Homo agens: Studien zur Genese und Struktur frühhumanistischer Moralphilosophie 9783110225778, 9783110225761

The author reconstructs the development and particular structure of early humanist moral philosophy. The humanists overc

208 83 2MB

German Pages 341 [350] Year 2010

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Frontmatter
Inhaltsverzeichnis
1. Humanistische Moralphilosophie als Gegenstand der Philosophiegeschichte
2. Humanistische Moralphilosophie und ihr Kontext
1. Die Problemlage: Das Dilemma einer wissenschaftlichen Ethik
2. Der Reformvorschlag zur Moralphilosophie von Roger Bacon (gest. 1294) und Hinwendung zur Rhetorik des Aristoteles
3. Der Neuansatz von Jean Buridan (ca. 1304-1358)
1. Moralphilosophie im Dienst des Lebens: Francesco Petraca (1304-1374)
2. Etablierung einer Bürgermoral: Coluccio Salutati (1331-1406)
3. Humanistische Umstilisierung der aristotelischen Ethik: Leonardo Bruni (1370-1444)
Einleitung
1. Die Nützlichkeit privater Laster für die Allgemeinheit: Poggio Bracciolinis (1380-1459). Dialog Über die Habgier
2. Lust als Bestimmungsgrund menschlichen Handelns: Lorenzo Vallas (1406-1457). Dialog Von der Lust oder vom wahren Guten
3. Die Ökonomisierung der häuslichen Lebensführung: Leon Battisa Albertis (1404-1472). Dialog Vom Hauswesen
Schlussbemerkungen
Backmatter
Recommend Papers

Homo agens: Studien zur Genese und Struktur frühhumanistischer Moralphilosophie
 9783110225778, 9783110225761

  • 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

Sabrina Ebbersmeyer Homo agens

Quellen und Studien zur Philosophie Herausgegeben von Jens Halfwassen, Dominik Perler, Michael Quante

Band 95

De Gruyter

Homo agens Studien zur Genese und Struktur frühhumanistischer Moralphilosophie von

Sabrina Ebbersmeyer

De Gruyter

ISBN 978-3-11-022576-1 e-ISBN 978-3-11-022577-8 ISSN 0344-8142 Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar.

© 2010 Walter de Gruyter GmbH & Co. KG, Berlin/New York Druck: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

9RUZRUW 'DV YRUOLHJHQGH %XFK LVW GDV 3URGXNW HLQHU ODQJMlKULJHQ %HVFKlIWLJXQJ PLWGHPLWDOLHQLVFKHQ+XPDQLVPXV(VZlUHQLFKWP|JOLFKJHZHVHQRKQH GLHYLHOIlOWLJH8QWHUVWW]XQJYRQ]DKOUHLFKHQ3HUVRQHQXQG,QVWLWXWLRQHQ GHQHQLFKDQGLHVHU6WHOOHGDQNHQP|FKWH'HUJU|‰WH7HLOGHU$UEHLWLVW ZlKUHQGPHLQHU0LWDUEHLWDQGHP7HLOSURMHNW3OXUDOLWlWGHU(UNHQQWQLVVHXQG 9HUELQGOLFKNHLWGHU2UGQXQJDOVLQQRYDWLYH0RPHQWHLQGHU3KLORVRSKLHGHVXQG -DKUKXQGHUWVLP5DKPHQGHV6RQGHUIRUVFKXQJVEHUHLFKV3OXUDOLVLHUXQJXQG $XWRULWlW LQ GHU )UKHQ 1HX]HLW  -DKUKXQGHUW  DQ GHU /XGZLJ 0D[LPLOLDQV8QLYHUVLWlW 0QFKHQ HQWVWDQGHQ $OOHQ %HWHLOLJWHQ DQ GLHVHP 6RQGHUIRUVFKXQJVEHUHLFK XQG YRU DOOHP 3URIHVVRU 'U (FNKDUG .H‰OHU XQG'U0DUWLQ6FKPHLVVHUJLOWPHLQ'DQNIUGLHJXWH=XVDPPHQDUEHLW XQG ]DKOUHLFKH $QUHJXQJHQ GLH LFK GXUFK GLH 0LWDUEHLW DQ GHP 3URMHNW HUKDOWHQKDEH%HLGHP9RUVWDQGGHV6RQGHUIRUVFKXQJVEHUHLFKHVP|FKWH LFKPLFKLQVEHVRQGHUHIUGLHJUR‰]JLJH*HZlKUXQJHLQHV'UXFNNRVWHQ ]XVFKXVVHVEHGDQNHQ %HL GHP %XFK KDQGHOW HV VLFK XP GLH OHLFKW EHUDUEHLWHWH )DVVXQJ PHLQHU+DELOLWDWLRQVVFKULIWGLHGHU)DNXOWlWIU3KLORVRSKLH:LVVHQVFKDIWVWKHR ULH XQG 5HOLJLRQVZLVVHQVFKDIW GHU /XGZLJ0D[LPLOLDQV8QLYHUVLWlW 0QFKHQ LP -DKU  YRUODJ ,P5DKPHQ GHV +DELOLWDWLRQVYHUIDKUHQV ZXUGH GLH $U EHLWYRQGHQ3URIHVVRUHQ(FNKDUG.H‰OHU:LOKHOP9RVVHQNXKOXQG-DQ 5RKOVEHJXWDFKWHW%HLLKQHQP|FKWHLFKPLFKIULKUHDXIPHUNVDPH/HN WUHXQGGLHYLHOIlOWLJHQ+LQZHLVHEHGDQNHQ0HLQJDQ]EHVRQGHUHU'DQN JLOWGDEHL3URIHVVRU'U(FNKDUG.H‰OHUGHUGLH$UEHLWYRQGHU,GHHELV ]XU)HUWLJVWHOOXQJLQVHLQHUJHGXOGLJHQXQGEHKDUUOLFKHQ$UWPLWNHQQWQLV UHLFKHQ+LQZHLVHQEHJOHLWHWKDW )HUQHUP|FKWHLFKPLFKEHLGHQ0LWDUEHLWHUQGHV6HPLQDUVIU*HLVWHVJH VFKLFKWH XQG 3KLORVRSKLH GHU 5HQDLVVDQFH EHGDQNHQ 3URIHVVRU 'U 7KRPDV 5LFNOLQ 'U +HLQULFK & .XKQ XQG )UDX +HOJD 3LUQHU3DUHVFKL KDEHQ PHLQH )RUVFKXQJHQ DXI DOOHQ (EHQHQ YRUEHKDOWORV XQWHUVWW]W 0HLQ EH VRQGHUHU'DQNJLOW)UDX.DWKULQ6FKOLHUNDPS0$IULKUHQXQHUPGOL FKHQ (LQVDW] EHL GHU DEVFKOLH‰HQGHQ )RUPDWLHUXQJ GHU $UEHLW XQG GHU (UVWHOOXQJGHV5HJLVWHUV²RKQHLKUHNRPSHWHQWH0LWDUEHLWZlUHGLH]JLJH )HUWLJVWHOOXQJGHU'UXFNYRUODJHQLFKWP|JOLFKJHZHVHQ6FKOLH‰OLFKP|FK WHLFKPLFKEHLGHQ+HUDXVJHEHUQGHUÅ4XHOOHQXQG6WXGLHQ]XU3KLORVR SKLH´3URIHVVRU'U-HQV+DOIZDVVHQ3URIHVVRU'U'RPLQLN3HUOHUXQG

9,

9RUZRUW

3URIHVVRU'U0LFKDHO4XDQWHIUGLH$XIQDKPHGHU$UEHLWLQGLHVH5HL KHEHGDQNHQ 0HLQDEVFKOLH‰HQGHU'DQNJLOWDOOHQ)UHXQGLQQHQXQG)UHXQGHQ.RO OHJLQQHQ XQG .ROOHJHQ GLH GXUFK ]DKOUHLFKH *HVSUlFKH GDV (QWVWHKHQ GLHVHU $UEHLW PLW EHJOHLWHW KDEHQ ² XQG QDWUOLFK PHLQHU )DPLOLH LQVEH VRQGHUH PHLQHP 0DQQ 'U 'DQLHO $ 'L /LVFLD XQG XQVHUHQ .LQGHUQ 6WHOODXQG-XVWXVVRZLHPHLQHQ(OWHUQ  0QFKHQLP0lU] 6DEULQD(EEHUVPH\HU

,QKDOWVYHU]HLFKQLV (LQOHLWXQJ    +XPDQLVWLVFKH0RUDOSKLORVRSKLHDOV*HJHQVWDQGGHU 3KLORVRSKLHJHVFKLFKWH  'LH6WHOOXQJGHU+XPDQLVWHQLQGHU*HVFKLFKWHGHU(WKLN  'HU+XPDQLVPXVDOV'HQNVWLO   =XP$XIEDXXQG]XU0HWKRGHGHU$UEHLW    +XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W   1HXDQIDQJRGHU.RQWLQXLWlW"  =HLWJHQ|VVLVFKHV8PIHOG   3DULVHU6FKRODVWLNHUPLWÄKXPDQLVWLVFKHQ·,QWHUHVVHQXQG $XIJDEHQ  2FNKDPVHWKLVFKHV'HQNHQ    

7HLO,$P%HJLQQHLQHV3DUDGLJPHQZHFKVHOV 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQW GHU$ULVWRWHOHVNRPPHQWLHUXQJ

 'LH3UREOHPODJH'DV'LOHPPDHLQHUZLVVHQVFKDIWOLFKHQ(WKLN  (WKLNLP-DKUKXQGHUW   %HVRQGHUKHLWHQGHU1LNRPDFKLVFKHQ(WKLN  'LH5H]HSWLRQGHU1LNRPDFKLVFKHQ(WKLNLP-DKUKXQGHUW    'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU%DFRQ  JHVW XQG+LQZHQGXQJ]XU5KHWRULNGHV$ULVWRWHOHV  5RJHU%DFRQ  'LH5KHWRULN5H]HSWLRQ $UDELVFKH7UDGLWLRQ²$HJLGLXV 5RPDQXV²*XLGR9HUQDQL²-HDQGH-DQGXQ²-HDQ%XULGDQ    'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD   %XULGDQV.RQ]HSWYRQ0RUDOSKLORVRSKLH   

9,,,

 

,QKDOWVYHU]HLFKQLV

 $QDO\VHGHV3URRHPLXPVEH]JOLFKGHV6WDWXVGHU 0RUDOSKLORVRSKLH  $QDO\VHGHU$UJXPHQWHGHU4XDHVWLR, 8WUXPGHYLUWXWLEXVVLWVFLHQWLD"  $QDO\VHGHU$UJXPHQWHGHU4XDHVWLR, 8WUXPPRUDOLVVFLHQWLDVLWSUDFWLFDYHOVSHFXODWLYD"   5KHWRULNDOVORJLFDPRUDOLV  $QDO\VHGHU$UJXPHQWHLP3URRHPLXP  6WW]XQJGHU%HJUQGXQJGXUFK$UJXPHQWH GHU4,XQGGHU4,,   0HWKRGLVFKH%HVRQGHUKHLWHQGHV(WKLNNRPPHQWDUV  'LHWUDGLWLRQHOOHQ0HUNPDOHGHV.RPPHQWDUV   5HKDELOLWLHUXQJGHUDXFWRULWDVDQWLTXRUXP   :HLWHUH%HVRQGHUKHLWHQGHV(WKLNNRPPHQWDUV  )D]LWXQG$XVEOLFN  

7HLO,,'LHhEHUQDKPHGHU.RPSHWHQ]IU0RUDOSKLORVRSKLH GXUFKGLH+XPDQLVWHQ(QWZXUIXQG(WDEOLHUXQJHLQHV DOWHUQDWLYHQ'HQNVWLOV 

 0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV )UDQFHVFR3HWUDUFD    (LQOHLWXQJ(LQHYHUlQGHUWH$XVJDQJVVLWXDWLRQ  $XVJDQJVSXQNW8QJHQJHQXQG.ULWLNDQGHU 8QLYHUVLWlWVSKLORVRSKLH  .ULWLNDQ3KLORVRSKLHDOV3URIHVVLRQ  .ULWLNDQGHU'LDOHNWLNXQGGHUV\OORJLVWLVFKHQ0HWKRGH   .ULWLNDQ$ULVWRWHOHV  'DV*HJHQPRGHOO3KLORVRSKLHDOV/HEHQVNXQVW   9RUDXVVHW]XQJHQXQG)XQNWLRQHQGHU3KLORVRSKLH   3KLORVRSKLVFKH7UDGLWLRQHQ  'DV3XEOLNXPGLHVHU(WKLN  'HU2UWGHV3KLORVRSKLHUHQV  .RQVHTXHQ]HQIUGHQ8PJDQJPLWSKLORVRSKLVFKHQ 3RVLWLRQHQ'LH2ULHQWLHUXQJDP1W]OLFKHQ  6WUDWHJLHQGHU0RUDOEHJUQGXQJH[SHULHQWLDDOV/HLWEHJULII  $XWRULVLHUXQJGHV9HUIDVVHUV  $XWRULVLHUXQJGXUFK7H[WXQG'DUVWHOOXQJVIRUPHQ  $UJXPHQWLHUHQPLW$XWRULWlWHQ   $XWRULWlWVNULWLN 

,QKDOWVYHU]HLFKQLV

,;

 0HWKRGLVFKHU5HNXUVDXIGLH$XWRULWlWHQGHVFKULVWOLFKHQ*ODXEHQV  7UDQVIRUPDWLRQGHU$XWRULWlWHQ]X3HUVRQHQ   $UJXPHQWLHUHQPLW([HPSOD  'LH/RJLNGHV([HPSOXPV  )XQNWLRQHQGHV([HPSOXPV   )D]LW  

 (WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL    9HUEUHLWXQJGHUKXPDQLVWLVFKHQ%HZHJXQJ   'LH,QVWDOOLHUXQJ3HWUDUFDVDOV*UQGXQJVILJXUXQGGHU $QEUXFKHLQHUQHXHQ=HLW   %ULHIFRUSXVXQGPRUDOSKLORVRSKLVFKH6FKULIWHQ  ,QKDOWOLFKH7UDQVIRUPDWLRQ(WDEOLHUXQJHLQHU%UJHUPRUDO  'LH%HVWLPPXQJGHV0HQVFKHQDOVDQLPDOVRFLDOH   9HUWHLGLJXQJGHU(KH  7lWLJH*OFNVHOLJNHLWGLH$XIZHUWXQJGHUYLWDDFWLYD   3RVLWLRQLHUXQJGHUVWXGLDKXPDQLWDWLVJHJHQEHUDQGHUHQ /HEHQVXQG/HKUIRUPHQ  6DOXWDWLV9HUKlOWQLV]XUXQLYHUVLWlUHQ3KLORVRSKLH  6DOXWDWLV9HUWHLGLJXQJGHUVWXGLDKXPDQLWDWLVJHJHQ0RQRSRO DQVSUFKHYRQ9HUIHFKWHUQGHVFKULVWOLFKHQ*ODXEHQV  )D]LW  

 +XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN /HRQDUGR%UXQL    'HU6WUHLWXPGLH.RPSHWHQ]LQGHU$ULVWRWHOHVEHUVHW]XQJ  %UXQLV9RUZRUW]XU(WKLNEHUVHW]XQJ   'LHFRQWURYHUVLD$OSKRQVLDQD   'LH$SRORJLDYRQ%DWWLVWDGH)LQDULR   $ULVWRWHOHVDOVKXPDQLVWLVFKHU+HOG %UXQLV9LWDGHV$ULVWRWHOHV  'LHKXPDQLVWLVFKH,QV]HQLHUXQJGHUDULVWRWHOLVFKHQ(WKLN DOVHLQHSUDNWLVFKH0RUDOOHKUHIU%UJHU   'DUVWHOOXQJVIRUPXQG,QV]HQLHUXQJ   %UXQLV'DUOHJXQJGHUDULVWRWHOLVFKHQ(WKLN  )D]LW       

;

,QKDOWVYHU]HLFKQLV



7HLO,,,3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQ KXPDQLVWLVFKHU0RUDOSKLORVRSKLH 

 (LQOHLWXQJ    'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW 3RJJLR%UDFFLROLQLV  'LDORJhEHUGLH+DEJLHU   'HU.RQWH[WYRQ3RJJLRV'LDORJhEHUGLH+DEJLHU  3RJJLRVPRUDOSKLORVRSKLVFKH7H[WH]HLWJHQ|VVLVFKH ,QV]HQLHUXQJHPSLULVFKH%HWUDFKWXQJVZHLVHXQG (QWODUYXQJYRQ'RSSHOPRUDO   'HULGHHQJHVFKLFKWOLFKH.RQWH[W +DEJLHUDOV/DVWHUXQGDOV6QGH   (QWVWHKXQJVNRQWH[WXQGDNWXHOOHU$QODVVGHU6FKULIW 3RJJLRV$XVHLQDQGHUVHW]XQJPLW%HUQDUGLQRGD6LHQD   $QDO\VHGHU$UJXPHQWHLQ3RJJLRV'HDYDULWLD'LH%HVWLP PXQJGHV9HUKlOWQLVVHVYRQ(LJHQQXW]XQG*HPHLQQXW]  'LH$UJXPHQWHGHUHUVWHQ5HGH 'HU+DEJLHULJHVFKlGLJWGDV*HPHLQZRKO  'LH$UJXPHQWHGHU]ZHLWHQ5HGH 'HU+DEJLHULJHI|UGHUWGDV*HPHLQZRKO  'LH(QWVFKHLGXQJLQGHUGULWWHQ5HGHGHU+DEJLHULJHVFKlGLJW GDV*HPHLQZRKOXQGKDQGHOWJHJHQGLHFKULVWOLFKH0RUDO  'LH'HXWXQJGHV'LDORJV  :DV3RJJLRZLUNOLFKGDFKWH   'HDYDULWLDDOV$XVGUXFNGHUKXPDQLVWLVFKHQ3ROHPLN JHJHQ0|QFKH  'LH5HGHSURDYDULWLDDOVSDUDGR[HV(QFRPLXP   'HDYDULWLDDOVIUKHV6\PSWRPHLQHVJUXQGOHJHQGHQ 1RUPHQZDQGHOV   /XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV /RUHQ]R9DOODV  'LDORJ9RQGHU/XVWRGHUYRPZDKUHQ*XWHQ  9RUDXVVHW]XQJHQ   'LH3UREOHPODJH  9DOODV4XHOOHQXQG9RUODJHQ  /XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV $QDO\VHGHU$UJXPHQWDWLRQ  9DOODV$EVLFKWXQG$XIJDEH   3DURGLHGHUVWRLVFKHQ3RVLWLRQ  5DGLNDOHU(SLNXUHLVPXVHLJHQHU1XW]HQXQG/XVWDOV

,QKDOWVYHU]HLFKQLV

;,

DOOHLQLJHV.ULWHULXPIUPHQVFKOLFKHV+DQGHOQ  &KULVWOLFKHhEHUELHWXQJDQWLNHU(WKLNNRQ]HSWH GLHJU|‰HUH/XVWGHV&KULVWHQ  8UWHLOXQG:LGHUOHJXQJ  hEHU]HXJXQJ'LH6WUDWHJLHGHVhEHUELHWHQV  'LH'HXWXQJGHV'LDORJVFKULVWOLFKKXPDQLVWLVFKHU (SLNXUHLVPXVDOV$QWZRUWDXISDJDQH7XJHQGHWKLNXQG P|QFKLVFKH(QWVDJXQJ   5H]HSWLRQXQG1DFKZLUNXQJ  'LH5HDNWLRQHQGHU=HLWJHQRVVHQ   'DV)RUWOHEHQGHV7H[WHVLQ5HQDLVVDQFHXQG)UKHU1HX]HLW  

 'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ /HRQ%DWWLVWD$OEHUWLV  'LDORJ9RP+DXVZHVHQ   9RUDXVVHW]XQJHQ   'LH3UREOHPODJH  'DVKXPDQLVWLVFKH,QWHUHVVHDQGHU+DXVKDOWXQJ   )RUPDOH%HVRQGHUKHLWHQ   ,QKDOWXQG$XIEDX  6SUDFKZDKOXQG3XEOLNXP  $OOJHPHLQH%HVWLPPXQJHQGHU/HEHQVIKUXQJ  $XIZHUWXQJGHU(UIDKUXQJXQG.ULWLNDP%FKHUZLVVHQ   1DWUOLFKHV6WUHEHQQDFK6HOEVWHUKDOWXQJDOV*UXQGODJH GHV=XVDPPHQOHEHQV  $NWLYHV/HEHQXQG2ULHQWLHUXQJDP1W]OLFKHQ  'LH|NRQRPLVFKH+DXVKDOWXQJ  9HUVFKZHQGXQJ+DEJLHUXQG+DXVKDOWXQJ  'LH|NRQRPLVFKH=HLWDXIIDVVXQJ  6DNUDOLVLHUXQJGHU|NRQRPLVFKHQ7lWLJNHLW   %HGHXWXQJXQG1DFKZLUNXQJGHV'LDORJV 

 6FKOXVVEHPHUNXQJHQ    $QKDQJ%DWWLVWDGH)LQDULR ‚ $SRORJLDWUDGXFWLRQLVDQWLTXHOLEUL HWKLFRUXP$ULVWRWHOLVFRQWUDLQYHFWLYDPWUDGXFWLRQHPTXH/HRQDUGL$UHWLQL    /LWHUDWXUYHU]HLFKQLV    1DPHQUHJLVWHU  6DFKUHJLVWHU   





2EZLUZROOHQRGHUQLFKWZLUN|QQHQQLFKWYRQGHU9HUJDQJHQKHLW²PLW DOOHQLKUHQ,UUWPHUQ²ORVNRPPHQ6LHOHEWLQEHUQRPPHQHQ%HJULIIHQ ZHLWHU LQ 3UREOHPIDVVXQJHQ LQ VFKXOPl‰LJHU /HKUH LP DOOWlJOLFKHQ /H EHQ LQ GHU 6SUDFKH XQG LQ ,QVWLWXWLRQHQ (V JLEW NHLQHJHQHUDWLR VSRQWDQHD GHU%HJULIIHVLHVLQGGXUFK$KQHQVR]XVDJHQGHWHUPLQLHUW'DV*HZHVH QH LVW YLHO JHIlKUOLFKHU ² RGHU HLJHQWOLFK QXU GDQQ JHIlKUOLFK ZHQQ GLH %LQGXQJPLWLKPXQEHZXVVWXQGXQEHNDQQWEOHLEW                  /XGZLN)OHFN

(LQOHLWXQJ +XPDQLVWLVFKH0RUDOSKLORVRSKLHDOV*HJHQVWDQGGHU 3KLORVRSKLHJHVFKLFKWH 'LH6WHOOXQJGHU+XPDQLVWHQLQGHU*HVFKLFKWHGHU(WKLN ,VWHVP|JOLFKHLQH*HVFKLFKWHGHU0RUDOSKLORVRSKLH]XYHUIDVVHQRKQH GLHPRUDOSKLORVRSKLVFKHQ(QWZUIHYRQ+XPDQLVWHQ]XEHUFNVLFKWLJHQ GLH LP  XQG LP  -DKUKXQGHUW LQ ,WDOLHQ HQWVWDQGHQ VLQG" 'DVV GLHV QLFKW QXU P|JOLFK VRQGHUQ DXFK JlQJLJH 3UD[LV LVW EHOHJHQ ]DKOUHLFKH *HVFKLFKWHQ GHU (WKLN QHXHUHQ XQG lOWHUHQ 'DWXPV DXV GHP GHXWVFKHQ XQG GHP DQJORDPHULNDQLVFKHQ 6SUDFKUDXP LQ GHQHQ $XWRUHQ GHV JH QDQQWHQ=HLWUDXPVHQWZHGHUJDUQLFKWRGHUQXUPLWZHQLJ$XIPHUNVDP NHLW XQG ZHQQ EHUKDXSW GDQQ HKHU DVVR]LDWLY DOV V\VWHPDWLVFK EHUFN VLFKWLJWZHUGHQ 

$OV%HLVSLHOHIUGLHVHGXUFKDXVEOLFKH$UWGHU+LVWRULRJUDSKLHGHU0RUDOSKLORVRSKLH VHLHQGLHIROJHQGHQ:HUNHJHQDQQWGDV]ZHLElQGLJHPHKUPDOVEHUDUEHLWHWHXQG]X QlFKVWXQWHUGHP7LWHO*HVFKLFKWHGHU(WKLNLQGHUQHXHUHQ3KLORVRSKLH  VSlWHUGDQQ XQWHU GHP 7LWHO *HVFKLFKWH GHU (WKLN DOV SKLORVRSKLVFKHU :LVVHQVFKDIW   HUVFKLHQHQH :HUNYRQ)ULHGULFK-RGOHQWKlOWLPHUVWHQ%DQGHLQHQNOHLQHQ$EVFKQLWWPLWGHP7L WHOÅ+XPDQLVPXVXQG5HIRUPDWLRQ´ -RGO  ,Q+HQU\6LGJZLFNV2XWOLQHVRI WKH +LVWRU\RI (WKLFV   ZHUGHQ KXPDQLVWLVFKH $XWRUHQ QLFKW HLQPDO JHQDQQW 'LH YLHUElQGLJH*HVFKLFKWHGHU(WKLNYRQ2WWPDU'LWWULFK  HQWKlOWQRFKGLHDXV IKUOLFKVWH:UGLJXQJGHUJHQDQQWHQ$XWRUHQLQGHP.DSLWHOÅ5HQDLVVDQFHXQG+X PDQLVPXV´ YJO HEG ,,,   GRFK GXUFK GHQ HLJHQWPOLFKHQ V\VWHPDWLVFKHQ =XJULIIPLWGHU8QWHUJOLHGHUXQJLQÅ$'LHQRUPDOH5LFKWXQJ%'LHUHLQKHLGQLVFKH 5LFKWXQJXQG&'LHUHLQFKULVWOLFKH5LFKWXQJ´ZLUGGHU=XJDQJ]XGHU(SRFKHDOOHU GLQJVHKHUYHUVWHOOWDOVHU|IIQHW:DVMQJHUH*HVFKLFKWHQGHU(WKLNDQJHKWVRXQWHU VFKHLGHWVLFKGHU%HIXQGNDXP$ODVGDLU0DF,QW\UHEHKDQGHOWLP]HKQWHQ.DSLWHOVHL QHV:HUNHV$6KRUW+LVWRU\RI(WKLFV$KLVWRU\RIPRUDOSKLORVRSK\IURPWKH+RPHULFDJHWRWKH WZHQWLHWKFHQWXU\  Å/XWKHU0DFKLDYHOOL+REEHVXQG6SLQR]D´,QGHUYRQ$QQH PDULH3LHSHUKHUDXVJHJHEHQHQ]ZHLElQGLJHQ*HVFKLFKWHGHUQHXHUHQ(WKLN  ZHUGHQ DXIYLHU6HLWHQLPPHUKLQ0RQWDLJQHXQG3DVFDOYHUKDQGHOW HEG, -RKQ5DZOV VSULFKW LQ VHLQHQ /HFWXUHV RQ WKH +LVWRU\ RI 0RUDO SKLORVRSKLH    GHU 5HIRUPDWLRQ ]ZDUJHZDOWLJH.RQVHTXHQ]HQ]XHUZlKQWDEHUPLWNHLQHP:RUW+XPDQLVPXVRGHU 5HQDLVVDQFH 7HUHQFH ,UZLQ VFKOLH‰OLFK VSULQJW LQ VHLQHP :HUN 7KH 'HYHORSPHQW RI (WKLFV $ KLVWRULFDO DQG &ULWLFDO 6WXG\ %G  )URP 6RFUDWHV WR WKH 5HIRUPDWLRQ   YRQ 2FNKDP GLUHNW ]X 0DFKLDYHOOL XQG YRQ GLHVHP ]XU 5HIRUPDWLRQ ² $OV $XVQDKPHQ



(LQOHLWXQJ

(V ZUGH ]X ZHLW IKUHQ KLHU GLH *UQGH IU GLHVHQ 8PVWDQG GLH ]XP7HLOLQKDUWQlFNLJHQ9RUXUWHLOHQLQGHU3KLORVRSKLHJHVFKLFKWVVFKUHL EXQJ]XP7HLODEHUDXFKLQGHU6DFKHVHOEVWOLHJHQ]XXQWHUVXFKHQ)HVW VWHKWMHGRFKGDVVZLUPLWGHP9HU]LFKWDXIGLH.HQQWQLVGLHVHUKXPDQLV WLVFKHQ'HQNDQVlW]H]XJOHLFKDXFKDXIHLQ9HUVWHKHQGHULGHHQJHVFKLFKWOL FKHQ (QWZLFNOXQJV XQG 7UDQVIRUPDWLRQVSUR]HVVH YHU]LFKWHQ GLH GHQ hEHUJDQJ YRQ VSlWPLWWHODOWHUOLFKHU ]X IUKKQHX]HLWOLFKHU 0RUDOSKLORVR SKLH FKDUDNWHULVLHUHQ 'HQQ RKQH GLH .HQQWQLV GHU KXPDQLVWLVFKHQ 0R UDOSKLORVRSKLH EOHLEW XQV GHU hEHUJDQJ YRQ GHP PRUDOSKLORVRSKLVFKHQ 'HQNHQGHV-DKUKXQGHUWVGDVKDXSWVlFKOLFKDQGHQ$UWLVWHQIDNXOWlWHQ GHU8QLYHUVLWlWHQLP.RQWH[WGHU$ULVWRWHOHVNRPPHQWLHUXQJVWDWWIDQGKLQ ]XGHQHPSLULVFKHQ*HVHOOVFKDIWVDQDO\VHQGLHPDQQDFKEOLFKHU$QVLFKW PLW 7KRPDV +REEHV EHJLQQHQ OlVVW QRWZHQGLJ GXQNHO XQG XQYHUVWlQG OLFK=XXQWHUVFKLHGOLFKVLQGGLH'HQNDQVlW]H$EVLFKWHQXQG7H[WIRUPHQ DOVGDVVVLFKKLHUHLQH.RQWLQXLWlWHQWGHFNHQOLH‰H²8QGZLUGQLFKWDXFK YRQHEHQMHQHQ'HQNHUQGHU)UKHQ1HX]HLWJHUDGHGDV1HXHLKUHV'HQ NHQVGHUMHZHLOLJH1HXDQIDQJEHVRQGHUVEHWRQW" :HQQ HV MHGRFK XQVHUH $XIJDEH DOV 3KLORVRSKLHKLVWRULNHU LVW QLFKW GLHVH 5KHWRULN GHV 1HXDQIDQJV ]X UHSURGX]LHUHQ VRQGHUQ NULWLVFK ]X UHIOHNWLHUHQ GDQQ VWHOOW VLFK GLH )UDJH QDFK GHQ 9RUDXVVHW]XQJHQ XQG





N|QQHQ KLHU GLH EHLGHQ IROJHQGHQ $UEHLWHQ DQJHIKUW ZHUGHQ 'DV YRQ %HFNHU XQG %HFNHUKHUDXVJHJHEHQH:HUN$+LVWRU\RI:HVWHUQ(WKLFV  HQWKlOWHLQHQVHKULQ IRUPDWLYHQ%HLWUDJYRQ-LOO.UD\HÅ5HQDLVVDQFH(WKLFV´ HEG 8QGVFKOLH‰OLFK ZHUGHQLQGHU]ZHLWHQEHUDUEHLWHWHQ$XIODJHGHU*HVFKLFKWHGHU(WKLN  YRQ-DQ 5RKOVGLH$XWRUHQGHULWDOLHQLVFKHQ5HQDLVVDQFHLQGUHL.DSLWHOQDQJHPHVVHQEHKDQ GHOW YJO ,, F Å6SHNXODWLYH 0\VWLN XQG 5HQDLVVDQFH´ HEG   ,,, D Å+X PDQLVPXVXQG5HQDLVVDQFH´  XQG,,,DÅ'HUQDFKWULGHQWLQLVFKH.DWKROL ]LVPXVXQGGLHLWDOLHQLVFKH6SlWUHQDLVVDQFH´ HEG  +LQJHZLHVHQVHLKLHUQXUDXI+HJHOGHULQVHLQHQIROJHQVFKZHUHQ$EKDQGOXQJHQ]XU *HVFKLFKWH GHU 3KLORVRSKLH GLH =HLW GHV 0LWWHODOWHUV XQG GHU 5HQDLVVDQFH PLW GHP 9HUGLNWEHOHJWEHUKDXSWNHLQH3KLORVRSKLHKHUYRUJHEUDFKW]XKDEHQGHQQHUVWPLW 'HVFDUWHVÅWUHWHQZLUHLJHQWOLFKLQHLQHVHOEVWlQGLJH3KLORVRSKLH´XQGHUVWKLHUN|Q( QHQZLUVDJHQÅVLQGZLU]X+DXVH´ YJO+HJHO9RUOHVXQJHQEHUGLH*HVFKLFKWHGHU3KLORVR SKLH >'ULWWHU 7HLO 1HXHUH 3KLORVRSKLH =ZHLWHU $EVFKQLWW 3HULRGH GHV GHQNHQGHQ 9HUVWDQGHV@LQ+HJHO    9JOKLHU]XHWZD'HVFDUWHV3DVVLRQVGHO·$PH,Å,OQ·\DULHQHQTXR\SDURLVVHPLHX[ FRPELHQ OHVVFLHQFHVTXHQRXVDYRQVGHV$QFLHQV VRQWGHIHFWXHXVHVTX·HQFHTX·LOV RQWHVFULWGHV3DVVLRQV>@&·HVWSRXUTXR\MHVHUD\REOLJpG·HVFULUHLF\HQPHVPHID oRQTXHVLMHWUDLWRLVG·XQHPDWLHUHTXHMDPDLVSHUVRQQHDYDQWPR\Q·HXVWWRXFKpH´ 'HVFDUWHV  I6SLQR]D(WKLFD,,,SUDHIDWLRÅ1RQGHIXHUXQWWDPHQYLULSUDHV WDQWLVVLPL TXRUXPODERULHWLQGXVWULDHQRVPXOWXPGHEHUHIDWHPXU TXLGHUHFWDYL YHQGLUDWLRQHSUDHFODUDPXOWDVFULSVHULQWHWSOHQDSUXGHQWLDHFRQVLOLDPRUWDOLEXVGHGH ULQW YHUXP DIIHFWXXP QDWXUDP HW YLUHV HW TXLG FRQWUD PHQV LQ LLVGHP PRGHUDQGLV SRVVLWQHPRTXRGVFLDPGHWHUPLQDYLW´6SLQR]D  'LH6WUDWHJLHGLHHLJH QHQ4XHOOHQ]XYHUEHUJHQOlVVWVLFKDXFKEHL*DOLOHLXQG+REEHVEHREDFKWHQ

+XPDQLVWLVFKH0RUDOSKLORVRSKLHDOV*HJHQVWDQGGHU3KLORVRSKLHJHVFKLFKWH 



(QWZLFNOXQJVOLQLHQGLH]XGLHVHP'HQNHQJHIKUWKDEHQ9HU]LFKWHQZLU DXIGLHVH)UDJHGDQQYHU]LFKWHQZLUDXFKDXIGLH.HQQWQLVHLQHVEHGHX WHQGHQ 7HLOV XQVHUHU LQWHOOHNWXHOOHQ +HUNXQIW XQG EHUDXEHQ XQV GDPLW ]XJOHLFKDXFKHLQHUNULWLVFKHQ5HIOH[LRQDXIHEHQGLHVHQ7HLOGHU9RUDXV VHW]XQJHQXQVHUHV'HQNHQV ,Q GHU YRUOLHJHQGHQ 6WXGLH ZLUG GLH 7KHVH YHUWUHWHQ GDVV HV GLH KX PDQLVWLVFKHQ'HQNHUGHVVSlWHQXQGGHV-DKUKXQGHUWVZDUHQGLH LQGHPVLHVLFKYRQGHQ9RUJDEHQGHUDQGHQ8QLYHUVLWlWHQGRPLQLHUHQGHQ 0RUDOSKLORVRSKLH ORVJHO|VW KDEHQ VFKULWWZHLVH HLQHQ QHXHQ XQG VSH]LIL VFKHQ'HQNVWLOHQWZLFNHOWXQGHWDEOLHUWKDEHQGXUFKGHQVLHGLH:HLFKHQ IU GDV PRUDOSKLORVRSKLVFKH 'HQNHQ GHU )UKHQ 1HX]HLW JHVWHOOW KDEHQ 6LH KDEHQ GDPLW QLFKW QXU HLQH QHXH :HLVH GHV 1DFKGHQNHQV EHU GDV +DQGHOQGHU0HQVFKHQHWDEOLHUWVRQGHUQ]XJOHLFKDXFKHLQHQHXH9RUVWHO OXQJYRPJXWHQXQGJHOXQJHQHQ/HEHQHQWZLFNHOWLQGHUGHU0HQVFKDOV HLQLQVHLQHUMHZHLOLJHQ:LUNOLFKNHLWDNWLYWlWLJHV/HEHZHVHQLP0LWWHOSXQNW VWHKW=LHOGHU6WXGLHLVWHVGXUFKGLH8QWHUVXFKXQJPRUDOSKLORVRSKLVFKHU 7H[WH IUKHU LWDOLHQLVFKHU +XPDQLVWHQ DXV GHU =HLW ]ZLVFKHQ )UDQFHVFR 3HWUDUFD   XQG /HRQ %DWWLVWD $OEHUWL   GLH (QWVWH KXQJXQGGLHVSH]LILVFKH6WUXNWXUGHUIUKKXPDQLVWLVFKHQ0RUDOSKLORVR SKLH ]X UHNRQVWUXLHUHQ XP DXI GLHVHU *UXQGODJH GLH KLVWRULVFKHQ XQG SKLORVRSKLVFKHQ /HLVWXQJHQ GHU +XPDQLVWHQ DXI GHP*HELHW GHU0RUDO SKLORVRSKLHDQJHPHVVHQEHXUWHLOHQ]XN|QQHQ 'HU+XPDQLVPXVDOV'HQNVWLO 'HU +XPDQLVPXV ZXUGH LP YHUJDQJHQHQ -DKUKXQGHUW LQ YHUVFKLHGHQHU :HLVH LQWHUSUHWLHUW 'DEHL KDEHQ VLFK YRU DOOHP ]ZHL JUXQGVlW]OLFK YHU VFKLHGHQH 3RVLWLRQHQ DOV EHVRQGHUV HLQIOXVVUHLFK JH]HLJW ,Q 'HXWVFKODQG XQG ,WDOLHQ KHUUVFKWH ODQJH HLQH 'HXWXQJ GHV +XPDQLVPXV YRU LQ GHU 9HUWUHWHUGLHVHU%HZHJXQJDOV9RUEHUHLWHUPRGHUQHQ'HQNHQVYRUDOOHP GHV GHXWVFKHQ ,GHDOLVPXV DQJHVHKHQ ZXUGHQ 'LHVH $UW GHU %HWUDFK WXQJVZHLVHLQGHUGLH'HQNHUGHU5HQDLVVDQFHYRUDOOHPDOV9RUUHLWHUGHU NRPPHQGHQ PRGHUQHQ 3KLORVRSKLH LQWHUSUHWLHUW ZHUGHQ EH]HLFKQHW -D PHV+DQNLQVDOVPRGHUQSDUDGLJPGLHPLWYHUVFKLHGHQHQ9DULDQWHQXQGPLW 



)U HLQHQ (LQEOLFN LQ GLH 3UREOHPDWLN GHU 9HUZHQGXQJ GHV %HJULIIV Ä+XPDQLVPXV¶ GHU HUVW DXV GHP  -DKUKXQGHUW VWDPPW YJO .H‰OHU   (LQHQ hEHUEOLFN EHU GLH JHJHQZlUWLJHQ 'HXWXQJVYRUVFKOlJH GHV +XPDQLVPXV JLEW GHU YRQ $QJHOR 0D] ]RFFRKHUDXVJHJHEHQH6DPPHOEDQG,QWHUSUHWDWLRQVRI5HQDLVVDQFH+XPDQLVP/HLGHQ%ULOO  =XU*HVFKLFKWHGHU5HQDLVVDQFHXQG+XPDQLVPXVIRUVFKXQJYJO]XVDPPHQIDVVHQG +DQNLQV D XQG+DQNLQV E 



(LQOHLWXQJ

%H]XJDXIYHUVFKLHGHQHDOVÅPRGHUQ´HUDFKWHWHSKLORVRSKLVFKH3RVLWLRQHQ ²VHLHQHVGLHYRQ.DQW+HJHORGHU+HLGHJJHU²KXPDQLVWLVFKH$XWRUHQ DOVQHXHXQGDXIGLH=XNXQIWYHUZHLVHQGH3KLORVRSKHQYHUVWHKW%HGHX WHQGH 9HUWUHWHU VLQG QHEHQ )LRUHQWLQR *HQWLOH XQG 6DLWWD DXFK &DVVLUHU *DULQXQG*UDVVL'LHP|JOLFKHQ'HIL]LWHHLQHUVROFKHQVWDUNOHJLWLPDWR ULVFKHQ 'HXWXQJVSHUVSHNWLYH VLQG DXV KHXWLJHU 3HUVSHNWLYH HYLGHQW PDQ OlXIW*HIDKU7H[WWHLOHXQG7H[WDXVVDJHQDXVLKUHPKLVWRULVFKHQ.RQWH[W ]XO|VHQXQGLP6LQQHHLQHUEHU]HLWOLFKHQ:DKUKHLW]XLQWHUSUHWLHUHQ 'DQHEHQXQGLQH[SOL]LWHU'LIIHUHQ]]XGLHVHUSKLORVRSKLVFKHQ'HX WXQJVZHLVH HQWZLFNHOWH VLFK QDFK GHP ]ZHLWHQ :HOWNULHJ YRU DOOHP LP DQJORDPHULNDQLVFKHQ6SUDFKUDXPHLQHZHQLJHUSKLORVRSKLVFKHGDIUDEHU VWlUNHU KLVWRULVFK XQG SKLORORJLVFK RULHQWLHUWH +HUDQJHKHQVZHLVH GLH LP +XPDQLVPXV QLFKW LQ HUVWHU /LQLH HLQH SKLORVRSKLVFKH VRQGHUQ HLQH JH OHKUWH XQG OLWHUDULVFKH %HZHJXQJ VLHKW XQG VLFK GDYRU ]XUFNKlOW GHQ KXPDQLVWLVFKHQ$XWRUHQHLQHEHVRQGHUHSKLORVRSKLVFKH%HGHXWXQJ]X]X VSUHFKHQ'LHVHLQVEHVRQGHUHYRQ3DXO2VNDU.ULVWHOOHUXQGVHLQHQ6FK OHUQ YHUWUHWHQH 3RVLWLRQ KDW VLFKHUOLFK ]X HLQHP DNNXUDWHQ 8PJDQJ PLW GHQ 4XHOOHQWH[WHQ XQG ]X HLQHU JHQDXHQ XQG SUl]LVHQ %HDFKWXQJ GHU KLVWRULVFKHQ*HJHEHQKHLWHQJHIKUW6LHYHU]LFKWHWDEHULQGHU5HJHODXFK GDUDXIGDVKXPDQLVWLVFKH'HQNHQLP.RQWH[WGHU3KLORVRSKLHGHV6SlW PLWWHODOWHUV HLQHUVHLWV XQG GHU )UKHQ 1HX]HLW DQGHUHUVHLWV EHUKDXSW ]X ORNDOLVLHUHQXQG]XGHXWHQ ,Q'LIIHUHQ]]XGLHVHQEHLGHQ$QVlW]HQP|FKWHLFKPLWGLHVHU$UEHLW YRUVFKODJHQGDVKXPDQLVWLVFKH'HQNHQDXIGHP*HELHWGHU0RUDOSKLOR VRSKLH HLQHUVHLWV DOV 5HDNWLRQ DXI HLQH VSH]LILVFKH SKLORVRSKLVFKH 3URE OHPODJH]XYHUVWHKHQXQGDQGHUHUVHLWVDOVHLQHIXQGDPHQWDOH:HLFKHQVWHO OXQJ IU GLH IUKQHX]HLWOLFKH 3KLORVRSKLH ,FK GHQNH GDVV GLHVHV 8QWHU QHKPHQDPEHVWHQJHOLQJHQNDQQZHQQPDQGHQ+XPDQLVPXVDOVHLQHQ 'HQNVWLOEHWUDFKWHW0LWGHP%HJULIIGHV'HQNVWLOVKRIIHLFKGLH6N\OOD 

=XP %HJULII PRGHUQ SDUDGLJP YJO GLH %HVWLPPXQJ EHL +DQNLQV E   Å7KH FHQWUDOLGHDRIWKH0RGHUQ3DUDGLJPLVVLPSO\WKDW5HQDLVVDQFHSKLORVRSK\UHSUHVHQWV WKH EHJLQQLQJ RI PRGHUQ (XURSHDQ WKRXJKW DQG WKDW UHVHDUFK RQ 5HQDLVVDQFH SKL ORVRSK\LVWKHUHIRUHSULPDULO\DVHDUFKIRUWKHURRWVRIPRGHUQLW\´  9JO+DQNLQV E   .ULVWHOOHU KDW DQ YHUVFKLHGHQHQ 6WHOOHQ VHLQH (LQVFKlW]XQJ GHV +XPDQLVPXV DUWLNX OLHUWYJOHWZD.ULVWHOOHU    0LW GHP $QVDW] GDV KXPDQLVWLVFKH 'HQNHQ LP .RQWH[W SKLORVRSKLHKLVWRULVFKHU 3UREOHPODJHQ]XYHUVWHKHQ IKOH LFKPLFKLQVEHVRQGHUHGHQ$UEHLWHQYRQ(FNKDUG .H‰OHUYHUSIOLFKWHWYJOYRUDOOHP.H‰OHU  XQG    'HU %HJULII GHV Å'HQNVWLOV´ ZXUGH EHUHLWV LQ HLQHU 6WXGLH YRQ /HRQLG %DWNLQ 'LH LWDOLHQLVFKH5HQDLVVDQFH%DVHO)UDQNIXUW06WURHPIHOG5RWHU6WHUQ DXIGLH5H QDLVVDQFH DQJHZHQGHW YJO YRU DOOHP .DSLWHO ,,, Å'HU /HEHQVVWLO DOV GHU $XVGUXFN GHV'HQNVWLOV´HEGIUHLOLFKRKQHGLHVHQ%HJULIIQlKHU]XGHILQLHUHQXQGRK

+XPDQLVWLVFKH0RUDOSKLORVRSKLHDOV*HJHQVWDQGGHU3KLORVRSKLHJHVFKLFKWH 



HLQHU DKLVWRULVFKHQ XQG GDPLW WHQGHQ]LHOO YHU]HUUHQGHQ SKLORVRSKLVFKHQ 'HXWXQJ HLQHUVHLWV XQG GLH &KDU\EGLV HLQHU UHLQ GHVNULSWLYHQ KLVWRULVFK SKLORORJLVFKHQ %HWUDFKWXQJVZHLVH RKQH 'HXWXQJVDEVLFKW DQGHUHUVHLWV ]X XPVFKLIIHQ 'LHVH VHKU VSH]LHOOH 3HUVSHNWLYH DXI GHQ +XPDQLVPXV YHU GDQNWVLFKHLQHPVSH]LILVFKHQSKLORVRSKLVFKHQ,QWHUHVVHDQGHP'HQNHQ GHU+XPDQLVWHQHVYHUVWHKWVLFKYRQVHOEVWGDVVGDGXUFKDQGHUH%HWUDFK WXQJVZHLVHQGLHDXVDQGHUHQ,QWHUHVVHQODJHQVWDPPHQQLFKWDXVJHVFKORV VHQZHUGHQ 0LW GHU &KDUDNWHULVLHUXQJ GHV KXPDQLVWLVFKHQ 'HQNHQV DOV HLQHV 'HQNVWLOVEH]LHKHLFKPLFKDXIHLQ.RQ]HSWYRQ/XGZLN)OHFNGDVLQGHU 3KLORVRSKLH XQG :LVVHQVFKDIWVJHVFKLFKWH GHU 5HQDLVVDQFH XQG GHU )U KHQ 1HX]HLW ZHQLJ DXIJHJULIIHQ ZXUGH XQG LP 9HUJOHLFK ]X 7KRPDV .XKQV.RQ]HSWGHV3DUDGLJPDVQDKH]XXQEHDFKWHWJHEOLHEHQLVW)OHFN ZLH .XKQ HQWZLFNHOQ LKUH .RQ]HSWH DQ KLVWRULVFKHQ %HLVSLHOHQ GLH DXV GHP*HELHWGHU1DWXUZLVVHQVFKDIWHQVWDPPHQ2EJOHLFKHLQLJHbKQOLFK NHLWHQ ]ZLVFKHQ GHQ .RQ]HSWHQ EHVWHKHQ ZREHL YLHOOHLFKW GLH %HWRQXQJ GHU KLVWRULVFKHQ XQG VR]LRORJLVFKHQ *HEXQGHQKHLW DOOHQ :LVVHQV GLH ZLFKWLJVWHLVWELHWHWVLFKQDFKPHLQHU$QVLFKWHKHUGHU%HJULIIGHV'HQN VWLOVDOVGHUGHV3DUDGLJPDV]XP9HUVWlQGQLVGHV+XPDQLVPXVDQ'HQQ GHU3DUDGLJPDEHJULIIZLUGYRQ.XKQHLQJHVHW]WXP'LVNRQWLQXLWlWHQLP ZLVVHQVFKDIWOLFKHQ 'HQNHQ HEHQ ZLVVHQVFKDIWOLFKH 5HYROXWLRQHQ HUNOlU EDU]XPDFKHQ'LH+XPDQLVWHQKDEHQDEHUDXIGHP*HELHWGHU0RUDO SKLORVRSKLHNHLQHZLVVHQVFKDIWOLFKH5HYROXWLRQDXVJHO|VWVRQGHUQVLHKDEHQ QHEHQ XQG LQ H[SOL]LWHU 'LIIHUHQ] ]X GHU ZLVVHQVFKDIWOLFKHQ %HKDQGOXQJ GHU(WKLNHLQHJUXQGVlW]OLFKDQGHUH$UWXQG:HLVHHWDEOLHUW0RUDOSKLOR VRSKLH ]X YHUVWHKHQ XQG ]X EHWUHLEHQ 'LHVH $UW YRQ 'LVNRQWLQXLWlW LP PRUDOSKLORVRSKLVFKHQ'HQNHQOlVVWVLFKPHLQHV(UDFKWHQVDQJHPHVVHQHU GXUFKGHQ%HJULIIGHV'HQNVWLOVYHUVWHKHQ

QH%H]XJDXIGLH%HVWLPPXQJGHV%HJULIIVGXUFK/XGZLN)OHFN%DWNLQYHUIROJWDOOHU GLQJVHLQHJDQ]DQGHUH)UDJHVWHOOXQJDOVGLHKLHUYRUOLHJHQGH$UEHLWJHKWHVLKPGRFK XPGHQÅ9HUVXFKHLQHU&KDUDNWHULVLHUXQJHLQHV.XOWXUW\SV´ZLHGHU8QWHUWLWHOVHLQHV :HUNHVGHXWOLFKPDFKW  8QGGLHVREJOHLFK.XKQLP9RUZRUWVHLQHVEHUHLWVDXI(QJOLVFKHUVFKLHQHQHQ :HUNV'LH6WUXNWXUZLVVHQVFKDIWOLFKHU5HYROXWLRQPLWGHQIROJHQGHQ:RUWHQDXI)OHFNYHU ZHLVWÅ1XUGXUFKGLHVH$UWHLQHU]XIDOOVEHGLQJWHQ)RUVFKXQJZLHVLHGLHÄ6RFLHW\RI )HOORZV¶JHVWDWWHWNRQQWHLFKDXI/XGZLN)OHFNVIDVWXQEHNDQQWH0RQRJUDSKLH(QWVWH KXQJXQG(QWZLFNOXQJHLQHUZLVVHQVFKDIWOLFKHQ7DWVDFKH %DVHO VWR‰HQHLQH$UEHLWGLH YLHOH PHLQHU HLJHQHQ *HGDQNHQ YRUZHJQLPPW´ 9JO .XKQ    ² (LQH NULWL VFKH8QWHUVXFKXQJGHUJHQHUHOOHQ/HLVWXQJHQGHV6WLOEHJULIIVLQ$EJUHQ]XQJ]XDQGH UHQYHUZDQGWHQ%HJULIIHQGHU:LVVHQVFKDIWVJHVFKLFKWHXQWHUQLPPW:HUOH    'LUN:HUOHGLVNXWLHUWHLQLJHGHU3UREOHPHGLHVLFKEHLGHUhEHUWUDJXQJGHV3DUDGLJ PHQEHJULIIVDXIGLHKXPDQLWLHVHUJHEHQYJO:HUOH  



(LQOHLWXQJ

:DV DEHU VROO KLHU XQWHU GHP %HJULII GHV 'HQNVWLOV YHUVWDQGHQ ZHU GHQ",P$QVFKOXVVDQ)OHFNVHLGHU%HJULIIGHV'HQNVWLOVQLFKWQXUÅDXI GLHVH RGHU MHQH )lUEXQJ GHU %HJULIIH´ EH]RJHQ VRQGHUQ SULQ]LSLHOO DXI ÅGLH *HVDPWKHLW JHLVWLJHU %HUHLWVFKDIWHQ GDV %HUHLWVHLQ IU VROFKHV XQG QLFKW DQGHUHV 6HKHQ XQG +DQGHOQ´ (U OlVVW VLFK GDKHU GHILQLHUHQ DOV ÅJHULFKWHWHV:DKUQHKPHQPLWHQWVSUHFKHQGHPJHGDQNOLFKHQXQGVDFKOL FKHQ9HUDUEHLWHQGHV:DKUJHQRPPHQHQ´(LQ'HQNVWLOZLUGQLFKWQXU GXUFKGLH,QKDOWHXQGGLH)RUPGHV'HQNHQVFKDUDNWHULVLHUWVRQGHUQYRU DOOHP DXFK GXUFK GLH LPSOL]LWHQ XQG QXU ]XP 7HLO UHIOHNWLHUWHQ *UXQG EHU]HXJXQJHQ XQG 9RUDQQDKPHQ GLH IU HLQH EHVWLPPWH *UXSSH YRQ 'HQNHUQ*OWLJNHLWKDEHQ7UlJHUHLQHV'HQNVWLOVLVWLPPHUHLQH*UXSSH GLHYRQ)OHFNDOV'HQNNROOHNWLYEH]HLFKQHWZLUGZREHLGLHVHU%HJULIIHKHU IXQNWLRQDODOVVXEVWDQWLHOO]XYHUVWHKHQLVW ,FK KDOWHGHQ%HJULII GHV 'HQNVWLOV DOV,QVWUXPHQW ]XU&KDUDNWHULVLH UXQJ GHU KXPDQLVWLVFKHQ 0RUDOSKLORVRSKLH DXV GHQ IROJHQGHQ *UQGHQ IUEHVRQGHUVJHHLJQHW :LUVLQGQLFKWOlQJHUJH]ZXQJHQGDVKXPDQLVWLVFKH'HQNHQHQWZHGHU DOV HLQHQ Ä)RUWVFKULWW¶ RGHU DOV HLQH Ä'HNDGHQ]¶ JHJHQEHU GHU VFKRODVWL VFKHQ 3KLORVRSKLH ]X EHJUHLIHQ VRQGHUQ N|QQHQVLH DOV GHQ 9HUVXFK LQ WHUSUHWLHUHQHLQHQQHXHQ'HQNVWLO]XHWDEOLHUHQPLWGHPHLQDQGHUHV,GHDO YRQ :LVVHQ XQG HLQH Y|OOLJ DQGHUH 9RUVWHOOXQJ YRQ JHOHKUWHU ([LVWHQ] YHUEXQGHQVLQG6RPLWWULWWDQGLH6WHOOHHLQHU$QDO\VHKLVWRULVFKHU3UR]HV VH DOV OLQHDUHU )RUWVFKULWWVHQWZLFNOXQJ GLH 'HXWXQJ GLHVHU 3UR]HVVH DOV 8PVWLOLVLHUXQJHQYRQ'HQNIRUPHQ 'HU%HJULIIGHV'HQNVWLOVPDFKWGDPLWDXFKHUNOlUEDUZDUXPHLQ9HU VWHKHQXQGHLQ$XVWDXVFK]ZLVFKHQ9HUWUHWHUQYHUVFKLHGHQHU5LFKWXQJHQ VFKZLHULJXQGKlXILJXQP|JOLFKLVWZDVIUGHQHLQHQHLQ]HQWUDOHVVDFKOL FKHV 3UREOHP GDUVWHOOW NDQQ IU GHQ DQGHUHQ YROONRPPHQ LUUHOHYDQW VHLQ ,Q GHU 3HUVSHNWLYH GHV 'HQNVWLOV PDFKW HV HWZD ZHQLJ 6LQQ GLH 3ROHPLN]ZLVFKHQ+XPDQLVWHQXQG9HUWUHWHUQGHUXQLYHUVLWlUHQ3KLORVR SKLHVDFKOLFKDXIO|VHQXQGHQWVFKHLGHQ]XZROOHQ6LHHUVFKHLQWYLHOPHKU DOVHLQ0HGLXPGHU%HKDXSWXQJYRQ*HOWXQJVDQVSUFKHQIUNRQNXUULH UHQGH.RQ]HSWHYRQ3KLORVRSKLH  'HU 6WLOEHJULII HUODXEW HV YHUVFKLHGHQH (EHQHQ XQG (OHPHQWH HLQHV EHVWLPPWHQSKLORVRSKLVFKHQ'HQNHQVLQGHQ%OLFN]XQHKPHQXQG]ZDU 

9JO)OHFN  ²'HU%HJULIIGHV6WLOVLVWIUHLOLFKPLWWOHUZHLOHLQZLVVHQVFKDIWV KLVWRULVFKHQXQGZLVVHQVFKDIWVWKHRUHWLVFKHQ.RQWH[WHQYHUEUHLWHWZREHLQLFKWLPPHU )OHFN 3DWH VWHKW 9JO GD]X HWZD &URPELH   +DFNLQJ   XQG 0RXOLQHV    9JO)OHFN    9JO)OHFN    9JO)OHFN  

+XPDQLVWLVFKH0RUDOSKLORVRSKLHDOV*HJHQVWDQGGHU3KLORVRSKLHJHVFKLFKWH 



YRUDOOHPDXFKVROFKHGLHEHLHLQHUNODVVLVFKHQ$QDO\VHGHU%HJULIIHXQG .RQ]HSWHHLQHV7H[WHVQLFKWEHDFKWHWZHUGHQGLHMHZHLOVLQHLQHP'HQN VWLO XQKLQWHUIUDJW JOWLJHQ 9RUDQQDKPHQ XQG 9RUXUWHLOH EH]JOLFK GHV *HJHQVWDQGHVGLHPDQPLW)OHFNDOVHLQHEHVWLPPWHGLV]LSOLQLHUWHÅ6WLP PXQJ´EH]HLFKQHQNDQQGLHVLFKXQWHUDQGHUHPLQGHU9HUHKUXQJHLQHV JHPHLQVDPHQ ,GHDOV DXVGUFNW 0LW GHU )RNXVVLHUXQJ DXI GHQ 6WLO HLQHV 'HQNHQV ZHUGHQ GDKHU DXFK VROFKH (OHPHQWH HLQHV JHOHKUWHQ 'LVNXUVHV EHUFNVLFKWLJW GLH QLFKW SURSRVLWLRQDO DXVJHGUFNW ZHUGHQ VRQGHUQ GHQ LQKDOWOLFKHQ $XVVDJHQ YRUDXVJHKHQ XQG GLHVH EHJOHLWHQ 'HQQ GLH SKLOR VRSKLHJHVFKLFKWOLFKH %HGHXWXQJ GHU KXPDQLVWLVFKHQ 0RUDOSKLORVRSKLH OlVVWVLFKPHLQHV(UDFKWHQVQLFKWDOOHLQDXIGHU(EHQHGHU%HJULIIVDQDO\VH XQGLQWHUSUHWDWLRQJHZLQQHQ(VZlUH]XNXU]JHJULIIHQZROOWHPDQGHQ :HUW KXPDQLVWLVFKHU SKLORVRSKLVFKHU 7H[WH DQKDQG LKUHU WKHRUHWLVFKHQ .RQVLVWHQ]RGHUDQLKUHP*UDGDQ:LVVHQVFKDIWOLFKNHLWPHVVHQ0LWGLH VHU 3HUVSHNWLYH NDQQ PDQ VLFKHUOLFK ]XWUHIIHQGH $XVVDJHQ PDFKHQ EH NRPPWDEHUQLFKWGLHHLJHQWOLFKHQ6WlUNHQXQG/HLVWXQJHQGLHVHV'HQNDQ VDW]HVLQGHQ%OLFN 6FKOLH‰OLFKHUP|JOLFKWHVGHU%HJULIIGHV'HQNVWLOVDXFKGLH%HGHXWXQJ GHV KXPDQLVWLVFKHQ 'HQNHQV IU GLH VSlWHUHQ PRUDOSKLORVRSKLVFKHQ 5H IOH[LRQHQQLFKWQXUDXIGHU(EHQHGHU%HJULIIH]XYHUIROJHQVRQGHUQDXFK DXI GHU (EHQH GHU hEHUQDKPH YHUVFKLHGHQHU DQGHUHU (OHPHQWH GLHVHV 'HQNVWLOVZLHHWZDGHV$XWRUYHUVWlQGQLVVHVGHU8PEHZHUWXQJGHV1HX HQGHU1W]OLFKNHLWGHU9HUVWlQGOLFKNHLWRGHUDXFKEHVWLPPWHUDQWLVFKR ODVWLVFKHU(LQVWHOOXQJHQ 2EJOHLFKVLFK'HQNVWLOHKLVWRULVFKDEO|VHQODVVHQVLFKGRFK5XGLPHQWH lOWHUHU 6WLOH LQ QHXHUHQ QDFKZHLVHQ 0DQFKH (OHPHQWH KDOWHQ VLFK ELV LQ XQVHUHLJHQHV]HLWJHQ|VVLVFKHV'HQNHQ'LH(UIRUVFKXQJHLQHV'HQNVWLOV YHUPLWWHOW GHVKDOE DXFK QLFKW EOR‰ KLVWRULVFKH .HQQWQLVVH VRQGHUQ VLH OHLVWHW]XJOHLFKDXFKHLQHQ%HLWUDJ]XU$UFKlRORJLHXQVHUHVJHJHQZlUWLJHQ 'HQNHQV 6LFK DQKDQG GHU 0RUDOSKLORVRSKLH PLW GHQ (QWVWHKXQJVEHGLQ JXQJHQ XQG GHQ ]HQWUDOHQ (OHPHQWHQ GHV KXPDQLVWLVFKHQ 'HQNVWLOV ]X EHVFKlIWLJHQ EHGHXWHW GDPLW ]XJOHLFK DXFK HLQ 6WFN 6HOEVWDXINOlUXQJ EHUXQVHUHHLJHQHLQWHOOHNWXHOOH+HUNXQIW  (VVHLVFKOLH‰OLFKGDUDXIKLQJHZLHVHQGDVVLFKPLFKPLWGHU9HUZHQGXQJ GHV %HJULIIV GHV 'HQNVWLOV DXFK YRQ 3RVLWLRQHQ DEVHW]H LQ GHQHQ GHU +XPDQLVPXVDOVHLQH%HZHJXQJYHUVWDQGHQZLUGGLHVLFKYRUDOOHPGXUFK GLH 2ULHQWLHUXQJ DQ HLQHP OLWHUDULVFKHQ DOV NODVVLVFK ]X EH]HLFKQHQGHQ



9JO)OHFN  



(LQOHLWXQJ

6WLOLGHDO FKDUDNWHULVLHUHQ OlVVW ,Q GHU 3HUVSHNWLYH GLHVHU $UEHLW LVW GHU OLWHUDULVFKH 6WLO MHGRFK QXU HLQ (OHPHQW GHP LP 9HUJOHLFK ]X DQGHUHQ (OHPHQWHQ ZLH GHU $UJXPHQWDWLRQVZHLVH GHP $XWRUYHUVWlQGQLV GHQ WKHPDWLVFKHQ 7UDQVIRUPDWLRQHQ XQG YLHOHP DQGHUHQ QXU HLQH XQWHUJH RUGQHWH5ROOH]XNRPPW =XP$XIEDXXQG]XU0HWKRGHGHU$UEHLW %HJUHLIWPDQGDV(QWVWHKHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH]XJOHLFKDOV (WDEOLHUXQJHLQHVQHXHQ'HQNVWLOVGDQQLVWHVQRWZHQGLJ]XXQWHUVXFKHQ YRQZHOFKHUDQGHUHQ$UWGHV'HQNHQVVLFKGLHVHU6WLODEVHW]WXQGZDUXP HVJHUDGHDXIGHP*HELHWGHU0RUDOSKLORVRSKLH]XGLHVHPQHXHQ6WLOZLO OHQJHNRPPHQLVW'HVKDOEEHJLQQWGLH$UEHLWPLWHLQHPHUVWHQXQGHLQOHL WHQGHQ7HLO]XPPRUDOSKLORVRSKLVFKHQ'HQNHQLP.RQWH[WGHUXQLYHUVL WlUHQ3KLORVRSKLH+LHUKDWWHVLFKHLQHEHVWLPPWH3UREOHPODJHHQWZLFNHOW GLHEHUHLWVLQQHUKDOEGHUXQLYHUVLWlUHQ3KLORVRSKLH]X6SDQQXQJHQJHIKUW KDWWH XQG GLHVLFKPLW GHP 6WLFKZRUW GHU9HUZLVVHQVFKDIWOLFKXQJ GHU (WKLN EH]HLFKQHQ OlVVW 'LH $UWLNXOLHUXQJ GLHVHU 3UREOHPODJH LP .RQWH[W GHU XQLYHUVLWlUHQ 3KLORVRSKLH VRZLH GLH GRUW HQWZLFNHOWHQ /|VXQJVDQVlW]H H[HPSODULVFK XQWHUVXFKW DQ 5RJHU %DFRQ XQG -HDQ %XULGDQ LVW GHU *H JHQVWDQGGHVHUVWHQ7HLOV ,P]ZHLWHQ7HLOZHUGHQGLHGUHL$XWRUHQXQWHUVXFKWGHQHQLQGHUKLHU JHZlKOWHQ )UDJHVWHOOXQJ EHVRQGHUH %HGHXWXQJ ]XNRPPW ZHLO VLH DXI MH VSH]LILVFKH :HLVH HLQHQ JUXQGOHJHQGHQ %HLWUDJ IU GLH (QWVWHKXQJ XQG (WDEOLHUXQJ GHU KXPDQLVWLVFKHQ 0RUDOSKLORVRSKLH JHOHLVWHW KDEHQ )UDQ FHVFR 3HWUDUFD &ROXFFLR 6DOXWDWL XQG /HRQDUGR %UXQL 3HWUDUFD ZHQGHW VLFKH[SOL]LWYRQGHUVFKRODVWLVFKHQ3KLORVRSKLHDEXQGHQWZLUIWHLQHQHXH 

 

(LQHVROFKH'HXWXQJKDW5RQDOG:LWWPLWVHLQHU$UEHLWÄ,QWKHIRRWVWHSVRIWKHDQFLHQWV¶WKH RULJLQVRIKXPDQLVPIURP/RYDWRWR%UXQL/HLGHQ%ULOOYRUJHOHJW:LWWEHJUQGHWXQG UHFKWIHUWLJW VHLQH 3HUVSHNWLYH DXVIKUOLFK LQ GHU (LQOHLWXQJ VHLQHU EHHLQGUXFNHQGHQ XQG EHUDXV NHQQWQLVUHLFKHQ $UEHLW YJO :LWW    $OV HLQ +DXSWPRWLY IU VHLQH 3HUVSHNWLYH PDFKW :LWW GLH %HREDFKWXQJ JHOWHQG GDVV GLH +XPDQLVWHQ KlXILJ GLH %HKHUUVFKXQJ GHV NODVVLVFKHQ 6WLOV ]XU 6HOEVWFKDUDNWHULVLHUXQJ DQJHIKUW KDEHQ XQGGDVVGLH9HUZHQGXQJNODVVLVFKHQ/DWHLQVHLQHQ+XPDQLVWHQDOVVROFKHQLGHQWLIL ]LHUWH YJO :LWW    ² 0LW GLHVHU %HREDFKWXQJ KDW :LWW ]ZHLIHOORV 5HFKW (U EHUVLHKW DOOHUGLQJV QDFK PHLQHU $QVLFKW GDVV GLH 2ULHQWLHUXQJ DP NODVVLVFKHQ 6WLO LGHDOIUGLHIUKHQ+XPDQLVWHQNHLQ6HOEVW]ZHFNZDUVRQGHUQLPPHUHLQHPZHLWHUHQ =ZHFN GLHQWH QlPOLFK GHU HWKLVFKHQ 9HUYROONRPPQXQJ GHV 0HQVFKHQ (V VFKHLQW PLU GDKHU ]X NXU] JHJULIIHQ GDV (QWVWHKHQ GHU KXPDQLVWLVFKHQ %HZHJXQJ DOV GLH (WDEOLHUXQJHLQHVOLWHUDULVFKHQ6WLOLGHDOV]XUHNRQVWUXLHUHQ

+XPDQLVWLVFKH0RUDOSKLORVRSKLHDOV*HJHQVWDQGGHU3KLORVRSKLHJHVFKLFKWH 



DQ&LFHURXQG6HQHFDRULHQWLHUWH9RUVWHOOXQJYRQ0RUDOSKLORVRSKLH'LHVH ZLUGLQVEHVRQGHUHGXUFKGLHLQVWLWXWLRQHOOHQ%HPKXQJHQXQGGHQH[WHQ VLYHQ%ULHIZHFKVHOYRQ6DOXWDWLNRQVROLGLHUWXQGYHUEUHLWHWGHUVLHGDPLW ]XJOHLFK ]X HLQHU %UJHUPRUDO ZHLWHUHQWZLFNHOW %UXQL VFKOLH‰OLFK JHOLQJW HV$ULVWRWHOHVGLH*DOLRQVILJXUGHU6FKRODVWLNXQGGHVVHQPRUDOSKLORVR SKLVFKH 9RUVWHOOXQJHQ LQ GDV KXPDQLVWLVFKH 'HQNHQ ]X LQWHJULHUHQ ,Q GLHVHP7HLOZHUGHQYRUDOOHPGLH6WUDWHJLHQGHU$EJUHQ]XQJXQWHUVXFKW GXUFK GLH VLFK GDV KXPDQLVWLVFKH 'HQNHQ QHEHQ DQGHUHQ )RUPHQ GHU *HOHKUVDPNHLWHWDEOLHUHQNRQQWH ,PGULWWHQ7HLOZHUGHQH[HPSODULVFKGUHL$XWRUHQYRUJHVWHOOWDQGH UHQ7H[WHQVLFKGLHZHLWUHLFKHQGHQ.RQVHTXHQ]HQIUGDVPRUDOSKLORVR SKLVFKH 'HQNHQ DEOHVHQ ODVVHQ GLH PLW GHP KXPDQLVWLVFKHQ 'HQNVWLO YHUEXQGHQ VLQG %HVWLPPWH 9RUJDEHQ HLQPDO DN]HSWLHUW HU|IIQHQ VLFK 'HQNUlXPHXQG'HQNP|JOLFKNHLWHQGLHXQWHUDQGHUHQ9RUDXVVHW]XQJHQ QLFKW HQWVWDQGHQ ZlUHQ 6ROFKH 'HQNUlXPH ILQGHQ LKUH *HVWDOWXQJ LQ NRQWURYHUV JHIKUWHQ 'LDORJHQ LQ GHQHQ 3RVLWLRQHQ YHUWUHWHQ ZHUGHQ N|QQHQ GLH PLW GHQ 9RUDXVVHW]XQJHQ XQG ,GHDOHQ GHV 'HQNVWLOV NRQ JUXHQW VLQG DEHU P|JOLFKHUZHLVH ]X .RQVHTXHQ]HQ IKUHQ GLH YRQ GHQ MHZHLOLJHQ $XWRUHQ QLFKW XQEHGLQJW LQWHQGLHUW VLQG 'LHV ]HLJW VLFK SDUD GLJPDWLVFK DQ GHQ 'LDORJHQ YRQ 3RJJLR %UDFFLROLQL EHU GLH +DEVXFKW XQG YRQ /RUHQ]R 9DOOD EHU GLH /XVW XQG GHQ 1XW]HQ GHV FKULVWOLFKHQ *ODXEHQV/HRQ%DWWLVWD$OEHUWLVFKOLH‰OLFKOHJWHLQHQ7H[WYRULQGHPGLH %HVWLPPXQJ GHU /HEHQVIKUXQJ DXI GHP .RQ]HSW GHU 6HOEVWHUKDOWXQJ EDVLHUW XQG DOOHLQ DQ GHU |NRQRPLVFKHQ 1XW]HQ XQG .RVWHQNDONXODWLRQ RULHQWLHUWLVW  'LH 8QWHUVXFKXQJ GHU JHQDQQWHQ $XWRUHQ XQWHU GHU 3HUVSHNWLYH GHV 'HQNVWLOVHUIRUGHUWGLH%HUFNVLFKWLJXQJYRQKHWHURJHQHQ$VSHNWHQ8P GDV VSH]LILVFKH 3URILO GHV 'HQNVWLOV GHU IUKKXPDQLVWLVFKHQ 0RUDOSKLOR VRSKLH]XEHVWLPPHQPVVHQJDQ]YHUVFKLHGHQH'LQJHLQGHQ%OLFNJH QRPPHQZHUGHQDXIGHULQKDOWOLFKHQ(EHQHVWHOOWVLFKGLH)UDJHZHOFKH 7KHPHQ XQG )UDJHVWHOOXQJHQ DOV EHGHXWVDP HUDFKWHW ZHUGHQ DXI GHU (EHQH GHU VSUDFKOLFKHQ 9HUPLWWOXQJ PXVV XQWHUVXFKW ZHUGHQ ZHOFKH 7H[W 'DUVWHOOXQJV XQG $UJXPHQWDWLRQVIRUPHQ EHYRU]XJW YHUZHQGHW ZHUGHQ+LQ]XNRPPHQEHVWLPPWH9RUDXVVHW]XQJHQ9RUDQQDKPHQXQG 8UWHLOHGLH5HOHYDQ]IUGHQYHUKDQGHOWHQ,QKDOWKDEHQHWZDGLH$N]HQ WXLHUXQJ GHV 6HOEVWGHQNHQV XQG GLH $XIZHUWXQJ GHU HLJHQHQ (UIDKUXQJ KLQVLFKWOLFK GHU %HZHUWXQJ HWKLVFKHU 1RUPHQ GLH $EZHUWXQJ GHU FRQ WHPSODWLR GHV EOR‰ 7KHRUHWLVFKHQ )RUPDOHQ GHU /RJLN XQG 6XEWLOLWlW ]X *XQVWHQGHUDFWLRGHU9HUVWlQGOLFKNHLWGHU1W]OLFKNHLWGHU$QZHQGEDU NHLWXQGGHU5KHWRULN(UVWLQGHU=XVDPPHQVFKDXGLHVHUYHUVFKLHGHQHQ (OHPHQWHGLHLQGHUYRUOLHJHQGHQ$UEHLWMHZHLOVLP.RQWH[WGHU8QWHUVX



(LQOHLWXQJ

FKXQJHLQHV$XWRUVYHUKDQGHOWZHUGHQOlVVWVLFKVRHWZDVZLHGDVVSH]LIL VFKH3URILOGHUKXPDQLVWLVFKHQ0RUDOSKLORVRSKLHJHZLQQHQ 0LW GHU %HWRQXQJ GHUMHQLJHQ 'HQNHOHPHQWH GLH HLQH VSH]LILVFKH $XVZLUNXQJDXIGLH0RUDOSKLORVRSKLHKDEHQWUHWHQDQGHUH(OHPHQWHGLH EOLFKHUZHLVH PLW KXPDQLVWLVFKHP 'HQNHQ LQ 9HUELQGXQJ JHEUDFKW ZHU GHQZLHLKUHUKHWRULVFKHQXQGVWLOLVWLVFKHQ.RPSHWHQ]HQLQGHQ+LQWHU JUXQGXQGZHUGHQKLHUQXUDP5DQGHXQGLQVRIHUQLQGHQ%OLFNJHQRP PHQ DOV VLH IU GLH $XVELOGXQJ GLHVHU )RUP YRQ 0RUDOSKLORVRSKLH UHOH YDQWVLQG

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 1HXDQIDQJRGHU.RQWLQXLWlW" (LQ]HOQH'HQNHURGHUHLQHEHVWLPPWH*UXSSHYRQ'HQNHUQ²ZLHKLHUGLH +XPDQLVWHQ ² DXV GHP .RQWLQXXP GHU *HVFKLFKWH KHUDXV]XO|VHQ XQG DE]XJUHQ]HQELUJWLPPHUGLH*HIDKULQVLFKGXUFKHLQVHLWLJH$N]HQWXLH UXQJHQ]XYHU]HUUHQ:LHLQMQJHUHQ)RUVFKXQJHQ]X5HFKWEHWRQWZXU GHJDEHVDXFKLP0LWWHODOWHU'HQNHUGLHVLFKPLWVSH]LILVFKKXPDQLVWL VFKHQ 7KHPHQ XQG 0HWKRGHQ EHVFKlIWLJW KDEHQ (LQH JHZLVVH 6NHSVLV JHJHQEHU HLQHU HPSKDWLVFKHQ %HWRQXQJ HLQHV 1HXDQIDQJV EHL GHQ +X PDQLVWHQGHVXQG-DKUKXQGHUWVLVWGDKHUJHZLVVOHJLWLP 'LH+XPDQLVWHQVLQGVLFKHUOLFKQLFKWSO|W]OLFKÄYRP+LPPHOJHIDOOHQ¶ YLHOPHKU YHUGLFKWHQVLFK LP  LP  -DKUKXQGHUW 7HQGHQ]HQ GLH YRU GHPDXIGLHHLQHRGHUDQGHUH:HLVHDXFKVFKRQYRUKDQGHQZDUHQ$QGHUV MHGRFKDOVLKUH9RUJlQJHULPRGHULP-DKUKXQGHUWELOGHQGLH+X PDQLVWHQ GHV  XQG GHV  -DKUKXQGHUWV HLQH HLJHQH XQG VSH]LILVFKH LQWHOOHNWXHOOH.ODVVHGLHVLFKVHOEVWDOVVROFKHYHUVWDQGHQXQGSUlVHQWLHUW KDW XQG GLH VLFK H[SOL]LW DOV $OWHUQDWLYH ]XU XQLYHUVLWlUHQ *HOHKUVDPNHLW YHUVWHKW 'DPLWLVWEHUHLWVHLQZHLWHUHV$EJUHQ]XQJVSUREOHPYHUEXQGHQGHQQ DXFKLQ+LQEOLFNDXILKUH=HLWJHQRVVHQ²GKGLHSURIHVVLRQHOOHQ3KLORVR SKHQDQGHQ8QLYHUVLWlWHQ²VFKHLQWGLH,VROLHUXQJGHU+XPDQLVWHQ9HU ]HUUXQJHQ]XHYR]LHUHQ'HQQGLH+XPDQLVWHQOHEHQQLFKWLQHLQHPNXOWX UHOOHQ XQG KLVWRULVFKHQ 9DNXXP VRQGHUQ KDEHQ LQ GHQ =HLWHQ YRQ 8P EUFKHQXQG.ULVHQGHUVSlWPLWWHODOWHUOLFKHQ3KLORVRSKLHDOWHUQDWLYH.RQ ]HSWHHQWZLFNHOW8QGDXFKGLH6FKXOSKLORVRSKLHXQGLKUH5HSUlVHQWDQWHQ

 

9JO]%YRQ0RRV   9JOKLHU]XJHQDXHUZHLWHUXQWHQGDV.DSLWHO,,]X3HWUDUFD



(LQOHLWXQJ

FKXQJHLQHV$XWRUVYHUKDQGHOWZHUGHQOlVVWVLFKVRHWZDVZLHGDVVSH]LIL VFKH3URILOGHUKXPDQLVWLVFKHQ0RUDOSKLORVRSKLHJHZLQQHQ 0LW GHU %HWRQXQJ GHUMHQLJHQ 'HQNHOHPHQWH GLH HLQH VSH]LILVFKH $XVZLUNXQJDXIGLH0RUDOSKLORVRSKLHKDEHQWUHWHQDQGHUH(OHPHQWHGLH EOLFKHUZHLVH PLW KXPDQLVWLVFKHP 'HQNHQ LQ 9HUELQGXQJ JHEUDFKW ZHU GHQZLHLKUHUKHWRULVFKHQXQGVWLOLVWLVFKHQ.RPSHWHQ]HQLQGHQ+LQWHU JUXQGXQGZHUGHQKLHUQXUDP5DQGHXQGLQVRIHUQLQGHQ%OLFNJHQRP PHQ DOV VLH IU GLH $XVELOGXQJ GLHVHU )RUP YRQ 0RUDOSKLORVRSKLH UHOH YDQWVLQG

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 1HXDQIDQJRGHU.RQWLQXLWlW" (LQ]HOQH'HQNHURGHUHLQHEHVWLPPWH*UXSSHYRQ'HQNHUQ²ZLHKLHUGLH +XPDQLVWHQ ² DXV GHP .RQWLQXXP GHU *HVFKLFKWH KHUDXV]XO|VHQ XQG DE]XJUHQ]HQELUJWLPPHUGLH*HIDKULQVLFKGXUFKHLQVHLWLJH$N]HQWXLH UXQJHQ]XYHU]HUUHQ:LHLQMQJHUHQ)RUVFKXQJHQ]X5HFKWEHWRQWZXU GHJDEHVDXFKLP0LWWHODOWHU'HQNHUGLHVLFKPLWVSH]LILVFKKXPDQLVWL VFKHQ 7KHPHQ XQG 0HWKRGHQ EHVFKlIWLJW KDEHQ (LQH JHZLVVH 6NHSVLV JHJHQEHU HLQHU HPSKDWLVFKHQ %HWRQXQJ HLQHV 1HXDQIDQJV EHL GHQ +X PDQLVWHQGHVXQG-DKUKXQGHUWVLVWGDKHUJHZLVVOHJLWLP 'LH+XPDQLVWHQVLQGVLFKHUOLFKQLFKWSO|W]OLFKÄYRP+LPPHOJHIDOOHQ¶ YLHOPHKU YHUGLFKWHQVLFK LP  LP  -DKUKXQGHUW 7HQGHQ]HQ GLH YRU GHPDXIGLHHLQHRGHUDQGHUH:HLVHDXFKVFKRQYRUKDQGHQZDUHQ$QGHUV MHGRFKDOVLKUH9RUJlQJHULPRGHULP-DKUKXQGHUWELOGHQGLH+X PDQLVWHQ GHV  XQG GHV  -DKUKXQGHUWV HLQH HLJHQH XQG VSH]LILVFKH LQWHOOHNWXHOOH.ODVVHGLHVLFKVHOEVWDOVVROFKHYHUVWDQGHQXQGSUlVHQWLHUW KDW XQG GLH VLFK H[SOL]LW DOV $OWHUQDWLYH ]XU XQLYHUVLWlUHQ *HOHKUVDPNHLW YHUVWHKW 'DPLWLVWEHUHLWVHLQZHLWHUHV$EJUHQ]XQJVSUREOHPYHUEXQGHQGHQQ DXFKLQ+LQEOLFNDXILKUH=HLWJHQRVVHQ²GKGLHSURIHVVLRQHOOHQ3KLORVR SKHQDQGHQ8QLYHUVLWlWHQ²VFKHLQWGLH,VROLHUXQJGHU+XPDQLVWHQ9HU ]HUUXQJHQ]XHYR]LHUHQ'HQQGLH+XPDQLVWHQOHEHQQLFKWLQHLQHPNXOWX UHOOHQ XQG KLVWRULVFKHQ 9DNXXP VRQGHUQ KDEHQ LQ GHQ =HLWHQ YRQ 8P EUFKHQXQG.ULVHQGHUVSlWPLWWHODOWHUOLFKHQ3KLORVRSKLHDOWHUQDWLYH.RQ ]HSWHHQWZLFNHOW8QGDXFKGLH6FKXOSKLORVRSKLHXQGLKUH5HSUlVHQWDQWHQ

 

9JO]%YRQ0RRV   9JOKLHU]XJHQDXHUZHLWHUXQWHQGDV.DSLWHO,,]X3HWUDUFD

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 



ZDQGHOWHQVLFKZHQQDXFKQDFKHLQHPDQGHUHQ5K\WKPXVXQGPLWHLQHU DQGHUHQ=LHOSHUVSHNWLYHDOVGLHKXPDQLVWLVFKH3KLORVRSKLH ,QGHU)UDJHQDFKHLQHPKXPDQLVWLVFKHQ1HXDQIDQJRGHUHLQHU.RQ WLQXLWlW GHU *HVFKLFKWH ZLUG LQ GHU YRUOLHJHQGHQ 6WXGLH NHLQH UDGLNDOH 3RVLWLRQHLQJHQRPPHQ:HGHUVROOEHKDXSWHWZHUGHQGDVVGLH+XPDQLV WHQGLH3KLORVRSKLHQHXHUIXQGHQKDEHQQRFKGDVVVLHQXUGDVZHLWHUIK UHQZDVEHUHLWVDQGHUHYRULKQHQJHWDQKDEHQ(VZLUGYLHOPHKUEHKDXS WHWGDVVGLH+XPDQLVWHQLQHLQHUJDQ]EHVWLPPWHQKLVWRULVFKHQ6LWXDWLRQ GHQ:LOOHQKDWWHQVLFKVHOEVWLQH[SOL]LWHU'LIIHUHQ]]XU]HLWJHQ|VVLVFKHQ 3KLORVRSKLH ]X VWLOLVLHUHQ 'LHVHU 6WLOZLOOH XQWHUVFKHLGHW VLH VRZRKO YRQ IUKHUHQÄ+XPDQLVWHQ¶GHV-DKUKXQGHUWVDOVDXFKYRQ]HLWJHQ|VVLVFKHQ 8QLYHUVLWlWVSKLORVRSKHQ PLW KXPDQLVWLVFKHQ ,QWHUHVVHQ ,QGHP HV LKQHQ JHODQJ GLHVHQ 6WLO QHEHQ EHUHLWV EHVWHKHQGHQ )RUPHQ GHU LQWHOOHNWXHOOHQ %HWlWLJXQJ]XHWDEOLHUHQVFKXIHQVLHGLH9RUDXVVHW]XQJHQIUGLH%HWUDFK WXQJYRQPRUDOSKLORVRSKLVFKHQ7KHPHQXQWHUDQGHUHQXQGQHXHQ%HGLQ JXQJHQ 'DPLWQLFKWGHU(LQGUXFNHQWVWHKWDOVUHSURGX]LHUHGLHVH$UEHLWQXU GHQ 6WLOZLOOHQ GHU +XPDQLVWHQ LQGHP KLHU DOOHLQ GLH 8QWHUVFKLHGH ]ZL VFKHQXQLYHUVLWlUHUXQGKXPDQLVWLVFKHU3KLORVRSKLHEHWRQWZUGHQVHLHQ LP)ROJHQGHQHLQLJHVNL]]HQKDIWH%HPHUNXQJHQHUODXEWGLHDXIGLH1lKH GHUEHLGHQ'HQNZHLVHQKLQZHLVHQ =HLWJHQ|VVLVFKHV8PIHOG 'DVVVLFKEHUHLWVLQQHUKDOEGHUVFKRODVWLVFKHQ3KLORVRSKLH(QWZLFNOXQJHQ YROO]LHKHQ GLH DXI GLH NRPPHQGH KXPDQLVWLVFKH %HZHJXQJ YHUZHLVHQ ZLUGLQGHU)RUVFKXQJ]XVSlWPLWWHODOWHUOLFKHQ$XWRUHQ]ZDUJHOHJHQWOLFK DQJHPHUNW DEHU NDXP JHQDXHU LQ GHQ %OLFN JHQRPPHQ ,P )ROJHQGHQ VROOHQ HLQLJH GLHVEH]JOLFKH %HREDFKWXQJHQ JHEQGHOWXQG NXU] VNL]]LHUW ZHUGHQ   =XQlFKVW ZHUGHQ HLQLJH KLVWRULVFKH XQG IRUPDOH %HPHUNXQ JHQ JHPDFKW GLH EHOHJHQ ZLH VLFK GLH ,QWHUHVVHQ XQG $XIJDEHQJHELHWH YRQ8QLYHUVLWlWVSKLORVRSKHQ²KLHUDP%HLVSLHOGHU3DULVHU8QLYHUVLWlW² LP  -DKUKXQGHUW YHUlQGHUW XQG DXVJHZHLWHW KDEHQ   'DQQ ZLUG DQ KDQG GHU HWKLVFKHQ hEHUOHJXQJHQ 2FNKDPV H[HPSODULVFK VNL]]LHUW ZLH VLFKGDVHWKLVFKH'HQNHQLQKDOWOLFKDXI%HJULIIHXQG.RQ]HSWH]XEHZHJW GLH LP +XPDQLVPXV ]X ]HQWUDOHU %HGHXWXQJ JHODQJHQ 'LHVH %HPHUNXQ JHQVROOHQQLFKWGHQ6FKOXVVQDKHOHJHQ]ZLVFKHQ+XPDQLVWHQXQG6FKR ODVWLNHUQKlWWHLP*UXQGHNHLQ8QWHUVFKLHGEHVWDQGHQ6LHVROOHQOHGLJOLFK 

%H]JOLFK 2FNKDP YJO 0OOHU   ]X %XULGDQ YJO 7KRUQGLNH   XQG 3OXWD  ]X2UHVPHYJO0HQXWLQ2UHVPH  



(LQOHLWXQJ

]HLJHQ GDVV GLH )URQWHQ ]ZLVFKHQ 6FKRODVWLN XQG +XPDQLVPXV QLFKW VR JHUDGOLQLJYHUODXIHQZLHHV²QLFKW]XOHW]WDXFKDXIJUXQGGHUGLHVEH]JOL FKHQ3ROHPLNGHU+XPDQLVWHQVHOEVW²ELVZHLOHQLQGHU)RUVFKXQJQDKH JHOHJW ZLUG XQG GDVV HUVW GXUFK HLQHQ GLIIHUHQ]LHUWHQ 9HUJOHLFK GHU ² VRZHLW GLHV P|JOLFK LVW ² DXI XQVDFKOLFKH 9HUNU]XQJHQ ]XJXQVWHQ GHU HLQHQRGHUDQGHUHQ6HLWHYHU]LFKWHWGLHVSH]LILVFKHQ8QWHUVFKLHGHGHXWOLFK KHUYRUWUHWHQ 3DULVHU6FKRODVWLNHUPLWÄKXPDQLVWLVFKHQ·,QWHUHVVHQXQG$XIJDEHQ *HJHQ(QGHGHVXQGLQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVDUWLNX OLHUW VLFK LQ 3DULV LQQHUKDOE GHU XQLYHUVLWlUHQ 3KLORVRSKLH HLQ YHUVWlUNWHV ,QWHUHVVHDQGHU5KHWRULNDOVVSH]LILVFKHU0HWKRGHGHV'HQNHQVDQGHQ .ODVVLNHUQGHUODWHLQLVFKHQ$QWLNHXQGDQGHU9XOJDULVLHUXQJODWHLQLVFKHU ZLVVHQVFKDIWOLFKHU 7H[WH GXUFK hEHUVHW]XQJHQ LQV )UDQ]|VLVFKH (QJ YHUEXQGHQ PLW GLHVHQ IUKHQ ,PSXOVHQ ZHQQJOHLFK QLFKW DOOHLQ GDUDXI ]XUFN]XIKUHQLVWGLH*HVFKLFKWHGHV&ROOqJHGH1DYDUUHZHOFKHV ²GHP*HEXUWVMDKU)UDQFHVFR3HWUDUFDV²DOV6WLIWXQJGHU.|QLJLQ-HDQQH GH1DYDUUHGHU)UDX3KLOLSSVGHV6FK|QHQJHJUQGHWZXUGHXQGZRHLQ EHVRQGHUHU:HUWDXIVSUDFKOLFKH%LOGXQJJHOHJWZXUGH$XVGLHVHP&RO OqJHVLQGQLFKWQXUIDVWDOOHEHGHXWHQGHQIUKHQIUDQ]|VLVFKHQ+XPDQLV WHQKHUYRUJHJDQJHQZLH-HDQGH0RQWUHXLOXQG-HDQGH+XVGLQVRQGHUQ DXFK VROFKH LQQRYDWLYHQ *HLVWHU XQG 9HUWUHWHU GHU DULVWRWHOLVFKHQ 6FKXO SKLORVRSKLHZLH-HDQGH-DQGXQ1LFROH2UHVPH3LHUUHG·$LOO\XQG-HDQ *HUVRQ $OV N|QLJOLFKH 6WLIWXQJ ZXUGHQ GLH 6WLSHQGLDWHQ YRP FRQIHVVHXU GX URL DXVJHZlKOWGDKHULVWHVDXFKHUNOlUOLFKZHVKDOEVRYLHOH$EVROYHQWHQLP N|QLJOLFKHQ'LHQVWVWDQGHQ(LQHUYRQLKQHQGHU²ZHQQJOHLFKHUIROJORV² YHUVXFKWHLQN|QLJOLFKH'LHQVWH]XWUHWHQZDU-HDQGH-DQGXQ FD  -DQGXQEHPKWHVLFK)UHXQGHXQG*|QQHUDX‰HUKDOEGHU8QLYHU VLWlW]XILQGHQ,P1RYHPEHUGHV-DKUHVYHUIDVVWHHUHLQHQ7H[W=XP /REGHU6WDGW3DULVZHOFKHQHUGHPIUDQ]|VLVFKHQ.|QLJZLGPHWH$QODVV GHU6FKULIWELOGHWHGLH%HPHUNXQJHLQHV)UHXQGHVYRQ-DQGXQGLHGLHVHU PDFKWH DOV VLFK -DQGXQ LQ GHU 3URYLQ] DXIKLHOW TXRG HVVH 3DULVLXV HVW HVVH VLPSOLFLWHU HVVH DOLEL HVW HVVH QRQ QLVL VHFXQGXP TXLG 'HU .|QLJ ]HLJWH VLFK MHGRFKZHQLJHULQWHUHVVLHUWDOVYRQ-DQGXQHUKRIIWXQGVREOLHEHUKDXSW 

=XU %HGHXWXQJ GHV &ROOqJH GH 1DYDUUH IU GLH $XVELOGXQJ GHV IUDQ]|VLVFKHQ )UK KXPDQLVPXVYJOGLH$UEHLWHQYRQ*LOEHUW2X\  XQG    'HU7H[WOLHJWLQJHGUXFNWHU)DVVXQJYRUVLHKH-DQGXQ    9JO6FKPXJJH  

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 



VlFKOLFK DQ GHU 8QLYHUVLWlW WlWLJ 1HEHQ GHU 1DWXUSKLORVRSKLH LQ GHU HU HLQHQ UDGLNDOHQ 6WDQGSXQNW YHUWUDW IU GHQ HU EHUKPW XQG VFKOLH‰OLFK DXFKDQJHJULIIHQZXUGHLQWHUHVVLHUWHVLFK-DQGXQMHGRFKDXFKIU5KHWR ULNXQG0RUDOSKLORVRSKLH(VLVWYRUDOOHPVHLQHPHQJHQ9HUKlOWQLV]X 0DUVLOLXV YRQ 3DGXD ]X]XVFKUHLEHQ GDVV VHLQH DNDGHPLVFKH .DUULHUH HLQ MlKHV(QGHQDKP 0DUVLOLXV YRQ 3DGXD JHVW   XQG -HDQ GH -DQGXQ KDEHQ K|FKVWZDKUVFKHLQOLFK JHPHLQVDP VWXGLHUW 0DUVLOLXV GHU 6RKQ HLQHV 3DGXDQHU1RWDUVZDU5HNWRUGHU8QLYHUVLWlWYRQ3DULVXQGDX ‰HUGHPDOV$U]WWlWLJMHGRFKYROOHQGHWHHUHLQ:HUNPLWGHPHUVLFK LQGLH3ROLWLNVHLQHU=HLWHLQPLVFKWHXQGLQGHP.RQIOLNWXPGLH0DFKW YHUKlOWQLVVH]ZLVFKHQ3DSVWXQG.DLVHUDXIJUXQGYRQDULVWRWHOLVFKHQ9RU DXVVHW]XQJHQIU GLH 6RXYHUlQLWlW GHV OHW]WHUHQ DUJXPHQWLHUWH $OV PDQ ]ZHL-DKUHVSlWHUQDFKGHP$XWRUGHVDQRQ\PHUVFKLHQHQHQ'HIHQVRUSD FLVVXFKWHYHUOLH‰QLFKWQXU0DUVLOLXVYRQ3DGXDVRQGHUQDXFK-HDQGH -DQGXQIOXFKWDUWLJ3DULV6LHEHJDEHQVLFKLQGLH2EKXWGHV.DLVHUV/XG ZLJVGHV%D\HUQ =ZHL-DKUHVSlWHUVWLH‰HLQZHLWHUHULQWHOOHNWXHOOHU)OFKWOLQJ]X LKQHQ 'HU 3KLORVRSK XQG 7KHRORJH :LOKHOP YRQ 2FNKDP JHVW XP  EHIDQGVLFKPLWWHQLQVHLQHUXQLYHUVLWlUHQ/DXIEDKQDOVHUPLW GHU .XULH ZHJHQ DQJHEOLFK KlUHWLVFKHU $XVVDJHQ LQ .RQIOLNW JHULHW (U ZXUGHQDFK$YLJQRQGHP6LW]GHV3DSVWHV]LWLHUWIOFKWHWHDEHUYRQGRUW QDFK %D\HUQ DOV IU LKQ NODU ZXUGH GDVV HU GLH 3RVLWLRQ GHV 3DSVWHV LP 6WUHLW XP GLH ,GHH GHU UDGLNDOHQ $UPXW &KULVWL EHNlPSIHQ PXVVWH 9RQ ELV]XVHLQHP7RGXQGZlKUHQGVHLQHV$XIHQWKDOWVDPED\HULVFKHQ +RIYHUIDVVWH2FNKDPSROLWLVFKH6FKULIWHQLQGHQHQHU6WHOOXQJ]XSROLWL VFKHQ.RQIOLNWHQVHLQHU=HLWEH]RJ6HLQYRQLKPVHOEVWLPPHUZLHGHUDOV +DXSWZHUNEHWLWHOWHU'LDORJXVLVWQLFKWQXUZHJHQGHULQLKPYHUWUHWHQHQ 3RVLWLRQHQ EHPHUNHQVZHUW VRQGHUQ LP YRUOLHJHQGHQ .RQWH[W DXFK GHV KDOE ZLFKWLJ ZHLO 2FNKDP KLHU QLFKW WKHRUHWLVFK XQGV\OORJLVWLVFKGHGX ]LHUHQGDUJXPHQWLHUWVRQGHUQLQ)RUPHLQHV*HVSUlFKHVYHUVXFKWGXUFK H[HPSODXQGFDVXV]XEHU]HXJHQ   

  

9JOZHLWHUXQWHQ.DSLWHO, 9JO6FKPXJJH   0DUVLOLXV· LQQRYDWLYH ,GHHQ EHUXKHQ QLFKW DOOHLQ DXI VHLQHP $ULVWRWHOHVVWXGLXP VRQ GHUQ]XHLQHPQLFKWXQHUKHEOLFKHQ7HLODXFKDXIGHULKPDXVVHLQHU+HLPDWVWDGWEH NDQQWHQ NRPPXQDOHQ SROLWLVFKHQ 3UD[LV 0DUVLOLXV KDWWH ]XGHP .RQWDNW ]X HLQLJHQ 3DGXDQHU+XPDQLVWHQGLHJDQ]lKQOLFKH,GHHQYHUWUDWHQZHQQDXFKDXIDQGHUH:HL VHXQGLQDQGHUHQ7H[WHQYJOKLHU]X:LWW  XQG0DUDQJRQ   9JO0DUVLOLXVGH3DGXD'HIHQVRUSDFLVKJ5LFKDUG6FKRO]+DQQRYHU+DKQ 9JO0LHWKNHLQ:LOKHOPYRQ2FNKDP  I =X)RUPXQG0HWKRGHGHV'LDORJXVYJO0LHWKNHLQ:LOKHOPYRQ2FNKDP  



(LQOHLWXQJ

:lKUHQG GLHVHU SROLWLVFKHQ :LUUHQ GLH ]X JUR‰HQ %UFKHQ LQ GHQ %LRJUDSKLHQ ]DKOUHLFKHU *HOHKUWHU IKUWHQ JHODQJ HV HLQHP ZHLWHUHQ 6WL SHQGLDW GHV &ROOqJH GH 1DYDUUH 1LFROH 2UHVPH JHVW   VRZRKO DQ GHU8QLYHUVLWlWDOVDXFKDPIUDQ]|VLVFKHQ.|QLJVKRI0DFKWXQG$QVHKHQ ]X HUODQJHQ 1DFKGHP HU HLQHQ 7UDNWDW EHUGLH *HOGHQWZHUWXQJ ² HLQ ]XUGDPDOLJHQ=HLWK|FKVWDNWXHOOHVXQGEULVDQWHV7KHPD²YHUIDVVWKDWWH ZXUGHHUYRQ&KDUOHV9EHDXIWUDJWGLHPRUDOSKLORVRSKLVFKHQ:HUNHGHV $ULVWRWHOHV²QlPOLFKGLH(WKLNGLHgNRQRPLHXQGGLH3ROLWLN²VRZLHGHV VHQ7UDNWDWhEHUGHQ+LPPHOLQV)UDQ]|VLVFKH]XEHUWUDJHQ2UHVPHNDP GLHVHP $XIWUDJ QDFK XQG OHJWH GLH 7H[WH LQ IUDQ]|VLVFKHU hEHUVHW]XQJ VDPW9RUZRUWXQGHUNOlUHQGHP.RPPHQWDUYRULQGHPHUVLFKLQVEHVRQ GHUHDQHLQQLFKWXQLYHUVLWlUYRUJHELOGHWHV/DLHQSXEOLNXPULFKWHWH 2UHVPH EHJLQQW VHLQ 9RUZRUW ]XU hEHUVHW]XQJ GHU (WKLN PLW HLQHU 'HGLNDWLRQDQ&KDUOHV9XQGHLQHP+LQZHLVDXIGHQ9HUIDVVHUGHV7H[ WHV(UIKUWQLFKWHWZDDQGDVV$ULVWRWHOHVGLH:LVVHQVFKDIWYRQGHU0R UDOEHJUQGHWKDEHRGHUGDVVHUGLH]HQWUDOH$XWRULWlWLQGHU]HLWJHQ|VVL VFKHQ3KLORVRSKLHVHLVRQGHUQHUSUlVHQWLHUW$ULVWRWHOHVDOV3ULQ]HQEHUD WHU QlPOLFK DOV 5DWJHEHU YRQ $OH[DQGHU GHP *UR‰HQ 'LH (WKLN VR IlKUWHUIRUWVHLGLHEHVWHZUGHYROOVWHXQGQW]OLFKVWH:LVVHQVFKDIWXQG $ULVWRWHOHVKDEHGD]XGLHEHVWHQ7H[WHYHUIDVVW 'DGHU7H[WDXI/DWHLQVFKZLHULJ]XOHVHQVHLKDEHLKQGHU.|QLJDXI JHIRUGHUWHLQHhEHUVHW]XQJYRU]XOHJHQGDPLWHUVHLQH%HUDWHUXQGDXFK DOOH DQGHUHQ GHQ 7H[W EHVVHU YHUVWHKHQ N|QQWHQ 2UHVPH HQWVFKXOGLJW VLFK EHL GHP /HVHU IU GLH 9HUVWlQGQLVVFKZLHULJNHLWHQ GLH HQWVWHKHQ ZHQQPDQHLQHQ7H[WEHUVHW]WHUKlOWMHGRFKGDV9RUKDEHQ$ULVWRWHOHV 

1LFROH 2UHVPH 'H PXWDWLRQH PRQHWDUXP ODWGW  EHUV :ROIUDP %XUFNKDUGW %HUOLQ .DGPRV  2UHVPH/H/LYUHGH(WKLTXHVG·$ULVWRWHÅ(QODFRQILDQFHGHO·DLGHGH1RVWUH6HLJQHXU -KHVX&ULVWGXFRPPDQGHPHQWGHWUHVQREOHHWWUHVH[FHOOHQWSULQFH&KDUOHVSDUOD JUDFHGH'LHXUR\GH)UDQFHMHSURSRVHWUDQVODWHUGHODWLQHQIUDQoRLVDXFXQVOLYUHV OHVTXHO[ILVW$ULVWRWHOHVRXYHUDLQSKLORVRSKHTXLIXGRFWHXUHWFRQVHLOOLHUGXJUDQWUR\ $OH[DQGUH´2UHVPH    Å(WGHWRXWHFHVWHGRFWULQHODPHLOOHXUODSOXVGLJQHHWODSOXVSURILWDEOHF·HVWODVFLHQ FHGHPRUDOLWpFRQWHQXHSDUHVSHFLDOHWSULQFLSDOPHQWHQXQOLYUHGLYLVpHQGHX[TXL VRQWDSSHOpV(WKLTXHVHW3ROLWLTXHV/H/LYUHGH(WKLTXHVF·HVWOLYUHGHERQQHVPHXUVOLYUH GH YHUWXV RXTXHO LO HQVHLJQH VHORQ UDLVRQ QDWXUHO ELHQ IDLUH HW HVWUH EHQHXUp HQ FH PRQGH (W SROLWLTXHV F·HVW DUW HW VFLHQFH GH JRXYHUQHU UR\DXPHV HW FLWp] HW WRXWHV FRPPXQLWp](WQHWUHXYHO·HQSDVGHFHVWHVFLHQFHOLYUHVSOXVUDLVRQQDEOHPHQWDUWLIL FLDOPHQWHWFRPSOHFWHPHQWFRPSRVp]TXHVRQWOHVOLYUHV$ULVWRWH´(EG  Å0DLVSRXUFHTXHOHVOLYUHVPRUDOVGH$ULVWRWHIXUHQWIDL]HQJUHFHWQRXVOHVDYRQV HQODWLQPRXOWIRUWDHQWHQGUHOH5R\DYRXOXSRXUOHELHQFRPPXQIDLUHOHVWUDQVOD WHU HQ IUDQoRLV DILQ TXH LO HW VHV FRQVHLOOLHUV HW DXWUHV OHV SXLVVHQW PLHXO[ HQWHQGUH PHVPHPHQW (WKLTXHV HW 3ROLWLTXHV GHVTXHOV FRPPHV GLW HVW OH SUHPLHU DSUHQW HVWUH ERQKRPPHHWO·DXWUHHVWUHERQSULQFH´(EGI

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 



LQV)UDQ]|VLVFKH]XEHUVHW]HQIUlX‰HUVWVLQQYROOGDHVÅHLQHHGOH6SUD FKH LVW GLH YRQ YLHOHQ JUR‰HQ *HLVWHUQ XQG NOXJHQ /HXWHQ´ JHVSURFKHQ ZHUGHGLH²VRN|QQWHPDQKLQ]XIJHQ²QLFKWEHUDXVUHLFKHQGH/DWHLQ NHQQWQLVVHYHUIJHQ6FKOLH‰OLFKEHPHUNW2UHVPHDP(QGHGHV7H[WHV GDVVHUGHP:HUNHLQ5HJLVWHU²7DEOHGHVPR]GLYHUVHWHVWUDQJHV²KLQ]XJH IJWKDEHGDPLWDXFKGLHZHQLJHU*HEWHQGHP7H[WIROJHQN|QQHQ 2UHVPH KDW PLW VHLQHU hEHUVHW]XQJ VDPW .RPPHQWDU GHQ DULVWRWHOL VFKHQ7H[WIUHLQ/DLHQSXEOLNXPGKIUGHQ+RIYRQ&KDUOHV9]X JlQJOLFKJHPDFKW(WKLNZDUHWZDVZDVQLFKWQXUGLH9HUIDVVHUYRQWKHR UHWLVFKHQ $EKDQGOXQJHQ DQJLQJ VRQGHUQ VLH ZDU DXFK IU )UVWHQ XQG %UJHUYRQ%HODQJ8QGHVKDW2UHVPHRIIHQEDUJHUHL]WDXFKLQGLHVHP QLFKWDNDGHPLVFKHQ.RQWH[WZLUNHQ]XN|QQHQ  'LHVH+LQZHLVHVROOHQJHQJHQXP]XEHOHJHQGDVVVFKRODVWLVFKH3KLOR VRSKHQPHKUJHPDFKWKDEHQDOVEOR‰H7H[WH[HJHVHRKQH5HDOLWlWVEH]XJ PLWGHQ0LWWHOQGHU'LDOHNWLN=HQWUDOH9HUWUHWHUGHUVFKRODVWLVFKHQ3KLOR VRSKLH GHV -DKUKXQGHUWV ZDUHQ NHLQH EOR‰ NRQWHPSODWLYHQ 6WXEHQJH OHKUWHQ GLH ZHOWIUHPGH 7H[WH YHUIDVVW KDEHQ JDQ] LP *HJHQWHLO HLQLJH YRQ LKQHQ ZDUHQ WHLOV IUHLZLOOLJ WHLOV DXIJUXQG YRQ LKQHQ DXIHUOHJWHQ =ZlQJHQDXFKDX‰HUKDOEGHU8QLYHUVLWlWWlWLJXQGKDEHQDNWLYDP=HLWJH VFKHKHQLKUHU*HJHQZDUWGXUFKGDV9HUIDVVHQYRQPRUDOSKLORVRSKLVFKHQ XQGSROLWLVFKHQ7H[WHQPLWJHZLUNW 'LHVHgIIQXQJGHU*HOHKUVDPNHLWGLHYRUDOOHPDQ$ULVWRWHOHVDXVJH ULFKWHWZDUKLQ]XHLQHPQHXHQ3XEOLNXPIKUWHDXFK]XHLQHU9HUlQGH UXQJ GHV :LVVHQV 'HQQ HLQ QHXHU .RQWH[W EULQJW DXFK LPPHU HLJHQH 9HUIDKUHQ =LHOH XQG 0HWKRGHQ PLW VLFK DXI WKHRUHWLVFKH 6XEWLOLWlWHQ ZLUG]XJXQVWHQGHU'HXWOLFKNHLWXQG9HUVWlQGOLFKNHLWYHU]LFKWHW 'LHKLHUEHLVSLHOKDIWDQJHIKUWHQ'HQNHUKDEHQVLFKDOOHDXIGLHHLQH RGHUDQGHUH:HLVHYRQGHU/HEHQVIRUPDOV8QLYHUVLWlWVJHOHKUWHUHQWIHUQW XQG7H[WHYHUIDVVWGLHQLFKWDOVZLVVHQVFKDIWOLFKH7H[WHJHVFKULHEHQZXU GHQXQGPLWGHQHQVLHVLFKDQHLQQLFKWDNDGHPLVFKHV3XEOLNXPJHULFKWHW KDEHQ 'RFK NHLQHU YRQ GLHVHQ 'HQNHUQ KDW VLFK LP *HJHQVDW] ]XU 

Å(WSRXUFHUWDLQWUDQVODWHUWHO]OLYUHVHQIUDQoRLVHWEDLOOLHUHQIUDQoRLVOHVDUWVHWOHV VFLHQFHVHVWXQODEHXUPRXOWSURIILWDEOHFDUF·HVWXQODQJDJHQREOHHWFRPPXQDJHQ] GHJUDQWHQJLQHWGHERQQHSUXGHQFH´(EG  Å3RXU FHVWH VFLHQFH SOXV FOHUHPHQW HQWHQGUH MH YXHLO GH KDERQGDQW HVSRVHU DXFXQV PR]VHORQO·RUGUHGHO·DEFOHVTXHO]SDUDYHQWXUHVHPEOHURLHQWREVFXUVDDXFXQVTXL QHVRQWSDVH[FHUFLWp]HQFHVWHVFLHQFHMDVRLWFHTXHLOQ·\DLWULHQREVFXUFHPHVHP EOHTXDQWDFHXOVTXLVHURLHQWLSHXDFRXVWXPpVDOLUHHQFHVWOLYUH´(EG  9JOKLHU]XHWZDGLH%HPHUNXQJHQYRQ2UHVPHLQVHLQHP.RPPHQWDU]XU(WKLN]X VHLQHU(QWVFKHLGXQJDXIHLQHDXVIKUOLFKH(U|UWHUXQJHLQHU3UREOHPDWLN]XYHU]LFK WHQGDVLHQLFKW]XP9HUVWlQGQLVGHV7H[WHVEHLWUDJHQZUGHYJO2UHVPH   XQG



(LQOHLWXQJ

6FKXOSKLORVRSKLHXQGLKUHU'HQNIRUPEHJULIIHQ.HLQHUYRQLKQHQKDWHV DOV QRWZHQGLJ DQJHVHKHQ HLQ DOWHUQDWLYHV 9HUVWlQGQLV YRQ 3KLORVRSKLH YRU]XOHJHQ (LQ 6HOEVWYHUVWlQGQLV DOV3KLORVRSK LQ H[SOL]LWHU 'LVWDQ] ]XU XQLYHUVLWlUHQ*HOHKUVDPNHLWEHJHJQHWXQVQLFKWEHLGLHVHQ'HQNHUQVRQ GHUQEHLGHQIUKHQ+XPDQLVWHQZLH3HWUDUFD 2FNKDPVHWKLVFKHV'HQNHQ 9HUODVVHQ ZLU QXQ GLH (EHQH GHU lX‰HUHQ %HREDFKWXQJHQ XQG ZHQGHQ XQV GHQ ,QKDOWHQ VSlWVFKRODVWLVFKHU 0RUDOSKLORVRSKLH ]X +LHU LVW ]X QlFKVWYRUDXV]XVFKLFNHQZDVVLFKHLJHQWOLFKYRQVHOEVWYHUVWHKWQlPOLFK GDVV DXFK GLHVRJHQDQQWH VFKRODVWLVFKH3KLORVRSKLH ²ZRUXQWHU KLHU XQG LP)ROJHQGHQGLH3KLORVRSKLHXQGLKUH9HUWUHWHUYHUVWDQGHQZHUGHQGLH SULPlU LP 5DKPHQ GHU 6FKXOHQ XQG 8QLYHUVLWlWHQ XQG GRUW VSH]LHOO LP 6WXGLXPGHUDUWHVOLEHUDOHV3KLORVRSKLHEHWULHEHQKDEHQ²NHLQHPRQROLWKL VFKH(UVFKHLQXQJZDUJDQ]LP*HJHQWHLO'LHYHUVFKLHGHQHQ6FKXOHQXQG 'HQNULFKWXQJHQ GLH LQVEHVRQGHUHVHLW GHP  -DKUKXQGHUW DQGHQ 8QL YHUVLWlWHQDXFKGXUFKYHUVFKLHGHQH/HKUVWKOHYHUWUHWHQZXUGHQYHUHLWHOQ DOOHLQ VFKRQ GXUFK LKU 9RUKDQGHQVHLQ HLQH YRUVFKQHOOH&KDUDNWHULVLHUXQJ GHU VFKRODVWLVFKHQ 3KLORVRSKLH (V GUIWH DEHU RKQH =ZHLIHO IHVWVWHKHQ GDVV GHU 'HQNDQVDW] :LOKHOP YRQ 2FNKDPV GHU GXUFK VHLQH UDGLNDOHQ XQGNRQVHTXHQWHQ$QDO\VHQSKLORVRSKLVFKHU3UREOHPHDXIYHUVFKLHGHQHQ *HELHWHQ GHU 3KLORVRSKLH VHLQHQ =HLWJHQRVVHQ GLH %UFKLJNHLW GHU EHU NRPPHQHQ (UNOlUXQJVPXVWHU YRU $XJHQ JHIKUW KDW ]X GHQ HLQIOXVV UHLFKVWHQVHLQHU=HLWJHK|UWH 8PVLFKDOVRHLQ%LOGYRQGHP1LYHDXGHVHWKLVFKHQ'HQNHQVDP%H JLQQ GHV  -DKUKXQGHUWV LQQHUKDOE GHU VFKRODVWLVFKHQ 3KLORVRSKLH ]X PDFKHQ VFKHLQW HV GDKHU QLFKW XQSDVVHQG ]X VHLQ VLFK GLH HWKLVFKHQ hEHUOHJXQJHQ HEHQ MHQHV 'HQNHUVJHQDXHU DQ]XVHKHQ² XQG GLHV XP VR PHKUDOV2FNKDPODQJH=HLWLQGHP5XIVWDQGGXUFKVHLQH5DGLNDOLWlWGLH %HKDXSWXQJ HLQHVVHOEVWYHUDQWZRUWOLFKHQ HWKLVFKHQ 9HUKDOWHQV YRQ0HQ VFKHQ JHUDGH]X XQP|JOLFK JHPDFKW ]X KDEHQ GXUFK GLH $QQDKPH HLQHV YROXQWDULVWLVFKHQ*RWWHVGHVVHQXQEHUHFKHQEDUHQ:LOOHQVLFKGHU0HQVFK EOLQGOLQJV]XXQWHUZHUIHQKDEH:LHHLQH(WKLNXQWHUGLHVHQ3UlPLVVHQ DXVVHKHQ N|QQWH EOLHE DOOHUGLQJV IU ODQJH =HLW HKHU GHU 6SHNXODWLRQ DOV GHU$QDO\VHGHU7H[WH2FNKDPVDQKHLPJHVWHOOWGD2FNKDPNHLQHQH[SOL ]LWHQHWKLVFKHQ7H[W²ZDV]XVHLQHU=HLWHEHQHLQ.RPPHQWDU]XU(WKLN 

*HJHQ GLHVH 'HXWXQJVSHUVSHNWLYH DXI GDV 'HQNHQ 2FNKDPV GLH LP GHXWVFKHQ 6SUDFKUDXPYRUDOOHPGXUFKGLH$UEHLWHQYRQ%OXPHQEHUJVWDUNH 9HUEUHLWXQJIDQG KDW EHUHLWV 9RVVHQNXKO   LQ %H]XJ DXI 2FNKDPV %HJULII GHU 6FK|SIXQJ PLW EHU]HXJHQGHQ*UQGHQDUJXPHQWLHUW

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 



GHV$ULVWRWHOHVJHZHVHQZlUH²YHUIDVVWKDW(V]HLJWVLFKDX‰HUGHPGDVV EHL GHQ VRJHQDQQWHQ 1DFKIROJHUQ 2FNKDPV ² HWZD EHL 0DUVLOLXV YRQ ,QJKHQ RGHU -HDQ %XULGDQ ² GHU YROXQWDULVWLVFKH *RWWHVEHJULII NHLQH EH VRQGHUH5ROOHVSLHOWH'HQQRFKVLQGZLUEH]JOLFKGHUPRUDOSKLORVRSKL VFKHQ hEHUOHJXQJHQ 2FNKDPV QLFKW DXI UHLQH 6SHNXODWLRQ DQJHZLHVHQ GHQQHVILQGHQVLFKLQVHLQHPWKHRORJLVFKHQ:HUN]DKOUHLFKH4XlVWLRQHQ PRUDOSKLORVRSKLVFKHQ ,QKDOWV GLH HLQHQ (LQGUXFN YRQ 2FNKDPV HWKL VFKHQ 'HQNHQ YHUPLWWHOQ N|QQHQ 8QG QLFKW ]XOHW]W N|QQHQ 2FNKDPV VSlWHUHSROLWLVFKH6FKULIWHQGLHHU]XHLQHU=HLWYHUIDVVWHDOVHUOlQJVWNHLQ UHLQHU 8QLYHUVLWlWVJHOHKUWHU PHKU ZDU VRQGHUQ LQ GLH SROLWLVFKHQ :LUUHQ VHLQHU =HLW YHUZLFNHOW ZDU HLQHQ (LQGUXFN GDYRQ YHUPLWWHOQ ZDV HV IU 2FNKDPKLH‰PRUDOSKLORVRSKLVFKH)UDJHQLPZHLWHVWHQ6LQQHXQWHUGHQ NRQWLQJHQWHQ%HGLQJXQJHQVHLQHU*HJHQZDUW]XEHKDQGHOQ :LH EHUHLWV HUZlKQW KDW 2FNKDP NHLQHQ (WKLNNRPPHQWDU JHVFKULH EHQ GHQQRFK ELOGHQ DULVWRWHOLVFKH .RQ]HSWH LQ GHQ YHUVFKLHGHQHQ 4XDHVWLRQHQ HWKLVFKHQ ,QKDOWV GLH VLFK YHUVWUHXW LP 6HQWHQ]HQNRPPHQWDU GHQ4XDHVWLRQHV9DULDHXQGGHQ4XRGOLEHWDILQGHQ²DXIGLHVLFKGLHIROJHQ GHQ$XVIKUXQJHQVWW]HQ²GLH]HQWUDOHQ9RUDXVVHW]XQJHQ =XQlFKVW VHL 2FNKDPV 9HUVWlQGQLV YRQ 0RUDOSKLORVRSKLH QlKHU EH WUDFKWHWGHQQEHL2FNKDPGHXWHWVLFKHLQH9HUVFKLHEXQJLP9HUVWlQGQLV YRQVFLHQWLDPRUDOLVLP9HUJOHLFK]X$XVVDJHQEHL$ULVWRWHOHVXQGGHUPLW WHODOWHUOLFKHQ.RPPHQWDUWUDGLWLRQDQLQVRIHUQVFLHQWLDPRUDOLVXQGSUXGHQWLD .OXJKHLW YRQ2FNKDPHQJJHIKUWZHUGHQ$ULVWRWHOHVKDWWHVWUHQJ]ZL VFKHQ :LVVHQVFKDIW VFLHQWLDHSLVWHPH  XQG .OXJKHLW SUXGHQWLDSKURQHVLV  XQWHUVFKLHGHQ MD VLH VRJDU LQ JHZLVVHU :HLVH HQWJHJHQJHVHW]W :LVVHQ VFKDIWLVWGLH(UIDVVXQJXQG%HXUWHLOXQJGHV$OOJHPHLQHQXQG1RWZHQGL JHQZlKUHQGVLFKGLH.OXJKHLWDPDQGHUHQ(QGHGHU6NDODGHUPHQVFKOL FKHQ(UNHQQWQLVPRGLEHILQGHWXQGHVGLUHNWPLWGHQHLQ]HOQHQXQGNRQ NUHWHQ +DQGOXQJHQ LQ EHVWLPPWHQ 6LWXDWLRQHQ ]X WXQ KDW 'LH 8QWHU VFKHLGXQJYRQVFLHQWLDPRUDOLVDOV:LVVHQVFKDIWYRP$OOJHPHLQHQXQGSUX



:LHODQG    VWHOOW GDKHU ]X UHFKW GLH )UDJH RE PDQ EHUKDXSW YRQ HLQHP (LQIOXVV2FNKDPVDXIGHP*HELHWGHU0RUDOSKLORVRSKLHVSUHFKHQNDQQ  )ROJHQGHhEHUOHJXQJHQYHUVWHKHQVLFKQLFKWDOVHLQQHXHUXQGHLJHQVWlQGLJHU%HLWUDJ ]XU 2FNKDPIRUVFKXQJ VLH VROOHQ HLQHQ H[HPSODULVFKHQ (LQEOLFN LQ HLQHQ ]HQWUDOHQ *HGDQNHQ2FNKDPVJHEHQ'DEHLIKOHLFKPLFKLQVEHVRQGHUHGHU$UEHLWYRQ6LJULG 0OOHU  YHUSIOLFKWHW)UXQWHUVFKLHGOLFKH,QWHUSUHWDWLRQHQGHVHWKLVFKHQ'HQ NHQV 2FNKDPV YJO 3HWHU .LQJ   0DULO\Q 0FFRUG $GDPV   XQG $ 6 0F*UDGH    9JO$ULVWRWHOHV1LNRPDFKLVFKH(WKLN9,XQG



(LQOHLWXQJ

GHQWLDDOVUHFWDUDWLRDJLELOLXPDOV+DQGOXQJVSULQ]LSZLUGLQGHUPLWWHODOWHUOL FKHQ.RPPHQWDUWUDGLWLRQ]X$ULVWRWHOHVVWDUNDN]HQWXLHUW %HL 2FNKDP UFNHQ EHLGH 9RUVWHOOXQJHQ QlKHU ]XVDPPHQ ZRGXUFK HLQHUVHLWV GLH SUXGHQWLD HLQH HUNHQQWQLVWKHRUHWLVFKH $XIZHUWXQJ HUKlOW DQGHUHUVHLWV 0RUDOSKLORVRSKLH GXUFK LKUHQ QRWZHQGLJHQ %H]XJ DXI GLH NRQWLQJHQWH :LUNOLFKNHLW HLQ HLJHQVWlQGLJHUHV3URILO LP 9HUJOHLFK ]X GHQ VSHNXODWLYHQ:LVVHQVFKDIWHQHUKlOW(LQHHQWVFKHLGHQGH)XQNWLRQEHLGHU =XVDPPHQIKUXQJEHLGHU%HJULIIHELOGHWGHU%HJULIIGHU(UIDKUXQJ H[SH ULHQWLD 'LHVVHLNXU]DXVJHIKUW 6ROOGLH(WKLNHLQHEHZHLVHQGH:LVVHQVFKDIWVHLQ²VRJLEW2FNKDP]X EHGHQNHQ ² GDQQ PXVV VLH ZLH DOOH GHPRQVWUDWLYHQ :LVVHQVFKDIWHQ YHU IDKUHQ QlPOLFK 6\OORJLVPHQ ELOGHQ DXV 3ULQ]LSLHQ GLH HQWZHGHU GXUFK VLFK VHOEVW HLQVLFKWLJ VLQG SHU VH QRWD RGHU GLH DXV (UIDKUXQJ JHZRQQHQ ZHUGHQ SHU H[SHULHQWLDP  'LHV VHL LQGHU (WKLNGHU )DOO GHQQ GLH (WKLN HQWKlOW VRZRKO 3ULQ]LSLHQ GLH GXUFK VLFK VHOEVW HLQVLFKWLJ VLQG ZLH ]% MHGHP:RKOWlWHULVWHLQH:RKOWDW]XHUZHLVHQDOVDXFK3ULQ]LSLHQGLHGXUFK,Q GXNWLRQ DXV GHU (UIDKUXQJ JHZRQQHQ ZXUGHQ ZLH ]% ZHU ]RUQLJ LVW LVW GXUFKVDQIWH:RUWH]XEHVFKZLFKWLJHQ :HOFKH )RUP GHU (UNHQQWQLVJHZLQQXQJ HUP|JOLFKW XQV QXQ GLH SUX GHQWLD" 2FNKDP XQWHUVFKHLGHW ]ZHL %HGHXWXQJHQ YRQ SUXGHQWLD (LQPDO XQGLPHLJHQWOLFKHQ6LQQHNDQQSUXGHQWLDGLHHYLGHQWH.HQQWQLVHLQHUVLQJXOlUHQ 3URSRVLWLRQEHGHXWHQGLHZLUQXUGXUFK(UIDKUXQJJHZLQQHQN|QQHQ]% GDVV GLHVHU GXUFK VDQIWH :RUWH ]X EHVFKZLFKWLJHQ LVW ,P ZHLWHUHQ 6LQQH NDQQ 

9JO7KRPDVYRQ$TXLQ([SRVLWLRLQOLEUXP%RHWKLL'H7ULQLWDWHDGÅ6FLHQWLDYHUR PRUDOLVTXDPYLV VLWSURSWHURSHUDWLRQHPWDPHQLOODRSHUDWLRQRQHVWDFWXVVFLHQWLH VHWPDJLVYLUWXWLV´7KRPDVYRQ$TXLQ  D  4XRGO,,TÅ6HGGLVFLSOLQDPRUDOLVQRQSRVLWLYDHVWVFLHQWLDGHPRQVWUDWLYD3URER TXLDQRWLWLDGHGXFHQVFRQFOXVLRQHVV\OORJLVWLFHH[SULQFLSLLVSHUVHQRWLVYHOSHUH[SH ULHQWLDPVFLWLVHVWGHPRQVWUDWLYDKXLXVPRGLHVWGLVFLSOLQDPRUDOLVLJLWXUHWF0DLRUHVW PDQLIHVWD 0LQRU SUREDWXU TXLD PXOWD VXQW SULQFLSLD SHU VH QRWD LQ PRUDOL SKLORVR SKLDSXWDTXRGYROXQWDVGHEHWVHFRQIRUPDUHUHFWDHUDWLRQLRPQHPDOXPYLWXSHUDEL OHHVWIXJLHQGXPHWKXLXVPRGL6LPLOLWHUSHUH[SHULHQWLDPVFLXQWXUPXOWDSULQFLSLDVL FXW PDQLIHVWH SDWHW VHTXHQWL H[SHULHQWLDP´ ,Q :LOKHOP YRQ 2FNKDP   2SHUD7KHRORJLFD%G6W%RQDYHQWXUH 1«@$OLRPRGRDFFLSLWXUSURQRWLWLDVFLHQWLILFDHYLGHQWLTXDHVROXPKDEHWXUHWKDEHUL SRWHVW SHU H[SHULHQWLDP HW QXOOR PRGR HYLGHQWHU SHU GRFWULQDP 9HUEL JUDWLD KDHF ÄTXLOLEHWLUDFXQGXVH[WDOLRFFDVLRQHHVWSHUSXOFUDYHUEDOHQLHQGXVHWPLWLJDQGXV¶QRQ SRWHVWHYLGHQWHUVFLULQLVLSHUH[SHULHQWLDPH[KRFVFLOLFHWTXRGKRPRKDEHWSHUH[SH ULHQWLDPQRWLWLDPHYLGHQWHPGHPXOWLVSURSRVLWLRQLEXVVLQJXODULEXVSXWDTXRGLVWHVLW PLWLJDQGXVHWLOOHHWVLFGHVLQJXOLV´27K9,,,I

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 



SUXGHQWLD DEHU DXFK GLH HYLGHQWH .HQQWQLV HLQHU XQLYHUVDOHQ SUDNWLVFKHQ 3URSRVLWLRQVHLQGLHQXUGXUFK(UIDKUXQJHYLGHQWJHZXVVWZHUGHQNDQQ ZLHMHGHU=RUQLJHLVWVR]XEHVFKZLFKWLJHQ 'DPLWHUJLEWVLFKHLQH6FKQLWWPHQJHLQGHQ%HVWLPPXQJHQYRQVFLHQWLD PRUDOLVXQGSUXGHQWLDGHQQGLH0HWKRGHDXV(UIDKUXQJHQXQLYHUVDOH3ULQ ]LSLHQ ]X JHZLQQHQ LVW DXI EHLGH (UNHQQWQLVZHLVHQ P|JOLFK )ROJOLFK NRPPHQ VFLHQWLD PRUDOLV XQG SUXGHQWLD LQ HLQHP EHVWLPPWHQ 9HUVWlQGQLV EHUHLQ $QKDQGGLHVHUXQGDQGHUHU7H[WVWHOOHQ]HLJWVLFKGDVV(UIDKUXQJXQG .OXJKHLW²]HQWUDOH.DWHJRULHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH²DXFK LQQHUKDOE GHV VFKRODVWLVFKHQ 'LVNXUVHV HLQH $XIZHUWXQJ HUKLHOWHQ 2FN KDP JHKW VRJDU ² LQ HLQHU DQ 6DOXWDWL HULQQHUQGHQ $UJXPHQWDWLRQ ² VR ZHLW GHU 0RUDOSKLORVRSKLH HLQH K|KHUH 6LFKHUKHLW DOV DQGHUHQ :LVVHQ VFKDIWHQ ]X]XJHVWHKHQ GD GLH (UIDKUXQJHQ GLH KLHU QRWZHQGLJ VLQG LQ XQVVHOEVWOLHJHQXQGXQVGDPLWGLUHNWHU]XJlQJOLFKVLQG 6FKOLH‰OLFK VHL DQ HLQHP OHW]WHQ 3XQNW JH]HLJW ZLH EHL GHU %HVWLP PXQJ GHU 6SKlUH GHV HWKLVFK 5HOHYDQWHQ 2FNKDPV VSUDFKDQDO\WLVFKHU $QVDW]DXFKDXIHWKLVFKH)UDJHQDXVJUHLIW:DVDOVRNDQQQDFK2FNKDP EHUKDXSW DOVPRUDOLVFK E]Z DOV PRUDOLVFK JXWEH]HLFKQHW ZHUGHQ"'DV 3UlGLNDWÄJXW¶LPPRUDOLVFKHQ6LQQHGDUIQDFK2FNKDPHLJHQWOLFKQXUDXI GHQHLQ]HOQHQ:LOOHQVDNWGHUHLQHUPRUDOLVFKHQ+DQGOXQJ]XJUXQGHOLHJW DQJHZHQGHW ZHUGHQ 'LH lX‰HUH EHREDFKWEDUH +DQGOXQJ GLH HLQHP :LOOHQVDNW IROJW NDQQ QXU DXIJUXQG GHV LQQHUHQ :LOOHQVDNWHV DOV ÄJXW¶ LQ DEJHOHLWHWHU:HLVHPLWEHQDQQWZHUGHQ'LHVH5HGXNWLRQDXIXQG%HYRU 

  

 

Å6LPLOLWHU SUXGHQWLD DFFLSLWXU GXSOLFLWHU 8QR PRGR SURSULH SUR QRWLWLD HYLGHQWL DOL FXLXVSURSRVLWLRQLVVLQJXODULVTXDHVROXPKDEHWXUPHGLDQWHH[SHULHQWLD9HUELJUDWLD QRWLWLD KDHF HYLGHQV ¶LVWH HVW PLWLJDQGXV SHU SXOFUD YHUED¶ TXDH HVW HYLGHQV YLUWXWH KXLXVFRQWLQJHQWLV¶LOOHPLWLJDWXUSHUWDOHPYLDP¶HWKRFFRJQRVFLWXUSHUH[SHULHQWLDP $OLRPRGRDFFLSLWXUFRPPXQLWHUSURQRWLWLDHYLGHQWLDOLFXLXVSURSRVLWLRQLV!XQLYHU VDOLVSUDFWLFDHTXDHVROXPHYLGHQWHUFRJQRVFLWXUSHUH[SHULHQWLDPXWTXRGRPQLVLUD FXQGXVHVWVLFOHQLHQGXV´(EG Å$FFLSLHQGR VFLHQWLDP PRUDOHP VHFXQGR PRGR VLF VFLHQWLD PRUDOLV HW SUXGHQWLD FRPPXQLWHUGLFWDVXQWLGHPXWSDWHWH[SUDHGLFWLV´(EG 9JOHWZD5LFH   4XRGO,,TÅ(WXOWUDGLFRTXRGLVWDVFLHQWLD PRUDOLV!HVWFHUWLRUPXOWLVDOLLV SURTXDQWRTXLOLEHWSRWHVWKDEHUHPDLRUHPH[SHULHQWLDPGHDFWLEXVVXLVTXDPGHDOLLV ([TXRSDWHWTXRGLVWDVFLHQWLDHVWPXOWXPVXEWLOLVXWLOLVHWHYLGHQV´27K,; 9JOKLHU]X6DOXWDWL'HQRELOLWDWH;9,  ]XGLHVHP 7H[W6DOXWDWLV VLHKH DXFKZHLWHUXQWHQ.DSLWHO,, ,,,6TÅ4XLDVLFVROXVDFWXV YROXQWDWLVHVWERQXVYHOPDOXVPRUDOLWHU´27K9,  4XRGO,TÅGLFRTXRGDFWXVH[WHULRUHVWERQXVERQLWDWHVXDSURSULDTXDHHVWLSVH DFWXVQDWXUDOLVVHGPRUDOLWHUHWFDXVDOLWHUHVWERQXVERQLWDWHDFWXVLQWHULRULVTXLDVR OXPHVWERQXVTXDGDPGHQRPLQDWLRQHH[WULQVHFD´27K,;'DPLWUD



(LQOHLWXQJ

]XJXQJ GHV LQQHUHQ HLQ]HOQHQ :LOOHQVDNWHV IKUW HLQLJH .RQVHTXHQ]HQ PLWVLFK'LHHUVWHLVWGDVVPDQDXIJUXQGHLQHUlX‰HUOLFKEHREDFKWEDUHQ +DQGOXQJQLFKWDXIGLHPRUDOLVFKH*WHGHV]XJUXQGHOLHJHQGHQ:LOOHQV DNWHVVFKOLH‰HQNDQQGHQQGLHVHUYHUOHLKWGHUlX‰HUHQ+DQGOXQJHUVWGLH PRUDOLVFKH4XDOLWlWXQGQLFKWDQGHUVKHUXP'LH]ZHLWH.RQVHTXHQ]LVW GDVVDXFKHLQHLQPDOHUOHUQWHURGHUHUZRUEHQHU+DELWXVGHU]XHLQHUPH FKDQLVFK DXVJHIKUWHQ +DQGOXQJ IKUW GLH *WH GLHVHU +DQGOXQJ QLFKW JDUDQWLHUHQNDQQ6RNDQQEHLVSLHOVZHLVHGDVJHLVWHVDEZHVHQGH7UDXIKDO WHQIUHLQHQ0LWPHQVFKHQQLFKWDOVPRUDOLVFKJXWEHXUWHLOWZHUGHQZHLO LQGLHVHP)DOONHLQH:LOOHQVHQWVFKHLGXQJYRUOLHJW $QGLHVHhEHUOHJXQJHQNQSIWVLFKGLH)UDJHQDFKZHOFKHQ.ULWHULHQ HLQ:LOOHQVDNWDOVÄPRUDOLVFKJXW¶EH]HLFKQHWZHUGHQNDQQ2FNKDPQHQQW YHUVFKLHGHQH0RPHQWHGLHHUIOOWVHLQPVVHQGDPLWHLQ:LOOHQVDNWPR UDOLVFKJXWJHQDQQWZHUGHQNDQQ'HU:LOOHQVDNWPXVVPLWGHPUHFKWHQ =LHO EHUHLQVWLPPHQ GK JHPl‰ GHP J|WWOLFKHQ :LOOHQ JHVFKHKHQ  LQ hEHUHLQVWLPPXQJPLWGHUUHFWDUDWLRVHLQXQG]XUUHFKWHQ=HLWDPUHFK WHQ2UWJHWURIIHQZHUGHQ 'LHVH %HVWLPPXQJVHOHPHQWH GHV 0RUDOLVFKHQ ² QlPOLFK GHQ J|WWOL FKHQ :LOOHQ GLH UHFWD UDWLR XQG GLH FLUPFXPVWDQWLDH ² NRQQWH 2FNKDP GHU 7UDGLWLRQHQWQHKPHQ%HL2FNKDP]HLJWVLFKMHGRFKGDVVDOOHGLHVH(OH PHQWH EHL MHGHU :LOOHQVHQWVFKHLGXQJ QHX EHGDFKW ZHUGHQ PVVHQ GHQQ DXIJUXQGGHU.RPSOH[LWlWGHU:LUNOLFKNHLWNDQQPDQQLFKWGDYRQDXVJH KHQ GDVV :LOOHQVHQWVFKHLGXQJHQ LPPHU XQWHU JOHLFKHQ %HGLQJXQJHQ JH WURIIHQ ZHUGHQ $OV ZHLWHUH .RQVHTXHQ] ]HLJW VLFK GDVV HLQ NRQNUHWHU :LOOHQVDNW ² EHLVSLHOVZHLVHHLQHQ DQGHUHQ 0HQVFKHQ ]X OLHEHQ ²DOV JXW VFKOHFKWRGHUQHXWUDOEHZHUWHWZHUGHQNDQQMHQDFKGHPZHOFKH(OHPHQ WHEHLGHU:LOOHQVIDVVXQJDXVVFKODJJHEHQGZDUHQ

GLNDOLVLHUW2FNKDP9RUJDEHQGHU7UDGLWLRQXQGXQWHUVFKHLGHWVLFKHWZDYRQ7KRPDV YRQ $TXLQ IU GHQ GDV PRUDOLVFK *XWH DXFK HLQHQ RQWRORJLVFKHQ 6WDWXV KDW 9JO 7KRPDVYRQ$TXLQ6XPPDWKHRORJLFD,,,  2FNKDP JLEW KLHU GDV %HLVSLHO HLQHV 6HOEVWP|UGHUV GHU LP )DOOHQ VHLQHQ 6SUXQJ EHUHXWLKQDEHUQLFKWPHKUUFNJlQJLJPDFKHQNDQQ9RQDX‰HQLVWDEHUGHUUHXLJH XQGGDPLWQLFKWVFKXOGLJH=XVWDQGGHU6HHOHGHV6HOEVWP|UGHUVQLFKWDEOHVEDU  ,,, 6T  27+ 9, I  Å([HPSOXP VL HQLP DG KRF TXRG DFWXV YROXQWDWLV TXR DOLTXLVYXOWRUDUH'HXPVLWSHUIHFWHYLUWXRVXVUHTXLUDQWXUQHFHVVDULRLVWDHFLUFXPVWDQ WLDH TXRG YHOLW RUDUH SURSWHU KRQRUHP 'HL VHFXQGXP UHFWXP GLFWDPHQ UDWLRQLV LQ WHPSRUHVWDWXWRSXWDGLHGRPLQLFRLQORFRGHELWRSXWDLQHFFOHVLD>«@´  ,,, 6 T  27+ 9,   Å3XWDVL GLOLJDP DOLTXHP KRPLQHP QRQ SURSWHU DOLTXHP ILQHP ERQXP YHO PDOXP QHF VHFXQGXP UHFWDP UDWLRQHP QHF FRQWUD QHF ORFR QHF WHPSRUH GHELWR QHF QRQ GHELWR! HW LWD GH DOLLV FLUFXPVWDQWLLV YLUWXRVLV HW YLWLRVLV LVWHDFWXVQHFHVWERQXVPRUDOLWHUQHFPDOXVVHGQHXWHUHWLQGLIIHUHQV$GKRFLJLWXU TXRGILDWERQXVYHOPDOXVRSRUWHWHXPFLUFXPVWDQWLRQDULFLUFXPVWDQWLLVYLUWXRVLVYHO

+XPDQLVWLVFKH0RUDOSKLORVRSKLHXQGLKU.RQWH[W 



'LHVH +LQZHLVH VROOHQ JHQJHQ XP ]X EHOHJHQ GDVV DOOHV 6LWWOLFKH QDFK2FNKDPVLWXDWLYEHWUDFKWHWXQGEHXUWHLOWZHUGHQPXVV$XVRFNKD PLVWLVFKHU3HUVSHNWLYHPXVVMHLP(LQ]HOIDOOLQMHGHU6LWXDWLRQQHXEHU SUIWZHUGHQZDVGDVVLWWOLFK*HERWHQHLVW(LQHLQPDOHUZRUEHQHU+DEL WXVHLQHHLQPDOHUZRUEHQHRGHUHUOHUQWH9HUKDOWHQVZHLVHPDJ]ZDUSULQ ]LSLHOOH *HOWXQJ EHVLW]HQ LP NRQNUHWHQ (LQ]HOIDOO NDQQ GLH 6DFKH DEHU DXFKLPPHUDQGHUVDXVVHKHQ'LHVIKUWQRWZHQGLJ]XHLQHU3OXUDOLVLHUXQJ GHUHWKLVFKHQ%HJUQGXQJHQXQGIKUW]X3UREOHPHQIUGLH7KHRULHELO GXQJ'HQQEH]JOLFKMHGHUHWKLVFKHQ)UDJHVLQGMHZHLOVGLHJHQDXHQ8P VWlQGHLQLKUHPYLHOIlOWLJHQ9DULDQWHQUHLFKWXP]XEHDFKWHQVRGDVV2FN KDPVHOEVWDQOlVVOLFKGHU)UDJHQDFKGHU$PWVNRPSHWHQ]GHV3DSVWHVGLH 0|JOLFKNHLW HLQUlXPW GDVV HLQH 7KHRULHELOGXQJ GDUEHU DXIJUXQG GHV 8PIDQJVGHV]XHU|UWHUQGHQ0DWHULDOVNDXPP|JOLFKVHL ,QGLHVHUHUNHQQWQLVWKHRUHWLVFKHQ6LWXDWLRQHUKlOWGLH(UIDKUXQJEHU KDXSWHLQHKHUDXVUDJHQGH6WHOOXQJ'HQQREHVLQHLQHUNRQNUHWHQ6LWXDWL RQ JHERWHQ LVW HLQHP LQ GHQ PHLVWHQ )lOOHQ JOWLJHQ 3ULQ]LS ]X IROJHQ NDQQGDV3ULQ]LSVHOEVWQLFKWPLWWHLOHQVRQGHUQQXUGLHJHQDXH.HQQWQLV GHU 8PVWlQGH GLH (UIDKUXQJ 6LH ZLUG GDKHU ]XU ]HQWUDOHQ $XWRULWlW ZHQQ HV GDUXP JHKW PRUDOLVFKH (QWVFKHLGXQJHQ LQ NRQNUHWHQ)lOOHQ ]X EHJUQGHQ'HU.RPSOH[LWlWXQG9LHOIDOWGHU5HDOLWlWZLUGKLHUGXUFKDXI QHXH:HLVH5HFKQXQJJHWUDJHQ  0LW%OLFNDXIGLH+XPDQLVWHQOlVVWVLFKEH]JOLFK2FNKDPIROJHQGHVIHVW KDOWHQ 2FNKDP EHVFKlIWLJW VLFK PLW HWKLVFKHQ )UDJHQ LQ GHQ IU HLQHQ 8QLYHUVLWlWVJHOHKUWHQ EOLFKHQ .RQWH[WHQ LP EHNDQQWHQ 9RNDEXODU XQG PLW YHUWUDXWHQ%HLVSLHOHQ (U IUDJW MHGRFK ]XJOHLFK XQWHU GHQ 9RUDXVVHW ]XQJHQVHLQHV'HQNHQVXQGGHVYRQLKPHQWZLFNHOWHQ6WDQGDUGVGHU5H IOH[LRQQDFKGHQ%HGLQJXQJHQGHVPHQVFKOLFKHQ+DQGHOQVXQGQDFKGHQ %HGLQJXQJHQGHU0|JOLFKNHLWVROFKH+DQGOXQJHQ]XEHXUWHLOHQ2FNKDP ]HLJWPLWVHLQHQHWKLVFKHQhEHUOHJXQJHQGLHGHQZLVVHQVFKDIWOLFKHQ'LV NXUVVHLQHU=HLWQLFKWYHUODVVHQ²REJHZROOWRGHUXQJHZROOW²GLH*UHQ ]HQ GHU WKHRUHWLVFKHQ (UNHQQEDUNHLW XQG (LQKROEDUNHLW HWKLVFKHU +DQG OXQJHQDXI(LQH7KHRULHGHVHWKLVFKHQ+DQGHOQVLVW]ZDUZHLWHUKLQP|J OLFKDEHULQLKULVWGHXWOLFKUHIOHNWLHUWGDVVVLHGLH*UHQ]H]XPWDWVlFKOL FKHQ +DQGHOQ QLFKW EHUVFKUHLWHQ NDQQ 6LH EOHLEW $QDO\VH GHU %HJULIIH GLHXQVGHXWOLFKPDFKWPLWZHOFKHQ6FKZLHULJNHLWHQZLUEHLGHUDQJHPHV VHQHQ %HVFKUHLEXQJ XQG %HXUWHLOXQJ HWKLVFKHU +DQGOXQJHQ ]X NlPSIHQ KDEHQ 6LH NDQQ XQV DEHU QLFKW ZHLWHUKHOIHQ ZHQQ ZLU VHOEVW YRU HLQHU YLWLRVLV SXWD TXRG YROXQWDV GLOLJDW LOOXP KRPLQHP SURSWHU ILQHP WDOHP HW WHPSRUH GHELWRHWVLFGHDOLLV´  9JO2FNKDP,,,'LDORJXV,LFLQ :LOKHOPYRQ2FNKDP  )U HLQH GHXWVFKHhEHUVHW]XQJVLHKH:LOKHOPYRQ2FNKDP  



(LQOHLWXQJ

HWKLVFKHQ(QWVFKHLGXQJVWHKHQXQGQDFK2ULHQWLHUXQJVXFKHQ'DQQVLQG ZLUDXIGLH%HIUDJXQJXQVHUHU9HUQXQIWXQGXQVHUHV:LOOHQVDQJHZLHVHQ 2FNKDPVHWKLVFKHhEHUOHJXQJHQP|JHQHLQ,QGLNDWRUGDIUVHLQGDVV GLHZLVVHQVFKDIWOLFKH%HKDQGOXQJGHU(WKLNDQGHQ8QLYHUVLWlWHQLQHLQH .ULVHJHUDWHQLVW8QGZRLPPHUVLFKHLQH.ULVHDQGHXWHWHQWVWHKWDXFK GLH%HUHLWVFKDIWDQGHUH:HJH]XJHKHQXQG|IIQHWVLFKGHU5DXPIUQHXH XQGDOWHUQDWLYH9RUJHKHQVZHLVHQ'DV%HGUIQLVQDFKHWKLVFKHU2ULHQWLH UXQJ ZXUGH PLW ZLVVHQVFKDIWOLFKHQ 4XlVWLRQHQ QLFKW EHIULHGLJW 8QG JH QDX GLHVHV 8QEHIULHGLJHQGH DQ GHU ZLVVHQVFKDIWOLFKHQ %HKDQGOXQJ GHU (WKLNZLUGYRQGHQ+XPDQLVWHQDUWLNXOLHUW6LHVLQGHVDXFKGLHGHQ:HJ GHU DNDGHPLVFKHQ %HKDQGOXQJ GHU (WKLN QLFKW ZHLWHUJHKHQ ZROOHQ XQG N|QQHQVRQGHUQDQGHUH8PJDQJVZHLVHQPLWGHU0RUDOHQWZLFNHOQ :LH DEHU LVW HV EHUKDXSW ]X HLQHU ZLVVHQVFKDIWOLFKHQ (WKLN DQ GHQ 8QLYHUVLWlWHQ JHNRPPHQ XQG ZLH ZXUGH VLH JHOHKUW" 8P GLHVH )UDJHQ EHDQWZRUWHQ]XN|QQHQVHLLP)ROJHQGHQGLH(QWZLFNOXQJGHU0RUDOSKL ORVRSKLHDQGHQ8QLYHUVLWlWHQQlKHUEHWUDFKWHW  

7HLO, $P%HJLQQHLQHV3DUDGLJPHQZHFKVHOV 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU $ULVWRWHOHVNRPPHQWLHUXQJ 'LH3UREOHPODJH'DV'LOHPPDHLQHUZLVVHQVFKDIWOLFKHQ (WKLN (WKLNLP-DKUKXQGHUW *HKWPDQGDYRQDXVGDVVGLH+XPDQLVWHQLKUHHWKLVFKHQ.RQ]HSWHQLFKW LQ HLQHP LQWHOOHNWXHOOHQ 9DNXXP HQWZLFNHOWHQ VRQGHUQ GDVV VLH GLH (QW ZLFNOXQJ XQG%HVFKDIIHQKHLW GHU XQLYHUVLWlUHQ 3KLORVRSKLH ]XU .HQQWQLV JHQRPPHQ XQG GDUDXI UHDJLHUW KDEHQ VR ODVVHQ VLFK LKUH 7H[WH DOV /| VXQJVYRUVFKOlJH IU HLQH VSH]LILVFKH 3UREOHPODJH YHUVWHKHQ GLH GLH %H KDQGOXQJ GHU (WKLN DQ GHQ 8QLYHUVLWlWHQ GHV  XQG  -DKUKXQGHUWV VHOEVW KHUYRUJHEUDFKW KDWWH 'LHVH VSH]LILVFKH 3UREOHPODJH XQG HLQHQ /|VXQJVDQVDW] GD]X LQQHUKDOE GHU VFKRODVWLVFKHQ 3KLORVRSKLH QlKHU ]X H[SOL]LHUHQLVW*HJHQVWDQGGHVYRUOLHJHQGHQ.DSLWHOV 'LHKLHUUHOHYDQWH3UREOHPODJHOlVVWVLFKPLWGHP6WLFKZRUWÄ9HUZLV VHQVFKDIWOLFKXQJ¶ GHU (WKLN EHQHQQHQ 6LH KlQJW HQJ PLW GHU 5H]HSWLRQ GHU1LNRPDFKLVFKHQ(WKLN (1 VRZLHPLWGHP$XIVWLHJXQGGHU(WDEOLH UXQJGHVDULVWRWHOLVFKHQ:LVVHQVFKDIWVEHJULIIVLQIDVWDOOHQ'LV]LSOLQHQLP -DKUKXQGHUW]XVDPPHQ'LHUDGLNDOHQ9HUlQGHUXQJHQLQGHU%HKDQG OXQJGHU(WKLNGLHGXUFKGLH5H]HSWLRQGHU(1DXVJHO|VWZXUGHQZHUGHQ VRIRUW GHXWOLFK ZHQQ PDQVLFK DQVLHKW ZLH (WKLN YRUGLHVHP =HLWSXQNW EHWULHEHQZXUGH



,P)ROJHQGHQJHKWHVQLFKWGDUXPGLHSKLORVRSKLVFKH(WKLNGHV-DKUKXQGHUWV]X VNL]]LHUHQ GDKHU ZHUGHQ DXFK VR EHGHXWHQGHQ 'HQNHU GHV  -DKUKXQGHUWV ZLH $EDHODUGXQG-RKQRI6DOLVEXU\KLHUQLFKWYHUKDQGHOWYJOGD]XMHGRFKGHQYRQ%HMF]\ XQG1HZKDXVHUKHUDXVJHJHEHQHQ6DPPHOEDQG9LUWXHDQG(WKLFVLQWKH7ZHOIWK&HQWXU\ /HLGHQ%ULOO9LHOPHKUJHKWHVLPYRUOLHJHQGHQ.RQWH[WGDUXPGLH%HGHXWXQJ XQG)XQNWLRQYRQ(WKLNDOV8QWHUULFKWVIDFK]XFKDUDNWHULVLHUHQ

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

0RUDOSKLORVRSKLH HUVFKHLQW EHUHLWV LQ GHQ :LVVHQVFKDIWVHLQWHLOXQJHQ GHV-DKUKXQGHUWVDOVHLJHQVWlQGLJH'LV]LSOLQQHEHQGHQORJLVFKHQXQG WKHRUHWLVFKHQ :LVVHQVFKDIWHQ :HOFKHQ 2UW DEHU KDWWH VLH LP .RQWH[W GHV8QWHUULFKWV",P-DKUKXQGHUWKDWWHGLHSKLORVRSKLVFKH(WKLNNHLQHQ IHVWHQ HLJHQVWlQGLJHQ 3ODW] LP &XUULFXOXP VRQGHUQ ZXUGH LP 7ULYLXP PLWYHUKDQGHOW]ZLVFKHQGHP6WXGLXPGHU*UDPPDWLNXQGGHU5KHWRULN 'LHV EHGHXWHWH GDVV 0RUDOSKLORVRSKLH DQ $XWRUHQ VWXGLHUW ZXUGH VR ZXUGHGXUFKGDV/HVHQYRQ7H[WHQDQWLNHU$XWRUHQQLFKWQXUGDVVSUDFK OLFKH XQG JUDPPDWLNDOLVFKH 9HUVWlQGQLV HLQHV ODWHLQLVFKHQ 7H[WHV HLQJH EW VRQGHUQ DXFK GHVVHQ PRUDOSKLORVRSKLVFKH $XVVDJHQ UHIOHNWLHUW ,Q GLHVHP .RQWH[W HQWVWDQGHQ DXFK 7H[WH GLH =LWDWH XQG $XVVSUFKH PR UDOSKLORVRSKLVFKHQ,QKDOWVDXVYHUVFKLHGHQHQ7H[WHQH[]HUSLHUWHQXQGVR LQ NRQGHQVLHUWHU )RUP GHP /HVHU GLH (VVHQ] GHU DQWLNHQ 0RUDOSKLORVR SKLH]XU9HUIJXQJVWHOOWHQ (LQ%HLVSLHOIUGLHVH$UWYRQ0RUDOSKLORVRSKLHLVWGHU7H[W0RUDOLXP GRJPD SKLORVRSKRUXP GHV :LOKHOP YRQ &RQFKHV FD   GHU XP HLQHQ/HKUVWXKOLQ3DULVIU3KLORVRSKLHXQG*UDPPDWLNLQQHKDWWH 'LH.RPSLODWLRQGLHLP$XIEDXVWDUNDQ&LFHURV'HRIILFLLVRULHQWLHUWLVW EHVWHKWDXVHLQHU5HLKXQJYRQ=LWDWHQGLHGHU$XWRUYRUDOOHPGHQ6FKULI WHQ&LFHURVXQG6HQHFDVDEHUDXFKDQGHUHU3KLORVRSKHQXQG'LFKWHUHQW QRPPHQKDW'HU7H[WYHUVDPPHOWGDPLWGLHZLFKWLJVWHQ6HQWHQ]HQGHU EHNDQQWHQ0RUDOSKLORVRSKHQ 0RUDOSKLORVRSKLHZLUGYRQ:LOKHOPDOVHWZDVHPLQHQW:LFKWLJHVEH WUDFKWHWZDVLQNHLQHP7HLOGHV/HEHQVVRZRKOEHL|IIHQWOLFKHQZLHEHL SULYDWHQEHLJHULFKWOLFKHQZLHEHLKlXVOLFKHQ$QJHOHJHQKHLWHQIHKOHQGU IH'DVV:LOKHOPV7H[WVHOEVWYHUKlOWQLVPl‰LJNXU]LVWZLUGQLFKWDOVHLQ 1DFKWHLO YHUVWDQGHQ GHQQGDV =LHO GHU %HVFKlIWLJXQJ PLW 0RUDOSKLORVR 

 



=DKOUHLFKH1DFKZHLVHILQGHQVLFKEHL'HOKD\H  +LHUVHLQXUDXI+XJRYRQ6W 9LNWRU'LGDVFDOLFRQ9,YHUZLHVHQÅ,QKLVTXDWXRUSDUWLEXVSKLORVRSKLDHWDOLVRUGRLQ GRFWULQDVHUYDULGHEHWXWSULPDSRQDWXUORJLFDVHFXQGDHWKLFDWHUWLDWKHRULFDTXDUWD PHFKDQLFD3ULPXPHQLPFRPSDUDQGDHVWHORTXHQWLDGHLQGHXWDLW6RFUDWHVLQ(WKLFD SHUVWXGLXPYLUWXWLVRFXOXVPXQGDQGXVHVWXWGHLQGHLQWKHRULFDDGLQYHVWLJDWLRQHP YHULWDWLVSHUVSLFD[HVVHSRVVLW´ 3/% 'DVVGHU/HUQHQGHGXUFKGLH%HVFKlI WLJXQJPLWGHU(WKLNYRQVHLQHQ/HLGHQVFKDIWHQJHUHLQLJWXQGGDGXUFKDXIGDV(UIR VFKHQGHU:DKUKHLWYRUEHUHLWHWZLUGZLUGDXFKYRQ5LFKDUGYRQ6W9LNWRU ([FHUSWLR QXPSULRUXP, JHVHKHQÅ3ULPDRPQLXPFRPSDUDQGDHVWHORTXHQWLDHWLGHRH[SH WHQGDORJLFDGHLQGHSHUHWKLFDPSXULILFDQGXVRFXOXVPHQWLV>«@´ 3/%  9JO'HOKD\H  SDVVLP 9D&LFHURV :HUNH'HRIILFLLVXQG 'HLQYHQWLRQHDEHUDXFK :HUNH YRQ6HQHFD6DOOXVW XQG%RHWKLXVZHUGHQKlXILJ]LWLHUWGLH%LEHOZLUGVHOWHQHU]LWLHUWGDIUDEHU'LFKWHU ZLH+RUD]7HUHQ]/XFDQ9HUJLOXD :LOKHOP YRQ &RQFKHV 0RUDOLXP GRJPD SKLORVRSKRUXP Å1XOOD HQLP YLWH SDUV QHTXH SXEOLFLVQHTXHSULYDWLVQHTXHIRUHQVLEXVQHTXHGRPHVWLFLVLQ!UHEXVPRUDOLSKLOR VRSKLDYDFDUHSRWHVW´:LOKHOPYRQ&RQFKHV  

'LH3UREOHPODJH'DV'LOHPPDHLQHUZLVVHQVFKDIWOLFKHQ(WKLN



SKLH EHVWHKH QLFKW GDULQ P|JOLFKVW YLHOH 7H[WH OHVHQ ² 9LHOOHVHQ EHUJH RKQHKLQGLH*HIDKUGHQ/HVHU]XYHUXQVLFKHUQXQG]XLUULWLHUHQVRGDVV HUVLFKVHOEVWEHLGHU/HNWUHYHUOLHUHQN|QQHGDGLH)OOHGHU%FKHUGHQ /HVHU ]HUVWUHXH ² HV JHKH YLHOPHKU GDUXP GLH 6HQWHQ]HQ ZLHGHU XQG ZLHGHU]XOHVHQVLH]XYHULQQHUOLFKHQXPVRVFKOLH‰OLFKGD]X]XJHODQJHQ GLH JHZRQQHQHQ (LQVLFKWHQ DXFK XP]XVHW]HQ :LOKHOP EHHQGHW VHLQHQ 7H[W PLW GHP +LQZHLV GDUDXI GDVV GLH QXQ YRUOLHJHQGHQ 9RUVFKULIWHQ DXVUHLFKHQ XP LQ 5XKH HLQ HKUHQYROOHV /HEHQ JHPl‰ GHU 9HUQXQIW ]X IKUHQ (WKLN NRPPW LQ GLHVHP .RQWH[W HLQ JUR‰HU SUDNWLVFKHU :HUW ]X VLH ]LHOW GDUDXI GHQ /HVHU WDWVlFKOLFK ]XP WXJHQGKDIWHQ /HEHQ ]X EHZHJHQ 'HU7H[WYRQ:LOKHOPYRQ&RQFKHVYHUVWHKWVLFKDOVHLQ+LOIVPLWWHOGD]X 'LHVHV 9HUVWlQGQLV YRQ 0RUDOSKLORVRSKLH DOV $QZHLVXQJ ]XP ULFKWLJHQ /HEHQ HQWVSULFKW DXFK GHP %HJULII YRQ 0RUDOSKLORVRSKLH GHQ :LOKHOP ZLHDXFKDQGHUH$XWRUHQGHV-DKUKXQGHUWVLQGHQ]XJlQJOLFKHQPRUDO SKLORVRSKLVFKHQ7H[WHQILQGHQNRQQWHQGHQQEHL&LFHURXQG6HQHFDGHQ ZLFKWLJVWHQ $XWRUHQ DXI GLHVHP *HELHW KDW GLH 0RUDOSKLORVRSKLH GLH )XQNWLRQGDV/HEHQ]XRUGQHQXQG]XIKUHQ 'HU 7H[W 0RUDOLXP GRJPD SKLORVRSKRUXP EOLHE ]ZDU DXFK LP  -DKU KXQGHUWQRFKXQJHPHLQSRSXOlUGRFKKDWWHHUVRJXWZLHNHLQH%HGHX WXQJ IU GHQ XQLYHUVLWlUHQ (WKLNXQWHUULFKW ZHGHU ZDV GLH YRQ LKP YHU ZHQGHWHQ4XHOOHQQRFKGHQ,QKDOWXQGGLH0HWKRGHDQEHWULIIW'HQQPLW %HNDQQWZHUGHQ GHU 1LNRPDFKLVFKHQ (WKLN GHV $ULVWRWHOHV LQ GHU ]ZHLWHQ +lOIWH GHV  -DKUKXQGHUWV YHUODJHUWH VLFK GHU 6FKZHUSXQNW DXI GLH 

Å8QGH KLF IDFLOLXV LQWXHUL SRWHULV TXDP VL SHU SXOWRUXP YROXPLQD YDJDQGR GLVSHUVD FROOLJHUHV0XOWRUXPHQLPDFWRUXPOHFWLRHWRPQLVJHQHULVYROXPLQXPDOLTXLGYDJXP HWLQVWDELOHKDEHW9HUXPHVWQDPTXHTXLDQXVTXDPHVWTXLXELTXHHVW´(EG  Å'LVWUDLWOLEURUXPPXOWLWXGR´(EG  Å8WHQLPPHGLFLYHORUDWRUHVTXDPYLVSUHFHSWDSHUFHSHULQWTXLFTXDPGLJQXPODXGH VLQHXVXFRQVHTXLQHTXHXQWVLFRIILFLLFRQVHUYDQGLSUHFHSWDWUDGXQWXULOODTXLGHPXW IDFLDPXVVHGUHLPDJQLWXGRXVXPTXRTXHH[HUFLWDWLRQHPTXHGHVLGHUDW´(EG  Å+HFSUHVFULSWDVHUYDQWHPOLFHWLQWUDQTXLOORKRQHVWDWLVYLYHUHHWDGQRUPDPUDWLRQLV YLWDPUHGXFHUH´(EG  =XP3KLORVRSKLHYHUVWlQGQLVEHL&LFHURYJO]%0DQFDO    )UGLHKDQGVFKULIWOLFKHhEHUOLHIHUXQJYJOGLH1DFKZHLVHYRQ+ROPEHUJLQ:LOKHOP YRQ&RQFKHV  ²$X‰HUGHPZXUGHGHU7H[WEHUHLWVLPOHW]WHQ'ULWWHOGHV -DKUKXQGHUWVLQV)UDQ]|VLVFKHEHUVHW]WXQGHUZDUQRFKHLQHZLFKWLJH4XHOOHIU %UXQHWWR /DWLQL GHU VLFK LQ GHQ PRUDOSKLORVRSKLVFKHQ 7HLOHQ VHLQHV 7UpVRU WHLOZHLVH Z|UWOLFKDXI:LOKHOPYRQ&RQFKHVVWW]W9JOHEG  =XQlFKVWGKXPGLH0LWWHGHV-DKUKXQGHUWVODJQXUHLQ7HLOGHU(1LQODWHLQL VFKHU hEHUVHW]XQJ YRU QlPOLFK %XFK ,, XQG ,,, GLH VRJHQDQQWH HWKLFD YHWXV GDQQ ZXUGHHLQHZRKOYROOVWlQGLJHhEHUVHW]XQJDQJHIHUWLJWYRQGHUMHGRFKQXU%XFK,XQG )UDJPHQWH YRQ %XFK ,,; EHUOLHIHUW VLQG GLH VRJHQDQQWH HWKLFD QRYD 8P GLH 0LWWH GHV-DKUKXQGHUWVVFKOLH‰OLFKOHJWH5REHUW*URVVHWHVWHHLQHQHXHYROOVWlQGLJHhEHU VHW]XQJYRUGLHHLQLJH-DKUHVSlWHUQRFKHLQPDOEHUDUEHLWHWZXUGHXQGGLHLQGHUXU

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

.RPPHQWLHUXQJ GLHVHV 7H[WHV ZHOFKH LP  XQG  -DKUKXQGHUW ]X JUR‰HQ7HLOHQGLHELVGRUWKLQEHWULHEHQHQ6WXGLHQYHUGUlQJWH(WKLNXQWHU ULFKWEHVWDQGQXQKDXSWVlFKOLFKLQGHU$XVOHJXQJGHU(WKLNGHV$ULVWRWH OHV %HVRQGHUKHLWHQGHU1LNRPDFKLVFKHQ(WKLN 'LHVHU :DQGHO KDWWH QLFKW QXU LQKDOWOLFKH .RQVHTXHQ]HQ ² LQVRIHUQ PLW GHU1LNRPDFKLVFKHQ(WKLNHLQ7H[WYRUODJLQGHPDXIJDQ]DQGHUH:HLVHDOV LQ GHQ ELVKHU EHNDQQWHQ 7H[WHQ GDV DNWLYH /HEHQ GLH *OFNVHOLJNHLW LP 'LHVVHLWV XQG GLH %HGHXWXQJ GHU PDWHULHOOHQ *WHU HU|UWHUW ZLUG ² VRQ GHUQ ZLUNWH VLFK DXFK XQG YRU DOOHP DXI GLH %HKDQGOXQJVZHLVH XQG GLH 0HWKRGHGHU(WKLNDXV'HQQEHLGHP7H[WKDQGHOWHVVLFKQLFKWXPHLQH 6DPPOXQJ YRQ +DQGOXQJVDQZHLVXQJHQ PRUDOLVFKHQ ,QVWUXNWLRQHQ XQG 0D[LPHQVRQGHUQXPHLQH$QDO\VHXQG%HVFKUHLEXQJGHUHWKLVFKHQ3UD [LVLQLKUHQ*UXQG]JHQ'LH$UJXPHQWDWLRQHQEDVLHUHQDXIGHUQDWUOL FKHQ9HUIDVVWKHLWGHV0HQVFKHQGHU$QDO\VHXQGNULWLVFKHQhEHUSUIXQJ GHUWDWVlFKOLFKHQHWKLVFKHQ3UD[LVVRZLHGHUEHUHLWVEHVWHKHQGHQ0HLQXQ JHQ EHU GLHVH 3UD[LV 'LH$EKDQGOXQJ SUlVHQWLHUWVLFK DOV YRQ GHU 9HU QXQIWOHJLWLPLHUWXQGPLWKLQDOVSULQ]LSLHOOUDWLRQDOQDFKYROO]LHKEDU 6FKRQ GLHVH 0HUNPDOH GHU DULVWRWHOLVFKHQ (WKLN DOOHLQ KlWWHQ DXVJH UHLFKWXPHLQHUDGLNDOH9HUlQGHUXQJGHU%HVFKlIWLJXQJPLWGHU(WKLN]X EHZLUNHQ (WKLNXQWHUULFKW DP /HLWIDGHQ GHU (1 EHGHXWHW QlPOLFK QLFKW HLQH 8QWHUZHLVXQJ LQ GLH ULFKWLJH /HEHQVSUD[LV VRQGHUQ UDWLRQDO OHJLWL PLHUWH$QDO\VHGHU9RUDXVVHW]XQJHQXQG%HGLQJXQJHQHWKLVFKHQ9HUKDO WHQV +LQ]X NRPPW MHGRFK HLQ ZHLWHUHU )DNWRU 'LH VLFK HWZD ]HLWJOHLFK YROO]LHKHQGH5H]HSWLRQGHU$QDO\WLFDSRVWHULRUDIKUWH]XU(WDEOLHUXQJHLQHV VWUHQJHQ:LVVHQVFKDIWVEHJULIIVGHUDXFKDXIGLH(WKLNDQJHZHQGHWZXUGH 8PGLH$XVZLUNXQJHQGLHVHU(QWZLFNOXQJQDFKYROO]LHKHQ]XN|QQHQLVW HV ]XQlFKVW QRWZHQGLJ VLFK NXU] GLH (LQWHLOXQJ GHU :LVVHQVJHELHWH EHL $ULVWRWHOHV]XYHUJHJHQZlUWLJHQ ,QGHU0HWDSK\VLNXQWHUVFKHLGHW$ULVWRWHOHVGLH%HUHLFKHGHV:LVVHQVLQ WKHRUHWLVFKHVZHOFKHVDXI(UNHQQWQLVSUDNWLVFKHVZHOFKHVDXIV+DQGHOQ VSUQJOLFKHQ RGHU EHUDUEHLWHWHQ )RUP GLH *UXQGODJH IU GHQ XQLYHUVLWlUHQ 8QWHU ULFKWXQGGLH.RPPHQWLHUXQJGHU(1ELVLQV-DKUKXQGHUWELOGHWH9JO*DXWKLHU  1HXHUH/LWHUDWXUZLUG]LWLHUWEHL/LQHV    'HU 5H]HSWLRQVSUR]HVV GHU (1 LVW KLQUHLFKHQG EHVFKULHEHQ ZRUGHQ YJO YD GLH $UEHLWHQYRQ*DXWKLHUVLHKHDXFK:LHODQG D XQG]XP(WKLNXQWHUULFKWDQGHQ 8QLYHUVLWlWHQZlKUHQGGHU5HQDLVVDQFHLQ,WDOLHQYJO/LQHV    =XP 8QWHUVFKLHG ]ZLVFKHQ QRUPDWLYHU XQG DQDO\WLVFKHU (WKLN LQ +LQVLFKW DXI (1 YJO+|IIH  

'LH3UREOHPODJH'DV'LOHPPDHLQHUZLVVHQVFKDIWOLFKHQ(WKLN



XQGSRLHWLVFKHVZHOFKHVDXIGDV+HUYRUEULQJHQ]LHOW'LHVHQ%HUHLFKHQ GHV:LVVHQVNRUUHVSRQGLHUHQVSH]LILVFKH+DOWXQJHQGHV*HLVWHVGLH²ZLH $ULVWRWHOHVLQGHU(1VFKUHLEW²]ZDUDOOHDXIGLH:DKUKHLWDE]LHOHQDEHU DXI MH YHUVFKLHGHQH :HLVH IU WKHRUHWLVFKHV :LVVHQ YHUZHQGHQ ZLU :LV VHQVFKDIW HSLVWHPHVFLHQWLD GHUHQ9HUIDKUHQLQGHQ$QDO\WLFDSRVWHULRUDGDU JHOHJWLVW)UGDVSRLHWLVFKH:LVVHQEHQ|WLJHQZLUHLQHVSH]LILVFKH)HUWLJ NHLW WHFKQHDUV  XQG IU GDV SUDNWLVFKH ZHOFKHV HV PLW GHQ HLQ]HOQHQ +DQGOXQJHQ]XWXQKDWEHQ|WLJHQZLU.OXJKHLW SKURQHVLVSUXGHQWLD  :HQQ$ULVWRWHOHVQXQHLQH$EKDQGOXQJEHUGHQ%HUHLFKGHVSUDNWL VFKHQ:LVVHQVYHUIDVVWVRNDQQGLH0HWKRGHGLHVHU'DUVWHOOXQJVHOEVWYHU VWlQGOLFK QLFKW GLH .OXJKHLW VHOEVW VHLQ GHQQ HLQH DOOJHPHLQH 'DUOHJXQJ ]LHOWQLFKWDXIHLQH+DQGOXQJVHQWVFKHLGXQJLQHLQHPVLQJXOlUHQ)DOO(LQH DOOJHPHLQH 'DUOHJXQJ EHGLHQW VLFK GDKHU LQ JHZLVVHU :HLVH LPPHU GHU :LVVHQVFKDIW ZDV QLFKW QXU IU GHQ )DOO GHU (WKLN JLOW 'HU VLFK GDUDXV HUJHEHQGHQ 3UREOHPH ² QlPOLFK GDVV VLFK GLH *HJHQVWlQGH GHV :LVVHQV PHKURGHUZHQLJHUIUHLQHZLVVHQVFKDIWOLFKH%HWUDFKWXQJVZHLVHHLJQHQ² ZDU VLFK $ULVWRWHOHV GXUFKDXV EHZXVVW HU KDW GDKHU YHUVFKLHGHQH 6WXIHQ XQG*UDGHYRQ:LVVHQVFKDIWOLFKNHLWXQWHUVFKLHGHQXPGHU+HWHURJHQLWlW GHU *HJHQVWlQGH 5HFKQXQJ ]X WUDJHQ 'LH (WKLN QLPPW LQ YLHOHU +LQ VLFKWHLQH6RQGHUVWHOOXQJHLQZHVKDOEVLFK$ULVWRWHOHVGD]XJHQ|WLJWVLHKW DQYHUVFKLHGHQHQ6WHOOHQGHU(15HIOH[LRQHQEHUGLH0HWKRGHGHU(WKLN DQ]XVWHOOHQ =XQlFKVWZHLVW$ULVWRWHOHVJDQ]DOOJHPHLQZLHGHUKROWGDUDXIKLQGDVV HLQH $EKDQGOXQJ EHU (WKLN QRWZHQGLJ JURE XQG XPULVVKDIW EOHLEHQ PXVVGDHWKLVFKHV9HUKDOWHQVLFKLQGHUMHVSH]LILVFKHQ6LWXDWLRQDQGHUV ]HLJWGKUDGLNDONRQWLQJHQWLVWXQGDQGHUHUVHLWVHLQHDOOJHPHLQH$EKDQG OXQJ EHU GLH (WKLN QLFKW MHGHQ GLHVHU (LQ]HOIlOOH GLVNXWLHUHQ NDQQ (V ZlUHGDKHUYHUIHKOWYRQLKUGLHJOHLFKH([DNWKHLW]XYHUODQJHQZLHHWZD YRQPDWKHPDWLVFKHQ:LVVHQVFKDIWHQ =HQWUDOVLQGIHUQHU]ZHLZHLWHUH6WHOOHQDQGHQHQ$ULVWRWHOHVVHLQHL JHQHV9RUJHKHQGXUFK5HNXUVDXIGLH]ZHLLQGHQ$QDO\WLFDSRVWHULRUDDXV IKUOLFK GDUJHOHJWHQ :HLVHQ GHU ZLVVHQVFKDIWOLFKHQ (UNHQQWQLV QlPOLFK GLH (UNHQQWQLV GHV Ä'DVV¶ KRWLTXLD  XQG GHV Ä:DUXP¶ GLyWLSURSWHU TXLG 



9JO$ULVWRWHOHV0HWDSK\VLN9,E 9JO(19,  9JO$QDO\WLFDSRVWHULRUD,ED  9JO (1 ,  E ,  DE ,  D ,,  D ² %HL +|IIH  ZLUGGHU%HJULIIGHU*UXQGULVVZLVVHQVFKDIW]XUJUXQGOHJHQGHQ%H]HLFK QXQJ XQG 4XDOLIL]LHUXQJ GHU (1 YHUZHQGHW =XP .RQ]HSW GHV Ä*UXQGULVVZLVVHQV· YJODXFKQHXHUGLQJV+|IIH    9JO(1,E 

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

HUOlXWHUW:LVVHQVFKDIWLPVWUHQJHQ6LQQHLVWQXQHLJHQWOLFKQXUGHU]ZHL WH :HJ GHU GHV Ä:DUXP¶ GK GHU GHV 6FKOXVVHV DXV GHU 8UVDFKH 'HU 6FKOXVV GHV Ä'DVV¶ GK GHV IDNWLVFK 9RUNRPPHQGHQ LVW GHPJHJHQEHU ZHQLJHUQRWZHQGLJXQG]ZLQJHQGGHQQHUVFKOLH‰WQLFKWYRQGHU8UVDFKH DXIGLH)ROJH:lKUHQGQXQEHLPDQFKHQ:LVVHQVJHELHWHQGHU1DFKZHLV GHVIDNWLVFK9RUNRPPHQGHQGHQ$XVJDQJVSXQNWIUHLQH6XFKHQDFKGHQ 8UVDFKHQ ELOGHW LVW HV LQ GHU (WKLN KLQJHJHQ VR GDVV GHU 1DFKZHLV GHV Ä'DVV¶ GK GLH %HVFKUHLEXQJ XQG $QDO\VH GHV HWKLVFKHQ 9HUKDOWHQV EH UHLWVGDV=LHOXQGGHQ8PIDQJGHU(WKLNXPUHL‰W 6FKOLH‰OLFK LVW PLW GLHVHP $QVDW] HLQ IU GHQ YRUOLHJHQGHQ .RQWH[W OHW]WHU 3XQNW YRQ %HGHXWXQJ $ULVWRWHOHV YHUIlKUW LQ GHU 1LNRPDFKLVFKHQ (WKLNZLHHUHVLQVHLQHQPHWKRGLVFKHQ5HIOH[LRQHQDXVIKUWGLH*UXQG OLQLHQHWKLVFKHQ9HUKDOWHQVZHUGHQLQJUREHQ=JHQVNL]]LHUW7URW]GLH VHVKRKHQ*UDGHVDQ$OOJHPHLQKHLWXQG8QEHVWLPPWKHLWKlOWHV$ULVWRWH OHV GHQQRFK IU GDV =LHO VHLQHU 8QWHUVXFKXQJ GDVV PDQ QLFKW QXU (U NHQQWQLV HUODQJH VRQGHUQ DXFK WXJHQGKDIW ZHUGH GHQQ VRQVW ZlUH XQVHUH $UEHLW ]X QLFKWV QW]H $XV GLHVHP $QVSUXFK HUJLEW VLFK GLH 6SDQQXQJ GDVV(WKLNHLQHUVHLWVHLQHP|JOLFKVWDOOJHPHLQH7KHRULHGHVPHQVFKOLFKHQ +DQGHOQV DXIVWHOOHQ XQG DOOJHPHLQH (LQVLFKWHQ YHUPLWWHOQ VROO DQGHUHU VHLWV +DQGOXQJVDQOHLWXQJ XQG 2ULHQWLHUXQJ IU GDV NRQNUHWH +DQGHOQ LQ GHU NRPSOH[HQ :LUNOLFKNHLW JHEHQ VROO 0LW DQGHUHQ :RUWHQ HLQHUVHLWV ZLUGLQGHU(WKLNDOOJHPHLQXQGWKHRUHWLVFKJHOHKUWZDV]%7XJHQGLVW DQGHUHUVHLWVVROOVLHXQVDXFK]XWXJHQGKDIWHQ0HQVFKHQPDFKHQ 'LH5H]HSWLRQGHU1LNRPDFKLVFKHQ(WKLNLP-DKUKXQGHUW 0LWGHPYRQ$ULVWRWHOHVLQGHU(WKLNVHOEVW]XJUXQGHJHOHJWHQ9HUVWlQG QLV YRQ HLQHU ÄVFKZDFKHQ¶ :LVVHQVFKDIW GHV Ä'DVV¶ PDJ GLHVH 6SDQQXQJ QRFK HUWUlJOLFK VHLQ $OV PDQ MHGRFK LP  -DKUKXQGHUW LP =XJH GHU 9HUZLVVHQVFKDIWOLFKXQJGHU'LV]LSOLQHQXQWHUGHP(LQIOXVVGHVDULVWRWHOL VFKHQ:LVVHQVFKDIWVEHJULIIVHLQHQVWUHQJHQ%HJULIIYRQ:LVVHQVFKDIWZLH HULQGHQ$QDO\WLFDSRVWHULRUDHQWZLFNHOWZXUGHDXFKDXIGLH(WKLNDQZHQGH WH ZXUGH GLHVHV 3UREOHP ]XQHKPHQG YLUXOHQW 'HQQ GLH XQLYHUVHOOH +RFKVFKlW]XQJ GHV 6WDQGDUGV YRQ :LVVHQVFKDIWOLFKNHLW ZLH HU GXUFK $ULVWRWHOHVLQGHQ$QDO\WLFDSRVWHULRUDEHVFKULHEHQZXUGH²LQVEHVRQGHUHEHL GHQDQGHQ$UWLVWHQIDNXOWlWHQWlWLJHQ3KLORVRSKHQGHV-DKUKXQGHUWV² IKUWHGD]XGDVVQLFKWQXUGLHVRJHQDQQWHQWKHRUHWLVFKHQ:LVVHQVFKDIWHQ 

9JO$QDO\WLFDSRVWHULRUD, 9JO(1,DEXQG,E  9JO(1,,E  9JO(1,DDXQG,,E 

'LH3UREOHPODJH'DV'LOHPPDHLQHUZLVVHQVFKDIWOLFKHQ(WKLN



VWlUNHUWKHRUHWLVLHUWZXUGHQVRQGHUQDXFKVROFKH:LVVHQVJHELHWHGLHYRQ LKUHP*HJHQVWDQGKHUDXI:LUNXQJLQGHU3UD[LVDXVJHULFKWHWVLQG'DUXQ WHUIlOOWQHEHQ0HGL]LQXQG7KHRORJLHHEHQDXFKGLH(WKLN(WKLNZXUGH LP9HUODXIGLHVHU(QWZLFNOXQJ]XHLQHU:LVVHQVFKDIW]XHLQHUVFLHQWLDPRUD OLV 'LH .RPPHQWDUH GHV  -DKUKXQGHUWV ]XU (1 ZHLVHQ GDKHU LQ GHU 5HJHO DXFK GLHVHOEH 6WUXNWXU DXI ZLH ZLVVHQVFKDIWOLFKH .RPPHQWDUH DXI DQGHUHQ *HELHWHQ GHU 3KLORVRSKLH HV ZHUGHQ $UJXPHQWH DXIJHVWHOOW GLH GHGXNWLY GXUFK 6\OORJLVPHQ HQWZHGHU EHZLHVHQ RGHU ZLGHUOHJW ZHUGHQ XQG PLWWHOV 'LVWLQNWLRQHQ VXEWLO DQDO\VLHUW ZHUGHQ $X‰HUGHP OlVVW VLFK HLQH.RQ]HQWUDWLRQDXIGLH7KHPHQXQG$VSHNWHEHREDFKWHQYRQGHQHQ :LVVHQVFKDIWP|JOLFKLVWQlPOLFKLP.RQWH[WGHU(WKLNGLHDOOJHPHLQHQ *UQGH IU HWKLVFKHV 9HUKDOWHQ XQG GLH $QDO\VH YRQ HWKLVFK UHOHYDQWHQ %HJULIIHQ 'RFKZLHOlVVWVLFKGDVDOOJHPHLQH=LHOGHU:LVVHQVFKDIWQlPOLFK(U NHQQWQLVGHV$OOJHPHLQHQXQG1RWZHQGLJHQDXVGHQ8UVDFKHQQRFKPLW GHPHLJHQWOLFKHQ=LHOGHU(WKLNYHUPLWWHOQGLH0HQVFKHQ]XPWXJHQGKDI WHQ+DQGHOQDQ]XOHLWHQ"9HUVFKLHGHQH.RPPHQWDWRUHQGHU1LNRPDFKLVFKHQ (WKLNO|VHQGDV3UREOHPLQGHPVLHGLHJHOlXILJH(LQWHLOXQJYRQ:LVVHQ VFKDIWHQLQÄOHKUHQGH·XQGÄDQJHZDQGWH· GRFHQVXWHQV HLQVHW]HQ,QVRIHUQ PDQHWKLFDGRFHQVEHWUHLEWKDQGHOWPDQYRP$OOJHPHLQHQXQGNDQQ0RUDO SKLORVRSKLH QDFK GHP EOLFKHQ GHPRQVWUDWLYHQ 9HUIDKUHQ DOOHU :LVVHQ VFKDIWHQEHWUHLEHQ+DQGHOWPDQDEHUYRQHWKLFDXWHQVVRPXVVPDQVLFK DXI (LQ]HOIlOOH HLQODVVHQ EHU]HXJHQ XQG PLWKLQ ]X DQGHUHQ 0HWKRGHQ JUHLIHQ



9JO]%&KHQX   =X GHP %HJLQQ GLHVHU (QWZLFNOXQJ XQG GHU $XVELOGXQJ HLQHU ZLVVHQVFKDIWOLFKHQ (WKLNLP.RQWH[WGHU$ULVWRWHOHVDXVOHJXQJDP%HJLQQGHV-DKUKXQGHUWVYJO:LH ODQG D   9JOKLHU]X:LHODQG E   Ä/HKUEDUNHLW¶ZLUGEHUHLWVYRQ$ULVWRWHOHVDOVHLQ0HUNPDOYRQ :LVVHQVFKDIWLP8Q WHUVFKLHG]X(UIDKUXQJVZLVVHQDQJHJHEHQYJO0HWDSK\VLN,E  9JOHLQHQ(WKLNNRPPHQWDUYRP$QIDQJGHV-DKUKXQGHUWVÅ3HUKDQFGRFWULQDP SRWHVW LQVWUXL DOLTXLV TXL LQWHQGLW KDEHUH FRJQLWLRQHP PRUDOLV SKLORVRSKLDH HW DSXG LSVXPHVWLQFHUWLWXGLQLVPRGXV(WSRWHVWLWHUXPLQVWUXLRSHUDQVTXLLQWHQGLWILHULER QXV HW HL H[SHGLW PRGXV H[HPSODULV HW SDUDEROLFXV´ &RGH[ $YUDQFKHV  I U 6LHKH DXFK 3V 3HFNKDP Å'XSOH[ VFLHQWLD TXDHGDP LQ TXD LGHP HVW PRGXV SURFH GHQGL LQ GRFHQGR HW XWHQGR HW WDOLV QRQ KDEHW GHWHUPLQDUH PRGXP SURFHGHQGL TXRDGXVXP HWWDOLVHVWGRFWULQD3RVWHULRUXPDOLDHVWLQTXDGLIIHUWPRGXVSURFH GHQGLLQGRFHQGRHWXWHQGRWDOLVHVWGRFWULQD7RSLFRUXPHWVFLHQWLDFLYLOLVHWWDOLVGH WHUPLQDWPRGXPQRQTXRDGGRFWULQDPVHGTXRDGXVXP´,Q(WKLFDPQRYDPHWYHWHUHP 0V2[IRUG%RGOPLVFODWIUD ]LWLHUWQDFK:LHODQG E   

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

$OV%HLVSLHOIUHLQVROFKHV(WKLNYHUVWlQGQLVVHLDXI$OEHUWXV0DJQXV· .RPPHQWDU]XU1LNRPDFKLVFKHQ(WKLNYHUZLHVHQ$OEHUWEHDQWZRUWHWGLH )UDJHREHLQH:LVVHQVFKDIWYRQGHU0RUDOP|JOLFKVHLSRVLWLY$XFKHU JUHLIWDXIGLHJlQJLJH8QWHUVFKHLGXQJYRQHWKLFDXWHQVHWKLFDGRFHQV]XUFN 'LH0HWKRGHGHUOHKUHQGHQZLUN|QQHQDXFKVDJHQWKHRUHWLVFKHQ(WKLN VHLGHPRQVWUDWLYZLHLQGHQDQGHUHQ:LVVHQVFKDIWHQDXFK'DVVVLFKGLH (WKLNGHQQRFKZDVGHQ6WDWXVLKUHU:LVVHQVFKDIWOLFKNHLWDQJHKWYRQGHQ DQGHUHQ :LVVHQVFKDIWHQ XQWHUVFKHLGHW LVW VLFK $OEHUW GXUFKDXV EHZXVVW 'LH6lW]HGLHLQGHQHWKLVFKHQ%HZHLVHQDOV3UlPLVVHQRGHU.RQNOXVLR QHQ IXQJLHUHQ VR EHPHUNW $OEHUW EHVLW]HQ QlPOLFK NHLQH VWUHQJH DOOJH PHLQH *OWLJNHLW VRQGHUQ VLQG QXU ZDKUVFKHLQOLFK XQG JHOWHQ IU YLHOH 'DKHU VDJW $OEHUW H[SOL]LW ZDV LQ YLHOHQ DQGHUHQ 7H[WHQ VWLOOVFKZHLJHQG YRUDXVJHVHW]WZLUGQlPOLFKGDVVGLH5HGHGHV0RUDOSKLORVRSKHQWRSLVFK VHL )DVVHQZLU]XVDPPHQ$XVJHO|VWGXUFKGLH5H]HSWLRQGHU1LNRPDFKL VFKHQ(WKLNXQGIRUFLHUWGXUFKGLH2ULHQWLHUXQJDP3DUDGLJPDGHVDULVWRWH OLVFKHQ:LVVHQVFKDIWVEHJULIIVZHOFKHULQGHQ$QDO\WLFDSRVWHULRUDGHV$ULV WRWHOHVDXVIKUOLFKGDUJHOHJWZXUGHXQGZHOFKHUGLH%HKDQGOXQJVZHLVHGHU (WKLNQDFKKDOWLJNRQGLWLRQLHUWHZXUGHGLH(WKLNLP9HUODXIGHV-DKU KXQGHUWV]XHLQHU:LVVHQVFKDIW]XUVFLHQWLDPRUDOLV,QGHQ.RPPHQWDUHQ ]XU(1GHV-DKUKXQGHUWVILQGHQVLFKNHLQH6SXUHQPHKUYRQGHPDXI GLHHWKLVFKH3UD[LVGHV/HVHUVDXVJHULFKWHWHQ9HUVWlQGQLVYRQ0RUDOSKLOR VRSKLHZLHHVXQVEHL:LOKHOPYRQ&RQFKHVEHJHJQHWLVW











=X GHQ (WKLNNRPPHQWDUHQ $OEHUWV YJO GLH $UEHLW YRQ 0OOHU   (V VLQG XQV ]ZHL %HDUEHLWXQJHQ GHU (WKLN GXUFK $OEHUW EHUOLHIHUW (LQ /LWHUDONRPPHQWDU PLW 4XlVWLRQHQ GHU LQ HLQHU NULWLVFKHQ (GLWLRQ YRUOLHJW XQG HLQ SDUDSKUDVWLVFKHU .RP PHQWDUHEHQIDOOVPLW4XlVWLRQHQ=XGHQEHLGHQ)DVVXQJHQYJO9DQVWHHQNLVWH   XQG'XQEDELQ  ,P)ROJHQGHQEH]LHKHLFKPLFKDXIGHQ/LWHUDONRPPHQWDU $OEHUWXV 0DJQXV 6XSHU (WKLFD 3URORJXV   Å6HG TXDHULWXU KLF DQWH OLWWHUDP SULPR XWUXPGHPRULEXVSRVVLWHVVHVFLHQWLDYHOQRQ4XRGQRQYLGHWXU  2PQLVVFLHQWLD HVWGHQHFHVVDULLVXWGLFLWXULQ6(;72+8,86VHGPRVQRQHVWQHFHVVDULXVTXLDGHSHQ GHWDYROXQWDWHHUJRHWF´$OEHUWXV0DJQXV  ,=XQGÅ  $G SULPXPLQFRQWUDULXPGLFHQGXPTXRGVLFRQVLGHUHWXUPRVVHFXQGXPLGTXRGHVWVLF HVWDFDXVDQRQQHFHVVDULDHWQRQFDGLWLQGHPRQVWUDWLRQHVFLHQWLDH6LDXWHPFRQVLGH UHWXUVHFXQGXPLQWHQWLRQHPVXDPHWUDWLRQHPVLFUDWLRQHVPRUXPVXQWQHFHVVDULDH HWGHKLVSRWHVWHVVHVFLHQWLD>«@´(EG,= 3URORJXV T  Å'LFHQGXP TXRG GXSOLFLWHU SRWHVW FRQVLGHUDUL VFLHQWLD LVWD VHFXQGXP TXRGHVWGRFHQVHWVLFILQLVHVWVFLUHYHOVHFXQGXPTXRGHVWXWHQVHWVLFILQLVHVWXW ERQLILDPXV´(EG,= 3URORJXV T  Å'LFHQGXP TXRG PRGXV KXLXV LQTXDQWXP HVW XWHQV HVW SHUVXDVLYXV LQTXDQWXPHVWGRFHQVHVWGHPRQVWUDWLYXVVLFXWFXLXVOLEHWDOWHULXVVFLHQWLDH´(EG, = /LEHU,9OHFWLR;9,Å'LFHQGXPTXRGVHUPRQHVHWKLFLVXQWWRSLFLHWSUREDELOHVYHUL TXLGHPLQSOXULEXVVHGQRQQHFHVVDULL´(EG,=

'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU%DFRQ JHVW 



'LH(LQWHLOXQJGHU(WKLNLQHWKLFDXWHQVXQGHWKLFDGRFHQVXQGGDPLWGLH (QWNRSSHOXQJ GHU WKHRUHWLVFKHQ (WKLN YRQ GHP HLJHQWOLFKHQ =LHO GHU (WKLNDXFKLPDULVWRWHOLVFKHQ9HUVWlQGQLVQlPOLFKGDVVZLUGXUFKVLHJXW ZHUGHQVFKHLQWMHGRFKNHLQH/|VXQJ]XVHLQPLWGHUPDQVLFKGDXHUKDIW ]XIULHGHQ JLEW 'HQQ ZRULQ EHVWHKW GHU 6LQQ HLQHU UHLQ WKHRUHWLVFKHQ (WKLN",QZLHIHUQLVWHLQWKHRUHWLVFKHV:LVVHQYRQGHU7XJHQGEHUKDXSW VLQQYROO ZHQQ GLHVHV :LVVHQ QLFKW PHKU DQ GDV +DQGHOQ UFNJHEXQGHQ LVW"(VGUIWHXQVQLFKWZXQGHUQZHQQVLFKDXFK3KLORVRSKHQGHVVSlWHQ XQGGHVIUKHQ-DKUKXQGHUWVVROFKHRGHUlKQOLFKH)UDJHQJHVWHOOW KDEHQ,QGHU7DWlX‰HUWEHUHLWVLQGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWV HLQ'HQNHU=ZHLIHODQGHUJlQJLJHQ8QWHUULFKWVIRUPGHU(WKLNXQGLKUHU 7KHRUHWLVLHUXQJXQGVHW]WVLFKIUHLQH5HIRUPGHU(WKLNHLQGHU)UDQ]LV NDQHU5RJHU%DFRQ

'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU %DFRQ JHVW XQG+LQZHQGXQJ]XU5KHWRULNGHV $ULVWRWHOHV 5RJHU%DFRQ 'HU)UDQ]LVNDQHU5RJHU%DFRQ:LVVHQVFKDIWOHU3KLORVRSKXQG7KHRORJH GHU PLW .HQQWQLV IDVW DOOHUQHX UH]LSLHUWHQ 4XHOOHQ GHU $QWLNH HLQHQHXH 6\VWHPDWLN GHV :LVVHQVVHLQHU =HLW DQVWUHEWH KDW VLFK DXFK DXVIKUOLFK EHU GLH (WKLN JHlX‰HUW (U DUWLNXOLHUW VHLQH =ZHLIHO DQ GHU EHVWHKHQGHQ XQGLKPJHJHQZlUWLJHQ%HKDQGOXQJGHU(WKLNDQGHQ8QLYHUVLWlWHQQLFKW VHOEVW LQ HLQHP XQLYHUVLWlUHQ 8QWHUULFKWVWH[W VRQGHUQ LQ GHP 7H[W 2SXV PDLXV ZHOFKHQ %DFRQ LP $XIWUDJ YRQ 3DSVW &OHPHQV ,9 JHVFKULHEHQ KDW'DVHQ]\NORSlGLVFKH:HUNKDQGHOWYRQDOOHQ:LVVHQVJHELHWHQZR EHL HV %DFRQ LQVEHVRQGHUH GDUDXI DQNRPPW 5HIRUPYRUVFKOlJH IU GHQ XQLYHUVLWlUHQ 8QWHUULFKW ]X XQWHUEUHLWHQ 'HU VLHEWH XQG OHW]WH 7HLO GHV :HUNHV LVW GHU 0RUDOSKLORVRSKLH JHZLGPHW %DFRQV 0RUDOSKLORVRSKLH VWHKWGDPLWDX‰HUKDOEGHU6FKXOHQZDV%DFRQHLQHUVHLWVJU|‰HUHQ+DQG OXQJVVSLHOUDXPOlVVWDQGHUHUVHLWVDEHUDXFKGHQ(IIHNWKDWWHGDVV%DFRQV HWKLVFKHhEHUOHJXQJHQQLHHLQHPJU|‰HUHQ3XEOLNXP]XJlQJOLFKZXUGHQ 'HU(QWVWHKXQJVNRQWH[WHUNOlUWGDV)DNWXPGDVV%DFRQV0RUDOSKLOR VRSKLHQLFKWDOV([SOLNDWLRQGHUDULVWRWHOLVFKHQ(WKLNYHUIDVVWZXUGHXQG GLHVHU LP $XIEDX DXFK QLFKW IROJW %DFRQ IROJW YLHOPHKU VHLQHQ HLJHQHQ $QVLFKWHQYRQGHPZDVHLQH(WKLN]XOHLVWHQKDWXQGZR]XVLHQW]OLFK  

=XP/HEHQ%DFRQVYJO+DFNHWW   =XU(WKLN%DFRQVYJOGLH6WXGLHYRQ0DVVD  

'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU%DFRQ JHVW 



'LH(LQWHLOXQJGHU(WKLNLQHWKLFDXWHQVXQGHWKLFDGRFHQVXQGGDPLWGLH (QWNRSSHOXQJ GHU WKHRUHWLVFKHQ (WKLN YRQ GHP HLJHQWOLFKHQ =LHO GHU (WKLNDXFKLPDULVWRWHOLVFKHQ9HUVWlQGQLVQlPOLFKGDVVZLUGXUFKVLHJXW ZHUGHQVFKHLQWMHGRFKNHLQH/|VXQJ]XVHLQPLWGHUPDQVLFKGDXHUKDIW ]XIULHGHQ JLEW 'HQQ ZRULQ EHVWHKW GHU 6LQQ HLQHU UHLQ WKHRUHWLVFKHQ (WKLN",QZLHIHUQLVWHLQWKHRUHWLVFKHV:LVVHQYRQGHU7XJHQGEHUKDXSW VLQQYROO ZHQQ GLHVHV :LVVHQ QLFKW PHKU DQ GDV +DQGHOQ UFNJHEXQGHQ LVW"(VGUIWHXQVQLFKWZXQGHUQZHQQVLFKDXFK3KLORVRSKHQGHVVSlWHQ XQGGHVIUKHQ-DKUKXQGHUWVVROFKHRGHUlKQOLFKH)UDJHQJHVWHOOW KDEHQ,QGHU7DWlX‰HUWEHUHLWVLQGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWV HLQ'HQNHU=ZHLIHODQGHUJlQJLJHQ8QWHUULFKWVIRUPGHU(WKLNXQGLKUHU 7KHRUHWLVLHUXQJXQGVHW]WVLFKIUHLQH5HIRUPGHU(WKLNHLQGHU)UDQ]LV NDQHU5RJHU%DFRQ

'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU %DFRQ JHVW XQG+LQZHQGXQJ]XU5KHWRULNGHV $ULVWRWHOHV 5RJHU%DFRQ 'HU)UDQ]LVNDQHU5RJHU%DFRQ:LVVHQVFKDIWOHU3KLORVRSKXQG7KHRORJH GHU PLW .HQQWQLV IDVW DOOHUQHX UH]LSLHUWHQ 4XHOOHQ GHU $QWLNH HLQHQHXH 6\VWHPDWLN GHV :LVVHQVVHLQHU =HLW DQVWUHEWH KDW VLFK DXFK DXVIKUOLFK EHU GLH (WKLN JHlX‰HUW (U DUWLNXOLHUW VHLQH =ZHLIHO DQ GHU EHVWHKHQGHQ XQGLKPJHJHQZlUWLJHQ%HKDQGOXQJGHU(WKLNDQGHQ8QLYHUVLWlWHQQLFKW VHOEVW LQ HLQHP XQLYHUVLWlUHQ 8QWHUULFKWVWH[W VRQGHUQ LQ GHP 7H[W 2SXV PDLXV ZHOFKHQ %DFRQ LP $XIWUDJ YRQ 3DSVW &OHPHQV ,9 JHVFKULHEHQ KDW'DVHQ]\NORSlGLVFKH:HUNKDQGHOWYRQDOOHQ:LVVHQVJHELHWHQZR EHL HV %DFRQ LQVEHVRQGHUH GDUDXI DQNRPPW 5HIRUPYRUVFKOlJH IU GHQ XQLYHUVLWlUHQ 8QWHUULFKW ]X XQWHUEUHLWHQ 'HU VLHEWH XQG OHW]WH 7HLO GHV :HUNHV LVW GHU 0RUDOSKLORVRSKLH JHZLGPHW %DFRQV 0RUDOSKLORVRSKLH VWHKWGDPLWDX‰HUKDOEGHU6FKXOHQZDV%DFRQHLQHUVHLWVJU|‰HUHQ+DQG OXQJVVSLHOUDXPOlVVWDQGHUHUVHLWVDEHUDXFKGHQ(IIHNWKDWWHGDVV%DFRQV HWKLVFKHhEHUOHJXQJHQQLHHLQHPJU|‰HUHQ3XEOLNXP]XJlQJOLFKZXUGHQ 'HU(QWVWHKXQJVNRQWH[WHUNOlUWGDV)DNWXPGDVV%DFRQV0RUDOSKLOR VRSKLHQLFKWDOV([SOLNDWLRQGHUDULVWRWHOLVFKHQ(WKLNYHUIDVVWZXUGHXQG GLHVHU LP $XIEDX DXFK QLFKW IROJW %DFRQ IROJW YLHOPHKU VHLQHQ HLJHQHQ $QVLFKWHQYRQGHPZDVHLQH(WKLN]XOHLVWHQKDWXQGZR]XVLHQW]OLFK  

=XP/HEHQ%DFRQVYJO+DFNHWW   =XU(WKLN%DFRQVYJOGLH6WXGLHYRQ0DVVD  

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

LVW'HQQRFKVHW]WHUVLFKPLW$ULVWRWHOHVLQVEHVRQGHUHPLWGHVVHQ(WKLN DXVHLQDQGHURKQHVLFKKLHUMHGRFKVWUHQJJHEXQGHQ]XIKOHQ %DFRQEHKDQGHOWGLH(WKLNXQWHUFKULVWOLFKWKHRORJLVFKHU3HUVSHNWLYH VR GDVV $ULVWRWHOHV ]ZDU KlXILJ ]LWLHUW XQG HU|UWHUW ZLUG QLFKW DEHU GHQ YHUELQGOLFKHQ5DKPHQOLHIHUWLQQHUKDOEGHVVHQDUJXPHQWLHUWZLUG'DKHU IKOWVLFK%DFRQDXFKIUHLLQEHVWLPPWHQ.RQWH[WHQDXFKDQGHUH$XWRUHQ DXVIKUOLFK ]X :RUW NRPPHQ ]X ODVVHQ VR YRU DOOHP 6HQHFD 6HQHFD VR KlXILJ]X]LWLHUHQLVWLP-DKUKXQGHUWQLFKWPHKUEOLFK:LH%DFRQ VHOEVWDQJLEWVHLHQGHVVHQ:HUNHPLWGHQHQHUVHLWVHLQHU.LQGKHLWYHU WUDXWZDUQXQVRUDUJHZRUGHQGDVVHUYLHOHQLFKWPHKUDXIILQGHQN|QQH 8QGGDHUQLFKWZLVVHREGHU$GUHVVDWVHLQHV:HUNHVQlPOLFK&OHPHQV ,9 EHU GLHVH YHUIJH KDEH HU VLFK HQWVFKORVVHQ VLH VR SSLJ ]X ]LWLH UHQ 'RFK QXQ ]XP ,QKDOW GHV 7H[WHV %DFRQV 0RUDOSKLORVRSKLH EHVWHKW DXVVHFKV7HLOHQZREHLGLHGUHLHUVWHQ²JHPl‰GHULP.RQWH[WGHVVFKR ODVWLVFKHQ $ULVWRWHOLVPXV· EOLFKHQ 8QWHUVFKHLGXQJ LQ WKHRUHWLVFKHV XQG SUDNWLVFKHV :LVVHQ ² GHQ VSHNXODWLYHQ 7HLO ELOGHQ GLH GUHL OHW]WHQ GHQ SUDNWLVFKHQ%HLGHUJHQDXHUHQ8QWHUJOLHGHUXQJGHU7HLOHRULHQWLHUWVLFK %DFRQ HKHU DQ WKHRORJLVFKHQ DOV DQ JHQXLQ SKLORVRSKLVFKHQ 0XVWHUQ 

,Q GHU IUDQ]LVNDQLVFKHQ 7UDGLWLRQ KDWWH VLFK DOOHUGLQJV HLQH JHZLVVHQ .HQQWQLV GHU 6FKULIWHQ 6HQHFDV HUKDOWHQ ZRYRQ QLFKW QXU 5RJHU %DFRQ VRQGHUQ DXFK -RKQ RI :DOHV]HXJHQYJOGD]XDXVIKUOLFKHU5LFNOLQ    5RJHU %DFRQ 0RUDOLV SKLORVRSKLD Å6HW HW FDXVD VSHFLDOLV HVW TXRG LQ KLLV OLEULV 6HQHFH PRUHU TXLD OLFHW KXLXVPRGL SURVHFXWXV VXP DE LQIDQFLD WDPHQ OLEURV 'H LUD HW $G +HOELDPHW&XUERQLVPDODDFFLGDQWHW$QLQVDSLHQWHPFDGDQWFRQWXPHOLDHWLQLXULD HW$G0DUFLDPHWWUHVDGKXFVHTXHQWHVQRQSRWXLXQTXDPYLGHUHQLVLPRGRHWQHVFLR VL DG PDQXV 9HVWUH *ORULH SHUYHQHUXQW SURSWHUHD KDEXQGDQFLXV KLF VFULEHUH VXP FRQDWXV´5RJHU%DFRQ  ²(LQ+LQZHLVDXIGLH6HOWHQKHLWGHUYRQLKP]L WLHUWHQ%FKHUILQGHWVLFKDXFKDP%HJLQQGHV7HLOVGHU0RUDOSKLORVRSKLHÅ3URWUD [LKDQFSDUWHPWHUFLDP0RUDOLVSKLORVRSKLHJUDWLVSURSWHUSXOFULWXGLQHPHWXWLOLWDWHP VHQWHQFLDUXPPRUDOLXPHWSURSWHUKRFTXRGOLEULUDURLQYHQLXQWXUDTXLEXVHUXLKDV PRUXPUDGLFHVHWIORUHVHWIUXFWXV´(EG²%DFRQKDWDXFKLQDQGHUHQ)lOOHQGHQ 9HUOXVWYRQ%FKHUQEHNODJWGLHHUWURW]XPIDQJUHLFKHU1DFKIRUVFKXQJHQQLFKWDXI ILQGHQ NRQQWH VR &LFHURV 'H UHSXEOLFD YJO %DFRQ 2SXV WHUWLXP &DS ;9 ÅTXLD OLEUL 0DUFL7XOOLL'H5HSXEOLFDRSWLPLQXVTXDPLQYHQLXQWXUTXRGHJRSRVVLPDXGLUHFXP WDPHQ VROOLFLWXV IXL TXDHUHUH SHU GLYHUVDV SDUWHV PXQGL HW SHU GLYHUVRV PHGLDWRUHV 6LPLOLWHUPXOWLDOLLOLEULHLXV´%DFRQ  I0DVVD  EH]HLFKQHW%DFRQ GDKHU DXFK DOV HLQHQ ÅXPDQLVWD PHGLRHYDOH´ GHU ÅDQWLFLSD GL PROWL DQQL OH ULFHUFKH GHJOLXPDQLVWL´  5RJHU %DFRQ 0RUDOLV SKLORVRSKLD Å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´%DFRQ  

'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU%DFRQ JHVW 



LQVRIHUQ GHU HUVWH 7HLO GLH 9RUVFKULIWHQ XQG 9HUKDOWHQVZHLVHQ GHV 0HQ VFKHQLQ+LQVLFKWDXI*RWWDXIGHQDQGHUHQXQGDXIVLFKVHOEVWXQWHUVXFKW XQG GHU ]ZHLWH 7HLO GHU )UDJH QDFK GHU %HNHKUXQJ $QGHUVJOlXELJHU GHU hEHU]HXJXQJ GHU EHUHLWV *OlXELJHQ XQG GHU hEHU]HXJXQJ GHV 5LFKWHUV JHZLGPHWLVW )U GLH KLHU YHUIROJWH )UDJHVWHOOXQJ LVW LQVEHVRQGHUH GHU  7HLO GHU 0RUDOSKLORVRSKLHUHOHYDQWGHUGLH]ZHLWH$XIJDEHGHUSUDNWLVFKHQ0RUDO EHKDQGHOWQlPOLFK GDVV GLH 6HHOH ]XU /LHEH XQG $XVEXQJ GHV *XWHQ EHZHJW ZLUG XQG ]XP +DVV XQG]XU)OXFKWYRUGHP6FKOHFKWHQ

*HUDGHGLHVDEHUIDOOHGHQ0HQVFKHQVFKZHUGHVKDOEEHQ|WLJWHQVLHXQ WHUVWW]HQGH +HLOPLWWHO 'DV HUVWH XQG KDXSWVlFKOLFKH 0LWWHO XP GLHV ]X HUUHLFKHQ VHL GLH 3UHGLJW GLH EHU]HXJHQGH 5HGH RKQH %HWUJHUHL XQG 6SLW]ILQGLJNHLWHQ +LHUDQ VFKOLH‰W VLFK QXQ GLH )UDJH QDFK GHU 'DUVWHO OXQJVZHLVHRGHUGHU0HWKRGHHLQHUVROFKHQ5HGH 0LW%OLFNDXIGDVDULVWRWHOLVFKH2UJDQRQQHQQW%DFRQ]ZHL0HWKRGHQ GLH'LDOHNWLN DUJXPHQWXPGLDOHFWLFXP XQGGHQ%HZHLV DUJXPHQWXPGHPRQVWUD WLYXP  %HLGH KlOW HU LP .RQWH[W GHU (WKLN IU XQ]XUHLFKHQG GD EHLGH 0HWKRGHQ GD]X IKUHQ GDV :LVVHQ ]X YHUJU|‰HUQ QLFKW DEHU XQV ]XP *XWHQJHQHLJW]XPDFKHQ/HW]WHUHVLVWDEHUJHQDXGDVZRUDXIHV%DFRQ LQVHLQHU0RUDOSKLORVRSKLHDQNRPPWGDKHUKlOWHUHVIU YLHO QRWZHQGLJHU GDVV ZLU ]XP *XWHQ EHZHJW ZHUGHQ DOV ]XU 6SHNXODWLRQ GHU QDFNWHQ:DKUKHLWGHQQ7XJHQGXQG*OFNVHOLJNHLWVLQGQRWZHQGLJHUXQGEHVVHU DOVGLHQDFNWH:LVVHQVFKDIW



 

  

Å+HFDXWHPVFLHQWLDSULPRGRFHWFRPSRQHUHOHJHVHWLXUDYLYHQGLVHFXQGRGRFHWHD FUHGLHWSUREDULHWKRPLQHVH[FLWDULDGRSHUDQGXPHWYLYHQGXPVHFXQGXPLOODVOHJHV 3ULPDSDUVGLYLGLWXULQWUHVQDPSULPRQDWXUDOLWHURFFXULWRUGLQDWLRKRPLQLVLQ'HXP HW UHVSHFWX VXEVWDQWLDUXP DQJHOLFDUXP VHFXQGR DG SUR[LPXP WHUFLR DG VHLSVXP VLFXW6FULSWXUDIDFLW´%DFRQ   ÅVHFXQGXPRSXVHVWXWIOHFWDWXUDQLPXVDGDPRUHPHWH[HFXFLRQHPERQLHWRGLXPHW IXJDPPDOLHWGHKLLVLQTXLQWDSDUWHGHEHWGHWHUPLQDUL´HEG Å4XRQLDPDXWHPSUDFWLFDVXQWORQJHPHOLRUDHWPDJLVGLIILFLOLDHWPLQXVGHOHFWDELOLDHW PLQXV RSHUDELOLD LQ KDF PRUWDOL FRUUXSFLRQH LGHR IRUFLRULEXV UHPHGLLV HW LQGXFWLYLV LQGLJHPXVLQKLLVTXDPLQVSHFXODWLYLV3ULPXPDXWHPUHPHGLXPTXRGSHUKRPLQHP ILHULSRWHVWHVWVHUPRSRWHQVDGLQFOLQDQGXPPHQWHPHWKLFVHUPRHVWDUJXPHQWXP DOLTXRG H[ JHQHUH DUJXPHQWRUXP YHULGLFRUXP VLQH IUDXGH HW VRSKLVWLFDFLRQH´ (EG  9JOHEGI Å1RQ SRVVXQW LJLWXU KHF GXR DUJXPHQWD IOHFWHUH DQLPXP DG ERQXP VHW DG FRJQL FLRQHPYHULWDQWXP´(EG Å6HGWDPHQQHFHVVDULXPHVWTXRGIOHFWDPXUDGERQXPHWORQJHPDJLVTXDPDGVSHFX ODFLRQHPQXGHYHULWDWLVTXLDYLUWXVHWIHOLFLWDVVXQWPDJLVQHFHVVDULDHWPHOLRUDTXDP VFLHQFLDQXGD>«@´(EG

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

'DHVDEHUVFKZLHULJHUVHLGHP*XWHQ]XIROJHQXQGGLHVDXFKXP]XVHW ]HQDOVGDV:DKUH]XHUNHQQHQVREHQ|WLJHQZLUVWlUNHUH$UJXPHQWHGLH XQV GDYRQ EHU]HXJHQ XQG HEHQ GLHV OHLVWHW GLH 5KHWRULN $ULVWRWHOHV VHOEVWKDEHGDKHUGLH9HUZHQGXQJGHU5KHWRULNLQGHU(WKLNQDKHJHOHJW ZHQQHULPHUVWHQ%XFKGHU1LNRPDFKLVFKHQ(WKLNDQJLEWGDVVGHU0RUDO SKLORVRSKLH QLFKW %HZHLVH VRQGHUQ UKHWRULVFKH $UJXPHQWH DQJHPHVVHQ VHLHQ %DFRQ QLPPW KLHU HLQH ,QWHUSUHWDWLRQ GHV 7H[WHV YRU GLH ]ZDU QDKH OLHJHQGDEHUNHLQHVZHJV]ZLQJHQGQRWZHQGLJLVWXQGYRQDQGHUHQ,QWHU SUHWHQ GHU (1 DXFK QLFKW LQ GLHVHU :HLVH JHGHXWHW ZXUGH (LJHQWOLFK VSULFKW$ULVWRWHOHVDQGHUDQJHJHEHQHQ6WHOOH²LP.RQWH[WGHU)UDJHQDFK GHU$QJHPHVVHQKHLWYRQ*HJHQVWDQGXQG0HWKRGH²QXUYRQHLQHP9HU JOHLFKZLHHVXQDQJHPHVVHQZlUHYRQHLQHP0DWKHPDWLNHUEOR‰hEHUUH GHQGHV]XDN]HSWLHUHQHEHQVRXQDQJHPHVVHQZlUHHVYRQHLQHP5HGQHU LQGHU5DWVYHUVDPPOXQJ%HZHLVH]XIRUGHUQ,QGHP%DFRQÄUKHWRULFXV¶PLW ÄPRUDOLVVFLHQWLD¶SDUDSKUDVLHUWXQGGHQ9HUJOHLFKQLFKWDOVHLQHEOR‰H$QD ORJLHVRQGHUQDOVHLQH9HUNUHX]XQJYHUVWHKWNRPPWHU]XGHP6FKOXVV GDVV $ULVWRWHOHV KLHU GDIU SOlGLHUW LQ GHU 0RUDOSKLORVRSKLH UKHWRULVFKH $UJXPHQWH]XYHUZHQGHQ 'HU(WKLNXQWHUULFKWPVVWHDOVRGDKLQJHKHQGYHUlQGHUWZHUGHQGDVV 5KHWRULNDOV0HWKRGHGHU(WKLNJHOHKUWZUGH'LH5KHWRULNGHV$ULVWRWHOHV VHL]ZDUVRVWHOOWHUPLW%OLFNDXIVHLQH=HLWJHQRVVHQIHVWMQJVWEHUVHW]W ZRUGHQ DEHU XQWHU GHQ 0DJLVWHUQ XQG 6WXGHQWHQ GHU $UWLVWHQIDNXOWlW QRFK QLFKW VHKU YHUEUHLWHW 8QG GLH 5KHWRULN YRQ &LFHUR UHLFKH IU GHQ KLHU YHUKDQGHOWHQ 6DFKYHUKDOW QLFKW DXV GD &LFHURV 5KHWRULN QXU OHKUH HLQHQ5LFKWHUYRQGHUHLJHQHQ6DFKH]XEHU]HXJHQXQGGLHJHJHQWHLOLJH DE]XOHKQHQ ZlKUHQG HV IU %DFRQ LQ GHU 0RUDOSKLORVRSKLH QHEHQ GHP 8UWHLOHQHEHQVRDXIGHQ*ODXEHQXQGGDV+DQGHOQDQNRPPW 

Å,WHPGLIILFLOLXVHWPLQXVGHOHFWDELOLWHUVHKDEHW>LHLQWHOOHFWXVSUDFWLFXV@DGERQXP TXDP VSHFXODWLYXV DG YHUXP HW LGHR RSRUWHW TXRG PDLRUD HW IRUFLRUD KDEHDPXV LQ GXFWLYDXWVFLOLFHWIOHFWDPX U DGFUHGHQGXPYHULWDWLEXVFLUFDERQXPDQLPHHWDGRS HUDQGXP HDV HW TXDWLQXV LQFOLQHPXU DG LXVWLFLDP LQ FDXVLV YHQWLODQGLV 6HW U H WKRULFXP DUJXPHQWXP SRWHVW LQ KHF HUJR KXLXVPRGL DUJXPHQWXP HVW QRELV HOL JHQGXP´(EG  (1, EI Å3UR[LPXP HQLP YLGHWXU HW PDWKHPDWLFXP SHUVXDGHQWHP DFFHS WDUHHWUHWKRULFXPGHPRQVWUDFLRQHVH[SHWHUH´$ULVWRWHOHV/DWLQXV    5RJHU %DFRQ 0RUDOLV SKLORVRSKLD Å8QGH $ULVWRWLOHV SULPR (WKLFH YXOW TXRG PRUDOLV VFLHQFLD QRQKDEHDWXWLGHPRQVWUDFLRQHVHWUHWRULFR DUJXPHQWR1DPSHUSHFFDWXP HVWXWGLFLWLELPRUDOHPVFLHQFLDPXWLGHPRQVWUDFLRQHHWPDWKHPDWLFDPDUJXPHQWXP UHWKRULFXPH[SHULUL>«@´%DFRQ    Å+RFDXWHPDUJXPHQWXPQRQHVWQRWXPYXOJRDUWLVWDUXPDSXG/DWLQRVTXRQLDPOLEUL $ULVWRWLOLVHWVXRUXPH[SRVLWRUXPQXSHUWUDQVODWLVXQWHWQRQGXPVXQWLQXVXVWXGHQ FLXPUHWKRULFDYHURWXOOLDQDQRQGRFHWKRFDUJXPHQWXPQLVLSURSWHUFDXVDVYHQWLODQ GDVXWRUDWRUSRVVLWSHUVXDGHUHLXGLFLTXDWLQXVFRQVHQFLDWSDUWLVXHHWLQGLJQHWXUDG

'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU%DFRQ JHVW 



'LH5HIRUPGHU0RUDOSKLORVRSKLHPLWGHQ0LWWHOQGHU5KHWRULNLVWHLQ ]HQWUDOHV$QOLHJHQ%DFRQVDXIGDVHUDXFKLQDQGHUHQ7HLOHQVHLQHV:HU NHV]XVSUHFKHQNRPPW,PPHUZLHGHUZHLVW%DFRQDXIGLH1RWZHQGLJ NHLWHLQHU5HIRUPGHU0RUDOSKLORVRSKLHXQGHLQHYHUVWlUNWH5H]HSWLRQGHU 5KHWRULN XQG 3RHWLN KLQ 'D GLH EHLGHQ EHVWHQ ORJLVFKHQ %FKHU GK GLH 5KHWRULNXQG3RHWLNMHGRFKQXUUXGLPHQWlUUH]LSLHUWZHUGHQVHLHQGLHQHXH UHQ 7H[WH YROO YRQ OHHUHQ :RUWKOVHQ 'LH VFKOHFKWH $XVELOGXQJ VHL GDIUYHUDQWZRUWOLFKGDVVHVGHQ6WXGHQWHQDQ6LQQXQG9HUVWDQGIUGLH HLJHQWOLFKHQ%HODQJHGHU3KLORVRSKLHHUPDQJHOHXQGVLHVLFKQXUPLWREHU IOlFKOLFKHQ6RSKLVWHUHLHQEHVFKlIWLJHQ %DFRQ EHJUHLIW GLH ]HLWJHQ|VVLVFKH 0RUDOSKLORVRSKLH DOV GHIL]LWlU LP 9HUJOHLFK ]X DQWLNHQ PRUDOSKLORVRSKLVFKHQ 7H[WHQ 'HU JUXQGOHJHQGH 9RUWHLOGHUDQWLNHQ7H[WHEHVWHKWGDULQGDVVVLHGLH3RWHQ]EHVl‰HQGLH 6HHOHQGHU/HVHUWDWVlFKOLFK]XEHZHJHQQlPOLFKVLFKGHU7XJHQG]X]X QHLJHQE]ZYRP/DVWHUDE]XZHQGHQ %DFRQ JLEW DXFK +LQZHLVH GDUDXI ZLH EHU]HXJHQGHV HORTXHQWHV 6SUHFKHQ XQG 6FKUHLEHQ JHOHKUW ZHUGHQ N|QQWH QlPOLFK DXI ]ZHLHUOHL

 









YHUVH6HWIOH[XVWULSOH[HVWXWGL[LHWLGHRKRFDUJXPHQWXPXW7XOOLXVGRFHWQRQVXI ILFLW VHW LQGLJHPXV FRPSOHWD GRFWULQD $ULVWRWLOLV HW FRPPHQWDWRUXP HLXV 3HUVXDVLR WDPHQKHFUHWKRULFDDGWULSOH[RSXVPRUDOHVFLOLFHWDGFUHGHQGXPDGRSHUDQGXPDG UHFWHLXGLFDQGXP>«@´(EG 9JOGLH]DKOUHLFKHQ1DFKZHLVHEHL0DVVD   5RJHU%DFRQ2SXV0DLXV,;9Å0RGHUQLYHURGRFWRUHVYXOJLOLFHWPXOWDGHSKLORVR SKLDHPDJQDOLEXVVLQWWUDQVODWDWDPHQQRQKDEHQWHRUXPXVXPFXPHWLDPLQSDUYLV HWYLOLEXVGHOHFWDWLGXRVOLEURVORJLFDHPHOLRUHVQHJOLJXQWTXRUXPXQXVWUDQVODWXVHVW FXPFRPPHQWDULR$OSKDUDELLVXSHULOOXPHWDOWHULXVH[SRVLWLRSHU$YHUURHPIDFWDVL QHWH[WX$ULVWRWHOLVHVWWUDQVODWD´%DFRQ  ,,, 5RJHU %DFRQ 2SXV WHUWLXP &DS /;;9 Å6HG TXLD XWUXPTXH PRGXP YXOJXV LJQRUDW LGHR FRQYHUWLW VH DG VXPPDP HW LQILQLWDP FXULRVLWDWHP VFLOLFHW SHU GLYLVLRQHV 3RU SK\ULDQDVHWSHUFRQVRQDQWLDVLQHSWDVYHUERUXPHWFODXVXODUXPHWSHUFRQFRUGDQWLDV YRFDOHV LQ TXLEXV HVW VROD YDQLWDV YHUERVD RPQL FDUHQV RUQDWX UKHWRULFR HW YLUWXWH SHUVXDGHQGL´%DFRQ   5RJHU %DFRQ 2SXV WHUWLXP &DS ;9 Å(W LGHR TXLD YXOJXV QHVFLW KDQF VFLHQWLDP D MXYHQWXWHKRPLQHVKDEHQWDQLPDVREVFXUDVHWH[FDHFDWDVTXDHQXQTXDPSRVVXQWSUR ILFHUHQLVLLQYDQLVHWIDOVLVHWLQPDOLVFDYLOODWLRQLEXVHWLQPDJQLVLPSHUIHFWLRQLEXV VDSLHQWLDH(WLGHRPXOWLWXGRVWXGHQWLXPQHJOLJLWRPQHTXRGSXOFKUXPHVWHWXWLOHLQ VDSLHQWLDSKLORVRSKLDHHWSHULWSKLORVRSKLD´%DFRQ   5RJHU%DFRQ2SXVWHUWLXP&DS;,9Å0LUXPHQLPHVWGHQRELV&KULVWLDQLVTXLVLQH FRPSDUDWLRQH VXPXV LPSHUIHFWLRUHV LQ PRULEXV TXDP SKLORVRSKL LQILGHOHV /HJDQWXU GHFHPOLEUL(WKLFRUXP$ULVWRWHOLVHWLQQXPHUDELOHV6HQHFDHHW7XOOLLHWDOLRUXPHWLQ YHQLHPXVTXRGVXPXVLQDE\VVRYLWLRUXPXWGLFDPXVÄ*UDWLD'HLVDOYDYLWQRV¶6XP PXV HQLP ]HOXV FDVWLWDWLV HW PDQVXHWXGLQLV HW SDWLHQWLDH HWFRQVWDQWLDH HW RPQLXP YLUWXWXPIXLWDSXGSKLORVRSKRV´%DFRQ   Å1DPQRQHVWKRPRLQDOLTXRYLWLRLWDDEVRUSWXVTXLQVLOHJHUHWGLOLJHQWHUOLEURVKRV LOOXG YLWLXP GLPLWWHUHW TXRQLDP LWD SRWHQWHU DOOHJDQW SUR TXDOLEHW YLUWXWH HW FRQWUD TXRGOLEHWYLWLXPTXRGQRQHVWILQLV´(EG

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

:HLVHHQWZHGHUGXUFK7H[WHGLHGLH5KHWRULNOHKUWHQRGHUGXUFK7H[WH LQGHQHQGLH5KHWRULNEHUHLWVDQJHZHQGHWVHL$OV%HLVSLHOIUGLHHUVWH UHQ QHQQW HU GLH 3RHWLN GHV $ULVWRWHOHV GHQ GD]XJHK|ULJHQ .RPPHQWDU YRQ $YHUURHV XQG ZHLWHUH :HUNH YRQ $OIDUDEL $YLFHQQD $OJD]DOL XQG $XJXVWLQXVZlKUHQGHUIUGLHOHW]WHUHQLQVEHVRQGHUHDXI%ULHIHYHUZHLVW XQG]ZDUDXIGLHYRQ&LFHUR6HQHFD+LHURQ\PXVXQG$XJXVWLQXV 0LW GHQ KLHU VNL]]LHUWHQ $QDO\VHQ GHU 0RUDOSKLORVRSKLH XQG 9RU VFKOlJHQ]XLKUHU9HUEHVVHUXQJUHDJLHUW%DFRQDXIGLH9HUZLVVHQVFKDIWOL FKXQJGHU(WKLNLP5DKPHQGHVXQLYHUVLWlUHQ8QWHUULFKWV%DFRQIRUGHUW HLQH$ENHKUYRQHLQHUEOR‰DXIWKHRUHWLVFKH(LQVLFKW]LHOHQGH0RUDOSKLOR VRSKLH(UEHZHUWHWGLH.RQ]HQWUDWLRQDXIGLH7KHRULHQLFKWDOVHLQHQ]X EHJU‰HQGHQ)RUWVFKULWWVRQGHUQVLHKWLQLKUGHQ*UXQGHLQHV1LYHDXYHU OXVWHVGDGLH(WKLNLKUHLJHQWOLFKHV=LHODXVGHP%OLFNYHUOLHUWXQGGLHVR YHUIDVVWHQ7H[WHKLQWHUGDV1LYHDXDQWLNHUHWKLVFKHU7H[WH]XUFNIDOOHQ 6WDWWGHVVHQZLOOHUGXUFKGLH0RUDOSKLORVRSKLHGLH0HQVFKHQEHZHJHQ XQGLKQHQ+DQGOXQJVDQOHLWXQJHQXQGHWKLVFKH2ULHQWLHUXQJJHEHQ'LHVH $EVLFKW IRNXVVLHUW DXI GLH )UDJH QDFK GHU 0HWKRGH (WKLN DOV :LVVHQ VFKDIW GLH GHQ JlQJLJHQ 6WDQGDUGV GHU GHPRQVWUDWLYHQ :LVVHQVFKDIWHQ YHUSIOLFKWHWLVWXQGQDFKGHQ5HJHOQGHU/RJLNV\OORJLVWLVFKYHUIlKUWNDQQ GLHVHP =LHO GHU (WKLN QLFKW JHUHFKW ZHUGHQ (LQH DQGHUH 0HWKRGH GHU (WKLN PXVV KHU GLH 5KHWRULN 'HQQ GLH 5KHWRULN JLEW GLH 0LWWHO DQ GLH +DQG]XEHZHJHQXQG]XYHUlQGHUQ'LHDULVWRWHOLVFKH5KHWRULNVWHKWKLHU DOVRLQGHP'LHQVWGLHJHJHQZlUWLJHVSHNXODWLYDXVJHULFKWHWHSKLORVRSKL VFKH(WKLN]XUHIRUPLHUHQ 'LH5HIRUPGHU0RUDOSKLORVRSKLHEHL%DFRQHUIROJWIUHLOLFKXQWHUGHQ 3UlPLVVHQXQG=LHOVHW]XQJHQGHVFKULVWOLFKHQ*ODXEHQV0LWGLHVHQhEHU OHJXQJHQYHUELQGHW%DFRQ]ZHL'LQJHGLHYRULKPQLFKW]XVDPPHQJHVH KHQ ZXUGHQ HU UH]LSLHUW GLH DULVWRWHOLVFKH 5KHWRULN GLH DXI V\VWHPDWLVFKH :HLVHhEHU]HXJXQJVPLWWHOIUGLH3UD[LVGHUSROLWLVFKHQ5HGHDQDO\VLHUW² XQG QLFKW HWZD %XFK ,9 YRQ $XJXVWLQXV· 'H GRFWULQD FKULVWLDQD ² XP GLH %HVFKlIWLJXQJPLWGHU(WKLNDQGHQ8QLYHUVLWlWHQXQWHUFKULVWOLFKHQ9RU JDEHQKDQGOXQJVRULHQWLHUWHU]XJHVWDOWHQ :HOFKHQ6WHOOHQZHUWKDWPDQQXQ%DFRQXQGVHLQHQ9RUVFKOlJHQ]X ]XVFKUHLEHQ,VWHUHLQHUYRQYLHOHQGHUQXUDXIGHQ3XQNWEULQJWZDVGLH DQGHUHQ GHQNHQ" 2GHU LVW HU HLQ Ä8Q]HLWJHPl‰HU¶ HLQ +XPDQLVW GHV 



5RJHU%DFRQ0RUDOLVSKLORVRSKLDÅ+HFDXWHPHWTXH3ULQFLSDOHVFULSWXPUHTXLULWVFLXQ WXU GXSOLFLWHU XQR PRGR SHU DXWRUHV TXL GRFHQW KDQF HORTXHQFLDP DOLR PRGR SHU HRVTXLRSHUDWLVXQWHDPLQHIIHFWX´%DFRQ    (EG  =XU%HGHXWXQJGHU5KHWRULNIU%DFRQYJODXFK5RVLHU&DWDFK  

'LH5KHWRULN5H]HSWLRQ



-DKUKXQGHUWV"$XI*UXQGODJHGHUELVKHUEHNDQQWHQ7H[WHVLHKWHVVRDXV GDVV %DFRQ PLW VHLQHQ hEHUOHJXQJHQ ]XU 5HIRUP GHU 0RUDOSKLORVRSKLH HLQHVLQJXOlUH(UVFKHLQXQJLVW9RQVHLQHQ]HLWJHQ|VVLVFKHQ8QLYHUVLWlWV NROOHJHQXQWHUVFKHLGHWLKQGDVVHU0RUDOSKLORVRSKLHQLFKWDOV$ULVWRWHOLNHU EHWUHLEWHUVFKUHLEWNHLQHQ(WKLNNRPPHQWDUXQGHUIKOWVLFKDXFKQLFKW DQ GDV DULVWRWHOLVFKH 3DUDGLJPD YRQ :LVVHQVFKDIWOLFKNHLW JHEXQGHQ 9RQ VSlWHUHQ+XPDQLVWHQXQWHUVFKHLGHWLKQGDVVHUIUHLQH5HIRUPGHUXQL YHUVLWlUHQ 6WXGLHQ HLQWULWW XQG ]ZDU PLW 0LWWHOQ GLH $ULVWRWHOHV VHOEVW EHUHLWJHVWHOOW KDW (U EHQ|WLJW GDKHU NHLQH VWDUNH 3ROHPLN ZHGHU JHJHQ $ULVWRWHOHV²GHQQ$ULVWRWHOHVLVWIU%DFRQHLQ9HUWUHWHUGHUDQWLNHQ.XO WXUZLHDXFK6HQHFDXQG&LFHUR²QRFKJHJHQGLHVFKRODVWLVFKH3KLORVR SKLH DOV VROFKH ZHOFKH HLQ &KDUDNWHULVWLNXP GHU KXPDQLVWLVFKHQ 0RUDO SKLORVRSKLHLVW +DWWH %DFRQV $QWL]LSDWLRQ GHU 5KHWRULN DOV 0HWKRGH GHU (WKLN LU JHQGZHOFKH)ROJHQLQGHUVFKRODVWLVFKHQ3KLORVRSKLHRGHULVWVHLQ$SSHOO LQ GHQ $XGLWRULHQ GHU PLWWHODOWHUOLFKHQ 8QLYHUVLWlWHQ YHUKDOOW" +DW VLFK LKP MHPDQG DQJHVFKORVVHQ RGHU PXVVWH VHLQH ,GHH YRQ GHU 5KHWRULN DOV 0HWKRGH GHU (WKLN HUVW KXQGHUW -DKUH DXI LKUH 8PVHW]XQJ ZDUWHQ XP GDQQYRQGHQLWDOLHQLVFKHQ+XPDQLVWHQDXIJDQ]DQGHUH:HLVH]XQHXHP /HEHQHUZHFNW]XZHUGHQ"([SOL]LWEH]LHKWVLFKNHLQHUGHUQDFKIROJHQGHQ .RPPHQWDWRUHQ GHU (1 DXI %DFRQ DEHU ZLU N|QQHQ EHREDFKWHQ GDVV GDV,QWHUHVVHIU5KHWRULNDQGHU$UWLVWHQIDNXOWlWZHQQDXFK]DJKDIWXQG ]|JHUOLFKZlFKVW 'LH5KHWRULN5H]HSWLRQ $UDELVFKH7UDGLWLRQ²$HJLGLXV5RPDQXV² *XLGR9HUQDQL²-HDQGH-DQGXQ²-HDQ%XULGDQ  ,QZLHZHLWKDWWH%DFRQUHFKWPLWVHLQHU%HKDXSWXQJGLH3KLORVRSKHQZU GHQGLH5KHWRULNGHV$ULVWRWHOHVNDXP]XU.HQQWQLVQHKPHQ"5HFKWKDWWH HU MHGHQIDOOV PLW VHLQHP +LQZHLV DXI GLH HUVW NU]OLFK QXSHU  HUVFKLHQHQH hEHUVHW]XQJGLH5KHWRULNGHV$ULVWRWHOHVZXUGHYHUJOHLFKVZHLVHVSlWEHU VHW]W:lKUHQGGLHPHLVWHQ]HQWUDOHQ:HUNHGHV$ULVWRWHOHVEHUHLWVLP



:LHODQG  LVWGHU$QVLFKWÅGDVVHVVLFKEHLGHU0RUDOLV3KLORVRSKLDHKHUXP GLHVSlWH%OWHHLQHULPZHVHQWOLFKHQDEJHVFKORVVHQHQ(QWZLFNOXQJDOVXPGLHIUKH .QRVSH NQIWLJHQ KXPDQLVWLVFKHQ :DFKVWXPV KDQGHOW´ ,Q GHU 3HUVSHNWLYH GHU KLHU YHUIROJWHQ)UDJHVWHOOXQJHUVFKHLQW %DFRQ MHGRFK DOVMHPDQGGHUDXI HLQHVSH]LILVFKH KLVWRULVFKH 6LWXDWLRQ UHDJLHUW XQG HLQHQ QHXHQ /|VXQJVYRUVFKODJ IU HLQH QXQ HUVW YRUKDQGHQH3UREOHPODJHRIIHULHUW

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

-DKUKXQGHUW DXI /DWHLQ YRUODJHQ ZXUGH GLH 5KHWRULN HUVW LQ GHU ]ZHLWHQ +lOIWHGHV-DKUKXQGHUWVEHUVHW]W %HYRUHLQHODWHLQLVFKH9HUVLRQGHU5KHWRULNYRUODJKDWWHPDQ.HQQWQLV YRQLKUYRUDOOHPGXUFKDUDELVFKH3KLORVRSKHQGLHVLFKPLWGHPDULVWRWH OLVFKHQ7H[WEHVFKlIWLJWKDEHQ'LHVHU8PVWDQGZDUIUGLH5H]HSWLRQGHU 5KHWRULNIROJHQUHLFKGDGLH5KHWRULNLQGHUDUDELVFKHQ7UDGLWLRQGHP%H UHLFKGHU/RJLN]XJHRUGQHWZXUGH6RJHK|UWGLH5KHWRULNIU$OIDUDEL]X GHQORJLVFKHQ'LV]LSOLQHQ,QVHLQHU6FKULIW'HVFLHQWLLVGLHYRQ'RPLQL FXV*XQGLVVDOLQXVDXIJHJULIIHQXQGEHDUEHLWHWZXUGHXQWHUVFKHLGHW$OID UDEL IQI (OHPHQWH GHU /RJLN QlPOLFK GHPRQVWUDWLYD WHQWDWLYD VRSKLVWLFD UKHWRULFD XQG SRHWLFD 'LHVH =XRUGQXQJGHU5KHWRULN ]XU/RJLN ZXUGH LP ODWHLQLVFKHQ0LWWHODOWHUUH]LSLHUWXQGEHUHLWHWHGDPLWGHQ%RGHQDXIGHP GLH$XVHLQDQGHUVHW]XQJPLWGHP7H[WGHV$ULVWRWHOHVVWDWWILQGHQNRQQWH 'LH(LQWHLOXQJ$OIDUDELVZXUGHYRQ9LQFHQWYRQ%HDXYDLVDXIJHJULIIHQ +HUPDQQXV EHJLQQW VHLQH hEHUVHW]XQJ YRQ $OIDUDELV .RPPHQWDU HEHQ IDOOVPLWGLHVHU,GHH5KHWRULNXQG3RHWLNJHK|UHQ]XU/RJLN6FKOLH‰OLFK LVW GDUDXI KLQ]XZHLVHQ GDVV DXFK GHU 5KHWRULNNRPPHQWDU YRQ $YHUURHV LQGLHVHU7UDGLWLRQVWHKW,KQLQWHUHVVLHUWYRUDOOHPGDV9HUKlOWQLVGHU5KH WRULN]XU7RSLNE]Z'LDOHNWLN5KHWRULNLVWDXFKIU$YHUURHVHLQ7HLO GHU /RJLN GHU GHU 7RSLN GDULQ lKQOLFK LVW GDVV EHLGH JHJHQVlW]OLFKH 6WDQGSXQNWHYHUWUHWHQGDPLWMHGRFKQLFKW]XU:DKUKHLWVRQGHUQQXU]X HLQHU*HZLVVKHLWXQWHUKDOEGHU:DKUKHLWJHODQJHQN|QQHQ 'LHVH DXI GHU DUDELVFKHQ 7UDGLWLRQ EDVLHUHQGH 'HXWXQJ GHU 5KHWRULN XQGLKUH(LQRUGQXQJLQGHQ.DQRQGHUORJLVFKHQ6FKULIWHQVWDQGEHUHLWV 

   





1HEHQ GHU 5KHWRULN ZXUGHQ DXFK GLH 3ROLWLN gNRQRPLH XQG GLH 3RHWLN PLW ]HLWOLFKHU 9HU]|JHUXQJEHUVHW]WYJO'RG  =XGHQ6WXIHQGHU5H]HSWLRQYJODXFKGH WDLOOLHUW'DKDQ   $OIDUDEL'HFODUDWLRFRPSHQGLRVDSHUYLDPGLYLVLRQLV$OIDUDELVXSHUOLEURVUKHWRULFRUXP$ULVWRWHOLV 9HQHGLJ 'RPLQJR *XQGLVDOYR 'H VFLHQWLLV KJ 3 0DQXHO $ORQVR 0DGULG*UDQDGD    9LQFHQWYRQ%HDXYDLV6SHFXOXPGRFWULQDOH,,, ÅXW VLF KDEHDQW FRPSOHPHQWXP ORJLFL QHJRFLL VHFXQGXP $ULVWRWHOLV LQWHQWLRQHP 4XRG DXWHP KL GXR OLEUL ORJLFDOHV VLQW QHPR GXELWDW TXL OLEURV SHUVSH[HULW DUDEXP IDPRVRUXP$OIDUDELLYLGHOLFHWHW$YLFHQQHHW$YHQURVGLHWTXRUXQGDPDOLRUXP´=LW LHUWLQ*HRUJH/DFRPEH$ULVWRWHOHV/DWLQXV&RUSXV3KLORVRSKRUXP0HGLL$HYL%GH ,5RP,,&DPEULGJH , $YHUURHV ,Q /LEURV 5KHWRULFRUXP $ULVWRWHOLV 3DUDSKUDVHV ,  Å$UV TXLGHP 5KHWRULFDH DIILQLV HVW DUWLV 7RSLFDH TXRQLDP DPEDH XQXP ILQHP LQWHQGXQW TXL HVW HORTXL FXP DOLR H[ TXR QHXWUD LVWDUXP DUWLXP KRPR VHFXP LSVH XWLWXU VLFXW HVW GLVSRVLWLR DUWLV 'HPRQVWUDWLRQLVVHGXWLWXUHLVFXPDOLR´$YHUURHV  ,,U% Å+DHFHUJRDUVHVWSDUVDUWLV/RJLFDHTXDHVLPLOLVHVW7RSLFDHH[HRTXLDLSVDVSHFXOD WXUGXRRSSRVLWDHWQHXWUDHDUXPVSHFXODWXUUHPGHWHUPLQDWDPVSHFXODWLRQHTXDWUD GDWXUSURYHQWXVYHULWDWLVVHGWUDGXQWH[VSHFXODWLRQHSURYHQWXPHLXVTXRGHVWLQIUD YHULWDWHP´(EGU'

'LH5KHWRULN5H]HSWLRQ



]XU9HUIJXQJDOVPDQVLFKPLWGHP7H[WVHOEVWEHVFKlIWLJWHXQGNRQGL WLRQLHUWH GLH 5H]HSWLRQ GHV 7H[WHV IROJOLFK DXI VSH]LILVFKH :HLVH 'HQQ HUVW LQ GHU ]ZHLWHQ +lOIWH GHV  -DKUKXQGHUWV ² YHUJOHLFKVZHLVH VSlW ² ZXUGHQGUHLODWHLQLVFKH9HUVLRQHQGHU5KHWRULNDQJHIHUWLJWYRQGHQHQQXU GLH hEHUVHW]XQJ YRQ :LOKHOP YRQ 0RHUEHNH LQ HLQHU JU|‰HUHQ $Q]DKO YRQ+DQGVFKULIWHQEHUOLHIHUWZXUGH1DFKGHPGHU7H[WLQhEHUVHW]XQJ YRUODJ NRQQWH PLW GHU .RPPHQWLHUXQJ GK PLW GHU LQWHOOHNWXHOOHQ $Q HLJQXQJXQG7UDQVIRUPDWLRQGHUDULVWRWHOLVFKHQ9RUJDEHQEHJRQQHQZHU GHQ $XIJUXQG GHU ELVKHU EHNDQQWHQ 7H[WH PVVHQ ZLU %DFRQ ZRKO PLW VHLQHU .ODJH UHFKW JHEHQ GLH 0DJLVWHU GHU $UWLVWHQIDNXOWlWHQ KlWWHQ VLFK ]XZHQLJPLWGLHVHP7H[WEHVFKlIWLJWGHQQHVOLHJHQXQVQXUlX‰HUVWZH QLJH 5KHWRULNNRPPHQWDUH YRU =X /HE]HLWHQ %DFRQV VFKHLQW QXU HLQ .RPPHQWDU YHUIDVVW ZRUGHQ ]X VHLQ QlPOLFK GHU YRQ $HJLGLXV 5RPD QXV FD $XVGHP-DKUKXQGHUWNHQQHQZLULPPHUKLQGUHL %HDUEHLWXQJHQ GLH YRQ *XLGR 9HUQDQL JHVW QDFK   -HDQ GH -DQ GXQ XQG -HDQ %XULGDQ (V JLEW +LQZHLVH DXI YHUVFKROOHQH 5KHWRULN NRPPHQWDUHGRFKLP9HUJOHLFK]XDQGHUHQ6FKULIWHQKDWWHGLH5KHWRULN ZHQLJ $XIPHUNVDPNHLW DXI VLFK JH]RJHQ 'LHVHP PDQJHOQGHQ ,QWHUHVVH NRUUHVSRQGLHUW DXFK GDV )DNWXP GDVV XQV NHLQH +LQZHLVH DXI HLQH RIIL ]LHOOH /HKUH GHU 5KHWRULN DOV 8QWHUULFKWVIDFK DQ GHU 3DULVHU 8QLYHUVLWlW













$UDELVFKODWHLQLVFKYRQ+HUPDQQXV$OHPDQQXV JHVW LQ]ZHL+VVEHUOLH IHUW*ULHFKLVFKODWHLQLVFKDQRQ\P]ZHL+VVGD]XQRFK)UDJPHQWHFD+lOIWH GHV-DKUKXQGHUWVZLUGWUDQVODWLRYHWXVJHQDQQWLQGHUVFKRODVWLVFKHQ/LWHUDWXUILQ GHQ VLFK ZHQLJ 6SXUHQ GLHVHU hEHUVHW]XQJ  *ULHFKLVFKODWHLQLVFK :LOKHOP YRQ 0RHUEHNH FD IOlPLVFKHU'RPLQLNDQHUEHNDQQWH+VVZRKOXP HQWVWDQGHQ9JO6FKQHLGHU  XQG $HJLGLXV 5RPDQXV &RPPHQWDULD LQ 5KHWRULFDP $ULVWRWHOLV 9HQHGLJ  XQYHUlQGHUWHU 1DFKGUXFN )UDQNIXUW0 0LQHUYD  9JO DXFK GLH 6FKULIW 'H GLIIHUHQWLD UKHWRULFDH SROLWLFDHHWHWKLFDHLQ*%UXQL   *XLGR 9HUQDQL 6HQWHQWLD 5KHWRULFDH $ULVWRWHOLV 6XPPD VXSHU 5KHWRULFDP 'HU 7H[W LVW LQ PLQGHVWHQV GUHL EHNDQQWHQ +DQGVFKULIWHQ EHUOLHIHUW (UODQJHQ 8%  ;9  I U Y UUWDEXOD )ORUHQ]%/DXU$VKE   ;,9 IUY YUWD EXOD 9HQHGLJ%0DUFODW;, ;,9 9JO/RKU   -HDQGH-DQGXQ4XHVWLRQHVVXSHUOLEULV5KHWRULFRUXP$ULVWRWHOHV'HU.RPPHQWDULVWLQ]ZHL 5HGDNWLRQHQ $ XQG %  EHUOLHIHUW /RKU   I QHQQW GLH IROJHQGHQ +DQG VFKULIWHQ%RORJQD8% ;9 LWHP $ %UX[HOOHV%5R\DO   ;9 IU U  %  (UIXUW 6% $PSO )  ;,9  I UU %  .RVWHUQHXEXUJ 6W%  ;,9 IUY ,,,F $ /HLS]LJ8% V" IUY %  V" I UY % 2OLP(UIXUW&ROO$PSORQLDQD FDWYRQ>0%.',,@ -HDQ%XULGDQ4XHVWLRQHVVXSHUWULEXVOLEULVUKHWRULFRUXP$ULVWRWHOLV'LHGUHLEHNDQQWHQ+VV VLQG(UIXUW:$%ƒUDYE/HLS]LJ8%0VIUY/EHFN 6%3KLORVƒIYEUE9JO/RKU   9JO)UHGERUJ  

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

EHUOLHIHUW VLQG :DV DOVR PDJ GHQ HUVWHQ .RPPHQWDWRU GHU 6FKULIW $HJLGLXV5RPDQXVGD]XEHZRJHQKDEHQVLFKGHU5KHWRULN]X]XZHQGHQ" )LQGHQVLFKLQVHLQHP.RPPHQWDU+LQZHLVHDXIP|JOLFKH)XQNWLRQHQGHU 5KHWRULNIUGLH(WKLN" 'HU$XJXVWLQHUHUHPLWXQG7KRPDV6FKOHU$HJLGLXV5RPDQXV    YHUIDVVWH VHLQHQ 5KHWRULNNRPPHQWDU DXI %LWWHQ HLQHV DQRQ\PHQ ,QWHUHVVHQWHQ 6HLQ .RPPHQWDU IROJW GHP ODXIHQGHQ 7H[W GHU 5KHWRULN GLH GHP .RPPHQWDU EHLJHIJW LVW ELVZHLOHQ IJW $HJLGLXV OlQJHUH $XV IKUXQJHQ]XUHOHYDQWHQ%HJULIIHQRGHU3UREOHPHQKLQ]XGLHLQGHU5HJHO DOVQRWDQGDRGHUGHFODUDQGDJHNHQQ]HLFKQHWVLQG *OHLFK DP %HJLQQ PDFKW HU GHXWOLFK GDVV HU DXI ZLVVHQVFKDIWOLFKH :HLVH SHU PRGXP VFLHQWLH  YRQ GHU 5KHWRULN KDQGHOQ ZROOH 'LHVH +HUDQJHKHQV ZHLVHOlVVWVLFKDP7H[WEHVWlWLJHQHUYHUIlKUWDQDO\WLVFKXQGEHJUQGHQG 'LHVHU ZLVVHQVFKDIWOLFKHQ +DOWXQJ HQWVSULFKW DXFK GLH $XVZDKO GHU YRQ LKP ]LWLHUWHQ $XWRUHQ 1HEHQ $ULVWRWHOHV VLQG VHLQH +DXSWDXWRULWlWHQ $OIDUDEL XQG $YHUURHV GLH VLFK GXUFK .RPPHQWDUH ]XU DULVWRWHOLVFKHQ 5KHWRULN DOV $XWRULWlWHQ LP YRUOLHJHQGHQ .RQWH[W TXDOLIL]LHUW KDEHQ 2E ZRKO&LFHUR7H[WH]XU5KHWRULNJHVFKULHEHQKDWVSLHOHQGLHVHKLHUNHLQH 5ROOH ,P$QVFKOXVVDQGLHDUDELVFKH7UDGLWLRQKlOWDXFK$HJLGLXVGLH5KHWR ULNIUHLQHQ7HLOGHU/RJLNGHU²ZLHHUQLFKWPGHZLUG]XEHWRQHQ² GHU'LDOHNWLNQlKHUVWHKWDOVLUJHQGHLQHUDQGHUHQ:LVVHQVFKDIW$HJLGLXV HU|UWHUWDXVIKUOLFKGDV9HUKlOWQLVYRQ5KHWRULNXQG'LDOHNWLNLQVEHVRQ GHUHPLWLKUHQ8QWHUVFKLHGHQ(UQHQQW]ZHLJUXQGOHJHQGH8QWHUVFKLHGH 



 



9JO GLH 6WDWXWHQ YRQ  ZR 5KHWRULN DQ )HLHUWDJHQ JHOHVHQ ZHUGHQ NDQQ ÅQRQ OHJDQWLQIHVWLYLVGLHEXVQLVLSKLORVRSKRVHWUKHWRULFDVHWTXDGULYDOLDHWEDUEDULVPXPHW HWKLFDPVLSODFHWHWTXDUWXPWRSLFRUXP´5DVKGDOO  , $HJLGLXV5RPDQXV,Q5KHWRULFDPÅ4XLDTXDOLVHVWXQXVTXLVTXHWDOLVVLELILQLVYLGHWXU HWWDOLDGLFLWHWRSHUDWXUHWVLFYLYLWERQLVPRULEXVGHFRUDWXVPRUXPQRWLWLDPXWSHU HDPILQHPFRQVHTXDWXULQWHQWXPFHWHULVLQGLFDWSURSRQHQGDP+DFLJLWXULQWHQWLRQH XWSXWRPRWDYHVWUDGLVFUHWLRDPHKRPLQH5RPDQRFXPLQVWDQWLDUHTXLVLYLWXWVXSHU OLEUR UKHWRULFRUXP TXHP $ULVWRWHOHV HGLGLW SHU PRGXP VFLHQWLH DOLTXD VFULSWD FRP SRQHUHPTXLEXVFLWLXVGLFWHDUWLVKDEHUHWXUIDFLOLVLQWHOOHFWXV´$HJLGLXV  LUD² $XFK DQGHUH .RPPHQWDUH YRQ $HJLGLXV ZDUHQ HLQ]HOQHQ 3HUVRQHQ JHZLGPHW GLH ]XP7HLOPLW1DPHQEHNDQQWVLQGLPYRUOLHJHQGHQ)DOOLVWGLH3HUVRQ]ZDUQLFKWEH NDQQW 2·'RQQHOO YHUPXWHW MHGRFK HLQHQ %LVFKRI GDKLQWHU YJO 2·'RQQHOO    =XP$XIEDXGHV7H[WHVVRZLH]XGHQ%H]JHQGHV.RPPHQWDUV]XGHQYHUVFKLHGH QHQhEHUVHW]XQJHQGHU5KHWRULNYJO0DUPR   $HJLGLXV5RPDQXV,Q5KHWRULFDPÅ1RWDQGXPHVWLJLWXUTXRGUKHWRULFDHVWSDUVGLDOHF WLFDH VLYH SDUV ORJLFDH XW LQQXLW SKLORVRSKXV LQ SULPR UKHWRULFRUXP ORJLFD DXWHP GLFLWXUDORJRVORJRVQDPJUDHFHVHUPRYHOUDWLRODWLQHLQWHUSUHWDWXU(VWLJLWXUORJLFD VHUPRFLQDWLYDYHOUDWLRQDOLVVFLHQWLD´$HJLGLXV  UD ÅH[ TXR DSSDUHW PDLRUHP FRQYHQLHQWLDP HVVH LQWHU GLDOHFWLFDP HW UKHWRULFDP TXDP LQWHUUKHWRULFDPHWDOLDVDUWHV´(EGYE9JODXFKYEUD

'LH5KHWRULN5H]HSWLRQ



GLIIHUHQWLDH UDGLFDOHV  ]ZLVFKHQ 5KHWRULN XQG 'LDOHNWLN 'HU HUVWH EHWULIIW GDVZDVGLHMHZHLOLJH'LV]LSOLQHU]HXJWGHQQGLH5KHWRULNHU]HXJW*ODX EHQ ILGHV GLH'LDOHNWLN0HLQXQJ RSLQLR GHU]ZHLWH8QWHUVFKLHGEHWULIIW GDVZRUDXIGLH'LV]LSOLQHQDQJHZHQGHWZHUGHQN|QQHQGKGHQ*HJHQV WDQGVEHUHLFK :lKUHQG GLH 'LDOHNWLN DXI DOOH UDWLRQHV DQJHZHQGHW ZHUGHQ N|QQHEH]LHKHVLFKGLH5KHWRULNKDXSWVlFKOLFKDXISROLWLVFKH$QJHOHJHQ KHLWHQ QHJRFLXPSROLWLFXP XQGHLQ]HOQH)DNWHQ IDFWDVLQJXODULD  0LWGLHVHQ%HVWLPPXQJHQLVWGLH5KHWRULNIU$HJLGLXVHLQHORJLVFKH 'LV]LSOLQGLHEHLHLQHPEHVWLPPWHQ*HJHQVWDQGVEHUHLFKLKUH$QZHQGXQJ ILQGHWQlPOLFKLQGHU3ROLWLNZRMHZHLOVNRQNUHWHVLQJXOlUH(QWVFKHLGXQ JHQJHWURIIHQZHUGHQPVVHQXQGZRZLUXQVEHUDWHQQLFKWDEHU]XDEVR OXWHQ*HZLVVKHLWHQJHODQJHQN|QQHQ'DPLWJUHLIW$HJLGLXVGLHDULVWRWH OLVFKHQ 9RUJDEHQ DXI GD DXFK $ULVWRWHOHV GLH 5KHWRULN LP .RQWH[W GHU SROLWLVFKHQ5HGHSUD[LVHQWZLFNHOW 9RQGHU(WKLNDOVHLQHPEHYRU]XJWHQ$QZHQGXQJVJHELHWLVWEHL$HJL GLXV QLFKW GLH 5HGH 'DV 9HUKlOWQLV YRQ 5KHWRULN ]X (WKLN XQG 3ROLWLN VFKHLQW LKQ MHGRFK LQWHUHVVLHUW ]X KDEHQGHQQ HU KDWVLFK GD]X LQ HLQHP ZHLWHUHQ 7H[W DXVIKUOLFK JHlX‰HUW (V KDQGHOW VLFK KLHUEHL XP HLQHQ %ULHIGHQ$HJLGLXVIUHLQHQ'RPLQLNDQHUQDPHQV2OLYLHULXVJHVFKULHEHQ KDWGHUGHP6WXGLXPGHU5HFKWHQDFKJLQJ'LHVHUKDWWHLKQJHEHWHQ





  

Å'XSOH[ HQLP TXDVL UDGLFDOLV GLIIHUHQWLD LQWHU UKHWRULFDP HW GLDOHFWLFDP HVW VXSHULXV WDFWD3ULPDHVWH[HRTXRGJHQHUDWXUH[HLVQDPH[UKHWRULFDDJJHQHUDWXUILGHVTXDH WHUPLQDW LQWHOOHFWXP LQ RUGLQH DG DSSHWLWXP ([ GLDOHFWLFD YHUR RSLQLR TXDH KDHF TXLHWDUHLQWHOOHFWXPVHFXQGXPVHHWLGHRGLFHEDWUKHWRULFDPDGLDOHFWLFDGLIIHUUHTXLD XQD XWLWXU UDWLRQLEXV TXLHWDQWLEXV LQWHOOHFWXP VHFXQGXP VH DOLD YHUR QRQ LQ VH VHG WHUPLQDW LQWHOOHFWXP XW KDEHW RUGLQHP DG YROXQWDWHP 6HFXQGD GLIIHUHQWLD HVW SHU FRPSDUDWLRQHP DG HD GH TXLEXV VXQW TXLD GLDOHFWLFD HVW GH UDWLRQLEXV VLPSOLFLWHU HW VHFXQGXPVHUKHWRULFDYHURGHHLVXWVXQWDSSOLFDELOHVDGQHJRFLXPSROLWLFXPHWDG IDFWDVLQJXODULD´(EGUE²'HUOHW]WJHQDQQWH3XQNWZLUGYRQ$HJLGLXVZLHGHUKROW DQJHIKUWYJOXDÅ5KHWRULFDYHURHVWTXDHGDPGLDOHFWLFDTXLDHVWGHDFWLEXVUDWLRQLV QRQTXRFXQTXHPRGRVXPSWLVVHGXWVXQWDSSOLFDELOHVDGIDFWDVLQJXODULD´(EGUD Å9XOWHUJRSKLORVRSKXVTXRGH[KDELWLVVHTXDWXUUKHWRULFDPHVVHSDUWHPGLDOHFWLFDH DSSOLFDELOHP DG PRUHV FLYLOHV TXRG VLF GHFODUDWXU´ >@ Å([ TXR QRWD TXRG UHV LOOH SDUWLFXODUHVDGTXDVDSSOLFDQWXUUDWLRQHVUKHWRULFDHVXQWRSHUDFLYLOLDHWKRFHVWUKH WRULFXPHVVHFLUFDPRUHVHWFLUFDQHJRWLXPSROLWLFXPSURSWHUTXRGVHTXLWXUUKHWRUL FXPHVVHLQGXHUHILJXUDPSROLWLFDH´ UE ²1XULQHLQHPZHLWHQXQGXQHLJHQWOLFKHQ 6LQQHNDQQ5KHWRULNQDFK$HJLGLXVDXFKDXIGHQ%HUHLFKGHU1DWXUSKLORVRSKLHDQJH ZHQGHW ZHUGHQ YJO UE XQG GLH 'LVNXVVLRQ GHU )UDJH Å8WUXP UDWLRQHV UKHWRULFDH SRVVLQWDSSOLFDULDGPDWHULDPQDWXUDOHPHWDGVFLHQWLDVVSHFXODWLYDVVLYHDGXQLYHUVD OLD´HEGYEUE 9JO5DSS   'HU7H[WZXUGHNULWLVFKHGLHUWYRQ*HUDUGR%UXQL  Å7KHÄ'HGLIIHUHQWLDUKHWR ULFDHHWKLFDHHWSROLWLFDH¶RI$HJLGLXV5RPDQXV´LQ7KH1HZ6FKRODVWLFLVP ÅTXLDLQWHUOHJLVWDVYRVHVVHGLFLWLV´HEG

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

LKPHWZDVEHUGHQ8QWHUVFKLHG]ZLVFKHQ5KHWRULN(WKLNXQG3ROLWLNPLW]XWHL OHQ $HJLGLXV EHJLQQW PLW GHP HLJHQWOLFK SUREOHPDWLVFKHQ )DOO QlPOLFK GHP 9HUKlOWQLV YRQ5KHWRULN ]X 3ROLWLN XQG (WKLN ZREHL LP )ROJHQGHQ QXU QRFK GDV 9HUKlOWQLV YRQ 5KHWRULN XQG 3ROLWLN YHUKDQGHOW ZLUG XQG (WKLNQLFKWPHKUHLJHQVJHQDQQWZLUG'LHVHUNOlUWVLFKDXVGHQ9RUJD EHQ DXI GLH $HJLGLXV UHDJLHUW GHQQ DXI MH YHUVFKLHGHQH :HLVHQ KDEHQ VRZRKO$ULVWRWHOHVDOVDXFK&LFHURGLH5KHWRULNPLWGHU3ROLWLNLQ9HUELQ GXQJJHEUDFKW :LHYHUKlOWVLFKQXQDEHUGLH5KHWRULN]XU3ROLWLN"$HJLGLXVQHQQW]X HUVWGLH3RVLWLRQ&LFHURVGHUGLH5KHWRULNXQWHUGLH3ROLWLNJHVHW]WKDEH 9HUIDKUHPDQDXIGLHVH:HLVHVRJLEW$HJLGLXV]XEHGHQNHQVRZHUGHHV VFKZLHULJ5KHWRULNXQG3ROLWLN]XXQWHUVFKHLGHQ1DFK$ULVWRWHOHVKLQ JHJHQVHLGLH5KHWRULNHLQH%HJOHLWHULQGHU'LDOHNWLNXQGGDPLWHKHU'LD OHNWLN DOV 3ROLWLN $HJLGLXV QXQ KlOW VLFK DQ GLH 3RVLWLRQ GHV $ULVWRWHOHV ZHLOVLFKPLWGLHVHUGLH8QWHUVFKLHGH]ZLVFKHQ3ROLWLNXQG5KHWRULNGHXW OLFKHUEHQHQQHQODVVHQ 'DV 9HUKlOWQLV GHU 5KHWRULN ]XU 3ROLWLN ZLUG YRQ $HJLGLXV GDQQ JH QDXHU H[SOL]LHUW ]ZDU EHLQKDOWHW GLH 5KHWRULN DXFK SROLWLVFKHV :LVVHQ GRFKVRGDVVHVQLFKWJHUHFKWIHUWLJWLVWVLHHKHU]XU3ROLWLNDOV]XU'LDOHN WLN ]X ]lKOHQ 'HQQ HLQH :LVVHQVFKDIW ZLUG QDFK GHP EHQDQQW ZDV VLH HLJHQWOLFK EHKDQGHOW XQG KLHU ]HLJW VLFK GDVVGLH 5KHWRULN ]XQlFKVW NHL QHQ EHVWLPPWHQ *HJHQVWDQGVEHUHLFK EHKDQGHOW VRQGHUQ HKHU HLQH 0H WKRGH LVW GLH DOOJHPHLQHU LVW XQG DXI YHUVFKLHGHQHV DQJHZHQGHW ZHUGHQ NDQQ 3ROLWLVFKHV :LVVHQ EHKDQGHOW GLH 5KHWRULN QLFKW GLUHNW XQG GDKHU NDQQVLHDXFKQLFKWXQWHUGLH3ROLWLNJHVHW]WZHUGHQ ,Q GHP JHQDQQWHQ %ULHI VWHOOW $HJLGLXV GLH 5KHWRULNDXIIDVVXQJ YRQ $ULVWRWHOHVGHU&LFHURVJHJHQEHUXQGVSLHOWGLH.RQ]HSWHJHJHQHLQDQGHU





  

Å,QWHUURJDVWLV PH KRQRUHW YRV 'HXV XW GH GLIIHUHQWLD UHWKRULFH HWKLFH HW SROLWLFH YRELVDOLTXDGHVWLQDUHP´(EG'HU%ULHIHQWVWDQGQDFKVHLQHP5KHWRULNNRPPHQ WDUXQGYRU'HUHJLPHSULQFLSXPYJO%UXQL   (WKLNZLUGQXUDP%HJLQQJHQDQQWÅ1DPHWKLFDHWSROLWLFDVXQWVFLHQWLHVSHFLDOHVHW VXQW GHWHUPLQDWL JHQHULV´ $HJLGLXV 5RPDQXV    ,P )ROJHQGHQ LVW QXU QRFK YRQSROLWLFDGLH5HGH Å7XOOLXV HQLP YLGHWXU UHWKRULFDP VXE SROLWLFD FROORFDVVH TXRG VL KRF HVVHW IRUWH GXELXPKDEHUHWTXRPRGRDEHDGLIIHUHW´(EG Å6HG FXP UHWKRULFD VLW DVVHFXWLYD G\DOHFWLFH HW PDJLV VLW G\DOHFWLFD TXDP SROLWLFD SRWHVWLQWHUHDVWDOLVGLIIHUHQWLDDVVLJQDUL´(EG Å'LFHQGXPTXRGVFLHQWLDGHQRPLQDWXUDEHRFXLXVQRWLWLDPWUDGDWHWTXLDUHWKRULFD WUDGLWQRWLWLDPTXRUXQGDPFRPPXQLXPHWQRQGLUHFWHWUDGLWQRWLWLDPPRUDOLVQHJR FLL LGHR GLFLWXU HVVH LQGHWHUPLQDWL JHQHULV HW HVVH TXHGDP G\DOHFWLFD HW QRQ GLFLWXU HVVHTXHGDPSROLWLFD´(EG

'LH5KHWRULN5H]HSWLRQ



DXV'LH$EVLFKWGLHGDKLQWHUVWHKWOlVVWVLFKOHLFKWQDFKYROO]LHKHQEH UHLWVLQVHLQHP5KHWRULNNRPPHQWDUKDWWH$HJLGLXVGHXWOLFKJHVDJWGDVVHU DXI ZLVVHQVFKDIWOLFKH :HLVH YRQ GHU 5KHWRULN KDQGHOQ ZROOH 'DPLW KDW $HJLGLXVHLQHZLVVHQVFKDIWOLFKH%HKDQGOXQJGHU5KHWRULNLPODWHLQLVFKHQ :HVWHQ DOOHUHUVW EHJUQGHW 'HQQ 5KHWRULN ZXUGH YRUGHP DQKDQG GHV KDQGEXFKDUWLJ YHUIDVVWHQ :HUNHV &LFHURV 'H LQYHQWLRQH JHOHKUW ZHOFKHV IUHLOLFKHKHULQGHU'DUOHJXQJYRQ$UJXPHQWDWLRQVWHFKQLNHQEHVWHKWXQG VLFK IROJOLFK QLFKW ]X HLQHU ZLVVHQVFKDIWOLFKHQ GK WKHRUHWLVFK DOOJHPHL QHQ 8QWHUVXFKXQJ GHU 5KHWRULN DQELHWHW 'LHV LVW LP )DOO GHU DULVWRWHOL VFKHQ5KHWRULNJDQ]DQGHUV]XPDOZHQQPDQVLH²GHUDUDELVFKHQ7UDGLWL RQIROJHQG²DOVHLQHORJLVFKH'LV]LSOLQEHJUHLIW $XIGLH)UDJHGHU:LVVHQVFKDIWOLFKNHLWNRPPW$HJLGLXVDP(QGHGHV %ULHIHV H[SOL]LW ]X VSUHFKHQ ZHQQ HU ² GD GHU $GUHVVDW GHV %ULHIHV HLQ 5HFKWVVWXGLXPYRUVLFKKDW²GDV9HUKlOWQLVYRQ3ROLWLNXQG-XUDEHUKUW %HLGHKDQGHOQ]ZDUYRQGHQ*HVHW]HQ OHJHV GRFKDXIY|OOLJYHUVFKLHGHQH :HLVHQ :lKUHQG GLH 3ROLWLN YHUVWDQGHQ DOV :LVVHQVFKDIW HEHQ GHVKDOE DXFK ZLVVHQVFKDIWOLFK YHUIlKUW VR EHKDQGHOQ GLH -XULVWHQ OHJLVWH  GLH *H VHW]HDXIQDUUDWLYH:HLVH'DULQNRPPHQGLH-XULVWHQPLWGHP9RONXQG GHQ/DLHQEHUHLQGDVVVLHEHLGHGLH3ROLWLNRKQH.XQVWGK QLFKWZLV VHQVFKDIWOLFKEHWUHLEHQ  1DFK HLQHU OlQJHUHQ 3KDVH GHU 9HUQDFKOlVVLJXQJ ² VR N|QQHQ ZLU DXI JUXQG GHU VNL]]LHUWHQ 0HUNPDOH GHU 7H[WH GHV $HJLGLXV IROJHUQ ² HUKlOW GLH5KHWRULNHLQHJU|‰HUH$XIPHUNVDPNHLWQXQDEHUXQWHUQHXHQ9RU]HL FKHQQlPOLFKXQWHUGHQ6WDQGDUGVYRQ:LVVHQVFKDIWOLFKNHLWGLHVLFKPLWW OHUZHLOH KHUDXVJHELOGHW XQG HWDEOLHUW KDWWHQ $HJLGLXV EHJUQGHW PLW VHL QHP5KHWRULNNRPPHQWDUHLQHZLVVHQVFKDIWOLFKH%HKDQGOXQJGHU5KHWRULN DXI GHU *UXQGODJH GHV DULVWRWHOLVFKHQ 7H[WHV (U VFKOLH‰W VLFK GHU DUDEL VFKHQ 'HXWXQJVWUDGLWLRQ GHU 5KHWRULN DQ XQG KlOW VLH IU HLQHQ 7HLO GHU 'LDOHNWLN E]Z GHU /RJLN ,P 5KHWRULNNRPPHQWDU ZLH LQ 'H GLIIHUHQWLLV EHIDVVW VLFK $HJLGLXV QLFKW PLW GHU %HVWLPPXQJ GHV 9HUKlOWQLVVHV YRQ 5KHWRULNXQG(WKLNVRQGHUQPLWGHPYRQ5KHWRULNXQG3ROLWLN+LHUPLW JUHLIWHUGLHDULVWRWHOLVFKH9RUJDEHDXIGLH²VLFKHUOLFKDOV5HIOH[DXIGLH 

Å6L HUJR KHF GXR FRPSUHKHQGLW UHWKRULFD TXDUH PDJLV HVW TXHGDP G\DOHFWLFD TXDP TXHGDPSROLWLFDHWTXDUHPDJLVDVVHQWLHQGXPHVW3KLORVRSKRTXLFROORFDWHDPVXEG\ DOHFWLFDTXDP7XOOLRTXLYLGHWXUHDPFRORFDVVHVXESROLWLFD´(EG  Å3ROLWLFDHQLPOHJHVWUDGLWSHUPRGXPDUWLVOHJLVWHYHUROHJHVWUDGXQWVLQHDUWH1RQ HQLPFRQVLGHUDQWOHJLVWHGHWDOLEXVSHUPRGXPVFLHQWLILFXPVHGSHUPRGXPQDUUDWL YXP6LFHUJROHJLVWHVHYLGHQWXUKDEHUHDGSROLWLFRVVLFXWYXOJDUHVHWOD\FLDGG\DOHFWL FRV9XOJDUHVHQLPHWODLFLVXQWTXLGDP\GLRWHG\DOHFWLFLTXLDXWXQWXUSROLWLFDVLQHDU WHVLFOHJLVWHVXQWTXLGDP\GLRWHSROLWLFLTXLDXWXQWXUSROLWLFDVLQHDUWH´(EGI  $HJLGLXV5RPDQXV,Q5KHWRULFDPÅ1RWDQGXPHVWLJLWXUTXRGUKHWRULFDHVWSDUVGLDOHF WLFDHVLYHSDUVORJLFDH´$HJLGLXV  LUD

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

JULHFKLVFKH 3UD[LV GHU SROLWLVFKHQ 5HGH ² GLH 5KHWRULN DOV HLQH 0HWKRGH EHJUHLIW5HGHQSROLWLVFKHQ,QKDOWV]XYHUIDVVHQ3ROLWLNPHLQWKLHUHEHQVR ZLHEHL$ULVWRWHOHVVHOEVWHKHUGLH3UD[LVGHUSROLWLVFKHQ5HGHDOVGLH:LV VHQVFKDIWYRQGHU3ROLWLN5KHWRULNLVWGDKHUQLFKWGLH0HWKRGHGHU3ROLWLN DOV:LVVHQVFKDIWVRQGHUQGHU²ZHQQPDQVRVDJHQGDUI²DQJHZDQGWHQ 3ROLWLN $XV GHQVHOEHQ *UQGHQ NRPPW DXFK GLH (WKLN DOV *HJHQVWDQG GHU5KHWRULNEHL$HJLGLXVQLFKWLQGHQ%OLFN :LH VWHKHQ GLH QDFKIROJHQGHQ .RPPHQWDWRUHQ ]X GLHVHP 3UREOHP" 6FKOLH‰HQVLHVLFKGHU+DOWXQJGHV$HJLGLXVDQ"'LH%HDUEHLWXQJGHU5KHWR ULN GXUFK GHQ 'RPLQLNDQHU *XLGR 9HUQDQL QLPPW LQ GLHVHP .RQWH[W VLFKHUOLFKHLQH6RQGHUVWHOOXQJHLQ9HUQDQLZDUQLFKW²ZLHGLHGUHLDQGH UHQKLHUJHQDQQWHQ.RPPHQWDWRUHQGHU5KHWRULN²DQGHU3DULVHU8QLYHU VLWlW WlWLJ VRQGHUQ DQ GHU 2UGHQVVFKXOH GHU 'RPLQLNDQHU LQ 3DGXD 0LW VHLQHULQ.DSLWHOXQG'LVWLQNWLRQHQXQWHUWHLOWHQ6XPPDGHUDULVWRWHOLVFKHQ 5KHWRULN ZROOWH HU VHLQHQ 2UGHQVEUGHUQ GLH LQ EHVRQGHUHU :HLVH ]XP 6WXGLXPXQG]XP9HUWHLGLJHQGHU:DKUKHLWYHUSIOLFKWHWVHLHQHLQ,QVWUX PHQW DQ GLH +DQG JHEHQ PLW GHP VLH LKU HLJHQHV $QOLHJHQ QlPOLFK GLH *ODXEHQVZDKUKHLWHQ ]X YHUNQGHQ XQG EHU]HXJHQGHU YHUWHLGLJHQ ]X N|QQHQEHVVHUQDFKJHKHQNRQQWHQ'LHVHU$EVLFKWNRUUHVSRQGLHUWDXFK GDVLQDQGHUHQ.RPPHQWDUHQ9HUQDQLVVSUEDUH,QWHUHVVHGLHDULVWRWHOL VFKHQ7H[WHIUGHQ*HEUDXFKDXI]XEHUHLWHQJHOHJHQWOLFKDXFK²ZLHLP )DOOGHV(WKLNXQGGHV3ROLWLNNRPPHQWDUV²IUHLQ3XEOLNXPGDVQLFKW XQEHGLQJW HLQH ZLVVHQVFKDIWOLFKH 9RUELOGXQJ EHVD‰ 6HLQH 5KHWRULN GLHQW GDKHUGHP9HUIDVVHQYRQEHU]HXJHQGHQ5HGHQXQG3UHGLJWHQVLHKDW² ZDVLKUH$QZHQGXQJEHWULIIW²HLQHQNRQNUHWHQ5DKPHQ $QGHUV VWHKW HV PLW GHQ .RPPHQWDUHQ GLH DQ GHU $UWLVWHQIDNXOWlW YRQ 3DULV HQWVWDQGHQ VLQG 2EZRKO 5KHWRULN GRUW QLFKW ]XP UHJXOlUHQ )lFKHUNDQRQ JHK|UWH GLH UHOHYDQW ZDUHQ XP GLH 3UIXQJ ]XP PDJLVWHU



*XLGR 9HUQDQL 6HQWHQWLD UHWKRULFH $ULVWRWHOLV SURRHPLXP  Å,QWHU RPQHV DXWHP PLOLWHV YHULWDWLV IUDWUHV RUGLQLV SUHGLFDWRUXP LQ KRF SUHFLSXH DG GHL KRQRUHP GHGLFDYHUXQW VWXGLXPYLWHVXHXWSHUDUPDQRQFDUQDOLDVHGSHWHQWLDGHRVDOXWLIHUDPYLWDWHPDXGDFL WHUGRFHDQWYDOLGHTXHGHIHQGDQWHWIDOVLWDWLVSHUYHUVHSHVWLIHUDPRQLPHQWDGHVWUXDQWHW GLVSHUGDQW GLVVLSHQW HW HYHOODQW (W TXLD GRFXPHQWD UHWKRULFH IDFXOWDWLV WDQTXDP DU PDPHQWDHWFRQJUXDLQVWUXPHQWDDGVDOXWHPYHULWDWLVSULQFLSDOLWHURUGLQDQWXUHWFRQ VHTXHQWHUDGLQWHULWXPIDOVLWDWLVXWIUDWUHVQRVWULRUGLQLVLXQLRUHVSUHGLFWLVDUPLVSRV VLQWDEVTXHGLIILFXOWDWHPXQLULVXPPDPUHWKRULFH$ULVWRWHOLVSHUGLVWLQFWLRQHVHWFDSL WXODRUGLQDWHGLYLVDPLQSUHVHQWLRSHUHSURVHTXDUSODQLVYHUELVLQTXLEXVVLDOLTXLEXV DOLTXDPLQXVFODUDYLGHQWXUPLUDULQRQGHEHQWWXPTXLDQLVLTXDQGRTXHFODULXVORTXL QRQ SHUPLWWLW WXP TXLD 3KLORVRSKXV LQ KRF OLEUR PXOWXP REVFXUXV IXLW WXP HWLDP TXLDSDXFDHWSURSHQXOODDGKRFRSXVKDEHUHSRWXLDX[LOLDRSWLPD´0V(UODQJHQ8% IROU  =XP DQJHVSURFKHQHQ 3XEOLNXP GHV (WKLNNRPPHQWDUV YJO *DXWKLHU   XQG &KHQHYDO  ]XGHPGHV3ROLWLNNRPPHQWDUVYJO'XQEDELQ  

'LH5KHWRULN5H]HSWLRQ



DUWLXPDE]XOHJHQZLUGGLH5KHWRULNGHV$ULVWRWHOHVYRQ]ZHL3KLORVRSKHQ NRPPHQWLHUW $OV0RWLYH IU GLHVHV,QWHUHVVH GDUI PDQVLFKHUOLFK DQIK UHQ GDVV GLH 5KHWRULN HEHQ HLQ 7H[W GHV $ULVWRWHOHV ZDU GHQ PDQ DOOHLQ VFKRQ GHVKDOE IU HU|UWHUXQJVZUGLJ JHKDOWHQ KDEHQ PDJ (V VWHKHQ VL FKHUOLFK EHL GHQ HLQ]HOQHQ 'HQNHUQ DXFK SHUV|QOLFKH 0RWLYH KLQWHU GLH VHP,QWHUHVVH :LUZLVVHQGDVV-HDQGH-DQGXQGXUFKVHLQH$XVELOGXQJDP&ROOqJH GH1DYDUUHHLQEHVRQGHUVLQWHQVLYHV7UDLQLQJLQ*UDPPDWLNXQG5KHWRULN HUKDOWHQKDW'XUFKGLH5KHWRULNGHV$ULVWRWHOHVERWVLFKQXQGLH0|JOLFK NHLWGLHVH6FKZHUSXQNWHDXI]XJUHLIHQXQGLP5DKPHQGHV$ULVWRWHOLVPXV DXIHLQHPDQGHUHQ1LYHDX]XEHKDQGHOQ-DQGXQZLGPHWHVHLQHQ5KHWR ULNNRPPHQWDUGHULQ]ZHL)DVVXQJHQYRUOLHJW$QQLEDOGH&HFFDQRHLQHP HLQIOXVVUHLFKHQ.OHULNHUGHUQLFKWQXU0DJLVWHUGHU7KHRORJLHXQG.DQR QLNHU LQ 5HLPV 3DULV %HDXYDLV XQG DQGHUHQ .LUFKHQ ZDU VRQGHUQ DXFK SlSVWOLFKHU%HUDWHULQ$QJHOHJHQKHLWHQGHU8QLYHUVLWlW -DQGXQVFKHLQWGHQ.RPPHQWDUYRQ$HJLGLXVZHQQHULKQDXFKQLFKW Z|UWOLFK]LWLHUWJHNDQQW]XKDEHQMHGHQIDOOVVFKOLH‰WHUVLFKLQGHQ*UXQG OLQLHQ$HJLGLXVDQ$OV$QZHQGXQJVJHELHWVFKHLQWDXFKHUGLHSROLWLVFKH 3UD[LVLP6LQQ]XKDEHQZHQQHUGHQVFKZDFKHQ:DKUKHLWVJHKDOWUKHWRUL VFKHU $UJXPHQWH PLW LKUHP *HJHQVWDQGVEH]XJ EHJUQGHW 'LH 9LHOIDOW XQG 9HUlQGHUOLFKNHLW PHQVFKOLFKHU +DQGOXQJHQ YHUKLQGHUW JU|‰HUH 6L FKHUKHLW GHU (UNHQQWQLV +LQZHLVH DXI HLQH $QZHQGXQJ GHU 5KHWRULN VSH]LHOODXIGLH(WKLNILQGHQVLFKEHL-DQGXQQLFKW $OVOHW]WHU.RPPHQWDU]XU5KHWRULNGHV-DKUKXQGHUWVVHLVFKOLH‰ OLFK GHU YRQ -HDQ %XULGDQ FD FD   HUZlKQW %XULGDQ PDFKW 

   



'HQQRFKLVW]XEHGHQNHQGDVVDEJHVHKHQYRQGHUDNDGHPLVFKHQ/DXIEDKQLPHQJH UHQ6LQQHGLH5KHWRULNVLFKHUOLFKHLQHQJHZLVVHQ0DUNWZHUWEHVD‰DXFKLQQHUKDOEGHU $UWLVWHQIDNXOWlW-RKQ:DUG  KDWDXIGLHVHQÄ0DUNWZHUW¶GHU5KHWRULNKLQJHZLH VHQ XQG GDUEHU KLQDXV HUZlKQW GDVV GLH SUIXQJVYRUEHUHLWHQGHQ +DQGEFKHU IDVW DOOHGLH5KHWRULNHUZlKQHQZHOFKH]ZDUQXUDQGHQGLHVIHVWLYLJHOHVHQZHUGHQGXUIWH GLHVHVHLHQDEHU]HLWZHLVHIDVWHEHQVR]DKOUHLFKJHZHVHQZLHGLHJHZ|KQOLFKHQ7DJH 9JO:DUG  LQVE =XP5KHWRULNNRPPHQWDU-DQGXQVYJO%HOWUDQ   9JO6FKPXJJH   9JO*ULJQDVFKL   -HDQGH-DQGXQ4XDHVWLRQHVVXSHUOLEULVHWKLFRUXPÅUHWKRULFDJHQHUDWQRWLWLDPGHELOLRUHP HWPDJLVUHPRWDPDFHUWLWXGLQHTXDPVLWLOODTXHILWSHUG\DOHFWLFDPHWKXLXVPRGLGLI IHUXQW5DWLRHVWTXLDTXHVWLRQHVGHUHEXVFLYLOLEXVTXHVXQWRSHUD KXPDQDSURSWHU YDULHWDWHPHWWUDQVPXWDWLRQHPKXLXVPRGLUHUXPVXQWPLQXVFHUWXGLQDOHVHWGHELOLXV FRJQRVFLELOLD TXDP TXHVWLRQHV TXH VXQW GH UHEXV VSHFXODELOLEXV PDLRUHP XQLIRUPL WDWHPHWIL[DWLRQHPKDEHQWLEXVHWKRFVDWLVGRFHW$ULVWRWHOHVLQ,R(WKLFRUXPXELVLF GLFLWÄERQDTXLGHPHWLXVWDGHTXLEXVFLYLOLVLQWHQGLWWDQWDPKDEHQWGLIIHUHQWLDPHW HUURUHPXWYLGHDQWXUOHJHVROD HVVHQDWXUDYHURQRQHWF¶´06(UIXUW6%$PSO) IU =XP5KHWRULNNRPPHQWDUYRQ%XULGDQYJO)UHGERUJ  XQG%LDUG  

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

VLFKDXVIKUOLFK*HGDQNHQGDUEHUDXIZHOFKH*HELHWHGLH5KHWRULNDQ JHZHQGHWZHUGHQN|QQH7DWVlFKOLFKILQGHQVLFKLQGLHVHP7H[W+LQZHLVH DXI)XQNWLRQHQGHU5KHWRULNIUGLH%HKDQGOXQJGHU(WKLN'DVVGLH5KH WRULN QLFKW DXI VSHNXODWLYH :LVVHQVFKDIWHQ DQJHZHQGHW ZHUGHQ N|QQH VFKOLH‰W HU GDUDXV GDVV PDQ DXI GLHVHP *HELHW %HZHLVH QLFKW hEHU]HX JXQJHQEHQ|WLJH%HLGHQSUDNWLVFKHQ:LVVHQVFKDIWHQVHLGLHVDQGHUV'D XQVHU ,QWHOOHNW EHL HWKLVFKHQ hEHUOHJXQJHQ YRQ GHQ /HLGHQVFKDIWHQ GHV 6WUHEHYHUP|JHQV DIIL]LHUW ZHUGH EHQ|WLJWHQ ZLU EHU]HXJHQGH *UQGH XQGHLQHÅHPRWLRQDOH6SUDFKH´%XULGDQSURSDJLHUWKLHUGLH$QZHQGXQJ GHU5KHWRULNDXIGLH(WKLN8QGLQGHU7DWJUHLIWHUGLHVHQ$QVDW]LQVHL QHP(WKLNNRPPHQWDUDXIZLHZHLWHUXQWHUJH]HLJWZLUG )DVVHQZLU]XVDPPHQLP9HUJOHLFKPLWGHQ$QDO\WLFDSRVWHULRUDKDWGLH 5KHWRULN GHV $ULVWRWHOHV lX‰HUVW ZHQLJ ,QWHUHVVH GHU 6FKRODVWLNHU DXI VLFK JH]RJHQ(UVWJHJHQ(QGHGHVXQGLQGHUHUVWHQ+lOIWHGHV-DKU KXQGHUWV ]HLJW VLFK HLQ JHZLVVHV ,QWHUHVVH DQ GHU 5KHWRULN YHUVWDQGHQ DOVHLQHORJLVFKH'LV]LSOLQ(VHWDEOLHUWHVLFKPLWGHU=HLWVRHWZDVZLHHLQH ZLVVHQVFKDIWOLFKH5KHWRULNGLHQLFKWVRVHKUGLH$QZHQGXQJGHUUKHWRUL VFKHQ0LWWHOOHKUWHDOVYLHOPHKU²XQG]ZDUJDQ]LQGHU$EVLFKWGHV$ULV WRWHOHV²GLHVH0LWWHODQDO\VLHUWHXQGLP9HUKlOWQLV]XDQGHUHQ'LV]LSOLQHQ XQGGHUHQ0HWKRGHQEHVWLPPWH'D]XSDVVWDXFKGLH%HREDFKWXQJGDVV GLH EHUOLHIHUWHQ .RPPHQWDUH YRQ -DQGXQ XQG %XULGDQ GDV GULWWH XQG OHW]WH%XFKGHU5KHWRULNGDVGLH6WLOOHKUHXQGGLH'LVSRVLWLRQHQWKlOWZH QLJ E]Z JDU QLFKW DEGHFNHQ $EJHVHKHQ YRQ DOOHQ NRQWLQJHQWHQ 8P VWlQGHQ GLH GDIU YHUDQWZRUWOLFK JHPDFKW ZHUGHQ N|QQHQ GDUI PDQ VL FKHUOLFK DXFK DQIKUHQ GDVV VLFK GLH 8QLYHUVLWlWVJHOHKUWHQ -DQGXQ XQG %XULGDQZHQLJHUIUGDV+DQGZHUNV]HXJGHU5KHWRULNGKIUGLH0LWWHO ]XU $EIDVVXQJ YRQ 5HGHQ LQWHUHVVLHUW KDEHQ DOV IU GHUHQ WKHRUHWLVFKH XQGDOOJHPHLQH$VSHNWH (LQH6RQGHUVWHOOXQJQLPPWGLH%HDUEHLWXQJGHU5KHWRULNYRQ9HUQDQL HLQGHQQGLHVHUYHUIROJWFKULVWOLFKSUDNWLVFKH=LHOHHUZLOOGLH5KHWRULN]X 8QWHUULFKWV]ZHFNHQYHUHLQIDFKHQXQGYHUVWHKEDUPDFKHQGDPLWVLHXPVR 

   

4,$QGLHVHU6WHOOHP|FKWHLFKPLFKKHU]OLFKEHL'U)UDQ]%HUQKDUG6WDPP N|WWHU XQG 3URI 'U *HUKDUG .ULHJHU 7ULHU  IU GLH IUHXQGOLFKH %HUHLWVWHOOXQJ GHU 4T,XQG,GHUYRQLKQHQYRUEHUHLWHWHQ(GLWLRQGHV5KHWRULNNRPPHQWDUVEH GDQNHQ 9JOT,XQG,(UIXUW:$%ƒIUDXQGUE =XU%HVWLPPXQJGHV9HUKlOWQLVVHVYRQ:LVVHQVFKDIWOLFKNHLWXQG5KHWRULNLP5KHWR ULNNRPPHQWDUYJO%LDUG   $XFKGLHYLHU0DQXVNULSWHYRQ'HGLIIHUHQWLDYRQ$HJLGLXV5RPDQXVVWDPPHQDXVGHP IUKHQ-DKUKXQGHUW9JOGLH$QJDEHQEHL%UXQL   %XULGDQV.RPPHQWDUEULFKWLQGHQEHUOLHIHUWHQ0DQXVNULSWHQQDFKGHU%HKDQGOXQJ YRQ5KHWRULN,,DEGHU.RPPHQWDUYRQ-DQGXQHQWKlOWQXUGUHL4XDHVWLRQHQ]XP GULWWHQ%XFKYJO/RKU  

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



HIIHNWLYHUHLQJHVHW]WZHUGHQNDQQXQG]ZDULP.RQWH[WGHU3UHGLJWXQG GHUFKULVWOLFKHQhEHU]HXJXQJVDUEHLW'LHVHV$QZHQGXQJVJHELHWVSLHOWEHL GHQGUHLDQGHUHQ.RPPHQWDUHQNHLQH5ROOH+LHUZLUGGHU*HJHQVWDQGV EH]XJZLHHUYRQ$ULVWRWHOHVYRUJHJHEHQLVWEHUQRPPHQGK5KHWRULN ZLUGDOV,QVWUXPHQWIUGLH3UD[LVGHUSROLWLVFKHQ5HGHDQJHVHKHQ'DEHL LQWHUHVVLHUHQVLFKGLH.RPPHQWDWRUHQZHQLJHUIUGLHWDWVlFKOLFKHSUDNWL VFKH $QZHQGXQJ DOV IU GLH JUXQGOHJHQGHQ XQG WKHRUHWLVFKHQ $VSHNWH GHU5KHWRULN 'LH+RIIQXQJYRQ5RJHU%DFRQGXUFKHLQHYHUVWlUNWH5H]HSWLRQGHU 5KHWRULNZUGHVLFKGLH%HKDQGOXQJVZHLVHGHU(WKLNDQGHQ8QLYHUVLWlWHQ YHUlQGHUQXQG²LQVHLQHQ$XJHQ²YHUEHVVHUQZXUGHQLFKWHUIOOWLQVR IHUQ GLH %HKDQGOXQJ GHU (WKLN GXUFK GLH 5H]HSWLRQ GHU 5KHWRULN QLFKW ZHQLJHU GLDOHNWLVFKORJLVFK XQG VWlUNHU SHUVXDVLY DXVJHULFKWHW ZXUGH YLHOPHKU ZXUGH GLH 5KHWRULN VHOEVW ]X HLQHP *HJHQVWDQG ZLVVHQVFKDIWOL FKHU%HKDQGOXQJVZHLVH (UVW LQ GHP 5KHWRULNNRPPHQWDU YRQ %XULGDQ ILQGHQ ZLU +LQZHLVH GDUDXI GDVV GLH 5KHWRULN GLH DQJHPHVVHQH 0HWKRGH GHU (WKLN VHL 'RFK ZLH OlVVW VLFK GLHVH $XVVDJH YHUVWHKHQ" :HOFKH )XQNWLRQ HUKlOW QXQ GLH 5KHWRULNLQ%XULGDQV(WKLNNRPPHQWDU"*HOLQJWHV%XULGDQPLWGHP$XI JUHLIHQGHU5KHWRULNGLH6SDOWXQJGHU(WKLNLQWKHRUHWLVFKZLVVHQVFKDIWOLFKH XQG SUDNWLVFKKDQGOXQJVEH]RJHQH ]X EHUZLQGHQ" :DU GLHV EHUKDXSW VHLQH,QWHQWLRQ"

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD  'HU3KLORVRSK-HDQ%XULGDQZDU]HLWVHLQHV/HEHQVDQGHU3DULVHU8QLYHU VLWlWWlWLJ]XQlFKVWDOV6WXGHQWDQGHU$UWLVWHQIDNXOWlWVSlWHUHEHQGRUWDOV 0DJLVWHU]ZHLPDOZDUHUVRJDU5HNWRUGHU8QLYHUVLWlW=XVHLQHQ$XIJD EHQDOV0DJLVWHUJHK|UWHGDV8QWHUULFKWHQXQG.RPPHQWLHUHQGHU7H[WH GHV$ULVWRWHOHV0DQGDUIGDKHUDQQHKPHQGDVVHUPLWGHU7UDGLWLRQGHU SKLORVRSKLVFKHQ%HKDQGOXQJGHU(WKLN]XPLQGHVWDQGHU3DULVHU8QLYHUVL WlWEHVWHQVYHUWUDXWZDU %XULGDQV .RPPHQWDU ]XU (WKLN GHV $ULVWRWHOHV 6XSHU GHFHP OLEURV (WKLFRUXP EHVWHKW DXV 4XlVWLRQHQ DQ GHQHQ %XULGDQ EHU YLHOH -DKUH ZHQQ QLFKW -DKU]HKQWH JHDUEHLWHW KDW 'HU 7H[W KDW GHP 8QWHUULFKW 

7URW]GLHVHUVWDUNHQORJLVFKHQ$XVULFKWXQJGHU5H]HSWLRQGLHGLH1lKHGHU5KHWRULN ]X GHQ DQGHUHQ ORJLVFKHQ 'LV]LSOLQHQ EHWRQW GHXWHW GLH KDQGVFKULIWOLFKH hEHUOLHIH UXQJGDUDXIKLQGDVVGLHDULVWRWHOLVFKH5KHWRULNHKHULQHWKLVFKHQDOVLQORJLVFKHQ.RQ WH[WHQUH]LSLHUWZXUGHYJO0XUSK\    %XULGDQV .RPPHQWDU ZLUG KLHU QDFK GHQ IROJHQGHQ $XVJDEHQ ]LWLHUW GDV 9RUZRUW ]XP .RPPHQWDU ZLUG QDFK GHU GHXWVFKODWHLQLVFKHQ $XVJDEH LQ %XULGDQ   ]L

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



HIIHNWLYHUHLQJHVHW]WZHUGHQNDQQXQG]ZDULP.RQWH[WGHU3UHGLJWXQG GHUFKULVWOLFKHQhEHU]HXJXQJVDUEHLW'LHVHV$QZHQGXQJVJHELHWVSLHOWEHL GHQGUHLDQGHUHQ.RPPHQWDUHQNHLQH5ROOH+LHUZLUGGHU*HJHQVWDQGV EH]XJZLHHUYRQ$ULVWRWHOHVYRUJHJHEHQLVWEHUQRPPHQGK5KHWRULN ZLUGDOV,QVWUXPHQWIUGLH3UD[LVGHUSROLWLVFKHQ5HGHDQJHVHKHQ'DEHL LQWHUHVVLHUHQVLFKGLH.RPPHQWDWRUHQZHQLJHUIUGLHWDWVlFKOLFKHSUDNWL VFKH $QZHQGXQJ DOV IU GLH JUXQGOHJHQGHQ XQG WKHRUHWLVFKHQ $VSHNWH GHU5KHWRULN 'LH+RIIQXQJYRQ5RJHU%DFRQGXUFKHLQHYHUVWlUNWH5H]HSWLRQGHU 5KHWRULNZUGHVLFKGLH%HKDQGOXQJVZHLVHGHU(WKLNDQGHQ8QLYHUVLWlWHQ YHUlQGHUQXQG²LQVHLQHQ$XJHQ²YHUEHVVHUQZXUGHQLFKWHUIOOWLQVR IHUQ GLH %HKDQGOXQJ GHU (WKLN GXUFK GLH 5H]HSWLRQ GHU 5KHWRULN QLFKW ZHQLJHU GLDOHNWLVFKORJLVFK XQG VWlUNHU SHUVXDVLY DXVJHULFKWHW ZXUGH YLHOPHKU ZXUGH GLH 5KHWRULN VHOEVW ]X HLQHP *HJHQVWDQG ZLVVHQVFKDIWOL FKHU%HKDQGOXQJVZHLVH (UVW LQ GHP 5KHWRULNNRPPHQWDU YRQ %XULGDQ ILQGHQ ZLU +LQZHLVH GDUDXI GDVV GLH 5KHWRULN GLH DQJHPHVVHQH 0HWKRGH GHU (WKLN VHL 'RFK ZLH OlVVW VLFK GLHVH $XVVDJH YHUVWHKHQ" :HOFKH )XQNWLRQ HUKlOW QXQ GLH 5KHWRULNLQ%XULGDQV(WKLNNRPPHQWDU"*HOLQJWHV%XULGDQPLWGHP$XI JUHLIHQGHU5KHWRULNGLH6SDOWXQJGHU(WKLNLQWKHRUHWLVFKZLVVHQVFKDIWOLFKH XQG SUDNWLVFKKDQGOXQJVEH]RJHQH ]X EHUZLQGHQ" :DU GLHV EHUKDXSW VHLQH,QWHQWLRQ"

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD  'HU3KLORVRSK-HDQ%XULGDQZDU]HLWVHLQHV/HEHQVDQGHU3DULVHU8QLYHU VLWlWWlWLJ]XQlFKVWDOV6WXGHQWDQGHU$UWLVWHQIDNXOWlWVSlWHUHEHQGRUWDOV 0DJLVWHU]ZHLPDOZDUHUVRJDU5HNWRUGHU8QLYHUVLWlW=XVHLQHQ$XIJD EHQDOV0DJLVWHUJHK|UWHGDV8QWHUULFKWHQXQG.RPPHQWLHUHQGHU7H[WH GHV$ULVWRWHOHV0DQGDUIGDKHUDQQHKPHQGDVVHUPLWGHU7UDGLWLRQGHU SKLORVRSKLVFKHQ%HKDQGOXQJGHU(WKLN]XPLQGHVWDQGHU3DULVHU8QLYHUVL WlWEHVWHQVYHUWUDXWZDU %XULGDQV .RPPHQWDU ]XU (WKLN GHV $ULVWRWHOHV 6XSHU GHFHP OLEURV (WKLFRUXP EHVWHKW DXV 4XlVWLRQHQ DQ GHQHQ %XULGDQ EHU YLHOH -DKUH ZHQQ QLFKW -DKU]HKQWH JHDUEHLWHW KDW 'HU 7H[W KDW GHP 8QWHUULFKW 

7URW]GLHVHUVWDUNHQORJLVFKHQ$XVULFKWXQJGHU5H]HSWLRQGLHGLH1lKHGHU5KHWRULN ]X GHQ DQGHUHQ ORJLVFKHQ 'LV]LSOLQHQ EHWRQW GHXWHW GLH KDQGVFKULIWOLFKH hEHUOLHIH UXQJGDUDXIKLQGDVVGLHDULVWRWHOLVFKH5KHWRULNHKHULQHWKLVFKHQDOVLQORJLVFKHQ.RQ WH[WHQUH]LSLHUWZXUGHYJO0XUSK\    %XULGDQV .RPPHQWDU ZLUG KLHU QDFK GHQ IROJHQGHQ $XVJDEHQ ]LWLHUW GDV 9RUZRUW ]XP .RPPHQWDU ZLUG QDFK GHU GHXWVFKODWHLQLVFKHQ $XVJDEH LQ %XULGDQ   ]L

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

JHGLHQWXQGLVWLQYHUVFKLHGHQHQ)DVVXQJHQXQG9DULDQWHQEHUOLHIHUW'HU .RPPHQWDULVWXQYROOVWlQGLJJHEOLHEHQHUEULFKWLP.RPPHQWDU]XP %XFKGHU1LNRPDFKLVFKHQ(WKLN²HYWODXIJUXQGGHV7RGHVYRQ%XULGDQ² DE'HU.RPPHQWDULVW]LHPOLFKXPIDQJUHLFKLQGHU'UXFNDXVJDEHYRQ 3DULV  XPIDVVW HU  )ROLHQ UHFWR XQG YHUVR LQ ]ZHL .ROXPQHQ SUR 6HLWHJHGUXFNW 8P%XULGDQV%HLWUDJ]XGHUKLHUXQWHUVXFKWHQ3UREOHPODJHHLQVFKlW ]HQ]XN|QQHQPXVV]XQlFKVWJHNOlUWZHUGHQZLH%XULGDQ(WKLNDOV:LV VHQVFKDIW NRQ]LSLHUW XQG GDQQ ZDV HV EHGHXWHW GDVV GLH 5KHWRULN GLH 0HWKRGHGHU(WKLNVHL:HQQGLHVH)UDJHQJHNOlUWVLQGVROlVVWVLFKGLH OHW]WH XQG KLHU HLJHQWOLFK ]HQWUDOH )UDJH EHDQWZRUWHQ ZLH VLFK VHLQ 9HU VWlQGQLV YRQ 0RUDOSKLORVRSKLH YRQ GHP ELVKHU EOLFKHQ XQWHUVFKHLGHW XQG RE E]Z ZLH HV %XULGDQ JHOLQJW 0RUDOSKLORVRSKLH DOV ]XJOHLFK ZLV VHQVFKDIWOLFKXQGKDQGOXQJVRULHQWLHUW]XGHQNHQ %XULGDQV.RQ]HSWYRQ0RUDOSKLORVRSKLH $QDO\VHGHV3URRHPLXPVEH]JOLFKGHV6WDWXVGHU0RUDOSKLORVRSKLH :LH DP %HJLQQ HLQHV VFKRODVWLVFKHQ .RPPHQWDUV EOLFK HUOlXWHUW %XUL GDQ]XQlFKVWGHQ6WDWXVGHUYHUKDQGHOWHQ:LVVHQVFKDIWXQGLKU9HUKlOWQLV ]XGHQDQGHUHQ:LVVHQVFKDIWHQ'LH$XVJH]HLFKQHWKHLWXQG1RELOLWlWGHU (WKLN KDEH $ULVWRWHOHV KHUDXVJHVWHOOW VR EHJLQQW %XULGDQ VHLQHQ (WKLN NRPPHQWDUZHQQHULP%XFKGHU(WKLNVDJW 'HQQZLU IRUVFKHQ QLFKWXP]XZLVVHQZDVGLH7XJHQGLVWVRQGHUQGDPLWZLU JXWZHUGHQGHQQVRQVWZlUHVLH]XQLFKWVQW]H

'HU3UD[LVEH]XJLVWHVZLHGLHVHV=LWDWQDKHOHJWGHUGLH(WKLNQRELOLWLHUW 'DV:LVVHQYRQGHU7XJHQGKDWQLFKWEOR‰WKHRUHWLVFKHQ:HUWVRQGHUQ GDUEHU KLQDXV HLQHQ QRFK YLHO JU|‰HUHQ QlPOLFK GDVV HV XQV ]X JXWHQ 0HQVFKHQPDFKWZDVGDVHLJHQWOLFKH=LHOGHV0HQVFKHQLVW'LHVHV=LWDW QXQQLPPW%XULGDQ]XP$QODVVXPGLH0RUDOSKLORVRSKLHHLQHUVHLWVYRQ GHQ WKHRUHWLVFKHQ :LVVHQVFKDIWHQ XQG DQGHUHUVHLWV YRP +DQGHOQ VHOEVW DE]XJUHQ]HQXQGGDGXUFK]XEHVWLPPHQ WLHUW GHVVHQ ODWHLQLVFKHU 7H[W DXI GHP 'UXFN 3DULV  EDVLHUW 'HU JDQ]H EULJH 7H[WZLUGQDFKGHP'UXFN2[IRUG]LWLHUW  (LQH 'DWLHUXQJ LVW QLFKW HLQIDFK %HUQG 0LFKDHO DUJXPHQWLHUW PLW JXWHQ DEHU QLFKW DEVROXWVLFKHUHQ*UQGHQGDIUGDVV%XULGDQGLH$UEHLWDQGHP.RPPHQWDUEHUHLWV LQGHQHU-DKUHQEHJRQQHQXQGELV]XVHLQHP7RGXPZHLWHUJHIKUWKDW9JO 0LFKDHO    $ULVWRWHOHV(WKLFDQLFRPDFKHD,, EÅQRQ HQLPXW VFLDPXVTXLGHVWYLUWXV VFUXWDPXUVHWXWERQLHIILFLDPXUTXLDQXOOXPXWLTXHHVVHWSURILFXXPHLXV´$ULVWRWH OHV/DWLQXV  

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



9HUJOHLFKWPDQGDVPRUDOLVFKH:LVVHQPLWGHQPRUDOLVFKHQ7DWHQLQ +LQVLFKWDXIGDV=LHOGHV0HQVFKHQQlPOLFKJOFNOLFK]XZHUGHQVRLVW GHU1XW]HQGHVHUVWHUHQVLFKHUOLFKJHULQJ:LVVHQGDVLQGHU0RUDOSKLOR VRSKLHHUZRUEHQZLUGNDQQXQV]X7DWHQGLVSRQLHUHQLVWDEHUPLWGLHVHQ 7DWHQVHOEVWQLFKW]XYHUZHFKVHOQLQGHQHQGLH*OFNVHOLJNHLWEHVWHKW :HQQPDQYRQGHP%H]XJDXIGDV+DQGHOQDEVLHKWXQGVFLHQWLDPRUDOLV DOV:LVVHQVFKDIWPLWDQGHUHQ:LVVHQVFKDIWHQYHUJOHLFKWVR]HLFKQHWVLFK GLH0RUDOSKLORVRSKLHLPPHUQRFKDXV:RULQOLHJWQXQGLHVHUEHVRQGHUH :HUW"$OV.ULWHULXPIUGLH%HVRQGHUKHLWHLQHU:LVVHQVFKDIWQHQQW%XUL GDQ GLH $XVJH]HLFKQHWKHLW GHV YHUKDQGHOWHQ *HJHQVWDQGV ZREHL HU VLFK ZLHGHUXP DXI $ULVWRWHOHV EHUXIHQ NDQQ 'LHVHU KDWWH DP %HJLQQ YRQ 'H DQLPD .ULWHULHQ DQJHJHEHQ QDFK GHQHQ HLQH :LVVHQVFKDIW DOV EHVVHU DOV HLQHDQGHUHEH]HLFKQHWZLUGQlPOLFKZHQQHWZDVLQLKUYRU]JOLFKHUXQGHUVWDXQ OLFKHU LVW 'D QXQ GLH 0RUDOSKLORVRSKLH YRQ GHQ 7XJHQGHQ GHU 6HHOH KDQGHOWXQGGLHUDWLRQDOH6HHOHJOHLFKQDFK*RWWXQGGHQ,QWHOOLJHQ]HQGDV EHVWHLVWZDVHVLQGHU:HOWJLEWVRPXVVDXFKGLH:LVVHQVFKDIWGLHVLFK PLWGHQ7XJHQGHQGHU6HHOHEHVFKlIWLJWQREOHUVHLQDOVDOOHDQGHUHQ %XULGDQ EHJUQGHW GLH $XVJH]HLFKQHWKHLW GHU (WKLN QLFKW ² ZLH GDV (LQJDQJV]LWDW YRQ $ULVWRWHOHV YLHOOHLFKW KlWWH QDKH OHJHQ N|QQHQ ² PLW GHP3UD[LVEH]XJGHU(WKLNVRQGHUQPLWGHU1RELOLWlWGHV*HJHQVWDQGHV QlPOLFKGHU7XJHQGHQGHU6HHOH%HUHLWV$OEHUWKDWWHVHLQHQ4XlVWLRQHQ NRPPHQWDU PLW GHU )UDJH QDFK GHP $GHO GHU 0RUDOSKLORVRSKLH EHJRQQHQ XQGGDVJHQDQQWH=LWDWJOHLFKDQGHQ$QIDQJJHVWHOOW8QGZLH$OEHUW 

$ULVWRWHOHV 'H DQLPD ,  D Å%RQRUXP HW KRQRUDELOLXP QRWLWLDP RSLQDQWHV PDJLVDXWHPDOWHUDPDOWHUDDXWVHFXQGXPFHUWLWXGLQHPDXWH[HRTXRGTXLGHPHWPH OLRUXPHWPLUDELOLRUXPHVW´ 9HUVLRDQWLTXD   %XULGDQ6XSHUGHFHPOLEURVHWKLFRUXP SURRHPLXP ÅFXPSRVWGHXPHWLQWHOOLJHQWLDVQLKLO LQPXQGRPHOLXVDQLPDUDWLRQDOLUHSHULDWXUVLYHH[FHOOHQWLXVDXWPLUDELOLXVFXLXVDQL PDHQRVWUDHYLUWXWHVHWXWLOLWHUKDELWXVHWGLVSRVLWLRQHVHWRSHUDWLRQHVLQPRUDOLVFLHQWLD SHUWUDFWDQWXU QHFHVVH HVW XW LVWD VFLHQWLD SUDHSRQDWXU DOLLV HWLDP QRELOLWDWH VSHFXOD WLRQLV´%XULGDQ    $OEHUWXV 0DJQXV (WKLFD / W F Å'H QRELOLWDWH KXMXV VFLHQWLDH´ LQ $OEHUWXV 0DJQXV  I²7KRPDVYHU]LFKWHWGDUDXIDP%HJLQQVHLQHV.RPPHQWDUVDXI GLH$XVJH]HLFKQHWKHLWGHU0RUDOSKLORVRSKLHKLQ]XZHLVHQ6SlWHULP7H[WMHGRFKEH ]LHKWHUVLFKHEHQIDOOVDXI'HDQLPD,QXQDOOHUGLQJVLQJDQ]DQGHUHU$EVLFKWDOV%X ULGDQ ,KP JHKW HV GDUXP ]X ]HLJHQ GDVV VRZRKO GLH 3ROLWLN DOV DXFK GLH .OXJKHLW QLFKW]XGHQK|FKVWHQ:LVVHQVFKDIWHQ]lKOHQHEHQJHQDXGHVKDOEZHLOVLHVLFKEOR‰ DXI PHQVFKOLFKH 'LQJH EH]LHKHQ 7KRPDV YRQ $TXLQ 6HQWHQWLD OLEUL HWKLFRUXP 9,  Å&LUFDTXDUXPSULPDPGLFLWTXRGLQFRQYHQLHQVHVWVLTXLVSROLWLFDPYHOSUXGHQWLDP DHVWLPHWHVVHVFLHQWLDPVWXGLRVDPLGHVWRSWLPDPLQWHUVFLHQWLDVTXRGTXLGHPHVVH QRQ SRVVHWQLVLKRPRHVVHW RSWLPXPHRUXPTXDH VXQWLQPXQGR VFLHQWLDUXP HQLP XQDHVWPHOLRUHWKRQRUDELOLRUDOWHUDH[HRTXRGHVWPHOLRUXPHWKRQRUDELOLRUXPXW GLFLWXULQ,'HDQLPD+RFDXWHPHVWIDOVXPTXRGKRPRVLWRSWLPXPHRUXPTXDHVXQW LQPXQGR(UJRQHTXHSROLWLFDVHXSUXGHQWLDTXDHVXQWFLUFDUHVKXPDQDVVXQWRSWL PDHLQWHUVFLHQWLDV´7KRPDVYRQ$TXLQ  %G%=

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

VRKDWDXFK%XULGDQDXIHLQHYROOVWlQGLJH:LHGHUJDEHGHV=LWDWHVYHU]LFK WHW GDV QRFK HLQ ZHLWHUHV .ULWHULXP HQWKlOW QlPOLFK GLH 3Ul]LVLRQ GHU 0HWKRGHZHOFKHV²ZLH$ULVWRWHOHVLQGHU1LNRPDFKLVFKHQ(WKLNQLFKWP GHZLUG]XEHWRQHQ²YRQGHU(WKLNJHUDGHQLFKWHUIOOWZLUG 'XUFKGHQ%H]XJDXI'HDQLPDHQWVFKlUIW%XULGDQGLHHUVWHDULVWRWHOL VFKH$XVVDJHGLHGHQ:HUWGHU0RUDOSKLORVRSKLHHLQ]LJDQGHQ+DQGOXQ JHQ]XEHPHVVHQVFKHLQW)U%XULGDQJLEWHV]ZLVFKHQ:LVVHQVFKDIWXQG +DQGHOQMHGRFKHLQHGHXWOLFKH6FKUDQNH(WKLNDOV:LVVHQVFKDIWLVWSULQ ]LSLHOO YRQGHQ +DQGOXQJHQ GLH EHU GLH*OFNVHOLJNHLW HQWVFKHLGHQ JH WUHQQW VLH KDW DOV :LVVHQVFKDIW EHUHLWV HLQHQ :HUW LQ VLFK :LH SDVVW ]X GLHVHU +DOWXQJ QXQ GDV YRQ %XULGDQ ]X GLHVHU )UDJH DEVFKOLH‰HQG DQJH IKUWH=LWDWYRQ6HQHFD 6LH LVW MHQH 3KLORVRSKLH EHU GLH 6HQHFD LQ GHP %ULHI ¶.ODU LVW· DQ /XFLOLXV VSULFKW ZHQQ HU VDJW GDVV VLH GHQ *HLVW IRUPW XQG ELOGHW XQG GDV /HEHQ RUGQHW VLH EHVWLPPWGLH+DQGOXQJHQXQG]HLJWZDV]XWXQXQG]XODVVHQLVW

%XULGDQ LVW QLFKW GHU HUVWH 3KLORVRSK GHU GLHVHV =LWDW LQ HLQHP (WKLN NRPPHQWDU YHUZHQGHW HV PDJ VLFK YLHOOHLFKW EHUHLWV XP HLQHQ 7RSRV JHKDQGHOWKDEHQDEHUKLHUKDWGDV=LWDWHLQHQVSH]LILVFKHQ6LQQHVEHOHJW GDVVGLH0RUDOSKLORVRSKLHHVYHUPDJGHQ0HQVFKHQLQ+LQVLFKWDXIVHLQ PRUDOLVFKHV 9HUKDOWHQ ]X GLVSRQLHUHQ 'LHVH 'LVSRQLHUXQJ LVW IUHLOLFK QLFKWPLWGHQ+DQGOXQJHQVHOEVW]XYHUZHFKVHOQ %H]JOLFKGHV6HQHFD=LWDWVODVVHQVLFKKLHU]ZHL%HREDFKWXQJHQPD FKHQ GLH LP +LQEOLFN DXI XQVHU 7KHPD UHOHYDQW VLQG (UVWHQV GDV =LWDW GHV6HQHFDZLUGKLHUQLFKWVRSUlVHQWLHUWZLHHVYLHOOHLFKW$XWRUHQGHV -DKUKXQGHUWVJHWDQKlWWHQQlPOLFKDOV]HLWORVH0D[LPHGHU0RUDOSKLORVR SKLH'XUFKGLHDULVWRWHOLVFKJHSUlJWH$UJXPHQWDWLRQHUKlOWGDV=LWDWHLQH UDWLRQDOH Ä8QWHUIWWHUXQJ¶ =ZHLWHQV 6HQHFD DQ GLHVHU 6WHOOH ]LWLHUW ]HLJW LPSOL]LW GDVV HV NHLQHQ :LGHUVSUXFK LQ GHU $XIIDVVXQJ GHU (WKLN ]ZL VFKHQDULVWRWHOLVFKHUXQGVWRLVFKHU3RVLWLRQJLEW'DVVKLQWHUGHQMHZHLOL JHQ =LWDWHQ YHUVFKLHGHQH .RQ]HSWH YRQ 0RUDOSKLORVRSKLH VWHKHQ ZLUG KLHU YRQ %XULGDQ QLFKW WKHPDWLVLHUW JDQ] LP *HJHQWHLO 6HQHFDV $XIIDV VXQJZLUGGHUDULVWRWHOLVFKJHSUlJWHQ$UJXPHQWDWLRQLQNRUSRULHUW 

$ULVWRWHOHV'HDQLPD,DVLHKHREHQ)X‰QRWH %XULGDQ 6XSHU GHFHP OLEURV HWKLFRUXP SURRHPLXP  Å+DHF HVW LOOD SKLORVRSKLD GH TXD 6HQHFDORTXLWXULQHSLVWXOD¶/LTXHUH·DG/XFLOLXPGLFHQV3KLORVRSKLDDQLPXPIRUPDWHWIDEUL FDWYLWDPGLVSRQLWDFWLRQHVUHJLWDJHQGDHWRPLWWHQGDGHPRQVWUDW´%XULGDQ  9JO GD]XDXFK6HQHFD(SLVWXODHPRUDOHVDG/XFLOLXP,,    9JO KLHU]X GDV YRQ *UDEPDQQ    ]LWLHUWH ,QLWLXP GHV XQJHGUXFNWHQ (WKLN NRPPHQWDUVYRQ$HJLGLXVYRQ2UOpDQV $HJLGLXV$XUHOLDQHQVLV Å6LFXWGLFLW6HQHFD HSLVWRODDG/XFLOOLXPSKLORVRSKLDDQLPXPIRUPDWHWIDEULFDWYLWDPGLVSRQLWHWUH JLW DJHQGD HW GLPLWWHQGD RVWHQGLW´ %LEOLRWKqTXH QDWLRQDO GH 3DULV &RG ODW  IROU  

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



:LH OlVVWVLFK DOVRUHNDSLWXOLHUHQG %XULGDQV%HVWLPPXQJ YRQ0RUDO SKLORVRSKLHLP9RUZRUWIDVVHQ"%XULGDQEHVWLPPWVFLHQWLDPRUDOLVKLHUJH JHQ ]ZHL YHUVFKLHGHQH 'LQJH ]X GHQHQ VLH LQ %H]LHKXQJ VWHKW HUVWHQV JHJHQGLHWKHRUHWLVFKHQ:LVVHQVFKDIWHQXQG]ZHLWHQVJHJHQGDV+DQGHOQ VHOEVW 0LW GHQ WKHRUHWLVFKHQ :LVVHQVFKDIWHQ KDW GLH 0RUDOZLVVHQVFKDIW JHPHLQGDVVHVVLFKMHZHLOVXP:LVVHQVFKDIWHQ VFLHQWLDH KDQGHOWGRFKGLH 0RUDOZLVVHQVFKDIW ]HLFKQHW VLFK ]ZHLIDFK JHJHQEHU GHQ WKHRUHWLVFKHQ :LVVHQVFKDIWHQDXV=XPHLQHQGXUFKLKUHQ%H]XJDXIGDV+DQGHOQ]XP DQGHUHQGXUFKGLH1RELOLWlWGHV*HJHQVWDQGHV²GLH7XJHQGHQGHU6HHOH² GLHDXFKRKQHGHQ%H]XJDXIGDV+DQGHOQ*OWLJNHLWEHVLW]W9RP+DQ GHOQ VHOEVW XQWHUVFKHLGHW VLFK GLH 0RUDOZLVVHQVFKDIW ZHLO HV VLFK EHL LKU XP HLQ :LVVHQ QLFKW XP HLQ 7XQ KDQGHOW *OFNOLFK ZHUGHQ ZLU GXUFK XQVHUH7DWHQQLFKWGXUFKXQVHU:LVVHQ'LH0RUDOSKLORVRSKLHNDQQXQV MHGRFKLQJHHLJQHWHU:HLVHGLVSRQLHUHQVRGDVVZLU]LHOVLFKHUEHLP+DQ GHOQ IRUWVFKUHLWHQ N|QQHQ 'LHVH )XQNWLRQ GHU 0RUDOSKLORVRSKLH ZLUG GXUFKGDV=LWDWGHV6HQHFDEHNUlIWLJW $QDO\VHGHU$UJXPHQWHGHU4XDHVWLR,8WUXPGHYLUWXWLEXVVLW VFLHQWLD" %XULGDQVSH]LIL]LHUWGLHWUDGLWLRQHOOH)UDJHREEHUGHQYHUKDQGHOWHQ*H JHQVWDQG EHUKDXSW HLQH :LVVHQVFKDIW P|JOLFK VHL GDKLQJHKHQ GDVV HU IUDJW RE HV YRQ GHQ 7XJHQGHQ HLQH :LVVHQVFKDIW JHEH 1DFK GHU (U|UWHUXQJ HLQHU5HLKHYRQ$UJXPHQWHQ3URXQG.RQWUD]LHKW%XULGDQ]ZHL6FKOXVV IROJHUXQJHQ FRQFOXVLRQHV  'LH HUVWH 6FKOXVVIROJHUXQJ LVW GDVV YRQ GHQ 7XJHQGHQ HLQH :LVVHQ VFKDIWLPZHLWHQ6LQQH ODUJHVXPHQGR P|JOLFKVHL:LVVHQVFKDIWLPZHL WHQ 6LQQH XQWHUVFKHLGHW VLFK KLHU YRQ :LVVHQVFKDIW LP HLJHQWOLFKHQ 6LQQ VFLHQWLD FDSLDWXU SURSULH  ZHOFKH HLQHQ VSH]LILVFKHQ JHLVWLJHQ +DELWXV EH ]HLFKQHW GHU YRQ $ULVWRWHOHV LP 9, %XFK GHU (WKLN EHVFKULHEHQ ZXUGH XQGGHVVHQ0HWKRGHLQGHQ$QDO\WLFDSRVWHULRUDGDUJHOHJWLVW'LHVHUHLJHQW OLFKH %HJULII YRQ :LVVHQVFKDIW WULIIW QDFK %XULGDQ QLFKW DXI GLH (WKLN ]X



%XULGDQ6XSHUGHFHPOLEURVHWKLFRUXP4,8WUXPGHYLUWXWLEXVVLWVFLHQWLD"%XULGDQ     Å3ULPD FRQFOXVLR HVW TXRG ODUJH VXPHQGR VFLHQWLDP GH YLUWXWLEXV HVVH VFLHQWLDP´ (EG  Å6FLHQGXP HVW WDPHQ TXRG VL VFLHQWLD FDSLDWXU SURSULH SURXW GLVWLQJXLWXU FRQWUD SUXGHQWLDP HW DOLRV KDELWXV LQWHOOHFWXDOHV YLGHELWXU LQ R KXLXV DQ GH YLUWXWLEXV VLW VFLHQWLDYHOSUXGHQWLDYHODOWHUKDELWXVLQWHOOHFWXDOLV´(EG

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

$OV*UQGHGDIUZDUXPDEHU:LVVHQVFKDIWLPZHLWHQ6LQQP|JOLFK LVWIKUWHUDQGDVV7XJHQGGHILQLHUEDUVHLXQGGLH'HILQLWLRQLQ%HZHL VHQYHUZHQGHWZLUGGDVVGLH7XJHQGGHWHUPLQLHUWH8UVDFKHQKDW ]% GDVVXQVHU9HUVWDQG]ZLVFKHQJXWXQGVFKOHFKWXQWHUVFKHLGHW XQGGDVV GLH 7XJHQG DOV LKU $QZHQGXQJVJHELHW LKU HLJHQH XQG GHWHUPLQLHUWH /HL GHQVFKDIWHQ KDW ] % GDVV 7XJHQG GLH /HLGHQVFKDIWHQ OHQNW XQG Pl ‰LJW (VLVWDOVRP|JOLFKZLVVHQVFKDIWOLFKYRQGHQ7XJHQGHQ]XKDQ GHOQZHQQPDQGLH'LQJHXQWHUVXFKWGLHLPPHURGHUIDVWLPPHUJHOWHQ 'DVV HV VLFK EHLP HWKLVFKHQ 9HUKDOWHQ GHU 0HQVFKHQ XP VLQJXOlUH XQG NRQWLQJHQWH *HJHQVWlQGH KDQGHOW VSLHOW NHLQH 5ROOH GD GLHVH ]ZDU LQ +LQVLFKW DXI GHQ 0HQVFKHQ NRQWLQJHQW VLQG QLFKW DEHU LQ +LQVLFKW DXI LKUH8UVDFKHQ GHQQLPPHURGHULQGHQPHLVWHQ)lOOHQJHKHQWXJHQGKDIWH$NWHDXVGHU7XJHQG KHUYRUXQGODVWHUKDIWHDXVGHP/DVWHU

'HU*UXQGIUGLHVH.RQVWDQ]LQGHQ8UVDFKHQOLHJWIU%XULGDQLQGHU 1DWXUGHV0HQVFKHQGHQQGLH8UVDFKHQGHU7XJHQGXQGGDVGDUDXVUH VXOWLHUHQGHWXJHQGKDIWH9HUKDOWHQIROJWHQHLQHUQDWXUJHJHEHQHQ2UGQXQJ :R LPPHU GLHVH QLFKW JHOWH VHL GHU *UXQG GDIU HLQH XQQDWUOLFKH XQG PLVVJHVWDOWHWH'LVSRVLWLRQGLHGXUFKGHQ(UZHUEYRQ7XJHQGDEJHZRUIHQ ZHUGHQN|QQH 'LH]ZHLWH)ROJHUXQJGLH%XULGDQEH]JOLFKGHUKLHUHU|UWHUWHQ)UDJH PDFKW ZHLVW DXI GLH %HVRQGHUKHLW GHU (WKLN KLQ GLH EHUHLWV DXI GLH IRO JHQGH )UDJH QDFK GHU &KDUDNWHULVLHUXQJ GHU (WKLN DOV WKHRUHWLVFKH RGHU SUDNWLVFKH:LVVHQVFKDIWYHUZHLVW 'LH ]ZHLWH 6FKOXVVIROJHUXQJ LVW GDVV GLHVH :LVVHQVFKDIW YRQ GHQ 7XJHQGHQ IU GHQ0HQVFKHQlX‰HUVWQRWZHQGLJLVW]ZDUQLFKWVFKOHFKWKLQVRGDVVHURKQHVLH



Å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´(EG  Å$GSULPDPGLFHQGXPHVWTXRGGHDFWLEXVKXPDQLVHVWEHQHVFLHQWLDTXDPYLVHQLP VLQJXODULWHUH[LVWDQWHWILDQWXQLYHUVDOLWHUWDPHQSRVVXQWDELQWHOOHFWXDSSUHKHQGLVLFXW HWDOLDVLQJXODULD(WLDPOLFHWDFWXVKXPDQLVLQWFRQWLQJHQWHVLQRUGLQHDGKRPLQHPDE VROXWHVXPSWXPVXQWWDPHQGHWHUPLQDWLLQRUGLQHDGVXDVFDXVDV6HPSHUHQLPYHOLQ SOXULEXVDFWXVYLUWXRVLDYLUWXWHSURFHGXQWHWYLWLRVLDYLWLR´(EG  Å$GDOLDPGLFRTXRGFDXVDUXPYLUWXWLVHWDFWXXPYLUWXRVRUXPFRQFXUVXVHVWQDWXUDOL WHURUGLQDWXVHWVLDOWHUHWXURUGRKRFHVWH[LQQDWXUDOLHWSUDYDGLVSRVLWRQHTXDHRP QLQRDEMLFLWXUSHUDFTXLVLWLRQHPYLUWXWLV´(EG

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



QLFKWVHLQRGHUOHEHQN|QQWHVRQGHUQLQ+LQVLFKWDXIGDVLKPDXIJHJHEHQH=LHO GDVHU]XHUUHLFKHQKDW

'LH %HJUQGXQJ GDIU YHUOlXIW IROJHQGHUPD‰HQ 'LH .HQQWQLV GHV =LHOV LVWZLFKWLJXPHVHUODQJHQ]XN|QQHQ)UGLH.HQQWQLVGHU*OFNVHOLJ NHLWGHV=LHOVGHV0HQVFKHQLVWZLHGHUXPGLH.HQQWQLVGHU7XJHQGQRW ZHQGLJGDGLH*OFNVHOLJNHLWLQGHU$XVEXQJGHU7XJHQGEHVWHKW0LW DQGHUHQ :RUWHQ RKQH PRUDOSKLORVRSKLVFKH .HQQWQLV LVW HV GHP 0HQ VFKHQQXUVFKZHUOLFKXQGGXUFK=XIDOOP|JOLFKVHLQ=LHODOV0HQVFK]X YHUZLUNOLFKHQ %XULGDQ IROJHUW LQ GLHVHU 4XDHVWLR GDVV HLQH :LVVHQVFKDIW YRQ GHQ 7XJHQGHQQLFKWQXUP|JOLFKVRQGHUQIUGHQ0HQVFKHQDXFKQRWZHQGLJ LVWXPVHLQ=LHODOV0HQVFK]XUHDOLVLHUHQ0RUDOLVVFLHQWLDZLH%XULGDQVLH YHUVWHKWZHLVWYRQLKUHULQQHUHQ%HVFKDIIHQKHLWHLQH%HVWLPPXQJDXIGLH EHUGHQEOR‰WKHRUHWLVFKHQ=ZHFNHLQHU:LVVHQVFKDIWKLQDXVZHLVW'LH VH%HVWLPPXQJZLUGLQGHUIROJHQGHQ4XDHVWLRQlKHUSUl]LVLHUW $QDO\VHGHU$UJXPHQWHGHU4XDHVWLR,8WUXPPRUDOLVVFLHQWLDVLW SUDFWLFDYHOVSHFXODWLYD" 'DVVYRQGHQ7XJHQGHQHLQH:LVVHQVFKDIWP|JOLFKVHLLVWEHUHLWVJHNOlUW QXQJHKWHVXPGLHQlKHUH6SH]LIL]LHUXQJGLHVHU:LVVHQVFKDIW,P.RQ WH[WGHUEOLFKHQ)UDJHREHVVLFKEHLGHUYHUKDQGHOWHQ:LVVHQVFKDIWXP HLQH SUDNWLVFKH RGHU XP HLQH WKHRUHWLVFKH KDQGOH NRPPW %XULGDQ QDFK GHP$EZlJHQYRQYLHOHUOHL$UJXPHQWHQ]XGHP6FKOXVVGDVVGLH0RUDO ZLVVHQVFKDIW DOV SUDNWLVFK ]X EH]HLFKQHQ VHL XQG ]ZDU DXIJUXQG LKUHV VDFKOLFKHQXQGQRWZHQGLJHQ%H]XJVDXIGDV+DQGHOQGKDXIJUXQGLKUHV *HJHQVWDQGHV =XQlFKVW KDWWH %XULGDQ XQWHUVXFKW DXIJUXQG ZHOFKHU %HVWLPPXQJ ZLU]XWUHIIHQGHUHLQH:LVVHQVFKDIWDOVSUDNWLVFKE]ZWKHRUHWLVFKEH]HLFK 

Å6HFXQGDFRQFOXVLRHVWTXRGKDHFVFLHQWLDGHYLUWXWLEXVHVWKRPLQLPXOWXPQHFHVVD ULDQRQTXLGHPVLPSOLFLWHUVLFTXRGVLQHHDQRQSRVVLWKRPRHVVHQHFYLYHUHVHGLQ RUGLQHDGILQHPVLELGHELWXPDGLSLVFHQGXP´(EG  Å4XLDFRJQLWLRILQLVKXPDQLVFLOLFHWIHOLFLWDVHVWKRPLQLPXOWXPQHFHVVDULDXWDGLOOXP ILQHPDWWLQJHUHSRVVLW$GYLWDPHQLPSHUIHFWDPVLFXWGLFLW$ULVWRWHOHVFRJQLWLRHLXVPDJQXP KDEHWLQFUHPHQWXP4XRPRGRHQLPVDJLWWDWRUUHFWHVDJLWWDUHWDGVLJQXPVLQRQYLGHUHW VLJQXP",WDTXRPRGRILQHPLJQRUDQVSRWHULWLQHXPGLULJHUHDFWXVVXRV"6HGDGQRWL WLDPIHOLFLWDWLVHVWQHFHVVDULDQRWLWLDYLUWXWLVFXPIHOLFLWDVVLWRSHUDWLRVHFXQGXPYLUWX WHPSHUIHFWDP´(EG  (LQH$QDO\VHXQG,QWHUSUHWDWLRQGHV%HJULIIVGHU*OFNVHOLJNHLW IHOLFLWDV EHL%XULGDQ ILQGHWVLFKLQ3OXWD    4,8WUXPPRUDOLVVFLHQWLDTXDGHVHYLUWXWLEXVLQWURPLWWLWVLWSUDFWLFDYHOVSHFXODWLYD"(EG 

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

QHQ RE DXIJUXQG LKUHV =LHOHV RGHU LKUHV *HJHQVWDQGHV %XULGDQ EH JUQGHWZDUXPGDV=LHOQLFKWGDVJHHLJQHWH.ULWHULXPVHL'HQQZHQQZLU GDV=LHOHLQHU:LVVHQVFKDIWDOVJUXQGOHJHQGHV.ULWHULXPDN]HSWLHUHQGDQQ N|QQHQZLUSULQ]LSLHOOMHGH:LVVHQVFKDIWDOVWKHRUHWLVFK²LQVRIHUQLKU=LHO (UNHQQWQLV ² XQG DOV SUDNWLVFK ² LQVRIHUQ LKU =LHOGLH8PVHW]XQJ LQ GLH 7DWLVW²NRQ]LSLHUHQ'HU*HJHQVWDQGDEHUHLQHU:LVVHQVFKDIWVWHKWQLFKW LQ GLHVHU :HLVH LQ XQVHUHU 9HUIJXQJVJHZDOW =ZDU N|QQHQ ZLU EHL VSLHOVZHLVHDXFKGLH(WKLNWKHRUHWLVFKNRQ]LSLHUHQXQGEHLP:LVVHQVWH KHQ EOHLEHQ GRFK GDQQ KDEHQ ZLU GDV HLJHQWOLFKH :HVHQ GHU (WKLN YHU IHKOW %XULGDQNRPPWGDKHU]XIROJHQGHP(UJHEQLV $QJHVLFKWVGHVVHQVDJHLFKGDVVGLH0RUDOZLVVHQVFKDIWSUDNWLVFKJHQDQQWZHUGHQ PXVVZHLOVLHYRQXQVHUHQ7lWLJNHLWHQKDQGHOWXQGZHLOVLHXPGHU7lWLJNHLWZLO OHQHUZRUEHQZLUGXQGHVZlUHVHKUXQSDVVHQGZHQQPDQGHUDUWLJEHLP:LVVHQ VWHKHQEOLHEHGHQQRKQHGLH7lWLJNHLWNDQQGHU0HQVFKVHLQ=LHORGHUVHLQHLJHQ WPOLFKHV *XW QLFKW HUUHLFKHQ XQG GLHV ZlUH JHJHQ GLH 1DWXU GLHVHU :LVVHQ VFKDIWZHLOZLUREZRKOZLUVLHEHVLW]HQQLFKWLKUJHPl‰KDQGHOQGHQQGDV(KUHQ YROOHYRQGHUGLHVH:LVVHQVFKDIWKDQGHOW]LHKWXQVPLWVHLQHU.UDIWXQGORFNWXQVGXUFK VHLQH:UGHZLH7XOOLXVLQVHLQHU5KHWRULNVDJW

'HU%H]XJDXIGDV+DQGHOQGKGLHSUDNWLVFKHQ$XVZLUNXQJHQGHVWKHR UHWLVFKHUZRUEHQHQ:LVVHQVOLHJWIU%XULGDQLQGHU1DWXUGLHVHU:LVVHQ VFKDIW'DKHULVWHVQXUIROJHULFKWLJZHQQ%XULGDQYRQGHP0RUDOSKLOR VRSKLH EHWUHLEHQGHQ :LVVHQVFKDIWOHU HLQ GHP :LVVHQ JHPl‰HV +DQGHOQ HLQIRUGHUW ZHU HV EHVVHU ZHL‰ GDUI QLFKW VFKOHFKWHU KDQGHOQ :HU GLHV WURW]GHPWXWEHJHKWQLFKWQXUHLQHWDGHOQVZHUWH7DWVRQGHUQHUYHUVW|‰W DXFK JHJHQ GLH 3ULQ]LSLHQ VHLQHU :LVVHQVFKDIW 'LHV EHGHXWHW GDVV IU %XULGDQ GHU +|UHU E]Z /HKUHU GHU 0RUDOSKLORVRSKLH LQ VLWWOLFKHU 9HU DQWZRUWXQJIUVHLQHLJHQHV7XQVWHKW 

Å6HGGXELWDWXUDTXRLVWRUXPGHEHDWSULQFLSDOLXVSUDFWLFDGHQRPLQDULDQDERELHFWR DQDILQH´(EG  Å&UHGRTXRGPDJLVSULQFLSDOLWHUHWRULJLQDOLWHUVLWKDHFGLVWLQFWLRSHUREMHFWDTXLDLQ SRWHVWDWHQRVWUDQRQHVWVFLHQWLDPXQDPIDFHUHVSHFXODWLYDPDXWSUDFWLFDPQRVDX WHPSRVVXPXVHDQGHPVFLHQWLDPRUGLQDUHDGRSXVDXWQRQRUGLQDUHVHGVWDUHLQVFL UHXWLVWDPVFLHQWLDP(WKLFRUXP´(EG  Å3URSWHUTXRG$ULVWRWHOHVVHFXQGRKXLXVUHSUHKHQGLWHRVTXLVWDWXPKXLXVVFLHQWLDH SRQXQWLQVFLUHGLFHQVTXRGPXOWLTXLGHPQRQRSHUDQWXUVHGDGUDWLRQHPIXJLHQWHVH[LVWLPDQW SKLORVRSKDULHWVLFIRUWHVWXGLRVL´HEG  Å+RF YLVR GLFR TXRG VFLHQWLD PRUDOLV GHEHW GLFL SUDFWLFD TXLD HVW GH RSHUDELOLEXV D QRELVHWTXLDGHEHWDFTXLULSURSWHURSXVHWYDOGHLQFRQYHQLHQVHVVHWKXLXVPRGLVLVWH UHDGVFLUHFXPVLQHHLXVRSHUDWLRQHQRQSRVVLWKRPRILQHPVHXERQXPSURSULXPDW WLQJHUHHWKRFHVVHWFRQWUDKXLXVVFLHQWLDHQDWXUDPTXRGKDEHQVHDPQRQRSHUDUHWXU VHFXQGXPHDPKRQHVWXPQDPTXHGHTXRHVWLVWDVFLHQWLDVXDYLQRVWUDKLWHWVXDGLJQLWDWH QRVDOOLFLWXWGLFLW7XOOLXVLQVXD5KHWRULFD´HEG²9JO&LFHUR'HLQYHQWLRQH,, Å1DPHVWTXLGGDPTXRGVXDYLQRVDOOLFLDWDGVHVHQRQHPROXPHQWRFDSWDQVDOLTXR VHGWUDKHQVVXDGLJQLWDWHTXRGJHQXVYLUWXVVFLHQWLDYHULWDV´&LFHUR  

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



5KHWRULNDOVORJLFDPRUDOLV $QDO\VHGHU$UJXPHQWHLP3URRHPLXP 'LH H[SOL]LWHQ $XVVDJHQ %XULGDQV ]XU 5KHWRULN LP (WKLNNRPPHQWDU ILQ GHQVLFKLP9RUZRUWLP=XVDPPHQKDQJGHU(LQWHLOXQJGHU0RUDOSKLOR VRSKLH'LHVHEHVWHKWQDFK%XULGDQDXV]ZHL7HLOHQQlPOLFKHLQHPKDXSW VlFKOLFKHQXQGHLQHPEOR‰LQVWUXPHQWHOOHQJOHLFKZLHDXFKGLHVSHNXODWL YHQ:LVVHQVFKDIWHQLQHLQHQKDXSWVlFKOLFKHQ7HLO²GHU0HWDSK\VLN3K\ VLNXQG0DWKHPDWLNXPIDVVW²XQGHLQHQGLHQHQGHQ7HLOGHU/RJLNHLQJH WHLOW ZUGHQ ,Q $QVFKOXVV DQ $ULVWRWHOHV QHQQW %XULGDQ DOV %HVWDQGWHLOH GHU0RUDOSKLORVRSKLH(WKLNgNRQRPLHXQG3ROLWLN%HLGHUQlKHUHQ%H VWLPPXQJ GHU /RJLN GHU 0RUDOSKLORVRSKLH MHGRFK VFKOlJW %XULGDQ HWZDV 8QJHZ|KQOLFKHVYRU 'HU]ZHLWH7HLO>GHU0RUDOSKLORVRSKLH@DEHUGHUGLH]XJHK|ULJH:HLVHGHV/HK UHQVOHKUWZLUGLQGHQ%FKHUQGHU5KHWRULNXQGGHU3RHWLNEHUOLHIHUW'DKHULVW GLH:LVVHQVFKDIWGHUEHLGHQJHQDQQWHQ%FKHULPZDKUHQXQGHLJHQWOLFKHQ6LQQ QLFKW HLQIDFK /RJLN XQG DXFK QLFKW HLQIDFK 0RUDOZLVVHQVFKDIW ]X QHQQHQ VRQ GHUQPRUDOLVFKH/RJLN

'DVVVLFKGLH(LQIKUXQJHLQHUORJLFDPRUDOLVQLFKWYRQVHOEVWYHUVWHKWVRQ GHUQHLQHU(UNOlUXQJEHGDUILVWLKPVHOEVWEHZXVVWGHQQHUQLPPWHLQHQ P|JOLFKHQ (LQZDQG JHJHQ GLH (LQIKUXQJ HLQHU VSH]LHOOHQ PRUDOLVFKHQ /RJLNYRUZHJ:DUXPVROOWHPDQLQGHU0RUDOSKLORVRSKLHHLQHVSH]LILVFKH /RJLNEHQ|WLJHQZHQQLQDOOHQDQGHUHQ:LVVHQVFKDIWHQGLHQRUPDOH/RJLN DXVUHLFKH"%XULGDQEHJUQGHWVHLQ9RUJHKHQIROJHQGHUPD‰HQ:lKUHQGLQ GHQVSHNXODWLYHQ:LVVHQVFKDIWHQGLH/HLGHQVFKDIWHQGHV6WUHEHYHUP|JHQV SDVVLRQHV DSSHWLWXV  QLFKW DXI GLH 9HUQXQIW DXVJUHLIHQ XQG GRUW GDV 8UWHLO GHU9HUQXQIWQLFKWJHIlKUGHQN|QQHQVLHKWGLH6DFKHLQGHU0RUDODQGHUV DXV 'RUW ZHUGHQ GLH 8UWHLOH GHU 9HUQXQIW GXUFKDXV GXUFK $IIHNWH XQG /HLGHQVFKDIWHQJHVW|UWXQGYHUlQGHUW %XULGDQPRUDOLVLHUWQXQQLFKWVHLQHUVHLWVEHUGLHVHV)DNWXPVRQGHUQ HU QLPPW HV ]XU .HQQWQLV DOV HLQH (LJHQKHLW GHU PHQVFKOLFKHQ 9HUQXQIW XQG VXFKW QDFK :HJHQ PLW GLHVHP )DNWXP VLQQYROO XP]XJHKHQ 'LH 

%XULGDQ6XSHUGHFHPOLEURVHWKLFRUXP SURRHPLXP Å6HFXQGDYHURSDUVTXDHKXQFPR GXPGRFHQGLGRFHWWUDGLWXULQOLEULV5KHWRULFDHHW3RHWULDH8QGHVFLHQWLDGLFWRUXPGXR UXPOLEURUXPYHUHHWSURSULHGLFHQGDHVWQRQORJLFDVLPSOLFLWHUQHTXHPRUDOLVVFLHQWLD VLPSOLFLWHUVHGORJLFDPRUDOLV´%XULGDQ  II  Å$OLD YHUR VXQW GH TXLEXV GLYHUVDH SDVVLRQHV DSSHWLWXV LQQDWDH VXQW GLYHUVLILFDUH LXGLFLXPUDWLRQLVGHTXLEXVLQVHFXQGR5KHWRULFDHGLFLW$ULVWRWHOHV1RQHQLPLGHPYLGHWXU DPDQWLEXVHWRGLHQWLEXVQHTXHLUDWLVHWVHKDEHQWLEXVPDQVXHWH(WGHKLVFRQVLGHUDWHWWUDFWDW PRUDOLVSKLORVRSKLDVHXLSVDSUXGHQWLD8QGHVHFXQGXPKRF9,KXLXVGLFLW$ULVWRWHOHV TXRGRSXVSUDFWLFLLGHVWPRUDOLVLQWHOOHFWXVHVWYHULWDVFRQIRUPLWHUVHKDEHQVDSSHWLWXLUHFWR´(EG 

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

$XIJDEHGHU/RJLNLVWHVLQGLHVHP)DOOQLFKWQXUGDV:DKUHXQGGDV)DO VFKHDXI]X]HLJHQVRQGHUQVLHPXVV]XJOHLFKGDV6WUHEHYHUP|JHQVRDXV ULFKWHQ GDVV HVGHP 8UWHLOGHU 9HUQXQIW QLFKW HQWJHJHQVWHKW 'K GLH /RJLNPXVVKLHUhEHU]HXJXQJVPLWWHOYHUZHQGHQGLHQLFKWXQEHGLQJWGHP $QVSUXFKVWUHQJHU:LVVHQVFKDIWHQWVSUHFKHQGLHMHGRFKVRYHUIDVVWVLQG GDVV VLH GDV 6WUHEHYHUP|JHQ PLW VHLQHQ /HLGHQVFKDIWHQ GLV]LSOLQLHUHQ N|QQHQ'LHVVFKHLQWVLFK%XULGDQYRQGHU5KHWRULNYHUVSURFKHQ]XKDEHQ 6WW]XQJGHU%HJUQGXQJGXUFK$UJXPHQWHGHU4,XQG GHU4,, 'D EHL PRUDOLVFKHQ )UDJHQ GLH /HLGHQVFKDIWHQ GHV 6WUHEHYHUP|JHQV EHL HLQHU 8UWHLOVILQGXQJ LPPHU PLW LQYROYLHUW VLQG PVVHQ GLH :LUNXQJHQ XQG )XQNWLRQHQ GHU $IIHNWH LQ GLH %HVWLPPXQJ XQG $QDO\VH GHV +DQ GHOQV GHU 0HQVFKHQ PLWHLQEH]RJHQ ZHUGHQ 'LHV HUIRUGHUW GLH %HVFKDI IHQKHLWGHUPHQVFKOLFKHQ6HHOH /HLGHQVFKDIWHQXQG(PSILQGXQJHQJHK|UHQQDFK%XULGDQZHVHQWOLFK ]XP 0HQVFKHQ (U VFKOLH‰W VLFK $ULVWRWHOHV DQ GHU ² ZLH %XULGDQ KLHU DQJLEW²GLH6WRLNHUGDULQNULWLVLHUWGDVVVLHGLH/HLGHQVFKDIWHQVFKOHFKWKLQ YRQGHU7XJHQGDXVJHVFKORVVHQKDEHQ%XULGDQDUJXPHQWLHUWQLFKWQXU PLWGHP+LQZHLVGDUDXIGDVVHVXQVVRJDUELVZHLOHQJHERWHQLVW/HLGHQ VFKDIWHQ ]X ]HLJHQ VRQGHUQ HU DUJXPHQWLHUW DXFK SULQ]LSLHOOHU XQG JUXQGOHJHQGHU LQGHP HU GLH %HVFKDIIHQKHLW GHU PHQVFKOLFKHQ 1DWXU EH GHQNWGLHVHLVWPLWHLQHPVLQQOLFKHQ6WUHEHYHUP|JHQDXVJHVWDWWHWZHOFKHV GXUFK GLH 7XJHQG QLFKW DXVJHO|VFKW ZHUGHQ NDQQ (V LVW QDWUOLFK GDVV VLFKGHU0HQVFKGHUKXQJULJRGHUGXUVWLJLVWIUHXWXQGHVJHQLH‰WZHQQ HULVVWRGHUWULQNW 'DV HLJHQWOLFKH 3UREOHP PLW GHU 6LQQOLFKNHLW EHJLQQW GRUW ZR GDV VLQQOLFKH6WUHEHYHUP|JHQIUVFKOHFKWH²GKIUXQYHUQQIWLJH²/HLGHQ 

Å(WDOLD>ORJLFD@FRQWUDFWDTXDHGRFHWPRGXPTXRVLPXOHWGXELXPHWYHUXPLQYHQL WXUHWDSSHWLWXVVLFDIILFLWXUHWGLVSRQLWXUXWGHWHUPLQHWYHOQRQLPSHGLDWLQWHOOHFWXP DGFRQFHGHQGXPFRQFOXVXP(WKHFYRFDWXUGLDOHFWLFDPRUDOLV´(EG  4 ,,  Å2SSRVLWXP SDWHW SHU $ULVWRWHOHP TXL 6WRLFRV GH KRF UHSUHKHQGLW YLUWXV HQLPQRQH[FOXGLWSDVVLRQHVVLPSOLFLWHUVHGH[FOXGLWSDWLXWQRQ RSRUWHWHWTXDQGR QRQRSRUWHWHWTXDHFXPTXHDOLDFRQVLPLOLD´%XULGDQ    =%LP)DOOYRQ0LWOHLGRGHU0LWIUHXGHPLWHLQHP)UHXQGÅYLUWXVQRQH[FOXGLWLOOXG TXRGUHFWDUDWLRGLFWDWVHGLSVDGLFWDWFRPSDWLHQGXPHVVHDPLFRGROHQWLHWFRQJDX GHQGXPHVVHGHERQRLSVLXV´(EG  Å,WHPDQDWXUDIDFWXVHVWDSSHWLWXVVHQVLWLYXVSDVVLELOLVYLUWXVDXWHPQRQWROOLWQDWX UDPXQGHQXOOXVHVWTXLQRQGHOHFWHWXULQFLERHWSRWXTXDQGRVLWLWHWHVXULWSHUFLSLW HQLPFLEXPHWSRWXPHVVHERQXPHWFRQYHQLHQWHPPRGRSUDHVHQWLDRELHFWLSHUFHSWL VXEUDWLRQHFRQYHQLHQWLVFDXVDWGHOHFWDWLRQHP´(EG

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



VFKDIWHQDQIlOOLJLVW'LHVH$QIlOOLJNHLWGHVVLQQOLFKHQ6WUHEHYHUP|JHQVLVW QDWUOLFK PDQ NDQQ HV QLFKW YHUlQGHUQ VRQGHUQ PXVV HV ]XU .HQQWQLV QHKPHQ'LH7XJHQGO|VFKWZHGHUGLH1DWXUGHU6LQQHQRFKGHVVLQQOL FKHQ6WUHEHYHUP|JHQVDXV:RUDXIHVMHGRFKDQNRPPWLVWGDVVLQQOL FKH6WUHEHYHUP|JHQ]XU%HIROJXQJGHV8UWHLOVGHU9HUQXQIW]XEULQJHQ :lUHGHU0HQVFKOHLGHQVFKDIWVORVVRZlUHGLH7XJHQGOHKUHEHUIOV VLJGHQQGHU9HUVWDQGZUGHGDV5LFKWLJHHUNHQQHQGHU:LOOHZUGHGLHV DXFKZROOHQXQGPLWWHOVGHV.|USHUVZUGHQGLHVHYHUQQIWLJHQ*HGDQ NHQLQGLH7DWXPJHVHW]WZHUGHQ%HLP0HQVFKHQIXQNWLRQLHUWGLHVDEHU QLFKWVRXQSUREOHPDWLVFKZHLOHVLQLKPQHEHQGHU9HUQXQIWDXFKQRFK GDVVLQQOLFKH6WUHEHYHUP|JHQ DSSHWLWXVVHQVLWLYXV JLEGDVLKQKlXILJVWDUN ]X GHP JHQHLJW PDFKW ZDV GHP 8UWHLO GHU 9HUQXQIW ZLGHUVSULFKW ZR GXUFKHVLKPVFKZHUIlOOWYHUQQIWLJ]XKDQGHOQ(LQ]LJGLH*HZ|KQXQJ DQWXJHQGKDIWHV9HUKDOWHQIKUW]XHLQHPWXJHQGKDIWHQ+DELWXVZHOFKHU GDVVLQQOLFKH6WUHEHQ]JHOWXQG]XGHQ9RUVFKOlJHQGHU9HUQXQIWJHQHLJW PDFKW 'LHVH DQJHZ|KQWHQ +DQGOXQJHQ VLQG QLFKW VFKPHU]OLFK VRQ GHUQVLHZHUGHQ]XU]ZHLWHQ1DWXU 'LHV]XHUUHLFKHQKlOW%XULGDQIUP|JOLFKXQGGLHV]HLFKQHWIULKQ ]XJOHLFK GLH IQIWH XQG OHW]WH 6WXIH GHU PRUDOLVFKHQ (QWZLFNOXQJ GHV 0HQVFKHQDXV 'LHIQIWH6WXIHLVWGRUWHUUHLFKWZRGDVVLQQOLFKH6WUHEHYHUP|JHQ]XU9HUQXQIW JH]RJHQ ZLUG XQG EHL MHGHU VHLQHU 7lWLJNHLWHQ GDV 8UWHLO GHU 9HUQXQIW HUZDUWHW XQGLKPIROJWXQGJHPl‰GHU*HZRKQKHLWGHU9HUQXQIW]XIROJHQLVWHVLQVHL QHQ/HLGHQVFKDIWHQJHPl‰LJWVRGDVVHVZLH$ULVWRWHOHVVDJWQLFKWOHLGHWZLHPDQ

  





ÅTXLDQXOOXVDSSHWLWXVVHQVLWLYXVHVWLPPXQXVDERPQLSDVVLRQHPDODHTXLGHOHFWDWXU LQRSHUDWLRQHPDOD´HEG ÅHWYLUWXVQRQWROODWQDWXUDPVHQVXVQHTXHDSSHWLWXVVHQVLWLYL´HEG %XULGDQIRUPXOLHUWGLHVH$QVLFKWLQ)RUPHLQHV(LQZDQGHVJHJHQGLH0|JOLFKNHLWXQG 1RWZHQGLJNHLW HLQHU :LVVHQVFKDIW YRQ GHU 7XJHQG YJO 4 ,  Å6HG FRQWUD LVWDP FRQFOXVLRQHPRELLFLWXU>@VLHQLPUDWLRSRWHVWGLVFHUQHUHTXLGERQXPHWTXLGPDOXP HWLSVDVHPSHUDGRSWLPDGHSUHFDWXUHWYROXQWDVSRWHVWHOLJHUHERQXPHWIXJHUHPD OXPHWRSHULVH[HFXWLRILHULSRWHVWPHPEULVFRUSRUDOLEXVTXLGXOWUDLQGLJHPXVDOLRDG EHQHRSHUDQGXP"9LUWXVDXWHPPRUDOLVQXOOXPHRUXPHVWSURSWHUTXRGYLGHWXUKR PLQHPQXOODWHQXVLQGLJHUHYLUWXWLEXV´(EG Å$G KRF DXWHP UHVSRQGHQGXP HVW TXRG LQ KRPLQH SUDHWHU UDWLRQHP HVW DSSHWLWXV VHQVLWLYXVVDHSHIRUWLWHULQFOLQDQVLQFRQWUDULXPHLXVTXRGUHFWDUDWLRGLFWDWXWSDWHW LQILQHSULPLKXLXVSURSWHUTXRGHVWPXOWXPGLIILFLOHVHFXQGXPGLFWDPHQUDWLRQLVRSH UDULHWRPQLQRWHGLRVXPDFGLVSOLFHQVQLVLSHUFRQVXHWXGLQHPDFTXLVLWXVIXHULWKDEL WXVYLUWXRVXVPRGHUDQVDSSHWLWXPVHQVLWLYXPHWLQFOLQDQVLSVXPDGSUDHFHSWDUDWLR QLV´HEG Å+DHF DXWHP QRQ HUXQW WULVWLD FRQVXHWD IDFWD FRQVXHWXGR DXWHP HVW DOWHUD QDWXUD´ (EG

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ QLFKWVROOXQGZDQQPDQQLFKWVROOXQGZDVVRQVWDXFKLPPHUDQJHIKUWZLUGGHQQGLHVEH GHXWHWDXIQLFKWVFKOHFKWH:HLVH]XOHLGHQ

(V UHLFKW GDKHU QLFKW GDV 5LFKWLJH GDU]XOHJHQ ² GHQQ GLHV ZlUH PLW GHU JlQJLJHQ/RJLNP|JOLFK²VRQGHUQPDQPXVVGDUOHJHQZLHGDV5LFKWLJH XQWHU GHQ %HGLQJXQJHQ GHU 6LQQOLFKNHLW HUNDQQW XQG XPJHVHW]W ZHUGHQ NDQQ'LHVLQQOLFKH9HUIDVVWKHLWGHV0HQVFKHQPXVVDUJXPHQWDWLYHLQJH KROWZHUGHQ'DVVDOVRGLH/RJLNGHU0RUDOUKHWRULVFKVHLEHGHXWHWQLFKW GDVV%XULGDQLQVHLQHP(WKLNNRPPHQWDUODXWHU6WLOHOHPHQWHGHU5KHWRULN YHUZHQGHQ ZUGH VRQGHUQ HV EHGHXWHW ]XQlFKVW GDVV HU EHL GHU $UJX PHQWDWLRQ GHU DIIHNWLYHQ %HVFKDIIHQKHLW GHV PHQVFKOLFKHQ 9HUVWDQGHV 5HFKQXQJWUlJW 0HWKRGLVFKH%HVRQGHUKHLWHQGHV(WKLNNRPPHQWDUV %LVKHUZXUGHJH]HLJWGDVVVLFK%XULGDQVLP9RUZRUWDQJHJHEHQH%HJUQ GXQJIUGLH1RWZHQGLJNHLWGHU5KHWRULNDOV/RJLNGHU0RUDODXIGHULQ KDOWOLFKHQ (EHQH LQ GHP .RPPHQWDU ZLHGHU ILQGHW LPPHU ZLHGHU DUJX PHQWLHUW%XULGDQPLWGHUVLQQOLFKHQ9HUIDVVWKHLWGHV0HQVFKHQ'RFKZLH VLHKWHVDXIGHU'DUVWHOOXQJVHEHQHDXV",P9RUZRUWVFKZHLJWVLFK%XULGDQ GDUEHU DXV ZLU VLQG DOVR DXI GLH 8QWHUVXFKXQJ GHV 7H[WHV VHOEVW DQJH ZLHVHQ,QZLHIHUQKDQGHOWHVVLFKXPHLQHQUKHWRULVFKHQ7H[W" 'LHWUDGLWLRQHOOHQ0HUNPDOHGHV.RPPHQWDUV $OV(UVWHVLVWKLHU]XEHPHUNHQGDVVHVVLFKEHLGHP7H[WXPHLQHQZLV VHQVFKDIWOLFKHQ7H[WQlPOLFKHLQHQ]X8QWHUULFKWV]ZHFNHQDQJHIHUWLJWHQ .RPPHQWDUKDQGHOWXQGQLFKWHWZDXPHLQH5HGHGLH)RUPYRQ7H[WIU GLH GLH 5KHWRULN GDV 9HUIDKUHQ DQ GLH +DQG JLEW %XULGDQ KDQGHOW DXFK QLFKW YRQ HLQHP EHVWLPPWHQ NRQWLQJHQWHQ *HJHQVWDQG ZLH HU LQ HLQHU 5HGH DEJHKDQGHOW ZUGH 'HU 7H[W EOHLEW DOOJHPHLQ QLFKW NRQNUHWLVLHUW DXI HLQHQ EHVWLPPWHQ )DOO =ZDUKDQGHOW GLH (WKLN YRP HLQ]HOQHQ 0HQ VFKHQ DEHU QLFKW YRQ HLQHP VSH]LHOOHQ VRQGHUQ YRP HLQ]HOQHQ DOV VRO FKHQDOOJHPHLQXQGDEJHVHKHQYRQDOOHQZHLWHUHQ%HVWLPPXQJHQ%X 

4,,Å4XLQWXVVWDWXVHVWXELDSSHWLWXVVHQVLWLYXVWUDKLWXUDGUDWLRQHPHWLQRPQL RSHUDWLRQHVXDH[SHFWDWLXGLFLXPUDWLRQLVHWLQVHTXLWXULSVXPHWSURSWHUFRQVXHWXGL QHPFRQVHTXHQGLUDWLRQHPPRGHUDWXVHVWLQVXLVSDVVLRQLEXVLWDTXRGVLFXWGLFLW$UL VWRWHOHVQRQSDWLWXUXWQRQRSRUWHWHWTXDQGRQRQRSRUWHWHWTXDHFXPTXHDOLDDSSR QDQWXUKRFDXWHPQRQHVWPDOHSDWL´(EG9JO(1,,E  4,Å(WLWDSDWHWTXRG(WKLFDHVWGHXQRKRPLQHQRQXQRVRORVHGXQRFRPPX QLWHUHWLQGLIIHUHQWHUDGRPQHVDFFHSWR´%XULGDQ  

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



ULGDQKDQGHOWYRQGHU(WKLNDOV:LVVHQVFKDIWYRQVFLHQWLDPRUDOLV'DV9HU IDKUHQ GHV .RPPHQWDUV HQWVSULFKW GHP *HJHQVWDQG PDQ YHUIlKUW GHILQLH UHQGEHZHLVHQGXQGPLWWHOVDOOJHPHLQHU$XVVDJHQ 'LH 4XDHVWLRQHV IROJHQ LQ GHU 5HJHO GHP JlQJLJHQ 6FKHPD HV ZLUG HLQH )UDJH JHVWHOOW GLH HLQH %HKDXSWXQJ HQWKlOW 8WUXP  GDQQ ZHUGHQ ]XQlFKVW GLH EHIUZRUWHQGHQ $UJXPHQWH JHQDQQW $UJXLWXU TXRG VLF  GDQQGLH*HJHQSRVLWLRQYHUWUHWHQ RSSRVLWXPDUJXLWXU VFKOLH‰OLFKZLUGGLH 0HLQXQJGHV$XWRUVJHQDQQW 'LFHQGXPHVW $EVFKOLH‰HQGZHUGHQP|J OLFKH(LQZlQGHJHJHQGLHYRP$XWRUYHUWUHWHQH0HLQXQJYRUJHEUDFKW VHG GXELWDWXU XQGZLGHUOHJW 7URW] GLHVHU DXI GHQ HUVWHQ %OLFN W\SLVFKHQ XQG Y|OOLJ XQDXIIlOOLJ DQPX WHQGHQ)RUPGHV.RPPHQWDUV]HLJWVLFKEHLJHQDXHUHU%HWUDFKWXQJGDVV GHU7H[WLQYLHOHQ'LQJHQYRQGHUJlQJLJHQ%HKDQGOXQJVZHLVHDEZHLFKW 5HKDELOLWLHUXQJGHUDXFWRULWDVDQWLTXRUXP (LQVSH]LILVFKHV0HUNPDOGHV(WKLNNRPPHQWDUVYRQ%XULGDQVLVWGDVVHU KlXILJ$XWRULWlWHQDOV$UJXPHQWHIUVHLQHhEHUOHJXQJHQDQIKUW6FKRQ GLHV DOOHLQ LVW IU HLQHQ (WKLNNRPPHQWDU XQJHZ|KQOLFK +LQ]X NRPPW GDVV GLH EHL ZHLWHP DP KlXILJVWHQ ]LWLHUWH $XWRULWlW ² QHEHQ $ULVWRWHOHV VHOEVWGHVVHQ7H[WVFKOLH‰OLFKNRPPHQWLHUWZLUG²6HQHFDLVW:LHEH UHLWVHUZlKQWVSLHOWH6HQHFDQHEHQ&LFHURLQGHQHWKLVFKHQ7H[WHQGHV -DKUKXQGHUWVDOVRYRUGHU$ULVWRWHOHVUH]HSWLRQHLQH]HQWUDOH5ROOHJHULHW GDQQDEGHP-DKUKXQGHUW²YRQZHQLJHQ$XVQDKPHQZLH]%5RJHU %DFRQDEJHVHKHQ²LQ9HUJHVVHQKHLWXQGVSLHOWEHLVSLHOVZHLVHLQGHQ (WKLNNRPPHQWDUHQYRQ$OEHUWXQG7KRPDVNHLQHE]ZQXUHLQHXQWHUJH RUGQHWH5ROOH 'HU KlXILJH 5HNXUV DXI $XWRULWlWHQ VSH]LHOO DXI VROFKH ZLH 6HQHFD GHVVHQ9RUVWHOOXQJYRQ0RUDOSKLORVRSKLHSHUV|QOLFKJHIlUEWLVWXQGGHV VHQ hEHUOHJXQJHQ LPPHU HLQH OHEHQVSUDNWLVFKH 'LPHQVLRQ KDEHQ KDW $XVZLUNXQJHQ DXI GLH %HVFKDIIHQKHLW GHV .RPPHQWDUV VHOEVW :LH EH JUQGHWQXQ%XULGDQGLHVHV9HUIDKUHQXQGZLHODVVHQVLFKGLH$XVZLUNXQ JHQDXIGHQ.RPPHQWDUEHVFKUHLEHQ" 

4,ÅGHILQLWLYHHWGHPRQVWUDWLYHSURFHGLWHWSHUSURSRVLWLRQHVXQLYHUVDOHV´ 9JO KLHU]X GLH YRQ :DOVK   DXIJHVWHOOWH 6WDWLVWLN ZRQDFK DXI 6HQHFD PDO YHUZLHVHQZLUGDXI&LFHURLPPHUKLQQRFKPDOZlKUHQG7KRPDVYRQ$TXLQEHL VSLHOVZHLVHQXUPDOYRUNRPPW  6LHKHREHQ.DS,'HU5HIRUPYRUVFKODJ]XU0RUDOSKLORVRSKLHYRQ5RJHU%DFRQ  :LH7KRPDV5LFNOLQ  DOOHUGLQJVJH]HLJWKDWHUKlOWVLFKDXFKLP-DKUKXQGHUW YRU DOOHP LQ GHU IUDQ]LVNDQLVFKHQ 7UDGLWLRQ HLQ NRQWLQXLHUOLFKHV :LVVHQ XP 6HQHFD DOVGHVVHQ7UlJHUQHEHQ5RJHU%DFRQDXFK-RKQRI:DOHVDQJHIKUWZHUGHQNDQQ 

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

'LH HUVWH 5HIOH[LRQ %XULGDQV DXI VHLQ 9RUJHKHQ ILQGHW VLFK LP 9RU ZRUW GHV (WKLNNRPPHQWDUV 'RUW WHLOW HU GHP /HVHU HLQLJH PHWKRGLVFKH XQG VHOEVWNULWLVFKH %HPHUNXQJHQ PLW (U ZHUGH VR VFKUHLEW %XULGDQ LQ GHPYRUOLHJHQGHQ:HUNZHJHQVHLQHU8QHUIDKUHQKHLWXQGVHLQHVPDQJHO KDIWHQ 8UWHLOVYHUP|JHQV QLFKW VR VHKU QHXHQ 7KHRULHQ IROJHQ DOV YLHO PHKUGHQDQWLNHQ*HOHKUWHQ (VZXUGHLQGHU)RUVFKXQJZLHGHUKROWGDUDXIKLQJHZLHVHQGDVVGLHVH VHOEVWNULWLVFKHQbX‰HUXQJHQXQG$EZHQGXQJYRQÄQHXHQ¶7KHRULHQZRKO DOV5HDNWLRQDXIGLHDQWLRFNKDPLVWLVFKHQ0D‰QDKPHQ]XYHUVWHKHQVHLHQ GLHGDV.OLPDGHU3DULVHU$UWLVWHQIDNXOWlWPD‰JHEOLFKEHHLQIOXVVWKDEHQ 'HP LVW VLFKHUOLFK ]X]XVWLPPHQ ZHQQJOHLFK GLHVH (UNOlUXQJ YLHOOHLFKW QLFKW JDQ] DXVUHLFKHQG LVW 'HQQ %XULGDQ HQWVFKHLGHW VLFK QLFKW GDIU VWDWW GHU QHXHQ 7KHRULHQ HWZD VWlUNHU GHQ lOWHUHQ (WKLNNRPPHQWDUHQ HWZDGHQ.RPPHQWDUHQYRQ$OEHUWRGHU7KRPDV]XIROJHQVRQGHUQHU ]LWLHUW DP KlXILJVWHQ 6HQHFD XQG ² PLW HLQLJHP $EVWDQG ² &LFHUR (EHQ GLHVVLFKDXIDXFWRUHV]XEH]LHKHQLVWIUHLQHQVFKRODVWLVFKHQ.RPPHQWDU ]XU1LNRPDFKLVFKHQ(WKLNXQJHZ|KQOLFKXQGGLHVHV9RUJHKHQZLOO%XULGDQ EHJUQGHQ:LHGHUXPUHFKWIHUWLJWHUVLFKPLWHLQHP=LWDWYRQ$ULVWRWHOHV GHUQDFKZLHYRUDOV*DUDQWIU5DWLRQDOLWlWXQG:LVVHQVFKDIWOLFKNHLWJLOW $ULVWRWHOHVVHOEVWKDEHLP%XFKGHU(WKLNDXIGLHEHVRQGHUH%HGHXWXQJ GHU(UIDKUXQJLQHWKLVFKHQ.RQWH[WHQKLQJHZLHVHQ PDQ PXVV DXI GLH QLFKW EHZHLVHQGHQ %HKDXSWXQJHQ XQG 0HLQXQJHQ GHU (UIDKUHQHQ$OWHQXQG.OXJHQQLFKWZHQLJHUDFKWHQDOVDXIGLH%HZHLVH'HQQGD VLHHLQGXUFKGLH(UIDKUXQJJHVFKlUIWHV$XJHKDEHVHKHQVLHGLH3ULQ]LSLHQ

$OV *UXQGIU VHLQ 9RUJHKHQ IKUW%XULGDQ PLW GLHVHP =LWDW GLH (UIDK UXQJ DOV (UNHQQWQLVTXHOOH DQ GLH LQ GHU 0RUDOSKLORVRSKLH HLQHQ VSH]LIL VFKHQ:HUWKDEH'DEHLIROJWDXFK%XULGDQKLHUGHU9RUVWHOOXQJGDVVVLFK GLH$QKlXIXQJYRQ(UIDKUXQJGXUFKGHQ=XJHZLQQDQ-DKUHQQLFKWQXU DQGHU%LRJUDSKLHHLQHV0HQVFKHQIHVWVWHOOHQOlVVWVRQGHUQDXFKDQGHQ -DKUKXQGHUWHQ VR GDVV JLOW MH ZHLWHU HLQ -DKUKXQGHUW ]XUFNOLHJW EHU GHVWRPHKU:HLVKHLWKlWWHHVYHUIJW 'DVV%XULGDQVLFKDQGLHVHU6WHOOHGHV9RUZRUWHVDOVRDXFKXQDEKlQ JLJYRQGHQDQWLRFNKDPLVWLVFKHQ6WU|PXQJHQIUVHLQ9HUIDKUHQUHFKWIHU 

3URRHPLXP Å,Q KRF DXWHP RSXVFXOR SURSWHU PHDP LQH[SHULHQWLDP HW LQHSWLWXGLQHP PHLLXGLFLLVHQWHQWLLVHWDXFWRULWDWLEXVGRFWRUXPDQWLTXRUXPPDJLVTXDPQRYLVUDWLR QLEXVHWLDPTXDQWXPFXPTXHPLKLDSSDUHQWLEXVDGKDHUHER´%XULGDQ    =X GLHVHP 8UWHLO NRPPW )DUDO  KLHU   GHP VLFK DXFK 0LFKDHO   DQ VFKOLH‰W  Å2SRUWHWDWWHQGHUHH[SHUWRUXPHWVHQLRUXPSUXGHQWXPLQGHPRQVWUDELOLEXVHQXQWLDWL RQLEXV QRQ PLQXV GHPRQVWUDWLRQXP 3URSWHU KDEHUH HQLP H[ H[SHULHQWLD YLVXP YL GHQW SULQFLSLD´ $ULVWRWHOHV (WKLFD QLFRPDFKHD 9, E ]LWLHUW QDFK %XULGDQ  

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



WLJWPLWDXFWRUHVVWDWWPLWUDWLRQHV]XDUJXPHQWLHUHQEHOHJWHLQZHLWHUHV=LWDW DXVGHP%XFKGHV.RPPHQWDUV (LQLJHKDEHQPLFKJHWDGHOWZHLOLFKKlXILJIUPHLQH=ZHFNHVRYLHOH$XWRULWl WHQDQIKUHREZRKO$XWRULWlWHQQLFKWEHZHLVHQGD]XVDJHLFKGDVVGLHVH9RUJH KHQVZHLVHLQGHU0RUDOQLFKWDXIJHJHEHQZHUGHQGDUIGHQQGHQDOWHQLQGHU0R UDOSKLORVRSKLHEHUKPWHQ*HOHKUWHQLVWPHKU]XJODXEHQDOVQHXDXIWDXFKHQGHQ QLFKWVHKUVFKDUIVLQQLJHQ$UJXPHQWHQGHQQVROFKH*HOHKUWHQVHKHQZLH$ULVWRWH OHVLP%XFKGHU(WKLNVDJWGDVLHHLQGXUFKGLH(UIDKUXQJJHVFKlUIWHV$XJHKDEHQGLH 3ULQ]LSLHQ'HV:HLWHUHQZRGLHVH$XWRULWlWHQDQJHIKUWZHUGHQGRUWZHUGHQGLH $XWRULWlWHQ JHSUIW XQG EHZLHVHQ ZHOFKH DOVR GLH %HZHLVH GHU 6lW]H ]X KDEHQ EHJHKUHQGLHN|QQHQ]XGHP2UWGHU=LWDWH]XUFNNRPPHQZHQQVLHZROOHQDO VRGHQNHLFKGDVVLFKVLHQLFKWYHUJHEOLFKDQJHIKUWKDEH

%XULGDQV 9HUIDKUHQ KDW RIIHQVLFKWOLFK QLFKW QXU =XVWLPPXQJ JHIXQGHQ VRGDVVHUVLFKJHJHQ(QGHVHLQHV.RPPHQWDUVQRFKHLQPDOYHUSIOLFKWHW IKOW VHLQ 9RUJHKHQ ]X UHFKWIHUWLJHQ 6HLQH 5HFKWIHUWLJXQJ EHVWHKW DXV ]ZHL (OHPHQWHQ GLH GLH 5DWLRQDOLWlW GHV $XWRULWlWVJHEUDXFKHV HUZHLVHQ VROOHQ 'DV(UVWHLVWEHUHLWVDXVGHP3URRHPLXPEHNDQQWGDV$UJXPHQWGHU (UIDKUXQJ LP .RQWH[W GHU (WKLN LVW GLH (UIDKUXQJ GLH ZLFKWLJVWH (U NHQQWQLVTXHOOH GDUDXI KDWWH EHUHLWV $ULVWRWHOHV KLQJHZLHVHQ ² %XULGDQ ]LWLHUWGLH6WHOOHKLHU]XP]ZHLWHQ0DOLQVHLQHP(WKLNNRPPHQWDU(UIDK UXQJVZLVVHQ LQ GHU (WKLN PHLQW QLFKW (UNHQQWQLVYHUOXVW VRQGHUQ (U NHQQWQLVJHZLQQ'DV]ZHLWH(OHPHQWUDWLRQDOLVLHUWGDV$XWRULWlWVDUJXPHQW DXI QHXH :HLVH :RKO YHUNU]W HLQ $XWRULWlWVDUJXPHQW GHQ 'HQNZHJ LQVRIHUQ DXI HLQH DXVIKUOLFKH %HJUQGXQJ YHU]LFKWHW ZLUG 3ULQ]LSLHOO NDQQ DEHU LPPHU GLH UDWLRQDOH $XVEXFKVWDELHUXQJ QDFKJHIUDJW ZHUGHQ XQGGLHVLVWHVZDV%XULGDQDQJLEWDXFKLPPHU]XWXQ 0LW GLHVHQ $UJXPHQWHQ EHWUHLEW%XULGDQ VR HWZDV ZLHHLQH 5HKDELOL WLHUXQJ GHU DXFWRULWDV DQWLTXRUXP (U EHJUQGHW VHLQ 9RUJHKHQ PLW $UJX PHQWHQGLHLP.RQWH[WGHV$ULVWRWHOLVPXV*OWLJNHLWEHVD‰HQXQGPLWKLQ $N]HSWDQ] ILQGHQ PXVVWHQ $XI GLHVH :HLVH UDWLRQDOLVLHUW HUVFKHLQW GDV $UJXPHQWLHUHQ PLW DXFWRULWDWHV DOV HLQ SUREDWHV 0LWWHO LP .RQWH[W GHU (WKLN0LWGLHVHP9RUJHKHQYHUlQGHUW%XULGDQGLH0HWKRGHZLVVHQVFKDIW OLFKHQ.RPPHQWLHUHQV



4;Å$OLTXLREORFXWLVXQWLQ PHTXLD VDHSLXV DGSURSRVLWDPHDWRW DXFWRULWDWHV DGGXFRFXPDXFWRULWDWHVQRQGHPRQVWUDQWHWHJRGLFDPTXRGLOOXPPRGXPSURFH GHQGL QRQ GLPLWWDP LQ PRUDOLEXV TXLD SOXV HVW FUHGHQGXP DQWLTXLV 'RFWRULEXV HW IDPRVLV LQ PRULEXV TXDP UDWLRQLEXV QRYLV VXSHUYHQLHQWLEXV HW QRQ H[TXLVLWLV QDP WDOHV GRFWRUHV XW GLFLWXU R KXLXV SURSWHU KDEHUH H[SHULHQWLDP YLVXP YLGHQW SULQFLSLD HW LWHUXP XEL LOODH DXFWRULWDWHV SRQXQWXU LEL DXFWRULWDWHV SUREDQWXU HW GHPRQVWUDQWXU LGHRTXLSURSRVLWRUXPGHPRQVWUDWLRQHVKDEHUHFXSLXQWUHFXUUHUHSRVVXQWDGORFDDO OHJDWLRQXPVLYHOLQWQRQHUJRSXWRIUXVWUDDGGXFHUHHDV´%XULGDQ  

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

:R]XDEHUGLHQWGDV$XWRULWlWVDUJXPHQW":DVOHLVWHWHVLP7H[WZDV VLFKQLFKWDXFKDQGHUVEHZHUNVWHOOLJHQOLH‰H"'LHVSH]LILVFKH/HLVWXQJYRQ DXFWRULWDWHVPDFKW%XULGDQLP.RQWH[WGHU)UDJHQDFKGHPDQJHPHVVHQHQ 3XEOLNXPGHU(WKLNGHXWOLFK(LJHQWOLFKVHLHQMXQJH/HXWHQLFKWGDVJHHLJ QHWH3XEOLNXPIU9RUOHVXQJHQEHUGLH(WKLN²GLHVKDWWHVFKRQ$ULVWR WHOHVEHPHUNWXQG%XULGDQVFKOLH‰WVLFK]XQlFKVWDQ²ZHLOGXUFKZLVVHQ VFKDIWOLFKH%HOHKUXQJGDVOHW]WH=LHOGHU(WKLNQlPOLFKWXJHQGKDIWH$NWH DXV]XIKUHQ QLFKW YHUZLUNOLFKW ZHUGH 'HQQ GD LQ MXQJHQ /HXWHQ GLH 6LQQOLFKNHLW XQG GDPLW GDV VLQQOLFKH XQYHUQQIWLJH XQG OXVWRULHQWLHUWH 6WUHEHQQDWUOLFKHUZHLVHVWlUNHUXQGQRFKXQJHElQGLJWVHLVRZROOWHQVLH (WKLNYRUOHVXQJHQ GLH LKUHU HLJHQHQ /HEHQVIKUXQJ ZLGHUVSUHFKHQ JDU QLFKW K|UHQ 6LH EHQ|WLJWHQ GDKHU ]XQlFKVW VWlUNHUH 0LWWHO GHU (U]LH KXQJXQG'LV]LSOLQLHUXQJ 'HU*UXQGGDIUOLHJWQDFK%XULGDQGDULQGDVVVLHZHJHQLKUHUPDQ JHOQGHQ (UIDKUXQJ QRFK NHLQH HYLGHQWH .HQQWQLV GHU PRUDOSKLORVRSKL VFKHQ 3ULQ]LSLHQ KDEHQ ZHVKDOE LKQHQ DXFK GLH )ROJHUXQJHQ DXV GLHVHQ 3ULQ]LSLHQ QLFKW ZLUNOLFK HLQOHXFKWHQ 6LH N|QQWHQ GLH 3ULQ]LSLHQ DEHU JODXEHQ XQG DXIJUXQG GHU $XWRULWlW YRQ *HOHKUWHQ DN]HSWLHUHQ 8QG JHQDXKLHULQOLHJWDXFKGHUVSH]LILVFKH1XW]HQGHQGLH0RUDOSKLORVRSKLH IU VLH GHQQRFK KDEH 'LH %HJUQGXQJ GLH %XULGDQ IU GLHVHQ 1XW]HQ JLEW LVW LP YRUOLHJHQGHQ .RQWH[W XQG LP +LQEOLFN DXI GLH NRPPHQGH KXPDQLVWLVFKH%HZHJXQJ]HQWUDO ZHLO VROFKH HQGOLFK HUNHQQHQ GDVV LKU /HEHQ YRQ DQGHUHQ JUR‰HQ 0lQQHUQ IU VFKOHFKWDEVFKHXOLFKWDGHOQVZHUWXQGVFKlQGOLFKDQJHVHKHQZLUGZHQQVLHGLHV EHJUHLIHQ IUHXHQ VLH VLFK QRWZHQGLJHUZHLVH ZHQLJHU GDUDQ XQG VR ZHUGHQ VLH



4,ÅTXRGMXYHQHVQRQVXQW SURSULL KXLXVVFLHQWLDHDXGLWRUHV TXDQWXPDGDFWXV YLUWXRVRVTXLVXQWKXLXVVFLHQWLDHILQHVH[HUFHQGXPQLVLDOLTXDSDUHQWXPYHODOLRUXP LSVRVUHJHQWLXPFRQFXUUHQWHFRDFWLRQH´(EG9JO$ULVWRWHOHV(WKLFDQLFRPDFKHD, D  Å,XYHQHVDXWHP VLFXWGLFWXPHVW H[DVVXHIDFWLRQHSXHULOLQHFQRQH[QDWXUDIRUWLWHU DGKXFDGQXWULPHQWXPHWDXJPHQWXPFRQDQWHVLPLOLWHUHWDGFRLWXPSURSHUDQWHVXQW SDVVLRQXPVHFXWRUHVSURSWHUTXRGQLVLFRDFWLQRQYHOOHQWKDQFDXGLUHVFLHQWLDPDG RSSRVLWXPVXDHFRQVXHWXGLQLVHWTXRGDPPRGRQDWXUDOLVGLVSRVLWLRQLV´(EG  ÅSURSWHUTXRGDOLRFXPKDFVFLHQWLDLQGLJHQWDX[LOLRVLFXWGLFWXPIXLW´(EGÅ$G DOLDPGLFHQGXPLXYHQHPDVVXHILHULFRQIHVWLPLQYLUWXRVLVRSHULEXVQRQHVWSULQFLSD OLWHUSHUKDQFGRFWULQDPVHGSHUSDUHQWXPDXWDOLRUXPYLROHQWLDPFRJHQWHP´(EG   Å$GKXFHWLDPHVWVFLHQGXPTXRGSURSWHULQH[SHULHQWLDPDFWXXPKXPDQDHYLWDHQRQ VXQWHYLGHQWLDMXYHQLEXVKXLXVVFLHQWLDHSULQFLSLDVHGIRUWHFUHGLWDVROXPHWDFFHSWD DXFWRULWDWHGRFWRUXP>@HWVLQRQVLQWHLVHYLGHQWLDSULQFLSLDFRQVWDWTXRGQHFFRQF OXVLRQHV SURSWHU TXRG SDWHW TXRG WDOHV QRQ VXQW KXLXV VFLHQWLDH SURSULL DXGLWRUHV´ (EG

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



ZHQLJHUGDKLQJH]RJHQXQGVLHHUKDOWHQHLQHQ,PSHWXVLQHLQHEHVVHUH5LFKWXQJ DX‰HUZHQQVLHLQLKUHU6FKOHFKWLJNHLWLQQHUOLFKEHKDUUOLFKVLQG

+LHU VLQG ]ZHL 'LQJH ]X EHDFKWHQ %XULGDQ EHPLVVW DQ GLHVHU 6WHOOH GHQ :HUW GHU0RUDOZLVVHQVFKDIW IU LKUH +|UHU DQ GHP 0D‰ LQ GHPVLH DXI GLH PRUDOLVFKH 3UD[LV GHV +|UHUV HLQZLUNHQ NDQQ %HL MXQJHQ /HXWHQ LVW GLHVHU :HUW QXQ JHULQJ 'HQQRFK KDW GLH 0RUDOZLVVHQVFKDIW DXFK IU MXQJH/HXWHHLQHQ1XW]HQGHQQDXIHLQHDQGHUH:HLVHDOVGXUFKYHUQQI WLJH (LQVLFKW GHU 3ULQ]LSLHQ ZHUGHQ VLH YRP WDGHOQVZHUWHQ 7XQ DEJHKDO WHQ 'LHVH :LUNXQJ EDVLHUW QDFK %XULGDQ DXI GHU $XWRULWlW YRQ JUR‰HQ 0lQQHUQZHQQPDQHUNHQQWGDVVYRUELOGOLFKHEHZXQGHUQVZHUWH0lQQHU GLHHLJHQH/HEHQVZHLVHIUVFKlQGOLFKKDOWHQZUGHQVRKlWWHPDQIROJ OLFKZHQLJHU)UHXGHGDUDQ 0LWGLHVHU$UJXPHQWDWLRQIKUW%XULGDQHLQHhEHU]HXJXQJVZHLVHDQ GLHQLFKWDXIGHU5DWLRQDOLWlWHLQHV$UJXPHQWVXQGDXIHLQHPUHLQLQWHOOHN WXHOO QDFKYROO]LHKEDUHQ %HZHLV EHUXKW VRQGHUQ DXI HLQHU SHUV|QOLFKHQ (LQVLFKWDXIJUXQGGHU:HUWVFKlW]XQJGLHPDQMHPDQGHPHQWJHJHQEULQJW 1LFKW GLH UDWLRQDOH (UNHQQWQLV GHU 5LFKWLJNHLW GHU $QVLFKW VRQGHUQ GLH HPRWLRQDOH%HWURIIHQKHLWDQJHVLFKWVHLQHUYRUELOGOLFKHQ$XWRULWlWIKUH]X HLQHU9HUlQGHUXQJGHUHLJHQHQ/HEHQVSUD[LV 'LHVH)RUPGHV$UJXPHQWLHUHQVEHLGHUHUVWHQVGLH*OWLJNHLWHLQHU DXFWRULWDVDXIGHP$QVHKHQEHUXKWXQGGXUFKGLH]ZHLWHQVHLQHHPRWLR QDOH$IIL]LHUWKHLWGHV/HVHUVE]Z+|UHUVDXVJHO|VWZHUGHQVROOOlVVWVLFK DOVUKHWRULVFKTXDOLIL]LHUHQ'DEHLJLEW%XULGDQGLH5DWLRQDOLWlWGHUDXFWRUL WDVQLFKWDXIGHQQGLH(LJHQVFKDIW]XEHU]HXJHQKHEWGLHUDWLRQDOH%H JUQGXQJQLFKWDXIVRQGHUQNRPPWKLQ]X :HLWHUH%HVRQGHUKHLWHQGHV(WKLNNRPPHQWDUV 'HU8PJDQJPLW$XWRULWlWHQLVWYLHOOHLFKWGLHZLFKWLJVWH]XPLQGHVWDEHU GLHGHXWOLFKVWH9HUlQGHUXQJGLH%XULGDQLQVHLQHU.RPPHQWLHUXQJVZHLVH YRUJHQRPPHQKDW(VODVVHQVLFKMHGRFKQRFKHLQH5HLKHZHLWHUHUNOHLQHU %HREDFKWXQJHQDQIKUHQGLHIUHLQHQ.RPPHQWDUGHV-DKUKXQGHUWV XQJHZ|KQOLFKZDUHQ 

ÅVHGVLFSRVVXQWHVVHXWLOHVTXLDWDOHVWDQGHPFRVQRVFHQWTXRGYLWDVXD SHU DOLRVHW PDJQRVYLURVUHSXWDWXUWXUSLVHWIRHGDYLWXSHUDELOLVHWRSSURELRVDTXRGFRJQRVFHQ WHVGHQHFHVVLWDWHPLQXVJDXGHEXQWLQHDHWVLFPLQXVDIILFLHQWXUDGHDPHWKDEHEXQW TXHQGDPLPSHWXPDGGLUHFWLRQHPPHOLRUHPQLVLIXHULQWSHQLWXVLQPDOLWLLVVXLVREVWL QDWL´(EG  =XP8QWHUVFKLHGHLQHUHLQ]LJDXI6DFKDGlTXDQ]EDVLHUHQGHQWRSLVFKHQYRQHLQHUDXI GHP$QVHKHQHLQHU3HUVRQEHJUQGHWHQUKHWRULVFKHQ9HUZHQGXQJVZHLVHYRQDXFWRUL WDVYJO(EEHUVPH\HU  

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

,P .RQWH[W HLQHU 5HIOH[LRQ EHU GDV 9HUKlOWQLV YRQ 'HILQLWLRQ XQG 'HILQLWXPPDFKW%XULGDQHLQH%HPHUNXQJGLHVHLQ9RUJHKHQLP(WKLN NRPPHQWDUEHUKDXSWEHWULIIW 8QG PDQ VROO GLHVH 6lW]H QLFKW JHPl‰ GHU ORJLVFKHQ 8QWHUVXFKXQJ GHU (LJHQ VFKDIWHQGHU7HUPLQLYHUVWHKHQVRQGHUQZLHHVGLH0DWHULHHUIRUGHUWGDZLUXQV QlPOLFKLQGHPYRUOLHJHQGHQ:HUNQLFKWXPGLHJHQDXHQ6XEWLOLWlWHQGHU/RJLN NPPHUQ

7HUPDQDO\VHQ QDFK DOOHQ 5HJHOQ GHU .XQVW ZLH VLH ]X %XULGDQV =HLWHQ EOLFKVLQGZLOO%XULGDQH[SOL]LWQLFKWEHWUHLEHQ(USROHPLVLHUW]ZDUQLFKW GDJHJHQZLHHVYLHOHGHU+XPDQLVWHQWXQZHUGHQDEHUHUKlOWHVQLFKWIU HLQSUREDWHV0LWWHOLQGHU(WKLN :HQQGLH5KHWRULNZLH%XULGDQLP9RUZRUWGHXWOLFKVDJWHLQHVSH]L ILVFKH)RUPGHU/RJLNLVWGDQQOlVVWVLFKLKUH$QZHQGXQJDPHKHVWHQDQ GHP 6WDWXV GHU YHUKDQGHOWHQ $XVVDJHQ DEOHVHQ 5KHWRULN XQWHUVFKHLGHW VLFKYRQ'LDOHNWLNXQGEHZHLVHQGHU/RJLNGDGXUFKGDVVLKUH$UJXPHQWH QLFKWZDKUVFKHLQOLFK 'LDOHNWLN RGHUZDKU /RJLN VLQGVRQGHUQEHU]HX JHQG8QGLQGHU7DWILQGHWPDQLQGHP.RPPHQWDULPPHUZLHGHU+LQ ZHLVHDXIGLHVHQVSH]LILVFKHQ6WDWXVYRQ$UJXPHQWHQ,QGHU)UDJHGHV  %XFKHV HWZD IKUW %XULGDQ ]XQlFKVW $UJXPHQWH DQ GLH ]X EHU]HXJHQ VFKHLQHQGDQQVROFKHGLHVFKHLQHQZDKUVFKHLQOLFKJHPDFKWZHUGHQ]XN|QQHQ DQ HLQHU DQGHUHQ 6WHOOH EHPHUNW HU GDVV GLH YRQ LKP DQJHIKUWHQ $UJX PHQWH YLHOOHLFKW QLFKW ]X EHZHLVHQ GHPRQVWUDELOHV  VLQG DEHU GHQQRFK EHU]HXJHQG SHUVXDVLRQHV  1DFK JHQDXHUHU 6XFKH NDQQ PDQ LQ %XULGDQV .RPPHQWDU VRJDU DOV $UJXPHQWHLQH*QRPHILQGHQHLQHQDOOJHPHLQHQ6LQQVSUXFKGHUVLFKDXI GDV+DQGHOQGHU0HQVFKHQEH]LHKW'LH)UDJHODXWHWREPDQGHP8UWHLO GHU YLHOHQ IROJHQ VROO GLH GLH N|USHUOLFKHQ 9HUJQJHQ DOV GLH K|FKVWHQ HLQVFKlW]HQ /|VXQJ LKQHQ LVW QLFKW ]X JODXEHQ HUVWHQV ZHLO GHU GHU GHQ +RQLJ QLFKW SUR ELHUWKDWGLH6‰HGHV+RQLJVQLFKWNHQQW

6FKOLH‰OLFK²ZDVVLFKLQVHLQHUVSH]LILVFKHQ%HGHXWXQJMHGRFKHLJHQWOLFK HUVW GXUFK HLQHQ GLIIHUHQ]LHUWHQ 9HUJOHLFK PLW DQGHUHQ .RPPHQWDUHQ 

   

4,,,Å(WQROLKDVSURSRVLWLRQHVLQWHOOLJHUHVHFXQGXPSHUVFUXWDWLRQHP/RJLFDP GH SURSULHWDWH VHUPRQLV VHG SURXW PDWHULD H[LJLW TXRQLDP LQ RSHUH SUDHVHQWH GH VFUXEXORVLVVXEWLOLWDWLEXV/RJLFDHQRQFXUDPXV´HEG 4 ,  Å4XRG DXWHP LQ YLUWXWH IHOLFLWDV PDJLV TXDP LQ RSHUDWLRQH FRQVLVWDW VLF SHUVXDGHULYLGHWXU´(EG Å6HFXQGRHDGHPFRQFOXVLRYLGHWXUSRVVHSUREDULVLF´HEG 4;Å(WVLLVWDHUDWLRQHVQRQVLQWGHPRQVWUDELOHVWDPHQVXQWSHUVXDVLRQHV´HEG  4,Å6ROXWLR1RQHVWHLVFUHGHQGXPSULPRTXLDQRQQRYLWPHOOLVGXOFHGLQHP TXLPHOQRQJXVWDYLW´HEG

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



%XULGDQVYHUVWHKHQOlVVW²DUJXPHQWLHUW%XULGDQKlXILJSHUV|QOLFK6HLQH 0HLQXQJYHUWULWWHURIWQLFKWPLWGHUSDVVLYHQRGHUDNWLYHQ)RUPGHUGULW WHQ3HUVRQ UHVSRQGLWXUGLFHQGXPHVW VRQGHUQLQGHUHUVWHQ3HUVRQVLQJX ODU GLFRSURERFRQFHGRSXWRVFLRHWF 8QGVHOEVWVROFKH)RUPXOLHUXQJHQZLH GLHVH0HLQXQJJHIlOOWPLUQLFKWXQGGLH*UQGHEHZHLVHQIUPLFKXQZLGHUOHJEDU ILQGHQVLFKLQGLHVHP7H[W 'XUFKGLHVH%HPHUNXQJHQYHUlQGHUWVLFKGHU6WDWXVGHU$XVVDJHQGLH .RQNOXVLRQHQJHOWHQQLFKWDOOJHPHLQXQGIULPPHUVRQGHUQQDFK$EZl JHQDOOHULKPEHNDQQWHQ$UJXPHQWHNRPPWGHU0DJLVWHU%XULGDQ]XGHP YRUOLHJHQGHQ(UJHEQLV'LHVH%HREDFKWXQJVROOKLHUQLFKWEHUVWUDSD]LHUW ZHUGHQVRQGHUQDOVHLQ,QGL]IUHLQHYHUlQGHUWH+DOWXQJHLQHV8QLYHUVL WlWVSKLORVRSKHQJHJHQEHUGHU0RUDOSKLORVRSKLHYHUVWDQGHQZHUGHQ )D]LWXQG$XVEOLFN %XULGDQV(WKLNNRPPHQWDUSUlVHQWLHUWVLFKDOVGDVZDVHULVWQlPOLFKHLQ ]X 8QWHUULFKWV]ZHFNHQ YHUIDVVWHU 8QLYHUVLWlWVWH[W QDFK ]HLWJHQ|VVLVFKHQ 6WDQGDUGV 'DPLW ZHLVW GHU 7H[W YLHOH 0HUNPDOH DXI GLH HU PLW VHLQHQ 9RUJlQJHUQXQG=HLWJHQRVVHQJHPHLQVDPKDWHVLVWHLQ4XlVWLRQHQNRP PHQWDU$UJXPHQWHZHUGHQ3URXQG.RQWUDHU|UWHUWHWF,QKDOWOLFKVFKHLQW VLFKGHU7H[WQLFKWYRQGHQDULVWRWHOLVFKHQ5DKPHQEHGLQJXQJHQ]XWUHQ QHQ'LH*OWLJNHLWXQG(LQVHKEDUNHLWHWKLVFKHU6lW]HEDVLHUWDXIGHUQD WUOLFKHQ 2UGQXQJ GHU =LHOH GHV 0HQVFKHQ 'RFK LQQHUKDOE GLHVHV DXI GHQHUVWHQ%OLFNGRPLQLHUHQGHUVFKHLQHQGHQ3DUDGLJPDVYRQ0RUDOSKLOR VRSKLHNRPPWHV]X9HUlQGHUXQJHQGLHGHQ6WDWXVXQGGLH)XQNWLRQHQ GHU0RUDOSKLORVRSKLHEHWUHIIHQ 'LH9HUlQGHUXQJHQGLH%XULGDQPLWGHUYRQLKPHLQJHIKUWHQPRUDOL VFKHQ /RJLN KHUYRUEULQJW ZHUGHQ DP GHXWOLFKVWHQ LP $XWRULWlWVJHEUDXFK VLFKWEDU%XULGDQDUJXPHQWLHUWPLW$XWRULWlWHQXQJHZ|KQOLFKVFKRQDOOHLQ ZDVGLH4XDQWLWlWDQJHKW$EHUDXFKGLH4XDOLWlWGHV$XWRULWlWVDUJXPHQWV KDWVLFKYHUlQGHUW(VXQWHUVFKHLGHWVLFKLQ+LQVLFKWDXIYRUDULVWRWHOLVFKH 0RUDOSKLORVRSKLH GXUFK GDV 0D‰ DQ 5DWLRQDOLWlW GDV LKU ]XNRPPW HLQH $XWRULWlW HUVHW]W QLFKW GLH UDWLRQDOH $UJXPHQWDWLRQ HVNU]W VLH OHGLJOLFK DE:HUGDV$UJXPHQWDXVEXFKVWDELHUWKDEHQP|FKWHGHUEUDXFKHQXUDQ GHUDQJHJHEHQHQ6WHOOHQDFK]XVHKHQ$EHUGDV$XWRULWlWVDUJXPHQWXQWHU VFKHLGHWVLFKTXDOLWDWLYDXFKYRQGHQ$XWRULWlWVDUJXPHQWHQGLHVLFKHWZD LQ GHQ (WKLNNRPPHQWDUHQ YRQ 7KRPDV RGHU $OEHUW ILQGHQ GHQQ GDV $XWRULWlWVDUJXPHQW KDW EHL %XULGDQ GLH ]XVlW]OLFKH )XQNWLRQ GDVV HV ²  

49,Å,VWDRSLQLRQRQSODFHWPLKL´HEG 4,ÅUDWLRQHV>@GHPRQVWUDQWLQVROXELOLWHUDSXGPH´HEG

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

LQVRIHUQ PDQ JUR‰H YRUELOGOLFKH 0lQQHU ]LWLHUW ² HLQHQ SUDNWLVFKHQ (I IHNW LP /HVHU E]Z +|UHU KHUYRUUXIW QlPOLFK 6FKDP YRU GHU HLJHQHQ VFKlQGOLFKHQ /HEHQVZHLVH DQJHVLFKWV GHU 8UWHLOH GLHVHU JUR‰HQ 0lQQHU %XULGDQ ZLOO GHVKDOE PLW VHLQHP (WKLNNRPPHQWDU QLFKW QXU EHOHKUHQ VRQGHUQDXFKEHZHJHQ(UWXWGLHVGH]HQWLQ0D‰HQLQQHUKDOEHLQHVZLV VHQVFKDIWOLFKHQ *HQUHV ² HLQHV 4XDHVWLRQHQNRPPHQWDUV ² GHP GLHVH )XQNWLRQLQGHU5HJHOQLFKW]XNRPPW $QJHVLFKWVGLHVHU%HREDFKWXQJHQGUIWHHVJHUHFKWIHUWLJWVHLQLQ%X ULGDQV(WKLNNRPPHQWDUGHQ9HUVXFK]XVHKHQ0RUDOSKLORVRSKLH]XJOHLFK DOV :LVVHQVFKDIW XQG DOV +DQGOXQJVRULHQWLHUXQJ ]X UHDOLVLHUHQ %XULGDQ UHDJLHUW DXI GDV 3UREOHP HLQHUVHLWV ZLVVHQVFKDIWOLFK YRQ GHU (WKLN ]X KDQGHOQ XQG DQGHUHUVHLWV GLH NRQWLQJHQWHQ %HGLQJXQJHQ XQG GLH %HHLQ WUlFKWLJXQJHQGXUFKGLHVLQQOLFKH²XQGGDPLWQLFKWSHUVHYHUQQIWLJH² %HVFKDIIHQKHLWGHV0HQVFKHQQLFKWDXVGHP%OLFN]XYHUOLHUHQ (UJUHLIWQLFKW]XGHU/|VXQJGLH(WKLNLQHLQHDQJHZDQGWHXQGHLQH OHKUHQGH]XXQWHUVFKHLGHQREZRKOHUGLH8QWHUVFKHLGXQJLQ+LQVLFKWDXI DQGHUH :LVVHQVEHUHLFKH HWZD GLH 5KHWRULN XQG GLH /RJLN GXUFKDXV DQ ZHQGHW(UO|VWGDV3UREOHPLQQHUKDOEGHU:LVVHQVFKDIWLQGHPHUHLQH VSH]LILVFKH 0HWKRGH IU GLH (WKLN YRUVFKOlJW GLH 5KHWRULN 'XUFK GLH $QZHQGXQJGHU5KHWRULNVFKlUIW%XULGDQGDVVSH]LILVFKH3URILOGHU(WKLN 5KHWRULN LVW IU %XULGDQ NHLQH )UDJH GHV OLWHUDULVFKHQ 6WLOV VRQGHUQ GHU 0HWKRGH 5KHWRULVFK ]X DUJXPHQWLHUHQ EHGHXWHW $UJXPHQWH KHUYRU]X EULQJHQ GLH GDV 6WUHEHYHUP|JHQ PLW EHUFNVLFKWLJHQ XQG GLH SHUVXDVLY ZLUNW 0LW GHU 9HUZHQGXQJ GHU 5KHWRULN LQ GHU (WKLN KDW %XULGDQ GLH 0HWKRGH GHV ZLVVHQVFKDIWOLFKHQ .RPPHQWLHUHQV LQ GHU (WKLN YHUlQGHUW HUKDWVLFKQLFKWGDYRQYHUDEVFKLHGHW :HUDEHUKDWYRQGLHVHQ9HUlQGHUXQJHQ.HQQWQLVJHQRPPHQ":XU GHQ%XULGDQV,GHHQDXIJHJULIIHQRGHUNRQQWHQVLHVLFKJHJHQGLHJlQJLJH 3UD[LV QLFKW EHKDXSWHQ" 8QEHNDQQW JHEOLHEHQ LVW GHU .RPPHQWDU QLFKW JDQ]LP*HJHQWHLOHUZXUGHXQJHPHLQSRSXOlU'DVODJYRUDOOHPDXFK GDUDQ GDVV HU ]XQlFKVW LQ 3DULV DQ GHU $UWHVIDNXOWlW DOV 8QWHUULFKWVWH[W YHUZHQGHWZXUGHGDQQDEHUYRUDOOHPDXFKDQGHQQDFK3DULVHU9RUELOG QHX JHJUQGHWHQ 8QLYHUVLWlWHQ 0LWWHOHXURSDV YRU DOOHP 3UDJ QDKP EHL GHU9HUEUHLWXQJGHU6FKULIWHQ%XULGDQVHLQH]HQWUDOH5ROOHHLQ'DVV%XUL GDQV (WKLN VLFK VR GHXWOLFK GXUFKJHVHW]W XQG HLQH VR VWDUNH 5H]HSWLRQ HUIDKUHQKDWGDUIDOV,QGL]GDIUJHZHUWHWZHUGHQGDVVPDQLQQHUKDOEGHU 8QLYHUVLWlW EHUHLW ZDU HLQHQ GRFK YHUKlOWQLVPl‰LJ XQEOLFKHQ 7H[W ]X DN]HSWLHUHQ 

9JO5KHWRULNNRPPHQWDUT,Å3XWRTXRGUKHWRULFDGLVWLQJXLGHEHWLQGRFHQWHPHW XWHQWHP´  =XU 5H]HSWLRQ GHV (WKLNNRPPHQWDUV YRQ %XULGDQ VLHKH GHQ HLQVFKOlJLJHQ $XIVDW] YRQ0LFKDHO  DXIGHPGLHIROJHQGHQ$XVVDJHQ]XPJU|‰WHQ7HLOEDVLHUHQ

'HU1HXDQVDW]YRQ-HDQ%XULGDQ FD 



%XULGDQ ZXUGH DXFK LP .UHLV GHU IUKHQ IUDQ]|VLVFKHQ +XPDQLVWHQ XP -HDQ *HUVRQ JHVFKlW]W +HQUL &KLFRW HWZD KDW VLFK HLQH .RSLH GHV (WKLNNRPPHQWDUV DQIHUWLJHQ ODVVHQ $OV *HUVRQ LQ HLQHP %ULHI DQ GLH +HUUVFKDIWHQYRQ1DYDUUHYRP$SULOJHJHQGLHGLDOHNWLVFKH*H VFKZlW]LJNHLW EHVRQGHUV LQ GHU 7KHRORJLH DUJXPHQWLHUW HULQQHUW HU VLFK DQ%XULGDQDOVHLQHQ0DQQGHUYLHOJHVHKHQJHOHVHQXQGJHVFKULHEHQKDWXQGDQ GHVVHQ %HPHUNXQJHQ LP 9RUZRUW ]XP (WKLNNRPPHQWDU EHU GHQ 9RU UDQJ GHU DOWHQ $XWRULWlWHQ JHJHQEHU GHQ QHXHQ $UJXPHQWDWLRQVIRU PHQ 'RFKZLHVDKHVLQ,WDOLHQDXV"+DWWHPDQDXFKGRUW,QWHUHVVHDQGHP 7H[W"=ZHLIHOORVJDEHVHLQJUR‰HV,QWHUHVVHDQGHP7H[WZHOFKHVGXUFK GLH QLFKW XQHUKHEOLFKH $Q]DKO YRQ PLQGHVWHQV ]ZDQ]LJ LWDOLHQLVFKHQ +DQGVFKULIWHQGRNXPHQWLHUWZLUG:HUDEHUKDWVLFKLQ,WDOLHQIU%XULGDQ LQWHUHVVLHUW" 8QLYHUVLWlWVJHOHKUWH YLHOOHLFKW +XPDQLVWHQ VLFKHUOLFK QLFKW ZUGHPDQDQQHKPHQ'HPLVWMHGRFKQLFKWVRLQ,WDOLHQZXUGH%XULGDQ QLFKWQXUDQGHQ8QLYHUVLWlWHQUH]LSLHUWVRQGHUQDXFKDX‰HUKDOE]DKOUHL FKH +XPDQLVWHQ NDQQWHQ GHQ 7H[W 6DOXWDWL HWZD EHNODJW VLFK LQ HLQHP %ULHIGDUEHUGDVVHUNHLQYROOVWlQGLJHV([HPSODUGHV.RPPHQWDUVDXI ILQGHQN|QQH6SlWHUILQGHWVLFKGHU7H[WLQYLHOHQ%LEOLRWKHNVYHU]HLFK QLVVHQ YRQ EHGHXWHQGHQ +XPDQLVWHQ ZLH%HVVDULRQ *LRYDQQL 3LFR GHOOD 0LUDQGROD &XVDQXV XQG DQGHUHQ $XV GLHVHQ +LQZHLVHQ VROOWH MHGRFK QLFKW GLH %HKDXSWXQJ DEJHOHLWHW ZHUGHQ GDVV %XULGDQ HLQH +DXSWTXHOOH IUGLH+XPDQLVWHQJHZHVHQVHL$EHUVLHLQGL]LHUHQGDVVGLHVLFKLP.RQ WH[WGHUXQLYHUVLWlUHQ3KLORVRSKLHYROO]LHKHQGHQ7UDQVIRUPDWLRQHQLQGHU %HKDQGOXQJ GHU 0RUDOSKLORVRSKLH EHL GHQ +XPDQLVWHQ QLFKW XQEHPHUNW JHEOLHEHQVLQG 'HQQRFK KDW VLFK GLH ZLVVHQVFKDIWOLFKH %HKDQGOXQJ GHU (WKLN GXUFK GLH (WDEOLHUXQJ QHXHU ZLVVHQVFKDIWOLFKHU 0HWKRGHQ DQGHQ 8QLYHUVLWlWHQ DXFK ZHLWHU HQWZLFNHOW XQG JHIHVWLJW 'LH 9HUZLVVHQVFKDIWOLFKXQJ GHU (WKLN ZDU PLW GHU $QZHQGXQJ GHV DULVWRWHOLVFKHQ :LVVHQVFKDIWVEHJULIIV QRFKQLFKWDEJHVFKORVVHQ9LHOPHKUJDEHVLP-DKUKXQGHUWHLQHQQHX HQ Ä6FKXE¶ GHU VLFK LQVEHVRQGHUH GHU $QZHQGXQJ NDONXODWRULVFKHU 0H WKRGHQ DXI .RQ]HSWH XQG 3UREOHPH GHU (WKLN YHUGDQNW 'LHVH H[WUHP WHFKQLVFKHQ XQG DEVWUDNWHQ 7H[WH LQ GHQHQ 6lW]H PRUDOSKLORVRSKLVFKHQ ,QKDOWV HWZDGLH)UDJHQDFKGHU%HVWLPPXQJGHU*U|‰HHLQHU6QGHRGHU 

Å3URSWHU TXRG PHPRUDQGXP HVW GLFWXP YLUL TXL PXOWD YLGLW OHJLW DWTXH FRQVFULSVLW %XULGDQXPORTXRUTXLLQHJUHJLLVFULSWLVXLVXSHU(WKLFDPSURKHPLRLQJHQXHIDWHWXU VHQRYLVUDWLRQLEXVQXQTXDPDGKDHVXUXPTXDQWXPFXPTXHDSSDUHQWLEXVTXRQLDPDE LOOLVSOXULHVGHFHSWXVHVWH[DQWLTXRUXPDXWHPGLFWLVQXQTXDPSUDHVHUWLPLQPRUDOL EXV´*HUVRQ  ²'HU+LQZHLVILQGHWVLFKEHL0LFKDHO    Å4XHVWLRQHVRSWLPL%XULGDQLXOWUDGXDVTXHVWLRQHVQRQLOLEULOLFHW3DULVLXVVXSHUKRF VFULSVHULPQXQTXDPSRWXLUHSHULUHGLFXQWTXHSHULWLRUHVHXPXOWHULXVQRQSURFHVVLV VH´6DOXWDWL  ,,,

 0RUDOSKLORVRSKLHXQGLKUH0HWKRGHLP+RUL]RQWGHU$ULVWRWHOHVNRPPHQWLHUXQJ

HLQHV/DVWHUV PLWTXDQWLWDWLYHQ%HVWLPPXQJHQXQWHUVXFKWZHUGHQ LQWHQVLR HW UHPLVVLR IRUPDUXP ODWLWXGR LQFLSLW HW GHVLQLW XVZ  VLQGVSlWHVWHQVVHLW GHP -DKUKXQGHUWQDFKZHLVEDU6RKDW5LFKDUG.LOYLQJWRQHLQ=HLWJHQRV VH%XULGDQVXQG]XJOHLFKHLQ+DXSWYHUWUHWHUGHUVRJHQDQQWHQFDOFXODWRUHV LQ VHLQHP (WKLNNRPPHQWDU NDONXODWRULVFKH 0HWKRGHQ YHUZHQGHW XQG HWZDGHQ%HJULIIGHU*HUHFKWLJNHLWPLWKLOIHGHU3URSRUWLRQHQOHKUHXQWHU VXFKW 'LHVH VSH]LILVFKH ZLVVHQVFKDIWOLFKH 0HWKRGH KDW VLFK LP  -DKUKXQGHUWDQGHQ8QLYHUVLWlWHQZHLWHUDXVJHEUHLWHWXQGDXFKGLH:HLVH 0RUDOSKLORVRSKLH]XEHWUHLEHQVRZHLWPLWEHVWLPPWGDVVVLFK-XDQ/XLV 9LYHV LQ VHLQHP :HUN 'H FDXVLV FRUUXSWDUXP DUWLXP   GD]X YHUDQODVVW VLHKWYRUDOOHPGLHVHKRFKWHFKQLVFKHNRPSOL]LHUWHXQGGLH5HDOLWlWHWKL VFKHQ +DQGHOV NDXP EHWUHIIHQGH :HLVH 0RUDOSKLORVRSKLH ]X EHWUHLEHQ ]X YHUXUWHLOHQ 9LYHV UHIRUPXOLHUW GDPLW HLQH .ULWLN GLH EHUHLWV ]ZHL KXQGHUW -DKUH IUKHU YRQ ,QWHOOHNWXHOOHQ GLH QLFKW GHU 8QLYHUVLWlW VHOEVW DQJHK|UWHQJHlX‰HUWZXUGHQ)UDQFHVFR3HWUDUFDLVWHLQHUGHUHUVWHQGHU GLHVH .ULWLN DXVIKUOLFK XQG PLW %H]XJ DXI HLQ SKLORVRSKLVFKHV *HJHQ SURJUDPPIRUPXOLHUWKDW



=X GLHVHP ELVKHU ZHQLJ XQWHUVXFKWHQ %HUHLFK QlPOLFK GLH $QZHQGXQJ NDONXODWRUL VFKHU0HWKRGHQDXIGLH(WKLNYJOQXQGLHQHXH8QWHUVXFKXQJYRQ'L/LVFLD    9JO'L/LVFLD  I  9JO-XQJXQG3RGNRVNL    9LYHV'HFDXVLVFRUUXSWDUXPDUWLXP9,Å4XLG PDOXP IXWXUDWDQGHPHVWLQILQLWDKDHF GLVSXWDQGL UDELHV" 9HUWHUXQW DG DOWHUFDWLRQHV GLVFLSOLQDP PRUXP TXDH DG DJHQGXP HVVHWSDUDWDHWVLFWUDFWDUXQWQRQXWPHOLRUHVYHOILHUHQWYHOIDFHUHQWQHFXWUHFWHVWD WXHUHQW GH YLUWXWLEXV HW YLWLD VHG XW FDYLOODUHQWXU HW TXR LQGLJQLWDWL QLKLO ILDW UHOLTXL HWLDP6XLFHWLVSLQDVHWDFXOHDWDVRSKLVPDWDKXFLQYH[HUXQWGHLQWHQWLRQHHWUHPLVVLRQHYLWLRUXP HW YLUWXWXP GLDOHFWLFDP TXRTXH QRQ LOODP SDXOOR VDQLRUHP VHG FRPPHQWD SDUYRUXP ORJLFDOLXPGHDVFHQVXGHVFHQVXVXSSRVLWLRQLEXVDPSOLDWLRQLEXVUHVWULFWLRQLEXVDSSHOODWLRQLEXV´ 9LYHV  ²=X9LYHV·.ULWLNYJODXVIKUOLFK'L/LVFLD  

7HLO,, 'LHhEHUQDKPHGHU.RPSHWHQ]IU0RUDOSKLORVRSKLH GXUFKGLH+XPDQLVWHQ(QWZXUI XQG(WDEOLHUXQJ HLQHVDOWHUQDWLYHQ'HQNVWLOV 0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD   (LQOHLWXQJ(LQHYHUlQGHUWH$XVJDQJVVLWXDWLRQ 3HWUDUFDZDUHLQ=HLWJHQRVVH%XULGDQVHVLVWQLFKWXQZDKUVFKHLQOLFKGDVV VLHLPJOHLFKHQ-DKU]XU:HOWNDPHQ%HLGHKDEHQVLFKXQGLKU/HEHQGHQ 6WXGLHQ YHUVFKULHEHQ XQG VLQG GLHVHP 9RUVDW] ELV ]X LKUHP 7RG WUHX JHEOLHEHQGRFKVLHKDEHQJDQ]XQWHUVFKLHGOLFKH:HJHJHZlKOWXPGLHVHV =LHO ]X UHDOLVLHUHQ $OV 0HWDSKHU IU GLHVHQ 8QWHUVFKLHG NDQQ YLHOOHLFKW GHU 0RQW 9HQWRX[ JHOWHQ %HLGH 'HQNHU KDEHQ GHQ %HUJ EHVXFKW GHU HLQH XP ² DOV HU LP $XIWUDJ VHLQHU 8QLYHUVLWlW ]X HLQHU $XGLHQ] EHLP 3DSVW LQ $YLJQRQ XQWHUZHJV ZDU ² PHWHRURORJLVFKH %HREDFKWXQJHQ GXUFK]XIKUHQ XQG GLH +|KH GHV %HUJHV EHU GHP 0HHUHVVSLHJHO ]X VFKlW]HQGHUDQGHUHXPGHQ:HJDXIGHQ%HUJDOVHLQH$QDORJLHIUGHQ :HJXQGGDV=LHOGHVPHQVFKOLFKHQ/HEHQV]XGHXWHQ 2E %XULGDQ XQG 3HWUDUFD VLFK E]Z LKUH :HUNH ]XU .HQQWQLV JH QRPPHQKDEHQZLVVHQZLUQLFKWHVILQGHQVLFKMHGHQIDOOVNHLQHGLUHNWHQ +LQZHLVHLQLKUHP:HUNGD]X%XULGDQZDULPPHUHLQ3KLORVRSKDOV8QL YHUVLWlWVJHOHKUWHUZlKUHQG3HWUDUFDQLHDOVHLQ3KLORVRSKDQHLQHU8QLYHU VLWlWWlWLJXQGDXFKNHLQHIRUPHOOH$XVELOGXQJLQ3KLORVRSKLHHUKDOWHQKDW 'LHVH DQGHUH ELRJUDSKLVFKH $XVJDQJVVLWXDWLRQ LPSOL]LHUW HLQH 5HLKH YRQ .RQVHTXHQ]HQGXUFKGLHVLFK3HWUDUFDYRQGHQELVKHUEHKDQGHOWHQ$XWR UHQXQWHUVFKHLGHW 3HWUDUFD ZDU NHLQ SURIHVVLRQHOOHU 3KLORVRSK (U KDW HLQLJH -DKUH -XUD VWXGLHUW GDV 6WXGLXP DEHU OHW]WHQGOLFK DEJHEURFKHQ 6HLQH ([LVWHQ] ZDU  

-HDQ%XULGDQ4XDHVWLRQHVLQOLEURV0HWHRURORJLFRUXP/LEHU,TXQGT9JO0LFKDHO   9JO)DPLOLDUHV,9LQ3HWUDUFD  ,



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

DEHU ILQDQ]LHOO GRFK VR ZHLW DEJHVLFKHUW GDVV HUVLFK ² QHEHQ JHOHJHQWOL FKHQ 'LHQVWHQ DOV 6HNUHWlU XQG 'LSORPDW ² GHU YRQ LKP EHYRU]XJWHQ 7lWLJNHLW ]XZHQGHQ NRQQWH QlPOLFK GHP 6WXGLXP GHU DQWLNHQ 'LFKWHU XQG'HQNHUVRZLHGHP9HUIDVVHQHLJHQHU7H[WH 'DVV 3HWUDUFD NHLQ SURIHVVLRQHOOHU 3KLORVRSK ZDU KDW LKQ LQ VHLQHQ $XJHQ MHGRFK QLFKW GDUDQ JHKLQGHUW 3KLORVRSKLH ]X EHWUHLEHQ *DQ] LP *HJHQWHLOZLHZHLWHUXQWHQDXVIKUOLFKHUGDUJHOHJWZLUGZDU3HWUDUFDGHU $QVLFKW GDVV 3KLORVRSKLH QLFKW HLQH 6DFKH GHU 3URIHVVLRQ VRQGHUQ GHU LQQHUHQ(LQVWHOOXQJXQGGHUHLJHQHQ/HEHQVIKUXQJLVW $XVJDQJVSXQNW8QJHQJHQXQG.ULWLNDQGHU 8QLYHUVLWlWVSKLORVRSKLH *ODXEW PDQ 3HWUDUFDV 6HOEVWDXVVDJHQ VR IKOWH HU VLFK LQ VHLQHU HLJHQHQ =HLW QLFKW KHLPLVFK ,PPHU ZLHGHU ODPHQWLHUW HU EHU GHQ HOHQGHQ =X VWDQGVHLQHU*HJHQZDUWEHUGLH.RUUXSWLRQGHU6LWWHQGLH9HU|GXQJGHU 7XJHQGHQGLH9HUQDFKOlVVLJXQJGHU6WXGLHQEHUGHQ=XVWDQGGHU3KLOR VRSKLH'LHVHV3DWKRVGHU'LVWDQ]HU|IIQHW3HWUDUFDGHQ5DXPVLFKHLQHU DQGHUHQ =HLW ]X]XZHQGHQ HLQHU EHVVHUHQ :HOW LQ GHUGLH +HUUVFKHU JH UHFKWGLH0HQVFKHQXPLKUH7XJHQGEHPKWXQGGLH3KLORVRSKHQQRFK ZLUNOLFKH3KLORVRSKHQZDUHQ:DVDEHUKLHOW3HWUDUDIUVREHNODJHQVZHUW DQGHU]HLWJHQ|VVLVFKHQ3KLORVRSKLH" 'D3HWUDUFDNHLQ$PWDQGHU8QLYHUVLWlWLQQHKDWWHXQGDX‰HUGHPZH QLJ SHUV|QOLFKHQ .RQWDNW ]X 8QLYHUVLWlWVJHOHKUWHQ LVWHU LQ VHLQHU .ULWLN DQGHUVFKRODVWLVFKHQ3KLORVRSKLHJDQ]XQEHIDQJHQ6LHLVWGDKHUHLQHUVHLWV QDLY LQVRIHUQ VLH DXI ZHQLJ LQZHQGLJHU 6DFKNHQQWQLV EHUXKW ]LHPOLFK DOOJHPHLQXQGXQGLIIHUHQ]LHUWLVWXQGVLFKDXI6LQQXQG=ZHFNGHUVFKR ODVWLVFKHQ3KLORVRSKLHLQNHLQHU:HLVHHLQOlVVW$QGHUHUVHLWVLVWVHLQH.UL WLN GDGXUFK DEHU DXFK UDGLNDO XQG WULIIW LQ LKUHU *UXQGVl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

 

=XU%LRJUDSKLH3HWUDUFDVYJO]%%RVFR  :LONLQV  XQG0DQQ   9JO]%3HWUDUFD5HUXPPHPRUDQGDUXPOLEUL,LQ3HWUDUFD  

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



3URJUDPPJHK|UHQGHUJOHLFKHQ6SKlUHDQZHQQDXFKMHZHLOVDQHQWJHJHQ JHVHW]WHQ3ROHQ 8P GHU EHVVHUHQ 'DUVWHOOEDUNHLW ZLOOHQ ZLUG LP )ROJHQGHQ ]XQlFKVW GLH .ULWLN LQ LKUHQ +DXSWDVSHNWHQ EHWUDFKWHW XP GDQQ GLH 9RUVWHOOXQJ 3HWUDUFDVYRQGHPZDV3KLORVRSKLHHLJHQWOLFKVHLXQG]XOHLVWHQKDEH]X EHWUDFKWHQ'LH.ULWLN3HWUDUFDVULFKWHWVLFK]ZDUJHOHJHQWOLFKDXFKJHJHQ EHVWLPPWH 3HUVRQHQ LQ GHU +DXSWVDFKH DEHU JHJHQ HLQ 3URJUDPP XQG HLQH+DOWXQJ]XU3KLORVRSKLHDOOJHPHLQ .ULWLNDQ3KLORVRSKLHDOV3URIHVVLRQ 3HWUDUFDV.ULWLNULFKWHWVLFKJHJHQHLQHEHVWLPPWH$XIIDVVXQJYRQ3KLOR VRSKLHJHJHQGLHYRQ3KLORVRSKLHDOV%HUXI0LWGLHVHU&KDUDNWHULVLHUXQJ WULIIW3HWUDUFDGHQ.HUQGHV6HOEVWYHUVWlQGQLVVHVHLQHVXQLYHUVLWlUHQ3KLOR VRSKLHSURIHVVRUV'LH(WDEOLHUXQJGHU3KLORVRSKLHDOV%HUXI²XQGGDPLW GHU8QDEKlQJLJNHLWGHU$QJHK|ULJHQGHU$UWLVWHQIDNXOWlWYRQGHQK|KH UHQ)DNXOWlWHQ²ZLUGJHUDGH]XDOVHLQH(UUXQJHQVFKDIWGHU3KLORVRSKHQ GHVXQG-DKUKXQGHUWVDQJHVHKHQ(LQJXWHV%HLVSLHOIUGLHVHSUR IHVVLRQHOOH ([LVWHQ] DOV 3KLORVRSK LVW %XULGDQ GHU HV ]HLW VHLQHV /HEHQV DEOHKQWHLQHLQHK|KHUH)DNXOWlW]XZHFKVHOQXQGHVYRU]RJDQGHU$UWLV WHQIDNXOWlW]XXQWHUULFKWHQ 'RFKDXVGLHVHP.RQ]HSWYRQ3KLORVRSKLHDOV%HUXIHUJHEHQVLFKDQ GHUH3UREOHPHGLH3HWUDUFDZLHIROJWIRUPXOLHUW $EHULFKPHLQHGLH3KLORVRSKHQQLFKWGLHZHOFKHQGHUMHQLJHGHUVLH]XHUVW.D WKHGHUSKLORVRSKHQQDQQWHGHQHLJHQWOLFKHQ1DPHQGHU6DFKHJHJHEHQ]XKDEHQ VFKHLQW'HQQYRP.DWKHGHUÄSKLORVRSKLHUHQ¶VLHLQLKUHQ7DWHQVLQGVLHXQVLQ QLJVLHJHEHQGHQDQGHUHQ9RUVFKULIWHQXQGVLQGGLHHUVWHQGLHLKUHQ9RUVFKULI WHQ HQWJHJHQVWHKHQ VLH VLQG GLH HUVWHQ GLH GLH YRQ LKQHQ DXIJHVWHOOWHQ *HVHW]H DXIKHEHQXQGZlKUHQGVLHVLFKDOV$QIKUHUDXVJHEHQVLQGVLHGLHHUVWHQGLHGLH 2UGQXQJHQYHUODVVHQXQGJHJHQGDV5HLFKGHU7XJHQGUHEHOOLHUHQ

:DV3HWUDUFDGHQVHLQHU0HLQXQJQDFKXQ]XWUHIIHQGJHQDQQWHQ3KLORVR SKHQ YRUZLUIW LVW GDVV VLH3KLORVRSKLH EOR‰ DOV HLQHQ%HUXI DQVHKHQ VR 

 

6R LVW HWZD GLH ,QYHFWLYD FRQWUD TXHQGDP PDJQL VWDWXV KRPLQHP VHG QXOOLXV VFLHQWLH DXW YLUWXV JHJHQ GHQ DSRVWROLVFKHQ 3URWRQRWDULR *LRYDQQL GL &DUDPDQ JHULFKWHW YJO 3HWUDUFD   =X GHU (WDEOLHUXQJ YRQ 3KLORVRSKLH DOV %HUXI DQ GHQ $UWLVWHQIDNXOWlWHQ LP  XQG -DKUKXQGHUWYJO%LDQFKL  XQG'H/LEHUD   3HWUDUFD 'H YLWD VROLWDULD ,,  Å3KLORVRSKRV DXWHP GLFR QRQ LVWRV TXRV TXL FDWKHGUDULRV SULPXP GL[LW LOOH PLFKL SURSULXP UHL QRPHQ LPSRVXLVVH YLVXV HVW ,Q FDWKHGULV HQLP SKLORVRSKDQWXU LQ DFWLRQLEXV LQVDQLXQW SUHFLSLXQW DOLLV SUHFHSWLVTXH VXLVSULPLREVWDQWSULPLOHJLEXVDVHODWLVGHURJDQWHWVLJQLIHURVVHSURIHVVLSULPLRU GLQHVGHVHUXQWSULPLYLUWXWLVLPSHULRUHEHOODQW´3HWUDUFD  ,



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

GDVVVLHLKUHLQ/HKUHQYHUNQGHWHQ$QVLFKWHQPLW$EODXILKUHU'LHQVW]HLW ZLHHLQHQ$UEHLWVDQ]XJDQGHQ1DJHOKlQJHQ3KLORVRSKLHDOV%HUXILVWDOV VROFKH DXFK YRP /HEHQ JHWUHQQW 3KLORVRSKLH ZLUNW VLFK QLFKW DXI GLH /HEHQVIKUXQJDXVVLHJHK|UWHLQHUDQGHUHQ6SKlUHDQ(WKLVFKHV:LVVHQ LVW IU SURIHVVLRQHOOH 3KLORVRSKHQ HLQ :LVVHQ ZLH MHGHV DQGHUH VLH VLQG QLFKWVHOEVWVLWWOLFKHQJDJLHUW 3HWUDUFDZHQGHWVLFKRKQH=ZHLIHOJHJHQVHLQH=HLWJHQRVVHQHUWULIIW GDPLWDEHUHLQDOWHV3UREOHPQlPOLFKGDVGHU'LYHUJHQ]YRQ/HKUHXQG /HEHQZHOFKHVEHUHLWVEHL6HQHFD]XP7KHPDZXUGHZLH3HWUDUFDZXVVWH GHU MD KLHU GHVVHQ %HJULII GHU Ä.DWKHGHUSKLORVRSKHQ¶ YHUZHQGHW :R GXUFKZHUGHQGLHÄ.DWKHGHUSKLORVRSKHQ¶EHL3HWUDUFDZHLWHUKLQFKDUDNWH ULVLHUW" 6LH VLQG GLHMHQLJHQ GLH 3ODWRQ QLFKW IU GHQ SULQFHSV SKLORVRSKRUXP KDOWHQVRQGHUQVLFKQHXH)KUHUJHVFKDIIHQKDEHQZRGXUFKVLHGLHUHFKWPl ‰LJH+HUUVFKDIW]HUVW|UWHQ'DPLWUHDJLHUW3HWUDUFDDXIGHQ8PVWDQGGDVV 3ODWRQLQGHUXQLYHUVLWlUHQ3KLORVRSKLHGHVXQG-DKUKXQGHUWVNHLQH JUR‰H :HUWVFKlW]XQJ HUKLHOW XQG LP 9HUJOHLFK PLW $ULVWRWHOHV QDKH]X XQEHGHXWHQGZXUGH =XGHPEHVFKlIWLJHQVLHVLFK]XVHKUPLW)UDJHQGHU1DWXUSKLORVRSKLH XQGDXFKLQGLHVHP3XQNWWULIIW3HWUDUFDHLQ0HUNPDOGHU6FKRODVWLNGLH VLFK PLW XQYHUJOHLFKOLFK JU|‰HUHP ,QWHUHVVH QDWXUSKLORVRSKLVFKHQ DOV HWKLVFKHQ )UDJHQ ]XJHZHQGHW KDW 'LHV LVW LQ GHQ $XJHQ 3HWUDUFDV HLQH HLWOH$QJHOHJHQKHLWLQGHUQLFKWGDVHLJHQWOLFKH*HVFKlIWGHU3KLORVRSKLH EHVWHKH6RSROHPLVLHUW3HWUDUFDLQ'HVXLLSVLXVJHJHQMXQJH*HOHKUWHGH UHQ :LVVHQ ² LQ GHQ $XJHQ 3HWUDUFDV ² KDXSWVlFKOLFK LKUHP HLJHQHQ +RFKPXWGLHQW0LWLKUHU=XZHQGXQJ]XlX‰HUHQ*HJHQVWlQGHQGK]X *HJHQVWlQGHQGHU1DWXUSKLORVRSKLHYHUIHKOHQVLHGLHHLJHQWOLFKHQ)UDJHQ GHU3KLORVRSKLH 'HQQ ZDV QW]W GHQQ ELWWH GDV :LVVHQ EHU GLH 1DWXU GHU 7LHUH 9|JHO )LVFKH XQG 6FKODQJHQ ZHQQ ZLU GLH 1DWXU GHU 0HQVFKHQ QLFKW NHQQHQ QLFKW ZLVVHQ ZR]X ZLU JHERUHQ VLQG ZRKHU ZLU NRPPHQ XQG ZRKLQ ZLU JHKHQ XQG XQV IU GLHVH)UDJHQQLFKWLQWHUHVVLHUHQ" 

6HQHFD 'H EUHYLWDWH YLWDH   Å6ROHEDW GLFHUH )DELDQXV QRQ H[ KLV FDWKHGUDULLV SKL ORVRSKLVVHGH[YHULVHWDQWLTXLV>@´6HQHFD  ,,  9JO5HUXPPHPRUDQGDUXPOLEUL  Å1HFVXPQHVFLXVDEKDFWDQWD3ODWRQLVODXGH TXRVGDPXWWXOOLDQRHRVQRPLQHGHVLJQHPSOHEHLRVDFPLQXWRVYHOVL6HQHFHYR FDEXOR XWL PDOLP  FDWKHGUDULRV SKLORVRSKRV GLVFRUGDUH TXL QRQ DOLWHU TXDP LQ PDJQR H[HUFLWX VHGLWLRVXP YXOJXV HW LJQDYXP PDJLV FODPRULEXV FXQFWD SHUPLVFHQW QRYRVTXHVLELGXFHVIDFLXQWLXVWLLPSHULLGHVHUWRUHV´3HWUDUFD    9JO'HVXLLSVLXVLQ3HWUDUFD    'HVXLLSVLXVÅ1DPTXLGRURQDWXUDVEHOXDUXPHWYROXFUXPHWSLVFLXPHWVHUSHQWXP QRVVHSURIXHULWHWQDWXUDPKRPLQXPDGTXRGQDWLVXPXVXQGHHWTXRSHUJLPXVYHO QHVFLUHYHOVSHUQHUH"´3HWUDUFD  9JODXFK6HFUHWXP,,LQ3HWUDUFD  , 

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



)HUQHUZLUGGLH)RUPYRQ3KLORVRSKLHGLH3HWUDUFDEHLVHLQHQ=HLWJHQRV VHQYRUILQGHWDOVZLQGLJVFKRODVWLVFKXQGJHVFKZlW]LJEH]HLFKQHW6LHEHVWHKH LP ZLQGLJH $QSUHLVHQ XQIUXFKWEDUHU 'LVSXWDWLRQHQ XP 1LFKWLJNHLWHQ 'LHVHU .ULWLNSXQNW GHU DXFKIU QDFKIROJHQGH +XPDQLVWHQQLFKW DQ %HGHXWXQJ YHUOLHUWVHLLP)ROJHQGHQQlKHUEHWUDFKWHW .ULWLNDQGHU'LDOHNWLNXQGGHUV\OORJLVWLVFKHQ0HWKRGH (LQHQGHU+DXSWSXQNWHGHQ3HWUDUFDLPPHUZLHGHUNULWLVLHUWLVWGLHKRKH :HUWVFKlW]XQJGHU'LDOHNWLNLQGHUVFKRODVWLVFKHQ3KLORVRSKLH:DVPHLQW 3HWUDUFDZHQQHUJHJHQGLH'LDOHNWLNVSULFKW"'DPLWPHLQWHUGLH'LVSXWD WLRQV XQG 8QWHUULFKWVPHWKRGH DQ GHU 8QLYHUVLWlW :LH HLQH GLDOHNWLVFKH (U|UWHUXQJ HLQHU )UDJH DXV]XVHKHQ KDW KDW $ULVWRWHOHV LQ GHU 7RSLN EH VFKULHEHQ (V ZHUGHQ $UJXPHQWH IU EHLGH 6HLWHQ KHUYRUJHEUDFKW XQG JHJHQHLQDQGHUDEJHZRJHQ:LHEHUHLWVZHLWHUREHQDXVJHIKUWKDWWHVLFK GLHVHV 9HUIDKUHQ DQ GHQ 8QLYHUVLWlWHQ GXUFKJHVHW]W 0LWWOHUZHLOH KDWWH VLFK GDV ORJLVFKH ,QVWUXPHQWDULXP ]XU 8QWHUVXFKXQJ YRQ 6lW]HQ MHGRFK ZHLWHU HQWZLFNHOW XQG YHUIHLQHUW VR GDVV GLH LQKDOWOLFKH $UJXPHQWDWLRQ JHJHQEHUGHUVSUDFKDQDO\WLVFKHQ7HUPXQWHUVXFKXQJLQGHQ+LQWHUJUXQG JHULHW3HWUDUFDEHNODJWVLFKEHLGHP*UDPPDWLNHU'RPLWLXVEHUGLHVHQ 8PVWDQG :DVZUGHVWGXQXQVDJHQ'RPLWLXVGDDOOHQDFKGHPGLH3KLORVRSKLHKLQWDQJH VHW]WXQGYHUJHVVHQZXUGHLQGHPVLHGHU*HVFKZlW]LJNHLWDOV7XJHQGIROJHQVLFK XPGLH:HWWHGHU'LDOHNWLN]XJHZHQGHWKDEHQXQGPDQVLFKQLFKWVFKlPWGDVV GLH3URIHVVRUHQGHV6WXGLXPVGHU:HLVKHLWLQ.LQGOLFKNHLWHQDOWZHUGHQ"

,QHLQHP%ULHIJUHLIW3HWUDUFDGDV7KHPDDXIXQGlX‰HUWVLFKGRUWDXVIKU OLFKJHJHQ]HLWJHQ|VVLVFKH'LDOHNWLNHUGLHGLH'LDOHNWLNDOV+DXSWEHVFKlI WLJXQJDQVHKHQXQGQLFKWDOV0LWWHO]XP=ZHFN'LHVHZUGHQVLFK]ZDU $ULVWRWHOLNHUQHQQHQGDPLWDEHUVHLQHQ1DPHQPLVVEUDXFKHQGHQQ$ULV WRWHOHVVHOEVWVHLYRQHLQHUVROFKHQ$UWDXV]XQHKPHQ



)DPLOLDUHV ;,,    ÅQRQ LOODP ORTXDFHP VFRODVWLFDP YHQWRVDP TXD ULGLFXOXP LQ PRGXPOLWHUDWRUHVQRVWULVXSHUELXQW´3HWUDUFD  ,,,  'H UHPHGLLV SUDHIDWLR  ÅQRQ TXDH IDOODFLEXV DOLV DWWROOLWXU HW VWHULOLXP GLVSXWDWLRQXP YHQWRVDLDFWDQWLDSHULQDQHFLUFXPYROYLWXU´3HWUDUFD    5HUXP PHPRUDQGDUXP OLEUL ,,,    'RPLWLXV JUDPPDWLFXV Å4XLG QXQF GLFHUHV 'RPLWLTXDQGRSKLORVRSKLDSRVWKDELWDHWQHJOHFWDJDUUXOLWDWHPSURYLUWXWHVHFWDQWHV RPQHVVHFHUWDWLPDGG\DOHFWLFDPWUDQVWXOHUXQWQHFSXGHWLQSXHULOLEXVVHQHVFHUHVD SLHQWLHVWXGLXPSURIHVVRV"´3HWUDUFD  I  )DPLOLDUHV,  ÅHRVVHFWDP VXDPDULVWRWHOLFLQRPLQLVVSOHQGRUH SURWHJHUHGLFXQW HQLP $ULVWRWLOHP LWD VROLWXP GLVSXWDUH (VW IDWHRU TXDOLVTXDOLV H[FXVDWLR FODURUXP GXFXPLQKHVLVVHYHVWLJLLV´3HWUDUFD  ,



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

'DEHLPDFKW3HWUDUFDGHXWOLFKGDVVHUQLFKWGLH'LDOHNWLNEHUKDXSW YHUZLUIW (U KlOW VLH IU HLQ ,QVWUXPHQW GHV 'HQNHQV ]XGHP IU HLQ JUXQGOHJHQGHV'RFKPDQGUIHQLFKWGDEHLVWHKHQEOHLEHQXQGGDV0LWWHO PLWGHP=ZHFNYHUZHFKVHOQ'HVKDOEVHLGLH'LDOHNWLNQLFKWGLH$XIJDEH HLQHVEHUHLWVDXVJHELOGHWHQXQGEHWDJWHQ0DQQHV'HQQGHUVROOWHEHUHLWV ]X DQGHUHP IlKLJ VHLQ 'LH V\OORJLVWLVFKH 0HWKRGH LVW ZLH HLQ 7UDLQLQJ IUMXQJH/HXWHGLHTXDVLQRFKDP%HJLQQLKUHU$XVELOGXQJVWHKHQ:HU HWZDVPHKU5HLIHEHVLW]WGHUZUGHDQGHUVVFKUHLEHQ 3HWUDUFD ZDU YLHOOHLFKW DXIJUXQG VHLQHU PDQJHOQGHQ SKLORVRSKLVFKHQ $XVELOGXQJQLFKWLQGHU/DJHGLH6WlUNHQXQGGHQ(UNHQQWQLVJHZLQQGHU VFKRODVWLVFKHQ0HWKRGHDGlTXDWHLQ]XVFKlW]HQ$XVGHU)HUQSHUVSHNWLYH GLHHUHLQQLPPWODVVHQVLFK]XGHPDXFKGLH8QWHUVFKLHGH1XDQFHQXQG GLIIHUHQ]LHUWH 8PJDQJVZHLVHQ QLFKW IHVWVWHOOHQ (V WUHWHQ QXU GLH +DXSW WHQGHQ]HQGHXWOLFKKHUYRU'LHXQLYHUVHOOH$QZHQGXQJGHU/RJLNXQGLKUH :HLWHUHQWZLFNOXQJXQG'LIIHUHQ]LHUXQJHQJHK|UW]XGLHVHQ+DXSWWHQGHQ ]HQ0LWVHLQHU.ULWLN]LHOW3HWUDUFDDXIHLQ]HQWUDOHV3UREOHPDOOHU:LVVHQ VFKDIWOLFKNHLW QlPOLFK GDVV GXUFK GLH XQUHIOHNWLHUWH XQG VFKHPDWLVFKH $QZHQGXQJ HLQHU 0HWKRGH GHU ,QKDOW ² GHVVHQ (UNHQQWQLV MD HLJHQWOLFK GDV =LHO GHU 0HWKRGH LVW ² DXV GHP %OLFN JHUlW 'LHVH %HREDFKWXQJ LVW VLFKHUOLFK]XWUHIIHQGXQGGLH.ULWLNGDUDQQLFKWXQEHUHFKWLJW .ULWLNDQ$ULVWRWHOHV :HULVW$ULVWRWHOHVIU3HWUDUFD"(ULVWQLFKWGHU3KLORVRSKGHUHUIUGLH 6FKRODVWLNLVW$ULVWRWHOHVLVWEHL3HWUDUFDQLFKWGHU*DUDQWIU5DWLRQDOLWlW XQGPHWKRGLVFKHVDXIGHU9HUQXQIWEDVLHUHQGHV3KLORVRSKLHUHQ$ULVWRWH OHVKDWYHUVFKLHGHQH)XQNWLRQHQLP'HQNHQ3HWUDUFDV.ULWLNHUQWHWHUYRU DOOHPLQVRIHUQHULQLKPGLH*DOLRQVILJXUGHU6FKRODVWLNVLHKW 'LHKRKH:HUWVFKlW]XQJGHV$ULVWRWHOHV²QLFKWQXULQGHUSUDNWLVFKHQ 3KLORVRSKLHVRQGHUQLQGHUDNDGHPLVFKHQ3KLORVRSKLHEHUKDXSW²UHL]W 3HWUDUFD]XP:LGHUVSUXFKXQG]XU.ULWLNDQ$ULVWRWHOHV$PDXVIKUOLFKV



Ŷ(UJR· LQTXLXQW ÄG\DOHFWLFDP WX FRQGHPQDV·" $EVLW VFLR HQLP TXDQWXP LOOL 6WRLFL WULEXDQWVHFWDSKLORVRSKRUXPIRUWLVHWPDVFXOD´(EG  Å4XLGDXWHPTXHVRDGRPQHPGLVFLSOLQDPWDPXWLOHLPRWDPQHFHVVDULXPHVWTXDP LSVDUXP OLWHUDUXP SULPD FRJQLWLR LQ TXLEXV RPQLXP VWXGLRUXP IXQGDPHQWD FRQVLV WXQW"6HGH[GLYHUVRTXRGVHQHULGLFXORVLXVLQWDOLEXVRFFXSDWR"´(EG  ,QYHFWLYDFRQWUDPHGLFXPÅRVHPSHUVFRODVWLFHOLWHUDWRUQXQTXDPOLWHUDWXVDXWPDJLVWHU² TXLVHQLPOLWHUDWXVLWDVFULEHUHW"OHJHSKLORVRSKRUXPOLEURVYHOLQWHUURJDTXLOHJHUXQW TXLV XQTXDP KXQF VFULEHQGL PRGXP WHQXLW" ,QHVW TXLGHP YHUELV LOORUXP YLV LQJHQV VLOORJLVWLFDVLOORJLVPXVQXQTXDPDXWSHUUDUHTXLSSHSXHULWLDPSUHWHUJUHVVLORTXXQWXU XWYLUL´3HWUDUFD  

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



WHQILQGHWVLFKGLH.ULWLNLQGHU,QYHNWLYH9RQVHLQHUXQGYLHOHUDQGHUHU/HXWH 8QZLVVHQKHLW$XIGUHL0RPHQWHGLHVHU.ULWLNVHLKLHUDXIPHUNVDPJHPDFKW D  $ULVWRWHOHV LVW IU 3HWUDUFD LQ HUVWHU /LQLH ]X PHLGHQ ZHLO HU ]X YLHOH $QKlQJHU XQG HLQH ]X JUR‰H $XWRULWlW EHVLW]W 'LHV LVW ]XQlFKVW NHLQ VDFKOLFKHV$UJXPHQW(VVWHKWZHQQPDQVRVDJHQNDQQEHL3HWUDUFDLP 'LHQVW GHU $XINOlUXQJ 'LH $XWRULWlW GHV $ULVWRWHOHV VHL VR JUR‰ JHZRU GHQ GDVV PDQ LKP EOLQGOLQJV JODXEH XQG QLFKW PHKU QDFKSUIH RE GDV ZDVHU]XVDJHQKDWZLUNOLFKVWLPPHXQGQW]OLFKVHL'LHVH.ULWLNILQGHW VLFKDXFKLQDQGHUHQ6FKULIWHQVLHWULIIWLP.HUQQLFKW$ULVWRWHOHVVHOEVW VRQGHUQGLH$ULVWRWHOLNHUDXV3HWUDUFDV=HLWHQ$ULVWRWHOHVVHOEVWZLUGKLHU LQGHQ$XJHQ3HWUDUFDVYRQVHLQHQ$QKlQJHUQPLVVEUDXFKW E  'DQHEHQ ILQGHW VLFK MHGRFK DXFK .ULWLN GLH VLFK DXI GLH 7H[WH YRQ $ULVWRWHOHVEH]LHKHQ:DV$ULVWRWHOHVDXIGHP*HELHWGHU1DWXUIRUVFKXQJ JHOHLVWHW KDW LQWHUHVVLHUW 3HWUDUFD QLFKWVRVHKUGD GLHVHV :LVVHQ IU LKQ ZHQLJ :HUW EHVLW]W :HUW KLQJHJHQ EHVLW]W GLH 0RUDOSKLORVRSKLH XQG VR IUDJW VLFK 3HWUDUFD QDFK GHU %HGHXWXQJ GHU 1LNRPDFKLVFKHQ (WKLN $XFK KLHUJHKWGLH6WR‰ULFKWXQJGDKLQGHUhEHUVFKlW]XQJGHU1(HQWJHJHQ]X ZLUNHQ 'HU %HJULII GHV *OFNV VSLHOW EHL $ULVWRWHOHV HLQH ]HQWUDOH 5ROOH LVW DEHU DXFK LQ DQGHUHQ HWKLVFKHQ .RQ]HSWHQ HLQ ]HQWUDOHU *UXQGEHJULII 3HWUDUFDGLVNXWLHUWQXQQLFKWZDV$ULVWRWHOHVXQWHU*OFNVHOLJNHLWYHUVWDQ GHQ KDEH ZLH HU GHQ %HJULII HQWZLFNHOW XQG EHVWLPPW KDEH VRQGHUQ HU DUJXPHQWLHUWYRQHLQHPlX‰HUHQ6WDQGSXQNWGD$ULVWRWHOHVYRUGHP(QW VWHKHQ GHV &KULVWHQWXPV JHOHEW XQG PLWKLQ GLH FKULVWOLFKH /HKUH QLFKW JHNDQQWKDEHN|QQHHUQLFKWEHUGHQZDKUHQ%HJULIIGHU*OFNVHOLJNHLW YHUIJW KDEHQ 'DPLW ZHUGHQ $ULVWRWHOHV· $XVVDJHQ ]XU *OFNVHOLJNHLW YRQHLQHPlX‰HUHQ6WDQGSXQNWGLVTXDOLIL]LHUW$OV)ROJHGDYRQEULFKWGDV JDQ]H6\VWHPGHUDULVWRWHOLVFKHQ(WKLN]XVDPPHQ F  'HU +DXSWHLQZDQG 3HWUDUFDV JHJHQ $ULVWRWHOHV· (WKLN OLHJW QLFKW DXI GHU VDFKOLFKHQ (EHQH VRQGHUQ DXI GHU IXQNWLRQDOHQ JHPHVVHQ DQ GHU $XIJDEHYRQ0RUDOSKLORVRSKLHGLH$ULVWRWHOHVVHOEVWLQGHU(1JHJHEHQ KDW ² XQG DXI GLH VLFK 3HWUDUFD EHL VHLQHU .ULWLN EH]LHKW ² QlPOLFKGDVV ZLUGXUFKVLHJXWZHUGHQLVWGHU1XW]HQGHUDULVWRWHOLVFKHQ6FKULIWHQlX ‰HUVW JHULQJ 6LH PDFKHQ YLHOOHLFKW NOJHU QLFKW DEHU EHVVHU ZRUDXI HV QDFK3HWUDUFDHLJHQWOLFKDQNRPPW8QGGLHVOLHJWQLFKWVRVHKUDP,QKDOW

    

'H VXL LSVLXV ÅPD[LPH YLWDQGXV $ULVWRWLOHV QRQ TXRG SOXV HUURUXP VHG TXRG SOXV DXFWRULWDVKDEHWDFVHTXDFLXP´3HWUDUFD   ,QYHFWLYDFRQWUDPHGLFXPLQ3HWUDUFD   9JO)RUVFKQHU   9JO3HWUDUFD   9JO3HWUDUFD  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VHOEVWGHQ3HWUDUFDKLHUJDUQLFKWNULWLVLHUWVRQGHUQDQGHU$UWXQG:HLVH ZLHGLHVHU,QKDOWYHUPLWWHOWZLUGDP6WLO (UOHKUWLFKOHXJQHHVQLFKWZDV7XJHQGLVWGRFKHQWKlOWVHLQH6FKULIWNHLQHRGHU QXUVHKUZHQLJH:RUWHGLHXQVHUHQ*HLVW]XU/LHEHJHJHQEHUGHU7XJHQGXQG ]XP+DVVJHJHQGDV/DVWHUWUHLEHQXQGHQWIODPPHQ

$XI GHQ :HUW GHU 1LNRPDFKLVFKHQ (WKLN NRPPW 3HWUDUFD DXFK QRFK LQ VHLQHUOHW]WHQ6WUHLWVFKULIW,QYHFWLYDFRQWUDHXPTXLPDOHGL[LW,WDOLDH]XUFN,Q GHU)UDJHQDFKGHPUHFKWPl‰LJHQ$QVSUXFKDXIGLH5HVLGHQ]GHV3DSVWHV ZLUG PLW GHU NXOWXUHOOHQ hEHUOHJHQKHLW GHU MHZHLOLJHQ 6HLWH DUJXPHQWLHUW 'LH HLJHQWOLFK SROLWLVFKH 'LPHQVLRQ GHV 'LVSXWV ZLU DXI GLH )UDJH QDFK GHQ JU|‰HUHQ XQG EHVVHUHQ $XWRUHQ DEJHELOGHW 3HWUDUFD JHKW HV GDUXP GLH 9RUVWHOOXQJ YRQ GHU NXOWXUHOOHQ hEHUOHJHQKHLW )UDQNUHLFKV ²GLH VLFK LQVEHVRQGHUHDXIGLHXQLYHUVLWlUH.XOWXUGHU6WDGW3DULVVWW]WHXQGDXIGLH GRUW EHWULHEHQHQ $ULVWRWHOHVVWXGLHQ ² JHJHQEHU ,WDOLHQ XQG GHU ODWHLQL VFKHQ$QWLNH]XZLGHUOHJHQ $ULVWRWHOHVJLOWQXQDOV9HUWUHWHU)UDQNUHLFKVZlKUHQG&LFHURXQG6H QHFDIU,WDOLHQHLQVWHKHQ*HPHVVHQDQGHPHLJHQWOLFKHQ=LHOGHU(WKLN QlPOLFKJXW]XZHUGHQ²ZLH3HWUDUFDKLHUPLWGHQ:RUWHQGHV$ULVWRWHOHV VHOEVWVSULFKW²NRPPHNHLQJULHFKLVFKHV:HUNGHQODWHLQLVFKHQ6FKULIWHQ QDKHDOVRDXFKQLFKWGLH1(3HWUDUFDJHVWHKWGXUFKDXV]XGDVV$ULVWRWH OHVPHKUOHKUWHXQGSOXVDFXPHQDOV&LFHURGRFKOHW]WHUHUKDEHPLWVHLQHQ 7H[WGLH6HHOHQEHZHJWXQGZDUPLWKLQHIIHNWLYHU 1HEHQGLHVHU.ULWLNDQ$ULVWRWHOHVILQGHWPDQMHGRFKDXFKZRKOZRO OHQGH :RUWH 3HWUDUFD EH]LHKW VLFK DXI $ULVWRWHOHV SRVLWLY LQVRIHUQ DXFK $ULVWRWHOHVHLQ9HUWUHWHUGHUDQWLNHQ.XOWXULVW$ULVWRWHOHVLVWIU3HWUDUFD GDKHU DXFK QLFKW PHKU GHU 3KLORVRSK VFKOHFKWKLQ GHU HU IU GLH 6FKRODVWLN ZDU VRQGHUQ HU WUDQVIRUPLHUW VLFK EHL 3HWUDUFD LQ HLQHQ 0HQVFKHQ 'DU EHU KLQDXV HUKlOW GLHVHU 0HQVFK DXFK JHOHJHQWOLFK 3HWUDUFDV H[SOL]LWH $QHUNHQQXQJ VR ]% ZHQQ HU GLH (ORTXHQ] GHV $ULVWRWHOHV OREW GLH MH GRFKGXUFKGLHhEHUVHW]XQJHQ]XPJUR‰HQ7HLOYHUORUHQJHJDQJHQVHL 

Å'RFHW LOOH QRQ LQILWLRU TXLG HVW YLUWXV DW VWLPXORV DF YHUERUXP IDFHV TXLEXV DG DPRUHPYLUWXWLVYLWLLVTXHRGLXPPHQVXUJHWDWTXHLQFHQGLWXUOHFWLRLOODYHOQRQKDEHW YHOSDXFLVVLPRVKDEHW´(EGI  ,QYHFWLYD FRQWUD HXP TXL PDOHGL[LW ,WDOLDH ÅSOXV $ULVWRWLOHP GRFHUH SOXV 7XOOLXV DQLPRV PRYHUHSOXVLQLOOLXVPRUDOLEXVOLEULVDFXPLQLVSOXVLQKXLXVHIILFDFLHLQHVVH,OOHGR FHW DWWHQWLXV TXLG HVW YLUWXV XUJHW LVWH SRWHQWLXV XW FRODWXU YLUWXV´ 3HWUDUFD     'HVXLLSVLXVÅ(JRYHURPDJQXPTXHQGDPYLUXPDFPXOWLVFLXP$ULVWRWLOHPVHGIXLVVH KRPLQHPHWLGFLUFRDOLTXDLPRHWPXOWDQHVFLUHSRWXLVVHDUELWURU´3HWUDUFD   +HUYRUKHEXQJYRQPLU   9JO5HUXPPHPRUDQGDUXPOLEUL,,LQ3HWUDUFD  XQG'HVXLLSVLXVLQ3HWUDUFD  3HWUDUFDLVWKLHUDXIGDV8UWHLO&LFHURVXQGDQGHUHUDQJHZLHVHQGDHUVHOEVW $ULVWRWHOHVQLFKWDXI*ULHFKLVFKOHVHQNRQQWH

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



)DVVHQZLU]XVDPPHQ%HL3HWUDUFDLVW$ULVWRWHOHVGLH*DOLRQVILJXUGHU YRQ LKP NULWLVLHUWHQ 6FKXOSKLORVRSKLH XQG DOV VROFKHU ZLUG HU YRQ LKP NULWLVLHUW =XGHP ZUGH PDQ GXUFK VHLQH 6FKULIWHQ JHOHKUWHU QLFKW DEHU EHVVHUZHUGHQZDVGDVHLJHQWOLFKH=LHOGH(WKLNVHL'DVKHL‰WQLFKWGDVV HUVLFKQLFKWLQDQGHUHQ=XVDPPHQKlQJHQPLWDQGHUHQ=LHOHQDXFKSRVL WLY DXI $ULVWRWHOHV EH]LHKHQ NDQQ $ULVWRWHOHV EOHLEW DXFK EHL 3HWUDUFD ZLFKWLJQLFKWZHJHQVHLQHUVDFKOLFKHQ%HLWUlJHVRQGHUQLQVRIHUQHU5HS UlVHQWDQW GHU $QWLNH XQG PLWKLQ 7UlJHU GHUHQ NXOWXUHOOHU :HUWH LVW ZLH KLHU%HUHGVDPNHLW'DQHEHQ²ZHQQDXFKHKHUQHEHQEHLXQGXQDXIIlOOLJ² EHVWHKW DXFK EHL 3HWUDUFD HLQ JDQ] EOLFKHU XQG WUDGLWLRQHOOHU %H]XJ DXI $ULVWRWHOHVQlPOLFKDOV$XWRULWlWGLHHUVLFKGXUFKVHLQH.HQQWQLVVHXQG VHLQH6FKULIWHQLQYHUVFKLHGHQHQ%HUHLFKHQHUZRUEHQKDW 'DV*HJHQPRGHOO3KLORVRSKLHDOV/HEHQVNXQVW :HOFKHV.RQ]HSWYRQ3KLORVRSKLH3HWUDUFDQLFKWWHLOWGUIWHKLQUHLFKHQG GHXWOLFKJHZRUGHQVHLQ3KLORVRSKLHPHLQWIU3HWUDUFDQLFKWHLQHQ%HUXI GHQ PDQ ]XP *HOGHUZHUE DXVIKUW EHL GHP PDQ EHVWLPPWH HUOHUQWH 7HFKQLNHQDQZHQGHWXQGEHUIOVVLJHVJHVFKZlW]LJHVVFKOHFKWYHUVWlQG OLFKHV*HUHGHYRQVLFKJLEW:DKUH3KLORVRSKLHPHLQWIU3HWUDUFDHWZDV JDQ]DQGHUHV(UKDWHLQHQHPSKDWLVFKHQ%HJULIIYRQ3KLORVRSKLHGHUDXI GDV/HEHQGHU0HQVFKHQVHOEVWDXVJUHLIWXQGGLHVHVEHVWLPPW'LHVH9RU VWHOOXQJYRQ3KLORVRSKLHLVWNHLQHQHXHVRQGHUQHLQHDQWLNHXQG3HWUDUFD VWHOOW VLFK H[SOL]LW LQ GLHVH DQGHUH DOWH 7UDGLWLRQ YRQ 3KLORVRSKLH :DV GLHVHPHLQWVHLLP)ROJHQGHQJHQDXHUEHVFKULHEHQ 9RUDXVVHW]XQJHQXQG)XQNWLRQHQGHU3KLORVRSKLH :DKUH 3KLORVRSKHQ ]HLFKQHQ VLFK QDFK 3HWUDUFD GDGXUFK DXV GDVV EHL LKQHQ/HKUHXQG/HEHQEHUHLQVWLPPHQ9RU$XJHQKDW3HWUDUFD MHQHZDKUHQ>3KLORVRSKHQ@YRQGHQHQHVLPPHUZHQLJHJLEWXQGLFKZHL‰QLFKW RE HV MHW]W EHUKDXSW ZHOFKH JLEW GLH GLH /LHEH XQG GDV 6WXGLXP GHU :HLVKHLW GLHVLH|IIHQWOLFKYHUNQGHQDXFKWDWVlFKOLFK]HLJHQ

$OV3KLORVRSKTXDOLIL]LHUWPDQVLFKDOVRQLFKWYRUQHKPOLFKEHUVHLQ:LV VHQVRQGHUQEHUGLHLQQHUH+DOWXQJXQGGLHhEHUHLQVWLPPXQJYRQ:RUW XQG 7DW 3KLORVRSKLH DOV /HEHQVNXQVW LVW DQ NHLQH 3URIHVVLRQ JHEXQGHQ  

9JO]%6HFUHWXP,,,LQ3HWUDUFD  , 9LWDVROLWDULD,,ÅLOORVYHURVTXLVHPSHUSDXFLQXQFQHVFLRDQ SHQLWXV QXOOLVLQW TXL TXRG SURILWHQWXU H[KLEHDQW DPRUHP VWXGLXPTXH VDSLHQWLH´ 3HWUDUFD   , 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

PDQPXVVQXUDFKWJHEHQGDVVPDQGXUFKDQGHUZHLWLJH9HUSIOLFKWXQJHQ QLFKWYRQGHP6WXGLXPGHU3KLORVRSKLHDEJHKDOWHQZLUG :HOFKH )XQNWLRQHQ KDW DEHU GLH 0RUDOSKLORVRSKLH" 6LH VROO ZLH 3HWUDUFDLQ'HVXLLSVLXVHWPXOWRUXPLJQRUDQWLDH[SOL]LHUWGHQ/HVHURGHU+| UHUEHZHJHQXQGYHUEHVVHUQ 'DVDOVRVLQGGLHZDKUHQ0RUDOSKLORVRSKHQXQGQW]OLFKHQ/HKUHUGHU7XJHQG GHUHQ HUVWH XQG OHW]WH $EVLFKW HV LVW GHQ +|UHU XQG /HVHU JXW]X PDFKHQ XQG GLH QLFKW QXU OHKUHQ ZDV GDV :HVHQ GHU 7XJHQG XQG GHV /DVWHUV VHL XQG XQV GDPLWLQGHQ2KUHQOLHJHQGDVVGDVHLQHKHUUOLFKGDVDQGHUHYHUZHUIOLFKVHLVRQ GHUQGLHXQVHU+HU]PLW/LHEH]XPVLWWOLFK*XWHQXQGPLW9HUODQJHQGDQDFKPLW +DVVDEHUXQG$EQHLJXQJJHJHQGDVVLWWOLFK6FKOHFKWHHUIOOHQ

'LH0RUDOSKLORVRSKLHKDWQLFKWLQHUVWHU/LQLHGLH$XIJDEHXQV]XEHOHK UHQVRQGHUQXQV]XU/LHEH]XGHQ7XJHQGHQXQG]XP+DVVJHJHQ/DVWHU ]X EHZHJHQ $XFK %XULGDQ ZDU GHU $QVLFKW GDVV KLHU GLH :LVVHQVFKDIW ZHQLJDXVULFKWHQN|QQH]XUPRUDOLVFKHQ,QVWUXNWLRQEUlXFKWHPDQVWlUNH UH0LWWHOGLHYRQ(OWHUQXQG/HKUHUQDQJHZHQGHWZUGHQ'RFK3HWUDUFD JHKWHVKLHUQLFKWXPGLHPRUDOLVFKH(U]LHKXQJYRQ.LQGHUQXQG-XJHQG OLFKHQKLHUJHKWHVXP(UZDFKVHQHXP0HQVFKHQGLHLP/HEHQVWHKHQ GLHLP3ULQ]LSZLVVHQZDVULFKWLJXQGIDOVFKLVWGHUHQ:LOOHMHGRFKQLFKW LPPHUGHPDOVULFKWLJ(UNDQQWHQIROJHQZLOO 0RUDOSKLORVRSKLH PXVV GLHVHP 8PVWDQG 5HFKQXQJ WUDJHQ VLH PXVV VR EHVFKDIIHQ VHLQ GDVV XQVHUH $IIHNWH GXUFK GDV /HVHQ GHU 6FKULIWHQ DQJHUHJW ZHUGHQ :HU GLHV VXFKW ZLUG HV EHL XQVHUHQ 6FKULIWVWHOOHUQ YRU DOOHP EHL &LFHURXQG6HQHFDILQGHQ'HQQLKUH7H[WHOHLVWHQPHKUDOVEOR‰H'DUOHJXQJ GHV 5LFKWLJHQ VLH VSUHFKHQ DXFK GLH DIIHNWLYHQ .RPSRQHQWHQ GHU 6HHOH DQ 6LHVWDFKHOQXQVHUH6HHOHPLWGHQIHXULJVWHQ:RUWHQXQGJOKHQGVWHQ5HGHQDQ VRZHUGHQGLH7UlJHQDXIJHVFKHXFKWGLH.DOWHQHUKLW]WGLH6FKODIHQGHQJHZHFNW GLH 6FKZDFKHQ JHVWlUNW GLH 1LHGHUJHZRUIHQHQ DXIJHULFKWHW XQG GLH DP %RGHQ /LHJHQGHQ]XGHQK|FKVWHQ*HGDQNHQXQGHKUHQYROOVWHQ:QVFKHQHUPXQWHUW 

)DPLOLDUHV,,  Å'HVWXGLLV OLEHUDOLEXVORTXRU HWSUHVHUWLPGHLOODSDUWHSKLORVR SKLHTXHYLWHPDJLVWUDHVW+HFWXQXQTXDPDQLPRSURUVXVLQWHUPLVHUDVHWVLSDUXPSHU DEHLVFLYLOLXPQHJRWLRUXPLPSHWXVDUFHUHW´3HWUDUFD  ,  'HVXLLSVLXVÅ+LVXQWHUJRYHULSKLORVRSKLPRUDOHVHWYLUWXWXPXWLOHVPDJLVWULTXRUXP SULPDHWXOWLPDLQWHQWLRHVWERQXPIDFHUHDXGLWRUHPDFOHFWRUHPTXLTXHQRQVROXP GRFHQWTXLGHVWYLUWXVDXWYLWLXPSUHFODUXPTXHLOOXGKRFIXVFXPQRPHQDXULEXVLQV WUHSXQWVHGUHLRSWLPHDPRUHPVWXGLXPTXHSHVVLPDHTXHUHLRGLXPIXJDPTXHSHFWR ULEXVLQVHUXQW´3HWUDUFD    Å4XRVTXLTXHULWDSXGQRVWURVSUHFLSXH&LFHURQHP DWTXH$QQHXPLQYHQLHW´HEG   ÅDFXWLVVLPRVDWTXHDUGHQWLVVLPRVRUDWLRQLVDFXOHRVSUHFRUGLLVDGPRYHQWLQIOLJXQWTXH TXLEXVHWVHJQHV LPSHOOXQWHUHWDOJHQWHVLQFHQGXQWXUHWVRSLWLH[FLWDQWXUHWLQYDOLGL ILUPDQWXUHWVWUDWLHULJXQWXUHWKXPLKHUHQWHVLQDOWLVVLPRVFRJLWDWXVHWKRQHVWDGHVL GHULDDWWROOXQWXU´HEG

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



'LH%HZHJXQJGHU6HHOHVWHKWOHW]WOLFK²DXFKEHL3HWUDUFD²LQHLQHUWKH UDSHXWLVFKHQ3HUVSHNWLYH (V VLQG GLH QLFKW ULFKWLJ NRRUGLQLHUWHQ/HLGHQ VFKDIWHQ GLH XQV DP WXJHQGKDIWHQ /HEHQ KLQGHUQ XQG XQV LQV 8QJOFN VWU]HQ 6LH EHGUIHQ GHU 7KHUDSLH 1LFKW QXU LQ 'H UHPHGLLV VRQGHUQ DXFKLQYLHOHQDQGHUHQ6FKULIWHQILQGHQVLFKLPPHUZLHGHU9HUJOHLFKHXQG $QDORJLHQ]ZLVFKHQN|USHUOLFKHQ.UDQNKHLWHQGLHGXUFKGLH0HGL]LQXQG $IIHNW]XVWlQGHQ GLH GXUFK GLH 0RUDOSKLORVRSKLH NXULHUW ZHUGHQ 'LH ZDKUH3KLORVRSKLHQlPOLFKYHUVSULFKW+HLOXQJ 3HWUDUFD SURSDJLHUW VHLQH 9RUVWHOOXQJ YRQ 3KLORVRSKLH ² DOV /HEHQV PHLVWHULQGLHLQVHHOLVFKHQ%HODQJHQ2ULHQWLHUXQJXQGEHL6FKZLHULJNHLWHQ $EKLOIHELHWHW²H[SOL]LWXQGZLHGHUKROWLQ$EJUHQ]XQJYRQGHPDQ:LV VHQVFKDIWXQGWKHRUHWLVFKHU)RUVFKXQJDXVJHULFKWHWHQVFKRODVWLVFKHQ3KL ORVRSKLHNRQ]HSW3HWUDUFDV3KLORVRSKLHNRQ]HSWKDWGDPLWHLQHVSH]LILVFKH KLVWRULVFKH )XQNWLRQ HV DQWZRUWHW DXI GLH 5HDOLWlWVIHUQH GHU VFKRODVWL VFKHQ0HWKRGHQXQG7H[WH(VLVWDEHUVHOEVWNHLQH(UILQGXQJ3HWUDUFDV 3HWUDUFDZLHGHUEHOHEWXQWHUJDQ]NRQNUHWHQ%HGLQJXQJHQXQGDOV$QWZRUW DXI HLQH VSH]LILVFKH NRQWLQJHQWH KLVWRULVFKH 6LWXDWLRQ HLQ DOWHV .RQ]HSW YRQ3KLORVRSKLHZHOFKHVVRLP:LVVHQVFKDIWVEHWULHEDQGHQ8QLYHUVLWlWHQ NHLQHQ 5DXP KDWWH (V GUIWH GDKHU QLHPDQGHQ YHUZXQGHUQ ZHQQ HLQH 5HLKHYRQ=HLWJHQRVVHQ3HWUDUFDJOHLFKVDPGDV3UlGLNDW3KLORVRSKDEHU NDQQWKlWWHQ'LHVLVWWDWVlFKOLFKDXFKGHU)DOOJHZHVHQ



=XGLHVHP.RQ]HSWYRQ3KLORVRSKLHDOV7KHUDSLHGHU/HLGHQVFKDIWHQEHL3HWUDUFDYJO 3DQL]]D  LQKHOOHQLVWLVFKHQ(WKLNNRQ]HSWHQYJO1XVVEDXP  XQG9RHONH   +LQZHLVH ]X GLHVHP .RQ]HSW LP +XPDQLVPXV ILQGHQ VLFK EHL 'RPDQVNL    6RHWZDZHQQ3HWUDUFDGLH$QVWHFNXQJGHUN|USHUOLFKHQXQGGHUVHHOLVFKHQ.UDQN KHLWHQLQ$QDORJLHVHW]WYJO'HYLWDVROLWDULD,  Å1HPRYHURIDOODWXUTXDVLPLQR UD VLQW DQLPRUXP FRQWDJLD TXDP FRUSRUXP PDLRUD VXQW JUDYLXV OHGXQW DOWLXV GHV FHQGXQWVHUSXQWTXHODWHQWLXV´3HWUDUFD    'HUHPHGLLV SUDHIDWLR Å+DHFHVWHQLPYHUDSKLORVRSKLDQRQTXDHIDOODFLEXVDOLVDWWROOL WXU HW VWHULOLXP GLVSXWDWLRQXP YHQWRVD LDFWDQWLD SHU LQDQH FLUFXPYROYLWXU VHG TXDH FHUWLVHWPRGHVWLVJUDGLEXVFRPSHQGLRDGVDOXWHPSHUJLW´3HWUDUFD E 9JO DXFK)DPLOLDUHV;,,  Å(JRYHURTXDPORQJLVVLPHWHUURUHVFXQWRVDPHRPHR UXPTXHSHFWRULEXVDEHVVHFXSLRLGTXHRPQLEXVPRGLVDJRHWREHDPFDXVDPLQSUL PLV SKLORVRSKLDP DPR QRQ LOODP ORTXDFHP VFRODVWLFDP YHQWRVDP TXD ULGLFXOXP LQ PRGXPOLWHUDWRUHVQRVWULVXSHUELXQWVHGYHUDPHWQRQLQOLEULVWDQWXPVHGLQDQLPLV KDELWDQWHPDWTXHLQUHEXVSRVLWDPQRQLQYHUELV´3HWUDUD  ,,,  $XFK ZHU KHXWH HLQHQ 3KLORVRSKLHEHJULII ]XJUXQGH OHJW GHU DQ GHP 3DUDGLJPD GHU :LVVHQVFKDIWOLFKNHLWXQGGHV6\VWHPVRULHQWLHUWLVWZUGH3HWUDUFDQLFKWDOV3KLORVR SKHQEH]HLFKQHQHEHQVRZHQLJZUGHGDV3UlGLNDWGDQQMHGRFKDXFKDXI0RQWDLJQH 1LHW]VFKHXQGHLQH5HLKHZHLWHUHUJUR‰HU'HQNHU]XWUHIIHQ



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

3KLORVRSKLVFKH7UDGLWLRQHQ 3HWUDUFDV%HJULIIYRQ3KLORVRSKLHKDWZHQLJPLWGHPJHPHLQGHQZLUEHL $ULVWRWHOHVILQGHQXQGQRFKYLHOZHQLJHUPLWGHPGHUVFKRODVWLVFKHQ3KL ORVRSKLH 3HWUDUFD LQWHUHVVLHUW VLFK HEHQ GDUXP DXFK IU DQGHUH SKLORVR SKLVFKH 7UDGLWLRQHQ GLH VHLQHQ HLJHQHQ 9RUVWHOOXQJHQ QlKHU NRPPHQ 'D]XJHK|UHQYRUDOOHPGLH3KLORVRSKHQGHU$QWLNHGLHGLH0RUDOSKLOR VRSKLHIU]HQWUDOHUDFKWHWKDEHQ6RNUDWHVLVWGHUHUVWH3KLORVRSKGHUGLHV WDW $OVHUVWHUYRQDOOHQ]RJ6RNUDWHVGHUPLWKHLOVDPHP(LIHUGHUPHQVFKOLFKHQ%H OHKUXQJ]XJHWDQZDUGLH3KLORVRSKLHGLHELV]XVHLQHQ7DJHQLQGHQYHUVFKLHGH QHQ,UUZHJHQGHV6WHUQHQODXIVXQGLQGHQ'LPHQVLRQHQGHV+LPPHOVIHVWVWHFNWH DXIGLH(UGHXQGHUSIODQ]WHVLHLQGLH6WlGWHXQGLQGLH+HU]HQGHU6WHUEOLFKHQ LQGHP HU EHJDQQ YRQ GHQ .UDQNKHLWHQ XQG %HZHJXQJHQ GHU 6HHOHQ XQG GHQ +HLOPLWWHOQ XQG GHQ 7XJHQGHQ ]X KDQGHOQ HU LVW GHU HUVWH .QVWOHU GHU 0RUDO SKLORVRSKLHXQGZLH9DOHULXVVDJWÄÄGHUEHVWH/HKUPHLVWHUGHV/HEHQV·

$OV%HJUQGHUGHU0RUDOSKLORVRSKLHYHUGLHQW6RNUDWHVQDFK3HWUDUFDDOOHV /RE(UNHQQW6RNUDWHVMHGRFKQLFKWLQHUVWHU/LQLHDOV*HVSUlFKVIKUHULQ GHQ'LDORJHQ3ODWRQVVRQGHUQDOVKLVWRULVFKH3HUVRQZLHHULQGHQ9LWHQ XQG$QHNGRWHQVDPPOXQJHQHUVFKHLQW3ODWRQZLUGHEHQIDOOVYRQ3HWUDU FDEHZXQGHUWXQGKRFKJHVFKlW]W6HLQHGLUHNWHQ7H[WNHQQWQLVVH3ODWRQV GUIWHQDEHUJHULQJJHZHVHQVHLQGHQQQXUZHQLJH'LDORJH3ODWRQVODJHQ LQODWHLQLVFKHUhEHUVHW]XQJYRU$PEHVWHQNDQQWHVLFK3HWUDUFDVLFKHUOLFK PLW&LFHURXQG6HQHFDDXV(UWHLOW&LFHURV9HUVWlQGQLVYRQ3KLORVRSKLH DOVDUVYLWDH XQGKlOWGHVVHQ6FKULIWHQIUYRUELOGOLFKJHKWHVLKPGRFK HEHQVRZLHGLHVHPXP MHQHZDKUH3KLORVRSKLHGLHQLFKWVRVHKULQGHQ%FKHUQDOVLQGHQ6HHOHQZRKQW XQGGLHLQGHQ'LQJHQQLFKWLQGHQ:RUWHQEHVWHKWXQGLFKPHLQHGDVVGHUHQ YRU]JOLFKH%HVWLPPXQJLQGHQ7XVFXODQHU'LVSXWDWLRQHQHQWKDOWHQVLQG 

   

5HUXPPHPRUDQGDUXPOLEUL,Å3ULPXVRPQLXP6RFUDWHVKXPDQDPGRFWULQDPVDOX WDULVWXGLRFRPSOH[XVSKLORVRSKLDPXVTXHDGHXPGLHPFLUFDVWHOODUXPFXUVXVHWFHOL GLPHQVLRQHVYDULLVDPEDJLEXVKHVLWDQWHPLQWHUUDVDWWUD[LWHWLQXUELEXVDWTXHLQLQWL PLV PRUWDOLXP SUHFRUGLLV SURSDJDYLW LQFLSLHQV GH DQLPRUXP PRUELV DF PRWLEXV UHPHGLLVTXH HW YLUWXWLEXV WUDFWDUH PRUDOLV SKLORVRSKLH SULPXV DUWLIH[ HW XW DLW 9D OHULXVÄYLWHPDJLVWHURSWLPXV¶´3HWUDUFD   9JO HWZD $XOXV *HOOLXV 1RFWLXP $WWLFDUXP OLEUL XQG 9DOHULXV 0D[LPXV )DFWD HW GLFWD PHPRUDELOLD 9JO 'H VXL LSVLXV LQ 3HWUDUFD    5HUXP PHPRUDQGDUXP OLEUL ,  LQ 3HWUDUFD  I )DPLOLDUHV;9,,  Å,QTXLEXV7XOOLLYHUELVLOOXGLQWHUPXOWDQRWDELOHTXRGSKLOR VRSKLDPQRQYHUERUXPDUWHPGLFLWHVVHVHGYLWH´3HWUDUFD  ,,, )DPLOLDUHV ;,,    ÅVHG YHUDP HW QRQ LQ OLEULV WDQWXP VHG LQ DQLPLV KDELWDQWHP DWTXHLQUHEXVSRVLWDPQRQLQYHUELVFXLXVLOOXGSUHFLSXXPPXQXVUHRU7XVFXODQLVGL VSXWDWLRQLEXVLQVHUWXP´3HWUDUFD  ,,,

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



'HQ PRUDOSKLORVRSKLVFKHQ 7H[WHQ YRQ &LFHUR XQG 6HQHFD ZRKQW GLH 0DFKWGHUhEHU]HXJXQJLQQHGXUFKLKUHQ6WLOHUJUHLIHQVLHGLH+HU]HQGHU /HVHU 'RFKQLFKWQXUGLHVHVLQGHVGLHDOV/HEHQVNQVWOHUXQG:HLVKHLWVOHK UHULQ)UDJHNRPPHQ1DFKHLQHUDQGHUHQDOWHQ7UDGLWLRQEOLFKXQGZLH EHLVSLHOVZHLVHDXFKLQGHU3KLORVRSKLHGHV-DKUKXQGHUWVZHUGHQDXFK 'LFKWHU]XGHQ3KLORVRSKHQJH]lKOW'HQQ:HLVKHLWGLHGLH3KLORVRSKLH HUVWUHEW ILQGHW VLFK DXFK LQ GHQ :HUNHQ GHU 'LFKWHU VR GDVV 3HWUDUFD EHU+RPHUXUWHLOW (VVWHKWIHVWGDVVLQVHLQHQEHLGHQ:HUNHQJUR‰H7HLOHGHU3KLORVRSKLHYLHOEHV VHUXQGYLHOHUQVWKDIWHUDOVYRQ GLHVHQ3URIHVVRUHQGHU 3KLORVRSKLHDEJHKDQGHOW ZHUGHQ

:LHGLHVH+LQZHLVHEHOHJHQLVW3HWUDUFDV.RQ]HSWYRQ3KLORVRSKLHHLQHU DOWHQSKLORVRSKLVFKHQ7UDGLWLRQHQWOHKQWGLHLQGHQ=HLWHQGHUXQLYHUVLWl UHQ %HKDQGOXQJ GHU 3KLORVRSKLH XQG XQWHU GHP LPPHQVHQ (LQIOXVV GHU $ULVWRWHOHVUH]HSWLRQVHLWGHPDXVJHKHQGHQ-DKUKXQGHUWLQGHQ+LQWHU JUXQG JHGUlQJW ZXUGH XQG VLFK LQQHUKDOE GLHVHU 3KLORVRSKLH QXU VFKZHU DUWLNXOLHUHQNRQQWH3HWUDUFDGHUDX‰HUKDOEGHU6FKXOHQXQG8QLYHUVLWlWHQ VWHKW JUHLIW GLHVH 7UDGLWLRQ DXI XQG VHW]W VLH IU VHLQH HLJHQHQ $QOLHJHQ HLQ 'DV3XEOLNXPGLHVHU(WKLN :HQ VSULFKW 3HWUDUFD PLW VHLQHQ HWKLVFKHQ hEHUOHJXQJHQ DQ" 0LW DOOHP ZDV ELVKHU GHXWOLFK JHPDFKW ZXUGH GUIWH HV VLFK YRQ VHOEVW YHUVWHKHQ GDVVVHLQH7H[WHJDQ]RIIHQVLFKWOLFKQLFKWIUXQLYHUVLWlUH=ZHFNHYHUIDVVW ZXUGHQ'D3HWUDUFDDEHUDQGHUHUVHLWVDXI/DWHLQVFKULHENRQQWHQLKQQXU VROFKH/HXWHUH]LSLHUHQGHUHQ%LOGXQJZHQLJVWHQVGLH.HQQWQLVGHUODWHL QLVFKHQ 6SUDFKH XPIDVVW 'DPLW OlVVW VLFK GHU .UHLV YRQ P|JOLFKHQ /H VHUQ JURE EHVWLPPHQ 3HWUDUFD VSULFKW JHELOGHWH %UJHU DQ GLH HLQ %H GUIQLV QDFK HWKLVFKHU 2ULHQWLHUXQJ YHUVSUHQ XQG GHQHQ GLH ELVKHU ]XU 9HUIJXQJVWHKHQGHQ.RQ]HSWHQLFKWJHQJWHQ ,QGHP7H[W'HYLWDVROLWDULDlX‰HUWVLFK3HWUDUFD]XGHPYRQLKPDQWL ]LSLHUWHQ *HOWXQJVUDGLXV GHV 7H[WHV :LHGHUKROW EHPHUNW 3HWUDUFD GDVV 

'H VXL LSVLXV Å4XRV TXL TXHULW DSXG QRVWURV SUHFLSXH &LFHURQHP DWTXH $QQHXP LQYHQLHW´3HWUDUFD  9JODXFK,QYHFWLYDFRQWUDHXPTXLPDOHGL[LW,WDOLDHSDVVLP  )DPLOLDUHV9,  ÅGHQLTXHVLFSKLORVRSKHPXUXWTXRGSKLORVRSKLHQRPHQLPSRU WDWVDSLHQWLDPDPHPXV´3HWUDUFD  ,,  5HUXPPHPRUDQGDUXPOLEUL,,Å&RQVWDWLQJHPLQRLSVLXVRSHUHSKLORVRSKLHPDJQDV SDUWHVPXOWRPHOLXVPXOWRTXHJUDYLXVTXDPDELSVLVSKLORVRSKLHSURIHVVRULEXVDEVRO YL´3HWUDUFD  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

GDVZDVHU]XVDJHQKDEHQLFKWSULQ]LSLHOOXQGQRWZHQGLJXQGIUDOOH]X JHOWHQ KDEH 3HWUDUFDV UDGLNDO SHUV|QOLFKHU =XJDQJ IKUW GD]X GDVV HU NHLQHQQRUPDWLYIUDOOHDXIJOHLFKH:HLVHYHUELQGOLFKHQ7H[WVFKUHLEW(U VFKUHLEW QLFKW IU DQGHUH 5HJHOQ YRU VRQGHUQ EHVFKUHLEW VHLQH HLJHQHQ 5HJHOQ'DKHUVROOHPDQGLH9RUVFKOlJHQLFKWDOV9RUVFKULIWHQDXIIDVVHQ VRQGHUQMHZHLOVDQHLJHQHU(UIDKUXQJEHUSUIHQ-HGHUVROOHVHOEVWHQW VFKHLGHQZDVIULKQSDVVW3HWUDUFDLVWVLFKGDUEHULP.ODUHQGDVV0HQ VFKHQ YHUVFKLHGHQ VLQG XQG GHVKDOE QLFKW MHGHU LQ GHU JOHLFKHQ /HEHQV IRUPJOFNOLFKZHUGHQNDQQ :HPHUWHLOW3HWUDUFDDEHUQXQVHLQHQ5DW"(UHUWHLOWLKQDQVROFKHGLH LKU:LVVHQXQGLKUH7XJHQGHQDXVELOGHQZROOHQ3HWUDUFDVFKUHLEWQLFKW IUGLH0DVVHVRQGHUQIUZHQLJH'LHVH:HQLJHQIROJHQLQVRIHUQVLHLKU /HEHQ JHPl‰ GHU 9RUVFKOlJH 3HWUDUFDV IKUHQ QLFKW GHU EUHLWHQ 0DVVH VRQGHUQLKUHUHLJHQHQ1DWXU 3HWUDUFDULFKWHWVLFKDQ*OHLFKJHVLQQWHDQYRQ1DWXUDXVlKQOLFK%H VFKDIIHQHDQ%FKHUIUHXQGHDQ0HQVFKHQGLHLKUH7XJHQGHQDXVELOGHQ ZROOHQ0LWHLQHP:RUWDQ,QWHOOHNWXHOOHGHQQQXUIUGHQ%FKHUIUHXQG ZLUG GLH (LQVDPNHLW ]XU )UHLKHLW 8QG GLH ZHUGHQ QLFKW DOV *UXSSH VRQGHUQDOV,QGLYLGXHQYRQ3HWUDUFDDQJHVSURFKHQ (LQ:HUNELOGHWKLHUHLQH$XVQDKPH'HUHPHGLLVXWULXVTXHIRUWXQDH+LHU VSULFKW3HWUDUFDH[SOL]LWHLQEUHLWHUHV/DLHQSXEOLNXPDQ'DV:HUNZHLVW DXFKHLQHYLHOZHQLJHUSHUV|QOLFKJHSUlJWH3HUVSHNWLYLHUXQJDXI$EJHVH KHQYRQGHU9RUUHGHWDXFKW3HWUDUFDQLFKWDXI(VKDQGHOWVLFKXP'LDOR







 

 

'HYLWDVROLWDULD,  Å9HUXPHJRQRQWDPDOLLVOHJHPSRQRTXDPOHJHPWLELPHH PHQWLVH[SRQRTXDPTXLSUREDWWHQHDWFXLQRQSODFHWDELFLDWHWUHOLFWDQRELVVROLWX GLQHVROOLFLWXGLQHVVXDVVLELKDEHDWFRQWHPSWRUTXHUXULVQRVWULYLYDWFRQWHQWXVLQXUEL EXV´3HWUDUFD   'HYLWDVROLWDULD,  Å+DFWHQXVHDOHJHGLVVHUXLTXLGVHQWLUHPXWQXOODPLQJHQLLV OHJHPLPSRVXLVVHPHVHQWLDQWTXLKHFOHJHQWVLTXLVDGHRDEXQGDQVRWLRHULWXWRWLXP QRVWUXP OHJDW 6LQJXOD LJLWXU H[DPLQHQW GH YHULWDWH UHUXP QRQ WDP PLFKL YHO DOLLV TXDPH[SHULHQWLHFUHGLWXUL´(EG 'HYLWDVROLWDULD,  Å$WQHGLXWLXVPHFRQVLGHUDWLRQHQRQPHDLPSOLFHPGHVHLOOL QRVGHQRELVOLEUHWXQXVTXLVTXHTXLGSUHIHUDWLPSRVVLELOHHVWHQLPHWVLXQXPRPQHV ILQHPXOWLPXPLQWHQGDPXVXWXQDPRPQLEXVYLWHYLDPH[SHGLDWVHTXL´(EG 'H YLWD VROLWDULD ,    ÅQHTXH HQLP HJR DOLLV TXDP OLWHUDUXP HW YLUWXWXP VWXGLRVLV ORTXRUUHOLTXLVVDOXEUHFRQVLOLXPQXOOXPKDEHR´HEG 'H YLWD VROLWDULD ,,  Å1HF YHUR SDU HVW RPQLEXV VHG WLEL VHG PLFKL HW KLV SDXFLV TXLEXVKHFUDUDFRQYHQLXQW1RELVFHUWHVLQRQYXOJLYRFHVVHGQDWXUDPQRVWUDPVH TXLPXUQLFKLOHVWDSWLXV´3HWUDUFD  , 'H YLWD VROLWDULD ,    Å(TXLGHP VROLWXGR VLQH OLWHULV H[LOLXP HVW FDUFHU HTXXOHXV DGKLEHOLWHUDV²SDWULDHVWOLEHUWDVGHOHFWDWLR´3HWUDUFD   'HUHPHGLLVXWULXVTXHIRUWXQDH SUDHIDWLR]XP7HLO Å6HGFXPKLVPD[LPHTXLGRFWULQD PLQXVIXOWLHVVHQWKDHFQHFHVVDULDSUDHYLGHUHPQRWRLOOLVHWFRPPXQLYRFDEXORXVXV VXP´LQ3HWUDUFD E 

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



JH]ZLVFKHQGHQ$IIHNWHQXQGGHU9HUQXQIWDXIGLHSULQ]LSLHOOMHGHU]X UFNJUHLIHQNDQQ 'HU2UWGHV3KLORVRSKLHUHQV 'HPYHUlQGHUWHQ%HJULIIYRQ3KLORVRSKLHNRUUHVSRQGLHUWDXFKHLQHQHXH 9RUVWHOOXQJ YRQ GHP DQJHPHVVHQHQ 2UW GHV 3KLORVRSKLHUHQV :R NDQQ PDQDPEHVWHQVHLQHHLJHQH6HHOHHUIRUVFKHQXQGGXUFKGDV6WXGLXPDQWL NHU7H[WHVLFKVHOEVWYHUEHVVHUQ"'LHVVFKHLQW3HWUDUFDDPEHVWHQLQGHU $EJHVFKLHGHQKHLW P|JOLFK 'LH +|UVlOH GHU 8QLYHUVLWlWHQ VLQG GDIU GHQNEDUXQJHHLJQHWVRVFKUHLEW3HWUDUFDDQVHLQHQ%UXGHU,QGHU6WLOOH XQG=XUFNJH]RJHQKHLWQLFKWHWZDLQ$WKHQ5RPRGHU3DULV²GHQ=HQW UHQ GHU DQWLNHQ XQG PLWWHODOWHUOLFKHQ 3KLORVRSKLH ² KDEH GLHVHU 3KLORVR SKLHJHOHUQW ,Q 'H YLWD VROLWDULD IKUW 3HWUDUFD GHP /HVHU HLQGULQJOLFK YRU $XJHQ GDVVGDV6WDGWOHEHQEHUKDXSWGHQ0HQVFKHQYRQVLFKVHOEVWHQWIUHPGHW ,QGHU=XUFNJH]RJHQKHLWKLQJHJHQNRPPHHU]XVLFKVHOEVW'DEHLPDFKW 3HWUDUFD LPPHU GHXWOLFK GDVV HU NHLQH DEVROXWH (LQVDPNHLW PHLQW GHQQ )UHXQGHVLQGLKPLPPHUZLOONRPPHQ *HJHQ GLH 6WDGW ]X DUJXPHQWLHUHQ PHLQW ]XJOHLFK DXFK JHJHQ GLH 8QLYHUVLWlW]XDUJXPHQWLHUHQ$XFKZHQQHV3HWUDUFDQLFKWEHNDQQWJHZH VHQVHLQPDJVRZDUGRFKGDV7KHPDÄ6WDGW¶EHUHLWV]XP*HJHQVWDQGGHU 9HUKHUUOLFKXQJ XQG GHU $EOHKQXQJ YRQ *HOHKUWHQ JHZRUGHQ XQG ]ZDU IU-HDQGH-DQGXQGHU²ZLHEHUHLWVHUZlKQW²HLQHQ7H[W]XP/REGHU 6WDGW 3DULV YHUIDVVW KDW XQG 5D\PRQG /XOO GHU VLFK GXUFK (LQIOXVV GHU 6WDGW3DULVYROONRPPHQ]HUVW|UWXQGYHUZLUUWIKOWH

  





(LQH'HXWXQJGHV'LDORJVDOVÅ(WKLNRKQH5LFKWVFKQXU´KDWQHXHUGLQJV+HLQULFK& .XKQYRUJHOJWYJO.XKQ   )DPLOLDUHV;9,,  Å+DQFWXOHJHPJHUPDQHFDULVVLPHQRQLQWHUVFRODVWLFRUXP JUHJHVLQVWUHSLWXVHGVROXVLQVLOHQWLRGLGLFLVWL´3HWUDUFD  ,,, )DPLOLDUHV ;9,,    Å+DQF WX HUJR SKLORVRSKLDP JHUPDQH RSWLPH QRQ $WKHQLV DXW5RPHQRQ3DULVLXV VHGGHYRWRLQPRQWHDFUHOLJLRVRLQQHPRUHIHOLFLWHU DSSUH KHQGLVWLPXOWRLOOLVYHULRUVHFXULRUTXHSKLORVRSKXV´3HWUDUFD  ,,, 3HWUDUFD KDWWH VRJDU HLQPDO GLH $EVLFKW HLQHQ VlNXODUHQ +XPDQLVWHQRUGHQ ]X JUQ GHQYJOKLHU]XGLH+LQZHLVHYRQ.H‰OHU F LQVE=XU(LQVDPNHLWEHL3HWUDUFD YJODXFKYRQ0RRV   =X-DQGXQVLHKHREHQ(,1/(,781* ]X/XOOYJO&FP;;;,,Å(JR VXPTXDVLWRWXVSHUYHUVXVFXP3DULVLXVVLWPHXVGLVFXUVXVLQRSLQLRQLEXV´'HU+LQ ZHLVDXIGLH7H[WHGHUEHLGHQ'HQNHUILQGHWVLFKEHL,PEDFK  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

.RQVHTXHQ]HQIUGHQ8PJDQJPLWSKLORVRSKLVFKHQ3RVLWLRQHQ 'LH2ULHQWLHUXQJDP1W]OLFKHQ 3HWUDUFD EHNODJW VLFK EHU GLH 8QEHUVLFKWOLFKNHLW XQG 9LHOIlOWLJNHLW GHU HLJHQHQ*HJHQZDUWGLHHUDOV3UREOHPEHJUHLIW=ZLVFKHQGHQ*HOHKUWHQ KHUUVFKHNHLQH(LQLJNHLWEHUDOOJHEHHV6FKXOVWUHLWLJNHLWHQNHLQHYHUELQG OLFKH1RUPVRQGHUQQXU9LHOIDOWXQG=ZLHWUDFKW:RUDQVROOHPDQVLFK RULHQWLHUHQZHQQPDQVLFKSKLORVRSKLVFKHQ7H[WHQ]XZHQGHW" 3KLORVRSKLVFKH.RQ]HSWHZHUGHQYRQ3HWUDUFDDQLKUHU3UDNWLNDELOLWlW XQG1W]OLFKNHLWEHPHVVHQ6LHP|JHQHLQHQ:HUWLQVLFKVHOEVWEHVLW]HQ DEHUGDIULQWHUHVVLHUWVLFK3HWUDUFDQLFKW'HQQEHLLKPPVVHQVLFKDXFK GLH SKLORVRSKLVFKHQ .RQ]HSWH DP /HEHQ VHOEVW EHZlKUHQ 'DV /HEHQ DEHU LVW NRQWLQJHQW HV ]HLJW VLFK HLQPDO VR XQG HLQPDO DQGHUV (V ZlUH GDKHUYHUIHKOWVLFKHLQIDFKHLQHU/HKUHDQ]XVFKOLH‰HQVRQGHUQPDQPXVV EHUSUIHQ ZHOFKH /HKUH HLQHP LP YRUOLHJHQGHQ )DOO QW]OLFK XQG KLOI UHLFKLVW 0LW GLHVHU +DOWXQJ VWHKHQ GLH EHUOLHIHUWHQ SKLORVRSKLVFKHQ 7H[WH XQG 3KLORVRSKLHQ DXI QHXH :HLVH ]XU 'LVSRVLWLRQ (V ZLUG QLFKW HLQH 3KLORVRSKLHDOV3DUDGLJPDEHUQRPPHQ7H[WHZHUGHQQLFKWDOV6\VWHPH UH]LSLHUW RGHU DOV NRKlUHQWH :HOWHUNOlUXQJHQ GHQHQ PDQ VLFK DQVFKOLH‰W RGHUQLFKW'DV.ULWHULXPGDVGLH$XVZDKOEHGLQJWLVWUDGLNDOSHUV|QOLFK ZDVGHPHLJHQHQ'HQNHQXQG/HEHQKLOIUHLFKLVWZLUGDXIJHJULIIHQ 'HQQLFKOLHEHQLFKWGLH6FKXOHQVRQGHUQGDV:DKUH'DKHUELQLFKQXQ3HULSD WHWLNHUQXQ6WRLNHUXQG]ZLVFKHQGXUFK$NDGHPLNHUKlXILJDEHUDXFKQLFKWVYRQ GLHVHQQlPOLFKVRRIWPDQEHLLKQHQHWZDVILQGHWGDVGHPZDKUHQXQGJOFNVHOLJ PDFKHQGHQ*ODXEHQZLGHUVSUHFKHQGRGHUYHUGlFKWLJLVW'HQQVRLVWHVHUODXEW GLH 6FKXOHQ GHU 3KLORVRSKHQ ]X OLHEHQ XQG JXW]XKHL‰HQ QlPOLFK ZHQQ VLH YRQ GHU :DKUKHLW QLFKW DEZHLFKHQ ZHQQ VLH XQV XQG XQVHUHP +DXSWDQOLHJHQ QLFKW HQWJHJHQVWHKHQZRVLHGLHVYLHOOHLFKWYHUVXFKHQVROOWHQ²VHLHV3ODWRQRGHU$ULV WRWHOHV9DUURRGHU&LFHUR²ZHUGHQVLHLQIUHLHU8QEHXJVDPNHLWYHUDFKWHWXQGDO OHPLW)‰HQJHWUHWHQ.HLQH6FKlUIHGHU'LVSXWDWLRQHQNHLQH6DQIWKHLWGHU:RU WHNHLQH$XWRULWlWGHV1DPHQVEHUKUWXQV



)DPLOLDUHV;Å'LVFRUGDQWVWXGLDWXPRPQLXPWXPHWLDPVLQJXORUXPKRPLQXP´   Å,WDTXHYDULHWDWHPKXPDQRUXPDFWXXPSHUVHTXDPXU´  Å,QKDFHUJRTXDQWDTXR TXH GLVFRUGLD HVW´   Å,OOXG YHUR QRQ SUHWHUHR LQ KLV LSVLV WDQWLV LQJHQLLV YLULVTXH WDPJUDYLEXVWDQWDPHVVHGLVFRUGLDPXWDOWHUDOWHUXPVSHUQDWDFULGHDW´  3HWUDUFD  ,,  )DPLOLDUHV9,  ÅQRQHWHQLPVHFWDVDPRVHGYHUXP,WDTXHQXQFSHU\SDWHWLFXV QXQF VWRLFXV VXP LQWHUGXP DFKDGHPLFXV VHSH DXWHP QLFKLO KRUXP TXRWLHQV TXLF TXDPRFFXUULWDSXGHRVTXRGYHUHDFEHDWLILFHILGHLDGYHUVXPVXVSHFWXPYHVLW,WDH QLPSKLORVRSKRUXPVHFWDVDPDUH HWDSSUREDUHSHUPLWWLPXUVLDYHULWDWHQRQ DEKRU UHQWVLQRVDQRVWURSULQFLSDOLSURSRVLWRQRQDYHUWXQWTXRGXELIRUWHWHQWDYHULQWVHX LOOH VLW3ODWRQVHX$ULVWRWLOHV VHX 9DUURVHX&LFHUROLEHUDFRQWXPDFLDFRQWHPQDQWXU

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



'LHVHV 9HUIDKUHQ PDJ PDQ HNOHNWL]LVWLVFK QHQQHQ GDGXUFK OlVVW HV VLFK YLHOOHLFKWDXFKUHLQlX‰HUOLFKFKDUDNWHULVLHUHQ'RFKGDPLWLVWQRFKQLFKWV EHUGLH)XQNWLRQXQGGLH%HGHXWXQJGLHVHV9HUIDKUHQVJHVDJW0DQNDQQ LQ LKP DXFK GHQ VRXYHUlQHQ 8PJDQJ PLW EHUOLHIHUWHP 'HQNHQ VHKHQ ZHOFKHV GLH 6WlUNHQ GHU MHZHLOLJHQ $QVlW]H DXIJUHLIW XP VLH LP HLJHQHQ 'HQNHQIUXFKWEDU]XPDFKHQ 'LH 6WlUNHQ GHU 3KLORVRSKLHQ OLHJHQ DXI YHUVFKLHGHQHQ *HELHWHQ $ULVWRWHOHVEHVWLFKWGXUFKGLH'HXWOLFKNHLWXQG*HQDXLJNHLWGHU$UJXPHQ WDWLRQ'LHLPPHUKLQUHODWLYH:HUWVFKlW]XQJDXFKGHUYHUJlQJOLFKHQ* WHUEHVFKUHLEWGDVZLUNOLFKH/HEHQDQJHPHVVHQHUDOVGDVVWRLVFKH,GHDO 'DVVWRLVFKH,GHDOGHVWXJHQGKDIWHQ:HLVHQKLQJHJHQLVWVLQQYROODOVUHJX ODWLYH ,GHH DQ GHU PDQ VHLQ /HEHQ DXVULFKWHQ NDQQ MHGRFK QLFKW DOV ]X YHUZLUNOLFKHQGHV ,GHDO GD HV ]X ULJLGH XQG ZHQLJ SUDNWLNDEHO LVW 'LH %H]lKPXQJGHU/HLGHQVFKDIWHQGXUFKGLH9HUQXQIWZLUG]XHLQHP*UXQG WKHPD3HWUDUFDV8QGDQJHVLFKWVXQVHUHUXQVLFKHUHQ/DJHLQ+LQVLFKWDXI GLH:DKUKHLWVHUNHQQWQLVVFKOLH‰WVLFK3HWUDUFDGHP9RUJHKHQGHU$NDGH PLNHU DQ QlPOLFK VLFK PLW GHP 8UWHLO ]XUFN]XKDOWHQ ZR GLH :DKUKHLW QLFKWHUUHLFKWZHUGHQNDQQ 6WUDWHJLHQGHU0RUDOEHJUQGXQJH[SHULHQWLDDOV/HLWEHJULII $XV GHP ELVKHU 'DUJHOHJWHQ LVW GHXWOLFK JHZRUGHQ GDVV 3HWUDUFD VHLQH LQWHOOHNWXHOOHQ %HWlWLJXQJHQ GXUFKDXV DOV SKLORVRSKLVFK FKDUDNWHULVLHUW GDVVHUHLQHQEHVWLPPWHQ²HEHQIDOOVWUDGLWLRQVUHLFKHQ²%HJULIIYRQ3KL ORVRSKLH KDWWH XQG GDVV HU VLFK PLW PRUDOSKLORVRSKLVFKHQ 7KHPHQ EH VFKlIWLJWKDW 3HWUDUFDV3KLORVRSKLHEHJULIILVWQLFKWDP3DUDGLJPDGHU:LVVHQVFKDIW VRQGHUQ DQ GHP GHV /HEHQV RULHQWLHUW :HOFKH *HOWXQJ N|QQHQ GLHVH 7H[WH QXQ IU VLFK EHDQVSUXFKHQ" :LH XQG GXUFK ZHOFKH 0LWWHO LVW HV



  

RPQHV DWTXH FDOFHQWXU 1XOOD GLVSXWDWLRQXP DUJXLWDV QXOOD YHUERUXP OHQLWDV QXOOD QRPLQXPQRVWDQJDWDXWRULWDV´3HWUDUFD  ,, )DPLOLDUHV ;;,,,  Å,QWHU KHF HUJR YLUL FRQVWDQWLDP LOOLXV QRQ WDP IDFLOH DVVHTXRU TXDPPLURUHWDGVXPPDPVLFPHLQYHQLRXWVHSHUDWLRVWRLFDVHQVXVPLFKLSHU\SD WKHWLFXVVHPSHUVLW´3HWUDUFD  ,9 6HFUHWXPÅDGVWRLFRUXPSUHFHSWDPHUHYRFDVSRSXORUXPRSLQLRQLEXVDYHUVDHWYHULWD WLVSURSLQTXLRUDTXDPXVXL´3HWUDUFD   =XU %HGHXWXQJ GHU :DKUKHLW EHL 3HWUDUFD YJO DXVIKUOLFKHU (EEHUVPH\HU D   'LHVZLUGEHVWlWLJWGXUFK3HWUDUFDV$QJDEHQLQHLQHP%ULHIDQGLH1DFKZHOWLQGHPHU VLFKDOVMHPDQGHQEH]HLFKQHWGHULQVEHVRQGHUHGHU0RUDOSKLORVRSKLHXQGGHU'LFK WXQJ]XJHWDQZDUÅ,QJHQLRIXLHTXRSRWLXVTXDPDFXWRDGRPQHERQXPHWVDOXEUH VWXGLXP DSWR VHG DG PRUDOHP SUHFLSXH SKLORVRSKLDP HW DG SRHWLFDP SURQR´ LQ 3HWUDUFD  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

3HWUDUFD P|JOLFK OHJLWLPLHUW XQG EHU]HXJHQG EHU (WKLN ]X VFKUHLEHQ" 'LHVHU)UDJHVROODXIPHKUHUHQ(EHQHQQDFKJHJDQJHQZHUGHQ=XQlFKVW ZLUGQDFKGHU$XWRULVLHUXQJGHV9HUIDVVHUVJHIUDJW:RGXUFKOHJLWLPLHUW VLFK3HWUDUFDDOV$XWRUHWKLVFKHU7H[WH"'XUFKZHOFKH7H[WXQG'DU VWHOOXQJVIRUPHQZLUGGLHVH/HJLWLPLHUXQJJHWUDJHQ"'DQQZHUGHQ²QDFK GHP$XVVFKHLGHQGHUGHGXNWLYHQV\OORJLVWLVFKHQ0HWKRGHGKGHV%HZHL VHV ² GLH LKP ]XU 9HUIJXQJ VWHKHQGHQ $UJXPHQWDWLRQVPLWWHOQ XQWHU VXFKW:LHDUJXPHQWLHUW3HWUDUFDPLW$XWRULWlWHQ"XQG:HOFKH)XQN WLRQHQEHUQHKPHQGLH([HPSOD" 3HWUDUFD VFKUHLEW XQWHU JDQ] DQGHUHQ %HGLQJXQJHQ PLW DQGHUHQ $E VLFKWHQXQGLQDQGHUHQ.RQWH[WHQDOVHLQ8QLYHUVLWlWVJHOHKUWHU:DVGRUW *HOWXQJ KDWWH XQG *HOWXQJ YHUEUJWH ZDV VLFK YRQ VHOEVW YHUVWDQG XQG ZDVXQGDXIZHOFKH:HLVHEHJUQGHWZHUGHQPXVVWHJDOWQLFKWYHUSIOLFK WHQGIU3HWUDUFD6HLQHEHUHLWVJHVFKLOGHUWHYHUlQGHUWH$XVJDQJVVLWXDWLRQ XQGVHLQUDGLNDODQGHUHU=XJDQJHUIRUGHUQDXFKDQGHUHXQGQHXH%HJUQ GXQJHQ XQG /HJLWLPLHUXQJHQ (V ZLUG VLFK ]HLJHQ GDVV GHP %HJULII GHU (UIDKUXQJKLHUEHLHLQHWUDJHQGH)XQNWLRQ]XNRPPW $XWRULVLHUXQJGHV9HUIDVVHUV 'LH)UDJHZRGXUFKPDQDOV9HUIDVVHUHLQHV7H[WHVDXWRULVLHUWLVWEHUHLQ EHVWLPPWHV7KHPD]XVFKUHLEHQZUGHPDQDQHLQHQ8QLYHUVLWlWVJHOHKU WHQ²ZLHHWZD%XULGDQ²JDUQLFKWULFKWHQ'HQQVHLQH/HJLWLPLHUXQJJLOW XQKLQWHUIUDJWHUKDWHLQHHQWVSUHFKHQGH$XVELOGXQJHUKDOWHQXQGJLEWVHLQ :LVVHQLQGHPGDIUYRUJHVHKHQHQLQVWLWXWLRQHOOHQ5DKPHQDXIDQHUNDQQ WH:HLVHZHLWHU'LHVHQLFKWHLJHQV]XEHJUQGHQGH/HJLWLPLWlWEHUXKWKLHU DOVRDXIGHPHUEUDFKWHQ1DFKZHLVGHU)lKLJNHLWGKGHU$XVELOGXQJXQG GHQLQVWLWXWLRQHOOYHUDQNHUWHQ)XQNWLRQHQ hEHU EHLGHV YHUIJWH 3HWUDUFD QLFKW HU DUEHLWHWH XQG ZLUNWH QLFKW LQ GHP.RQWH[WLQGHPGLHVH/HJLWLPLHUXQJJDOW+LQ]XNRPPWHLQZHLWHUHU 3XQNW GLHVH LQVWLWXWLRQHOO DEJHVLFKHUWH $XWRULVLHUXQJ JUHLIW LP )DOO YRQ 3HWUDUFDV 3KLORVRSKLHEHJULII DXFK JDU QLFKW :HQQ 3KLORVRSKLH QLFKW KDXSWVlFKOLFK HLQ :LVVHQ PHLQW VRQGHUQ HLQH LQQHUH +DOWXQJ XQG HLQH /HEHQVNXQVWGDQQLVWQLFKWGHUMHQLJHOHJLWLPLHUWEHUVLH]XVSUHFKHQGHU YLHOZHL‰VRQGHUQGHUMHQLJHGHULQGLHVHU.XQVWJHEWLVWGHUEHU(UIDK UXQJHQYHUIJW'DEHLLVWZLFKWLJGDVVGLHVH(UIDKUXQJDXFKZLUNOLFKJH PDFKWZXUGHGDVVGHUMHQLJHGHUVFKUHLEWDXWKHQWLVFKLVWQXUGDVVFKUHLEW ZDVHUDXFKGHQNWXQGGDVGHQNWZDVHUDXFKWXWRGHUWXQZLOO'HUDOVR ZHGHUVLFKVHOEVWQRFKGHQ/HVHUEHUVLFKWlXVFKHQZLOOXQGGDKHUEHU HLQHZHLWHUH7XJHQGYHUIJWGLHLQWHOOHNWXHOOH5HGOLFKNHLW

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



3HWUDUFDLQV]HQLHUWVLFKGDKHUDOVMHPDQGGHUEHUHLJHQH(UIDKUXQJHQ YHUIJWXQGHUEHPKWVLFKVLFKVHOEVWDOVZDKUKDIWLJGDU]XVWHOOHQ'LHVH 6HOEVWLQV]HQLHUXQJ JHVFKLHKW XQSUREOHPDWLVFK XQG TXDVL YRQ VHOEVW LQ SHUV|QOLFKHQOLWHUDULVFKHQ*HQUHVZLHGHP%ULHI,QVHLQHPDXVGUFNOLFK ]XU 9HU|IIHQWOLFKXQJ YRUJHVHKHQHQ %ULHIFRUSXV SUlVHQWLHUW VLFK 3HWUDUFD QLFKWDOVHLQHQUXKLJHQHUOHXFKWHWHQ:HLVHQVRQGHUQDOVHLQHQ6XFKHQGHQ DOVMHPDQGGHVVHQ6HHOH]HUULVVHQLVWIUDJPHQWDULVLHUW'HULQVLFKVHOEVW XQWHUVFKLHGOLFKHXQGZLGHUVSUFKOLFKH$EVLFKWHQIHVWVWHOOWXQG]ZDUQLFKW QXULQVRIHUQPDQYLHOOHLFKWDOVDOWHUXQGMXQJHU0HQVFKXQWHUVFKLHGOLFKHV ZLOOVRQGHUQDXFKDOVHLQ]HOQHULQVHLQHU*HJHQZDUW ZHU YRQ XQV ZLOO KHXWH GDVVHOEH ZLH JHVWHUQ GDVVHOEH VSlW ZDV HU DP PRUJHQ ZROOWH"7HLOHGHQ7DJLQ6WXQGHQGLH6WXQGHLQ0RPHQWHGXZLUVWPHKU$EVLFK WHQ DOV 0RPHQWH ILQGHQ 'LHV LVW HV ZDV PLFK EHVRQGHUV YHUZXQGHUW GDVV VLFK QLFKWDOOH0HQVFKHQGDUEHUYHUZXQGHUQZXQGHUWPLFKQRFKPHKU

'LHVH :LGHUVSUFKOLFKNHLWHQ ZLOO 3HWUDUFD QLFKW YHUGHFNHQ HU PDFKW VLH GHXWOLFK'DGXUFKLQV]HQLHUWVLFK3HWUDUFDDOVMHPDQGGHUVLFKQLFKWHLQH 0DVNHGHU*OHLFKPWLJNHLWDXIOHJWVRQGHUQDOVMHPDQGGHUVLFK]HLJWDOV GDV ZDV HU LVW XQYHUIlOVFKW XQG DXWKHQWLVFK 3HWUDUFD LVW VHOEVW MHPDQG GHUPLWGHQPRUDOLVFKHQ3UREOHPHQGLHGDV/HEHQDXIZLUIWNlPSIW 'HXWOLFK ZLUG GLHV DXFK LQ GHP :HUN 6HFUHWXP GDV H[SOL]LW YRQ GHQ VHHOLVFKHQ 1|WHQ GHV $XWRUV KDQGHOW 3HWUDUFD LQV]HQLHUW VLFK KLHU DOV MH PDQG GHU EHUHLW LVW GLH PRUDOLVFKHQ 0D[LPHQ DXFK DXI VLFK VHOEVW ]X EH]LHKHQ6RZLUGEHL3HWUDUFDGLH%HVWLPPXQJGHV0HQVFKHQDOVVWHUEOL FKHV XQG YHUQQIWLJHV /HEHZHVHQ ² HLQ 6DW] GHU LQ GHU VFKRODVWLVFKHQ /RJLNHLQEHOLHEWHV%HLVSLHOIU7HUPDQDO\VHQDEJHJHEHQKDW²]XU*HZLV VHQVIUDJH ZLH KDEH LFK PHLQ /HEHQ DQJHVLFKWV GLHVHU %HVWLPPXQJ ]X IKUHQ" 8QG GDIU GDVV GLH 'LDORJILJXU )UDQFLVFXV KLQWHU GHU VLFK GHU 

)DPLOLDUHV;  'DV =LWDW ODXWHWLP.RQWH[WÅ4XLV QRVWUXPTXHVRHQLP LGHP YXOWVHQH[TXRGYROXLWLXYHQLV"PLQXVGLFRTXLVQRVWUXPLGHPYXOWKLHPHTXRGHVWD WH"QHFGXPTXRGLQDQLPRHVWGL[LTXLVQRVWUXPLGHPYXOWKRGLHTXRGKHULLGHPVH URTXRGPDQHYROXHUDW"LSVXPGLHPLQKRUDVKRUDPLQPRPHQWDSDUWLUHSOXUHVXQLXV KRPLQLV YROXQWDWHV LQYHQLHV TXDP PRPHQWD +RF HVW TXRG VLQJXODULWHU PLURU TXRG QRQPLUDULRPQHVKRPLQHVPDJLVPLURU´3HWUDUFD  ,,  6HFUHWXP , Å$ ¶$EXQGH GLFWXP UHEDU VHG DJDP H[SUHVVLXV +RPLQHP TXLGHP HVVH DQLPDOLPRYHURDQLPDOLXPSULQFLSHPFXQWRUXPQHPRWDPGXUXVSDVWRULQYHQLHWXU HWQHVFLDWQHPRUXUVXVVLLQWHUURJHWXUDXWUDWLRQDOHDQLPDODXWPRUWDOHQHJDYHULW·3 ¶,WDRPQLEXVGLIILQLWLRQRWDHVW·$¶,PRYHURSHUSDXFLV·)¶4XLGHUJR"·$¶6LTXHP YLGHULV DGHR UDWLRQH SROOHQWHP XW VHFXQGXP HDP YLWDP VXDP LQVWLWXHULW XW VLEL VROL VXELHFHULWDSSHWLWXVXWLOOLXVIUHQRPRWXVDQLPLFRKHUFHDWXWLQWHOOLJDWVHVHSHULOODP WDQWXPDEUXWRUXPDQLPDQWLXPIHULWDWHGLVWLQJXLQHFQLVLTXDWHQXVUDWLRQHGHJLWQR PHQKRFLSVXPKRPLQLVPHUHULDGHRSUHWHUHDPRUWDOLWDWLVVXHFRQVFLXPXWHDPFRWL GLHDQWHRFXORVKDEHDWSHUHDPVHLSVXPWHPSHUHWHWKHFSHULWXUDGHVSLFLHQVDGLOODP YLWDPVXVSLUHWXELUDWLRQHVXSHUDXFWXVGHVLQHWHVVHPRUWDOLVKXQFWDQGHPYHUDPGH GLIILQLWLRQHKRPLQLVDWTXHXWLOHPVFLHQWLDPKDEHUHGLFWLR+XLXVXOWLPLTXRQLDPGHHR



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

$XWRU )UDQFHVFR 3HWUDUFD YHUELUJW ² DXFK ZLUNOLFK ZDKUKDIWLJ VSULFKW YHUEUJW VLFK GLH :DKUKHLW GLH DOV VWXPPH 7HLOQHKPHULQ GHV 'LDORJV IU GLH:DKUKDIWLJNHLWGHV*HVDJWHQHLQVWHKW (LQZHLWHUHV%HLVSLHOLVWGHU7H[W'HYLWDVROLWDULD3HWUDUFDKLHOWVLFKLQ EHVRQGHUHU:HLVHEHIXJWEHUGDV7KHPDQDFKGHUUHFKWHQ/HEHQVIRUP LQGHU=XUFNJH]RJHQKHLW]XVFKUHLEHQOHEWHHUGRFKVFKRQHLQLJH-DKUH DXIGLHVH:HLVH$QGHUHGLHEOR‰EHU7XJHQGUHGHQLKUHLJHQHV/HEHQ DEHUQDFKJDQ]DQGHUHQ:HUWHQDXVULFKWHQVLQGQDFK3HWUDUFDGDKHUDXFK NHLQHEHUHFKWLJWHQ/HKUHU *OHLFKDP%HJLQQHWDEOLHUWHUGLH(UIDKUXQJXQG]ZDUGLHHLJHQHSHU V|QOLFKH(UIDKUXQJQHEHQGHQEOLFKHQhEHU]HXJXQJVJUQGHQLQZLVVHQ VFKDIWOLFKHU /LWHUDWXU QlPOLFK QHEHQ H[HPSOD DXFWRULWDV XQG UDWLR :HQQ PDQEHUHLJHQH(UIDKUXQJYHUIJHGDQQVHLHQH[HPSODDXFWRULWDVXQGUDWLR QLFKWQRWZHQGLJ3HWUDUFDEH]LHKWVLFKLQGLHVHP:HUNGDKHUYRUQHKP OLFKDXIGLHHLJHQH(UIDKUXQJXQGQLFKWDXIDQGHUH$XWRUHQ 6HOEVWYHUVWlQGOLFK JHK|UWH GLH (UIDKUXQJ DXFK LQ GHU VFKRODVWLVFKHQ $UJXPHQWDWLRQ]XGHQ(UNHQQWQLVTXHOOHQDEHUKLHUGRFKPLW]ZHL]HQWUD OHQ8QWHUVFKLHGHQ'LH(UIDKUXQJLVWLQVFKRODVWLVFKHQ7H[WHQHLQH(UIDK UXQJVTXHOOHQHEHQDQGHUHQVLHLVWQLFKWVR]HQWUDOXQGH[NOXVLYZLHKLHU YRQ 3HWUDUFD GDUJHVWHOOW XQG VLH JLOW QLFKW EHVRQGHUV YLHO GD ZLU XQV LP )HOGGHU(UIDKUXQJDXFKLPPHUWlXVFKHQN|QQHQ1RFKZLFKWLJHULVWDEHU YLHOOHLFKW GHU 8PVWDQG GDVV LQ HLQHP VFKRODVWLVFKHQ .RPPHQWDU LQ GHU 5HJHO NHLQH LQGLYLGXHOOHQ SHUV|QOLFKHQ (UIDKUXQJHQ HLQHV EHVWLPPWHQ 0HQVFKHQKLHUGHV$XWRUVYRUNRPPHQ6RQGHUQ(UIDKUXQJVXUWHLOHZHU GHQ KLHU NDWHJRULDO JHIDVVW VLH XPIDVVHQ GLH .ODVVH DOOHU 8UWHLOH GLH ZLU QXU GXUFK (UIDKUXQJ JHZLQQHQ N|QQHQ ZDV QLFKW KHL‰W GDVV PDQGLHVH (UIDKUXQJVHOEVWJHPDFKWKDEHQPXVV 'LHSHUV|QOLFKH(UIDKUXQJ²LP6LQQHGHVUHOLJL|VHQ(UOHEHQV²LVWMH GRFKLQGHUP\VWLVFKRULHQWLHUWHQ/LWHUDWXUGHV0|QFKVWXPV]HQWUDO'HU

 



 

QRELVVHUPRHUDWGLFHEDPSDXFRVFRJQLWLRQHPDXWPHGLWDWLRQHP\GRQHDPVRUWLWRV· )¶(JRPHKDFWHQXVH[SDXFLVUHEDU·´3HWUDUFD  , =XU)XQNWLRQGHU9HULWDVLQ3HWUDUFDV'LDORJYJO.SSHU   'H YLWD VROLWDULD ,    Å1RQ LQILWLRU GRFWRV TXRVGDP HW IDFXQGRV YLURV HVVH TXLD PXOWDVXEWLOLWHUDGYHUVXVKHFGLVSXWHQW&HWHUXPQRQGHLQJHQLRVHGGHPRULEXVHVW TXHVWLR$PELXQWFLYLWDWHVGHFODPDQWLQSRSXOLVPXOWDGHYLWLLVPXOWDGHYLUWXWLEXV ORTXXQWXU´3HWUDUFD   YJOKLHU]XDXFK)DPLOLDUHV;,,  ;,,  ;9   5HUXPPHPRUDQGDUXPOLEUL  LQ3HWUDUFD  I 'HYLWDVROLWDULD,  ÅTXLTXRGDXGLWVHFXPFRQIHUHQVQRQH[HPSOLLPDJLQHPQRQ DXWRULWDWLVSRQGXVQRQUDWLRQLVDFXOHXPXWFUHGDWQLFKLOGHQLTXHQLVLVXLLSVLXVWHVWL PRQLXPTXHULWHWWDFLWXVGLFLWÄ,WDHVW¶"´3HWUDUFD   Å,QKRFDXWHPWUDFWDWXPDJQDH[SDUWHVROLXVH[SHULHQWLHGXFDWXPKDEXL´HEG =XU%HGHXWXQJGHU(UIDKUXQJLQGHUP|QFKLVFKHQ/LWHUDWXUYJOGLH+LQZHLVHLQGHP .RPPHQWDU]XPYRUOLHJHQGHQ.RQWH[WYRQ.$((QHQNHOLQ3HWUDUFD   

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



8QWHUVFKLHG]X3HWUDUFDOLHJWKLHUQLFKWVRVHKULQGHU%HWRQXQJGHU(U IDKUXQJDOVYLHOPHKULQLKUHU%HVFKDIIHQKHLWEHL3HWUDUFDJHKWHVQLFKWXP HLQH LQ GHU .RQWHPSODWLRQ HUODQJWH (UIDKUXQJ GHV *|WWOLFKHQ VRQGHUQ XPVHLQH/HEHQVSUD[LVDOV,QWHOOHNWXHOOHULQGHU*HVHOOVFKDIWGHV-DKU KXQGHUWV $XWRULVLHUXQJGXUFK7H[WXQG'DUVWHOOXQJVIRUPHQ 'LH 6WDQGDUGV YRQ5DWLRQDOLWlW GLH VLFK LQGHQ YHUVFKLHGHQHQ 'LVNXUVHQ KHUDXVJHELOGHW KDEHQ XQG GLH QXQ *HOWXQJ HUODQJW KDEHQ XQG YRQ GHQ 7HLOQHKPHUQ GHV 'LVNXUVHV JHWHLOW ZHUGHQ ZHUGHQ LQ GLHVHQ 'LVNXUVHQ MHZHLOVYRUDXVJHVHW]WQLFKWHLJHQVUHIOHNWLHUW,P.RQWH[WGHU$ULVWRWHOHV NRPPHQWLHUXQJJDOWHQ6WDQGDUGVYRQ:LVVHQVFKDIWOLFKNHLWGLHVLFKGXUFK HLQ H[WHQVLYHV 6WXGLXP GHU ORJLVFKHQ 6FKULIWHQ GHV $ULVWRWHOHV KHUDXVJH ELOGHWKDWWHQ/RJLVFKH.RQVLVWHQ]XQGGLH5HJHOQGHU$EOHLWEDUNHLWYRQ $XVVDJHQ JHK|UWHQ ]X GLHVHQ 6WDQGDUGV GLH DXI YLHOH 'LV]LSOLQHQ DQJH ZHQGHW ZXUGHQ 0RUDOSKLORVRSKLH EDVLHUWH DXI GHU $QQDKPH HLQHU EH VWLPPWHQ1DWXUGHV0HQVFKHQDXVGHUPDQGXUFKIROJHULFKWLJH6FKOVVH GLH5HFKWIHUWLJXQJXQGGHQ1DFKZHLVGHU1RWZHQGLJNHLWHWKLVFKNRUUHN WHQ9HUKDOWHQVJHZLQQHQNRQQWH 'LHVHIRUPDOHQ$XWRULVLHUXQJVSUR]HVVHNRQQWH3HWUDUFDQLFKWIUVLFK LQ$QVSUXFKQHKPHQ9HUVWHKWPDQ3KLORVRSKLHDOV/HEHQVNXQVWGLHDXI GHU (UIDKUXQJ EDVLHUW GDQQ PXVV GHU $XWRU DOV 3HUVRQ GHXWOLFK ZHUGHQ XQGDOV6XEMHNWHLQHUHWKLVFKHQ(QWZLFNOXQJDOV7UlJHUGHUYRUJHEUDFKWHQ hEHUOHJXQJHQ =XGHP PXVV HU GHQ /HVHU DQVSUHFKHQXQG YRP5LFKWL JHQ EHU]HXJHQ +LHU QXQ HU|IIQHQ VLFK GLH VSH]LILVFKHQ 0|JOLFKNHLWHQ GHVhEHU]HXJHQVDXIGHU'DUVWHOOXQJVHEHQHDXIGLHHLQ9HUIDVVHUZLVVHQ VFKDIWOLFKHU 7H[WH QLFKW ]XUFNJUHLIHQ NDQQ 'LHV VHL DQKDQG YRQ GUHL %HLVSLHOHQVNL]]LHUW ,Q'HYLWDVROLWDULDEHVFKUHLEW3HWUDUFDLP:HFKVHOGHQ7DJHVDEODXIHL QHVEHVFKlIWLJWHQ6WDGWPHQVFKHQXQGHLQHV]XUFNJH]RJHQHQ0DQQHV(U JHKWKLHUQDUUDWLYHU]lKOHQGNRQNUHWXQGEHZHUWHQGYRUQLFKWDOOJHPHLQ WKHRUHWLVFKDEVWUDNWXQGVFKRQJDUQLFKWV\OORJLVWLVFKGHGXNWLY(UVSULFKW GDPLW GDV 9RUVWHOOXQJVYHUP|JHQ GHV /HVHUV DQ XQG HYR]LHUW HPRWLRQDOH 5HDNWLRQHQ 

=XGHPVSH]LILVFKHQ$XWRUYHUVWlQGQLV3HWUDUFDVGDVLP)ROJHQGHQVNL]]LHUWZLUGVHL DQJHPHUNW GDVV VLFK LQ EHVWLPPWHQ 'LVNXUVHQ GHV  -DUKKXQGHUWV JDQ] lKQOLFKH XQGYHUJOHLFKEDUH.RQ]HSWHHQWZLFNHOWKDEHQHWZDEHL5XSHUWYRQ'HXW]RGHU-RKQ RI 6DOLVEXU\ YJO KLHU]X GLH $UEHLWHQ YRQ 3HWHU YRQ 0RRV   XQG   XQG &KULVWHO0HLHU6WDXEDFK  XQG    9JO'HYLWDVROLWDULD,LQ3HWUDUFD  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

'XUFKGHQ7H[WVROOHQ/LHEHXQG+DVVHU]HXJWZHUGHQ'HQQGLH$I IHNWHPVVHQDQJHUHJWXQGULFKWLJHLQJHVHW]WZHUGHQQLFKWGHULQWHOOHNWX HOOH 7HLO GHV *HLVWHV GHQQGHU VLHKW MD RKQHKLQ HLQ ZDV ULFKWLJ XQG ZDV IDOVFKLVW'DV3UREOHPLVWGLH$IIHNWHLQGLHULFKWLJH5LFKWXQJ]XOHQNHQ $IIHNWH ZHUGHQ QLFKW GXUFK LQWHOOHNWXHOOH %HZHLVH VRQGHUQ GXUFK 5HL]H GHUVLQQOLFKHQ:DKUQHKPXQJHUUHJWXQGEHZHJW'XUFK%LOGHU*HVFKLFK WHQ GXUFK :HUWXUWHLOH GXUFK 6SUDFKH GXUFK GLH VFK|QH 5HGH 3HWUDUFD NDQQ KLHU GLH lVWKHWLVFKH 'LPHQVLRQ VHLQHV 7H[WHV LQ HWKLVFKHU $EVLFKW HLQVHW]HQ ,P 6HFUHWXP GLHQW GLH ,QV]HQLHUXQJ YHUVFKLHGHQHQ =ZHFNHQ $XI XQ WHUVFKLHGOLFKHQ (EHQHQ ZLUG GXUFK GLH ,QV]HQLHUXQJ $XWRULVLHUXQJ HU ]HXJW=XQlFKVWHLQPDOSUlVHQWLHUWVLFK3HWUDUFDDOVDXWKHQWLVFKHVJHKWLQ GHP :HUN XP LKQ VHOEVW XQG VHLQH 6HHOHQNRQIOLNWH 'DKHU HUVFKHLQW HU DXFKVHOEVWDOV6SUHFKHULP'LDORJ'DVZDVHU|UWHUWZLUGHUKlOWQLFKWQXU GXUFK GLH $XWKHQWL]LWlW GK GDV 9RUNRPPHQ GHU 3HUVRQ 3HWUDUFD *HO WXQJVRQGHUQGLHVHZLUGGXUFKGLH&KDUDNWHULVLHUXQJGHUZHLWHUHQ'LDORJ SDUWQHU EHVRQGHUV JHVWW]W 3HWUDUFD OlVVW LQ GLHVHP 'LDORJ GLH :DKUKHLW VHOEVWXQGGHQ.LUFKHQYDWHU$XJXVWLQXVDXIWUHWHQ'LH0|JOLFKNHLWGXUFK GLHLQHLQHP7H[WYRUNRPPHQGHQ3HUVRQHQGDV*HVSURFKHQHDXIEHVRQ GHUH :HLVH ]X DXWRULVLHUHQHUJLEW VLFK QLFKW LQ HLQHPZLVVHQVFKDIWOLFKHQ 7H[W6LHJHK|UWMHGRFKVHLW3ODWRQ]XGHQ*UXQGIRUPHQSKLORVRSKLVFKHQ 6SUHFKHQV$UJXPHQWLHUHQVXQGhEHU]HXJHQV ,Q'HUHPHGLLVUFNW3HWUDUFDDXIGHU'DUVWHOOXQJVHEHQHYRQGHPUDGL NDO SHUV|QOLFKHQ 6WDQGSXQNW DE ,Q )RUP YRQ NXU]HQ 'LDORJHQ JLEW 3HWUDUFDGHP/HVHU$UJXPHQWHLQGLH+DQGPLWWHOVGHUHUHUVLFKYRU]X JUR‰HQ(UVFKWWHUXQJHQGHU6HHOH²VHLHVLP3RVLWLYHQRGHULP1HJDWLYHQ ² LQ 6LFKHUKHLW EULQJHQ N|QQWH (V LVW GLH 6WLPPH GHU 0l‰LJXQJ GLH LQ OHLFKW YHUVWlQGOLFKHQ :RUWHQ GHQ EHUVFKZlQJOLFKHQ (PRWLRQHQ (LQKDOW JHELHWHW 3HWUDUFDV PRUDOLVFKH ,QVWUXNWLRQ EOHLEW QLFKW EHL GHP DOOJHPHL QHQ 6DW] ÄKDOWH 0D‰¶ VWHKHQ VRQGHUQ ]HLJW ZDV GLHV LQ HLQHU MH VSH]LIL VFKHQ 6LWXDWLRQ EHGHXWHW LQ GLH PDQ MHGHU]HLW JHODQJHQ NDQQ ,Q GLH YRU DOOHPHLQ,QWHOOHNWXHOOHUXQG%FKHUIUHXQGJHUDWHQNDQQ(VKDQGHOWVLFK TXDVLXPHLQH,QWURVSHNWLRQLQ'LDORJIRUPGLH$IIHNWHPVVHQYRQGHU 9HUQXQIW EHUUHGHW ZHUGHQ WXJHQGKDIW ]X KDQGHOQ XQG QLFKW ]X EHU VFKZlQJOLFK ]X UHDJLHUHQ 'LHV KDWWH LP *UXQGH DXFK $ULVWRWHOHV JHIRU GHUW 3HWUDUFD MHGRFK IKUW GLHV DXV LQV]HQLHUW HV DOV 'LDORJ XQG VSULFKW



+LHUVHLQXUDXIGLH)LJXUGHU'LRWLPDYHUZLHVHQGLHLQ3ODWRQV'LDORJ6\PSRVLRQHLQJH IKUWZLUGXPGDVEHVRQGHUH:LVVHQGDV6RNUDWHVYRQGHU/LHEHKDWDXV]X]HLFKQHQ XQG ]X OHJLWLPLHUHQ YJO 3ODWRQ 6\PSRVLRQ GE VLHKH GD]X DXVIKUOLFKHU (E EHUVPH\HU  

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



QLFKW HLQIDFK DOOJHPHLQ XQG DEVWUDNW EHU GLH 5DKPHQEHGLQJXQJHQ GHV (WKLVFKHQ $PUDGLNDOVWHQIUHLOLFKILQGHWGLH$XWRULVLHUXQJGHV9HUIDVVHUVDOVKLV WRULVFKDXWKHQWLVFKH3HUVRQLP*HQUHGHV%ULHIHVVWDWW3HWUDUFDKDW]DKO UHLFKH %ULHIVDPPOXQJHQ KLQWHUODVVHQ GLH HU EHUHLWV ]XU 9HU|IIHQWOLFKXQJ YRUJHVHKHQXQGUHGDNWLRQHOOEHDUEHLWHWKDW'LHVHV0HGLXPKDW3HWUDUFD LQWHQVLYJHQXW]WXPVHLQHPRUDOSKLORVRSKLVFKHQ9RUVWHOOXQJHQ]XIRUPX OLHUHQXQG]XYHUEUHLWHQ'HQQGHU%ULHIYHUPDJHVGHUUDGLNDONRQWLQJHQ WHQ XQG LQGLYLGXHOOHQ 6LWXDWLRQ XQVHUHV ZLUNOLFKHQ/HEHQV XQG +DQGHOQV JHUHFKW ]X ZHUGHQ 'LHVHU ,QGLYLGXDOLWlW ZLOO 3HWUDUFD PLW VHLQHQ %ULHIHQ 5HFKQXQJWUDJHQXQGGLHVHEHWULIIWQLFKWQXUGHQ9HUIDVVHUGHU%ULHIH VRQGHUQ YRU DOOHP DXFK GHQ $GUHVVDWHQ ,Q HLQHP%ULHI LQ GHP HU EHU VHLQHQHLJHQHQ%ULHIVWLOUHIOHNWLHUWEHPHUNWHUGLHVEH]JOLFK (VLVWJHZLVVGLHHUVWH6RUJHGHV6FKUHLEHQGHQ]XEHDFKWHQDQ ZHQHUVFKUHLEW GHQQGDPLWHUNHQQWHU]XJOHLFKDXFKGDV:DVXQGGDV:LHXQGGLHEULJHQ8P VWlQGH

3HWUDUFD EH]LHKW VLFK KLHU DXI GLH LQ 5KHWRULN XQG (WKLN UHOHYDQWH /HKUH YRQ GHQ 8PVWlQGHQ FLUFXPVWDQWLDH  GHV PHQVFKOLFKHQ +DQGHOQV 'LH JHQDXHQ 8PVWlQGH GLH HV ² ZLH VFKRQ $ULVWRWHOHV LQ GHU 1LNRPDFKLVFKHQ (WKLN DQPHUNW ² HUVFKZHUHQ LQ GHU (WKLN $OOJHPHLQJOWLJHV ]X OHKUHQ PVVHQ EHLP 9HUIDVVHQ HLQHV %ULHIHV EHDFKWHW ZHUGHQ (LQHP $OWHQ LVW DQGHUV]XEHJHJQHQDOVHLQHPXQHUIDKUHQHQ-QJOLQJHLQHPYRP6FKLFN VDO*HVFKODJHQHQDQGHUVDOVHLQHP*OFNOLFKHQ 'LH9HUVFKLHGHQKHLWHQGHU0HQVFKHQVLQGXQHQGOLFKXQGHVEHVWHKWNHLQHJU|‰H UH bKQOLFKNHLW LQ GHQ *HLVWHUQ DOV LQ GHQ *HVLFKWHUQ YHUVFKLHGHQHU 0HQVFKHQ 8QGVRZLHGLHVHOEH1DKUXQJQLFKWQXUGLH0lJHQYRQYHUVFKLHGHQHQ0HQVFKHQ

   





.XKQ   KDW YHUVFKLHGHQH 6WUDWHJLHQ UHNRQVWUXLHUW GLH 3HWUDUFD LQ 'H UHPHGLLV YHUZHQGHWXQGPLWGHQHQHVLKPJHOLQJW2ULHQWLHUXQJIUGHQ(LQ]HOIDOODQ]XELHWHQ 9JO GLH %ULHIVDPPOXQJHQ PLW GHQ IROJHQGHQ 7LWHOQ 'H UHEXV IDPLOLDULEXV 'H UHEXV VHQLOLEXV9DULDHXQG6LQHQRPLQH (SLVWRODHIDPLOLDUHV,  LQ3HWUDUFD  , (SLVWRODH IDPLOLDUHV ,    Å3ULPD TXLGHP VFULEHQWLV FXUD HVW FXL VFULEDW DWWHQGHUH XQDHQLPHWTXLGHWTXDOLWHUFHWHUDVTXHFLUFXPVWDQWLDVLQWHOOLJHW´3HWUDUFD   ,+HUYRUKHEXQJHQLQGHUhEHUVHW]XQJVWDPPHQYRQPLU %HUHLWV EHL $ULVWRWHOHV ILQGHW VLFK DQ YHUVFKLHGHQHQ 6WHOOHQ GHU 1LNRPDFKLVFKHQ (WKLN GLH$XI]lKOXQJGHUYHUVFKLHGHQHQ8PVWlQGHQGLHIUHLQHDQJHPHVVHQH%HXUWHLOXQJ HLQHU +DQGOXQJ EHGDFKW ZHUGHQ PVVHQ YJO HWZD $ULVWRWHOHV (WKLFD 1LFRPDFKHD DEDD 6SlWHUZXUGHQGLH8PVWlQGHQYRQ4XLQWLOL DQ LQ GLH UKHWRULVFKH 7UDGLWLRQ DXIJHQRPPHQ ² =XU /HKUH YRQ GHQ 8PVWlQGH FLU FXPVWDQWLDH LP0LWWHODOWHUYJO*UQGHO   9JO$ULVWRWHOHV(WKLFD1LFRPDFKHD,,E



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VRQGHUQDXFKGHQ0DJHQHLQHVHLQ]LJHQQLFKW]XMHGHU=HLWHUIUHXWVRVROOJOHLFK IDOOVGLH6HHOHQLFKWLPPHUPLWHLQHP6WLOJHQlKUWZHUGHQ

'LHVH +LQZHLVH YRQ3HWUDUFD IKUHQ GHP KHXWLJHQ/HVHU KXPDQLVWLVFKHU %ULHIHGHXWOLFKYRU$XJHQGDVVGLHLQHLQHP%ULHIJHWURIIHQHQ$XVVDJHQ GXUFKGHQH[SOL]LWJHPDFKWHQ6WDQGSXQNWGHV$XWRUVSHUVSHNWLYLHUWVLQG 0LWGLHVHU3HUVSHNWLYLHUXQJZHUGHQGLH$XVVDJHQHLQHUEHU]HLWOLFKHQXQG DOOJHPHLQHQ *OWLJNHLW HQWKREHQ 'LH $UJXPHQWDWLRQ LVW MHZHLOV GXUFK VSH]LILVFKH)DNWRUHQGHWHUPLQLHUWGHQ$XWRUGHQ$GUHVVDWHQGDV7KHPD XQGGLH$EVLFKWGLHYHUIROJWZLUG6LHEHDQVSUXFKHQ*OWLJNHLWGDKHUQXU MHZHLOV IU HLQH NRQNUHWH XQG GXUFK 3HUVRQHQ 2UW XQG =HLW QlKHU EH VWLPPWH6LWXDWLRQ 'DVV3HWUDUFDPLWGLHVHQ7H[WHQQLFKWEHUDOODXI=XVWLPPXQJJHVWR ‰HQLVWYHUVWHKWVLFKYRQVHOEVW'DV(FKRDXV.UHLVHQGHUDNDGHPLVFKHQ 3KLORVRSKLH DXI 'H UHPHGLLV NHQQHQ ZLU GXUFK GLH (UZLGHUXQJ DXI GLHVHV YRQ3HWUDUFDLQGHP7H[W'HVXLLSVLXV*HPHVVHQDQLKUHPHLJHQHQ%HJULII YRQ :LVVHQVFKDIWOLFKNHLW GHU VLFK DXI GLH (WKLN DXVGHKQWH NRQQWH GHU 7H[WDXFKQXUXQJHQJHQGVHLQ9HUVWlQGQLVIUGLHVH)RUPYRQPRUDOL VFKHU,QVWUXNWLRQZXUGHLKPQLFKWHQWJHJHQJHEUDFKW $UJXPHQWLHUHQPLW$XWRULWlWHQ $XWRULWlWVNULWLN 'LH.ULWLNDQGHP$XWRULWlWVJODXEHQLVWHLQZLHGHUNHKUHQGHV0RPHQWLQ GHQ 6FKULIWHQ 3HWUDUFDV 'LHVH H[SOL]LWH .ULWLN KDW HLQH PHWKRGLVFKH )XQNWLRQVLHZHUWHWGHQ$XWRUXQGVHLQHHLJHQH$QVLFKWGLHVLFKDXI(U IDKUXQJJUQGHWDXI6R]%LQGHU9RUUHGH]X'HUHPHGLLVZR3HWUDUFD VHLQHLJHQHV8UWHLOH[SOL]LWJHJHQGDVGHU$XWRULWlWHQDEVHW]W(VJHKWKLHU XP GLH )UDJH RE HV VFKZLHULJHU VHL VLFK YRU GHU *HIDKU GHV 8QJOFNV RGHUYRUGHUGHV*OFNV]XKWHQ$ULVWRWHOHVXQG6HQHFDQXQKDOWHQHV IUVFKZLHULJHU GLH $IIHNWH DQJHVLFKWV GHV 8QJOFNV ]X ]JHOQ ZlKUHQG 3HWUDUFDJHJHQWHLOLJHU$QVLFKWLVW (LQ VFKRODVWLVFKHU .RPPHQWDWRU KlWWH LQ GLHVHP )DOO YLHOOHLFKW 'LV WLQNWLRQHQ HLQJHIKUW GLH GLH %HJULIIH VR ZHLW XQWHUWHLOHQ GDVV OHW]WOLFK NHLQ:LGHUVSUXFKPHKU]XEHVWHKHQEUDXFKW$XIHLQHVROFKHYHUPLWWHOQGH /|VXQJVP|JOLFKNHLW YHU]LFKWHW 3HWUDUFD YLHOPHKU QXW]W HU GHQ YRQ LKP 

3HWUDUFD )DPLOLDUHV ,    Å,QILQLWH VXQW YDULHWDWHV KRPLQXP QHF PDLRU PHQWLXP VLPLOLWXGRTXDPIURQWLXP HWVLFXWQRQGLYHUVRUXPPRGRVHGXQLXVVWRPDFXPQRQ LGHPFLEXVRPQLWHPSRUHGHOHFWDWVLFLGHPDQLPXVQRQXQRVHPSHUQXWULHQGXVVWLOR HVW´3HWUDUFD  ,  9JOHWZD'HVXLLSVLXVLQ3HWUDUFD  II)DPLOLDUHV;;,9X

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



DXIJHEUDFKWHQ :LGHUVSUXFK XP VLFKVHOEVWXQG VHLQ8UWHLO GHXWOLFKHU ]X SURQRQFLHUHQ 'LHVHV 9RUJHKHQ WKHPDWLVLHUW HU DXVIKUOLFK XQG HU VHW]W VRJDU HLQ $XWRULWlWVDUJXPHQW JHJHQ GDV $XWRULWlWVDUJXPHQW HLQ ZHQQ HU 0DUFXV %UXWXVIUVHLQH3RVLWLRQ]LWLHUW6FKOLH‰OLFKJLEWHUDEHUDXFKDQZRUDXIHU VHLQH$QVLFKWJUQGHW :DVPLFK]XGLHVHU0HLQXQJEULQJWLVWQLFKWGHU5XKPGHU9HUIDVVHUVLQGQLFKW GLH)DOOVWULFNHYRQ:RUWHQXQGGLH6FKOLQJHQYRQ6RSKLVPHQVRQGHUQ(UIDKUXQJ PLWGHU:LUNOLFKNHLWZLHDXFKGLH%HLVSLHOHDXVGLHVHPXQVHUHP/HEHQXQG²HLQ VWDUNHU6FKZLHULJNHLWVEHZHLV²GHUHQ6HOWHQKHLW

(LJHQWOLFKLVWHVLQGHUZLVVHQVFKDIWOLFKHQ.XOWXUVHLQHU=HLWNHLQJUR‰HV 3UREOHPJHJHQHLQH$XWRULWlW]XVSUHFKHQHVZDUVRJDUEOLFKGHQQGDV PDFKWHQDOOHGLHHLQ$XWRULWlWVDUJXPHQWZLGHUOHJWHQ$EHUKLHUDUJXPHQ WLHUW3HWUDUFDQLFKWQXUJHJHQHLQHEHVWLPPWH$XWRULWlWVRQGHUQJHJHQGLH $XWRULWlW DOV VROFKH 'XUFK GLH H[SOL]LWH 7KHPDWLVLHUXQJ GHU $EOHKQXQJ HLQHU$XWRULWlWYHUOHLKWHUGHPHLJHQHQ6WDQGSXQNWPHKU*HZLFKW 0HWKRGLVFKHU5HNXUVDXIGLH$XWRULWlWHQGHVFKULVWOLFKHQ*ODXEHQV (VLVWQLFKW]XOHXJQHQGDVV3HWUDUFDKlXILJDXIGHQFKULVWOLFKHQ*ODXEHQ DOV/HW]WLQVWDQ]UHNXUULHUW:LHLVWGLHV]XYHUVWHKHQ")RUGHUW3HWUDUFD]X HLQHUQHXHQ)U|PPLJNHLWDXI"+lOWHUGDV6WXGLXPGHU%LEHOIUGHQHLQ ]LJHQ:HJVLFKPRUDOLVFKXQGPHQVFKOLFK]XHQWZLFNHOQ" =ZHLIHOORVKDWVLFK3HWUDUFDDOV&KULVWYHUVWDQGHQDEHUGLHVH%HVWLP PXQJUHLFKWQLFKWDXVXPVHLQHLQWHOOHNWXHOOHQ7lWLJNHLWHQ]XFKDUDNWHUL VLHUHQ 1LPPW PDQ DQ GDVV HV 3HWUDUFD QXU RGHU KDXSWVlFKOLFK XP GDV 3URSDJLHUHQHLQHUQHXHQ)U|PPLJNHLWJLQJVRVWHKWPDQYRUGHP3URE OHP HUNOlUHQ ]X PVVHQ ZDUXP HU LQ YLHOHQ 6FKULIWHQ QLFKW FKULVWOLFK DUJXPHQWLHUWXQGLQHLQLJHQ6FKULIWHQGDV*ODXEHQVPRPHQWHLQHlX‰HUVW JHULQJH5ROOHVSLHOW%H]JOLFKGHU)UDJHQDFKGHU%HGHXWXQJGHVFKULVWOL FKHQ *ODXEHQV LP'HQNHQ3HWUDUFDVVROO KLHU NHLQ DEVFKOLH‰HQGHV 8UWHLO JHIlOOWZHUGHQ(VVROOKLHUQXUJH]HLJWZHUGHQZHOFKH )XQNWLRQHQGHU 5HNXUVDXIFKULVWOLFKHV'HQNHQLQGHQHWKLVFKHQhEHUOHJXQJHQ3HWUDUFDV HLQQLPPW



'H UHPHGLLV SUDHIDWLR  ÅTXRG XW VLF RSLQHU QRQ PH VFULEHQWLXP IDPD QRQ YHUERUXP ODTXHLQRGLTXHVRSKLVPDWXPVHGUHUXPH[SHULPHQWDYLWDHTXHKXLXVDGLJXQWH[HPSOD HWPDJQXPGLIILFXOWDWLVDUJXPHQWXPUDULWDV´3HWUDUFD E   9JO ]X GLHVHU )UDJH HWZD $XJXVW %XFN IU GHQ 3HWUDUFD GHU 3URWRW\S GHV ÅFKULVWOL FKHQ+XPDQLVWHQ´LVW6LHKHGD]XGLH%HPHUNXQJHQYRQ%XFNLQ3HWUDUFD  ;;, XQGDXVIKUOLFKHULQ%XFN  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

3HWUDUFD DUJXPHQWLHUW PLW GHP FKULVWOLFKHQ *ODXEHQ KlXILJ PHWKR GLVFK6LFKHUOLFKLVW3HWUDUDHLQ&KULVWDEHUHUEHWUHLEWQLFKWHLQIDFK$XV OHJXQJGHUKHLOLJHQ6FKULIWHQ'HU5HNXUVDXIFKULVWOLFKHV'HQNHQZLUGDOV *HJHQDUJXPHQWJHEUDXFKWVRGDVVPDQ3HWUDUFDPLWGLHVHU3RVLWLRQQLFKW LPPHULGHQWLIL]LHUHQPXVVHVVSLHOWEHLGHU'DUOHJXQJGHUHLJHQHQPRUDO SKLORVRSKLVFKHQhEHUOHJXQJHQQXUHLQHXQWHUJHRUGQHWH5ROOH 'DV &KULVWHQWXP JLEW3HWUDUFD QLFKW MHGH XQG GLH OHW]WH $QWZRUW DXI VHLQH /HEHQVSUREOHPH 'LHVH YHUVXFKW HU LQ $XVHLQDQGHUVHW]XQJ PLW $XWRUHQGHUODWHLQLVFKHQ$QWLNH]XEHZlOWLJHQ'LHFKULVWOLFKHNRQWHPSOD WLYH/HEHQVIRUPGLHHUVHKUOREWLVWQLFKWVHLQHHLJHQH/HEHQVIRUP(U VXFKW QDFK 2ULHQWLHUXQJ DOV ,QWHOOHNWXHOOHU MHQVHLWV GHU .ORVWHUPDXHUQ 6HLQH6FKULIWHQ²PLW$XVQDKPHYRQ'HRWLRUHOLJLRVR²ELHWHQHWKLVFKH2UL HQWLHUXQJDXFKXQGJHUDGHIUVROFKHGLHQLFKWGDV/HEHQHLQHV0|QFKHV IKUHQ&KULVWOLFKNRQWHPSODWLYHV6FKULIWWXPNDQQKLHUYLHOOHLFKWELVZHLOHQ DXFK QW]OLFK VHLQ UHLFKW DEHU QLFKW DXV XP VLFK LQ GHU :HOW PRUDOLVFK ]XUHFKW]XILQGHQ 3HWUDUFDEH]LHKWVLFKKlXILJDXIFKULVWOLFKH'HQNHOHPHQWHDOV$XWRUL WlW XP GHQ *HOWXQJVDQVSUXFK GHU VFKRODVWLVFKHQ 3KLORVRSKLH HLQ]X VFKUlQNHQ 6R DXFK EHL GHU .ULWLN DQ $ULVWRWHOHV ZRUDXI NDQQ VLFK 3HWUDUFD EH]LHKHQ XP JHJHQ HLQHQ DEVROXW DQHUNDQQWHQ DXVJHZLHVHQHQ XQG DOOJHJHQZlUWLJHQ 9HUIDVVHU GHU *UXQGWH[WHGHU3KLORVRSKLH ]X DUJX PHQWLHUHQ" 'LH HLJHQH (UIDKUXQJ ZDU LKP VLFKHUOLFK YLHO ZHUW GRFK VLH GUIWH QLFKW DXVUHLFKHQ XP $ULVWRWHOHV SULQ]LSLHOO ]X HQWNUlIWHQ 8P JH JHQGLH$XWRULWlWGHV9HUIDVVHUVGHU1LNRPDFKLVFKHQ(WKLN]XDUJXPHQWLH UHQEHQ|WLJWHUGHQ5HNXUVDXI(OHPHQWHGHVFKULVWOLFKHQ*ODXEHQV'HU FKULVWOLFKH*ODXEHLVWHLQVWDUNHV$UJXPHQWJHJHQGLHVFKRODVWLVFKH3KLOR VRSKLHHULVWDEHUQLFKWGLHOHW]WH/|VXQJXQVHUHU/HEHQVSUREOHPH 7UDQVIRUPDWLRQGHU$XWRULWlWHQ]X3HUVRQHQ 'LH ]HQWUDOH SRVLWLYH %HVWLPPXQJ GHV $XWRULWlWVJHEUDXFKV EHL 3HWUDUFD EHWULIIW VHLQHQ 8PJDQJ PLW GHQ $XWRUHQ GHU ODWHLQLVFKHQ $QWLNH 'LHVH KDEHQEHL3HWUDUFDQLFKWGHQ6WDWXVYRQDEVROXWHQ]HLWORVHQ$XWRULWlWHQ GHQHQ EOLQGOLQJV ]X IROJHQ VHL *DQ] LP *HJHQWHLO 3HWUDUFD ZHQGHW VLFK



9JO)DPLOLDUHV;9,,XQG'HRWLRUHOLJLRVRSDVVLP )DPLOLDUHV ;9,,    Å'L[LW KRF $ULVWRWLOHV DGLXQJH LOOXP SHWUH HW DEVRUSWXV HVW TXLVHVW$ULVWRWLOHV"$XGLDQWGL[LW&KULVWXVHWDSXG,QIHURVFRQWUHPLVFLW'L[LWKRF3L WKDJRUDV GL[LW KRF 3ODWR DGLXQJH LOORV SHWUH FRPSDUD DXWRULWDWHP LOORUXP DXWRULWDWL HYDQJHOLFHFRPSDUDLQIODWRUFUXFLIL[R´3HWUDUFD  ,,,  9JO'HVXLLSVLXVLQ3HWUDUFD  II 

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



H[SOL]LW JHJHQ GLH HUJHEHQH XQG XQNULWLVFKH %HZXQGHUXQJ GLH PDQFKH VHLQHU=HLWJHQRVVHQ&LFHURHQWJHJHQEUDFKWHQ 2KQH=ZHLIHOKDEHQGLHDQWLNHQ'HQNHU'LFKWHUXQG5KHWRUHQHLQHQ KRKHQ 6WHOOHQZHUW LP 'HQNHQ 3HWUDUFDV (V ILQGHW VLFK NDXP HLQ 7H[W NDXPHLQ%ULHILQGHPHUVLFKQLFKWDXIHLQHQ'HQNHUEHUXIW$EHU3HWUDU FD KDW HLQH JDQ] VSH]LILVFKH +DOWXQJ ]X GLHVHQ $XWRUHQ (U QlKHUW VLFK LKQHQ LQVRIHUQ HV VLFK EHL LKQHQ XP 3HUVRQHQ XP ZLUNOLFKH 0HQVFKHQ KDQGHOWGLHLKUH6FKZlFKHQYRUDOOHPDEHUDXFKJHZLVVH6WlUNHQKDWWHQ 3HWUDUFD EHKDQGHOW GLH $XWRUHQ GHU $QWLNH ZLH DEZHVHQGH )UHXQGH (UULFKWHWVHLQH*HGDQNHQDQVLHHUEHGDQNWVLFKEHLLKQHQHUVFKUHLEW LKQHQ %ULHIH IKUWUHJHOUHFKWH 'LVNXVVLRQHQ PLW LKQHQ XQG EULQJW VLH PLWHLQDQGHULQV*HVSUlFK,P)DOOH&LFHURVJHKWGLHSHUV|QOLFKH$QQl KHUXQJVRJDUVRZHLWGDVV3HWUDUFDVLFKPLW&LFHURLGHQWLIL]LHUWXQGELV ZHLOHQGHVVHQ*HGDQNHQXQG6FKULIWHQQLFKWYRQGHQHLJHQHQXQWHUVFKHL GHQ NDQQ $XWRULWlWHQ ZHUGHQ ]X EHYRU]XJWHQ *HVSUlFKVSDUWQHUQ DQ GHQHQHVLKPLQVHLQHUHLJHQHQ*HJHQZDUWPDQJHOWH 'LH 7UDQVIRUPDWLRQ GHU $XWRULWlWHQ ]X 3HUVRQHQ KDW HLQHQ ZHLWHUHQ (IIHNW SULQ]LSLHOO NDQQ QXQ MHGH 3HUVRQ YRQ GHU HWZDV EHUOLHIHUW ZLUG ZLHGHUXP ]X HLQHU $XWRULWlW DXIVWHLJHQ LQVRIHUQ VLH GLH %HGLQJXQJHQ ² EHUKPW XQG SDVVHQGHU )DOO ² HUIOOW 'LHVHU %H]XJ DXI $XWRULWlWHQ LVW EHUHLWV HLQHU GHU VLFK DQJHPHVVHQHU DOV HLQ $UJXPHQWLHUHQ PLW ([HPSOD FKDUDNWHULVLHUHQOlVVW $UJXPHQWLHUHQPLW([HPSOD :LHEHUHLWVZHLWHUREHQHUOlXWHUWLVWIU3HWUDUFDGLHHLJHQH(UIDKUXQJGLH EHVWH /HKUPHLVWHULQ XQG GDKHU DXFK GLH ]XYHUOlVVLJVWH (UNHQQWQLVTXHOOH ZHQQHVXP)UDJHQGHUPRUDOLVFKHQ2ULHQWLHUXQJJHKW:DVDEHUWXQZLU ZHQQZLUEHUNHLQHHLJHQH(UIDKUXQJDXIHLQHP*HELHWYHUIJHQ":RUDQ N|QQHQ ZLU XQV RULHQWLHUHQ ZHQQ ZLU YRU HLQHU QHXHQ 6LWXDWLRQ VWHKHQ        

9JO)DPLOLDUHV;;,9 5HUXPPHPRUDQGDUXPOLEUL,,,  LQ3HWUDUFD  I 'HUHPHGLLVLQ3HWUDUFD E  )DPLOLDUHV;;,9 'HYLWDVROLWDULD,  LQ3HWUDUFD   9JO'HYLWDVROLWDULD,  LQ3HWUDUFD  ZR&LFHURXQG6HQHFDPLWHLQDQ GHULQV*HVSUlFKJHEUDFKWXQGJHJHQHLQDQGHUDXVJHVSLHOWZHUGHQ 'HYLWDVROLWDULD,,Å4XRGYHUEXPTXRWLHQVOHJRVLFDVVHQWLRUXWDPHLSVRQRQDE DOLRGLFWXPSXWHPLWDPLFKLVHSHLGHPDFFLGLW´3HWUDUFD  , =XUUKHWRULVFKHQ9HUZHQGXQJYRQ$XWRULWlWHQGLHVLFKEHVVHUDOV([HPSODFKDUDNWH ULVLHUHQODVVHQLP8QWHUVFKLHG]XGHUORJLVFKWRSLVFKHQ9HUZHQGXQJYRQ$XWRULWlWHQ YJODXVIKUOLFKHU(EEHUVPH\HU  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

XQG QLFKW ZLVVHQ ZDV ULFKWLJ XQG ZDV IDOVFK LVW" +LHU N|QQHQ XQV GLH (UIDKUXQJHQ DQGHUHU KLOIUHLFK VHLQ 'LH EHUOLHIHUWHQ 6FKULIWHQ VLQG YROO YRQ %HVFKUHLEXQJHQ YRQ 7DWHQ XQG 9HUKDOWHQVZHLVHQ YRQ JUR‰HQ 0lQ QHUQ XQG )UDXHQ GLH HLQH 2ULHQWLHUXQJ IU GDV HLJHQH 9HUKDOWHQ ELHWHQ N|QQHQ 'HUDUWLJH 6FKULIWHQ HQWKDOWHQ VR]XVDJHQ NRQVHUYLHUWH (UIDKUXQ JHQQlPOLFK([HPSOD ([HPSODJHK|UHQQDFK$ULVWRWHOHV]XGHQVFKZlFKVWHQORJLVFKHQ%H ZHLVXQGhEHU]HXJXQJVPLWWHOQ6LHKDEHQ]ZDUHLQHVSH]LILVFKH/HLVWXQJ GLH LP )ROJHQGHQ GDUJHOHJW ZLUG VLH VLQG MHGRFK DOV 0LWWHO GHU :LVVHQ VFKDIWGHQNEDUXQJHHLJQHWGDLKU*UDGDQ$OOJHPHLQKHLWXQG$OOJHPHLQ JOWLJNHLWlX‰HUVWJHULQJLVW6LHKDEHQGDKHUQDFK$ULVWRWHOHVLKUHQHLJHQW OLFKHQ2UWQLFKWLQGHU:LVVHQVFKDIWVRQGHUQLQGHU5KHWRULNZRZLUEHU 'LQJH EHUDWHQ YRQ GHQHQ ZLU NHLQH DOOJHPHLQJOWLJH :DKUKHLW HUODQJHQ N|QQHQ ([HPSODKDEHQ]ZDUDXFKLKUHQ6LQQLQGHU:LVVHQVFKDIWGRFKKLHU YRUDOOHPDOV,OOXVWUDWLRQHLQHUEHUHLWVJHZXVVWHQ:DKUKHLW6ROFKH9HU ZHQGXQJVZHLVHQ YRQ ([HPSOD VLQG LQ GHQ VFKRODVWLVFKHQ 6FKULIWHQ GHV 0LWWHODOWHUV GXUFKDXV EOLFK 'HU HLJHQWOLFKH XQG VSH]LILVFKH :HUW GHU ([HPSOD ]HLJW VLFK MHGRFK LQ LKUHU )XQNWLRQ DOV hEHU]HXJXQJVPLWWHO GHU 5KHWRULN 'LH/RJLNGHV([HPSOXPV 'DV([HPSOXP SDUDGHLJPD JHK|UWEHL$ULVWRWHOHVQHEHQGHP(QWK\PHP ]X GHQ +DXSWEHU]HXJXQJVPLWWHOQ GHU 5KHWRULN 'HVVHQ 9RUVWHOOXQJHQ YRP ([HPSOXP KDEHQ (LQJDQJ LQ GLH ODWHLQLVFKH UKHWRULVFKH 7UDGLWLRQ



'HU%HJULIIGHV([HPSOXPVKDWHLQHODQJH*HVFKLFKWHXQGLVW]XGHPEHUDXVYLHOIlO WLJXQGVFKLOOHUQG(VJLEWHLQHJDQ]H)RUVFKXQJVULFKWXQJGLHVLFKGDUXPEHPKWHL QHQ]XJOHLFKP|JOLFKVWVSH]LILVFKHQXQGDOOJHPHLQJOWLJHQ%HJULIIGHV([HPSOXPV]X HQWZLFNHOQ YJO HWZD /H *RII   +LHU XQG LP )ROJHQGHQ EH]LHKH LFK PLFK DXI ([HPSODDOVhEHU]HXJXQJVPLWWHOLQGHUSKLORVRSKLVFKUKHWRULVFKHQ7UDGLWLRQGLHDXI DULVWRWHOLVFKHQ .RQ]HSWHQ EDVLHUW XQG RULHQWLHUH PLFK GHV ZHLWHUHQ DQ GHQ )XQNWLR QHQGLH([HPSODLP'HQNHQGHU+XPDQLVWHQEHUQHKPHQ²(LQHQ(LQEOLFNLQGLH 9LHOIDOW GHV SKLORVRSKLVFKHQ $UJXPHQWLHUHQV PLW ([HPSOD ² YRU DOOHP PLW VROFKHQ YRQ 3KLORVRSKHQ VHOEVW ² YHUPLWWHOW GHU YRQ 7KRPDV 5LFNOLQ KHUDXVJHJHEHQH 6DP PHOEDQG([HPSODGRFHQW    9JO$ULVWRWHOHV5KHWRULN,  9JO$ULVWRWHOHV7RSLN9,,,DÅ=XP%HKXIGHU'HXWOLFKNHLWHQGOLFKPXVVPDQ %HLVSLHOHXQG9HUJOHLFKHDQIKUHQDEHU%HLVSLHOHGLHDXIGLH6DFKHSDVVHQXQGYRQ EHNDQQWHQ'LQJHQKHUJHQRPPHQVLQGZLHVLH+RPHUQLFKWZLHVLH&K|ULOXVEULQJW´ $ULVWRWHOHV    9JO$ULVWRWHOHV5KHWRULN,E

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



JHIXQGHQ:DVEHZHLVWQXQHLQ([HPSOXP":RPLWEHJUQGHWVLFKGHV VHQ hEHU]HXJXQJ" ,Q GHU 5KHWRULN KDW $ULVWRWHOHV ]ZDU GDV ([HPSOXP VHLQH$UWHQXQGVHLQH$QZHQGXQJEHVFKULHEHQGRFKGLH)XQNWLRQVZHLVH GHV([HPSOXPVKDWHULQGHQ$QDO\WLFDSULRUDGDUJHOHJW,QGLHVHU6FKULIW EHPKWVLFK$ULVWRWHOHVXQWHUDQGHUHPDXFKDOOHQLFKWUHJXOlUHQ%HZHLV XQG hEHU]HXJXQJVYHUIDKUHQ DXI GLH V\OORJLVWLVFKH 0HWKRGH DE]XELOGHQ 'LHVWXWHUDXFKPLWGHP([HPSOXPZHOFKHVHULQ$QDORJLH]XPLQGXNWL YHQ %HZHLV YHUVWHKW :lKUHQG PDQ LP NODVVLVFKHQ %HZHLVYHUIDKUHQ YRP$OOJHPHLQHQDXIGDV%HVRQGHUHVFKOLH‰WXQGEHLGHU,QGXNWLRQYRQ YLHOHQ (LQ]HOIlOOHQ DXI GDV$OOJHPHLQH VRVFKOLH‰WPDQ EHLP ([HPSOXP YRQ HLQHP (LQ]HOIDOO DXI HLQHQ DQGHUHQ (LQ]HOIDOO $ULVWRWHOHV IRUPXOLHUW GLHORJLVFKH2SHUDWLRQLQ%HJULIIHQGHU6\OORJLVWLN (LQ %HLVSLHO 3DUDGHLJPD LVW HV ZHQQ JH]HLJW ZLUG GDVV GHP PLWWOHUHQ %HJULII GHU REHUH ]XNRPPW XQG ]ZDU GXUFK HLQ GHP GULWWHQ XQWHUHQ  bKQOLFKHV (V PXVVGDEHLDEHUEHNDQQWVHLQGDVVGHUPLWWOHUHGHPGULWWHQXQGGHUREHUHGHP bKQOLFKHQ]XNRPPW

$ULVWRWHOHVJLEWHLQ%HLVSLHOGDIUZROOHQZLU]HLJHQGDVVHVIUGLH$WKH QHUHLQhEHOLVWJHJHQGLH7KHEDQHU.ULHJ]XIKUHQVRN|QQHQZLUGLHV LQGHPZLUYRUDXVVHW]WHQGDVVGLHVHLQ.ULHJJHJHQ*UHQ]QDFKEDUQLVWXQG LQGHPZLU]HLJHQGDVVEHUHLWVLQHLQHPDQGHUHQEHNDQQWHQ)DOOHLQ.ULHJ PLW*UHQ]QDFKEDUQHLQhEHOZDU (V KDQGHOW VLFK DOVR XP GLH hEHUWUDJXQJ GHU *OWLJNHLW HLQHU 5HJHO YRQ HLQHP (LQ]HOIDOO DXI HLQHQ DQGHUHQ (LQ]HOIDOO 'LH hEHUWUDJXQJ DXI HLQHQYRUOLHJHQGHQ)DOOLVWDXFKQXUGDQQJHZlKUOHLVWHWZHQQHLQHbKQ OLFKNHLW ]ZLVFKHQ EHLGHQ )lOOHQ EHVWHKW LP YRUOLHJHQGHQ )DOO LVW HV GHU 8PVWDQGGDVVHVVLFKMHZHLOVXP*UHQ]QDFKEDUQKDQGHOW



9JO&LFHUR'HLQYHQWLRQH4XLQWLOLDQ,QVWLWXWLRRUDWRULD $ULVWRWHOHV$QDO\WLFDSULRUD  $ULVWRWHOHV$QDO\WLFDSRVWHULRUD,DIÅ$XIJOHLFKH:HLVHEHU]HXJHQGLHRUDWRUL VFKHQ %HJUQGXQJHQ HQWZHGHU GXUFK %HLVSLHOH DOVR DXI LQGXNWLYHP RGHU GXUFK (QWK\PHPHDOVRDXIV\OORJLVWLVFKHP:HJH´$ULVWRWHOHV  9JODXFK5KHWRULN ,EI,,D  $ULVWRWHOHV$QDO\WLFDSULRUDE  'LH $UJXPHQWDWLRQ YHUOlXIW IROJHQGHUPD‰HQ $  hEHO %  JHJHQ *UHQ]QDFKEDUQ NULHJHQ& $WKHQHUJHJHQ7KHEDQHU*H]HLJWZHUGHQVROOGDVVHVIUGLH$WKHQHU HLQ hEHO LVW JHJHQ GLH 7KHEDQHU ]X NULHJHQ GK &  $  XP GLHV ]X ]HLJHQ LVW HV QRWZHQGLJDQ]XQHKPHQGDVVHVHLQhEHOLVWJHJHQ*UHQ]QDFKEDUQ]XNULHJHQ $  %  GLHV ZLHGHUXP ZLUG JODXEOLFK GXUFK lKQOLFKH )lOOH GK KLHU SHU ,QGXNWLRQ DEHU DXVQXUHLQHP)DOO' 7KHEDQHUJHJHQ3KRNLHU hEHO7KHEDQHUJHJHQ3KRNLHU  JHJHQ*UHQ]QDFKEDUQDOVRJHJHQ*UHQ]QDFKEDUQ hEHOQXQNDQQSHU'HGXNWLRQ IRUWJHVFKULWWHQZHUGHQGD% $ JHJHQ*UHQ]QDFKEDUQ]XNULHJHQLVWHLQhEHO XQG & % $WKHQHUJHJHQ7KHEDQHULVWJHJHQ*UHQ]QDFKEDUQ]XNULHJHQ VR& $ HLQ hEHOLVWHVZHQQ$WKHQHUJHJHQ7KHEDQHUNULHJHQ  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

'LHVLVWHQWVFKHLGHQGIUGDV([HPSOXPGHQQPDQN|QQWHVLFKIUD JHQZDUXPHVQLFKWDXVUHLFKHGLHDOOJHPHLQH5HJHOÄHVLVWHLQhEHOJHJHQ *UHQ]QDFKEDUQ.ULHJ]XIKUHQ¶DQ]XZHQGHQ'D]XLVW]XVDJHQGDVVHV LQYLHOHQ)lOOHQ²ZLHHEHQDXFKKLHU²NHLQHDOOJHPHLQH5HJHOJLEWGLHVH ZLUG QXU JODXEOLFK DXIJUXQG GHV ([HPSOXPV GK SHU ,QGXNWLRQ DXV HL QHP (LQ]HOIDOO 6LH NDQQ SULQ]LSLHOO GXUFK HLQ *HJHQEHLVSLHO DX‰HU .UDIW JHVHW]W ZHUGHQ GDULQ EHVWHKW GLH 6FKZlFKH GLHVHU $UJXPHQWDWLRQVIRUP ,KUH6WlUNHEHVWHKWGDULQZLHSDVVHQGHLQJHIXQGHQHV([HPSOXPDXIGHQ YRUOLHJHQGHQ)DOO]XWULIIW:lKUHQGGLH,QGXNWLRQMHGRFKPLWGHP1DFK ZHLV GHU *OWLJNHLW HLQHU 5HJHO HQGHW VFKUHLWHW GDV ([HPSOXP IRUW XQG VFKOLH‰WGHGXNWLYGDVVGLH5HJHOLQGHPYRUOLHJHQGHQ)DOO*OWLJNHLWKDEH :HQQHLQ([HPSOXPYHUZHQGHWZLUGGDQQRKQH=ZHLIHOLQGHU$EVLFKW GXUFKGLHVHQ5HNXUVDXIHLQYHUJDQJHQHV*HVFKHKHQ2ULHQWLHUXQJIUHLQH YRUOLHJHQGH(QWVFKHLGXQJXQG]XNQIWLJHV+DQGHOQ]XHUKDOWHQ )XQNWLRQHQGHV([HPSOXPV 3HWUDUFDKDWVLFKLQ]ZHL%ULHIHQDXVIKUOLFK]XGHP1XW]HQYRQ([HPSOD JHlX‰HUW%HLVSLHOHGLHXQV]XP+DQGHOQEHZHJHQVROOHQPVVHQYHU VFKLHGHQH (LJHQVFKDIWHQ DXIZHLVHQ VLH PVVHQ EHUKPW VHLQ ZDKU VHLQ XQGQHEHQGHP9HUJQJHQGDVVLHEHUHLWHQDXFK$XWRULWlWEHVLW]HQ %HLVSLHOHYRQEHUKPWHQ0lQQHUQEHZHJHQGLH6HHOHLQVRIHUQGHUHQ +DQGHOQ GHQ 0D‰VWDE DEJLEW DQGHPPDQVLFKVHOEVWVHLQH)lKLJNHLWHQ XQG 7DWHQ EHPHVVHQ NDQQ 'DV HLJHQH ,FK ZLUG GXUFK GHQ (QWZXUI DXI HLQJUR‰HV9RUELOGVHOEVWYHUJU|‰HUWXQGYHUEHVVHUW'XUFKGHQ%OLFNDXI GLH([HPSODZHUGHQZLUDQJHUHJWGLHVHQYRUELOGOLFKHQ0lQQHUQQDFK]X HLIHUQ 6HOEVWHUNHQQWQLV LVW KLHUPLW ]XJOHLFK 6HOEVWYHUEHVVHUXQJ ([HPSOD N|QQHQ XQV DXFK GRUW HLQHQ :HJ DQ]HLJHQ ZR ZLU QLFKW RGHU QRFKQLFKWEHUHLJHQH(UIDKUXQJHQYHUIJHQ 

9JO $ULVWRWHOHV 5KHWRULN ,  D Å)U %HUDWXQJVUHGHQ HLJQHQ VLFK ZLHGHUXP %HLVSLHOHDPEHVWHQGHQQDXVGHU9HUJDQJHQKHLWEHXUWHLOHQZLUGXUFK0XWPD‰XQJGLH =XNXQIW´$ULVWRWHOHV  9JODXFKHEG,,,DI  9JO)DPLOLDUHV9,XQG;;²)UHLQHDXVIKUOLFKH%HWUDFKWXQJGLHVHU%ULHIHXQG ]XU%HGHXWXQJGHUKLVWRULVFKHQ([HPSODIU3HWUDUFDYJO.H‰OHU  6LHKHDXFK (EEHUVPH\HU    )DPLOLDUHV9,  Å([HPSOLVDEXQGRVHGLOOXVWULEXVVHGYHULVHWTXLEXVQLVLIDOORU FXPGHOHFWDWLRQHLQVLWDXWRULWDV´3HWUDUFD  ,,  )DPLOLDUHV9,  Å0HTXLGHPQLFKLOHVWTXRGPRYHDWTXDQWXPH[HPSODFODURUXP KRPLQXP,XYDWHQLPDVVXUJHUHLXYDWDQLPXPH[SHULULDQTXLFTXDPVROLGLKDEHDWDQ JHQHURVLDOLTXLGDWTXHDGYHUVXVIRUXQDPLQGRPLWLHWLQIUDFWLDQVLELGHVHLSVHPHQWL WXV VLW ,G VDQH SUHWHU H[SHULHQWLDP TXH FHUWLVVLPD PDJLVWUD UHUXP HVW QXOOR PHOLXV PRGRILWTXDPVLHXPKLVTXLEXVVLPLOOLPXVHVVHFXSLWDGPRYHDP´3HWUDUFD   ,,

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



:RULQ EHVWHKW GLH :LUNVDPNHLW GHU ([HPSOD" 3HWUDUFD EHVFKUHLEW ([HPSODDOVÅ%LOGHUGHU7XJHQGHQ´XQGYHUVWHKWVLHGDPLWLQ$QDORJLH]X 6WDWXHQ GLH %LOGHU GHU .|USHU VLQG 'DPLW KDW 3HWUDUFD GHQ %OLFN DXI GLHlVWKHWLVFKH'LPHQVLRQGHU([HPSODJHULFKWHW6LHVSUHFKHQGLH6LQQH E]Z GDV VLQQOLFKH 6WUHEHYHUP|JHQ DQ QLFKW GHQ ,QWHOOHNW (V LVW GHU *ODQ] GHU 7XJHQGKDIWHQ GHU XQV ]XP 1DFKDKPHQ YHUOHLWHW QLFKW EOR‰ GLH UDWLRQDOH (LQVLFKW LQ GLH 9HUQQIWLJNHLW GHV WXJHQGKDIWHQ +DQGHOQV $XI GLHVH :HLVH YHUP|JHQ HV ([HPSOD DXI HIIHNWLYHUH :HLVH GHQ /HVHU ]XP WXJHQGKDIWHQ +DQGHOQ DQ]XUHJHQ DOV HV HLQH WKHRUHWLVFKH $EKDQG OXQJMHN|QQWH 'DUEHU KLQDXV KDW 3HWUDUFD HLQH ([HPSODVDPPOXQJ 5HUXP PHPRUDQ GDUXPOLEULYHUIDVVW(VOLHJWNHLQ9RUZRUWYRUGHPPDQHQWQHKPHQN|QQ WHZLH3HWUDUFDVHLQ:HUNVHOEVWYHUVWDQGXQGZHOFKH$EVLFKWHUPLWLKP YHUIROJWH 'LHV N|QQHQ ZLU QXU DXV GHP 7H[W VHOEVW HUVFKOLH‰HQ 'LH +DXSWTXHOOHGHV7H[WHVLVW9DOHULXV0D[LPXV·([HPSODVDPPOXQJ'LFWDHW IDFWD PHPRUDELOLD ([HPSODVDPPOXQJHQ KDEHQ LQ GHU $QWLNH HLQ HLJHQHV *HQUH JHELOGHW 1HEHQ GHQ ,QIRUPDWLRQHQ XQG GHU .RQVROLGLHUXQJ GHU HLJHQHQU|PLVFKHQ*HVFKLFKWHKDWWHGDV:HUNMHGRFKDXFKHLQHHWKLVFKH 'LPHQVLRQ9DOHULXVYHUVWDQGGLHYRQLKPDQJHJHEHQHQ([HPSODDOV%LO GHU YRQ 7XJHQGHQ XQG /DVWHUQ 'LHVH 'LPHQVLRQ GHV :HUNHV ZLUG DXFKLP-DKUKXQGHUWGXUFKDXVZDKUJHQRPPHQXQGVRJDULQWHQVLYLHUW 6RVFKUHLEW'LRQLJLGD%XUJR6DQ6HSROFURHLQ)UHXQG3HWUDUFDVLQVHL QHP .RPPHQWDU ]X GLHVHP :HUN GDVV GDV :HUN GHU 0RUDOSKLORVRSKLH ]X]XUHFKQHQVHLGDGHU$XWRUGLH$EVLFKWYHUIROJHGLH0HQVFKHQ]XGHQ 7XJHQGHQ ]X IKUHQ XQG YRP /DVWHU DE]XKDOWHQ 'LHVH HWKLVFKH 'L PHQVLRQZLUGYRQ3HWUDUFDDXIJHJULIIHQXQGGDGXUFKYHUVWlUNWGDVVHUGDV 7XJHQGVFKHPD &LFHURV DXV 'H LQYHQWLRQH VHLQHQ .DSLWHODQRUGQXQJHQ ]XJUXQGH OHJW 'LH HLQ]HOQHQ ([HPSOD ZHUGHQ VRPLW ]X ([HPSOD IU EHVWLPPWH7XJHQGHQ 'H]LGLHUWXQGZLHGHUKROWUHDJLHUW3HWUDUFDDXIGLHYRQLKPDQWL]LSLHUWH (UZDUWXQJVKDOWXQJGHV/HVHUVGHUHVJHZRKQWLVW*UQGHXQG:DKUKHL WHQ]XHUKDOWHQXQGGHPGDV/HVHQHLQHU([HPSODVDPPOXQJVFKZHUIDO 

)DPLOLDUHV9,  ÅQHFLPSURSULHPLFKLYLGHRUGLFWXUXVVWDWXDVFRUSRUXPLPDJLQHV H[HPSODYLUWXWXP´3HWUDUFD  ,,  9DOHULXV0D[LPXV)DFWDHWGLFWDPHPRUDELOLD, 3URRHPLXP ÅYLUWXWHVGHTXLEXVGLFWXUXV VXPEHQLJQLVVLPH IRYHQWXUYLWLD VHYHULVVLPHYLQGLFDQWXU´9DOHULXV 0D[LPXV     Å&DXVDILQDOLVHVWDGYLUWXWHVLQGXFHUHHWDYLWLLVUHPRYHUH1DPKRFLQWHQGLWLQWRWR RSHUHKRPLQHVDYLWLLVUHWUDKHUHHWYLUWXWLEXVLQIRUPDUH([KLVVHTXLWXUTXRGOLEHULV WHVXSSRQLWXUHWKLFDHFXLXVHVWYLUWXWHVFRJQRVFHUHHWGHLSVLVGRFHUHHWVFLHQWLDPWUD GHUH 4XDUH VLFXW ORTXLPXU GH VXELHFWR OLEUL (WKLFRUXP $ULVWRWHOLV LWD SHU RPQLD GH KXLXVOLEULVXELHFWRLVWORTXHQGXP´'LRQLJLGD%RUJR6DQ6HSROFUR    9JO5HUXPPHPRUDQGDUXPSDVVLP



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

OHQ GUIWH 'LHVHU (UZDUWXQJVKDOWXQJ ZLOO3HWUDUFD QLFKW QDFKJHEHQ VHLQ :HUN LVW DQGHUV ]X OHVHQ :HU ] % HLQH VXEWLOH $EKDQGOXQJ EHU GLH :HLVKHLW YHUODQJW GHU PXVV ]X HLQHP DQGHUHQ :HUN JUHLIHQ KLHU ILQGHQ VLFK ZLH DQJHJHEHQ EHUKPWH %HLVSLHOH DXV YHUVFKLHGHQHQ 4XHOOHQ ]X VDPPHQJHWUDJHQ $Q DQGHUHU 6WHOOH VWHOOW HU ZLHGHUXP 8UVDFKHQIRU VFKXQJGLHHUQLFKWEHWUHLEW([HPSODDQJDEHQJHJHQEHU 0LW ([HPSOD ZLUG NHLQH :LVVHQVFKDIW JHPDFKW MHGHQIDOOV QLFKW LP DULVWRWHOLVFKHQ 9HUVWlQGQLV ZHQQ QlPOLFK :LVVHQ (UNHQQWQLV GHU 8UVD FKHQ PHLQW ([HPSOD JHEHQ NHLQH (UNOlUXQJHQ IU GLH 'LQJH VLH ]HLJHQ DXI ZDV DQGHUH XQWHU EHVWLPPWHQ %HGLQJXQJHQ JHWDQ KDEHQ ([HPSOD EOHLEHQ KLQVLFKWOLFK GHU %HJUQGXQJ DQ GHU 2EHUIOlFKH 6LH IUDJHQ QLFKW ]XUFNVRQGHUQELHWHQ+DQGOXQJVDQZHLVXQJHQVLHZHLVHQQDFKYRUQ 'HQQZLHGDV*HVLFKWDP6SLHJHOVRZHUGHQGLH6LWWHQGHU0HQVFKHQDP9RU ELOG PKHORV YHUEHVVHUW IHUQHU ZLH PDQ HLQHQ :HJ VLFKHUHU HQWODQJ JHKW GHU GXUFK GLH 6SXUHQ YRQ DQGHUHQ JHNHQQ]HLFKQHW LVW VR VLQG ZLU LP /HEHQ GXUFK IUHPGH%HLVSLHOHVWDQGIHVWHUDOVZHQQZLUVHOEVWRKQH)KUHUHLQHQQHXHQ:HJ DXIXQVQHKPHQ

'HU:LGHUVWDQGJHJHQGLH(UIRUVFKXQJGHU*UQGHXQGGLH=XZHQGXQJ ]X ([HPSOD NDQQ PDQ EHL 3HWUDUFD GXUFKDXV DOV HLQH 5HDNWLRQ DXI HLQH HUNHQQWQLVWKHRUHWLVFKH 6LWXDWLRQ YHUVWHKHQ :HQQ GLH 0|JOLFKNHLW GHU (UNHQQWQLV GHU :DKUKHLW IUDJZUGLJ JHZRUGHQ LVW GDQQ LVW HV VLFKHUHU ZHQQ PDQ VLFK DQ LQ GHU (UIDKUXQJ EHUHLWV EHZlKUWH +DQGOXQJVPXVWHU KlOW 8QVDEHUJHIlOOWVRZHLWGLHPD‰YROOH6LWWHGHU$NDGHPLHGHP:DKUVFKHLQOLFKHQ ]XIROJHQZRZLUQLFKWGDUEHUKLQDXVJHODQJHQN|QQHQQLFKWVXQEHVRQQHQYHU GDPPHQQLFKWVXQYHUVFKlPWEHKDXSWHQ'LH:DKUKHLWPDJDQLKUHQ2UWHQEOHL EHQZLUPDFKHQZHLWHUPLW%HLVSLHOHQ



5HUXPPHPRUDQGDUXPOLEUL,,,Å6LTXLVHULWIRUWLVDQTXLPDJQDPVSHPPDWHULH IHOL FLRULV H[ WLWXOL SUHVHQWLV LQVSHFWLRQH FRQFHSHULW VFLDW PH KRF ORFR QHTXH PHL LSVLXV QHTXHSURSRVLWL REOLWXPGHFRPXQLKRPLQXPVDSLHQWLDWUDFWDUH4XDPREUHPVLTXLG DOWLXVH[SHFWDEDWHUURUHPVXVSHFWXPLQOLPLQHOLQTXHQVLQYHVWLEXORUHEXVLQWHJULVD EHDWTXRGDSXGPHTXHUHEDWDSXGDOLRVUHSHUWXUXV$WFXLH[HPSORUXPLOOXVWULXPSUH IHUWLOHP YHWXVWDWHP VFUXWDUL SURSRVLWXP HVW PXOWLV KHF GLIIXVD YROXPLQLEXV FRDFHU YDQWHPFDODPXPVHTXDWXU´3HWUDUFD    5HUXPPHPRUDQGDUXPOLEUL,9Å6RPSQLRUXPFDXVDVVFUXWHQWXUDOLLQRVKRFOLEUR TXRGVHSHLDPGL[LPXV²UHUXPH[HPSODFRQTXLULPXV´(EG  5HUXPPHPRUDQGDUXPOLEUL,,,Å4XRQLDPVLFXWYXOWXVDGVSHFXOXPVLFPRUHVKRPL QXPDGH[HPSODUIDFLOOLPHFRUULJXQWXUVLFXWSUHWHUHDFHUWLXVHXPFDOOHPDPEXODPXV TXL DOLRUXP YHVWLJLLV VLJQDWXV HVW VLF LQ YLWD DOLHQLV H[HPSOLV SURPSWLXV LQKHUHPXV TXDPQRYDPLSVLYLDPQXOORGXFHVXVFLSLPXV´(EG  5HUXP PHPRUDQGDUXP OLEUL ,9  Å1RELV DXWHP HDWHQXV PRGHVWXV $FKDGHPLH PRV SODFHDWYHUHVLPLOLDVHTXLXELXOWUDQRQDWWLQJLPXVQLFKLOWHPHUHGDPSQDUHQLFKLOLP SXGHQWHU DVVHUHUH 9HULWDV HUJR VXLV ORFLV PDQHDW QRV DG H[HPSOD SHUJDPXV´ (EG 

0RUDOSKLORVRSKLHLP'LHQVWGHV/HEHQV)UDQFHVFR3HWUDUFD



)D]LW 3HWUDUFD HQWZLFNHOW LQ VHLQHQ 6FKULIWHQ HLQ QHXHV .RQ]HSW YRQ 3KLORVR SKLH LQ H[SOL]LWHU 'LIIHUHQ] ]XU VFKRODVWLVFKHQ 3KLORVRSKLH (U EHJQJW VLFKQLFKWGDPLWGLHVHV.RQ]HSWGDU]XOHJHQVRQGHUQHUJUHQ]WHV]XJOHLFK VFKDUIDEYRQGHPDQGHQ8QLYHUVLWlWHQYRUKHUUVFKHQGHQ9HUVWlQGQLVYRQ 3KLORVRSKLH $QWLVFKRODVWLN ZLUG JHUDGH]X ]XP SKLORVRSKLVFKHQ 3UR JUDPP=XJOHLFKGDPLWHQWZLUIWHUHLQHQHXH/HEHQVIRUPIU,QWHOOHNWXHO OHGLHHUHEHQIDOOVYRQGHUELVKHUGRPLQLHUHQGHQ)RUPYRQLQWHOOHNWXHOOHU ([LVWHQ]DEJUHQ]WQlPOLFKYRQGHUGHVDULVWRWHOLVFKDXVJHELOGHWHQ8QLYHU VLWlWVJHOHKUWHQ3HWUDUFDHQWZLFNHOWVRLQGLUHNWHU5LYDOLWlWXQG.RQNXUUHQ] ]XU XQLYHUVLWlUHQ LQWHOOHNWXHOOHQ .XOWXU HLQ DOWHUQDWLYHV 3KLORVRSKLHYHU VWlQGQLVXQGHLQHDOWHUQDWLYH([LVWHQ]DOV*HOHKUWHU'DPLWVSULFKW3HWUDU FD DXFK HLQ DQGHUHV 3XEOLNXP DQ QlPOLFK *HELOGHWH GLH ZHGHU DQ GHU 8QLYHUVLWlW QRFK LP .ORVWHU OHEHQ XQG QDFK HWKLVFKHU 2ULHQWLHUXQJ VX FKHQ3HWUDUFDLVWVLFKHUOLFKQLFKWGHUHUVWH/DLHQSKLORVRSKGRFKZLUGEHL LKPGLH/DLHQSKLORVRSKLH]XUHLJHQWOLFKHQ3KLORVRSKLH 0LW3HWUDUFDV.RQ]HSWYRQ3KLORVRSKLHKDWVLFKDXFKGLHYHUELQGOLFK NHLWVVWLIWHQGH %DVLV GHU $UJXPHQWDWLRQ YHUVFKREHQ ,Q GHU XQLYHUVLWlUHQ 3KLORVRSKLH YHUEUJHQ GLH MHZHLOV DN]HSWLHUWHQ 6WDQGDUGV YRQ :LVVHQ VFKDIWOLFKNHLW GLH *OWLJNHLW GHU $XVVDJHQ 'LH %HJUQGXQJVIRUPHQ GLH VLFKLQXQLYHUVLWlUHQ7H[WHQILQGHQVWHKHQ3HWUDUFDQLFKWPHKU]XU9HUI JXQJ $QGHUHUVHLWV ZHUGHQ XQWHU GHQ YHUlQGHUWHQ 9RUDXVVHW]XQJHQ DEHU DXFK QHXH %HJUQGXQJVIRUPHQ DOOHUHUVW P|JOLFK QlPOLFK GHU 5HNXUV VRZRKODXIGLHSHUV|QOLFKH(UIDKUXQJDOVDXFKDXIGLHLQ7H[WHQNRQVHU YLHUWHQ (UIDKUXQJHQ DQGHUHU QlPOLFK DXI ([HPSOD XQG GLH OLWHUDULVFKH ,QV]HQLHUXQJYRQ$XWRULWlWHQ 0LWGHPYHUlQGHUWHQ3KLORVRSKLHYHUVWlQGQLVGDVZLUEHL3HWUDUFDYRU ILQGHQKDEHQVLFKDXFKGLH)XQNWLRQHQGHU0RUDOSKLORVRSKLHYHUVFKREHQ GHQQHVJHKWQLFKWPHKULQHUVWHU/LQLHXPGLH/HKUHXQG'DUOHJXQJGHV :LVVHQVVRQGHUQXPHLQ5HDOLVLHUHQGHUHWKLVFKHQ(LQVLFKWHQXPV%HZH JHQ 9HUlQGHUQ XQG +HLOHQ 0RUDOSKLORVRSKLH ZLUG QLFKW EHWULHEHQ XP NOJHUVRQGHUQXPEHVVHU]XZHUGHQ0RUDOSKLORVRSKLHLP6LQQH3HWUDU FDV VWHKW LQ GHP 'LHQVW GHU$UEHLWDPHLJHQHQJHOLQJHQGHQ/HEHQ'LHV KDW$XVZLUNXQJHQDXIGHQ8PJDQJPLWGHQEHUOLHIHUWHQ7H[WHQGHUPR UDOSKLORVRSKLVFKHQ7UDGLWLRQGHQQGLHVHZHUGHQQXQGHP.ULWHULXPGHU 1W]OLFKNHLWXQWHUVWHOOWZDVGHU9HUEHVVHUXQJGHUHLJHQHQ/HEHQVIKUXQJ GLHQOLFKLVWZLUGDXIJHJULIIHQXQGIUGLHHLJHQHQ$QOLHJHQYHUZHQGHW 

+LQZHLVHDXIGLH)XQNWLRQHQYRQ/DLHQLQGHU3KLORVRSKLHGHV0LWWHODOWHUVILQGHQVLFK EHL ,PEDFK   6SH]LHOO DXI SROLWLVFKH 7KHRULHQ EH]RJHQ YJO GLH XPIDQJUHLFKHQ 6WXGLHQYRQ/DJDUGH  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

3HWUDUFDV9RUVWHOOXQJYRQ0RUDOSKLORVRSKLHVRZXUGHJH]HLJWKDWLK UH9RUELOGHUXQG9RUOlXIHULQHLQHUEHVWLPPWHQSKLORVRSKLVFKHQ7UDGLWL RQ GLH YRQ 6RNUDWHV ELV ]X GHQ ODWHLQLVFKHQ 'LFKWHUQGHU $QWLNH UHLFKW =XHLQHPVSH]LILVFKHQ'HQNVWLOZLUGGLHVH(LQVWHOOXQJYRUDOOHPGHVKDOE ZHLO3HWUDUFDGLHVHV'HQNHQPLWGHQ0LWWHOQGHU3ROHPLNDOVHLQHQ*HJHQ HQWZXUI ]XU ]HLWJHQ|VVLVFKHQ XQLYHUVLWlUHQ 3KLORVRSKLH HQWZLUIW 'DVV GLHVHUVSH]LILVFKH'HQNVWLOQLFKWGHUSULYDWH6WLOHLQHVHLQ]HOQHQ'HQNHUV EOLHEVRQGHUQVLFKDXVGHKQWHXQG]XP6LJQXPHLQHUVLFKQHXIRUPLHUHQ GHQ*UXSSHYRQ,QWHOOHNWXHOOHQZXUGHZLUGGDVIROJHQGH.DSLWHO]HLJHQ

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL   :DV JHVFKLHKW PLW 3HWUDUFDV HKUJHL]LJHP (QWZXUI HLQHU HQJDJLHUWHQ 0R UDOSKLORVRSKLH IU /DLHQ" :DUHQ 3HWUDUFDV HLJHQH %HPKXQJHQ XP HLQH 9HUEUHLWXQJ VHLQHU ,GHHQ DXVUHLFKHQG" 3HWUDUFDV 9LVLRQHQ XQG (QWZUIH ZlUHQ ZRP|JOLFK YHUHEEW XQG KlWWHQ QLH HLQH EUHLWHUH :LUNXQJ HUODQJW ZHQQ QLFKW HLQ %HZXQGHUHU 3HWUDUFDV XQHUPGOLFK DQ GHU 5HDOLVLHUXQJ XQG8PVHW]XQJHLQHVKXPDQLVWLVFKHQ/HEHQVHQWZXUIHVJHZLUNWXQGJHDU EHLWHWKlWWHGHU.DQ]OHUYRQ)ORUHQ]&ROXFFLR6DOXWDWL &ROXFFLR 6DOXWDWL   HUKLHOW VHLQH $XVELOGXQJ DOV 1RWDU LQ %RORJQD]XVHLQHQ5KHWRULNOHKUHUQJHK|UWH3LHWURGD0RJOLRGHUZLHGHU XP HLQ %ULHISDUWQHU 3HWUDUFDV ZDU 6HFK]HKQ -DKUH OHEWH HU DOV IUHLHU 1RWDUELVHUGDV$PWGHV.DQ]OHUVYRQ)ORUHQ]EHUQDKPGDVHU ELV]XVHLQHP7RGLQQHKDWWH(UZDU]ZHLPDOYHUKHLUDWHWXQGKDWWH]HKQ .LQGHU:lKUHQGVHLQHU=HLWDOV.DQ]OHUYRQ)ORUHQ]JHODQJHV6DOXWDWL HLQHQ .UHLV YRQ *OHLFKJHVLQQWHQ XP VLFK ]X YHUVDPPHOQ GLH VLFK PLW 3HWUDUFDV ,GHHQ EHVFKlIWLJWHQ ]X GHQHQ 3LHWUR 3DROR 9HUJHULR 1LFFROz 1LFFROL/HRQDUGR%UXQLXQG3RJJLR%UDFFLROLQLJHK|UWHQ6DOXWDWLZDU ]ZDU QLFKW GDV +DXSW HLQHU I|UPOLFKHQ KXPDQLVWLVFKHQ 6FKXOH GHQQRFK KDEHQ]DKOUHLFKHMQJHUH+XPDQLVWHQLKQDOVLKUHQ/HKUHUDQJHVHKHQXQG VLFK PLW )UDJHQ DQ LKQ JHZHQGHW (U VFKDIIWH HV DXFK GHQ HUVWHQ /HKU VWXKO IU *ULHFKLVFKVWXGLHQ LQ )ORUHQ] HLQ]XVHW]HQ ,Q HLQHP %ULHI DQ /HRQDUGR%UXQLQHQQW6DOXWDWLHLQH:HQGXQJ%UXQLVDXIQHKPHQG VHLQH 

(LQ.UHLVYRQ%HZXQGHUHUQ3HWUDUFDVIDQGVLFK DOOHUGLQJVVFKRQHLQLJH-DKUHIUKHU ]XVDPPHQXQG]ZDUXPGHQ)UHXQGXQG%ULHISDUWQHU3HWUDUFDV)UDQFHVFR1HOOLYJO 8OOPDQ    9JOKLHU]XGLH6HOEVWDQJDEHLQ6DOXWDWL  ,I=XGD0RJOLRDOV/HKUHU IU6DOXWDWLYJO:LWW    =XP/HEHQ6DOXWDWLVYJO8OOPDQQ  XQG:LWW    9JO8OOPDQ  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

3HWUDUFDV9RUVWHOOXQJYRQ0RUDOSKLORVRSKLHVRZXUGHJH]HLJWKDWLK UH9RUELOGHUXQG9RUOlXIHULQHLQHUEHVWLPPWHQSKLORVRSKLVFKHQ7UDGLWL RQ GLH YRQ 6RNUDWHV ELV ]X GHQ ODWHLQLVFKHQ 'LFKWHUQGHU $QWLNH UHLFKW =XHLQHPVSH]LILVFKHQ'HQNVWLOZLUGGLHVH(LQVWHOOXQJYRUDOOHPGHVKDOE ZHLO3HWUDUFDGLHVHV'HQNHQPLWGHQ0LWWHOQGHU3ROHPLNDOVHLQHQ*HJHQ HQWZXUI ]XU ]HLWJHQ|VVLVFKHQ XQLYHUVLWlUHQ 3KLORVRSKLH HQWZLUIW 'DVV GLHVHUVSH]LILVFKH'HQNVWLOQLFKWGHUSULYDWH6WLOHLQHVHLQ]HOQHQ'HQNHUV EOLHEVRQGHUQVLFKDXVGHKQWHXQG]XP6LJQXPHLQHUVLFKQHXIRUPLHUHQ GHQ*UXSSHYRQ,QWHOOHNWXHOOHQZXUGHZLUGGDVIROJHQGH.DSLWHO]HLJHQ

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL   :DV JHVFKLHKW PLW 3HWUDUFDV HKUJHL]LJHP (QWZXUI HLQHU HQJDJLHUWHQ 0R UDOSKLORVRSKLH IU /DLHQ" :DUHQ 3HWUDUFDV HLJHQH %HPKXQJHQ XP HLQH 9HUEUHLWXQJ VHLQHU ,GHHQ DXVUHLFKHQG" 3HWUDUFDV 9LVLRQHQ XQG (QWZUIH ZlUHQ ZRP|JOLFK YHUHEEW XQG KlWWHQ QLH HLQH EUHLWHUH :LUNXQJ HUODQJW ZHQQ QLFKW HLQ %HZXQGHUHU 3HWUDUFDV XQHUPGOLFK DQ GHU 5HDOLVLHUXQJ XQG8PVHW]XQJHLQHVKXPDQLVWLVFKHQ/HEHQVHQWZXUIHVJHZLUNWXQGJHDU EHLWHWKlWWHGHU.DQ]OHUYRQ)ORUHQ]&ROXFFLR6DOXWDWL &ROXFFLR 6DOXWDWL   HUKLHOW VHLQH $XVELOGXQJ DOV 1RWDU LQ %RORJQD]XVHLQHQ5KHWRULNOHKUHUQJHK|UWH3LHWURGD0RJOLRGHUZLHGHU XP HLQ %ULHISDUWQHU 3HWUDUFDV ZDU 6HFK]HKQ -DKUH OHEWH HU DOV IUHLHU 1RWDUELVHUGDV$PWGHV.DQ]OHUVYRQ)ORUHQ]EHUQDKPGDVHU ELV]XVHLQHP7RGLQQHKDWWH(UZDU]ZHLPDOYHUKHLUDWHWXQGKDWWH]HKQ .LQGHU:lKUHQGVHLQHU=HLWDOV.DQ]OHUYRQ)ORUHQ]JHODQJHV6DOXWDWL HLQHQ .UHLV YRQ *OHLFKJHVLQQWHQ XP VLFK ]X YHUVDPPHOQ GLH VLFK PLW 3HWUDUFDV ,GHHQ EHVFKlIWLJWHQ ]X GHQHQ 3LHWUR 3DROR 9HUJHULR 1LFFROz 1LFFROL/HRQDUGR%UXQLXQG3RJJLR%UDFFLROLQLJHK|UWHQ6DOXWDWLZDU ]ZDU QLFKW GDV +DXSW HLQHU I|UPOLFKHQ KXPDQLVWLVFKHQ 6FKXOH GHQQRFK KDEHQ]DKOUHLFKHMQJHUH+XPDQLVWHQLKQDOVLKUHQ/HKUHUDQJHVHKHQXQG VLFK PLW )UDJHQ DQ LKQ JHZHQGHW (U VFKDIIWH HV DXFK GHQ HUVWHQ /HKU VWXKO IU *ULHFKLVFKVWXGLHQ LQ )ORUHQ] HLQ]XVHW]HQ ,Q HLQHP %ULHI DQ /HRQDUGR%UXQLQHQQW6DOXWDWLHLQH:HQGXQJ%UXQLVDXIQHKPHQG VHLQH 

(LQ.UHLVYRQ%HZXQGHUHUQ3HWUDUFDVIDQGVLFK DOOHUGLQJVVFKRQHLQLJH-DKUHIUKHU ]XVDPPHQXQG]ZDUXPGHQ)UHXQGXQG%ULHISDUWQHU3HWUDUFDV)UDQFHVFR1HOOLYJO 8OOPDQ    9JOKLHU]XGLH6HOEVWDQJDEHLQ6DOXWDWL  ,I=XGD0RJOLRDOV/HKUHU IU6DOXWDWLYJO:LWW    =XP/HEHQ6DOXWDWLVYJO8OOPDQQ  XQG:LWW    9JO8OOPDQ  

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



+HLPDWVWDGW )ORUHQ] GDV GRPLFLOLXP VWXGLRUXP KXPDQLWDWLV 'LHV YHUZLUN OLFKW]XKDEHQNDQQPDQDOVJUR‰HV$QOLHJHQXQGKHUDXVUDJHQGH/HLVWXQJ 6DOXWDWLVDQVHKHQ 'RFK QHEHQ GLHVHU IXQGDPHQWDOHQ $UEHLW DQ GHU (WDEOLHUXQJ XQG 9HUEUHLWXQJGHU,GHHQ3HWUDUFDVKDWHUGLHVHDXFKXPHLQHQHXHXQGIU GLH )ROJH]HLW EHGHXWVDPH 'LPHQVLRQ HUZHLWHUW 6DOXWDWL KROW 3HWUDUFDV .RQ]HSW YRQ 0RUDOSKLORVRSKLH LQ GLH 6WDGW XQG HQWZLFNHOW VLH GDEHL ]X HLQHU%UJHUPRUDOZHLWHU,QGHPHU3HWUDUFDV.RQ]HSWYRQ0RUDOSKLOR VRSKLHDOVDUVYLWDHDXIGDV/HEHQYRQWlWLJHQKlXILJYHUKHLUDWHWHQXQGRIW PLW GHQ %HODQJHQ LKUHU 6WDGW EHWUDXWHQ %UJHUQ DQZHQGHW NRPPW HV LQ 6DOXWDWLV6FKULIWHQ]XHLQHU$XIZHUWXQJGHUEUJHUOLFKHQ/HEHQVIRUP]XU 5HKDELOLWLHUXQJGHU(KHXQGVFKOLH‰OLFK]XU%HYRU]XJXQJGHVWlWLJHQYRU GHP NRQWHPSODWLYHQ /HEHQ 0LW GHU %HVWLPPXQJ GHU *OFNVHOLJNHLW DOV IHOLFLWDV RSHUDWLYD SRVLWLRQLHUW VLFK 6DOXWDWL LQ 'LIIHUHQ] ]X GHP ,GHDO YRQ NRQWHPSODWLYHU*OFNVHOLJNHLWGDVVLFKLQGHQ$UWLVWHQIDNXOWlWHQHWDEOLHUW KDWWH 'LH KXPDQLVWLVFKH %HZHJXQJ WULWW GDPLW DEHU DXFK LQ H[SOL]LWH .RQNXUUHQ]]XFKULVWOLFKEHJUQGHWHQ$QVSUFKHQLQ)UDJHQGHU/HEHQV IKUXQJYRQ0|QFKHQXQG.OHULNHUQLQGHPGLH%HVWLPPXQJGHUEHVWHQ XQG JRWWJHIlOOLJVWHQ /HEHQVIRUP DOV WlWLJHV/HEHQ QXQ DXFK YRQ /DLHQ LQ $QVSUXFKJHQRPPHQXQGUHDOLVLHUWZHUGHQNDQQ 9HUEUHLWXQJGHUKXPDQLVWLVFKHQ%HZHJXQJ ,P)ROJHQGHQVROO]XQlFKVWJH]HLJWZHUGHQGXUFKZHOFKH0LWWHOHV6DOXWD WL JHOLQJW GLH KXPDQLVWLVFKH %HZHJXQJ ]X IHVWLJHQ XQG LKUHQ 5DGLXV ]X HUZHLWHUQ+LHUEHLP|FKWHLFKYRUDOOHP]ZHL3XQNWHLQGHQ9RUGHUJUXQG VWHOOHQ  6DOXWDWLJHOLQJWHVHLQ%HZXVVWVHLQIUHLQHQHXHLQWHOOHNWXHOOH *UXSSH]XVFKDIIHQLQGHPHU3HWUDUFDDOVHLQHQQHXHQ7\SXVGHV*HOHKU WHQLQV]HQLHUWGHU²LQGHPHUVLFKDQGHQDQWLNHQ$XWRUHQRULHQWLHUWH²DOV $XWRUVHOEVWDOOH:HUWVFKlW]XQJXQG$WWULEXWHIUVLFKEHDQVSUXFKHQGDUI GLHGHQDQWLNHQ6FKULIWVWHOOHUQ]XNRPPHQXQGGHUPLWGLHVHU%HVWLPPXQJ ]XJOHLFKGHQ%HJLQQHLQHUQHXHQ=HLWPDUNLHUW'LH%HZHJXQJHUKlOWGD PLW HLQH *UQGXQJVILJXU GLH PLW H[HPSODULVFKHQ (LJHQVFKDIWHQ DXVJHVWDW WHW VHOEVW ]X HLQHP ([HPSOXP ZLUG GDV YRQ DQGHUHQ LPLWLHUW ZHUGHQ NDQQ :HU VLFK QXQ LQ GLH 1DFKIROJH 3HWUDUFDV ² XQG QLFKW HWZD EOR‰ &LFHURVRGHU9HUJLOV²VWHOOWNDQQGDPLW]XJOHLFKIUVLFKEHDQVSUXFKHQ HEHQIDOOV5HSUlVHQWDQWGLHVHUQHXHQ%HZHJXQJ]XVHLQ  

9JO6DOXWDWL  ,9= =X6DOXWDWLV5ROOHEHLGHU(QWVWHKXQJGHVVRJHQDQQWHQ)ORUHQWLQHU%UJHUKXPDQLV PXVYJODXVIKUOLFK%DURQ  XQG  XQGGD]XQHXHUGLQJV+|UQTYLVW  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

  ,P %HZXVVWVHLQGHU =XJHK|ULJNHLW ]X GLHVHU EHVWLPPWHQ LQWHOOHN WXHOOHQ %HZHJXQJ PDFKW VLFK 6DOXWDWL GDUDQ GHUHQ 5DGLXV DXV]XZHLWHQ 'LHKXPDQLVWLVFKH%HZHJXQJYHUIJWQLFKWEHUHLQHQIHVWHQLQVWLWXWLRQHO OHQ 5DKPHQ ² VHL HV GLH .LUFKH RGHU GLH 8QLYHUVLWlW ² VLH IRUPLHUW VLFK YLHOPHKUGXUFKVFKULIWOLFKH0HGLHQ]XQlFKVWYRUDOOHPGXUFK%ULHIH,Q GLHVHP0HGLXPILQGHW²GHP.RQ]HSWYRQ3KLORVRSKLHDOVDUVYLWDHJHPl‰ ²HLQ$XVWDXVFK]ZLVFKHQ]ZHLUHDOHQ3HUVRQHQVWDWWEHU'LQJHGLHGDV UHDOH/HEHQGHUEHWUHIIHQGHQ3HUVRQHQDQJHKHQ'DEHLVHLYRUDOOHPDXI ]ZHL$VSHNWHKLQJHZLHVHQDXIGHQDXIIRUGHUQGHQ&KDUDNWHUYLHOHU%ULHIH XQGDXIGLH9HUSIOLFKWXQJ]XJHJHQVHLWLJHU)UHXQGVFKDIWGXUFKGLH%HUX IXQJDXIHLQJHPHLQVDPHV,GHDO 'LH,QVWDOOLHUXQJ3HWUDUFDVDOV*UQGXQJVILJXUXQGGHU$QEUXFK HLQHUQHXHQ=HLW 'DPLW GHU KXPDQLVWLVFKH $XIEUXFK ]X HLQHU %HZHJXQJ ZHUGHQ NRQQWH EHGXUIWHHVHLQHU*UQGXQJVILJXU'LHVH)LJXUPXVVWHVLFKHLQHUVHLWVGHXW OLFKYRQGHUYRUKHUJHKHQGHQ=HLWDEVHW]HQDQGHUHUVHLWVDEHUDXFKVRYLHO :HUW LQ VLFK VHOEVW EHVLW]HQ GDVV HV P|JOLFK ZDU GLHVH )LJXU ZLH HLQ OHXFKWHQGHVXQG]XLPLWLHUHQGHV9RUELOGZDKU]XQHKPHQ)UHLQHVROFKH )LJXUERWVLFK3HWUDUFDDQ6DOXWDWLNRQQWHVLFKPLWGHU$EVLFKW3HWUDUFDV 5XKP ]X PHKUHQ XQG ]X YHUEUHLWHQ DXI 3HWUDUFD VHOEVW VWW]HQ 'HQQ GLHVHUKDWVHLQH$QVLFKWHQQLFKWQXUVFKULIWOLFKGDUJHOHJWHUKDWVLHDXFK QLFKW HLQIDFK LQ VHLQHP /HEHQ XPJHVHW]W VRQGHUQ HU KDW VLFK EHPKW VHLQ/HEHQDOVHLQ([HPSOXP]XLQV]HQLHUHQ,QGHPHUVHLQ/HEHQVHOEVW DOVH[HPSODULVFKGDUVWHOOWHXQGVLFKLQVHLQHQ6FKULIWHQQHEHQJUR‰H'LFK WHUXQG'HQNHUVWHOOWHXQGVLFKPLWGLHVHQYHUJOLFKHU|IIQHWHHUQDFKIRO JHQGHQ+XPDQLVWHQGLH0|JOLFKNHLWLKQDOVHLQHQHUVWHQ9HUWUHWHU²XQG GDPLWDOV%HJUQGHU²HLQHUQHXDXIHUVWDQGHQHQ/HEHQVXQG%LOGXQJVNXO WXU]XIHLHUQXQG]XUH]LSLHUHQ 'DV0DWHULDOGDV3HWUDUFDVHOEVWEHUHLWJHVWHOOWKDWXPDOV([HPSOXP XQGDX‰HUJHZ|KQOLFKH3HUV|QOLFKNHLWUH]LSLHUWZHUGHQ]XN|QQHQZXUGH YRQ VHLQHQ =HLWJHQRVVHQ EHUHLWZLOOLJ DXIJHQRPPHQ $OV HLQHU GHU HUVWHQ 

'DUDXIGDVVVLFKGLH%HZHJXQJGLHQLFKWHLQHUIHVWHQ,QVWLWXWLRQ]X]XRUGQHQLVWYRU DOOHPGXUFKVFKULIWOLFKH0HGLHQDOOHQYRUDQGXUFK%ULHIHIHVWLJWHLVWEHUHLWVZLHGHU KROW DXIPHUNVDP JHPDFKW ZRUGHQ YJO KLHU]X HWZD GLH %HPHUNXQJHQ EHL +lVQHU  PLW+LQVLFKWDXIGHXWVFKH+XPDQLVWHQYJO7UHPO  XQG %HUQVWHLQ    'LHZLFKWLJVWHQ7H[WHIU3HWUDUFDV6HOEVWLQV]HQLHUXQJDOV([HPSOXPVLQGGLH%ULHIH 6HQLOHV;,,,XQG)DPLOLDUHV;,XQGYRUDOOHPVHLQ%ULHIDQGLH1DFKZHOW3RVWHULWDWL LQ 3HWUDUFD    ² 9JO KLHU]X DXVIKUOLFKHU (EEHUVPH\HU E  KLHU  

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



KDW *LRYDQQL %RFFDFFLR GLH 9RUODJHQ 3HWUDUFDV DXIJHJULIIHQ XQG GDPLW 3HWUDUFDV5XKPEHI|UGHUW'RFKDPLQWHQVLYVWHQXQGPLWGHQJU|‰WHQ (IIHNWHQ KDW VLFK &ROXFFLR 6DOXWDWL XP 3HWUDUFDV 5XKP EHPKW %HUHLWV ]X 3HWUDUFDV /HE]HLWHQ ZXUGH HU YRQ 6DOXWDWL JHVFKlW]W XQG EHZXQGHUW REJOHLFKHVQLFKW]XHLQHP7UHIIHQGHUEHLGHQ*HOHKUWHQNDP)QI%ULHIH YRQ 6DOXWDWL DQ 3HWUDUFD VLQG XQV EHUOLHIHUW $XVIKUOLFK XQG LQWHQVLY JHSULHVHQ ZLUG 3HWUDUFD IUHLOLFK HUVW QDFK VHLQHP $EOHEHQ 1XQ ZLUG 3HWUDUFD VRZRKO DXIJUXQG VHLQHU /HEHQVIKUXQJ DOV DXFK ZHJHQ VHLQHU 6FKULIWHQYRQ6DOXWDWL]XHLQHP([HPSOXPVWLOLVLHUW'UHL%ULHIHYRQ6DOX WDWL VLQG KLHU YRU DOOHP HLQVFKOlJLJ 'D GXUFK GLHVH %ULHIH HLQHUVHLWV GHXWOLFKZLUGGXUFKZHOFKH6WUDWHJLHQHV6DOXWDWLJHOLQJWVHLQ=LHO]XHU UHLFKHQDQGHUHUVHLWVDEHUDXFKNODUZLUGGDVVGLHVHV=LHODOOHVDQGHUHDOV VHOEVWYHUVWlQGOLFK ZDU XQG VLFK JHJHQ :LGHUVWlQGH GXUFK]XVHW]HQ KDWWH VHLVHLQH$UJXPHQWDWLRQLP)ROJHQGHQJHQDXHUEHWUDFKWHW ,P6HSWHPEHUYHUIDVVW6DOXWDWLDQOlVVOLFKGHV7RGHV3HWUDUFDVHL QHQ%ULHIDQ5REHUWR*XLGL&RQWHGH%DWWLIROOHGHUHLQPHKUVHLWLJHV/RE 3HWUDUFDVHQWKlOW8PGLH*U|‰HXQGGLH%HGHXWXQJ3HWUDUFDV]XEHWR QHQVFKHXWHUVLFKQLFKWLKQPLWGHQJUR‰HQ$XWRUHQGHU$QWLNH]XYHU JOHLFKHQ 'LHVHQ 3HWUDUFD VDJH LFK NDQQ PDQ MHQHP J|WWOLFKHQ 9HUJLO XQG GHQ JULHFKL VFKHQ'LFKWHUQZHOFKHMHQHULP:HWWVWUHLWEHVLHJWKDWLQGHU'LFKWXQJHQWJHJHQ VHW]HQPDQNDQQLKQ&LFHURXQG'HPRVWKHQHVLQGHUYRQGHQ5HJHOQGHU0D‰H XQG9HUVI‰HIUHLHQ5HGHXQGVRJDU6HQHFDLQPRUDOLVFKHQ'LQJHQYRU]LHKHQ

1DFKGLHVHU(LQVFKlW]XQJEHUXKW3HWUDUFDV:HUWDXIGUHL.RPSHWHQ]HQ DXI ]ZHL VSUDFKOLFKHQ QlPOLFK GLH IU 'LFKWXQJ XQG GLH IU 3URVD XQG 







 

9JO *LRYDQQL %RFFDFFLR 'H JHQHDORJLD GHRUXP ;,9   KJ 9 =DFFDULD LQ 7XWWH OH RSHUHKJ9%UDQFD%G0LODQRIIXQG*%RFFDFFLR'HFDVLEXVYLUR UXPLOOXVWULXPKJ3*5LFFL9=DFFDULDLQ7XWWHOHRSHUHKJ9%UDQFD%G0LODQR  9JO 6DOXWDWL   ,      ² 'HU HUVWH %ULHI VWDPPWEHUHLWV DXVGHP-DKU3HWUDUFDKDWQXUDXIGLHVHQHUVWHQ%ULHI6DOXWDWLV JHDQWZRUWHWYJO3HWUDUFD6HQLOHV;,GHU%ULHIILQGHWVLFKDXFKLQGHU$XVJDEHGHU 6DOXWDWLEULHIHYJO6DOXWDWL  ,9 %ULHIH]XP7RG3HWUDUFDVDQ5REHUWR*XLGL&RQWHGH%DWWLIROOH 6DOXWDWL   , DQ)UDQFHVFR%UXQL HEG, XQGDQ%HQYHQXWRGD,PRODHEG,   8QG]ZDUGLHLP)ROJHQGHQGLVNXWLHUWHQ%ULHIHDQ5REHUWR*XLGL&RQWHGH%DWWLIROOH YRP  $XJXVW  HEG ,   DQ *LRYDQQL %DUWRORPHL YRP  -XOL  HEG, XQGDQ3RJJLR%UDFFLROLQLYRP'H]HPEHU HEG,9   (EG, ÅKXQF3HWUDUFDPLQTXDPHWGLYLQRLOOR0DURQLDF*UDLRUXPYDWLEXVTXRVLOOHYLFWRU HPXODWXVHVWRSSRQHUHOLFHWLQFDUPLQH&LFHURQLDWTXH'HPRVWKHQLLQOLEHUDPHWUR UXPHWSHGXPUHJXOLVRUDWLRQHLSVLTXH$QQHRLQPRUDOLEXVDQWHIHUUH´(EG,= 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

DXI HLQHU GULWWHQ .RPSHWHQ] IU PRUDOLVFKHV :LVVHQ $XI DOOHQ GUHL *H ELHWHQKDEH3HWUDUFDVRYLHOJHOHLVWHWGDVVPDQLKQRKQHZHLWHUHVPLWDQWL NHQ*HOHKUWHQYHUJOHLFKHQN|QQH 0LWGLHVHU(LQVFKlW]XQJKDW6DOXWDWLHLQHQ$XWRUGHUHUVWMQJVWYHU VWRUEHQZDUDOVJOHLFKUDQJLJQHEHQGLH+DXSWYHUWUHWHUGHUDQWLNHQ.XOWXU ZLH VLH YRQ GHQ +XPDQLVWHQ YHUHKUW ZXUGHQ JHVHW]W (LQH VROFKH (LQ VFKlW]XQJ HLQHV ]HLWJHQ|VVLVFKHQ $XWRUV ZDU DOOHUGLQJV DOOHV DQGHUH DOV VHOEVWYHUVWlQGOLFK'LHVHV8UWHLOEOHLEWGDKHUDXFKQLFKWXQZLGHUVSURFKHQ GHQQHVZDUYLHOOHLFKWGRFK]XKRFKJHJULIIHQ3HWUDUFDEHU9HUJLO&LFHUR XQG6HQHFD]XVWHOOHQGKEHU$XWRUHQGLHLQJHOHKUWHQ.RQWH[WHQEH UHLWV VHLW -DKUKXQGHUWHQ DOV $XWRULWlWHQ JDOWHQ 6R KDW *LRYDQQL %DUWROR PHL .DQ]OHU YRQ )UDQFHVFR GD &DVDOH HEHQ JHQDX DQ GLHVHP 8UWHLO JH ]ZHLIHOW 'HVKDOE YHUWHLGLJW 6DOXWDWL LQ HLQHP %ULHI YRP  -XOL  DQ *LRYDQQL %DUWRORPHL VHLQH $QVLFKW 3HWUDUFD VHL +RPHU +HVLRG 7KH RNULW 9HUJLO 'HPRVWKHQHV &LFHUR 9DUUR XQG 6HQHFD YRU]X]LHKHQ 'LHVH NKQH %HKDXSWXQJ UHFKWIHUWLJW 6DOXWDWL PLW GHQ IROJHQGHQ hEHUOH JXQJHQ=XQlFKVWVFKOLH‰WHUGLHJULHFKLVFKHQ$XWRUHQYRQGHP9HUJOHLFK DXVGDGLHVHEHUHLWVYRQGHQ/DWHLQHUQDQ(ORTXHQ]EHUWURIIHQZRUGHQ ZlUHQ (V UHLFKH DOVR DXV GLH 8QWHUOHJHQKHLW GHU DQWLNHQ ODWHLQLVFKHQ $XWRUHQLP9HUJOHLFK]X3HWUDUFD]XEHOHJHQ6DOXWDWLEHUJHKWDX‰HUGHP 9DUUR ZHLO YRQ GLHVHP NDXP HWZDV EHUOLHIHUW VHL 6FKOLH‰OLFK EH VFKUlQNWVLFK6DOXWDWLDXIGHQ9HUJOHLFKYRQ3HWUDUFDPLW9HUJLOXQG&LFH UR9HUJLOYHUOLHUWQXQJHJHQ3HWUDUFDGDHUEOR‰HLQ'LFKWHUZDU'HQQ ZLH6DOXWDWLVDJW HVLVWJUR‰9HUVH]XVFKUHLEHQDEHUGDV*U|‰WHLVWHVJODXEHPLUVLFKLP3URVD VWLOPLW/REUHGHQXQGPLWUHLFKOLFK*HGDQNHQ]XHUJLH‰HQ6RZLHVLFKGHU)OXVV YRP0HHUXQWHUVFKHLGHWVRJODXEHLFKIHVWGDVVGLH'LFKWXQJHWZDV*HULQJHUHV LVWDOV3URVD

1XQ NRPPW DOVR GDV VFKZLHULJVWH 8QWHUIDQJHQ QlPOLFK ]X ]HLJHQ ZLH XQGZRULQ&LFHUR3HWUDUFDXQWHUOHJHQVHLQN|QQWH=XQlFKVWHLQPDOOREW 

Å8QXPLPSDWLHQWHUIHURTXRGDPELJHUHYLGHDULV3HWUDUFDPQRVWUXP+RPHUR+HVLR GR 7KHRFULWR 9LUJLOLR 'HPRVWKHQL &LFHURQL 9DUURQL YHO 6HQHFH SUHIHUHQGHXP´ (EG,=  Å+HVLRGXPTXLGHPHW7KHRFULWXPTXRVQRPLQDVTXLDJUHFHVFULSVHUXQWLVWH%XFROLFD HWLOOH*HRUJLFDTXRVTXHVLQHFRQWHQWLRQH0DURQRVWHUFUHGLWXUH[FHVVLVVHIDFLOHGLPLW WDPGLPLWWDPHW'HPRVWKHQHPFXLHWLDP*UHFRUXPWHVWLPRQLRHTXDWXPHVVHQRYL PXV&LFHURQHP´HEG,==  ÅRPLWWDPHW9DUURQHPGHTXRSHQHQLFKLORPD[LPHSURIHUHQGHXPSRVWHULWDWLSUHWHU IDPHYHVWLJLXPOHJLPXVYHOKDEHPXVTXDQYLVLQVFULEHQGLVOLEULVQXPHURVLVVLPXVIXLV VHWUDGLWXU´HEG,=  ÅPDJQXP IDWRU YHUVLEXV VFULEHUH VHG PD[LPXP FUHGH PLFKL SURVDLFR VWLOR FXP ODXGLEXVSOHQLVTXHVHQWHQWLLVH[XQGDUHTXDQWXPIOXPHQDSHODJRGLIIHUWWDQWXPFDU PLQDSURVLVFUHGLWRIRUHPLQRUD´(EG,=

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



6DOXWDWL&LFHUREHUDOOH0D‰HQHUVHLGHUHLJHQWOLFKH(UILQGHUGHU%HUHG VDPNHLW HORTXHQWLD  KDEH ZLH NHLQ DQGHUHU EHU GHQ 5HLFKWXP FRSLD  GHU 6SUDFKHYHUIJWXQGKDEHVFKOLH‰OLFKHLQ/HKUEXFKGHU%HUHGVDPNHLWYHU IDVVW:LHDEHU&LFHURVHOEVWVDJWHVHLHVIUGHQ5HGQHUGDV*HULQJVWH EHUGLH.XQVW]XVSUHFKHQYLHOJU|‰HUVHLHVPLW.XQVW]XVSUHFKHQ8QG DXI GLHVHP ² GHP ZLFKWLJVWHQ ² )HOG EUDXFKH VLFK3HWUDUFD QLFKW KLQWHU &LFHUR ]X YHUVWHFNHQ hEHU GHQ 3URVDVWLO 3HWUDUFDV LQ %H]XJ DXI HLQHQ %ULHIDQ)UDQFHVFR%UXQLVFKUHLEWHU *ODXEPLUGXZUGHVWLKQ> VHLQHQ%ULHI@QLFKW IUHLQHPHQVFKOLFKHYRQGHU 9HUQXQIWXPIDVVWHRGHUGXUFK.XQVWEHUOLHIHUWH(UILQGXQJKDOWHQVRQGHUQIU HLQVR]XVDJHQ J|WWOLFKHV2UDNHO GHU%HUHGVDPNHLWVRGDVVMHQHU%ULHIEHLP$E KDQGHOQQLFKWQXUPLW&LFHURGDVZDV]XEHDFKWHQLVW]XOHKUHQVFKHLQWVRQGHUQ EHU&LFHURYRQGHPKLPPOLVFKHQ*LSIHOGXUFKJ|WWOLFKH)JXQJZLGHUVFKDOOW

$X‰HUGHPVRIJW6DOXWDWLQRFKKLQ]XILQGHVLFKEHL&LFHURQLFKWVZDV VLFK QLFKW DXFK EHL 3HWUDUFD LQ UHLFKHP 0D‰H ILQGHQ ODVVH *DQ] DP (QGHQHQQW6DOXWDWLMHGRFKHLQ$UJXPHQWGDVGLHYRUKHULJHQ%HKDXSWXQ JHQHLQZHQLJ]XUFN]XQHKPHQVFKHLQW )JH KLQ]X GDVV )UDQFHVFR DXFK ZHQQ ZLU DOOHV DQGHUH ]XJHVWHKHQ LP PHWUL VFKHQ 6SUHFKHQ &LFHUR RKQH :LGHUVSUXFK EHUWUDI VR GDVV ² ZLH GX GLFK DXFK ZHQGHQ PDJVW ² PDQ ]XJHVWHKHQ PXVV GDVV 3HWUDUFD QLFKW JHULQJHU DOV 9HUJLO RGHU&LFHURLVW

0LWDQGHUHQ:RUWHQ3HWUDUFDEHUUDJW&LFHURDXIHLQHP*HELHWZRQLFKW GHVVHQ6WlUNHQOLHJHQ 'LH$XVHLQDQGHUVHW]XQJEHUGHQ6WHOOHQZHUW3HWUDUFDVXQGGLH)UDJH LQZLHZHLWHVJHUHFKWIHUWLJWLVWHLQHQ=HLWJHQRVVHQGHQDQWLNHQ*HOHKUWHQ ]XU6HLWH]XVWHOOHQZDUGDPLWQRFKQLFKWJHNOlUW3RJJLR%UDFFLROLQLLVW HLQHU YRQ GHQHQ GLH LKUH =ZHLIHO DQ GLHVHU +RFKVFKlW]XQJ 3HWUDUFDV LQ HLQHP%ULHIDQ6DOXWDWLGHUOHLGHUYHUORUHQJHJDQJHQLVWlX‰HUWH:LHZLU GHP$QWZRUWEULHIYRQ6DOXWDWLYRP'H]HPEHUHQWQHKPHQN|Q 

(EG,= ÅFUHGH PLFKL HD QRQ KXPDQXP LQYHQWXP UDWLRQH FRQFOXVXP DXW DUWH WUDGLWXP VHG GLYLQXPTXRGGDPHORTXHQWLHRUDFXOXPUHSXWDUHVXWLOODSHUWUDFWDQVQRQLDPFXP&L FHURQHYLGHDWXUREVHUYDQGDSUHFLSHUHVHGVXSUD&LFHURQHPDFHOHVWLTXRGDPFXOPLQH GLYLQLWXVUHVRQDUH´(EG,==  ÅGHQLTXH OHJH FXP GLOLJHQWLD &LFHURQHP QLFKLO YHO SUHFHSWXP DUWH YHO REVHUYDWXP GLFHQGRSRWHULVLQYHQLUHTXRGQRQH[TXLVLWHIORULGHDWTXHDEXQGDQWHU3HWUDUFDWUDF WDYHULW´(EG,=  ÅDGGH TXRG LQ PHWULFR GLFHQGL FDUDFWHUH )UDQFLVFXV &LFHURQHP VLQH FRQWURYHUVLD FXQFWLVDSSUREDQWLEXVVXSHUDYLWXWTXRFXQTXHWHYHUWHULV3HWUDUFDPQHF9LUJLOLRQHF 7XOOLRPLQRUHPRSRUWHDWFRQILWHUL´(EG,=  'LH)UDJHZLUGVSlWHUQRFKHLQPDOYRQ/HRQDUGR%UXQLLQGHVVHQ'LDORJXVDG3HWUXP 3DXOXP+LVWUXPDXIJHJULIIHQZHQQLQ)RUPHLQHV'LDORJVNRQWURYHUVHU|UWHUWZLUGRE 'DQWH3HWUDUFDXQG%RFFDFFLRGHQDQWLNHQ$XWRUHQHEHQEUWLJRGHUXQWHUOHJHQVHLHQ 9JO%UXQL  GD]XDXFK+lVQHU   



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

QHQ VFKHLQW VLFK 3RJJLR GDUEHU JHZXQGHUW ]X KDEHQ GDVV 6DOXWDWL 3HWUDUFD YLHOHQ $XWRUHQ GHU $QWLNH XQWHU LKQHQ DXFK 9HUJLO XQG &LFHUR YRUJH]RJHQ KDEH 3RJJLR ZDU LP *HJHQVDW] ]X 6DOXWDWL GHU 0HLQXQJ GDVVHVEHUKDXSWXQDQJHPHVVHQVHLDQWLNH'HQNHUPLW=HLWJHQRVVHQ]X YHUJOHLFKHQ6DOXWDWLZHKUWVLFKJHJHQGDVEOR‰H9RUXUWHLOGHU$XWRULWlW GHV$OWHUVXQGKlOWGDIUGDVVGHU6WUHLWQLFKWXPGDV=HLWDOWHUVRQGHUQ XPGDV:LVVHQJHKHQVROOWH 'DV $UJXPHQW GHU $XWRULWlW GHV $OWHUV HLQPDO DXVJHVFKDOWHW PDFKW VLFK6DOXWDWLGDUDQGLH/HLVWXQJHQ3HWUDUFDVPLWGHQHQYRQDQWLNHQ$XWR UHQ]XYHUJOHLFKHQXQGNRPPWVFKOLH‰OLFK]XGHP(UJHEQLVGDVV3HWUDUFD VRZRKOLQGHU%HUHGVDPNHLW HORTXHQWLD DOVDXFKLQGHU:HLVKHLW VDSLHQWLD  GLH DQWLNHQ $XWRUHQ EHUUDJH 'LHVH hEHUOHJHQKHLW EHJUQGHW HU PLW 3HWUDUFDV7HLOKDEHDPFKULVWOLFKHQ*ODXEHQ ,Q GLHVHP %ULHI ILQGHW VLFK HLQ $UJXPHQW IU GLH *U|‰H 3HWUDUFDV ZHOFKHVDXFKYRQDOOHQQDFKIROJHQGHQ%LRJUDSKHQDXIJHJULIIHQZLUGXQG ZHOFKHVHV]XJOHLFKOHJLWLPLHUW3HWUDUFDQHEHQ9HUJLOXQG&LFHUR]XVWHO OHQ :lKUHQG GLHVH EHLGHQ XQEHVWULWWHQHQ $XWRULWlWHQ MHZHLOV DXI HLQHP *HELHWKHUYRUUDJHQGZDUHQVRZDUHV3HWUDUFDDXIEHLGHQ²LQ'LFKWXQJ XQG3URVD MHQHZHUGHQYRQXQVHUHP3HWUDUFDEHUUDJWQLFKWVFKOHFKWKLQVRQGHUQ&LFHURLQ GHU'LFKWXQJ9HUJLODEHULFKELWWHGLFKHVQLFKW]XEHVWUHLWHQLP6FKPXFNGHU XQJHEXQGHQHQ5HGH

(V LVW YRU DOOHP GLHVH 'RSSHONRPSHWHQ] GLH 3HWUDUFD YRU &LFHUR XQG 9HUJLODXV]HLFKQHWXQGGLHHVOHJLWLPLHUW3HWUDUFDEHUDQWLNH$XWRUHQ]X VWHOOHQ'LHVHVHLQH$UJXPHQWKDWVLFKEHKDXSWHWXQGILQGHWVLFKLQlKQOL

 







ÅPLUDUL YLGHULV TXRG LSVXP HW 9LUJLOLR HW &LFHURQL HW SOXULPLV DQWLTXRUXP GX[HULP SUHIHUHQGXP´6DOXWDWL  ,9== ÅXWGLFHUHVQXOODPYHOSDUYDPFRPSDUDWLRQHPDGPRGXPTXRYHUEXPSRQDPWXXP ILHUL GHEHUH LQWHU SULVFRV LOORV HUXGLWLVVLPRV YLURV HW HRV TXL KLV VHFXOLV FODUXHUXQW´ (EG,9= ÅUHPRYLPXVLDPDUELWURUWRWDPKDQFDXFWRULWDWHPXPEUDPHWRSRQLRQHPODXGDWLV VLPHDQWLTXLWDWLVYRORTXHVLSODFHWTXRGTXLFTXLGH[SULRULWDWHWHPSRUXPGLJQLWDWLV HWHPLQHQWLH FRQFHSLVWLVLFXWGHFHWRPQLQRUHPRYHDV SXUDVLWQRQWHPSRUXPVHG VFLHQWLHFRQFHUWDWLR´(EG,9= (EG ,9   =  ÅLQ TXD TXLGHP VDSLHQWLD HW ILGHL SLHWDWH VL SXWDV &LFHUR QHP$ULVWRWHOHPYHO3ODWRQHPDQWHFHOOXLVVH3HWUDUFHOHJHOLEUXPVXXPXW'HYLWDVROL WDULDOLEURVHW'HRWLRUHOLJLRVRHWHSLVWRODVVXDVGLPLWWDPOHJHOLEUXPLQTXDP'HVHFUHWR FRQIOLFWXFXUDUXPVXDUXPHWYLGHELVHXPQRQUHOLJLRQHVROXPILGHHWEDSWLVPDWHFKULVWLD QXPVHGHUXGLWLRQHWKHRORJXPHWJHQWLOLEXVLOOLVSKLORVRSKLVSUHIHUHQGXP´ ÅVXSHUDQWXULOOL D)UDQFLVFRQRVWURQRQVLPSOLFLWHUVHG&LFHURYHUVX0DURYHURQH FRQWHQGDVREVHFURVROXWHGLFWLRQLVRUQDWX´(EG,

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



FKHU )RUP LQ GHQ %LRJUDSKLHQ GLH LQ GHU )ROJH]HLW EHU 3HWUDUFD JH VFKULHEHQZXUGHQ 'LH%HGHXWXQJGLH6DOXWDWL3HWUDUFD]XVFKUHLEWKDWDXFK$XVZLUNXQ JHQ DXI GLH %HGHXWXQJ XQG GLH (LQVFKlW]XQJ GHU =HLW GLH PLW 3HWUDUFD EHJLQQW'HQQVHLWGHU$QWLNHZLHGHUHLQHQ$XWRUYRUZHLVHQ]XN|QQHQ GHUPLWGLHVHQDQWLNHQ$XWRULWlWHQNRQNXUULHUHQNDQQEHGHXWHWVLFKYRQ GHU GD]ZLVFKHQ OLHJHQGHQ =HLW DE]XJUHQ]HQ XQG PLW 3HWUDUFD HLQH QHXH =HLWEHJLQQHQ]XODVVHQ$XIGLH%HGHXWXQJ3HWUDUFDVDOVHLQHV%HJUQGHUV HLQHUQHXHQ=HLWZHLVW6DOXWDWLLQYHUVFKLHGHQHQ%ULHIHQKLQ6REHWRQWGHU LQ HLQHP %ULHI DQ )UDQFHVFXROR GD %URVVDQR 3HWUDUFDV /HLVWXQJ IU GLH (UQHXHUXQJ GHU 3KLORVRSKLH 3HWUDUFD ZLUG YRQ 6DOXWDWL DOV HLQ %HLVSLHO YRQGHQ$XVQDKPHPHQVFKHQ]LWLHUWGLHLQGLHVHUGXQNOHQ=HLWGLHHLJHQW OLFKH 3KLORVRSKLH DOV PDJLVWUD YLWDH ZLHGHU YHUVWDQGHQ XQG ]XP /HEHQ HUZHFNW KDEHQ XQG GDPLW GDV JHJHQZlUWLJH =HLWDOWHU DOV HLQ EHUDXV EH UKPWHV GHU QDFKIROJHQGHQ =HLW EHUPLWWHOW KDEHQ 3HWUDUFD VHL LQVEH VRQGHUHLQGHU3KLORVRSKLHKHUYRUJHWUHWHQXQG]ZDUQLFKWLQGHUPRGHU QHQ VRSKLVWLVFKHQ VRQGHUQ LQ GHU GLH GLH 6HHOHQ SIOHJW GLH 7XJHQGHQ DXVEDXWXQGGLH/DVWHUEUHPVW,QKRKHP7RQXQGPLWH[SOL]LWHU$EJUHQ ]XQJ ]XU VFKRODVWLVFKHQ 3KLORVRSKLH OREW HU 3HWUDUFDV 9HUGLHQVWH LQ GHU 3KLORVRSKLH *WLJVWHU*RWWZLHKHUDXVUDJHQGZDUHULQGHU3KLORVRSKLHZHOFKHDOVHLQHJ|WW OLFKH *DEH HLQH /HLWHULQ DOOHU 7XJHQGHQ DOV ² XP HLQ :RUW &LFHURV ]X JHEUDX FKHQ²HLQH9HUWUHLEHULQDOOHU/DVWHUXQG*HELHWHULQXQG0HLVWHULQDOOHU:LVVHQ VFKDIWHQXQG.QVWHDQJHVHKHQZLUG,FKPHLQHQLFKWLQGHUZHOFKHGLHPRGHU QHQ6RSKLVWHQPLWZLQGLJHU3UDKOHUHLXQGOHHUHUXQGVFKDPORVHU*HVFKZlW]LJNHLW LQ GHQ 6FKXOHQ EHZXQGHUQ VRQGHUQ LQ GHU GLH GLH 6HHOHQ ELOGHW GLH 7XJHQGHQ HUULFKWHW GHQ 6FKPXW] GHU /DVWHU HQWIHUQW XQG GLH :DKUKHLW DOOHU 'LQJH QDFK GHPGLH8PZHJHGHU'LVSXWDWLRQHQXPJDQJHQZXUGHQHUPLWWHOW -HQHHUVWJHQDQQWH3KLORVRSKLH HUIUHXWGLHMHQLJHQZHOFKHVLFKDQZLHVLHVDJHQ XQO|VEDUHQ$UJXPHQWHQGLHPLWYLHO0KHDXIJHEODVHQDXIJHIXQGHQZHUGHQHU KHLWHUQXQGZHOFKHGHU5XKPGHUVFKRODVWLVFKHQ6FKXOHEHZHJW$EHUMHQHOHW] WHUHYHUHKUHQZLUPLWXQVHUP*HLVWXQGXPDUPHQZLUPLWDOOHQ.UlIWHQXQVHUHU 6HHOH :HQQ GX VDJH LFK GLH 'LFKWXQJ EHUGHQNVW GLH %ULHIH EHWUDFKWHVW GLH %FKHU EHGHQNVW GLH MHQHU 0DQQ YRQ JHUDGH]X J|WWOLFKHP ,QWHOOHNW ZlKUHQG HU OHEWH KHUYRUEUDFKWH ZLUVW GX PHKU DOV KLQUHLFKHQG VHKHQ ZLH YLHO HU LQ GLHVHU EHZLUNWH ,FK N|QQWH VLH QLFKW OHLFKW LQ :RUWH IDVVHQ MHQH 2EHUSULHVWHULQ DOOHU :LVVHQVFKDIWHQXQGXPVR]XVSUHFKHQGLH3KLORVRSKLHGHU3KLORVRSKLHGLHGLH *HKHLPQLVVH GHU *|WWOLFKNHLW HUIRUVFKW ZHOFKH ² REZRKO VLH GHQ *LSIHO DOOHV :LVVEDUHQ]XEHUVFKUHLWHQVFKHLQW²HUPLWHPSIlQJOLFKHP*HLVWWUDQNXQGPLW 

9JO ] % /HRQDUGR %UXQL /H YLWH GL 'DQWH H GL 3HWUDUFD   LQ +XPDQLVWLVFK SKLORVRSKLVFKH6FKULIWHQKJ+DQV%DURQ/HLS]LJÅ(EEHLO3HWUDUFDQHOOLVWXGLVXRL XQDGRWHVLQJRODUHFKHIXDWWLVVLPRDSURVDHGDYHUVR´HEG  Å3HWUDUFHLQTXDPFXLXVPHULWLVQLPHIDOODWDPRUHWDVQRVWUDLQSRVWHURVIDPRVLVVL PDSHUWUDQVLELW´6DOXWDWL  ,=



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

KHOOHP 9HUVWDQG DXIQDKP VR YLHO MHGHQIDOOV YHUPXWHW ZHUGHQ NDQQ ZHQQ PDQ VHLQH:HUNHDEJHZRJHQKDW

0LW3HWUDUFDLVWDOVRQLFKWQXUHLQH$EJUHQ]XQJYRQHWZDV$OWHPVRQGHUQ DXFKGHU%HJLQQYRQHWZDV1HXHPPDUNLHUW'DVQHXH.RQ]HSWYRQ3KL ORVRSKLHZLUGDOVRQLFKW²ZLHHVQRFKEHL3HWUDUFDQRWZHQGLJZDU²GXUFK 5HNXUV DXI GLH $QWLNH JHZRQQHQ HV ZLUG YLHOPHKU DOV HLQ EHUHLWV EHVWH KHQGHVXQGDOWHUQDWLYHV.RQ]HSW]XU]HLWJHQ|VVLVFKHQXQLYHUVLWlUHQ3KLOR VRSKLHEHJULIIHQ :lKUHQG VLFK 3HWUDUFD DOV HLQ )UHPGHU LQ VHLQHU HLJHQHQ =HLW HPS IDQGNDQQVLFK6DOXWDWLEHUHLWVDOV7HLOHLQHUQHXHQ=HLWYHUVWHKHQ=ZDU EHNODJWDXFK6DOXWDWLGHQ9HUOXVWYRQ:LVVHQXQG%FKHUQYRUDOOHPLQ +LQVLFKW DXI GLH $QWLNH DEHU GLH 6FKXOG GDIU WULIIW QLFKW VHLQH HLJHQH =HLW ,FKZLOOGLH6FKXOGGDIUQLFKWXQVHUHP=HLWDOWHU]XZHLVHQGLHVHU9HUOXVWZXUGH IUKHU YHUXUVDFKW 'HQQ VHFKV -DKUKXQGHUWH XQG OlQJHU ODJHQ GLH OLWHUDULVFKHQ 6WXGLHQ VR GDQLHGHU GDVV GLH %FKHU YHUQLFKWHW ZXUGHQ DXI EHLVSLHOORVH :HLVH DEHU JLQJHQ GLH KLVWRULVFKHQ :HUNH ]XJUXQGH ZRUEHU LFK PLFK QLFKW WU|VWHQ NDQQ

1XQNDQQ6DOXWDWLDEHUHLQ8PGHQNHQEHPHUNHQ%HUHLWVLQHLQHPIUKHQ %ULHIDQ)UDQFHVFR1HOOLGHQ)UHXQGXQG%HZXQGHUHU3HWUDUFDVEH]LHKW VLFK 6DOXWDWL DXI HEHQ GLHVH EHLGHQ ZLH DXI ([HPSOD XQG YHUVWHKWVLH DOV 9RUERWHQXQG5HSUlVHQWDQWHQGHVEHJLQQHQGHQQHXHQ=HLWDOWHUV 'HQQ HV EHVLW]W GLHVHV XQVHU =HLWDOWHU HWZDV ZRGXUFK HV QLFKW QXU PLWWHOPl‰LJ JHUKPWZLUGXQGDXVJH]HLFKQHWPLWHXUHP/LFKWZLUGHVPLWQLFKWZHQLJ$XI PHUNVDPNHLW GHU 1DFKZHOW EHUPLWWHOW -HQH ZHUGHQ VLFK ZXQGHUQ GDVV LKU DX



Å'HXV RSWLPH LQ SKLORVRSKLD TXH TXLGHP GRQXP GLYLQXP RPQLXP PRGHUDWUL[ QRVFLWXUHVVHYLUWXWXPHWXW&LFHURQLDQRXWDUYRFDEXORH[SXOWUL[YLWLRUXPHWRPQLXP VFLHQWLDUXPHWDUWLXPLPSHUDWUL[DFPDJLVWUDTXDQWXPH[FHVVLWQRQGLFRLQKDFTXDP PRGHUQLVRSKLVWHYHQWRVDLDFWDWLRQHLQDQLHWLPSXGHQWHJDUUXOLWDWHPLUDQWXULQVFROLV VHG LQ HD TXH DQLPRV H[FROLW YLUWXWHV HGLILFDW YLWLRUXP VRUGHV HOXLW UHUXPTXH RPQLXPRPLVVLVGLVSXWDWLRQXPDPEDJLEXVYHULWDWHPHOXFLGDWJDXGHDQWVLTXLGHPLOOD SULRULTXRVLQGLVVROXELOLDXWDLXQWDUJXPHQWDPXOWRFRQIODWDODERUHUHSHULUHGHOHFWDW TXRVVFRODVWLFHSDOHVWUHJORULDPRYHWKDQFDXWHPSRVWHULRUHPQRVPHQWHYHQHUHPXU HWWRWLVDQLPLYLULEXVDPSOHFWDPXULQKDFLQTXDPUHYROYHFDUPLQDFRQVLGHUDHSLVWR ODVPHGLWDUHOLEHOORVTXRVGLYLQLSURUVXVLQJHQLLYLULOOHYLYHQVHPLVLWHWTXDQWXPLQLO ODSURIHFHULWDEXQGHYLGHELVLOODPDXWHPRPQLXPVFLHQWLDUXPDQWLVWLWHPHWXWLWDOR TXDU SKLORVRSKLH SKLORVRSKLDP TXH GLYLQLWDWLV DUFDQD ULPDWXU TXDQTXDP RPQLXP VFLELOLXP DSLFHP YLGHDWXU H[FHGHUH TXDP FDSDFL PHQWH ELEHULW TXDPTXH SHUVSLFXR FRQFHSHULWLQWHOOHFWXFHXSRWHVWOLEUDWLVVXLVRSXVFXOLVFRQLHFWDULQRQIDFLOHSRVVLP H[SULPHUH´(EG,==  ÅQHFLGHWDWLQRVWUHYLWLRGHSXWHPDOWLXVFRQFHSWDHVWLVWDLDFWXUD6H[HQLPVHFXOLVHW XOWUDOLWWHUDUXPVWXGLDWDOLWHULDFXHUXQWTXRGH[WLQFWLVXQWOLEULVHGVLQJXODULWHUSHULH UXQWK\VWRULHGHTXRTXLGHPPHFXPQHTXHRFRQVRODUL´(EG,,

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



‰HUJHZ|KQOLFKHQ 0lQQHU LQ XQVHUHU =HLW XQWHU HLQHP VR JOFNOLFKHQ 6WHUQ HQW VWDQGHQVHLG

=ZDUEHWRQW6DOXWDWLJHOHJHQWOLFKGLH8QWHUOHJHQKHLWGHU0RGHUQHQJHJHQ EHU GHU $QWLNH 'HQQRFK EHJLQQW IU LKQ HLQ QHXHV =HLWDOWHU XQG HU HQWZLUIWHLQH*HQHDORJLHYRQ(UQHXHUHUQ (VNDPHQDXINXU]H=HLWLQXQVHUHP=HLWDOWHUGLHOLWHUDULVFKHQ6WXGLHQ]XP9RU VFKHLQ XQG GHU HUVWH 9HUHKUHU GHU %HUHGVDPNHLW ZDU GHLQ /DQGVPDQQ 0XVVDWR DXV3DGXDHVJDEDXFK*HULDXV$UH]]RGHUJU|‰WH1DFKDKPHUGHV]ZHLWHQ3OL QLXV GHU GHU 1HIIH GHU 6FKZHVWHU GHV DQGHUHQ PLW GHPVHOEHQ 1DPHQ ZDU (V NDPHQDXFKMHQHIORUHQWLQLVFKHQ/LFKWHU]XP9RUVFKHLQXP'DQWH$OLJKLHULGLH K|FKVWH=LHUGHGHU%HUHGVDPNHLWLQGHU9RONVVSUDFKHGHPNHLQHUGHULQXQVHUHQ =HLWHQOHEWHXQGDXFKNHLQHUGHU$OWHQDQ:LVVHQXQG9HUVWDQG]XYHUJOHLFKHQ LVW]XEHUJHKHQ3HWUDUFDXQG%RFFDFFLRGHUHQJHVDPWH:HUNHZHQQLFKPLFK QLFKWLUUHGLH1DFKZHOWSUHLVHQZLUG:LHVHKUVLHVLFKGHQQRFKLQGHU)lKLJNHLW GHV5HGHQVYRQGHQ$OWHQXQWHUVFKHLGHQZLUGQLHPDQGHPGHUULFKWLJ]XXUWHLOHQ YHUPDJXQEHPHUNWEOHLEHQ

$XFK LQ HLQHPVSlWHUHQ%ULHI DQ )UDQFHVFR =DEDUHOOD XUWHLOW HU 0XVVDWR XQG *HUL G·$UH]]R KlWWHQ GDV  -DKUKXQGHUW GXUFK LKUHQ 6WLO XQG LKUH %HUHGVDPNHLW HUOHXFKWHW 8QG QLFKW QXU EHUHLWV 9HUVWRUEHQH VRQGHUQ DXFK DQGHUH MQJHUH *HOHKUWH GLH GLHVHQ %HLVSLHOHQ QDFKHLIHUQ N|QQHQ QDFK 6DOXWDWL GHP 9HUJOHLFK PLW DQWLNHQ *HOHKUWHQ VWDQGKDOWHQ ,Q HL QHP%ULHIDQ3LHWUR3DROR9HUJHULRHWZDOREWHUGHVVHQ7UDNWDW'HLQJHQXV 

 





ÅKDEHWLWDTXHKHFFHQRVWUDHWDVTXRQRQPRGLFXPJORULHWXUQHFSDUYRIDYRUHYHVWULV LQVLJQLWDOXPLQLEXVWUDQVLELW LQSRVWHURV0LUDEXQWXULOOLYRVYLURV HJUHJLRVWDPIHOLFL VLGHUH LQ QRVWUD WHPSRUD SURYHQLVVH´ (EG ,9  1RYDWL GDWLHUW GHQ %ULHI ]ZL VFKHQXQG 9JOHEG,,,I Å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´(EG,,,²=X$OEHUWLQR0XV VDWR   YJO :LWW     =X *HUL GL VHU )HGHULJL G·$UH]]R FD FD YJOHEG Å'XRV GRFWRUHV PHPLQL YLU LQVLJQLV H[WUD JUHJHP LQWHU LXULV FRQVXOWLVVLPRV QXPH UDQGHTXLVWLORHWHORTXHQWLDKRFTXDUWRGHFLPRVHFXORFODUXHUXQWXQXVVFLOLFHWFRP SDWULRWDWXXV$OEHUWLQXV0XVVDWXVFXLXVDGPLUDPXUK\VWRULDVHWKDEHPXVSRHPDWDDO WHUIXLW*HULXV$UHWLQXVFXLXVYHUVXVHWHSLVWRODVVDWLUDVTXHSURVDLFDVQRQPHGLRFULWHU FRPPHQGDPXV´6DOXWDWL  ,,,== 6R HWZD LQ HLQHP %ULHI DQ GHQ YRQ  LQ )ORUHQ] DOV 5KHWRULNOHKUHU WlWLJHQ *LRYDQQL0DOSDJKLQL FD ZHQQHUGLHVHQPLW&LFHURYHUJOHLFKWÅVFLPXV HWVFLXQWRPQHVTXLWHYHQHUDPXUTXLTXHQRPHQDXGLYHUXQWWXXPWHQRQPRGHUQLV VROXPH[FHOOHUHVHGLQWHUSULVFRV&LFHURQHPSURSLXVDFFHVVLVVH´(EG,,,= =²=X0DOSDJKLQLYJO:LWW  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

PRULEXVHWOLEHUDOLEXVDGROHVFHQWLHVWXGLLVLQGHPHULKQ&LFHURXQG$PEURVLXV ]XU6HLWHVWHOOWXQGDX‰HUGHPGXUFKLKQGDVHLJHQH=HLWDOWHUJHHKUWVLHKW XQG XP HV NXU] ]X VDJHQ EHVWHU 3LHWUR 3DROR ZDV GLH $QRUGQXQJ GHV /HEHQV DQJHKWKDVWGXXQVHUHQ&LFHURXQG$PEURVLXVGLHEHUGLH3IOLFKWHQKDQGHOWHQ DXVJHVFK|SIW/REXQGHZLJH'DQNEDUNHLWVHL*RWWGHUXQVHUH=HLWHQQLFKWYHU OlVVWVRQGHUQZHKHQGVRZLHHUZLOODXFKGXUFKGLFKVHLQHQ5XKPRIIHQEDUW

0LWGLHVHU(LQVFKlW]XQJEHL6DOXWDWLLVWDXFKHLQH8PZHUWXQJGHV1HXHQ YHUEXQGHQ'DV1HXHLVWLP9HUJOHLFKPLWGHP$OWHQQLFKWGHIL]LWlU1HX LVW QLFKW OlQJHU HLQ 0DNHO VRQGHUQ PDUNLHUW HLQHQ :HUW QlPOLFK GLH hEHUZLQGXQJ HLQHU GLH 6WXGLHQ YHUQDFKOlVVLJHQGHQ =HLW XQG GHQ%HJLQQ HLQHUQHXHQ%OWHGHU*HOHKUVDPNHLWGLHHVLQ$QVSUXFK)RUPXQG,QKDOW PLWGHUDQWLNHQ*HOHKUVDPNHLWDXI]XQHKPHQYHUPDJ %ULHIFRUSXVXQGPRUDOSKLORVRSKLVFKH6FKULIWHQ 'XUFKVHLQXQHUPGOLFKHV6FKUHLEHQJHOLQJWHV6DOXWDWLGLHVHVSH]LILVFKH (LQVWHOOXQJ ]XU 3KLORVRSKLH ]X YHUEUHLWHQ $Q VHLQHP XPIDQJUHLFKHQ %ULHIFRUSXV²DOOHLQGLHSULYDWHQ%ULHIHLQGHU$XVJDEHYRQ1RYDWL]lKOHQ  ² OlVVW VLFK GHU 9HUVXFK DEOHVHQ HLQH ÄKXPDQLVWLVFKH *HPHLQVFKDIW· RKQHIHVWHQLQVWLWXWLRQHOOHQ5DKPHQ]XIHVWLJHQ 1HEHQ%ULHIHQYHUIDVVW6DOXWDWLDXFKHLQH5HLKHYRQ7UDNWDWHQ]XPR UDOSKLORVRSKLVFKHQ)UDJHQ(LQLJHYRQGLHVHQVWHKHQLQHQJHU%H]LHKXQJ ]XGHQ%ULHIHQKDQGHOWHVVLFKEHLLKQHQGRFKXPGLHDXVIKUOLFKHVFKULIW OLFKH %HDQWZRUWXQJ YRQ $QIUDJHQ GLH 6DOXWDWL HUKDOWHQ KDW 6R LVW GHU  HQWVWDQGHQH 7H[W 'H VHFXOR HW UHOLJLRQH HLQH $QWZRUW 6DOXWDWLV DXI GLH %LWWHHLQHV&DPDOGROHQVHU0|QFKHVLKQLQVHLQHU(QWVFKHLGXQJLP.ORV 

ÅHW XW EUHYLWHU ORTXDU FDULVVLPH 3HWUH 3DXOH TXRG DG LQVWLWXWLRQHP YLWH SHUWLQHW &LFHURQHPQRVWUXPHW$PEURVLXPWUDFWDQWHVGHRIILFLLVH[KDXVLVWLODXVHWJUDWLHSHU SHWHV'HRVLQWTXLQRVWUDWHPSRUDQRQUHOLQTXLWVHGVLFXWLYXOWVSLUDQVSHUWHHWLDP VXDPJORULDPPDQLIHVWDW´6DOXWDWL  ,9=  'LHVHVQHXH%HZXVVWVHLQIUGHQ:HUWGHUHLJHQHQ=HLWVSULFKWDXVYLHOHQGHUQDFK NRPPHQGHQ $XWRUHQ YJO HWZD 3RJJLR %UDFFLROLQL 'H DYDULWLD Å,G HJR QXQQXOOLV QRVWUDHDHWDWLVYLULV DFFLGLVVHSXWRTXLUHEXV D VH DHGLWLVPDJQDPODXGHPFRQVHFXWL VXQWHWQRPHQPXOWLVVHFXOLVGXUDWXUXP´3RJJLR  ,  'LHSULYDWHQ%ULHIH6DOXWDWLVOLHJHQLQGHUYLHUElQGLJHQ$XVJDEHYRQ1RYDWLYRUYJO 6DOXWDWL   ² =X 6DOXWDWLV 6WDDWVEULHIHQ YJO /DQJNDEHO   XQG :LWW  'HU%ULHIDOVOLWHUDULVFKH)RUPKXPDQLVWLVFKHQ'HQNHQVZXUGHLP*HJHQVDW] ]XP'LDORJELVKHULQGHU)RUVFKXQJVWDUNYHUQDFKOlVVLJW:lKUHQGDXVIKUOLFKH6WX GLHQ]XHLQ]HOQHQ%ULHIFRUSRUDYRUOLHJHQIHKOWHLQHDOOJHPHLQHXQGXPIDVVHQGH6WXGLH ]XU)RUPGHV%ULHIHVLQGHU5HQDLVVDQFH$OV$XVJDQJSXQNWIUZHLWHUH)RUVFKXQJHQ N|QQHQGLH$UEHLWYRQ&ORXJK  XQGGLH%HLWUlJHLQGHPYRQ:RUVWEURFN   KHUDXVJHJHEHQHQ6DPPHOEDQGGLHQHQ (LQHQ(LQEOLFN LQGLH9LHO]DKOGHUEHUOLHIHU WHQ)RUPEULHIHXQG$QOHLWXQJHQ]XP9HUIDVVHQYRQ%ULHIHQYHUPLWWHOWGLHYRQ3RODN  HUDUEHLWHWH$XIVWHOOXQJYRQGLHVEH]JOLFKHQ0DQXVNULSWHQ

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



WHU ]X EOHLEHQ ]X EHVWlWLJHQ ,Q GHP 7H[W 'H YHUHFXQGLD DXV GHP -DKU DQWZRUWHWHUDXIGLH)UDJHGHVPLWLKPEHIUHXQGHWHQ$U]WHV$QWRQLR %DUXIIDOGL RE GLH 6FKDP YHUHFXQGLD  HLQH 7XJHQG RGHU HLQ /DVWHU VHL 6FKOLH‰OLFKLVWDXFKGHUHQWVWDQGHQH7UDNWDW'HW\UDQQRHLQH$QWZRUW DXIGLH$QIUDJHHLQHV-XUDVWXGHQWHQGHUZLVVHQZROOWHREHVJHUHFKWIHUWLJW VHLHLQHQ7\UDQQHQ]XW|WHQ'LH$QWZRUWHQGLH6DOXWDWLJLEWVLQGDXI GHQVSH]LILVFKHQ.RQWH[WXQGGLHEHVRQGHUH+LQVLFKWLQGHU$GUHVVDWXQG 9HUIDVVHUGHV7H[WHVVWHKHQEH]RJHQ(VOlVVWVLFKGDKHUNHLQHDOOJHPHLQH /HKUH6DOXWDWLVDXVGLHVHQ7H[WHQ]LHKHQGLHLQVLFKNRKlUHQWZlUH:LH VFKRQ3HWUDUFDVRJHKWHVDXFK6DOXWDWLQLFKWGDUXPHLQHDOOJHPHLQJOWLJH /HKUH]XIRUPXOLHUHQVRQGHUQGDUXPGLHIUHLQHQYRUOLHJHQGHQ.RQWH[W EHU]HXJHQGHQ$UJXPHQWH]XVDPPHQ]XWUDJHQ $XFK GLH ZHLWHUHQ 7H[WH 6DOXWDWLV VWHKHQ GLUHNW LP =XVDPPHQKDQJ PLW 'LVNXVVLRQHQ XQG 7H[WHQ GLH LQ VHLQHU 8PJHEXQJ HQWVWDQGHQ VLQG 6R DQWZRUWHW HU DXI HLQH ,QYHNWLYH JHJHQ )ORUHQ] YRQ $QWRQLR /RVFKL HLQHP HKHPDOLJHQ 6FKOHU YRQ LKP 8QG DXFK GHU 7UDNWDW EHU GHQ 9RUUDQJGHU-XULVSUXGHQ]RGHUGHU0HGL]LQ'HQRELOLWDWHOHJXPHWPHGLFLQDH GHQ6DOXWDWLDEVFKORVVLVWDOV$QWZRUWXQG:LGHUOHJXQJHLQHV7H[WHV YRQHLQHP0HGL]LQHUQDPHQV%HUQDUGRYHUIDVVW6FKOLH‰OLFKLVWDXFKGHU 7H[W'HODERULEXV+HUFXOLV²HLQP\WKRORJLVFKSRHWRORJLVFKHV:HUNLQ)RUP HLQHV.RPPHQWDUV]XHLQHU6HQHFDWUDJ|GLH²GHQHUJHJHQEHJRQ QHQXQGELVZHLWHUEHDUEHLWHWKDWXQGGHULQ]ZHL)DVVXQJHQYRUOLHJW ]XQlFKVWDOV%ULHIWUDNWDWYHUIDVVW *HPHVVHQ DQ GHU =DKO GHU +DQGVFKULIWHQ ZDUHQ 6DOXWDWLV %ULHIH YLHO HLQIOXVVUHLFKHU DOV VHLQH 7UDNWDWH 'XUFK ZHOFKH 6WUDWHJLHQ JHOLQJW HV LKPQXQGXUFKVHLQH%ULHIHGLHKXPDQLVWLVFKH%HZHJXQJ]XNRQVROLGLHUHQ XQG]XYHUJU|‰HUQ"(LQHXQGYLHOOHLFKWGLHZLFKWLJVWHEHVWHKWGDULQVHLQH 

   

 

9JO6DOXWDWL  %XFK, KDQGHOWYRQGHQhEHOQGHVZHOWOLFKHQ /HEHQVZlKUHQG %XFK ,,GLH )UHXGHQGHV NO|VWHUOLFKHQ /HEHQV VFKLOGHUW (V ZXUGHZLHGHUKROW LQ GHU /LWHUDWXU GDUDXI KLQJHZLHVHQ GDVV 6DOXWDWL ]ZDU LQ GLHVHP 7H[W XQG XQWHU GHQ GRUW DQJHQRPPHQHQ 8PVWlQGHQ IU HLQH PRQDVWLVFKH /HEHQVIRUP DUJXPHQWLHUW GDVV HU DEHUQLFKWSULQ]LSLHOOXQGXQWHUDOOHQ8PVWlQGHQGDVPRQDVWLVFKHIUGDVEHVVHUH/H EHQKlOW'LHVEHOHJWXQWHUDQGHUHPHLQ%ULHIDQVHLQHQ)UHXQG=DPEHFFDULLQGHPHU GLHVHQYRQHLQHP(LQWULWWLQV.ORVWHUDE]XEULQJHQYHUVXFKWYJO6DOXWDWL   ,,,9JO]XGLHVHU)UDJH8OOPDQ 9JO6DOXWDWL   'HU7H[WYRQ6DOXWDWLZXUGHYRQ$OIUHGYRQ0DUWLQ 6DOXWDWL XQGYRQ)UDQFHV FR(UFROH 6DOXWDWLXQG6DOXWDWLPLWLWDOLHQLVFKHUhEHUVHW]XQJ HGLHUW 9JO6DOXWDWL   9JO 6DOXWDWL   'HU ODWHLQLVFKH 7H[W GHU $XVJDEH YRQ *DULQ HUJlQ]W XP HLQH GHXWVFKHhEHUVHW]XQJHLQH(LQOHLWXQJXQG]DKOUHLFKH$QPHUNXQJHQ]XP7H[WILQGHW VLFKLQ6DOXWDWL   9JO6DOXWDWL   9JO8OOPDQ  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

%ULHISDUWQHU ]X HUPXQWHUQ LQ GHQ KXPDQLVWLVFKHQ 6WXGLHQ IRUW]XIDKUHQ XQGDXFKLP/HEHQGDV,GHDOHLQHVKXPDQLVWLVFKJHELOGHWHQWXJHQGKDIWHQ *HOHKUWHQ ]X YHUZLUNOLFKHQ ,Q ]DKOUHLFKHQ %ULHIHQ IRUGHUW 6DOXWDWL VHLQH $GUHVVDWHQ DXI VLFK GHQ KXPDQLVWLVFKHQ 6WXGLHQ ]X]XZHQGHQ E]Z EH VWlUNW VLH GDULQ GHQ HLQJHVFKODJHQHQ :HJ ZHLWHU]XJHKHQ 'LHV ZLUG HWZD LQ HLQHP %ULHI DQ /RGRYLFR GHJOL $OLGRVL GHXWOLFK GHQ HU PLW HLQ GULQJOLFKHU 0HWDSKRULN DOV HLQHQ 5HSUlVHQWDQWHQ GHU QHXHQ %HZHJXQJ DQVSULFKWGLHGLHOLWHUDULVFKHQ6WXGLHQ]XUHWWHQYHUPDJ ,FKJUDWXOLHUH'LUJUR‰DUWLJHU0DQQZHLOLFKVHKHGDVVGXQDFKGHQOLWHUDULVFKHQ 6WXGLHQVFKPDFKWHVW'HQQZHQQGLH(GOHQXQG9RUWUHIIOLFKVWHQGHUJDQ]HQ(U GHGDPLWEHJLQQHQP|JHQIUFKWHLFKQLFKWGHQHQGJOWLJHQ8QWHUJDQJGHUOLWH UDULVFKHQ 6WXGLHQ XQG MHQHQ 6WLOOVWDQG RGHU EHVVHU ([LO ZHOFKHV ZLH LFK VHKH QLFKW QXU GHQ 0XVHQ XQG GHU 3KLORVRSKLH VRQGHUQ MHGHU /HKUH GURKW (V ZLUG JHZLVV LUJHQGHLQHQ 2UW IU GLH OLWHUDULVFKHQ 6WXGLHQ JHEHQ LUJHQGHLQHQ +DIHQ XQG JOHLFKVDP HLQ $V\O ZR VLH VLFK HUKROHQ N|QQHQ XQG HV ZLUG GLHVHV /LFKW QLFKWLPPHUDXVGHQQLHGULJVWHQ9HUVWHFNHQGHU6WHUEOLFKHQKHUDXVGULQJHQVRQ GHUQ YRP K|FKVWHQ /HXFKWWXUP GHU 'LQJH ZLH HLQ KLPPOLVFKHV %OLW]HQ VHLQH 6WUDKOHQDXVVHQGHQ

'LH:DKOHLQHUEHVWLPPWHQ%LOGXQJVXQG/HEHQVIRUPEHLQKDOWHWPLWKLQ PHKU DOV HLQH EOR‰ SULYDWH (QWVFKHLGXQJ IU GLH HLJHQH /HEHQVIKUXQJ ,QGHP 6DOXWDWL VHLQH )UHXQGH DXI GLHVHV ,GHDO YRQ %LOGXQJ XQG *HOHKU VDPNHLWHLQVFKZ|UWVSULFKWHULKQHQ]XJOHLFKHLQHZHLWEHULKUSHUV|QOL FKHV /HEHQ KLQDXVUHLFKHQGH %HGHXWXQJ ]X VLH VLQG ]XJOHLFK GLHMHQLJHQ



9JOHWZDGLHIROJHQGHQ)RUPXOLHUXQJHQÅLQTXRSURSRVLWLRQRELOLVVLPHYLUWHFXSLR FRQILUPDULHWSHUVHUYDUHXWDOLTXDQGRDSXGKRPLQHVFODURVYLUWXWLVVWXGLXPRULDWXUHW YLJHDWHWLSVHVLVH[HPSOXPFHWHULVQRELOLEXVERQDUXPDUWLXPVHTXHQGDUXP´6DOXWDWL  ,=Å$GWHDXWHPUHYHUWDWXURUDWLRTXHPWDPEHQLJQRVLGHUH QDWXUDSURGX[LWXWSRVVLVHDTXLEXVPD[LPHPRUWDOLXPDQLPXVRFFXSDWXUDFFLWDYLU WXWHFRQWHPQHUHLQTXRJUDWXWRUSURSRVLWRWXRHWKXQFSUHFRUDQLPXPXWFHUWHDUEL WURUQRQQLVLFXPXODWDPRUWHUHPLWWDV´(EG,=ÅXWPLUXPPLFKLVLWXQGH WX YLU RFFXSDWLVVLPH VXPSVHULV KRF LPLWDWLRQLV H[HPSOXP YHO TXRG YHULXV HVW WH FXQFWLV SURSRVXHULV WDP VLQJXODULV LQGXVWULH GRFXPHQWXP ,WD IDF WH PRQHR *XLGR PLIDFLQGLHVWHGRFWLRUHPHIILFLDV´HEG,,,=ÅTXRWHH[KRUWRUPL/XGR YLFH XW WLEL SHUVXDGHDV QLFKLO KRQHVWLXV QLFKLO SXOFULXV QLFKLOTXH ODXGH GLJQLXV HVVH TXDP YDFDUH OLWWHULV TXDP KDELWXV LVWRV DFTXLUHUH TXDPTXH SHU KRV GRFWULQH JUDGXV VXSHUDOLRVVFDQGHUHWHTXHVXSUDWHWDPKRQHVWLVODERULEXVHOHYDUH´(EG,,,=   Å*UDWXORUPDJQLILFHQWLVVLPHGRPLQHTXRGWHYLGHDPDGOLWWHUDUXPVWXGLDVXVSLUDUH 1RQHQLPVLSODFHUHFHSHULQWKHFQRELOLEXVYHOTXLEXVFXQTXHSULQFLSLEXVRUELVWHUUH PHWXRILQDOHOLWWHUDUXPQDXIUDJLXPHWLOOXGTXRGQRQPXVLVDFSKLORVRSKLHVROXPVHG RPQLGRFWULQHYLGHRLPPLQHUHLXVWLFLXPYHOXWUHFWLXVORTXDUH[LOLXPSODQHTXLGHP HULWDOLTXLVVWXGLLVKXPDQLWDWLVORFXVDOLTXLVSRUWXVHWDOLTXRGWDQGHPDVLOXPXELYDOH DQWUHVSLUDUHQHFVHPSHUH[LQILPLVPRUWDOLXPODWHEULVKRFOXPHQHUXPSHWVHGH[DO WLVVLPDUHUXPVSHFXODYHOXWLFHOHVWLVTXHGDPFRUUXVFDWLRUDGLRVPLWWHW´(EG,,, ==

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



GLHLQHLQHUEHVWLPPWHQKLVWRULVFKHQ6LWXDWLRQGLH9HUDQWZRUWXQJIUGDV hEHUOHEHQGLHVHU$UWYRQ6WXGLHQEHUKDXSWJDUDQWLHUHQ 6DOXWDWLXQGVHLQH%ULHISDUWQHUXQG)UHXQGHVLQGIUHLOLFKQLFKWGXUFK HLQHQLQVWLWXWLRQHOOHQ.RQWH[WYHUEXQGHQGHQQEHUHLQHQVROFKHQYHUI JHQGLH+XPDQLVWHQQRFKQLFKW9HUEXQGHQVLQGVLHYLHOPHKUGXUFKLKUH SHUV|QOLFKH %H]LHKXQJ LKUH JHJHQVHLWLJH =XQHLJXQJ LKUH )UHXQGVFKDIW DPLFLWLD 'DVVGHUEULHIOLFKH$XVWDXVFK]ZLVFKHQ)UHXQGHQQXQJHQDX GDV JHHLJQHWH 0HGLXP LVW XP GLHVH *HPHLQVFKDIW YRQ )UHXQGHQ GLH QLFKWDQHLQHP2UWRGHUDQHLQHU,QVWLWXWLRQYHUVDPPHOWVLQG]XHWDEOLH UHQXQGDXIUHFKW]XHUKDOWHQZLUGYRQ6DOXWDWLH[SOL]LWEHPHUNW 'LH KXPDQLVWLVFKH )UHXQGVFKDIW JUQGHW VLFK DXI GLH 9HUSIOLFKWXQJ DXI HLQ JHPHLQVDPHV ,GHDO QlPOLFK GDV GHU 7XJHQG YLUWXV  8QG PLW GLHVHU KXPDQLVWLVFKHQ )UHXQGVFKDIW LVW QLFKW QXU GLH 6HOEVWYHUSIOLFKWXQJ DXIGDV,GHDOGHU7XJHQGKDIWLJNHLWJHJHEHQ0LWLKULVWHLQHZHLWHUH9HU SIOLFKWXQJ YHUEXQGHQ QlPOLFK VLFK JHJHQVHLWLJ HLQ %HLVSLHO DE]XJHEHQ XQG GDV HUZRUEHQH :LVVHQ ZHLWHU]XJHEHQ 6R HUPXQWHUW 6DOXWDWL VHLQH %ULHISDUWQHULPPHUZLHGHUGD]XGXUFKLKU/HEHQXQGLKUH6WXGLHQDQGH UHQHLQ%HLVSLHO]XVHLQ8QGHUZHLVWDXFKZLHGHUKROWGDUDXIKLQGDVV HUHVDOVVHLQH$XIJDEHEHJUHLIWHLJHQHV:LVVHQRKQH$QVLFKWGHV6WDQGHV DQDQGHUHZHLWHU]XJHEHQ



=XU%HGHXWXQJGHU)UHXQGVFKDIWEHL6DOXWDWLVLHKHDXFKZHLWHUXQWHQ.DS,, ÅPLFKL YHUR SHULRFXQGL VXQW DPLFL TXDQWDFXQTXH WHUUDUXP LQWHUFDSHGLQH VHSDUDWL TXLSSHFXPQRQLQHLVIDFLHPHWTXHRFXOLVVXELHFWDVXQWFRORUHPIRUPDPYHVWHWHW WRWLXVFRUSRULVOLQLDPHQWDGLOLJRVHGPRUHVYLUWXWHPHWKRQHVWDWHP4XRILWXWDPL FXPFRUSRUDOLWHUVHLXQFWXPSDWLDUIDFLOHREYROLDQWVLTXLGHPDQWHPHQWLVRFXORVTXHLQ LOOLVDGPLURUHWGLOLJR6HGTXLGLDPLQKRFPRURU"%HQHTXLGHPHWXWLOLWHULQVWLWXWXP HVWOLWWHUDOHFRPPHUWLXPXWLQWHUEHQLYRORVHWDPLFRVSHULOOXGTXLFTXLGDEVHQWLDVXE WUDKLWUHVWDXUHWXU´6DOXWDWL  ,,=  ÅYLUWXVHQLPPL,RKDQQHVHVWDPLFLFLDFRQFLOLDWUL[FXLXVWDQWDYLVHVWXWQRQVROXP VFLWDVHGFUHGLWDFDULWDWHPSDULDW´HEG,,,=  9JO HWZD ÅLQ TXR SURSRVLWR QRELOLVVLPH YLU WH FXSLR FRQILUPDUL HW SHUVHYHUDUH XW DOLTXDQGRDSXGKRPLQHVFODURVYLUWXWLVVWXGLXPRULDWXUHWYLJHDWHWLSVHVLVH[HPSOXP FHWHULVQRELOLEXVERQDUXPDUWLXPVHTXHQGDUXP´(EG,=  9JOHWZDGHQ%HJLQQGHV7UDNWDWHV'HW\UDQQR 3UDHIDWLR† Å4XRQLDPUHPDUGXDP HWVFLWXGLJQDPTXHULVQRQSRVVXPYLUXWVFULSWDWXDWHVWLPRQLXPDIIHUXQWHUXGLWH QHJDUHUHVSRQVXP3DUHTXLGHPVHPSHUPLFKLYLVXPHVWGLOLJHQWHPGLOLJHUHHWUDWLR QDELOLWHULQWHUURJDQWLGHELWHUHVSRQVLRQLVRIILFLXPVLVDWLVIDFHUHYDOHDVQRQGHQHJDUH +XPDQHVLTXLGHPVRFLHWDWLVYLQFXOXPH[LJLWFXPKRPRSURSWHUKRPLQHPTXHPYL GLWLPRSURWXOLWGHXVQRQHVVHERQXPTXRGVROXVXWFUHDWXVHUDWIRUHWSURSDJDWXVVLW XWQHGXPSHWHQWLEXVPRUHPJHUDVVHGHWLDPFXUHVQRQSHWHQWHVLQKLVTXHSRVVLVXW GRFHDVSUHYHQLUH´6DOXWDWL  I 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

,QKDOWOLFKH7UDQVIRUPDWLRQ(WDEOLHUXQJHLQHU%UJHUPRUDO 6DOXWDWL EOHLEW GHU JUXQGOHJHQGHQ $QVLFKW 3HWUDUFDV YHUSIOLFKWHW GDVV GLH $UWYRQ3KLORVRSKLHGLHPDQHUVWUHEHQVROOWH0RUDOSKLORVRSKLHYHUVWDQ GHQDOVPDJLVWUDYLWDHVHLGLHXQVHLQHQ1XW]HQIUGLHHLJHQH/HEHQVIK UXQJ YHUVSULFKW GD VLH XQV QLFKW EOR‰ JHOHKUWHU VRQGHUQ YRU DOOHP DXFK EHVVHUPDFKW,Q6DOXWDWLV6FKULIWHQILQGHQVLFKHEHQIDOOVGLH(OHPHQWH GLH3HWUDUFDV:HLVHGHV3KLORVRSKLHUHQVFKDUDNWHULVLHUHQGDV$UJXPHQWLH UHQPLW([HPSODGLH7UDQVIRUPDWLRQYRQ$XWRULWlWHQ]X3HUVRQHQPLW GHQHQ PDQ LQ HLQHQ NULWLVFKHQ 'LDORJWUHWHQ NDQQ NRQWH[WJHEXQGHQHV XQG DGUHVVDQWHQDEKlQJLJHV $UJXPHQWLHUHQ XQG GLH %HYRU]XJXQJ YRQ $XWKHQWL]LWlW VXJJHULHUHQGHQ 7H[WIRUPHQ DOOHQ YRUDQ GHV %ULHIHV :LH DXFKEHL3HWUDUFD]HLJWVLFKEHL6DOXWDWLHLQHJUXQGOHJHQGH6NHSVLVEH]J OLFKXQVHUHU(UNHQQWQLVYHUP|JHQ 'LHVH 6NHSVLV XQG GLHVHV 0LVVWUDXHQ LQ GDV 9HUP|JHQ GHV 'HQNHQV IKUW]XHLQHUYHUVWlUNWHQ+LQZHQGXQJXQG]XU$XIZHUWXQJGHUH[SHULHQWLD XQG GHU *HVFKLFKWH GLH NRQVHUYLHUWH (UIDKUXQJ EHUPLWWHOW (V IKUW HEHQIDOOV]XGHP9HU]LFKWDXIHLQHWKHRUHWLVFKHXQGDOOJHPHLQH*UXQGOH JXQJRGHU7KHRULHGHV+DQGHOQV9RQEHLGHQ$XWRUHQZLUGGLHMHZHLOLJH .RQWH[WJHEXQGHQKHLW DOOHQ +DQGHOQV EHWRQW 6LH YHUIDVVHQ %ULHIH XQG DXFKXPIDVVHQGHUH7H[WHLQGHQHQVLH*HVLFKWVSXQNWHIU+DQGHOQYRU VWHOOHQGLH]ZDUPRUDOLVFKH2ULHQWLHUXQJDEHUNHLQHIHVWHQ1RUPHQYHU PLWWHOQ N|QQHQ 'LHVH (ODVWL]LWlW GHU 1RUPHQ ZLUG YRQ EHLGHQ QLFKW DOV 

9JOHWZDGLHIROJHQGH3DVVDJHLQHLQHP%ULHIDQ*LRYDQQL0DQ]LQLÅ$OWHUXPLQTXR WLEL JUDWXORU HVW TXRG DG OLWWHUDUXP VWXGLD WH FRQYHUWDV 1LFKLO HQLP SHUVHYHUDQWLXV QRELVFXP HVW TXDP KDELWXV VFLHQWLILFXV HW KXPDQLWDWLV VWXGLD +DELWXP DXWHP YROR QRQTXRGRFWLRUXPVROXPVHGTXRPHOLRUHVHIILFLDPXUFXLXVPDJQDSDUVSKLORVRSKLH PRUDOLV SUHFHSWLV GRFWULQDTXH FRQWLQHWXU´ 6DOXWDWL   ,,,  =  YJO DXFK HLQH lKQOLFKH $XIIRUGHUXQJ LQ HLQHP %ULHI DQ *XLGR 0DQIUHGL ÅYROR WDPHQ TXRGXWRFFXSDWRVGHFHWLOOLSKLORVRSKLHVWXGHDVTXHWHSRWLXVPHOLRUHPTXDPGRF WLRUHPHIILFLDW´HEG,,,=YJODXFKHLQHQ%ULHIDQ)UDQFHVFRGL1LFFROzGL 1HOORGL5LQXFFLRLQGHP3KLORVRSKLHDOVÅEHDWHYLWHGX[´XQGDOVÅYLWHGX[PDJLVWUD TXH´EH]HLFKQHWZLUGHEG9,=XQG=  9JOKLHU]XYRUDOOHPGHQ%ULHIYRP)HEUXDUDQ-XDQ)HUQDQGH]GH+HUHGLD LQ6DOXWDWL  ,,=XU%HGHXWXQJGHU([HPSODEHL6DOXWDWLVLHKHDXV IKUOLFK.H‰OHU    (LQ%HLVSLHOKLHUIULVW6DOXWDWLV7UDNWDW'HW\UDQQRLQGHPHUHLQHQILNWLYHQ'LDORJPLW &LFHUREHUGLH)UDJHRE-XOLXV&lVDU]XUHFKWJHW|WHWZXUGHPLWGHQ:RUWHQEHJLQ QHQ OlVVW Å9ROR WHFXP SDUXPSHU PL &LFHUR VXSHU KRF VL SODFHW UDWLRQLV H[DPLQH GLVSXWDUH´6DOXWDWL7UDFWDWXVGHW\UDQQR,9†LQ6DOXWDWL    9JOÅQDPVLULWHGLIILQLUHYROXHULPXVVFLUHQRVWUXPQLFKLODOLXGHVWTXDPUDWLRQDELOL WHUGXELWDUH)XLW$FDGHPLFRUXPSHUWLQD[ILUPDTXHVHQWHQWLDQLFKLOSHQLWXVVFLULSRV VHTXRG DGHRILUPLWHUFRQWHQWLRVHTXHWHQHEDQWXWHWLDPYHOOHQWTXHVHQVLEXVSHUFL SLPXVFHUWDQRQHVVHTXRQLDPVHQVXVLSVRVGHFLSLTXRWLGLHYLGHDPXVHWRELGHWLDP LVWD LQWUD RSLQLRQLV DPELJXXP QRQ LQWUD VFLHQWLH FHUWLWXGLQHP FRQWLQHUL´ 6DOXWDWL  ,,,=

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



HLQ9HUOXVWDQ6LFKHUKHLWJHZHUWHW²GDHLQHVROFKH6LFKHUKHLWLPPHUEOR‰ YRUGHUJUQGLJJHUHFKWIHUWLJWLVW²VRQGHUQDOVHLQHEHVRQGHUH6WlUNHGLH GLHVH$UWGHU$UJXPHQWDWLRQYRUDQGHUHQDXV]HLFKQHWGDVLHLQGHU/DJH LVW GHU MHZHLOLJHQ LQGLYLGXHOOHQ 6LWXDWLRQ GHV +DQGHOQGHQ 5HFKQXQJ ]X WUDJHQ 'RFK6DOXWDWLOHEWQLFKWGDV]XUFNJH]RJHQH/HEHQHLQHVÄ/DLHQKHLOL JHQ·VRQGHUQGDVDNWLYH/HEHQHLQHV]ZHLPDOYHUKHLUDWHWHQ.DQ]OHUVGHU 6WDGW )ORUHQ] ,Q GHQ %ULHIHQ 6DOXWDWLV WULWW GLH (UNXQGXQJ GHU LQQHUHQ 6HHOHQODQGVFKDIWGLHEHL3HWUDUFDHLQ]HQWUDOHVPRYHQVGHUSKLORVRSKLVFKHQ 5HIOH[LRQHQLVWLQGHQ+LQWHUJUXQGVWDWWGHVVHQUFNHQGLH%H]LHKXQJHQ ]XDQGHUHQ0HQVFKHQXQGGLHVLFKGDUDXVHUJHEHQGHQ3IOLFKWHQXQG$XI JDEHQLQV=HQWUXP'HQQQDFK6DOXWDWLKDEHQZLUXQVQLFKWQXUXPXQVHU OHW]WHV=LHO²GKXPGDV9HUKlOWQLVXQVHUHU6HHOH]X*RWW²]XNPPHUQ VRQGHUQDXFKGDUXPÄHLQJXWHU%UJHU¶RGHUÄHLQJXWHU0HQVFK¶]XVHLQ $QGUHL7KHPHQEHUHLFKHQOlVVWVLFKGLHVH9HUVFKLHEXQJGHXWOLFKDEOHVHQ DQGHU:HUWVFKlW]XQJGHUVR]LDOHQXQGSROLWLVFKHQ*HPHLQVFKDIWDQGHU $XIZHUWXQJGHU(KHXQGDQGHU%HVWLPPXQJGHU*OFNVHOLJNHLWDOVIHOLFLWDV RSHUDWLYD 'LH%HVWLPPXQJGHV0HQVFKHQDOVDQLPDOVRFLDOH ,Q 6DOXWDWLV 6FKULIWHQ ILQGHQ VLFK ]DKOUHLFKH 5HIOH[LRQHQ EHU GLH YHU VFKLHGHQHQ VR]LDOHQ %H]LHKXQJHQ LQ GHQHQ GHU 0HQVFK VWHKW XQG GXUFK GLHHUVHLQH/HEHQVP|JOLFKNHLWHQUHDOLVLHUHQNDQQ'LHMHZHLOLJHQVR]LDOHQ *HPHLQVFKDIWHQ EDVLHUHQ QLFKW QXU DXI GHQ lX‰HUOLFKHQ *HVHW]HQ VRQ GHUQ YLHOPHKU DXI GHU LQQHUHQ %HUHLWVFKDIW GHV HLQ]HOQHQ VLFK IU GLHVH *HPHLQVFKDIW HLQ]XVHW]HQ XQG GLH 9HUEXQGHQKHLW GHU 0HQVFKHQ XQWHU HLQDQGHU DOV HLQ *XW ]X VFKlW]HQ 'LHVH :HUWVFKlW]XQJ EHLQKDOWHW HLQH DIIHNWLYH.RPSRQHQWHQlPOLFK/LHEH)UHXQGVFKDIWRGHU=XQHLJXQJ =XQlFKVWXQGDOVHUVWHVHUJLEWVLFKGDUDXVHLQH:HUWVFKlW]XQJGHUSR OLWLVFKHQ *HPHLQVFKDIW DQ GHU PDQ $QWHLO KDW %HUHLWV LQ VHLQHQ HUVWHQ %ULHIHQGLHXQVEHUOLHIHUWVLQGWKHPDWLVLHUW6DOXWDWLGLH/LHEH]XP9DWHU ODQG FDULWDVSDWULDH ZLHGHUKROWXQGLQWHQVLY,QHLQHP%ULHIDXVGHP-DKU DQ$QGUHDGLVHU&RQWHGHQHUGD]XHUPXQWHUWVLFKIUGDV9DWHU ODQGDQ]XVWUHQJHQVFKUHLEWHU 'HQQNHLQH/LHEHLVWPLWGHU/LHEH]XP9DWHUODQG]XYHUJOHLFKHQ(OWHUQ.LQGHU *HVFKZLVWHU )UHXQGH 9HUZDQGWH 9HUVFKZlJHUWH XQG GLH EULJHQ 9HUKlOWQLVVH 

6DOXWDWL'HW\UDQQR 3UDHIDWLR Å1HFVROXPKRFGHEHPXVLQKLVTXHUHVSLFLXQWILQHP XOWLPXPYHOTXHLQILQHPLOOXPGLULJXQWDJHUHTXRGILGHLFRPPXQLRQHWHQHPXUVHG HWLDPLQKLVTXHSUHVWDUHVROHDQWFLYHPERQXPYHOTXRGSDWHWODWLXVERQXPYLUXP´ 6DOXWDWL  I



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VLQGHLQ]HOQXQGDXFKDOOH]XVDPPHQJHQRPPHQXPIDVVHQZHQLJHUDOVGDV9DWHU ODQG

'LH/LHEH]XP9DWHUODQGLVWXQLYHUVHOOGDZLUGXUFKVLHGD]XDQJHKDOWHQ ZHUGHQ QLFKW QXU GHQ XQV YHUWUDXWHQ VRQGHUQ DXFK GHQ IUHPGHQ 0HQ VFKHQPLWGHUJOHLFKHQ$FKWXQJGHU*HVHW]H]XEHJHJQHQ(LQLJH7DJH VSlWHUVFKUHLEWHUGHPVHOEHQ$GUHVVDWHQLQGHUJOHLFKHQ$QJHOHJHQKHLW(U WDGHOWLKQGDIUVLFKQLFKWIUVHLQH+HLPDWNRPPXQHHLQJHVHW]W]XKDEHQ XQGOLVWHWDXIZDVZLUDOOHVGHP9DWHUODQGYHUGDQNHQ 'HQ(OWHUQVFKXOGHQZLU$FKWXQJGHQ.LQGHUQ/LHEHGHQ%UGHUQ*OHLFKKHLW GHQ 9HUZDQGWHQ =XQHLJXQJ GHQ 3UlODWHQ *HKRUVDP GHU (KHIUDX .HXVFKKHLW XQG DOOHQ ]XVDPPHQ :RKOZROOHQ $EHU GHP 9DWHUODQG VFKXOGHQ ZLU GLHV DOOHV XQG XQV VHOEVW 'HQQ MHQHV XPIDVVW ]XJOHLFK GLH (OWHUQ .LQGHU %UGHU 9HU ZDQGWHQ)UHXQGH3UlODWHQ(KHSDUWQHU*HIlKUWHQXQGXQVVHOEVW-HQHVKDWXQV HU]HXJWMHQHVHUKlOWXQVYRQMHQHPZDVGDVZLFKWLJVWHLVWQHKPHQZLUXQVHUHQ $QIDQJZHVKDOEHVXQVYRUDOOHPDP+HU]HQOLHJHQPXVV

'LHSROLWLVFKH*HPHLQVFKDIWHUKlOWQLFKWQXUXQVVHOEVWVRQGHUQDXFKDOOH DQGHUHQ%H]LHKXQJHQXQGLVWGHVZHJHQLQEHVRQGHUHU:HLVH]XSIOHJHQ 'LH FRQFLYLOLWDV LVW LQ GLHVHP 6LQQH ÅGDV JU|‰WH %DQG GHU 6WHUEOLFKHQ´ 'HU0HQVFKZLUGKLHUQLFKWLQGHQ%OLFNJHQRPPHQLQVRIHUQHUHWZDGLH 6SDQQH GHU 6WHUEOLFKNHLW LP +LQEOLFN DXI GDV NQIWLJH MHQVHLWLJH /HEHQ VHLQHU(LQ]HOVHHOHGXUFKOHEWVRQGHUQGHU0HQVFKZLUGDOVHLQVR]LDOHVXQG SROLWLVFKHV /HEHZHVHQ EHWUDFKWHW GHVVHQ JUXQGOHJHQGH %HVWLPPXQJHQ VLFKLQQHUKDOEHLQHUVR]LDOHQ*HPHLQVFKDIWUHDOLVLHUHQ 1HEHQGLHVHU9HUELQGXQJGHU0HQVFKHQLQHLQHUSROLWLVFKHQ*HPHLQ VFKDIW VLQG GLH 0HQVFKHQ DXFK DOV 0HQVFKHQ PLWHLQDQGHU YHUEXQGHQ ZRIU 6DOXWDWL ]ZHL %HJUQGXQJHQ DQJLEW 6LH VLQG HLQHUVHLWV GXUFK GHQ











ÅQXOODHQLPFDULWDVHVWTXHVLWFXPFDULWDWHSDWULHFRPSDUDQGD3DUHQWHVILOLLIUDWUHV DPLFLDJQDWLDIILQHVHWFHWHUHQHFHVVLWXGLQHVTXHGDPVLQJXODVXQWHWVLPXORPQLDFRO ODWDPLQXVKDEHQWLSVDUHSXEOLFD´6DOXWDWL  ,= ÅLOOD HQLP RPQLD QRELV FDUD HW QRVPHWLSVRV KDEHW HW TXRG SXOFKULXV HVW VXRV FLYHV OHJXP FDWHQD FRPSOHFWLWXU XW HWLDP H[WUDQHL HLXVGHP VLPXO LXULV REVHUYDQWLD FRDOH VFDQWHWYLGHDQWXUVLELPXWXRQHVFLRTXLGGHEHUHTXRGLQUHLSXEOLFHYLVFHULEXVODWHQWHU LQKHUHW´HEG= ÅGHEHPXV SDUHQWLEXV UHYHUHQWLDP ILOLLV GLOHFWLRQHP IUDWULEXV HTXDOLWDWHP FRJQDWLV DPRUHPSUHODWLVREHGLHQWLDPX[RULFDVWLWDWHPHWFXQFWLVEHQLYROHQWLDPSDWULHDXWHP KHF RPQLD HW QRVPHWLSVRV GHEHPXV +DEHW HQLP LOOD VLPXO SDUHQWHV ILOLRV IUDWUHV DJQDWRVDPLFRVSUHODWRVFRQLXJHPVRFLRVHWQRVLSVRV,OODQRVFUHDYLWLOODQRVWXH WXUDELOODTXRGSULPXPHVW RULJLQHPWUDKLPXVTXDUH SUHFXQFWLVQRELVHVVHFXUH GHEHW´(EG,== =XGHU%HGHXWXQJGHUFDULWDVSDWULDHEHL6DOXWDWLLP9HUJOHLFK]X'HQNHUQGHUFKULVW OLFKWKHRORJLVFKHQ7UDGLWLRQ²YRUDOOHP]X7KRPDVYRQ$TXLQXQG$HJLGLXV5RPD QXV²YJO:LWW  I ÅPD[LPXPPRUWDOLXPYLQFXOXP´6DOXWDWL  ,=

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



*ODXEHQ YHUEXQGHQ XQG DQGHUHUVHLWV GXUFK GLH 1DWXU ,QVRIHUQ GLH 0HQVFKHQGXUFKGHQ*ODXEHQYHUEXQGHQVLQGUHDOLVLHUWVLFKLQGHQMHZHL OLJHQ )UHXQGVFKDIWVYHUKlOWQLVVHQ GLH =XZHQGXQJ GHV (LQ]HOQHQ ]X *RWW ,QGHP 6DOXWDWL GLH )UHXQGVFKDIW DPLFLFLD  DOV /LHEH FDULWDV  EH VWLPPWLVWHVLKPP|JOLFKGLHIUHXQGVFKDIWOLFKHQ%H]LHKXQJHQ]XDQ GHUHQ 0HQVFKHQ DOV GHQ 2UW ]X PDUNLHUHQ DQ GHP VLFK JRWWJHIlOOLJHV +DQGHOQ]HLJW,QVRIHUQGHU0HQVFK7HLOGHUPHQVFKOLFKHQ*DWWXQJLVWLVW HU YRQ 1DWXU DXV GHQ DQGHUHQ 0HQVFKHQ PLW =XQHLJXQJ ]XJHWDQ 1LFKW JHJHQGLH/LHEH FDULWDV YHUVWDQGHQDOVGDVÅQDWUOLFKH%DQGGHUPHQVFK OLFKHQ*HPHLQVFKDIW´]XYHUVWR‰HQLVWGHVKDOEDXFKQLFKWQXUIU&KULV WHQXQG5HOLJL|VHVRQGHUQIUDOOHÅJXWHQ0lQQHU´DQJHPHVVHQ )UHXQGVFKDIW LP HPSKDWLVFKHQ 6LQQH LVW IUHLOLFK QXU XQWHU JDQ] EH VWLPPWHQ9RUDXVVHW]XQJHQP|JOLFK'HQQGLHVHEDVLHUWQLFKWDOOHLQDXI GHU 1DWXU GLH DOOH 0HQVFKHQ PLWHLQDQGHU PLW JHJHQVHLWLJHU =XQHLJXQJ YHUELQGHW DXFK QLFKW DXI HLQHP EOR‰HQ *HIKO RGHU HLQHP 1XW]HQ GHQ PDQVLFKYRQGHU%H]LHKXQJYHUVSULFKW:DKUH)UHXQGVFKDIWEHUXKWQDFK 6DOXWDWL DXI HLQHU IUHLHQ :LOOHQVHQWVFKHLGXQJ XQG HLQHU JHPHLQVDPHQ Å%HZXQGHUXQJ GHU 6LWWHQ XQG GHU 7XJHQG´ VRZLH DXI HLQHU ÅhEHUHLQ VWLPPXQJGXUFKGLHbKQOLFKNHLWGHU6LWWHQXQGGHU6WXGLHQ´ 'LH )UHXQGVFKDIW EDVLHUW DOVR DXI GHU 9HUSIOLFKWXQJ DXI HLQ JHPHLQ VDPHV,GHDOQlPOLFKGHPGHU7XJHQGKDIWLJNHLW'LH)UHXQGVFKDIWYHUELQ GHWGLHMHQLJHQGLHHVVLFK]XU$XIJDEHJHPDFKWKDEHQGXUFKLKUHOLWHUDUL 







 

6DOXWDWL'HW\UDQQR 3UDHIDWLR Å8QLXQWHTXLGHPPRUWDOHJHQXVILGHVFLYLWDVHWQDWXUD TXRUXP SULPXP UHVSLFLW VDOXWHP XOWLPDP VHFXQGXP SROLWLFDP VRFLHWDWHP WHUWLXP YHURFRPPXQLRQHPKXPDQDPHWKRPLQLVSHUIHFWLRQHP´6DOXWDWL   ÅHJRHQLPXWGHKDFYHULXVORTXDUFXPDPLFLFLDQLFKLOVLWQLVLFDULWDVFXPTXHFDULWD WHP LSVXP 'HXP HVVH FUHGDPXV LOODP VXPPH DPSHFWHQGDP UHRU´ 6DOXWDWL   ,== 'HU*HGDQNHFDULWDVDOVDPLFLWLD]XYHUVWHKHQZXUGHVFKRQLP=XJHGHU5H]HSWLRQGHU 1LNRPDFKLVFKHQ(WKLNYRQFKULVWOLFKHQ'HQNHUQGHV0LWWHODOWHUVHQWZLFNHOW9JOKLHU]X HWZD7KRPDVYRQ$TXLQGHULQGHPHUGLHFDULWDVDOV)RUPGHUDPLFLWLDEHVWLPPWGLHVH PLW5FNJULIIDXIDULVWRWHOLVFKH$XVVDJHQ]XU)UHXQGVFKDIW HU|UWHUQNDQQ YJO 7KR PDVYRQ$TXLQ6XPPDWKHRORJLFD,,,,TDUHVS %HL6DOXWDWLIUHLOLFKHUKlOWGHU *HGDQNH HLQH QHXH 'LPHQVLRQ ZHLO HV LKP GDUXP JHKW GLHVHQ %HJULII DXI UHDOH )UHXQGVFKDIWVYHUKlOWQLVVHDQ]XZHQGHQXQGGLHVHGDPLWDXI]XZHUWHQ ÅQRQGHFHWWDPHQYLUXPERQXPQRQFKULVWLDQXPQRQUHOLJLRVXPFRQWUDFDULWDWHPHW FRQWUDLOOXGQDWXUDOHYLQFXOXPVRFLHWDWLVKXPDQHHWTXRGSOXVHVWFRQWUDILGHLFKULVWL DQHSUHFHSWDSUR[LPXPHWLDPSURYRFDQWHPRIIHQGHUHYHOLQLXULDPSURLQLXULDFRP SHQVDUH´6DOXWDWL  ,,== =XU%HGHXWXQJGHU)UHXQGVFKDIWEHL+XPDQLVWHQYJO5XHJJ  XQGPLW+LQVLFKW DXIGHQGHXWVFKHQ6SUDFKUDXP7UHPO   ÅVHGYHUXVDPLFXVVRODYROXQWDWHHWPRUXPDWTXHYLUWXWLVDGPLUDWLRQHFRQIODWXULPR HWLDPLQYHUDPDPLFLFLDPQRQQLVLGHOLEHUDWLRQHTXDGDPDVFHQGLPXVHWFXPQDWXUDLQ WHURPQHVKRPLQHVTXRGGDPYLQFXOXPDPRULVLQGX[HULWQRQVXIILFLWLSVDXWDPLFLFLD FRQWUDKDWXU QLVL DFFHGDW H[ PRUXP VWXGLRUXPTXH VLPLOLWXGLQH TXHGDP FRQVHQVLR´ 6DOXWDWL  ,=



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VFKHQ6WXGLHQEHVVHUH0HQVFKHQ]XZHUGHQXQGLKUH7XJHQGHQ]XNXOWL YLHUHQ'DEHLLVWHVQLFKWHLQPDOQRWZHQGLJGDVVVLFKGLH)UHXQGHWDW VlFKOLFK SHUV|QOLFK NHQQHQ )U LKUH 9HUEXQGHQKHLW LVW DOOHLQ ÅGLH 0HL QXQJXQGGHU5XKPGHU7XJHQG´DXVUHLFKHQG )UHXQGVFKDIW LVW PLWKLQPHKU DOV HLQH 3ULYDWEH]LHKXQJ VLH EHLQKDOWHW ]XJOHLFK GLH :DKO HLQHV /HEHQVPRGXV VLH LVW GLH ,QVWLWXWLRQ LQ GHU VLFK GDV HLJHQH XQG HLJHQWOLFKH =LHO GHV /HEHQV UHDOLVLHUW VLFK VHOEVW LQ GHQ 7XJHQGHQ ]X YHUYROONRPPQHQ 8P GLHVHV ]X HUUHLFKHQ VLQG ZLU DXI )UHXQGVFKDIWHQDQJHZLHVHQ)UHXQGVFKDIWHQVLQGIUHLOLFKNHLQH%H]LHKXQ JHQGLHPDQQHEHQEHL]XVlW]OLFKXQGQHEHQVHLQHQHLJHQWOLFKHQ/HEHQV DXIJDEHQTXDVL]XU(QWVSDQQXQJIKUWXQGSIOHJW6LHPDUNLHUHQYLHOPHKU GHQ ]HQWUDOHQ /HEHQVEHUHLFK DQ GHP VLFK GLH 8PVHW]XQJ GHU HLJHQHQ /HEHQVDXIJDEHYROO]LHKW (LQHEHVFKZHUOLFKH6DFKHLVWGLH)UHXQGVFKDIWDEHUN|VWOLFKPKVDPDEHUQW] OLFKQLFKWP‰LJDEHUV‰XQGVLHLVWVRJDUQRWZHQGLJXQGQDWUOLFKGHQQQLH PDQGZUGHHVVLFKDXVVXFKHQLP8PJDQJPLWGHQ0HQVFKHQ]XOHEHQZHQQHU QLFKWPLWGHP)UHXQG]XVDPPHQVHLQN|QQWH'HQQZHOFKH+HUUVFKHUKRKHLWLVW VRJUR‰ZHOFKH)OOHDQ]HLWOLFKHQ*WHUQVRJHZDOWLJRGHUZHOFKHU$QKDXFKGHV JQVWLJHQ*HVFKLFNVVRJOFNOLFKXQGVRUHLFKOLFKGDVVHURKQHHLQHQ*HIlKUWHQ JOFNOLFKVHLQN|QQWH":HOFKH:LOGKHLWHQGOLFKLVWVRJUR‰ZHOFKHJHLVWLJH9HU IDVVXQJ VR JUDXVDP XQG XQPHQVFKOLFK GDVV VLH VLFK QLFKW DQ GHU 6‰H GHU )UHXQGVFKDIWHUIUHXHQZUGH"'HQQGLH%HGHXWXQJGLHVHU7XJHQGRGHUGHU7l WLJNHLWGHV7XJHQGKDIWHQLVWGDVVHVNHLQHQ=XVWDQGXQVHUHV/HEHQVNHLQH4XDOL WlW XQG NHLQH %HVFKDIIHQKHLW JLEW GLH RKQH *HPHLQVFKDIW LVW GDKHU VFKOLH‰HQ QLFKWQXUGLH*XWHQGLHVLFKGXUFKZDKUH7XJHQGDXV]HLFKQHQQDFKbKQOLFKNHLW LKUHU 6LWWHQ ZDKUH )UHXQGVFKDIWHQ XQG EHZDKUHQ GLHVH ZHQQ VLH JHVFKORVVHQ ZXUGHQ VRQGHUQ DXFK GLH ODVWHUKDIWHQ YHUEUHFKHULVFKHQ XQG XQIURPPHQ 0HQ VFKHQVLQGJOHLFKVDPGXUFKHLQ$EELOGGHU)UHXQGVFKDIWYHUEXQGHQ 

9JO HWZD GLH IROJHQGHQ $XVVDJHQ EHU GLH )UHXQGVFKDIW ÅKHF GHQLTXH VROD YLUWXV YLYLILFDW´HEG,=ÅQRPHQDPLFLFLHTXHVRORVGHFHWYLUWXRVRV´HEG,,, =$OV6DOXWDWLHLQHQ)UHXQGXPHLQHQ*HIDOOHQELWWHWHULQQHUWHUGLHVHQDQ GLH 9HUSIOLFKWXQJ DXI HLQ JHPHLQVDP YHUHKUWH ,GHDO ÅVFLR QLFKLO LQ KDF YLWD PRUWDOL GXOFLXVHWGLYLQLXVHVVHTXDPDPLFLFLDTXHTXLGHPDPLFLFLDGLFLQRQSRWHVWQLVLYLUWX RVLV FRQIODWD SULQFLSLLVKRQHVWDWHPDQWHRPQLDFRODWHW SURDPLFR QLFKLO DUGXXPDXW JUDYHUHSXWHWTXRGFXPKRQHVWDWHSHWDWXUHWILDW´(EG,,,=  ÅVXIILFLWHQLPDGDPLFLFLHJOXWLQXPRSLQLRIDPDTXHYLUWXWLVTXHSRWHQWLVVLPDUDWLRHVW XWLQWHUDEVHQWHVHWQXQTXDPYLVRVDPLFLFLHYLQFXOXPRULDWXU´(EG,,,=  Å2QHURVDUHVHVWDPLFLFLDVHGGHOHFWDELOLVODERULRVDVHGXWLOLVQRQRFLRVDVHGVXDYLV UHVTXHDGHRQHFHVVDULDDGHRTXHQDWXUDOLVTXRGLQKDFFRQYHUVDWLRQHPRUWDOLXPQXOOXV HOLJHUHWYLYHUHQLVLFXPDPLFRYDOHDWVLPXOHVVH4XHHQLPWDQWDFHOVLWXGRGRPLQDWXV WDQWDTXH UHUXP WHPSRUDOLXP FRSLD YHO SURVSHUH IRUWXQH WDP DEXQGDQV WDPTXH IHOL[ DIIODWXVTXLVLQHVRFLRSRVVLWHVVHLRFXQGXV"4XHGHQLTXHWDQWDIHULWDVWDPTXHFUXGHOLV HWLQKXPDQXVPHQWLVKDELWXVTXLQRQDPLFLFLHGXOFHGLQHGHOHFWHWXU"+XLXVHWHQLPVL YHYLUWXWLVVLYHYLUWXRVLDFWXVYLVHVWXWQXOOXVVLWYLWHQRVWUHVWDWXVQXOODTXDOLWDVQXO ODYHFRQGLFLRDEVTXHVRFLHWDWHH[TXRQRQVROXPERQLYHUDTXHYLUWXWHFRQVSLFXLSUR IHVVLRQLVHWPRUXPVLPLOLWXGLQHYHUDVDPLFLFLDVFRQWUDKXQWFRQWUDFWDVTXHFRQVHUYDQW

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



8QG HUVW GLH 7HLOKDEH DQ )UHXQGVFKDIWVYHUKlOWQLVVHQ HUP|JOLFKW HV GHP HLQ]HOQHQ ,QGLYLGXXP PLWGHQ :LGULJNHLWHQ GHV 'DVHLQV ]XUHFKW]XNRP PHQ(VVLQGGLH%H]LHKXQJHQ]XDQGHUHQ0HQVFKHQYRUDOOHPGLHULFKWLJ YHUVWDQGHQHQ)UHXQGVFKDIWHQGLHXQVGDV/HEHQHUWUlJOLFKPDFKHQODVVHQ XQG EHU GLH %HGUIWLJNHLWHQ %UXWDOLWlWHQ XQG 1RWZHQGLJNHLWHQ GHV /H EHQV KLQZHJWU|VWHQ 1LFKWV VHL ÅV‰HU XQG HUIUHXOLFKHU´ LQ GLHVHU Å*H PHLQVFKDIWGHU6WHUEOLFKHQDOVGLH)UHXQGVFKDIW´ 0LWGLHVHUEHVRQGHUHQ)UHXQGVFKDIWLPHPSKDWLVFKHQ6LQQHVLQGZHL WHUH%HVWLPPXQJHQYHUEXQGHQ=XQlFKVWHLQPDOYHUSIOLFKWHWGLH)UHXQG VFKDIW ]X ZHFKVHOVHLWLJHU 8QWHUVWW]XQJ XQG )UHXQGVFKDIWVGLHQVWHQ LP JDQ]NRQNUHWHQ6LQQH'DVVRHQWVWHKHQGH1HW]YRQJHJHQVHLWLJHU8QWHU VWW]XQJZLUGLGHDOHUZHLVHQDFK6DOXWDWLQLFKWQXUYRQ)UHXQG]X)UHXQG JHNQSIWVRQGHUDXFKDXI(PSIHKOXQJ]XP)UHXQGGHV)UHXQGHV (LQH ZHLWHUH 3IOLFKW KDW IUHLOLFK LQ GHU KXPDQLVWLVFKHQ )UHXQGVFKDIW HLQH EHVRQGHUH %HGHXWXQJ GLH 6DOXWDWL LQ HLQHP %ULHI DQ GHQ 0HGL]LQHU XQG3KLORVRSKHQ$QWRQLR%DUXIIDOGLIUGHQHUGHQ7UDNWDW'HYHUHFXQGLD YHUIDVVWKDWWKHPDWLVLHUW+LHUUHIOHNWLHUW6DOXWDWLEHUGLH%HGHXWXQJYRQ )UHXQGVFKDIW XQG IKUW DQ GDVV GHU )UHXQG GD]X YHUSIOLFKWHW VHL VHLQH :HLVKHLW ZHLWHU]XJHEHQ 'HQQ :HLVKHLW GLH QLFKW YHUEUHLWHW ZLUG EOHLEW VWHULO 0LW GHU )UHXQGVFKDIW LVW PLWKLQ HLQ JHJHQVHLWLJHU %LOGXQJVDXIWUDJ YHUEXQGHQ 'LHVHQ PDFKW VLFK 6DOXWDWL DXFK VHOEVW ]XHLJHQ ZHQQ HU HWZDLQHLQHP%ULHIDQ$QWRQLRGH&RUWRQDGDUDXIKLQZHLVWGDVVHUVHLQHQ )UHXQGHQGXUFKÅVHLQ:LVVHQXQGGXUFKVHLQ%HLVSLHO´QW]OLFKVHLQZRO OH 8QG HU VLHKW HV ZLH EHUHLWV ZHLWHU REHQ HUZlKQW DXFK DOV VHLQH 3IOLFKWDQVHLQH.HQQWQLVVHRKQH$QVLFKWGHV6WDQGHVZHLWHU]XJHEHQ









VHG HWLDP TXL YLWLRVL VFHOHUDWL YHO LPSLL VXQW TXRGDP DPLFLFLH VLPXODFUR FRQLXQJXQ WXU´(EG,,,= ÅQLFKLO HQLP LQ LVWD VRFLHWDWH PRUWDOLXP DPLFLFLD GXOFLXV HVW QLFKLOTXH LRFXQGLXV VL WDPHQHWLDPPDQHQWLEXVDQLPLVSRVVHPXVQRELVDPLFRVGXUDELOHVSROOLFHUL+XQFDX WHPIDWLQHFHVVLWDVDXIHUWKXQFFUXGHOLWDVDUULSLWKXQFVHSDUDWDQRELVQLPLXPGLOHFWD PRUWDOLEXVXWLOLWDV4XHFXPDFFLGDQWWXHWHJRPXOWRWLHQVLGH[SHUWLTXDQWXPDIIH UDQWGLVSOLFHQWLHWHVWHVVXPXV´(EG,,== 9JO ÅHVW HQLP UHGXQGDQV DPLFLFLH SOHQLWXGR TXH QRQ VROXP DPLFRUXP SHUVRQDV DPSOHFWLWXUVHGVHDGDPLFRUXPDPLFRVSDULEXVFDULWDWLVRIILFLLVSURWHQGDWXU7XTXL GHP DPLFRUXP FRQVXPPDWLVVLPH QHGXP PHDP SHUVRQDP FROLV TXRG LDQGLX VDWLV DEXQGHSHUFHSLYHUXPHWLDPLQ1LFKRODRPHRTXHPPLFKLDPLFXPIRUHFRJQRYHUDV WXHGLOHFWLRQLVEHQHILFLDFRQWXOLVWL´(EG,=²= ÅWXL HWLDP RIILFLL IXHULW GLOHFWRUL WXR WDOLWHU DVVLVWHUH TXRG LWD VH FRPSRQDW HW SRVVLW HWLDPDPLFXVGLFLWULWXPHWHQLPYXOJRSURYHUELXPHVWQRQVLELVROLYHUXPHWLDPVR FLRVDSLHQGXPVDWLVHQLPVWHULOLVHVWVDSLHQWLDHWQLPLVDYDUDERQLWDVTXHVROXPPRGR VLELSURGHVW´HEG,,,= Å9HOOHPYLUHJUHJLHIUDWHUHWDPLFHNDULVVLPHWDOLVIRUHSRWLXVDXWHPHVVHTXRGWLEL HWUHOLTXLVWXPGRFWULQDSURGHVVHSRVVHPWXPH[HPSOR´(EG,,=



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

9HUWHLGLJXQJGHU(KH $Q HLQHP ZHLWHUHQ 7KHPD OlVVW VLFK GLH $XIZHUWXQJ GHV PHQVFKOLFKHQ XQG GLHVVHLWLJHQ /HEHQV EHL 6DOXWDWL YHUIROJHQ QlPOLFK ZHQQ 6DOXWDWL HL QHQ VSH]LILVFKHQ /HEHQVPRGXV YRQ /DLHQ YHUWHLGLJW XQG DXIZHUWHW GHQ GHU(KH:HQQVLFK6DOXWDWLGDUDQPDFKWGLH(KHJHJHQLKUH9HUOHXPGHU ]XYHUWHLGLJHQGDQQKDWHUHLQHQJUR‰HQ7HLOGHUJHOHKUWHQ7UDGLWLRQJH JHQVLFK:DULQFKULVWOLFKHU7UDGLWLRQGLH(KH]ZDUHLQHOHJLWLPH9HU ELQGXQJ ]ZLVFKHQ 0DQQ XQG )UDX VR ZXUGH VLH GRFK DQGHUHUVHLWV LP 9HUJOHLFK ]XP =|OLEDW DOV GHIL]LWlU EHJULIIHQ 8QG DXFK QDFK HLQHP EH UHLWV DXV DQWLNHU7UDGLWLRQVWDPPHQGHQ 9RUXUWHLO JDOW GLH (KH DOV XQYHU HLQEDUPLWGHP/HEHQDOV*HOHKUWHU 0LWGHU5H]HSWLRQGHUHWKLVFKHQ6FKULIWHQGHV$ULVWRWHOHVDEGHU0LWWH GHV -DKUKXQGHUWV ZLUG GDV SKLORVRSKLVFKH1DFKGHQNHQ EHUGLH (KH DXI HLQH QHXH *UXQGODJH JHVWHOOW 'LH (KH ZLUG KLHU DOV HLQH QDWUOLFKH 9HUELQGXQJ YRQ 0DQQ XQG )UDX DQJHVHKHQ 'RFK GDPLW ZDU QRFK QLFKWXQPLWWHOEDUHLQH$XIZHUWXQJGHU(KHDOV/HEHQVPRGXVYHUEXQGHQ 9LHOPHKU VWDQG GLH DULVWRWHOLVFKH 9RUVWHOOXQJ GHU (KH DOV RSWLPDOH /H EHQVIRUPGHV0HQVFKHQLQVRIHUQHUHLQSROLWLVFKHV/HEHZHVHQLVWGXUFK DXVLQ.RQIOLNWPLWGHU9RUVWHOOXQJGHV]|OLEDWlUHQ/HEHQVDOVEHVWHU/H EHQVIRUP$XFK3HWUDUFDVFKORVVVLFKLQVHLQHQ6FKULIWHQH[SOL]LWGLHVHU 3RVLWLRQDQXQGJLQJDXFK]HLWVHLQHV/HEHQVNHLQHOHJLWLPH%H]LHKXQJ ]XHLQHU)UDXHLQ 6DOXWDWL QXQ KDWWH VLFK VFKRQ IUK IU HLQH DQGHUH /HEHQVIRUP HQW VFKLHGHQLP$OWHUYRQYLHUXQGGUHL‰LJ-DKUHQKHLUDWHWHHU]XPHUV WHQ0DO6FKRQEDOGVSUWHUGLH0KVDOGHV(KHOHEHQVXQG]LWLHUWHLQL JH0RQDWHVSlWHULQHLQHP%ULHIDQ5RGROIRGD6DQ0LQLDWRGDVEHUKPWH 

    



)UHLOLFKZLUGGLH(KHQLFKWSULQ]LSLHOO DEJHOHKQWVRQGHUQIUEHVWLPPWH/HEHQVZHL VHQDOVGXUFKDXV QW]OLFKHUDFKWHWVRHWZDZHQQ$HJLGLXV5RPDQXVLQVHLQHP7H[W 'HUHJLPLQHSULQFLSXP , GLH(KHDOVHLQHQ/HEHQVPRGXVIUGDVSROLWLVFKHXQGDN WLYH/HEHQHPSILHKOWYJO$HJLGLXV5RPDQXV  ²=X$HJLGLXV·.RQ]HSWL RQGHU(KHYJO%OD]HN   9JO'HOKD\H  =XGHUhEHUOLHIHUXQJGHV7RSRVDQX[RUGXFHQGDYRQGHU$QWLNH ELV]XU)UKHQ1HX]HLWYJO5RWK   9JOKLHU]XGLHXPIDQJUHLFKH6WXGLHYRQ%OD]HN   6R DXFK %OD]HN LQ VHLQHU DEVFKOLH‰HQGHQ %LODQ] ]XU PLWWHODOWHUOLFKHQ 5H]HSWLRQ GHU DULVWRWHOLVFKHQ3KLORVRSKLHGHU(KH%OD]HN   9JO 3HWUDUFD 'H UHPHGLLV  Å'H FRQLXJLL FODULWDWH´ Å'H X[RUH IRUPRVD´ Å'H X[RUHIDHFXQGDHWIDFXQGD´ $OOHUGLQJV SIOHJWH HU DX‰HUHKHOLFKH %H]LHKXQJHQ ]X )UDXHQ DXV GHQHQ ]ZHL .LQGHU *LRYDQQL JHERUHQ  XQG )UDQFHVFD JHERUHQ  KHUYRUJHJDQJHQ VLQG 9JO 1HXPDQQ   9JO6DOXWDWL  ,6HLQH)UDX&DWHULQDGL7RPHRGL%DOGXFFLVWDPPWH HEHQIDOOVDXV6WLJQDQRXQGZDUYHUP|JHQGYJO8OOPDQ  XQG:LWW  

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



'LNWXP GHV +LHURQ\PXV GDVV PDQ QLFKW ]XJOHLFK HLQHU )UDX XQG GHU 3KLORVRSKLH GLHQHQ N|QQH 'RFK WURW] GHU 0KHQ KlOW 6DOXWDWL VHLQ 9RUKDEHQHLQ/HEHQDOVYHUKHLUDWHWHU*HOHKUWHU]XIKUHQIUUHDOLVLHUEDU $EHUDXFKZHQQLFK]XZHQLJYRP0XWHUJULIIHQELQEHJLQQHLFKGHQQRFKTXDVL DXVGHU8QWHUZHOWDXI]XVWHLJHQXQGPLFKLQHLQHPEHVVHUHQ6LW]GHV/HEHQVNO JHUQLHGHU]XODVVHQ

$OVVHLQH)UDX&DWHULQDVWLUEWYHUOHLKWHUVHLQHU7UDXHUXPVLHGHXWOL FKHQ$XVGUXFN8QGHUKHLUDWHWHLQLJH=HLWVSlWHU]XP]ZHLWHQ0DO $OV HU LP -DKU  YRQ %DUWRORPHR GHOOD 0HOOD 6HNUHWlU DP +RI GHU (VWH DXIJHIRUGHUW ZLUG GHQ (KHVWDQG JHJHQ GLH 9HUOHXPGXQJHQ3HWUDU FDV ]X YHUWHLGLJHQ VWHKW QLFKW QXU VHLQH 0HLQXQJ VRQGHUQ ]XJOHLFK DXFKGLHYRQLKPJHZlKOWH/HEHQVIRUP]XU'LVNXVVLRQ'HU$QWZRUWEULHI 6DOXWDWLVHQWKlOWHLQHXPIDVVHQGH5HFKWIHUWLJXQJGHV(KHVWDQGHVXQGVWHOOW GLH(KHDOVHLQHZHQQDXFKQLFKWLQDOOHQ3XQNWHQJOHLFKZHUWLJHVRGRFK DOVHLQHHEHQIDOOVJXWHXQGZlKOEDUH/HEHQVIRUPQHEHQGHP=|OLEDWGDU 6HLQH$UJXPHQWDWLRQVHLGHVKDOELP)ROJHQGHQQlKHUEHWUDFKWHW 6DOXWDWLEHKDQGHOWGDV7KHPDPHWKRGLVFKXQGVDFKOLFKXQGHUXQWHU OlVVW HV5HIOH[LRQHQ DXIVHLQH SHUV|QOLFKH/HEHQVVLWXDWLRQ RGHU EHU GLH



 





Å1XQF DXWHP VFLWR PH LDQGLX GHVWLQDWXP PDWULPRQLXP FRQVXPDVVH HW DGPRGXP X[RULXPHIIHFWXPFRQLXJDOLEXVLOOHFHEULVIUDQJLQHFXWROLPYDFDUHVWXGLRH[TXRFHU WLVVLPXPH[SHULRUYHUEXPLOOXG&LFHURQLVQRQSRVVHVLPXOX[RULHWSKLORVRSKLHVHUYL UH´6DOXWDWL  ,= ÅYHUXPHWVLSDUXPDQLPRFDSWXVVLPLQFLSLRWDPHQTXDVLDELQIHULVHPHUJHUHHWPHLQ PHOLRUHPYLWHVHGHPSUXGHQWLRUFROORFDUH´(EG,= Å3RVWTXDPUHFHSLOLWWHUDVWXDVPXOWDPLFKLXWLQKXLXVYLWHVDORGHJHQWLEXVLPRODER UDQWLEXVDVVXHYLWDGYHUVLVVLPDFRQWLJHUH(WXWVLOHDPFHWHUDFRQWKRUDOLVPHDFXLH[ LQJHQLL ERQLWDWH OHJLWLPXV PH DPRU DUGHQWLVVLPH FRQFLOLDUDW FXP SDUWX LDP DGTXLQ WXP PHQVHP FRQFHSWR GLHP FODXVLW H[WUHPXP HW UHSHQWLQR PLFKL PRUEL LPSHWX D EUHSWD HVW´ (EG ,  =  ÅTXRG HQLP SHQH LQDXGLWXP HVW PLFKL FXP LOOD RPQLXPUHUXPVXPPDFRQFRUGLDIXLWQHFWRWRFRQLXJLLWHPSRUHXQXPLQTXRYHOVR ORYHUERPLFKLUHVWLWHULWYDOHRUHFRUGDUL4XDPREUHPKRFWDQWRFDVXSURVWUDWXVHWLQ ODFULPDVPHUVXVDGKXFYL[DGPHUHGHR´(EG=XQGVFKOLH‰OLFKÅYHPLFKL'L OHFWLVVLPD FRQWKRUDOLV PHD FXP TXD OHWLVVLPD YL[L VLQH TXD GHLQFHSV HUXPQRVDP DF ODFULPDELOHPYLWDPYLYDP KHLPLFKLKHLPLFKL6XELWRPRUERVXEWUDFWDDFHUELVVLPR QHFLVLDFXORGHPLJUDYLW´(EG,= $OVDXFKVHLQH]ZHLWH)UDX3LHUDVWLUEWODPHQWLHUWHULQHLQHP%ULHIDQ,DFRSR )ROFKLEHUGHQ9HUOXVWVHLQHU(KHIUDXPLWGHQIROJHQGHQ:RUWHQÅVFLRTXRG'HXV DEVWXOLWPLFKLVRFLDPUHUXPGLYLQDUXPHWKXPDQDUXPGRPXVUHJLPHQHWWRWILOLRUXP FROXPHQ HW JXEHUQDWULFHP HW RPQLXP FXUDUXP PHDUXP ILGHOH JUDWLVVLPXPTXH OHYD PHQ´(EG,,,= ÅSHWLVXWFRQWUDQHVFLRTXDVLUULVLRQHVKDELWDVLQFRQLXJDWRVHWSUHVHUWLPELJDPRVSHU QRVWUXP GLYLQXPTXH 3HWUDUFDP VDFUDUXP QXSWLDUXP LXUD GHIHQGDP TXDVL IXHULW LOOH FRQLXJLLUHLTXLGHPWXPSURSDJDWLRQLQHFHVVDULHWXPKRQHVWHQLPLVLPSUREXVRSSX JQDWRU´(EG,,==



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

DQJHQHKPHQ 6HLWHQ GHV (KHOHEHQV HLQ]XVWUHXHQ =XQlFKVW OHKQW HU HV DEHLQHQ9HUJOHLFKGHUYHUKHLUDWHWHQXQGGHUNHXVFKHQ/HEHQVIRUPDQ]X VWHOOHQVRQGHUQVHW]WHVVLFKDOV=LHO]XXQWHUVXFKHQREGDV+HLUDWHQIU VLFK EHWUDFKWHW HLQ *XWVHL'DPLW YHUPHLGHW HU HV JOHLFK ]X %HJLQQ GHU 8QWHUVXFKXQJGHQ:HUWGHU(KHLP9HUKlOWQLV]XP=|OLEDWEHVWLPPHQ]X PVVHQ'LHVH8QWHUVXFKXQJIKUWHUDXI]ZHL:HLVHQQlPOLFK]XQlFKVW ÅPRUDOLVFK´ DQVFKOLH‰HQG GXUFK GLH Å3UIXQJ GHU KHLOLJHUHQ 'LVSXWDWL RQ´$EVFKOLH‰HQGQLPPWHU]XGHQWUDGLWLRQHOOHQ$UJXPHQWHQ6WHOOXQJ GLHELVKHUJHJHQGLH(KHYRUJHEUDFKWZXUGHQXQGGHXWHWDXFK3HWUDUFDV $XVVDJHQJHJHQGLH(KHLQGLHVHP.RQWH[WXP $OV9RUDXVVHW]XQJ SUHVXSSRVLWXP IUGHQHUVWHQ7HLOIKUW6DOXWDWLHLQH 8QWHUVFKHLGXQJHLQGLHÅ0RUDOLWlWGDVLVWGLH.HQQWQLVXQVHUHU7lWLJNHL WHQ´EH]LHKWVLFKHQWZHGHUDXIGLH*HVDPWKHLWRGHUDXIHWZDV(LQ]HOQHV 'LH 8QWHUVXFKXQJ GHU )UDJH PRUDOLWHU XQG PLW %OLFN DXI GLH *HVDPWKHLW EHJLQQWPLWGHU)HVWVWHOOXQJGDVVVLFKGLHÅPHQVFKOLFKH*DWWXQJ´GDVLH DXV,QGLYLGXHQEHVWHKHDXFKGXUFKGLHVHHUKDOWH'XUFKGLHNRQWLQXLHUOL FKH(U]HXJXQJGHU,QGLYLGXHQEOHLEHGLH*DWWXQJHUKDOWHQJlEHHVNHLQHQ HLQ]HOQHQ 0HQVFKHQ VR N|QQWH ]ZDU GHU %HJULII GHU PHQVFKOLFKHQ $UW HUKDOWHQEOHLEHQQLFKWDEHUGLH$UWVHOEVW 'DPLWDOVRGLHPHQVFKOLFKH*DWWXQJDNWXDOEHVWHKWZDUGLH(U]HXJXQJQRWZHQ GLJGXUFKGLHVLH²GDVLHVLFKQLFKWHZLJLQGHQ]HLWOLFKHQXQGYHUJlQJOLFKHQ,Q GLYLGXHQ HUKDOWHQ NDQQ ² XQHQGOLFK ZXUGH MD VLFK VRJDU GDQN GHU $EIROJH GHU HQGOLFKHQ,QGLYLGXHQHUKLHOW

'DKHUKDEHÅGLH1DWXURGHUXPZDKUHU]XVSUHFKHQ*RWWGHU8UKHEHU GHU 1DWXU´ GHQ 0HQVFKHQ PLW GHQ QRWZHQGLJHQ *HQLWDOLHQ DXVJHVWDWWHW GDPLW HU VLFK IRUWSIODQ]HQ XQG GLH PHQVFKOLFKH *DWWXQJ HUKDOWHQ P|JH 'DUDXV HUJLEW VLFK QDFK 6DOXWDWL IU GHQ 0HQVFKHQ GLH 3IOLFKW GHU )RUW SIODQ]XQJ 6RGDVVHVQRWZHQGLJLVW]XVDJHQGDVVDOOH0HQVFKHQQDWUOLFKHUZHLVHGHU=HX JXQJVFKXOGLJXQGYHUSIOLFKWHWVLQGGDPLWHVQLFKWXPVRQVWZDUZDVGLH1DWXULQ XQVHUVFKDIIHQKDW 

'LHVPDFKWHUIUHLOLFKLQDQGHUHQ%ULHIHQJHOHJHQWOLFKHWZDZHQQHUYRQGHQÅGXOFHV QH[XVLQWUDFRQQXELDOHVDIIHFWXV´VSULFKWYJOHEG,,,=  ÅWROODPXVHUJRFRPSDUDWLRQHVTXHFXPGLFDQWXULQWHUKRPLQHVRGLRVHLQWHUUHVLSVDV LQH[SOLFDELOHVHVVHSRVVHQWHWDQERQXPVLWQXEHUHVLPSOLFLWHULQTXLUDPXV,QTXDVL TXLGHP UH PRUDOLWHU SULPR GHLQGH VDQFWLRULV GLVSXWDWLRQLV H[DPLQH SURFHGHPXV´ HEG,,=  ÅXW VXEVLVWDW LJLWXU DFWXDOLWHU KXPDQXP JHQXV QHFHVVDULD JHQHUDWLR IXLW SHU TXDP FXPHWHUQDOLWHULQWHPSRUDQHLVFRUUXSWLELOLEXVTXHLQGLYLGXLVFRQVHUYDULQRQSRVVLWLQ WHUPLQDELOLV LPR SRWLXV ILQLHQGH LQGLYLGXRUXP VXFFHVVLRQLV EHQHILFLR SHUVHYHUHW´ (EG,,=²=  ÅXWIDWHULQHFHVVH HVWQHIUXVWUHWXUTXRGLQQRELVQDWXUDSURGX[LW FXQFWRV KRPLQHV HVVHQDWXUDOLWHUGHELWRUHVHWREQR[LRVJHQLWXUH´(EG,,=

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



:HU GLHVH 3IOLFKW QLFKW EHUQHKPH RGHU EHUQHKPHQ N|QQH GHU ZHUGH ÅNDXPHLQ0HQVFKRGHUHLQGHIHNWHU0HQVFK´JHQDQQW 1XQ NRPPW 6DOXWDWL ]XU ]ZHLWHQ )UDJH GHV HUVWHQ 7HLOV QlPOLFK RE GLH(KHHLQ*XWIUGHQ(LQ]HOQHQVHL+LHUQXQ]HLJWVLFKGDVVGLH)RUW SIODQ]XQJ GLH VLFK LQ GHU (KH OHJLWLPHUZHLVH YROO]LHKHQ OlVVW QLFKW QXU HLQIDFKHLQ*XWVRQGHUQ]XJOHLFKHLQH3IOLFKWIUGHQ(LQ]HOQHQLVW:HU VLFKGHU3IOLFKW]XU)RUWSIODQ]XQJHQW]LHKHVHLXQJHUHFKWJHJHQEHUVLFK VHOEVW XQG GHQ 6HLQLJHQ E|VZLOOLJ JHJHQEHU GHP 0HQVFKHQJHVFKOHFKW XQGXQGDQNEDUJHJHQEHUGHU1DWXU8QJHUHFKWJHJHQEHUVLFKVHOEVW ZHLOHULQ.UDQNKHLWXQG$OWHUQLHPDQGHQKDEHGHUVLFKXPLKQNPPHU WHXQJHUHFKWJHJHQVHLQH)DPLOLHXQG$QJHK|ULJHQZHLOPLWLKPDXFKGHU 5XKPXQGGHU1DPHGHU)DPLOLHDXVJHO|VFKWZHUGHXQGXQJHUHFKWJHJHQ VHLQ9DWHUODQGZHLOHUNHLQHQKLQWHUODVVHGHUHVYHUWHLGLJHQ N|QQH%|V ZLOOLJVHLHUJHJHQEHUGHUPHQVFKOLFKHQ*DWWXQJGHUHQ6SURVVHULVWGD HUVLFKQLFKWGDUXPNPPHUWHVLH]XHUKDOWHQXQGDXVlKQOLFKHQ*UQ GHQJHJHQEHUGHU1DWXUGLHVLFKGLHJU|‰WH0KHJHJHEHQKDEHGXUFK JUR‰HQ NQVWOHULVFKHQ (LQIDOOVUHLFKWXP GLH )RUWSIODQ]XQJ GHU 0HQVFKHQ ]XHUP|JOLFKHQ 1XQNRPPW6DOXWDWL]XP]ZHLWHQ7HLOQlPOLFK]XU8QWHUVXFKXQJGHU )UDJH JHPl‰ GHU KHLOLJHQ 6FKULIW +LHU EHVFKUlQNW VLFK 6DOXWDWL DXI HLQH hEHUOHJXQJ ZHQQ VLFK DOOH 0HQVFKHQ HQWKDOWHQ ZUGHQ VHL HV LQ MXQJ IUlXOLFKHU$EVWLQHQ]RGHULQHKHOLFKHU.HXVFKKHLWGDQQZUGHQLFKWQXU GDVJHVDPWH0HQVFKHQJHVFKOHFKWVRQGHUQHEHQVRMHGH5HOLJLRQYHUJHKHQ 2ZLHZlUHHVGLHDOOPlKOLFKH9HU|GXQJGHU:HOWDQ]XVHKHQGDVVGLH)DPLOLHQ VFKZLQGHQGLH/DJHUXQG)HOGHUYHUODVVHQZHUGHQGLH6WlGWHYHUVFKZLQGHQGLH 5HLFKHVFKZDFKZHUGHQXQGDOOHVYRQ'RUQHQXQG%URPEHHUJHVWUSS EHGHFNW ZLUG" :HOFK XQJHKHXHUHV (QWVHW]HQ ZlUH HV GLH *HVWDOW GHU 'LQJH QXQ ]X EH GHQNHQZHOFKHDOOHLQGLH=HXJXQJVIlKLJNHLWGHU0HQVFKHQGXUFKGLH%HVWHOOXQJ GHU)HOGHUXQGGLH0HQJHGHU9|ONHUJHIlOOLJPDFKW

,P*HJHQVDW]]X(QWKDOWVDPNHLWXQG.HXVFKKHLWGLHQLFKWXQWHUGLH9RU VFKULIWGHU*HVHW]WHIDOOHQVHLGRFKÅGLH(KHRKQH=ZHLIHOEHIRKOHQ´ 

  



ÅFXLXVUHLJUDWLDYLURVDFPXOLHUHVVWHULOLWDWHQRWDWRVYL[KRPLQHVHWGHIHFWLYRVKRPL QHV UHSXWDPXV QHF GXELXP TXLQ GHIHFWXV LVWH VLW QRQ PLQLPXV LQ QDWXUD´ (EG ,, = ÅTXLFXQTXH JHQHUDWLRQLV RIILFLXP VWHULOLWDWLV VWXGLR GHYLWDUHW LQLXULRVXV HVVHW VLEL HW VXLVPDOLJQXVKXPDQRJHQHULLQJUDWLVVLPXVTXHQDWXUH´(EG,,= (EG,,== ÅRTXLGHVVHWYLGHUHSDXODWLPPXQGLYDVWLWDWHPGHILFHUHIDPLOLDVYDFXDULWXPFDVWUD WXP DJURV HYDQHVFHUH FLYLWDWHV UHJQD FRQILFL FXQFWDTXH VHQWLEXV HW UXELV LPSOHUL" +RUURUHVWLQJHQVTXHWXQFHVVHWUHUXPIDFLHVFRJLWDUHTXDPTXLGHPKRPLQXPVROD JHQHUDWLRIDFLWDJURUXPFXOWXPXOWLWXGLQHTXHJHQWLXPJUDWLRVDP´(EG,,=  ÅLPSHUDWXPDXWHPHVWVLQHGXELWDWLRQHFRQLXJLXP´HEG,,=



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

'HVKDOE ZDU HV $GDP XQG 1RDK EHIRKOHQ ZLH 6DOXWDWL PLW 5HNXUV DXI *HQHVLV,VFKUHLEWÅ6HLGIUXFKWEDUXQGPHKUHWHXFKXQGIOOHWGLH(U GH´'HU%HIHKO]X.HXVFKKHLWXQG=XUFNKDOWXQJVHLQLUJHQGZRDXI]X ILQGHQ 9LHOPHKU N|QQH PDQ LQ GHU %LEHO GLH (UODXEQLV IU PHKUHUH )UDXHQXQGGDV=HXJHQYRQ.LQGHUQPLW0lJGHQILQGHQ1XQDEHUDP (QGH GLHVHU =HLWHQ ZUGHQ GLH -XQJIUlXOLFKNHLW XQG GLH (QWKDOWVDPNHLW ZHJHQ GHU 9HUYROONRPPQXQJ GHV VSLULWXHOOHQ /HEHQV JHGXOGHW =XPDO VLFK PLWWOHUZHLOH GLH 0HQVFKHQ VR VHKU YHUPHKUW KDEHQ GDVV VLFK QLFKW MHGHUXPGLH.LQGHUDXI]XFKWNPPHUQPVVHXQGZLUDQGHUHUVHLWVDQJH VLFKWVGHUJUR‰HQ0HQJHDQ6QGHUQHLQ%HGUIQLVQDFKUHLQHQXQGXQEH IOHFNWHQ 9HUPLWWOHUQ KDEHQ 'LH :RUWH GHV 3DXOXV Å(V LVW JXW IU GHQ 0DQQ NHLQH )UDX ]X EHUKUHQ´ VHLHQ QLFKW DOV 9RUVFKULIW VRQGHUQ DOV 'XOGXQJDXI]XIDVVHQ'HQQGDPLWHVQLFKWVRDXVVHKHDOVO|VHHUGLHHKH OLFKH 9RUVFKULIW DXI IJW HU KLQ]X Å-HGRFK XP 8Q]XFKW ]X YHUPHLGHQ VROOMHGHUVHLQHHLJHQH)UDXKDEHQXQGMHGH)UDXLKUHQHLJHQHQ0DQQ´ 'HQQKlWWH3DXOXVGLH-XQJIUlXOLFKNHLWYRUJHVFKULHEHQVRVFKOLH‰W6DOXWD WLGDQQÅZlUHHVHLQH6QGHXQGHLQ9HUVWR‰JHJHQGLH9RUVFKULIWVLFK]X YHUKHLUDWHQ´ %HLGH /HEHQVIRUPHQ VLQG QDFK 6DOXWDWL ZlKOEDU EHLGH VLQGHLQ*XWXQGEHLGHJHKHQNRQIRUPPLWGHUFKULVWOLFKHQ/HKUH 9LHOPHKU LVW HV JXW ]X KHLUDWHQ HV LVW DEHU DXFK JXW QLFKW JHKHLUDWHW ]X KDEHQ ZHQQZLUPLWJDQ]HP*HLVW*RWWDQKlQJHQ

1XQLVWDEHUGDVOHW]WH=LHOQlPOLFKXQVPLW*RWW]XYHUHLQHQVRVFK|Q GDVV DOOHV ZDV XQV GDYRQ DE]LHKW ² DXFK ZHQQ HV XQV QXU OHLFKW OHYLWHU  GDYRQ DE]LHKW XQG DXFK ZHQQ HV VHOEVW HLQ*XW LVW EHVVHU ]X YHUPHLGHQ LVW'RFKGHVKDOELVWGLH(KHQRFKOlQJVWQLFKW]XVFKHOWHQYLHOPHKULVW VLHDXFKYRQGHQMHQLJHQGLHHLQHQQRFKEHVVHUHQ:HJJHZlKOWKDEHQ]X OREHQ $OV 6DNUDPHQW GHU .LUFKH NRPPH GHU (KH HLQ GUHLIDFKHV *XW ]X QlPOLFK HLQ QDWUOLFKHV LQVRIHUQ VLH GLH 1DFKNRPPHQ KHUYRUEULQJW HLQ YHUQQIWLJHVGDGDGXUFKGLHVLQQOLFKH/XVWGDYRQDEJHKDOWHQZHUGHXPKHU ]XVFKZHLIHQXQGVFKOLH‰OLFKHLQVSLULWXHOOHV*XWGDGXUFKVLHHLQHXQDXIO|V OLFKH 9HUHLQLJXQJ EH]HLFKQHW ZLUG ZHOFKH LQ GHU 9HUHLQLJXQJ ]ZLVFKHQ     

ÅHW XEL UHSHULHV FRQWUDULDP QXSWLLV KXLXV ODXGDWH FDVWLWDWLV HW DEVWLQHQWLH LXVVLRQHP" 1XVTXDPXWDUELWURU´(EG,,= 3DXOXV.RU9,,%LEHO  E ÅVL SUHFLSHUHWXU QDPTXH YLUJLQLWDV SHFFDWXP IRUHW SUHFHSWLTXH WUDQVJUHVVLR FRQLXJD UL´6DOXWDWL  ,,= ÅTXLQLPRERQXPHVWQXEHUHERQXPHVWHWLDPQRQQXSVLVVHVLWRWRVSLULWXWHQGDPXV LQ'HXP´(EG,,= ÅWDQWDTXLGHPHVWFRQYHQLHQWLDHWSXOFULWXGRLQKRFTXRGXOWLPRILQLTXL'HXVHVW XQLDPXUTXRGTXLFTXLGDEKRFYHOOHYLWHUUHWUDKLWTXDQYLVHWERQXPVLWSURIHFWRPH OLXVVLWYLWDUH´(EG,,==

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



&KULVWXV XQG GHU .LUFKH LKUH *UXQGILJXU W\SXV  ILQGH (V LVW GHVKDOE QLFKW]XYHUVWHKHQZDUXPGLH(KHJHWDGHOWZHUGH ,FKZHL‰QLFKWZDUXPVLHGLH(KHEHVFKXOGLJHQZHVKDOEVLHVLHNUlQNHQYHUVSRW WHQXQGWDGHOQ'LH(KHVDJHLFKLVWHLQH9RUVFKULIW*RWWHVHLQ6DNUDPHQWGHU .LUFKH GHU OHJLWLPH 8UVSUXQJ GHV PHQVFKOLFKHQ *HVFKOHFKWHV XQG GLH (LQKHLW GHU*HVHOOVFKDIWGHU6WHUEOLFKHQ'LH9HUHLQLJXQJYRQ0DQQXQG)UDXLVWGLHHUV WH9HUELQGXQJXQGGDV%DQGGHUPHQVFKOLFKHQ$UW

1XQ NRPPW 6DOXWDWL DXI GLH $UJXPHQWH GHU 9HUlFKWHU GHU (KH ]X VSUH FKHQ :DV ELVKHU EHU GLH (KH 6FKOHFKWHV JHVFKULHEHQ ZXUGH WXH QLFKW ]XU6DFKHGDGLH)HKOHUQLFKWGHU,QVWLWXWLRQGHU(KHDQ]XUHFKQHQVHLHQ VRQGHUQGHQMHZHLOLJHQIHKOHUKDIWHQ0HQVFKHQGLHVLFKLQGHU(KHODVWHU KDIWYHUKDOWHQKDEHQ'LHVJHOWHDXFKIU3HWUDUFDV$QVFKXOGLJXQJHQ 'LH)UDJHREHLQ/HEHQJHOLQJWXQGJXWXQGJOFNOLFKJHIKUWZLUGKlQJW QLFKWDQGHU)RUP²GKQLFKWDQGHU(QWVFKHLGXQJRELFKPHLQ/HEHQ DOV 0|QFK DOV ]XUFNJH]RJHQHU *HOHKUWHU RGHU DOV YHUKHLUDWHWHU %UJHU IKUH²VRQGHUQLVWYRQYLHOHQYHUVFKLHGHQHQ)DNWRUHQDEKlQJLJGLH]XP 7HLOLQXQVHUHU0DFKWOLHJHQZLHGLH7XJHQGKDIWLJNHLW]XP7HLODEHUDXFK YRQ XQV QLFKW ]X EHHLQIOXVVHQ VLQG ZLH 6FKLFNVDOVVFKOlJH (V LVW GDKHU ZLGHUVLQQLJ GHU ,QVWLWXWLRQ (KH GLH 9HUDQWZRUWXQJ IU HLQ JHOLQJHQGHV E]ZPLVVOLQJHQGHV/HEHQDQ]XODVWHQ'LH6WROSHUVWHLQHGHV/HEHQVWUHI IHQHLQHQMHGHQ 'LH9HUlFKWHUGHU(KH YHUIDKUHQDOVR IHKOHUKDIWZHQQVLHGLH6FKXOGGHU0HQ VFKHQXQGGHV*OFNVDXIGLHKHLOLJHXQGHKUHQYROOVWH9HUELQGXQJXQG9HUHLQL JXQJ JOHLFKVDP ZLH 6WHLQH ZHUIHQ 8QG PLW XQV ZHUGHQ VLH HLQVHKHQ GDVV ZLU 

ÅQDPFXPPDWULPRQLXPDGHRERQXPVLWTXRG(FFOHVLHVDFUDPHQWXPVLWFRQWLQHDW TXHERQDTXRUXPXQXPHVWQDWXUDOHJHQHUDWLRYLGHOLFHWSUROLVDOWHUXPUDWLRQDOHIL GHV VFLOLFHW QH OLELGR YDJHWXU H[ H[WUD JHQLDOHP WKRUXP HIIHUYHDW WHUWLXP VSLULWXDOH TXRG VDFUDPHQWXP GLFLWXU TXR FRQLXJDOLV LQGLVVROXELOLWDV GHVLJQDWXU TXRG TXLGHP XQLRQLVVDFUDWLVVLPHTXHLQWHU&KULVWXPHW(FFOHVLDPVSRQVXPYLGHOLFHWHWVSRQVDP HVW TXRUXP DOWHU DG DOWHUD LQ &DQWLFLV WDQWD FXP DQ[LHWDWH VXVSLUDW W\SXP KDEHW´ (EG,,=  ÅQHVFLRFXUKLPDWULPRQLXPFDOXPQLHQWXUFXUPRUGHDQWFXULUULGHDQWFXUUHSUHKHQ GDQWPDWULPRQLXPLQTXDP'HLSUHFHSWXP(FFOHVLHVDFUDPHQWXPOHJLWLPXPJHQH ULVKXPDQLSULQFLSLXPVRFLHWDWLVTXHPRUWDOLXPXQLWLYXP9LULTXLGHPHWX[RULVFRSX OD VSHFLHL KXPDQH SULPXV QH[XV HW YLQFXOXP HVW´ HEG ,,  =  ² $XFK DQ DQGHUHU6WHOOHEH]HLFKQHWHUGLH(KHIUDXDOVÅSULPXPKRPLQXPYLQFXOXP´YJOHEG, =  Å1HFDGUHPSHUWLQHQWTXHGHPDWULPRQLDOLPROHVWLDVFULSWDWUDGXQWXU1RQHQLPLOOD PDWULPRQLLVXQWPDODVHGKRPLQXPYLWLDSHUSHWXDTXLGHPVROOLFLWXGRFRQWH[WXVTXH UHODUXPGRWLVH[SUREDWLRDIILQLXPJUDYHVXSHUFLOLXPJDUUXODVRFUXVOLQJXDVXEVHVVRU DOLHQLPDWULPRQLLTXH6RFUDWHVLXYHQLRELHFLWQXQTXLGQXEHUHWFRQVXOHQWLQRQFRQLX JLLPDODVXQWVHGLOORUXPYLWLDDTXLEXVLVWDSURFHVVHULQW´(EG,,=  ÅHRGHPVSHFWDQWFXQFWDTXH3HWUDUFDQRVWHUJDXGHQWLEXVGHFODULWDWHFRQLXJLLYHOGH IRUPRVDIHFXQGDTXHX[RUHOHWLVGXPHOHJDQWLDVROLWDGLVFHSWDWRELHFLW´(EG,, =



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

ZHOFKHV/HEHQZLUDXFKZlKOHQ²VHLHV]HLWOLFKRGHUJHLVWOLFKVHLHVHLQVDPXQG NRQWHPSODWLYRGHUJHPHLQVFKDIWOLFKXQGWlWLJ²YLHOH4XDOHQHUOHLGHQZHUGHQ

'DPLW KDEH HU QXQ JHQJHQG $UJXPHQWH YRUJHEUDFKW XP GLH JDQ]HQ $XWRUHQ VHL HV 7KHRSKUDVW VHL HV +LHURQ\PXV GLH JHJHQ GLH (KH JH VFKULHEHQKDEHQ]XZLGHUOHJHQ3HWUDUFDQXQKDEHQLFKWHLJHQWOLFKJHJHQ GLH (KH VHOEVW VRQGHUQ JHJHQ GLH IDOVFKHQ )UHXGHQ XQG 6FKPHU]HQ GLH DXVGLHVHU/HEHQVIRUPVWDPPHQVFKUHLEHQZROOHQ 2EZRKO6DOXWDWLHVQLFKWQRFKHLQPDOHLJHQVWKHPDWLVLHUWVROlVVWVLFK DXV VHLQHU $UJXPHQWDWLRQ GRFK GHU 6FKOXVV ]LHKHQ GDVV (KHVWDQG XQG LQWHOOHNWXHOOH([LVWHQ]HLQDQGHUQLFKWDXVVFKOLH‰HQ'LH(KHLVWNHLQH/DVW VRQGHUQ LKU NRPPW HLQH IXQGDPHQWDOH %HGHXWXQJ EHL GHU (UIOOXQJ GHV /HEHQV]XQlPOLFKGHQ=XVDPPHQKDOWHLQHV*HPHLQZHVHQV]XJHZlKU OHLVWHQ XQG GLH PHQVFKOLFKH $UW ]X HUKDOWHQ 'LH )UDJH DOOHUGLQJV RE HV JHOLQJWHLQJOFNOLFKHVXQGHUIOOWHV/HEHQDOV]XJOHLFK9HUKHLUDWHWHUXQG *HOHKUWHU]XIKUHQJHKWEHUGLH)UDJHQDFKGHP:HUWXQGGHU%HGHX WXQJGHU(KHKLQDXVXQGLVWYRQDQGHUHQ)DNWRUHQDEKlQJLJ'LH3RVLWLRQ 6DOXWDWLV ]XU )UDJH GHU (KH KDW MHGRFK HLQ EUHLWHV (FKR JHIXQGHQ XQG ZXUGHYRQVHLQHQ6FKOHUQXQG1DFKIROJHUQEHUQRPPHQXQGWUDGLHUW



ÅIDFHVVDQWLJLWXULPSURELQXSWLDUXPGDPQDWRUHVTXLFXOSDVKRPLQXPHWIRUWXQDVLQ VDQFWDP KRQHVWLVVLPDPTXH FRQLXQFWLRQHP HW FRSXODP TXDVL ODSLGHV LDFLXQW HW QR ELVFXPVHQWLDQWTXDPFXQTXHYLWDPVLYHWHPSRUDOHPVLYHVSLULWXDOHPVLYHVROLWDULDP HWFRQWHPSODWLYDPVLYHDVVRFLDELOHPHWDFWLYDPHOHJHULPXVPXOWDVQRVKDELWXURVHVVH WRUWXUDV´HEG,,=  Å+HFVDWLVLPRIRUWHSOXUDTXDPVDWLVTXLEXVWXWHSRWHULVHW7KHRSKUDVWLUDWLRQLEXVHW RPQLEXV TXH FRQWUD 5XILQXP SXWDWXU TXLGDP VFULSVLVVH 9DOHULXV VHX +LHURQ\PXV HW TXHSHQHVVDW\ULFXP$TXLQDWHPFRQWUD3RVWXPXPOHJLPXVUHVSRQGHUH/DERUDQWHQLP HRGHPPRUERTXRVXEPRYLPXVTXHFXQTXHFRQWUDQXSWLDVYLGHEDWXUDXWGLFLSRWHUDW RELHFLVVH3HWUDUFDWDQWRTXHPDLRUHTXRGKLFQRVWHUQRQLPSXJQDWQXSWLDVTXRGLOOL FRQDWLVXQWVHGRSWLPDUDWLRQHIDOVDJDXGLDYDQRVTXHGRORUHVTXHVROHQWLQKRFYLWH VWDWXFROOLJLUHSUHKHQGLW´(EG,,=  6RKlOWHWZD/HRQDUGR%UXQLGHQ0HQVFKHQIUHLQDQLPDOFLYLOHXQGVSULFKWGHU(KH HLQHJUXQGOHJHQGH)XQNWLRQIUGHQ6WDDW]X%UXQL/HYLWHGL'DQWHHGL3HWUDUFDÅ/D SULPDFRQJLXQ]LRQHGDOODTXDOHPXOWLSOLFDWDQDVFHODFLWWjqPDULWRHPRJOLHQqFRVD SXzHVVHUHSHUIHWWDGRYHTXHVWRQRQVLDHVRORTXHVWRDPRUHqQDWXUDOHOHJLWWLPRH SHUPHVVR´ %UXQL    9JO DXFK )UDQFHVFR %DUEDUR GHU  DQOlVVOLFK GHU +RFK]HLW YRQ /RUHQ]R GH· 0HGLFL XQG *LQHYUD &DYDOFDQWL HLQHQ 7H[W EHU GLH (KH YHUIDVVWLQGHPHUGLHHKHOLFKH*HPHLQVFKDIWEHVRQGHUVKHUDXVVWHOOWXQGOREWÅ1XS WLDVLJLWXUERQDVHVVHFUHGLPXVHWSUROLVFDXVDHWXWULXVTXHVH[XVVRFLHWDWHTXDPQRELV QDWXUDPLUXPLQPRGXPFRPPRGDYLW´%DUEDUR  6FKOLH‰OLFKVHLDXFK DXI 3RJJLR%UDFFLROLQLYHUZLHVHQGHUDQOlVVOLFKVHLQHUHLJHQHQ+RFK]HLWHLQHQ'LD ORJPLWGHP7LWHO$QVHQLVLWX[RUGXFHQGDYHUIDVVWYJO3RJJLR  ,QHL QHP%ULHIDQ3LHWURGHO0RQWHDXVGHP-DKUlX‰HUWVLFK3RJJLRHEHQIDOOVSRVLWLY EHUGLH(KHYJO3RJJLR  ,,6FKOLH‰OLFKYHUIDVVWHUFDHLQH2UD WLRLQODXGHPPDWULPRQLLHEG

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



7lWLJH*OFNVHOLJNHLWGLH$XIZHUWXQJGHUYLWDDFWLYD 6FKOLH‰OLFKOlVVWVLFKDQHLQHPGULWWHQ7KHPHQNRPSOH[GLH7UDQVIRUPDWL RQ YRQ PRUDOLVFKHQ 9RUVWHOOXQJHQ GLH VLFK EHL 6DOXWDWL DE]HLFKQHW EHR EDFKWHQ 1lPOLFK DQ GHU )UDJH QDFK GHU%HVWLPPXQJGHU *OFNVHOLJNHLW XQGGHUEHVWHQ/HEHQVIRUP'LH)UDJHZRULQGLHK|FKVWH*OFNVHOLJNHLW EHVWHKH XQG LQ ZHOFKHU /HEHQVIRUP VLH VLFK DP EHVWHQ UHDOLVLHUHQ ODVVH KDWWHEHUHLWV$ULVWRWHOHVLQGHU1LNRPDFKLVFKHQ(WKLNJHVWHOOWXQGGDPLWGHQ 3KLORVRSKHQDEGHU0LWWHGHV-DKUKXQGHUWVEHUPLWWHOW'D6DOXWDWLDXI GLHVHWUDGLWLRQVUHLFKH)UDJHHLQHQHXH$QWZRUWJLEWVHLKLHUNXU]GLHGLHV EH]JOLFKH3RVLWLRQGHV$ULVWRWHOHVLQ(ULQQHUXQJJHUXIHQ $ULVWRWHOHVEHVWLPPWLQGHU1LNRPDFKLVFKHQ(WKLNGDVK|FKVWH*XWDOV GDVMHQLJHGDVXPNHLQHVDQGHUHQZLOOHQVRQGHUQXPVHLQHUVHOEVWZLOOHQ HUVWUHEW ZHUGH 'LHV OlVVW VLFK GHVKDOE QRPLQDO PLW *OFNVHOLJNHLW EH ]HLFKQHQ 1XQ ODVVH VLFK DEHU EHREDFKWHQ GDVV GLH 0HQVFKHQ 8QWHU VFKLHGOLFKHV IU GDV K|FKVWH *XW HUDFKWHQ $XV GLHVHQ XQWHUVFKLHGOLFKHQ :HUWVFKlW]XQJHQ HUJHEHQVLFK DXFK XQWHUVFKLHGOLFKH/HEHQVIRUPHQ GLH MHQLJHQGLHGLH/XVWDOVK|FKVWHV*XWEHWUDFKWHQULFKWHQLKU/HEHQDQGHU /XVWPD[LPLHUXQJ DXV 'LHMHQLJHQ IU GLH GLH (KUH RGHU GLH 7XJHQG GDV K|FKVWH *XW LVW ZlKOHQ HLQ SROLWLVFKH /HEHQ XQGVFKOLH‰OLFK GLHMHQLJHQ IU GLH GLH (UNHQQWQLV GHV :DKUHQ GDV K|FKVWH *XW LVW IKUHQ HLQ GHU 7KHRULHJHZHLKWHV/HEHQ (UVW LP ]HKQWHQ XQG OHW]WHQ %XFK JUHLIW $ULVWRWHOHV GLH )UDJH QDFK GHQ/HEHQVIRUPHQZLHGHUDXIXQGVSH]LIL]LHUWVLHLQ+LQVLFKWDXIGLHEHVWH /HEHQVIRUP 'LH $QWZRUW GLH $ULVWRWHOHV GDUDXI JLEW VFKHLQW DXI GHQ HUVWHQ%OLFNHLQGHXWLJ]XVHLQ ,VW DEHU GLH *OFNVHOLJNHLW HLQH GHU 7XJHQG JHPl‰H 7lWLJNHLW VR PXVV GLHVHOEH QDWUOLFKGHUYRU]JOLFKVWHQ7XJHQGJHPl‰VHLQXQGGDVLVWZLHGHUGLH7XJHQG GHV%HVWHQLQXQV>@'DVVGLHVH7lWLJNHLWWKHRUHWLVFKHURGHUEHWUDFKWHQGHU$UW LVWKDEHQZLUEHUHLWVJHVDJW

$PJOFNOLFKVWHQZlUHDOVRGHU0HQVFKGHUVLFKJDQ]GHU9HUQXQIWXQG GHU(UNHQQWQLVZLGPHQZUGH 8QG VRPLW ZlUH GLHV GLH YROOHQGHWH *OFNVHOLJNHLW GHV 0HQVFKHQ ZHQQ VLH DX ‰HUGHPQRFKGLHYROOH/lQJHHLQHV/HEHQVGDXHUWGDQLFKWVZDV]XU*OFNVHOLJ NHLWJHK|UWXQYROONRPPHQVHLQGDUI´



(1,D (1,ED  (1;D$ULVWRWHOHV    (1;E(EG 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

(UVWDQ]ZHLWHU6WHOOWOlVVWVLFKGDVMHQLJH/HEHQDOVJOFNOLFKEH]HLFKQHQ GDV GHUVRQVWLJHQ7XJHQGHQ JHPl‰ LVWGK GDV WXJHQGKDIWH 7lWLJVHLQ LQ HLQHUSROLWLVFKHQ*HPHLQVFKDIW 'RFK ILQGHQ VLFK LQ GLHVHP .RQWH[W DXFK )RUPXOLHUXQJHQ GLH GLH %HVWLPPXQJHQ GHV 9HUKlOWQLVVHV YRQ ELRV WKHRUHWLNRV XQG ELRV SUDNWLNRV LQ HLQHP DQGHUHQ /LFKW HUVFKHLQHQ ODVVHQ 6R VWHOOW $ULVWRWHOHV H[SOL]LW IHVW GDVVGDV/HEHQUHLQXQGH[NOXVLYJHPl‰GHU9HUQXQIW²XQWHU$EVHKXQJ GHUW\SLVFKHQPHQVFKOLFKHQ9HUIDVVWKHLWGLHDQ6LQQHXQG$IIHNWHJHNRS SHOWLVW²HLJHQWOLFKQLFKWDOVPHQVFKOLFKVRQGHUQDOVJ|WWOLFK]XEH]HLFK QHQ VHL 'DV DNWLYH WXJHQGKDIWH /HEHQ KLQJHJHQ KDW DXI GLH $IIHNWH %H]XJXQGKDWHVÅPLWGHP*DQ]HQDXV/HLEXQG6HHOH]XWXQ´'LHVH /HEHQVIRUP XQG GLH GXUFK VLH JHZlKUWH *OFNVHOLJNHLW VHLHQ PLWKLQ DOV PHQVFKOLFK ]X EH]HLFKQHQ 0DJ GDV NRQWHPSODWLYH /HEHQ GHU :UGH QDFK DXFKEHUGHPWlWLJHQVWHKHQVRLVWHVIU$ULVWRWHOHVGRFKDXVJHPDFKW GDVVVLFKHLQVROFKHV/HEHQQXULQQHUKDOEHLQHUSROLWLVFKHQ*HPHLQVFKDIW UHDOLVLHUHQ NDQQ GLH ZLHGHUXP DXV WXJHQGKDIWHQ WlWLJHQ 0HQVFKHQ EH VWHKW 2E PLWKLQ $ULVWRWHOHV PLW GHU $XV]HLFKQXQJ GHU NRQWHPSODWLYHQ /HEHQVIRUP HLQ ,GHDO IU DOOH 0HQVFKHQ DXI]HLJHQ ZROOWH RGHU YLHOPHKU GLH QXU IU ZHQLJH YRUEHKDOWHQH ([LVWHQ]IRUP GHV 3KLORVRSKHQ GLH HU VHOEVWJHZlKOWKDWWH:UGHYHUOHLKHQZROOWHLVWHLQHRIIHQH)UDJH 0LWGHU5H]HSWLRQGHU1LNRPDFKLVFKH(WKLNMHGHQIDOOVZXUGHGDV7KHPD GHUK|FKVWHQ*OFNVHOLJNHLWXQGGHUEHVWHQ/HEHQVIRUPYRQGHQ3KLORVR SKHQ DQ GHQ $UWLVWHQIDNXOWlWHQ GHV  -DKUKXQGHUWV DXIJHJULIIHQ XQG GLVNXWLHUW:LH/XFD%LDQFKLQDFKJHZLHVHQKDWOlVVWVLFKEHLHLQHU5HLKH YRQ'HQNHUQGHV-DKUKXQGHUWV²XQWHULKQHQYRUDOOHP6LJHUYRQ%UD EDQW%RHWKLXVYRQ'DUFLHQ-HDQ%XULGDQXQG1LFROH2UHVPH²HLQQHXHV 6HOEVWEHZXVVWVHLQDOV3KLORVRSKHQIHVWVWHOOHQ,P$QVFKOXVVDQ%XFK; GHU 1LNRPDFKLVFKHQ (WKLN JDOW LKQHQ GLH /HEHQVIRUP GHV 8QLYHUVLWlWVJH OHKUWHQ GHU NHLQHP DQGHUHQ =ZHFN GLHQWH VRQGHUQ QXU GHP ,GHDO GHU (UNHQQWQLV XP LKUHU VHOEVW ZLOOHQ QDFKHLIHUWH DOV GLH K|FKVWH XQG EHVWH ,P9HUJOHLFK]XGLHVHU/HEHQVIRUPHUVFKLHQLKQHQVHOEVWGDV/HEHQYRQ 

(1;D (1;EÅ$EHUGDV/HEHQLQGHPVLFKGLHVH%HGLQJXQJHQHUIOOHQLVW K|KHUDOVHVGHP0HQVFKHQDOV 0HQVFKHQ]XNRPPW'HQQVRNDQQHUQLFKWOHEHQ LQVRIHUQ HU 0HQVFK LVW VRQGHUQ QXU LQVRIHUQ HU HWZDV *|WWOLFKHV LQ VLFK KDW 6R JUR‰ DEHU GHU 8QWHUVFKLHG LVW ]ZLVFKHQ GLHVHP *|WWOLFKHQ VHOEVW XQG GHP DXV /HLE XQG 6HHOH]XVDPPHQJHVHW]WHQ0HQVFKHQZHVHQVRJUR‰LVWDXFKGHU8QWHUVFKLHG]ZLVFKHQ GHU7lWLJNHLWGLHYRQGLHVHP*|WWOLFKHQDXVJHKWXQGDOOHPVRQVWLJHQWXJHQGJHPl‰HQ 7XQ,VWQXQGLH9HUQXQIWLP9HUJOHLFKPLWGHP0HQVFKHQHWZDV*|WWOLFKHVVRPXVV DXFKGDV/HEHQQDFKGHU9HUQXQIWLP9HUJOHLFKPLWGHPPHQVFKOLFKHQ/HEHQJ|WW OLFKVHLQ´$ULVWRWHOHV    (1;D$ULVWRWHOHV    9JO%LDQFKL  XQG D  

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



.|QLJHQ XQG +HUUVFKHUQ GLH IUHPGHQ =ZHFNHQ IROJWHQ DOV ZHQLJHU HGHO0LWGLHVHU+RFKVFKlW]XQJGHVSKLORVRSKLVFKHQXQGNRQWHPSODWL YHQ /HEHQV ZDU ]XJOHLFK HLQH $EZHUWXQJ GHV 3UDNWLVFKHQ 7lWLJHQ XQG 1W]OLFKHQYHUEXQGHQ'LH*OFNVHOLJNHLWGLHHLQWlWLJHV/HEHQHUP|J OLFKWH ZXUGH DOV XQHLJHQWOLFK XQG DEJHOHLWHW EHWUDFKWHW GD HV VLFK GDULQ HUVFK|SIWHGDV/HEHQGHU*HOHKUWHQ]XHUP|JOLFKHQ :HQQ DOVR 6DOXWDWL GLH )UDJH QDFK GHU EHVWHQ /HEHQVIRUP VWHOOW XQG GDEHLGDV,GHDOGHU.RQWHPSODWLRQLQ)UDJHVWHOOWVRGDUIPDQGLHVDXFK DOVHLQHNULWLVFKH$XVHLQDQGHUVHW]XQJPLWHLQHPDQGHQ$UWLVWHQIDNXOWlWHQ YRUKHUUVFKHQGHQ ,GHDO YHUVWHKHQ 6DOXWDWL KDW VLFK PHKUIDFK PLW GLHVHU )UDJHDXVHLQDQGHUJHVHW]W%HUHLWVLQGHP-DKUKDWHUDQHLQHP7H[W PLWGHP7LWHO'HYLWDDVVRFLDELOLHWRSHUDWLYDJHDUEHLWHWGHQHUMHGRFKYHUPXW OLFKQLFKWIHUWLJJHVWHOOWKDWXQGGHUELVKHUDXFKQLFKWDXIJHIXQGHQZHUGHQ NRQQWH,QVHLQHQ%ULHIHQILQGHQVLFKYHUVWUHXW+LQZHLVHDXIVHLQH(LQ VFKlW]XQJGHU)UDJH*HJHQJUHLIWHUGDV7KHPDLP.RQWH[WHLQHV DQGHUHQ:HUNHVDXIQlPOLFKLQGHP7H[W'HQRELOLWDWHOHJXPHWPHGLFLQDH %HYRU 6DOXWDWLV 5HIOH[LRQHQ EHU GLH EHVWH /HEHQVIRUP LQ GHQ %OLFN JHQRPPHQ ZHUGHQ VHLHQ ]XQlFKVW HLQLJH DOOJHPHLQH %HPHUNXQJHQ ]XP $XIEDXGHV:HUNHVHUODXEW,QGLHVHU$EKDQGOXQJEH]LHKW6DOXWDWL]XHLQHU )UDJH6WHOOXQJGLHDQGHQ8QLYHUVLWlWHQEHUHLWVHLQHODQJH7UDGLWLRQDXI ZHLVHQNRQQWHQlPOLFKGLH)UDJHQDFKGHP9HUKlOWQLVGHUGUHLK|KHUHQ )DNXOWlWHQ²0HGL]LQ7KHRORJLHXQG-XULVSUXGHQ]²]XHLQDQGHU6DOX  



   

9JO%LDQFKL   9JO KLHU]X HWZD GLH LQ HLQHP DQRQ\PHQ $ULVWRWHOHVNRPPHQWDU YHUWUHWHQH 3RVLWLRQ GDVVQXUGLHZDKUKDIWWXJHQGKDIWVLQGGLHVLFKGHU.RQWHPSODWLRQ]XZHQGHQXQGGH UHQ7lWLJNHLWHQQLFKWLQlX‰HUH+DQGOXQJHQEHUJHKHQÅFXLXVRSHUDWLRLQPDWHULDP H[WHULRUHPQRQWUDQVLW´]LWLHUWQDFK%LDQFKL   %LDQFKL QHQQW ]DKOUHLFKH %HLVSLHOH KLHU VHL QXU DXI %XULGDQ YHUZLHVHQ 6XSHU GHFHP OLEURVHWKLFRUXP,Å$GKXFDXWHPYLGHPXVKRPLQHVYHODGYLWDPYHODGGHFRUHPYL WDHYHODGSRSXOXPGHELWHUHJHQGXPYHODGHDTXHKLVQHFHVVDULDVXQWHWXWLOLDSURFX UDQGDPXOWLVLQGLJHUHTXHQDWXUDQRELVQRQPLQLVWUDWVHGKXPDQHLQGXVWULHVXEGXQ WXU,GHRVHFXQGXPTXRGWDOLDSURSLQTXLXVYHOUHPRWLXVRUGLQDQWXUDGLSVDPIHOLFLWD WHP YHO DG DOLTXD IHOLFLWDWL GHVHUYLHQWLD GLFHQGXP HVW TXRG LWD WDQGHP RPQHV DUWHV PHFKDQLFHSUHGLFWRUXPRSHUDWLYH IDFWLYHIHOLFLWDWLVXEVHUYLXQW8QGHYLGHWXUTXRG LQWHUFHWHUDUHPRWLVVLPHVHKDEHDQWDGLSVDPIHOLFLWDWHPTXLDQRQVXQWDGLSVRVDUWLIL FHVILHULIHOLFHVIRUPDOLWHUVHGXWDOLLVPLQLVWUDQWHDTXHVXQWQHFHVVDULDYHOFRQYHQLHQ WLDDGLSVRVILHULIHOLFHV´%XULGDQ  UE =X6DOXWDWLV9RUVWHOOXQJYRQYLWDVSHFXODWLYDXQGYLWDDFWLYDYJODXFK.DKQ  XQG 0F1DLU   9JOGHQ%ULHIDQ%RFFDFFLRYRP-DQXDULQ6DOXWDWL  , 9JOHWZDHEG,,,XQG,,,= =DKUOHLFKH 'HQNHU KDEHQ PLW XQWHUVFKLHGOLFKHU 3HUVSHNWLYH ]X GLHVHP 6WUHLW GHU )DNXOWlWHQ 6WHOOXQJ EH]RJHQ YJO 7KRUQGLNH   GDULQ DXFK GLH /LWHUDWXUKLQZHLVH ]XlOWHUHQ$UEHLWHQ*DULQ  GHUHLQH5HLKHYRQ7H[WHQDXVGHU5HQDLVVDQFH]X GLHVHP7KHPDKHUDXVJHJHEHQKDWXQG3DJDOOR  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

WDWLUHDJLHUWPLWGHP7H[WDXIGLH6FKULIWHLQHV0HGL]LQHUV%HUQDUGRGHU IU GLH hEHUOHJHQKHLW GHU0HGL]LQ JHJHQEHU GHU -XULVSUXGHQ] DUJXPHQ WLHUW KDWWH 'HVVHQ $UJXPHQWDWLRQ JUHLIW 6DOXWDWL DXI ZLGHUOHJW VLH XQG YHUVXFKWYRQGHUJHJHQWHLOLJHQ$QVLFKW]XEHU]HXJHQ1DFKGHP6DOXWDWL ]XQlFKVWGHQ$XIEDXVHLQHV:HUNHVXQGMHZHLOVGLH1DWXUGLH+HUNXQIW XQGGLH%HVWLPPXQJYRQ0HGL]LQXQG-XULVSUXGHQ]HUOlXWHUWKDWNRPPW HU]XP+DXSWWKHPDQlPOLFKGHP9HUJOHLFKGHUEHLGHQ'LV]LSOLQHQ'LH JDQ]H $UJXPHQWDWLRQ VHLQHV *HJQHUV EHUXKH VR EHJLQQW 6DOXWDWL VHLQHQ 9HUJOHLFKYRQ0HGL]LQXQG-XULVSUXGHQ]DXI]ZHL*UXQGDQQDKPHQ'LH HLQH EH]LHKW VLFK DXI GLH :UGH GHU 6SHNXODWLRQ GLH DQGHUH DXI GLH 6L FKHUKHLWGHU.XQVW:HQQ6DOXWDWLPLWKLQGLHVH*UXQGDQQDKPHQZLGHUOH JHQNDQQ²GDVVDOVR]XPHLQHQGHU6SHNXODWLRQQLFKWGLHJU|‰WH:UGH XQG]XPDQGHUHQGHU0HGL]LQQLFKWGLHJU|‰WH6LFKHUKHLW]XNRPPW²VR EULQJW HU GDPLW GLH JHVDPWH $UJXPHQWDWLRQ VHLQHV *HJQHUV ]XP (LQ VWXU] ,P $QVFKOXVV ZLGHUOHJW HU GLH $UJXPHQWH VHLQHV *HJQHUV 'HU 7H[WHQGHW²JDQ]LP*HJHQVDW]]XGHUELVKHUJHEWHQ0HWKRGHGHVDU JXPHQWDWLYHQ)RUWVFKUHLWHQV²PLWGHP$XIWULWWGHU0HGL]LQDOVDOOHJRUL VFKHU )LJXU QlPOLFK DOV HLQH $UW +DXVPXWWHU PDWURQD  GLH GHQ 5LFKWHU VSUXFKEHUGLHYHUKDQGHOWH6WUHLWIUDJHVSULFKW6LHIDVVWQRFKHLQPDOGLH $UJXPHQWH6DOXWDWLV]XVDPPHQXQGHQGHWPLWGHU(LQUHGHDXIGHQ0HGL ]LQHUVLFKDQJHVLFKWVGHUGHXWOLFKHQ/DJHQLFKWZHLWHUDXIHLQH'LVNXVVLRQ EHUGHQ$GHOGHUEHLGHQ'LV]LSOLQHQHLQ]XODVVHQ ,QYHUVFKLHGHQHQ.DSLWHOQGHV9HUJOHLFKVYRQ0HGL]LQXQG-XULVSUX GHQ] HU|UWHUW 6DOXWDWL DXFK GLH )UDJH QDFK GHU EHVWHQ /HEHQVIRUP XQG GHP OHW]WHQ =LHO XOWLPXV ILQLV  GHV 0HQVFKHQ   JOHLFK ]X %HJLQQ GHV 9HUJOHLFKV]ZLVFKHQ0HGL]LQXQGGHQ*HVHW]WHQZHQQHVXPGLH:UGH GHU6SHNXODWLRQJHKWXQG  HWZDVVSlWHUZHQQHVGDUXPJHKW]X]HLJHQ GDVV GLH 6SHNXODWLRQ QLFKWGLH OHW]WH XQG K|FKVWH%HVWLPPXQJ GHV 0HQ VFKHQ VHL XQG   LQ GHP DQVFKOLH‰HQGHQ .DSLWHO LQ GHP JH]HLJW ZLUG GDVV GDV DNWLYH GHP VSHNXODWLYHQ /HEHQ YRU]X]LHKHQ VHL 6HLQH $UJX PHQWDWLRQIUHLQH%HYRU]XJXQJGHVDNWLYHQ/HEHQVYRUGHU6SHNXODWLRQ GLHHULQGLHVHQ.DSLWHOQIKUWVHLGHVKDOEKLHUQlKHUEHWUDFKWHW   =XQlFKVW ZLHGHUKROW 6DOXWDWL GDV $UJXPHQW VHLQHV *HJQHUV GDV VSHNXODWLYH/HEHQ YLWDVSHFXODWLYD EHUWUHIIHGDVWlWLJH/HEHQ YLWDDFWLYD DQ 

6DOXWDWL'H1RELOLWDWHÅ3ULPXPHUJRFXPRPQHWXDUXPUDWLRQXPIXQGDPHQWXPVWHW LQVSHFXODWLRQLVGLJQLWDWHHWFHUWLWXGLQLVSUHURJDWLYDYRORWHFXPLVWDGXRTXHVXPLVHW LQTXLEXVWRWXPRSXVWXHGLVSXWDWLRQLVHGLILFDVYHQWLODUH´6DOXWDWL  I  (VKDQGHOWVLFKXPGLHIROJHQGHQYLHU.DSLWHO&DS9'HFRPSDUDWLRQHOHJLVHWPHGLFLQH VHGSULPRGHVSHFXODWLYDGLJQLWDWHLQ6DOXWDWL  &DS;,;'HQHFHVVLWDWHOHJXPHW PHGLFLQHHWTXRGOHJHVQHFHVVDULHPDJLVVXQWHEG&DS;;,,4XRGVDSLHQWLDQRQHVW VLQHSUXGHQWLDHWTXRGVSHFXODWLRQRQVLWXOWLPXVKRPLQXPILQLVHEGXQG&DS;;,,, 4XRGYROXQWDVHVWQRELOLRULQWHOOHFWXHWDFWLYDYLWDVLWVSHFXODWLYHSUHIHUHQGDHEG

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



:UGH6DOXWDWLZLGHUOHJWGLHVHV$UJXPHQWLQ]ZHL6FKULWWHQ'LH+RFK VFKlW]XQJ GHV VSHNXODWLYHQ /HEHQV EHUXKW ZLH 6DOXWDWL VHKU ZRKO ZHL‰ DXI GHU %HVWLPPXQJ GHU K|FKVWHQ *OFNVHOLJNHLW ZLH VLH $ULVWRWHOHV LP %XFKGHU1LNRPDFKLVFKHQ(WKLNIRUPXOLHUWKDWQlPOLFKLQGHULQWHOOHN WXHOOHQ *OFNVHOLJNHLW GLH LP 9ROO]XJ GHV (UNHQQHQV XP VHLQHU VHOEVW ZLOOHQ OLHJW 'LHVH VSH]LILVFKH )RUP GHU *OFNVHOLJNHLW VSULFKW 6DOXWDWL ² XQG GDEHL NDQQ HU VLFK GXUFKDXV DXI hEHU]HXJXQJHQ EH]LHKHQ GLH YRQ XQLYHUVLWlUHQ3KLORVRSKHQVHOEVWYHUWUHWHQZXUGHQ²QXUGHU3KLORVRSKLH ]X'HU0HGL]LQHUKLQJHJHQ]LHOWDXIPHKUDOVDXI:LVVHQDOV6HOEVW]ZHFN HU ZLOO KHLOHQ 'LH 0HGL]LQ NDQQ PLWKLQ QLFKW GHQ $GHO GHU VSHNXODWLYHQ (UNHQQWQLVIUVLFKEHDQVSUXFKHQ (UVWMHW]WXQGLQHLQHP]ZHLWHQ6FKULWWEHJLQQW6DOXWDWLGLH1RELOLWlW GHV=LHOVVHOEVW²XQGGDPLWDXFKGLHNRUUHVSRQGLHUHQGH/HEHQVIRUP²]X XQWHUVXFKHQ GK GLH )UDJH RE GDV :LVVHQ XP VHLQHU VHOEVW :LOOHQ XQG PLWKLQ GDV :DKUH RGHU RE GLH Å/HLWXQJ GHU PHQVFKOLFKHQ +DQGOXQJHQ´ XQGDOVRGDV*XWHXQG]ZDUGDVÅDOOJHPHLQH*XWH´ FRPPXQHERQXP HGOHU VHL'HP*XWHQQXQJHEKUWJHJHQEHUGHP:DKUHQLQVRIHUQGHU9RU UDQJDOVGDV:DKUHDXFKVFKOHFKWKLQJHJHQGDV*XWHQLHPDOVIDOVFKVHLQ N|QQH 'LH 7lWLJNHLW GHU 6SHNXODWLRQ KDWIU6DOXWDWL DXFK HLQHQ :HUW DOOHU GLQJV QXU HLQHQ XQWHUJHRUGQHWHQ XQG DXI GDV SUDNWLVFKH /HEHQ EH]RJH QHQ8QGGLHVHVSH]LILVFKH6SHNXODWLRQGLHIUGDVWlWLJH/HEHQEHGHXW VDP LVW LVW ]ZHLIDFK EHVWLPPW HUVWHQV GXUFK GHQ *HJHQVWDQG GHQQ GLH 6SHNXODWLRQ GHV ÅSROLWLVFKHQ XQG PRUDOLVFKHQ 0HQVFKHQ´ ULFKWHW VLFK QLFKW HWZD DXI 1DWXUJHJHQVWlQGH VRQGHUQ DXI GLH 6HHOH 7XJHQGHQ XQG  

 



'HQRELOLWDWHÅ9LVLWDTXHVSHFXODWLYDPGLJQLWDWHSUHFHGHUHYLWDPTXDPDFWLYDPGLFLPXV TXDPYHWLELIDWHRUDGOHJHVTXDVGHIHQGLPXVSHUWLQHUH´6DOXWDWL   Å4XRXVTXHTXLGHPVSHFXODWLRHVWXWVFLDPXVSURFHGLWSKLORVRSKLDH[LQGHYHURTXL TXHULWDOLXPILQHPQRQHVWSKLORVRSKXVVHGDOLXVDUWLIH[YHOLQTXLVLWRUDOWHULXVIDFXOWD WLVXWYLGHUHSRVVLVDGPHGLFLQDPQHFVSHFXODWLRQLVIHOLFLWDWHPQHFLOODPGHTXDQRELV HVWVHUPRQRELOLWDWHPHWH[FHOOHQWLDPSHUWLQHUH´(EG (EG Å8W FXP ERQXP SURJUHGLDWXU XOWUD YHUXP TXRQLDP YHUXP TXRG HVW QDWXUH SRWHVW FXPPDORFXOSHFRQFXUUHUHTXRGTXLGHPUHSHULULQHTXLWQLVLLQQDWXUDERQDQHFER QXPSRWHVWHVVHPRUDOLWHUQLVLQDWXUDOLWHUVLWHWYHUXPFHUWXPHVVHGHEHDWPRUDOHER QXPXOWLPDWLXVERQXPHVVHTXDPYHUXP´(EG )UHLOLFK NHQQW 6DOXWDWL DXFK HLQH )RUP GHU LQWHOOHNWXHOOHQ 7lWLJNHLW GLH GHP SUDNWL VFKHQ/HEHQYRU]X]LHKHQVHL'LHVHEH]HLFKQHWHUDOVFRQWHPSODWLRXQGXQWHUVFKHLGHWVLH EHJULIIOLFK YRQ GHU VSHFXODWLR ZlKUHQG HV VLFK EHL GHU VSHFXODWLR XP (UNHQQWQLV GHU :DKUKHLWLPGLHVVHLWLJHQ/HEHQKDQGHOWPHLQWFRQWHPSODWLRGLH6FKDXXQG)UHXGH*RW WHVLPMHQVHLWLJHQ/HEHQ6RODQJHZLUXQVDEHUDXI(UGHQEHZHJHQLVWIU6DOXWDWLGDV WlWLJHGHPVSHNXODWLYHQ/HEHQYRU]X]LHKHQÅ4XRTXLGHPVHQVXIDWHRUDFWLYDPSUH FHGHUHWHPSRUHFRQWHPSODWLYDPYHURVLFXWVHTXLWXUWHPSRUHVLFLQFRPSDUDELOLWHUHW PHULWLVHWSUHFHOOHUHUDWLRQH6HGVLFRQWHPSODWLRQHPVXPSVHULVSURXWVROXPHVWVSH FXODWLRYHULWDWLVDFWLYHYLWHGLFDPQHFUDWLRQHQHFWHPSRUHSUHIHUHQGDP´(EG



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

/HLGHQVFKDIWHQ8QGGLHVJHVFKLHKW]ZHLWHQVQLFKWXPGHV:LVVHQVZLOOHQ VRQGHUQXP]XWXJHQGKDIWHQ+DQGOXQJHQDQ]XOHLWHQ  ,Q]ZHLZHLWHUHQ.DSLWHOQJUHLIW6DOXWDWLGLH)UDJHQDFKGHU%HGHXWXQJ GHU6SHNXODWLRQQRFKHLQPDODXIXQGDUJXPHQWLHUWGDIUGDVVVLHQLFKWGDV OHW]WH=LHO XOWLPXVILQLV GHU0HQVFKHQVHLQN|QQH=ZDUKDEH$ULVWRWHOHV EHKDXSWHWGDVVGDVOHW]WH=LHOLQGHU6SHNXODWLRQGHV:DKUHQOLHJHGRFK N|QQH GLHVHU 6DW] QLFKW ZDKU VHLQ GD GLHVHV %HJHKUHQ ² DQJHVLFKWV GHU 9LHOIDOW GHV :LVVEDUHQ XQG GHU 6FKZLHULJNHLW GHU *HJHQVWlQGH HWZD GHU HUVWHQ 8UVDFKH ² QLH HUIOOW ZHUGHQ N|QQH $OV 2ULHQWLHUXQJ IU GLH %HVWLPPXQJGHVOHW]WHQ=LHOVN|QQHQXQVHKHUGLH7KHRORJLHXQG3ODWRQ EHKLOIOLFKVHLQHVKDQGHOWVLFKXPMHQHQYROONRPPHQHQ=XVWDQGGHUDXFK 6HOLJNHLWJHQDQQWZHUGHGHQZLUHUVWQDFKGHP7RGHUUHLFKHQXQGLQGHP DOOHV%HJHKUHQHUIOOWVHLQZLUG1RWZHQGLJH9RUDXVVHW]XQJIUGDV(UODQ JHQGLHVHV=XVWDQGHVLVWHVIUHLOLFKEHUHLWVLQGLHVHP/HEHQ:HUNHQDFK 0D‰JDEHGHU*HVHW]HDXV]XIKUHQ ,Q .DSLWHO ;;,, IKUW 6DOXWDWL HLQ ZHLWHUHV $UJXPHQW JHJHQ GLH %H VWLPPXQJ GHU 6SHNXODWLRQ DOV OHW]WHV =LHO DQ GDV VLFK DXI GDV HPSLULVFK EHREDFKWEDUH+DQGHOQGHU0HQVFKHQVWW]WEHWUDFKWHQZLUDXVZHOFKHQ *UQGHQVLFK0HQVFKHQGHU6SHNXODWLRQ]XZHQGHQVRPVVWHQZLUHLQ VHKHQGDVVVLHYRQYLHOHQXPHLQHVDQGHUHQ=LHOVZLOOHQ²HWZD(KUHRGHU 5XKP²EHWULHEHQZHUGHXQGPLWKLQNHLQOHW]WHV=LHOVHL   ,P DQVFKOLH‰HQGHQ .DSLWHO ;;,,, JUHLIW 6DOXWDWL GLH )UDJH QDFK GHU ULFKWLJHQ/HEHQVIRUPQRFKHLQPDODXIXQG]ZDUDOV.RQVHTXHQ]DXVGHU %HVWLPPXQJGHVOHW]WHQ=LHOVGHU0HQVFKHQGDGDVOHW]WH=LHOGHV0HQ   





ÅVHG DQLPDP DQLPHTXH SRWHQWLDV YLUWXWHV HW SDVVLRQHV VSHFXODPXU QRQ XW VFLDPXV VHGXWQRVSHULSVDLQYLUWXWLVRSHUDVGLULJDPXV´(EG 9JO.DS;,;XQG;;,, 'HQRELOLWDWH;,;Å1DPOLFHW3KLORVRSKXVGLVSXWHWILQHPKRPLQLVHVVHVSHFXODWLRQHP YHULWDWLVQRQSRWHVWKRFGLFWXPYHULWDWHPKDEHUHTXRQLDPKRFGHVLGHULXPQRQSR WHVWLPSOHUL FXP LQILQLWH ODWHDQW YHULWDWHV QHF SRVVLELOH VLW XQXP DOLTXHP VFLUH TXH FXQFWL VFLXQW QHF LQ QRWLFLD FUHDWXUDUXP VSLULWXDOLXP HW SHUIHFWDP HDUXP UDWLRQHP XELVSHFXODWLRGHVLQDWSHUYHQLUHFLUFDTXDVIHOLFLWDWHPKXPDQDPVSHFXODQGRYXOWHV VH´(EG Å(VW LJLWXU DOLXV XOWLPDWXV ILQLV TXHP ORQJH YHULXV VDQFWLVVLPD UHSSHULW WKHRORJLD HW 3ODWRQLVSHUVSLFDFLWDVFRQLHFWDYLWTXHFXPIHOLFLWDVWXPGLFLWXUEHDWLWXGRTXHTXLGHP VWDWXV HVW RPQLXP ERQRUXP FRQJUHJDWLRQH SHUIHFWXV DG TXHP JUDWLD QRQ LXVWLFLD PRUWDOLVKRPRUHFLSLWXUHWLQTXRGHVLGHULXPVXXPLPSOHWXU(WTXRQLDPQHPRVLQH RSHULEXVVDOYXVILHWTXLEXVFRPPHQVXUDELWXUEHDWLWXGLQLVJUDGXVSURSWHUIHOLFLWDWHP RSRUWHWTXHPOLEHWRSHUDULFXLXVUHLVLFXWVHSLXVGLFWXPHVWOHJHVVXQWWDPUHJXODWDP PHQVXUD´(EGI 'H QRELOLWDWH ;;,, Å6SHFXODWLRQHP VRODP TXLGHP ILQHP LVWXP HVVH QRQ SRVVH VDWLV GRFHQWTXRGPXOWRVYLGHQXVVSHFXODULSURSWHUKRQRUHPHWIDPDPDOLTXRVXWGRFHDQW DXW VFULEDQW DOLTXRV LPR PXOWRV XW OXFUHQWXU HW VLEL VXLVTXH SOXULPDV FXPXOHQW ID FXOWDWHV1RQHVWXOWLPXPGHVLGHUDELOLXPTXRGSRWHVWDXVVHOHDWSURSWHUDOLXGFRQFX SLVFL´(EG

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



VFKHQLQGHU6FKDXXQGLP*HQLH‰HQ*RWWHVEHVWHKHGLHVHV=LHODEHUHUVW QDFK GHP 7RG HUUHLFKW ZHUGHQ N|QQH VR VWHOOW VLFK GLH )UDJH QDFK GHU /HEHQVIRUPGLHXQVHLQHVROFKH6FKDX*RWWHVQDFKXQVHUHP$EOHEHQDP PHLVWHQ QDKH EULQJW 8QG GLHV JHVFKLHKW QLFKW GXUFK ÅPHQVFKOLFKH :LV VHQVFKDIW RGHU 6SHNXODWLRQ´ VRQGHUQ ÅPLW *RWWHV *QDGH GXUFK XQVHUH 7XJHQGHQXQG7DWHQ´)ROJOLFKVHLGDVWlWLJH/HEHQGHPGHU6SHNXODWLRQ JHZLGPHWHQYRU]X]LHKHQ 0LW GHU )UDJH QDFK GHP 6WHOOHQZHUW GHU VSHFXODWLR JUHLIW 6DOXWDWL HLQ 7KHPDDXIGDVQLFKWQXULQGHU0HGL]LQVRQGHUQHEHQVREHLGHQ3KLOR VRSKHQLQKRKHP$QVHKHQVWDQGZLH6DOXWDWLVHKUZRKOEHZXVVWZDUGHU LP9HUODXIGHV7H[WHVLPPHUZLHGHUGDUDXIKLQZHLVWGDVVGLHYRQVHLQHP *HJQHUYRUJHEUDFKWH$UJXPHQWDWLRQVLFKHLJHQWOLFKQLFKWDXIGLH0HGL]LQ VRQGHUQDXIGLH3KLORVRSKLHEH]LHKH,QVEHVRQGHUHPLWGHU)UDJHQDFK GHU %HZHUWXQJ GHU ÅLQWHOOHNWXHOOHQ *OFNVHOLJNHLW´ DOV K|FKVWH )RUP GHU *OFNVHOLJNHLWZLHVLHLQ$QVFKOXVVDQ%XFK;GHU1LNRPDFKLVFKHQ(WKLNDQ GHQ 8QLYHUVLWlWHQ GLVNXWLHUW ZXUGH JUHLIW 6DOXWDWL HLQH )UDJH DXI GLH IU GDV 6HOEVWYHUVWlQGQLV GHU 8QLYHUVLWlWVJHOHKUWHQ GHV  -DKUKXQGHUWV YRQ JUXQGOHJHQGHU %HGHXWXQJ ZDU :DU GLHVHV ,GHDO GHU (UNHQQWQLV XP LKUHUVHOEVWZLOOHQLP3ULQ]LSEHUHLWVYRQ3HWUDUFDNULWLVLHUWZRUGHQLQVR IHUQGLHVH+DOWXQJQLFKWQDFKGHP1XW]HQGHU,QKDOWHIUGLHHLJHQH/H EHQVIKUXQJIUDJWVRHUKlOWGLHVH.ULWLNGXUFK6DOXWDWLHLQHQHXH'LPHQ VLRQGDHUGLHVHU(LQVWHOOXQJQLFKWQXUHLQHDQGHUHLQQHUH(LQVWHOOXQJ]X GHQ (UNHQQWQLVJHJHQVWlQGHQ HQWJHJHQKlOW VRQGHUQ HLQH DQGHUH /HEHQV IRUPQlPOLFKGDVDNWLYH/HEHQ 6DOXWDWLQXQVWW]WVHLQH$UJXPHQWDWLRQJHJHQGLHVH$QVLFKWDXIHLQH FKULVWOLFKH hEHU]HXJXQJ QlPOLFK GDVV ZLU *RWW DP EHVWHQ GXUFK 7DWHQ GLHQHQ'LHVHFKULVWOLFKHhEHU]HXJXQJSDDUWHUIUHLOLFKPLWVWRLVFKHQ*H GDQNHQQlPOLFKGDVVXQVHU+DQGHOQQLFKWQXUXQVHUHPHLJHQHQ6HHOHQKHLO 

Å9HUXPTXRQLDPYHUXVHWH[WUHPXVKRPLQLVILQLVQRQHVWFRJQRVFHUHVLYHVFLUHVHG LOODVXSUHPDEHDWLWXGRTXHYLGHUHHVW'HXPVLFXWLHVWYLVRTXHIUXLYLVXPTXHGLOLJHUH LOOLTXH HWHUQDOLWHU FRKHUHUH SHU GLOHFWLRQHP TXH VLF XQLW GLOLJHQWHP DWTXH GLOHFWXP TXRGTXLSHULOODPDGKHUHW'HRXQXVVSLULWXVHVWFXPHRQHFKRFDGLSLVFLSRVVXPXV VFLHQWLDYHOVSHFXODWLRQHKXPDQDVHG'HLJUDWLDSHUYLUWXWHVHWRSHUDWLRQHVFHUWXPHVW DGLOODPYHUDPIHOLFLWDWHPDFWLYDPYLWDPFXLXVYROXQWDVSULQFLSLXPHVWQRQVSHFXOD WLYDPSHUWLQHUHTXHSHUILFLWXULQWHOOHFWXHWLQHDLSVDEHDWLWXGLQHQRELOLRUHWIRUPDOLRU HVWYROXQWDWLVDFWXVTXLGLOHFWLRHVWTXDPDFWXVLQWHOOHFWXVTXLFRQWHPSODWLRVLYHYLVLR GLFLSRWHVW´(EG  %HVRQGHUV GHXWOLFK ZLUG GLHV DP (QGH GHV 7H[WHV ZHQQ 6DOXWDWL EHPHUNW GDVV HU QLFKWHLQIDFKHLQHQ0HGL]LQHU]XZLGHUOHJHQKDWWHVRQGHUQDXFKHLQHQ$UWLVWHQ1D WXUSKLORVRSKHQXQG0HWDSK\VLNHU6DOXWDWL'HQRELOLWDWH;;;,;Å1RQHQLPHVWPLFKL QHJRFLXP GLVSXWDWLRTXH FXP PHGLFR VHG FXP DUWLVWD FXP SK\VLFR TXRGTXH PDLXV HVWFXPPHWDSK\VLFRGRFWULQDUXPTXHRPQLXPSHULWLVVLPRFXLQHFSRVVLPQHFGHFHDW YHUEDGDUH´6DOXWDWL    9JO%LDQFKL  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

GLHQW VRQGHUQ HEHQIDOOV GHU Å)DPLOLH´ GHQ Å9HUZDQGWHQ´ GHQ Å)UHXQ GHQ´ GHP Å9DWHUODQG´ XQG GHU ÅPHQVFKOLFKHQ *HVHOOVFKDIW´ QW]OLFK LVW 0LWGLHVHQ*HGDQNHQSURSDJLHUW6DOXWDWLHLQH/HEHQVIRUPGLHVLFKLP $QVSUXFK LQ H[SOL]LWHU .RQNXUUHQ] ]X FKULVWOLFKHQ /HEHQVIRUPHQ GHU WlWLJHQ 1lFKVWHQOLHEH XQG GHU P|QFKLVFKHQ /HEHQVIRUP EHILQGHW 'LHVH KDEHQ QLFKW OlQJHU HLQHQ 0RQRSRODQVSUXFK DXI HLQH ]XJOHLFK WlWLJH XQG *RWWJHIlOOLJH/HEHQVIRUP(VLVWQLFKWDOOHLQGHUPLOGWlWLJH0|QFKGHU GLHEHVWH/HEHQVIRUPYHUN|USHUWVRQGHUQHEHQVRGHUWlWLJH%UJHUHLQHU 6WDGW 3RVLWLRQLHUXQJGHUVWXGLDKXPDQLWDWLVJHJHQEHUDQGHUHQ/HEHQVXQG /HKUIRUPHQ 6DOXWDWLV9HUKlOWQLV]XUXQLYHUVLWlUHQ3KLORVRSKLH +DWWHVLFKGLH3RVLWLRQ3HWUDUFDVYRUDOOHPGXUFKGLH$EJUHQ]XQJYRQGHU 6FKXOSKLORVRSKLH NRQWXULHUW VR YHU]LFKWHW 6DOXWDWL DXI VWDUNH 3ROHPLNHQ XQG]HLJWZHQLJHU%HUKUXQJVlQJVWHPLWGHUVFKRODVWLVFKHQ:LVVHQVNXOWXU (VLVWJXWEHNDQQWXQGKLQUHLFKHQGGRNXPHQWLHUWGDVV6DOXWDWLYLHOIlOWLJH .RQWDNWH]X9HUWUHWHUQGHUXQLYHUVLWlUHQ3KLORVRSKLHXQWHUKLHOW6DOXWDWL VWDQGLPIUHXQGVFKDIWOLFKHQ%ULHIZHFKVHOPLW3LHWUR$OERLQR 3HWUXV0DQ WXDQXV  GHU 1DWXUSKLORVRSKLH XQG 0RUDOSKLORVRSKLH LQ 3DGXD XQWHU ULFKWHWHPLWGHP1DWXUSKLORVRSKHQ)UDQFHVFRGL0DUDQRGD&DPHULQR PLW ,DFRSR GD 8]]DQR 3KLORVRSK XQG 'RNWRU GHU 0HGL]LQ XQG PLW



  

 

'H QREOLOLWDWH ;;,, Å(JR YHUR VHPSHU LQ DJHQGR YHUVHU ILQHP LQWHQGDP XOWLPXP TXLFTXLGDJDPSURVLPPLFKLSURVLPIDPLOLHSURVLPFRQVDQJXLQHLVHWTXRGFXQFWLV SUHIHUHQGXP HVW SURVLP DPLFLV XWLOLV VLP SDWULH WDOLWHUTXH YLYDP TXRG KXPDQH SURVLPWDPH[HPSORTXDPRSHULEXVVRFLHWDWLHWLQKLVRPQLEXVVHPSHUFRJLWHPLOODP XOWLPDP IHOLFLWDWHP TXDP QXPTXDP SRVVXPXV QROOH TXDPTXH SURSWHU DOLXG TXDP SURSWHUVHLSVDPQRQSRVVXPXVH[RSWDUH´6DOXWDWL   'DVV JHQDX GLHVHU 3XQNW WDWVlFKOLFK IU 6DOXWDWL ]XP 3UREOHP ZXUGH ZLUG ZHLWHU XQWHQGHXWOLFKYJO.DS,, 9JOHWZD*DULQ  9DVROL  6HLJHO  :LWW D  9JO 6DOXWDWL   ,,,  ² =X GHU %H]LHKXQJ ]ZLVFKHQ 6DOXWDWL XQG 3HWUXV 0DQWXDQXV VLHKH 9DVROL   3HWUXV 0DQWXDQXV ZDU VHLQHUVHLWV RIIHQVLFKW OLFKKXPDQLVWLVFKHQ,QWHUHVVHQJHJHQEHUDXIJHVFKORVVHQHULVWK|FKVWZDKUVFKHLQOLFK GHU $XWRU HLQHU H[SRVLWLR GHV HUVWHQ %ULHIHV YRQ 6HQHFD DQ /XFLOLXV YJO GD]X -DPHV  GHUDXFKHLQH(GLWLRQGHV7H[WHVOLHIHUW 9JO6DOXWDWL  ,9 9JO(EG,

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



GHP 1DWXUSKLORVRSKHQ XQG 0HGL]LQHU )UDQFHVFR &DVLQL 'DVV 6DOXWDWL IUHXQGVFKDIWOLFKHQ .RQWDNW ]X EHUKPWHQ VFKRODVWLVFKHQ 3KLORVRSKHQ VHLQHU=HLW]%%ODVLXVYRQ3DUPDSIOHJWHOlVVWVLFKDXFKGHQURPDQKDI WHQ%HULFKWHQYRQ*LRYDQQLGD3UDWRHQWQHKPHQ$XIJUXQGVHLQHU6WHO OXQJDOV.DQ]OHUZDUHUPLW$QJHOHJHQKHLWHQGHU8QLYHUVLWlWYRQ)ORUHQ] VWXGLRILRUHQWLQR EHWUDXWHWZDZHQQHVXPGLH*HZLQQXQJXQGGLH(LQVWHO OXQJQHXHU/HKUHUJLQJ,QGLHVHU3RVLWLRQZDUVLFKHUOLFKHKHUHLQHVDFK OLFKEHVWLPPWHDOVHLQHSROHPLVFKH%H]LHKXQJ]X9HUWUHWHUQGHUVFKRODVWL VFKHQ3KLORVRSKLHDQJHPHVVHQ 6DOXWDWL LQWHUHVVLHUWH VLFK QLFKW QXU IU ]HLWJHQ|VVLVFKH1DWXUSKLORVR SKLHHUVFKHLQWDXFKHLQJUR‰HV,QWHUHVVHDQGHUVFKRODVWLVFKHQ7UDGLWL RQGHU(WKLNNRPPHQWLHUXQJJHKDEW]XKDEHQ'LHVMHGHQIDOOVLQGL]LHUWHLQ %ULHIDQGHQ3KLORVRSKHQXQG0HGL]LQHU)UDQFHVFR&DVLQLLQGHP6DOXWDWL GHVVHQ (WKLNNRPPHQWDU OREW LQGHP HU EHPHUNW GLHVHU EHUWUHIIH QLFKW QXU GLH .RPPHQWDUH YRQ (XVWUDWLXV 0LFKDHO YRQ (SKHVXV $OEHUWXV 0DJQXVXQGGLHYRQ$OEHUWYRQ6DFKVHQ*HUDUGYRQ2GR:DOWHU%XUOH\ -HDQ%XULGDQXQG+HLQULFKYRQ:HLPDUVRQGHUQVHOEVWGLHYRQ7KRPDV YRQ$TXLQXQG$HJLGLXV5RPDQXV'DVVGLHVQLFKWHLQIDFKHLQHEOR‰H $XIOLVWXQJRKQHMHGHVLQKDOWOLFKH,QWHUHVVHZDUPDFKWZLHGHUXPHLQZHL WHUHU %ULHI GHXWOLFK LQ GHP 6DOXWDWL YRQ VHLQHU YHUJHEOLFKHQ %HPKXQJ XPHLQYROOVWlQGLJHV([HPSODUGHV(WKLNNRPPHQWDUVYRQ%XULGDQEHULFK WHW 6DOXWDWL YHUVFKOHLHUW DXFK QLFKW GDVV VLFK HLQLJH VHLQHU PRUDOSKLOR 



  



'HU3KLORVRSKXQG0HGL]LQHU&DVLQL FDFD XQWHUULFKWHWHYRQFD 3KLORVRSKLHLQ)ORUHQ]VSlWHULQ3HUXJLD FD XQG%RORJQD FD YJO /LQHV   *LRYDQQL GD 3UDWR EHVFKUHLEW HLQ 7UHIIHQ YRQ ÅVLQJXODULVVLPL IDPRVL H FKLDULVVLPL XPLQL´]XGHQHQQHEHQ6DOXWDWLDXFK/XLJL0DUVLOL%LDJLR3HODFDQLGD3DUPD)UDQFH VFR/DQGLQLXQGDQGHUHJHK|UWHQ9JOGD3UDWR   'DVVWXGLRZXUGHDEZLHGHUDXIJHEDXW=X6DOXWDWLV%H]LHKXQJHQ]X8QYHUVLWlWV JHOHKUWHQYJO*DULQ  XQG:LWW D  =X6DOXWDWLV9HUKlOWQLV]X]HLWJHQ|VVLVFKHQ1DWXUSKLORVRSKHQYJO:LWW D  9JOGHQ%ULHIDQ&DVLQLYRP2NWREHUÅ'HVFULSWRYHURWXRTXRGLQ(WKLFLV FRPSLODVWL VL UHVSRQGHQW XOWLPD SULPLV LQGXELWDWDP DXGHR IHUUH VHQWHQWLDP QLFKLO XQTXDPFODULXVQLFKLOFRSLRVLXVQLFKLOYHULXVVXSHUKLVTXRGLQPDQXVYHQHULWVFULS WXP HVVH 1HTXH HQLP (XVWUDFKLXP (SKHVLXP 0LFKDHOHP HW $OEHUWXP 0DJQXP FRPPHQWDWRUHVVROXPH[VXSHUDVVHG$OEHUWR*HUDUGR*XDOWHURGH%XUOHLGLVSXWDWR ULTXH WXR ,RKDQQL %XULGDQL +HQULFR 7KHXWRQR RUGLQLV KHUHPLWDUXP VXEWLOLVVLPR HW FRSLRVLVVLPR TXHVWLRQXP HQXFOHDWRUL FXLXV VFULSWD QHVFLR VL YLGLVWL SHU LOOD TXLGHP TXHGXREXVLOOLVWXLVTXDWHUQXOLVOHJLQXOODPSURUVXVGRFWRULVKXLXVPHQWLRQHPIDFLV QHF LVWLV WDQWXP VHG $TXLQDWL 7KRPH 5RPDQRTXH VLPXO (JLGLR ORQJLVVLPLV VSDFLLV DQWHFHOOLVXWWLELFXQFWLVTXHWHFXPKDEHQGHVLQWJUDWLH'HRTXLWHTXRGVFULEHUHVLQ VSLUDYLWHWTXRGSHUILFHUHVDGHRHOHJDQWHUDGLXYLW´6DOXWDWL  ,9= = Å4XHVWLRQHV RSWLPL %XULGDQL XOWUD GXDV TXHVWLRQHV QRQL OLEUL OLFHW 3DULVLXV VXSHU KRF VFULSVHULPQXQTXDPSRWXLUHSHULUHGLFXQWTXHSHULWLRUHVHXPXOWHULXVQRQSURFHVVLV VH´(EG,,,==



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VRSKLVFKHQ $QVLFKWHQ GHU VFKRODVWLVFKHQ 7UDGLWLRQ YHUGDQNHQ RGHU VLFK ]XPLQGHVWPLWGLHVHQGHFNHQ6REHPHUNWHUHWZDGDVVVHLQH+RFKVFKlW ]XQJGHUYROXQWDVHLQKHUJHKWPLWGHU$QVLFKWGHU)UDQ]LVNDQHUDEHU'DQWH XQGGHQ'RPLQLNDQHUQZLGHUVSULFKW 'LHVH %HREDFKWXQJHQ VROOWHQ MHGRFK QLFKW GDUEHU KLQZHJWlXVFKHQ GDVVDXFK6DOXWDWLJHOHJHQWOLFKDXIDQWLVFKRODVWLVFKH3ROHPLN]XUFNJUHLIW QlPOLFKLPPHUGDQQZHQQHVGDUXPJHKWGHQVSH]LILVFKDQGHUHQ=XJDQJ ]XU3KLORVRSKLH]XEHVFKUHLEHQZLH6DOXWDWLLKQLQGHU1DFKIROJH3HWUDU FDVSURSDJLHUW6RWHLOW6DOXWDWL3HWUDUFDV$EOHKQXQJGHU]HLWJHQ|VVLVFKHQ 3KLORVRSKLH GLH DXFK HU PLW ORJLVFKHU 6FKZlW]HUHL XQG GHQ Ä%ULWHQ¶ LQ 9HUELQGXQJ EULQJW 'LHVH OHHUH XQG JHVFKZlW]LJH 'LVSXWDWLRQVNXQVW FKDUDNWHULVLHUWIU6DOXWDWLGLH3KLORVRSKLHGHU0RGHUQH PRGHUQLWDV LP *HJHQVDW] ]XU 3KLORVRSKLH GHU $QWLNH 'LH ÄJHVFKZlW]LJHQ 3KLORVRSKLH SURIHVVRUHQ¶VLQG]ZDUGLH$XVOHJHUGHV$ULVWRWHOHVGLHVHQVHOEVWQLPPW DEHU6DOXWDWLRIWYRQVHLQHU.ULWLNDXV:HQQHVGDUXPJHKWGLH$XWR UHQ ]X EHQHQQHQ GLH DOV 0RUDOSKLORVRSKHQ *UR‰HV JHOHLVWHW KDEHQ XQG GLHHV]XOHVHQJLOWGLHDOVR6DOXWDWLHPSILHKOWXQGDXIGLHHUVHOEVWLQVHL QHQ 6FKULIWHQ UHNXUULHUW VR VLQG GLHV LQ GHU +DXSWVDFKH &LFHUR 6HQHFD XQGHLQLJH'LFKWHUZLHDXFK3ODWRQXQG$ULVWRWHOHV :R HV QRWZHQGLJ LVW YHUWHLGLJW 6DOXWDWL DXFK GLH QHXH .XOWXU 'LHV ZLUG EHVRQGHUV GHXWOLFK LQ VHLQHP 7H[W hEHU GHQ 9RUUDQJ GHU -XULVSUXGHQ] RGHUGHU0HGL]LQ  $QGHUVDOV3HWUDUFDGHVVHQ6WUHLWVFKULIWHQPLW0H GL]LQHUQVWDUNSROHPLVFKH=JHDXVZHLVHQPDFKWHVVLFK6DOXWDWLH[SOL]LW ]XU $XIJDEH QLFKW SROHPLVFK ]X DUJXPHQWLHUHQ 'DPLW XQWHUVFKHLGHW HU VHLQ9RUJHKHQDXFKYRQGHPVHLQHV*HJQHUV²QLFKWZLHHUVFKUHLEWZHLO LKP IU HLQH 3ROHPLN QLFKW GLH 0LWWHO ]XU 9HUIJXQJ VWQGHQ VRQGHUQ ZHLO DQGHUQIDOOV QLFKWV IU HLQH .RQWURYHUVH EULJ EOLHEH (U HQWVFKHLGHW VLFKGHVKDOEGDIUDXIGHP)HOGXQGPLWGHQ$UJXPHQWHQGLHVHLQ*HJ QHUEHQXW]WKDW]XNlPSIHQ8PHLQHVROFKHVDFKOLFKH$XVHLQDQGHUVHW 

    

ÅGLFTXH FDULVVLPR IUDWUL GRPLQR IUDWUL /HRQDUGR TXRG FXQFWD SRQGHUHW GLOLJHQWLTXH GLJHUDWH[DPLQHQHFIHUDWVXSHUKRFQLPLDYROXQWDWHVHQWHQWLDPIUDWUXPTXHPLQRUXP FRQVXODWVFRODPHWLQYHQLHWKDQFRSLQLRQHPTXDPYHULVVLPDPDUELWURUDSXGLOORUXP RSWLPRVFRQVWDQWLVVLPHUHWLQHULOLFHW'DQWHVQRVWHUHW3UHGLFDWRUXPVHQWHQWLDFRQWUD GLFDW´(EG,,,== 9JO 6DOXWDWL   ,,,  =XU .ULWLN DQ GHU VFKRODVWLVFKHQ 3KLORVRSKLH YJODXFKHEG,,,=,9= (EG,,,= ÅKRVSKLORVRSKLHJDUUXORVSURIHVVRUHV´HEG,= 9JO6DOXWDWL'HODERULEXV+HUFXOLV,  LQ6DOXWDWL  =XQGHEG,  LQ 6DOXWDWL  = 6DOXWDWL'HQRELOLWDWH,,Å,QTXRTXLGHPHURWLELODUJLRUHWXUEDQLRUQRQTXRGLSVDP QRQSRVVLPDGSL[LGHVHWIDUPDFDPXOWRUXPDXFWRULWDWHWUDQVFULEHUHTXRGVLIHFHULP QLFKLOFRQWURYHUVLHSHQLWXVUHOLQTXHWXUVHGTXLDWHFXPFRQJUHGLLXYDWLOOLVHLVGHPVSD FLLVTXLEXVDFLHPVWDWXLVWL´6DOXWDWL  

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



]XQJ]XHUP|JOLFKHQQlKHUWHUVLFKGHP6WLOGHV6FKRODVWLNHUVDQHUDU JXPHQWLHUWNRKlUHQWXQGV\VWHPDWLVFKHUOHLWHWDXVVHLQHQ$UJXPHQWHQ 6FKOVVH FRQFOXVLRQHV DE XQG HU QHQQW XQG ]LWLHUW VROFKH $XWRUHQ GHQHQ YRUDOOHPLPDNDGHPLVFKHQ.RQWH[WJUR‰HV*HZLFKW]XNRPPWZLH,VLGRU YRQ 6HYLOOD %HUQKDUG YRQ &ODLUYDX[ XQG *URVVHWHVWH DXFK ZDV GLH $Q VLFKWHQYRQ$ULVWRWHOHVDQJHKWVR]HLJWHUVLFKJXWLQIRUPLHUW6FKOLH‰ OLFKEH]LHKWVLFK6DOXWDWLDXFKDXIGLHLQXQLYHUVLWlUHQ.RQWH[WHQEOLFKHQ 7KHPHQEHUHLFKH ² ZLH GLH %HVWLPPXQJHQ GHV 9HUKlOWQLVVHV YRQ YROXQWDV XQG LQWHOOHFWXV YRQ SUXGHQWLD XQG VDSLHQWLD XQG YRQ YLWD DFWLYD XQG YLWD FRQ WHPSODWLYD6DOXWDWL]HLJWLQGLHVHP:HUNGDVVVLFKLQGHUKLHUYHUKDQGHOWHQ )UDJHGLHhEHU]HXJXQJHQXQG$QVLFKWHQGHU9HUWUHWHUGHUVWXGLDKXPDQLWD WLV VHKU ZRKO JHJHQ GLH YRQ HLQHP 9HUWUHWHU GHU VFKRODVWLVFKHQ .XOWXU YRUJHEUDFKWHQ3RVLWLRQHQHUIROJUHLFKYHUWHLGLJHQODVVHQ 'DPLWGHXWHWVLFKDEHUVFKRQDQGDVVGLH)URQWGHU+XPDQLVWHQQLFKW QXULQ$EJUHQ]XQJYRQGHUVFKRODVWLVFKHQ)RUPYRQ*HOHKUVDPNHLWYHU OlXIW 'LH EHL 6DOXWDWL IRUPXOLHUWH hEHU]HXJXQJ GDVV GLH EHVWH /HEHQV IRUP GLH WlWLJH VHL XQG GDVV VLFK GLHVH GXUFK HLQ DNWLYHV /HEHQ LQ HLQHU SROLWLVFKHQ *HPHLQVFKDIW UHDOLVLHUHQ ODVVH ZLGHUVSUDFK ]ZDU GHP .RQ ]HSW YRQ LQWHOOHNWXHOOHU *OFNVHOLJNHLW ZLH HV DQ GHQ $UWLVWHQIDNXOWlWHQ HQWZLFNHOWXQGYHUWUHWHQZXUGH6DOXWDWLPDFKWHGDPLWHLQHP3KLORVRSKHQ GHU $UWLVWHQIDNXOWlW GHU GDV ,GHDO GHV WKHRUHWLVFKHQ/HEHQV YHUWUDW YLHO OHLFKWGHQ5DQJVWUHLWLJQLFKWDEHUGLH.RPSHWHQ]IUGDVYRQMHQHPHUVWUHE WH,GHDO$QGHUVVLHKWGLHVMHGRFKPLWGHQ7KHRORJHQDXV:HQQJOHLFKGLH 7KHRORJLHDQGHQ8QLYHUVLWlWHQDXFKDOVHLQH:LVVHQVFKDIWEHWULHEHQZXU GHVRKDWWHGHUFKULVWOLFKH*ODXEHYHUPLWWHOWGXUFKGLH,QVWLWXWLRQHQGHU .LUFKHGRFKDXFKYRUDOOHPGLH$XIJDEHXQGGLH)XQNWLRQGDV/HEHQGHU 0HQVFKHQ]XIKUHQPRUDOLVFK]XOHLWHQXQGGDPLWHLQ0RQRSRODXI)UD JHQGHU2ULHQWLHUXQJXQGGHU/HEHQVIKUXQJGHU0HQVFKHQ'LHVHV0R QRSROZXUGHGXUFKGLHDXINRPPHQGHKXPDQLVWLVFKH%HZHJXQJJHIlKUGHW ZDVDXIEHLGHQ6HLWHQQLFKWXQEHPHUNWEOLHE 6DOXWDWLV9HUWHLGLJXQJGHUVWXGLDKXPDQLWDWLVJHJHQ 0RQRSRODQVSUFKHYRQ9HUIHFKWHUQGHVFKULVWOLFKHQ*ODXEHQV %HUHLWVVLHKWVLFK6DOXWDWLLQGLH/DJHJHGUlQJWGDV6WXGLXPGHUDQWL NHQ 6FKULIWVWHOOHU JHJHQ 9RUEHKDOWH GLH DXV FKULVWOLFKHU 3HUVSHNWLYH YRU JHEUDFKW ZHUGHQ ]X YHUWHLGLJHQ 'LH $XVHLQDQGHUVHW]XQJ HQW]QGHW VLFKDQGHU)UDJHQDFKGHP6WHOOHQZHUWXQGGHU%HGHXWXQJYRQ'LFKWHUQ  

)U,VLGRUYJOHEGXQGIU*URVVHWHVWHHEG =X 6DOXWDWLV 9RUVWHOOXQJ YRQ %HJULII XQG $XIJDEH GHV 'LFKWHUV PLW +LQVLFKW DXI 3HWUDUFDXQG%RFFDFFLRYJO:LWW E 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

6RKDWWH*LXOLDQR=RQDULQL.DQ]OHUYRQ%RORJQDLQHLQHP%ULHIDQ6DOX WDWL 9HUJLO HLQHQ /JQHU JHQDQQW 6DOXWDWL ZLUEW LQ VHLQHP $QWZRUWEULHI XP 7ROHUDQ] 3DJDQH 7H[WH XQG 'LFKWXQJHQ VWHKHQ GHU FKULVWOLFKHQ /HKUHXQGGHQFKULVWOLFKHQ7H[WHQQLFKWHQWJHJHQVRQGHUQN|QQHQZHQQ PDQVLHULFKWLJYHUVWHKWDXFKGHPFKULVWOLFKHQ*ODXEHQGLHQOLFKVHLQ $EHU 'X VDJVW ZHQQ ZLU GLHVH 1LFKWLJNHLWHQ OHVHQLUUHQ ZLU YRQ GHP 6WXGLXP GHUKHLOLJHQ6FKULIWHQDE'HQQGHUMHQLJHLVWJOFNVHOLJGHU²XPGHQ3VDOPIRUW ]XIKUHQGHQLFKYRUKHUEHJRQQHQKDWWH²/XVWKDWDP*HVHW]GHV+HUUQXQGVLQQW EHU VHLQHP *HVHW] 7DJ XQG 1DFKW ,FK JHEH ]X GDVV HV KHLOLJHU XQG QW]OLFKHU LVW RKQH]HLWOLFKH8QWHUEUHFKXQJEHUGHQ/HKUHQGHUKHLOLJHQ6FKULIWHQ]XVFKZLW ]HQ DEHU GLH (UILQGXQJHQ GHU +HLGHQ XQG VRJDU ZDV GX DP PHLVWHQ YHUDE VFKHXVW GLH *HVlQJH GHU 'LFKWHU KHOIHQ XQG XQWHUVWW]HQ ² ZHQQ MHPDQG GLHV PLW KRKHP *HLVW DEZlJW ² QLFKW ZHQLJ GDV 9HUVWlQGQLV GHU *ODXEHQVWH[WH GLH ZLUZRYRQGXLQGHLQHP%ULHIEHU]HXJHQZLOOVWOHVHQVROOHQ

$XFK LQ HLQHP ZHLWHUHQ VSlWHUHQ %ULHI DQ =RQDULQL ZLHGHUKROW HU VHLQ $UJXPHQWGDVVVLFKGLHEHLGHQ)RUPHQGHU*HOHKUVDPNHLW²GDV6WXGLXP GHU KHLOLJHQ 6FKULIWHQ XQG GDV 6WXGLXP GHU DQWLNHQ 6FKULIWVWHOOHU ² QLFKW JHJHQVHLWLJ DXVVFKOLH‰HQ PVVHQ VRQGHUQ QHEHQHLQDQGHU EHVWHKHQ N|Q QHQ $XFK ZHQQ GHU :HJ EHU GLH KHLOLJHQ 6FKULIWHQ YLHOOHLFKW YRU]X ]LHKHQLVWVRLVWGHUDQGHUHGHQQRFKHEHQIDOOVJDQJXQGZlKOEDU ,FK OHXJQH QLFKW GDVV HV EHVVHU LVW GHQ ULFKWLJHQ :HJ ]X GHQ HZLJHQ 6WXGLHQ EHUGLHKHLOLJHQ6FKULIWHQZHLWHU]XJHKHQDOVEHUGLH6HLWHQXQG6FKOHLFKZHJH GHU'LFKWHUGRUWKLQ]XJHODQJHQ$EHUGDVLFKEHLGH6WUD‰HQZHQQPDQVLHULFK WLJHQWODQJJHKW]XMHQHP=LHO GDVZLUEHJHKUHQZHQGHQLVWGLHVHDXFKZHQQ MHQHYRU]X]LHKHQLVWGHQQRFKQLFKW]XYHUDFKWHQ 

6DOXWDWL  , ÅVHGGLFHVGXPKHFYDQLVVLPDOHJLPXVDVDFUDUXPOLWWHUDUXPVWXGLLVGHYLDPXVFXP EHDWXVVLWXWSVDOPXPTXHPDOLDVLQFHSLFRQWLQXHPTXLLQOHJH'RPLQLYROXWDVHLXV HWLQOHJHHLXVPHGLWDELWXUGLHDFQRFWH6DQFWLXVSODQHIDWHRUHWXWLOLXVOHFWLRQLVDFUH SDJLQHVLQHLQWHUPLVVLRQHWHPSRULVLQVXGDUHVHGKHFLQYHQWDJHQWLOLXPDFHWLDPTXRV DGHRKRUUHVFDUPLQDSRHWDUXPVLTXLVHDDOWDPHQWHOLEUDYHULWQRQSDUYXPHGLILFDQW DWTXHSURVXQWDGHDTXHILGHLVXQWHWTXHOHJHQGDWXLVOLWWHULVSHUVXDGHV´(EG, =9JO3VDOP,  6DOXWDWL  ,0LWWOHUZHLOHZDUGDV7KHPDQLFKWQXUXQWHUGLHVHQEHLGHQ *HJHQVWDQG HLQHU $XVHLQDQGHUVHW]XQJ JHZRUGHQ 6DOXWDWL DQWZRUWHWH QLFKW DXI GHQ ]ZHLWHQ %ULHI =RQDULQLV VRQGHUQ EHUJDE GLH .RUUHVSRQGHQ] VHLQHP .ROOHJHQ 'R PHQLFR6LOYHVWULGHUVHLQHUVHLWVHLQHVFKDUIH$WWDFNHJHJHQ=RQDULQLYHUIDVVWH6DOXWDWL YHUVXFKWH GDUDXIKLQ GHQ DXIJHEUDFKWHQ =RQDULQL LQ GHP KLHU ]LWLHUWHQ %ULHI ]X EH VlQIWLJHQ²)UZHLWHUH%ULHIHLQGHQHQ6DOXWDWLGLHDXVFKULVWOLFKHU3HUVSHNWLYHDQ VW|‰LJZLUNHQN|QQHQGHQ(OHPHQWHGHU'LFKWXQJHUNOlUWXQGOHJLWLPLHUWYJOHEG,,, XQG,,,  ÅQHF QHJDYHULP FXP LQ KDUXP UHUXP IOX[DUXP VRFLHWDWHP YHQHULPXV VDWLXV HVVH UHFWDYLDDGHWHUQDSHUVDFUDUXPOLWWHUDUXPVWXGLDSHUJHUHTXDPSHUSRHWDUXPIOH[XV HW GHYLD SHUYHQLUH VHG TXRQLDP XWURTXH FDOOH VL TXLV UHFWH JUDGLWXU DG LOOXP ILQHP TXHP DSSHWLPXV GHYHQLWXU TXDQYLV LOOH VLW SUHHOLJHQGXV QRQ WDPHQ LVWH QHJOLJHQGXV HVW´(EG,= 

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



(WZD]HKQ-DKUHVSlWHUGLVNXWLHUW6DOXWDWLPLWHLQHPDQGHUHQ%ULHISDUWQHU DXVIKUOLFKGLH)UDJHQDFK6LQQ XQG%HGHXWXQJGHUOLWHUDULVFKHQ6WXGLHQ XQG GHU LKQHQ NRUUHVSRQGLHUHQGHQ /HEHQVIRUP GHU HLQHV *HOHKUWHQ LP /DLHQVWDQG*LRYDQQLGD6DQ0LQLDWRKDWWHLQHLQHP%ULHIDQ6DOXWDWLVHLQH (QWWlXVFKXQJ EHU GLH )UFKWH GHU OLWHUDULVFKHQ 6WXGLHQ ]XP $XVGUXFN JHEUDFKWXQGGLH*UQGHIUVHLQHQPDQJHOQGHQ(UIROJHEHQMHQHQOLWHUD ULVFKHQ 6WXGLHQ DQJHODVWHW ,Q VHLQHP $QWZRUWEULHI ZHLVW 6DOXWDWL GDUDXI KLQ GDVV *LRYDQQL VHLQHQ ELVKHULJHQ (UIROJ LPPHUKLQ GHQ OLWHUDULVFKHQ 6WXGLHQYHUGDQNW'RFK*LRYDQQLLVWPLWVHLQHP/HEHQQLFKW]XIULHGHQ XQGHQWVFKHLGHWVLFKLQHLQ.ORVWHUGHV.DPDOGXOHQVHU2UGHQVHLQ]XWUH WHQ(LQLJH-DKUHVSlWHUJUHLIWHUGDV7KHPDQDFKGHP:HUWGHU'LFKWXQJ ZLHGHUDXIXQGYHUVXFKWLQHLQHP%ULHI6DOXWDWLGDYRQ]XEHU]HXJHQGLH OLWHUDULVFKHQ 6WXGLHQ HEHQIDOOV DXI]XJHEHQ ,Q VHLQHP $QWZRUWEULHI YRP 6HSWHPEHUZHLVW6DOXWDWLGDUDXIKLQGDVVIUGLH1lKH]X*RWW QLFKWGLH/HEHQVIRUPVRQGHUQGLHJHLVWLJH+DOWXQJHQWVFKHLGHQGVHL (VLVWQLFKWZLHGXYLHOOHLFKWJODXEVWHLQVROFKHU/HEHQVXQWHUVFKLHGGDVVGHUGHU GLH 5HOLJLRQ ZlKOW QLFKW PDQFKPDO ²  XQG KRIIHQWOLFK QLFKW VR KlXILJ ² ZHLWHU YRQ*RWWHQWIHUQWLVWDOVGLHGLHVLFKLPZHOWOLFKHQ/HEHQ]XYHUVXFKHQVFKHLQHQ (VLVWGHU*HLVWGHU*RWWYHUEXQGHQLVWXQGDXVZHOFKHP6WDQGGHV/HEHQVHU VFKUHLHQZLUGZLUGHULKQGDHUQLUJHQGVDEZHVHQGLVWHUUHLFKHQQDFKGHPVLFK MHGH.UHDWXUVHKQHQPXVV

'HU/HEHQVXQWHUVFKLHG]ZLVFKHQZHOWOLFKHPXQGNO|VWHUOLFKHP/HEHQLVW ²LQ+LQVLFKWDXI*RWW²QDFK6DOXWDWLHKHUJHULQJ'HQQGLH:DKOHLQHU JHLVWLJHQ/HEHQVIRUPLVWQRFKNHLQH*DUDQWLHIUGLH1lKH]X*RWW:LH PDQ MHZHLOV GDV /HEHQ VHLHV DOV %UJHU VHL HV DOV 0|QFK IKUW PDFKW GHQ 8QWHUVFKLHG DXV :LH ZHLW HLQHU PLW VHLQHP 9RUKDEHQ WDWVlFKOLFK NRPPWZHL‰QXU*RWW:LHZHLWPDQDEHUNRPPHQZLOOGLHVOLHJWLQGHU 6HHOH MHGHV (LQ]HOQHQ EHVFKORVVHQ XQG GLHV ZHL‰ QXU MHGHU IU VLFK DO OHLQ 8QGVFKOLH‰OLFKJHKW6DOXWDWLLQVHLQHU$UJXPHQWDWLRQQRFKHLQHQHQW VFKHLGHQGHQ6FKULWWZHLWHU(U]HLJWQLFKWQXUGDVVGDVZHOWOLFKH6WXGLXP XQG GLH LKP NRUUHVSRQGLHUHQGH /HEHQVIRUP HLQHV WlWLJHQ /HEHQV QHEHQ GHPUHOLJL|VHQ/HEHQVHLQH%HUHFKWLJXQJKDW(UDUJXPHQWLHUWVRJDUGDIU GDVVXQWHUGHU3HUVSHNWLYHGHU1W]OLFKNHLWIUDQGHUHGDVZHOWOLFKH/HEHQ JHJHQEHU GHPUHOLJL|VHQ LP 9RUWHLO LVW *HJHQ GDV $UJXPHQW HU ZUGH 

(EG,,,= ÅQRQ HVW XW IRUWH SXWDV WDQWD YLYHQGL GLIIHUHQWLD TXRG TXL UHOLJLRQHP HOHJLW QRQ DOLTXDQGRHWXWLQDPQRQPXOWRWLHQVORQJLQTXLRUVLWD'HRTXDPTXLYLGHQWXULQWHU KHF VHFXODULD SHULFOLWDUL PHQV HVW TXH 'HR FRQLXQJLWXU HW GH TXRFXQTXH VWDWX YLWH FODPDYHULWTXRQLDPLSVHQXVTXDPDEHVWLQYHQLWLOOXPDGTXHPVROXPRPQLVFUHDWXUD FRJLWXUVXVSLUDUH´(EG,,,=  ÅLQTXLEXVTXLGHPSURSRVLWLVTXDQWXPSURIHFHULPXV'HXVQRYLWTXDQWXPSURILFHUH YROXHULPXVWXGHWHHWHJRGHPHQRYLPXV´(EG,,,= 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

QXU YHUJlQJOLFKHQ 5XKP HUVWUHEHQ IKUW HU DQ GDVV HV LKP VWDWW XP 5XKP YLHO PHKU XP GHQ 1XW]HQ JHKH GHQ HU GXUFK VHLQH 7lWLJNHLW LP ZHOWOLFKHQ/HEHQIUDQGHUHKDEH 8QGJODXEHQLFKWGDVVLFKPLFKMHPDOVXPGHQ5XKPHLQHUZHUWORVHQ1DFKUHGH EHPKWHZDVGXZLHLFKVHKHGHQNVWVRQGHUQ²PLWGHP%HJHKUHQ]XZLVVHQ XQG PLW]XWHLOHQ ² XPGDV ZDV*RWW XQV EHUOLHIHUWKDW XQG VRZLH DQGHUH XQV XQGXQVHUHU=HLWJHQW]WKDEHQVRP|FKWHDXFKLFKDQGHUHQXQGVSlWHUHQHWZDV QW]HQGLHVVFKHLQWPLUGHQ:LVVHQGHQQLFKWZHQLJHU]XJHEKUHQDOVGHQ%DX HUQGLH%lXPHSIODQ]HQGLHGHQ1DFKNRPPHQ]XNRPPHQVROOHQ'XZHLOGX YRQKHLOLJHU(LQIDFKKHLWELVWQW]WQXUGLULFKYHUVXFKHPLUXQGDQGHUHQ]XQW ]HQ'XHUPDKQVWYLHOOHLFKWGHLQH0LWEUGHUXQG*HIlKUWHQGXUFKGLHH[HPSODUL VFKH +HLOLJNHLW GHLQHV /HEHQV LFK ODGH PHLQH 1lFKVWHQ HLQ XQG KHOIH LKQHQ ]X OHUQHQ XQG VLFK QLFKW DXI GDV ZDV ODVWHUKDIW LVW LQ YHUNRPPHQHU *HZRKQKHLW DXV]XULFKWHQ GDPLW VLH QDFKGHP VLH JHOHUQW KDEHQ PLW GHU 9HUQXQIW ]X NlPS IHQHVYHUPHLGHQVLFKLQGHU6‰HGHV9HUJlQJOLFKHQ]XYHUVWULFNHQ

(LQLJH-DKUHVSlWHUOHEWGLH$XVHLQDQGHUVHW]XQJZLHGHUDXI$QODVVELOGHW HLQ %ULHI *LRYDQQLV DQ $QJHOR &RUELQHOOL HLQHQ 6FKOHU 6DOXWDWLV GHU GLHVHQDOVÄGLOHFWLVVLPXVILOLXVPHXV¶EH]HLFKQHW*LRYDQQLKDWWHLQGLH VHP %ULHI &RUELQHOOL YRU GHU 'LFKWXQJ XQG GHQ ZHOWOLFKHQ 6WXGLHQ JH ZDUQW6DOXWDWLIKOWVLFKQXQDQJHVSURFKHQXQG]XVWlQGLJXQGDQWZRU WHWDXIGLHYRQ*LRYDQQLYRUJHEUDFKWHQ$UJXPHQWHJHJHQGLHVWXGLDKXPD QLWDWLVPLWHLQHPDXVIKUOLFKHQ%ULHI'HU%ULHILVWGHVKDOEEHGHXWVDPZHLO HUHLQEHVRQGHUHV,QWHUHVVHEHLGHQ=HLWJHQRVVHQKHUYRUJHUXIHQKDW(U ZXUGHVRJDULP-DKUKXQGHUWLQV,WDOLHQLVFKHEHUVHW]W ,Q GHU (LQOHLWXQJ VWHOOW 6DOXWDWL IHVW GDVV *LRYDQQL HLQHP HLQIDFKHQ ,UUWXPXQWHUOLHJHHUKDOWHGLH'LFKWXQJIU*RWWORVLJNHLWXQG/JHQ$EHU 

 

 

ÅQHF PH SXWHV XQTXDP DG LQDQLV IDPH JORULDP XW VHQWLUH WH YLGHR ODERUDVVH VHG FXSLGLWDWHVFLHQGLFRPPXQLFDQGLTXHTXRG'HXVWUDGLGLWXWDOLLVHWSRVWHULVVLFXWDOLL QRELVVXLVTXHWHPSRULEXVSURIXHUXQWVLFDOLTXLGHWHJRSURGHVVHPTXRGPLFKLYLGH WXU VFLHQWLEXV QRQ PLQXV GHELWXP TXDP DJULFROLV DUERUHV VHUHUH TXH SHUYHQLUH GH EHDQW DG QHSRWHV WX TXRG VDQFWH UXVWLFLWDWLV HVW VROXP WLEL SURGHV HJR PLFKL SUR GHVVHFRQRUHWDOLLVWXIRUWHFRQIUDWUHVHWVRFLRVWXRVVDQFWLWDWHYLWHPRQHVH[HPSOR HJRSUR[LPRVPHRVLQYLWRLXYRTXHTXRGGLVFDQWHWLOOLVTXHIODJLWLRVDVXQWGHSUDYDWD FRQVXHWXGLQH QRQ LQWHQGDQW XW FXP PLOLWDUH GLGLFHULQW LQWHOOHFWXL IXJLDQW GXOFHGLQH FRUUXSWLELOLXPLUUHWLUL´(EG,,,== 9JO(EG,9= ÅYLGLQXSHWHWULVLYHQHUDELOLVLQ &KULVWRSDWHUOLWWHUDVWXDVTXDV PLWWLVDGHJUHJLXP YLUXP$QJHOXP&RUELQHOOXPGLOHFWLVVLPXPILOLXPPHXPTXLEXVHXPPRUHWXRFR QDULV D SRHWLFLV HW VHFXODULEXV VWXGLLV UHYRFDUH YHO TXR UHFWLXV GL[HULP GHWHUUHUH´ (EG,9== 'LHV EHOHJW GLH $Q]DKO GHU 0DQXVNULSWH GLH GHQ %ULHI EHUOLHIHUQ YJO KLHU]X GLH $QJDEHQYRQ1RYDWLLQ6DOXWDWL  ,9I 'HU%ULHIZXUGHYRQÅ1LFKROzG·$JQLROR&DVWHOODQLSHULWLVVLPRKXRPRUDJLRQHFLYLOH HHORTXHQWHH RUQDWLVVLPRUHWWRUDFKR´EHUVHW]WYJO0V5LFFDUGLDQRFF$ %=LWLHUWQDFKGHQ$QJDEHQYRQ1RYDWLLQ6DOXWDWL  ,9(GLHUW ZXUGHGLHhEHUVHW]XQJYRQ6WROIL  

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



ZlUH HV QLFKW P|JOLFK GDVV XQWHU GHU 2EHUIOlFKH HLQH UHLQH :DKUKHLW YHUERUJHQVHL"6WLPPHPDQGLHVHPQLFKW]XVRN|QQHPDQYLHOH$XVVD JHQ GHU KHLOLJHQ 6FKULIW EHUKDXSW QLFKW YHUVWHKHQ 'HU %ULHI EHVWHKW DXV YLHU7HLOHQ   ]XQlFKVW NOlUW 6DOXWDWL ZDV XQWHUSRHWLFD ]X YHUVWHKHQ VHLGDQQ  HUOlXWHUWHULQZHOFKHU:HLVHGLHKHLOLJHQ6FKULIWHQPLWGHU 'LFKWNXQVW YHUEXQGHQ VHL   GDVV GLH /HKUH GHU KHLGQLVFKHQ 'LFKWHU DXFKGHQJOlXELJHQ&KULVWHQQLFKWYHUERWHQVHLXQGVFKOLH‰OLFK  ZL GHUOHJWHUGLH$UJXPHQWHGLH*LRYDQQLYRUJHEUDFKWKDW'HU%ULHIHQ GHWPLWHLQHUDXVIKUOLFKHQFRQFOXVLR ,P)ROJHQGHQVHLQXUDXIHLQLJH]HQWUDOH0RPHQWHVHLQHU$UJXPHQWD WLRQ KLQJHZLHVHQ ,P HUVWHQ 7HLO JLEW 6DOXWDWL GHU 'LFKWXQJ HLQH VSH]LIL VFKH%HVWLPPXQJGLHIUGHQJDQ]HQZHLWHUHQ9HUODXIGHU$UJXPHQWDWLRQ ]HQWUDO LVW +LHU ]HLJW 6DOXWDWL QlPOLFK GDVV ZLU DXI GLH 5HGHZHLVH GHU 'LFKWXQJ SRHWLFXVPRGXVORTXHQGXV ²QlPOLFKLPEHUWUDJHQGHQ6LQQHXQG PHWDSKRULVFKYRQ'LQJHQ]XKDQGHOQ²QLFKWQXUGDQQDQJHZLHVHQVLQG ZHQQZLUYRQ*RWWKDQGHOQVRQGHUQEHLDOOHQÅXQN|USHUOLFKHQ'LQJHQ´ YRQGHQHQZLUQLFKWDQGHUVDOVXQHLJHQWOLFK LPSURSULH QlPOLFKPHWDSKR ULVFKVSUHFKHQN|QQHQ'LH.HQQWQLVQXQYRQGLHVHU5HGHZHLVHQHQQWHU 'LFKWNXQVW SRHWLFD 9RQGLHVHU5HGHZHLVHKlQJHQDOOHÅhEHUWUDJXQJHQ 0HWDSKHUQ6FKHPDWD7URSHQ0HWDSODVPHQ$OOHJRULHQWURSLVFKH5HGH ZHLVHQXQG*OHLFKQLVVH´DE3RHVLVVHLPLWKLQ GLHVH5HGHGLHLQGHQ'LQJHQXQG:|UWHUQHWZDVDQGHUHVYHUVWHKWDOVVLH]HLJHQ GLH1RWZHQGLJNHLWHUIDQGGLHVH5HGHZHLVHGHU*HEUDXFKJULIIVLHDXIXQGHUZHL



     



ÅYHUXPWHYLGHRQRQGXPTXHVWLRQLVWHUPLQRVLQWHOOLJHUHYHUVDULTXHLQLOORWXHVLPSOLFL WDWLVHUURUHTXRUHSXWDVLVWDQRVWUDSRHWLFDJUDYHHWLQH[SLDELOHQHIDVHVVHHWSHUQLWLRVD PHQGDFLD4XRGVLYHUXPHVWQHFSRWHVWVXEYHUERUXPFRUWLFHPHQGDFLXPODWHUHSX ULWDVHWLQWHJULWDVYHULWDWLVGLFREVHFURTXRPRGRYHUXPHVWVSLULWXV'RPLQLIHUHED WXUVXSHUDTXDVHWLOOXGGL[LW'HXVILDWOX[HWVH[FHQWDWDOLD"4XRPRGRIHUWXUHQLP TXRG FRUSRUDOLXP HVW VSLULWXV 'RPLQL VXSHU DTXDV TXL SURUVXV LQFRUSRUHXV HVW" 4XRPRGRGL[LW'HXVILDWOX[FXP'HXVQHFRVKDEHDWQHFOLQJXDPTXHVXQWQHFHV VDULDPHPEUDLQVWUXPHQWDTXHGLFHQWLV"9HUXPKHFDOLDV´6DOXWDWL  ,9 = (EG,9 (EG (EG (EG (EG ÅTXLEXVOLFHW SHU VH SDWHDW FODUXPHVWQRQ VROXPFXPGH'HRORTXLPXUVHGHWLDP FXPGHLQFRUSRUHLVVHUPRILDWQRVLPSURSULHORTXLHDTXHVHFXQGXPFRUWLFLWXVSUHVH IHUHQVLQWULQVHFXVYHURODWHQWHPFRQWLQHQVYHULWDWHP+XLXVUHLSHULWLDGRFWULQDVLYH UDWLRSRHVLVGLFLWXUSRHWLFDYHOSRHWULD´(EG= ÅH[ TXLEXV IDFLOH IDOLFH YLGHUH SRWHV DG KDQF IDFXOWDWHP RPQHV WUDQVODWLRQHV VLYH PHWDSKRUDVVFKHPDWDWURSRVPHWDSODVPRVHWDOOHJRULDVQHFQRQWURSRORJLDVHWSDUD ERODVSHFXOLDULWHUSHUWLQHUH´(EG=



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

WHUWH VLH QLFKW QXU ZHQQ GLH 1RWZHQGLJNHLW ]ZLQJW VRQGHUQ DXFK ZHQQ GHU 6FKPXFNEHUKUW

0LWGHU%HVWLPPXQJYRQSRHVLVDOVXQHLJHQWOLFKHU5HGHZHLVHHUJLEWVLFKIU 6DOXWDWL LP ]ZHLWHQ 7HLO QRWZHQGLJ GDVV GLH KHLOLJHQ 6FKULIWHQ XQG SRHVLV HQJ YHUZREHQ VLQG :UGH PDQ DOVR GLHVH 5HGHZHLVH YHUGDPPHQ VR ZUGHPDQGDPLWDXFKGLHKHLOLJHQ6FKULIWHQYHUGDPPHQ *HJHQ(QGHGHV]ZHLWHQ7HLOVPDFKW6DOXWDWLGHXWOLFKGDVVGLH$XVHL QDQGHUVHW]XQJQLFKWQXUEHUGLH6DFKHJHKWVRQGHUQDXFKXPGLH.RP SHWHQ]GLHVLFK*LRYDQQLDOV.LUFKHQPDQQLQ%H]XJDXIGDV/HEHQYRQ /DLHQ DQPD‰W 6DOXWDWL VSULFKW *LRYDQQL GLH /HJLWLPDWLRQ DE GHQMHQLJHQ GLHDX‰HUKDOEGHU.ORVWHUPDXHUQOHEHQ9RUVFKULIWHQ]XPDFKHQ 9HUELHWHW GLHV ZHQQ LKU ZROOW XQG ZHQQ LKU N|QQW HXFK LQ GHQ .O|VWHUQ XQG VRUJW HXFK QLFKW XP GLH GLH GUDX‰HQ OHEHQ (V NRPPW QlPOLFK QLFKW HXUHP 5HFKWXQGHXUHU0DFKW]XGLHV]XYHUELHWHQDEHUYHUKLQGHUWGLHVEHLHXFKZHQQ LKUN|QQWZLHLFKVDJWHXQGLKUZHUGHWVHKHQZLHRIWLKUDP7DJJHJHQGLH)ROJH HXUHV*HVHW]HVYHUVWR‰W

'LH)UDJHQDFKGHU=XVWlQGLJNHLWXQG.RPSHWHQ]YRQJHLVWOLFKHQ3HUVR QHQIU/DLHQELOGHWDXFKGHQ%HJLQQGHVGULWWHQ7HLOVLQGHPHVXPGLH )UDJH JHKW RE HV &KULVWHQ YHUERWHQ VHL KHLGQLVFKH $XWRUHQ ]X OHVHQ $XFK KLHU VSULFKW 6DOXWDWL GHP .ORVWHUEUXGHU GLH /HJLWLPDWLRQ DE DXI JUXQG VHLQHU 6WHOOXQJ ]X XUWHLOHQ Å:HOFKHV 5HFKW NRPPW GLU EHL GHQHQ ]X GLH DX‰HUKDOE GHV .ORVWHUV OHEHQ"´ $OV 0|QFK NRPPH LKP ]ZDU NHLQHEHVRQGHUH$XWRULWlW]XGRFKDOV0HQVFKNRPPHHVLKP²ZLHDXFK MHGHPDQGHUHQ²]XGDV(KUHQYROOHDQ]XUDWHQXQGGDV*HJHQWHLO]XYHU ELHWHQ'LH'LFKWXQJQXQVHLHWZDV(KUHQYROOHVXQGHQWKDOWH:DKUKHLW YRQGHUNHLQH*HIDKUDXVJHKH



 

 

Å>VLWHUJRWLELGHWHUPLQDUH@ SRHVLV LOODORFXWLRTXHYHOUHEXV YHOYHUELVDOLXGLQWHOOLJLW TXDPRVWHQGDWTXHPORTXHQGLPRGXPDGLQYHQLWQHFHVVLWDVUHFHSLWHWDPSOLDYLWXVXV QRQVROXPFXPQHFHVVLWDVFRJLWVHGHWLDPFXPDIIHFWDWRUQDWXV´(EG= = ÅVLORTXHQGLIRUPXODPLVWDPGDPQDVSURFXOGXELRGDPQDVVDFUDVOLWWHUDVGLYLQDPTXH 6FULSWXUHP´(EG= ÅSURKLEHDWLVKHF VLSODFHW VLTXHSRWHVWLVYRELVLQFODXVWULV QHF VLWFXUDYRELVGHKLV TXHH[WUDVXQW1RQHVWHQLPKRFYHVWULLXULVYHVWUHTXHSRWHQWLHSURKLEHUHVHGLQKL EHDWLVKRFYRELVVLSRWHVWLVXWGL[LYLGHWHTXHTXRWLHQVLQGLHFRQWUDOHJLVYHVWUHVH ULHPIDFLDWLV´(EG= ÅTXRGWLELLXVLQHRVTXLVXQWH[WUDFODXVWUXP"´(EG= ÅVHGOLFHDWWLELOLFHDWHWRPQLEXVQRQVROXPSHUVXDGHUHVHGSUHFLSHUHTXRGKRQHVWXP HVWSURKLEHUHTXHFRQWUDULXP´(EG=

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



'HQQ ]ZLVFKHQ :DKUKHLWHQ XQG :DKUKHLWHQ JLEW HV NHLQHQ :LGHUVSUXFK XQG QLFKWVZDVVLFKJHJHQVHLWLJ]HUVW|UWRGHUEHNlPSIW6LHI|UGHUQXQGQlKUHQVLFK JHJHQVHLWLJRGHUEHKLQGHUQVLFKEHUKDXSWQLFKW

0DQVROOHVLFKDOV&KULVWGDVDXVGHQ'LFKWXQJHQKHUDXVVXFKHQZDVGHU HLJHQHQ /HEHQVIKUXQJ XQG GHP HLJHQHQ *ODXEHQ GLHQOLFK VHL 8QG HU ZHLVW VHLQHQ %ULHISDUWQHU DXI GLH hEHUVHW]XQJ GHU HLQVFKOlJLJHQ +RPLOLH YRQ%DVLOLXVGXUFK/HRQDUGR%UXQLKLQLQGHUYRQGHP1XW]HQGHVSDJD QHQ:LVVHQVGLH5HGHLVW:LHHVDXFKEHUKDXSWGLH$QVLFKWGHU.LU FKHQYlWHU JHZHVHQ VHL GDV DQ GHQ SDJDQHQ 6FKULIWHQ ZDV QW]OLFK LVW KHUDXV]XJUHLIHQXQGGDV5HVWOLFKH]XVWUHLFKHQ ,PYLHUWHQ7HLOVFKOLH‰OLFKZLGHUOHJW6DOXWDWLGLHYRQ*LRYDQQLYRUJH EUDFKWHQ $UJXPHQWH 6HLQH +DXSWVWUDWHJLH EHVWHKW GDULQ ]X ]HLJHQ GDVV GLHYRQ*LRYDQQLDQJHIKUWHQ3DVVDJHQDXVGHP=XVDPPHQKDQJJHULVVHQ ZXUGHQXQGLKU6LQQGDPLWYHUGUHKWZXUGH,QVHLQHQ6FKOXVVEHPHUNXQ JHQQHQQW6DOXWDWLGLH*UQGHZHVKDOEHUGLH'LFKWHUVWXGLHUW ,FKDEHUXPYRQPLU]XVSUHFKHQGHQNHPDQVROOGLH'LFKWHUZHJHQGLHVHUGUHL 'LQJHQOHVHQZHLOVLHGLHHLJHQWPOLFKHQ:|UWHUJHEUDXFKHQZHLOVLHEHUIOLH‰HQ YRQ$XVVFKPFNXQJHQGHU0HLQXQJHQXQG:|UWHUXQGZHLOVLHXQVHU/HEHQVR ]HLJHQZLHHVVHLQVROOWHLQGHPVLHGLH7XJHQGHQOREHQXQGGLH/DVWHUYHUZHU IHQ

'RFKGDPLWLVWGLH$XVHLQDQGHUVHW]XQJQRFKQLFKWEHHQGHW,QGHQ'LV SXW VFKDOWHW VLFK HLQ ZHLWHUHU .LUFKHQPDQQ HLQ GHU 'RPLQLNDQHU XQG VSlWHUH .DUGLQDO *LRYDQQL 'RPLQLFL   'LHVHU LVW YRQ  ELVLQ)ORUHQ]DOV3UHGLJHUWlWLJ(ULQWHUHVVLHUWVLFKIUGLH-XJHQGHU ]LHKXQJXQGYHUIDVVWHLQHQ7H[WPLWGHP7LWHO5HJRODGHOJRYHUQRGLFXUD IDPLOLDUH'DVVQXQGLH+XPDQLVWHQYRQGHUNODVVLVFKHQ%LOGXQJVREH JHLVWHUWVLQGXQGGLHVEH]JOLFKH7H[WHDXFKMXQJHQ0HQVFKHQLQGHU$XV 

 



 

ÅLQWHU YHULWDWHV HWHQLP HW YHULWDWHV QXOOD GLVVHQVLR QLFKLOTXH TXRG VH PXWXR GHVWUXDW YHOUHSXJQHWDGLXYDQWDWTXHIRYHQWVHYLFLVVLPDXWRPQLQRQRQQRFHQW´(EG=  (EGI Å,WDTXH HW QRV KRF IDFHUH VROHPXV TXDQGR SKLORVRSKRV OHJLPXV TXDQGR LQ PDQXV QRVWUDV OLEUL YHQLXQW VDSLHQWLH VHFXODULV VL TXLG LQ HLV XWLOH UHSHULPXV DG QRVWUXP GRJPDFRQYHUWLPXVVLTXLGYHURVXSHUIOXXPGHLGROLVGHDPRUHGHFXUDVHFXODULXP UHUXPKHFUDGLPXVKLVFDOYLWLXPLQGXFLPXVKHFLQXQJXLXPPRUHPIHUURDFXWLVVLPR UHVHFDPXVFXUKHFWDFXLVWLFXUWRWXPVFULEHUHQRQFXUDVWL"KHFHVWYHUDWDQWLSDWULVLQ WHQWLR´(EG= Å(JRYHURTXRGHPHORTXRDUSRHWDVSURSWHUWULDOHJHQGRVHVVHVHPSHUFHQVXLTXRG SURSULLVXWHUHQWXUYRFDEXOLVTXRGPLULVVHQWHQWLDUXPHWYHUERUXPRUQDWLEXVUHGXQGD UHQWTXRGYLWDPQRVWUDPTXDOLVHVVHGHEHDWYLUWXWHVODXGDQGRUHSUHKHQGHQGRTXHYL WLDGHVLJQDUHQW´(EG== =XP/HEHQ'RPLQLFLVYJO'%,9XQG'HEE\   *LRYDQQL'RPLQLFL5HJRODGHOJRYHUQRGLFXUDIDPLOLDUHKJ3LHUR%DUJHOOLQL)ORUHQ] 'HU7H[WLVW%DUWRORPHDGHJOL$OEHUWLJHZLGPHWGHUHQ0DQQ$QWRQLRDXV)OR UHQ]YHUEDQQWZXUGHXQGGLHQXQDOOHLQIUGLH(U]LHKXQJLKUHU.LQGHU]XVWlQGLJZDU



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

ELOGXQJ DQUDWHQ EHXQUXKLJW LKQ (U YHUIDVVW HLQH XPIDQJUHLFKH 6FKULIW JHJHQGLHZHOWOLFKHQ6WXGLHQGLHHU6DOXWDWLZLGPHWXQGGLHGHQ7LWHO/X FXOD QRFWLV 1DFKWOLFKW  WUlJW ,Q GHP :HUN YHUIlKUW HU DXI VFKRODVWLVFKH :HLVHLQGHPHUHLQH)UDJHQlPOLFKÅREHVGHQJOlXELJHQ&KULVWHQHUODXEW VHL ZHOWOLFKH 6WXGLHQ ]X EHWUHLEHQ´ 3UR XQG &RQWUD LQ )RUP YRQ 6\OOR JLVPHQ GLVNXWLHUW ,Q GHQ HUVWHQ ]Z|OI .DSLWHOQ GHV :HUNHV QHQQW HU ]XQlFKVWGLH$UJXPHQWHGLHYRQ$QKlQJHUQGHUVWXGLDKXPDQLWDWLVYRUJH EUDFKWZHUGHQXPZHOWOLFKH6WXGLHQ]XUHFKWIHUWLJHQ,P$QVFKOXVVOHJW HULQGHQ.DSLWHOQGUHL]HKQELVVLHE]HKQGLH*HJHQSRVLWLRQGDUGLHVLFK ZLHIROJW]XVDPPHQIDVVHQOlVVW (LQMHGHU&KULVWPXVVQXUGDVYHUVWHKHQZDVLKQ]XUZDKUHQ*OFNVHOLJNHLWIKUW RGHU GHP +HLO QLFKW HQWJHJHQVWHKW $EHU GDV 6WXGLXP GHU 3KLORVRSKHQ IKUW QLFKW]XUZDKUHQ*OFNVHOLJNHLWVRQGHUQVWHKWLKUKlXILJHQWJHJHQ)ROJOLFKVROO WHQLKUHbX‰HUXQJHQYRQ&KULVWHQQLFKWVWXGLHUWZHUGHQ

,QGHQUHVWOLFKHQQHXQXQG]ZDQ]LJ.DSLWHOQZLGHUOHJWHUGLHHLQJDQJVDQ JHIKUWHQ$UJXPHQWH*HJHQ(QGHGHV:HUNHVYHUOHLKWHUVHLQHUHLJHQHQ $QVLFKWQRFKHLQPDOGHXWOLFKHQ$XVGUXFN $EHULFKZHUGHQLFKW]XJHVWHKHQGDVVGLH/HKUHGHU3KLORVRSKLHXQLYHUVDOLWHUJXW VHL VRQGHUQ LP *HJHQWHLO GDVV GLH JDQ]H EULJH 3KLORVRSKLH YHUQLFKWHW ZHUGHQ PVVWHZHQQGHUJHVDPWH(UGNUHLVDEJHVHKHQYRQHLQHP7HLOGHUIUHLHQ.QVWH DQ&KULVWXVJODXEHQZUGH

6DOXWDWL GHP GHU 7H[W LP :LQWHU  YRUODJ DQWZRUWHW DXI GLHVH 6FKULIW LQ HLQHP DXVIKUOLFKHQ %ULHI GHU DXIJUXQG GHV VFKOHFKWHQ *H VXQGKHLWV]XVWDQGHV 6DOXWDWLV GHU VFKOLH‰OLFK ]XP 7RG IKUWH QLFKW YROO HQGHW ZXUGH 6DOXWDWL EHJLQQW VHLQHQ %ULHI GDPLW GDV :HUN 'RPLQLFLV ]X OREHQ $QVFKOLH‰HQG EHWRQW HU GLH JUR‰H hEHUHLQVWLPPXQJ ]ZLVFKHQ EHLGHQ'HQNHUQZREHLHUVLFKKDXSWVlFKOLFKDXIGLHHUVWHQ]Z|OI.DSLWHO YRQ'RPLQLFLV:HUNVWW]W6DOXWDWLIKOWVLFKPLW'RPLQLFLLQGHUhEHU ]HXJXQJ HLQLJ GDVV HV GHQ EHUHLWV LP *ODXEHQ *HIHVWLJWHQ HUODXEW VHL

   





9JO *LRYDQQL 'RPLQLFL /XFXOD 1RFWLV KJ (GPXQG +XQW 1RWUH 'DPH ,QGLDQD +LHU3URORJXV ÅDQILGHOLEXVFKULVWLDQLVOLFLWXPVLWOLWWHULVVHFXODULEXVXWL´'RPLQLFL  = &DSLQ'RPLQLFL   &DSÅ&KULVWLDQXVTXLOLEHWLOOLVVROXPGHEHWLQWHQGHUHTXHLSVXPDGYHUDPEHDWLWX GLQHPGXFXQWDXWVDOWHPQRQLPSHGLXQW6HGSKLORVRSKRUXPVWXGLXPDGYHUDPEHDWL WXGLQHPQRQSHUGXFLWVHGSOHUXPTXHLPSHGLW,JLWXUHRUXPGLFWDVWXGHULQRQGHEHQW DEHLV´'RPLQLFL  = &DSÅ6HGQHFIDWHERUSKLORVRSKLHGRFWULQDPXQLYHUVDOLWHUHVVHERQDP\PPRVL RUELVRPQLVSOHQHFUHGHUHW&KULVWRH[FHSWDOLEHUDOLXPDUWLXPDOLTXDSRUWLRQHUHOLTXD RPQLVSKLORVRSKLDHVVHWGHOHQGD´'RPLQLFL  = 9JO6DOXWDWL  ,9

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



ZHOWOLFKH6WXGLHQ]XEHWUHLEHQ8QHLQLJNHLWEHVWHKHQXUGDULQREEHUHLWV GLH .LQGHU PLW ZHOWOLFKHQ 6WXGLHQ RGHU PLW GHQ 6WXGLHQ GHU KHLOLJHQ 6FKULIWHQ EHJLQQHQ VROOWHQ ,P )ROJHQGHQ JHKW HU DOOH 'LV]LSOLQHQ GHV 7ULYLXPV XQG GHV 4XDGULYLXPV GXUFK XP ]X ]HLJHQ GDVV GLHVH 6WXGLHQ VHKU ZRKO IU GLH $XVELOGXQJ YRQ &KULVWHQ QW]OLFK VHLHQ 6FKOLH‰OLFK ZHQGHWHUVLFKDXVIKUOLFKGHU'LFKWNXQVW]XXP]X]HLJHQGDVVJHUDGH GLHVHIUGLH$XVOHJXQJGHUKHLOLJHQ6FKULIWHQEHGHXWVDPVHL ,Q GLHVHU 9HUWHLGLJXQJ GHU ZHOWOLFKHQ 6WXGLHQ ]HLJW VLFK 6DOXWDWL YLHO SROHPLVFKHUDOVHVGLHPRGHUDWH(LQOHLWXQJGHV%ULHIHVYHUPXWHQOlVVW6R YHUWHLGLJWHUGDV6WXGLXPGHU*UDPPDWLNPLWGHP$UJXPHQWGDVVGXUFK GLHIXQGLHUWH.HQQWQLVGHU5HJHOQGHU6SUDFKHDOOHUHUVWGLHKHLOLJH6FKULIW XQGDXFKLKUH$XVOHJXQJHQXQG7UDGLWLRQHQYHUVWDQGHQZHUGHQN|QQHQ :DVQW]HQGLH*OlXELJHQGLHLKUHQ*ODXEHQQLFKWH[SOL]LHUHQXQGHUNOl UHQN|QQHQ" ,FK ZLOO GDVV DOOH 5HOLJL|VHQ VR LQ GHU *UDPPDWLN IRUWJHVFKULWWHQ XQG YRUZlUWV JHNRPPHQ ZlUHQ GDVV ZLU LQ LKUHU 5HGH NHLQH %DUEDULVPHQ K|UHQ LP 6DW]EDX NHLQHQ6RO|]LVPXVNHLQH JHJHQ GLH$QDORJLHYHUGUHKWHQ9RNDEHOQQLFKWDX‰HU KDOEGHU%HGHXWXQJYHUZHQGHWHXQGQLFKWVRJHVHW]WH9RNDEHOQZLHHVVLFKQLFKW JHK|UW

8QG LP $QVFKOXVV ]lKOW HU HLQLJH YRQ GHQ VHFKVKXQGHUW JUDPPDWLVFKHQ )HKOHUQDXIGLHHULQGHP:HUNYRQ'RPLQLFLJHIXQGHQKDEH+LHUPLW JUHLIW 6DOXWDWL VHLQHQ *HJQHU GLUHNW DQ XQG YHUWHLGLJW QLFKW QXU GHQ $Q VSUXFKGHUZHOWOLFKHQ6WXGLHQVRQGHUQZHLWHWGLHVHQLP)ROJHQGHQVRJDU DXV'HQQHU]HLJWQLFKWQXUGDVVGLHZHOWOLFKHQ6WXGLHQIU/DLHQZLFKWLJ VLQGVRQGHUQPLWGHU$XVELOGXQJLQZHOWOLFKHQ6WXGLHQHUZLUEWPDQVLFK DXFK GLH .RPSHWHQ] GLH KHLOLJHQ 6FKULIWHQ EHUKDXSW ]X YHUVWHKHQ XQG ]X EHXUWHLOHQ 'LH XQJHELOGHWHQ 5HOLJL|VHQ VLQG GHVKDOE ZDV GDV 9HU VWlQGQLVGHUKHLOLJHQ6FKULIWHQDQJHKWGHQJHELOGHWHQ/DLHQXQWHUOHJHQ (VLVWGLHJU|‰WH6FKDQGH]XVHKHQZHOFKHUDUWXQGZLHJUR‰GLH8QZLVVHQKHLWHX UHU5HOLJL|VHQLVWGLHDOOHLQLQGHU.HQQWQLVGHUHUVWHQ$QIlQJHGLHVHU+DOWXQJHQ JHIXQGHQ ZLUG 'DKHU NRPPW HV GDVV VLH QLFKW /DWHLQ VSUHFKHQ N|QQHQ XQG 

ÅFRQVHQWLVHQLPTXRGLQVWUXFWLVHWILUPDWLVLQILGHQHJDQGDQRQVLW OHFWLRVHFXODULXP OHWWHUDUXP´HEG=  ÅDQLXUHGLFHQGXPVLWSXHURVQRQGHEHUHVHFXODULEXVLQLWLDULOLWWHULVVHGHLVVLWDVDFUD UXPOLWWHUDUXPVWXGLLVLQFKRDQGXP´(EG=²=HQWUDOZDUIU6DOXWDWLHLQH ZHLWHUH0HLQXQJVYHUVFKLHGHQKHLWQlPOLFKEH]JOLFKGHU)UDJHQDFKGHU1RELOLWlWYRQ YROXQWDV XQG LQWHOOHFWXV LQ GHU 'RPLQLFL GLH JHJHQWHLOLJH 3RVLWLRQ YRQ 6DOXWDWL YHUWULWW 'RFK6DOXWDWLNDPQLFKWPHKUGD]XGDVYRQLKPDQJHNQGLJWH7KHPDDXV]XIKUHQ GHU%ULHIEULFKWYRUKHUDE9JOHEG=II  Å9HOOHP TXRG RPQHV UHOLJLRVL WDOLWHU LQ JUDPPDWLFD SURIHFLVVHQW DWTXH SURILFHUHQW TXRGQRQDXGLUHPXVLQYRFHEDUEDULVPRVQRQVROHFLVPRVLQFRQVWUXFWLRQHQRQYR FDEXODGLVWRUWDFRQWUDDQDORJLDPQRQH[WUDVLJQLILFDWXPHWXWQRQFRQYHQLDWFROORFD WD´(EG=  ÅVHGKHFHWSOXVTXDPVH[FHQWDWDOLDGLPLWWDPXV´(EG=



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VHOEVW GLH KHLOLJHQ 6FKULIWHQ XQG GLH bX‰HUXQJHQ GHU *HOHKUWHQ QLFKW ]X HLQHP 9HUVWlQGQLVEULQJHQN|QQHQ

'DV 6WXGLXP GHU *UDPPDWLN VR NDQQ 6DOXWDWL DOVR VFKOLH‰HQ VROOWH GHQ &KULVWHQQLFKWQXUQLFKWYHUERWHQVRQGHUQYLHOPHKUYRQLKQHQDOOHQDQGH UHQ6WXGLHQYRUJH]RJHQZHUGHQ$XFKZDVGLHEULJHQ6WXGLHQDQJHKW² 'LDOHNWLN5KHWRULN$VWURQRPLH0XVLN*HRPHWULH$ULWKPHWLNXQG3RH WLN²VR]HLJW6DOXWDWLDXILQZLHIHUQVLHGHP*ODXEHQQLFKWHQWJHJHQVWH KHQVRQGHUQYLHOPHKUGLHQOLFKVLQG )D]LW 6DOXWDWLJHOLQJWHVGDVKXPDQLVWLVFKH'HQNHQLQGHU1DFKIROJH3HWUDUFDV ]XYHUEUHLWHQXQG]XHWDEOLHUHQ,QGHPHU3HWUDUFD]XHLQHU*UQGXQJVIL JXU HLQHU QHXHQ JHOHKUWHQ %HZHJXQJ VWLOLVLHUW NRQVROLGLHUW HU GLH *UXS SHQLGHQWLWlW GLHVHU%HZHJXQJ 6DOXWDWL EOHLEW GHP 'HQNHQ 3HWUDUFDV YHU SIOLFKWHWXQGWHLOWGLHZHVHQWOLFKHQ0HUNPDOHVHLQHU9RUVWHOOXQJYRQ0R UDOSKLORVRSKLHQlPOLFKGDVVVLHHLQHQ1XW]HQIUGDV/HEHQKDEHQVROOH GDVV GLH (UIDKUXQJ XQG GLH GXUFK ([HPSOD YHUPLWWHOWHQ (UIDKUXQJHQ DQGHUHUGLHKDXSWVlFKOLFKVWH4XHOOHIUHWKLVFKH2ULHQWLHUXQJVHLHQGDVV 0RUDOSKLORVRSKLHEHZHJHQXQGYHUEHVVHUQVROOH'DEHLHQWZLFNHOWHUGLH VHV .RQ]HSW DEHU DXFK ZHLWHU LQVRIHUQ HU HV DXI GDV /HEHQ GHV DNWLYHQ %UJHUVDQZHQGHW +DWWH3HWUDUFDGDVYRQLKPSURSDJLHUWH.RQ]HSWYRQ3KLORVRSKLHYRU DOOHPGXUFKSROHPLVFKH$EJUHQ]XQJYRQGHUDQGHQ8QLYHUVLWlWHQEHWULH EHQHQ3KLORVRSKLHSURILOLHUWVRPXVV6DOXWDWLGLHVHV.RQ]HSWKDXSWVlFK OLFK DQ HLQHU DQGHUHQ )URQW YHUWHLGLJHQ ZLUNOLFK KHUDXVJHIRUGHUW GXUFK GDVKXPDQLVWLVFKH3URJUDPPIKOWHQVLFK9HUWUHWHUGHUFKULVWOLFKHQ5HOL JLRQ6LHKDWWHQELVKHUH[NOXVLYGDVDQJHERWHQZDVQXQDXFKGLH+XPD QLVWHQYHUWUHWHQHLQHLQWHOOHNWXHOOHXQG]XJOHLFKWlWLJHXQGDXI7XJHQGHU ZHUE DXVJHULFKWHWH /HEHQVIRUP 'LH YRQ GHQ +XPDQLVWHQ DQJHERWHQH /HEHQVIRUP IUHLOLFK ZDU HLQH ODL]LVWLVFKH XQG GDPLW XQJHPHLQ DWWUDNWLY PDQNRQQWH]XJOHLFKGDV/HEHQHLQHVWlWLJHQ%UJHUVXQGGDVHLQHV,QWHO OHNWXHOOHQ IKUHQ 8QG 6DOXWDWLV %ULHIZHFKVHO EHOHJW GDVV HV HLQH JUR‰H 1DFKIUDJHQDFKHWKLVFKHU2ULHQWLHUXQJIU/DLHQYRQ/DLHQJDE6RELWWHW 

ÅPD[LPXVHWHQLPSXGRUHVWYLGHUHTXRWLHQVHWTXDQWLVYHVWURUXPUHOLJLRVRUXPLJQR UDQWLDGHSUHKHQGDWXUVROXPLQKRUXPSULPRUXPKDELWXXPUDWLRQH 4XRILWXWODWLQH ORTXL QHVFLDQW HW LSVDV VDFUDV OLWWHUDV HW GLFWD GRFWRUXP DG LQWHOOLJHQWLDP QRQ FDSHV FDQW´(EG==  Å>@UDWLRQDELOLWHUHWQHFHVVDULRFRQFOXGDWXUQHGXPKHFQRQSURKLEHQGD&KULVWLDQLV VHGRPQLEXVDOLLVVWXGLLVSUHPLWWHQGD´(EG=I  9JOHEG

(WDEOLHUXQJHLQHU%UJHUPRUDO&ROXFFLR6DOXWDWL 



LKQ3LHWUR3DROR9HUJHULRXPHLQHÅ$QZHLVXQJ]XP*XWHQ/HEHQ´ EHQH YLYHQGLUHJXOD (VZXUGHVRJDUEHL6DOXWDWLHWKLVFKH2ULHQWLHUXQJLQH[SOL ]LWHU'LIIHUHQ]]XGHU:HLVHZLHVLHYRQ3UHGLJHUQJHJHEHQZLUGQDFKJH IUDJW 'HU %ULHIZHFKVHO PLW 3HOOHJULQR =DPEHFFDUL HWZD GHU YRQ GHVVHQ /LHEH]XHLQHU*LRYDQQDKDQGHOWHEHOHJWGDVVHVGDV%HGUIQLVQDFKJH ELOGHWHUDEHUQLFKWVXEWLOHUVRQGHUQYHUVWlQGOLFKHUPRUDOLVFKHU2ULHQWLH UXQJJDEXQGGDVVGLH$QWZRUWHQGHU3UHGLJHUKLHUQLFKWPHKUEHIULHGL JHQ NRQQWHQ 6DOXWDWL VROOWH LKP +LQZHLVH DOV Ä0HQVFK¶ JHEHQ QLFKW DOV Ä3UHGLJHU¶ZDVHUGHQQDXFKWDW ,FK YHUKDOWH PLFK ]X GLU QLFKW ZLH HLQ 3UHGLJHU VRQGHUQ LFK VSUHFKH ZLH GX HV ZQVFKW DOV 0HQVFK QLFKW PLW VRSKLVWLVFKHQ $UJXPHQWHQ VRQGHUQ PLW NODUHQ hEHUOHJXQJHQLQGHPLFKGHLQH/LHEHQLFKWDOVKHLWHUVRQGHUQDOVKlVVOLFKQLFKW DOVXQYHUGRUEHQVRQGHUQDOVWDGHOQVZHUWEHWUDFKWHXQGKDOWHPLFKQLFKWIUGDV ZDVLFKGLFK]XVHLQZQVFKHREZRKOVLFKGDKHULQPLU²VRZHLWHVGLH:DKUKHLW EHUKUW²YLHOOHLFKWGLH$XWRULWlWYHUPLQGHUWNDQQGLH9HUSIOLFKWXQJLQGLUGHQ QRFKQLFKWDXIJHKREHQZHUGHQQRFKVROOWHHLQDQGHUHU:LOOHYRUKDQGHQVHLQ

=DPEHFFDUL ZQVFKW VLFK PHKU $UJXPHQWH ]X K|UHQ ZLHVR GLHVH /LHEH QLFKWWXJHQGKDIWVHLXQGHUZLOOZLH6DOXWDWLZLHGHUKROWNHLQHÅRUWKRGR [HQ´XQGÅNDWKROLVFKHQ´$UJXPHQWHK|UHQVRQGHUÅUHLQPRUDOLVFKH´XQG ÅZDKUH´ $EVFKOLH‰HQGOlVVWVLFKVDJHQGDVV6DOXWDWLPLWVHLQHQ6FKULIWHQPD‰ JHEOLFKGD]XEHLJHWUDJHQKDWGLHVHSUD[LVRULHQWLHUWHKXPDQLVWLVFKH0RUDO SKLORVRSKLH]XHWDEOLHUHQXQG]XYHUEUHLWHQ6DOXWDWLKDWGLHVHQ$QVDW]]X HLQHU%UJHUPRUDOZHLWHUHQWZLFNHOWGRFKGLHEHJULIIOLFKHQ0LWWHOGLHLKP GDIU]XU9HUIJXQJVWDQGHQZDUHQEHVFKHLGHQ(UZDUGDUDXIDQJHZLH VHQ GLH $XIZHUWXQJGHV GLHVVHLWLJHQXQG DNWLYHQ /HEHQV PLW 5HNXUV DXI (OHPHQWHGHVFKULVWOLFKHQ*ODXEHQV]XOHJLWLPLHUHQ(UVWGXUFKGLH5H]HS WLRQGHUDULVWRWHOLVFKHQ0RUDOSKLORVRSKLHGLHGLHQDFKIROJHQGH*HQHUDWL RQ YRQ +XPDQLVWHQ OHLVWHQZLUG ² DOOHQ YRUDQ/HRQDUGR %UXQL ²VWHKHQ GHQ+XPDQLVWHQGLHEHJULIIOLFKHQ0LWWHO]XU9HUIJXQJHLQHUHLQSKLORVR SKLVFKH %HJUQGXQJ IU GLH $XIZHUWXQJ GHU WlWLJHQ *OFNVHOLJNHLW LP GLHVVHLWLJHQ/HEHQ]XOHLVWHQ



9JOHEG,, ÅQRQDJRWHFXPXWSUHGLFDWRUVHGORTXRUTXRGSHWLVXWKRPRQRQVRSKLVWLFLVDUJX PHQWLVVHGUDWLRQLEXVSODQLVQRQVHUHQXPVHGWXUELGXPQRQLQFRUUXSWXPVHGFXO SDELOHPDPRUHPWXXPFRQVLGHUDQVQHFPHVHQWLRWDOHPTXDOHPWHHVVHGHVLGHUROL FHWH[KRFLQPHTXDQWXPDGYHULWDWHPDWWLQHWIRUWHPLQXDWXUDXFWRULWDVLQWHWDPHQ QHFWROOLSRVVLWREOLJDWLRQHFDOLDGHEHDWHVVHYROXQWDV´(EG,,,=  ÅHW TXRG YLUWXRVXP XW DVVHULV RPQLQR QRQ VLW PXOWLV UDWLRQLEXV SUREDWXP HVW QRQ VROXPRUWKRGR[LVDWTXHFDWKROLFLVTXDVWXVLYHPHQWLVYLWLRVLYHFDXVHPHWXQRQUHFL SLV VHGDEKRUUHVYHOXWLUHP DERPLQDELOHPFDSWLRVDPHW IDOVDP VHGSXUHPRUDOLEXV DWTXHYHULV´HEG,,,= 



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN /HRQDUGR%UXQL   1DFKGHP 3HWUDUFD GLH 0RUDOSKLORVRSKLH DOV DUV YLWDH JHJHQ GLH VFKRODVWL VFKH3KLORVRSKLHLQV)HOGJHIKUWKDWWHXQG6DOXWDWLGLHVHQ(QWZXUIYHU EUHLWHWYHUWHLGLJWXQGHUZHLWHUWKDWNRPPWHVQXQHLQHPGULWWHQ$XWRU]X GHQ%HUHLFKGHUKXPDQLVWLVFKHQ0RUDOSKLORVRSKLHDXIHLQZHLWHUHVZLFKWL JHV )HOG DXV]XGHKQHQ QlPOLFK DXI GDV GHU DULVWRWHOLVFKHQ 0RUDOSKLORVR SKLH/HRQDUGR%UXQL3URWHJp6DOXWDWLVXQGVSlWHUZLHGLHVHUDXFK.DQ] OHUYRQ)ORUHQ]HQWZLFNHOWGDVKXPDQLVWLVFKH'HQNHQDXIYHUVFKLHGHQHQ (EHQHQ LQQRYDWLY ZHLWHU (U LVW HV GHU GXUFK VHLQH ZHLW YHUEUHLWHWH hEHUVHW]XQJGHU+RPLOLHGHV%DVLOLXVEHUGHQ6LQQXQGGHQ1XW]HQGHU ZHOWOLFKHQ %LOGXQJ GHU KXPDQLVWLVFKHQ %HZHJXQJ GHQ 5FNHQ VWlUNW GHU PLW VHLQHQ 'LDORJL DG 3HWUXP 3DXOXP +LVWUXP GHQ FLFHURQLDQLVFKHQ 'LDORJLQGHP]HLWJHQ|VVLVFKH6SUHFKHUILJXUHQNRQWURYHUVH'LVNXVVLRQHQ IKUHQZLHGHUEHOHEWGHUGHQHUVWHQ6WXGLHQSODQIU)UDXHQDXVKXPDQLV WLVFKHU 3HUVSHNWLYH HQWZLUIW XQG GHU PLW VHLQHU *HVFKLFKWH GHV 9RONHV YRQ )ORUHQ] DXIJUXQG GHU VSH]LILVFKHQ $UW GHU $QDO\VH XQG GHU YRQ LKP SUDNWL]LHUWHQSUDJPDWLVFKHQ3HUVSHNWLYH]XHLQHP9RUEHUHLWHU0DFKLDYHO OLVZLUG,QGHUKLHUYHUIROJWHQ)UDJHVWHOOXQJMHGRFKUFNW%UXQLLQGHQ 9RUGHUJUXQGZHLOHUGHUMHQLJHLVWGHUGLHDULVWRWHOLVFKH0RUDOSKLORVRSKLH LQGDVKXPDQLVWLVFKH'HQNHQLQWHJULHUW :LH ZLU ZHLWHU REHQ JHVHKHQ KDEHQ KDW 3HWUDUFD VHLQH 9RUVWHOOXQJ YRQ 0RUDOSKLORVRSKLH LQ H[SOL]LWHU 'LIIHUHQ] ]X $ULVWRWHOHV XQG VHLQHQ 1DFKIROJHUQHQWZLFNHOW=ZDUKDWWHEHUHLWV3HWUDUFD]ZLVFKHQ$ULVWRWHOHV  







=X %UXQL DOOJHPHLQ YJO HWZD %DURQ   *HUO   XQG +DQNLQV   XQG   6DOXWDWL KDWWH %UXQL PLW GHU hEHUVHW]XQJ EHDXIWUDJW %UXQL KDW GLHVHQ $XIWUDJ JHUQ DQJHQRPPHQLQVEHVRQGHUHZHLO HUGDPLWGHQ*HJQHUQGHUKXPDQLVWLVFKHQ6WXGLHQ HQWJHJHQWUHWHQNRQQWH,QGHU6DOXWDWLJHZLGPHWHQ9RUUHGHGHUhEHUVHW]XQJVFKUHLEW HUÅ$WTXHLGHROLEHQWLXVLGIHFLPXVTXRGDXFWRULWDWHWDQWLYLULLJQDYLDPDFSHUYHUVLWD WHPHRUXPFXSLHEDPXVUHIULQJHUHTXLVWXGLDKXPDQLWDWLVYLWXSHUDQWDWTXHDEKLVRP QLQRDEKRUUHQGXPFHQVHQW´%UXQL  I²'LHhEHUVHW]XQJYRQ$GDGROHVFHQWHV JHK|UWPLWEHUHUIDVVWHQ+DQGVFKULIWHQ]XGHQDPPHLVWHQYHUEUHLWHWHQ7H[WHLQ GHU5HQDLVVDQFH=XU%HGHXWXQJYRQ%UXQLVhEHUVHW]XQJIUGLH5H]HSWLRQGHV:HU NHVYJO6FKXFDQ  LQVE 9JO%UXQL'LDORJLDG3HWUXP3DXOXP+LVWUXPKJ6WHIDQR8JR%DOGDVVDUUL)ORUHQ]/HR 62OVFKNL²=XU%HGHXWXQJGLHVHV'LDORJVIUGLH:LHGHUOHEHJXQJGDVNODVVL VFKHQ'LDORJW\SVYJO0DUVK  XQG+lVQHU   9JOGHQGHU%DWWLVWD0RQWHIHOWUR*DWWLQGHV*DOHD]]R0DODWHVWD+HU]RJYRQ3HVDUR JHZLGPHWHQ7UDNWDW'HVWXGLLVHWOLWWHULVOLEHUGHUHLQHQ6WXGLHQSODQIU)UDXHQHQWKlOW 9JO%UXQL IUHLQHGWhEHUVHW]XQJGHV7H[WHVYJO%UXQL   9JO %UXQL   XQG %UXQL   ² =X %UXQLV ÅSURWR0DFKLDYHOOLDQ´ 0HWKRGHGHU$QDO\VHSROLWLVFKHU3UR]HVVHYJOMQJVW+DQNLQV  

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



VHOEVW XQG VHLQHQ (SLJRQHQ XQWHUVFKLHGHQ XQG VHLQH 3ROHPLN YRU DOOHP JHJHQOHW]WHUHJHULFKWHW'RFKLP*UXQGHEOLHEHUGDEHLGLH1LNRPDFKLVFKH (WKLNPLWGHQ$XJHQGHU6FKRODVWLN]XVHKHQXQGVLHDOVHLQ:HUN]XEH WUDFKWHQGDVHKHU:LVVHQYHUPLWWHOWDOVHLQVROFKHVGDVXQV]XEHVVHUHQ 0HQVFKHQPDFKW'LHVHU%OLFNDXIGLHHWKLVFKHQ6FKULIWHQGHV$ULVWRWHOHV lQGHUWVLFKQXQEHL/HRQDUGR%UXQL'RFKZLHJHOLQJWHV%UXQLGLHDULVWR WHOLVFKH0RUDOSKLORVRSKLHLQGDVPRUDOSKLORVRSKLVFKH'HQNHQGHU+XPD QLVWHQ]XLQWHJULHUHQGDVVLFKJHUDGHLQ$EJUHQ]XQJYRQGHUDQGHQ8QL YHUVLWlWHQ KHUUVFKHQGHQ DULVWRWHOLVFKHQ 0RUDOSKLORVRSKLH XQG LQ $QOHK QXQJDQ&LFHURXQG6HQHFDDOVVWRLVFKLQVSLULHUWHDUVYLWDHHQWZLFNHOWKDWWH" /HRQDUGR %UXQL LVW HLQHU YRQ GHQ HUVWHQ ODWHLQLVFKHQ *HOHKUWHQ GLH *ULHFKLVFK VWXGLHUW KDEHQ XQG PLWKLQ LQ GHU /DJH ZDUHQ GLH DULVWRWHOL VFKHQ 7H[WH LP 2ULJLQDO ]X OHVHQ 'DPLW ZDU HLQH GHU *UXQGYRUDXVVHW ]XQJGDIUJHVFKDIIHQGLHDULVWRWHOLVFKHQ7H[WHDXVGHQ'HXWXQJVPXVWHUQ XQG 9RUJDEHQ GHU VFKRODVWLVFKHQ $ULVWRWHOHVNRPPHQWLHUXQJ KHUDXVO|VHQ ]X N|QQHQ XQG VR ² GXUFK =XZHQGXQJ ]X GHQ 2ULJLQDOWH[WHQ ² HLQHU QHXHQ,QWHUSUHWDWLRQVZHLVHHLQHQ=XJDQJ]XHU|IIQHQ,QGHQ7H[WHQGHV $ULVWRWHOHVILQGHW%UXQLHLQH%UJHUPRUDOGLHRKQH5HNXUVDXI*ODXEHQV HOHPHQWH :HJH ]XP JOFNOLFKHQ XQG JXWHQ /HEHQ DXI]HLJW XQG VRPLW 2ULHQWLHUXQJLQGHU/HEHQVIKUXQJELHWHW'LHVHOHEHQVSUDNWLVFKH%HGHX WXQJGHUPRUDOSKLORVRSKLVFKHQ7H[WHGHV$ULVWRWHOHVZXUGHIUHLOLFK²IU %UXQL²GXUFKNRUUXSWHhEHUVHW]XQJHQYHUVFKWWHW6LHZLHGHUIUHL]XOHJHQ LVWGDV=LHOGHULQWHQVLYHQ$XVHLQDQGHUVHW]XQJPLWGHQPRUDOSKLORVRSKL VFKHQ6FKULIWHQGHV$ULVWRWHOHV 'LHHUVWHXQGHIIHNWLYVWH:HLVHGHU$QQlKHUXQJXQG9HUHLQQDKPXQJ GHU DULVWRWHOLVFKHQ 3KLORVRSKLH GXUFK %UXQL ILQGHW GXUFK hEHUVHW]XQJHQ VWDWW%UXQLEHUVHW]WQHEHQGHU1LNRPDFKLVFKHQ(WKLN  DXFKGLH SVHXGRDULVWRWHOLVFKHgNRQRPLN  XQGGLH3ROLWLN  XQGGDPLW GLH GUHL ]HQWUDOHQ PRUDOSKLORVRSKLVFKHQ 6FKULIWHQ GHV $ULVWRWHOHV 'LH hEHUVHW]XQJHQ ZHUGHQ YRQ %UXQL MHZHLOV GXUFK 9RUUHGHQ :LGPXQJV VFKUHLEHQXQG²LP)DOOGHUgNRQRPLN²GXUFK.RPPHQWDUHHUJlQ]WXQG JHGHXWHW%UXQLKDWIHUQHUHLQH9LWDGHV$ULVWRWHOHVXQGHLQHQ'LDORJEHU GLH 0RUDOSKLORVRSKLH GHV $ULVWRWHOHV YHUIDVVW $OOH GLHVH 7H[WH VWHKHQ LQ GHU )XQNWLRQ $ULVWRWHOHV XQG GHVVHQ 6FKULIWHQ XQWHU GHQ 9RUDXVVHW]XQ JHQGHVKXPDQLVWLVFKHQ'HQNDQVDW]HVQHX]XGHXWHQXQG]XUHNUHLHUHQ ,P )ROJHQGHQ ZHUGH LFK DQKDQG GHU YHUVFKLHGHQHQ 6FKULIWHQ YRQ %UXQL ]X $ULVWRWHOHV XQG GHVVHQ (WKLN GDUOHJHQ GXUFKZHOFKH 6WUDWHJLHQ HV%UXQLJHOLQJW$ULVWRWHOHVXQGGHVVHQ0RUDOSKLORVRSKLHLQGDVKXPDQLV WLVFKH 'HQNHQ ]X LQWHJULHUHQ ZHOFKH $XVZLUNXQJHQ GLHV DXI GDV 9HU 

=X(QWVWHKXQJXQG9HUEUHLWXQJYRQ%UXQLVDQQRWLHUWHUhEHUVHW]XQJGHU2HFRQRPLFD GLHHU&RVLPRGH·0HGLFLZLGPHWHYJO6RXGHN  XQG6RXGHN  =X%UXQLV .RPPHQWDU]XUgNRQRPLNYJO*ROGEUXQQHU  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VWlQGQLV GHU DULVWRWHOLVFKHQ 7H[WH KDWWH XQG ZLH VLFK VFKOLH‰OLFK GDV KX PDQLVWLVFKH'HQNHQGXUFKGLHVH9HUHLQQDKPXQJVHOEVWYHUlQGHUWH 'HU6WUHLWXPGLH.RPSHWHQ]LQGHU$ULVWRWHOHVEHUVHW]XQJ ,P-DKUOHJW%UXQLVHLQHQHXHhEHUVHW]XQJGHU1LNRPDFKLVFKHQ(WKLN YRU 'LHVHU hEHUVHW]XQJ LVW HLQ 9RUZRUW YRUDQJHVWHOOW LQ GHP %UXQL VHLQ HLJHQHV 9RUJHKHQ UHFKWIHUWLJW XQG GLH DOWH hEHUVHW]XQJ VFKDUI DWWD FNLHUW'LHVLVWGHU$XVO|VHUIUHLQHQ*HOHKUWHQVWUHLWGHVVHQOLWHUDULVFKH :RJHQDXFKYLHOH-DKUHQDFK%UXQLV7RGQRFKQLFKWJHJOlWWHWZDUHQ'D EHLZlUHHVYLHOOHLFKWQLH]XHLQHUVROFKHQ3ROHPLNXPVHLQHhEHUVHW]XQJ JHNRPPHQ ZHQQ %UXQL HV QLFKW VHOEVW GDUDXI DQJHOHJW KlWWH 'DVV LKQ VHLQHQHXHhEHUVHW]XQJYRUDOOHPLQGHU:HLVHZLHHUVLHSUlVHQWLHUWHLQ 6FKZLHULJNHLWHQ EULQJHQ ZUGH ZDU LKP VFKRQ VHKU IUK EHZXVVW (V VWHOOWVLFKDOVRGLH)UDJHZDVHUPLWHLQHUVROFKHQ3ROHPLNLQWHQGLHUWHXQG IDNWLVFKHUUHLFKWH $OVVLFK%UXQLGDUDQPDFKWGLH1LNRPDFKLVFKH(WKLNGHV$ULVWRWHOHV]X EHUVHW]HQ ODJ GLHVH EHUHLWV LQ YHUVFKLHGHQHQ 9HUVLRQHQ DXI /DWHLQ YRU YRQ GHQHQ YRU DOOHP GLH YRQ 5REHUW *URVVHWHVWH   HLQH JUR‰H 9HUEUHLWXQJ HUIXKU XQG HLQH XPIDQJUHLFKH .RPPHQWLHUXQJVWUDGLWLRQ DXIZHLVHQ NRQQWH ,QGHP %UXQL QXQ HLQH QHXH hEHUVHW]XQJ YRUOHJW EHJLEW HU VLFK LQ GLUHNWH .RQNXUUHQ] ]X GHQ VFKRODVWLVFKHQ hEHUVHW]XQ 

(LQH DOOJHPHLQH XQG SKLORVRSKLVFKH 'HXWXQJ GHU (WKLNEHUVHW]XQJ %UXQLV LQ LKUHQ ÅSKLORVRSKLVFKHQ3UlPLVVHQ´ILQGHWVLFKLQ*HUO    0LW%H]XJDXIGLHJOHLFK]X%HJLQQVHLQHU(WKLNEHUVHW]XQJYRUNRPPHQGHhEHUVHW ]XQJYRQÅW·DJDWKRQ´PLWÅVXPPXPERQXP´VFKUHLEWHUDQ*LRYDQQL1LFRODÅ9LGH EDPHQLPDELSVRLQLWLRPDJQDVPLFKLFRQWURYHUVLDVQRQGHIXWXUDVSUDHVHUWLPDGYHU VXVHRVTXL YHWXVWDVXWYHUHGLFDPDPEDJHVH[ DQWLTXDLOODLQWHUSUHWDWLRQHLPELELV VHQW´(SLVWXOD;LQ0HKXV  ,, KLHU   7HLOHGHU(WKLNZXUGHQEHUHLWVJHJHQ(QGHGHV-DKUKXQGHUWVEHUVHW]W GLHVRJH QDQQWH(WKLFDYHWXV $P%HJLQQGHV-DKUKXQGHUWVODJHLQHZHLWHUHP|JOLFKHUZHLVH YROOVWlQGLJH hEHUVHW]XQJ YRU GLH MHGRFK QXU IUDJPHQWKDIW EHUOLHIHUW LVW GLH VRJH QDQQWH (WKLFD QRYD  'LH hEHUVHW]XQJ YRQ *URVVHWHVWH UHFHQVLR SXUD XP   ZXUGH XP  QRFK HLQPDO EHUDUEHLWHW UHFHQVLR UHFRJQLWD  P|JOLFKHUZHLVH YRQ :LOKHOP YRQ 0RHUEHFNH ]X )UDJHQ GHU =XVFKUHLEXQJ YJO %UDPV   ² %UXQL KLHOWGHQ9HUIDVVHUIUHLQHQHQJOLVFKHQ'RPLQLNDQHUHLQH,QIRUPDWLRQGLHHUDXVHL QHP ELVKHU QLFKW DXIJHIXQGHQHQ 9RUZRUW HQWQRPPHQ KDW ZLH HU VHOEVW LQ HLQHP %ULHIDQJLEWÅ$WTXHXWVFLDVGXRIXHUDQWDQWHPHTXRGHTXLGHPYLGHULPLQWHUSUHWD WLRQHV(WKLFRUXPXQDTXDPH[DUDEDOLQJXDWUDGXFWDPFRQVWDWSRVW$YHUURLVSKLOR VRSKLWHPSRUDTXDHTXRQLDPDQWHULRUHVWÄYHWXV¶DSSHOODWXU$OWHUDKDHFSRVWHULRUHW QRYLRU D %ULWDQQR TXRGDP WUDGXFWD FXLXV HWLDP SURHPLXP OHJLPXV LQ TXR HW )UDWUHP VH 2UGLQLV 3UDHGLFDWRUXP VFULELW HW URJDWX FRQIUDWUHP GH KLV WUDQVIHUHQGLV ODERUHPVXVFHSLVVH4XRPRGRLJLWXULQWHUSUHWDWLRLVWDSULXVIXLWTXDP2UGRLSVHLQVWL WXWXVHVW"´0HKXV  ,'LH6WHOOHDXFK]LWLHUWLQ+DQNLQV  

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



JHQ 8P DOV HLQH VROFKH .RQNXUUHQ] EHUKDXSW ZDKUJHQRPPHQ ]X ZHUGHQ XQG HLQH DQJHPHVVHQH 5HVRQDQ] ]X HUIDKUHQ ZlKOW %UXQL GHQ :HJ GHU 3ROHPLN HU DWWDFNLHUW GLH EHUHLWV EHVWHKHQGHQ hEHUVHW]XQJHQ 6HLQH$QJULIIHEH]LHKHQVLFKDXIYHUVFKLHGHQH7KHPHQGLHMHGRFKDOOHLP (QGHGDUDXIDE]LHOHQ]X]HLJHQGDVVGLHHLJHQWOLFKHXQG]HQWUDOH%HGHX WXQJ GHU DULVWRWHOLVFKHQ PRUDOSKLORVRSKLVFKHQ 7H[WH GXUFK VFKRODVWLVFKH hEHUVHW]XQJHQ ]HUVW|UW XQG YHUGHFNW ZXUGH ZHVKDOE VHLQH hEHUVHW]XQJ DXFK EHUKDXSW HLJHQWOLFK GLH HUVWH DXI /DWHLQ VHL 'DPLW EHJLEW VLFK %UXQLLQGLUHNWH.RQIURQWDWLRQPLW9HUWUHWHUQGHUXQLYHUVLWlUHQ%LOGXQJV NXOWXU 'LHYHUVFKLHGHQHQ'RNXPHQWHGLHIUGLHVHQ6WUHLWUHOHYDQWVLQGOLH JHQ²PLW$XVQDKPHGHV7H[WHVYRQ%DWWLVWDGH)LQDULRGHULP$QKDQJ GLHVHU $UEHLW HUVWPDOV YROOVWlQGLJ HGLHUW ZLUG ² LQ JXW GRNXPHQWLHUWHU )RUPYRUXQGYLHOHGHU$UJXPHQWHGLHMHZHLOVIUGLHHLQHRGHUDQGHUH hEHUVHW]XQJVZHLVHYRUJHEUDFKWZXUGHQVLQGEHUHLWVGDUJHVWHOOWZRUGHQ ,P )ROJHQGHQ P|FKWH LFKGLHVH 3ROHPLN XQWHU GHU )UDJH EHWUDFKWHQ LQ ZLHZHLWXQGPLWZHOFKHQ0LWWHOQHV%UXQLJHOLQJWGLHDULVWRWHOLVFKH(WKLN GXUFK GDV 0HGLXP GHU hEHUVHW]XQJ DXV GHP 3DUDGLJPD GHU VFKRODVWL VFKHQ (WKLNEHKDQGOXQJ KHUDXV]XO|VHQ 0LW HLQHU QHXHQ hEHUVHW]XQJ DO OHLQLVWHVQLFKWJHWDQ%UXQLPXVV]XGHP]HLJHQGDVVGLHHLJHQWOLFKH%H GHXWXQJGHV7H[WHVHUVWLQVHLQHUhEHUVHW]XQJGHXWOLFKZLUG$QKDQGGHU ]HQWUDOHQ7H[WHGLHVHV6WUHLWVDQGHQHQVLFKEHVRQGHUVJXWGLHHLJHQWOLFKH 3UREOHPDWLNGHU3ROHPLNGHXWOLFKPDFKHQOlVVWQlPOLFK%UXQLV9RUUHGHQ ]XU(WKLNEHUVHW]XQJGHQ'LVSXWPLW$ORQVRGH&DUWDJHQDXQGVFKOLH‰ OLFK GLH 9HUWHLGLJXQJVVFKULIW GHU DOWHQ hEHUVHW]XQJ YRQ GHP 'RPLQLND QHUELVFKRI%DSWLVWDGH)LQDULRVHLGLH3ROHPLNLPIROJHQGHQQDFKJH]HLFK QHW



$XVVHLQHU.RUUHVSRQGHQ]ZLVVHQZLUGDVV%UXQLQHEHQ]ZHLPLWWHODOWHUOLFKHQhEHU VHW]XQJHQ²QlPOLFKGLHYRQ-RKDQQHVYRQ9HQHGLJXQGGLHYRQ5REHUW*URVVHWHVWH ²DXFKGLH.RPPHQWDUHYRQ(XVWUDWLXVXQG0LFKDHOYRQ(SKHVXVVWXGLHUWHYJO(S 9XQG9,,'LHVH5HIHUHQ]HQVLQG]LWLHUWEHL+DQNLQV  I  %UXQL 3UDHPLVVLR TXDHGDP DG HYLGHQWLDP QRYDH WUDQVODWLRQLV (WKLFRUXP $ULVWRWHOLV Å>@ OD ERUHPVXVFHSLQRYDHWUDGXFWLRQLV,QTXDXWFHWHUDRPLWWDPLOOXGDVVHFXWXPPHSXWR XWKRVOLEURVQXQFSULPXP/DWLQRVIHFHULPFXPDQWHDQRQHVVHQW´%UXQL    9JOGHQ$QKDQJ]XGLHVHU$UEHLW  %LUNHQPDMHU  KDWGLHVRJHQDQQWH&RQWURYHUVLD$OIRQVLQDUHNRQVWUXLHUW*UDEPDQQ  KDWDXIHLQHELVKHUXQJHGUXFNWH9HUWHLGLJXQJVFKULIWDXIPHUNVDPJHPDFKWGLH PHKUDOVYLHU]LJ-DKUHQDFKGHP7RGYRQ%UXQLHUVFKLHQHQLVWXQG+DQNLQV D  E  XQG F  KDW MQJVW GLH YHUVFKLHGHQHQ 3KDVHQ GHU $XVHLQDQGHUVHW]XQJ GDUJHOHJWXQGXPHLQLJH7H[WEHOHJHHUZHLWHUW



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

%UXQLV9RUZRUW]XU(WKLNEHUVHW]XQJ (VLVWLQGHU)RUVFKXQJZLHGHUKROWGDUDXIKLQJHZLHVHQZRUGHQGDVV%UX QLV hEHUVHW]XQJ LP *UXQGH ZHQLJH $EZHLFKXQJHQ YRQ GHU PLWWHODOWHUOL FKHQ DXIZHLVH 'HQQRFK JHOLQJW HV %UXQL GXUFK EHVWLPPWH (QWVFKHL GXQJHQEHLGHUhEHUVHW]XQJGLHVRZRKOGLH:RUWZDKODOVDXFKGLH6\QWD[ EHWUHIIHQ HLQHQ DQGHUHQ &KDUDNWHU GHV 7H[WHV DXIVFKHLQHQ ]X ODVVHQ 'LHVHU YRQ %UXQL DN]HQWXLHUWH &KDUDNWHU ZLUG YRU DOOHP DXFK GXUFK GDV 9RUZRUW GHU hEHUVHW]XQJ JHVWW]W XQG KHUDXVJHVWHOOW 'DKHU VHLHQ GDV SROHPLVFKH 9RUZRUW %UXQLV XQG GLH GDULQ JHlX‰HUWHQ $QVSUFKH XQG 8UWHLOHQlKHUEHWUDFKWHW $P%HJLQQGHV9RUZRUWV]XVHLQHUhEHUVHW]XQJGDVDQ3DSVW0DUWL QXV9JHULFKWHWLVWVFKUHLEW%UXQLGDVVHVGLH$XIJDEHGHV*HOHKUWHQVHL QLFKWQXUVLFKVHOEVWVRQGHUQDXFKGHQDQGHUHQPLWVHLQHU$UEHLW]XQW ]HQ'LH%FKHUGHV$ULVWRWHOHVQXQVHLHQIUXQVHU/HEHQDX‰HURUGHQW OLFKQW]OLFK (VZLUGQlPOLFKDOVGLHKDXSWVlFKOLFKVWH$XIJDEHGHU*HOHKUWHQDQJHVHKHQGDVV LKUH 6WXGLHQ VLFK QLFKW QXU DXI GHQ HLJHQHQ VRQGHUQ DXFK DXI GHQ DOOJHPHLQHQ 1XW]HQEH]LHKHQ'DKHUKDEHLFKGLHVHKUOLHEOLFKHQVHKUHOHJDQWHQXQGIUXQ VHU/HEHQDPPHLVWHQQRWZHQGLJHQ%FKHUGHV$ULVWRWHOHVZHOFKHGHQ7LWHO9RQ GHQ6LWWHQWUDJHQPLWJU|‰WHU6RUJIDOWLQV/DWHLQLVFKHEHUWUDJHQZHLOLFKGLHVIU VRQW]OLFKKDOWHGDVVQLFKWVQW]OLFKHUVHLQN|QQWH

%UXQL VR GUIHQ ZLU DXV GLHVHU bX‰HUXQJ VFKOLH‰HQ GLHQW LQGHP HU GLH 1LNRPDFKLVFKH (WKLN EHUVHW]W HLQHP ]ZHLIDFKHQ 1XW]HQ VHLQH hEHUVHW ]XQJLVWQW]OLFKZHLOHUGDPLWHLQHQ7H[W]XJlQJOLFKPDFKW'LHVHU7H[W VHOEVWLVWDEHUDXFKQW]OLFKIUXQVHU/HEHQ0LWGHU%HWRQXQJGHU1W] OLFKNHLW JUHLIW %UXQL HLQ $QOLHJHQ GHU KXPDQLVWLVFKHQ 'HQNHU DXI 'LHVH 'LPHQVLRQ GHU DULVWRWHOLVFKHQ %FKHU VSLHOWH LQ VFKRODVWLVFKHQ (WKLN 

9JOKLHU]XHWZDGLH8UWHLOHYRQ*DULQ  XQGYRQ*DXWKLHU  , =X :RUWZDKO 6\QWD[ XQG GHQ YRQ %UXQL EHYRU]XJWHQ 9HUEDOIRUPHQ LQ GHU (WKLN EHUVHW]XQJLP9HUJOHLFK]XGHUhEHUVHW]XQJYRQ*URVVHWHVWHYJODXVIKUOLFK*HUO  XQG²%UXQLKDWVHLQH0HWKRGHGHUhEHUVHW]XQJDGVHQWHQWLDPLP *HJHQVDW] ]XU LP 0LWWHODOWHU EOLFKHQ DG YHUEXP0HWKRGH DXVIKUOLFK VHOEVW JHUHFKW IHUWLJW9JO%UXQL'HLQWHUSUHWDWLRQHUHFWD FD LQ%UXQL  XQGPLWLWD OLHQLVFKHU hEHUVHW]XQJ LQ %UXQL    =X %UXQLV hEHUVHW]XQJVPHWKRGH YJODXFK%RWOH\    =XU]HQWUDOHQ%HGHXWXQJYRQ3DUDWH[WHQIUGDV9HUVWlQGQLVXQGGLH5H]HSWLRQYRQ :HUNHQGHU)UKHQ1HX]HLWYJOYRQ$PPRQXQG9|JHO    %UXQL3UDHIDWLRLQOLEURV(WKLFRUXP$ULVWRWHOLVÅ,GHQLPSUDHFLSXXPVWXGLRVRUXPPXQXV SXWDQGHXPHVWXWQRQDGSURSULDPPRGRVHGHWDGFRPPXQHPXWLOLWDWHPVWXGLDUHI HUHQWVXD,WDTXH$ULVWRWHOLVOLEURVTXL¶'HPRULEXV·LQVFULEXQWXUVXDYLVVLPRVTXLGHP DFHOHJDQWLVVLPRVHWDGYLWDPQRVWUDPSOXULPXPQHFHVVDULRVDFFXUDWLRULGLOLJHQWLDLQ /DWLQXP WUDGX[L SXWDQV LG XVTXH DGHR XWLOH XW QLKLO ILHUL SRVLW XWLOLXV´ ,Q %UXQL   

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



NRPPHQWDUHQ ELVKHU QXU HLQH XQWHUJHRUGQHWH 5ROOH 6LH EHJLQQHQ LKUHQ 3URORJLQGHU5HJHOPLWGHU)UDJHQDFKGHP6WDWXVGHU:LVVHQVFKDIWGHU YHUKDQGHOWHQ 'LV]LSOLQ 'LH )UDJH MHGRFK QDFK GHP ZLVVHQVFKDIWOLFKHQ 6WDWXVGHU(WKLN²HLQH)UDJHGLHQLFKWQXUGLHPLWWHODOWHUOLFKHQ.RPPHQ WDWRUHQGHU(1VRQGHUQDXFK$ULVWRWHOHVVHOEVWXPJHWULHEHQKDW²VWHOOW %UXQL QLFKW HLQPDO 0LW GHU $N]HQWXLHUXQJ GHU 1W]OLFKNHLW ZHLVW HU DXI GLH%HGHXWXQJGHV7H[WHVIUXQVHU/HEHQKLQ 1DFKGHP %UXQL GLHVHQ JUXQGVlW]OLFKHQ 3HUVSHNWLYHQZHFKVHO YRQ :LVVHQVFKDIWOLFKNHLW ]X OHEHQVSUDNWLVFKHU 1W]OLFKNHLW YROO]RJHQ KDW PDFKWHUVLFKGDUDQ]X]HLJHQLQZHOFKHQ3XQNWHQGLHDOWHhEHUVHW]XQJ² XQWHU GHU 3HUVSHNWLYH GHU 1W]OLFKNHLW IU %UJHU ² JHIHKOW KDEH 'DIU IKUWHULQGHU+DXSWVDFKH]ZHL$UJXPHQWHDQ(UVWHQVVHLGLHYRUOLHJHQGH hEHUVHW]XQJQLFKWZLUNOLFKDXI/DWHLQYHUIDVVWGDYLHOHJULHFKLVFKH%HJULI IHXQEHUVHW]WJHEOLHEHQVLQGVRGDVVGHU7H[WKDOEJULHFKLVFKXQGKDOE ODWHLQLVFK VHL 8QWHU GHU 3HUVSHNWLYH GHU :LVVHQVFKDIWOLFKNHLW P|JHQ XQEHUVHW]WH%HJULIIHZRKO]XHLQHUWHUPLQRORJLVFKHQ([DNWKHLWEHLWUDJHQ 8QWHUGHU3HUVSHNWLYHGHU1W]OLFKNHLWLVWGLHVHV9HUIDKUHQMHGRFKXQSDV VHQG GD HV QLFKW ]XU $OOJHPHLQYHUVWlQGOLFKNHLW EHLWUlJW XQG PLWKLQ QXU ZHQLJHQ(LQJHZHLKWHQQW]OLFKLVW =ZHLWHQVIKUW%UXQLDQGDVVGHU6WLO RUDWLR E]ZGLHÅDQJHPHVVHQH 'DUVWHOOXQJGHU:|UWHU´GHUDOWHQhEHUVHW]XQJVHKU]XZQVFKHQODVVH $XFKIUGLHVHV$UJXPHQWJLOWGDVVGHUUKHWRULVFKH6WLOHLQHV7H[WHV RUD WLR IUGLHZLVVHQVFKDIWOLFKH%HGHXWXQJZHQLJ5HOHYDQ]EHVLW]W+LQJHJHQ VSLHOWGHU6WLOGRUWHLQH5ROOHZRPDQEHZHJHQIHVVHOQXQGEHU]HXJHQ ZLOO 'LHVH EHLGHQ 'LQJH QlPOLFK VWULNW ODWHLQLVFKH :RUWH ]X YHUZHQGHQ XQGGLHGHP7H[WHLJHQH(OHJDQ]LQGHUhEHUVHW]XQJZLHGHU]XJHEHQKlOW %UXQLIUGLHZLFKWLJVWHQ'LQJHGLHHLQhEHUVHW]HU]XEHDFKWHQKDWXQG GLHELVKHUQLFKWEHDFKWHWZXUGHQ 1XQ ZHFKVHOW%UXQL VHLQH$UJXPHQWDWLRQVVWUDWHJLHVHOEVW ZHQQ PDQ GLH3HUVSHNWLYHGHU6FKRODVWLNHUHLQKlOWXQGGDV:LVVHQXQGGLH(UNHQQW QLV DOV .ULWHULXP IU GHQ :HUW HLQHU hEHUVHW]XQJ DQVHW]W VHOEVW GDQQ KDEHGLHDOWHhEHUVHW]XQJJHIHKOW'HQQGLH$XIJDEHGHV*HOHKUWHQVHLHV 'DV ZDV YHUERUJHQ LVW ZLH HWZDV GDV DXVJHIHLOW LVW ]X HUIRUVFKHQ $EHU GLHVHU XQVHUhEHUVHW]HUEOHLEWDXFKLQGHPZDVY|OOLJNODULVWVWHFNHQDOVVHLHVYROOHU



Å,WDVHPLJUDHFXVTXLGDPHWVHPLODWLQXVILWLQXWUDTXHGHILFLHQVOLQJXDLQQHXWUDLQWH JHU´(EG  Å4XLG GLFDP GH WUDQVIRUPDWLRQH RUDWLRQLV TXD QLKLO HVW WXUEDWLXV QLKLO SHUYHUVLXV"´ (EG



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

6FKZLHULJNHLWHQ XQG DUEHLWHW VLFK QLFKW LQ $UPXW DE VRQGHUQ EHWWHOW PLWWHQ LP 5HLFKWXP

0LWDQGHUHQ:RUWHQGHUhEHUVHW]HUKDEHVLFKLQ3VHXGRSUREOHPHQYHU LUUWXQGHLJHQWOLFKGHXWOLFKH3DVVDJHQDXIJUXQGVHLQHUPDQJHOQGHQ.HQQW QLVVHYHUGXQNHOW$XFKDOV3KLORVRSKKDEHGHUDOWHhEHUVHW]HUJHIHKOWGD HUGLH'LQJH]XJOHLFKPLWGHQ:RUWHQYHUZLUUWH6RKDEHHUHWZDIlOVFK OLFKHUZHLVHKHGRQpPLWGHOHFWDWLRVWDWWPLWYROXSWDVZLHGHUJHJHEHQ%HLGLH VHU.ULWLNEH]LHKWVLFK%UXQLDXI6HQHFDXQG&LFHURDOV$XWRULWlWHQ'LHVH QXQ ZDUHQ 9HUWUHWHU GHV NODVVLVFKHQ /DWHLQV ,QVEHVRQGHUH &LFHUR KDW GXUFKVHLQHhEHUVHW]XQJJULHFKLVFKHUSKLORVRSKLVFKHU7HUPLQLLQV/DWHLQL VFKH ]XU %LOGXQJ ODWHLQLVFKHU SKLORVRSKLVFKHU %HJULIIOLFKNHLW EHLJHWUDJHQ $QGHUHUVHLWV GDUI PDQ VLFK VLFKHUOLFK IUDJHQ RE DQJHVLFKWV GHU EHUHLWV IHVWJHOHJWHQ XQG WUDGLHUWHQ hEHUVHW]XQJ LQ GHU VFKRODVWLVFKHQ 7UDGLWLRQ XQG GHU LQ GLHVHP .RQWH[W KlXILJ WHFKQLVFK YHUZHQGHWHQ %HJULIIH GHU 5HNXUV DXI $XWRUHQ GHU NODVVLVFKHQ ODWHLQLVFKHQ $QWLNH KLOIUHLFK LVW XP $ULVWRWHOHV ]X EHUVHW]HQ $XFK EHL GLHVHU )UDJH QDFK GHU :RUWZDKO ² EHUHLWVLQGHUNODVVLVFKHQODWHLQLVFKHQ$QWLNHEHOHJWRGHUDEHUGXUFKXP IDQJUHLFKH5H]HSWLRQXQG.RPPHQWLHUXQJEHUHLWVNRQVROLGLHUW²JHKWGLH )UDJHQDFK=LHOXQG=LHOSXEOLNXPGHUhEHUVHW]XQJYRUDXVVROOVLHHLQHP ZLVVHQVFKDIWOLFK,QWHUHVVLHUWHQRGHUHLQHP/DLHQGLHQOLFKVHLQ" ,QGLHVHP.RQWH[WVSULFKW%UXQLDXFKH[SOL]LWGLHYRQLKPDQYLVLHUWHQ *HJQHUVHLQHU3RVLWLRQDQQlPOLFKGLHMHQLJHQ=HLWJHQRVVHQGLHLPVFKR ODVWLVFKHQ'HQNHQYHUZHLOHQXQGGHVKDOEQLFKW%UXQLV9RUOLHEHIUNODVVL VFKHV/DWHLQXQGNODVVLVFKH$XWRUHQWHLOHQ $EHULFKYHUVXFKHQLFKWYRQLKP> GHPhEHUVHW]HU@]XHUIDKUHQZHOFKH8UVD FKHGD]XIKUWHGDVDOWHXQGEHZlKUWH:RUW]XODVVHQXQGHLQQHXHV]XVXFKHQ VRQGHUQYRQGHQMHQLJHQGLHLFKIUVHLQH9HUWHLGLJHUKDOWH

0LW GLHVHP 9RUZRUW KDW VLFK %UXQL GHXWOLFK SRVLWLRQLHUW (U PDFKW GHQ 9HUWUHWHUQGHUXQLYHUVLWlUHQ.XOWXUGHQ$QVSUXFKVWUHLWLJIUGLH0RUDO SKLORVRSKLH GHV $ULVWRWHOHV ]XVWlQGLJ ]X VHLQ XQG KDW $UJXPHQWH DQJH IKUWZDUXPVHLQHhEHUVHW]XQJQRWZHQGLJJHZRUGHQLVW%UXQLOHKQWGDV 3DUDGLJPD GHU :LVVHQVFKDIWOLFKNHLW DE XQG VHW]W VWDWWGHVVHQ DXI GLH OH EHQVSUDNWLVFKH'LPHQVLRQXQGGLH1W]OLFKNHLWGHV7H[WHV'DEHLEH]LHKW



Å(UXGLWRUXPVLWLVWDFXUDUHWUXVDTXDHGDPHWOLPDWDH[TXLUHUH$WKLFQRVWHULQWHUSUHV HWLQSODQLVVLPLVWDPTXDPLQVDOHEUDKDHUHWQHFLQSHQXULDODERUDWVHGLQGLYLWLLVPHQ GLFDW´(EG  Å$WTXLILHULSRWHVWXWLSVHLQSKLORVRSKLDGRFWXVIXHULWVHGHTXLGHPQRQSXWRFXP YLGHDPLSVXPUHVTXRTXHVLPXOFXPQRPLQLEXVFRQIXQGHQWHP´(EG  9JOHEGI  Å6HG TXDHUR QRQ LDP DE HR VHG DE KLV TXRV LOOXP GHIHQVXURV HVVH UHRU TXDHQDP FDXVDIXHULWYHWXVDFSUREDWXPYHUEXPUHOLQTXHQGLTXDHUHQGLQRYXP´(EG

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



HU VHLQH /HJLWLPDWLRQ EHU $ULVWRWHOHV ]X XUWHLOHQ YRU DOOHP DXV VHLQHU 6SUDFKNRPSHWHQ] 'LHFRQWURYHUVLD$OSKRQVLDQD 'HUSROHPLVFKH7RQPLWGHP%UXQLGLHDOWHhEHUVHW]XQJJHL‰HOWHIRUGHU WHGHQ:LGHUVSUXFKJHUDGH]XKHUDXV'LHHUVWHQ5HDNWLRQHQDXIGLHQHXH hEHUVHW]XQJODVVHQGDKHUDXFKQLFKWODQJHDXIVLFKZDUWHQ,QVEHVRQGHUH GLH hEHUVHW]XQJ %UXQLV YRQ W·DJDWyQ PLW VXPPXP ERQXP VWDWW HLQIDFK PLW ERQXP ZLH HV GHU PLWWHODOWHUOLFKH hEHUVHW]HU WDW KDW LKP GLH .ULWLN YRQ ]DKOUHLFKHQ =HLWJHQRVVHQ HLQJHWUDJHQ 6FKOLH‰OLFK NRPPW HV ]X HLQHP UHJHOUHFKWHQ 'LVSXW ]ZLVFKHQ %UXQL XQG GHP %LVFKRI $ORQVR *DUFLD GH &DUWDJHQD JHVWRUE HLQ6WUHLWZHOFKHUVFKRQYRQ%UXQLVHOEVWDOV FRQWURYHUVLD $OSKRQVLDQD EH]HLFKQHW ZXUGH $ORQVR GHU DXI GHP .RQ]LO YRQ %DVHOWlWLJ ZDU XQGVRLQ .RQWDNW PLW LWDOLHQLVFKHQ +XPDQLVWHQ JH NRPPHQLVWIKOWVLFKQDFKGHU/HNWUHYRQ%UXQLV9RUUHGHKHUDXVJHIRU GHUWXQGYHUIDVVWHLQHSROHPLVFKH6FKULIWDXIGLHZLHGHUXP%UXQLJHDQW ZRUWHW KDW $XV GHU *HJHQEHUVWHOOXQJ GLHVHU 7H[WH ODVVHQ VLFK GHXWOLFK GLH YHUVFKLHGHQHQ 3HUVSHNWLYHQ =LHOH XQG0HWKRGHQ DEOHVHQ PLW GHQHQ %UXQLHLQHUVHLWVXQGHLQ$QKlQJHUGHUDOWHQhEHUVHW]XQJDQGHUHUVHLWVGHQ 7H[WGHV$ULVWRWHOHVOHVHQXQGYHUVWHKHQ $ORQVR ULFKWHW VHLQHQ 7H[W DQ VHLQHQ )UHXQG XQG /HKUHU )HUQDQGR 3HUH]GH*X]PDQ1DFKHLQHUOlQJHUHQ(LQOHLWXQJLQGHUHUGLH3URE OHPDWLN GDUOHJW XQG IUHLPWLJ HUNOlUW GHV *ULHFKLVFKHQ QLFKW PlFKWLJ ]X VHLQ HLQ 8PVWDQG GHQ HU IU GLH %HZHUWXQJ GHU hEHUVHW]XQJHQ IUHLOLFK QLFKWIUUHOHYDQWKlOWPDFKWHUVLFKLQ]HKQ.DSLWHOQGDUDQQLFKWZLH HUVDJWÅ/HRQDUGR]XNUlQNHQ´VRQGHUQGHQÅDOWHQhEHUVHW]HU]XYHUWHL GLJHQ´:DVGHQHUVWHQ.ULWLNSXQNWDQJHKWQlPOLFKGDVVGHUDOWHhEHU  

  



9JO KLHU]X HWZD GLH 5HDNWLRQHQ YRQ 8JR %HQ]L XQG )UDQFHVFR )LOHOIR XQG %UXQLV $QWZRUWHQYJO+DQNLQV  I 'HU 'LVSXW ZXUGH EHUHLWV YRQ %LUNHQPDMHU GRNXPHQWLHUW GHU DXFK GHQ 7H[W YRQ $ORQVR]XU9HUIJXQJJHVWHOOWKDWXQG]ZHL$QWZRUWEULHIHYRQ%UXQLGLHEHUHLWVEHL 0HKXVJHGUXFNWZDUHQDEJHGUXFNWKDW (S;0HKXV  ,,YJO%LUNHQPDMHU   9JO%LUNHQPDMHU   Å,GHR DQLPDGYHUWHQGXP SXWR TXRG QXOODP LQ *UDHFD OLQJXD FRQWHQWLRQHP DVVXPL PXVSUR[LPXPHQLPLQVLSLHQWLDHHVVHWGH*UDHFLVVHUPRQLEXVGLVSXWDUHTXL*UDHFDV OLWHUDVQRQGLGLFHULW1RQHUJRDQLQ*UDHFRVLFVFULSWXPHVWVHGDQVLFVFULELSRWXLW XW WUDQVODWRU QRVWHU HGL[LW LOOLV LQ ORFLV XEL GLUH UHSUHQKHQVXV HVW LQTXLUDPXV 5DWLR HQLPRPQLQDWLRQLFRPPXQLVHVWOLFHWGLYHUVLVLGHRPDWLEXVH[SULPDWXU´(EG Å>@ QRQ XW /HRQDUGXP RIIHQGHUH VHG XW DQWLTXXP WUDQVODWRUHP GHIHQGHUH WHPS WHP´HEG



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

VHW]HUYLHOH:RUWHXQEHUVHW]WJHODVVHQKDEHVRNDQQ$ORQVRKLHULQNHLQ )HKOHQGHVhEHUVHW]HUVHQWGHFNHQVHLHVGRFKLQDOOHQ'LV]LSOLQHQEOLFK /HKQZRUWH DXV GHP *ULHFKLVFKHQ ]X EHUQHKPHQ hEHUKDXSW VHL HV HLQHGHU6WlUNHQGHUODWHLQLVFKHQ6SUDFKH(OHPHQWHDQGHUHU6SUDFKHQLQ VLFKDXIQHKPHQ]XN|QQHQ'LHVHV9HUIDKUHQVHLYRUDOOHPGDQQDXFK YRQ9RUWHLOZHQQHVGDUXPJHKHP|JOLFKVWGHXWOLFKXQGH[DNW]XVFKUHL EHQGHQQGLHÅHLJHQWPOLFKH%HGHXWXQJGHU:|UWHU´ SURSULHWDVYHUERUXP  OlVVW VLFK QLFKW PLW GHU VHOEHQ .U]H XQG ([DNWKHLW LQ GHU hEHUVHW]XQJ ZLHGHUJHEHQVRQGHUQEHGDUIGHU8PVFKUHLEXQJ 'DVVHOEH$UJXPHQWQlPOLFKGLH%HWRQXQJGHUWHUPLQRORJLVFKHQ([ DNWKHLW QXW]W $ORQVR DXFK ZHQQ HU GLH :RUWZDKO GHV DOWHQ hEHUVHW]HUV YHUWHLGLJW'HQQLQGHU3KLORVRSKLHVHLHVQLFKWHUODXEWGLH%HGHXWXQJGHU :|UWHU ZDKOZHLVH ]X HUZHLWHUQ GD DXV GLHVHP XQWHUPLQRORJLVFKHQ 6SUDFKJHEUDXFK ]DKOUHLFKH VDFKOLFKH )HKOHU HQWVWQGHQ 0LW GLHVHP *UXQGVDW]]HLJW$ORQVRDQVFKOLH‰HQGLP'HWDLOGDVVGLH.ULWLN%UXQLVLQV /HHUH]LHOW 'DVVGHUhEHUVHW]HUYRP6SUDFKJHEUDXFK&LFHURVXQG6HQHFDVDEJH ZLFKHQ VHL LVW IU $ORQVR DXFK NHLQ .ULWHULXP IU GLH %HZHUWXQJ GHU hEHUVHW]XQJ'HQQ&LFHURXQG6HQHFDNRPPHLQSKLORVRSKLVFKHQ)UDJHQ EHUKDXSW NHLQH DQJHPHVVHQH $XWRULWlW ]X 8QWHU GHP 3DUDGLJPD YRQ :LVVHQVFKDIWOLFKNHLW]XGHPVLFK$ORQVRLQVFKRODVWLVFKHU7UDGLWLRQYHU SIOLFKWHW ZHL‰ IHKOW &LFHUR EHL HLQHP GHU ZLFKWLJVWHQ .ULWHULHQ QlPOLFK GHPGHU8QWHUVFKHLGXQJ GLVWLQFWLR ,QVHLQHQHWKLVFKHQ7H[WHQILQGHPDQ











Å/LFXLWDXWHPRPQLEXVSDHQHVFLHQWLDUXPHWDUWLXPGLVFLSOLQLV*UDHFDQRQQXOODFXP TXLEXVHQXWULWDHIXHUXQWTXDVLLQTXRGGDPVRODWLXPHWVXDHPHPRULDPRULJLQLVLQWHU YLURV /DWLQRV UHWLQXLVVH YRFDEXOD FHX QRELOHV YLUJLQHV TXDH FXP LQ WHUUD ORQJLQTXD QXEXQWVHFXPDOLTXDVGXFXQWDQFLOOXODVVRODPRUDOLVSKLORVRSKLDRPQLDKDHFH[OLPL QLEXVVXLVSHU/HRQDUGXPGHSRUWDUHFRJHWXU"´(EG Å1HFHQLP/DWLQDHOLQJXDHSHQXULDPDFFXVDPXVTXLD*UDHFDVGLFWLRQHVYHOHWLDPGH QDWLRQLEXVSHUHJULQLVTXRGDPDOOXYLRQLVPRGRSDXODWLP DGVHFRQWLQXHWUDKLWLPPR KDHFHVWHLXVSUDHFLSXDSUDHHPLQHQWLDKDHFLQWHUPLQDELOLVODWLWXGRTXRGTXDVLDEKRV WLEXVFDSWDDOLHQDVYRFHVDWQRPLQDH[TXRGDPLXUHJHQWLXPDGSURSULXPGRPLQLXP DGGXFLW´HEG Å4XLGHUJRLQFRQYHQLHQVHVWVLDOLTXDYHUEDWUDQVODWRUQRVWHUVXE*UDHFRVRQRGLPL VLWSUDHVHUWLPLOOLVLQORFLVXELSURSULHWDVYHUERUXPHRUXPVXEVLPLOLEUHYLWDWHLQFOXGL QRQSRWXLW"´(EG Å+RFHUJRVXIILFLDWGLFHUHVLYHUEDKDHFH[LQGXVWULDDFVDSLHQWHUHYLWDVVHWUDQVODWLR QHPQRVWUDPPRQVWUDELPXVQHHUURULQUHEXVHVVHWQRQÄIHUUHXPKRPLQHP·VHGÄDX UHXPYLUXP·GLFDPXV1HFHQLPLQSKLORVRSKLDYHUEDVLQHIUHQROD[DQGDVXQWFXPH[ LPSURSULHWDWHYHUERUXPHUURUDGLSVDVUHVSDXODWLPDFFUHVFDW´(EG 9JOHEG

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



ZHGHU ÅZLVVHQVFKDIWOLFKH 8QWHUVFKHLGXQJ´ QRFK ÅVXEWLOH 8QWHUVX FKXQJ´ 'LH3IOLFKWHQZROOWHHUYLHOOHLFKWHOHJDQWGLVNXWLHUHQHUXQWHUOLH‰HVMH GRFK7XJHQGHQXQG/DVWHUPLWÅVRUJIlOWLJHQ8QWHUVFKHLGXQJHQ´ GLVWLQFWL RQHV GLOLJHQWLVVLPDH  ]X XQWHUVXFKHQ 6HLQH %HUHGVDPNHLW GLH VLFKHUOLFK DX‰HU=ZHLIHOVWHKWNDQQKLHUEHLNHLQH3XQNWHJXWPDFKHQ(VVWHKWGDKHU IU$ORQVRIHVWGDVV&LFHURLQGHU$QDO\VHGHUHWKLVFKHQ7XJHQGHQZHLW KLQWHU$ULVWRWHOHV]XUFNEOHLEW&LFHURGHUVRYRQ$ULVWRWHOHVDEZHLFKW VFKHLQW GDKHU NHLQH JHHLJQHWH $XWRULWlW IU GLH DQJHPHVVHQH 6SUDFKYHU ZHQGXQJLQGHUhEHUVHW]XQJ]XVHLQ $ORQVRV .ULWLN DQ 6HQHFD IlOOW QRFK KDUVFKHU DXV 'LHVHU KDEH EOR‰ Å]XVDPPHQJHIDVVW´ ÅXQDQJHPHVVHQ GLVNXWLHUW´ XQG YRU DOOHP GXUFK Å9HUPLVFKXQJ´ Å8QRUGQXQJ´ JHEUDFKW :HU VROFKH $XWRUHQ KLQJHJHQ ZHJHQ LKUHU (ORTXHQ] DXFK LQ SKLORVRSKLVFKHQ )UDJHQ DOV $XWRULWlW KH UDQ]LHKWGHUEHJHKWHLQHQ)HKOHUGHQQGLH%HUHGVDPNHLWVWHKWKlXILJGHU Å6WUHQJHGHU:LVVHQVFKDIWOLFKNHLW´HQWJHJHQ:HUGHU%HUHGVDPNHLWIROJW XQG GLHVH DQ HUVWH 6WHOOH VHW]W WXW GLHV DXI.RVWHQ GHU:LVVHQVFKDIWOLFK NHLW 'HQQ JODXEH PLU :HU GLH DOOHUVWUHQJVWHQ 6FKOVVH GHU :LVVHQVFKDIWHQ GHQ 5H JHOQGHU(ORTXHQ]XQWHUZHUIHQZLOOZHL‰QLFKWGDVVGD]XU6‰HGHVhEHU]HX JHQVGDV+LQ]XIJHQXQG:HJODVVHQYRQ:RUWHQJHK|UWGLH6WUHQJHGHU:LVVHQ VFKDIW GLHV YHUDEVFKHXW 'HQQ HV LVW IROJOLFK QRWZHQGLJ GDVV GHPMHQLJHQ YLHOH )HKOHU XQWHUODXIHQ GHU YHUVXFKW GLH :LVVHQVFKDIW XQWHU GHU (ORTXHQ] ]X YHU KDQGHOQ$EHUGHPZHLVHQ0DQQNRPPWHVQDFKPHLQHP8UWHLO]XPLWVWUHQJHQ XQG HLJHQWPOLFKHQ :RUWHQ GLH ZLVVHQVFKDIWOLFK VLQG ]X HU|UWHUQ GDQDFK DEHU GLHDXVJHIHLOWHQ%HOHJHXQGJHOlXWHUWHQ/HKUHQLP3UR]HVVGHVhEHU]HXJHQVPLW EHUHGWHQ:RUWHQ]XYHUNQGHQ8QVHUHhEHUVHW]XQJLVWDOVRQLFKWGHVZHJHQDQ ]XJUHLIHQ ZHLO VLH QLFKW PLW GHP *HEUDXFK GHU :RUWH DXFK GHU EHVWHQ 5HGQHU EHUHLQVWLPPW VRQGHUQ VLH LVW GDUDXIKLQ ]X SUIHQ RE VLH GLH (LQIDFKKHLW GHU 'LQJHXQGGLHVWUHQJH%HGHXWXQJGHU:|UWHUEHDFKWHW'HQQKlXILJHQWVWHOOWGLH 

   

Å,QVFLHQWLILFDDXWHPYLUWXWXPGLVWLQFWLRQHDFGRFXPHQWRUXPPRUDOLXPVXEWLOLLQTXL VLWLRQHKDQFLOOLSUDHHPLQHQWLDPFRQFHVVDPQRQOHJLPXVFXPKDHFLOOXPPXOWLVLQOR FLVSROLWHIDWHRUVHGPLQXVSOHQHWUDGLGLVVHFHUQDPXV´(EG Å)RUWHHUJRRIILFLD&LFHURHOHJDQWLVHUPRQHGLVFXWHUHYROXLWYLWLRUXPHWYLUWXWLVGLOL JHQWLVVLPDVGLVWLQFWLRQHVVFLHQWHUVWXGLRDOWHULGLPLWWHQGR´(EG Å4XLGTXLGDXWHPVLWLOOXGWDPHQLQGXELHFRQVWDWLQKXLXVGLVFXVVLRQHPDWHULDHLOOXP QXOODWHQXV3KLORVRSKRFRDHTXDUL´(EG Å4XR HYHQLW XW VDHSH PLUDUL FRJDU YLU WDP DFHUULPL LQJHQLL VL $ULVWRWHOHP YLGLW TXRPRGRDEHLXVGRFWULQLVWDPSXULVVLPLVDEHUUDYLW"´(EG Å6HGLQKDFLQTXLVLWLRQHYLUWXWXPHWLOODUXPVFLHQWLILFDGLVFXVVLRQHTXDPVXPPDULHVH KDEXHULWTXDPLPSURSULHGLVFXVVHULWIDFLOOLPXPHVWYLGHUH!XWHQLP(SLVWXODVHLXV DOLDTXH RSXVFXOD WDFHDP TXDH RUDWRULDP PDJLV GXOFHGLQHP UHGROHQW HWLDP FXP 'H TXDWXRUYLUWXWLEXVORTXHUHWXUTXDVQRVLDPFDUGLQDOHVYRFDPXVXELPDJLVWUDOLXVHXP ORFXWXP IXLVVH SXWDQW TXDQWD FRPPL[WLRQH FRQIXGHULW VXE TXD LPSHUIHFWLRQH LQGL VFXVVDUHOLTXHULWDSHUWLVVLPXPHVW´(EGI



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

(OHJDQ] GHU 5HGH ZHQQ VLH QLFKW YRQ HLQHP VWUHQJHQ 8UWHLO JHOHLWHW ZLUG GLH (LQIDFKKHLWGHU'LQJHZDVGDVUHFKWH9HUVWlQGQLVGHU:LVVHQVFKDIWDPPHLVWHQ VW|UW

'HQ ZLVVHQVFKDIWOLFKHQ $QVSUFKHQ ² QlPOLFK GLH DXVUHLFKHQGH %HDFK WXQJ YRQ WHUPLQRORJLVFKHU ([DNWKHLW XQG VRUJIlOWLJHP 8QWHUVFKHLGHQ ² JHQJWGLHDOWHhEHUVHW]XQJDEHUREHVDXFKGLHYRQ%UXQLWXWEH]ZHLIHOW $ORQVR(UUlWGDKHU]XP6FKOXVVGHP$GUHVVDWHQVHLQHV7H[WHV 'X PDJVW DXV GLHVHU $EKDQGOXQJ GLHVH NXU]H 6FKOXVVIROJHUXQJ ]LHKHQ GDVV 'X 'LFK GHU DOWHQ hEHUVHW]XQJ DQVFKOLH‰W ZHQQ 'X GLH 0RUDO HUIRUVFKW DEHU GLH PRGHUQHhEHUOLHIHUXQJGLHVLFKXQVLQGHU5HGHJH]HLJWKDWZLHHLQHQ.RPPHQ WDU]XMHQHQ6WHOOHQDQVLHKVWZRVLHGLUHWZDVGHXWOLFK]XHUNOlUHQVFKHLQWDN]HS WLHUHVLHDEHUQLFKWDOV7H[W

%UXQL HUIlKUW  GXUFK )UDQFHVFR 3LFFROSDVVR FD   (U]EL VFKRI YRQ0DLODQG YRQ GHU 6FKULIW $ORQVRV (V HQWZLFNHOW VLFK HLQ XP IDQJUHLFKHU %ULHIZHFKVHO DQ GHP QHEHQ %UXQL XQG $ORQVR DXFK DQGHUH +XPDQLVWHQ EHWHLOLJW VLQG 'LH HUVWH 5HDNWLRQ %UXQLV DXI GLHVH .ULWLN YRQ$ORQVR]HLJWVLFKLQ*HOlFKWHU$ORQVR5HSUlVHQWDQWHLQHUDQGHUHQ ² LQ GHU 3HUVSHNWLYH %UXQLV EHUHLWV EHUZXQGHQHQ ² )RUP YRQ *HOHKU VDPNHLW KDW LQ VHLQHU 9HUEOHQGXQJ QLFKW HUNDQQW ZRUXP HV HLJHQWOLFK JHKH



Å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´(EG  Å7X YHUR H[ GLVSXWDWLRQH KDF EUHYHP KDQF FRQFOXVLRQHP DVVXPH XW WUDQVODWLRQL DQWLTXDHFXPPRUDOLDTXDHVLHULVDGKDHUHDVWUDGLWLRQHPYHURPRGHUQDPGHTXDQR ELVH[WLWLWVHUPRXWDSRVWLOODPTXDQGDPLOOLVLQORFLVXELDOLTXLGWLELDSHUWLXVH[SOLFDUH YLGHELWXUKDEHDVLQWH[WXPDXWHPQRQDFFHSWHV´(EGI  9JO %LUNHQPDMHU    =XQlFKVW IKUWH GLH $XVHLQDQGHUVHW]XQJ ]ZLVFKHQ %UXQLXQG$ORQVREHU3LFFROSDVVRDQGHQ%UXQLGUHL%ULHIHPLWHLQVFKOlJLJHP,QKDOW ULFKWHW $OV $ORQVR YRQ GLHVHQ HUIlKUW VFKUHLEW HU HLQH $QWZRUW GLH OHLGHU YHUORUHQ JHJDQJHQLVWXQGGLHVLFKQXUDXVGHQ5HDNWLRQHQYRQ'HFHPEULR3RJJLRXQG%UXQL HUVFKOLH‰HQOlVVWGHQHQGHU%ULHIYRUODJ%UXQLUHDJLHUWDXIGLHVHQ%ULHIQRFKPDOVLQ HLQHP%ULHIDQ3LFFROSDVVR6FKOLH‰OLFKULFKWHWHUHLQHQ%ULHIDQ$ORQVRVHOEVWGHURI IHQEDUYRUKHUGLUHNWDQ%UXQLJHVFKULHEHQKDWWHYJOHEG  Å4XHPFXPOHJHUHFRHSLVVHPVWDWLPDSURRHPLRULGHUHPLKLFRQWLJLW´(EG

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



:DKUKDIWHLQZUGLJHU/RKQPHLQHU)UVRUJHGLHLFKIUGHQDOOJHPHLQHQ1XW ]HQXQWHUQDKPXQGIUHLOLFKHLQVFK|QHU'DQNZLHZHQQHLQYRQ*HLVWHVNUDQN KHLW%HIDOOHQHUGHQ$U]WGHU]XLKPNRPPWPLW6WHLQHQYHUWUHLEW

$ORQVR ZHUGH ZLH HV YLHOHQ HUJHKH QLFKW YRP :LVVHQ JHOHLWHW VRQGHUQ HLQ]LJ YRQ GHU $EVLFKW GDV KDUWQlFNLJ ]X YHUWHLGLJHQ ZDV HU LQ VHLQHU -XJHQGJHOHUQWKDEH,PZHLWHUHQ9HUODXIVSULFKW%UXQLGHP$ORQVRGLH .RPSHWHQ]EHUGLHhEHUVHW]XQJ]XXUWHLOHQPLWGHP$UJXPHQWDEGDVV HUGHV*ULHFKLVFKHQQLFKWPlFKWLJVHL:HGHUGLH(OHJDQ]QRFKGLH:DKU KHLW N|QQH HU EHXUWHLOHQ XQG ZUGH ZLH HLQ 6FKODIZDQGOHU LP 'XQNHOQ WDSSHQ /DQJ XQG DXVIKUOLFK EHJUQGHW%UXQL GLH YRQ LKP JHZlKOWHQ :RUWHLQGHUhEHUVHW]XQJ 'RFKGHU'LVSXWGUHKWVLFKQLFKWQXUXPGLH)UDJHQDFKGHUOH[LND OLVFK ULFKWLJHQ hEHUVHW]XQJ HLQ]HOQHU :RUWH 'HQ $XWRUHQ JHKW HV ]XJOHLFKDXFKGDUXPLKUH .ULWHULHQIUULFKWLJHVhEHUVHW]HQGXUFK]XVHW ]HQZHOFKHZLHGHUXPLQGHQMHZHLOLJHQ.RQ]HSWHQYRQ3KLORVRSKLHZXU ]HOQ,P*UXQGHIRUPXOLHUHQEHLGH$XWRUHQLQGLHVHP'LVSXW*HOWXQJV DQVSUFKH IU NRQNXUULHUHQGH 0RGHOOH YRQ *HOHKUVDPNHLW XQG 3KLORVR SKLH LVW 3KLORVRSKLH LQ HUVWHU /LQLH DOV :LVVHQVFKDIW ]X YHUVWHKHQ GLH GDKHU DXFK GHQ $QVSUFKHQ GHU EHUHLWV EHVWHKHQGHQ HODERULHUWHQ XQG WHUPLQRORJLVFK IL[LHUWHQ ZLVVHQVFKDIWOLFKHQ %HKDQGOXQJ GHV 7KHPDV 5HFKQXQJ ]X WUDJHQ KDW RGHU LVW 3KLORVRSKLH YRU DOOHP HLQH QW]OLFKH /HKUHGHVJXWHQ/HEHQVGLHGDKHUDXFKP|JOLFKVWYHUVWlQGOLFKXQWHUKDOW VDPXQGHOHJDQWDXVJHGUFNWZHUGHQVROOWH'HU:LGHUVSUXFKGLHVHUEHL GHQ$XIIDVVXQJHQZDUPLWGLHVHP'LVSXWVLFKHUQLFKWJHO|VW9LHU]LJ-DKUH QDFK%UXQLV7RGIKOWVLFKQRFKHLQPDOHLQVFKRODVWLVFKJHELOGHWHU7KHR ORJHGD]XEHUXIHQ]XGLHVHU.RQWURYHUVH6WHOOXQJ]XEH]LHKHQ 

Å'LJQDPSURIHFWRPHUFHGHPYLJLOLDUXPPHDUXPTXDVSURFRPPXQLXWLOLWDWHVXVFHSL DFERQDPQLPLUXPJUDWLWXGLQHPXWVLDOLXVTXLGDPSKUHQHVLFRUUHSWXVYHQLHQWHPDG VHPHGLFXPODSLGLEXVUHESHOODW´(EG  Å(VWHQLPTXLEXVGDPQDWXUDLQVLWXPXWTXDHLQ DGROHVFHQWLDSHUFHSHUXQWREVWLQDWH GHIHQGDQWLGTXHIDFLXQWQRQWDPVFLHQWLDUHUXPLQGXFWLTXDPLQYHWHUDWDTXDGDPH[L VWLPDWLRQH´(EG  Å2PQLV TXLSSH FRQWHQWLR QRELV GH LQWHUSUHWDWLRQH HVW LQWHUSUHWDWLR DXWHP RPQLV UHFWD VL *UDHFR UHVSRQGHW YLWLRVD VL QRQ UHVSRQGHW ,WDTXH RPQLV LQWHUSUHWDWLRQLV FRQWHQWLRXQLXVOLQJXDHDGDOWHUDPHVW+LFDXWHP*UDHFDPOLQJXDPVHLJQRUDUHIDWH WXU4XDHLJLWXUPHFXPGLVSXWDQGLUDWLRLOOLUHOLQTXLWXUQLVLSHUGLYLQDWLRQHPTXDQGDP UHLSHQLWXVLQFRJQLWDH"6LQHVFLHQWHPVHSOXVLQHDOLQJXDLQWHOOLJHUHSXWDWTXDPHJR TXL VFLR LQWROOHUDELOLV HVW VLQ PH SOXV LQWHOOLJHUH FRQFHGLW TXLG PHFXP FRQWHQGLW" Ä&RQIHUR²LQTXLW²DQWLTXDPLQWHUSUHWDWLRQHPDGWXDPTXRGSRVVXPHWLOODPORQJH DQWHSRQR¶8WUXPWXDXWHPDQWHSRQLVTXLDHOHJDQWLRUVLWDQTXLDYHULRU"6LTXLDHOH JDQWLRUQLKLOSURIHFWRVDSLVVLTXLDYHULRUTXRPRGRLGLXGLFDUHSRWHVTXL*UDHFXP QHVFLV DG TXRG RPQLV YHULWDV LQWHUSUHWDWLRQLV HVW QHFHVVDULR UHIHUHQGD" 1XOOR FHUWH PRGRQXOODTXHUDWLRQH,WDTXHWHFXPGHYHULWDWHLQWHUSUHWDWLRQLVFRQWHQGHUHQLKLOHVW DOLXGTXDPFXPYDWLFLQDQWHDOLTXRVRPQLDQWHYHFRQWHQGHUH´(EG  (EG



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

'LH$SRORJLDYRQ%DWWLVWDGH)LQDULR =ZLVFKHQXQGVFKULHEGHU'RPLQLNDQHUXQG%LVFKRIYRQ9HQ WLPLJOLD%DWWLVWD)LQDULR DXFK%DWWLVWDGH·*LXGLFL JHVWRUEHQHLQH 9HUWHLGLJXQJVVFKULIWGHUVFKRODVWLVFKHQhEHUVHW]XQJPLWGHP7LWHO$SROR JLDWUDGXFWLRQLVDQWLTXHOLEULHWKLFRUXP$ULVWRWHOLVFRQWUDLQYHFWLYDPWUDGXFWLRQHPTXH /HRQDUGL$UHWLQL%DWWLVWDHPS|UWVLFKLQVEHVRQGHUHEHUGLHVFKDUIH.UL WLN %UXQLV DQ HLQHP KHUYRUUDJHQGHQ XQG DQHUNDQQWHQ *HOHKUWHQ 'DEHL EHPlQJHOW HU ZLHGHUKROW %UXQLV PDQJHOQGHV SKLORVRSKLVFKHV 9HUVWlQG QLVZHOFKHVHUDQKDQGDXVJHZlKOWHU%HLVSLHOHH[HPSODULVFKGDUOHJW %DWWLVWDVWHOOWGHU(ORTXHQ]²EHUGLH%UXQLVHLQHU$QVLFKWQDFK]ZHL IHOORV YHUIJW ² GLH :DKUKHLW GHU 3KLORVRSKLH JHJHQEHU 'LHVH EHLGHQ 'LQJHELOGHQIULKQHLQHQ$QWDJRQLVPXVZHUGHP(LQHPIROJWWXWGLHV DXI.RVWHQGHV$QGHUHQ(UZROOHGHVKDOE]HLJHQÅGDVVVHLQH%HUHGVDP NHLWVLFKGDUDXIJHULFKWHWKDWGLH:DKUKHLWXQGGLH3KLORVRSKLH]X]HUVW| UHQ´8PGHU:DKUKHLWXQGGHU3KLORVRSKLH]XIROJHQEHGDUIHVQDFK %DWWLVWDYRUDOOHPGHU'LDOHNWLNLQGHU]ZDUHUVHOEVWDXVJHELOGHWVHLQLFKW DEHU%UXQL9RQGHUEOR‰HQ(OHJDQ]JHOHLWHWXQGQLFKWDXIGLHORJLVFKHQ =XVDPPHQKlQJHDFKWHQGZUGH%UXQLVR]X)HKOHUQLQGHUhEHUVHW]XQJ JHIKUW HWZD ZHQQ HU LQXWLOH DOV FRQWUDULXP YRQ XWLOH EH]HLFKQHW REJOHLFK MHGHU/RJLNVWXGHQWZLVVHGDVVVLFKLQXWLOHYLHOPHKUSULYDWLYHRGHUFRQWUDGLFWR ULH]XXWLOHYHUKLHOWHZlKUHQGQRYLFXPGDVFRQWUDULXP]XXWLOHVHL %UXQL VR OlVVW VLFK GLH %HXUWHLOXQJ %DWWLVWDV ]XVDPPHQIDVVHQ KDEH VLFKPLWVHLQHU$XIJDEHEHUQRPPHQ(UZROOWHÅLQHLQHP:HUN´VRZRKO Å.RPPHQWDWRU´ DOV DXFK ÅhEHUVHW]HU´ VHLQ ZDV QLFKW QXU ÅDUURJDQW´





  



+LQZHLVH]X/HEHQXQG:LUNHQGHV%DWWLVWDGH)LQDULRILQGHQVLFKLQ.DHSSHOL   ,.ULVWHOOHU  '·$PLFR  XQG+DQNLQV   ²%DWWLVWDYHUIDVVWH QHEHQGLHVHU9HUWHLGLJXQJVVFKULIWDXFKHLQHQ%ULHIHLQ*H GLFKWHLQH5HGH'HPLJUDWLRQH3HWUL&DUG66L[WL DQ6L[WXV,9 'HFDQRQL]DWLRQH%%R QDYHQWXUDH OLEUL ,, XQG HLQHQ 'LDORJ 6HUDSLRQ GH FRQWHPSWX PXQGL 9JO .ULVWHOOHU    'HU7H[WOLHJWLQELVKHUHLQHUEHNDQQWHQ+DQGVFKULIWYRUQlPOLFK%RORJQD8QLYHUVL WlWVELEOLRWKHN=XGLHVHP7H[WYJO*UDEPDQQ  (LQH7UDQVNULSWLRQGHV 7H[WHVDXVGHU+VILQGHWVLFKLP$QKDQJGLHVHU$UEHLW Å/HRQDUGXPHORTXHQWLHTXLGHPVDWLVKDEXLVVHSKLORVRSKLHSDUXP´IROY= Å>«@VHG LG DUJXR LG UHYLQFR TXRG VXDP HORTXHQWLDP DG FRUUXPSHQGDP YHULWDWHP SKLORVRSKLDPTXHFRQYHUWHULW´)ROU= =X%UXQLVFKUHLEWHUÅ&RQVWDWHQLP$UHWLQXPQRQPRGRSKLORVRSKLHVHGQHFGLDOHF WLFHGLVFLSOLQHVWXGLXPXQTXDPDVVHTXXWXPIXLVVH´)ROU=hEHUVLFKVHOEVW JLEWHUDQÅ>«@TXDPYLVHWLQSKLORVRSKLHHWLQGLDOHFWLFHVWXGLLVQRQQLFKLOPHYHUVD WXPHVVHQRQLQILFLRU´)ROY= 9JOIROY=

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



VRQGHUQDXFKÅGXPP´VHLhEHUGDV0D‰DQÅ$UURJDQ]´XQGÅ'XPP KHLW´GLHDOWHhEHUVHW]XQJ]XNULWLVLHUHQXQGHLQHQHXHhEHUVHW]XQJYRU ]XOHJHQQDFKGHPVRYLHOHÅEHUKPWH.RPPHQWDWRUHQ´XQGÅDOOHUJU|‰WH 3KLORVRSKHQ´ GLH DOWH hEHUVHW]XQJ DQHUNDQQW KDWWHQ N|QQH HU VLFK QXU ZXQGHUQ(ULVWVLFKVLFKHUGDVVVLFKNHLQHUYRQ%UXQLVÅ9HUWHLGLJHUQ´ ]X HLQHP VROFKHQ 9RUKDEHQ YHUVWLHJHQ KlWWH XQG HU OLVWHW LP )ROJHQGHQ HLQH5HLKHEHUKPWHUKXPDQLVWLVFKHU*HOHKUWHUDXIGLHGHV*ULHFKLVFKHQ ZRKO PlFKWLJ VLQG DEHU GLH HLQ VROFKH 9RUKDEHQ ZLH %UXQL QLH XQWHU QRPPHQ KlWWHQ *XDULQR 9HURQHVH )UDQFHVFR )LOHOIR /RUHQ]R 9DOOD 9LWWRULQR GD )HOWUH 3LHU 3DROR 9HUJHULR *HRUJLXV 7UDSH]XQWLXV XQG $PEURJLR7UDYHUVDUL 'RFK GLH $UJXPHQWDWLRQVZHLVH YRQ %DSWLVWD YHUOlXIW WURW] DOOHU EH UHLWV EHNDQQWHQ 3ROHPLN YRQ :LVVHQVFKDIW YHUVXV 5KHWRULN EHUHLWV LQ DQGHUHQ%DKQHQ'HQQGHU7H[W]HLJWGDVVEHVWLPPWH'HQNHOHPHQWHGHV +XPDQLVPXVEHUHLWV]XP$OOJHPHLQJXWJHZRUGHQVLQGXQGVRPLWZLHGHU XPJHJHQGLH+XPDQLVWHQVHOEVWJHZHQGHWZHUGHQN|QQHQ 'LHVEHWULIIW]XPHLQHQGDV$UJXPHQWLHUHQPLW$XWRULWlWHQGHQQ%DW WLVWDIKUWJHJHQ%UXQLV$QVLFKWHQYRUDOOHP&LFHUR/DNWDQ]$XOXV*HOOL XV XQG ODWHLQLVFKH 'LFKWHUDQ XQG ]HLJW GDVV %UXQL JHJHQ GHUHQ $XIIDV VXQJHQ YHUVWR‰H 'DV $UJXPHQW GHV 0DQJHOV DQ ÅVXEWLOHQ 'LVWLQNWLR QHQ´GDVQRFK$ORQVRJHJHQ&LFHURXQG6HQHFDDOV$XWRULWlWHQDXIGHP *HELHW GHU 0RUDOSKLORVRSKLH DQJHIKUW KDWWH VSLHOW IU %DWWLVWD NHLQH 5ROOHPHKU =XP DQGHUHQ EHWULIIW GLHV DEHU DXFK GDV $UJXPHQW GHU 1W]OLFKNHLW LP +LQEOLFN DXI GLH /HEHQVSUD[LV *OHLFK DP %HJLQQ GHV 7H[WHV ZHLVW



Å9ROXLW LJLWXU LSVH XQD RSHUD HW FRPPHQWDWRU HW LQWHUSUHV KDEHUL TXRG QRQ VROXP DUURJDQWHUVHGHWLDPLQVLSLHQWHUILW´)ROY=  Å/HYLWHUWDPHQHWHTXRDQLPRSHUWXOLVVHPVLLSVXPYHULWDWHPFRPPXQHPTXHVWXGHQ WLXPXWLOLWDWHPHWQRQSRWLXVVXDPJORULDPLQDQHPTXHSRSXORUXPIDYRUHPTXHVLYLV VHYLGHUHPSURSWHUTXHPFRQVHTXHQGXPHWSULPXPDFFXVDYLWLQWHUSUHWHPHWVHYH UXPLQWHUSUHWDWXPDIILUPDYLW´)ROY=  Å9HUHRU HQLP QH VL HLXV GHQIHQVRUHV *XDULQXP 9HURQHQVHP ) 3KLOHOSKXP / 9DOHQVHP9)HOWUHQVHP39HUJHULXP*7UDSHVXQWLXPIUDWUHP$PEURVLXP)OR UHQWLQXP UHOLTXRVTXH YLURV FODULVVLPRV HW VXPPD HORTXHQWLD VXPPDTXH DXFWRULWDWH GLJQLVVLPRVVLELSUHIHUULDXGLHULQWQRQJUDYLWHUHWLQLTXRDQLPRIHUDQW+RUXPHQLP LQYHQWXVHVWQHPRTXLWDQWXPGHVXPPDJUDYLWDWHYROXHULWGHSRQHUHXWDQWLTXXPLQ WHUSUHWHPUHSUHKHQGHUHWHWGHQXRHJUHFROLEUXPLQODWLQXPYHUWHUHWFXPRPQHVLL PXOWRXWLTXHPHOLXVKRFIDFHUHSRWXLVVHQW´)ROY=  ,FKVWLPPH-DPHV+DQNLQV]XZHQQHUPLW%H]XJDXIGLH$SRORJLDXUWHLOWÅ1RWKLQJ FRXOGVKRZPRUHFOHDUO\WKHWULXPSKRIKXPDQLVWLFFXOWXUHLQ,WDO\WKDQWKHVSHFWDFOH RIDXQLYHUVLW\WUDLQHGSURIHVVLRQDOWKHRORJLDQDWWDFNLQJDSURIHVVLRQDOUKHWRULFLDQLQ WKH3HWUDUFKDQWUDGLWLRQIRUEHLQJLQVXIILFLHQWO\DWWHQWLYHWRWKHOHVVRQVRIFODVVLFDOOLW HUDWXUH´+DQNLQV  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

%DSWLVWD GDUDXI KLQ GDVV HU VLFK GHU 1LNRPDFKLVFKHQ (WKLN GHV $ULVWRWHOHV ]XJHZHQGHWKDEHGD PDQGLHVH%FKHU]XPJXWHQXQGJOFNOLFKHQ/HEHQQLFKWQXUIUQW]OLFKVRQ GHUQVRJDUIUVHKUQRWZHQGLJKlOW

'DPLWJUHLIWHUHLQ8UWHLODXIGDV%UXQLLQVHLQHU9RUUHGHJHQDQQWKDWWH XQG UHNODPLHUW HV IU VLFK VHOEVW 'DVV MHGRFK %UXQL PLW VHLQHU hEHUVHW ]XQJGHUÅ:DKUKHLW´XQGGHPÅ1XW]HQ´GLHQHQZROOWHEH]ZHLIHOW%DWWLVWD XQGKlOWGDIUGDVV%UXQLHKHUVHLQHQÅ5XKP´XQGVHLQHÅ$QHUNHQQXQJ´ EHLPÅ9RON´LP6LQQKDWWH8QGDP(QGHQLPPWHUQRFKHLQPDOH[SOL ]LW %H]XJ DXI GLH YRQ %UXQL LQ VHLQHP 9RUZRUW JHlX‰HUWH $EVLFKW PLW VHLQHU hEHUVHW]XQJ QW]OLFK VHLQ ]X ZROOHQ XQG ]HLJWGDVV%UXQLVHLQHQ HLJHQHQ$QVSUFKHQQLFKWJHQJWKDEH 'HQQZHQQHUGHUODWHLQLVFKHQ6SUDFKHHLQLJHQ1XW]HQKlWWHEULQJHQZROOHQZLH HUVDJWVROOWHHULKUIUHLOLFKHWZDV]XP*HVFKHQNPDFKHQGDVYRUKHUJHIHKOWKDW ZLHHVYLHOHYRQGHQREHQJHQDQQWHQJHPDFKWKDEHQXQGGHQ/DWHLQHUQLQGHP QW]OLFKVHLQZRULQVLHDUPVLQGXQGQLFKWGDVZDVLKQHQVHKUJXWEHNDQQWLVW GXUFKGDV(LQIKUHQYRQ)HKOHUQYHUGHUEHQ:LHYLHOHDXVHUOHVHQHXQGQW]OLFKH %FKHUGHU3KLORVRSKHQ'LFKWHUXQG5HGQHUJLEWHVLQ*ULHFKHQODQGGLHXQVHUH ODWHLQLVFKH6SUDFKHQLHPDOVJHVHKHQKDW"'LHVHVROOWHHUODWHLQLVFKPDFKHQZHQQ HUHVZQVFKWHWZDV1W]OLFKHVEHL]XWUDJHQ

+lWWH%UXQLZLUNOLFKHWZDV5XKPYROOHVXQWHUQHKPHQZROOHQZDUXPKDEH HUGDQQQLFKWGLHhEHUVHW]XQJHLQHV7H[WHVYRUJHOHJWGHVVHQ,QKDOWGHP hEHUVHW]HUPHKU6FKZLHULJNHLWHQEHUHLWHQZUGHHWZDGLH$QDO\WLFDSRVWHUL RUDGHV$ULVWRWHOHVDOVHLQHQVRHLQIDFK]XYHUVWHKHQGHQ7H[WEHU0RUDO SKLORVRSKLH'DV.ULWHULXPGHU1W]OLFKNHLWLVWIU%DWWLVWDVRVHOEVWYHU



Å4XLTXLGHPOLEUL> HWKLFRUXP$ULVWRWHOLVOLEUL@QRQPRGRXWLOHVVHGHWLDPSHUQHFHV VDULLDGEHQHEHDWHTXHYLYHQGXPHVVHLXGLFDQWXU´)ROY=  Å/HYLWHUWDPHQHWHTXRDQLPRSHUWXOLVVHPVLLSVXPYHULWDWHPFRPPXQHPTXHVWXGHQ WLXPXWLOLWDWHPHWQRQSRWLXVVXDPJORULDPLQDQHPTXHSRSXORUXPIDYRUHPTXHVLYLV VHYLGHUHPSURSWHUTXHPFRQVHTXHQGXPHWSULPXPDFFXVDYLWLQWHUSUHWHPHWVHYH UXPLQWHUSUHWDWXPDIILUPDYLW´)ROY=  Å4XRGVLDOLTXDPXWLOLWDWHPDIIHUUHYROXLWODWLQHOLQJXHXWDLWSURIHFWRLOOLLGPXQXV HODUJLULGHEHEDWTXRDQWHDFDUXLVVHWXWPXOWLIHFHUXQWH[SUHGLFWLVLQLLVTXHODWLQLVSUR GHVVHTXLEXVSDXSHUHVHUDQWQHFHDTXHSUHFODUDKDEHEDQWVXSHULQGXFWLVHUURULEXVYL WLDUH4XRWLQ*UHFLDSKLORVRSKRUXPSRHWDUXPRUDWRUXP_Y_OLEULHJUHJLLHWXWLOLV VLPLVXQWTXRVQXQTXDPYLGLWQRVWUDODWLQLWDV"+RVQRELVODWLQRVIDFHUHGHEXLWVLXWLOL WDWHPDOLTXDPDIIHUUHFXSLHEDW´)ROU=Y=  Å4XRGVLLWDYROXLWHWKDQFVXRQRPLQLIDPDPHWODXGHPGHVLGHUDYLWDVFULELPDLRUHP HTXLGHPJORULDPDGHSWXVIXLVVHWVLDGHDTXHGLIILFLOLRUDVXQWPDQXPPLVLVVHWVLSRVWH ULRUXP$ULVWRWHOLVOLEURVTXLWXPREVFXULWXPGLIILFLOOLVVLPLVXQWLQWHUSUHWDWXVHVVHW6HG TXRQDPPRGRSXWDVLQLOOLVGHPRQVWUDWLRQXPJLULVDWTXHPHDQGULVHYDVLVVHWTXLLQUH EXVGHPRULEXVSODQLVVLPLVTXLTXDVLQRELVFXPDELSVRPDWULVODFWHFRDOXHUXQWWDP JUDYLWHUDEHUUDYLW"´)ROY=

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



VWlQGOLFKGDVVHUHVDXFKDXIVHLQHHLJHQH$UEHLWDQZHQGHWXQGEHPHUNW GDVVGLHVHÅQW]OLFK´XQGÅ]ZHFNPl‰LJ´VHL :LUN|QQHQIHVWKDOWHQGDVV%DWWLVWDDQGHPLQGHUXQLYHUVLWlUHQ.XO WXUHWDEOLHUWHQ%HJULIIYRQ3KLORVRSKLHDOV:LVVHQVFKDIWGLHDXI:DKUKHLW ]LHOW XQG VLFK GHVKDOE GHU 0HWKRGH GHU 'LDOHNWLN EHGLHQW IHVWKlOW XQG GLHVHQ %HJULII JHJHQ GLH KXPDQLVWLVFKH 9RUVWHOOXQJ YRQ 3KLORVRSKLH LQ GHUGLH(ORTXHQ]HLQHZLFKWLJH5ROOHVSLHOW]XEHKDXSWHQYHUVXFKW$EHU GHU 6WLO VHLQHU $UJXPHQWDWLRQ XQG DXFK VHLQH 9RUVWHOOXQJ YRQ :LVVHQ VFKDIWOLFKNHLW KDW VLFK EHUHLWV WUDQVIRUPLHUW XQG LVW VHOEVW KXPDQLVWLVFK LQILOWULHUW QLFKW EHJULIIOLFKH 6XEWLOLWlW VRQGHUQ ZLUNOLFKH 1W]OLFKNHLW ]HLFKQHWHLQHQJXWHQhEHUVHW]HUDXV  +DWWH %UXQL PLW VHLQHP $QOLHJHQ GLH PLWWHODOWHUOLFKH hEHUVHW]XQJ ]X HUVHW]HQXQGGLH1LNRPDFKLVFKH(WKLNDOVHLQHIUMHGHQQW]OLFKH0RUDOOHK UH HLQHP ZHLWHUHQ /HVHUNUHLV ]XJlQJOLFK ]X PDFKHQ (UIROJ" =XPLQGHVW /HW]WHUHV GUIWH LKP ZROOHQ ZLUVHLQHQ HLJHQHQ :RUWHQ *ODXEHQ VFKHQ NHQJHOXQJHQVHLQ$OV%UXQLVHLQHhEHUVHW]XQJGHU3ROLWLNGHV$ULV WRWHOHV DEVFKOLH‰W QLPPW HU QRFK HLQPDO %H]XJ DXI VHLQH (WKLNEHUVHW ]XQJXQGEHWRQWH[SOL]LWGDVVVHLQHhEHUVHW]XQJGLH1LNRPDFKLVFKH(WKLN HLQHP QHXHQ /HVHUNUHLV HUVFKORVVHQ KDEH QlPOLFK JHELOGHWHQ /DLHQ GLH NHLQH([SHUWHQVLQGXQGGLHGXUFKGDVVFKZLHULJHXQGWHFKQLVFKH/DWHLQ GHUDOWHQhEHUVHW]XQJHQYRP/HVHQGHU(WKLNDEJHKDOWHQZXUGHQ 'HQQVWDQGHVJHPl‰JHELOGHWH0HQVFKHQZHOFKH]XHUVWGLH8QVLQQLJNHLWXQGGLH 5RKKHLW GHU lOWHUHQ hEHUVHW]XQJ YRP /HVHQ DEJHKDOWHQ KDW KDEHQ VLFK GDQDFK PLWGLHVHQ%FKHUQVREHIDVVWGDVVGLH.HQQWQLVMHQHU'LQJHLQVKHOOVWH/LFKWJH IKUWZXUGH

8QGIHVWVWHKWGDVVVLFKQDFK%UXQL]DKOUHLFKH+XPDQLVWHQPLWGHUDULVWR WHOLVFKHQ 0RUDOSKLORVRSKLH DXVHLQDQGHUJHVHW]WKDEHQ 'DVV HU GLHPLW WHODOWHUOLFKH (WKLNEHUVHW]XQJ DOOHUGLQJV WDWVlFKOLFK DXFK DOV 8QWHUULFKWV WH[WDQGHQ8QLYHUVLWlWHQHUVHW]WKDEHLVWHKHUDOVXQZDKUVFKHLQOLFKHLQ]X VFKlW]HQ =ZDU KDWWH %UXQLV (WKLNEHUVHW]XQJ HLQHQ QLFKW JHULQJHQ (U 

Å1HF HULW XOOXV WDP LQLXVWXV UHUXP H[LVWLPDWRU TXL QRQ KXQF QRVWUXP ODERUHP SOHQXPXWLOLWDWLVHWFRPPRGLUHFRJQRVFDW´)ROY=  %UXQL 3URRHPLXP LQ OLEURV 3ROLWLFRUXP $ULVWRWHOLV Å+RPLQHV HQLP LQJHQXH HUXGLWL TXRV SULPRYHWHULVLQWHUSUHWDWLRQLVLQHSWLWXGRDFEDUEDULHVDOHJHQGRUHSHOOHEDWLWDSRVWPR GXPHRVOLEURVFRPSOH[LVXQWXWLQPD[LPDPOXFHPLOODUXPUHUXPFRJQLWLRVLWSHU GXFWD´%UXQL    .ULWLVFKWDWGLHVHWZD/RUHQ]R9DOODLQ'HYHURIDOVRTXHERQRYJO9DOOD   GLHVH3DVVDJHDXFKDEJHGUXFNWLQ(EEHUVPH\HU.H‰OHU6FKPHLVVHU    XQG LQ GHP 7H[W 5HSDVWLQDWLR GLDOHFWLFH HW SKLORVRSKLH YJO 9DOOD    ]XP 7X JHQGEHJULII EHL 9DOOD YJO QHXHUGLQJV 1DXWD   (UPRODR %DUEDUR YHUIDVVWH HLQ &RPSHQGLXP GHU 1LNRPDFKLVFKHQ (WKLN YJO %DUEDUR   *LRYDQQL 3RQWDQR YHU IDVVWH ]DKOUHLFKH 7UDNWDWH LQ GHQHQ HU MHZHLOV HLQ]HOQH 7XJHQGHQ DXV DULVWRWHOLVFKHU 3HUVSHNWLYHHU|UWHUWHYJOHWZD3RQWDQR  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

IROJ VLH ZXUGH YRQ HLQLJHQ 8QLYHUVLWlWVSURIHVVRUHQ DOV 8QWHUULFKWVWH[W YHUZHQGHWHWZDYRQ8JR%HQ]L)UDQFHVFR)LOHOIR-RKDQQHV$UJ\URSRX ORV1LFFROz7LJQRVLXQG$QJHOR3ROL]LDQR'LHhEHUWUDJXQJYRQ*URV VHWHVWHZXUGHMHGRFKDXFKQRFKLPXQG-DKUKXQGHUWJHOHVHQJH GUXFNWXQGNRPPHQWLHUW6SlWHUKDWVLFKGLHhEHUVHW]XQJYRQ$UJ\UR SRORXVGXUFKJHVHW]WGLHKlXILJNRPPHQWLHUWXQGELVLQGDV-DKUKXQ GHUW KLQHLQ JHGUXFNW ZXUGH 'RFK IHVW VWHKW DXFK GDVV %UXQLV :HLVH GLHDULVWRWHOLVFKH(WKLN]XEHKDQGHOQLKUHQ3ODW]LQGHUXQLYHUVLWlUHQ.XO WXUJHIXQGHQKDWWHXQGDXFKGRUW]XZLUNHQEHJDQQZRPDQ%UXQLVHOEVW DEOHKQWH $ULVWRWHOHVDOVKXPDQLVWLVFKHU+HOG%UXQLV9LWDGHV$ULVWRWHOHV %UXQLEHJQJWVLFKQLFKWGDPLWGLH7H[WHGHV$ULVWRWHOHVQHX]XEHUVHW ]HQ(UPDFKWVLFKYLHOPHKUDXFKGDUDQHLQQHXHV%LOGGHV3KLORVRSKHQ $ULVWRWHOHV VHOEVW ]X HQWZHUIHQ 'LHV WXW HU LQGHP HU HLQH /HEHQVEH VFKUHLEXQJGHV3KLORVRSKHQYHUIDVVW,QGHP%UXQLEHUKDXSWHLQH9LWD GHV$ULVWRWHOHVYHUIDVVWEHKDQGHOWHUGLHVHQLQHLQHPYRQGHQ+XPDQLVWHQ EHYRU]XJWHQ *HQUH $ULVWRWHOHV GHU ]HLWORVH 'HQNHU GHVVHQ 1DPH LQ GHU 6FKRODVWLN RIW V\QRQ\P PLW GHP GHV Å3KLORVRSKHQ´ EHUKDXSW JH EUDXFKWZXUGHZLUGVHLQHU=HLWORVLJNHLWHQWKREHQHUZLUG]XHLQHP0HQ VFKHQ DXV )OHLVFK XQG %OXW GHU DQ HLQHP EHVWLPPWHQ 2UW ]X HLQHU EH VWLPPWHQ =HLW JHERUHQ ZXUGH 6LFKHU LVW %UXQL QLFKW GHU HUVWH GHU HLQH 9LWD GHV $ULVWRWHOHV YHUIDVVW DEHU VHLQ 7H[W KDW HLQH JDQ] VSH]LILVFKH )XQNWLRQHVJHKWGDUXP$ULVWRWHOHVLQHLQHPEHVWLPPWHQ/LFKWHUVFKHL QHQ ]X ODVVHQ ZHOFKHVVHLQH %HGHXWXQJ XQG5HOHYDQ]IU KXPDQLVWLVFKH $QOLHJHQ GHXWOLFK ZHUGHQ OlVVW 6FKULWW IU 6FKULWW YHUIROJW %UXQL VHLQHQ 3ODQ$ULVWRWHOHVDOVHLQHQ+HOGHQZHQQQLFKWJDUDOVHLQHQ9RUOlXIHUGHU +XPDQLVWHQ HUVFKHLQHQ ]X ODVVHQ LQGHP HU PDQFKH $VSHNWH DXV /HEHQ XQG:HUNGHV3KLORVRSKHQPDUJLQDOLVLHUWXQGDQGHUHEHVRQGHUVDN]HQWX LHUW'LHVVHLLP)ROJHQGHQNXU]VNL]]LHUW



9JOKLHU]XGLH1DFKZHLVHEHL+DQNLQV  XI 'HUOHW]WH'UXFNGLHVHUhEHUVHW]XQJLP-DKUKXQGHUWZDUYJO/LQHV   I  9JO/LQHV  I  'HU 7H[W ZXUGH ]X JUR‰HQ 7HLOHQ YRQ %DURQ HGLHUW YJO %DURQ    (LQH HQJOLVFKHhEHUVHW]XQJILQGHWVLFKLQ*ULIILWKV+DQNLQV7KRPSVRQ    =DKOUHLFKH 9LWHQ XQG ([HPSDOVDPPOXQJHQ ZXUGHQ YRQ +XPDQLVWHQ YHUIDVVW HWZD YRQ3HWUDUFDXQG%RFFDFFLR=XP*HQUHGHUYLUHVLOOXVWUHVLPXQG-DKUKXQGHUW LQ,WDOLHQYJO3HWROHWWL   

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



'HU GHP .DUWKlXVHUP|QFK XQG %LVFKRI YRQ %RORJQD 1LFROz GHJOL $OEHUJDWL   JHZLGPHWH 7H[W EHJLQQW PLW GHU )HVWVWHOOXQJ GDVV HV ]ZDU DOOJHPHLQ EHNDQQW VHL ZHOFKH JUR‰HQ 'LHQVWH $ULVWRWHOHV GXUFKVHLQH:HUNHGHQ0HQVFKHQJHOHLVWHWKDEH²LQVEHVRQGHUHDXIGHP *HELHW GHU 0RUDOSKLORVRSKLH ZLH %UXQL HLJHQV EHWRQW ² GDVV KLQJHJHQ EHUGHVVHQ/HEHQZHQLJEHNDQQWVHL'HVKDOEZROOHHUGDV]XVDPPHQ IJHQZDVLQYHUVFKLHGHQHQ7H[WHQYHUVWUHXWEHUGDV/HEHQGHV$ULVWRWH OHVEHUOLHIHUWZHUGH,P)ROJHQGHQVHLHQQXUGLH3XQNWHDXVGHU/HEHQV EHVFKUHLEXQJKHUYRUJHKREHQGLHGLHEHVRQGHUH3HUVSHNWLYHLQGHU%UXQL $ULVWRWHOHVVLHKWGHXWOLFKZHUGHQODVVHQ $ULVWRWHOHV VR KHEW %UXQL HLQJDQJV KHUYRU VHL VR OHUQEHJLHULJ JHZH VHQGDVVHUVLFKQLFKWQXULQGHQEHLGHQ7HLOHQGHU3KLORVRSKLHQlPOLFK LQGHUSUDNWLVFKHQXQGWKHRUHWLVFKHQVRQGHUQDXFKLQ'LDOHNWLNXQG0D WKHPDWLNXQG²ZLH%UXQLDXVIKUOLFKHUGDUOHJW²LQ5KHWRULN3RHWLNXQG *HVFKLFKWH DXVJH]HLFKQHW KDEH 'XUFK VHLQH EHZXQGHUQVZUGLJH 1DWXUDQODJHVHLHULQGHU/DJHJHZHVHQGLHVFK|QVWHQ*HVlQJH]XYHUIDV VHQ XQG )OOH XQG 6FKPXFN GHU 5HGH ]XU 6FKDX ]X VWHOOHQ :DV GLH HLJHQH /HEHQVIKUXQJ XQG GLH &KDUDNWHUHLJHQVFKDIWHQ GHV $ULVWRWHOHV EHWULIIW VR VWHOOW %UXQL GLH KXPDQLWDV GHV $ULVWRWHOHV KHUDXV VHLQH Å/LHEH ]XP9DWHUODQG]XGHQ6HLQLJHQGHU)DPLOLHGHQ6FKOHUQXQG]XPJDQ ]HQ0HQVFKHQJHVFKOHFKW´ 'DVHLJHQWOLFK(UVWDXQOLFKHOLHJWMHGRFKLQGHP7HLOGHU9LWDLQGHP %UXQL GLH 6FKULIWHQ XQG GLH /HKUH GHV $ULVWRWHOHV EHKDQGHOW =XQlFKVW HLQPDO LVW HV %UXQL ZLFKWLJ ]X EHWRQHQ GDVV $ULVWRWHOHV HLQ 6FKOHU 3OD WRQVJHZHVHQVHLXQGVLFKVHLQH3KLORVRSKLHLQGHQ+DXSWSXQNWHQYRQGHU GHV3ODWRQNDXPXQWHUVFKHLGH%HLGHQ3XQNWHQEHLGHQHQHV8QWHUVFKLH GHJHEHVHLGLH3RVLWLRQGHV$ULVWRWHOHV]XEHYRU]XJHQ%UXQLVSULFKWKLHU PLW NHLQHP :RUW YRQ GHU YLHOIlOWLJHQ .ULWLN DQ 3ODWRQ GLH VLFK LQ GHQ :HUNHQGHV$ULVWRWHOHVILQGHQOlVVWYRUDOOHPDQGHVVHQ,GHHQOHKUH9LHO 

=XU9LWDGHV1LFROzYJOGLH+LQZHLVHYRQ%DURQLQ%UXQL  HWZDDXIGLH9LWD $OEHUJDWLVYRQ9HVSDVLDQRGD%LVWLFFL  Å4XDQWD QRELV $ULVWRWHOHV SKLORVRSKXV DWTXH DGHR JHQHUL KXPDQR EHQHILFLD FRQWXO HULW HW DG GLVFLSOLQDP RPQLXP OXFHP HW DG YLUWXWXP PRUXPTXH ODXGDELOLVVLPDP FRPSDUDWLRQHPRPQHVLQWHOOLJXQW4XLVYHURLSVHIXHULWHWTXLEXVPDLRULEXVRUWXVHW SHU TXRV VWXGLRUXP JUDGXV FXUULFXOD YLWDH WUDGX[HULW HW XELQDP JHQWLXP YL[HULW RELHULWTXHQHPRIHUHFRJQRYLW´%UXQL9LWD$ULVWRWHOLV3UDHIDWLRLQ%UXQL  I  Å,WDTXHQRQLQXWUDTXHPRGRSKLORVRSKLDSUDHVWLWLWVHGHWLDPLQGLDOHFWLFLVHWPDWKH PDWLFLVORQJHSULPXVKDEHEDWXU1HFLQKLVWDQWXPVHGHWUKHWRULFDHHWSRHVHRVSHU IHFWDPTXDPGDPFRJQLWLRQHPDGLXQ[HUDWKLVWRULDHYHURLWDFXULRVXVXWQHTXHFDHOR QHTXHWHUUDQHTXHPDULTXLFTXDPUHOLQTXHUHYHOOHWLQFRJQLWXPLQGRODHSUDHWHUHDPL UDELOLXWDGVLQJXODQDWXPSUDHFLSXHGLFDVXWHWFDUPLQDDEHRSXOFKHUULPHVFULSWDHW VROXWDHRUDWLRQLVFRSLDRUQDWXVTXHRVWHQGLW´(EG  Å([VWDWHLXVKXPDQLWDVDWTXHGLOHFWLRLQSDWULDPLQVXRVLQIDPLOLDPLQGLVFLSXORVLQ RPQHGHQLTXHJHQXVKRPLQXP´(EG



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

PHKU EHVFKUlQNW HU VLFK EHL GHU &KDUDNWHULVLHUXQJ GHU 8QWHUVFKLHGH DXI GLH6HHOHQYRUVWHOOXQJXQGDXI(OHPHQWHGHU(WKLNXQGGHU3ROLWLN3ODWRQ KDEH KLHU $QVLFKWHQ YHUWUHWHQ GLH VWDUN YRQ GHQ JHJHQZlUWLJHQ *HEUlX FKHQ DEZLFKHQ %UXQL QHQQW HWZD GLH 9RUVWHOOXQJ GDVV )UDXHQ QLFKW MH HLQHP0DQQ]XJHK|UWHQVRQGHUQDOOJHPHLQVHLHQVRGDVVDXFKGLH9DWHU VFKDIWXQVLFKHUVHLXQGPLWKLQDOOHVDOOHQJHK|UWH'HPJHJHQEHUZDU $ULVWRWHOHVXQJOHLFKPRGHUDWHU $ULVWRWHOHVDEHUZDULQVHLQHU/HKUHYRUVLFKWLJHU GHQQHUXQWHUQDKPQLFKWVZDV PDQ QLFKW EHZHLVHQ NDQQ  XQG JHPl‰LJWHU LQ VHLQHQ 0HLQXQJHQ VR GDVV HV VFKHLQWGDVVGDVMHQLJHZDVVLFKDXIGHQJHZ|KQOLFKHQ*HEUDXFKXQGGDV/HEHQ EH]LHKWQW]OLFKLVWXQGGDVVHUQLFKWVEHGDFKWHZDVIUHPGXQYHUVWlQGOLFKXQG QLHPDOVQW]OLFKLVW

:DV GDV 0HQVFKHQJHVFKOHFKW DEHU LQ GHU +DXSWVDFKH $ULVWRWHOHV YHU GDQNWLVWGLH2UGQXQJGLHHULQGLH'LV]LSOLQHQJHEUDFKWKDEH6FKOLH‰ OLFK VHL HU QLFKW QXU LQ GHU 3KLORVRSKLH VRQGHUQ DXFK LQ 5KHWRULN XQG 3RHWLNKHUYRUJHWUHWHQXQGKDEHVHOEVWJHOHKUW:HLVKHLWXQG%HUHGVDPNHLW ]XYHUHLQLJHQZDVLKPVHOEVWDXIYRUELOGOLFKH:HLVHJHOXQJHQVHL %UXQLZDUVLFKVLFKHUOLFKEHZXVVWGDVVHUPLWVHLQHU3UlVHQWDWLRQGHV $ULVWRWHOHVDOVHLQHV0HLVWHUVGHU%HUHGVDPNHLW²GHUJOHLFKVDPHLQHVGHU +DXSWDQOLHJHQ GHU +XPDQLVWHQ VHOEVW QlPOLFK VDSLHQWLD PLW HORTXHQWLD ]X YHUHLQHQ UHDOLVLHUW KDEH ² EHL VHLQHQ =HLWJHQRVVHQ =ZHLIHO KHUYRUUXIHQ ZUGH (U NRPPW P|JOLFKHU .ULWLN ]XYRU LQGHP HU VLH DXIQLPPW XQG JOHLFKGDUDXIZLGHUOHJW ,FKKDEHEHLHLQLJHQJHOHKUWHQ0lQQHUQGLHGHUJULHFKLVFKHQ6SUDFKHXQNXQGLJ VLQGHUIDKUHQGDVVVLHPHLQHU9HUVLFKHUXQJNHLQHQ*ODXEHQVFKHQNHQZHQQLFK GLH%HUHGVDPNHLWGHV$ULVWRWHOHVHPSIHKOHGDVLHDOOHUGLQJVIUJHZ|KQOLFKHLIULJ GLHIDOVFKHQhEHUVHW]XQJHQGLHVHV3KLORVRSKHQOHVHQKDOWHQVLHLKQIUYHUZLUUW 

Å1DPGHQDWXUDDQLPLLSVLXVTXHWUDQVPLJUDWLRQHGHVFHQVLRQHTXHLQFRUSRUDSHUPXOWD WUDGXQWXUDELOORSURODWDPDJLVKRPLQLEXVTXDPSUREDWDHWLQRSWLPRFLYLWDWLVVWDWX FRQVWLWXHQGRHDQRQQXPTXDPVHQWLWTXDHDEKRFQRVWURXVXFRQVXHWXGLQHTXHYLYHQ GL SOXULPXP DEKRUUHQW 0XOLHUHV HQLP FRPPXQHV RPQLXP HVVH FHQVHW TXR QLKLO LQH[SOLFDELOLXVFRJLWDUHSRWHVWILOLRVYHURLWDLQFHUWRVXWQHPRQHTXHVXRVQHTXHDOLH QRVTXHDWDJQRVFHUH3DWULPRQLRUXPDXWHPLXUDVXEVWXOLWDWTXHRPQLDRPQLXPFRP PXQLDHVVHYROXLW´(EG²9JO3ODWRQ3ROLWHLD9  Å$ULVWRWHOHVYHURHWFDXWLRULQWUDGHQGRIXLW QLKLOHQLPDJJUHGLWXUTXRGSUREDUHQRQ SRVVLW HWPRGHUDWLRULQRSLQDQGRXWKDHFTXDHLQXVXYLWDTXH FRPPXQLYHUVDQWXU DGLXYDUH QRQ DOLHQD HW DEKRUUHQWLD HW QXPTXDP SURIXWXUD PHGLWDUL LOOXP DSSDUHDW´ (EG  Å$ULVWRWHOL YHUR SHUPXOWXP GHEHW KXPDQXP JHQXV TXRG GLVFLSOLQDV DQWH VH YDULH GLVSHUVDVLQXQXPTXDVLFRUSXVVLQJXODVUHGLJHUHQRELVTXHHDVWUDGHUHGLJQDWXVHVW´ (EGI  Å1DP HW UKHWRULFDP DUWHP SOXULEXV YROXPLQLEXV RPQHPTXH LOOLXV YLP QDWXUDP RUQDWXPTXHH[SOLFXLWHWGHSRHWLFDPXOWDSHUVFULSVLWHWXWULXVTXHKDUXPVWXGLRVLVVL PXVIXLW([HUFXLVVHYHURLQHORTXHQWLDLXYHQHVDFSRVWPHULGLDQRWHPSRUHSUDHFHSWD GLFHQGLWUDGHUHDFVDSLHQWLDPFXPHORTXHQWLDPLVFHUHLQVWLWXLVVHFRQVWDW´(EG

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



GXQNHOXQGSOXPS$EHUZHGHUVLQGGLHVGLH%FKHUGHV$ULVWRWHOHVQRFKZUGH $ULVWRWHOHVVLHDOVGLH6HLQLJHQEH]HLFKQHQZHQQHUVHOEVWOHEWHVRQGHUQVLHVLQG QLFKWVZHLWHUDOV7RUKHLWHQGHUhEHUVHW]HU-HQHUZROOWHQlPOLFKHLQVHKUHOHJDQWHU 6FKULIWVWHOOHUVHLQXQGZDVHUZROOWHGDUXPEHPKWHHUVLFKXQGZRUXPHUVLFK EHPKWHGDVKDWHUHUUHLFKW

$OV%HOHJIUVHLQH$QVLFKW]LHKWHU]DKOUHLFKH5HIHUHQ]VWHOOHQDXV7H[WHQ YRQ &LFHUR GHP 0HLVWHU GHU %HUHGVDPNHLW KHUDQ ² DXV GHU 7RSLN 'H ILQLEXV%ULHIHQXQGDXVGHU5KHWRULN²DQGHQHQGLHVHUGLH%HUHGVDPNHLWGHV $ULVWRWHOHVKHUDXVVWHOOW$XVIKUOLFKEHKDQGHOWHUDXFKLPIROJHQGHQ$ULV WRWHOHV· KHUDXVUDJHQGH /HLVWXQJHQ DXI GHP *HELHW GHU OLWWHUDH GHU 'LFK WXQJ XQG GHU 5KHWRULN 8QG ]XP ZLHGHUKROWHQ 0DOH NRPPW HU DXI GLH %HUHGVDPNHLWGHV$ULVWRWHOHV]XVSUHFKHQ 6FKOLH‰OLFKPDFKWVLFK%UXQLGRFKQRFKGDUDQGLH:HUNHGHV$ULVWR WHOHV YRU]XVWHOOHQ XP VRJOHLFK ]X EHPHUNHQ GDVV GLHVH VR XPIDQJUHLFK VHLHQGDVVQLFKWQXUGDV/HVHQVRQGHUQEHUHLWVGDV$XI]lKOHQHUPGHQG VHL%UXQLEHVFKUlQNWVLFKGDKHUGDUDXIGLHYLHU:HUNJDWWXQJHQ]XQHQ QHQGHQHQVLFKGLH6FKULIWHQGHV$ULVWRWHOHV]XRUGQHQODVVHQ 'HUHUVWH7HLOYRQGLHVHQXPIDVVWGLH.HQQWQLVGHU%HUHGVDPNHLWXQGGHV5DWJH EHQV GHU ]ZHLWH EH]LHKW VLFK DXI GLH EUJHUOLFKH XQG PRUDOLVFKH 'LV]LSOLQ GHU GULWWH HQWKlOW GLH 9RUVFKULIWHQ GHV (U|UWHUQV LP YLHUWHQ DEHU ZHUGHQ GLH *H KHLPQLVVH GHU 1DWXU XQG GLH *UQGH XQG 8UVDFKHQ GHU YHUERUJHQHQ 'LQJH HU NOlUW

%UXQL PDFKW VLFK GLH 0KH DXVIKUOLFK GLH :HUNH DXI]XOLVWHQ GLH GHQ HUVWHQ EHLGHQ 7HLOHQ NRUUHVSRQGLHUHQ ZlKUHQG GLH OHW]WHQ EHLGHQ KLHU QLFKW ZHLWHU EHDFKWHW ZHUGHQ (U EHUJHKW VLH PLW GHU %HPHUNXQJ GDVV GLHVHGDVLHELVKHXWHEHUOLHIHUWZXUGHQDOOHNHQQHQ hEHUEOLFNW PDQ GLHVH 9LWD GHV $ULVWRWHOHV VR GDUI PDQ IHVWVWHOOHQ GDVV%UXQLKLHULQHLQ%LOGGHV3KLORVRSKHQ]HLFKQHWZLHHVGHP,GHDOGHU KXPDQLVWLVFKHQ%HZHJXQJ HQWVSUDFK LQ $ULVWRWHOHV YHUHLQLJWH VLFK :HLV 

  



Å([SHUWXV VXP DSXG TXRVGDP GRFWRV YLURV *UDHFDUXP DXWHP OLWWHUDUXP LJQDURV ILGHP QRQ ILHUL DVVHUWLRQL PHD! GXP $ULVWRWHOLV HORTXHQWLDP FRPPHQGR TXLSSH DGXOWHULQDV KXLXV SKLORVRSKL WUDQVODWLRQHV OHFWLWDUH VROLWL LQWULFDWXP TXHPGDP HW RE VFXUXPHWLQFRQFLQQXPDUELWUDQWXU6HGQRQVXQWLOOL$ULVWRWHOLVOLEULQHFVLYLYDWLSVH VXRVGLFLYHOLWVHGPHUDHWUDQVODWRUXPLQHSWLDH,OOHHQLPSROLWLVVLPXVVFULSWRUHVVHYR OXLWHWTXRGYROXLWFXUDYLWHWTXRGFXUDYLWDVVHFXWXVHVW´(EG 9JOHEGI Å/LEURVDXWHPXVTXHDGHRPXOWRVVFULSVLWXWQRQVROXPOHJHQGRYHUXPHWLDPHQX PHUDQGRIDWLJDUHDXGLWRUHPSRVVLQW´(EG Å(RUXP XQD SDUV HORTXHQWLDH VXDVLRQLVTXH UDWLRQHP FRPSOHFWLWXU DOWHUD DG FLYLOHP PRUDOHPTXHSHUWLQHWGLVFLSOLQDPWHUWLDGLVVHUHQGLSUDHFHSWDFRQWLQHWTXDUWDYHURVH FUHWDQDWXUDHDFUHUXPRFFXOWLVVLPDUXPFDXVDHUDWLRQHVTXHH[SOLFDQWXU´(EGI Å,DP YHUR LQ GXREXV UHOLTXLV JHQHULEXV TXRUXP DOWHUXP LQ GLVVHUHQGL LXGLFDQGLTXH UDWLRQHSRVLWXPGL[LPXVDOWHUXPLQVHFUHWRUXPQDWXUDHSHUYHVWLJDWLRQHTXDPPXOWLV HLXVOLEULDGKXFH[VWHQWRPQHVVFLPXV´(EG



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

KHLW VDSLHQWLD  XQG %HUHGVDPNHLW HORTXHQWLD  DXI NRQJHQLDOH :HLVH 9RQ GDKHUHUNOlUWVLFKDXFKGHU1XW]HQGHQPDQDXVGHQ:HUNHQGHV$ULVWR WHOHV]LHKHQN|QQHJLQJHV$ULVWRWHOHVGRFKQLFKWZLH%UXQLLQVHLQHU9LWD ]X ]HLJHQ YHUVXFKW XP DEVWUDNWHV XQG UHDOLWlWVIHUQHV :LVVHQ YLHOPHKU KDEHHUVLFKGDUXPEHPKW1W]OLFKHVYHUVWlQGOLFKXQGVFK|QPLW]XWHL OHQ 'LHKXPDQLVWLVFKH,QV]HQLHUXQJGHUDULVWRWHOLVFKHQ(WKLNDOVHLQH SUDNWLVFKH0RUDOOHKUHIU%UJHU 0LWGHU$EVLFKWGLHQW]OLFKHQ*HGDQNHQGHU1LNRPDFKLVFKHQ(WKLNQDFK GHP *HVFKPDFN XQG LP 6WLO VHLQHU KXPDQLVWLVFKHQ =HLWJHQRVVHQ HLQHP ZHLWHUHQ3XEOLNXP]XJlQJOLFK]XPDFKHQGDV]ZDUHLQ,QWHUHVVHDQ0R UDOSKLORVRSKLH KDEH MHGRFK QLFKW GLH 1LNRPDFKLVFKH (WKLN GHV $ULVWRWHOHV VHOEVWOHVHQZUGHYHUIDVVW%UXQL]ZLVFKHQXQGHLQHLQ'LDORJ IRUPYHUIDVVWH(LQIKUXQJLQGLH0RUDOSKLORVRSKLH=XGLHVHU=HLWKDWWH %UXQL EHUHLWV GLH 1LNRPDFKLVFKH (WKLN XQG GLH SVDULVWRWHOLVFKH gNRQRPLN EHUVHW]W %UXQLV7H[W,VDJRJLFRQPRUDOLVGLVFLSOLQDHJLEWYRUHLQH(LQIKUXQJLQGLH 0RUDOSKLORVRSKLH DOOJHPHLQ ]X VHLQ LVW LQ :DKUKHLW DEHU YRU DOOHP HLQH ]XVDPPHQIDVVHQGH %HDUEHLWXQJ GHU 1LNRPDFKLVFKHQ (WKLN GHV $ULVWRWH OHV'RFKGLH3UlVHQWDWLRQGHUDULVWRWHOLVFKHQ,QKDOWHIROJWHKHUKXPD QLVWLVFKHQ 9RUJDEHQ ,P )ROJHQGHQ VHL GHVKDOE ]XQlFKVW GLH YRQ %UXQL JHZlKOWH 'DUVWHOOXQJVIRUP XQG ,QV]HQLHUXQJ EHWUDFKWHW XP GDQDFK GLH YRQ LKP DXIJHJULIIHQHQ DXVJHODVVHQHQ XQG DN]HQWXLHUWHQ 7KHPHQIHOGHU GHUDULVWRWHOLVFKHQ(WKLNQlKHU]XEHWUDFKWHQ 'DUVWHOOXQJVIRUPXQG,QV]HQLHUXQJ %UXQLZlKOWIUGLHVH(LQIKUXQJGLH'LDORJIRUP'LHVHKDWWHHUEHUHLWVLQ VHLQHQ LQ GHQ HUVWHQ -DKUHQ GHV  -DKUKXQGHUWV YHUIDVVWHQ 'LDORJL DG

 

=XU'DWLHUXQJGHV7H[WHVYJO%DURQ   'HU 7H[W ZXUGH YRQ %DURQ NULWLVFK HGLHUW YJO %UXQL     (U ILQGHW VLFK JHPHLQVDP PLW HLQHU LWDOLHQLVFKHQ hEHUVHW]XQJ LQ GHU $XVJDEH YRQ 9LWL YJO %UXQL     HLQH HQJOLVFKH hEHUVHW]XQJ ILQGHW VLFK LQ *ULIILWKV +DQNLQV 7KRPSVRQ    XQG HLQH ]ZHLVSUDFKLJH $XVJDEH PLW HLQHU GHXWVFKHQ hEHUVHW]XQJ YRQ (FNKDUG .H‰OHU LQ (EEHUVPH\HU .H‰OHU 6FKPHLVVHU     ,P )ROJHQGHQ ZLUG GHU ODWHLQLVFKH 7H[W QDFK GHU $XVJDEH YRQ %DURQ XQG GLH GHXWVFKHhEHUVHW]XQJYRQ(FNKDUG.H‰OHU]LWLHUW

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



3HWUXP3DXOXP+LVWUXPYHUZHQGHWHLQ7H[WGHUZLHDOOJHPHLQEHNDQQW DP %HJLQQ GHU *DWWXQJVUHQDLVVDQFH GHV FLFHURQLDQLVFKHQ 'LDORJW\SXV· VWHKW'HP'LDORJEHU0RUDOSKLORVRSKLHLVWZLHDXFKGHQ'LDORJLHLQH :LGPXQJ YRUDQJHVWHOOW GLH GHQ IROJHQGHQ 7H[W EHUHLWV LQ VSH]LILVFKHU :HLVH SHUVSHNWLYLHUW 'HU 7H[W LVW DQ *DOHRWWR 5LFDVROL   HLQHQ)UHXQG%UXQLVJHULFKWHWGHQHUH[SOL]LWHUPXQWHUWXQGDXIIRUGHUW VLFKGHU0RUDOSKLORVRSKLH]X]XZHQGHQ'DPLWLKPGHU(LQVWLHJLQGLHVH 'LV]LSOLQHUOHLFKWHUWZLUGVFKLFNW%UXQLLKPÅQRFKHWZDV]XU(LQIKUXQJ´ DOLTXLGLQWURGXFWLRQLVFDXVD  0LWGLHVHUSHUV|QOLFKIRUPXOLHUWHQ$XIIRUGHUXQJNQSIW%UXQLDQGLH YRQ3HWUDUFDXQGYRUDOOHPYRQ6DOXWDWLSUDNWL]LHUWH7UDGLWLRQGHU(UPXQ WHUXQJ]XP6WXGLXPGXUFK%ULHIHDQ6ROFKHHUPXQWHUQGHQ%ULHIHYHUIDVVW DXFK%UXQL,QGHPQXQ%UXQLHLQHQVROFKHQDXIIRUGHUQGHQ:LGPXQJV EULHIGHU:LHGHUJDEHHLQHV*HVSUlFKVYRUDQVWHOOWYHUELQGHWHU]ZHL*DW WXQJHQ²QlPOLFK%ULHIXQG'LDORJ²GLHYRQGHQ+XPDQLVWHQEHYRU]XJW ZXUGHQ XQG GLH DXFK HLQLJH 6WUXNWXUPHUNPDOH WHLOHQ 6R EH]LHKHQ VLFK EHLGHDXIHLQH.RPPXQLNDWLRQVVLWXDWLRQGLH]ZLVFKHQ]ZHLUHDOHQ3HUVR QHQ VWDWWILQGHW 'DGXUFK ZLUG GHU *HJHQVWDQG DOV HLQ VROFKHU SUlVHQ WLHUW GHU IU GDV /HEHQ GHU EHWHLOLJWHQ 3HUVRQHQ HLQH UHDOH %HGHXWXQJ EHVLW]W ,QGHU:LGPXQJDQ*DOHRWWRVLHKWGLHVZLHIROJWDXV%UXQLWHLOWVHL QHP$GUHVVDWHQPLWGDVVHV$XIJDEHGHV0HQVFKHQVHLVLFKXPHLQÅJX WHV /HEHQ´ ]X NPPHUQ FXUD EHQH YLYHQGL  8P HLQ VROFKHV ]X IKUHQ EUlXFKWHGHU0HQVFKHLJHQWOLFKEOR‰VHLQHU1DWXUDQODJH]XIROJHQ'RFK GXUFK 1DFKOlVVLJNHLW XQG IDOVFKH 0HLQXQJHQ JHULHWHQ GLH 0HQVFKHQ LQ   

 

 

=XU )UDJH GHU 'DWLHUXQJ GHV 7H[WHV YJO %DOGDVVDUL LQ VHLQHU (LQOHLWXQJ ]X %UXQL  I9LWLLQVHLQHU(LQOHLWXQJ]X%UXQL  XQG+lVQHU   =XU%HGHXWXQJYRQ%UXQLV'LDORJYJO0DUVK  XQG+lVQHU  ]XP'LDORJ DOOJHPHLQLQGHU5HQDLVVDQFHDXFK&R[   *DOHRWWR  VWDQGDOV6ROGDWXQG%RWVFKDIWHULP'LHQVWYRQ3DSVW-RKDQQHV ;;,,,NHKUWHHUQDFK)ORUHQ]]XUFNXQGZDUPLWGLSORPDWLVFKHQ$XIJDEHQGHU 6WDGWEHWUDXW9JOGD]XGLH+LQZHLVHYRQ9LWLLQ%UXQL  I 9JO%UXQL   6RHWZDLQHLQHP%ULHIDQ1LFRODRÅ6WXGLXPYHURWLELVLWGXSOH[DOWHUXPLQOLWWHUDUXP SHULWLD QRQ YXOJDUL LVWD HW FRPPXQL VHG GLOLJHQWLRUL TXDGDP DWTXH UHFRQGLWD LQ TXD SUDHFHOOHUHWHPDJQRSHUHYRORDOWHUXPLQFRJQLWLRQHHDUXPUHUXPTXDHSHUWLQHQWDG YLWDPHWPRUHVTXDHSURSWHUHDKXPDQLWDWLVVWXGLDQRQFXSDQWXUTXRGKRPLQHPSHU ILFLDQWDWTXHH[RUQHQW,QKRFJHQHUHYDULDHWPXOWLSOH[HWXQGHFXQTXHDUUHSWDVLWWLEL FRJQLWLRQLFKLOXWSUDHWHUPLWWDVTXRGDGLQVWLWXWLRQHPYLWDHTXRGDGGHFXVTXRGDG ODXGHPSHUWLQHUHYLGHDWXUVHGHRVOHJDVFHQVHRTXLQRQVROXPGRFWULQDYHUXPHWLDP QLWRUHRUDWLRQLVDFSHULWLDOLWWHUDUXPMXYDUHWHSRVVLQWTXDOHVVXQW&LFHURQLVOLEULHWVL TXLSUR[LPHDFFHGXQW´0HKXV  ,, =XGHQbKQOLFKNHLWHQYRQ%ULHI XQG'LDORJIRUPEHLGHQ+XPDQLVWHQYJO(EEHUV PH\HU D I %UXQL  



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

9HUZLUUXQJ XQG OHEWHQ HLQ EOR‰ YRP =XIDOO EHVWLPPWHV /HEHQ $XV GLHVHU 6LWXDWLRQ JHEH HV QXQ HLQHQ $XVZHJ QlPOLFK GLH 3KLORVRSKLH 'DUXQWHUYHUVWHKW%UXQLZLHHUHLJHQVEHWRQWQLFKW1DWXUSKLORVRSKLHEHL GHUGHU0HQVFKVLFKQLFKWXPGLHHLJHQH/HEHQVIKUXQJEHPKWVRQGHUQ ÅHLQ IUHPGHV *HVFKlIW ]X HUOHGLJHQ VFKHLQW´ 9LHOPHKU EH]LHKW HU VLFK DXIGLH0RUDOSKLORVRSKLHGLHXQVGLH0LWWHODQGLH+DQGJLEWQLFKWOlQJHU ÅQDFK GHP =XIDOO ]X OHEHQ´ VRQGHUQ LQ IUHLHU 6HOEVWEHVWLPPXQJ ÅGLH HLJHQHQ:HJHXQG+DQGOXQJHQ´]XHUNHQQHQ 0LW GLHVHU :LGPXQJPDFKW %UXQL ]ZHLHUOHL GHXWOLFK (UVWHQV0RUDO SKLORVRSKLHEHGHXWHWIU%UXQLGLH$QOHLWXQJ]XPJXWHQ/HEHQ,QVRIHUQ VLH GLHVH Å1W]OLFKNHLW IU GDV /HEHQ´ XWLOLWDV DG YLWDP  DXIZHLVHQ NDQQ JHEKUWLKUDXFKGHU9RUUDQJYRUGHUEOR‰VSHNXODWLYHQ1DWXUSKLORVRSKLH =ZHLWHQV XP JXW ]X OHEHQ PXVV GHU 0HQVFK QXU GXUFK SKLORVRSKLVFKH 5HIOH[LRQ DXI GHQ :HJ VHLQHU HLJHQHQ 1DWXUDQODJH ]XUFNJHEUDFKW ZHU GHQ'DQQNDQQHUDXVHLJHQHU.UDIWLQGLHVHP/HEHQJOFNOLFKZHUGHQ 7UDQV]HQGHQWH :HUWH RGHU :HOWHQ GLH GLHVHP /HEHQ HUVW HLQHQ VSH]LIL VFKHQ6LQQYHUOHLKHQVSLHOHQLQGHU.RQ]HSWLRQ%UXQLVNHLQH5ROOH'LHVH :LGPXQJSHUVSHNWLYLHUWGHQIROJHQGHQ'LDORJPLWKLQLQVSH]LILVFKHU:HL VH 'DV QXQ ZLHGHUJHJHEHQH *HVSUlFK ZLUG ZLH IROJW LQV]HQLHUW %UXQL GHU JHUDGH GLH (XGHPLVFKH (WKLN GHV $ULVWRWHOHV LQ GHQ +lQGHQ KlOW EHNRPPW%HVXFKYRQVHLQHP)UHXQG0DUFHOOLQRGHULKQGDUDXIKLQQDFK GHP ,QKDOW GHU 0RUDOSKLORVRSKLH EHIUDJW *HIUDJW ZDUXP HU QLFKW GLH 7H[WHGHV$ULVWRWHOHVVHOEVWOHVHJLEWGLHVHU]XU$QWZRUWGDVVHUGHV*ULH FKLVFKHQQLFKWPlFKWLJVHLXQGGDVVLKPGLHODWHLQLVFKHQhEHUVHW]XQJHQ QLFKWZHLWHUJHKROIHQKlWWHQ8QG]ZDUGHVKDOEZHLOVLHHKHUIUGLHJH 



 



%UXQL,VDJRJLFRQÅ(VWHQLPYHULERQLDQDWXUDQRELVLQJHQHUDWDFXSLGRYHUXPFRQIXVD LOODTXLGHPDWTXHLQFHUWDIDOODFLEXVTXHRSLQLRQLEXVWDPTXDPWHQHEULVTXLEXVGDPRE GXFWDTXLEXVREFDFFDWLDWTXHGHFHSWLSHUGHYLDDEHUUDPXV´(EG Å6HGDGYHUVXVKDQFKXPDQLJHQHULVFDHFLWDWHPHWWHQHEUDVRSHPDSKLORVRSKLDSHWHQ GXP HVW TXDH VL IRUWH QRV GLJQDWD OXPHQ VXXP DGPRYHULW KDQF RPQHP TXDH QRV WXUEDWFDOLJLQHPGLVVLSDELWYHUDPTXHYLYHQGLYLDPDIDOODFLGLVFHUQHW´(EG Å,WDTXH TXL KXLXV FRJQLWLRQH RPLVVD SK\VLFDH LQWHQGXQW LL DOLHQXP TXRGDPPRGR QHJRWLXPDJHUHYLGHQWXUVXXPRPLWWHUH´(EG Å4XLG HQLP SXOFKULXV QRELOL YLUR HW YLUWXWXP DE LSVD QDWXUD DPDWRUL HW LQWHOOLJHQWLD UDWLRQHTXHSUDHVWDQWLTXDPHDGLVFHUHSHUTXDHDGFDVXPYLYHUHGHVLVWDWVXDVLSVDV YLDVDFWXVTXHGLVFHUQDW´(EG 0LWGLHVHU'DUVWHOOXQJJLEW%UXQLHLQHQ+LQZHLVDXIGLH(QWVWHKXQJV]HLWGHV7H[WHV XQGHUXQWHUVWW]WGDPLW]XJOHLFKVHLQH=XVWlQGLJNHLWXQG.RPSHWHQ]IU$ULVWRWHOHV 'HQQGLH(XGHPLVFKH(WKLNZDULPODWHLQLVFKHQ:HVWHQQXUUXGLPHQWlUEHNDQQW'LH HUVWH+DQGVFKULIWGLHVHV7H[WHVLQ,WDOLHQ]LUNXOLHUWHHUVWDEGHUGULWWHQ'HNDGHGHV -DKUKXQGHUWV(VLVWJXWP|JOLFK GDVV%UXQLHEHQGLHVHQ .RGH[GHQ*LRYDQQL$X ULVSDPLWQDFK,WDOLHQEUDFKWHLQGHQ+lQGHQKLHOW9JOKLHU]XGLH5HNRQVWUXNWLRQEHL %DURQ  

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



GDFKW]XVHLQVFKHLQHQGLHVFKRQLQGLH0RUDOSKLORVRSKLHHLQJHIKUWVHL HQDOVIU$QIlQJHU+LHUQXQNDQQ%UXQL$EKLOIHVFKDIIHQGHQQHULVW GHV*ULHFKLVFKHQPlFKWLJ'DHUÅDXVGHUJULHFKLVFKHQ4XHOOH ZLH+RUD] VDJW JHVFK|SIW´KDEHNRQQWHHUGHQ9HUZLUUXQJHQGHUELVKHULJHQODWHLQL VFKHQ 5H]LSLHQWHQ HQWJHKHQ XQG GDV GDUOHJHQ ZDV VLFK EHL $ULVWRWHOHV VHOEVW ILQGHQ OlVVW 'DPLW LVW GLH %H]LHKXQJ YRQ 0DUFHOOLQR XQG%UXQL DOV HLQ /HKUHU6FKOHU9HUKlOWQLV FKDUDNWHULVLHUW %UXQLV :LVVHQ ZLUG DOV GDV HLQHV 3ULHVWHUV RGHU 2UDNHOGHXWHUV LQV]HQLHUW VHLQH %HOHKUXQJ GHV 0DUFHOOLQRZLHGLH,QLWLLHUXQJLQHLQHTXDVLUHOLJL|VH/HKUH$XIGLH)UDJH ZDVGLHHWKLVFKH'LV]LSOLQLKUHQ$QKlQJHUQYHUVSULFKWDQWZRUWHW%UXQL GLH 0HQVFKHQ JOFNOLFK ]X PDFKHQ LQVRIHUQ VLH MHGHQIDOOV VLFK QLFKW VHOEVW HQW ]LHKHQVRQGHUQLP+DQGHOQXQG7XQLKUH9RUVFKULIWHQXQG1RUPHQEHIROJHQ

'DUDXI0DUFHOOLQR :HU ZLUG DQJHVLFKWV HLQHU VROFKHQ +RIIQXQJ QLFKW HUUHJW" ,FK EUHQQH GDUDXI EHLP+HUNXOHVDXIGHU6WHOOHLQGLHVH*HKHLPQLVVHHLQJHZHLKW]XZHUGHQ

,QGHPQXQIROJHQGHQ'LDORJYHUOLHUWGLH,QV]HQLHUXQJDQ%HGHXWXQJ'LH VDFKOLFKH,QVWUXNWLRQWULWWLQGHQ9RUGHUJUXQGGLHDOOHLQGXUFKGLH1DFK IUDJHQ0DUFHOOLQRVXQWHUEURFKHQZLUG %UXQLV'DUOHJXQJGHUDULVWRWHOLVFKHQ(WKLN ,P )ROJHQGHQ QXQ JLEW %UXQL HLQH (LQIKUXQJ LQ GLH 0RUDOSKLORVRSKLH GLHHU,VDJRJLFRQQHQQWLQGHPHUGUHL)UDJHQHU|UWHUW2EHVHLQOHW]WHV 

Å*UDFFHLQTXLWQHVFLR/DWLQDYHURLVWDQRVWUDWLD XWWLELYHUXPIDWHDU OHJHQWHPPH FRQDQWHPTXHQRQDGPRGXPLXYDW&RQLHFWRHQLPHD!HVVHWDOLDXWLQVWLWXWXPSRWL XVHUXGLUHTXDPUXGHPLQVWLWXHUHDELQLWRSRVVLQW´%UXQL  ²0LWGLHVHU%H REDFKWXQJ KDW 0DUFHOOLQR VLFKHU 5HFKW XQG VLH WULIIW QLFKW QXU DXI GLH ODWHLQLVFKHQ hEHUVHW]XQJHQ]XVRQGHUQGHFNWVLFKPLWGHU$EVLFKWGHV$ULVWRWHOHVVHOEVWGHUMDLQ GHU1LNRPDFKLVFKHQ(WKLNH[SOL]LWEHPHUNWGDVVVHLQH6FKULIWQLFKWIU$QIlQJHUJHHLJ QHWVHLYJO$ULVWRWHOHV1LNRPDFKLVFKH(WKLN,D  Å7XTXL*UDHFRGHIRQWH XWDLW)ODFXV KDXVLVWLTXDHVRPLKLH[SRQRKDHFGHPRUL EXV GLVFLSOLQD TXLG HLXV VHFWDWRULEXV UHSURPLWWDW"´ (EG  ² $XI GLHVH VHLQH *ULH FKLVFKNHQQWQLVVHUHNXUULHUWHULP)ROJHQGHQLPPHUZLHGHUREJOHLFKVLHVDFKOLFKQLFKW LPPHUHQWVFKHLGHQGVLQGVRZHQQHU]XU%H]HLFKQXQJVHLQHV9RUKDEHQVQlPOLFKHL QH (LQIKUXQJ ]X JHEHQ DXI GDV JULHFKLVFKH :RUW LVDJRJLFRQ UHNXUULHUW Å«FRQHPXU WDOHDOLTXLGWLELWUDGHUHTXDOH*UDHFLLVDJRJLFRQDSSHOODQWLGHVWTXDVLLQWURGXFWLRQHPDFHYL GHQWLDP TXDPGDP HLXV GLVFLSOLQDH«´ HEG   ZHQQ HU GLH 9HUZHQGXQJ GHV :RUWHV HXWK\PLDEHL'HPRNULWNULWLVLHUWGDGLHVHVZHQLJNODUXQGXQJHEUlXFKOLFKVHL HEG  ²PDQFKPDOIUHLOLFKQXW]WHUVHLQH.HQQWQLVIUVDFKOLFKH$UJXPHQWH]%EHLHXGDL PRQLDHEG  %UXQL    Å>«@ EHDWRV IDFHUH KRPLQHV PRGR VLEL LSVL QRQ GHVLQW VHG DJHQGRHWRSHUDQGRLOOLXVSUDHFHSWDLXVVDTXHVHTXDQWXU(WTXLVQRQH[FLWHWXULQTXLW WDQWDVSHSURSRVLWD"$UGHRPHKHUFXOHLDPQXQFLOOLXVLQLWLDULVDFULV´%UXQL   



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

=LHOGHV+DQGHOQVJHEHGDV]XJOHLFKGDVK|FKVWH*XWVHLZRULQGLHVHV EHVWHKHXQGZHOFKHU:HJGRUWKLQIKUH6HLHQGLHVH)UDJHQJHNOlUW VROLHJHGLHJDQ]H/HEHQVIKUXQJYRUXQV %UXQL EHJLQQW GLH (U|UWHUXQJ GHU HUVWHQ )UDJH LQGHP HU LQ JUREHQ =JHQGHUDULVWRWHOLVFKHQ$UJXPHQWDWLRQLQ%XFK,GHU1LNRPDFKLVFKHQ (WKLN IROJW GXUFK XQVHUH +DQGOXQJHQ HUVWUHEHQ ZLU =LHOH GLHVH =LHOH VWHKHQ LQ HLQHP KLHUDUFKLVFKHQ 9HUKlOWQLV ]XHLQDQGHU VFKOLH‰OLFK JLEW HV HLQOHW]WHV=LHOGDVXPNHLQHVDQGHUHQ:LOOHQVRQGHUQQXUIUVLFKVHOEVW HUVWUHEWZLUG 1DFK GLHVHU NQDSSHQ $UJXPHQWDWLRQ ZHQGHW VLFK %UXQL GHU ]ZHLWHQ )UDJH]XQlPOLFKZRULQGDVOHW]WH=LHOXQGPLWKLQGDVK|FKVWH*XWEH VWHKH,P$QVFKOXVVDQ$ULVWRWHOHVEHPHUNWHUGDVVEHUGHVVHQ1DPHQ (LQLJNHLWEHVWHKH*OFNVHOLJNHLW (1, :LHVLFKGLHVHMHGRFKEHVWLP PHQODVVHGDUEHUJHEHHV0HLQXQJVYHUVFKLHGHQKHLWHQ:lKUHQG$ULVWR WHOHVDQGLHVHU6WHOOHEOR‰GUHL/HEHQVIRUPHQXQWHUVFKHLGHWRUGQHW%UXQL GLHVHQ GUHL YHUVFKLHGHQH SKLORVRSKLVFKH 3RVLWLRQHQ ]X GLH GHV (SLNXU GDVVGDVK|FKVWH*XWLQGHU/XVWGLHGHV$ULVWRWHOHVGDVVHVLP9ROO]XJ GHU7XJHQGXQGVFKOLH‰OLFKGLHGHV6WRLNHUV=HQRQGDVVHVLP(KUHQYRO OHQEHVWHKH (1,  0DUFHOOLQR EOHLEW QDFK GLHVHU 'DUOHJXQJ HWZDV UDWORV ]XUFN 1DFK VHLQHU 0HLQXQJ JHIUDJW JLEW HU DQ GDVV LKP DOOH GUHL 3RVLWLRQHQ HLQJH OHXFKWHWKDEHQGRFKGLHVHVLFKXQWHUHLQDQGHU]XZLGHUVSUHFKHQVFKHLQHQ +LHUQXQIROJWHLQHHUVWH$UJXPHQWDWLRQ%UXQLVGLHEHUGLH1LNRPDFKLVFKH (WKLNKLQDXVJHKW(U]HLJWLQGHPHUGXUFKYHUVFKLHGHQH6WUDWHJLHQGLH 8QWHUVFKLHGH LQ GHQ 3RVLWLRQHQ QLYHOOLHUW GDVV VLFK GLH YHUVFKLHGHQHQ SKLORVRSKLVFKHQ6FKXOHQLP*UXQGHQLFKWZLGHUVSUHFKHQ=XQlFKVWQHQQW HUGLH*HPHLQVDPNHLW]ZLVFKHQ6WRLNHUQXQG$ULVWRWHOLNHUQQlPOLFKGDVV EHLGH LP :HJ GHU 7XJHQG GHQ :HJ ]XP *OFN VHKHQ :DV QXQ GHQ JUXQGOHJHQGHQ 8QWHUVFKLHG DQJHKW QlPOLFK GLH %HZHUWXQJ XQG %HGHX WXQJGHUlX‰HUHQ*WHUVRKlOW%UXQLGLHVHQ8QWHUVFKLHGIUJHULQJXQG IUHLQHQVROFKHQGHUQXULQGHQ:RUWHQQLFKWDEHULQGHQ6DFKHQEHVWH KH,QHLQHUJHZDJWHQ,QWHUSUHWDWLRQPDUJLQDOLVLHUWHUGLHVWRLVFKH$EZHU WXQJGHUlX‰HUHQ*WHULP/LFKWGHUDULVWRWHOLVFKHQ3KLORVRSKLH 'HQQZDVGLHN|USHUOLFKHQXQGlX‰HUHQ*WHUDQJHKWGLHGLHHLQHQ*WHUQHQ QHQ GLH DQGHUHQ 1LFKW*WHU VR NRPPW HV QXU GDUDXI DQ ZLH YLHO %HGHXWXQJ 

Å3ULPD LJLWXU KXLXV GLVFLSOLQDH FRQVLGHUDWLR PLKL YLGHUL VROHW DQ TXLG H[WUHPXP HW ILQLVLQUHEXVKXPDQLVDGTXRGRPQLDTXDHDJLPXVUHIHUULRSRUWHDW6HFXQGDTXLG VLWHGH[WUHPXP7HUWLDTXLEXVUHEXVDGLGSHUYHQLDWXU´(EGI  Å+LV HQLP FRJQLWLV HW WRWLXV YLWDH UDWLRQHP TXHPDGPRGXPGLULJHQGD VLW FRJQRVFH PXV´(EG  %UXQLZHQGHWKLHUHLQH5HLKHYRQV\QNUHWLVWLVFKHQ6WUDWHJLHQDQZLHVLH6WHYH)DUPHU  EHVFKULHEHQKDW

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



PDQLKQHQ]XPLVVW:HQQGLHHLQHQQLFKWPHKUDOVGLHDQGHUHQGDQQEHVWHKWGHU *HJHQVDW]QXULQ:RUWHQQLFKWDEHULQGHU6DFKHZHLOQlPOLFKGLHHLQHQHVYRU ]LHKHQ HLQ DOWKHUJHEUDFKWHV :RUW ]X JHEUDXFKHQ GLH DQGHUHQ DEHU HLQ QHXHV 'HQQZDVGLHVH*WHUXQGhEHOQHQQHQGDVQHQQHQMHQH9RUJH]RJHQHVXQG=X UFNJHZLHVHQHV

$QVFKOLH‰HQG ]HLJW %UXQL GDVV GLH HSLNXUHLVFKH .RQ]HSWLRQ GHU /XVW QLFKWV DQGHUHV VHL DOV GLH DULVWRWHOLVFKH *OFNVHOLJNHLW GHQQ GLH K|FKVW /XVW HUUHLFKH PDQ QDFK (SLNXU GXUFK GLH $XVEXQJ GHU 7XJHQGHQ 'LHVH Å9HUV|KQXQJ GHU 3KLORVRSKHQ´ FRQFLOLDWLR SKLORVRSKRUXP  EHUXKLJW 0DUFHOOLQR6LHGLHQW]ZHL)XQNWLRQHQ(UVWHQV]HLJWVLHGDVVVLFKGLHDQWL NHQPRUDOSKLORVRSKLVFKHQ.RQ]HSWHQLFKWJHJHQVHLWLJZLGHUVSUHFKHQXQG GDPLW VFKZlFKHQ VRQGHUQ GDVV VLH DOOH LQ GLH JOHLFKH 5LFKWXQJ ]LHOHQ QlPOLFK GHQ 0HQVFKHQ GHQ :HJ ]X ZHLVHQ DXV HLJHQHU .UDIW XQG PLW HLJHQHQ0LWWHOQJOFNOLFK]XZHUGHQ'DPLWZHQGHWVLFK%UXQLJHJHQHLQH 6WUDWHJLH IUKHU FKULVWOLFKHU 6FKULIWVWHOOHU GLH GXUFK GLH $XIGHFNXQJ YRQ :LGHUVSUFKHQ]ZLVFKHQGHQDQWLNHQSKLORVRSKLVFKHQ6\VWHPHQGLHVH]X ZLGHUOHJHQYHUVXFKWHQ =ZHLWHQV O|VW %UXQL GDPLW DEHU DXFK GDV VWRLVFKH 'HQNHQ DXV GHU FKULVWOLFKHQ3HUVSHNWLYHKHUDXVXQGGHXWHWHVQXQLP.RQWH[WGHUDULVWRWH OLVFKHQ 0RUDOSKLORVRSKLH 'LH VWRLVFKH $EZHUWXQJ GHU lX‰HUHQ *WHU ZLUG QLFKW LQ FKULVWOLFKHU3HUVSHNWLYH DOV :HOWHQWVDJXQJ XQG YHUDFKWXQJ JHGHXWHW VRQGHUQ LQ DULVWRWHOLVFKHU 3HUVSHNWLYH DOV 8QWHURUGQXQJ GHU lX‰HUHQXQWHUGLHLQQHUHQ*WHUZREHLIUHLOLFKGLHlX‰HUHQ*WHULKUH² ]XJHJHEHQHUPD‰HQVHNXQGlUH²5HOHYDQ]IUHLQJOFNOLFKHV/HEHQEHKDO WHQ'LH%HGHXWXQJGHUlX‰HUHQ*XWHUYRUDOOHPGHV5HLFKWXPVIUHLQ JOFNOLFKHV/HEHQZLHVLH$ULVWRWHOHVLQGHU1LNRPDFKLVFKHQ(WKLNGDUJHOHJW KDWWHJUHLIW%UXQLLQDQGHUHQ6FKULIWHQZLHGHUKROWDXI 

%UXQL  Å1DPGHFRUSRULVH[WHUQLVTXHFRPPRGLVTXDHDOLLERQDDSSHOODQW DOLLQRQERQDLGPRGRUHIHUWTXDQWXPTXLVTXHLOOLVWULEXHULW6LQRQSOXVKLTXDPLOOL GHYHUERGLIIHUHQWLDHVWQRQDXWHPGHUHTXRGDOWHURVXVLWDWXPYHUEXPGHOHFWDWDOWH URVQRYXP4XDHHQLPKLERQDHWPDODLOOLSUDHSRVLWDHWUHLHFWDDSSHOODQW´%UXQL   I  (EG  'LHVH6WUDWHJLHKDWYRUDOOHP/DNWDQ]LQVHLQHQ'LQLYDHLQVWLWXWLRQHVYHUZHQGHWYJOGD]X HWZD3DQL]]D    ,QVHLQHU:LGPXQJGHUhEHUVHW]XQJGHU2HFRQRPLFDDQ&RVLPRGH·0HGLFLEHVWLPPW %UXQLGHQ5HLFKWXPDOVGDV=LHOGHU+DXVZLUWVFKDIWXQGZHLVWH[SOL]LWDXIGLH%HGHX WXQJXQG1RWZHQGLJNHLWGHV5HLFKWXPVIUWXJHQGKDIWHV+DQGHOQKLQ%UXQL3UDHIDWLR LQ/LEURV2HFRQRPLFRUXPÅ8WHQLPPHGLFLQDHILQLVHVWVDQLWDVLWDUHL IDPLOLDULVGLYLWLDV ILQHPHVVHFRQVWDW6XQWYHURXWLOHVGLYLWLDHFXPHWRUQDPHQWRVXQWSRVVLGHQWLEXVHW DGYLUWXWHPH[HUFHQGDPVXSSHGLWHQWIDFXOWDWHP3URVXQWHWLDPQDWLVTXLIDFLOLXVSHU LOODVDGKRQRUHVGLJQLWDWHVTXHVXEOHYDQWXU´%UXQL  I²$XVIKUOLFKDUJX PHQWLHUW%UXQL LQHLQHP%ULHI DQ 7RPPDVVR&DPELDWRUHGDIUÅGDVVGHU5HLFKWXP YRQGHQ3KLORVRSKHQ]XGHQ*WHUQJH]lKOWZLUG´ Å'LYLWLDVLQERQLVQXPHUDULD3KL ORVRSKLVGL[L´,Q0HKXV  ,, %UXQLVWW]WVLFKPLWVHLQHU7KHVHDXI3ODWRQ



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

6FKOLH‰OLFK ZLUG GLH OHW]WH )UDJH HU|UWHUW QlPOLFK DXI ZHOFKHP :HJ PDQ]XPK|FKVWHQ*XWJHODQJH'DVVGLHVHUEHUGLH7XJHQGHQIKUHLVW 0DUFHOOLQRDXVGHP*HVDJWHQEHUHLWVNODUGHQQRFKP|FKWHHUPHKUGDU EHUHUIDKUHQ'HUÅNXU]H6WUHLI]XJ´ EUHYLVGLVFXUVXV GHUQXQIROJWLVWHLQH NQDSSH=XVDPPHQIDVVXQJYRQ1LNRPDFKLVFKH(WKLN,,,GLH7XJHQG VHL HLQH EHVWlQGLJH $IIHNWLRQ GHU 6HHOH GLH Å+DOWXQJ´ KDELWXV  JHQDQQW ZHUGH 'LH $QODJH GD]X KDEHQ ZLU EHUHLWV YRQ 1DWXU VLH ZLUG MHGRFK GXUFK*HEUDXFKXQG*HZ|KQXQJYHUYROONRPPQHW(LQJHWHLOWZHUGHQGLH 7XJHQGHQ ]XQlFKVW LQ PRUDOLVFKH XQG LQWHOOHNWXHOOH 'LH LQWHOOHNWXHOOHQ 7XJHQGHQ²:HLVKHLW:LVVHQ.OXJKHLW(LQVLFKWXQG.XQVW²GLHDXIGLH (UIDVVXQJ GHV :DKUHQ JHULFKWHW VLQG NHQQHQ NHLQ =XYLHO 'LH PRUDOL VFKHQ 7XJHQGHQ GLHVLFK DXI XQVHUH $IIHNWH XQG +DQGOXQJHQ EH]LHKHQ ZHUGHQDOVHLQ0LWWOHUHV]ZLVFKHQ]XYLHOXQG]XZHQLJEHVWLPPW 'LHVLFKEHL$ULVWRWHOHVLQGHU$UJXPHQWDWLRQQXQDQVFKOLH‰HQGH(U |UWHUXQJ GHU )UHLZLOOLJNHLW DOV QRWZHQGLJH 9RUDXVVHW]XQJ IU HWKLVFKHV +DQGHOQ (1,,, ZLUGYRQ%UXQLDXVJHODVVHQ6WDWWGHVVHQPDFKWHU VLFK JOHLFK GDUDQ GLH PRUDOLVFKHQ 7XJHQGHQ ]X EHKDQGHOQ XQG ]ZDU LQ GHU 5HLKHIROJH GHU 1LNRPDFKLVFKHQ (WKLN (1 ,,, ,9   7DSIHUNHLW 0l‰LJNHLW )UHLJHELJNHLW *UR‰DUWLJNHLW*UR‰JHVLQQWKHLW XQG 6DQIWPWLJ NHLW +LHU ILQGHW PDQ QXQ GLH ]ZHLWH DXVIKUOLFKH $UJXPHQWDWLRQ LQ GHU %UXQL EHU GLH 1LNRPDFKLVFKH (WKLN KLQDXVJHKW GLH HV GHVKDOE ZHUW LVW JHQDXHUEHWUDFKWHW]XZHUGHQ2EZRKO0DUFHOOLQRGLH'DUOHJXQJLPJDQ XQGDXI5HFKWVJHOHKUWH6HLQEHVRQGHUHU*HZlKUVPDQQIUGLHVH$QVLFKW LVWIUHLOLFK $ULVWRWHOHV ,Q HLQHU HWZDV JHZDJWHQ $UJXPHQWDWLRQ YHUVXFKW %UXQL ]X ]HLJHQ GDVV QDFK$ULVWRWHOHVGLHlX‰HUHQ*WHUXQG5HLFKWXPIUHLQJOFNOLFKHV/HEHQQRWZHQ GLJVHLHQXQG]ZDUQLFKWQXUIUGDVDNWLYHXQGEUJHUOLFKH/HEHQ²ZLHVROOWHPDQ DXFKRKQH%HVLW]GLHEUJHUOLFKHQ7XJHQGHQGHU)UHLJHELJNHLWXQG*UR‰DUWLJNHLWDXV EHQN|QQHQ²VRQGHUQDXFKIUGDVNRQWHPSODWLYH/HEHQÅ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´ (EG

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



]HQ]XVWLPPHQGDQK|UWVRUHJWVLFKGRFKVHLQ:LGHUZLOOHDOV%UXQLDXI GLH 7XJHQG GHU 6DQIWPWLJNHLW ]X VSUHFKHQ NRPPW GLH HLQ 0LWWOHUHV LQ %H]XJDXIGHQ$IIHNWGHV=RUQHVLVW'DVVQXQHLQÅDQJHPHVVHQHU´=RUQ EHVVHUVHLDOVJDUNHLQ=RUQZLOOLKPQLFKWHLQOHXFKWHQXQGHUKDWGDPLW DXFKGLHJUR‰H7UDGLWLRQGHUVWRLVFKHQ/HKUHKLQWHUVLFK $Q GLHVHU 6WHOOH ZLUG GHXWOLFK ZDV ELVKHU QXU LPSOL]LW ZDU QlPOLFK GDVV GLH ELVKHULJH 'DUOHJXQJ QLFKW IU DOOH JHQDQQWHQ SKLORVRSKLVFKHQ 3RVLWLRQHQJLOWVRQGHUQHLQHDULVWRWHOLVFKHZDUGLHJHUDGHLP%HJULIIGHU 7XJHQG VLFK YRQ HLQHU DQGHUHQ DQWLNHQ 3RVLWLRQ QlPOLFK GHU VWRLVFKHQ UDGLNDOXQWHUVFKHLGHW%UXQLHQWJHJQHWGDVVHEHQVRZLHGHU5DVHQGHDXFK GHU7UlJH]XWDGHOQVHLXQGHLQJHZLVVHV0D‰DQ$QVWDFKHOXQJGXUFKGHQ $IIHNWGHV=RUQV]X+DQGOXQJHQQRWZHQGLJVHLGLHVHOEVWGLH)U|PPLJ NHLWXQGGLH9HUQXQIWDQUDWHQZUGHQ ]%ZHQQHLQ6NODYHGHQ(OWHUQ RGHU GHU MXQJIUlXOLFKHQ 7RFKWHU *HZDOW DQWXW  $QVRQVWHQ ZHUGH PDQ VWXPSIVLQQLJXQGWUlJHZDVQLFKWWXJHQGKDIWVHL (VVFKHLQWIHUQHUZHGHU6LQQQRFK*HLVW]XEHVLW]HQZHUVRVWXPSIXQGJOHLFK JOWLJLVWGDVVHUZHGHU6FKPHU]HPSILQGHWQRFKOHLGHWZHQQVHLQHP9DWHUODQG VHLQHQ (OWHUQ VHLQHQ .LQGHUQ XQG DOOHQ DQGHUHQ GLH XQV YRU DOOHQ WHXHU VHLQ PVVHQ 6FKPDFK ]XJHIJW ZLUG 8QG HV LVW JHZLVV QLFKW ZDKU ZDV GX JHVDJW KDVWHVJHEHEHUKDXSWQLFKWVZDVQLFKWRKQH=RUQEHVVHUJHWDQZHUGHQN|QQWH (VKHOIHQQlPOLFKPDQFKPDOXQGJH]LHPHQVLFKVLFKHUGLH6WDFKHOXQGKHIWLJHUHQ %HZHJXQJHQ GHV *HPWV GLH XQV DQJHVLFKWV GHU 8QZUGLJNHLW HLQHV QLFKW XQ YHUGLHQWHUOLWWHQHQ9HUEUHFKHQV]XU3IOLFKWXQG]XU7DSIHUNHLWDQWUHLEHQ

+LHUYHUWHLGLJW%UXQLLQGHPHU$ULVWRWHOHVYHUWHLGLJW]XJOHLFKGLH$QVLFKW GDVV HV ² DXFK HWKLVFK EHWUDFKWHW ² EHVVHU LVW JHPl‰LJWH /HLGHQVFKDIWHQ DOVJDUNHLQH]XKDEHQ(UQXW]WGDVDULVWRWHOLVFKH.RQ]HSWGHU7XJHQGDOV 0LWWOHUHV XP GLH $IIHNWLYLWlW GHV 0HQVFKHQ QLFKW DOV HLQ QRWZHQGLJHV hEHOVRQGHUQDOVHWKLVFKUHOHYDQWHV)DNWXPGDU]XVWHOOHQXQGGDPLWLQGLH HWKLVFKH(U|UWHUXQJ]XLQWHJULHUHQ,QGHP%UXQLGLHVH(U|UWHUXQJJHUD 

Å4XRGVL LUDP QXPTXDP HVVH ODXGDELOHP FRQVWDW VHTXLWXU XW PHGLRFULWDV QXOOD HLXV VLWVHGRPQHPSHQLWXVHLXVFHPRGLSHUWXUEDWLRQHP DQLPL HVVHLPSUREDQGDP´(EG =X3RVLWLRQHQJHJHQGHQ=RUQYJO/DFWDQ]'LYLQDHLQVWLWXWLRQHV,'HLUD3OXWDUFK 'HFRPSHVFHQGDLUDXQG6HQHFD'HLUD  Å,WDTXH XW WX LUDFXQGXP LOOXP IXUHQWL VLF HJR GLVVROXWXP KXQF HW VHJQHP PHQWH FDSWRDVVLPLODERTXLQHFVHQWLUHQHTXHFXUDUHQHTXHDIILFLXOODUHYLGHDWXU´(EG  %UXQL   Å9LGHWXU SRUUR QHTXH VHQVXP QHTXH PHQWHP KDEHUH TXL XVTXH DGHR KHEHV HW GLVVROXWXV HVW XW QHTXH GROHDW QHTXH JUDYLWHU IHUDW FXP SDWULDH FXP SDUHQWLEXVFXPILOLLVFXPFHWHULVTXRVFDULVVLPRVKDEHUHGHEHPXVFRQWXPHOLDHLQIH UXQWHU1HTXHVDQHYHUXPHVWTXRGGL[LVWLQLKLOHVVHRPQLXPTXRGQRQDEVTXHLUD PHOLXVILDW,XYDQWHQLPLQWHUGXPHWFHUWHGHFHQWVWLPXOLTXLGDPHWPRWXVDQLPLYH KHPHQWLRUHVSURLQGLJQLWDWHIODJLWLLQRQLPPHULWRVXVFHSWLTXLQRVDGSLHWDWHPIRUWL WXGLQHPTXHLPSHOOXQW´%UXQL    %UXQLPX‰GHQDULVWRWHOLVFKHQ7XJHQGEHJULIIDXFKJHJHQDQGHUH.ULWLNHUYHUWHLGLJHQ 6RKDWWHVLFK/DXUR4XLULQLLQHLQHP%ULHIDQ%UXQLJHJHQGLHDULVWRWHOLVFKH.RQ]HS



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

GHDP=RUQHQW]QGHQOlVVWZHQGHWHUVLFKQLFKWQXU²ZLHHVMHGHP/H VHU VRIRUW HLQOHXFKWHW ² JHJHQ GLH VWRLVFKH .RQ]HSWLRQ GHU $IIHNWH (U ZHQGHWVLFKGDPLWDXFKLPSOL]LWJHJHQGLHFKULVWOLFKH7XJHQGGHU'HPXW KXPLOLWDV  PLW GHU 6FKLFNVDOVVFKOlJH DOV YRQ *RWW JHVDQGW HUWUDJHQ XQG RKQH$XIEHJHKUHQKLQJHQRPPHQZHUGHQVROOWHQ0LWGHU5HKDELOLWLHUXQJ GHV=RUQVVLFKHUW%UXQLGHQHWKLVFK+DQGHOQGHQDXFKHLQ6WFN$XWRQR PLHLQVRIHUQHUHLQ$XIEHJHKUHQJHJHQHUOLWWHQHV8QUHFKWGXUFKGLH$Q HUNHQQXQJGHV=RUQVOHJLWLPLHUW 1DFKGLHVHP([NXUVEHUGHQ=RUQJUHLIW%UXQLGLH$EKDQGOXQJGHU 7XJHQGHQLQGHUDULVWRWHOLVFKHQ5HLKHQIROJHZLHGHUDXIHUHUNOlUWGLHGUHL 7XJHQGHQGLHGHQJHVHOOLJHQ8PJDQJGHU0HQVFKHQPLWHLQDQGHUEHWUHI IHQ (1,9 'LH6FKDPGLHEHL$ULVWRWHOHVQXUDOVHLQHXQHLJHQWOL FKH7XJHQGEH]HLFKQHWZLUG (1,9 OlVVW%UXQLXQHUZlKQWXQGJHKW JOHLFK]XGHU(U|UWHUXQJGHU*HUHFKWLJNHLWEHU (19 %HYRU%UXQLQXQ JHPl‰GHU5HLKHQIROJHGHU1LNRPDFKLVFKHQ(WKLNGLHLQWHOOHNWXHOOHQ7XJHQ GHQYRUVWHOOW]LHKWHUGLHEHL$ULVWRWHOHVHUVWLQ%XFK9,,HU|UWHUWH3URE OHPDWLNGHU(QWKDOWVDPNHLWYRU %HLGHU'DUOHJXQJGHULQWHOOHNWXHOOHQ7XJHQGHQLVW%UXQLQXULQ%H]XJ DXIGLH.OXJKHLWHWZDVDXVIKUOLFKHUGLHDQGHUHQ7XJHQGHQZHUGHQLQQXU MHZHLOVHLQHP6DW]NXU]YRUJHVWHOOW=X%XFK9,,,XQG,;LQGHQHQ$ULV WRWHOHVGLH)UHXQGVFKDIWHU|UWHUWVDJW%UXQLQLFKWVGRFKJUHLIWHULP.RQ WH[W GHU %HKDQGOXQJ GHU LQWHOOHNWXHOOHQ 7XJHQGHQ GLH YRQ $ULVWRWHOHV LQ %XFK;EHKDQGHOWH)UDJHQDFKGHP9HUKlOWQLVYRQSUDNWLVFKHUXQGNRQ WHPSODWLYHU /HEHQVIRUP ZLHGHU DXI 'HQQ :HLVKHLW :LVVHQVFKDIW XQG (LQVLFKWVLQGIUGDVNRQWHPSODWLYH/HEHQZLFKWLJGLH.OXJKHLWKLQJHJHQ IUGDVEUJHUOLFKH/HEHQ+LHUQXQILQGHWVLFKGLHGULWWHXQGOHW]WH$XV IKUXQJ%UXQLVPLWGHUHUEHUGLH1LNRPDFKLVFKH(WKLNKLQDXVJHKW %UXQLSUlVHQWLHUWGLHVH/HEHQVIRUPHQ]XQlFKVWDOVJOHLFKZHUWLJÅ%HL GH /HEHQVZHLVHQ KDEHQ LKU HLJHQHV /RE XQG LKUH HLJHQHQ 9RU]JH´ WLRQJHZHQGHW'DVVDOOH7XJHQGHQQDFK$ULVWRWHOHVHLQH0LWWHVHLHQKlOWHUIUXQ]X WUHIIHQGXQGHUIKUWDOV%HOHJGUHLGHUYLHU.DUGLQDOWXJHQGHQDQGLHDXFKEHL$ULVWR WHOHV %HUFNVLFKWLJXQJ ILQGHQ QlPOLFK SUXGHQWLD WHPSHUDQWLD XQG LXVWLFLD 'LHVH KlOW 4XLULQLQXQ²ZREHLHU VLFK HEHQDXIHLQHDOWHSODWRQLVFKVWRLVFKH 7UDGLWLRQVWW]HQ NDQQ²QLFKWIUHLQH0LWWH PHGLRFULWDV VRQGHUQIUHLQbX‰HUVWHV H[WUHPLWDV ,QVEH VRQGHUH EHL GHU %HVWLPPXQJ GHU 0l‰LJNHLW DOV HLQ 0LWWOHUHV LQ EH]XJ DXI GLH /XVW NRPPW %UXQL DXI GLH VLQQOLFKH 9HUIDVVWKHLW GHV 0HQVFKHQ ]X VSUHFKHQ XQG KlOW GLH 9HUXUWHLOXQJ GHUVHOEHQ IU HLQH Å*HIKOORVLJNHLW´ XQG Å8QPHQVFKOLFKNHLW´ YJO Å5XUVXVYHURDERPQLEXVSHQLWXVDEVWLQHUHHWRPQHPRPQLQRYROXSWDWHPUHIXJHUH HVWTXDVLLQVHQVLELOLWDVTXDHGDPHWLQKXPDQLWDVVLHWYLQD HWHSXODVHWFRQYLYLXPHW RPQHPMRFXQGLWDWHPUHIXJLDWTXDOHPHJRQHDPLFXPTXLGHPKDEHUHYHOLP´LQ0H KXV   ,, I ² =X %UXQLV 9HUWHLGLJXQJ GHU DULVWRWHOLVFKHQ 3RVLWLRQ YJO DXV IKUOLFKHU(EEHUVPH\HU E   Å8WUDTXHVDQHYLWDODXGHVFRPPHQGDWLRQHVTXHSURSULDVKDEHW´(EG

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



'LHVH9RU]JHOLHJHQDEHULQJDQ]YHUVFKLHGHQHQ%HUHLFKHQ:HUVLFKDP *|WWOLFKHQ RULHQWLHUHQ ZLOO XQG VLFK QLFKW VR VHKU XP GDV UHDOH /HEHQ NPPHUQ PDJ IU GHQ LVW VLFKHU GDV NRQWHPSODWLYH /HEHQ GDV ULFKWLJH :HU VLFK MHGRFK XP GLH ÅDOOJHPHLQH 1W]OLFKNHLW´ FRPPXQLV XWLOLWDV  EH PKWGHUZLUGVLFK]ZHLIHOORVGHPDNWLYHQ/HEHQXQGGDPLWGHU.OXJKHLW ]XZHQGHQEHVWLPPW%UXQLGRFK.OXJKHLWDOVGDVÅULFKWLJH8UWHLOHQEHU GLH1W]OLFKNHLW´ 'RFK GLHVH :HUWLJNHLWHQ YRQ NRQWHPSODWLYHP XQG DNWLYHP /HEHQ ZHUGHQGXUFKHLQHZHLWHUH%HPHUNXQJ%UXQLV]XJXQVWHQGHVDNWLYHQ/H EHQVYHUVFKREHQZHQQHVXQVHUOHW]WHV=LHODOV0HQVFKLVWJXW]XZHUGHQ XQG HLQ JXWHV /HEHQ ]X IKUHQ VR NDQQ GLHVHV =LHO QLFKW LQ HUVWHU /LQLH GXUFKNRQWHPSODWLYH7lWLJNHLWHQHUUHLFKWZHUGHQGHQQHVLVWLPPHUP|J OLFK GDVV HLQ JHOHKUWHU 0DQQ DXFK HLQ VFKOHFKWHU 0DQQ LVW ZlKUHQG HLQ WXJHQGKDIWHU0DQQDXFKLPPHUJXWLVW (LQYHUEUHFKHULVFKHUXQGODVWHUKDIWHU0HQVFKQlPOLFKZLUGGLHZDKUHQPDWKHPD WLVFKHQ %HZHLVH XQG GLH (UNHQQWQLVVH GHU 3K\VLN GXUFKDXV EHZDKUHQ IU GLH :HUNHGHU.OXJKHLWDEHULVWHUVFKOHFKWKLQEOLQGXQGGDV/LFKWGHU:DKUKHLWYHU OLHUWHUEHLGHU.OXJKHLWDOOHLQ

0LWGLHVHU*HJHQEHUVWHOOXQJYHUVFKLHEW%UXQLGLHWUDGLWLRQHOOHQ:HUWXQ JHQ GHU 7XJHQGHQ ZlKUHQG WUDGLWLRQHOO GLH :HLVKHLW GLHMHQLJH 7XJHQG ZDUGLHDOVÅ:LVVHQYRQGHQLUGLVFKHQXQGJ|WWOLFKHQ'LQJHQ´DXFKHLQH PRUDOLVFKH/HEHQVIKUXQJYHUEUJWHLVWHVEHL%UXQLQXQGLH7XJHQGGHU .OXJKHLW GLH GLHVH )XQNWLRQ EHUQLPPW 'DPLW YHUVFKLHEW %UXQL QLFKW QXUGDV,GHDOGHV:LVVHQVYRQHLQHPHKHUWKHRUHWLVFKHQXQGNRQWHPSODWL YHQ ]X HLQHP KDQGOXQJVRULHQWLHUWHQ ,GHDO VRQGHUQ HU ZHUWHW GDPLW DXFK GLHDQGLHVHP,GHDORULHQWLHUWHDNWLYHXQGEUJHUOLFKH/HEHQVIRUPDXI



Å&RQWHPSODWLYD TXLGHP GLYLQLRU SODQH DWTXH UDULRU DFWLYD YHUR LQ FRPPXQL XWLOLWDWH SUDHVWDQWLRU ,WDTXH YHO LQ SULYDWD YHO LQ SXEOLFD UH TXDHFXPTXH H[FHOOHQWHU HW FXP ODXGHTXDHFXPTXHSURXWLOLWDWHDXWQRVWUDDXWSDWULDHDXWKRPLQXPQRELVFDULVVLPR UXPDJLPXVHDTXLGHPRPQLDDSUXGHQWLDHWDEKLVYLUWXWLEXVTXDHVXQWFXPSUXGHQ WLDFRSXODWDHGHVFHQGXQW6HGLOOXGDQWHRPQLDLQWHOOLJHQGXPHVW1LVLERQXV VLWYLU SUXGHQWHPHVVHQHPLQHPSRVVH(VWHQLPSUXGHQWLDYHUDH[LVWLPDWLRFLUFDXWLOLWDWHP´ (EGI  %UXQL    Å6FHOHVWXV HQLP HW IODJLWLRVXV KRPR YHUDV PDWKHPDWLFDH GHPRQ VWUDWLRQHVHWSK\VLFDHQRWLRQHPUHWLQHELWDGSUXGHQWLDHYHURRSHUDRPQLQRFDHFDWXU HWOXPHQYHULWDWLVLQKDFXQDDPLWWLW´%UXQL    'LHVH$XIIDVVXQJlX‰HUW%UXQLDXFKLQHLQHP%ULHIDQ/DXUR4XLULQLZRHUGDVDNWLYH /HEHQ DOV GDV HLJHQWOLFK PHQVFKOLFKH EH]HLFKQHW Å1HTXH FRQWHPSODWLYD SURSULD HVW KRPLQLVYLWDVHGDFWLYD1RQHQLPTXDKRPRHVWFRQWHPSODWXUVHGTXDHVWGLYLQXP DOLTXLG DF VHSDUDWXP -XVWLFLDP YHUR DF WHPSHUDQWLDP HW IRUWLWXGLQHP FHWHUDVTXH PRUDOHV YLUWXWHV H[HUFHW XW KRPR ,WDTXH LOOD HVW SURSULH YLWD KRPLQLV TXDH SHU PRUDOHVYLUWXWHVDJLWXU´0HKXV  ,,I ,; (LQHHQJOLVFKHhEHUVHW]XQJ GHV %ULHIHV ILQGHW VLFK LQ *ULIILWKV +DQNLQV 7KRPSVRQ    =XP 9HU



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

,QGHU.ULWLNXQGGHU$EOHKQXQJGHVUHLQWKHRUHWLVFKHQ:LVVHQVPDJ PDQ DXFK HLQH 3DUDOOHOH ]X FKULVWOLFKHQ $UJXPHQWDWLRQHQ VHKHQ ZLH ZLU VLH HWZD EHL $XJXVWLQXV ILQGHQ N|QQHQ ZHQQ HU DXI GLH *HIDKUHQ GHV :LVVHQV XP VHLQHU VHOEVW ZLOOHQ KLQZHLVW 'RFK DQGHUV DOV $XJXVWLQXV JHKWHV%UXQLKLHUQLFKWXPGLH5HFKWIHUWLJXQJGHVFKULVWOLFKHQ*ODXEHQV XQGXPGLH=XZHQGXQJGHU6HHOH]X*RWWVRQGHUQXPGLH$XIZHUWXQJ GHVDNWLYHQEUJHUOLFKHQ/HEHQVXQGHLQHUDP.RQ]HSWGHU1W]OLFKNHLW RULHQWLHUWHQ 9RUVWHOOXQJ YRQ KDQGOXQJVRULHQWLHUWHP :LVVHQ QlPOLFK .OXJKHLW 'HU 7H[W HQGHW PLW HLQHP 6FKOXVVDSSHOO GHU HV GHQ 0HQVFKHQ DXI WUlJWLQGLHVHP/HEHQJOFNOLFK]XVHLQ 'HQQXQVLVWLQMHGHP/HEHQGDV*OFNDOV=LHOJHVHW]WXQGGLH6HKQVXFKWQDFK LKPHLQJHERUHQ=XGLHVHPVWHLJHQZLUMHGRFKQLFKWGXUFK/DVWHUXQG/VWHGLH NHLQ /RE LQ VLFK KDEHQ XQG GHP *HLVW NHLQH 5XKH EHVFKHUHQ N|QQHQ KLQDXI VRQGHUQGXUFK7XJHQGXQG0l‰LJXQJ)UGHQJXWHQ0DQQJLEWHVGDKHUHLQHQ JHUDGHQXQGYRQ+LQGHUQLVVHQIUHLHQ:HJ]XP*OFN'HQQQXUGLHVHUOlVVWVLFK QLFKWWlXVFKHQXQGLUUW QLFKWDE'DKHUOHEWQXUGLHVHUJXWXQGKDQGHOWJXWGHU 6FKOHFKWHDEHUWXWGDV*HJHQWHLO:HQQZLUDOVRJOFNOLFKVHLQZROOHQPVVHQZLU XQV0KHJHEHQJXW]XVHLQXQGGLH7XJHQGHQ]XEHQ

'HUhEHUVLFKWOLFKNHLWKDOEHUVHLHQGLH7KHPHQEHUHLFKHGLHYRQ%UXQLEHL GHU 'DUOHJXQJ GHU 1LNRPDFKLVFKHQ (WKLN DXIJHJULIIHQHQ E]Z DXVJHODVVH QHQRGHUKLQ]XJHIJWZXUGHQZLHIROJWWDEHOODULVFKGDUJHVWHOOW

KlOWQLVYLWDDFWLYDXQGYLWDFRQWHPSODWLYDYJODXFKHLQHQ%ULHIYRQ%UXQLDQ7RPPDVVR &DPELDWRUHLQ0HKXV  ,,I  $XJXVWLQXV&RQIHVVLRQHV;LQ$XJXVWLQXV    %UXQL    Å3URSRVLWD HWHQLP QRELV LQ RPQL YLWD IHOLFLWDV HVW HLXVTXH FXSLGR QRELVLQJHQLWD$GKDQFQRQSHUYLWLDHWOLELGLQHVTXDHQHFODXGHPLQVHKDEHQWXOODP QHFTXLHWDUHDQLPXPSRVVXQWVHGSHUYLUWXWHPPRGHVWLDPTXHDVFHQGLWXU%RQRLJLWXU YLURUHFWXPH[SHGLWXPTXHLWHUHVWDGIHOLFLWDWHP6ROXVHQLPKLFQRQIDOOLWXUQHTXHD EHUUDW,WDTXHLVVROXVEHQHYLYLWHWEHQHDJLWPDOXVDXWHPFRQWUD6LHUJREHDWLHVVH YROXPXVRSHUDPGHPXVXWERQLVLPXVYLUWXWHVTXHH[HUFHDPXV´%UXQL  

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL 9RQ%UXQLDXIJHJULIIHQ DXVJHODVVHQ  , /HW]WHV=LHOGHV+DQGHOQV *OFNVHOLJNHLW 'UHL $UWHQ YRQ K|FKVWHQ *WHUQ    ,,, %HJULIIGHU7XJHQG  ,,,,9 (WKLVFKH7XJHQGHQ  ,97XJHQGHQGHVJH VHOOLJHQ8PJDQJV  9*HUHFKWLJNHLW 9,,(QWKDOWVDPNHLW 9,,QWHOOHNWXHOOH7XJHQGHQ   ;*OFNVHOLJNHLWXQG /HEHQVIRUPHQ  

,3URSlGHXWLVFKHXQGPH WKRGLVFKH)UDJHQ 



KLQ]XJHIJW 

9HUV|KQXQJGHUGUHL DQWLNHQSKLORVRSKLVFKHQ 6FKXOHQ  

,,,  (U|UWHUXQJ GHU )UHLZLO  OLJNHLW    

5HFKWIHUWLJXQJGHV=RUQV 

,96FKDP    9,,,,;)UHXQGVFKDIW ;/XVW 

      



$XIZHUWXQJGHU.OXJKHLW XQGGHUEUJHUOLFKHQ /HEHQVIRUP ;PHWKRGLVFKH5HIOH[LRQXQG  hEHUOHLWXQJ]XU3ROLWLN

'LH6\QRSVHPDFKWGHXWOLFKGDVVVLFK%UXQLEHLVHLQHU(LQIKUXQJLQGLH 0RUDOSKLORVRSKLH DXI GLH ZHVHQWOLFKHQ (OHPHQWH GLHIU GLH LQGLYLGXHOOH XQGNRQNUHWH/HEHQVIKUXQJQW]OLFKVLQGEHVFKUlQNW7KHRUHWLVFKHXQG PHWKRGLVFKH 5HIOH[LRQHQ VFKOLH‰W HU ZHLWJHKHQG DXV $Q GUHL 3XQNWHQ QLPPW HU $XVVDJHQ GHU 1LNRPDFKLVFKHQ (WKLN ]XP $QODVV XP GLHVH DXV IKUOLFKHU]XHU|UWHUQXQGHLJHQH$N]HQWH]XVHW]HQ(UVWHQVVWlUNWHUGLH DQWLNH 7XJHQGPRUDO LQGHP HU ]HLJW GDVV VLFK GLH DULVWRWHOLVFKH VWRLVFKH XQG HSLNXUHLVFKH 3RVLWLRQ LQ ZHVHQWOLFKHQ 3XQNWHQ QLFKW ZLGHUVSUHFKHQ =ZHLWHQV UHKDELOLWLHUW HU GHQ =RUQ XQG PLWKLQ GLH DIIHNWLYH 9HUIDVVWKHLW GHV0HQVFKHQXQGGULWWHQVQXW]WHUGLHYRQ$ULVWRWHOHVDQJHVWHOOWHQ5HIOH [LRQHQ EHU GDV DNWLYH XQG NRQWHPSODWLYH /HEHQ XP GDV DNWLYH /HEHQ XQGGLH7XJHQGGHU.OXJKHLWGLHGLHVHVEHVWLPPWDXI]XZHUWHQ



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

)D]LW 5HNDSLWXOLHUHQZLU3HWUDUFDKDWWHVLFKLQHLQH3ROHPLNEHUUHFKWH0RUDO SKLORVRSKLH YHUZLFNHOW 'DGXUFK KDW HU HLQ VSH]LILVFKHV LQWHOOHNWXHOOHV *HELHW GDV ELVKHU YRQ HLQHU EHVWLPPWHQ *UXSSH EHVHW]W ZDU XQG DXI EHVWLPPWH :HLVH EHKDQGHOW ZXUGH IU VLFK XQG VHLQ 9HUVWlQGQLV YRQ 3KLORVRSKLHYHUHLQQDKPW'LHVLVWLKPLQVRIHUQJHOXQJHQDOVQDFKIROJHQ GH +XPDQLVWHQ ZLH HWZD 6DOXWDWL PRUDOSKLORVRSKLVFKH 5HIOH[LRQHQ LP 6LQQH3HWUDUFDVDQVWHOOWHQQlPOLFKPLW%HWRQXQJXQG%H]XJDXIGLH5HOH YDQ]GHU3KLORVRSKLHIUGDV/HEHQPLWGHU$XIZHUWXQJYRQ6HQHFDXQG &LFHURDOV]HQWUDOH$XWRULWlWHQIUPRUDOSKLORVRSKLVFKH)UDJHQPLWGHP $UJXPHQWLHUHQPLW([HPSOD:DVEHL3HWUDUFDYRUDOOHPQRFKHLQHVWDUN LQGLYLGXHOOXQGVXEMHNWLYJHSUlJWH5HIOH[LRQDXIGDVHLJHQHLQQHUH(UOHEHQ ZDUZXUGHYRQ6DOXWDWLHUZHLWHUWXQGDXVJHGHKQWXQGDXIGDVEUJHUOLFKH /HEHQDQJHZHQGHW %UXQLEOHLEWGHP$QOLHJHQ3HWUDUFDVWUHXGDVV3KLORVRSKLHLQVEHVRQ GHUH0RUDOSKLORVRSKLHHLQH5HOHYDQ] XWLOLWDV IUGDV/HEHQKDEHQVROOWH 6HLQH7H[WH]XU0RUDOSKLORVRSKLHVLQGNHLQHWKHRUHWLVFKHQ7UDNWDWHVRQ GHUQ%UXQLYHUZHQGHWOLWHUDULVFKH*HQUHVGLHGLH%HGHXWXQJGHVYHUKDQ GHOWHQ ,QKDOWV IU GDV /HEHQ XQG 'HQNHQ GHV $XWRUV XQG GHU YRQ LKP JHQDQQWHQ 3HUVRQHQ GHXWOLFK ZHUGHQ ODVVHQ %ULHIH HLQH DOV 'LDORJ YHU IDVVWH(LQIKUXQJLQGLH0RUDOSKLORVRSKLHVRJDUHLQH&DQ]RQH:DVGLH )RUP XQG GLH 'DUVWHOOXQJVZHLVHQ VHLQHU 7H[WH DQJHKW VR KDW HWZD GHU 7H[W,VDJRJLFRQPHKUbKQOLFKNHLWPLW&LFHURV'HILQLEXVDOVPLWGHU1LNRPD FKLVFKHQ(WKLN%UXQLVWHKWDXFKLQGHU7UDGLWLRQ6DOXWDWLVLQVRIHUQHUPR UDOSKLORVRSKLVFKH 5HIOH[LRQHQ EHU GDV EUJHUOLFKH /HEHQ XQG GLH /H EHQVIKUXQJLP.RQWH[WHLQHUEUJHUOLFKHQ*HPHLQVFKDIWDQVWHOOW'RFK %UXQLJHKWQRFKHLQHQHQWVFKHLGHQGHQ6FKULWWZHLWHU(UYHUHLQQDKPWGLH *DOLRQVILJXUGHUVFKRODVWLVFKHQ3KLORVRSKLH$ULVWRWHOHVIUGLHKXPDQLV WLVFKH%HZHJXQJQLFKWPHKUGHUXQLYHUVLWlUDXVJHELOGHWH8QLYHUVLWlWVSKL ORVRSKLVWIU$ULVWRWHOHV]XVWlQGLJVRQGHUQGHU+XPDQLVW'LHVKDWYHU VFKLHGHQH.RQVHTXHQ]HQ $XIGHU(EHQHGHVÄLQWHOOHNWXHOOHQ)HOGHV¶NDQQHUEHLGHP.DPSIXP =XVWlQGLJNHLWHQHLQHQÄ/DQGJHZLQQ¶YHUPHOGHQ'HU5DGLXVGHUKXPDQLV WLVFKHQ=XVWlQGLJNHLWHQKDWVLFKYHUJU|‰HUW%UXQLEHJUQGHWVHLQH.RP SHWHQ] EHU DULVWRWHOLVFKH 0RUDOSKLORVRSKLH ]X KDQGHOQ PLW VHLQHU .HQQWQLV GHU JULHFKLVFKHQ 6SUDFKH 'LH .HQQWQLV GHV *ULHFKLVFKHQ HU P|JOLFKWHV%UXQL$ULVWRWHOHVDOVHLQHQ0RUDOSKLORVRSKHQIUHL]XOHJHQGHU PLW (ORTXHQ] XQG LQ 5KHWRULN YHUVLHUW 1W]OLFKHV IU GLH NRQNUHWH /H EHQVIKUXQJ GHV (LQ]HOQHQ LP 'LHVVHLWV GDUJHOHJW KDWWH 'HU 7H[W GHV 

9JO%UXQL  

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



$ULVWRWHOHVZLUGYRQHLQHP7H[WGHU:LVVHQYHUPLWWHOW]XHLQHPHOHJDQ WHQ XQG JXW JHVFKULHEHQHQ7H[W GHU +DQGOXQJVDQZHLVXQJHQ XQG 2ULHQ WLHUXQJIUGDV/HEHQELHWHW 'RFK PLW GHU %HYRU]XJXQJ GHV $ULVWRWHOHV JHKHQ DXFK LQKDOWOLFKH 7UDQVIRUPDWLRQHQHLQKHU:HOFKH$XVZLUNXQJHQKDWHVIUGDVKXPDQLVWL VFKH'HQNHQZHQQ0RUDOSKLORVRSKLHQXQQXUGHU)RUPQDFKDQ&LFHUR RULHQWLHUWLVWVLFKGHU6DFKHQDFKDEHUDQ$ULVWRWHOHVRULHQWLHUW"$XIGHU LQKDOWOLFKHQ(EHQHKDW%UXQLGXUFKGLH$XVHLQDQGHUVHW]XQJPLWGHU/HKUH GHV$ULVWRWHOHVHLQH%UJHUPRUDOJHZRQQHQGLHGHQNRQ]HSWLRQHOOHQXQG EHJULIIOLFKHQ5DKPHQGDIUEHUHLWVWHOOWGDVGLHVVHLWLJH*OFNGHV,QGLYL GXXPVDOV0LWJOLHGHLQHUSROLWLVFKHQ*HPHLQVFKDIW]XEHJUQGHQ&LFHUR XQG6HQHFDP|JHQHUEDXOLFKVHLQHLQOLWHUDULVFKHV6WLOLGHDOUHSUlVHQWLHUHQ XQG IU 6SH]LDOIUDJHQ DXFK SDVVHQGH =LWDWH XQG %HLVSLHOH EHUHLWVWHOOHQ ,KUH5HIOH[LRQHQEHU0RUDOVFKHLQHQDEHUQLFKWJHHLJQHWGLH*UXQGODJHQ IUHLQHNRKlUHQWH/HKUHGHVJXWHQXQGJOFNOLFKHQ/HEHQV]XYHUPLWWHOQ (LQHVROFKHZLUGGHQ+XPDQLVWHQHUVWGXUFKGLH5H]HSWLRQGHV$ULVWRWHOHV HUP|JOLFKW'XUFKGLHVH5H]HSWLRQJHOLQJWHV%UXQLEHVWLPPWH:HUWHXQG %HZHUWXQJHQ GLH VLFK LQ GHQ 7H[WHQ YRQ 3HWUDUFD XQG 6DOXWDWL EHUHLWV DQJHGHXWHWKDEHQNRQVHTXHQW]XYHUWUHWHQXQG]XEHJUQGHQ'LHZLFK WLJVWHQ 9HUVFKLHEXQJHQ ]XU WUDGLWLRQHOOHQ :HUWLJNHLWHQ GLH VLFK GDUDXV HUJHEHQVHLHQKLHUQRFKHLQPDONXU]]XVDPPHQJHIDVVWVHLHQ  %UXQLKHEWKHUYRUGDVVJHPl‰GHUDULVWRWHOLVFKHQ(WKLNGHU:HJGHU 7XJHQG DXVUHLFKHQG LVW XP HLQ JOFNOLFKHV /HEHQ ]X IKUHQ (V EHGDUI NHLQHU ZHLWHUHQ *QDGH 'LHV EHGHXWHW HLQHQ *HZLQQ DQ $XWRQRPLH IU GDVKDQGHOQGH6XEMHNWPDQKDWHVVHOEVWLQGHU+DQGHLQJOFNOLFKHVXQG JXWHV/HEHQ]XIKUHQ  'LH1DWXUGHV0HQVFKHQZLUGJUXQGVlW]OLFKQLFKWDOVGHIL]LWlUEHJULI IHQ VRQGHUQ DOV JXW XQG DXVUHLFKHQG 'LH QDWUOLFKH 6LWXDWLRQ GHV 0HQ VFKHQLVWQLFKWEHNODJHQVZHUW   'LH lX‰HUHQ *WHU DOOHP YRUDQ GHU 5HLFKWXP ZLUG LQ $QVFKOXVV DQ $ULVWRWHOHVDOVPRUDOLVFKZHUWYROOEHWUDFKWHWbX‰HUH*WHUVLQGQRWZHQ GLJH %HVWDQGWHLOH GHV WXJHQGKDIWHQ +DQGHOQV XQG PLWKLQ IU HLQ JOFNOL FKHV/HEHQQRWZHQGLJ'LHlX‰HUHQ*WHUODVVHQVLFKLQGLHVHU3HUVSHNWL 

'LHVHVSUDNWLVFKH9HUVWlQGQLVYRQ0RUDOSKLORVRSKLHZLUGDXFKLQGHU(LQWHLOXQJGHU 3KLORVRSKLHGHXWOLFKGLH%UXQLLP9RUZRUWVHLQHU hEHUVHW]XQJGHU /LEUL2HFRQRPLFR UXPPDFKWÅ3ULPXPLJLWXULOOXGSUDHPLWWHQGXPGXDVSKLORVRSKLDH HVVHSDUWHVTXD UXPDOWHUDLQFRJQLWLRQHUHUXPDOWHUDLQDJHQGRYHUVDWXU3ULPDSDUVIHUHDGLOODSHUWL QHWTXRUXPILQLVHVWLSVDFRJQLWLR$FWLYDYHURSUDHFHSWDYLWDHFRQWLQHWTXDHVFLUHSD UXPHVWQLVLGHGXFDVLQDFWXP´%UXQL    ,QHLQHP%ULHIVSULFKW%UXQLGLHVH$XIWHLOXQJH[SOL]LWDXVÅ6LWDPHQPHDXGLHVIXQ GDPHQWDGLVFLSOLQDPTXHKDUXPUHUXPDE$ULVWRWHOHSHUGLVFHVRUQDWXPYHURRUDWLRQLV HWFRSLDPHWRPQHVYHUERUXPGLYLWLDVVHUPRQLVTXHXWLWDORTXDUGH[WHULWDWHPLQKLV UHEXVD&LFHURQHPXWXDEHULV´ (S,9 LQ0HKXV  ,,



(QWZXUIXQG(WDEOLHUXQJHLQHVDOWHUQDWLYHQ'HQNVWLOV

YH QLFKW OlQJHU ² ZLH HWZD LQ GHU P|QFKLVFKHQ 3UD[LV ² PDUJLQDOLVLHUHQ DXFKGDVNRQWHPSODWLYH/HEHQEHGDUIQDFK%UXQLGHUlX‰HUHQ*WHU   'LH $IIHNWH PLW GHQHQ GHU 0HQVFK DXI GLH LKQ XPJHEHQGH 5HDOLWlW UHDJLHUWGLHLQFKULVWOLFKHUZLHLQVWRLVFKHU3HUVSHNWLYHDOVHLQ6W|UIDNWRU DQJHVHKHQZHUGHQ²HVVHLGHQQVLHEH]LHKHQVLFKDXI*RWW²ZHUGHQYRQ %UXQLUHKDELOLWLHUW,QGHU3HUVSHNWLYH%UXQLVXQGPLW%H]XJDXI$ULVWRWH OHV LVW HV PRUDOLVFK DQJHPHVVHQ $IIHNWH ]X KDEHQ XQG VROFKH DXFK ]X ]HLJHQ   'LH .OXJKHLW ZLUG DOV GLH ZLFKWLJVWH LQWHOOHNWXHOOH 7XJHQGDQJHVHKHQ 0LWLKUHU$XIZHUWXQJJHKWDXFKGLH$XIZHUWXQJGHUDNWLYHQ/HEHQVIRUP HLQKHU 'DVVHLQHVROFKH,QWHUSUHWDWLRQGHU1LNRPDFKLVFKHQ(WKLNMHGRFKHLQH(WKLN NUHLHUWGLHLP:HVHQWOLFKHQGHVNULSWLYLVWDXIWUDQV]HQGHQWH:HUWHEHLGHU %HXUWHLOXQJ HWKLVFKHU +DQGOXQJHQ YHU]LFKWHW XQG ]XJOHLFK GHQ %OLFN LQV 'LHVVHLWVOHQNWXQGGHQMHQLJHQJOFNOLFKSUHLVWGHUHLQVR]LDOXQG|NRQR PLVFK HUIROJUHLFKHV /HEHQ IKUW GLHV IKUW IUHLOLFK ]X 6SDQQXQJHQ PLW HWKLVFKHQ 0RUDOYRUVWHOOXQJHQ GLH DXI FKULVWOLFKHQ *UXQGEHU]HXJXQJHQ EDVLHUWHQ 'LHVHV 'LOHPPD ]HLFKQHW VLFK EHL %UXQL EHUHLWV DE ,Q VHLQHU :LGPXQJGHU3ROLWLNhEHUVHW]XQJDQ3DSVW(XJHQ,9ELWWHWHUGLHVHQVLFK QLFKW DEVFKUHFNHQ ]X ODVVHQ QXU ZHLO $ULVWRWHOHV HLQ 3KLORVRSK XQG HLQ +HLGHJHZHVHQVHL,QYLHOHQ3XQNWHQQlPOLFKZUGH$ULVWRWHOHVGDVVHOEH OHKUHQ ZDV DXFKGLH &KULVWHQ OHKUWHQ'HU HLQ]LJH 8QWHUVFKLHG EHVWQGH GDULQGDVVGLH&KULVWHQLKUH+DQGOXQJHQDXIGDV=LHOGHVMHQVHLWLJHQ/H EHQVDXVULFKWHWHQGLH3KLORVRSKHQMHGRFKDOVGDVJU|‰WH=LHOGLH)UXFKW GHU7XJHQGLQGLHVHP/HEHQDQVHKHQZUGHQ0DJGLHVH$QVLFKWDXFK 

'LHVH(LQVWHOOXQJILQGHWVLFKDXFKEHL]DKOUHLFKHQVSlWHUHQ+XPDQLVWHQ3RJJLRHWZD GHUVLFKVHOEVWDOVHLQHQ3HULSDWHWLNHUEH]HLFKQHWKlOWGLHlX‰HUHQ*WHUHEHQIDOOVIU ZLFKWLJYJO3RJJLR(SLVWRODHÅ4XRGVLRSHVGLYLWLDHGLJQLWDVLLVDGLLFLDQWXUDWTXHRI IHUDQWXUKRQHVWHQRQDUELWURUXOORPRGRHVVHUHLFLHQGDV1HFHVVDULDHQLPVXQWPXOWD QRELV DGPLQLFXOD DG KDQF YLWDP TXDH ODERUDQGR YLJLODQGR EHQH DJHQGR TXDHUHUH ODXGDELOHHVW´3RJJLR  ,,,  $XIGLH1HXEHZHUWXQJGHU$IIHNWHYRUDOOHPGHV=RUQVEHL%UXQLKDWEHUHLWV%DURQ  IDXIPHUNVDPJHPDFKW%UXQLJUHLIWGDPLWHLQH8PEHZHUWXQJGHU$IIHNWH DXIGLHVLFKVFKRQEHL6DOXWDWL YJO(S;LQ6DOXWDWL  ,,,  DEJH]HLFKQHWKDWYJOGD]XDXVIKUOLFK.H‰OHU    %UXQL3URRHPLXPLQOLEURV3ROLWLFRUXP$ULVWRWHOLVÅ1HFWHGHWHUUHDW$ULVWRWHOHVDXFWRUTXL SKLORVRSKXVIXHULWDWTXHJHQWLOLV4XLFXPTXHHQLPVFLHQWLDGRFWULQDTXHLXYDUHQRVSR WHVW IUXFWXPTXH DIIHUUH HL DXUHV QRVWUDH VXQW DFFRPRGDQGDH (W DFFHGLW TXRG SDUV KDHFSKLORVRSKLDHTXDHFLUFDPRUHVFLUFDTXHJXEHUQDWLRQHPUHUXPSXEOLFDUXPHWFLU FDUHFWDPYLYHQGLUDWLRQHPYHUVDWXUHDGHPIHUHVLWDSXGJHQWLOHVSKLORVRSKRVHWDSXG QRVWURV(DGHPHQLPGHLXVWLFLDGHWHPSHUDQWLDGHIRUWLWXGLQHGHOLEHUDOLWDWHFHWHULV TXHYLUWXWLEXVHDUXPTXHFRQWUDULLVYLWLLVDEXWULVTXHWUDGXQWXU,OODPRGRLQWHUHRVGLI IHUHQWLDYLGHWXUHVVHTXRGQRVWUL DGDOWHULXVYLWDHILQHPRSHUDQWXULOOLYHURHWLDPLQ KDFLSVDYLWDIUXFWXPYLUWXWLVPD[LPXPWDPTXDPILQHPSRVXHUHTXRGWXPEHQHDJH UHWXPEHQHYLYHUHWXPIHOLFLWDWHPQXQFXSDUXQWKDHFHQLPWULDDSXGPRUDOHPSKLOR

+XPDQLVWLVFKH8PVWLOLVLHUXQJGHUDULVWRWHOLVFKHQ(WKLN/HRQDUGR%UXQL



QLFKWZLUNOLFKQHXVHLQXQGVLFKLQGLHVHURGHUHLQHUDQGHUHQ)RUPXOLHUXQJ LQ ]DKOUHLFKHQ $ULVWRWHOHVNRPPHQWDUHQ VHLW GHP  -DKUKXQGHUW ILQGHQ VRHUKlOWVLHGRFKLQGHPYRQ%UXQLJHlX‰HUWHQ.RQWH[WHLQHVSH]LILVFKH %HGHXWXQJ 'HQQ GDV MHQVHLWLJH /HEHQ VSLHOW LQ %UXQLV PRUDOSKLORVRSKL VFKHQ 7H[WHQ ² VHLHQ HV VHLQH %ULHIH hEHUVHW]XQJHQ 9RUZRUWH .RP PHQWDUHRGHUGHU'LDORJ,VDJRJLFRQ²EHUKDXSWNHLQH5ROOH*DQ]LP*H JHQWHLO JHKW HV %UXQL GRFK LPPHU GDUXP ]X ]HLJHQ GDVV GDV HLJHQWOLFK PHQVFKOLFKH/HEHQDXFKGDVDNWLYHXQGGLHVVHLWLJH/HEHQLVW 'DVVPLWKLQGHUYRQ%UXQLJHQDQQWH8QWHUVFKLHG]ZLVFKHQKHLGQLVFK DQWLNHQ XQG FKULVWOLFKHQ 0RUDOYRUVWHOOXQJHQ QLFKW ZLH HU VLFK ]X ]HLJHQ EHPKWPDUJLQDOLVWVRQGHUQJUXQGVlW]OLFKHU1DWXUXQGPLWKLQHLQHJUR ‰H6SUHQJNUDIWLQVLFKELUJW]HLJWVLFKEHLGHQQDFKIROJHQGHQ$XWRUHQLQ DOOHU6FKlUIHXQG'HXWOLFKNHLW

VRSKXPLGHPVLJQLILFDQW'LFRDXWHPWULDEHQHDJHUHEHQHYLYHUHDFIHOLFHPHVVH$Q LJLWXUDXUHVQRQLPSDUWLDULOOLVTXLPHGRFHQWVLEHQHDJDPHWVLEHQHYLYDPPHHVVH IHOLFHP"´%UXQL  

7HLO,,, 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQ KXPDQLVWLVFKHU0RUDOSKLORVRSKLH (LQOHLWXQJ 'DVYRQ3HWUDUFDHU|IIQHWHQHXH)HOGGHUPRUDOSKLORVRSKLVFKHQ5HIOH[L RQGDVGXUFKGLH$UEHLWHQYRQ6DOXWDWLNRQVROLGLHUWXQGHUZHLWHUWZXUGH KDWWHPLWGHU,QWHJUDWLRQGHUDULVWRWHOLVFKHQ0RUDOSKLORVRSKLHGXUFK%UXQL GLH3KDVHGHU(WDEOLHUXQJDEJHVFKORVVHQ'LHKXPDQLVWLVFKH0RUDOSKLOR VRSKLHKDWWHHLQVROLGHV)XQGDPHQWJHZRQQHQGDVDOV$XVJDQJVSXQNWIU ZHLWHUH 5HIOH[LRQHQ GLHQHQ NRQQWH =XJOHLFK GDPLW KDWWH VLFK GLH KXPD QLVWLVFKH/HKUXQG/HEHQVIRUPGXUFKJHVHW]WXQGQHEHQGHUXQLYHUVLWlUHQ XQGNOHULNDOHQJHOHKUWHQ6WUXNWXUHWDEOLHUW$OOHQDFKIROJHQGHQKXPDQLVWL VFKHQ $XWRUHQ VWDQGHQ QLFKW DOOHLQ VRQGHUQ EHUHLWV LQ HLQHU EHVWLPPWHQ 7UDGLWLRQ LQ GHU JHZLVVH *UXQGEHU]HXJXQJHQ QLFKW HUVW HUREHUW RGHU YHUWHLGLJW ZHUGHQ PXVVWHQ VRQGHUQ DXI GHUHQ *HOWXQJ E]Z $QHUNHQ QXQJPDQVLFKYHUODVVHQNRQQWH(LQEHVWLPPWHU'HQNVWLOKDWWHVLFKHWDE OLHUW9RQGHUELVKHUVNL]]LHUWHQ(QWVWHKXQJ(QWZLFNOXQJXQG&KDUDNWHUL VLHUXQJGLHVHVKXPDQLVWLVFKHQ'HQNVWLOVDXIGHP*HELHWGHU0RUDOSKLOR VRSKLHVHLHQQRFKHLQPDOGLHJUXQGOHJHQGHQ(OHPHQWH]XVDPPHQJHIDVVW  +XPDQLVWLVFKH0RUDOSKLORVRSKLHJHZLQQWLKU3URILOGXUFKGLH$E JUHQ]XQJ YRQ GHU DQ GHQ 8QLYHUVLWlWHQ YRUKHUUVFKHQGHQ WKHRUHWLVFKHQ DEVWUDNWHQXQGZLVVHQVFKDIWOLFKHQ%HWUDFKWXQJVZHLVHHWKLVFKHU)UDJHVWHO OXQJHQ ,Q GLUHNWHU XQG KlXILJ SROHPLVFKHU 'LIIHUHQ] ]XU VFKRODVWLVFKHQ 3KLORVRSKLH VWHOOHQ GLH +XPDQLVWHQ GHQ UHDOHQ NRQNUHWHQ XQG HPSLUL VFKHQ 0HQVFKHQ GHU QDFK PRUDOLVFKHU 2ULHQWLHUXQJ VXFKW LQ GDV =HQW UXP LKUHU PRUDOSKLORVRSKLVFKHQ 6SHNXODWLRQHQ 'DVV ZLU HV EHL GLHVHU =XZHQGXQJ ]XP HLQ]HOQHQ XQG HPSLULVFKHQ 0HQVFKHQ QLFKW PLW GHU QDFNWHQ $XWKHQWL]LWlW HLQHU 3HUVRQHQ ]X WXQ KDEHQ VRQGHUQ ]XJOHLFK LPPHUDXFKPLWEHVWLPPWHQ,QV]HQLHUXQJHQGLHLKUHUVHLWVJHZLVVHQKlX ILJEHUHLWVDXVGHU$QWLNHVWDPPHQGHQ0XVWHUQIROJHQLVWDXVGHP'DUJH VWHOOWHQEHUHLWVGHXWOLFKJHZRUGHQ   'LH +XPDQLVWHQ HWDEOLHUHQ VLFK DOV HLQH VSH]LILVFKH LQWHOOHNWXHOOH *UXSSH]XQlFKVWQLFKWEHU,QVWLWXWLRQHQVRQGHUQEHUVFKULIWOLFKH0H

(LQOHLWXQJ



GLHQYRUDOOHPGXUFKGHQ%ULHI6DOXWDWLJHOLQJWHVGLHVSH]LILVFKHKXPD QLVWLVFKH(LQVWHOOXQJ]XYHUEUHLWHQXQG]XJOHLFKGLHhEHU]HXJXQJ]XHWDE OLHUHQ PLW 3HWUDUFD KDEH QLFKW QXU HLQH QHXH %HZHJXQJ VRQGHUQ DXFK HLQHQHXH=HLWEHJRQQHQ   'LH DQWLNHQ $XWRUHQ ]XQlFKVW YRU DOOHP &LFHUR XQG 6HQHFDVHLW %UXQLGDQQDXFKYHUVWlUNW$ULVWRWHOHVZHUGHQYRQGHQ+XPDQLVWHQQLFKW DOVDEVWUDNWHXQG]HLWORVH$XWRULWlWHQYHUVWDQGHQVRQGHUQDOVUHDOH3HUVR QHQGLHPLWLKUHQ:HUNHQNRQNUHWH/|VXQJHQIUVLHEHWUHIIHQGH3UREOH PHJHVXFKWKDEHQ  'DV(UQVWQHKPHQXQG)RNXVVLHUHQDXIGHQHPSLULVFKHQXQGZLUN OLFKHQ0HQVFKHQIKUW]XHLQHU1HXDXVULFKWXQJGHUHWKLVFKHQ5HIOH[LRQ PRUDOLVFKH 2ULHQWLHUXQJHQ ZHUGHQ DXI LKUHQ 6LQQ XQG 1XW]HQ IU GDV UHDOHGLHVVHLWLJH/HEHQEHUSUIW7UDQV]HQGHQWH:HUWHZHUGHQPDUJLQDOL VLHUW0LW5HNXUVDXI&LFHURXQG$ULVWRWHOHVZLUGGDVHWKLVFKH+DQGHOQDOV LQGHU1DWXUEHJUQGHWDQJHVHKHQ  'DUDXVHUJLEWVLFKDXFKHLQH%HGHXWXQJVYHUVFKLHEXQJEHLGHU*H ZLFKWXQJ GHU YHUVFKLHGHQHQ /HEHQVIRUPHQ GHQQ PLW GHU =XZHQGXQJ ]XPUHDOHQXQGHPSLULVFKEHREDFKWEDUHQ0HQVFKHQJHKWDXFKHLQH$XI ZHUWXQJ GHV DNWLYHQ /HEHQV YRU GHP GHU .RQWHPSODWLRQ JHZLGPHWHQ /HEHQHLQKHU  'LH+XPDQLVWHQZlKOHQ7H[WIRUPHQLQGHQHQVLFKGHU9HUIDVVHU DOV UHDOH 3HUVRQ DUWLNXOLHUHQ NDQQ XQG GLH GDPLW ]XJOHLFK DXFK GLH 5HOH YDQ] GHV 'DUJHVWHOOWHQ IUGLH HPSLULVFKH /HEHQVIKUXQJ GHU %HWHLOLJWHQ VXJJHULHUHQGLHVJLOWYRUDOOHPIUGHQ%ULHIXQGGHQ'LDORJ'HU'LDORJ HUP|JOLFKW HV DXFK EHVWLPPWH 3RVLWLRQHQ XQG $XVVDJHQ DXI GHU (EHQH GHU,QV]HQLHUXQJGXUFKGLH'DUVWHOOXQJEHVWLPPWHU3HUVRQHQ]XDXWRULVLH UHQ'LHVRJHWURIIHQHQ$XVVDJHQZHUGHQGDPLW]XJOHLFKDOVVROFKHGDUJH VWHOOWGLHIUUHDOH3HUVRQHQHLQH%HGHXWXQJKDEHQXQGLQ%H]LHKXQJ]X GHUHQ/HEHQVWHKHQ  (LQ'HQNVWLONRQGLWLRQLHUWGDV'HQNHQLQEHVWLPPWHU:HLVHGLHYRQGHQ $NWHXUHQ VHOEVW QLFKW XQEHGLQJW LQWHQGLHUW VHLQ PXVV GLH VLFK DEHU DXV GHP'HQNVWLOHUJLEW,QGLHVHU:HLVHHQWVWHKHQDXFK'HQNP|JOLFKNHLWHQGLH XQWHU HLQHP DQGHUHQ6WLO QLFKW UHOHYDQW ZDUHQ QLFKW LQ GHQ %OLFN NDPHQ RGHUVLFKQLFKWHU|IIQHQNRQQWHQ6ROFKH'HQNP|JOLFKNHLWHQXQG'HQN UlXPHGLHVLFKPLWGHPKXPDQLVWLVFKHQ'HQNVWLOHU|IIQHWKDEHQILQGHQ KlXILJ LKUHQ VSH]LILVFKHQ $XVGUXFN LQ 'LDORJHQ 'LH )RUP GHV 'LDORJV  

9JO)OHFN   =XP'LDORJLP4XDWWURFHQWRYJO7DWHR  0DUVK  +lVQHU   XQG0OOHU  (LQH'HXWXQJGHV5HQDLVVDQFH'LDORJVDOV$XVGUXFNHLQHVVSH]LIL VFKHQ KXPDQLVWLVFKHQ 'HQNVWLOV ILQGHW VLFK EHL %DWNLQ   .DS ,9 'HU 'LDORJ 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

HUODXEWHV3RVLWLRQHQYRU]XVWHOOHQGLHYRQHLQHP'LDORJWHLOQHKPHUNRQ VHTXHQWYRUJHVWHOOWXQGYHUWUHWHQZHUGHQREJOHLFKZHGHUGHUEHWUHIIHQGH 3URWDJRQLVW QRFK GHU $XWRU XQEHGLQJW SHUV|QOLFK GLHVH 0HLQXQJ WHLOHQ PXVV (V VLQG DEHU 3RVLWLRQHQ GLH VLFK XQWHU GHQ 9RUDXVVHW]XQJHQ XQG PLWGHQ0LWWHOQGHVKXPDQLVWLVFKHQ'HQNHQVYHUWUHWHQODVVHQ ,P)ROJHQGHQP|FKWHLFKH[HPSODULVFKDQKDQGYRQGUHL7H[WHQ]HL JHQZHOFKH'\QDPLNXQG3RWHQWLDOHGLHYRQGHQ+XPDQLVWHQYROO]RJHQH :HQGH LQ GHU 0RUDOSKLORVRSKLH LQ VLFK ELUJW 'DEHL ZLUG HV ]XP HLQHQ GDUXPJHKHQDXI]X]HLJHQZHOFKH6SDQQXQJHQVLFK]ZLVFKHQGLHVHUQHXHQ %HWUDFKWXQJVZHLVH XQG WUDGLWLRQHOOHQ 0RUDOYRUVWHOOXQJHQ HUJHEHQ ]XP DQGHUHQ DEHU DXFK GDUXP ]X ]HLJHQ ZHOFKH 'HQNP|JOLFKNHLWHQ GLH +X PDQLVWHQDUWLNXOLHUWKDEHQGLHVSlWHUYRUDOOHPLP-DKUKXQGHUWDXI JHJULIIHQZHUGHQXQGVLFKVFKOLH‰OLFKHWDEOLHUHQ =XGLHVHP=ZHFNZHUGHQLP)ROJHQGHQGUHL7H[WHYRQGUHL+XPD QLVWHQYRUJHVWHOOWXQGDQDO\VLHUWGLHLP$EVWDQGYRQZHQLJHQ-DKUHQHQW VWDQGHQ VLQG (V VLQG GLHV 3RJJLR %UDFFLROLQLV 'LDORJ 'H DYDULWLD   /RUHQ]R9DOODV'LDORJ'HYROXSWDWHVLYHGHYHURERQR HUVWH9HUVLRQ XQG /HRQ %DWWLVWD $OEHUWLV /LEUL GHOOD IDPLJOLD   7URW] DOOHU 8QWHU VFKLHGHGLHVHU7H[WHGLHLQGHQIROJHQGHQ%HWUDFKWXQJHQGHXWOLFKZHUGHQ ODVVHQ VLFK GLHVH GUHL 7H[WH DXIJUXQG HLQHU 5HLKH YRQ JHPHLQVDPHQ 0HUNPDOHQGLHVRZRKOIRUPDOHUDOVDXFKLQKDOWOLFKHU1DWXUVLQGDOV5HS UlVHQWDQWHQGHVKXPDQLVWLVFKHQ'HQNVWLOVYHUVWHKHQ$OOHGUHL7H[WHVLQG LQ 'LDORJIRUP YHUIDVVW ,KUÄVHWWLQJ¶ LVW MHZHLOV LP ]HLWJHQ|VVLVFKHQ .RQ WH[W XQG LP UHDOHQ 8PIHOG GHV MHZHLOLJHQ $XWRUV DQJHVLHGHOW 6LH QXW]HQ GLHPLWGLHVHU)RUPYHUEXQGHQHQ0|JOLFKNHLWHQ]XU6WlUNXQJGHUMHZHLOL JHQ $UJXPHQWDWLRQ ,Q DOOHQ 7H[WHQ JHKW HV XP )UDJHQ GHU /HEHQVIK UXQJ EHL GHUHQ $QDO\VH MHZHLOV GDV 1W]OLFKNHLWVGHQNHQ DOV *UXQGODJH GLHQW$OOH$XWRUHQUHNODPLHUHQIULKUH7H[WHHLQHOHEHQVSUDNWLVFKH1W] OLFKNHLW 'LHGUHL7H[WHVWHKHQH[HPSODULVFKIUEHVWLPPWH0|JOLFKNHLWHQGLH VLFK DXV GHP KXPDQLVWLVFKHQ 'HQNHQ HUJHEHQ XQG PDUNLHUHQ ]XJOHLFK GUHL H[WUHPH 3RVLWLRQHQ 'HU 7H[W YRQ 3RJJLR PDFKW VLFKWEDU ZHOFKH :LGHUVSUFKHXQG6FKZLHULJNHLWHQ]ZLVFKHQGHUKXPDQLVWLVFKHQ3HUVSHN WLYH QlPOLFK XQWHU QDWUOLFKHU %HWUDFKWXQJ GHV 0HQVFKHQ XQG PLW $Q ZHQGXQJGHV1W]OLFKNHLWVSULQ]LSVXQGEHUNRPPHQHQ0RUDOYRUVWHOOXQ JHQHQWVWHKHQN|QQHQ'HU'LDORJYRQ9DOOD]HLJWGDVVQDFK0D‰JDEHGHU QDWUOLFKHQ %HWUDFKWXQJ GHV 0HQVFKHQ XQG GHV 1W]OLFKNHLWVSDUDGLJPDV GLHDQWLNHQ(WKLNNRQ]HSWHVHOEVWXQ]XUHLFKHQGVLQG'DUEHUKLQDXVIKUW 

'DVVGLH,QV]HQLHUXQJQLFKWEOR‰DOVHLQbX‰HUOLFKHVGHU$UJXPHQWDWLRQKLQ]XNRPPW VRQGHUQGLHVHPD‰JHEOLFKPLWEHVWLPPWZXUGHH[HPSODULVFKDQHLQLJHQDXVJHZlKOWHQ 'LDORJHQ GHU 5HQDLVVDQFH LQ GHP YRQ +HPSIHU KHUDXVJHJHEHQHQ 6DPPHOEDQG JH ]HLJWYJO+HPSIHU  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

HUHLQH0|JOLFKNHLWYRUZLHVLFKDXIGHU*UXQGODJHXQGPLWGHQ0LWWHOQ GHVKXPDQLVWLVFKHQ'HQNHQV²GXUFKHLQHDOOHUGLQJVlX‰HUVWSUHNlUH$U JXPHQWDWLRQ²HLQHFKULVWOLFKIXQGLHUWH0RUDOUHWWHQOLH‰H%HLGH'LDORJH VLQG NRQWURYHUV JHIKUW XQG IKUHQ 'HQNP|JOLFKNHLWHQ YRU GHUHQ YROOH .RQVHTXHQ]HQ IU GLH 0RUDOSKLORVRSKLH VLFK HUVW LQ GHQ QDFKIROJHQGHQ -DKUKXQGHUWHQHQWIDOWHQ,QGHP'LDORJYRQ$OEHUWLVFKOLH‰OLFKVSLHOHQGLH JHQDQQWHQ6SDQQXQJHQXQG6FKZLHULJNHLWHQNHLQH5ROOHPHKU'LHNRQVH TXHQWH %HWUDFKWXQJ GHV PHQVFKOLFKHQ +DQGHOQV QDFK GHP 3ULQ]LS GHU 1XW]HQPD[LPLHUXQJ XQG GDPLW GLH gNRQRPLVLHUXQJ GHU PHQVFKOLFKHQ /HEHQVIRUP ELV LQ GLH ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ ILQGHQ KLHU LKUHQ$XVGUXFN

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW 3RJJLR%UDFFLROLQLV  'LDORJhEHUGLH+DEJLHU 7KLVZDVVRPHWLPHDSDUDGR[EXWQRZWKHWLPHJLYHVLWSURRI +DPOHWWR2SKHOLD 'HU.RQWH[WYRQ3RJJLRV'LDORJhEHUGLH+DEJLHU 3RJJLR%UDFFLROLQL]HKQ-DKUHMQJHUDOV%UXQLXQGZLHGLHVHUDELP $PWGHV.DQ]OHUVYRQ)ORUHQ]JHK|UWZLH%UXQL]XGHQYRQ6DOXWDWLJH I|UGHUWHQ XQG XQWHUVWW]WHQ *HOHKUWHQ $XV HLQHU YHUDUPWHQ )DPLOLH VWDPPHQGJHOLQJWHVLKPLQ)ORUHQ]HLQH$XVELOGXQJ]XP1RWDU]XDE VROYLHUHQ XQG VHLQHQ /HEHQVXQWHUKDOW GXUFK $XIWUlJH DXV GHU .DQ]OHL 6DOXWDWLV ]X EHVWUHLWHQ 'XUFK 9HUPLWWOXQJ 6DOXWDWLV HUKlOW HU VFKOLH‰OLFK HLQH$QVWHOOXQJDOV6HNUHWlUDQGHU.XULHLQ5RPZRHUIDVWIQI]LJ-DKUH VHLQHV /HEHQV YHUEULQJW ELV HU VFKOLH‰OLFK GRFK QRFK ]XP .DQ]OHU YRQ )ORUHQ]HUQDQQWZLUG $QGHUVDOV6DOXWDWLXQG%UXQLGLHLKUHLQWHOOHNWXHOOHQ7lWLJNHLWHQYRU DOOHPZlKUHQGLKUHU=HLWDOV.DQ]OHULP'LHQVWLKUHU6WDGWDXVEWHQHQW IDOWHW3RJJLRVHLQHKXPDQLVWLVFKHQ$NWLYLWlWHQZLHGDVhEHUVHW]HQDQWLNHU 7H[WHGLH6XFKHQDFKDOWHQ0DQXVNULSWHQXQGGLH(QWGHFNXQJYRQELVKHU XQEHNDQQWHQ7H[WHQZlKUHQGVHLQHU-DKUHDOV6HNUHWlUDQGHU.XULH'DV /HEHQ DQ GHU .XULH YHUOHLKW DXFK VHLQHQ PRUDOSKLORVRSKLVFKHQ hEHUOH   

:LOOLDP6KDNHVSHDUH+DPOHW,,, =XP/HEHQ3RJJLRVYJOQRFKLPPHU:DOVHU  (LQHÅLQWHOOHNWXHOOH%LRJUDSKLH´ ILQGHWVLFKLQ)ROWV   1HEHQ GHQ 9HUZDOWXQJHQ GHU 6WDGWVWDDWHQ XQG GHQ )UVWHQK|IHQ ZDU GHU 3DSVWKRI HLQHU GHU JU|‰WHQ Å$UEHLWJHEHU´ YRQ +XPDQLVWHQ YJO '·$PLFR   &HOHQ]D  XQG0LJOLR  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

HUHLQH0|JOLFKNHLWYRUZLHVLFKDXIGHU*UXQGODJHXQGPLWGHQ0LWWHOQ GHVKXPDQLVWLVFKHQ'HQNHQV²GXUFKHLQHDOOHUGLQJVlX‰HUVWSUHNlUH$U JXPHQWDWLRQ²HLQHFKULVWOLFKIXQGLHUWH0RUDOUHWWHQOLH‰H%HLGH'LDORJH VLQG NRQWURYHUV JHIKUW XQG IKUHQ 'HQNP|JOLFKNHLWHQ YRU GHUHQ YROOH .RQVHTXHQ]HQ IU GLH 0RUDOSKLORVRSKLH VLFK HUVW LQ GHQ QDFKIROJHQGHQ -DKUKXQGHUWHQHQWIDOWHQ,QGHP'LDORJYRQ$OEHUWLVFKOLH‰OLFKVSLHOHQGLH JHQDQQWHQ6SDQQXQJHQXQG6FKZLHULJNHLWHQNHLQH5ROOHPHKU'LHNRQVH TXHQWH %HWUDFKWXQJ GHV PHQVFKOLFKHQ +DQGHOQV QDFK GHP 3ULQ]LS GHU 1XW]HQPD[LPLHUXQJ XQG GDPLW GLH gNRQRPLVLHUXQJ GHU PHQVFKOLFKHQ /HEHQVIRUP ELV LQ GLH ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ ILQGHQ KLHU LKUHQ$XVGUXFN

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW 3RJJLR%UDFFLROLQLV  'LDORJhEHUGLH+DEJLHU 7KLVZDVVRPHWLPHDSDUDGR[EXWQRZWKHWLPHJLYHVLWSURRI +DPOHWWR2SKHOLD 'HU.RQWH[WYRQ3RJJLRV'LDORJhEHUGLH+DEJLHU 3RJJLR%UDFFLROLQL]HKQ-DKUHMQJHUDOV%UXQLXQGZLHGLHVHUDELP $PWGHV.DQ]OHUVYRQ)ORUHQ]JHK|UWZLH%UXQL]XGHQYRQ6DOXWDWLJH I|UGHUWHQ XQG XQWHUVWW]WHQ *HOHKUWHQ $XV HLQHU YHUDUPWHQ )DPLOLH VWDPPHQGJHOLQJWHVLKPLQ)ORUHQ]HLQH$XVELOGXQJ]XP1RWDU]XDE VROYLHUHQ XQG VHLQHQ /HEHQVXQWHUKDOW GXUFK $XIWUlJH DXV GHU .DQ]OHL 6DOXWDWLV ]X EHVWUHLWHQ 'XUFK 9HUPLWWOXQJ 6DOXWDWLV HUKlOW HU VFKOLH‰OLFK HLQH$QVWHOOXQJDOV6HNUHWlUDQGHU.XULHLQ5RPZRHUIDVWIQI]LJ-DKUH VHLQHV /HEHQV YHUEULQJW ELV HU VFKOLH‰OLFK GRFK QRFK ]XP .DQ]OHU YRQ )ORUHQ]HUQDQQWZLUG $QGHUVDOV6DOXWDWLXQG%UXQLGLHLKUHLQWHOOHNWXHOOHQ7lWLJNHLWHQYRU DOOHPZlKUHQGLKUHU=HLWDOV.DQ]OHULP'LHQVWLKUHU6WDGWDXVEWHQHQW IDOWHW3RJJLRVHLQHKXPDQLVWLVFKHQ$NWLYLWlWHQZLHGDVhEHUVHW]HQDQWLNHU 7H[WHGLH6XFKHQDFKDOWHQ0DQXVNULSWHQXQGGLH(QWGHFNXQJYRQELVKHU XQEHNDQQWHQ7H[WHQZlKUHQGVHLQHU-DKUHDOV6HNUHWlUDQGHU.XULH'DV /HEHQ DQ GHU .XULH YHUOHLKW DXFK VHLQHQ PRUDOSKLORVRSKLVFKHQ hEHUOH   

:LOOLDP6KDNHVSHDUH+DPOHW,,, =XP/HEHQ3RJJLRVYJOQRFKLPPHU:DOVHU  (LQHÅLQWHOOHNWXHOOH%LRJUDSKLH´ ILQGHWVLFKLQ)ROWV   1HEHQ GHQ 9HUZDOWXQJHQ GHU 6WDGWVWDDWHQ XQG GHQ )UVWHQK|IHQ ZDU GHU 3DSVWKRI HLQHU GHU JU|‰WHQ Å$UEHLWJHEHU´ YRQ +XPDQLVWHQ YJO '·$PLFR   &HOHQ]D  XQG0LJOLR  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

JXQJHQ HLQH VSH]LILVFKH 3UlJXQJ 'LHVH ILQGHQ LKUHQ $XVGUXFN LQ HLQHU 5HLKHYRQ'LDORJHQLQGHQHQVLFK3RJJLRMHZHLOVVSH]LILVFKHQ]XP7HLO DXFKWUDGLWLRQHOOHQPRUDOSKLORVRSKLVFKHQ)UDJHQXQG7KHPHQ]XZHQGHW 'DVV PLWKLQ 3RJJLRV 'LDORJ EHU GLH +DEJLHU NHLQ EOR‰HU *HOHJHQKHLWV WH[WLVWVRQGHUQGHQ$XIWDNWIUHLQHLQWHQVLYHXQGDQGDXHUQGH5HIOH[LRQ EHUGLH9DOLGLWlWHWKLVFKHU2ULHQWLHUXQJHQPDUNLHUWPDJHLQNXU]HU%OLFN DXI3RJJLRVPRUDOSKLORVRSKLVFKH'LDORJHEHVWlWLJHQ 3RJJLRVPRUDOSKLORVRSKLVFKH7H[WH]HLWJHQ|VVLVFKH,QV]HQLHUXQJ HPSLULVFKH%HWUDFKWXQJVZHLVHXQG(QWODUYXQJYRQ'RSSHOPRUDO 3RJJLRYHUIDVVWHLQH5HLKHYRQ'LDORJHQLQGHQHQHUVLFKYHUVFKLHGHQHQ PRUDOSKLORVRSKLVFKHQ )UDJHQ ]XZHQGHW $OOHQ 'LDORJHQ LVW HV JHPHLQ GDVVVLHLPUHDOHQ8PIHOGGHV+XPDQLVWHQLQV]HQLHUWZHUGHQXQG)UHXQGH XQG%HNDQQWHDOV3URWDJRQLVWHQDXIWUHWHQ'DEHLJUHLIW3RJJLRNODVVLVFKH XQG WUDGLWLRQVUHLFKH 7KHPHQ DXI GLH DOOHUGLQJV VR SUlVHQWLHUW ZHUGHQ GDVVVLHHLQHZLUNOLFKH%HGHXWXQJIUGLH$NWHXUHGHU'LDORJHKDEHQ=XP 7HLO KDEHQ VLH DXFK HLQHQ JDQ] NRQNUHWHQ %H]XJ DXI GLH *HJHQZDUW VR HWZDZHQQ3RJJLRDQOlVVOLFKVHLQHUHLJHQHQ9HUPlKOXQJLP-DKUPLW HLQHU XP YLHOHV MQJHUHQ )UDX GHQ 0RGXV GHU (KH YHUWHLGLJW XQG HLQHQ 7H[WPLWGHP7LWHO$QVHQLX[RUVLWGXFHQGDYHUIDVVW +lXILJ ZHUGHQ GLH YHUKDQGHOWHQ 7KHPHQ DXFK DXI GLH ([LVWHQ]IRUP GHV+XPDQLVWHQGKHLQHV/DLHQJHOHKUWHQ]XUFNEH]RJHQ=HLFKQHWVLFK LQVHLQHQ'LDORJHQEHUHLWVHLQH'HVLOOXVLRQLHUXQJEH]JOLFKGHU([LVWHQ] IRUPGHU+XPDQLVWHQDEVROlVVWVLFKLQLKQHQGRFKGHU9HUVXFKHUNHQ QHQGLHKXPDQLVWLVFKH/HEHQVIRUPDQJHVLFKWVHLQHVXQJHVFK|QWHQ%OLFNV DXI GDV UHDOH XQG HPSLULVFKH 'DVHLQ ]X UHFKWIHUWLJHQ 6R HWZD LQ GHP 'LDORJ 'H LQIHOLFLWDWH SULQFLSXP   GHU PLW HLQHU 7KHPDWLVLHUXQJ GHV *OFNVPRQRSROVHQGHWGDVK|FKVWH*OFNOLHJWGHPQDFKZHGHUEHLGHQ ZHOWOLFKHQ +HUUVFKHUQ QRFK EHL GHQ 9HUWUHWHUQ HLQHU UHOLJL|VHQ /HEHQV IRUPVRQGHUQEHLGHQIUHLXQGVHOEVWEHVWLPPWOHEHQGHQ)RUVFKHUQXQG :HLVHQQlPOLFKEHLGHQ+XPDQLVWHQ$XFKLQGHP'LDORJ'HYHUDQRELOL 

3RJJLRV'LDORJHOHKQHQVLFKGHU)RUPQDFKDQGLHDQWLNHQ0RGHOOHYRQ3ODWRQXQG &LFHURDQLQVRIHUQGLHVHQlPOLFKYRQ3RJJLRVHOEVWVRZLHYRQVHLQHQ)UHXQGHQXQG =HLWJHQRVVHQJHIKUWZHUGHQ²=XU)RUPGHV'LDORJVEHL3RJJLRYJO7DWHR   XQG0DUVK    3RJJLRKDWGHQ7H[WGUHL-DKUHVSlWHUDOVRYHUIDVVW'HU7H[WILQGHWVLFKLQGHP 5HSULQWGHU2SHUDRPQLD$XVJDEHYRQ)XELQLYJO3RJJLR  ,,² =XU*HVFKLFKWHGHV7RSRVDQX[RUGXFHQGDYJO5RWK    3RJJLR %UDFFLROLQL 'H LQIHOLFLWDWH SULQFLSXP KJ 'DYLGH &DQIRUD 5RPD (GL]LRQL GL 6WRULDH/HWWHUDWXUD  9JO3RJJLR  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

WDWHZLUGHLQH)UDJHGLVNXWLHUWGLHGHQ6WDQGXQGGDV$QVHKHQGHU+X PDQLVWHQ VHOEVW EHWULIIW HUUHLFKW PDQ ZDKUHQ $GHO DOOHLQ GDGXUFK GDVV PDQ VLFK ]XUFN]LHKW XQG GHQ LQQHUHQ :HUW GHU 7XJHQGKDIWLJNHLW SIOHJW RGHU HUIRUGHUW ZDKUHU $GHO DXFK GLH $XVHLQDQGHUVHW]XQJ PLW GHU ZHOWOL FKHQ0DFKWXQGGHU7HLOKDEHGDUDQ" $OV HLQ ZHLWHUHU =XJ GHU PRUDOSKLORVRSKLVFKHQ 5HIOH[LRQHQ 3RJJLRV OlVVW VLFK KHUDXVVWHOOHQ GDVV 3RJJLR HLQH UHDOLVWLVFKH XQG SUDJPDWLVFKH 3HUVSHNWLYH EHYRU]XJW GLH GDUDXI YHU]LFKWHW ]XJXQVWHQ YRQ DOOJHPHLQHQ .RQ]HSWHQ GLH 9LHOIDOW XQG :LGHUVSUFKOLFKNHLW GHU 5HDOLWlW ]X OHXJQHQ $OV%HLVSLHOKLHUIUVHLQRFKHLQPDOGHU'LDORJ'HYHUDQRELOLWDWHDQJHIKUW LQGHPGLH3RVLWLRQPDQN|QQHZDKUHQ$GHOQLFKWYRQlX‰HUHQ'LQJHQ DEKlQJLJ PDFKHQ PLW GHP $UJXPHQW JHVWlUNW ZLUG GDVV VLFK DXI GLHVH :HLVHNHLQHLQKHLWOLFKHV.RQ]HSWYRQ$GHOJHZLQQHQODVVHGDGLHUHJLRQD OHQ 8QWHUVFKLHGH LQ GHU 9RUVWHOOXQJ GDYRQ ZRULQ ZDKUHU $GHO EHVWHKH QLFKW QXU ÅYHUVFKLHGHQ´ XQG ÅXQWHUVFKLHGOLFK´ VRQGHUQ DXFK ÅHLQDQGHU HQWJHJHQJHVHW]W´VHLHQ$XFKLQGHP'LDORJ'HPLVHULDKXPDQDHFRQGLWLRQLV  ZLUGGLHHPSLULVFKEHREDFKWEDUHGHVRODWH6LWXDWLRQGHV0HQVFKHQ DQJHVLFKWVGHU.RQWLQJHQ]XQGGHU)UDJLOLWlWDOOHV,UGLVFKHQQLFKWJHOHXJ QHW DEHU DXV GLHVHU'LDJQRVH HUJLEW VLFK QDFK3RJJLRNHLQH :HOWYHUDFK WXQJVRQGHUQGLH$XIJDEHGLHXQV]XU9HUIJXQJVWHKHQGHQ0LWWHOSUDJ PDWLVFK]XQXW]HQXPXQVGDV/HEHQ]XHUOHLFKWHUQ 3RJJLRV%OLFNIUGLH:LGHUVSUFKH]ZLVFKHQWKHRUHWLVFKHQ.RQ]HS WHQXQG$QVLFKWHQXQGGHQZLUNOLFK]XEHREDFKWHQGHQ7DWHQXQG+DQG OXQJHQIKUWLKQDXFKGD]XLPPHUZLHGHUDXIGLH'RSSHOPRUDOXQG+HX FKHOHL GLH HU EHL 9HUWUHWHUQ GHV .OHUXV GLDJQRVWL]LHUW KLQ]XZHLVHQ $P DXVIKUOLFKVWHQ ILQGHW VLFK GLHVH .ULWLN LQ GHP 'LDORJ &RQWUD +\SRFULWDV   LQ GHP HU HLQH XPIDQJUHLFKH XQG DXI HPSLULVFKH %HREDFKWXQJ  

  

3RJJLR%UDFFLROLQL'HYHUDQRELOLWDWHKJ'DYLGH&DQIRUD5RP(G'L6WRULDHOHWWHUD WXUD :HQQJOHLFKGDV7KHPDGHV$GHOVVFKRQYRUKHUYRQ+XPDQLVWHQEHKDQGHOWZXUGHVR KDWGRFKLQVEHVRQGHUHGHUSURYR]LHUHQGH'LDORJYRQ3RJJLR5HDNWLRQHQXQG.ULWLN XQGGDPLWHLQHLQWHQVLYLHUWH$XVHLQDQGHUVHW]XQJPLWGHP7KHPDXQWHU+XPDQLVWHQ DXVJHO|VW 9RU 3RJJLR KDEHQ VLFK EHUHLWV %XDQDFFRUVR GD 0RQWHPDJQR XQG &DUOR 0DUVXSSLQLPLWGHP7KHPDDXVHLQDQGHUJHVHW]W$OV5HDNWLRQDXI3RJJLRVLQG6FKULI WHQYRQ/HRQDUGRGD&KLRXQG/DXUR4XLULQLHQWVWDQGHQHEHQIDOOVKDEHQVLFK]XGLH VHP7KHPD3ODWLQD7ULVWDQR&DUDFFLROR&ULVWRIRUR/DQGLQRXQG$QWRQLR'H)HUUD ULLV *DODWHR JHlX‰HUW 9JO KLHU]X 'RQDWL   XQG 5DELO   ² 'DVV GLH )UDJH QDFK GHP ZDKUHQ $GHO XQG GDPLW DXFK GLH QDFK GHU EHVWHQ E]Z ZHUWYROOVWHQ /H EHQVIRUPQLFKWHUVWPLWGHQ+XPDQLVWHQNRQWURYHUVGLVNXWLHUWZXUGHLVWEHUHLWVJXW EHNDQQWXQGGLH3UREOHPDWLNLP6SlWPLWWHODOWHUKLQUHLFKHQGGRNXPHQWLHUW9JOHWZD 'H/LEHUD   9JO3RJJLR  II 9JO3RJJLR  , 3RJJLR%UDFFLROLQL&RQWUD+\SRFULWDVLQ3RJJLR  ,,

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

JHVWW]WH $QDO\VH GHU +HXFKHOHL YRUOHJW $EHU DXFK LQ DQGHUHQ 7H[WHQ NRPPW HU ZLHGHUKROW DXI GLH 'RSSHOPRUDO XQG GLH 6FKHLQKHLOLJNHLW GHV .OHUXV]XVSUHFKHQ ,QYLHOHQ'LDORJHQZHUGHQEHVWLPPWH7KHPHQ3URXQG.RQWUDGLVNX WLHUW RIW NRPPW HV ]X NHLQHU (LQLJXQJ GHU 'LDORJSDUWQHU XQG GDV (QGH ZLUG RIIHQ JHODVVHQ +lXILJ ZLUG HV GHP /HVHU EHUODVVHQ DXV GHP *H VFKULHEHQHQ VHLQH 6FKOXVVIROJHUXQJHQ ]X ]LHKHQ 3RJJLR ]HLJW %HWUDFK WXQJVZHLVHQDXIPDFKWVLFKDEHUVHOWHQ]XP5LFKWHUEHUGLHVH6RHQGHW HWZDGHU'LDORJEHUGHQZDKUHQ$GHOPLWGHU%HPHUNXQJÅMHGHPVWHKW HVIUHLGDV]XGHQNHQZDVHUP|FKWH´ 'HUHUVWH'LDORJGHQ3RJJLRYHUIDVVWXQGGHU]XJOHLFKGHUMHQLJH7H[W LVW PLW GHP HU VLFK GHU OLWHUDULVFKHQ gIIHQWOLFKNHLW SUlVHQWLHUW LVW VHLQ 'LDORJEHUGLH+DEJLHU0LWGHP7KHPDGHU+DEJLHU DYDULWLD JUHLIW3RJ JLR HLQHQ %HJULII DXI GHU VRZRKO LQ GHU $QWLNH DOV DXFK LP FKULVWOLFKHQ 0LWWHODOWHU HLQH VSH]LILVFKH 5ROOH LQ GHU PRUDOSKLORVRSKLVFKHQ 5HIOH[LRQ JHVSLHOWKDW'DVRZRKOGLH3RVLWLRQHQYRQ$ULVWRWHOHVXQG&LFHURDOVDXFK GHU FKULVWOLFKWKHRORJLVFKH .RQWH[W EHL 3RJJLR WKHPDWLVFK ZHUGHQ VHLHQ GLHVH3RVLWLRQHQKLHUNXU]VNL]]LHUW 'HULGHHQJHVFKLFKWOLFKH.RQWH[W+DEJLHUDOV/DVWHUXQGDOV6QGH $ULVWRWHOHV WKHPDWLVLHUW GLH+DEJLHU DQHOHXWKHUtD DYDULWLD  LP YLHUWHQ %XFK GHU 1LNRPDFKLVFKHQ (WKLN LP .RQWH[W GHU %HVWLPPXQJ GHU HWKLVFKHQ 7X JHQGHQXQGKLHUJHQDXHUGHU)UHLJHELJNHLW HOHXWKHULyWHVOLEHUDOLWDV )UHLJH ELJNHLWZLUGEHVWLPPWDOVUHFKWH0LWWHEHLP8PJDQJXQG*HEUDXFKYRQ 9HUP|JHQVREMHNWHQ 9RQ GLHVHQ QXQ NDQQ PDQ QDFK $ULVWRWHOHV HLQHQ JXWHQRGHUHLQHQVFKOHFKWHQ*HEUDXFKPDFKHQVRGDVVHVIULKQVHOEVW YHUVWlQGOLFKLVWGDVVGHUUHFKWH8PJDQJPLW*HOGLQGHQ%HUHLFKGHU0R UDOSKLORVRSKLHIlOOWXQGKLHUQlKHUEHVWLPPWZHUGHQPXVV 

6RLQ'HDYDULWLDYJO3RJJLR  XQGLQGHQ)DFH]LHYJO3RJJLR  SDVVLP² +|FKVWZDKUVFKHLQOLFK LVW 3RJJLR DXFK GHU 9HUIDVVHU HLQHU 5HGH JHJHQ GHQ .OHUXV :DOVHU  KDWWHGLHVH5HGHQLFKWIUHFKWJHKDOWHQGRFK)XELQL  NDQQ GXUFKHLQH8QWHUVXFKXQJGHU0DQXVNULSWWUDGLWLRQXQGHLQHVVWLOLVWLVFKHQXQGOH[LNDOL VFKHQ9HUJOHLFKVPLWDQGHUHQ7H[WHQ3RJJLRVEHU]HXJHQGGDIUDUJXPHQWLHUHQGDVV 3RJJLRGHU9HUIDVVHUGHU5HGHLVW'LH(GLWLRQGHU5HGHILQGHWVLFKLQ)XELQL     ,QGHU:LGPXQJVHLQHV'LDORJV$QVHQLX[RUVLWGXFHQGDDQ&RVLPRGH·0HGLFLVFKUHLEW HUÅ$GWHDXWHPYLUXPFXPVDSLHQWLVVLPXPWXPGRFWLVVLPXPGLVFHSWDWLRQHPPLWWR XWHDOHFWDDEVWHHOLFLDPXWULXVTXHVHQWHQWLDPPDJLVSUREHV´3RJJLR  ,, 8QGDP(QGHGHV:HUNHVVFKUHLEWHUÅ4XLOLEHWLQTXLW1LFRODXVVXXPDSSHWL WXPVHTXDWXUVXDFXLTXHVHQWHQWLDHVW´(EG  3RJJLR'HYHUDQRELOLWDWHÅ/LEHUXPHVWRPQLEXVVHQWLUHTXLGYHOLQW´3RJJLR    9JO(1,9ED

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

'HU)UHLJHELJHQXQPDFKWQDFK$ULVWRWHOHVGHQEHVWHQ*HEUDXFKYRQ *HOGXQG%HVLW]6HLQH7XJHQGKDIWLJNHLW]HLJWVLFKYRUDOOHPLPDQJHPHV VHQHQ*HEHQREZRKODXFKGHU(UKDOWGHVHLJHQHQ%HVLW]HVXQGGDV$Q QHKPHQ YRQ *HOG RGHU %HVLW] GHQ )UHLJHELJHQ FKDUDNWHULVLHUW $OV0LWWH VWHKWGLH7XJHQGGHU)UHLJHELJNHLW]ZLVFKHQGHQ]ZHL/DVWHUQGHU+DEJLHU XQG GHU 9HUVFKZHQGXQJ +DEJLHULJ VLQG GLHMHQLJHQ ÅGLH VLFK PHKU DOV UHFKW XP *HOG XQG *XW EHPKHQ´ 'LH +DEJLHU ]HLJW VLFK LQ HLQHP Å=XZHQLJLP*HEHQXQG=XYLHOLP1HKPHQ´2EJOHLFKGLH+DEJLHUZLH DXFK GLH 9HUVFKZHQGXQJ YRQ GHU WXJHQGKDIWHQ 0LWWH DEZHLFKW VFKlW]W $ULVWRWHOHV GDV /DVWHU GHU +DEJLHU GRFK JU|‰HU HLQ GD HV VFKHLQEDU XQ KHLOEDUVHLGXUFKMHGH6FKZlFKHJHVWlUNWZHUGHXQGPHKULQGHUPHQVFK OLFKHQ 1DWXU ]X OLHJHQ VFKHLQH $Q GLH (U|UWHUXQJ GHU )UHLJHELJNHLW VFKOLH‰W VLFK GLH GHU *UR‰DUWLJNHLW PHJDORSUHSHtD PDJQLILFHQWLD  DQ GLH VLFK DXIGHQDQJHPHVVHQHQ8PJDQJPLWJUR‰HQ0HQJHQ*HOGHVEH]LHKWXQG GLHDOV0LWWH]ZLVFKHQGHQ/DVWHUQ]XSURW]HQRGHUNOHLQOLFK]XVHLQEH VWLPPWZLUG )HVW]XKDOWHQ LVW GDVV IU $ULVWRWHOHV QLFKW YRQ YRUQKHUHLQ LP %HVLW] XQGLP8PJDQJPLW9HUP|JHQVREMHNWHQDXFKPLWJUR‰HQ0HQJHQ*HO GHVHLQ/DVWHUOLHJW*DQ]LP*HJHQWHLOGXUFKGHQ%HVLW]XQGGHQ8P JDQJ PLW *HOG N|QQHQ ZLU EHUKDXSW HUVW EHVWLPPWH 7XJHQGHQ HWZD )UHLJHELJNHLWXQG*UR‰DUWLJNHLWDXVEHQ(WKLVFKUHOHYDQWLVWGHVKDOEIU $ULVWRWHOHV YRU DOOHP GDV :LH GHV 8PJDQJV PLW *HOG 'LHVHV :LH KDEH QDFK$ULVWRWHOHVGHQMHZHLOLJHQ8PVWlQGHQDQJHPHVVHQ]XVHLQ:LHGLHV QXQNRQNUHWDXVVHKHQN|QQWHIKUW$ULVWRWHOHVIUHLOLFKQLFKWJHQDXHUDXV $XV VHLQHQ 'DUOHJXQJHQ N|QQHQ ZLU DEHU VFKOLH‰HQ GDVV HLJHQWOLFK QXU HLQIUHLHUEHUDXVUHLFKHQG9HUP|JHQVJWHUYHUIJHQGHU0DQQIUHLJHELJ VHLQNDQQ &LFHUR WKHPDWLVLHUW GLH +DEJLHU YRU DOOHP LQ VHLQHP :HUN 'H RIILFLLV XQGKLHULQYHUVFKLHGHQHQ.RQWH[WHQ$OOHQJHPHLQLVWGDVVGLH+DEJLHU DXI GLH 3IOLFKWHQ XQG GDV 9HUKDOWHQ GHU%UJHU LQVEHVRQGHUH GHU $PWV WUlJHULPU|PLVFKHQ6WDDWEH]RJHQXQGEHXUWHLOWZLUG=XQlFKVWEHVWLPPW &LFHURGLH+DEJLHUDOVJU|‰WH*HIlKUGXQJGHU*HUHFKWLJNHLW'HU*HUHFK WLJNHLWNRPPWLP6WDDWHLQHIXQGDPHQWDOH%HGHXWXQJ]XZHLOVLFKGXUFK VLHGLH*HVHOOVFKDIWHUKlOW'LH+DEJLHUQXQLVWHLQH)RUPGHU8QJHUHFK WLJNHLWGHQQGHU+DEJLHULJH]LHKWVHLQHHLJHQHQ:QVFKHGHQHQGHU$OO 

9JO(1E 9JO(1ElKQOLFKDXFKD²,P'HXWVFKHQODVVHQVLFKEHLGH$VSHN WH QXU XQ]XUHLFKHQG GXUFK HLQHQ %HJULII ZLHGHUJHEHQ )U GDV =XYLHO LP 1HKPHQ ZUGHPDQ+DEJLHUVHW]HQIUGDV=XZHQLJLP*HEHQDEHUHKHU*HL]+LHUXQGLP )ROJHQGHQZLUGHLQKHLWOLFKGHU%HJULII+DEJLHUYHUZHQGHWGDGLHVHULP.RQWH[WGHU hEHUVHW]XQJXQG$QDO\VHYRQ3RJJLRV7H[WEHUHLWVJHEUlXFKOLFKJHZRUGHQLVW  9JO(1,9DD 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

JHPHLQKHLW YRU XQG EHGURKW GDPLW GLH VWDDWOLFKH *HPHLQVFKDIW &LFHUR EHPHUNWZRKOGDVVEHLK|KHUHQ6HHOHQ PDLRUHVDQLPL GLH+DEJLHUKlXILJ GHU 0RWLYDWLRQ HQWVSULQJW GXUFK DXVUHLFKHQG 0LWWHO GHP *HPHLQZRKO GLHQOLFK]XVHLQ'RFKVLHKWHUKLHULQGLH*HIDKUGDVVVLFKPLWGLHVHU$U JXPHQWDWLRQ GLH *HOGJLHU FXSLGLWDV SHFXQLDH  LQV 8QHQGOLFKH VWHLJHUQ ZU GH,QHLQHUZHQLJHUDQPRUDOLVFKHQhEHUOHJXQJHQVRQGHUQHKHUDQHLQHU .RVWHQ1XW]HQ.DONXODWLRQ RULHQWLHUWHQ hEHUOHJXQJ ZHLVW &LFHUR GDUDXI KLQGDVV]XU*HZLQQXQJGHU6\PSDWKLHGHU0LWPHQVFKHQMHGHU9HUGDFKW GHU+DEJLHU]XYHUPHLGHQVHLGDGLHVYLHOH1DFKWHLOHPLWVLFKEULQJHZDV &LFHURGXUFKHLQH5HLKHYRQ([HPSODEHOHJW'LHVJLOWLQVEHVRQGHUHIU DOOH |IIHQWOLFKHQ 7lWLJNHLWHQ 'HQQRFK PDFKW HU DQ DQGHUHU 6WHOOH NODU GDVVDXFKLP+LQEOLFNDXIGLH%HJLHUGHQDFK*HOGXQG*WHUQGLHÅ5HJHO IUGDV1W]OLFKHXQGGLHIUGDV(KUHQKDIWH´GLHVHOEHVHLHQVRGDVVHV DXI NHLQHQ )DOO JHUHFKWIHUWLJW VHL %HVLW] DQ]XQHKPHQ GHU DXI XQODXWHUH :HLVH HUZRUEHQ ZXUGH :LH VLFK GLH JHVHOOVFKDIWVJHIlKUGHQGH %HGUR KXQJGXUFKGLH+DEJLHULP(LQ]HOIDOODXVZLUNHQNDQQ]HLJW&LFHURH[HP SODULVFKLQVHLQHU9HUWHLGLJXQJVUHGH3UR6H[WR5RVFLR,QGLHVHU5HGHGLHLQ ,WDOLHQXQEHNDQQWZDUXQGGLH3RJJLRLQGHU$EWHLYRQ&OXQLZLHGHU HQWGHFNWKDWGHFNW&LFHURGLH+DEJLHUDOV0RWLYIUHLQHQ0RUGDXIXQG EH]HLFKQHWVLHDOVGLH8UVDFKHDOOHU9HUEUHFKHQ 'LH %HZHUWXQJ GHU +DEJLHU LP &KULVWHQWXP ILQGHW LQ HLQHU DQGHUHQ 0DWUL[VWDWW,PIUKHQFKULVWOLFKHQ'HQNHQWUHWHQGLHELVKHUJHQDQQWHQ $VSHNWH ² GHU WXJHQGKDIWH 8PJDQJ PLW *HOG XQG GLH SROLWLVFKH %HGHX WXQJGHU+DEJLHU²LQGHQ+LQWHUJUXQG6WDWWGHVVHQJHZLQQWGLH+DEJLHU YHUVWDQGHQ DOV XQPl‰LJHV %HVWUHEHQ GHU 6HHOH XQG GDPLW DOV VQGLJHV 



    



&LFHUR'HRIILFLLV,Å0D[LPDPDXWHPSDUWHPDGLQLXULDPIDFLHQGDPDJJUHGLXQ WXU XW DGLSLVFDQWXU HD TXDH FRQFXSLYHUXQW LQ TXR YLWLR ODWLVVLPH SDWHW DYDULWLD´ &LFHUR   &LFHUR'HRIILFLLV,Å,QTXLEXVDXWHPPDLRUHVWDQLPXVLQLVSHFXQLDHFXSLGLWDV VSHFWDWDGRSHVHWDGJUDWLILFDQGLIDFXOWDWHPXWQXSHU0&UDVVXVQHJDEDWXOODPVDWLV PDJQDPSHFXQLDPHVVHHLTXLLQUHSXEOLFDSULQFHSVYHOOHWHVVHFXLXVIUXFWLEXVH[HUFL WXPDOHUHQRQSRVVHW'HOHFWDQWHWLDPPDJQLILFLDSSDUDWXVYLWDHTXHFXOWXVFXPHOHJDQ WLD HW RSLD TXLEXV UHEXV HIIHFWXP HVW XW LQILQLWD SHFXQLDH FXSLGLWDV HVVHW´ &LFHUR   (EG,, (EG,,Å&DSXWDXWHPHVWLQRPQLSURFXUDWLRQHQHJRWLLHWPXQHULVSXEOLFLXW DYDULWLDHSHOODWXUHWLDPPLQLPDVXVSLFLR´&LFHUR   (EG,,, 9JO:DOVHU   &LFHUR 3UR 6H[WR 5RVFLR $PHULQR   Å,Q XUEH OX[XULHV FUHDWXU H[ OX[XULD H[VLVWDW DYDULWLD QHFHVVH HVW H[ DYDULWLD HUXPSDW DXGDFLD LQGH RPQLD VFHOHUD DF PDOHILFLD JL JQXQWXU´&LFHUR  II =X :HUWXQJ XQG %HGHXWXQJ GHU +DEJLHU LP FKULVWOLFKHQ 0LWWHODOWHU YJO 1HZKDXVHU  XQG(PPHULFK  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

)HKOYHUKDOWHQ GHV &KULVWHQ DQ %HGHXWXQJ +DEJLHU DYDULWLD FXSLGLWDV  JH K|UW VRZRKO LQ GHQ .DWDORJ GHU VLHEHQ +DXSWODVWHU DOV DXFK ]X GHQ GUHL 9HUVXFKXQJHQ'DEHLHUIlKUWGLH:HUWXQJXQG*HZLFKWXQJGHU+DEJLHU GXUFKDXV 8QWHUVFKLHGH LP 9HUODXI GHU *HVFKLFKWH +LHU N|QQHQ QXU VFKODJOLFKWDUWLJ HLQLJH 6WDWLRQHQ GLHVHU *HVFKLFKWH NXU] JHQDQQW ZHUGHQ GLHIUGLHYRUOLHJHQGH)UDJHVWHOOXQJUHOHYDQWVLQG 0LW%H]XJDXIGLH%LEHOVWHOOH7LP+DEJLHULVWGLH:XU]HODOOHUhEHO ZLUGGLH+DEJLHUYRQYLHOHQ.LUFKHQVFKULIWVWHOOHUQGHVIUKHQ0LWWHODOWHUV DOVHLQ+DXSWODVWHUEH]HLFKQHW6LHVWHKWGDPLWDXFKLQ5LYDOLWlW]XP6WRO] VXSHUELD  GHU JHPl‰ (FFO   DOOH 6QGH EHJLQQW PLW 6WRO] KlXILJ DOV GDV VFKOLPPVWHGHU/DVWHUDQJHVHKHQZLUGXQGGDKHULQGHU5HJHOGLH+LHUDU FKLH GHU /DVWHU DEVFKOLH‰W 'D GLH 3RVLWLRQ GHV $XJXVWLQXV YRQ YLHOHQ VSlWHUHQ$XWRUHQDXIJHJULIIHQZXUGHVHLHLQNXU]HU%OLFNDXIGHVVHQ5H IOH[LRQHQEHUGLH+DEJLHUHUODXEW ,QVHLQHU*HQHVLV$XVOHJXQJYHUVXFKW$XJXVWLQXV]X]HLJHQGDVVVLFK GLHEHLGHQ%LEHOVWHOOHQDOOH6QGHEHJLQQWPLW6WRO]XQG+DEJLHULVWGLH:XU]HO DOOHUhEHOQLFKWZLGHUVSUHFKHQLQGHPHUHLQHÅVSH]LHOOH´YRQHLQHUÅDOOJH PHLQHQ´ %HGHXWXQJ YRQ +DEJLHU XQWHUVFKHLGHW :lKUHQG GLH VSH]LHOOH +DEJLHUIUGDV%HJHKUHQQDFK*HOGVWHKHEH]HLFKQHGLHDOOJHPHLQH+DE JLHUJHQHUHOOMHGHV9HUODQJHQQDFKÅPHKUDOVDQJHPHVVHQLVW´0LWGLHVHU OHW]WHQ JHQHUHOOHQ %HGHXWXQJ JOHLFKW VLFK GLH +DEJLHU GHP 6WRO] DQ LVW GDPLWIU$XJXVWLQXVWDWVlFKOLFKGLH:XU]HODOOHUhEHOQLFKWMHGRFKHLQ IDFKGDVVSH]LHOOH%HJHKUHQQDFK*HOGgNRQRPLVFKHU5HLFKWXPDQVLFK LVWIU$XJXVWLQXVQLFKWVQGLJ,QHLQHP%ULHIDQGLHLQUHLFKHQ9HUKlOW QLVVHQOHEHQGH3UREDGLHVLFKZHJHQLKUHV5HLFKWXPV6RUJHQXPLKU6HH OHQKHLOPDFKWHXQGVLFKPLWGHU)UDJHREVLHPLWLKUHP5HLFKWXPGXUFK +DEJLHU VQGLJH DQ $XJXVWLQXV JHZHQGHW KDW HQWVFKHLGHW HU GDVV QLFKW GLH lX‰HUHQ %HVLW]YHUKlOWQLVVH VRQGHUQ GLH LQQHUH +DOWXQJ GLH VLFK LP +HU]HQILQGHEHUGLH6QGKDIWLJNHLWHQWVFKHLGH 

=XDYDULWLDLP.RQWH[WGHU+DXSWODVWHUYJO%ORRPILHOG  &DVDJUDQGHX9HFFKLR  XQG1HZKDXVHU  LP.RQWH[WGHUGUHL9HUVXFKXQJHQYJO+R ZDUG    9JO/LWWOH    $XJXVWLQXV 'H *HQHVL DG OLWWHUDP   KJ - =\FKD &6(/   :LHQ   ÅVL DYDULWLDP JHQHUDOHP LQWHOOHJDPXV TXD TXLVTXH DSSHWLW DOLTXLG DPSOLXV TXDP RSRUWHW SURSWHU H[FHOOHQWLDP VXDP HW TXHQGDP SURSULDH UHL DPRUHP >@ VSHFLDOLV HVW DXWHP DYDULWLDTXDHXVLWDWLXVDSSHOODWXUDPRUSHFXQLDH&XLXVQRPLQHDSRVWROXVSHUVSHFLHP JHQXVVLJQLILFDQVXQLYHUVDOHPDYDULWLDPYROHEDWLQWHOOHJLGLFHQGRUDGL[RPQLXPPDOR UXPHVWDYDULWLD´²)UZHLWHUHGLHVEH]JOLFKH%HOHJHEHL$XJXVWLQXVYJO1HZKDXVHU    9JO$XJXVWLQXV(SLVWRODEHVLQ$*ROGEDFKHU +J $XJXVWLQYRQ+LS SR(SLVWRODH &6(/ :LHQ/HLS]LJ9JOGD]XDXFK1HZKDXVHU 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

'LHVH (LQVFKlW]XQJ VSLHJHOW VLFK DXFK LQ GHU IUKHQ P|QFKLVFKHQ %HZHJXQJ YRU DOOHP EHL GHQ %HQHGLNWLQHUQ ZLGHU ,Q +LQVLFKW DXI GDV 6HHOHQKHLOVSLHOWGHUlX‰HUH5HLFKWXPIUGLH%HQHGLNWLQHUQXUHLQHXQWHU JHRUGQHWH5ROOH%HVLW]XQJHQGHU.O|VWHUVRODQJHHVVLFKQLFKWXP3ULYDW EHVLW]GHU0|QFKHKDQGHOWVWHOOHQNHLQ3UREOHPGDU'DV+DXSWODVWHUGDV YRQGHQ0|QFKHQYRUDOOHP]XYHUPHLGHQLVWLVWGHU6WRO] VXSHUELD  'LHV lQGHUW VLFK JUXQGVlW]OLFK HUVW LP =HLWDOWHU GHU VR JHQDQQWHQ ÅNRPPHU]LHOOHQ5HYROXWLRQ´DOVRLQGHP=HLWUDXPHWZDYRPELV]XP -DKUKXQGHUWLQGHPVLFKGDV|NRQRPLVFKH*HIJH(XURSDVJUXQGOH JHQG YHUlQGHUW $XIVFKZXQJ XQG 9HUEUHLWXQJ YRQ +DQGHO XQG :LUW VFKDIW EHJOHLWHW YRQ HLQHU H[SORVLYHQ %HY|ONHUXQJV]XQDKPH VRZLH GDV (QWVWHKHQ VWlGWLVFKHU .XOWXUHQ XQG GLH (LQIKUXQJ GHV DOOJHPHLQHQ *HOGJHEUDXFKVIKUHQ]XHLQHU$XIZHUWXQJXQG%HGHXWXQJV]XQDKPHGHU |NRQRPLVFKHQ 7lWLJNHLWHQ XQG GHV *HOGHUZHUEV 'LHVHP DOOJHPHLQHQ ZLUWVFKDIWOLFKHQ XQG JHVHOOVFKDIWOLFKHQ :DQGHO NRUUHVSRQGLHUW DXFK HLQ :DQGHOLQGHU+LHUDUFKLHGHU+DXSWODVWHU'HU8PJDQJPLWlX‰HUHQ* WHUQYRUDOOHPPLW*HOGJHZLQQWDQ%HGHXWXQJXQGGDPLWDXFKGLH)UDJH QDFKGHU%HGHXWXQJGHU+DEJLHU $OV 5HDNWLRQ DXI GLHVH %HGHXWXQJV]XQDKPH YRQ *HOG XQG +DQGHO XQGDXFKDXIGHQOD[HQ8PJDQJGHU.LUFKHPLWZHOWOLFKHQ*WHUQELOGHQ VLFK DE GHP  -DKUKXQGHUW P|QFKLVFKH *HPHLQVFKDIWHQ IU GLH GDV P|QFKLVFKH *HOEGH GHU $UPXW SDXSHUWDV  GDV ZLFKWLJVWH LVW XQG DXV GHQHQ GLH EHLGHQ JUR‰HQ %HWWHORUGHQ )UDQ]LVNDQHU XQG 'RPLQLNDQHU HQWVWHKHQ'DPLW]HLFKQHWVLFKEHUHLWVDEGHP-DKUKXQGHUWGLH:HQ GHDEQLFKWOlQJHUGHQ+RFKPXWVRQGHUQQXQGLH+DEJLHUDOVGDV+DXSW ODVWHUDQ]XVHKHQ 'LH+DEJLHUVSLHOWLQVEHVRQGHUHLQGHQ6FKULIWHQGHV)UDQ]LVNXVXQG EHLGHQ)UDQ]LVNDQHUQHLQHIXQGDPHQWDOH5ROOHLVWGRFKGLH+DEJLHUGDV MHQLJH /DVWHU GDV GHU *UXQGWXJHQG GHU )UDQ]LVNDQHU GHU $UPXW HQWJH JHQVWHKW'RFKDXFKLQQHUKDOEGLHVHV2UGHQVLVWGLH*HIDKUGHU+DEJLHU QLFKWJHEDQQWGHQQHVLVWDXFKP|JOLFKGDVVGDV/DVWHUGHU+DEJLHUDOV 7XJHQG YHUNOHLGHW (LQODVV LQ GLH 6HHOHQ GHU 0|QFKH ILQGHW $OV %HLVSLHO IU GLHVH +DOWXQJ VHL HLQ 7H[W DQJHIKUW GHU XP GLH0LWWH GHV  -DKU KXQGHUWV HQWVWDQG XQG LQ GHP GLH 0DVNLHUXQJ GHU +DEJLHU LQV]HQLHUW 

9JO/LWWOH  I 5LFKDUG1HZKDXVHUKDWDOOHUGLQJVGLHVWDUNH%HKDXSWXQJHLQHUGLUHNWHQ(QWVSUHFKXQJ YRQ |NRQRPLVFKHU (QWZLFNOXQJ XQG %HGHXWXQJV]XZDFKV GHU DYDULWLD GDGXUFK HWZDV DEJHVFKZlFKWGDVVHUDXIHLQH*UXSSHYRQQRUGLWDOLHQLVFKHQ%LVFK|IHQKLQJHZLHVHQ KDWGLHEHUHLWVLP-DKUKXQGHUWDYDULWLDYRUVXSHUELDDOV+DXSWODVWHUDQJHVHKHQKDEHQ YJO1HZKDXVHU    9JO/LWWOH    9JO1HZKDXVHU   

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

ZLUG ,Q GLHVHP 7H[W EHJLEW VLFK GHU KHLOLJH )UDQFLVFXV VHOEVW DXI GLH 6XFKHQDFKGHU$UPXW SDXSHUWDV GLHDOVIXQGDPHQWXPRPQLXPYLUWXWXPEH ]HLFKQHWZLUG,QLKUHU5HGHEHNODJWVLHVLFKGDUEHUGDVVLKUH*HJQHULQ GLH+DEJLHU DYDULWLD YHUVWDQGHQDOVÅXQPl‰LJHV%HJHKUHQ5HLFKWPHU]X HUZHUEHQRGHU]XEHKDOWHQ´VLFKXQWHUGHQ1DPHQGHU8QWHUVFKHLGXQJ GLVFUHWLR XQGGHU9RUDXVVLFKW SURYLGHQWLD DXVJHEHXQGGLH0HQVFKHQNRU UXPSLHUH$OVGLVFUHWLRYHUIKUHVLHLQGHPVLHlX‰HUH0DFKWXQG5HLFKWXP QLFKWIUYHUZHUIOLFKKlOWVRODQJHPDQVLFKLQQHUOLFKGDYRQGLVWDQ]LHUH $OVSURYLGHQWLDUDWHVLHGHQIDOVFKHQ$VNHWHQDQIULKUH=XNXQIWYRU]XVRU JHQ 'LHLQGLHVHP7H[WGHXWOLFKZHUGHQGHQ9HUGlFKWLJXQJHQZDUHQQLFKW XQEHJUQGHW$EGHU0LWWHGHV-DKUKXQGHUWVPHKUHQVLFKGLH6WLPPHQ LQQHUKDOE GHV 2UGHQV GLH EHKDXSWHQ QLFKW XQEHGLQJW DEVROXWH $VNHVH VRQGHUQEOR‰(LQIDFKKHLWVHLDOV3UIVWHLQJHJHQGLH+DEJLHU]XYHUZHQ GHQ'LH(LQVWHOOXQJGHU)UDQ]LVNDQHU]XP%HVLW]lQGHUWVLFKPLWKLQYRQ H[WUHPHU $EOHKQXQJKLQ ]X SUDJPDWLVFKHU $N]HSWDQ]0LW GHU =HLW JH ZLQQW GLH $QVLFKW DQ %HGHXWXQJ GDVV HLQ 9HU]LFKW DXI %HVLW] SRVVHVVLR  QRFKQLFKWGHQ*HEUDXFK XVXV YRQ*WHUQDXVVFKOLH‰W$EGHP-DKU KXQGHUWIKUWGLHVIUHLOLFK]XGHPKlXILJPLW+RKQEHGDFKWHQLURQLVFKHQ 9HUKDOWHQ GDVV VLFK HLQ 2UGHQ GHU VLFK GHU $UPXW YHUVFKULHEHQ KDWWH GXUFKGLH+DEJLHUVHLQHU0|QFKHDXV]HLFKQHW'LH+DEJLHUGHU0|QFKH XQG GLH DQ LKUHQ /HEHQVIRUPHQ GHXWOLFK ZHUGHQGH 'RSSHOPRUDO ]LHKHQ VFKRQ EDOG GHQ 6SRWW GHU +XPDQLVWHQ DXI VLFK GHU VHLQHQ $XVGUXFN LQ ]DKOUHLFKHQ6FKULIWHQILQGHW 

  



  

6DFUXPFRPPHUFLXPVDQFWL)UDQFLVFLFXPGRPLQD3DXSHUWDWHKJ6WHIDQR%UXIDQL$VVLVL 'HU$XWRUGHV7H[WHVLVWELVKHUQLFKWHUPLWWHOWHQWVWDQGHQLVWGHU7H[WZRKOXPGLH 0LWWHGHV-DKUKXQGHUWV=X)UDJHQGHU'DWLHUXQJXQGGHU$XWRUVFKDIWYJO1HZ KDXVHU   LQVE  ]X GHP 7KHPHQNRPSOH[ GHU DOV 7XJHQG YHUNOHLGHWHQ /DVWHUYJO1HZKDXVHU   %UXIDQL   Å+DHFHVW$YDULWLDTXHGLFLWXULPPRGHUDWDFXSLGLWDVDFTXLUHQGLYHOUHWLQHQGLGLYLWLDV´ %UXIDQL   Å1ROLWHVLFYRVULJLGRVRVWHQGHUHKRPLQLEXVQHFKRQRUHPHRUXPVLFFRQWHPQDWLVVHG RVWHQGLWHYRVDIIDELOHVHLVHWREODWDPJORULDPQROLWHH[WHULXVUHVSXHUHVHGLQWHULXVLG VXPPRSHUHIDFLWH´%UXIDQL   Å4XLGREHVVHWYRELVKDEHUHQHFHVVDULDYLWHGXPDVXSHUIOXLVSDUFHUHWLV"&XPPDLRUL HQLPSDFHHWTXLHWHSRVVHWLVYHVWUDPHWDOLRUXPRSHUDULVDOXWHPVLDGYRWXPFXQFWD VXSSHWHUHQWTXHYRELVRPQLQRH[SHGLXQW´%UXIDQL   9JO1HZKDXVHU   9JO1HZKDXVHU   =XU 3ROHPLN GHU +XPDQLVWHQ JHJHQ 0|QFKH YJO HWZD %UXQL 2UDWLR LQ +\SRFULWDV LQ %UXQL    XQG 3RJJLR &RQWUD +\SRFULWDV LQ 3RJJLR   ,,  /DSRGD&DVWLJOLRQFKLR'HFXULDHFRPPRGLVLQ&HOHQ]D  /RUHQ]R9DOOD 'HSURIHVVLRQHUHOLJLRVXPLQ9DOOD  $HQHR6LOYLR3LFFRORPLQL'HFXULDOLXPPLVHULLH SLVWRODLQ3LFFRORPLQL  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

(QWVWHKXQJVNRQWH[WXQGDNWXHOOHU$QODVVGHU6FKULIW3RJJLRV $XVHLQDQGHUVHW]XQJPLW%HUQDUGLQRGD6LHQD 'LH REHQ VNL]]LHUWH LGHHQJHVFKLFKWOLFKH (QWZLFNOXQJ GHU %HGHXWXQJ GHU +DEJLHUVRZLHGLHVSH]LILVFKH$XVHLQDQGHUVHW]XQJPLWGLHVHP7KHPDEHL GHQ)UDQ]LVNDQHU2EVHUYDWHQELOGHQGHQ+LQWHUJUXQGIU3RJJLRV'LDORJ EHUGLH+DEJLHU'HU'LDORJ'HDYDULWLDZXUGHYHUIDVVWDOVR]XHLQHU =HLWDOV3RJJLRDOV6HNUHWlULQ5RPDQGHU.XULHWlWLJZDU3RJJLRZLGPH WH GHQ 'LDORJ GHU DOV 7LVFKJHVSUlFK YHUIDVVW LVW VHLQHP )UHXQG GHP 9HQH]LDQHU+XPDQLVWHQ)UDQFHVFR%DUEDURGHUEHLGHPZLHGHUJHJHEH QHQ *HVSUlFK VHOEVW QLFKW DQZHVHQG ZDU XQG GHQ HU GHVKDOE EHU GDV 9RUJHIDOOHQH XQWHUULFKWHW 3RJJLR WHLOW VHLQHP )UHXQG PLW GDVV HU QXQ HQGOLFK DXFK PLW HLQHP OLWHUDULVFKHQ :HUN DQ GLH gIIHQWOLFKNHLW WUHWHQ P|FKWH XP HWZDV ]XP ÅDOOJHPHLQHQ 1XW]HQ´ EHL]XWUDJHQ =X GLHVHP =ZHFNKDEHHUVLFKHQWVFKORVVHQHWZDVJHJHQGLH+DEJLHU]XVFKUHLEHQ YRU DOOHP GD HV QXU lX‰HUVW ZHQLJH JHEH GLH JHJHQ GLH /DVWHU VFKULHEHQ XQG]XGHPGLH+DEJLHUJHPl‰&LFHURGLH8UVDFKHDOOHU9HUEUHFKHQVHL 'HU'LDORJEHVWHKWDXVHLQHU(LQOHLWXQJXQGGUHL7HLOHQLQGHQHQMH ZHLOV HLQH 5HGH JHJHQ E]Z IU GLH +DEJLHU JHKDOWHQ ZLUG 'LH (QWVWH KXQJV XQG7H[WJHVFKLFKWHZXUGH DQKDQG GHV%ULHIZHFKVHOV YRQ +HOHQH +DUWKUHNRQVWUXLHUW6LHNRQQWHEHU]HXJHQGQDFKZHLVHQGDVVGHU'LD ORJ LQ ]ZHL XQWHUVFKLHGOLFKHQ 9HUVLRQHQ YRUOLHJW GD 3RJJLR GHQ 'LDORJ YRUGHU9HU|IIHQWOLFKXQJQRFKHLQPDOEHUDUEHLWHWH'HU*UXQGGDIULVW IROJHQGHU YRU GHU 9HU|IIHQWOLFKXQJ VFKLFNWH 3RJJLR GHQ 'LDORJ VHLQHP )UHXQG 1LFFROz 1LFFROL   ]XU %HJXWDFKWXQJ $XIJUXQG GHU 9HUlQGHUXQJVYRUVFKOlJH 1LFFROLV GLH VLFK ZLHGHUXP DXV GHP $QWZRUW 











7LVFKJHVSUlFKH&RQYLYLDRGHU,QWHUFHQDOHVVLQGXQWHU+XPDQLVWHQLQ0RGHJHNRPPHQ YJO HWZD 3RJJLR VHOEVW +LVWRULDH FRQYLYDOHV WUHV LQ 3RJJLR   ,  RGHU DXFK/HRQ%DWWLVWD$OEHUWL,QWHUFHQDOHVLQ$OEHUWL   )UDQFHVFR %DUEDUR   ZDU +XPDQLVW 'LSORPDW XQG 3ROLWLNHU (U LVW GHU $XWRUHLQHV7H[WHVEHUGLH(KH 'HUHX[RULD XQGKDWDX‰HUGHPHLQLJHhEHU VHW]XQJHQDQJHIHUWLJW Å>@WHPSWDQGXPPLKLTXRTXHYLVXPHVWDQHJRTXLFTXDPSRVVHPDIIHUUHLQFRP PXQHPXWLOLWDWHPTXRHWVLQRQYL[LVVHXWLOOHDWVDOWHPQRQRPQLQRLJQDYLWHUYL[LVVH GLFHUHW´3RJJLR  XQGYJODXFK3RJJLR  , Å$WTXL KRF HR DXGHQWLXV DJJUHVVXV VXP TXR SDXFLRUHV H[ HLV IXHUH TXL YDFDUHQW DG FRUUHFWLRQHPYLWLRUXPTXDHFXPVLQWGLYHUVDTXDHYLWDPQRVWUDPFRQWXUEHQWLGSR WLVVLPH LQ KDF GLVFHSWDWLRQHP HVW FROODWXP H[ TXR VFHOHUD RPQLD HW PDOHILFLD XW DLW &LFHURJLJQXQWXU´3RJJLR  ²9JO&LFHUR3UR6H[WR5RVFLR$PHULQR Å,Q XUEH OX[XULHV FUHDWXU H[ OX[XULD H[VLVWDW DYDULWLD QHFHVVH HVW H[ DYDULWLD HUXPSDW DXGDFLDLQGHRPQLDVFHOHUDDFPDOHILFLDJLJQXQWXU´&LFHUR  I ,P0lU]GHV-DKUHVEHPHUNW3RJJLRLQHLQHP%ULHIDQ1LFFROz1LFFROLGDVVHU DQHLQHPNOHLQHQ:HUNVFKUHLEH,QHLQHPZHLWHUHQ%ULHINQGLJWHUGLHhEHUVHQGXQJ HLQHV:HUNHVÅFRQWUDDYDULWLDP´DQ9JO+DUWK   =X1LFFROLYJO0DUWLQHV  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

EULHI3RJJLRVDQ1LFFROLUHNRQVWUXLHUHQODVVHQKDW3RJJLRGHQ'LDORJLQ GHU7DWEHUDUEHLWHW2EJOHLFKQXUGLHEHUDUEHLWHWH9HUVLRQYRQ3RJJLR ]XU 9HU|IIHQWOLFKXQJ IUHLJHJHEHQ ZXUGH VLQG EHLGH 9HUVLRQHQ LQ HLQHU JU|‰HUHQ$Q]DKOYRQ+DQGVFKULIWHQEHUOLHIHUW'LHXUVSUQJOLFKH9HUVL RQ LVW DXFK GLHMHQLJH GLH LQ 6WUDVVEXUJ  LQ GHQ 'UXFN JLQJ XQG LQ %DVHOQDFKJHGUXFNWZXUGH'LH%DVOHU$XVJDEHZLHGHUXPZXUGHLQ GHU2SHUDRPQLD$XVJDEHYRQ)XELQLQDFKJHGUXFNW 1HEHQVWLOLVWLVFKHQ9HUlQGHUXQJHQEHWULIIWGLHhEHUDUEHLWXQJYRUDO OHPGLH(LQJDQJVSDUWLH'LHXUVSUQJOLFKH9HUVLRQVLWXLHUWGHQ$QODVVIU GDV*HVSUlFKLP7DJHVJHVFKHKHQQlPOLFKLQHLQHU5HGHYRQ%HUQDUGLQR GD6LHQDGLHGLHVHU7DJV]XYRULQ5RPJHKDOWHQKDWWH'DGLHVH(LQJDQJV SDUWLHIUYLHOHGHUELVKHULJHQ'HXWXQJHQGHV'LDORJVYRQHQWVFKHLGHQGHU %HGHXWXQJLVWVHLHQEHLGH9HUVLRQHQHWZDVJHQDXHUEHWUDFKWHW  'LH(LQOHLWXQJLQGHQ'LDORJQDFKGHUXUVSUQJOLFKHQ9HUVLRQ ,QGHUXUVSUQJOLFKHQ9HUVLRQEHJLQQWGHU7H[WZLHIROJW%DUWRORPHRGD 0RQWHSXOFLDQRKDWVHLQH)UHXQGH$QWRQLR/RVFKL&LQFLR5RPDQR$QG UHDGD&RQVWDQWLQRSROLVRZLHHLQLJHDQGHUHQLFKWQlKHUEH]HLFKQHWH6HNUH WlUHGHV3DSVWHV]XP$EHQGHVVHQLQVHLQ+DXVHLQJHODGHQGDVVLFKLQGHU 1lKH GHU ODWHUDQLVFKHQ %DVLOLFD EHILQGHW 'DV *HVSUlFK NRPPW DXI GLH 3UHGLJWHQGLH%HUQDUGLQRGD6LHQDLQGLHVHQ7DJHQLQ5RPKlOW$QWRQLR /RVFKLOREWGHQ3UHGLJHUGDHUHVYHUPDJGLH(PRWLRQHQVHLQHU=XK|UHU QDFK%HOLHEHQ]XPDQLSXOLHUHQ'RFK&LQFLRZLGHUVSULFKWGHP/REXQG PDFKW%HUQDUGLQRZLHDXFKGHQEULJHQ3UHGLJHUQGHQ9RUZXUIVLHZU GHQPLWLKUHQ5HGHQQLFKWV]XÅXQVHUHP1XW]HQ´EHLWUDJHQVRQGHUQQXU LKUH HLJHQH Å*HVFKZlW]LJNHLW´ ]XU 6FKDX VWHOOHQ 'DPLW JUHLIW HU HLQHQ 9RUZXUI DXI GHQ 3HWUDUFD XQG 6DOXWDWL GHU VFKRODVWLVFKHQ 3KLORVRSKLH JHPDFKWKDEHQ1XQVLQGHVMHGRFKGLH3UHGLJHUGLHLP)RNXVGHUKXPD QLVWLVFKHQ .ULWLN VWHKHQ ,KUHP $QVSUXFK GLH 6HHOHQ GHU 0HQVFKHQ ]X NXULHUHQ ZHUGHQ VLH LQ NHLQHU :HLVH JHUHFKW PDQFKH VSUHFKHQ YRQ VR 

+HOHQH+DUWKKDWGHQEHWUHIIHQGHQ%ULHINULWLVFKHGLHUWYJO+DUWK   9JOGD]X+DUWK  XQGGLH(LQOHLWXQJYRQ*HUPDQRLQGHUYRQLKPEHVRUJ WHQNULWLVFKHQ$XVJDEHGHUEHUDUEHLWHWHQ9HUVLRQYJO3RJJLR  ²'LHXU VSUQJOLFKHXQGJHGUXFNWH9HUVLRQZXUGHLQ$XV]JHQYRQ*DULQHGLHUWYJO3RJJLR    +DUWK  KDWGLH9HUlQGHUXQJHQDXIJHOLVWHWDXVGHQHQHUVLFKWOLFKLVWGDVV1LFFR OLV9RUVFKOlJHYRUDOOHPGDKLQ]LHOHQGHQ7H[WVWlUNHUGHQNODVVLVFKHQ9RUELOGHUQDQ ]XJOHLFKHQ  3RJJLR'HDYDULWLDÅ6HGTXRGHJRSUDHFLSXDPGLFHQGLSDUWHPSXWRXQDLQUHPD[LPH H[FHOOLW LQ SHUVXDGHQGR DF H[FXWDQGXP DIIHFWLEXV IOHFWLW SRSXOXP HW TXR YXOW GH GXFLWPRYHQVDGODFKU\PDVHWFXPUHVSDWLWXUDGULVXP´3RJJLR  ,  Å9HUXPXQDLQUH SDFHVXDGLFHULP HUUDUHPLKLYLGHQWXUHWLSVHHWFDHWHULKXLXVPRGL SUDHGLFDWRUHV1DPFXPVDWLVPXOWDORTXDQWXUQRQDFFRPRGDQWRUDWLRQHVVXDVDGQR VWUDPXWLOLWDWHPVHGDGVXDPORTXDFLWDWHP´HEG, 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

NRPSOL]LHUWHQXQGIHUQOLHJHQGHQ'LQJHQGDVVVLHVFKOLFKWZHJYRP9RON QLFKWYHUVWDQGHQZHUGHQDQGHUHVSUHFKHQDXIHLQHVROFKH:HLVHEHUGLH /DVWHU GDVV VLH HKHU GD]X YHUOHLWHQ DOV GDYRQ DEKDOWHQ ZUGHQ 'HU *UXQGKLHUIUOLHJWQDFK&LQFLRGDULQGDVVLKUH:RUWHQLFKWPLWGHUMHZHL OLJHQ (UNUDQNXQJ GHU 6HHOH NRUUHVSRQGLHUHQ 6WDWWGHVVHQ VROOWHQ VLH VLFK VFKOlJW&LQFLRYRUDQGHQ0HGL]LQHUQHLQ%HLVSLHOQHKPHQXQG]XQlFKVW GXUFK HLQH JHQDXH 8QWHUVXFKXQJ GLH 8UVDFKH GHU .UDQNKHLW HUIRUVFKHQ XPGXUFKHLQH]XWUHIIHQGH'LDJQRVHDXFKGLHSDVVHQGH7KHUDSLHHLQ]XOHL WHQ %DUWRPROHR NDQQ GLHVHU %HVFKUHLEXQJ QXU ]XVWLPPHQ XQG QHQQW VRJOHLFK /X[XV OX[XULD  XQG +DEJLHU DYDULWLD  DOV GLH VFKOLPPVWHQ .UDQNKHLWHQ GHU 0HQVFKHQ EHU GLH MHGRFK GLH 3UHGLJHU LQ GHU 5HJHO QLFKW VSUHFKHQ ,QVEHVRQGHUH %HUQDUGLQR KDEH HV YHUVlXPW JHJHQ GLH +DEJLHU]XSUHGLJHQ 'HLQ%HUQDUGLQR$QWRQLRGHQGXVROREVWKDWGLHV> +DEJLHU@QLHPDOVEHUKUW HLQPDO VSUDFK HU JHJHQ GLH :XFKHUHU ZDV GDV 9RON HKHU ]XP /DFKHQ DOV ]XU )XUFKWYRUHLQHPVROFKHQ9HUEUHFKHQEHZHJWH'LH+DEJLHUDEHUGLH]XP=LQV JHZHUEHEHUUHGHWOLH‰HUXQEHUKUW

'LH(U|UWHUXQJDEHUGLHVHV+DXSWODVWHUVZLUGQXQYRQGHQ9HUVDPPHOWHQ JHOHLVWHWZRGXUFKVLHZLH$QWRQLRPLW5HNXUVDXI6HQHFDEHPHUNWDXFK GHP *HPHLQZHVHQ QW]OLFK VHLHQ 6RZHLW GLH XUVSUQJOLFKH (LQJDQJV SDUWLH %HYRUZLUXQVGHUEHUDUEHLWHWHQ9HUVLRQ]XZHQGHQVHLGLH)UDJHHU ODXEW ZHOFKHQ UHDOHQ +LQWHUJUXQG GHU 5HNXUV DXI %HUQDUGLQR GD 6LHQD 

Å1RQQXOOLLWDUHSUHKHQGXQWYLWLDSHUVHSHXWLOODGRFHUHYLGHDQWXU´(EG 'DVODWHLQLVFKH:RUWOX[XULDXPIDVVWGLHEHLGHQ%HGHXWXQJVNRPSRQHQWHQ:ROOXVWXQG /X[XVGLHVLFKLP'HXWVFKHQQXUVFKZHUOLFKPLWHLQHP:RUWZLHGHUJHEHQODVVHQDP HKHVWHQZRKOQRFKPLW*HQXVVVXFKW'HU(LQKHLWOLFKNHLWKDOEHUDEHUXQGGDPLWGLH1l KH ]XP ODWHLQLVFKHQ %HJULII GHXWOLFK EOHLEW ZLUG KLHU XQG LP )ROJHQGHQ OX[XULD PLW /X[XVEHUVHW]W²=XOX[XULDDOVHLQHVGHUVLHEHQ+DXSWODVWHUYJO&DVDJUDQGHX9HF FKLR    Å1XOODGHKLVYLWLLVVLWDELOOLVQLVLFXUVLPPHQWLR´3RJJLR  ,  Å+DQF %HUQDUGLQXV WXXV $QWRQL TXDP DGHR ODXGDV QXQTXDP WHWLJLW VHPHO GL[LW LQ XVXUDULRVPDJLVPRYHQVSRSXOXPDGULVXPTXDPDGKRUURUHPWDQWLFULPLQLV$YDUL WLDPYHURTXDHIRHQXVSHUVXDGHWLQWDFWDPUHOLTXLW´(EG,,QHLQHP%ULHIDQ1LF FROLYRP'H]HPEHUZHLVW3RJJLRHEHQIDOOVGDUDXIKLQGDVV%HUQDUGLQRHVWURW] VHLQHUJUR‰HQ*HOHKUVDPNHLWXQWHUODVVHQKDEHVLFKPLWGHP7KHPDGHU+DEJLHUDQ JHPHVVHQ]XEHVFKlIWLJHQ3RJJLR(SLVWRODH ,9 Å)UDWHU%HUQDUGLQXVKRPRGRFWXV HWSUXGHQVDIIHUWDGVXRVVHUPRQHVVXPPDPPRGHUDWLRQHPVXPPDPTXHLQGLFHQGR GLOLJHQWLDPXQXPTXRGYLGHEDWXULQHRSDXORUHSUHKHQGHQGXPPDJQDFXPDHTXLWD WHDQLPLRPLVLWDWTXHLWDYHUVXWXVHVWSOXULPXVLQORFLVXWQXOOLXVHUURULVDXWFRPPR WLRQLVLQSRSXORFDXVDPSUDHEXHULW´3RJJLR  ,,,  Å(JUHJLHTXLSSHVFULSWXPHVWDSUDHFHSWRUHPRUXP6HQHFDLQOLEURTXLHVWGHWUDQTXLO OLWDWHDQLPL1RQVROXPHRVSURGHVVHUHLSXEOLFDHTXLDVVXQWDOLLVTXLWXHQWXUUHRVTXL GHSDFHEHOORTXHFHQVHQWVHGLOORVTXRTXHTXLYLUWXWHLQVWLWXXQWDQLPXPTXLLQOX[X ULDPSHFXQLDPTXHFRUUHQWHVSUHVWDQWDFUHWUDKXQW´3RJJLR  , 

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

KDWWHXQGZDUXPVLFK3RJJLRGHUDUWEHU6DQ%HUQDUGLQRXQGVHLQH0LW EUGHUHUUHJWGDVVHUVLFKHQWVFKHLGHWVHLQHUVWHVOLWHUDULVFKHV:HUNJHJHQ GLH2EVHUYDQWHQ]XYHUIDVVHQ"+|FKVWZDKUVFKHLQOLFKVSLHOHQKLHUEHLDXFK UHDOHXQGNRQNUHWH$QOlVVHDXVGHP/HEHQ3RJJLRVHLQH5ROOH$OV/DLHQ JHOHKUWHUDQGHU.XULHZDU3RJJLRV9HUKlOWQLV]XGHQ2EVHUYDWHQlX‰HUVW DQJHVSDQQW6HLQH$XVHLQDQGHUVHW]XQJHQPLWGHP2UGHQHVNDOLHUWHQDOV PDQ LKP  YRUZDUI GHQ %DX HLQHVQHXHQ .ORVWHUV YHUKLQGHUW ]X KD EHQ 'LHVH 'LQJH P|JHQ VLFKHUOLFK LP +LQWHUJUXQG VWHKHQ VLH VSLHOHQ DOOHUGLQJV LP 'LDORJ VHOEVW NHLQH 5ROOH +LHU ZLUG %HUQDUGLQR YRU DOOHP YRUJHZRUIHQLQVHLQHQ3UHGLJWHQGHQ+DQGHOQLFKWLQGHUULFKWLJHQ:HLVH JHWDGHOWXQGGLH8UVDFKHDOOHU/DVWHUGLH+DEJLHUEHUKDXSWQLFKWEHUKUW ]XKDEHQ:DVDEHUKDW%HUQDUGLQRLQ5RPJHSUHGLJWXQGZDVZDUVHLQH 3RVLWLRQ ]XP 7KHPD +DEJLHU XQG *HOGHUZHUE" 'LH 3UHGLJWHQ DXV 5RP DXVGHP-DKUVLQGXQVOHLGHUQLFKWEHUOLHIHUW(VVWHKWDOOHUGLQJV]X YHUPXWHQGDVVHUbKQOLFKHVSUHGLJWHZLHHLQLJH=HLW]XYRULQ6LHQD'HV KDOEVHLHLQNXU]HU%OLFNDXI%HUQDUGLQRVIUKHUH3UHGLJWHQDXV6LHQDJH ZRUIHQGLHVHLQHQ5XKPDOV3UHGLJHUEHJUQGHWHQ  YHUIDVVW %HUQDUGLQR HLQH 5HLKH YRQ 3UHGLJWHQ DXI /DWHLQ GLH JHPHLQVDPGHQ7UDNWDW'HFRQWUDFWLEXVHWXVXULVELOGHQXQGGLHGLH7lWLJNHL WHQGHU+lQGOHUXQGLKUH/DVWHU]XP*HJHQVWDQGKDEHQ,QGLHVHQ3UH GLJWHQYHUWULWWHUGLH7KHVHGDVV+DQGHODQVLFKZHGHUJXWQRFKVFKOHFKW VHL YLHOPHKU NRPPH HV GDUDXI DQ RE MHPDQG EHLP +DQGHOQ GDV (LJHQ ZRKO EHU GDV *HPHLQZRKO VWHOOH ZDV YHUZHUIOLFK VHL 'HU ULFKWLJ YHU VWDQGHQHXQGEHWULHEHQH+DQGHOZUGHGHP6WDDWGXUFKDXVGLHQOLFKXQG QW]OLFK VHLQ ,Q VHLQHU $UJXPHQWDWLRQ YHUIlKUW %HUQDUGLQR ]XQlFKVW JH Pl‰ GHU QDWUOLFKHQ 9HUQXQIW YLD QDWXUDH  XQG ]HLJWGDVV LQ GLHVHU3HU VSHNWLYHGHU+DQGHOOHJLWLPVHL$QVFKOLH‰HQGDUJXPHQWLHUWHUDOOHUGLQJV VRJDUDXFKGDIUGDVVGLH+HLOLJHQ6FKULIWHQGHQ+DQGHOQLFKWYHUZHUIHQ ZUGHQ+LHUKDWHUIUHLOLFKJHJHQJHZLFKWLJH$XWRULWlWHQ]XDUJXPHQWLH 

=X3RJJLRV$XVHLQDQGHUVHW]XQJPLWGHQ2EVHUYDQWHQYJO:DOVHU   9JO 3RJJLR   ,,, I GD]X :DOVHU    XQG 2SSHO   I  'LH3UHGLJWHQGHV&RUSXV'HHYDQJHOLRDHWHUQRELOGHQGHQ7UDNWDW'HFRQWUDFWLEXVHW XVXULV,QGHU/LWHUDWXULVWELVKHUYRUDOOHPDXIGLH3UHGLJW;;;,,,Å'HPHUFDWLRQLEXV HW DUWLILFLEXV´ DOV 4XHOOH IU 3RJJLRV $UJXPHQWDWLRQ KLQJHZLHVHQ ZRUGHQ JHGUXFNW LQ%HUQDUGLQRGD6LHQD2SHUD2PQLD4XDUDFFKL)LUHQ]H,9 ²2SSHO XUWHLOWGLHVEH]JOLFKÅ7KLVZRUNLVWKHVSHFLILFVRXUFHRI3RJJLR·V2Q$YDULFH´2S SHO  ²%HUQDUGLQRJLOWDOVHLQHUGHUZLFKWLJVWHQ|NRQRPLVFKHQ'HQNHUGHV )UDQ]LVNDQHURUGHQVYJOGD]X'H5RRYHU  XQG7RGHVFKLQL    +LHUEHLNDQQVLFK%HUQDUGLQRZLHGHUXPDXI3HWUXV2OLYLEH]LHKHQGHUJH]HLJWKDWWH GDVVGHU+DQGHOH[OHJHQDWXUDHHUODXEWVHL$XFKKLHUVWHKWZLHGHUGDV$UJXPHQWGHV *HPHLQZRKOVLP9RUGHUJUXQGÅTXRGLQPHUFDWLRQHFRQFXUUXQWPXOWDSURUHLSXEOL FDH VHUYLWLR HW XWLOLWDWH´ %HUQDUGLQR GD 6LHQD   ,9  ² =XU %HGHXWXQJ GHU 6FKULIWHQYRQ2OLYLIU%HUQDUGLQRV|NRQRPLVFKHV'HQNHQYJO7RGHVFKLQL   

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

UHQ 'LHV JHOLQJW LKP LQGHP HU GDV 9RWXP JHJHQ GLH +lQGOHU DOV HLQ VROFKHVDXVOHJWGDVQXUJHJHQVFKOHFKWH+lQGOHUJHULFKWHWLVWGKJHJHQ VROFKHGLHJHJHQGDV*HPHLQZRKOYHUVWR‰HQ'HQJXWHQ+lQGOHUQGK VROFKHQGLHGXUFKLKUH7lWLJNHLWHQGDV*HPHLQZRKOXQWHUVWW]HQVHLGHU +DQGHOHUODXEW =ZHL-DKUHVSlWHULP6HSWHPEHUKLHOW%HUQDUGLQRLQ6LHQDHLQH 5HLKH YRQ 3UHGLJWHQ DXI ,WDOLHQLVFK GDUXQWHU DXFK HLQH EHU GLH GUHL +DXSWVQGHQ²VXSHUELDOXVVXULDXQGDYDUL]LD²XQGHLQHEHU+DQGHOXQG .DXIOHXWH,QGHU3UHGLJWEHUGLHGUHL+DXSWVQGHQVSULFKW%HUQDUGLQR ]XQlFKVW PLW HLQGULQJOLFKHQ :RUWHQ EHU GDV MQJVWH *HULFKW EHL GHP *RWWGHQ+DEJLHULJHQVWUDIHQZHUGHXQGGDVGDKHU]XIUFKWHQVHL$Q VFKOLH‰HQGOLVWHWHUGLHYHUVFKLHGHQHQ6QGHQDXIGLH DXVGHU6QGHGHU +DEJLHUIROJHQ,QGLHVHP.RQWH[WZLUGDXFKGDV=LQVJHZHUEHYRQ%HU QDUGLQRJHQDQQWXQGJHWDGHOW'LH3UHGLJWHQGHWPLWGHPHLQGULQJOLFKHQ $SSHOODQGLH%UJHUYRQ6LHQDGHQ+HUUQ]XIUFKWHQGDHUGLHJHQDQQ WHQ6QGHQEHVWUDIHQZHUGH 







 

 

'LHNODVVLVFKH6WHOOHLVW0WÅ8QG-HVXVJLQJLQGHQ7HPSHOXQGWULHEDOOH9HU NlXIHUXQG.lXIHULP7HPSHOKLQDXVXQGVWLH‰GLH7LVFKHGHU*HOGZHFKVOHUXQGGLH 6WlQGHU GHU 7DXVFKKlQGOHU XP´ %LEHO   E )HUQHU LVW GLH $XVOHJXQJ GLHVHU 6WHOOH GXUFK -RKDQQHV &KU\VRVWRPRV DOV 'HNUHW (LFLHQV 'RPLQXV LQ GDV NDQRQLVFKH 5HFKWHLQJHJDQJHQ Å([ TXLEXV RPQLEXV FODULXV SDWHW TXRG UHLSXEOLFDH PDJQXP VHTXLWXU GDPQXP 3URLQGH FRQWUD WDOHV ORTXLWXU &KULVRVWRPXV  GLVW LQ FDQ (LFLHQV VLFXW LQ DUWLFXOR SUDHFHGHQWLHWFDS'LFWXPHVW7DOHVTXLGHPVHFXQGXP&KU\VRVWRPXPHW6FRWXP GHSDWULDGHEHUHQWH[WHUPLQDULDWTXHH[SHOOLHWLQH[LOLXPGDULTXLDGXRYHOWUHVLQXQD FLYLWDWH PDJQD FRUUXPSXQW WRWDP PXOWLWXGLQHP PHUFDWRUXP´ %HUQDUGLQR GD 6LHQD  ,9I 'LH3UHGLJWHQGHWPLWGHU)HVWVWHOOXQJÅ3HUHDLJLWXUTXDHLQSUDHVHQWLVHUPRQHSUDH GLFWDVXQWSDWHWOLFLWDPHVVHPHUFDWLRQHPHWTXLEXVFLUFXPVWDQWLLVGHSUDYHWXUHWFRU UXPSDWXUDFEUHYLFRQFOXVLRQHSHUUHFWLWXGLQLVYLDPGL[HULPXVPHUFDWRUHPDWTXHDUWL ILFHPDGHLFLHQGXPVXSUDGLFWDPDQFLOODPHWILOLXPHLXVXWLQSUDHVHQWLFRQVHUYHQWFRQV FLHQWLDP SXUDP HW YLWDP LPPDFXODWDP HW LQ IXWXUR FRQVHTXDQWXU JORULDP VHPSLWHU QDP´(EG 9JO 3UHGLFD ;;;9 Å4XL WUDWWD GHOOL WUH SHFFDWL FDSLWDOL´ LQ %HUQDUGLQR GD 6LHQD 3UHGLFKHYROJDULVXOFDPSRGL6LHQDKJ&DUOR'HOFRUQR %GH5XVFRQL,, 8QG3UHGLFD;;;9,,,Å'HLPHUFDWDQWLHGH·PDHVWULHFRPHVLGHQIDUHOH PHUFDQWLH´HEG,,:lKUHQGOHW]WHUHLQGHU/LWHUDWXU]X3RJJLREHUHLWV|I WHU KHUDQJH]RJHQ ZXUGH ZXUGH GLH 3UHGLJW EHU GLH GUHL +DXSWVQGHQ ELVKHU QRFK QLFKWLP.RQWH[WYRQ3RJJLRV'HDYDULWLDEHDFKWHW²=XGHQ3UHGLJWHQ%HUQDUGLQRV LPYROJDUHDOOJHPHLQYJO%RO]RQL   %HUQDGLQRGD6LHQD  ,, Å4XDWURDOWULSHFFDWLYHQJRQRGDOSHFFDWRGHODDYDUL]LDSULPRUDSLQHHXVXUHVLFRQ GRRSUHVVLRQHGLYHGRYHHGLSXSLOOLHGLSRYDULWHU]RVFRPXQLFD]LRQLGL'LRTXDUWD ODLQJUDWLWXGLQHGHTXHOORFKHFLGj,GLR´(EG (EGXQG Å2FLWWDGLQLÄWLPHWH'HXPWLPHWH'HXP¶SHUzFKHYRLDYHWHGDWHPHUOR7XKDLYHGXWR VWDPDQHFKHWUHVR¶LSHFFDWLSHUOLTXDOL,GLRPDQGDVXRLJLXGLFLSULPRSHUORSHFFDWR

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

,Q GHU 3UHGLJW EHU +DQGHO XQG .DXIOHXWH QHQQW %HUQDUGLQR VLHEHQ 8PVWlQGH GLH ]X EHDFKWHQVHLHQ ZHQQ PDQ OHJLWLPHQ+DQGHO EHWUHLEHQ ZROOH 'LHV VLQG GLH 3HUVRQ SHUVRQD  GLH $EVLFKW DQLPR  GLH $UW XQG :HLVH PRGR  GHU 2UW OXRJR  GLH =HLW WHPSR  GDV .RQVRUWLXP PLW GHP PDQ+DQGHOEHWUHLEW FRQVRU]LR XQGVFKOLH‰OLFKGDV=LHOQlPOLFKGDV$OO JHPHLQZRKO EHQ FRPXQH  :HU VLFK DQ GLHVH 9RUJDEHQ KDOWH GHU N|QQH VLFKHUJHKHQPLWVHLQHP+DQGHONHLQH6QGH]XEHJHKHQ,P.RQWH[W GHU $EVLFKW DQLPR  QXQ WKHPDWLVLHUW %HUQDUGLQR DXFK DXVIKUOLFK GLH +DEJLHUGLHHLQXQODXWHUHV0RWLYIU+DQGHOVHL'LHQWGHU+DQGHOGHP (UKDOWGHUHLJHQHQ)DPLOLHVRLVWHUOHJLWLP9HUIROJWPDQGDUEHUKLQDXV DOOHUGLQJVQRFKDQGHUH,QWHUHVVHQVRKDQGHOWPDQDXV+DEJLHUXQGVQ GLJW,PIROJHQGHQ.RQWH[WIKUW%HUQDUGLQRLQDFKW]HKQ3XQNWHQGHQ 0LVVEUDXFKXQGGLHVFKOHFKWHQ3UDNWLNHQGHU+lQGOHUDXI$P(QGHGHU 3UHGLJWZHQQHVXPGDV$OOJHPHLQZRKOJHKWNRPPW%HUQDUGLQRVFKOLH‰ OLFK DXI GLH SRVLWLYH 5ROOH GHU +lQGOHU LQ GHU *HVHOOVFKDIW ]X VSUHFKHQ 'LHVHOLHJWYRUDOOHPGDULQGDVV+lQGOHU*WHUKHUEHLVFKDIIHQGLHVHZHL WHUYHUNDXIHQ RGHU ]X DQGHUHQ *WHUQ YHUDUEHLWHQ +lQGOHU VFKOLH‰W GDKHU %HUQDUGLQR ² ZREHL HU VLFK DXI VHLQHQ 2UGHQVJHQRVVHQ -RKDQQHV 'XQV6FRWXVEH]LHKHQNDQQ²VLQGIUGDV*HPHLQZRKOQW]OLFK $XVGLHVHUNXU]HQ%HWUDFKWXQJGHU3UHGLJWHQ%HUQDUGLQRVGUIHQZLU PLW%OLFNDXI3RJJLRV'HDYDULWLDGHQ6FKOXVV]LHKHQGDVV%HUQDUGLQRHL QHQ HLJHQVFKWLJHQ +DQGHO ]ZDU YHUXUWHLOW DEHU GRFK QDFK $UJXPHQWHQ







 



GHODVXSHUELDVLFRQGRSHUOXVVXULDHWHU]RSHUDYDUL]LD&RQWUDDODVXSHUELDPDQGD JXHUUDFRQWUDDODOXVVXULDPDQGDSLVWROHQ]LDFRQWUDDO·DYDUL]LDPDQGDIDPH´(EG I Å/DSULPDqFKHVLGLHFRQVLGHUDUHODSHUVRQDFKHIDODPHUFDQWLD6LFRQGRqFRQVLGH UDUHO·DQLPRGLFKLDGXRSDUDODPHUFDQWLD7HU]RVLGLHFRQVLGHUDUHLOPRGRFRQFKHVL IDODPHUFDQWLD4XDUWRVLGLHSHQVDUHLOOXRJRGRYHODPHUFDQWLDV·HVHUFLWD4XLQWRVL GLHFRQVLGHUDUHLOWHPSRTXDQGRV·HVHUFLWDODPHUFDQWLD6HVWRVLGLHUDJXDUGDUHDOFRQ VRU]LRFRQFXLVLSUDWLFDODPHUFDQWLD(OVHWWLPRFLDJRJQDPRFKHqGL6FRWRFKHSHU OREHQFRPXQHVLGLHHVVHUFLWDUHODPHUFDQWLD´(EGI Å(VHWXLQWHQGDUDLEHQHFLzFK·LRWLGLUzVWDPDQHLQTXHVWHVHWWHFLUFRQVWDQ]HPDLQRQ SRWUDLHUUDUHQpIDUHODWXDPHUFDQWLDFRQSHFFDWRVHWXWLJXDUGLGDTXHOORFK·LRWLGL Uz´(EG Å'LFRFKHVHQRQIDSHUOLSRYDULHOOLSHFFDPRUWDOPHQWHSHUzFKHTXHVWRWDOHUDJXQD UHVLFKLDPDSHFFDWRG·DYDUL]LD0DPLUDV·LRGLFRLOYHUR6HHJOLQRQQ·KDELVRJQRH UDJXQDSXUSHUVpSXUSHUVpFKHFUHGLFKHTXHVWRVLD"1RQDOWURFKHDYDUL]LD´(EG  (EG Å9HGHRUDWUHFRVHXWLOLHQHFHVVDULHDXQD&RPXQLWj3ULPDLOUHFDUHOHPHUFDQWLHGL ORQJKLSDHVL6LFRQGDFKHODFRVDDUHFDWDVLDFRQVHUYDWD7HU]DFKHODFRVDUHFDWDVLD PXWDWD´(EGI9JOHEGI 9JO-RKDQQHV'XQV6FRWXV4XDHVWLRQHVLQ4XDUWXP/LEUXP6HQWHQWLDUXP,9GLVWT QLQ2SHUDRPQLD;9,,,3DULVD²'LUHNWH%H]JHDXI'XQV6FRWXV ILQGHQVLFKLQGLHVHU3UHGLJWDXIGHQIROJHQGHQ6HLWHQ%HUQDUGLQRGD6LHQD  ,, 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

VXFKW HLQHQ ULFKWLJ EHWULHEHQHQ +DQGHO QlPOLFK VROFKHQ GHU GDV *H PHLQZRKOVWW]W]XOHJLWLPLHUHQ+DQGHOPXVVGHPQDFKQLFKWPLWODVWHU KDIWHU +DEJLHU YHUEXQGHQ VHLQ 'LH +DEJLHU WKHPDWLVLHUW %HUQDUGLQR LQ GLHVHP.RQWH[WIUHLOLFKZHQQDXFKQLFKWPLWDOOHU$XVIKUOLFKNHLW$OOHU GLQJVWULIIWHVQLFKW]XGDVV%HUQDUGLQRQLFKWJHJHQGLH+DEJLHUJHSUHGLJW KDEH2EHUHVDOOHUGLQJVDXIHLQH:HLVHWDWGLHGHQ+XPDQLVWHQ]XVDJWH PDJGDKLQJHVWHOOWEOHLEHQ+DEJLHULVWIU%HUQDUGLQRSULPlUHLQHVQGLJH (LQVWHOOXQJ GLH GDV 9HUKlOWQLV GHU 6HHOH ]X *RWW XQG GDPLW LKU HLJHQHV +HLOEHWULIIWXQGEHVFKlGLJW'LH$XVZLUNXQJHQGHU+DEJLHUDXIGDV*H PHLQZRKOZHUGHQQXUDQHLQHU6WHOOHNXU]EHUKUWXQG]ZDULP.RQWH[W GHV=LQVJHZHUEHV$OV0LWWHOJHJHQGLH+DEJLHUYHUOlVVWVLFK%HUQDUGLQR DXIGLH)XUFKWYRU*RWWGHUGLH+DEJLHULJHQPLW+XQJHUEHVWUDIHQZHUGH  'LH(LQOHLWXQJLQGHQ'LDORJQDFKGHUEHUDUEHLWHWHQ9HUVLRQ ,Q GHU EHUDUEHLWHWHQ 9HUVLRQ LVW MHGHU +LQZHLV DXI %HUQDUGLQR GD 6LHQD XQG GLH 2EVHUYDQWHQSUHGLJHU JHVWULFKHQ 1LFFROL KDWWH MD VHLQ 0LVVIDOOHQ DQ GLHVHP (LQVWLHJ JHlX‰HUW XQG YHUPXWHW 3RJJLR ZROOH GHQ 3UHGLJHU OREHQ 'RFK GLHVHU 9HUPXWXQJ ZLGHUVSULFKW 3RJJLR LQ VHLQHP $QWZRUW EULHIYHKHPHQWXQGHUOlXWHUWVHLQHSROHPLVFKH$EVLFKW 'HQQZDV'LUPLVVIlOOWGLH(UZlKQXQJYRQ%UXGHU%HUQDUGLQRXQGGLH(LQIK UXQJLQGHQ'LDORJGLHVPDFKWHLFKQLFKWXPLKQ]XOREHQVRQGHUQXPGLHVHOlV WLJHQ0DXOKHOGHQXQGIUlQNLVFKHQ=XQJHQGUHVFKHUHLQZHQLJDXI]XUHJHQ

'HQQRFK QLPPW 3RJJLR GHQ 5DW GHV )UHXQGHV DQ XQG OlVVW GHQ 'LDORJ QXQZLHIROJWEHJLQQHQ%HLHLQHPJHPHLQVDPHQ0DKOVWLPPHQGLHEHUHLWV JHQDQQWHQ)UHXQGHXQG%HNDQQWHQ3RJJLRVHLQDOOJHPHLQHV/DPHQWREHU GDV JHJHQZlUWLJH =HLWDOWHU DQ 7XJHQG XQG :HLVKHLW KDEHQ NHLQHQ :HUW ZlKUHQGGLHMHQLJHQGLHXQHKUHQKDIWOHEHQHVZHLWLP/HEHQEULQJHQ'LH )UHXQGHVWHOOHQVLFKGLH)UDJHZHOFKHVGDVVFKOLPPVWHGHU/DVWHUVHL'HU $QVLFKWGHU6WRLNHUGDVVDOOH/DVWHUJOHLFKZHLWYRQGHU7XJHQGHQWIHUQW VHLHQ ZLGHUVSUHFKH GHU DOOJHPHLQH 0HQVFKHQYHUVWDQG $OV .DQGLGDWHQ IUGDVVFKOLPPVWHhEHOZHUGHQGLHIROJHQGHQ/DVWHUJHQDQQW+RFKPXW 

Å'DO·DOWURODWRQRQFRQVLGHUDWHYRLFKHTXHVWRqXQRGLVIDFLPHQWRGHODYRVWUDFLWWjH GHOYRVWUR&RPXQR"1RQYHGHWHYRLTXDQWDUREDOR¶FDSLWDQHOHPDQL"$PDWHLOEHQH FRPXQRHQRQIDWHFRQWUDD'LR´(EG  Å1DPTXRGPHQWLRIUDWULV%HUQDUGLQLGLVSOLFLWHDTXHLQGLDORJXPLQWURGXFWLRLGHJR QRQIHFLDGHXPODXGDQGXPVHGDGH[DJLWDQGXPSDXOLVSHUKRVPROHVWRVODWUDWRUHVDF UDEXODVIUDQFRV´+DUWK  =6  Å4XRGDXWHPTXDHHRUXPWXUSLVVLPDTXDHYHYLGHUHQWXUJUDYLRUDHVVHTXDHUHEDQWXUVL TXHPGHKDFUHVWRLFXPURJHWLVQLKLOVDQHLQWHUHVVHUHVSRQGHELWDIIHUHWTXHHWYLWLRUXP HWYLUWXWXPSDULWDWHPVHGQLPLVUHPRWDLOODHVWVHQWHQWLDDVHQVLEXVQRVWULVHWFRPPX QLSUXGHQWLDQXOOXPHVVHSHFFDWXPDOLXGDOLRPDLXVHWDHTXHSHFFDUHTXLXQDPTXDQ GDP DHGLFXODP HW TXL SDWULDP LQFHQGHULW QRVWUL GLVSDUHV HVVH YROXQW YLUWXWHV HW YLWLD PXOWXPTXHLQWHUVHGLVWDUHHWSRQGHUHHWPDJQLWXGLQH´3RJJLR  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

VXSHUELD (LWHONHLW LQDQLVJORULD (KUJHL] DPELWLR )X‰JLFKW SRGDJUD +DVV RGLXP  XQG 8QIU|PPLJNHLW LPSLHWDV  'RFK %DUWRORPHR LVW PLW GLHVHU $XI]lKOXQJQLFKW]XIULHGHQZHLOGLH8UVDFKHQIUGLHVH/DVWHUQRFKQLFKW EHQDQQW VHLHQ $OV :XU]HO DOOHU /DVWHU HUNHQQW HU /X[XV OX[XULD  XQG +DEJLHU DYDULWLD  %HLGH VHLHQ EHVRQGHUV YHUZHUIOLFK ZHLO VLH VLFK QLFKW PLW 7XJHQGHQ DVVR]LLHUHQ OLH‰HQ :lKUHQG MHGRFK GHU /X[XV LPPHUKLQ VHLQHQ$XVJDQJYRQGHU1DWXUGHV0HQVFKHQQHKPHXQGEHUGLHVQXUGLH EHWUHIIHQGH3HUVRQVHOEHUVFKlGLJHXQGNHLQH%HGURKXQJIUGLHÅ(UKDO WXQJ GHV 0HQVFKHQJHVFKOHFKWV´ GDUVWHOOW VWHKH GLH +DEJLHU GHU 1DWXU NRPSOHWWHQWJHJHQXQGEHGURKHQLFKWQXUGHQ+DEJLHULJHQVRQGHUQÅ]HU VW|UWGLH*HPHLQVFKDIWGHU0HQVFKHQXQWHUHLQDQGHU´6LHLVWGHVKDOEIU %DUWRORPHR GDV HLJHQWOLFKH *UXQGEHO (U ZLUG DXIJHIRUGHUW VHLQH $Q VLFKWJHQDXHUDXV]XIKUHQXQG]XEHJUQGHQ ,QGHPQXQIROJHQGHP7HLOGHV'LDORJVXQWHUVFKHLGHQVLFKGLHEHLGHQ 9HUVLRQHQ QXU QRFK GXUFK VWLOLVWLVFKH 9HUlQGHUXQJHQ GLH IU GHQ $UJX PHQWDWLRQVYHUODXINHLQHEHVRQGHUH5ROOHVSLHOHQXQGGHVKDOELP )ROJHQ GHQQLFKWZHLWHUGRNXPHQWLHUWZHUGHQ



(EGI ÅQHTXHDOLHQXPDFRQVHUYDWLRQHJHQHULVKXPDQL´HEG  Å(RUXP DOWHUXP >  VXSHUELD@ FXP YLGHDWXU RULJLQHP GXFHUH D QDWXUD WDPHQ UDWLR DGKLEHULSRWHVWHWPRGXVTXLGDPQHVHHIIHUDWXWTXHLQIUDFHUWDVPHWDVFRQWLQHDWXU DOWHUXP> DYDULWLD@FXPVLWQDWXUDHDGYHUVXPQXOODUDWLRQHUHJLSRWHVWQHTXHPRGH UDQGXP HVW LG JHQXV PDOL VHG H[FLGHQGXP 1DP OX[XULDP OLFHW PXOWRUXP PDORUXP FDXVDPVDSLHQWHVGL[HULQWHVWWDPHQDOLTXDH[SDUWH XWSRVVLWIHUULYHOXWLTXDHDGPL VFHWXUSURFUHDWLRQLOLEHURUXP EODQGXPPDOXPVHGVLELVROLQRFHQVQRQDOWHULQHTXH DOLHQXPDOLHQXPDFRQVHUYDWLRQH JHQHULVKXPDQLDWDYDULWLDHVWDGVXEHUVLRQHPHLXV H[VHFUDQGXP VFHOXV RPQLEXV QRFHQV RPQHV ODHGHQV RPQLEXV LQIHQVXP FXL QLKLO ODXGDELOLV QLKLO KRQHVWL SRWHVW HVVH FRQLXQFWXP PRQVWUXP LQJHQV KRUUHQGXP DG SHUQLFLHPJHQWLXPSURFUHDWXPHWDGGHOHQGDPKRPLQXPLQWHUVHVHVRFLHWDWHP´(EG I  'HUHLQ]LJH8QWHUVFKLHGGHUIU GLHV]HQLVFKH$XVJHVWDOWXQJGHV 'LDORJVHLQH5ROOH VSLHOW EHVWHKW GDULQ GDVV LQ GHU XUVSUQJOLFKHQ 9HUVLRQ $QGUHD GD &RQVWDQWLQRSROL HUVWHWZDVVSlWHU]XGHQEHUHLWV9HUVDPPHOWHQKLQ]XVW|‰WXQGVHLQHEHVRQGHUH%H GHXWXQJ XQG $XWRULWlW GXUFK GLHVHQ $XIWULWW EHVRQGHUV KHUYRUJHKREHQ ZLUG ² ,P )ROJHQGHQZLUG3RJJLRV7H[WQDFKGHUEHUDUEHLWHWHQ9HUVLRQ]LWLHUW 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

$QDO\VHGHU$UJXPHQWHLQ3RJJLRV'HDYDULWLD'LH%HVWLPPXQJGHV 9HUKlOWQLVVHVYRQ(LJHQQXW]XQG*HPHLQQXW] 'LH$UJXPHQWHGHUHUVWHQ5HGH 'HU+DEJLHULJHVFKlGLJWGDV*HPHLQZRKO %DUWRORPHRQLPPWGLH$XIIRUGHUXQJDQXQGKlOWHLQH5HGHLQGHUHUGLH +DEJLHUDOVGDV*UXQGEHOGDUVWHOOW'DPLWVWHKWHUZLHHUVHKUZRKOZHL‰ LQHLQHUODQJHQFKULVWOLFKHQZLHSDJDQHQ7UDGLWLRQ(UYHU]LFKWHWMHGRFK DXI HLQH 5HLKH YRQ $UJXPHQWHQ GLH WUDGLWLRQHOO JHJHQ GLH +DEJLHU KHU YRUJHEUDFKW ZXUGHQ XQG NRQ]HQWULHUW VLFK GDUDXI GLH +DEJLHU DOV HLQ /DVWHUGDU]XVWHOOHQGDVYRUDOOHPGHVKDOE]XPHLGHQVHLZHLOHVQDWXUZLG ULJXQGHLQH%HGURKXQJIUGLHPHQVFKOLFKH*HPHLQVFKDIWVHL =XQlFKVW EHVWLPPW HU GLH (W\PRORJLH GHV :RUWHV (LQLJH VLQG GHU $QVLFKWGLHÄ+DEJLHULJHQ¶ DYDUL ZUGHQGHVKDOEVRJHQDQQWZHLOVLHÄJLH ULJQDFK.XSIHU¶ DYLGLDHULV VHLHQGHQQKDEJLHULJVHLHQGLHMHQLJHQGLH]X VHKU QDFK *HOG VWUHEHQ $XFK ZHQQ GLH 0Q]HQ KHXW]XWDJH DXV *ROG RGHU 6LOEHU VHLHQVHL HV GRFK JHUHFKWIHUWLJW GLHMHQLJHQ GLH ]X VHKU QDFK *HOG VWUHEWHQ KDEJLHULJ ]X QHQQHQ 6LH VLQG GLHMHQLJHQ GLH LKU JDQ]HV 7UHLEHQ GDUDXI DXVULFKWHQPHKU *HOG ]XEHNRPPHQ XQG DOOHV DXI LKUHQ HLJHQHQ1XW]HQKLQEHWUHLEHQ 'DV+DXSWEHOGHU+DEJLHUEHVWHKWIU%DUWRORPHRMHGRFKGDULQGDVV GLH +DEJLHULJHQ PLW LKUHP 9HUKDOWHQ GLH (UKDOWXQJ GHU PHQVFKOLFKHQ *HPHLQVFKDIWJHIlKUGHW'DGXUFKGDVVGHU+DEJLHULJHDOOHLQGHQSULYDWHQ 1XW]HQYHUIROJWVFKlGLJWHUGHQ1XW]HQGHU*HPHLQVFKDIW )ROJOLFKEHI|UGHUWHU> GHU+DEJLHULJH@GHQSULYDWHQ1XW]HQDQGHQHUDOOH5H GHQ7DWHQXQG*HGDQNHQDQSDVVWXQGZlKUHQGHUGHQ|IIHQWOLFKHQ9RUWHLOXQG 

Å7XPLOOHÄ&XPPXOWDVXQW¶LQTXLWÄFXPDFKULVWLDQLVGRFWLVVLPLVHWVDQFWLVVLPLVYLULV WXPYHURDJHQWLOLEXVHWJUDHFLVHWODWLQLVFRQWUDDYDULWLDPVFULSWDVXSHUYDFDQHXPIRU WDVVHYLGHDWXUGHHDUHDPSOLXVORTXLQRVSUDHVHUWLPTXRUXPYHUEDKDXGPDJQLSHQ VDEXQWXU´3RJJLR    Å([LVWLPRDXWHPDYDURVLGHRDSSHOODWRVQRQQXOORVTXRGDYLGLHVVHQWDHULVTXLHQLP LOOLXV FXSLGL QLPLV HUDQW LQTXH HR TXDHUHQGR VXPPDP RSHUDP SOXULPXPTXH VWXGLL SRQHEDQWDYDULQRPLQDEDQWXU´(EG²*HUPDQRJLEWDOVP|JOLFKH5HIHUHQ]VWHO OHQGLHIROJHQ1DFKZHLVH$XOXV*HOOLXV7KRPDVYRQ$TXLQ6XPPD7KHRORJLFD ,,,,TDRETXDHVWGLVSXWGHPDOR  Å,WD OLFHW YDULDUHWXU PRQHWDH PDWHULD LGHP WDPHQ DYDUR QRPHQ PDQVLW XW DXUL DU JHQWL DHULV RSXP FXSLGL DWTXH LWD FXSLGL XW RPQH LQLG VWXGLXP VXXP FRQIHUDQW VHPSHU TXDHUDQW VHPSHU DSSHWDQW VXPSWX DEVWLQHDQW QXOOXP TXDHVWXP KRUUHDQW QXOOR OXFUR VDWLHQWXU RPQLV UHIHUDQW DG VXDP XWLOLWDWHP SURSULR FRPPRGR TXDHTXH PHWLDQWXUUHFWHGLFDQWXUDYDUL´3RJJLR    'HU%HJULIIGHVÅJHPHLQHQ1XW]HQV´HUIlKUW]ZLVFKHQGHPXQGGHP-DKUKXQ GHUWHLQH,QWHQVLYLHUXQJYJOGD]XGLHEHJULIIVJHVFKLFKWOLFKH8QWHUVXFKXQJYRQ+LOEVW KLHU GHUGHQ7H[WYRQ3RJJLROHLGHUQLFKW]LWLHUW

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

GLHEUJHUOLFKH*HVHOOVFKDIWYHUJLVVWEHVFKlIWLJWQXUPLWVHLQHQ$QJHOHJHQKHLWHQ NPPHUWHUVLFKQXUXPVLFKGDKHUNRPPWHVGDVVGLHVHLQ/DVWHULVWZHOFKHV JHJHQ GLH 1DWXU NlPSIW XQG LKU ZLGHUVWUHEW GHUHQ *HVHW] HV YRUVFKUHLEW GDVV ZLU GHQ DOOJHPHLQHQ 1XW]HQ XQVHUHP YRU]LHKHQ XQG GD]X DQJHWULHEHQ ZHUGHQ GDVVZLUP|JOLFKVWYLHOHQQW]OLFKVHLQZROOHQ'DKHUYHUWULWWMHQHU6WRLNHU &DWR EHL&LFHURGLH$QVLFKWGDVVHLQ9HUUlWHUGHV9DWHUODQGHVQLFKWPHKU]XWDGHOQVHL DOVGHUMHQLJHGHUGHQDOOJHPHLQHQ1XW]HQXPVHLQHVHLJHQHQ1XW]HQVZLOOHQYHU QDFKOlVVLJW'DDOVRGHU+DEJLHULJH²LQGHPHUIUVLFKYRUVRUJWXQGVLFKVHOEVW EHUlW²GHQDOOJHPHLQHQ1XW]HQQLFKWQXUYHUQDFKOlVVLJWVRQGHUQLKPDXFKHQW JHJHQZLUNWXQGLKPIHLQGLVWXQGXPVHLQHV9RUWHLOVZLOOHQQLFKWYLHOHQQW]OLFK LVW VRQGHUQ YLHOHQ VFKDGHW LVW HV VLFKHU GDVV HU VLFK ZLH HLQ 9HUUlWHU GHU PHQVFKOLFKHQ *HPHLQVFKDIW YRQ GHP *HVHW] GHU 1DWXU ORVVDJW XQG GDVV GLH +DEJLHU YRQ GHU 1DWXU HQWIHUQW XQG GHP |IIHQWOLFKHQ 1XW]HQ HQWJHJHQJHVWHOOW LVWGHQ]XHUKDOWHQXQG]XYHUWHLGLJHQZLUKHUYRUJHEUDFKWZXUGHQ

'RFKGDPLWHQGHWGLH%HGURKXQJGHUPHQVFKOLFKHQ*HPHLQVFKDIWGXUFK GLH+DEJLHUQRFKQLFKW'HQQZRGLH+DEJLHUUHJLHUWGRUWKDEHQDXFKGLH DQGHUHQ7XJHQGHQGLHIUGHQ(UKDOWGHU*HPHLQVFKDIWQRWZHQGLJVLQG NHLQH(QWIDOWXQJVP|JOLFKNHLWHQDOVHUVWHVLVWKLHUGLH*HUHFKWLJNHLW LXVWL WLD  ]X QHQQHQ GHUHQ )HKOHQ %DUWRORPHR DOV ÅlX‰HUVW XQPHQVFKOLFK´ EH]HLFKQHW DEHU DXFK )UHXQGVFKDIW DPLFLWLD  :RKOZROOHQ EHQHYROHQWLD  XQG0LWOHLG PLVHULFRUGLD KDEHQXQWHU+DEJLHULJHQNHLQHQ3ODW]GLHDOOHLQ LKUHU%HJLHUGH FXSLGLWDV IROJHQ2KQH/LHEHXQG:RKOZROOHQMHGRFKGLH YRQ%DUWRORPHRDOVÅ%lQGHUGHUPHQVFKOLFKHQ*HPHLQVFKDIW´EH]HLFK QHWZHUGHQN|QQHNHLQH*HPHLQVFKDIWEHVWHKHQ (VIROJWPLW%H]XJDXI9HUJLOGLH&KDUDNWHULVLHUXQJGHU+DEJLHUDOV HLQHV0RQVWHUVGDVGLHPHQVFKOLFKH1DWXUSHUYHUWLHUW$QVFKOLH‰HQGJLEW %DUWRORPHR %HLVSLHOH YRQ KDEJLHULJHQ 0LWEUJHUQ GLH DOOHUGLQJV QLFKW EHLP1DPHQJHQDQQWZHUGHQ6FKOLH‰OLFKZLUGGHU6FKUHFNHQGHU+DEJLHU PLWGHPGHU+DUS\LHYHUJOLFKHQ 

   

Å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´3RJJLR   ÅLPPDQLVVLPXV´HEG ÅKXPDQDHVRFLHWDWLVYLQFXOD´HEG ÅQDP VXEODWLV EHQLYROHQWLD HW DPLFLWLD GLJODGLDEXQWXU KRPLQHV LQWHU VH UDSLQLV HW FDHGLEXVRPQLDSHUPLVFHQWHV´HEG (EG

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

'LH$UJXPHQWHGHU]ZHLWHQ5HGH 'HU+DEJLHULJHI|UGHUWGDV*HPHLQZRKO $XI GLHVH 5HGH DQWZRUWHW QXQ $QWRQLR LQ GHU Ä:HLVH GHU $NDGHPLNHU¶ PRV DFDGHPLFRUXP  LQGHP HU GLH *HJHQSRVLWLRQ VR VWDUN ZLH P|JOLFK PDFKWRKQHVLFKMHGRFKVHOEVWPLWGLHVHU3RVLWLRQLGHQWLIL]LHUHQ]XPV VHQ,QGHU(LQOHLWXQJVWHOOWHU]XQlFKVWLQHLQHPGLUHNWHQ9HUJOHLFK]ZL VFKHQ+DEJLHUXQG/X[XVIHVWGDVVGHU/X[XVHLQXQJOHLFKJU|‰HUHV/DV WHU DOV GLH +DEJLHU VHL ZDV HU PLW $XWRULWlWV XQG 9HUQXQIWDUJXPHQWHQ EHOHJW ,Q GHP +DXSWWHLO VHLQHU 5HGH ZLGHUOHJW HU GLH $UJXPHQWH GHV %DUWRORPHR LQGHP HU QDFK]XZHLVHQ YHUVXFKW GDVV GLH +DEJLHU HLQH QD WUOLFKH %HVWUHEXQJ GHV 0HQVFKHQ VHL GLH GHU 6HOEVWHUKDOWXQJ GHV 0HQ VFKHQXQGGHPDOOJHPHLQHQ1XW]HQGLHQHXQGDOVVROFKHQLFKW]XWDGHOQ VHL *HJHQ GDV $UJXPHQW GHU +DEJLHULJH VWUHEH EHUPl‰LJ QDFK *HOG ZHQGHW HU HLQ GDVV GLHVHU 9RUZXUI DXI IDVW DOOH 0HQVFKHQ ]XWULIIW 'LH 0HQVFKHQXQWHUQHKPHQQLFKWVYRQGHPVLHVLFKQLFKWHLQHQ1XW]HQHU KRIIWHQ 'HQQ DOOHV ZDV YRQ 0HQVFKHQ JHWDQ ZLUG ZLUG XP GHV *HOGHV ZLOOHQ XQWHU QRPPHQXQGZLUDOOHZHUGHQYRQGHU%HJLHUGHQDFK²QLFKWJHULQJHP²*HZLQQ JHWULHEHQ:UGHVW'XLKQZHJQHKPHQVRZUGHQDOOHU+DQGHOXQGDOOH.QVWH Y|OOLJ DXIK|UHQ 'HQQ ZHU ZUGH LUJHQGHLQH $QVWUHQJXQJ XQWHUQHKPHQ ZHU ZUGHLUJHQGHLQ:HUNLQGHPQXUHLQZHQLJ6FKZLHULJNHLWZlUHLQ$QJULIIQHK PHQZHQQLKPQLFKWHLQH%HORKQXQJXQGHLQ1XW]HQEHLJHIJWZlUHQ"8QGMH JU|‰HUXQVGHU1XW]HQYRUJHVWHOOWZLUGXPVREHUHLWZLOOLJHUQHKPHQZLUGLH%H VFKlIWLJXQJHQLQ$QJULIIGHQQGHP1XW]HQIROJHQDOOHQDFKLKPVWUHEHQVLHLKP ZLGPHQZLUDOOH6WXGLHQ

+DEJLHU EHVWLPPW $QWRQLR DOV HLQ 6WUHEHQ QDFK ÅPHKU´ DOV ZDV GHP EOR‰HQ hEHUOHEHQ GLHQW ZREHL HU VLFK DXI $XJXVWLQXV DOV $XWRULWlW EH ]LHKW'LHVHUKDWWHIUHLOLFKPLWGHUYRQ3RJJLRDXVGHP=XVDPPHQKDQJ



Å9HUXPWDPHQXWLWDVLWTXHP!DGPRGXPKLFRSLQDWXUHJRWDPHQVHFXWXVPRUHP $FDGHPLFRUXP TXL FRQWUD HD TXDH GLFHUHQWXU GLVSXWDUH FRQVXHYHUXQW DIIHUDP QRQ QXOODVHFXVDWTXHLSVHORFXWXVHVWTXDHDQDFFLSLDQWXUDYRELVYHVWUXPHULWLXGLFLXP´ (EG  (EG  ÅRPQLD HQLP DE KRPLQLEXV DJHQGD VXVFLSLXQWXU SHFXQLDH JUDWLD GXFLPXUTXH VLQJXOL OXFULQHTXHHLXVSDUYLFXSLGLWDWHTXRGVLVXVWXOHULVQHJRWLDDWTXHDUWHVSHQLWXVFHVVD EXQW4XLVHQLPODERUHPXOOXPVXVFLSLHWTXLVDJHWTXLFTXDPRSHULVLQTXRTXLGHP SDXOXP VLW GLIILFXOWDWLV QLVL HLV SUDHPLXP DWTXH XWLOLWDV IXHULW DGLXQFWD" 4XDH TXR PDLRU RVWHQGHWXU HR SDUDWLRUHV HULPXV DG QHJRWLD VXEHXQGD XWLOLWDWHP TXLSSH VH TXXQWXURPQHVLOODPDSSHWXQWLOODVWXGLDLPSDUWLXQWXU´(EG  ÅEHDWXV $XJXVWLQXV YLU GRFWLVVLPXV LQWHU ODWLQRV LQ OLEUR 'H OLEHUR DUELWULR DOLTXDQWR OHYLXVTXDPWXVFULSVLWDYDULWLDPHVVHSOXVYHOOHTXDPVDWLVHVW´(EG

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

JHULVVHQHQ6WHOOHDQGHUHVLP6LQQ'RFKLQGHP3RJJLRGHQ.RQWH[WGHU $XVVDJHXQWHUVFKOlJWNDQQHUGLH+DEJLHUPLW5HNXUVDXIGHQEHUKPWHQ .LUFKHQYDWHUDOVHLQQDWUOLFKHV6WUHEHQGDUVWHOOHQ'LHVHV6WUHEHQILQGHW HU LQ DOOHQ %HUXIHQ XQG 'LV]LSOLQHQ LQ GHQHQ GLH 0HQVFKHQ VLFK EHWlWL JHQ(LQVROFKHV6WUHEHQQDFKÅPHKU´KlOWHUQLFKWIUYHUZHUIOLFKGD HVQLFKWQXUIUGHQ(LQ]HOQHQYRQ9RUWHLOLVWVRQGHUQGHPDOOJHPHLQHQ 1XW]HQGLHQW+DEJLHUVHLGHVKDOEDOVHLQHQDWUOLFKH%HVWUHEXQJ]XYHU VWHKHQGLHGHPDOOJHPHLQHQ1XW]HQ]XWUlJOLFKLVWXQG²ZLHGDV%HGUIQLV QDFK(VVHQXQG7ULQNHQ²GD]XGLHQWGHQ0HQVFKHQLP'DVHLQ]XHUKDO WHQ (VLVWQlPOLFKGDV*HOGIUGHQDOOJHPHLQHQ1XW]HQXQGGDVEUJHUOLFKH/HEHQ K|FKVW ZLOONRPPHQ GDV ZLH $ULVWRWHOHV OHKUW QRWZHQGLJHUZHLVH HUIXQGHQ ZXUGHXPGHQ+DQGHOGHU0HQVFKHQ]XHUKDOWHQXQGJHJHQVHLWLJH*HVFKlIWVEH ]LHKXQJHQ ]X EHI|UGHUQ :HQQ PDQ IROJOLFK GDV 6WUHEHQ QDFK LKP WDGHOW GDQQ PXVVPDQDXFKGLHDQGHUHQ%HVWUHEXQJHQDQNODJHQGLHXQVGLH1DWXUVHOEVWJH JHEHQKDW'HQQZHUIUDJHLFK'LFKZLUGZRKO*ROGXQG6LOEHUZHQLJHUEHJHK UHQDOV7UDQN6SHLVH.OHLGXQJXQGGLHEULJHQ'LQJHGXUFKZHOFKHZLUGDV/H EHQHUKDOWHQ"'HQQDOOH/HEHZHVHQKDEHQYRQ1DWXUDXVGDV6WUHEHQVLFKVHOEVW ]XHUKDOWHQXQGGDKHUVXFKHQZLUGDVZDVGHQ/HEHQVXQWHUKDOWXQGGHQ6FKXW] XQG GLH 3IOHJH GHV .|USHUV EHWULIIW DEHU ZHQQ GLHVHP GDV *HOG GLHQW ZDV LVW YHUZXQGHUOLFK GDUDQ ² DX‰HU ZHQQ ZLU NRPSOHWWH 1DUUHQ VHLQ ZROOWHQ ² ZHQQ LFKEHJHKUOLFKELQZHQQLFK.XSIHU*ROGXQG6LOEHU]XJHZLQQHQYHUVXFKHRK QHZHOFKHVMHQHQLFKWEHVHVVHQZHUGHQN|QQHQ":HQQGLHVEHGHXWHWKDEJLHULJ]X VHLQGDQQLVWGLH+DEJLHUQLFKWZLGHUGLH1DWXUZLHHWZDVYRUKHUJHVDJWZXUGH VRQGHUQXQVYRQGHU1DWXUVHOEVWEHLJHJHEHQXQGHLQJHSUlJWZLHDXFKGLHEUL



,Q GHU JHQDQQWHQ 6WHOOH DUJXPHQWLHUW $XJXVWLQXV IU GDV JHQDXH *HJHQWHLO QlPOLFK IUGLH7KHVHGDVVGLH+DEJLHUYHUVWDQGHQDOVHLQJHQHUHOOHV%HJHKUHQ FXSLGLWDV QDFK DOOHQ'LQJHQGLHPD‰ORV LQPRGHUDWH HUVWUHEWZHUGHQHLQHQVFKOHFKWHQ:LOOHQ LQSURED YROXQWDV GDUVWHOOHXQGPLWKLQJHQDXQLFKWVHFXQGXPQDWXUDPVHLVRQGHUQGHU1DWXUHQW JHJHQVWHKH9JO$XJXVWLQXV'HOLEHURDUELWULR,,,>@&6/(9LQ GRERQDH   Å&DYH HQLP SXWHV TXLFTXDP SRWXLVVH GLFL YHULXV TXDP LG TXRG GLFWXPHVWUDGLFHPRPQLXPPDORUXPHVVHDYDULFLDP FI7LP KRFHVWSOXV YHOOH TXDP VDW HVW 7DQWXP DXWHP VDW HVW TXDQWXP VLEL H[LJLW QDWXUDH LQ VXR JHQHUH FRQVHUYDQGDHPRGXV$YDULWLDHQLPTXDHJUDHFHSKLODUJ\UtDGLFLWXUQRQLQVRORDUJHQ WRYHOLQQXPPLVPDJLVXQGHQRPHQGX[LVVHUHVRQDW VHGLQRPQLEXVUHEXVTXDH LQPRGHUDWHFXSLXQWXULQWHOOLJHQGDHVWXELFXPTXHRPQLQRSOXVYXOWTXLVTXHTXDPVDW HVW+DHFDXWHPDYDULWLDFXSLGLWDVHVWFXSLGLWDVSRUURLQSUREDYROXQWDVHVW(UJRLQ SURED YROXQWDV PDORUXP RPQLXP FDXVH HVW 4XDH VL VHFXQGXP QDWXUDP HVVHW FRQ VHUYDUHWXWLTXHQDWXUDPQHFHLSHUQLFLRVDHVVHWHWLGHRQRQHVVHWLQSURED8QGHFROOLJL WXU UDGLFHP RPQLXP PDORUXP QRQ HVVH VHFXQGXP QDWXUDP TXRG VXIILFLW DGYHUVXV RPQHVTXLYROXQWDFFXVDUHQDWXUDV´  Å1DPVLYHUHPPLOLWDUHPVLYHPHUFDWXUDPVLYHFXOWXPDJURUXPVLYHDUWHVKDVTXDV YRFDQWPHUFHQDULDVFRQVLGHUHVVLYHHDVHWLDPTXDVDSSHOODQWOLEHUDOHVYLGHWXUVLQJXOLV SURSRVLWDHVVHLQJHQVSHFXQLDHFXSLGRREHDPTXHDGLULODERUHVHWGLVFULPLQDTXDHVX ELPXV´3RJJLR    9JO$ULVWRWHOHV3ROLWLN,ED

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH JHQ%HJLHUGHQPLWGHQHQZLUJHERUHQZXUGHQZDVXQVDEHUYRQ1DWXUDXV]X NRPPWLVWLQNHLQHU:HLVH]XWDGHOQ

'DKHUKlWWHQDXFKGLHZHLVHVWHQ0lQQHUHLQJHVHKHQGDVVGLH6DPHQGHU +DEJLHU GHP *HLVW GHV 0HQVFKHQ HLQJHERUHQ VHLHQ JOHLFKVDP XP GLH 6WlGWH XQG GDV EUJHUOLFKH /HEHQ ]X HUKDOWHQ 'HQQ GLH +DEJLHULJHQ N|QQHQPLWLKUHP5HLFKWXPGHP6WDDWYRUDOOHPLQ=HLWHQGHU1RWQW] OLFKVHLQ6LHZHUGHQGHVKDOEYRQ$QWRQLRDOVÅ%DVLVXQG)XQGDPHQWGHV 6WDDWHV´EH]HLFKQHW *HJHQ GDV $UJXPHQWGLH +DEJLHU ZUGH GLH 7XJHQGHQ GHU )UHXQG VFKDIWXQGGHV:RKOZROOHQV]HUVW|UHQIKUW$QWRQLRDQGDVVGHU+DEJLH ULJH VHKU ZRKO IUHXQGVFKDIWOLFK KDQGHOQ N|QQH XQG GDVV GLH )UDJH GHV *HOGHVLQGHU)UHXQGVFKDIWNHLQH%HGHXWXQJKDEH 'DVV QXQ GHU +DEJLHULJH VHLQHQ HLJHQHQ 9RUWHLO GHP *HPHLQZRKO YRU]LHKHKlOW$QWRQLRQLFKWIUHLQ6SH]LILNXPGHU+DEJLHUVRQGHUQIU HLQ9HUKDOWHQGDV²ZHQQPDQHKUOLFKLVW²DXIDOOH0HQVFKHQ]XWULIIW =ZDUZHUGH*HJHQWHLOLJHVYRQGHU3KLORVRSKLHJHSUHGLJWDEHUÅGDV/HEHQ GHU6WHUEOLFKHQZLUGQLFKWQDFKGHU:DDJHGHU3KLORVRSKLH]XJHEUDFKW´ $QVFKOLH‰HQGJUHLIW$QWRQLRGDV%LOGGHVKDEJLHULJHQ$OWHQDXIGDVLQ GHU5HGHGHV%DUWRORPHRGLH/DVWHUKDIWLJNHLWGHU+DEJLHUEHVRQGHUVGHXW OLFKJHPDFKWKDWXQGGHXWHWHVXPQLFKWDXV6FKZlFKHRGHU,UUWXPYHU KDOWHQVLFKEHVRQGHUVGLH$OWHQKDEJLHULJVRQGHUQZHLOVLH²EHOHKUWGXUFK GLH(UIDKUXQJ²DXIJUXQGLKUHU.OXJKHLWIUNRPPHQGH*HIDKUHQYRUVRU 

 

 



Å(VWHQLPSHURSSRUWXQDDGXVXPFRPPXQHPHWFLYLOHPYLWDPSHFXQLDTXDPQHFHV VDULR$ULVWRWLOHVLQYHQWDPWUDGLWDGFRPPHUFLDVHUYDQGDKRPLQXPUHVTXHPXWXRFRQ WUDKHQGDV(LXVLJLWXUDSSHWLWXPVLFXOSDELVFXOSHVOLFHWHWFHWHURVTXRVQRELVLSVDGH GLWQDWXUDQDPTXLWHRUROLFHWPLQXVDXULDUJHQWLTXHFXSLGXPHVVHTXDPSRWXVFLEL YHVWLWXVUHOLTXDUXPTXHUHUXPTXLEXVYLWDPWXHPXU"1DWXUDTXLGHPLQHVWRPQLEXVD QLPDQWLEXVVXLFRQVHUYDQGLDSSHWLWXVH[TXRHWHDTXDHULPXVTXDHDGYLFWXPVHPSHU VSHFWDQWHWTXDHDGWXWHODPFRUSRULVDFFXOWXPDWLVWDFXPSDUHQWXUSHFXQLDTXLGPL UXPHVWQLVFXUUDHTXLGDPSODQHHVVHYHOLPXVVLVLPFXSLGXV VLTXDHURDHVDXUXP DUJHQWXPVLQHTXLEXVKDEHULLOODQRQSRVVXQW"+RFVLHVWDYDUXPHVVHQRQHVWFRQWUD QDWXUDPDYDULWLDXWSDXORDQWHGLFHEDWXUVHGLSVDQDWXUDLQGLWDDWTXHLPSUHVVDQRELV YHOXWLFHWHUDHTXLEXVFXPQDVFLPXUFXSLGLWDWHVTXDHDXWHPQDWXUDLQVXQWQRELVPLQL PHVXQWYLWXSHUDQGD´3RJJLR   ÅLQWHOOLJHEDQW VDSLHQWLVVLPL YLUL LQQDWD HVVH PHQWLEXV KRPLQXP VHPLQD TXDHGDP DYDULWLDHWDQTXDPQHFHVVDULDHDGXUELXPHWYLWDHFLYLOLVFRQVHUYDWLRQHP´(EG Å1HFHVVDULD HVW HQLP SHFXQLD YHOXWL QHUYL TXLGDP TXLEXV VXVWLQHQWXU UHV SXEOLFDH FXLXV FXP FRSLRVL H[LVWDQW DYDUL WDQTXDP UHUXP SXEOLFDUXP EDVLV HW IXQGDPHQWXP VXQW!LXGLFDQGL´(EG Å,QDPLFLWLDTXLSSHFRQVHUYDQGDPLQLPDPSDUWHSHFXQLDWHQHW´(EG Å4XRGDXWHPRELHFWLVWLDYDURVFRPPXQLVXWLOLWDWLVREOLWXVVWXGHUHSULYDWDHKDHFQRQ DYDURUXP VHGRPQLXPIHUHHVWFRPPXQLVFRQVXHWXGRTXLHQLPVXQWLVWLTXLSXEOL FDPTXDHUDQWERQXPVHSRVLWRSULYDWRHPROXPHQWR"(JRDGKXQFGLHPQHPLQHPFR JQRYLTXLQVXXPSUDHIHUUHWVLLGTXLGHPSRVVHWLPSXQH´(EG ÅVHGYLWDPRUWDOLXPQRQHVWH[LJHQGDQRELVDGVWDWHUDPSKLORVRSKLDH´HEG

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

JHQ+DEJLHUVRPDFKHQGLHDEVFKOLH‰HQGHQ:RUWHYRQ$QWRQLRGHXW OLFKLVWQLFKWQXUÅHWZDV1DWUOLFKHVVRQGHUQDXFKHWZDV1W]OLFKHVXQG 1RWZHQGLJHV´ 'LH(QWVFKHLGXQJLQGHUGULWWHQ5HGHGHU+DEJLHULJHVFKlGLJWGDV *HPHLQZRKOXQGKDQGHOWJHJHQGLHFKULVWOLFKH0RUDO 'LH 5HSOLN DXI GLHVH 3RVLWLRQ YHUIDVVW $QGUHD %HL VHLQHU :LGHUOHJXQJ EHJLQQWHUPLW]ZHL3XQNWHQHUVWHQVKDEH$QWRQLRGLH%HJULIIHÄ%HJLHUGH¶ FXSLGLWDV  XQG Ä+DEJLHU¶ DYDULWLD  YHUZHFKVHOW ]ZHLWHQV WlXVFKH HU VLFK ZHQQHUGLH+DEJLHUDOVQDWXUJHPl‰ VHFXQGXPQDWXUDP EHWUDFKWHW 'HU HUVWH 3XQNW LVW VFKQHOO JHNOlUW REZRKO MHGHU +DEJLHULJH PLW %H JLHUGHHUVWUHEWLVWQLFKWMHGHU%HJLHULJHKDEJLHULJ%HLGHQ%HJLHUGHQVLQG GDKHUGLHQDWUOLFKHQGLHQLFKW]XWDGHOQVLQGXQGGHU(UKDOWXQJGLHQHQ YRQGHQXQQDWUOLFKHQ]XXQWHUVFKHLGHQ%HJHKUWPDQ*HOGIUGLHHLJHQH /HEHQVHUKDOWXQJXQGXPZRKOWlWLJ XQGIUHLJHELJ]XVHLQGDQQLVWGLHVHV %HJHKUHQQDWUOLFKXQGQLFKWODVWHUKDIW%HJHKUWPDQGDV*HOGMHGRFK EHUPl‰LJ VR NDQQ PDQ GLHVHV 9HUKDOWHQ QLFKW GHU 1DWXU ]XVFKUHLEHQ 'HQQ ZlUH HLQ VROFKHU +DEJLHULJHU QDWUOLFK GDQQ ZlUHQ DOOH DQGHUHQ XQQDWUOLFK FRQWUDQDWXUDP  'LH)UDJHREGLH+DEJLHUQDWXUJHPl‰VHLZLUGYRQ$QGUHDDQVFKOLH ‰HQGDXVIKUOLFKEHKDQGHOWXQG]ZDUQLFKWLQ%H]LHKXQJDXIGLH6HOEVWHU KDOWXQJ VRQGHUQ DXI GLH )UHLKHLW YRQ 1DWXU DXV VHL GHP 0HQVFKHQ HLQ )UHLKHLWVEHJHKUHQHLJHQ QDWXUDOLVDSSHWLWXVOLEHUWDWLV 'DVLFKGHU+DEJLHULJH DEHULQIUHLZLOOLJH.QHFKWVFKDIWEHJHEHLQGHPHUVLFKGHU%HJHKUOLFKNHLW FRQFXSLVFHQWLD  XQWHUZLUIW YHUKDOWH HU VLFK ZLGHUQDWUOLFK FRQWUD QDWXUDP  

ÅQRQLJLWXULPEHOOLFLWDWHDQLPLVHGILUPLWDWHQRQHUURUHVHGSUXGHQWLDH[SHULHQWLDTXH UHUXP PDJLVWUD FRPSDUDQW SHFXQLDP XW WXWLVVLPXP ILUPLVVLPXPTXH SUDHVLGLXP DG LQRSLDP HJHVWDWHP DHJULWXGLQHV UHOLTXDVTXH PRUWDOLXP FDODPLWDWHV SURSXOVDQGDV´ (EG²'LHVH%HVFKUHLEXQJGHFNWVLFKPLW%HREDFKWXQJHQGLH$ULVWRWHOHVLQGHU 1LNRPDFKLVFKHQ(WKLNPDFKWZHQQHUEHPHUNWGDVVLQGHU5HJHOGLHMHQLJHQIUHLJHELJ VLQGGLHQRFKNHLQH1RWHUIDKUHQKDEHQ YJO(1,9E VRZLHEHU KDXSWQHEHQGHP$OWHUDXFKMHGHDQGHUH6FKZlFKHGLH+DEJLHUEHVWlUNW YJO(1,9 E   Å,WDQRQWDQWXPQDWXUDOHPVHGXWLOHPDFQHFHVVDULDPUHPTXDQGDPFRQVWDW HVVHLQ KRPLQHDYDULWLDP´3RJJLR    Å+RFLQORFRPHFXPUHFRJQRVFDVYHOLPLQTXLEXVPLKLODELSDXOXPYLVXVHVSULPXP DQVFLWHÄFXSLGLWDWHP¶HWÄDYDULWLDP¶GXRYHUEDVHQVXGLVLXQFWDLWDSRVXHULVDFVLLGHP VLJQLILFDUHQW GHLQGH QDP DOLD SRVW YLGHELPXV  DQ VDWLV UHFWH VHQVHULV DYDULWLDP HVVH VHFXQGXPQDWXUDP´(EG  Å6LTXLVSHFXQLDPFXSLDWDGXVXPYLWDHQHFHVVDULXPDGEHQHILFHQWLDPDGOLEHUDOLWD WHPDGLQRSXPVXVWHQWDWLRQHPQLKLOKDEHWLQHRKDHFFXSLGLWDVUHSUHKHQVLRQLVTXDP QRQDEHUUDELVVLGL[HULVQDWXUDOHP´(EG

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

0DQZHUGHQLFKWKDEJLHULJJHERUHQVRQGHUQVRHUVWGXUFKHLQHIHKOHUKDIWH 0HLQXQJ 1DFK HLQLJHQ ZHLWHUHQ $XVIKUXQJHQ %HLVSLHOHQ XQG GHU $QIKUXQJYRQ$XWRULWlWHQNRPPW$QGUHD]XGHQQlFKVWHQ3XQNWHQGHU 5HGH GHV $QWRQLR QlPOLFK RE XQG LQZLHIHUQ GLH +DEJLHU QW]OLFK XQG QRWZHQGLJVHL 'DVV GHU +DEJLHULJH GHP 6WDDW QW]OLFK VHL KlOW $QGUHD IU OlFKHU OLFK 'HU +DEJLHULJH GHQNH LPPHU ]XHUVW DQ VLFK /LHEH DPRU  XQG :RKOZROOHQ EHQHYROHQWLD VHLHQYRQHLQHP+DEJLHULJHQQLFKW]XHUZDUWHQ GDGHU+DEJLHULJHQXUVHLQHQHLJHQHQ1XW]HQOLHEH6HLQ5DWLQ%H]XJ DXIGHQ6WDDWVHLQLFKWVZHUWGHQQGHP1XW]HQGHV9DWHUODQGHV]LHKHHU LPPHUGHQHLJHQHQ1XW]HQYRU *DQ]LP*HJHQWHLOGLH+DEJLHUYHUKLQGHUHGLH(QWIDOWXQJGHUVR]LD OHQXQGEUJHUOLFKHQ7XJHQGHQGLHIUGHQ(UKDOWGHV6WDDWHVYRQ%HGHX WXQJVLQGLQVEHVRQGHUHGHU*HUHFKWLJNHLW =XQlFKVWEOKWLQLKQHQNHLQ*ODQ]GHU*HUHFKWLJNHLWGDVIHVWH)XQGDPHQWGHU |IIHQWOLFKHQ XQG SULYDWHQ $QJHOHJHQKHLWHQ GHQQ ZlKUHQG YRQ &LFHUR ]ZHL %H VWLPPXQJHQGHU*HUHFKWLJNHLWJHQDQQWZHUGHQ]XPHLQHQGDVVPDQQLHPDQGHP VFKDGHW]XPDQGHUHQGDVVPDQGHPDOOJHPHLQHQ1XW]HQGLHQWNRPPWHVGHP +DEJLHULJHQ ]X DOOH ]X VFKlGLJHQ XQG GHQ DOOJHPHLQHQ 1XW]HQ ]X YHUQDFKOlVVL JHQ

1LFKW QXU *HUHFKWLJNHLW DXFK GLH EULJHQ .DUGLQDOWXJHQGHQ 0l‰LJNHLW WHPSHUDQWLD 7DSIHUNHLW IRUWLWXGR XQG.OXJKHLW SUXGHQWLD N|QQHQVLFKEHL GHQ+DEJLHULJHQQLFKWHQWIDOWHQHEHQVRZHQLJZLHGLHVR]LDOHQ7XJHQGHQ )UHLJHELJNHLW OLEHUDOLWDV  0LOGWlWLJNHLW PXQLILFHQWLD  *UR‰DUWLJNHLW PDJQLIL



ÅHUURURSLQLRQLV´HEG Å'L[LVWL TXRG PLKL TXLGHP LQWHU ORTXHQGXP ULGLFXOXP YLGHEDWXU DYDURV SURGHVVH FLYLWDWLEXVTXRGHWPXOWLVRSLODUHQWXUSHFXQLDHWUHLSXEOLFDHHVVHQWDGLXPHQWR´(EG   ÅFXP DYDUXV QLKLO GLOLJDW SUDHWHU VXL LSVLXV FRPPRGXP HW XWLOLWDWHP QHFHVVH HVW XW LSVHTXRTXHQXOOLXVDPRUHPDXWEHQLYROHQWLDPFRQVHTXDWXU´(EG  Å1DP TXRG DYDURUXP FRQVLOLD LQ SDWULDP H[WXOLVWL QLKLO PLQXV PLKL SUREDUL SRWHVW TXDPVDOXWDUHDXWUHFWXPFRQVLOLXPSURGLUHH[RUHLOOLXVFXLXVLQJHQLXPGHGLFDWXPHVW DYDULWLDHFXLXVDSSHWLWXVVHPSHUHVXULHQVVXEGLWXVHVWFXSLGLWDWLQLKLOPLKLFUHGHD OLHQXVHVWDEHRUXPPRULEXVHWQDWXUDTXDPXOODPKDEHUHUDWLRQHPSXEOLFDHXWLOLWDWLV QDPTXDHFXPTXHFRJLWDEXQWORTXHQWXUDJHQWUHIHUHQWDGUDWLRQHVVXDVLGRSWLPXP IDFWXP HVVH FHQVHEXQW H[ TXR SOXULPXP LQ DUFDP GHULYHW HWLDP FXP SXEOLFR GHWUL PHQWRSULYDWXPFRPPRGXPVHPSHUFRPPXQLDQWHYHUWHQW´(EG  Å3ULPXP LXVWLWLDH VSOHQGRU LQ HR QXOOXV YLJHELW HW SXEOLFDUXP HW SULYDWXP UHUXP ILUPLVVLPXPIXQGDPHQWXPQDPFXPGXRGLFDQWXUD&LFHURQHLXVWLWLDHPXQHUDXQXP QHFXLQRFHDWXUDOWHUXPXWFRPPXQLXWLOLWDWLVHUYLDWXUDYDULHVWHWQRFHUHRPQLEXVHW FRPPXQHPGHVHUHUHXWLOLWDWHP´(EG 

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

FHQWLD  XQG +RFKKHU]LJNHLW PDJQDQLPLWDV  (LQ VR EHVFKDIIHQHU 0HQVFK VHLQLFKWGD]XQW]OLFKGHQ6WDDW]XHUKDOWHQVRQGHUQLKQ]X]HUVW|UHQ $QGUHDJUHLIWHEHQIDOOVGHQ3XQNWGHV$QWRQLRDXIGDVVGLH+DEJLHUGHV $OWHUV DXV .OXJKHLW HQWVWQGH XQG ZLGHUOHJW DXFK GLHV 6FKOLH‰OLFK NRPPWHU]XGHP3XQNWGDVVGLH+DEJLHUQLFKWHWZDV1RWZHQGLJHVVHL 'LHVN|QQHQLFKWVHLQÅGDQLFKWVQRWZHQGLJVHLGDVLQVLFKVHOEVWQXW]ORV XQGYHUGHUEOLFKVHL´ $QGUHDDOV7KHRORJHEHVWHQVGD]XEHUXIHQDUJXPHQWLHUWQLFKWQXULQ GHUYRQ%DUWRORPHR$QWRQLRXQGLKPVHOEVWHLQJHQRPPHQHQQDWXUSKLOR VRSKLVFKHQXQGSROLWLVFKHQ3HUVSHNWLYHJHJHQGLH+DEJLHU²QlPOLFKGDVV VLHQDWXUZLGULJVHLXQG]XGHPGHQ6WDDWEHGURKH²VRQGHUQHUGLVNXWLHUW GDV3UREOHPDXFKLQHLQHUUHOLJL|VHQ3HUVSHNWLYH,QGHPHUVLFKDXI&KU\ VRVWRPXV GHQ $SRVWHO 3DXOXV XQG $XJXVWLQXV DOV $XWRULWlWHQ EH]LHKW ]HLJWHUGDVVGLH+DEJLHUDXFKDXVUHOLJL|VHQ0RWLYHQ]XPHLGHQVHLGHQQ GLH+DEJLHUEHGURKHGLH*UXQGIHVWHGHV*ODXEHQVGHU0HQVFKHQ $XJXVWLQXV YHUJOHLFKW VLH >  GLH +DEJLHULJHQ@ PLW GHQ +lUHWLNHUQ GHU $SRVWHO KlOWVLHIU*|W]HQYHUHKUHUXQG&KU\VRVWRPXVQHQQWVLHVFKlQGOLFKHUDOVGLHGUH FNLJVWHQ6FKZHLQH

1DFKVHLQHU5HGHNDQQVLFK$QGUHDDXFKGHV%HLIDOOVYRQ$QWRQLRVLFKHU VHLQÅ,FKELQIURKÄGDVVLFKIUGLH+DEJLHULJHQJHVSURFKHQKDEHZHLOZLU GDGXUFKGLHVHVYRQ'LUK|UHQNRQQWHQ´'LH$QWZRUWGHV$QGUHDVFKOLH‰W ]XJOHLFKGHQ'LDORJ :HQQHVQXU(XUHU2KUHQZUGLJLVWGHQQZHQQHVYRQ(XFKJHELOOLJWZLUGVR EUDXFKHLFKGDV8UWHLOYRQDQGHUHQQLFKW]XIUFKWHQ$EHUGDZLUVFKRQJHQXJ JHVSURFKHQKDEHQXQGGLH1DFKWKHUDXIJH]RJHQLVWGHQNHLFKGDVVZLUDXIK|UHQ VROOWHQ8QGVRPLWHUKREHQVLFKDOOH

     

(EG ÅQRQ DG FRQVHUYDQGDP UHP SXEOLFDP HULW XWLOLV VHG DG GHOHQGDP QRQ DG FLYLWDWHV VXVWHQWDQGDVVHGDGVXEHUWHQGDV´(EG (EG ÅQLKLOHVWHQLPQHFHVVDULXPTXRGLSVXPVLWLQXWLOHHWSHUQLFLRVXP´(EGI Å$XJXVWLQXV FRPSDUDW LOORV KDHUHWLFLV DE DSRVWROR SUR LGRODWULV KDEHQWXU D &KU\VR VWRPRWXUSLRUHVLPPXQGLVVLPLVSRUFLVGLFXQWXU´(EG Å4XDH FXP GL[LVVHW Ä/DHWRU¶ LQTXLW $QWRQLXV ÄPH SUR DYDULV VHQVLVVH TXR LVWD D WH DXGLUHPXV¶Ä6LQGPRGR¶LQTXLWLOOHÄGLJQDDXULEXVYHVWULVQDPVLSUREHQWXUDYRELV HVWXWQRQSHUWLPHVFDPDOLRUXPLXGLFLXP6HGFXPVDWLVLDPFROORFXWLVLPXVHWQR[ VXSHUYHQHULWDEHXQGXPFHQVHR¶,WDRPQHVFRQVXUUH[HUXQW´(EGI

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

'LH'HXWXQJGHV'LDORJV :DV3RJJLRZLUNOLFKGDFKWH (VLVWQDFKZLHYRUHLQHRIIHQH)UDJHZLHHLQ'LDORJ]XGHXWHQLVWLQGHP HQWJHJHQJHVHW]WH0HLQXQJHQ YHUWUHWHQ ZHUGHQ,VW PLWGHP OHW]WHQ :RUW DXFKGDVEHVWLPPHQGHXQGHQWVFKHLGHQGH6FKOXVVZRUW]XHLQHP6DFKYHU KDOWJHVSURFKHQRGHUYHUELUJWGHU$XWRUVHLQHHLJHQH$QVLFKWKLQWHUHLQHU $XVVDJH GHU LP 9HUODXI ² HWZD XP GHU .RQYHQWLRQ *HQJH ]X WXQ ² ZLGHUVSURFKHQ ZLUG" ,P YRUOLHJHQGHQ )DOO VLQG EHUHLWV $UJXPHQWH IU EHLGH3RVLWLRQHQYRUJHEUDFKWZRUGHQ :DV 3RJJLR ZLUNOLFK PHLQWH RE HU HLQH² XQG IDOOV MD ZHOFKH ² GHU JHlX‰HUWHQ$QVLFKWHQZLUNOLFKJHWHLOWKDEHQPDJOlVVWVLFKIUXQVQLFKW PLW*HZLVVKHLWHQWVFKHLGHQ8QVIHKOHQGLH0LWWHOHLQHVROFKH=XVFKUHL EXQJ]XEHOHJHQ%OLFNWPDQDXIGHQ%ULHIZHFKVHO3RJJLRVVRILQGHQVLFK GXUFKDXVZLGHUVSUFKOLFKH+LQZHLVHDXI3RJJLRV(LQVWHOOXQJ]XP7KHPD *HOGXQG+DEJLHU6RVFKUHLEW3RJJLREHUHLWVLP6RPPHUDOVRHLQL JH-DKUHYRUGHP(QWVWHKHQYRQ'HDYDULWLDHLQHQ%ULHIDQ$QWRQLR/R VFKL LQ GHP HU H[SOL]LW GDV 6WUHEHQ QDFK *HOG XQG GLH /VWH EHL HLQHP *UR‰WHLO VHLQHU =HLWJHQRVVHQ DQSUDQJHUW 8QG QDFK 9HU|IIHQWOLFKXQJ GHV'LDORJVVFKUHLEWHULQHLQHP%ULHIDQ%UXQLGDVVHVLKPPLWGHP'LD ORJ LQ GHU 7DW GDUXP JHJDQJHQ VHL GDV /DVWHU GHU +DEJLHU ]X WDGHOQ $QGHUHUVHLWV ZLVVHQ ZLU DXV HLQHP %ULHI DQ %LVFKRI3LHWUR 'RQDWR GDVV 3RJJLRGHUULJLGHQVWRLVFKHQ$EOHKQXQJDOOHQ5HLFKWXPVNULWLVFKJHJHQ EHUVWDQG XQG GHPJHJHQEHU GLH JHPl‰LJWH 3RVLWLRQ GHV $ULVWRWHOHV YRU



6DLWWD HWZD VLHKW GLH $QVLFKW 3RJJLRV LQ GHU 5HGH GHV $QWRQLR /RVFKL DXVJHGUFNW Å/H DUJXPHQWD]LRQL GL /XVFR FKH VRQR TXHOOH VX TXL 3RJJLR LQVLVWH >@´ LQ 6DLWWD   ,  'LHVH (LQVFKlW]XQJ WHLOW DXFK %XFN    Å3RJJLR %UDFFLROLQL EHMDKW LQ VHLQHP LQ GHQ -DKUHQ  YHUIDVVWHQ 'LDORJ Å'H DYDULWLD´ GDV *H ZLQQVWUHEHQ YRU DOOHP LQ )RUP GHU $QKlXIXQJ YRQ *HOG DOV HLQHQ GHP 0HQVFKHQ DQJHERUHQHQQDWUOLFKHQ7ULHEGHU]XU(UKDOWXQJGHU([LVWHQ]GHVHLQ]HOQHQZLHGHU *HVHOOVFKDIW XQHQWEHKUOLFK LVW´ 2SSHO   I KlOW GLH ,GHQWLIL]LHUXQJ GHU $Q VLFKW YRQ 3RJJLR PLW GHU YRQ $QWRQLR /RVFKL JHlX‰HUWHQ IU REHUIOlFKOLFK *ROGEUXQQHU  IXQG7UXVHQ  GDJHJHQVLQGGHU$QVLFKWGDVVVLFK GLH (LQVWHOOXQJ 3RJJLRV QLFKW LQ GHU 5HGH GHV $QWRQLR VRQGHUQ LQ GHU GHV $QGUHD ZLGHUVSLHJHOW  Å,WDTXHDOLLVWXGHQWRSLEXVHWGLJQLWDWHDOLLKRQRUHVDPELXQWTXRVGDPYH[DWFXSLGR GRPLQDQGL QRQQXOOL YROXSWDWLEXV GHGXQWXU SOXULPL DUGHQW SHFXQLDH FXSLGLWDWH DG TXDPFXPXODQGDPQXOOXPWXUSHIDFLQXVSXWDQW´3RJJLR  ,,,  'HU ELVKHU QXU KDQGVFKULIWOLFK EHUOLHIHUWH %ULHI ZXUGH YRQ :DOVHU   HGLHUW Å1XOOXPHJRDOLTXHPGHVLJQDYLQHPLQHPHRFRPSUHKHQGLYROXLVHGWDQWXPPRGRLQ YLWLXPLSVXP´:DOVHU  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

]RJ:LHDXFK%UXQLVLHKW3RJJLRLP5HLFKWXPHLQ0LWWHO]XU5HDOLVLH UXQJ HLQHV WXJHQGKDIWHQ /HEHQV ,PPHUKLQ GUIWH HV NODU VHLQ GDVV 3RJJLRQLFKWGLH%HIUFKWXQJKDWWHQDFK9HU|IIHQWOLFKXQJGHV7H[WHVDOV 9HUIHFKWHUGHU+DEJLHUDQJHVHKHQ]XZHUGHQ(VJDEDOOHUGLQJVHLQH%H IUFKWXQJ GLH HU PLW GHU 9HU|IIHQWOLFKXQJ GHV 7H[WHV YHUEDQG QlPOLFK GDVVVLFKP|JOLFKHUZHLVH3DSVW0DUWLQ9LQGLHVHP7H[WSRUWUDLWLHUWXQG YHUXQJOLPSIWVHKHQN|QQWH 'LH JHQDQQWHQ %ULHIVWHOOHQ N|QQHQ DOV %HOHJH GDIU GLHQHQ GDVV GDV 7KHPD*HOG%HVLW]XQG+DEJLHU3RJJLRLQWHQVLYXQGEHUGHQ'LDORJ'H DYDULWLDKLQDXVEHVFKlIWLJWKDW(VOlVVWVLFKDXVLKQHQMHGRFKNHLQHHLQGHX WLJH6WHOOXQJ3RJJLRV]XGLHVHP7KHPDDEOHLWHQ8QGVHOEVWZHQQPDQGLH SHUV|QOLFKH $QVLFKW 3RJJLRV LGHQWLIL]LHUHQ N|QQWH VR ZlUH GDPLW QRFK QLFKWGLH)UDJHQDFKGHU%HGHXWXQJGHV'LDORJVJHO|VW (LQNRQWURYHUVJHIKUWHU'LDORJIKUWXQWHUVFKLHGOLFKH'HQNP|JOLFK NHLWHQYRU6FKOLH‰OLFKEOHLEWHVGHP8UWHLOGHV/HVHUVEHUODVVHQZHOFKHU $QVLFKWHUVLFKDQVFKOLH‰W$XFKGLH5HGHGHV$QWRQLRZLUGH[SOL]LWGHP 8UWHLO GHU =XK|UHU EHUDQWZRUWHW (V ZlUH DOVR YHUIHKOW GLH $XVVDJH HLQHV'LDORJHVLQQXUHLQHP7HLOGHV7H[WHV]XVHKHQ'DPLWHUJLEWVLFK DEHU QRWZHQGLJ HLQH 0HKUGHXWLJNHLW XQG 8QHQWVFKHLGEDUNHLW 'LHVH 0HKUGHXWLJNHLW XQG 8QHQWVFKHLGEDUNHLW OlVVW VLFK DOV 5HDNWLRQ DXI HLQH 9HUXQVLFKHUXQJ HWKLVFKHU 1RUPHQ YHUVWHKHQ ,Q GHU QXQ IROJHQGHQ 'HXWXQJ GHV 'LDORJV ZLUG HV GDKHU QLFKW GDUXP JHKHQ 3RJJLRV HLJHQH 0HLQXQJ LQ GHP 'LDORJ ]X LGHQWLIL]LHUHQ 9LHOPHKU ZLUG YHUVXFKW GLH %HGHXWXQJ GHV 7H[WHV DOV%HLWUDJ ]X HLQHU VSH]LILVFKHQ3UREOHPODJH XQG LQ +LQVLFKW DXI VHLQH 6WHOOXQJ LQ YHUVFKLHGHQHQ 'LVNXUVHQ DQ GHQHQ HU 7HLOKDW]XEHVWLPPHQ











Å(SLFXUHL GLVVROXWL VXQW QLPLV 6WRLFL VHYHULRUHV PHGLRFULWDWHP 3HULSDWHWLFL VHUYDQW DGPLWWXQW GLYLWLDV GLJQLWDWHV QRQ DVSHUQDQWXU KRV FHQVHR DPSOHFWDQGRV´ 3RJJLR  ,,, Å4XRGVLRSHVGLYLWLDHGLJQLWDVLLVDGMLFLDQWXUDWTXHRIIHUDQWXUKRQHVWHQRQDUELWURU XOORPRGRHVVHUHMLFLHQGDV1HFHVVDULDHQLPVXQWPXOWDQRELVDGPLQLFXODDGKDQFYL WDP TXDH ODERUDQGR YLJLODQGR EHQH DJHQGR TXDHUHUH ODXGDELOH HVW´ 3RJJLR   ,,, ÅSULPXPVFLDVKXQFOLEHOOXPPHQRQHGLWXUXPIXLVVHYLYHQWHKRFSRQWLILFHPD[LPR &XP HQLP PXOWL LOOXP FXOSHQW HLXV UHL GH TXDGLVSXWDWXU QROOHP XW H[LVWLPDUHW TXLV VFULSWXPHVVHLQHXPTXLSRVVHWSURVFULEHUH´,Q+DUWK  = Å9HUXPWDPHQXWLWDVLWTXHP!DGPRGXPKLFRSLQDWXUHJRWDPHQVHFXWXVPRUHP $FDGHPLFRUXP TXL FRQWUD HD TXDH GLFHUHQWXU GLVSXWDUH FRQVXHYHUXQW DIIHUDP QRQ QXOODVHFXVDWTXHLSVHORFXWXVHVWTXDHDQDFFLSLDQWXUDYRELVYHVWUXPHULWLXGLFLXP´3RJJLR   +HUYRUKHEXQJYRQPLU  =XU5ROOHYRQSDUDGR[HQ)RUPHQSKLORVRSKLVFKHQ'HQNHQVLQEHVWLPPWHQHSLVWHPL VFKHQ6LWXDWLRQHQGHU9HUXQVLFKHUXQJ]XGHQHQDXFK5HQDLVVDQFHXQG)UKH1HX]HLW JHK|UHQYJO0XOVRZ  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

'HDYDULWLDDOV$XVGUXFNGHUKXPDQLVWLVFKHQ3ROHPLNJHJHQ0|QFKH =XQlFKVWXQGDXIGHQHUVWHQ%OLFNLVWGHU7H[WGLH5HDNWLRQHLQHV+XPD QLVWHQDXIGLH3UHGLJWXQG/HEHQVSUD[LVGHU0|QFKH'DPLWUHLKWVLFKGHU 7H[WHLQLQHLQH7UDGLWLRQYRQNULWLVFKHU$XVHLQDQGHUVHW]XQJXQG5LYDOLWlW ]ZLVFKHQ0|QFKHQXQG+XPDQLVWHQGLHZLUVFKRQEHL6DOXWDWLXQG%UXQL EHREDFKWHQ NRQQWHQ $XI GLHVHU (EHQH OlVVW VLFK GHU 7H[W YHUVWHKHQ DOV GLH%HKDXSWXQJGHU.RPSHWHQ]XQG=XVWlQGLJNHLWIUPRUDOLVFKH$XINOl UXQJ XQG 7KHUDSLH GXUFK GLH +XPDQLVWHQ 3RJJLR PDFKW YRU DOOHP ]ZHL $UJXPHQWHJHJHQGLH0|QFKHJHOWHQG=XPHLQHQGDVVVLHGLH+DEJLHULQ LKUHQ 3UHGLJWHQ QLFKW DQJHPHVVHQ NULWLVLHUHQ ]XP DQGHUHQ GDVV VLH VLFK VHOEVWGXUFK+DEJLHUDXV]HLFKQHQ 6LHKWPDQGLHVH(EHQHDOVGLH]HQWUDOHDQVROLHJWGLH%HGHXWXQJGHV 7H[WHVYRUDOOHPGDULQGDVVHUHLQ'RNXPHQWIUGHQ.RQIOLNW]ZLVFKHQ +XPDQLVWHQXQG0|QFKHQLVW'LHVH%HGHXWXQJGHV7H[WHVDXIGLHLQGHU /LWHUDWXU ZLHGHUKROW KLQJHZLHVHQ ZXUGH ZXUGH DOOHUGLQJV YRQ 3RJJLR VHOEVWPDUJLQDOLVLHUWLQVRIHUQHUGLHHLQGHXWLJHQ5HIHUHQ]HQDXI%HUQDUGL QRGD6LHQDXQGGLH3UHGLJWSUD[LVGHU%HWWHOP|QFKHLQGHUEHUDUEHLWHWHQ 9HUVLRQ JHVWULFKHQ KDW 8QG DXFK LQ GHU XUVSUQJOLFKHQ 9HUVLRQ LVW GLH 5HIHUHQ] DXI %HUQDUGLQR QXU $QODVV QLFKW *HJHQVWDQG GHV IROJHQGHQ 'LDORJV LQ GHP HV XP GLH SULQ]LSLHOOH )UDJH QDFK GHU %HZHUWXQJ GHU +DEJLHUJHKW 'LHVH %HGHXWXQJVHEHQH LVW JHZLVV LQ GHP 7H[W YRUKDQGHQ XQG VROO KLHU DXFK JDU QLFKW JHOHXJQHW ZHUGHQ $OOHUGLQJV HUVFKOLH‰W VLFK PLW GHU %HDFKWXQJGLHVHU(EHQHPHLQHV(UDFKWHQVQRFKQLFKWGLH%HGHXWXQJGHV 7H[WHV GHQQ ZHGHU GLH )RUP QRFK GLH LQKDOWOLFKHQ (U|UWHUXQJHQ XQG $UJXPHQWH ZHUGHQ KLHUEHL KLQUHLFKHQG EHUFNVLFKWLJW ,P )ROJHQGHQ P|FKWHLFKGHVKDOEHLQH'HXWXQJYRUVFKODJHQGLH]XQlFKVWGLHYRQ3RJ JLRJHZlKOWH)RUPPLWEHUFNVLFKWLJWXQGGDQQLQHLQHP]ZHLWHQ6FKULWW GLHGXUFKGLHVHVSH]LILVFKH)RUPHUP|JOLFKWH$XVVDJH]XP9HUKlOWQLVYRQ (LJHQXQG*HPHLQQXW]DXIGLHKLVWRULVFKH(QWZLFNOXQJGHU%HVWLPPXQJ GLHVHV9HUKlOWQLVVHVEH]LHKW 'LH5HGHSURDYDULWLDDOVSDUDGR[HV(QFRPLXP 3RJJLROlVVWVHLQHQ3URWDJRQLVWHQ$QWRQLR/RVFKLGLH5HGHIUGLH+DE JLHUPLWGHP+LQZHLVHLQOHLWHQGDVVHUQXUGHU6LWWHGHU$NDGHPLNHUIROJH XQGHLQHQ*HJHQVWDQG3URXQG.RQWUDHU|UWHUQZHUGH,QVRIHUQHUKLHUEHL 

6RHWZD2SSHO  Å7KRXJKWKHSRLQWKDVQHYHUEHHQQRWHGLWZLOOEHVHHQ WKDWWKHHVVHQFHRIWKLVZRUNLVWREHIRXQGLQWKHFRQIOLFWEHWZHHQFXULDOKXPDQLVWV RUVHFUHWDULHVDQGPHQGLFDQWIULDUV´9JODXFK9DVROL  

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

MHGRFKHLQ/DVWHUOREWQXW]WHUGDVUKHWRULVFKH0LWWHOGHVSDUDGR[HQ(Q FRPLXPVGDVEHUHLWVLQGHU$QWLNHLQGHUUKHWRULVFKHQ3UD[LVYHUZHQGHW ZXUGH'DVSDUDGR[H/REGHU+DEJLHULVWIUHLOLFKLQHLQHQ'LDORJHLQJH EHWWHW 'LHVH VSH]LILVFKH 'DUVWHOOXQJVIRUP HUP|JOLFKW HV 3RJJLR GLH +DEJLHUDXIQHXHXQGXQJHZ|KQOLFKH:HLVH]XEHKDQGHOQ 'LH)RUPGHVSDUDGR[HQ(QFRPLXPVLVWEHLGHQ$XWRUHQGHU5HQDLV VDQFHEHOLHEW'LH6WUDWHJLHGXUFKHLQHVFKHLQEDUSDUDGR[H$UJXPHQWDWLRQ YHUPHLQWOLFKH /DVWHU DOV 7XJHQGHQ ]X OREHQ ILQGHW VLFK LQ ]DKOUHLFKHQ ZHLWHUHQ 7H[WHQ GHU 5HQDLVVDQFH (UDVPXV· /RE GHU 7RUKHLW   LVW GDIU YLHOOHLFKW GDV EHUKPWHVWH %HLVSLHO 8QG IU GHQ YRUOLHJHQGHQ .RQWH[WLVWHVEHVRQGHUVEHPHUNHQVZHUWGDVV/HRQKDUG)URQVEHUJHULP -DKU  HLQH XQYROOHQGHWH 6FKULIW YRQ 2VZDOG *XW KHUDXVJLEW GLH (UDVPXV·/REGHU7RUKHLWDOV9RUELOGQHQQWXQGGLHGHQ7LWHOWUlJW9RQGHP /REGHV(LJHQQXW]HQ 'LH 9HUZHQGXQJ XQG PLWKLQ DXFK GLH 'HXWXQJ HLQHV VROFKHQ 6WLOPLWWHOV LVW LPPHU SUHNlU HV ZLUG HWZDV DXI GHQ HUVWHQ %OLFN :LGHUVLQQLJHV YHU VXFKWZDVGDKHUDXFKQLFKWHUQVWJHPHLQWVHLQNDQQ$QGHUHUVHLWVZHUGHQ LQ HLQHP 'HQNUDXP DXFK hEHUOHJXQJHQ XQG $UJXPHQWH DQJHIKUW GLH 



  

3DUDGR[H (QFRPLD ODVVHQ VLFK LQ GUHL *UXSSHQ HLQWHLOHQ /REUHGHQ EHU /DVWHU .UDQNKHLWHQ XQG 7LHUH YJO 7RPDUNHQ    ² $OV EHGHXWHQGVWHU 5HSUlVHQWDQW GLHVHUOLWHUDULVFKHQ)RUPLQGHU$QWLNHJLOW/XNLDQGHVVHQSDUDGR[H(QFRPLDLQGHU 5HQDLVVDQFHZLHGHUHQWGHFNWZXUGHQXQGJUR‰HQ(LQIOXVVDXIGDVOLWHUDULVFKH*HVFKH KHQGHU=HLWDXVEWHQ=XUKLVWRULVFKHQ(QWZLFNOXQJGHVSDUDGR[HQ(QFRPLXPYJO 7RPDUNHQ  XQG'DQGUH\   'LH 3UlVHQWDWLRQ YRQ SDUDGR[HQ (QFRPLD LQ YHUVFKLHGHQHQ JU|‰HUHQ 5DKPHQKDQG OXQJHQ RGHU HU]lKOXQJHQ KDWWH VLFK VFKRQ LQ GHU $QWLNH HWDEOLHUW 9JO 7RPDUNHQ   )UGLHLWDOLHQLVFKH5HQDLVVDQFHYJO7RPDUNHQ   (UDVPXVYRQ5RWWHUGDP0RULDH(QFRPLXPLGHVWVWXOWLWLDH/DXVLQ(UDVPXV   /HRQKDUG )URQVEHUJHU 9RQ GHP /RE GH‰ (LJHQ 1XW]HQ )UDQNIXUW DP 0DLQ  =X GLHVHP 7H[W YJO 6FKXO]H   XQG 0XOVRZ XQG 6FKPLW]   ² 6FKXO]H NRP PHQWLHUWGHQ7H[WPLWGHQIROJHQGHQ:RUWHQÅ8QVHUÅ/REGHV(LJHQ1XW]HQ´YRQ LVWHLQVFKHLQEDUSURSKHWLVFKHU9RUJULIIDXIMHQH0HWKRGHGHUHPSLULVFKHQ*H VHOOVFKDIWVDQDO\VHZLHVLHQDFKKHUUVFKHQGHU/HKUHPLWGHP:HUNYRQ7KRPDV+RE EHV EHJLQQW XQG LQ GHU 1DWXUSKLORVRSKLH GHU IUDQ]|VLVFKHQ $XINOlUXQJ XQG LQ GHU 1DWLRQDO|NRQRPLHHLQHV$GDP6PLWKLKUHQ+|KHSXQNWILQGHW´6FKXO]H   ² /HLGHU KDW 6FKXO]H LQ VHLQHP LQVSLULHUHQGHQ XQG NHQQWQLVUHLFKHQ $XIVDW] 3RJJLRV 'LDORJ JHJHQ GLH +DEJLHU QLFKW ]XU .HQQWQLV JHQRPPHQ ² 0XOVRZ XQG 6FKPLW]  KDEHQGDJHJHQ]X5HFKWDXI3RJJLRV'LDORJLP.RQWH[WGHU)UDJHQDFKÅ(L JHQQXW]6WDWXVHUKDOWXQJXQG1DWXU]XVWDQG´YRPELV]XP-DKUKXQGHUWKLQJH ZLHVHQ ,FK VFKOLH‰H PLFK DOOHUGLQJV QLFKW LKUHU 'HXWXQJ DQ LQ 3RJJLRV 'LDORJ GHQ %HJLQQHSLNXUHLVFKHQ'HQNHQVEHLGHQ+XPDQLVWHQ]XVHKHQ$ULVWRWHOHVXQG&LFHUR VLQGLQGHP7H[WSUlVHQWHUDOV(SLNXU:DVGHQ$XWRUHQDOVÅHSLNXUHLVFK´HUVFKHLQW LVW PHLQHV (UDFKWHQV 3RJJLRV PRUDOIUHLH XQG HPSLULVFKH %HWUDFKWXQJVZHLVH GHU PHQVFKOLFKHQ +DQGOXQJHQ VRZLH VHLQH 1XW]HQ.RVWHQNDONXODWLRQ GLH VLFK MHGRFK QLFKW HLQHU 5H]HSWLRQ HSLNXUHLVFKHU *HGDQNHQ YHUGDQNW VRQGHUQ HLQ FKDUDNWHULVWL VFKHU=XJGHVKXPDQLVWLVFKHQ'HQNVWLOVLVW9JO0XOVRZX6FKPLW]  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

HUQVWJHPHLQWVHLQN|QQHQRGHUHUQVW]XQHKPHQVLQG3DUDGR[H(QFRPLD ELHWHQHLQHQJHVFKW]WHQ5DXPIUELVKHUQLFKW*HGDFKWHVGHVVHQ$N]HS WDQ]RGHUUHDOH%HGHXWXQJVLFKP|JOLFKHUZHLVHHUVWVSlWHUHQWIDOWHW 'DVV GLH $UWLNXOLHUXQJ HLQHU XQJHZ|KQOLFKHQ %HWUDFKWXQJVZHLVH ² QlPOLFKGHU+DEJLHUDOV7XJHQG²LP-DKUKXQGHUWLQGHU)RUPHLQHV SDUDGR[HQ(QFRPLXPVDN]HSWLHUWZXUGHQLFKWMHGRFKLQ)RUPHLQHUHUQVW JHPHLQWHQSKLORVRSKLVFKSROLWLVFKHQ$QDO\VHEHOHJWHLQ%OLFNDXI0DFKLD YHOOL ,Q VHLQHP :HUN ,O 3ULQFLSH   EHVFKUHLEW HU GLH lX‰HUOLFK EHRE DFKWEDUHQ (IIHNWH YRQ VFKHLQEDUHQ /DVWHUQ XQG VFKHLQEDUHQ 7XJHQGHQ 6R ]HLJW HU HWZD GLH 1DFKWHLOH GHU )UHLJHELJNHLW DXI 6HLQH %HWUDFKWXQJV ZHLVHLVWDOOHUGLQJVQLFKWH[SHULPHQWHOOVLHZLUGQLFKWDOVSDUDGR[YRUJH IKUW VRQGHUQ GLH 3HUVSHNWLYH ZLUG NRQVHTXHQW XQG EHJUQGHW HLQJH QRPPHQ 'DV :HUN KDW VRJOHLFK QDFK (UVFKHLQHQ KHIWLJH 5HDNWLRQHQ DXVJHO|VWXQGODQGHWVFKOLH‰OLFKDXIGHP,QGH[GHUYHUERWHQHQ% FKHU 'RFK SDUDGR[DOH $UJXPHQWDWLRQHQ ZHUGHQ DXFK ZHLWHUKLQ YRQ GHQ 0RUDOSKLORVRSKHQ YRU DOOHP GHV  XQG  -DKUKXQGHUWV JHQXW]W 6R HQWGHFNW /D 5RFKHIRXFDXOG LQ VHLQHQ SV\FKRORJLVFKHQ %HREDFKWXQJHQ XQG $QDO\VHQ GLH 6RUJH XP GDV HLJHQH :RKOHUJHKHQ DOV GHQ 8UVSUXQJ YLHOHUVFKHLQEDUDOWUXLVWLVFKHU+DQGOXQJHQ%HGHXWVDPLVWLPYRUOLHJHQ GHQ.RQWH[WYRUDOOHP%HUQDUG0DQGHYLOOHGHULQVHLQHUEHUKPWHQXQG HLQIOXVVUHLFKHQ%LHQHQIDEHOGDIUDUJXPHQWLHUWGDVVGLH/DVWHUGHUHLJHQWOL FKH0RWRUGHU*HVHOOVFKDIWVHLHQXQGRKQHGLHVHMHGH*U|‰HXQG*ODQ] HLQHV *HPHLQZHVHQV QRWZHQGLJ YHUORUHQ JHKH 'HQ $XWRUHQ JHKW HV JHZLVV QLFKW HLQIDFK GDUXP GLH 6HOEVWOLHEH XQG GHQ (LJHQQXW] ]X OHJLWL PLHUHQ6LHZHLVHQYLHOPHKU]XJOHLFKDXFKDXIJHVHOOVFKDIWOLFKH0LVVVWlQGH XQG:LGHUVSUFKHKLQ,QGLHVHU3HUVSHNWLYHOLHJWGHU6LQQVROFKHUSDUD GR[DOHU$UJXPHQWDWLRQGXUFKDXVDXFKLQHLQHP%HVWUHEHQXPLQWHOOHNWXHO OH5HGOLFKNHLWXQG$XINOlUXQJ 

hEHUOHJXQJHQ]XPHSLVWHPRORJLVFKHQ:HUWSDUDGR[HU$UJXPHQWDWLRQLQGHU)UKHQ 1HX]HLWILQGHQVLFKEHL0DUWLQ0XOVRZ  YD.DS9RP/RKQGHU)UHFKKHLW3KL ORVRSKLVFKH,QQRYDWLRQDXVGHP*HLVWGHU6DWLUH  9JO 0DFKLDYHOOL ,O 3ULQFLSH &DS  Å'H OLEHUDOLWDWH HW SDUVLPRQLD´ LQ 0DFKLDYHOOL  ²9JO]XGLHVHU+DOWXQJ0DFKLDYHOOLVDXFK6NLQQHU    9JO/D5RFKHIRXFDXOG0D[LPHVLQ/D5RFKHIRXFDXOG  SDVVLP  %HUQDUG0DQGHYLOOH7KH)DEOHRIWKH%HHVRU3ULYDWH9LFHV3XEOLFN%HQHILWVKJ)%.D\H %GH2[IRUG&ODUHQGRQ3UHVV 53,QGLDQDSROLV/LEHUW\&ODVVLFV ²0DQ GHYLOOH WKHPDWLVLHUW DXFK GLH JHVHOOVFKDIWOLFKHQ 9RUWHLOH GHU +DEJLHU DYDULFH  XQG GLH 1DFKWHLOH GHU 6SDUVDPNHLW ,Q VHLQHU $XVOHJXQJ GHV *HGLFKWHV VFKUHLEW HU EHU GLH +DEJLHU Å$YDULFH QRWZLWKVWDQGLQJ LW LV WKH RFFDVLRQ RI VR PDQ\ (YLOV LV \HW YHU\ QHFHVVDU\WRWKH6RFLHW\WRJOHDQDQGJDWKHUZKDWKDVEHHQGURSWDQGVFDWWHU·GE\WKH FRQWUDU\9LFH:DVLWQRWIRU$YDULFH6SHQGWKULIWVZRXOGVRRQZDQW0DWHULDOVDQGLI QRQHZRXOGOD\XSDQGJHWIDVWHUWKDQWKH\VSHQGYHU\IHZFRXOGVSHQGIDVWHUWKDQ WKH\JHW´0DQGHYLOOH  ,

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

'RFK 3RJJLRV /RE GHU +DEJLHU OlVVW VLFK DXFK YRU HLQHP DQGHUHQ +LQWHUJUXQGOHVHQ,QGHUFKULVWOLFKWKHRORJLVFKHQ7UDGLWLRQGHV0LWWHODO WHUV ZDU GLH 9RUVWHOOXQJ JHOlXILJ GDVV VLFK /DVWHU DOV 7XJHQGHQ PDVNLH UHQ3RJJLRQXQQLPPWPLWGHU]ZHLWHQ5HGHGLHXPJHNHKUWH3HUVSHN WLYH HLQ 6WDWW KLQWHU HLQHU7XJHQG HLQ /DVWHU ]X YHUPXWHQ ]HLJW HU GDVV PDQHLQVFKHLQEDUHV/DVWHUVHKUZRKODOV7XJHQGDXIIDVVHQNDQQ,QGLHVHU 3HUVSHNWLYHNDQQPDQ3RJJLRV/REGHU+DEJLHUDXFKDOVHLQH3DURGLHGHU FKULVWOLFKWKHRORJLVFKHQ 6HOEVWYHUGlFKWLJXQJ XQG LQTXLVLWLRQ XQG GDPLW DXFK DOV HLQHQ %HLWUDJ ]XU (QWGUDPDWLVLHUXQJ XQG 'HVNDQGDOLVLHUXQJ GHU 6QGHYHUVWHKHQ 'HDYDULWLDDOVIUKHV6\PSWRPHLQHVJUXQGOHJHQGHQ 1RUPHQZDQGHOV ,QGHP3RJJLRGLH+DEJLHUWKHPDWLVLHUWZlKOWHUHLQHQ%HJULIIGHUVLFKDXI GDV PRUDOLVFKH 9HUKDOWHQ GHV (LQ]HOQHQ EH]LHKW 'RFK 3RJJLR O|VW GHQ %HJULII DXV VHLQHP LQGLYLGXDOHWKLVFKHQ XQG FKULVWOLFKHQWKHRORJLVFKHQ .RQWH[WKHUDXVXQGZHQGHWVLFKYRQGHULQQHUSV\FKLVFKHQ3HUVSHNWLYHDE 6WDWWGHVVHQ ZlKOW HU HLQH QDWXUDOLVWLVFKH XQG SROLWLVFKH 3HUVSHNWLYH ZR GXUFKHUGLH'HEDWWHEHUGLH+DEJLHULQHLQHQ.RQWH[WVWHOOWLQGHPGHU HLJHQH1XW]HQJHJHQGHQGHU*HPHLQVFKDIWDEJHZRJHQZLUG(UEHZHU WHWGDKHUQLFKWGLHLQQHUSV\FKLVFKHQ0RWLYDWLRQHQVRQGHUQDOOHLQGLHlX ‰HUOLFKHQXQGHPSLULVFKEHREDFKWEDUHQ.RQVHTXHQ]HQGHU+DEVXFKW ,Q DOOHQ GUHL 5HGHWHLOHQ ZLUG XQWHUVXFKW ZLH GDV 9HUKlOWQLV YRQ (L JHQQXW]]X*HPHLQQXW]XQWHUGHU3UlPLVVHGHU+DEJLHU]XEHZHUWHQLVW 'LH HUVWH XQG GLH GULWWH 5HGH IRUPXOLHUHQ 3RVLWLRQHQ GLH VLFK VHLW GHU $QWLNH LP SROLWLVFKHQ 'LVNXUV ILQGHQ ODVVHQ $OV 3RJJLR VHLQHQ 7H[W EHUGLH+DEJLHUYHUIDVVWZDUHVLPSROLWLVFKHQ6FKULIWWXPEHUHLWVJlQJLJH 0HLQXQJGDVVGDV=LHOHLQHV6WDDWHVLP*HPHLQZRKOEHVWHKH(LQHVROFKH SROLWLVFKH XQG VlNXODUH %HWUDFKWXQJ GHV 6WDDWHV XQG GHV *HPHLQZRKOV KDWWHVLFKDEGHP-DKUKXQGHUWXQGEHI|UGHUWGXUFKGLH5H]HSWLRQGHV 

)U ]DKOUHLFKH 7H[WEHOHJH LQ GHQHQ DOV 7XJHQGHQ YHUNOHLGHWH /DVWHU DQDO\VLHUW XQG GHPDVNLHUWZHUGHQ²LQVEHVRQGHUHDXFKGLH+DEJLHU²YJO1HZKDXVHU    =XP 9HUKlOWQLV XQG ]XU %HZHUWXQJ YRQ (LJHQ XQG *HPHLQQXW] LQ GHU )UKHQ 1HX]HLWYJO6FKXO]H  (LQHEHJULIIVJHVFKLFKWOLFKH8QWHUVXFKXQJGHVÅJHPHLQHQ 1XW]HQV´ILQGHWVLFKLQ+LEVW  =XP9HUKlOWQLVYRQÅ*HPHLQZRKO´XQG,QGL YLGXXP LQ YHUVFKLHGHQHQ 'LVNXUVHQ GHV 6SlWPLWWHODOWHUV YJO YRQ 0RRV      9JO6FKXO]H  GHUGLH7KHVHYHUWULWWGDVVLQ=HLWHQGHU5HVRXUFHQNQDSSKHLWGLH 8QWHURUGQXQJGHV(LJHQLQWHUHVVHVXQWHUGDV*HPHLQLQWHUHVVHYRUKHUUVFKHQGVHLZlK UHQGÅ|NRQRPLVFKH:DFKVWXPVSKDVHQ5DXPELHWHQNRQQWHQIUHLQH$XVGLIIHUHQ]LH UXQJGHUWUDGLHUWHQ9HUKDOWHQVYRUVFKULIWHQ´6FKXO]H  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

U|PLVFKHQ5HFKWVXQGGHUSROLWLVFKHQ6FKULIWHQGHV$ULVWRWHOHVVXN]HVVLYH GXUFKJHVHW]W'DEHLZDUHVJHPHLQKLQDQHUNDQQWGDVVGDV*HPHLQZRKO GHXWOLFKEHUGHP:RKOGHV(LQ]HOQHQDQ]XVLHGHOQLVW 'LHVH%HZHUWXQJHQWVSULFKWDOOHUGLQJVQLFKWRGHUQLFKWPHKUGHU5HD OLWlW 3RJJLRV 1LFKW XP HLQHV DQGHUHQ ZLOOHQ ² VHL HV GHV 6WDDWHV VHL HV HLQHV WUDQV]HQGHQWHQ :HUWHV ² VRQGHUQ XP GHV HLJHQHQ 9RUWHLOV ZLOOHQ QHKPHQ GLH 0HQVFKHQ 0KHQ DXI VLFK 'DVV GDV (UVWUHEHQ GHV HLJHQHQ 9RUWHLOVDOOHUGLQJVQLFKWLP:LGHUVSUXFK]XP*HPHLQZRKOVWHKHQPVVH ZDU HLQ *HGDQNH GHU LQ GHU WUDGLWLRQHOOHQ %HVWLPPXQJ YRQ (LJHQ XQG *HPHLQQXW] SDUDGR[ DQPXWHW ,Q GHU PLWWOHUHQ 5HGH IRUPXOLHUW 3RJJLR QXQJHQDXGLHVH3RVLWLRQGLH]XVHLQHU=HLWQRFKOlQJVWQLFKWEOLFKZDU GLHVLFKDEHULQGHU)UKHQ1HX]HLWGXUFKVHW]WXQGHWDEOLHUW'HU:LGHU VSUXFK]ZLVFKHQGHUWUDGLWLRQHOOHQ%HVWLPPXQJYRQ(LJHQXQG*HPHLQ ZRKOXQGGHQUHDOHQXQGHPSLULVFKEHREDFKWEDUHQ0RWLYHQGHU+DQGHOQ GHQZLUGYRQ3RJJLRDUWLNXOLHUW(UNDQQGLHVXQEHVFKDGHWWXQLQGHPHU HLQH OLWHUDULVFKH )RUP ZlKOW GLH GLH $UWLNXOLHUXQJ GLHVHV :LGHUVSUXFKV ]XOlVVWGLHGHVSDUDGR[HQ(QFRPLXPV 'HU *UXQGJHGDQNH GHU VLFK HUVWPDOV DUWLNXOLHUW QlPOLFK GDVV GDV 9HUIROJHQGHVHLJHQHQ9RUWHLOVGHP*HPHLQZHVHQ]XWUlJOLFKLVWOlVVWVLFK QLFKWPHKUDXVGHU:HOWVFKDIIHQ(UZLUGDEGHP-DKUKXQGHUWLPPHU KlXILJHU JHlX‰HUW VHW]W VLFK VFKOLH‰OLFK LP  -DKUKXQGHUW GXUFK XQG ZLUG ]X HLQHU *UXQGEHU]HXJXQJ GHV |NRQRPLVFKHQ 'HQNHQV $OV %HLVSLHO VHL KLHU $GDP 6PLWK DQJHIKUW GHU LQ VHLQHP :HUN 7KHRULH GHU HWKLVFKHQ*HIKOH  EHVFKUHLEWZLHGLHMHQLJHQGLHLKUHPHLJHQHQ9RUWHLO QDFKJHKHQ YRQ HLQHU ÅXQVLFKWEDUHQ +DQG´ JHOHLWHW ZHUGHQ VR GDVV VLH 

9JO+LEVW   ,P$XVJDQJYRQGHQDQWLNHQ7KHRULHQYRUDOOHPGHV$ULVWRWHOHVXQG&LFHURVILQGHW VLFKGLHVH9RUVWHOOXQJDXFKEHL7KRPDVYRQ$TXLQ6XPPD7KHRORJLDH,,,,TD Å4XDQWRDOLTXLGHVWFRPPXQLXVWDQWRPDJLVQHFHVVDULXPYLGHWXUHVVHHWPHOLXV>@ ERQXPPXOWLWXGLQLVGLYLQLXVHVWTXDPERQXPXQLXV´9JODXFK6XPPDWKHRO,,,T D,,,,TD,,,,TD,,,,TD=XP%HJULIIGHVJHPHL QHQ1XW]HQVEHL7KRPDVYRQ$TXLQYJO+LEVW  ²=XP1RUPHQZDQGHO YRP*HPHLQZRKOKLQ]XP(LJHQQXW]YJO6FKXO]H    6R HWZD  YRQ .RQUDG 3HXWLQJHU LQ HLQHP *XWDFKWHQ LQ GHP HU GLH 9RUZUIH JHJHQ0RQRSROJHVHOOVFKDIWHQHQWNUlIWHWÅ,WHPRPQHVWDPHFFOHVLDVWLFLTXDPVDHFXOD UHVRPQLXPVWDWXXPHWJHQHUDFLRQXPVLYHVLQWSULQFLSHVGRPLQLQRELOHVFLYHVPHU FDWRUHVLQVWLWRUHVDUWLILFHVUXVWLFLHWTXLFXPTXHDOLLQXOORLXUHVXQWSURKLELWLVHGLWDUH HWGLYLWHVILHULYHOFXPERQLVVXLVOXFUDULVLFHWXWLOLWDWHPSURSULDPIRYHUHVDOWHPKR QHVWH4XRGHWRPQLEXVUHJQLVSURYLQFLLVHWSRWHQWDWLEXVDGFRPPRGLWDWHPSXEOLFDP HWSULYDWDPDFFHGLWHWHFLDPLQWHUVLWUHLSXEOLFDHORFXSOHWHVKDEHUHVXEGLWRV´3HXWLQ JHUV*XWDFKWHQLVWDEJHGUXFNWLQ&OHPHQV%DXHU&RQUDG3HXWLQJHUV*XWDFKWHQ]XU0RQR SROIUDJH(LQH8QWHUVXFKXQJ]XU:DQGOXQJGHU:LUWVFKDIWVDQVFKDXXQJHQLP=HLWDOWHUGHU5HIRUPD WLRQLQ=HLWVFKULIWIU5HIRUPDWLRQVJHVFKLFKWH  XQG  =XU %HZHUWXQJ GHV 6HOEVWLQWHUHVVHV LP |NRQRPLVFKHQ 'HQNHQ YRQ 0DQGHYLOOH ELV 6PLWKYJO5RPPHO   

'LH1W]OLFKNHLWSULYDWHU/DVWHUIUGLH$OOJHPHLQKHLW3RJJLR%UDFFLROLQL 

ÅRKQHHV]XEHDEVLFKWLJHQMDRKQHHV]XZLVVHQGDV,QWHUHVVHGHU*HVHOO VFKDIW´ I|UGHUQ XQG ÅGLH 0LWWHO ]XU 9HUPHKUXQJ GHU *DWWXQJ´ JHZlK UHQ8QGLQVHLQHP:HUN'HU:RKOVWDQGGHU1DWLRQHQ  IRUPXOLHUWHU GLH JUXQGOHJHQGH (LQVLFKWGDVV LP (LJHQQXW] GLH Å8UVDFKH XQG 4XHOOH´ GHV|IIHQWOLFKHQ:RKOVWDQGVOLHJH )UGLHDEVFKOLH‰HQGH'HXWXQJGHV'LDORJVHUJLEWVLFKDXVGHPELVKHU 'DUJHOHJWHQ)ROJHQGHV,QGHUJHVFKW]WHQ)RUPHLQHVSDUDGR[HQ(QFR PLXPHLQJHEHWWHWLQHLQHQNRQWURYHUVJHIKUWHQ'LDORJJHOLQJWHV3RJJLR HLQHQHXH$XIIDVVXQJGHV0HQVFKHQXQGVHLQHU7lWLJNHLW]XIRUPXOLHUHQ GLH DXI HLQHQ JUXQGOHJHQGHQ 1RUPHQZDQGHO YHUZHLVW :HU GHP (LJHQ QXW] IROJW LVW DXFK GHP *HPHLQZRKO ]XWUlJOLFK 'DEHL NDQQ 3RJJLR GLH $XIIDVVXQJ GHV $ULVWRWHOHVQXW]HQ GDVV *HOGHUZHUE DQ VLFK QLFKW ODVWHU KDIW LVW XQG GDVV EHVWLPPWH 7XJHQGHQ VLFK HUVW GXUFK GHQ %HVLW] YRQ *HOG DXVIKUHQ ODVVHQ 9RQ &LFHUR EHUQLPPW HU GLH 3HUVSHNWLYH GLH +DEJLHULQ+LQVLFKWDXIGDV*HPHLQZRKO]XNDONXOLHUHQ'RFK]XGLHVHQ $XIIDVVXQJHQ WULWW QRFK HLQ HQWVFKHLGHQGHV (OHPHQW KLQ]X QlPOLFK GLH VSH]LILVFKH 3HUVSHNWLYH GHU +XPDQLVWHQ GHQ UHDOHQ XQG HPSLULVFK ]X EHREDFKWHQGHQ 0HQVFKHQ LQ GDV =HQWUXP GHU 5HIOH[LRQHQ ]X VWHOOHQ 3RJJLRV 3HUVSHNWLYH GHQ 0HQVFKHQ QLFKW VR ]X EHWUDFKWHQ ZLH HU VHLQ VROOWHVRQGHUQZLHHUZLUNOLFKLVWVWHOOWGLHWUDGLWLRQHOOH%HVWLPPXQJGHV 

$GDP6PLWK7KHRULHGHUHWKLVFKHQ*HIKOH,9LQ6PLWK  I>HQJOÅ7KH\DUH OHGE\DQLQYLVLEOHKDQGWRPDNHQHDUO\WKHVDPHGLVWULEXWLRQRIWKHQHFHVVDULHVRIOLIH ZKLFKZRXOGKDYHEHHQPDGHKDGWKHHDUWKEHHQGHYLGHGLQWRHTXDOSRUWLRQVDPRQJ DOOLWVLQKDELWDQWVDQGWKXVZLWKRXWLQWHQGLQJLWZLWKRXWNQRZLQJLWDGYDQFHWKHLQ WHUHVW RI WKH VRFLHW\ DQG DIIRUG PHDQV WR WKH PXOWLSOLFDWLRQ RI WKH VSHFLHV´ 6PLWK D I@²9JODXFK6PLWK$Q,QTXLU\LQWRWKH1DWXUHDQGWKH:HDOWKRI1DWLRQV,9 Å%\SXUVXLQJKLVRZQLQWHUHVWKHIUHTXHQWO\SURPRWHVWKDWRIWKHVRFLHW\PRUHHI IHFWXDOO\WKDQZKHQKHUHDOO\LQWHQGVWRSURPRWHLW,KDYHQHYHUNQRZQPXFKJRRG GRQHE\WKRVHZKRDIIHFWHGWRWUDGHIRUWKHSXEOLFJRRG´6PLWK E   9JO6PLWK    9JO 3RJJLR 'H DYDULWLD ÅTXL HQLP VXQW LVWL TXL SXEOLFXP TXDHUDQW ERQXP VHSRVLWR SULYDWRHPROXPHQWR"(JR!DGKXQFGLHPQHPLQHPFRJQRYLTXLQVXXPSUDHIHUUHW VL LG TXLGHP SRVVHW LPSXQH 'LFXQWXU HLXVPRGL QRQQXOOD D SKLORVRSKLV GH SUDHSR QHQGDXWLOLWDWHFRPPXQLPDJLVDSWDGLVSXWDQGLVROHUWLDHTXDPYHULWDWLVHGYLWDPRUWD OLXPQRQHVWH[LJHQGDQRELVDGVWDWHUDPSKLORVRSKLDHFRQVXHWXPHVWHWFRPPXQLXVX FRQFHVVXP DWTXH DE LVSLXV RUELV RUWX IDFWLWDWXP XW PDJLV DIILFLDPXU SURSULLV TXDP FRPPXQLEXVUHEXVTXRGLGHPIDWHELPXURPQHVQLVLPDOLPXVPDJQLILFDORTXLTXDP FRQVXHWD´3RJJLR   'LHVHU*UXQGVDW]GHUVLFKDXFK EHL0DFKLDYHOOLILQGHWZLUG]XHLQHP7RSRVLQGHU IUKQHX]HLWOLFKHQ 0RUDOSKLORVRSKLH XQG ]XJOHLFK ]X HLQHU $EJUHQ]XQJVP|JOLFKNHLW GHUHLJHQHQLQWHOOHNWXHOOHQ/HLVWXQJHQYRQGHQYRUKHULJHQYJO0DFKLDYHOOL,OSULQFLSH &DS;9ÅPDVHQGRO·LQWHQWRPLRVFULYHUHFRVDXWLOHDFKLODLQWHQGHPLqSDUVRSL~ FRQYHQLHQWH DQGDUH GULHWR DOOD YHULWj HIIHWWXDOH GHOOD FRVD FKH DOOD LPPDJLQD]LRQH GL HVVD´ 0DFKLDYHOOL    0DQGHYLOOH 7KH )DEOH RI WKH %HHV Å2QH RI WKH JUHDWHVW 5HDVRQVZK\VRIHZ3HRSOHXQGHUVWDQGWKHPVHOYHVLVWKDWPRVW :ULWHUVDUHDOZD\V WHDFKLQJ 0HQ ZKDW WKH\ VKRXOG EH DQG KDUGO\ HYHU WURXEOH WKHLU +HDGV ZLWK WHOOLQJ

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

9HUKlOWQLVVHVYRQ(LJHQXQG*HPHLQZRKOUDGLNDOLQ)UDJH'LHVHUOHW]WH =XJYHUOHLKWGHU5HGHIUGLH+DEJLHU²WURW]GHUDEVFKOLH‰HQGHQ:LGHUOH JXQJGXUFKGLHOHW]WH5HGH²HLQHVFKODJHQGHhEHU]HXJXQJVNUDIW*HJHQ GLH$UJXPHQWHGLHIUGLH+DEJLHUYRUJHEUDFKWZXUGHQNDQQ$QGUHDQXU GLH WUDGLWLRQHOOHQ $UJXPHQWH ZLHGHUKROHQ GLH EHUHLWV LQ GHU HUVWHQ 5HGH JHQDQQWZXUGHQ:DVDUJXPHQWDWLYGDUEHUKLQDXVJHKWKDWQLFKWPHKUDQ GHU $QDO\VH XQG 'HXWXQJ GHV HPSLULVFK EHREDFKWEDUHQ +DQGHOQV WHLO $QGUHD EHVFKZ|UW QRFK HLQPDO GLH DOWH FKULVWOLFKH 'HXWXQJ GHU +DEJLHU DOV+DXSWODVWHUXQG8UVSUXQJDOOHU6QGH'LHVLVW]ZDUUKHWRULVFKHIIHN WLY NDQQ DEHU VDFKOLFK GLH DQJHIKUWHQ $UJXPHQWH QLFKW DXV GHU :HOW UlXPHQ3RJJLRKDWPLWVHLQHP'LDORJGLH'LVNUHSDQ]]ZLVFKHQWUDGLWLR QHOOHQ:HUWYRUVWHOOXQJHQXQGHPSLULVFK]XEHREDFKWHQGHP+DQGHOQXQG 7XQ GHU0HQVFKHQ DUWLNXOLHUW 'DPLW KDW HU HLQ 3UREOHP GDV GLH PRUDO SKLORVRSKLVFKH 5HIOH[LRQ ELV LQ GDV  -DKUKXQGHUW KLQHLQ EHVFKlIWLJHQ ZLUGVLFKWEDUJHPDFKW

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV /RUHQ]R9DOODV  'LDORJ 9RQGHU/XVWRGHUYRPZDKUHQ*XWHQ 9RUDXVVHW]XQJHQ 'LH3UREOHPODJH :HQQGLH2ULHQWLHUXQJDQSDJDQHQ(WKLNNRQ]HSWHQGD]XIKUWHLQH3RVL WLRQ]XHUP|JOLFKHQZLHVLH3RJJLRLQ'HDYDULWLDIRUPXOLHUWKDWVRVWHOOW VLFKGLH)UDJHZDVPDQGLHVHUDQGLHVHP7H[WVLFKWEDUJHZRUGHQHQ9HU XQVLFKHUXQJ E]Z GLHVHP 9HUOXVW DQ HWKLVFKHQ 1RUPHQ HQWJHJHQVHW]HQ N|QQWHXQGZLHPDQHWKLVFKHV9HUKDOWHQUHWWHQXQGQHXEHJUQGHQN|QQ WH8PQLFKWVZHQLJHUDOVXPHLQHVROFKH%HJUQGXQJGHU(WKLNEHPKW VLFK/RUHQ]R9DOODZHQQHUHVLQVHLQHP'LDORJ'HYROXSWDWHVLYHGHYHURERQR XQWHUQLPPWGLH*UXQGIUDJHZDUXPZLUHWKLVFKKDQGHOQVROOWHQQHX]X EHDQWZRUWHQ (U PDFKW GLHV DXI GHU *UXQGODJH XQG PLW GHQ 0LWWHOQ GHV KXPDQLVWLVFKHQ'HQNHQVVHOEVW

WKHPZKDWWKH\UHDOO\DUH´0DQGHYLOOH  ,6SLQR]D 7UDFWDWXVSROLWLFXV,† Å+RPLQHV QDPTXH QRQ XW VXQW VHG XW HRVGHP HVVH YHOOHQW FRQFLSLXQW´ 6SLQR]D    'DPLWWHLOHLFKGLH$XIIDVVXQJYRQ/HWL]LD3DQL]]DGLH9DOODV*UXQGIUDJHDOV:K\EH HWKLFDO"IRUPXOLHUWKDWYJO3DQL]]D  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

9HUKlOWQLVVHVYRQ(LJHQXQG*HPHLQZRKOUDGLNDOLQ)UDJH'LHVHUOHW]WH =XJYHUOHLKWGHU5HGHIUGLH+DEJLHU²WURW]GHUDEVFKOLH‰HQGHQ:LGHUOH JXQJGXUFKGLHOHW]WH5HGH²HLQHVFKODJHQGHhEHU]HXJXQJVNUDIW*HJHQ GLH$UJXPHQWHGLHIUGLH+DEJLHUYRUJHEUDFKWZXUGHQNDQQ$QGUHDQXU GLH WUDGLWLRQHOOHQ $UJXPHQWH ZLHGHUKROHQ GLH EHUHLWV LQ GHU HUVWHQ 5HGH JHQDQQWZXUGHQ:DVDUJXPHQWDWLYGDUEHUKLQDXVJHKWKDWQLFKWPHKUDQ GHU $QDO\VH XQG 'HXWXQJ GHV HPSLULVFK EHREDFKWEDUHQ +DQGHOQV WHLO $QGUHD EHVFKZ|UW QRFK HLQPDO GLH DOWH FKULVWOLFKH 'HXWXQJ GHU +DEJLHU DOV+DXSWODVWHUXQG8UVSUXQJDOOHU6QGH'LHVLVW]ZDUUKHWRULVFKHIIHN WLY NDQQ DEHU VDFKOLFK GLH DQJHIKUWHQ $UJXPHQWH QLFKW DXV GHU :HOW UlXPHQ3RJJLRKDWPLWVHLQHP'LDORJGLH'LVNUHSDQ]]ZLVFKHQWUDGLWLR QHOOHQ:HUWYRUVWHOOXQJHQXQGHPSLULVFK]XEHREDFKWHQGHP+DQGHOQXQG 7XQ GHU0HQVFKHQ DUWLNXOLHUW 'DPLW KDW HU HLQ 3UREOHP GDV GLH PRUDO SKLORVRSKLVFKH 5HIOH[LRQ ELV LQ GDV  -DKUKXQGHUW KLQHLQ EHVFKlIWLJHQ ZLUGVLFKWEDUJHPDFKW

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV /RUHQ]R9DOODV  'LDORJ 9RQGHU/XVWRGHUYRPZDKUHQ*XWHQ 9RUDXVVHW]XQJHQ 'LH3UREOHPODJH :HQQGLH2ULHQWLHUXQJDQSDJDQHQ(WKLNNRQ]HSWHQGD]XIKUWHLQH3RVL WLRQ]XHUP|JOLFKHQZLHVLH3RJJLRLQ'HDYDULWLDIRUPXOLHUWKDWVRVWHOOW VLFKGLH)UDJHZDVPDQGLHVHUDQGLHVHP7H[WVLFKWEDUJHZRUGHQHQ9HU XQVLFKHUXQJ E]Z GLHVHP 9HUOXVW DQ HWKLVFKHQ 1RUPHQ HQWJHJHQVHW]HQ N|QQWHXQGZLHPDQHWKLVFKHV9HUKDOWHQUHWWHQXQGQHXEHJUQGHQN|QQ WH8PQLFKWVZHQLJHUDOVXPHLQHVROFKH%HJUQGXQJGHU(WKLNEHPKW VLFK/RUHQ]R9DOODZHQQHUHVLQVHLQHP'LDORJ'HYROXSWDWHVLYHGHYHURERQR XQWHUQLPPWGLH*UXQGIUDJHZDUXPZLUHWKLVFKKDQGHOQVROOWHQQHX]X EHDQWZRUWHQ (U PDFKW GLHV DXI GHU *UXQGODJH XQG PLW GHQ 0LWWHOQ GHV KXPDQLVWLVFKHQ'HQNHQVVHOEVW

WKHPZKDWWKH\UHDOO\DUH´0DQGHYLOOH  ,6SLQR]D 7UDFWDWXVSROLWLFXV,† Å+RPLQHV QDPTXH QRQ XW VXQW VHG XW HRVGHP HVVH YHOOHQW FRQFLSLXQW´ 6SLQR]D    'DPLWWHLOHLFKGLH$XIIDVVXQJYRQ/HWL]LD3DQL]]DGLH9DOODV*UXQGIUDJHDOV:K\EH HWKLFDO"IRUPXOLHUWKDWYJO3DQL]]D  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



/RUHQ]R9DOODLQ5RPJHERUHQHUKlOWHEHQGRUWVHLQH(OHPHQ WDUDXVELOGXQJ(LQ8QLYHUVLWlWVVWXGLXPQDFKGHU6FKOLH‰XQJGHU8QLYHUVL WlW LQ 5RP DXFK QLFKW OHLFKW ]XJlQJOLFK DEVROYLHUW HU QLFKW HU HUKlOW MH GRFK8QWHUVWW]XQJEHLP(UOHUQHQGHUODWHLQLVFKHQ6SUDFKHYRQ/HRQDU GR%UXQLGHUVLFK]XGLHVHU=HLWDOV*HVDQGWHULQ5RPDXIKlOWXQGLQGHU JULHFKLVFKHQ6SUDFKHYRQ*LRYDQQL$XULVSDXQG5LQXFFLRGD&DVWLJOLRQH 'XUFK VHLQHQ 2QNHO GHQ DSRVWROLVFKHQ 6HNUHWlU 0HOFKLRU 6FULYDQL PLW GHQKXPDQLVWLVFKHQ.UHLVHQLQ5RPEHNDQQWJHPDFKWOHUQW9DOODGDUEHU KLQDXVDXFK3RJJLR%UDFFLROLQLXQG$QWRQLR%HFFDGHOOLNHQQHQ'LHVHU U|PLVFKH .RQWH[W DOVR ]X GHP VRZRKO %UXQL PLW VHLQHU 5H]HSWLRQ GHU 1LNRPDFKLVFKHQ(WKLNDOVDXFK3RJJLRPLWVHLQHP'LDORJ'HDYDULWLDVRZLH $QWRQLR%HFFDGHOOLJHQDQQW3DQRUPLWDXQG9HUIDVVHUGHV+HUPDSKURGLWXV JHK|UHQ ELOGHW GHQ LQWHOOHNWXHOOHQ +LQWHUJUXQG IU 9DOODV 'LDORJ 'H YROXSWDWH 'HU 'LDORJ LQ HLQHU HUVWHQ )DVVXQJ EHUHLWV  QLHGHUJH VFKULHEHQ ZLUG YRQ 9DOOD LQ VSlWHUHQ -DKUHQ QRFK ]ZHLPDO EHUDUEHLWHW ZREHLGLHDUJXPHQWDWLYH*UXQGVWUXNWXUGHV7H[WHVHUKDOWHQEOHLEW :LH OlVVW VLFK GLH 3UREOHPODJH PLW GHU VLFK 9DOOD NRQIURQWLHUW VLHKW XQG IU GLH HU QDFK HLQHU /|VXQJ VWUHEW JHQDXHU EHVFKUHLEHQ" 9RQ GHQ 6SDQQXQJHQ XQG :LGHUVSUFKHQ GLH GHU KXPDQLVWLVFKHQ 0RUDOSKLORVR SKLH VFKRQ YRQ LKUHQ $QIlQJHQ KHU LPPDQHQW VLQG VFKHLQHQ GUHL IU 

9JO.H‰OHU  9,,I =X $QWRQLR %HFFDGHOOLV   HURWLVFKHP :HUN +HUPDSKURGLWXV LQ GHP DOOH /LHEHVDUWHQ HUOlXWHUW XQG EHVFKULHEHQ ZHUGHQ YJO 3DQRUPLWD   XQG %HFFDGHOOL    1LFKWQXUGLH,GHHVRQGHUQDXFK GHUJU|‰WH7HLOGHU1LHGHUVFKULIWGHV'LDORJVIlOOW EHUHLWVLQGLHVH=HLWGHU-DKUH9DOODVLQ5RPE]ZLQ3LDFHQ]DZRHUVLFKZHJHQ HLQHU (UEVFKDIWVDQJHOHJHQKHLW DXIKlOW EHYRU HU QDFK 3DYLD EHUVLHGHOW XP GRUW LP :LQWHUVHPHVWHUHLQH3URIHVVXUIU5KHWRULN]XEHUQHKPHQ9JO.H‰OHU   ;3DQL]]D/RUFK  ;;;,;;;,9)XELQL  ²=XGHPLQWHOOHNWXHOOHQ .RQWH[W9DOODVLQ5RPYJODXVIKUOLFKHU)RLV    'LH HUVWH 9HUVLRQ GHV 'LDORJV PLW GHP 7LWHO'H YROXSWDWH VFKUHLEW 9DOOD  QLHGHU 9DOOD EHUDUEHLWHW GHQ 'LDORJ ]X HLQHU ]ZHLWHQ )DVVXQJ GLH  DEJHVFKORVVHQ LVW XQGlQGHUWGHQ7LWHOLQ'HYHURERQR6SlWHU]ZLVFKHQXQGEHUDUEHLWHWHU GLHVH9HUVLRQQRFKHLQPDO'HU8QWHUVFKLHG]ZLVFKHQGHQ9HUVLRQHQEHVWHKWYRUDO OHPLQGHU$XVZDKOGHU6SUHFKHUILJXUHQXQGLQGHP2UWDQGHPGHU'LDORJVWDWWILQ GHW ,Q GHU XUVSUQJOLFKHQ 9HUVLRQ ILQGHW GHU 'LDORJ LQ 5RP VWDWW /HRQDUGR %UXQL EHUQLPPW KLHU GHQ 3DUW GHV 6WRLNHUV 3DQRUPLWD GHQ GHV (SLNXUHHUV XQG 1LFFROz 1LFFROuGHQGHV9HUWHLGLJHUVGHV&KULVWHQWXPV,QGHU]ZHLWHQXQGGHUGULWWHQ9HUVLRQ ZlKOW9DOOD3DYLDDOV2UWDQGHP&DWRQH6DFFR0DIIHR9HJLRXQG$QWRQLRGD5KR GLHGUHL5HGHQEHUQHKPHQ'DUEHUKLQDXVHQWKlOWGLHHUVWH9HUVLRQHLQHQHLQOHLWHQ GHQ $EVDW] EHU GLH /XVW GHU VLFK LQ GHQ VSlWHUHQ 9HUVLRQHQ QLFKW PHKU ILQGHW ,Q GHQ'UXFNJLQJLQ3DULVGLHEHUDUEHLWHWH9HUVLRQPLWGHP7LWHO'HYROXSWDWHDFGH YHUR ERQR ² =X GHQ YHUVFKLHGHQHQ 6WXIHQ GHV 'LDORJV YJO 'H 3DQL]]D /RUFK LQ GHU (LQOHLWXQJ ]X GHU YRQ LKU NULWLVFK EHVRUJWHQ (GLWLRQ GHV 7H[WHV YJO 9DOOD   ;;;/9,, ² (LQH DXVIKUOLFKH ,QWHUSUHWDWLRQ GHV $XVWDXVFKHV GHU 6SUHFKHUILJXUHQ XQGEHUKDXSWGHUGLDORJLVFKHQ,QV]HQLHUXQJILQGHWVLFKEHL0OOHU   

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

9DOODEHVRQGHUVEHGHXWVDPJHZHVHQ]XVHLQ'XUFKVHLQHQ+DQJ]X=X VSLW]XQJHQ JHZLQQHQ GLHVH 3UREOHPH IU GLH 9DOOD LQ VHLQHP :HUN HLQH /|VXQJHQWZLFNHOWEHVRQGHUH'HXWOLFKNHLW6LHVHLHQNXU]VNL]]LHUW  7XJHQGPRUDOXQG5HDOLWlW 'LH)XQGLHUXQJGHU7XJHQGHWKLNVWRLVFKHURGHUDULVWRWHOLVFKHU3URYHQLHQ] LQGHUÄ1DWXU¶GHV0HQVFKHQIKUWDQJHVLFKWVGHVHPSLULVFK]XEHREDFK WHQGHQ WDWVlFKOLFKHQ 9HUKDOWHQV GHV 0HQVFKHQ ]X =ZHLIHOQ %HVRQGHUV GHXWOLFKZLUGGLHVLQGHUVWRLVFKHQ(WKLN1DFKJlQJLJHUVWRLVFKHU$QVLFKW VROOHGHU0HQVFKQXUVHLQHUYRQGHU1DWXUYRUJHJHEHQHQ6HOEVWHUKDOWXQJ FRQVHUYDWLR VXL  IROJHQ GD GLHV NRQVHTXHQWHUZHLVH ]X HLQHP WXJHQGKDIWHQ /HEHQ IKUHQ ZUGH 'HQQ GD GLH HLJHQWOLFKH 1DWXU GHV 0HQVFKHQ LQ VHLQHU9HUQXQIWEHVWHKHHUKDOWHHUVHLQH1DWXUGDGXUFKGDVVHUVLFKP|J OLFKVWYHUQQIWLJYHUKlOW8QGDXFKIU$ULVWRWHOHVLVWGDVHWKLVFKH9HU KDOWHQGHV0HQVFKHQLQGHU1DWXUEHJUQGHWDOOHVWUHEHQYRQ1DWXUDXV QDFKGHP*XWHQZHOFKHVVLFKIHUQHUDOVÄ*OFNVHOLJNHLW¶FKDUDNWHULVLHUHQ ODVVH )U GHQ 0HQVFKHQ QXQ OLHJH GLH *OFNVHOLJNHLW LQ GHU VSH]LILVFK PHQVFKOLFKHQ7lWLJNHLW QlPOLFK GLH GHU 6HHOH XQG ]ZDU LQ GHQ ÅWXJHQG JHPl‰HQ 7lWLJNHLWHQ´ GHU 6HHOH 0DFKW GHU 0HQVFK VLFK VHLQH HLJHQH 1DWXU XQG %HVWLPPXQJ EHZXVVW VR PVVWH HU NRQVHTXHQWHUZHLVH DXFK YRQVLFKDXFKWXJHQGKDIWZHUGHQZROOHQ 'LHVHSUREOHPORVH$EOHLWXQJGHVPRUDOLVFKHQ+DQGHOQVDXVGHU1DWXU GHV0HQVFKHQVWLPPWQXQDEHURIIHQVLFKWOLFKQLFKWPLWGHUEHREDFKWED UHQ 5HDOLWlW EHUHLQ GHU VLFK GLH +XPDQLVWHQ PLW EHVRQGHUHU $XIPHUN VDPNHLW ]XZHQGHQ 'HQQ GLH VR JHQDQQWH 1DWXU IKUW GHQ 0HQVFKHQ ZHGHU QRWZHQGLJ ]XU 9HUQXQIW QRFK ]XP WXJHQGKDIWHQ +DQGHOQ *DQ] RIIHQVLFKWOLFKODVVHQVLFKGLH0HQVFKHQKlXILJYRQJDQ]DQGHUHQ0RWLYHQ OHLWHQ ZRKLQ LKUH 1DWXU WHQGLHUW LVW DOOHV DQGHUH DOV IHVWJHOHJW XQG ]XP PRUDOLVFKHQ 9HUKDOWHQ VFKHLQW HV HLQ ODQJHU :HJ ]X VHLQ GHU VLFK QLFKW HLQIDFK XQG SUREOHPORV YRQ VHOEVW HUJLEW 'LHVH 3UREOHPDWLN HQWZLFNHOW 9DOODDQKDQGGHUHUVWHQ5HGH  'DV'LOHPPDGHU1W]OLFKNHLW ,Q $EJUHQ]XQJ YRQ GHU VFKRODVWLVFKHQ 0RUDOSKLORVRSKLH KDEHQ GLH +X PDQLVWHQ GLH 1W]OLFKNHLW HWKLVFKHU 0D[LPHQ XQG 9RUVFKULIWHQ SURSD JLHUW =XJOHLFK KDEHQ VLH GDV 1W]OLFKH DOV .ULWHULXP IU GHQ :HUW HWKL VFKHU +DQGOXQJHQ UHKDELOLWLHUW 'RFK ZHQQ EHVWLPPWHQ %HJULIIHQ XQG +DQGOXQJHQ NHLQ DOOJHPHLQHU :HUW ]XJUXQGH OLHJW VRQGHUQ GLHVHU :HUW QXUGDQQYRUOLHJWZHQQGLHVH%HJULIIHRGHU+DQGOXQJHQHLQHQ1XW]HQIU  

9JO&LFHUR'HILQLEXVERQRUXPHWPDORUXP,,, 9JO$ULVWRWHOHV1LNRPDFKLVFKH(WKLN,DD

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



GHQ (LQ]HOQHQ KDEHQ GDQQ ZLUG GHU LQGLYLGXHOOH 1XW]HQ ]XP DOOHLQLJHQ .ULWHULXPIUGLH%HXUWHLOXQJHWKLVFKHU+DQGOXQJHQ'DVVGLHVHULQGLYLGX HOOH 1XW]HQ VLFK QXQ DQ QLFKWV ZHLWHUHP EHPLVVW DOV DQ GHP HLJHQHQ *OFN XQG GDPLW DQ GHU HLJHQHQ /XVW LVW HLQH .RQVHTXHQ] GLH 9DOOD LQ DOOHU5DGLNDOLWlWLQGHU]ZHLWHQ5HGHDXI]HLJW  'LH/HJLWLPLWlWGHUFKULVWOLFKHQ0RUDO 'RFKJHVHW]WGLHEHLGHQHUVWHQ3UREOHPHIlQGHQHLQH/|VXQJ²GLHLQGHU 1DWXU IXQGLHUWH7XJHQGHWKLN ZUGH DXVUHLFKHQ XP GDV HWKLVFKH 9HUKDO WHQ GHU 0HQVFKHQ ]X EHVWLPPHQ XQG ]X UHJHOQ ZLH HV HWZD %UXQL PLW VHLQHU5H]HSWLRQGHUDULVWRWHOLVFKHQ0RUDOSKLORVRSKLHQDKHJHOHJWKDWXQG GLHDXVGHU2ULHQWLHUXQJDP1XW]HQHQWVWHKHQGHQPRUDOLVFKHQ'LOHPPD WDZUGHQJHO|VWZHUGHQ²VRHUJLEWVLFKGDUDXVQRFKHLQ²IU9DOOD²YLHO EHGHXWVDPHUHV 3UREOHP QlPOLFK GLH )UDJH QDFK GHP 6LQQ GHV FKULVWOL FKHQ *ODXEHQV :HQQ GHU 0HQVFK HLQ HWKLVFK ULFKWLJHV /HEHQ KLHU DXI (UGHQIKUHQN|QQWHZR]XEUlXFKWHHUGDQQQRFKGLH(UO|VXQJ*RWWHV" :HQQ DOOHU /RKQ IU GLH 7XJHQG VLFK LP 9ROO]XJ GHU 7XJHQG DXV]DKOW ZR]XGDQQQRFKHLQHMHQVHLWLJH%HORKQXQJDQQHKPHQ"'DV&KULVWHQWXP ZlUHKLHUPLWREVROHW'LHVHQ6FKOXVVPDJGHUHLQHRGHUDQGHUH+XPDQLVW LP6WLOOHQIUVLFKVFKRQJH]RJHQKDEHQ9DOODVHOEHU+XPDQLVWXQGJH OHKUW LQ GHQ NODVVLVFKHQ 6SUDFKHQ MHGRFK VLHKW KLHULQ HLQH *HIDKU XQG PDFKW VLFK DQKHLVFKLJ GLHVHU *HIDKU RIIHQVLY ]X EHJHJQHQ 'DVV LKP GDEHL GLH WUDGLWLRQHOOH FKULVWOLFKH /|VXQJ GHU 3UHGLJW YRQ 9HU]LFKW DOOHLQ QLFKW ZHLWHUKHOIHQ ZLUG LVW VLFK 9DOOD EHZXVVW XQG VR HQWZLFNHOW HU HLQH QHXH6WUDWHJLHYRPFKULVWOLFKHQ*ODXEHQ]XEHU]HXJHQ'LHVOHLVWHW9DOOD YRUDOOHPPLWGHUGULWWHQ5HGH 'LHVHGUHLVSH]LILVFKHQ3UREOHPHGLHGXUFKGLHPRUDSKLORVRSKLVFKHQ 5HIOH[LRQHQGHU+XPDQLVWHQDOOHUHUVWGHXWOLFKJHZRUGHQVLQGQlPOLFK   GLH 'LYHUJHQ] YRQ5HDOLWlWXQG SKLORVRSKLVFKHU/HKUH   GLH )ROJH GHV /XVWSULQ]LSV DXV GHU 2ULHQWLHUXQJ DP 1W]OLFKHQ XQG VFKOLH‰OLFK   GLH *HIlKUGXQJGHVFKULVWOLFKHQ*ODXEHQVGXUFKGLHSDJDQHQ(WKLNNRQ]HSWH YHUVXFKW9DOODLQVHLQHP'LDORJGXUFKGHQ5HNXUVDXIGHQHSLNXUHLVFKHQ /XVWEHJULII ]X O|VHQ 'D GLHV DOOHV DQGHUH DOV VHOEVWYHUVWlQGOLFK LVW VHL ]XQlFKVW EHYRU GHU 7H[W VHOEVW DQDO\VLHUW ZLUG HLQ NXU]HU %OLFN DXI GLH YRQ9DOODYHUZHQGHWHQ4XHOOHQXQG9RUODJHQHUODXEW 9DOODV4XHOOHQXQG9RUODJHQ 9DOOD QXW]W GLH HSLNXUHLVFKH $QVLFKW GLH /XVW VHL GDV K|FKVWH *XW ]XU :LGHUOHJXQJGHUVWRLVFKHQ3RVLWLRQ(UQXW]WVLHDEHUDXFKXPHWKLVFKHV 9HUKDOWHQ GDV LP FKULVWOLFKHQ 'HQNHQ IXQGLHUW LVW ]X EHJUQGHQ :DV

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

GLHVEHGHXWHWVHLQDFKGHP'XUFKJDQJGXUFKGHQ7H[WQlKHUEHWUDFKWHW +LHUVHLMHGRFKGLH)UDJHHUODXEWZLH9DOODGD]XNRPPWGLH/XVWGHUDUW LQV=HQWUXPVHLQHV'LDORJVEHU0RUDOSKLORVRSKLH]XVWHOOHQXQGZHOFKH 4XHOOHQXQG9RUELOGHULKPIUGLHVHV9RUJHKHQ]XU9HUIJXQJVWDQGHQ (QWJHJHQGHUDXIGHQHUVWHQ%OLFNQDKHOLHJHQGHQ$QQDKPHGXUFKLQ GHU5HQDLVVDQFHQHXHQWGHFNWH4XHOOHQWH[WHVHL9DOODHLQHQHXH5H]HSWLRQ GHV (SLNXU HUP|JOLFKW ZRUGHQ KDW (FNKDUG .H‰OHU EHU]HXJHQG GDUJH OHJWGDVV9DOODGLHLQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVQHXDXIJHIXQ GHQHQ7H[WHQRFKQLFKWQXW]HQNRQQWH=ZDUKDWWH3RJJLRLQGHP .ORVWHUYRQ6W*DOOHQHLQH+DQGVFKULIWYRQ/XNUH]·'HUHUXPQDWXUDHQW GHFNW GRFK EOLHE GLHVHU 7H[W GLH QlFKVWHQ GUHL]HKQ -DKUH EHL 1LFFROz 1LFFROLXQWHU9HUVFKOXVV$XFKGLHhEHUVHW]XQJGHV:HUNHVGHV'LRJHQHV /DHUWLXV GDV LP  %XFK HLQH 'DUVWHOOXQJ GHU 3KLORVRSKLH GHV (SLNXU HQWKlOWGLH$PEURJLR7UDYHUVDULIHUWLJVWHOOWHNDPIU9DOODV'LDORJ ]XVSlW 9DOODZDUDOVRZDVVHLQH(SLNXUNHQQWQLVDQJHKWPLWDOOHU:DKUVFKHLQ OLFKNHLWDXIGLHEHUHLWVLP0LWWHODOWHUEHNDQQWHQ4XHOOHQDQJHZLHVHQDOVR KDXSWVlFKOLFKDXI&LFHUR6HQHFDXQG/DNWDQ]8QGGLHVHEHUPLWWHOQHLQ GXUFKDXV DPELYDOHQWHV %LOG :lKUHQG (SLNXU DXI GHU HLQHQ 6HLWH ZHJHQ GHU /HXJQXQJ GHU 3URYLGHQ] *RWWHV XQG GHU 8QVWHUEOLFKNHLW GHU 6HHOH VRZLHZHJHQGHU$QQDKPHGHU/XVWDOV.ULWHULXPIUGHQ:HUWPHQVFKOL FKHQ +DQGHOQV YRQ ]DKOUHLFKHQ 6FKULIWVWHOOHUQ EHNlPSIW XQG DQJHJULIIHQ ZXUGHZXUGHVHLQH/HKUHLQHLQHUHQWVFKlUIWHQ9HUVLRQZLHVLHYRUDOOHP GXUFK6HQHFDEHUOLHIHUWZXUGHXQGGLHVLFKYRUDOOHPDXIGDVYRUELOGOLFKH /HEHQ GHV 3KLORVRSKHQ VHOEVW VWW]WH DOV DN]HSWDEHO XQG VRJDU QDFKDK PHQVZHUWDQJHVHKHQ'LHVH$PELYDOHQ]GHUHSLNXUHLVFKHQ3KLORVRSKLH XQGDXFKLKUHVXEYHUVLYH6SUHQJNUDIW²ZDVHWZDGLH .ULWLNDP-HQVHLWV JODXEHQXQGGLHGDPLWHLQKHUJHKHQGH$XIZHUWXQJGHULUGLVFKHQ*OFNVH OLJNHLW EHWULIIW ² ZLUG DXFK ZlKUHQG GHV 0LWWHODOWHUV WURW] GHU JHULQJHQ 7H[WJUXQGODJHQLFKWXQWHUVFKlW]WXQGJHOHJHQWOLFKH[SOL]LWYHUXUWHLOW



=XU 5H]HSWLRQ GHV (SLNXUHLVPXV LQ GHU 5HQDLVVDQFH YJO -RQHV    -R\   .LPPLFK    0XOVRZ XQG 6FKPLW]    XQG 6FKPLW]    9JO.H‰OHU  ;;,9  3RVLWLYH5HIHUHQ]HQDXI(SLNXUXQGGHVVHQ/XVWEHJULIIILQGHQVLFKLP0LWWHODOWHUHWZD EHL -RKQ RI 6DOLVEXU\ YJO 3RO\FUDWLFXV 9,,,  LL   VLHKH GD]X YRQ 0RRV    XQG I  XQG EHL $EDLODUG YJO 'LDORJXV LQ $EDLODUG   I XQG I   6RZXUGHHWZDGHU6DW]Å4XRGIHOLFLWDVKDEHWXULQLVWDYLWDHWQRQLQDOLD´DOV6DW] YRP 3DULVHU %LVFKRI 7HPSLHU  YHUXUWHLOW 9JO GDV 'RNXPHQW PLW GHU hEHUVHW ]XQJ YRQ .XUW )ODVFK LQ )ODVFK    =XU %HGHXWXQJ (SLNXUV LP 0LWWHODOWHU YJO6WDELOH  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



:HQQ 9DOOD VLFK DOVR GDUDQ PDFKW HLQPDO GLH 5HLFKZHLWH XQG GDV hEHU]HXJXQJVSRWHQWLDO GHU HSLNXUHLVFKHQ 3RVLWLRQ DXI GHP *HELHW GHU 0RUDOSKLORVRSKLH ]X WHVWHQ VR LVW HU VLFK GHU *HIDKU XQG $PELYDOHQ] GLHVHV 9RUKDEHQV VLFKHUOLFK EHZXVVW $OOHUGLQJV LVW HU ZHGHU GHU HUVWH QRFKGHUHLQ]LJH$XWRUGHU5HQDLVVDQFHGHUVLFKPLW(SLNXUXQGGHVVHQ %HJULII GHU /XVW DXI GHU *UXQGODJH GHU EHNDQQWHQ 4XHOOHQ DXVHLQDQGHU VHW]W 6R KDW GHU 3DGXDQHU 5HFKWVJHOHKUWH XQG VSlWHUH %LVFKRI YRQ )OR UHQ])UDQFHVFR=DEDUHOODHLQHQ'LDORJLQGUHL7HLOHQPLWGHP7LWHO 'HIHOLFLWDWHYRUJHOHJW,PHUVWHQ'LDORJGHUZLHDXFKGLHEULJHQ]ZL VFKHQLKPVHOEVWXQGHLQHPGLVSXWDQVJHIKUWZLUGOHJWHUGLHHSLNXUHLVFKH 3RVLWLRQPLW%H]XJDXI&LFHURXQG6HQHFDGDU'HU3RVLWLRQGLH*OFNVH OLJNHLW IHOLFLWDV OLHJHLQGHUVLQQOLFKHQ/XVW YROXSWDV ZLGHUVSULFKWHUYHKH PHQW XQG VSULFKW VFKOLH‰OLFK DXFK (SLNXU YRQ HLQHU VROFKHQ $QVLFKW IUHL ,P ]ZHLWHQ 'LDORJ DUJXPHQWLHUW HU GDIU GDVV GLH *OFNVHOLJNHLW QLFKW LQ ZHOWOLFKHQ 'LQJHQ 5HLFKWXP bPWHU (KUHQ 6SHNXODWLRQ 7X JHQGKDIWLJNHLW OLHJH,PGULWWHQ%XFKVFKOLH‰OLFKOHJWHUGLHKLPPOLVFKH *OFNVHOLJNHLW EHDWLWXGRFRHOHVWLV GDUZREHLHUDXFKGLHVLQQOLFKHQ*HQVVH GHV 6HKHQV 5LHFKHQV XQG 6FKPHFNHQV EHKDQGHOW XQG DEVFKOLH‰HQG QRFKYLHU*HVFKHQNHEHQHQQWGLHGLH6HHOHQDFKLKUHP$EOHEHQHUKlOW 8PGDV-DKUDOVRHWZD]HLWJOHLFKPLW9DOODV.RQ]HSWLRQYRQ'H YROXSWDWH YHUIDVVW &RVPD 5DLPRQGL LQ )RUP HLQHV %ULHIHV DQ $PEURJLR 7LJQRVL HLQH 'HIHQVLR (SLFXUL LQ GHU HU GLH HSLNXUHLVFKH %HVWLPPXQJ GHU /XVW YROXSWDV DOVK|FKVWHV*XWJHJHQGLHDNDGHPLVFKHVWRLVFKHXQGSHUL SDWHWLVFKH3RVLWLRQ YHUWHLGLJW 'DEHLEHVSULFKW HU DXVIKUOLFK GLH )UHX GHQ GHU HLQ]HOQHQ 6LQQH XQG ZHLVW ZLHGHUKROW GDUDXI KLQ GDVV GHU 0HQVFKQLFKWQXUDXVVHLQHU6HHOHEHVWHKWVRQGHUQDXV.|USHUXQG6HHOH ]XVDPPHQJHVHW]WLVW 'LHVH7H[WHVRIHUQVLH9DOODGHQQ]XU.HQQWQLVJHQRPPHQKDWN|Q QHQ VHLQHQ 7H[W GXUFKDXV PRWLYLHUW KDEHQ 'LH $UJXPHQWDWLRQVVWUXNWXU GHV7H[WHVVFKHLQWDEHUHKHUGDUDXI]XYHUZHLVHQGDVVIU9DOODYRUDOOHP DQWLNH9RUODJHQDXVVFKODJJHEHQGZDUHQ,QGHU7DWKDWVLFK9DOODLP$XI         

+LHU ]LWLHUW QDFK GHU IROJHQGHQ $XVJDEH )UDQFLVFXV =DEDUHOOD 'H IHOLFLWDWH OLEUL WUHV 3DGXD =DEDUHOOD'HIHOLFLWDWH,9,Å([SOLFDWXU'RFWULQD(SLFXULHWHLXV,PSUREDWLRHWPXOWL SOH[GHWHVWDWLRYROXSWXRVRUXP´,Q=DEDUHOOD   (EG,9,,,Å5HGXFLWXU(SLFXUXVDGFRQFRUGLDPFXPDOLLV3KLORVRSKLV´(EG (EG,,,,,9,,HEG (EG,,,9,,,;HEG (EG,,,;,,HEG (LQHNULWLVFKH(GLWLRQGHV7H[WHVGLHDXIGHQYLHUEHNDQQWHQ+DQGVFKULIWHQEHUXKW ZXUGHYRQ'DYLHV  YRUJHOHJW 9JO'DYLHV  = 9JO'DYLHV  ====

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

EDXXQGLQGHU6WUXNWXUVHLQHV7H[WHVDQ]DKOUHLFKHQNODVVLVFKHQ$XWRUHQ RULHQWLHUWYRQGHQHQGLHZLFKWLJVWHQKLHUNXU]JHQDQQWVHLHQ 'HU$XIEDXGHV7H[WHVQlPOLFKMHZHLOVYHUVFKLHGHQHSKLORVRSKLVFKH 3RVLWLRQHQ]XU)UDJHQDFKGHPK|FKVWHQ*XWGDU]XVWHOOHQXQG]XZLGHU OHJHQlKQHOWDXIGHQHUVWHQ%OLFN&LFHURV'LDORJ'HILQLEXVERQRUXPHWPDOR UXP 'RFK LQ GLHVHP 7H[W ZLUG ]XQlFKVW GLH HSLNXUHLVFKH DOV GLH VFKZlFKVWH3RVLWLRQGDUJHVWHOOWDQVFKOLH‰HQGGLHVWRLVFKHXQGVFKOLH‰OLFK HLQH $UW DNDGHPLVFKSHULSDWHWLVFKH 3RVLWLRQ 'LHVH )UDJHVWHOOXQJ ² DOOHUGLQJV XQWHU FKULVWOLFKHQ 9RU]HLFKHQ ² ZXUGH YRQ $XJXVWLQXV DXIJH JULIIHQ ,Q VHLQHP 'LDORJ &RQWUD DFDGHPLFRV OlVVW HU ]ZHL SDJDQH 3KLORVR SKHQJHJHQHLQDQGHUDQWUHWHQXPGDQQGLHFKULVWOLFKH/|VXQJ]XSUlVHQ WLHUHQ 'LHVH 6WUXNWXU DQJHZHQGHW DXI GLH )UDJH QDFK GHP K|FKVWHQ *XWILQGHWVLFKDXFKLQHLQHP%ULHI$XJXVWLQXV·LQGHPHUGLHVWRLVFKH HSLNXUHLVFKH XQG QHXSODWRQLVFKH 3RVLWLRQ ]XP K|FKVWHQ *XW GDUOHJW :lKUHQGHUGLHVWRLVFKHPLWGHUHSLNXUHLVFKHQ3RVLWLRQDOVPLWHLQDQGHULP .DPSI EHILQGOLFK EHVFKUHLEW QlKHUW HU GLH QHXSODWRQLVFKH 3RVLWLRQ GHU FKULVWOLFKHQ/HKUHDQ %HLGHU:LGHUOHJXQJXQG'HVWUXNWLRQGHUDQWLNHQ(WKLNNRQ]HSWHYHU IROJW 9DOOD HLQH NRPSOL]LHUWH DEHU WUDGLWLRQVUHLFKH 6WUDWHJLH ZLH /HWL]LD 3DQL]]D EHU]HXJHQG QDFKZHLVHQ NRQQWH 6R YHUZHQGHW 9DOOD GLH 0H WKRGH GHU DNDGHPLVFKHQ 6NHSVLV GLH LKP GXUFK GLH :HUNH &LFHURV XQG 4XLQWLOLDQVEHNDQQWZDU'HQQGXUFKGLH0HWKRGHGHV6NHSWLNHUVHLQHQ YRUOLHJHQGHQ 6DFKYHUKDOW NRQWURYHUV GLVNXWLHUHQ XQG YRQ YHUVFKLHGHQHQ 6HLWHQ EHU]HXJHQG GDUOHJHQ ]X N|QQHQ ]HLFKQHW VLFK HLQ JXWHU 5HGQHU DXV 'LHVH 6WUDWHJLH EHVWHKW KDXSWVlFKOLFK GDULQ VLFK QLFKW GRJPDWLVFK HLQHU/HKUPHLQXQJ]XYHUVFKUHLEHQVRQGHUQMHGHV7KHPD3URXQG.RQW UD]XGLVNXWLHUHQVRGDVVGXUFKGDV$EZlJHQXQGGHQ9HUJOHLFKGHU$U JXPHQWHGLH:DKUKHLWE]Z8QZDKUKHLWVLFKWEDUZUGH 9DOODV+DXSWYRUELOGEHLGHU:LGHUOHJXQJGHUVWRLVFKHQXQGHSLNXUHL VFKHQ3KLORVRSKLHVFKHLQWDOOHUGLQJV/DNWDQ]JHZHVHQ]XVHLQ9RQGLHVHP EHUQLPPW HU QLFKW QXU GLH 6WUDWHJLH VRQGHUQ DXFK HLQHQ *UR‰WHLO GHU $UJXPHQWHWHLOZHLVHELVLQGLH:RUWZDKOXQG0HWDSKRULNKLQHLQ/DN WDQ]KDWWHHVVLFKLQGHQ'LYLQDH,QVWLWXWLRQHV²LQGHPHUVLFKZLHGHUXPDXI

     

&LFHUR   $XJXVWLQXV&RQWUD$FDGHPLFRVLQ3/ 9JO $XJXVWLQXV (SLVWROD  DQ 'LRVFRUXV JHVFKULHEHQ   YJO 3/   6LHKH GD]X0DUVK   9JO3DQL]]D   $OV+DXSWTXHOOHIUGLH DNDGHPLVFKH6NHSVLVJLOW&LFHURV$FDGHPLD=XU9HUEUHLWXQJ GHU6NHSVLVLQGHU5HQDLVVDQFHYJO6FKPLWW   )UGHWDLOOLHUWH1DFKZHLVHVLHKH3DQL]]D  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



GLH 0HWKRGH GHU DQWLNHQ 6NHSVLV EH]RJ ² ]XU $XIJDEH JHPDFKW GLH DQWLNHQHWKLVFKHQ3RVLWLRQHQQLFKWDOOHLQPLWGHU$XWRULWlWGHU%LEHOVRQ GHUQYRUDOOHPPLWGHQ0LWWHOQGHU3KLORVRSKLHVHOEVW]XZLGHUOHJHQGH QHQ VLFK DXFK GLH 8QJOlXELJHQ EHXJHQ PVVWHQ 'LHV JHOLQJW LKP LQ GHP HU GHQ JHQDQQWHQ 3RVLWLRQHQ ,QNRQVLVWHQ]HQ XQG :LGHUVSUFKH QDFKZHLVW ZRGXUFK VLH LKUH *ODXEZUGLJNHLW YHUOLHUHQ $XFK GLH 'DUOH JXQJHQGHUVWRLVFKHQXQGHSLNXUHLVFKHQ3RVLWLRQEHL9DOODZHUGHQGXUFK EHVWLPPWH 6WUDWHJLHQ LQGHP VLFK GLH 9HUWUHWHU GLHVHU 3RVLWLRQHQ VHOEVW ZLGHUVSUHFKHQE]ZEHU]HLFKQHWGDUJHVWHOOWZHUGHQDOVPDQJHOKDIWXQG XQYHUWUHWEDUYRUJHIKUW 'LHVH+LQZHLVHDXIP|JOLFKH4XHOOHQXQG9RUODJHQIU9DOODV'LDORJ VFKPlOHUQQLFKWGLH2ULJLQDOLWlWGHV7H[WHVGLHLP)ROJHQGHQQRFKGHXW OLFKKHUDXVJHDUEHLWHWZLUG6LHEHOHJHQDEHUGDVV9DOODPLWGHUSKLORVRSKL VFKHQ $XVHLQDQGHUVHW]XQJ EHU GHQ /XVWEHJULII YHUWUDXW LVW XQG VHLQHQ 7H[WH[SOL]LWLQHLQHQEHUHLWVEHVWHKHQGHQ'LVNXVVLRQVNRQWH[WSODW]LHUW /XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV $QDO\VHGHU$UJXPHQWDWLRQ 9DOODV'LDORJEHVWHKWDXVGUHL7HLOHQGHQHQMHZHLOVHLQ9RUZRUWYRUDQJH VWHOOWLVW=ZDUKDQGHOWHVVLFKGHUOLWHUDULVFKHQ)RUPQDFKXPHLQHQ'LD ORJDOOHUGLQJVEHVWHKWGHUJU|‰WH7HLOGHV7H[WHVDXVGUHL5HGHQGLHYRQ MHZHLOV HLQHP 6SUHFKHU YRUJHEUDFKW ZHUGHQ ,Q GHU HUVWHQ ZLUG GLH VWRL VFKH3RVLWLRQGDVK|FKVWH*XWOLHJHLP(KUHQYROOHQ KRQHVWXP YHUWUHWHQ LQGHU]ZHLWHQZLUGGLHYRUKHULJH3RVLWLRQZLGHUOHJWXQGGLHHSLNXUHLVFKH 3RVLWLRQ GDV K|FKVWH *XW OLHJH LQ GHU /XVW YROXSWDV  YHUWUHWHQ ,Q GHU GULWWHQ 5HGH VFKOLH‰OLFK ZHUGHQ GLH EHLGHQ YRUKHULJHQ 5HGHQ ZLGHUOHJW XQG DQVFKOLH‰HQG ZLUG GLH/XVW GHV &KULVWHQ DOV GDVK|FKVWH *XW GDUJH OHJW'LHGUHL5HGHQVLQGVWUHQJGXUFKNRPSRQLHUW9DOODIROJWLP$XIEDX GHU5HGHQGHQNODVVLVFKHQUKHWRULVFKHQ5HJHOQ



/DNWDQ]EHZXQGHUWH&LFHURXQG4XLQWLOLDQXQGZXUGHYRQLKUHQ:HUNHQVWDUNEHHLQ IOXVVW  /DNWDQ] 'LYLQDH ,QVWLWXWLRQHV 9    ÅQRQ HQLP VFULSWXUDH WHVWLPRQLLV TXDP LOOH XWLTXHYDQDPILFWDPFRPPHQWLFLDPSXWDEDWVHGDUJXPHQWLVHWUDWLRQHIXHUDWUHIHOOHQ GXV´/DFWDQFH  ,  (LQHGHWDLOOLHUWH$QDO\VHGHV$XIEDXVGHUGUHL5HGHQKDW'DYLG0DUVKYRUJHOHJWGHU GLHVHDXFKQDFKGHQJlQJLJHQUKHWRULVFKHQ%HJULIIHQLQHLQ6FKHPDJHEUDFKWKDWYJO 0DUVK   I ² =X GHQ DUJXPHQWDWLRQVWKHRUHWLVFKHQ %HPHUNXQJHQ GLH VLFK YHUVWUHXWLP'LDORJILQGHQYJODXVIKUOLFK.H‰OHU  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

9DOODV$EVLFKWXQG$XIJDEH 9DOOD EHVFKUHLEW VHLQH $EVLFKW PLW GLHVHP :HUN VHOEVW LP 9RUZRUW :LH VFKRQ 3HWUDUFD YRU LKP VR YHUVWHKW 9DOOD VHLQ :HUN LQ WKHUDSHXWLVFKHU 3HUVSHNWLYH (V JHKW LKP GDUXP GHQ VHHOLVFK .RUUXSWHQ XQG .UDQNHQ VHLQHVHLJHQHQ=HLWDOWHUVGHQÅYHUTXHUHQ*HLVWHUQ´ SUDYLLQJHQLL Å+HLOPLW WHO´ UHPHGLD DQ]XELHWHQ:HUVLQGQXQGLHVH.UDQNHQ"Å1LFKWHEHQZHQL JHVLQG·VXQGVLQG²EHVFKlPHQGHUQRFK²DOOHV*HELOGHWHEHLGHUHQ*H VSUlFKHQLFKVHOEVWRIW]XJHJHQZDU´'K9DOODZHQGHWVLFKPLWGLHVHP :HUNDQVHLQHHLJHQHQ=XQIWJHQRVVHQDQ%HNDQQWHXQG)UHXQGH:RULQ EHVWHKWQXQLKUH.UDQNKHLW",KUH.UDQNKHLWEHVWHKWGDULQGDVVVLHPRUD OLVFKIDOVFKRULHQWLHUWVLQGGDVLHGHU$QVLFKWVHLHQHLQHUHLQSDJDQH7X JHQGPRUDOZUGHDXVUHLFKHQXPHLQJXWHV/HEHQ]XIKUHQ9DOODLQGHV YHUVWHKWVLFKDOVHLQHQ.ULHJHUGHUPLWÅGHP:RUWH*RWWHV´DOVÅ6FKZHUW´ XQGGHPÅ6FKLOGGHV*ODXEHQV´IUÅGLH(KUH&KULVWL´VWUHLWHWXQGGHU VLFKGDUDQPDFKWGLHÅFKULVWOLFKH5HSXEOLN´]XYHUWHLGLJHQ(UVHW]WKLHU GLH6SUDFKHGHU+XPDQLVWHQGHQ5HNXUVDXIDQWLNH+HOGHQHWFQLFKWHLQ XPVLFKSROLWLVFK]XHQJDJLHUHQVRQGHUQXPÅXQVHUHGKGLHFKULVWOLFKH 5HSXEOLN]XYHUWHLGLJHQ´ 9DOODV 6WUDWHJLH EHVWHKW QXQ QLFKW GDULQ GLH 9HUWUHWHU SDJDQHU 7X JHQGOHKUHQYRQHLQHPFKULVWOLFKHQ6WDQGSXQNWDXVGRNWULQlU]XEHOHKUHQ ² GLHV KlWWHQ VFKRQ YLHO EHVVHU DOV HU VHOEVW EHUHLWV DQGHUH $XJXVWLQXV XQG /DNWDQ] HWZD JHPDFKW 'D VLFK GLH +XPDQLVWHQ DOV UHVLVWHQW JHJHQ VROFKH0HGL]LQHUZLHVHQKlWWHQZlKOWHUHLQHDQGHUH6WUDWHJLHHUVSULFKW LKUH6SUDFKHVHOEVWJUHLIWLKUH6WDQGSXQNWHDXIXQG]HLJWGHUHQ8QJHQ JHQ 1LFKW FKULVWOLFKH $UJXPHQWH ZHUGHQ YRUJHEUDFKW VRQGHUQ SKLORVR SKLVFKH VHOEVW GLH LQ LKUHU .RQVHTXHQ] ]HLJHQ ZHUGHQ VR 9DOODV hEHU ]HXJXQJGDVVGLHSDJDQHQ7XJHQGOHKUHQXQJHQJHQGVHLQHQ 8QGZlKUHQGMHQHYRQGHQHQLFKVSUDFKGHP$OWHUWXPGHQ+HLGHQPHLQHLFK HLQHVROFKH:LFKWLJNHLWEHLPHVVHQGDVVVLHGLHVHQDFKGUFNOLFKPLWDOOHQ7XJHQ GHQEHJDEWVHLQODVVHQZHUGHLFKLP*HJHQWHLONODUPDFKHQ²NHLQHVZHJVPLWXQ VHUQ$UJXPHQWHQVRQGHUQGHQHQLKUHUHLJHQHQ3KLORVRSKHQ²GDVVGDV+HLGHQ WXPEHUKDXSWQLFKWVPLW7XJHQGEHUKDXSWQLFKWVULFKWLJJHPDFKWKDW

6HLQ 9RUJHKHQ EHVWHKW GHVKDOE GDULQ GLH 3KLORVRSKHQVFKXOHQ JHJHQHLQ DQGHUDQWUHWHQ]XODVVHQVRGDVVGLH3KLORVRSKHQÅWHLOVPLWLKUHQHLJHQHQ 

Å6XQW QRQ SDUXP PXOWL HW LL TXRG VLW LQGLJQLXV GRFWL LQ TXRUXP VHUPRQLEXV VHSH LSVHDIIXL´9DOOD    (EG  ÅGHIHQGHQGHUHLSXEOLFHQRVWUHKRFHVWFKULVWLDQH´9DOOD    ÅHWTXDQGRLOOLTXRVGL[LWDQWXPWULEXXQWDQWLTXLWDWLJHQWLOLXPGLFRXWHRV RPQLEXV YLUWXWLEXV DIIHFWRV HVVH FRQWHQGDQW HJR H FRQWUD SODQXP IDFLDP QRQ QRVWULV VHG LSVRUXPSKLORVRSKRUXPUDWLRQLEXVQLKLOFXPYLUWXWHJHQWLOLWDWHPQLKLOUHFWHIHFLVVH´ (EG

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



'ROFKHQ´JHPHXFKHOWZUGHQÅWHLOVLQHLQHQ%UXGHUNULHJXQGZHFKVHOVHL WLJHV 9HUGHUEHQ´ JHWULHEHQ ZUGHQ 'DKHU VROO ]XQlFKVW GLH VWRLVFKH 7XJHQGOHKUHGDUJHOHJWZHUGHQGLHGHQK|FKVWHQ$QVSUXFKDXIÅ(KUEDU NHLW´ SRVWXOLHUW ZHOFKH LP $QVFKOXVV YRQ HLQHP 9HUWUHWHU GHU HSLNXUHL VFKHQ $XIIDVVXQJ ZLGHUOHJW ZLUG 1DFKGHP GLH /XVW DOV DOOHLQLJHV *XW YRUJHVWHOOWZXUGHZLUGVFKOLH‰OLFKLPGULWWHQ%XFKGDVZDKUH*XWGKGLH ZDKUH/XVWGHV&KULVWHQDQJHSULHVHQ 'HU'LDORJZLUGZLHIROJWLQV]HQLHUW,Q3DYLDLP.ORVWHU6DQ*UHJR ULRWULIIWVLFKHLQH*UXSSHYRQ+XPDQLVWHQ$QWRQLR%HUQHUL$QWRQLRGD 5KR &DQGLGR 'HFHPEULR *LRYDQQL GL 0DUFR 0DIIHR 9HJLR $QWRQLR %RVVLR &DWRQH 6DFFR *XDULQR 9HURQHVH *LXVHSSH %ULYLR XQG 9DOOD VHOEVW(VHUKHEWVLFKGLH)UDJHZDVGDVZDKUH*XWGHV0HQVFKHQVHLXQG PDQ EHVFKOLH‰W GLH *HOHJHQKHLW GHV =XVDPPHQWUHIIHQV ]X QXW]HQ XP GLHVH)UDJHJHQDXHU]XHU|UWHUQ 3DURGLHGHUVWRLVFKHQ3RVLWLRQ 'HU -XULVW &DWRQH 6DFFR EHUQLPPW GLH 5ROOH GHV HUVWHQ 5HGQHUV XQG YHUILFKW GLH VWRLVFKH 3RVLWLRQ GDVV GDV ZDKUH *XW LP (KUHQYROOHQ KR QHVWXP  XQG PLWKLQ LQ GHU $XVEXQJ GHU 7XJHQG OLHJH 6DFFR WHLOW VHLQH $XIIDVVXQJ LQ HUQVWHP XQG NODJHQGHP 7RQ PLW 1LFKW QXU GLH $UW GHU 0LWWHLOXQJ VRQGHUQ DXFK GHU ,QKDOW GUIWH MHGRFK MHGHQ GHU DXFK QXU JUXQGOHJHQGH .HQQWQLVVH GHU VWRLVFKHQ /HKUH KDW LUULWLHUHQ 6DFFR EH MDPPHUW GLH 6LWXDWLRQ GHV0HQVFKHQ XQG KlOW VLH QLFKW ZLH HLQ ULFKWLJHU 6WRLNHUIUJXWZHLOQDWXUJHPl‰HLQJHULFKWHW'HQQGLH1DWXUGHV0HQ VFKHQDXIGHUHQ%HIROJXQJGLHVWRLVFKH(WKLNEHUXKWNDQQHUOlQJVWQLFKW VRRSWLPLVWLVFKEHWUDFKWHQZLHHVHWZDGHU9HUWUHWHUGHU6WRLNHULQ&LFH URV'HILQLEXVWDW 6DFFRPXVVWHHUNHQQHQXQG]XJHVWHKHQGDVVGLH9RUVWHOOXQJHQ:HUWH XQG :QVFKH GHU 6WRLNHU VLFK QLFKW PLW GHU UHDOHQ :LUNOLFKNHLW XQG GHU HUIDKUEDUHQ 1DWXU YHUHLQEDUHQ ODVVHQ 'HQQ GDVV GLH %HIROJXQJ XQVHUHU 1DWXUDQODJHQNRQVHTXHQWHUZHLVH]XHLQHPWXJHQGKDIWHQ/HEHQIKUHZLH HVGLH6WRLNHUDQQHKPHQKlOWHUIUXQ]XWUHIIHQG'LH'LIIHUHQ]]ZLVFKHQ VWRLVFKHU 9RUVWHOOXQJ YRPQDWXUJHPl‰HQ/HEHQ GDV WXJHQGKDIWVHL XQG GHP EHREDFKWEDUHQ 9HUKDOWHQ GHU 0HQVFKHQ GDV VLFK YRU DOOHP GXUFK /DVWHUKDIWLJNHLW DXV]HLFKQH PDFKW HV 6DFFR XQP|JOLFK QDLY XQG XQ 

ÅLWDQRVEHQHVSHUHPXVSXWHPXVTXHIRUHXWDOORSKLORVLGHVWSKLORVRSKRVSDUWLPVXR PXFURQH LXJXOHPXV SDUWLP LQ GRPHVWLFXP EHOOXP DF PXWXDP SHUQLFLHP FRQFLWH PXV´HEG  &DWRQH6DFFRZDUHLQDQJHVHKHQHU-XULVWDQGHU8QLYHUVLWlW3DYLD  9JO&LFHUR'HILQLEXVERQRUXPHWPDORUXP,,,

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

JHEURFKHQ GLH DQWLNH VWRLVFKH /HKUH ]X ZLHGHUKROHQ 'D HU DEHU JOHLFK ZRKO DQ GHQ VWRLVFKHQ ,GHDOHQ IHVWKlOW HUJLEW VLFK IU LKQ GLH .RQVH TXHQ]GLH1DWXUDQODJHQGHV0HQVFKHQXQGPLWKLQGLH1DWXUVHOEVWDQ]X NODJHQ =ZHL *UQGH IKUW 6DFFR IU GHQ EHMDPPHUQVZHUWHQ =XVWDQG GHU 0HQVFKHQDQHUVWHQVGDVVGLH=DKOGHU/DVWHUJU|‰HUDOVGLHGHU7XJHQG VHLVRGDVVZLU²VHOEVWZHQQZLUZROOWHQ²QLFKWJHJHQGLH6FKOHFKWLJNHLW DQNlPHQ=ZHLWHQVLVWHUGHU$QVLFKWGDVVVHOEVWZHQQHLQVROFKHU6LHJ P|JOLFKZlUHGLHVHUYRQXQVGRFKQLFKWHUVWUHEWZUGHGDZLUYRQ1D WXUDXV]XP6FKOHFKWHQQHLJHQGGLH/DVWHUJDUQLFKWEHVLHJHQZROOWHQ :DV VLFK GDUDXV HUJLEW lKQHOW HKHU HLQHU 3DURGLH DOV HLQHU VHUL|VHQ 9HUWHLGLJXQJGHUVWRLVFKHQ/HKUH'DV9HUKDOWHQGHU.LQGHUGDVHWZDEHL &LFHURIUGLHVLQQYROOHQ(LQULFKWXQJHQGHU1DWXUVSULFKW]HLJHQXUZLH XQJHQJHQGGLHPHQVFKOLFKH1DWXUEHVFKDIIHQVHL9RQ1DWXUDXVZROO WHQ GLH 0HQVFK P|JOLFKVW ODVWHUKDIW OHEHQ 6LH KlWWHQ HLQH Å*LHU QDFK 6QGH´ FXSLGLWDV SHFFDQGL  Å/LHEH ]X GHQ /DVWHUQ´ DPRU YLWLRUXP  XQG Å+DVVDXIGLH7XJHQGHQ´ RGLXPYLUWXWXP 'LHVDOOHVVHLGHUÅ%RVKHLWGHU 1DWXU´ PDOLJQLWDV QDWXUDH  ]X]XVFKUHLEHQ :DV DQGHUH GHP 6FKLFNVDO ]X VFKUHLEHQNUHLGHW6DFFRGHU1DWXUDQQlPOLFKPLW:LOONU DUELWUDWXV XQG =RUQ LUD GLH0HQVFKHQLQV8QJOFN]XVFKLFNHQ6DFFRV$XVIKUXQ JHQ HQGHQ PLW HLQHU .ODJHUHGH DQ GLH 1DWXU LQ GHU HU GLHVH ELWWHW GLH QDWUOLFKH%HVFKDIIHQKHLWGHV0HQVFKHQ]XP*XWHQ]XYHUlQGHUQ 5DGLNDOHU(SLNXUHLVPXVHLJHQHU1XW]HQXQG/XVWDOVDOOHLQLJHV .ULWHULXPIUPHQVFKOLFKHV+DQGHOQ 'LH]ZHLWH5HGHGLHGHV(SLNXUHHUVLVWPLW$EVWDQGGLHOlQJVWH6LHXP IDVVWPHKUDOVGLH+lOIWHGHVJHVDPWHQ:HUNHV'HU9HUWUHWHUGHUHSLNXUHL VFKHQ 3RVLWLRQ 0DIIHR 9HJLR DQWZRUWHW DXI GLH $XVIKUXQJHQ VHLQHV 

   

Å'XDV VRODV TXDQWXP FROOLJHUH SRVVXP LQYHQLR FDXVDV HDUXPTXH XWUDQTXH DE LSVD QDWXUDFRPSDUDWDPXQDPTXRGQXPHURVLRUHVWYLWLRUXPH[HUFLWXVTXDPYLUWXWXPXW QHVLYHOLPXVTXLGHPFRQWUDWDQWDPDFLHPSRVVLPXVHYDGHUHYLFWRUHVDOWHUDPTXRG PRQVWURVLPLOHYLGHDWXUTXRGKRVWHWHUULPRVLPSRUWXQLVVLPRVFDSLWDOLVVLPRVKRVWHV QROXPXVYLQFHUHYHOVLOLFHUHW,WDLQJHQXLW QRELVSHUQLFLRVXPTXHQGDPDPRUHPXW QRVPRUEXVQRVWHULSVHGHOHFWHWHWYLWLDTXHVXQWTXHGDPPHQWLXPSHVWHVVLQWQRELV ORFRYROXSWDWLVFRQWUDTXHKRQHVWDVGLYLQRUXPERQRUXPPDJLVWUDHWSDUWLFHSVSOHULV TXHDVSHUDDFHUEDDPDUDYLGHDWXU´9DOOD   9JO&LFHUR'HILQLEXVERQRUXPHWPDORUXP,,,XQG9DOOD  I 9DOOD   (EG 0DIIHR9HJLRZDUHLQ'LFKWHUGHUXQWHUDQGHUHPHLQ]XVlW]OLFKHV%XFK]XGHQ$H QHDGHQXQGHLQHQ(U]LHKXQJVWUDNWDW 'HHGXFDWLRQHOLEHURUXP JHVFKULHEHQKDWHUZXUGH VSlWHU3ULHVWHU9JODXFK)RLV  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



9RUUHGQHUV PLW *HOlFKWHU ,KP LVW QLFKW HQWJDQJHQ GDVV 6DFFRV 5HGH GHQ8QPXWHFKWHU6WRLNHUKHUDXVIRUGHUQZUGH:REHLZLH9HJLR]X JHVWHKW 6DFFR GLH 6WRLNHU LQ HLQHP 3XQNW ULFKWLJ ZLHGHUJHJHEHQ KDEH QlPOLFKGDULQGDVVVLHGD]XQHLJWHQGLH1DWXUVHOEVWYHUEHVVHUQ]XZRO OHQ6RHWZDZHQQVLHGLH/HLGHQVFKDIWHQPLW6WXPSIXQG6WLHODXVUHL‰HQ ZROOWHQ 'HU (SLNXUHHU NDQQ GDVWDWVlFKOLFKH 9HUKDOWHQ GHU0HQVFKHQ YLHOEHVVHUDOVGHU6WRLNHUPLWVHLQHQhEHU]HXJXQJHQLQ(LQNODQJEULQJHQ -HGHV 9HUKDOWHQ PXVV VLFK GDUDQ EHPHVVHQ ODVVHQ LQZLHIHUQ HV OXVWEULQ JHQG XQG QW]OLFK LVW 'LH 1DWXU GHV 0HQVFKHQ XQG VHLQ 9HUKDOWHQ HU VFKHLQWLQGLHVHU3HUVSHNWLYHYLHOZHQLJHUEHNODJHQVZHUW 'HUJU|‰WH7HLOGHU5HGHLVWGHU'HNRQVWUXNWLRQGHUVWRLVFKHQ/HKUH XQGLKUHUEHUKPWHVWHQ9HUWUHWHUXQG([HPSODJHZLGPHW9HJLRV0HWKR GHEHVWHKWGDULQHLJHQQW]LJH0RWLYHKLQWHUHLQHPVFKHLQEDUVHOEVWORVHQ E]Z EOR‰ GHP (KUHQYROOHQ JHZLGPHWHQ 9HUKDOWHQ DXI]XGHFNHQ 0LW HLQHPDQDO\WLVFKHQ%OLFNXQGVFKDUIHUSV\FKRORJLVFKHU%HREDFKWXQJVJDEH ]HLJW HU DXI ZLH VHKU MHGHU VFKHLQEDU VHOEVWORV WXJHQGKDIW +DQGHOQGH LQ HLJHQQW]LJH0RWLYHYHUVWULFNWLVW'DEHLNODJWHU]XJOHLFKGLH'RSSHOPR UDODQGLHEHLYLHOHQ9HUIHFKWHUQGHV(KUHQYROOHQDQ]XWUHIIHQVHLQlPOLFK GHQDQGHUHQ(VVLJXQG:DVVHU]XSUHGLJHQZlKUHQGVLHVHOEVW:HLQWULQ NHQ 9HJLR QLPPW GLH YRQ GHQ 6WRLNHUQ SURSDJLHUWHQ .DUGLQDOWXJHQGHQ 0l‰LJNHLW²]XGHUDXFKGLH(QWKDOWVDPNHLWJH]lKOWZLUG²7DSIHUNHLWXQG *HUHFKWLJNHLWJHQDXHULQGHQ%OLFNZREHLHUDXIHLQH$QDO\VHGHUYLHUWHQ .DUGLQDOWXJHQGGHU.OXJKHLW SUXGHQWLD YHU]LFKWHWGDGLHVHEOR‰HLQ0LW WHO ]XU (UUHLFKXQJ GHU DQGHUHQ VHL =XQlFKVW JHKW HV XP GLH 0l‰LJNHLW XQG(QWKDOWVDPNHLW8QWHUGHU3UlPLVVHGHU/XVWPD[LPLHUXQJNDQQ9HJLR LQGLHVHQ.RQ]HSWHQZHQLJ6LQQYROOHVHQWGHFNHQHUJHKWVRJDUQRFKZHL WHUXQGUHFKWIHUWLJWVRZRKO(KHEUXFKDOVDXFK-XQJIUDXHQVFKlQGXQJGLH IUHLOLFK LQ VHLQHU 3HUVSHNWLYH QLFKW PLW GLHVHQ %HJULIIHQ ]X EH]HLFKQHQ VLQG'HQQJHJHQGHQVH[XHOOHQ*HQXVVDX‰HUKDOEGHU(KHVSULFKWIUGHQ (SLNXUHHUQLFKWVVRODQJHGLH3HUVRQHQGLH/XVWJHQLH‰HQXQGNOXJJHQXJ VLQGVLFKQLFKWHUZLVFKHQ]XODVVHQGDGLH]XHUZDUWHQGH6WUDIHGHQ/XVW



9DOOD   Å2FRQVWDQWHPVWRLFXP9HOOHVOLFHUHKRPLQLEXVLPSXQHGLIIOXHUHYROXSWDWLEXV/HWRU WXRQRPLQHHWWLELJUDWXORUTXRGQHPRLVWLXVVHFWHLQKRFORFRDIIXLWWHGLFHQWHVDWLV WDPHQHULWTXRGHJRHSLFXUHXVDIIXL,OOLPHQLPWHUHSUHKHQGHUHQWHJRYHURLUULGHR´ HEG  Å1DP HW QDWXUDP PXOWLV LQ ORFLV WDQTXDP UHIRUPDUL SRVVLW FRDUJXQW DF UHIRUPDUH FRQDQWXUXWLQSHUWXUEDWLRQLEXVDQLPRUXPVLYHDIIHFWLEXVTXRVQRELVVWLUSLWXVHYHOOH UHYROXQW´HEG  9JO DXFK GLH 6FKPlKXQJ YRQ Å2EHUOHKUHUQ´ GLH DQGHUHV YRQ GHU .DQ]HO SUHGLJHQ DOVVLHVHOEVWWXQZUGHQ(EGI 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

JHZLQQ DXI]XZLHJHQ GURKH :DV GHQ 6WDQG GHU -XQJIUDXHQ DQJHKW VR KlOW 9HJLR GLHVHQ IU QDWXUZLGULJ 0LW HQWODUYHQGHP %OLFN DXI GLH HLJHQ QW]LJHQ 0RWLYH YLHOHU 0lQQHU ² GLH HWZD GLH 0LWJLIW GHU 7RFKWHU QLFKW ]DKOHQZROOHQRGHUN|QQHQXQGVLHGHVKDOELQV.ORVWHUYHUEDQQHQ²]HLJW HUGLH3HUYHUVLWlWGLHVHU/HEHQVIRUPDXI $QVFKOLH‰HQGZHQGHWVLFK9HJLRGHU7DSIHUNHLW]XXQGGHU)UDJHRE HVXQHLJHQQW]LJHXQGHKUHQYROOH6HOEVWPRUGHJHEH'HQHLJHQHQ7RGIU GDV 9DWHUODQG ]X ZlKOHQ KlOW 9HJLR IU XQYHUQQIWLJ'D GHU (SLNXUHHU DOOH 7DWHQ DP /XVWTXDQWXP EHPLVVW PXVV HU VLFK KLHU GRFK GLH )UDJH VWHOOHQODVVHQREQLFKWGDV:RKOYLHOHUPHKUZHUWVHLDOVGDV:RKOHLQHV HLQ]LJHQ'DVJHVWHKWHU]ZDU]XYHUWULWWDEHUGHQQRFKGLH$QVLFKWGDVV PDQGHVKDOEQLFKWIUDQGHUHVWHUEHQPVVHXQGVHLHQHVDXFKXQHQGOLFK YLHOHÅ0HLQHLJHQHV/HEHQ LVWPLUHLQK|KHUHV*XWDOVGDVDOOHUDQGHUHQ 0HQVFKHQ]XVDPPHQ´'DV*XWHZQVFKHPDQ]XHUVWVLFKVHOEVWGDQQ HUVWGHQDQGHUHQ'LH$QQDKPHGDVVGLH(KUEDUNHLWHLQHQ/RKQLQVLFK VHOEVW KDEH KlOW HU IU DEVXUG 0LW HLQHP HQWODUYHQGHQ %OLFN DXI GLH 0RWLYHYRQEHUKPWHQ6HOEVWP|UGHUQ]HLJW9HJLRGDVVVLFKGLH6HOEVWW| WXQJYRQ+HOGHQQLFKWVRVHKUGHP(KUEDUHQDOVYLHOPHKUGHU/XVW YROXS WDV ]XVFKODJHQODVVH9HJLRGHPRQWLHUWKLHUGLHJODQ]YROOHQXQGEHUKP WHQ %HLVSLHOH &DWR 6FLSLR XQG /XNUH]LD :HU YRQ VHLQHP 6HOEVWPRUG 5XKP HUZDUWH KDEH VFKRQ ]XJHVWDQGHQ GDVV VHLQ 0RWLY GLH 5XKPJLHU ODVWHUKDIWVHL9HJLR]HLJWGDVVDXFKGHU5XKPNHLQHQ:HUWKDEHZHLO PDQ QDFK HSLNXUHLVFKHU $QVLFKW NHLQH :DKUQHKPXQJHQ QDFK GHP 7RG KDEH'LH5HGHYRQGHU8QWHUZHOWKlOWHUIUXQJODXEZUGLJ   

 

 

9JOHEG (EG ÅPDLXV ERQXP HVW YLWD PHD TXDP XQLYHUVRUXP KRPLQXP PLKL LSVL´ (EG  ² 9DOODIKUWDQGLHVHU6WHOOHHLQZHLWHUHV$UJXPHQWDQGDVDOVHLQH$UWYRQ7UXJVFKOXVV HLQH ODQJH 7UDGLWLRQ KDW )U WDXVHQG VWHUEHQ VHL DQJHPHVVHQ QlKPH PDQ YRQ GHQ WDXVHQGHLQHQIRUWGDQQQRFKLPPHUQlKPHPDQQRFKHLQHQIRUWGDQQDXFKQRFK 9HUIKUHPDQMHGRFKVRLPPHUZHLWHUNlPHPDQVFKOLH‰OLFK]XGHP3XQNWDQGHP PDQ IU HLQHQ HLQ]LJHQ VWHUEHQ VROOWH 9JO HEG  =X GHU 7UDGLWLRQ GLHVHV 7UXJVFKOXVVHVYJOGLH$QPHUNXQJ]XGLHVHU6WHOOHYRQ3HWHU0LFKDHO6FKHQNHOLQ 9DOOD   9DOOD   'LH'HPRQWDJHNODVVLVFKHU([HPSODKDWKLHUPLWVLFKHUOLFKEHL9DOODHLQHQ+|KHSXQNW HUUHLFKW 6LH OlVVW VLFK DEHU YHUVWHKHQ DOV HLQH .RQVHTXHQ] DXV GHU 8PGHXWXQJ GHU ([HPSODZLHVLHYRQ3HWUDUFDDQJHJDQJHQZXUGHQlPOLFKLQGHQJUR‰HQ3HUV|QOLFK NHLWHQGHU9HUJDQJHQKHLWNHLQHXQQDKEDUHQ$XWRULWlWHQ]XVHKHQVRQGHUQIU)HKOHU DQIlOOLJH0HQVFKHQXQG3HUVRQHQ9JOREHQ7HLO,,.DS²'LH6WUDWHJLHVWRL VFKH+HOGHQXQG+HOGLQQHQZLHHWZD/XFUH]LDGXUFKGLH8QWHUVWHOOXQJQLHGHUHU0R WLYH]XDWWDFNLHUHQILQGHWVLFKEHUHLWVEHL$XJXVWLQXV'HFLYLWDWHGHL,;,;;;,,,YJO GD]X3DQL]]D   9DOOD   9JOHEG

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



$QVFKOLH‰HQG NRPPW 9HJLR ]XU $QDO\VH GHU 7XJHQG GHU *HUHFKWLJ NHLW 'HU (LQZDQG JHJHQ GHQ VLFK GHU (SLNXUHHU ]X YHUWHLGLJHQ KDW LVW GHUIROJHQGHZHQQPDQDOOHVQXUZHJHQGHUHLJHQHQ9RUWHLOHXQWHUQHKPH GDQQ IKUH GLHV GD]X GDVV PDQ 9HUEUHFKHQ UKPHQ PVVWH 'DJHJHQ IKUW9HJLRDQGDVVHVDXFKXQWHUOXVW|NRQRPLVFKHU3HUVSHNWLYH]XHLQHU :HUWVFKlW]XQJGHU7XJHQGNRPPHDOOHUGLQJVQLFKWZHLOVLHÅHKUHQKDIW´ VRQGHUQ ZHLO VLH ÅQW]OLFK´ VHL 'DV $EZlJHQ XQG (LQVFKlW]HQ GHU *WHU²LKU0D‰DQ1W]OLFKNHLW²LVWJHUDGHGDVVFKZLHULJVWHGHQQKLHUEHL VLQGLPPHUGLHJHQDXHQ8PVWlQGH]XEHDFKWHQ :HOFKHVDEHUGLHJU|‰WHQXQGZHOFKHVGLHNOHLQHUHQ*WHUVLQGLVWVFKZLHULJ]X EHVWLPPHQ]XPDOVLHVLFKMHQDFK=HLW2UW3HUVRQHQXQGGHUJOHLFKHQlQGHUQ

'LH GLH VFKHLQEDU GHU *HUHFKWLJNHLW IROJHQ IROJHQ HLJHQQW]LJHQ 0RWL YHQ DXFK GLH Å+RFKKHU]LJHQ´ XQG GLH Å0LWOHLGLJHQ´ :HQQ DEHU DOOH QXULKUHQHLJHQHQ9RUWHLOLP6LQQKDEHQZDUXP²VRN|QQWHHLQ(LQZDQG ODXWHQ ² SUHLVHQ XQG OLHEHQ ZLU GDQQ GLHMHQLJHQ GLH HWZDV *XWHV JHWDQ XQGVLFKWXJHQGKDIWYHUKDOWHQKDEHQXQGYHUDFKWHQGLHMHQLJHQGLHUDXEHQ XQGGLH*HVHW]WHPLVVDFKWHQ"8QGZDUXPEHVWUDIHQGLH*HVHW]HGLH/DV WHUKDIWHQEHORKQHQDEHUGLH7XJHQGKDIWHQ"'LH$QWZRUW9HJLRVLVWNRQ VHTXHQW XQG EHU]HXJHQG PDQ IUHXW VLFK EHU GLH JXWHQ 7DWHQ DQGHUHU QLFKWGHVKDOEZHLOGLHVHLKUHQHLJHQHQ1XW]HQ SURSULHXWLOLWDV YHUIROJWHQ² GHQQ VRQVW ZUGHQ ZLU LQ JOHLFKHU :HLVH 5lXEHU XQG 3LUDWHQ OREHQ ² VRQGHUQZHLOVLHIUXQVVHOEVWHLQHQ9RUWHLOKDEHQ'LHMHQLJHQGLHXQV PLW LKUHQ /DVWHUQ VFKDGHQZHUGHQ YRQ XQV JHKDVVW ZHU XQV DEHUGXUFK WXJHQGKDIWHV9HUKDOWHQQW]WGHQOLHEHQZLU 'LH +LOIVEHUHLWHQ 0HQVFKOLFKHQ )UHLJHELJHQ %HVWlQGLJHQ 0l‰LJHQ 0XWLJHQ GDJHJHQ ZLH HV %UXWXV )DEULFLXV &XULXV XQG GLH DQGHUHQ ZDUHQ OLHEHQ ZLU ZHQQHVXQVEHGQNWGDVVVLHXQVQW]HQXQGQW]HQVLHQLFKWVRZHUGHQZLUVLH GRFK DXV GHU =XQHLJXQJ ]X DOOHQ KHUDXV GLH KLOIVEHUHLW VLQG ZHQLJVWHQV OREHQ +LHUDXVNDQQPDQHUVHKHQGDVVMHGHUDXIVHLQHQHLJHQHQ9RUWHLOEHGDFKWLVWXQG VLFKDQLKPIUHXWYRQVHLQHQ1DFKWHLOHQMHGRFK]X%RGHQJHGUFNWXQGJHSODJW ZLUG      

(EG Å4XDH DXWHP PDLRUD ERQD HW TXH PLQRUD VXQW GLIILFLOH HVW SURQXQWLDUH SUHVHUWLP TXRGPXWDQWXUWHPSRUHORFRSHUVRQDHWFHWHULVKXLXVPRGL´(EG 9DOOD   Å6LFXWHQLPLOOLUHPVXDPHJHUXQWQRQDOLRUXPLWDDOLLLQODXGDQGRQRQLOORUXPIDFWR JDXGHQWVHGFRPPRGRVXR´(EG ÅTXLQRELVQRFHQWHRVRGLRTXLSURVXQWKRVDPRUHSURVHTXLPXU´(EG Å2IILFLRVXV YHUR KXPDQRV OLEHUDOHV FRQVWDQWHV FRQWLQHQWHV HW IRUWHV TXDOHV IXHUH %UXWXV)DEULWLXV&XULXVHWDOLLVLSURGHVVHH[LVWLPDPXVGLOLJDPXVVLQPLQXVREDPR UHPLQQRVRIILFLRVRUXPWDQWXPODXGLEXVHIIHUDPXV([TXRLQWHOOLJLOLFHWVXLVTXHP TXHFRPPRGLVGXFLHWGHOHFWDULLWHPTXHVXLV LQFRPPRGLVUHWUDKLHWWRUTXHUL´(EG 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

(EHQVRYHUKlOWHVVLFKDXFKPLWGHQ*HVHW]HQ9HJLRIKUWHLQH5HLKHYRQ $UJXPHQWHQ DQ GLH EHOHJHQ GDVV GLH *HVHW]H GDIU HLQJHULFKWHW VHLHQ GLHMHQLJHQ ]X EHORKQHQ GLH GHP 6WDDW QW]OLFK VLQG XQG GLHMHQLJHQ ]X EHVWUDIHQGLHGLHVHPVFKDGHQGLH(KUEDUNHLWVSLHOHKLHUEHLNHLQH5ROOH :HQQVLFKQXQHLQHUJHJHQGLH*HVHW]HYHUJHKWGLHGRFK]XP1XW]HQGHV)UV WHQRGHUGHV9RONHVHLQJHULFKWHWVLQGZDVLVWGDVIUHLQH*HUHFKWLJNHLWKLHUYRQ ]XJODXEHQGDVVHUVLFKQLFKWJHJHQGHQ1XW]HQVRQGHUQGLH(KUEDUNHLWYHUJDQ JHQKDEH

,QGHU3HUVSHNWLYH9HJLRVVLQGQLFKWQXUGLH*HVHW]HGDIUGDGDV1W]OL FKH IU GHQ 6WDDW ]X VDQNWLRQLHUHQ VRQGHUQ ]XPUHFKWHQ +DQGHOQ EHU KDXSW ZHUGH ÅNHLQHU JHWULHEHQ RKQH GHQ 1XW]HQ ]X OLHEHQ´ 'HU 8Q WHUVFKLHG]ZLVFKHQGHQ*XWHQXQGGHQ6FKOHFKWHQEHVWHKWQXUGDULQGDVV GLH HLQHQ DXV ÅNQHFKWLVFKHU )XUFKW´ YRU )ROWHU XQG 4XDO GLH DQGHUHQ KLQJHJHQ DXV ÅIUHLHU )XUFKW´ $QVHKHQ XQG 5XKP ]X YHUOLHUHQ YRQ GHU 6FKOHFKWLJNHLWDEJHKDOWHQZUGHQ $EVFKOLH‰HQGXQWHU]LHKW9HJLRQRFKGLH.RQWHPSODWLRQXQGGLH6HH OHQUXKHDOVGLHOHW]WHQ*WHUGLHGHQ6WRLNHUQJHEOLHEHQVLQGHLQHUNULWL VFKHQ%HWUDFKWXQJ=XQlFKVWZLUGGLHKRKH(LQVFKlW]XQJGHU.RQWHPSOD WLRQGHPRQWLHUW)UDJHQ]XVWHOOHQXQG]XVWDXQHQVHLQLFKWVEHVRQGHUHV GHQQGDVWlWHQPDQFKPDOVRJDU)UDXHQXQG.LQGHU8QWHUGHU3HUVSHN WLYHGHU/XVWPD[LPLHUXQJLVWQLFKWHLQ]XVHKHQZDUXPGLH/XVWEHLP%H WUDFKWHQGHU6WHUQHJU|‰HUVHLQVROOWHDOVGLHMHQLJHEHLP%HWUDFKWHQHLQHV *HVLFKWV $ULVWRWHOHV GHU GLH .RQWHPSODWLRQ DOV GLH K|FKVWH /HEHQV IRUP XQG DOV ÅJ|WWOLFK´ EH]HLFKQHW KDW KDEHGDPLW QLFKW GDV :HVHQ GHU .RQWHPSODWLRQEH]HLFKQHWVRQGHUQQXUYHUVXFKWVHLQHUHLJHQHQ$QVLFKW XQGVHLQHP/HEHQPHKU$XWRULWlW]XYHUOHLKHQ6FKOLH‰OLFKHUZHLVW9H JLRGDVVÅGDV*XWHGHVNRQWHPSODWLYHQ/HEHQVQLFKWDXIGLH(KUEDUNHLW VRQGHUQDXIGLH/XVW]XUFNJHKW´:DVVFKOLH‰OLFKGLH5XKHGHV*HLVWHV DQJHKW VR KlOW 9HJLR GLH 6WRLNHU KLHU IU XQDXIULFKWLJ XQG VLHKW HLQHQ 

 

  



Å1XQFTXHLXVWLFLDHVWVLTXLVLQOHJHVFRPPLVHULWTXHSURSWHUXWLOLWDWHPYHOSULQFLSLV YHOSRSXOLFRQVWLWXWHVXQWKXQFSXWDUHQRQDGYHUVXVXWLOLWDWHPVHGDGYHUVXVKRQHVWD WHPFRPPLVLVVH"´(EG ÅQHPLQHPQRQDPRUHXWLOLWDWLVSXOVXPIXLVVHDGUHFWHDJHQGXP´(EG Ŷ,OORVDWXUSLWXGLQHVHUYLOLVFRKLEHWPHWXV¶XWDLW'HPRVWKHQHVÄWRUPHQWRUXPFUXFLD WXXPPRUWLV¶YRVXWVLFGL[HULPOLEHUDOLVQHDPLWWDWLVEHQLYROHQWLDPQHVSROLHPLQL JORULDQHSULYHPLQLDXFWRULWDWH´(EG 9DOOD   Å4XDQTXDPQRQHVWPDLRUYROXSWDVWXDFHOXPDFVLGHUDLQVSHFWDQWLVTXDPPHDGHFR UDPIDFLHPLQWXHQWLV´(EG ÅTXLDKHFLSVDFRQWHPSODWLRVXPPXPERQXPLQUHEXVKXPDQLVHVVHYLGHEDWXULFFLUFR FXPVXSHULVYROXLVWLIDFHUHFRPPXQHPXWRSLQLRQLYLWHTXHWXHDXFWRULWDWHPFRPSD UDUHV´(EG Å,WDILWXWERQXPYLWHFRQWHPSODWLYHDGKRQHVWDWHPQRQUHIHUDWXUVHGDGYROXSWDWHP´ (EG

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



:LGHUVSUXFK]ZLVFKHQ/HEHQXQG/HKUH'LH6HHOHQUXKHN|QQWHQYLHO PHKUGLH(SLNXUHHUIUVLFKEHDQVSUXFKHQZHLOVLHKHLWHUXQGPLW'DQN EDUNHLWDXILKUJHOHEWHV/HEHQEOLFNWHQXQGDXFKGHQ7RGQLFKW]XIUFK WHQKlWWHQ 'LHOHW]WH%HPHUNXQJOHLWHW]XHLQHU(U|UWHUXQJGHV-HQVHLWVJODXEHQV EHU'LH$QQDKPHHLQHV'DVHLQVQDFKGHP7RGKlOW9HJLRIUÅ$OWZHL EHUPlUFKHQ´ IDEXOHDQLOLXP 1LPPWPDQDEHUNHLQ-HQVHLWVDQVRÅIROJW GDUDXV GDVV GLH 9HUVWRUEHQHQ ZHGHU 6WUDIH QRFK /RKQ NHQQHQ´ :DV DOOHUGLQJVWDWVlFKOLFKQDFKXQVHUHP7RGVHLQZLUGREZLUYHUJHKHQRGHU QLFKW JlQ]OLFK YHUJHKHQ GDV N|QQHQ ZLU VR UlXPW 9HJLR HLQ QLFKW PLW 6LFKHUKHLWZLVVHQ$QJHVLFKWVGLHVHUXQVLFKHUHQ/DJHVFKHLQWHVGDV%HVWH ]X VHLQ VLFK DQ GDV ]X KDOWHQ ÅZDV ZLU WDWVlFKOLFK ZLVVHQ XQG ZDV GDV HLQ]LJH *XWH LQ GHQ PHQVFKOLFKHQ 'LQJHQ LVW´ QlPOLFK GLH Å/XVW´ $XI XQEHJUQGHWH-HQVHLWVYHUVSUHFKXQJHQ]XK|UHQGLHP|JOLFKHUZHLVHQLFKW HLQPDOGDVHUIOOHQZDVZLUKLHUDXI(UGHQEHUHLWVJHQLH‰HQN|QQHQKlOW 9HJLRIUGXPP :HQQVLHXQVDOVRGLH(O\VLVFKHQ)HOGHU]XP$XVJOHLFKYHUVSUHFKHQVRKDOWHLFK HVIUGDV'PPVWHEHUKDXSW6LFKHUHVJHJHQ8QVLFKHUHVHLQ]XWDXVFKHQ]XPDO ZHQQEHLGHVYRQJOHLFKHU%HVFKDIIHQKHLWLVW:HQQVLHDEHUVWDWWGHVVHQ]XJHEHQ GDVV GLH 9HUVWRUEHQHQ NHLQH *HQVVH GHV .|USHUV PHKU NHQQHQ DXV ZHOFKHP *UXQGHJODXEHQZLUGDQQLKQHQ*HK|UVFKHQNHQ]XVROOHQZHQQVLHXQVN|USHU OLFKH/VWHYHUELHWHQ"

'LH 5HGH 9HJLRV HQGHW PLW HLQHP /RE GHU /XVW GLH GXUFK GHQ 1XW]HQ KHUYRUJHEUDFKWZHUGHXQGGLHQLFKWQXUGHU8UVSUXQJDOOHU*HVHW]HVRQ GHUQEHUKDXSWDOOHU6WlGWHXQG*HPHLQZHVHQVHL 9HJLR KDW PLW VFKDUIHU %HREDFKWXQJVJDEH GDV UHDOH 9HUKDOWHQ GHU 0HQVFKHQ EHVFKULHEHQ XQG GDGXUFK GLH VWRLVFKH 3RVLWLRQ OlFKHUOLFK JH PDFKWXQGDGDEVXUGXPJHIKUW(UKDW]XJOHLFKGDPLWHLQH3RVLWLRQYHU WUHWHQ GLH PLW GLHVHU 'HXWOLFKNHLW XQG 5DGLNDOLWlW ELVKHU QLFKW LQ HLQHP KXPDQLVWLVFKHQ7H[WYRUJHVWHOOWZXUGH,QVHLQHUEHUVSLW]WHQXQGH[WUH PHQ'DUOHJXQJGHUHSLNXUHLVFKHQ3RVLWLRQKDWHUHLQ/HEHQXQG+DQGHOQ 

  



Å4XRG VL TXLV SDUXP FUHGDW HRV DOLWHU YLYHUH DF ORTXL DG &DWRQHP UHVSLFLDW XW HRV DOLTXDQGRSXGHUHGHEHDWLQHSWLDUXPHWYDQLORTXHQWLHTXLGXPHDYHUELVSUREDQWTXH QRQIDFLXQWLSVDLOODTXHIDFLXQWLPSUREDQW´(EG (EG ÅH[TXRSDWHWVLFXWSUHPLDQXOODVXQWGHIXQFWRUXPLWDQHFVXSSOLFLDHVVH´(EG Å4XRGVLQRELV(O\VLRVFDPSRVUHSURPLWWHUHQWVWXOWLVVLPXPSXWDUHPFHUWDSURLQFHU WLVUHOLQTXHUHSUHVHUWLPFXPVLQWFRQGLWLRQLVHLXVGHP&XPDXWHPFRUSRULVERQDQXO OD DSXG GHIXQFWRV HVVH SURILWHDQWXU TXLG HVW TXRG HRV DXGLHQGRV SXWHPXV"´ (EG  Å(WHQLPQRQVROXPOHJHVGHTXLEXVVXSHULXVGLVSXWDYLDGXWLOLWDWHPTXHYROXSWDWHP SDULWLQYHQWHVXQWYHUXPHWLDPXUEHVDFFLYLWDWHV,QTXLEXVTXRGDGPDJLVWUDWXVSHU WLQHWQHPRXQTXDPSULQFHSVDGPLQLVWUDWRUUH[GHOHFWXVHVWQLVLH[TXRVLELPDJQDP H[SHFWDUHQWKRPLQHVXWLOLWDWHP´(EG

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

VDQNWLRQLHUWGDVGHUEHUNRPPHQHQ0RUDOXQGDOOHQJlQJLJHQ:HUWPD‰ VWlEHQLQMHGHU+LQVLFKWZLGHUVSULFKWGDEHLDEHUGXUFKGLH5HDOLWlWVQlKH GXUFKDXV HYLGHQW XQG JODXEZUGLJ HUVFKHLQW (U LVW VRJDU QRFK HLQHQ 6FKULWWZHLWHUJHJDQJHQXQGKDWDP(QGHVHLQHU5HGHJDQ]GLUHNWDXFKGLH ² LQ VHLQHU 3HUVSHNWLYH DEVXUG HUVFKHLQHQGH ² FKULVWOLFKH 3RVLWLRQ DQJH JULIIHQXQGGDPLWGHQ:LGHUVSUXFKHLQHVMHGHQHFKWHQ&KULVWHQJHUDGH]X KHUDXVJHIRUGHUW(VLVWDOVRDQGHU=HLWGDVVGLHVHU3RVLWLRQPLWEHU]HX JHQGHQ *UQGHQ ZLGHUVSURFKHQ ZLUG 'LHV LVW GLH )XQNWLRQ GHU GULWWHQ XQGOHW]HQ5HGH &KULVWOLFKHhEHUELHWXQJDQWLNHU(WKLNNRQ]HSWHGLHJU|‰HUH/XVWGHV &KULVWHQ 'LHGULWWH5HGHLVWVLFKHUOLFKGLHVFKZLHULJVWHXQGDQVSUXFKVYROOVWHIUGHQ $XWRU'HVVHQLVWVLFK9DOODGXUFKDXVEHZXVVWXQGHQWVSUHFKHQGDXVIKU OLFKVLQGDXFKVHLQHGLHVEH]JOLFKHQLP9RUZRUWJHlX‰HUWHQ5HIOH[LRQHQ LQGHQHQHUGLHJHQDQQWHQ$QIRUGHUXQJHQXQGVHLQHWDWVlFKOLFKHQ)lKLJ NHLWHQLQV9HUKlOWQLV]XVHW]HQYHUVXFKW,QGHUGULWWHQXQGOHW]WHQ5HGH JHKWHVVFKOLH‰OLFKGDUXPHLQHUVHLWVGLHRIIHQVLFKWOLFKHLQOHXFKWHQGHXQG EHU]HXJHQGH5HGHGHV9HJLR]XZLGHUOHJHQXQGDQGHUHUVHLWVGLH$QZH VHQGHQPLWGHQ0LWWHOQXQGLQGHU:HLVHGHU+XPDQLVWHQVHOEVWYRQGHU hEHUOHJHQKHLW GHV FKULVWOLFKHQ *ODXEHQV ]X EHU]HXJHQ 'LH GULWWH 5HGH EHVWHKW DXV ]ZHL 7HLOHQ ,P HUVWHQ 7HLO ZLUG GDV 8UWHLO EHU GLH EHLGHQ ELVKHU YRUJHVWHOOWHQ 3RVLWLRQHQ JHIlOOW XQG EHLGH ZHUGHQ ZLGHUOHJW $Q VFKOLH‰HQGZLUGGLHFKULVWOLFKH3RVLWLRQDOVGLHDPPHLVWHQEHU]HXJHQGH YRUJHIKUW 8UWHLOXQG:LGHUOHJXQJ $QWRQLRGD5KR0DLOlQGHU5KHWRULNOHKUHUXQG)UDQ]LVNDQHUP|QFKZLUG ]XP 5LFKWHU EHU GLH GDUJHOHJWHQ 3RVLWLRQHQ HUNRUHQ 6HLQ 8UWHLO IlOOW ZDKUOLFKVDORPRQLVFKDXVVHLQHEHLGHQ9RUUHGQHUKlWWHQ5HFKWLQVRIHUQ VLH MHZHLOV GLH (KUEDUNHLW KRQHVWDV  XQG GLH /XVW YROXSWDV  DOV DOOHUEHVWH 'LQJH RSWLPDUHV YRUJHVWHOOWKlWWH6LHLUUWHQMHGRFKEHLGHGDGLHVH%HJULI IHDQGHUV]XYHUVWHKHQVHLHQDOVVLHHVWXQ 

(EG 'HU)UDQ]LVNDQHUP|QFK$QWRQLRGD5KRZXUGHLQ0DLODQG3URIHVVRUIU5KH WRULN  Å$SSUREDQGDV TXLGHP TXLD KRQHVWDV HW LWHP YROXSWDV RSWLPD UHV HVW LPSUREDQGDV DXWHPTXRGDOLWHUDFFLSLHQGXPHVWTXDPYHVWUHYROXHUHUDWLRQHV´(EG 

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



%HLGHU:LGHUOHJXQJGHU5HGHGHV6WRLNHUVEHVFKUlQNWHUVLFKDXIGLH EHLGHQ YRQ 6DFFR YRUJHEUDFKWHQ +DXSWDUJXPHQWH QlPOLFK   GDVV GLH =DKOGHU/DVWHUJU|‰HUDOVGLHGHU7XJHQGVHLXQG  GDVVGHQ0HQVFKHQ YRQ 1DWXU DXV HLQ +DQJ ]XP /DVWHU ]XNRPPH =XQlFKVW ]XP HUVWHQ 3XQNW 'D 5KR OHLWHW VHLQH 5HGH PLW HLQHU SULQ]LSLHOOHQ .ULWLN DQ GHP XQUHIOHNWLHUWHQ9HUWUDXHQDXI$XWRULWlWHQXQG%FKHUZLVVHQHLQ'DPLW LVWDXFKVFKRQGLH+DXSWULFKWXQJVHLQHU$UJXPHQWDWLRQHLQJHVFKODJHQXP $XVVDJHQEHUGDV9HUKDOWHQGHU0HQVFKHQ]XPDFKHQVHLHVZHQLJUDW VDPVLFK DXI DOOJHPHLQH XQG DEVWUDNWH $QQDKPHQ ]X YHUODVVHQ VRQGHUQ HVVHLHKHUJHERWHQGLHVHDQGHUHLJHQHQ(UIDKUXQJXQGGHUEHREDFKWED UHQ:LUNOLFKNHLW]XEHUSUIHQ6RYHUKDOWHHVVLFKDXFKPLWGHPDULVWRWH OLVFKHQ 7XJHQGVFKHPD GDV GLH 7XJHQG LQ GLH 0LWWH YRQ ]ZHL /DVWHUQ SODW]LHUW 'LHVHV 6FKHPD N|QQH LQ VHLQHU $OOJHPHLQKHLW GDV PHQVFKOLFKH +DQGHOQ QLFKW HUNOlUHQ XQG VFKRQ JDU QLFKW EHXUWHLOHQ 'XUFK GDV 'XUFKVSLHOHQ YHUVFKLHGHQHU )lOOH XQG 9HUKDOWHQVZHLVHQ GLH VLFK XQWHU MHZHLOV EHVWLPPWHQ 8PVWlQGHQ YROO]LHKHQ ]HLJW 'D 5KR GDVV VLFK GLH %HXUWHLOXQJGHU+DQGOXQJMHQDFK.RQWH[WXQG=HLWYHUODXIYHUlQGHUW :DUXPJLEVWGXQLFKWDOOHPVHLQHQ1DPHQXQGVHLQH=HLWXQGVWHOOVWHVLQVHLQH 8PVWlQGH":LUVLQGGRFKQLFKWLPPHUGLHVHOEHQMDZLUN|QQHQHVJDUQLFKWVHLQ .lPSIHLFKELQLFKWDSIHUHUJHE·LFKPLFKMHGRFKGHPVLHJUHLFKHQ)HLQGHELQ LFKYRUVLFKWLJ+DOWLFKPLFKGHP*DVWPDKOGHVHLQHQIHUQELQLFKPD‰YROOVDJ LFKQLFKW1HLQ]XGHPGHVDQGHUQELQLFKOHEHQVIURK'HVKDOENDQQQLHPDOVGDV HLQHPLWGHPDQGHUQYHUWDXVFKWZHUGHQHVJHVFKLHKWJHWUHQQWXQG]XYHUVFKLHGH



Å6HG PHPHQWR QRQ HVVH VHPSHU KDEHQGDP DXFWRULEXV ILGHP TXL HWVL SOXUD EHQH GL[HUXQWQRQQXPTXDPWDPHQPRUHKRPLQXPODSVLVXQW,WDTXHVWXOWLVVLPXPUHRUHV VHTXLVTXLVVHWRWXPOLEULVFUHGLWHWQRQLOORVDQYHUHGLFDQWH[DPLQDWGLOLJHQWHUHWKRF FXPLQFHWHULVUHEXVWXPSUHFLSXHLQYLUWXWLEXVTXLEXVFRQVWDWRPQLVUDWLRYLYHQGL´ (EG  $OV DOOJHPHLQHV 6FKHPD LVW GLH $XVVDJH PDQ VROOH QLFKW ]X YLHO XQG QLFKW ]X ZHQLJ WXQ LQKDOWVOHHU 9DOOD PDJ GLHVH %DQDOLWlW GDKHU NDXP GHP $ULVWRWHOHV ]XVFKUHLEHQ ZHLOGLHVVRJDUGDV9LHKZVVWHÅ$OLRTXLQVWXOWLVVLPXVKRPLQXPIXLVVHW$ULVWRWHOHVVL WRWYHUELVGLVSXWDVVHWQXQTXLGÄLGTXRGQLPLVHVW¶LWHPTXHÄLGTXRGPLQXVHVWTXDP GHEHUHW¶VLWYLWLRVXP+RFHWLDPSHFRUDVFLXQW´(EG²'LHVHKLHUYRQ9DOODDQ $ULVWRWHOHVJHEWH.ULWLNYHUVWXPPWDXFKLQVSlWHUHQ-DKUKXQGHUWHQQLFKWYJOKLHU]X HWZD,PPDQXHO.DQW0HWDSK\VLNGHU6LWWHQ>@7HLO0HWDSK\VLVFKH$QIDQJVJUQ GHGHU7XJHQGOHKUH 9RP*HL]H$QPHUNXQJ $ Å'HU6DW]PDQVROONHLQHU6D FKH ]X YLHO RGHU ]X ZHQLJ WXQ VDJW VR YLHO DOV QLFKWV GHQQ HU LVW WDXWRORJLVFK :DV KHL‰W]XYLHOWXQ"$ Q W Z 0HKUDOVJXWLVWZDVKHL‰W]XZHQLJWXQ"$ Q W Z :HQLJHU WXQ DOV JXW LVW :DV KHL‰W L F K  V R O O  HWZDV WXQ RGHU XQWHUODVVHQ " $ Q W Z   (V LVW Q L F K W  J X W  ZLGHUGLH3IOLFKW P H K U RGHUDXFKZHQLJHU]XWXQDOVJXWLVW:HQQGDV GLH:HLVKHLWLVWGLH]XHUIRUVFKHQZLU]XGHQ$OWHQ GHP$ULVWRWHOHV JOHLFKDOVVRO FKHQGLHGHU4XHOOHQlKHUZDUHQ]XUFNNHKUHQVROOHQYLUWXVFRQVLVWLWLQPHGLRPH GLXPWHQXHUHEHDWLHVWPRGXVLQ UHEXV VXQWFHUWLGHQLTXHILQHVTXRVXOWUDFLWUDTXH QHTXLWFRQVLVWHUHUHFWXP VR KDEHQZLUVFKOHFKWJHZlKOWXQV DQLKU2UDNHO]XZHQ GHQ´.DQW  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH QHQ0DOHQVRGDVVHVZLHLFKJUDGVDJWHDEVXUGLVWGDVZDVGLH=HLWDXVHLQDQGHU ]LHKWLQHLQXQGGLHVHOEH=HLW]XVDPPHQ]ZLQJHQ]XZROOHQ

:ROOHPDQGLH9LHOIDOWXQG.RPSOH[LWlWGHU+DQGOXQJHQDXIHLQDEVWUDN WHV6FKHPDUHGX]LHUHQGDQQJHEHHVEHOLHELJYLHOH0|JOLFKNHLWHQ7XJHQ GHQ XQG /DVWHU ]X NRPELQLHUHQ -H QDFK VSH]LILVFKHU 6LWXDWLRQ N|QQWHQ ]ZHL7XJHQGHQGLH([WUHPH]ZHLHU/DVWHUVHLQRGHUXPJHNHKUWRGHUHLQHU 7XJHQGN|QQWHMHHLQ/DVWHUHQWJHJHQJHVWHOOWZHUGHQRGHUHVN|QQWHQDOOH YLHULQGLH0LWWHJHVHW]WZHUGHQ$QJHVLFKWVGLHVHU%HOLHELJNHLWGHUDEV WUDNWHQ$QRUGQXQJHQVHLHVQLFKWEHU]HXJHQGGHU7XJHQGMH]ZHL/DVWHU HQWJHJHQ]XVWHOOHQ/DVVHPDQVLFKKLQJHJHQDXIHLQH%HWUDFKWXQJGHV(LQ ]HOIDOOVHLQGDQQVHLHVVFKZLHULJ]XHQWVFKHLGHQREGLHYRUOLHJHQGH7DW DOV VFKOHFKW RGHU JXW ]X EHXUWHLOHQ LVW GD GLH 8UWHLOH GHU 0HQVFKHQ KLHU VWDUN YRQHLQDQGHU DEZLFKHQ $QJHVLFKWV GLHVHU 9LHOGHXWLJNHLW XQG GHU 8QVLFKHUKHLWGHVPHQVFKOLFKHQ8UWHLOVVFKHLQWHV'D5KRQLFKWDQJHPHV VHQGDV8UWHLOJHJHQGLH*WHGHUPHQVFKOLFKHQ1DWXU]XVSUHFKHQ'D 5KRZHQGHWVLFKGDPLWJHJHQGLH6WRLNHUHUKDWVLFKDEHUDXFK]XJOHLFK LPSOL]LW JHJHQ HLQH WKHRORJLVFKH 7UDGLWLRQ DXVJHVSURFKHQ GLH PLW 9HU GlFKWLJXQJHQXQGGXUFK*HZLVVHQVSUIXQJHQEHUDOOGRUW/DVWHUYHUPX WHWHZRVHOEVWVFKHLQEDUWXJHQGKDIWH7DWHQYRUODJHQ 1XQNRPPW'D5KR]XU:LGHUOHJXQJGHV]ZHLWHQ$UJXPHQWV(VVHL QLFKW VR GDVV GLH 0HQVFKHQ YRQ 1DWXU DXV YHUGHUEOLFK VHLHQ YLHOPHKU ZUGHQ VLH YRQ 1DWXU DXV GDV HUVWUHEHQ ZDV VLH IU HLQ *XW KLHOWHQ $EHUQLFKWQXUGLH(KUEDUNHLWZHUGHIUHLQ*XWJHKDOWHQVRQGHUQDXFK DQGHUH 'LQJH 6DFFRV ZHLWHUH $UJXPHQWH HWZD GDVV YLHOH EHVRQGHUHQ 









Å4XLQWULEXLVVXDTXLEXVTXHQRPLQDVXDWHPSRUDVXDVYLFHV"1HFHQLPVHPSHULLGHP VXPXVLPPRQHFHVVHSRVVXPXV&XPSXJQRIRUWLVVXPFXPPHKRVWLEXVGHGRYLF WRULEXVFDXWXVFXPDEVWLQHRLOOLXVFRQYLYLRWHPSHUDWXVFXPKXLXVFRQYLYLXPQRQUH FXVRKLODULV,WDTXHQXQTXDPKHF LQYLFHPILXQWVHGVHSDUDWLPHWSHUYLFHVXWDEVXU GXPVLWVLFXWGL[LTXHWHPSXVGLVWUD[HULWHDVXEXQXPWHPSXVYHOOHFRQLXQJHUH´9DO OD   Å4XRILWXWDXWFRQFHGDPXVGXDVYLUWXWHVHVVHGXRUXPH[WUHPDYLWLRUXPHWYLFLVVLP GXRYLWLDGXDUXPH[WUHPDYLUWXWXPDXWVLQJXODYLWLDVLQJXOLVYLUWXWLEXVHVVHRSSRVLWD DXW LOOD TXDWXRU LWD RUGLQDUH XW QHF YLUWXWHV QHF YLWLD YHO PHGLD VLQW YHO H[WUHPD VHG SDUWHPKDEHDQWPHGLRUXPHWH[WUHPRUXPYHOXWLVLSULPRSRQDPXVDYDULFLDPGHLQGH SDUFLWDWHPWXPSURGLJDOLWDWHPSRVWUHPRODUJLWDWHP´(EG Å&XPLWDTXHWDQWDVLWLQLXGLFDQGLVKRPLQXPDFWLEXVDPELJXLWDVLQLTXXPHVWGXELDLQ GHWHULRUHPLQWHUSUHWDULSDUWHP´HEGXQGÅVLTXDQGRQRQSRVVLPXVDFWXVKRPL QXPQLVLLQGHWHULXVLQWHUSUHWDULQHVWDWLPSURIHUDPXVVHQWHQWLDPFXPILHULSRVVLWHW TXLGHPIDFLOOLPHXWQRVIDOODWRSLQLR´(EG =XGLHVHU.XOWXUGHU*HZLVVHQVSUIXQJGLHVLFKGXUFKGDVJDQ]H0LWWHODOWHUHUVWUHFN WHXQGDXFKLQGHU1HX]HLWIRUWOHEWHGLHPLWJUR‰HP0L‰WUDXHQJHJHQEHUGHU1DWXU GHV0HQVFKHQ VHOEVWLQWXJHQGKDIWHQ+DQGOXQJHQQDFK/DVWHUQIDKQGHWHYJO1HZ KDXVHU   9DOOD    'LHV LVW ZLHGHUXP HLQH DULVWRWHOLVFKH 3RVLWLRQ YJO 1LNRPDFKLVFKH (WKLN,

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



*HIDOOHQGDUDQKlWWHQJHUDGHWXJHQGKDIWH)UDXHQ]XYHUIKUHQZHKUW'D 5KRPLWGHU%HPHUNXQJDEGDVVHVLQGLHVHP)DOOKDXSWVlFKOLFKQLFKWXP GHQ +DVV DXI GLH 7XJHQG VRQGHUQ XP GLH hEHUZLQGXQJ HLQHV :LGHU VWDQGV JHKH ZDV EHVRQGHUH /XVW EHUHLWH $X‰HUGHP N|QQWH LQ VROFKHP )DOOGHU5XKPJU|‰HUVHLQ 6FKOLH‰OLFK IlOOW'D5KR GDV 8UWHLOEHUGLH YRUJHVWHOOWHQ 3RVLWLRQHQ =XQlFKVW YHUOHLKW HU VHLQHU hEHU]HXJXQJ $XVGUXFN GDVV EHLGH GLH YRQ LKQHQ YHUWHLGLJWHQ 3RVLWLRQHQ QLFKW HUQVWOLFK YHUWUHWHQ ZUGHQ VRQGHUQ GLHVH EOR‰ ]XU ÅhEXQJ´ RGHU ZHJHQ GHU Å1HXKHLW´ YRUJHVWHOOW KlWWHQ ,QVEHVRQGHUH9HJLRKlWWHDQGHUVJHVSURFKHQDOVHUVRQVW]XUHGHQXQG]X OHEHQSIOHJH(UKDEHYLHOPHKUÅVLPXOLHUW´ VLPXODWHORFXWXV XQGLP6FKHU] ÅQDFK GHV 6RNUDWHV $UW´ PRUH 6RFUDWLV  ZLH HLQ Å,URQLNHU´ LURQ  JH VSURFKHQ6DFFRKLQJHJHQGHUPLW(UQVWJHVSURFKHQKDWKDEHVLFKÅDOV %HZXQGHUHUGHV$OWHUWXPVKHUYRUWXQZROOHQ´'DPLWKDWHUMHGRFKLQ 'D 5KRV 6LFKW HLQH $UW YRQ 6HOEVWYHUOHXJQXQJ ,QNRQVHTXHQ] RGHU 6HOEVWZLGHUVSUXFKEHJDQJHQ :DUXPQXUREZRKOGXGRFK&KULVWELVWKDVWGXJHVSURFKHQDOVVHLVWGXNHLQHU" :DUXPGLHVHVVRQGHUEDUH6WLOOVFKZHLJHQEHUXQVHUH5HOLJLRQLQGHLQHU5HGHDOV ZlU·VLHZDVhEHUIOVVLJHVXQGDXVGHU3KLORVRSKHQ/HKUHQ(UGLFKWHWHVXQG*H ELOGHWHV":DUXPKDVWGXOLHEHUGLH1DWXUDOV*RWWGHQ6FK|SIHUDOOHU'LQJHQHQ QHQZROOHQ"

'DV8UWHLO'D5KRVIlOOWJHJHQGLH6WRLNHUXQG]XJXQVWHQGHU(SLNXUHHU DXV*HJHQGLH6WRLNHUVSUHFKHQYRUDOOHP]ZHL$UJXPHQWH=XPHLQHQVHL HVDEVXUGGLH7XJHQG]XPK|FKVWHQ*XW]XHUNOlUHQZHQQPDQGDGXUFK GLH/VWHLP'LHVVHLWVQLFKWJHQLH‰HQGUIHXQGDQGHUHUVHLWVNHLQH%HORK QXQJ LP -HQVHLWV HUZDUWHQ N|QQH PLWKLQ HLQ EHMDPPHUQVZHUWHV /HEHQ ]XP K|FKVWHQ *XW HUKHEH =XP DQGHUHQ VHL EHVRQGHUV YHUZHUIOLFK GDVV/HKUHXQG/HEHQEHLGHQ6WRLNHUQQLFKWEHUHLQVWLPPWHQGLH]ZDU

   

 



ÅH[HUFLWDWLRQLVYHOQRYLWDWLVJUDWLD´HEG (EG (EG 'LH0HWKRGHGLH*HJHQPHLQXQJ]XVLPXOLHUHQXPVLHDQVFKOLH‰HQGXPVREHU]HX JHQGHU ZLGHUOHJHQ ]X N|QQHQ KDWWH EHUHLWV &LFHUR DOV ÅVRNUDWLVFK´ EH]HLFKQHW YJO &LFHUR'HRUDWRUH,,,,,XQG$FDGHPLFD,, ÅDQWLTXLWDWLVDGPLUDWRUHPVHRVWHQGHUHYROXLVVH´9DOOD   Å&XUWXFXPFKULVWLDQXVVLVORFXWXVHVTXDVLQRQFKULVWLDQXV"&XUWDPPLUXPLQWXR VHUPRQHGHQRVWUDUHOLJLRQHVLOHQWLXPTXDVLVXSHUYDFXDTXDGDPHWH[SKLORVRSKRUXP SUHFHSWLVHIILFWDHWIRUPDWD"&XUQDWXUDPTXDP'HXPUHUXPSDUHQWHPDSSHOODUHPD OXLVWL"´(EG Å1DP XW DOLD WDFHDP FXLXV YLUWXWLV HVW DXW FXLXV SRWLXV GHPHQWLH FXP QXOOXP SUR ODERULEXVIUXFWXPVSHUHVWDPHQHODERUDUHHWERQLVSUHVHQWLEXVWHIUDXGDUHHWLQ3KDOD ULGLVWDXURYLWDPEHDWDPSXWDUH"´(EG

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

GLH 7XJHQG SUHGLJWHQ DEHU GLH /VWH OLHEWHQ $OV H[SRQLHUWHV %HLVSLHO GLHVHUVWRLVFKHQ'RSSHOPRUDOIKUWHU6HQHFDDQ'RFKDXFKZHQQGLH HSLNXUHLVFKH3RVLWLRQGHUVWRLVFKHQEHUOHJHQVHLVRVHLDXFKGLHVHVHOEVW DOVPDQJHOKDIW]XEHWUDFKWHQ8PGLHVH$QVLFKW]XEHJUQGHQIKUW'D 5KRHLQHJHQHDORJLVFKKLVWRULVFKH%HWUDFKWXQJDQGLHHUNOlUHQVROOZLHHV EHUKDXSW]XU(QWVWHKXQJGHUEHLGHQPDQJHOKDIWHQ$QVLFKWHQJHNRPPHQ LVW $P$QIDQJGLHQWHQGLH0HQVFKHQGHP*|WWOLFKHQXQGGHQPHQVFKOL FKHQ 'LQJHQ PLW YHUVFKLHGHQHQ *UQGHQ QlPOLFK GHP *|WWOLFKHQ DXI JUXQGYRQ(KUEDUNHLWXQG7XJHQGKDIWLJNHLWXQGGHP0HQVFKOLFKHQDXI JUXQG YRQ 1W]OLFKNHLW 'XUFK GHQ $XVEUXFK IDOVFKHU 5HOLJLRQHQ MH GRFK JLQJ GLH .HQQWQLV GHV *UXQGHV IU GDV *|WWOLFKHQ YHUORUHQ 'LH 1DFKNRPPHQ QXQ GLH YRQ GHP *|WWOLFKHQ VHOEVW QLFKWV PHKU ZXVVWHQ YHUHKUWHQ HQWZHGHU GLH 7XJHQG VHOEVW DXIJUXQG LKUHV *ODQ]HV ² ZLH GLH 6WRLNHU ²  RGHU VLH NDPHQ ]XP 6FKOXVV GDVV VLH ZHJHQ GHV 1XW]HQV ]X HUVWUHEHQ VHLQHEHQ GHP NHLQH DQGHUH %HJUQGXQJPHKU ]X VHKHQ VHL² ZLHGLH(SLNXUHHU'LH&KULVWHQKLQJHJHQGLHGLHXUVSUQJOLFKH%HGHX WXQJGHU(KUEDUNHLWQlPOLFKGDV*|WWOLFKHNHQQHQYHUIROJHQGDV(KUED UHQLFKWXPVHLQHUVHOEVWZLOOHQVRQGHUQXPGHV*|WWOLFKHQZLOOHQ 8QVHUGHU&KULVWHQ(KUEDUHVLQGHVVHQLVWHEHQMHQHVYRQGHPLFKVDJWHGDVVHV VFKRQYRUKHUGDZDUXQGZHGHUXPVHLQHUVHOEVWZLOOHQDOVHWZDV+DUWHV%LWWHUHV XQG 0KHYROOHV ]X HUODQJHQ LVW QRFK DXFK XP GHU 1XW]EDUNHLW ZLOOHQ GLH DOOH VDPW LUGLVFK VLQG (V LVW VWDWWGHVVHQ HLQH 6WXIH ]X MHQHU *OFNVHOLJNHLW LQ GHUHQ *HQXVVGHU*HLVWRGHUGLH6HHOHGHUVWHUEOLFKHQ*OLHGHUOHGLJEHLP6FK|SIHUDO OHU'LQJHGHUVLHKHUYRUEUDFKWHGHUHLQVWNRPPW

0LWGLHVHP0HKUZLVVHQGHV&KULVWHQQlPOLFKGDVVHVHLQHQ*RWWJLEWXQG HLQ/HEHQGHU6HHOHQDFKGHP7RGVWHOOWVLFKDXFKGDV3UREOHPGHU/XVW DXI HLQH QHXH :HLVH 8QWHU GHU $QQDKPH HLQHV /HEHQV QDFK GHP 7RGH JLEWHVQlPOLFK]ZHL$UWHQYRQ/XVWÅGLHHLQHKDEHQZLUDXI(UGHQGLH    



ÅPHQWLWL VXQW FXP DOLXP ILQHP VHTXHUHQWXU TXDP TXHP SURILWHEDQWXU ODXGDWRUHV YLUWXWXPDPDWRUHVYROXSWDWXP´HEG (EG ÅRSLQRU TXRG FXP HVVHW D SULQFLSLR DOLD TXHGDP UDWLR VHUYLHQGL UHEXV GLYLQLV DOLD WHUUHQLVLOODPDSSHOODYHUXQWKRQHVWDWHPDWTXHYLUWXWHVKDQFXWLOLWDWHP´(EG Å4XDVYLUWXWHVSRVWHULRUHVQHVFLLTXRUHIHUHQGHVLQWDOOLLSVDUXPVSOHQGRUHFRPPRWL SURSWHUVHLSVDVH[SHWHQGDVHVVHGL[HUXQWWDQTXDPDUHEXVWHUUHQLVXWIXHUDQWDOLHQDV HWKLVWRLFLSUHFLSXHVXQWDOLLYHURSURSWHUXWLOLWDWHVSUHWHUTXDVQLODOLXGYLGHEDQWHWLL LQ SULPLV HSLFXUHL VXQW FXP TXLEXV SRSXORUXP SDUV PD[LPD FRQVHQWLW TXH SURSWHU HDVGHPXWLOLWDWHVGHRVTXRTXHFROHQGRVH[LVWLPDYLW´(EG Å1RVWUXP DXWHP KRQHVWXP TXL FKULVWLDQL VXPXV LOOXG LSVXP HVW TXRG GL[L SULXV HW DQWHULXV IXLVVH QHF SURSWHU VH H[SHWHQGXP XWSRWH GXUXP DVSHUXP DUGXXP QHF SURSWHU XWLOLWDWHV TXH WHUUHQH VXQW VHG JUDGXP IDFLW DG HDP EHDWLWXGLQHP TXD VLYH DQLPXVVLYHDQLPDH[RQHUDWDKLVPHPEULVPRUWDOLEXVDSXGUHUXPSDUHQWHPDTXRHVW SURIHFWDSHUIUXLWXU´(EG

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



DQGHUHHUVWVSlWHULP+LPPHO´'HU0HQVFKVWHKWGHVKDOEYRUIROJHQ GHU(QWVFKHLGXQJHQWZHGHUIROJWHUGHQLUGLVFKHQ/VWHQGDQQDEHUJH IlKUGHWHUGHQ$XIVWLHJGHU6HHOHLQV3DUDGLHVXQGPLWKLQGLH/VWHQDFK GHP7RGÅ%HLGH]XJOHLFKKDEHQN|QQHQZLUQLFKW´8P]XU(QWVFKHL GXQJ]XNRPPHQHPSILHKOW'D5KRHLQ$EZlJHQGHU/XVWDUWHQGLHLUGL VFKHVHLÅXQJHZLVVXQGWUJHULVFKGLHMHQVHLWLJHLQGHVVHQDXVJHPLWWHOWXQG ]XYHUOlVVLJ´ =XGHP JHEH HV DXFK LP 'LHVVHLWV /VWH GLH IU GDV .RPPHQGH QLFKW VFKlGOLFK VHLHQ QlPOLFK ZDV XP GHV *ODXEHQV ZLOOHQ JHVFKLHKW:HUDOVRGDVJU|‰WH4XDQWXPDQ/XVWHUOHEHQP|FKWHGHUWXW QDFK'D5KRJXWGDUDQVLFKGLHMHQVHLWLJHQ/VWH]XVLFKHUQ*RWWVHL PLWKLQ DXFK QLFKW XP VHLQHU VHOEVW ZLOOHQ ]X OLHEHQ VRQGHUQ ZHJHQ GHU /XVWGLHDXVGHU*RWWHVOLHEHXQG9HUHKUXQJ]XHUZDUWHQVHL hEHU]HXJXQJ'LH6WUDWHJLHGHVhEHUELHWHQV 'DVV HU PLW GLHVHU %HJUQGXQJ GLH =XK|UHU YRQ GHU hEHUOHJHQKHLW GHV FKULVWOLFKHQ 6WDQGSXQNWHV YRU GHQ SKLORVRSKLVFKHQ EHU]HXJW KDEH GHV VHQLVWVLFK'D5KRDOOHUGLQJVQRFKQLFKWYROOHQGVVLFKHU=XPDOHUQRFK LPPHU]ZHLIHOWÅREQLFKWGRFK9HJLRVJHVWRFKHQHXQGODQJH5HGHLKUHQ :HJLQGLH6HHOHQIDQGZDVLFKDQPLUVHOEHUWDWVlFKOLFKHUIXKU´ 0LW.UDIWXQG6FKZXQJLVWVLHLQXQVUHU/HLGHQVFKDIWHQ,QQHUVWHVJHEURFKHQXQG JHGUXQJHQXQGKDWGHQ*HLVWIDVWDXVGHU9HUDQNHUXQJJHULVVHQ

8PGLH/HLGHQVFKDIWHQVHLQHU=XK|UHUXP]XZHQGHQXQGIUGDVFKULVWOL FKH-HQVHLWV]XEHJHLVWHUQPDFKW'D5KRVLFKQRFKPDOVDQV:HUN9LHU    

  

ÅDOWHUDQXQFLQWHUULVDOWHUDSRVWHDLQFHOLV´HEG ÅXWUDTXHQRQSRVVXPXV´HEG Å9HUXPQRVWUDKHFLQFHUWLRUHWIDOODFLRULOODYHURH[SORUDWDHWVWDELOLV´(EG Å,QLTXLQDQTXHQRQLQKDFXWLTXHYLWDPLVHULVXQWVHGLQIXWXUDHWLXVWLQRQQXQFEHDWL VHG SRVWHD HUXQW´ (EG  ² 'LH )ULYROLWlW GHV *HGDQNHQV GHQ *ODXEHQ HLQHP 1W]OLFKNHLWVNDONO ]X XQWHUZHUIHQ PDJ DQ GLHMHQLJH GHU :HWWH 3DVFDOV HULQQHUQ 'RFK ZlKUHQG 9DOOD GLH :DKUKHLW GHV &KULVWHQWXPV YRUDXVVHW]W XQG XQWHUGHU 3Ul PLVVH GHU 8QVWHUEOLFKNHLW GHU 6HHOH QDFK /XVWPD[LPLHUXQJ VWUHEW VHW]W 3DVFDO QXU YRUDXV ZDV IU MHGH 9HUQXQIW IU GLH ZHGHU GLH ([LVWHQ] QRFK GLH 1LFKWH[LVWHQ] *RWWHVEHZLHVHQZHUGHQNDQQHLQVLFKWLJLVWVHW]WPDQYRUDXVGDVV*RWWH[LVWLHUWVR JHZLQQWPDQ²ZHQQPDQ5HFKWKDWWH²DOOHVYHUOLHUWPDQVRLVWQLFKWVYHUORUHQYJO 3DVFDO3HQVpHV 6HFRQGH3DUWLHVHFWLRQ,,Å,QILQL5LHQOHSDUL´ LQ3DVFDO    Å4XDUHQRQSODFHWPLKLXWGLFDWXU'HXPSURSWHUVHHVVHDPDQGXPTXDVLDPRULSVHHW GHOHFWDWLRSURSWHUILQHPVLWHWQRQLSVDSRWLXVILQLV´9DOOD   Å3UHVHUWLP TXRG VXSWLPHR LG TXRG LQ PH H[SHULRU QH WDP DFFXUDWD HW ORQJD 9HJLL RUDWLRPHQWHVDIIHFHULW´(EG Å9LULEXVYHURDWTXHLPSHWXLUUXSLWLQDIIHFWXVLQWLPRVDWTXHSHQHWUDYLWHWPHQWHPGH VWDWXVXRSHQHGLPRYLW´(EG

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

7KHPHQPVVWHQKLHUIUHU|UWHUWZHUGHQQlPOLFKGLH%HVFKZHUOLFKNHLWHQ LQGLHVHP/HEHQZLHJHULQJGDULQGLH)UHXGHZLHYLHO6FKOHFKWHVHVQDFK GHP7RGIUGLH6FKOHFKWHQJHEHXQGZLHYLHO*XWHVGHQ*XWHQ]XNRP PH:HJHQGHUIRUWJHVFKULWWHQHQ6WXQGHEHVFKUlQNWVLFK'D5KRDOOHU GLQJV DXI GLH 'DUOHJXQJ GHV OHW]WHQ 3XQNWHV 8QG KLHU ZROOH HU ZLH HU VHOEVW DQJLEW ÅQLFKWV $XVJHWUHWHQHV /DQGOlXILJHV VRQGHUQ 1HXHV´ YRUVWHOOHQ :DV NDQQ HLQ &KULVW JHJHQ GDV $UJXPHQW GHV (SLNXUHHUV ² KLHU GDV /HEHQ]XJHQLH‰HQ²DQIKUHQ",P)ROJHQGHQZHUGHLFK9DOODVhEHU]HX JXQJVVWUDWHJLHGDUOHJHQGLHLFKDOVHLQH6WUDWHJLHGHVhEHUELHWHQVFKDUDN WHULVLHUHQP|FKWH$OOJHPHLQXQGLQ+LQVLFKWDXIGDV=LHOIRUPXOLHUWEH GHXWHW GLHV GDVV LQ GHU OHW]WHQ 5HGH GLH 3RVLWLRQ GHV (SLNXUHHUV QLFKW ZLGHUOHJWRGHUGLUHNWEHNlPSIWVRQGHUQEHUERWHQZLUGGHQQGD5KR]HLJW QLFKW GDVV HLQH 2ULHQWLHUXQJ DP /XVWSULQ]LS IDOVFK RGHU YHUZHUIOLFK VHL VRQGHUQ HU ]HLJW GDVV GHUMHQLJH GHU GLH /XVWUHFKQXQJ JDQ] NRQVHTXHQW GXUFKIKUWJDUQLFKWDQGHUVDOVFKULVWOLFKRULHQWLHUWKDQGHOQNDQQ,QGHU NRQNUHWHQ'XUFKIKUXQJJHOLQJWLKPGLHVLQGHPHUHLQFKULVWOLFKHV/HKU VWFNQlPOLFKGDVGHUGUHL9HUVXFKXQJHQIUVHLQH=ZHFNHDXIJUHLIWXQG GDEHL JlQ]OLFK WUDQVIRUPLHUW 8P GLHVH YHUERUJHQH 6WUDWHJLH 9DOODV ]X YHUVWHKHQVHLNXU]HLQ%OLFNDXIGLH*HVFKLFKWHGHV7RSRVYRQGHQGUHL 9HUVXFKXQJHQHUODXEW  'LHGUHL9HUVXFKXQJHQ 'LH*HVFKLFKWHEHJLQQWPLWHLQHP%LEHO]LWDWGDVVLFKLQGHPHUVWHQ%ULHI GHV -RKDQQHV ILQGHW LQ ZHOFKHP GLHVHU YRU GHQ *HIDKUHQ GLHVHU :HOW ZDUQW GHQQ GLH =XZHQGXQJ ]X GLHVHU :HOWVFKOLH‰W QRWZHQGLJ HLQH $E NHKUYRQ*RWWHLQ +DEWQLFKWOLHEGLH:HOWXQGZDVLQLKULVW:HQQMHPDQGGLH:HOWOLHEKDWLVWGLH /LHEHGHV9DWHUVQLFKWLQLKP'HQQDOOHVZDVLQGHU:HOWLVWGLHN|USHUOLFKH%H JLHUGHGLH%HJHKUOLFKNHLWGHU$XJHQXQGGLHhEHUKHEOLFKNHLWLVWQLFKWYRP9D WHUVRQGHUQYRQGHU:HOW

*HJHQGLH9HUVXFKXQJHQGHU:HOW²FRQFXSLVFHQWLDFDUQLVFRQFXSLVFHQWLDRFXOR UXP XQG VXSHUELD YLWDH ² KDEHQ ]DKOUHLFKH IUKH .LUFKHQVFKULIWVWHOOHU JH VFKULHEHQ $XJXVWLQXV HWZD EHVFKUHLEW LQ GHQ &RQIHVVLRQHV GHWDLOOLHUW ZLH LKQGLH9HUVXFKXQJHQGHV)OHLVFKHVGHU$XJHQXQGGHV6WRO]HVTXlOWHQ ZLH VFKZHU LKP GLHVHU .DPSI JHJHQ GLH 9HUVXFKXQJHQ JHZHVHQ VHLXQG ZLHVWDUNHUVLFKHLQH$ENHKUYRQDOOHQGLHVHQZHOWOLFKHQ*HQVVHQKHU 

ÅRPQLV KLF ORFXV XW HJR TXLGHP VHQWLR TXDGULIDULDP GLVWULEXHQGXV HVW SULPXP TXDQWDVLWLQKDFYLWDFDODPLWDVVHFXQGXPTXDPH[LJXDLXFXQGLWDVWHUWLXPSRVWPRU WHPTXDQWDPDODVLQWPDOLVTXDUWXPTXDQWDERQDERQLV´(EG  ÅQRQWULWDHWSHUYXOJDWDVHGQRYD´HEG  -RK%LEHO  D

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



EHLJHVHKQWKDEH,QGHUH[HJHWLVFKHQ7UDGLWLRQZXUGHQGLHGUHL9HUVX FKXQJHQPLWGHU9HUVXFKXQJ$GDPVXQGGHU9HUVXFKXQJ&KULVWLDVVR]L LHUW 'LHWUDGLWLRQHOOHFKULVWOLFKH$QWZRUWDXIGLH9HUORFNXQJHQGHU:HOWLVW GHU $XIUXI ]XP 9HU]LFKW XQG ]XU $ENHKU GD GLH 9HUIKUXQJHQ GLHVHU :HOW GHQ 0HQVFKHQ YRQ GHU =XZHQGXQJ ]X *RWW DE]LHKHQ VHLHQVLH ]X PHLGHQ$OVEHVWHV0LWWHOJHJHQGLH9HUVXFKXQJHQOlVVWVLFKGDV/HEHQLP .ORVWHU YHUVWHKHQ GHQQ GLH GUHL P|QFKLVFKHQ *HOEGH GHU .HXVFKKHLW FDVWLWDV  $UPXW SDXSHUWDV  XQG 'HPXW KXPLOLWDV  ODVVHQ VLFK DOV GLUHNWH $QWZRUWHQDXIGLHGUHL9HUVXFKXQJHQYHUVWHKHQ 'RFK PLW GHP 3UHGLJHQ YRQ 9HU]LFKW ² GHU WUDGLWLRQHOOHQ 6WUDWHJLH ZLHVLHHWZDEHL$XJXVWLQXVXQG/DNWDQ]QDFK]XOHVHQLVW²ZLUG'D5KR EHL VHLQHP 3XEOLNXP ZHQLJ DXVULFKWHQ ,VW GLHVH 6WUDWHJLH GRFK JXW EH NDQQWDEHUELVKHUZLUNXQJVORVJHEOLHEHQ'D5KRDOVRJUHLIW]XHLQHUQHX HQ 6WUDWHJLH XQG ZHUWHW GLHVH 9HUVXFKXQJHQ XP HU YHUXUWHLOW VLH QLFKW VRQGHUQHUQXW]WLKU9HUIKUXQJVSRWHQWLDOXPYRPFKULVWOLFKHQ*ODXEHQ ]X EHU]HXJHQ 'LHV PDFKW HU LQGHP HU GLH EHNDQQWHQ XQG JHOlXILJHQ 9HUVXFKXQJHQGHU:HOW²GLHhEHUKHEOLFKNHLWGLH%HJHKUOLFKNHLWGHV$X JHVXQGGLHN|USHUOLFKH%HJLHUGH²DXIJUHLIWGRFKVWDWW]XU$ENHKUDXI]X UXIHQ]HLJWHUGDVVGHU&KULVWGLHVHJHQLH‰HQN|QQHQlPOLFKLP-HQVHLWV XQG]ZDUDXIHLQHJHVWHLJHUWH:HLVH  'LHhEHUELHWXQJGHV6WRO]HVJHJHQFKULVWOLFKH'HPXWXQG6HOEVWHUQLHGULJXQJ 'D5KREHJLQQWGHQOHW]WHQ7HLOVHLQHU5HGHPLWGHP3UHLVHQGHU6FK|S IXQJ *RWWHV GHV XQHUPHVVOLFKHQ XQG VFK|QHQ 8QLYHUVXPV $QJHVLFKWV GLHVHU *UR‰DUWLJNHLW VROOH VLFK GHU 0HQVFK QLFKW IU JHULQJ DFKWHQ VLFK QLFKW VHOEVW HUQLHGULJHQ XQG LQ 'HPXW IDOOHQ JDQ] LP *HJHQWHLO 'D GLH 6FK|SIXQJ XP GHV 0HQVFKHQ ZLOOHQ HUVFKDIIHQ ZXUGH VROOH VLFK GHU 0HQVFK GLHVHU EHVRQGHUHQ 6WHOOXQJ IU ZUGLJ HUZHLVHQ 8QWHU 0HQVFK YHUVWHKW'D5KRKLHUQLFKWGLHDEVWUDNWH*DWWXQJ0HQVFKVRQGHUQMHGHQ HLQ]HOQHQ 0HQVFKHQ ÅXP GHLQHWZLOOHQ GDV KHL‰W XP GHU (LQ]HOQHQ ZLO OHQ´1DFKGHP'D5KRMHGHQHLQ]HOQHQ=XK|UHUDXIGLHVH:HLVHH[SOL ]LW DQJHVSURFKHQ KDW WHLOW HU LKP DXFK PLW ZDUXP *RWW LKP GLHVHV Å*UR‰DUWLJNHLW´ PDJQLILFHQWLD HUVFKDIIHQKDEH



$XJXVWLQXV&RQIHVVLRQHV;LQ$XJXVWLQXV   9JO+RZDUG    9JO+RZDUG    ÅSURSWHUWHKRFHVWSURSWHUVLQJXORV´9DOOD   

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH GDPLWGXLQGHU%HWUDFKWXQJGLHVHUXQEHUWUHIIOLFKHQXQG]XGHLQHP*XWHQ JH VFKDIIHQHQ'LQJHGLFKVHOEVWHUNHQQVWGHLQHQ*HLVWHUKHEVWXQGQLFKWHLQHVRO FKH:UGHGHLQHU1DWXUDQ1LHGULJNHLWHQYHUVFKZHQGHVW

8PGLHVHU:UGHJHUHFKW]XZHUGHQVROOWHPDQVLFKDOV=LHOQLFKWHWZDV VHW]HQGDVJHULQJHUVHLDOVGDV*UR‰DUWLJVWHGHULUGLVFKHQ6FK|SIXQJ²VR YHUDFKWHQVZHUWH 'LQJH ZLH 5HLFKWXP RGHU (KUHQ ² VRQGHUQ HWZDV GDV JU|‰HUXQGEHVVHUDOVGLHVHVVHLGDVhEHULUGLVFKH'LH:QVFKHVROOWHQ QLFKWEHVFKHLGHQVRQGHUQXQHUPHVVOLFKVHLQ :DVN|QQWHXQVGHQQMHPDOV*U|‰HUHVYHUVSURFKHQZHUGHQDOVGDVVDOOHVHUGHQN OLFKH*XWHGDVZLUXQVLQGLHVHP/HEHQZQVFKHQXQVZHQQZLUGDUXPELWWHQ JHJHEHQ ZHUGHQ ZLUG XQG GDVV LP NQIWLJHQ /HEHQ JDU PHKU DOV ZLU ]X ELWWHQ ZDJHQPHKUDOVZLUHUVLQQHQN|QQHQEHUHLWJHKDOWHQZLUG"

8PVLFKDEHUHLQH9RUVWHOOXQJGDYRQ]XPDFKHQZLHGLHVHVNQIWLJH/H EHQDXVVHKHQZLUGKlOW'D5KRHVIUDQJHPHVVHQVLFKGDV-HQVHLWVYRU ]XVWHOOHQ LPDJLQDUL 'DGXUFKVROOHQGLH8QJOlXELJHQEHU]HXJWZHUGHQ 'LH$XJHQOXVWGLHLQDOWHUELEOLVFKFKULVWOLFKHU7UDGLWLRQHLQH*HIDKUIU GDV9HUIDOOHQVHLQDQGLH:HOWGDUVWHOOWZLUGYRQ9DOODHLQJHVHW]WXPYRP 3DUDGLHV]XEHU]HXJHQ :RKODQGHQQQXQHQWZHUIHQZLULP*HLVWHXQGPDOHQXQVDXVZDVZLUPLW$X JHQQLFKWHUEOLFNHQN|QQHQ

 'LHhEHUELHWXQJGHU$XJHQOXVWJHJHQGDVFKULVWOLFKH$UPXWVLGHDO :DV QXQ IROJW LVW HLQH SKDQWDVWLVFKH 9RUVWHOOXQJ GHVVHQ ZDV GLH 6HHOH HUEOLFNWZHQQVLHVLFKYRP.|USHUJHO|VWKDW]XQlFKVWVLHKWVLHHLQHYRQ HLJHQHP/LFKWVWUDKOHQGH/XIW'HU%OLFNGHU6HHOHLVWJU|‰HUXQGXPZHU IHQGHU DOV GDV ZDV ZLU YRQ KRKHQ %HUJHQ DXV HUEOLFNHQ RGHU ZHQQ ZLU EHUGDV0HHUEOLFNHQ(QJHONRPPHQKLQ]XXQGDXFK'lPRQHQ'LH 





  

Å1LPLUXP XW FRQWHPSODQGLV KLV UHEXV SUHVWDQWLVVLPLV HLVTXH WXR ERQR FRQGLWLV WH DJQRVFDVPHQWHPLQVXEOLPHHULJDVQHWDQWXPQDWXUHWXHGLJQLWDWHPDGKXPLOLDGHL FLDV´(EG hEHUVHW]XQJOHLFKWYHUlQGHUW6(  Å1HF WDPHQ GHVSLFLHQWLD WHUUHQRUXP ERQRUXP TXDOLD VXQW GLYLWLH RSHV KRQRUHV YROXSWDWHVFRUSRULVHDTXHQXQFGL[LSURSUHPLRVWDWXDVVHGTXHGDPDOLDWLELSURSR QDVWDQWRPDLRUDDFPHOLRUDKLVTXHGLFRPDJQLVTXDQWRKHFLSVDPDLRUDWHUUHQLVDWTXH DGHRLQILQLWRPDJLV´(EG Å4XLGHQLPPDLXVXQTXDPSURPLWWLSRWXLWTXDPRPQLDTXHFXQTXHYHOLPXVERQDLQ KDFYLWDVLSRVFLPXVQRELVGDWXPLULHWLQIXWXUDSOXVTXDPSRVFHUHDXGHDPXVSOXV TXDPFRJLWDUHSRVVLPXVUHVHUYDUL"´(EG ÅHWILGHPTXDPQRQKDEHQWEODQGLVTXLEXVGDPPRGLVLQVWUXHUHFRQDUL´(EG Å$JHQGXP ILJXUHPXV DQLPLV DWTXH ILQJDPXV TXRG RFXOLV FHUQHUH QRQ SRVVXPXV´ (EG 9JOKLHU]XGLH.ULWLNDQGHU/XVWDQ$XVVLFKWHQLQ$XJXVWLQXV·&RQIHVVLRQHV ;  GLHYRQ3HWUDUFD EHL VHLQHUEHUKPWHQ%HVFKUHLEXQJGHU%HVWHLJXQJGHV0RQW9HQ WRX[DXIJHJULIIHQZLUGÅ(WHXQWKRPLQHVPLUDULDOWDPRQWLXPHWLQJHQWHVIOXFWXVPD

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



%HVFKUHLEXQJ GHU6FK|QKHLW GHU (QJHO IKUW ]X HLQHU 5HIOH[LRQ EHU GLH /LHEH ]XU 6FK|QKHLW DPRU SXOFKULWXGLQLV  'LHVH VHL HV ZHOFKH GLH -XJHQG YRU DOOHP YRP UHFKWHQ /HEHQVZDQGHO DE]LHKH YRU DOOHP GLH /LHEH ]X )UDXHQDEHUDXFKGLHEHUPl‰LJH/LHEH]XVLFKVHOEVW$EHUKLHUPVVH PDQHEHQQLFKWYHU]LFKWHQVRQGHUQVLFKHQWVFKHLGHQZLOOPDQGLHXQHQG OLFKJU|‰HUH6FK|QKHLWGHU(QJHOJHQLH‰HQGDQQPXVVPDQVLFKGHULUGL VFKHQ6FK|QKHLWHQWKDOWHQ$XIGLHLUGLVFKHQ*WHUZLUGDOVRQLFKWYHU ]LFKWHWVLHZHUGHQJHJHQGLHJ|WWOLFKHQHLQJHWDXVFKW'LHVJLOWDXFKIU ÅbPWHU :UGHQ XQG $PWJHZDOWHQ´ DXI GLH GHU &KULVW DXFK LP-HQVHLWV QLFKW ]X YHU]LFKWHQ EUDXFKH GD HU VLH GRUW VRJDU LQ JHVWHLJHUWHU :HLVH JHQLH‰HQN|QQH +LHUYRQ]XEHU]HXJHQLVW'D5KRV+DXSWDQOLHJHQXQG]XJOHLFKVHL QHJU|‰WH+HUDXVIRUGHUXQJ'HQQJHUDGHGLHGLHHUEHU]HXJHQP|FKWH² VHLQH KXPDQLVWLVFKHQ0LWVWUHLWHU ² ODVVHQ VLFK QXU XQJHUQ YRP LUGLVFKHQ *XW ZHJ]LHKHQ VHL HV ZHLO VLH VLFK JU|‰HUHV QLFKW GHQNHQ N|QQHQ RGHU ZHLOVLHQLFKWJODXEHQGDVVGLH*HQVVHGHV/HLEHVQDFKGHP7RGZLHGHU NHKUHQN|QQWHQ  'LHhEHUELHWXQJGHU/VWHJHJHQGLHFKULVWOLFKH$VNHVH 'D 5KR OlVVW NHLQHQ =ZHLIHO GDUDQ DXINRPPHQ GDVV 9HU]LFKW DXFK LP %HUHLFKGHUN|USHUOLFKHQ6LQQHLP-HQVHLWVQLFKW]XHUZDUWHQVHL :DVGLHN|USHUOLFKHQ6LQQHDQJHKWVRZHUGHQZLUHQWZHGHUDXFKGUEHQGLHVHV *XWHQJHQLH‰HQZLHVFKRQKLHQLHGHQRGHUVROOWHHWZDVGDYRQLQ:HJIDOOJHUDWHQ DQGHVVHQ6WDWWPLWHWZDVZHLW%HVVHUHPEHVFKHQNWZHUGHQ:DVVROOWHZRKOHLQH $XIHUVWHKXQJGHU/HLEHU EHGHXWHQZHQQZLUGHUHLQVW QLFKWV KlWWHQDOVGDVZDV ZLUDXFKRKQH/HLEHUKlWWHQ"

  







ULVHWODWLVVLPRVODSVXVIOXPLQXPHW2FHDQLDPELWXPHWJ\URVVLGHUXPHWUHOLQTXXQWVH LSVRV´$XJXVWLQXV   ÅQLKLOHVVHTXRGHTXHLXYHQWXWHPDUHFWLVVWXGLLVHWDERPQLYLUWXWHDYHUWDWDWTXHDPRU SXOFKULWXGLQLVYHODOLHQHYHOVXH´9DOOD   (EG Å(WTXDWHQXVGHFRPPXWDWLRQHWHUUHQRUXPERQRUXPFXPGLYLQLVDJLPXVHVWLPHPXV DQ SUR FHWHULV YROXSWDWLEXV TXH KLF SHUFLSL SRVVXQW UHSXGLDWLV LOOLF SDULD ILDQW´ HEG  Å(JR YHUR LVWRV RSWLPH VSHUDUH LXEHR VSRQGHRTXH DVVHFXWXURV HVVH QRQ HLXVPRGL TXRVFRJLWDQWKRQRUHVGLJQLWDWHVLPSHULDVHGFXLXVPRGLGHEHQWHVVHLQFHORLOORVVLQH ODERUHLOODVVLQHLQYLGLDLOODVLQHRGLRHWGLVFULPLQH´(EG Å3OXULPLHQLPTXDOHVVXQWLLTXRVXWGL[LDGILGHPHYRFDUHFRQDPXUHJUHDEGXFXQWXU DE KLVFH WHUUHQLV WXP TXLD YLGHQWXU WDOLD HVVH TXLEXV QXOOD PDLRUD UHSHULDQWXU TXRG VHGXORGLVVXDGHPXVWXPTXLDLQRSLQLRQHVXQWFRUSRULVYROXSWDWHVGHIXQFWRFRUSRUH QXQTXDPUHYHUVXUDV´(EG Å4XHDXWHPDGFRUSRULVVHQVXVDWWLQHQWDXWKLVTXLEXVPRGRIUXLPXUIUXHPXUDXWVL TXDFHVVDEXQWLQHRUXPORFXPPXOWRPHOLRULEXVGRQDELPXU4XLGHQLPVLELYHOOHWUH VWLWXWLR FRUSRUXP VL QLKLO SOXV KDELWXUL VXPXV TXDP VLQH LOOLV KDEHUHPXV"´ (EG 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

'LHN|USHUOLFKH$XIHUVWHKXQJLVWIUHLOLFKHUVWIUGHQMQJVWHQ7DJDQJH VHW]W%LVGDKLQVLQGHVGLH6HHOHQGLHGLH/VWHVSUHQ'LH.OHLQPWLJHQ MHGRFKODVVHQVLFKYRQGHQ/VWHQGHU6HHOHQLFKWORFNHQ'HVKDOEJUHLIW 'D5KR]XHLQHUXQJHZ|KQOLFKHQ6WUDWHJLH $EHU JXW /DVVW XQV XP HXFK HQWJHJHQ]XNRPPHQ PHLQHWZHJHQ GHQQ DQQHK PHQ GDVV GDV *XWH GHU 6HHOH N|USHUOLFK VHL ODVVW XQV GDV ZDV GHP /HLEH ]X NRPPHQZLUGGHU6HHOH]XVFKUHLEHQODVVHQZLUGDVZDVGHUHLQVWHUVWJHVFKHKHQ VROOXQYHU]JOLFKYRQ6WDWWHQJHKHQ

'D GLH $XIHUVWHKXQJ GHU /HLEHU RKQHKLQ HLQVW VWDWWILQGHQ ZHUGH VR GD 5KRV$UJXPHQWVHLHVQLFKWXQVWDWWKDIWGLHVSlWHUHQN|USHUOLFKHQ/VWH VFKRQHLQPDOGHQ6HHOHQ]X]XVFKUHLEHQ 'LH$XIHUVWHKXQJGHU/HLEHUGLH9DOODKLHUIUVHLQHDUJXPHQWDWLYHQ =ZHFNHHLQVHW]WLVWVLFKHUOLFKHLQEHVRQGHUVHLJHQWPOLFKHV/HKUVWFNGHV FKULVWOLFKHQ *ODXEHQV (V KDW YRQ GHQ IUKHQ FKULVWOLFKHQ $XWRUHQ HLQLJHQ DUJXPHQWDWLYHQ $XIZDQG HUIRUGHUW GLHVHQ *ODXEHQVLQKDOW ]X YHUWHLGLJHQ$QGHUHUVHLWVKDEHQGLH-HQVHLWVXQG3DUDGLHVYRUVWHOOXQJHQ GLH3KDQWDVLHQGHU&KULVWHQVFKRQLPPHUDQJHUHJWVRGDVV9DOODPLWVHL QHQ $XVIKUXQJHQ EHU GLH SRVWPRUWDOHQ 6LQQH DXI 9RUVWHOOXQJHQ XQG %LOGHU]XUFNJUHLIHQNRQQWHGLHLQGHUP\VWLVFKHQ7UDGLWLRQJHOlXILJZD UHQ8QGDXFKVHLQH0HWKRGHGXUFKGLH%HVFKUHLEXQJMHQVHLWLJHU6LQQHV OVWH DQGHUH LQ LKUHP *ODXEHQ ]X EHVWlUNHQ XQG ]X HQW]QGHQ KDW LKUH 9RUOlXIHU YRQ GHQHQ +RQRULXV YRQ $XWXQ YLHOOHLFKW GHU SURPLQHQWHVWH LVW9DOODVHW]WGLHVHEHNDQQWH6WUDWHJLHIUVHLQ$QOLHJHQHLQXQGPRGL IL]LHUWVLHLQ+LQEOLFNDXIGHQ*HVFKPDFNXQGGLH9HUODQJHQVHLQHUKXPD QLVWLVFKHQ=HLWJHQRVVHQZLHLP)ROJHQGHQ]XVHKHQLVW 'D5KREHVFKUHLEWQXQHEHQGLHVHN|USHUOLFKHQ/VWHLP-HQVHLWV$Q IDQJHQGEHLP6HKHQVFKLOGHUWHULQHLQHUDQVFKDXOLFKHQ6SUDFKHGLHVLQQ OLFKHQ/VWHGLHHVLP3DUDGLHV]XJHQLH‰HQJLEWGLH$XJHQHUIUHXWHQVLFK 

Å9HUXQWDPHQXWYRELVVDWLVIDFLDPILQJDPXVDQLPHERQDFRUSRUDOLDHVVHHWTXHIXWXUD VXQWFRUSRULDQLPHDVVLJQHPXVHWHDTXHSRVWHULXVYHQWXUDVXQWVWDWLPSURYHQWXUDID FLDPXV´(EG  9JO-RKDQQHV.RU  1LFKW QXU .LUFKHQVFKULIWVWHOOHU ]% 7HUWXOOLDQ 'H UHVXUUHFWLRQH FDUQLV  VRQGHUQ DXFK FKULVWOLFKH'LFKWHUZLH3UXGHQWLXV YJO%XFKKHLW XQG KHLGQLVFKH$XWRUHQZLH /XNLDQ YJOGD]X6FKPLGW KDEHQVLFKPLWGHP7KHPDDSRORJHWLVFKE]ZNUL WLVFKDXVHLQDQGHUJHVHW]WYJO*UHVKDNHX.UHPHU  'DV JHVDPWH GULWWH %XFK GHV (OXFLGDULXP YRQ +RQRULXV GDV DOV 'LDORJ ]ZLVFKHQ PDJLVWHU XQG GLVFLSXOXV YHUIDVVW LVW KDQGHOW YRP ]XNQIWLJHQ /HEHQ 'H IXWXUD YLWD  ,Q GLHVHP .RQWH[W SUHLVW GHU /HKUHU GLH SRVWPRUWDOHQ VLQQOLFKHQ YROXSWDWHV YRU HLQHP 6FKOHU GHU VLFK GDGXUFK VRJOHLFK HUTXLFNW IKOW YJO +RQRULXV YRQ $XWXQ   I ²=XGHQ9RUVWHOOXQJHQYRQVLQQOLFKHQ*HQVVHQLP-HQVHLWVLP-DKUKXQ GHUWYRUDOOHPEHL+RQRULXVYRQ$XWXQXQGVHLQHQP|JOLFKHQ4XHOOHQYJOGLH6WXGLH YRQ 5LFNOLQ  =XU 5H]HSWLRQ GHV (OXFLGDULXP LP GHXWVFKVSUDFKLJHQ 5DXP YJO *RWWVFKDOO  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



DP*ODQ]GHU.|USHUGLH2KUHQDQGHQV‰HQ6WLPPHQXQG*HVlQJHQ GLH1DVHDQGHQ*HUFKHQGHU%OXPHQ.UlXWHUXQG.|USHU'HU*H VFKPDFNZHUGHGXUFK(VVHQXQG7ULQNHQHEHQVRHUIUHXWZLHGHU7DVWVLQQ GXUFK DQJHQHKPH 7HPSHUDWXUHQ ² DXFK *DVWPlKOHU 7lQ]H XQG 6SLHOH GUIWHQJHQRVVHQZHUGHQ+LQ]XNRPPHQQRFKGLH/VWHGLHZLUPDQ FKHQ7LHUHQ]XVFKUHLEHQGLHZLUDEHUDXIJUXQGXQVHUHUN|USHUOLFKHQ%H VFKDIIHQKHLWDXIGHU(UGHQLFKWJHQLH‰HQN|QQHQQlPOLFKGDV)OLHJHQGDV VFKQHOOH'DKLQHLOHQZLHGLH5DXEWLHUHXQGGDV6FKZLPPHQXQG7DXFKHQ ZLHGLH)LVFKH 'RFKGDPLWQLFKWJHQXJ'DV3DUDGLHVVWHOOHGHQ*HELOGHWHQZLHGHQ +XPDQLVWHQ IU GLH GLH K|FKVWH /XVW LQ GHU :HLVKHLW EHVWHKW DXFK LKUH VSH]LILVFKHQ)UHXGHQEHUHLW'D5KRVSULFKW9HJLRGLUHNWDQ :HQQGXVFKRQJODXEVWGDVVGLUHLQJUR‰HU:XUIJHOXQJHQVHLZHQQGX/DWHLQL VFKHV XQG *ULHFKLVFKHV YHUNQSIVW XQG GDEHL MXEHOVW XQG WULXPSKLHUVW ZDV JODXEVWGXZLUVWGXHUVWPDFKHQZHQQGXLPKLPPOLVFKHQ-HUXVDOHPDOOH6SUD FKHQ VSUHFKHQ XQG YHUVWHKHQ MHGH :LVVHQVFKDIW MHGHV )DFK MHGH .XQVW RKQH )HKOHU=ZHLIHOXQG6FKZDQNHQEHKHUUVFKHQZLUVW"

)UHLYRQhEHUGUXVVXQG(UPDWWXQJN|QQWHQLP3DUDGLHVGHU+XPDQLVWHQ DOOH 'LQJH JHQRVVHQ ZHUGHQ :HU VLFK DOVR IU GHQ FKULVWOLFKHQ 6WDQG SXQNWHQWVFKHLGHGHUPVVHVLFKQLFKWLQ9HU]LFKWXQG(QWVDJXQJEHQ .HLQ *UXQG DOVR ]XU %HIUFKWXQJ ZLU PVVWHQ GHU PHQVFKOLFKHQ 'LQJH HQWVD JHQ /DVVWXQVYLHOPHKU JXWHU+RIIQXQJVHLQ1LFKWVZLUGXQV]X6FKDGHQZHU GHQ DOOHV ZDV ZLU KLHQLHGHQ IU *RWW EOHLEHQ OLH‰HQ ZLUG XQV ]XUFNJHJHEHQ ZHUGHQ ZLUG XQV KXQGHUWIDFK ]XUFNJHJHEHQ ZHUGHQ LQ GHU JOHLFKHQ RGHU LQ DQGUHU$UWLQEHLGHQ)lOOHQMHGRFKZLHJHVDJWEHVVHURGHUKHLOLJHU

1LFKWZHLOGHU*HQXVVVHOEVWHWZDV6QGKDIWHVVHLVLQGGLHLUGLVFKHQ9HU VXFKXQJHQ XQG /VWH ]X PHLGHQ VRQGHUQ ZHLO GLHVHU *HQXVV XQV HLQHV

  





=XU 9RUVWHOOXQJ GHV :RKOJHUXFKV GHV *|WWOLFKHQ LQ GHU 6SlWDQWLNH XQG EHL IUKHQ FKULVWOLFKHQ6FKULIWVWHOOHUQYJO.|WWLQJ  XQG0HORQL   9DOOD   (EG  'DVV ZLU LP NRPPHQGHQ /HEHQ VSULQJHQ VFKZLPPHQ IOLHJHQ XQG NOHWWHUQN|QQHQVLQG9RUVWHOOXQJHQGLHVLFKLQP\VWLVFKHQ7H[WHQHWZDEHL0HFKW KLOGYRQ0DJGHEXUJ 'DVIOLH‰HQGH/LFKWGHU*RWWKHLW9,,9 XQG0DUJXHULWHYRQ 2LQJW 6SHFXOXP,, ILQGHQODVVHQ9JOGD]X%\QXP   Å6LPDJQXPTXLGGDPDGHSWXPWHSXWDVHWLWDJDXGHVDFWULXPSKDVTXRGFXPODWLQLV JUHFDFRQLXQ[HULVQRQFRJLWDVTXLGIDFWXUXVVLVFXPLQFHOHVWL+LHUXVDOHPRPQHVOLQ JXDV LQWHOOLJHV RPQLEXV OLQJXLV ORTXHULV RPQHP VFLHQWLDP RPQHP GRFWULQDP RP QHP DUWHP WHQHELV VLQH HUURUH VLQH GXELWDWLRQH VLQH DPELJXLWDWH"´ 9DOOD    Å4XDUH QRQ HVW TXRG UHEXV KXPDQLV UHQXQWLDUH WLPHDPXV %RQDP TXLQLPPR VSHP FRQFLSLDPXVQLKLOQRELVGHSHULELWRPQLDUHVWLWXHQWXUTXHKLF'HRFRPPRGDYHULPXV HWUHVWLWXHQWXUFHQWHQDSURVLQJXOLVYHOHLXVGHPJHQHULVYHOGLYHUVLWDPHQXWURFXQTXH PRGRHWPHOLRULVXWGL[LHWVDQFWLRULV´(EG

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

JU|‰HUHQ *HQXVVHV EHUDXEH 'HU (LQ]XJ GHV +XPDQLVWHQ LQ 6DORPRQV 7HPSHOZLUGZLHHLQDQWLNHU7ULXPSK]XJJHVFKLOGHUW :RKODQODVVHQZLUGLH6HHOHZLHQDFKHLQHPHUUXQJHQHQ6LHJHLP7ULXPSK]XJH LQV9DWHUODQGKHLPKROHQ3DFNWGLFKVFKRQ/XVWPLW6FKLPPHOQHLQKHU]XIDKUHQ ZLH DOV DOOHUHUVWHU &DPLOOXV DXI YHUJROGHWHP :DJHQ XQG PLW /RUEHHU EHNUlQ]W RGHUQDFKGHP%UDXFKGHU6SlWHUHQPLW*ROG"

'RFKVWDWW]XP-XSLWHUWHPSHODXIGHP.DSLWROJHKWHV]XP7HPSHOGHV 6DORPRQ,P7ULXPSK]XJPLW3IHUGHQ:lJHQ%DQQHUQXQG6WDQGDU WHQKlOWGLH6HHOHLKUHQ(LQ]XJ8QWHU-XEHOXQG%HLIDOOZLUGVLHYRQGHQ +HLOLJHQ EHJU‰W 8QG -HVXV VHOEVW NRPPW GHP $QN|PPOLQJ HQWJHJHQ VFKOLH‰WLKQLQGLH$UPHXQGEHJU‰WLKQPLWGHQ:RUWHQGLHEHL9HUJLO $QFKLVHVDQVHLQHQ6RKQ$HQHDVLQGHU8QWHUZHOWULFKWHWH 'LH5HGHGHV'D5KR²LQGHUDQWLNLVLHUHQGHQ6SUDFKHGHU+XPDQLV WHQVHOEVWXQGPLWGHQ0LWWHOQGHUUKHWRULVFKHQXQGSRHWLVFKHQhEHUK| KXQJ ² KDW LKUHQ (IIHNW QLFKW YHUIHKOW GLH =ZHLIHO DQ GHU ULFKWLJHQ /H EHQVHLQVWHOOXQJ GLH GLH 9RUUHGQHU LQ GHQ =XK|UHUQ KLQWHUODVVHQ KDWWH ZXUGHQYHUWULHEHQ'D5KRV$UWGHU5HGH JHQXVRUDWLRQLV ZDUGHP*H JHQVWDQG DQJHPHVVHQ LQVRIHUQ HU QLFKW QXU ÅEHOHKUW´ XQG ÅEHZLHVHQ´ VRQGHUQYRUDOOHPDXFKÅEHZHJW´XQGÅHUIUHXW´KDW'LH*HIDKUGLHLQV EHVRQGHUHYRQGHUHSLNXUHLVFKHQ5HGHDXVJLQJZXUGHPLWGLHVHU6WUDWHJLH JHEDQQW8QGVRVFKOLH‰W*XDULQRVHLQ8UWHLO 9HJLRKDWXQVPLWGHP.|USHULQHLQ3DUDGLHVJHIKUW GDVKHL‰WMDDXIJULHFKLVFK 2EVWJDUWHQ GD5KRDEHUGXUFKVHLQH5HGHLQHEHQGHPVHOEHQ3DUDGLHVXQVPLW GHP*HLVWHLQHLQDQGHUHVZHLWWUHIIOLFKHUHV3DUDGLHVKLQDXIJHULVVHQ

 

 

  

'LHVLVWHLQ7RSRVGHUVLFKEHUHLWVLQGHU3UHGLJWOLWHUDWXUGHU=HLWHWDEOLHUWKDWWHYJO 0DUVK  I Å(UJRIDFLDPXVDQLPDYHOXWSDUWDYLFWRULDFXPWULXPSKRUHGXFLLQSDWULDP$QFXSLGR WHFDSLWXWLQYHKDULV HTXLVDOELVTXLEXVSULPXVRPQLXP&DPLOOXVLQYHFWXVHVWFXUUX LQDXUDWR FDSLWH FRURQDWX ODXUR VLYH XW D SRVWHULRULEXV LQVWLWXWXP HVW DXUR"´ 9DOOD   Å(W TXR GHGXFHULV" 1RQ LQ &DSLWROLXP DG WHPSOXP ,RYLV 2SWLPL 0D[LPL VHG DG WHPSOXP6DORPRQLV´HEG Å9HQLVWLWDQGHPWXDTXHH[SHFWDWDSDUHQWL9LFLWLWHUGXUXPSLHWDVGDWXURUDWXHUL 1DWHWXDHWYHUDVDXGLUHHWUHGGHUHYRFHV4XDVHJRWHWHUUDVHWTXDQWDSHUHTXRUD YHFWXP$FFLSLRTXDQWLVLDFWDWXPQDWHSHULFOLV´(EG²9JO9HUJLO$HQHLV9,  9DOOD   (EG Å9HJLXVQRVFRUSRUHLQSDUDGLVXPLQWURGX[LW LWDHQLPSRPDULDJUHFLDSSHOODQW 5DX GHQVLVLQKRFLSVRSDUDGLVRORTXHQVDQLPRQRVLQDOLXPTXHQGDPSUHVWDQWLRUHPSDUD GLVXPDUULSXLW´9DOOD  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



'LH'HXWXQJGHV'LDORJVFKULVWOLFKKXPDQLVWLVFKHU(SLNXUHLVPXVDOV $QWZRUWDXISDJDQH7XJHQGHWKLNXQGP|QFKLVFKH(QWVDJXQJ 0LWGHP'LDORJYRQ9DOODKDEHQZLUHLQHQ7H[WYRUOLHJHQLQGHPJHJHQ VlW]OLFKH 0HLQXQJHQ YRUJHIKUW ZHUGHQ XQG ZLH VFKRQ EHL 3RJJLRV 'H DYDULWLDHUJLEWVLFKKLHUGDV3UREOHPGHU'HXWXQJHLQHVVROFKHQNRQWURYHUV JHIKUWHQ 'LDORJV 'RFK DQGHUV DOV 'H DYDULWLD HQWKlOW'H YROXSWDWH LQ GHU $EIROJHGHU5HGHQHLQHGHXWOLFKHXQGHLQGHXWLJH6WHLJHUXQJ'LH3RVLWLRQ GHV6WRLNHUVLVWGLHHLQGHXWLJVFKZlFKVWHGDHVLKPQLFKWJHOLQJWGDVWDW VlFKOLFKH 9HUKDOWHQ XQG GDV YRQ LKP HLQJHIRUGHUWH ,GHDO LQ (LQNODQJ ]X EULQJHQ ,KUH 6FKZlFKH ZLUG DXFK QRFK GDGXUFK XQWHUVWW]W GDVV GHU 9HUWUHWHU GLHVHU $QVLFKW VLFK VHOEVW DOV XQJOFNOLFK SUlVHQWLHUW VLFK LQ :LGHUVSUFKHYHUZLFNHOWXQGGLHVWRLVFKH3RVLWLRQQXUXPGHQ3UHLVHLQHU $QNODJH GHU 1DWXU DXIUHFKW HUKDOWHQ NDQQ 'LH %UFKLJNHLW GHU 7XJHQG PRUDOVWRLVFKHUXQGDULVWRWHOLVFKHU3URYHQLHQ]ZLUGLQGHP'LDORJGHXW OLFK YRUJHIKUW :HGHU GLH8QWHUZHUIXQJ GHV LUGLVFKHQ /HEHQV XQWHU HLQ DEVWUDNWHV .RQ]HSW GHV (KUEDUHQ QRFK GLH 2ULHQWLHUXQJ DQ HLQHP DEV WUDNWHQ7XJHQGVFKHPDZLHGDVGHU0LWWHEHL$ULVWRWHOHVN|QQHQGDV9HU KDOWHQGHU0HQVFKHQLQDQJHPHVVHQHU:HLVHHUNOlUHQ6LHN|QQHQHVGDKHU DXFKVFKRQJDUQLFKWOHLWHQ6LHYHUOLHUHQDUJXPHQWDWLYHLQGULQJOLFKJHJHQ MHPDQGHQGHUGDV/HEHQXQGGLH7DWHQQDFKGHP1XW]HQXQGGHP/XVW TXDQWXPEHPLVVW 'LH 5HGH GHV (SLNXUHHUV KLQJHJHQ LVW LQ MHGHU +LQVLFKW EHU]HXJHQ GHU9HJLRV5HGHGLH]XJOHLFKGLHOlQJVWHLVWIKUWHLQH%HWUDFKWXQJGHV LUGLVFKHQ /HEHQV XQWHU GHU 3HUVSHNWLYH GHU /XVWPD[LPLHUXQJ YRU 'LHVH 5HGHLVWVXEYHUVLYXQGDXINOlUHULVFKVLHGHFNWKLQWHUVFKHLQEDUWXJHQGKDI WHQ+DQGOXQJHQHLJHQQW]LJH0RWLYHDXI9HJLRVSULFKWZHQLJHUEHUGHQ 0HQVFKHQZLHHUVHLQVROOWHVRQGHUQEHVFKUHLEWLKQZLHHULVW'DGXUFK HUKlOWVHLQH5HGHHLQHJUR‰HhEHU]HXJXQJVNUDIW'LHVHDUJXPHQWDWLYVWDU NH3RVLWLRQHUVFKHLQWMHGRFKDOVPRUDOLVFKlX‰HUVWDQVW|‰LJOlVVWVLHGRFK HLQVHOEVWORVHV+DQGHOQRGHUHLQ+DQGHOQGDVVLFKDQHLQHPDOOJHPHLQHQ XQGEHUJHRUGQHWHQ:HUW²VHLHVGLH*HUHFKWLJNHLWRGHUZHOFKH7XJHQG DXFK LPPHU ² RULHQWLHUW QLFKW ]X DOOHV +DQGHOQ LVW DP HLJHQHQ 1XW]HQ EHPHVVHQ$OOHUGLQJVLVWGLHVH5HGHVREHUVWHLJHUW]XJHVSLW]WXQGH[WUHP IRUPXOLHUW²LQVRIHUQVLHDXFK-XQJIUDXHQVFKlQGXQJXQG(KHEUXFKUHFKW IHUWLJW²GDVVGDGXUFKLKU6WDWXVDOVHLQH]XZLGHUOHJHQGH5HGHXQWHUVWUL FKHQ ZLUG ,KUH hEHU]HXJXQJVNUDIW ZLUG GHQQRFK YRQ GHQ DQGHUHQ 'LD ORJSDUWQHUQ]XJHVWDQGHQ 'RFK YRQ ZHOFKHP 6WDQGSXQNW DXV ZHOFKHU 3HUVSHNWLYH OlVVW VLFK GLHVH3RVLWLRQEHU]HXJHQGZLGHUOHJHQ"9DOODJUHLIW]XGHU6WUDWHJLHGHQ EHU]HXJHQGHQ*UXQGJHGDQNHQGLHVHU3RVLWLRQEHL]XEHKDOWHQVLHMHGRFK XP GLH FKULVWOLFKH $QQDKPH HLQHV -HQVHLWV ]X HUZHLWHUQ $XFK GD 5KR

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

NULWLVLHUW LQ HUVWHU /LQLH GLH VWRLVFKH 3RVLWLRQ PLW lKQOLFKHQ 0LWWHOQ ZLH 9HJLRQlPOLFKLQGHPHUGLHDEVWUDNWHQXQGDOOJHPHLQHQ$XVVDJHQDEOHKQW XQG VWDWWGHVVHQ GLH HPSLULVFKH 5HDOLWlW XQG GLH 9HUVFKLHGHQKHLWHQ GHV +DQGHOQV KHUYRUKHEW 'DV UHLFKW XP GHQ 6WRLNHU ]X ZLGHUOHJHQ DEHU QRFKQLFKWXPYRPFKULVWOLFKHQ6WDQGSXQNW]XEHU]HXJHQ+LHUIUQXQ QXW]W GD5KR GLH 6WUDWHJLHGHV hEHUELHWHQV ,QGHP HUQLFKW /XVWYHU]LFKW SUHGLJWVRQGHUQ/XVWVWHLJHUXQJDQELHWHWQXW]WHUGLHHSLNXUHLVFKH6FKODJ NUDIW IU VHLQ HLJHQHV $QOLHJHQ 'DEHL VLHKW HU VLFK DX‰HUVWDQGH YRP FKULVWOLFKHQ 6WDQGSXQNW ]X EHU]HXJHQ RKQH VHLQHUVHLWV DXI GLH *UXQG QRUP GHV 1W]OLFKHQ ]X YHU]LFKWHQ ZHLO HV LKP XQWHU GHU 0D[LPH GHU /XVWPD[LPLHUXQJ QW]OLFKHU LVW DXI GLH GLHVVHLWLJHQ /VWH ]X YHU]LFKWHQ XP GLH XP VR JU|‰HUHQ MHQVHLWLJHQ ]X HUODQJHQ GHVKDOE HQWVFKHLGHW VLFK GHU&KULVWIUWXJHQGKDIWHV+DQGHOQ'D5KRV5HGHEHVWlWLJWPLWKLQGLH .RQVROLGLHUXQJGHV1W]OLFKNHLWVGHQNHQVLPPRUDOSKLORVRSKLVFKHQ'HQ NHQGHU+XPDQLVWHQ (V JLQJ 9DOOD PLW GLHVHP 7H[W VLFKHUOLFK LQ HUVWHU /LQLH GDUXP GLH VWRLVFKH3RVLWLRQGDVK|FKVWH*XWLPKRQHVWXP]XVHW]HQ]XZLGHUOHJHQ 'RFKHUKDWGDPLW]XJOHLFKDXFKLPSOL]LWH7HQGHQ]HQGHUPRUDOSKLORVR SKLVFKHQ 5HIOH[LRQHQ GHU +XPDQLVWHQ UDGLNDOLVLHUW XQG ]XJHVSLW]W XQG GDGXUFKDOVXQKDOWEDUGDUJHVWHOOWQlPOLFKGLH2ULHQWLHUXQJDOOHQ+DQGHOQV DPGLHVVHLWLJ1W]OLFKHQ6FKOLH‰OLFKKDWHUVLFKLQGHUGULWWHQ5HGHDXFK JHJHQ GLH DVNHWLVFKH 3UD[LV GHU 0|QFKH XQG GHU VLFK GDUDXV DEOHLWEDUHQ PRUDOLVFKHQ hEHUOHJHQKHLW GHU P|QFKLVFKHQ JHJHQEHU GHU ODLNDOHQ /H EHQVIRUPJHULFKWHW  5H]HSWLRQXQG1DFKZLUNXQJ 'LH5HDNWLRQHQGHU=HLWJHQRVVHQ 'LHSUHNlUH$UJXPHQWDWLRQPLWGHU9DOODGXUFKHLQH4XDQWLIL]LHUXQJGHU LUGLVFKHQ XQG GHU KLPPOLVFKHQ /VWH ]X GHP (UJHEQLV NRPPW GDVV HV DXV OXVW|NRQRPLVFKHQ *UQGHQ VLQQYROOHU VHL &KULVW ]X VHLQ XQG VHLQ 

'LHVH(LQVFKlW]XQJZLUGDXFKGXUFKHLQH6HOEVWDXVVDJH9DOODVJHVWW]WQlPOLFKZHQQ HULQVHLQHP'LDORJhEHUGHQIUHLHQ:LOOHQEHPHUNWHUKDEHGLHHUVWHQYLHU%FKHUGHV :HUNHV7URVWGHU3KLORVRSKLHYRQ%RHWKLXVGLHHLQHVWRLVFKH5HFKWIHUWLJXQJGHVK|FKV WHQ*XWHVDOVKRQHVWXPHQWKDOWHQLQVHLQHP'LDORJ'HYHURERQRZLGHUOHJWÅ1DPSULPLV TXDWWXRUOLEULVUHVSRQGLPXVLQRSHUHQRVWURGHYHURERQR´9DOOD    'LHVHV7KHPDKDW9DOODVSlWHUDXVIKUOLFKLQHLQHUHLJHQHQ6FKULIWEHKDQGHOWQlPOLFK LQ'HSURIHVVLRQHUHOLJLRVRUXPLQGHUHULQHLQHP*HVSUlFK]ZLVFKHQVLFKVHOEVWXQGHL QHPIUDWHUGXUFKHLQHQ*DQJGXUFKGLHGUHL*HOEGH]HLJWGDVVGHUP|QFKLVFKHQ/H EHQVIRUPZHGHULQ+LQVLFKWDXIGDV'LHVVHLWVQRFKDXIGDV-HQVHLWVHLQHhEHUOHJHQ KHLW]XNRPPHYJO9DOOD  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



9HUKDOWHQPLWKLQQDFK0D‰JDEHGHUFKULVWOLFKHQ/HKUH]XIKUHQVFKHLQW QXU IU GLH ZHQLJVWHQ +XPDQLVWHQ HLQH EHIULHGLJHQGH $QWZRUW DXI GDV 3UREOHPGHU %HJUQGXQJ HWKLVFKHU 1RUPHQ XQG GLH ULFKWLJH $QZHLVXQJ IUGLH/HEHQVIKUXQJJHZHVHQ]XVHLQ'LHVEHOHJHQGLH5HDNWLRQHQGHU =HLWJHQRVVHQ GHQHQ 9DOOD GHQ 'LDORJ ]XU %HJXWDFKWXQJ VFKLFNW 'HU OLWHUDULVFKH6WLOGHV:HUNHVVHLVRVLQGVLFKDOOHHLQLJQLFKW]XWDGHOQ:DV DEHUGHQ,QKDOWDQJHKWVRVLQGVHLQH/HVHUPLW/REXQG=XVWLPPXQJHKHU YRUVLFKWLJ8QHLQJHVFKUlQNWH=XVWLPPXQJHUKlOWHUDOOHLQYRQ3LHU&DQGL GR'HFHPEULR$PEURJLR7UDYHUVDULGHUJHUDGHVHLQHhEHUVHW]XQJGHV 'LRJHQHV/DHUWLXVDEJHVFKORVVHQKDWWHGDVLP]HKQWHQ%XFKHLQHDXVIKU OLFKH 'DUVWHOOXQJ GHU HSLNXUHLVFKHQ /HKUH HQWKlOW LVW PLW VHLQHU =XVWLP PXQJVFKRQ]|JHUOLFKHU/HRQDUGR%UXQLGHUVLFKHUOLFK]XGHQMHQLJHQ +XPDQLVWHQJHK|UWGLHVLFKGXUFK9DOODVLP9RUZRUWJHlX‰HUWH.ULWLNDQ VHLQHQ =HLWJHQRVVHQ DQJHVSURFKHQ IKOHQ N|QQWHQ UHDJLHUW PLW HLQHP JHWHLOWHQ(FKR'HQ6WLO9DOODVOREWHUDXVGUFNOLFKLQKDOWOLFKMHGRFKGLV WDQ]LHUWHUVLFKYRQGHP:HUNXQGKlOWHVZLHHULQHLQHP%ULHIVFKUHLEW HKHU PLW $ULVWRWHOHV GHU QDFK GHP *OFN GHV 0HQVFKHQ LQ GLHVHP /HEHQ IUDJW GDV PDQ GXUFK WXJHQGKDIWHV +DQGHOQ DOOHLQ HUUHLFKW &DUOR 0DU VXSSLQLKLQJHJHQOREWDXFKGHQ,QKDOWYRQ9DOODV'LDORJ(USDUDOOHOLVLHUW GLHFKULVWOLFKH5HGHYRQGHUKLPPOLVFKHQ/XVWPLWGHUSODWRQLVFKHQ8Q WHUVFKHLGXQJHLQHULUGLVFKHQXQGKLPPOLVFKHQ$SKURGLWH'DPLWGHXWHW HU9DOODVH[SOL]LWFKULVWOLFKH5HGHPLW%HJULIIHQXQG.RQ]HSWHQHLQHUZHL WHUHQ DQWLNHQ SKLORVRSKLVFKHQ 3RVLWLRQ QlPOLFK GLH GHV 3ODWRQ 9DOOD VHOEVWKDWWHMDGDUDXIYHU]LFKWHWDXI3ODWRQJHQDXHUHLQ]XJHKHQ6SlWHULQ GHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVXQGYRUDOOHPQDFKGHQhEHUVHW ]XQJHQGHUSODWRQLVFKHQ'LDORJHGXUFK0DUVLOLR)LFLQRZLUGMHGRFKJHQDX    



'LH 5HDNWLRQHQ GHU =HLWJHQRVVHQ KDW (FNKDUG .H‰OHU   ;/,9/ GHWDLOOLHUW UHNRQVWUXLHUW 9JO6DEEDGLQL   9JO6DEEDGLQL  I %UXQLDQ9DOOD 'DWD)ORUUHQWLDH,,,LG6HSW  Å(JRWDPHQGLFDPGHVXPPR ERQRLQTXDQWXPKRPLQLVQDPSRVWPRUWHPQRQHVWKRPRDPSOLXV$ULVWRWHOHVFXP GHIHOLFLWDWHKRPLQLVGLVSXWDWDLWDOWHULXVFRQVLGHUDWLRQLVHVVHDQIHOLFLWDVVLWDSSHWHQGD SURSWHU YROXSWDWHP DQ YROXSWDV SURSWHU GHOHFWDWLRQHP HW GH KDF TXDHVWLRQH QRQ GLLXGLFDW9HUXPFXPLSVHLQHRGHPORFRGL[HULWRSHUDWLRQHVVHFXQGXPYLUWXWHPDIIL FHUHYLWDPEHDWDPKDHFDPHTXRTXHSUREDWXUVHQWHQWLDLGHVWTXRGLSVHDSHUWHGL[LW TXDPLOOXGTXRGDSHUWHQRQGL[LWPDORPHRLXGLFLRFRQILUPDUH´,Q6DEEDGLQL    Å(QLPYHURTXHPDGPRGXPGXDV9HQHUHV8UDQLDPTXDHFDHOLEHP YLWDPKRQHVWDP TXHVLJQLILFDWVLPLOHPTXHYROXSWDWHPSHUILFLW3DQGHPXVYHURTXDHHWSOHEHLDHWWXU SLV HVW WLWLOODQWHV LOODP WXUSHPTXH YROXSWDWHP UHGGLW &XP HUJR YHUXP DF VXPPXP ERQXPLQHDSRVXHULVYROXSWDWHTXDHH[KRQHVWLVDFWLRQLEXVSURILFLVFLWXU>@XWPLKL FHUWR SHUVXDGHDP WHFXPTXH FRQVHQWLDP >@ PRYHW >@ FKULVWLDQD SRWLXV ILGHV LGHVW GHXVLSVHTXLDOLXGQLKLOLQVXSHUQRLOORDHWHUQRTXHSROOLFHWXUERQRSUDHWHULRFXQGLWD WHPHWJDXGLXP´6DEEDGLQL  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

GLHVHVSODWRQLVFKH .RQ]HSWHLQHU LUGLVFKHQ XQG HLQHU KLPPOLVFKHQ /LHEH YRQGHQ+XPDQLVWHQLQWHQVLYDXIJHJULIIHQXQGGLVNXWLHUW 'DV)RUWOHEHQGHV7H[WHVLQ5HQDLVVDQFHXQG)UKHU1HX]HLW $XFKZHQQ9DOODVXQPLWWHOEDUH=HLWJHQRVVHQYRQGHP7H[WHKHUEHIUHP GHWDOVEHHLQGUXFNWVLQGVREOHLEWHUGRFKLQGHQIROJHQGHQ-DKUKXQGHUWHQ QLFKW RKQH %HGHXWXQJ 9DOODV )XQGLHUXQJ GHU (WKLN LP /XVW E]Z 1XW]HQNDONO OHEW LQ YHUVFKLHGHQHQ 'LVNXUVHQ ZHLWHU 'LHVHV .RQ]HSW ILQGHW VLFK LQ ]DKOUHLFKHQ SKLORVRSKLVFKHQ (QWZUIHQ GHU 5HQDLVVDQFH XQG GHU 1HX]HLW XQG ZLUG DXI YHUVFKLHGHQHQ *HELHWHQ ZHLWHUHQWZLFNHOW 'HU (LQIOXVV YRQ 9DOOD LVW KLHU QXU JHOHJHQWOLFK H[SOL]LW QDFKZHLVEDU *XWGRNXPHQWLHUWLVWGLH9HUEUHLWXQJYRQ9DOODV'LDORJ'HYROXSWDWHLQGHQ 1LHGHUODQGHQ YRU DOOHP LQ GHQ GRUWLJHQ =HQWUHQ GHV +XPDQLVPXV (LQHEHVRQGHUH%HXWXQJKDW9DOODIU(UDVPXVYRQ5RWWHUGDP,QYHU VFKLHGHQHQ 7H[WHQ KDW VLFK (UDVPXV PLW GHU HSLNXUHLVFKHQ 3KLORVRSKLH DXVHLQDQGHUJHVHW]W:LHEHL9DOODVRVWHKWEHL(UDVPXVGLHHSLNXUHLVFKH 3KLORVRSKLHLQGHP'LHQVWHLQHULJLGHVWRLVFKH0RUDOOHKUH]XZLGHUOHJHQ 8QGHEHQVRZLH9DOODEHPKWVLFK(UDVPXVXPGLH(QWZLFNOXQJHLQHVVR JHQDQQWHQ ÅFKULVWOLFKHQ (SLNXUHLVPXV´ GK HLQHU 3RVLWLRQ LQ GHU GDV FKULVWOLFKH/HEHQDOVGDVDPPHLVWHQOXVWYROOHEHJULIIHQZLUG 'DV /XVWNDONO ZLUG DXFK ]XU *UXQGODJH HLQHV *HVHOOVFKDIWVPRGHOOV 6R HWZD EHL 7KRPDV 0RUH HLQHP )UHXQG YRQ (UDVPXV GHU LQ VHLQHP ILNWLYHQ 5HLVHEHULFKW 8WRSLD   HLQH *HVHOOVFKDIW HQWZLUIW GLH VLFK GXUFK HLQH VWUHQJ DP 1XW]HQ XQG DQ GHU NROOHNWLYHQ /XVW RULHQWLHUWH 6WUXNWXU DXV]HLFKQHW 'LHVHU SURWRXWLOLWDULVWLVFKH *HVHOOVFKDIWVHQWZXUI  

   



9JOGD]XDXVIKUOLFK(EEHUVPH\HU   'HU7H[WZXUGHQLFKWQXULQ]DKOUHLFKHQ+DQGVFKULIWHQEHUOLHIHUW VRQGHUQDXFKLQ YHUVFKLHGHQHQ 9HUVLRQHQ JHGUXFNW 'H YHUR ERQR /RXYDLQ  'H YHUR IDOVRTXH ERQR .|OQ'HYROXSWDWHDFYHURERQR3DULV'HYROXSWDWHDFYHURERQR%DVHOXQG LQGHQ2SHUD$XVJDEHQ%DVHOXQG9JOKLHU]XGLHGHWDLOOLHUWH$XI OLVWXQJYRQ'H3DQL]]D/RUFKLQ9DOOD  ;9;;; 9JOKLHU]XGLH+LQZHLVHLQ6RWWLOL  &RUWHVL  XQG9HFFH   9JO7RXUQR\  9HFFH  XQG6FKRHFN   9JO6FKRHFN  XQG3DQL]]D   9RUDOOHPLP/REGHU7RUKHLWILQGHQVLFK]DKOUHLFKHHSLNXUHLVFKH$UJXPHQWHGLHJHJHQ GLHVWRLVFKH0RUDOOHKUHDQJHIKUWZHUGHQYJOGD]XDXVIKUOLFK3DQL]]D  'RFK DXFK LQ HLQLJHQ &ROORTXLD YRU DOOHP LP (SLFXUHXV KDW VLFK (UDVPXV LQWHQVLY PLW GHP HSLNXUHLVFKHQ/XVWEHJULIIDXVHLQDQGHUJHVHW]WYJOGD]X6FKPLW]  XQG  9JO 7KRPDV 0RUH 8WRSLD LQ &RPSOHWH :RUNV RI 6W 7KRPDV 0RUH %G  KJ (GZDUG 6XUW] 6- XQG -+ +H[WHU 1HZ +DYHQ /RQGRQ  9JO GD]X DXFK 6FKPLW]  

/XVWDOV%HVWLPPXQJVJUXQGPHQVFKOLFKHQ+DQGHOQV/RUHQ]R9DOOD



YHUGDQNWVLFK]XHLQHPQLFKWJHULQJHQ7HLOGHQ(LQIOVVHQGHV+XPDQLV PXVXQGGDUIVLFKHUOLFKDXFKDOVHLQH,QVSLUDWLRQIUVSlWHUHXWLOLWDULVWLVFKH *HVHOOVFKDIWVHQWZUIHDQJHVHKHQZHUGHQ $XFKDQGHUH(OHPHQWHGHU(WKLN9DOODVZHUGHQLQWHQVLYUH]LSLHUWVR ZLUGHWZDGLH.ULWLN9DOODVDPDULVWRWHOLVFKHQ7XJHQGEHJULIIZLHHUVLHLQ 'H YROXSWDWH HQWZLFNHOW KDW LQ GHP HLQIOXVVUHLFKHQ XQG ZHLW YHUEUHLWHWHQ :HUN YRQ 9LYHV 'H FDXVLV FRUUXSWDUXP DUWLXP DXIJHJULIIHQ XQG H[SOL]LW ]L WLHUW =ZDU ZLUG 9DOODV 'LDORJ VFKOLH‰OLFK LP  -DKUKXQGHUW DXI GHQ ,QGH[ GHU YHUERWHQHQ %FKHU JHVHW]W GRFK VHLQH %HGHXWXQJ DXFK IU 'HQNHU GHV  -DKUKXQGHUWV ZLUG GDGXUFK QLFKW YHUKLQGHUW 6R LVW GHU (LQIOXVV 9DOODV DXI 7KRPDV +REEHV PLWWOHUZHLOH JXW GRNXPHQWLHUW GHU HQJOLVFKH3KLORVRSKKDWVLFKXQWHUDQGHUHPIU9DOODV.ULWLNDQGHUDULVWR WHOLVFKHQ 0RUDOSKLORVRSKLH LQWHUHVVLHUW )U EHVRQGHUV EHPHUNHQVZHUW KDOWHLFKDOOHUGLQJVGLH7DWVDFKHGDVVVLFK9DOODV(LQVLFKWGDV(UVWUHEHQ HLQHUEHVWLPPWHQ/XVWVHLQLFKWGXUFKUDWLRQDOH%HOHKUXQJVRQGHUQDOOHLQ GXUFKGDV(UVWUHEHQHLQHUDQGHUHQ/XVW]XEHUZLQGHQLQGHQPRUDOSKL ORVRSKLVFKHQ5HIOH[LRQHQYRQ)UDQFLV%DFRQ6SLQR]DXQG+XPHZLHGHU ILQGHW'RFKQXUZHQLJH$XWRUHQZDJHQHVZLH/HLEQL]9DOODLQLKUHQ :HUNHQH[SOL]LW]XQHQQHQXQG]XOREHQ $XVGLHVHP'LDORJ> 'HOLEHURDUELWULR@GHV9DOODVRZLHDXVVHLQHQ%FKHUQEHU GLH%HJLHUGHXQGYRPZDKUHQ*XWVLHKWPDQGHXWOLFKGDVVHUQLFKWZHQLJHU3KL ORVRSKDOV+XPDQLVWZDU



  



9LYHVVWLPPWGHU$QVLFKW9DOODV]XGDVVGHUDULVWRWHOLVFKH7XJHQGEHJULII]XNULWLVLH UHQVHLGHUGLH7XJHQGLQGLH0LWWH]ZLVFKHQ]ZHL([WUHPHVHW]WYJO9LYHV'HFDXVLV FRUUXSWDUXPDUWLXP9,Å>@VHGLQHRPHULWRHVWUHSUHKHQVXVD/DXUHQWLR9DOODLQWHU WLRYROXPLQHGH9ROXSWDWH´9LYHV   9JO.UD\H   =XU %HGHXWXQJ9DOODV IU +REEHV YJO 3DJDQLQL   VSH]LHOO ]XU (WKLN HEG   9JO )UDQFLV %DFRQ 7KH $GYDQFHPHQW RI OHDUQLQJ LQ :RUNV KJ - 6SHGGLQJ /RQGRQ  %G ,,,  6SLQR]D (WKLFD ,9 SURSRVLWLR  Å$IIHFWXV QHF FRHUFHUL QHF WROOL SRWHVWQLVLSHUDIIHFWXPFRQWUDULXPHWIRUWLRUHPDIIHFWXFRHUFHQGR´6SLQR]D   'DYLG+XPH7UHDWLVH,,Å1RWKLQJFDQRSSRVHRUUHWDUGWKHLPSXOVHRISDV VLRQEXWDFRQWUDU\LPSXOVH´+XPH  =XU9HUEUHLWXQJGLHVHV*HGDQNHQV LQGHU)UKHQ1HX]HLWYJO+LUVFKPDQQ   /HLEQL] 7KHRGL]HH †  LQ /HLEQL]    >IUDQ] (VVDLV GH 7KpRGLFpH †  Å&H 'LDORJXH GH 9DOOD HW VHV /LYUHV VXU OD 9ROXSWp HW OH YUD\ %LHQ IRQW DVVpV YRLU TX·LO Q·pWDLWSDVPRLQVSKLORVRSKHTX·KXPDQLVWH´/HLEQL]  9,@

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ %DWWLVWD$OEHUWLV  'LDORJ9RP+DXVZHVHQ 9RUDXVVHW]XQJHQ 'LH3UREOHPODJH /HRQ%DWWLVWD$OEHUWLYHUIDVVWGLHYLHU%FKHUVHLQHV:HUNHV9RP+DXVZH VHQ 'HOODIDPLJOLD ]ZLVFKHQXQGXQGGDPLWZlKUHQGVHLQHU=HLW LQ5RPDQGHU.XULH(UNHQQW%UXQL3RJJLRXQG9DOODXQGGUIWHDXFK PLW LKUHQ :HUNHQ YHUWUDXW JHZHVHQ VHLQ :HQQJOHLFK $OEHUWL VLFK LQ VHL QHP 'LDORJ QLFKW H[SOL]LW DXI GLH :HUNH VHLQHU =HLWJHQRVVHQ EH]LHKW VR GUIHQ ZLU XQV DOV ,QWHUSUHWHQ GRFK GLH )UDJH VWHOOHQ ZLH VLFK $OEHUWLV 7H[W]XGHQELVKHUVNL]]LHUWHQ3UREOHPVWHOOXQJHQLQGHQPRUDOSKLORVRSKL VFKHQ5HIOH[LRQHQGHUJHQDQQWHQ+XPDQLVWHQYHUKlOW 3RJJLR KDWWH GLH 6SDQQXQJHQ XQG 3DUDGR[LHQ ]XU 6SUDFKH JHEUDFKW GLH]ZLVFKHQWUDGLWLRQHOOHQ0RUDOYRUVWHOOXQJHQXQGSDJDQHQ(WKLNNRQ]HS WHQZLHVLHHWZDYRUDOOHPLQ$QVFKOXVVDQ$ULVWRWHOHVYRQ%UXQLSURSD JLHUWZXUGHQEHVWHKHQ'LHVH:LGHUVSUFKHKDWHULQGHU)RUPHLQHV'LD ORJV YRUJHIKUW XQG GLH (QWVFKHLGXQJ EHU GLHVH .RQWURYHUVH OHW]WOLFK GHP/HVHUEHUODVVHQ9DOODKLQJHJHQKDWGLHVH6SDQQXQJHQ]X*HJHQVlW ]HQ ]XJHVSLW]W GLH HLQH (QWVFKHLGXQJ IU GLH HLQH RGHU DQGHUH 3RVLWLRQ HUIRUGHUOLFKPDFKWHQ$XFKHUKDWGLHVH*HJHQVlW]HLQ'LDORJIRUPGDUJH VWHOOWGDEHLDEHUHLQHHLQGHXWLJH6WUDWHJLHGHU6WHLJHUXQJXQGhEHUELHWXQJ DQJHZHQGHW GLH VWRLVFKDULVWRWHOLVFKH 3RVLWLRQ 7XJHQG KDEH HLQHQ :HUW LQVLFKVHOEVWXQGZUGHIUHLQJOFNOLFKHV/HEHQDXVUHLFKHQGVHLQLVWLQ VHLQHU 'DUVWHOOXQJ GLH HLQGHXWLJ VFKZlFKVWH 3RVLWLRQ 'LH HSLNXUHLVFKH $QVLFKWGDVK|FKVWH*XWVHLGLHGLHVVHLWLJ]XHUOHEHQGH/XVWLVWYLHOEHU ]HXJHQGHU VDQNWLRQLHUW DOOHUGLQJV QDFK 9DOOD PRUDOLVFK ]ZHLIHOKDIWHV 9HUKDOWHQGHU0HQVFKHQ'LHEHVWH/HEHQVIRUPVHLGDKHUGLHGHV&KULV WHQGHUIlKLJGD]XLVWVHLQ/HEHQQDFKGHQWUDGLWLRQHOOHQHWKLVFKHQ9RU VWHOOXQJHQ ]X IKUHQ XP VLFK GDGXUFK ]XJOHLFK HLQ P|JOLFKVW JUR‰HV /XVWTXDQWXP]XVLFKHUQQlPOLFKLP-HQVHLWV $OEHUWL QXQ VFKOlJW HLQHQ GULWWHQ :HJ YRU VWRLVFKDULVWRWHOLVFKH 7X JHQGPRUDO HSLNXUHLVFKH 2ULHQWLHUXQJ DP GLHVVHLWLJHQ 1W]OLFKHQ XQG FKULVWOLFKHU*ODXEHVFKOLH‰HQVLFKQDFK$OEHUWLQLFKWDXVXQGELOGHQDXFK NHLQH*HJHQVlW]H9LHOPHKUDUJXPHQWLHUWHUGDIUGDVVDOOHGUHL9RUVWHO 

=XU %LRJUDSKLH $OEHUWLV YJO 0DQFLQL   'LH HUVWHQ GUHL %FKHU KDW $OEHUWL YHUIDVVWGDVYLHUWHXQGOHW]WH%XFKKDWHUHUVWGUHLELVYLHU-DKUHVSlWHUIHU WLJJHVWHOOWXQGGHQ7H[WLQGHQNRPPHQGHQGUHL-DKUHQZLHGHUKROWEHUDUEHLWHW=XU (QWVWHKXQJYRQ'HOODIDPLJOLDYJO*UD\VRQLQ$OEHUWL  IIXQG)XUODQ  

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

OXQJHQHLQH(LQKHLWELOGHQN|QQHQ'LHVJHOLQJWLKP²ZLHZLUZHLWHUXQ WHQVHKHQZHUGHQ²LQGHPHUGLHDPGLHVVHLWLJHQ1XW]HQRULHQWLHUWH/H EHQVIRUP DOV GLH YRQ *RWW DP PHLVWHQ JHZROOWH XQG VDQNWLRQLHUWH GDU VWHOOW 'DVKXPDQLVWLVFKH,QWHUHVVHDQGHU+DXVKDOWXQJ 0LWGHU:DKOGHV'LDORJWLWHOV'HOODIDPLJOLDVWHOOW$OEHUWLVHLQHQ'LDORJLQ GDV*HQUHGHU+DXVKDOWXQJVRGHU2HFRQRPLD/LWHUDWXU YRQJULHFKRLNRV  +DXV  'LHVH KDWWH YRU DOOHP LQ )RUP YRQ .RPPHQWDUHQ ]X GHQ SV DULVWRWHOLVFKHQ 2HFRQRPLFD DEHU DXFK GXUFK GLH 5H]HSWLRQ GHV 'LDORJV 2LNRQRPLNRVYRQ;HQRSKRQEHUHLWVHLQHODQJHXQGUHLFKH7UDGLWLRQ'LH gNRQRPLNPDUNLHUWHQHEHQGHU(WKLNXQGGHU3ROLWLN]XJOHLFKHLQHQGHU GUHL7HLOHGHU0RUDOSKLORVRSKLH2EJOHLFKHVVLFKEHL$OEHUWLV7H[WXP HLQHQ 'LDORJ XQG QLFKW XP HLQHQ .RPPHQWDU ]X HLQHP DQWLNHQ :HUN KDQGHOW HQWQLPPW $OEHUWL GLHVHU 7UDGLWLRQ ]DKOUHLFKH $QUHJXQJHQ XQG 7KHPHQ (V VHL GDKHU HLQ NXU]HU %OLFN DXI GLH 2HFRQRPLD/LWHUDWXU YRU $OEHUWLHUODXEW 'LH SVDULVWRWHOLVFKHQ 2HFRQRPLFD ZXUGH ZlKUHQG GHV 0LWWHODOWHUV PLQGHVWHQV ]ZHLPDO DXV GHP *ULHFKLVFKHQ LQV /DWHLQLVFKH EHUVHW]W XQG YRQ ]DKOUHLFKHQ $XWRUHQ GHV 0LWWHODOWHUV NRPPHQWLHUW 'LH EHGHX WHQGVWHQ .RPPHQWDUH JHPHVVHQ DQ GHU =DKO GHU EHUOLHIHUWHQ +DQG VFKULIWHQVWDPPHQYRQ%DUWKRORPlXVYRQ%UJJHXQG$OEHUWYRQ6DFK VHQ 8P  OHJW 1LFROH 2UHVPH HLQH IUDQ]|VLVFKH hEHUVHW]XQJ GHV 7H[WHVYRU6FKOLH‰OLFKYHUIDVVW/HRQDUGR%UXQLHLQHQHXHODWHLQL





 





=XU:RUWXQG%HJULIIVJHVFKLFKWHVRZLH]XU5H]HSWLRQGHUSVDULVWRWHOLVFKHQ2HFRQR PLFDLP+HOOHQLVPXVYJODXVIKUOLFK5HQDWH=RHSIIHOLQGHU(LQOHLWXQJ]XGHUYRQLKU YRUJHOHJWHQGHXWVFKHQhEHUVHW]XQJGHV7H[WHVLQ$ULVWRWHOHV   =XU%HGHXWXQJXQG(QWZLFNOXQJGLHVHU'UHLWHLOXQJGHU(WKLNZlKUHQGGHV0LWWHODO WHUVYJO%HUWHOORQL  XQG%HUWHOORQL  IUGLH5HQDLVVDQFHYJO.UD\H    )UHLQHEHUEOLFNVDUWLJH8QWHUVXFKXQJGHU2HFRQRPLD/LWHUDWXUYRU$OEHUWLXQGGDPLW ]XGHQP|JOLFKHQ4XHOOHQ$OEHUWLVYJO'DQ]L   ,QGHUDQRQ\PEHUOLHIHUWHQVRJHQDQQWHQ7UDQVODWLRYHWXVVLQGGUHL%FKHUEHUVHW]W LQGHU5HFHQVLR'XUDQGLYRQQXU]ZHL%FKHUYJO*/DFRPEH$ULVWRWHOHVODWLQXV, 5RPI²9JODXFK'RG   :HLWHUH .RPPHQWDWRUHQ VLQG 'XUDQGXV GH +LVSDQLD *XLGR 9HUQDQL GD 5LPLQL :DOWHU %XUOH\ -HDQ %XULGDQ 0DUVLOLXV YRQ ,QJKHQ XQG +HLQULFK 7RWWLQJ YRQ 2\WD )UJHQDXHUH$QJDEHQVLHKH*ROGEUXQQHU   9JO0DLVWUH1LFROH2UHVPH/HOLYUHGH\FRQRPLTXHG·$ULVWRWH&ULWLFDO(GLWLRQRIWKH)UHQFK 7H[W IURP WKH $YUDQFKHV 0DQXVFULSW ZLWK WKH 2ULJLQDO /DWLQ 9HUVLRQ ,QWURGXFWLRQ

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

VFKH hEHUVHW]XQJ GHV 7H[WHV GHU HU DXFK HLQHQ .RPPHQWDU EHLIJW 6HLQHDQQRWLHUWHhEHUVHW]XQJLVWHLQYROOHU(UIROJEHLP3XEOLNXP%UXQL YHU]LFKWHW DXI HLQH FKULVWOLFKH )XQGLHUXQJ GHU +DXVZLUWVFKDIWVOHKUH XQG EHJUHLIW GHQ 6LQQ XQG =ZHFN GHV JHPHLQVFKDIWOLFKHQ =XVDPPHQOHEHQV DOOHLQ LP EHQH YLYHUH 'LHVH $XIIDVVXQJ KDW DXFK .RQVHTXHQ]HQ IU GLH %HVWLPPXQJ GHV =LHOHV GHU +DXVZLUWVFKDIW GHQQ XQWHU GHU LPPDQHQWHQ 3HUVSHNWLYHGHV$ULVWRWHOHVGLHDXFK%UXQLWHLOWNDQQGDV=LHOGHU+DXV ZLUWVFKDIWQLFKWVDQGHUHVDOVGHU5HLFKWXPVHLQ 'LH DQQRWLHUWH hEHUVHW]XQJ GHU DULVWRWHOLVFKHQ 2HFRQRPLFD YRQ %UXQL ZDU $OEHUWL VLFKHUOLFK EHNDQQW (U VHOEVW QHQQW DEHU QLFKW $ULVWRWHOHV· 2HFRQRPLFD VRQGHUQ ;HQRSKRQV 2LNRQRPLNRV DOV 9RUELOG IU GDV GULWWH %XFKVHLQHV:HUNHVGDVH[NOXVLYGHU+DXVZLUWVFKDIWJHZLGPHWLVWXQGGDV PLWGHP7LWHO(FRQRPLFXVEHUVFKULHEHQLVW;HQRSKRQV7H[W2LNRQRPL NRVLVWDOV'LDORJ]ZLVFKHQ6RNUDWHVXQG.ULWREXORVYHUIDVVW'HUHUVWH 7HLOKDQGHOWYRUZLHJHQGYRQGHU$UEHLWVWHLOXQJ]ZLVFKHQ0DQQXQG)UDX GHU]ZHLWH7HLOYRUDOOHPYRQGHU/DQGZLUWVFKDIW'DEHLJHKWHVDXVIKU OLFKXPGLH9HUZDOWXQJXQG0HKUXQJGHV%HVLW]HV %HUHLWV &LFHUR EHUVHW]WH GLH 6FKULIW LQV /DWHLQLVFKH VHLQH hEHUVHW ]XQJ LVW DOOHUGLQJV QXU LQ )UDJPHQWHQ EHUOLHIHUW VR GDVVGDV :HUN GHP 0LWWHODOWHUJU|‰WHQWHLOVXQEHNDQQWZDU'LHHUVWHXQVEHUOLHIHUWHhEHU VHW]XQJGHV7H[WHVLQV/DWHLQLVFKHVWDPPWYRQ/DPSXV%LUDJXVXQGZXU GHHUVWXPGLH0LWWHGHV-DKUKXQGHUWYHUIDVVWDOVRQDFKGHU1LHGHU

 

 

 



DQG(QJOLVK7UDQVODWLRQKJ$OEHUW&RXJODV0HQXWLQ7UDQVDFWLRQVRIWKH$PHULFDQ3KL ORVRSKLFDO6RFLHW\   9JOGD]X6RXGHN  6RXGHN  XQG*ROGEUXQQHU   9JO 6RXGHN   ² %UXQLV hEHUVHW]XQJ LVW JHPl‰ VHLQHU hEHUVHW]XQJVYRUVWHOOXQ JHQDPNODVVLVFKHQ/DWHLQRULHQWLHUWXQGYHU]LFKWHWDXIHLQH.HQQWQLVXQG5H]HSWLRQ GHUVFKRODVWLVFKHQhEHUVHW]XQJHQ$XFKLQVHLQHP.RPPHQWDUEH]LHKWHUVLFKQLFKW DXIVHLQHPLWWHODOWHUOLFKHQ9RUJlQJHUVRQGHUQZHQGHWVLFKPLWHLJHQHP,QWHUHVVHGHP 7H[WGHV$ULVWRWHOHV]X 9JO*ROGEUXQQHU   %UXQL 3UDHIDWLR LQ /LEURV 2HFRQRPLFRUXP Å8W HQLP PHGLFLQDH ILQLV HVW VDQLWDV LWD UHL IDPLOLDULVGLYLWLDVILQHPHVVHFRQVWDW6XQWYHURXWLOHVGLYLWLDHFXPHWRUQDPHQWRVLQW SRVVLGHQWLEXVHWDGYLUWXWHPH[HUFHQGDPVXSSHGLWHQWIDFXOWDWHP3URVXQWHWLDPQDWLV TXLIDFLOLXVSHULOODVDGKRQRUHVGLJQLWDWHVTXHVXEOHYDQWXU´%UXQL  I²9JO GD]XDXFK$ULVWRWHOHV(WKLFDQLFRPDFKHD,D 9JO $OEHUWL    'LH %H]HLFKQXQJ ILQGHW VLFK EHUHLWV LQ GHQ +DQGVFKULIWHQ YJOGD]XGLH1DFKZHLVHYRQ*UD\VRQLQ$OEHUWL   'HUJULHFKLVFKH7H[WILQGHWVLFKNRPPHQWLHUWXQGPLWHLQHUHQJOLVFKHQhEHUVHW]XQJ YRQ6DUDK3RPHUR\LQ;HQRSKRQ  HLQHGHXWVFKHhEHUVHW]XQJKDW.ODXV0H\HU LQ;HQRSKRQ  YRUJHOHJW 9JOGD]X0DUVK  D

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

VFKULIWYRQ'HOODIDPLJOLD$OEHUWLZDUDOVRQDFKDOOHU:DKUVFKHLQOLFKNHLW DXIGHQJULHFKLVFKHQ7H[WDQJHZLHVHQ 'DUEHUKLQDXVLVWHVDXFKP|JOLFKGDVV$OEHUWLYRQ7H[WHQDQJHUHJW ZXUGHGLH]XGLHVHP7KHPDLQGHU9RONVVSUDFKHJHVFKULHEHQZXUGHQ6R YHUIDVVWH *LRYDQQL 'RPLQLFL  HLQHQ 7H[W PLW GHP 7LWHO 5HJROD GHO JRYHUQRGLFXUDIDPLOLDUH8QG3DRORGL3DFHGL&HUWDOGRLVWGHU$XWRUHLQHV :HUNHVPLWGHP7LWHO/LEURGLEXRQLFRVWXPL 'LHJHQDQQWHQ7H[WHVLQGVLFKHUOLFKDOV4XHOOHQXQG9RUODJHQIU$O EHUWL DQ]XVHKHQ XQG VLH EHOHJHQ GDVV GDV 7KHPD GHU |NRQRPLVFKHQ +DXVKDOWXQJ QLFKW HUVW PLW $OEHUWL GDV ,QWHUHVVH GHU *HOHKUWHQ DXI VLFK JH]RJHQKDW%HUHLWVVHLW%UXQLLVWGLH|NRQRPLVFKH+DXVKDOWXQJ]XHLQHP 7KHPDGHU+XPDQLVWHQJHZRUGHQDEHUHUVW$OEHUWLYHUIDVVWHLQHQHLJHQ VWlQGLJHQ 7H[W ]X GLHVHP 7KHPD XQG UHIRUPXOLHUW GLH 3UREOHPDWLN PLW GHQ0LWWHOQGHVKXPDQLVWLVFKHQ'HQNHQV )RUPDOH%HVRQGHUKHLWHQ ,QKDOWXQG$XIEDX 'HU7H[W'HOODIDPLJOLDEHVWHKWDXVYLHU%FKHUQYRQGHQHQGDVHUVWHXQG GDV GULWWH HLQ 9RUZRUW HQWKDOWHQ LQ GHQHQ $OEHUWL VHLQ 9RUKDEHQ NRP PHQWLHUW'LH GLDORJLVFKH,QV]HQLHUXQJ EHL $OEHUWL XQGDXFK GLH $UW XQG GLH 6WUXNWXU GHV 7H[WHV XQWHUVFKHLGHQ VLFK YRQ GHQ ELVKHU XQWHUVXFKWHQ 'LDORJHQ'HU'LDORJILQGHWQLFKW]ZLVFKHQJHOHKUWHQ)UHXQGHQVWDWWZLH GLHVEHLGHQ'LDORJHQYRQ3RJJLRXQG9DOODGHU)DOOLVW'HU'LDORJJLEW YLHOPHKUYRU*HVSUlFKHGLHGLH0LWJOLHGHUGHU)DPLOLH$OEHUWLDP7RWHQ EHWWYRQ/RUHQ]RGHP9DWHU/HRQ%DWWLVWDVPLWHLQDQGHUJHIKUWKDEHQ ]XEHULFKWHQ=XJHJHQZDUHQ%DWWLVWDXQGVHLQ%UXGHU&DUORGHUHQ2QNHO 5LFFLDUGR VRZLH GLH HQWIHUQWHUHQ 9HUZDQGWHQ $GRYDUGR XQG /LRQDUGR $OEHUWL VSlWHU WULWW QRFK GHU EHWDJWH *LDQQR]]R ]X GHQ 9HUVDPPHOWHQ 

%DUWRORPHR)DFLRIKUWDOOHUGLQJVLQVHLQHP:HUN'HYLULVLOOXVWULEXV  HLQHhEHU VHW]XQJ YRQ ;HQRSKRQV 2LNRQRPLNRV YRQ *LRYDQQL $XULVSD DQ YJO )DFLXV    GLHIUHLOLFKQLFKWEHUOLHIHUWLVWYJOKLHU]XXQGDXFK]XDOOHQVSlWHUHQhEHUVHW ]XQJHQGHV7H[WHV0DUVK    *LRYDQQL 'RPLQLFL 5HJROD GHO JRYHUQR GL FXUD IDPLOLDUH KJ 3LHUR %DUJHOOLQL )ORUHQ] *DULQHL'HU7H[WLVW%DUWRORPHDGHJOL$OEHUWLJHZLGPHWGHUHQ0DQQ$QWRQLR DXV)ORUHQ]YHUEDQQWZXUGHXQGGLHQXQDOOHLQIUGLH(U]LHKXQJLKUHU.LQGHU ]XVWlQGLJZDU=X'RPLQLFLVLHKHREHQ7HLO,,.DS  ,OOLEURGLEXRQLFRVWXPLGL3DRORGL0HVVHU3DFHGD&HUWDOGRKJ6DORPRQH0RUSXUJR)OR UHQ]/H0RQQLHU²=XbKQOLFKNHLWHQ]ZLVFKHQGLHVHP7H[WXQG$OEHUWLV'HOOD IDPLJOLDYJO'DQ]L  I

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

KLQ]X(VVLQGYRUDOOHPGLHlOWHUHQ)DPLOLHQPLWJOLHGHUGLHGHQ-QJHUHQ LKUHDXIODQJMlKULJHU(UIDKUXQJEDVLHUHQGHQ$QVLFKWHQPLWWHLOHQ ,Q GLHVHP 7H[W VWHKHQ GLH SULYDWHQ %H]LHKXQJHQ GLH HLQ %UJHU ]X SIOHJHQKDWLP9RUGHUJUXQGGLH%H]LHKXQJHQ]ZLVFKHQlOWHUHQXQGMQ JHUHQ)DPLOLHQPLWJOLHGHUQGLH]ZLVFKHQ0DQQXQG)UDXGLH)KUXQJGHV +DXVZHVHQVXQGGLH%H]LHKXQJHQ]X)UHXQGHQ'LHVHSULYDWHQ%H]LHKXQ JHQ XQG GDV ULFKWLJH 9HUKDOWHQ GDULQ ZHUGHQ GHWDLOOLHUW EHVFKULHEHQ XQG GDEHLZLUGP|JOLFKVWZHQLJGHP=XIDOOEHUODVVHQ'LH*HVSUlFKHKDEHQ QLFKW HLQ NODU XPULVVHQHV 7KHPD ]XP *HJHQVWDQG 9LHOPHKU ZHUGHQ LP ORFNHUHQ*HVSUlFKYHUVFKLHGHQH7KHPHQXQG7KHVHQGLVNXWLHUWGLHVLFK DXI GLH +DXVKDOWXQJ EH]LHKHQ XQG GLH VR XQWHUVFKLHGOLFKH )UDJHQ ZLH .LQGHUHU]LHKXQJ (KH /LHEH )UHXQGVFKDIW +DXVKDOWVIKUXQJ XQG 8P JDQJPLW*HOGXPIDVVHQ'DEHLZHFKVHOQDXFKGLH5ROOHQGHU*HVSUlFKV SDUWQHU,PHUVWHQ%XFKGDVGDV9HUKlOWQLV]ZLVFKHQ9lWHUQXQG6|KQHQ ]XP*HJHQVWDQGKDWJLEW]XQlFKVW/RUHQ]RVHLQH$QVLFKWNXQGZHLWHUJH IKUW YRQ $GRYDUGR XQG /LRQDUGR ,P ]ZHLWHQ %XFK GDV YRQ GHU (KH KDQGHOWLVWHVYRUDOOHP/LRQDUGRGHUVHLQH$QVLFKWHQGDUOHJW,PGULWWHQ %XFKGDVGHU+DXVKDOWXQJJHZLGPHWLVWNRPPWGHUVFKRQEHWDJWH*LDQ QR]]R]XGHQ$QZHVHQGHQKLQ]XXQGWHLOWGHQDQGHUHQVHLQGLHVEH]JOL FKHV :LVVHQ PLW 'DV YLHUWH XQG OHW]WH %XFK GDV GHU )UHXQGVFKDIW JH ZLGPHWLVWZLUGYRUDOOHPYRQ/LRQDUGRXQG$GRYDUGREHVWULWWHQ 'LHYHUVFKLHGHQHQ7KHPHQZHUGHQ]XP7HLONRQWURYHUVJHIKUW*H OHJHQWOLFK XQWHUQLPPW HV DXFK HLQ *HVSUlFKVWHLOQHKPHU GDV *HJHQWHLO YRQGHP]XYHUWUHWHQZDVGLHDQGHUHQVDJHQXPGDV*HVSUlFK]XEHOH EHQ =XP JUR‰HQ 7HLO ZHUGHQ GLH 7KHPHQ DOOHUGLQJV LQ )RUP YRQ /HKUJHVSUlFKHQ HU|UWHUW EHL GHQHQ GHQ bOWHUHQ GLH 5ROOH GHV %HOHKUHQV ]XNRPPW 'LHV PDFKW LP HUVWHQ %XFK JOHLFK GLH HLQOHLWHQGH 5HGH YRQ /RUHQ]RDQVHLQH6|KQHGHXWOLFKGLHbOWHUHQKlWWHQDXIJUXQGLKUHUYLHOHQ -DKUHDXFKYLHO(UIDKUXQJHUZRUEHQ,KUH$XIJDEHXQG3IOLFKWVHLHVGHV KDOEGLH-QJHUHQDQ]XOHLWHQXQGLKQHQHLQ9RUELOG]XVHLQ 6SUDFKZDKOXQG3XEOLNXP (LQ ZHLWHUHV 0HUNPDO XQWHUVFKHLGHW $OEHUWLV 'LDORJ VLJQLILNDQW YRQ GHQ ELVKHU EHWUDFKWHWHQ 'LDORJHQ $OEHUWL YHUIDVVW VHLQHQ 7H[W QLFKW LQ GHU 

0LWGLHVHU6WUXNWXUVFKHLQWVLFK$OEHUWLGHU)RUPQDFKDQGHQ'LDORJHQ'HRUDWRUH'H VHQHFWXWHXQG'HDPLFLWLDYRQ&LFHURRULHQWLHUW]XKDEHQLQGHQHQ&LFHURHEHQIDOOVQLFKW VLFKVHOEVWXQGVHLQH=HLWJHQRVVHQSRUWUlWLHUWVRQGHUQGLH:UGHHLQHUYHUJDQJHQHQ *HQHUDWLRQYJOGD]XDXVIKUOLFKHU0DUVK  I  9JOHWZD$OEHUWL  =XQGHEG=  9JOHEG

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

*HOHKUWHQVSUDFKH /DWHLQ VRQGHUQ DXI ,WDOLHQLVFK 0LW GLHVHU 6SUDFKZDKO XQWHUVFKHLGHWHUVLFKYRQVHLQHQKXPDQLVWLVFKHQ=HLWJHQRVVHQZLH%UXQL 3RJJLRXQG9DOOD$OOHUGLQJVKDWWHEHUHLWV'DQWHVHLQHSKLORVRSKLVFKHQ :HUNHLQGHU9RONVVSUDFKHYHUIDVVWXQGDXFKHLQHEHVWLPPWH7H[WWUDGL WLRQGLHGHU+DXVKDOWXQJVOLWHUDWXU]X]XUHFKQHQLVWZDUQLFKWLQGHU*H OHKUWHQVSUDFKH/DWHLQYHUIDVVW $OEHUWL UHFKWIHUWLJW LQ GHU 9RUUHGH ]XP GULWWHQ %XFK GHQ *HEUDXFK GHV ,WDOLHQLVFKHQ YRU P|JOLFKHQ .ULWLNHUQ +LHU PDFKW HU GHXWOLFK GDVV 6SUDFKH IU LKQ LQ HUVWHU /LQLH HLQ 0LWWHLOXQJVPHGLXP LVW 'LHV JLOW HEHQVRIUGLH9RONVVSUDFKHQZLHIU/DWHLQ([SOL]LWZHQGHWHUVLFKJH JHQGLH9RUVWHOOXQJGDVVHVVLFKEHL/DWHLQXPHLQHYRQGHQ6FKXOHQHQW ZLFNHOWH .XQVWVSUDFKH KDQGHOQ N|QQWH 9LHOPHKU KlWWHQ GLH DQWLNHQ 6FKULIWVWHOOHU /DWHLQ JHVFKULHEHQ ZHLO VLH YHUVWDQGHQ ZHUGHQ ZROOWHQ 8QG VRVHL HV DXFKIROJHULFKWLJ XQG OREHQVZHUW ZHQQHU VHOEVW XP YRQ P|JOLFKVWYLHOHQYHUVWDQGHQ]XZHUGHQDXI,WDOLHQLVFKVFKUHLEHZRGXUFK HUYLHOOHLFKWQLFKWHLQHUNOHLQHQ6FKDU*HOHKUWHUJHIDOOHDEHUGDIUÅYLHOHQ QW]OLFK´VHL  



 





=XP9XOJlUKXPDQLVPXVLP-DKUKXQGHUWYJO%XFNXQG3ILVWHU   'DQWH KDW QLFKW QXU LP YROJDUH JHVFKULHEHQ VRQGHUQ HU KDW GLHVHV 9RUJHKHQ DXFK H[SOL]LWEHJUQGHWXQGHLQHXPIDQJUHLFKH$EKDQGOXQJEHUGLH9RONVVSUDFKHYHUIDVVW YJO 'DQWH 'H YXOJDUL HORTXHQWLD KJ $ULVWLGH 0DULJR XQG 3LHU *LRUJLR 5LFFL )ORUHQ] )HOLFH/H0RQQLHU3DOPLHULGHUHLQLJH-DKUHVSlWHUVHLQ:HUN9LWDFLYLOHDXI,WD OLHQLVFK YHUIDVVHQ ZLUG ZLUG VLFK GLHVEH]JOLFK H[SOL]LW DXI 'DQWH EHUXIHQ YJO 3DO PLHUL  I =XGHUYRONVVSUDFKOLFKHQ7UDGLWLRQGHU2HFRQRPLFD/LWHUDWXUYRU$OEHUWLLQ)RUPYRQ hEHUVHW]XQJHQDXVGHP/DWHLQLVFKHQYJO0H\HU  IVSH]LHOOLP,WDOLHQLVFKHQ YJO'DQ]L  IIXQGLP)UDQ]|VLVFKHQYJO%HFNHU   Å$ PH SDU DVVDL GL SUHVVR GLUH TXHO FK·LR YRJOLR H LQ PRGR FK·LR VRQR SXU LQWHVR´ $OEHUWL  = Å1pDPHTXLSDUHGDXGLUHFRORURH·TXDOLGLWDQWDSHUGLWDPDUDYLJOLDQGRVLDIIHUPDQR LQTXH·WHPSLH SULPD VHPSUH LQ,WDOLD HVVHUHVWDWDTXHVWDXQD TXDO RJJLDGRSHULDPR OLQJXDFRPPXQHHGLFRQRQRQSRWHUFUHGHUHFKHLQTXH·WHPSLOHIHPPLQHVDSHVVHUR TXDQWHFRVHRJJLVRQRLQTXHOODOLQJXDODWLQDPROWRD·EHQHGRWWLVVLPLGLIILFLOHHRVFXUH HSHUTXHVWRFRQFOXGRQRODOLQJXDLQTXDOHVFULVVHURH·GRWWLHVVHUHXQDTXDVLDUWHHLQ YHQ]LRQHVFRODVWLFDSLWRVWRLQWHVDFKHVDSXWDGD·PROWL'D·TXDOLVHTXLIXVVHOXRJR GD GLVSXWDUH GLPDQGHUHL FKL DSUHVVR JOL DQWLFKL QRQ GLFR LQ DUWL VFRODVWLFH H VFLHQ]H PDGLFRVHEHQYXOJDULHGRPHVWLFHPD·VFULYHVVHDOODPRJOLHD·ILJOLXROLD·VHUYLLQDO WURLGLRPDFKHVRORLQODWLQR"´$OEHUWL  = Å%HQFKp VWLPR QLXQR GRWWR QHJDUj TXDQWR D PH SDUH TXL GD FUHGHUH FKH WXWWL JOL DQWLFKLVFULWWRULVFULYHVVHURLQPRGRFKHGDWXWWLH·VXRLPROWRYROHDQRHVVHUHLQWHVL´ (EG= Å3L WRVWR IRUVH H· SUXGHQWL PL ORGHUDQQR V·LR VFULYHQGR LQ PRGR FKH FLDVFXQR P·LQWHQGDSULPDFHUFRJLRYDUHDPROWLFKHSLDFHUHDSRFKLFKpVDLTXDQWRVLDQRSR FKLVVLPLDTXHVWLGuH·OLWWHUDWL´$OEHUWL  =

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

0LWGHU:DKOGHU6SUDFKHZHQGHWVLFK$OEHUWLH[SOL]LWDQHLQDQGHUHV 3XEOLNXP DOV HWZD 3RJJLR XQG 9DOOD 'HU %HUHLFK GHU +DXVKDOWXQJ XQG )DPLOLHQIKUXQJ VSLHOW IU JHELOGHWH %UJHUOLFKH GLH LKU +DE XQG *XW VHOEVWYHUZDOWHQXQGLQHLQHU)DPLOLHOHEHQHLQHJUR‰H5ROOH1LFKWQXULP GULWWHQ %XFK GDV H[SOL]LW GHU |NRQRPLVFKHQ +DXVKDOWXQJ JHZLGPHW LVW VRQGHUQLPJDQ]HQ:HUNDUWLNXOLHUWVLFKHLQH%HWUDFKWXQJGHUKlXVOLFKHQ /HEHQVIKUXQJXQWHU|NRQRPLVFKHQ0D[LPHQ$OEHUWLVFKUHLEWQLFKWQXU IU VHLQH KXPDQLVWLVFKHQ XQG JHELOGHWHQ =HLWJHQRVVHQ VRQGHUQ IU DOOH GLHHLQHQ+DXVKDOWIKUHQXQGHWKLVFKH2ULHQWLHUXQJEHQ|WLJHQXQGJDQ] EHVRQGHUV IU VROFKH GLH ]ZDU EHU HLQ JHZLVVHV 0D‰ DQ %LOGXQJ QLFKW DEHU EHU ODWHLQLVFKH 6SUDFKNHQQWQLVVH YHUIJHQ 'DPLW LVW LQVEHVRQGHUH GLH6FKLFKWGHU+lQGOHUXQG.DXIOHXWHDQJHVSURFKHQ $OOJHPHLQH%HVWLPPXQJHQGHU/HEHQVIKUXQJ $XIZHUWXQJGHU(UIDKUXQJXQG.ULWLNDP%FKHUZLVVHQ 'LH 'LDORJWHLOQHKPHUVLQGDOOHV 0LWJOLHGHU GHU)DPLOLH$OEHUWL GRFK NHL QHUYRQGLHVHQLVWGXUFKEHVRQGHUHZLVVHQVFKDIWOLFKH.HQQWQLVVHKHUYRU JHWUHWHQNHLQHUKDWVLFK²DEJHVHKHQYRP9HUIDVVHUVHOEVW²GXUFKJHLVWLJH 3URGXNWH 5XKP XQG $QVHKHQ HUZRUEHQ :LH DOVR NRQQWH $OEHUWL GHQ GDUJHOHJWHQ$QVLFKWHQ*HZLFKWYHUOHLKHQZLHGHQ:RUWHQDXFK$XWRULWlW ]XNRPPHQODVVHQ"$OEHUWLZDUVLFKGLHVHV3UREOHPVEHZXVVWXQGHUO|VW HV DXI GHU (EHQH GHU ,QV]HQLHUXQJ 'LH 6SUHFKHU LQ $OEHUWLV 'LDORJ JH ZLQQHQ LKUH $XWRULWlW QLFKW GDUDXV GDVV VLH YLHOH %FKHU JHOHVHQ KlWWHQ XQG YLHO ZVVWHQ VRQGHUQ ZHLO VLH ZLH *LDQQR]]R XQG $GRYDUGR DXI JUXQG LKUHU RIW ODQJMlKULJHQ (UIDKUXQJ HLQ SUD[LVRULHQWLHUWHV QW]OLFKHV :LVVHQHUZRUEHQKDEHQ 'LHVHV(UIDKUXQJVZLVVHQZLUGZLHGHUKROWYRQHLQHUEOR‰HQ%FKHUJH OHKUVDPNHLW DEJHJUHQ]W IU GLH GLH $QZHVHQGHQ QXU +RKQ XQG 6SRWW EULJKDEHQ0LWGHU.ULWLNDQGHU6FKXOJHOHKUVDPNHLWXQGGHUJHJHQVLH LQV )HOG JHIKUWHQ (UIDKUXQJ JUHLIW $OEHUWL HLQHQ 7RSRV DXI GHU VHLW 3HWUDUFDLQGHUKXPDQLVWLVFKHQ%HZHJXQJ]HQWUDOLVW'RFKGLHPLWWOHUZHL OH EHL GHQ +XPDQLVWHQ JHOlXILJ JHZRUGHQH .ULWLN HUKlOW EHL $OEHUWL HLQH QHXH 'LPHQVLRQ 1LFKW QXU GLH :LVVHQVIRUP GHU 6FKRODVWLN GLH VLFK LQ DEVWUDNWHQ 'LVWLQNWLRQHQ YHUOLHUW ZLUG NULWLVLHUW VRQGHUQ GLH .ULWLN DP %FKHUZLVVHQIlOOWDOOJHPHLQHUDXV6LHXPIDVVWDXFKGLH4XHOOHQGLHGLH +XPDQLVWHQVHOEVWELVKHUSURSDJLHUWKDEHQKLVWRULVFKH%FKHU([HPSOD 

0DULHWWL  DUJXPHQWLHUWGDIUGDVV$OEHUWLYRUDOOHPGLHUHLFKHQXQGEHGHXWHQ GHQ)DPLOLHQYRQ*UR‰KlQGOHUQDQJHVSURFKHQKDEH

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

VDPPOXQJHQRGHU'LFKWXQJHQ'DV:LVVHQGDVPDQDXFKDXVGHQÅ.ODV VLNHUQ´GHU+XPDQLVWHQ]LHKHQNDQQ²$GRYDUGRQHQQWHWZD&LFHUR6H QHFD$ULVWRWHOHVXQG/XNLDQ²ZLUGQXQDOVVHKUEHVFKUlQNWEHJULIIHQ 'HQQ GDV :LVVHQ DXI GDV HV HLJHQWOLFK DQNRPPH QlPOLFK GDV :LVVHQ EHU GLH JHQDXHQ 8PVWlQGH XQG ZLH PDQ VLFK LQ NRQNUHWHQ 6LWXDWLRQHQ DQJHPHVVHQYHUKDOWHN|QQHPDQQLFKWGXUFK%FKHUHUZHUEHQ%HLGHU (U|UWHUXQJGHU)UHXQGVFKDIWYHUVXFKW/LRQDUGR]ZDU]XQlFKVWGHQ1XW ]HQGHUKLVWRULVFKHQ:HUNH]XYHUWHLGLJHQGRFKVFKOLH‰OLFKPXVVDXFKHU ]XJHVWHKHQ GDVV HV LQ +LQVLFKW DXI GLH )UHXQGVFKDIW ZLUNOLFK LQPLWWHQ GHV /HEHQV XQG GHV 8PJDQJV PLW GHQ 0HQVFKHQ ZHLW PHKU .XQVW JLEW DOV LQ XQVHUHQ %FKHUQ XQG XQVHUHU6FKXOJHOHKUVDPNHLWGLHLFK]XKRFKJHVFKlW]WKDEH

'LHQHXH/HKUPHLVWHULQLVWGLH(UIDKUXQJGLHPDQLPNRQNUHWHQ/HEHQLP 8PJDQJPLWGHQ'LQJHQHUZLUEW*HPHLQWVLQGPLWKLQZHGHUNRQVHUYLHUWH (UIDKUXQJHQZLHVLHHWZDLQ([HPSOD]XILQGHQVLQGQRFKVROFKH(UIDK UXQJGLHPDQLQQHUOLFKJHLVWLJLQVLFKHUIlKUWVRQGHUQJHPHLQWVLQGVROFKH (UIDKUXQJHQGLHPDQGXUFKGHQ9HUODXIGHV/HEHQVPDFKWXQGGLHQLFKW QDFKZHLWHUHQ%HJUQGXQJHQRGHU$EOHLWXQJHQIUDJHQ 'LHVHV DXI UHDOHU (UIDKUXQJ EDVLHUHQGH :LVVHQ LVW YRU DOOHP GHVKDOE VR EHGHXWVDP ZHLO HV HLQHQ :LVVHQVUDXP HUVFKOLH‰W GHU GXUFK %FKHU EHUKDXSW QLFKW HUUHLFKW ZHUGHQ NDQQ 'HU 9HU]LFKW DXI ]XVlW]OLFKHV :LVVHQ ZHOFKHV PDQ QLFKW DXV GHU HLJHQHQ (UIDKUXQJ JHZLQQHQ NDQQ ZLUG VRJDU DOV HLQH 7XJHQG YHUVWDQGHQ 'LHVHV :LVVHQ YHU]LFKWHW DXI .DXVDOHUNOlUXQJHQXQGIUDJWQLFKWQDFK'HILQLWLRQHQXQG8UVDFKHQ(VLVW 

$OEHUWL  = Å0DQRQFLDVFXQRGRWWRLQOHWWHUHVDSUjSRUJHUHODVXDYLUWFRQPRGRHGLJQLWjDIDUVL YDOHUHDEHQLYROHQ]DHDPLFL]LDQpVDSUjTXHOORVFRODVWLFRGRYHHTXDQWRO·DVVLGXLWjOR VWXGLRHOEHQHILFLRLQTXHVWRSLFKHLQTXHOORLQJHJQROXRJRHWHPSRJLRYLHEHQH V·DVHWWLTXDOHFRJQL]LRQHGLFRHWXQRQFUHGRQHJKLHVVHUHQHFHVVDULD´$OEHUWL   =  $OEHUWL    ÅH DGGXFHVWLPL LQ TXHVWD VHQWHQ]D FKH LR DIIHUPR FRVu WURYDUVL DUWLILFLRDG DPLFL]LDLQPH]]RO·XVRHFRQYHUVD]LRQHGHJOLXRPLQLSLPROWRFKHQH¶ QRVWULTXDOLLRWURSSRDSSURYDYDOLEULHGLVFLSOLQHVFRODVWLFKH´$OEHUWL  =   9JOÅ0DQGDWHDPHPRULD%DWWLVWDHWX&DUORTXHVWLQRQGHWWLGH·ILORVRILPDFRPH RUDFXOLG·$SROOLQHRWWLPLHVDQWLVVLPLGRFXPHQWLTXDOLQRQWURYHUUHWHLQVX·QRVWULOL EUL´$OEHUWL  =Å7XWDQWRDGXQTXHVHJXLWDHIDVuFKHSHUWXDGRW WULQDTXDOHGLFRXWLOLVVLPDHQH·QRVWULOLEULGDPHQRQSULPDLQWHQVD>@´HEG =Å4XDOFRVDVHFRVuP·DVHQWLWHUDFFRQWHURYYLDSURLELUOD·QYLGLDGRQGHSRL QDVFHO·RGLRFRQWUDULRDOODEHQLYROHQ]DFRVDXWLOLVVLPDHIRUVHQRQDOWURYHXGLWD´(EG =  Å,RVHPSUHVRQRVWDWRFRQWHQWRQRQSLVDSHUHFKHTXDQWRPLELVRJQDHDPHEDVWD LQWHQGHUHTXHOORFKHLRPLYHJJRHVHQWRWUDOHPDQL´(EG= 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

]XIULHGHQZHQQHVGHQHUZDUWHWHQ1XW]HQHU]LHOW(VJHKWGHQ3URWDJR QLVWHQLQ$OEHUWLV'LDORJQLFKWVRVHKUGDUXPGLH'LQJH]XHUNOlUHQRGHU ]XEHVFKUHLEHQDOVYLHOPHKUGDUXPDXVLKQHQ1XW]HQ]X]LHKHQ $XV GLHVHP 9HUVWlQGQLV YRQ :LVVHQ HUJLEW VLFK DXFK GLH 9HUWHLOXQJ YRQ $XWRULWlW ]ZLVFKHQ GHQ *HVSUlFKVSDUWQHUQ LP 'LDORJ %HVRQGHUV GHXWOLFKZLUGGLHVEHLGHU,QV]HQLHUXQJGHU$XWRULWlWGHV*LDQQR]]RVLP GULWWHQ%XFK'LHVHUUKPWVLFKJHUDGH]XGDPLWQLFKWJHOHKUWVRQGHUQHLQ 8QJHELOGHWHU LGLRWD  ]X VHLQ 6HLQH $XWRULWlW EDVLHUW KDXSWVlFKOLFK DXI VHLQHU (UIDKUXQJ ZHOFKH LKP XQG DQGHUHQ 1XW]HQ YHUVSULFKW 8QG VRPLWNDQQ*LDQQR]]RJDQ]VHOEVWEHZXVVWYHUNQGHQ ,FKKDEHPLFKPHLQ/HEHQODQJEHPKWGLH'LQJHPHKUGXUFKHLJHQH(UIDKUXQJ DOVGXUFKGLH$XVVDJHQDQGHUHU NHQQHQ]XOHUQHQXQGZDVLFK GHQNHYHUGDQNH LFKPHKUGHU:LUNOLFKNHLWDOVGHQ%HZHLVJUQGHQHLQHVDQGHUHQ8QGZHLOHLQHU YRQGHQHQGLHGHQJDQ]HQ7DJEHU%FKHUQVLW]HQPLUVDJWVRLVWHVVRJODXEH LFKLKPGDUXPQLFKWZHQQLFKQLFKWHLQHQRIIHQEDUHQ*UXQGVHKHGHUPLU]HLJW GDVVHVVRLVWVWDWWPLFKEOR‰]XQ|WLJHQHV]X]XJHEHQ

'HP QXW]ORVHQ %FKHUZLVVHQ LVW EHL $OEHUWL PLWKLQ QLFKW HLQ QW]OLFKHV %FKHUZLVVHQ HQWJHJHQJHVHW]W VRQGHUQ HLQ SUD[LVRULHQWLHUWHV XQG DXI HLJHQHU(UIDKUXQJEDVLHUHQGHV:LVVHQ 1DWUOLFKHV6WUHEHQQDFK6HOEVWHUKDOWXQJDOV*UXQGODJHGHV =XVDPPHQOHEHQV ,Q GHQ HUVWHQ EHLGHQ %FKHUQ ZLUG YRQ GHQ IKUHQGHQ *HVSUlFKVWHLO QHKPHUQ GLH VWRLVFKH 3HUVSHNWLYH DXI GLH PHQVFKOLFKH /HEHQVIKUXQJ HQWZLFNHOW XQG GDUJHVWHOOW *HPl‰ GHU VWRLVFKHQ 3RVLWLRQ EHVWHKW GLH *UXQGODJH GHU ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ LQ GHP QDWUOLFKHQ 6WUHEHQ QDFK 6HOEVWHUKDOWXQJ FRQVHUYDWLR VXL  'LHVHV 6WUHEHQ IKUW QLFKW



9JO$OEHUWL  I 6RLQ+LQVLFKWDXIGLH)UHXQGVFKDIWÅDTXDOFRVHL·GHVLGHURSUDWLFRDOFXQRXRPRGD FXLLRVLDSLLQ IDEULFDUPL HXVXIUXWWDUPLO·DPLFL]LH FKHLQ GHVFULYHUQHHTXDVLGLVH JQDUOHIDWWREHQGRWWR´$OEHUWL  ==  Å%HQ PL VRQR FHUWR LQJHJQDWR GLUH FRVH XWLOL TXDOL GLUOH FRQ HORTXHQ]D FRQ RUGLQH LQWHVVHUYLHVVHPSOLDGGXFHUYLDXWRULWjRUQDOOHGLSDUROHFRPHVROHWHGLUHYRLFKHEL VRJQDDUHLQpVDSXWRQpSRWXWRFKpPLFRQRVFHWHVRQRLGLRWD´$OEHUWL  =   $OEHUWL  Å,RPLVRQRLQYLWDLQJHJQDWRFRQRVFHUHOHFRVHSLFROODSUXRYD PLDFKHFROGLUHG·DOWUXLHTXHOORFKHLRLQWHQGRSLWRVWRORFRPSUHVLGDOODYHULWjFKH GDOO·DUJRPHQWDUHG·DOWUXL(SHUFKpXQRGLTXHVWLLTXDOLOHJJRQRWXWWRLOGuDPHGLFHV VHÄFRVtVWD¶LRQRQJOLFUHGRSHUzVHLRJLjQRQYHJJRDSHUWDUDJLRQHODTXDOHSLWRVWR PLGLPRQVWULFRVuHVVHUHFKHFRQYLQFDDFRQIHVVDUOR´$OEHUWL  = 

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

QXU]XU6WDDWVELOGXQJVRQGHUQEHJUQGHWDOOH)RUPHQGHVVR]LDOHQ=X VDPPHQOHEHQVHLQVFKOLH‰OLFK(KHXQGGLH$XI]XFKWYRQ.LQGHUQ /LRQDUGRLP*HVSUlFKPLW$GRYDUGRXQG/RUHQ]RGDUEHUZDVZRKO GHU8UVSUXQJGHU/LHEHGHV9DWHUV]XVHLQHQ.LQGHUQVHLPDFKWJOHLFKDP %HJLQQGHXWOLFKZDVGLH*UXQGODJHXQGZRGLH%HVWLPPXQJIUGDV+DQ GHOQGHU0HQVFKHQOLHJHLQGHU1DWXU'LHVHKDEHMHGHP/HEHZHVHQGDV 6WUHEHQQDFKGHUHLJHQHQ6HOEVWHUKDOWXQJHLQJHJHEHQ ,FKNDQQPLUGHQNHQGDVVHVPLWHXFK9lWHUQHEHQVRLVWZLHLQDQGHUHQ'LQJHQ ,FK VHKH GDVV GLH 1DWXU LPPHU XQG EHUDOO EHPKW LVW YRU]XVRUJHQ GDVV MHGHV KHUYRUJHEUDFKWH :HVHQ VLFK HUKDOWH XQG YRQ GRUW ZR HV HQWVSUXQJHQ LVW 1DK UXQJ XQG +LOIH HPSIDQJH XP LP /HEHQ DXV]XKDUUHQ XQG VHLQHQ 1XW]HQ DQV /LFKW]XEULQJHQ

'LHVHV6WUHEHQQDFKGHUHLJHQHQ6HOEVWHUKDOWXQJIKUHGD]XGDVVHLQ)D PLOLHQYDWHUDQGHUJXWHQ$XI]XFKWVHLQHU.LQGHULQWHUHVVLHUWVHL8QGDXFK HWZDV VSlWHU LQ GHU 8QWHUUHGXQJ PDFKW /LRQDUGR GHXWOLFK GDVV HV GDV QDWUOLFKH 6WUHEHQ QDFK 6HOEVWHUKDOWXQJ LVW ZDV GLH 0HQVFKHQ LQ LKUHP 9HUKDOWHQDQWUHLEH 'LH *HOHKUWHQ VDJHQ ZLU GLU ZRKO EHNDQQW LVW GDVV GLH 1DWXU EHL DOOHQ :HVHQ VHKUEHPKWLVWVLHVRYLHODOVQ|WLJXQGSDVVHQGLVWYROOHQGHWDQ*OLHGHUQXQG ]XLKUHU:LUNVDPNHLWIlKLJKHUYRU]XEULQJHQRKQH0lQJHOXQG)HKOHUVRGDVVVLH VLFKVHOEVWLKUH=HLWKLQGXUFKHUKDOWHQXQGDQGHUHQ*HVFK|SIHQYLHOIDFKQW]OLFK VHLQN|QQHQ

/LRQDUGRSURSDJLHUWGLHYRQ$ULVWRWHOHVXQGGHQ6WRLNHUQYHUWUHWHQH3RVL WLRQ GDVV HV IU GHQ 0HQVFKHQ QDWUOLFK VHL GHU 7XJHQG ]X IROJHQ 7XJHQGVHLLP*UXQGHÅQLFKWVDQGHUHVDOVLQVLFKYROOHQGHWHXQGJOFNOLFK KHUYRUJHEUDFKWH 1DWXU´ :HU GHP /DVWHU IROJW WXH GLHV QLFKW DXIJUXQG HLQHU P|JOLFKHUZHLVH ODVWHUKDIWHQ ²VFKRQ JDU QLFKW VQGKDIWHQ ² 1DWXU



9JO&LFHUR'HILQLEXVERQRUXPHWPDORUXP,,, 9JO&LFHUR'HILQLEXVERQRUXPHWPDORUXP,,,Å&XPDXWHPDGWXHQGRVFRQVHUYDQ GRVTXHKRPLQHVKRPLQHPQDWXPHVVHYLGHDPXVFRQVHQWDQHXP HVWKXLFQDWXUDHXW VDSLHQV YHOLW JHUHUH HW DGPLQLVWUDUH UHP SXEOLFDP DWTXH XW H QDWXUD YLYDW X[RUHP DGLXQJHUHHWYHOOHH[HDOLEHURV´&LFHUR    $OEHUWL  Å,RSRVVRLQYRLSDGULFUHGHUHFRVuVLDFRPHDOWURYH6HPSUHYHJJR ODQDWXUDGDRJQLSDUWHVROOHFLWDDSURYHGHUHFKHRJQLFRVDSURFUHDWDVpVWHVVLFRQVHUYL ULFHYHQGRGDFKLODSURGXVVHQXWULPHQWRHDLXWRDSHUVHYHUDUHLQYLWDHDSRUJHUHOH VXHXWLOLWDWLLQOXFH´$OEHUWL  ==  $OEHUWL  Å'LFRQRFRPHWXVDLH¶OLWWHUDWLFKHODQDWXUDLQWXWWHOHFRVHPROWR VpDGRSHUDTXDQWRVLDGRYXWRHFRQYHQLHQWHSURGXUOHFRPSLXWHGLPHPEUDHSRWHQ]D VDQ]DPDQFDPHQWRRYL]LRWDOLFKHOHSRVVLQRVpVWHVVLLQVXDHWjFRQVHUYDUHHDOO·DOWUH SURFUHDWHFRVHLQPROWDSDUWHJLRYDUH´$OEHUWL  =   9JO$ULVWRWHOHV(WKLFD1LFRPDFKHD,,D&LFHUR'HILQLEXVERQRUXPHWPDOR UXP,,, 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

VRQGHUQ ÅXQULFKWLJH *HZRKQKHLW´ XQG ÅYHUGRUEHQHV 8UWHLO´ VHLHQ GLH *UQGHIU)HKOYHUKDOWHQ 'DVVGLH1DWXUGLH%DVLVGHV=XVDPPHQOHEHQVUHJHOWXQGGDV)XQGD PHQW XQG GLH %HVWLPPXQJ GHU ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ DE JLEW ZLUG DXFK LP ]ZHLWHQ %XFK GHXWOLFK LQ GHP HV XP GLH 5HFKWIHUWL JXQJ XQG /HJLWLPLHUXQJ GHU HKHOLFKHQ /HEHQVIRUP JHKW 'DPLW HLQH )D PLOLH EOKH PVVWHQ .LQGHU JH]HXJW XQG HU]RJHQ ZHUGHQ ZDV VLFK DP EHVWHQ LQ GHU (KH UHDOLVLHUHQ ODVVH 'LH %HYRU]XJXQJ GHU HKHOLFKHQ /H EHQVIRUP ZLUG QXQ QLFKW HWZD PLW GHP +LQZHLV DXI GDV 6DNUDPHQW GHU (KHRGHUGDPLWGDVVGLH(KHGLHDPZHQLJVWHQVQGLJH/HEHQVIRUPVHL RGHUEHUKDXSWPLWGHP%H]XJDXIFKULVWOLFKH'HQNHOHPHQWHEHJUQGHW (V ZHUGHQ YLHOPHKU DQWKURSRORJLVFKH XQG HYROXWLRQLVWLVFKH 5HIOH[LRQHQ DQJHVWHOOW .LQGHU NlPHQ VFKZDFK ]XU :HOW XQG EHGUIWHQ GHV 6FKXW]HV YRU:LWWHUXQJVHLQIOVVHQGHVKDOEVHLGDV'DFKHUIXQGHQZRUGHQGHVKDOE KlWWHQ VLFK 0DQQ XQG )UDX IU GLH $UEHLWVWHLOXQJ HQWVFKLHGHQ HLQHU NPPHUWH VLFK XP GDV .LQG HLQHU EHVRUJWH GLH 'LQJH GLH IU GHQ /H EHQVHUKDOWQRWZHQGLJZlUHQ(VLVWPLWKLQGLH1DWXUGLHGHP0HQVFKHQ GLHULFKWLJHGKVLFKVHOEVWHUKDOWHQGH/HEHQVIRUPDXI]HLJH ,QGLHVHU:HLVHPHLQHLFKZLUGRIIHQEDUGDVVGLH1DWXUXQGGLH9HUQXQIWGHU 0HQVFKHQVLH OHKUWHGDVVGLH*HPHLQVFKDIWGHU(KHXQWHU LKQHQQRWZHQGLJLVW ZLHXPGDV0HQVFKHQJHVFKOHFKW]XYHUPHKUHQXQGIRUW]XSIODQ]HQVRDXFKXP GLHEHUHLWVJHERUHQHQ.LQGHUHUQlKUHQXQGHUKDOWHQ]XN|QQHQ6LH]HLJWHZHLWHU KLQ GDVV GLH 0KH GLH IU GDV PHQVFKOLFKH /HEHQ QW]OLFKHQ XQG I|UGHUOLFKHQ 'LQJHKHUEHL]XVFKDIIHQPLWGHU6RUJHVLH]XEHZDKUHQYHUEXQGHQZLHVLHHVLQ GHU(KHLVWGXUFKDXVQRWZHQGLJZDU

%HL GHU (KH KDQGHOW HVVLFK PLWKLQ XP HLQH YRQ GHU1DWXU HLQJHULFKWHWH /HEHQVIRUPGLHGHQ(UKDOWGHU0HQVFKHQVLFKHUW1LFKWHWZD*RWWRGHU GLHKHLOLJH.LUFKHVRQGHUQGLH1DWXUZLUGDOVÅEHVWHXQGJ|WWOLFKH/HKU PHLVWHULQ DOOHU 'LQJH´ EH]HLFKQHW ZHOFKH GHQ 0HQVFKHQ GLH (KH DOV RSWLPDOH/HEHQVIRUP]XU(UKDOWXQJGHU)DPLOLHDXIJH]HLJWKDW $XFK LQ GHP ]ZHLWHQ 7KHPHQNRPSOH[ GHV ]ZHLWHQ %XFKHV ZHUGHQ DQWKURSRORJLVFKH5HIOH[LRQHQDQJHVWHOOWXPGLHQDWUOLFKH%HVFKDIIHQKHLW 

Å(QRQqYLUWDOWURVHQRQHLQVpSHUIHWWDHEHQSURGXWWDQDWXUD3HUWDQWRVWLPRPL VDUjOLFLWRSRWHUHGLUHHOYL]LRQHOOHPHQWLHDQLPLGH¶PRUWDOLVLDVFRUUHWWDFRQVXHWXGLQH H FRURWWD UDJLRQH OD TXDOH YLHQH GD YDQH RSLQLRQL H LPEHFLOOLWj GL PHQWH´ $OEHUWL  =  $OEHUWL  Å$TXHVWRPRGRDPHSDUHPDQLIHVWR DSSDULVFDFKHODQDWXUD H UDJLRQHXPDQDLQVHJQzFRPHODFRPSDJQLDGHOFRQLXJLRQH¶PRUWDOLHUDQHFHVVDULDVu SHUDPSOLDUHHPDQWHQHUHODJHQHUD]LRQHXPDQDVuSHUSRWHUOLQXWULUHHFRQVHUYDUHJLj QDWL(SLPRQVWUzFKHODVROOHFLWXGLQHGHOFHUFDUHFRQJLXQWDFROODFXUDHGLOLJHQ]DGHO FRQVHUYDUHOHXWLOHHFRPPRGHFRVHDOYLYHUHXPDQRLQORFRQJLXJLRHUDWURSSRQHFHV VDULD´$OEHUWL  =  $OEHUWL  Å>«@RWWLPDHGLYLQDPDHVWUDGLWXWWHOHFRVH´$OEHUWL  

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

GHV 0HQVFKHQ GLH LKQ ]X EHVWLPPWHQ 7lWLJNHLWHQ EHIlKLJW ]X EHVFKUHL EHQ+LHUZHFKVHOQGLH%H]HLFKQXQJHQÅ*RWW´XQGÅ1DWXU´XPGLH8UVD FKHXQGGHQ(UVFKDIIHUGHV0HQVFKHQXQGGHVVHQ$EVLFKWHQ]XEH]HLFK QHQ 'HU0HQVFK ZXUGH YRQ GHU1DWXUVR HLQJHULFKWHW GDVV HU GDV ZDV QW]OLFKLVWHUNHQQHQXQGVXFKHQXQGGDVZDVLKPDEWUlJOLFKLVWPHLGHQ N|QQH Å'LH1DWXU GDV KHL‰W *RWW´VDJW/LRQDUGR KDEH GHQ0HQVFKHQ PLW DOOHQ QRWZHQGLJHQ 0LWWHOQ DXVJHVWDWWHW XP ]X HUNHQQHQ ZDV ÅQW] OLFK´XQGZDVÅVFKlGOLFK´VHLXPÅVLFKVHOEVW]XHUKDOWHQ´ ,Q GLHVHQ HUVWHQ EHLGHQ %FKHUQ SURSDJLHUW $OEHUWL HLQH DXV GHP FKULVWOLFKHQ .RQWH[W KHUDXV JHO|VWH VWRLVFKH 3RVLWLRQ *RWW XQG 1DWXU ZHUGHQDOVQDKH]XLGHQWLVFKEHWUDFKWHW&KULVWOLFKH'HQNHOHPHQWHVSLHOHQ IU GLH /HJLWLPLHUXQJ XQG %HGHXWXQJ GHU ]ZLVFKHQPHQVFKOLFKHQ %H]LH KXQJHQ NDXP HLQH 5ROOH XQG ZHUGHQ PDUJLQDOLVLHUW 'DV QDWUOLFKH 6WUH EHQQDFK6HOEVWHUKDOWXQJZLUGDOVGDV)XQGDPHQWGHU]ZLVFKHQPHQVFKOL FKHQ%H]LHKXQJHQDQJHVHKHQ$OEHUWLUH]LSLHUWGDVVWRLVFKH'HQNHQGDPLW DXIHLQHJDQ]VSH]LILVFKH:HLVHHVJHKWLKPQLFKWGDUXPGDV,GHDOHLQHV VWRLVFKHQ :HLVHQ ]X HQWZHUIHQ RGHU ]X SURSDJLHUHQ (U VWHOOW YLHOPHKU GHQ*HGDQNHQGHUQDWUOLFKHQ6HOEVWHUKDOWXQJLQGHQ9RUGHUJUXQG(LQH VROFKH $N]HQWXLHUXQJ GHU VWRLVFKHQ /HKUH PXVV QLFKW ² ZLH GLHV 9DOODV $UJXPHQWDWLRQQDKHJHOHJWKDWWH²PLWHLQHUHSLNXUHLVFKPRWLYLHUWHQ2UL HQWLHUXQJ DP 1W]OLFKHQ NROOLGLHUHQ 6LH NDQQ GXUFKDXV GLH $XVULFKWXQJ GHV +DQGHOQV DP 1W]OLFKHQ XQWHUVWW]HQ ZLH LP )ROJHQGHQ GHXWOLFK ZLUG $NWLYHV/HEHQXQG2ULHQWLHUXQJDP1W]OLFKHQ $XV GLHVHU DQWKURSRORJLVFKHQ %HVWLPPXQJ GHV 0HQVFKHQ QlPOLFK GDVV VHLQ 9HUKDOWHQ XQG VHLQH +DQGOXQJHQ DXI GHP QDWUOLFKHQ 6WUHEHQ QDFK 6HOEVWHUKDOWXQJEDVLHUHQHUJLEWVLFKGDVVGLHEHVWH/HEHQVIRUPGHV0HQ VFKHQ QLFKW GLH 0X‰H XQG GLH .RQWHPSODWLRQ LVW VRQGHUQ GDVV GHU 0HQVFK YRQ 1DWXU VR HLQJHULFKWHW LVW GLH 'LQJH IU VHLQ HLJHQHV :RKO HLQ]XVHW]HQXQG]XQXW]HQ 

Å)HFHODQDWXUDFLRq,GGLRO·XRPRFRPSRVWRSDUWHFHOHVWRHGLYLQRSDUWHVRSUDRJQL PRUWDOHFRVDIRUPRVLVVLPRHQRELOLVVLPRFRQFHVVHJOLIRUPDHPHPEUDDFRPRGDWLVVL PHDRJQLPRYLPHQWRHTXDQWREDVWDDVHQWLUHHIXJJLUHFLzFKHIXVVHQRFLYRHFRQ WUDULR DWWULEXuJOLGLVFRUVRHJLXGLFLRDVHJXLUHHDSSUHQGHUH OH FRVH QHFHVVDULHHXWLOL GLqJOL PRYLPHQWR H VHQWLPHQWR FXSLGLWj H VWLPROL SH· TXDOL DSHUWR VHQWLVVH H PHJOLR VHJXLVVH OH FRVH XWLOH IXJJLVVH OH LQFRPPRGH H GDQQRVH GRQzJOL LQJHJQR GRFLOLWj PHPRULDHUDJLRQHFRVHGLYLQHHDWWLVVLPHDGLQYHVWLJDUHGLVWLQJXHUHHFRQRVFHUHTXD OHFRVDVLDGDIXJJLUHHTXDOGDVHJXLUHSHUEHQFRQVHUYDUHVpVWHVVL´$OEHUWL   =

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH 0DQNDQQDOVRIHVWVWHOOHQGHU0HQVFKLVWYRQ1DWXUJHHLJQHWXQGJHVFKDIIHQGLH 'LQJH]XQXW]HQXQGJHERUHQXPJOFNOLFK]XVHLQ

'HU VLFK OHLWPRWLYLVFK GXUFK GHQ JHVDPWHQ 7H[W ]LHKHQGH *HGDQNH LVW GDVV PDQ EHL DOOHQ +DQGOXQJHQ GLH PDQ XQWHUQLPPW GHP IROJH ZDV ÅQW]OLFKIUGLH)DPLOLH´VHL,QHLQHUOlQJHUHQ$XVIKUXQJYRQ/LRQDUGR ZLUG GLH )RUPHO ÅQW]OLFK IU GLH )DPLOLH´ VR KlXILJ YHUZHQGHW GDVV VLFK%DWWLVWDGHUGHQ$XVIKUXQJHQPLWJUR‰HU$XIPHUNVDPNHLWODXVFKW VRJDU]XGHU([NODPDWLRQYHUDQODVVWVLHKWÅ2GLHPXWLOLVVLPDP´ 'DEHLLVWGXUFKDXV]ZLVFKHQGHP1XW]HQGHV(LQ]HOQHQXQGGHPGHU )DPLOLHDE]XZlJHQ/LRQDUGR]HLJWDOOHUGLQJVGDVVGHU1XW]HQGHU)DPLOLH EHUGHQGHV(LQ]HOQHQ]XVWHOOHQLVW'LHVEHWULIIWHWZDHLQ]HOQH)DPLOL HQPLWJOLHGHUGLHVLFKLKUHVHLJHQHQ)RUWEHVWHKHQVEHUDXEHQZHQQVLHLKUH HLJHQH )DPLOLH DXIJUXQG LKUHV ,QGLYLGXDOYRUWHLOV VFKlGLJHQ 'LHVH (LQ VFKlW]XQJ XQG .DONXOLHUXQJ GHV 9HUKlOWQLVVHV YRQ (LQ]HOQXW] XQG *H PHLQQXW]IKUW/LRQDUGRDOOHUGLQJVDXFK]XGHUPRUDOLVFKK|FKVWDPELYD OHQWHQ (LQVFKlW]XQJ HV IU GHQÅDOOHUGPPVWHQ5DW´]X KDOWHQ ÅGDVVL FKHUH /HEHQ YLHOHU *HVXQGHU QLFKW K|KHU ]X VFKlW]HQ DOV GLH IUDJOLFKH +HLOXQJHLQHV.UDQNHQ´'DPLW]HLFKQHWVLFKEHUHLWVDEGDVVGLH$XV ULFKWXQJDOOHV+DQGHOQVDP3DUDGLJPDGHV1W]OLFKHQIUGLH)DPLOLHDXFK ]X HLQHU 1HXEHVWLPPXQJ XQG EHJUQGXQJ GHU HWKLVFKHQ 1RUPHQ XQG 9HUKDOWHQVZHLVHQ IKUW 'LHV ]HLJW VLFK DXFK DP %HLVSLHO GHU )UHXQG VFKDIW 6RVHKUVLQGZLUDOOHJOHLFKVDPYRQ1DWXUDXVGHP1XW]HQ]XJHZDQGWXQGKLQJH JHEHQGDVVZLUXP9RUWHLOYRQDQGHUHQ]X]LHKHQXQGLKQXQV]XHUKDOWHQYRQ GHU 1DWXU VHOEVW JODXEH LFK XQWHUZLHVHQ HV YHUVWHKHQ HLQHUVHLWV :RKOZROOHQ YRU]XWlXVFKHQ DQGHUVHLWV )UHXQGVFKDIWHQ DXV]XZHLFKHQ ZLH HV IU XQV JQVWLJ LVW

'DV1W]OLFKHZLUG]XP=ZHFNDXIGHQKLQDOOHhEHUOHJXQJHQJHRUGQHW ZHUGHQ XQG GHP DOOH HWKLVFKHQ :HUWH XQWHUJHRUGQHW ZHUGHQ 'HQQ YRQ  

  

$OEHUWL  Å$GXQTXHVLSXzVWDWXLUHFRVuO·XRPRGDQDWXUDHVVHUHDWWRHIDWWR DXVXIUXWWDUHOHFRVHHQDWRSHUHVVHUHIHOLFH´$OEHUWL   'LH)RUPHOÅXWLOHDOODIDPLJOLD´ZLUGVRRGHULQDEJHZDQGHOWHU)RUPLQHLQHPHLQ]L JHQ 5HGHEHLWUDJ GHU VLFK LQ GHU $XVJDEH YRQ *UD\VRQ EHU ]HKQ 'UXFNVHLWHQ HU VWUHFNW YRQ/LRQDUGRVLHEHQPDOYHUZHQGHWÅXWLOLDOODIDPLJOLD´$OEHUWL  = ÅXWLOLDOODIDPLJOLD´HEG=ÅXWLOHGHOODIDPLJOLD´HEG=IÅDOEHQH HXWLOHGHOODIDPLJOLD´HEG=ÅXWLOHDOODIDPLJOLD´HEG=ÅXWLOLVVLPDDO OHIDPLJOLH´HEG=I $OEHUWL   $OEHUWL  Å$PHFHUWRSDUHVWXOWLVVLPRFRQVLJOLRQRQDPDUHSLODYLWDFHUWD GLPROWLVDQLFKHODVDQLWjGXEELDG·XQRLQIHUPR´$OEHUWL  = $OEHUWL  Å7DQWRVLDPRTXDVLGDQDWXUDWXWWLSURFOLYLHLQFOLQDWLDOO·XWLOHFKH SHUWUDUUHGDDOWUXLHSHUFRQVHUYDUHDQRLGRWWLFUHGRGDOODQDWXUDVDSSLDPRHVLPXOD UHEHQLYROHQ]DHIXJJLUHDPLFL]LDTXDQWRFLDWWDJOLD´$OEHUWL  =

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

GLHVHP =ZHFN KHU HUKDOWHQ VLH HUVW EHUKDXSW HLQHQ 6LQQ ZLU KHLUDWHQ ZHLO HV GLH .LQGHUDXI]XFKW EHI|UGHUH )UHXQGVFKDIW SIOHJHQ ZLU ² RGHU WlXVFKHQ VLH DXFK ELVZHLOHQ YRU ² ZHLO XQV GLH 1DWXU XQVHUHQ HLJHQHQ 9RUWHLOXQG1XW]HQLQGHQ%H]LHKXQJHQ]XDQGHUHQVXFKHQODVVH$EHU QLFKW QXU GLH )UHXQGVFKDIW DXFK 5XI XQG (KUH ZHUGHQ GHP 1W]OLFK NHLWVGHQNHQXQWHUZRUIHQ$XFK.UDQNHVROOWHQZLUQLFKWHWZDGHVZHJHQ SIOHJHQXQGKHLOHQZHLOGLHVDQVLFKVHOEVWJXWRGHUHLQ*HERWGHU1lFKV WHQOLHEH VHL VRQGHUQ GHVKDOE ZHLO HV DXI ODQJH 6LFKW |NRQRPLVFKHU XQG VSDUVDPHU LVW 8QG VFKOLH‰OLFK NDQQ HV LQ GHU3HUVSHNWLYH GHU 1XW]HQ NDONXODWLRQDXFKGXUFKDXVHLQPDODQJHEUDFKWVHLQ]XHUZlJHQRE7XJHQG RGHU5HLFKWXPQW]OLFKHUVHLHQXPVLFKEHOLHEW]XPDFKHQ 9DOODKDWWHJHJHQGLHVH$XVULFKWXQJGHV+DQGHOQVDP3DUDGLJPDGHV GLHVVHLWLJ 1W]OLFKHQ GHQ *HGDQNHQ HLQJHEUDFKW GDVV GD GLH 6HHOH GHV 0HQVFKHQXQVWHUEOLFKVHLHVVLQQYROOVHLDXFKIUGHUHQMHQVHLWLJH/XVW]X VRUJHQ XQG PLWKLQ PLW GLHVHP =LHO YRU $XJHQ DXI JHZLVVH 9RUWHLOH LP JHJHQZlUWLJHQ /HEHQ ]X YHU]LFKWHQ 'LHVH $UJXPHQWDWLRQ LVW DOOHUGLQJV IU /LRQDUGR YRQ YRUQKHUHLQ DXVJHVFKORVVHQ GHQQ HU JHKW YRQ GHU $Q QDKPHGHU6WHUEOLFKNHLWGHV0HQVFKHQDXV0LWGLHVHU$QQDKPHMHGRFKLVW HVQXUNRQVHTXHQWGHP1XW]HQ]XIROJHQ 0DQ ZUGH ZQVFKHQ GLH 0HQVFKHQ XQVWHUEOLFK HUKDOWHQ ]X N|QQHQ $EHU GDV LVWXQP|JOLFK6RUJHQZLUDOVRGDIUGDVVGLHMHQLJHQZHOFKHDP/HEHQVLQGVR ODQJH=HLWDOVHVLKQHQP|JOLFKLVWXQWHUXQVEOHLEHQGLHVVRZRKODXVMHGHPDQGH UHQ*UXQGHDOVDXFKZHLOVLHMHOlQJHUVLHOHEHQGHVWRPHKUIUGLH)DPLOLHYRQ 1XW]HQVHLQZHUGHQ

'HU 7H[W YRQ $OEHUWL VFKHLQW DOVR ]X EHVWlWLJHQ ZDV 9DOOD EHIUFKWHWH GDVVGLHFKULVWOLFKH$QQDKPHHLQHV/HEHQVQDFKGHP7RGIUGLHPRUDO SKLORVRSKLVFKHQ 5HIOH[LRQHQ VHLQHU KXPDQLVWLVFKHQ =HLWJHQRVVHQ NHLQH RGHU QXU HLQH lX‰HUVW PDUJLQDOH 5ROOH VSLHOW 'DPLW VHL DOOHUGLQJV QLFKW EHKDXSWHW GDVV GLH 0HKU]DKO GHU +XPDQLVWHQ RGHU DXFK QXU $OEHUWL NHLQH&KULVWHQRGHU$WKHLVWJHZHVHQVHLHQDOOHUGLQJVIKUWHQLKUHPRUDO 

 

 

Å7DQWRVLDPRTXDVLGDQDWXUDWXWWLSURFOLYLHLQFOLQDWLDOO·XWLOHFKHSHUWUDUUHGDDOWUXLH SHUFRQVHUYDUHDQRLGRWWLFUHGRGDOODQDWXUDVDSSLDPRHVLPXODUHEHQLYROHQ]DHIXJ JLUHDPLFL]LDTXDQWRFLDWWDJOLD´$OEHUWL  9JODXFKHEG= 9JO$OEHUWL  = ÅH·QRQVDQLIDUDLPROWRJRYHUQDUHHFRQPROWDGLOLJHQ]DFXUHUDLFKHWRUQLQRDVDQLWj LPSHUzFKHHJOLqPDVVHUL]LDSUHVWRJXDULUOLPHQWUHFKHJLDFHVVRURWXQRQVDUHVWLVHU YLWDHDUHVWLQHVSHVD´$OEHUWL  = Å1RQVDSUH·LRTXLFHUWRDYHUDUYL TXDOSLVLDRODYLUW RSXUHOHULFFKH]]HXWLOH D IDUVLDPDUH´$OEHUWL  = $OEHUWL  Å9RUUHEEHVLSRWHUHPDQWHQHUHJOLXRPLQLLPPRUWDOL1RQVLSXz )DFFLDPRDGXQTXHFKHTXHVWLH¶TXDOLVRQRLQYLWDVWLDQRWUDQRLTXDQWRSLWHPSRD ORURVLDSRVVLELOHTXHVWRSHURJQLDOWURULVSHWWRDQFRUDHSHUFKpTXDQWRSLVWDUDQQR LQYLWDWDQWRSLVDUDQQRXWLOLDOODIDPLJOLD´$OEHUWL  =

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

SKLORVRSKLVFKHQ 5HIOH[LRQHQ GD]X GDV 9HUKlOWQLV ]ZLVFKHQ FKULVWOLFKHP *ODXEHQ XQG |NRQRPLVFKHU 7lWLJNHLW QHX ]X EHVWLPPHQ 'LHV ZLUG EHL $OEHUWLYRUDOOHPLPGULWWHQ%XFKGHXWOLFK 'LH|NRQRPLVFKH+DXVKDOWXQJ 9HUVFKZHQGXQJ+DEJLHUXQG+DXVKDOWXQJ 'DVGULWWH%XFKYRQ'HOODIDPLJOLDLVWH[NOXVLYGHU|NRQRPLVFKHQ+DXVKDO WXQJ JHZLGPHW XQG ZLUG YRQ $OEHUWL VHOEVW LQ GLH 7UDGLWLRQ ;HQRSKRQV JHVWHOOW $P %HJLQQ GLHVHV %XFKHV WULWW GHU EHWDJWH *LDQQR]]R ]X GHQ EHUHLWV9HUVDPPHOWHQKLQ]X(ULVWHVDXFKGHULQGLHVHP%XFKGHQMQJH UHQ ² %DWWLVWD XQG &DUOR ² VHLQ :LVVHQ XQG VHLQH .HQQWQLVVH YHUPLWWHOW 'LH ZLFKWLJVWH 7XJHQG VR *LDQQR]]R LVW IU HLQHQ +DXVKHUUQ GLH |NR QRPLVFKH +DXVKDOWXQJ PDVVHUL]LD  'LH 9HUVFKZHQGHU VSHQGLWRUL  PDU NLHUHQ GDV HLQH ([WUHP JHJHQ GDV *LDQQR]]R GHQ KDXVKlOWHULVFKHQ XQG VSDUVDPHV 8PJDQJ PLW GHQ *WHUQ DEJUHQ]W GLH +DEJLHU DYDUL]LD  GDV DQGHUH *LDQQR]]R OHKQW HV DE LQ GHQ JHOHKUWHQ XQG WUDGLWLRQVUHLFKHQ 'LVNXUVEHUGLHVHV7KHPDHLQ]XVWHLJHQVRQGHUQOHJWGDUZDVHULQVHL QHPHLJHQHQ/HEHQHUIDKUHQXQGHUSUREWKDW (LQJXWHU+DXVKDOWHULVWQDFK*LDQQR]]RMHPDQGGHUÅZRHVQ|WLJLVW YRQGHPZDVHUKDWVRYLHOYHUZHQGHWHDOVJHQJWXQGQLFKWPHKUXQG ZDV EULJ EOHLEW DXIEHZDKUW´ 8P GDV 0D‰ PLVXUD  ]X WUHIIHQ VHL QLFKWVZHLWHUQ|WLJDOVGDVIROJHQGH]XEHDFKWHQHLQHMHGH$XVJDEHVROOH QLFKW JU|‰HU VHLQ DOV QRWZHQGLJ XQG QLFKW JHULQJHU DOV HV GLH (KUH YHU ODQJW Å%HL GHQ 'LQJHQ LQ GLHVHU :HOW´ XUWHLOW VHLQ =XK|UHU /LRQDUGR 



  

9JOGLH9RUUHGH]XPGULWWHQ%XFKÅRUDSHUFKpODPDVVHUL]LDVLGLFHHVVHUHXWLOLVVLPDD EHQJRGHUHOHULFFKH]]HLQTXHVWRWHU]ROLEURWURYHUUDLGHVFULWWRXQSDGUHGLIDPLJOLD HOTXDOHFUHGRWLVDUjQRQIDVWLGLRVROHJJHUHFKpVHQWLUDLORVWLOHVXRQXGRVLPSOLFHH LQTXDOHWXSRVVDFRPSUHQGHUHFK·LRYROOLSURYDUHTXDQWRL·SRWHVVLLPLWDUHTXHOJUHFR GROFLVVLPRHVXDYLVVLPRVFULWWRUH6HQRIRQWH´$OEHUWL  = =XP%HGHXWXQJVIHOGGHVYLHOVFKLFKWLJHQ%HJULIIVPDVVHUL]LDYJO%HFNHU  I² ,P'HXWVFKHQZLUGPDVVHUL]LDKlXILJPLWÅ6SDUVDPNHLW´ZLHGHUJHJHEHQ²Å6SDUVDP NHLW´SDUFLWDVRGHUSDUVLPRQLDZXUGHDXFKVFKRQYRQ9DOODLQGLH(U|UWHUXQJGHU7X JHQGHQ XQG /DVWHU GLH HV PLW GHP *HEHQ ]XVDPPHQKlQJHQ HLQJHIKUW YJO 9DOOD   9JO$OEHUWL  = $OEHUWL    Å4XHOOL L TXDOL D· ELVRJQL XVDQR OH FRVH TXDQWR EDVWD H QRQ SL O·DYDQ]RVHUEDQRHTXHVWLFKLDPRLRPDVVDL´$OEHUWL  = Å,QRJQLVSHVHSUHYHGHUHFK·HOODQRQVLDPDJJLRUHQRQSHVLSLQRQVLDGLSLQXPH UR FKH GLPDQGL OD QHFHVVLWj Qp VLD PHQR TXDQWR ULFKLHGH OD RQHVWj´ $OEHUWL   =

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

GDUDXIKLQ KLOIW GRFK ÅVR HLQ HUIDKUHQH 3UDNWLNHU´ YLHO PHKU ÅDOV HLQ W|O SHOKDIWHU*HOHKUWHU´ 'HU.HUQGHU+DXVKDOWVOHKUH*LDQQR]]RVEHVWHKWQXQQLFKWHWZDGDU LQP|JOLFKVWZHQLJDXV]XJHEHQXQGDOOHVEHLVLFK]XKRUWHQVRQGHUQGDU LQ ÅGLH 'LQJH ]X JHEUDXFKHQ ZR HV 1RW WXW´ $XV GLHVHP *UXQG LVW DXFK GLH +DEJLHU GHU |NRQRPLVFKHQ +DXVKDOWXQJ HQWJHJHQJHVHW]W QLFKW HWZDZHLOHVHLQ/DVWHUVHLRGHUZHLOZLUXQVGXUFKKDEJLHULJHV9HUKDOWHQ VFKOHFKW ]X GHQ DQGHUHQ YHUKLHOWHQ RGHU ZHLO ZLU XQVHUHQ 9RUWHLO K|KHU VWHOOWHQVRQGHUQZHLOHVVLFKQLFKWUHQWLHUWHVLVWXQ|NRQRPLVFKGRUWZR HVQRWZHQGLJLVWQLFKW]XLQYHVWLHUHQ 'LH|NRQRPLVFKH=HLWDXIIDVVXQJ 'HU *UXQGVDW] GHU ULFKWLJH +DXVKDOWXQJ QlPOLFK GLH 'LQJH GLH PDQ EHVLW]WDXIDQJHPHVVHQH:HLVH]XHUKDOWHQXQG]XJHEUDXFKHQIKUW*L DQQR]]R]XGHU)UDJHZHOFKH'LQJHZLUXQVHUHLJHQQHQQHQN|QQHQ'LHV VLQGIULKQGLH6HHOHGHU.|USHUXQGGLH=HLW=XQlFKVWHUNOlUW*LDQ QR]]RVHLQHQ=XK|UHUQLQZLHIHUQ6HHOHXQG.|USHUYRQXQVHUKDOWHQXQG JHQXW]WZHUGHQ%HPHUNHQVZHUWLVWGDVVGLH7lWLJNHLWHQGHU6HHOHDXIGLH HV*LDQQR]]RDQNRPPWQLFKWHWZDLP'HQNYHUP|JHQOLHJHQHUVSULFKW QLFKWYRQGHU)lKLJNHLW]XUUDWLRQDOHQhEHUOHJXQJRGHU]XU.RQWHPSODWL RQ VRQGHUQ GLH DIIHNWLYHQ 7lWLJNHLWHQ GHU 6HHOH VLQG HV GLH ZLU XQVHU HLJHQ QHQQHQ N|QQHQ XQVHU /LHEHQ :QVFKHQ XQG %HJHKUHQ 'LH 6HHOHHUKlOWXQGJHEUDXFKWPDQGHVKDOEDXFKGDGXUFKGDVVPDQGLH$I IHNWH ULFKWLJ DXVOHEW GK GLHMHQLJHQ OLHEW XQG KDVVW GLH PDQ OLHEHQ XQG

  





$OEHUWL  ÅTXDQWRJLRYDSLQHOOHFRVHGLTXHVWRPRQGRXQRVLPLOHVSHUWRH SUDWLFRFKHXQRUR]]ROLWWHUDWR´$OEHUWL  = $OEHUWL    ÅWXWWD OD PDVVHUL]LD VWD QRQ WDQWR LQ VHUEDUH OH FRVH TXDQWR LQ XVDUOHD¶ELVRJQL´$OEHUWL  = $OEHUWLJLEWGDV%HLVSLHOYRQHLQHU)UDXGLHDXV*HL]LKUHbSIHOEHLVLFKYHUJDPPHOQ OlVVWXQGHLQHV0DQQHVGHUDXV6FKHXYRUGHQ$XVJDEHQVHLQ'DFKQLFKWUHSDULHUW VRGDVVHULQGHU)ROJH]XYLHOJU|‰HUHQ.RVWHQGDVJHVDPWH+DXVUHSDULHUHQODVVHQ PXVVYJO$OEHUWL  I Å0DSRLFKpODPDVVHUL]LDVWDLQXVDUHHVHUEDUHOHFRVHYHJJLDPRTXDOHFRVHV·DEELQRD XVDUHHVHUEDUH´$OEHUWL  =8QGÅWUHFRVHVRQRTXHOOHOHTXDOLXR PRSXzFKLDPDUHVXHSURSULH>@O·DQLPRHHOFRUSR>@HHOWHPSR´(EG= =XQG= Å/·XQDGLTXHVWHVDSSLFK·HOO·qTXHOORPXWDPHQWRG·DQLPRFROTXDOHQRLDSSHWLDPRHFL FUXFLDPRWUDQRL´$OEHUWL  =

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

KDVVHQVROOWHXQGZLHPDQGLHVVROOWH'HQ.|USHUHUKlOWXQGQXW]WPDQ QXQLQGHPPDQLKQEHWlWLJWXQGLQhEXQJKlOW %HVRQGHUH$XIPHUNVDPNHLWYHUGLHQWLQGLHVHP=XVDPPHQKDQJDOOHU GLQJV GLH (U|UWHUXQJ GHU =HLW 'LH =HLW QXQ HUKlOW XQG JHEUDXFKW PDQ QDFKGHU/HKUH*LDQQR]]RVLQGHPPDQPLWLKU|NRQRPLVFKXPJHKW(U GHXWHWGLH=HLWDOVHLQH5HVVRXUFHGLHXQV]XU9HUIJXQJVWHKWXQGYRQ GHUZLUGHQEHVWP|JOLFKHQ*HEUDXFKPDFKHQVROOWHQ ,FKYHUZHQGHVRYLHO=HLWDOVP|JOLFK]XO|EOLFKHQ%HWlWLJXQJHQLFKYHUZHQGHVLH QLFKWDXIZHUWORVH'LQJHXQGLFKYHUZHQGHQLFKWPHKU=HLWDXIGLH'LQJHDOVHU IRUGHUOLFK LVW XP VLH JXW DXV]XIKUHQ 8QG XP YRQ HLQHP VR NRVWEDUHQ *XWH NHLQ4XlQWFKHQ]XYHUOLHUHQKDEHLFKPLUIROJHQGHV]XU5HJHOJHPDFKWLFKEOHL EHQLHPDOVP‰LJLFKPHLGHGHQ6FKODIXQGOHJHPLFKQLFKWQLHGHUZHQQQLFKW 0GLJNHLWPLFKGD]XQ|WLJW

'DEHL LVW LQVEHVRQGHUH GDUDXI ]X DFKWHQ GDVV ZLU XQVHUH +DQGOXQJHQ RSWLPLHUHQLQGHPZLULPPHUHUZlJHQZDQQHLQH6DFKHDPEHVWHQ]XWXQ LVW ZDQQ LKU ÄUHFKWHU $XJHQEOLFN¶ OD VWDJLRQH  LVW 'LH %HDFKWXQJ GHV UHFKWHQ $XJHQEOLFNV IKUW HLQHUVHLWV ]X HLQHU 9HUHLQIDFKXQJ GHV /HEHQV $QGHUHUVHLWVOlVVWGLHV9HUKDOWHQGLH5HVVRXUFH=HLWVHOEVWIUXQVZDFK VHQ VR GDVV XQV ZLHGHUXP PHKU =HLW IU ZHLWHUH 'LQJH ]XU 9HUIJXQJ VWHKW'LH=HLWZLUGGDPLW]XHWZDVZDVPDQEHL1LFKWEHDFKWXQJGHV UHFKWHQ$XJHQEOLFNVÄYHUOLHUHQ¶ SHUGHUH NDQQ 0DQGDUIVLFKVLFKHUGLH)UDJHVWHOOHQZLH$OEHUWLGD]XNRPPWJHUDGH GLH=HLWLQGHQ0LWWHOSXQNWVHLQHU+DXVKDOWVOHKUH]XVWHOOHQXQGZHOFKHV GLHP|JOLFKHQ4XHOOHQIUVHLQHQ*HGDQNHQVLQGGDVVGLH=HLW²PHKUDOV DOOH lX‰HUHQ *WHU ² XQVHUHLJHQ VHL $XI GHQ HUVWHQ%OLFN OLHJW HV QDKH $OEHUWLV 'UHLWHLOXQJ PLW GHU DULVWRWHOLVFKHQ *WHUOHKUH GLH HEHQIDOOV DXV



 

 



Å6RQR DQFRUD RSHUD]LRQL GHOO·DQLPR TXDOL LR GL VRSUD GLVVL DPDUH RGLDUH VGHJQDUVL VSHUDUH GHVLGHUDUH H VLPLOL $GXQTXH VL YXRO TXHVWH EHQH VDSHUOH XVDUH H FRQWHQHUH DPDUH L EXRQL RGLDUH L YL]LRVL VGHJQDUWL FRQWUR D¶ PDOLJQL VSHUDUH FRVH DPSOLVVLPH GHVLGHUDUHFRVHRWWLPHHORGDWLVVLPH´(EG= Å$GXQTXH OD SXOLWH]]D O·HVVHUFL]LR OD GLHWD JXDUGDUVL GD¶ FRQWUDULL FRQVHUYDQR OD VDQLWj´(EG= $OEHUWL    Å$GRSHUR WHPSR TXDQWR SL SRVVR LQ HVVHUFL]LL ORGDWL QRQ O·DGRSHURLQFRVHYLOLQRQVSHQGRSLWHPSRDOOHFRVHFKHLYLVLULFKLHJJDDIDUOHEHQH (SHUQRQSHUGHUHGLFRVDVuSUH]LRVDSXQWRLRSRQJRLQPHTXHVWDUHJRODPDLPLOD VFLR VWDUH LQ R]LR IXJJR LO VRQQR Qp JLDFLR VH QRQ YLQWR GDOOD VWUDFFKH]]D´ $OEHUWL  = 9JO$OEHUWL   =XGHUQHXHQ,QWHUSUHWDWLRQGHU =HLWLP6SlWPLWWHODOWHUXQGLPLWDOLHQLVFKHQ+XPD QLVPXV YJO /H *RII    XQG   4XLQRQHV   XQG .H‰OHU E  XQG E  9JO$OEHUWL  =XQG

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

GUHL%HUHLFKHQEHVWHKWLQ9HUELQGXQJ]XEULQJHQ'RFKOHLGHUVSULFKW $ULVWRWHOHVLQGLHVHP.RQWH[WQLFKWYRQGHU=HLWVRQGHUQEOR‰YRQlX‰H UHQ%HVLW]WPHUQ'DVVHVJHUDGHGLH=HLWLVWGLHZLUXQVHUHLJHQQHQQHQ N|QQHQLVWMHGRFKHLQ*HGDQNHGHQ6HQHFDDP%HJLQQVHLQHVHUVWHQ%ULH IHVDQ/XFLOLXVWULIIWÅ$OOHV/XFLOLXVLVWIUHPGHV(LJHQWXPGLH=HLWDOOHLQ LVWGDVXQVHUH´'DIUGDVVGLHbKQOLFKNHLW]ZLVFKHQGHU6HQHFD6WHOOH XQG$OEHUWLV$XVVDJHQ]XU=HLWQLFKWHLQHEOR‰]XIlOOLJH$QDORJLHLVWVRQ GHUQ $OEHUWL PLW JUR‰HU :DKUVFKHLQOLFKNHLW YRQ GLHVHP %ULHI LQVSLULHUW ZXUGH VSULFKW GLH 7DWVDFKH GDVV GLHVHU %ULHI lX‰HUVW SRSXOlU ZDU (U ZXUGH EHUHLWV YRU $OEHUWL LP VFKRODVWLVFKHQ 0LOLHX XQG DXFK YRQ +X PDQLVWHQNRPPHQWLHUW8QGGHUVHOEH*HGDQNHZXUGHDXFKHLQLJH-DKUH YRU$OEHUWLV'HOODIDPLJOLDYRQ*LRYDQQL*KHUDUGLGD3UDWRLQVHLQHP3DUD GLVRGHJOL$OEHUWLDXIJHJULIIHQ 0LWGHU$XIILQGXQJGHU4XHOOHGLHVHV*HGDQNHQVLVWIUHLOLFKVHLQH%H GHXWXQJQRFKQLFKWKLQUHLFKHQGHUNDQQW'HQQ$OEHUWLVWHOOWGLHVHQ6DW]LQ GHQ .RQWH[W GHU |NRQRPLVFKHQ +DXVKDOWXQJ ZRGXUFK HU HLQHQ VSH]LIL VFKHQ 6LQQ HQWKlOW HU GLHQW GD]X GLHHIIL]LHQWH'XUFKJHVWDOWXQJGHV7D JHVDEODXIV XQWHU|NRQRPLVFKHQ 3UlPLVVHQ ]X OHJLWLPLHUHQ 'LHVH |NRQR PLVFKH %HWUDFKWXQJ GHU =HLW KDWWH EHUHLWV VFKRQ YRU $OEHUWL EHJRQQHQ XQGIKUWH]XHLQHP'LVVHQV]ZLVFKHQGHQ9HUWUHWHUQGHULPPHUEHGHX WHQGHUZHUGHQGHQ6FKLFKWGHU+lQGOHUXQG.DXIOHXWHXQG9HUWUHWHUQGHU .LUFKH:LH-DFTXHV/H*RIIJH]HLJWKDW]HLFKQHWHVLFKEHUHLWVLP6SlW PLWWHODOWHUHLQH(QWJHJHQVHW]XQJYRQGHU=HLWGHU.LUFKHXQGGHU=HLWGHV +lQGOHUV DE 'LH .LUFKH ZDUI GHQ +lQGOHUQ YRU GLH =HLW GLH DOOHLQ *RWW JHK|UW ]X YHUNDXIHQ'LH +lQGOHUKLQJHJHQ YHUVWDQGHQ HV .DSLWDO DXV GHP |NRQRPLVFKHQ 8PJDQJ PLW =HLW ]X VFKODJHQ 6R NRQQWH GHU )ORUHQWLQHU.DXIPDQQ/DSR0D]]HLEHUHLWVLP-DKUVFKUHLEHQÅ:HU



   



'LHVHQ 9RUVFKODJ PDFKW 'DQ]L   GHU GLH (LQWHLOXQJ GHU *WHU LQ *WHU GHU 6HHOH GHV .|USHUV XQG lX‰HUH %HVLW]WPHU DOV P|JOLFKH 4XHOOH IU $OEHUWL DQVLHKW XQG +LQZHLVH DXI GLH HQWVSUHFKHQGHQ 7H[WVWHOOHQ EHL $ULVWRWHOHV YJO 3ROLWLFD D XQG(WKLFD1LFRPDFKHDE GHUHQ5H]HSWLRQEHL&LFHUR 'HLQYHQWLRQH,, VRZLH 9HUJOHLFKVVWHOOHQEHL$OEHUWLVHOEVWJLEW YJO'H,XUHKJYRQ&HFLO*UD\VRQLQ*UD\ VRQ  KLHU 'RFKDXFK'DQ]LEHWRQWGLH2ULJLQDOLWlWGHV*HGDQ NHQVYRQ$OEHUWL YJO'DQ]L    6HQHFD $G /XFLOLXP ,    Å2PQLD /XFLOL DOLHQD VXQW WHPSXV DXWHP WDQWXP QR VWUXPHVW´LQ6HQHFD  ,,, 9JO-DPHV   9JO6DOXWDWL  ,VLHKHGD]X8OOPDQ   Å1RQ KDL WX GDO PRUDOH IRQWH ODWLQR WXWWH OH FRVH HVVHUH G·DOWUXL H VRODPHQWH GL QRL HVVHUH LO WHPSR"´ *KHUDUGL    ² 'HU +LQZHLV DXI *LRYDQQL *KHUDUGL ILQGHW VLFKLQ0DULHWWL   9JO/H*RII  

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

GLH=HLWEHVVHUDXV]XJHEHQYHUVWHKWLVWGHPDQGHUHQEHUOHJHQ´,QGHP $OEHUWL QXQ GHQ EHNDQQWHQ 6DW] GHV EHUKPWHQ 6HQHFD LQ GHQ 'LHQVW VHLQHU+DXVKDOWVOHKUHVWHOOWYHUVFKDIIWHUGHU$QVLFKWGLHHLJHQH/HEHQV ]HLW VHOEVW DOV HLQH |NRQRPLVFKH 5HVVRXUFH ]X EHWUDFKWHQ ]XVlW]OLFKH $XWRULWlW 6DNUDOLVLHUXQJGHU|NRQRPLVFKHQ7lWLJNHLW $OEHUWLEHJQJWVLFKQLFKWGDPLWGLHVH/HKUHGHV*LDQQR]]RXQGGHVVHQ |NRQRPLVFKH%HWUDFKWXQJVZHLVHGHVPHQVFKOLFKHQ7XQVHLQIDFKGDU]XOH JHQVRQGHUQHUEHPKWVLFKGLHVH/HKUHGLHDXVGHPSURIDQHQ%HUHLFK GHU NDXIPlQQLVFKHQ (UIDKUXQJ VWDPPW DOV HWZDV 9HUHKUXQJVZUGLJHV XQG+HLOLJHVGDU]XVWHOOHQ6RLVWGLH|NRQRPLVFKH+DXVKDOWXQJ PDVVHUL]LD  IU *LDQQR]]R QLFKW HLQIDFK QXU ÅJXW´ ÅQW]OLFK´ XQG ÅOREHQVZHUW´ VRQGHUQ VRJDU HLQH ÅKHLOLJH 6DFKH´ $OEHUWL YHUOHLKW GLHVHP 8UWHLO GD GXUFK]XVlW]OLFK$XWRULWlWXQG%HGHXWXQJGDVVHUGLH/HKUHGHV*LDQQR] ]RGXUFKEHVWLPPWHhEHU]HXJXQJVPLWWHODXIGHU(EHQHGHU,QV]HQLHUXQJ DOVKHLOLJXQGJ|WWOLFKVDQNWLRQLHUWGDUVWHOOW'HUDOWH*LDQQR]]RVWW]WVLFK QlPOLFK DXI /HKUHQ GLH HU YRQ HLQHP DOWHQ DOV HKUZUGLJ JHVFKLOGHUWHQ 3ULHVWHU HUKDOWHQ KDEH 'LHVHU 3ULHVWHU KDEH GDYRQ JHVSURFKHQ GDVV GLH 0HQVFKHQ *RWW ]X 'DQN YHUSIOLFKWHW VHLHQ XQG GLHVHU 'DQN VLFK QLFKW QXU GDULQ ]HLJHQ GUIH GDVV PDQ GLH YRQ *RWW HPSIDQJHQHQ :RKOWDWHQ VFKlW]H VRQGHUQ YRU DOOHP DXFK GDULQ GDVV PDQ VLH DQZHQGH DGRSHUDQ GR  'DPLW WUDQVIRUPLHUW $OEHUWL GLH 7lWLJNHLWHQ GHU +lQGOHU XQG MHGHV |NRQRPLVFK7lWLJHQVLHVLQGQLFKWHWZD]XWDGHOQZHLOVLHLKUH=HLWXQG $XIPHUNVDPNHLW VWDWW GHP %HGHQNHQ LKUHU 6WHUEOLFKNHLW RGHU GHU .RQ 

**XDVWL6HU/DSR0D]]HL/HWWHUHGLXQQRWDURDXQPHUFDWDQWHGHOVHFROR;,9)ORUHQ] ,,=LWLHUWQDFK%XFN    $OEHUWL    Åq EXRQD XWLOH H ORGHYROH OD PDVVHUL]LD´ $OEHUWL   =   $OEHUWL  Å6DQWDFRVDODPDVVHUL]LD´$OEHUWL  =  Å( IUD O·DOWUH YROWH FRPH GHJOL DOWUL WXWWRUD LQ FDVD GL PHVVHU 1LFFRODLR FDSLWz XQR VDFHUGRWH YHFFKLRFDQXWRWXWWRRUQDWRGLPRGHVWLDHXPDQLWjFRQ TXHOODVXD EDUED VWHVDHSLHQDGLPROWDJUDYLWjFRQTXHOIURQWHDSHUWRSLHQRGLFRVWXPLHULYHUHQ]DLO TXDOHIUDPROWLEHOOLVVLPLUDJLRQDPHQWLFRPLQFLzLYLQDUUDUHGLTXHVWHFRVHQRQGHOOD PDVVHUL]LD QR PD GLFHYD GH· GRQL TXDOL ,GGLR GLHGH D· PRUWDOL H VHJXLYD QDUUDQGR TXDQWRGRYHDO·XRPRGLWDQWLEHQHILFLLDYHUQHJUD]LDD'LRHPROWRGLPRQVWUDYDTXDQ WRVDUHEEHO·XRPRLQJUDWRQRQULJXDUGDQGRHQRQDGRSHUDQGREHQHODJUD]LDTXDOHD YHVVHULFHYXWDGD'LR0DGLFHYDQLXQDFRVDHUDSURSULDVHQRQVRORXQFHUWRDUELWULR HIRU]DGLPHQWHHVHSXUHDOFXQDVLSRWHYDFKLDPDUHQRVWUDTXHVWHHUDQROHVROHWUH TXDOLGLVVLDQLPDFRUSRHWHPSR´$OEHUWL  =

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

WHPSODWLRQ*RWWHVGHP*HOGHUZHUE]XZHQGHQXQGZHLOVLHDXVGHU=HLW GLHDOOHLQ*RWWJHK|UW.DSLWDO]XVFKODJHQYHUVWHKHQ6LHVLQGYLHOPHKU]X OREHQZHLOVLHGXUFKLKU7lWLJVHLQ*RWWDPEHVWHQGLHQOLFKVLQG'HQQ *RWWGLHQWQLFKWGHUDPEHVWHQGHUVLFKYRPWlWLJHQ/HEHQ]XUFN]LHKW VRQGHUQ GHU GLH LKP YRQ *RWW YHUOLHKHQH =HLW DP EHVWHQ QXW]W 8QG VR NDQQ*LDQQR]]RVHLQHQ*RWWVFKOLH‰OLFKDXFKXP5HLFKWXPELWWHQ 6R VFKHLQW HV PLU JH]LHPHQG GDVV ZLU *RWW GDQNHQ IU GLH *DEHQ GLH VHLQH %DUPKHU]LJNHLW XQV ELV MHW]W JHZlKUW KDW XQG LKQ ELWWHQ HU P|JH XQV )ULHGHQ VFKHQNHQXQG:DKUKHLWGHU6HHOHXQGGHV*HLVWHVLKQELWWHQHUP|JHXQVODQJH =HLW *HVXQGKHLW /HEHQ *OFN HLQH VWDWWOLFKH )DPLOLH HKUEDUHQ 5HLFKWXP *XQVW XQG(KUHXQWHUGHQ0HQVFKHQJHZlKUHQ

0LWGLHVHU3RVLWLRQGHV*LDQQR]]RKDW$OEHUWLHLQH3RVLWLRQYRUJHIKUWLQ GHUVWRLVFKHVHSLNXUHLVFKHVXQGFKULVWOLFKHV'HQNHQHLQH(LQKHLWELOGHQ HVLVWYHUQQIWLJWXJHQGKDIW]XKDQGHOQGDGLHVXQVHUHPHLJHQHQ1XW]HQ GHP]XIROJHQXQVYRQ1DWXUDXIJHJHEHQLVW]XWUlJOLFKLVW'LHXQVYRQ 1DWXUDXV]XNRPPHQGHQ*DEHQP|JOLFKVWHIIL]LHQWXQGJHZLQQEULQJHQG ]XQXW]HQLVW]XJOHLFKGDVXQVYRQ*RWWDXIJHJHEHQH=LHOLP/HEHQ*H ZLQQVWUHEHQZLUGGDPLWQLFKWQXUJHGXOGHWXQGOHJLWLPLHUWVRQGHUQVRJDU JHKHLOLJW'DPLWUHSUlVHQWLHUWGHUWlWLJH%UJHUVHLHU.DXIPDQQ+lQGOHU RGHU YRQ HLQHU DQGHUHQ 3URIHVVLRQ GLH HLJHQWOLFK JRWWJHIlOOLJH /HEHQV IRUP %HGHXWXQJXQG1DFKZLUNXQJGHV'LDORJV $OEHUWL KDW PLW VHLQHP 'LDORJ 'HOOD IDPLJOLD HLQH +DQGOXQJVDQOHLWXQJ IU %UJHUPLW+LQVLFKWDXILKUHSULYDWHQ%H]LHKXQJHQ]XDQGHUHQ0HQVFKHQ YHUIDVVW$OEHUWLV%XFKULFKWHWVLFK]ZDUSULQ]LSLHOODQDOOHGLHHLQHUZHUEV WlWLJHV/HEHQIKUHQDEHUGXUFKGLH$XVZDKOGHU'LDORJVSUHFKHUXQGGHU %HLVSLHOHZLUGGHP/HVHUGHXWOLFKGDVV$OEHUWLPLWGLHVHP7H[WYRUDOOHP HLQ+DQGEXFKIUGLHSULYDWH/HEHQVIKUXQJYRQ+lQGOHUQXQG.DXIOHX WHQYRUJHOHJWKDW $OEHUWLZlKOWDOV)RUPIUVHLQHQ7H[WGLH'LDORJIRUPGRFKQXW]WHU VLHLQDQGHUHU:HLVHDOVHWZD3RJJLRXQG9DOOD(UQXW]WGLH)RUPQLFKW XPHLQHEHVWLPPWHDOOJHPHLQH)UDJH3URXQG.RQWUD]XGLVNXWLHUHQVRQ 

'LHVH3DVVDJH$OEHUWLVKDW:HUQHU6RPEDUWLQVHLQHUNODVVLVFKHQ6WXGLH'HU%RXUJHRLVH =XU*HLVWHVJHVFKLFKWHGHUPRGHUQHQ:LUWVFKDIWVPHQVFKHQ  YHUZHQGHW  $OEHUWL  Å&RVuPLSDUHFRQGHJQRUHQGHUHJUD]LDD'LRGH·GRQLTXDOLODVXD SLHWjVLQRDTXLFLFRQFHGHHSUHJDUORFLGLDTXLHWHHYHULWjG·DQLPRHGLLQWHOOHWWRH SUHJDUORFLFRQFHGDOXQJRWHPSRVDQLWjYLWDHEXRQDIRUWXQDEHOODIDPLJOLDRQHVWHULF FKH]]HEXRQDJUD]LDHRQRUHWUDJOLXRPLQL´$OEHUWL  = +HUYRUKH EXQJHQYRQPLU 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

GHUQXPHLQHQHXH$XWRULWlWLQHWKLVFKHQ)UDJHQ]XOHJLWLPLHUHQGLHDXV GHPZLUNOLFKHQ/HEHQJHZRQQHQH(UIDKUXQJ'LHVHJUXQGOHJHQGH%HGHX WXQJGHVHPSLULVFKHQ:LVVHQVGDVVLFKEHLGHQYRUKHUJHKHQGHQ$XWRUHQ EHUHLWVDQJHGHXWHWKDWJHZLQQWLQ$OEHUWLV'LDORJLKUHYROOH(QWIDOWXQJ 'LH YRQ $OEHUWL YRUJHOHJWH +DQGOXQJVDQOHLWXQJ EDVLHUW DXI GHP JUXQGOHJHQGHQ*HGDQNHQGHU6HOEVWHUKDOWXQJXQGVWHKWXQWHUHLQHPNRQ VHTXHQWGLHVVHLWLJHQ=ZHFNQlPOLFKGHQ(UKDOWXQGGDV)RUWEHVWHKHQGHU HLJHQHQ)DPLOLH]XVLFKHUQ5LFKWLJHV+DQGHOQLVWVRPLWHLQHVGDVGLHVHP =ZHFNGLHQWGKGDVÅQW]OLFKIUGLH)DPLOLH´LVW'DPLWXQWHUZLUIW$O EHUWLGLHSULYDWHQ+DQGOXQJVEHUHLFKHGLHGHQ8PJDQJPLWDQGHUHQ0HQ VFKHQ EHWUHIIHQ HLQHU |NRQRPLVFKHQ XQG QDWXUDOLVWLVFKHQ 3HUVSHNWLYH 6LFKXPGLHHLJHQHQ1DFKNRPPHQGLH(KHIUDXGHQ(UKDOWGHV+DXVKDOWV XQGGLH)UHXQGH]XNPPHUQHQWVSULQJWGHU1RWZHQGLJNHLWGHUPHQVFK OLFKHQ1DWXU0RUDOLVFKHV9HUKDOWHQZLUGQLFKWLQ+LQVLFKWDXIHLQWUDQV ]HQGHQWHV*XWDXI*RWWJHUHFKWIHUWLJWVRQGHUQPLW+LQZHLVDXIGLH1D WXUGHV0HQVFKHQ 'LH gNRQRPLVLHUXQJ GHV PHQVFKOLFKHQ /HEHQV KDW EHL $OEHUWL HLQH VROFKH,QWHQVLWlWHUUHLFKWGDVVVLHVLFKQLFKWQXUDXIGHQ%HUHLFKGHV8P JDQJV PLW 9HUP|JHQVJWHUQ EH]LHKW VRQGHUQ VLFK DXI DOOH /HEHQV XQG +DQGOXQJVEHUHLFKH GHV 0HQVFKHQ HUVWUHFNW 'LHVH $XVULFKWXQJ GHU JH VDPWHQ/HEHQVIKUXQJDP|NRQRPLVFKHQ3DUDGLJPDVFKOlJWVLFKDXFKDXI GHU VSUDFKOLFKHQ (EHQH QLHGHU gNRQRPLVFKH %HJULIIH XQG 0HWDSKHUQ ZHUGHQ ]XU .HQQ]HLFKQXQJ PHQVFKOLFKHU +DQGOXQJHQ XQG PRUDOLVFKHU 9RUVWHOOXQJHQYHUZHQGHW6RVROOWHQHWZDDOOHGD]XEHLWUDJHQÅGDV:DFKV WXPGHV*HVFKOHFKWVJOHLFKVDP]XHUNDXIHQ´EHLP$XVVXFKHQGHU)UDX VROOWHPDQYRUJHKHQZLHEHLHLQHPJU|‰HUHQÅ.DXI´XQGVLFKEHYRUPDQ HLQHQÅ9HUWUDJ´DEVFKOLH‰WYRQGHU4XDOLWlWGHU:DUHEHU]HXJHQGHQ %HJULIIGHU(KUHVFKOLH‰OLFKVROOHPDQVLFKYRUVWHOOLJPDFKHQLQGHPPDQ VLHZLHHLQHQÅ0DNOHU´EHJUHLIW 'LHVH (LJHQVFKDIWHQ GHV 7H[WHV OHJHQ HV QDKH LQ $OEHUWLV 7H[W HLQ IUKHV 'RNXPHQW IU GHQ $XVGUXFN NDSLWDOLVWLVFKHU 'HQN XQG /HEHQV IRUPHQ ]X VHKHQ 'LHVH 'HXWXQJ KDW EHUHLWV :HUQHU 6RPEDUW LQ VHLQHU 

$OEHUWL    Å&RQWULEXLVFKL WXWWD OD FDVD FRPH D FRPSHUDUH O·DFFUHVFLPHQWR GHOODIDPLJOLD´$OEHUWL  ==  $OEHUWL    Å0D IDFFLD FRVWXL TXDO IDQQR L EXRQL SDGUL GHOOD IDPLJOLD L TXDOL YRJOLRQRQHOOHFRPSUHSLYROWHULYHGHUHODSRVVHVVLRQHSULPDFKHIHUPLQRDOFXQSDW WR,QRJQLFRPSHUDHFRQWUDWWRJLRYDLQIRUPDUVLHFRQVLJOLDUVLGRPDQGDUQHSLHSL SHUVRQHHXVDUHRJQLGLOLJHQ]DSHUQRQDYHUHGLSRLDSHQWHUVLGHOODFRPSUD0ROWRSL GRYUjHVVHUHGLOLJHQWHFKLFRQVWLWXLUjIDUVLPDULWR´$OEHUWL  =  $OEHUWL    Å6HPSUH GDUHPR OXRJR DOOD RQHVWj FKH FRQ QRL VLD FRPH XQ SXEOLFR JLXVWR SUDWLFR H SUXGHQWLVVLPR VHQVDOH HO TXDOH PLVXUL SHVL DQRYHUL PROWR EHQH SL YROWH H VWLPL H SUHJL RJQL QRVWUR DWWR IDWWR SHQVLHUR H YRJOLD´ $OEHUWL  =

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

NODVVLVFKHQ 6WXGLH 'HU %RXUJHRLVH YRUJHVFKODJHQ QDFK GHVVHQ $QVLFKW $O EHUWL JHUDGH]X GHQ 3URWRW\S GHV IUKNDSLWDOLVWLVFKHQ 'HQNHUV FKDUDNWHUL VLHUW XQG GDPLW ]X HLQHP 9RUOlXIHU %HQMDPLQ )UDQNOLQV ZLUG 8QG LQ GHU7DWVFKHLQHQ$OEHUWLV9HUVXFKGLHWlWLJH/HEHQVIRUPGHU+lQGOHUXQG .DXIOHXWH DOV HLQH JRWWJHIlOOLJH GDU]XVWHOOHQ XQG VHLQ *HGDQNH LQ GHP |NRQRPLVFKHQ 8PJDQJ PLW GHU =HLW HLQH $UW *RWWHVGLHQVW ]X OHLVWHQ GLHVH&KDUDNWHULVLHUXQJGXUFKDXV]XUHFKWIHUWLJHQ )UDJHQZLUXQVMHGRFKQDFKP|JOLFKHQ5H]HSWLRQVZHJHQVRWUEWVLFK GLH %HGHXWXQJ GLHVHV 7H[WHV YRQ $OEHUWL PHUNOLFK HLQ 'DV :HUN YRQ $OEHUWLZXUGHHUVWPDOVLP-DKUKXQGHUWJHGUXFNW6HLQH9HUEUHLWXQJ IDQG LP  XQG  -DKUKXQGHUW ]XQlFKVW YRU DOOHP EHU +DQGVFKULIWHQ VWDWW YRQ GHQHQ XQV PLQGHVWHQV GUHL]HKQ EHUOLHIHUW VLQG (V VFKHLQW GDKHU DOV KDEH GLHVHV :HUN ]ZDU EHL VHLQHQ XQPLWWHOEDUHQ =HLWJHQRVVHQ HLQQLFKWJHULQJHV,QWHUHVVHKHUYRUJHUXIHQQLFKWMHGRFKLQ6SlWUHQDLVVDQFH XQG)UKHU1HX]HLW'HPLVWDOOHUGLQJVQLFKWJDQ]VR'HQQHLQ7HLOGHV :HUNHVJHQDXHUGDVGULWWH%XFKGDVGLH+DXVKDOWVOHKUHLPHQJHUHQ6LQQH HQWKlOW KDW HLQH EHVRQGHUH 5H]HSWLRQ HUIDKUHQ (V ZLUG KlXILJ KDQG VFKULIWOLFK VHSDUDW EHUOLHIHUW $X‰HUGHP LVW HV EHUHLWV LQ GHU HUVWHQ +lOIWH GHV  -DKUKXQGHUWJHGUXFNW ZRUGHQ ZHQQ DXFK LQ OHLFKW YHUlQ GHUWHU)RUPXQGXQWHU$QJDEHHLQHVDQGHUHQ9HUIDVVHUV'DUDXVGUIHQ ZLU VFKOLH‰HQ GDVV HV YRP  ELV ]XP  -DKUKXQGHUW HLQ NRQWLQXLHUOL FKHV,QWHUHVVHDQGHP7H[WE]ZDQHLQHP7HLOGHV7H[WHVJDE )HUQHUGUIHQZLUDXFKGDYRQDXVJHKHQGDVV$OEHUWLDXIGDV'HQNHQ XQG GLH :HUNH VHLQHU XQPLWWHOEDUHQ =HLWJHQRVVHQ HLQHQ QLFKW XQHUKHEOL FKHQ(LQIOXVVKDWWH6ROlVVWVLFKHWZDGDV:HUN'HHGXFDWLRQHOLEHURUXPYRQ 0DIIHR9HJLRDXVGHP-DKUDOVHLQHODWHLQLVFKH$GDSWLRQGHU.RQ 

   

9JO6RPEDUW  0D[:HEHUKDWVLFKKLQJHJHQ NULWLVFK ]X GHU %HGHXWXQJ $OEHUWLV IU GLH (QWVWHKXQJ GHV NDSLWDOLVWLVFKHQ 'HQNHQV JHlX‰HUWYJO:HEHU'LHSURWHVWDQWLVFKH(WKLNXQGGHU*HLVWGHV.DSLWDOLVPXV$QPHUNXQJ  LQ :HEHU    ² :HEHU KDW DOOHUGLQJV YRU DOOHP GLH 9HUELQGXQJ Å(WKRV´ XQG Å*HOGHUZHUE´ LP $XJH GLH HU EHL $OEHUWL LQ GHU YRQ LKP JHPHLQWHQ :HLVH QLFKW DXVILQGLJ PDFKHQ NDQQ 0LU VFKHLQW HV MHGRFK JHUHFKWIHUWLJW 3DUDOOHOHQ ]ZLVFKHQGHUKLHU]LWLHUWHQ9RUVWHOOXQJ$OEHUWLV GLH:HEHUOHLGHUQLFKWGLVNXWLHUW LQ GHUGLH|NRQRPLVFKH1XW]XQJGHU=HLWDOV'DQNDQ*RWWJHGHXWHWZLUGXQGGHU$UW YRQÅLQQHUZHOWOLFKHU$VNHVH´ZLHVLH:HEHULP3URWHVWDQWLVPXVYHUZLUNOLFKWVLHKW]X ]LHKHQ 9JO/HRQ%DWWLVWD$OEHUWL'HOOD)DPLJOLD/LEUL,9%G,,  LQ2SHUHYROJDUL%GH KJ$QLFLR%RQXFFL)ORUHQ] 9JO KLHU]X GLH GHWDLOOLHUWHQ $QJDEHQ YRQ *UD\VRQ LQ GHU YRQ LKP EHVRUJWHQ NULWL VFKHQ$XVJDEHGHV7H[WHVYJO$OEHUWL   9JO*UD\VRQ E  9JO $JQROR 3DQGROILQL 7UDWWDWR GHO JRYHUQR GHOOD IDPLJOLD )ORUHQ] 7DUWLQL H )UDQFKL =XGHQYHUVFKLHGHQHQ5HGDNWLRQHQGLHVHV7H[WHVYJO*UD\VRQ E 

 3DUDGR[LHQXQG3HUVSHNWLYHQ0|JOLFKNHLWHQKXPDQLVWLVFKHU0RUDOSKLORVRSKLH

]HSWH $OEHUWLV YHUVWHKHQ $XFK GDV :HUN HLQHV DQGHUHQ )ORUHQWLQHUV QlPOLFK0DWWHR3DOPLHULV'LDORJ9LWDFLYLOHOlVVWVLFKDOVHLQH)RUWVHW]XQJ E]ZhEHUWUDJXQJGHU$QVLFKWHQ$OEHUWLVDXIGHQEUJHUOLFKHQXQGSROLWL VFKHQ %HUHLFK EHWUDFKWHQ 3DOPLHUL VFKUHLEW GDV :HUN DXI ,WDOLHQLVFK XQGZHQGHWVLFKZLH$OEHUWLH[SOL]LWDQGLH%UJHUGHU6WDGW)ORUHQ]GLH GHV/DWHLQLVFKHQQLFKWPlFKWLJVLQGGLHDEHUGHQQRFKDOV%UJHU2ULHQ WLHUXQJIULKUH/HEHQVIKUXQJEHQ|WLJHQ$XFKLQGLHVHP'LDORJIKUHQ QLFKW EHUKPWH +XPDQLVWHQ VRQGHUQ %UJHU GDV :RUW XQG ZLH EHL $O EHUWLJHKWHVDXFKEHL3DOPLHULGDUXP]X]HLJHQZLHbOWHUHDXIJUXQGLKUHU (UIDKUXQJ-QJHUHQQW]OLFKVHLQN|QQHQ$XFKIU3DOPLHULEDVLHUWGDV =XVDPPHQOHEHQGHU0HQVFKHQDXIGHPQDWUOLFKHQ6WUHEHQQDFK6HOEVW HUKDOWXQJ 'HU VWRLVFKH *HGDQNH LQ GHP QDWUOLFKHQ 6WUHEHQ QDFK 6HOEVWHUKDO WXQJ GLH *UXQGODJH DOOHU VR]LDOHQ %H]LHKXQJHQ XQG *HELOGH ]X VHKHQ PDFKW LQ 5HQDLVVDQFH XQG )UKHU 1HX]HLW )XURUH (U LVW YRU DOOHP GXUFK +REEHV XQG 6SLQR]D ]X HLQHU *UXQGVLJQDWXU IUKQHX]HLWOLFKHQ



0DIIHR9HJLR'HHGXFDWLRQHOLEHURUXP7ELQJHQ$QVKHOP=XbKQOLFKNHLWHQPLW $OEHUWLV7H[WYJO0DQFLQL  I  0DWWHR 3DOPLHUL 9LWD FLYLOH >@ KJ *LQR %HOORQL )ORUHQ] 6DQVRQL  ² =XU (QWVWHKXQJGLHVHV7H[WHVYJO7DQWXUOL    3DOPLHULV'LDORJZLUGYRQGHPlOWHUHQXQGJXWEHOHKUWHQ)ORUHQWLQHU%UJHU$JQROR 3DQGROILQR XQG GHQ EHLGHQ MQJHUHQ )UDQFR 6DFFKHWWR XQG /XLJL *XLFFLDUGLQR GLH VLFKPLW)UDJHQDQGHQbOWHUHQULFKWHQJHIKUW  )UGLH(QWVWHKXQJXQG%HGHXWXQJGHUQHXVWRL]LVWLVFKHQ(WKLNPLW6FKZHUSXQNWDXI )UDQNUHLFK YJO $EHO   =X GHU JUXQGOHJHQGHQ )XQNWLRQ GHV *HGDQNHQV GHU 6HOEVWHUKDOWXQJ LQ GHU 1DWXUSKLORVRSKLH GHU 5HQDLVVDQFH VSH]LHOO EHL 7HOHVLR YJO 0XOVRZ   GRUW DXFK +LQZHLVH DXI GLH HWKLVFKH 'LPHQVLRQ GHV .RQ]HSWHV YJO HEG

'LHgNRQRPLVLHUXQJGHUKlXVOLFKHQ/HEHQVIKUXQJ/HRQ%DWWLVWD$OEHUWL 

'HQNHQV JHZRUGHQ $OEHUWL KDW LKQ HUVWPDOV NRQVHTXHQW IU GLH %H JUQGXQJVHLQHUPRUDOSKLORVRSKLVFKHQ$QVLFKWHQDQJHZHQGHW'DPLWVROO IUHLOLFK QLFKW EHKDXSWHW ZHUGHQ GDVV $OEHUWL QXQ HLQH RGHU JDU GLH HQW VFKHLGHQGH4XHOOHIU+REEHVRGHU6SLQR]DJHZHVHQVHL9LHOPHKUVROOWH GHXWOLFKJHPDFKWZHUGHQGDVVGHUVSH]LILVFKHKXPDQLVWLVFKH'HQNVWLOLQ GHP GDV 1W]OLFKH DOV %HVWLPPXQJVJUXQG GHV PHQVFKOLFKHQ +DQGHOQV XQGGLHDNWLYH/HEHQVIKUXQJHLQHSURQRQFLHUWH$XIZHUWXQJHUKLHOWHQGLH VSH]LILVFKHQ %HGLQJXQJHQ GDIU EHUHLW VWHOOWH GDVV GHU ² IUHLOLFK VFKRQ ODQJ EHNDQQWH ² *HGDQNH GHU 6HOEVWHUKDOWXQJ ]X HLQHP IXQGDPHQWDOHQ .RQ]HSWGHUPRUDOSKLORVRSKLVFKHQ5HIOH[LRQZHUGHQNRQQWH 



'LH%HGHXWXQJGHV*HGDQNHQVGHU6HOEVWHUKDOWXQJIUGLH0RGHUQHEHUKDXSWZXUGH YRQ 'LOWKH\   %OXPHQEHUJ   +HQULFK   XQG MQJVW YRQ 0XOVRZ  PLWMHXQWHUVFKLHGOLFKHQ(UNHQQWQLVLQWHUHVVHQXQG0HWKRGHQKHUYRUJHKREHQ

6FKOXVVEHPHUNXQJHQ 'LH YRUOLHJHQGH $UEHLW KDW GLH PRUDOSKLORVRSKLVFKHQ (QWZUIH IUKHU LWDOLHQLVFKHU +XPDQLVWHQ LQV =HQWUXP HLQHU 8QWHUVXFKXQJ JHVWHOOW =LHO ZDUHVGLHSKLORVRSKLHJHVFKLFKWOLFKH%HGHXWXQJGHU+XPDQLVWHQDXIGHP *HELHWGHU0RUDOSKLORVRSKLH]XXQWHUVXFKHQ'LHVHU=LHOVHW]XQJHQWVSUH FKHQGVLQGVLHLQ]ZHLHUOHL3HUVSHNWLYHQEHWUDFKWHWZRUGHQ]XPHLQHQDOV $XWRUHQGLHHLQHEHVWLPPWH$QWZRUWDXIHLQHVSH]LILVFKHSKLORVRSKLVFKH 3UREOHPODJH HQWZLFNHOW KDEHQ ]XP DQGHUHQ DOV VROFKH GLH XQWHU GHQ 3UlPLVVHQ LKUHV 'HQNHQV )UDJHQ XQG 3UREOHPH GHU 0RUDOSKLORVRSKLH DUWLNXOLHUWKDEHQGLHELVLQGLH1HX]HLWKLQHLQUHOHYDQWZXUGHQ 'DEHL ZXUGH GHU 9HUVXFK XQWHUQRPPHQ GDV KXPDQLVWLVFKH 'HQNHQ DOVHLQHQ'HQNVWLO]XEHJUHLIHQ(VZXUGHQDFKJH]HLFKQHWZLHGLHVHU6WLO HQWVWDQGHQLVWZLHHUVLFKHWDEOLHUWKDWZHOFKHFKDUDNWHULVWLVFKHQ=JHHU WUXJXQGZHOFKH'HQNP|JOLFKNHLWHQHUHU|IIQHWKDW9RQGHQ(UJHEQLVVH VHLHQ QRFK HLQPDO GLH IROJHQGHQ 3XQNWH ]XVDPPHQJHIDVVW ,Q HLQHU EH VWLPPWHQ KLVWRULVFKHQ 6LWXDWLRQ QlPOLFK DOV GLH 9HUZLVVHQVFKDIWOLFKXQJ XQG 7KHRUHWLVLHUXQJ GHU (WKLN XQG GDPLW GHU .RPSOH[LWlWVJUDG GHU %H KDQGOXQJ HWKLVFKHU )UDJHQ LP .RQWH[W GHU XQLYHUVLWlUHQ 3KLORVRSKLH HLQ VROFKHV1LYHDXHUUHLFKWKDWWHQGDVVHVIUGHQ(LQ]HOQHQQLFKWPHKUHLQ VLFKWLJZDUZHOFKH%H]LHKXQJHQ]ZLVFKHQGHQDEVWUDNWHQXQGWHFKQLVFKHQ 7H[WHQ]XU(WKLNHLQHUVHLWVXQGGHPUHDOHQ/HEHQGHU0HQVFKHQDQGHUHU VHLWV EHVWHKHQ VR GDVV VLFK EHUHLWV LQQHUKDOE GHUVFKRODVWLVFKHQ 3KLORVR SKLH.ULWLNDQGLHVHP=XVWDQGUHJWHHQWZLFNHOWHQGLH+XPDQLVWHQHLQHQ SKLORVRSKLVFKHQ*HJHQHQWZXUI 'LHVHU *HJHQHQWZXUI ULFKWHWH VLFK QLFKW JHJHQ GLH HLQH RGHU DQGHUH 6FKXOPHLQXQJ GLH HLQH RGHU DQGHUH $XWRULWlW VRQGHUQ HV KDQGHOWH VLFK XP HLQHQ *HJHQHQWZXUI LP JUXQGVlW]OLFKHQ 6LQQH LQ H[SOL]LWHU XQG EH VWlQGLJHU $EJUHQ]XQJ YRQGHU VFKRODVWLVFKHQ3KLORVRSKLH ULFKWHWHQ VLFK GLH+XPDQLVWHQDQHLQDQGHUHV3XEOLNXPVFKULHEHQPLWDQGHUHQ$EVLFK WHQ YHUZHQGHWHQ DQGHUH 7H[W XQG $UJXPHQWDWLRQVIRUPHQ XQG KDWWHQ YRUDOOHPHLQDQGHUHV=LHOYRU$XJHQ0RUDOSKLORVRSKLHVROOWHYHUVWHKEDU ZLUNVDPXQGDOOHPYRUDQQW]OLFKVHLQ



$XI GLH %HGHXWXQJ GHU $EJUHQ]XQJ IU HLQ EHVWlQGLJHV 'HQNNROOHNWLY KDW EHUHLWV /XGZLN)OHFNLQHLQHP$XIVDW]YRQKLQJHZLHVHQYJO)OHFN  

6FKOXVVEHPHUNXQJHQ



,QGHPVLHGLH1W]OLFKNHLWPRUDOSKLORVRSKLVFKHQ'HQNHQVIUGLHHLJHQH /HEHQVIKUXQJDOV.ULWHULXPIUGHQ:HUWHWKLVFKHQ+DQGHOQVHWDEOLHUWHQ ZHUWHWHQVLHGDPLWDXFK]XJOHLFKGDVGLHVVHLWLJHUHDOH/HEHQGHU0HQVFKHQ DXI 'LH DNWLYH XQG WlWLJH /HEHQVIRUP ZXUGH LPPHU VWlUNHU SURSDJLHUW XQG]XUEHVWHQZHLOGHP0HQVFKHQDPPHLVWHQHQWVSUHFKHQGHQ/HEHQV IRUPHUNOlUW'LH+LQZHQGXQJ]XPUHDOHQXQGHPSLULVFKEHREDFKWEDUHQ +DQGHOQGHU0HQVFKHQOLH‰]XJOHLFKGLH%UFKLJNHLWEHUNRPPHQHU0R UDOYRUVWHOOXQJHQVLFKWEDUZHUGHQXQGPDFKWHGLH(QWZLFNOXQJQHXHU%HJ ULIIVJHIJHXQG%HJUQGXQJVIRUPHQQRWZHQGLJ =XJOHLFK PLW GHU (LQIKUXQJ GLHVHV 9HUVWlQGQLVVHV YRQ 0RUDOSKLOR VRSKLHJHODQJHVLKQHQHLQHQHXH)RUPGHV,QWHOOHNWXHOOHQ]XHWDEOLHUHQ GLHVLFKVRZRKOYRQGHUXQLYHUVLWl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hEHUOLHIHUXQJ ² GLHV DOOHV KDWWHQ GLH +XPDQLVWHQ EHUHLWV JHOHLVWHW XQG NRPPHQGH 'HQNHU NRQQWHQYRQGLHVHUDOOHVDQGHUHDOVVHOEVWYHUVWlQGOLFKHQ%DVLVDXVJHKHQ 0DQFKH(OHPHQWHGLHVHVKXPDQLVWLVFKHQ'HQNVWLOVVLQGPLWGHU=HLW YHUORUHQJHJDQJHQ'LH9HUZHQGXQJYRQ([HPSODHWZDJHULHWHEHQVRZLH GLH 'LDORJIRUP PLW GHU =HLW DXV GHU 0RGH $QGHUH (OHPHQWH VLQG ]XU *UXQGODJH GHU IUKQHX]HLWOLFKHQ (WKLNHQWZUIH JHZRUGHQ GLH +LQZHQ GXQJ]XPHPSLULVFKEHREDFKWEDUHQ+DQGHOQGHU0HQVFKHQGLH2ULHQWLH UXQJ DP 'LHVVHLWV DP 1XW]HQ XQG DQ GHU 6HOEVWHUKDOWXQJ 6XEMHNWLYH 7H[WIRUPHQZLH0HGLWDWLRQHQ*HGDQNHQXQG(VVDLVLQGHQHQGLH²ZLHDXFK LPPHULQV]HQLHUWH²$XWKHQWL]LWlWXQGGLHHLJHQH'HQNHUIDKUXQJGHV$X WRUV HLQH IXQGDPHQWDOH 5ROOH VSLHOHQ ZHUGHQ DXFK LP  XQG  -DKU KXQGHUW EHYRU]XJW YHUZHQGHW 'HU %ULHI GHU EHL GHQ +XPDQLVWHQ HLQH ]HQWUDOH5ROOHVSLHOWXPVLFKGXUFKGLHVHVVFKULIWOLFKH0HGLXPDOVLQWHOOHN WXHOOH*UXSSH]XLQVWLWXWLRQDOLVLHUHQLVWDXFKHLQFKDUDNWHULVWLVFKHV0HUN PDOGHU*HOHKUWHQNXOWXULPXQG-DKUKXQGHUW (VLVWVLFKHUOLFKQLFKWDQJHPHVVHQGLHKXPDQLVWLVFKH%HZHJXQJDOVDO OHLQLJHQ RGHU KDXSWVlFKOLFKHQ 0RWRU GHV JUXQGOHJHQGHQ 8PEUXFKV XQG GHUZHLWHUHQUDVDQWHQ(QWZLFNOXQJGHU3KLORVRSKLHLQGHU)UKHQ1HX]HLW 

9JOGD]XDXFK%HF  



6FKOXVVEHPHUNXQJHQ

]XEH]HLFKQHQ(EHQVRXQDQJHPHVVHQZlUHHVMHGRFKDXFK]XPHLQHQGLH YLHOHQ QHXHQ SKLORVRSKLVFKHQ (QWZUIH GHU )UKHQ 1HX]HLW ZlUHQ JDQ] QHXH (UILQGXQJHQ XQG UHLQH 1HXVFK|SIXQJHQ 6LH YHUGDQNHQ VLFK YLHO PHKU]XHLQHPQLFKWJHULQJHQ7HLOGHQJUXQGOHJHQGHQ7UDQVIRUPDWLRQHQ XQG 8PZHUWXQJHQ GLH VLFK PLW GHU KXPDQLVWLVFKHQ %HZHJXQJ GXUFKJH VHW]W KDEHQ 'LHVH (LQIOVVH XQG 9HUELQGOLFKNHLWHQ OLHJHQ DXFK ZDV GLH 0RUDOSKLORVRSKLH DQJHKW IUHLOLFK QLFKW DOOHLQ DXI EHJULIIOLFKHU (EHQH $EHU GLH +XPDQLVWHQ KDEHQ PD‰JHEOLFK ]X GHP EHLJHWUDJHQ ZDV :ROI JDQJ +EHQHU HLQH ÅODQJKLQZLUNHQGH 6RFNHOEHZHJXQJ´ LQ GHU 3UlPR GHUQH JHQDQQW KDW QlPOLFK GLH (QWZHUWXQJ GHV 7KHRULHLGHDOV ]XJXQVWHQ GHUSUDNWLVFKHQ3KLORVRSKLHGLHVLFK²ZLH+EHQHUEHPHUNW²XQWHUXQG YRU GHU %HJULIIOLFKNHLW YROO]LHKW XQG HUVW VSlWHU XQG QXU JHOHJHQWOLFK EH JULIIOLFKHLQJHKROWZLUG (VJHK|UWIUHLOLFK]XP'HQNVWLOGHU)UKHQ1HX]HLWGLH+HUNXQIWDXV hEHUOLHIHUWHP]XYHUVFKOHLHUQ'DV3DWKRVGHV1HXHQXQGGHV6HOEVWGHQ NHQVHUIRUGHUWGLH9HUGHFNXQJE]Z/HXJQXQJGHUHLJHQHQLQWHOOHNWXHOOHQ :XU]HOQ :lKUHQG VLFK GDV 'HQNHQ LQ 0LWWHODOWHU XQG 5HQDLVVDQFH YRU DOOHP GXUFK GHQ 5HNXUV DXI EHUOLHIHUWH $XWRULWlWHQ XQG $XWRUHQ OHJLWL PLHUW KDW QLPPW GLHVH )XQNWLRQ LQ GHU )UKHQ 1HX]HLW UDSLGH DE 1XQ ]HLFKQHW VLFK GHU 'HQNHU DXV GHU QLFKW EHUHLWV *HGDFKWHV ZLHGHUKROW VRQGHUQ VHOEVW 1HXHV HUGHQNW 'DV YHUGHFNWH (UEH GHU KXPDQLVWLVFKHQ 0RUDOSKLORVRSKLH ZLUG DOOHUGLQJV IU GHQMHQLJHQ VLFKWEDU XQG OHVEDU GHU VLFKGLH0KHPDFKWGLHHWKLVFKHQ(QWZUIHGHU5HQDLVVDQFH]XU.HQQW QLV]XQHKPHQ'LH%HGHXWXQJGHVKXPDQLVWLVFKHQ'HQNHQVIUGDV(QW VWHKHQGHUQHX]HLWOLFKHQ(WKLNHQWZUIHOLHJWQRFKLPPHU]XHLQHPJUR‰HQ 7HLOLP'XQNHOQ,FKKRIIHPLWPHLQHU$UEHLWHWZDV/LFKWDXIGLHVHYLHO IlOWLJHQ7UDQVIRUPDWLRQVSUR]HVVHJHZRUIHQ]XKDEHQGLHXQVGDV(QWVWH KHQGHV1HXHQDXIGHU*UXQGODJHYRQJDQ]KHWHURJHQHQ(QWZLFNOXQJHQ YHUVWlQGOLFKHUPDFKHQ (VEOHLEW]XSUIHQREGLH3HUVSHNWLYHGDVKXPDQLVWLVFKH'HQNHQDOV HLQHQ'HQNVWLO]XEHWUDFKWHQGLHDXIGHP*HELHWGHU0RUDOSKLORVRSKLH]X IUXFKWEDUHQ(UJHEQLVVHQJHIKUWKDWDXFKDXIDQGHUH%HUHLFKHGHU3KLOR VRSKLHVLQQYROODQJHZHQGHWZHUGHQNDQQHWZDZHQQHVGDUXPJHKWGHQ



9JO :ROIJDQJ +EHQHU Å'HU 3UD[LVEHJULII GHU DULVWRWHOLVFKHQ 7UDGLWLRQ XQG GHU 3UDNWL]LVPXVGHU3UlPRGHUQH´LQ+EHQHU  KLHU+EHQHUHLQDQ HUNDQQWHU 6SH]LDOLVW GHU XQLYHUVLWlUHQ 3KLORVRSKLH YRU DOOHP YRP  ELV ]XP  -DKUKXQGHUW VSULFKWGHU5HIRUPDWLRQHLQHEHVRQGHUH%HGHXWXQJIUGLHVHQJUXQGOH JHQGHQ:HFKVHO]X'LHLWDOLHQLVFKHQ+XPDQLVWHQGLHIUGLHVHQ:HFKVHOVFKRQEHU KXQGHUW -DKUH IUKHU =HXJQLV DEOHJHQ ZHUGHQ YRQ +EHQHU OHLGHU QLFKW LQ GLH %H WUDFKWXQJPLWHLQEH]RJHQ

6FKOXVVEHPHUNXQJHQ



%HLWUDJGHU+XPDQLVWHQDXIGHP*HELHWGHU/RJLNRGHUGHPGHU1DWXU ZLVVHQVFKDIWHQ]XEHVWLPPHQ  $EVFKOLH‰HQG VHL HV HUODXEW GLH )UDJH QDFK GHU SKLORVRSKLHKLVWRULVFKHQ %HGHXWXQJGHV+XPDQLVPXV]XYHUODVVHQXQGVLFKGHU)UDJH]X]XZHQGHQ ZHOFKH (IIHNWH GLH (UNHQQWQLV GHU GXUFK GLH +XPDQLVWHQ DQJHVWR‰HQH (QWZLFNOXQJ DXI GHP *HELHW GHU 0RUDOSKLORVRSKLH IU XQV KHXWH KDEHQ N|QQWH'HQQGDV%HGHQNHQKLVWRULVFKHU(QWZLFNOXQJHQZLHVLHLQGLHVHU $UEHLWJHOHLVWHWZXUGHLVW]XJOHLFKHLQ6WFN6HOEVWDXINOlUXQJEHUXQVHUH HLJHQHLQWHOOHNWXHOOH+HUNXQIWXQGELUJWGDKHUIUXQV1DFKIROJHQGHDXFK GLH0|JOLFKNHLWHLQHUNULWLVFKHQ5HIOH[LRQ (VVFKHLQWPLUGDVVGLHKXPDQLVWLVFKH0RUDOSKLORVRSKLHYRQ3HWUDUFD ELV $OEHUWL GHQ 1DFKIROJHQGHQ HLQ ]ZHLIDFKHV (UEH KLQWHUODVVHQ KDW ,Q LKUHQ7H[WHQJHZLQQWGLH9RUVWHOOXQJGHV0HQVFKHQDOVHLQHVKDQGHOQGHQ :HVHQVDQ.RQWXUGHUGHU:HOWQLFKWOlQJHUEHWUDFKWHQGJHJHQEHUVWHKW VRQGHUQVLFKDNWLYDQGHU*HVWDOWXQJGHULQGLYLGXHOOHQXQGJHVHOOVFKDIWOL FKHQ8PVWlQGHLQGHQHQHUOHEWEHWHLOLJW,QVRIHUQGLH+XPDQLVWHQGHQ (LQ]HOQHQ GHU VHLQ /HEHQ XQG VHLQ *OFN VHOEVW JHVWDOWHW LQV =HQWUXP VWHOOWHQEDKQWHQVLHGHQ:HJ]XHLQHULQGLYLGXHOOHQXQGVHOEVWEHVWLPPWHQ *OFNVHOLJNHLW 'LH +XPDQLVWHQ KDEHQ GDV 0HQVFKVHLQ DXIJHZHUWHW GHQ UHDOHQ0HQVFKHQLQGHQ0LWWHOSXQNWJHVWHOOWXQGLQVHLQHULUGLVFKHQ9HU JlQJOLFKNHLW ]XP .ULWHULXP IU GLH %HZHUWXQJ YRQ +DQGOXQJHQ JHQRP PHQ ZRGXUFKVLH HLQ 6WFN $XWRQRPLH HUUXQJHQ KDEHQ QLFKW WUDQV]HQ GHQWH :HUWH XQG -HQVHLWVYHUVSUHFKXQJHQ VWUXNWXULHUHQ XQVHUH +DQGOXQ JHQ VRQGHUQ GLH 5FNZHQGXQJ ]X XQV VHOEVW XQVHUHU %HGUIWLJNHLW XQG GHPIUXQV1W]OLFKHQ8QGVRKDEHQVLHDXFKHLQHQ%HLWUDJ]XU$XINOl UXQJ JHOHLVWHW LQVRIHUQ VLH GLH 'RSSHOPRUDO GLH YRQ 9HUIHFKWHUQ WUDQV ]HQGHQWHU:HUWHNDXPYHUPLHGHQZHUGHQNDQQPLWVFKDUIHUSV\FKRORJL VFKHU%HREDFKWXQJVJDEHHQWODUYWKDEHQ 'LH%HVWLPPXQJGHUEHVWHQ/HEHQVIRUPDOVWlWLJHXQGGLH$XIZHUWXQJ GHV 0HQVFKHQ DOV 0HQVFKHQ IKUWH DEHU DXFK ]X .RQVHTXHQ]HQ GLH HUVW PLWGHU=HLWLQDOOHU'HXWOLFKNHLW]XWDJHWUDWHQ'LH2ULHQWLHUXQJDP1W] OLFKHQIUXQVVHW]WHGHQ0HQVFKHQLQHLQH/DJHXQGYHUVFKDIIWHLKP0|J OLFKNHLWHQ GLH YRUGHP QLFKW GHQNEDU XQG QLFKW JDQJEDU ZDUHQ QlPOLFK DOOHVGDVPRUDOLVFK]XUHFKWIHUWLJHQZDVLKPQW]OLFKLVWGKHLQUHLQDP (LJHQQXW] DXVJHULFKWHWHV 9HUKDOWHQ EHL GHP DQGHUH *HVLFKWVSXQNWH ]X VHKHQGV PDUJLQDOLVLHUW ZXUGHQ 'LH .ULWHULHQ IU GDV EHQH YLYHUH GDV EHL %UXQLQRFKDQHLQHLQGHU1DWXUGHV0HQVFKHQJUQGHQGH9HUSIOLFKWXQJ  

=XP%HLWUDJGHU+XPDQLVWHQDXIGLHVHQ*HELHWHQGHU3KLORVRSKLHYJO.H‰OHU   XQG.H‰OHU   9JOGD]XDXFK%HF  I



6FKOXVVEHPHUNXQJHQ

DXI 7XJHQGKDIWLJNHLWUFNJHEXQGHQ ZDU YHUHQJWHQ VLFK PLW GHU =HLW DXI GDV|NRQRPLVFKH+DQGHOQXQGGHQ|NRQRPLVFKHQ(UIROJ 'XUFKGLHKLHUUHNRQVWUXLHUWH(QWZLFNOXQJZLUGVLFKWEDULQZLHIHUQGLH NRQNXUUHQ]ORVH 2ULHQWLHUXQJ DP |NRQRPLVFK 1W]OLFKHQ GLH .HKUVHLWH GHU6HOEVWEHVWLPPXQJGHV0HQVFKHQ]XVHLQHU*OFNVHOLJNHLWLVW$EHUGLH .HQQWQLV GHU JHVFKLFKWOLFKHQ (QWZLFNOXQJ EHGHXWHW QLFKW GLH 5HGX]LH UXQJ GHV WlWLJHQ 0HQVFKHQ DXI GHQ |NRQRPLVFKHQ 0HQVFKHQ DOV QRWZHQGLJ EH WUDFKWHQ]XPVVHQ(VJLEWNHLQHQ$XWRPDWLVPXVGHUXQVGD]X]ZLQJW GDV1W]OLFKHIUXQVDXIGDV|NRQRPLVFK1W]OLFKH]XUHGX]LHUHQ +LVWRULVFKJHVHKHQKDWHVHLQHLQWHOOHNWXHOOH:HLWHUHQWZLFNOXQJEHGHX WHWGHQ0HQVFKHQQLFKWVR]XEHWUDFKWHQZLHHUVHLQVROOVRQGHUQVRZLH HUWDWVlFKOLFKLVW'RSSHOPRUDOXQGUHDOLWlWVIUHPGHHWKLVFKH*HVHW]HZXUGHQ HLQHUNULWLVFKHQ5HIOH[LRQXQWHU]RJHQXQGGXUFKGLHVH5HIOH[LRQKDWVLFK GHU0HQVFKHLQ6WFN$XWRQRPLHJHVLFKHUW(VVWHKWXQVDEHUKHXWHPHKU DOV IQIKXQGHUW -DKUHQ QDFK GLHVHU (LQVLFKW IUHL DXFK GLHVH 3HUVSHNWLYH NULWLVFK]XEHUGHQNHQ9LHOOHLFKWLVWHVKHXWHDQGHU=HLWGHQ0HQVFKHQ QLFKWOlQJHUVR]XEHWUDFKWHQZLHHUWDWVlFKOLFKLVW'HQQGDGXUFKZHUGHQ ZLU DOV 0HQVFKHQ DXI GLH EHVWHKHQGH 3UD[LV PLW DOOHQ LKUHQ PLWWOHUZHLOH VLFKWEDUJHZRUGHQHQ9HUOXVWHQXQG*HIDKUHQIHVWJHOHJW9LHOOHLFKWLVWHV P|JOLFKGHQ0HQVFKHQVR]XEHWUDFKWHQZLHHUVHLQZLOO 'LH $XIJDEH KHXWLJHQ 'HQNHQV ZlUH HV GDQQ (QWZUIH GHV 0HQ VFKHQXQGGHVJXWHQ/HEHQV]XJHVWDOWHQGLH²RKQHKLQWHUGLH(UUXQJHQ VFKDIWHQGHUPLWGHQ+XPDQLVWHQEHJRQQHQHQ6HOEVWEHVWLPPXQJ]XUFN ]XJHKHQ²NRPSOH[HXQGTXDOLWDWLYH%HVWLPPXQJHQHQWKDOWHQXQGGDPLW PHKU XPIDVVHQ DOV HLQ DP |NRQRPLVFKHQ (UIROJ DXVJHULFKWHWHV /HEHQ 8QGZHQQHLQ1REHOSUHLVWUlJHUXQGYHUVFKLHGHQHDQGHUH:LVVHQVFKDIWOHU DXIGHP*HELHWGHU3V\FKRORJLH9HUKDOWHQVXQG*OFNVIRUVFKXQJ5HFKW KDEHQXQGGDV,GHDOGHV+RPRRHFRQRPLFXVRKQHKLQQLFKWLQGHU/DJHLVW XQVHU UHDOHV 9HUKDOWHQ XQG XQVHUH *OFNVHUZDUWXQJHQ DQJHPHVVHQ ]X EHVFKUHLEHQVRVWHKWHVXQVDOVKHXWLJH'HQNHUIUHLQHXH(QWZUIHXQG $QWZRUWHQ DXI GLH )UDJH ]X HUVLQQHQ ZHU ZLU VHLQ ZROOHQ 'HQQ GHU 0HQVFKLVWHEHQÅGDVQRFKQLFKWIHVWJHVWHOOWH7KLHU´  

 

9JO HWZD GLH $UEHLWHQ YRQ 'DQLHO .DKQHPDQ 1REHOSUHLVWUlJHU LP -DKU  IU :LUWVFKDIWVZLVVHQVFKDIWHQ.DKQHPDQ  XQG  VRZLHDXFK$ULHO\   )ULHGULFK1LHW]VFKH-HQVHLWVYRQ*XWXQG%|VH,,,1LHW]VFKH  9

$QKDQJ

  %DWWLVWDGH)LQDULR ‚   ¢$SRORJLDWUDGXFWLRQLVDQWLTXHOLEULHWKLFRUXP$ULVWRWHOLVFRQWUDLQYHFWLYDPWUDGXFWLR QHPTXH/HRQDUGL$UHWLQL²  % %RORJQD%LEOLRWHFD8QLYHUVLWDULD06IYY  (GLWRULVFKH9RUEHPHUNXQJ %HNDQQWLVWQXUHLQH$EVFKULIWGHV7H[WHVXQG]ZDULQGHUREHQJHQDQQ WHQ+DQGVFKULIWGLHDOV%DVLVIUGLHVH7UDQVNULSWLRQGLHQW$XIGLHVHEH ]LHKH LFK PLFK LQ GHQ ZHQLJHQ NULWLVFKHQ %HPHUNXQJHQ PLW GHU $ENU ]XQJ%'HUEHUOLHIHUWH7H[WEHQ|WLJWZHQLJH(PHQGDWLRQHQVHLQH4XD OLWlW LVW YHUKlOWQLVPl‰LJ JXW (V KDQGHOW VLFK XP HLQH 3DSLHUKDQGVFKULIW YRQHLQHU+DQGGHV-DKUKXQGHUWV'HU7H[WVFKOLH‰WVLFKXQPLWWHOEDU DQGDV9RUZRUWYRQ/HRQDUGR%UXQL]XVHLQHUhEHUVHW]XQJGHU1LNRPD FKLVFKHQ(WKLNDQ IROUU (LQLJH3DVVDJHQGHV7H[WHVZXUGHQEHUHLWVLQ HLQHP $XIVDW] YRQ 0DUWLQ *UDEPDQQ LQ )X‰QRWHQ ZLHGHUJHJHEHQ :R $EZHLFKXQJHQ ]ZLVFKHQ GLHVHU XQG GHU YRUOLHJHQGHQ 7UDQVNULSWLRQ DXI WUHWHQ ZXUGHQ GLHVH LQ GHQ )X‰QRWHQ GHXWOLFK JHPDFKW 'DEHL ZXUGHQ :RUWHGLH*UDEPDQQPLW$EVLFKWDXVJHODVVHQKDWPLWLQFLWDWLRQHRPJH NHQQ]HLFKQHW GLH :RUWH GLH HU EHUVHKHQ KDW PLW RP 'HQ KHXWLJHQ 7UDQVNULSWLRQVVWDQGDUGV IROJHQG YRU DOOHP ZHQQ HV VLFK XP GDV HLQ]LJH 7H[W]HXJQLVKDQGHOWZXUGHGLH6FKUHLEZHLVHGHU+DQGVFKULIWXQYHUlQGHUW EHUQRPPHQ ]% TXH VWDWW TXDH QLFKLO VWDWWQLKLO 'LH LQ VSLW]H .ODP PHUQ¢²JHVHW]WHQ=ZLVFKHQEHUVFKULIWHQVRZLHGLH$EVlW]HVWDPPHQYRQ PLUXQGGLHQHQGHUEHVVHUHQhEHUVLFKW

 

(LQH%HVFKUHLEXQJGHU+DQGVFKULIWILQGHWVLFKLQ/RGRYLFR)UDWL,QGLFHGHLFRGLFLODWLQL FRQVHUYDWLQHOOD5%LEOLRWHFD8QLYHUVLWDULDGL%RORJQD)ORUHQ] 0DUWLQ*UDEPDQQÅ(LQHXQJHGUXFNWH9HUWHLGLJXQJVVFKULIWGHUVFKRODVWLVFKHQhEHU VHW]XQJGHUQLNRPDFKLVFKHQ(WKLNJHJHQEHUGHP+XPDQLVWHQ/LRQDUGR%UXQL´LQ GHUV 0LWWHODOWHUOLFKHV *HLVWHVOHEHQ $EKDQGOXQJHQ ]XU *HVFKLFKWH GHU 6FKRODVWLN XQG 0\VWLN 0QFKHQ0D[+XEHU

286

Anhang

|3v|Cum nuper vacarem his theologicis studiis, quibus ante dare operam consueveram, ethicorum Aristotelis libros, quos usque ad id tempus numquam legissem, ad depellendas alias molestias estivo tempore videre ociosus institui. Qui quidem libri non modo utiles, sed etiam pernecessarii ad 5 bene beateque vivendum esse iudicantur. Verum quia iam dudum intellexeram Leonardum aretinum eosdem de moribus libros noviter e greco latinos fecisse, quasi antiquus ille interpres grecam linguam penitus ignorasset, ductus cupiditate videndi, quid rhetor bonus in philosophia divinare voluerit, codicem afferri iussi, in quo ii Aretini libri inscripti contineban10 tur, quos accurate quidem perlegi et revolvi. Offendi primum ea, que ad libri traductionem premissa sunt arrogantie sue testimonia copiosissima, in quibus ut lectores facilius attentos dociles ac benevolentes redderet, mira quadam arte vel potius livore primum interpretem ita reprehendere conatus est, ut eum semigrecum ac semilati15 num probare videretur. Miratus sum fateor tantam hominis presumptionem, iactantiam, tumiditatem qui adeo in virum eruditissimum et re vera grecum natione ac philosophie permaxime studiosum latine etiam lingue non ineruditum invehebatur, ut hominem ferreum indoctum barbarum in utraque lingua deficientem, perfectum in nulla dicere non dubitaret, quasi 20 sibi soli et greca et latina studia concedenda sint, nec quisquam ante ipsum litteras omnino scisse videatur. Delectatus sum aliquando illius eloquentia, sed cum eum arrogantiam cum eloquantia coniunxisse animadverto, vix eius scripta sine stomaco legere possum. Leviter tamen et equo animo pertulissem, si ipsum veritatem 25 communemque studentium utilitatem, et non potius suam gloriam, inanemque populorum favorem quesivisse viderem, propter quem consequendum et primum accusavit interpretem et se verum interpretatum affirmavit. Quem tamen errasse constat gravissime. Nam plerumque, ne cum vetere traductione concordet, nova enititur fingere nomina, et dum 30 concinnis vocabulis uti studet, ab ipsa philosophie veritate discedit. Audeo enim hoc unum constanter asserere, illum in tantum rerum veritatem tenuisse, que priori interpretationi consentit, in iisque pene erravisse omnibus, quibus alia voluit commodare vocabula. Cuius profecto errores omnes si voluero presenti oratione complecti magnam eius libri partem huc 35 inseram necesse erit. Sed tamen, ne omnes silentio preterisse videar, nonnullos calamo enudandos putavi, ut iis perspectis complures alii, quos brevitatis causa pretereo, facilius intelligantur. Scio me gravem quidem sumpsisse provinciam ob eam maxime causam, quod multi propter eloquentiam usque adeo illius auctoritati adherendum 40 putent, ut quidquid ab eo dictum fuerit, evangelium credant. Et si ab alio aliter dicatur aut negatur ut falsum aut spernitur ut incultum. Ego vero istis respondebo: Leonardum eloquentie quidem satis habuisse, 3 legissem] legeram Grabmann | ante videre] ociosus institui scr. et del. B 5 quia] qui Grabmann 9 ii] illi Grabmann | inscripti] conscripti Grabmann 12 ut lectores... interpretem ita] in citatione om. Grabmann 20 studia] om. Grabmann

$QKDQJ



SKLORVRSKLH SDUXP (DPTXH RE UHP UHSUHKHQVLRQH YLGHWXU GLJQLVVLPXV TXLVTXH _U_ D SXHUR LQWHU SRHWDUXP ILJPHQWD HW FRPLFRUXP IDEHOODV 45 HQXWULWXVQLFKLOSUHWHURUDWRULDPHWSRHWLFDPIDFXOWDWHPVLWFRQVHTXXWXV XWRPQLDVFLHQVYLGHUHWXULQDOLHQDPPHVVHPIDOFHPPLWWHUHQRQVLWYHWLWXV XWTXLUKHWRUERQXVDPXOWLVKDEHEDWXUSKLORVRSKXVHWLDPQRQLQFHOHEULV SXWDUHWXU %HQH HQLP LOOR JUHFRUXP SURYHUELR SHUFLSLWXU Å4XDP TXLVTXH QRULW DUWHP LQ KDF VH H[HUFHDW´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



$QKDQJ

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¢'HDXFWRUHDQWLTXHWUDGXFWLRQLV² 95 3ULPXPTXH YHOLP PLFKL GLFDW /HRQDUGXV QLVL PROHVWXP VLW TXLV LOOLXV DQWLTXHWUDGXFWLRQLVDXFWRUIXHULWTXDSDWULDTXDOLQJXDTXDGLJQLWDWHTXD SURIHVVLRQH TXD DXFWRULWDWH TXH FHUWH LJQRUDUH QRQ GHEXLW ,SVH YHUR VH KRFWDQWXPVFLUHIDWHWXUTXRGTXLVTXLVIXHULWHXPFRQVWDWRUGLQLVSUHGL FDWRUXPIXLVVHTXDVLLQLOODPSUHVWDQWLVVLPDPUHOLJLRQHPTXHVHPSHUYLULV 100 HUXGLWLVVLPLVHWVDSLHQWLVVLPLVKDEXQGDYLWRPQLDVXDPDOHGLFWDUHGXQGHQW 'HDOLLVYHURRPQLQRGLFHUHPVFLYLWQLFKLO4XHVLVFLYLVVHWSDUFLXVIRUVDQ LQHXPPDOHGLFWLRQLVVXHWHODFRQLHFLVVHW4XHXWLTXHLOOXPQRQSRWXLVVHQW ODWHUHVLVHUHUXPDQWLTXDUXPVWXGLRVXPH[KLEXLVVHWVLSULRUXPDQQDOLXP PRQXPHQWDOHFWLWDVVHW1DPLVTXHPVHPLJUHFXPDFVHPLODWLQXPDSSHO 105 ODWYLUVXPPRLQJHQLRVXPPDGRFWULQDVXPPDDXFWRULWDWHSUHGLWXVQRQ PRGRLQ*UHFLDSDUYRWHPSRUHYHUVDWXVXW/HRQDUGXVVHGHWQDWXVIXLW XEL JUHFDV OLWWHUDV QRQ VROXP GLGLFLW VHG HWLDP GRFXLW 1RQ SKLORVRSKLH LJQRUDWXVXWLOOHVHGLQRPQLEXVIHUPHOLEHUDOLEXVDUWLEXVDGPRGXPHUXGL WXV 4XL GHQLTXH RE HPLQHQWHP LQ HR VFLHQWLDP DF YLUWXWHP HSLVFRSXV 110 IDFWXV$ULVWRWHOLVOLEURVQRQPRGRHJUHFRODWLQHOLQJXHUHGGLGLWVHGHWLDP YHUDFLVVLPHFRPPHQWDWXVHVWQHFHOHJDQWLDVXPPDLOOLGHIXLWQHFRUQDWXV VLHRXWLYROXLVVHW 8QGH HW LOOXG YHKHPHQWHU DGPLUDULVROHR TXRG HL WDPDXGDFWHU RUDWLRQLV LQFRQFLQQLWDWHP RELLFLDW 4XDQGR TXLGHP LSVH PDLRUH VLW UHSUHKHQVLRQH 115 GLJQXVTXLLQKLVRUQDWHGLFHUHFRQDWXVHVW1DP0&LFHURFXPLQWHUFLR 'HILQLEXVOLEUR&DWRQHPORTXHQWHPGHSULQFLSLLVQDWXUHIDFHUHWGLFHUHWTXH &DWRVHGHKLVUHEXVRUQDWHORTXLQRQSRVVHLWDUHVSRQGLW2PQHLQTXLW TXRG GHUH ERQD GLOXFLGHGLFLWXU PLFKL SUHFODUH GLFL YLGHWXU,VWLXV PRGL DXWHPUHVGLFHUHRUQDWHYHOOHSXHULOHHVW9LGHTXDPPLULILFH/HRQDUGXVVXL 120 &LFHURQLV VHQWHQFLD ULGHDWXU ,GHP TXRTXH LQ HRGHP LWD LQTXLW 5H HQLP LQWHOOHFWDLQYHUERUXPXVXIDFLOHVHVVHGHEHPXV(W/DFWDQWLXVLQVHFXQGR VXDUXP LQVWLWXWLRQXP OLEUR YHULWDV DLW RUQDPHQWLV H[WULQVHFXV IXFDWD FRU UXPSLWXU 0HQGDFLXP YHUR VSHFLH SODFHW DOLHQD TXLD SHU VH FRUUXSWXP YDQHVFLWDFGHIOXLWQLVLRUQDWXDOLXQGHTXHVLWRFLUFXPOLWXPIXHULWDFSROL 125 WXP 85

QLVLPROHVWXPVLW@LQFLWDWLRQHRP*UDEPDQQDQWHHUXGLWLVVLPLV@SUHVWDQWLVVLPLV VFUHWGHO%DQWHIRUVDQ@LQHXPVFUHWGHO%DQWHXW@HVWDGG*UDEPDQQ  GHQLTXH@ GHLQFHSV *UDEPDQQ       FRPPHQWDWXV@ LQWHUSUHWDWXV *UDEPDQQ DQWHLQTXLW@DLWVFUHWGHO%&LFHUR'HILQLEXV,,,ÅUHHQLPLQWHOOHFWDLQ YHUERUXPXVXIDFLOHVHVVHGHEHPXVµ&LFHUR  

$QKDQJ



'HQLTXHDQWLTXXVLQWHUSUHVPDJLVVWXGHQV_U_SKLORVRSKLFHYHULWDWLQRQ LGHR RUQDWHGLFHUH YROXLW QH LQ HUURUHV LQ TXRV LVWH ODSVXV HVW LQFLGHUHW 9LGHEDWHQLPODWLQDPOLQJXDPDGSURSULHWDWHPJUHFHDVSLUDUHQRQSRVVH 1HF YDOHQW LOOH DUJXWLROH VXH TXLEXV FRQDWXU SHUVXDGHUH ODWLQDP OLQJXDP 130 ORFXSOHWLRUHP HVVH TXDP JUHFDP 1DP FXP 3ODXWXP HW 7HUHQWLXP GH OHYLVVLPLVUHEXVWUDFWDQWHV0HQDQGULIDEHOODVH[JUHFRVXPSWDVVLFODWLQDV IHFLVVHDIILUPDYLWXWFXQFWDHWPLQXWLVVLPDH[SULPDQWQHFJUHFLVXWDQWXU YHUELV QHF HOHJDQWLD LOOLV GHVLW ,QHSWLVVLPXP PLFKL DUJXPHQWXP YLGHWXU $OLXGHVWHQLPVHULRVXPTXLGVFULEHUHDOLXGLRFRVXPDOLXGGHUHEXVJUD 135 YLVVLPLVXELPXWDUHQLFKLOOLFHDWDOLXGGHOHYLVVLPLVXELQRQQLFKLOYHODG GHUHYHODGLPHUHSXOFUHVHSHHWRUQDWLVVLPXPVLW 3RVWUHPRDOLXGHVVHSKLORVRSKXPORTXLDOLXGFRPLFXP$OLWHULOOHGHPR ULEXV GLVSXWDW DOLWHU LVWH FDQWDW IDEXODV 1DP VL GH SKLORVRSKLD DOLTXLG GHPHUHYHODGGHUHYROXHULVDXWDOLWHUXWLYRFDEXOLVTXDPDSULPLVDXFWRUL 140 EXVYLULVVDSLHQWLVVLPLVFRQVXHWXPVLWWRWDPVHTXHQWHPRUDWLRQHPLQILFLDV QHFHVVHHVW,WDTXLSSHRPQLDFRQQH[DVXQWWDOLTXHLQWHQVHRUGLQHHWGL VSRVLWLRQH FRKHUHDW XW VL LQ XQR HUUDWXP IXHULW PXOWDH[ LQGH VHTXHQWXU LQFRQYHQLHQWLD &LFHURQHP YHUR TXL HW LQ TXLQWR 7XVFXODQDUXP TXHVWLRQXP OLEURHWLQWHUFLR'HILQLEXVGLVVHUXLWSOHQLRUHPODWLQDPOLQJXDPHVVHTXDP 145 JUHFDPQRQDQLPLLXGLFLRHWTXRGLWDFUHGHUHWORTXXWXPSXWRVHGSRWLXV JUDWLDTXDODWLQHOLQJXHGHYLQFWXVWHQHEDWXUFXLXVLSVHSULQFHSVHWHOLPDWRU IXLW 'HQLTXH TXL ODWLQH LQTXLW OLQJXH DULGLWDWHP DFFXVDQW KL PLFKL QHTXH 0 7XOOLXP OHJLVVH XQTXDP YLGHQWXU QHTXH 9LUJLOLXP 2 KRPLQHP OHYLVVL 150 PXP(UJRQH$*HOLXVXWDOLRVPXOWRVWDFHDPYLUHUXGLWLVVLPXVHWJUHFH HW ODWLQH OLQJXH SHUTXDP VWXGLRVXV 0 7XOOLXP QRQ YLGLW QRQ 9LUJLOLXP" 1DPFXPLQ;RFRPPHQWDULRQRFWLXPDWWLFDUXPTXHGDPSODWRQLVYHUEDH[ 3KHGRQH SRVVXLVVHW YHUWHUH HD LQ ODWLQXP QRQ IXLW DXVXV TXLD LQTXLW DG SURSULHWDWHP HRUXP ODWLQD QRQ SRWHVW DVSLUDUH RUDWLR 6HG YLGH TXLD LQ 155 KXQF VHUPRQHP LQFLGLPXV TXDQWD IXLW KXLXV KRPLQLV DUURJDQWLDP TXL OLEUXP LOOXP TXHP VXSUD GL[L SODWRQLV LQWHUSUHWDUL DJJUHVVXV HVW FXLXV SDXFXODYHUEDYLUVXPPDHORTXHQWLDHWVXPPDDXFWRULWDWHLQODWLQXPYHU WHUHQRQVLWDXVXV(QLPYHURXWRSLQRUQXOOXPDOLXPSUHWHUVHYLUXPGRF WXPHWJUHFDVOLWHUDVVFLYLVVHH[LVWLPDYLW4XHPWDPHQTXLGDPYLUDSSULPH 160 GRFWXVHWLQWHUJUHFRVRPQLXPLXGLFLRSULPXVTXL/HRQDUGXPIDPLOLDULWHU QRYHUDWLWDJUHFDPOLQJXDPLQWHOOH[LVVHGLFHEDWVLFXWLWDOLFXVTXLVJDOOLFDP TXLDOLTXDYHUEDPDJLVLQWHOOLJHUHTXDPORTXLSRVVHW 2PLWWRTXRG0DURQHP+RPHURHTXLSHUDUHYROXHULWFXP2YLGLXVSRHWD QRQ PHGLRFULV GLFDW WDQWXP +RPHUR FHVVLVVH 9LUJLOLXP TXDQWXP LSVH 165 9LUJLOLR 7DFHR HWLDP TXRG FXP GH +RPHUR HW 'HPRVWHQH PHQWLRQHP IHFLVVHW GL[LVVHWTXH QXOORV _Y_ VXSHU KRV KDEXLVVH JUHFLDP GH 3ODWRQH QLFKLO GL[HULW TXHP GLYLQXP JHQWLOHV UHFLWDQW TXHPTXH WDQWD HORTXHQWLD



$QKDQJ

XVXP DIILUPDQW XW VL LSVH -XSLWHU GH FHOR GHVFHQGHUHW PDLRUHPIDFXQGLD QRQXWHUHWXU4XLGSOXUDTXHUDU"3RVVHPHTXLGHPRVWHQGHUHLOOXPLQVLQ 170 JXOLVSHQHYHUELVGHIHFLVVHQLVLDGJUDYLRUDHWSRQGXVKDEHQWLDIHVWLQDUHW RUDWLR ,WDTXHQHLGRPLWWDPPXOWXPTXHULWXUFXPDQWLTXXVLQWHUSUHVLQSOHULVTXH ORFLV YHUED XW LDFHEDQW JUHFD GLPLVHULW TXDVL UHGGHUH ODWLQD QRQ SRVVHW HW TXDVLSUHWHUHXPDOLXVXQTXDPIHFLVVHWQHPR6HGYHOLPPLFKLGLFDWFXU$ 175 *HOLXV LQVXLV FRPPHQWDULLV SOHUXPTXH LG IDFWLWDYHULW FXP & /DFWDQWLXV VLELOODUXPFDUPLQDLWDXWLQJUHFRKDEHQWXUJUHFDUHOLQTXHULWTXLEXVSUR IHFWRODWLQDQRQGHIXLVVHYHUEDQRQQHJDELW&XULGHPEHDWLVVLPXV,HURQL PXVVHSHIHFHULW&XUDOLLTXDPPXOWLTXRVQHPRQLVLLQGRFWXVLJQRUDW  180 ¢'HYROXSWDWHGRORUHGHOHFWDWLRQHWULVWLWLD²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²YX= GXUFK3KLORHUPRUGHW&LFHUR3KLOLSSLFD,,,; Å$WODHWDWXVVXP4XLGHUJR"LQWDQWDODHWLWLDFXQFWDHFLYLWDWLVPHXQXPWULVWHPHVVHRSRUWH EDW"´%RHWKLXV'HFRQVRODWLRQHSKLORVRSKLDH,Å+LVLOOHFKRUXVLQFUHSLWXVGHLHFLW KXPL PDHVWLRU YXOWXP FRQIHVVXVTXH UXERUH YHUFXQGLDP OLPHQ WULVWLV H[FHVVWLWµ %RHWKLXV  =

$QKDQJ



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¢'HXWLOLLQXWLOL² 1XQFDGDOLDHUUDWDPDLRUDYHQLHQGXPHVW&XPLQSULPROLEURGHWULSOLFL ERQR $ULVWRWHOHV ORTXHUHWXU _Y_ KRQHVWR XWLOL GHOHFWDELOL HW XQLFXLTXH VXXPDVVLJQDUHWFRQWUDULXPTXRQDPPRGRLVWHLQWHUSUHWDWXVHVW",QXWLOH 250 LQTXLWFRQWUDULXPXWLOL2SUHFODUXPSKLORVRSKXP1XPKRFLQ$ULVWRWH 210



$QKDQJ

OLVPHWKDSKLVLFDSHUOHJLVWLXELGHTXDWWXRURSSRVLWLRQXPVSHFLHEXVGLSX WDWXU" 4XLG GH 0HWKDSKLVLFD ORTXRU FXLXV IRUWH QH QRPHQ TXLGHP YL[ DXGLYLW$WLGXWLTXHLQGLDOHFWLFDGLGLFLVWLTXDPLJQRUDVWLLQXWLOHXWLOLHVVH FRQWUDULXP9HOOHPQXQFDGHVVHQWVHGLSVLSRWLXVDGROHVFHQWHVTXLGLDOHF 255 WLFLV VWXGLLV RSHUDP GDUH LQFLSLXQW XW WDQWD YLUL KXLXV LJQRUDQWLD QRQ D GRFWRULEXVHWSUHVWDQWLVVLPLVSKLORVRSKLVVHGDELQFXOWLVVFRODULEXVPRQ VWUDUHWXU1XOOXVSHQHSXHUHVWPRGRDOLTXLGLQGLDOHFWLFDIDFXOWDWHIXHULW H[HUFLWDWXVTXHPVLURJHVTXRQDPPRGRLQXWLOHXWLOLRSSRQDWXUQRQVXEL WRYHOSULYDWLYHYHOFRQWUDGLFWRULHUHVSRQGHDW&RQWUDULHYHURQXOORPRGR 260 FRQFHGHW TXDQGRTXLGHP XWUXP YLV FRQWUDULRUXP XW SKLORVRSKLV SODFHW IRUPDP TXHQGDP SRQDW QHFHVVH HVW ,QXWLOH YHURVRODP GLFLW XWLOLV QHJD WLRQHP 4XDPREUHP UHFWLXV DQWLTXXV LOOH LQWHUSUHWDWXV HVW 8WLOL LQTXLW FRQWUDULXPQRFLYXP  265 ¢'HYHULWDWHJUDYLWDWH²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

$QKDQJ



¢'HYLURIRUWL² $W TXLG GH YLUR IRUWL LQ WHUFLR GLVSXWDYLW" 1DP FXP $ULVWRWHOHV GLFHUHW 295 HXPQRQWLPHUHPRUWHPTXDPFXQTXHVHGVHPSHUHTXRDQLPRLOODPSUH IHUUH HDPTXH SRQHUHW LQWHU QDXWDP HW YLUXP IRUWHP GLIIHUHQWLDP VL LQ HRGHP VLW FRQVWLWXWXV XWHUTXH PDULV SHULFXOR TXRG QDXWD QRQ WLPHDW TXRGSURSWHUH[SHULHQWLDPVHVSHUDWHYDVXUXP9LUYHURIRUWLVHWVLGHVSH UDWVHSRVVHHYDGHUHTXRGWDOLXPVLWLQH[SHUWXVSHULFXORUXPWDPHQHWLDP 300 QRQ WLPHDW KLF SHUYHUVH DGPRGXP LQWHUSUHWDWXV HVW 1HF LWD LQTXLW YLUL IRUWHV WLPHEXQW XW QDXWH 1DP LOOL TXLGHP VFLOLFHW YLUL IRUWHV GHVSHUDWD VDOXWHWDOHJHQXVPRUWLVPROHVWH XWDSXG0DURQHPYLUIRUWLV(QHDVLQJH PXLW LEL ([WHPSOR (QHH VROYXQWXU IULJRUH PHPEUD LQJHPXLW HW FHWHUD  IHUXQWLLYHURVFLOLFLWQDXWHSURSWHUH[SHULHQWLDPFRQILGXQW 305 9LGHTXDPDEVXUGHYLUXPIRUWHPPRUWHPGLFDWPROHVWHIHUUHFRQWUDLSVLXV $ULVWRWHOLV VHQWHQWLDP $Q IRUWH LG D &LFHURQH GLGLFHUDW TXHP PD[LPH VHTXLWXUDTXRLQVHFXQGR7XVFXODQDUXPTXHVWLRQXPOLEURPXQHUDIRUWLWXGL QLV GXR SRVLWD VXQW PRUWLV GRORULVTXH FRQWHPSWLR" ,GHPTXH LQ HRGHP 1HF YHUR LQTXLW XQTXDP LQJHPLVFLW YLU IRUWLV DF VDSLHQV QLVL IRUWH XW VH 310 LQWHQGDW DG ILUPLWDWHP XW LQ VWDGLR FXUVRUHV H[FODPDQW TXDP PD[LPH SRVVXQWDOLRTXLQTXLVHGHGLGHULWVFLOLFLWJHPLWXLYL[HXPYLUXPGL[HULP (FFHTXLVHVHVROXP&LFHURQHPOHJLVVHVXSHULXVTXDVLJORULDEDWXUHLXVTXH VHLPLWDWRUHPHVVHRVWHQGHEDWTXDPGLYHUVDDWTXHFRQWUDULDVHQWLDW(WDE HRTXHPVHTXLYLGHEDWXUGHVLVWDWDWTXHGLVFRUGHW1HTXHHQLPDOLHQD&L 315 FHURQLVHVWDE$ULVWRWHOLVVHQWHQFLD1HFPRGR&LFHURYHUXPHWWRWDVWRL FRUXP DF SHULSDWHWLFRUXP VFROD TXDQWD SRWHVW YRFH WHVWLILFDWXU YLUXP IRUWHP PRUWHP TXDPFXPTXH ERQR DQLPR DF VLQH JHPLWX SHUODWXUXP $OLWHUWDPHQVWRLFLDOLWHUSHULSDWHWLFLGHIRUWLYLURORTXXWLVXQW+DFYHURLQ UHLGHPXWULTXHVHQVHUXQW$WKLFQRYXVSKLORVRSKXVTXDVLHVVHWLQUDGLFL 320 EXV &DXFDVL QDWXV QHF XQTXDP YHO DXGLVVHW DOLTXLG YHO OHJLVVHW YLUXP IRUWHPGL[LWDOLTXRGJHQXVPRUWLVPROHVWHIHUUH 6LTXLVDXWHPLSVXPGHIHQGHUHYROLWGLFDWTXHHDPGLFWLRQHPPROHVWHQRQ DGYHUELDOLWHUVHGDGLHFWLYHHWQRPLQDOLWHUSRVLWDPXWLQWHOOLJDWXUWDOHJH QXVPROHVWHPRUWLVIHUXQWXUQXOORPRGRTXLGVHTXLWXUVWDUHSRWHULWXWHVW 325 LQTXLW DSXG 0DURQHP ([WHPSOR (QHDV HW FHWHUD 2PLWWR TXRG IRUWH DOLTXLV KDXG TXDTXDP RPLWWHQGXP SXWDUHW TXRG LQWHU LSVD $ULVWRWHOLV YHUED0DURQHPLQWHUSRVXLWTXRPDQLIHVWLXVWRWXPTXLGVHTXLWXUYLWLDWXP FUHGHUHWXU $Q LQWHUSUHWDQWLV HVW DXFWRULV GLFWD FRQYHUWHUH DXW DGGHQGR PLQXHQGRQHQRYXVLSVHDXFWRUILHUL"_Y_9ROXLWLJLWXULSVHXQDRSHUDHW 330 FRPPHQWDWRU HW LQWHUSUHV KDEHUL TXRG QRQ VROXP DUURJDQWHU VHG HWLDP LQVLSLHQWHUILW  ¢'HLXVWLWLDSURSRUWLRQHHWSURSRUWLRQDOLWDWH² 9HUJLO$HQHLG,IÅ([WHPSOR$HQHDHVROYXQWXUIULJRUHPHPEUDLQJHPLWµ  &LFHUR 7XVFXODQHD GLVSXWDWLRQHV ,,   Å$SSHOODWD HVW HQLP H[ YLUR YLUWXV YLUL DXWHP SURSULD PD[LPH HVW IRUWLWXGR FXLXV PXQHUD GXR VXQW PD[LPD PRUWLV GRORULVTXH FRQWHP SWLRµ&LFHUR  9JO=



$QKDQJ

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

$QKDQJ



YHUD KDEHW LQWHUSUHWDWLR LJQRUDYLW HQLP KLF ERQXV UKHWRU TXDQWXP LQWHU RSHUDWRUHPRSHUDQVRSHUDWLYXPTXHGLVWDUHW  ¢'HDUURJDQWLDHWVWXOWLWLD$UHWLQL²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

QRQ@RP*UDEPDQQ_QH@QHF*UDEPDQQHW@RP*UDEPDQQH@ GH*UDEPDQQ



$QKDQJ

SUHWDWXV HVVHW 6HG TXRQDPPRGR SXWDV LQ LOOLV GHPRQVWUDWLRQXP JLULV D WTXH PHDQGULV HYDVLVVHW TXL LQ UHEXV GH PRULEXV SODQLVVLPLV TXL TXDVL QRELVFXP DE LSVR PDWULV ODFWH FRDOXHUXQW WDP JUDYLWHU DEHUUDYLW" 4XLG 420 LQWHU VFLOODP HW FDULEGLP YHO LQ VXPPLV IOXFWLEXV DWTXH SURFHOOLV IHFLVVHW TXL LQ WUDQTXLOOR SRUWX VLQH QDXIUDJLR QDYLJDUH QRQ SRWXLW" 6HG SOXUD LQ HXPLDPSXGHWGLFHUH1RQHQLPTXLGLOOHPHUHDWXUVHGTXLGQRVGHFHDW FRJLWDQGXPHVW4XLWDPHQVLUHFWHIHFLWDGHXPSHUYHQLWORFXPXELSUH PLDSHUFLSLWUHFWHIDFWRUXPVLQDXWHPVHFXVVXRUXPHWLDPVFHOHUXPSHQDV 425 OXHW KHF LQWHULP KDEHDQW TXL WUDGXFWLRQHP LOOLXV OHJHUH YROXHULQW (W VL TXLGHP HXP LQ PXOWLV HUUDVVH FRJQRYHULQW QRQ WDQWXP LOOLXV HORTXHQWLD DOOLFLDQWXUXWLOOLXVHWLDPLPLWHQWXUHUURUHV 6FLR PXOWRV HVVH TXL KXLF PHH OXFXEUDWLXQFXOH UHIUDJDEXQWXU HW LOOXP IRUWDVVLVGHIHQGHUHYROHQWTXLVLSKLORVRSKLDPGLGLFHULQWQRQHVWDSXGPH 430 GXELXP TXRG HW LSVL LDP LOOXP XQDP PHFXP DFFXVDEXQW 1HF HULW XOOXV WDP LQLXVWXV UHUXP H[LVWLPDWRU TXL QRQ KXQF QRVWUXP ODERUHP SOHQXP XWLOLWDWLVHWFRPPRGLUHJRFQRVFDW4XLYHURQHTXHGLDOHFWLFHQHTXHSKLOR VRSKLH SDUWHP KDEXHULQW HW LWLGHP IDFHUH DWWHQWDEXQW DXGDFHV SURIHFWR DUURJDQWHV YHO HWLDP LQVLSLHQWHV LXGLFDEXQWXU ( TXRUXP QXPHUR FXP 435 QXSHU TXLGDP DG PH YHQLVVHW YHOOHWTXH LQWHUSUHWDWLRQHP LOODP RPQLEXV HORTXHQWLHVXHQHUYLVDFYLULEXVGHIHQVDUHRVWHQGLPXOWLVFRUDPTXLEXVLQ ORFLVHWLSVHHWLVTXHPVHTXHEDWXUHUUDUHW&XPTXHYHULWDWLLDPUHVLVWHUH QRQYDOHUHWUDWLRQLEXVTXHHWGRFWRUXPFODULVVLPRUXPDXFWRULWDWLEXVTXDV LQPHGLXPDGGX[HUDPUHVSRQGHUHQRQSRVVHWRVFLWDQWLVLPLOLVTXDQGDP 440 ILQ[LWVLELDEHXQGLFDXVDPVHDOLDVQRELVVDWLVIDFWXUXPDVVHYHUDQV6LFTXH QHEXORQHPLOOXPQRQVLQHULVXDELUHFRQFHVVLPXV 

/LWHUDWXUYHU]HLFKQLV +DQGVFKULIWOLFKEHUOLHIHUWH4XHOOHQWH[WH  %DWWLVWD GH )LQDULR $SRORJLD WUDGXFWLRQLV DQWLTXH OLEUL HWKLFRUXP $ULVWRWHOLV FRQWUD LQYHFWLYDP WUDGXFWLRQHPTXH/HRQDUGL$UHWLQL]LWLHUWQDFK%RORJQD%LEOLRWHFD 8QLYHUVLWDULD06 IYY  %XULGDQ -HDQ 4XDHVWLRQHV LQ 5KHWRULFDP $ULVWRWHOLV ]LWLHUW QDFK (UIXUW :$% ƒ  I UDYE  -DQGXQ -HDQ GH 4XHVWLRQHV VXSHU OLEULV 5KHWRULFRUXP $ULVWRWHOLV  ]LWLHUW QDFK (UIXUW 6% $PSO) ;,9 IUU UHGDFWLR%   *XLGR 9HUQDQL 6HQWHQWLD 5KHWRULFDH $ULVWRWHOLV 6XPPD VXSHU 5KHWRULFDP ]LWLHUW QDFK (U ODQJHQ8% ;9 IUY UUWDEXOD   



*HGUXFNWH4XHOOHQWH[WH  $EDLODUG3HWUXV  &ROODWLRQHVVLYH'LDORJXVLQWHU3KLORVRSKXP,XGDHXPHW&KULVWLDQXP *HVSUl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EHO LQ2SHUDRPQLD%G;,9 %GH 0QVWHU$VFKHQGRUII $OIDUDEL   'HFODUDWLR FRPSHQGLRVD SHU YLDP GLYLVLRQH $OIDUDEL VXSHU OLEURV UKHWRULFRUXP $ULVWRWHOLV9HQHGLJ



/LWHUDWXUYHU]HLFKQLV

$ULVWRWHOHV/DWLQXV  (WKLFDQLFRPDFKHD7UDQVODWLR5REHUWL*URVVHWHVWH/LQFROQLHQVLVVLYH ¶/LEHU(WKLFRUXP·$5HFHQVLR3XUD>%G;;9,)DVF7HUWLXV@KJ5HQDWXV$QWR QLXV*DXWKLHU/HLGHQ%ULOO $ULVWRWHOHV/DWLQXV  (WKLFDQLFRPDFKHD7UDQVODWLR5REHUWL*URVVHWHVWH/LQFROQLHQVLVVLYH ¶/LEHU (WKLFRUXP· % 5HFHQVLR 5HJRJQLWD >%G ;;9,  )DVF 4XDUWXV@ KJ 5HQDWXV $QWRQLXV*DXWKLHU/HLGHQ%ULOO $ULVWRWHOHV/DWLQXV  5KHWRULFD>%G;;;@KJ%HUQKDUG6FKQHLGHU/HLGHQ %ULOO $ULVWRWHOHV  2SHUD%GHKJ,%HNNHU$FDGHPLD5HJLD%RUXVVLFD%HUOLQ 1'2 *LJRQ2SHUD(G$FDG5HJ%RUXVVLFD$FFHGXQWIUDJPHQWDVFKROLDLQGH[$ULVWR WHOLFXV(GLWLRDOWHUD%GH%HUOLQ%G²YRQ*LJRQQLFKWQDFKJHGUXFNW² 1'(.H‰OHU$ULVWRWHOHVODWLQH,QWHUSUHWLEXVYDULLV0QFKHQ  $ULVWRWHOHV  1LNRPDFKLVFKH(WKLNEHUV(XJHQ5ROIHV KJ*QWHU%LHQ +DP EXUJ0HLQHU $ULVWRWHOHV   /HKUH YRP %HZHLV RGHU =ZHLWH $QDO\WLN EHUV (XJHQ 5ROIHV HLQJHO 2WIULHG+|IIH+DPEXUJ0HLQHU $ULVWRWHOHV   7RSLN EHUV (XJHQ 5ROIHV HLQJO +DQV *QWHU =HNO +DPEXUJ 0HLQHU $ULVWRWHOHV  5KHWRULNEHUVXQGKJ*HUQRW.UDSLQJHU6WXWWJDUW5HFODP $ULVWRWHOHV   5KHWRULN EHUV XQG HUO YRQ &KULVWRI 5DSS  %GH 'DUPVWDGW $NDGHPLH9HUODJ $ULVWRWHOHV   2LNRQRPLND 6FKULIWHQ ]X +DXVZLUWVFKDIW XQG )LQDQ]ZHVHQ EHUV XQG HUOlXWHUWYRQ5HQDWH=RHSIIHO'DUPVWDGW:LVVHQVFKDIWOLFKH%XFKJHVHOOVFKDIW $YHUURHV   $ULVWRWHOLV 2SHUD FXP $YHUURLV &RPPHQWDULLV  %GH 9HQHWLLV DSXG -XQFWDVXQYHUlQGHUWHU1DFKGUXFN)UDQNIXUW00LQHUYD $XJXVWLQXV   %HNHQQWQLVVH GWODW  EHUV -RVHSK %HUQKDUW 0QFKHQ ,QVHO 9HUODJ %DFRQ)UDQFLV  7KH$GYDQFHPHQWRIOHDUQLQJLQ:RUNVKJ-6SHGGLQJ/RQGRQ %G,,, %DFRQ 5RJHU  2SHUD TXDHGDP KDFWHQXV LQHGLWD >  2SXV 7HUWLXV 2SXV 0LQXV &RP SHQGLXPSKLORVRSKLDH@KJ-6%UHZHU/RQGRQ/RQJPDQXD %DFRQ 5RJHU   0RUDOLV SKLORVRSLD KJ YRQ (XJHQLR 0DVVD 7XULFL 7KHVDXUXV 0XQGL %DFRQ5RJHU  2SXVPDMXVKJ-RKQ+HQU\%ULGJHV%GH>XQYHUlQGHUWHU1' GHU$XVJDEH@)UDQNIXUW00LQHUYD %DUEDUR(UPRODR  &RPSHQGLXPHWKLFRUXPOLEURUXP9HQHGLJ %DUEDUR(UPRODR  'HFRHOLEDWX'HRIILFLROHJDOLKJ9LWWRULR%UDQFD)ORUHQ] %DUEDUR)UDQFHVFR  'HUHX[RULD3DGXD $WWLHPHPRULHGHOOD5DFFDGHPLDGL VFLHQ]H OHWWHUH HG DUWL LQ 3DGRYD $QQR &&&/;;9  1XRYD 6HULH ² 9RO ;;;,, 'W'DV%XFKYRQGHU(KHEHUV3*RWKHLQ%HUOLQ %HFFDGHOOL $QWRQLR   +HUPDSKURGLWXV EHUV )ULHGULFK &DUO )REHUW /HLS]LJ 5HFODP %HUQDUGLQRGD6LHQD  'HFRQWUDFWLEXVHWXVXULVLQGHUV2SHUD2PQLD4XDUDFFKL )LUHQ]H,9 %HUQDUGLQRGD6LHQD  3UHGLFKHYROJDULVXOFDPSRGL6LHQDKJ&DUOR'HOFRUQR %GH5XVFRQL

/LWHUDWXUYHU]HLFKQLV



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iGL&DVWHOOR/DSL %UXQL /HRQDUGR   +XPDQLVWLVFKSKLORVRSKLVFKH 6FKULIWHQ KJ +DQV %DURQ /HLS]LJ %*7HXEQHU %UXQL /HRQDUGR   Å'H VWXGLLV HW OLWWHULV OLEHU  hEHU VSUDFKOLFKH XQG ZLVVHQ VFKDIWOLFKH %LOGXQJ´ GWODW  EHUV 0DULWD *OHLVV LQ (XJHQLR *DULQ *HVFKLFKWH XQG'RNXPHQWHGHUDEHQGOlQGLVFKHQ3lGDJRJLN,,+XPDQLVPXV>4XHOOHQDXVZDKOIUGLH GHXWVFKH$XVJDEH(FNKDUG.H‰OHU@5HLQEHNEHL+DPEXUJ5RZRKOW %UXQL/HRQDUGR  'LDORJLDG3HWUXP3DXOXP+LVWUXPKJ6WHIDQR8JR%DOGDVVDUUL )ORUHQ]/HR62OVFKNL %UXQL/HRQDUGR  2SHUHOHWWHUDULHHSROLWLFKHKJ3DROR9LWL7XULQ %UXQL/HRQDUGR  +LVWRU\RIWKH)ORUHQWLQH3HRSOH%GHKJ-DPHV+DQNLQV &DPEULGJH+DUYDUG8QLYHUVLW\3UHVV %UXQL/HRQDUGR  ,VDJRJLFRQPRUDOLVGLVFLSOLQDH GWODW EHUV(FNKDUG.H‰OHULQ (WKLNGHV1W]OLFKHQ7H[WH]XU0RUDOSKLORVRSKLHLPLWDOLHQLVFKHQ+XPDQLVPXVKJ6DEUL QD (EEHUVPH\HU (FNKDUG .H‰OHU XQG 0DUWLQ 6FKPHLVVHU 0QFKHQ )LQN   %XULGDQ -HDQ   4XDHVWLRQHV VXSHU GHFHP OLEURV HWKLFRUXP $ULVWRWHOLV DG 1LFRPDFKXP 3DULV3RQVHWOH3UHX[ 53)UDQNIXUW0LQYHUYD  %XULGDQ-HDQ  4XDHVWLRQHVLQGHFHPOLEURV(WKLFRUXP$ULVWRWHOLVDG1LFRPDFKXP2[ IRUG+&ULSSVXD %XULGDQ-HDQ  Å3URRHPLXP´]X4XDHVWLRQHVVXSHUGHFHPOLEURVHWKLFRUXP$ULVWRWHOLV DG1LFRPDFKXP GWODW EHUV6DEULQD(EEHUVPH\HULQ(WKLNGHV1W]OLFKHQ7H[WH ]XU 0RUDOSKLORVRSKLH LP LWDOLHQLVFKHQ +XPDQLVPXV KJ 6DEULQD (EEHUVPH\HU (FNKDUG .H‰OHUXQG0DUWLQ6FKPHLVVHU0QFKHQ)LQN &LFHUR0DUFXV7XOOLXV  'HLQYHQWLRQH'HRSWLPRJHQHUHRUDWRUXP7RSLFD HQJOODW  /RQGRQ:LOOLDP+HLQHPDQQ/7' &LFHUR0DUFXV7XOOLXV  'HRIILFLLV9RPSIOLFKWJHPl‰HQ+DQGHOQ GWODW EHUV NRPPXQGKJ+HLQ]*XQHUPDQQ5HFODP6WXWWJDUW &LFHUR0DUFXV7XOOLXV  5HGHIU6H[WXV5RVFLXVDXV$PHULD GWODW EHUVXQG KJ*HUKDUG.UJHU5HFODP6WXWWJDUW &LFHUR 0DUFXV 7XOOLXV   'H RUDWRUH  hEHU GHQ 5HGQHU GWODW  EHUV XQG KJ +DUDOG0HUNOLQ5HFODP6WXWWJDUW &LFHUR0DUFXV7XOOLXV  'HILQLEXVERQRUXPHWPDORUXPhEHUGDVK|FKVWH*XWXQG GDVJU|‰WHhEHO GWODW EHUVXQGKJ+DUDOG0HUNOLQ5HFODP6WXWWJDUW



/LWHUDWXUYHU]HLFKQLV

&LFHUR 0DUFXV 7XOOLXV  7XVFXODQD GLVSXWDWLRQHV  *HVSUlFKH LQ 7XVFXOXP GWODW  EHUVXQGKJ(UQVW$OIUHG.LUIHO5HFODP6WXWWJDUW &LFHUR0DUFXV7XOOLXV  'HLQYHQWLRQHhEHUGLH$XIILQGXQJGHV6WRIIV GWODW KJ 7KHRGRU1‰OHLQ'DUPVWDGW:LVVHQVFKDIWOLFKH%XFKJHVHOOVFKDIW 'DQWH$OLJKLHUL  'HYXOJDULHORTXHQWLDKJ$ULVWLGH0DULJRXQG3LHU*LRUJLR5LFFL )ORUHQ])HOLFH/H0RQQLHU 'D3UDWR*LRYDQQL*KHUDUGL  ,OSDUDGLVRGHJOL$OEHUWLKJ$QWRQLD/DQ]D5RP 'HVFDUWHV 5HQp   'LH /HLGHQVFKDIWHQ GHU 6HHOH 3DVVLRQV GH O·$PH  IUDQ]GW  KJ XQGEHUV.ODXV+DPPDFKHU+DPEXUJ0HLQHU 'LRQLJLGD%RUJR6DQ6HSROFUR  $FULWLFDOHGLWLRQRIWKHILUVWERRNRIWKHFRPPHQWDU\RI 'LRQLJL GD %RUJR 6DQ 6HSROFUR RQ WKH ¶)DFWD HW GLFWD PHPRUDELOLD XUELV 5RPDH· RI 9DOHULXV 0D[LPXVKJ-:/DUNLQ6-1HZ 2SHUD RPQLD 'HVLGHULL (UDVPL 5RWHUGDPL ,9 @ $PVWHUGDP 2[IRUG1RUWK+ROODQG3XEOLVKLQJ&RPSDQ\ )DFLXV%DUWKRORPDHXV  'HYLULVLOOXVWULEXVOLEHUKJ/0HKXV)ORUHQ] )URQVEHUJHU /HRQKDUG   9RQ GHP /RE GH‰ (LJHQ 1XW]HQ )UDQNIXUW DP 0DLQ  *HUVRQ-HDQ  2HYUHVFRPSOqWHVHG3*ORULHX[%G,,3DULV +HJHO*HRUJ:LOKHOP)ULHGULFK  9RUOHVXQJHQEHUGLH*HVFKLFKWHGHU3KLORVRSKLH,,, > :HUNH@)UDQNIXUW06XKUNDPS +RQRULXVYRQ$XWXQ  /·(OXFLGDULXPHWOHV/XFLGDLUHVKJ@:HUNDXVJDEH%DQG9,,,KJ :LOKHOP:HLVFKHGHO)UDQNIXUW0 /DFWDQFH  ,QVWLWXWLRQVGLYLQHV/LYUH9%HG IUDQ]ODW EHUVXQGKJ3LHUUH 0RQDW3DULV/HVeGLWLRQVGXFHUI /D 5RFKHIRXFDXOG   2HXYUHV FRPSOqWHV KJ / 0DUWLQ&KDXIILHU EHUDU -HDQ 0DUFKDQG3DULV*DOOLPDUG /HLEQL]*RWWIULHG:LOKHOP  'LHSKLORVRSKLVFKHQ6FKULIWHQYRQ*RWWIULHG:LOKHOP /HLEQL]KJ&DUO,*HUKDUGW%GH%HUOLQ /HLEQL]*RWWIULHG:LOKHOP  'LH7KHRGL]HHEHUV$UWXU%XFKHQDX+DPEXUJ 0DFFKLDYHOOL 1LFFROz   ,O SULQFLSH KJ 0DULR 0DUWHOOL > (GL]LRQH 1D]LRQDOH GHOOH 2SHUH GL 1LFFROz 0DFKLDYHOOL 6H]LRQH , 2SHUH 3ROLWLFKH &RRUGLQDWRUH -HDQ-DFTXHV 0DUFKDQG%G@5RP6DOHUQR(GLWULFH 0DQGHYLOOH%HUQDUG  7KH)DEOHRIWKH%HHVRU3ULYDWH9LFHV3XEOLFN%HQHILWVKJ)% .D\H%GH2[IRUG&ODUHQGR3UHVV 53,QGLDQDSROLV/LEHUW\&ODVVLFV  0DUVLOLXVGH3DGXD  'HIHQVRUSDFLVKJ5LFKDUG6FKRO]+DQQRYHU+DKQ

/LWHUDWXUYHU]HLFKQLV



0RUH7KRPDV  8WRSLDLQ&RPSOHWH:RUNVRI6W7KRPDV0RUH%GKJ(GZDUG 6XUW]6-XQG-++H[WHU1HZ+DYHQ/RQGRQ 1LHW]VFKH )ULHGULFK   .ULWLVFKH 6WXGLHQDXVJDEH  %GH KJ *LRUJLR &ROOL XQG 0D]]LPR0RQWLQDUL0QFKHQGWY 2FNKDP VLHKH:LOKHOPYRQ2FNKDP  2UHVPH1LFROH  /H/LYUHGH(WKLTXHG·$ULVWRWH3XEOLVKHGIURPWKH7H[WRI06 %LEOLRWKqTXH5R\DOHGH%HOJLTXHZLWKDFULWLFDO,QWURGXFWLRQDQG1RWHVE\ $OEHUW'RXJODV0HQXW1HZ *ODVJRZ (GLWLRQ RI WKH :RUNV DQG &RUUHVSRQGHQFH RI $GDP 6PLWK %G,@2[IRUG&ODUHQGRQ3UHVV 6PLWK$GDP E $Q,QTXLU\LQWRWKH1DWXUHDQG&DXVHVRIWKH:HDOWKRI1DWLRQVKJ 5+&DPSEHOOX$66NLQQHU> *ODVJRZ(GLWLRQRIWKH:RUNVDQG&RUUHVSRQGHQFHRI $GDP6PLWK%G,,@%GH2[IRUG&ODUHQGRQ3UHVV 6PLWK $GDP   'HU :RKOVWDQG GHU 1DWLRQHQ (LQH 8QWHUVXFKXQJ VHLQHU 1DWXU XQG VHLQHU8UVDFKHQEHUV+RUVW&ODXV5HFNWHQZDOG0QFKHQGWY

/LWHUDWXUYHU]HLFKQLV



6SLQR]D%DUXFKGH  2SHUD,P$XIWUDJGHU+HLGHOEHUJHU$NDGHPLHGHU:LVVHQ VFKDIWHQ %GHXQGHLQ(UJlQ]XQJVEDQG KJ&DUO*HEKDUGW+HLGHOEHUJ &DUO:LQWHUV9HUODJVEXFKKDQGOXQJ 6SLQR]D%DUXFKGH  (WKLNLQJHRPHWULVFKHU2UGQXQJGDUJHVWHOOW GWODW EHUVXQG KJYRQ:ROIJDQJ%DUWXVFKDW+DPEXUJ0HLQHU 7KRPDV YRQ $TXLQ   6XPPD 7KHRORJLFD 'LH GHXWVFKH 7KRPDV$XVJDEH   %GH *UD]:LHQ.|OQ6W\UD 7KRPDVYRQ$TXLQ  6HQWHQWLDOLEULHWKLFRUXPKJ5$*DXWKLHULQ6DQFWL7KRPDH $TXLQDWLVGRFWRULVDQJHOLFL2SHUDRPQLDLXVVX/HRQLV;,,,30HGLWDFXUDHWVWXGLRIUDWUXP SUDHGLFDWRUXP> (GLWLR/HRQLQD@5RPII%G 7HLOH  7KRPDVYRQ$TXLQ  6XSHU%RHWLXPGHWULQLWDWH([SRVLWLROLEUL%RHWLLGH(EGRPDGLEXV KJ5$*DXWKLHULQ6DQFWL7KRPDH$TXLQDWLVGRFWRULVDQJHOLFL2SHUDRPQLDLXVVX/HR QLV ;,,, 30 HGLWD FXUD HW VWXGLR IUDWUXP SUDHGLFDWRUXP >  (GLWLR /HRQLQD@ 5RP II%G 9DOHULXV 0D[LPXV   )DFWD HW GLFWD PHPRUDELOLD  'HQNZUGLJH 7DWHQ XQG :RUWH GWODW DXVJHZlKOWEHUVXQGKJ8UVXOD%ODQN6DQJPHLVWHU6WXWWJDUW5HFODP 9DOOD /RUHQ]R   'H YHUR IDOVRTXH ERQR KJ 0DULVWHOOD GH 3DQL]]D /RUFK %DUL $GULDWLFD(GLWULFH 9DOOD /RUHQ]R   5HSDVWLQDWLR GLDOHFWLFH HW SKLORVRSKLD KJ *LDQQL =LSSHO 3DGXD $QWRQRUH 9DOOD/RUHQ]R  'HSURIHVVLRQHUHOLJLRVXPKJ0&RUWHVL3DGXD 9DOOD/RUHQ]R  hEHUGHQIUHLHQ:LOOHQ'HOLEHURDUELWULRKJXQGEHUV(FNKDUG .H‰OHU0QFKHQ)LQN 9DOOD /RUHQ]R   9RQ GHU /XVW RGHU 9RP ZDKUHQ *XWHQ KJ X EHUV YRQ 3HWHU 0LFKDHO6FKHQNHO0QFKHQ)LQN 9HJLR 0DIIHR   'H HGXFDWLRQH OLEHURUXP HW HRUXP FODULV PRULEXV OLEUL VH[ 7ELQJHQ $QVKHOP 9LYHV -XDQ /XLV   hEHU GLH *UQGH GHV 9HUIDOOV GHU .QVWH  'H FDXVLV FRUUXSWDUXP DUWLXP ODWGW EHUV :LOKHOP 6HQGQHU KJ (PLOLR +LGDOJR6HUQD 0QFKHQ )LQN :LOKHOP YRQ &RQFKHV   0RUDOLXP GRJPD SKLORVRSKRUXP GHV *XLOODXPH GH &RQFKHV ODWHLQLVFK DOWIUDQ]|VLVFK XQG PLWWHOQLHGHUIUlQNLVFK KJ -RKQ +ROPEHUJ 3DULV &KDPSLRQXD :LOKHOPYRQ2FNKDP  'LDORJXVLQ0HOFKLRU+*ROGDVW +J 0RQDUFKLD6DFUL 5RPDQL ,PSHULL VLYH 7UDFWDWXV GH LXULV GLFWLRQH LPSHULDOH VHX UHJLD %G  )UDQNIXUW0 &RQUDG %LHUPDQQ >XQYHUlQGHUWHU 1DFKGUXFN *UD] $NDGHPLVFKH 'UXFN XQG 9HUODJVDQVWDOW@ :LOKHOPYRQ2FNKDP  2SHUD7KHRORJLFD%G6W%RQDYHQWXUH 1&RQYHJQL GHO &HQWUR GL VWXGL VXOOD VSLULWXDOLWj PHGLHYDOH;9,@7RGL 7RPDUNHQ $QQHWWH +   7KH 6PLOH RI 7UXWK 7KH )UHQFK 6DWLULFDO (XORJ\ DQG LWV $QWHFHGHQWV3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV 7UHPO &KULVWLQH   +XPDQLVWLVFKH *HPHLQVFKDIWVELOGXQJ 6R]LRNXOWXUHOOH 8QWHUVXFKXQJ ]XU (QWVWHKXQJ HLQHV QHXHQ *HOHKUWHQVWDQGHV LQ GHU IUKHQ 1HX]HLW +LOGHVKHLP =ULFK 1HZ