQH]XÅ5DXVFK9HU] FNXQJ XQG (NVWDVH IKUHQ´ XQG HV VHL GDV JDQ] $QGHUH ZHOFKHV VLFK XQVHUHP%HJUHLIHQHQW]LHKHÅVRIHUQHVXQVHUHÄ.DWHJRULHQWUDQV]HQGLHUW¶´ GDPLWHUVFKHLQHHVÅJHUDGH]XSDUDGR[´XQGJHKHÅÄZLGHUGLH9HUQXQIW´¶ 'HVLOOXVLRQLHUWYRQGHU+HLPDWGLHGHU.DXIPDQQLP$XVODQGLPPHU ZLHGHU ÅGXUFK GHQ 6SLHJHO GHU (ULQQHUXQJ´ EHWUHWHQ KDW VHKQW HU VLFK QDFKGHPÅJDQ]HQ'DVHLQ>@´  'LH'HXWVFKHQDXIGLHHUWULIIWPX WHQLKPJHVSDOWHQXQGVHHOHQORVDQ(UVW|‰WLQ'HXWVFKODQGDXIHLQH*H PHQJHODJHGLHVLFKGXUFKHLQKRKHV0D‰DQ'LIIHUHQ]LHUWKHLWXQG+HWH URJHQLWlWDXV]HLFKQHW $EHUHVLVWDOOHVVRYHUZLVFKWGXUFKHLQDQGHUKLQJHPLVFKWLQGHQ-XQJHQZLHGHU VWHFNWHWZDVYRQ$OWHQLQGHQ*HVXQGHQHWZDVYRQ.UDQNHQLQGHQ9RUQHKPHQ HWZDV YRQ UHFKW 8QYRUQHKPHQ 8QG LKUH *HEHUGHQ VLQG JHQDX ZLH GDV $OOHV PLVFKWVLFKGDGXUFKHLQDQGHU:REOR‰GDV+|IOLFKHKLQJHK|UWPLVFKHQVLH*RWW ZHL‰ZDVIUHLQH$UWYRQELHGHUHU=XWUDXOLFKNHLWGDUXQWHUXPGDQQZLHGHUDXV GHP DQJHZlUPWHQ 7RQ LQ HLQH VROFKH 7URFNHQKHLW VROFKH 7ULYLDOLWlW ]X IDOOHQ GD‰HVZHKWKXWZROOHQVLHDEHUJUR‰H$LUVDQQHKPHQVRLVWHVHLQHIDOVFKH)HL HUOLFKNHLW HLQH DQJVWYROOH *HVSUHL]WKHLW GLH GHQ )UHPGHQ NDOW XQG YHUOHJHQ PDFKW  

.XU]XP Å>,@Q VLFK LVW QLFKWV ZDV VLH WKXQ XQG WUHLEHQ DXV HLQHP *X‰´ HEG +HUYRUKHEXQJHQ LP 2ULJLQDO  ,P *HJHQVDW] GD]X JDE HV EHL GHQ 0HQVFKHQLQGHU)UHPGH²ÅLP6SLWDOYRQ0RQWHYLGHR´  ÅXQWHUGHQ VGOLFKHQ /HXWHQ LQ GHU %DQGD RULHQWDO´ ÅXQWHU &KLQHVHQ XQG 0DODLHQ´   ÅLQ 8UXJXD\ RGHU LQ .DQWRQ´   DXI GHQ Å,QVHOQ GHU 6GVHH´   ² ŁEHUKDXSW NHLQH =ZHLKHLW´ ÅHV ZDU HLQV LQV DQGHUH´   Å,Q HLQHU *HEHUGH HUVFKLHQHQ VLH PLU XQG NHLQHU EOLHE OlQJHU EHL PLU DOV GLH 'DXHU HLQHV DXI]XFNHQGHQ XQG HUO|VFKHQGHQ %OLW]HV >«@ $EHU LQ LKUHU HLQHQ*HEHUGH>«@ZDUHQVLHJDQ]´ +HUYRUKHEXQJHQLP2ULJLQDO  'DV LP =HLFKHQ GHV ([RWLVPXV VWHKHQGH $UJXPHQW GHV .DXIPDQQV ]LHOWGDUDXIGDVVGLH9HUWUHWHUIUHPGHUXQGYHUPHLQWOLFKHLQIDFKHU.XOWX UHQ LP 8QWHUVFKLHG ]X LKP HLQ HQWGLIIHUHQ]LHUWHV :HVHQ KDEHQ GDV ]X VLFK XQG ]XU 8PZHOW NHLQH %UFKH DXIZHLVW 'LH 6HKQVXFKW QDFK HLQHU VROFKHQ (LQKHLW ILQGHW LKUHQ XOWLPDWLYHQ $XVGUXFN LQ GHU )RUPHO Å7KH ZKROH PDQ PXVW PRYH DW RQFH´   'HU =XUFNJHNHKUWH EH]HLFKQHW GLHVHQ6SUXFKDOVHLQHVHLQHUÅJUR‰HQ:DKUKHLWHQ´ HEG GLHÅLUJHQGZR LQ>LKP@LPPHUSUlVHQW´LVWXQGVLFKGXUFKDX‰HUJHZ|KQOLFKHÅ.UDIWXQG (LQIDFKKHLW´ DXV]HLFKQHW   6FKOLH‰OLFK EULQJW HU VHLQ 3UREOHP DOV ÅhEHOHXURSlLVFKHU1DWXU´  DXIGHQ3XQNWXQGEWDXIGLHVH:HLVH =LYLOLVDWLRQVXQG.XOWXUNULWLN:HLOGLH'HXWVFKHQLPPHUÅHLQÄ(LQHUVHLWV¶ BBBBBBBBBBBBBB 

 2WWR $QP 6  2WWR $QP 6



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



XQGHLQÄ$QGUHUVHLWV¶´  KDEHQKDWGHU.DXIPDQQGDV*HIKOGDVV LQ (XURSD 8QHFKWHV IU HFKW DXVJHJHEHQ ZLUG ² GLH HXURSlLVFKH .XOWXU HUVFKHLQWLKPDOV)lOVFKXQJ$OOHUGLQJVLVWGLH0|JOLFKNHLWGLHH[RWLVFKHQ .XOWXUHQ DOV DXWKHQWLVFK ]X HUNHQQHQ QXU GXUFK GLH .RQIURQWDWLRQ PLW GHU HXURSlLVFKHQ )lOVFKXQJ GHQNEDU -HGHV +DQGHOQ ZLUG ]XU .XOWXU ÅVREDOG ZLU HV PLW GHP +DQGHOQ DQGHUHU .XOWXUHQ YHUJOHLFKHQ 8QG LP .HUQ LVW .XOWXU QLFKWV DQGHUHV DOV GLHVHV 9HUJOHLFKHQ GDV XQV GHXWOLFK PDFKW(VJHKWDXFKDQGHUV´.XU]JHVDJW(UVWGDV1LFKW$XWKHQWLVFKH HU]HXJW GDV $XWKHQWLVFKH HUVW GDV 0LWWHOEDUH HU]HXJW GDV 8QPLWWHOEDUH XQG XPJHNHKUW $XWKHQWL]LWlW LVW HLQ UHODWLRQDOHV 3KlQRPHQ ,Q GLHVHU (UNHQQWQLVVWHFNWHLQH*UXQGHUIDKUXQJPRGHUQHQ/HEHQVÅGLHGHUSKLOR VRSKLVFKH%HJULIIGHU.RQWLQJHQ]PDUNLHUW0LWDQGHUHQ:RUWHQ$XWKHQ WL]LWlW LVW GHU %HJULII IU GHQ VSH]LILVFK DQWLPRGHUQHQ (IIHNW´ 'LHVHU (IIHNW LVW IU GHQ .DXIPDQQ QLFKW QXU GHU :HJ DXV GHU .ULVH VRQGHUQ DXFK LKU $XVO|VHU ,QGHP GHU =XUFNJHNHKUWH HLQ ([LVWHQ]LGHDO HQWZLUIW ZHOFKHV DXI $XWKHQWL]LWlW DOV (QWGLIIHUHQ]LHUXQJ EDVLHUW JHKW HV LKP XP HLQHEHUHLWVHUOHEWH,GHQWLWlWYRQ6LJQLILNDQWXQG6LJQLILNDWLP0RGXVGHU (SLSKDQLH 'LH 3K\VLRJQRPLH GHU 'HXWVFKHQ NDQQ LKP QXU GHVKDOE DOV XQVWHWH 3URMHNWLRQVIOlFKH ÅYRQ 6WDUN XQG 6FKZDFK YRQ 1lFKVWEHVWHP XQG :HLWKHUJHKROWHP YRQ *HPHLQHP XQG +|KHUHP´   HUVFKHLQHQ ZHLO HU LP $XVODQG 3K\VLRJQRPLHQ DQGHUHU 9|ONHU NHQQHQOHUQWH Å(LQ PHQVFKOLFKHV*HVLFKW´VRIDVVWHUVHLQHQ%HIXQG]XVDPPHQÅGDVLVWHLQH +LHURJO\SKH HLQ KHLOLJHV EHVWLPPWHV =HLFKHQ 'DULQ VWHKW HLQH *HJHQ ZDUWGHU6HHOH´ HEG ,Q'HXWVFKODQGMHGRFKVLQGGHP=XUFNJHNHKUWHQ GLH *HVLFKWHU NHLQH +LHURJO\SKHQ PHKU ZHQQ EHUKDXSW VR QXU QRFK ÅYHUVWPPHOWH YHUZLVFKWH JHVFKlQGHWH´ HEG  :HQQ HLQ *HVLFKW DOV +LHURJO\SKH GLH 6HHOH YHUJHJHQZlUWLJW GDQQ HLJQHW GLHVHP 9RUJDQJ HLQ LNRQLVFKHV 3RWHQWLDO GD HLQH XQPLWWHOEDUH .RUUHVSRQGHQ] ]ZLVFKHQ %H ]HLFKQHWHPXQG%H]HLFKQHQGHPEHVWHKW'DV5HVXOWDWLVW(QWGLIIHUHQ]LH BBBBBBBBBBBBBB 

 'LH .ULWLN HUIROJW LQ GHU 7UDGLWLRQ 1LHW]VFKHV GHP GHU ÅPHUNZUGLJH *HJHQVDW] HLQHV ,QQHUHQ GHP NHLQ $HXVVHUHV HLQHV $HXVVHUHQ GHP NHLQ ,QQHUHV HQWVSULFKW´ DOV 6LJQXP GHVÅPRGHUQHQ 0HQVFKHQ´JLOW(UIRUGHUWIUGLH .XOWXUHLQHV9RONHVVLHVROOHÅLQDOOHU :LUNOLFKNHLWHWZDVOHEHQGLJ(LQHVVHLQXQGQLFKWVRHOHQGLQ,QQHUHVXQG$HXVVHUHVLQ,Q KDOW XQG )RUP DXVHLQDQGHUIDOOHQ´ )ULHGULFK 1LHW]VFKH Å8Q]HLWJHPl‰H %HWUDFKWXQJHQ =ZHLWHV 6WFN 9RP 1XW]HQ XQG 1DFKWKHLO GHU +LVWRULH IU GDV /HEHQ´ :HUNH .ULWLVFKH *HVDPWDXVJDEH KUVJ YRQ *LRUJLR &ROOL 0D]]LQR 0RQWLQDUL %HUOLQ 1HZ H@LQLJH ZHQLJH 3RUWUlWV VRQVW PHLVW /DQGVFKDIWHQ JDQ] ZHQLJH QXU DXI GHQHQ GLH )LJXUHQ GDV :LFKWLJHUH JHZHVHQ ZlUHQ PHLVW ZDUHQ HV GLH %lXPH )HOGHU 5DYLQV)HOVHQbFNHU'lFKHU6WFNHYRQ*lUWHQ>«@'LHVHGDVFKLHQHQPLULQ GHQHUVWHQ$XJHQEOLFNHQJUHOOXQGXQUXKLJJDQ]URKJDQ]VRQGHUEDULFKPX‰WH PLFKHUVW]XUHFKWILQGHQXPEHUKDXSWGLHHUVWHQDOV%LOGDOV(LQKHLW]XVHKHQ²

BBBBBBBBBBBB 

     

*HVLFKWHU´ HEG HLQWUHWHQVSLHOWDXIGLHGHXWVFKH%HWHLOLJXQJEHLGHU1LHGHUVFKODJXQJGHV %R[HUDXIVWDQGV  LQ&KLQDDQ 9JO5HQQHU $QP 6II 0DUWtQH] $QP 6 -XOLXV 0HLHU*UDHIH (QWZLFNOXQJVJHVFKLFKWH GHU PRGHUQHQ .XQVW KUVJ YRQ $QQHPDULH 0HLHU *UDHIH%URFK%HQQR5HLIHQEHUJ0QFKHQ%G,,6 0HLHU*UDHIH $QP 6 0HLHU*UDHIH $QP 6 0HLHU*UDHIH $QP 6



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



GDQQDEHUGDQQVDKLFKGDQQVDKLFKVLHDOOHVRMHGHVHLQ]HOQHXQGDOOH]XVDP PHQXQGGLH1DWXULQLKQHQXQGGLHPHQVFKOLFKH6HHOHQNUDIWGLHKLHUGLH1DWXU JHIRUPWKDWWHXQG%DXPXQG6WUDXFKXQG$FNHUXQG$EKDQJGLHGDJHPDOWZD UHQXQGQRFKGDVDQGUHGDVZDVKLQWHUGHP*HPDOWHQZDUGDV(LJHQWOLFKHGDV XQEHVFKUHLEOLFK6FKLFNVDOKDIWH²GDVDOOHVVDKLFKVRGD‰LFKGDV*HIKOPHLQHU VHOEVWDQGLHVH%LOGHUYHUORUXQGPlFKWLJZLHGHU]XUFNEHNDPXQGZLHGHUYHU ORU I 

=XHUVW QLPPW GHU .DXIPDQQ GLH %LOGJHJHQVWlQGH VRGDQQ GLH )DUELJNHLW XQG '\QDPLN ZDKU 'DQDFK HUNHQQW HU LQ HLQHP JHUDGH]X KHUPHQHXWL VFKHQ9HUIDKUHQVRZRKOGLH,QGLYLGXDOLWlWDOVDXFKGLH(LQKHLWGHU%LOGHU ÅMHGHVHLQ]HOQHXQGDOOH]XVDPPHQ´ $OVQlFKVWHVWULWWÅGLHPHQVFKOLFKH 6HHOHQNUDIW´GHV.QVWOHUVKHUYRU6FKOLH‰OLFKZLUGQRFKÅGDVDQGUH´ZDV ÅKLQWHUGHP*HPDOWHQZDU´JHVHKHQ'HPQDFKOLHJWHLQH'RSSHOVWUXNWXU GHV%LOGHVYRUZREHLGDV'DUJHVWHOOWHQXUDOV+OOHIXQJLHUWGLHDXIGDV (LJHQWOLFKHGDKLQWHUYHUZHLVW'LH/HLVWXQJGHV%HWUDFKWHUVOLHJWGDULQGDV %LOG ]X WUDQV]HQGLHUHQ XP ]XP ZHVHQWOLFKHQ %HUHLFK ]X JHODQJHQ (V ZLUGGHP%HWUDFKWHUGDEHLMHGRFKNHLQHLQWHOOHNWXHOOH/HLVWXQJDEYHUODQJW GD HV ]X HLQHU VLFK DXWRPDWLVFK YROO]LHKHQGHQ $XWKHQWL]LWlWVHSLSKDQLH NRPPW GLH GDV ÅXQEHVFKUHLEOLFK 6FKLFNVDOKDIWH´ YHUJHJHQZlUWLJW 'LH 'RSSHOVWUXNWXU YHUZXQGHUW QLFKW GHQQ RIWPDOV NRUUHVSRQGLHUW HLQH EH VWLPPWH7RSRJUDSKLHPLWGHP$XWKHQWLVFKHQÅLPPHUOLHJWHVXQWHUHLQHP PRGHUQHQ.RQVWUXNWGDVDOV2EHUIOlFKHEHJULIIHQZLUGGLHGXUFKGUXQJHQ ZHUGHQPX‰´ )UGLH0|JOLFKNHLWGHVYLHUWHQZLFKWLJHQ%HGHXWXQJVDVSHNWVlVWKHWL VFKHU$XWKHQWL]LWlW²GLHHSLSKDQH:LUNXQJDOV)XQNWLRQGHU:HUNH²VLQG )DUEHQ QHEHQ GHQHQ GHU %LOGHU DXFK GLHMHQLJHQ GLH VLFK 5DPD .ULVKQD LP +LPPHO XQG GHP =XUFNJHNHKUWHQ LP 6SLHO GHU :HOOHQ RIIHQEDUHQ  YRQEHVRQGHUHU%HGHXWXQJÅ'DLVWHLQXQJODXEOLFKHVVWlUNVWHV%ODXGDV NRPPWLPPHUZLHGHUHLQ*UQZLHYRQJHVFKPRO]HQHQ6PDUDJGHQHLQ *HOE ELV ]XP 2UDQJH´   'DVV YDQ *RJK UHLQH )DUEHQ EHQXW]W XQG JOHLFKVDPHLQHNRORULVWLVFKH(QWGLIIHUHQ]LHUXQJDXIGHU3URGXNWLRQVHEHQH UHDOLVLHUW EHWRQW DEHUPDOV 0HLHU*UDHIH Å6HLQH .RORULVWLN OlVVW VLFK DQ GHQ )LQJHUQ HLQHU +DQG DE]lKOHQ :DV IU 9HODVTXH] GDV :HLVV *UDX 5RVD 6FKZDU] IU 9HUPHHU GDV =LWURQHQJHOE GDV EOHLFKH %ODX XQG GDV 3HUOJUDX EHGHXWHQ VLQG IU LKQ 3UHXVVLVFKEODX UHLQHV *HOE ELV 2UDQJH BBBBBBBBBBBBBB 

 ,Q $QOHKQXQJ DQ (UZLQ 3DQRIVN\ GHU HLQH VROFKH 'RSSHOVWUXNWXU DOV ÅGLVJXLVHG V\PER OLVP´EH]HLFKQHWOLH‰HVLFKKLHUYRQÅGLVJXLVHGDXWKHQWLFLW\´VSUHFKHQ9JO(UZLQ3DQRI VN\ (DUO\ 1HWKHUODQGLVK 3DLQWLQJ ,WV 2ULJLQV DQG &KDUDFWHU  %GH &DPEULGJH 0DVV   %G,  +HOPXW/HWKHQÅ9HUVLRQHQGHV$XWKHQWLVFKHQVHFKV*HPHLQSOlW]H´LQ+DUWPXW%|KPH .ODXV56FKHUSH +UVJ /LWHUDWXUXQG.XOWXUZLVVHQVFKDIWHQ3RVLWLRQHQ7KHRULHQ0RGHOOH5HLQ EHNE+DPEXUJ6²KLHU6+HUYRUKHEXQJLP2ULJLQDO



 

.DL6SDQNH

6PDUDJGXQG9HURQHVHJUQXQG5RW´'LH)DUEHQZHUGHQYRP.DXI PDQQDXVLKUHP6R6HLQKHUDXVJHUHFKWIHUWLJW6LHVLQGQLFKW6WHOOYHUWUHWHU HLQHV$IIHNWVGHUVLFKDXIHLQHQGLIIHUHQ]LHUWHQ6\PEROLVPXV]XUFNIK UHQOLH‰HVRQGHUQVLHVHOEVWVLQGGHU$IIHNW1XUGHQ)DUEHQYHUGDQNHQ GLH %LOGJHJHQVWlQGH LKU ÅLQQHUVWHV /HEHQ´   XQG ÅGLH :XFKW LKUHV 'DVHLQV GDV ZWHQGH YRQ 8QJODXEOLFKNHLW XPVWDUUWH :XQGHU LKUHV 'D VHLQV´   ,QVRIHUQ DOV )DUEH KLHU DXVVFKOLH‰OLFK GHP Å'DVHLQ´ GHU 'LQJHGLHQWDOVGLH'LQJHGXUFK)DUEHVLQGLVWVLHHLQHÅPHGLDOH5HIOH[L RQVILJXUZHOFKHGLH$XVWDULHUXQJVSUDFKOLFKHU*UHQ]HQHUSUREW´2GHU PLW0D[,PGDKOJHVSURFKHQ(VNRPPW]XUÅ(QWEHJULIIOLFKXQJGHU:HOW GXUFKGDV%LOG´/DSLGDUEHPHUNWGHU.DXIPDQQÅ)DUEH)DUEH0LULVW GDV :RUW MHW]W DUPVHOLJ´   (UVW LQ GHU $QVFKDXXQJ HUNHQQW HU ÅZLH GLH )DUEHQ HLQH XP GHU DQGHUQ ZLOOHQ OHEWHQ´   ZLH VLH DOVR QXU IU VLFKH[LVWLHUHQ-HQVHLWVYHUJHLVWLJWHU5DWLRQDOLVLHUXQJHQZLUG)DUEHPLWKLQ DOVGDV DXWKHQWLVFKHÅJDQ]$QGHUHGHU 6SUDFKHJHVHW]W DOVLKU$QWLSRGH DOV 3O|W]OLFKNHLW DOV EHUZlOWLJHQGH JOFNVYHUKHL‰HQGH >«@ 6FKZHOOHQIL JXU´ GLH GLH ZLOONUOLFKYHUPLWWHOWHQ 5HSUlVHQWDWLRQVP|JOLFKNHLWHQ VR ZLH GLH QDUUDWLYH 2UGQXQJ YRQ 6SUDFKH KLQWHU VLFK OlVVW 'DPLW QHKPHQ GLH )DUEHQ HLQH HSRFKHQW\SLVFKH 3RVLWLRQ LP Å'LVNXUV GHV Ä(LJHQWOL FKHQ¶´HLQGK6LHVLQGÅQLFKWPHKU0LWWHORGHU,QVWUXPHQWXPGHLN WLVFKDXI$QGHUHV]XYHUZHLVHQVRQGHUQ>VLHVLQG.6@PLWGHP*HPHLQ WHQ VHOEVW MH VFKRQ LGHQWLVFK´ 'LH $QVFKDXXQJ GHU )DUEHQ IKUW EHLP =XUFNJHNHKUWHQ ]X HLQHU (UIDKUXQJ GLH ² PLW 1LHW]VFKH JHVSURFKHQ ² HLQHlVWKHWLVFKH7KHRULHLQQXFHOLHIHUWÅ:HQQ6NHSVLVXQG6HKQVXFKWVLFK EHJDWWHQ HQWVWHKW GLH 0\VWLN´ 'LH 6NHSVLV JHJHQEHU GHP PRGHUQHQ BBBBBBBBBBBBBB 

 -XOLXV0HLHU*UDHIH,PSUHVVLRQLVWHQ*X\V²0DQHW²YDQ*RJK²3LVVDUR²&p]DQQH0QFKHQ /HLS]LJ6  9JO6FKQHLGHU $QP 6  6FKQHLGHU $QP 6  0D[,PGDKOÅ'LH5ROOHGHU)DUEHLQGHUQHXHUHQIUDQ]|VLVFKHQ0DOHUHL$EVWUDNWLRQXQG .RQNUHWLRQ´LQ:ROIJDQJ,VHU +UVJ ,PPDQHQWHbVWKHWLNbVWKHWLVFKH5HIOH[LRQ/\ULNDOV3D UDGLJPD GHU 0RGHUQH .ROORTXLXP .|OQ  9RUODJHQ XQG 9HUKDQGOXQJHQ  0QFKHQ 6²KLHU6  6FKQHLGHU $QP 6  6XVDQQH .RPIRUW+HLQ ÅÄ«HV VFKHLQW GDV Ä8QG¶ ]ZLVFKHQ GHQ 'LQJHQ LVW UHEHOOLVFK JHZRUGHQ¶'HQNILJXUHQGHU.ULVHXQGGHU'LVNXUVGHVÄ(LJHQWOLFKHQ¶LQGHUH[SUHVVLRQLVWL VFKHQ5HYROWH]ZLVFKHQ.XQVWXQG/HEHQ´'9MV  6²  $QWMH %VVJHQ Å'LVVR]LDWLRQVHUIDKUXQJ XQG 7RWDOLWlWVVHKQVXFKW Ä)DUEH¶ DOV 9RNDEHO LP Ä'LVNXUVGHV(LJHQWOLFKHQ¶GHU.ODVVLVFKHQ0RGHUQH=X+XJRYRQ+RIPDQQVWKDOVÄ%ULH IHQGHV=XUFNJHNHKUWHQ¶XQG*RWWIULHG%HQQVÄ'HU*DUWHQYRQ$UOHV¶´=HLWVFKULIWIUGHXW VFKH3KLORORJLH  6²KLHU6  )ULHGULFK1LHW]VFKHÅ)UDJPHQW1U´:HUNH.ULWLVFKH*HVDPWDXVJDEHKUVJYRQ*LRUJLR &ROOL0D]]LQR0RQWLQDUL%HUOLQ1HZ,FK@ ZDU +HUU EHU PHLQ /HEHQ >«@ +HUU EHU PHLQH .UlIWH PHLQHQ 9HUVWDQG´ HEG  :LOKHOP'LOWKH\KDWGLH.RUUHVSRQGHQ]YRQ6FK|QKHLWVHUIDKUXQJXQG /HEHQVJHIKOLQVHLQHU]ZLVFKHQ3RHWLN+HUPHQHXWLNXQGbVWKHWLNYHURU WHWHQ 3KLORVRSKLH PHKUIDFK DXIJHJULIIHQ 2EVFKRQ PLW OHEHQVZHOWOLFKHP %H]XJNRQ]LSLHUWOlVVWVLFK'LOWKH\V0RGHOODXIGHQlVWKHWLVFKHQ%HUHLFK XQG GDV KHL‰W KLHU DXI GLH %ULHIH GHV =XUFNJHNHKUWHQ DQZHQGHQ 0LW GHP %HJULIIÅ/HEHQ´LVWEHL'LOWKH\QLFKWHLQPHWDSK\VLVFKHUVRQGHUQHLQDXI VWUXNWXUHOOHU (EHQH DEVROXWHU :HUW JHPHLQW /HEHQ LVW DOV Å*UXQGWDWVD FKH´ GDV ÅYRQ LQQHQ %HNDQQWH HV LVW GDVMHQLJH KLQWHU ZHOFKHV QLFKW ]X UFNJHJDQJHQ ZHUGHQ NDQQ´ :LFKWLJ LVW GDVV EHL 'LOWKH\ GDV /HEHQ ² DOVQLFKWUHLQNRJQLWLYHVRQGHUQYRUDOOHPDXFKVLQQOLFKH.DWHJRULH²GLH %HGLQJXQJGHU0|JOLFKNHLWYRQ(UNHQQWQLVELOGHWÅ'DV/HEHQVHOEHUGLH /HEHQGLJNHLWKLQWHUGLHLFKQLFKW]XUFNJHKHQNDQQHQWKlOW=XVDPPHQ KlQJH DQ ZHOFKHQ GDQQ DOOHV (UIDKUHQ XQG 'HQNHQ H[SOL]LHUW >«@ 1XU ZHLOLP/HEHQXQG(UIDKUHQGHUJDQ]H=XVDPPHQKDQJHQWKDOWHQLVWGHU LQGHQ)RUPHQ3ULQ]LSLHQXQG.DWHJRULHQGHV'HQNHQVDXIWULWWQXUZHLO HULP/HEHQXQG(UIDKUHQDQDO\WLVFKDXIJH]HLJWZHUGHQNDQQJLEWHVHLQ (UNHQQHQ GHU :LUNOLFKNHLW´ 'HU 0HQVFK QXQ LVW EHL 'LOWKH\ GHU JDQ]H 0HQVFK HU LVW HLQ ÅZROOHQG IKOHQG YRUVWHOOHQGH>V@ :HVHQ´ GDV VLFK QLFKWZLHQRFKEHL.DQWGXUFKGLH(LQKHLWGHV%HZXVVWVHLQVDXV]HLFKQHW VRQGHUQGXUFKVHLQH/HEHQVEH]JHXQG(UIDKUXQJHQ*HUDGHGLHVJHOLQJW GHP=XUFNJHNHKUWHQLQGHU.ULVHQLFKWPHKU:ROOHQ)KOHQXQG9RU VWHOOHQ ZHUGHQ EHL LKP GXUFK GLH HLQVHW]HQGH 'LVVR]LDWLRQ ² HU ÅZHL‰ VHOEVWQLFKWZLH>LKP@]XPXWKLVW´  ²YHUGUlQJWXQGVHLQH/HEHQVEH ]JH ]HUIDOOHQ ,KP LVW DOV ÅYHUOLHUH >HU@ GHQ %RGHQ XQWHU GHQ )‰HQ´  HUEHNRPPWGLH'HXWVFKHQÅQLFKW]XIDVVHQ´  )UHLQHJDQ] KHLWOLFKH (UIDKUXQJ 'LOWKH\ QHQQW VLH DXFK Å(UOHEQLV´ VLQG DEHU :LOOH BBBBBBBBBBBBBB 

 9JO&DUOSHWHU%UDHJJHU'DV9LVXHOOHXQGGDV3ODVWLVFKH+XJRYRQ+RIPDQQVWKDOXQGGLHELOGHQGH .XQVW%HUQ0QFKHQ6  :LOKHOP 'LOWKH\ Å3ODQ GHU )RUWVHW]XQJ ]XP $XIEDX GHU JHVFKLFKWOLFKHQ :HOW LQ GHQ *HLVWHVZLVVHQVFKDIWHQ´*HVDPPHOWH6FKULIWHQ6WXWWJDUW*|WWLQJHQ%G9,,'HU$XIEDX GHUJHVFKLFKWOLFKHQ:HOWLQGHQ*HLVWHVZLVVHQVFKDIWHQ6²KLHU6  :LOKHOP 'LOWKH\ Å(UIDKUHQ XQG 'HQNHQ (LQH 6WXGLH ]XU HUNHQQWQLVWKHRUHWLVFKHQ /RJLN GHV -DKUKXQGHUWV´ *HVDPPHOWH 6FKULIWHQ 6WXWWJDUW *|WWLQJHQ  %G 9 'LH JHLVWLJH :HOW(LQOHLWXQJLQGLH3KLORVRSKLHGHV/HEHQV(UVWH+lOIWH$EKDQGOXQJHQ]XU*UXQGOHJXQJGHU*HLV WHVZLVVHQVFKDIWHQ6²KLHU6  :LOKHOP'LOWKH\Å9RUUHGH´*HVDPPHOWH6FKULIWHQ6WXWWJDUW*|WWLQJHQ%G,(LQOHLWXQJ LQ GLH *HLVWHVZLVVHQVFKDIWHQ 9HUVXFK HLQHU *UXQGOHJXQJ IUGDV 6WXGLXP GHU *HVHOOVFKDIW XQG GHU *H VFKLFKWH6;9²;;KLHU6;9,,,



 

.DL6SDQNH

9RUVWHOOHQXQG)KOHQQRWZHQGLJGHQQVLHVLQGSHUPDQHQWHbX‰HUXQJHQ GHV %HZXVVWVHLQV GLH LQ HLQHU :HFKVHOEH]LHKXQJ ]XU $X‰HQZHOW VWHKHQ 'DV(UOHEQLVZLUGÅ]XJOHLFKDOV:LUNOLFKNHLWHUNDQQWDOV:HUWJHIKOWXQG YRP:LOOHQDXVDOV=ZHFNEHWUDFKWHW´'HPJHPl‰IlOOWDXFKGLH5H]HS WLRQ GHU 9DQ*RJK%LOGHU DXV 'HU =XUFNJHNHKUWH LVW VLFK VLFKHU Å>(@V JLEWNHLQH=XIlOOHXQGLFKVROOWHGLHVH%LOGHUVHKHQ´  (UNDQQÅYRQ %LOG]X%LOGHLQ(WZDVIKOHQ´NDQQÅGDV0LWHLQDQGHUGHU*HELOGHIK OHQ´HPSKDWLVFKVFKUHLEWHUÅ>,FK@NRQQWHIKOHQNRQQWHZLVVHQNRQQWH GXUFKEOLFNHQ NRQQWH JHQLH‰HQ´   $QKDQG GHU %LOGJHJHQVWlQGH YHU VXFKWHU5HDOLWlW)XQNWLRQXQG:HUWVHLQHV(UOHEQLVVHV]XGLVNXUVLYLHUHQ :LHNDQQLFKHVGLUQDKHEULQJHQGD‰KLHUMHGHV:HVHQ>«@VLFKPLUZLHQHXJH ERUHQ DXV GHP IXUFKWEDUHQ &KDRV GHV 1LFKWOHEHQV DXV GHP $EJUXQG GHU :H VHQORVLJNHLW HQWJHJHQKRE GD‰ LFK IKOWH QHLQ GD‰ LFK ZX‰WH ZLH MHGHV GLHVHU 'LQJHGLHVHU*HVFK|SIHDXVHLQHPIUFKWHUOLFKHQ=ZHLIHODQGHU:HOWKHUDXVJH ERUHQ ZDU XQG QXQ PLW VHLQHP 'DVHLQ HLQHQ JUl‰OLFKHQ 6FKOXQG JlKQHQGHV 1LFKWVIULPPHUYHUGHFNWH:LHNDQQLFKHVGLUQXU]XU+lOIWHQDKHEULQJHQZLH PLUGLHVH6SUDFKHLQGLH6HHOHUHGHWHGLHPLUGLHJLJDQWLVFKH5HFKWIHUWLJXQJGHU VHOWVDPVWHQXQDXIO|VEDUVWHQ=XVWlQGHPHLQHV,QQHUQKLQZDUIPLFKPLWHLQVEH JUHLIHQ PDFKWH ZDV LFK LQ XQHUWUlJOLFKHU 'XPSIKHLW ]X IKOHQ NDXP HUWUDJHQ NRQQWH I 

:LHGHUULQJWGHU.DXIPDQQXP:RUWHZLHGHUVFKHLQHQLKPVHLQH%HJULI IHXQ]XUHLFKHQGHUJODXEWVHLQHP)UHXQGQLFKWHLQPDOÅ]XU+lOIWH´VHLQ (UOHEQLV QDFKYROO]LHKEDU PDFKHQ ]X N|QQHQ 2IIHQVLFKWOLFK MHGRFK LVW GDVV KLHU HLQH 8UV]HQH YRU GHU 6FK|SIXQJ EHVFKULHEHQ ZLUG =XQlFKVW KHUUVFKHQ&KDRVXQG1LFKWOHEHQ'DQQDEHUIKUHQGLH%LOGJHJHQVWlQGH ]XU 1HXJHEXUW DXV GHU .RQIXVLRQ XQG NRQVWLWXLHUHQ HLQHQ =XVWDQG DX WKHQWLVFKHU$IILUPDWLRQ'LH$XWKHQWL]LWlWEHVWHKWEHLDOOHGHPLP(UOHEQLV YRQ 7RWDOLWlW LQ GDV ÅNRJQLWLYH YROXQWDWLYH XQG DIIHNWLYH 0RPHQWH JOHLFK]HLWLJ LQHLQDQGHUVSLHOHQ´ 'LOWKH\V 6DW] YRP *HIKO GHU 3RHVLH ÅGD‰VLHGLHDXWKHQWLVFKH,QWHUSUHWDWLRQGHV/HEHQVVHOEHU]XJHKHQ VLF  KDEH´ OlVVW VLFK EH]RJHQ DXI +RIPDQQVWKDOV 7H[W GDKLQJHKHQG XP IRUPXOLHUHQGDVVGHU=XUFNJHNHKUWHZHL‰GDVVGLH%LOGHUYDQ*RJKVGLH DXWKHQWLVFKH ,QWHUSUHWDWLRQ GHV /HEHQV JHEHQ :lKUHQG GHP .DXIPDQQ LPHUVWHQ%ULHIQRFKZDUÅDOVYHUOLHUH>HU@GHQ%RGHQXQWHUGHQ)‰HQ´   KDW HU QXQ GDV *HIKO ÅIHVWHQ %RGHQ XQWHU GHQ )‰HQ´   ]X VSUHQ BBBBBBBBBBBBBB 

 (EHUKDUG 2VWHUPDQQ 'LH $XWKHQWL]LWlW GHV bVWKHWLVFKHQ 6WXGLHQ ]XUlVWKHWLVFKHQ 7UDQVIRUPDWLRQ GHU5KHWRULN0QFKHQ6  2VWHUPDQQ $QP 6  :LOKHOP 'LOWKH\ Å'LH (LQELOGXQJVNUDIWGHV 'LFKWHUV %DXVWHLQH IU HLQH 3RHWLN´*HVDP PHOWH6FKULIWHQ6WXWWJDUW*|WWLQJHQ%G9,'LHJHLVWLJH:HOW(LQOHLWXQJLQGLH3KLORVRSKLH GHV/HEHQV=ZHLWH+lOIWH$EKDQGOXQJHQ]XU3RHWLN(WKLNXQG3lGDJRJLN6²KLHU6



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



'LH.RQIHUHQ]GLHQDFKGHU%LOGEHWUDFKWXQJVWDWWILQGHWJHUlWLKP]X HLQHP DX‰HURUGHQWOLFKHQ (UIROJ (U LVW ZLHGHU KDQGOXQJVIlKLJ XQG NDQQ PHKUIUVHLQH*HVHOOVFKDIWHUUHLFKHQDOV]XHUZDUWHQZDU'LH(UIDKUXQJ HQWGLIIHUHQ]LHUWHU7RWDOLWlWKDWVHLQ:HVHQJUXQGOHJHQGHUQHXHUWXQGLKP MHQHV*DQ]KHLWVHPSILQGHQ JHZlKUW ZHOFKHVVLFKLP PRGHUQHQ'HXWVFK ODQGQLUJHQGVHLQVWHOOWH6XPPDVXPPDUXPOLHJWGHQ%ULHIHQGHV=XUFNJHNHKU WHQVRPLWHLQQDUUDWLYHV6FKHPD]XJUXQGHGDVDXI]ZHL.RQYHUVLRQHQGHV 3URWDJRQLVWHQEHUXKW'LHHUVWH.RQYHUVLRQVHW]WDEUXSWPLWGHU$QNXQIW LQ'HXWVFKODQGHLQ²GHU.DXIPDQQZLUGHLQ$QGHUHU$XVJHO|VWZLUGGLH VLFK ]XU ,FK'LVVR]LDWLRQ VWHLJHUQGH .ULVH GXUFK GLH .RQIURQWDWLRQ PLW GHUYRQLKPHUIDKUHQHQ5HDOLWlW'LH]ZHLWH.RQYHUVLRQLVWDOV$XIKHEXQJ GHUHUVWHQ]XJOHLFKGLH*HVFKLFKWHHLQHU5HWWXQJ6LHYROO]LHKWVLFKHEHQ IDOOVSO|W]OLFKZLUGDOOHUGLQJVQLFKWGXUFKGLH/HEHQVZLUNOLFKNHLWVRQGHUQ GXUFKGLHlVWKHWLVFKH(UIDKUXQJYRUGHQ%LOGHUQYDQ*RJKVHQWIDFKW'LH QDUUDWLYHILQDORUJDQLVLHUWH0DNURVWUXNWXUGHV7H[WVIROJWDOVRGHP0XV WHU.ULVH5HWWXQJlVWKHWLVFKH(UNHQQWQLV$P(QGHGLHVHU5HLKHLVWGHU =XUFNJHNHKUWHGHUÅZKROHPDQZKRPRYHVDWRQFH´ /LWHUDWXU $GRUQR7KHRGRU:bVWKHWLVFKH7KHRULH*HVDPPHOWH6FKULIWHQKUVJYRQ*UHWHO$GRUQR 5ROI7LHGHPDQQ)UDQNIXUWD0%G9,, $PpU\-HDQ'HUYHUORUHQH%ULHI9RP1LHGHUJDQJHLQHU$XVGUXFNVIRUPGHV+XPDQHQ:HUNH KUVJ YRQ ,UHQH +HLGHOEHUJHU/HRQDUG 6WXWWJDUW  %G9,,, $XVJHZlKOWH %ULHIH²KUVJYRQ*HUKDUG6FKHLW6² %DUWKHV5RODQG'LHKHOOH.DPPHU%HPHUNXQJHQ]XU3KRWRJUDSKLH)UDQNIXUWD0 %HFNHU &ODXGLD Å%RWVFKDIWHQ GHV +HLO LJ HQ $VSHNWH XQG 7HQGHQ]HQ SRHWLVFKHU .XQVWNULWLN LP $XVJDQJ YRQ GHU )UKURPDQWLN´ LQ 0DQIUHG 6FKPHOLQJ 0RQLND6FKPLW](PDQV +UVJ 'DVYLVXHOOH*HGlFKWQLVGHU/LWHUDWXU:U]EXUJ 6² %HONH+RUVW/LWHUDULVFKH*HEUDXFKVIRUPHQ'VVHOGRUI %HQMDPLQ :DOWHU Å'DV .XQVWZHUN LP =HLWDOWHU VHLQHU WHFKQLVFKHQ 5HSURGX] LHUEDUNHLW ]ZHLWH )DVVXQJ ´ *HVDPPHOWH 6FKULIWHQ KUVJ YRQ 5ROI 7LHGHPDQQ +HUUPDQQ6FKZHSSHQKlXVHU)UDQNIXUWD0%G,6² %RKUHU .DUO +HLQ] 'DV DEVROXWH 3UlVHQV 'LH 6HPDQWLN lVWKHWLVFKHU =HLW )UDQNIXUW D0  ³ 3O|W]OLFKNHLW=XP$XJHQEOLFNGHVlVWKHWLVFKHQ6FKHLQV)UDQNIXUWD0 ³ 'HU URPDQWLVFKH %ULHI 'LH (QWVWHKXQJ lVWKHWLVFKHU 6XEMHNWLYLWlW 0QFKHQ :LHQ  %RO] 1RUEHUWÅ'HU .XOW GHV $XWKHQWLVFKHQ LP =HLWDOWHU GHU )lOVFKXQJ´ LQ $QQH .DWKULQ 5HXOHFNH +UVJ  )lOVFKXQJHQ =X $XWRUVFKDIW XQG %HZHLV LQ :LVVHQVFKDIW XQG.QVWHQ)UDQNIXUWD06² %UDHJJHU&DUOSHWHU'DV9LVXHOOHXQGGDV3ODVWLVFKH+XJRYRQ+RIPDQQVWKDOXQGGLHELOGHQGH .XQVW%HUQ0QFKHQ



 

.DL6SDQNH

%UJHO 3HWHU Å'HU 3ULYDWEULHI (QWZXUI HLQHV KHXULVWLVFKHQ 0RGHOOV´ '9MV   6² %VVJHQ$QWMHÅ'LVVR]LDWLRQVHUIDKUXQJXQG7RWDOLWlWVVHKQVXFKWÄ)DUEH¶DOV9RNDEHO LP Ä'LVNXUV GHV (LJHQWOLFKHQ¶ GHU .ODVVLVFKHQ 0RGHUQH =X +XJR YRQ +RI PDQQVWKDOVÄ%ULHIHQGHV=XUFNJHNHKUWHQ¶XQG*RWWIULHG %HQQVÄ'HU*DUWHQ YRQ$UOHV¶´=HLWVFKULIWIUGHXWVFKH3KLORORJLH  6² 'LOWKH\ :LOKHOP Å'LH (LQELOGXQJVNUDIW GHV 'LFKWHUV %DXVWHLQH IU HLQH 3RHWLN´ *HVDPPHOWH 6FKULIWHQ 6WXWWJDUW *|WWLQJHQ  %G9,'LH JHLVWLJH :HOW (LQOHL WXQJLQGLH3KLORVRSKLHGHV/HEHQV=ZHLWH+lOIWH$EKDQGOXQJHQ]XU3RHWLN(WKLNXQG 3lGDJRJLN6² ³ Å(UIDKUHQ XQG 'HQNHQ (LQH 6WXGLH ]XU HUNHQQWQLVWKHRUHWLVFKHQ /RJLN GHV -DKUKXQGHUWV´ *HVDPPHOWH 6FKULIWHQ 6WXWWJDUW *|WWLQJHQ  %G9 'LH JHLVWLJH:HOW(LQOHLWXQJLQGLH3KLORVRSKLHGHV/HEHQV(UVWH+lOIWH$EKDQGOXQJHQ]XU *UXQGOHJXQJGHU*HLVWHVZLVVHQVFKDIWHQ6² ³ Å3ODQ GHU )RUWVHW]XQJ ]XP $XIEDX GHU JHVFKLFKWOLFKHQ :HOW LQ GHQ *HLVWHVZLVVHQVFKDIWHQ´ *HVDPPHOWH 6FKULIWHQ 6WXWWJDUW *|WWLQJHQ  %G9,,'HU$XIEDXGHUJHVFKLFKWOLFKHQ:HOWLQGHQ*HLVWHVZLVVHQVFKDIWHQ6² ³ Å9RUUHGH´ *HVDPPHOWH 6FKULIWHQ 6WXWWJDUW *|WWLQJHQ  %G, (LQOHLWXQJ LQ GLH*HLVWHVZLVVHQVFKDIWHQ9HUVXFKHLQHU*UXQGOHJXQJIUGDV6WXGLXPGHU*HVHOOVFKDIWXQG GHU*HVFKLFKWH6;9²;; )LVFKHU/LFKWH(ULNDÅ7KHDWUDOLWlWXQG,QV]HQLHUXQJ´LQ'LHVXD +UVJ ,QV]HQLHU XQJYRQ$XWKHQWL]LWlW7ELQJHQ%DVHO6² *RHWKH -RKDQQ :ROIJDQJ Å3DUDOLSRPHQD´ 6lPWOLFKH :HUNH %ULHIH 7DJHEFKHU XQG *HVSUlFKH KUVJ YRQ 'LHWHU %RUFKPH\HU XD )UDQNIXUW D0  %G;,9 $XV PHLQHP /HEHQ 'LFKWXQJ XQG :DKUKHLW KUVJ YRQ .ODXV'HWOHI 0OOHU 6² *XPEUHFKW +DQV 8OULFK 3URGXFWLRQ RI 3UHVHQFH :KDW 0HDQLQJ &DQQRW &RQYH\ 6WDQIRUG  +DEHUPDV -UJHQ 6WUXNWXUZDQGHO GHU gIIHQWOLFKNHLW 8QWHUVXFKXQJHQ ]X HLQHU .DWHJRULH GHU EUJHUOLFKHQ *HVHOOVFKDIW PLW HLQHP 9RUZRUW ]XU 1HXDXIODJH   )UDQNIXUW D0 +DSS-XOLD6ÅÄ$XJHQEOLFNH¶6RPH5HIOHFWLRQVRQ2FXODU0RPHQWVLQWKH3URVHRI +RIPDQQVWKDO DQG 5LONH´ LQ 'DQLHO /DPEDXHU 0DULH ,VDEHO 6FKOLQ]LJ $EL JDLO 'XQQ +UVJ  )URP 0DJLF &ROXPQV WR &\EHUVSDFH 7LPH DQG 6SDFH LQ *HUPDQ /LWHUDWXUH$UWDQG7KHRU\0QFKHQ6² +DUWZLJ +HOPXW Å=ZLVFKHQ %ULHIVWHOOHU XQG %LOGSRVWNDUWH %ULHIYHUNHKU XQG 6WUXNWXUZDQGHO EUJHUOLFKHU gIIHQWOLFKNHLW´ LQ /XGZLJ )LVFKHU .QXW +LFNHWKLHU .DUO 5LKD +UVJ  *HEUDXFKVOLWHUDWXU 0HWKRGLVFKH hEHUOHJXQJHQ XQG %HLVSLHODQDO\VHQ6WXWWJDUW6² +LOODUG*XVWDYÅ9RP:DQGHOXQG9HUIDOOGHV%ULHIHV´0HUNXU'HXWVFKH=HLWVFKULIWIU HXURSlLVFKHV'HQNHQ  6² +RIPDQQVWKDO +XJR YRQ Å(LQ %ULHI´ 6lPWOLFKH :HUNH .ULWLVFKH $XVJDEH KUVJ YRQ 5XGROI +LUVFK &KULVWRSK 3HUHOV +HLQ] 5|OOHNH )UDQNIXUW D0  %G ;;;,(UIXQGHQH*HVSUlFKHXQG%ULHIHKUVJYRQ(OOHQ5LWWHU6² ³ Å'LH%ULHIHGHV=XUFNJHNHKUWHQ´6lPWOLFKH:HUNH.ULWLVFKH$XVJDEHKUVJYRQ 5XGROI +LUVFK &KULVWRSK 3HUHOV +HLQ] 5|OOHNH )UDQNIXUW D0  %G ;;;,(UIXQGHQH*HVSUlFKHXQG%ULHIHKUVJYRQ(OOHQ5LWWHU6²



$XWKHQWL]LWlWDOV(QWGLIIHUHQ]LHUXQJ



,PGDKO0D[Å'LH5ROOHGHU)DUEHLQGHUQHXHUHQIUDQ]|VLVFKHQ0DOHUHL$EVWUDNWLRQ XQG.RQNUHWLRQ´LQ:ROIJDQJ,VHU +UVJ ,PPDQHQWHbVWKHWLNbVWKHWLVFKH5H IOH[LRQ/\ULNDOV3DUDGLJPDGHU0RGHUQH .ROORTXLXP.|OQ9RUODJHQXQG 9HUKDQGOXQJHQ 0QFKHQ6² .QDOOHU 6XVDQQH Å*HQHDORJLH GHV lVWKHWLVFKHQ $XWKHQWL]LWlWVEHJULIIV´ LQ 'LHV +DUUR0OOHU +UVJ $XWKHQWL]LWlW'LVNXVVLRQHLQHVlVWKHWLVFKHQ%HJULIIV0QFKHQ 6² ³ (LQ:RUWDXVGHU)UHPGH*HVFKLFKWHXQG7KHRULHGHV%HJULIIV$XWKHQWL]LWlW+HLGHOEHUJ  .RPIRUW+HLQ6XVDQQHÅÄ«HVVFKHLQWGDVÄ8QG¶]ZLVFKHQGHQ'LQJHQLVWUHEHOOLVFK JHZRUGHQ¶ 'HQNILJXUHQ GHU .ULVH XQG GHU 'LVNXUV GHV Ä(LJHQWOLFKHQ¶ LQ GHU H[SUHVVLRQLVWLVFKHQ 5HYROWH ]ZLVFKHQ .XQVW XQG /HEHQ´ '9MV    6² /HWKHQ +HOPXW Å9HUVLRQHQ GHV $XWKHQWLVFKHQ VHFKV *HPHLQSOlW]H´ LQ +DUWPXW %|KPH .ODXV 5 6FKHUSH +UVJ  /LWHUDWXU XQG .XOWXUZLVVHQVFKDIWHQ 3RVLWLRQHQ 7KHRULHQ0RGHOOH5HLQEHNE+DPEXUJ6² 0DUWtQH] 0DWtDV Å=XU (LQIKUXQJ $XWKHQWL]LWlW XQG 0HGLDOLWlW LQ NQVWOHULVFKHQ 'DUVWHOOXQJHQ GHV +RORFDXVW´ LQ 'HUV +UVJ  'HU +RORFDXVW XQG GLH .QVWH 0HGLDOLWlW XQG $XWKHQWL]LWlW YRQ +RORFDXVW'DUVWHOOXQJHQ LQ /LWHUDWXU )LOP 9LGHR 0DOHUHL'HQNPlOHUQ&RPLFXQG0XVLN%LHOHIHOG6² 0F/XKDQ 0DUVKDOO Å'DV 0HGLXP LVW GLH %RWVFKDIW´ LQ 'HUV'LH PDJLVFKHQ .DQlOH 'VVHOGRUI:LHQ6² 0HLHU*UDHIH -XOLXV (QWZLFNOXQJVJHVFKLFKWH GHU PRGHUQHQ .XQVW KUVJ YRQ $QQHPDULH 0HLHU*UDHIH%URFK%HQQR5HLIHQEHUJ0QFKHQ%G,, ³ ,PSUHVVLRQLVWHQ*X\V²0DQHW²YDQ*RJK²3LVVDUR²&p]DQQH0QFKHQ/HLS]LJ  0OOHU :ROIJDQJ * Å'HU %ULHI´ LQ .ODXV :HLVVHQEHUJHU +UVJ  3URVDNXQVW RKQH (U]lKOHQ'LH*DWWXQJHQGHUQLFKWILNWLRQDOHQ.XQVWSURVD7ELQJHQ6² ³ Å'HU %ULHI DOV 6SLHJHO GHU 6HHOH =XU *HVFKLFKWH HLQHV 7RSRV GHU (SLVWR ODUWKHRULHYRQGHU$QWLNHELV]X6DPXHO5LFKDUGVRQ´$QWLNHXQG$EHQGODQG  6² 1LFNLVFK5HLQKDUG0*%ULHI6WXWWJDUW 1LHW]VFKH )ULHGULFK Å)UDJPHQW 1U ´ :HUNH .ULWLVFKH *HVDPWDXVJDEH KUVJ YRQ *LRUJLR&ROOL0D]]LQR0RQWLQDUL%HUOLQ1HZZHUGHQ@ YHU ZLVFKWZRPLWGLH.XQVWGHV6FKUHLEHQVHEHQMHQHGLVWDQ]LHUHQGH)XQNWL RQ YHUOLHUW GHU VLH LKUH 'DVHLQEHUHFKWLJXQJ YHUGDQNWµ   +HUH 6HEDOG LGHQWLILHVDVQRQDXWKHQWLF'|EOLQ·VVXSSRVHGUHWUHDWIURPDQHDUOLHUFULWL FDO VWDQFH ZKLFK KH FODLPHG IORZHG IURP WKH DXWKRU·V DVVLPLODWRU\ WHQGHQFLHV,WLVLPSRUWDQW WRQRWHWKDWZKDWFRQFHUQHG6HEDOGDERYHDOO ZDVWKDWWKHDXGLHQFHUHFHLYHGDUHSUHVHQWDWLRQRIWKHVRFLHWDOFRQGLWLRQV WKDWUHPDLQHGDSSURSULDWHO\GLVWDQFHGDQGHQDEOHGLWVUHFLSLHQWVWRUHIOHFW 8SRQWKLVEDVLVKHVLPLODUO\H[FRULDWHG*QWHU*UDVVLQKLVHV VD\´.RQVWUXNWLRQHQGHU7UDXHUµLQZKLFKKHFRQFOXGHGWKDWLQ*UDVV·V QDUUDWLYHV DVZHOODVRWKHUVIURPWKHV WKH´EHODVWHWH9HUJDQJHQKHLW ZHQLJHUHPRWLRQDODOVVHQWLPHQWDO¶DXIJHDUEHLWHW·XQG]XJOHLFKDQJHOHJHQW OLFKXQGHUIROJUHLFKYHUPLHGHQZLUG>«@µ7KHLQDELOLW\RUXQZLOOLQJQHVV WR JHQXLQHO\ GHDO ZLWK KLVWRULFDO FULPHV UHQGHUHG VXFK QDUUDWLYHV HYDVLYH DQG HWKLFDOO\ VXVSHFW ,Q VKRUW WKH\ HPSOR\HG LQ 6HEDOG·V HVWLPDWLRQ WHFKQLTXHVWKDWLQKLELWHGFULWLFDOUHIOHFWLRQLQWKDWWKH\WRRHDVLO\HQDEOHG LPPHUVLRQ LQWR WKH QDUUDWLYH ZRUOG 7KH GLIILFXOW WDVN RI DXWKHQWLF FRQ IURQWDWLRQZLWKWKHSDVWZKLFK6HEDOGFODLPHGZDVWKHELUWKULJKWRIOLWHUD WXUHKDGJLYHQZD\WRLQDXWKHQWLFHDV\VHQWLPHQWDOLW\ BBBBBBBBBBBBBB 

 7KHFRQWULEXWLRQKDGEHHQVROLFLWHGE\,UHQH+HLGHOEHUJHU/HRQDUGIRUDYROXPHRQ%HFN HUWKDWDSSHDUHGLQEXWDVVKHH[SODLQHGODWHULWZDVOLWWOHPRUHWKDQD´9HUULVVµDQG FRXOGQRWEHLQFOXGHGLQWKHSXEOLFDWLRQ6HH,UHQH+HLGHOEHUJHU/HRQDUG´=ZLVFKHQ$Q QHLJXQJXQG5HVWLWXWLRQ'LH%HVFKUHLEXQJGHV8QJOFNVEHL:*6HEDOG9HUVXFKHLQHU $QQlKHUXQJµLQ,UHQH+HLGHOEHUJHU/HRQDUG0DUHLOOH7DEDK HGV :*6HEDOG,QWHUWH[ WXDOLWlWXQG7RSRJUDSKLH%HUOLQS²KHUHS  :*6HEDOG'HU0\WKXVGHU=HUVW|UXQJLP:HUN'|EOLQV6WXWWJDUW6HEDOG·VILUVWWKHVLV &DUO6WHUQKHLP.ULWLNHUXQG2SIHUGHUZLOKHOPLQLVFKHQbUD 6WXWWJDUW FDPHWRVLPLODUFRQ FOXVLRQVEXWZDVUDWKHUVHULRXVO\IODZHGDQGWKHUHIRUHOHVVXVHIXOIRUP\DUJXPHQW)RUD WKRURXJK WUHDWPHQW RI WKHVH HDUO\ GD\V VHH 5LFKDUG 6KHSSDUG ´7KH 6WHUQKHLP VLF@ .QRUSHOQ XQG .QRFKHQ EHVWHKW >LPDJH@bX‰HUOLFKDXIIlOOLJLVWGDVVWDUNH6FKZDQ]UXGHUGHUVFKPDOH.RSIGHUHLQ

BBBBBBBBBBBBBB 

 :*6HEDOG´:DUXPLFKNHLQH3RHWLNYRUOHVXQJLPHLJHQWOLFKHQ6LQQHKDOWHQNDQQµ'/$ 0DUEDFKDP1HFNDU/XIWNULHJXQG/LWHUDWXUFROOHFWLRQIROGHU  0DULR*RWWHUEDUP´,FKXQGGHU/XIWNULHJ6HEDOGVHUVWH=ULFKHU9RUOHVXQJDOV$XWRILNWL RQµ-DKUEXFKGHU'HXWVFKHQ6FKLOOHUJHVHOOVFKDIW  S²



 

0LFKDHO+XWFKLQV

ZHQLJ YRUVWHKHQGH 8QWHUNLHIHU XQG GDV JUR‰H $XJH LQ GHVVHQ VLOEHUZHL‰HU ,ULV HLQH VFKZDU]H 3XSLOOH VFKZLPPW hEHU GHQ 5FNHQ KLQ LVW GHU +HULQJ EOlXOLFK JUQJHIlUEW'LH6FKXSSHQDQVHLQHQ6HLWHQXQGDP%DXFKVFKLPPHUQHLQ]HOQLQ HLQHPRUDQJHJROGHQHQ7RQKDEHQMHGRFKLQLKUHU*HVDPWKHLWHLQHQUHLQZHL‰HQ PHWDOOLVFKHQ*ODQ]  

7KLV SDVVDJH FRQFHUQV WKH 1RUWK $WODQWLF KHUULQJ DQG LWV DEXVH DW WKH KDQGV RI LQGXVWULDO ILVKHUPHQ DQG PLVJXLGHG VFLHQWLVWV%XW VRPHWKLQJ LV FOHDUO\ ZURQJ ZLWK WKH HQJUDYLQJ WKDW DSSHDUV WR LOOXVWUDWH WKH WH[W $V 6LONH +RUVWNRWWH KDV REVHUYHG 6HEDOG·V FDUHIXO SRVLWLRQLQJ RI LPDJHV LQ KLV QDUUDWLYHV EULQJV WKHP LQWR ERWK FRQQHFWLRQ DQG WHQVLRQ ZLWK KLV WH[WDQGLQWKLVFDVHWHQVLRQVHHPVWRKDYHWDNHQWKHXSSHUKDQGVLQFH LQVWHDGRIDQ´HLQZHQLJYRUVWHKHQGH8QWHUNLHIHUµRQHVHHVWKDWWKHILVK LQ WKH LPDJH KDV D PDUNHGO\ EDFNZDUG SURMHFWLQJ PRXWK 8SRQ FORVHU LQVSHFWLRQLWEHFRPHVFOHDUWKDWWKHILVKDOVRKDVWRRPDQ\ILQVIRUDKHU ULQJ,WVWDLOLVQRWVSOLWDVDKHUULQJ·VLVDQGLIWKHLPDJHZHUHLQFRORXU WKHUHZRXOGEHQRWUDFHRI´RUDQJHJROGHQHQµVFDOHVEHFDXVHWKLVILVKWKDW 6HEDOGSODFHVLQKLVWH[WDERXWDKHUULQJLVQRWDKHUULQJDWDOO,WLVDFRG 7KH DSSDUHQW PLVWDNH ZDV QRW ORVW RQ 6HEDOG·V UHDGHUV 6KRUWO\ DIWHU WKHSXEOLFDWLRQRIWKHVRIWFRYHUHGLWLRQLQIRUH[DPSOH RQHRIKLV DFTXDLQWDQFHVVHQWKLPDZHOOPHDQLQJWD[RQRPLFDOFRUUHFWLRQ%XWWKH PHDVXUH ZDV XQQHFHVVDU\ EHFDXVH WKLV ZDV QR PLVWDNH 7XFNHG DPRQJ 6HEDOG·V PDQXVFULSWV QRZ KRXVHG DW WKH 'HXWVFKHV /LWHUDWXUDUFKLY LQ 0DUEDFKDP1HFNDUOLHVDSKRWRFRS\RIWKHSDJHIURPZKLFK6HEDOGKDG WDNHQWKHLPDJH(QJUDYLQJVRIERWKILVKDSSHDUWKHUHFOHDUO\ODEHOHGDQG LQ6HEDOG·VRZQKDQGWKHFRGKDVEHHQVHOHFWHGLQVWHDGRIWKHKHUULQJ 7KHGHOLEHUDWHQHVVRIWKLVVZLWFKLVLQFRQWUDVWIRUH[DPSOHWRWKHH[WUD ´]Xµ LQ ´]X]XVDPPHQJHVHW]WHQµ ZKLFK LV PRUH FOHDUO\ D W\SRJUDSKLFDO HUURU&RQVHTXHQWO\WKHUHOLDELOLW\RIWKHWH[WSKRWRUHODWLRQVKLSDVVXPHG E\WKHUHDGHUEHFDXVHRIWKHWZRHOHPHQWV·SUR[LPLW\LVGHVWDELOL]HG 3HUKDSV E\ H[WHQVLRQ WKH UHOLDELOLW\ RI WKH DXWKRU LV XQGHUPLQHG DV ZHOOVLQFHWKLVH[DPSOHSURYHVWREHWKHQRUPUDWKHUWKDQWKHH[FHSWLRQ LQ'LH5LQJHGHV6DWXUQ7KHQDUUDWLYHLVULIHZLWKVXFKPLVPDWFKHVEHWZHHQ WKHQDUUDWHGZRUOGDQGH[WHUQDOUHDOLW\7KHUHDUHIRUH[DPSOHDQXPEHU RI EDVLF JHRJUDSKLFDO HUURUV $V -R &DWOLQJ KDV SRLQWHG RXW WKH (FFOHV BBBBBBBBBBBBBB 

 6LONH +RUVWNRWWH ´3KRWR7H[W 7RSRJUDSKLHV 3KRWRJUDSK\ DQG WKH 5HSUHVHQWDWLRQ RI 6SDFHLQ:*6HEDOGDQG0RQLND0DURQµ3RHWLFV7RGD\  S²KHUHS  $OEUHFKW5DVFKHWR:*6HEDOG'/$0DUEDFKDP1HFNDU  6HEDOGZURWHRQWKHSDJHWKDWKHRQO\ZLVKHGWRUHSURGXFHWKHILVKLQTXHVWLRQDQGGUHZ DQDUURZWRWKHFRUUHVSRQGLQJLOOXVWUDWLRQ8QIRUWXQDWHO\WKHH[DFWVRXUFHRIWKLVSDJHKDV QRW\LHOGHGWRUHVHDUFK7KHUHLVDQLQVFULSWLRQDWWKHERWWRPRIWKHSDJHLQGLFDWLQJWKDWWKH HQJUDYLQJV ZHUH SURGXFHG E\ WKH $UWLVWLVFKH $QVWDOW YRQ ( +RFKGDQ] D SURPLQHQW HQ JUDYLQJ DQG SXEOLVKLQJ KRXVH LQ 6WXWWJDUW EXW WKH YROXPH IURP ZKLFK LW ZDV GUDZQ UH PDLQVXQNQRZQ



,QWHQWWR0LVOHDG



&KXUFK7RZHUWKDWDSSHDUVRQSDJHVWRRGQRWLQWKHYLFLQLW\RI'XQ ZLFKDV6HEDOG·VWH[WZRXOGKDYHLWEXWUDWKHUVRPHNPWRWKHQRUWK TXLWH FORVH WR 1RUZLFK ,Q RWKHU SDVVDJHV 6HEDOG·V QDUUDWRU UHODWHV PHPRULHVWKDWDUHSK\VLFDOO\LPSRVVLEOH,QRQHSDUWLFXODUO\RGGSDVVDJH IRUH[DPSOHWKHQDUUDWRUVWDQGVRQDVWRUP\QLJKWDWDVHFRQGVWRU\ZLQ GRZ RI KLV KRWHO DQG ORRNV RXW RYHU WKH JDUGHQ ZKHUH D SDLU RI GXFNV KXGGOHEHQHDWKDZLOORZWUHH/LJKWQLQJVWULNHVDQGLOOXPLQDWHVWKHVFHQH ´0LW VROFK YROONRPPHQHU .ODUKHLWµ KH WKHQ ZULWHV ´LVW GLHVHV %LOG DXI HLQHQ 6HNXQGHQEUXFKWHLO DXIJHWDXFKW DXV GHU 'XQNHOKHLW GD‰ LFK MHW]W QRFKMHGHVHLQ]HOQH:HLGHQEODWWGLHIHLQVWHQ6FKDWWLHUXQJHQLP*HILHGHU GHUEHLGHQ9|JHOMDVRJDUGLH3XQNWHGHU3RUHQGHUEHULKUH$XJHQJH VHQNWHQ/LGKDXW]XVHKHQYHUPHLQHµ  %XWLWLVQRWPHUHO\VXFKHSL VRGHV RI XQUHDOLW\ WKDW XQGHUPLQH WKH QDUUDWRU·V UHOLDELOLW\ 0DQ\ RI WKH TXRWDWLRQV WKDW 6HEDOG PRXQWV LQ KLV WH[W DUH HLWKHU EDGO\ WUDQVFULEHG RU PLVDWWULEXWHG VXFK DV WKH PRWWR ZLWK ZKLFK WKH QDUUDWLYH RSHQV ZKLFK 6HEDOGOLIWHGIURP0LOWRQ·VSROHPLFDOWUDFW$UHRSDJLWLFDEXWZKLFKKH PLVWDNHQO\EHOLHYHGWREHIURP3DUDGLVH/RVW 56 $V5LFKDUG6KHSSDUG KDVREVHUYHGVXFKSDVVDJHVQRWRQO\SODFH6HEDOG·VQDUUDWRULQTXHVWLRQ EXW WKH DXWKRU KLPVHOI DQG SUHVHQW D SDUWLFXODUO\ GLIILFXOW KHUPHQHXWLF FKDOOHQJH VLQFH LW RIWHQ UHPDLQV XQFOHDU ZKHWKHU 6HEDOG·V IDXOW\ VWDWH PHQWVUHSUHVHQW´OHDUQHGMRNHVµRUWKHZRUNRIDG\VOH[LFVFKRODU,WKDV ORQJ EHHQ DUJXHG WKDW VLJQDOV WKDW WKH QDUUDWRU WHQGV WR PDNH PLVWDNHV RXJKW WR GLPLQLVK WKH ´DXWKHQWLFDWLRQ DXWKRULW\µ SRWHQWLDO RI WKH WH[W $QGWKHVHHUURUVZKLFKDSSHDUXSRQLQVSHFWLRQWREHHQWLUHO\LQWHQWLRQDO KDYHWKHHIIHFWRILQWHUUXSWLQJDHVWKHWLFLOOXVLRQ 7KLVSUDFWLFHH[WHQGVDFURVV6HEDOG·VOLWHUDU\RXWSXW$QD,VDEHO$OLD JD%XFKHQDXKDVSRLQWHGRXWVLPLODUSKHQRPHQDLQ6HEDOG·VQDUUDWL YH 'LH $XVJHZDQGHUWHQ $OLDJD%XFKHQDX REVHUYHV WKDW 6HEDOG·V XVH RI H[SUHVVLRQVRIVHOIGRXEWVHHP´WRVKRZWKDWWKHQDUUDWRULVXQVXUHRIKLV UHOLDELOLW\DQGDELOLW\WRDFFXUDWHO\SUHVHQWWKHHPLJUDQWV·OLYHVDVWKH\ZHUH WROG WR KLPµ FRQFOXGLQJ WKDW ´>W@KH QDUUDWRU XQGHUFXWV WKLV DXWKHQWLFLW\ DQGUHYHDOVWKHLQVWDELOLW\RIQDUUDWLRQDQGPHPRU\µ  'LVFRQFHUWLQJ BBBBBBBBBBBBBB 

 -R &DWOLQJ ´*UDWZDQGHUXQJ ELV DQ GHQ 5DQG GHU 1DWXUµ LQ 5GLJHU *|UQHU HG  7KH $QDWRPLVWRI0HODQFKRO\(VVD\VLQ0HPRU\RI:*6HEDOG0XQLFKS²KHUHS  5LFKDUG6KHSSDUG´'H[WHU²VLQLVWHUVRPHREVHUYDWLRQVRQGHFU\SWLQJWKHPRUVFRGHLQ WKHZRUNRI:*6HEDOGµ-RXUQDORI(XURSHDQ6WXGLHV  S²KHUHS  /XERPtU'ROHæHO´7UXWKDQG$XWKHQWLFLW\LQ1DUDWLYHµ3RHWLFV7RGD\  S² KHUHS  $QD,VDEHO $OLDJD%XFKHQDX ´¶$ 7LPH +H &RXOG 1RW %HDU WR 6D\ $Q\ 0RUH $ERXW· 3UHVHQFH DQG $EVHQFH RI WKH 1DUUDWRU LQ :* 6HEDOG·V 7KH (PLJUDQWVµ LQ 6FRWW 'HQKDP0DUN0F&XOORK HGV :*6HEDOG+LVWRU\0HPRU\7UDXPD%HUOLQ1HZP@(U]lKOHQ´ZLUG DOVR QLFKW HLQ]LJ GXUFK GLH 3UlVHQ] E]Z GDV 1LFKWYRUKDQGHQVHLQ YRQ )LNWLRQDOLWlW PDUNLHUW 'LH JHGDQNOLFKH 1HXYHURUWXQJ YRQ EHVWLPPWHQ $VSHNWHQ GHU :HOW LQ GHQ 0|JOLFKNHLWVUDXP GHU ,PDJLQDWLRQ PDFKW GDV hEHUGHQNHQ GHU SHUV|QOLFKHQ =XNXQIWVDXVZDKOHQ ]X HLQHP UHL]YROOHQ 6SLHO$XFKGLHNRJQLWLYH5HLVHLQQXQJHVFKORVVHQHLQGHU9HUJDQJHQKHLW DEHU HLQVW RIIHQ VWHKHQGH Ä/HEHQVRSWLRQHQ¶ PDJ GD]X DQ RGHU YHUOHLWHQ VLFKVHOEVWIUHLQHQ$XJHQEOLFNDOV7HLOHLQHU*HVFKLFKWH]XGHQNHQGLH YRQGHU*HJHQZDUWZHJIKUWLQGLHXQEHUVFKDXEDUHQ:HLWHQGHV'HQN EDUHQ²JHUDGHZHJVGRUWKLQZRQDFKGHU3RHWLNGHV$ULVWRWHOHV:LUNOLFK NHLW LP 0RGXV GHU 0|JOLFKNHLW DXIVFKHLQW 6ROFKH 0|JOLFKNHLWHQZHUGHQ DOV0|JOLFKNHLWHQDOVYRP(U]lKOHUJHKHJWH:XQVFKWUlXPH8WRSLHQ)DQWD VLHQXVZGXUFKDXVYHUODXWEDUW²XQGVLQGDOV(U]lKOLQKDOWHXQPLWWHOEDUDQ GLH3HUVRQLKUHV(U]lKOHUVJHNQSIW ,,,Q*HVFKLFKWH Q YHUVWULFNW )U 6FKDSS VLQG GLH EHLGHQ HUZlKQWHQ Ä*HVFKLFKWVIRUPHQ¶ (U]lKOXQJ XQG +LVWRULH DXIJUXQG GHU MH VSH]LILVFKHQ 9HUVWULFNXQJ GHV 0HQVFKHQ PLWHLQDQGHU YHUEXQGHQ *HVFKLFKWHQ LP 6LQQH YRQ (U]lKOXQJVLQKDOWHQ EHGUIHQ WULYLDOHUZHLVH VROFKHU $NWHXUH GLH VLH HU]lKOHQ XQG VROFKHU GHQHQVLHHU]lKOWZHUGHQ$XWRUXQG/HVHUVFKUHLEW5RODQG%DUWKHVEUDX FKHQHLQDQGHUDOV)LJXUHQ9HUVWULFNWVLQG0HQVFKHQLQVROFKH*HVFKLFK WHQEHUGLHVDOVVHPDQWLVFKH(OHPHQWHDQGHUHQ ILNWLRQDOHPRGHUELRJUDSKL VFKHP  +DQGHOQ VLFK JOHLFKVDP ILNWLRQDOH RGHU ELRJUDSKLVFKH +DQG OXQJVHQWZLFNOXQJHQ HQW]QGHQ *HUDGH GDV G\QDPLVFKH (OHPHQW GHU LQKlUHQWHQ =XVWDQGVYHUlQGHUXQJ ]HLFKQHW GLHVHQ *HVFKLFKWHQW\SXV DXV BBBBBBBBBBBBBB 

 6RMHGRFK6FKPLG $QP 6  5RODQG%DUWKHV'LH/XVWDP7H[W%HUOLQ6  6FKPLG $QP 6



$XWKHQWLVFKH(UILQGXQJHQ



² XQG JUHQ]W LKQ YHUPHLQWOLFK JHJHQ GLH FKDRWLVFKH .RQWLQJHQ] GHV $OO WDJVOHEHQV DE $EHU DXFK GHU $OOWDJ LVW HLQH 6SKlUH GLH DXVGUFNOLFK DOV (U]lKONRQWH[WHUIDKUEDULVWXQGGLHDX‰HUGHPSHUPDQHQWGLH$QSDVVXQJ DQQHXHQWVWDQGHQH$XVJDQJVSXQNWHDEYHUODQJW²ZHQQJOHLFKVROFKH=X VWDQGVYHUlQGHUXQJHQNDXPMHEHZXVVWUHJLVWULHUWZHUGHQZHLO:DQGHOEDU NHLWLP$OOWDJVHOEVWHWZDV'DXHUKDIWHVLVW $QGHUHUVHLWV OlVVW VLFK VR ODXWHW 6FKDSSV hEHU]HXJXQJ VHOEVW GLH YHUPHLQWOLFK ZHQLJHU XQPLWWHOEDUH DXI ÄKDQGJUHLIOLFKH 6XEVWDQ]¶ QXU EH GLQJW UFNIKUEDUH DOV 'LVNXUVHOHPHQW DEHU GHQQRFK HWDEOLHUWH *OREDO NRQVWUXNWLRQÄ*HVFKLFKWH¶PLWOHEHQVZHOWOLFKHQ(UHLJQLVVHQLQXQGDXVGHQ 0LNURNRVPHQ LQGLYLGXHOO +DQGHOQGHU YHUELQGHQ %HLGH 9HUVWULFNXQJHQ VLQG VHOEVW ZHFKVHOVHLWLJ LQHLQDQGHU YHUVWULFNW *HVFKLFKWVVFKUHLEXQJ GLH RKQH ,PSOLNDWLRQHQ YRQ HU]lKOEDUHQ UHIHULHUEDUHQ  /HEHQV *H VFKLFKWHQ DXVNRPPHQ VROO OlVVW VLFK IU 6FKDSS ÅNDXP YRUVWHOOHQ´ GHQQKLVWRULVFKHV*HVFKHKHQGDVDOVVROFKHVEHVFKULHEHQZLUG XQGVRPLW LQGHU)RUPGHU(U]lKOEDUNHLW]XJlQJOLFKZLUG N|QQHQLFKWRKQHGLH)XQ GDPHQWH GHV LQ GHQ *HVFKLFKWVYHUODXI LQWHJULHUWHQ JHOHEWHQ 'DVHLQV WKH PDWLVLHUWZHUGHQ 6FKOXVVHQGOLFKLVWDXFKGLH(U]lKOXQJGHU*HVFKLFKWHYRP 9RUKDQGHQVHLQ YRQ (U]lKOHUQ DEKlQJLJ  *HZLVV GLH *HVFKLFKWH KDQGHOW QLFKW DEHU *HVFKLFKWHQ EHULFKWHQ VHKU ZRKO YRQ +DQGOXQJHQ YRQ 0HQ VFKHQ GLH VLFK LQ HLQHP ]ZHLWHQ RUGQHQGHQ 6FKULWW LQ GHQ KLVWRULVFKHQ .RQWH[W LKUHU =HLW XQG .XOWXU HLQVRUWLHUHQ ODVVHQ )ROJOLFK VLQG VLH DOV *HVFKLFKWHQGHV/HEHQVYHUVWULFNWLQGLH*HVFKLFKWHGHU:HOW ,P VR]LDOHQ $OOWDJ ZHUGHQ GLH YHUJOHLFKVZHLVH DEVWUDNWHQ 9HUELQ GXQJVOLQLHQ ]ZLVFKHQ GHU LQ KLVWRULVFKHQ %LODQ]HQ QDFKJH]HLFKQHWHQ XQG VRPLW JHZLVVHUPD‰HQ LQVWLWXWLRQDOLVLHUWHQ *HVFKLFKWOLFKNHLW DXI GHU HLQHQ XQG GHU :LUNOLFKNHLW HLQHV LQGLYLGXHOOHQ /HEHQV DXI GHU DQGHUHQ 6HLWH NDXPWKHPDWLVLHUW(LQH$XVQDKPHOLHJWYRUZHQQHLQH8QWHUKDOWXQJDXI SURPLQHQWH3HUV|QOLFKNHLWHQ]XVSUHFKHQNRPPWGLHLP5XIVWHKHQYRP %RGHQLKUHU/HEHQVJHVFKLFKWHDXVQLFKWZHQLJHUJHWDQ]XKDEHQDOVÅGHU *HVFKLFKWH´ HLQHQ 9HUlQGHUXQJVDQVFKXE ]X YHUOHLKHQ ,P /LFKWH HLQHU DNWHXUV]HQWULHUWHQ*HVFKLFKWVVFKUHLEXQJVWHKWLQGHVMHGHKLVWRULVFKUHJLVW ULHUHQVZHUWH :DQGOXQJ LP %DQQ GHU %LRJUDSKLHQ MHQHU 3HUVRQHQ GLH DOV Å=XVFKUHLEXQJVDGUHVVHQ´ PLW GHQ LP )RNXV VWHKHQGHQ JHVFKLFKWOLFKHQ 9HUlQGHUXQJHQ DVVR]LLHUW ZHUGHQ N|QQHQ +LQWHU GLHVHU =XZHLVXQJV BBBBBBBBBBBBBB 

 9JO.RQUDG(KOLFK +UVJ (U]lKOHQLP$OOWDJ)UDQNIXUWD0  6FKDSS $QP 6  (LQH PHKU ÅREMHNWLYLVWLVFKH´ 6LFKW NODPPHUW GLH ÅKXPDQLVWLVFKH %DVLV´ JHVFKLFKWOLFKHU (QWZLFNOXQJHQWHQGHQ]LHOOHKHUDXV²XQGVFKLHEWGHQ(U]lKODVSHNWVRPLWSULPlUGHU1DU UDWLYLWlW GHV *HVFKLFKWVYHUODXIV DQ VLFK ]X $OV .RQVWUXNWLRQVOHLVWXQJ YRQ +LVWRULNHUQ LVW GLHVH1DUUDWLYLWlWLQGHVJOHLFKVDP ZHQQDXFKZHQLJHUÅVLFKWEDU´ YRQ0HQVFKHQJHSUlJW GLHVLFKLQGLH*HVFKLFKWHYHUVWULFNHQXPVLHDEELOGEDU]XPDFKHQ

 

7KRUVWHQ%HQNHO

VWUDWHJLHGLHGHQRPLQ|VHQÄ*DQJGHU'LQJH¶PLWGHQ6LJQDWXUHQNRQNUH WHU3HUVRQHQYHUNQSIWPDJVLFKGHU8PVWDQGYHUEHUJHQGDVVGDV$EV WUDNWXP*HVFKLFKWHVREDOGHVORVJHO|VWYRPEOR‰HQ6DPPHOQWDJHVDNWXHO OHU)DNWHQJHGDFKWZLUGZRKOGRFKDPHLQGULQJOLFKVWHQLQHLQHUOLQHDUHQ DP /HLWIDGHQ GHXWOLFK EHVWLPPEDUHU (UHLJQLVVH XQG (QWZLFNOXQJVOLQLHQ HLQJHULFKWHWHQ *HVFKLFKWHQIRUP UH]LSLHUEDU LVW 3ROLWLVFKH *HQHDORJLHQ XP GLHVHV%HLVSLHO]XZlKOHQELHWHQQLFKWQXUJHQDXGLHVH0|JOLFKNHLW XQG ODVVHQ VLFK IROJOLFK HEHQIDOOV DOV *HVFKLFKWHQ ÄHU]lKOHQ¶  VRQGHUQ VLQG JOHLFKVDP 9HU]HLFKQLVVH GLH GLH EHQHQQEDUHQ /HEHQVJHVFKLFKWHQ MHQHU YHUDQWZRUWOLFKHQ $NWHXUH DQVSUHFKHQ GLH VROFKH (UHLJQLVVH RGHU (QW ZLFNOXQJHQLQLWLLHUWEHVFKOHXQLJWRGHUEHNlPSIWKDEHQ*HQDXEHWUDFKWHW JHEKUWMHGHP0HQVFKHQVHLQ$QWHLODQGHUKLVWRULVFKHQ(QWZLFNOXQJGHQQ GLH K\SRWKHWLVFKH $XIVXPPLHUXQJ DOOHU LQGLYLGXHOOHQ /HEHQVOlXIH ZlUH ZHQQ VLH GHQQ JHOlQJH VFKOLH‰OLFK GLH *HVFKLFKWH EHU GLH *HVFKLFKWHQ GHU:HOW6LHZlUHYROOVWlQGLJHUDOVMHHLQ/HKUEXFKEHUGHQKLVWRULVFKHQ VWDWXVTXRHLQHUEHVWLPPWHQ(SRFKHRGHU.XOWXUXQWHUULFKWHQN|QQWHXQG VLH ZlUH IUDJORV ODQJZHLOLJ ZHLO GLH GHUDUW DXIJHVSOLWWHWH Ä*HVFKLFKWH GHU *HVFKLFKWH¶DXIMHJOLFKH=XVSLW]XQJXQG3Ul]LVLHUXQJXQGZRKODXFKDXI HU]lKOHULVFKH 'UDPDWLN YHU]LFKWHQ PVVWH 'RFK LPPHUKLQ GLH 9HUVWUL FNXQJGHV0HQVFKHQLQ*HVFKLFKWHXQG*HVFKLFKWHQZlUHPLWKLOIHGLHVHU LPDJLQlUHQ0HWD*HVFKLFKWHHQGJOWLJEHZLHVHQ *HQDXVRZHUGHQMHQHLQGLYLGXHOOHQ*HVFKLFKWHQDOVGLHPDQGLH%LRJUD SKLHQ YRQ (LQ]HOSHUVRQHQ MHZHLOV EHJUHLIHQ NDQQ JHVHOOVFKDIWOLFK DEHU QLFKW YHUKDQGHOW ,P DOOWlJOLFKHQ NRPPXQLNDWLYHQ $XVWDXVFK ZUGH GLH Ä9HUVWULFNXQJ GHV 0HQVFKHQ¶ YHUPXWOLFK LQ GHU 3ULPlUDVVR]LDWLRQ DOV GDV (LQJHEXQGHQVHLQLQJHVHOOVFKDIWOLFKH5DKPXQJHQXQG6WUXNWXUHQYHUVWDQ GHQZHUGHQDXVGHQHQPDQHLQHUVHLWVQLFKWKHUDXVNRPPWXQGGLHDQGH UHUVHLWV DXFK QXU VHOWHQ HUQVWKDIW YHUODVVHQ ZHUGHQ ZROOHQ 6FKDSSV 9HU VWULFNXQJVJHGDQNHVHW]WVHLQH .DUULHUHLP$OOWDJ DXI DQGHUH:HLVHIRUW ² XQG]ZDUXQWHUGHP9RU]HLFKHQGHU6HOEVWYHUZDOWXQJGHU/HEHQVJHVFKLFKWH$OV 7KHVH IRUPXOLHUW EHGHXWHW GLHV 0HQVFKHQ YHUVWULFNHQ VLFK VHOEVW LQ *H VFKLFKWHQLQGHPVLHVLFKVHOEVWHU]lKOHQ,Q=HLWHQGHVEHZXVVWHQ$UUDQJH PHQWV GHU QLFKW QXU DEHU YRU DOOHP lX‰HUOLFK VLFKWEDUHQ  $VSHNWH GHV /HEHQVLQ$QEHWUDFKWGHUWHFKQLVFKXQGVR]LDOSHUIRUPDWLYYHUZLUNOLFKWHQ $XIZHLFKXQJ GHU 7UHQQOLQLHQ ]ZLVFKHQ gIIHQWOLFKNHLW XQG 3ULYDWVSKlUH XQG DQJHVLFKWV LPPHU NRPSOH[HUHU 6HOEVWGDUVWHOOXQJVRSWLRQHQ LVW GLH JHVWHXHUWH (LJHQHU]lKOXQJ ² PLWKLQ DOVR GDV DXWRQRPH 6LFK9HUVWULFNHQ LQ GLH 9HUVWULFNXQJ LQ *HVFKLFKWHQ ² QLFKWV ZHQLJHU DOV GDV QHX]HLWOLFKH 3ULYLOHJGLH.RPSOH[LWlWGHU:HOWLP%H]XJDXIGLHHLJHQH3HUVRQLQNUHD WLYHU (LJHQUHJLH ]X UHGX]LHUHQ :R HV GDUXP JHKW $XVVFKQLWWH GHU HLJH QHQ /HEHQVJHVFKLFKWH VR HLQ]XULFKWHQ XQG QDFK DX‰HQ ]X WUDJHQ PLW DQGHUHQ:RUWHQVLHVR]XREMHNWLYLHUHQ GDVV0LWPHQVFKHQGDUDXVZHQLJV



$XWKHQWLVFKH(UILQGXQJHQ



WHQV SDUWLHOO DEOHVHQ N|QQHQ ZLH GLHVH NRQNUHWH /HEHQVJHVFKLFKWH ÄDXV VLHKW¶ XQG ]ZDU QLFKW DXI %DVLV GHU UHDOHQ 9HUJDQJHQKHLW VRQGHUQ KLQ VLFKWOLFK GHU .RQVWUXNWLRQ GLH DXV %DXVWHLQHQ GLHVHU 9HUJDQJHQKHLW HU ULFKWHW ZXUGH  LVW ZLHGHUXP GLH 'RSSHOVHLWLJNHLW YRQ *HVFKLFKWH XQG *HVFKLFKWHQ DNXW 6LFK VHOEVW HU]lKOHQ EHGHXWHW LPPHU]X HLQH $XVNXQIW ]XHUWHLOHQEHUGLHSHUV|QOLFKH9HUVWULFNXQJLQ*HVFKLFKWH Q ZHLOGDEHL GLHELRJUDSKLVFKH(U]lKOXQJQDKH]XLPPHUGHUJHVWDOWLQHLQHQUlXPOLFKHQ XQG ]HLWOLFKHQ 5DKPHQ HLQJHNOHLGHW ZLUG GDVV GLHVH (U]lKOXQJ DXWKHQ WLVFKZLUNHQP|JH 'LHÄZLUNOLFKH¶/HEHQVJHVFKLFKWHHLQHU3HUVRQNDQQDQGHUVGHQQLQUH ODWLYLHUHQGHQ $QIKUXQJVVWULFKHQ QLFKW JHGDFKW ZHUGHQ ZHLO VLH GHU $X ‰HQZHOW LQ ELRJUDSKLVFKHQ $XVNQIWHQ ]XJlQJOLFK ZLUG GLH QXU JHULQJH %UXFKVWFNH GLHVHU Ä:LUNOLFKNHLW¶ XQG QRFK GD]X LQ HLQHU VSH]LILVFKHQ .RPPXQLNDWLRQVIRUPEQGHOQNDQQ'LHÄUHDOH¶%LRJUDSKLHZLUGIROJOLFK YRQ HLQHU Ä(LQULFKWXQJ¶ VWHOOYHUWUHWHQ GHUHQ $XWKHQWL]LWlWVDQVSUXFK YRU UDQJLJQLFKWDXIGLHVHUHDOH%LRJUDSKLHHLQJHVFKZRUHQLVW6LHVROODXIGLH $GUHVVDWHQYRUGHP+LQWHUJUXQGGHUJHPHLQVDPJHWHLOWHQ:HOW]XQlFKVW YRU DOOHP SODXVLEHO XQG EQGLJ JHVFKORVVHQ ZLUNHQ :HU VLFK VHOEVW HU ]lKOWVHLHVLQGHU3ODXGHUHLLQGHU)HVWDQVSUDFKHLQGHU$XWRELRJUDSKLH LQ GHU =HXJHQDXVVDJH RGHU ZR DXFK LPPHU JUHLIW QRWZHQGLJ ]X 6WUDWH JLHQ GHU $XWKHQWLIL]LHUXQJ XP GLH ORJLVWLVFKH 8QP|JOLFKNHLW GDV HLJHQH /HEHQ HU]lKOHULVFK ÄDXI GHQ 3XQNW ]X EULQJHQ¶ P|JOLFKVW XQDXIIlOOLJ ]X XPJHKHQ 8QWHU GHP =XJ]ZDQJ GLH QDUUDWLYH 9HUVLRQ GHU HLJHQHQ /H EHQVJHVFKLFKWH P|JOLFKVW NRPSDNW GDU]XVWHOOHQ ZLUG ]X 6WUDWHJLHQ GHU .RQGHQVLHUXQJ 'HWDLOOLHUXQJ XQG *HVWDOWVFKOLH‰XQJ JHJULIIHQ E]Z ]X UKHWRUL VFKHQ7DNWLNHQZLHGHU3ODXVLELOLVLHUXQJ%HVFK|QLJXQJ6WULQJHQ]KHUVWHOOXQJXQG ZLHGHUXP 6FKOLH‰XQJ (LQ QFKWHUQHV XQIULVLHUWHV 5HIHUDW GHU EHZHLVED UHQ 7DWVDFKHQHLQHU %LRJUDSKLHLVW RKQHKLQVHOWHQJHIUDJWZHQQ$NWHXUH DQGHUHQ$NWHXUHQ(LQEOLFNHLQLKU/HEHQELHWHQRGHU$X‰HQVWHKHQGHVLFK GLH/HEHQVJHVFKLFKWHDQGHUHUDQHLJQHQGHUOHLILQGHWVLFKLQWDEHOODULVFKHQ /HEHQVOlXIHQ NDXP MHGRFK LP LQWHUVXEMHNWLYHQ (U]lKONRQWH[W +LHU LVW YLHOPHKUHLQ$UUDQJHPHQWJHIUDJWGDVDXVGHUSHUV|QOLFKHQ+LVWRULHHLQH VSDQQHQGHDEHUGRFKUHDOLVWLVFKHXQGNRQ]HQWULHUWHDEHUGRFKQDFKYROO ]LHKEDUH (U]lKOEDUNHLWVYDULDQWH VFKDIIW 'LH VR HLQJHULFKWHWHQ DXWRELRJUD SKLVFKHQ (U]lKOXQJHQ VLQG LQ GHQ PHLVWHQ )lOOHQ DXI GLH 5H]HSWLRQ YRQ DQGHUHQKLQDQJHOHJWZHOFKHGHQ9HUJOHLFK]ZLVFKHQ GHPDXWKHQWLVFKHQ BBBBBBBBBBBBBB 

 /XFLXV+RHQH'HSSHUPDQQ $QP 6  7KRUVWHQ %HQNHOÅ'LH3DUDGR[LHGHU=HXJHQVFKDIW/HEHQVJHVFKLFKWHDOV.RQVWUXNWLRQV HOHPHQWGHU,QWHUDNWLRQVSUD[LVLQ*HULFKWVYHUKDQGOXQJHQ´%,26=HLWVFKULIWIU%LRJUDSKLHIRU VFKXQJ2UDO+LVWRU\XQG/HEHQVYHUODXIVDQDO\VHQ  6²

 

7KRUVWHQ%HQNHO

(UOHEHQ XQG GHP YRUJHWUDJHQHQ (U]lKOHQ QLFKW WUHIIHQ N|QQHQ 'LH (U ]lKOXQJLVWQHEHQSHUV|QOLFKHQ,QWHUDNWLRQHQVRPLWGDVHLQ]LJHZDVGHU /HVHU=XK|UHUDQÄ/HEHQVDXWKHQWL]LWlW¶VHLQHV*HJHQEHUV]XU9HUIJXQJ VWHKHQKDWGHQQDXIGHVVHQ(UOHEQLVHEHQHGULQJWHUQLFKWYRU,QVRIHUQLVWHV JHUHFKWIHUWLJWYRQHLQHUÅQDUUDWLYHFRQVWUXFWLRQRIUHDOLW\´]XVSUHFKHQ GHQQ HV ]HLFKQHW GHQ SURSRVLWLRQDOHQ ,QKDOW YRQ 6HOEVWHU]lKOXQJHQ DXV GDVV YRU DOOHP VLH DOV Ä:LUNOLFKNHLWVDXVVFKQLWWH¶ GHU HU]lKOHQGHQ 3HUVRQ ]XJlQJOLFKJHPDFKWZHUGHQ 9RU GLHVHP +LQWHUJUXQG OLHJW HV QLFKW IHUQ GLH 6HOEVWHUILQGXQJ GHV (U]lKOHUV EHLP (U]lKOHQ DQ]XVSUHFKHQ 9RQ HLQHP NRQVWUXNWLYLVWLVFKHQ 6WDQGSXQNWDXVEHWUDFKWHWLVWGLH:HOWRKQHKLQGDVZDVPDQ NRPPXQL NDWLY GDUDXVPDFKW$XWRUHQOLWHUDULVFKHU7H[WHGLHVLFKDOV,FK(U]lKOHU VHOEVWLQGHQ7H[WHLQIJHQDJLHUHQGLHJHWLVFKGKVLHHUVFKDIIHQ²LP*H JHQ]XJ]X$XWRUHQGLHQXUEHUDQGHUH3HUVRQHQVSUHFKHQ²HLQHHLJHQZLOOL JHÅHU]lKOWH:HOW´GLHWH[WLPPDQHQWGLHHLQ]LJH:HOWLVWGLH]XU9HUI JXQJVWHKWXQGGLHGHVKDOE]XJOHLFKGLHÄ5HDOLWlWVHEHQH¶GHV(U]lKOHUVPLW HLQELQGHW 6LH VFKRWWHQ VLFK VRPLW OHGLJOLFK JHJHQ GLHMHQLJHQ %HVWDQGWHLOH GHU DX‰HUWH[WOLFKHQ 5HDOLWlW DE GLH IU GLH *HVFKLFKWH YRQ YRUQ KHUHLQ XQZHVHQWOLFK VLQG ² XQG NRQVWUXLHUHQ LP *HJHQ]XJ HLQH :HOW GLH DOOHV 7H[WUHOHYDQWHEHLQKDOWHW'HUDXWRELRJUDSKLVFKH(U]lKOHULP$OOWDJKDWHV GDJHJHQ QLFKW LQ GHU +DQG WUHQQVFKDUI ]ZLVFKHQ (U]lKOWH[W XQG Ä5HVW ZLUNOLFKNHLW¶]XXQWHUVFKHLGHQZHLO2UW=HLWXQG8PVWlQGHVHLQHV(U]lK OHQVYRQLKP]ZDU PLW EHVWLPPWDEHUQLFKWNRQWUROOLHUWZHUGHQN|QQHQ ,KP ZLUG EOLFKHUZHLVH ]XJHVFKULHEHQ LQPLWWHQ VHLQHU 6HOEVWEHULFKW HUVWDWWXQJGHU=LHOVHW]XQJ]XIROJHQGDVVVHLQH VXEMHNWLYDQYLVLHUWH :HOW XQG6HOEVWGDUVWHOOXQJPLWGHUÄREMHNWLYHQ¶:HOWP|JOLFKVW]XVDPPHQIlOOW 7DWVlFKOLFKDEHULVWGHU$NWGHV(U]lKOHQVHLQNUHDWLYHU3UR]HVVGHUGHP (U]lKOHU HLQ KRKHV 0D‰ DQ NRPPXQLNDWLYHP +DQGOXQJVVSLHOUDXP JH ZlKUW 'DV LVW QRWZHQGLJ GHQQ .RKlUHQ] XQG .RQWLQXLWlW HLQHV /HEHQV N|QQHQ LP (U]lKOHQ ]ZDU KHUJHVWHOOW DEHU NDXP MH XPIDQJUHLFKUHDOLVWLVFK GDUJHVWHOOW ZHUGHQ 'LH NRPSDNW HU]lKOWH /HEHQVJHVFKLFKWH EQGHOW 6LQQ ZHLOVLHÄNODUHU¶HLQVLFKWLJHUYHUPLWWHOWZLUGDOVGDV/HEHQÄJHOHEW¶ZLUG 8QGPHKUQRFKGDV(U]lKOHQEULQJWDQGHUVDOVGDVSXUH(UOHEHQVR JDU GLH 1RWZHQGLJNHLW PLW VLFK NODUH 6WDQGSXQNWH ]X EH]LHKHQ :HUWXQ JHQHLQIOLH‰HQ]XODVVHQVLFKQDFKDX‰HQKLQ]XSRVLWLRQLHUHQXPEHU BBBBBBBBBBBBBB 

 9JO*DEULHOH5RVHQWKDO(UOHEWHXQGHU]lKOWH/HEHQVJHVFKLFKWH*HVWDOWXQG6WUXNWXUELRJUDSKLVFKHU 6HOEVWEHVFKUHLEXQJHQ)UDQNIXUWD0  -HURPH %UXQHU Å7KH 1DUUDWLYH &RQVWUXFWLRQ RI 5HDOLW\´ &ULWLFDO ,QTXLU\    6²  +DQV-UJHQ+HLQULFKV(U]lKOWH:HOW/HVDUWHQGHU:LUNOLFKNHLWLQ*HVFKLFKWH.XQVWXQG:LVVHQ VFKDIW5HLQEHNE+DPEXUJ  6FKPLG $QP 6I



$XWKHQWLVFKH(UILQGXQJHQ



KDXSW GLH .RPSOH[LWlW GHV (UOHEHQV DXI HLQ DQVFKOXVVIlKLJHV .RPPXQL NDWLRQVQLYHDX KHUXQWHU ]X EUHFKHQ $XV GHU 1RW ZLUG HLQH 7XJHQG ZHQQ GLHVHU *HVWDOWXQJV]ZDQJ ]XU *HVWDOWXQJVIUHLKHLW XPJHGHXWHW ZLUG 1LNODV /XKPDQQ VSULFKW GHU Å(LQKHLW GHV /HEHQVODXIV´ ]X VLH VHL ÅHLQH UKHWRULVFKH /HLVWXQJ HLQH (U]lKOXQJ´ ZHLO VLH ÅQLFKW EHJUQGHW ZHUGHQ PXVV DEHU HU]lKOW ZHUGHQ NDQQ´ 6LH VWHKW DX‰HUKDOE YRQ %HJUQGXQ JHQ GHQQ HLQH Å3ROL]HL GHU $XVVDJHQ´ GLH GLH 6HOEVWDXVNXQIW NULWLVFK KLQWHUIUDJWLVWQLFKW]XKDEHQ²ZlKUHQG]XJOHLFKGLH*HVWDOWXQJVIUHLKHLW GHV(U]lKOHQVVWHWVJHJHEHQLVWZHQQPDQEHUVLFKVHOEVWUHIHULHUW'DVV GLHVH )UHLKHLW GD]X YHUIKUW LQ 6HOEVWHU]lKOXQJHQ GDV MHZHLOV VXEMHNWLY EHWUDFKWHWH 1HJDWLYH]XNDVFKLHUHQXQGGDV3RVLWLYHKHUYRU]XKHEHQLVW YHUVWlQGOLFK DXI GLHVH :HLVH ZLUG GDV HLJHQH 6HOEVWELOG VR]LDO YHUPLWWHOW XQGHVZHUGHQ$QVFKOXVVNRPPXQLNDWLRQHQLQXQSUREOHPDWLVFKH %DKQHQ JHOHQNW 'D VLFK 5HIHUHQ]HQ DXI GDV 6HOEVW LP $OOWDJVHU]lKOHQ KlXILJ XQJHSODQW HLQVFKOHLFKHQ LVW GDYRQ DXV]XJHKHQ GDVV HQWVSUHFKHQGH Ä*H VFKLFKWHQNRQVWUXNWLRQHQ¶ RIW HEHQIDOOV VLWXDWLY HQWVWHKHQ XQG ]XZHLOHQ HLQ]LJGHP=ZHFNGLHQHQHLQDNXWHV3UREOHP]XEHZlOWLJHQ$XWRELRJUD SKLVFKHV (U]lKOHQ LVW IROJOLFK QLFKWV 6WDWLVFKHV QLFKWV 8QYHUlQGHUOLFKHV XQG GLH NRQVWUXNWLYLVWLVFKH )DFHWWH YRQ 6HOEVWHU]lKOXQJHQ OLHJW LQ GHU $XWRQRPLH GHV (U]lKOHUV EHJUQGHW VLFK VR ]X HU]lKOHQ ZLH HV QDFK VHLQHUSHUV|QOLFKHQ(LQVFKlW]XQJDQJHPHVVHQLVW 

BBBBBBBBBBBBBB 

 'LHV OlVVW VLFK PLWXQWHU DOV HLQ $VSHNW GHU VXEMHNWLYHQ (UIDKUXQJVYHUDUEHLWXQJ YHUVWHKHQ /XFLXV+RHQH'HSSHUPDQQ >$QP@ 6  ² 'DVV HV DXFK DQGHUV JHKW ZHQQJOHLFK PLWVDPW 9HUIUHPGXQJVHIIHNW XQG GHP %RQXV GHU Ä.XQVWIUHLKHLW¶ EHZHLVW EHLVSLHOVZHLVH -DPHV -R\FH PLW 8O\VVHV   JHUDGH GLH Ä$OOWDJVIHUQH¶ VHLQHU HLJHQZLOOLJHQ (LQELQGXQJ XQG8QWHUEUHFKXQJ GHU%HZXVVWVHLQVVWU|PHVHLQHU)LJXUHQEHZHLVWMHGRFKZLHVFKZLHULJ HVLVWLQGLHVHP0RGXVYRQEHU$OOWDJVHUOHEHQ]XHU]lKOHQ  1LNODV/XKPDQQÅ(U]LHKXQJDOV)RUPXQJGHV/HEHQVODXIHV´LQ'HUV6FKULIWHQ]XU3lGDJR JLN)UDQNIXUWD06²KLHU6I  0LFKHO)RXFDXOW6H[XDOLWlWXQG:DKUKHLW%G'HU:LOOH]XP:LVVHQ)UDQNIXUWD0 6  3DXO5LF±XUVSULFKWYRQHLQHULP(U]lKOHQJHVFKDIIHQHQÅQDUUDWLYHQ,GHQWLWlW´ YJO/XFL XV+RHQH'HSSHUPDQQ >$QP@ 6  DOOHUGLQJV VHL GDUDXI KLQJHZLHVHQ GDVV ,GHQWLWlW VLFK QLFKW YROOVWlQGLJ QDUUDWLY NRQVWLWXLHUHQ OlVVW VRQGHUQ HEHQ QXU LP +LQEOLFN DXI GLH 6HOEVWGDUVWHOOXQJLP.RPPXQLNDWLRQVNRQWH[W=XU,GHQWLWlWJHK|UHQDXFK*HGDQNHQ%H ZHJJUQGH %HIUFKWXQJHQ XVZ GLH VHOWHQ ÄDQVFKOXVVIlKLJ¶ JHPDFKW ZHUGHQ XQG HEHQVR 0RWLYODJHQ GLH HLQHP VHOEVW JDU QLFKW VR NODU VLQG GDVV VLH IRUPXOLHUW ZHUGHQ N|QQWHQ VLHKHGHQIROJHQGHQ$EVFKQLWW 

 

7KRUVWHQ%HQNHO

,,,8QVLFKWEDUH$XWKHQWL]LWlW -HDQ 6WDURELQVNL VFKUHLEW EHU -HDQ-DFTXHV 5RXVVHDX GLHVHU KDEH GLH 6SUDFKH Å]XP 2UW HLQHU XQPLWWHOEDUHQ (UIDKUXQJ´ GHNODULHUW GLH LQ 6D FKHQ$XWKHQWL]LWlWGHQÅ%HUHLFKGHU:DKUKHLW´DEJHO|VWKDW.RPPXQLND WLYH 9HUODXWEDUXQJHQ VWHKHQ LQ GLHVHP 6LQQH DX‰HUKDOE HPSLULVFKHU 1DFKSUIEDUNHLWE]ZWUDJHQVHOEVWLKUHHLJHQH%HZHLVODVW,QGHU7DWLVW GLH /RVO|VXQJ YRQ GHP ÄPRUDOLVFKHQ¶ 'UXFN PLW MHGHU 6HOEVWHU]lKOXQJ HLQHP KHKUHQ :DKUKHLWVLGHDO ]X HQWVSUHFKHQ KHXWH VHKU YHUEUHLWHW (V VSULFKW HLQLJHV GDIU YRQ HLQHU GLDOHNWLVFKHQ (PDQ]LSDWLRQ ]X VSUHFKHQ 'LH /|VXQJ YRP :DKUKHLWVDQVSUXFK VHW]W GLH 6SUDFKH ÄIUHL¶ DEHU Y|OOLJ RKQH Ä:DKUKDIWLJNHLWVDQVSUXFK¶ NRPPHQ DOV DXWKHQWLVFK GHNODULHUWHQ (U]lKOXQJHQ RIIHQEDU HEHQIDOOV QLFKW DXV ZLH GLH $OOWDJVZHOW EHOHJW 9LHOPHKUVFKHLQW$XWKHQWL]LWlWJHUDGH]XYRQGHP:HFKVHOVSLHO]ZLVFKHQ ÄRIIHQHU(U]lKOXQJ¶XQGIDNWLVFKHU5LFKWLJNHLWJHSUlJWHVJHKWDOVRZLHGH UXPXP*HVFKLFKWHQXQG*HVFKLFKWH hEOLFKHUZHLVH ULFKWHQ 0HQVFKHQ LP VR]LDOHQ $OOWDJ LKUHQ /HEHQVYHU ODXI JHJHQEHU LKUHU VR]LDOHQ 8PZHOW ZHLWJHKHQG XQEHZXVVW DXI HLQH :HLVHHLQGLHGHQ(LQGUXFNHLQHUUHODWLYEHUVFKDXEDUHQUHODWLYQDFKYROO ]LHKEDUHQUHODWLYEHZXVVWGXUFKOHEWHQHLJHQHQ*HVFKLFKWHJLEW²LQNOXVLYHGHU SDUDGR[HQ 8QWHUVWHOOXQJ GDVV HEHQ GLHVH HLJHQH *HVFKLFKWH VFKRQ YRQ %HJLQQDQLQLKUHQZHVHQWOLFKHQ6WDWLRQHQXQG8PEUFKHQDXFKWDWVlFK OLFKEHUVFKDXEDUXQGHU]lKOEDUJHZHVHQLVW'HUIUDQ]|VLVFKH6R]LRORJH 3LHUUH%RXUGLHXEHWRQWGDJHJHQGDVVGDV/HEHQPHKU6LQQEHLQKDOWHWDOV GHP$OOWDJVDNWHXUEHZXVVWLVWÅ:HLOGLH+DQGHOQGHQQLHJDQ]JHQDXZLV VHQZDVVLHWXQKDWLKU7XQPHKU6LQQDOVVLHVHOEHUZLVVHQ´0LWGLHVHU 5HODWLYLHUXQJ MHGZHGHU ,GHH HLQHV XPIDVVHQGHQ 6HOEVWYHUVWlQGQLVVHV LVW JH PHLQWGDVVGLHHLJHQH7HLOKDEHDQGHUVR]LDOHQ:HOWLP:HVHQWOLFKHQDOV EHUVFKDXEDUH 3DUWL]LSDWLRQ HU]lKOW ZLUG GHUZHLO GLH .RPSOH[LWlW JHVHOO VFKDIWOLFKHU3UR]HVVH²DQGHUGHUHLQ]HOQH$NWHXUEHWHLOLJWLVW²LQLKUHQ $XVPD‰HQNDXPEHUVFKDXEDULVW$XFKGLHVXEWLOHQ(LQIOVVHGHVVR]LDO YHUPLWWHOWHQ +DELWXV GHU MHGHQ HLQ]HOQHQ HQWVFKHLGHQG SUlJW ILQGHQ LQ GHUEHZXVVWHQ6HOEVWUHIOH[LRQRIWZHQLJ3ODW]'LHVH8QVLFKWEDUNHLWHQZHU GHQGDKHUQXUVHOWHQLQ6HOEVWHU]lKOXQJHQEHUFNVLFKWLJWJHVFKZHLJHGHQQ DOV $XWKHQWL]LWlWVVLJQDO YHUZHQGHW (V JHK|UW YLHOPHKU ]XU 6WDQGDUGVH PDQWLN ELRJUDSKLVFKHU 6HOEVWDXVNQIWH GD]X GDVV ]ZLVFKHQ GHQ EHGHX WHQGHQ 6LQQVHW]XQJHQ GLH HLQ /HEHQ SUlJHQ XQG EHHLQIOXVVHQ XQG GHU EHZXVVWHQ 5HIOH[LRQGHUEHWURIIHQHQ3HUVRQVRZHLWVLHQDFKDX‰HQDUWL NXOLHUW ZLUG RIIL]LHOO NHLQH *UHQ]]LHKXQJ YHUOlXIW 1XU VR XQWHU ,QNDXI BBBBBBBBBBBBBB 

 9JO-HDQ6WDURELQVNL5RXVVHDX(LQH:HOWYRQ:LGHUVWlQGHQ0QFKHQ6II  3LHUUH%RXUGLHX6R]LDOHU6LQQ.ULWLNGHUWKHRUHWLVFKHQ9HUQXQIW)UDQNIXUWD06



$XWKHQWLVFKH(UILQGXQJHQ



QDKPH HLQHU .RUUHVSRQGHQ]LOOXVLRQ ]ZLVFKHQ GHU ÄZDKUHQ¶ /HEHQVJHVFKLFKWH XQG LKUHU ÄHLQJHULFKWHWHQ¶ (U]lKOYDULDQWH NDQQ GHU VR]LDO HUZQVFKWH  $QVFKHLQEHZDKUWZHUGHQGDVVPDQVLFKVHOEVWJHJHQEHUDXIGHU6XFKHQDFK :DKUKHLW XQG $XWKHQWL]LWlW LVW $XFK GLHV LVW HLQ .RQVWUXNWLRQVSULQ]LS 'DV/HEHQWULWWGDEHLJHRUGQHWZLHHLQ5RPDQE]ZZLHHLQHKLVWRULVFKH .DXVDONHWWHLQHLQHP*HVFKLFKWVOHKUEXFKLQ(UVFKHLQXQJ (QWVSUHFKHQGH Ä%HULFKWHUVWDWWXQJVKDQGOXQJHQ¶ GLH GLHVHQ (LQGUXFN YHUPLWWHOQGUIHQQLFKWVFKOLFKWZHJDOV7lXVFKXQJHQRGHUJDUDOV/JHQ LQWHUSUHWLHUW ZHUGHQ²]XPLQGHVWVRODQJHQLFKWZLHGDUXQWHULP PRUDOL VFKHQ 6LQQ GHU %HWUXJVYHUVXFK DQ HLQHU REMHNWLYHQ 5HVVRXUFH QDPHQV :DKUKHLWYHUVWDQGHQZLUGGLHGHUDUWIHOVHQKDUWIHVWVWHKWGDVVMHGH HU]lKO WH $EZHLFKXQJXQDEGLQJEDUDOV$IIURQW]lKOW:LH*HRUJ6LPPHOVFKRQ YRU EHU HLQHP -DKUKXQGHUW DUJXPHQWLHUW KDW EHLQKDOWHW GLH /JH LQ HL QHP ² DXVGUFNOLFK DQ )ULHGULFK 1LHW]VFKH DQVFKOLH‰HQGHQ ²DX‰HUPRUDOL VFKHQ $UJXPHQWDWLRQVPRGXV GLH 3URGXNWLYNUDIW VLFK YRQ )DNWL]LWlWHQ ]X O|VHQ XQG DXI GHU 6SUDFKHEHQH VR HWZDV ZLH HLQH Å:HOWDOWHUQDWLYH´ ]X HUULFKWHQ]XZHOFKHQ=ZHFNHQDXFKLPPHU6HOEVWGDUVWHOOXQJHQLP$OO WDJ N|QQHQ YRQ GLHVHU 3URGXNWLYNUDIW ]HKUHQ ZHQQ HV GDUXP JHKW VLFK VHOEVW VR ]X HU]lKOHQ GDVV ZHQLJVWHQV GLHVH ÄSHUVRQDOH (U]lKOXQJ¶ GHP 6HOEVWELOGHQWVSULFKWGDVPDQVLFKYRU GHP+LQWHUJUXQGVHLQHUVXEMHNWL YHQ:HUWVFKlW]XQJHQ]XVFKUHLEWRGHUZQVFKW:LHHVXPGLHWDWVlFKOLFKH Ä:DKUKHLW GHU 3HUVRQ¶ VWHKW LVW GDEHL NDXP PHKU YRQ %HGHXWXQJ GHQQ VFKOLH‰OLFK ZLUG NHLQ $X‰HQVWHKHQGHU DXV HLQHU /HEHQVJHVFKLFKWH RGHU HLQHU WDXVHQGVHLWLJHQ $XWRELRJUDSKLH KHUDXV OHVHQ N|QQHQ GDVV HV VR  QLFKWJHZHVHQLVWXQGZLHHV²ODXW(U]lKOXQJ²DQGHUHUVHLWVÄWDWVlFKOLFK¶ ZDU:LHGHUXPZLUGGLHbKQOLFKNHLW]XPOLWHUDULVFKHQ(U]lKOHQHYLGHQW Å'DV*HVFKHKHQHLQHV5RPDQVLVWGHP/HVHUMDQLFKWDOVVROFKHV]XJlQJ OLFKVRQGHUQ QXUDOV.RQVWUXNWJHQDXHUDOV5H.RQVWUXNWGDVYRQLKP DXIGHU*UXQGODJHGHUHU]lKOWHQ*HVFKLFKWHJHELOGHWZLUG´.RQIURQWLHUW PLW DXWRELRJUDSKLVFKHQ $XVNQIWHQ LVW GHU =XK|UHU/HVHU JOHLFKVDP GD]XYHUGDPPWGDV.RQVWUXNWDOV5HSUlVHQWDWLRQHLQHUSULQ]LSLHOOXQ]X JlQJOLFKHQ Ä6XEVWDQ]¶ PDQ N|QQWH VDJHQ GHV OHEHQVZHOWOLFKHQ 'LQJVDQ VLFK DXI]XIDVVHQ(UPDJ]ZHLIHOQDEHUHUNDQQDXIHLQH:LGHUOHJXQJGHU $XVNXQIW GLH HLQ DQGHUHU LKP JLEW ]XQlFKVW ZHQQ EHUKDXSW DOOHQIDOOV GDQQ VWR‰HQ ZHQQ GDV $XWKHQWL]LWlWVSRVWXODW RIIHQNXQGLJ JHJHQ IHVWVWH KHQGHKLVWRULVFKH'DWHQRGHUJHJHQHWDEOLHUWH:LVVHQVEHVWlQGHYHUVW|‰W BBBBBBBBBBBBBB 

 9JO*HRUJ6LPPHO6R]LRORJLH8QWHUVXFKXQJHQEHUGLH)RUPHQGHU9HUJHVHOOVFKDIWXQJ)UDQNIXUW D06  9JO/XFLXV+RHQH'HSSHUPDQQ $QP 6  6FKPLG $QP 6  8QGVHOEVWLP%HUHLFKKLVWRULVFKHU7DWVDFKHQJLOWVSlWHVWHQVVHLWGHQSRVWPRGHUQLQIL]LHU WHQ(UVFKWWHUXQJVVW|‰HQGXUFK+D\GHQ:KLWHXQGDQGHUHQGDVVDXFK*HVFKLFKWHÅXQVL

 

7KRUVWHQ%HQNHO

%OLQGQHVV XQG LQVLJKW HUJlQ]HQ VLFK GD 5H]LSLHQWHQ YRQ 6HOEVWHU]lKOXQJHQ VLFK DQ GLH 6LQQVHW]XQJHQ GLH HLQH LKQHQ HU]lKOWH *HVFKLFKWH DXIWLVFKW OHW]WOLFK QXU YHUWUDXHQVYROO KDOWHQ N|QQHQ ² RGHU HEHQ GLH *HVFKLFKWH JUXQGVlW]OLFKLQ=ZHLIHO]LHKHQPVVHQ 'LHVHU8PVWDQGYHUOHLKWGHP(U]lKOHUGHUEHUVLFKVHOEVWEHULFKWHWHL QH ÄQDUUDWLYH *HVWDOWXQJVPDFKW¶ 'LHVVHLWV EHUSUIEDUHU )DNWHQ LVW VHLQ %HULFKW]XQlFKVWJHUDGHVRDXWKHQWLVFKZLHHUVHOEVWEHKDXSWHWRGHULP SOL]LHUWGHQQHVIHKOWDQEHUGLH(U]lKOXQJKLQDXVUHLFKHQGHQXQGGRFK LQVLHYHUVWULFNWHQ.RQWUROOP|JOLFKNHLWHQ 1LFKW]XOHW]WLVWGLH$OOWDJVZHOW RKQHKLQQLFKWGHU2UWDQGHP6SUHFKDNWHLPPHU]XDXILKUHQ:DKUKHLWV JHKDOW EHUSUIW ZHUGHQ PVVHQ XQG VROOHQ GDV ZlUH HKHU LP :LVVHQ VFKDIWVV\VWHP]XHUZDUWHQ $X‰HUGHPLVWEHNDQQWGDVV6HOEVWDXVNQIWH PLW 9RUVLFKW ]X JHQLH‰HQ VLQG Å6R ZHQLJ >«@ HLQ .RPSRQLVW SHU VH GHU EHVWH'LULJHQWVHLQHU:HUNHLVWVRZHQLJLVWGHUÄ%LRJUDSKLHEHVLW]HU¶VHLQ HLJHQHU DXWKHQWLVFKVWHU (U]lKOHU´ (V LVW NHLQ *HKHLPQLV GDVV 'DUVWHO OXQJ XQG +HUVWHOOXQJ PLWHLQDQGHU YHUNHWWHW VLQG XQG GRFK NXUVLHUW LP $OOWDJ]XZHLOHQGHU$QVSUXFKGLHÅELRJUDSKLVFKH1DUUDWLRQVROOZLUNOLFK DXWKHQWLVFK VHLQ´ 'RFK ZLH DXWKHQWLVFK NDQQ HU]lKOWH $XWKHQWL]LWlW EHUKDXSWVHLQ" =XJHJHEHQ HV PXWHW SHVVLPLVWLVFK DQ $XWKHQWL]LWlWVGHNODUDWLRQHQ LQ (U]lKONRQWH[WHQGHV$OOWDJVXQWHUGHQ9HUGDFKWHLQHUIHKOHQGHQRGHUQXU VFKZDFKHQ .RUUHVSRQGHQ] ]ZLVFKHQ Ä7H[W¶ XQG Ä:LUNOLFKNHLW¶ ]X VWHOOHQ (LQH VROFKH .RUUHVSRQGHQ] JLOW EHL OLWHUDULVFKHQ 7H[WHQ QLFKW DOV 4XDOL WlWVIDNWRU ZHLO )LNWLRQDOLWlW HLQ VSH]LILVFKHV :DKUKHLWVYHUKlOWQLV LPSOL ]LHUWGDVPLW GHQ5LFKWLJNHLWVXQG=XWUHIIHQKHLWVDQVSUFKHQLQGHU$OO WDJVZHOW NDXP HWZDV ]X WXQ KDW (QWJHJHQ NULWLVFKHU 6WDQGSXQNWH GLH LPPHU ZLHGHU HUKREHQ ZXUGHQ HWZD YRQ 'DYLG +XPH *RWWORE )UHJH %HUWUDQG 5XVVHOO XQG DQGHUHQ  LVW GLH :DKUKHLW GHU )LNWLRQ QLFKW ]X JOHLFKHLQH/JHZLGHUGLH LJQRULHUWHYHUOHXJQHWHQLFKWKLQUHLFKHQGÄJH VSLHJHOWH¶  :LUNOLFKNHLW 7H[WLPPDQHQW KHUUVFKHQ LQ GHU )LNWLRQDOLWlW VFKOLFKWZHJ DQGHUH *HOWXQJVDQVSUFKH YRU DOV LQ GHQ 'LVNXUVHQ GHU DX ‰HUOLWHUDULVFKHQ 5HDOLWlW DXI ZHOFKH OLWHUDULVFKH (U]lKOXQJHQ LQGHV PDQL

BBBBBBBBBBBB 

   

FKHU´VHLQNDQQXQG=HLFKHQGHU)LNWLRQDOLWlWLQVLFKWUlJWYJO+DQV-UJHQ*RHUW]8QVL FKHUH*HVFKLFKWH6WXWWJDUW 9JO1LNODV/XKPDQQ'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUWD0 %HQNHO $QP 6 $UPLQ 1DVVHKL Å5HWKLQNLQJ )XQFWLRQDOLVP =XU (PSLULHIlKLJNHLW V\VWHPWKHRUHWLVFKHU 6R]LRORJLH´LQ+HUEHUW.DOWKRII6WHIDQ+LUVFKDXHU*HVD/LQGHPDQQ +UVJ 7KHRUHWLVFKH (PSLULH=XU5HOHYDQ]TXDOLWDWLYHU)RUVFKXQJ)UDQNIXUWD06²KLHU6 9JO7KRUVWHQ%HQNHO6R]LDOH:HOWXQG)LNWLRQDOLWlW&KLIIUHQHLQHV6SDQQXQJVYHUKlOWQLVVHV+DP EXUJ6II



$XWKHQWLVFKH(UILQGXQJHQ



IHVWRGHUODWHQWVWHWVYHUZHLVHQ1DUUDWLRQHQGHV$OOWDJVXQWHUOLHJHQKLQ JHJHQGHPVWLOOVFKZHLJHQGHQ.RQVHQVGDVVGHU6SUHFKHUVHLQH(U]lKOXQJ DP0D‰VWDEGHU:DKUKDIWLJNHLWGHV*HVDJWHQEHPLVVW(UVROOGDVZRYRQ HUEHU]HXJWLVWLP*HVWXVGLHVHUhEHU]HXJWKHLWYRUWUDJHQXQGGDVZDV LKPVHOEVW]ZHLIHOKDIWHUVFKHLQWHQWVSUHFKHQGLQV/LFKWGHV=ZHLIHOVVWHO OHQ1LFKWQXUGDVV XQGZDV HUYRQVLFKVHOEVWHU]lKOWRGHUYRQXQGEHU DQGHUHGLHHUGXUFKGHQVXEMHNWLYHQ%OLFNZDKUQLPPWVRQGHUQDXFKVHLQH (U]lKOVWUDWHJLH QLPPW (LQIOXVV DXI =XVFKUHLEXQJHQ YRQ $XWKHQWL]LWlW 'LHHU]lKOWH*HVFKLFKWH (U]lKOXQJ VROOPLWGHU]XJUXQGHOLHJHQGHQ*H VFKLFKWVHSLVRGH DOVRGHUWDWVlFKOLFKHQ%HJHEHQKHLWEHUGLHVLHEHULFKWHW XQG GLH KlXILJ JHQXJ HUVW DXIJUXQG GLHVHU (U]lKOXQJ ÄVLFKWEDU¶ ZLUG  LP $OOWDJ VR HQJ ZLH P|JOLFK ]XVDPPHQ IDOOHQ ² GDV YHUODQJHQ VFKRQ GLH VR]LDOHQ1RUPHQGHVNRPPXQLNDWLYHQ+DQGHOQV'RFKEHUHLWVGHU8P VWDQG GDVV HLQH 3HUVRQ $VSHNWH LKUHV (UOHEHQV DXV GHU VXEMHNWLYHQ 3HU VSHNWLYH WUHQQW XQG LQ HLQHQ VSUDFKOLFKHQ 5DKPHQ HLQVRUWLHUW GHU GLHVHV (UOHEHQ ÄYHUVDFKOLFKW¶ XQG YHUPLWWHOEDU PDFKW IKUW ]X 9HU]HUUXQJHQ ² YRQ DQGHUHQ LQVEHVRQGHUH SV\FKRORJLVFKHQ )DNWRUHQ ZLH HWZD GHU XQ EHZXVVWHQ $QSDVVXQJ DQ 1RUPDOLWlWVYRUJDEHQ GHQ VXEWLOHQ (LQIOVVHQ VSH]LILVFKHU:HUWVHW]XQJHQDEHUDXFKGHQ*UHQ]HQGHU)RUPXOLHUEDUNHLW XVZ JDQ]]XVFKZHLJHQ=XP6SUDFKVSLHOGHU$XWKHQWL]LWlWVKHUVWHOOXQJJHK|UW GLH V\VWHPDWLVFKH $XVEOHQGXQJ GLHVHU )DNWRUHQ PLW GD]X GHQQ ]X EHWR QHQGDVVGLHYRUJHWUDJHQH 6HOEVW (U]lKOXQJNRQVWUXLHUWOFNHQKDIWXQG SHUVSHNWLYLVFK YHU]HUUW LVW EHGHXWHW GHQ *HOWXQJVJUDG GHU $XWKHQWL]LWlW GHV9RUJHWUDJHQHQDSULRUL]XUHODWLYLHUHQ 'DQQZLHGHUXPLVWGLH$UWXQG:HLVHZLHPDQVHLQ/HEHQHU]lKOWDQ JHVLFKWVGHU%HGLQJXQJHQGHUULVNDQWHQ0RGHUQH]XHLQHP,QWHUDNWLRQVJH VFKlIWJHZRUGHQGDVXQWHULQGLYLGXHOOHU6HOEVWYHUZDOWXQJVWHKW$XWKHQWL ]LWlWLVWOlQJVWNHLQ]ZLQJHQGHU%HVWDQGWHLOGHUSHUV|QOLFKHQ,QV]HQLHUXQJ DXIGHU*HVHOOVFKDIWVEKQHPHKU(VLVWOHJLWLPVHLQH3HUIRUPDQFHH[SOL ]LW LP =HLFKHQ HLQHU XQDXWKHQWLVFKHQ 0DVNHUDGH DE]XOHJHQ VRIHUQ GLHVH 0DVNLHUXQJDOVVROFKHHUVLFKWOLFKLVWXQGQLFKWGHU(LQGUXFNHQWVWHKW RGHU GLH (UNHQQWQLV HQWKOOW ZLUG  GDVV GLHVH )DVVDGH VR]XVDJHQ ÄXQWHU NODQ GHVWLQHQ %HGLQJXQJHQ¶ HUULFKWHW ZXUGH XP DQGHUH EHZXVVW KLQWHUV /LFKW ]XIKUHQ7DXFKWGLHVHU9HUGDFKWGHQQRFKDXIPXVVGLHÄHUWDSSWH¶3HU VRQ GHQ :LGHUVSUXFK ]ZLVFKHQ 6HOEVWGDUVWHOOXQJ XQG HQWKOOWHU Ä(LJHQW OLFKNHLW¶ SODXVLEHO PDFKHQ ² RGHU VLFK JHIDOOHQ ODVVHQ GDVV GLH 7lX VFKXQJVDEVLFKW RGHU VFKOLFKWZHJ GLH .RKlUHQ]HQWWlXVFKXQJ  PLW VR]LDOHQ BBBBBBBBBBBBBB 

 9JO 0DWtDV 0DUWtQH] 0LFKDHO 6FKHIIHO (LQIKUXQJ LQ GLH (U]lKOWKHRULH 0QFKHQ  6²  9JO -UJHQ +DEHUPDV 7KHRULH GHV NRPPXQLNDWLYHQ +DQGHOQV %G +DQGOXQJVUDWLRQDOLWlW XQG JHVHOOVFKDIWOLFKH5DWLRQDOLWlW)UDQNIXUWD0

 

7KRUVWHQ%HQNHO

6DQNWLRQHQ TXLWWLHUW ZLUG 'LH 0|JOLFKNHLWHQ GHV LPSUHVVLRQ PDQDJHPHQW (UYLQJ *RIIPDQ  ODVVHQ LQGHV GLH *UHQ]HQ ]ZLVFKHQ GHP $XWKHQ WLVFKVHLQ XQG GHU EHZXVVWHQ ,QV]HQLHUXQJ GHV ,FK ]XQHKPHQG YHU VFKZLPPHQ'DVÅ)LNWLYHGHU,GHQWLWlW´GDUIKHUYRUJHNHKUWZHUGHQ² DOV VROFKHV 6RPLW VWHOOW VLFK ]ZDQJVOlXILJ GLH )UDJH RE GLH *UHQ]HQ GHU $XWKHQWL]LWlW EHUKDXSW QRFK NODU EHVWLPPEDU VLQG ZR GRFK HLQHUVHLWV MHGH 6HOEVWGDUVWHOOXQJ DXI HLQHQ ÄDXWKHQWLVFKHQ .HUQ¶ ]XUFNJHKW ² QlP OLFK VLFK HEHQ VR GDU]XVWHOOHQ ² XQG ZR DQGHUHUVHLWV HLQGHXWLJH Ä6HLQVEH VWLPPXQJHQ¶ZLH1LNODV/XKPDQQVDJHQZUGHDOV DOWHXURSlLVFKH6HP DQWLN ZHLWJHKHQG GXUFKVFKDXW XQG EHGHXWXQJVORV JHZRUGHQ VLQG ,Q GHU 6R]LRORJLH LVW GHU ÄDXWKHQWLVFKH (U]lKOHU VHLQHU VHOEVW¶ VSlWHVWHQV VHLW GHU YRQ*RIIPDQ(QGHGHUHU-DKUHSURPLQHQWJHPDFKWHQ7KHDWHUPHWD SKRULNRKQHKLQDOV6FKDXVSLHOHUGXUFKVFKDXW6FKDXVSLHOHUWUHWHQLQ.XOLV VHQDXISUREHQEHQXW]HQ6NULSWHXQG5HTXLVLWHQIKUHQYRULQV]HQLHUHQ VLFKVHOEVW²XQGVLQGVRPLWLPPHU]XXQ]XYHUOlVVLJH(U]lKOHULKUHUVHOEVWZHLO GHU$QVFKHLQGHU9RUGHUEKQHGDV$QWOLW]GHUHUULFKWHWHQ)DVVDGHVFKRQ DKQHQOlVVWGDVVGDKLQWHUÄQRFKPHKU¶VWHFNWDOVRIIHQGDUJHVWHOOWZLUG,P VR]LDOHQ 8PJDQJ VLQG GLH 6LFKWEDUNHLWHQ XQG .RPPXQLNDWLRQHQ PLW GHQHQ VLFK $NWHXUH ZHFKVHOVHLWLJ DQHUNHQQHQVZHUW PDFKHQ LQ JHZLVVHU +LQVLFKWDOVRLPPHU]X3RVHGLHDXIGLHVHVR]LDOH6LWXDWLRQKLQHLQJHULFKWHW LVWWDWVlFKOLFKDEHUDOVÄDXWKHQWLVFKHV¶$XIWUHWHQYRUJHIKUWZLUG'DQXQ ZHGHUGHULQGLYLGXHOOH/HEHQVYHUODXIQRFKGLHWDWVlFKOLFKHFKDUDNWHUOLFKH 'LVSRVLWLRQHLQHV$NWHXUVMHQVHLWVYRQGHVVHQVR]LDOHU3HUIRUPDQFHQDFK YROO]LHKEDU VLQG OLHJW HV GHPQDFK LP 6LQQH HLQHU HUIROJUHLFKHQ hEHUOH EHQVVWUDWHJLH LP %HZlKUXQJVGVFKXQJHO GHV $OOWDJV QDKH GLH ]XU 9HUI JXQJ VWHKHQGHQ ,QV]HQLHUXQJV XQG )LQJLHUXQJVHOHPHQWH VR HLQ]XVHW]HQ GDVV VFKOXVVHQGOLFK GLH $XWKHQWL]LWlW GHU 3HUVRQ PLW GHP ,QKDOW LKUHU (U]lKOEDUNHLW ]XVDPPHQ IlOOW 0LW DQGHUHQ :RUWHQ (V JLEW NHLQH EODFN ER[GLHGHQVWUHDPRIFRQVFLRXVQHVVDXI]HLFKQHWXQGDXVGHU$X‰HQSHUVSHNWL YH QHXWUDO DOV 3URWRNROO HLQHV /HEHQV UH]LSLHUW ZHUGHQ NDQQ =XU 9HUI JXQJ VWHKHQ OHGLJOLFK EHREDFKWEDUH +DQGOXQJHQ XQG KLHUEHL VLQG YRU DOOHP .RPPXQLNDWLRQHQ EHGHXWVDP  GLH ]XQlFKVW DXI VHKU DPELYDOHQWH BBBBBBBBBBBBBB 

 9JO(ULND)LVFKHU/LFKWHÅ7KHDWUDOLWlWXQG,QV]HQLHUXQJ´LQ'LHV,VDEHO3IOXJ +UVJ  ,QV]HQLHUXQJYRQ$XWKHQWL]LWlW7ELQJHQ%DVHO6²  %DUWKHV $QP 6  (UYLQJ*RIIPDQ:LUDOOHVSLHOHQ7KHDWHU'LH6HOEVWGDUVWHOOXQJLP$OOWDJ0QFKHQVLHKH IHUQHU+HUEHUW:LOOHPV +UVJ 7KHDWUDOLVLHUXQJGHU*HVHOOVFKDIW%GH:LHVEDGHQ  Å1LFKWREZRKOVRQGHUQZHLO%HZXVVWVHLQHIUHLQDQGHUUDGLNDOLQWUDQVSDUHQWVLQGHQWVWHKWVR HWZDVZLHGLHIXQNWLRQDOH1RWZHQGLJNHLWIUGLH(PHUJHQ]YRQVR]LDOHQ2SHUDWLRQHQYRQ .RPPXQLNDWLRQHQ´ $UPLQ1DVVHKLÅ'LH'LIIHUHQ]GHU.RPPXQLNDWLRQXQGGLH.RP PXQLNDWLRQ GHU 'LIIHUHQ] hEHU GLH NRPPXQLNDWLRQVWKHRUHWLVFKHQ *UXQGODJHQ YRQ /XK PDQQV *HVHOOVFKDIWVWKHRULH´ LQ +DQV-RDFKLP *LHJHO 8ZH 6FKLPDQN >+UVJ@ %HREDFKWHU



$XWKHQWLVFKH(UILQGXQJHQ



:HLVH$XVNXQIWEHUGLH%LRJUDSKLHRGHU(LQVWHOOXQJHLQHU3HUVRQJHEHQ :DV DOV 6LQQKLQWHUJUXQG VROFKHU +DQGOXQJHQ LQ )UDJH NRPPW ZDV DOVR MHQVHLWV GHU %HREDFKWEDUNHLW DQ ]XVlW]OLFKHQ %HGHXWXQJVHEHQHQ ODXHUQ PDJ RGHU VLFK DOV (IIHNW SUlJHQGHU (LQIOVVH HLQJHVFKULHEHQ KDW HU VFKOLH‰WVLFKQLFKWDXIGHQHUVWHQ%OLFN 'D]XHLQ%HLVSLHOGDVXUVSUQJOLFK$OIUHG6FKW]YHUZHQGHWKDWXP 3UREOHPHGHU6LQQ]XVFKUHLEXQJVORJLN EHL0D[:HEHU ]XHUKHOOHQ0DQ VWHOOH VLFK HLQHQ 6SD]LHUJDQJ GXUFK GHQ :DOG YRU 9RU HLQHU +WWH ZLUG SO|W]OLFKHLQH3HUVRQVLFKWEDUGLH+RO]KDFNW'DVLVWLPQFKWHUQHQ$X JH GHV %HREDFKWHUV ÄGHU )DOO¶ ² GRFK ZDV VWHFNW GDKLQWHU" 'LHQW GDV +RO]KDFNHQDOVVSRUWOLFKH%HWlWLJXQJ":LUG%UHQQKRO]IUGHQ+HL]RIHQ KHUJHVWHOOW" :LOO GHU +RO]KDFNHQGH GHPRQVWUDWLY VHLQH 0DVNXOLQLWlW ]XU 6FKDX VWHOOHQ" :LUG P|JOLFKHUZHLVH HLQ 6SLHO RGHU HLQ 'RNXPHQWDUILOP EHU HLQHQ +RO]KDFNHU JHGUHKW" XVZ 2GHU ZLUG DP 6FKOXVV +RO] JH KDFNW GDPLW GHU %HREDFKWHU VLFK *HGDQNHQ EHU 6LQQ]XVFKUHLEXQJHQ PDFKHQP|JH" 'HU0RPHQWGHV+RO]KDFNHQVNDQQV\PEROLVFKIUHLQH EHVWLPPWHÄ*HVFKLFKWVHSLVRGH¶LP/HEHQHLQHU3HUVRQJHOWHQ:DV VLFKW EDUÄGHU)DOO¶LVWVFKHLQWNODU]XVHLQGLH+DQGOXQJ LP6LQQHYRQ,QKDOW ZLH DXFK YRQ 7XQ  VWHKW RIIHQNXQGLJ IHVW DEHU GHU GDKLQWHU VWHFNHQGH ÄDXWKHQWLVFKH¶6LQQOlVVWVLFKVWHWVQXUDSSUR[LPDWLYHUVFKOLH‰HQ6LQQXQG GDPLWDXFK$XWKHQWL]LWlWODVVHQVLFKQLFKWOHGLJOLFKDQ%HREDFKWEDUNHLWHQ IHVWPDFKHQ'HU$QVFKHLQNDQQLPPHU]XWUJHQ$XFK7lXVFKXQJHQXQG ,UUWPHU GLH ]XQlFKVW ]X]XWUHIIHQ VFKHLQHQ VLQG Å(YLGHQ]HUIDKUXQ JHQ´XQG]ZDUXQDEKlQJLJGDYRQZLHÄDXWKHQWLVFK¶VLHOHW]WHQGOLFKVLQG =ZDU NDQQ HLQH 3HUVRQ GLH VLFK IDFHWRIDFH LQ HLQHU 6HOEVWHU]lKOXQJ SUlVHQWLHUW LP +LQEOLFN DXI GLH XQNODUHQ ZRP|JOLFK QXU YRUJHEOLFKHQ DXWKHQWLVFKHQ 0RPHQWH GLHVHU 'DUVWHOOXQJ EHIUDJW ZHUGHQ 6LH NDQQ MHGRFK LP *HJHQ]XJ XQG GLHV PDUNLHUW LP hEULJHQ HLQHQ PHWKRGRORJL VFKHQ 9RUEHKDOW JHJHQ GLH :DKUKHLWVILQGXQJVVWUDWHJLH TXD ,QWHUYLHZ  LQ

BBBBBBBBBBBB 

   

GHU0RGHUQH%HLWUlJH]X1LNODV/XKPDQQVÄ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW¶)UDQNIXUWD0 6²KLHU6+HUYRUKHEXQJHQLP2ULJLQDO  9JO $OIUHG 6FKW] 'HU VLQQKDIWH $XIEDX GHU VR]LDOHQ :HOW (LQH (LQOHLWXQJ LQ GLH YHUVWHKHQGH 6R]LRORJLH)UDQNIXUWD06 9JO1LNODV/XKPDQQÅÄ:DVLVWGHU)DOO"¶XQGÄ:DVVWHFNWGDKLQWHU"¶'LH]ZHL6R]LRORJLHQ XQGGLH*HVHOOVFKDIWVWKHRULH´=HLWVFKULIWIU6R]LRORJLH  6² :ROIJDQJ ,VHU'DV )LNWLYHXQG GDV,PDJLQlUH 3HUVSHNWLYHQ OLWHUDULVFKHU $QWKURSRORJLH )UDQNIXUW D06 ,QVRIHUQ LVW HV IUDJOLFK YRQ HLQHU ÅJHPHLQVDPH>Q@ 9RUVWHOOXQJVZHOW´ DXV]XJHKHQ GLH 6SUHFKHUXQG+|UHUYHUELQGHW ZLH/XFLXV+RHQH'HSSHUPDQQ>$QP@6PHLQHQ  GHQQZDVLVWZHQQGLH*HVFKLFKWHXQSODXVLEHOZLUNW"hEHUKDXSWJHKWGDV/HKUEXFKGLHVHU EHLGHQ $XWRUHQ ]ZDU DXI NRQVWUXNWLYLVWLVFKH $VSHNWH GHV $OOWDJVHU]lKOHQV HLQ MHGRFK NDXPDXIGLH)UDJHQDFKGHP)HKOHQ9RUKDQGHQVHLQYRQ$XWKHQWL]LWlWLQ6HOEVWHU]lKOXQ JHQ

 

7KRUVWHQ%HQNHO

GHUÄ'DUVWHOOXQJLKUHU'DUVWHOOXQJ¶HLQHQXQYHUELQGOLFKIOH[LEOHQ8PJDQJ PLWGHQHLJHQHQ$XVVDJHQDQGHQ7DJOHJHQXQGDGKRFLKUH$XWKHQWL]LWlWV IDVVDGHZLHGHUXPVWU]HQE]ZQHXHUULFKWHQXQGQHXHUSUREHQ'LH)UHL KHLW DXI GLHVH :HLVH GLH $XIULFKWLJNHLWVHUZDUWXQJHQ GHV VR]LDOHQ 8PIHO GHV ]X DWWDFNLHUHQ EHVWHKW IU MHGHQ 0HQVFKHQ LQ MHGHP ZDFKHQ $XJHQEOLFN (V JLEW QXU ZHQLJH ,QWHUDNWLRQVPRPHQWH GLH GDJHJHQ DXI JUXQGHLQHVLPPDQHQWHQYHUELQGOLFKHQ$XWKHQWL]LWlWVDQVSUXFKVUHODWLYJXW JHIHLWVLQGVROFKH$XVQDKPHQVLQGHWZDGLH=HXJHQDXVVDJHYRU*HULFKW GLH XQWHU SRWHQ]LHOOHU 6WUDIDQGURKXQJ VWHKW RGHU GDV +HLUDWVYHUVSUHFKHQ ZlKUHQGGHV+RFK]HLWVULWXDOV 'DUEHU KLQDXV LVW YRUVWHOOEDU GDVV 0HQVFKHQ VLFK GHU 0RWLYH LKUHU 6HOEVWGDUVWHOOXQJ QLFKW VR NODU EHZXVVW VHLQ P|JHQ ZLH 1DFKIUDJHQGH XQWHUVWHOOHQ $EHU GLHV EOHLEW XQGXUFKVLFKWLJ ZHQQ HLQ 0HQVFK HLQHP DQGHUHQJHJHQEHU$XVNXQIWāEHUVLFKVHOEVW¶HUWHLOWZHLOGLH0HWD(EHQH GHU %HVSUHFKXQJ EHU GDV %HVSURFKHQH SULQ]LSLHOO XQWHU GHQ JOHLFKHQ 9HU]HU UXQJVJHIDKUHQOHLGHWZLHGLH$XVNXQIWVHOEVW6RJDUQDKHOLHJHQGHDXIGHQ HUVWHQ%OLFNYRQMHJOLFKHU*HKHLPQLVNUlPHUHLEHUHLQLJWH.RQWH[WHN|QQHQ XQYHUPXWHWH$VSHNWHEHLQKDOWHQGLHGDVVFKHLQEDUYROOVWlQGLJH%LOGZLH GHU WUEHQ ZHQQ GLH 3HUVRQ GLH LP %HREDFKWXQJVIRNXV VWHKW GDUDXI EH]RJHQH6HOEVWDXVNQIWHLQKDOWOLFKYHUlQGHUW'DQQVWHOOWVLFKZLHGHUXP GLH )UDJH ZDV GHU 0D‰VWDE IU DXWKHQWLVFKHV (U]lKOHQ EHUKDXSW VHLQ NDQQ ZHQQ GRFK GLH 0LWPHQVFKHQ HLQHP VRZLHVR QLFKW ÄLQ GHQ .RSI¶ VFKDXHQN|QQHQ 'HU ÄDXWKHQWLVFKH .HUQ¶ YRQ $XIWULWWHQ XQG 6HOEVW (U]lKOXQJHQ LP VR]LDOHQ$OOWDJZLHYRQELRJUDSKLVFKHP(UOHEHQLQVJHVDPWZLUGYRQGHU 3RLQWHJHWUDJHQGDVVHULQGHQPHLVWHQ)lOOHQXQVLFKWEDUEOHLEW 0LWXQWHU KDW YLHOOHLFKW DXFK GLHV /XKPDQQ GD]X YHUOHLWHW ]X VSHNXOLHUHQ GDVV ZHFKVHOVHLWLJHV 9HUKlOWQLV SHU .RPPXQLNDWLRQ HLJHQWOLFK HKHU XQZDKU VFKHLQOLFKGHQQZDKUVFKHLQOLFKVHLQPVVWH +LQ]XNRPPWGDVVJHQDX JHQRPPHQ YRQ XQWHUVFKLHGOLFKHQ $XWKHQWL]LWlWVDQVSUFKHQ JHVSURFKHQ ZHUGHQPXVV,P/HEHQVLQG0HQVFKHQHLQJHEXQGHQLQÅGLVSDUDWH>@%H ]LHKXQJHQ 2ULHQWLHUXQJHQ XQG (LQVWHOOXQJHQ´ XQG PVVHQ GDEHL PLW ÅKHWHURJHQHQ 'HXWXQJVVFKHPDWD´ KDQWLHUHQ XQG QLFKW MHGH 1LVFKH GHU /HEHQVZHOW OlVVW VLFK VLQQYROO DXI %DVLV YRQ $XWKHQWL]LWlWVUHFKHUFKHQ EHIUDJHQ,P$OOJHPHLQHQZLUGRKQHKLQGDVIDNWLVFKhEHUSUIEDUHTXDOL BBBBBBBBBBBBBB 

 'LH,QWUDQVSDUHQ]GHV'HQNHQVLVWHLQHVR]LRORJLVFKH%LQVHQZHLVKHLW+DUROG*DUILQNHOKDW HLQPDOIRUPXOLHUWÅWKDWWKHUHLVQRUHDVRQWRORRNXQGHUWKHVNXOOVLQFHQRWKLQJRILQWHUHVW LVWREHIRXQGWKHUHEXWEUDLQV´ QDFK7KRPDV6DPXHO(EHUOH/HEHQVZHOWDQDO\VHXQG+DQG OXQJVWKHRULH%HLWUlJH]XU9HUVWHKHQGHQ6R]LRORJLH.RQVWDQ]6   9JO1LNODV/XKPDQQÅ'LH8QZDKUVFKHLQOLFKNHLWGHU.RPPXQLNDWLRQ´LQ'HUV6R]LROR JLVFKH$XINOlUXQJ%G6R]LDOHV6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2SODGHQ6²  $QQH+RQHU.OHLQH/HLEOLFKNHLWHQ(UNXQGXQJHQLQ/HEHQVZHOWHQ:LHVEDGHQ6



$XWKHQWLVFKH(UILQGXQJHQ



WDWLYYRQ:LVVHQVLQKDOWHQXQWHUVFKLHGHQGHUHQ$XWKHQWL]LWlWEHVWHQIDOOVLQ GHU 0LWWHLOXQJ VHOEVW OLHJW LQ GLHVHQ )lOOHQ NDQQ PDQ GHP (U]lKOHU VHLQHU VHOEVW PD[LPDO GDV =XJHVWlQGQLV PDFKHQ GDVV PDQ LKP JODXEW 'LH /H EHQVHUIDKUXQJOHKUWMHGRFKZLHHUZlKQWGDVV9HUWUDXHQVYRUVFKVVHQLFKW LQ MHGHP )DOO RSSRUWXQ VLQG .RPPW HV EHLVSLHOVZHLVH ]X YRUJHUFNWHU 6WXQGH DP .QHLSHQVWDPPWLVFK ]X XQEHZHLVEDUHQ 3UDKOHUHLHQ GUIWH NDXP MHPDQG GHU 9HUVXFKXQJ YHUIDOOHQ GLH GDEHL YRUJHWUDJHQHQ $EHQ WHXHUJHVFKLFKWHQ DOV UHDOHQ %HVWDQGWHLO GHU WDWVlFKOLFKHQ :HOW E]Z /H EHQVJHVFKLFKWH YHUVWHKHQ ]X ZROOHQ +LHU JUHLIW MHGRFK HLQH $UW DXWKHQWL VFKHV(U]lKOHQ]ZHLWHU2UGQXQJLQVRIHUQGHU(U]lKOHUGHUVLFKVHOEVWLQGHQ 0LWWHOSXQNW HLQHV LQDGlTXDWHQ +HOGHQHSRV· RGHU HLQHU XQHQGOLFK PHODQ FKROLVFKHQ $QHNGRWH PDFKW GXUFK VHLQHQ (U]lKOGXNWXV XQG VHLQH GLH HLJHQH hEHU]HXJWKHLW DOVR GHQ Ä'DUVWHOOXQJVZXQVFK¶  SHUIRUPDWLY DXV GUFNHQGH.RPPXQLNDWLRQVKDOWXQJDXFKMHQVHLWVGHV(U]lKOLQKDOWHVVR]X VDJHQ ÄLPSOL]LW DXWKHQWLVFK¶ EHU VLFK VHOEVW EHULFKWHW 1RFK GHU JU|‰WH $XIVFKQHLGHUXQGQRFKGHUJHVFKLFNWHVWH/JQHUVLQGLQLKUHQ3UDKOHUHLHQ XQG8QZDKUKHLWHQVLHVHOEVWGHQQDXFKGLHVHÄIDOVFKHQ¶$XVNQIWHVLQGDOV EHZXVVWH,QV]HQLHUXQJHQQLFKWYRQGHU/HEHQVZHOWLKUHU(U]lKOHUORVO|V EDU 6R VHKU EOLFKHUZHLVH 6HOEVWDXVNQIWH YRQ 9HU]HUUXQJHQ WDQJLHUW ZHUGHQ ZHLO 0HQVFKHQGHQ:XQVFKYHUVSUHQ PDQFKHV %HGHXWVDPHLQ LKUHP /HEHQ VWDUN ]X EHWRQHQ XQG DQGHUHV YROOVWlQGLJ ]X YHUVFKZHLJHQ VRVHKUWULIIWHV²ZLHJHJHQ*RIIPDQHLQJHZHQGHWZHUGHQNDQQ²ZRKO GRFK ]X GDVV VLH EOLFKHUZHLVH QLFKW LQ MHGHP ZDFKHQ 0RPHQW Å6FKDX VSLHOHU´VLQGGLHSHUPDQHQWHLQHQEHZXVVWDQYLVLHUWHQ.RPPXQLNDWLRQV HUIROJ YHUZLUNOLFKHQ ZROOHQ $QGHUV JHVDJW 6HOEVW GLH $UW ZLH HLQ 0lU FKHQ RGHU HLQH /JH YRUJHWUDJHQ ZLUG WUDQVSRUWLHUW QRFK HLQ 6WFNFKHQ $XWKHQWL]LWlW PLW VLFK 8P GLHVH XQEHZXVVWH $XWKHQWL]LWlWVHEHQH YROO VWlQGLJYHUOLHUHQ]XN|QQHQEHGUIWHHVGHV5HIOH[LRQVQLYHDXVHLQHVSUR IHVVLRQHOOHQ6FKDXVSLHOHUVGHU3HUV|QOLFKNHLWXQG5ROOHYROOVWlQGLJYRQHL QDQGHUWUHQQHQNDQQGRFKVHOEVWGLHVH%HUXIVJUXSSHOHEWPLWKLQYRQGHU 5FNEH]JOLFKNHLW LKUHU 'DUVWHOOXQJ DXI DXWKHQWLVFKH 3HUV|QOLFKNHLWVHOH PHQWH 'LH)UDJHODXWHWDOVR,VW$XWKHQWL]LWlW IUZHQEHUKDXSW" GDQQJH JHEHQZHQQGDVāEHUVLFKVHOEVW¶(U]lKOWHHLQKRKHVJDUNRQWUROOLHUEDUHV 0D‰DQÄ)DNWL]LWlW¶DXIZHLVW RGHUZHQQGDV(U]lKOWHVRSUlVHQWLHUWZLUG DOV VHL GLHV GHU )DOO  RGHU LVW GLH YRQ ZHP EHUKDXSW ]XJHVSURFKHQH"  $XWKHQWL]LWlWLQGHPYRUJHVWHOOWHQ.RQWH[WDOV(U]lKOXQJLP$OOWDJQLFKW VHOEVW HWZDV GDV VLFK HLQHU ÄIDNWLVFKHQ DXWKHQWLVFKHQ *HJHEHQKHLW¶ P|J OLFKHUZHLVH HQW]LHKW ² XP DP 6FKOXVV PLWKLOIH GHU XQEHZXVVWHQ (IIHNWH GHU.RPPXQLNDWLRQVSHUIRUPDQFHLQQXFHGRFKQRFKJUHLIEDU]XZHUGHQ"

 

7KRUVWHQ%HQNHO

,9%HULFKWHUVWDWWXQJHQYRP,FK .ODVVLVFKHV0HGLXPHLQHUDXI$XWKHQWL]LWlWJHPQ]WHQ6HOEVWDXVNXQIWLVW GLH $XWRELRJUDSKLH ,P *HJHQVDW] ]XU ELRJUDSKLVFKHQ (U]lKOXQJ HLQHU LQGLYLGXHOOHQ/HEHQVJHVFKLFKWHGLHHLQDQGHUHUYRUQLPPWGHUGXUFKVHLQH Ä1LFKW,GHQWLWlW¶ JHJHQEHU GHP 6XEMHNW VHLQHU 1DFKIRUVFKXQJVEHJLHUGH LQ6DFKHQ$XWKHQWL]LWlWIUPDQFKH)HKOVWHOOHRGHU6SHNXODWLRQHQWVFKXO GLJW LVW ZLHJHQ GLH :RUWH GHV $XWRELRJUDSKHQ VFKZHU ,KP ZLUG XQWHU VWHOOWGLH%H]LHKXQJGHUHLJHQHQ*HVFKLFKWH]XUEHULQGLYLGXHOOHQ:HOWJH VFKLFKWH ZHLWJHKHQG OFNHQORV EHUEOLFNHQ ]X N|QQHQ 'LHV ]XPLQGHVW LPSOL]LHUW GLH HUZlKQWH 9RUVWHOOXQJ GDVV GLH %HULFKWHUVWDWWXQJVYDULDQWH HLQHV /HEHQVODXIHV PLW GHVVHQ IDNWLVFKHP ,QKDOW ]ZDU QLFKW ]XVDPPHQ IDOOHQ PVVH VFKOLH‰OLFK JLEW HV QHEHQ 0LOOLDUGHQ ÄHFKWHQ¶ /HEHQVOlXIHQ DXFK 0LOOLRQHQ ÄHUIXQGHQH¶  EHL UHDOHQ 3HUVRQHQ DEHU ]XVDPPHQ IDOOHQ N|QQH (QWJHJHQ $UWKXU 5LPEDXGV SRHWLVFKHU :HLVKHLW Å,FK LVW HLQ $Q GHUHU´ VWHKW GHU DXWRELRJUDSKLVFKH (U]lKOHU IROJOLFK XQWHU GHP =XJ ]ZDQJ HLQHUVHLWV HLQH P|JOLFKVW DQVSUHFKHQGH *HVWDOWXQJ VHLQHV 7H[WHV ]XEHZHUNVWHOOLJHQDQGHUHUVHLWVMHGRFKGLH%UFKHXQG6SUQJHGLHVHLQ /HEHQ JHSUlJW KDEHQ P|JOLFKVW UHDOLWlWVJHWUHX HLQ]XIDQJHQ 'LH =ZLFN PKOHLVWYRUSURJUDPPLHUW'DV/HEHQLVWNHLQH1DUUDWLRQDEHU GLH$X WRELRJUDSKLH LVW GLH (U]lKOYHUVLRQ GHV /HEHQV /HEHQVJHVFKLFKWH LVW JOHLFKVDP QLFKW LGHQWLVFK PLW /HEHQVJHVFKLFKWHDXIVFKUHLEXQJHQ 8QG $XWKHQWL ]LWlW LP (UOHEHQ LVW ² ZHQQ VLH EHUKDXSW DQGHUV GHQQ LP VXEMHNWLYHQ %HZXVVWVHLQGHVÄ(UOHEHQGHQ¶YHURUWEDULVW²QLFKWJOHLFK]XVHW]HQPLWGHU $XWKHQWL]LWlW HLQHV IRUPDO XQG lVWKHWLVFK VFKOLH‰OLFK DXFK ÄYRQ DX‰HQ¶ EHJXWDFKWEDUHQ 7H[WHV $QGHUHUVHLWVVFKHLQWGLHVGHUZHLWHQ9HUEUHLWXQJGHUOLWHUDULVFKHQ*DW WXQJ$XWRELRJUDSKLHQLFKW]XVFKDGHQ'DIUN|QQWHHLQHUVHLWVGLHLPPD QHQWH 1RQFKDODQFHYHUDQWZRUWOLFKVHLQGLHVFKRQVHLW-DKUKXQGHUWHQGLH 6HOEVWEHULFKWHUVWDWWXQJ GHV ,FKV EHJOHLWHW 6SULFKW +DQV &KULVWLDQ $QGHU VHQLQVHLQHU%LRJUDSKLHDXVGUFNOLFKYRQÅ0lUFKHQDXVPHLQHP/HEHQ´ XQG OHJW -RKDQQ :ROIJDQJ YRQ *RHWKH HLQH /HEHQVELODQ] EHU GDV =X VDPPHQVSLHO YRQ Å'LFKWXQJ XQG :DKUKHLW´ YRU VR ZLUG GDPLW DXJHQ ]ZLQNHUQG HLQJHVWDQGHQ GDVV GDV ÄDXWKHQWLVFKH /HEHQ¶ QLFKW LQ 7H[WIRU PHQ HLQJHEXQGHQ ZHUGHQ NDQQ 8QWHU GHP 6FKODJZRUW Å7H[WSRVLWLYLV PXV´ KDW &OLIIRUG *HHUW] GHQ ,UUJODXEHQ DQJHSUDQJHUW (UOHEQLVVH XQG :DKUQHKPXQJHQ OLH‰HQ VLFK YRQ HLQHU RPLQ|VHQ $XWRUSRVLWLRQ DXV YHU BBBBBBBBBBBBBB 

 9JO]XUÅ1DPHQVLGHQWLWlW´YRQ$XWRU(U]lKOHUXQG3URWDJRQLVWQlKHU3KLOLSSH/HMHXQH 'HUDXWRELRJUDSKLVFKH3DNW)UDQNIXUWD06  &OLIIRUG *HHUW] 'LH NQVWOLFKHQ :LOGHQ 'HU $QWKURSRORJH DOV 6FKULIWVWHOOHU 0QFKHQ  6I



$XWKHQWLVFKH(UILQGXQJHQ



JOHLFKVZHLVHSUl]LVHYHUVFKULIWOLFKHQ'DPLWYHUJOHLFKEDULVWGHU1DUUDWLRQV SRVLWLYLVPXV EHL *HULFKWVYHUKDQGOXQJHQ 'LH 7UlJHU GHU 5ROOH Ä=HXJH¶ JHUDWHQKLHULQGLH)DOOVWULFNH]ZLVFKHQDQJHIRUGHUWHQ3ODXVLELOLWlWVDQVSU FKHQXQGELRJUDSKLVFKHU6HOEVWZDKUQHKPXQJ'HU'UXFNGHUGHP=HX JHQ LP 1DFNHQ VLW]W LVW GLH )L[LHUXQJ GHU *HULFKWVYHUKDQGOXQJ DXI GLH Ä:DKUKHLW¶²GHQQXPÅQLFKWVDOVGLH:DKUKHLW´VROOHVVFKOLH‰OLFKJHKHQ (UQHXW WULWW GLH *OHLFK]HLWLJNHLW YRQ *HVFKLFKWH XQG *HVFKLFKWHQ LQ (UVFKHL QXQJ'LH=HXJHQDXVVDJHVROOÄKLVWRULVFKNRUUHNW¶VHLQVLHVROODOVRYHUOlVV OLFKH )DNWL]LWlWHQ EQGHOQ DEHU VLH ZLUG QLFKWVGHVWRWURW] DOV 1DUUDWLRQ YRUJHEUDFKW GLH GLH 3HUVRQ GHV (U]lKOHUV XQG LKUH DOOWlJOLFKHQ OHEHQV ZHOWOLFKHQ5HIOH[LRQHQ]ZLQJHQGLQYROYLHUW9RU*HULFKWLVWGLH$XWKHQWL ]LWlWGHV=HXJHQHLQXQXPVW|‰OLFKHU6ROOHQVVDW]GHUGLHMHQLJHQGLHGLHVH 5ROOHDXIVLFKQHKPHQPVVHQLQGLHXQW\SLVFKH6LWXDWLRQEULQJWIUGLH ÅhEHUHLQVWLPPXQJ]ZLVFKHQGHUQDFKDX‰HQJHWUDJHQHQ6HOEVWGDUVWHOOXQJ XQGGHULQQHUHQhEHU]HXJXQJ´EUJHQ]XPVVHQ 3RLQWLHUW JHVSURFKHQ OLHIHUW HLQ DXWRELRJUDSKLVFKHU (U]lKOHU LQ 6D FKHQ$XWKHQWL]LWlWHLQHGUHLIDFKH9HU]HUUXQJ(UEHWUDFKWHWHUVWHQVUHIOHN WLHUHQGÄGLH*HVFKLFKWH¶LQHLQHUDXILKQVHOEVWUHGX]LHUWHQ3HUVSHNWLYHHU YHUVXFKWDOVR]XUHIOHNWLHUHQZLHHUVHOEVWGLH(QWZLFNOXQJVYHUOlXIHJHVH KHQ KDW DQ GHQHQ HU WHLO KDWWH 'DPLW ZLUG GHU .ROOHNWLYVLQJXODU *H VFKLFKWH HLQJHKROW XQG DXI GLH (EHQH GHV DXWRELRJUDSKLVFKHQ *HVFKLFK WHQLQKDOWV EHJUHQ]W,P lX‰HUVWHQ)DOOGRPLQLHUWGLH3V\FKRORJLHYRUGHU )DNWHQHEHQH HLQ 3XQNW GHU LQGHV DXFK DOV 9RUWHLO DXWRELRJUDSKLVFKHQ (U]lKOHQVJHJHQEHUQFKWHUQHU*HVFKLFKWVVFKUHLEXQJLQV*HZLFKWIlOOW  =ZHLWHQV VWHOOW VLFK GLH 9HUJDQJHQKHLW LQ GLHVHP 5HIOH[LRQVJHIOHFKW DEHU QLHPDOVÄDOVVROFKH¶GDUVRQGHUQVWHWVQXUDOV9HUJDQJHQKHLWLP6SLHJHOGHU VXEMHNWLYHQ %HWUDFKWXQJ $OOHV N|QQWH DXFK DQGHUV VHLQ EHWRQW GLH V\V WHPWKHRUHWLVFKH6R]LRORJLH²XQGGDVJLOWHUVW5HFKWIUVXEMHNWLYH5FN EOLFNHDXIGLHHLJHQH*HVFKLFKWH(LQDQGHUHUGHUVLFKDXI6SXUHQVXFKHLQ HLQHUIUHPGHQ%LRJUDSKLHPHLQWZLUGLQYLHOHQ3XQNWHQ]XJDQ]DQGHUHQ (UNHQQWQLVVHQ NRPPHQ DOV ]X MHQHQ GLH GHU 6HOEVWHU]lKOHU DOV HLJHQH (LQVLFKWHQSURSDJLHUW :HUN|QQWHQXQYRQDX‰HQVDJHQZHOFKHV(UJHE QLV DXWKHQWLVFKHU LVW"  8QG GULWWHQV HUVFKOLH‰W VLFK GLH :HOW QLFKW GHUDUW JHRUGQHWXQGOLQHDUZLHHVLQGHQPHLVWHQDXWRELRJUDSKLVFKHQ7H[WHQGHQ $QVFKHLQPDFKW*HZLVV(U]lKOHQKHL‰WQLFKW%HZHLVHQ$XIGHU(EHQHGHV $OOWDJVVSUHFKHQV EHL IOFKWLJHQ %HJHJQXQJHQ LP +DXVIOXU .RQYHUVDWLR QHQLP%HUXIVDOOWDJ3UREOHPEHVSUHFKXQJHQLQGHU3DUWQHUVFKDIWXVZLVW HV ZLH HUZlKQW GHQQRFK EHUDXV ZLFKWLJ XQG ZLUG EOLFKHUZHLVH YRQ DOOHQ EHWHLOLJWHQ .RPPXQLNDWLRQVSDUWQHU DXFK VWLOOVFKZHLJHQG EHDQ BBBBBBBBBBBBBB 

 9JO%HQNHO $QP 6II  %HQNHO $QP 6

 

7KRUVWHQ%HQNHO

VSUXFKW  GDVV GLH .RPPXQLNDWLRQVLQKDOWH PLW HLQHP KRKHQ 0D‰ DQ H[ SUHVVLYHU $XIULFKWLJNHLW E]Z Ä:DKUKDIWLJNHLW¶ YRUJHWUDJHQ ZHUGHQ 'LHV EHWULIIW LQ QLFKW JHULQJHP 0D‰H SHUVRQHQEH]RJHQH $XVNQIWH :LHVR VROOWH HLQ DXWRELRJUDSKLVFKHU 7H[W ZHQLJHU VWDUN DXI GLHVHQ $XIULFKWLJ NHLWVDQVSUXFKHLQJHVFKZRUHQVHLQ"(VVWHOOWHLQHJHZLVVH9HU]HUUXQJGDU ZHQQGLHVFKULIWOLFKH6HOEVWEHULFKWHUVWDWWXQJHWZDLQHLQHU$XWRELRJUDSKLH PLW GHU (UNOlUXQJ HLQJHOHLWHW ZLUG GDVV 'LFKWXQJ XQG :DKUKHLW PLWKLQ QDK EHLHLQDQGHU OLHJHQ XQG GHU $XWRU QXQ HLQPDO VROLGDULVFK PLW GHP 6HOEVWELOG GHU SRUWUlWLHUWHQ 3HUVRQ DOVR PLW VLFK VHOEVW  LVW 'LHVHU $Q VSUXFKZLUGQlPOLFKEHL,QWHUDNWLRQHQLPVR]LDOHQ1DKUDXPDXVGUFNOLFK QLFKWDOV+LQWHUJUXQGNRQVHQVGHUEHWHLOLJWHQ3HUVRQHQJHZHUWHW 'D]XHLQ9HUZHLVDXIGLH.XQVWJHVFKLFKWH,QHLQHP+DSSHQLQJYRQ :ROI9RVWHOODXVGHP-DKUHUIROJWGLH3XEOLNXPVDQZHLVXQJÅ/DXIHQ 6LH DXI GHP $FNHU KHUXP XQG HU]lKOHQ 6LH MHPDQGHP ,KUH /HEHQVJH VFKLFKWH´'HUEHVWHFKHQGH:LW]GLHVHV,PSHUDWLYVEHVWHKWLQGHUZDKQ ZLW]LJHQ ,GHH GDVV HLQ EHOLHELJHU )UHPGHU DQ HLQHU EHOLHELJHQ IUHPGHQ /HEHQVJHVFKLFKWHLQWHUHVVLHUWVHLQN|QQWH'LHVH3RLQWHZUGHGXUFKGHQ =XVDW] Å6LH GUIHQ GDEHL OJHQ´ QLFKW YHUVWlUNW VRQGHUQ HKHU DEJHPLO GHUW(LQH/HEHQVJHVFKLFKWHGLHGHQH[SUHVVLYHQ:DKUKDIWLJNHLWVDQVSUXFK VFKRQLQWKHILUVWSODFHDXIJLEWZlUHDOOHVDQGHUHDOVIHVVHOQGDXWKHQWLVFK² VLHZlUHYLHOPHKUDXIWULYLDOH:HLVHEHOLHELJ /LWHUDWXU %DUWKHV5RODQG'LH/XVWDP7H[W%HUOLQ %HFNHU -UJHQ :ROI 9RVWHOO +DSSHQLQJV )OX[XV 3RS $UW 1RXYHDX 5pDOLVPH 5HLQEHN E+DPEXUJ %HQNHO7KRUVWHQ6R]LDOH:HOWXQG)LNWLRQDOLWlW&KLIIUHQHLQHV6SDQQXQJVYHUKlOWQLVVHV+DP EXUJ ³ Å'LH3DUDGR[LHGHU=HXJHQVFKDIW/HEHQVJHVFKLFKWHDOV.RQVWUXNWLRQVHOHPHQW GHU ,QWHUDNWLRQVSUD[LV LQ *HULFKWVYHUKDQGOXQJHQ´ %,26 =HLWVFKULIW IU %LRJ UDSKLHIRUVFKXQJ2UDO+LVWRU\XQG/HEHQVYHUODXIVDQDO\VHQ  6² %OXPHQEHUJ+DQV'LH/HVEDUNHLWGHU:HOW)UDQNIXUWD0 %RXUGLHX3LHUUH6R]LDOHU6LQQ.ULWLNGHUWKHRUHWLVFKHQ9HUQXQIW)UDQNIXUWD0 %UXQHU -HURPH Å7KH 1DUUDWLYH &RQVWUXFWLRQ RI 5HDOLW\´ &ULWLFDO ,QTXLU\    6² (EHUOH 7KRPDV 6DPXHO /HEHQVZHOWDQDO\VH XQG +DQGOXQJVWKHRULH %HLWUlJH ]XU 9HUVWHKHQGHQ 6R]LRORJLH.RQVWDQ]

BBBBBBBBBBBBBB 

 'HQÄ1DFKIROJHDQVSUXFK¶GHU$XWKHQWL]LWlWJHJHQEHUGHU$XIULFKWLJNHLW VLQFHULW\ WKHPDWL VLHUW/LRQHO7ULOOLQJ'DV(QGHGHU$XIULFKWLJNHLW0QFKHQ  -UJHQ %HFNHU :ROI 9RVWHOO +DSSHQLQJV )OX[XV 3RS $UW 1RXYHDX 5pDOLVPH 5HLQEHN E+DPEXUJ6



$XWKHQWLVFKH(UILQGXQJHQ



(KOLFK.RQUDG +UVJ (U]lKOHQLP$OOWDJ)UDQNIXUWD0 )LVFKHU/LFKWH(ULNDÅ7KHDWUDOLWlWXQG,QV]HQLHUXQJ´LQ'LHV,VDEHO3IOXJ +UVJ  ,QV]HQLHUXQJYRQ$XWKHQWL]LWlW7ELQJHQ%DVHO6² )RXFDXOW0LFKHO6H[XDOLWlWXQG:DKUKHLW%G'HU:LOOH]XP:LVVHQ)UDQNIXUWD0  *HHUW]&OLIIRUG'LHNQVWOLFKHQ:LOGHQ'HU$QWKURSRORJHDOV6FKULIWVWHOOHU0QFKHQ *RHUW]+DQV-UJHQ8QVLFKHUH*HVFKLFKWH6WXWWJDUW *RIIPDQ(UYLQJ:LUDOOHVSLHOHQ7KHDWHU'LH6HOEVWGDUVWHOOXQJLP$OOWDJ0QFKHQ +DEHUPDV -UJHQ 7KHRULH GHV NRPPXQLNDWLYHQ +DQGHOQV %G +DQGOXQJVUDWLRQDOLWlW XQG JHVHOOVFKDIWOLFKH5DWLRQDOLWlW)UDQNIXUWD0 +DKQ$ORLVÅ%LRJUDSKLHXQG/HEHQVODXI´LQGHUV.RQVWUXNWLRQHQGHV6HOEVWGHU:HOW XQGGHU*HVFKLFKWH)UDQNIXUWD06² +HLQULFKV +DQV-UJHQ (U]lKOWH :HOW /HVDUWHQ GHU :LUNOLFKNHLW LQ *HVFKLFKWH .XQVW XQG :LVVHQVFKDIW5HLQEHNE+DPEXUJ +HQU\0LFKHO5DGLNDOH/HEHQVSKlQRPHQRORJLH)UHLEXUJ0QFKHQ +RQHU$QQH.OHLQH/HLEOLFKNHLWHQ(UNXQGXQJHQLQ/HEHQVZHOWHQ:LHVEDGHQ ,VHU :ROIJDQJ 'DV )LNWLYH XQG GDV ,PDJLQlUH 3HUVSHNWLYHQ OLWHUDULVFKHU $QWKURSRORJLH )UDQNIXUWD0 /HMHXQH3KLOLSSH'HUDXWRELRJUDSKLVFKH3DNW)UDQNIXUWD0 /pYL6WUDXVV&ODXGH'DVZLOGH'HQNHQ)UDQNIXUWD0 /XFLXV+RHQH*DEULHOH $UQXOI 'HSSHUPDQQ5HNRQVWUXNWLRQ QDUUDWLYHU ,GHQWLWlW:LHV EDGHQ /XKPDQQ1LNODVÅ'LH8QZDKUVFKHLQOLFKNHLWGHU.RPPXQLNDWLRQ´LQ'HUV6R]LROR JLVFKH$XINOlUXQJ%G6R]LDOHV 6\VWHP*HVHOOVFKDIW2UJDQLVDWLRQ2SODGHQ 6² ³ 'LH:LVVHQVFKDIWGHU*HVHOOVFKDIW)UDQNIXUWD0 ³ ÅÄ:DVLVWGHU)DOO"¶XQGÄ:DVVWHFNWGDKLQWHU"¶'LH]ZHL6R]LRORJLHQXQGGLH *HVHOOVFKDIWVWKHRULH´=HLWVFKULIWIU6R]LRORJLH  6² ³ Å(U]LHKXQJ DOV )RUPXQJ GHV /HEHQVODXIHV´ LQ 'HUV 6FKULIWHQ ]XU 3lGDJRJLN )UDQNIXUWD06² 0DUWtQH]0DWtDV0LFKDHO6FKHIIHO(LQIKUXQJLQGLH(U]lKOWKHRULH0QFKHQ 0HLW]OHU 0DWWKLDV 6R]LRORJLH GHU 9HUJlQJOLFKNHLW =HLW $OWHUQ 7RG XQG (ULQQHUQ LP JHVHOO VFKDIWOLFKHQ.RQWH[W+DPEXUJ 1DVVHKL $UPLQ Å'LH 'LIIHUHQ] GHU .RPPXQLNDWLRQ XQG GLH .RPPXQLNDWLRQ GHU 'LIIHUHQ] hEHU GLH NRPPXQLNDWLRQVWKHRUHWLVFKHQ *UXQGODJHQ YRQ /XK PDQQV *HVHOOVFKDIWVWKHRULH´ LQ +DQV-RDFKLP *LHJHO 8ZH 6FKLPDQN +UVJ  %HREDFKWHU GHU 0RGHUQH %HLWUlJH ]X 1LNODV /XKPDQQV Ä'LH *HVHOOVFKDIW GHU *HVHOOVFKDIW¶)UDQNIXUWD06² ³ Å5HWKLQNLQJ)XQFWLRQDOLVP=XU(PSLULHIlKLJNHLWV\VWHPWKHRUHWLVFKHU6R]LRO RJLH´LQ+HUEHUW.DOWKRII6WHIDQ+LUVFKDXHU*HVD/LQGHPDQQ +UVJ 7KHR UHWLVFKH (PSLULH =XU 5HOHYDQ] TXDOLWDWLYHU )RUVFKXQJ )UDQNIXUW D0  6²  1QQLQJ$QVJDU +UVJ 8QUHOLDEOH1DUUDWLRQ6WXGLHQ]X7KHRULHXQG3UD[LVXQJODXEZUGL JHQ(U]lKOHQVLQGHUHQJOLVFKVSUDFKLJHQ(U]lKOOLWHUDWXU7ULHU 3HWHUVHQ-UJHQ+(U]lKOV\VWHPH(LQH3RHWLNHSLVFKHU7H[WH6WXWWJDUW:HLPDU 3OHVVQHU+HOPXWK'LH6WXIHQGHV2UJDQLVFKHQXQGGHU0HQVFK%HUOLQ 5RVHQWKDO*DEULHOH(UOHEWHXQGHU]lKOWH/HEHQVJHVFKLFKWH*HVWDOWXQG6WUXNWXUELRJUDSKLVFKHU 6HOEVWEHVFKUHLEXQJHQ)UDQNIXUWD0

 

7KRUVWHQ%HQNHO

6FKDSS:LOKHOP,Q*HVFKLFKWHQYHUVWULFNW=XP6HLQYRQ0HQVFKXQG'LQJ)UDQNIXUWD0  6FKPLG:ROI(OHPHQWHGHU1DUUDWRORJLH%HUOLQ1HZ«@ EOHLEW HLQ 6FKOHPLKO HLQH .XQVWILJXU´ 'XUFK .RPPHQWDUHXQG*ORVVHQGLH(Q]HQVEHUJHU]ZLVFKHQGHQ'RNXPHQWHQ HLQVWUHXWZHUGHQVHLQHOLWHUDULVFKHQ(LQJULIIHGHXWOLFK.QDSSHLQ6HFKV WHOGHVJHVDPWHQ7H[WHVEHVWHKWDXVUHIOHNWLHUHQGHQ(LQVFKEHQGLHGHP /HVHU HLQH ,QWHUSUHWDWLRQVOLQLH YRU]HLFKQHQ )U :HLGDXHU OLHJW HV GDPLW DXIGHU+DQGGDVV(Q]HQVEHUJHUGXUFKGLH(U]lKOHUVWLPPHQLFKWQXUHLQH P|JOLFKH +DOWXQJ ]XP 3UlVHQWLHUWHQ H[HPSODULVFK YRUIKUW VRQGHUQ GLH ,QWHQWLRQHLQHUSROLWLVFKHQ,QVWUXPHQWDOLVLHUXQJHUNHQQHQOlVVW :LHHUGLH*HVFKLFKWHGHU$QDUFKLVWHQQDFKHU]lKOWPX‰NRQVHTXHQWHUZHLVHQXQ DOVRDXFKDOVVHLQH*HVFKLFKWHEHUVLFKVHOEVWJHVHKHQZHUGHQ]XPLQGHVWMHGRFK DOV3URMHNWHLQHUHUVHKQWHQ6XEMHNWLYLWlWLQGLH*HVFKLFKWHQGHU$QDUFKLVWHQKLQ HLQXQGJHJHQGDVZDVHULP$QJHERWGHU6XEMHNWSRVLWLRQHQVHLQHUEXQGHVUHSXE OLNDQLVFKHQ*HJHQZDUWILQGHQNDQQ

BBBBBBBBBBBBBB 

 +DQV 0DJQXV (Q]HQVEHUJHU Å(UVWH *ORVVH hEHU GLH *HVFKLFKWH DOV NROOHNWLYH )LNWLRQ´ LQ'HUV'HUNXU]H6RPPHGHU$QDUFKLH%XHQDYHQWXUD'XUUXWLV/HEHQXQG7RG)UDQNIXUWD0 6  (Q]HQVEHUJHU $QP   (Q]HQVEHUJHU VLHKW VLFK JHJHQEHU VHLQHQ /HVHUQ ]ZDU LQ GHU 5ROOHHLQHVÅ6SH]LDOLVWHQ´XQGÅ%DXFKUHGQHUV´ÅGHUGLH$XIJDEHKDWGLHJHVHOOVFKDIWOLFKH 5HDOLWlW]XP6SUHFKHQ]XEULQJHQ´9JO,QWHUYLHZ]LWLHUWQDFK$ODQ-&OD\WRQ:ULWLQJZLWK WKH ZRUGV RI RWKHUV (VVD\V RQ WKH 3RHWU\ RI +DQV 0DJQXV (Q]HQVEHUJHU :U]EXUJ  6 0LPHVLV LP 6LQQH HLQHU 5HDOLWlWVZLHGHUJDEH OHKQW (Q]HQVEHUJHU WURW]GHP DE 9JO GD]X XD$ODVGDLU.LQJ+DQV0DJQXV(Q]HQVEHUJHU:ULWLQJ0HGLD'HPRFUDF\%HUOLQ6  0DUWLQ 5HKIHOGW KHEW LQ %H]XJDXI.HPSRZVNL GHVVHQ $XWRULQV]HQLHUXQJ DOV $XWKHQWL]L WlWVVWUDWHJLHKHYRUXQGPDFKWDXFKIUGDV(FKRORWDXIGHQOLWHUDULVFKILNWLRQDOHQ&KDUDNWHU GHU DUUDQJLHUWHQ 'RNXPHQWH DXIPHUNVDP Å'RFK EHVFKUlQNW VLFK .HPSRZVNLV ,QV]HQLH UXQJ LQ GHQ 3HULWH[WHQ ]XP (FKRORW QLFKW DXI GLH $UFKLYDUV XQG (GLWRUHQUROOH YLHOPHKU QLPPWHU²EHUUDVFKHQGGDHUMDIUHPGH7H[WH]XVDPPHQVWHOOW²DXFKGLH5ROOHGHV'LFK WHUVLQ$QVSUXFKXQGYHUVSULFKWGDPLWHLQHVLQQVWLIWHQGHXQGlVWKHWLVFKH2UGQXQJGHV0D WHULDOV'LH,QV]HQLHUXQJDOV'LFKWHUXQG8UKHEHUEHJLQQWPLWGHUFRQWUDGLFWLRLQDGMHFWR GHV8QWHUWLWHOV(LQNROOHNWLYHV7DJHEXFK'HQQGDV7DJHEXFKVXJJHULHUWGRFKJHUDGH,QWLPL WlWXQG6XEMHNWLYLWlWLQLKPGUFNWVLFKWUDGLWLRQHOOHLQ6XEMHNWQLFKWQXUDXVKLHUHUIRUVFKW XQGHQWZLUIWHVVLFK:HQQDOVRYRQHLQHPNROOHNWLYHQ7DJHEXFKGLH5HGHLVWGDQQZLUGGD PLWSRVWXOLHUWGDVVDXVGHU9LHO]DKOGHU6WLPPHQHLQHJHPHLQVDPHHQWVWHKW²]ZDUQLFKW GLHGHV$XWRUVDEHUHLQHYRQLKPHUVFKDIIHQH.HPSRZVNLYHUZHQGHWIUVHLQH5ROOHGDV %LOG GHV &KRUOHLWHUV GHU ]ZDU VHOEVW QLFKW VLQJW RKQH GHQ GHU &KRU DEHU XQYHUVWlQGOLFK ZlUH´9JO0DUWLQ5HKIHOGWÅ$UFKLYXQG,QV]HQLHUXQJ=XU%HGHXWXQJGHU$XWRULQV]HQLH UXQJ IU :DOWHU .HPSRZVNLV Ä'DV (FKRORW¶ XQG %HQMDPLQ YRQ 6WXFNUDG%DUUHV Ä6RORDO EXP¶´LQ/XW]+DJHVWHGW +UVJ :DOWHU.HPSRZVNL%UJHUOLFKH5HSUlVHQWDQ](ULQQHUXQJVNXO WXU*HJHQZDUWVEHZlOWLJXQJ%HUOLQ6²KLHU6  :HLGDXHU $QP 6



'RNXPHQWHGHV$PRNV

 

'DVSROLWLVFKH(QJDJHPHQWGHVGRNXPHQWDULVFKHQ)UDJPHQWDULVPXVGHQ (Q]HQVEHUJHU LQ $QVFKODJ EULQJW ZLUG QXU XPVR GHXWOLFKHU ZHQQ GLH )RUPGHU9HUZHQGXQJYRQKLVWRULVFKHP0DWHULDOLQ(LQNXU]HU6RPPHUGHU $QDUFKLHPLWGHPLP(FKRORWXQG,FKELQYROOHU+DVV²XQGGDVOLHEHLFKYHUJOL FKHQZLUG*HRUJ-lJHUKDWDQJHUHJWEHLWH[WNRPSRVLWRULVFKHQ9HUIDKUHQ ]ZLVFKHQ Å0RQWDJH´ XQG Å&ROODJH´ ]X GLIIHUHQ]LHUHQ (V PDFKH HLQHQ 8QWHUVFKLHGVR-lJHUÅREGDV0DWHULDODOV'RNXPHQWHLQHU5HDOLWlWRGHU DOV 2EMHW WURXYp YRQ EHVWLPPWHQ 4XDOLWlWHQ IXQJLHUW RE GLH %UXFKVWHOOHQ RIIHQJHKDOWHQXQG]X=ZHFNHQGHU%HZX‰WPDFKXQJJHQXW]WRGHUREVLH YHUZLVFKW XQG HLQHP *HVDPWHLQGUXFN XQWHUJHRUGQHW ZHUGHQ´ ,P )DOO HLQHU VHOEVWJHQJVDPHQ 3UlVHQWDWLRQ GHV 0DWHULDOV EHL GHP /HHUVWHOOHQ RIIHQJHODVVHQZHUGHQVFKOlJW-lJHUIROJOLFKYRUYRQÅ0RQWDJH´]XVSUH FKHQ EHL HLQHU ÅHLJHQVWlQGLJHQ HLJHQZHUWLJHQ >«@ .RPSRVLWLRQ´ GHQ %HJULII Å&ROODJH´ ]X YHUZHQGHQ GD GDV ÅYRUIDEUL]LHUWH 0DWHULDO´ GHP lVWKHWLVFKHQ XQG HWKLVFKHQ )RUPSULQ]LS GHV :HUNHV XQWHUVWHOOW ZLUG 'HPHQWVSUHFKHQG NDQQ (Q]HQVEHUJHUV SROLWLVFKHU =XJULII DXI GDV YRQ LKP LQ ,QWHUYLHZV XQG hEHUVHW]XQJHQ ÄIDEUL]LHUWH¶ 0DWHULDO DOV Å&ROODJH´ EH]HLFKQHWZHUGHQXQG.HPSRZVNLVXQG*DHUWQHUVIDNWXDOLVWLVFKH0DWH ULDOVFKDXDOVÅ0RQWDJH´'LHVHEHJULIIOLFKH8QWHUVFKHLGXQJLVWQLFKWQXU GHVKDOEJHERWHQGDZLHDXV/HKPNXKOV5H]HQVLRQ]X*DHUWQHUV5RPDQ HUVLFKWOLFKHLQHXQVFKDUIH9HUZHQGXQJGHU%H]HLFKQXQJHQ]XEHREDFKWHQ LVWVRQGHUQZHLOGHU$XIZHLVHLQHU'LIIHUHQ]]ZLVFKHQ&ROODJHXQG0RQ WDJH5FNVFKOVVHDXIGLHlVWKHWLVFKHXQGHWKLVFKH3UREOHPODJH]XOlVVWLQ GHU VLFK (Q]HQVEHUJHU DXI GHU HLQHQ XQG .HPSRZVNL XQG *DHUWQHU DXI GHUDQGHUHQ6HLWHEHILQGHQ:HQQJOHLFKHVXQP|JOLFKLVWGLH*HJHQVWlQ GHGHUHQVLFK.HPSRZVNLXQG*DHUWQHUDQQHKPHQ²GHQ=ZHLWHQ:HOW NULHJE]ZGDV$WWHQWDWLQ/LWWOHWRQ²JHJHQHLQDQGHUDXI]XZLHJHQEHVWHKW BBBBBBBBBBBBBB 

 *HRUJ-lJHUÅ0RQWDJH´LQ.ODXV:HLPDU +UVJ 5HDOOH[LNRQGHUGHXWVFKHQ/LWHUDWXUZLVVHQ VFKDIW%G,,6  -lJHU $QP 9JOGD]XZHLWHUKLQ%XUNKDUGW/LQGQHU+DQV%XUNDUG6FKOLFKWLQJÅ'LH 'HVWUXNWLRQ GHU %LOGHU 'LIIHUHQ]LHUXQJHQ LP 0RQWDJHEHJULII´ $OWHUQDWLYH    6²VRZLH+DQQR0|ELXV0RQWDJHXQG&ROODJH²/LWHUDWXUELOGHQGH.QVWH)LOP)RWR JUDILH0XVLN7KHDWHUELV0QFKHQ  .HPSRZVNLKDWVLFKVHOEVWDXJHQVFKHLQOLFKIUHLQHDQGHUH9HURUWXQJVHLQHV7H[WHVDXVJH VSURFKHQ,QHLQHP,QWHUYLHZPLW9RONHU+DJHDQWZRUWHWHUÅ,QHLQHUUHJHOUHFKWHQ'RNX PHQWDWLRQ N|QQWH PDQ DXI VWDWLVWLVFKH JUDSKLVFKH 'DUVWHOOXQJHQ XQG %HOHKUXQJHQ QLFKW YHU]LFKWHQ'DVÄ(FKRORW¶LVWNHLQH'RNXPHQWDWLRQVRQGHUQHLQH&ROODJH´:DOWHU.HPS RZVNLÅ%LVDQV(QGHPHLQHU7DJH´LQ,QWHUYLHZZLWK9RONHU+DJH6SLHJHO6SH]LDO   6 'LH .DWHJRULVLHUXQJ .HPSRZVNLV VFKHLQW DEHU HKHU HLQ $EJUHQ]XQJVYHUVXFK ]XU IDNWXDOLVWLVFKHQ E]Z UHDOLVWLVFKHQ 'RNXPHQWDWLRQ ]X VHLQ XQG QLFKW GHU GHILQLWRULVFKHQ 8QWHUVFKHLGXQJYRQGHU0RQWDJH]XHQWVSULQJHQ&DUOD$'DPLDQRKDWVLFKLQLKUHU6WX GLH HEHQIDOOV IUGLH %H]HLFKQXQJÅ0RQWDJH´ DXVJHVSURFKHQ 9JO &DUOD 'DPLDQR:DOWHU .HPSRZVNL·V Ä'DV (FKRORW¶ 6WLIWLQJ DQG ([SRVLQJ WKH (YLGHQFH YLD 0RQWDJH +HLGHOEHUJ  6I

 

3KLOLSS+XEPDQQ

GLH+HUDXVIRUGHUXQJEHLGHU$XWRUHQQLFKWGDULQHLQ(UHLJQLVGXUFKDUFKL YDULVFKHXQGLQYHVWLJDWLYH5HFKHUFKHDXVGHPÄ'XQNHO¶GHV9HUJHVVHQV]X EHIUHLHQZLH(Q]HQVEHUJHUHVLP)DOOGHU6SDQLVFKHQ5HYROXWLRQ]XOHLV WHQ KDW 9LHOPHKU VLQG .HPSRZVNL XQG *DHUWQHU PLW GHU 7RWDOLWlW HLQHV YLHOIDFKLP'LVNXUVYLVXHOOXQGWH[WXHOOSUR]HVVLHUWHQ(UHLJQLVVHVNRQIURQ WLHUWGDVEHLGH$XWRUHQGXUFKGHQ5FNJULIIDXIGDVÄ8UVSUXQJVPDWHULDO¶ VHLQHU 5FNELQGXQJ DQ GLH YHUORVFKHQH (PSLULH GHU *HVFKHKQLVVH YHUVL FKHUQZROOHQ:DVLP(FKRORWXQGLQ,FKELQYROOHU+DVVYHUZHQGHWZLUGKDW EHUHLWVHLQH)RUPXQJHUIDKUHQDXIGLH.HPSRZVNLXQG*DHUWQHUNHLQHQ (LQIOXVVPHKUKDEHQ(VVLQG$XVVDJHQYRQ9HWHUDQHQ.ULHJVWDJHEFKHU %ULHIH 3RVWNDUWHQ $XV]JH DXV *HVFKLFKWVEFKHUQ EHL .HPSRZVNL XQG EHL *DHUWQHU &KDWSURWRNROOH %ORJHLQWUlJH =HXJHQDXVVDJHQ YRQ (OWHUQ .ODVVHQNDPHUDGHQ3lGDJRJHQXQG%HNDQQWHQGHU7lWHUGLHGDV-HIIHUVRQ &RXQW\2IILFHVDPPHOWHXQGDXI%HVFKOXVVGHU(OWHUQGHUgIIHQWOLFKNHLW LP,QWHUQHW]XJlQJOLFKPDFKWH (V LVW GLH ÄYRUIDEUL]LHUWH¶ LGHRORJLVFKH 3UlJXQJ GLH MHGHV HLQ]HOQH )UDJPHQWNHQQ]HLFKQHWGLH.HPSRZVNLXQG*DHUWQHU]XU*HOWXQJNRP PHQODVVHQRKQHVLH]XP=ZHFNGHU$EOHLWXQJHLQHUSROLWLVFKHQ$XVVDJH ]XKDUPRQLVLHUHQ,QGHU.ULWLNZLUGGLHVH'DUELHWXQJGHV'LVSDUDWHQPDO DOV XQ]XOlVVLJH 5HODWLYLHUXQJ JHEUDQGPDUNW PDO DOV HLQ]LJ OHJLWLPH 0|J OLFKNHLWHLQHUSHULSKHUHQDOLQHDUHQ/HNWUHGHU*HVFKLFKWHLP6LQQHGHV 1HZ +LVWRULFLVP JHOREW 3HWHU YRQ 0DWW EHLVSLHOVZHLVH NRPPW LP /LWHUDUL VFKHQ 4XDUWHWW LP )HEUXDU  ]X HLQHU SRVLWLYHQ %HZHUWXQJ YRQ .HPS RZVNLVVXPPDULVFKHP*HVWDOWXQJVSULQ]LS 'DV,QWHUHVVDQWHVWHDQGHP%XFKVLQGQXUGLH(LQ]HOKHLWHQ'LH.RPSRVLWLRQV DUEHLWXQGGDV=XVDPPHQVWHOOHQXQG8QWHUVWHOOHQGDVVPDQKLHU(LQVLFKWLQGDV *DQ]HEHNRPPHGDVVKLHUGDV(FKRORWZLUNOLFKLQGLH*HVFKLFKWHJHKWGDVLVW

BBBBBBBBBBBBBB 

 'LH YHU|IIHQWOLFKWHQ %HZHLVVWFNH GHV -HIIHUVRQ &RXQW\ 6KHUULI 2IILFH VLQG YHUIJEDU XQWHUZZZWKHGHQYHUFKDQQHOFRPGRZQORDGSGIOHW]WHU=XJULIIDP   'LH .RQWURYHUVH LP =XJH GHU 9HU|IIHQWOLFKXQJ YRQ .HPSRZVNLV (FKRORW KDW )UDQN 6FKLUUPDFKHU]XP$QODVVJHQRPPHQVLFKZLH&KULVWLDQ0HLHULQHLQHUVSlWHULQGHU)$= DEJHGUXFNWHQ5HGHDQGHU8QLYHUVLWlW0DLQ]PLW+LQZHLVDXIGLHWDWVlFKOLFKH$QZHVHQKHLW GHV$XWRUVIUGDV'DUVWHOOXQJVYHUIDKUHQGHVGRNXPHQWDULVFKHQ)UDJPHQWDULVPXVDXV]X VSUHFKHQÅ.HPSRZVNLOl‰WVHLQH4XHOOHQXQYHUlQGHUWbX‰HUXQJHQYRQ7lWHUQXQG2S IHUQYRQ3URPLQHQWHQXQG8QEHNDQQWHQVWHKHQXQNRPPHQWLHUWQHEHQHLQDQGHU'HU$X WRULVWDOV6FKUHLEHQGHUQLFKWDQZHVHQG²HUKDWGLH:RUWHLQGLHVHP'LDORJHLQHV.ROOHN WLYVDXVGHPGDV-DKUKXQGHUWVRHLQGULQJOLFKVSULFKWQLFKWHUIXQGHQ8QGWURW]GHPLVWHU SUlVHQW LQ GHU $XVZDKO XQG LQ GHU .RPSRVLWLRQ GHU 5HLKHQIROJH ,P Ä(FKRORW ,,¶ KDW .HPSRZVNLDXFKDXIGDV9RUZRUWDOVOHW]WHGLUHNWHbX‰HUXQJYHU]LFKWHWVLFKWEDUZLUGHU DEHU DOV $UFKLYDU $UUDQJHXU XQG 'LULJHQW GHU HLQ]HOQHQ 6WLPPHQ´ )UDQN 6FKLUUPDFKHU Å,QGHU1DFKW«´LQ)$=



'RNXPHQWHGHV$PRNV

 

HEHQ GLH )LNWLRQ (V LVW KRFKLQWHUHVVDQW $OOH 'HWDLOV VLQG JUR‰DUWLJ GDV LVW PLW YRP6SDQQHQGVWHQZDVHVJLEW

&KULVWLDQ 0HLHU NRPPW LQ GHU JOHLFKHQ 6HQGXQJ ]X HLQHU JlQ]OLFK YHU VFKLHGHQHQ6FKOXVVIROJHUXQJ6HLQHU$QVLFKWQDFKOlVVW.HPSRZVNLÅVHLQH /HVHUPLWGHQ=HLWJHQRVVHQDOOHLQ´8QGlKQOLFKZLH)ULHGULFKV.ULWLNDQ *DHUWQHUVXQNRPPHQWLHUWHQ7H[W$UUDQJHPHQWVPRQLHUW0HLHUDQ.HP SRZVNL 'D NRPPHQ GLH /HLGHQ GHU -XGHQ *KHWWRV (UPRUGXQJ XQG 6HOEVWPRUG ]ZDU YRUDEHUQXUDOVHLQ*HVFKHKHQQHEHQDQGHUHQ(VSDVVLHUWHEHQVHKUYLHO,QVR IHUQLVWGLHVH6DPPOXQJQLFKWQXUK|FKVWHLQVHLWLJXQGXQDXVJHZRJHQVRQGHUQHV IHKOHQGLHHQWVFKHLGHQGHQ$N]HQWH

.HPSRZVNL YHUZHKUW VLFK GDJHJHQ GHP (FKRORW GLH *HQUH%H]HLFKQXQJ Å'RNXPHQWDUOLWHUDWXU´ DSSOL]LHUHQ ]X ODVVHQ 9LHOPHKU KHEW HU LQ HLQHP ,QWHUYLHZ PLW 9RONHU +DJH GHQ ILNWLYHQ &KDUDNWHU VHLQHV 7H[WHV KHUYRU XQG XQWHUVWUHLFKW ODXW GHU $XVZHUWXQJ YRQ &DUOD 'DPLDQR ÅWKH ZRUN VKRXOGEHDSSURDFKHGDVDQDUWLVWLFFUHDWLRQUDWKHUWKDQDVKLVWRULRJUDSKL FDOGRFXPHQWDWLRQ´ ,P)ROJHQGHQVROOHVGDUXPJHKHQLQ*DHUWQHUVÅGRNXPHQWDULVFKHP 5RPDQ´MHQH0RQWDJHYHUIDKUHQXQG)LNWLRQDOLVLWlWVLQGLNDWRUHQDXI]XVS UHQ ZLH VLH LQ GHU KLHU VNL]]LHUWHQ /LWHUDWXU GHV GRNXPHQWDULVFKHQ )UDJ PHQWDULVPXVLQXQWHUVFKLHGOLFKHQ9DULDWLRQHQXQG0RGLILNDWLRQHQDXIWDX FKHQ,QHLQHPZHLWHUHQ6FKULWWZLUGGHU)UDJH5DXPJHJHEHQLQZLHIHUQ GLHVH9HUIDKUHQGHVGRNXPHQWDULVFKHQ)UDJPHQWDULVPXVJHUDGHGXUFKGLH ([SOL]LHUXQJ LKUHU NQVWOHULVFKHQ .RQVWUXNWLYLWlW HLQHQ $XWKHQWL]LWlWVHI IHNW HU]LHOHQ GHU GDV JHQDXH *HJHQWHLO HLQHV RQWRORJLVFKHQ 5HDOLWlWVDQ VSUXFKV EHGHXWHQ ZUGH $XWKHQWL]LWlW ZlUH LQ GLHVHP 6LQQH QLFKW HLQH 4XDOLWlWGLHVLFKDQGHP*HOLQJHQGHUPLPHWLVFKHQ$EELOGXQJHLQHV(U HLJQLVVHV EHPLVVW VRQGHUQ HQWVSUHFKHQG $QVJDU 1QQLQJV PHWDSRHWL VFKHP .RQ]HSW GDV 5HVXOWDW HLQHU PHWDLVLHUHQGHQ 'DUVWHOOXQJVIRUP GLH BBBBBBBBBBBBBB 

 3HWHU YRQ 0DWW QDFK 6WHSKDQ 5HLFKHQEHUJHU Å/LWHUDULVFKHV 4XDUWHWW DP  ² :DOWHU .HPSRZVNL ² (FKRORW´ LQ 0DUFHO 5HLFK5DQLFNL +HOOPXWK .DUDVHN +UVJ  « XQGDOOH)UDJHQRIIHQ²'DV%HVWHDXVGHP/LWHUDULVFKHQ4XDUWHWW0QFKHQ6²KLHU 6  &KULVWLDQ 0HLHU Å(LQ GLUHNWHU =XJDQJ ]XU 9HUJDQJHQKHLW XQVHUHU (OWHUQ"´ 0HUNXU ² 'HXWVFKH=HLWVFKULIWIUHXURSlLVFKHV'HQNHQ  6²KLHU6  0HLHU $QP   'DPLDQR $QP 6  8OULFK .UHOOQHU PDUNLHUW DOV WUDGLHUWHV 5XGLPHQW HLQ $XWKHQWL]LWlWVYHUVWlQGQLV GDV LQ MHJOLFKHU)RUPDXIÅ2ULJLQDOLWlW´EHUXKW6WDWWGHVVHQUHIOHNWLHUHGHU%HJULIIÅ$XWKHQWL]LWlW´ ÅLP KHXWLJHQ 6SUDFKJHEUDXFK GLH KLVWRULVFK RGHU HUHLJQLVKDIW YHUEUJWH Å(FKWKHLW´ HLQHV NQVWOHULVFKHQ  :HUNHV $XVGUXFNV RGHU $NWHV´ 8OULFK .UHOOQHU Å$XWKHQWL]LWlW´ LQ $FKLP7UHPEH‰ +UVJ 0HW]OHU/H[LNRQbVWKHWLN6WXWWJDUW6²KLHU6

 

3KLOLSS+XEPDQQ

GXUFKGLHEHZXVVWH$XVVWHOOXQJLKUHUNQVWOHULVFKHQ*HPDFKWKHLWXQGGLH $XIIlFKHUXQJXQWHUVFKLHGOLFKHU5HIOH[LRQVHEHQHQÄDXWKHQWLVFK¶ZLUNW ,9bVWKHWLVFKHU5HGXNWLRQLVPXVDOV$XWKHQWLIL]LHUXQJVVWUDWHJLH 6FKRQ GDV &RYHU YRQ *DHUWQHUV %XFK VHQGHW GHP %HWUDFKWHU HLQH ]ZHL GHXWLJH %RWVFKDIW 'DV YROONRPPHQ ZHL‰H 'HFNEODWW PLW GHQ JHUDGHQ VFKZDU]HQ/HWWHUQGHV7LWHOVVLQGZLHHLQH/HHUVWHOOHHLQ6FKZHLJHQGDV GHPYRQ)HUQVHKXQG=HLWXQJVELOGHUQGHQ1DFKULFKWHQXQG5HSRUWDJHQ ]X GHQ (UHLJQLVVHQ DQ GHU &ROXPELQH +LJKVFKRRO EHDQVSUXFKWHQ /HVHU HQWJHJHQJHKDOWHQZLUG :LU >*DHUWQHU XQG /HNWRU 3+@ ZROOWHQ OLHEHU HLQH P|JOLFKVW QLFKWVVDJHQGH 2EHUIOlFKH 'DV %XFK VROOWH HUVW HLQPDO ZLH HLQ XQEHVFKULHEHQHV %ODWW GDKHU NRPPHQ (UVW ZHQQ PDQ HV DXIVFKOlJW EHJLQQW KLQWHU GLHVHU JODWWHQ ZHL‰HQ 2EHUIOlFKHGDV*UDXHQ

'DV:HL‰GHV%XFKFRYHUVZLUGDOOHUGLQJVQLFKWLQVHLQHU8QEHVWLPPWKHLW EHODVVHQ VRQGHUQ DOV HLQ JHVWDOWHULVFKHV =HLFKHQ HWLNHWWLHUWGDV LQ HLQHP VSH]LILVFKHQ9HUKlOWQLV]XGHP,QKDOWGHV%XFKVVWHKWGHUPLWGHP8Q WHUWLWHO Å$XV GHQ 2ULJLQDO'RNXPHQWHQ ]XP $WWHQWDW DQ GHU &ROXPELQH +LJKVFKRRO´DQJHNQGLJWZLUG1DFKGHU8QEHVWLPPWKHLWDXIGHUHUVWHQ 6HLWH PDFKW GHU $XWRU GHQ /HVHU DXI GLH (LQJULIIH DXIPHUNVDP GLH HU YRUJHQRPPHQ KDW 'DEHL EHUVWHLJHQ GLH JHWURIIHQHQ 0D‰QDKPHQ GLH 0LWWHO ]XU *HZlKUOHLVWXQJ GHU VSUDFKOLFKHQ 9HUVWlQGOLFKNHLW EHL ZHLWHP 0DQFKH 7H[WH ZXUGHQ LQ GHU 2ULJLQDOVSUDFKH (QJOLVFK EHODVVHQ DQGHUH EHUVHW]W GLH 7H[WH ZXUGHQ ÅJHNU]W XQG QHX ]XVDPPHQJHVWHOOW HLQLJH 9HUQHKPXQJVSURWRNROOH DXV GUDPDWXUJLVFKHQ *UQGHQ YRQ GHU  LQ GLH 3HUVRQXPJHVFKULHEHQ´:LHXPGHUNRQVHTXHQWHQ5HGXNWLRQNQVW BBBBBBBBBBBBBB 

 ,QGHPXDYRQ$QVJDU1QQLQJKHUDXVJHJHEHQHQ%DQGKHL‰WHVEH]JOLFKGHU6FKQLWW PHQJH GHU XQWHUVFKLHGOLFKHQ OLWHUDULVFKHQ XQG ILOPLVFKHQ 9HUIDKUHQ GHU 0HWDLVLHUXQJ Å0HWDLVLHUHQGH9HUIDKUHQWKHPDWLVLHUHQRGHUSRWHQ]LHUHQDXIYLHOIlOWLJH$UWXQG:HLVHGHQ )LNWLRQVFKDUDNWHUYRQ/LWHUDWXUXQGDQGHUHQ0HGLHQRGHUYHUZHLVHQDXIGHUHQ.QVWOLFK NHLW7H[WXDOLWlWXQG0HGLDOLWlWGKGHUHQ.RQVWUXNWFKDUDNWHU'HUJHPHLQVDPH1HQQHU GHUYHUVFKLHGHQHQ6SLHODUWHQGHU0HWDLVLHUXQJEHVWHKWGDULQGDVVVLHLKUHMHZHLOLJH)RUP *DWWXQJRGHUGDV0HGLXP]XP,QKDOWHUKHEHQ,QIXQNWLRQDOHU+LQVLFKWKLQJHJHQN|QQHQ VLHVLFKHUKHEOLFKXQWHUVFKHLGHQXQGHWZDEHUHLQNULWLVFKHVVSLHOHULVFKHVSDURGLVWLVFKHV RGHUDIILUPDWLYHV)XQNWLRQVSRWHQWLDOYHUIJHQ´-DQLQH+DXWKDOXDÅ9RUZRUWXQG'DQN VDJXQJ´LQ-DQLQH+DXWKDOXD +UVJ 0HWDLVLHUXQJLQ/LWHUDWXUXQGDQGHUHQ0HGLHQ%HUOLQ 1HZ«@ $XWRU XQG 7LWHO GHU JULHFK>LVFKHQ@ 9RUODJH WHLOZHLVH >UHIHULHUW HU@ GLH 9RUJH VFK>LFKWH@ GHV 6WFNV´ %HUQKDUG =LPPHUPDQQ Å3URORJ´ '13 %G 6WXWWJDUW :LHQ  6S  :LH EHUHLWV DQJHGHXWHW JHKW 7HUHQ] QRFK HLQHQ 6FKULWW ZHLWHU LQGHP HU VHLQHQ6WFNHQKDQGOXQJVXQDEKlQJLJH3URORJHYRUDQVWHOOWPLWHLJHQHPH[WUDGLHJHWLVFKHP (U]lKOHUGHUVLFKPLWOLWHUDULVFKHQ3UREOHPHQEHVFKlIWLJWRGHUVLFKLQOLWHUDULVFKHU3ROHPLN HUJHKW:LUILQGHQLQDOOHQ7HUHQ]VWFNHQHLQHQÅYRQGHU+DQGOXQJYROOVWlQGLJJHWUHQQWHQ 3URORJ ZLH ZLU LKQ >«@ ZRKO DXFK IU GLH ƎƝơ ƪƹƬƹƤƟơ DQQHKPHQ GUIHQ´ 6WRHVVO 6S   9JO ]XU Å6WHOOXQJ GHV (U]lKOHUV ]XP *HVFKHKHQ´ 0DWtDV 0DUWtQH] 0LFKDHO 6FKHIIHO (LQIKUXQJ LQ GLH (U]lKOWKHRULH 0QFKHQ  6² VRZLH 6XVDQ 6QLDGHU /DQVHU 7KH 1DUUDWLYH$FW3RLQWRI9LHZLQ3URVH)LFWLRQ3ULQFHWRQ6GLH$XWRGLHJHVHDXFKDOV ÅQDUUDWRUSURWDJRQLVW´E]ZÅVROHSURWDJRQLVW´EH]HLFKQHW  Å$XFK GLH LQWHUQH *HVWDOWXQJ HLQHV :HUNHV NDQQ DXWKHQWLVFK JHQDQQW ZHUGHQ ,Q GLHVHU +LQVLFKWLVWHVQLFKWHQWVFKHLGHQGREGDV'DUJHVWHOOWHWDWVlFKOLFKDXINRQNUHWHKLVWRULVFKH (UHLJQLVVH UHIHULHUW VRQGHUQ RE LQ GHU 'DUVWHOOXQJ 0LWWHO YHUZHQGHW ZHUGHQ GLH HLQHQ :LUNOLFKNHLWVHIIHNWHU]HXJHQ´ 0DUWtQH]>$QP@6 

 

-DQ/HKPDQQ

ZLUG GLH (UZDUWXQJVKDOWXQJ GHV 5H]LSLHQWHQ JHEURFKHQ XQG GHU 3URORJ HU]HXJWHLQHDQGHUVJHDUWHWH:LUNXQJ²VHLGLHVYRP$XWRUQXQLQWHQGLHUW RGHUQLFKW 'XUFKGLH'HILQLWLRQYRQ$XWKHQWL]LWlWDOV=XYHUOlVVLJNHLWGHV(U]lK OHQV HUJLEW VLFK DXV GHP 7LWHO GHV YRUOLHJHQGHQ $UWLNHOV ]XQlFKVW HLQH FRQWUDGLFWLR LQ DGLHFWR 'LHVHQ :LGHUVSUXFK DXI]XO|VHQ ZLUG =LHO GHU 7H[WDQDO\VHVHLQ ,,'LH(U]lKOLQVWDQ]LP:LJDORLV3URORJ 'LH(UZDUWXQJGLHHLQPLWWHODOWHUOLFKHU5H]LSLHQWDQGLH(UVWOHNWUHE]Z GHQ 9RUWUDJ HLQHV 3URORJV ULFKWHW ZXUGH IRUPXOLHUW 'HU $XWRU WULWW DOV PHLVWDXWRGLHJHWLVFKHU]XPLQGHVWKRPRGLHJHWLVFKHU(U]lKOHUGHV3URORJV KHUYRUIRUPXOLHUWVHLQH:QVFKHDQGLH/HVHKDOWXQJXQGGDV:RKOZROOHQ GHU5H]LSLHQWHQXQGOHLWHWGDQQLQGLH(U]lKOXQJEHUZHQQHUQLFKWVR JDU RKQH HLQHQ H[SRVLWRULVFKHQ 7HLO LQ GLH +DQGOXQJ HLQVWHLJW =ZDU VSULFKW HLQ ,FK(U]lKOHU GLH HUVWHQ 9HUVH GHV:LJDORLV3URORJV GLHVHU (U ]lKOHU NDQQ MHGRFK ]XQlFKVW NHLQHVZHJV PLW GHP 'LFKWHU JOHLFKJHVHW]W ZHUGHQ'HUJHVDPWH3URORJZLUG²DEJHVHKHQYRQGHQOHW]WHQQHXQ9HU VHQ²DXVGHU3HUVSHNWLYHGHU3HUV6JHU]lKOWGLH5HIHUHQ]GLHVHVÄ,FK¶ BBBBBBBBBBBBBB 

 (V VFKHLQW GDVV VLFK YRP hEHUJDQJ GHV +RFK ]XP 6SlWPLWWHODOWHU DQ -DKU KXQGHUW GHU'LVNXUV²ZHOFKHUGHU)RUPQDFKGHPDXVGHU5KHWRULNEHNDQQWHQ([RUGLXP HQWVSULFKW²]XUPHLVWJHEUDXFKWHQ)RUPGHV3URORJVHQWZLFNHOWLPPHU|IWHUZLUGDXIHLQH ([SRVLWLRQYHU]LFKWHW'LHVH(QWZLFNOXQJZLUGKlXILJLQ=XVDPPHQKDQJPLWGHPHLQVHW ]HQGHQ%HUXIVGLFKWHUWXPXQGGHU7UDQVODWLRQGHV0l]HQDWHQWXPYRPK|ILVFKHQ$GHOXQG 5LWWHUWXP DXI GDV VWlGWLVFKH 3DWUL]LDW JHVHKHQ GD GLH 'LFKWHU LQ LPPHU VWlUNHUHP 0D‰H GDYRQDEKlQJLJZDUHQVLFKHLQHQJXWHQ5XI]XYHUVFKDIIHQXPDOV$XIWUDJVOLWHUDWHQEH VFKlIWLJW ]X ZHUGHQ Å'HVKDOE YHUVXFKW GHQQ DXFK :ROIUDP ]% LQ VHLQHP Ä3DU]LYDO¶ 3URORJ GDV 3XEOLNXP DXI HLQ VROFKHV EHGLQJXQJVORVHV 0LWJHKHQ YRUZHJ ]X YHUSIOLFKWHQ DOVR YRQ YRUQKHUHLQ HLQH DQJHPHVVHQH 5H]HSWLRQ ]X VLFKHUQ´ :DOWKHU +DXJ ÅhEHU GLH 6FKZLHULJNHLWHQ GHV (U]lKOHQV LQ ÄQDFKNODVVLVFKHU¶ =HLW´ LQ 'HUV :DOWKHU :DFKLQJHU +UVJ 3RVLWLRQHQGHV5RPDQVLPVSlWHQ0LWWHODOWHU7ELQJHQ6²KLHU6 ,Q MHGHP)DOOVFKHLQHQGLH'LFKWHUGHVIRUWVFKUHLWHQGHQ0LWWHODOWHUVHLQLQWHQVLYHUHV,QWHUHVVH GDUDQ ]X KDEHQ GDV 3XEOLNXP DXI VLFK XQG LKUH $UEHLW DXIPHUNVDP ]X PDFKHQ DOV XQV GLHVQRFKEHLGHQYRONVVSUDFKLJHQ'LFKWHUQGHUIUKHUHQ-DKUKXQGHUWHHQWJHJHQWULWW'H UHQ1DFKIROJHUZHUGHQQLFKWPGHIU8Q]XOlQJOLFKNHLWHQGHU'LFKWXQJXP9HU]HLKXQJ ]X ELWWHQ GLH:LGULJNHLWHQGHV 'LFKWHUOHEHQV GDU]XOHJHQXQG GLH 9HUDQWZRUWXQJ IU GHQ ,QKDOWGHU*HVFKLFKWHDXILKUH4XHOOHQDE]XZlO]HQ(VVHLMHGRFKGDUDXIKLQJHZLHVHQGDVV PDQGLHVH'HPXWVIRUPHOQGHXWOLFKDOVGDVVHKHQPXVVZDVVLHZDUHQ1LFKWDOVWDWVlFKOL FKH'LPLQXLHUXQJHQGHVGLFKWHULVFKHQ6HOEVWVRQGHUQDOVGHP=HLWJHLVWGHUUKHWRULVFKHQ 7UDGLWLRQXQGGHQVLFKZDQGHOQGHQ|NRQRPLVFKHQ9RUDXVVHW]XQJHQGHU'LFKWHUJHVFKXO GHWH 7RSLN GLH VLFK WHLOZHLVH ELV ]XU .RNHWWHULH VWHLJHUWH (LQH VROFKH DXJHQ]ZLQNHUQGH hEHUWUHLEXQJ OLHJW VLFKHU LQ :ROIUDPV %HNHQQWQLV VHLQHV 6WDWXV DOV LOOLWHUDWXV YRU 3DU]²  9JO GD]X -RDFKLP %XPNH :ROIUDP YRQ (VFKHQEDFK 6WXWWJDUW :HLPDU 6²



Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶



VFKHLQW VLFK LP 9HUODXI GHV 3URORJV MHGRFK ]X ZDQGHOQ 'HU YLHO]LWLHUWH HUVWH9HUVODXWHW :HUKkWPLFKJXRWHU€IJHWkQ" 9 

:LHHVVFKHLQWVSULFKWKLHUGDVSHUVRQLIL]LHUWH%XFK]XP5H]LSLHQWHQLQ GHU)RUVFKXQJKDWVLFKGLHVH$QQDKPHMHGHQIDOOVHLQJHEUJHUW'RFKLVW HVIUDJOLFKREGLHVHRSLQLRFRPPXQLVWDWVlFKOLFKKDOWEDULVW'DJHJHQVSULFKW GHULQWHUWH[WXHOOH%H]XJ]XP:LOOHKDOPYRQ2UOHQV5XGROIVYRQ(PVGHP ÅEHGHXWHQGVWH>Q@ 5RPDQDXWRU GHU =HLW ]ZLVFKHQ  XQG ´ ,P :LOOHKDOPYRQ2UOHQVILQGHWVLFKHLQHQDKH]XJOHLFKODXWHQGH6WHOOHLP3URORJ ]XP%XFK :HUKDWPLFKJţWHUKHUJHOHVHQ" 2UO9 

5XGROI YRQ (PV SUl]LVLHUW ZHQLJH 9HUVH VSlWHU ZHQ HU KLHU JHQDX VSUH FKHQOlVVWDXIZHQGDV3URQRPHQPLFKIROJOLFKUHIHULHUW ,FKELQG~$YHQW~UH 2UO9 

(V LVW ZDKUVFKHLQOLFK GDVV VLFK 5XGROI YRQ (PV EHL GHU $EIDVVXQJ GHV ]LWLHUWHQ3URORJVDP:LJDORLV3URORJRULHQWLHUWKDWGDHU:LUQWXQGVHLQHQ :LJDORLVHLQHUVHLWVNHQQW²GHQQHUKHEWLKQLQVHLQHPEHUKPWHQ/LWHUD WXUH[NXUVLP:LOOHKDOPYRQ2UOHQVOREHQGKHUYRU²XQGHULKQDQGHUHUVHLWV BBBBBBBBBBBBBB 

 8OULFK XQG 6DELQH 6HHOEDFK ZHLVHQ LQ LKUHP :LJDORLV.RPPHQWDU ]X GHQ 9HUVHQ ² GDUDXIKLQGDVVGLHVH9HUVHLQGHQPHLVWHQ+DQGVFKULIWHQIHKOHQZDVGDUDXI]XUFN]XIK UHQVHLÅGD‰GLHVHVXQJHZ|KQOLFKH8QWHUIDQJHQGDV%XFKVHOEVWVSUHFKHQ]XODVVHQGHU JlQJLJHQ9RUWUDJVSUD[LV]XZLGHUOLHI´ .RPPHQWDU]XP:LJDORLVLP$QKDQJ]XU$XVJDEH 6 6LHIROJHUQGDUDXVGDVVGLHHUVWHQ9HUVHGHV3URORJVDOVÅ/HVHYHUVH´]XGHQNHQ VLQG ZlKUHQG HUVW DE 9 HLQ IU GHQ 9RUWUDJ EHVWLPPWHU XQG DXVIRUPXOLHUWHU 3URORJ YRUOLHJW$XFK0HUWHQV $QP 6QLPPWGDV%XFKDOV6SUHFKHUDQ  +RUVW%UXQQHU*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXUGHV0LWWHODOWHUVXQGGHU)UKHQ1HX]HLW6WXWWJDUW 6$XIGLH9HUELQGXQJ]ZLVFKHQ:LUQWYRQ*UDIHQEHUJXQG5XGROIYRQ(PV KDEHQDXFK8OULFKXQG6DELQH6HHOEDFKLQLKUHP.RPPHQWDU]XGHQ9HUVHQ²KLQJH ZLHVHQ YJO$QP   'DV:RUWOHVHQNDQQ6HHOEDFKV7KHVHYRPÅ/HVHSURORJ´HUKlUWHQHVLVWDEHUDXFKP|JOLFK HVGDUDXV]XHUNOlUHQGDVVHVVLFKEHL5XGROIYRQ(PVXPGHQ3URORJGHV]ZHLWHQ%XFKHV QLFKWGHV:HUNHVKDQGHOW'HU3URORJVFKOLH‰WDQEHU9HUVHGHU(U]lKOXQJDQGLH QDWUOLFKJHOHVHQZRUGHQVHLQPVVHQXP]XP3URORJGHV]ZHLWHQ%XFKHV]XJHODQJHQ,P 8PNHKUVFKOXVVPXVVGLHVMHGRFKQLFKWEHGHXWHQGDVVGHU:LOOHKDOPYRQ2UOHQVDOV*HVDPW ZHUN IU GLH /HNWUH QLFKW IU GHQ PQGOLFKHQ 9RUWUDJ EHVWLPPW ZDU 'DV PKG OHVHQ UHLFKWLQVHLQHP%HGHXWXQJVVSHNWUXPYRQÄVDPPHOQDQVLFKQHKPHQ¶EHUQKGÄOHVHQ¶ELV ÄYRUOHVHQ VDJHQ EHULFKWHQ¶ 9JO GDV /HPPD ÅOHVHQ VWY´ LQ /H[HU +DQGZ|UWHUEXFK %G 6SXQGÅOLVHODVOkVHQJHOsVHQ´LQ%0=%G6²VRZLHHLQJHKHQG'HQ QLV +RZDUG *UHHQ 0HGLHYDO /LVWHQLQJ DQG 5HDGLQJ 7KH SULPDU\ UHFHSWLRQ RI *HUPDQ OLWHUDWXUH ²&DPEULGJH6²6²HWSDVVLP  Å8QGKHUUH:LUQWYRQ*UDYHEHUFKGHU~QVYLOPDQOLFK~ZHUFKDQGHP5DGHKDWJHVDLW  YRQ :LJRODLVHV PDQKDLW´ 2UO 9²  'HU /LWHUDWXUH[NXUV HLQ *HVSUlFK ]ZL VFKHQ'LFKWHUXQGGHU9URX$YHQW~UHVFKOLH‰WVLFKGLUHNWDQGHQDP:LJDORLVRULHQWLHUWHQ 3URORJ]XP]ZHLWHQ%XFKDQ%ULQNPDQQ $QP 6VLHKWGHQ/LWHUDWXUH[NXUVDOV7HLO GHV3URORJV

 

-DQ/HKPDQQ

IDVW ZRUWZ|UWOLFK ]LWLHUW 5XGROI JLEW VRPLW HLQHQ +LQZHLV GDUDXI GDVV DXFKLP:LJDORLVQLFKWGDV %XFK]XP/HVHUE]Z+|UHUVSULFKWVRQGHUQ GLH $YHQWLXUH DOVR GLH (U]lKOXQJ VHOEVW 'LHVH +\SRWKHVH OlVVW VLFK DP 7H[WGHV:LJDORLVZLHGHUXPEHOHJHQ GHKHLQUHGHLVWV{JXRW VLQHYHOVFKHQVLGD]ZHL]LFKZRO VZD]LFKYDOVFKHVYRQLQGRO RZrZHPVROLFKGD]NODJHQ" 9² 

'HU,FK(U]lKOHUVFKOLH‰WDQVHLQDOOJHPHLQDXIGLHUHGHEH]RJHQHV8UWHLO GDVV VLH VWHWV GDYRQ EHGURKW VHL YRQ VFKOHFKWHQ 0HQVFKHQ XQ]XOlVVLJH $ElQGHUXQJHQ]XHUOHLGHQHLQHUHIOH[LYDXIVLFKVHOEVWEH]RJHQH.ODJHDQ GDVV DXFK HU GLHVHU *HIDKU DXVJHVHW]W LVW 'HU ,FK(U]lKOHU LGHQWLIL]LHUW VLFKPLWGHUUHGHHLQHP%HJULIIGHULP0LWWHOKRFKGHXWVFKHQKlXILJV\QR Q\P ]X DYHQWLXUH EHQXW]W ZXUGH $OV ,FK(U]lKOHU VSULFKW GHPQDFK QLFKW GDV %XFK VRQGHUQ GLH UHGH GLH $YHQWLXUH GLH (U]lKOXQJ (V OLHJW QLFKW ZLH DQIDQJV DQJHQRPPHQ HLQH 0HWRQ\PLH YRU GHQQ HV VWHKW QLFKW GDV %XFKIUGHVVHQ,QKDOWVRQGHUQHVKDQGHOWVLFKKLHUEHLXPHLQH3HUVRQLIL NDWLRQGHU $YHQWLXUHGLHDOV0HWDOHSVHDXVGHU+DQGOXQJGHV3URORJHV KHUDXVWULWW'LHVH$QQDKPHLVWXPVRSODXVLEOHUDOVGDVVGLHSHUVRQLIL]LHUWH $YHQWLXUHLQPLWWHODOWHUOLFKHU/LWHUDWXUGXUFKDXVQLFKWVHOWHQLVWGDVPD WHULHOOH%XFKDOV6SUHFKHUGDKLQJHJHQHLQ6ROLWlUZlUH 'LH IROJHQGHQ 9HUVH ² ZHUGHQ ZHLWHUKLQ DXV GHU 6LFKW GHU 3HUV HU]lKOW $XFK ZHQQ QLFKW H[SOL]LW LQ GHU 3HUV 6J JHVSURFKHQ ZLUG VR ]HLJW GRFK GDV ]ZHLPDOLJH ZLU 9 9  GDVV GHU (U]lKOHU VLFKGHU*UXSSHGHU3HUV3O]XRUGQHWDOVRHLQHPQLFKWZHLWHUVSH]LIL ]LHUWHQ5H]LSLHQWHQNROOHNWLYHUVHOEVWMHGRFKDXVGHU6LFKWGHU3HUV6J HU]lKOW 'LH ,GHQWLILNDWLRQ PLW GHP 3HUVRQHQNUHLV ZLU GHXWHW GDUDXI KLQ GDVV QXQ QLFKW PHKU GLH $YHQWLXUH VRQGHUQ GHU 9RUOHVHU RGHU DEHU GHU $XWRUVHOEVWVSULFKWPLWOHW]WHU%HVWLPPWKHLWIHVW]XOHJHQZHUGLHVH9HUVH HU]lKOWLVWMHGRFKQLFKWP|JOLFK'HU(U]lKOHUEH]HLFKQHWVLFKVHOEVWHUVW BBBBBBBBBBBBBB 

 9JO GD]X *pUDUG *HQHWWH 'LH (U]lKOXQJ EHUV YRQ $QGUHDV .QRSS 0QFKHQ  6IÅ'XUFKGLHÄQDUUDWLYH0HWDOHSVH¶EHUVFKUHLWHWPDQHLQHEHZHJOLFKHDEHUKHLOLJH *UHQ]H]ZLVFKHQ]ZHL:HOWHQ]ZLVFKHQGHULQGHUPDQHU]lKOWXQGGHUYRQGHUHU]lKOW ZLUG >«@ 'DV 9HUZLUUHQGVWH DQ GHU 0HWDOHSVH OLHJW VLFKHUOLFK LQ GHU LQDN]HSWDEOHQ XQG GRFK VR VFKZHU DEZHLVEDUHQ +\SRWKHVH ZRQDFK GDV ([WUDGLHJHWLVFKH YLHOOHLFKW LPPHU VFKRQGLHJHWLVFKLVWXQGGHU(U]lKOHUXQGVHLQHQDUUDWLYHQ$GUHVVDWHQ>«@YLHOOHLFKWDXFK QRFK]XLUJHQGHLQHU(U]lKOXQJJHK|UHQ´  6RILQGHWVLFK]%HLQ*HVSUlFK]ZLVFKHQGHP'LFKWHUXQGYURXÇYHQWLXUHLP%XFKGHV 3DU]LYDO:ROIUDPVYRQ(VFKHQEDFKbKQOLFKHVDX‰HUGHP²ZLHEHUHLWVHUZlKQW²EHL5X GROIYRQ(PVLP:LOOHKDOPYRQ2UOHQVVRZLHLQ$OEUHFKWV-QJHUHP7LWXUHO$XIGHQVWDUNHQ (LQIOXVV:ROIUDPVDXIGHQ'LFKWHUGHV-QJHUHQ7LWXUHOKDW%ULQNPDQQ $QP 6KLQ JHZLHVHQ HEHQVR :HUQHU 6FKU|GHU 'HPRQWDJH XQG 0RQWDJH YRQ :ROIUDPV 3URORJHQ LP 3URORJ ]XPÄ-QJHUHQ7LWXUHO¶0QFKHQYD6²



Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶



LP)ROJHQGHQLQ9DOVPDQ9RUDOOHPGLH$QJDEHYRQELRJUDSKLVFKHQ (LQ]HOKHLWHQGHXWHWGDUDXIKLQGDVVVSlWHVWHQVDE9GHU9RUOHVHUPLW GHP $XWRU LQ 3HUVRQDOXQLRQ EHUHLQVWLPPW HU VHL QRFK NHLQ PHLVWHU 9 VHLQRFKMXQJDQ-DKUHQ 9 XQGKDEHQRFKQLFKWYLHO(UIDK UXQJLP'LFKWHQ 9  $E 9 ZLUG GHU 1XW]HQ YRQ JXWHU 'LFKWXQJ IU GLH 9HUVWlQGLJHQ GXUFK HLQ ([HPSHO YHUGHXWOLFKW $XFK ZHQQ PDQ 6FKZHLQHQ JROGHQH .XJHOQ YRUZHUIHQ ZUGH VR ZUGHQ VLH HV GHQQRFK YRU]LHKHQ VLFK LP HLJHQHQ'UHFN]XZlO]HQ(VVSULFKWZHLWHUKLQHLQ,FK(U]lKOHUGRFKWULWW HU ]XUFN XQG GLVWDQ]LHUW VLFK YRP 2EMHNW GHU 5HGH 'LHV ZLUG GDGXUFK GHXWOLFKGDVVQLFKWPHKUYRQHLQHP5H]LSLHQWHQNROOHNWLYZLUJHVSURFKHQ ZLUGVRQGHUQXQSHUV|QOLFKYRQHLQHUXQEHVWLPPWHQ*UXSSH 9VL  'HU 1XW]HQ GHV ([HPSHOV PRUDOLVDWLR  ZLUG DOV JDQ]KHLWOLFK EHWRQW :HU DXFKLPPHU 9VZHU VLFKDXIGHQ9RUWUDJHLQOlVVWXQGLKPODXVFKWGHU ZLUG VHLQHQ 1XW]HQ GDUDXV ]LHKHQ *UDPPDWLVFK EHGLQJW lQGHUW VLFK GXUFKGHQ*HEUDXFKGHV,QGHILQLWSURQRPHQVGLH)RUPGHV3HUVRQDOSUR QRPHQV GDV GHQ 5H]LSLHQWHQ EH]HLFKQHW HV ILQGHW VLFK QXQ GLH 3HUV 6J0DVN :LH :LUQW ZHLWHU DXVIKUW NRPPW HV ZHQLJHU DXI GDV ,QJHQLXP GHV 'LFKWHUV DQ GHQQ DXFK HLQ WXPEHU PDQ 9  N|QQH VR GLFKWHQ VZk YRQ GHPJXRWHQJXRWJHVFKLKW 9 ZlKUHQGGLH(U]lKOXQJGHP8QYHUVWlQGLJHQ QLFKWVDOV6FKDOOXQG5DXFKLVW'HU:HUWGHU'LFKWXQJOLHJWDOVRQXU]XP 7HLOEHJUQGHWLQGHUIDFKOLFKHQ.RPSHWHQ]GHV'LFKWHUVPHKUQRFKLQ GHU )lKLJNHLW GHV 3XEOLNXPV GLH ,QKDOWH GHU 'LFKWXQJ ]X HUIDVVHQ ]X YHUVWHKHQ XQG YHULQQHUOLFKHQ ]X N|QQHQ 0LW GLHVHU (LQVLFKW WULWW DE 9GHU,FK(U]lKOHUZLHGHURIIHQKHUYRUXQGEH]LHKWGLHDP([HPSHO XQG GHU PRUDOLVDWLR JHZRQQHQHQ (UNHQQWQLVVH ]XUFN DXI VLFK XQG VHLQ :HUN'HU,FK(U]lKOHUP|FKWHQLFKWYRUGHQYDOVFKHQVSUHFKHQGHQQHV BBBBBBBBBBBBBB 

 Å:LHGLH6HQWHQ]HQGLHQHQGHP0LWWHODOWHUGLH0XVWHUEHLVSLHOHPHQVFKOLFKHU9RU]JHXQG 6FKZlFKHQ H[HPSOD GLHHVLQGHQDQWLNHQ$XWRUHQIDQG]XU(UEDXXQJ([HPSOXP SDUDGHL JPD  LVW HLQ .XQVWDXVGUXFN GHU DQWLNHQ 5KHWRULN VHLW $ULVWRWHOHV XQG EHGHXWHW ÄHLQJHOHJWH *HVFKLFKWHDOV%HOHJ¶´ (UQVW5REHUW&XUWLXV(XURSlLVFKH/LWHUDWXUXQGODWHLQLVFKHV0LWWHODOWHU 7ELQJHQ 6 %HVRQGHUVZLFKWLJZLUGGDV([HPSHODEGHP-DKUKXQGHUWIU GLH3UHGLJWOLWHUDWXUIUGHUHQ$EIDVVXQJHLJHQV([HPSOD6DPPOXQJHQHUVWHOOWZXUGHQ  'DVVLGHU9HUVHXQGUHIHULHUWGDJHJHQDXIGLXVZvQ 9   9LP9HU9LQ  'LHVHULQQHUWDQGLH.ULWLN:ROIUDPVGLHHUDQGHQJHLVWLJDOO]XWUlJHQ0HQVFKHQEWÅGL] YOLHJHQGHEvVSHOLVWWXPEHQOLXWHQJDU]HVQHOVLQHPXJHQVQLKWHUGHQNHQZDQGH] NDQYRULQZHQNHQUHKWHDOVDPHLQVFKHOOHFKDVH´ 3DU]9² Å:ROIUDPZLOOVLFKDQ GLHZvVHQZHQGHQ>«@=XP$EVFKOXVVGHU$XVHLQDQGHUVHW]XQJPLWGHQPlQQOLFKHQ(PS IlQJHUQLGHQWLIL]LHUW:ROIUDPGLHWXPEHQGLHQLFKWGHUWULXZHVRQGHUQGHUYDOVFKH]XJH ZHQGHWVLQGDXVGUFNOLFKPLWGHUHUVWHQ+DOWXQJGHV(LQJDQJVZHQQHULKQHQ QDFKVDJW GD‰ LKUH +DOWXQJ JHHLJQHW LVW VLH LQV )HXHU GHU +|OOH ]X EULQJHQ´ %ULQNPDQQ >$QP@ 6 

 

-DQ/HKPDQQ

ZUGH VHLQHP :HUN VFKDGHQ 'LHVH (UNHQQWQLV JLH‰W HU DEVFKOLH‰HQG LQ GLHDSRUHWLVFKH6HQWHQ] :HUPDFGHQJXRWJHOrUHQ GHUHLQYDOVFKH]KHU]HWUHLW" 9I 

$E9GUlQJWVLFKGLH9HUPXWXQJDXIGDVVGLH3HUVRQGHV$XWRUVDOV ,FK(U]lKOHU KHUYRUWULWW (U VSULFKW YRQ VHLQHU .XQVWEHIOLVVHQKHLW GLH HKHGHPYHUERUJHQZDUQXQDEHUGXUFKGHQ%HULFKWDXVVHLQHP0XQGH VLFK GHP 3XEOLNXP RIIHQEDUHQ VROO 'LH NXQVW 9  ]X YHUVWHKHQ DOV ODWHLQLVFK DUV EH]LHKW VLFK GDEHL ZRKO DXI GLH )lKLJNHLW GDV :HUN LP 5DKPHQGHUHORFXWLRVSUDFKOLFKHLQ]XNOHLGHQZlKUHQGGLH9HUVH² DXI GHQ 9RUWUDJ DE]LHOHQ GLH SURQXQWLDWLR (UQHXW ZLUG HLQH QLFKW QlKHU EHVWLPPWH*UXSSHDQJHVSURFKHQLQGHPGHU(U]lKOHUHUNOlUWGDVVHUGHQ OLXWHQ 9 PLWVHLQHP:HUNQW]HQZLOO 'DVWRSLNDOLVLHUWH1XLQ9GHXWHWHLQHQ8PVFKZXQJGHU(U]lK OXQJDQ%LV9LVWQRFKHLQ,FK(U]lKOHUQDFKZHLVEDU]XP(QGHGHV 3URORJVMHGRFKLQGHQ]XYRUEHUHLWVDQJHVSURFKHQHQOHW]WHQQHXQ9HUVHQ ZLUGGLH,GHQWLILNDWLRQGHV,FK(U]lKOHUVPLWGHP$XWRULQ)UDJHJHVWHOOW GDGHU(U]lKOHUIUGHQ'LFKWHULQGHU3HUVGDV:RKOZROOHQGHV3XEOL NXPV HUELWWHW (V LVW XQJHZ|KQOLFK GDVV GLH DXNWRULDOH (U]lKOZHLVH PLW GHUSHUVRQDOHQ(U]lKOZHLVHGHV,FK(U]lKOHUVYHUVFKUlQNWZLUGZREHLGHU ,FK(U]lKOHU GDV 6XEMHNW GHU 5HGH PLW GHP 2EMHNW GHU 5HGH LGHQWLVFK LVW ZDV GHU ORJLVFKHQ 7H[WNRKlUHQ] ZLGHUVSULFKW 'LHV N|QQWH PDQ DOV HU]lKOHULVFKH 6FKZlFKH GHV $XWRUV ZHUWHQ RGHU DEHU DOV ZHQQ YLHOOHLFKW DXFK H[DOWLHUWH .OLPD[ GHV 6SLHOV PLW GHU (UZDUWXQJVKDOWXQJ 'XUFK GLH 2EMHNWLYLHUXQJGHU$XWRUSHUVRQJHJHQEHUGHP3XEOLNXPVSDOWHWVLFKGHU $XWRUYRP(U]lKOHUDEHUWULWWKLQWHUGHQ(U]lKOHU]XUFNGHPHUQXQLP hEHUJDQJ]XUQDUUDWLRGLH3UlVHQWDWLRQGHU*HVFKLFKWHEHUOlVVW*OHLFK]HL WLJZLUGMHGRFKLQGHPLQGLHVHQQHXQ9HUVHQNRQVHTXHQWDXNWRULDOLQGHU 3HUV6JHU]lKOWZLUGGHU)RNXVGHU(U]lKOXQJZHJYRP,FK(U]lKOHU KLQ ]XU 3HUVRQ GHV $XWRUV JHIKUW HLQH EHUDXV NXQVWYROOH FKLDVWLVFKH 9HUVFKUlQNXQJ GHU )RNXVVLHUXQJ 'DUEHU KLQDXV ZLUNW GDV %LWWHQ GHV (U]lKOHUV XP :RKOZROOHQ XQG 1DFKVLFKW IU GHQ 'LFKWHU GXUFK GLH 7UHQQXQJYRQ(U]lKOHUXQG'LFKWHUJODXEZUGLJHUGDGHU'LFKWHUQLFKW IUVLFKVHOEVWELWWHWVRQGHUQELWWHQOlVVW.RQ]HSWXHOOHQWVSUHFKHQGLHVH OHW]WHQ9HUVHGHV3URORJVGHPQDFKHLQHU([SRVLWLRQ GLHHU]lKOWHFKQLVFK LQ GLH (U]lKOXQJ EHUOHLWHW VLH LQ GLHVHP )DOO MHGRFK QLFKW ² ZLH HV LQ HLQHU([SRVLWLRQHLJHQWOLFKGHU)DOOLVW²LQKDOWOLFKYRUEHUHLWHW

BBBBBBBBBBBBBB 

 ÅRELFKPLWPvQHPPXQGHP|KWHVZ UHVWXQGHGHQOLXWHQVHQIWHPDFKHQXQGYRQ VROKHQVDFKHQGD]JXRW]HK±UHQZ UH´



Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶



,,,,QKDOWYV)RUP 3ULQFLSLXPHVWFXPVWDWLPDXGLWRULVDQLPXP QRELVLGRQHXPUHGGLPXVDGDXGLHQGXP +HU, 

 'LH(LQOHLWXQJLVWGHU2UWDQGHPÅZLUVRIRUWGHQ=XK|UHULQGLHJHHLJQH WH 9HUIDVVXQJ YHUVHW]WHQ XQV ]X]XK|UHQ´ 'LHV OHKUW XQV GHU DQRQ\PH $XWRUGHU5KHWRULFDDG+HUHQQLXP:LHVHKUVLFK:LUQWGLHVH6lW]HEHLGHU $EIDVVXQJVHLQHV:HUNV]X+HU]HQJHQRPPHQKDWZXUGHJH]HLJW6FKRQ GHUHUVWH9HUV VWDWLP EULFKWPLWGHU(UZDUWXQJVKDOWXQJGHU5H]LSLHQWHQ ZRGXUFK :LUQW GHU $XIPHUNVDPNHLW VHLQHV 3XEOLNXPV VLFKHU LVW )RUPDO KDWVLFKJH]HLJWGDVVGHU3URORJLQVLFKGXUFKDXVQLFKWNRQVLVWHQWYHUIDVVW ZXUGHGLH(U]lKOHULQVWDQ]ZHFKVHOWPDOVFKHLQWVLH7HLOGHU*UXSSHGHU 5H]LSLHQWHQ ]X VHLQ PDO HU]lKOW VLH GDV *HVFKHKHQ DXV GHU 6LFKW HLQHV $X‰HQVWHKHQGHQ 'RFK NRPPW HV :LUQW QLFKW DXI UHLQH )RUPNXQVW DQ VRQGHUQ HU YHUIROJW LQ VHLQHP 3URORJ HLQ GXUFKDXV LQ VLFK JHVFKORVVHQHV LQKDOWOLFKHV .RQ]HSW GDV GHU IRUPDOHQ 8QVWHWLJNHLW RSSRVLWLRQHOO HQWJH JHQVWHKW 0LWVHLQHQ9HUVHQLVWGHU:LJDORLV3URORJPLWWOHUHQ8PIDQJVDQ GHUH 3URORJH XPIDVVHQ OHGLJOLFK HLQLJH ZHQLJH 9HUVH ZLHGHU DQGHUH GD KLQJHJHQPHKUHUHKXQGHUW:LUQWJHKWHQGpWDLODXIYHUVFKLHGHQH$VSHNWH HLQ GHUHQ %HKDQGOXQJ GHP $QWDJRQLVPXV YRQ JXRW ² ERHVHYDOVFKH IROJW XQGGLHVLFKGHXWOLFKDQGLH7KHPDWLNGHV7ULVWDQ3URORJV*RWWIULHGVYRQ 6WUD‰EXUJDQOHKQHQ*RWWIULHGVSLHOWMHGRFKLQZHLWDXVJU|‰HUHP0D‰HDOV :LUQWPLWJDQ]XQWHUVFKLHGOLFKHQ$QWDJRQLVPHQGLHHUKlXILJ]X2[\PR UD YHUELQGHW JXRWH ]·EHOH 7U 9  ÈUH XQGH ORS 7U 9  &XQVW XQGH >«@VLQJHJHQEHUQvW 7U9II VZDHUHXQGVZHEHQ 7U9I KHU]H OHLW 7U9 OHEHQXQGW{W 7UXD9 XQGGLHEHUKPWHQ9HUVH 6ZHPQLHYRQOLHEHOHLWJHVFKDFK GHPJHVFKDFKRXFKOLHSYRQOLHEHQLH 7U9I 

:LUQWKLQJHJHQNRQ]HQWULHUWVLFKDXIJXRWXQGYDOVFKHDOV*HJHQVDW]SDDUIU VHLQH $UJXPHQWDWLRQ 'DV NRQVWLWXWLYH .RQ]HSW GHV :LJDORLV3URORJV EH BBBBBBBBBBBBBB 

 'LH5KHWRULFDDG+HUHQQLXPZDULP0LWWHODOWHUIlOVFKOLFKHUZHLVH&LFHUR]XJHVFKULHEHQXQGDOV UKHWRULFDQRYDEHNDQQWZRKLQJHJHQ&LFHURV6FKULIW'HLQYHQWLRQHDOVUKHWRULFDYHWXVVFKRQIU KHU XD YRQ %RHWKLXV %HDFKWXQJ IDQG ,P -DKUKXQGHUW KDWWH EHVRQGHUV 4XLQWLOOLDQ VHLQH %HGHXWXQJ HUVW LP -DKUKXQGHUW EHJDQQ GLH 5KHWRULFD GHV $ULVWRWHOHV ]X ZLUNHQ ZRKODXIJUXQGHLQHUODWHLQLVFKHQhEHUVHW]XQJ9JOGD]X/XW] $QP 6I  'HU XPIDQJUHLFKVWH 3URORJ GHU PLWWHOKRFKGHXWVFKHQ (SLN LVW PLW  9HUVHQ GHU GHV 7ULVWDQ *RWWIULHGV YRQ 6WUD‰EXUJ ,Q GHU )RUVFKXQJ ILQGHQ VLFK MHGRFK XQWHUVFKLHGOLFKH $XVVDJHQ QDFK ZLH YLHOHQ 9HUVHQ GHU hEHUJDQJ LQ GLH QDUUDWLR DQ]XVHW]HQ LVW 9JO GD]X $OEUHFKW 6FK|QH Å=X *RWWIULHGV Ä7ULVWDQ¶3URORJ´ LQ $ORLV :ROI +UVJ  *RWWIULHG YRQ 6WUDVVEXUJ'DUPVWDGW6²KLHU6I

 

-DQ/HKPDQQ

VWHKWLPYHUVWrQ 9 YRQ 'LFKWXQJ'HUMHQLJHGHUGD]XLQGHU/DJHLVW ZLUGGDGXUFKHLQHUVHLWV(KUHHUODQJHQDQGHUHUVHLWVJHZLQQWGHU7H[WDQ 3UHVWLJHZLUGHUYRQGHQ9HUVWlQGLJHQJHOREWDXFKZHQQGHUHLQRGHU DQGHUH 0DNHO DQ LKP DXV]XPDFKHQ LVW (EHQVR VROOWH GHU 'LFKWHU GLH )lKLJNHLW ]XP 9HUVWlQGQLV KDEHQ XP JRWHV O{QH 9  HUKDOWHQ ]X N|Q QHQ'DVYHUVWrQILQGHWVLFKIROJOLFKDXIGHU6HLWHGHV7KHPHQNRPSOH[HV JXRW VHLQH 1HJDWLRQ GDV 1LFKW9HUVWHKHQ RGHU YHOVFKHQ 9   VWHKW GD]XLQVFKDUIHP*HJHQVDW])lOOWQXQGHU*UDGGHV9HUVWHKHQVHLQVHLWLJ DE ² VR EHNODJW :LUQW WRSLVFK VHLQH DXI VHLQH -XJHQG ]XUFN]XIKUHQGH 8QZLVVHQKHLW²VHLGLHVQXUGDGXUFK]XNRPSHQVLHUHQGDVVVHLQ:HUN GHQQRFKGHQ9HUVWlQGLJHQJXWHUVFKHLQW.HLQ:HUNNDQQMHVRJXWVHLQ GDVV PDQ HV QLFKW ]HUUHGHQ N|QQWH NHLQHV N|QQH DEHU DQGHUHUVHLWV VR VFKOHFKW VHLQ GDVV HV YRQ 9HUVWlQGLJHQ GHQHQ VLFK GHU WLHIHUH 6LQQ HU VFKOLH‰WQLFKWLQVHLQHP:HUWHUIDVVWZHUGHQN|QQWH'LHVHJUXQGOHJHQGH (UNHQQWQLV ZLUNW ]ZHLIDFK (UVWHQV HUPXWLJW VLH GHQ 'LFKWHU WURW] DOOHU %HGHQNHQ DQ VHLQ :HUN ]X JHKHQ 0LQGHUZHUWLJNHLWVWRSRV  ]ZHLWHQV VFKPHLFKHOWPDQGHP,QWHOOHNWGHV5H]LSLHQWHQGHUILQGHWHU*HIDOOHQDQ GHU*HVFKLFKWHGDGXUFKVHLQHZLVKHLWEH]HXJW 'HU JHLVWLJH *HZLQQ GHQ GHU 5H]LSLHQW DXV GHP :HUN ]LHKHQ NDQQ VROOQDWUOLFKKRQRULHUWZHUGHQ%OHLEWHLQHPRQHWlUH9HUJWXQJGHV9RU WUDJV DXV VR ZLUG PDQ WURW] DOOHQ 9HUVWHKHQV KLQEHUJH]RJHQ DXI GLH 6HLWHGHUYDOVFKHLW'LHVH)RUGHUXQJQDFK%H]DKOXQJKDWNDXPHLQ'LFKWHU GHV 0LWWHODOWHUV VR RIIHQVLFKWOLFK XQG IRUVFK IRUPXOLHUW ZLH :LUQW YRQ *UDIHQEHUJ :D]IUXPWGHQUvFKHQDUJHQPDQ GHUDOGHUZHUOWJXRWHVHUEDQ REHUW€VHQWPDUNH KHL]HWLQVvQHUDUNH YLOYDVWHEHVOLH]HQ" ZHUPDFGHVJHQLH]HQ HUQZHOOH]WHLOHQXQGHJHEHQ" 9² 

'HUIROJHQGH$EVFKQLWWGDVEHUHLWVHUZlKQWH6FKZHLQHH[HPSHOYHUGHXW OLFKWGLH]XYRUDXVJHIKUWHQ9RU]JHGHU/LWHUDWXU6FKZHLQHQ*ROGXQG (GHOVWHLQH YRU GLH 6FKQDX]H ]X ZHUIHQ ]HXJH QLFKW YRQ VRQGHUOLFK JUR BBBBBBBBBBBBBB 

   

ÅGD]rUHWLQ´ 9  ÅLFKZLO]HWKDUWHULQJHWUDJHQPDFLFKGHUEHVWHQORSEHMDJHQ´ 9  ÅRELKWZDQGHOVDQPLUVv´ 9 Å>«@GD]LFKQLHQHELQJHOLXWHUWXQGJHULKWHW´ 9I  :HQQPDQGLH9HUVH²DOV(LJHQDSSHOODQGHQ'LFKWHUDXIIDVVWGHUEHUVLFKLQGHU 3HUVVSULFKWVRHUJLEWVLFKIROJHQGH/HVDUW:HQQGX DOV'LFKWHU (KUH$QVHKHQXQG $XIULFKWLJNHLWDQVWUHEVWVRIROJHGHQ%HVWHQGHQQLKQHQJHZlKUW*RWWGLHVVHLWVGDVJU|‰WH *OFN MHQVHLWV GDV HZLJH /HEHQ $OOHUGLQJVLVW GLHVH7H[WVWHOOH DPELJ GHU $SSHOO N|QQWH VLFKDXFKDQGHQ5H]LSLHQWHQULFKWHQ  ÅPvQE±VHUVLQ´ 9 



Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶



‰HP9HUVWDQGGHQQVLH]|JHQGHQHLJHQHQ'UHFNMHGHP*HVFKPHLGHYRU 'LHVH lX‰HUVW GUDVWLVFKH 'DUVWHOOXQJ GLHQW GD]X GDVV VLFK GDV 3XEOLNXP GHU *UXSSH GHU 8QYHUVWlQGLJHQ DOVR GHQ 6FKZHLQHQ QLFKW ZLOOHQWOLFK ]XJHUHFKQHWZLVVHQZLOOVRQGHUQGHQ:HUWGHV*ROGHVXQGGHU(GHOVWHLQH HUNHQQW XQG VLFK YRQ DOO GHP JHLVWLJHQ 6FKPXW] DEZHQGHW 'LH $XVOH JXQJ GHV ([HPSHOV 9²  EHNUlIWLJW DXIV 1HXH GHQ XQVFKlW]EDUHQ 1XW]HQ GHU /LWHUDWXU ZHQQ PDQ LKU DXIPHUNVDP ]XK|UW 6R LVW HV P|J OLFK GDVV DXFK GHU 9RUWUDJ GHQ HLQ WXPEHU PDQ 9  VSULFKW GHP 9HU VWlQGLJHQ]XP9RUWHLOJHUHLFKHQNDQQ 'RFK ZRULQ OLHJW GLHVH MH QDFK 5H]LSLHQW JDQ] XQWHUVFKLHGOLFKH :LU NXQJGHU/LWHUDWXUEHJUQGHW":LUQW]XIROJH]HLJWVLHVRJHULQJH:LUNXQJ EHLGHQ8QYHUVWlQGLJHQZDQGLQYLOZrQLF]HKHU]HQJkWJXRWLXUHGHXQGJXRW JHWkW 9I 'LHYDOVFKHQ]HLFKQHQVLFKIROJOLFKGXUFKHLQSDWKRORJLVFKHV 8QYHUP|JHQDXV/LWHUDWXUDGlTXDW²ZHQQEHUKDXSW²UH]LSLHUHQXQG YHUDUEHLWHQ]XN|QQHQ'DKHULVWHV:LUQWGHU0KHDXFKQLFKWZHUWYRU HLQHP 3XEOLNXP ]X VSUHFKHQ GDV VHLQH 'LFKWXQJ QLFKW HQWVSUHFKHQG ]X ZUGLJHQZHL‰3URYRNDWLYVIILVDQWVSRWWHWHU 6ZD]GHQYRQPLUZLUWJHVHLW GD]UXRIWHLFKJHUQHULQHLQHQZDOW GkYQGHLFKGRFKGLHWDJDOW GD]PLUPvQ{UHZUGHHUVFKDOW 9² 

.XU]XP (V LVW GDV +HU] GDV MHGZHGHV 9HUVWlQGQLV IU /LWHUDWXU LQ VLFK ELUJW'DGLHYDOVFKHQMHGRFKQXUHLQYDOVFKH]KHU]HLQVLFKWUDJHQVLQGVLH IUMHGH$UWYRQ%HOHKUXQJXQHPSIlQJOLFKZHUPDFGHQJXRWJHOrUHQGHUHLQ YDOVFKH]KHU]HWUHLW" 9I 0LWGLHVHQ:RUWHQZHQGHWVLFK:LUQWZLH BBBBBBBBBBBBBB 

 ÅYLOWUHEHQODFKHQ´ 9   ÅVvQYDOVFKH]KHU]H´ 9   Å'DV+>HU]@LVWDOVZLFKWLJVWHV.|USHURUJDQXQGÄ6LW]GHV/HEHQV¶YRQDOWHUVKHUEHLDOOHQ 9|ONHUQHLQHJUR‰H%HGHXWXQJLQ.XOW*ODXEHQXQG$EHUJODXEHQ'HQNHQXQG'LFKWXQJ LQ.XQVWXQG%UDXFKWXP>«@2IWEHJHJQHWGDV+>HU]@LQ9HUELQGXQJPLWDQGHUHQ.|U SHUWHLOHQ>«@EHVKlXILJVLQG$XJHXQG2KU´ .ODXV'ZHOÅ+HU]´(0%G%HUOLQ 1HZ«@P|KWHVZ UHVWXQGH GHQOLXWHQVHQIWHPDFKHQ XQGYRQVROKHQVDFKHQ  GD]JXRW]HK±UHQZ UH QXZLOLFKLXHLQP UH  VDJHQDOVH]PLULVWJHVHLW ]HLQHUJDQ]HQZkUKHLW  WU€ZHLFKH]QLKWEULQJHQ ZDQHLQHVZLOLFKGLQJHQ GD]LUGXUFKLXZHUK|YLVFKHLW GHPWLKW UGHVJHQkGHVHLW GHUGLW]HKkWJHWLKWHW  PLWUvPHQZROEHULKWHW  ZDQGLW]LVWVvQrUVWH]ZHUF        

                

$UPHU+HLQULFK 9²  >«@GkPLWHHUVZ UHVWXQGH P|KWHVHQIWHUPDFKHQ XQGYRQV{JHZDQWHQVDFKHQ GD]JRWHVrUHQW|KWH XQGGkPLWHHUVLFKP|KWH JHOLHEHQGHQOLXWHQ QXEHJLQQHWHULXGLXWHQ HLQUHGHGLHHUJHVFKULEHQYDQW GDUXPEHKkWHUVLFKJHQDQW GD]HUVvQHUDUEHLW GLHHUGDUDQKkWJHOHLW LKWkQHO{QEHOvEH XQGVZHUQkFKVvQHPOvEH VvK±UHVDJHQRGHUOHVH GD]HULPELWWHQGHZHVH GHUVrOHKHLOHVKLQ]HJRWH

,QGHUGLUHNWHQ*HJHQEHUVWHOOXQJ]HLJWVLFKGDVVGLHHUVWHQ9HUVHVRJDU LP :RUWODXW QDKH]X LGHQWLVFK VLQG ZlKUHQG LP ZHLWHUHQ 9HUODXI GHU 7H[WDXV]JH OHGLJOLFK HLQH JHZLVVH LQKDOWOLFKH .RQJUXHQ] EHVWHKW (LQ GHXWOLFKHU 8QWHUVFKLHG ILQGHW VLFK LQ GHU $XVULFKWXQJ DXI *RWW XQG GDV 6HHOHQKHLOGLHEHL+DUWPDQQXQYHUNHQQEDULVWEHL:LUQWMHGRFKJlQ]OLFK IHKOW :LUQWV $UJXPHQWDWLRQ HUVFKHLQW LQ GLHVHP =XVDPPHQKDQJ ZH VHQWOLFK PHKU YRQ GHU UDWLR EHVWLPPW DXI GDV 'LHVVHLWV DXVJHULFKWHW XQG JHUDGOLQLJDXIGDV=LHOKLQVWUHEHQGIUVHLQHJHOHLVWHWH$UEHLWHQWORKQW]X

BBBBBBBBBBBB 

6IMHGRFKPLWEHVRQGHUHU%HWRQXQJGHUGLGDNWLVFKHQ.RPSRQHQWHÅ'LH%HGHXWXQJ GHVIQIWHQ3URORJEHOHJHVIUHGHOHKHU]HQ  LVWQLFKW]XEHUVHKHQ'LH)RUPGHVUK UHQGHQ5HLPHVEHUDFKW9HUVHXQGGHU,QLWLDOHQ]X%HJLQQ]ZHLHUZLFKWLJHU=HLOHQ  KLHUVRJDUPLWWHQLP6DW] ZHLVWDXIGHQJHKREHQHQ6LQQ'XUFKGDVSHUV|QOLFKHXQV XQGZLU  VFKOLH‰WVLFKGHU'LFKWHUGHQ+|UHUQGHQHGHOHQKHU]HQDQ >«@+LHUDQZLUGGLH%HGHXWXQJGHU'LFKWNXQVWVLFKWEDUGLHGXUFK+LQZHLVXQG/HQNXQJ HLQHHU]LHKHULVFKH)XQNWLRQIU(PSIlQJOLFKNHLWIUHGHOHKHU]HQJHZLQQW´(EHQVR6FK|QH $QP 6IXQG3DWUL]LD0D]]DGL$XWRUUHIOH[LRQHQ]XU5H]HSWLRQ3URORJXQG([NXUVHLQ *RWWIULHGVÄ7ULVWDQ¶7ULHVW6²  1XZLUGLQ9DOV.RPSOHPHQWlU]XLH 9 QRFKHLQPDOZLHGHUKROWHLQZHLWHUHV WRSLNDOLVLHUWHVQXILQGHWVLFKLQ9  Å:LUQWYRQ*UDYHQEHUFEHWRQWDOVHUVWHUDXVGUFNOLFKGD‰HUQXU]XU8QWHUKDOWXQJGLFKWH´ 1DXPDQQ>$QP@6 



Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶



ZHUGHQ+DUWPDQQKLQJHJHQIRUGHUW]ZDUDXFK/RKQIUVHLQH0KHQHLQ GRFKELWWHWHUXP*HEHWHIUVHLQ6HHOHQKHLO)ULKQHQWVSULFKWGDV9HU IDVVHQ YRQ /LWHUDWXU JRWWJHIlOOLJHP +DQGHOQ GDV HUVW LP -HQVHLWV VHLQH YROOH(QWORKQXQJILQGHW 'LHOHW]WHQYLHU9HUVHGHV3URORJVXPIDVVHQGHQWLWXOXVXQGGLHGHGLFDWLR GHV:HUNHVDQGLHZHUOWH 9 (VVHLGDUDXIKLQJHZLHVHQGDVVJHUDGH GLHVHOHW]WHQ9HUVHGHV3URORJVLPPHUZLHGHUKHUDQJH]RJHQZXUGHQXP ]X HUNOlUHQ ZDUXP .RQUDG YRQ :U]EXUJ LQ 'HU :HOW /RKQ :LUQW YRQ *UDIHQEHUJ]XVHLQHPOLWHUDULVFKHQ3URWDJRQLVWHQJHPDFKWKDW ,96WHOOXQJGHV:LJDORLV3URORJHV]XUQDUUDWLRGHV7H[WHV :LH EHUHLWV HUZlKQW ZXUGH YHU]LFKWHW :LUQW YRQ *UDIHQEHUJ DXI HLQH ([SRVLWLRQ GLH HLQH VWXIHQORVH hEHUOHLWXQJ GHV GLVNXUVLYHQ GHXWOLFK DX ‰HUKDOE GHU HU]lKOWHQ :HOW VLWXLHUWHQ 3URORJV LQ GLH (U]lKOXQJ HUP|JOL FKHQZUGH,P:LJDORLVILQGHWGLHVHUhEHUJDQJMlKVWDWWLQ9IZLUG HU PDUNLHUW GXUFK HLQH KlXILJ JHEUDXFKWH (LQOHLWXQJVSKUDVH (] ZDV KLH EHYRU V{ PDQ VHLW  HLQ NQLF >«@ 'LHVH DQ GLH (V ZDU HLQPDO(LQOHLWXQJV IRUPHOGHV0lUFKHQVHULQQHUQGH3KUDVHELOGHWHLQHQGHXWOLFKHQ(LQVFKQLWW XQGHLQHNODUH:HQGHYRQGHUIDNWXDOHQ(U]lKOZHLVHGHV3URORJVKLQ]XP ILNWLRQDOHQ LQ HLQHU XQEHVWLPPWHQ 9HUJDQJHQKHLW VLWXLHUWHQ 7HLO GHU (U ]lKOXQJ(VLVWGHU(LQVWLHJLQGLHÅDUWKXULVFKH7UDXPZHOW´/HGLJOLFK BBBBBBBBBBBBBB 

 Å(ULVW]XPV\PEROLVFKHQ9HUWUHWHUGHVGHQ:HOWIUHXGHQQDFKMDJHQGHQ5LWWHUWXPVJHZRU GHQREZRKOVHLQ&KDUDNWHUZLHHUKLQWHUGHP:LJDORLV]XP9RUVFKHLQNRPPWGDIUNHL QH %HJUQGXQJ OLHIHUW´ *HUKDUG (LV Å:LUQW YRQ *UDIHQEHUJ´ 9/ %G  %HUOLQ 1HZ $QP@ 6  'DUDXI JHKW .RQUDG YRQ :U]EXUJ ]X %HJLQQ VHLQHU (U]lKOXQJ 'HU :HOW /RKQ HLQ Å,U ZHUOWH PLQQ HUH  YHUQH PHQWGLVLXP UHZLHHLQHPULWWHUJHODQFGHUQkFKGHUZHUOWHO{QHUDQFEHLGLXVSkWH XQGHIUXRHUGkKWHLQPDQLJHZvVGDU]XRZkPLWHHUGD]EHJLHQJHGD]HUGHQO{QHQ SKLHQJH  ZHUOWOLFKHU rUHQ´ :OQ 9² )U ZHLWHUH +LQZHLVH DXI GLH %H]LHKXQJ ]ZL VFKHQ.RQUDGYRQ:U]EXUJXQG:LUQWYRQ*UDIHQEHUJVRZLHIU%HWUDFKWXQJHQ]X'HU :HOW /RKQ YJO 5GLJHU %UDQGW .RQUDG YRQ :U]EXUJ .OHLQHUH HSLVFKH :HUNH %HUOLQ  6²  $XFK0DUWtQH]6FKHIIHO $QP 6IGHXWHQÅGLHNODVVLVFKH(LQJDQJVIRUPHOÄ(VZDU HLQPDO¶ DP %HJLQQ HLQHV 0lUFKHQV´ DOV 7H[WVLJQDO GHU )LNWLRQDOLWlW %HUHLWV 6FK|QH $QP  6 ZLHV DXI GHQ ÅGHXWOLFK JHNHQQ]HLFKQHWHQ (U]lKOHLQJDQJ´ LQ *RWWIULHGV 7ULVWDQ KLQ GHU HEHQIDOOV bKQOLFKNHLWHQ PLW GHP 0lUFKHQ(LQJDQJ DXIZHLVW (LQ KrUUH LQ 3DUPHQvHZDV 7U9 

 

-DQ/HKPDQQ

V\QWDNWLVFK ZLUG DXI GLHVHQ hEHUJDQJ KLQJHIKUW LQGHP :LUQW EHUHLWV LQ GHQ 9HUVHQ ]XYRU YRQ GHP GHQ 3URORJ GRPLQLHUHQGHQ ,FK(U]lKOHU ]XU DXNWRULDOHQ(U]lKOSHUVSHNWLYHEHUJHKW'DV6FKODJDUWLJHGHV(LQVWLHJVLQ GLH(U]lKOXQJZLUG]XVlW]OLFKGXUFKGHQ:HFKVHOGHV(U]lKOWHPSXVYRP 3UlVHQVLQV,PSHUIHNWYHUVWlUNW %HUHLWVLP3URORJGHXWHW:LUQWDQGDVVHUVLFKQLFKWVLFKHULVWREHU VHLQH(U]lKOXQJYHUOlVVOLFKZLUGZLHGHUJHEHQN|QQHQ'LHVEHNUlIWLJWHU LP(LQVWLHJVYHUVVHLQHU(U]lKOXQJHUQHXWLQGHPHUGDUDXIKLQZHLVWGDVV HU VLFK EHL GHU $EIDVVXQJ VHLQHV :HUNHV DXI +|UHQVDJHQ E]Z VHLQH 9RUODJHVWW]HQPXVVWHHUIROJOLFKGHQ0\WKRVGHU(U]lKOXQJQXUPLWWHO EDU DOV Ä(U]lKOHU ]ZHLWHU ,QVWDQ]¶ GDU]XVWHOOHQ YHUPDJ 'LHVHV $EZlO]HQ GHU9HUDQWZRUWXQJIUGHQ,QKDOWHLQHU*HVFKLFKWHDXIGLH4XHOOHQRGHU GLH9RUJlQJHUJHK|UWDOV*HPHLQSODW]]XPIHVWHQ5HSHUWRLUHGHVPLWWHODO WHUOLFKHQ'LFKWHUV %HZXVVW WUHQQW :LUQW VFKDUI ]ZLVFKHQ VHLQHP 3URORJ XQG VHLQHU (U ]lKOXQJ GLH VLFK GHXWOLFK LQ %H]XJ DXI GLH 0RGDOLWlWHQ GHU 'DUVWHOOXQJ YRQHLQDQGHU XQWHUVFKHLGHQ (LQH VROFKH VWULNWH 7UHQQXQJ GHU HLQ]HOQHQ 7HLOH GHU (U]lKOXQJ OlVVW VLFK LQ PLWWHODOWHUOLFKHU /LWHUDWXU QLFKW VHOWHQ ILQGHQ XQG VLH HQWVSULFKW GHP YD DXV GHU 5KHWRULN EHUQRPPHQHQ )RUPEHZXVVWVHLQGHUSHUVSLFXLWDV .ODUKHLW 6RQDKPPDQVLFKGDV6FKHPD GHU JUREHQ  'UHLWHLOXQJ GHU 5HGH LQ SURORJXV E]Z H[RUGLXP QDUUDWLR VRZLHHSLORJXVE]ZFRQFOXVLR]XPYHUELQGOLFKHQ9RUELOG

BBBBBBBBBBBB 

 +DQV-RFKHQ6FKLHZHUÅ3UlGHVWLQDWLRQXQG)LNWLRQDOLWlWLQ:LUQWVÄ:LJDORLV¶´LQ9RONHU 0HUWHQV )ULHGULFK :ROI]HWWHO +UVJ )LNWLRQDOLWlW LP $UWXVURPDQ 7ELQJHQ  6² KLHU6  Å]HLQHUJDQ]HQZkUKHLWWU€ZHLFKH]QLKWEULQJHQ´ 9   Å>«@V{PDQVHLW´ 9   8PQXUHLQ%HLVSLHOYRQYLHOHQ]XQHQQHQVHLGLHEHUKPWHHUVWH/DQJ]HLOHGHV1LEHOXQ JHQOLHGHV]LWLHUWÅ8QVLVWLQDOWHQP UHQZXQGHUVYLOJHVHLW´ 1LE   'DVH[RUGLXPXQWHUWHLOWHPDQLQGLHGLUHNWH SULQFLSLXP XQGGLHLQGLUHNWH(LQOHLWXQJ LQVLQXD WLR 9JOGD]X*HUW8HGLQJ%HUQG6WHLQEULQN*UXQGUL‰GHU5KHWRULN*HVFKLFKWH7HFKQLN0H WKRGH6WXWWJDUW6II  8QWHUQDUUDWLRZXUGHLP=XVDPPHQKDQJPLW'LFKWXQJGLHLQGHUNODVVLVFKHQ5KHWRULNQRFK YRUJHQRPPHQH8QWHUVFKHLGXQJYRQQDUUDWLRLH6 Å(U]lKOXQJVLHEHVWHKWDXVGHUSDUWHL OLFKHQ6FKLOGHUXQJGHV6DFKYHUKDOWHVVLHLVWGLH>«@4XHOOHGHUJDQ]HQEULJHQ5HGH´>8H GLQJ6WHLQEULQN $QP 6@ XQGGHUIUGLH5KHWRULNPHLVWZHUWYROOHUHQXQGGDKHU XPIDQJUHLFKHUHQDUJXPHQWDWLR %HZHLVIKUXQJIUGHUHQ:LUNXQJGLHEHUGHQ(UIROJRGHU 0LVVHUIROJ GHU 5HGH HQWVFKLHG PDQ HLQ XPIDVVHQGHV 6\VWHP DQ %HZHLVDUWHQ XQG ² VFKOVVHQ HUVWHOOWH  YHUVWDQGHQ 9JO ZHLWHUIKUHQG ]XUQDUUDWLR XQG IU XPIDVVHQGH 4XHO OHQDQJDEHQ/DXVEHUJ $QP ††²



Ä8Q]XYHUOlVVLJH$XWKHQWL]LWlW¶



9=XVDPPHQIDVVXQJ (VEOHLEWIHVW]XKDOWHQGDVV:LUQWYRQ*UDIHQEHUJJUR‰HQ:HUWDXIHLQH NODUH7UHQQXQJ]ZLVFKHQVHLQHPH[WUDGLHJHWLVFKHQ3URORJXQGGHUHLJHQW OLFKHQ (U]lKOXQJ GHU QDUUDWLR JHOHJW KDW 'LHVHU :HFKVHO LVW LQ 9  WH[WLQWHUQ PDUNLHUW 'HV :HLWHUHQ ZHFKVHOW GLH (U]lKOHULQVWDQ] GHV 3UR ORJVPLQGHVWHQVGUHLPDOYRQGHU$YHQWLXUHEHUGHQ$XWRU9RUOHVHU]X HLQHPKHWHURGLHJHWLVFKHQ(U]lKOHUGHUEHUGHQ$XWRULQGHUGULWWHQ3HU VRQ VSULFKW XP GDQQ LP hEHUJDQJ LQ GLH (U]lKOXQJ ]XP DXNWRULDOHQ (U]lKOHU]XZHUGHQ2EZRKOGHU3URORJLQVJHVDPWGLVNXUVLYHQ&KDUDNWHU DXIZHLVW OHLWHQ GLH OHW]WHQ QHXQ 9HUVH GXUFK HLQH NXQVWYROOH 9HUVFKUlQ NXQJ GHU (U]lKOKDOWXQJ EHU LQ GLH QDUUDWLR ZRGXUFK GLHVH QHXQ 9HUVH IRUPDOGLH)XQNWLRQHLQHU ([SRVLWLRQEHUQHKPHQ 'DVVGHU3URORJLQV JHVDPW MHGRFK HKHU GHQ &KDUDNWHU HLQHV ([RUGLXPV DXIZHLVW EHVWlWLJW GDVV :LUQW DQ GHQ HLQVFKOlJLJHQ 5KHWRULNHQ JHVFKXOW ZDU XQG HV ]HLJW DQVFKDXOLFKGDVVGDV0LWWHODOWHULQ%H]XJDXIVHLQH'LFKWXQJVOHKUHNHLQH NODUH 7UHQQXQJ ]ZLVFKHQ 3RHWLN XQG 5KHWRULN PHKU NHQQW MD GDVV GLH 5KHWRULNHQVWlUNHUDXIGLH'LFKWHUJHZLUNW]XKDEHQVFKHLQHQDOVGLH3R HWLNHQ 'LH ]XYRU HUZlKQWHFRQWUDGLFWLR LQ DGLHFWR GHV 7LWHOV O|VW VLFK GXUFK HLQH*HJHQEHUVWHOOXQJGHU)RUPXQGGHU,QKDOWVHEHQHGHV3URORJVDXI GHU $QVSUXFK DXI =XYHUOlVVLJNHLW GHQ PDQ DQ HLQHQ IDNWXDO HU]lKOWHQ 3URORJULFKWHWZLUGLP:LJDORLV3URORJNRQVHTXHQWPLVVDFKWHW'LH(U]lK OHULQVWDQ] VWLPPW QLFKW PLW GHU EHUHLQ GLH PDQ LKU LQWXLWLY ]XRUGQHQ ZUGH MD VWUHFNHQZHLVH OlVVW VLH VLFK EHUKDXSW QLFKW LGHQWLIL]LHUHQ LQ MHGHP)DOOLVWVLHQLFKWVWDWLVFK'HUIDNWXDOHU]lKOWH3URORJSHUGHILQLWLRQHP DXWKHQWLVFKZLUGIRUPDOXQ]XYHUOlVVLJHU]lKOW'LHVVFKHLQWMHGRFKIUGDV $XGLWRULXP NHLQ VRQGHUOLFKHV KHUPHQHXWLVFKHV 3UREOHP GDU]XVWHOOHQ 'D GLH(U]lKOHUDXWKHQWL]LWlWOHGLJOLFKDXIGHU(EHQHGHU'DUVWHOOXQJXQ]XYHU OlVVLJSUlVHQWLHUWZLUGXQGGLHVQXUVHKUVXEWLOHUIDKUEDULVWVWHOOWGHU+| UHULQWXLWLYGLHLQKDOWOLFKH(EHQHGLH%LWWHSURDXFWRUH]XNHLQHP=HLWSXQNW LQ )UDJH 'HU $XWRU IKUW VHLQ 3XEOLNXP PLWKLOIH GHV XQ]XYHUOlVVLJHQ )DNWXDOLWlWVFKDUDNWHUV GHV 3URORJV KLQ ]X VHLQHU ILNWLRQDOHQ (U]lKOXQJ GHUHQ (LQVWLHJ HU ZLH HUZlKQW WH[WLQWHUQ PDUNLHUW 'DVV GLH :HJVWHLQH GHU $XWKHQWL]LWlW ELV GDKLQ MHGRFK QXU XQJHIlKU XQG XQ]XYHUOlVVLJ GLH 5LFKWXQJZHLVHQLVW7HLOGHVSRHWLVFKHQ.RQ]HSWHVXQGGHV*UXQGFKDUDN WHUVGLHVHV3URORJV 0LWHLQHP]XVDPPHQIDVVHQGHQ%OLFNDXIGLHJHZRQQHQHQ(UJHEQLVVH PXVV PDQ VLFK VLFKHUOLFK KWHQ DXV GHQ (UNHQQWQLVVHQ ]XU (U]lKOHU LQVWDQ]XQGLKUHU$XWKHQWL]LWlW.RQ]HSWHIUGLHJHVDPWH(U]lKOXQJSRV WXOLHUHQ]XZROOHQ'LHVEHGHXWHWHHLQHXQ]XOlVVLJH9HUDOOJHPHLQHUXQJGHU (UJHEQLVVHGLHGRFKDXVVFKOLH‰OLFKDPXQGH[SOL]LWIUGHQ3URORJIRUPX OLHUWZXUGHQ(VZXUGHGDUDXIKLQJHZLHVHQGDVVGLHXQ]XYHUOlVVLJHQ*H

 

-DQ/HKPDQQ

VWDOWXQJVPLWWHOQXUVXEWLODXIGHU(EHQHGHU'DUVWHOOXQJ$QZHQGXQJILQ GHQ QLFKW DEHU DXI GHU LQKDOWOLFKHQ :LUQW IRUPXOLHUW LQ VHLQHP :LJDORLV 3URORJ NHLQ SRHWLVFKHV .RQ]HSW 9LHOPHKU VFKHLQW HV LKP GHU JHHLJQHWH 2UWIUHLQNQVWOHULVFKHVOLWHUDULVFKHV([SHULPHQW]XVHLQ /LWHUDWXU  7H[WDXVJDEHQ 'DV1LEHOXQJHQOLHGKUVJ+HOPXW%UDFNHUW%GH)UDQNIXUWD0 5KHWRULFDDG+HUHQQLXPKUVJ7KHRGRU1‰OHLQ=ULFK $ULVWRWHOHV'HDUWHSRHWLFDOLEHUKUVJ5XGROI.DVVHO2[IRUG *RWWIULHGYRQ6WUD‰EXUJ7ULVWDQKUVJ5GLJHU.URKQ%GH6WXWWJDUW +DUWPDQQYRQ$XH'HU$UPH+HLQULFKKUVJ8UVXOD5DXWHQEHUJ6WXWWJDUW +DUWPDQQYRQ$XH,ZHLQKUVJ7KRPDV&UDPHU%HUOLQ .RQUDG YRQ :U]EXUJ +HLQULFK YRQ .HPSWHQ ² 'HU :HOW /RKQ ² 'DV +HU]PDHUH KUVJ +HLQ]5|OOHNH6WXWWJDUW 5XGROIYRQ(PV:LOOHKDOPYRQ2UOHQVKUVJ9LFWRU-XQN)UDQNIXUWD0 :LUQWYRQ*UDIHQEHUJ:LJDORLVKUVJ8OULFKXQG6DELQH6HHOEDFKQDFKGHP7H[WGHU $XVJDEHYRQ->RKDQQHV@0>DULD@1>HHOH@.DSWH\Q%HUOLQ1HZQ@´ 0DQQHV 'HU/HVHUEHUQLPPWYRQ(U]lKOEHJLQQDQGLH3HUVSHNWLYHGHU)LJXUGLH

BBBBBBBBBBBB 

DQJHOHJWXQGGLHQWGHP/HVHUDOVOHEHQVQDKH,GHQWLILNDWLRQVILJXU9JO+XJR$XVW'HUKLV WRULVFKH5RPDQ6WXWWJDUW:HLPDU6I+DQV9LOPDU*HSSHUW'HU+LVWRULVFKH5RPDQ *HVFKLFKWHXPHU]lKOW²YRQ:DOWHU6FRWWELV]XU*HJHQZDUW7ELQJHQ6²  'HOEUFN $QP 6  :HVHQWOLFK GDYRQ EHWURIIHQ LVW GLH +DQGOXQJV]HLW 'LH =HLWDQJDEHQ GLH LP ÄNODVVLVFKHQ¶ KLVWRULVFKHQ 5RPDQ JHPHLQKLQ DOV *HVFKLFKWVPDUNHU IXQJLHUHQ GLIIHULHUHQ EHWUlFKWOLFK XQG HU]HXJHQ XQO|VEDUH :LGHUVSUFKH $XVJDQJVSXQNW ELOGHW GDV EHUKPWH 6FKDXWXUQLHU YRQGDV]ZDUPLWGHU3D]]L9HUVFKZ|UXQJEHUHLQVWLPPWGRFKZHGHUPLWGHQ$O WHUVDQJDEHQ0DGGDOHQDV JHE GHU3OQGHUXQJ9ROWHUUDV  QRFKGHQ/HEHQVGD WHQYRQ3RQWDQR3ROL]LDQR YJO)OLH‰WH[W LQ(LQNODQJ]XEULQJHQLVW



8WYHGXWDSRHVLV



DXVHLQHUQLFKWSUl]LVLHUWHQ$QK|KHLQGHUVXEXUEDQHQ3HULSKHULHQDKHGHV hEHUJDQJV ]XU &DPSDJQD 6WDQGSXQNW  DXV GHU 9RJHOVFKDX DXI )ORUHQ] VFKDXW 'LH %OLFNULFKWXQJ ZLUG GXUFK GLH ORNDODGYHUELDOH 9HUELQGXQJ ÅYRQ >«@ KHUDE´ EHVWLPPW 1HEHQ GHQ JHVWDOWHULVFKHQ *HVHW]OLFKNHLWHQ GHU 3HUVSHNWLYH GLH HLQH H[DNWH :DKUQHKPXQJ GHU *HElXGH LP 'HWDLO QLFKWHUODXEHQVRQGHUQVLHJOHLFKVDPDNNXPXOLHUWLP+lXVHUPHHUDXIJH KHQ ODVVHQ ZHFNW EHUHLWV HLQJDQJV GLH 3UlVHQWDWLRQ GHU %HWUDFKWHUILJXU $VVR]LDWLRQHQDQ0LWWHOGHUELOGNQVWOHULVFKHQ'DUVWHOOXQJ6RPXWHWGHU -QJOLQJ ZLH HU VLFK DXI ÅVHLQHQ :DQGHUVWDE VWW]W XQG HLQ ZHQLJ YRUQ EHUJHEHXJWPLWYRU)UHXGHJOlQ]HQGHQ$XJHQGDV3DQRUDPDEHWUDFKWHW´ ZLHGLHREOLJDWRULVFKH3DUHUJDGLHILJUOLFKH6WDIIDJHLP%LOGYRUGHUJUXQG DQZLHVLHLQGHU/DQGVFKDIWVPDOHUHLVHLW&ODXGH/RUUDLQWUDGLHUWLVW'HP HQWVSULFKWGDVVGLH)LJXUYRP%HWUDFKWHUUHVSHNWLYHGHP/HVHUDEJHZDQGW VWHKW GHU DOOHLQ GHQ 5HYHUV GLH UFNZHQGLJH .RQWXU GHVVHOEHQ ZDKU QLPPW 'LH H[SOL]LWH %H]HLFKQXQJ GHV *HVFKDXWHQ DOV Å%LOG´ XQG GHU GDPLW YHUEXQGHQH 9HU]LFKW DXI DOOXGLHUHQGH 9HUJOHLFKH XQG PHWDSKRUL VFKH8PVFKUHLEXQJHQVWW]WGLHVH$QQDKPH$XFKJUHLIWGLH6FKOXVVSDV VDJH PLW GHU )RUPXOLHUXQJ GHU ÅPDOHULVFK HLQJHVWUHXW>HQ@´ +lXVHU GLH LQWHUPHGLDOH 0DUNLHUXQJ LQ )RUP H[SOL]LWHU 6\VWHPUHIHUHQ] QRFK HLQPDO DXI'HU$EVFKQLWWHQGHWLQHLQHUYHUNOlUHQGURPDQWLVLHUHQGHQ$SRWKHR VHGHU$UQRVWDGW'HUVDNUDOH7RQDVVR]LLHUWDOOH,QJUHGLHQ]LHQGHVIORUHQ WLQLVFKHQ JHQLXV ORFL XQG VXEOLPLHUW GLH 6WDGW ]XP +RUW GHU .QVWH XQG :LVVHQVFKDIWHQ 1HEHQ GHU 1DPHQVUHIHUHQ] ]X %HJLQQ ODVVHQ GLH IRO JHQGHQ'HWDLOVGHUDUFKLWHNWRQLVFKHQ6LOKRXHWWHNHLQHQ=ZHLIHOGDUDQXP ZHOFKHQ2UWHVVLFKKDQGHOWGLHSHUVSHNWLYLVFKYHUNOHLQHUWHQLP%LOGPLW WHOJUXQG]XORNDOLVLHUHQGHQVWlGWHEDXOLFKHQ%HVRQGHUKHLWHQZLHGLH.XS SHOXQGGLHEHLGHQ7UPHODVVHQXQVFKZHUGHUHQ:DKU]HLFKHQHUNHQQHQ GLHEHUKPWH*HZ|OEHNRQVWUXNWLRQGHV)LOLSSR%UXQHOOHVFKLYRQIU GLH.DWKHGUDOH6DQWD0DULDGHO)LRUHGHQVHLWOLFKYRP+DXSWSRUWDOJHOH BBBBBBBBBBBBBB 

 =XGHQNHQZlUHDQGLH.ORVWHUNLUFKH6DQ0LQLDWRDO0RQWHRGHUGHQKLQWHUGHUKHU]|JOL FKHQ5HVLGHQ]DQVWHLJHQGHQ*LDUGLQRGL%REROLLP6GRVWHQGDLPZHLWHUHQ7H[WYHUODXI GLH%OLFNULFKWXQJDOVJHQRUGHWHUNHQQEDUZLUG  (LQ0RPHQWGHU,QNRKlUHQ]OLHJWYRUZHQQGLH$XJHQ3RQWDQRVDOV2UJDQGHU:DKUQHK PXQJ LP =XVWDQG GHV HQWUFNWHQ %HWUDFKWHQV ÅYRU )UHXGH JOlQ]HQG>@´  HLJHQV (UZlK QXQJILQGHQ  *HPHLQWLVWGLH7KHPDWLVLHUXQJGHV%H]XJVV\VWHPV GHU0DOHUHL GXUFKGLHNRQNUHWH5HGH EHUGDVVHOEH=XU%HJULIIOLFKNHLWYJO5DMHZVN\ $QP 6²LQVEHVRQGHUH6I  =ZHLIHOORVODVVHQVLFKDXFKGHUVSlWHUHQ+DXSWVWDGWGHU7RVNDQDEHVWLPPWH0\WKHPHXQG ,GHRORJHPH ]XVFKUHLEHQ $QGHUV MHGRFK DOV LP )DOOH 5RPV XQG 9HQHGLJV NXUVLHUW HLQ Ä2UWVP\WKRV )ORUHQ]¶ DOV IHVWJHVFKULHEHQHV .RQVWUXNW QLFKW LQ GHU )RUVFKXQJ (UKHOOHQG LP+LQEOLFNDXIHLQHÄ(UVFKUHLEXQJ¶GHVPLWRILRUHQWLQRXPGLH-DKUKXQGHUWZHQGHLVWGLHOH VHQVZHUWH6WXGLH%HUQG5RHFNV)ORUHQ]'LH6XFKHQDFK$UNDGLHQ0QFKHQ

 

-XOLD,OJQHU

JHQHQIUHLVWHKHQGHQ&DPSDQLOH*LRWWRVVRZLHGHQ:HKUWXUPGHV3DOD]]R GHOOD6LJQRULD]XJOHLFKGHUK|FKVWH3XQNWGHU6WDGW $QDORJ]XHLQHULPDJLQlUHQKRUL]RQWDOHQ%LOGDFKVHDXFKIDUEOLFKGLI IHUHQWPDUNLHUWUK\WKPLVLHUWGHU9HUODXIGHV$UQRGDV3DQRUDPD,VWGLH (NSKUDVLVLP$QVFKOXVVDQGLH(LQIKUXQJGHUEHLGHQ)LJXUHQYRP%LOG ]HQWUXP DXVJHJDQJHQ YHUOlXIW GLH ZHLWHUH 'DUVWHOOXQJ GH]HQWUDO YRQ LQ QHQQDFKDX‰HQ'HU%OLFNZLUGDEVFKOLH‰HQGDXIGDV8PODQGGLH&DP SDJQDJHOHQNWGLHVLFKKDUPRQLVFKLQGHQJHELUJLJHQ$SHQQLQIJW'LH DXIIlOOLJH 0HWDSKRULN YRQ )DUEH XQG .RQWXU EHL GHU 'HWDLOQDUUDWLRQ GHU EDXOLFKHQ 6WDIIDJH DQ GHQ +lQJHQ GLH Å9LOOHQ´ Å*HK|IWH´ XQG GLH LP VSUDFKOLFKHQ'LPLQXWLYJHKDOWHQHQÅ.LUFKOHLQ´ VXJJHULHUWHLQHUVHLWV$NUL ELHXQG3Ul]LVLRQDOVUHDOLVWLVFKH0DQLHUVHOEVWLPNOHLQVWHQ%LOGWHLO$QGH UHUVHLWV JUHLIW VLH IDUEOLFKH 5HIHUHQ]HQ GHU YRUDQJHJDQJHQHQ 6FKLOGHUXQJ ZLHGHUDXI±HWZDGLHÅGXQNOHQ+lXVHUGlFKHU´VRZLHGHULP6RQQHQOLFKW SKRVSKRUHV]LHUHQGHÅVLOEHUQH$UQR´²VWHLJHUWGLHVHMHGRFKLQV7RSLVFKH 'LH *XWVK|IH XQG .DSHOOHQ VLQG ÅYRQ EOHQGHQGHP :HL‰ XQG NUlIWLJHP 5RW´ XQG OLHJHQ ÅPDOHULVFK HLQJHVWUHXW LQ >GHQ@ 2OLYHQKDLQHQ >«@ XQG ]ZLVFKHQ >«@ JOHLFK VFKZDU]HQ )ODPPHQ DXI]QJHOQGHQ =\SUHVVHQ´ 6FKOLH‰OLFKOlVVWDXFKGLHFKLDVWLVFKH$QRUGQXQJGHU.RQWUlUXQG1LFKW E]Z XQEXQWHQ )DUEHQ :HL‰5RW*UQ6FKZDU] HKHU HLQHQ VSLHOHULVFKHQ .XQVWJULII DOV EOR‰HQ =XIDOO YHUPXWHQ 9RQ GHU YHUPHLQWOLFKHQ VSUDFKOL FKHQ ([WUDYDJDQ] JHUDGHZHJV DXI lVWKHWLVFKH .RPSOH[LWlW ]X VFKOLH‰HQ HUZHLVW VLFK MHGRFK EHL HLQHP QlKHUHQ %OLFN DXI 6WLO XQG 9RNDEXODU DOV XQ]XOlVVLJ(VGRPLQLHUHQSDUDWDNWLVFKH6DW]JHIJHDWWULEXWLYH5HLKXQJHQ VRZLH WUDQVLWLYH 9HUEHQ XQG V\QRQ\PLVFKH 6XEVWDQWLYLHUXQJHQ ÅGHU 6FKDXHQGH´  6WHUHRW\SH ,WDOLHQ1DUUDWLYH ZLH GLH IU HLQH PHGLWHUUDQH /HEHQVZHOW SURWRW\SLVFKHQ 2OLYHQKDLQH XQG GLH VLFKWOLFK DQWKURSRPRU SKLVLHUWHQ =\SUHVVHQ EHVFKOLH‰HQ GLH 6]HQH XQG EOHLEHQ DXFK IU DOOH ZHLWHUHQ /DQGVFKDIWVVFKLOGHUXQJHQ LP 5RPDQ GRPLQDQW ,QVJHVDPW BBBBBBBBBBBBBB 

 $OV LPPHUJUQH ODQJOHELJH 3IODQ]H ILJXULHUW GLH =\SUHVVH LQ HLQLJHQ .XOWXUHQ DOV KHLOLJHU %DXP,QGHU$QWLNHLVWVLHHEHQVR6\PEROGHU7UDXHUXQGGHV7RGHVZLHGHV/HEHQVXQG GHU8QVWHUEOLFKNHLW8PHUODQJWVLHHLQHJHZLVVH.RQMXQNWXUDOVDQWKURSRPRUSKLVLHU WHV0RWLYLQGHQ*HPlOGHQ9LQFHQWYDQ*RJKV XD:HL]HQIHOGPLW=\SUHVVHQ=ZHL=\SUHVVHQ 6WHUQHQQDFKW MHZHLOV   'HU H[SOL]LWH 9HUJOHLFK XQG GLH DWWULEXWLYH %HVWLPPXQJ DOV Å]QJHOQG>@´ OHJHQ QDKH GDVV 'HOEUFN PLW YDQ *RJK GLH PRGHUQH /DQGVFKDIWVPDOHUHL ]XVlW]OLFKDQ]LWLHUW*OHLFK]HLWLJHUKlOWGDV0RWLYSUROHSWLVFKH)XQNWLRQLQGHPHVDXIGDV NRPPHQGH8QKHLOYRUDXVZHLVWGDV3RQWDQRLQ)ORUHQ]ZLGHUIDKUHQZLUG  6R XQWHUOLHJW GDV HLQPDO HQWZRUIHQH /DQGVFKDIWVELOG GHV )ORUHQWLQHU 8PODQGV NHLQHU ZHVHQWOLFKHQ 9HUlQGHUXQJ VRQGHUQ ZLUG XQWHU 9HUZHQGXQJ GHV LGHQWLVFKHQ 9RNDEXODUV JHOHJHQWOLFKLQGLH+DQGOXQJHLQJHVWUHXW9JOH[HPSODULVFKGLH6FKLOGHUXQJGHV:HJHVGHQ /RUHQ]R]XUFNOHJHQPXVVXP]XVHLQHP/DQGVLW]3RJJLRD&DMDQR]XJHODQJHQ'HOEUFN $QP 6IÅ'DV)OX‰WDOGXUFKGDVGHU:HJIKUWHGLH.HWWHGHU%HUJHYRULKP >/RUHQ]RGH·0HGLFL-,@XQWHUGHPNODUHQ%ODXGHV+LPPHOVDOOGLHDQPXWLJJHOHJHQHQ XQG YHUWHLOWHQ VFKLPPHUQGHQ +lXVHU XQG KHUUOLFKHQ %lXPH GLH VLFK ZLHJHQGHQ 3LQLHQ



8WYHGXWDSRHVLV



HULQQHUW GDV HU]lKOWH 3DQRUDPD GDPLW ]ZDU DQ HLQH NXOLVVHQKDIWH ,GHDO ODQGVFKDIW ZLH VLH LP ORFXV DPRHQXV VHLW GHU $QWLNH SUlILJXULHUW LVW $XFK IOLH‰HQWUDGLWLRQHOOH9HUVDW]VWFNHGHUURPDQWLVFKHQ/DQGVFKDIWVEHVFKUHL EXQJ LQ GLH 6FKLOGHUXQJ HLQ HWZD GLH 6HPDQWLVLHUXQJ YRQ XUEDQHP XQG QDWUOLFKHP 5DXP ZHOFKH GLH GLFKRWRPH 6SDQQXQJ ]ZLVFKHQ GHU 6WDGW DOV=LHOXQG6HKQVXFKWVRUWXQGGHP:DOGDOVXQZLUVFKHP]LYLOLVDWLRQV IHUQHP$QWL2UWDXVGHPGLHEHLGHQ:DQGHUHUHEHQIDOOV7HLOGHVURPDQ WLVFKHQ0RWLYUHSHUWRLUHVWUHWHQSUlJW)DVVWPDQGLHVHMHGRFKZHQLJHUDOV 0DUNHUIU)LNWLRQDOLWlWVRQGHUQDOV)RUPHQNRQYHQWLRQHOOHQ6FKUHLEHQV EHU /DQGVFKDIW DXI VR EOHLEW GHU $QVSUXFK DXI :DKUKDIWLJNHLW HYLGHQW ,Q LKUHU $QODJH DOV SDQRUDPDWLVFKHU (U]lKOHLQVWLHJ IROJW GLH 6HTXHQ] LQ LKUHU 'DUVWHOOXQJ GHXWOLFK GHQ ELOGNQVWOHULVFKHQ *HVHW]Pl‰LJNHLWHQ GHU 9HGXWH $OV OLWHUDULVFKH (NSKUDVLV EHUFNVLFKWLJW VLH %LOGDXIEDX XQG .RPSRVLWLRQ HEHQVR ZLH 6WDQGSXQNW XQG 3HUVSHNWLYLWlW *HQUHW\SLVFKH 0RWLYH VLQG PLQXWL|V QDFKJH]HLFKQHW XQG VHOEVW GLH IDUEOLFKVWLOLVWLVFKH *HVWDOWXQJ VFKHLQW LQ GHU 6FKLOGHUXQJ DXI 6FKOLH‰OLFK SHUSHWXLHUHQ GLH UHIHUHQWLHOOH (UZlKQXQJ GHV $SHQQLQ DOV WRSRJUDSKLVFKHU 0DUNHU VRZLH HLQ]HOQH DQWRQRPDVWLVFK XPVFKULHEHQH *HElXGH ZHOFKH GLH 6LOKRXHWWH HLQGHXWLJ OHVEDU PDFKHQ GHQ GRNXPHQWDULVFKHQ &KDUDNWHU GHU 6]HQH hEHUVHW]WLQGLH%HJULIIOLFKNHLWGHUOLWHUDULVFKHQ*HRJUDSKLHIROJWGDUDXV 'HUGDUJHVWHOOWH/DQGVFKDIWVDXVVFKQLWWSUlVHQWLHUWHLQHQ DXVGHU9HUJDQ JHQKHLW  LPSRUWLHUWHQ +DQGOXQJV 5DXP GHU GHQ UHDOHQ *HRUDXP WRSRJUD SKLVFK ZLH WRSRQ\PLVFK NRUUHNW ZLHGHUJLEW 'DV 0RPHQW GHU +DQGOXQJ PXVV]XQlFKVWDXVJHVSDUWEOHLEHQGDGLH6WDGWVHOEVW]XP=HLWSXQNWGHU %HWUDFKWXQJOHGLJOLFKSURMH]LHUWHU5DXPLVWGHUQLFKWEHWUHWHQZLUG 6HKQ VXFKWVRUW  DOOHUGLQJV LP ZHLWHUHQ 5RPDQYHUODXI +DQGOXQJVUDXP XQG PLWKLQ 6FKDXSODW]IUGLH)LJXUHQKDQGOXQJZLUG ,9(UJHEQLVXQG$XVEOLFN 8P 0RGXV bVWKHWLN XQG )XQNWLRQDOLWlW GHU QDUUDWLYHQ 9HUPLWWOXQJ YRQ 5DXP LQ 'HOEUFNV 5RPDQ LQWHUSUHWDWRULVFK YROOVWlQGLJ ]X HUIDVVHQ EH GUIWHHV]ZHLIHOORVGHU$QDO\VHZHLWHUHU3DVVDJHQ(UVWGLHYHUJOHLFKHQGH $XVZHUWXQJHLQ]HOQHU1DUUDWLYHHUODXEWHV$XVVDJHQEHU7\SLNXQG6WUD WHJLH]XWUHIIHQXQGGLH(UJHEQLVVH]XKLHUDUFKLVLHUHQ$VSHNWHHLQHVYHU ELQGOLFKHQ$XWRUHQXQG(SRFKHQVWLOVNRQQWHQQXUEHGLQJWEHUFNVLFKWLJW

BBBBBBBBBBBB 

XQG LQ VFKZDU]HQ 6SLW]VlXOHQ DXIVWUHEHQGHQ =\SUHVVHQ EHU 2OLYHQJUDX XQG VRQQHQEH JOlQ]WHP/RUEHHUJHEVFKQDKPHQVHLQH6LQQHJHIDQJHQZLHVRRIWVFKRQZHQQHUGLHVHQ :HJQDFKVHLQHUHLQLJH6WXQGHQYRQ)ORUHQ]DP:HJHQDFK3LVWRMDLP2PEURQHWDOJHOH JHQHQ9LOODJHQRPPHQKDWWH´

 

-XOLD,OJQHU

ZHUGHQKDQGHOWHHVVLFKGRFKXPGLH%HVWLPPXQJHLQHVSDUDGLJPDWLVFKHQ 6LWXDWLRQVW\SXV·'DVVVLFKGLHVHULQHLQHPNRQNUHWHQ*HQUHGHPKLVWRUL VFKHQ5RPDQXQGVHLQHQJHQXLQHQ6FKUHLENRQYHQWLRQHQGXUFKQDUUDWLYH $QHLJQXQJHLQHUDOWHUPHGLDOHQ5DXPHU]lKOXQJGHU9HGXWHUHDOLVLHUWWUlJW QLFKW QXU ]X HLQHU $XVGLIIHUHQ]LHUXQJ KLVWRULVLHUHQGHU (U]lKOIRUPHQ EHL (VHUODXEW]XJOHLFKOLWHUDULVFKH$XWKHQWL]LWlWLQHLQHPKLVWRULVFKHQ:DKU QHKPXQJVNRQWH[W ]X HUIDVVHQ GHVVHQ 3UD[LV PLPHWLVFKHU 5HSURGXNWLRQ VLFK QLFKW PLW KHXWLJHQ 0D‰VWlEHQ PHVVHQ OlVVW ZHQQ ÄDXWKHQWLVFK¶ EH GHXWHW EHUHLWV EHVWHKHQGH YLVXHOOH 7UDGLWLRQHQ LP 0RGXV GHU /LWHUDWXU VLQQVWLIWHQG ]X UHDNWLYLHUHQ =XOHW]W HUZHLVW VLFK $XWKHQWL]LWlW LP *H VFKLFKWVURPDQ DOV WUDJHQGHV $QZHQGXQJVEHLVSLHO HLQHU WUDQVJHQHULVFKHQ 1DUUDWRORJLHGLHHVXQWHU5HNXUVDXI.RQ]HSWHGHUOLWHUDULVFKHQ*HRJUD SKLHHUP|JOLFKWGDVWRSRJUDSKLVFKH(U]lKOHQDOVILNWLRQDOH6SLHOIRUPÄZLUNOL FKHQ¶(U]lKOHQV]XEHVWLPPHQíVHOEVWZHQQGLHVH:LUNOLFKNHLWHLQHKRFK JUDGLJXQZLUNOLFKHLVW /LWHUDWXU $XVW+XJR'HUKLVWRULVFKH5RPDQ6WXWWJDUW:HLPDU %XUFNKDUGW-DFRE'LH&XOWXUGHU5HQDLVVDQFHLQ,WDOLHQ(LQ9HUVXFK%DVHO %WWQHU )UDQN Å,WDOLHQ XQG GLH /DQGVFKDIW Ä,Q GLHVHQ *HJHQGHQ PX‰ PDQ ]XP .QVWOHU ZHUGHQ¶´ LQ 'HUV +HUEHUW : 5RWW +UVJ  .HQQVW 'X GDV /DQG ,WDOLHQELOGHUGHU*RHWKH]HLW0QFKHQ.|OQ6² %UPPHU)UDQ]Å'HOEUFN.XUW´LQ'HUV/H[LNRQGHUGHXWVFKHQ'LFKWHUXQG3URVDLVWHQ YRP %HJLQQ GHV -DKUKXQGHUWV ELV ]XU *HJHQZDUW %GH %G  Y|OOLJ QHX EHDUEXQGVWDUNYHUP$XIO/HLS]LJ6 'HOEUFN.XUW:HJHGHV+HUUQ(LQ5RPDQDXVGHP*HVHOOVFKDIWVOHEHQGHU*HJHQZDUW/HLS ]LJ ³ $XVGHU)UDQ]RVHQ]HLW9DWHUOlQGLVFKHV9RONVVFKDXVSLHO+DQQRYHU ³ /\GLD9RONVVFKDXVSLHODXVGHU=HLWGHUHUVWHQ&KULVWHQKHLWR2 ³ )HVWVSLHO]XP*HGlFKWQLV.DLVHU:LOKHOPVGHV*UR‰HQ+DQQRYHU ³ ,PKHLOLJHQ)HXHU9RONVVFKDXVSLHODXVGHU=HLWGHUHUVWHQ&KULVWHQYHUIROJXQJR2 ³ /HEHQVVWU|PH5RPDQDXVGHPPRGHUQHQ/HEHQ+DOOH6DDOH ³ /RUHQ]RYRQ0HGLFLXQG6DYRQDUROD+DOOH6DDOH 'HQQHUOHLQ.DWULQ1DUUDWRORJLHGHV5DXPHV%HUOLQ1HZ@ GLH .RQ]HSWLRQ GHV .|USHUVSROLWLVFKHU$NWHXUHDOV]ZHLJHWHLOWLQHLQHQVWHUEOLFKHQSULYDWHQXQG HLQHQ XQVWHUEOLFKHQ SROLWLVFKHQ .|USHU DXV KLVWRULVFKHU 3HUVSHNWLYH QDFKJH ]HLFKQHW(UVWGLHVH'LVWLQNWLRQ]ZLVFKHQ3HUVRQXQG|IIHQWOLFKHU)XQN WLRQ VFKDIIH GLH /HJLWLPDWLRQ IU GLH (QWVWHKXQJ PRGHUQHU +HUUVFKDIWV BBBBBBBBBBBBBB 

 9JO$QQH+RQHU.OHLQH/HLEOLFKNHLWHQ(UNXQGXQJHQLQ/HEHQVZHOWHQ:LHVEDGHQ5RQDOG +LW]OHU$QQH+RQHUÅ%DVWHOH[LVWHQ]²hEHUVXEMHNWLYH.RQVHTXHQ]HQGHU,QGLYLGXDOLVLH UXQJ´ LQ 8OULFK %HFN (OLVDEHWK *HUQVKHLP +UVJ  5LVNDQWH )UHLKHLWHQ )UDQNIXUW D0 6²  =XPLQWHUDNWLRQVWKHRUHWLVFKHQ.RQ]HSWGHU5ROOHQGLVWDQ]YJOJUXQGOHJHQG(UYLQJ*RII PDQ,QWHUDNWLRQ6SD‰DP6SLHO5ROOHQGLVWDQ]0QFKHQIUHLQH=XVDPPHQIDVVXQJXQ WHUVFKLHGOLFKHU $QVlW]HYJO +HLQ]$EHOV,QWHUDNWLRQ,GHQWLWlW 3UlVHQWDWLRQ .OHLQH (LQIKUXQJ LQLQWHUSUHWDWLYH7KHRULHQGHU6R]LRORJLH:LHVEDGHQ6²  'HU PHGLHQ|IIHQWOLFK LQV]HQLHUWH  6HOEVWUHIOH[LRQVSUR]HVV SROLWLVFKHU $NWHXUH YRU GHP +LQWHUJUXQGPHKURGHUZHQLJHUGUDVWLVFKHU.UDQNKHLWVYHUOlXIHZHLVWGDEHLLQWHUHVVDQWH3D UDOOHOHQ]X3DWLHQWHQNDUULHUHQLQ+RVSL]HQXQGSV\FKLDWULVFKHQ(LQULFKWXQJHQDXIYJO(U ZLQJ*RIIPDQ$V\OXPV(VVD\VRQWKH6RFLDO6LWXDWLRQRI0HQWDO3DWLHQWVDQG2WKHU,QPDWHV&KL FDJR-XOLXV5RWK7LPHWDEOHV6WUXFWXULQJWKH3DVVDJHRI7LPHLQ+RVSLWDO7UHDWPHQWDQG2WKHU &DUHHUV,QGLDQDSROLV(OL]DEHWK*XVWDIVRQÅ'\LQJ7KH&DUHHURIWKH1XUVLQJ+RPH 3DWLHQW´-RXUQDORI+HDOWKDQG6RFLDO%HKDYLRU  6²KLHU6II  9JO:HQW] $QP 6  (UQVW+.DQWRURZLF]'LH]ZHL.|USHUGHV.|QLJV(LQH6WXGLH]XUSROLWLVFKHQ7KHRORJLHGHV0LWWHO DOWHUV0QFKHQ



$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ



IRUPHQ ,Q GHU DNWXHOOHQ 'LVNXVVLRQ SRVWPRGHUQHU 0HGLHQWKHRULHQ ZLUG GDV .RQ]HSW GHV JHWHLOWHQ .|USHUV SROLWLVFKHU $NWHXUH LP $QVFKOXVV DQ -HDQ%DXGULOODUGV7KHRULHGHV+\SHUUHDOHQLQGHU*HJHQZDUWVJHVHOOVFKDIW ZHLWHUJHIKUW$QJHVLFKWV]XQHKPHQGHU0HGLDWLVLHUXQJXQG(QWHUWDLQLVLH UXQJSROLWLVFKHU.RPPXQLNDWLRQVHL]X GHPQDWUOLFKSULYDWHQXQGSROL WLVFKV\PEROLVFKHQ.|USHUGHV3ROLWLNHUVGLHK\SHUUHDOH0HGLHQILJXUKLQ]XJH WUHWHQ 'HU PDVVHQPHGLDOH .|USHU YHUZLVFKH GLH *UHQ]HQ ]ZLVFKHQ 5HDOLWlWXQG)LNWLRQ3ROLWLNXQG8QWHUKDOWXQJ3ULYDWKHLWXQGgIIHQWOLFK NHLW²PLWXQDEVHKEDUHQ$XVZLUNXQJHQDXIGLHV\PEROLVFKH5HSUlVHQWD WLRQ YRQ 3ROLWLN XQG 6XEVWDQ] GHU 'HPRNUDWLH ,QGHP +DQQHORUH .UDIW MHGRFKDXILKUHQNUDQNHQ.|USHUUHNXUULHUWYHUNQSIWVLHLKUH'DUVWHOOXQJ PLWGHPDOOWlJOLFKHQ(UIDKUXQJVUDXPGHU5H]LSLHQWLQQHQXQG5H]LSLHQWHQ +LHUGXUFKHYR]LHUWVLHHLQHQ%UXFKLQGHU6LPXODWLRQGHUK\SHUUHDOHQ0H GLHQILJXU GHU ]ZDU VHLQHUVHLWV DXFK PHGLDO LQV]HQLHUW LVW MHGRFK GXUFK VHLQH $QVFKOXVVIlKLJNHLW DQ GLH DX‰HUPHGLDOH (UIDKUXQJ GHU )HUQVHK]X VFKDXHU,QQHQDXIVHLQH9HURUWXQJLQGHUVR]LDOHQ:LUNOLFKNHLWYHUZHLVW =XVDPPHQIDVVHQGODVVHQVLFKVRPLWGUHL$XWKHQWLIL]LHUXQJVVWUDWHJLHQ LQGHU6HOEVWGDUVWHOOXQJGHU3ROLWLNHULQ+DQQHORUH.UDIWEHVFKUHLEHQ(UV WHQVSUlVHQWLHUWVLHVLFKLQHLQHU9LHO]DKOXQWHUVFKLHGOLFKHU)XQNWLRQVXQG SULYDWHU5ROOHQ6RZHUGHQHLQHPEUHLWHQ3XEOLNXP,GHQWLILNDWLRQVDQJHER WH RIIHULHUW 'DEHL VLQG EHVRQGHUV GLH SHUV|QOLFKHQ 5ROOHQGDUVWHOOXQJHQ GD]XJHHLJQHWEHU(PSDWKLHXQG(PRWLRQDOLVLHUXQJDQGHQLQGLYLGXHOOHQ (UIDKUXQJVUDXP GHU 5H]LSLHQWLQQHQ XQG 5H]LSLHQWHQ DQ]XVFKOLH‰HQ XQG GLHPHGLDOH,QV]HQLHUXQJVRPLWLQHLQHUOHEHQVZLUNOLFKHQ5HDOLWlW]XYHU DQNHUQ'LHVH9DULDELOLWlWXQG)OH[LELOLWlWPLWGHUSROLWLVFKH$NWHXUHXQ WHUVFKLHGOLFKH5ROOHQGDUVWHOOXQJHQ]XU$XIIKUXQJEULQJHQVROODOV5ROOHQ SRO\YDOHQ] EH]HLFKQHW ZHUGHQ =ZHLWHQV EOHLEHQ +DQQHORUH .UDIWV SRO\YDOHQWH5ROOHQHQWZUIHQLFKWLVROLHUWVRQGHUQZHUGHQDXVHLQHPÄDX WKHQWLVFKHQ¶ ,GHQWLWlWVNHUQ KHUDXV RIIHQJHOHJW %KQHQWUDQVSDUHQ] EH]HLFK BBBBBBBBBBBBBB 

 9JO-HDQ%DXGULOODUGÅ'LH6LPXODWLRQ´LQ:ROIJDQJ:HOVFK +UVJ :HJHDXVGHU0RGHUQH 6FKOVVHOWH[WHGHU3RVWPRGHUQH'LVNXVVLRQ%HUOLQ6²  9JO'|UQHU $QP 6II3DXOD'LHKOÅ.|USHUVRDSRSHUDVXQG3ROLWLN'LH.|U SHULQV]HQLHUXQJHQ YRQ )HUQDQGR &ROORU GH 0HOOR XQG 6LOYLR %HUOXVFRQL´ LQ %LUJLW +DDV +UVJ  0DFKW 3HUIRUPDQ] 3HUIRUPDWLYLWlW 3ROLWWKHDWHU VHLW  :U]EXUJ  6² 3DXOD 'LHKO Å9RQ Ä0HGLHQNDQ]OHU¶ ÄVLQJHQGHU %XQGHVUlWLQ¶ XQG 6KRZPDQ .|USHULQV]H QLHUXQJHQ]ZLVFKHQ8QWHUKDOWXQJXQGSROLWLVFKHU5HSUlVHQWDWLRQ´LQ'LHV*HUWUXG.RFK +UVJ  ,QV]HQLHUXQJHQ GHU 3ROLWLN 'HU .|USHU DOV 0HGLXP 0QFKHQ  6² 3DXOD 'LHKOÅ'HNRQVWUXNWLRQDOV,QV]HQLHUXQJVPHWKRGH²YRQ%HUOXVFRQLELV]XGHQ*UQHQ´ LQ$QGUHDV'|UQHU&KULVWLDQ6FKLFKD +UVJ 3ROLWLNLP6SRW)RUPDW=XU6HPDQWLN3UDJPD WLNXQGbVWKHWLNSROLWLVFKHU:HUEXQJLQ'HXWVFKODQG:LHVEDGHQ6²  9JO3DXOD'LHKOÅ=ZLVFKHQGHP3ULYDWHQXQGGHP3ROLWLVFKHQ'LHQHXH.|USHULQV]HQLH UXQJ GHU 3ROLWLNHU´LQ 6DQGUD 6HXEHUW 3HWHU 1LHVHQ +UVJ 'LH*UHQ]HQ GHV 3ULYDWHQ %D GHQ%DGHQ6²KLHU6II

 

0DWWKLDV%DQGWHO

QHW GLHVH PHGLDOH 6HOEVWGDUVWHOOXQJVVWUDWHJLH SROLWLVFKHU $NWHXUH EHL GHU 5ROOHQZHFKVHO QLFKW DXI GHU +LQWHUEKQH HUIROJHQ VRQGHUQ WUDQVSDUHQW DXI GHU 9RUGHUEKQH GDUJHVWHOOW ZHUGHQ 'ULWWHQV GHNRQVWUXLHUW +DQQHORUH .UDIWGLHK\SHUUHDOH0HGLHQILJXUGHV3ROLWLNHUVLQGHPVLHVHOEVWUHIHUHQWLHOO 6FKZlFKHQGHU.|USHUOLFKNHLWLQLKUH,QV]HQLHUXQJHLQEH]LHKW ,Q DXGLRYLVXHOOHQ ,QV]HQLHUXQJHQ ZLUG $XWKHQWL]LWlW MHGRFK QXU ]XP 7HLO GXUFK 'DUVWHOOXQJVSUDNWLNHQ GHU 3URWDJRQLVWHQ KHUJHVWHOOW 'DUEHU KLQDXV HYR]LHUW GDV 0HGLXP VHOEVW GXUFK GHQ (LQVDW] VSH]LILVFKHU ELOG VSUDFKOLFKHU (OHPHQWH HLQH $XWKHQWLIL]LHUXQJ GHV PHGLDOHQ 7H[WHV ,P )ROJHQGHQZHUGHQMHQH*HVWDOWXQJVPLWWHOQlKHUXQWHUVXFKWGLH7DONVKRZ DXIWULWWHQSROLWLVFKHU$NWHXUHHLQHQ:LUNOLFKNHLWVDQVSUXFKYHUOHLKHQ 9%LOGVSUDFKOLFKH$XWKHQWLIL]LHUXQJVPLWWHOGHUPHGLDOHQ3UlVHQWDWLRQ SROLWLVFKHU$NWHXUH 'HQ8QWHUVXFKXQJVJHJHQVWDQGIUGLH$QDO\VHILOPVSUDFKOLFKHU$XWKHQWL IL]LHUXQJVPLWWHOVWHOOWHLQ(LQVSLHOHUGHULP.|OQHU7UHIIXQPLWWHOEDUDQGHQ .UDQNKHLWVGLVNXUV DQVFKOLH‰W $OV (LQVSLHOHU ZHUGHQ MHQH NXU]HQ &OLSV EH]HLFKQHW GLH LQ 7DONVKRZV LQ NQDSSHU )RUP GLH *lVWH YRUVWHOOHQ XQG GLH*HVSUlFKVEO|FNHVWUXNWXULHUHQ'HU(LQVSLHOHU]X+DQQHORUH.UDIWKDW HLQH'DXHUYRQFD6HNXQGHQ(UXPIDVVWLQVJHVDPW(LQVWHOOXQJHQ GLH YRUZLHJHQG PLWWHOV KDUWHU 6FKQLWWH PRQWLHUW VLQG 'LH GXUFKVFKQLWWOL FKH 'DXHU HLQHU (LQVWHOOXQJ EHWUlJW GDPLW JHUDGH 6HNXQGHQ 7URW] VHLQHU NXU]HQ /DXI]HLW YHUHLQW GHU (LQVSLHOHU HLQH 9LHO]DKO XQWHUVFKLHGOL FKHU6WLOPLWWHODXI%LOGZLH7RQHEHQH*HUDGHGLHVH9HUGLFKWXQJSUlGHV WLQLHUW GHQ (LQVSLHOHU IU HLQH $QDO\VH PHGLDOHU QDUUDWLYHU $XWKHQWLIL]LH UXQJVPLWWHO $XI GHU %LOGHEHQH LVW GLH .DPHUD QDKH]X XQDXIK|UOLFK LQ %HZHJXQJ )DKUWHQ =RRPV XQG 6FKZHQNV NRPPHQ ]XP (LQVDW] 9RQ GHU 7RWDOHQ ELV]XU*UR‰DXIQDKPHZLUGGDVJHVDPWH6SHNWUXPDQ(LQVWHOOXQJVJU|‰HQ DXVJHNRVWHW 'LH 3HUVSHNWLYH ZHFKVHOW PHKUIDFK ]ZLVFKHQ 1RUPDOVLFKW $XIVLFKW XQG 8QWHUVLFKW 1LFKW ]XOHW]W ZHUGHQ GLH (LQVWHOOXQJHQ (²( LQ=HLWOXSHDXVJHGHKQWVRZLHGLH(LQVWHOOXQJHQ(²(GXUFK=HLWUDIIHU YHUNU]W 2EJOHLFK GHU KDUWH 6FKQLWW GDV YRUUDQJLJ YHUZHQGHWH 0RQWDJH YHUIDKUHQ GDUVWHOOW ILQGHQ VLFK ]XGHP $E XQG $XIEOHQGHQ (²(  hEHUEOHQGXQJHQ (²( VRZLHHLQH7ULFNE]Z6FKLHEHEOHQGH (  'LH 7RQHEHQH GHV (LQVSLHOHUV HUZHLVW VLFK DOV lVWKHWLVFK QLFKW ZHQLJHU NRPSOH[ DOV GDV %LOG 9RU]XILQGHQ VLQG VRZRKO JHVSURFKHQH 6SUDFKH (²( DOVDXFKDWPRVSKlULVFKH*HUlXVFKH -XEHOUXIH$SSODXVVRZLH HLQ.DPHUDYHUVFKOXVVJHUlXVFK 'DVKHUYRUVWHFKHQGVWHDNXVWLVFKH*HVWDO WXQJVHOHPHQWVWHOOWLQGHVGLH9HUZHQGXQJYRQ0XVLNGDU'DEHLNRPPHQ



$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ



GUHL K|FKVW XQWHUVFKLHGOLFKH PXVLNDOLVFKH 0RWLYH ]XP (LQVDW] (LQVWHO OXQJHQ(²(VLQGXQWHUOHJWPLW*RQJ.OlQJHQLQ$QOHKQXQJDQPHGLWD WLYH RGHU VSLULWXHOOH 0XVLN 0LW HLQHP 7URPPHOZLUEHO LQ ( VHW]W GDV ]ZHLWH GHXWOLFK VFKQHOOHUH PXVLNDOLVFKH 0RWLY HLQ GDV YRQ 7URPSHWH %DVVXQG6FKODJ]HXJJHVSLHOWZLUGXQGVWLOLVWLVFKGHP6NDHQWOHKQWLVW(V ZLUG LQ (LQVWHOOXQJ ( DXVJHIDGHG $EVFKOLH‰HQG (²(  HUNOLQJW HLQH*LWDUUHQPHORGLHGHU6WLOULFKWXQJ5RFN3RS 'LHVHORVHEHVFKULHEHQHQILOPLVFKHQ*HVWDOWXQJVPLWWHOHUODQJHQLQGHU 1DUUDWLRQ IUHLOLFK HUVW LQ LKUHU MHZHLOLJHQ 6WHOOXQJ ]XHLQDQGHU %HGHXWXQJ 'HU(LQVSLHOHUOlVVWVLFKLQYLHUILOPVSUDFKOLFKMHZHLOVKRPRJHQH(LQKHL WHQXQWHUWHLOHQZREHLGLH*UHQ]]LHKXQJDXIDNXVWLVFKHUXQGYLVXHOOHU'L PHQVLRQ NRQJUXHQW YHUOlXIW 'LHVH YLHU 6XSUDVHJPHQWH ZHUGHQ LP )ROJHQ GHQ DQ +DQG YRQ (LQVWHOOXQJVSURWRNROOHQ GDUJHVWHOOW XP GLH )XQNWLRQ GHUFKDUDNWHULVWLVFKHQILOPVSUDFKOLFKHQ*HVWDOWXQJVPLWWHO]XGLVNXWLHUHQ 'DVHUVWH6XSUDVHJPHQW (²( VWHOOWJOHLFKVDPGLH([SRVLWLRQGHU1DU UDWLRQGDU'LH3URWDJRQLVWLQZLUGHLQJHIKUWXQGUROOHQSRO\YDOHQWFKDUDNWHUL VLHUW 'LH QXU 6HNXQGHQ GDXHUQGH 6HTXHQ] SUlVHQWLHUW .UDIW LQ GUHL XQWHUVFKLHGOLFKHQ 5ROOHQ DOV ERGHQVWlQGLJH Ä)UDX GHV 9RONHV¶ DP NRP PXQLNDWLYHQ 7UHIISXQNW 3RPPHVEXGH DOV QDFKGHQNOLFKH *HVFKlIWVIUDX LP )RQG LKUHV 'LHQVWZDJHQV VRZLH DOV WLHUOLHEHQGHU 3ULYDWPHQVFK $XI $E XQG hEHUEOHQGXQJHQ VHSDULHUHQ GDEHL PRQWDJHWHFKQLVFK GLH XQWHU VFKLHGOLFKHQ 5ROOHQ]XVFKUHLEXQJHQ YRQHLQDQGHU -HGRFK VXJJHULHUHQ GLH GXUFKJlQJLJQDKHQRGHUKDOEQDKHQ(LQVWHOOXQJHQDXI.UDIWVRZLHGLHVXE MHNWLYH.DPHUDIKUXQJ ( HLQH,GHQWLWlWGLHGLHYHUVFKLHGHQHQ5ROOHQ GDUVWHOOXQJHQLQWHJULHUW&KDUDNWHULVWLVFKIUGLHVH6HTXHQ]LVWGLH.RPEL QDWLRQ DXV PRQRWRQHU PXVLNDOLVFKHU 8QWHUPDOXQJ =HLWOXSH XQG GHP 6WDQGELOG (  bVWKHWLVFK ZLUG GDGXUFK GLH HU]lKOWH =HLW GHU 1DUUDWLRQ JHGHKQW'XUFKGLHVH6WLOPLWWHOZLUGDQJHGHXWHWGDVVGHP=XVFKDXHUKLHU HLQ (LQEOLFN LQ GHQ ÄZDKUHQ¶ 3HUV|QOLFKNHLWVNHUQ .UDIWV JHZlKUW ZLUG *OHLFK]HLWLJ ZLUG GUDPDWXUJLVFK GHU $XVJDQJVSXQNW IU QDFKIROJHQGH 9HUlQGHUXQJHQ JHOHJW 'HU %LOGLQKDOW YRQ (LQVWHOOXQJ ( EHVWlWLJW GLHVH /HVDUWLQGHP.UDIWLP)RQGHLQHV:DJHQVJH]HLJWZLUGVLFKDXIHLQHP :HJEHILQGHW+LHUZLUGHLQ5ROOHQZHFKVHOEKQHQWUDQVSDUHQWYRUEHUHLWHWDQ GHP GHU =XVFKDXHU WHLOKDEHQ GDUI 'LH HUQVWH 0LPLN +DQQHORUH .UDIWV VWHKWGDEHLLQGHXWOLFKHP.RQWUDVW]XLKUHP*HVLFKWVDXVGUXFNLP6WDQG ELOG ( GDVGLHVHU(LQVWHOOXQJPLWWHOVhEHUEOHQGXQJKLQWHQDQPRQWLHUW LVW'LHVH*HJHQEHUVWHOOXQJYHUELQGHWGLHVR]LDOHQ5ROOHQ.UDIWVDOV3UL YDWSHUVRQXQG3ROLWLNHULQ=XJOHLFKYHUZHLVWGHU.RQWUDVWLKUHU*HVLFKWV PLPLNDXILKUH)lKLJNHLW]XU5ROOHQGLVWDQ]'LHVHU(LQGUXFNZLUGGXUFKGDV BBBBBBBBBBBBBB 

 'DV7UDQVNULSWLRQVV\VWHPRULHQWLHUWVLFKDQGHPYRQ.HSSOHU $QP YRUJHVFKODJHQHQ 9HUIDKUHQ=XGHQYHUZHQGHWHQ$ENU]XQJHQYJO.HSSOHU $QP 6²

 

0DWWKLDV%DQGWHO

DEHUPDOLJHhEHUEOHQGHQDXIGLHLP'LHQVWZDJHQVLW]HQGH.UDIW ( QRFK YHUVWlUNWGLHMHW]WVLQQLHUHQGLKU.LQQPLWGHU+DQGVWW]W (LQVWHOOXQJVSURWRNROO.|OQHU7UHII :'5  $XVVFKQLWW²  1U =HLW 





 







.DPHUDRSHUDWLRQ $+DQQHORUH.UDIW +. )YKN=/  $%%/ $8)%/ *+.LP3URILOUH)OLY KN6OLKN=/ $%%/ $8)%/ 1)DKUHU  6OLKN*+. h 1 6W +.PLW+XQG =Y  





h +1%KN+.   &%6FKLHEHEOHQGHYR

%LOG +DQQHORUH.UDIW +. VWHKWDXI HLQHPJHSIODVWHUWHQ3ODW]YRUHLQHP .LRVNLVVW3RPPHV)ULWHVDXVHLQHU 3DSLHUWWHEOLFNWQDFKUHXGDQQ QDFKYNDXWEOLFNWQDFKX +.QLPPWHLQ3RPPHV)ULWHVLQGHQ 0XQGEOLFNWQDFKXGDQQNXU]QDFK Y+*3HUVRQHQDXIGHU6WUD‰H 0DQQLQNXU]HP+HPGDP6WHXHU HLQHV:DJHQVYRQK +.DXIGHP5FNVLW]+*YRUEHL ]LHKHQGH6WUD‰HEOLFNWVWDUUQDFKUH +.DXIHLQHU%DQNVLW]HQG2EHU N|USHUQDFKOLXJHEHXJWEOLFNW OlFKHOQGLQGLH.DPHUDVWUHLFKHOW HLQHQ+XQG +.DXIGHP 5FNVLW]HLQHV$XWRV EOLFNWQDFKUHVWW]WGDV.LQQDXIGLH UHFKWH+DQG +*YRUEHL]LHKHQGH6WUD‰H

7RQ 0X *RQJVFKOlJHPLW ODQJHP+DOOJHWUDJHQ 

0X *RQJVFKOlJHPLW ODQJHP+DOOJHWUDJHQ  0X *RQJVFKOlJHPLW ODQJHP+DOOJHWUDJHQ 

0X *RQJVFKOlJHPLW ODQJHP+DOOJHWUDJHQ 

0X *RQJVFKOlJHPLW ODQJHP+DOOJHWUDJHQ 



(LQH 6FKLHEHEOHQGH XQG GHU DEUXSWH :HFKVHO GHV 0XVLNVWLOV OHLWHQ GDV ]ZHLWH6XSUDVHJPHQW (²( HLQ0LWGHP$XVVWHLJHQDXVLKUHP'LHQVWZD JHQ ( XQGGHP%HWUHWHQHLQHVQHXHQ+DQGOXQJVUDXPHV ( EHLGHP GHU =XVFKDXHU XQPLWWHOEDU GDEHL LVW LVW GHU EKQHQWUDQVSDUHQWH 5ROOHQZHFKVHO YRQGHU3ULYDWSHUVRQ]XU3ROLWLNHULQ+DQQHORUH.UDIWYROO]RJHQ$XIELOG VSUDFKOLFKHU (EHQH ]HLFKQHQ GHU GXUFKJlQJLJH (LQVDW] YRQ =HLWUDIIHU VRZLHDXI7RQHEHQHGLHYRUZlUWVWUHLEHQGHSRO\SKRQRUFKHVWULHUWH0XVLN GDV%LOGGHU]XSDFNHQGHQ3ROLWLNHULQ'DVVVLHGDIUhEHU]HXJXQJVDUEHLW OHLVWHQ PXVV YHUVLQQELOGOLFKW GDV YLHOIDFKH +lQGHVFKWWHOQ (²(  VRZLHLKU(LQUHLKHQLQGLH*UXSSHYRQ'HOHJLHUWHQ ( 'LH6HTXHQ]LVW GXUFKJlQJLJ PLW $SSODXV XQG -XEHOUXIHQ XQWHUOHJW 'DGXUFK ZLUG HLQ HUIROJUHLFKHU$EVFKOXVVGHU$XIJDEH+DQQHORUH.UDIWVVFKRQDQJHGHXWHW       

 



$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ

(LQVWHOOXQJVSURWRNROO.|OQHU7UHII :'5  $XVVFKQLWW²  1U =HLW 

 

 

 



.DPHUDRSHUDWLRQ 7$XWRIURQWDO)UKN =5 +7 $6 +.)UKN=5 7+.LQ'UHKWU%UH

%LOG $XWRIlKUWQDFKOLY +.VWHLJWDXVGHU$XWRWUKlOWHLQH 7DVFKHLQGHUUHFKWHQ+DQGEOLFNW QDFKX +.JHKWGXUFK'UHKWUQDFKUH

KN=5

7+.IURQWDO %UHKN=5

+. JHKW*DQJHQWODQJQDFKOLY EOLFNWQDFKOLY+*0|EHO





*)RWRJUDIHQLP3URILO 6UHKN=5 7+.XQG5HGQHU





+1+.YRQKGDKLQ WHUIURQWDO3HUVRQHQ 'V )UHYKN6UHKN=5 +1+.YRQKL 'VLP3URILO)YUHKN =5

)RWRJUDIHQPLW.DPHUDVOLLP9*  +.DP5HGQHUSXOWYRUEODXHU/HLQ ZDQGEOLFNWQDFKOLRGDQHEHQ5HG QHUEOLFNWQDFKYGDQQUH+.ZLQNW PLWUHFKWHU+DQGQDFKOLEOLFNWQDFK OLOlFKHOWLP9*OL]ZHLURWH6FKLOGHU Å.XUW%HFN´XQGÅ+DQQHORUH.UDIW´ EHLGHPLW/RJRÅ15:63'´ +.JHKWYRQUHKLDXI3HUVRQHQ 'V  ]XVFKWWHOWHLQHU)UDXGLH+DQGLP +*ZHLWHUH'V +.JHKWDQ'VHQWODQJHLQ0DQQ VWHKWDXIVFKWWHOW+.GLH+DQGOHJW +.VHLQHOLQNH+DQGDXILKUHQ UHFKWHQ$UPOlFKHOWNVVW+.DXI UHFKWH:DQJH 0*XQG+*ZHLWHUH'V +.JHKWDQ'VHQWODQJVFKWWHOW ]ZHL'VGLH+DQG 'VOlFKHOQ 'VLP+DOENUHLVYRQ9*UHELV+* PLQPHKUHUHQ5HLKHQVWHKHQGXQG KRFNHQG+*OL6WKOH+.WULWWYRQ OLLQGHQ+DOENUHLVEOLFNWQDFKX GUHKWVLFKQDFKUHXQGKRFNWVLFK]Z 'VEOLFNWQDFKYXQGOlFKHOW +.EOLFNWQDFKOLYODFKWLP0* DQGHUH'V









1+.LP3URILOOL'V IURQWDO)UHKN=5





7'VLP3URILO%=5





*+.IURQWDO  $%%/

7RQ 0X HLQVHW]HQGH 7URPPHOZLUEHO  0X 7URPSHWHQXQG %DVVUK\WKPLVFK  0X 7URPSHWHQXQG %DVVUK\WKPLVFK  0X* 7URPSHWHQ XQG%DVVUK\WKPLVFK HLQVHW]HQGHU$SSODXV  0X* 7URPSHWHQ XQG%DVVUK\WKPLVFK $SSODXV 

0X* 7URPSHWHQ XQG%DVVUK\WKPLVFK $SSODXVXQG-XEHOUXIH  0X* 7URPSHWHQ XQG%DVVUK\WKPLVFK $SSODXVXQG-XEHOUXIH 

0X* 7URPSHWHQ XQG%DVVUK\WKPLVFK $SSODXVXQG-XEHOUXIH  0X* 7URPSHWHQ XQG%DVVUK\WKPLVFK $SSODXVXQG-XEHOUXIH 

0X* 7URPSHWHQ XQG%DVV$SSODXV OHLVHUZHUGHQG  

 'DVGULWWH6XSUDVHJPHQW (²( ]HLFKQHWVLFKLQHUVWHU/LQLHGXUFKHLQH H[WUHPH=XUFNQDKPHILOPVSUDFKOLFKHU(IIHNWHDXV&KDUDNWHULVWLVFKVLQG QXQ YHUJOHLFKVZHLVH ODQJH (LQVWHOOXQJHQ VRZLH GHU YROOVWlQGLJH 9HU]LFKW DXI .DPHUDEHZHJXQJ XQG 0XVLN 'DGXUFK ZLUG GHU )RNXV JHULFKWHW DXI GDV JHVSURFKHQH :RUW GDV DXVVFKOLH‰OLFK LQ GLHVHP 6XSUDVHJPHQW ]XP (LQVDW] NRPPW +LQVLFKWOLFK GHU 5HODWLRQ YRQ :RUW XQG %LOG OlVVW VLFK HLQH3ULRULVLHUXQJGHV*HVDJWHQIHVWVWHOOHQGDVDXIYLVXHOOHU(EHQHGXUFK GDV=HLJHQGHU2Q6SUHFKHULQLOOXVWULHUHQGUlXPOLFKVLWXLHUWZLUG=XGHP ZLUGIUGHQ=XVFKDXHUGXUFKGDV=HLJHQGHV3DUWHLORJRVGHU+DQGOXQJV

 

0DWWKLDV%DQGWHO

UDXPLQHLQHUDX‰HUPHGLDOHQ5HDOLWlWYHURUWHW9HUEDOSRVWXOLHUWGLH3URWD JRQLVWLQQRUPDWLYH$QVSUFKHDQLKUSROLWLVFKHV+DQGHOQ'DEHLEULQJWVLH NHLQH UDWLRQDOHQ $UJXPHQWH YRU VRQGHUQ EHJUQGHW LKUH .RPSHWHQ] GXUFK .ODUKHLW 0XW :LOOHQVNUDIW XQG /HLGHQVFKDIW ² XQG DWWHVWLHUW VLFK GLHVH :HUWH VHOEVW +LHU OlVVW VLFK GLH HLQJDQJV EHVFKULHEHQH /HLVWXQJ SROLWLVFKHU 1DUUDWLRQHQ IHVWVWHOOHQ GXUFK (PSDWKLH HLQH 9HUELQGXQJ ]X GHQ $GUHVVDWHQ KHU]XVWHOOHQ XQG PLWWHOV (PRWLRQDOLVLHUXQJ ]X EHU]HX JHQ (LQVWHOOXQJVSURWRNROO.|OQHU7UHII :'5  $XVVFKQLWW²  1U =HLW 







.DPHUDRSHUDWLRQ $8)%/ +7+.       $%%/ $8)%/ +7+.      &%%OLW]WULFN

%LOG

7RQ

+.DP5HGQHUSXOWPLW/RJRÅ63'´ XQG$XIVFKULIWÅ6R]LDOGHPRNUDWLVFKH 3DUWHL'HXWVFKODQGV´ +.EOLFNWQDFKOLYJHVWLNXOLHUW OHLFKW  EOLFNWQDFKXVWW]W+lQGHDXI3XOW EOLFNWQDFKUH

* $SSODXVDXVNOLQ JHQG     +.I!0DQPXVV NODUVHLQLQ QHU6SUDFKH  GDVELQ LFK  ! I!0DQPXVVPXWLJ VHLQ  GDVELQ LFK·!

+.DP3XOW+lQGHDXIJHVWW]W EOLFNWNXU]QDFKUHYGDQQQDFKOL   EOLFNWQDFKUHYGDQQQDFKOL

+.I!KK0DQ PXVV QVWDUNHQ:LOOOHQ KDEHQ  GHQKDE LFK  ! XQGPDQEUDXFKW/HL GHQVFKDIW  XQG/HL GHQVFKDIWEULQJ LFKPLW

 0LW GHU JHIlOOLJHQ 0XVLN XQG GHP 6RXQGHIIHNW DXV -XEHOUXIHQ XQG $S SODXV IXQJLHUW GDV YLHUWH 6XSUDVHJPHQW (²  DOV ÄH[WHUQHU¶ .RPPHQWDU GHU ]XYRU DEJHJHEHQHQ 6HOEVWHLQVFKlW]XQJ GHU 3URWDJRQLVWLQ %HPHU NHQVZHUW LVW GHU (LQVDW] GHV ]ZHLWHQ 6WDQGELOGHV (  LP (LQVSLHOHU :lKUHQGGDV6WDQGELOG]X%HJLQQ ( +DQQHORUH.UDIWLQHLQHUSULYDWHQ 5ROOH ]HLJW SUlVHQWLHUW VLH GDV 6WLOO LQ (LQVWHOOXQJ ( LQ GHU )XQNWLRQV UROOH DOV HUIROJUHLFKH  3ROLWLNHULQ 'XUFK GLH DQDORJH 9HUZHQGXQJ GHV 6WDQGELOGHVLQEHLGHQ5ROOHQGDUVWHOOXQJHQZLUGZLHGHUXPHLQH,GHQWLWlWGHU 3HUVRQHYR]LHUW,Q.RPELQDWLRQPLWGHP.DPHUDYHUVFKOXVVJHUlXVFKZLUG +DQQHORUH.UDIWV6LHJHUSRVHDOVIRWRJUDILVFKHU6FKQDSSVFKXVVLQV]HQLHUW 'HU6RXQGHIIHNWLQ(LVWGHVKDOEEHVRQGHUVDXJHQ XQGRKUHQ IlOOLJ ZHLO GHP ÅDWPRVSKlULVFKHQ 7RQ´ PHGLHQZLVVHQVFKDIWOLFK GLH )XQNWLRQ ]XJHVFKULHEHQ ZLUG ÅJHUDGH LP ,QIRUPDWLRQV XQG 8QWHUKDOWXQJVEHUHLFK GHV)HUQVHKHQVZHVHQWOLFK]XU$XWKHQWLVLHUXQJGHV*H]HLJWHQXQG*HVDJ BBBBBBBBBBBBBB 

 9JO6FKDDO $QP 6





$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ

WHQ´ EHL]XWUDJHQ ,P XQWHUVXFKWHQ (LQVSLHOHU YHUZHLVW GHU QDFKWUlJOLFK KLQ]XJHIJWH6RXQGHIIHNWDXI.RQYHQWLRQHQIDNWXDOHU)HUQVHKJHQUHVXQG HQWIDOWHW VHLQH %HGHXWXQJ LQ 9HUELQGXQJ PLW GHP VLPXOWDQ JH]HLJWHQ 6WDQGELOG'DVVKLHUGDV6WLOO]XP6FKQDSSVFKXVVVWLOLVLHUWZLUGVSLHOWPLW GHPUHDOLVWLVFKHQ&KDUDNWHUGHU)RWRJUDILHGHQ:DOWHU%HQMDPLQDOVÅGDV ZLQ]LJH )QNFKHQ =XIDOO +LHU XQG -HW]W >«@ PLW GHP GLH :LUNOLFKNHLW GHQ %LOGFKDUDNWHU JOHLFKVDP GXUFKVHQJW KDW >«@´ EHVFKUHLEW 'LH ,Q V]HQLHUXQJ +DQQHORUH .UDIWV 6LHJHUSRVH DOV VSRQWDQH IRWRJUDILVFKH $XI QDKPHVROODXIGLH9HURUWXQJGHVGDUJHVWHOOWHQ(UHLJQLVVHVLQHLQHUDX‰HU PHGLDOHQ 5HDOLWlW YHUZHLVHQ 'HU UHDOLVWLVFKH &KDUDNWHU GHV 0HGLXPV )RWRJUDILHXQWHUVWUHLFKWGLHVHQIDNWXDOHQ*HOWXQJVDQVSUXFK (LQVWHOOXQJVSURWRNROO.|OQHU7UHII :'5  $XVVFKQLWW²  1U =HLW 







.DPHUDRSHUDWLRQ

%LOG

7RQ

* 6W+.=K    h

+.MXEHOWPLWJHVFKORVVHQHQ$XJHQ 0XQGJH|IIQHW.RSIQDFKOLJHQHLJW LKUHUHFKWH)DXVWHUKREHQ

* .DPHUDYHUVFKOXVV JHUlXVFK  0X (*LWDUUHXQG 6FKODJ]HXJJHPl ‰LJWUXKLJ 

$ 86 +.     =Y1 86 +.  6OLR=Y* 86 +.  =K6U1 86 +. h

+.PLWURWHP%OXPHQVWUDX‰YRU 3ODNDW$XIVFKULIWWHLOZHLVHYHUGHFNW OHVEDUÅ6WDUN6WlGWH6WDUDQG´%( UHX5HGQHUSXOWPLW$XIVFKULIW YHUGHFNW ÅZZZQUZVSG´ +.KHEW%OXPHQVWUDX‰.DPHUD EOLW]H +.PLWHPSRUJHUHFNWHP%OXPHQ VWUDX‰LQUH+DQG +.OlFKHOW%OLW]HYRQ.DPHUDV

0X* (*LWDUUHXQG 6FKODJ]HXJJHPl ‰LJWUXKLJ+*$S SODXV-XEHOUXIH       0X* OHLVHUZHUGHQG

 

 =XVDPPHQIDVVHQGIXQJLHUHQGLHKLHUGLVNXWLHUWHQILOPVSUDFKOLFKHQ0LWWHO DOV,QGLNDWRUHQGHU$XWKHQWL]LWlW'DEHLVHW]WGHU(LQVSLHOHUDXIlVWKHWLVFKH 0HUNPDOHGLH*HQUHVHQWOHKQWVLQGGHQHQGLH=XVFKDXHULP+LQEOLFNDXI GLH9HURUWXQJGHU(U]lKOXQJLQGHUVR]LDOHQ :LUNOLFKNHLWHLQHQJHZLVVHQ .UHGLWHLQUlXPHQ²ZLH]%GHP'RNXPHQWDUILOPRGHU1DFKULFKWHQVHQ GXQJHQ $XI GHU %LOGHEHQH VWLFKW GDUXQWHU GHU FKDUDNWHULVWLVFKH (LQVDW] GHU+DQGNDPHUDKHUYRU²HLQVWLOLVWLVFKHV0LWWHOGDVYRUDOOHP]XUÅ$X WKHQWL]LWlWVHU]HXJXQJ´ HLQJHVHW]W ZLUG  GHU LQVJHVDPW (LQVWHOOXQ BBBBBBBBBBBBBB 

 .HSSOHU $QP 6  :DOWHU %HQMDPLQ Å.OHLQH *HVFKLFKWH GHU 3KRWRJUDSKLH´ LQ 'HUV 'DV .XQVWZHUN LP =HLWDOWHUVHLQHUWHFKQLVFKHQ5HSURGX]LHUEDUNHLW6WXGLHQ]XU.XQVWVR]LRORJLH)UDQNIXUWD0 6²KLHU6  9JO.HSSOHU $QP 6II  .HSSOHU $QP 6

 

0DWWKLDV%DQGWHO

JHQGHV(LQVSLHOHUVDUEHLWHQPLWGLHVHU.DPHUDWHFKQLN$XFKDXIGHU7RQ HEHQHNRPPHQ6WLOPLWWHO]XP(LQVDW]GLHGHU=XVFKDXHUPLWGRNXPHQWD ULVFKHQ*HQUHVLQ9HUELQGXQJEULQJW+LHUZlUH]%GHUDWPRVSKlULVFKH 7RQ]XQHQQHQ,QLKUHU.RPELQDWLRQNRPPWGLHVHQYLVXHOOHQXQGDNXVWL VFKHQ6WLOPLWWHOQGLH)XQNWLRQ]XLQIDNWXDOHQQDUUDWLYHQ7H[WHQ]XPDU NLHUHQÅGDVVGLHLQLKQHQHU]lKOWH:LUNOLFKNHLWGHQ$QVSUXFKHUKHEWDXI NRQNUHWH 6DFKYHUKDOWH LQ XQVHUHU :LUNOLFKNHLW ]X UHIHULHUHQ´ ,Q GLHVHU 3HUVSHNWLYH YHUVXFKW GDV 0HGLXP )HUQVHKHQ$XWKHQWL]LWlW GXUFK $XWRULVLH UXQJ KHU]XVWHOOHQ (V IXQJLHUW DOV ,QVWLWXWLRQ GLH GHQ 5HIHUHQWLDOLWlWVDQ VSUXFK HLQHU (U]lKOXQJ YHUPLWWHOV VSH]LILVFKHU ILOPVSUDFKOLFKHU .RQYHQ WLRQHQEHJODXELJW 'RFKJUHLIWHLQH.RQ]HQWUDWLRQDOOHLQDXIGDV9RUKDQGHQVHLQGLHVHU,Q GLNDWRUHQGHU$XWKHQWL]LWlW]XNXU]9RQHEHQVRJUR‰HU%HGHXWXQJLVWYLFH YHUVD GDV )HKOHQ MHQHU *HVWDOWXQJVHOHPHQWH GLH HLQH PHGLDOH (U]lKOXQJ ILNWLRQDOLVLHUHQ ,P XQWHUVXFKWHQ (LQVSLHOHU VWLFKW GDEHL LQ HUVWHU /LQLH GHU YROONRPPHQH 9HU]LFKW DXI 0XVLN XQG .DPHUDEHZHJXQJ LP GULWWHQ 6XSUDVHJPHQW (²( LQV$XJH'LH9HUGLFKWXQJE]ZGDV:HJODVVHQ GHUEHVFKULHEHQHQILOPVSUDFKOLFKHQ0LWWHONRQVWLWXLHUWHLQHÅbVWKHWLNGHV =XIlOOLJHQ´*HUDGHGLHVHYHUPHLQWOLFKQLFKWNDONXOLHUWHXQGXQLQWHQGLHU WH,QV]HQLHUXQJZLOODQHLQZHLWYHUEUHLWHWHV9HUVWlQGQLVYRQ$XWKHQWL]LWlW DQNQSIHQ 9,)D]LW Ä$XWKHQWLVFKH¶ SROLWLVFKH 1DUUDWLRQHQ HUIOOHQ VRZRKO GHPRNUDWLHWKHRUH WLVFK DOV DXFK DXI GHU LQGLYLGXHOOHQ (EHQH SROLWLVFKHU $NWHXUH ]HQWUDOH )XQNWLRQHQ 6LH HU|IIQHQ 6SUHFKHULQQHQ XQG 6SUHFKHUQ HLQHQ =XJDQJ ]XPSROLWLVFKHQ'LVNXUVGHULKQHQVRQVWDXIJUXQGLKUHU6WHOOXQJLPSROL WLVFKHQ 6\VWHP RGHU MRXUQDOLVWLVFKHU 6HOHNWLRQVNULWHULHQ YHUZHKUW EOLHEH 6LH ELHWHQ HLQH .RPPXQLNDWLRQVIRUP DQ LQ GHU QHEHQ UDWLRQDOHU $UJX PHQWDWLRQ SROLWLVFKH hEHU]HXJXQJVDUEHLW GXUFK (PRWLRQDOLVLHUXQJ XQG LQGLYLGXHOOH :HUWGLVSRVLWLRQHQ JHOHLVWHW ZHUGHQ NDQQ 8QG VLH DNWXDOLVLH UHQ NXOWXUHOOH :HUWEHVWlQGH IU HLQH ]XQHKPHQG IUDJPHQWLHUWH gIIHQW OLFKNHLW $XWKHQWLIL]LHUXQJVVWUDWHJLHQNRPPHQLQGHUPHGLDWLVLHUWHQSROLWLVFKHQ .RPPXQLNDWLRQ DXI ]ZHL (EHQHQ ]XP $XVGUXFN :LH LQ GHU )DOOVWXGLH BBBBBBBBBBBBBB 

   

0DUWtQH] $QP 6 9JO.HSSOHU $QP 6II .HSSOHU $QP 6 9JO:HQW] $QP 6II



$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ



JH]HLJWZXUGHVWHOOWGLHPHGLDOH,QV]HQLHUXQJYRQ$XWKHQWL]LWlWHLQHUVHLWV KRKH $QVSUFKH DQ GLH 'DUVWHOOXQJVNRPSHWHQ]HQ SROLWLVFKHU $NWHXUH $QGHUHUVHLWV NRQVWUXLHUW GDV 0DVVHQPHGLXP )HUQVHKHQ $XWKHQWL]LWlW PLWWHOVlVWKHWLVFKHU0HUNPDOH=XHLQHUDXWKHQWLVFKHQ6HOEVWGDUVWHOOXQJSROL WLVFKHU $NWHXUH JHK|UW ]XQlFKVW GLH ,QV]HQLHUXQJ YRQ 5ROOHQSRO\YDOHQ] (QW ZRUIHQ ZLUG GDV .RQVWUXNW HLQHU YLHOVFKLFKWLJHQ 3HUV|QOLFKNHLW GDV ² QHEHQ.RPSHWHQ]HQLQVDFKSROLWLVFKHQ)UDJHQ²DXFKSULYDWH5ROOHQPLW HLQVFKOLH‰W ,P XQWHUVXFKWHQ )DOO EULQJW GLH /DQGHVSROLWLNHULQ +DQQHORUH .UDIWJDUGLHLQWLPH5ROOHHLQHUDQHLQHUFKURQLVFKHQ(UNUDQNXQJ/HLGHQ GHQ]XU$XIIKUXQJ,QGHPSROLWLVFKH$NWHXUHHLJHQH3DWKRORJLHQLQLKUH 6HOEVWGDUVWHOOXQJ HLQEH]LHKHQ DNWLYLHUHQ VLH HLQHQ DXVJHVSURFKHQ DQ VFKOXVVIlKLJHQ%HUHLFKDXVGHUOHEHQVZLUNOLFKHQ(UIDKUXQJLKUHU=XVFKDX HU'DUEHUKLQDXVHQWODUYWGDV7KHPDWLVLHUHQGHUHLJHQHQ9HUOHW]OLFKNHLW XQG6FKZlFKHGLHÅK\SHUUHDOH0HGLHQILJXU>@´SROLWLVFKHU$NWHXUHDOV,Q V]HQLHUXQJ'HVZHLWHUHQYHUIROJHQSROLWLVFKH$NWHXUHGDV=LHOHLQHUVHOEVW UHIHUHQWLHOOHQ 2IIHQOHJXQJ GHU ,QV]HQLHUXQJ PLWWHOV %KQHQWUDQVSDUHQ] 'DEHL LVW GLH ,QWHJUDWLRQ GHU GDUJHVWHOOWHQ XQWHUVFKLHGOLFKHQ )XQNWL RQVXQG3ULYDWUROOHQLQHLQHPNRQVLVWHQWHQ,GHQWLWlWVHQWZXUI]HQWUDOIU HLQH DXWKHQWLVFKH 6HOEVWGDUVWHOOXQJ SROLWLVFKHU $NWHXUH ,P XQWHUVXFKWHQ (LQVSLHOHU JHKHQ GLH PHKUIDFKHQ 5ROOHQZHFKVHO +DQQHORUH .UDIWV QLFKW ÄDXIGHU+LQWHUEKQH¶YRQVWDWWHQVRQGHUQZHUGHQGHP3XEOLNXPDXIGHU 9RUGHUEKQH SUlVHQWLHUW :LH ]HQWUDO GLH 7UDQVSDUHQ] YRQ 5ROOHQZHFK VHOQIUGLH*ODXEZUGLJNHLWGHU'DUVWHOOXQJSROLWLVFKHU$NWHXUHLVWOlVVW VLFK JHUDGH DP %HLVSLHO HLQHU JHVFKHLWHUWHQ ,QV]HQLHUXQJ LOOXVWULHUHQ ,P $XJXVWYHU|IIHQWOLFKWHGLH=HLWVFKULIW%XQWHJUR‰IRUPDWLJH%LOGHUGLH GHQ GDPDOLJHQ %XQGHVYHUWHLGLJXQJVPLQLVWHU 5XGROI 6FKDUSLQJ PLW VHLQHU /HEHQVJHIlKUWLQ .ULVWLQD *UlILQ 3LODWL WXUWHOQG LP 6ZLPPLQJSRRO ]HLJ WHQ'LHVHYHUPHLQWOLFKSULYDWH'DUVWHOOXQJVWDQGLQNUDVVHP*HJHQVDW] ]X VHLQHP ,PDJH DOV HKHU VSU|GHU 3ROLWLNHU 'D 6FKDUSLQJ HV YHUVlXPWH GHQ :HFKVHO ]ZLVFKHQ GHQ YRQ LKP GDUJHVWHOOWHQ 5ROOHQ WUDQVSDUHQW ]X HUNOlUHQEOLHEHQGLH5ROOHQHQWZUIHXQYHUEXQGHQ'DGXUFKZXUGHQ$Q JULIIHQSROLWLVFKHU*HJQHUXQGMRXUQDOLVWLVFKHU.ULWLN7UXQG7RUJH|II QHWGLHOHW]WOLFK]XP5FNWULWWGHV0LQLVWHUVIKUWHQ$XIlKQOLFKH:HLVH DWWDFNLHUWH +DQQHORUH .UDIW GHQ *HJHQNDQGLGDWHQ GHU &'8 LP /DQG WDJVZDKONDPSI  GHU ]XYRU PDO GHQ $UEHLWHUIKUHU GDQQ GHQ 5HFKWVSRSXOLVWHQ XQG VFKOLH‰OLFK GHQ 9HUIHFKWHU GHV :RKOIDKUWVVWDDWV JHJHEHQ KDWWH Å'DV LVW MHW]W GLH [WH 5ROOH 5WWJHUV· 'DV QHKPHQ GLH BBBBBBBBBBBBBB 

 9JO'|UQHU $QP 6I  )UHLQHDXVIKUOLFKH$QDO\VHGLHVHV)DOOEHLVSLHOVYJO/XGJHUD9RJWÅ6FKDUSLQJLP3RRO hEHU&KDQFHQXQG5LVLNHQGHU3ULYDWLVLHUXQJGHV3ROLWLVFKHQ´LQ&KULVWLDQ6FKLFKD&DUV WHQ%URVGD +UVJ 3ROLWLNYHUPLWWOXQJLQ8QWHUKDOWXQJVIRUPDWHQ0HGLHQLQV]HQLHUXQJHQ]ZLVFKHQ3R SXODULWlWXQG3RSXOLVPXV0QVWHUXD6²

 

0DWWKLDV%DQGWHO

%UJHU ZDKU´ 6RZRKO 6FKDUSLQJ DOV DXFK -UJHQ 5WWJHUV KDEHQ YHU VlXPW LKUH UROOHQSRO\YDOHQWHQ 6HOEVWGDUVWHOOXQJHQ GXUFK %KQHQWUDQVSD UHQ]]XHUNOlUHQXQGGDPLWGHP9RUZXUIGHU%HOLHELJNHLWXQGGHP9HU OXVWYRQ*ODXEZUGLJNHLWHQWJHJHQ]XZLUNHQ 0LWGLHVHP$QVDW]OlVVWVLFKDXFKGHUUDSLGH*ODXEZUGLJNHLWVYHUOXVW GHV %XQGHVSUlVLGHQWHQ &KULVWLDQ :XOII EHVVHU YHUVWHKHQ GHU DP )HEUXDULQVHLQHU'HPLVVLRQNXOPLQLHUWH=ZLVFKHQGHQVHOEVW HUNOlUWHQ XQG PHGLDO ZLOOIlKULJ JHVWW]WHQ SRO\YDOHQWHQ 5ROOHQGDUVWHOOXQ JHQDOVYRONVQDKHV6WDDWVREHUKDXSWPLWÅHQWZDIIQHQGH>U@(KUOLFKNHLW´XQG DOV Å3DWFKZRUN3DSD´ DXI GHU HLQHQ XQG GHP VFKHLEFKHQZHLVH PHGLDO NROSRUWLHUWHQ %LOG HLQHV HLJHQQW]OLFK XQG ÄPDFKWJHLO¶ DJLHUHQGHQ 7DNWLH UHUVDXIGHUDQGHUHQ6HLWHWDWVLFKHLQHNODWDQWHU%UXFKLQGHU,QV]HQLHUXQJ DXI GHU QDUUDWLY QLFKW EKQHQWUDQVSDUHQW YHUEXQGHQ ZHUGHQ NRQQWH /HW]WOLFKZDUHQDXFKGLH0HGLHQQLFKWPHKUEHUHLWHLQHDXWKHQWLIL]LHUHQGH ,QV]HQLHUXQJGHVÅ0HGLHQSUlVLGHQW>HQ@´ZHLWHU]XDXWRULVLHUHQ'DQNEDU ZXUGH GLH :LUNOLFKNHLWVHU]lKOXQJ GHV ÄIDOVFKHQ 3UlVLGHQWHQ¶ DXIJHJULIIHQ GLH GHU PHGLDOHQ 6HOHNWLRQVORJLN GXUFK 6NDQGDOLVLHUXQJ HQWJHJHQNDP 'LHYRUJHVFKODJHQHQ$QDO\VHGLPHQVLRQHQDXI,QWHUDNWLRQVXQG3UlVHQWD WLRQVHEHQHJHEHQZHLWHUIKUHQGHQ)DOOVWXGLHQ]XÄJHVFKHLWHUWHQ¶,QV]HQLH UXQJHQSROLWLVFKHU$NWHXUHHLQ,QVWUXPHQWDULXPDQGLH+DQGPLWGHVVHQ +LOIH VLFK VSH]LILVFKH 0XVWHU GHV Ä$XVHLQDQGHUEUHFKHQV¶ SRO\YDOHQWHU 5ROOHQGDUVWHOOXQJHQUHNRQVWUXLHUHQODVVHQN|QQWHQ (VJHKWDOVREHLGHU)UDJHQDFKGHU$XWKHQWL]LWlWSROLWLVFKHU1DUUDWLR QHQQLFKWGDUXPRE.UDIWÄZLUNOLFK¶7LHUHOLHEWRGHU6FKDUSLQJVHLQH*Ul ILQRGHU5WWJHUV.LQGHU²ZHUVROOWHGDVDXFKZLHEHUSUIHQ"²VRQGHUQ XPHLQYHUELQGHQGHV.RQVWUXNWGDVVGLH5ROOHQHQWZUIH]XHLQHU,GHQWL WlW HLQW +LHUDQ ZLUG GHXWOLFK GDVV HLQH DXWKHQWLVFKH 6HOEVWGDUVWHOOXQJ QLFKW DOV $EELOGHQ GHV ÄZDKUHQ¶ &KDUDNWHUV PLVVYHUVWDQGHQ ZHUGHQ GDUI Å:LU DOOH VSLHOHQ 7KHDWHU´ XQG PVVHQ LQ XQWHUVFKLHGOLFKHQ VR]LDOHQ .RQWH[WHQ MH DGlTXDWH 5ROOHQ GDUVWHOOHQ ,Q GHU 3RVWPRGHUQH KDW GHU BBBBBBBBBBBBBB 

    

%XUJHU:HKQHU $QP  9JO$QP +LOGHEUDQGW $QP  +LOGHEUDQGW $QP  'HU7LWHOGHV6SLHJHOV  QDKPGLH)RUPXOLHUXQJYRQ+LOGHEUDQGW $QP ZLHGHU DXI PLW GHU VLH EHUHLWV HLQ -DKU ]XYRU GLH *HIKOVODJH :XOIIV DQJHVLFKWV GHU 3RSXODULWlW VHLQHV *HJHQNDQGLGDWHQV NRPPHQWLHUWH ² GDPDOV IUHLOLFK QRFK RKQH GLH HWKLVFKHQ XQG UHFKWOLFKHQ.RQQRWDWLRQHQ  9JO 0DWWKLDV %DQGWHO Å'LH PHGLDOH ,QV]HQLHUXQJ YRQ 3DWKRJHQHVHQ SROLWLVFKHU $NWHXUH 5ROOHQGDUVWHOOXQJHQ]ZLVFKHQ6FKHLWHUQXQG1HXRULHQWLHUXQJLPSROLWLVFKHQ'LVNXUV´LQ 5HQp -RKQ $QDWRQLD /DQJKRI +UVJ  6FKHLWHUQ ² HLQ 'HVLGHUDW GHU 0RGHUQH :LHVEDGHQ LP 'UXFN   (UYLQJ*RIIPDQ:LUDOOHVSLHOHQ7KHDWHU'LH6HOEVWGDUVWHOOXQJLP$OOWDJ0QFKHQXD



$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ



*ODXEHDQHLQHQRULJLQlUHQ.HUQGHU3HUV|QOLFKNHLWKLQWHUDOOGHQ5ROOHQ PDVNHQVFKOLH‰OLFKDXVJHGLHQW8PGHQQRFK.RQWLQXLWlWXQG%HUHFKHQ EDUNHLW ]X JHZlKUOHLVWHQ HUIOOW $XWKHQWL]LWlW GLH ZLFKWLJH VR]LDOH 2ULHQ WLHUXQJVIXQNWLRQ GLH XQWHUVFKLHGOLFKHQ 5ROOHQHQWZUIH HLQHV $NWHXUV DOV QDUUDWLYH .ODPPHU LQ HLQHU HLQKHLWOLFKHQ ,GHQWLWlWVNRQVWUXNWLRQ ]XVDP PHQ]XIKUHQ(EHQVRZLUGGLH,QV]HQLHUXQJSROLWLVFKHU$NWHXUHYRQGHQ 5H]LSLHQWHQ QLFKW PLW GHP YHUPHLQWOLFK ÄXQJHVWHOOWHQ¶ %OLFN DXI GLH 3HU V|QOLFKNHLW YHUZHFKVHOW VRQGHUQ LPPHU DOV 'DUVWHOOXQJ XQWHUVFKLHGOLFKHU 5ROOHQHUNDQQW'DVPDFKW$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWL RQ DEHU QLFKW REVROHW VRQGHUQ YHUODQJW 3ROLWLNHUQ GLH VHOEVWUHIHUHQWLHOOH EKQHQWUDQVSDUHQWH2IIHQOHJXQJLKUHUSRO\YDOHQWHQ5ROOHQZHFKVHODEXP GHU,QV]HQLHUXQJ*ODXEZUGLJNHLW²LP6LQQHHLQHU.RQVLVWHQ]GHU'DU VWHOOXQJ²]XYHUOHLKHQ 'DV0HGLXP)HUQVHKHQWUlJW]XU$XWKHQWLIL]LHUXQJSROLWLVFKHU1DUUD WLRQHQEHLLQGHPDXIILOPELOGOLFKHU(EHQH$XWKHQWL]LWlWVPDUNHUJHVHW]WZHU GHQ 'DEHL KDQGHOW HV VLFK XP HLQ %QGHO GRNXPHQWDULVFKHU E]Z GDV )HKOHQ ILNWLRQDOLVLHUHQGHU ELOGVSUDFKOLFKHU 0HUNPDOH ,KUH VSH]LILVFKH .RPELQDWLRQNRUUHVSRQGLHUWPLW.RQYHQWLRQHQGHUILOPELOGOLFKHQ,QV]H QLHUXQJGLHGHU5H]LSLHQWPLWIDNWXDOHQ*HQUHVYHUELQGHW$XIGLHVH:HL VHÄDXWRULVLHUW¶GDV)HUQVHKHQDOV,QVWLWXWLRQGLHÄ(FKWKHLW¶GHU(U]lKOXQJ $XWKHQWLVFKHPHGLDOH7H[WHZHUGHQVRPLWQLFKWDOV$EELOGHLQHUHUNHQQW QLVXQDEKlQJLJ H[LVWLHUHQGHQ :LUNOLFKNHLW YHUVWDQGHQ $XWKHQWL]LWlW VWHOOW HLQH lVWKHWLVFKH .DWHJRULH DXGLRYLVXHOOHU 1DUUDWLRQHQ GDU PLWWHOV GHUHU GHP3XEOLNXPGDV$QJHERWJHPDFKWZLUGGLH(U]lKOXQJDXIHLQHEHVWLPP WH $UW ]X OHVHQ 'XUFK GLH $XWKHQWLIL]LHUXQJ HUKHEW GDV )HUQVHKHQ GHQ $QVSUXFKDXIGLH*HOWXQJGHUPHGLDOHQ:LUNOLFKNHLWVNRQVWUXNWLRQLQHLQHU DX‰HUPHGLDOHQ5HDOLWlWÅ,QGHP0RPHQWLQGHPMRXUQDOLVWLVFKH7H[WHLQ PHGLDOH =LUNXODWLRQ JHEUDFKW ZHUGHQ JHKHQ VLH HLQHQ VWLOOVFKZHLJHQGHQ )DNWXDOLWlWVSDNWPLWLKUHQ/HVHUQHLQ´ 2E GLHVH 5HIHUHQ] GHU (U]lKOXQJ DXI HLQH VR]LDOH :LUNOLFKNHLW LQGHV HUIOOW ZLUG KlQJW YRP SUDJPDWLVFKHQ *HEUDXFK GHV 7H[WHV GXUFK GLH =XVFKDXHUDE6LHHQWVFKHLGHQOHW]WOLFKGDUEHUREGLHPHGLDOH5HDOLWlWV NRQVWUXNWLRQ PLW LKUHQ ,QWHUSUHWDWLRQHQ GHU :LUNOLFKNHLW EHUHLQVWLPPW BBBBBBBBBBBBBB 

 )U HLQHQ hEHUEOLFN SRVWPRGHUQHU 7KHRULHQ GHU ,GHQWLWlWVNRQVWUXNWLRQ YJO +DQQHORUH %XEOLW] ,P %HLFKWVWXKO GHU 0HGLHQ 'LH 3URGXNWLRQ GHV 6HOEVW LP |IIHQWOLFKHQ %HNHQQWQLV %LHOHIHOG  IU HLQH =XVDPPHQIDVVXQJ YJO 0DWWKLDV %DQGWHO Å+DQQHORUH %XEOLW] ,P %HLFKW VWXKOGHU0HGLHQ'LH3URGXNWLRQGHV6HOEVWLP|IIHQWOLFKHQ%HNHQQWQLV%LHOHIHOG´ 0(',(1ZLVVHQVFKDIW6²  9JO:HQW] $QP 6I  (LQH$XIVWHOOXQJVROFKHU,QGLNDWRUHQ²RKQH$QVSUXFKDXI9ROOVWlQGLJNHLW²ILQGHWVLFKEHL .HSSOHU $QP 6II  0DUWtQH] $QP 6I

 

0DWWKLDV%DQGWHO

'DDEHUHLQGLUHNWHU$EJOHLFKGHU(U]lKOXQJPLWGHU5HDOLWlWQLFKWP|J OLFKLVWPXVVVLFKGLH3UIXQJGHV5HIHUHQ]DQVSUXFKVDXWKHQWLVFKHU7H[WH DXI HEHQIDOOV PHGLDO YHUPLWWHOWH 4XHOOHQ EH]LHKHQ $XWKHQWL]LWlW ZLUG VR ]XHLQHU)UDJHGHULQQHUHQXQGlX‰HUHQ.RQVLVWHQ]HLQHU(U]lKOXQJ$OV DXWKHQWLVFK ZHUGHQ MHQH PHGLDOHQ 7H[WH ZDKUJHQRPPHQ GLH HLQHUVHLWV LKUH1DUUDWLYHVWULQJHQWXQGZLGHUVSUXFKVIUHLHQWZLFNHOQXQGDQGHUHUVHLWV PLWDQGHUHQ(U]lKOXQJHQGHUVHOEHQ(UHLJQLVVHEHUHLQVWLPPHQ (LQH DXWKHQWLVFKH ,QV]HQLHUXQJ YHUODQJW SROLWLVFKHQ $NWHXUHQ VRPLW QLFKWQXUNRPSOH[H'DUVWHOOXQJVSUDNWLNHQDEGLHDXIHLQH,GHQWLWlWLKUHU XQWHUVFKLHGOLFKHQ 5ROOHQHQWZUIH LQQHUKDOE HLQHU (U]lKOXQJ DE]LHOHQ VLH HUIRUGHUW GDUEHU KLQDXV GLH 0HGLHQNRPSHWHQ] HNODWDQWH %UFKH ]ZL VFKHQYHUVFKLHGHQHQ1DUUDWLRQHQ]XYHUPHLGHQ-HVWlUNHUGLHLQQHUHXQG lX‰HUH.RQVLVWHQ]DXWKHQWLVFKHUSROLWLVFKHU1DUUDWLRQHQGHVWRJU|‰HUGLH &KDQFH GDVV GHU =XVFKDXHU GDV $XWKHQWL]LWlWVYHUVSUHFKHQ PHGLDOHU ,Q V]HQLHUXQJHQDXFKDQQLPPW /LWHUDWXU $EHOV +HLQ] ,QWHUDNWLRQ ,GHQWLWlW 3UlVHQWDWLRQ .OHLQH (LQIKUXQJ LQ LQWHUSUHWDWLYH 7KHRULHQ GHU6R]LRORJLH:LHVEDGHQ %DQGWHO0DWWKLDVÅ'LHPHGLDOH,QV]HQLHUXQJYRQ3DWKRJHQHVHQSROLWLVFKHU$NWHXUH 5ROOHQGDUVWHOOXQJHQ ]ZLVFKHQ 6FKHLWHUQ XQG 1HXRULHQWLHUXQJ LP SROLWLVFKHQ 'LVNXUV´LQ5HQp-RKQ$QDWRQLD/DQJKRI +UVJ 6FKHLWHUQ²HLQ'HVLGHUDWGHU 0RGHUQH:LHVEDGHQ LP'UXFN  ³ Å&KULVWLQD +ROW]%DFKD 'LH 0DVVHQPHGLHQ LP :DKONDPSI 'DV :DKOMDKU :LHVEDGHQ´0(',(1ZLVVHQVFKDIW  6² ³ Å+DQQHORUH%XEOLW],P%HLFKWVWXKOGHU0HGLHQ'LH3URGXNWLRQGHV6HOEVWLP |IIHQWOLFKHQ%HNHQQWQLV%LHOHIHOG´0(',(1ZLVVHQVFKDIW   6² ³-HQV 7HQVFKHU Å/,)(·V 9LHWQDP ² %LOGHU GHU .RQVWUXNWLRQ HLQHU PHGLDOHQ 5H DOLWlW GHV .ULHJHV´ LQ 1DWDVFKD =RZLVOR*UQHZDOG XD +UVJ  'HQ .ULHJ HUNOlUHQ 6LFKHUKHLWVSROLWLN DOV 3UREOHP GHU .RPPXQLNDWLRQ )UDQNIXUW D0 XD 6² %DXGULOODUG-HDQÅ'LH6LPXODWLRQ´LQ:ROIJDQJ:HOVFK +UVJ :HJHDXVGHU0RGHUQH 6FKOVVHOWH[WHGHU3RVWPRGHUQH'LVNXVVLRQ%HUOLQ6² %HQMDPLQ:DOWHUÅ.OHLQH*HVFKLFKWHGHU3KRWRJUDSKLH´LQ'HUV'DV.XQVWZHUNLP =HLWDOWHUVHLQHUWHFKQLVFKHQ5HSURGX]LHUEDUNHLW)UDQNIXUWD06² %XEOLW] +DQQHORUH ,P %HLFKWVWXKO GHU 0HGLHQ 'LH 3URGXNWLRQ GHV 6HOEVW LP |IIHQWOLFKHQ %HNHQQWQLV%LHOHIHOG %XUJHU5DLQHU0DUNXV:HKQHUÅ,P*HVSUlFK+DQQHORUH.UDIW´ID]QHW 'LHKO3DXODÅ'HNRQVWUXNWLRQDOV,QV]HQLHUXQJVPHWKRGH²YRQ%HUOXVFRQLELV]XGHQ *UQHQ´LQ$QGUHDV'|UQHU&KULVWLDQ6FKLFKD +UVJ 3ROLWLNLP6SRW)RUPDW

BBBBBBBBBBBBBB 

 9JO.HSSOHU $QP 6



$XWKHQWL]LWlWLQGHUSROLWLVFKHQ.RPPXQLNDWLRQ



=XU 6HPDQWLN 3UDJPDWLN XQG bVWKHWLN SROLWLVFKHU :HUEXQJ LQ 'HXWVFKODQG :LHVED GHQ6² ³ Å.|USHU VRDS RSHUDV XQG 3ROLWLN 'LH .|USHULQV]HQLHUXQJHQ YRQ )HUQDQGR &ROORUGH0HOORXQG6LOYLR%HUOXVFRQL´LQ%LUJLW+DDV +UVJ 0DFKW3HUIRU PDQ]3HUIRUPDWLYLWlW3ROLWWKHDWHUVHLW:U]EXUJ6² ³ Å9RQÄ0HGLHQNDQ]OHU¶ÄVLQJHQGHU%XQGHVUlWLQ¶XQG6KRZPDQ.|USHULQV]HQ LHUXQJHQ ]ZLVFKHQ 8QWHUKDOWXQJ XQG SROLWLVFKHU 5HSUlVHQWDWLRQ´ LQ 'LHV *HUWUXG.RFK +UVJ ,QV]HQLHUXQJHQGHU3ROLWLN'HU.|USHUDOV0HGLXP0QFKHQ 6² ³ Å=ZLVFKHQGHP3ULYDWHQXQGGHP3ROLWLVFKHQ'LHQHXH.|USHULQV]HQLHUXQJ GHU 3ROLWLNHU´ LQ 6DQGUD 6HXEHUW 3HWHU 1LHVHQ +UVJ  'LH *UHQ]HQ GHV 3UL YDWHQ%DGHQ%DGHQ6² '|UQHU $QGUHDV 3ROLWDLQPHQW 3ROLWLN LQ GHU PHGLDOHQ (UOHEQLVJHVHOOVFKDIW )UDQNIXUW D0  ³/XGJHUD 9RJW Å:DKONDPSI LP 8QWHUKDOWXQJV]HLWDOWHU´ LQ 0DWWKLDV 0DFKQLJ +UVJ 3ROLWLN²0HGLHQ²:lKOHU:DKONDPSILP0HGLHQ]HLWDOWHU2SODGHQ 6² '|UULHV %HUQG Å+DQQHORUH .UDIW 'LH 7UPPHUIUDX GHU 63'´ VXHGGHXWVFKHGH  *DEULHO2VNDU:6LONH,.HLO6,VDEHOO7KDLGLJVPDQQÅ.DQGLGDWHQRULHQWLHUXQJHQ XQG :DKOHQWVFKHLG EHL GHU %XQGHVWDJVZDKO ´ LQ 2VFDU : *DEULHO %HUQKDUG :H‰HOV -UJHQ : )DOWHU +UVJ  :DKOHQ XQG :lKOHU $QDO\VHQ DXV $QODVVGHU%XQGHVWDJVZDKO:LHVEDGHQ6² *LUQWK+HLNR6DVFKD0LFKHOÅ9RQGLVNXUVLYHQ6SUHFKKDQGOXQJHQELV6WXGLRGHNRUD WLRQHQ 3ROLW7DONVKRZV DOV PXOWLPRGDOH .RPPXQLNDWLRQVUlXPH´ 'HU 6SUD FKGLHQVW  6² *RIIPDQ (UYLQJ $V\OXPV (VVD\V RQ WKH 6RFLDO 6LWXDWLRQ RI 0HQWDO 3DWLHQWV DQG2WKHU ,Q PDWHV&KLFDJR ³ ,QWHUDNWLRQ6SD‰DP6SLHO5ROOHQGLVWDQ]0QFKHQ ³ :LUDOOHVSLHOHQ7KHDWHU'LH6HOEVWGDUVWHOOXQJLP$OOWDJ0QFKHQXD *XVWDIVRQ (OL]DEHWK Å'\LQJ 7KH &DUHHU RI WKH 1XUVLQJ +RPH 3DWLHQW´ -RXUQDO RI +HDOWKDQG6RFLDO%HKDYLRU  6² +DEHUPDV-UJHQ'LH(LQEH]LHKXQJGHV$QGHUHQ6WXGLHQ]XUSROLWLVFKHQ7KHRULH)UDQNIXUW D0 +LOGHEUDQGW7LQDÅ'HU9HUVXFKHU´',(=(,71U +LW]OHU 5RQDOG $QQH +RQHU Å%DVWHOH[LVWHQ] ² hEHU VXEMHNWLYH .RQVHTXHQ]HQ GHU ,QGLYLGXDOLVLHUXQJ´ LQ 8OULFK %HFN (OLVDEHWK *HUQVKHLP +UVJ  5LVNDQWH )UHLKHLWHQ)UDQNIXUWD06² +ROW]%DFKD &KULVWLQD +UVJ  'LH 0DVVHQPHGLHQ LP :DKONDPSI 'DV :DKOMDKU  :LHVEDGHQ +RQHU$QQH.OHLQH/HLEOLFKNHLWHQ(UNXQGXQJHQLQ/HEHQVZHOWHQ:LHVEDGHQ +|ULVFK -RFKHQ Å(LQH H[WUHP DXWKHQWLVFKH %HULFKWHUVWDWWXQJ´ 'LH :HOW  6 ,OOLHV )ORULDQ Å*HVHOOVFKDIWVNULWLN hEHU DXWKHQWLVFKH 3ROLWLNHU´ =(,7PDJD]LQ $EVFKQLWW=HLWJHVFKHKHQ .DQWRURZLF](UQVW+'LH]ZHL.|USHUGHV.|QLJV(LQH6WXGLH]XUSROLWLVFKHQ7KHRORJLHGHV 0LWWHODOWHUV0QFKHQ

 

0DWWKLDV%DQGWHO

.HSSOHU$QJHOD0HGLDOH*HJHQZDUW(LQH7KHRULHGHV)HUQVHKHQVDP%HLVSLHOGHU'DUVWHOOXQJ YRQ*HZDOW)UDQNIXUWD0 ³ Å=XP5LWXDOSROLWLVFKHU7DONVKRZV´LQ&KULVWRSK:XOI-|UJ=LUIDV +UVJ  'LH.XOWXUGHV5LWXDOV,QV]HQLHUXQJHQ3UDNWLNHQ6\PEROH0QFKHQ6²  .OHLQ &KULVWLDQ 0DWtDV 0DUWtQH] Å:LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQ QLFKWOLWHUDULVFKHQ (U]lKOHQV´ LQ 'LHV +UVJ  :LUNOLFK NHLWVHU]lKOXQJHQ)HOGHU)RUPHQXQG)XQNWLRQHQQLFKWOLWHUDULVFKHQ(U]lKOHQV6WXWWJDUW XD6² 0DUWtQH] 0DWtDV Å(U]lKOHQ LP -RXUQDOLVPXV´ LQ &KULVWLDQ .OHLQ 0DWtDV 0DUWtQH] +UVJ  :LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQ QLFKWOLWHUDULVFKHQ (U]lKOHQV6WXWWJDUW:HLPDU6² ³0LFKDHO6FKHIIHO(LQIKUXQJLQGLH(U]lKOWKHRULH0QFKHQ 3ODNH.ODXV7DONVKRZV'LH,QGXVWULDOLVLHUXQJGHU.RPPXQLNDWLRQ'DUPVWDGW 5DDE-UJHQÅ0HWKRGRORJLHXQG0HWKRGHGHUZLVVHQVVR]LRORJLVFKHQ%LOGKHUPHQHX WLN´ LQ 'HUV +UVJ 9LVXHOOH :LVVHQVVR]LRORJLH 7KHRUHWLVFKH .RQ]HSWLRQ XQG PDWH ULDOH$QDO\VHQ.RQVWDQ]6² ³'LUN 7lQ]OHU Å9LGHR +HUPHQHXWLFV´ LQ +XEHUW .QREODXFK %HUQW 6FKQHWWOHU -UJHQ 5DDE +DQV*HRUJ 6RHIIQHU +UVJ  9LGHR$QDO\VLV 0HWKRGRORJ\ DQG 0HWKRGV)UDQNIXUWD06² 5RWK -XOLXV 7LPHWDEOHV 6WUXFWXULQJ WKH 3DVVDJH RI 7LPH LQ +RVSLWDO 7UHDWPHQW DQG 2WKHU &DUHHUV,QGLDQDSROLV 6FKDDO *DU\ 6 Å1DUUDWLRQHQ LQ GHU 3ROLWLN´ LQ &KULVWLDQ .OHLQ 0DWtDV 0DUWtQH] +UVJ  :LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQ QLFKWOLWHUDULVFKHQ (U]lKOHQV6WXWWJDUW:HLPDU6² 6FKLFKD &KULVWLDQ Å'LH ,QV]HQLHUXQJ YRQ $XWKHQWL]LWlW XQG (PRWLRQHQ =XU 6HOEVWGDUVWHOOXQJ YRQ 3ROLWLNHUQ DXI GHQ %KQHQ GHU 0HGLHQGHPRNUDWLH´ LQ 7KRPDV .QLHSHU 0DULRQ * 0OOHU +UVJ  $XWKHQWL]LWlW XQG ,QV]HQLHUXQJ YRQ %LOGHUZHOWHQ.|OQ6² 6FKU|HU 1RUEHUW Å'LH (UIDKUXQJ FKURQLVFKHU (UNUDQNXQJ (LQ ]ZLQJHQGHU $QOD‰ ]XU 6HOEVWILQGXQJ´ LQ $QQH +RQHU 5RQDOG .XUW -R 5HLFKHUW] +UVJ  'LHVVHLWVUHOLJLRQ=XU'HXWXQJGHU%HGHXWXQJPRGHUQHU.XOWXU+DQV*HRUJ6RHIIQHU]XP *HEXUWVWDJ.RQVWDQ]6² 9RJW/XGJHUDÅ6FKDUSLQJLP3RROhEHU&KDQFHQXQG5LVLNHQGHU3ULYDWLVLHUXQJGHV 3ROLWLVFKHQ´LQ&KULVWLDQ6FKLFKD&DUVWHQ%URVGD +UVJ 3ROLWLNYHUPLWWOXQJLQ 8QWHUKDOWXQJVIRUPDWHQ 0HGLHQLQV]HQLHUXQJHQ ]ZLVFKHQ 3RSXODULWlW XQG 3RSXOLVPXV 0QVWHUXD6² :HQW] 'DQLHOD $XWKHQWL]LWlW DOV 'DUVWHOOXQJVSUREOHP LQ GHU 3ROLWLN (LQH 8QWHUVXFKXQJ GHU /HJLWLPDWLRQSROLWLVFKHU,QV]HQLHUXQJ6WXWWJDUW



5(=(37,21921$87+(17,=,7b7



&+5,67,$1+8&. .,(/ 

$XWKHQWL]LWlWLP'RNXPHQWDUILOP 'DV3ULQ]LSGHVIDOVFKHQ8PNHKUVFKOXVVHVDOV(U]lKOVWUDWHJLH ]XU%HJODXELJXQJPDVVHQPHGLDOHQ:LVVHQV  :RGHU%OLFNHQGHWIlQJWGLH$UEHLWGHV'RNXPHQWDUILOPVDQ (UHUZHLWHUWXQVHUHQ*HVLFKWVNUHLVLQ5HJLRQHQGLHXQV ELVODQJNDXPRGHUQLFKWEHNDQQWZDUHQ,PEHVWHQ)DOO

,'DV:LVVHQEHUGLH:HOWGLH0DVVHQPHGLHQXQGGHU=ZHLIHOGDUDQ $XGLRYLVXHOOH XQG DQGHUH 0DVVHQPHGLHQ YHUVRUJHQ XQV PLW GHPMHQLJHQ :LVVHQ EHU GLH :HOW YRQ GHP ZLU DXVJHKHQ N|QQHQ GDVV ZLU HV PLW DQGHUHQWHLOHQ:lKUHQGMHGHU(LQ]HOQHDXIJUXQGPHKURGHUZHQLJHUHLQ ]LJDUWLJHU /HUQ XQG /HVHELRJUDSKLHQ YRU GHP +LQWHUJUXQG VSH]LILVFKHU PHQWDOHU+RUL]RQWHEHUHLQ]XQlFKVWHLQPDOLQGLYLGXHOOHVDOVRXQJHWHLO WHV:LVVHQYHUIJWLQIRUPLHUWVLFKGLH*HVHOOVFKDIWDOVJDQ]HV]XPLQGHVW MHQVHLWVDOOJHPHLQELOGHQGHU6FKXOHQSULPlUGXUFKGLH0DVVHQPHGLHQEHU LKUHQ MHZHLOLJHQ .HQQWQLVVWDQG 6R LVW ZRKO DXFK 1LNODV /XKPDQQV EH UKPWHU%HIXQG]XYHUVWHKHQZHQQHUEHVFKUHLEWZDVÄZLU¶EHUÄXQVHUH :HOW¶ZLVVHQÅ:DVZLUEHUXQVHUH*HVHOOVFKDIWMDEHUGLH:HOWLQGHU ZLUOHEHQZLVVHQZLVVHQZLUGXUFKGLH0DVVHQPHGLHQ'DVJLOWQLFKWQXU IU XQVHUH .HQQWQLV GHU *HVHOOVFKDIW XQG GHU *HVFKLFKWH VRQGHUQ DXFK IU XQVHUH .HQQWQLV GHU 1DWXU´ 'LHVH JHWHLOWHQ .HQQWQLVVH YRQ *HVHOO VFKDIW*HVFKLFKWHXQG1DWXU]XPRGLIL]LHUHQXQG]XDXWKHQWLIL]LHUHQLVWGDV =LHO GHV 'RNXPHQWDUILOPV 8P ]X YHUVWHKHQ PLW ZHOFKHQ 0LWWHOQ GHU 'RNXPHQWDUILOP GLHVHV =LHO YHUIROJW PXVV PDQ GDKHU ]XQlFKVW JHQDXHU DQDO\VLHUHQZLHGLH0DVVHQPHGLHQJHWHLOWH.HQQWQLVVHHU]HXJHQXQGZHO FKHQ8QZHJEDUNHLWHQVLHGDEHLEHJHJQHQ BBBBBBBBBBBBBB 

 

$XVGHP3URJUDPPKHIWGHUGRNXPHQWDUILOPZRFKHKDPEXUJ,FKGDQNH/LQD3DXOVHQHLQH GHU2UJDQLVDWRULQQHQGHV)HVWLYDOVIUZLFKWLJH+LQZHLVHLQ%H]XJDXIQHXHVWH(QWZLFN OXQJHQLP%HUHLFKGHV'RNXPHQWDUILOPV 1LNODV/XKPDQQ'LH5HDOLWlWGHU0DVVHQPHGLHQ2SODGHQ6

 

&KULVWLDQ+XFN

'LH0DVVHQPHGLHQYHUPLWWHOQHLQHJHVHOOVFKDIWOLFKH5HDOLWlWHLQHÅ5HDOL WlWGHU0DVVHQPHGLHQ>«@LP6LQQHGHVVHQZDV>«@GXUFKVLHIUDQGHUHDOV 5HDOLWlWHUVFKHLQW´'LH0DVVHQPHGLHQEULQJHQDOVRHLQHJHWHLOWH5HDOLWlW]XU (UVFKHLQXQJ ² XQG VLQG PLW GHP 6WLJPD GHV 6FKHLQV EHKDIWHW 6WDWW GLH :HOWGLUHNWXQYHUPLWWHOW]XEHREDFKWHQEHREDFKWHWGLH*HVHOOVFKDIWGLH PDVVHQPHGLDOHQ%HREDFKWXQJHQXQGVFKDIIWVRHLQH5HDOLWlWGHUJHPHLQ VDPHQ %HREDFKWXQJ YRQ PDVVHQPHGLDO YHUYLHOIlOWLJWHQ XQG YHUEUHLWHWHQ %HREDFKWXQJHQ'LHVHPDVVHQPHGLDOH5HDOLWlWGHU%HREDFKWXQJVEHREDFK WXQJHQZLUGWURW]GHV6FKHLQ9HUGDFKWV]XU%DVLVJHVHOOVFKDIWOLFKHQ+DQ GHOQV²ZHLOGLH*HVHOOVFKDIWDOVJDQ]HNHLQHQ=XJDQJ]XHLQHU DQGHUHQ 5HDOLWlWKDW 9RUEHKDOWH JHJHQEHU GHQ 0DVVHQPHGLHQ JLEW HV EHNDQQWOLFK YLHOH 'DVVGDVJHPHLQVDPHJHWHLOWH:LVVHQGHU*HVHOOVFKDIWZHQLJHUJHVLFKHUW XQGWLHIJHKHQGHUVFKHLQWDOVGDVMHQLJHZHOFKHVLQPKHYROOHU/HUQWlWLJNHLW HLJHQVWlQGLJ VHOEVW HUDUEHLWHW ZXUGH RGHU JDU DXI HLJHQHU (UIDKUXQJ EH UXKW HUVFKHLQW NODU *HWHLOWHV :LVVHQ VR N|QQWH PDQ /XKPDQQ YLHOOHLFKW ]XVSLW]HQLVWKDOEHV:LVVHQÅ:DVZLUEHUGLH6WUDWRVSKlUHZLVVHQJOHLFKW GHP ZDV 3ODWRQ EHU $WODQWLV ZHL‰ 0DQ KDW GDYRQ JHK|UW 2GHU ZLH +RUDWLRHVDXVGUFNW6R,KDYHKHDUGDQGGRLQSDUWEHOLHYHLW´'RNX PHQWDUILOPH VR VROO KLHU JH]HLJW ZHUGHQ QHKPHQ VROFKH 9RUEHKDOWH DXI XQGYHUVXFKHQGLHVH]XEHUZLQGHQVLHDUEHLWHQPLWGHQ0LWWHOQGHU0DV VHQPHGLHQJHJHQGHUHQ8QVLFKHUKHLWHQ 'DVV/XKPDQQLPREHQJHQDQQWHQ=LWDWDXIGLH(U|IIQXQJVV]HQHLQ :LOOLDP 6KDNHVSHDUHV +DPOHW YHUZHLVW VFKHLQW DQJHPHVVHQ 6FKOLH‰OLFK JHKWHVDXFKLP+DPOHWXPGLH$XVHLQDQGHUVHW]XQJPLWHLQHUZLUNPlFKWL JHQ(UVFKHLQXQJGHUHQ5HDOLWlWVJHKDOWYRQYLHOHQDQJH]ZHLIHOWZLUG²XQG GLH DP (QGH GRFK ]XU %DVLV GHV +DQGHOQV ZLUG (V ORKQW VLFK GLHVHP 9HUZHLVHLQZHQLJQDFK]XJHKHQXQGGLH*HLVWHUHUVFKHLQXQJLP+DPOHWPLW GHQ 5HDOLWlWVHUVFKHLQXQJHQ GHU 0DVVHQPHGLHQ ]X YHUJOHLFKHQ XP ]X YHUVWHKHQZLHPDQGHP=ZHLIHOEHJHJQHQNDQQ =X%HJLQQ+DPOHWVVLQGHVQXUGLH2IIL]LHUH%HUQDUGRXQG0DUFHOOXV GLHGLH(UVFKHLQXQJGHVWRWHQ9DWHUV+DPOHWVJHVHKHQ]XKDEHQJODXEHQ 'RFK WUDXHQ VLH LKUHQ HLJHQHQ $XJHQ QLFKW UHFKW XQG ELWWHQ GDKHU BBBBBBBBBBBBBB 

   

/XKPDQQ $QP 6 =XP.RQ]HSWHLQHUVROFKHQ]ZHLWHQ5HDOLWlWVLHKH&KULVWLDQ+XFN)DVKLRQLQJ6RFLHW\RU7KH 0RGHRI0RGHUQLW\:U]EXUJ6² /XKPDQQ $QP 6 ,FK ELQ QDWUOLFK QLFKW GHU (UVWH GHU DXI GLH 3DUDOOHOHQ ]ZLVFKHQ GHP 0HGLXP *HLVW LP +DPOHWXQGPRGHUQHQ0HGLHQKLQZHLVWVLHKHXQWHUDQGHUHP,QJHERUJ+DUPVÅ'DV0HGL XPLQGHU/LWHUDWXU+DPOHWV9DWHUXQWHUZHJV]ZLVFKHQ)UHXG/DFDQ-RQHV$EUDKDPXQG .LWWOHU´LQ-XOLND*ULHP +UVJ %LOGVFKLUPILNWLRQHQ,QWHUIHUHQ]HQ]ZLVFKHQ/LWHUDWXUXQGQHXHQ 0HGLHQ7ELQJHQ6²



$XWKHQWL]LWlWLP'RNXPHQWDUILOP



+RUDWLR+DPOHWV)UHXQGXQGHKHPDOLJHQ.RPPLOLWRQHQDQGHU8QLYHUVL WlW :LWWHQEHUJ GLH (UVFKHLQXQJ ]X EH]HXJHQ 'HU ,QWHOOHNWXHOOH ]ZHLIHOW ]XQlFKVWÅ+RUDWLRVDJWHVVHLQXU(LQELOGXQJ8QGZLOOGHP*ODXEHQ NHLQHQ 5DXP JHVWDWWHQ  $Q GLHVHV 6FKUHFNELOG GDV ZLU ]ZHLPDO VDKQ >«@'HVZHJHQKDE·LFKLKQKLHUKHUJHODGHQ0LWXQVGLH6WXQGHQGLH VHU1DFKW]X ZDFKHQ'DPLWZHQQZLHGHUGLH(UVFKHLQXQJNRPPW  (UXQVHUQ$XJHQ]HXJ·XQGPLWLKUVSUHFKH´'LH6ROGDWHQEHWUDFKWHQGLH (UVFKHLQXQJ LP 'XQNHOQ GHU 1DFKW ZLH HLQ PRGHUQHU =XVFKDXHU GLH %LOGHU GHU 0DVVHQPHGLHQ HPRWLRQDO DIIL]LHUW 6FKUHFNELOG  DEHU VFKZHL JHQGEHHLQGUXFNWDEHUGRFKPLWOHLFKWHP=ZHLIHO+RUDWLRVROOQXQGDV *HUHGHEHUGLH*HLVWHUHUVFKHLQXQJGXUFKHLJHQH(UIDKUXQJDXWKHQWLIL]LH UHQ(UVROOPLWHLJHQHQ$XJHQVHKHQZDVGLH6ROGDWHQJHVHKHQKDEHQ² XQGVRPLWGLH([LVWHQ]GHU(UVFKHLQXQJEH]HXJHQ $OOHUGLQJV ZLVVHQ GLH 6ROGDWHQ JHQDX GDVV DXFK HLQ ZHLWHUHU =HXJH XQGPDJHUQRFKVRJODXEZUGLJVHLQQLFKWDXVUHLFKWXPGHQ=ZHLIHODP 6FKHLQ]XEHUZLQGHQXQGGLH([LVWHQ]GHU(UVFKHLQXQJHQGJOWLJ]XEH VWlWLJHQ(VLVWDQ+RUDWLRGDVVFKZHLJHQGH6WDUUHQ]XEHUZLQGHQ ÅXQG PLW LKU VSUHFKH´  XQG GLH (UVFKHLQXQJ ]X KLQWHUIUDJHQ XP VR HWZDLJH =ZHLIHO DXV]XUlXPHQ 6R LVW HV DXFK GLH VHOEVWHUQDQQWH  $XIJDEH GHV ,QWHOOHNWXHOOHQ GLH YHUPHLQWOLFK  VWXPPVWDXQHQGH 3DVVLYLWlW JHJHQEHU GHQ0DVVHQPHGLHQ]XEHUZLQGHQ²XQGHLQ NULWLVFKHV *HVSUlFKDXI]X QHKPHQ 8P JODXEZUGLJHV :LVVHQ ]X HUODQJHQ JHQJW HV DOVR QLFKW $XJHQ]HXJH]XVHLQGDV*HVHKHQHPXVVDXFKGHU%HIUDJXQJVWDQGKDOWHQ %H]HXJWH *ODXEZUGLJNHLW EHVWHKW GHPQDFK DXV ]ZHL 'LPHQVLRQHQ GHU HLJHQHQ:DKUQHKPXQJP|JOLFKVWPLWGHP$XJHXQGGHUNRPPXQLNDWL YHQ1DFKIUDJH )U /XKPDQQ GHILQLHUHQ VLFK GLH 0DVVHQPHGLHQ LQ HUVWHU /LQLH EHU HLQHQ 0DQJHO DQ 5H]LSUR]LWlW Å(QWVFKHLGHQG LVW DXI DOOH )lOOH GD‰ NHLQH ,QWHUDNWLRQ XQWHU $QZHVHQGHQ ]ZLVFKHQ 6HQGHU XQG (PSIlQJHUQ VWDWWILQGHQ NDQQ ,QWHUDNWLRQZLUGGXUFK=ZLVFKHQVFKDOWXQJYRQ7HFKQLNDXVJHVFKORVVHQ´ 'LH 0DVVHQPHGLHQ YHUKLQGHUQ DOVR GDVV :DKUQHKPXQJ LP *HVSUlFK YHULIL]LHUWE]ZLP.UHX]YHUK|UZLGHUOHJWZHUGHQNDQQ1XUGXUFKGLHVHQ 9HU]LFKWDXIGDVLQGLYLGXHOOH*HVSUlFKN|QQHQVLHHLQHDOOJHPHLQJHWHLOWH 5HDOLWlWHU]HXJHQ'LH0DVVHQPHGLHQEH]DKOHQGHQ:HJIDOOGHU0|JOLFK NHLWGHV*HVSUlFKVXQGGDPLWGDV9HUP|JHQJHWHLOWHV:LVVHQ]XHU]HX JHQPLWHLQHPDOOJHPHLQHQ=ZHLIHODQLKUHQ$XVVDJHQ'HU'RNXPHQWDU ILOPYHUVXFKWGHQ0DQJHODQ5H]LSUR]LWlWGHUDXFKLKQDOV9HUZHQGHUGHU BBBBBBBBBBBBBB 

 

:LOOLDP 6KDNHVSHDUH Å+DPOHW 3ULQ] YRQ 'lQHPDUN´ LQ 6KDNHVSHDUH·V 'UDPDWLVFKH :HUNH EHUV YRQ $XJXVW :LOKHOP YRQ 6FKOHJHO HUJ XQG HUO YRQ /XGZLJ 7LHFN %HUOLQ  %G6², /XKPDQQ $QP 6

 

&KULVWLDQ+XFN

7HFKQRORJLHGHU0DVVHQPHGLHQEHWULIIWGXUFKQDUUDWLYH,QV]HQLHUXQJZHWW ]XPDFKHQ8PJODXEZUGLJ]XZHUGHQPXVVGHU'RNXPHQWDUILOPJODX EHQPDFKHQGDVVHUDQGHUVLVWDOVDQGHUH)RUPHQGHU0DVVHQPHGLHQ 1XQ LVW HV LP +DPOHW QDWUOLFK NHLQH Ä7HFKQLN¶ GLH ZLH GHU %XFK GUXFNGDV.LQRRGHUGDV)HUQVHKHQGLHUH]LSURNH,QWHUDNWLRQXQWHU.R 3UlVHQWHQXQQ|WLJXQGXQP|JOLFKPDFKW7URW]GHPDQWZRUWHWGLHPLWGHQ $XJHQHUIDVVWH(UVFKHLQXQJGHQ]ZHLIHOQGHQ6FKDXHQGHQQLFKWZLHDXFK +RUDWLR HUIDKUHQ PXVV ,KP EOHLEW DOVR QLFKWV DQGHUHV EULJ DOV ]X JODX EHQ ZDV GLH :DKUQHKPXQJ LKQ HLQGUFNOLFK HUIDKUHQ KDW ODVVHQ Å%(5 1$5'2:LHQXQ+RUDWLR",KU]LWWHUWXQGVWHKWEOHLFK,VWGLHVQLFKW HWZDVPHKUDOV(LQELOGXQJ"+25$7,2%HLPHLQHP*RWWLFKGUIWHGLHV QLFKWJODXEHQ+lWW·LFKGLHVLFKUHIKOEDUH*HZlKU'HUHLJQHQ$XJHQ QLFKW´ +DPOHW, ,P=ZHLIHOVIDOOVRVFKHLQWHVZLUGGHPQDFKGLHDXFK DIIL]LHUHQGHUIDKUHQH:DKUQHKPXQJK|KHUEHZHUWHWDOVGDVDXVJHEOLHEHQH *HVSUlFK7URW]DOOHUYRUJHEUDFKWHQ=ZHLIHOVRZLVVHQDXFKGLH.ULWLNHU GHU 0DVVHQPHGLHQ EOHLEW GHU (LQGUXFN GHU 0DVVHQPHGLHQ ZLUNPlFKWLJ Å>:LU@ZLVVHQ>«@VRYLHOEHUGLH0DVVHQPHGLHQGD‰ZLUGLHVHQ4XHOOHQ QLFKW WUDXHQ N|QQHQ :LU ZHKUHQ XQV PLW HLQHP 0DQLSXODWLRQVYHUGDFKW GHU DEHU QLFKW ]X QHQQHQVZHUWHQ .RQVHTXHQ]HQ IKUW GD GDV GHQ 0DV VHQPHGLHQ HQWQRPPHQH :LVVHQ VLFK ZLH YRQ VHOEVW ]X HLQHP VHOEVWYHU VWlUNHQGHQ*HIJH]XVDPPHQVFKOLH‰W´ 'LH YHUPHLQWOLFKH hEHUOHJHQKHLW LQVEHVRQGHUH GHU VLFKWEDUHQ (U VFKHLQXQJHQ EHUXKWDXIGHUHQ(LJHQWPOLFKNHLWNRPPXQL]LHUHQ ]XN|Q QHQRKQH]XVSUHFKHQDOVR,QIRUPDWLRQ]XYHUPLWWHOQRKQHHLQH0LWWHL OXQJVVDEVLFKW GXUFKEOLFNHQ ]X ODVVHQ 'DV %LOG LVW JDU QLFKW DXI 5H]LSUR]LWlWDQJHOHJWQLFKWGHUHUVWH6DW]HLQHV*HVSUlFKV1DWUOLFKHU VFKHLQW +DPOHWV 9DWHUV *HLVW ZHQQ HU HV GHQQ LVW QLFKW RKQH *UXQG QDWUOLFK ZLOO HU HWZDV VDJHQ $EHU JHUDGH VRODQJH HU QLFKW VSULFKW HU VFKHLQW VHLQH 3UlVHQ] XPVR EHGURKOLFKHU VFKUHFNOLFKHU HLQGUFNOLFKHU Å6WHK)DQWRP+DVWGX*HEUDXFKGHU6WLPP·XQGHLQHQ/DXW6SULFK ]XPLU´ +DPOHW, 6RODQJHGLH(UVFKHLQXQJQLFKWVSULFKWIKOHQVLFK GLH%HREDFKWHUDOV%HWUDFKWHUHLQHU(UVFKHLQXQJGLHQLFKWVYRQLKQHQZLOO ² GLH VLH ZLH ]XIlOOLJ EHREDFKWHQ 8QG VRODQJH VLH QLFKWV VDJW NDQQ VLH DXFKQLFKWZLGHUOHJWZHUGHQ:LHGHPVWXPPHQ*HLVWVRJHOLQJWHVDXFK GHQ0DVVHQPHGLHQHLQH5HDOLWlWEHUHLW]XVWHOOHQEHUGLHVLFK]ZDUWUHII OLFKVWUHLWHQOlVVWGLHDEHUWURW]GHP]XPJHPHLQVDPHQ$XVJDQJVSXQNWZLUG 'HU 'RNXPHQWDUILOP LQGHP HU DXI GLH 0LWWHLOXQJVVDEVLFKW GHU 0DVVHQ PHGLHQKLQZHLVWXQGVLFKYRQGLHVHQDEVHW]WYHUVXFKWHLQJODXEZUGLJH UHV%LOGGHU5HDOLWlW]XHU]HXJHQ BBBBBBBBBBBBBB 



/XKPDQQ $QP 6



$XWKHQWL]LWlWLP'RNXPHQWDUILOP



'HU HLQ]LJH ]X GHP GLH ,OOXVLRQ GHU *HLVW GDV )DQWRP VSULFKW LVW +DPOHW VHOEVW 8QG HV LVW HEHQ +DPOHW VHOEVW HLQ PRGHUQHU VWXGLHUWHU ,QWHOOHNWXHOOHU GHU HUIDKUHQ PXVV GDVV HV QXQ JHUDGH GDV :RUW LVW GDV ZHLWHUHQ =ZHLIHO VlKW 1DFKGHP HU PLW GHP *HLVW JHVSURFKHQ KDW LVW QLFKWVPHKUZLH]XYRU²GLH*HVFKLFKWHGLHGHUQHXH.|QLJVHLQ2QNHO &ODXGLXVLKPHU]lKOWKDWHUVFKHLQWQXQ]ZHLIHOKDIW$EHUHEHQVRZHQLJ NDQQ+DPOHW GHU*HVFKLFKWHGLHLKPGHU*HLVWHU]lKOWDEVROXWHQ *ODX EHQVFKHQNHQ'LH:RUWHVHLQHV9DWHUV*HLVWVXQGVHLQHV2QNHOVZLGHU VSUHFKHQVLFKXQGNHLQH$XWRULWlWNDQQGLH:DKUKHLWGHV*HVDJWHQHQG JOWLJ EHOHJHQ Å-HGHV DXVJHVSURFKHQH :RUW HUUHJW GHQ *HJHQVLQQ´ ]LWLHUW /XKPDQQ *RHWKH XQG Å-HGH .RPPXQLNDWLRQ OlGW ]XP 3URWHVW HLQ´:DUXPVDJWGDV*HJHQEHUZDVHVVDJW":DVVLQGVHLQH0RWLYH" :DVZLOOHV"6WLPPWGDVVR" )U GHQ NODVVLVFKSODWRQLVFKHQ 0HQVFKHQ ZDU GLH 6DFKH NODU GDV QDFKDKPHQGH%LOGNDQQQXU6FKHLQSURGX]LHUHQGLH:DKUKHLWMHQVHLWVGHU 6FKDWWHQQXULP'LDORJHUJUQGHWZHUGHQ+DPOHWEHJLQQWQXQDXFKQRFK DP'LDORJ]X]ZHLIHOQ'DQXQGDV*HVSUlFKGDVGLH=ZHLIHODXVUlXPHQ VROOWHQHXH=ZHLIHOVlKWEOHLEW+DPOHWVFKHLQEDUQLFKWVDQGHUHVEULJDOV GRFKZLHGHUDXIGLHHLJHQH(UIDKUXQJ]XEDXHQ+DPOHWPXVVPLWHLJHQHQ $XJHQVHKHQZDVZDKULVW8PDEHUVLFKHUJHKHQ]XN|QQHQGDVVHUNHL QHPYRUJHIKUWHPLQV]HQLHUWHP6FKHLQHUOLHJWPXVVHUVHLQH$XJHQDXI GDV ULFKWHQ ZDV MHQVHLWV GHU 9RUIKUXQJ OLHJW 1XU ZDV VLFK LKP YRQ VHOEVW ]HLJW ZLOO GHU PRGHUQH 0HQVFK YRP 0DQLSXODWLRQVYHUGDFKW IUHL VWHOOHQQXUZDVQLFKWDEVLFKWOLFKWKHUJHVWHOOW ]XP=ZHFNHGHU.RPPXQL NDWLRQ  JLOW DOV XQYHUVWHOOW QXU ZR QLFKW IUHPGH  +DQG DQJHOHJW ZXUGH ODXHUW NHLQH 0DQLSXODWLRQ ZXUGH QLFKW ILQJLHUW $EHU VR ZHQLJ ZLH GHU )HUQVHK XQG .LQR]XVFKDXHU ]XP 8UVSUXQJ GHV 9HUPLWWHOWHQ ]XUFN NDQQVRZHQLJNDQQ+DPOHWKLQWHUGDV0HGLXP]XUFNXPPLWHLJHQHQ $XJHQ ]X EH]HXJHQ ZDV ZLUNOLFK JHVFKHKHQ LVW :DV DOVR WXQ ZHQQ GLH (UVFKHLQXQJHQ]ZHLIHOKDIWEOHLEHQXQGNHLQ*HVSUlFKGLHVH=ZHLIHODXV ]XUlXPHQ YHUPDJ" :DV WXQ ZHQQ GHU DOOJHPHLQH =ZHLIHO DQ GHQ (U VFKHLQXQJHQ LQ :RUW XQG %LOG MD DQ GHU 9HUPLWWOXQJ EHUKDXSW GHQ :XQVFK QDFK $XWKHQWL]LWlW HUZHFNW" 'HU 'RNXPHQWDUILOP JLEW GLH $QW ZRUWGDUDXI 'D +DPOHW GHP 'DUJHVWHOOWHQ QLFKW JHQJHQG *ODXEHQ VFKHQNHQ NDQQ XP GDUDXI KLQ ]X KDQGHOQ XQG GD HU JHQDX VR ZHQLJ KLQWHU GLH 9HUPLWWOXQJGXUFKGDV0HGLXPGHV*HLVWHV]XUFN]XPHLJHQWOLFKHQ*H VFKHKHQJHKHQNDQQEHGLHQWHUVLFKHLQHU,QV]HQLHUXQJGLHDXWKHQWLVFKHV BBBBBBBBBBBBBB 

 1LNODV /XKPDQQ 6R]LDOH 6\VWHPH *UXQGULVV HLQHU DOOJHPHLQHQ 7KHRULH )UDQNIXUW D0  6  /XKPDQQ $QP 6

 

&KULVWLDQ+XFN

XQYHUVWHOOWHV :LVVHQ HU]HXJHQ VROO (U ELWWHW GLH GHQ 3DODVW EHVXFKHQGHQ IDKUHQGHQ 6FKDXVSLHOHU HLQH ILNWLRQDOLVLHUWH 9HUVLRQ GHV YHUPHLQWOLFKHQ 0RUGHV GHQ &ODXGLXV DQ +DPOHWV 9DWHU EHJDQJHQ KDEHQ VROO DXI GLH %KQH ]X EULQJHQ 'DV $QJHVLFKW GHV HUVFKUHFNWHQ .|QLJ &ODXGLXV GHU GLH9RUVWHOOXQJPLW+DPOHWJHPHLQVDPEHWUDFKWHWEULQJWVFKOLH‰OLFK*H ZLVVKHLW IU +DPOHW XQG +RUDWLR ]XPLQGHVW JHQJHQG *HZLVVKHLW XP GDUDXIKLQ]XKDQGHOQ6WDWWGDV8QP|JOLFKH]XYHUVXFKHQXQGGLH:LUN OLFKNHLW GLUHNW ]X EHREDFKWHQ ZLUG +DPOHW DOVR ]XP %HREDFKWHU HLQHV %HREDFKWHUV (KHU DOV &ODXGLXV :RUWHQ VFKHQNW HU GHVVHQ *HVLFKWDXV GUXFN JODXEHQ GHQ HU EHREDFKWHW ZlKUHQG &ODXGLXV HWZDV DQGHUHV EHR EDFKWHW 'RFK XP &ODXGLXV· DXWKHQWLVFKH *HIKOH VHKHQ ]X N|QQHQ EH GDUI HV HLQHU NRPSOH[HQ ,QV]HQLHUXQJ 1DWUOLFKNHLW PXVV NQVWOLFK SURYR]LHUWZHUGHQGDV8QYHUVWHOOWHPXVVKHUJHVWHOOWZHUGHQ$XWKHQWL]L WlW JLEW HV GHPQDFK QLFKW MHQVHLWV GHU 9HUPLWWOXQJ VRQGHUQ QXU GXUFK VLH'DVZHL‰DXFKGHU'RNXPHQWDUILOP )U /XKPDQQ VLQG HV LP -DKUKXQGHUW GLH ,QV]HQLHUXQJHQ GHU DX GLRYLVXHOOHQ0DVVHQPHGLHQGLHWURW]DOOHU9RUEHKDOWH5HDOLWlWJDUDQWLHUHQ Å:lKUHQGDEHUGLH6SUDFKHPHKUXQGPHKUGDUDXIYHU]LFKWHQPX‰5HDOL WlW ]X JDUDQWLHUHQ ZHLO DOOHP ZDV JHVDJW ZLUG DXFK ZLGHUVSURFKHQ ZHU GHQ NDQQ YHUODJHUW VLFK GLH 5HSURGXNWLRQ YRQ 5HDOLWlW DXI GLH EHZHJOL FKHQ RSWLVFKDNXVWLVFK V\QFKURQLVLHUWHQ %LOGHU´ 'LH Ä5HSURGXNWLRQ YRQ5HDOLWlW¶NDQQGHPQDFKQXUGXUFKGDV%LOGJHOLQJHQZHLOHVGLHMHQLJH )RUP YRQ =HLFKHQ LVW GLH LKUH =HLFKHQKDIWLJNHLW XQG GDPLW LKUH *H PDFKWKHLW XQG 0LWWHLOXQJVDEVLFKW DP EHVWHQ ]X YHUVFKOHLHUQ ZHL‰ Å7KH LPDJHLVWKHVLJQWKDWSUHWHQGVQRWWREHDVLJQPDVTXHUDGLQJDV RUIRU WKH EHOLHYHU DFWXDOO\ DFKLHYLQJ  QDWXUDO LPPHGLDF\ DQG SUHVHQFH´ 1XU GHP %LOG ² XQG PDQFKPDO DXFK GHP ELOGOLFKHQ 6SUHFKHQ ² JHOLQJW HV WURW] =ZHLIHO :LVVHQ ]X HU]HXJHQ 'HP %LOG JHOLQJW HV ]HLFKHQKDIWH .RPPXQLNDWLRQDOV(UIDKUXQJZDKUQHKPEDU]XPDFKHQ:DKUQHKPXQJ LP *HJHQVDW] ]XU PLW 0LWWHLOXQJVDEVLFKW YHUVHKHQGHQ .RPPXQLNDWLRQ NDQQQLFKW NRPSOHWW DEJHOHKQWZHUGHQ²EH]ZHLIHOWMDDEHUHEHQQLFKW DEJHOHKQWÅ0DQNDQQGXUFK)LOPHSRVLWLYRGHUQHJDWLYEHUKUWVHLQNDQQ VLHJXWRGHUVFKOHFKWILQGHQDEHUHVIHKOWLP*HVDPWNRPSOH[GHV:DKU JHQRPPHQHQ MHQH =XVSLW]XQJ GLH HLQH NODUH 'LVWLQNWLRQ YRQ $QQDKPH BBBBBBBBBBBBBB 

 9JO &KULVWRSK =HOOHU bVWKHWLN GHV $XWKHQWLVFKHQ /LWHUDWXU XQG .XQVW XP  %HUOLQ 1HZ @LQ&DWKHULQH)RZOHU +UVJ 7KH (XURSHDQ&LQHPD5HDGHU/RQGRQ6²KLHU6

 

&KULVWLDQ+XFN

7KH SHDFHWLPH QHZVUHHO LV MXVW D VSHHG\ VQLSVQDS RI VRPH XWWHUO\ XQLPSRUWDQW FHUHPRQ\,WVVNLOOLVLQWKHVSHHGZLWKZKLFKWKHEDEEOLQJVRIDSROLWLFLDQ JD]LQJ VWHUQO\LQWRWKHFDPHUD DUHWUDQVIHUUHGWRILIW\PLOOLRQUHODWLYHO\XQZLOOLQJHDUVLQ DFRXSOHRIGD\VRUVR7KHPDJD]LQHLWHPV>«@KDYHDGRSWHGWKHRULJLQDOÄ7LW %LWV¶PDQQHURIREVHUYDWLRQ>«@:LWKWKHLUPRQH\PDNLQJH\H WKHLUDOPRVWRQO\ H\H JOXHGOLNHWKHQHZVUHHOVWRYDVWDQGVSHHG\DXGLHQFHVWKH\DYRLGRQWKHRQH KDQGWKHFRQVLGHUDWLRQRIVROLGPDWHULDODQGHVFDSHRQWKHRWKHUWKHVROLGFRQ VLGHUDWLRQRIDQ\PDWHULDO

'LH PDVVHQPHGLDOHQ 5HSRUWDJHQ VR *ULHUVRQ DOVR ZlKOHQ ZHGHU GDV ULFKWLJH0DWHULDODXVQRFKEHKDQGHOQVLHLKUDXVJHZlKOWHV0DWHULDOULFKWLJ ZDVVLH]HLJHQLVWXQZLFKWLJXQGREHUIOlFKOLFKQXUZDV3ROLWLNXQG.DSLWDO YRQVLFK]HLJHQP|FKWHQ'HU'RNXPHQWDUILOPKLQJHJHQ]HLJWQLFKWQXU GLH XQYHUVWHOOWH :HOW LP *HJHQVDW] ]X +ROO\ZRRGV )LOPHQ PLW 'DUVWHO OHUQXQG6SLHOKDQGOXQJHU]HLJWDXFKZLFKWLJH$XVVFKQLWWHDXVGLHVHU:HOW LQHLQHUWLHIJHKHQGHQ$UWXQG:HLVH²LP*HJHQVDW]]X1DFKULFKWHQVHQGXQ JHQ XQG 5HSRUWDJHQ 'RNXPHQWDUILOPH VR NDQQ PDQ *ULHUVRQ LQWHUSUH WLHUHQ]HLJHQDXWKHQWLVFKH0HQVFKHQDXIDXWKHQWLVFKH:HLVH²LP8QWHU VFKLHG ]X GHQ PDVVHQPHGLDOHQ 6SLHOILOPHQ HLQHUVHLWV XQG GHQ PDVVHQPHGLDOHQ5HSRUWDJHQDQGHUHUVHLWV$OV1LFKW6SLHOILOPXQG1LFKW 5HSRUWDJHGHILQLHUWGHU'RNXPHQWDUILOPVLFKDOVK\EULGH)RUPGHVÅFUHD WLYH WUHDWPHQW RI DFWXDOLW\´ DOVR DOV HLQH :LUNOLFKNHLWVHU]lKOXQJ LP DI ILUPDWLYHQ6LQQHUHIHUHQWLHOOXQGNRQVWUXNWLY]XJOHLFK 'HU 'RNXPHQWDUILOP YHUVSULFKW GDPLW HLQH GRSSHOWH )RUP GHU $X WKHQWL]LWlWHLQH$XWKHQWL]LWlWGHU3HUVRQXQGHLQH$XWKHQWL]LWlWGHU6DFKH (V JHKW ]XP HLQHQ XP 3HUVRQHQ GLH XQYHUVWHOOW XQG QDWUOLFK XQG ]XP DQGHUHQ XP 'DUVWHOOXQJHQ GLH XQYHUIlOVFKW XQG ZDKUKDIWLJ VHLQ VROOHQ (V JHKW ]XP HLQHQ XP HLQ HLJHQWOLFKHV 6HOEVW MHQVHLWV YRQ PRGHUQHQ JHVHOO VFKDIWOLFKHQ5ROOHQ=XPDQGHUHQJHKWHVGDUXPLP5DKPHQYRQ5HSUl VHQWDWLRQHQ ]ZLVFKHQ XQYHUIlOVFKW XQG YHUIlOVFKW XQWHUVFKHLGHQ ]X N|Q QHQDOVRDXWKHQWLVFKH'RNXPHQWH]XEHOHJHQ$NWXHOOHWHUPLQRORJLVFKH hEHUOHJXQJHQ ]XP %HJULII GHU $XWKHQWL]LWlW XQWHUVFKHLGHQ JDQ] lKQOLFK ]ZLVFKHQ HLQHU 6XEMHNWDXWKHQWL]LWlW XQG HLQHU 2EMHNWDXWKHQWL]LWlW 'HU 'RNXPHQWDUILOPNDQQLP$QVFKOXVVGDUDQDOVHLQH9HUPLWWOXQJVIRUP]XU ZDKUKDIWLJHQ'DUVWHOOXQJXQYHUVWHOOWHU3HUVRQHQYHUVWDQGHQZHUGHQ BBBBBBBBBBBBBB 

 *ULHUVRQ $QP 6  6LHKH &KULVWLDQ +XFN -HQV .LHIHU Å'RFXPHQWDU\ )LOPV DQG WKH &UHDWLYH 7UHDWPHQW RI $FWXDOLW\´$QJOLVWLN,QWHUQDWLRQDO-RXUQDORI(QJOLVK6WXGLHV  6²  6LHKH &KULVWLDQ .OHLQ 0DWtDV 0DUWtQH] Å:LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQQLFKWOLWHUDULVFKHQ(U]lKOHQV´LQ'LHV +UVJ :LUNOLFKNHLWVHU]lKOXQJHQ)HOGHU )RUPHQXQG)XQNWLRQHQQLFKWOLWHUDULVFKHQ(U]lKOHQV6WXWWJDUW6²  6LHKH 6XVDQQH .QDOOHU +DUUR 0OOHU Å$XWKHQWLVFK$XWKHQWL]LWlW´ LQ .DUO+HLQ] %DUFN XD +UVJ bVWKHWLVFKH*UXQGEHJULIIH6WXWWJDUW%G6²KLHU6  6LHKH.QDOOHU0OOHU $QP 6



$XWKHQWL]LWlWLP'RNXPHQWDUILOP



$XWKHQWL]LWlWLP'RNXPHQWDUILOPZLUGGHPQDFK]XPHLQHQGXUFKGDV *HILOPWH GLH HFKWHQ 0HQVFKHQ  XQG ]XP DQGHUHQ GXUFK GHQ XQYHUIlO VFKHQGHQ 3UR]HVVGHV)LOPHQVJDUDQWLHUW(LQHUVHLWVVROODOVRGDV'DUJH VWHOOWH$XWKHQWL]LWlWJDUDQWLHUHQZLH0DQIUHG+DWWHQGRUILQVHLQHU6WXGLH ]XP=XVDPPHQKDQJYRQ $XWKHQWL]LWlW XQG'RNXPHQWDUILOP EHVFKUHLEW ÅÄ$XWKHQWLVFK¶ EH]HLFKQHW GLH REMHNWLYH Ä(FKWKHLW¶ HLQHV GHU ILOPLVFKHQ $EELOGXQJHQ ]XJUXQGHOLHJHQGHQ (UHLJQLVVHV 0LW GHP 9HUEUJHQ HLQHV 9RUIDOOV DOV DXWKHQWLVFK ZLUG LPSOL]LHUW GD‰ HLQH 6DFKH VLFK VR HUHLJQHW KDW RKQH GD‰ GLH ILOPLVFKH $XIQDKPH GHQ 3UR]H‰ EHHLQIOX‰W KlWWH´ $XWKHQWL]LWlWZLUGVR]XPÅ6\QRQ\PYRQ8QPLWWHOEDUNHLW´GHU'RNX PHQWDUILOP]XPQLFKWPHGLDOHQ0HGLXP:LUVHKHQHLQH6DFKHYHUPHLQW OLFKVRZLHVLHVLFKDXFKHUHLJQHWKlWWHZHQQGLH'RNXPHQWDUILOPNDPHUD QLFKWGDJHZHVHQZlUHZHQQNHLQ0HGLXP]ZLVFKHQXQVXQGGHU5HDOLWlW JHVWDQGHQKlWWHXQGZLUVHKHQ0HQVFKHQVRZLHVLHVLFKYHUKDOWHQZHQQ VLHVLFKQLFKWGHQ0HGLHQSUlVHQWLHUHQ :RUDQHUNHQQWPDQQXQDEHUGDVVGDVGRNXPHQWDULVFKH%LOGLP*H JHQVDW]]XGHQ%LOGHUQGHUKHUN|PPOLFKHQ0DVVHQPHGLHQNHLQH0DQLSX ODWLRQYRUQLPPW"(LQ%LOGDOOHLQNDQQVHLQH(FKWKHLWQLFKWEHZHLVHQGD]X EUDXFKWHVGDV*HVSUlFKGHQ'LVNXUV1DWUOLFKDQWZRUWHWDEHUDXFKGHU 'RNXPHQWDUILOP QLFKW DXI GLH )UDJHQ GHV =XVFKDXHUV XQG 8QPLWWHOEDU NHLWEOHLEWLP0HGLXPGHV)LOPVXQHUUHLFKEDU9LHOPHKUPXVVGLH(UIDK UXQJ YRQ 8QPLWWHOEDUNHLW PHGLDO KHUJHVWHOOW ZHUGHQ HV EHGDUI ZLH EHL +DPOHW HLQHU ,QV]HQLHUXQJ XP $XWKHQWL]LWlW ]X SURGX]LHUHQ 6RPLW LVW DXFKGDV*HJHQWHLOGHUYRUKHULJHQ$XVVDJHZDKUZHOFKH$XWKHQWL]LWlWLQ GHU 4XHOOH EHJUQGHW VDK 'LH $XWKHQWL]LWlW OLHJW QLFKW OlQJHU LP 'DUJH VWHOOWHQ EHJUQGHW VRQGHUQ LQ GHU )RUP GHU 'DUVWHOOXQJ ZLH ZLHGHUXP +DWWHQGRUIDXVIKUWÅ$XWKHQWL]LWlWLVWHLQ(UJHEQLVGHUILOPLVFKHQ%HDU EHLWXQJ 'LH Ä*ODXEZUGLJNHLW¶ HLQHV GDUJHVWHOOWHQ (UHLJQLVVHV LVW GDPLW DEKlQJLJYRQGHU:LUNXQJILOPLVFKHU6WUDWHJLHQLP$XJHQEOLFNGHU5H]HS WLRQ'LH$XWKHQWL]LWlWOLHJWJOHLFKHUPD‰HQLQGHUIRUPDOHQ*HVWDOWXQJZLH GHU5H]HSWLRQEHJUQGHW´ 'LH 5H]HSWLRQ ZLUG LP $OOJHPHLQHQ GXUFK GHQ VRJHQDQQWHQ Å:DKU QHKPXQJVYHUWUDJILOPLVFKHU$XWKHQWL]LWlW´EHVWLPPW'HUÅGRFXPHQWDU\ FRQWUDFW´ ]ZLVFKHQ )LOPVFKDIIHQGHQ XQG =XVFKDXHU OHLVWHW HLQH H[WHUQH BBBBBBBBBBBBBB 

 0DQIUHG +DWWHQGRUI 'RNXPHQWDUILOP XQG $XWKHQWL]LWlW bVWKHWLN XQG 3UDJPDWLN HLQHU *DWWXQJ .RQVWDQ]66LHKHDXFK7RUVWHQ1DHVHUÅ$XWKHQWL]LWlW².XOWXUDQWKURSROR JLVFKH hEHUOHJXQJHQ ]XU 6XFKH QDFK Ä(FKWKHLW¶ LP 9LGHRSRUWDO «@$XWKHQWL]LWlWGHU'DUVWHOOXQJ´LVWZLH BBBBBBBBBBBBBB 

 0DUFLD /DQG\ Å,QWURGXFWLRQ´ LQ 'LHV +UVJ  7KH +LVWRULFDO )LOP +LVWRU\ DQG 0HPRU\ LQ 0HGLD1HZ%UXQVZLFN6²KLHU6YJO,DQ&KULVWLHÅ$/LIHRQ)LOP´LQ3HWHU )UDQFH :LOOLDP 6W &ODLU +UVJ  0DSSLQJ /LYHV 7KH 8VHV RI %LRJUDSK\ 2[IRUG 1HZ «@ )LOPV´ $XWKHQWL]LWlW JHK|UW GDPLW ]X MHQHQ .RQ]HS WHQGLHLPPHUZLHGHU EHPKWZHUGHQXPGHQ %OLFN DXIGHQELRJUDSKL VFKHQ )LOP ]X SHUVSHNWLYLHUHQ 'RFK GDV VHPDQWLVFKH 6SHNWUXP GHV %HJULIIVÄ$XWKHQWL]LWlW¶LVWZLHGLH9HUZHQGXQJVZHLVHQLQGHQ'LVNXVVLR QHQ DXFK XP GHQ ELRJUDSKLVFKHQ )LOP  ]HLJHQ ZHLW 6HLQH %HGHXWXQJV VNDOD UHLFKW YRQ Å(FKWKHLW´ XQG Å8QPLWWHOEDUNHLW´ EHU Å8QYHUIlOVFKW KHLW´ XQG Å(LJHQWOLFKNHLW´ ELV KLQ ]X Å:DKUKDIWLJNHLW´ 8QZHLJHUOLFK VWHOOWVLFKGDPLWGLH)UDJHZDV$XWKHQWL]LWlWHLJHQWOLFKLVW ,,)DNWYV(IIHNWRQWRORJLVFKHYVUHODWLRQDOH$XWKHQWL]LWlW =ZDU NDQQ PDQ GXUFKDXV HLQ VHPDQWLVFKHV )HOG DEVWHFNHQ GDV GHQ %H JULIIGHV$XWKHQWLVFKHQNRQWXULHUWDEHUGHQ%HJULIINDQQPDQVFKZHUOLFK DXI HLQ bTXLYDOHQW UHGX]LHUHQ 'LHVH %HVRQGHUKHLW OlVVW VLFK GDUDXI ]X UFNIKUHQGDVVVRZRKOGHUDOOWDJVDOVDXFKIDFKVSUDFKOLFKH$XWKHQWL]L WlWV%HJULIIZLHHULQGHU/LWHUDWXU)LOPXQG7KHDWHUZLVVHQVFKDIWVRZLH GHU3KLORVRSKLHJHQXW]WZLUGPHKUGLPHQVLRQDOLVW1LPPWPDQGLH)UDJH QDFKGHP6HLQYRQ$XWKHQWL]LWlWHUQVWVROlVVWVLFKPLW%OLFNDXIGLH9LHO ]DKOYRQYRUJHVFKODJHQHQ.RQ]HSWHQXQG'HILQLWLRQHQYRQ$XWKHQWL]LWlW ]ZLVFKHQ HLQHP RQWRORJLVFKHQ XQG HLQHP UHODWLRQDOHQ %HJULII XQWHUVFKHLGHQ 'HURQWRORJLVFKH%HJULIIGHUGLH4XDOLWlWÄDXWKHQWLVFK¶DOVQLFKWDEVWUHLW EDUH(LJHQVFKDIWHLQHV2EMHNWVJOHLFKVDPDOVDXIGHUÄ(FKWKHLW¶HLQHV'R

BBBBBBBBBBBB 

 





7KH &DVH RI Ä$ %HDXWLIXO 0LQG¶ DQG WKH 6HDUFK IRU $XWKHQWLFLW\´ )LOP -RXUQDO    ZZZWKHILOPMRXUQDOFRPLVVXHELOOLQJVELRJUDSK\KWPOOHW]WHU=XJULIIDP 0DQIUHG 0LWWHUPH\HU Å/HEHQVJHVFKLFKWHQ LP %LRSLF 6NL]]HQ ]X HLQHP KLVWRULVFKHQ hEHUEOLFN´LQ:LOKHOP+HPHFNHU +UVJ 'LH%LRJUDSKLH%HLWUlJH]XLKUHU*HVFKLFKWH%HUOLQ 1HZV@3KlQRPHQ>@´DOV HV ÅDXV GHU %HREDFKWXQJ DQGHUHU %HREDFKWHU >«@ DQVWDWW DXV GHU GLUHNWHQ %HREDFKWXQJ GHU:HOW´KHUYRUJHKW YJOVHLQHQ%HLWUDJLQGLHVHP%DQGKLHU6 PLUJHKWHVPLWGHU $N]HQWXLHUXQJGHU5HODWLRQDOLWlWYRQ$XWKHQWL]LWlWZHQLJHUXPGLH$EKlQJLJNHLWYRQGHU %HREDFKWHUSRVLWLRQDOVYLHOPHKUXPGLH&KDUDNWHULVLHUXQJYRQ$XWKHQWL]LWlWDOVHLQSRO\UH IHUHQ]LHOOHV.RQ]HSW

 

/XNDV:HUQHU

NXPHQWV JUQGHQGHV IDFWXP XPUHL‰W NRQWUDVWLHUW PLW HLQHP UHODWLRQDOHQ .RQ]HSW GDV $XWKHQWL]LWlW QLFKW LP 2EMHNW IHVWPDFKW VRQGHUQ DOV HLQ SRO\UHIHUHQ]LHOOHV 3KlQRPHQ YHUVWHKW GDV VLFK LP 6SDQQXQJVIHOG GHU ,QVWDQ]HQ MHGHU .RPPXQLNDWLRQ UHDOLVLHUW ,P 6LQQH HLQHV RQWRORJLVFKHQ %HJULIIVLVWHLQ7H[WDXWKHQWLVFKRGHUHULVWHVQLFKW,P6LQQHHLQHVUHODWL RQDOHQ %HJULIIHV JHKW $XWKHQWL]LWlW DOV (IIHNW DXV GHP 9HUKlOWQLV ]ZL VFKHQYHUVFKLHGHQHQ3DUDPHWHUQKHUYRUXQGNDQQQLFKWGXUFKHLQH*U|‰H JDUDQWLHUWZHUGHQ 'HU UHODWLRQDOH %HJULII EH]LHKW VLFK DXI DOOH 7HLOH GHV .RPPXQLNDWL RQVYRUJDQJV   GHQ .RPPXQLNDWLRQVPRGXV ,  DXI GHQ 3URGX]HQWHQ KLHULPZHLWHVWHQ6LQQHGHV:RUWHVYHUVWDQGHQ  ,,, GHQ5H]LSLHQWHQDOV VHLQHQ ]HLWOLFK XQG |UWOLFK YHUVHW]WHQ .RPPXQLNDWLRQVSDUWQHU VRZLH DXI GDV ,, ]ZLVFKHQLKQHQVWHKHQGH.RPPXQLNDW=XXQWHUVFKHLGHQLVWLQ %H]XJ DXIGDV.RPPXQLNDW]ZLVFKHQVHLQHU ,, PHGLDOHQ'LVSRVLWLRQ ,, GHULQLKPHQWZRUIHQHQ:HOW 'LHJHVH XQGVHLQHU ,, VSH]LILVFKHQ *HPDFKWKHLW.QVWOLFKNHLW(LQJHEHWWHWLVWGDEHLMHGH.RPPXQLNDWLRQLQ .RQWH[WH ,9 GLHDXIJUXQGGHU]HLWOLFKXQG|UWOLFKYHUVHW]WHQ.RPPXQL NDWLRQVSDUWQHUMHDQGHUVDXVIDOOHQN|QQHQ)RUPHQGHU5HIHUHQ]DXI:HOW LP2EMHNW PDUNLHUHQGHQ$XVVDJH$QVSUXFKGHV3URGX]HQWHQXQG3D UDWH[WH²GLH,QIRUPDWLRQHQEHUDOOH,QVWDQ]HQGHU.RPPXQLNDWLRQHQW KDOWHQN|QQHQ²OHQNHQGLH:DKUQHKPXQJGHV5H]LSLHQWHQ .RQWH[WH ,9 :HOW5HIHUHQ]3DUDWH[WH  .RPPXQLNDWLRQVPRGXV    3URGX]HQW , 

2EMHNW 7H[W)LOP  ,,   PHGLDOH'LVSRVLWLRQ ,,  Ä:HOW¶ ,,  *HPDFKWKHLW.QVWOLFKNHLW ,, 

5H]LSLHQW ,,, 

$EE(EHQHQHLQHVUHODWLRQDOHQ$XWKHQWL]LWlWVEHJULIIV

0LW%OLFNDXIGLH5HODWLRQDOLWlWYRQ$XWKHQWL]LWlWODVVHQVLFKGLHJlQJLJHQ $XWKHQWL]LWlWVGHILQLWLRQHQ YRU GHU )ROLH GHV HLQIDFKHQ .RPPXQLNDWLRQV PRGHOOV JDQ] LP 6LQQH GHV ]XJUXQGH OLHJHQGHQ SUDJPDWLVFK QDUUDWRORJLVFKHQ$QVDW]HV EHVWHQVUHNRQVWUXLHUHQ6XVDQQH.QDOOHUXQWHU BBBBBBBBBBBBBB 

 9JO 6WHSKDQ +|OWJHQ 6FKQLWWVWHOOHQ ² 'LH .RQVWUXNWLRQ YRQ $XWKHQWL]LWlW LP 6HULHQP|UGHUILOP 6KWWSKVVXOEXQLERQQGHSGIOHW]WHU=XJULIIDP



$XWKHQWLF/LIH



VFKHLGHW V\VWHPDWLVFK ]ZLVFKHQ Å6XEMHNWDXWKHQWL]LWlW´ XQG Å2EMHNW DXWKHQWL]LWlW´Å6XEMHNWDXWKHQWL]LWlWXPVFKUHLEW]%GDVhEHUVWHLJHQGHV ,QGLYLGXHOOHQ XQG GLH 5FNNHKU RGHU $QNXQIW DQ HLQHP 2UW GHV 8U VSUXQJV LQ GHU lVWKHWLVFKHQ 0RGHUQH ZHQQ GHU .QVWOHUGLH .QVWOHULQ EHU NUHDWLYHV 3RWHQWLDO XQG 2ULJLQDOLWlW GDV XQNRQWDPLQLHUWH 6HOEVW ILQ GHW´.QDOOHUV%HJULIIGHU6XEMHNWDXWKHQWL]LWlWEH]LHKWVLFKYRUDOOHPDXI PRGHUQH .RQ]HSWH GHU H[SUHVVLYHQ $XWRUVFKDIW ,  GHQQ GHU .QVWOHU JHODQJWEHUGDV2EMHNWDOV0DWHULDOLVDWLRQVHLQHVNUHDWLYHQ3RWHQ]LDOV]X VLFKVHOEVW2EMHNWDXWKHQWL]LWlWKLQJHJHQLVWYRUQHKPOLFKHLQH(LJHQVFKDIW GHV2EMHNWV ,, XQGÅUHVXOWLHUW]XPHLVWDXVGHU5FNIKUEDUNHLWDXIHLQHQ 8UKHEHURGHUHLQH=XJHK|ULJNHLW´ , GLHGXUFK,QVWLWXWLRQHQXQG$XWRUL WlWHQDOVR5H]HSWLRQVLQVWDQ]HQ ,,, EHVWlWLJWZHUGHQNDQQ,P6\VWHP .XQVWVLQGIU.QDOOHUGHU$XWRUDOV3URGX]HQW , XQGGLH.ULWLNDOV5H ]LSLHQW ,,,  Å$XWKHQWL]LWlWVJDUDQWHQ´ ,QVRIHUQ .QDOOHU $XWKHQWL]LWlW DOV (IIHNW ]ZLVFKHQ YHUVFKLHGHQHQ ,QVWDQ]HQ GHV .RPPXQLNDWLRQVYRUJDQJV EHVWLPPWOLHJWLKUHP.RQ]HSWHLQUHODWLRQDOHU$QVDW]]XJUXQGHLQVRIHUQ VLHDEHULQGHU.XQVWNULWLNHLQHQ*DUDQWHQGHU$XWKHQWL]LWlWVLHKWWHQGLHUW VLH]XHLQHPRQWRORJLVFKHQ9HUVWlQGQLVYRQ$XWKHQWL]LWlW +DQV2WWR+JHOGLVNXWLHUW$XWKHQWL]LWlWLP+LQEOLFNDXIGUHL%HGHX WXQJVDVSHNWHXQGYHUTXLFNWLQVHLQHU$UJXPHQWDWLRQ²HEHQVRZLH.QDOOHU ²GHQRQWRORJLVFKHQXQGUHODWLRQDOHQ%HJULII)ULKQJHKW$XWKHQWL]LWlW HUVWHQV DXV GHU (FKWKHLW GHV 'RNXPHQWV KHUYRU ,,  ÅLQ VROFKHQ )lOOHQ >LVW VLH /:@ HLQ $XVZHLV GHU 3URYHQLHQ]´ Å:LUG HLQHU 6DFKHHLQHP )RWR GDV 3UlGLNDW :DKUKDIWLJNHLW RGHU $XWKHQWL]LWlW ]XJHVFKULHEHQ LVW GDPLWJHPHLQWGD‰GHU%HWUDFKWHUGHU=XK|UHUEHUGLH3URYHQLHQ]QLFKW JHWlXVFKWZLUG´0LWVHLQHP]ZHLWHQ.ULWHULXPGHU$XIULFKWLJNHLWHLQHU 3HUVRQXQGGHU:DKUKHLWGHU6DFKHVSULFKW+JHOJOHLFK]ZHLNDWHJRULDO YHUVFKLHGHQH$VSHNWHDQ=XPHLQHQEH]LHKWHUVLFKDXIGHQ.RPPXQLND WLRQVPRGXVGHQQGLH$XIULFKWLJNHLWOlVVWVLFKILNWLRQVWKHRUHWLVFKDOVIDN WXDOHU5HGHPRGXVEH]HLFKQHQ GDPLWXPIDVVWGLHVHU$VSHNWGHQJHVDPWHQ .RPPXQLNDWLRQVYRUJDQJ>@ XQG]XPDQGHUHQLVWGLH:DKUKHLWGHU6D FKH QLFKWV DQGHUHV DOV HLQH )UDJH GHU 5HIHUHQ] ,9  +JHOV OHW]WHU $X WKHQWL]LWlWV$VSHNWEH]LHKWVLFKDXIGHQ5H]LSLHQWHQ ,,, GHQQHVJHKWXP GLH:DKUQHKPXQJVHFKWKHLW(QWVSUHFKHQGIDVVWHUGLH)XQNWLRQYRQ$X WKHQWL]LWlW ² DOOH GUHL $VSHNWH QRFKPDOV DXIJUHLIHQG ² IROJHQGHUPD‰HQ BBBBBBBBBBBBBB 

   

.QDOOHU*HQHDORJLH $QP 6 .QDOOHU*HQHDORJLH $QP 6 .QDOOHU*HQHDORJLH $QP 6PHLQH+HUYRUKHEXQJ 9JO+DQV2WWR+JHOÅ'LH'DUVWHOOXQJGHVlVWKHWLVFKHQ0RPHQWV´LQ-DQ%HUJ+DQV 2WWR +JHO +DMR .XU]HQEHUJHU +UVJ  $XWKHQWL]LWlW DOV 'DUVWHOOXQJ +LOGHVKHLP  6²EHV6I  +JHO $QP 6

 

/XNDV:HUQHU

]XVDPPHQÅ'DVDXWKHQWLVFKHGDVHFKWH'RNXPHQWVROOGLH.OXIWVFKOLH ‰HQ ]ZLVFKHQ *HVFKLFKWH XQG *HJHQZDUW GLH DXWKHQWLVFKH $XVVDJH MHQH ]ZLVFKHQ REMHNWLYHU XQG VXEMHNWLYHU (UNHQQWQLV 8QG GLH DXIULFKWLJH GLH DXWKHQWLVFKH *HVWH VROO ]ZLVFKHQ 3URGX]HQW XQG 5H]LSLHQW >«@ YHUPLW WHOQ´ 0DQIUHG +DWWHQGRUI EHWRQW PLW %OLFN DXI GHQ 'RNXPHQWDUILOP EH VRQGHUV ]ZHL $VSHNWH GLH HLQHUVHLWV GLH *HPDFKWKHLW GHV 2EMHNWV ,,  XQGDQGHUHUVHLWVGLH5H]LSLHQWHQSRVLWLRQEHWUHIIHQ ,,, ZHQQHUIHVWKlOW Å$XWKHQWL]LWlW OLHJW JOHLFKHUPD‰HQ LQ GHU IRUPDOHQ *HVWDOWXQJ ZLH GHU VR]LDOHQ5H]HSWLRQ´EHJUQGHW+DWWHQGRUIOHQNWGHQ%OLFNPLWGHUÅVR ]LDOHQ 5H]HSWLRQ´ DXI GLH JHVHOOVFKDIWOLFK HWDEOLHUWHQ :HLVHQ GHU :DKU QHKPXQJGHUHQ1RUPHQ]%DXV3DUDWH[WHQ ,9 GLHVHOEVWDXI'LVNXUVH ]XUFNJHKHQ XQG ]XJOHLFK ]ZLVFKHQ 2EMHNW XQG gIIHQWOLFKNHLW YHUPLW WHOQDEOHVEDUZHUGHQ $XI HLQH VSH]LILVFKH 'LVSRVLWLRQ GHU 5H]HSWLRQVKDOWXQJ MHQVHLWV GHU )UDJH QDFK LKUHU SDUDWH[WXHOOHQ 6WHXHUXQJ  PDFKW -HDQ 6WDURELQVNL DXI PHUNVDP ZHQQ HU DUJXPHQWLHUW GDVV $XWKHQWL]LWlW QLFKW QXU GHU (IIHNW HLQHVVSH]LILVFKHQ.RPPXQLNDWLRQVPRGXVLVW Å:DKUKDIWLJNHLW´ VRQGHUQ GDUEHU KLQDXV LQ HLQHU JHQXLQ ÄQDLYHQ¶ GHQQ QLFKWUHIOH[LYHQ :DKUQHK PXQJVSRVLWLRQ GHV 5H]LSLHQWHQ JUQGHW $XWKHQWL]LWlW LVW ÅQLFKWV ZHLWHU DOV HLQH :DKUKDIWLJNHLW RKQH 'LVWDQ] XQG RKQH 5HIOH[LRQ´ 2GHU ZLH (ULND )LVFKHU/LFKWH LQ %H]XJ DXI GDV 9HUKlOWQLV YRQ $XWKHQWL]LWlW XQG ,QV]HQLHUXQJIRUPXOLHUW1XUGRUWZRGLH,QV]HQLHUXQJYRP5H]LSLHQWHQ QLFKWDOVVROFKHHUNDQQWZLUGNDQQVLHDXWKHQWLVFKZLUNHQ 'DUVWHOOXQJHQ GHV +RORFDXVW IRNXVVLHUHQG GLVNXWLHUW 0DWtDV 0DUWtQH] YLHU'LPHQVLRQHQGHV$XWKHQWLVFKHQ$XWRUVFKDIW , 5HIHUHQ] ,9 *H VWDOWXQJ .QVWOLFKNHLW  ,,  XQG GLH :LUNXQJ HLQHV 2EMHNWV ,,,  (LQ .XQVWZHUNZLUGRIWPDOVGDQQDXWKHQWLVFKJHQDQQWZHQQÅVHLQ8UKHEHU GHU $XWRU .QVWOHU RGHU 5HJLVVHXU DOV 3HUVRQ EHVRQGHUV TXDOLIL]LHUW LVW´ $XWKHQWLVFK VLQG :HUNH ]XGHP ZHQQ VLH UHIHUHQ]LHOO VLQG DOVR ÅNRQNUHWHKLVWRULVFKH3HUVRQHQRGHU(UHLJQLVVHGDUVWHOOHQ´(LQ2EMHNW BBBBBBBBBBBBBB 

 +JHO $QP 6  0DQIUHG +DWWHQGRUI 'RNXPHQWDUILOP XQG $XWKHQWL]LWlW bVWKHWLN XQG 3UDJPDWLN HLQHU *DWWXQJ .RQVWDQ]6  9JO*pUDUG*HQHWWH3DUDWH[WH'DV%XFKYRP%HLZHUNGHV%XFKHV)UDQNIXUWD0YJO ]XUILOPLVFKHQ$GDSWLRQGHV3DUDWH[W.RQ]HSWV.ODXV.UHLPHLHU*HRUJ6WDQLW]HN +UVJ  3DUDWH[WHLQ/LWHUDWXU)LOP)HUQVHKHQ%HUOLQ  -HDQ 6WDURELQVNL 5RXVVHDX (LQH :HOW YRQ :LGHUVWlQGHQ DXV GHP )UDQ] YRQ 8OULFK 5DXOII 0QFKHQ6  9JO(ULND)LVFKHU/LFKWHÅ7KHDWUDOLWlWXQG,QV]HQLHUXQJ´LQ'LHV,VDEHO3IOXJ +UVJ  ,QV]HQLHUXQJYRQ$XWKHQWL]LWlW7ELQJHQ%DVHO6²EHV6  0DUWtQH] $QP 6  0DUWtQH] $QP 6



$XWKHQWLF/LIH



NDQQ ² GULWWHQV ² DXIJUXQG VHLQHU *HPDFKWKHLW GK HLQHU EHVWLPPWHQ Å)RUP>@ YRQ .QVWOLFKNHLW´ DOV HWZDV $XWKHQWLVFKHV ZDKUJHQRPPHQ ZHUGHQ 'LH YLHUWH YRQ 0DUWtQH] LQ $QOHKQXQJ DQ :DOWHU %HQMDPLQ JH VHW]WH 'LPHQVLRQ EHWULIIW GLH Å)XQNWLRQ´ GHV :HUNHV XQG VWHOOW GHQ ÅSUDJPDWLVFKHQ %HGHXWXQJVDVSHNW´ GHV %HJULIIHV GDU Å+LHU ZLUG GHP ÄDXWKHQWLVFKHQ¶ :HUN HLQ EHVRQGHUHV 3UHVWLJH ]XJHZLHVHQ GDV DXI VHLQHU UHOLJL|VHQRGHUUHOLJLRQVDQDORJHQ)XQNWLRQEHUXKW´ $QJHVLFKWVGHVUHODWLRQDOHQXQGSRO\UHIHUHQ]LHOOHQ&KDUDNWHUVYRQ$X WKHQWL]LWlWZLHHUDXVGHQNXU]VNL]]LHUWHQ.RQ]HSWHQKHUYRUJHKWHQW]LHKW VLFKGDV3KlQRPHQHLQHUVWDUUHQ'HILQLWLRQ'LH9LHO]DKOGHUIU$XWKHQ WL]LWlW JHOlXILJHQ 6\QRQ\PH EH]LHKW VLFK VR NDQQ PDQ DEHU DXV GHU 5H NRQVWUXNWLRQGHU3RVLWLRQHQHUNOlUHQGIROJHUQDXIGLHYHUVFKLHGHQHQ'L PHQVLRQHQ GLHVHV UHODWLRQDOHQ .RQ]HSWV (QWVSUHFKHQG ODVVHQ VLFK EHLVSLHOVZHLVHGLHYRQ6XVDQQH.QDOOHUJHQDQQWHQ6\QRQ\PHÅ(FKWKHLW´ Å8QPLWWHOEDUNHLW´ XQG Å:DKUKDIWLJNHLW´ IROJHQGHUPD‰HQ HLQEHWWHQ Å(FKWKHLW´LVWHLQHPRQWRORJLVFKHQ.RQ]HSWYRQ$XWKHQWL]LWlWYHUSIOLFK WHWGDVHVDOVHLQH4XDOLWlWGHV2EMHNWVYHUVWHKW$VSHNWHGHUÅ8QPLWWHO EDUNHLW´EHWUHIIHQGDV0HGLXPXQGVHLQH'LVSRVLWLRQXQGGLHÅ:DKUKDI WLJNHLW´ GHQ 0RGXV GHU .RPPXQLNDWLRQ 2EJOHLFK VLFK $XWKHQWL]LWlW GDPLWQLFKWGHILQLWRULVFKIDVVHQOlVVWN|QQHQGLHYHUVFKLHGHQHQEHVFKULH EHQHQ 'LPHQVLRQHQ YRU GHP +LQWHUJUXQG GHV .RPPXQLNDWLRQVPRGHOOV XQGGHUJHQDQQWHQ(EHQHQ PLW%OLFNDXIGHQELRJUDSKLVFKHQ)LOP QDUUD WRORJLVFK RSHUDWLRQDOLVLHUW ZHUGHQ -HGHV GLHVHU (OHPHQWH IXQJLHUW GDEHL DOVHLQ$XWKHQWL]LWlWVVLJQDOGDVDEHUQLH²LQHLQHPRQWRORJLVFKHQ6LQQH² ]X HLQHP $XWKHQWL]LWlWVJDUDQWHQ DYDQFLHUW 6SUHFKH LFK LP )ROJHQGHQ YRQ $XWKHQWL]LWlW VR LVW GDPLW NHLQH RQWRORJLVFKH (LJHQVFKDIW JHPHLQW VRQ GHUQLPPHUQXUGDV$XWKHQWL]LWlWVVLJQDOGDVYRQHLQHP5H]LSLHQWHQV\Q WKHWLVLHUW ZHUGHQ PXVV XP HLQHP 2EMHNW $XWKHQWL]LWlW ]XVFKUHLEHQ ]X N|QQHQ ,,,6SDQQXQJHQUHODWLRQDOH$XWKHQWL]LWlWLPELRJUDSKLVFKHQ)LOP =X XQWHUVFKHLGHQ VLQG LP ELRJUDSKLVFKHQ )LOP IROJOLFK SURGX]HQWHQ REMHNW XQG UH]LSLHQWHQEH]RJHQH 3DUDPHWHU HLQHUVHLWV XQG NRQWH[WXHOOH )DNWRUHQ DQGHUHUVHLWV %HLGH N|QQHQ JOHLFKHUPD‰HQ $XWKHQWL]LWlWVVLJQDOH HQWKDOWHQ RGHU GLH 5H]HSWLRQ EHHLQIOXVVHQ 6LH ODVVHQ VLFK SDUDOOHO ]XP BBBBBBBBBBBBBB 

 0DUWtQH] $QP 6  0DUWtQH] $QP 6  0DUWtQH] $QP 6

 

/XNDV:HUQHU

UHODWLRQDOHQ $XWKHQWL]LWlWVEHJULII LP 5DKPHQ HLQHU DP .RPPXQLNDWL RQVPRGHOORULHQWLHUWHQRIIHQHQ7\SRORJLHIROJHQGHUPD‰HQNDWHJRULVLHUHQ ,  $XWKHQWL]LWlW XQG $XWRUVFKDIW %HLGH .RQ]HSWH VLQG EHUHLWV LQ LKUHU (W\PRORJLH YHUEXQGHQ XQG ILQGHQ $XVGUXFN LQ ]ZHL 5HODWLRQHQ =XP HLQHQNDQQHLQ)LOPDXIJUXQGGHUEHVRQGHUHQ$XWRULWlWXQG4XDOLILNDWLRQ GHV 8UKHEHUV DXWKHQWLVFK JHQDQQW ZHUGHQ ]XP DQGHUHQ NDQQ HU LQVR IHUQDOVDXWKHQWLVFKZDKUJHQRPPHQZHUGHQDOVHULQEHVRQGHUHP0D‰H DOV $XVGUXFN VHLQHV $XWRU6XEMHNWV JHGDFKW ZLUG 'HU HUVWH )DOO EDVLHUW DXI $XWRULWlW GHU ]ZHLWH DXI ([SUHVVLYLWlW )ROJW PDQ +HLNR 5RVQHU VHL 6WHYHQ 6SLHOEHUJ JHUDGH GDGXUFK EHUHFKWLJW 2VNDU 6FKLQGOHU DOV HLQHQ ÅJXWHQ1D]L´]XP*HJHQVWDQGHLQHV)LOPV]XPDFKHQGD6SLHOEHUJGHP )LOPÅVHLQHHLJHQHMGLVFKH,GHQWLWlWXQGPLWLKUGDVHLQ]LJDUWLJHLQ%OXW XQG/HLGJHWUlQNWH9HUPlFKWQLVVHLQHU5HOLJLRQ´HLQZHEHXQGGDPLWVHLQH 'DUVWHOOXQJ OHJLWLPLHUH 3LHU 3DROR 3DVROLQL KLQJHJHQ UHFKWIHUWLJW VHLQ &KULVWXV%LRSLF,O9DQJHORVHFRQGR0DWWHRXQWHUDQGHUHPGDGXUFKGDVVHUHV DOV$XVGUXFNVHLQHUVHOEVWLQV]HQLHUW6REHWRQWHULQHLQHP,QWHUYLHZPLW -RQ+DOOLGD\Å,QQHUOLFKHQWVSULFKWNHLQHPHLQHU$UEHLWHQPHKUGHPZDV LFKELQDOVGLHVH´9HUPLWWHOWZHUGHQ²ZLHGDV3DVROLQL%HLVSLHO]HLJW² GLH GHQ ELRJUDSKLVFKHQ )LOP IODQNLHUHQGHQ $XWRUVFKDIWVPRGHOOH XQWHU DQGHUHPNRQWH[WXHOOGXUFK3DUDWH[WH ,, $XWKHQWL]LWlWXQGPHGLDOH'LVSRVLWLRQ2EJOHLFKMHGHV0HGLXPHWZDV LP ZDKUVWHQ 6LQQH GHV :RUWHV 9HUPLWWHOQGHV KDW XQG GDPLW LPSOL]LW LP *HJHQVDW] ]XU 8QPLWWHOEDUNHLW YRQ $XWKHQWL]LWlW VWHKW GHQQ GDV Å$X WKHQWLVFKH ELOGHWHLQHQ*HJHQHQWZXUI]XHLQHUPHGLDOYHUPLWWHOWHQ:LUN OLFKNHLW´ VWHOOW VLFK GLH )UDJH RE VLFK QLFKW GHQQRFK JUDGXHOOH 8QWHU VFKLHGH ]ZLVFKHQ GHQ YHUVFKLHGHQHQ 0HGLHQ LP +LQEOLFN DXI HLQ P|JOLFKHV PHGLDOHV $XWKHQWL]LWlWVGLVSRVLWLY DE]HLFKQHQ $XFK ZHQQ 5RODQG%DUWKHVGLH3KRWRJUDSKLHYRP)LOPKLQVLFKWOLFKLKUHVÅ1RHPDV´ UDGLNDODEJUHQ]WVRPDFKWHUGRFKDXFKIHVWGDVVGHU)LOPDPÅ(VLVWVR JHZHVHQ´ GHV SKRWRJUDSKLVFKHQ %LOGHV DQ VHLQHU VHLW &KDUOHV 6DQGHUV 3LHUFH SRVWXOLHUWHQ ,QGH[LNDOLWlW  WHLOKDW Å'HU $QWHLO GHQ GDV Ä(V LVW VR JHZHVHQ¶ DP )LOP KDW YHUOlXIW EHU GDV 0HGLXP GHU 3KRWRJUDSKLH 'HU )LOPPL‰EUDXFKWGDV1RHPDGHU3KRWRJUDSKLH,Q:LUNOLFKNHLWLVWHVQLFKW VR JHZHVHQ VRQGHUQ GLH :LUNOLFKNHLW LVW YROOVWlQGLJ XPJHDUEHLWHW PDQLSX BBBBBBBBBBBBBB 

 9JO0DUWtQH] $QP 6  =LWQDFK0DUWtQH] $QP 6  3LHU 3DROR 3DVROLQL -RQ +DOOLGD\ 3DVROLQL EHU 3DVROLQL ,P *HVSUlFK PLW -RQ +DOOLGD\ :LHQ %R]HQ6  &KULVWRSK=HOOHUbVWKHWLNGHV$XWKHQWLVFKHQ/LWHUDWXUXQG.XQVWXP%HUOLQ1HZ«@QRW DV IL[HGFRQYHQWLRQVEXWDVIOH[LEOHPHDQVRIH[SUHVVLRQ´DQ9HUIDKUHQGHV 1HRUHDOLVPXV GHU HU -DKUH XQG GDPLW DQ )RUPHQ GHU DUWFLQHPD QDUUDWLRQDQ 3DVROLQLVHW]WJDQ]LQGHU7UDGLWLRQGHV,WDOLHQLVFKHQ1HRUHDOLVPXVDXI GLH SHUIRUPDWLYH $XWKHQWL]LWlW QLFKWSURIHVVLRQHOOHU 'DUVWHOOHU GLH HLQH GLUHNWH 9HUELQGXQJ ]ZLVFKHQ GHP )LOP XQG GHP /HEHQ KHUVWHOOHQ VRO OHQ  6R ZHUGHQ GLH 5ROOHQ WHLOV YRQ GHU QRUGLWDOLHQLVFKHQ /DQGEHY|ONH UXQJ EHUQRPPHQ XQG 0DULD ZLUG YRQ 3DVROLQLV HLJHQHU 0XWWHU JH VSLHOW(VVLQGGDUEHUKLQDXVGLH'HWDLOVLP9HUKDOWHQGHU'DUVWHOOHUGLH DOVG\VIXQNWLRQDOH(OHPHQWHGHVDOOWlJOLFKHQ/HEHQV²RGHUPLW%RUGZHOO JHVSURFKHQDOVÅWULYLDOPRPHQWV´²3DVROLQLV9HUILOPXQJHLQHQ5HDOLWlWV HIIHNW YHUOHLKHQ :lKUHQG -HVXV VHLQH /HKUHQ YHUNQGHW VWHKW LQ GHU 0HQJHHLQ]XK|UHQGHU6ROGDWGHUJlKQWXQGVLFKVWUHFNWHLQDQGHUHU6RO GDWVSXFNWLQGHUVHOEHQ6]HQHDXIGHQ%RGHQ8QGHLQNOHLQHU-XQJHVSLHOW PLWVHLQHP)X‰LP6DQGZlKUHQGHUGHQ:RUWHQ-HVX]XK|UW'LHVHDOO WlJOLFKHQ+DQGOXQJHQVWHFKHQYRUGHP+LQWHUJUXQGGHUKRPRJHQHQ0DV VHQV]HQHQLQ.LQJRI.LQJVKHUDXVXQGJHQHULHUHQLQLKUHU'\VIXQNWLRQDOLWlW IUGLH*HVDPWKHLWGHU+DQGOXQJGDV ZDV5RODQG%DUWKHVDOVGDVÅNRQ NUHWH5HDOH´EH]HLFKQHW(LQHVGHUDXIIlOOLJVWHQ'HWDLOVLQGLHVHP=XVDP PHQKDQJLVWGLH)OLHJHGLHEHUGDV/HLFKHQWXFK&KULVWLNUDEEHOWDOVHULP *UDE OLHJW 3DVROLQLV )LOP EOHLEW GDPLW HLQHU bVWKHWLN GHV $OOWlJOLFKHQ YHUSIOLFKWHW8QWHUVWW]WZLUGGLHVHU(IIHNWDXIGHU(EHQHGHVVW\OHGXUFK GHQ(LQVDW]GHVPLWGHP'RNXPHQWDULVFKHQYHUEXQGHQHQ6FKZDU]ZHL‰ ILOPVREJOHLFKEHUHLWVLQ7HFKQLFRORUJHILOPWZHUGHQNRQQWH ,Q VHLQHU QDUUDWLYHQ *HVWDOWXQJ RULHQWLHUW VLFK GHU )LOP 3DVROLQLV DP 0DWWKlXV(YDQJHOLXP HV LVW DOVR NHLQ 9HUVXFK HLQHU KDUPRQLVLHUHQGHQ =XVDPPHQIKUXQJ GHU (YDQJHOLHQ ZLH LQ .LQJ RI .LQJV RGHU 7KH *UHDWHVW 6WRU\(YHU7ROG ,P*HJHQVDW]]X.LQJRI.LQJV]HLFKQHWVLFK3DVROLQLV9HU ILOPXQJGHV0DWWKlXV(YDQJHOLXPVGXUFKQDUUDWLYH8QWHUPRWLYLHUXQJDXV 3DVROLQL YHU]LFKWHW DXI H[SOL]LWH 9HUELQGXQJVOLQLHQ ]ZLVFKHQ (UHLJQLVVHQ )LJXUHQZHUGHQQLFKWHLQJHIKUWGLH0RWLYDWLRQGHV+DQGOXQJVIRUWJDQJV EOHLEW LP 8QNODUHQ ,QVRIHUQ HLQ]HOQH (UHLJQLVVH KlXILJ XQYHUEXQGHQ BBBBBBBBBBBBBB 

 3DVROLQL+DOOLGD\ $QP 6  %RUGZHOO $QP 6  9JO7DWXP $QP 6



$XWKHQWLF/LIH



QHEHQHLQDQGHU VWHKHQ ELOGHQ VLFK ÅFDXVDO JDSV´ GLH GLH IXQNWLRQDOH (LQELQGXQJGHU0RWLYHDEPLOGHUQ*HUDGHGHU9HU]LFKWDXIGLH.RKlUHQ] GHU +DQGOXQJ OlVVW VLFK DOV %UXFK PLW GHQ YRQ +ROO\ZRRG JHSUlJWHQ 6HKQRUPHQGHXWHQGHULQ.RPELQDWLRQPLWGHQHLQJHVHW]WHQ$XWKHQWL]L WlWVVLJQDOHQ GHQ )LOP SRWHQ]LHOO DOV DXWKHQWLVFK ZDKUQHKPEDU ZHUGHQ OlVVW $P (QGH GLHVHU *HJHQEHUVWHOOXQJ GUlQJHQ VLFK ]ZHL )UDJHQ DXI :HOFKHUGHUEHLGHQ)LOPHLVWQXQDXWKHQWLVFKHU":DVJHVFKLHKWPLWGHP *HIKO GHV .LQRJlQJHUV GDV LKP GHQ (LQGUXFN JDE GHU HEHQ JHVHKHQH )LOPVHLDXWKHQWLVFKJHZHVHQ²VHLHVQXQLP+LQEOLFNDXIGDV'DUJHVWHOOWH RGHUGLH'DUVWHOOXQJ²ZHQQPDQVLFKGHUJHVWDOWHULVFKHQ9HUIDKUHQEH ZXVVW ZLUG" $XFK ZHQQ VLFK $XWKHQWL]LWlW YRU GHP +LQWHUJUXQG LKUHU 5HODWLRQDOLWlW GXUFKDXV JUDGXHOO GHQNHQ OlVVW EOHLEW GLH )UDJH QDFK GHU $XWKHQWL]LWlWGHVHLQ]HOQHQ)LOPVP‰LJ'HQQGHU(IIHNWLQVHLQHUVR]LD OHQ 3KlQRPHQRORJLH OlVVW VLFK VFKZHUOLFK GHVNULSWLY HUIDVVHQ DOOHLQ HLQ JHZLVVHV3RWHQ]LDONRQQWHVNL]]LHUWZHUGHQGDVGLH)LOPHPLWEULQJHQXP DOV ÄDXWKHQWLVFK¶ ZDKUJHQRPPHQ ]X ZHUGHQ 'LHVHV 3RWHQ]LDO JLEW ]ZDU +LQZHLVHDXIHLQHP|JOLFKH5H]HSWLRQDEHUHVHQWVSULFKWQLFKWGHULQGLYL GXHOOYROO]RJHQHQ'DPLWZLOODXFKGLH]ZHLWH)UDJHEHDQWZRUWHWZHUGHQ 'LHUHIOH[LYH$XVHLQDQGHUVHW]XQJPLWGHP*HIKOGDVVHWZDVDXWKHQWLVFK LVWJHKWHLQKHUPLWVHLQHP9HUVFKZLQGHQ )LOPRJUDSKLH 0DGDPH'X%DUU\(UQVW/XELWVFK' $QQD%ROH\Q(UQVW/XELWVFK' 7KH.LQJRI.LQJV&HFLO%'H0LOOH86$ 0DULH$QWRLQHWWH:69DQ'\NH86$ 0DGDPH&XULH0HUY\Q/H5R\86$ $QDVWDVLDGLHOHW]WH=DUHQWRFKWHU)DON+DUQDFN' 7KH-RNHULV:LOG&KDUOHV9LGRU86$ %HQ+XU:LOOLDP:\OHU86$ .LQJRI.LQJV1LFKRODV5D\86$ ,O9DQJHORVHFRQGR0DWWHR3LHU3DROR3DVROLQL,) 7KH*UHDWHVW6WRU\(YHU7ROG*HRUJH6WHYHQV86$ %RQQLHDQG&O\GH$UWKXU3HQQ86$ 5HHG0p[LFRLQVXUJHQWH3DXO/HGXF0H[LNR 7KH(OHSKDQW0DQ'DYLG/\QFK86$ *DQGKL5LFKDUG$WWHQERURXJK8.,QGLHQ &DUDYDJJLR'HUHN-DUPDQ8. 6FKLQGOHU·V/LVW6WHYHQ6SLHOEHUJ86$

BBBBBBBBBBBBBB 

 %RUGZHOO $QP 6

 

/XNDV:HUQHU

9DWHO5RODQG-RIIp)8.%HOJLHQ 'LH0DQQV²(LQ-DKUKXQGHUWURPDQ+HLQULFK%UHORHU'gVWHUUHLFK6FKZHL] 7KH4XHHQ6WHSKHQ)UHDUV8.), 7KH%ODFN3LPSHUQHOcVD)DULQJHU8OI+XOWEHUJ6FKZHGHQ'lQHPDUN0H[LNR 1RZKHUH%R\6DP7D\ORU:RRG8..DQDGD *RHWKH3KLOLSS6W|O]O' 7KH6RFLDO1HWZRUN'DYLG)LQFKHU86$

/LWHUDWXU $QGHUVRQ &DURO\Q Å%LRJUDSKLFDO )LOP´ LQ :HV ' *HKULQJ +UVJ  +DQGERRN RI $PHULFDQ)LOP*HQUHV1HZ«@DOVHLQH2SHUDWLRQGLHHLQLQWHUDNWLYHV6\VWHPPLW GUHL$NWDQWHQHUVWHOOWHLQHQ)LOPGHU²PHKURGHUZHQLJHULQVWlQGLJPHKURGHU ZHQLJHUH[SOL]LW²YHUODQJWJHPl‰HLQHVVRRGHUVREHVFKDIIHQHQ/HNWUHPRGXV JHOHVHQ ]X ZHUGHQ HLQH ,QVWLWXWLRQ GLH DXI HLQH PHKU RGHU ZHQLJHU ]ZLQJHQGH :HLVH HLQHQ VR RGHU VR EHVFKDIIHQHQ /HNWUHPRGXV SURJUDPPLHUW XQG HLQHQ /HVHUGHUDXIVHLQH:HLVHDXIGLH$XIIRUGHUXQJHQXQGGLH$QZHLVXQJHQGHUEHL GHQDQGHUHQ,QVWDQ]HQUHDJLHUW

:lKUHQGDEHUIUGHQ'RNXPHQWDUILOP]XP=HLWSXQNWYRQ2GLQV7KHR ULHELOGXQJ HLQ YHUKlOWQLVPl‰LJ VWDELOHV LQVWLWXWLRQHOOHV )HOG DEJHVWHFNW ZHUGHQNDQQVLQGGLH3URGXNWLRQV'LVWULEXWLRQVXQG5H]HSWLRQVURXWL QHQYRQ:HE9LGHRVZHLWDXVZHQLJHUVWDUNDXVJHSUlJW:LHGLHLQVWLWXWLR QHOOH Å4XDVLWRWDOLWlW IHVWJHOHJWHU /HNWUHQ´ DXIJHEURFKHQ ZLUG NDQQ DQKDQGGHU(U]lKOHUE]Z$XWRUHQSRVLWLRQYHUDQVFKDXOLFKWZHUGHQZHO FKHGLH$XWKHQWL]LWlWQLFKWILNWLRQDOHU'DUVWHOOXQJHQPD‰JHEOLFKSUlJW6R LVW GLH EHUSUIEDUH ,GHQWLWlW YRQ $XWRU XQG (U]lKOHU HLQHV GHU WUDGLWLR QHOOHQ WH[WSUDJPDWLVFKHQ ,QGL]LHQ IU GHQ DXWKHQWLVFKHQ &KDUDNWHU HLQHU (U]lKOXQJ 'RFK ZHU NRPPW KLHU DOV (QXQ]LDWRU LQ )UDJH" 'LH DXI ]HLFKQHQGHQ %HWHLOLJWHQ RGHU GLH DXIJH]HLFKQHWHQ 3HUVRQHQ" 'LH ]DKOUHL FKHQ.RPPHQWDUWRUHQRGHU$QZHQGHUGLHGLH9LGHRVYHUYLHOIlOWLJHQXQG XQWHU LKUHQ %HQXW]HUQDPHQ LQ GHQ XQWHUVFKLHGOLFKVWHQ .RQWH[WHQ ÄSRV WHQ¶",QGHU9LGHREHVFKUHLEXQJGHV8VHUVIHHOWKHOLJKWlX‰HUWVLFKHLQHUGHU DEJHELOGHWHQ +DQGOXQJVWUlJHU XQG HUOlXWHUW GDV DEJHELOGHWH *HVFKHKHQ ZLHIROJW BBBBBBBBBBBBBB 

 5RJHU 2GLQ Å'RNXPHQWDULVFKHU )LOP ² 'RNXPHQWDULVLHUHQGH /HNWUH´ >@ LQ (YD +RKHQEHUJHU +UVJ %LOGHUGHV:LUNOLFKHQ7H[WH]XU7KHRULHGHV'RNXPHQWDUILOPV%HUOLQ 6²KLHU6  2GLQ $QP 6  2GLQ $QP   6 &KULVWLDQ .OHLQ 0DWtDV 0DUWtQH] Å:LUNOLFKNHLWVHU]lKOXQJHQ )HOGHU)RUPHQXQG)XQNWLRQHQQLFKWOLWHUDULVFKHQ(U]lKOHQV´LQ'LHV +UVJ :LUNOLFK NHLWVHU]lKOXQJHQ )HOGHU )RUPHQ XQG )XQNWLRQHQ QLFKWOLWHUDULVFKHQ (U]lKOHQV 6WXWWJDUW :HLPDU 6²KLHU6

 

6DVFKD6LPRQV

%DVLMVKRWVWRGHDWKD\RXQJZRPDQLQ7HKUDQ·V6DWXUGD\-XQHWKSURWHVWVDW  -XQH WK 3ODFH .DUHNDU $YH DW WKH FRUQHU FURVVLQJ .KRVUDYL 6W DQG 6DOHKL6W$\RXQJZRPDQZKRZDVVWDQGLQJDVLGHZLWKKHUIDWKHUZDWFKLQJWKH SURWHVWVZDVVKRWE\DEDVLMPHPEHUKLGLQJRQWKHURRIWRSRIDFLYLOLDQKRXVH+H KDGFOHDUVKRWDWWKHJLUODQGFRXOGQRWPLVVKHU+RZHYHUKHDLPHGVWUDLJKWKHU KHDUW,DPDGRFWRUVR,UXVKHGWRWU\WRVDYHKHU%XWWKHLPSDFWRIWKHJXQVKRW ZDVVRILHUFHWKDWWKHEXOOHWKDGEODVWHGLQVLGHWKHYLFWLP·VFKHVWDQGVKHGLHGLQ OHVVWKDQPLQXWHV7KHSURWHVWVZHUHJRLQJRQDERXWNLORPHWHUVDZD\LQWKH PDLQVWUHHWDQGVRPHRIWKHSURWHVWLQJFURZGZHUHUXQQLQJIURPWHDUJDVVXVHG DPRQJWKHPWRZDUGV6DOHKL6W7KHILOPLVVKRWE\P\IULHQGZKRZDVVWDQGLQJ EHVLGHPH3OHDVHOHWWKHZRUOGNQRZ

$XFKZHQQQDFKGLHVHU$XVVDJHHLQLQWUDXQGKRPRGLHJHWLVFKHU9HUEXQG DXV.DPHUDGDUVWHOOHQGHP3HUVRQDOXQGSHULWH[WXHOOHP.RPPHQWDWRUGLH (U]lKOHUIXQNWLRQ DXVIOOW PXVV EHUFNVLFKWLJW ZHUGHQ GDVV GLHVH (U]lK OHUUROOH LP 9HUJOHLFK ]XP ILNWLRQDOHQ XQG GRNXPHQWDULVFKHQ (U]lKOHQ LQVRIHUQ ZHQLJHU VWDUN LQV *HZLFKW IlOOW DOV GHU %HVFKUHLEXQJVWH[W QXU HLQHV XQG NHLQHVZHJV GDV SURPLQHQWHVWH XQWHU GHQ YLHOHQ )UDPHV GHU %HQXW]HUREHUIOlFKH IOOW :LUG GDV 9LGHR LQ DQGHUH .RQWH[WH ZLH %ORJV RGHUVRFLDOQHWZRUNVHLQJHEHWWHWJLOWGLHVQLFKWDXWRPDWLVFKIUGLHVH.RP PHQWDUUDKPHQ'DUEHUKLQDXVLVWGLH,GHQWLWlWYRQ(U]lKOHUXQG@LQ&ODXV3LDVXD +UVJ .XUVEXFK0HGLHQNXOWXU'LH PD‰JHEOLFKHQ7KHRULHQYRQ%UHFKWELV%DXGULOODUG6WXWWJDUW6² %RXUGLHX3LHUUH+RPRDFDGHPLFXV)UDQNIXUWD0 %XUJHVV -HDQ -RVKXD *UHHQ @)UDQNIXUWD0 ³ Å6LJQDWXU(UHLJQLV.RQWH[W´>@LQ'HUV/LPLWHG,QFKUVJ3HWHU(QJHO PDQQ:LHQ6² )RXFDXOW 0LFKHO Å'LH LUDQLVFKH 5HYROXWLRQ EUHLWHW VLFK PLWWHOV 7RQEDQGNDVVHWWHQ DXV´ >@ LQ 'HUV 6FKULIWHQ 'LWV HW eFULWV  %G ² KUVJ 'DQLHO 'HIHUW)UDQoRLV(ZDOG)UDQNIXUWD06² *HKOHQ0DUWLQ-DQ6FKXO]2MDODÅÄ,FKELQ1HGD¶3URWHVWLP ,UDQ´'HU7DJHVVSLHJHO  RQOLQH YHUIJEDU XQWHU KWWSZZZWDJHVVSLHJHOGHNXOWXU,UDQ 3URWHVWH2SSRVLWLRQ1HGD%DUWOHW]WHU=XJULIIDP *RRGPDQ1HOVRQ6SUDFKHQGHU.XQVW(QWZXUIHLQHU6\PEROWKHRULH>@)UDQNIXUWD0  *UR\V%RULVhEHUGDV1HXH9HUVXFKHLQHU.XOWXU|NRQRPLH0QFKHQ -DNREVRQ 5RPDQ ÅhEHU GHQ 5HDOLVPXV LQ GHU .XQVW´ >@ LQ -XULM 6WULHGWHU +UVJ 5XVVLVFKHU)RUPDOLVPXV7H[WH]XUDOOJHPHLQHQ/LWHUDWXUWKHRULHXQG]XU7KHRULH GHU3URVD0QFKHQ6² -DX‰ +DQV 5REHUW Å9HUVXFK HLQHU (KUHQUHWWXQJ GHV (UHLJQLVEHJULIIV´ LQ 5HLQKDUW .RVHOOHFN :ROI'LHWHU 6WHPSHO +UVJ  *HVFKLFKWH ² (UHLJQLV XQG (U]lKOXQJ 0QFKHQ6² -HQNLQV+HQU\&RQYHUJHQFH&XOWXUH:KHUH2OGDQG1HZ0HGLD&ROOLGH1HZ@ 1D FKGUXFN)UDQNIXUWD0 /HVFKNH5DLQHU0HGLHQXQG)RUPHQ(LQH0RUSKRORJLHGHU0HGLHQ.RQVWDQ] ³ Å1DUUDWLYH 3RUWDOH 'LH :HFKVHOIlOOH GHU 9HU]ZHLJXQJ XQG GLH 6SLHOH GHV (U]lKOHQV´ LQ 'HUV -RFKHQ 9HQXV +UVJ  6SLHOIRUPHQ LP 6SLHOILOP =XU 0H GLHQPRUSKRORJLHGHV.LQRVQDFKGHU3RVWPRGHUQH%LHOHIHOG6² ³ Å$P 5DQGH GHU (UHLJQLVVH hEHUOHJXQJHQ ]X LKUHP KHUPHQHXWLVFKHQ *H EUDXFK´LQ)ULHGULFK%DONH(ULF0pFKRXODQ%HQQR:DJQHU +UVJ =HLWGHU (UHLJQLVVH²(QGHGHU*HVFKLFKWH"0QFKHQ6² /HWKHQ +HOPXW Å9HUVLRQHQ GHV $XWKHQWLVFKHQ VHFKV *HPHLQSOlW]H´ LQ +DUWPXW %|KPH .ODXV 5 6FKHUSH +UVJ  /LWHUDWXU XQG .XOWXUZLVVHQVFKDIWHQ 3RVLWLRQHQ 7KHRULHQ0RGHOOH5HLQEHNE+DPEXUJ6² 0RUR]RY(YJHQ\7KH1HW'HOXVLRQ7KH'DUN6LGHRI,QWHUQHW)UHHGRP1HZG@DV :XQGHUNLQG GHU %RKHPH´ RGHU ÅGDV QHXH ZLOGH 7DOHQW GHU %HUOLQHU ,QWHOOHNWXHOOHQV]HQH´ EHVFKULHEHQ GLH HLQHQ ÅJUR‰HQ &RPLQJRIDJH5RPDQ GHU 1XOOHUMDKUH´ YRUJHOHJW KDEHHLQHQ5RPDQGHUÅ8QPLWWHOEDUNHLW>XQG@>«@6FKRQXQJVORVLJNHLW´ 'LH8UWHLOHODVVHQHUNHQQHQGDVVGHP7H[W]XJHVFKULHEHQZXUGHIUHLQ ÄDXWKHQWLVFKHV¶ *HQHUDWLRQHQJHIKO ]X VWHKHQ $[RORWO 5RDGNLOO VHL ÅHLQ ZWHQGHU$GROHV]HQ]URPDQGHQGLH(UNHQQWQLVVFKPHU]WGDVVDOOHV(QW VFKHLGHQGH VFKRQ JHVDJW´ VHL XQG HU VHL JHSUlJW YRP Å*UXQGJHUlXVFK XQVHUHU *HJHQZDUW´ (V IROJWHQ 1RPLQLHUXQJHQ IU GHQ (UVWOLQJVSUHLV GHUOLW&RORJQHXQGGHQ/HLS]LJHU%XFKSUHLV $P)HEUXDUYHU|IIHQWOLFKWH'HHI3LUPDVHQVLQVHLQHP%ORJJH IXHKOVNRQVHUYHGHGHQ1DFKZHLVGDVV+HJHPDQQIULKUHQ5RPDQ3DVVDJHQ GHVEORJJHUV$LUHQDEJHVFKULHEHQKDW%HUHLWV]ZHL7DJHVSlWHUUHDJLHUWHQ +HOHQH+HJHPDQQXQGLKUH9HUOHJHULQ6LY%XEOLW]PLWHLQHU6WHOOXQJQDK PHLQGHUVLFKGLH$XWRULQIULKUÅJHGDQNHQORVHV´9RUJHKHQHQWVFKXOGLJW XQG GLH 9HUOHJHULQ HLQHUVHLWV GDV $OWHU GHU $XWRULQ XQG DQGHUHUVHLWV GLH ÅVKDULQJ.XOWXUGHV,QWHUQHWV´DOV5HFKWIHUWLJXQJHQDQIKUW'HU9HUODJ BBBBBBBBBBBBBB 

 +HOHQH+HJHPDQQ$[RORWO5RDGNLOO%HUOLQ6  7RELDV5DSSÅ'DV:XQGHUNLQGGHU%RKHPH´'HU6SLHJHO6²  -DQD 6LPRQ Å+HOHQH +HJHPDQQ ZLH VLH HXFK JHIlOOW´ =(,7PDJD]LQ   KWWSZZZ]HLWGH+HOHQH+HJHPDQQNRPSOHWWDQVLFKW OHW]WHU =XJULII DP   0DUD'HOLXVÅ0LU]HUIDOOHQGLH:RUWHLP0XQGZLHVFKOHFKWH3LOOHQ´)UDQNIXUWHU$OOJHPHLQH =HLWXQJKWWSZZZID]QHWOSZOHW]WHU=XJULIIDP  6RGLH9HUOHJHULQGHV8OOVWHLQ9HUODJV6LY%XEOLW]]LWLHUWQDFK6LPRQ $QP   'HOLXV $QP   8UVXOD 0lU] Å/LWHUDULVFKHU .XJHOEOLW] ,P .RNVQHEHO +HOHQH +HJHPDQQ KHIWLJHV 5R PDQGHEW Ä$[RORWO 5RDGNLOO¶´ ',( =(,7   KWWSZZZ]HLWGH /%+HJHPDQQNRPSOHWWDQVLFKWOHW]WHU=XJULIIDP  'HHI3LUPDVHQVÅ$[RORWO5RDGNLOO$OOHVQXUJHNODXW"´KWWSZZZJHIXHKOVNRQVHUYHGH D[RORWOURDGNLOODOOHVQXUJHNODXWKWPOPRUHOHW]WHU=XJULIIDP  'LH 6WHOOXQJQDKPHQ YRP  VLQG KLHU QDFK]XOHVHQ +HOHQH +HJHPDQQ R7 KWWSZZZEXFKPDUNWGHFRQWHQWD[RORWOURDGNLOOKHOHQHKHJHPDQQXQGXOOVWHLQ YHUOHJHULQGUVLYEXEOLW]DQWZRUWHQDXISODJLDWVYRUZXUIKWP OHW]WHU =XJULII DP  6LY %XEOLW] R7 KWWSZZZEXFKPDUNWGHFRQWHQWD[RORWOURDGNLOOKHOHQH KHJHPDQQXQGXOOVWHLQYHUOHJHULQGUVLYEXEOLW]DQWZRUWHQDXISODJLDWVYRUZXUIKWPOHW]WHU =XJULIIDP,P,QWHUYLHZPLW&RVLPD/XW]HUOlXWHUW+HJHPDQQGDVVLKUEHUHLWV



3RVWDXWRULWlUH$XWKHQWL]LWlW



EHPKWHVLFKGHQQRFKXPGLHQDFKWUlJOLFKH*HQHKPLJXQJXQGEHNUlIWLJ WH GLH *OWLJNHLW GHV 8UKHEHUUHFKWHV $E GHU YLHUWHQ $XIODJH ZXUGHQ LP $QKDQJ QLFKW QXU VlPWOLFKH YHUZHQGHWH 4XHOOHQ DXIJHIKUW HV ZXUGH DXFKHLQH[SOL]LWHU+LQZHLVDXIGDVÅlVWKHWLVFKH>@3ULQ]LSGHU,QWHUWH[WXD OLWlW´HLQJHIJW1DFK-XOLD.ULVWHYDEDXWVLFKÅ>M@HGHU7H[W>«@DOV0R VDLNYRQ=LWDWHQDXIMHGHU7H[WLVW$EVRUSWLRQXQG7UDQVIRUPDWLRQHLQHV DQGHUHQ 7H[WHV $Q GLH 6WHOOH GHV %HJULIIV GHU ,QWHUVXEMHNWLYLWlW WULWW GHU %HJULIIGHU,QWHUWH[WXDOLWlWXQGGLHSRHWLVFKH6SUDFKHOlVVWVLFK]XPLQGHVW DOV HLQH GRSSHOWH OHVHQ´ 7URW] GLHVHU 5HFKWIHUWLJXQJVVWUDWHJLH HQWVWHKW QDFK GHQ 3ODJLDWVYRUZUIHQ HLQH KLW]LJH 'HEDWWH LQ GHQ )HXLOOHWRQV 'DV 6FKULIWVWHOOHU(VWDEOLVKPHQW UHDJLHUW VFKOLH‰OLFK PLW GHU Å/HLS]LJHU (UNOl UXQJ ]XP 6FKXW] JHLVWLJHQ (LJHQWXPV´ LQ GHU GLH XQHLQJHVFKUlQNWH %H DFKWXQJGHV8UKHEHUUHFKWHVDXFKYRQÅGHUMQJHUHQ*HQHUDWLRQ´HLQJH IRUGHUWZLUG 'LH)UDJHQDFKGHU$XWKHQWL]LWlWGHV7H[WHV$[RORWO5RDGNLOOLVWGHP QDFK ]XQlFKVW HLQH HGLWLRQVSKLORORJLVFKH 6WDPPHQ GLH 6lW]H GHU ,FK (U]lKOHULQ 0LIWL YRQ GHU $XWRULQ +HOHQH +HJHPDQQ" 0LW GHP 4XHOOHQ QDFKZHLVDEGHUYLHUWHQ$XIODJHNDQQGLHVH)UDJHHLJHQWOLFKDEVFKOLH‰HQG EHDQWZRUWHWZHUGHQ(LQ3ODJLDWZXUGHEHJDQJHQGHU)HKOHUZXUGHHLQJH UlXPW GLH 5HFKWH QDFKWUlJOLFK HLQJHKROW XQG GLH 4XHOOHQ LP $QKDQJ NHQQWOLFK JHPDFKW 'RFK GLH Ä+HJHPDQQ'HEDWWH¶ GLH LQ GHU GHXWVFKHQ /LWHUDWXUNULWLNZLHGHU/LWHUDWXUZLVVHQVFKDIWJHIKUWZXUGHGUHKWHVLFKLP :HVHQWOLFKHQXPGLH)UDJHREPLWGHP9HUZHLVDXI,QWHUWH[WXDOLWlWDXFK HLQHÅXQPDUNLHUWH,QWHUWH[WXDOLWlW´SRHWRORJLVFKlVWKHWLVFKXQGMXULVWLVFK ]XUHFKWIHUWLJHQLVW'LHVH'HEDWWHQEHLWUlJHGUHKHQVLFKGHPJHPl‰XP

BBBBBBBBBBBB 

   

YRUGHQ3ODJLDWVYRUZUIHQVHOEVWDXIJHIDOOHQVHLGDVVVLH$LUHQLQGHU'DQNVDJXQJDP(Q GHGHV%XFKHVYHUJHVVHQKDEHXQGGLHVIUGLH$XIODJHKDEHlQGHUQODVVHQ9JO&RVLPD /XW] Å+HOHQH +HJHPDQQ EHUDXEW LKUH )UHXQGH VFKRQXQJVORV´ :HOW 2QOLQH  KWWSZZZZHOWGH1HZVDUWLFOH+HOHQH+HJHPDQQEHUDXEWLKUH)UHXQGH VFKRQXQJVORVKWPOOHW]WHU=XJULIIDP +HOHQH+HJHPDQQ$[RORWO5RDGNLOO%HUOLQ6 -XOLD .ULVWHYD Å%DFKWLQ GDV :RUW GHU 'LDORJ XQG GHU 5RPDQ´ LQ 'RURWKHH .LPPLFK XD +UVJ 7H[WH]XU/LWHUDWXUWKHRULHGHU*HJHQZDUW6WXWWJDUW6²KLHU6 Å/HLS]LJHU(UNOlUXQJ]XP6FKXW]JHLVWLJHQ(LJHQWXPV´KWWSVYVYHUGLGHXUKHEHUUHFKW DNWXHOOHVOHLS]LJHUHUNODHUXQJOHW]WHU=XJULIIDP )UHLQH'LVNXVVLRQGDUEHUREGLHHLQ]HOQHQ7H[WEHUQDKPHQDOVPDUNLHUWH,QWHUWH[WXDOL WlW XQPDUNLHUWH ,QWHUWH[WXDOLWlW RGHU DOV 6\VWHPUHIHUHQ] ]X EHZHUWHQ VLQG VLHKH 0DULD /HRSROG5R\6RPPHUÅ'LH0HGLDOLVLHUXQJGHV5RPDQVXQGGHU:DQGHOGHV/LWHUDWXUV\V WHPV´LQ$QVJDU1QQLQJ-DQ5XSS +UVJ 0HGLDOLVLHUXQJGHV(U]lKOHQVLPHQJOLVFKVSUDFKLJHQ 5RPDQ GHU *HJHQZDUW 7KHRUHWLVFKHU %H]XJVUDKPHQ *HQUHV XQG 0RGHOOLQWHUSUHWDWLRQHQ 7ULHU  6²KLHU6II=XGHQYHUVFKLHGHQHQ8QWHUNDWHJRULHQYRQ,QWHUWH[WXDOWLWlWVLH KH,ULQD25DMHZVN\,QWHUPHGLDOLWlW7ELQJHQ=XU8QWHUVFKHLGXQJYRQ0RQWDJHXQG =LWDW VLHKH EHLVSLHOKDIW +DQQR 0|ELXV 0RQWDJH XQG &ROODJH /LWHUDWXU ELOGHQGH .QVWH )LOP )RWRJUDILH0XVLN7KHDWHUELV0QFKHQ6²

 

$QWRQLXV:HL[OHU

GLH $XWRU$XWKHQWL]LWlW GHV 5RPDQV XQG ODVVHQ VLFK DQ ]ZHL 3RVLWLRQHQ IHVWPDFKHQ (LQHUVHLWV ZLUG LQ GHU ÅVKDULQJ.XOWXU GHV ,QWHUQHWV´ GHU Å&RS\ 3DVWH*HQHUDWLRQ´GLH(UIOOXQJGHV-DKUHDOWHQSRVWVWUXN WXUDOLVWLVFKHQ 9HUGLNWVYRPÅ7RGGHV$XWRUV´HUNDQQWDQGHUHUVHLWV ZLUG GLH)RUPHOYRQGHUÅ5FNNHKUGHV$XWRUV´LQGHU'LVNXVVLRQDQJHIKUW *HQHUHOO NDQQ PLW GHQ 'HEDWWHQEHLWUlJHQ HQWZHGHU GLH WKHRUHWLVFKH ,Q NRQVHTXHQ] RGHU GLH :LUNXQJVORVLJNHLW WKHRUHWLVFKHU ([WUHPSRVLWLRQHQ IUGHQDOOWlJOLFKHQXQGSUDJPDWLVFKHQ8PJDQJPLW/LWHUDWXUNRQVWDWLHUW ZHUGHQ,Q.ULWLNHQGLHDXISRVWVWUXNWXUDOLVWLVFKH7KHRULHQXQGHLQH]HLW JHQ|VVLVFKH VKDULQJ3RHWLN ]XU 9HUWHLGLJXQJ +HJHPDQQV ]XUFNJUHLIHQ ZHUGHQ DX‰HUGHP ]HQWUDOH )XQNWLRQHQ GHV KLVWRULVFKHQ $XWRUEHJULIIV EHQXW]W 6R LVW GDV $OWHU GHU $XWRULQ GDV PHLVWYHUZHQGHWH $UJXPHQW LQ GHU 'LVNXVVLRQ XQG GDPLW GDV ]HQWUDOH (OHPHQW LQ GHU %HXUWHLOXQJ GHV 7H[WHV 1XU DOV 7H[W HLQHU MlKULJHQ $XWRULQ GLH HQWVSUHFKHQG DOV Å:XQGHUNLQG´RGHUÅEOXWMXQJH>V@2ULJLQDOJHQLH´JHIHLHUWZLUGNRQQWH GHU5RPDQHLQGHUDUWLJHU(UIROJDXIGHP%XFKPDUNWZHUGHQ%HWUDFKWHWH PDQ$[RORWO5RDGNLOOY|OOLJXQDEKlQJLJYRQGHU3HUVRQXQGYRP$OWHUGHU $XWRULQ N|QQWH GHU 5RPDQ QLFKW PHKU LQ YHUJOHLFKEDUHP $XVPD‰ DOV ÅOLWHUDULVFKH6HQVDWLRQ´EH]HLFKQHWZHUGHQ*HJHQGLHVH9HUZHQGXQJYRQ $XWRU$XWKHQWL]LWlW IU GLH GDV MXJHQGOLFKH $OWHU HLQH ZHVHQWOLFKH 5ROOH VSLHOWXQG]XGHUÅJOHLFK]HLWLJGLHREOLJDWRULVFKH5HEHOOLRQ´JHK|UWZHQ GHWVLFK+HJHPDQQVRJDUH[SOL]LWLQLKUHU$QWZRUWÅ$QPHLQH .ULWLNHU´ Å>,@FK >HQWSUHFKH@ QLFKW GHU JlQJLJHQ 9RUVWHOOXQJ HLQHV ÄDXWKHQWLVFKHQ -XJHQGOLFKHQ¶´+DQQHORUH6FKODIIHUNDQQMHGRFKVHKUSODXVLEHOQDFKZHL VHQGDVVGLH,FK(U]lKOHULQ0LIWLHLQHUSURWRW\SLVFKHQOLWHUDWXUJHVFKLFKWOL FKHQ0lGFKHQ5ROOHHQWVSULFKWGHU*|UH BBBBBBBBBBBBBB 

 3KLOLSS .UDXVH Å/LWHUDWXU LP *HLVWH GHV &RS\  3DVWH´ OLWHUDWXUNULWLNGH  KWWSZZZOLWHUDWXUNULWLNGHSXEOLFUH]HQVLRQSKS"UH]BLG  OHW]WHU =XJULII DP   9JO VWHOOYHUWUHWHQG IU GLHVH EHLGHQ 3RVLWLRQHQ GLH 'HEDWWH ]ZLVFKHQ 7KRPDV $Q] XQG (FNDUW /|KU DXI OLWHUDWXUNULWLNGH KWWSZZZOLWHUDWXUNULWLNGHSXEOLFRQOLQHBDERIR UXPIRUXPIDGHQSKS"URRW,' OHW]WHU=XJULIIDP VRZLHGLHhEHUVLFKWEHU GLH]HQWUDOHQ)RUVFKXQJVSRVLWLRQHQLQ$EVFKQLWW,,GLHVHV%HLWUDJHV  5DSS $QP 6  $QGUHDV .LOE Å6LH ]LWLHUW $LUHQ HU ]LWLHUW %HQQ XQG %XUURXJKV´ )UDQNIXUWHU $OOJHPHLQH =HLWXQJ  KWWSZZZID]QHWDUWLNHO&SODJLDWVGHEDWWHD[RORWOVLH]LWLHUW DLUHQXQGHU]LWLHUWEHQQXQGEXUURXJKVKWPOOHW]WHU=XJULIIDP  +HOHQH +HJHPDQQ Å$Q PHLQH .ULWLNHU´ 'LH =HLW   KWWSZZZ ]HLWGH+HJHPDQQ6WHOOXQJQDKPHNRPSOHWWDQVLFKW OHW]WHU =XJULII DP   +HJHPDQQ $QP   +DQQHORUH6FKODIIHUÅ'LH*|UH².DUULHUHHLQHUOLWHUDULVFKHQ)LJXU´0HUNXU   6²



3RVWDXWRULWlUH$XWKHQWL]LWlW



+HOHQH+HJHPDQQIKUWLQHLQHUZHLWHUHQ6WHOOXQJQDKPHDQGDVVVLH ÅDXV HLQHP %HUHLFK NRPPH LQ GHP PDQ DXFK DQ GDV 6FKUHLEHQ YRQ HL QHP5RPDQHKHUUHJLHPl‰LJGUDQJHKWVLFKDOVREHUDOOEHGLHQWZRPDQ ,QVSLUDWLRQ ILQGHW´ +LQWHU +HJHPDQQV ,QWHUWH[WXDOLWlWV3RHWLN VWHFNW GHPQDFK QLFKW QXU GLH &RS\  3DVWH.XOWXU GHU ,QWHUQHWJHQHUDWLRQ VRQ GHUQHLQHNRQYHQWLRQHOOH$UEHLWVZHLVHGHV5HJLHWKHDWHUV,PÅSRVWGUDPD WLVFKHQ 7KHDWHU´ ZHUGHQ 7KHDWHUVWFNH OHGLJOLFK QRFK DOV 0DWHULDOOLHIH UDQWHQ EHQXW]W GLH JOHLFKEHUHFKWLJW QHEHQ 7H[WDXVVFKQLWWHQ DXV 6RQJV :HUEHVORJDQV XQG DQGHUHQ PHGLDOHQ 8PZHOWJHUlXVFKHQ FROODJLHUW ZHU GHQ'RFKZLUGLP5HJLHWKHDWHU.RQWH[WGLH$XWRULWlWGHU$XWRUHQHEHQ JHUDGHQLFKWDEJHVFKDIIW²$XIIKUXQJHQZHUGHQZHLWHUKLQPLW7LWHOXQG $XWRUHQQDPHQ EHZRUEHQ ² VRQGHUQ OHGLJOLFK GXUFK GLH JOHLFKZHUWLJH $XWRULWlW HLQHV 5HJLVVHXUV HUJlQ]W %HJULIIOLFKNHLWHQ ZLH Å5HJLHWKHDWHU´ RGHUÅ$XWRUHQNLQR´YHUZHLVHQGDUDXIGDVVVLFKHLQ5HJLVVHXUDOVPLQGHV WHQV JOHLFKEHUHFKWLJWH 'LVNXUV$XWRULWlW EHWUDFKWHW (LQH $XWRU $XWRULWlW ZLUG KLHUGXUFK DOVR QLFKW ÄGHNRQVWUXLHUW¶ VRQGHUQ YLHOPHKU QDFKKDOWLJ EHNUlIWLJW 0LW GHP +LQZHLV DXI GLH ÅHKHU UHJLHPl‰LJ>H@´ $U EHLWVZHLVHNDQQHWZDLQGHU6WLOLVWLNGHV7H[WHV$[RORWO5RDGNLOOHLQHGHXWOL FKHbKQOLFKNHLW]XP9RONVEKQHQ6WLOHWZDHLQHV5HQp3ROOHVFKHUNDQQW ZHUGHQ(LQHUVHLWVPXVVGDQQGHP5RPDQMHGRFKGLH$X‰HUJHZ|KQOLFK NHLW DEJHVSURFKHQ ZHUGHQ DQGHUHUVHLWV ZLUG DXFK GLHVH 5HFKWIHUWLJXQJ HLQHULQWHUWH[WXHOOHQ3RHWLNXQGNROOHNWLYHQ$XWRUVFKDIWQXUGXUFK:LVVHQ ELRJUDSKLVFKHU'HWDLOVGHU$XWRULQEHJUQGEDU+HOHQH+HJHPDQQLVWLP 8PIHOG GHU %HUOLQHU 9RONVEKQH ZR LKU 9DWHU &DUO +HJHPDQQ DOV 'UD PDWXUJDUEHLWHWHDXIJHZDFKVHQ ,QGHU$XIODJHYRQ$[RORWO5RDGNLOOHUNDQQWHQGLH.ULWLNHUGLHLQWHU WH[WXHOOH$UEHLWVZHLVHQLFKW6LHZXUGHHUVWQDFKYROO]LHKEDUDOVGLH$XWR ULQ GDUDXI DXIPHUNVDP PDFKWH 'DV XQYHUlQGHUWH )RUWEHVWHKHQ GHU $X WRUIXQNWLRQZLUGDXFKYRQ+HJHPDQQXQGLKUHP9HUODJDQHUNDQQWZHQQ BBBBBBBBBBBBBB 

 +HJHPDQQ $QP   +DQV7KLHV/HKPDQQ3RVWGUDPDWLVFKHV7KHDWHU)UDQNIXUWD0  9JO HWZD DXFK GLH %HJULIIOLFKNHLW GHV $XWRUHQNLQRV 0DULD /HRSROG XQG 5R\ 6RPPHU EHWUDFKWHQ GLH +HJHPDQQ'HEDWWH DXV ÅPHGLHQNXOWXUZLVVHQVFKDIWOLFKH>U@ 3HUVSHNWLYLH UXQJ´XQGHUNHQQHQGDULQGHQÅ$XVGUXFNHLQHVQHXHQ/LWHUDWXUYHUVWlQGQLVVHV´Å'LH,P SOLNDWLRQHQ GHU $IIlUH XP +HOHQH +HJHPDQQ XQG GLH $XIJHUHJWKHLW GHU $NWHXUH ODVVHQ VLFKQXUGDQQYHUVWHKHQZHQQPDQGLH'HEDWWHDXVPHGLHQZLVVHQVFKDIWOLFKHUXQGV\VWHP WKHRUHWLVFKHU6LFKWDOVHLQH$XVHLQDQGHUVHW]XQJ]ZLVFKHQGHP/LWHUDWXUV\VWHPGHP7KHD WHUV\VWHP LQVEHVRQGHUH GHU 7UDGLWLRQ GHV 5HJLHWKHDWHUV  XQG GHP ,QIRUPDWLRQV XQG 1HW]ZHUNV\VWHP ,QWHUQHW DXIIDVVW´ 'DULQ NRPPH HLQ :DQGHO GHU *DWWXQJ 5RPDQ ]XP $XGUXFN GHQ /HRSROG XQG 6RPPHU DOV ]XQHKPHQGH 0HGLDOLVLHUXQJ EHVFKUHLEHQ /HR SROG6RPPHU $QP KLHU6IXQG  ,P $QKDQJ YRQ $[RORWO 5RDGNLOO ZLUG XD5HQp 3ROOHVFK $LUHQ XQG&DUO +HJHPDQQ JH GDQNW

 

$QWRQLXV:HL[OHU

LQGHQ)ROJHDXIODJHQGLH4XHOOHQSUl]LVHJHQDQQWXQGDXIJHOLVWHWZHUGHQ ZDV+HJHPDQQVHLJHQHQ$XVVDJHQ]XLKUHU$UEHLWVZHLVHGHU,QWHUQHWJHQH UDWLRQ HLJHQWOLFK YROONRPPHQ ZLGHUVSULFKW 6lPWOLFKH ELVKHULJHQ hEHUOH JXQJHQ KDEHQ ]XGHP JH]HLJW GDVV ]ZDU DXI GLH $XWRULQVWDQ] YHU]LFKWHW ZHUGHQNDQQQLFKWMHGRFKDXILKUH)XQNWLRQDOV$XWRU$XWRULWlW'DPLW N|QQHQ GLH +LQZHLVH DXI GLH $UEHLWVZHLVH DEHU QLFKW PHKU DOV REMHNWLYH %HVFKUHLEXQJ GHU 3URGXNWLRQ GHV 7H[WHV JHOWHQ VRQGHUQ VLH PVVHQ DOV EOR‰H 6HOEVWVWLOLVLHUXQJ XQG QDFKWUlJOLFKH 6FKXW]EHKDXSWXQJ GHU $XWRULQ EHZHUWHWZHUGHQ (LQH ZHLWHUH $QZHQGXQJ GHV %HJULIIV Ä$XWKHQWL]LWlW¶ LQ GHU +HJH PDQQ'HEDWWHILQGHWVLFKLQGHPJHVFKLOGHUWHQ(LQGUXFNHLQHUÄDXWKHQWL VFKHQ *HQHUDWLRQVDXVVDJH¶ 'LHVEH]JOLFK VDK VLFK GLH .ULWLN QDFK %H NDQQWZHUGHQ GHU SODJLLHUWHQ XQG FROODJLHUWHQ 7H[WVWHOOHQ XP GLH $XWKHQWL]LWlW YRU DOOHP GHU 'URJHQ 3DUW\ XQG 6H[EHVFKUHLEXQJHQ LQ $[RORWO 5RDGNLOO EHWURJHQ GLH GLH $XWRULQ VHOEVW VR QLFKW HUOHEW KDWWH (LQHUVROFKHQ5H]HSWLRQLVWDOVRGXUFKDXVWKHRUHWLVFKH1DLYLWlWYRU]XZHU IHQ GD VLH (U]lKO XQG $XWRULQVWDQ] QLFKW DGlTXDW YRQHLQDQGHU WUHQQW 6SlWHVWHQV VHLW :ROIJDQJ .D\VHUV HLQIOXVVUHLFKHQ 7KHRULHEHLWUlJHQ PV VHQLQHLQHPILNWLRQDOHQ7H[WGLH$XVVDJHQHLQHU(U]lKOHULQYRQGHU$X WRULQVWDQ] JHWUHQQW ZHUGHQ *HQHUHOO NDQQ PDQ DEHU UHJLVWULHUHQ GDVV RIIHQVLFKWOLFK LQ ILNWLRQDOHQ 7H[WHQ GLH :DKUKDIWLJNHLW ILNWLRQDOHU 6lW]H YRQGHU$XWRULQVWDQ]DXWRULVLHUWZHUGHQPVVHQZLHDQGHQ.ULWLNSXQN WHQ ]XP 0DQJHO DQ ÅJHQXLQHU $XWRUVFKDIW´ XQG QRWZHQGLJHP 3ODJLDW DXV ÅVXEVWDQWLHOOHP 0DQJHO DQ (UIDKUXQJ´ ]X HUNHQQHQ LVW :LUG DQ HLQHPNODVVLVFKHQ$XWRUEHJULIIIHVWJHKDOWHQVRNDQQGLH QLFKWPHKUJD UDQWLHUWH  $XWRU$XWKHQWL]LWlW DXFK QLFKW PHKU GDV LP 7H[W GDUJHVWHOOWH ÄDXWKHQWLVFKH *HQHUDWLRQHQJHIKO¶ DXWRULVLHUHQ :DV DXI GHU LQKDOWOLFKHQ (EHQH ]XWUHIIHQ PDJ NDQQ EH]JOLFK GHU IRUPDOHQ *HVWDOWXQJ Y|OOLJ NRQWUlUEHZHUWHWZHUGHQ6RODXWHWHLQHZHLWHUH5HFKWIHUWLJXQJYRQ+HOH QH+HJHPDQQ BBBBBBBBBBBBBB 

 9JO)RWLV-DQQLGLVXDÅ5HGHEHUGHQ$XWRUDQGLH*HELOGHWHQXQWHUVHLQHQ9HUlFKWHUQ +LVWRULVFKH 0RGHOOH XQG V\VWHPDWLVFKH 3HUVSHNWLYHQ´ LQ 'LHV +UVJ  5FNNHKU GHV $X WRUV=XU(UQHXHUXQJHLQHVXPVWULWWHQHQ%HJULIIV7ELQJHQ6²KLHU6  9JOKLHU]X$QWRQLXV:HL[OHUÅÄ(LQDXWKHQWLVFKHU'LHEVWDKO¶'HU)DOO+HOHQH+HJHPDQQ XQG GLH $XWKHQWL]LWlW´ OLWHUDWXUNULWLNGH    KWWSZZZOLWHUDWXUNULWLNGHSXEOLFUH ]HQVLRQSKS"UH]BLG OHW]WHU=XJULIIDP  %HUQG *UDII Å'HU )DOO +HOHQH +HJHPDQQ RGHU ZDV GDUI /LWHUDWXU KHXWH"´ 'HXWVFK &KLQHVLVFKHV .XOWXUQHW] KWWSZZZGHFQQHWPDJOLWGHKWP OHW]WHU =XJULII DP   7KRPDV 6WHLQIHOG Å,FK ELQ LQ %HUOLQ (V JHKW XP PHLQHQ :DKQ´ 6GGHXWVFKH =HLWXQJ  KWWSZZZVXHGGHXWVFKHGHNXOWXUKHOHQHKHJHPDQQLFKELQLQEHUOLQHV JHKWXPPHLQHQZDKQOHW]WHU=XJULIIDP



3RVWDXWRULWlUH$XWKHQWL]LWlW



:HQQ GD GLH NRPSOHWWH =HLW EHU UHLQLQWHUSUHWLHUW ZLUG GDVV GDV ZDV LFK JH VFKULHEHQKDEHVRHLQ6WHOOYHUWUHWHUURPDQIUGLH1XOOHUMDKUHLVWPXVVDXFKDQ HUNDQQW ZHUGHQ GDVV GHU (QWVWHKXQJVSUR]HVV PLW GLHVHP -DKU]HKQW XQG GHQ 9RUJHKHQVZHLVHQGLHVHV-DKU]HKQWV]XWXQKDWDOVRPLWGHU$EO|VXQJYRQGLHVHP JDQ]HQ 8UKHEHUUHFKWVH[]HVV GXUFK GDV 5HFKW ]XP .RSLHUHQ XQG ]XU 7UDQVIRU PDWLRQ

%HUXIW PDQ VLFK DOVR DXI ,QWHUWH[WXDOLWlW XQG DXI HLQH .RSLHUNXOWXU GHV ,QWHUQHWVVRLVWJHUDGHGDVEHZXVVWH8QWHUODXIHQXQG,Q)UDJH6WHOOHQGHU $XWRULWlWGHU$XWRU$XWKHQWL]LWlW$XVZHLVHLQHVÄDXWKHQWLVFKHQ*HQHUDWL RQHQJHIKOV¶ (LQH EHVRQGHUH 3RLQWH LQ GLHVHU $XVHLQDQGHUVHW]XQJ LVW LQ GHU +LVWRUL]LWlW GHV $XWRU XQG $XWRULWlWVEHJULIIV ]X HUNHQQHQ %LV LQV -DKUKXQGHUWZDUJHUDGHGDV=LWLHUHQYRQ$XWRULWlWHQGLHMHQLJH7HFKQLN GHU 5KHWRULN PLW GHU GLH *ODXEZUGLJNHLW GHU HLJHQHQ $UJXPHQWH XQG $XVVDJHQ EHOHJW ZHUGHQ NRQQWH (LQH ]HLWJHQ|VVLVFKH 9DULDQWH GLHVHU DXWRULWDWLYHQ =LWDWH LVW GXUFKDXV LQ GHU LQWHUWH[WXHOOHQ 6DPSOLQJ7HFKQLN GHU'-.XOWXU]XHUNHQQHQ Å%HUOLQLVKHUHWRPL[HYHU\WKLQJZLWKHYHU\WKLQJ$OWHU´ Å,VWGDVYRQGLU"´ Å%HUOLQLVKHUHWRPL[HYHU\WKLQJZLWKHYHU\WKLQJ$OWHU",FKEHGLHQHPLFKEHU DOOZRLFK,QVSLUDWLRQILQGHXQGEHIOJHOWZHUGH0LIWL)LOPH0XVLN%FKHU *HPlOGH:XUVWO\ULN)RWRV*HVSUlFKH7UlXPH«´ Å6WUD‰HQVFKLOGHU:RONHQ«´ Å«/LFKWXQG6FKDWWHQJHQDXZHLOPHLQH$UEHLWXQGPHLQ'LHEVWDKODXWKHQ WLVFKZHUGHQVREDOGHWZDVPHLQH6HHOHEHUKUW(VLVWHJDOZRKHULFKGLH'LQJH QHKPHZLFKWLJLVWZRKLQLFKVLHWUDJH´ Å(VLVWDOVRQLFKWYRQGLU"´ Å1HLQ9RQVR·QHP%ORJJHU´

+HJHPDQQEHJHKWKLHULQGHQ:RUWHQGHU)LJXU(GPRQGHLQHQDXWKHQWL VFKHQ'LHEVWDKODPEORJJHU$LUHQ0DULD/HRSROGXQG5R\6RPPHUEHXU WHLOHQGLHVHQ 9HUZHLVDXIGLH7H[WJDWWXQJ,QWHUQHWEORJDOVÅH[SOL]LWH6\V WHPHUZlKQXQJ DXI GLVFRXUVH(EHQH´ XQG IROJHUQ GDVV GLH hEHUQDKPHQ YRQ+HJHPDQQGDKHUQLFKWDOV3ODJLDW]XZHUWHQVLQG'HU'LHEVWDKOLVW LQHLQHPGRSSHOWHQ6LQQHDXWKHQWLVFK=XPHLQHQLVWHUDOV'LHEVWDKODX WKHQWLVFK GD HU VLFK ZLUNOLFK HUHLJQHW KDW ]XP DQGHUHQ LVW GDV JHNODXWH 0DWHULDO DXWKHQWLVFK GD HV VLFK LQ VHLQHU 5HIHUHQ] DXI WDWVlFKOLFK YRP EORJJHU $LUHQ HUOHEWH KLVWRULVFK EHQHQQEDUH (UHLJQLVVH EH]LHKW 'HU *DW WXQJ:HEORJZLHGHUXPZLUGJHJHQZlUWLJÅDOV*DUDQWIUGLH$XWKHQWL]LWlW GHU (UIDKUXQJ´ JUR‰H 8QPLWWHOEDUNHLW ]XJHVFKULHEHQ 'HU DXWKHQWLVFKH BBBBBBBBBBBBBB 

 +HJHPDQQLP,QWHUYLHZPLW/XW] $QP   +HJHPDQQ $QP 6,QGLHVHP=LWDWZDUEHUHLWVVHLWGHU$XIODJHHLQYHUVWHFNWHU +LQZHLVDXI$LUHQHQWKDOWHQ  /HRSROG6RPPHU $QP 6+HUYRUKHEXQJLP2ULJLQDO  /HRSROG6RPPHU $QP 6

 

$QWRQLXV:HL[OHU

'LHEVWDKO DXWRULVLHUW HUVW GLH 2EMHNW$XWKHQWL]LWlW GHV 7H[WHV IU GLH GLH $XWRULQ +HJHPDQQ LKUH $XWRU$XWKHQWL]LWlW QLFKW JDUDQWLHUHQ NDQQ 2GHULQ+HJHPDQQV:RUWHQÅ2ULJLQDOLWlWJLEW·VVRZLHVRQLFKWQXU(FKW KHLW´ (QWJHJHQ HLQHU $XWRULWlW GHV 2ULJLQDOV UHNODPLHUW +HJHPDQQ IU LKU(U]lKOYHUIDKUHQDOVRHLQH$XWKHQWL]LWlWGHU]ZHLWHQ2UGQXQJ'LHVHV0DWH ULDO GLH ,QVSLUDWLRQ PXVV GXUFK GLH Å6HHOH´ KLQGXUFKJHVFKOHXVW ZHUGHQ XP]XURULJLQlUHQbX‰HUXQJGHU$XWRULQ+HJHPDQQ]XZHUGHQ'LH$Q UXIXQJGHU1HXHQ0HGLHQHUVHW]WLQGLHVHP=LWDW ÅPHLQH6HHOHEHUKUW´  GLHDQWLNH$QUXIXQJGHU0XVHQ =XVDPPHQIDVVHQG OlVVW VLFK IHVWVWHOOHQ GDVV LQ GHU +HJHPDQQ 'HEDWWHGLH$XWRULVLHUXQJGXUFK$XWRUVFKDIWVPRGHOOHLQGHU.ULWLNQDFK JHIUDJW ZLUG XQG 9HUZHLVH DXI GHQ Å7RG GHV $XWRUV´ XQG ,QWHUWH[WXDOL WlWV3URJUDPPH QLFKW DN]HSWLHUW ZHUGHQ 'LH $XWRU$XWKHQWL]LWlW HUZHLVW VLFKLQGLHVHP)DOOEHLVSLHOQRFK DOV KLQUHLFKHQGH 9RUDXVVHW]XQJIUHLQH HUIROJUHLFKH $XWKHQWL]LWlWV=XVFKUHLEXQJ HLQH QRWZHQGLJH %HGLQJXQJ LVW VLH QLFKW PHKU VFKOLH‰OLFK VLQG LP =LWLHUHQ YRQ $XWRULWlWHQ XQG LQ GHU 7HFKQLNGHVÅDXWKHQWLVFKHQ'LHEVWDKOV´6WUXNWXUHQHLQHUDXWRUXQDEKlQJL JHQ$XWKHQWL]LWlW]XHUNHQQHQ ,0DUJDX[)UDJRVRV$XWRELRJUDSKLH7LJHU7LJHU ,P-DQXDUHUVFKLHQLQ/lQGHUQ0DUJDX[)UDJRVRV$XWRELRJUDSKLH 7LJHU7LJHULQGHUGLH,FK(U]lKOHULQ0DUJDX[LKUHQ]ZLVFKHQGHPXQG /HEHQVMDKUGXUFKOHEWHQVH[XHOOHQ0LVVEUDXFKGXUFK3HWHU&XUUDQEH VFKUHLEW ,Q GHU HQJOLVFKVSUDFKLJHQ 2ULJLQDOYHUVLRQ HUVFKLHQ GHU 7H[W LP 3HQJXLQ9HUODJPLWGHUSDUDWH[WXHOOHQ*DWWXQJVEH]HLFKQXQJÅ$0HPRLU´ GLH)UDQNIXUWHU9HUODJVDQVWDOWHQWVFKLHGVLFKGDJHJHQGDIUGHQ7H[WDOV Å5RPDQ´ ]X YHU|IIHQWOLFKHQ 'LH *DWWXQJVEH]HLFKQXQJ GHV GHXWVFKHQ 9HUODJVLVWXPVRIUDJZUGLJHUDOVLQHLQHP3URORJGHUÅDXWRELRJUDSKLVFKH BBBBBBBBBBBBBB 

 +HJHPDQQ $QP ,QGHU1HZ«@´'DVVHVVLFKXPHLQHDXWRELRJUDSKLVFKH(U]lKOXQJKDQ GHOW ZLUG GXUFKZHJ LP )RUWJDQJ GHU *HVFKLFKWH GXUFK GLH 1DPHQV JOHLFKKHLW ]ZLVFKHQ ,FK(U]lKOHULQ XQG $XWRULQ EHVWlWLJW XQG DXFK LQ HLQHP1DFKZRUWHUQHXWH[SOL]LWWKHPDWLVLHUW 6WRUHGLQP\FRPSXWHUDUHWKHRIILFLDOFRXUWGRFXPHQWV ZKLFK,VDZODVW \HDUIRUWKHILUVWWLPH FKDUJLQJ3HWHUZLWKWKHVHIRXUFULPHVDJDLQVWRQHRIKLV IRVWHUFKLOGUHQVH[XDODEXVHFULPLQDOVH[XDOFRQGXFWHQGDQJHUPHQWRIWKHZHO IDUHRIDFKLOGDQGFKLOGDEXVH7KHFRXUWGHHPHGZLWKFHUWDLQW\WKDW3HWHUZDV ÅOLNHO\ WR UHVSRQG IDYRXUDEO\ WR SUREDWLRQ´ $W WKDW WLPH 3HWHU DQG , KDYLQJ EHHQVHSHUDWHGZHUHFRPPXQLFDWLQJE\SKRQHD\HDUODWHUZKHQ,ZDVHOHYHQ KHZRXOGEHJLQDVHFRQGVH[XDOLQLWLDWLRQZLWKPH

'DUEHU KLQDXV ZLUG PLW ZHLWHUHQ SDUDWH[WXHOOHQ 8PVFKUHLEXQJHQ YHU VXFKW HLQHQ $XWKHQWL]LWlWVYHUWUDJ ]X VFKOLH‰HQ ,Q GHU 2ULJLQDODXVJDEH ZHUGHQ DXI GHP 7LWHOFRYHU PLW HLQHP =LWDW GHU /LWHUDWXUNULWLNHULQ $OLFH 6HEROG $XWKHQWL]LWlWVV\QRQ\PH GHU EHUZXQGHQHQ 8QVDJEDUNHLW XQG :DKUKDIWLJNHLW SUlVHQWLHUW ZRGXUFK GHU DXWRELRJUDSKLVFKH 7H[W DOV HLQH XQHUVFKURFNHQXQGHKUOLFKJHVFKLOGHUWH2SIHUJHVFKLFKWHHUVFKHLQWÅ6KR FNLQJUHYHODWRU\DQGIHDUOHVV«$VWKHVWRU\RIDYLFWLPLWLVJULSSLQJ´ (LQHQ LQWHUHVVDQWHQ 1HEHQDVSHNW VWHOOW LQ GLHVHP =XVDPPHQKDQJ GLH *HVWDOWXQJGHV%XFKFRYHUVGHUDPHULNDQLVFKHQ2ULJLQDODXVJDEHGDU1H EHQ GHP ]HQWUDOHQ %LOGPRWLY HLQHV 7LJHUV PLW (QJHOVIOJHOQ ZHUGHQ YRU DOOHP LQ 1lKH GHV %FKHUUFNHQV $EQXW]XQJVVSXUHQ PDOHULVFK JHVWDOWHW 'DV7LWHOPRWLYVROORIIHQVLFKWOLFKDQWLTXDULVFKHVXQGDXWRULVLHUHQGHV$OWHU LQV]HQLHUHQ ,Q GHU GHXWVFKHQ $XVJDEH ZLUG GLH *DWWXQJVEH]HLFKQXQJ Å5RPDQ´ LP .ODSSHQWH[W EHUHLWV ZLHGHU UHODWLYLHUW XQG VWDWWGHVVHQ GHU IDNWXDOH *HOWXQJVDQVSUXFK GHV 7H[WHV YHUGHXWOLFKW Å(QWVWDQGHQ LVW HLQ DX‰HUJHZ|KQOLFKHU DXWRELRJUDSKLVFKHU 5RPDQ GHU HLQHQ QLH GDJHZHVH QHQ (LQEOLFN LQ HLQ XQEHJUHLIOLFKHV *HVFKHKHQ JLEW´ $EVFKOLH‰HQG ZLUG LP.ODSSHQWH[W7LJHU7LJHUH[SOL]LWDOVÅGLHDXWKHQWLVFKH*HVFKLFKWHHLQHV 0LVVEUDXFKV´EH]HLFKQHW 2EZRKO DOVR ² QDFK ELVKHULJHP :LVVHQVVWDQG ² VRZRKO $XWRU $XWKHQWL]LWlW ZLH 2EMHNW$XWKHQWL]LWlW DOV JHVLFKHUW JHOWHQ PVVHQ XQG GDU EHU KLQDXV GHU 3DUDWH[W HLQHQ $XWKHQWL]LWlWVSDNW DQ]XUHJHQ YHUVXFKW BBBBBBBBBBBBBB 

 3KLOLSSH/HMHXQH'HUDXWRELRJUDSKLVFKH3DNWEHUVY:ROIUDP%D\HU'LHWHU+RUQLJ)UDQN IXUWD0  )UDJRVR $QP 6I  )UDJRVR $QP 6I

 

$QWRQLXV:HL[OHU

ZLUG )UDJRVRV DXWRELRJUDSKLVFKHP 5RPDQ LQ GHU .ULWLN HUVWDXQOLFKHU ZHLVH GHU $XWKHQWL]LWlWVVWDWXV HQW]RJHQ Å4XHVWLRQV KDYH DULVHQ ,V WKH ERRNZKLFKLVFDOOHGDPHPRLUÄWUXH¶"´IDVVWEHLVSLHOVZHLVH-HQQ\'LVNL LKUH =ZHLIHO DQ GHU )DNWXDOLWlW GHV *HVFKLOGHUWHQ ]XVDPPHQ .DWKULQ +DUULVRQVWHOOWHWZDVDOOJHPHLQHULQ)UDJHÅWKDWDGHWDLOHGDFFRXQWRIHDUO\ \RXWKLQFOXGLQJOHQJWK\ DGXOWGLDORJXH FRXOGEHUHFRQVWUXFWHG DFFXUDWH O\´:ROIJDQJ+|EHOGHULQVHLQHU.ULWLNEHLGHU=XVDPPHQIDVVXQJGHV %XFKLQKDOWHVVWHWVGDV$GYHUELXPÅDQJHEOLFK´HLQVHW]WXPVFKUHLEW)UDJR VRV 6FKLOGHUXQJ DOV ÅDXV HLQHU DQJHEOLFK DXWKHQWLVFKHQ NDXP MH GDJHZH VHQHQ 3HUVSHNWLYH´ JHVFKULHEHQ 8QG DXFK )HOLFLWDV YRQ /RYHQEHUJ QlKUW LQ LKUHU 5H]HQVLRQ =ZHLIHO Å>R@E VLFK GLH (UHLJQLVVH ZLUNOLFK VR ]XJHWUDJHQKDEHQ´ 'LH.ULWLNHUPDFKHQGHQ=ZHLIHODQGHU$XWKHQWL]LWlWGHU6FKLOGHUXQJ ZHGHUDQGHU5HIHUHQ]EH]JOLFKGHVWDWVlFKOLFKHQ0LVVEUDXFKHVQRFKDQ GHU:DKUKDIWLJNHLWGHU(U]lKOHULQIHVWÅ>(@YHQLILW·VHQWLUHO\ILFWLRQDOWKH VLWXDWLRQ,VXSSRVHLVWUXHHQRXJKVRPHZKHUH´'LH$XINQGLJXQJGHV $XWKHQWL]LWlWVSDNWHV ZLUG LQ VlPWOLFKHQ 5H]HQVLRQHQ YLHOPHKU PLW GHU QDLYHQ (U]lKOKDOWXQJ EHJUQGHW 'LH LQ GHQ .ULWLNHQ DQJHIKUWH QDLYH (U]lKOSHUVSHNWLYHGHU,FK(U]lKOHULQNDQQ]XQlFKVWPLWGHU'LVWDQ]]ZL VFKHQ$XWRULQXQG(U]lKOHULQHUNOlUWZHUGHQ,P9RUXQG1DFKZRUWLVW GHU'XNWXVGHUMlKULJHQ$XWRULQ]XHUNHQQHQGLHGHQ0LVVEUDXFKNODU EHQHQQW XQG YHUXUWHLOW 'LH DXWRGLHJHWLVFKH LQWUDGLHJHWLVFKH (U]lKOHULQ LQGHV HU]lKOW LQ FKURQRORJLVFKHU 5HLKHQIROJH GLH *HVFKLFKWH GHV 0LVV EUDXFKV DOV HLQH /LHEHVJHVFKLFKWH 'DV UHWURVSHNWLYH (U]lKOHQ LVW NHLQ UHIOHNWLHUHQGHV(U]lKOHQGLH(UOHEQLVVHGHUMlKULJHQZLHGHUMlKULJHQ 3URWDJRQLVWLQZHUGHQMHZHLOVLQNLQGOLFKHU1DLYLWlWZLHGHUJHJHEHQ:HGHU ZLUGLKUH/LHEH]XPSlGRSKLOHQ3HWHULP5FNEOLFNUHODWLYLHUWQRFKZHU GHQVHLQHKRFKPDQLSXODWLYHQhEHUUHGXQJVVWUDWHJLHQGLH]XUHPRWLRQDOHQ $EKlQJLJNHLW GHV 0LVVEUDXFKVRSIHUV IKUHQ NULWLVFK KLQWHUIUDJW 6lPWOL FKH(UHLJQLVVHZHUGHQOHGLJOLFKJHVFKLOGHUW8QGLQGHQ5H]HQVLRQHQZLUG GLHVH(U]lKOVWUDWHJLHEHUHLQVWLPPHQGDOVVFKZHUHUWUlJOLFKEHVFKULHEHQ BBBBBBBBBBBBBB 

 -HQQ\ 'LVNL Å7LJHU 7LJHU E\ 0DUJDX[ )UDJRVR ² 5HYLHZ´ 7KH *XDUGLDQ  KWWSZZZJXDUGLDQFRXNERRNVDSUWLJHUWLJHUPDUJDX[IUDJRVRUHYLHZ OHW] WHU=XJULIIDP  .DWKULQ +DUULVRQ Å7KH 0DQ :KR 0ROHVWHG 0H´ 7KH 1HZ @ 2[IRUG  6 KLHU ]LWLHUW QDFK 0DU WtQH]6FKHIIHO $QP 6  .D\VHU $QP 6  0DUWtQH]6FKHIIHO $QP 6  0DUWtQH]6FKHIIHO $QP 6LP2ULJLQDOPLW+HUYRUKHEXQJ  0DUWtQH]6FKHIIHO $QP 6  :ROI 6FKPLG (OHPHQWH GHU 1DUUDWRORJLH %HUOLQ 1HZ Q@ 7H[W]HXJH>Q@´ PDQ GHQ 9RUUDQJ HLQUlXPW (UQHXW HUZHLVW VLFK GLH $X WKHQWLVLHUXQJ HLQHU PHGLDOHQ .RPPXQLNDWLRQ GXUFK $XWRUVFKDIW DOV NHL QHVZHJVXQSUREOHPDWLVFKVRQGHUQDOVHLQUHODWLRQDOHU3UR]HVVGHUGLVNXU VLYSURGX]LHUWZHUGHQPXVV ,,$XWRUVFKDIWXQG$XWRULWlW ,QGHQNODVVLVFKHQ$XWRUNRQ]HSWHQODVVHQVLFKGLH$XWRULWlWVDVSHNWH.RP SHWHQ]$XWRULWlWV=LWDWHXQG4XDOLILNDWLRQXQWHUVFKHLGHQ0LWGHU.RPSHWHQ] HLQHV$XWRUVLVWGDVEHUHLWVLQGHU3RHWLNGHV$ULVWRWHOHVWKHPDWLVLHUWH0R GHOO GHV SRHWD IDEHU DQJHVSURFKHQ GHU HLQ ÅNRPSHWHQWHU .HQQHU XQG $Q ZHQGHU YRQ ÄWHFKQLVFKHP¶ )DFKZLVVHQ LVW´ 'LHVH 9RUVWHOOXQJ OHEW LQ 5HJHOSRHWLNHQQRFKELV]XP6WXUPXQG'UDQJIRUWZRGDQQHUVWPDOVPLW HLQHU QRUPDWLYSRHWRORJLVFKHQ 'LFKWXQJVWKHRULH JHEURFKHQ ZLUG XQG PDQ VLFK VWDWWGHVVHQ GHP LQGLYLGXHOOHQ 'LFKWHUJHQLH ]XZHQGHW ,Q GHU (LQVFKlW]XQJ GDVV HLQHP JXWHQ XQG JHELOGHWHQ $XWRU IU JHZ|KQOLFK PHKU $XWRULWlW XQG HLQH JU|‰HUH %HIlKLJXQJ HLQJHUlXPW ZLUG 7KHPHQ GLHHLQHDXWKHQWLVFKH'DUVWHOOXQJHUIRUGHUQ]XEHKDQGHOQNDQQQRFKHLQ LPSOL]LWHV)RUWZLUNHQGLHVHV.RPSHWHQ]DVSHNWHVEHREDFKWHWZHUGHQ'LH 5H]HSWLRQVDQDO\VH ]X 0DUJDX[ )UDJRVRV 7LJHU 7LJHU EHZHLVW GLH :LU NXQJVPlFKWLJNHLWGLHGLH .DWHJRULH.RPSHWHQ]LQGHU%HXUWHLOXQJHLQHV 7H[WQRFKLPPHUKDW'HU]ZHLWH$VSHNWGDV=LWLHUHQYRQ$XWRULWlWHQDOV BBBBBBBBBBBBBB 

 9JO]XU3UREOHPDWLNGHVÅDXWKHQWLVFKHQ7H[WHV´:ROIUDP*URGGHFNÅ'HUUHLQH:RUODXW XQGGLH6FKULIW*HGDQNHQ]XP3UREOHPGHVDXWKHQWLVFKHQ7H[WHVLQGHU(GLWLRQVSKLOROR JLH´LQ8UVXOD$PUHLQ +UVJ 'DV$XWKHQWLVFKH5HIHUHQ]HQXQG5HSUlVHQWDWLRQHQ=ULFK 6²)UHLQHQhEHUEOLFNEHUGLHYHUVFKLHGHQHQ3RVLWLRQHQLQGHU(GLWLRQVSKLOROR JLH VLHKH +HUEHUW .UDIW (GLWLRQVSKLORORJLH 'DUPVWDGW  *XQWHU 0DUWHQV +DQV =HOOHU +UVJ 7H[WHXQG9DULDQWHQ3UREOHPHLKUHU(GLWLRQXQG,QWHUSUHWDWLRQ0QFKHQ-DQQLGLV XD $QP 6²  -DQQLGLVXD $QP 6 /XNDV:HUQHUIKUWLQVHLQHP%HLWUDJPLWÅ([SUHVVLYLWlW´²ZHQQHLQ7H[WRGHU)LOPÅDOV LQEHVRQGHUHP0D‰HDOV$XVGUXFNVHLQHV$XWRU6XEMHNWVJHGDFKWZLUG´²QRFKHLQHQZHL WHUHQDXWRUEH]RJHQHQ$XWRULWlWVDVSHNWDQ:HUQHULG%DQG6 -DQQLGLVXD $QP 6



3RVWDXWRULWlUH$XWKHQWL]LWlW



HLQH%HZHLVIKUXQJH[DXFWRULWDWHZDULQGHUDQWLNHQ5KHWRULNGLH0HWKRGH GHQ HLJHQHQ $UJXPHQWHQ *ODXEZUGLJNHLW ]X YHUVFKDIIHQ 'HU %H JULIIVXUVSUXQJ YRQ Ä$XWRULWlW¶ EH]LHKW VLFK DXI GLH Å]LWLHUEDUHQ OLWHUDUL VFKHQ´ $XWRULWlWHQ ,Q GHU $XWRULVLHUXQJ GXUFK =LWLHUHQ ZHUGHQ DOVR LQWHUWH[WXHOOH DX‰HUWH[WXHOOH ,QVWDQ]HQ ]XU %HJODXELJXQJ LQQHUWH[WXHOOHU %HKDXSWXQJHQYHUZHQGHW'HP/DWHLQLVFKHQDXFWRULWDVZLUGGLH9RUDXVVHW ]XQJHQWQRPPHQGDVV]XU%HIlKLJXQJGHV$XWRULVLHUHQV$QVHKHQGXUFK 7XJHQGRGHU=HLW GKGXUFKGDV$OWHUGHU]LWLHUWHQ$XWRULWlW JHK|UW 8P DXFK GLH DQWLNHQ SURIDQHQ .ODVVLNHU LQ GLH FKULVWOLFKH (UEDXXQJV OLWHUDWXU LQWHJULHUHQ ]X N|QQHQ ZXUGHQ GLH PD‰JHEOLFKHQ $XWRUHQ ]XP .DQRQ GHU DXFWRUHV ]XVDPPHQJHVFKORVVHQ 'LHVHU $VSHNW OHEW KHXWH QRFK LQ GHU DXWRULWDWLYHQ 0DFKW IRUW GLH KLQWHU GHU .DQRQLVLHUXQJ YRQ $XWRUHQXQG7H[WHQVWHFNW)UGLH$XWRUPRGHOOHGLHDXI.RPSHWHQ]RGHU $XWRULWlWHQ$VSHNWHQ EDVLHUHQ VLQG GHPQDFK EHULQGLYLGXHOOH ,QVWDQ]HQ ZLFKWLJHU DOV GLH LQGLYLGXHOOH ELRJUDSKLVFKH $XWRUSHUVRQ 'LH HEHQ HU ZlKQWHDXFWRULWDVZLUGLP$XWRUPRGHOOGHU*HQLHlVWKHWLNVRGDQQ]XULQGL YLGXHOOHQ(UPlFKWLJXQJXPJHGHXWHW²JHJUQGHWDXIŁEHUOHJHQH(LQVLFKW XQG HLQ DEOHLWEDUHV &KDULVPD´ ² GLH HLQH DXVHUZlKOWH 3HUVRQ HUVW ]XU $XWRUVFKDIWEHIlKLJW$XVGHUEHULQGLYLGXHOOHQ$XWRULVLHUXQJGHU$XWRU VFKDIW GXUFK ]LWLHUHQGH 9HUZHLVH ZXUGH HLQH $XWRUVFKDIW GLH DXI LQGLYL GXHOOHU$XWRULWlWXQG(UPlFKWLJXQJEDVLHUW6RZLUGLQGHU5H]HSWLRQ]X 7LJHU7LJHU)UDJRVRGHU$XWRULQQHQ6WDWXVPLWGHP$UJXPHQWDEHUNDQQW LKUIHKOHHVDQ.RPSHWHQ]8QGLQ+HJHPDQQV$[RORWO5RDGNLOOLVWGXUFK DXVGLH,URQLH]XHUNHQQHQGDVVGLH'URJHQXQG1DFKWFOXEVFKLOGHUXQJHQ GXUFK GDV EHJDQJHQH 3ODJLDW JHUDGH HUVW DXWKHQWLVLHUW ZHUGHQ GHQQ +H JHPDQQKDWGLHVVHOEVWVRQLFKWHUOHEW (LQHQ ZLFKWLJHQ Å=XVDPPHQKDQJ YRQ $XWRUVFKDIW XQG $XWRULWlW´ VHKHQ-DQQLGLV/DXHU0DUWtQH]:LQNRGDUEHUKLQDXVLQ$XWRUPRGHOOHQ GLH VLFK DQ GHU ÅELRJUDSKLVFK XQG KLVWRULVFK VSH]LILVFKHQ ,QGLYLGXDOLWlW´ HLQHV $XWRUV RULHQWLHUHQ +LHU N|QQHQ 9HUZHLVH DXI GLH $XWRU %LRJUDSKLH DEHU DXFK DXI .RPSHWHQ] PRUDOLVFKH /HEHQVIKUXQJ RGHU ZHLWHUHNDQRQLVLHUWH:HUNHGHVVHOEHQ$XWRUV%H]XJVSXQNWHGHU,QWHUSUH BBBBBBBBBBBBBB 

-DQ /HKPDQQ XQWHUVXFKW LQ VHLQHP %HLWUDJ LG%DQG HLQHQ ZHLWHU IKUHQGHQ $VSHNW LP +LQEOLFNDXIGLH'LFKWXQJVSUD[LVGHV0LWWHODOWHUV'RFLOLVYHUZHLVHÅGDEHLDXIGHQ1XW]HQ GHQGLH/HNWUHGHVMHZHLOLJHQ:HUNHVGHP/HVHUEHUHLWHWMHGRFKDXFKDXIGLH%HOHVHQKHLW GHV9HUIDVVHUVZHQQHUVHLQH4XHOOH Q DQJLEWPLWVHLQHQ6SUDFKXQG/LWHUDWXUNHQQWQLV VHQ SUDKOW RGHU GXUFK EHVRQGHUV NXQVWYROOH )RUPXOLHUXQJHQ ]X EHHLQGUXFNHQ VXFKW´ /HKPDQQLG%DQG6 9HLW5DEH5|WWJHUV $QP 6S 9HLW5DEH5|WWJHUV $QP 6SI 9JO-DQQLGLV $QP 69HLW5DEH5|WWJHUV $QP 6I 6FKHPPH $QP 6S -DQQLGLVXD $QP 6I

 

$QWRQLXV:HL[OHU

WDWLRQZHUGHQ'HU$XWRULVWLQGLHVHQ0RGHOOHQGLHPD‰JHEOLFKH$XWR ULWlWXQGNDQQDOV=HXJHIUGLHH[HPSODULVFKHÄ:DKUKHLW¶XQG*OWLJNHLW HLQHV 7H[WHV KHUDQJH]RJHQ ZHUGHQ GHQQ ÅGDV /HEHQ HLQHV $XWRUV LVW GHU EHVWH &RPPHQWDU VHLQHU 6FKULIWHQ´ ,Q HLQHU DQDO\WLVFKHQ 5HNRQ VWUXNWLRQYHUVFKLHGHQHU9HUZHQGXQJVZHLVHQYRQÄ$XWKHQWL]LWlW¶EHREDFK WHW0DWtDV0DUWtQH]HLQHQZHLWHUHQ=XVDPPHQKDQJYRQ$XWRUVFKDIWXQG $XWRULWlW ,QVEHVRQGHUH LP .RQWH[W YRQ +RORFDXVW(U]lKOXQJHQ ZHUGH PHGLDOHQ .RPPXQLNDWLRQHQ GDV 3UlGLNDW ÄDXWKHQWLVFK¶ ]XJHVFKULHEHQ ZHQQ GHU 8UKHEHU ÅDOV 3HUVRQ EHVRQGHUV TXDOLIL]LHUW´ VHL 0DUWtQH] HUNHQQW LQ GLHVHP 4XDOLILNDWLRQV$VSHNW ÅHLQH 3DUDOOHOH ]XU WKHRORJLVFKHQ DXWKHQWLD DXFWRULWDWLV´ 'LH $XWRULVLHUXQJ XQG $XWKHQWLVLHUXQJ HUIROJH LQ GHU5H]HSWLRQHQYRQ+RORFDXVW(U]lKOXQJHQRIWPDOVDQKDQGGHU%LRJUD SKLH6RVHLHVHLQHYHUEUHLWHWH$QVLFKWGDVVQXUSHUV|QOLFK%HWURIIHQHGHU 6KRDKÄDXWKHQWLVFK¶GDUEHUVFKUHLEHQN|QQWHQ'HU$VSHNWGHU$XWRUL VLHUXQJGXUFK4XDOLILNDWLRQNDQQQRFKZHLWHUXQWHUVFKLHGHQZHUGHQ(LQHU VHLWV DXWRULVLHUHQ $XWRUHQ GLH 2EMHNW$XWKHQWL]LWlW GHV (U]lKOWHQ GXUFK SHUV|QOLFKH=HXJHQVFKDIWHLQ0HUNPDOGDVQXUIUIDNWXDOH(U]lKOXQJHQ EH]JOLFK GHU 5HIHUHQWLDOLVLHUXQJ PLW HLQHU DX‰HUWH[WXHOOHQ Ä:LUNOLFKNHLW¶ YRQ %HGHXWXQJ LVW $QGHUHUVHLWV YHUIJHQ HWZD +RORFDXVWhEHUOHEHQGH EHUGLH$XWRULWlWGLH2EMHNW$XWKHQWL]LWlWGHU=HXJHQVFKDIWLQPHWDGLV NXUVLYHQILNWLRQDOHQ(U]lKOXQJHQRGHUILNWLRQDOLVLHUHQGHQ(U]lKOYHUIDKUHQ HLQHU$XWKHQWL]LWlWGHU]ZHLWHQ2UGQXQJLQ)UDJH]XVWHOOHQ BBBBBBBBBBBBBB 

9JO-DQQLGLVXD $QP 66FKHPPH $QP 6S 9JO6FKHPPH $QP 6S -RKDQQ *RWWIULHG +HUGHU Å9RP (UNHQQHQ XQG (PSILQGHQ GHU PHQVFKOLFKHQ 6HHOH %H PHUNXQJHQXQG7UlXPH´LQ'HUV6lPWOLFKH:HUNHKUVJY%HUQKDUG6XSKDQ%HUOLQ %G6²KLHU69JODXFK-DQQLGLVXD $QP 6 0DUWtQH] $QP 6 0DUWtQH] $QP 6 0DWtDV0DUWtQH]HWZDUHIHULHUW]ZHL%HLVSLHOHLQGHQHQVLFKGLH:HUWXQJOLWHUDULVFKHU7H[WH JHlQGHUWKDWQDFKGHPEHNDQQWZXUGHGDVVHVVLFKQLFKWXPIDNWXDOH$XWRELRJUDSKLHQYRQ +RORFDXVWhEHUOHEHQGHQ VRQGHUQ XP ILNWLRQDOH 7KHPDWLVLHUXQJHQ YRQ VSlWHU JHERUHQHQ $XWRUHQKDQGHOW%UXFKVWFNH$XVHLQHU.LQGKHLW²YRQ%LQMDPLQ:LONRPLUVNLVXQG 7KH +DQG 7KDW 6LJQHG WKH 3DSHU YRQ +HOHQ 'HPLGHQNR 'LHVH JDOWHQ VR ODQJH DOV ÄDXWKHQ WLVFK¶ELVDXIJHGHFNWZXUGHGDVVHUVWHUHLQ:LUNOLFKNHLWYRQ%UXQR'RHVVHNHUXQGOHW]WHUH YRQ+HOHQ'DUYLOOHJHVFKULHEHQZXUGHQ$OVKHUDXVNDPGDVVGLH$XWRUHQNHLQHZLUNOLFKHQ +RORFDXVWhEHUOHEHQGHQZDUHQYHUlQGHUWHVLFKLQGHU5H]HSWLRQGDVlVWKHWLVFKH3UHVWLJH GHU7H[WH'LHQDFKWUlJOLFKH$EHUNHQQXQJGHV$XWKHQWL]LWlWVVWDWXVVHLDOOHUGLQJVLQGLHVHQ )lOOHQQLFKWDXVVFKOLH‰OLOLFKHLQ$VSHNWGHU4XDOLILNDWLRQ'LHEHLGHQ7H[WHVLQG%HLVSLHOH OLWHUDULVFKHU )lOVFKXQJHQ GD GLH 7H[WH LQ EHLGHQ)lOOHQ PLW GHP *HOWXQJVDQVSUXFK HLQHU IDNWXDOHQ$XWRELRJUDSKLHDXIJHWUHWHQVLQG'DVYHUlQGHUWH3UHVWLJHGHU7H[WHVHLDOVRDXFK (UJHEQLVHLQHUDXIJHGHFNWHQ7lXVFKXQJXQGQLFKWDXVVFKOLH‰OLFKHLQH)UDJHGHU4XDOLILND WLRQGHU$XWRUHQ9JO0DUWtQH] $QP 6I $QGUHH 0LFKDHOLV IKUW LQ VHLQHP %HLWUDJ LG%DQG GLHVHQ $VSHNW EHLVSLHOKDIW IU ,PUH .HUWpV]·5RPDQ/LTXLGDWLRQYRU



3RVWDXWRULWlUH$XWKHQWL]LWlW



,,$XWRULWlWXQG$XWKHQWL]LWlW 'DVVHLQHHUIROJUHLFKH$XWKHQWL]LWlWV]XVFKUHLEXQJHLQHP7H[WHLQHHUK|K WH$XWRULWlWYHUOHLKWVROOKLHUQLFKWZHLWHU*HJHQVWDQGGHU8QWHUVXFKXQJ VHLQ 'DV 3UlGLNDW ÄDXWKHQWLVFK¶ IKUW XQPLWWHOEDU GD]X HLQHU PHGLDOHQ .RPPXQLNDWLRQ HLQHP 2EMHNW RGHU HLQHU 3HUVRQ HLQH lVWKHWLVFKH XQGRGHU PRUDOLVFKH 4XDOLWlW ]X]XELOOLJHQ $XWKHQWL]LWlW KDW GDPLW GLH Ä$XWRULWlW¶EHU*ODXEZUGLJNHLW:DKUKHLW:DKUKDIWLJNHLWXQGGHQ:HUW HLQHU .RPPXQLNDWLRQ ]X HQWVFKHLGHQ 'RFK KDQGHOW HV VLFK KLHUEHL XP HLQHXPJDQJVVSUDFKOLFKHPHWDSKRULVFKH9HUZHQGXQJGHV%HJULIIVÄ$XWR ULWlW¶ 'HU =XVDPPHQKDQJ YRQ $XWRULWlW XQG $XWKHQWL]LWlW ]HLJW VLFK YLHOPHKULQGHU'LVNXUVLYLWlWXQG5HODWLRQDOLWlWGHV$XWKHQWL]LWlWVEHJULIIV $XWKHQWL]LWlW EHVLW]W NHLQH RQWRORJLVFKH 4XDOLWlW VRQGHUQ PXVV GXUFK HLQH GLVNXUVLYH E]Z QDUUDWLYH .RQVWUXNWLRQ ÄDXWKHQWLVLHUW¶ ZHUGHQ $X WKHQWLVLHUXQJ DEHU PHLQW $XWRULVLHUXQJ GHU 5HODWLRQ EHLVSLHOVZHLVH ]ZL VFKHQ7H[WXQGÄ:LUNOLFKNHLW¶GXUFK'LVNXUV$XIGHU6XEMHNWHEHQHHUIROJW GLH$XWRULVLHUXQJHLQHU$XWRUVFKDIWEHUGHQ3DUDWH[WRGHUEHULQVWLWXWL RQHOOH *XWDFKWHQ DXI GHU 2EMHNWHEHQH ZLHGHUXP NDQQ GLH $XWRUVFKDIW GLH5HIHUHQ]DXIHLQHDX‰HUWH[WXHOOHÄ:LUNOLFKNHLW¶RGHUHLQ2EMHNWDXWRUL VLHUHQ $XI GHU 0HWDHEHQH VFKOLH‰OLFK NDQQ $XWRULVLHUXQJ EHU $VSHNWH YHUVFKLHGHQHU$XWRUHQPRGHOOHZLH.RPSHWHQ]$XWRULWlWV=LWDWH%LRJUD SKLHRGHU4XDOLILNDWLRQHUIROJHQ$XIVlPWOLFKHQ(EHQHQILQGHWGLH$XWR ULVLHUXQJGDPLWGXUFKRGHUPLWGHU$XWRULQVWDQ]VWDWW)UGLHUHODWLRQDOHQ $XWKHQWL]LWlWVEHJULIIH EHGDUI HV DOVR DXWRULWlUHU )RUPHQ YRQ $XWKHQWL]L WlW GD GLH 5HODWLRQ ]ZLVFKHQ $XWRU XQG 7H[W E]Z (U]lKOREMHNW XQG Ä:LUNOLFKNHLW¶ HLQHU DXWRULVLHUHQGHQ %HJODXELJXQJ EHGDUI ,Q ]HLWJHQ|VVL VFKHQ7H[WHQXQG)LOPHQLVWGDV3KlQRPHQHLQHUPHWDGLVNXUVLYHQ$XWKHQWL ]LWlW ]X EHREDFKWHQ LQ GHQHQ (U]lKOXQJHQ GLH DXWRULVLHUHQGHDXWKHQ WLVLHUHQGH 5HODWLRQ GHV UHODWLRQDOHQ $XWKHQWL]LWlWVEHJULIIV VHOEVWUHIOH[LY GXUFKEUHFKHQ XQG GHQ =ZHLIHO DQ KHUN|PPOLFKHQ $XWKHQWL]LWlWVYHUIDK UHQEHZXVVWDXVVWHOOHQ'LHVH)RUPHQVLQGDOVSRVWDXWRULWlUH$XWKHQWL]LWlW]X EH]HLFKQHQ'HUDUWLJHQ(U]lKOYHUIDKUHQOLHJWQDFKZLHYRUHLQUHODWLRQDOHU $XWKHQWL]LWlWVEHJULII ]XJUXQGH LQGHP GLHVH 5HODWLRQ DEHU QLFKW PHKU GXUFK HLQH $XWRULVLHUXQJ JDUDQWLHUW ZHUGHQ PXVV VRQGHUQ LKU 6WDWXV DOV HLQH PHGLDOGLVNXUVLYH 5HODWLRQ ² LP *HJHQVDW] ]X HLQHU RQWRORJLVFKHQ 5HIHUHQ] ² VHOEVWUHIOH[LY H[SOL]LHUW ZLUG KDQGHOW HV VLFK XP HLQH )RUP YRQ$XWKHQWL]LWlWGLHGHV$XWRULVLHUXQJV$VSHNWHVQLFKWPHKUEHGDUI

 

$QWRQLXV:HL[OHU

,,,3RVWDXWRULWlUH$XWKHQWL]LWlW $XWKHQWL]LWlW ZLUG GDQQ HLQHU PHGLDOHQ .RPPXQLNDWLRQ ]XJHVFKULHEHQ ZHQQ LP 5H]HSWLRQVSUR]HVV HLQHU $XWRULVLHUXQJ XQG $XWKHQWLVLHUXQJ *ODXEHQJHVFKHQNWZLUG,QIDNWXDOHQ(U]lKOXQJHQPXVVGLH$XWRULWlWGHV $XWRUVGLH5HIHUHQ]DXIHLQHDX‰HUWH[WXHOOH:LUNOLFKNHLWEHJODXELJHQ8QG DXFK LQ ILNWLRQDOHQ (U]lKOXQJHQ PXVV GHU 5H]LSLHQW GHU $XWRULQVWDQ] 4XDOLILNDWLRQXQG.RPSHWHQ]]XHUNHQQHQXPGLH(U]lKOXQJDOVZDKUKDI WLJ XQG ZDKUVFKHLQOLFK ]X UH]LSLHUHQ 'DVV HV IU HLQH HUIROJUHLFKH $X WKHQWL]LWlWV]XVFKUHLEXQJEHUKDXSW HLQHU ]XVlW]OLFKHQ,QVWDQ] E]Z,QVWL WXWLRQ GHU $XWRULVLHUXQJ$XWKHQWLVLHUXQJ EHGDUI LVW HLQ ZHLWHUHU %HOHJ GDIU GDVV ZLU HV QLFKW PLW UHIHUHQWLHOOHQ VRQGHUQ PLW UHODWLRQDOHQ )RU PHQYRQ$XWKHQWL]LWlW]XWXQKDEHQ²ZLHGLHVLQGHU(LQOHLWXQJ]XGLH VHP %DQG DXVIKUOLFK GDUJHOHJW ZXUGH 'HU UHODWLRQDOH $XWKHQWL]LWlWV EHJULIILVWVRNDQQPLWGHQ$XVIKUXQJHQLQGLHVHP$UWLNHOQXQSUl]LVLHUW ZHUGHQ HLQH )RUP DXWRULWlUHU $XWKHQWL]LWlW ,P YRUOLHJHQGHQ 6DPPHO EDQGZXUGHQ]DKOUHLFKH(U]lKOVWUDWHJLHQDQDO\VLHUWLQGHQHQ$XWKHQWL]LWlW GXUFK GDV PHWDGLVNXUVLYH 7KHPDWLVLHUHQ GHU 8QP|JOLFKNHLW KHUN|PPOL FKHU $XWKHQWL]LWlWVLOOXVLRQHQ KHUJHVWHOOW ZLUG 'LH =XVFKUHLEXQJ DOV ÄDX WKHQWLVFK¶ VR GLH )ROJHUXQJ ZLUG LQ DPELWLRQLHUWHQ (U]lKOXQJHQ YRU DO OHP GXUFK GDV VHOEVWUHIOH[LYH 'XUFKEUHFKHQ YRQ JHZRKQWHQ $XWKHQWL]L WlWVVWUDWHJLHQ HUUHLFKW 'LHVH (U]lKOYHUIDKUHQ ZXUGHQ DOV 6WUDWHJLHQ HLQHU PHWDGLVNXUVLYHQ $XWKHQWL]LWlW EH]HLFKQHW 0LW GHQ LQ GLHVHP %HLWUDJ XQWHU VXFKWHQ (U]lKOYHUIDKUHQ GLH ² VHLHQ VLH EHZXVVW VR SURGX]LHUW ZLH LQ $JKHW QDFKWUlJOLFK DOV 5HFKWIHUWLJXQJ DQJHIKUW ZLH IU $[RORWO 5RDGNLOO RGHU XQLQWHQGLHUW XQG LQ GHU 5H]HSWLRQ VR ZDKUJHQRPPHQ ZLH LQ 7LJHU 7LJHU ² QLFKW PHKU OlQJHU DXI GHU $XWRULVLHUXQJ GXUFK HLQH $XWRULQVWDQ] EHUXKHQ OlVVW VLFK LQ PHWD GLVNXUVLYHU $XWKHQWL]LWlW QXQ HLQ SRVWDXWRULWlUHV 3KlQRPHQHUNHQQHQ /LWHUDWXU %DUWKHV 5RODQG Å'HU 7RG GHV $XWRUV´ LQ )RWLV -DQQLGLV XD +UVJ  7H[WH ]XU 7KHRULHGHU$XWRUVFKDIW6WXWWJDUW6² %HQMDPLQ :DOWHU 'DV .XQVWZHUN LP =HLWDOWHU VHLQHU WHFKQLVFKHQ 5HSURGX]LHUEDUNHLW )UDQN IXUWD0 %LGGHU%HQMDPLQ'DQLHO6WHLQYRUWK%HUQKDUG=DQGÅ'lPRQHQGHU9HUJDQJHQKHLW´ 'HU6SLHJHO6² %O|GRUQ $QGUHDV 'DQLHOD /DQJHU 0LFKDHO 6FKHIIHO Å(LQOHLWXQJ 6WLPPHQ ² LP 7H[W"´LQ'LHV +UVJ 6WLPPH Q LP7H[W1DUUDWRORJLVFKH3RVLWLRQVEHVWLPPXQJHQ %HUOLQ6²



3RVWDXWRULWlUH$XWKHQWL]LWlW



&UHZ6SHQFHU5-DPHV(6LPVÅ/RFDWLQJ$XWKHQWLFLW\)UDJPHQWVRID'LDORJXH´ LQ6WHSKHQ'/DYLQH +UVJ ([KLELWLQJ&XOWXUHV7KH3RHWLFVRI0XVHXP'LVSOD\ :DVKLQJWRQ6² 'HOLXV 0DUD Å0LU ]HUIDOOHQ GLH :RUWH LP 0XQG ZLH VFKOHFKWH 3LOOHQ´ )UDQNIXUWHU $OOJHPHLQH =HLWXQJ  KWWSZZZID]QHWOSZ OHW]WHU =XJULII DP  'LVNL -HQQ\ Å7LJHU 7LJHU E\ 0DUJDX[ )UDJRVR ² 5HYLHZ´ 7KH *XDUGLDQ  KWWSZZZJXDUGLDQFRXNERRNVDSUWLJHUWLJHUPDUJDX[ IUDJRVRUHYLHZOHW]WHU=XJULIIDP )RXFDXOW0LFKHOÅ:DVLVWHLQ$XWRU"´LQ)RWLV-DQQLGLVXD +UVJ 7H[WH]XU7KHRULH GHU$XWRUVFKDIW6WXWWJDUW6² )UDJRVR0DUJDX[7LJHU7LJHU/RQGRQ ³ 7LJHU7LJHUDXVGHP$PHULNDQLVFKHQY$QGUHD)LVFKHU)UDQNIXUWD0 )ULHGOHU(ULF$JKHW'HXWVFKODQG1'5 *HQHWWH*pUDUG'LH(U]lKOXQJ0QFKHQ *UDII%HUQGÅ'HU)DOO+HOHQH+HJHPDQQRGHUZDVGDUI/LWHUDWXUKHXWH"´'HXWVFK &KLQHVLVFKHV .XOWXUQHW] KWWSZZZGHFQQHWPDJOLWGHKWP OHW]WHU =XJULIIDP *URGGHFN:ROIUDPÅ'HUUHLQH:RUODXWXQGGLH6FKULIW*HGDQNHQ]XP3UREOHPGHV DXWKHQWLVFKHQ 7H[WHV LQ GHU (GLWLRQVSKLORORJLH´ LQ 8UVXOD $PUHLQ +UVJ  'DV$XWKHQWLVFKH5HIHUHQ]HQXQG5HSUlVHQWDWLRQHQ=ULFK6² +DUULVRQ .DWKULQ Å7KH 0DQ :KR 0ROHVWHG 0H´ 7KH 1HZ