Feste Wortverbindungen und Lexikographie: Kolloquium zur Lexikographie und Wörterbuchforschung 9783110234060, 9783110234053

the contributions of this book deal with the problem of fixed word combinations beginning with collocations to idiomatic

199 111 2MB

German Pages 186 [188] Year 2010

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Frontmatter
Contents
Polysemie und Polyäquivalenz der Kollokationen im Deutsch-slowakischen Kollokationswörterbuch
Zur lexikographischen Bearbeitung von Kollokationen in allgemeinen zweisprachigen Wörterbüchern Bulgarisch – Deutsch
Lexical Collocability: The Case of Verbs and Adverbs
Konstruktionsgrammatik und Lexikographie
Extracting Data from Corpora Statistically – Pros and Cons
Fixed word combinations as second level treatment units in dictionaries
Die lexikographische Erfassung von Kollokationen in Dialektwörterbüchern
Umfang der Kollokationen
Auf dem schmalen Grad zwischen Kollokationen und festen Wortverbindungen
Vergleich der Kookurrenzprofile von ausgewählten Wörtern
Compiling the First Electronic Dictionary of Slovak Collocations
Fachsprachliche Kollokationen im linguistischen Diskurs
Die korpusbasierte Identifikation fester Wortverbindungen
The Complexity of the Translation of Phraseological Units and its Implications for English-Slovene Bilingual Dictionaries
The Translation and Lexicographic Aspects of Idioms from Literary Sources
Makro- und mikrostrukturelle Präsentationsprobleme bei Phrasemen in allgemeinen einsprachigen Wörterbüchern. Vorschläge für ihre Lösung
Recommend Papers

Feste Wortverbindungen und Lexikographie: Kolloquium zur Lexikographie und Wörterbuchforschung
 9783110234060, 9783110234053

  • 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

L E X IC O G R A PH IC A Series Maior Supplementary Volumes to the International Annual for Lexicography Supplments  la Revue Internationale de Lexicographie Supplementbnde zum Internationalen Jahrbuch fr Lexikographie

Edited by Pierre Corbin, Ulrich Heid, Thomas Herbst, Sven-Gçran Malmgren, Oskar Reichmann, Wolfgang Schweickard, Herbert Ernst Wiegand 138

ˇ urcˇo Peter D

Feste Wortverbindungen und Lexikographie Kolloquium zur Lexikographie und Wçrterbuchforschung

De Gruyter

ISBN 978-3-11-023405-3 e-ISBN 978-3-11-023406-0 ISSN 0175-9264 Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet ber http://dnb.d-nb.de abrufbar.  2010 Walter de Gruyter GmbH & Co. KG, Berlin/New York Druck: Hubert & Co., Gçttingen

¥ Gedruckt auf surefreiem Papier Printed in Germany www.degruyter.com

&RQWHQWV

0RQLND%DQiåRYi 3RO\VHPLHXQG3RO\lTXLYDOHQ]GHU.ROORNDWLRQHQ LP'HXWVFKVORZDNLVFKHQ.ROORNDWLRQVZ|UWHUEXFK (PLOLD%DVFKHZD =XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ LQDOOJHPHLQHQ]ZHLVSUDFKLJHQ:|UWHUEFKHUQ%XOJDULVFK²'HXWVFK )UDQWLåHNÿHUPiN /H[LFDO&ROORFDELOLW\7KH&DVHRI9HUEVDQG$GYHUEV 'PLWULM'REURYRĴVNLM$UWsPäDUDQGLQ .RQVWUXNWLRQVJUDPPDWLNXQG/H[LNRJUDSKLH 9HUEHQGHU)RUWEHZHJXQJLPÅ1HXHQGHXWVFKUXVVLVFKHQ*UR‰Z|UWHUEXFK´ 3HWHUČXUĀR ([WUDFWLQJ'DWDIURP&RUSRUD6WDWLVWLFDOO\²3URVDQG&RQV 5XIXV+*RXZV )L[HGZRUGFRPELQDWLRQVDVVHFRQGOHYHOWUHDWPHQWXQLWVLQGLFWLRQDULHV $QQHOLHV+lFNL%XKRIHU 'LHOH[LNRJUDSKLVFKH(UIDVVXQJYRQ.ROORNDWLRQHQLQ'LDOHNWZ|UWHUEFKHUQ $VWULG+DQ]OtĀNRYi 8PIDQJGHU.ROORNDWLRQHQ =LWD+ROOyV $XIGHPVFKPDOHQ*UDG]ZLVFKHQ.ROORNDWLRQHQXQGIHVWHQ:RUWYHUELQGXQJHQ -DQD+RPRORYi 9HUJOHLFKGHU.RRNNXUUHQ]SURÀOHYRQDXVJHZlKOWHQ:|UWHUQ 'DQLHOD0DMFKUiNRYi3HWHUČXUĀR &RPSLOLQJWKH)LUVW(OHFWURQLF'LFWLRQDU\RI6ORYDN&ROORFDWLRQV 0LNDHOD3HWNRYD.HVVDQOLV )DFKVSUDFKOLFKH.ROORNDWLRQHQLPOLQJXLVWLVFKHQ'LVNXUV 8ZH4XDVWKRII)DELDQ6FKPLGW 'LHNRUSXVEDVLHUWH,GHQWLÀNDWLRQIHVWHU:RUWYHUELQGXQJHQ

$OHQND9UELQF 7KH&RPSOH[LW\RIWKH7UDQVODWLRQRI3KUDVHRORJLFDO8QLWV DQG,WV,PSOLFDWLRQVIRU(QJOLVK6ORYHQH%LOLQJXDO'LFWLRQDULHV 0DUMHWD9UELQF 7KH7UDQVODWLRQDQG/H[LFRJUDSKLF$VSHFWVRI,GLRPVIURP/LWHUDU\6RXUFHV +HUEHUW(UQVW:LHJDQG 0DNURXQGPLNURVWUXNWXUHOOH3UlVHQWDWLRQVSUREOHPHEHL3KUDVHPHQ LQDOOJHPHLQHQHLQVSUDFKLJHQ:|UWHUEFKHUQ 9RUVFKOlJHIULKUH/|VXQJ

0RQLND%DQiåRYi

3RO\VHPLHXQG3RO\lTXLYDOHQ]GHU.ROORNDWLRQHQ LP'HXWVFKVORZDNLVFKHQ.ROORNDWLRQVZ|UWHUEXFK



(LQIKUXQJ

,P 5DKPHQ GHV :,&2/3URMHNWHV 'HXWVFKVORZDNLVFKHV .ROORNDWLRQVZ|UWHUEXFK YJO ČXUĀR   ZHUGHQ .ROORNDWLRQHQ YRQ GHXWVFKHQ :|UWHUQ XQG LKUH VORZDNLVFKHQ hEHU VHW]XQJHQHUIDVVW'LH.RUSXVEDVLVELOGHQGLH.ROORNDWLRQHQYRQGHXWVFKHQ6XEVWDQWL YHQXQGLKUHbTXLYDOHQWHLP6ORZDNLVFKHQ,QXQVHUHP%HLWUDJZROOHQZLUGLH3UREOHPDWLN GHU0RQR3RO\VHPLHXQG3RO\lTXLYDOHQ]GHU.ROORNDWLRQHQLP.RQWUDVWQlKHUGDUVWHOOHQ ,P0LWWHOSXQNWVWHKWGLHVHPDVLRORJLVFKH5HODWLRQ)RUP²,QKDOWLQGHPGDV3UREOHPGHU 3RO\VHPLHQlKHUXQWHUVXFKWZLUG(VVROOXQWHUVXFKWZHUGHQZHOFKHQ(LQÁXVVGLH3RO\VHPLH GHU%DVLVNRPSRQHQWHQDXIGLHHLQ]HOQHQbTXLYDOHQWHGHU.ROORNDWLRQHQKDW3RO\VHPLHLVW JUXQGVlW]OLFKHLQH6DFKHYRQHLQ]HOQHQ/H[HPHQLQHLQ]HOQHQ6SUDFKHQ YJO/|EQHU  $XVGLHVHP*UXQGVFKHLQWHVLQWHUHVVDQW]XVHLQZLHGLHHLQ]HOQHQ%HGHXWXQJHQHLQHV GHXWVFKHQSRO\VHPHQ6XEVWDQWLYVLP6ORZDNLVFKHQKLQVLFKWOLFKLKUHU.ROORNDELOLWlWDXVJH GUFNWZHUGHQN|QQHQ,P%HLWUDJZHUGHQGLH3DUDOOHOHQXQG8QWHUVFKLHGHDXIJH]HLJWGLH EHLGHQGHXWVFKHQXQGVORZDNLVFKHQ.ROORNDWLRQHQPLWPRQRXQGSRO\VHPHQVXEVWDQWLYL VFKHQ%DVHQYRUNRPPHQN|QQHQ



0RQRXQG3RO\VHPLH

$XIJUXQGGHUELVKHULJHQ(UIDKUXQJHQEHLP%HDUEHLWHQGHU.ROORNDWLRQHQLVWIHVW]XVWHOOHQ GDVVGLHPHLVWHQ6XEVWDQWLYHSRO\VHPVLQGIUGDVMHZHLOLJH:RUWZHUGHQPHKUHUH%HGHX WXQJHQDQJHJHEHQ'LHVEHWULIIWVRZRKOGLHJHQXLQGHXWVFKHQ:|UWHUDOVDXFKGLH)UHPGZ|U WHU(VJLEWDXFK)lOOHEHLGHQHQ/H[HPHPLWYHUVFKLHGHQHQ%HGHXWXQJHQ]XIlOOLJGLHVHOEH )RUPDXIZHLVHQ +RPRQ\PH 6LHNRPPHQZHQLJHUKlXÀJYRUVLHPVVHQMHGRFKVSH]LHOO EHDUEHLWHWZHUGHQ $XVGLHVHP*UXQGZHUGHQGLHEHDUEHLWHWHQ6XEVWDQWLYHLQYLHU+DXSWJUXSSHQJHWHLOW    

PRQRVHPH GHXWVFKH :|UWHU SRO\VHPH GHXWVFKH :|UWHU )UHPGZ|UWHU +RPRQ\PH

%HLMHGHUGLHVHU6XEVWDQWLYJUXSSHQZLUGGLH$XIPHUNVDPNHLWDXIGLH%H]LHKXQJGHUVHPDQWL VFKHQ(LJHQVFKDIWHQXQGGLH$XVGUXFNVP|JOLFKNHLWHQLQEHLGHQ6SUDFKHQJHULFKWHW(VZLUG



0RQLND%DQiåRYi

XQWHUVXFKW RE GLH 0RQRVHPLH XQG 3RO\VHPLH GLH IRUPDOH 6HLWH GHU .ROORNDWLRQHQ EHHLQ ÁXVVWE]ZRE3RO\VHPLH]XHLQHU9LHOIDOWGHUHLQ]HOQHQbTXLYDOHQWHIKUW$XVNRQWUDVWLYHU 6LFKWZLUGXQWHUVXFKWREGLHVHPDQWLVFKH$PELJXLWlWGHUGHXWVFKHQ6XEVWDQWLYHPLWGHU3R O\lTXLYDOHQ]GHUVORZDNLVFKHQ(QWVSUHFKXQJHQ]XVDPPHQKlQJW

 0RQRVHPH GHXWVFKH :|UWHU 6SUDFKOLFKH=HLFKHQGLHPRQRVHPVLQGZHLVHQQXUHLQH%HGHXWXQJDXI=XHLQHP6XEVWDQ WLYGLHVHU$UWJLEWHVQXUHLQHQVHPDQWLVFKHQ.RPPHQWDU(VLVWIHVW]XVWHOOHQGDVVHVQXUZH QLJHPRQRVHPH6XEVWDQWLYHJLEWGLHVLVWVSUDFK|NRQRPLVFKPRWLYLHUW 'D]XHLQNRQNUHWHV%HLVSLHO 6&+87= HWZDVZDVMPGPHLQHU6DFKH6LFKHUKHLW*HERUJHQKHLWYRUHLQHU*HIDKUJLEW%HZDK UXQJYRUHLQHU*HIDKUYRUHWZDV%HGURKOLFKHPRGHU8QDQJHQHKPHP 'LH0RQRVHPLHVSLHJHOWVLFKGDQQDXFKLQGHQHLQ]HOQHQ.ROORNDWLRQHQZLGHU HIIHNWLYHU6FKXW]__HIHNWtYQDRFKUDQD 6FKXW]JHJHQ,QÁDWLRQ__RFKUDQDSURWLLQÁiFLL MPGP6FKXW]JHZlKUHQ__SRVN\WQ~őQLHNRPXRFKUDQX ,PJHVDPWHQ.ROORNDWLRQVSURÀOVWHKWIUHLQGHXWVFKHV:RUWQXUHLQVORZDNLVFKHVbTXLYD OHQW 6FKXW]²RFKUDQD 5HLVH²FHVWD 6FKOHU²çLDN 6RPPHU²OHWR :HQQHLQGHXWVFKHV6XEVWDQWLYPRQRVHPLVWZLUGRIWDXFKLP6ORZDNLVFKHQQXUHLQbTXLYD OHQWYHUZHQGHW(VOlVVWVLFKVFKOXVVIROJHUQGDVVPRQRVHPH6XEVWDQWLYHLPJHVDPWHQ.RO ORNDWLRQVSURÀO]XPHLVWQXUHLQVORZDNLVFKHVbTXLYDOHQWKDEHQ

 3RO\VHPH GHXWVFKH :|UWHU (LQ /H[HP LVW SRO\VHP ZHQQ HV PHKUHUH PLWHLQDQGHU YHUEXQGHQH %HGHXWXQJHQ DXIZHLVW YJO /|EQHU    'LH %HGHXWXQJVHLJHQVFKDIW EH]LHKW VLFKDXI HLQ XQG GDVVHOEH /H [HPPLWLGHQWLVFKHU)RUP8QWHUGLHVHU)RUPODVVHQVLFKMHGRFKYHUVFKLHGHQH,QKDOWH]X VDPPHQIDVVHQ'LH0HKUGHXWLJNHLWYRQVSUDFKOLFKHQ=HLFKHQZLUGGDGXUFKHUIDVVWGDVV]X GHPEHWUHIIHQGHQVSUDFKOLFKHQ=HLFKHQPHKUHUHVHPDQWLVFKH.RPPHQWDUHHUVWHOOWZHUGHQ 

 9RQDOOHQELVKHUXQWHUVXFKWHQ6XEVWDQWLYHQVLQGQXU  PRQRVHP%HUFNVLFKWLJWPDQQXU GLHJHQXLQGHXWVFKHQ6XEVWDQWLYDVREHWUlJWGHU$QWHLO

3RO\VHPLHXQG3RO\lTXLYDOHQ]GHU.ROORNDWLRQHQ



GLHDXIHLQH*UXQGEHGHXWXQJ]XUFNJHIKUWZHUGHQN|QQHQ(LQW\SLVFKHV%HLVSLHOLVWGDV :RUW6DW] 6$7=  LQVLFKDEJHVFKORVVHQHQDFKEHVWLPPWHQ5HJHOQGHU,QWRQDWLRQ*UDPPDWLN6WLOLV WLN XQG /RJLN LP$OOJHPHLQHQ DXV PHKUHUHQ:|UWHUQ ]XVDPPHQJHIJWH VLQQYROOH VSUDFKOLFKH(LQKHLW  ZLVVHQVFKDIWOLFKHU/HKUVDW]  'UXFNHUHL  1LHGHUVFKODJ5FNVWDQGYRQIHVWHQ%HVWDQGWHLOHQGHUVLFKDXVHLQHU)OVVLJNHLWDE JHVHW]WKDW%RGHQVDW]  IHVWJHVHW]WHU*HOGEHWUDJ7DULI  0XVLN 7HLOHLQHVPHKUWHLOLJHQ0XVLNZHUNHV  %DOOVSLHOH  LQ VLFK JHVFKORVVHQHU7HLO HLQHV PHKUWHLOLJHQ VSRUWOLFKHQ:HWWNDPSIHV EHVEHLP7HQQLV  PHKUHUH]XVDPPHQJHK|ULJH*HJHQVWlQGHGHUVHOEHQ$UW  6SUXQJ :LHREHQEHUHLWVHUZlKQWVLQGGLHPHLVWHQEHDUEHLWHWHQ6XEVWDQWLYHSRO\VHP%HLGHUNRQW UDVWLYHQ8QWHUVXFKXQJGHUSRO\VHPHQ6XEVWDQWLYHLVWIHVW]XKDOWHQGDVVGLH3RO\VHPLHLQMH GHUHLQ]HOQHQ6SUDFKHHLQ]LJDUWLJLVW'LH0HKUGHXWLJNHLWVSLHJHOWVLFKDXFKLP.ROORNDWL RQVSURÀOGHVMHZHLOLJHQ:RUWHVZLGHU$OOMHQH%HGHXWXQJVYDULDQWHQGLHLP'HXWVFKHQPLW HLQHPSRO\VHPHQ:RUWDXVJHGUFNWZHUGHQN|QQHQPVVHQQLFKWXQEHGLQJWPLWGHQHQGHV :RUWHVHLQHUDQGHUHQ6SUDFKHEHUHLQVWLPPHQ=XP9HUJOHLFKIUGLHHLQ]HOQHQ%HGHXWXQ JHQYRQ6DW]H[LVWLHUHQLP6ORZDNLVFKHQPHKUHUHbTXLYDOHQWH           

YHWDV~YHWLH Wp]D WODĀVDG]ED NDOXVDGHQLQD WDULIDSRSODWRN YHWD VHW VDGDQiVDGD V~ERU YUK VNRN

'DGXUFKHQWVWHKHQPXOWLYHUJHQWYHUÁRFKWHQH5HODWLRQHQYRQ(QWVSUHFKXQJHQ HLQIDFKHU6DW]__KROiYHWD HQWVFKHLGHQGHU6DW]__UR]KRXM~FDYHWDUR]KRGXM~FLVHW HUPl‰LJWHU6DW]__]QtçHQiVDG]ED 

 (LQHNRQNUHWH.ROORNDWLRQNDQQVHOEVWSRO\VHPVHLQ,QGLHVHP)DOOZHUGHQGLHHLQ]HOQHQ%HGHX WXQJHQPLWXQWHUVFKLHGOLFKHQbTXLYDOHQWHQQXPPHULHUW



0RQLND%DQiåRYi

GHU]ZHLWH6DW]GHV 9ROOH\EDOO VSLHOV__GUXKìVHWKU\ YROHMEDOX 6DW]$XWRUHLIHQ__VDGDSQHXPDWtN 6DW]GHV.DIIHHV__XVDGHQLQD]NiY\ 6DW])LVFKH__QiVDGDUìE 6DW]YRQ$QRUGQXQJHQ__V~ERUSUHGSLVRY PLWHLQHPMlKHQVFKQHOOHQ6DW]DQGHU7UVHLQ__UìFKO\PVNRNRPE\őSULGYHUiFK 'LH3RO\VHPLHHLQHVGHXWVFKHQ6XEVWDQWLYV]HLJWVRGDQQGDVVLP6ORZDNLVFKHQKLHUIUPHK UHUH bTXLYDOHQWH YHUZHQGHW ZHUGHQ (V HQWVWHKW HLQ UHLFKHV 6SHNWUXP YRQ VORZDNLVFKHQ bTXLYDOHQWHQ-HPHKU%HGHXWXQJHQHLQGHXWVFKHV6XEVWDQWLYXPIDVVWGHVWRPHKUVORZDNL VFKH(QWVSUHFKXQJHQZHUGHQYHUZHQGHW(VLVWIHVW]XKDOWHQGDVVGLH3RO\VHPLHHLQHVGHXW VFKHQ:RUWHVPLWGHU3RO\lTXLYDOHQ]GHUVORZDNLVFKHQ(QWVSUHFKXQJHQ]XVDPPHQKlQJW

 )UHPGZ|UWHU 8QWHU)UHPGZRUWYHUVWHKWPDQHLQ:RUWGDVDXVHLQHU)UHPGVSUDFKHEHUQRPPHQZRUGHQ LVWGDVQLFKWDOVLQGLH0XWWHUVSUDFKHHLQJHJOLHGHUWHU$XVGUXFNHPSIXQGHQZLUG YJO+RP EHUJHU bKQOLFKZLHEHLGHQJHQXLQGHXWVFKHQ6XEVWDQWLYHQN|QQHQDXFK)UHPG Z|UWHUHLQXQGPHKUGHXWLJVHLQ 0RQRVHPH)UHPGZ|UWHUNRPPHQMHGRFKVHOWHQHUYRU)UGLHPRQRVHPHQ)UHPGZ|UWHU ]%5HIRUP6HSWHPEHU6WXGHQW6\PERO7UHQG JLEWHVLP6ORZDNLVFKHQMHZHLOVQXUHLQ bTXLYDOHQW]XPHLVWKDQGHOWHVVLFKHEHQIDOOVXPHLQ)UHPGZRUW 5HIRUPUHIRUPD 6\PEROV\PERO 6WXGHQWåWXGHQW 'LH%HGHXWXQJHQGHUSRO\VHPHQ)UHPGZ|UWHUVLQGQLFKWVRUHLFKJHIlFKHUWZLHHVEHLGHQ JHQXLQGHXWVFKHQ6XEVWDQWLYHQGHU)DOOLVW6LHYHUIJHQPHLVWEHUK|FKVWHQVYLHU%HGHX WXQJHQZLH]%5HDNWLRQ 5($.7,21  :LUNXQJ$QWZRUWGLHGXUFKHWZDVEHVRQGHUVGXUFKHLQHQlX‰HUHQ5HL]KHUYRUJH UXIHQZLUG  &KHP FKHPLVFKH 8PZDQGOXQJ YRQ FKHPLVFKHQ (OHPHQWHQ RGHU 9HUELQGXQJHQ LQ DQGHUHFKHPLVFKH(OHPHQWHRGHU9HUELQGXQJHQ  RKQH3ODEZHUWHQG:LGHUVWDQG.DPSIKLVWRULVFKEHUOHEWHU.ODVVHQJHJHQGHQJH VHOOVFKDIWOLFKHQ )RUWVFKULWW JHJHQ UHYROXWLRQlUH JHVHOOVFKDIWOLFKH 8PJHVWDOWXQJHQ JHJHQGDV:LUNHQGHUSURJUHVVLYHQXQGUHYROXWLRQlUHQ.ODVVHQ  RKQH3ODEZHUWHQG*HVDPWKHLWYRQ.ODVVHQ6FKLFKWHQ3HUVRQHQ2UJDQLVDWLRQHQ 'LHV]HLJWVLFKDXFKLQGHQVORZDNLVFKHQbTXLYDOHQWHQ 5HDNWLRQUHDNFLDRGR]YDRGSRYHčFKHPLFNiUHDNFLDSURWLS{VREHQLH 6LWXDWLRQVLWXiFLDVWDYSRPHU\

3RO\VHPLHXQG3RO\lTXLYDOHQ]GHU.ROORNDWLRQHQ



7UDQVSRUWWUDQVSRUWSUHSUDYDGRSUDYD 4XDOLÀNDWLRQNYDOLÀNiFLDSRV~GHQLH 3RO\VHPH )UHPGZ|UWHU KDEHQ LP 6ORZDNLVFKHQ PHKUHUH (QWVSUHFKXQJHQ $X‰HU )UHPG Z|UWHUQNRPPHQQRFK JHQXLQH VORZDNLVFKHhEHUVHW]XQJHQYRUbKQOLFKZLHEHLGHQJH QXLQHQGHXWVFKHQ6XEVWDQWLYHQNDQQDXFKLQGLHVHP)DOOIHVWJHVWHOOWZHUGHQGDVVGLH3RO\ VHPLH(LQÁXVVDXIGLH$Q]DKOGHUbTXLYDOHQWHLP6ORZDNLVFKHQKDW

 +RPRQ\PH 'HU8QWHUVFKLHG]ZLVFKHQ+RPRQ\PLHXQG3RO\VHPLHEHVWHKWGDULQGDVVVLFKEHL+RPRQ\ PLH0HKUIDFKEHGHXWXQJHQYHUVFKLHGHQHQ/H[HPHQEHL3RO\VHPLHMHGRFKQXUHLQHPHLQ]L JHQ/H[HP]XRUGQHQODVVHQ3RO\VHPH:|UWHUKDEHQPHKUHUHVHPDQWLVFKH.RPPHQWDUHXQG ZHUGHQ XQWHU HLQHP 6WLFKZRUW EHKDQGHOW +RPRQ\PH GDJHJHQ XQWHUYHUVFKLHGHQHQ 6WLFK Z|UWHUQ YJO/|EQHU  (LQNRQNUHWHV%HLVSLHO 6(59,&(  GDV6HUYLFH>IU]VHUYLFHHLJWO 'LHQVWOHLVWXQJ%HGLHQXQJEHHLQÁXVVWYRQIU]VHUYLULQ GHU%HG´6SHLVHQDXIWUDJHQ© VHUYLHUHQ @LQ)RUP)DUEH0XVWHUXQJEHUHLQVWLPPHQ GHVDXIHLQDQGHUDEJHVWLPPWHVPHKUWHLOLJHV(VVRG.DIIHHJHVFKLUU  

GHU6HUYLFH>HQJOVHUYLFH 'LHQVW%HGLHQXQJ D IU]VHUYLFHODWVHUYLWLXP 6NODYHQ GLHQVW]XVHUYLUHVHUYLHUHQ@  R3O!  D  LPJDVWURQRPLVFKHQ%HUHLFK %HGLHQXQJXQG%HWUHXXQJYRQ*lVWHQ  E .XQGHQGLHQVW   7HQQLV   D $XIVFKODJ   E $XIVFKODJEDOO ,P 3URMHNW EHDUEHLWHQ ZLU +RPRQ\PH XQWHU HLQHP 6WLFKZRUW GLH HLQ]HOQHQ %HGHXWXQJHQ ZHUGHQHQWZHGHUDXIJUXQGGHV$UWLNHOVRGHUGHUNRQNUHWHQ.ROORNDWLRQHQXQWHUVFKLHGHQ DXIPHUNVDPHU6HUYLFH__SR]RUQiREVOXKD HLQIDFKHV6HUYLFH__MHGQRGXFKìVHUYLVMHGQRGXFKìVWROQìULDG 6HUYLFHIU%UJHU__VOXçE\REĀDQRP 6HUYLFHDQGHU7DQNVWHOOH__REVOXKDQDĀHUSDFHMVWDQLFL 6HUYLFHIU]Z|OI3HUVRQHQ__VHUYLVSUHGYDQiVőRV{E LP6HUYLFH$XWRVEHWUHXHQ__YVHUYLVHRSUDYRYDőDXWi ,P 6ORZDNLVFKHQ HQWVWHKW lKQOLFK ZLH EHL GHQ SRO\VHPHQ 6XEVWDQWLYHQ HLQH9LHOIDOW YRQ bTXLYDOHQWHQ $XVGHQELVKHULJHQ%HLVSLHOHQJHKWKHUYRUGDVVGLHVHPDQWLVFKH$PELJXLWlW(LQÁXVVDXI GLHbTXLYDOHQWHKDW3RO\VHPH6XEVWDQWLYHKDEHQHLQUHLFKHUHV6SHNWUXPYRQ.ROORNDWLRQHQ



0RQLND%DQiåRYi

DOVPRQRVHPH6XEVWDQWLYH'LHVVSLHJHOWVLFKDXFKLQGHQVORZDNLVFKHQ(QWVSUHFKXQJHQZL GHUXQGIKUW]XU3RO\lTXLYDOHQ]



3RO\lTXLYDOHQ]LQXVXDOLVLHUWHQ:RUWYHUELQGXQJHQ

.ROORNDWLRQ LVW HLQH UHODWLY IHVWH )JXQJ VSUDFKOLFKHU$XVGUFNH XQG LVW IU MHGH 6SUDFKH HLQ]LJDUWLJ'LHVYHUXUVDFKWEHLGHUNRQWUDVWLYHQ%HDUEHLWXQJRIWHUKHEOLFKH3UREOHPH%HL GHQhEHUVHW]XQJHQGHUHLQ]HOQHQGHXWVFKHQ.ROORNDWLRQHQLQV6ORZDNLVFKHPVVHQPHKUHUH )DNWRUHQLQ%HWUDFKWJH]RJHQZHUGHQ )U GLH .ROORNDWLRQHQ LVW FKDUDNWHULVWLVFK GDVV VLH EHU LQKDOWOLFKH 1XDQFHQ YHUIJHQ 'HUNRPSHWHQWH6SUHFKHUÅIKOW´VLHLQWXLWLYLQGHPHLQ$XVGUXFNGXUFK9HUZHQGXQJLQHL QHPVSH]LHOOHQ.RQWH[WHLQHOHLFKWYHUlQGHUWH%HGHXWXQJHUKlOW'LHVJLOWDXFKIUGLHVOR ZDNLVFKHQhEHUVHW]XQJHQ6RJLEWHVIUGDV:RUW6LQQLP6ORZDNLVFKHQPHKUHUHbTXLYD OHQWH Yì]QDP]P\VHOFLWSRFKRSHQLHP\VHĴ GLHLQVSH]LHOOHQ.RQWH[WHQYRUNRPPHQXQG QLFKW]XYHUZHFKVHOQVLQG 6,11 LPHQJHUHQ6LQQGHVHLQHV:RUWHV__YXçåRP]P\VOHVORYD NHLQHQ6LQQLQHWZDVVHKHQ__YQLHĀRPQHYLGLHőçLDGQ\Yì]QDP]P\VHO MPGV6LQQLVWQXUDXIGLHVHVHLQH=LHOJHULFKWHW__QLHNRKRP\VHĴMHQDSULDPHQiOHQQD MHGHQFLHĴ IURKHQ6LQQHVVHLQ__E\őYHVHOHMP\VOH (LQlKQOLFKHV3UREOHPVLQGGLHXVXDOLVLHUWHQOH[LNDOLVLHUWHQ9HUELQGXQJHQGLHLQKDOWOLFKQX DQFLHUWVLQG%HLGHQVORZDNLVFKHQhEHUVHW]XQJHQPXVVPDQVRUJIlOOWLJ9RUNRPPHQXQGOH [LNDOLVLHUWH9HUELQGXQJHQLQEHLGHQ6SUDFKHQEHUFNVLFKWLJHQ (LQJXWHV%HLVSLHOLVW6WXQGH'LHKlXÀJVWH*UXQGEHUVHW]XQJLQV6ORZDNLVFKHLVWKRGLQD (VJLEWDEHUIHVWHLGLRPDWLVLHUWH9HUELQGXQJHQEHLGHQHQGLHVH(QWVSUHFKXQJDXVJHVFKORV VHQLVW LQHLQHUVFKZDFKHQ6WXQGH__YVODEHMFKYtOLFKYtĴNH² YVODEHMKRGLQH GLHULFKWLJH6WXQGHDEZDUWHQ__Y\ĀNDőVSUiYQ\RNDPLK LQHLQHUVWLOOHQ6WXQGH__YRFKYtĴNHSRNRMD ]XUULFKWLJHQ6WXQGH__YSUDYìĀDV .ROORNDWLRQHQGHUPRQRVHPHQ6XEVWDQWLYHZHLVHQlKQOLFKH&KDUDNWHULVWLNDDXI'LH3RO\ lTXLYDOHQ]KlQJWQLFKWQXUPLWGHU0HKUGHXWLJNHLWGHUVSUDFKOLFKHQ=HLFKHQ]XVDPPHQ(LQH .ROORNDWLRQLQGHUHLQPRQRVHPHV6XEVWDQWLYYRUNRPPWXQGGLHDOVHLQHIHVWH:RUWYHUELQ GXQJDQJHVHKHQZLUGNDQQYHUVFKLHGHQDUWLJDXVJHGUFNWZHUGHQ=XP%HLVSLHOVWHKHQIU GLHIHVWH9HUELQGXQJRGERĀLőRGWpP\LP'HXWVFKHQPHKUHUHbTXLYDOHQWH YRP7KHPDDEOHQNHQ YRP7KHPDDEJOHLWHQ

3RO\VHPLHXQG3RO\lTXLYDOHQ]GHU.ROORNDWLRQHQ



YRQ7KHPDDELUUHQ YRP7KHPDDENRPPHQ YRP7KHPDDEVFKZHLIHQ YRP7KHPDDEZHLFKHQ (VJLEWJHULQJIJLJH%HGHXWXQJVQXDQFHQLQGLHVHQ9HUELQGXQJHQWURW]GHPJLEWHVGDIULP 6ORZDNLVFKHQQXUHLQbTXLYDOHQW



=XVDPPHQIDVVXQJ

,QGLHVHP%HLWUDJZHUGHQNRQNUHWH3UREOHPHEHLGHU]ZHLVSUDFKLJHQ%HDUEHLWXQJGHUHLQ ]HOQHQ6XEVWDQWLYNROORNDWLRQHQEHKDQGHOW'LH$XIPHUNVDPNHLWZLUGGHUVHPDQWLVFKHQ$P ELJXLWlWJHZLGPHW(VOlVVWVLFKHLQH7HQGHQ]EHREDFKWHQGDVVVLFKGLH3RO\VPLHLQLKUHU 9LHOIDOWDQbTXLYDOHQWHQLP6ORZDNLVFKHQZLGHUVSLHJHOW $XVGHQ(UIDKUXQJHQEHLGHQNRQNUHWHQ%HDUEHLWXQJHQGHU.ROORNDWLRQHQHUJLEWVLFKDOV 6FKOXVVIROJHUXQJGDVVPRQRVHPH6XEVWDQWLYHLP6ORZDNLVFKHQ]XPHLVWQXUEHUHLQbTXL YDOHQWYHUIJHQ3RO\VHPH6XEVWDQWLYHKLQJHJHQKDEHQPHKUHUH(QWVSUHFKXQJHQGHQQGLH HLQ]HOQHQ%HGHXWXQJHQHLQHVSRO\VHPHQ:RUWHVPVVHQVLFKLQGHUDQGHUHQ6SUDFKHQLFKW LPPHUGHFNHQXQGPVVHQQLFKWLPPHUPLWGHPVHOEHQ:RUWDXVJHGUFNWZHUGHQ6RHQW VWHKWHLQUHLFKHV6SHNWUXPDQbTXLYDOHQWHQ'DEHLLVW]XEHDFKWHQGDVVHLQ$XVGUXFNGXUFK 9HUZHQGXQJLQHLQHPVSH]LHOOHQ.RQWH[WHLQHOHLFKWYHUlQGHUWH%HGHXWXQJDQQHKPHQNDQQ 'LHVPXVVVRUJIlOWLJEHKDQGHOWZHUGHQYRUDOOHPEHLGHU]ZHLVSUDFKLJHQ%HDUEHLWXQJGHU .ROORNDWLRQHQ $XIJUXQGGHUELVKHULJHQ8QWHUVXFKXQJHQLVWIHVW]XKDOWHQGDVV3RO\lTXLYDOHQ]GXUFK3R O\VHPLHEHGLQJWLVW 0LW GHU 3RO\lTXLYDOHQ]KlQJWHLQZHLWHUHU)DNWRU ]XVDPPHQ8VXDOL VLHUWHIHVWH:RUWYHUELQGXQJHQNRPPHQVRZRKOEHLPRQRVHPHQDOVDXFKEHLSRO\VHPHQ6XE VWDQWLYHQYRU6LHPVVHQHEHQIDOOVJHVRQGHUWEHKDQGHOWZHUGHQGHQQLKUH9HUZHQGXQJXQG $XVGUXFNVZHLVHLQGHQEHLGHQ6SUDFKHQPXVVQLFKWLPPHULGHQWLVFKVHLQ6RNRPPWHV]X )lOOHQEHLGHQHQHLQHIHVWH:RUWYHUELQGXQJLQHLQHU6SUDFKHPHKUHUHbTXLYDOHQWHLQGHUDQ GHUHQ6SUDFKHDXIZHLVHQNDQQ )ROJOLFK LVW IHVW]XVWHOOHQ GDVV GLH 3RO\lTXLYDOHQ] HLQHUVHLWV PLW GHU 3RO\VHPLH ]XVDP PHQKlQJWDQGHUHUVHLWVDEHUDXFKGXUFKGLH(LQ]LJDUWLJNHLWGHV:RUWHVLQXVXDOLVLHUWHQ:RUW YHUELQGXQJHQEHGLQJWLVW



0RQLND%DQiåRYi

/LWHUDWXU D :|UWHUEFKHU KWWSZZZYURQNQHWZLFROLQGH[SKS0DLQB3DJH KWWSZZZGLFWFF KWWSGLFWOHRRUJ KWWSZZZGZGVGH KWWSVORYQLN]R]QDPVN

E 6RQVWLJH/LWHUDWXU ČXUĀR3HWHU  =XP.RQ]HSWHLQHV]ZHLVSUDFKLJHQ.ROORNDWLRQVZ|UWHUEXFKV3ULQ]LSLHQGHU(U VWHOOXQJDP%HLVSLHO'HXWVFK²6ORZDNLVFK²,Q)-+DXVPDQQ +JJ &ROORFDWLRQVLQ(XURSHDQ OH[LFRJUDSK\DQGGLFWLRQDU\UHVHDUFK²²7ELQJHQ0D[1LHPH\HU9HUODJ /H[LFRJUDSKL FD9RO  /|EQHU6HEDVWLDQ  6HPDQWLN²%HUOLQGH*UX\WHU +RPEHUJHU'LHWULFK  6DFKZ|UWHUEXFK]XU6SUDFKZLVVHQVFKDIW²6WXWWJDUW5HFODP

(PLOLD%DVFKHZD

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ LQDOOJHPHLQHQ]ZHLVSUDFKLJHQ:|UWHUEFKHUQ%XOJDULVFK²'HXWVFK



=LHOGHU8QWHUVXFKXQJ

'HUYRUOLHJHQGH%HLWUDJLVWDOVHLQ9HUVXFKGHU'DUVWHOOXQJYRQ*UXQG]JHQGHU5HSUlVHQ WDWLRQYRQ.ROORNDWLRQHQLQGUHLJUR‰HQDOOJHPHLQHQ:|UWHUEFKHUQ%XOJDULVFK²'HXWVFK GLHQDFKGHP-DKUHUVFKLHQHQVLQGJHGDFKW,QDOSKDEHWLVFKHU5HLKHQIROJHVLQGGDVGLH EXOJDULVFKGHXWVFKHQ:|UWHUEFKHUGHU9HUODJH$WODQWLVXQG*DEHURIIVRZLH32161HXHV 8QLYHUVDOZ|UWHUEXFK%XOJDULVFK'HXWVFKDEJHNU]WDQJHIKUWDOV $%': *%': XQG318:%' VDXFK  ,P6SH]LHOOHQVROOHQGLH6XEVWDQWLY9HUE9HUELQGXQJHQIUGLHGHU&KDUDNWHUYRQ.ROOR NDWLRQHQDQJHQRPPHQZLUGDOV*HJHQVWDQGGHUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJXQWHUVXFKW ZHUGHQ'LH6XEVWDQWLYHLQGLHVHQ9HUELQGXQJHQN|QQHQDOVV\QWDNWLVFKHV6XEMHNWRGHUDOV V\QWDNWLVFKHV2EMHNWDXIWUHWHQ]% Ȕ 'DV6XEVWDQWLYLVW6XEMHNWEXOJȜțȕȧȩȖȔȖȢȝȡȔ²GWHLQ.ULHJEULFKWDXV E 'DV6XEVWDQWLYLVW2EMHNWEXOJRȥȤșȕȤȓȖȔȠȫșȞ²GWHLQHQ6FKHFNHLQO|VHQ .ROORNDWLRQHQGLHVHV7\SVVROOHQLQ:|UWHUEXFKDUWLNHOQ]X9HUEHQDOV.ROORNDWRUHQLQGHU $6 $XVJDQJVVSUDFKH  EH]JOLFK GHU 0HWKRGHQ LKUHU 'DUVWHOOXQJ XQWHUVXFKW ZHUGHQ 'DV +DXSWDQOLHJHQ GHU 8QWHUVXFKXQJ LVW HV DXI GLH lTXLYDOHQWGHWHUPLQLHUHQGH )XQNWLRQ YRQ .ROORNDWLRQHQKLQ]XZHLVHQ(VZLUGGDYRQDXVJHJDQJHQGDVVGLH0LNURVWUXNWXUQDFKGHP bTXLYDOHQWSULQ]LSDXIJHEDXWZHUGHQVROO(VZLUGDXFKDXIGLH5ROOHGHU$X‰HQWH[WHVRIHUQ GLHVH +LQZHLVH DXI .ROORNDWLRQVDQJDEHQ HQWKDOWHQ HLQJHJDQJHQ$XI GLH9HUQHW]XQJ YRQ .ROORNDWLRQVDQJDEHQLQGHU0DNURVWUXNWXUZLUGJHOHJHQWOLFKKLQJHZLHVHQ (QWVFKHLGHQGIUGLH:DKOGHUXQWHUVXFKWHQ:|UWHUEXFKDUWLNHOLVWGDV9RUNRPPHQYRQ .ROORNDWLRQVDQJDEHQGLHDOVlTXLYDOHQWGHWHUPLQLHUHQG]XLQWHUSUHWLHUHQVLQG'LH$XVZHU WXQJ GHU .ROORNDWLRQVDQJDEHQ EHUFNVLFKWLJW YRU DOOHP GHQ EXOJDULVFKHQ %HQXW]HU VHL HV DOV'HXWVFKOHUQHURGHUDOVhEHUVHW]HU 'LH8QWHUVXFKXQJKDWH[HPSODULVFKHQ&KDUDNWHU(V ZLUGNHLQ$QVSUXFKDXI([KDXVWLYLWlWGHU(UIDVVXQJDOOHUP|JOLFKHQ'DUVWHOOXQJHQYRQ.RO ORNDWLRQHQVRZLHDXIHLQHQGHÀQLWLYHQ9HUJOHLFKGHUXQWHUVXFKWHQ:|UWHUEFKHUHUKREHQ )ROJHQGH$XVIKUXQJHQ UHÁHNWLHUHQ ]XP HLQHQ GLH 3ULQ]LSLHQ IU GLH %HDUEHLWXQJ YRQ .ROORNDWLRQHQGLHGLH$XWRULQGHV%HLWUDJVEHLP(UDUEHLWHQYRQ:|UWHUEXFKDUWLNHOQLQHL QHPbTXLYDOHQWZ|UWHUEXFK%XOJDULVFK²'HXWVFKUHDOLVLHUWKDWXQG]XPDQGHUHQ%HREDFK WXQJHQEHUDQGHUHQDFKGLHVHP:|UWHUEXFKHUVFKLHQHQH:|UWHUEFKHUPLW$6%XOJDULVFK LQ%H]XJDXIGLH3UlVHQ]YRQ.ROORNDWLRQHQ6RIHUQKLHUHLJHQH(UIDKUXQJHQPLWJHWHLOWZHU GHQVHLYRUDXVJHVFKLFNWGDVVGHU%HLWUDJHKHUGHQ6WDQGSXQNWHLQHU:|UWHUEXFKDXWRULQUH ÁHNWLHUWDOVGHQHLQHU:|UWHUEXFKNULWLNHULQ





(PLOLD%DVFKHZD

=XP.ROORNDWLRQVEHJULII

'LH 7DWVDFKH GDVV LP JHJHQZlUWLJHQ 'LVNXUV GHU JHUPDQLVWLVFKHQ /LQJXLVWLN GHU .ROOR NDWLRQVEHJULII HLQH ]HQWUDOH 6WHOOH HLQQLPPW GUIWH IU HLQHQ /H[LNRJUDSKHQ HLQH EHUUD VFKHQGH XQG SRVLWLYH 7HQGHQ] EHGHXWHQ GXUFK GLH GLH SUDNWLVFKH /H[LNRJUDSKLH ,PSXOVH IU HLQH 1HXEHZHUWXQJ GHU 0HKUZRUWDQJDEHQ EHNRPPHQ N|QQWH hEHUUDVFKHQG GHVKDOE ZHLOGDV(UDUEHLWHQGHU%HLVSLHOSRVLWLRQLQGHU0LNURVWUXNWXULPPHUHLQHZLFKWLJH$XIJD EHGHUSUDNWLVFKHQ/H[LNRJUDSKLHJHZHVHQLVW²GHUHLQVSUDFKLJHQVRZLHGHU]ZHLVSUDFKL JHQGHU/H[LNRJUDSKN|QQWHLQGLHVHP6LQQHHUZDUWHQGDVVGLHWKHRUHWLVFKH$XIDUEHLWXQJ QHXHU(UNHQQWQLVVH3UREOHPDWLVFKHV]HLJHQXQG]XU3Ul]LVLHUXQJXQG9HUHLQKHLWOLFKXQJGHU OH[LNRJUDSKLVFKHQ$UEHLWEHVRQGHUVEHL]ZHLVSUDFKLJHQ:|UWHUEFKHUQEHLWUDJHQZLUG1H EHQGHU$QJDEHYRQH[DNWHQbTXLYDOHQ]EH]LHKXQJHQ]ZLVFKHQGHQ/H[HPHQGHU$XVJDQJV XQG =LHOVSUDFKH =6  JHK|UW ]ZHLIHOVRKQH DXFK GLH 5HSUlVHQWDWLRQ YRQ .ROORNDWLRQHQ ]X GHQHUIRUGHUOLFKHQ(LJHQVFKDIWHQGLHVHU:|UWHUEFKHU.ROORNDWLRQHQN|QQHQEHVRQGHUVLQ GLHJUR‰HQ:|UWHUEFKHU(LQJDQJÀQGHQXQGDXIGLHVH:HLVHGDVMHZHLOLJH:|UWHUEXFKDXFK ]XHLQHP/HUQHUZ|UWHUEXFKPDFKHQLQGHPGXUFK+LQZHLVHDXIGHQULFKWLJHQ*HEUDXFKGHU :|UWHUGHU:|UWHUEXFKEHQXW]HU]XU7H[WSURGXNWLRQEHIlKLJWZLUG :RUDQZLUGGHU$XVOlQGHUHUNDQQW"1LFKWQXUDQGHU$XVVSUDFKHDQJUDPPDWLVFKHQ)HK OHUQ²HUQVW]XQHKPHQVLQG)HKOHULP%HUHLFKGHU.ROORNDWLRQHQGLHDOV(LQKHLWHQJHOHUQW ZHUGHQPVVHQGDVLHDXVGHU3HUVSHNWLYHGHV)UHPGVSUDFKHQOHUQHUVGDV%HVRQGHUH6SH]L ÀVFKHGHU)UHPGVSUDFKHGDUVWHOOHQ'HU1LFKWPXWWHUVSUDFKOHULVWKLOÁRVZHQQLKPGHU.RO ORNDWLRQVSDUWQHUQLFKWHLQIlOOWXQGHUDXI*UXQGHLQHUDQGHUHQ0RWLYDWLRQGHU:RUWELOGXQJV VWUXNWXULQVHLQHU0XWWHUVSUDFKHHLQHQIDOVFKHQ.ROORNDWRULQGLH)UHPGVSUDFKHEHUWUlJW 'DVLVWGHU)DOOEHLPRUSKRVHPDQWLVFKGXUFKVLFKWLJHQ:|UWHUQLQGHU0XWWHUVSUDFKHYJOIRO JHQGH%HLVSLHOHIUGLHP|JOLFKH%LOGXQJIDOVFKHU.ROORNDWRUHQLQ6XEVWDQWLY9HUE9HUELQ GXQJHQYRQEXOJDULVFKHQ'HXWVFKOHUQHUQLQGHU%DQNZLUGGHU6FKHFN YHUVLOEHUWXQGQLFKW HLQJHO|VW EXOJRȥȤșȕȤȓȖȔȠȫșȞ²ȢȥȤșȕȤȓȖȔȠHQWKlOWȥȤșȕȤ Ȣ ²GW6LOEHULP6WDPPPRU SKHPDXIHLQO|VHQNDQQPDQQLFKWVFKOLH‰HQZHQQPDQHVQLFKWJHOHUQWE]ZJHK|UWKDW  LP .UDQNHQKDXV ZLUG GHU 3DWLHQW DXVJHVFKULHEHQ XQG QLFKW HQWODVVHQ EXOJ ȜțȣȜȥȖȔȠ GD PRUSKRVHPDQWLVFK WUDQVSDUHQW NRUUHVSRQGLHUW PLW GHXWVFKHQ 9HUEHQ GLH VFKUHLE LP 9HUEVWDPPHQWKDOWHQXQGlKQOLFKSUlÀJLHUWVLQGDOVRPDQN|QQWHDXVVFKUHLEHQELOGHQXQG HVDOVIDOVFKHQ.ROORNDWRULQV'HXWVFKHEHUWUDJHQ GDV+RWHO]LPPHUZLUGYRP+RWHOJDVW

EHIUHLWXQGQLFKWJHUlXPW HEHQIDOOVDXI*UXQGGHUhEHUWUDJXQJWUDQVSDUHQWHU9HUEOH[HPH  *HUDGHGLHhEHUWUDJXQJGHU0RWLYDWLRQGHU:RUWELOGXQJVVWUXNWXULQGHU0XWWHUVSUDFKHLQGLH )UHPGVSUDFKHLVWGLHVRJZ|UWOLFKHhEHUVHW]XQJ0DQZLUGLQGHU5HJHOYHUVWDQGHQDEHUPLW HLQHPPLWVFKZLQJHQGHQ9HUVWlQGQLVIUGHQ)HKOHU$FKGHU+HUUGLH'DPHLVWMD$XVOlQ GHULQ0DQEHÀQGHWVLFKLQGHU*UDX]RQHGHV+DOEEHKHUUVFKHQVGHU6SUDFKHGHVIHKOHQGHQ :LVVHQVXQG.|QQHQVLP%HUHLFKGHUOH[LNDOLVFKHQ.RPELQDWLRQHQIUGLHPLW+ROGHUEDXP .RUQHOLXV  ÅHLQH$UWDGUHVVDWHQEH]RJHQHVVSUDFKOLFKHV'RSSHOOHEHQ´DQJHQRP PHQZHUGHQNDQQ'LHVHV3KlQRPHQZLUGIROJHQGHUPD‰HQWUHIIHQGFKDUDNWHULVLHUW 'HP0XWWHUVSUDFKOHUVLQGVLHDOV9HUVDW]VWFNHDOV+DOEIHUWLJSURGXNWHGHU6SUDFKHEHNDQQWYHU WUDXWXQGVSUHFKHQGZLHK|UHQGXQEHZXVVWYHUIJEDU'HU0XWWHUVSUDFKOHUUHÁHNWLHUWGDKHUGLHDXI IDOOHQGHhEOLFKNHLWXQGGLH1RUPJHWUDJHQKHLWGLHVHUVWDJHSURSVRIODQJXDJHQLFKW>@'LHDXI IDOOHQGHhEOLFKNHLWHLQHU.RPELQDWLRQOlVVWVLFKZHGHUVHPDQWLVFKQRFKJUDPPDWLVFKGHGX]LHUHQ

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ



'HP)UHPGVSUDFKHQOHUQHU]HLJHQVLFKGLHVHPLÀQLVKHGSURGXFWVRIODQJXDJH +HUYRUKHEXQJHQLP 7H[W²(% KLQJHJHQYRQHLQHUHWZDVDQGHUHQ6HLWHDXVXQDXIIlOOLJHQTXDVLVFKODIHQGHQ(LQKHL WHQGHU5H]HSWLRQZHUGHQSO|W]OLFKXQGXQHUZDUWHWPDOLJQH*U|‰HQGHUIUHPGVSUDFKOLFKHQ7H[WSUR GXNWLRQ +ROGHUEDXP.RUQHOLXV 

'LH (UIRUVFKXQJ GHU OH[LNRJUDSKLVFKHQ (UIDVVXQJ GHU .ROORNDWLRQHQ KDW LQ GHU GHXWVFKHQ :|UWHUEXFKIRUVFKXQJHLQHODQJH7UDGLWLRQVR]%LP+LQEOLFNDXIGLHSlGDJRJLVFKH/H[L NRJUDSKLH8QWHUGLHVHP$VSHNWZXUGHQLQYLHOHQ8QWHUVXFKXQJHQHLQVSUDFKLJH:|UWHUE FKHUGHV'HXWVFKHQXQWHUVXFKWYJO%DKQV  /HKU  .|VWHU1HXEDXHU  (V ]HLFKQHWHQVLFKDXFKXQWHUVFKLHGOLFKH.RQ]HSWHLKUHU%HKDQGOXQJDEVR]%GLH.RQ]HSWH YRQ+DXVPDQQ  XQG/HKU   ,QGHUYRUOLHJHQGHQ8QWHUVXFKXQJZLUGLP+LQEOLFNDXIGLH%HKDQGOXQJGHU.ROORNDWLR QHQGDV.RQ]HSWYRQ+DXVPDQQ  DQJHZHQGHW1DFK+DXVPDQQ   VLQG.ROORNDWLRQHQÅW\SLVFKHVSH]LÀVFKHXQGFKDUDNWHULVWLVFKH=ZHLHUNRPELQDWLRQHQ´ Å+DOEIHUWLJSURGXNWHGHU6SUDFKH´VLHVLQGDE]XJUHQ]HQJHJHQÅXQVSH]LÀVFKHEDQDOH=ZHL HUNRPELQDWLRQHQ´,QGLHVHP.RQ]HSWZLUGHLQHKLHUDUFKLVFKH$QRUGQXQJGHU.ROORNDWLRQV SDUWQHUDQJHQRPPHQQlPOLFKGDV9RUKDQGHQVHLQYRQ%DVLVDOVGHWHUPLQLHUHQGHP3DUWQHU XQG.ROORNDWRUDOVGHWHUPLQLHUWHP3DUWQHU'LH%DVLVLVWQDFK+DXVPDQQ   EDQDO VLH LVW VFKQHOO XQG RKQH .RQWH[W JHOHUQW GHÀQLHUW EHUVHW]W GHU .ROORNDWRU KLQJH JHQLVWXQYRUKHUVHKEDU,Q%H]XJDXIHLQVSUDFKLJH:|UWHUEFKHUZLUGLQ+DXVPDQQ   SRVWXOLHUWÅ:HQQHLQ:|UWHUEXFKDXVVFKOLH‰OLFK]XU+LOIHEHLGHU7H[WSURGXNWLRQGLH QHQZLOOVRJHQJWGHU(LQWUDJGHU.ROORNDWLRQLP$UWLNHOGHV%DVLVZRUWV:HQQKLQJHJHQ GDV:|UWHUEXFKEHLGH)XQNWLRQHQ DXFKGHU7H[WUH]HSWLRQGLHQHQZLOO²(% HUIOOHQZLOO VR PXVV HV GLH .ROORNDWLRQ ORJLVFKHUZHLVH ]ZHLPDO HLQWUDJHQ´ .ROORNDWLRQHQ ZHUGHQ DOV .RPELQDWLRQHQPLWDXIIDOOHQGHUhEOLFKNHLWFKDUDNWHULVLHUWVLHJHK|UHQ]XGHQDIÀQHQ.RP ELQDWLRQHQ$IÀQLWlWZLUGGHÀQLHUWDOVGLH1HLJXQJ]ZHLHU:|UWHUNRPELQLHUWDXI]XWUHWHQ YJO+DXVPDQQ ² 9RQGHU7UDJIlKLJNHLWGLHVHV.RQ]HSWV]HXJWVHLQH$Q ZHQGXQJDXFKLQ%H]XJDXI]ZHLVSUDFKLJHV\QWDJPDWLVFKH:|UWHUEFKHUPLW'HXWVFKYJO +ROOyV II ,QWHUHVVDQWIUGLH%HKDQGOXQJYRQ.ROORNDWLRQHQXQWHU]ZHLVSUDFKL JHP$VSHNWLVWGLH)HVWVWHOOXQJLQ+DXVPDQQ  GDVVQXU%DVHQE]Z.ROORNDWL RQHQlTXLYDOHQ]IlKLJVLQGQLFKWGLH.ROORNDWRUHQ'LHVH$XVVDJHLVWDEHUQXUPLWZHQLJHQ %HLVSLHOHQEHJUQGHWGDEHLVLQGHVQXU$GMHNWLY6XEVWDQWLY9HUELQGXQJHQYRP7\SHLQJH ÁHLVFKWHU-XQJJHVHOOHLQGHQHQGDV$GMHNWLYDOV.ROORNDWRUHLQEHVFKUlQNWHV.ROORNDWLRQV SRWHQWLDOKDW 1DFK/HKU II KDEHQGLH.ROORNDWLRQHQGLH(LJHQVFKDIWHQ$QDO\VLHUEDUNHLWXQG $V\QWKHWLVLHUEDUNHLWLQGLHVHUXQGZHLWHUHQ8QWHUVXFKXQJHQGHU$XWRULQZLUGGDV.RQ]HSW HLQHULQQHUHQ6WUXNWXU%DVLVYV.ROORNDWRUDEJHOHKQWXQGYRQHLQHUQHXWUDOHQ6WUXNWXU.RO ORNDQW².ROORNDWDXVJHJDQJHQ 5HOHYDQWIUGLH]ZHLVSUDFKLJH/H[LNRJUDSKLHVLQGGLH$XVIKUXQJHQ]XP.ROORNDWLRQV EHJULIILQ+HUEVW.ORW]  ZRGHULPSOL]LWNRQWUDVWLYH&KDUDNWHUGHU.ROORNDWLRQHQ KHUYRUJHKREHQZLUG 'DGLH6SUDFKNRQWUDVWLHUXQJLP:HVHQGHV]ZHLVSUDFKLJHQ:|UWHUEXFKVOLHJWEHVWHKHQKLHUDOVR DQGHUH0|JOLFKNHLWHQDOVEHLGHQHLQVSUDFKLJHQ:|UWHUEFKHUQ*HUDGHIUGHQ%HUHLFKGHU.RO ORNDWLRQHQHUJHEHQVLFKVRPLWZHVHQWOLFKNODUHUH.ULWHULHQLP+LQEOLFNDXIGLH)UDJHZDVIUOH [LNRJUDSKLVFKH=ZHFNHDOVUHOHYDQWH.ROORNDWLRQ]XJHOWHQKDW$OV.ROORNDWLRQHQHLQHU6SUDFKH



(PLOLD%DVFKHZD N|QQHQLPVSUDFKNRQWUDVWLYHQ6LQQHDOOGLHMHQLJHQ.RPELQDWLRQHQYRQ:|UWHUQJHVHKHQZHUGHQ EHLGHQHQGLH*HIDKUHLQHUIDOVFKHQhEHUWUDJXQJEHVWHKWGD]XPLQGHVWHLQHUGHU.RPELQDWLRQVSDUW QHULP.RQWH[WGHU:HQGXQJDQGHUVEHUVHW]WZHUGHQPXVVDOVGLHVYRQGHQ%HQXW]HUQW\SLVFKHU ZHLVHHUZDUWHWZLUG +HUEVW.ORW] 

1DFK+HUEVW.ORW] ² NDQQGDV]ZHLVSUDFKLJH:|UWHUEXFKDOVLGHDOHU2UW]XU %HVFKUHLEXQJYRQLPOH[LNRJUDSKLVFKHQXQGVSUDFKGLGDNWLVFKHQ6LQQHUHOHYDQWHQ.ROORNDWL RQHQJHOWHQGDKLHUGHQLQGLYLGXHOOHQ9HUKlOWQLVVHQGHVMHZHLOLJHQ6SUDFKHQSDDUHVLQEHVRQ GHUHU:HLVH5HFKQXQJJHWUDJHQZLUG,Q%H]XJDXIGLHOH[LNRJUDSKLVFKH'DUVWHOOXQJVIRUP YRQ.ROORNDWLRQHQZLUGIUHLQHHLJHQH'DUVWHOOXQJVIRUP )HWWRGHU)DUEGUXFN SOlGLHUWGD PLW.ROORNDWLRQHQGHXWOLFKYRQDQGHUHQ,QIRUPDWLRQVW\SHQXQWHUVFKLHGHQZHUGHQ'LH$X WRUHQYHUZHLVHQDXFKDXIGLHlTXLYDOHQ]GLIIHUHQ]LHUHQGH)XQNWLRQYRQ.ROORNDWLRQHQYJO +HUEVW.ORW]   $XI ZHLWHUH$UEHLWHQ GLH XQVHUH .RQ]HSWLRQ GHU .ROORNDWLRQHQ EHHLQÁXVVW KDEHQ VROO LQGLHVHP.RQWH[WQXUYHUZLHVHQZHUGHQ9LHKZHJHU  %DKQV  6WH\HU   :RWMDN+HLQH  



.ROORNDWRUHQXQG(UPLWWOXQJYRQ9HUElTXLYDOHQWHQ

'LH6XEVWDQWLY9HUE9HUELQGXQJHQGLHGHU*HJHQVWDQGGHU8QWHUVXFKXQJVLQGN|QQHQDOV W\SLVFKLQ%H]XJDXIGLH*HOWXQJGHV3ULQ]LSVGHU7HLOXQJGHUMHZHLOLJHQ.ROORNDWLRQLQ%D VLVXQG.ROORNDWRUQDFK+DXVPDQQ  EHWUDFKWHWZHUGHQ ,Q HLQVSUDFKLJHQ /:|UWHUEFKHUQ IU (QNRGLHUXQJV]ZHFNH ZLUG IU (LQWUDJXQJ GHU .ROORNDWLRQ XQWHU GHU %DVLV SOlGLHUW VR +DXVPDQQ    %DKQV   GHQQ GHU %HQXW]HUNHQQWLQGHU5HJHOGLH%DVLVXQGVXFKWGHQ.ROORNDWRUXQGGLHHLQ]LJH6WHOOHGLH GHQ=XJULIIDXIGHQ.ROORNDWRUHUODXEWLVWGHU:|UWHUEXFKDUWLNHO]XU%DVLV,Q]ZHLVSUDFKL JHQ:|UWHUEFKHUQGUIWHGLH$QWZRUWDXIGLH)UDJHQDFKGHP2UWGHU.ROORNDWLRQUHODWL YLHUWZHUGHQGHUEXOJDULVFKH%HQXW]HUHLQHVEXOJDULVFKGHXWVFKHQ:|UWHUEXFKVLVWLP6WDQ GHDXI*UXQGVHLQHUPXWWHUVSUDFKOLFKHQ.RPSHWHQ]HLQH.ROORNDWLRQLQGHU=6VRZRKOXQWHU GHU%DVLVDOVDXFKXQWHUGHP.ROORNDWRU]XÀQGHQGHQQHUEHQXW]WGLH0XWWHUVSUDFKHDOV$6 'LH0XWWHUVSUDFKHLVWGHU1DYLJDWRUIUVHLQH6XFKHDOV/HPPDWDVLQGVRZRKOGLH%DVLVDOV DXFKGHU.ROORNDWRUYHU]HLFKQHWHUKDWDXIGLHVH:HLVHGLUHNWHQ=XJULIIDXIGLHbTXLYDOHQ WHGLHQlPOLFKGLHGHXWVFKH%DVLVXQGGHQGHXWVFKHQ.ROORNDWRUGDUVWHOOHQ,QGLHVHP6LQ QHVROOWHP(LQHLQHPLGHDOHQ]ZHLVSUDFKLJHQ:|UWHUEXFKGLH(LQWUDJXQJGHU.ROORNDWLRQ LQGHU$6VRZRKOLP:|UWHUEXFKDUWLNHOGHU%DVLVDOVDXFKLP:|UWHUEXFKDUWLNHOGHV.ROOR NDWRUVHUIROJHQZDVDXFKGLH$QIKUXQJGHUlTXLYDOHQWHQ.ROORNDWLRQHQLQGHU=6QDFKVLFK ]LHKHQZUGH :DVOHLVWHWDEHUGLH.ROORNDWLRQVLQIRUPDWLRQLQGHU0LNURVWUXNWXUHQWVSUHFKHQGGHU%DVLV XQGGHV.ROORNDWRUV"'LH$QWZRUWDXIGLHVH)UDJHLVWLQWHUHVVDQWGHQQGDGXUFKZLUGDXFKGLH XQWHUVFKLHGOLFKH/HLVWXQJGHU%DVLVXQGGHV.ROORNDWRUVLP%HUHLFKGHUbTXLYDOHQWHVLFKW EDU)DOOVGLH.ROORNDWLRQXQWHUGHU%DVLVYHU]HLFKQHWLVW]HLJWGLHVH$QJDEHHLQHW\SLVFKH 9HUELQGXQJGHV6XEVWDQWLYVGLHVRZRKOIUGLH5H]HSWLRQDOVDXFKIUGLH(QNRGLHUXQJYRQ

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ



7H[WHQUHOHYDQWLVW)DOOVGDVEXOJDULVFKH/HPPDPHKUHUHbTXLYDOHQWHLP'HXWVFKHQKDWVR NDQQPDQLP3ULQ]LSEHLMHGHPbTXLYDOHQWGLHHQWVSUHFKHQGH.ROORNDWLRQE]ZGLHHQWVSUH FKHQGHQ.ROORNDWLRQHQYHU]HLFKQHQ'LHbTXLYDOHQWDQJDEHQLQGHQ6XEVWDQWLYDUWLNHOQKlQ JHQLQHUVWHU/LQLHYRQGHUhEHUVHW]XQJGHU%HGHXWXQJHQGHUSRO\VHPHQ6XEVWDQWLYHLQGHU $6GXUFKLKUHbTXLYDOHQWHDE:DVLVWDEHUGDVEHVRQGHUHLQGHQ9HUEDUWLNHOQZHQQGRUW .ROORNDWLRQHQYHU]HLFKQHWVLQG"=ZHLIHOVRKQH]HLJHQDXFKGLHGRUWDQJHIKUWHQ.ROORNDWL RQHQGLHIUGLH5H]HSWLRQXQGIUGLH3URGXNWLRQYRQ7H[WHQUHOHYDQWHQ9HUELQGXQJHQDQ 'DUEHU KLQDXV NRPPW DEHU GHQ .ROORNDWLRQHQ GHU$6 XQG LKUHQ bTXLYDOHQWHQ LQ GHU =6 QRFKHLQH$XIJDEH]XQlPOLFKVRZRKOGLHEXOJDULVFKHQ.ROORNDWLRQHQDOVDXFKLKUHGHXW VFKHQbTXLYDOHQWHVLQGIUGHQ/H[LNRJUDSKHQIUGLH(UPLWWOXQJGHUbTXLYDOHQWHGHV/HP PDVYRQ5HOHYDQ]6RPLWZLUGKLHUGHU6WDQGSXQNWYHUWUHWHQGDVVHVEHLP9HUEDOV/HPPD bTXLYDOHQWHJLEWDXFKEHLSRO\VHPHQ9HUEHQGLHPDQGLUHNWDQIKUHQNDQQRKQH%LOGXQJ YRQ.ROORNDWLRQHQLQGHU$6XQG=6PDQFKHbTXLYDOHQWHVLQGDEHUDQ.ROORNDWLRQHQJH EXQGHQGLH$QJDEHGLHVHUbTXLYDOHQWHLQGHU=6KlQJWYRQGHQDQJHIKUWHQ.ROORNDWLRQHQ LQGHU$6DEOHW]WHUHVWHXHUQVR]XVDJHQGDV9RUNRPPHQGHUbTXLYDOHQWHDOV.ROORNDWRUHQ LQGHU=6'HU:|UWHUEXFKDXWRUDUEHLWHWGHPQDFKLQ]ZHL3KDVHQLQGHUHUVWHQ3KDVHGH ÀQLHUWHUDXI*UXQGGHU%HGHXWXQJ%HGHXWXQJHQGHV/HPPDVGLH.ROORNDWLRQHQLQGHU$6 =XGLHVHP=ZHFNUHNXUULHUWHUQRUPDOHUZHLVHDXI%HGHXWXQJVEHVFKUHLEXQJHQXQG.ROORND WLRQVDQJDEHQLQHLQVSUDFKLJHQ:|UWHUEFKHUQGHU$6(VLVWGHQNEDUGDVVHULQGHU]ZHLWHQ 3KDVH.ROORNDWLRQHQLQGHU=6HUPLWWHOWXQGHUVWGDQQGLHGDULQYRUKDQGHQHQ.ROORNDWRUHQ DOVbTXLYDOHQWHV\VWHPDWLVLHUW)DOOVLQGHQGHXWVFKHQ.ROORNDWLRQHQQXUHLQ.ROORNDWRUYRU NRPPWKDWGDVEXOJDULVFKH/HPPDGDQQQXUHLQbTXLYDOHQW)DOOVLQGHQGHXWVFKHQ.ROOR NDWLRQHQYHUVFKLHGHQH.ROORNDWRUHQYRUNRPPHQVREHGHXWHWGDVGDVVGDVEXOJDULVFKH9HUE PLWPHKUHUHQbTXLYDOHQWHQLQGHUGHXWVFKHQ6SUDFKHNRUUHVSRQGLHUW:HQQGLHUHFKWH6HLWH LP:|UWHUEXFKDUWLNHOQLFKWDOOHbTXLYDOHQWHGHV/HPPDVLQGHU=6HQWKlOWVRNDQQGDVEH GHXWHQGDVVQLFKWDOOH.ROORNDWLRQHQHUPLWWHOWZRUGHQVLQG0(NDQQKLHUGDVIROJHQGHIU ]ZHLVSUDFKLJHbTXLYDOHQWZ|UWHUEFKHUJOWLJH3ULQ]LSIRUPXOLHUWZHUGHQ(VJLEW)lOOHLQ GHQHQGLH(UPLWWOXQJGHUbTXLYDOHQWHHLQHV9HUEVDQGLH.ROORNDWLRQVlTXLYDOHQWHJHEXQGHQ LVW'LH.ROORNDWLRQHQHLQHV9HUEVLQGHU$6XQGGLH.ROORNDWLRQVlTXLYDOHQWHLQGHU=6VLQG VRPLWlTXLYDOHQWGHWHUPLQLHUHQG 'LH$UEHLWGLHYRP:|UWHUEXFKDXWRU]XOHLVWHQLVWLVWHLJHQWOLFKHLQH$XIJDEHGHUNRQW UDVWLYHQ/H[LNRORJLH/HLGHUIHKOHQLQGHU5HJHOOH[LNRORJLVFKH9RUDUEHLWHQDXIGLHVLFKGHU /H[LNRJUDSKVWW]HQN|QQWH(VJHKWGDEHLXPNRQWUDVWLYH$UEHLWGLHGLH(QWVSUHFKXQJHQ YRQ6HPHPHQEHVFKUHLEW]%LQ)RUPYRQ:RUWIHOGHUQ

 

'LH'DUVWHOOXQJYRQ.ROORNDWLRQHQ6XEVWDQWLY9HUE9HUELQGXQJHQLQ ]ZHLVSUDFKLJHQ:|UWHUEFKHUQ%XOJDULVFK²'HXWVFK

 .ROORNDWLRQHQLQGHQ$X‰HQWH[WHQ 'LH$X‰HQWH[WHYRQ $%':XQG 318:%' 9RUZRUWH(LQOHLWXQJHQ+LQZHLVHIU GLH %HQXW]XQJ  HQWKDOWHQ GHQ 7HUPLQXV .ROORNDWLRQHQ ,Q GHU (LQOHLWXQJ YRQ $%': ZLUG GLH %HLVSLHOSRVLWLRQ IROJHQGHUPD‰HQ NXU] FKDUDNWHULVLHUW Å'LH %HGHXWXQJVYDULDQWHQ



(PLOLD%DVFKHZD

ZHUGHQGXUFKHLQHEHWUlFKWOLFKH=DKOYRQ%HLVSLHOHQLOOXVWULHUW´ $%': 'DV:RUW .ROORNDWLRQÀQGHWVLFKLQGHQ+LQZHLVHQIUGLH%HQXW]XQJXQG]ZDULQGHQ(UOlXWHUXQ JHQ ]XU VHPDQWLVFKHQ ,QIRUPDWLRQ Å'LH YHUVFKLHGHQHQ %HGHXWXQJHQ ZHUGHQ QXPPHULHUW =XLKUHU,GHQWLÀ]LHUXQJZHUGHQ IUGHQEXOJDULVFKHQ%HQXW]HU QDFKGHU1XPPHUGHU%H GHXWXQJVYDULDQWHQ6\QRQ\PH*DWWXQJVEHJULIIHXQGFKDUDNWHULVWLVFKH7H[W]XVDPPHQKlQJH .ROORNDWLRQHQ ZLHDXFK%HLVSLHOHDQJHJHEHQ´ $%': $XIGHPKLQWHUHQ%XFKGH FNHOVWHKWLP:HUEHWH[WGLH(UOlXWHUXQJGDVVGDV:|UWHUEXFKEHU:|UWHU:HQGXQ JHQXQGEHU%HGHXWXQJHQVRZLHKXQGHUWH%HLVSLHOH]XUIHKOHUIUHLHQ$XVZDKOGHV LGHDOHQbTXLYDOHQWVHQWKlOW(VNDQQVRPLWIHVWJHKDOWHQZHUGHQGDVVODXWGHQ$X‰HQWH[WHQ .ROORNDWLRQHQDOV%HGHXWXQJVH[SOLNDWLRQYHUZHQGHWZHUGHQXQGGDVVGLH:RUWDUWLNHO%HL VSLHOHIUGHQ*HEUDXFKGHUbTXLYDOHQWHHQWKDOWHQ ,QGHU(LQOHLWXQJYRQ 318:%'KHL‰WHVÅ'DVXQLYHUVDOHEXOJDULVFKGHXWVFKH:|U WHUEXFKLVWHLQQHXHVPRGHUQHV]ZHLVSUDFKLJHV:|UWHUEXFKGDV:|UWHU:HQGXQ JHQXQG%HGHXWXQJHQHQWKlOW´ YRQPLUEHUVHW]W²(% 'DV:RUWYHU]HLFKQLVLVWHUDUEHL WHWYRQ%XOJDULVWHQYRP,QVWLWXWIUEXOJDULVFKH6SUDFKHEHLGHU%XOJDULVFKHQ$NDGHPLHGHU :LVVHQVFKDIWHQPLWGHU%HDUEHLWXQJGHV:|UWHUEXFKVLVWHLQLQWHUQDWLRQDOHV7HDPEHWUDXW ZRUGHQ'RUWKHL‰WHVZHLWHUÅ'HU*HEUDXFKGHU:|UWHULVWUHLFKLOOXVWULHUWPLW%HLVSLHOHQ 3KUDVHRORJLVPHQJUDPPDWLVFKHQ.RQVWUXNWLRQHQXQG:HQGXQJHQGLHGHP%HQXW]HU]XHL QHUIUHLHQXQGULFKWLJHQ6SUDFKYHUZHQGXQJYHUKHOIHQ´,QGHQ+LQZHLVHQ]XU%HQXW]XQJGHV :|UWHUEXFKVPLWSDUDOOHOHQ7H[WHQ%XOJDULVFK²'HXWVFKVWHKWXQWHU3XQNW:LHÀQGHLFK GLH ULFKWLJH hEHUVHW]XQJ" +HUYRUKHEXQJ LP7H[W ² ( %  )ROJHQGHV Å.XUVLYH %HGHX WXQJVKLQZHLVHLQUXQGHQ.ODPPHUQVLQGEHL6WLFKZ|UWHUQHUIRUGHUOLFKGLHPHKUHUH%HGHX WXQJHQPLWMHZHLOVXQWHUVFKLHGOLFKHQhEHUVHW]XQJHQKDEHQ'DVN|QQHQLQGHU5HJHO'HÀ QLWLRQHQ6\QRQ\PH$QWRQ\PH.RQWH[WSDUWQHU :|UWHUPLWGHQHQGDV6WLFKZRUWLP7H[W DXIWUHWHQNDQQ XDVHLQ´'HUSDUDOOHOHEXOJDULVFKH7H[WHQWKlOWGDV:RUW.ROORNDWRUVWDWW .RQWH[WSDUWQHU 318:%';9,  *%':HQWKlOWODXW9RUZRUW 7H[WGHV9RUZRUWVLQEXOJDULVFKHU6SUDFKH FD :|UWHUXQG:HQGXQJHQÅ$QJHIKUWVLQG]DKOUHLFKH%HLVSLHOHVRZLH+LQZHLVHDXIGHQVWL OLVWLVFKHQ*HEUDXFKGHU:|UWHUXQGDXILKUW\SLVFKHV9RUNRPPHQLQSKUDVHRORJLVFKHQ:HQ GXQJHQ´,QGHQ+LQZHLVHQ]XU%HQXW]XQJGHV:|UWHUEXFKVZLUGXQWHU3XQNW,96HPDQWL VFKHXQGVWLOLVWLVFKH,QIRUPDWLRQ +HUYRUKHEXQJLP7H[W²(% )ROJHQGHVDXVJHIKUW Å$OV +LOIH IU GLH:|UWHUEXFKEHQXW]HU ZLUG HLQH VHPDQWLVFKH 'LIIHUHQ]LHUXQJ YRUJHQRP PHQZHQQGHU.RQWH[WGLH(UVFKOLH‰XQJGHUJHQDXHQ(QWVSUHFKXQJYHUKLQGHUW=XGLHVHP =ZHFNVLQG]XVlW]OLFKH(UNOlUXQJHQHLQJHIKUW²6\QRQ\PHGLHEOLFKHV\QWDNWLVFKH.RP ELQLHUEDUNHLWRGHUHLQHDXVIKUOLFKH'HÀQLWLRQ´ *%':YRQPLUEHUVHW]W²(%  'HU7HUPLQXV.ROORNDWLRQNRPPWDOVRKLHUQLFKWYRU0DQNDQQQXUVFKOLH‰HQGDVVPLWÅV\Q WDNWLVFKHU.RPELQLHUEDUNHLW´DXFK.ROORNDWLRQHQJHPHLQWVHLQN|QQHQGHU%HJULIIXQGGHU 7HUPLQXV.ROORNDWLRQVLQGDOVRQXULQGLUHNW]XHUVFKOLH‰HQ =XVDPPHQIDVVHQGNDQQIHVWJHKDOWHQZHUGHQGDVVLQGHQ$X‰HQWH[WHQGHUGUHLXQWHUVXFK WHQ:|UWHUEFKHUDXIGLH9HUZHQGXQJYRQ.RQWH[WSDUWQHUQ .ROORNDWLRQHQE]Z.ROORNDWR UHQ LQGHU%HGHXWXQJVH[SOLNDWLRQGHUbTXLYDOHQWDQJDEHQKLQJHZLHVHQZLUG6RIHUQVLFKGLH 9HUIDVVHUGDV=LHOVHW]HQGHQ*HEUDXFKGHU%HGHXWXQJVYDULDQWHQPLW%HLVSLHOHQ]XLOOXVWULH UHQNDQQJHVFKORVVHQZHUGHQGDVVGLHVHV=LHOZHQQDXFKQLFKWH[SOL]LWJHQXJXQGQLFKWPLW HLQHU'HÀQLWLRQYHUVHKHQGLHIUGHQ%HQXW]HUYRQ5HOHYDQ]ZlUHDXFKGLH(UIDVVXQJYRQ .ROORNDWLRQHQLQGHU%HLVSLHOSRVLWLRQHLQVFKOLH‰W

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ



 .ROORNDWLRQHQ 6XEVWDQWLY9HUE9HUELQGXQJHQ LQ:|UWHUEXFKDUWLNHOQ]X9HUEHQ  DOV.ROORNDWRUHQ ,P)ROJHQGHQZLUGDXI%HVRQGHUKHLWHQGHU5HSUlVHQWDWLRQYRQ6XEVWDQWLY9HUE9HUELQGXQ JHQDOV.ROORNDWLRQHQLQGHQRJ:|UWHUEFKHUQHLQJHJDQJHQ'LHJHZlKOWHQ%HLVSLHOHVRO OHQ GDV .RQ]HSW GHU lTXLYDOHQWGHWHUPLQLHUHQGHQ )lKLJNHLW GHU .ROORNDWLRQHQ LOOXVWULHUHQ GHVKDOEZHUGHQEHZXVVW:|UWHUEXFKDUWLNHO]X9HUEHQDOV.ROORNDWRUHQEHKDQGHOW'LH%HL VSLHOHVROOHQDXFKGLH(LQKDOWXQJGHVbTXLYDOHQWSULQ]LSVUHÁHNWLHUHQ(LQKDOWXQJGHVbTXL YDOHQWSULQ]LSVEHLPHKUHUHQbTXLYDOHQWHQEHGHXWHWLQXQVHUHP.RQ]HSWGDV$QIKUHQQXU YRQDXVWDXVFKEDUHQbTXLYDOHQWHQLQHLQHUbTXLYDOHQWDQJDEH2EGLHEHWUHIIHQGH.ROORNDWL RQDXFKXQWHUGHP6XEVWDQWLYDOV%DVLVYHU]HLFKQHWLVWZLUGQXUJHOHJHQWOLFKXQWHUVXFKW$XI HLQHVFKHPDWLVFKH'DUVWHOOXQJGHU0LNURVWUXNWXULP6LQQHYRQ:LHJDQG  ZLUGYHU ]LFKWHW ,P+LQEOLFNDXIGLHGUXFNWHFKQLVFKH+HUYRUKHEXQJYRQ.ROORNDWLRQHQNDQQJHVDJWZHU GHQGDVVLQ *%':XQG 318:%'GLHEXOJDULVFKHQ%HLVSLHOHGUXFNWHFKQLVFKKHU YRUJHKREHQVLQGQlPOLFKVLHVLQGKDOEIHWWJHGUXFNW+DOEIHWWJHGUXFNWLVWLQ*%':DXFK GLH%HGHXWXQJVH[SOLNDWLRQ,Q318:%'HUVFKHLQWGLH%HGHXWXQJVH[SOLNDWLRQGLHDXFK GXUFK.ROORNDWRUHQHUIROJHQNDQQLQ.XUVLYVFKULIW $%':HQWKlOWNHLQHGUXFNWHFKQL VFKH+HUYRUKHEXQJYRQ%HLVSLHOHQXQG%HGHXWXQJVH[SOLNDWLRQHQ $XI*UXQGGHUbTXLYDOHQ]]ZLVFKHQGHQ.ROORNDWLRQHQLQGHU$6XQGLQGHU=6LVWGHU .ROORNDWRULP.ROORNDWLRQVlTXLYDOHQWDOVbTXLYDOHQWGHV/HPPDV]XEHWUDFKWHQ(VNRQQ WHQIROJHQGH)lOOHGHU5HSUlVHQWDWLRQYRQ.ROORNDWLRQHQLQ:|UWHUEXFKDUWLNHOQGHU9HUEOHP PDWDDOV.ROORNDWRUHQHUPLWWHOWZHUGHQ $'LHNROORNDWLYH,QIRUPDWLRQLVWLQGHU%HLVSLHOSRVLWLRQYHU]HLFKQHW D  'DV/HPPDKDWQXUHLQbTXLYDOHQWGDVLQGHU$QJDEHGHV.ROORNDWLRQVlTXLYDOHQWV  DOV.ROORNDWRULQGHU=6YRUNRPPW ȢȥȤșȕȤȓŭȖȔȠȡȥȖ,,,ȢȥȤșȕȤȓŭȥȖ,,ȣȤȩHLQO|VHQaȫșȞȖȕȔȡȞȔHLQHQ6FKHFNLQGHU %DQNHLQO|VHQ

:D:|UWHUEXFKDUWLNHO]XP/HPPDȢȥȤșȕȤȓȖȔȠȢȥȤșȕȤȓLQ318:%' 'HU:|UWHUEXFKDUWLNHO]XȢȥȤșȕȤȓȖȔȠȢȥȤșȕȤȓ YJO:D LVWEHUVLFKWOLFKVWUXNWXULHUW8Q WHUGHU%DVLVȫHȞLVWGLHVH.ROORNDWLRQQLFKWYHU]HLFKQHWYHU]HLFKQHWVLQGDEHUDQGHUH.RO ORNDWLRQHQ E  'DV/HPPDKDWPHKUHUHbTXLYDOHQWHGLHLQGHQHQWVSUHFKHQGHQ$QJDEHQGHU.ROOR  NDWLRQVlTXLYDOHQWHYRUNRPPHQ(VZXUGHQIROJHQGHGUHL)lOOHIHVWJHVWHOOW L=XMHGHPbTXLYDOHQWZLUGPLQGHVWHQVHLQH.ROORNDWLRQYHU]HLFKQHW0HKUHUHDXVWDXVFK EDUH.ROORNDWRUHQN|QQHQLQGHU$QJDEHGHV.ROORNDWLRQVlTXLYDOHQWVNRPSULPLHUWYHU]HLFK QHWVHLQ



(PLOLD%DVFKHZD

Ƞ΂ȓșZDVFKHQaȘșȦ΁ȦȢGDV.LQGZDVFKHQVSOHQaȥȮŭȘȢȖș*H¶VFKLUUVS OHQ>DEZDVFKHQ@ZLVFKHQaȣȢŭȘȔGHQ)X‰ERGHQZLVFKHQSXW]HQaȣȤȢțȢŭȤȪȜ )HQVWHUSXW]HQaȥșVLFKZDVFKHQaȥȜȤȮȪ΁ȦșVLFK'GLH+lQGHZDVFKHQ :D:|UWHUEXFKDUWLNHO]XP/HPPDȠȜȓLQ$%': 'HU:|UWHUEXFKDUWLNHO]XȠȜȓLQ$%': YJO:D LVWP(JHOXQJHQLQ%H]XJDXIHLQH EHUVLFKWOLFKH6WUXNWXUGLHGHQ=XJULIIDXIGLHbTXLYDOHQWHEHUGLH.ROORNDWLRQHQHUODXEW ,QGHUbTXLYDOHQWDQJDEHZUGHHLQHNRQVHTXHQWH(LQKDOWXQJGHVbTXLYDOHQWSULQ]LSVGDV 9HU]HLFKQHQYRQDEZDVFKHQLQGHUbTXLYDOHQWSRVLWLRQDOV]ZHLWHVbTXLYDOHQWHUIRUGHUOLFK PDFKHQHVLVWDEHUQXUDOVV\QRQ\PHU.ROORNDWRULQGHU$QJDEHGHV.ROORNDWLRQVlTXLYDOHQWV DQJHIKUW7URW]GHPZLUGGLHbTXLYDOHQWLQIRUPDWLRQIUGHQ%HQXW]HUQLFKWEHHLQWUlFKWLJW (VIlOOWDXIGDVVGLHbTXLYDOHQWDQJDEHQNHLQHVHPDQWLVFKH([SOLNDWLRQGXUFKHLQ6\QRQ\P GHV9HUEVHQWKDOWHQ0(PDFKWGLH3UlVHQ]GHU.ROORNDWLRQHQGLH%HGHXWXQJVH[SOLNDWLRQ EHUÁVVLJ(UVWHQVLQWHUHVVLHUWVLFKGHUEXOJDULVFKH%HQXW]HUIUGDVGHXWVFKHbTXLYDOHQW GHU*HEUDXFKGHVbTXLYDOHQWVZLUGH[SOL]LHUWLQ%H]XJDXIYHUVFKLHGHQH6XEVWDQWLYHXQG GDVHUVHW]WHLQH$QIKUXQJYRQ9HUEV\QRQ\PHQDOV%HGHXWXQJVH[SOLNDWLRQ$X‰HUGHPLVWHV IUGHQ/H[LNRJUDSKHQQLFKWLPPHUOHLFKWHLQV\QRQ\PHV9HUEDOVWUHIIHQGH%HGHXWXQJVH[ SOLNDWLRQ DQ]XIKUHQ :|UWHUEXFKHLQWUlJH GLH LQ VROFKHQ )lOOHQ %HGHXWXQJVH[SOLNDWLRQHQ HQWKDOWHQVLQGP(EHUFKDUDNWHULVLHUWGLH%HGHXWXQJVH[SOLNDWLRQZLUGDOVNQVWOLFKQLFKW XQEHGLQJWDOVWUHIIHQGHPSIXQGHQZHQQVLHEHUKDXSWYRP%HQXW]HUZDKUJHQRPPHQZLUG LL'LH.ROORNDWLRQVDQJDEHHQWKlOWPHKUHUH.ROORNDWLRQHQGLHYHUVFKLHGHQH%DVHQDXIZHL VHQ'LH.ROORNDWLRQHQVLQGQLFKWNRPSULPLHUWDQJHJHEHQ(LQH.RPSULPLHUXQJLVWQLFKW P|JOLFKGDGDVbTXLYDOHQWSULQ]LSQLFKWUHDOLVLHUWZLUG Ƞ΂ȓȡȥȖ,,ȣȤȩZDVFKHQaȥȜȤȮȪșȦșVLFKGDWGLH+lQGHZDVFKHQ ȫȜȡȜȜ  VSOHQDEZDVFKHQaȫȜȡȜȜGDV*HVFKLUUDEZDVFKHQ ȜțȟȮȥȞȖȔȠ SXW]HQZLVFKHQ aȣȢȘȔGHQ%RGHQZLVFKHQaȣȤȢțȢȤȪȜȦșGLH)HQVWHUSXW]HQaȥȜțȮȕȜȦșVLFKGDWGLH =lKQHSXW]HQ,,ȤșȨȟaFHVLFKZDVFKHQ :D:|UWHUEXFKDUWLNHO]XP/HPPDȠȜȓLQ318:%' 3UREOHPDWLVFKLVWKLHUGLHGULWWHbTXLYDOHQWDQJDEHGDVbTXLYDOHQWSULQ]LSLVWQLFKWHLQJHKDO WHQGLHDQJHIKUWHQ]ZHLbTXLYDOHQWHVLQGQLFKWDXVWDXVFKEDU'DVHUNOlUWZDUXPKLHUGLH $Q]DKOGHUbTXLYDOHQWDQJDEHQLP9HUJOHLFK]XP:|UWHUEXFKDUWLNHOLQ$%': YJO:D  GUHLEHWUlJWVLHDOVRUHGX]LHUWVLQG'LHHQWVSUHFKHQGHQ.ROORNDWLRQHQVROOWHQDOV6LJQDO GDIUGLHQHQGDVVSXW]HQXQGZLVFKHQLQVHSDUDWHQbTXLYDOHQWDQJDEHQ]XYHU]HLFKQHQVLQG )UGLHbTXLYDOHQWDQJDEHLVWHVDX‰HUGHPIUDJOLFKREGDV9HUEȜțȟȮȥȞȖȔȠDOVVHPDQWLVFKH ([SOLNDWLRQYRQȠȜȓPLWbTXLYDOHQWHQSXW]HQXQGZLVFKHQ]XEHWUDFKWHQLVW 'LH 6WUXNWXULHUXQJ GHU bTXLYDOHQWDQJDEH  NDQQ LP .RQWH[W GHU$QJDEH GHU .ROORND WLRQVLQIRUPDWLRQ LQ GHU %HGHXWXQJVH[SOLNDWLRQ EHWUDFKWHW ZHUGHQ YJO %E  ZHLWHU XQWHQ DOVVHPDQWLVFKH([SOLNDWLRQHUVFKHLQWGLH%DVLVGHUDQJHIKUWHQ.ROORNDWLRQȫȜȡȜȜ GW*H VFKLUU ZDVHLQ'RSSHOHLQWUDJXQWHUGHUJOHLFKHQ1XPPHULVWGHU/H[LNRJUDSKKDW]XHQW VFKHLGHQREGLHVH5HGXQGDQ]LQ.DXI]XQHKPHQLVWIDOOVHUGLH6WUXNWXULHUXQJDOVEHQXW ]HUIUHXQGOLFKHUEHZHUWHW

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ



LLL'LH.ROORNDWLRQVDQJDEHQHQWKDOWHQPHKUHUH.ROORNDWLRQHQGLHYHUVFKLHGHQH%D VHQDXIZHLVHQ'LH.ROORNDWLRQHQVLQGNRPSULPLHUWDQJHJHEHQ'DVbTXLYDOHQWSULQ ]LSLVWUHDOLVLHUW ȜțȕȧŭȩȖȔȠȡȥȖ,,,ȜțȕȧŭȩȡȔȥȖ,ȡȣȤȩ ȖțȤȜȖȓȖȔȠȥș H[SORGLHUHQȕȢȠȕȔȦȔ ȜțȕȧȩȡȔGLH%RPEHLVWH[SORGLHUW ȣȤȢȓȖȓȖȔȠȥșȖȡșțȔȣȡȢ DXVEUHFKHQȜțȕȧȩȖȔ ȣȢȚȔȤȕȧȤȓȖȢȝȡȔHLQ%UDQGHLQ*HZLWWHUHLQ.ULHJEULFKWDXVaȖȥȠȓȩȥȮȟțȜ LQ/DFKHQ7UlQHQDXVEUHFKHQ ȓȘȢȥȖȔȠȥș DXIEUDXVHQKRFKIDKUHQ :D:|UWHUEXFKDUWLNHO]XP/HPPDȜțȕȧȩȖȔȠȜțȕȧȩȡȔLQ318:%' 'HU .ROORNDWRU ȜțȕȧȩȖȔȠ ȜțȕȧȩȡȔ ² DXVEUHFKHQ LVW LQ GHQ:|UWHUEXFKDUWLNHOQ GHU %DVHQ ȣȢȚȔȤ²%UDQGXQGȖȢȝȡȔ².ULHJYHU]HLFKQHW ȜțȕȧŭȩȖȔȠ D ȜțȕȧŭȩȡȔ Y H  H[SOR¶GLHUHQ VQ  DXVEUHFKHQ  VQ  ȖȔ  ȖȢȝȡȔŭ ȖȮȥȦȔŭȡȜșȖȧȟȞȔŭȡȣȢȚȔŭȤșȣȜȘ΁ȠȜȓHLQ.ULHJHLQ$XIVWDQGHLQ9XO¶NDQHLQ%UDQG HLQH(SLGHPLHEULFKWDXVaȖȣȟȔŭȫȖȥȠȓŭȩLQ7UlQHQLQ/DFKHQDXVEUHFKHQ ȢȦȗȡȓȖ  DXIEUDXVHQVQ :D:|UWHUEXFKDUWLNHO]XP/HPPDȜțȕȧȩȖȔȠȜțȕȧȩȡȔLQ$%': 'HU.ROORNDWRUȜțȕȧȩȖȔȠȜțȕȧȩȡȔ²DXVEUHFKHQLVWLP:|UWHUEXFKDUWLNHOGHU%DVLVșȣȜȘHȠȜȓ ²(SLGHPLHYHU]HLFKQHW 'LH:|UWHUEXFKDUWLNHO]XȜțȕȧȩȖȔȠȜțȕȧȩȡȔLQEHLGHQ:|UWHUEFKHUQN|QQHQDOVJHOXQJHQ JHOWHQLP+LQEOLFNDXINRPSULPLHUWH$QJDEHYRQ.ROORNDWLRQHQ%HLGH:|UWHUEFKHUYHU ]HLFKQHQGLHbTXLYDOHQWHLQ$EKlQJLJNHLWYRQGHQHUPLWWHOWHQ.ROORNDWRUHQLQGHQ.ROORND WLRQVlTXLYDOHQWHQ.RPSULPLHUWH.ROORNDWLRQVDQJDEHEHGHXWHWGDVVDOOH%DVHQPLWGHPVHO EHQ.ROORNDWRULQHLQHUHLQ]LJHQ.ROORNDWLRQVDQJDEHDXIJH]lKOWZHUGHQGHU.ROORNDWRUZLUG QXUHLQPDOYHU]HLFKQHWYJO:DXQGMHZHLOVbTXLYDOHQWDQJDEH ,Q $%':ZHUGHQ]XGHQbTXLYDOHQWDQJDEHQXQGNHLQHVHPDQWLVFKHQ([SOLND WLRQHQ DQJHIKUW EHVRQGHUV IU  LVW GDV DXI *UXQG GHU .ROORNDWLRQHQ EHUÁVVLJ 'LH LQ  318:%'  DQJHIKUWHQ %HGHXWXQJVH[SOLNDWLRQHQ VLQG DOV WUHIIHQG ]X FKDUDNWHULVLHUHQ )UGLHbTXLYDOHQWDQJDEHLVWGLH$QIKUXQJGHUVHPDQWLVFKHQ([SOLNDWLRQQRWZHQGLJGD PLWGHUEXOJDULVFKH%HQXW]HUGHPGHXWVFKHQbTXLYDOHQWGLH%HGHXWXQJ]XRUGQHQNDQQ²GLH %HLVSLHOSRVLWLRQLVWKLHUQLFKWEHVHW]W % 'LHNROORNDWLYH,QIRUPDWLRQLVWLQGHU%HGHXWXQJVH[SOLNDWLRQYHU]HLFKQHW Ȕ  (VZHUGHQNHLQH.ROORNDWLRQVDQJDEHQLQGHU%HLVSLHOSRVLWLRQDQJHIKUW ȜțȠ΂ȖȔȠȔȜțȠ΂ȓYșZDVFKHQ ȥȮȘȢȖș DXIZDVFKHQDEZDVFKHQ  ȣȢȘ DEZLVFKHQ ȣȤȢțȢȤșȪțȮȕȜ SXW]HQ>@ :D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȜțȠȜȖȔȠȜțȠȜȓLQ$%': 

Ȧ΁ȗȟȓL]LHKHQLPSHUV ȣȔȤȜ DEKHEHQ>@



(PLOLD%DVFKHZD

:D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȦșȗȟȓLQ$%': ȜțȦ΁ȗȟȓYLȜțȦ΁ȗȟȓȠD ȜțȖȔȚȘȔȠȥȦșȗȟșȡș ȢȦȡȭ KHU¶DXV ]LHKHQDXVHWZ'  ȣȔȤȜ DEKHEHQ>@ :D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȜțȦșȗȟȓȜțȦșȗȟȓȠLQ$%': Ȣȣ΂ȫȔȠȡșȥȖ,,,ȢȣșȞȔŭȥȖ,,ȣȤȩȗȢȦȖ ȦșȥȦȢ EDFNHQ ȠșȥȢ EUDWHQ ȞȔȨș U|V WHQ>@ :D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȢȣȜȫȔȠȢȣșȞȔLQ318:%' ȤȔțȣȮŭȖȔȠȤȔțȣȮŭȡȔȗȟDXV_GHKQHQVZ9KEWU9 ȫȔȘȮȤ DXI_VSDQQHQVZ9KE WU9 ȣȔȟȔȦȞȔ DXI_VFKODJHQXQU9KEWU9ȜȥȦȢȤ ȡȔȞȤȮȥȦ NUHX]LJHQVZ9 KEWU9>@

:D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȤȔțȣȮȖȔȠȤȔțȣȮȡȔLQ*%': ȕȢȓȘ΂ȥȖȔȠ ȕȢȓȘ΂ȥȔȠ ȗȟ ȞȮȭȔ  VWUHLFKHQ XQU 9 KE WU 9 WQFKHQ VZ 9 KE WU9 ȞȢȥȔȦșȞȥȦȜȟ IlUEHQVZ9KEWU9 ȥȦșȡȔ PDOHQVZ9KEWU9DQ_PDOHQVZ9KE WU9__aȥșVLFKDQ_PDOHQVZ9KE>@

:D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȕȢȓȘȜȥȖȔȠȕȢȓȘȜȥȔȠLQ*%': ,QPDQFKHQ:|UWHUEXFKDUWLNHOQZLUGEHLPHKUHUHQbTXLYDOHQWDQJDEHQGLH%DVLVDOV%HGHX WXQJVH[SOLNDWLRQ DQJHIKUW GLH %HLVSLHOSRVLWLRQ EOHLEW OHHU 6R ZLUG ] % LQ :D  LQ GHU bTXLDYDOHQWDQJDEHGDVbTXLYDOHQWSXW]HQGXUFK$QJDEHYRQȣȤȢțȢȤșȪțȮȕȜ GW)HQVWHU =lKQH LQGHU%HGHXWXQJVH[SOLNDWLRQLP+LQEOLFNDXIGLH6XEVWDQWLYSDUWQHUFKDUDNWHULVLHUW ,Q GHQ :|UWHUEXFKDUWLNHOQ ]X ȜțȠȜȖȔȠ ȜțȠȜȓ Ȧșȗȟȓ ȜțȦșȗȟȓ ȜțȦșȗȟȓȠ LQ $%': YJO:D HUVFKHLQHQGLHHLQ]HOQHQbTXLYDOHQWDQJDEHQQXPPHULHUW 'HU:|UWHUEXFKDUWLNHO]XȢȣȜȫȔȠȢȣșȞȔ YJO:DbTXLYDOHQWDQJDEH HQWKlOWXQWHUHL QHU1XPPHUGUHLbTXLYDOHQWHGLHXQWHUVFKLHGOLFKH%DVHQLQGHQ.ROORNDWLRQHQKDEHQGLH VH%DVHQVLQGLQGHQ%HGHXWXQJVH[SOLNDWLRQHQYHU]HLFKQHW'LHVH$QIKUXQJLVWLP+LQEOLFN DXIGLHJHPHLQVDPH6DFKJHELHWVDQJDEH ǘǣǧǗ GW.RFKN XQVW EHUHFKWLJWGLHbTXLYDOHQWH HUVFKHLQHQHLJHQWOLFK]XVDPPHQJHIDVVWXQWHUHLQHU1XPPHU ,QGHQ:|UWHUEXFKDUWLNHOQDXV *%':ZLUGLP+LQEOLFNDXIGLHbTXLYDOHQWDQJDEHQ GLH%DVHQDOV%HGHXWXQJVH[SOLNDWLRQHQHQWKDOWHQXQWHUVFKLHGOLFKYHUIDKUHQ,P:|UWHUEXFK DUWLNHO]XȤȔțȣȮȖȔȠȤȔțȣȮȡȔ YJO:D VLQGGLHHLQ]HOQHQbTXLYDOHQWDQJDEHQQXPPH ULHUW'HUDQGHUH:|UWHUEXFKDUWLNHOLQGLHVHP:|UWHUEXFKQlPOLFK]XȕȢȓȘȜȥȖȔȠȕȢȓȘȜȥȔȠ YJO:D HQWKlOWNHLQH1XPPHULHUXQJGLHHLQ]HOQHQbTXLYDOHQWDQJDEHQVLQGQXUGXUFK 6HPLNRORQJHWUHQQW

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ



E .ROORNDWLRQVDQJDEHQZHUGHQLQGHU%HLVSLHOSRVLWLRQDQJHIKUW Ȝțȣ΂ȫȔȠȡȥȖ,,,ȜțȣșȞȔŭȥȖ,ȣȤȩȤșȨȟȗȢȦȖIHUWLJEDFNHQȞșȞȥȮȦȥșȜțȣșȫșGHU .XFKHQLVWIHUWLJJHEDFNHQ ȣȤșȣȜȫȔȠȩȟȓȕ WRDVWHQaȨȜȟȜȜȩȟȓȕHLQLJH6FKHLEHQ %URWWRDVWHQ ȓȘȞȜ U|VWHQ ȠșȥȢ EUDWHQaȡȔȗȤȜȟJULOOHQ ȦȧȩȟȜȤȔȞȜȓ EUHQ QHQ>@ :D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȜțȣȜȫȔȠȜțȣșȞȔLQ318:%' ȣșȞȔŭȡșȥȖ,,ȣȤȩȗȢȦȖEDFNHQaȩȟȓȕ%URWEDFNHQ ȠșȥȢ EUDWHQaȔȗȡșHLQ /DPPEUDWHQaȡȔȥȞȔȤȔJULOOHQ ȓȘȞȜ U|VWHQ ȗȟȜȡȔȤȔȞȜȓ EUHQQHQaȞșȤșȠȜȘȜ =LHJHOEUHQQHQ>@ :D:|UWHUEXFKDUWLNHO$XVVFKQLWW]XP/HPPDȣșȞȔLQ318:%' 'LHPHLVWHQbTXLYDOHQWDQJDEHQLQGHQDQJHIKUWHQ:|UWHUEXFKDUWLNHOQHQWKDOWHQHLQH%H GHXWXQJVH[SOLNDWLRQGLHGLH%DVLVGHUEXOJDULVFKHQ.ROORNDWLRQLVWYJObTXLYDOHQWDQJDEHQ LQ:DbTXLYDOHQWDQJDEHQLQ:D,QGHU%HGHXWXQJVH[SOLNDWLRQGHUbTXLYD OHQWDQJDEH:DLVWGLHJDQ]H.ROORNDWLRQYHU]HLFKQHW=XHLQLJHQGLHVHUbTXLYDOHQWDQ JDEHQVLQG.ROORNDWLRQVDQJDEHQDXFKLQGHQ%HLVSLHOSRVLWLRQHQHQWKDOWHQYJObTXLYDOHQ WDQJDEH:DbTXLYDOHQWDQJDEHQXQG:D2IIHQVLFKWOLFKLVWHVHLQHUHGXQGDQWH 9RUJHKHQVZHLVHGHU/H[LNRJUDSKKDW]XHQWVFKHLGHQREGHUGRSSHOWH(LQWUDJGHU%DVLVE]Z HLQHU9DULDQWHGHU%DVLV]XOlVVLJLVW]%LP6LQQHHLQHUEHQXW]HUIUHXQGOLFKHQ*HVWDOWXQJGHU 0LNURVWUXNWXU



)D]LW

$XVJHKHQGYRQHLQHPbTXLYDOHQWNRQ]HSWIU]ZHLVSUDFKLJH:|UWHUEFKHUZXUGHHLQH,QWHU SUHWLHUXQJGHUNROORNDWLYHQ,QIRUPDWLRQLQ:|UWHUEXFKDUWLNHOQYRQEXOJDULVFKHQ9HUEOHP PDWDDOV.ROORNDWRUHQLQGUHLJUR‰HQ:|UWHUEFKHUQ%XOJDULVFK²'HXWVFKYRUJHQRPPHQ $XI*UXQGGHU$X‰HQWH[WHGHUXQWHUVXFKWHQ:|UWHUEFKHULVWDQ]XQHKPHQGDVV.ROORNDWLR QHQDOVLPSOL]LWHU%HVWDQGWHLOGHU%HLVSLHOSRVLWLRQYHUVWDQGHQZHUGHQE]ZGDVVVLHEHLPHK UHUHQbTXLYDOHQWDQJDEHQLQGHU%HGHXWXQJVH[SOLNDWLRQ]XYHU]HLFKQHQVLQG .ROORNDWLRQHQLQ:|UWHUEXFKDUWLNHOQ]X9HUEHQDOV.ROORNDWRUHQN|QQHQlTXLYDOHQWGHWHU PLQLHUHQGZLUNHQ'HVKDOEVWHXHUWLKUH$QIKUXQJLQGHU$6]XVDPPHQPLWGHQ.ROORNDWL RQVlTXLYDOHQWHQLQGHU=6GLHbTXLYDOHQWDQJDEHQLQGHU0LNURVWUXNWXU%HLNROORNDWLYHU,Q IRUPDWLRQLQGHQ:|UWHUEXFKDUWLNHOQLVWDXI(LQKDOWXQJGHVbTXLYDOHQWSULQ]LSV]XDFKWHQ GLHbTXLYDOHQWDQJDEHQVROOHQGHXWOLFKDEJHJUHQ]WZHUGHQLQ%H]XJDXI]XOlVVLJH$QIKUXQJ YRQ6\QRQ\PHQLQHLQHUbTXLYDOHQWDQJDEHGLHLQGHQHQWVSUHFKHQGHQ.ROORNDWLRQHQ]XEH OHJHQVLQG.ROORNDWLRQHQVLQGVRPLWHLQJQVWLJHU)DNWRUEH]JOLFKGHUSUl]LVHQ$QIKUXQJ YRQbTXLYDOHQWDQJDEHQ'LHVH(LJHQVFKDIWGHU.ROORNDWLRQHQHUODXEWHVGDVVEHLPHKUHUHQ bTXLYDOHQWHQEHL3UlVHQ]YRQ.ROORNDWLRQVDQJDEHQDXI%HGHXWXQJVH[SOLNDWLRQPLWWHOVHLQHV 9HUEV\QRQ\PV YHU]LFKWHW ZLUG (V ZXUGHQ :|UWHUEXFKDUWLNHO PLW .ROORNDWLRQVDQJDEHQ LQ



(PLOLD%DVFKHZD

GHU%HLVSLHOSRVLWLRQXQGLQGHU3RVLWLRQGHU%HGHXWXQJVH[SOLNDWLRQXQWHUVXFKW0(LVWGLH 0LNURVWUXNWXUPLW.ROORNDWLRQVDQJDEHQLQGHU%HLVSLHOSRVLWLRQEHQXW]HUIUHXQGOLFKHUGHQQ VLHHUODXEWGLUHNWHQ=XJULIIDXIGLH.ROORNDWLRQLQGHU=6 $XFK ZHQQ GLH YRUOLHJHQGH 8QWHUVXFKXQJ QXU HLQHQ$VSHNW GHU OH[LNRJUDSKLVFKHQ$U EHLWLQGHQJUR‰HQ]ZHLVSUDFKLJHQ:|UWHUEFKHUQ%XOJDULVFK²'HXWVFKUHÁHNWLHUWNDQQPLW 5FNVLFKWDXIGHVVHQ5HOHYDQ]DXIZLFKWLJH$XIJDEHQGHU/H[LNRJUDSKHQYRQ]ZHLVSUDFKL JHQ3ULQWZ|UWHUEFKHUQKLQJHZLHVHQZHUGHQ'LHSUDNWLVFKDUEHLWHQGHQ/H[LNRJUDSKHQVROO WHQJHUDGHVROFKH3KlQRPHQHGLHGHQ%HQXW]HU]XU7H[WSURGXNWLRQEHIlKLJHQDXFKIUGLH VHQDOVEHZXVVWJHVHW]WHV=LHOH[SOL]LWPDFKHQ'DV*HOHLVWHWHLVWP(GLH%DVLVIUZHLWHUH $UEHLWGHU/H[LNRJUDSKHQLQ5LFKWXQJ3Ul]LVLHUXQJGHU0LNURXQG0DNURVWUXNWXUKLQVLFKW OLFKGHUEHQXW]HUIUHXQGOLFKHQ5HSUlVHQWDWLRQGHU.ROORNDWLRQHQ$QGHUHUVHLWVVROOLQGLHVHP =XVDPPHQKDQJGDUDXIKLQJHZLHVHQZHUGHQGDVVDXFKNRQWUDVWLYHOH[LNRORJLVFKH8QWHUVX FKXQJHQ ]X NRQNUHWHP OH[LNDOLVFKHP 0DWHULDO ZLFKWLJH$QKDOWVSXQNWH IU GLH SUDNWLVFKH ]ZHLVSUDFKLJH/H[LNRJUDSKLHOLHIHUQN|QQWHQ

/LWHUDWXU D :|UWHUEFKHU $%':

 %8/*$5,6&+'(876&+(6 :g57(5%8&+33HWNRY.*XWVFKPLGW%,JOD +JJ $XWRUHQ 3HWNRY36OLYNRYD6WHLQNKOHU'3DUDVFKNHYRY%*XWVFKPLGW.0LWVFKUL('HQWVFKHYD (%DVFKHYD('RODSWVFKLHYD0.RWVFKHYD3,JOD%:QVFKH03DQWVFKHYVND+(QW VFKHYD0²6RÀD$WODQWLV *%':  %8/*$5,6&+'(876&+(6 :g57(5%8&+$XWRUHQ 3HMWVFKHYD 1 .ROHYD ' ,YDQRYD ( ²9HOLNR7DUQRYR*DEHURII  318:%'   3216 1(8(6 81,9(56$/:g57(5%8&+ %8/*$5,6&+'(876&+ %HDUEHLWXQJ $QGUHHYD 9 9HOHYD3HWUXVHQNR%'UXPHYD6W0DULQRYD*6HUMDNRYD06LPHRQRYD*)DUNRYD* ² %DUFHORQD %HOJUDG %XGDSHVW /MXEOMDQD /RQGRQ 3RVHQ 3UDJ 6RÀD 6WXWWJDUW =DJUHE (UQVW .OHWW6SUDFKHQ$XÁDJH

E 6RQVWLJH/LWHUDWXU %DKQV-HQV  :HUHLQHJQVWLJH*HOHJHQKHLWYHUSDVVWNDQQEHWUlFKWOLFKHQ6FKDGHQGDYRQWUDJHQ .ROORNDWLRQHQLQ/DQJHQVFKHLGWV*UR‰Z|UWHUEXFK'HXWVFKDOV)UHPGVSUDFKH²/HUQHQLQ'HXWVFK ODQG² ²  'LH%HUFNVLFKWLJXQJYRQ.ROORNDWLRQHQLQGHQGUHLJUR‰HQ/HUQHUZ|UWHUEFKHUQGHV(QJ OLVFKHQ²)UHPGVSUDFKHQOHKUHQXQGOHUQHQ² +DXVPDQQ )UDQ] -RVHSK  :RUWVFKDW]OHUQHQ LVW .ROORNDWLRQVOHUQHQ =XP /HKUHQ XQG /HUQHQ IUDQ]|VLVFKHU:RUWYHUELQGXQJHQ²3UD[LVGHVQHXVSUDFKOLFKHQ8QWHUULFKWV² ²   .ROORNDWLRQHQ LP GHXWVFKHQ:|UWHUEXFK (LQ %HLWUDJ ]XU7KHRULH GHV OH[LNRJUDSKLVFKHQ %HLVSLHOV²,Q+%HUJHQKROW]-0XJGDQ +JJ /H[LNRJUDSKLHXQG*UDPPDWLN$NWHQGHV(VVH QHU.ROORTXLXPV]XU*UDPPDWLNLP:|UWHUEXFK²7ELQJHQ1LHPH\HU  /H[LFRJUDSKLFD6HULHV0DLRU  ²  :DV VLQG HLJHQWOLFK .ROORNDWLRQHQ" ,Q 6WH\HU . +J :RUWYHUELQGXQJHQ ² PHKU RGHU

=XUOH[LNRJUDSKLVFKHQ%HDUEHLWXQJYRQ.ROORNDWLRQHQ



ZHQLJHUIHVW²%HUOLQ1HZ5DG6NL@aȞȔ 5DG6NL@aȞȔ 6NL@aȞȔ 6NL@aȞȔ @aȞȔ ȦȔȦȰȥȓȡȔȟȢȘȞș>ȡȔȖșȟȢȥȜȣșȘșȡȔȟȯȚȔȩ@ VK șȩȔȦȰ ȣȤȜȡȔȟȜȫȜȜȥȜȤȞȢȡȥȦȔȡȦȡȢȗȢ



'PLWULM'REURYRĴVNLM$UWsPäDUDQGLQ ȘȢȣȢȟȡșȡȜȓȢȕȢțȡȔȫȔȲȭșȗȢȢȦȤșțȢȞȣȧȦȜ HLQLJH5XQGHQaȥȘșȟȔȦȰȡșȥȞȢȟȰȞȢȞȤȧȗȢȖ  VK ȕȫȥȣȢȤȦȣȢȞȔțȔȦȰ ȤșțȧȟȰȦȔȦȖȤșȠȓ ȧȥȦȔȡȢȖȜȦȰ ȤșȞȢȤȘ GLHEHVWH=HLWaȣȢ GLHEHVWH=HLWaȣȢ EHVWH=HLWaȣȢ EHVWH=HLWaȣȢ =HLWaȣȢ =HLWaȣȢ aȣȢ ȞȔțȔȦȰȟȧȫȬșșȖȤșȠȓȖțȔșțȘșHLQHQ5HNRUGaȧȥȦȔȡȢȖȜȦȰȤșȞȢȤȘȖțȔșțȘș K Ȧșȩȣȧ ȥȞȔȦȰȣȤȜȖȢȘȜȦȰȖȘșȝȥȦȖȜșȱȞȥȣȟȧȔȦȜȤȢȖȔȦȰHLQH$QODJHaȱȞȥȣȟȧȔȦȜȤȢȖȔȦȰȧȥȦȔȡȢȖȞȧ  K ȤȔțȗȖȯȣȢȟȡȓȦȰȣȤȢȖȢȘȜȦȰȢȥȧȭșȥȦȖȟȓȦȰ ȖȥȢȢȦȖșȦȥȦȖȜȜȥțȔȘȧȠȔȡȡȯȠ GLH$U $U $U EHLWHUIXKUHQHLQH6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ IXKUHQHLQH6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ IXKUHQHLQH6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ HLQH6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ HLQH6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ 6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ 6RQGHUVFKLFKWLQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ LQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ LQGHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ GHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ GHU)DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ )DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ )DEULNȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ ȤȔȕȢȫȜșȤȔȕȢȫȜșȨȔȕȤȜȞȜȢȦȤȔȕȢȦȔȟȜȘȢȣȢȟ ȡȜȦșȟȰȡȧȲȥȠșȡȧ9YROOHV3URJUDPPaȤȔțȗȘșȟȔȦȰ ȫȦȢȟ ȣȢȣȢȟȡȢȝȣȤȢȗȤȔȠȠș!

$XIIDOOHQGLVWKLHUGDVVGLHVHV9HUELP|VWHUUHLFKLVFKHQXQGVFKZHL]HULVFKHQ'HXWVFKNHL QHWUDQVLWLYHQ/HVDUWHQ]XOlVVW'LHVLVWHLQ,QGL]GDIUGDVVGLHEHWUHIIHQGHQ%HVRQGHUKHLWHQ GHU9HUEHQGHU)RUWEHZHJXQJUHJLRQDOVSH]LÀVFKVHLQN|QQHQ)ROJOLFKVLQGKLHUEHUJUHL IHQGH*HQHUDOLVLHUXQJHQQLFKWP|JOLFK'LH%HVFKUHLEXQJGHUVSUDFKOLFKHQ%HVRQGHUKHLWHQ GLHVHU$UWLVWXQGEOHLEWHLQH$XIJDEHGHV:|UWHUEXFKV)HUQHUVHLKHUYRUJHKREHQGDVVGHU *HEUDXFKGHV+LOIVYHUEVQLFKWXQEHGLQJWDQGLH 4XDVL WUDQVLWLWYLWlWGHV9HUEVJHEXQGHQLVW 9JOGLH/HVDUW,GLHHLQGHXWLJLQWUDQVLWLYLVWXQGQHEHQVHLQDXFKKDEHQDOV+LOIVYHUE]X OlVVW ]%PLWGHU+DQGEHUV*HVLFKWIDKUHQ XQGGLHIRUPDOV\QWDNWLVFKWUDQVLWLYH/HVDUW,, GLHDOOHUGLQJVQXUVHLQ]XOlVVW ]%6NLIDKUHQ ,QHLQLJHQ)lOOHQVFKZDQNWGHU*HEUDXFK GHV+LOIVYHUEV YJO,,PLW.RQWH[WHQZLHHLQLJH5XQGHQIDKUHQXQG,,PLW%HLVSLHOHQZLH HLQHQ5HNRUGIDKUHQ ZDVYRPK\EULGHQ&KDUDNWHUGLHVHU/HVDUWHQ]HXJW   OLHJHQ , YL V   ȟșȦȔȦȰ Ȣ ȣȦȜȪȔȩ ȡȔȥșȞȢȠȯȩ ȥȔȠȢȟȒȦȔȩ Ȝ Ȧȣ  ! ,, YW  K  ȣȜ ȟȢȦȜȤȢȖȔȦȰȥȔȠȢȟȒȦ>ȖșȤȦȢȟȒȦȜȦȣ@HLQH0DVFKLQH]XPHUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ HLQH0DVFKLQH]XPHUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ 0DVFKLQH]XPHUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ 0DVFKLQH]XPHUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ ]XPHUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ ]XPHUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ HUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ HUVWHQ0DOaȖȣșȤȖȯșȣȜȟȢȦȜ 0DOaȖȣșȤȖȯșȣȜȟȢȦȜ 0DOaȖȣșȤȖȯșȣȜȟȢȦȜ aȖȣșȤȖȯșȣȜȟȢȦȜ ȤȢȖȔȦȰ ȥȔȠȢȟȒȦ  K  ȘȢȥȦȔȖȟȓȦȰ ȖȢțȘȧȬȡȯȠ ȣȧȦȒȠ ȦȤȔȡȥȣȢȤȦȜȤȢȖȔȦȰ ȡȔ ȥȔȠȢȟȒȦș Ȝ Ȧȣ 0HGLNDPHQWHLQGDV.DWDVWURSKHQJHELHWaȘȢȥȦȔȖȟȓȦȰȠșȘȜȞȔȠșȡȦȯȖțȢȡȧȕșȘȥȦȖȜȓ  K V  ȖȯȣȢȟȡȓȦȰ ȫȦȢȟ Ȗ ȣȢȟȒȦș  0LOLWlUPDVFKLQHQ lUPDVFKLQHQ UPDVFKLQHQ GHU VXGDQHVLVFKHQ 5HJLHUXQJ KD EHQHLQHQ%RPEHQDQJULIIJHÁ HLQHQ%RPEHQDQJULIIJHÁ HLQHQ%RPEHQDQJULIIJHÁ %RPEHQDQJULIIJHÁ %RPEHQDQJULIIJHÁ JHÁ JHÁRJHQȔȖȜȔȪȜȓȣȤȔȖȜȦșȟȰȥȦȖșȡȡȯȩȖȢȝȥȞǦȧȘȔȡȔȡȔȡșȥȟȔȖȢț RJHQȔȖȜȔȪȜȓȣȤȔȖȜȦșȟȰȥȦȖșȡȡȯȩȖȢȝȥȞǦȧȘȔȡȔȡȔȡșȥȟȔȖȢț ȔȖȜȔȪȜȓȣȤȔȖȜȦșȟȰȥȦȖșȡȡȯȩȖȢȝȥȞǦȧȘȔȡȔȡȔȡșȥȟȔȖȢț ȘȧȬȡȯȝȧȘȔȤ VK ȖȯȣȢȟȡȓȦȰȣȢȟȒȦ ȞȔȞȜȠȟȢȕȤȔțȢȠ²ȣȤȜȡȔȟȜȫȜȜȥȜȤȞȢȡȥȦȔȡȦ ȡȢȗȢ ȘȢȣȢȟȡșȡȜȓ ȢȕȢțȡȔȫȔȲȭșȗȢ ȢȦȤșțȢȞ ȣȧȦȜ  HLQHQ 8PZHJ a ȟșȦșȦȰ Ȗ ȢȕȩȢȘ

'LHVHV9HUEEHNRPPW]XPHLQHQ lKQOLFKZLHIDKUHQ,, HLQHWUDQVLWLYH,QWHUSUHWDWLRQ ,,  GDGXUFKGDVVHVGLH6LWXDWLRQEH]HLFKQHWLQGHUHLQ2EMHNWPLWHLQHP7UDQVSRUWPLWWHOEH I|UGHUWZLUGXQG]XPDQGHUHQ lKQOLFKZLHIDKUHQ,, HLQHSVHXGRWUDQVLWLYH,QWHUSUHWDWLRQ GDGXUFKGDVVHLQ7UDQVSRUWPLWWHODOV$NNXVDWLY$GMXQNWLQGLHEHWUHIIHQGH6LWXDWLRQLQYRO YLHUWLVW ,, 'LHTXDVLWUDQVLWLYH%HGHXWXQJVSRVLWLRQ ,, LVWDQDORJ]X%HGHXWXQJVSRVLWL RQHQODXIHQ,,XQGIDKUHQ,,'LH/HVDUW,,LVWXQLNDO$OV3VHXGR2EMHNWHUVFKHLQWKLHU GDV=LHO$GMXQNW $XV GHU$QDO\VH GLHVHU9HUEHQ N|QQHQ ]XQlFKVW IROJHQGH 6FKOXVVIROJHUXQJHQ JH]RJHQ ZHUGHQ(UVWHQVKDWGLHVHPDQWLVFKH6WUXNWXUMHGHV9HUEVGLHVHV)HOGHVHLQHQSURWRW\SLVFKHQ .HUQ QlPOLFK GLH LQWUDQVLWLYHQ /HVDUWHQ GLH GLH ,GHH GHU )RUWEHZHJXQJ GHV 6XEMHNWV LP 5DXPIRNXVVLHUHQ'LHVHUSURWRW\SLVFKH.HUQÀQGHWVLFKLQGHUVHPDQWLVFKHQ6WUXNWXUGHU NRUUHOLHUHQGHQ9HUEHQDQGHUHU6SUDFKHQXQGVWHOOWVRPLWIUGLH]ZHLVSUDFKLJH/H[LNRJUD SKLHNHLQEHVRQGHUHV3UREOHPGDU=ZHLWHQVÀQGHWVLFKLQGHUVHPDQWLVFKHQ6WUXNWXUGLHVHU 9HUEHQHLQHQlKHUH3HULSKHULHGK/HVDUWHQGLHGXUFKEHVWLPPWHPHKURGHUZHQLJHUUHJX OlUH=JHYRPSURWRW\SLVFKHQ.HUQDEZHLFKHQMHGRFKGXUFKOHLFKWQDFKYROO]LHKEDUH0H FKDQLVPHQGHUVHPDQWLVFKHQ'HULYDWLRQDXIGLH.HUQ/HVDUWHQ]XUFNJHIKUWZHUGHQN|Q QHQ'LHVH/HVDUWHQVLQGRIWHLQ]HOVSUDFKVSH]LÀVFKLQGHUEHWUHIIHQGHQ6SUDFKHMHGRFKDOV HWDEOLHUWH .RQVWUXNWLRQHQ UHODWLY V\VWHPKDIW 6R VLQG VROFKH 9HUZHQGXQJVZHLVHQ GHU 9HU EHQGHU)RUWEHZHJXQJZLHHLQHQ8PZHJODXIHQIDKUHQÁLHJHQDXVGHU3HUVSHNWLYHGHV

.RQVWUXNWLRQVJUDPPDWLNXQG/H[LNRJUDSKLH



'HXWVFKHQGXUFKDXVUHJXOlUDEHUDXVGHU3HUVSHNWLYHHLQHUDQGHUHQ6SUDFKH LQXQVHUHP)DOO GHV5XVVLVFKHQ LGLRV\QNUDWLVFKGHQQGDV5XVVLVFKHEULQJWGLHVHV.RQ]HSWPLW+LOIHDQGHUHU .RQVWUXNWLRQHQ]XP$XVGUXFN'ULWWHQVJLEWHVVR]XVDJHQHLQHIHUQH3HULSKHULHGKVROFKH /HVDUWHQGHUEHWUHIIHQGHQ9HUEHQGLHVHOEVWLQQHUKDOEGLHVHVVHPDQWLVFKHQ)HOGHVLQGHUMH ZHLOLJHQ6SUDFKHNHLQH5HJXODULWlWHQDXIZHLVHQ $XVGHU6LFKWGHU/H[LNRJUDSKLHIROJWGDUDXVGDVVMHGHU(LQWUDJXQDEKlQJLJYRQSRWHQ WLHOOJHJHEHQHQ5HJXODULWlWHQDOVHLQXQLNDOHV(OHPHQWGHUOLQJXLVWLVFKHQ%HVFKUHLEXQJDXI ]XIDVVHQ LVW 'LH &[* KLOIW QXU LQVRIHUQ DOV VLH HV HUP|JOLFKW KHXULVWLVFKH 3ULQ]LSLHQ ]X IRUPXOLHUHQGLHIUHLQHV\VWHPDWLVFKH*HVWDOWXQJGHU(LQWUlJHEHKLOÁLFKVHLQN|QQHQ'LH +LQZHQGXQJ]XU&[*KHEWDEHUGLH1RWZHQGLJNHLWQLFKWDXIMHGHQ(LQWUDJDOVHLQHXQLND OH(QWLWlW]XJHVWDOWHQ

/LWHUDWXU D :|UWHUEFKHU 'XGHQ*:'6 '8'(1'$6 *5266(:g57(5%8&+ '(5 '(876&+(1635$&+(LQ]HKQ%lQGHQY|OOLJ QHXEHDUEXQGHUZ$XÁ0DQQKHLPHWF'XGHQYHUO '8: '8'(1'(876&+(681,9(56$/:g57(5%8&++JYRQGHU'XGHQUHGDNWLRQQHXEHDUEXHUZ $XÁ0DQQKHLPHWF'XGHQYHUO 1'5* '$61(8('(876&+5866,6&+(*5266:g57(5%8&+ 129*HVLFKWV PDFKHQ@LVWDXIGHQHUVWHQ%OLFNHUVLFKWOLFKGDVVGLH9HUELQGXQJLU JHQGHLQ*HVLFKWPDFKHQHLQHWDWVlFKOLFKVLJQLÀNDQWH.RPELQDWLRQLVW .RRNNXUUHQ]HQ $Q]DKO.RRNNXUUHQ]HQ $QDO\VH.RQWH[W *UDQXODULWlW =XYHUOlVVLJNHLW &OXVWHU]XRUGQXQJ $XI6DW]EHVFKUlQNW /HPPDWLVLHUXQJ )XQNWLRQVZ|UWHU $XWRIRNXV 7RWDO



 :RUWOLQNVELV:RUWUHFKWV PLWWHO PLWWHO HLQGHXWLJ MD QHLQ LJQRULHUHQ DXV

$Q]DKO

//5

.RRNNXUUHQ]HQ

V\QWDJPDWLVFKH0XVWHU



PDFKHQODQJHV

HLQODQJHV>«@*HVLFKW>«@PDFKHQ

PDFKHQIUHXQGOLFKHV

HLQIUHXQGOLFKHV>«@*HVLFKW>]X@PD FKHQ

PDFKHQHUQVWHV

VRQGHUQHLQHUQVWHV*HVLFKW>«@PD FKHQ

PDFKHQ

HLQ«*HVLFKW>«]X@PDFKHQ

PDFKWGXPPHV

(LQGXPPHV*HVLFKW>XQGNHLQH%HX WH@

PDFKWJOFNOLFKHV

JOFNOLFKHV*HVLFKWPDFKW

PDFKW

*HVLFKW>@PDFKW

XQNHQQWOLFKJHPDFKW

VHLQ_GHVVHQ_GDV*HVLFKW>@XQNHQQW OLFK

XQNHQQWOLFK

*HVLFKWXQNHQQWOLFK











































JHPDFKW

HLQ«*HVLFKW>«@JHPDFKW







ODQJHV

ODQJHV*HVLFKW







6FKODJ

HLQ6FKODJLQV*HVLFKW







GXPPHV

GXPPHV*HVLFKW







JOFNOLFKHV

JOFNOLFKHV*HVLFKW





 $OOHDQJHIKUWHQ$QDO\VHQZXUGHQLP|IIHQWOLFK]XJlQJOLFKHQ.RUSXVÅ$UFKLYGHUJHVFKULHEHQHQ 6SUDFKH´LP6HSWHPEHUXQG2NWREHUPLW+LOIHYRQ&RVPDV,,GXUFKJHIKUWGLHGDUJHVWHOOWHQ (UJHEQLVVHHLQ]HOQH[SRUWLHUWXQGJHVSHLFKHUW

$XIGHPVFKPDOHQ*UDG]ZLVFKHQ.ROORNDWLRQHQXQGIHVWHQ:RUWYHUELQGXQJHQ



(LQHZHLWHUH$QDO\VHEHLGHUGLH6XFKRSWLRQHQYHUIHLQHUWXQGJH]LHOWHUHLQJHVWHOOWZXUGHQ ]HLJWGDVVGHUVLJQLÀNDQWHVWHOLQNH3DUWQHUGHU9HUELQGXQJ*HVLFKWPDFKHQGDVDWWULEXWLYH $GMHNWLYODQJLVW .RRNNXUUHQ]HQ $Q]DKO.RRNNXUUHQ]HQ $QDO\VH.RQWH[W *UDQXODULWlW =XYHUOlVVLJNHLW &OXVWHU]XRUGQXQJ $XI6DW]EHVFKUlQNW /HPPDWLVLHUXQJ )XQNWLRQVZ|UWHU $XWRIRNXV 7RWDO

$Q]DKO

 :RUWOLQNVELV:RUWUHFKWV PLWWHO PLWWHO HLQGHXWLJ MD QHLQ LJQRULHUHQ DXV

//5

.RRNNXUUHQ]HQ

V\QWDJPDWLVFKH0XVWHU







ODQJHV

ODQJHV*HVLFKW







HUQVWHV

HUQVWHV*HVLFKW







IUHXQGOLFKHV

IUHXQGOLFKHV*HVLFKW







GXPPHV

GXPPHV*HVLFKW







EHVRUJWHV

EHVRUJWHV*HVLFKW







VDXUHV

VDXUHV*HVLFKW







VFKPHU]YHU]HUUWHP

VFKPHU]YHU]HUUWHP*HVLFKW







JOFNOLFKHV

JOFNOLFKHV*HVLFKW







VWUDKOHQGHV

VWUDKOHQGHV*HVLFKW







IU|KOLFKHV

IU|KOLFKHV*HVLFKW







QHXHV

QHXHV*HVLFKW







ZDKUHV

ZDKUHV*HVLFKW







ZDKUH

ZDKUH*HVLFKW







DQGHUHV

DQGHUHV*HVLFKW







JDQ]H

JDQ]H*HVLFKW







VWDWLVWLVFKXQVSH]LÀVFK

:HQQPDQMHGRFKDXFKLQGHQ.:,&VGLH.RWH[WHQlKHUXQWHUVXFKWLVW]%DQKDQGGHV .RWH[WHVGLHSKUDVHRORJLVFKH%HGHXWXQJHLQOHXFKWHQG



=LWD+ROOyV .:,&hEHUVLFKW VRUWLHUWQDFK.RRNNXUUHQ]VWlUNH $Q]7UHIIHU  $QJH]HLJWHU.RQWH[W6lW]HOLQNV6lW]HUHFKWV ODQJHV 5 :HUKLQWHUKHUNHLQODQJHV*HVLFKWPDFKHQZLOOGHUVROOWHVLFKYRUGHU 5 Å'DZUGHGHU%OPHLQODQJHV*HVLFKWPDFKHQZDVGLH5HQWHQXQG 0 GDVVVRPDQFKHU%DXHUHLQODQJHV*HVLFKWPDFKW /,0 VRZLHMHPDQGÅHLQODQJHV*HVLFKWPDFKW´ZHQQHUHQWWlVFKWLVWVR /,0 IUDQ]|VLVFKHQ:HQGXQJHQIUÅHLQODQJHV*HVLFKWPDFKHQ´DOORQJHUOHQH]DYRLUOHQH] 2 *UXQG]XKDEHQDXFKGLHVHQHLQODQJHV*HVLFKW]XPDFKHQ 2 IRUWJHKHQDQ)RW]]DKUQHLQODQJHV*HVLFKWPDFKHQYHUlUJHUWVHLQDE|KPLVFKH . %HUQKDUG/DQJHZLOOKHXWHNHLQODQJHV*HVLFKWPDFKHQÅ,FKKRIIHGDVVHV . 'LGL5DPXVFKDP9RUWDJQRFKHLQODQJHV*HVLFKWJHPDFKWGDVVHUQLFKWLP . PDJVLFKGDUEHUQLFKWIUHXHQHLQODQJHV*HVLFKWZLUGDXFKVRPDQFKHU/HKUHUPDFKHQ +03 (LQODQJHV*HVLFKWPDFKWDEHU-XOLDQ(UIUDJWHQDFK ; QDFKGHU6FKOX‰VLUHQHDOVRHLQODQJHV*HVLFKWPDFKHQ 0 %UJHUPHLVWHU'U3HWHU.XU]NHLQODQJHV*HVLFKWPDFKWZHQQHUXP3XQNW8KUPLW 9 ELQKDEHLFKVFKRQHLQODQJHV*HVLFKWJHPDFKW 0 (LQODQJHV*HVLFKWGDJHJHQPDFKWQXQGHUUXVVLVFKH ; 3RUWRVJDQ]RKQH6SLHJHOHLQODQJHV*HVLFKWPDFKW" HUQVWHV 0 DEVRIRUWDXI3DVVIRWRVHLQHUQVWHV*HVLFKWPDFKHQ 0 QLFKWOlFKHOQVRQGHUQHLQHUQVWHV*HVLFKWPDFKHQ 0 QLFKWOlFKHOQVRQGHUQHLQHUQVWHV*HVLFKWPDFKHQ 0 QLFKWOlFKHOQVRQGHUQHLQHUQVWHV*HVLFKWPDFKHQ 0. GHUDOWH'RNWRU+XEHUKDWWHHLQHUQVWHV*HVLFKWJHPDFKWKDWWH3DFNXQJHQXQG ( GLH+lQGHVFKWWHOWXQGGDEHLHLQHUQVWHV*HVLFKWPDFKW $ GLH)DOVFKVSLHOHUZHQQVLHHLQHUQVWHV*HVLFKWPDFKHQ 9 YHUVFKPLW]WXQGYHUVXFKWHLQHUQVWHV*HVLFKW]XPDFKHQ 0 0DQPX‰DOVRNHLQHUQVWHV*HVLFKWGD]XPDFKHQ 0 HLQHUGHU3DWLHQWHQVFKRQHLQHUQVWHV*HVLFKWPDFKHQZHQQVLHXPGLH]HKQ(XUR 0 DEVRIRUWDXI3DVVIRWRVHLQHUQVWHV*HVLFKWPDFKHQ

1XUPLWGHQ.RRNNXUUHQ]HQDXIHLQHSUl]LVHIRUPXOLHUWH6XFKDQIUDJHGLHEHUGLH9DULDWL RQXQG)HVWLJNHLWGHU:RUWYHUELQGXQJ$XVNXQIWJLEWXQG]XVlW]OLFKPLWHLQHUVHPDQWLVFKHQ $QDO\VHGHU.:,&VNDQQHLQHJHQDXHUH8QWHUVFKHLGXQJ]ZLVFKHQ.RPELQDWLRQHQXQG3KUD VHPHQHUIROJHQGLHGD]XIKUWGDVVGLH9HUELQGXQJHLQGXPPHVHUQVWHVIUHXQGOLFKHV«*H VLFKWPDFKHQDOV.RPELQDWLRQZlKUHQGGLH9HUELQGXQJHLQODQJHV*HVLFKWPDFKHQDOV3KUD VHPHLQJHVWXIWZHUGHQNDQQ 0LWGLHVHU0HWKRGHQNRPELQDWLRQDXV.RRNNXUUHQ]DQDO\VHXQG.:,&$QDO\VHN|QQHQ DXFK GLH ÁLH‰HQGHQ hEHUJlQJH ]ZLVFKHQ 3KUDVHPHQ XQG .RPELQDWLRQHQ DXIJH]HLJW ZHU GHQZLHDXFKEHLGHUQlFKVWHQ9HUELQGXQJQlPOLFKLUJHQGZHOFKH$XJHQPDFKHQ .RRNNXUUHQ]HQ $Q]DKO.RRNNXUUHQ]HQ $QDO\VH.RQWH[W *UDQXODULWlW =XYHUOlVVLJNHLW

 :RUWOLQNVELV:RUWUHFKWV PLWWHO PLWWHO

$XIGHPVFKPDOHQ*UDG]ZLVFKHQ.ROORNDWLRQHQXQGIHVWHQ:RUWYHUELQGXQJHQ HLQGHXWLJ MD QHLQ LJQRULHUHQ DXV

&OXVWHU]XRUGQXQJ $XI6DW]EHVFKUlQNW /HPPDWLVLHUXQJ )XQNWLRQVZ|UWHU $XWRIRNXV

7RWDO

$Q]DKO

//5

.RRNNXUUHQ]HQ

V\QWDJPDWLVFKH0XVWHU







VFK|QH

VFK|QH$XJHQ







JUR‰H

JUR‰H$XJHQ







JURVVH

JURVVH$XJHQ







2KUHQ

2KUHQ$XJHQ







RIIHQHQ

RIIHQHQ$XJHQ







JHVFKORVVHQHQ

JHVFKORVVHQHQ$XJHQ







HLJHQHQ

HLJHQHQ$XJHQ







EODXHQ

EODXHQ$XJHQ







EOLW]HQGHQ

EOLW]HQGHQ$XJHQ







*UR‰H

*UR‰H$XJHQ







OHXFKWHQGHQ

OHXFKWHQGHQ$XJHQ







JOlQ]HQGHQ

JOlQ]HQGHQ$XJHQ







VFK|QHQ

VFK|QHQ$XJHQ







EODXH

EODXH$XJHQ







YHUEXQGHQHQ

YHUEXQGHQHQ$XJHQ







URWHQ

URWHQ$XJHQ







NULWLVFKHQ

NULWLVFKHQ$XJHQ







VFK|Q

VFK|Q$XJHQ







YLHU

YLHU$XJHQ







VFKDUIHQ

VFKDUIHQ$XJHQ







ZUGH

ZUGH$XJHQ







JUR‰HQ

JUR‰HQ$XJHQ







VWDWLVWLVFKXQVSH]LÀVFK

.:,&hEHUVLFKW VRUWLHUWQDFK.RRNNXUUHQ]VWlUNH $Q]7UHIIHU  $QJH]HLJWHU.RQWH[W6lW]HOLQNV6lW]HUHFKWV VFK|QH +03 0RQLNDGLH$OH[JOHLFKVFK|QH$XJHQPDFKWXQGLKPGDPLWVFKPHLFKHOW +03 GLHGDUDXIKLQ/HHV3DUWQHU%XFN\VFK|QH$XJHQPDFKW +03 HLQHPYHUZ|KQWHQ.DWHUVFK|QH$XJHQPDFKWVRZLHGDV2SRVVXP2]]LHGDVVLFK +03 :HUGHUÅ4XHHQ0DU\´VFK|QH$XJHQPDFKHQZLOOKDWYRQGHQ/DQGXQJVEUFNHQ +03 9RQZRDXV6LH´0DU\©VFK|QH$XJHQPDFKHQN|QQHQ





=LWD+ROOyV

+03 VLHDXFKGHP)UHXQGLKUHU0XWWHUVFK|QH$XJHQJHPDFKWKDWÁFKWHWVLHYRQ]X+DXVH ( KDEHVLHLKPVFKRQOlQJHUH=HLWÅVFK|QH$XJHQJHPDFKW´ ( %DVXKDWVLHEHUHLWVPLW(UIROJVFK|QH$XJHQJHPDFKW ( %OXHVJHODXVFKWXQGGHU6lQJHULQVFK|QH$XJHQJHPDFKW ( :HQQGLH0LH]HQVFK|QH$XJHQPDFKHQ . VLHVHULHQZHLVHDQJHODFKWLKQHQVFK|QH$XJHQJDPFKWGHQ+LPPHOYHUVSURFKHQVLH . UHFKQHQNDQQZHQQHU+DLGHUVFK|QH$XJHQPDFKWEOLHEYRUVLFKWLJ . DEJHUXWVFKWKDWWHGHP%RVQLHUVFK|QH$XJHQJHPDFKW . 6HLIULHGN|QQHGHUg93VFK|QH$XJHQPDFKHQ´XQGGLH9LHUHUNRDOLWLRQ]X)DOO . %HVLW]HULQ &ODXGLD:HQ]HO LKPVFK|QH$XJHQPDFKW . ZDUMXQJKEVFKXQGVLHKDWPLUVFK|QH$XJHQJHPDFKW´ . ZDUMXQJKEVFKXQGVLHKDWPLUVFK|QH$XJHQJHPDFKW´VR6LHJIULHG3EHU+LOGHJDUG . ZLH6FKDFKQHUÅGHP0LFKO´VWlQGLJVFK|QH$XJHQPDFKW . GHQ5DW]XEHREDFKWHQÅZHOFKVFK|QH$XJHQVHLQ3DUWHLFKHI6FKDFKQHUGHP0LFKO 2 6FKZHL]HU6SRUW&KURQRPHWHUÀUPDVFK|QH$XJHQPDFKHQ 2 DOV.QHFKW*RWWVFKDONGHP.lWKFKHQVFK|QH$XJHQPDFKHQ$QGUH:DJQHUDOV)UHLEXUJ JHK|ULJ

'LH9HUELQGXQJHQ VFK|QH$XJHQ PDFKHQ XQG JUR‰H$XJHQ PDFKHQ VLQG EHLGH KRFKVLJQL ÀNDQW XQG DXV GHU .RRNNXUUHQ]DQDO\VH LVW EHL JHQDXHP +LQVHKHQ HUNHQQEDU GDVV NHLQH ZHLWHUHQ$GMHNWLYHPLWGHU9HUELQGXQJ$XJHQPDFKHQVWHKHQN|QQHQ$QKDQGGHU.:,&V OHXFKWHWVRIRUWHLQGDVVHVVLFKEHLGHU9HUELQGXQJVFK|QH$XJHQPDFKHQXPHLQ3KUDVHP KDQGHOWZlKUHQGJUR‰H$XJHQPDFKHQDOV.LQHJUDPPHLQHQGHXWOLFKHQhEHUJDQJ]ZLVFKHQ GHQ.DWHJRULHQ.RPELQDWLRQHQXQG3KUDVHPHQELOGHW 'LH IROJHQGH $EELOGXQJ VROO GLHVHQ NRPSOH[HQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ QLFKW VFKZDFK WHLO XQG YROOLGLRPDWLVFKHQ 0HKUZRUWYHUELQGXQJHQ VFKHPDWLVFK GDUVWHOOHQ ZR EHLGLH*UHQ]OLQLHQEHLGHQ6FKQLWWPHQJHQXQVFKDUIXQGGLHPLWWOHUH6FKQLWWPHQJHDOVOHHU ]XYHUVWHKHQVLQG

$XIGHPVFKPDOHQ*UDG]ZLVFKHQ.ROORNDWLRQHQXQGIHVWHQ:RUWYHUELQGXQJHQ





=XVDPPHQIDVVXQJ

,QGLHVHP%HLWUDJZXUGHGHU9RUVFKODJXQWHUEHUHLWHWZLH$'-68%69(5%.RPELQDWL RQHQPLW+LOIHYRQ.RRNNXUUHQ]DQDO\VHQQDFKZHLVEDUVLQGXQGZLHVLHPLWIHLQHUHQ6XFK RSWLRQHQXQGHLQHU]XVlW]OLFKHQVHPDQWLVFKHQ$QDO\VHGHU.:,&VYRQGHQ3KUDVHPHQ]LHO VLFKHUHUXQWHUVFKLHGHQZHUGHQN|QQHQ.RPELQDWLRQHQELOGHQGDEHLHLQH=ZLVFKHQNDWHJRULH ]ZLVFKHQQLFKWRGHUVFKZDFKLGLRPDWLVFKHQ=ZHLHUYHUELQGXQJHQDOVR]ZLVFKHQ.ROORNDWL RQHQXQGWHLOLGLRPDWLVFKHQ3KUDVHPHQZREHLVLHLP9HUJOHLFK]XGHQ.ROORNDWLRQHQHLQHQ K|KHUHQ*UDGDQ)HVWLJNHLWXQG,GLRPDWL]LWlWDXIZHLVHQ'DIULVWQLFKWQXUGLHVWDWLVWLVFKH .RRNNXUUHQ]DQDO\VHHLQ%HZHLVZREHLGHU*UDGLKUHU)HVWLJNHLWLQXQJHDKQWHU:HLVHGHP GHU3KUDVHPHlKQOLFKVHLQNDQQVRQGHUQDXFKLKUH6HPDQWLNXQGGDUEHUKLQDXVLKUHPRU SKRV\QWDNWLVFKHQ(LJHQKHLWHQ%HLGHEHGUIHQQlKHUHU8QWHUVXFKXQJHQ'LH)UDJHREDOOH .RPELQDWLRQVDUWHQ²lKQOLFKZLHGLH$'-68%69(5%.RPELQDWLRQHQ²PLWGHU$GGLWLRQ YHUVFKLHGHQHU.ROORNDWLRQVVWUXNWXUW\SHQHUNOlUEDUXQGEHVFKUHLEEDUVLQGLVWIUHLQHQZHL WHUHQ%HLWUDJRIIHQJHEOLHEHQ'LHVHULVWLQQDKHU=XNXQIW]XOHLVWHQGDPLWHLQHHUVFK|SIHQ GH7\SRORJLVLHUXQJGHU.RPELQDWLRQHQHUIROJHQNDQQ

/LWHUDWXU %XUJHU+DUDOG  3KUDVHRORJLH(LQH(LQIKUXQJDP%HLVSLHOGHV'HXWVFKHQ%HUOLQ ²  3KUDVHRORJLH².UlXWHUXQG5EHQ"²,Q6WH\HU²



=LWD+ROOyV

%XUJHU +DUDOG'REURYRĴVNLM 'PLWULM.KQ 3HWHU1RHUULFN 1HDO 5 +JJ    3KUDVHRORJLH  3KUDVHRORJ\ %G   %HUOLQ 1HZ«@$XÁDXÁ%GJODXEHQ²/\]HXP>«@DXÁ $XÁ%G0²6FKLQNHQ>«@$XÁGXUFKJHV$XÁ%G6FKLQNHQ²9DWHU YDWHU>«@$XÁ$XÁ%GYlWHUOLFK²=\WRORJLH>«@$XÁ$XÁ

E 6RQVWLJH/LWHUDWXU +DUUDV*LVHOD3URRVW&KULVWHO  6WUDWHJLHQGHU/HPPDWLVLHUXQJYRQ,GLRPHQ'HXWVFKH6SUDFKH ² :LHJDQG +HUEHUW (UQVW   Å3UDJPDWLVFKH ,QIRUPDWLRQHQ LQ QHXKRFKGHXWVFKHQ :|UWHUEFKHUQ (LQ%HLWUDJ]XUSUDNWLVFKHQ/H[LNRORJLH´,Q6WXGLHQ]XUQHXKRFKGHXWVFKHQ/H[LNRJUDSKLH,+JJ Y+HUEHUW(UQVW:LHJDQG+LOGHVKHLP1HZ