Um 1700: Die Formierung der europäischen Aufklärung: Zwischen Öffnung und neuerlicher Schließung 9783110482249, 9783110478907

The period around 1700 is called the pre-Enlightenment, and its societal and ideological breakthroughs are then seen as

220 32 6MB

German Pages 307 [308] Year 2016

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Inhalt
Um 1700: Die Formierung der europäischen Aufklärung. Zwischen Öffnung und neuerlicher Schließung
I. Öffnung und Schließung als Kategorien des historischen Bewusstseins und der (literatur-) historischen Forschung
Um 1700 begann die ,offene Zukunft?. Zum Ausgang der Aufklärung von einer allgemeinen Unsicherheitserfahrung
Verlagerte Problemhorizonte und produktive Problemlosungen. Altemativen zur Epochengeschichte
II. Neue Handlungsspielräume und Rollen in der Öffentlichkeit
Öffnung für das Vorläufige. Die Mode im 17. und 18. Jahrhundert
,,erlernet, dass ich meine Stimme erheben müsste“: Pietistische Ethik, Hausökonomie und Lesekultur als neue Handlungsspielräume in der Frühaufklärung
Diskurse junger Männlichkeit in der Komödie um 1700
Die Aufklärung der Dreiundzwanzigjährigen. Titelkupfer als Indikatoren für den publizistischen Hintergrund der Frühaufklärung
III. Neue Methodik und Ästhetik
Urteilskraft statt Gedächtnis? Von der Dequalifizierung zur erneuten Aufwertung der Memoria in der deutschen Frühaufklärung
Oper und Öffentlichkeit. Formen impliziten Aufklärens an der Hamburger Gänsemarktoper um 1700
IV. Übergänge
Roman, petit roman und nouvelle galante: Theorie und Praxis romanesken Schreibens bei Du Plaisir
Transfer und Transformation: Galante Prosa zwischen Frankreich und Deutschland
„Von dem Zustande der Poesie in Teutschland“. Die Breslauer Anleitung (1725) als erste Aufklärungspoetik
V. Hervortreiben und Bekämpfen der Un/Ordung
„[...] kill not with Bullets, but with Pills as fatal“: das pharmazeutische Experiment des komischen Epos um 1700
Instabile Ordnungen. ‚Désrodres‘ als Leitmotiv in der französischen Literatur des frühen 18. Jahrhunderts
Recommend Papers

Um 1700: Die Formierung der europäischen Aufklärung: Zwischen Öffnung und neuerlicher Schließung
 9783110482249, 9783110478907

  • 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

Hallesche Beiträge zur Europäischen Aufklärung Schriftenreihe des Interdisziplinären Zentrums für die Erforschung der Europäischen Aufklärung Martin-Luther-Universität Halle-Wittenberg

55

Um 1700: Die Formierung der europäischen Aufklärung Zwischen Öffnung und neuerlicher Schließung

Herausgegeben von Daniel Fulda und Jörn Steigerwald

De Gruyter

Herausgeber: Thomas Bremer, Daniel Cyranka, Elisabeth De´cultot, Jörg Dierken, Robert Fajen, Daniel Fulda, Wolfgang Hirschmann, Yvonne Kleinmann, Heiner F. Klemme, Andreas Pecˇar, Jürgen Stolzenberg, Heinz Thoma, Sabine Volk-Birke Wissenschaftlicher Beirat: Wolfgang Adam, Gunnar Berg, Reinhard Brandt, Lorraine Daston, Laurenz Lütteken, Jean Mondot, Alberto Postigliola, Peter Hanns Reill Redaktion: Ricarda Matheus

ISBN 978-3-11-047890-7 e-ISBN (PDF) 978-3-11-048224-9 e-ISBN (EPUB) 978-3-11-048055-9 ISSN 0948-6070 Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.dnb.de abrufbar. 쑔 2016 Walter de Gruyter GmbH, Berlin/Boston Druck und Bindung: CPI books GmbH, Leck 앝 Gedruckt auf säurefreiem Papier 앪 Printed in Germany www.degruyter.com

,QKDOW       '$1,(/)8/'$-g5167(,*(5:$/' 8P'LH)RUPLHUXQJGHUHXURSlLVFKHQ$XINOlUXQJ=ZLVFKHQgIIQXQJ XQGQHXHUOLFKHU6FKOLH‰XQJ   

,gIIQXQJXQG6FKOLH‰XQJDOV.DWHJRULHQGHVKLVWRULVFKHQ%HZXVVWVHLQV XQGGHU OLWHUDWXU KLVWRULVFKHQ)RUVFKXQJ  '$1,(/)8/'$ 8PEHJDQQGLHÃRIIHQH=XNXQIWµ=XP$XVJDQJGHU$XINOlUXQJ YRQHLQHUDOOJHPHLQHQ8QVLFKHUKHLWVHUIDKUXQJ  2/$)6,0216 9HUODJHUWH3UREOHPKRUL]RQWHXQGSURGXNWLYH3UREOHPO|VXQJHQ$OWHUQDWLYHQ ]XU(SRFKHQJHVFKLFKWH   

,,1HXH+DQGOXQJVVSLHOUlXPHXQG5ROOHQLQGHUgIIHQWOLFKNHLW  (/(1$(6326,72 gIIQXQJIUGDV9RUOlXILJH'LH0RGHLPXQG-DKUKXQGHUW  %$5%$5$%(&.(5&$17$5,12 ÄHUOHUQHWGDVVLFKPHLQH6WLPPHHUKHEHQPVVWH³3LHWLVWLVFKH(WKLN +DXV|NRQRPLHXQG/HVHNXOWXUDOVQHXH+DQGOXQJVVSLHOUlXPHLQGHU )UKDXINOlUXQJ  .$7-$%$57+(/ 'LVNXUVHMXQJHU0lQQOLFKNHLWLQGHU.RP|GLHXP  0$57,108/62: 'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ7LWHONXSIHUDOV,QGLNDWRUHQ IUGHQSXEOL]LVWLVFKHQ+LQWHUJUXQGGHU)UKDXINOlUXQJ  

9,

,QKDOW



,,,1HXH0HWKRGLNXQGbVWKHWLN  )5$1.*581(57 8UWHLOVNUDIWVWDWW*HGlFKWQLV"9RQGHU'HTXDOLIL]LHUXQJ]XUHUQHXWHQ $XIZHUWXQJGHU0HPRULDLQGHUGHXWVFKHQ)UKDXINOlUXQJ   :2/)*$1*+,56&+0$11%(51+$5'-$+1 2SHUXQGgIIHQWOLFKNHLW)RUPHQLPSOL]LWHQ$XINOlUHQVDQGHU+DPEXUJHU *lQVHPDUNWRSHUXP   

,9hEHUJlQJH  -g5167(,*(5:$/' 5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH7KHRULHXQG3UD[LVURPDQHVNHQ 6FKUHLEHQVEHL'X3ODLVLU  587+)/25$&. 7UDQVIHUXQG7UDQVIRUPDWLRQ*DODQWH3URVD]ZLVFKHQ)UDQNUHLFKXQG 'HXWVFKODQG  ',5.1,()$1*(5 Ä9RQGHP=XVWDQGHGHU3RHVLHLQ7HXWVFKODQG³ 'LH%UHVODXHU$QOHLWXQJ  DOVHUVWH$XINOlUXQJVSRHWLN   

9+HUYRUWUHLEHQXQG%HNlPSIHQGHU8Q2UGQXQJ  %$55«@NLOOQRWZLWK%XOOHWVEXWZLWK3LOOVDVIDWDO³GDVSKDUPD]HXWLVFKH ([SHULPHQWGHVNRPLVFKHQ(SRVXP  '$1,(/'80.( ,QVWDELOH2UGQXQJHQÃ'pVRUGUHVµDOV/HLWPRWLYLQGHUIUDQ]|VLVFKHQ /LWHUDWXUGHVIUKHQ-DKUKXQGHUWV



 '$1,(/)8/'$-g5167(,*(5:$/' 

8P'LH)RUPLHUXQJGHUHXURSlLVFKHQ$XINOlUXQJ =ZLVFKHQgIIQXQJXQGQHXHUOLFKHU6FKOLH‰XQJ 

,

.ULVHDOVgIIQXQJ+LVWRULVFKH%HGLQJXQJHQGHU$XINOlUXQJ

 8PVLFKHLQHQ%HJULIIYRQGHUÃ)UKDXINOlUXQJµ]XPDFKHQORKQWHVVLFKQDFKZLH YRU DXI GLH  HUVWPDOV SXEOL]LHUWH 6WXGLH /D &ULVH GH OD FRQVFLHQFH HXUR SpHQQH±YRQ3DXO+D]DUGV]XUFN]XJUHLIHQ9HUJOLFKHQPLW-RQDWKDQV ,VUDHOV QHXHU ± XQG GHXWOLFK XPIDQJUHLFKHUHU ± 7ULORJLH 5DGLFDO (QOLJKWHQPHQW   (QOLJKWHQPHQW &RQWHVWHG   XQG 'HPRFUDWLF (QOLJKWHQPHQW   GLHDQHLQHUVWDUNHQ7KHVHRULHQWLHUWLVW]HLJW+D]DUGV:HUNGHQZHLWHUHQ%OLFN 'HQhEHUJDQJYRQ$OWHXURSD]XU0RGHUQHYHUIROJWHVLQHLQHU9LHO]DKOYRQ'LV NXUVHQ±YRQGHU/LWHUDWXUEHUGLH3KLORVRSKLHELV]XGHQ1DWXUZLVVHQVFKDIWHQ± XQG EHUFNVLFKWLJW DXFK GLH VR]LDOHQ XQG SROLWLVFKHQ 9HUlQGHUXQJHQ GHU =HLW XP  :HQLJHU EHNDQQW DOV GLH .ULVHQ6WXGLH DEHU IU GHUHQ 9HUVWlQGQLV DXVJH VSURFKHQZLFKWLJLVW+D]DUGVQDFKIROJHQGHV:HUN/D3HQVpHHXURSpHQQHDX;9,,,H VLqFOHGH0RQWHVTXLHXj/HVVLQJYRQGDVLQGHUGHXWVFKHQhEHUVHW]XQJGHQ EH]HLFKQHQGHQ7LWHO'LH+HUUVFKDIWGHU9HUQXQIW'DVHXURSlLVFKH'HQNHQLP -DKUKXQGHUWWUlJW1LPPWPDQEHLGH6WXGLHQ]XVDPPHQGDQQHUJLEWVLFKIROJHQ GHV%LOG1DFK+D]DUGVFKXIGLH.ULVHXPGLH9RUDXVVHW]XQJHQGDIUGDVV LP QHXHQ -DKUKXQGHUW GLH 9HUQXQIW LKUHQ 6LHJHV]XJ LP =HLFKHQ GHU $XINOlUXQJ  

3DXO +D]DUG/D&ULVHGHODFRQVFLHQFHHXURSpHQQH±3DULV GHXWVFKHhEHU VHW]XQJ 'LH .ULVH GHV HXURSlLVFKHQ *HLVWHV ± $ G )U] EHUWU YRQ +DUULHW :H JHQHU+DPEXUJ   9JO-RQDWKDQ,VUDHO5DGLFDO(QOLJKWHQPHQW3KLORVRSK\DQGWKH0DNLQJRI0RGHUQLW\± 2[IRUGGHUV(QOLJKWHQPHQW&RQWHVWHG3KLORVRSK\0RGHUQLW\DQGWKH(PDQFL SDWLRQRI0DQ±2[IRUGGHUV'HPRFUDWLF(QOLJKWHQPHQW3KLORVRSK\5HYR OXWLRQ DQG +XPDQ5LJKWV±2[IRUG,VUDHOLQWHUHVVLHUWVLFKPLWEHZXQGHUQV ZHUWHU .RQVHTXHQ] XQG .RPSHWHQ] QLFKW QXU IU GLH EHNDQQWHQ=HQWUHQVRQGHUQHEHQVRIU YHUPHLQWOLFK]ZHLWUDQJLJH5HJLRQHQXQGGLH3HULSKHULH-HGRFKXQWHUOHJWHUVHLQHQGHWDLOOLHUWHQ $QDO\VHQHLQHQJHUDGH]XVFKHPDWLVFKHQ*HJHQVDW]'DQDFKIlOOWGLH$XINOlUXQJDXVHLQDQGHU LQ HLQH 0LQGHUKHLW YRQ Ã5DGLNDOHQµ GLH VSLQR]LVWLVFKH 5HOLJLRQVNULWLN EHWULHEHQ GLH6WlQGH RUGQXQJDQJULIIHQXQGGDPLWGLH$XINOlUXQJLQ*DQJVHW]WHQXQGLQHLQH0HKUKHLWGHUÃ0RGH UDWHQµ GLH .RPSURPLVVH QLFKW QXU ]ZLVFKHQ 9HUQXQIW XQG *ODXEHQ VRQGHUQ DXFK PLW GHQ 0lFKWLJHQ VXFKWHQ $OOHLQ DXI GLH YRUQHKPOLFK YRQ GHQ 1LHGHUODQGHQ DXVJHKHQGH ÃUDGLNDOHµ $XINOlUXQJ N|QQH PDQ VLFK KHXWH DEHU EHUXIHQ ZHQQ HV XP GLH 0HQVFKHQUHFKWH GLH 7UHQ QXQJYRQ6WDDWXQG.LUFKHIUHLKHLWOLFKH/HEHQVIRUPHQXlJHKH=XUNULWLVFKHQ$XVHLQDQGHU VHW]XQJPLW,VUDHOYJODXFK)UDQN*UXQHUW +JIUGDV,QWHUGLV]LSOLQlUH=HQWUXPIUGLH(UIRU VFKXQJ GHU (XURSlLVFKHQ$XINOlUXQJ &RQFHSWVRI 5DGLFDO (QOLJKWHQPHQW-RQDWKDQ,VUDHO LQ'LVFXVVLRQ+DOOH  3DXO +D]DUG /D 3HQVpH HXURSpHQQHDX;9,,,HVLqFOH'H0RQWHVTXLHXj/HVVLQJ3DULV GHXWVFKH hEHUVHW]XQJ 'LH +HUUVFKDIW GHU 9HUQXQIW 'DV HXURSlLVFKH 'HQNHQ LP -DKU KXQGHUW+DPEXUJ 



'DQLHO)XOGD-|UQ6WHLJHUZDOG

DQWUHWHQ NRQQWH 0LW %OLFN DXI GLH JHJHQZlUWLJH (UIRUVFKXQJ GHU )UKDXINOlUXQJ P|FKWHQZLUGUHL]HQWUDOH$VSHNWHVHLQHV$QVDW]HVKHUDXVKHEHQ (UVWHQVEHGHXWHWGLHÃ.ULVHµGHVHXURSlLVFKHQ6HOEVWYHUVWlQGQLVVHVEHL+D]DUG NHLQHQ NXOWXUHOOHQ RGHU SROLWLVFKHQ 1LHGHUJDQJ QDFK HLQHU YRUDXVJHKHQGHQ JOlQ ]HQGHQ(SRFKH9LHOPHKUKDQGHOWHVVLFKXPGHQ%HJLQQHLQHVVSH]LILVFKHXURSlL VFKHQ'HQNHQVGDVVLFKDOVSURGXNWLYH.ULVHLPGRSSHOWHQ6LQQHH[SOL]LHUHQOlVVW 'LHVHV'HQNHQGDVJHQDXHUDOVHLQJHQXLQDXINOlUHQGHV'HQNHQ]XYHUVWHKHQLVW EHZLUNWHHLQHQSROLWLVFKHQNXOWXUHOOHQXQGVR]LDOHQ(LQVFKQLWWGHULQGLHVHU6FKlU IHXP]XPHUVWHQ0DODXIWUDW'LH]XYRUXQKLQWHUIUDJWJHOWHQGHQ2UGQXQJV V\VWHPHZXUGHQQXQHLQHU.ULWLNXQWHU]RJHQGLHZHLWUHLFKHQGH)ROJHQ]HLWLJWHGLH HXURSlLVFKH$XINOlUXQJXQGGLH0RGHUQH'DVHXURSlLVFKH'HQNHQLVWIU+D]DUG DQ XQGIUVLFKHLQNULWLVFKHV'HQNHQGDVNHLQVSH]LILVFKHVJDUIHVW]XVFKUHLEHQ GHV (UJHEQLV DQVWUHEW 9LHOPHKU KDQGHOW HV VLFK XP HLQH PHQWDOH 'LVSRVLWLRQ ZHOFKHGLH.ULVH]XU*UXQGODJHGHVHLJHQHQ+DQGHOQVPDFKWGHQQMHGHV(UJHEQLV GLHVHV'HQNHQVEHZLUNWHLQHQHXHSURGXNWLYH.ULVHDXVGHUHLQHQHXH6XFKHHLQ QHXHV 1DFKGHQNHQIROJW0LWGHUÃ.ULVHGHVHXURSlLVFKHQ%HZXVVWVHLQVµLVWGHP QDFK GHU $XVJDQJVSXQNW HLQHU 'HQNZHLVH GHU SHUPDQHQWHQ .ULVH DQJHVSURFKHQ GLHYRQ+D]DUGDOVHEHQVRG\QDPLVFKHUZLHSURGXNWLYHU3UR]HVVYHUVWDQGHQZLUG 0DQ N|QQWH KLHU YRQ HLQHU HUVWPDOLJHQ gIIQXQJ GHV HXURSlLVFKHQ %HZXVVWVHLQV VSUHFKHQ GLH HLQHQ 3UR]HVV LQ *DQJ JHVHW]W KDW GHU NHLQH 6FKOLH‰XQJHQ PHKU ]XOlVVWGDHUYRQ%HJLQQDQDXI'DXHUJHVWHOOWZDU,QGLHVHP6LQQHVWHOOW+D]DUGV 0RGHOO HLQH SRVLWLYH $OWHUQDWLYH ]XU ZHQLJ VSlWHU YRQ +RUNKHLPHU XQG $GRUQR IRUPXOLHUWHQ.XOWXUNULWLNDQGHUGLDOHNWLVFKLQ%DUEDUHLXPVFKODJHQGHQ$XINOlUXQJ GDU =ZHLWHQV SUlVHQWLHUW +D]DUG HLQH *HVFKLFKWH GHV HXURSlLVFKHQ %HZXVVWVHLQV GLH ]ZDU JHVDPWHXURSlLVFK DXVJHULFKWHW LVW MHGRFK DXI HLQHP GH]LGLHUW IUDQ]|VL VFKHQ 9HUVWlQGQLV GHV 'HQNHQV E]Z JHQDXHU GHU $XINOlUXQJ DXIEDXW 'DUDXV HUJLEWVLFKHLQVHKUIUDQ]|VLVFKHU%OLFNDXIGLH=HLWXPVRZLHZHLWHUJHKHQG DXIGLHHXURSlLVFKH$XINOlUXQJGHUYRQGHQ2UGQXQJVV\VWHPHQGHV0RGHOOV3DULV JHSUlJWLVW'LHVHV9HUVWlQGQLVIX‰WDXIGHU(PSLULVLHUXQJXQG,QVWLWXWLRQDOLVLHUXQJ GHV :LVVHQV LQ GHQ QHXJHJUQGHWHQ $NDGHPLHQ VRZLH DXI GHU DOOJHPHLQHQ 9HU EUHLWXQJ GLHVHV :LVVHQV LQ(Q]\NORSlGLHQRGHUOLWHUDULVFKHQXQGSKLORVRSKLVFKHQ 6FKULIWHQ =XU UlXPOLFKHQ )RNXVVLHUXQJ DXI 3DULV NRPPW HLQH ]HLWOLFKH (LQJUHQ ]XQJ GLH EHUHLWV GHU IUDQ]|VLVFKH 8QWHUWLWHO GHV ]ZHLWHQ %XFKHV DXVGUFNW ÃGH  

Ä:DVLVW(XURSD"(LQ'HQNHQGDVVLFKQLH]XIULHGHQJLEW2KQH0LWOHLGPLWVLFKVHOEVWYHU IROJWHVXQDXIK|UOLFK]ZHL6SXUHQGLHGHV*OFNVXQGGLHGHU:DKUKHLWGLHLKPQRFKXQHQW EHKUOLFKHULVWXQGQRFKPHKUDP+HU]HQOLHJW.DXPKDWHVHLQHQ=XVWDQGHUUHLFKWGHUGLHVHU GRSSHOWHQ)RUGHUXQJ]XHQWVSUHFKHQVFKHLQWVREHPHUNWHVZHL‰HVGD‰VHLQHXQVLFKHUH+DQG QXUHWZDV9RUOlXILJHVHWZDV5HODWLYHVKlOWXQGHVEHJLQQWGLHYHU]ZHLIHOWH6XFKHYRQQHXHP GLHVHLQ5XKPXQGVHLQH4XDOLVW³ +D]DUG'LH.ULVHGHVHXURSlLVFKHQ*HLVWHVZLH$QP 6   0D[+RUNKHLPHUX7KHRGRU:$GRUQR'LDOHNWLNGHU$XINOlUXQJ3KLORVRSKLVFKH)UDJPHQ WH)UDQNIXUWD0 2ULJLQDO 

8P'LH)RUPLHUXQJGHUHXURSlLVFKHQ$XINOlUXQJ



0RQWHVTXLHX j /HVVLQJµ +D]DUG JHODQJW GDEHL ]X IROJHQGHU (LQVFKlW]XQJ GHU HXURSlLVFKHQ $XINOlUXQJ $XVJHKHQG YRQ GHQ IUDQ]|VLVFKHQ 'LVNXVVLRQHQ XP  GHQHQ +D]DUG GLH QLHGHUOlQGLVFKHQ UHFKW XPVWDQGVORV ]XVFKOlJW ZLH HWZD GLH%HKDQGOXQJ3LHUUH%D\OHV]HLJW NRPPWHV]XQlFKVW]XHLQHU.ULVHGHVIUDQ]| VLVFKHQ%HZXVVWVHLQVGLHVLFKLQGHQIROJHQGHQ-DKU]HKQWHQ]XHLQHUJHVDPWHXUR SlLVFKHQ.ULVHGHV%HZXVVWVHLQVDXVZHLWHWGLHGHQ1DPHQ$XINOlUXQJWUlJW 'ULWWHQV YHUZHLVHQ GLH YRQ +D]DUG YHUZHQGHWHQ %HJULIIH GHU .ULVH VRZLHGHV 'HQNHQVGDUDXIGDVVHUDXIHLQH'HQNXQG6WUHLWNXOWXUGHU3KLORVRSKHQXQG/LWH UDWHQDE]LHOWGLHVLFKLP5DXPGHUgIIHQWOLFKNHLWDEVSLHOW±RGHUJHQDXHUGLHGHQ 5DXPGHUgIIHQWOLFKNHLWEHUKDXSWHUVWKHUYRUEULQJW'DPLWZLUGZLHGHUHLQIUDQ ]|VLVFKHV'HQNPRGHOO]XJUXQGHJHOHJW'LHÃ4XHUHOOHGHV$QFLHQVHWGHV0RGHU QHVµ ZLUG DOV 3DUDGLJPD GHU .ULVH YHUVWDQGHQ LQ GHU GDV VSH]LILVFK HXURSlLVFKH NULVHQKDIWH 'HQNHQ H[SOL]LW IRUPXOLHUWZLUG 'DEHLNDQQ+D]DUG'LVNXVVLRQHQLQ HLQ]HOQHQ'LVNXUVHQ±HWZDGLH2SSRVLWLRQ]ZLVFKHQ5DWLRQDOLVWHQXQG(PSLULVWHQ LQ GHU 3KLORVRSKLH ± JHQDXVR LQ VHLQ 'HQNPRGHOO LQWHJULHUHQ ZLH .RQWURYHUVHQ ]ZLVFKHQ 9HUWUHWHUQ YHUVFKLHGHQHU 'LVNXUVH ± HWZD GLH 'HEDWWHQ EHU GLH 'HX WXQJVKRKHLW EHU GHQ 0HQVFKHQ ]ZLVFKHQ 3KLORVRSKHQ 0HGL]LQHUQ XQG 7KHROR JHQ±RGHU'HEDWWHQ]ZLVFKHQYHUVFKLHGHQHQ1DWLRQHQXPGLHNXOWXUHOOH+HJHPR QLH LQ (XURSD ZDV HU DQKDQG GHU 'LIIHUHQ] ]ZLVFKHQ (QJODQG XQG )UDQNUHLFK DXVIKUW GHQQ VLH VLQG VlPWOLFK LGHQWLIL]LHUEDUH %HVWDQGWHLOH GHU .ULVH GLH HU ]X EHVFKUHLEHQ VWUHEW 'LH .ULVH GHV HXURSlLVFKHQ %HZXVVWVHLQV HU|IIQHW XP  HLQH'HQNEHZHJXQJGLHVLFKLP-DKUKXQGHUWDOV'HQNHQGHU$XINOlUXQJNRQ  

'LH .ULVH GHV %HZXVVWVHLQV NHQQW GHPJHPl‰ VRZRKO HLQH ]HLWOLFKH DOV DXFK HLQH UlXPOLFKH $XVULFKWXQJ GLH DXVJHKHQG YRQ )UDQNUHLFK ]X HLQHP JHVDPWHXURSlLVFKHQ 3URMHNW ZLUG =X GHPNDQQHVJHPl‰+D]DUGLQQHUKDOEGLHVHV.ULVHQ3UR]HVVHVGXUFKDXV]X6WRFNXQJHQNRP PHQVRZLHHUDXFKQLFKWEHUDOOJOHLFKYHUOlXIW%HPHUNHQVZHUWDQGLHVHPGH]LGLHUWIUDQ]|VL VFKHQ %OLFN DXI GLH HXURSlLVFKH $XINOlUXQJ LVW ]XP HLQHQ VHLQ )RUWEHVWDQG LQ GHU DNWXHOOHQ )RUVFKXQJXQG]XPDQGHUHQVHLQHXQKLQWHUIUDJWH+HJHPRQLDOLVLHUXQJHLQHVEHVWLPPWHQ.RQ ]HSWV GHU $XINOlUXQJ GDV DXI (PSLULVLHUXQJ XQG 5DWLRQDOLVLHUXQJ DEKHEW XQG ]XJOHLFK GHU 0HWDSK\VLNDEVFKZ|UW6LHKHKLHU]XDXFKGHQLQGHU+D]DUG‫ތ‬VFKHQ7UDGLWLRQVWHKHQGHQ%DQG YRQ:LOOLDP&ODUN-DQ*ROLQVNLX6LPRQ6FKDIIHU +J 7KH6FLHQFHVLQ(QOLJKWHQHG(XUR SH&KLFDJRX/RQGRQLQGHP]ZLVFKHQGHP=HQWUXPGHU$XINOlUXQJ±(QJODQGXQG )UDQNUHLFK±XQGGHQ3URYLQ]HQXQG3HULSKHULHQ±ZR]XDXFK'HXWVFKODQG]lKOW±XQWHUVFKLH GHQZLUG  9JO GLH NODVVLVFKH 6WXGLH YRQ -UJHQ +DEHUPDV 'HU 6WUXNWXUZDQGHO GHU gIIHQWOLFKNHLW 8QWHUVXFKXQJHQ ]X HLQHU .DWHJRULH GHU EUJHUOLFKHQ *HVHOOVFKDIW 0LW HLQHP 9RUZRUW ]XU 1HXDXIODJH)UDQNIXUWD0  )RUWVFKUHLEXQJHQGLHVHU6LFKWDXIGLHÃ4XHUHOOHGHV$QFLHQVHWGHV0RGHUQHVµDOV8UVSUXQJGHU PRGHUQHQ bVWKHWLN ILQGHQ VLFK HWZD EHL :HUQHU .UDXVV X +DQV .RUWXP +J  $QWLNH XQG 0RGHUQHLQGHU/LWHUDWXUGLVNXVVLRQGHV-DKUKXQGHUWV%HUOLQ+DQV.RUWXP&KDUOHV 3HUUDXOWXQG1LFRODV%RLOHDX'HU$QWLNH6WUHLWLP=HLWDOWHUGHUNODVVLVFKHQIUDQ]|VLVFKHQ/L WHUDWXU%HUOLQ+DQV5REHUW-DX‰bVWKHWLVFKH1RUPHQXQGJHVFKLFKWOLFKH5HIOH[LRQLQ GHUÄ4XHUHOOHGHV$QFLHQVHWGHV0RGHUQHV³,Q&KDUOHV3HUUDXOW3DUDOOqOHGHVDQFLHQVHWGHV PRGHUQHV HQ FH TXL UHJDUGH OHV DUWV HW OHV VFLHQFHV 0QFKHQ  6± XQG ]XOHW]W EHL -RDQ'H-HDQ$QFLHQWVDJDLQVW0RGHUQV&XOWXUH:DUVDQGWKH0DNLQJRID)LQGH6LqFOH&KL FDJR



'DQLHO)XOGD-|UQ6WHLJHUZDOG

NUHWLVLHUWXQGQLFKWQXUELVLQVHLQHHLJHQH=HLWIKUWVRQGHUQDXFKZDVIU+D]DUG XQJOHLFK ZLFKWLJHU LVW IU GDV ZDKUH (XURSD HLQVWHKW ,Q VHLQHQ EHLGHQ 6WXGLHQ SUlVHQWLHUWHUHLQ*HVFKLFKWVPRGHOOGDVDXIGHU9HUELQGXQJYRQSURGXNWLYHU.ULVH $XINOlUXQJXQG0RGHUQHDXIEDXWGLHHUVWPDOVXPE]ZJHQDXHULP5DKPHQ GHU Ã4XHUHOOH GHV $QFLHQV HW GHV 0RGHUQHVµ *HVWDOW DQQDKP XQG YRQ GRUW DXV HLQHQ3UR]HVVHU|IIQHWHGHUELVLQGLH*HJHQZDUWUHLFKW±XQGQRFKGDUEHUKLQDXV UHLFKHQZLUG 3DXO+D]DUGV6WXGLHQVLQGIUXQVHUHJHJHQZlUWLJH%HVFKlIWLJXQJPLWGHU=HLW XPHEHQVRZLFKWLJHZLHSUREOHPDWLVFKH5HIHUHQ]SXQNWHGDVLHXQV]ZLQJHQ XQV PLW XQVHUHQ HLJHQHQ PHWKRGRORJLVFKHQ =XJlQJHQ ]X GLHVHU VRJHQDQQWHQ (SRFKHQVFKZHOOH DXVHLQDQGHU]XVHW]HQ 'LH JUR‰H /HLVWXQJ YRQ +D]DUG OLHJW LQ VHLQHP$XVJULIIEHUGLH*UHQ]HQGHU'LV]LSOLQHQHEHQVRZLHGHU1DWLRQHQKLQDXV GHUGHXWOLFKPDFKWGDVVGLH.ULVHQ]HLWXPE]ZZLHZLUVDJHQP|FKWHQGLH )UKDXINOlUXQJ XP  HLQ JHPHLQHXURSlLVFKHV (UHLJQLV LVW GDV VLFK LQ DOOHQ 'LVNXUVHQ IHVWVWHOOHQ OlVVW 'RFK UHVXOWLHUHQ JHUDGH DXV GLHVHP %HIXQG HLQLJH JUXQGVlW]OLFKH3UREOHPHGLHVRZRKOGLHGLVNXUVLYHQDOVDXFKQDWLRQDOHQ(LJHQKHL WHQ EHWUHIIHQ ZLH LP )ROJHQGHQ DQKDQG DXVJHZlKOWHU 3UREOHPIHOGHU XPULVVHQ ZHUGHQVROO  

,, 1HXH)RUVFKXQJHQ]XUhEHUJDQJV]HLWXP  %HUHLWVGHU%HJULIIGHU)UKDXINOlUXQJGHULQVEHVRQGHUHLPGHXWVFKHQ6SUDFKUDXP ]XU%HVFKUHLEXQJGLHVHV=HLWUDXPHVYHUZHQGHWZLUG YHUZHLVWDXIHLQHNRQ]HSWLR QHOO YRQ +D]DUG DXVJHKHQGH =XJDQJVZHLVH GHQQ GLH 9RUVLOEH Ã)UKµ OHJW HLQHQ %HJLQQ GHU $XINOlUXQJ RGHU ]XPLQGHVW HLQH ZLH DXFK LPPHU JHDUWHWH 9RUIRUP GHUVHOEHQ XP  QDKH 0LW GHQ LP GHXWVFKHQ 6SUDFKUDXP EOLFKHQ (SRFKHQ EHJULIIHQIRUPXOLHUWZLUGGDV 6SlW %DURFNGDEHLJHUQHDOVGLH]XYHUDEVFKLHGHQ GH(SRFKHEHJULIIHQGLHKLVWRULVFKYRUDXVOLHJHXQGZHOWELOGOLFKHEHQVRZLHVR]LDO VWUXNWXUHOOÃ]XEHUZLQGHQµVHL'HPHQWVSUHFKHQGJLQJE]ZJHKWGLH(UIRUVFKXQJ GHU GHXWVFKHQ )UKDXINOlUXQJ PHLVW PLW GHU )UDJH HLQKHU ZHOFKH /HLVWXQJHQ GLH 3KLORVRSKHQ /LWHUDWHQ XQG :LVVHQVFKDIWOHU GHU =HLW HUEUDFKWHQ GLH DOV %HLWUlJH IURGHU]XPLQGHVW9RUEHUHLWXQJHQDXIGLHVSlWHUH$XINOlUXQJJHOWHQN|QQHQ ,Q GHQ OHW]WHQ -DKUHQ KDW VLFK GLH GHXWVFKH )RUVFKXQJVVLWXDWLRQ DOOHUGLQJVEH PHUNHQVZHUW JHZDQGHOW 1LFKW QXU ZHLO GLH =HLW XP  HLQ HQRUP JHVWLHJHQHV )RUVFKXQJVLQWHUHVVHDXIVLFKJH]RJHQKDWVRGDVVVLFKXQVHUH.HQQWQLVVHGHXWOLFK  

9JO :HUQHU .UDXVV 'LH /LWHUDWXU GHU IUDQ]|VLVFKHQ )UKDXINOlUXQJ )UDQNIXUWD0  3HWHU%UJHU6WXGLHQ]XUIUDQ]|VLVFKHQ)UKDXINOlUXQJ)UDQNIXUWD0VRZLH6HEDVWLDQ 1HXPHLVWHU +J )UKDXINOlUXQJ0QFKHQ  9HUZLHVHQVHLQXUDXI*XQWHU(*ULPP/LWHUDWXUXQG*HOHKUWHQWXPLQ'HXWVFKODQG8QWHUVX FKXQJHQ]XP:DQGHOLKUHV9HUKlOWQLVVHVYRP+XPDQLVPXVELV]XU)UKDXINOlUXQJ7ELQJHQ 

8P'LH)RUPLHUXQJGHUHXURSlLVFKHQ$XINOlUXQJ



YHUEHVVHUWKDEHQVHLHVLP%HUHLFKGHUVHLQHU]HLWLJHQ5RPDQSURGXNWLRQXQGGHV 9HUODJVZHVHQV GHU 3XEOL]LVWLN XQG|IIHQWOLFKHQ0HLQXQJGHUUDGLNDOHQ3KLOR VRSKLH XQG 5HOLJLRQVNULWLN GHU :LVVHQVHUVFKOLH‰XQJVWHFKQLNHQ GHV 9HUKDO WHQVVFKULIWWXPVVDPWVHLQHUILNWLRQDOHQ9DULDWLRQHQGHU)U|PPLJNHLWVSUDNWLNHQ RGHUGHU2SHU 9LHOPHKUKDW]XJOHLFKHLQH'LVNXVVLRQGDUEHUEHJRQQHQZLHGLH =HLW XP  LQVJHVDPW ]X YHUVWHKHQ LVW XQG GK YRU DOOHP ZHOFKHU 3ODW] LP HWDEOLHUWHQ%LOGGHVHXURSlLVFKHQ.XOWXUSUR]HVVHVLKU]X]XZHLVHQZlUH'LH$XV JDQJVODJH LVW DXVJHVSURFKHQ XQHLQKHLWOLFK ZHLO GLH YHUVFKLHGHQHQ )lFKHU VLFK DQ 3HULRGLVLHUXQJHQGHVXQG-DKUKXQGHUWJHZ|KQWKDEHQGLHVWDUNGLYHUJLHUHQ XQGVLFKNDXPKDUPRQLVLHUHQODVVHQ 6RZHUGHQGLHJXWKXQGHUW-DKUH]ZLVFKHQGHP:HVWIlOLVFKHQXQGGHP+XEHU WXVEXUJHU )ULHGHQ   LQ GHU *HVFKLFKWVZLVVHQVFKDIW WUDGLWLRQHOO DOV (LQKHLW EHKDQGHOW ZHLO VLH GXUFKJHKHQG YRP IUVWOLFKHQ $EVROXWLVPXV XQG LPPHUQHXHQ .lPSIHQ GHU JUR‰HQ 0lFKWH XP GLH 9RUKHUUVFKDIW LQ (XURSD JHSUlJW JHZHVHQ VHLHQ'LH*HUPDQLVWLNGDJHJHQXQWHUVFKHLGHWLQDOOHU5HJHO]ZLVFKHQGHU%DURFN OLWHUDWXU GHV  XQG GHU $XINOlUXQJVOLWHUDWXU GHV -DKUKXQGHUWV HLQH 8QWHU VFKHLGXQJ GLH WUDGLWLRQHOO XPVR OHLFKWHU ILHO DOVPDQHLQHUHJHOUHFKWH/FNHYRQ YLHU -DKU]HKQWHQ HLQHQ IDVW Y|OOLJHQ $XVIDOO HULQQHUXQJVZHUWHU :HUNH ]ZLVFKHQ GHQOHW]WHQJUR‰HQ'UDPHQGHU6FKOHVLHUHLQHUVHLWVXQGGHU*RWWVFKHG‫ތ‬VFKHQ/LWH UDWXUUHIRUPDQGHUHUVHLWVNRQVWDWLHUWH:LHGHUDQGHUVZHUGHQGLH(SRFKHQEHJULIIH LQ GHU 0XVLNZLVVHQVFKDIW YHUZDQGW +lQGHO XQG %DFK GLH EHLGHQ NDQRQLVFKVWHQ GHXWVFKHQÃ%DURFNNRPSRQLVWHQµVFKXIHQLKUHJUR‰HQ:HUNHHUVWDE   9JO)ORULDQ*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU5RPDQHVNHV(U]lKOHQ]ZLVFKHQ

7KRPDVLXVXQG:LHODQG7ELQJHQ

 9JO2ODI6LPRQV0DUWHDXV(XURSDRGHUGHU5RPDQEHYRUHU/LWHUDWXUZXUGH(LQH8QWHUVX

FKXQJ GHV GHXWVFKHQ XQG HQJOLVFKHQ %XFKDQJHERWV GHU -DKUH  ELV  $PVWHUGDP X $WODQWD  9JO'DQLHO%HOOLQJUDGW)OXJSXEOL]LVWLNXQGgIIHQWOLFKNHLWXP'\QDPLNHQ$NWHXUHXQG 6WUXNWXUHQLPXUEDQHQ5DXPGHV$OWHQ5HLFKHV6WXWWJDUW  9JO0DUWLQ0XOVRZ0RGHUQHDXVGHP8QWHUJUXQG5DGLNDOH)UKDXINOlUXQJLQ'HXWVFKODQG ±+DPEXUJ  9JO)UDQN*UXQHUWX)ULHGULFK9ROOKDUGW +J +LVWRULDOLWHUDULD1HXRUGQXQJHQGHV:LVVHQV LPXQG-DKUKXQGHUW%HUOLQ  9JO5XWK)ORUDFNX5GLJHU6LQJHU +J 'LH.XQVWGHU*DODQWHULH)DFHWWHQHLQHV9HUKDO WHQVPRGHOOVLQGHU/LWHUDWXUGHU)UKHQ1HX]HLW%HUOLQX%RVWRQ'LUN5RVH&RQGXLWH XQG 7H[W 3DUDGLJPHQ HLQHV JDODQWHQ /LWHUDWXUPRGHOOV LP :HUN YRQ &KULVWLDQ )ULHGULFK +XQROG 0HQDQWHV %HUOLQX%RVWRQ  9JO3DWULFN:XOIOHII'LH)UHLKHLWGHU*OlXELJHQ8PVWULWWHQH7HQGHQ]HQGHU)U|PPLJNHLWLQ GHQ$QIlQJHQYRQ&KDVVLGLVPXVXQG3LHWLVPXV*|WWLQJHQ  9JO%HUQKDUG-DKQ'LH6LQQHXQGGLH2SHU6LQQOLFKNHLWXQGGDV3UREOHPLKUHU9HUVSUDFK OLFKXQJ LP 0XVLNWKHDWHU GHV QRUG XQG PLWWHOGHXWVFKHQ 5DXPHV ±  7ELQJHQ   'LHVH /FNH LQNULPLQLHUW2ODI6LPRQV.XOWXUHOOH2ULHQWLHUXQJXP/LQLHQHLQHUELVKHU QLFKW JHVFKULHEHQHQ /LWHUDWXUJHVFKLFKWH ,Q 6FLHQWLD 3RHWLFD   6±KLHU6±  9JO -|UQ 6WHLJHUZDOG *DODQWHULH 'LH )DEULNDWLRQ HLQHU QDWUOLFKHQ (WKLN GHU K|ILVFKHQ *HVHOOVFKDIW ± +HLGHOEHUJ



'DQLHO)XOGD-|UQ6WHLJHUZDOG

'RFK JLEW HV QHXHUGLQJV DXFK 7HQGHQ]HQ GHU $QQlKHUXQJ ]ZLVFKHQ GHQ XQWHU VFKLHGOLFKHQ3HUVSHNWLYHQGHU'LV]LSOLQHQ,QGHUY|OOLJQHXEHDUEHLWHWHQ$XI ODJHYRQ*HEKDUGWV+DQGEXFKGHUGHXWVFKHQ*HVFKLFKWHKDW-RKDQQHV%XUNKDUGW GHQ6FKZHOOHQFKDUDNWHUGHU=HLWXPDN]HQWXLHUW'DEHLVFKHLQWHU]XQlFKVW GLH WUDGLWLRQHOOH (SRFKHQWHLOXQJ GHU *HUPDQLVWLN ]X EHUQHKPHQ ZHQQ HU GLH UDXPJUHLIHQGWKHDWUDOLVFKH +RINXOWXU GHV  -DKUKXQGHUWV YRQ GHU VFKULIWJHVWW] WHQ :LVVHQVNXOWXU GHV 3LHWLVPXV XQG GHU HQWVWHKHQGHQ $XINOlUXQJVFKHLGHW)UHL OLFK VWHOOW VLFK GLH K|ILVFKH .XOWXU EHL %XUNKDUGW XP  QRFK NHLQHVZHJV DOV EHUOHEWGDU,PPDVVLYHQ$XVEDXGHUK|ILVFKHQ.XQVWSIOHJHJHUDGHLQGHQHUVWHQ -DKU]HKQWHQGHV-DKUKXQGHUWVHUNHQQWGHU+LVWRULNHUYLHOPHKUGLHXQYHU]LFKWED UHPDWHULHOOHXQGLQVWLWXWLRQHOOH9RUEHGLQJXQJGHUVSlWHUHQIDVWELVKHXWHUHLFKHQ GHQEUJHUOLFKHQ.XQVWHPSKDVH 6ROFKH $PELYDOHQ]HQ KHUDXV]XVWHOOHQ LVW QLFKW VHKU ZHLW HQWIHUQW YRQ 'LUN 1LHIDQJHUV 9RUVFKODJ GLH hEHUJDQJVVLWXDWLRQ XP  PLW GHU 0HWDSKHU GHV VIXPDWR ]X IDVVHQ ZDV XUVSUQJOLFK DXI GLH ÃGXIWLJHµ 8QXQWHUVFKHLGEDUNHLW YRQ /LFKW XQG 0DWHULH YRU DOOHP DXI /DQGVFKDIWVELOGHUQ JHPQ]W LVW 6IXPDWR 3KlQRPHQH ZUGHQ GXUFK GLH =XRUGQXQJ ]XP HLQHQ RGHU DQGHUHQ QXU YHUNU]W EHVFKULHEHQ YLHOPHKU IRUGHUQ VLH DOV 6RZRKODOVDXFK RGHU 1RFKXQG]XJOHLFK VFKRQ ZDKUJHQRPPHQ ]X ZHUGHQ 1LHIDQJHUV %HLWUDJ ]X GLHVHP %DQG GHU GLH %UHVODXHU $QOHLWXQJ ]XU 3RHVLH YRQ  DOV YRUVLFKWLJHQ (LQVDW] GHU $XINOl UXQJVSRHWLNLQWHUSUHWLHUWGHUGLHUFNZlUWLJHQ%H]JH]XU%DURFNSRHWLNQRFKQLFKW NDSSWEHOHJWH[HPSODULVFKGLH)UXFKWEDUNHLWGLHVHV$QVDW]HV (LQ %HUHLFK LQ GHP PDQ HV EHUHLWV |IWHU XQWHUQRPPHQ KDW GLH $PELYDOHQ] RGHUhEHUJlQJLJNHLWGHU6LWXDWLRQXPJHQDXHU]XEHVFKUHLEHQLVWGHUVRJH QDQQWHÃJDODQWH'LVNXUVµE]ZJHQDXHUGLH*DODQWHULH,KPUHVSHNWLYHLKULVWDXFK LPYRUOLHJHQGHQ%DQGHLQ%HLWUDJJHZLGPHW YRQ5XWK)ORUDFN GHQQHULVWEHVRQ GHUVVWDUNYRQhEHUJlQJHQJHSUlJW]ZLVFKHQK|ILVFKHQ4XHOOHQXQGEUJHUOLFKHQ $QHLJQXQJHQ HEHQVR ZLH ]ZLVFKHQ JHVHOOVFKDIWOLFKHQ ,GHDOHQ SRHWRORJLVFKHQ 1RUPHQ XQG OLWHUDULVFKHQ 6FKUHLEZHLVHQ =XGHP HLJQHW VLFK GLH )UDJH QDFK GHQ )XQNWLRQHQXQG$XVGUXFNVIRUPHQGHV*DODQWHQKHUYRUUDJHQGGD]XQDWLRQDOSKLOR ORJLVFKHRGHUKLVWRULVFKH%HWUDFKWXQJVZHLVHQ]XEHUZLQGHQGLHZHLWPHKUGHP   9JO-RKDQQHV%XUNKDUGW9ROOHQGXQJXQG1HXRULHQWLHUXQJGHVIUKPRGHUQHQ5HLFKHV±

6WXWWJDUW *HEKDUGW+DQGEXFKGHUGHXWVFKHQ*HVFKLFKWH 6±

 9JOHEG6X±  9JO 'LUN 1LHIDQJHU 6IXPDWR 7UDGLWLRQVYHUKDOWHQ

LQ 3DUDWH[WHQ ]ZLVFKHQ Ã%DURFNµ XQG Ã$XINOlUXQJµ ,Q =HLWVFKULIW IU /LWHUDWXUZLVVHQVFKDIW XQG /LQJXLVWLN    6 ± KLHU6  9JO7KRPDV%RUJVWHGWX$QGUHDV6ROEDFK +J 'HUJDODQWH'LVNXUV.RPPXQLNDWLRQVLGHDO XQG (SRFKHQVFKZHOOH 'UHVGHQ  'DQLHO )XOGD +J  *DODQWHULH XQG )UKDXINOlUXQJ +DOOHVRZLHGLHEHUHLWVDQJHIKUWHQ0RQRJUDSKLHQYRQ-|UQ6WHLJHUZDOG ZLH$QP  XQG'LUN5RVH ZLH$QP VRZLHGHUYRQ5XWK)ORUDFNXQG5GLJHU6LQJHUKHUDXVJHJHEHQH 6DPPHOEDQG ZLH $QP   bOWHUH $UEHLWHQ XQG 7H[WVDPPOXQJHQ OLHJHQ XD YRQ +HUEHUW 6LQJHUXQG&RQUDG:LHGHPDQQYRU

8P'LH)RUPLHUXQJGHUHXURSlLVFKHQ$XINOlUXQJ



%HGUIQLV GHV  -DKUKXQGHUWV QDFK QDWLRQDOHU $EJUHQ]XQJ JHVFKXOGHW VLQG DOV GDVVVLHGHQ9HUKlOWQLVVHQXPDQJHPHVVHQZlUHQ :DVPLWGLHVHQNQDSSHQ%OLFNHQDXIGLHGHXWVFKH)RUVFKXQJGHUOHW]WHQ-DKUH KHUDXVJHKREHQZHUGHQVROOVLQGZHQLJHUDXIVHKHQHUUHJHQGH)RUVFKXQJVHUJHEQLVVH DXI EHVWLPPWHQ *HELHWHQ DOV 9RUVFKOlJH GLH JHPDFKW ZXUGHQ XP GLH HSRFKDOH 3RVLWLRQGHU=HLWÃXPµ±XQGGDVKHL‰WPHLVW]ZLVFKHQXQG±]X IDVVHQ )UHLOLFK ZUGH VLFK GLH )UDJH QDFK GHU HSRFKDOHQ (LQVFKlW]XQJ QLFKW VR GULQJHQG VWHOOHQ ZlUHQ LQ GHQ OHW]WHQ -DKUHQ QLFKW DXFK ZLFKWLJH 0RQRJUDSKLHQ PLWÃVWDUNHQ7KHVHQµKHUDXVJHNRPPHQ]%YRQ0DUWLQ0XOVRZGHUGHQ%OLFNDXI ELVKHU NDXP ZDKUJHQRPPHQH UDGLNDOH $XWRUHQ DXFK LQ 'HXWVFKODQG JHOHQNW KDW WHLOV DXV GHP Ã8QWHUJUXQGµ GHU QXU FODQGHVWLQ SXEOL]LHUHQGHQ SKLORVRSKLVFKHQ /LEHUWLQVWHLOVDEHUDXFKXQWHUGHQHWDEOLHUWHQ8QLYHUVLWlWVJHOHKUWHQ8QHUVFKUR FNHQH 5HOLJLRQVNULWLN XQG HLQ LURQLVFKVS|WWLVFKHU 'LVNXUV VWHOOHQ VLFK KLHU QLFKW DOVVSlWH3URGXNWHGHU$XINOlUXQJVRQGHUQDOVYRQ$QIDQJDQ]XLKUJHK|ULJRGHU VRJDULKUYRUDXVOLHJHQGGDU%LVKHUVRJXWZLHJDUQLFKWJHOHLVWHWLVWGHU(LQEH]XJ GLHVHU XQG DQGHUHU JUR‰HU QHXHU )RUVFKXQJVOHLVWXQJHQ ZLHHWZDGHV2SHUQEXFKV YRQ%HUQKDUG-DKQRGHUGHU1HXHQWGHFNXQJ-RKDQQ0DWWKHVRQVDOV6FKOVVHOILJXU QLFKWQXUGHU0XVLNVRQGHUQDXFKGHU/LWHUDWXUWKHRULHGHUGHXWVFKHQ)UKDXINOl UXQJ  LQGDVDOOJHPHLQH%LOGGHU=HLWXP'D]XHLQHQ%HLWUDJ]XOHLVWHQLVW GLH $EVLFKW GLHVHV %DQGHV 'HU NRQ]HSWLRQHOOH 9RUVFKODJ GHQ ZLU GD]X PDFKHQ P|FKWHQVWHFNWLQGHU)RUPXOLHUXQJGHV8QWHUWLWHOV]ZLVFKHQgIIQXQJXQGQHXHUOL FKHU 6FKOLH‰XQJ 9RU GHU (UOlXWHUXQJ GLHVHV .RQ]HSWV VROOHQ MHGRFK DXFK GLH DQGHUHQ JUR‰HQ /lQGHU GHU HXURSlLVFKHQ $XINOlUXQJLQGLH%HWUDFKWXQJHLQEH]R JHQZHUGHQ ,Q GHU IUDQ]|VLVFKHQ )RUVFKXQJ LVW GLH .RQYHQWLRQ HLQHU QDFK -DKUKXQGHUWHQ RUGQHQGHQ 8QWHUVFKHLGXQJ YRUKHUUVFKHQG $XI GDV VRJHQDQQWH ÃVLqFOH FODVVLTXHµ GDV-DKUKXQGHUWIROJWEUXFKORVGDVÃVLqFOHGHV/XPLqUHVµGDV-DKUKXQGHUW ,QWHUHVVDQW DQ GLHVHU (LQWHLOXQJ LQ -DKUKXQGHUWHLVW]ZHLHUOHL=XPHLQHQIlOOWGHU YRQ+D]DUGDOV.ULVHQ]HLWDQJHVHKHQH=HLWUDXP]ZLVFKHQXQGZHLWJH KHQGPLWGHP]XVDPPHQZDVDOVÃVLqFOHFODVVLTXHµLPHQJHUHQ6LQQHJHIDVVWZHU GHQNDQQ'HUWUDGLWLRQHOOHQIUDQ]|VLVFKHQ*HVFKLFKWVVFKUHLEXQJ]XIROJH]HLFKQHW VLFKGLHVH3HULRGHMHGRFKGDGXUFKDXVGDVVVLH]XHLQHU9HUIHVWLJXQJGHV$EVROX   :HLWHULQV-DKUKXQGHUWYHUVFKREHQHUVFKHLQWGLH)UKDXINOlUXQJLQGHPVREHWLWHOWHQYRQ

.DUO(LEOKHUDXVJHJHEHQHQ7KHPHQVFKZHUSXQNWKHIWGHU=HLWVFKULIW$XINOlUXQJ  KLHU UHLFKWVLHELV*HRUJ)ULHGULFK0HLHUXQG:LHODQG  9JO0XOVRZ0RGHUQHDXVGHP8QWHUJUXQG ZLH$QP GHUV'LHXQDQVWlQGLJH*HOHKU WHQUHSXEOLN :LVVHQ /LEHUWLQDJH XQG .RPPXQLNDWLRQ LQ GHU )UKHQ 1HX]HLW 6WXWWJDUW X :HLPDU  9JO -DKQ 'LH 6LQQH XQG GLH 2SHU ZLH $QP   :ROIJDQJ+LUVFKPDQQX%HUQKDUG-DKQ +J  -RKDQQ 0DWWKHVRQ DOV 9HUPLWWOHU XQG ,QLWLDWRU :LVVHQVWUDQVIHU XQG GLH (WDEOLHUXQJ QHXHU 'LVNXUVH LQ GHU HUVWHQ +lOIWH GHV -DKUKXQGHUWV +LOGHVKHLP =ULFK X 1HZ (UVWYHU|IIHQWOLFKXQJ@,Q'HUV9HUJDQJHQH=XNXQIW=XU6HPDQWLNJHVFKLFKWOL FKHU=HLWHQ$XIODJH)UDQNIXUWD06±KLHU6±  /HRSROG )ULHGULFK *DQV ,Q VRQGHUEDKUHU *QDGH *2WWHV QXQPHKUR (QWGHFNWHU 6FKOVVHO =XU :DKUHQ=HLW5HFKQXQJXQGJHZLVVHU$XVOHJXQJGHULQGHU2IIHQEDKUXQJGHVKHLOLJHQ-RKDQ QLVYRUKHUYHUNQGLJWHQ.LUFKHQ*HVFKLFKWHQ+DPEXUJ



'DQLHO)XOGD

ZXUGH GLHVH )UDJH YRU DOOHP YRQ 5HLQKDUW .RVHOOHFN XQG VHLQHP 6FKOHU /XFLDQ +|OVFKHU6LHZHLVHQGLH(QWVWHKXQJGHUPRGHUQHQ=XNXQIWVYRUVWHOOXQJGHU]ZHL WHQ +lOIWH RGHU VRJDU GHP OHW]WHQ 'ULWWHO GHV -DKUKXQGHUWV ]X 'LH ÃRIIHQH =XNXQIWµ ZlUH GDPLW HLQ 3URGXNW GHU VSlWHQ $XINOlUXQJ(LQLJHVVSULFKWMHGRFK GDIU GDVV GLH gIIQXQJ GHU =XNXQIW EHUHLWV XP  VWDWWIDQG 2GHU JHQDXHU %HUHLWV LP HUVWHQ -DKUKXQGHUWGULWWHO EHVWLPPW GLH RIIHQH =XNXQIW GHQ :DKUQHK PXQJVKRUL]RQWGHUVFKULIWNXOWXUHOOVLFKYHUVWlQGLJHQGHQ(OLWHQ6LHLVWQLFKWVRVHKU DOV 3URGXNW VRQGHUQ DOV $XVJDQJVSXQNW GHU $XINOlUXQJ DQ]XVHKHQ ZRUDXV VLFK HLQLJH.RQVHTXHQ]HQIUGDV*HVDPWELOGGLHVHU(SRFKHHUJHEHQ  

 3ULPDWGHU*HVFKLFKWVSKLORVRSKLH"  'LHRIIHQH=XNXQIWVWHOOWEHL.RVHOOHFNOHGLJOLFKHLQHQ$VSHNWHLQHVJDQ]HQ.RP SOH[HVGHU=HLWZDKUQHKPXQJXQGGHXWXQJGDUGHUVLFKLQGHUVRJHQDQQWHQ6DWWHO ]HLW HLQHP ZHLWJHIDVVWHQ ÃXP µ  KHUDXVELOGH 1HX LVW QDFK  VR .RVHO OHFNGLH*HVFKLFKWHLPÃ.ROOHNWLYVLQJXODUµ6LHZLUGDOVNRQWLQXLHUOLFKHU3UR]HVV JHGDFKWXQGEHUVSDQQWQLFKWDOOHLQ]HLWOLFKH'LIIHUHQ]HQVRQGHUQYRUDOOHPDXFK LUUHGX]LEHOGLIIHUHQWH.XOWXU]XVWlQGH QLFKWUHGX]LEHO]%DXIHLQHJOHLFKEOHLEHQGH 0HQVFKHQQDWXU RGHU DXI HZLJH J|WWOLFKH *HVHW]H RGHU DXI WUDQVKLVWRULVFKH 9HU QXQIWQRUPHQRl Ã'LH*HVFKLFKWHµ]XGHQNHQVHW]WYRUDXVGDVV9HUJDQJHQKHLW *HJHQZDUW XQG =XNXQIW DOV TXDOLWDWLYLQKDOWOLFK YRQHLQDQGHU JHVFKLHGHQ ZDKUJH QRPPHQZHUGHQVRGDVVGHUÃ(UIDKUXQJVUDXPµGHU9HUJDQJHQKHLWXQGGHUÃ(UZDU WXQJVKRUL]RQWµ GHU =XNXQIW DXVHLQDQGHUWUHWHQ =HLWDEVWlQGH ZHFNHQ GDQQ GLH (U ZDUWXQJTXDOLWDWLYHU'LIIHUHQ]HQMDGHU=HLWZLUG]XJHVSURFKHQVHOEVWODXIHQGGDV 1HXH ]X VFKDIIHQ :HQQ GLH 9HUJDQJHQKHLW DEHU QLFKW PHKU DOV 0XVWHU GHV =X NQIWLJHQJHOWHQNDQQHUVFKHLQWGLH=XNXQIWRIIHQ  

9JO /XFLDQ +|OVFKHU 'LH (QWGHFNXQJ GHU =XNXQIW )UDQNIXUWD0  $Q .RVHOOHFN DQVFKOLH‰HQGDXFK0DWWKLDV'PSHOPDQQ=HLWRUGQXQJ$XINOlUXQJ*HVFKLFKWHXQGGLH.RQ VWUXNWLRQQDWLRQDOHU6HPDQWLNLQ'HXWVFKODQG±%HUOLQGHUHLQHUVHLWVSDXVFKDO YRQGHUÄ$XINOlUXQJDOV=XNXQIWV|IIQXQJ³VSULFKW 6 XQGDQGHUHUVHLWVGLHÃ3Ul]LVLHUXQJµ YRUQLPPWÄHUVWPLWGHP=HUIDOOGHUDOWHQ2UGQXQJPLWGHU6DWWHO]HLWXPGLH:HQGHYRP ]XP-DKUKXQGHUW³KDEHVLFKGLH=XNXQIWJH|IIQHW 6   'LHVH/HLWWKHVHJUXQGLHUW]DKOUHLFKH7H[WH5HLQKDUW.RVHOOHFNV]XHUVWYRUJHWUDJHQKDWHUVLHLQ VHLQHP $XIVDW] 9HUJDQJHQH =XNXQIW LQ GHU IUKHQ 1HX]HLW >(UVWYHU|IIHQWOLFKXQJ @ ,Q 'HUV 9HUJDQJHQH =XNXQIW ZLH $QP   6± DP EUHLWHVWHQ EHOHJW LQ VHLQHP $UWLNHO *HVFKLFKWH+LVWRULH,Q2WWR%UXQQHU:HUQHU&RQ]HX5HLQKDUW.RVHOOHFN +J *HVFKLFKW OLFKH*UXQGEHJULIIH+LVWRULVFKHV/H[LNRQ]XUSROLWLVFKVR]LDOHQ6SUDFKHLQ'HXWVFKODQG%G ± LQ   %G  6WXWWJDUW  6± GLH 6HLWHQ ± ZXUGHQ YRQ &KULVWLDQ 0HLHU2GLOR(QJHOVX+RUVW*QWKHUYHUIDVVW =XU6DWWHO]HLWWKHVHYJO'DQLHO)XOGD6DWWHO ]HLW .DUULHUH XQG 3UREOHPDWLN HLQHV NXOWXUZLVVHQVFKDIWOLFKHQ =HQWUDOEHJULIIV ,Q (OLVDEHWK 'pFXOWRWX'DQLHO)XOGD +J 6DWWHO]HLW"+LVWRULRJUDSKLHJHVFKLFKWOLFKH5HYLVLRQHQ%HUOLQX %RVWRQ

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



:HLOVLFKGLHGDPLWYHUEXQGHQHQ8PEHVHW]XQJHQ]HQWUDOLP-DKUKXQGHUWYROO ]LHKHQKDW.RVHOOHFNGDV-DKUKXQGHUWGHU$XINOlUXQJDOVGLHHLJHQWOLFKH)RUPDWL RQVSKDVH GHU 1HX]HLW JHNHQQ]HLFKQHW :LH DEHU LVW GDV %HGLQJXQJVYHUKlOWQLV ]ZLVFKHQRIIHQHU=XNXQIWXQG$XINOlUXQJ]XGHQNHQ",VWGLH9RUVWHOOXQJGDVVYRU GHP 0HQVFKHQ HLQH RIIHQH =XNXQIW OLHJW GLH HU QDFK VHLQHQ $EVLFKWHQ XQG DXV HLJHQHU .UDIW JHVWDOWHQ NDQQ DOV 3URGXNW GHU $XINOlUXQJ ]X EHJUHLIHQ" 2GHU NRQQWHQVLFKGLH$XINOlUHUGHVKDOE]XVROFKHU:HOWJHVWDOWXQJDXIVFKZLQJHQZHLO VLH VLFK EHUHLWV LQ HLQHU UHODWLY RIIHQHQ 6LWXDWLRQ VDKHQ" $XV EHJULIIVJHVFKLFKWOL FKHU 3HUVSHNWLYH LVW GLH $QWZRUW HLQGHXWLJ Ã'LH =XNXQIWµ LVW DOV =HLWUDXP LP 8QWHUVFKHLG ]X9HUJDQJHQKHLWXQG*HJHQZDUWYHUVWDQGHQHLQ%HJULIIGHUHUVWLQ GHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVDXIWULWWGHUlOWHVWH%HOHJLP*ULPPVFKHQ :|UWHUEXFK VWHKW EHL 7KRPDV $EEW ±  $XFK GHQNJHVFKLFKWOLFK IROJW GLH 9RUVWHOOXQJ HLQHU RIIHQHQ =XNXQIW QDFK .RVHOOHFN HUVW DXV GHU PLW 9ROWDLUH ,VHOLQ XQG +HUGHU HLQVHW]HQGHQ JHVFKLFKWVSKLORVRSKLVFKHQ 3RVWXOLHUXQJ YRQ )RUW VFKULWWGHQQGLHVHUHUIRUGHUWHGDVVGLH=XNXQIWTXDOLWDWLYDQGHUVVHLQNDQQDOVDOOHV %LVKHULJH *H|IIQHW VHL GLH =XNXQIW YRQ GHU HUZDUWHW ZLUG GDVV VLH DQGHUV VHLQ ZLUGDOVGLH9HUJDQJHQKHLWÄGLHVHVJHVFKLFKWVSKLORVRSKLVFKH$[LRP³DEHUVHLHLQ Ä(UJHEQLVGHU$XINOlUXQJ³ hEHU]HXJHQGLVWGLHVH$UJXPHQWDWLRQLQGHP0D‰HLQGHPPDQVLFKDXIGDV JHVFKORVVHQHJHVFKLFKWVSKLORVRSKLVFKH0RGHOOGHUÄPRGHUQHQ:HOW³HLQOlVVWGDV VLHLPSOL]LHUW'DQDFKXQWHUVFKHLGHQVLFK$OWHXURSDXQGGLH0RGHUQH]XY|UGHUVW GXUFK LKUH *HVFKLFKWVDXIIDVVXQJ :lKUHQG GLH 9RUPRGHUQH QXU YLHOH HLQ]HOQH *HVFKLFKWHQNHQQHGLHVLHDOV%HLVSLHOHIUEHUJHVFKLFKWOLFKH/HKUVlW]HEHWUDFKWH ± KLVWRULD PDJLVWUD YLWDH± ]HLFKQH VLFK GLH VlNXODULPPDQHQWH 0RGHUQH GXUFK LKUHQ%HJULIIHLQHUDOOHVLQWHJULHUHQGHQ*HVFKLFKWHDXVGLHDOOHVEHGLQJHXQGLKUHU  

9JO5HLQKDUW.RVHOOHFN'DV-DKUKXQGHUWDOV%HJLQQGHU1HX]HLW,Q5HLQKDUW+HU]RJX 5HLQKDUW.RVHOOHFN +J (SRFKHQVFKZHOOHXQG(SRFKHQEHZX‰WVHLQ0QFKHQ6± KLHU6±  6R GLH =XVDPPHQIDVVXQJ GHV .RVHOOHFN¶VFKHQ 0RGHOOV LQ &KULVWLDQ /LQN =XNXQIW 9HUJDQ JHQKHLW ,Q -RDFKLP 5LWWHU XD +J  +LVWRULVFKHV :|UWHUEXFK GHU 3KLORVRSKLH %G ± %G %DVHO  6S ± KLHU 6S  Ä'LH IU GDV PRGHUQH =>XNXQIWV@ (PSILQGHQFKDUDNWHULVWLVFKH(QWGHFNXQJGHU=>XNXQIW@DOVHLQHVYRQGHU9>HUJDQJHQKHLW@XQ WHUVFKLHGHQHQ=HLWUDXPVLQGHQZLUDXVGHU*HJHQZDUWNRPPHQGHLQWUHWHQLVWGLH)ROJHHLQHU IRUWVFKUHLWHQGHQ +LVWRULVLHUXQJ GHU :HOW 'LHVH VHW]W HUVW PLW GHU EHJLQQHQGHQ $XINOlUXQJ HLQ³  9JO-DFREX:LOKHOP*ULPP'HXWVFKHV:|UWHUEXFK+JYGHU'W$NDGGHU:LVVHQVFKDI WHQ]X%HUOLQ%G± LQ %G/HLS]LJ6S±VY=XNXQIWKLHU6S IUKHUJLEWHVQXUÄLQ=XNXQIW³YJO+|OVFKHU(QWGHFNXQJGHU=XNXQIW ZLH$QP 6  9JO.RVHOOHFN9HUJDQJHQH=XNXQIW ZLH$QP 6IGHUV+LVWRULDPDJLVWUDYLWDHhEHU GLH $XIO|VXQJ GHV 7RSRV LP +RUL]RQW QHX]HLWOLFK EHZHJWHU *HVFKLFKWH >(UVWYHU|IIHQWOLFKXQJ @,Q'HUV9HUJDQJHQH=XNXQIW ZLH$QP 6±KLHU6  .RVHOOHFNÃ(UIDKUXQJVUDXPµXQGÃ(UZDUWXQJVKRUL]RQWµ ZLH$QP 6  9JO 5HLQKDUW .RVHOOHFN (LQOHLWXQJ ,Q %UXQQHU &RQ]H X .RVHOOHFN +J  *HVFKLFKWOLFKH *UXQGEHJULIIH ZLH$QP %G6WXWWJDUW6;,,,±;;9,,KLHU6;,9±;9,,GDV=L WDW6;,9



'DQLHO)XOGD

VHLWV NHLQHQ DQGHUHQ DOV QDWUOLFKHQ XQG PHQVFKOLFKHQ (LQZLUNXQJHQ XQWHUOLHJH 8QG ZlKUHQG QDFK YRUPRGHUQHU :HOWDXIIDVVXQJ DOOHV :HVHQWOLFKH JOHLFKEOHLEH VRGDVV GLH $EIROJH GHU (UHLJQLVVHLP*UXQGHODXWHU:LHGHUKROXQJHQYRQ*UXQG PXVWHUQEHGHXWHWZHUGH*HVFKLFKWHLQGHU0RGHUQHDOVIRUWODXIHQGH=HLWLJXQJYRQ ZHVHQWOLFK1HXHPEHJULIIHQ'HU1XW]HQGLHVHV0RGHOOVOLHJWP(GDULQGDVVHV HLQNODUHVGDELQlUVWUXNWXULHUWHV.DWHJRULHQJHUVWIUGLH$QDO\VHQLFKWDOOHLQYRQ *HVFKLFKWVDXIIDVVXQJHQEHUHLWVWHOOW1XW]HQEULQJWHVGDUEHUKLQDXVDOVLGHDOW\SL VFKH %HVFKUHLEXQJ GHV hEHUJDQJV YRQ GHU DOWHXURSlLVFKHQ ]XU PRGHUQHQ *H VFKLFKWVDXIIDVVXQJ6FKDGHQEULQJWHVMHGRFKZHQQHVLQVHLQHUHPSLULVFKHQ$XV VDJHNUDIW EHUVFKlW]W ZLUG 9LHOPHKU ORKQW HV VLFK GLH 4XHOOHQ GHV IUKHQ -DKUKXQGHUWV JUQGOLFKHU DQ]XVHKHQ DOV .RVHOOHFN XQG +|OVFKHU GLHV JHWDQ KDEHQ1DPKDIWJHPDFKWZHUGHQLP)ROJHQGHQIQI)DNWRUHQGHU=XNXQIWV|IIQXQJ DXI GHP )HOG GHV Ã:LVVHQVµ WHLOV ZLVVHQVFKDIWOLFKSKLORVRSKLVFKHU WHLOV KDQG OXQJVSUDNWLVFKHU$UW  

 'LHgIIQXQJGHU=XNXQIWXP±IQI)DNWRUHQ 

 'LH)UDJHQDFKGHU0|JOLFKNHLWGHV)RUWVFKULWWVDOVà 7KHRULHGHU=XNXQIWµ  (LQLJHV 0DWHULDO GDV HLQH YRUJH]RJHQH 'DWLHUXQJ VWW]W KDW EHUHLWV .RVHOOHFN ]XVDPPHQJHWUDJHQ(UVWH,QGL]LHQIUÄGLHODQJVDPEHZX‰WZHUGHQGHgIIQXQJGHU =XNXQIW³VLHKWHUGDULQGDVV$XWRUHQGHV-DKUKXQGHUWVZLH%DFRQ3DVFDOXQG )RQWHQHOOH HLQHQ QHXDUWLJHQ (UNHQQWQLV]XZDFKV GXUFK 9HUQXQIWJHEUDXFK WHLOV UHJLVWULHUWHQ WHLOV VLFKHU HUZDUWHWHQ ± DXI MHGHQ )DOO DEHU GDVV VLH LKQ DOV 9HU VHOEVWVWlQGLJXQJ GHV0HQVFKHQIHLHUWHQ:LHVLFKHUJlQ]HQOlVVWWREWHDXIGHP )HOG GHU lVWKHWLVFKHQ 7KHRULH VHLW GHQ HU -DKUHQ VRJDU HLQH KHIWLJH 'HEDWWH GDUXP RE HLQ NQVWOHULVFKHU )RUWVFKULWW EHU GLH YRUELOGOLFKHQ /HLVWXQJHQ GHU $QWLNHKLQDXVP|JOLFKVHL'LHVH4XHUHOOHGHVDQFLHQVHWGHVPRGHUQHVGDUIPR GHUQHWKHRUHWLVFKQLFKWEHUVFKlW]WZHUGHQZHLOVLHQRFKQLFKWGDV(UJHEQLVHLQHV   'DKLQ JHKW GLH .ULWLNYRQ-DQ0DUFR6DZLOODÃ*HVFKLFKWHµ(LQ3URGXNWGHUGHXWVFKHQ$XI

NOlUXQJ" (LQH .ULWLN DQ 5HLQKDUW .RVHOOHFNV %HJULII GHV Ã.ROOHNWLYVLQJXODUV *HVFKLFKWHµ ,Q =HLWVFKULIWIUKLVWRULVFKH)RUVFKXQJ  6±KLHU6I

 5HLQKDUW.RVHOOHFN)RUWVFKULWW,Q%UXQQHU&RQ]HX.RVHOOHFN +J *HVFKLFKWOLFKH*UXQG

EHJULIIH ZLH $QP   %G  6WXWWJDUW  6± GLH 6HLWHQ±VWDPPHQYRQ &KULVWLDQ 0HLHU  KLHU 6I bKQOLFK 5HLQKDUW .RVHOOHFN Ã)RUWVFKULWWµ XQG Ã1LHGHUJDQJµ ± 1DFKWUDJ]XU*HVFKLFKWH]ZHLHU%HJULIIH,Q'HUV%HJULIIVJHVFKLFKWHQ6WXGLHQ]XU6HPDQWLN XQG 3UDJPDWLN GHU SROLWLVFKHQ XQG VR]LDOHQ 6SUDFKH 0LW ]ZHL %HLWU YRQ 8OULNH 6SUHH XQG :LOOLEDOG 6WHLQPHW] VRZLH HLQHP 1DFKZ ]X (LQOHLWXQJVIUDJPHQWHQ 5HLQKDUW.RVHOOHFNVYRQ &DUVWHQ'XWW)UDQNIXUWD06±KLHU6±$XVIKUOLFKHU]XULQ)UDQN UHLFK JHIKUWHQ 'HEDWWH -RFKHQ 6FKOREDFK =\NOHQWKHRULH XQG (SRFKHQPHWDSKRULN 6WXGLHQ ]XU ELOGOLFKHQ 6SUDFKH GHU *HVFKLFKWVUHIOH[LRQ LQ )UDQNUHLFK YRQ GHU 5HQDLVVDQFH ELV ]XU )UKDXINOlUXQJ0QFKHQ6±

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



DOOJHPHLQHQ%HZXVVWVHLQVHUEUDFKWHGDVVPDQLQHLQHUQHXHQ(SRFKHOHEHLQGHU GLH1RUPHQGHU$QWLNHSULQ]LSLHOOQLFKWPHKUJHOWHQ'RFKUHNODPLHUWHQGLHPR GHUQHVXP&KDUOHV3HUUDXOW ± EHUHLWVHLQH$UWÃRIIHQH=XNXQIWµIUGLH .QVWH LQGHP VLH GLH /HLVWXQJHQ GHU $QWLNH QLFKW PHKU DOV XQEHUVFKUHLWEDUH *UHQ]HDN]HSWLHUWHQ ,Q'HXWVFKODQGIDQGGLH4XHUHOOH]XQlFKVWZHQLJ:LGHUKDOOHLQHVFKDUIH3DU WHLQDKPH IU HLQH 6HLWH VHLHQ HV GLH DOWHQRGHUGLHQHXHUHQ'LFKWHUZXUGHPHLVW DEJHOHKQW'LH'LFKWHUGHUHLJHQHQ1DWLRQEHU+RPHUXQG9HUJLO]XVWHOOHQILHO KLHU]XODQGH ZHQLJHU OHLFKW DOV LQ )UDQNUHLFK8PVREHPHUNHQVZHUWHULVWGDVVGLH 7KRPDVLDQHU HKHU ]X GHQ PRGHUQHV QHLJWHQ ZHLO VLHGLH+HUUVFKDIWGHV$ULVWRWH OLVPXV QRFK EHU GLH :LVVHQVFKDIWHQ LKUHU =HLW JHQHUHOO EHVWULWWHQ &KULVWLDQ 7KRPDVLXV ± PDKQWHPLW%HUXIXQJDXIGLHDXWRULWlWVNULWLVFKH9HUQXQIW QLFKWDQDOWHQ$QVLFKWHQIHVW]XKDOWHQÄ0HLQOLHEHU)UHXQG'LH=HLWHQlQGHUQVLFK WlJOLFK³ 'DVV 7KRPDVLXV GLH KRKH )UHTXHQ] GHV :DQGHOV EHWRQW ÄWlJOLFK³  NDQQDOV+LQZHLVYHUVWDQGHQZHUGHQGDVVHUGLH=XNXQIWDOVRIIHQDQVLHKWGDVVHU GLHVDOV0DKQXQJDXVVSULFKWZHLVWGDUDXIGDVVHVVLFKGDPDOVXPHLQHQHXHQRFK QLFKW DOOJHPHLQ DQJHQRPPHQH 3HUVSHNWLYH KDQGHOW )U 7KRPDVLXV VHOEVW JLOW MHGHQIDOOVGDVVHUGDVZDVÄ]XNQIIWLJ³EHYRUVWHKWDXVGUFNOLFKQLFKWDOVÄFRQWL QXLUXQJGHVJHJHQZlUWLJHQ³EHJUHLIW 'HP)RUWVFKULWWGHU:LVVHQVFKDIWHQXQGGHUPHQVFKOLFKHQ1DWXUEHKHUUVFKXQJ VDKDXFK/HLEQL] ± NHLQH*UHQ]HJH]RJHQ'DUEHUKLQDXVIRUPXOLHUWH HU$QVlW]HHLQHUDOOJHPHLQHQ3KLORVRSKLHGHVXQDEOlVVLJHQ)RUWVFKUHLWHQVÄ)HOLFL WDVSRVWXODWSHUSHWXXPDGQRYDVYROXSWDWHVSHUIHFWLRQHVTXHSURJUHVVXP³'LHVHV )RUWVFKUHLWHQ LVW QLFKW DXI HLQ =LHO KLQ JHGDFKW GDV LUJHQGZLH HUUHLFKEDU ZlUH

  9JO+DQV8OULFK*XPEUHFKW0RGHUQ0RGHUQLWlW0RGHUQH,Q%UXQQHU&RQ]HX.RVHOOHFN

+J  *HVFKLFKWOLFKH *UXQGEHJULIIH ZLH $QP   %G 6WXWWJDUW  6± KLHU 6  9JOHEG6  9JO 3HWHU . .DSLW]D (LQ EUJHUOLFKHU .ULHJ LQ GHU JHOHKUWHQ :HOW =XU *HVFKLFKWH GHU 4XHUHOOHGHV$QFLHQVHWGHV0RGHUQHVLQ'HXWVFKODQG0QFKHQ  &KULVWLDQ7KRPDVLXV9RQGHQHQ0lQJHOQGHU$ULVWRWHOLVFKHQ(WKLN>@,Q'HUV.OHLQH 7HXWVFKH 6FKULIWHQ 9RUZ YRQ :HUQHU 6FKQHLGHUV 3HUVRQHQ XQG 6DFKUHJ YRQ0DUWLQ3RWW +LOGHVKHLPXD6±KLHUI)UGHQIUHXQGOLFKHQ+LQZHLVDXIGLHVH6WHOOHGDQ NHLFK'U)UDQN*UXQHUW+DOOH  &KULVWLDQ7KRPDVLXV$XVEXQJGHU6LWWHQOHKUH>@9RUZYRQ:HUQHU6FKQHLGHUV3HUVR QHQ XQG 6DFKUHJ YRQ )UDXNH $QQHJUHW .XUEDFKHU ,Q 'HUV $XVJHZlKOWH :HUNH +J Y :HUQHU6FKQHLGHUV%G+LOGHVKHLPXD6  9JO *RWWIULHG :LOKHOP /HLEQL] 8QLYHUVDOH *HUHFKWLJNHLW DOV NOXJ YHUWHLOWH /LHEH ]X DOOHQ >±"@,Q'HUV)UKH6FKULIWHQ]XP1DWXUUHFKW/DWHLQLVFK±GHXWVFK+JPLWHLQHU (LQOXQG$QPYHUVVRZLHXQWHU0LWZYRQ+DQV=LPPHUPDQQEHUVYRQ+XEHUWXV%XVFKH +DPEXUJ6±KLHU6  (UQVW &DVVLUHU /HLEQL]¶ 6\VWHP LQ VHLQHQ ZLVVHQVFKDIWOLFKHQ *UXQGODJHQ 0DUEXUJ  6



'DQLHO)XOGD

VRQGHUQ JHKW JOHLFKVDP LQV 2IIHQH 'LH 9ROONRPPHQKHLW GHU :HOW GLH /HLEQL] NRQVWDWLHUWEHVWHKWGDULQGDVVGLH:HOWVLFKLPPHUZHLWHUYHUYROONRPPQHW  

 'LH3URJQRVWLNGHUSROLWLVFKHQ.OXJKHLW  1XQ GDUI PDQ DXV GHP :LVVHQVFKDIWVRSWLPLVPXV HLQLJHU +|KHQNDPP$XWRUHQ QLFKW RKQH ZHLWHUHV DXI HLQH gIIQXQJ GHV =XNXQIWVKRUL]RQWHV LP DOOJHPHLQHQ JHVHOOVFKDIWOLFKHQ %HZXVVWVHLQ VFKOLH‰HQ$OV%UHLWHQLQGLNDWRUNDQQKLQJHJHQGLH JOHLFK]HLWLJH +RFKNRQMXQNWXU GHV ÃSROLWLVFKHQµ 9HUKDOWHQVLGHDOV JHOWHQ *HPHLQW LVW GLH )lKLJNHLW VLFK LQ JDQ] XQWHUVFKLHGOLFKHQ .RPPXQLNDWLRQV XQG ,QWHUDNWL RQVVLWXDWLRQHQ ]X EHKDXSWHQ MHZHLOV DQJHSDVVW DQ GLH HLJHQHQ =ZHFNH VRZLH DQ GLH$GUHVVDWHQXQGDQGHUHQ$NWHXUH$OVHQWVFKHLGHQGJLOWGDEHLGLH$EVLFKWHQ GHU DQGHUHQ ]X DQWL]LSLHUHQ GLH GHQ HLJHQHQ =ZHFNHQ HQWZHGHU KLQGHUOLFK RGHU I|UGHUOLFKVHLQN|QQWHQXPGDVHLJHQH+DQGHOQGDUDQDQ]XSDVVHQ=ZDUQLFKWXP KRIIQXQJVUHLFKH(UZDUWXQJHQDQGLH=XNXQIWDOOHUJHKWHVKLHUMHGRFKXP3UDNWL NHQ LKUHU SHUV|QOLFKHQ %HZlOWLJXQJ LQ JDQ] NRQNUHWHQ DEHU QRFK XQEHNDQQWHQ 6LWXDWLRQHQ %OLFNH LQ GLH HLJHQH  =XNXQIW ZHUGHQ Q|WLJ LP,QWHUHVVHGHU6HOEVW EHKDXSWXQJ 'LHVH =XNXQIW ZLUG QRFK QLFKW JHVFKLFKWVSKLORVRSKLVFK YRUDXVHQW ZRUIHQVWHOOWVLFKDEHUDOVRIIHQGDULP6LQQHHLQHUIXQGDPHQWDOHQ8QVLFKHUKHLW :RUDQ ODVVHQ VLFK GLH $EVLFKWHQ GHU DQGHUHQ HUNHQQHQ DXFK ZHQQ VLH VLH ]X YHUEHUJHQYHUVXFKHQ":HOFKH&KDQFHQZHUGHQVLFKPLUELHWHQ":LHYHUPDJPDQ VLFK RGHU DQGHUHQ LQ Ä]XNQIIWLJHQ³ 'LQJHQ VR Z|UWOLFK EHL 7KRPDVLXV  ]X UD WHQ"6RODXWHQGLH)UDJHQGLHVLFKGHU3ROLWLFXV±XQGGDVLVWQXQSRWHQWLHOOMH GHUPDQQ ± VWHOOHQ PXVV 6HLQ =LHO LVW HLQH VWUDWHJLVFKH XQGWDNWLVFKH.RPSHWHQ] GLH EHUOHJHQ PDFKW RGHU ]XPLQGHVW YRU GHU %HGURKXQJ GXUFK NRQNXUULHUHQGH ,QWHUHVVHQVFKW]W=ZDUVWHOOWGLH3URJQRVWLNQXUHLQHQ7HLOGHVSROLWLVFKHQ.RP SHWHQ]SURILOV GDU 'RFK VLQG DXFK GLH JOHLFKIDOOV JHIRUGHUWHQ )lKLJNHLWHQ JDQ] XQWHUVFKLHGOLFKH 6LWXDWLRQHQ LQ GHU *HJHQZDUW ULFKWLJ HLQ]XVFKlW]HQ XQG VLFK MHZHLOV DQJHPHVVHQ ]X YHUKDOWHQ DXI =XNXQIW DXVJHULFKWHW 6R PDKQW &KULVWLDQ :HLVHV 3ROLWLVFKHU $FDGHPLFXV YRQ  ZLHGHUKROW EHUHLWV MHW]W GK ZlKUHQG GHV6WXGLXPVDQGDVÄ]XNQIIWLJH*OFN³RGHUHLQHÄ]XNQIIWLJH%HI|UGHUXQJ³DQ HLQH P|JOLFKH Ä]XNQIIWLJH 5HFRPPHQGDWLRQ³ RGHU HLQHQ Ä]XNQIIWLJHQ 3DWURQ³ PLWGHPPDQNRQIURQWLHUWVHLQZLUG]XGHQNHQ   9JOHEG6  9JO.DUO+HLQ]*|WWHUW.RPPXQLNDWLRQVLGHDOH8QWHUVXFKXQJHQ]XUHXURSlLVFKHQ.RQYHUVD

WLRQVWKHRULH0QFKHQ6± 7KRPDVLXV .XU]HU (QWZXUI GHU SROLWLVFKHQ .OXJKHLW >@ 9RUZ YRQ :HUQHU 6FKQHLGHUV 3HUVRQHQ XQG 6DFKUHJ YRQ .D\ =HQNHU ,Q 'HUV $XVJHZlKOWH :HUNH +J Y :HUQHU6FKQHLGHUV%G+LOGHVKHLPXD6  9JO&KULVWLDQ:HLVH3ROLWLVFKHU$FDGHPLFXVQHEVWGHVVHQ9lWHUOLFKHQ7HVWDPHQW'DULQQHQ JHZLHVHQZLUG:LHQLFKWDOOHLQHLQ]XNQIIWLJHU3ROLWLFXVVHLQH=HLWXQG*HOGDXI8QLYHUVLWl WHQDQZHQGHQVRQGHUQDXFKVHLQ&KULVWHQWKXPDOVREHDFKWHQVROOGD‰(UDXIGLHVHU:HOWHLQ  &KULVWLDQ

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



0LW9HUVXFKHQLQHLQHJH|IIQHWH=XNXQIW]XEOLFNHQKDEHQZLUHVEHLVROFKSROLWL VFKHU9RUDXVVFKDXLQJHQDXGHP0D‰H]XWXQLQGHPGLH$NWHXUHQLFKWEOR‰LKUH SHUV|QOLFKHQ/HEHQVFKDQFHQ]XYHUEHVVHUQVXFKHQ±LQHLQHUSULQ]LSLHOODEVFKlW] EDUHQZHLOVWDELOHQ:HOW±VRQGHUQGLH2UGQXQJGHU:HOWLQVJHVDPWDOVLQ%HZH JXQJJHNRPPHQHUVFKHLQW/HW]WHUHVJLOWIUGLHSROLWLVFKH3URJQRVWLNNHLQHVZHJV SHU VH ZRKO DEHU DOV VLH VLFK XP  ]X HLQHU 9HUKDOWHQVKLOIH IU MHGHUPDQQ YHUDOOJHPHLQHUW ZLH KLHU NXU] GDUJHOHJW ZHUGHQ VROO 8UVSUQJOLFK ZDUHQ GLH .RPSHWHQ]HQGHV3ROLWLFXVDXIGHQLQ0DFKWNlPSIHYHUVWULFNWHQ)UVWHQRGHUGHQ LQ VHLQHU 3RVLWLRQ VWHWV EHGURKWHQ +|IOLQJ EHUHFKQHW 1LFFROz 0DFKLDYHOOLV ,O 3ULQFLSH   XQG %DOWDVDU *UDFLiQV 2UiFXOR PDQXDO   VLQG GLH HQRUP HLQIOXVVUHLFKHQ +DXSWVFKULIWHQ GLHVHU 7UDGLWLRQ 'HP +RIPDQQ HPSILHKOW +DUV G|UIIHUVhEHUVHW]XQJYRQ(XVWDFKHGH5HIXJHV7UDLWpGHODFRXU  HUPVVH ÄGXUFK GHQ .U\VWDOO GH‰ *HJHQZlUWLJHQ  LQ GLH ]XNQIIWLJHQ %HJHEHQKHLWHQ  GXUFKVFKDXHQLQGHPQHPOLFKGHUNOXJH+RIPDQQDX‰DQGUHU%H\VSLHOHVHLQH %HJHJQL‰ EHVRUJOLFK YHUPXWKHW  XQG EHKXWVDPOLFK YHUPHLGHW³ )U GHQ +HUU VFKHUVHLVRGHU.DUGLQDO5LFKHOLHXLQVHLQHPIU/XGZLJ;,,,YHUIDVVWHQ7HVWD PHQWSROLWLTXH YHUIDVVW±SXEOL]LHUW GHU$XVEOLFNLQGLH=XNXQIW QRFK ZLFKWLJHU DOV GLH %HREDFKWXQJ GHU *HJHQZDUW Ä>,@O HVW SOXV LPSRUWDQW GH FRQVLGpUHUO¶DYHQLUTXHOHSUpVHQW TX¶LOHVWGHVPDX[FRPPHGHVHQQHPLVG¶XQ (VWDWDXGHYDQWGHVTXHOVLOYDXWPLHX[V¶DYDQFHUTXHGHVHUpVHUYHUjOHVFKDVVHU DSUpVOHXUDUULYpH³ 8PKLQJHJHQJLOWÃMHGHUPDQQµDOVSRWHQWLHOOHU1XW]QLH‰HUGHVSROLWLVFKHQ :LVVHQV EHU GLH 0|JOLFKNHLWHQ GLH =XNXQIW ]X DQWL]LSLHUHQ GHQQ ÄGDV 0RGHOO GHV3>ROLWLFXV@³ZLUGQXQÄDOV3DUDGLJPDIUMHJOLFKHV6R]LDOYHUKDOWHQEHJULIIHQ³ 1DWUOLFK PHLQW GLHVHV ÃMHGHUPDQQµ QLFKW VlPWOLFKH %HY|ONHUXQJVVFKLFKWHQ VRQ GHUQ ÃQXUµ DOOH +DQGOXQJVPlFKWLJHQ ± PDQ N|QQWH VDJHQ DOOH GLH LUJHQGHLQ *H VFKlIWEHWUHLEHQZDVXPDXVGUFNOLFKDXFKDEHUNHLQHVZHJVDXVVFKOLH‰OLFK |NRQRPLVFKYHUVWDQGHQZXUGHÄ'HUXQJHPHLQH1XW]HQ³GHUSROLWLVFKHQ.OXJKHLW VROO 7KRPDVLXV ]XIROJH QLFKW QXU VHLQHQ 6WXGHQWHQ XQG DNDGHPLVFKHQ 6WDDWVGLH QHUQ ]XJXWH NRPPHQ VRQGHUQ DXFK MHQHQ GLH ÄYRQ GHU .DXIIPDQQVFKDIIW   JXWHV*HZLVVHQEHKDOWHQLP7RGHDEHUGHUHZLJHQ6HOLJNHLWVLFKYHUVLFKHUQN|QQH$PVWHU GDP>UHFWHZRKO/HLS]LJ@6 QHXH3DJGHV9lWHUOLFKHQ7HVWDPHQWV 6X ]ZHLWH3DJ 'HU9HUZHLVDXIGDVÄ]XNQIIWLJH/HEHQ³ ]ZHLWH3DJ6 ULFKWHWVLFKGDJH JHQDXIV-HQVHLWV  *HRUJ3KLOLSS+DUVG|UIIHU0U'X5HIXJH.OXJHU+RIPDQQ'DVLVWQDFKVLQQLJH9RUVWHOOXQJ GH‰XQWDGHOLFKHQ+RIOHEHQVPLWYLHOHQOHKUUHLFKHQ6SUFKHQXQGGHQFNZUGLJHQ([HPSHOQ JH]LHUHW1LFKWQXUGHQ+RIOHXWHQ]XGLHQOLFKHU1DFKULFKWXQJVRQGHUQDOOHQXQGMHGHQZHO FKHEH\JURVVHQ+HUUHQVLFKYLHOHU:HOWKlQGHOXQWHU]LHKHQPVVHQ*HGROPHWVFKW8QGPLW YLHOHQ*HGLFKWHQ$QPHUFNXQJHQXQGVHOWQHQ%HWUDFKWXQJHQEHOHXFKWHW'XUFKHLQ0LWJOLHG GHUKRFKO|EOLFKHQ)UXFKWEULQJHQGHQ*HVHOOVFKDIW)UDQNIXUWX+DPEXUJ6 LLLMUHFWR  $UPDQG GX 3OHVVLV &DUGLQDO 'XF GH 5LFKHOLHX 7HVWDPHQW SROLWLTXH G¶$UPDQG GX 3OHVVLV FDUGLQDOGXFGH5LFKHOLHX7$XIODJH$PVWHUGDP6  'LHWPDU7LOO3ROLWLFXV,Q*HUW8HGLQJ +J +LVWRULVFKHV:|UWHUEXFKGHU5KHWRULN%G± %G7ELQJHQ6S±KLHU6S



'DQLHO)XOGD

+DXVZLUWKVFKDIIW XGJ 3URIHVVLRQ PDFKHQ³ HEHQVR GHQ Ä0HGLFRV³ ÄGLH NQI IWLJHQ.UDQFNKHLWHQYRUEDXHQZROOHQ³ÄMDDXFKGHP)UDXHQ]LPPHUDOVZHOFKHV GLH PHLVWHQ 0D[LPHV PLW GHQHQ 0lQQHUQ JHPHLQ KDW  RGHU KDEHQ VROO³ $XFK GHU*\PQDVLDOGLUHNWRU:HLVHVFKULHEQLFKWIUGLHZLUNOLFK0lFKWLJHQVRQGHUQIU MXQJH $NDGHPLNHU GLH LKUH &KDQFH LP ]HLWJHQ|VVLVFK VLFK HUZHLWHUQGHQ 6WDDWV XQG +RIGLHQVW VXFKWHQ +LVWRULVFK EDVLHUW GLH +RFKNRQMXQNWXU GHU ÃSULYDWSROLWL VFKHQµ 9HUKDOWHQVOHKUH XP  ZHVHQWOLFK DXI GHP HUK|KWHQ %HGDUI DQ IUVWOL FKHQ RGHU VWlQGLVFKHQ %HDPWHQ XQG 5lWHQ GHQ GHU $XVEDX XQG GLH 9HUUHFKWOL FKXQJGHU9HUZDOWXQJLQGHUODQJHQ:LHGHUDXIEDXSKDVHQDFKGHP'UHL‰LJMlKULJHQ .ULHJPLWVLFKEUDFKWH$XFKGLHSDUDOOHOH%HOHEXQJGHU:LUWVFKDIWLVWDOV)DNWRU ]X UHFKQHQ GHU YLHO PHKU 0HQVFKHQ DOV ]XYRU SROLWLVFKH9HUKDOWHQVNRPSHWHQ]HQ QDKHOHJWH 'HU 7KRPDVLXV6FKOHU *XQGOLQJ IRUGHUWH GDKHU HLQH DOOJHPHLQH ÄSUXGHQWLD FDYHQGL >@ LH QH TXLV PH GHFLSLDW 'LHVH PX‰ HLQ MHGHU KDEHQ³ 'DIUJDOWHVVHLQH9RUVLFKWGK)lKLJNHLW]XU9RUDXVVLFKW]XVFKlUIHQ 'LH*UXQGODJHGHVSROLWLVFKHQ%OLFNVDXIGLHÄ]XNQIIWLJHQ³'LQJHELOGHQWUD GLWLRQHOO GLH (UIDKUXQJHQ GHU 9HUJDQJHQKHLW DXVGHQHQGLHULFKWLJHQ6FKOVVH]X ]LHKHQ VLQG 2E JHPDFKWH (UIDKUXQJHQ KLQUHLFKHQG +LOIH ]XU 2ULHQWLHUXQJ LQ GHU =XNXQIWELHWHQN|QQHQZLUGMHGRFKXQVLFKHUVREDOGPDQYRQGHU=XNXQIWHUZDU WHW GDVV VLH VXEVWDQWLHOO DQGHUV VHLQ ZLUG DOV 9HUJDQJHQKHLW XQG *HJHQZDUW GK ZHQQ VLH QLFKW PHKU LQ GHU ÄFRQWLQXLUXQJ GHV JHJHQZlUWLJHQ³ DXIJHKW 8P  ZXUGH GLH =XNXQIWVEHUHFKQXQJ ]XGHP GXUFK GLH H[WUHPH 9HUYLHOIlOWLJXQJ GHU UHOHYDQWHQ$NWHXUHHUVFKZHUW'LH]DKOUHLFKHQ6FKULIWHQ]XU*HPWHUHUNHQQWQLV GLH LP HUVWHQ 'ULWWHO GHV -DKUKXQGHUWV HUVFKHLQHQ VLQG GHPHQWVSUHFKHQG ZH VHQWOLFKPLWGHU8QVLFKHUKHLWGHUSROLWLVFKHQ3URJQRVWLNEHVFKlIWLJW)XQGDPHQWDO XQVLFKHULVWEHUGLHVGLHVR]LDOH2UGQXQJJHZRUGHQVREDOGMHGHUPDQQVLFKDXIJH   7KRPDVLXV .XU]HU (QWZXUI GHU SROLWLVFKHQ .OXJKHLW ZLH $QP 9RUUHGH6 UHFWRX

6bKQOLFK1LFRODXV+LHURQ\PXV*XQGOLQJ$XVIKUOLFKHUXQGPLW,OOXVWUHQ([HPSHOQDXV GHU+LVWRULHXQG6WDDWHQ1RWL]HUOlXWHUWHU'LVFRYUVEHU:H\O+HUUQ',R)UDQF%YGGHL66 7K3URI3KLORVRSKL 3UDFWLF 3DUW,,,'LH3ROLWLF1HEVWHLQHU9RUUHGH-DFRE$XJXVW)UDQF NHQVWHLQV+RFKIUVWO$QKDOW=HUEVWLVFKHQ+RIXQG5HJLHUXQJV5DWKV>HW@F)UDQNIXUWD0X /HLS]LJ  6 %HL *XQGOLQJV Ã'LVNXUVHQµ KDQGHOW HV VLFK XP SRVWXP SXEOL]LHUWH 0LW VFKULIWHQVHLQHUDELQ+DOOHJHKDOWHQHQ9RUOHVXQJHQGLH$XWKHQWL]LWlWGHU7H[WHLVWXP VWULWWHQ ZDV LKUH 'RNXPHQWTXDOLWlW KLQVLFKWOLFK W\SLVFKHU ]HLWJHQ|VVLVFKHU (LQVFKlW]XQJHQ DEHUQLFKWEHHLQWUlFKWLJW   9JO&KULVWRI'LSSHU'HXWVFKH*HVFKLFKWH±)UDQNIXUWD06±  *XQGOLQJ'LVFRYUVEHU'LH3ROLWLF ZLH$QP 6  =X GLHVHU lOWHUHQ :RUWEHGHXWXQJ YRQ Ã9RUVLFKWµ YJO *ULPP 'HXWVFKHV :|UWHUEXFK ZLH $QP %G/HLS]LJ6S±  1LNODV /XKPDQQ 6R]LRORJLH DOV 7KHRULH VR]LDOHU 6\VWHPH ,Q 'HUV 6R]LRORJLVFKH $XINOl UXQJ $XIVlW]H ]XU 7KHRULH VR]LDOHU 6\VWHPH  $XIODJH 2SODGHQ  6± KLHU 6YHUPHUNWGDVVHVGLH9RUVWHOOXQJHLQHUÄQDFKGHU=XNXQIWKLQRIIHQHQ=HLW³QXULQ*H VHOOVFKDIWHQPLWKRKHU.RPSOH[LWlWJHEH  9JO 'DQLHO )XOGD :LVVHQ XQG 1LFKW:LVVHQ YRQ DQGHUHQ 0HQVFKHQ 'DV 3UREOHP GHU *HPWHUHUNHQQWQLV YRQ *UDFLiQ ELV 6FKLOOHU ,Q +DQV $GOHU X 5DLQHU *RGHO +J  )RUPHQ GHV1LFKWZLVVHQVGHU$XINOlUXQJ0QFKHQ6±KLHU6±

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



IRUGHUWVHKHQPXVVIUVHLQH3RVLWLRQ]XNlPSIHQ+HUUVFKWLQGHU*HVHOOVFKDIWHLQ IRUWZlKUHQGHU .RQNXUUHQ]NDPSI VR XQWHUPLQLHUW GLHV GDV DOWHXURSlLVFKH 0RGHOO IHVWVWHKHQGHUXQGMHGHP PHLVWVFKRQGXUFK*HEXUW ]XJHPHVVHQHUVR]LDOHU3RVLWL RQHQGLHPDQDXV]XIOOHQKDW ÃMHGHUDQVHLQHP3ODW]µ 'DQQELOGHWGHUEHVWlQ GLJH .RQNXUUHQ]NDPSI YLHOPHKU VHOEVW GDV RUGQXQJVVFKDIIHQGH 0XVWHU GDV IUHL OLFKLPPHUQXUYRUOlXILJ]X(UJHEQLVVHQIKUW$XIJUXQGGLHVHU'\QDPLNNDQQGLH =XNXQIWQXQPHKUQLFKWDQGHUVDOVRIIHQ±LQGHU3HUVSHNWLYHGHU$NWHXUHDOVXQVL FKHU±HUVFKHLQHQ $OV HLQH 6WDWLRQ DXI GHP :HJ ]XU ÃRIIHQHQ =XNXQIWµ HU|UWHUW DXFK .RVHOOHFN GLH3URJQRVWLNGHV3ROLWLFXV9RQGHUDSRNDO\SWLVFKHQ3URSKHWLHGLH=HLWYHUQLFK WH KHEW HU VLH SRVLWLY DE GHQQ ÄGLH 3URJQRVH SURGX]LHUW GLH =HLW DXV GHU KHUDXV XQG LQ GLH KLQHLQ VLH VLFK HQWZLUIW³ 'RFK PDFKW .RVHOOHFN VRJOHLFK GDJHJHQ JHOWHQGGDVVVLFKÄLP+RUL]RQWIUVWOLFKVRXYHUlQHU3ROLWLN>«@QLFKWVSULQ]LSLHOO 1HXHVHUJHEHQ³NRQQWH:HLOGLHSROLWLVFKHQ5DWJHEHU]XP/HUQHQDXVGHUHUIDK UHQHQ9HUJDQJHQKHLWDQ]XOHLWHQYHUVXFKHQGDPLWPDQ]XNQIWLJHEUHQ]OLJH6LWXD WLRQHQ ]X EHVWHKHQ YHUPDJ KlWWHQ VLH ÄGLH *HVFKLFKWH QRFK YHUJOHLFKVZHLVH VWD WLVFK³ EHJULIIHQ /HW]WHUHP LVW ]X]XVWLPPHQ QLFKW DEHU GHP 6FKOXVV GDVV GLH SROLWLVFK ]X NDONXOLHUHQGH=XNXQIWQLFKWRIIHQJHZHVHQVHL'LHVHQ6FKOXVVOHJW ZRKO GLH 6\VWHPDWLN GHV .RVHOOHFNVFKHQ 0RGHOOV QDKH GHP]XIROJH GDV $XVHLQDQGHUWUHWHQ YRQ (UIDKUXQJVUDXP XQG (UZDUWXQJVKRUL]RQW GHU QHXH *H VFKLFKWVEHJULII VRZLH GLH ÃRIIHQH =XNXQIWµ ]XVDPPHQJHK|UHQ XQG JOHLFK]HLWLJ DXIWUHWHQ9RQGHQ4XHOOHQKHUOlVVWVLFK.RVHOOHFNV(LQVFKlW]XQJGDJHJHQK|FKV WHQV DXV GHU lOWHUHQ 7UDGLWLRQ GHU SROLWLVFKHQ 9HUKDOWHQVOHKUHQ GHV  XQG -DKUKXQGHUWVVWW]HQGLHQRFKJDQ]DXIGHQ)UVWHQEHUHFKQHWVLQG.RVHOOHFN GHQNWQLFKWDQGDV-HGHUPDQQVNDONO]XGHPGLHSROLWLVFKHQ9HUKDOWHQVOHKUHQXP ZHUGHQVRQGHUQKDWHLQH0lFKWHSROLWLNYRU$XJHQLQGHUGLH=XNXQIWVFKRQ GHVKDOE āEHUVFKDXEDU³ HUVFKLHQ ZHLO ÄGLH =DKO GHU SROLWLVFK DJLHUHQGHQ .UlIWH DXIGLH=DKOGHU)UVWHQEHVFKUlQNWEOLHE³ (LQH VROFKH 6]HQHULH WULIIW DEHU JHUDGH QLFKW GLH SROLWLVFKHQ 9HUKDOWHQVOHKUHQ XP  'RUW WUDW LQV JHVHOOVFKDIWOLFKH %HZXVVWVHLQ GDVV WKHRUHWLVFK MHGHU LQ MHGHP DQGHUHQ HLQHQ .RQNXUUHQWHQ KDW YRU GHP HU VLFK ]X KWHQ KDW8PHVDXI GHQ 3XQNW ]X EULQJHQ 'LH =XNXQIW |IIQHW VLFK XP  LQVRIHUQ VLH DOV IXQGD   9JO :LOIULHG %DUQHU %DURFNUKHWRULN 8QWHUVXFKXQJHQ ]X LKUHQ JHVFKLFKWOLFKHQ *UXQGODJHQ

7ELQJHQ6I±

 .RVHOOHFN9HUJDQJHQH=XNXQIW ZLH$QP 6'DVIROJHQGH=LWDWHEG6  (EG 6 (EHQVR GLH $UJXPHQWDWLRQ EHL +|OVFKHU 'LH (QWGHFNXQJ GHU =XNXQIW

ZLH

$QP 6I

 9JO .RVHOOHFN 9HUJDQJHQH =XNXQIW ZLH $QP   6 Ä(LQ 3ROLWLNHU NRQQWH NOJHU RGHU

DXFK JHULVVHQHU ZHUGHQ HU PRFKWH VHLQH 7HFKQLNHQ UDIILQLHUHQ HU NRQQWH DXFK ZHLVHU RGHU YRUVLFKWLJHUZHUGHQDEHUGLH*HVFKLFKWHWUXJLKQQLHPDOVLQQHXHXQEHNDQQWH5HJLRQHQGHU =XNXQIW >«@ (UVW GLH *HVFKLFKWVSKLORVRSKLH LVW HV GLH GLH IUKH 1HX]HLW YRQ LKUHU HLJHQHQ 9HUJDQJHQKHLWDEO|VWHXQGPLWHLQHUQHXHQ=XNXQIWDXFKXQVHUH1HX]HLWHU|IIQHWH³  (EG6



'DQLHO)XOGD

PHQWDOXQVLFKHUHUVFKLHQ=ZLVFKHQ(UIDKUXQJVUDXPXQG(UZDUWXQJVKRUL]RQWWDW VLFK HLQH /FNHDXIXQG]ZDURKQHGDVVHLQHJHVFKLFKWVSKLORVRSKLVFKDXVIRUPX OLHUWH+LVWRULVLHUXQJLKUHQ.HLODQJHVHW]WKlWWH  

 ÄGHIXWXULVMXGLFLUHQ³±1HXH*DWWXQJHQGHU*HVFKLFKWVVFKUHLEXQJ  8QWHU FKULVWOLFKHQ 9RU]HLFKHQ KDWWH GLH *HVFKLFKWH NHLQH RIIHQH =XNXQIW GHQQ LKUH%HHQGLJXQJGXUFKGDV-QJVWH*HULFKWZDUGXUFKELEOLVFKH2IIHQEDUXQJÃEH NDQQWµ =XPDO GXUFK GLH 9HUNQSIXQJ GHV :HOWHQGHV PLW GHU 9LHU5HLFKH/HKUH ZDU GLH HVFKDWRORJLVFKH 3HUVSHNWLYH XQPLWWHOEDU IU GLH *HVFKLFKWVVFKUHLEXQJ UHOHYDQWGHQQPDQOHEWHMD±VRGLH6HOEVWZDKUQHKPXQJGHUGHXWVFKHQ(OLWHLQGHU )UKHQ 1HX]HLW ± QRFK LP YLHUWHQ GHP 5|PLVFKHQ 5HLFK XQG EHQXW]WH GLH YLHU 5HLFKHGHU'DQLHOLVFKHQ3URSKHWLH]XU3ULPlUJOLHGHUXQJGHU:HOWJHVFKLFKWH,P VSlWHQ -DKUKXQGHUW LQGHV HQWVWDQG DOV $OWHUQDWLYH GLH *OLHGHUXQJ LQ $QWLNH ± 0LWWHODOWHU ± 1HX]HLW XQG VHW]WH VLFK VFKQHOO GXUFK =XJOHLFK WUDWHQ PLW GHU 5HLFKVXQGGHUQHXHUHQ6WDDWHQKLVWRULHQHXHKLVWRULRJUDSKLVFKH*DWWXQJHQLQGHQ 9RUGHUJUXQG6LHZXUGHQ]XJDQ]DQGHUHQ=ZHFNHQEHWULHEHQDOVXPGHQHLJHQHQ 6WDQGRUW DQJHVLFKWV HLQHV RKQHKLQ IHVWVWHKHQGHQ $XVJDQJV IHVW]XVWHOOHQ QlPOLFK DOV 6LFKHUXQJ GHU KLVWRULVFKHQ *UXQGODJHQ GHU DNWXHOOHQ 5HFKWVYHUKlOWQLVVH XQG LKUHU $XVOHJXQJ LQ GHU MXULVWLVFKHQ XQG SROLWLVFKHQ 3UD[LV E]Z DOV 9HUPLWWOXQJ ÃDX‰HQSROLWLVFK¶ UHOHYDQWHU .HQQWQLVVH 1W]HQ N|QQH GLH +LVWRULH GHQ 'HXW VFKHQVRGHU-XULVWXQG+LVWRULNHU-RKDQQ3HWHU/XGHZLJ ± EHLÄDOOHQ LKUHQ+DQGOXQJHQLQZHOWOLFKHQXQGJHLVWOLFKHQ6DFKHQLQ6WDDWV*HVFKlIIWHQXQG LQ %UJHUOLFKHQ 9HUULFKWXQJHQ³ %HWRQW ZXUGH QXQ GLH KDQGOXQJVSUDNWLVFKH %UDXFKEDUNHLW KLVWRULVFKHU .HQQWQLVVH ]XP HLQHQ DOV :LVVHQ ZRKHU GDV %HVWH   'DVV GLH 8QVLFKHUKHLW GHU =XNXQIW DOV 2IIHQKHLW ZDKUJHQRPPHQ ZLUG VWHOOW DXFK +|OVFKHU

'LH(QWGHFNXQJGHU=XNXQIW ZLH$QP 6IHVW

 1LFRODXV+LHURQ\PXV*XQGOLQJ$XVIKUOLFKHU'LVFRYUVEHUGHQLHW]LJHQ=XVWDQG'HU(XUR

SlLVFKHQ 6WDDWHQ 'DULQQHQ 9RQ GHUVHOEHQ 8UVSUXQJ  :DFKVWKXP  0DFKW  &RPPHUFLHQ  5HLFKWKXPXQG6FKZlFKH5HJLHUXQJV)RUP,QWHUHVVH3U WHQVLRQHQXQG6WUHLWLJNHLWHQVDPW GHQ ]ZLVFKHQ LKUHQ $EJHVDQGWHQ IUIDOOHQGHQ &HUHPRQLHO 'HXWOLFK XQG JUQGOLFK JHKDQGHOW ZLUG6DPWGRSSHOWHQ5HJLVWHUGHUDQJHIKUWHQ$XWRUXPXQGDEJHKDQGHOWHQ0DWHULHQ%G± %G)UDQNIXUWD0X/HLS]LJ6  9JO$UQR6HLIHUW'HU5FN]XJGHUELEOLVFKHQ3URSKHWLHYRQGHUQHXHUHQ*HVFKLFKWH6WXGLHQ ]XU*HVFKLFKWHGHU5HLFKVWKHRORJLHGHVIUKQHX]HLWOLFKHQGHXWVFKHQ3URWHVWDQWLVPXV.|OQXD 6I  9JOHEG6±  $XVIKUOLFK GD]X 1RWNHU +DPPHUVWHLQ -XV XQG +LVWRULH (LQ %HLWUDJ ]XU *HVFKLFKWH GHV KLVWRULVFKHQ'HQNHQVDQGHXWVFKHQ8QLYHUVLWlWHQLPVSlWHQXQGLP-DKUKXQGHUW*|W WLQJHQ  -RKDQQ 3HWHU YRQ /XGHZLJ 9ROOVWlQGLJH (UOlXWHUXQJ GHU *OGHQHQ %XOOH LQ ZHOFKHU YLHOH 'LQJHDXVGHPDOWHQ7HXWVFKHQ6WDDWHQWGHFNHWYHUVFKLHGHQHZLFKWLJHPH\QXQJHQPLWDQGHUQ JUQGHQEHVHW]HWXQGHLQH]LHPOLFKHDQ]DKOYRQEL‰KHURXQEHNDQGWHQZDKUKHLWHQDQGDVOLFKW JHJHEHP ZHUGHQ %G ± %G  )UDQNIXUWD0  6 'HXWVFKODQGV 8QKHLO DXV 8QZLVVHQKHLWRGHUYHUNHKUWHU/HKU$UWGHU7HXWVFKHQ+LVWRULH$QQR 

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



KHQGHVWDPPWXQGZDUXPHVVRLVW]XPDQGHUHQDOV+LOIH]XUNOXJHQ%HXUWHLOXQJ NRPSOH[HU 8UVDFKH:LUNXQJV=XVDPPHQKlQJH LP ,QWHUHVVH HLJHQHU +DQGOXQJV FKDQFHQ DOV ]XY|UGHUVW EHQ|WLJWH XQG ]XJOHLFK ]X VFKXOHQGH.RPSHWHQ]±ZLHHV VLFK IU ÄHLQHQ UHFKWHQ 3ROLWLFXP³ JHK|UWH 'DV LQVWLWXWLRQHOOH =HQWUXP GLHVHV QHXHQ7\SV+LVWRULRJUDSKLHELOGHWHQLFKW]XIlOOLJGLHQHXJHJUQGHWH8QLYHU VLWlW+DOOHZR7KRPDVLXV]XUJOHLFKHQ=HLWGDVÃSROLWLVFKHµ9HUKDOWHQVLGHDOSRSX ODULVLHUWH'LH*UXQGSULQ]LSLHQVLQGGLHVHOEHQ3ULPDWGHU3UD[LVDQVWHOOHDEVWUDNWHU /HKUHQ.DXVDODQDO\VHHLQVFKOLH‰OLFKGHU(UNHQQWQLVYHUERUJHQHU$EVLFKWHQXP]X GHQ ZDKUHQ $QWULHEHQ YRQ +DQGOXQJVSUR]HVVHQ YRU]XGULQJHQ 2ULHQWLHUXQJ IU ÃMHGHUPDQQµLQHLQHUNRPSOH[HQXQGXQEHUVLFKWOLFKHQ*HJHQZDUWXQG=XNXQIW +HUYRU]XKHEHQ LVW GLH H[SOL]LWH =XNXQIWVRULHQWLHUXQJ GHU QHXHQ *HVFKLFKWV VFKUHLEXQJ 0LW *HVFKLFKWH PXVV VLFK VR GHU 7KRPDVLXV6FKOHU +LHURQ\PXV 1LFRODXV *XQGOLQJ ±  YRU DOOHP EHVFKlIWLJHQ ÄZHU FRQMHFWXULUHQ ZLOO YRQIXWXULV³Ä:LUPVVHQ]XVDPPHQQHKPHQGDVYHUJDQJHQHXQGJHJHQZlUWLJH XQGDOVRN|QQHQZLUYRQGHP]XNQIIWLJHQDXFKFRQMHFWXULUHQ³*XQGOLQJV6FKOXVV DXV9HUJDQJHQKHLWXQG*HJHQZDUWEDVLHUWQLFKWGDUDXIGDVVHUPLWJOHLFKEOHLEHQ GHQ 9HUKlOWQLVVHQ UHFKQHQ ZUGH 'HU =XVDPPHQKDQJ GHU GUHL =HLWGLPHQVLRQHQ VFKOLH‰W EHL LKP YLHOPHKU VXEVWDQWLHOOHQ :DQGHO HLQ ,Q GLHVHP 6LQQH EHWRQW HU KLQVLFKWOLFK GHV Ä,QWHUHVVHV³ GDV GLH 6WDDWHQ YHUIROJHQ HV ÄEOHLEW QLFKW VWHWV HLQHUOH\³:LHHEHQ]LWLHUWDWWHVWLHUW.RVHOOHFNGHUSROLWLVFKHQ3URJQRVWLNVLHVHL ÄQRFK YHUJOHLFKVZHLVH VWDWLVFK³ )U GLH SURJQRVWLVFK DPELWLRQLHUWH ÃSROLWLVFKµ DXIJHIDVVWH*HVFKLFKWHNDQQPDQGDVQXUJHOWHQODVVHQZHQQPDQGDVÄQRFKYHU JOHLFKVZHLVH³ EHWRQW QlPOLFK JHPHVVHQ DP JHVFKLFKWVSKLORVRSKLVFK EHIHXHUWHQ 'HQNHQGHVVSlWHQ-DKUKXQGHUWV 6HLQH =XNXQIWVRULHQWLHUXQJ YHUGDQNW GLHVHV KLVWRULRJUDSKLVFKH 3URJUDPP YRU DOOHPGHPSROLWLVFKHQ:HOWVWUXNWXULHUXQJVPXVWHUGDVGLH+DOOHQVHUDXIGLH+LVWR ULH SURML]LHUWHQ *XQGOLQJ ]LHKW H[SOL]LW GHQ 9HUJOHLFK ]ZLVFKHQ GHU DXI HLQ]HOQH $NWHXUHEH]RJHQHQSROLWLVFKHQ3URJQRVWLNXQGGHU%HIlKLJXQJGHV*HVFKLFKWVNHQ QHUV]XP%OLFNLQGLH=XNXQIW $XV GHU +LVWRULH N|PPW PDQ ]X GHU .XQVW GLH 7KHPLVWRFOHV JHZXVW TXL GH IXWXULV FDOOLGLVVLPH FRQMHFLW 'HQQ JOHLFKZLH LFK HLQHP 0HQVFKHQ GHQ LFK VFKRQ ODQJ VSHFLDOLWHU NHQQH XQG GHVVHQ =XVWDQG 7KXQ XQG /DVVHQ XQG JDQW]HU &KDUDFWHU PLU EHNDQQW LVW VHLQ   9JO

)ULHGULFK *ODGRY 9HUVXFK (LQHU YROOVWlQGLJHQ XQG DFFXUDWHQ 5HLFKV+LVWRULH YRQ 7HXWVFKODQG'DULQQHQGLH*HVFKLFKWHGHU7HXWVFKHQYRQGHQ=HLWHQGHU5|PHUDQEL‰DXIGHQ %DGLVFKHQ )ULHGHQ 1HEVW GHXWOLFKHU $Q]HLJXQJ GHU YRUQHKPVWHQ 9HUlQGHUXQJHQ LP 5HLFKH XQG GHUHQ ZDKUHQ 8UVDFKHQ SUDJPDWLVFK EHVFKULHEHQ $OV HLQH ULFKWLJH (LQOHLWXQJ LQ HLQ JUQGOLFKHV 7HXWVFKHV 6WDDWV5HFKW YRUJHVWHOOHW /HLS]LJ X +DOOH  6I HUVWH 3DJLQLH UXQJ  GDV =LWDW 6 1LFRODXV +LHURQ\PXV *XQGOLQJ $FDGHPLVFKHU 'LVFRXUV EHU GHV )UH\KHUUQ 6DPXHO YRQ 3XIHQGRUIIV (LQOHLWXQJ ]X GHU +LVWRULH 'HU YRUQHKPVWHQ 5HLFKH XQG 6WDDWHQ  VR MHW]LJHU =HLW LQ (XURSD VLFK EHILQGHQ $XV ULFKWLJHQ XQG XQYHUIlOVFKWHQ 06&WLV DQV/LFKWJHVWHOOHW)UDQNIXUWD06I  (EG6GDVIROJHQGH=LWDWHEG6  (EG'DVIROJHQGH=LWDWHEG



'DQLHO)XOGD

JDQW]HV3URJQRVWLFRQLQVNQIIWLJHVWHOOHQNDQREHVLKPZRKORGHUEHOHUJHKHQZHUGH$OVR JHKHWHVDXFKPLWGHQ6WDDWHQXQG5HLFKHQ

:DV DQ GLHVHP =LWDW HUVWDXQHQ NDQQ LVW IUHLOLFK DXFK GLH =XYHUVLFKW PLW GHU *XQGOLQJ KLHU ZLH GRUW ÄLQV NQIIWLJH³ VFKDXHQ]XN|QQHQPHLQW,VWGLH=XNXQIW IULKQGDQQEHUKDXSWRIIHQZHQQGLHVKHL‰HQVROOGDVVVLHZHGHUDOVIHVWVWHKHQG QRFKDOVLP:HVHQWOLFKHQHLQVHKEDUJLOW"*XQGOLQJVWHOOWGLH=XNXQIWGXUFKDXVDOV HLQVHKEDUGKYRUDXVVDJEDUGDUÄ9RQ3URSKHWLLVVXSHUQDWXUDOLEXV³KlOWHUQLFKWV DEHU ZHU 9HUJDQJHQKHLW XQG *HJHQZDUW NHQQH N|QQH ÄHLQ SROLWLVFKHU 3URSKHWD VH\Q³ 1HEHQEHL RNNXSLHUW *XQGOLQJ KLHU GLH 3URSKHWLH GLH WUDGLWLRQHOO HLQH HVFKDWRORJLVFKH =XNXQIWVSHUVSHNWLYH EHJUQGHWH IU %OLFNH LQ HLQH PHQVFKHQJH PDFKWH RIIHQH =XNXQIW  Ä*HZL‰ WULIIW HV >GDV NRQMHNWXUDO 9RUDXVJHVDJWH ')@ QLFKWHLQDEHUGRFKPHLVW³=XYHUVWHKHQLVWGLHVHUSURJQRVWLVFKH2SWLPLVPXVLP .RQWH[WGHVVHLQHU]HLWLJHQ3\UUKRQLVPXVVWUHLWV*XQGOLQJVWHOOWVLFKRIIHQVLYJHJHQ HLQHQ DOOJHPHLQHQ =ZHLIHO DQ GHU =XYHUOlVVLJNHLW KLVWRULVFKHU (UNHQQWQLV XQG GDPLWJHJHQGDVÄ8QVLFKHUKHLWVJHIKO³GDVVLFKXPDXFKLQGLHVHU+LQVLFKW DXVEUHLWHWH=XYHUOlVVLJYHUP|JHGLH+LVWRULH]ZDUQLFKWDEVROXWDEHUUHODWLY]X VHLQ VLH ELHWH ]ZDU QLFKW GLH *HZLVVKHLW PDWKHPDWLVFKHU 'HPRQVWUDWLRQHQ ZRKO DEHUHLQHÄFRJQLWLRYHURVLPLOLXP³'LH5HGHYRP*HVFKLFKWVNXQGLJHQDOVHLQHP OHJLWLPHQ 3URSKHWHQ EHNUlIWLJW GHQ $QVSUXFK DXI ZDKUVFKHLQOLFKH (UNHQQWQLV GHU *HVFKLFKWH HLQVFKOLH‰OLFKGHU=XNXQIW LQUKHWRULVFKZRKOHWZDVEHUVFKLH‰HQGHU :HLVHGLHQLFKW]XOHW]WDXIGLHVWXGHQWLVFKHQ$GUHVVDWHQ]LHOWGLHVFKOLH‰OLFK]XP %HVXFK KLVWRULVFKHU 9RUOHVXQJHQ PRWLYLHUW ZHUGHQ VROOHQ 'RFK PDFKW VLH GLH GDPDOLJHgIIQXQJGHU=XNXQIWQLFKWZLHGHUUFNJlQJLJ hEHUGLHVZDUHQ*XQGOLQJV.ROOHJHQLQGHU5HJHOGHXWOLFKYRUVLFKWLJHULQLKUHQ (UNHQQWQLVKRIIQXQJHQ6RZHLVW0DUWLQ6FKPHLW]HO ± ]XQlFKVW3URIHV VRU LQ -HQD XQG VSlWHU *XQGOLQJV 1DFKIROJHU LQ +DOOH LQ GHU 9RUUHGH VHLQHU   9JO HEG 6 'LH )lKLJNHLW VFKDUIVLQQLJ DXI GLH =XNXQIW ]X VFKOLH‰HQ ZLUG GHP DWKHQL

VFKHQ 6WDDWVPDQQ 7KHPLVWRNOHV ]XQlFKVW YRQ 7KXN\GLGHV 3HORSRQQHVLVFKHU .ULHJ ,  XQG GDQQ YRQ &RUQHOLXV 1HSRV ]XJHVFKULHEHQ 7KHPLVWRFOHV   *XQGOLQJ ]LWLHUW GLH6WHOOH GHV gIWHUHQ YJO GHUV $XVIKUOLFKHU 'LVFRYUV EHU GHQ LHW]LJHQ =XVWDQG 'HU (XURSlLVFKHQ 6WDDWHQ ZLH$QP %G6XQG  *XQGOLQJ $XVIKUOLFKHU 'LVFRYUV EHU GHQ LHW]LJHQ =XVWDQG 'HU (XURSlLVFKHQ 6WDDWHQ ZLH $QP %G6  (EG6YJOHEG6Ä'LHVHVLVWIUXFWXVKLVWRUL  H[SHULHQWL GD‰PDQFRQMHFWXULUHQ NDQQH[SU VHQWLEXV SU WHULWLVGHIXWXULVZHOFKHVHLQHUGHUHLQHQJXWHQ9HUVWDQGKDWXQG GLH+LVWRULHZHL‰JDUOHLFKWWKXQNDQ³  9JO +DPPHUVWHLQ -XV XQG +LVWRULH ZLH $QP   6 'DV =LWDW EHL 0DUNXV 9|ONHO Ã3\UUKRQLVPXV KLVWRULFXVµ XQG ÃILGHV KLVWRULFDµ 'LH (QWZLFNOXQJ GHU GHXWVFKHQ KLVWRULVFKHQ 0HWKRGRORJLHXQWHUGHP*HVLFKWVSXQNWGHUKLVWRULVFKHQ6NHSVLV)UDQNIXUWD06 ]XU HXURSlLVFKHQ 'LPHQVLRQ YJO &DUOR %RUJKHUR +LVWRULVFKHU 3\UUKRQLVPXV (UXGLWLRQ XQG .ULWLN,Q'DVDFKW]HKQWH-DKUKXQGHUW  6±  1LFRODXV +LHURQ\PXV *XQGOLQJ 9RUEHULFKW ]X GHQHQ ZLQWHUOHFWLRQHQ 0'&&; ,Q 'HUV 6DPPOXQJ NOHLQHU 7HXWVFKHU 6FKULIWHQ XQG $QPHUFNXQJHQ DOV HLQ $QKDQJ ]X GHQHQ *XQGOLQJLDQLVPLWHLQHU9RUUHGHYHUVHKHQYRQ+HUUQ*RWWOLHE6WROOHQ+DOOH6± KLHU6

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



5HLFKV+LVWRULH DXI GLHÄJURVVH8QYROONRPPHQKHLWXQGYLHOIlOWLJH8QJHZLVVKHLW³ GHUJDQ]HQ*DWWXQJGHQQGHU5HLFKV+LVWRULNHUGUIHQLFKWDOOHLQEHLGHQ.DLVHUQ YHUZHLOHQVRQGHUQPVVHHEHQVRGLHYLHOHQHLQ]HOQHQ+HUUVFKDIWHQGHV5HLFKVLP $XJHKDOWHQ 2FFXSLUHWHUVLFKDEHUEH\GHQ6WFNHQLKU5HFKW]XWKXQVRJHUlWKHUIUH\OLFKJOHLFKVDPLQHLQ XQJHKHXUHV0HHUXQGZLUGYRQGHU9LHOKHLWXQG*U|‰HVRPDQFKHUOH\LQHLQDQGHUODXIIHQGHQ %HJHEHQKHLWHQ QLFKW DQGHUV DOV YRQ WDXVHQGHUOH\ :HOOHQ EHUVFKZHPPHW XQG KLQ XQG KHU JHZRUIIHQGD‰HUQLFKWZHL‰ZRHUVLFKKLQZHQGHQXQGZLHHUVLFKHUKDOWHQVROOHGDPLWHU QLFKW6FKLIIEUXFKVHLQHU$UEHLWOHLGHQP|JH

6FKPHLW]HOV0HHUHVYHUJOHLFKVFKOLH‰WSODVWLVFKDQMHQH'LDJQRVHHLQHUIXQGDPHQ WDOHQ 8QVLFKHUKHLW DXIJUXQG YRQ 3OXUDOLWlW 8QEHUVFKDXEDUNHLW XQG 8QNDONXOLHU EDUNHLW DQ GLH ]XHUVW GLH SROLWLVFKHQ 9HUKDOWHQVOHKUHQ VWHOOWHQ ,Q VHLQHU 9RUUHGH EHJHJQHQ XQVHUQHXW]ZHLJHJHQOlXILJH.RQVHTXHQ]HQGHVÃSROLWLVFKHQµ,PSXOVHV ]XU6LWXDWLRQVEHKHUUVFKXQJ]XPHLQHQGDV9HUODQJHQQDFKJHVWHLJHUWHU(UNHQQWQLV ±6FKPHLW]HOUlWMDNHLQHVZHJVYRP6WXGLXPGHU5HLFKV+LVWRULHDE±]XPDQGH UHQDEHUDXFKGLH(LQVLFKWGDVVGHUHQ0|JOLFKNHLWHQEHJUHQ]WVLQGDQJHVLFKWVGHU 9LHO]DKO GHU UHOHYDQWHQ $NWHXUH XQG GHU GDUDXV IROJHQGHQ .RPSOH[LWlW GHU ]X EHZlOWLJHQGHQ6LWXDWLRQHQ  

 $NDGHPLVFKH3RVLWLRQVNlPSIH±=XNXQIWDOVPLWGHU9HUJDQJHQKHLW JOHLFKJHZLFKWLJHU=HLW5DXP  6RZHLWGDV3URJUDPPGHUXPHQWVWHKHQGHQ5HLFKVVRZLHGHUSDUDOOHONXOWL YLHUWHQ1HXHUHQ6WDDWHQ+LVWRULH+LVWRULRJUDSKLVFKUHDOLVLHUWZXUGHHVVRZHLWLFK VHKHLQNHLQHPGHU]DKOUHLFKHQ$EULVVHRGHU.RPSHQGLHQGLHLQGHUHUVWHQ+lOIWH GHV -DKUKXQGHUWV HUVFKLHQHQ .DXVDO XQG LQWHUDNWLRQVDQDO\WLVFK YHUIDKUHQ GLHVH:HUNHOHGLJOLFKKLHUXQGGDXQGDXFKGLH=XNXQIWVSURJQRVHQGLH*XQGOLQJ IUP|JOLFKGHNODULHUWVWHOOWHUVHOEVWNHLQHVZHJV'HXWOLFKZLUGGLHYRQGHUQHXHQ +LVWRULRJUDSKLHJHWUDJHQH=XNXQIWV|IIQXQJMHGRFKLQGHP)URQWLVSL]GDVGHU HUVFKLHQHQH9HUVXFKHLQHUYROOVWlQGLJHQXQGDFFXUDWHQ5HLFKV+LVWRULHYRQ)ULHG ULFK*ODGRY FD± HQWKlOW*ODGRYKDWWH/XGHZLJXQG*XQGOLQJDQGHU 8QLYHUVLWlW +DOOH JHK|UW XQG GR]LHUWH LQ GHQ IUKHQ HU -DKUHQ VHOEVW DQ GHU )ULGHULFLDQD(U]lKOW]XU6FKOHU*HQHUDWLRQMHQHU%HJUQGHUGHU5HLFKV+LVWRULH GLH EHLGH ]XQlFKVW QXU $EULVVH YRUOHJWHQ GLH VLHLQLKUHQ9RUOHVXQJHQGDQQDXV  0DUWLQ 6FKPHL>W@]HO$EUL‰=XHLQHU9ROOVWlQGLJHQ5HLFKV+LVWRULH'DULQQHQEHUKDXSWYRQ GHU5HLFKV+LVWRULHXQGDQGHUQYRUOlXIILJHQ0DWHULHQJHKDQGHOW6RGDQQGLH*HVFKLFKWH'H UHU.l\VHUXQGDOOHU)UVWOLFKHQ+lXVHUVDPW'HURVHOEHQ*HQHDORJLHYRUJHWUDJHQ$XFKZDVLQ $QVHKHQGHUHUEULJHQ6WlQGHQLFKWZHQLJHUGHV,YULV3YEOLFL)HYGDOLVXQG5HOLJLRQV:HVHQ ]X EHKDOWHQ LVW 'HQHQ $QIlQJHUQ ]XP %HVWHQ XQG *HEUDXFK $FDGHPLVFKHU /HFWLRQHQ HQWZRUIIHQZRUGHQ-HQD9RUUHGH6 YHUVR  (EG6 UHFWR 



'DQLHO)XOGD

IOOWHQ $XVIKUOLFKH 'DUVWHOOXQJHQ HUVFKLHQHQ ]XHUVW LQ ODWHLQLVFKHU 6SUDFKH )U GLH NXU] GDQDFK YHU|IIHQWOLFKWH 5HLFKV+LVWRULH *ODGRYV NRQQWH GHU 9HUOHJHU GDKHU JHOWHQG PDFKHQ GDVV HV VLFK XP GLH HUVWH DXVIKUOLFKH 'DUVWHOOXQJ DXI 'HXWVFK KDQGHOH *DQ] LP 6LQQH GHU 3RSXODULVLHUXQJ GHV 3ROLWLFXV,GHDOV ]LHOWH *ODGRYDXIHLQHQHUZHLWHUWHQ/HVHUNUHLV'DUEHUKLQDXVOlVVWVLFKDQGLHVHPSXE OL]LVWLVFK K|FKVW DNWLYHQ $XWRU SDUDGLJPDWLVFKDEOHVHQZLHVLFKGDV.RQNXUUHQ] SULQ]LS±GHPJHUHFKW]XZHUGHQGLHSROLWLVFKH.OXJKHLWOHKUWH±XPLPDND GHPLVFKHQ %HUHLFK QLHGHUVFKOXJ 'HQQ GLH SRVWXP HUVFKLHQHQH 5HLFKV+LVWRULH ZXUGH DOV 3ODJLDW VNDQGDOLVLHUW 'HU 9RUZXUI JHJHQ *ODGRY ODXWHWH HU KDEH 1DFKVFKULIWHQHLQHU9RUOHVXQJYRQ6LPRQ)ULHGULFK+DKQ ± DOVHLJHQHV :HUN GUXFNHQ ODVVHQ ZlKUHQG *ODGRYV 9HUWHLGLJHU GDJHJHQ KLHOWHQ +DKQ VHL VFKOLFKW ]X ODQJVDP JHZHVHQ LP DNDGHPLVFKSXEOL]LVWLVFKHQ 3RVLWLRQVNDPSI XQG HUKHEHGHVKDOEVHLQH3ODJLDWVYRUZUIH ,P )URQWLVSL] GHU *ODGRY¶VFKHQ 5HLFKV+LVWRULH ]HLJW VLFK GDVV GHU =X NXQIWVKRUL]RQW GHU QHXHQ *HVFKLFKWVVFKUHLEXQJ QLFKW DXI GLH YHUJOHLFKVZHLVH JHULQJH$QWL]LSDWLRQVZHLWHSHUVRQDOHU$NWHXUHEHVFKUlQNWEOLHEZLHPDQDXVGHP YRQ *XQGOLQJ DQJHVWHOOWHQ 9HUJOHLFK GHV *HVFKLFKWVNXQGLJHQ PLW GHP 3ROLWLFXV GHUVHLQH.RQNXUUHQWHQGXUFKVFKDXWVFKOLH‰HQN|QQWH=ZDULVWHVZHVHQWOLFKGLH YRQGHQ.OXJKHLWVOHKUHQHPSIRKOHQHÃ9RUVLFKWµGLHGHQKLVWRULRJUDSKLVFKHQ%OLFN LQGLH=XNXQIWOHQNW'RFK|IIQHWVLFKGDEHLQLFKWV*HULQJHUHVDOVHLQHJDQ]H=HLW GLPHQVLRQGHU]XGLHQHQGLH*HVFKLFKWVVFKUHLEXQJQXQDOVLKUH$XIJDEHEHJUHLIW HEHQGLH=XNXQIW QHEHQGHUÃSUDJPDWLVFKµGKNDXVDODQDO\WLVFK]XÃHU]lKOHQGHQµ   9JO 1LFRODXV +LHURQ\PXV *XQGOLQJ $EUL‰ =X HLQHU UHFKWHQ 5HLFKV+LVWRULH +DOOH 

-RKDQQ 3HWHU YRQ /XGHZLJ (QWZXUII GHU 5HLFKV+LVWRULH  $XIODJH :HQGLVFK+DOOH  >($@

 9JO %XUNKDUG *RWWKHOI 6WUXYH 6\QWDJPD +LVWRUL  *HUPDQLF  $ 3ULPD *HQWLV 2ULJLQH $G

$QQXP 9VTXH 0'&&;9, ([ *HQYLQLV +LVWRULDUYP'RFYPHQWLV(W&R YRUXP6FULSWRUYP 0RQYPHQWLV ,OOYVWUDWYP -HQD  -DFRE &DUO 6SHQHU +LVWRULD *HUPDQL  9QLYHUVDOLV (W 3UDJPDWLFD %UHYLWWHU $F 3HUVSLFXH ([SRVLWD &XP 3HUSHWXLV 1RWLV (W &RSLRVLV ,QGLFLEXV %G±/HLS]LJX+DOOH±  9JO GLH 9RUUHGH GHV 9HUOHJHUV -RKDQQ &KULVWRSK )UDQFNH HLQHV &RXVLQV $XJXVW +HUPDQQ )UDQFNHV  LQ *ODGRY 9HUVXFK (LQHU YROOVWlQGLJHQ XQG DFFXUDWHQ 5HLFKV+LVWRULH ZLH $QP 6 YHUVR± YHUVR  =XP ,QWHUHVVH DQ 6NDQGDOHQ DOV .HQQ]HLFKHQ GHU ÃhEHUJDQJV]HLWµ XP  YJO GHQ %HLWUDJ YRQ2ODI6LPRQV  9JO XD +LOGHEUDQG +HLQULFK +HUEVW $EJHQ|WKLJWH &ULWLTYH EHU GLH VR ZRKO DQGHUQ DOV DXFK IUQHPOLFK GHP +HUUQ 3URI +DKQ LQ YLHOHQ 6WFNHQ DEJHERUJWH *ODGRYLVFKH 5HLFKV +LVWRULH>«@+HOPVWHGW>-RKDQQ&KULVWRSK)UDQFNH@'HUJHUHWWHWH+HUU)ULHGU*ODGRY 'DULQQHQ'HUHKUOLFKH1DKPHGHVVHHOLJHQ0DQQHV*HJHQGHV+HOPVWlGWLVFKHQ3URI+LVWRU +HUUQ 6LPRQ )ULHGULFK +DKQV 8QJHJUQGHWH %HVFKXOGLJXQJ HLQHV XQYHUDQWZRUWOLFKHQ 3ODJLL 1RFKPDKOV YHUWKHLGLJHW 'LH VR JHQDQQWH $EJHQ|WKLJWH &ULWLTYH 'HU *ODGRYLVFKHQ 5HLFKV +LVWRULH=XOlQJOLFKEHDQWZRUWHW'LH*HUHFKWLJNHLWXQG:DKUKHLWGHV9,,,$UWGHV,96WFNV 'HUYHUPLVFKWHQ%LEOLRWKHF*UQGOLFKEHKDXSWHW8QGHQGOLFK'LHODXWHUH8QP|JOLFKNHLWGDV HUGLFKWHWH3ODJLXP]XHUZHLVHQ'HXWOLFKJH]HLJHWZLUG+DOOH  2EGDV)URQWLVSL]DXI,GHHQGHVIUKYHUVWRUEHQHQ$XWRUV]XUFNJHKWPXVVRIIHQEOHLEHQ:LH ]X]HLJHQLVWSDVVWHVMHGHQIDOOVVHKUJXW]XU*HVFKLFKWVDXIIDVVXQJGHU+DOOHVFKHQ5HLFKVKLV WRULNHUNXU]QDFK

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



9HUJDQJHQKHLW =XNXQIW]HLJWVLFKKLHUDOVHEHQGHUÄ=HLWUDXP³GHQ+|OVFKHUDOV HQWVFKHLGHQGIULKUHQPRGHUQHQ%HJULIIDQVHW]WXQG]ZDULQHLQHPGDQNELOGOL FKHU 'DUVWHOOXQJ QLFKW QXU PHWDSKRULVFKHQ 6LQQH ,Q GHQ %OLFN NRPPHQ GDGXUFK QLFKW EOR‰ HLQ]HOQH ]XNQIWLJH 'LQJH HUZDUWHWH (UHLJQLVVH RGHU =XVWlQGH  VRQ GHUQ HLQ DOO GLHV XPIDVVHQGHU 5DXP LQ GHQ ÄVLFK GHU 0HQVFK YRQ VLFK DXV³ KLQHLQEHZHJW ± ZLH +|OVFKHU GLH VSH]LILVFK PRGHUQH =XNXQIWVYRUVWHOOXQJ EH VFKUHLEW $EE  'LH :HOW LQ GHU GLH DOOHJRULVFKH +LVWRULD)LJXU *HVFKLFKWH VFKUHLEW LQ HLQHQ )ROLDQWHQDXIGHP5FNHQGHVGLHQVWEDUHQ=HLWJRWWV&KURQRV LVW]ZHLJHWHLOW'HU KHOOH7HLOUHFKWVLVWGXUFKGDV*UDEGLH5XLQHQXQGGLH3\UDPLGHDOV9HUJDQJHQ KHLWNHQQWOLFKGHU5LWWHULP9RUGHUJUXQGYHUN|USHUWGDEHLZRKOGDV0LWWHODOWHUGLH .DLVHUILJXU LP +LQWHUJUXQG KLQJHJHQ GLH $QWLNH 'LHVHU 7HLO LVW KHOO DQGHUV DOV PDQ HUZDUWHQ PDJ  ZHLO HU GHU +LVWRULH EHNDQQW LVW 'HU OLQNH 7HLO KLQJHJHQ LVW GXQNHOZHLOGLH9HUKlOWQLVVHGRUWQRFKXQEHNDQQWXQGXQVLFKHUVLQGZDV]XVlW] OLFK GXUFK GLH %LOGPRWLYH GHV %DFKEHUJDQJV DXI VFKPDOHP 6WHJ XQG GHV $XI VWLHJVLP*HELUJHXQWHUVWULFKHQZLUG=HLWOLFKVLQGGLH*HJHQZDUW PDUNLHUWGXUFK GLH jODPRGH.OHLGXQJ GHU 9RUGHUJUXQGILJXU  VRZLH GLH =XNXQIW JHPHLQW PDU NLHUWGXUFKHLQH)LJXULQKLVWRULVFKQLFKW]X]XRUGQHQGHU.OHLGXQJVRZLHGXUFKGLH +LQWHUJUXQGSRVLWLRQ DQDORJ ]XU +LQWHUJUXQGSRVLWLRQ GHU ZHLWHU ]XUFNOLHJHQGHQ DQWLNHQ 9HUJDQJHQKHLW DXI GHU UHFKWHQ 6HLWH  'LH )LJXUHQ OLQNV KDQGHOQ JHQDX VR ZLH GLH DXI .DXVDODQDO\VH XQG ÃNOXJHµ %HXUWHLOXQJ DXVJHULFKWHWH +LVWRULH XP  LKUHQ 1XW]HQ GHILQLHUW 8P HV PLW 3RO\ELRV GHP GDPDOV VHKU JHVFKlW]WHQ $KQKHUUQGHUKLVWRULDSUDJPDWLFD]XVDJHQ'HUOLQNHPLWGHQ)DFNHOQKLQJHJHQ HUKHOOWGHQJHIlKUOLFKHQ:HJGHV*LSIHOVWUPHUVGXUFKGLH'XQNHOKHLW3ODNDWLYHU NDQQ PDQ GHQ LQ H[LVWHQWLHOOHU :HLVH SUDNWLVFKHQ 1XW]HQ GHU +LVWRULH ± QlPOLFK EHLGHU%HZlOWLJXQJGHU*HJHQZDUWXQGJDUÃ(UREHUXQJµGHU=XNXQIW±NDXPGH PRQVWULHUHQ 'HU $XIVWLHJ LQ ZHJORVHP*HELUJHXQGGLHEHPKWH+LVWRUL]LWlWGHU .RVWPH VWHOOHQ GDEHL NODU GDVV GHU ÃSROLWLVFKµ PRWLYLHUWH %OLFN LQ GLH =XNXQIW

  +|OVFKHU'LH(QWGHFNXQJGHU=XNXQIW ZLH$QP 6X  (EG6  'LHNQDSSHXQGQLFKWJDQ]DNNXUDWH'HXWXQJYRQ*ODGRYV)URQWLVSL]EHL0DULRQ.LQW]LQJHU

&KURQRVXQG+LVWRULD6WXGLHQ]XU7LWHOEODWWLNRQRJUDSKLHKLVWRULRJUDSKLVFKHU:HUNHYRP ELV]XP-DKUKXQGHUW:LHVEDGHQ6JHKWZHGHUDXIGLHÃSROLWLVFKHµ*UXQGLHUXQJ GHV1XW]HQVGHUYRQGHU+LVWRULH]XHUZDUWHQLVWHLQQRFKDXIGLHGDPLWYHUEXQGHQHgIIQXQJ ]XU=XNXQIW  9JO +RUVW 0|OOHU 9HUQXQIW XQG .ULWLN 'HXWVFKH $XINOlUXQJ LP  XQG -DKUKXQGHUW )UDQNIXUWD0  6 ,Q VHLQHU 'LVVHUWDWLRQ EHUXIW VLFK *ODGRY DQ PLQGHVWHQV VLHEHQ 6WHOOHQ DXI 3RO\ELRV YJO GHUV 'H (UURULEXV +LVWRULFRUXP 9XOJDULEXV >«@ GLVSXWDEXQW 0 )ULGHULFXV *ODGRY &VWULQHQVLV  *HRUJLXV )UEULQJHU 2VFKZLW]%DUXWKHQV >@ DG GLHP $SULOLV 0'&&;,9 +DOOH  6      YJO DXFK 1LFRODXV +LHURQ\PXV *XQGOLQJ $XVIKUOLFKHU XQG YROOVWlQGLJHU'LVFRXUVEHUGHVVHQ$EUL‰HLQHUUHFKWHQ5HLFKV +LVWRULH)UDQNIXUWD0X/HLS]LJ6



'DQLHO)XOGD

 

 $EE)ULHGULFK*ODGRY9HUVXFKHLQHUYROOVWlQGLJHQXQGDFFXUDWHQ5HLFKV+LVWRULH   )URQWLVSL] 

QLFKW EOR‰ ZLH HV EHL +|OVFKHU EHU GLH YRUPRGHUQH 3URJQRVWLN KHL‰W JOHLFKHU JOHLFKHU.RQVWHOODWLRQHQUHFKQHWH³   +|OVFKHU'LH(QWGHFNXQJGHU=XNXQIW ZLH$QP 6

8PEHJDQQGLHÃRIIHQH=XNXQIWµ



'DV HUOlXWHUQGH 'LVWLFKRQ DXI GHP 6SUXFKEDQG YRU GHQ 6WXIHQ ]XP 7KURQ GHU +LVWRULD EHNUlIWLJW EHL HLQHP KLVWRULRJUDSKLVFKHQ :HUN QLFKW XQEHGLQJW QDKHOLH JHQG GLH *OHLFKUDQJLJNHLW GHU EHLGHQ ]HLWOLFKHQ 2ULHQWLHUXQJHQ ]XUFN XQG YR UDXVÄ(WYLYLVSUDHIHUUHIDFHPHWUHYRFDUHVHSXOWRV+LVWRULDH[WXPXORFHXWXED VDFUDSRWHVW³ 'LH+LVWRULHZHL‰VRZRKOGHQ/HEHQGHQGLH)DFNHOYRUDXV]XWUDJHQ DOV DXFK GLH 7RWHQ DXV GHP *UDE ]X HUZHFNHQ ZLH GLH KHLOLJH 3RVDXQH >HV WXW ')@  'LH ÃKHLOLJH 3RVDXQHµ LVW QDWUOLFK GLH GHV -QJVWHQ *HULFKWV 0W   'DVVGLH+LVWRULHGDPLWYHUJOLFKHQZLUGXQWHUVWUHLFKWQRFKHLQPDOZLHGLHWUDGLWL RQHOOHHVFKDWRORJLVFKH3HUVSHNWLYHLQGHU*HVFKLFKWVVFKUHLEXQJXPYRQHLQHU KLVWRULVFKHQDEJHO|VWZLUG  

 $QVlW]H]XPHQVFKOLFKHU=XNXQIWVJHVWDOWXQJLPSLHWLVWLVFKHQ 0LOOHQDULVPXV  'LH 7KHVH GDVV HV LQ GHU :DKUQHKPXQJ GHU SURIDQHQ (OLWH LQ *HVHOOVFKDIW XQG :LVVHQVFKDIW XP  HLQH RIIHQH =XNXQIW JDE VROO QLFKW GLH JOHLFK]HLWLJH 3Ul VHQ]GHVDOWHQ=XNXQIWVEHJULIIVEHVWUHLWHQ,P*HJHQWHLO%HLGHVKDWWHQHEHQHLQDQ GHU*HOWXQJGKYRUDOOHPLQXQWHUVFKLHGOLFKHQ*UXSSHQPLWGHQHEHQ*HQDQQWHQ HLQHUVHLWV XQG ÄUHOLJL|VHQ (QWKXVLDVWHQ³ DQGHUHUVHLWV :LH HLQJDQJV HUOlXWHUW PHLQW GHU DOWH =XNXQIWVEHJULII NHLQHQ 5DXP LQ GHQ VLFK GHU 0HQVFK DNWLY KLQHLQEHZHJWVRQGHUQHWZDVDXIGHQ0HQVFKHQ=XNRPPHQGHVGDVHU]XHUZDUWHQ KDW9RUDOOHPGLHÃ=XNXQIWµ&KULVWLGKVHLQH$QNXQIWRGHU5FNNHKU]X7DX VHQGMlKULJHU +HUUVFKDIW ZXUGH IUKQHX]HLWOLFK VR YHUVWDQGHQ ,P 9RUIHOG GHU -DKUKXQGHUWZHQGH  JDE HV LP UDGLNDOHQ 3LHWLVPXV VRJDU QRFK HLQPDO HLQH :HOOH PLOOHQDULVWLVFKHU (UZDUWXQJHQ )U GHQ *OlXELJHQ GHU GLH $QJDEHQ GHU %LEHO 0W2IIE± EHU&KULVWLÃ=XNXQIWµHUQVWQDKPJDEHVNHLQHRIIHQH =XNXQIWVRQGHUQHLQHVLFKHUH(QGHUZDUWXQJ 'RFK ]HLJHQ VLFK XP  DXFK LQ GLHVHP .RQWH[W 7HQGHQ]HQ ]X HLQHU gII QXQJ 2EZRKO GLHYRQ3KLOLSS-DFRE6SHQHUJHSUlJWH)RUPHOYRQGHUÄ+RIIQXQJ EHVVHUHU=HLWHQ³LP+RUL]RQWGHU QLFKWRUWKRGR[HQ 9RUVWHOOXQJYRQ&KULVWL7DX VHQGMlKULJHP 5HLFK DXI (UGHQ VWHKW XQG JHQDXHU DXI HLQHQ YHUEHVVHUWHQ =XVWDQG GHU .LUFKH JHPQ]W LVW EHGHXWHWH VLH SUDNWLVFK GLH (U|IIQXQJ HLQHV ÄLQQHUZHOWOL FKHQ +DQGOXQJV XQG =HLWUDXPV >«@ LQ GHP GLH *OlXELJHQ GLH =XNXQIW DNWLY   0DQIUHG-DNXERZVNL7LHVVHQ(LQHDOWH:HOWXQGHLQQHXHU+LPPHO=HLWJHQ|VVLVFKH5HIOH[L

RQHQ]XU-DKUKXQGHUWZHQGH,Q'HUV +J -DKUKXQGHUWZHQGHQ(QG]HLWXQG=XNXQIWV YRUVWHOOXQJHQYRPELV]XP-DKUKXQGHUW*|WWLQJHQ6±KLHU6=XP 1HEHQHLQDQGHU DOWHU XQG QHXHU =HLW XQG =XNXQIWVYRUVWHOOXQJHQ XP  YJO MHW]W DXFK $FKLP/DQGZHKU*HEXUWGHU*HJHQZDUW(LQH*HVFKLFKWHGHU=HLWLP-DKUKXQGHUW)UDQN IXUWD06  9JO+|OVFKHU'LH(QWGHFNXQJGHU=XNXQIW ZLH$QP 6  9JO +DQV 6FKQHLGHU 'LH XQHUIOOWH =XNXQIW $SRNDO\SWLVFKH (UZDUWXQJHQ LP UDGLNDOHQ 3LHWLVPXV,Q-DNXERZVNL7LHVVHQ +J -DKUKXQGHUWZHQGHQ ZLH$QP 6±



'DQLHO)XOGD

PLWJHVWDOWHQ NRQQWHQ³ 6SHQHU VFK|SIWH DXV GLHVHU Ä=XNXQIWVKRIIQXQJ ,PSXOVH IUHLQHLQQHUNLUFKOLFKH5HIRUPGLHMHQHYHUKHL‰HQHKHUUOLFKH=HLWDQEDKQHQVROO WH³ Ä'DV (QGH NLUFKOLFKHU 0LVVVWlQGH PXVVWH QLFKW SDVVLY HUZDUWHW VRQGHUQ NRQQWH DNWLY KHUEHLJHIKUW ZHUGHQ XP LP $QVFKOXVV DQ GLHVHV ÃJHPDFKWH (QGHµ QHXH +DQGOXQJVP|JOLFKNHLWHQ ]X JHZLQQHQ³ 1RFK VWlUNHU DOV SUDNWLVFKHV +DQ GHOQ UHDOLVLHUWH VLFK GHUVHOEH ,PSXOV LQ $XJXVW +HUPDQQ )UDQFNHV Ä3URMHFW³ GHQ $QIDQJ]XVROFKHU5HIRUPGXUFKGLH*UQGXQJYRQ6FKXOHQXQGHLQHV:DLVHQKDX VHV ]X PDFKHQ QlPOLFK GHU VSlWHU )UDQFNHVFKH 6WLIWXQJHQ JHQDQQWHQ *ODXFKDVFKHQ $QVWDOWHQ EHL +DOOH VHLW  +LHUVFKHLQWVLFKGHUÃPRGHUQHµ,P SXOV]XDNWLYHU=XNXQIWVJHVWDOWXQJDXVUHFKQHWHLQHUGXUFKDXVYRUPRGHUQHQFKLOLDV WLVFKHQ +RIIQXQJ ]X YHUGDQNHQ RGHU ZLH :ROIJDQJ %UHXO IRUPXOLHUW Ä'DPLW GHXWHWVLFKLPOXWKHULVFKHQ3URWHVWDQWLVPXVHLQHYHUlQGHUWH=HLWZDKUQHKPXQJDQ 'LH +RIIQXQJ HLQHU EHVVHUHQ =HLW DXI(UGHQYHUODJHUWGLH(VFKDWRORJLHSDUWLHOOLQ GDV LUGLVFKH .RQWLQXXP KLQHLQ³ :LH GHU SLHWLVWLVFKH $NWLYLVPXV VSH]LHOO IU )UDXHQHLQH9HUPHKUXQJYRQ+DQGOXQJVRSWLRQHQEHZLUNHQNRQQWHVRGDVVGLHYRQ JHVHOOVFKDIWOLFKHQ *HVFKOHFKWHUUROOHQ JH]RJHQHQ *UHQ]HQ EHUVFKUHLWEDU ZXUGHQ ]HLJWLPYRUOLHJHQGHQ%DQGGHU%HLWUDJYRQ%DUEDUD%HFNHU&DQWDULQRDP%HLVSLHO (OHRQRUD3HWHUVHQV  'HQ %HJULII GHV 3URMHNWV ILQGHW PDQ XP  EULJHQV QLFKW QXU LP SLHWLVWL VFKHQ.RQWH[W,QVHLQHP(VVD\XSRQ3URMHFWVQHQQW'DQLHO'HIRHVHLQH=HLWLQV JHVDPWHLQÄSURMHFWLQJDJH³'LHGDULQ]XP$XVGUXFNNRPPHQGH8PVWUXNWXULH UXQJGHU=HLWYRUVWHOOXQJHQFKDUDNWHULVLHUW$FKLP/DQGZHKUJDQ]LP6LQQHGHUKLHU YHUWUHWHQHQ7KHVHÄGDVVGLH=XNXQIWDOVHLQ0|JOLFKNHLWV]HLWUDXPHQWZRUIHQZXU GHGHUGXUFKJHJHQZlUWLJH3URMHNWHJHVWDOWHWZHUGHQNRQQWH³

  9JO -DNXERZVNL7LHVVHQ (LQHDOWH:HOWXQGHLQQHXHU+LPPHO ZLH$QP 6±

GDV=LWDW6

 6FKQHLGHU 'LH XQHUIOOWH =XNXQIW ZLH $QP  66FKQHLGHU I YHUZHLVWIUHLOLFK

DXFKDXIUDGLNDOH&KLOLDVWHQGHUHQ$NWLYLVPXVDXVGHQ2UGQXQJHQGLHVHU:HOWKLQDXVIKUWH

 /DQGZHKU*HEXUWGHU*HJHQZDUW ZLH$QP 6  :ROIJDQJ %UHXO Ã+RIIQXQJ EHVVHUHU =HLWHQµ 'HU :DQGHO GHU Ã(QG]HLWµ LP OXWKHULVFKHQ 3LH

WLVPXV,Q$FKLP/DQGZHKU +J )UKH1HXH=HLWHQ=HLWZLVVHQ]ZLVFKHQ5HIRUPDWLRQXQG 5HYROXWLRQ%LHOHIHOG6±KLHU6

 9JO'DQLHO'HIRH$Q(VVD\XSRQ3URMHFWV/RQGRQ(GE\-R\FH'.HQQHG\0LFKDHO

6HLGHO 0D[LPLOOLDQ ( 1RYDN 1HZ &KULVWLDQ*RWWIULHG+RIIPDQQ@$XIULFKWLJHXQGXQSDUWKH\ LVFKH*HGDQFNHQEHUGLH-RXUQDOH([WUDFWHXQG0RQDWKV6FKULIIWHQ  





         

,,1HXH+DQGOXQJVVSLHOUlXPHXQG5ROOHQLQGHUgIIHQWOLFKNHLW 



 (/(1$(6326,72 

gIIQXQJIUGDV9RUOlXILJH 'LH0RGHLPXQG-DKUKXQGHUW  





 'LH0RGHZLHZLUVLHNHQQHQ±DOVHLQVHKUNRPSOH[HVXQG]LHPOLFKJHKHLPQLV YROOHV 3KlQRPHQ ± KDW HV QLFKW LPPHU JHJHEHQ 6LH KDW VLFK HUVW LP -DKUKXQGHUW YHUEUHLWHW 'DV :RUWVHOEVWYRPODWHLQLVFKHQÄPRGXV³DEJH OHLWHWZXUGHHUVWVHLWFD]XU%H]HLFKQXQJGHVMHZHLOVQHXHQ*HVFKPDFNVLQ GHU.OHLGXQJXQGLP9HUKDOWHQEHQXW]W'LHVHUZXUGHDOVHLQHVRVFKDUIH9HUlQGH UXQJZDKUJHQRPPHQGDVVHUVRJDUPLWHLQHPQHXHQ$XVGUXFNPDUNLHUWZXUGH,P )UDQ]|VLVFKHQ JLQJ PDQ YRP PlQQOLFKHQ ÄOH PRGH³ ]XP ZHLEOLFKHQ ÄOD PRGH³ EHUZRPLWHWZDVYRUKHU8QEHNDQQWHVEH]HLFKQHWZXUGH :RUXPJHKWHV"1DWUOLFKKDWHVLPPHUHLQ,QWHUHVVHIU.OHLGXQJXQGGLH$UW GHU 'DUVWHOOXQJ JHJHEHQ VWHWV ZDU EHNDQQW GDVV 0HQVFKHQ LQ %H]XJ GDUDXI EH ZHUWHWZHUGHQXQGGDVVGHU6FKQLWWGHU.OHLGHUPLWGHU=HLWXQGPLWGHQ8PVWlQ GHQ YDULLHUW 6R YHUlQGHUWHQ VLFK EHLVSLHOVZHLVH )RUP XQG )DUEH GHU 7RJHQ LP DOWHQ5RPDOVQHXH6WRIIHXQG7LQWHQHQWGHFNWZXUGHQ'LHWUDGLWLRQHOOH:HLVKHLW HPSIDKO VRJDU VLFK DQ GLHVH 9HUlQGHUXQJHQ DQ]XSDVVHQ REZRKO VLH HLJHQWOLFK XQYHUQQIWLJXQGVFKHLQEDU]XIlOOLJZDUHQ6LFK]XYHUZHLJHUQKlWWHGHQ(LQGUXFN HUZHFNWGLH$QGHUHQLQLKUHP8UWHLO]XYHUDFKWHQXQGVLFKIUEHUOHJHQ]XKDO WHQ 'HQQ RULJLQHOO ]X VHLQ ZDU NHLQ SRVLWLYHU :HUW (V ZDU LPPHU HPSIHKOHQV ZHUWVLFKGHQ8PVWlQGHQDQ]XSDVVHQ±HLQHhEHU]HXJXQJGLHQRFKEHL3DVFDOLQ VHLQHQ EHNDQQWHQ %HPHUNXQJHQ ]XU 9DULHWlW GHU :DKUKHLW XQG GHU *HUHFKWLJNHLW QDFKGHQ0HULGLDQHQXQGGHQ(SRFKHQ]XILQGHQLVW 7URW]GHP LVW GLH 9HUEUHLWXQJ GHU 0RGH LP -DKUKXQGHUW DOV DEVROXWHU XQG XQNRQWUROOLHUEDUHU :DKQVLQQ EHWUDFKWHW ZRUGHQ DOV =HLFKHQ HLQHU QHXHQ K|FKVW JHIlKUOLFKHQPHQVFKOLFKHQ/HLFKWLJNHLWXQG%HVFKUlQNWKHLWVRZLHDOVJUXQGVlW]OL FKHV :HUN GHV 7HXIHOV GHU .XQVWJULIIH XQG 7lXVFKXQJHQ HLQIKUH XQG GLH0HQ

 

 -RDFKLP 5LWWHU .DUOIULHG *UQGHU X *RWWIULHG *DEULHO +J  +LVWRULVFKHV :|UWHUEXFK GHU 3KLORVRSKLH%G±%DVHOX6WXWWJDUW±%GVY0RGH  1LNODV /XKPDQQ 'LH %HKDQGOXQJ YRQ ,UULWDWLRQHQ $EZHLFKXQJ RGHU 1HXKHLW" ,Q 'HUV *HVHOOVFKDIWVVWUXNWXUXQG6HPDQWLN)UDQNIXUWD06±KLHU6  9JO]%4XLQWLOLDQ,QVWLWXWLRRUDWRULD9,,,7HUWXOOLDQ'HSDOOLR  *LRYDQQL'HOOD&DVD*DODWHR>@7XULQ9,,6I  %ODLVH3DVFDO3HQVpHV>@,Q0RUDOLVWHVGX;9,,H6LqFOH+JY-HDQ/DIRQG3DULV 6



(OHQD(VSRVLWR

VFKHQ ]X JRWWHVOlVWHUOLFKHQ $WWLWGHQYHUIKUH/DXWGHQ$XWRUHQGHU=HLWIROJHQ GLH0HQVFKHQPLWLKUHQPRGLVFKHQ9RUOLHEHQGHP7HXIHOVWDWW*RWW6LHYHUODVVHQ GLHNRUUHNWHQ3ULQ]LSLHQGHU 0RUDOXQGGHU5HOLJLRQGDV5LFKWLJHXQG9HUQQIWL JHXPVLFKGHP%HOLHEHQXQGGHP6FKHLQDQ]XYHUWUDXHQ'LHVZXUGHDOV=HLFKHQ HLQHU XQDXIKDOWVDPHQ 'HNDGHQ] GHV (LQ]HOQHQ XQG GHU *HVHOOVFKDIW DOOJHPHLQ JHGHXWHW $QGHUVDUWLJNHLW XQG (LQPDOLJNHLW HUVHW]HQ GLH (LQKHLW VRGDVV GHU 0HQVFK VFKOLH‰OLFK ]XP %LOG GHU 9DULHWlW XQG GHU 8QRUGQXQJ QLFKW PHKU DEHU ]XP %LOG *RWWHV ZLUG )LWHOLHX  :HU GHU 0RGH IROJW EHYRU]XJW GDV )OFKWLJH JHJHQEHUGHP(ZLJHQVHW]W7XJHQG )LJXLqUH 5HOLJLRQ /D%UX\qUH XQGVRJDU GDV:LVVHQ *UDFLiQ VRZLHGLH*HUHFKWLJNHLW 3DVFDO GHU9HUlQGHUOLFKNHLWDXV VRGDVV VLH QLFKW PHKU GLHVHOEHQ VLQG XQG NHLQH ]XYHUOlVVLJHQ 'LUHNWLYHQ JHEHQ N|QQHQ(LQHPRGLVFKH7XJHQGVFKHLQWZLHHLQHPRGLVFKH5HOLJLRQLKUHQ6LQQ]X YHUOLHUHQXQGGHQ0HQVFKHQRKQH)KUXQJLQGHU8QRUGQXQJXQGLQGHUZDFKVHQ GHQ'XQNHOKHLWGHU:HOW]XODVVHQ -H VWlUNHU VLFK GLH XQDXIKDOWVDPH 9HUEUHLWXQJ GHU 0RGH EHPHUNEDU PDFKWH XPVREHVRUJWHUZXUGHGHU7RQIDOOKlXILJVRJDUELWWHUXQGIDVWDSRNDO\SWLVFK'LH +DOWXQJ GHU 0RGH JHJHQEHU ZDU JDQ] DQGHUV DOV GHU OHLFKWH 7RQ GHQ ZLUKHXWH EHQXW]HQ ZHQQ ZLU YRQ GHU 0RGH UHGHQ +HXWH ZLUG VLH RIW IDVW DEZHUWHQG DOV HWZDV )ULYROHV XQG %HJUHQ]WHV YRUZLHJHQG :HLEOLFKHV XQG HLJHQWOLFK 8QZLFKWL JHVEHWUDFKWHW'DPDOVEHWUDIGLH0RGHQLFKWDXVVFKOLH‰OLFKXQGKDXSWVlFKOLFKGLH .OHLGXQJVRQGHUQDOOH%HUHLFKHGHV/HEHQV6LHVFKULHEQLFKWQXUGHQ6FKQLWWGHU .OHLGHU XQG GLH *HVWDOW GHU 6FKXKH YRU RGHU RE PDQ HWZD HLQH 3HUFNH WUDJHQ PXVVWHVRQGHUQDXFKZHOFKH0HGLNDPHQWHPDQQHKPHQVROOWHZHOFKH(UQlKUXQJ ]X EHIROJHQ VHL GHQ NQVWOHULVFKHQ ZLH OLWHUDULVFKHQ *HVFKPDFN XQG VRJDU GLH *HIKOHVRZLHGLH+DOWXQJ]XU5HOLJLRQ'LH0DFKWGHU0RGHVFKLHQXQJHEUHPVW 6LHUHJHOWHDOOHVXQGVHW]WHVLFKEHUDOOGXUFK ÄWRXWVHUqJOHSDUODPRGH³ 'HU MHQLJHGHUVLFKDEVLFKWOLFKGHU0RGHHQW]LHKWN|QQHHEHQIDOOVQLFKWXPKLQVLH]X EHUFNVLFKWLJHQ ZHQLJVWHQV XP VLH ]X PHLGHQ  $XFK GLH $EOHKQXQJ GHU 0RGH EHVWlWLJWDOVRLPQHJDWLYHQ6LQQHLKUH0DFKW,P-DKUKXQGHUWVFKLHQGLH0RGH

 -HDQGH/D%UX\qUH/HV&DUDFWqUHVRXOHVPRHXUVGHFHVLqFOH>@,Q0RUDOLVWHVGX;9,,H 6LqFOH+JY-HDQ/DIRQG3DULV6;,,,'H)LWHOLHX>VLHXUGH5RGROSKHHWGX0RQWRXU@ /D&RQWUH0RGH3DULV6±   )LWHOLHX/D&RQWUH0RGH ZLH$QP    )LJXLqUH/D9HUWXjOD0RGH$L[HQ3URYHQFH   'DV]HQWUDOH7KHPDYRQ/D%UX\qUH/HV&DUDFWqUHV ZLH$QP 6;,,,   %DOWDVDU *UDFLiQ 2UiFXOR 0DQXDO \ DUWH GH 3UXGHQFLD >@ ,Q 'HUV 2EUDV FRPSOHWDV %G0DGULGR-1U   3DVFDO3HQVpHV ZLH$QP 1U   Ä>/@HJR€WOHYLYUHODVDQWpHWODFRQVFLHQFH>@³ /D%UX\qUHZLH$QP/HV&DUDFWqUHV ;,,,    (EG;,,, 

gIIQXQJIUGDV9RUOlXILJH



DPWUHXHVWHQGHQ*HLVWGHU=HLWGDU]XVWHOOHQGHUGDVJDQ]H8QLYHUVXPXPIDVVHQ ZROOWH XP VFKOLH‰OLFK ]XU *RWWKHLW ]XZHUGHQGLHVLHDPEHVWHQDXVGUFNW]XU *|WWLQGHV6FKHLQV  





 (V KDQGHOWH VLFK DOOHUGLQJV XP NHLQH EHUXKLJHQGH *RWWKHLW :DUXP DEHU GLHVHU $ODUP XQG GLHVHU 6NDQGDO ZHQQ GLH 9DULDELOLWlW GHV *HVFKPDFNV XQG GHU 6LWWHQ HLJHQWOLFKVHLW-DKUKXQGHUWHQEHNDQQWZDU":DVJLEWHV1HXHVLP-DKUKXQGHUW" 'LH9HUlQGHUXQJZDUVFKRQIUKHUEHNDQQWZXUGHDEHUDOVHLQHXQYHUPHLGOL FKH :HOWJHJHEHQKHLW JHVHKHQ ZHLO GLH 0HQVFKHQ EHVFKUlQNW XQG YHUJlQJOLFK VLQG 'D ZLU ]XP LUGLVFKHQ /HEHQ PLW EHJUHQ]WHU3HUVSHNWLYHXQGOLPLWLHUWHU=HLW EHVWLPPW VLQG HUNHQQHQ ZLU MHZHLOV QXU ZHQLJH 'LQJH XQG VHKHQ LKUH 9HUlQGH UXQJHQ:LUVROOWHQXQVDEHULPPHUGDUDQHULQQHUQ±VRGLHWUDGLWLRQHOOH$QVLFKW± GDVVVLFKGLHHFKWHQ]XYHUOlVVLJHQXQGJUXQGVlW]OLFKULFKWLJHQ%H]JHQLHlQGHUQ XQG MHQVHLWV GHU =HLW XQG GHU 8PVWlQGH IHVW EHVWHKHQ EOHLEHQ 'DV :DKUH GDV 5LFKWLJH 7XJHQG XQG 0RUDO ODVVHQ NHLQH .RQWLQJHQ] ]X ± DX‰HU GHUMHQLJHQ GLH PLWGHU%HVFKUlQNWKHLWXQVHUHU3HUVSHNWLYHQ]XVDPPHQKlQJW:LUVLQGNRQWLQJHQW QLFKWGLH%H]XJVZHUWH =ZDUZDUXQOHXJEDUGDVVGHU*HVFKPDFNVLFKlQGHUWHZDVIUKHUJHILHOZXU GHVSlWHUDEJHOHKQW'DVWDQJLHUWHMHGRFKHEHQVRZHQLJGLH(ZLJNHLWGHV6FK|QHQ ZLHHVXQGHQNEDUZDUGLH.ULWHULHQGHV5LFKWLJHQXQGGHV:DKUHQ]XYHUlQGHUQ :HQQ HLQVW ZHL‰H 7RJHQ GHP ]HLWJHQ|VVLVFKHQ *HVFKPDFN HQWVSUDFKHQ VSlWHU KLQJHJHQGLHURWJHIlUEWHQEHYRU]XJWZXUGHQSDVVLHUWHGDVQLFKWZHLOGDV6FK|QH VLFKYHUlQGHUWHRGHUGLH9HUlQGHUXQJJHILHOVRQGHUQQXUZHLO7HFKQLNHQJHOHUQW ZXUGHQGLHYRUKHUXQEHNDQQWZDUHQXQGGDVDXIGHQ%H]XJVUDKPHQHLQZLUNWH 'LH 0RGH LVW JDQ] DQGHUV :HU LKU IROJW NPPHUW VLFK NHLQHVZHJV XP GLH (ZLJNHLWGHV6FK|QHQ±HLJHQWOLFKLQWHUHVVLHUWHUVLFKQLFKWHLQPDOVHKUGDIU'LH 0RGH GLHVHV-DKUHVWULIIWGHQ*HVFKPDFNEHVVHUDOVGLHMHQLJHGHVYRULJHQ-DKUHV DOOHUGLQJVQLFKWZHLOZLUGHQNHQGDVVVLHVFK|QHUVHL6LHJHIlOOWHLQIDFKZHLOVLH ÄLQ³ LVW DOVR HLQHQ NRPSOH[HQ %H]XJ DXI GLH 7HLOQHKPHU HLQHU *HVHOOVFKDIW XQG DXI GLH 9DULDELOLWlW GHU =HLWHQ DXVGUFNW GHU VLFK GHU WUDGLWLRQHOOHQ 2ULHQWLHUXQJ DXI 6WDELOLWlW XQG (LQKHLW UDGLNDO HQWJHJHQVHW]W 'LH 0RGH KDW QLFKWV PLW GHP (ZLJHQXQGGHP1RWZHQGLJHQ]XWXQXQGPDFKWGDUDXVLKU.HQQ]HLFKHQ6LHZLOO H[SOL]LW QXU PLW GHU .RQWLQJHQ] ]X WXQ KDEHQ PLW GHP ZDV DQGHUV ZLUG ZRYRQ PDQZHL‰GDVVHVDQGHUVZLUGXQGGDVJHUDGHGHVZHJHQJHIlOOW  

 )UDQoRLVGH*UHQDLOOH/D0RGHRXFKDUDFWqUHGHOD5HOLJLRQGHOD9LHGHOD&RQYHUVDWLRQGH OD 6ROLWXGH GHV &RPSOLPHQWV GHV +DELWV HW GX 6W\OH GX 7HPSV 3DULV  6 Ä>@ XQH GHVFULSWLRQJHQHUHOOHGHQRVWUHVLHFOH>@³   Ä>7@RXWO¶8QLYHUVVHUHVVHQWGHOD0RGH>@³ )LWHOLHX/D&RQWUH0RGH6I 



(OHQD(VSRVLWR

'LH (QWGHFNXQJ GHU =HLWDEKlQJLJNHLW GHU %H]JH GLH LP 0RPHQW QLFKW WURW] LKUHU .RQWLQJHQ] JHOWHQ VRQGHUQ JHUDGH GHVZHJHQ ZDU HLQ HFKWHU 6NDQGDO GHU 0RGH LP -DKUKXQGHUW XQG PDFKWH DXV LKU HLQ W\SLVFK PRGHUQHV 3KlQRPHQ ± LQGHP QXQPHKU QXU QRFK NRQWLQJHQWH %H]JH LQWHUHVVDQW VLQG 'HU HUVWH 6NDQGDO GHU 0RGH ZDU GDV ,QWHUHVVH IU GDV 9RUOlXILJH XQG IU GLH 8QEHVWlQGLJNHLW DOV VROFKHQLFKWPHKULKUH%HUFNVLFKWLJXQJDOVHLQH$UWQRWZHQGLJHQhEHOV$QIDQJ GHV-DKUKXQGHUWVZDUGLH.ODJHEHUGLH8QEHVWlQGLJNHLWGHU0RGHHLQH%DQD OLWlW GLH DXFK LQ GHQ %URVFKUHQ LQ GHQ 6DORQV ]X ILQGHQ ZDU 'LH 0RGH LVWZLH 3URWHXV GHU LPPHU DQGHUH )RUPHQ DQQLPPW XQG NHLQH6WDELOLWlWEHVLW]WDX‰HULQ GHU9HUlQGHUXQJ/HLWWKHPDGHV%XFKHVGDV*UHQDLOOHGHU0RGHZLGPHWH ZDU HEHQ MHQH 8QEHVWlQGLJNHLW GLH LQ LKUHU %HVFKUHLEXQJ ]XP NHQQ]HLFKQHQGHQ 0HUNPDOLKUHU=HLWZXUGH±ZRDOOHVPRGHUQ]XVHLQVFKHLQWJHUDGHZHLOHVVLFK DQ GHU0RGHRULHQWLHUWGHUHQ1DWXUEOR‰1HXKHLWXQG9HUlQGHUXQJLVW$XFKGD PDOVZDUHQGLHSDUDGR[HQ$VSHNWHGLHVHU$UWG\QDPLVFKHU6WDELOLWlWHYLGHQW'LH 0RGHVR*UHQDLOOHÄLVWHLQHVGHU7KHPHQGLHVLFKLPPHUlQGHUQQXULQGHU8Q EHVWlQGLJNHLWHLQHQ+DOWILQGHQQLHGLHVHOEHQVLQGXPLPPHUDQGHUVDOVZDVVLH IUKHU ZDUHQ ]X VHLQ³ ,QIROJH GHU 0RGH LVW GHU Ä|IIHQWOLFKH *HLVW³ QDFK 'XIUHVQ\ EHVWlQGLJ XQG XQEHVWlQGLJ ]XJOHLFK Ä6HLW $QIDQJGHV-DKUKXQGHUWVKDW HU VLFK QLFKW YHUlQGHUW (U OLHEW DEHU GLH 1HXLJNHLW YHUlQGHUW MHGHQ 7DJ VHLQH +DQGOXQJVZHLVHVHLQH6SUDFKHXQGVHLQH+DOWXQJ1LFKWVLVWXQEHVWlQGLJHU³ $QGLHVHVGHVWDELOLVLHUHQGH(OHPHQWLVWHLQ]ZHLWHUVNDQGDO|VHU$VSHNWJHNRS SHOW'LH0RGHIKUWHLQQHXHV,QWHUHVVHIUGLH*HVHOOVFKDIWPLWVLFK±IKUWDOVR GD]X VLFK GHQ $QGHUHQ XQG VFKHLQEDU  QLFKW PHKU *RWW ]X]XZHQGHQ 2KQH GLH %HREDFKWXQJGHU$QGHUHQXQGLKUHU2ULHQWLHUXQJHQKlWWHGLH0RGHNHLQHQ6LQQ :HQQ ZLU XQV GHQ $QGHUHQ PLW GHQ PRGLVFKHQ .OHLGHUQ XQG0HLQXQJHQ]HLJHQ ZROOHQ ZLU YRQ LKQHQ DOV GHPVHOEHQ *HLVW XQG GHUVHOEHQ =HLW ]XJHK|ULJ HUNDQQW ZHUGHQ ± ZHQQJOHLFK DXI DXWRQRPH XQGRULJLQHOOH:HLVH'LHVHUVR]LDOH%H]XJ  

 8OULFK6FKXO]%XVFKKDXV/D%UX\qUHXQGGLH+LVWRUL]LWlWGHU0RUDO%HPHUNXQJHQ]XÃ'HOD 0RGHµ,Q5RPDQLVWLVFKH=HLWVFKULIWIU/LWHUDWXUJHVFKLFKWH  6±   6LHKH HLQH %URVFKUH YRP -DKU  /D 1RXYHOOH PRGH GH OD &RXU RX OH &RXUWLVDQ j OD 1pJOLJHQFHHWjO¶2FFDVLRQ ZLHGHUYHU|IIHQWOLFKWLQ/RXLVH*RGDUGGH'RQYLOOH6LJQLILFDWLRQ GHODPRGHVRXV/RXLV;,,,$L[HQ3URYHQFH6± Ä/D0RGHHVWXQYUD\3UR WKHH4XLVHFKDQJHjWRXWPRPHQW(OOHQ¶HVWSRLQWDUUHVWHH6LQRQHQVRQFKDQJHPHQW³   *UHQDLOOH/D0RGH ZLH$QP 6:LHGLH*HJHQZDUWLVWGLH0RGHÄMHW]WDQGHUVDOV ZDVVLHEDOGVHLQZLUGREZRKOVLHLPPHULQGHU:HOWKHUUVFKWKHUUVFKWVLHQLHJOHLFK³ HEG 6 >hEHUV((@   &KDUOHV 'XIUHVQ\ $PXVHPHQWV VHULHX[ HW FRPLTXHV >@ ,Q 0RUDOLVWHV GX ;9,,H 6LqFOH +JY-HDQ/DIRQG3DULV6   ,QGHU7DWLVWVLHLPPHUHQJPLWGHQ0DVVHQPHGLHQXQGPLWLKUHU(YROXWLRQYHUEXQGHQ9JO $QQHPDULH.OHLQHUW/HÃ-RXUQDOGHV'DPHVHWGHV0RGHVµRXODFRQTXrWHGHO¶(XURSHIpPL QLQH 6WXWWJDUW  (OHQD (VSRVLWR 'LH 9HUELQGOLFKNHLW GHV 9RUEHUJHKHQGHQ 3DUDGR[LHQ GHU0RGH)UDQNIXUWD06±   'DV LVW HLQH DQGHUH GHU JUXQGOHJHQGHQ 3DUDGR[LHQ GHU 0RGH GLH ,PLWDWLRQ GHU 2ULJLQDOLWlW :HQQPDQGHU0RGHIROJWIROJWPDQ0RGHOOHQXPGLHHLJHQH(LQ]LJDUWLJNHLW]X]HLJHQ0DQ P|FKWHYRQGHQ$QGHUHQHUNDQQWXQGJHVFKlW]WZHUGHQDEHUHEHQDOVRULJLQHOOXQGHLQPDOLJ

gIIQXQJIUGDV9RUOlXILJH



QLPPW GLH 6WHOOH GHU HZLJHQ %H]JH DXI GLH 7UDGLWLRQ HLQ DXI GDV 6FK|QH XQDE KlQJLJ YRQ GHU =HLW XQG GHQ 8PVWlQGHQ ,Q GHU 2ULHQWLHUXQJ DQ GHU 0RGH EH REDFKWHQZLUXQVPLWGHQ$XJHQGHU$QGHUHQ±DOOHU$QGHUHQGLHVLFKLKUHUVHLWVLQ GHU%HREDFKWXQJGHV3XEOLNXPVVHOEVWEHREDFKWHQ±XQGQDWUOLFKZLUGGLH5HIH UHQ] GDGXUFK YLHO PRELOHU XQG ]HUVWUHXWHU 'LH 0RGH OHJLWLPLHUW XQG GXUFKVHW]W HLQHYRUKHUXQEHNDQQWHÄ,PLWDWLRQGHU=HLWJHQRVVHQ³GLHGLHNODVVLVFKHGHU$K QHQ HUVHW]W ± DOVR HLJHQWOLFK LP DKLVWRULVFKHQ 9HUVWlQGQLV GHU YRUPRGHUQHQ *H VHOOVFKDIWHQ  GLH ,PLWDWLRQ YRQ 0RGHOOHQ RKQH =HLW XQG 9DULDELOLWlW 'DV LVW XQ YHUPHLGOLFK DOV HLQH ZHLWHUH %HVWlWLJXQJ GHV hEHUKDQGQHKPHQV GHU .RQWLQJHQ] GHV 'XUFKEUXFKV HLQHU QHXHQ JUXQGVlW]OLFKHQ 8QVLFKHUKHLW XQG 8QEHVWlQGLJNHLW ]XYHUVWHKHQ 0LWGHQ:RUWHQ)LWHOLHXV)ROJWPDQGHU0RGHHQWIHUQWPDQVLFKYRQGHUHFK WHQXQG]XYHUOlVVLJHQPHQVFKOLFKHQ3HUV|QOLFKNHLWGLHGDV%LOG*RWWHVVHLQVROOWH 0DQ ZLUG GDJHJHQ ]XP Ä'LHQHU GHU /HLGHQVFKDIWHQ $QGHUHU RKQH VLH ]X NHQ QHQ³0DQZHQGHWVLFKHLQHUXQEHUZLQGEDUHQ.RQWLQJHQ]]XGHUHQ6LQQQLFKW HUIDVVWZHUGHQNDQQZHLOVLHNHLQHQ6LQQKDW'LH7XJHQGVRZLHVLHLQGHQNODV VLVFKHQ 0RGHOOHQ DXVJHGUFNW ZLUG KDW ODXW /D %UX\qUH GLHVHQ ÄJOFNOLFKHQ³ $VSHNW GDVV VLH VLFK VHOEVW JHQJW XQG VWDELO EOHLEW ± HJDO RE VLH GHU 0RGH HQW VSULFKWRGHUQLFKW'HUPRGLVFKH0HQVFKLVWGDJHJHQLPPHUÄXQJOHLFK³ LQpJDO  ±HULVWNHLQ,QGLYLGXXPPHKUVRQGHUQHLQH0HKUKHLWQLFKWNRRUGLQLHUWHU3HUVRQHQ (UPXOWLSOL]LHUWVLFKMHGHV0DOVRGDVVHVHLQHQQHXHQ*HVFKPDFNXQGQHXH6LWWHQ JLEW(UÄLVWLQMHGHP0RPHQWGDVZDVHUQLFKWZDUXQGZLUGEDOGGDVVHLQZDVHU QLH JHZHVHQ LVW (U LVW VHLQ HLJHQHU 1DFKIROJHU³ (U KDW GDQQ NHLQHQ HLJHQHQ &KDUDNWHU DX‰HU GHP NHLQHQ ]X KDEHQ (U KDW NHLQH ,GHQWLWlW DX‰HU GHU XQHU VFK|SIOLFKHQ6XFKHQDFKVHLQHUHLJHQHQ  





 'HU6NDQGDOLP-DKUKXQGHUWODJVFKOLH‰OLFKLQGHU(QWGHFNXQJGHU.RQWLQJHQ] GLH LQ GHU 0RGH HLQH EHVRQGHUV EHXQUXKLJHQGH ]HLWOLFKH .RQQRWDWLRQ LQQHKDW ,Q HLQHDXI6WDELOLWlWRULHQWLHUWH:HOWLQGHUGLH%HVWlQGLJNHLWDOVVROFKH=HLFKHQGHU 4XDOLWlWXQG6ROLGLWlWZDUEULFKWHLQH+DOWXQJHLQGLHGDJHJHQ9HUlQGHUXQJXQG 9RUOlXILJNHLWEHYRU]XJW'LH0RGHJHK|UW]XMHQHQVHPDQWLVFKHQ(UILQGXQJHQZLH  9JO DXVIKUOLFKHU (OHQD (VSRVLWR 9HUELQGOLFKNHLW GHV 9RUEHUJHKHQGHQ ZLH $QP   .DS  (LQ$XVGUXFNDXV*LOOHV/LSRZHWVN\/¶HPSLUHGHO¶pSKpPqUH/DPRGHHWVRQGHVWLQGDQVOHV VRFLpWpVPRGHUQHV3DULV   )LWHOLHX/D&RQWUH0RGH ZLH$QP    /D%UX\qUH/HV&DUDFWqUHV ZLH$QP ;,,,   (EG;,   (EG;, 



(OHQD(VSRVLWR

0DUNW XQG 'HPRNUDWLH GLH /XKPDQQ DOV Ä)RUPHO GHU /HJLWLPDWLRQ GHV -HZHLOL JHQ³ EH]HLFKQHW LQGHP VLH GDV DXIZHUWHQ ZDV YHUJlQJOLFK LVW JHUDGH LQ VHLQHU 9RUOlXILJNHLW (LQH %LQGXQJ NDQQ JHOWHQ XQG VRJDU HLQH YHUSIOLFKWHQGH VRZLH VFKHLQEDU XQEHJUHQ]WH hEHU]HXJXQJVNUDIW KDEHQ ZLH HEHQ GLH 0RGH DXFK ZHLO VLH HLQH ÄHLQJHSODQWH 9HUJlQJOLFKNHLW³ PDQLIHVWLHUW GLH QLFKW HLQPDO EHDQ VSUXFKWODQJH]XGDXHUQ'DV6NDQGDO|VHOLHJWQLFKWVRVHKUGDULQGDVVGLH0RGH YRUOlXILJ LVW VRQGHUQ GDVV VLH DXVGLHVHU9RUOlXILJNHLWHLQHQ:HUWXQGHLQ$UJX PHQW PDFKW 6LH JHIlOOW DXIJUXQG LKUHU 9HUJlQJOLFKNHLW :HU VLFK DQ GLH 0RGH ELQGHWELQGHWVLFKHLJHQWOLFKDQQLFKWVZHLOGHUXQDXIKDOWVDPH/DXIGHU=HLWLKQ EHIUHLWXQGQHXHQ*HOHJHQKHLWHQDXVVHW]W'HVKDOEPXVVGLH=XNXQIWLPPHUXQVL FKHUVHLQZHLOHVNHLQHLKU]XJUXQGHOLHJHQGHQ0|JOLFKNHLWHQJDEGLHPDQIUKHU KlWWHYRUDXVVHKHQN|QQHQ6LHN|QQHQMHGRFKLP0RPHQWLKUHV(QWVWHKHQVEHQXW]W XQGVRJDUGXUFKXQVHU9HUKDOWHQSURGX]LHUWZHUGHQZHQQZLUGD]XIlKLJVLQG 'DV 9RUOlXILJH ]X EHYRU]XJHQ LPSOL]LHUW HLQ JDQ] QHXHV 9HUKlOWQLV ]XU =HLW XQG]XU9HUJDQJHQKHLWZHVKDOEHVVRVFKZHU]XDN]HSWLHUHQZDU(VEHVWDQGGD ULQ GDVV PDQ GLH /HKUH GHU (UIDKUXQJ XQG GHU 9HUJDQJHQKHLW DEOHKQWH XQG VLFK RKQH.ULWHULHQGHU9DULDELOLWlWGHU*HJHQZDUWDXVVHW]WH'LH0RGHGLHGLHVH+DO WXQJ V\PEROLVLHUW ZXUGH QRFK YRQ /HRSDUGL DOV GLH 6FKZHVWHU GHV 7RGHV GDUJH VWHOOWZHLOEHLGH7|FKWHUGHU+LQIlOOLJNHLWXQG)HLQGHGHV*HGlFKWQLVVHVVHLHQ± DOV RE GLH $EOHKQXQJ YRQ 6WDELOLWlW KLH‰H GDV *HGlFKWQLV EHUKDXSW DOVR GLH *HVFKLFKWH GLH 9HUJDQJHQKHLW VRZLH GLH GDUDXI EHUXKHQGH ,GHQWLWlW DE]XOHKQHQ XQG LP *UXQGH DOOHV VWHUEHQ ]X ODVVHQ ZDV LP *HGlFKWQLV QDFK 8QVWHUEOLFKNHLW VXFKW 'LH 0RGH LVW DEHU HLJHQWOLFK NHLQH $EOHKQXQJ VRQGHUQ HKHU GLH (QWGHFNXQJ HLQHV QHXHQ *HGlFKWQLVPRGHOOV GDV VLFK VHLW GHU 0RGHUQH DOOPlKOLFK LQ DOOHQ $VSHNWHQ XQVHUHU *HVHOOVFKDIW GXUFKVHW]WH HLQ *HGlFKWQLV NRPSDWLEHO PLW GHU .RQWLQJHQ] GHU :HOW GDV YRQ %DXGHODLUH JHVXFKWH Ä*HGlFKWQLV GHU *HJHQZDUW³ GDVVLFKMHQDFK9DULHWlWXQG(LQPDOLJNHLWGHU8PVWlQGHZHQGHW'LH0RGHVWHKW VR]XVDJHQ IU GLH (QWGHFNXQJ GHV 9HUJHVVHQV XQG IU VHLQH $XIZHUWXQJ LQ GHQ VR]LDOHQ3UDNWLNHQ 'DV 9HUJHVVHQ ZDU IUKHU QLFKW XQEHNDQQW 'LH JDQ]H $QODJH GHU DUV PHPRULDH ZDU GLH 6XFKH QDFK HLQHU 7HFKQLN GLH GHP 9HUJHVVHQ HQWJHJHQZLUNW DOVRVHLQH$QHUNHQQXQJLP1HJDWLYHQ,QGLHVHP9HUVWlQGQLVKDWWHGDV9HUJHV  

 1LNODV /XKPDQQ 'LH $XVGLIIHUHQ]LHUXQJ GHU 5HOLJLRQ ,Q 'HUV *HVHOOVFKDIWVVWUXNWXU XQG 6HPDQWLN)UDQNIXUWD06±KLHU6   1LNODV/XKPDQQ,QGLYLGXXP,QGLYLGXDOLWlW,QGLYLGXDOLVPXV,Q'HUV*HVHOOVFKDIWVVWUXNWXU XQG6HPDQWLN ZLH$QP 6±KLHU6   *LDFRPR /HRSDUGL 'LDORJR GHOOD PRGD H GHOOD PRUWH >@ ,Q 'HUV 2SHUHWWH PRUDOL 0DLODQG   &KDUOHV%DXGHODLUH'HU0DOHUGHVPRGHUQHQ/HEHQV,Q'HUV6lPWOLFKH:HUNH%ULHIH+J Y )ULHGKHOP .HPS X &ODXGH 3LFKRLV %G  $XIVlW]H ]XU /LWHUDWXU XQG .XQVW ± 0QFKHQX:LHQ6±   'D]XDXVIKUOLFKHU(OHQD(VSRVLWR6R]LDOHV9HUJHVVHQ)UDQNIXUWD0

gIIQXQJIUGDV9RUOlXILJH



VHQDEHUHLJHQWOLFKNHLQHQHLJHQHQ,QKDOWXQGNHLQHHLJHQHQ(LJHQVFKDIWHQ±PDQ NRQQWHQLFKWEHVVHURGHUVFKOHFKWHUYHUJHVVHQPDQNRQQWHQLFKWHLQPDOOHUQHQ]X YHUJHVVHQ(VJDENHLQHDUVREOLYLRQDOLVGLHVLHOHLWHWHZHLOVLHQXUGD]XJHIKUW KlWWHDQV9HUJHVVHQ]XHULQQHUQ±VLFKDOVRDXISDUDGR[H:HLVHYHUQLFKWHWKlWWH :DVLP-DKUKXQGHUWHQWGHFNWZXUGHLVWHLQHJDQ]DQGHUH)RUPGHV9HUJHVVHQV GLH LQ GHU 0RGH SUDNWL]LHUW ZXUGH EHYRU PDQ VLH LQ GHU 5HIOHNWLRQ IHVWVWHOOWH 'LHVHQHJLHUWGDV*HGlFKWQLVQLFKWVRQGHUQWUlJWGD]XEHLVLHIDFHWWHQUHLFKHUXQG NRPSOH[HUDXI]XEDXHQ'DV*HGlFKWQLVEHVWHKWQlPOLFKQLFKWQXUDXV(ULQQHUXQJ VRQGHUQ JOHLFKHUPD‰HQ DXV (ULQQHUXQJ XQG 9HUJHVVHQ GLH EHLGH GD]X EHLWUDJHQ XQVHU9HUKlOWQLVPLWGHU9HUJDQJHQKHLWXQGGHU=XNXQIWDXI]XEDXHQ:DV9HUJHV VHQ QHJLHUW LVW DOVR QLFKW *HGlFKWQLV EHUKDXSW VRQGHUQ (ULQQHUXQJ DOVR GLH DQGHUH 6HLWH GHU 8QWHUVFKHLGXQJ GLH HV NRQVWLWXLHUW XQG PLW GHU (YROXWLRQ GHU *HVHOOVFKDIW NRPSOH[ HYROYLHUW ,QGHP ZLU YHUJHVVHQ O|VFKHQ ZLU (ULQQHUXQJHQ ZDVXQVDEHUHUODXEWDQGHUHDXI]XEDXHQRGHUXQVJHJHQZlUWLJHQ0|JOLFKNHLWHQ]X |IIQHQ ZLHGHQMHQLJHQGLH%DXGHODLUHVXFKWH -HPHKUPDQYHUJLVVWGHVWRPHKU NDQQ PDQVRJDUGDV*HGlFKWQLVYHUVWlUNHQZLHHV]XP%HLVSLHOPLWGHU9HUEUHL WXQJ GHV %XFKGUXFNV SDVVLHUWH 'LHVHU VFKZlFKW GLH )lKLJNHLW DE 7H[WH ZLH GLH +RPHULVFKHQ(SHQRGHUGLH*|WWOLFKH.RP|GLH Z|UWOLFK]XPHPRULHUHQYHUPHKUW DEHU GLH YHUIJEDUHQ ,QIRUPDWLRQHQ HQRUP GLH LQ GHQ %FKHU YHUVWUHXW VLQG XQG EHL %HGDUI JHIXQGHQ ZHUGHQ N|QQHQ VRGDVV GLH YHUIJEDUHQ (ULQQHUXQJHQ YHU PHKUW ZHUGHQ 'LH /DJH LVW ZHVHQWOLFK NRPSOH[HU ZHLO VLH ]X HLQHP 6SLHO YRQ 0|JOLFKNHLWHQZLUGGLHVLFKJHJHQVHLWLJNRQGLWLRQLHUHQVLFKHU|IIQHQXQGVFKOLH ‰HQ MH QDFKGHP ZDV DXIEHZDKUW XQG JHO|VFKW ZLUG (V H[LVWLHUW NHLQH HLQIDFKH 3DOHWWHDQJHJHEHQHQ0|JOLFKNHLWHQGLHVLFKLQGHU=HLWPDQLIHVWLHUHQXQGMHQDFK XQVHUHU0HPRULHUXQJVIlKLJNHLWEHZDKUWZHUGHQN|QQHQRGHUQLFKW (V LVW NHLQ =XIDOOGDVVGLHVHNRPSOH[HUH*HGlFKWQLVIRUP]X%HJLQQGHU0R GHUQH LQWHUHVVDQWELVXQYHUPHLGEDUJHZRUGHQLVWGDGLH*HVHOOVFKDIWLQDOOHQ%H UHLFKHQHLQHYLHOK|KHUH.RPSOH[LWlWEHZlOWLJHQPXVVWHGLHLQNRPSDWLEHOZDUPLW GHU WUDGLWLRQHOOHQ 9RUVWHOOXQJ HLQHU JHRUGQHWHQ HLQGHXWLJHQ XQG LQ DOOHQ LKUHQ $VSHNWHQNRKlUHQWHQ:HOW,QGHU6R]LRORJLHVSULFKWPDQYRQIXQNWLRQDOHU'LIIH UHQ]LHUXQJ(VJLQJOHW]WOLFKXPGLH(LQVLFKWGDVVLQGHU:HOWHLQHQLFKW]XIlOOLJH 2UGQXQJ XQG 2ULHQWLHUXQJ QXU QRFK GDQQ JHZlKUOHLVWHW ZHUGHQ NDQQ ZHQQ PDQ GLH$QZHVHQKHLWDQGHUHU2UGQXQJHQDN]HSWLHUWGLHDQGHUHQ.ULWHULHQXQG/RJLNHQ IROJHQXQGGDPLWDN]HSWLHUWGDVV2UGQXQJQXQPHKUQXULQSOXUDOHU)RUPH[LVWLH UHQNDQQXQGVLFKVWlQGLJHUQHXHUW(QWGHFNWZXUGHGDVVGLHVHOEHQ0LWWHOHLQPDO ]XP(UIROJXQGHLQDQGHUHV0DO]XP9HUIDOOIKUHQN|QQHQ'HVKDOEPXVVWHPDQ OHUQHQVLFKHLQHUVHLWVGHQ8PVWlQGHQDQ]XSDVVHQ PLW+LOIHGHUSROLWLVFKHQ.OXJ  

 8PEHUWR(FR$Q$UV2EOLYLRQDOLV")RUJHWLW,Q.RV  6±+DUDOG:HLQULFK *LEWHVHLQH.XQVWGHV9HUJHVVHQV"%DVHOGHUV/HWKH.XQVWXQG.ULWLNGHV9HUJHVVHQV 0QFKHQ   1LNODV/XKPDQQ'LH*HVHOOVFKDIWGHU*HVHOOVFKDIW)UDQNIXUWD06±



(OHQD(VSRVLWR

KHLW XQGGDVV0RUDODQGHUHUVHLWVNHLQH*DUDQWLHGHVULFKWLJHQ9HUKDOWHQVPHKULVW ZHLO JXWH +DQGOXQJHQ ]X VFKOHFKWHQ (UJHEQLVVHQ XQG E|VH +DQGOXQJHQ ]XP DOO JHPHLQ*XWHQIKUHQN|QQHQ9RUDOOHPDEHUEHPHUNWHPDQGDVVGLH$QJDEHQGHU 5HOLJLRQ QLFKW QRWZHQGLJHUZHLVH PLW GHQ (UJHEQLVVHQ GHU ZLVVHQVFKDIWOLFKHQ )RUVFKXQJPLWGHQ5HFKWVSULQ]LSLHQRGHUPLWGHQSROLWLVFKHQ%HGUIQLVVHQNRP SDWLEHO VLQG 'LH :HOW ]HLJWH HLQH JHZDOWLJH LQQHUH .RPSOH[LWlW XQG .RQWLQJHQ] GLHQLFKWHLQIDFKGXUFKGLH$QQDKPHHLQHUHLQ]LJHQ3HUVSHNWLYHQLFKWHLQPDOGLH GHU9HUJDQJHQKHLWXQGGHU7UDGLWLRQUHGX]LHUWZHUGHQN|QQHQVRQGHUQYLHORIIH QHUHXQGIOH[LEOHUH0LWWHOYHUODQJHQ  





 $XV GLHVHU 3HUVSHNWLYH HUVFKHLQW GHU Ã:DKQVLQQµ GHU 0RGH QLFKW PHKU VR ZDKQ VLQQLJ6LHNDQQLP*HJHQWHLODOVHLQHVHKUZLUNVDPH7HFKQLNJHOHVHQZHUGHQXP .RPSOH[LWlW GXUFK 9HU]LFKW DXI ]HLWOLFKH .RKlUHQ] ]X HUK|KHQ 0DQ DN]HSWLHUW HLQH2ULHQWLHUXQJXQGZHL‰GDVVVLHYRUOlXILJLVW±DN]HSWLHUWVLHVRJDUJHQDXDXV GLHVHP*UXQG0DQLVWIUHLVHLQH2ULHQWLHUXQJ]XZHFKVHOQZHQQGLH0RGHZHFK VHOWRKQHGLHHLJHQH+DOWXQJDEOHJHQ]XPVVHQ'XUFKGDV9HUIROJHQHLQHUVLFK LKUHU1DWXUHQWVSUHFKHQGVWHWLJYHUlQGHUQGHQ0RGHEOHLEWPDQLQVLFKVHOEVWNRKl UHQW$QGHUVDXVJHGUFNWNDQQPDQYHUJHVVHQRKQHGHQ.RQWDNWPLWGHU*HVHOO VFKDIWXQGGHQ$QGHUHQ±XQGVRPLWRKQHGLH%LQGXQJHQDQGDV*HGlFKWQLV±]X YHUOLHUHQ 'LH0RGHYHUJLVVWLQGHU7DWVHKUYLHO/DXW*HRUJ6LPPHOPXVVVLHGLHVXP DQGHU*UHQ]H]ZLVFKHQ6HLQXQG1LFKW6HLQ]XEOHLEHQGLHVLH]XP$XVGUXFNGHU *HJHQZDUWPDFKW:LHVLFK]HLJWHDN]HSWLHUWHGLH0RGHGLH1HXKHLW]XPHUVWHQ 0DO DOV HLQHQ :HUW XQG QLFKW DOV HLQH 6W|UXQJ ,P Ä=HLWDOWHU GHU 0RGH³ ZLUG 1HXKHLW]XP*UXQGIUV*HIDOOHQXQGVRJDU]XGHVVHQ%HGLQJXQJ(LQ.OHLGHLQH )ULVXU DEHU DXFK HLQ .XQVWZHUN RGHU HLQH 9HUKDOWHQVZHLVH JHIDOOHQ JHUDGH ZHLO VLHQHXVLQGXQGGLHVHU:HUWQHLJWGD]XVLFKJHJHQEHUDOOHQDQGHUHQGXUFK]XVHW ]HQ ÄLO Q¶\ D SURSUHPHQW TXH FH TXL HVW QRXYHDX TXH SODLVH D QRV \HX[³ 'DV *HIDOOHQZLUGGDPLW]XPIRUWVFKUHLWHQGHQ9HUJHVVHQ 'HU PRGHUQH 0HQVFK ILQGHW GDULQ VHLQH NRPSOH[H ,QGLYLGXDOLWlW GLH PLW GHU XQEHVWLPPWHQ9LHOIDOWGHU5ROOHQXQG3HUVSHNWLYHQNRPSDWLEHOVHLQPXVVGLHYRQ  

 5HQp.|QLJ0DFKWXQG5HL]GHU0RGH'VVHOGRUIX:LHQ6Ä'LH.XU]IULVWLJNHLW GHU0RGHLVWNHLQH]XIlOOLJH(LJHQVFKDIWVRQGHUQJHVHOOVFKDIWOLFKQRWZHQGLJ³  *HRUJ 6LPPHO 'LH 0RGH ,Q 'HUV 3KLORVRSKLVFKH .XOWXU hEHU GDV $EHQWHXHU GLH *H VFKOHFKWHU XQG GLH .ULVH GHU 0RGHUQH *HVDPPHOWH (VVD\V 0LW HLQHP 1DFKZRUW Y -UJHQ +DEHUPDV%HUOLQ>@6±KLHU6   /DXWGHPHLQIOXVVUHLFKHQ$XVGUXFNLQ*DEULHO7DUGH/HV/RLVGHO¶,PLWDWLRQeWXGHVRFLROR JLTXH3DULV   *UHQDLOOH/D0RGH ZLH$QP 6 

gIIQXQJIUGDV9RUOlXILJH



HLQHU *HVHOOVFKDIW YHUODQJW ZHUGHQ GLH NHLQH HLQGHXWLJH RGHU NRKlUHQWH 2UGQXQJ PHKU KDW VRQGHUQ VLFK LQ HLQHU 0HKUKHLW YRQ 2ULHQWLHUXQJHQ IUDJPHQWLHUW MHGH ORNDOXQGYRUOlXILJULFKWLJ'LH,GHQWLWlWGHV,QGLYLGXXPVPXVVHQWVSUHFKHQGPRELO XQGIOH[LEHOVHLQRKQHVLFKGDGXUFKLP%HOLHEHQRGHULQGHU2ULHQWLHUXQJVORVLJNHLW ]XYHUOLHUHQ(LQH/|VXQJLVWGHU0RGH]XIROJHQZDVGD]XIKUWYRQGHQ$QGH UHQDOVDQGHUVXQGVWlQGLJZDQGHOEDUZDKUJHQRPPHQ]XZHUGHQ-HGHUVWHOOWVLFK DOV QLFKW ZLHGHUKROEDUHV ,QGLYLGXXP PLW HLQHU HLJHQHQ 3HUVSHNWLYH YRU GLH PLW GHQHQ GHU $QGHUHQ ]XHUVW JHPHLQVDP KDW GDVV VLH EHVRQGHUV LVW ± MHGHU VFKUHLEW VHLQHQ0LWPHQVFKHQGLHJOHLFKH(LQPDOLJNHLW]XDOVRGDV5HFKWDQGHUV]XVHLQ 'DV OlVVW HLQH HQRUPH 9DULHWlW LQ )RUP DOOHU YHUVFKLHGHQHQ 3HUV|QOLFKNHLWHQ ]X GLHYRQGHQ$QGHUHQDOVRULJLQHOOHUNDQQWZHUGHQN|QQHQ 'LHVH 9DULHWlW PXOWLSOL]LHUW VLFK PLW GHU =HLW 0DQ NDQQ VLFK EHOLHELJ YHUlQ GHUQVRIHUQPDQQXUHUNHQQEDUEOHLEW±ZHQQDOVRGHXWOLFKZLUGGDVVHVGLHVHOEH 3HUVRQLVWGLHVLFKYHUlQGHUWXQGHQWZLFNHOWQLFKWEOR‰HLQ]XIlOOLJHV6DPPHOVX ULXPDQ)lOOHQXQG+DOWXQJHQ-HGHUEDXWVLFKHLQH$UWQHJDWLYH,GHQWLWlWDXIJUXQG GHVVHQZDVHUQLFKWLVWXQGEHUIKUWVLH]XJOHLFKLQGLH=HLWGLPHQVLRQ'DV,QGL YLGXXP LVW XQG EOHLEW HV VHOEVW GXUFK VWlQGLJH 9HUlQGHUXQJ 1LHPDQG P|FKWH DXIJUXQGIHVWHU=JHHLQIDFKDOVGDVGHILQLHUWZHUGHQZDVHULVWVRQGHUQDQKDQG GHU .RQWUROOH VHLQHU 9HUlQGHUXQJHQ ± ZLH GLH 0RGH GLH VWlQGLJ ZHFKVHOW XQG QLFKW EHDQVSUXFKW EHVVHU RGHU VFK|QHU VRQGHUQ HLQIDFK DQGHUV ]X ZHUGHQ 'LH 8QWHUVFKHLGXQJ .RQWLQXLWlW'LVNRQWLQXLWlW NUHX]W VLFK PLW GHU 8QWHUVFKHLGXQJ .RQIRUPLWlW$EZHLFKXQJXQGHUODXEWHLQH,GHQWLWlWDXI]XEDXHQGLHLQGHU$EZHL FKXQJGLHVHOEHEOHLEWXQGJHUDGHLPVWlQGLJHQ:HFKVHOPLWGHQ$QGHUHQNRQIRUP LVW 0DQ JHKW YRQ HLQHU 8QWHUVFKHLGXQJ ]X GHU DQGHUHQ DXI GHU QHJDWLYHQ 6HLWH EHUZDVHUODXEWHLQHYLHONRPSOH[HUH,GHQWLWlW]XNRQVWUXLHUHQ  

  :LH GHU (UIROJ GHU 0RGH ]HLJW LVW GLHVH /|VXQJ VHKU ZLUNVDP XQG VHW]W VLFK VFKQHOO GXUFK 'LH .RVWHQ VLQG JOHLFKVDP PQHPRQLVFKHU $UW 0DQ PXVV OHUQHQ YLHO PHKU ]X YHUJHVVHQ ± RGHU HKHU JHUDGH GXUFK 9HUJHVVHQ LQ HLQHU VWlQGLJHQ 3URMHNWLRQ QDFK YRUQH ]X HULQQHUQ GLH DXV MHGHP 'DWXP GLH 9RUDXVVHW]XQJ IU HLQH9HUlQGHUXQJPDFKWZLHLQ6WHQGKDOVEHUKPWHU'HILQLWLRQ6FK|QKHLWLVWQXU GDV9HUVSUHFKHQYRQ*OFN6LHZLUGLQGHP0RPHQWYHUJHVVHQLQGHPVLHVLFK YHUZLUNOLFKW XQG YHUZHLVW LQ LKUHU 9ROOHQGXQJDXIGLH=XNXQIW HLQH=XNXQIWGLH VLFK LPPHU ZHLWHU QDFK YRUQH YHUVFKLHEW  'DV *HGlFKWQLV UHDOLVLHUW VLFK LQ GHU 9HUZDOWXQJ GHU 9RUOlXILJNHLW ZLH GLH 0RGH GLH ODXW %DXGHODLUH GDV (ZLJH DXV GHP(SKHPHUHQKHUDXV]LHKW$EHUGLHVH)RUPYRQ(ZLJNHLWYHUVFKLHEWGLH]HLWOL   

 /XKPDQQ,QGLYLGXXP,QGLYLGXDOLWlW,QGLYLGXDOLVPXV ZLH$QP   6WHQGKDO>GL0DULH+HQUL%H\OH@'HO¶DPRXU3DULV



(OHQD(VSRVLWR

FKHQ %H]JH DXI HLQH :HLVH GLH LP -DKUKXQGHUW YHUVWlQGOLFKHUZHLVH 9HUZLU UXQJ SURGX]LHUWH 6LH EHGHXWHW ÄGHQ 7ULXPSK GHU *HJHQZlUWLJHQ EHU GHQ $QWL NHQ³ PLW DOOHU GDPLW LPSOL]LHUWHQ $UURJDQ] XQG 8QVLFKHUKHLW 'LH 8QEHVWLPPW KHLW GHU *HJHQZDUW EHDQVSUXFKW HLQHQ (UVDW] GHU 6LFKHUKHLW XQG =XYHUOlVVLJNHLW GHU 9HUJDQJHQKHLW 'LH 2IIHQKHLW IU GDV 1HXH HUVHW]W GLH 6WDELOLWlW GHU (ULQQH UXQJ7HLOZHLVHZXUGHVRJDUYHUVXFKWGLH*HJHQZDUWGXUFKGLH=XNXQIW]XHUVHW ]HQLQGHP6LQQHGDVVPDQLQGHU*HJHQZDUWHKHUGLH$QWL]LSDWLRQGHVVHQOHVHQ P|FKWH ZDV NRPPHQ ZLUG VWDWW GDV (UJHEQLV GHVVHQ ZDV GHU )DOO ZDU $XFK GHVKDOE IDV]LQLHUW GLH 0RGH VR VHKU ± ZLH HLQ $UJXPHQW %HQMDPLQV YHUGHXWOLFKW ,KU JU|‰WHU 5HL] JOHLFK]HLWLJMHGRFKDXFKGLH6FKZLHULJNHLWVLHIUXFKWEDU]XPD FKHQ OLHJW GDULQ GDVV PDQ LQ GHU 0RGH QLFKW QXU GLH QHXHQ 7UHQGV OHVHQ NDQQ VRQGHUQDXFKGDVZDVLQGHU=XNXQIWEHUHLWOLHJW $EHUGLH=XNXQIWH[LVWLHUWZLHZLUZLVVHQQXULQGHUJHJHQZlUWLJHQ$QWL]LSD WLRQ DOV LQ GHU *HJHQZDUW YHUIHUWLJWHV %LOG GHU =XNXQIW 'LH =XNXQIW ]X OHVHQ KHL‰W1HXKHLW]XVXFKHQ±DEHUGLH1HXKHLWYHUQLFKWHWVLFKLP0RPHQWLKUHU5HDOL VLHUXQJ ZHLO VLH VRIRUW DOW ZLUG XQG GLH 6XFKH QDFK HLQHU ÄQHXHQ³ 1HXKHLW YHU ODQJW:lUHVLHZLUNOLFKQHXZlUHVLHKHXWHXQYHUVWlQGOLFK'DVLVWGLH6FKZLHULJ NHLWGLH%HQMDPLQVLJQDOLVLHUWH$XIGDV1HXHNDQQQLFKWVJHEDXWZHUGHQDX‰HU GHP9HUZHLVDXI$QGHUHV'LH1HXKHLWYHUIOFKWLJWVLFKVRIRUWVLHGLHQWQXUGD]X ZHLWHU]XJHKHQ 'LH *HVHOOVFKDIW GHU 0RGH DOVR GLH *HVHOOVFKDIWGHV9HUJHVVHQV NDQQ DXFK PLW +DUWPXW 5RVD DOV Ã%HVFKOHXQLJXQJVJHVHOOVFKDIWµ FKDUDNWHULVLHUW ZHUGHQ (V KDQGHOW VLFK LPPHU QRFK XP GLH PRGHUQH *HVHOOVFKDIW PLW LKUHQ LQVWDELOHQXQGNRPSOH[HQ,GHQWLWlWVIRUPHQDEHULQGLHVHP)DOOZLUGGHU:LUEHOHI IHNWEHWRQWGHULQGHQOHW]WHQ-DKUHQLPPHUGHXWOLFKHUJHZRUGHQLVW:HQQ,GHQWL WlW LQ GHU %HVFKOHXQLJXQJ JHVXFKW ZLUG LVW PDQ JH]ZXQJHQ PHKU XQG PHKU ]X EHVFKOHXQLJHQZHLOVLFKGLH1HXKHLWLPPHUVFKQHOOHUYHUEUDXFKW$XFKGLH6XFKH QDFKGHP1HXHQYHUDOWHWLQDOOLKUHQ)RUPHQZLHGHU:LHGHUYRUVWHOOXQJGHV$OWHQ DOV 1HXHV LQ GHU 0RGH UHGHW PDQ YRQ 9LQWDJH  RGHU GHU +HUYRUKHEXQJ GHV $X JHQEOLFNV XQG GLHV LPPHU VFKQHOOHU +HXWH LVW YRQ $QWL0RGH YRQ Ä0RGH QDFK GHU 0RGH³ XQG YRQ YHUVFKLHGHQHQ 7HQGHQ]HQ GLH 5HGHGLHGHQ9HUEUDXFKGHV 0HFKDQLVPXV GHU Ã6WDELOLWlW GXUFK ,QQRYDWLRQµ DQGHXWHQ DXI GHQ GLH 0RGH VHLW HLQLJHQ -DKUKXQGHUWHQ LKUH :LUNVDPNHLW JUQGHW :HQQ GLH =XNXQIW VFKRQ DQJH IDQJHQKDWYHUOLHUWVLHDQVFKHLQHQGYLHOYRQLKUHU)DV]LQDWLRQ   

 6R LQ HLQHP 9RUWDJ DXV GHP -DKU  ]LWLHUW LQ *RGDUG GH 'RQYLOOH 6LJQLILFDWLRQ ZLH $QP 6  :DOWHU%HQMDPLQ'DV3DVVDJHQ:HUN+JY5ROI7LHGHPDQQ)UDQNIXUWD06   9JOHEHQVR1LNODV/XKPDQQ'LH5HDOLWlWGHU0DVVHQPHGLHQ2SODGHQ6±   +DUWPXW5RVD%HVFKOHXQLJXQJ'LH9HUlQGHUXQJGHU=HLWVWUXNWXULQGHU0RGHUQH)UDQNIXUW D0   %DUEDUD9LQNHQ0RGHQDFKGHU0RGH*HLVWXQG.OHLGDP(QGHGHV-DKUKXQGHUWV)UDQN IXUWD0 

 %$5%$5$%(&.(5&$17$5,12 

ÄHUOHUQHWGDVVLFKPHLQH6WLPPHHUKHEHQPVVWH³ 3LHWLVWLVFKH(WKLN+DXV|NRQRPLHXQG/HVHNXOWXUDOVQHXH +DQGOXQJVVSLHOUlXPHLQGHU)UKDXINOlUXQJ  ,Q :LOKHOP 0HLVWHUV /HKUMDKUHQ KDW *RHWKH EHNDQQWOLFK GLH Ä%HNHQQWQLVVH HLQHU 6FK|QHQ6HHOH³GLH$XWRELRJUDSKLHHLQHUSLHWLVWLVFKHQ)UDXDOVVHFKVWHV%XFKZLH HLQHQEHGHXWVDPHQ)UHPGN|USHUDOV7KHUDSHXWLNXPIUGLHVWHUEHQGHOLHEHVNUDQ NH 6FKDXVSLHOHULQ $XUHOLH HLQJHIJW 0LWWHQ LP 5RPDQJHVFKHKHQ EHUUHLFKW HLQ $U]WGHUOLHEHVXQGWRGNUDQNHQ6FKDXVSLHOHULQ$XUHOLHHLQ0DQXVNULSWGDVHUÄDXV GHQ+lQGHQHLQHUQXQPHKUDEJHVFKLHGHQHQ)UHXQGLQ³HUKDOWHQKDWÄDOVHLQHVHKU LQWHUHVVDQWH /HNWUH³ (V VLQG GLH Ä%HNHQQWQLVVH GHU 6FK|QHQ 6HHOH³ GLH GHU 7LWHOKHOGGHV5RPDQVGHU6FKDXVSLHOHULQ$XUHOLHGDQQYRUOLHVW'LHVH/HNWUHNDQQ GDV ÄKHIWLJH XQG WURW]LJH :HVHQ³ GHUWRGNUDQNHQ$XUHOLHOLQGHUQXQGVLHVDQIWLQ LKUHQ 7RG EHJOHLWHQ 0LW $XUHOLHV 7RG YHUDEVFKLHGHW VLFK :LOKHOP 0HLVWHU YRP 3LHWLVPXV XQG YRQ VHLQHU 7KHDWHUOHLGHQVFKDIW *RHWKH VLJQDOLVLHUW LQ VHLQHP 5R PDQYRQHLQHQNXOWXUHOOHQ8PEUXFKGLH:HQGHYRQHLQHPIHPLQLVLHUWGDU JHVWHOOWHQ 3LHWLVPXV ]X HLQHP QHXHQNODVVLVFKHQ%LOGXQJVSURJUDPP6RORKQWHV VLFKHLQHQNXU]HQ%OLFNDXI*RHWKHV5HWURSHUVSHNWLYHDXIGHQ3LHWLVPXV±KLHULQ GHU $GDSWDWLRQ GHU $XWRELRJUDSKLH HLQHU 3LHWLVWLQ ± XQG DXI GLH DPELYDOHQWH JH JHQEHU GHU QHXHQ =HLW OHLFKW DEZHUWHQGH 'DUVWHOOXQJ HLQHU SLHWLVWLVFKHQ )UDXHQ %LRJUDILH]XZHUIHQ ,QGLHVHQILNWLRQDOLVLHUWHQÄ%HNHQQWQLVVHQ³OlVVW*RHWKHGLH LQVHLQHP5RPDQ QLFKW ZHLWHU EHQDQQWH  Ä6FK|QH 6HHOH³ LKU /HEHQ HU]lKOHQ Ä%LV LQ PHLQ DFKWHV -DKU ZDU LFK HLQ JDQ] JHVXQGHV .LQG >«@ 0LW GHP $QIDQJH GHV DFKWHQ -DKUHV EHNDPLFKHLQHQ%OXWVWXU]XQGLQGHP$XJHQEOLFNZDUPHLQH6HHOHJDQ](PSILQ GXQJXQG*HGlFKWQLV>«@,FKOLWWXQGOLHEWHGDVZDUGLHHLJHQWOLFKH*HVWDOWPHL QHV+HU]HQV³'LHVHNUlQNOLFKHHPSILQGVDPHÄ6FK|QH6HHOH³HUJLEWÄVLFKY|OOLJ GHP +DOOLVFKHQ %HNHKUXQJVV\VWHP³ ILQGHW GDQQ QDFK ]HKQ -DKUHQ GXUFK HLQHQ )UHXQG XQG GXUFK GLH /HNWUH DOOHU 6FKULIWHQ GHU Ä=LQ]HQGRUILVFKHQ $UW³ ]XP *ODXEHQ 6LH ZLUG ]X HLQHU ÄKHUUQKXWLVFKHQ 6FKZHVWHU³ -HGRFK OlVVW VLH VLFK ZHGHU PLW HLQHP +HUUQKXWHU YHUKHLUDWHQQRFKWULWWVLHGHU*HPHLQGHEHLVRQGHUQ EOHLEWLQ)UDQNIXUWXQGOHEWJDQ]PLWVLFKVHOEVWXQGLKUHQ(PSILQGXQJHQ ,FKHULQQHUHPLFKNDXPHLQHV*HERWHVQLFKWVHUVFKHLQWPLULQ*HVWDOWHLQHV*HVHW]HVHVLVWHLQ 7ULHEGHUPLFKOHLWHWXQGLPPHUUHFKWIKUHWLFKIROJHPLW)UHLKHLWPHLQHQ*HVLQQXQJHQXQG ZHL‰ VR ZHQLJ YRQ (LQVFKUlQNXQJ DOV YRQ 5HXH *RWW VHL 'DQN GDVV LFK HUNHQQH ZHP LFK    

$OOH =LWDWH QDFK -RKDQQ :ROIJDQJ YRQ *RHWKH :HUNH +DPEXUJHU $XVJDEH %G  +J Y (ULFK7UXQ]0QFKHQ6±KLHU6 (EG6 (EG6XI



%DUEDUD%HFNHU&DQWDULQR

GLHVHV *OFN VFKXOGLJ ELQ XQG GDVV LFK DQ GLHVH 9RU]JHQXUPLW'HPXWGHQNHQGDUI'HQQ QLHPDOVZHUGHLFKLQ*HIDKUNRPPHQDXIPHLQHLJQHV.|QQHQXQG9HUP|JHQVWRO]]XZHU GHQ GD LFK VR GHXWOLFK HUNDQQWKDEHZHOFK8QJHKHXHULQMHGHPPHQVFKOLFKHQ%XVHQZHQQ  HLQHK|KHUH.UDIWXQVQLFKWEHZDKUHWVLFKHU]HXJHQXQGQlKUHQN|QQH

*RHWKHOlVVWVHLQHÄ6FK|QH6HHOH³±HLQHlVWKHWLVLHUWHDXILKU6HHOHQKHLOEHGDFKWH 3LHWLVWLQ ± LKUHQ /HEHQVZHJ HU]lKOHQ GLH LP 5RPDQJHVFKHKHQ DOOHUGLQJV VFKRQ YHUVWRUEHQLVWXQGVRPLWQXUDOV7URVWIUHLQHOLHEHVNUDQNH)UDXXQGDOV.RQWUDVW )ROLH IU GLH %LOGXQJ GHV DNWLY VHLQHQ /HEHQVZHJ VXFKHQGHQ 3URWDJRQLVWHQ :LO KHOP0HLVWHUGLHQW*RHWKHVÄ6FK|QH6HHOH³LVWJDQ]DXI*HIKOXQG:HLEOLFKNHLW DQJHOHJW GLH LQ 9DULDWLRQHQ GDQQ ZHLWHUOHEW LQ GHQ )UDXHQILJXUHQ GHV 5RPDQV 1DWDOLH7KHUHVH3KLOLQH HVVLQG)UDXHQILJXUHQGLHEHVRQGHUV:LOKHOPXQGGLH DQGHUHQ 0lQQHU GHU 7XUPJHVHOOVFKDIW HPSILQGVDP SUDNWLVFK XQG HURWLVFK EHJO FNHQXQGELOGHQ %HL DOOHU *RHWKHVFKHQ 6NHSVLV JHJHQEHU GHU SLHWLVWLVFKHQ )U|PPLJNHLW DP (QGHGHV-DKUKXQGHUWVVFKHLQWPLU*RHWKHGHQQRFKZLFKWLJH$VSHNWHLQGLHVHU %LRJUDSKLHGLHMDEHNDQQWOLFKDXIGHU/HEHQVJHVFKLFKWHGHU)UDQNIXUWHU3DWUL]LHULQ .DWKDULQD 6XVDQQD YRQ .OHWWHQEHUJ PHKU GD]X XQWHQ  EHUXKW]XDUWLNXOLHUHQ(V LVW HLQPDO GLH +HUDXVELOGXQJ GHV ,FKV EHVRQGHUV GHV IKOHQGHQ DEHU DXFK GHV QDFKGHQNOLFKHQ,FKVXQGGHVVHQ:HJLQGLH,QQHUOLFKNHLWGDQQGLH%HVFKlIWLJXQJ PLW /HVHQ XQG GLH %HGHXWXQJ GHU HUEDXOLFKUHOLJL|VHQ /HNWUH IU GLHVH 3LHWLVWLQ PLW+LQZHLVHQDXIGLH)UHXQGVFKDIWVWKHPDWLNLP3LHWLVPXVYHUEXQGHQPLWHLQHP GLIIHUHQ]LHUWHQDEHUDXFKLURQLVFKZHUWHQGHP%OLFNDXI*HVFKOHFKWHUEH]LHKXQJHQ XQG5ROOHQ $OV.RUUHNWLY]X*RHWKHV)HPLQLVLHUXQJXQG9HUZHLVXQJGHV3LHWLVPXVLQHL QHQ OHHUHQ *HIKOVNXOW XQG LQ GLH 9HUJDQJHQKHLW P|FKWH LFK XQWHU (LQEH]LHKXQJ GHUQHXHUHQ3LHWLVPXVIRUVFKXQJ]HLJHQZLHHWZD-DKUHYRU*RHWKHDOVRLQGHU =HLWXPGLHSLHWLVWLVFKJHSUlJWH(UQHXHUXQJVEHZHJXQJGLH*UXQGODJHQXQG 9RUDXVVHW]XQJHQIUGLHPRGHUQH%LOGXQJVJHVHOOVFKDIWJHVFKDIIHQKDW0LW:HUQHU &RQ]HXQG-UJHQ.RFNDYLVLHUHLFKKLHUGDV%LOGXQJVXQGGDV:LUWVFKDIWVEUJHU WXPDQXQGP|FKWHGLH9HUELQGXQJ]XGHQSLHWLVWLVFKHQ1HW]ZHUNHQXQG=LUNHOQ ]LHKHQGLHHUVWPDOVDXFK)UDXHQPLWDQVSUDFKHQXQGEHWHLOLJWHQ'DPLWVROONHLQH WHOHRORJLVFKH /LQLH YRQ GHU )UKDXINOlUXQJµ ]XU .ODVVLNµ JH]RJHQ ZHUGHQ XQG DXFKQLFKWGLHODQJHGRPLQDQWH)RUWVFKULWWVOLWHUDWXUJHVFKLFKWHYRQGHU$XINOlUXQJ   

(EG6 'LH YLHUElQGLJH 'RNXPHQWDWLRQ YRQ :HUQHU &RQ]H X -UJHQ .RFND +J  %LOGXQJVEUJHU WXPLP-DKUKXQGHUW6WXWWJDUW±KDWGLH%HGHXWXQJGHVNXOWXUHOOHQ:DQGHOVXP IUGDV-DKUKXQGHUWDXVIKUOLFKGDUJHVWHOOWDOV%LOGXQJVV\VWHPXQG3URIHVVLRQDOL VLHUXQJ LQ LQWHUQDWLRQDOHQ 9HUJOHLFKHQ  %LOGXQJVJWHU XQG %LOGXQJVZLVVHQ  DOV /HEHQV IKUXQJXQGVWlQGLVFKH9HUJHVHOOVFKDIWXQJVRZLHDOVSROLWLVFKHQ(LQIOXVVXQGJHVHOOVFKDIW OLFKH)RUPDWLRQ5HLQKDUW.RVHOOHFNZHLVWDXVGUFNOLFKDXIGLHWKHRORJLVFKH.RPSRQHQWHLP KLVWRULVFKHQ GHXWVFKHQ %LOGXQJVEHJULII KLQ YJO GHUV (LQOHLWXQJ ,Q %LOGXQJVEUJHUWXP LP -DKUKXQGHUW7HLO,,%LOGXQJVJWHUXQG%LOGXQJVZLVVHQ6WXWWJDUW6I

3LHWLVWLVFKH(WKLN+DXV|NRQRPLHXQG/HVHNXOWXU



]XU.ODVVLNµZHLWHUJHVFKULHEHQZHUGHQ9LHOPHKUVROOLQHLQHU.RQWH[WXDOLVLHUXQJ LP6LQQHGHU.XOWXUDQWKURSRORJLHGHV1HZ+LVWRULFLVPµXQGGHU*HQGHUIRUVFKXQJ HLQNULWLVFKHU%OLFNDXIUHSUlVHQWDWLYH)UDXHQLQMHQHU)U|PPLJNHLWVXQG(UQHXH UXQJVEHZHJXQJ JHZRUIHQ ZHUGHQ GLH LP DXVJHKHQGHQ -DKUKXQGHUW ]XQlFKVW DEZHUWHQG  DOV 3LHWLVPXV EH]HLFKQHW ZXUGH ,KUH VSH]LILVFKHQ NXOWXUHOOHQ 3UDNWL NHQ VLQG LQ LKUHU /HEHQVZHOW ]X EHWUDFKWHQ XQG ]X NRQWH[WXDOLVLHUHQ .XOWXUXQG VR]LDOJHVFKLFKWOLFKHV 8PIHOG LVW GLH ZLUWVFKDIWOLFKH XQG PHQVFKOLFKH :LHGHUDXI EDXDUEHLWXQGOHLVWXQJLQGHUDOOWlJOLFKHQ/HEHQVZHOWQDFKGHQ=HUVW|UXQJHQGHV 'UHL‰LJMlKULJHQ .ULHJV (LQ VROFKHU NXOWXUZLVVHQVFKDIWOLFKHU XQG JHQGHUVHQVLEOHU =XJDQJHQW]LHKWVLFKEHZXVVWGHQ6\VWHPHQXQGJUR‰HQ(U]lKOXQJHQµGHU DOWHQ  *HLVWHVJHVFKLFKWH XQG GHU QHXHQ ,GHHQJHVFKLFKWHµ ,Q GHU DNDGHPLVFKHQ *UR‰DU FKLWHNWXU JHLVWHVJHVFKLFKWOLFKHU 6WU|PXQJHQ GLH GLH *HQHVLV GHU 0RGHUQH ÄPD NLQJRIPRGHUQLW\³ GLVNXWLHUWNRPPHQ/HEHQVZHOWXQG5HOLJLRVLWlWNDXPLQGHQ %OLFN'HQQKLHUZHUGHQZLH]%DXIGHQ ZHQLJHQ 6HLWHQ]XÄ:RPHQ3KLORVR SK\ DQG 6H[XDOLW\³ LQ GHP 0RQXPHQWDOZHUN YRQ -RQDWKDQ , ,VUDHO 5DGLFDO (QOLJKWHQPHQW  ZLHGHUQXUGLHEHNDQQWHQ%HLVSLHOHYRQDGHOLJHQ)UDXHQDOV LQWHOOLJHQWHQ 6FKOHULQQHQ XQG *|QQHULQQHQ HLQLJHU 3KLORVRSKHQ IRUWJHVFKULHEHQ JDQ]DEJHVHKHQGDYRQGDVV)UDXHQKLHUOHGLJOLFKXQWHUGHURPLQ|VHQ5XEULNÃ6H [XDOLWlWµHUVFKHLQHQ ,P3LHWLVPXVGHU/DLHQGHU)U|PPLJNHLWVEHZHJXQJMHQVHLWVGHUWKHRORJLVFKHQ 'LVSXWH LP 3URWHVWDQWLVPXV (XURSDV LP VSlWHQ  XQG IUKHQ -DKUKXQGHUW ZDUHQ GHU LQGLYLGXHOOH *ODXEH GHU :HJ GHU 6HHOH ]X *RWWµ XQG GLH OHVHQGH XQG GHXWHQGH %HVFKlIWLJXQJ PLW GHU %LEHO XQG (UEDXXQJVEFKHUQ ]HQWUDO ZREHL HV XQWHUVFKLHGOLFKH *UXSSLHUXQJHQ .UHLVH XQG YLHOH QLFKWRUJDQLVLHUWH IURPPHµ RGHUDXFKIU|PPHOQGH $QKlQJHUJDE,FKEHWUDFKWHGUHLNXOWXUHOOH)DNWRUHQDXV GHUSLHWLVWLVFKHQ3UD[LVGLH.XOWLYLHUXQJGHU,QQHUOLFKNHLWDOV%LOGXQJGHU3HUV|Q OLFKNHLWGDVLQWHQVLYHXQGH[WHQVLYH/HVHQVRZLHGLH0LWZLUNXQJYRQ)UDXHQXQG GDPLWHLQH0RGLIL]LHUXQJGHU*HVFKOHFKWHUUROOHQXQGEH]LHKXQJHQGUHL)DNWRUHQ GLH DOV ZLFKWLJH 9RUDXVVHW]XQJ IU GLH (QWVWHKXQJ GHV %LOGXQJVEUJHUWXPV LP DXVJHKHQGHQ-DKUKXQGHUWJHOWHQN|QQHQ   

6R GLH WUDGLWLRQHOOH GHXWVFKH /LWHUDWXUJHVFKLFKWVVFKUHLEXQJ ZLH HWZD 0DQIUHG (QJHO 'HU 5RPDQGHU*RHWKH]HLW%G$QIlQJHLQ)UKURPDQWLNXQG.ODVVLN6WXWWJDUW6GLH GHQ ÄV\PEROLVFKHQ %LOGXQJVURPDQ³ :LOKHOP 0HLVWHU XQG GLH (QWVWHKXQJ GHV 7UDQV]HQGHQWDOURPDQVYRQGHU$XINOlUXQJKHUHQWZLFNHOW  =XU ODQJH GLVNXWLHUWHQ NRQWURYHUVHQ (QWZLFNOXQJ XQG WKHRORJLVFKHQ  %HGHXWXQJ GHU *UXS SLHUXQJ3LHWLVPXVNULWLVFK0DUWLQ*LHUO3LHWLVPXVXQG$XINOlUXQJ7KHRORJLVFKH3ROHPLNXQG GLH.RPPXQLNDWLRQVUHIRUPGHU:LVVHQVFKDIWDP(QGHGHVVLHE]HKQWHQ-DKUKXQGHUWV*|WWLQ JHQEHV6±-RKDQQHV:DOOPDQQ3LHWLVPXVXQG2UWKRGR[LH*HVDPPHOWH$XIVlW ]H7ELQJHQ  -RQDWKDQ , ,VUDHO 5DGLFDO (QOLJKWHQPHQW 3KLORVRSK\ DQG WKH 0DNLQJ RI 0RGHUQLW\ ±  2[IRUG  6± XQWHU GHU DQDFKURQLVWLVFKHQ  5XEULN Ä7KH (PDQFLSDWLRQ RI :RPHQ´ 6± HU]lKOW,VUDHOYHUNQDSSWGLHDOWHQ*HVFKLFKWHQYRQSKLORVRSKLVFKLQWHUHV VLHUWHQ)UDXHQZLH6RSKLH(OLVDEHWKYRQ+DQQRYHUXQGGHUHQ3DWURQDJHJHOHKUWHU0lQQHU



%DUEDUD%HFNHU&DQWDULQR

 5HOLJL|VH(UQHXHUXQJXQG)UDXHQLP3LHWLVPXV  'LH=HLWXPZLUGQXQDXFKLQGHUGHXWVFKHQ)UKQHX]HLWIRUVFKXQJYHUVWlUNW DOV HLQH 8PEUXFKV]HLW XQG HLQH $UW YRQ 1HXDQIDQJ QDFK GHP 'UHL‰LJMlKULJHQ .ULHJ ZDKUJHQRPPHQ ZREHL 9HUlQGHUXQJHQ YRUQHKPOLFK LQ GHU :LVVHQVJH VFKLFKWHXQG*HOHKUWHQNXOWXUXQWHUVXFKWXQGDOVÄ:LVVHQ³WKHRUHWLVFKGXUFKIRUVFKW ZHUGHQ'DQHEHQKDWGLHQHXHUH3LHWLVPXVIRUVFKXQJYRQ-RKDQQHV:DOOPDQQELV 0DUWLQ%UHFKW+DQV-UJHQ6FKUDGHU8GR6WUlWHUXQG5XWK$OEUHFKWVLFKEHVRQ GHUVGHU*ODXEHQVZHOWXQGLPOHW]WHQ-DKU]HKQWYHUVWlUNWGHU/HEHQVZHOWXQGHLQ ]HOQHQ 0HQVFKHQ GHU UHOLJL|VHQ (UQHXHUXQJVEHZHJXQJ ]XJHZHQGHW XQG GLH ÄEH GHXWHQGH 5ROOH GHV 3LHWLVPXV LP .RQWH[W GHU JHLVWLJHQ SROLWLVFKHQ NXOWXUHOOHQ HWKLVFKHQXQGVR]LDOHQ7UDQVIRUPDWLRQHQVHLWGHP-DKUKXQGHUW³XQWHUVXFKW 0HQWDOLWlWVEHHLQIOXVVHQGH$VSHNWHGHV3LHWLVPXVVLQGVFKRQLQGHUlOWHUHQ)RU VFKXQJ LPPHU ZLHGHUEHWRQWZRUGHQ'LHSLHWLVWLVFKJHSUlJWHUHOLJL|VH(UQHXH UXQJ OHEWH PLW GHU +RIIQXQJ DXI HLQ ÃQHXHV -HUXVDOHPµ XQG GHU $XVULFKWXQJ DXI HLQHQHXH.UHDWXUµHLQHUHOLJL|VXWRSLVFKH9RUVWHOOXQJHLQHU]XNQIWLJHQKHLOLJHQ *RWWHV6WDGW GLH DXV GHQ 6FKHUEHQ GHU MHW]LJHQ :HOW GXUFK GLH (UQHXHUXQJ GHU 0HQVFKHQ HQWVWHKHQ ZHUGH 'DIU VFKORVVHQ VLFK GLH *OlXELJHQ GLH HV PLW GHP +HLOLKUHU6HHOHQ(UQVWPHLQWHQ]XGHU3KLODGHOSKLVFKHQ*HPHLQGHµGHU%UGHU JHPHLQGH ]XVDPPHQ ZLH HWZD LQ GHU (QG]HLWHUZDUWXQJ GHU HQJOLVFKHQ 3KLODGHOSKLHU+LQ]XNDPGLHhEHU]HXJXQJYRQGHUYHUlQGHUQGHQ.UDIWGHVWlWL JHQ*ODXEHQVGHUSUD[LVSLHWDWLVGLHGHQDOWHQ$GDPµYHUQLFKWHQGHQ0HQVFKHQ YRQ*UXQGDXIYHUlQGHUQN|QQHLP9HUWUDXHQDXIGLHJ|WWOLFKH*QDGHXQGVFKOLH‰ OLFK GLH (UZDUWXQJµ E]Z +RIIQXQJ EHVVHUHU =HLWHQµ XQG HLQHU *HQHUDO UHIRUPDWLRQGHU:HOWµGLHLKUH(UIOOXQJLPWDXVHQGMlKULJHQ5HLFK&KULVWLILQGHQ ZHUGH'DVEHGHXWHWHHEHQDXFKHLQH+LQZHQGXQJDXIGDV+HXWHGHQ$OOWDJDXI PHQVFKOLFKH$NWLYLWlWHQXQG9HUKlOWQLVVH  

,FK GHQNH DQ GLH ]DKOUHLFKHQ ODXIHQGHQ 3URMHNWH ]X Ä:LVVHQ³ LQ GHU )UKHQ 1HX]HLW ZLH LQ GHP DXVJHODXIHQHQ 6)%Ä3OXUDOLVLHUXQJXQG$XWRULWlWLQGHU)UKHQ1HX]HLW³LQ0Q FKHQ Ä'LVNXUVLYLHUXQJ YRQ :LVVHQ LQ GHU )UKHQ 1HX]HLW³ LQ .LHO lKQOLFKH LQ %HUOLQ RGHU %DVHO  +DUWPXW/HKPDQQ(LQOHLWXQJ,Q+DUWPXW/HKPDQQ +J *ODXEHQVZHOWXQG/HEHQVZHOWHQ *HVFKLFKWHGHV3LHWLVPXV%G*|WWLQJHQ6±KLHU6$XFKDOV5HOLJLRQVRGHU )U|PPLJNHLWVEHZHJXQJHQWZLFNHOWHXQGWUDQVSRUWLHUWHGHU3LHWLVPXVÄDQWKURSRORJLVFKHV:LV VHQ³ZLH+DUWPXW/HKPDQQEHWRQWKDWZHQQGHU%OLFNDXIGLHVLFKDOVSLHWLVWLVFKEH]HLFKQHQ GHQRGHUYRQDQGHUHQDOVSLHWLVWLVFKHUDFKWHWHQ,QGLYLGXHQIlOOW  6LHKH :ROIJDQJ 0DUWHQV /LWHUDWXU XQG )U|PPLJNHLW LQ GHU IUKHQ $XINOlUXQJ 7ELQJHQ   9JO%DUEDUD%HFNHU&DQWDULQR'DVÄ1HXH-HUXVDOHP³-DQH/HDGGLH3KLODGHOSKLDQ6RFLHW\ XQGLKUH9LVLRQHQYRQUHOLJL|VHU(UQHXHUXQJLQGHQHU-DKUHQ,Q8GR6WUlWHUXD +J  $OWHU $GDP XQG 1HXH .UHDWXU 3LHWLVPXV XQG $QWKURSRORJLH %HLWUlJH ]XP ,,3LHWLVPXVNRQJUHVV  +DOOH  6± KLHU 6  (LQ ZLFKWLJHV 7KHPD GHV .RQJUHVVHV ZDU GLH YRP 3LHWLVPXV JHWUDJHQH +RIIQXQJ DXI EHVVHUH =HLWHQ -XOLH +LUVW -DQH /HDGH%LRJUDSK\RID6HYHQWHHQWK&HQWXU\0\VWLF$VKJDWH

3LHWLVWLVFKH(WKLN+DXV|NRQRPLHXQG/HVHNXOWXU



'HU3LHWLVPXVZDUDEJHVHKHQYRQGHQ=HQWUHQ+DOOHXQG+HUUQKXWNHLQHKRPRJH QH *UXSSLHUXQJ VRQGHUQ HLQH 9LHOIDOW VLFK RIW YRQHLQDQGHU DEJUHQ]HQGHU VRJDU EHNlPSIHQGHU*UXSSLHUXQJHQ*HPHLQGHQXQG,QGLYLGXHQGLHLQGHU)U|PPLJNHLW (UQHXHUXQJ %HGHXWXQJ XQG =XNXQIW IU GHQ HLJHQHQ /HEHQVZHJ VXFKWHQ XQG GHQHQ GLH RUWKRGR[H 5LFKWXQJ LQ GHU SURWHVWDQWLVFKHQ XQG UHIRUPLHUWHQ .LUFKH PHLVW ]X HQJ XQG UHIRUPEHGUIWLJ HUVFKLHQ 'DV JLOW EHVRQGHUV IU GLH YLHOIDFK  YRQ SLHWLVWLVFKHU 3UD[LV EHHLQIOXVVWH /HEHQVDUW LQ HLQHU GHPRJUDSKLVFK ZLH |NR QRPLVFK ZLFKWLJ ZHUGHQGHQ 6FKLFKW GHP .OHLQDGHO XQG VWlGWLVFKHQ 3DWUL]LHUQ EHVRQGHUVGHQ)UDXHQLQGHQ-DKU]HKQWHQQDFKGHP:HVWIlOLVFKHQ)ULHGHQ'DPLW NRPPHQDXFK*HVFKOHFKWHUUROOHQXQGGDV*HVFKOHFKWHUYHUKlOWQLVLQGHQ%OLFN(V ORKQW VLFK JHJHQEHU *RHWKHV ILNWLRQDOLVLHUWHQ Ä%HNHQQWQLVVHQ HLQHU 6FK|QHQ 6HHOH³GLHYRQ0D[:HEHUXQGVHLQHU*HQHUDWLRQDOVDXWKHQWLVFKHV=HXJQLVJHOH VHQ ZXUGHQ HLQH KLVWRULVFKH 4XHOOH GLH YRQ HLQHU 3LHWLVWLQ VHOEVW YHUIDVVWH XQG SXEOL]LHUWH$XWRELRJUDILHDOV%HLVSLHOIUGLH:LUNXQJGHV3LHWLVPXVXQGGHV/H VHQV HUEDXOLFKHU /HNWUH]XEHWUDFKWHQ -RKDQQD(OHRQRUD3HWHUVHQ ± GLHZRKOEHNDQQWHVWHXQGVFKULIWVWHO OHULVFKSURGXNWLYVWH)UDXGHVGHXWVFKHQ3LHWLVPXVEHVFKULHELKUHQUHOLJL|VHQ:HU GHJDQJXQGSXEOL]LHUWHLKQLQ/HEHQ)UDXHQ-RK(OHRQRUD3HWHUVHQ*HERKUQHQ YRQ XQG ]X 0HUODX +UQ' -R :LOK 3HWHUVHQ (KHOLHEVWHQ 9RQ LKU VHOEVW PLW HLJHQHU +DQG DXIJHVHW]HW   (OHRQRUD 3HWHUVHQ ZDU HLQH JHERUHQH YRQ 0HUODX VLHVWDPPWHDXVHLQHPDOWHQKHVVLVFKHQ]XUUKHLQLVFKHQ5HLFKVULWWHUVFKDIW JHK|ULJHQ$GHOVJHVFKOHFKW XQGZXFKVDXI*XW3KLOLSSVHFNEHL)UDQNIXUWDXI:LH VHKU GHU 'UHL‰LJMlKULJH .ULHJ HLQHQ 7LHISXQNW LQ |NRQRPLVFKHU ZLH OHEHQVZHOWOL FKHU +LQVLFKW DXFK IU GHQ .OHLQDGHO EHGHXWHWH XQG ZLH GLH $UEHLWVNUDIW JHUDGH DXFK GHU)UDXHQIUGHQ:LHGHUDXIEDXJHEUDXFKWZXUGHVFKHLQWGHXWOLFKLQLKUHU   $XFK*RHWKHZlKOWHIUVHLQHQ5RPDQHLQH)UDXHQILJXUDXVGHPQLHGHUHQ$GHOHLQHSURPL

QHQWH)UDQNIXUWHU3DWUL]LHUIUDXDOV9HUN|USHUXQJGHV3LHWLVPXV(UYHUZLHVGDPLWDXIHLQHJH VHOOVFKDIWOLFK ZLFKWLJH *UXSSH DXI )UDXHQ DXV GHP .OHLQDGHO XQG 3DWUL]LHUIDPLOLHQ GLH DOV ZHLWJHKHQG SROLWLVFK IXQNWLRQVORVH XQG YLHOIDFK DXFK YHUDUPWH *UXSSH ZDV GHQ OlQGOLFKHQ $GHOEHWUDI HLQHZLFKWLJHNXOWXUHOOH5ROOHLQGHQ$XIEDXMDKU]HKQWHQQDFKGHP'UHL‰LJMlKUL JHQ.ULHJJHVSLHOWKDEHQ  3HWHUVHQ SXEOL]LHUWH GHQ 7H[W HUVWPDOV DOV $QKDQJ ]X LKUHP (UEDXXQJVEXFK *HVSUlFKH GHV +HUW]HQV PLW *277  (UVWHU 7KHLO $XIIJHVHW]HW 9RQ -2+$11$ (/(2125$ 3(7(56(1 *HERKUQH YRQ XQG ]X 0HUODX 3/2(1  YHUOHJWV 6LHJIULHG 5LSHQDX *HGUXFNW GXUFK 7RELDV 6FKPLGW6±XQWHUGHP=ZLVFKHQWLWHO(LQHNXU]WH(U]HKOXQJ:LHPLFKGLH OHLWHQGH+DQG*2WWHVEL‰KHUJHIKUHWXQGZDVVLHEH\PHLQHU6HHOHQJHWKDQKDWKDW3H WHUVHQHLQHXP6HLWHQHUZHLWHUWH9HUVLRQGHU$XWRELRJUDILHLQ'UXFNJHJHEHQ/HEHQ)UDX HQ -RK (OHRQRUD 3HWHUVHQ  *HERKUQHQ YRQ XQG ]X 0HUODX +UQ' -R :LOK 3HWHUVHQ (KH OLHEVWHQ 9RQ LKU VHOEVW PLW HLJHQHU +DQG DXIJHVHW]HW XQG YLHOHU HUEDXOLFKHU 0HUFNZUGLJNHLWHQ ZHJHQ ]XP 'UXFN EHUJHEHQ GDKHU HV DOV HLQ =ZH\WHU 7KHLO =X ,KUHV (KH +HUUQ/HEHQV %HVFKUHLEXQJEH\JHIJHWZHUGHQNDQQ$XI.RVWHQJXWHU)UHXQGH (LQH]ZHLWH$XIODJHHUVFKLHQ3HWHUVHQKDWLKUH$XWRELRJUDILHMHZHLOVLP$QKDQJDQGLH LKUHV0DQQHV-RKDQQ:LOKHOPYHU|IIHQWOLFKWGHVVHQ$XWRELRJUDSKLHMHGRFKPLW'UXFNVHL WHQ HWZD IQIPDO VR ODQJ LVW ZLH -RKDQQD (OHRQRUDV -RKDQQ:LOKHOPHUZlKQWVHLQH(KHIUDX QXU ZHQLJH 0DOH DEHU LPPHU KHU]OLFK XQG ]XVWLPPHQG ± $OOH =LWDWH DXV GHU $XVJDEH YRQ 



%DUEDUD%HFNHU&DQWDULQR

$XWRELRJUDILHDXI,QODNRQLVFKHQ3DVVDJHQEHVFKUHLEWVLH6ROGDWHQEHUIlOOH3OQ GHUXQJ'LHEVWDKOYRQ'RUIEHZRKQHUQXQGHLJHQHP*HVLQGHGHQIUKHQ7RGGHU 0XWWHU +DXVKDOWVIKUXQJ XQG %HDXIVLFKWLJXQJ GHU GUHL MQJHUHQ *HVFKZLVWHU VFKRQ DOV =HKQMlKULJH .RQILUPDWLRQVXQWHUULFKW GXUFK HLQHQ OXWKHULVFKHQ *HLVWOL FKHQZlKUHQGGHU9DWHUDOV+RIPHLVWHUEHLP/DQGJUDIHQ:LOKHOP&KULVWRSKYRQ +RPEXUJ+HVVHQWlWLJZDU0LW]Z|OI-DKUHQ GDPDOVDOV%HJLQQGHV(UZDFKVH QHQDOWHUV EHWUDFKWHW  ZXUGH VLH DOV +RI XQG .DPPHUIUlXOHLQ ]X EHIUHXQGHWHQ $GHOVIDPLOLHQ JHVFKLFNW GLHQWH DOV 9RUOHVHULQ $QNOHLGH XQG *DUGHUREHIUDX XQG .LQGHUDXIVLFKW EHL GHU *UlILQ (OHRQRUD YRQ 6ROPV5|GHOKHLP GLH DJJUHVVLYH 7REVXFKWVDQIlOOHKDWWH GDQQ-DKUHODQJEHLLKUHU3DWHQWDQWH$QQD0DUJDUHWKD YRQ +HVVHQ+RPEXUJ GLH PLW +HU]RJ 3KLOOLS /XGZLJ YRQ +ROVWHLQ6RQGHUEXUJ YHUKHLUDWHWZDU'DVJHK|UWHVWDQGHVEOLFK]XU$XVELOGXQJXQG+HLUDWVYHUPLWWOXQJ IU GLH 7|FKWHU ± HLQH 9RUEHUHLWXQJ DXI GLH 9HUZDOWXQJVIXQNWLRQ GHV HLJHQHQ +DXVKDOWVRGHUGHQ+RIGLHQVWDOVOHEHQVOlQJOLFKH9HUVRUJXQJ :LH ZLFKWLJ GDV JHUDGH IU GLH ZLUWVFKDIWOLFKH 6WDELOLVLHUXQJ ZHQQ QLFKW (U VWDUNXQJGHU$GHOVJHVHOOVFKDIWLPIUKHQ-DKUKXQGHUWZDU]HLJWHWZDGDV%HL VSLHOGHU(UGPXWKH'RURWKHDYRQ=LQ]HQGRUI JHE*UlILQ5HX‰(EHUVGRUI±   6LH EHUQDKP GLH )LQDQ]ZLUWVFKDIW GHU YHUVFKXOGHWHQ *WHU =LQ]HQGRUIV XQG GLH +DXVKDOWVIKUXQJ IU =LQ]HQGRUIV +RIVWDDW GDQN LKUHU (UEVFKDIW XQG ILVNDOLVFKHQ .HQQWQLVVH UHWWHWH VLH =LQ]HQGRUI  YRU GHP %DQNURWW XQG GHU /DQGHVYHUZHLVXQJ ZHJHQ XQHKUHQKDIWHU 6FKXOGHQ  'RURWKHD ZDU ZHVHQWOLFK DQ GHU 9HUZDOWXQJ GHU HQWVWHKHQGHQ +HUUQKXWHU *HPHLQGH XQG GHU 0LVVLRQVDUEHLW EHWHLOLJW VLHJHEDU]Z|OI.LQGHUEHUVDKGHQ+DXVKDOWGHV:DLVHQKDXVHVPDFKWH 0LVVLRQVUHLVHQQDFK5XVVODQG'lQHPDUN+ROODQGXQGUHLVWHVHFKVPDOQDFK(QJ ODQG  $XFK (OHRQRUD 3HWHUVHQ EHZLUWVFKDIWHWH QDFK GHU $PWVHQWKHEXQJ LKUHV 0DQQHV-RKDQQ:LOKHOPGLH YHUZDLVWHQ *WHU1LHGHUGRGHOHEHQ EHL0DJ GHEXUJ GDQQ7K\PHULQ%UDQGHQEXUJGLHGDV(KHSDDU3HWHUVHQGXUFKGHQSLHWLV WLVFK JHVLQQWHQ SUHX‰LVFKHQ 9HUZDOWXQJVEHDPWHQ 'RGR YRQ .Q\SKDXVHQ YRP .XUIUVWHQ )ULHGULFK :LOKHOP YRQ %UDQGHQEXUJ LP =XJH GHU 3HXSOLHUXQJµ QDFK HUKDOWHQKDWWHbKQOLFKWDWNUlIWLJH0LWDUEHLWOHLVWHWH+HQULHWWH.DWKDULQDYRQ *HUVGRUI ±  EHLP $XIEDX GHU +DOOHVFKHQ $QVWDOWHQ ZLH DXFK DQGHUH DGOLJH)|UGHULQQHQZLUNWHVLHEHVRQGHUVEHLP*\QlFHXPDNWLYEHLGHU2UJDQLVDWL   9JO

5XWK $OEUHFKW -RKDQQD (OHRQRUD 3HWHUVHQ 7KHRORJLVFKH 6FKULIWVWHOOHULQ GHV IUKHQ 3LHWLVPXV*|WWLQJHQEHV6±  (LQHDXFKQXUDQQlKHUQGZLVVHQVFKDIWOLFKH%LRJUDILHIHKOWGLHKDJLRJUDILVFKH'DUVWHOOXQJYRQ :LOKHOP-DQQDVFK +HUUQKXW EHUXKWDXI$UFKLYPDWHULDOGLHYRQ+LOGH/RUFK 6WXWWJDUW  XQG(ULND*HLJHU +RO]JHUOLQJHQ EHWRQHQ'RURWKHDV)U|PPLJNHLWXQG/LHGGLFK WXQJ  6LHKH 0DUNXV 0DWWKLDV Ä3UHX‰LVFKHV³ %HDPWHQWXP PLW UDGLNDOSLHWLVWLVFKHU Ä3ULYDWUHOLJLRQ³ 'RGR,,YRQ,QQKDXVHQXQG.Q\SKDXVHQ ± ,Q:ROIJDQJ%UHXO0DUFXV0HLHUX /RWKDU 9RJHO +J  'HU 5DGLNDOH 3LHWLVPXV ± 3HUVSHNWLYHQ GHU )RUVFKXQJ *|WWLQJHQ  6±

3LHWLVWLVFKH(WKLN+DXV|NRQRPLHXQG/HVHNXOWXU



RQXQG*HVWDOWXQJPLWGD]XEDXWHVLHHLQ.RQNXUUHQ]SURMHNWGDV0DJGDOHQHQVWLIW LQ$OWHQEXUJDXI 'D EHVRQGHUV )UDXHQ DXV GHP UHODWLY ]X GHQ JUR‰HQ +|IHQ XQG UHJLHUHQGHQ )DPLOLHQ  YHUDUPWHQ SROLWLVFK IXQNWLRQVORVHQ SURWHVWDQWLVFKHP $GHO VLFK IU GHQ 3LHWLVPXV LQWHUHVVLHUWHQ YLHOH LKQ ]XP /HEHQVLQKDOW PDFKWHQ NDQQ GLHVH +DXVPXWWHUµ9HUZDOWXQJVIXQNWLRQ VRZLHGDV.DSLWDOLKUHU(UEVFKDIWHQ DOVZLFK WLJHU %HLWUDJ ]XU %OWH SLHWLVWLVFKJHVLQQWHU8QWHUQHKPXQJHQEHWUDFKWHWZHUGHQ 'LHVH $XIEDXOHLVWXQJ GHU +DXVgNRQRPLHµ DXI GHQ YLHOHQ /DQGJWHUQ QDFK .ULHJVVFKlGHQRIWGHVDVWU|VHU9HUVFKXOGXQJXQGVXEVHTXHQWHP:LHGHUDXIEDX LQ GHQ 6WDGWKlXVHUQ XQG 6FKXODQVWDOWHQ LVW ELVODQJ NDXP EHDFKWHW ZRUGHQ GD GLH )RUVFKXQJ VLFK ZHLWJHKHQG DXI GLH +RI|NRQRPLH XQG GHQ .DPHUDOLVPXV LP -DKUKXQGHUWDXIGLH/HKUHYRP6WDDWVKDXVKDOWGLH7KHRULHHUZHUEVZLUWVFKDIW OLFKHU3URGXNWLRQXQGGHQ.UHLVODXIGHU*WHUQDFK$GDP6PLWKNRQ]HQWULHUWKDW 'LH .ULVH GHV -DKUKXQGHUWVµ GLH LP .RQIHVVLRQDOLVPXV XQG GHQ .ULHJHQ XP HLQHQ7LHISXQNWHUUHLFKWKDWWHZLH(ULF+REVEDZP+XJK7UHYRU5RSHUXQG *HRIIUH\ 3DUNHU EHVRQGHUV PLW %OLFN DXI (QJODQG XQG )UDQNUHLFK DXVJHIKUW KD EHQVFKHLQWZHQLJVWHQVLP+LQEOLFNDXI'HXWVFKODQGPLWZLFKWLJHQ,PSXOVHQGHU 1HXRULHQWLHUXQJ XQG 5HNRQVWUXNWLRQ LP DXVJHKHQGHQ -DKUKXQGHUW YHUEXQGHQ ZHQQQLFKWEHUZXQGHQ]XVHLQ $OVHLQZHLWHUHU$VSHNWLQGHUNXOWXUHOOHQ1HXRULHQWLHUXQJNDQQGLH5ROOHGHU )UDX LQ GHQ 6DORQV XQG *HVHOOLJNHLWHQ LQ DULVWRNUDWLVFKHQ E]Z JUR‰EUJHUOLFKHQ .UHLVHQ EHVRQGHUVGHU5RPDQLDXQG(QJODQGVDQJHVHKHQZHUGHQ'LHKLHUZHL WHUJHIKUWH 'LVNXVVLRQ EHU :HVHQ XQG %HGHXWXQJ GHU )UDX GLH VRJHQDQQWHQ

  +LHU]X8OULNH:LWW%HNHKUXQJ%LOGXQJXQG%LRJUDSKLH)UDXHQLP8PNUHLVGHV+DOOHVFKHQ

3LHWLVPXV7ELQJHQ6±:LWWKDWHUVWPDOVGHQ%ULHIEHVWDQGYRQHWZD%ULH IHQGLHDGOLJHXQGEUJHUOLFKH)UDXHQDQ)UDQFNHJHULFKWHWKDEHQXQGGLH6HOEVW]HXJQLVVHGHU 3LHWLVWLQQHQPLWKHUDQJH]RJHQ  /HLGHUKDWGLH$GHOVIRUVFKXQJDEJHVHKHQYRQ(LQ]HOELRJUDILHQELVODQJNDXP,QWHUHVVHIUGLH NOHLQDGHOLJHQ )DPLOLHQYHUElQGH XQG GLH 5ROOH GHU )UDXHQ LQ %H]XJ DXI NXOWXUHOOHV XQG ZLUW VFKDIWOLFKHV.DSLWDOLQGHU=HLWGHV:LHGHUDXIEDXVXQGGHU)UKDXINOlUXQJJH]HLJWHKHUVFKRQ GLH:LUWVFKDIWVJHVFKLFKWH  6HKULQIRUPDWLYLVW,UPLQWUDXW5LFKDU]2HFRQRPLD±/HKUHQYRP+DXVKDOWHQXQG*HVFKOHFK WHUSHUVSHNWLYHQ ,Q +HLGH :XQGHU X *LVHOD (QJHO +J  *HVFKOHFKWHU3HUVSHNWLYHQ )RU VFKXQJHQ]XU)UKHQ1HX]HLW.|QLJVWHLQ7V6±KLHU6  =XUDQKDOWHQGHQ'HEDWWHEHUGLH.ULVHLP-DKUKXQGHUWYJO*HRIIUH\3DUNHUX/HVOH\0 6PLWK +J 7KH*HQHUDO&ULVLVRIWKH6HYHQWHHQWK&HQWXU\1HZQ@ ]XU 7UDQVSD UHQ]GHV,QQHUHQ³ 6 LQHLQHUÄVSH]LILVFKSLHWLVWLVFKHQ*HVSUlFKVNXOWXU³ 6 LQVHL QHU'DUVWHOOXQJGHU(QWZLFNOXQJGHVUHOLJL|VHQ:LVVHQVYRP0HQVFKHQXQGGHVVHQ9HUVFKULIW OLFKXQJ ,Q GLHVHP 0L[ DXV 5HOLJLRQVV\VWHP XQG UHOLJL|VHU .RPPXQLNDWLRQ LQ HLQHP ÄV\VWHPWKHRUHWLVFKHQ7KHRULHUDKPHQ³ 6 IHKOWGDV%DVLVPDWHULDO]XP3LHWLVPXVDOOHUGLQJV ZHLWJHKHQG ± +LHU LVW KLQ]XZHLVHQ DXI +DQV-UJHQ 6FKUDGHU /LWHUDWXUSURGXNWLRQ XQG % FKHUPDUNW -RKDQQ +HLQULFK 5HLW]¶ Ã+LVWRULH GHU :LHGHUJHERKUQHQµ XQG LKU JHVFKLFKWOLFKHU .RQWH[W*|WWLQJHQGHUGLHLPPHQVH:LUNXQJGHV5DGLNDOSLHWLVPXVDXI%XFKSURGXNWLRQ XQG %FKHUPDUNW XQWHUVXFKW KDW +LQ]XZHLVHQ ZlUH DXFK DXI:LWW%HNHKUXQJ%LOGXQJXQG %LRJUDSKLH ZLH $QP   :LWW NRQVWDWLHUW GDVV GLH XPIDQJUHLFKHQ XQG DXVJHGHKQWHQ .RU UHVSRQGHQ]HQHLQÄ*HIKOGHU=XVDPPHQJHK|ULJNHLW³GRNXPHQWLHUWHQXQGZDFKKLHOWHQLQLK QHQZXUGHRIWGHUÄXUVSUQJOLFKLQGHUSHUV|QOLFKHQ%HJHJQXQJJHIKUWHVHHOVRUJHULVFKHQ'LD ORJ³ZHLWHUJHIKUWGHU%ULHIWUXJGHQ&KDUDNWHUHLQHVÄ6HHOHQEHVXFKV³ HEG6 



%DUEDUD%HFNHU&DQWDULQR

JDQJ(QJHOVLQJEH]HLFKQHWZLUGDQGHU)UDXHQHLQHQZHVHQWOLFKHQ$QWHLOKDWWHQ $XFKZHQQODXW5XGROI6FKHQGDQRFKXPGDVÄ9RONRKQH%XFK³ZDUVRZDU GLH$XVELOGXQJYRQGLIIHUHQ]LHUWHP/HNWUHYHUVWlQGQLVXQGJXWHU6FKUHLEIlKLJNHLW LQ GHU UHODWLY NOHLQHQ 2EHUVFKLFKW DXV $GHO XQG *UR‰EUJHUWXP GLH %DVLV IUGLH QHXHÃ6FK|QH/LWHUDWXUµGLHKDXSWVlFKOLFKYRQGHUHQ)UDXHQJHOHVHQXQGUH]LSLHUW ZXUGH ,Q GHU QXU ODQJVDP YRUDQVFKUHLWHQGHQ $OSKDEHWLVLHUXQJ XQG /LWHUDOLVLH UXQJ LP 'HXWVFKODQG GHU )UKHQ 1HX]HLWZDUHQ)UDXHQGHVZRKOKDEHQGHQ%U JHUWXPV HLQH UHODWLY QHXH *UXSSH LQ GHU VHLW GHP IUKHQ -DKUKXQGHUW UDVFK DQZDFKVHQGHQ/HVHUVFKLFKW'LHVH/HVHULQQHQ XQGEDOGDXFKVHOEVW6FKUHLEHQGH  KDWWHQ PLW GHU %LEHO (UEDXXQJVOLWHUDWXU XQG LQ UHOLJL|VHU ]XPHLVW SLHWLVWLVFKHU 8QWHUZHLVXQJOHVHQJHOHUQW /HNWUH=HXJQLVVH GLHVHU )UDXHQ ]HLJHQ GLH HQJH 9HUNQSIXQJ YRQ 5HOLJLRVL WlW *HIKO XQG /LWHUDWXU  VFKULHE GLH )UDQNIXUWHU 3DWUL]LHULQ XQG HUNOlUWH 3LHWLVWLQ6XVDQQDYRQ.OHWWHQEHUJ ± *RHWKHVÄ6FK|QH6HHOH³DQGHQ 7KHRORJHQ /DYDWHU GHU PLW VHLQHQ UHOLJL|VHQ XQG SDWULRWLVFKHQ 6FKULIWHQ JHUDGH %HNDQQWKHLWHUODQJWKDWWH 7HXUHU/DYDWHU,FKOHJHGHQGULWWHQ7HLO,KUHU$XVVLFKWHQLQGLH(ZLJNHLWZHJXQGHUJUHLIHDXI GHU6WHOOHGLH)HGHU8P,KQHQGLH)UHXGH±GLHQLFKW]XVFKLOGHUQGH:RQQH]XEH]HXJHQZHO FKHPHLQH6HHOHEHL'XUFKOHVXQJGHVXQG%ULHIHVGXUFKGUDQJ>@:DV6LHGDULQ VDJHQKDEHLFKRIWXQGYLHOLQVDQIWHU(LQVDPNHLWXQGXQJHVW|UWHU6WLOOHPHKUJHIKOWDOVJH GDFKW ,FK ELQ HLQ )UDXHQ]LPPHU GLH *DEH GHV 'HQNHQV XQG GHV ULFKWLJHQ EHVWLPPWHQ $XV   6LHKH+HOJD%UDQGHV'LH(QWVWHKXQJHLQHVZHLEOLFKHQ/HVHSXEOLNXPVLP-DKUKXQGHUW,Q

3DXO*RHWVFK +J /HVHQXQG6FKUHLEHQLPXQG-DKUKXQGHUW6WXGLHQ]XLKUHU%HZHU WXQJLQ'HXWVFKODQG(QJODQGXQG)UDQNUHLFK7ELQJHQ6±  (ULFK 6FK|Q 'HU 9HUOXVW GHU 6LQQOLFKNHLW RGHU GLH 9HUZDQGOXQJHQ GHV /HVHUV 0HQWDOLWlWV ZDQGHOXP6WXWWJDUWKDWGDVDQGHU/HVHUVFKDIWGHUDQVSUXFKVYROOHQ6FK|QHQ/LWH UDWXUXPIHVWJHVWHOOW  =XU 3UREOHPDWLN GHU $XVZHUWXQJ YRQ 8QWHUVFKULIWHQOLVWHQ LQ GHU $OSKDEHWLVLHUXQJVIRUVFKXQJ YJOGLH(LQOHLWXQJLQ+DQV(ULFK%|GHNHUX(UQVW+LQULFKV +J $OSKDEHWLVLHUXQJXQG/L WHUDOLVLHUXQJLQ'HXWVFKODQGLQGHU)UKHQ1HX]HLW7ELQJHQ  1DWUOLFKJDEHVGDYRUOLWHUDULVFKLQWHUHVVLHUWH/HVHULQQHQXQGVFKUHLEHQGH)UDXHQ]XPHLVWLP UHJLHUHQGHQ EHJWHUWHQ $GHO GLH ]DKOUHLFKH QHXHUH 8QWHUVXFKXQJHQ EHVVHU HUIRUVFKW KDEHQ ]% -LOO %HSOHU X +HOJD 0HLVH 6DPPHOQ /HVHQ hEHUVHW]HQ DOV K|ILVFKH 3UD[LV GHU)UKHQ 1HX]HLW'LHE|KPLVFKH%LEOLRWKHNGHU)UVWHQ(JJHEHUJLP.RQWH[WGHU)UVWHQXQG)UVW LQQHQELEOLRWKHNHQGHU=HLW:LHVEDGHQ(UVWPLWGHU*HQHUDWLRQYRQ/XLVH.XOPXV*RWW VFKHG ± EHJLQQWHLQHEUHLWHUH/LWHUDOLVLHUXQJYRQEUJHUOLFKHQ)UDXHQLQ'HXWVFK ODQG  9JO KLHU]X %DUEDUD %HFNHU&DQWDULQR (PSILQGVDPNHLW XQG )UDXHQOHNWUH ,Q .ODXV*DUEHU X 8WH 6]pOO +J  'DV 3URMHNW (PSILQGVDPNHLW XQG GHU 8UVSUXQJ GHU 0RGHUQH 7ELQJHQ 6±XQG%DUEDUD%HFNHU&DQWDULQR'LH/HNWUHQ6RSKLHYRQ/D5RFKHV ±  ,Q:ROIJDQJ$GDPX0DUNXV)DXVHU +J *HVHOOLJNHLWXQG%LEOLRWKHN/HVHNXOWXULP -DKUKXQGHUW*|WWLQJHQ6±  =X.OHWWHQEHUJLVWGLHELVODQJEHVWHXQGDXVIKUOLFKVWH'DUVWHOOXQJ8OULNH3URNRS'LH,OOXVLRQ YRPJUR‰HQ3DDU%G:HLEOLFKH/HEHQVHQWZUIHLPGHXWVFKHQ%LOGXQJVEUJHUWXP)UDQN IXUW D0  6± 3URNRS UHVPLHUW Ä6XVDQQD YRQ .OHWWHQEHUJ VHW]W VLFK LP )HOG GHU 7KHRORJLH PLW GHP ]HLFKHQKDIWHQ ,QWHOOHNWXDOLVPXV DXVHLQDQGHU XQG VLH VSULFKW YRQ GHU 'LIIHUHQ] LQ GHQ :DKUQHKPXQJVIRUPHQ XQG (UIDKUHQVZHLVHQ YRQ 0lQQHUQ XQG )UDXHQ 'LH *OlXELJHQGLH(PSILQGVDPHQXQGGLH)UDXHQVLQGHLQH(LQKHLW´ 6 

3LHWLVWLVFKH(WKLN+DXV|NRQRPLHXQG/HVHNXOWXU



GUXFNV LVW RKQH :LGHUVSUXFK GHP PlQQOLFKHQ *HVFKOHFKW HLJHQ ±ZLUDEHUVLQGXPVRHPS ILQGVDPHU 6LH QHQQHQ PLU ZDV LFK JHIKOW LQGHPLFK,KQHQGDVEH]HXJHVRWHLOHLFK,KQHQ YLHOOHLFKW HWZDV YRQ PHLQHQ (PSILQGXQJHQ PLW GLH HEHQ PLW GHP *HGDQNHQ QLFKW DOOH =HLW YHUSDDUWJHKHQ:HQQHLQJHIKOYROOHV+HU]/DYDWHUV3UHGLJWHQOLHVWVRVFKPLO]WHVLFKZHWWH /DYDWHUKDWVHOEVWQLFKWVRYLHOGDEHLHPSIXQGHQ

'LHVHV/HNWUH]HXJQLVLVWFKDUDNWHULVWLVFKIUGLH/HNWUHHLQHUUHOLJL|VLQWHUHVVLHU WHQ )UDX .OHWWHQEHUJ LQLWLLHUWH GLH .RUUHVSRQGHQ] DQRQ\P DOV ÄGHUR HUJHEHQH )UHXQGLQ³ /DYDWHU GHVVHQ %ULHIZHFKVHO PLW IURPPHQ XQG ]XPHLVW EHWXFKWHQ )UDXHQEHDFKWOLFKZDUVFKHXWHNHLQH0KHGLH6FKUHLEHULQDXVILQGLJ]XPDFKHQ 'LHVH ZDU HUNOlUWH 3LHWLVWLQ RKQH VLFK MHGRFK HLQHU IHVW RUJDQLVLHUWHQ 3LHWLVWHQJHPHLQGH DQJHVFKORVVHQ ]X KDEHQ ZR]X GLH +HUUQKXWHU VLH HLQJHODGHQ KDWWHQ6LHVFKUHLEWLKUHXQPLWWHOEDUH5HDNWLRQDXILKUH/HNWUHQLHGHUVLHHUJUHLIW ÄDXIGHU6WHOOHGLH)HGHU³'DV%XFKLQGHPVLHJHOHVHQKDWLVWHLQUHOLJL|VHVHLQ (UEDXXQJVEXFK /DYDWHUV EUHLW DXVJHPDOWH SUHGLJWDUWLJH $XVVLFKWHQ LQ GLH (ZLJ NHLW'HUELV%ULHIKDQGHOWÄ>Y@RQJHVHOOVFKDIWOLFKHQ)UHXGHQ³YRQÄ%H WUDFKWXQJHQ EHU GLH 9HUJHEXQJ GHU 6QGHQ³ XQG YRQ Ä%HWUDFKWXQJHQ EHU GLH )ROJHQYRQ/HLGXQG*HGXOG³]ZDUDXIGDV/HEHQQDFKGHP7RGHEH]RJHQDEHU GRFKPLWOHEHQVQDKHQ%HLVSLHOHQXQG$QOHLWXQJHQ/DYDWHUKDWGHQWKHRORJLVFKHQ 'RJPDWLVPXV ZHLW KLQWHU VLFK JHODVVHQ XQG QlKHUW VLFK LQ VHLQHU %ULHIIRUP GHU WXJHQGEHWRQWHQILNWLRQDOHQ8QWHUKDOWXQJVXQG*HEUDXFKVOLWHUDWXUHLQ=HLFKHQGHV 6lNXODULVLHUXQJVSUR]HVVHV LP -DKUKXQGHUW XQG GHU 7UDQVIRUPDWLRQ YRQ (U EDXXQJVOLWHUDWXU LQ Ã6FK|QH /LWHUDWXUµ /DYDWHU VXFKWH GLH HQJH 9HUELQGXQJ ]X VHLQHQ/HVHUQHUIRUGHUWHVLH]XUUHDNWLYHQ/HNWUHDXIXQGZQVFKWHVLFKÄQDFK GHQNHQGH/HVHU³.OHWWHQEHUJYHUVSUDFKOLFKWLKUH/HVH5HDNWLRQDXIGLHVHV%XFK LQGHUIUHLQHJOlXELJHHPSILQGVDPH3HUVRQFKDUDNWHULVWLVFKHQ6SUDFKHPLWGHP 9RNDEXODU GHU 3LHWLVWHQ )UHXGH XQG :RQQH EH]HXJHQ GLH 6HHOH GXUFKGULQJHQ VDQIWH(LQVDPNHLWXQJHVW|UWH6WLOOHPHKUIKOHQDOVGHQNHQGHVWRHPSILQGVDPHU PHLQH (PSILQGXQJHQ HLQ JHIKOYROOHV +HU] GDV VFKPLO]W $OV /HVHULQ GHV /DYDWHUVFKHQ 7H[WHV ]LHKW .OHWWHQEHUJDOOH5HJLVWHUGHULPPHGLDWHQJHIKOYROOHQ 5H]HSWLRQ -HGRFK ZHLQW VLH QLFKW ZHLO VLH MD )UHXGH XQG :RQQH EH]HXJHQ ZLOO   'LHVFK|QH6HHOH%HNHQQWQLVVH6FKULIWHQXQG%ULHIHGHU6XVDQQD.DWKDULQDYRQ.OHWWHQEHUJ

+JY+HLQULFK)XQNH/HLS]LJ6

 .OHWWHQEHUJ KDW GHQ GULWWHQ %DQG YRQ /DYDWHUV $XVVLFKWHQ LQ GLH (ZLJNHLW LQ %ULHIHQ DQ

+HUUQ -RK *HRUJH =LPPHUPDQQ .|QLJO *UR‰EULWDQQLVFKHQ /HLEDU]W LQ +DQQRYHU =ULFK JHOHVHQHVZDUEHUHLWVGLH]ZHLWHGXUFKGHQGULWWHQ%DQGHUZHLWHUWH$XIODJHGHV±  LQ ]ZHL %lQGHQ HUVFKLHQHQHQ :HUNHV DXI GDV /DYDWHU YLHOH =XVFKULIWHQHUKDOWHQKDWWH GLH HU ]7 DXFK LQ GHU hEHUDUEHLWXQJ GHU HUVWHQ ]ZHL%lQGHPLWDXIQDKP6FKRQGHU]ZHLWH %DQGGHUHUVWHQ$XIODJHHQWKlOWHLQH9RUUHGHYRQ6HLWHQGDWLHUWGHQ+RUQXQJLQ GHU /DYDWHU DXI 5HDNWLRQHQ HLQJHKW /DYDWHU $XVVLFKWHQ  7HLO =ULFK  6&;9,,,  /DYDWHUV $QQlKHUXQJ DQ GLH UHOLJL|VH  /LWHUDWXU VHLQHU =HLW ]HLJW VLFK VFKRQ GDULQ GDVV HU %RGPHU XQG %UHLWLQJHU VHLQH /HKUHU  *H‰QHU +DOOHU .ORSVWRFN :LHODQG DEHU DXFK .DQW %DXPJDUWHQ 6XO]HU XQG .UJHU ]LWLHUW *RHWKH KDWWH GLH $XVVLFKWHQ LQ GHQ )UDQNIXUWHU *H OHKUWHQ $Q]HLJHQ YRP1RYHPEHU 1U166± HWZDVYRQREHQKHUDEEH VSURFKHQ  /DYDWHU$XVVLFKWHQ ZLH$QP 6&;9,,,



%DUEDUD%HFNHU&DQWDULQR

XQG ZHLO VLH VLFK VHOEVWEHZXVVW YRP $XWRU DEJUHQ]W 6LH VFKUHLEW Ä,FK NHQQH VFKlW]H XQG OHVH PLW 1XW]HQ XQG 9HUJQJHQ ,KUH 6FKULIWHQ ± DEHU LFK EHWH,KQHQ QLFKWDQXQGVDJHEHLOHLEHQLFKW]XDOOHPMDXQG$PHQ±LQGHQ$XVVLFKWHQLQGLH (ZLJNHLWVLQGYLHOH'LQJHGLHLFKQLFKWEUDXFKHQNDQQ³ $OV/HVHQGHEHZDKUWVLHLKUHQ$EVWDQG]XP7H[WDN]HSWLHUWQDFKÄ1XW]HQXQG 9HUJQJHQ³±QDFKGHP+RUD]LVFKHQ/LWHUDWXUPD‰VWDEGHVSURGHVVHHWGHOHFWDUH± XQGVRUWLHUWDXVZDVVLHÄQLFKWEUDXFKHQNDQQ³,KU:HUWXQJVNULWHULXPLVWZDVVLH VHOEVW JHIKOW KDW ,KU *HIKO UH]LSLHUW GLH UHOLJL|VH :DKUKHLW HV LVW LKU :HJ ]XU (UNHQQWQLV6LHWHLOWGHP$XWRU/DYDWHUHWZDVYRQLKUHQÄ(PSILQGXQJHQ³PLWÄGLH HEHQ PLW GHP *HGDQNHQ QLFKW DOOH =HLW YHUSDDUW JHKHQ³ (PSILQGXQJHQ XQG *H GDQNHQ±+HU]XQG.RSI±ZHUGHQJHWUHQQWJHKHQQLFKWLPPHUSDUDOOHOZLHGHQQ .OHWWHQEHUJVLFKHEHQVRVHOEVWEHZXVVWDOV)UDXJHPl‰GHQGDPDOVJlQJLJHQ9RU VWHOOXQJHQGHU*HVFKOHFKWHUSRODULWlWGDUVWHOOWÄ,FKELQHLQ)UDXHQ]LPPHUGLH*DEH GHV 'HQNHQV XQG GHVULFKWLJHQEHVWLPPWHQ$XVGUXFNVLVWRKQH:LGHUVSUXFKGHP PlQQOLFKHQ *HVFKOHFKW HLJHQ ± ZLU VLQG GHVWR HPSILQGVDPHU³ 'DV (UOHEHQ XQG 9HUVWHKHQGHU:HOWYRQ0DQQXQG)UDXVLQGXQWHUVFKLHGOLFKVRODXWHWGLH$XVVDJH .OHWWHQEHUJV 'LHVH =XVFKUHLEXQJ YRQ PHKU 9HUVWDQG GHP PlQQOLFKHQ PHKU (PSILQGVDPNHLWGHPZHLEOLFKHQ*HVFKOHFKWLVWHLQEHVRQGHUVLQGHU]ZHLWHQ+lOI WHGHV-DKUKXQGHUWVDOOJHPHLQDN]HSWLHUWHVDQWKURSRORJLVFKHV)DNWXPLQOLWHUD ULVFK LQWHUHVVLHUWHQ .UHLVHQ .OHWWHQEHUJ VSUDFK MHGRFK OHGLJOLFK YRQ HLQHP PHKU DQ *HIKO PHLQWH GDPLW HLQH (UOHEQLV XQG (UNHQQWQLVZHLVH YRQ /HEHQV E]Z UHOLJL|VHU :DKUKHLW JOHLFKZHUWLJ XQG NRPSOHPHQWlU ]XP 9HUVWDQG XQG ZHUWHWH GLH*HIKOHDXI 'D GHQ )UDXHQLQGHU5HJHOXQGDEJHVHKHQYRQHLQLJHQYHUHLQ]HOWHQ$XVQDK PHQGLHVHV\VWHPDWLVFKH$XVELOGXQJGHU5DWLRXQGGLHNODVVLVFKHQ%LOGXQJVLQKDOWH IHKOWHQZDUHQVLHYRUQHKPOLFKDXI(UOHEHQ*HIKOHXQGLKUHHUOHEWH:HOWYHUZLH VHQ*HELHWHGLHDXFKGHUREOLJDWH5HOLJLRQVE]Z.DWHFKLVPXVXQWHUULFKWI|UGHUWH 'LHQLFKWGRJPDWLVFKXQGQLFKWWKHRORJLVFKDXVJHELOGHWHQ)UDXHQIDQGHQLQSLHWLV WLVFKHQ .UHLVHQ HLQHQ 2UW IU HPRWLRQDOH YHULQQHUOLFKWH )U|PPLJNHLW DXIJUXQG LKUHU LQWHQVLYHQ %LEHOOHNWUH 'DV +HU] HLQH ]HQWUDOH 0HWDSKHU LQ GHU UHOLJL|VHQ (PEOHPDWLN LQ GHQ (UEDXXQJVEFKHUQ XQG GHQ SLHWLVWLVFKHQ 6FKULIWHQ XQG /\ULN VFKRQGHV-DKUKXQGHUWVZLUG]XP+DXSWVLW]PHQVFKOLFKHU:DKUQHKPXQJZLUG DOV6HQVRULXP 6HQVXV ]XPZLFKWLJVWHQ.|USHURUJDQ(LQH.RPSHQVDWLRQIUGDV   'LHVFK|QH6HHOH ZLH$QP 6  (EG,QGHU.XOWXUXQG/LWHUDWXUJHVFKLFKWHJHK|UWHELVLQVVSlWH-DKUKXQGHUW]XPNXOWXUHO

OHQ0\WKRVGDVVDOOH)UDXHQSHU*HVFKOHFKWJHIKOYROOVXEMHNWLYO\ULVFKYHUDQODJWVHLHQVR DOV/HVHULQQHQUHDJLHUWHQXQGVR DPEHVWHQ VFKUHLEHQN|QQWHQ'LH9RUVWHOOXQJYRQGHU)UDX DOVJHIKOYROOHP*HVFK|SIZXUGHPLWGHU9HUVFKlUIXQJGHUGLVNXUVLYHQ*HVFKOHFKWHUGLIIHUHQ] LPXQG-DKUKXQGHUW]XU1RUPZRUDQDXFKJHUDGHGLH(SRFKHGHU(PSILQGVDPNHLW$Q WHLOKDWWH.DQWUHVPLHUWHVFKRQÄ'DV)UDXHQ]LPPHUKDWHLQDQJHERUHQHVVWlUNHUHV*H IKOIUDOOHVZDVVFK|Q]LHUOLFKXQGJHVFKPFNWLVW>@6LHKDEHQYLHOWHLOQHKPHQGH(PS ILQGXQJHQ *XWKHU]LJNHLW XQG 0LWOHLGHQ >@ 6LH VLQG YRQ VHKU ]lUWOLFKHU (PSILQGXQJ >@ ,KUH:HOWZHLVKHLWLVWQLFKW9HUQQIWHOQVRQGHUQ(PSILQGHQ³

3LHWLVWLVFKH(WKLN+DXV|NRQRPLHXQG/HVHNXOWXU



YHUQDFKOlVVLJWH )HOG GHV 9HUVWDQGHV XQG GDV YLHOIDFK YHUVFKORVVHQH *HELHW GHU LQWHOOHNWXHOOHQ 7UDGLWLRQ" -HGHQIDOOV VROOWH QLFKW YRUVFKQHOO DXI HLQH QDWUOLFKHµ HQJH %LQGXQJ YRQ )UDX XQG *HIKO JHVFKORVVHQ ZHUGHQ :RKO DEHU VROOWH GLH NXOWXUHOOH 6LWXDWLRQ GHU JUR‰EUJHUOLFKHQ  )UDX LP -DKUKXQGHUW LQ %HWUDFKW JH]RJHQ ZHUGHQ 9RQ GHU V\VWHPDWLVFKHQ JHLVWLJHQ 6FKXOXQJ GHU 3KLORVRSKLH 7KHRORJLHXQGZHVWOLFKHQ*HOHKUVDPNHLWDXVGUFNOLFKDXVJHVFKORVVHQZDQGWHVLH VLFK GHU SULYDWHQ 5HOLJLRVLWlW GHU PRGHUQHQ /LWHUDWXU XQG GHU HKHU JHIKOYROO HU IDKUHQHQDOVUDWLRQDOGXUFKGUXQJHQHQHLJHQHQ:HOWLQGHQ5RPDQHQ]X'HQQKLHU ZXUGH HLQH QHXH 6SUDFKH GHU *HIKOH HQWZLFNHOW XQG JHSIOHJW GDV ,QQHUH GLH 6HHOH DXVJHOHXFKWHW SV\FKLVFKH 9RUJlQJH XQG .RQIOLNWH GLVNXWLHUW XQG GDEHL ]HLWJHQ|VVLVFKHV /HEHQ GDUJHVWHOOW 'DV ZDU HLQH $EVDJH DQ GLH JHOHKUWHQ ,QKDOWH XQG )RUPHQ GHU DQ DQWLNHQ XQG URPDQLVFKHQ 0XVWHUQ JHVFKXOWHQ /LWHUDWXU XQG HLQH5HDNWLRQDXIGDVQHXHZHLEOLFKH/HVHSXEOLNXPXQGGLH%HGHXWXQJGHU/HNW UH  'UHL NXOWXUHOOH )DNWRUHQ DXV GHUSLHWLVWLVFKHQ3UD[LVN|QQHQDOVZLFKWLJH9RUDXV VHW]XQJ IU GLH (QWVWHKXQJ GHV %LOGXQJVEUJHUWXPV LP DXVJHKHQGHQ -DKUKXQGHUWEHWUDFKWHWZHUGHQHLQHJHZLVVHgIIQXQJLQGHU/HEHQVZHOWIU GHQ YHUDUPWHQ  $GHO XQG LQ GHU JUR‰EUJHUOLFKHQ6FKLFKWXDKLQVLFKWOLFKHLQHU 0RGLIL]LHUXQJ GHU *HVFKOHFKWHUUROOHQ XQG EH]LHKXQJHQ  GLH .XOWLYLHUXQJ GHU ,QQHUOLFKNHLWDOV%LOGXQJGHU3HUV|QOLFKNHLWEHVRQGHUVDOV/HEHQVFKDQFHIU)UDX HQGDVLQWHQVLYHXQGH[WHQVLYH/HVHQDOVNXOWXUHOOH3UDNWLN:LH3LD6FKPLGIU GLH 6WDGW )UDQNIXUW JH]HLJW KDW NRQQWHQ )UDXHQ LQ GHQ (UQHXHUXQJVEHZHJXQJHQ Ä0LWVSLHOHULQQHQ QLFKW QXU =XVFKDXHULQQHQ VHLQ³ XQG QHEHQ GHU 0|JOLFKNHLW HLQHV IURPPHQ /HEHQV HU|IIQHWHQ VLFK +DQGOXQJVVSLHOUlXPH IU)UDXHQGLHÄGDV =HLWEOLFKHZHLWEHUWUDIHQ³'LHSUD[LVSLHWDWLVWUXJVLFKHU]XU.XOWLYLHUXQJGHU 6XEMHNWLYLWlW XQG GHV *HIKOV VRZLH ]XP 1DFKGHQNHQ GHV ,QGLYLGXXPV EHU GLH HLJHQHQ*HIKOHXQG]XP$QDO\VLHUHQVHLQHU0RWLYDWLRQHQEHL(LQ%OLFNDXIGLH )UDXHQOHNWUHKDWJH]HLJWGDVVGDVQHXH/HVHSXEOLNXPGHU)UDXHQLP.RQWH[WYRQ 3LHWLVPXV XQG $XINOlUXQJ GLH (SRFKHXQG(QWZLFNOXQJGHU(PSILQGVDPNHLWHQW VFKHLGHQGEHHLQIOXVVWKDW(VHQWVWDQGHLQH)HPLQLVLHUXQJGHU/LWHUDWXUHLQH/LWH UDWXUGLHGHP%LOGXQJVXQG(UOHEQLVKRUL]RQWGHU/HVHULQQHQ XQG/HVHU HQWVSUH FKHQGH 6WRIIH XQG )RUPHQ EHYRU]XJWH XQG HLQH VLQQOLFKH QLFKW DEHU HLQH ÃJHOHKUWHµRGHUGLVWDQ]LHUWNULWLVFKH/HNWUHHUIRUGHUWHVRQGHUQHLQÄVWLOOHV/HVHQ³ ]XU Ä(UZHLWHUXQJ GHV 9HUVWDQGHV³ ZLH 6RSKLH YRQ /D5RFKH 3RPRQD HV IRUPXOLHUWKDW   3LD 6FKPLG %UGHULVFKH 6FKZHVWHUQ ± )UDQNIXUWHU +HUUQKXWHULQQHQ GHV -DKUKXQGHUWV LQ

LKUHQ/HEHQVOlXIHQ,Q*LVHOD(QJHO8UVXOD.HUQX+HLGH:XQGHU +J )UDXHQLQGHU6WDGW )UDQNIXUWLP-DKUKXQGHUW.|QLJVWHLQ7V6±KLHU6  6RSKLH YRQ /D 5RFKH 8HEHU GDV /HVHQ ,Q -UJHQ 9RUGHUVWHPDQQ +J  3RPRQD )U 7HXWVFKODQGV 7|FKWHU 1DFKGUXFN GHU $XVJDEH 6SH\HU ± %G  0QFKHQ  6±KLHU6



%DUEDUD%HFNHU&DQWDULQR

'LH SLHWLVWLVFKHQ 1HW]ZHUNH PLW LKUHQ )UHXQGVFKDIWHQ XQG ULYDOLVLHUHQGHQ)HLQG VFKDIWHQ GHU JHVHOOLJHQ $QQlKHUXQJ GHU *HVFKOHFKWHU NDQQ DOV JHVHOOVFKDIWOLFKH XQG ZHOWELOGOLFKH gIIQXQJ LP IUKHQ -DKUKXQGHUW EHWUDFKWHW ZHUGHQ 9RUVWHO OXQJHQGHVÄQHXHQ-HUXVDOHP³E]ZGHU1RWZHQGLJNHLWUHOLJL|VHUVSLULWXHOOHUXQG PRUDOLVFKPHQVFKOLFKHUÄ(UQHXHUXQJ³XQG5HIRUPI|UGHUWHQDXFKHLQHYLWDDFWLYD HLQH $UEHLW DQ VLFK VHOEVW 'LH SKLODGHOSKLVFKHQµ *HGDQNHQ GUIWHQ DEHU DXFK HLQHPIULHGOLFKHUHQ=XVDPPHQOHEHQGHU0HQVFKHQGDUXQWHUDXFKGHU*HVFKOHFK WHUYRUJHDUEHLWHWKDEHQGHU*ODXEHGDVVMHGHUHLQ]HOQH0HQVFK±RKQH6WDQGHV RGHU *HVFKOHFKWVXQWHUVFKLHG ± VLFK IU GDV 1HXH -HUXVDOHPµ YRUEHUHLWHQ N|QQH XQG VROOH DUEHLWHWH GHP $EEDX YRQ 6WDQGHV XQG *HVFKOHFKWHUEDUULHUHQ YRU EH VRQGHUVIU)UDXHQ'LHDNWLYHQ3LHWLVWLQQHQKDEHQGD]XEHLJHWUDJHQGDV%LOGGHU )UDXYRQGHUPLVRJ\QHQ9RUVWHOOXQJGHU6QGHQEULQJHULQXQGYRQGHUGHP0DQQH JHIlKUOLFKHQ ZHLEOLFKHQ 6H[XDOLWlW DE]XO|VHQ 6LH KDWWHQ ZRKO DXFK IU DQGHUH )UDXHQHLQHJHZLVVHLGHQWLILNDWRULVFKHRGHUDXFKOHLWELOGJHEHQGH)XQNWLRQ 'LH UHODWLYH 2IIHQKHLW GHU =HLW XP  LQ SLHWLVWLVFKHQ .UHLVHQ SURYR]LHUWH EDOG DXFK 9HUVXFKH GHU QHXHUOLFKHQ 6FKOLH‰XQJ HWZD LQGHUUHVWULNWLYHQ1HXRUG QXQJ GHU 6\QRGDOYHUIDVVXQJ GHU +HUUQKXWHU QDFK =LQ]HQGRUIV 7RG LQ GHU 9HU GUlQJXQJGHUVRJHQDQQWHQÃJHOHKUWHQ)UDXµGXUFKGDV.RQ]HSWGHUÄ6FK|QHQ6HH OH³PLWGHP*RHWKHLQVHLQHP5RPDQDOV6LQQJHEHUGHV3LHWLVPXVIXQJLHUWHXQG GLH'HXWXQJVKRKHLWIUGLH%LOGXQJVJHVHOOVFKDIWDQWUDW'LH*RHWKHVFKH)LNWLRQGHU %LOGXQJVJHVHOOVFKDIW GLH HEHQ DXFK GLH 3UREOHPDWLN GHV DOOHU NRQNUHWHQ ,QKDOWH XQG SUDNWLVFKHQ $XIJDEHQ HQWOHHUWHQ *HIKOVNXOWXV LQ GHU *HVFKLFKWH GHU Ä6FK| QHQ 6HHOH³ DXI]HLJWH ZXUGH YRQ HLQLJHQ /HVHUQ GXUFKDXV DXFK NULWLVFK JHOHVHQ ZHQQ1RYDOLV:LOKHOP0HLVWHUV%LOGXQJVEHVWUHEHQDOVÄ:DOOIDKUW]XP$GHOVGLS ORP³±DOVJHVHOOVFKDIWOLFKHV$XIVWHLJHUWXP±EH]HLFKQHWKDW$EHUDXFKLQ*RHWKHV 5RPDQILNWLRQ OHEW GHU 3LHWLVPXV GHU 6FK|QHQ 6HHOHµ ZHLWHU LQ GHU *HVWDOW LKUHU 1LFKWH GHU Ä6FK|QHQ $PD]RQH³ 1DWDOLH ± EHLGH )UDXHQILJXUHQ VLQG ÄLP &RQWLQXXP GHV 5RPDQV HQJ DXIHLQDQGHU EH]RJHQ³ HLQH ÄVLQQOLFK ZDKUQHKPEDUH bKQOLFKNHLW GHU 3K\VLRJQRPLH YHUELQGHW VLH³ XQG :LOKHOP 0HLVWHU ZLUG GDQQ OHW]WHQGOLFK1DWDOLHKHLUDWHQÄ1DWDOLH>@-DVLHYHUGLHQWGLHVHQ(KUHQQDPHQYRU YLHOHQDQGHUQPHKU>@DOVXQVUHHGOH7DQWHVHOEVWGLH]XGHU=HLWDOVXQVHUJXWHU $U]W MHQHV 0DQXVNULSW VR UXEUL]LHUWH GLH VFK|QVWH 1DWXU ZDU GLH ZLU LQ XQVHUP .UHLVH NDQQWHQ ,QGHV KDW 1DWDOLH VLFK HQWZLFNHOW XQG GLH 0HQVFKKHLW IUHXW VLFK HLQHUVROFKHQ(UVFKHLQXQJ³ 

  'RKP5DGLNDOSLHWLVWLQ ZLH$QP 6  *RHWKH:LOKHOP0HLVWHU ZLH$QP 6

 .$7-$%$57+(/ 

'LVNXUVHMXQJHU0lQQOLFKNHLWLQGHU.RP|GLHXP   HUVFKHLQW EHL *RWWORE (UQVW 6WUXQW] LQ 4XHGOLQEXUJ  $VFKHUVOHEHQ HLQH VWXGHQWLVFKH 6DWLUH 7XJHQG XQG /DVWHU &RPRHGLH  'HU JUQHQGHQ -XJHQG ]XU 1DFKIROJH XQG $EVFKHX YRUJHVWHOOHW XQG DXVJHIHUWLJHW YRQ 7DODQGHU 0LW GHQ 0LWWHOQ GHU )LNWLRQ UHIOHNWLHUW GLH VDWLULVFKH .RP|GLH GLH /HEHQVSHUVSHNWLYHQ MXQJHU $NDGHPLNHU ,PDJLQLHUW ZLUG GLH 6WLPPH MXQJHU 0lQQHU GLH $XVNXQIW JHEHQ EHU 6LQQ XQG =ZHFN HLQHV /HEHQVZHJHV GHU LKQHQ GXUFK GHQ =XJDQJ ]X K|KHUHU %LOGXQJ VR]LDOHQ $XIVWLHJ ,QWHJUDWLRQ XQG :HUWKDIWLJNHLW LQ $XVVLFKW VWHOOWXQGQXQVDWLULVFKNULWLVFKJHSUIWZLUG 'DV$XWRUSVHXGRQ\P7DODQGHUVWHKWDOOHUGLQJVQLFKWIUHLQHQ6WXGHQWHQVRQ GHUQ IU HLQHQ GHU EHNDQQWHVWHQ JDODQWHQ 5RPDQDXWRUHQ GHU =HLW $XJXVW %RKVH ± 6RKQHLQHVEUJHUOLFKHQ-XULVWHQ]XP=HLWSXQNWGHU3XEOLNDWLRQ -DKUH DOW XQG DP +RIYRQ6DFKVHQ:HL‰HQIHOVDOV+RIVHNUHWlUXQG'LFKWHUDQJH VWHOOW *HUKDUG 'QQKDXSW ]lKOW GLH 7XJHQG XQG /DVWHU &RPRHGLH ]X %RKVHV :HUN GRFK LVW QLFKW DXVJHPDFKW GDVV %RKVH WDWVlFKOLFK GHU 9HUIDVVHU LVW 9HU VFKLHGHQH,QGL]LHQODVVHQYHUPXWHQGDVVHVVLFKXPGLH3XEOLNDWLRQHLQHVDQRQ\ PHQ6WXGHQWHQKDQGHOWGHUVLFKGHV3VHXGRQ\PV7DODQGHUXQUHFKWPl‰LJEHGLHQWH 'LH*UQGHIUGLHVHQ9HUGDFKWVROOHQLP%HLWUDJNXU]HUOlXWHUWZHUGHQ8QDEKl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

7DODQGHU >GL $XJXVW %RKVH@ 7XJHQG XQG /DVWHU &RPRHGLH  'HU JUQHQGHQ -XJHQG ]XU 1DFKIROJH XQG $EVFKHX YRUJHVWHOOHW XQG DXVJHIHUWLJHW YRQ 7DODQGHU 4XHGOLQEXUJ XQG $VFKHUVOHEHQ,Q9HUOHJXQJ*RWWORE(UQVW6WUXQW]$QQR=LWDWHDXVGLHVHU4XHOOHZHUGHQ NQIWLJ VRIHUQ QLFKW LQ GHQ )X‰QRWHQ DEZHLFKHQG YHUPHUNW XQWHU $QJDEH GHU 6HLWHQ]DKO LQ .ODPPHUQLP+DXSWWH[WEHOHJW  9DWHU *RWWIULHG %RKVH ±  %HLVLW]HU GHV 6FK|SSHQVWXKOV LQ +DOOH6DDOH 9JO 0HU]GRUI$UW%RKVH$XJXVW,Q$OOJHPHLQH'HXWVFKH%LRJUDSKLH%G+JYGHU+LVWRUL VFKHQ &RPPLVVLRQ EHL GHU .|QLJO $NDG GHU :LVVHQVFKDIWHQ /HLS]LJ  6 :LOOL )OHPPLQJ$UW%RKVH$XJXVW,Q1HXH'HXWVFKH%LRJUDSKLH%G+JYGHU+LVWRULVFKHQ .RPPLVVLRQEHLGHU%D\ULVFKHQ$NDGHPLHGHU:LVVHQVFKDIWHQ%HUOLQ6I  9JO *HUKDUG 'QQKDXSW 3HUVRQDOELEOLRJUDSKLHQ ]X GHQ 'UXFNHQ GHV %DURFN  $XIODJH 6WXWWJDUW6  9JOHEG6



.DWMD%DUWKHO

GUXFNNRPPHQ'LHVHSUlJHQLQWHUHVVDQWHUZHLVHDXFK%RKVHV%LRJUDILHGRFK]XP =HLWSXQNW GHU 3XEOLNDWLRQ GUIWHQ VLH IU GHQ JDODQWHQ $XWRU VHOEVW QLFKW PHKU UHOHYDQWJHZHVHQVHLQ =XU )UDJHVWHOOXQJ GHV YRUOLHJHQGHQ %DQGHV HUJHEHQ VLFK PHKUHUH %H]JH :HQQ 'DQLHO)XOGDXQG-|UQ6WHLJHUZDOGXQWHUGHP%HJULIIÄ.ULVHGHV%HZXVVW VHLQVXP³QDFK'\QDPLNHQYRQ'HQNEHZHJXQJHQIUDJHQGLHVRZRKONULWL VFKHDOVDXFKLQQRYDWLYH,PSXOVHVHW]HQXQGGHUHQ3UR]HVVXDOLWlWJUXQGVlW]OLFKDOV QLFKW DEVFKOLH‰EDU EHJULIIHQ ZLUG LQVRIHUQ UHIOH[LYH $NWH )UDJHQ RGHU 3UREOHP NRQVWHOODWLRQHQDXIZHUIHQGHUHQHUQHXWH(LQJUHQ]XQJRGHUÃ1RUPDOLVLHUXQJµDOOHLQ LPVLFKHU|IIQHQGHP5HIOH[LRQVKRUL]RQWHUIROJHQNDQQGDQQOlVVWVLFKDQKDQGGHU 7XJHQG XQG /DVWHU &RPRHGLH GLHVH HLJHQWPOLFKH '\QDPLN H[HPSODULVFK QDFK YROO]LHKHQ 8QWHUVFKLHGOLFKH $NWHXUVJUXSSHQ %RKVH DOV 9HUWUHWHU HLQHU JDODQWHQ 3XEOL]LVWLN VWXGHQWLVFKH )LJXUHQ DOV +DQGOXQJVWUlJHU GHU .RP|GLH 5HIHUHQ]HQ ]XU VWXGHQWLVFKHQ -XJHQG  YHUVFKLHGHQH 'LVNXUVIRUPDWLRQHQ 3RHVLH *HOHKUVDP NHLW 3ROLWLN  PLW LKUHQ MHZHLOLJHQ 9HUKDOWHQV .RPPXQLNDWLRQV XQG $IIHNWNRQ ]HSWHQ WUHIIHQ DXIHLQDQGHU EHUODJHUQ XQG YHUPHQJHQ VLFK XQG ODVVHQ LQWHUIHULH UHQGH(IIHNWHHQWVWHKHQGLHGHU7H[WGRNXPHQWLHUW $XIIlOOLJLVWLQGLHVHP=XVDPPHQKDQJGLH5ROOHGHU6DWLUHGLHLP*HJHQVDW] ]XUEDURFNHQ7UDGLWLRQQXUQRFKYRUJHEOLFKGHP/DFKHQEHU/DVWHUXQG7XJHQG GLHQW6DWLULVFKH(OHPHQWHVFKHLQHQLQGHU7XJHQGXQG/DVWHU&RPRHGLHYLHOPHKU HLQJHVHW]W]XZHUGHQXPEHUGLH8QVLFKHUKHLWIDNWLVFKHU/HEHQVSHUVSHNWLYHQ]X VFKHU]HQ GLH LQ GLHVHP )DOOH %HUXIV XQG =XNXQIWVFKDQFHQ MXQJHU $NDGHPLNHU EHWUHIIHQ,FKP|FKWH]XQlFKVW]HLJHQGDVV%RKVHV:LUNXQJ]ZHLIHOORVLQVVWXGHQ WLVFKH0LOLHXUHLFKWHVRGDVVGHU$XWRU]XP9RUELOGE]Z]XU3URMHNWLRQVIOlFKHIU MQJHUH 3RHWHQ ZHUGHQ NRQQWH GLH VHLQHP %HLVSLHO DOV $XWRU XQG DOV ÃVR]LDOHQ $XIVWHLJHUµQDFKHLIHUQNRQQWHQ'DGHUH[SDQGLHUHQGH%XFKKDQGHOXPDXFK VWXGHQWLVFKHQ $XWRUHQ GLH 0|JOLFKNHLW ELHWHW DQRQ\P DQ HLQHU G\QDPLVLHUWHQ PHGLDOHQ gIIHQWOLFKNHLW ]X SDUWL]LSLHUHQ LVW HV GHQNEDU GDVV MXQJH $NDGHPLNHU GDV3VHXGRQ\P7DODQGHUXQDXWRULVLHUWQXW]WHQXPGLHHLJHQHOLWHUDULVFKH3URGXN WLRQ ]X OHJLWLPLHUHQ XQG DXI]XZHUWHQ 'LH VSH]LILVFKHQ %HGLQJXQJHQ GHV %XFK XQG 9HUODJVZHVHQV XP  VSLHOHQ GDEHL HLQH 5ROOH XQG VROOHQ NXU] XPULVVHQ ZHUGHQ$QVFKOLH‰HQGIUDJWGHU]ZHLWH7HLOGDQDFKLQZHOFKHU:HLVHGLH.RP|GLH /HEHQVSHUVSHNWLYHQ MXQJHU $NDGHPLNHU UHIOHNWLHUW GD]X (OHPHQWH GHV JDODQWHQ 'LVNXUVHVDXIQLPPWXQGVLHVDWLULVFKNULWLVFKKLQWHUIUDJW     

9JOGLH(LQOHLWXQJYRQ'DQLHO)XOGDXQG-|UQ6WHLJHUZDOG]XGLHVHP%DQG6 'LUN5RVHHUNHQQWEHVRQGHUVXQWHU$NWHXUVJUXSSHQPLWWOHUHU6FKLFKWHQGLHDQHLQHPVR]LDOHQ $XIVWLHJLQWHUHVVLHUWVHLHQGKXQWHUÄVR]LDOHQ$XIVWHLJHUQ³HLQH=LHOJUXSSHJDODQWHU6FKULI WHQ (U QHQQW MXQJH $NDGHPLNHU DOV $XWRUHQ XQG /HVHU JDODQWHU 6FKULIWHQ YD GHV 5RPDQV DEHU DXFK )UDXHQ 9JO 'LUN 5RVH &RQGXLWH XQG 7H[W 3DUDGLJPHQ HLQHV JDODQWHQ /LWHUDWXU PRGHOOVLP:HUNYRQ&KULVWLDQ)ULHGULFK+XQROG>0HQDQWHV@%HUOLQ6I

'LVNXUVHMXQJHU0lQQOLFKNHLW



 $XJXVW%RKVH7DODQGHUDOV9RUELOGMXQJHU VWXGHQWLVFKHU $XWRUHQ  6ROOWH GLH 7XJHQG XQG /DVWHU &RPRHGLH WDWVlFKOLFK YRQ %RKVH VWDPPHQ" ,P VFKULIWVWHOOHULVFKHQ 6FKDIIHQ GHV $XWRUV ZlUH GLH VWXGHQWLVFKH 6DWLUH HLQH $XV QDKPH GHQQ EHNDQQW ZLUG %RKVH YRU DOOHP DOV 9HUIDVVHU JDODQWHU 5RPDQH PLW GHQHQ HU VHLW VHLQHU 6WXGLHQ]HLW LQ /HLS]LJ XQG -HQD DXI VLFK DXIPHUNVDP PDFKW XQG GLH QHEHQ %ULHIVWHOOHUQ ]XP Ã0DUNHQ]HLFKHQµ GHV $XWRUV ZHUGHQ 2EZRKO %RKVHDXFK2SHUQOLEUHWWLXQG6LQJVSLHOHIUGHQ:HL‰HQIHOVHU+RIYHUIDVVWOlVVW HU GLHVH 6WFNH QLFKW GUXFNHQ XQG SXEOL]LHUW NHLQ HLQ]LJHV GUDPDWLVFKHV :HUN )UDJZUGLJHUVFKHLQWHVGDKHUGDVV7DODQGHU]XP=HLWSXQNWVHLQHUJU|‰WHQ %HNDQQWKHLW DOV 5RPDQDXWRUGDV*HQUHJHZHFKVHOWXQGHLQHVWXGHQWLVFKH.RP| GLHYHU|IIHQWOLFKWKDEHQVROOWH9RUDOOHPVWLOLVWLVFKXQWHUVFKHLGHWVLFKGLH7XJHQG XQG /DVWHU &RPRHGLH YRQ %RKVHV VRQVWLJHQ 6FKULIWHQ 'LH VSUDFKOLFKH *UREKHLW XQGUHFKWVWHUHRW\SH%HKDQGOXQJGHV7XJHQG/DVWHU6FKHPDVVFKHLQHQNHLQHVZHJV ]X%RKVHVJDODQWHP6WLO]XSDVVHQGHUIHLQH1XDQFHQLQ6WLOXQG6HPDQWLNVHW]W .RQIOLNWDXIEDX JUDPPDWLNDOLVFKH XQG VWLOLVWLVFKH $XIIlOOLJNHLWHQ GHU .RP|GLH ZHLFKHQ YRQ %RKVHV YLUWXRVHP 6SUDFKJHEUDXFK XQG GHU VXEWLO QXDQFLHUWHQ .RQ IOLNWJHVWDOWXQJVHLQHUJDODQWHQ5RPDQHDE9RUVWHOOEDUZlUHOHGLJOLFKGDVVHVVLFK XPHLQVHKUIUKHV:HUNGHV$XWRUVKDQGHOWGDVQDFKWUlJOLFKJHGUXFNWZRUGHQLVW ±GRFKZDUXPVROOWH%RKVHVHLQHQ5XKPGHU(QGHGHUHU-DKUHXQJHEURFKHQ LVW GXUFK HLQH VWLOLVWLVFK DQVSUXFKVORVH 6FKULIW JHIlKUGHQ" $XFK 3ORWPXVWHU XQG )LJXUHQSHUVRQDO ZlUHQ QHX XQG HLQPDOLJ IU %RKVHV :HUN ,P 0LWWHOSXQNW GHU .RP|GLH VWHKHQ ]ZHL RULHQWLHUXQJVORVH 6WXGHQWHQ GLH VLFK GHU )UDJH ZLGPHQ ÄZLHLFKPHLQ/HEHQUHFKWP|JHDQVWHOOHQGD‰LFKGXUFKGLH:HOWNRPPHXQG PLFKPLWGHU=HLWHKUOLFKHUQHKUH>Q@³  NDQQ =XGHP VSUHFKHQ 9HUOHJHU XQG 9HUODJVRUW JHJHQ HLQH 3XEOLNDWLRQ YRQ %RKVH :lKUHQGGHUJDODQWH$XWRUDP%HJLQQVHLQHU.DUULHUHQRFKEHLZHFKVHOQGHQ9HU OHJHUQ LQ 'UHVGHQ /HLS]LJ +DPEXUJ SXEOL]LHUW ILQGHW HU PLW ]XQHKPHQGHP  

%RKVHV JHGUXFNWHV :HUN EHVWHKW DXV 7UDXHUJHGLFKWHQ JDODQWHQ 5RPDQHQ %ULHIVWHOOHUQ XQG %HLWUlJHQLQ=HLWVFKULIWHQ9JO'QQKDXSW3HUVRQDOELRJUDSKLHQ]XGHQ'UXFNHQGHV%DURFN ZLH$QP 6±  9JO)OHPPLQJ$UW%RKVH ZLH$QP 60HU]GRUI$UW%RKVH ZLH$QP 6  (LQH/XVWVSLHOIDVVXQJGHU/LHEHQVZUGLJHQ(XURSlHULQ&RQVWDQWLQHLVWEHNDQQW 1DFK GUXFNH    GLH 'QQKDXSW MHGRFK DOV :HUN ÄYRQ IUHPGHU +DQG³ DXVZHLVW 9JO 'QQKDXSW3HUVRQDOELRJUDSKLHQ]XGHQ'UXFNHQGHV%DURFN ZLH$QP 6  9JO7DODQGHU7XJHQGXQG/DVWHU&RPRHGLH ZLH$QP ÄYHUIOXFKWPXVWXVH\QGXVFKlQG OLFKH:ROOXVW³ 6I ÄNDQVWX>«@KDVWX³ 6 Ä2ZDVIUHLQVFKZHUHU6WHLQI|OOHWPLU DXII PHLQ +HUW]³ 6   Ä>,FK@ OHKUH HLQHP UHFKW ]LHUOLFK >«@ UHGHQ³ 6   HWF >+HUYRUK .%@  ,Q /HLS]LJ ]% EHL &KULVWLDQ :HLGPDQQ )ULHGULFK *URVFKXII )ULHGULFK /DQFNLVFKV (UEHQ -RKDQQ &DVSDU 0H\HU -RKDQQ 7KHRGRU %RHWLXV 'UHVGHQ EHL &KULVWRSK 0DWKHVLXV 0LFKDHO *QWKHU RGHU *RWWIULHG .HWWQHU +DPEXUJ EHL +HQQLQJ %UHQGHFNH*HRUJ 5HEHQOHLQV :LWZH XQG 7KRPDV 5RVV $XJVEXUJ EHL /HRQKDUG =DFKDULDV 9JO 'QQKDXSW 3HUVRQDOELRJUDSKLHQ ]XGHQ'UXFNHQGHV%DURFN ZLH$QP 6±



.DWMD%DUWKHO

(UIROJ VHLW 0LWWH GHU HU -DKUH LQ GHU /HLS]LJHU 9HUODJVEXFKKDQGOXQJ YRQ -RKDQQ/XGZLJ*OHGLWVFK ± XQG0RULW]*HRUJ:HLGPDQQG- ±   HLQHQ DQJHVHKHQHQ 9HUODJVSDUWQHU GHP HU GDXHUKDIW YHUEXQGHQ EOHLEW 6WUXQW] GHU 9HUOHJHU GHU IUDJOLFKHQ .RP|GLH VFKHLQW KLQJHJHQ HLQ UHFKW QHXHU $NWHXULP%XFKKDQGHOJHZHVHQ]XVHLQ,QGHQ0HVVNDWDORJHQGHU)UDQNIXUWHUXQG /HLS]LJHU %XFKPHVVHQ ZLUG HU VHLW  DOV +lQGOHU JHOLVWHW hEHUUHJLRQDO LVW 6WUXQW]HUVWVHLW]ZHL-DKUHQLP*HVFKlIWDOVHUGLH7XJHQGXQG/DVWHU&RPRHGLH SXEOL]LHUW±GLHHLQ]LJH6FKULIWYRQ%RKVHGLHEHLGLHVHP9HUODJHUVFKHLQW$XFK DXV GLHVHP *UXQG LVW IUDJOLFK ZDUXP %RKVH VLFK YRQ GHU EHNDQQWHQ /HLS]LJHU 9HUODJVEXFKKDQGOXQJ *OHGLWVFK  :HLGPDQQ DEJHZDQGW KDEHQ VROOWH XP GLH .RP|GLHEHLHLQHPZHQLJHUHWDEOLHUWHQ9HUOHJHU]XYHU|IIHQWOLFKHQ%HVFKZHUGH DNWHQ GHU /HLS]LJHU %FKHUNRPPLVVLRQ XPEHOHJHQGDVVHVLQ=HLWHQPDQ JHOQGHQ 5HFKWVVFKXW]HV LP %XFKZHVHQ QLFKW QXU ]XU HLJHQPlFKWLJHQ $QHLJQXQJ IUHPGHQ 7H[WJXWHV NDP 5DXE E]Z 1DFKGUXFNH  VRQGHUQ GDVV WHLOZHLVH DXFK EHNDQQWH$XWRUHQXQG9HUODJVQDPHQXQDXWRULVLHUWEHUQRPPHQZXUGHQXPYRQ GHUHQ%HNDQQWKHLW]XSURILWLHUHQ6RZHKUWHVLFKGLHHLQIOXVVUHLFKH/HLS]LJHU)LUPD -RKDQQ*UR‰HV(UEHQGDJHJHQGDVVHLQNOHLQHUHU%XFKKlQGOHUXQG9HUOHJHU DXV+DOEHUVWDGW&KULVWLDQ*HQVFKGHQ)LUPHQQDPHQ*UR‰HVIUGLH9HUPDUNWXQJ HLJHQHU3XEOLNDWLRQHQYHUZHQGHWHXPGHQ$EVDW]GHU6FKULIWHQ]XVWHLJHUQ9RQ %RKVHV 5RPDQ 'LH /LHEHQVZUGLJH (XURSlHULQ &RQVWDQWLQH HUVFKLHQ  HLQH DQRQ\PH /XVWVSLHOIDVVXQJ ÄYRQ IUHPGHU +DQG³ GLH NXU]HUKDQG XQWHU GHP 3VHX GRQ\P7DODQGHUYHU|IIHQWOLFKWZXUGH6LFKGHVEHNDQQWHQ3VHXGRQ\PV7DODQGHU ]XEHGLHQHQNRQQWHEHGHXWHQYRQ%RKVHV3RSXODULWlW]XSURILWLHUHQ %RKVHV /HKUWlWLJNHLW DOV 'R]HQW IU 3RHVLH DQ GHU 8QLYHUVLWlW -HQD OlVVW HV LQ GLHVHP =XVDPPHQKDQJ GXUFKDXV P|JOLFK HUVFKHLQHQ GDVV GHU EHNDQQWH 5RPDQ DXWRU ]XP 9RUELOG IU MQJHUH $NDGHPLNHU ZXUGH GLH VLFK HEHQIDOOV ]XU SRHWL VFKHQ3URGXNWLRQDQLPLHUWIKOWHQ$OVGLH7XJHQGXQG/DVWHU&RPRHGLHHUVFKHLQW OHEW XQG YHUNHKUW %RKVH LP DNDGHPLVFKHQ 0LOLHX GHU 8QLYHUVLWlWVVWDGW -HQD 2E ZRKO HU VHLW  DOV 6HNUHWlU XQG +RIGLFKWHU LQ :HL‰HQIHOV DQJHVWHOOW LVW KDWHU VHLQHQ /HEHQVPLWWHOSXQNW LQ GDV XQZHLW HQWIHUQWH -HQD YHUOHJW 'D GDV $PW DOV +RIGLFKWHU %RKVHV SHUV|QOLFKH $QZHVHQKHLW LQ :HL‰HQIHOV QLFKW]ZLQJHQGHUIRU   9JOHEG6±  9JO &RGH[ 1YQGLQDULYV

*HUPDQLDH /LWHUDWDH %LVHFYODULV 0H‰-DKUEFKHU GHV GHXWVFKHQ %XFKKDQGHOV YRQ GHP (UVFKHLQHQ GHV HUVWHQ 0H‰ .DWDORJHV LP -DKU  ELV ]X GHU*UQ GXQJGHVHUVWHQ%XFKKlQGOHU 9HUHLQVLP-DKUH+DOOH6,P-DKUELHWHW 6WUXQW]DXIGHQ0HVVHQIQI7LWHODQGUHLODWHLQLVFKVSUDFKLJHXQG]ZHLGHXWVFKH7H[WH9JO HEG6  9JO $OEUHFKW .LUFKKRII /HVHIUFKWH DXV GHQ $FWHQ GHV VWlGWLVFKHQ $UFKLYV ]X /HLS]LJ ,Q $UFKLYIUGLH*HVFKLFKWHGHV%XFKZHVHQV  6  7DODQGHU>GL$XJXVW%RKVH@'LH/LHEHQVZUGLJH(XURSlHULQ&RQVWDQWLQHDXVGHPEHUDXV DUWLJHQ5RPDQGHV+Q7DODQGHUVZHJHQVRQGHUEDKUHU+RFKDFKWXQJGHPFXULHXVHQ/LHEKDEHU ]X IHUQHUHU 9HUJQJXQJ LQ HLQHP /XVW  XQG 6FKDX VSLHOH YRUJHVWHOOHW $QQR 0'&;&9,,, >@>R2@=XU8UKHEHUVFKDIWÄIUHPGHU+DQG³YJO'QQKDXSW3HUVRQDOELRJUDSKLHQ]XGHQ 'UXFNHQGHV%DURFN ZLH$QP 6

'LVNXUVHMXQJHU0lQQOLFKNHLW



GHUWHKDEHHUYRQ+HU]RJ-RKDQQ$GROSK,]X6DFKVHQ:HL‰HQIHOV ±  ÄGLH (UODXEQLV >HUKDOWHQ@ VLFK DXI HLQHU EHQDFKEDUWHQ KRKHQ 6FKXOH DXI]XKDOWHQ XQGHUZHKOHWH-HQD³'RUWDUEHLWHW%RKVHDQHLQHUMXULVWLVFKHQ'LVVHUWDWLRQXQG KlOWQHEHQEHLÄ&ROOHJLD³LQ3RHVLHXQG%HUHGVDPNHLW:LUZLVVHQGLHVYRQ%HQMD PLQ :HGHO ±  GHU LQ VHLQHU%LRJUDILHEHU&KULVWLDQ)ULHGULFK+XQROG ± HUNOlUW%RKVHVÄ&ROOHJLD³KlWWHQGHQ-QJHUHQVWDUNEHHLQGUXFNW,Q GHQ-DKUHQQDFKZLUGGHUMlKULJH+XQROGXQWHUGHP3VHXGRQ\P0HQDQWHV ]XP VWlUNVWHQ .RQNXUUHQWHQ YRQ %RKVHV7DODQGHU XQG PDFKW LKP GHQ 5DQJ DOV JDODQWHQ0RGHDXWRUVWUHLWLJ 'RFK%RKVH7DODQGHUNXOWLYLHUWDXFKVHOEVWGDV%LOGGHVMXQJHQVWXGHQWLVFKHQ $XWRUVGHUZlKUHQGVHLQHU6WXGLHQ]HLWSRHWLVFKH6FKULIWHQYHUIDVVW$OV6WXGHQWLQ /HLS]LJ YHU|IIHQWOLFKW HU VHLW VHLQHP  /HEHQVMDKU 7UDXHUJHGLFKWH XQG JDODQWH 5RPDQHHWZD'HU/LHEH,UUHJDUWHQ  RGHU'DV/LHEHV &DELQHWGHU'DPHQ   2EZRKO %RKVH NHLQH VWXGHQWLVFKHQ 6XMHWV JHVWDOWHW VWLOLVLHUW HU VLFK XQG VHLQ 3XEOLNXP LQ GHQ 3DUDWH[WHQ DOV MXQJH 6WXGHQWHQ ± VR ]% LQ GHU 9RUUHGH VHLQHV 5RPDQV 'LH $PD]RQLQQHQ DXV GHP .ORVWHU   REZRKO HU ]X GLHVHP =HLWSXQNW EHUHLWV  -DKUH DOW LVW 'LH 6HOEVWVWLOLVLHUXQJ DOV 6WXGHQW ELHWHW XQWHU DQGHUHP6FKXW]YRU.RPSOLNDWLRQHQPLWGHU=HQVXU%RKVHEHQXW]WGHQ7RSRVGHU Ä.KQKHLW GHU -XJHQG³ GXUFK GHQ GLH SRHWLVFKH 3URGXNWLRQ DOV Ã-XJHQGVQGHµ HQWVFKXOGEDUZLUG,QGHU)ROJH]HLWZHUGHQMQJHUHJDODQWH$XWRUHQGLHVHQ7RSRV DXIQHKPHQ XQG ]XU ÄIHXULJHQ -XJHQG³ XPNRGLHUHQ XP LKUH WHLOV SURYRNDQWHQ   9JO -RKDQQ *RWWORE :LOKHOP 'XQNHOV >«@ +LVWRULVFK

&ULWLVFKH1DFKULFKWHQ YRQ YHUVWRUEH QHQ*HOHKUWHQXQGGHUHQ6FKULIWHQ,QVRQGHUKHLWDEHU'HQHQMHQLJHQZHOFKHLQGHUDOOHUQHXHV WHQ$XVJDEHGHV-|FKHULVFKHQ$OOJHPHLQHQ*HOHKUWHQ /H[LFRQVHQWZHGHUJlQW]OLFKPLW6WLOO VFKZHLJHQ EHUJDQJHQ RGHU GRFK PDQJHOKDIW XQG XQULFKWLJ DQJHIKUHW ZHUGHQ 'HV (UVWHQ %DQGHV (UVWHU 7KHLO &|WKHQ  6 >DQRQ\P@>GL %HQMDPLQ :HGHO@ *HKHLPH 1DFK ULFKWHQXQG%ULHIHYRQ+HUUQ0HQDQWHV/HEHQXQG6FKULIIWHQ&|OQ6  9JO'QQKDXSW3HUVRQDOELRJUDSKLHQ]XGHQ'UXFNHQGHV%DURFN ZLH$QP 6  9JO:HGHO*HKHLPH1DFKULFKWHQ ZLH$QP 6  9JO 0HOHWDRQ >GL -RKDQQ /HRQKDUG 5RVW@ 'HU 9HUOLHEWH (UHPLW  2GHU GHV  *UDYHQV YRQ &DVWUR/HEHQV XQG/LHEHV *HVFKLFKWH'HU*DODQWHQ:HOWLQHLQHP520$1EHU UHLFKHW  YRQ  0(/(7$21  *HGUXFNW LQ GLHVHP  -DKU R2 >1UQEHUJ@ 9RUUHGH XQSDJ>$E@  9JO7DODQGHU>GL$XJXVW%RKVH@'LH$PD]RQLQQHQDXVGHP.ORVWHULQHLQHUDQJH QHKPHQ/LHEHV *HVFKLFKWH=XYHUJ|QQWHU*HPWKVHUJ|W]XQJDXIIJHIKUHWYRQ7DODQ GHUQ&|OOQ%H\-RKDQQ/XGZLJ*OHGLWVFKHQXQG0*:HLEPDQQV(UEHQ9RUUHGH XQSDJ>$D@>$D@  (EG9RUUHGHXQSDJ>$E@  Ä'HQQ ZLH NDQ GLH IHXULJH -XJHQG DOOH]HLW GLH :|UWHU DOVR  JOHLFK ZLH GDV 3KLORVRSKLVFKH $OOWHUDXIIGLH:DDJH 6FKDOHOHJHQ"8QGVROWHDXFKGLHVHVQLFKWGXUFKJHKHQGV]XDSSURELUHQ >ELOOLJHQ .%@ VH\Q VR KHLVVHW HV GHQQRFK ]X MHQHU 6RXODJHPHQW >(UOHLFKWHUXQJ@ -XYHQLOLV HUURUGHGHFXVJLJQLWPLQXV>'LH6FKDQGHZLUGQLFKWDXVGHP,UUWXPGHU-XJHQGHU]HXJWhEHUV .%@³ %HKPHQR3RHWLVFKHV&DELQHW,QVLFKKDOWHQGDOOHUKDQG*HLVW XQG:HOWOLFKH*HGLFK WH  GHU 6HHOHQ ]X HLQHU UHLQHQ /XVW  8QG GHP *HPWK ]XP HUODXEWHQ =HLW 9HUWUHLE DXIIJHULFKWHW  XQG 1HEVW HLQHU DEJHQ|WKLJWHQ'HIHQVLRQZLGHUGHQDOEHUQHQ6HODPLQWHV'HU QHX EHJLHULJHQ:HOWPLWJHWKHLOHWYRQ%HKPHQR)UDQFNIXUWXQG/HLS]LJLP-DKU9RU UHGH6 



.DWMD%DUWKHO

6FKULIWHQ ]X HQWVFKXOGLJHQ 'DUEHU KLQDXV ELHWHW GHU VWXGHQWLVFKH 6WDWXV 6FKXW] YRU MXULVWLVFKHU 9HUIROJXQJ GD GLH 8QLYHUVLWlWHQ YLHOHURUWV HLQHQ SULYLOHJLHUWHQ 5HFKWVVWDWXV JHQR‰HQ XQG GLH 6WXGHQWHQVFKDIW QXU EHGLQJW GHU EUJHUOLFKHQ *H ULFKWVEDUNHLW GHU 6WlGWH XQWHUODJ 'LH Ä6WXGHQWLVFKH )UH\KHLW³ E]Z /LEHUWDV DFDGHPLD XPIDVVWH YHUVFKLHGHQH 3ULYLOHJLHQ GLH 0DUWLQ 6FKPHLW]HO LP 5HFKW VFKDIIHQHQ $FDGHPLFXV HUNOlUW 8QWHU DQGHUHP ZDUHQ 6WXGHQWHQ YRQ GHU Ä,XULVGLFWLRQGHU6WDGW2EULJNHLWVLFKHU>«@DXFKYRQDOOHQ%UJHUOLFKHQ3IOLFKWHQ XQG$QODJHQ³EHIUHLWVLHZDUHQQLFKWDQGLH.OHLGHURUGQXQJJHEXQGHQEHVD‰HQ IUHLHV%OHLEHUHFKWVLFKÄLQGLHVHVRGHUMHQHV+DX‰HLQ]XORJLUHQXQGZLHGHUDXV]X ]LHKHQZLHHVGLUJHIlOOHW³XQGDQGHUH6RQGHUUHFKWH:lKUHQGGHU=HLWGHV6WXGL XPV ZDU HV VWXGHQWLVFKHQ $NWHXUHQ P|JOLFK LQ HLQHP YRUEHUJHKHQGHQ 6FKXW] UDXP MXQJHU 0lQQOLFKNHLW ]X DJLHUHQ GHU GLH Ä.KQKHLW GHU -XJHQG³ JHVHOOVFKDIWOLFKWROHULHUWHXQG]XJOHLFKMXULVWLVFKDEVLFKHUWH %RKVHPXVVJHUDGHDXIMQJHUH0lQQHUDOVVFKLOOHUQGH3HUV|QOLFKNHLWJHZLUNW KDEHQ±LP/DXIHVHLQHU%LRJUDILHJHOLQJWHVLKPQLFKWQXUDOV%UJHUOLFKHULQHLQH K|ILVFKH$QVWHOOXQJDXI]XVWHLJHQVRQGHUQHUWULWWDXFKDOVHUIROJUHLFKHU5RPDQDX WRU DXI ZLGPHW VLFK HLQHU ZHLWHUIKUHQGHQ DNDGHPLVFKHQ $XVELOGXQJ XQG ZLUG JOHLFK]HLWLJDOV3ULYDWGR]HQWWlWLJ6HLQH%LRJUDILHYHUZHLVWDEHUDXFKDXI6FKZLH ULJNHLWHQ PLW GHQHQ MXQJH ± YRU DOOHP EUJHUOLFKH ± $NDGHPLNHU XP  ]X NlPSIHQ KDWWHQ ZHQQ VLH VLFK EHUXIOLFK XQG JHVHOOVFKDIWOLFK HWDEOLHUHQ ZROOWHQ 9HUHLQ]HOW ZXUGH LQ GHU )RUVFKXQJ EHUHLWV DXI HLQH HUVWH Ä$NDGHPLNHU VFKZHPPH³LPIUKHQ-DKUKXQGHUWKLQJHZLHVHQGLHHV$NWHXUHQRKQHVWlQ GLVFKH 3URWHNWLRQ HUVFKZHUWH ]JLJ YRQ GHU 8QLYHUVLWlW LQ HLQH $QVWHOOXQJ ]X ZHFKVHOQ'HU%HGDUIDQDNDGHPLVFKJHELOGHWHQ%HDPWHQGLHLQGHQ6WDDWVGLHQVW GHU HLQ]HOQHQ 7HUULWRULDOVWDDWHQ WUHWHQ VROOWHQXQGGLH]XQHKPHQGHQ8QLYHUVLWlWV JUQGXQJHQGLHXDGXUFKNRQIHVVLRQHOOH5LYDOLWlWHQEHJQVWLJWZXUGHQIKUWHQ± VR -XWWD +HOG ± ]X HLQHP ÄhEHUVFKXVV DQ TXDOLIL]LHUWHQ 6WXGHQWHQ³ )XQNWLRQV   9JO0DUWLQ6FKPHL]HOV5HFKWVFKDIIHQHU$&$'(0,&962GHU*UQGOLFKH$QOHLWXQJ

:LH HLQ  $FDGHPLVFKHU 6WXGHQW  6HLQH  6WXGLHQ XQG /HEHQ  JHK|ULJ HLQ]XULFKWHQ KDEH  =XP*HEUDXFK2UGHQWOLFKHU/HFWLRQHQHQWZRUIIHQ1HEVWHLQHP9RUEHULFKW,9RQGHP 6FKXO :HVHQLQ'HXWVFKODQGEHUKDXSW,,9RQGHQHQ8QLYHUVLWlWHQEHUKDXSW,,,9RQ GHU]X+DOOHLQVRQGHUKHLW+$//(LP0DJGHEXUJLVFKHQ6I $QP YJO DXFK0DULDQ)VVHO6WXGHQWHQNXOWXUDOV2UWKHJHPRQLDOHU0lQQOLFKNHLW"hEHUOHJXQJHQ]XP :DQGHODNDGHPLVFKHU+DELWXVIRUPHQYRP$QFLHQ5pJLPH]XU0RGHUQH,Q0lQQHU±0DFKW ± .|USHU +HJHPRQLDOH 0lQQOLFKNHLWHQ YRP 0LWWHODOWHU ELV KHXWH +J Y 0DUWLQ 'LQJHV )UDQNIXUWD06±KLHU6I  6FKPHL]HO'HU5HFKWVFKDIIHQH$FDGHPLFXV ZLH$QP 6  (EG6  (EG6  9JO.DUO.ODXV:DOWKHU1DFKZRUW,Q&KDUODWDQHULHGHU%XFKKDQGOXQJZHOFKHGHQ9HUIDOO GHUVHOEHQGXUFK3IXVFKHUH\HQSUDHQXPHUDWLRQHVDXFWLRQHV1DFKGUXFNHQ7U|GHOH\HQXDP EHI|UGHUW0QFKHQ>5HSULQWG$XVJ6DFKVHQKDXVHQ@1DFKZRUW6  9JO-XWWD+HOG,QWHOOHNWXHOOHLQGHU)UKHQ1HX]HLW,Q,QWHOOHNWXHOOHLQGHU)UKHQ1HX]HLW +JYGHUV0QFKHQ6±KLHU6  (EG

'LVNXUVHMXQJHU0lQQOLFKNHLW



VWHOOHQ GLH IU GLHVH DNDGHPLVFK JHELOGHWH .OLHQWHO YRUJHVHKHQ ZDUHQ HWZD DOV %HDPWH3IDUUHURGHU3URIHVVRUHQ ZDUHQQLFKWLQGHP0D‰HYRUKDQGHQZLHTXDOL IL]LHUWH$NDGHPLNHU]XU9HUIJXQJVWDQGHQRGHUVLHZDUHQEHUHLWVEHOHJWXQGZXU GHQ GXUFK 9HWWHUQZLUWVFKDIW ZHLWHUYHUHUEW +HOG VWHOOW IHVW Ä(V ELOGHWH VLFK HLQH $UWIUKHVDNDGHPLVFKHV3UROHWDULDWKHUDXVGDVQHXH$NWLRQVIHOGHUILQGHQPX‰WH HLQHHUVWH%RKqPHGLHVLFKZRKOYRUQHKPOLFKLQGHQ%LOGHQGHQ.QVWHQDOVSUR GXNWLY XQG LQQRYDWLRQVIlKLJ HUZLHV³ 1DFK $QVLFKW 9RONHU 0HLGV VHW]W GLHVH 7HQGHQ] EHUHLWV LP VSlWHQ -DKUKXQGHUW HLQ XQG YHUVFKlUIW VLFK $QIDQJ GHV -DKUKXQGHUWV]XHLQHUÄ.ULVHGHUEUJHUOLFKHQ,QWHOOLJHQ]³9RUDOOHPEUJHU OLFKH $NDGHPLNHU PXVVWHQ VLFK PLW ÄXQWHUJHRUGQHWHQ 3RVLWLRQHQ EHJQJHQ³ XQG ZDUHQYRQÄ$UEHLWVORVLJNHLW³EHGURKW $XFKDQ%RKVHXQGDQGHUHQMXQJHQ$NDGHPLNHUQOlVVWVLFKGLHVH3UREOHPDWLN QDFKYROO]LHKHQ=ZLVFKHQGHU=HLWGHV6WXGLHQDEVFKOXVVHVXQG%RKVHVHUVWHU)HVW DQVWHOOXQJDP+RIYRQ6DFKVHQ:HL‰HQIHOVOLHJHQVHFKV-DKUHLQGHQHQGHUMXQJH %UJHUOLFKH DOV +RIPHLVWHU 5RPDQDXWRU =HLWVFKULIWHQEHLWUlJHU XQG 3ULYDWGR]HQW LQZHFKVHOQGHQ6WlGWHQ/HEHQVXQG$UEHLWVXPIHOGHUQWlWLJZLUG -HQD+DPEXUJ %HUOLQ +DOOH /HLS]LJ 'UHVGHQ  ± ]X]JOLFK GHV 6WXGLXPV LVW GLHV HLQH $XVELO GXQJVGDXHUPLWDQVFKOLH‰HQGHU XQVLFKHUHU 2ULHQWLHUXQJVSKDVHYRQ]Z|OI-DKUHQ ,Q lKQOLFKHU :HLVH EHVWUHLWHW &KULVWLDQ )ULHGULFK +XQROG VHLQHQ /HEHQVXQWHUKDOW QDFK $EEUXFK GHV 6WXGLXPV PLW ZHFKVHOQGHQ 1HEHQWlWLJNHLWHQ 6FKUHLE XQG $XIWUDJVDUEHLWHQ XQWHUVFKLHGOLFKVWHU $UW DXFK HU KlOW Ä&ROOHJLD LQ 3RHVLH³ 9HUVXFKH +XQROGV HLQH K|ILVFKH $QVWHOOXQJ LQ :HL‰HQIHOV ]X HUKDOWHQ VFKOXJHQ IHKO bKQOLFK ZLH %RKVH VFKHLQW HU VHLQH (LQNQIWH GXUFK $XWRUHQKRQRUDUH ]X   (EG  9RONHU

0HLG 'LH GHXWVFKH /LWHUDWXU LP =HLWDOWHU GHV %DURFN 9RP 6SlWKXPDQLVPXV ]XU )UKDXINOlUXQJ±0QFKHQ6  (EG  9JO 'XQNHO1DFKULFKWYRQYHUVWRUEHQHQ*HOHKUWHQ ZLH$QP 6'QQKDXSW3HU VRQDOELRJUDSKLHQ]XGHQ'UXFNHQGHV%DURFN ZLH$QP 6  )U IUHLH .RVW XQG /RJLV YHUIDVVW +XQROG LQ +DPEXUJ IU HLQHQ Ä5DEXOLVWHQ³ RGHU Ä'DKOHQO|SSHU³ HLQHQ VRJHQDQQWHQ 0DUNWVFKUHLHU$GYRNDWHQ ÄDOOHUKDQG 6FKULIIWHQ³ GLH MH QHUÄIUVHLQH$UEHLWDXVJDEXQGQLHPDQGZXVWHZRKHULKPVRYLHO:HLVKHLWLQNXUW]HU=HLW ]XJHIORVVHQ³ :HGHO*HKHLPH1DFKULFKWHQZLH$QP6I   ,Q+DPEXUJKlOW+XQROGÄ&ROOHJLD³IU*\PQDVLDVWHQZRGXUFKVLFKVHLQH%HNDQQWKHLWHUK|KW XQG]XQHKPHQGDXFKÄYRUQHKPHXQGJDODQWH/HXWH³VHLQH%HNDQQWVFKDIWVXFKHQ9JO:HGHO *HKHLPH1DFKULFKWHQ ZLH$QP 6:HQLJH-DKUHVSlWHUVLHGHOWHUQDFK+DOOH XPZRHUDQGHU8QLYHUVLWlWZHLWHUHÄ&ROOHJLD³LQ6FKUHLEVWLOXQG5HGHNXQVWDQELHWHQNDQQ 9JO -HQV)LHWMH 'ZDUV +J  0HQDQWHV /HEHQ XQG :HUN GHV &KULVWLDQ )ULHGULFK +XQROG %XFKDEHL-HQD6,QHLQHP%ULHIDQ%HQMDPLQ:HGHOYRPEHULFKWHW +XQROGGDVVHUPLW]ZHLÄ&ROOHJLD³LP-DKUYRU=XK|UHUQ7DOHUYHUGLHQHGKHUHUKlOW SUR+|UHUò7DOHUSUR6HPHVWHU9JO:HGHO*HKHLPH1DFKULFKWHQ ZLH$QP 6  1DFKGHP$EEUXFKGHV6WXGLXPVVHW]WVLFK(UGPDQQ1HXPHLVWHUIUHLQH$QVWHOOXQJ+XQROGV DP:HL‰HQIHOVHU+RIHLQGDHUPLWHLQHU7RFKWHUGHVKHU]RJOLFKHQ.FKHQPHLVWHUV&KULVWRSK 0HLVWHU YHUKHLUDWHW ZDU ZHOFKHU DP +RI YRQ :HL‰HQIHOV LQ JUR‰HU *QDGH JHVWDQGHQ KDEHQ VROO'HU%LWWHZXUGHMHGRFKQLFKWHQWVSURFKHQ9JOHEG6



.DWMD%DUWKHO

HUJlQ]HQ GLH YRQ HLQ]HOQHQ 9HUOHJHUQ IU GLH (UVWDXVJDEH HLQHU 3XEOLNDWLRQ HLQ PDOLJJH]DKOWZXUGHQ 'HU H[SDQGLHUHQGH %XFKKDQGHO ELHWHW MXQJHQ $NDGHPLNHUQ HLQ %HWlWLJXQJV IHOGGDVLKUHU$XVELOGXQJDQJHPHVVHQLVW$XIVWUHEHQGH9HUOHJHUEHJQVWLJHQGLH VFKULIWVWHOOHULVFKH7lWLJNHLWMXQJHU$XWRUHQ$XIGHU6XFKHQDFKQHXHQ/HNWUHDQ JHERWHQ XQG )RUPDWHQ PLW GHQHQ ELVKHU XQWHUUHSUlVHQWLHUWH /HVHUNUHLVH IU GLH /HNWUH SRSXOlUHU GK QLFKW JHOHKUWODWHLQLVFKHU VRQGHUQ GHXWVFKVSUDFKLJHU XQG XQWHUKDOWVDPHU 6FKULIWHQ JHZRQQHQ ZHUGHQ VROOHQ ELHWHQ VLH MXQJHQ $XWRUHQ GLH 0|JOLFKNHLW ]X SXEOL]LHUHQ 6FKULIWHQ MXQJHU JDODQWHU $XWRUHQ ]HLJHQ GDVV LKUH 0RWLYDWLRQ]XVFKUHLEHQYRPÄHLJHQHQ=HLW YHUWUHLE³DOV0X‰HGHUÄ1HEHQVWXQ GHQ³XQGGHUÄYHUJ|QQWHQ*HPWKV (UJ|W]XQJ³GHU/HVHUVFKDIWELVKLQ]XUÄ/XVW *HOG]XYHUGLHQHQ³UHLFKWZREHLGDYRQDXV]XJHKHQLVWGDVVVLFKPLWJHULQJHQ +RQRUDUHQRGHU6DFKOHLVWXQJHQGDV(LQNRPPHQDXVDQGHUHQ7lWLJNHLWHQOHGLJOLFK HUJlQ]HQ OLH‰ QLFKW DEHU GHU /HEHQVXQWHUKDOW YROOVWlQGLJ ]X GHFNHQ ZDU $OOHU GLQJVHUK|KWHVLFKPLW]XQHKPHQGHU%HNDQQWKHLWDOV$XWRUGLH&KDQFHLQDQGHUH %HUXIVIHOGHU HLQ]XVWHLJHQ 6R ZHLVW %RKVHV $OO]HLWIHUWLJHU %ULHIVWHOOHU   GHQ MXQJHQ $XWRU DOV ([SHUWHQ LP %HUHLFK GHU %ULHI XQG 5HGHNXQVW DXV VRGDVV HU 9RUOHVXQJHQ]XU%ULHINXQVWLQYHUVFKLHGHQHQGHXWVFKHQ8QLYHUVLWlWVVWlGWHQDQELH WHQ NDQQ 'DEHL QXW]W HU LPPHU DXFK GLH *HOHJHQKHLW .RQWDNW ]X DQVlVVLJHQ 9HUOHJHUQ ]X NQSIHQ EHL GHQHQ HU VHLQH JDODQWHQ 5RPDQH XQWHU]XEULQJHQ YHU VWHKW'LH3DUDWH[WHGHU5RPDQHVXJJHULHUHQZLHGHUXPGDVV6WXGHQWHQXQGMXQJH 0lQQHU QHEHQ )UDXHQ ]X %RKVHV /HVHUNUHLVHQ ]lKOWHQ VRGDVV DQ]XQHKPHQ LVW GDVV GLHVH PlQQOLFKH .OLHQWHO DXFK VHLQH 9RUOHVXQJHQ EHVXFKWH $XIJUXQG GHV (UIROJV YRQ %RKVHV /HLS]LJHU 9RUOHVXQJHQ ]XU 3RHVLH XQG %ULHINXQVW ZLUG VFKOLH‰OLFK +HU]RJ -RKDQQ $GROSK , YRQ 6DFKVHQ:HL‰HQIHOV DXI GHQ MXQJHQ   9RQ 7KRPDV )ULWVFK LQ /HLS]LJ HUKlOW +XQROG HLQ %RJHQKRQRUDU YRQ HLQHP 7DOHU *RWWIULHG

/LHEHUQLFNHOLQ+DPEXUJJHZlKUWLKP]ZHL7DOHUSUR'UXFNERJHQ9JOHEG6,QHLQHP %ULHIDQ%HQMDPLQ:HGHOYRPlX‰HUWVLFK+XQROGYHUlUJHUWGDVVLKPYRQ7KRPDV )ULWVFK IU GLH $XVIHUWLJXQJ HLQHV Ä2UDWRULVFKHQ /H[LFL >«@ YRU  %RJHQLQJUR‰WR GHQQ GDV =HLWXQJV /H[LFRQ LVW PLW JUR‰ 4XDUW ]X YHUJOHLFKHQ  QLFKW PHKU DOV  ò 7KO NULHJHQ³ VROOGKFLUFDHLQHQ7DOHUSUR%RJHQ HEG 'DKHUKDEH+XQROGÄNHLQH/XVW³GDUDQ]XDUEHL WHQGHQQYRQ/LHEHUQLFNHOLQ+DPEXUJHUKDOWHHUÄLQGHQOHW]WHQ=HLWHQYRUHLQHQJHGUXFNWHQ %RJHQLQYR>«@7KO³ HEG 0LW]ZHL7DOHUJHZlKUW/LHEHUQLFNHOHLQJUR‰]JLJHV$XWR UHQKRQRUDU GHQQ DXFK -RKDQQ /XGZLJ *OHGLWVFK XQG 0RULW] *HRUJ :HLGPDQQ LQ /HLS]LJ ]DKOWHQ IU JHOHKUWH RGHU XQWHUKDOWVDPH 6FKULIWHQ QXU HLQHQ 7DOHU SUR %RJHQ 9JO -RKDQQ *ROGIULHGULFK *HVFKLFKWH GHV GHXWVFKHQ %XFKKDQGHOV YRP :HVWIlOLVFKHQ )ULHGHQ ELV ]XP %HJLQQ GHU NODVVLVFKHQ /LWWHUDWXUSHULRGH ± /HLS]LJ  6 $OEUHFKW .LUFK KRII /HVHIUFKWH DXV GHQ $FWHQ GHV VWlGWLVFKHQ $UFKLYV ]X /HLS]LJ ,Q $UFKLY IU GLH *H VFKLFKWHGHV%XFKZHVHQV  6  7DODQGHU$PD]RQLQQHQDXVGHP.ORVWHU ZLH$QP 9RUUHGHXQSDJ>$D@  (EG9RUUHGHXQSDJ>$D@  &KULVWRSK :HL‰HQE|UQV 3RHWLVFKHU 6FKHUW] XQG (UQVW 'HU %OKHQGHQ -XJHQG'DVLVW$OOHU KDQG /XVW  XQG /HKU UHLFKH &XUL|VH XQG 6DW\ULVFKH+RFK]HLWV  XQG (KUHQ *HGLFKWH :LH DXFK %ULHIH  2GHQ  8EHU 6FKULIIWHQ XQG =XJDEH YRQ YHUVFKLHGHQHQ 9HUVHQ /HLS]LJ  9RUUHGHXQSDJ>$E@  9JO'XQNHO1DFKULFKWYRQYHUVWRUEHQHQ*HOHKUWHQ ZLH$QP 6

'LVNXUVHMXQJHU0lQQOLFKNHLW



0DQQ DXIPHUNVDP XQG OlVVW LKQ DOV +RIVHNUHWlU XQG 'LFKWHU QDFK :HL‰HQIHOV KROHQ.DUULHUHQZLHGLHVHPXVVWHQYRUDOOHPIUMXQJH$NDGHPLNHUPLWWHOVWlQGL VFKHU6FKLFKWHQDWWUDNWLYHUVFKLHQHQVHLQGDMHQHDXIJUXQGLKUHU+HUNXQIWJHULQJH UHVWlQGLVFKHVR]LDOHXQGILQDQ]LHOOH3URWHNWLRQJHQRVVHQXQGEHLGHUEHUXIOLFKHQ ZLHJHVHOOVFKDIWOLFKHQ(WDEOLHUXQJZHLWHVWJHKHQGDXIVLFKVHOEVWLKUHSHUV|QOLFKHQ .RPSHWHQ]HQXQG.RQWDNWHJHVWHOOWZDUHQ *OHLFK]HLWLJ ELHWHW GLH SRHWLVFKH 3URGXNWLRQ VWXGHQWLVFKHQ $XWRUHQ DEHU DXFK GLH 0|JOLFKNHLW HLJHQH /HEHQVHUIDKUXQJHQ NULWLVFKVDWLULVFK ]X UHIOHNWLHUHQ 'LH DQRQ\PHQXQGDQRQ\PLVLHUHQGHQ6WUXNWXUHQGHV%XFKKDQGHOVXPGLH5DXE GUXFN XQG 0LVVEUDXFK QLFKW YHUKLQGHUQ VFKDIIHQ ]XJOHLFK HLQHQ 6FKXW]UDXP LQ GHP+LQZHLVH]XU,GHQWLWlWYRQ9HUIDVVHUQXQG9HUOHJHUQJHKHLPJHKDOWHQZHUGHQ N|QQHQ(VHU|IIQHQVLFKJQVWLJH3URGXNWLRQVXQG'LVWULEXWLRQVEHGLQJXQJHQIU SURYRNDQWHRGHUVDWLULVFKH6FKULIWHQ$QRQ\PHRGHUSVHXGRQ\PH9HU|IIHQWOLFKXQ JHQ DEHU DXFK ILQJLHUWH 9HUODJVLPSUHVVHQ ZLH Ä&|OOQ EHL 3HWHU +DPPHU RGHU 3LHUUH 0DUWHDX³ ± HLQ 9HUODJ GHU DOV UHDOH 2IIL]LQ QLH H[LVWLHUWH ± ZXUGHQ YRQ 9HUOHJHUQ'UXFNHUQXQG$XWRUHQYLHOIlOWLJJHQXW]WZHQQHVQ|WLJZDULKUH,GHQWL WlWDOV+HUDXVJHEHU]XYHUVFKOHLHUQ]%EHLVDWLULVFKHQUHOLJLRQVNULWLVFKHQSROL WLVFK RGHU VLWWOLFK ÃDQVW|‰LJHQµ 7H[WHQ 6WXGHQWLVFKH 6FKULIWHQ XQG DNDGHPLVFKH 5RPDQH ZLH &HODQGHUV 'HU 9HUOLHEWH 6WXGHQWH   HUVFKLHQHQ LQ GHU 5HJHO SVHXGRQ\PRGHUJlQ]OLFKDQRQ\PZRGXUFKVLFKIUGLH7H[WJHVWDOWXQJQHXH)UHL UlXPH HU|IIQHQ ZHLO GDV 6FKUHLEHQ YRQ LQKDOWOLFKHQ IRUPDOlVWKHWLVFKHQ RGHU VLWWOLFKQRUPDWLYHQ5FNVLFKWHQHQWODVWHWLVW 'LH7XJHQGXQG/DVWHU&RPRHGLHNDQQZRKODXFKDOVHLQVROFKHU7H[WJHOWHQ $Q GLH 7UDGLWLRQ GHU 3RVVHQNRP|GLH DQVFKOLH‰HQG ZLUG KLHU HLQ VWXGHQWLVFKHV 3HUVRQDOLQGHQ0LWWHOSXQNWGHU'DUVWHOOXQJJHUFNWXQGGLH.RP|GLH]XUVWXGHQWL VFKHQ 6DWLUH XPJHVWDOWHW ,QGHP GLH 6FKULIW ÄDOOHQ 5HFWRUHV &RQ5HFWRUHV 6XE &RQUHFWRUHV &DQWRUHV 6XE&DQWRUHV %DFDODXUHRV XQG DQGHUH>Q@ &ROOHJHQ GHU 6FKXOHQ LQ 7HXWVFKODQG³ 9RUUHGH   JHZLGPHW LVW ZHUGHQ XQLYHUVLWlWVLQWHUQH +LHUDUFKLHQ XQG )XQNWLRQVUROOHQ DXIV .RUQ JHQRPPHQ VRGDVV HV QDKHOLHJHQG HUVFKHLQWLP8UKHEHUHLQHQVWXGHQWLVFKHQ$XWRURGHUMXQJHQ$NDGHPLNHU]XYHU PXWHQ :HQQ GHPVRLVWGDQQJHZlKUWGLH6DWLUHDXFK(LQEOLFNLQGLHILNWLRQDOL VLHUWH 6HOEVWVWLOLVLHUXQJ MXQJHU 0lQQHU XP  ,P )ROJHQGHQ VROO GDKHU GHU )UDJH QDFKJHJDQJHQ ZHUGHQ LQ ZHOFKHU :HLVH GHU 7H[W (OHPHQWH GHV JDODQWHQ 'LVNXUVHV±ÃJDODQWHµ%LOGXQJYHUVXVJHOHKUWH6FKXOSKLORVRSKLHÃQDWUOLFKHµ)UHL KHLWYHUVXV:HOWNOXJKHLW:ROOXVWYHUVXV7XJHQG±DXIQLPPWXQGVLHDXVGHU6LFKW MXQJHU $NDGHPLNHUGHUHQ%HGUIQLVVHQXQG'HXWXQJVSHUVSHNWLYHQJHPl‰UHIOHN WLHUW    9JOHEG  9JO.DUO.ODXV:DOWKHU'LHGHXWVFKVSUDFKLJH9HUODJVSURGXNWLRQYRQ3LHUUH0DUWHDX3HWHU

+DPPHU.|OQ=XU*HVFKLFKWHHLQHVILQJLHUWHQ,PSUHVVXPV/HLS]LJ



.DWMD%DUWKHO

 7XJHQGXQG/DVWHU&RPRHGLH  ±Ã*UQHQGH-XJHQGµ]ZLVFKHQ 2ULHQWLHUXQJVORVLJNHLWXQG6HOEVWEHVWLPPXQJ  ,P0LWWHOSXQNWGHU7XJHQGXQG/DVWHU&RPRHGLHVWHKHQGLHMlKULJHQVWXGHQWL VFKHQ 3URWDJRQLVWHQ 3KLORPXVXV Ä/LHEKDEHU GHU :LVVHQVFKDIWHQ XQG .QVWH³  XQG7DQFUHWXVGLHLKUHGHU]HLWLJH/HEHQVVLWXDWLRQDOVRIIHQXQG]XJOHLFKRULHQWLH UXQJVORVEHVFKUHLEHQ,P6HOEVWJHVSUlFKXPUHL‰W3KLORPXVXVGLH3UREOHPDWLNGLH ]XPPRWLYLHUHQGHQ0RPHQWGHUJHVDPWHQ.RQIOLNWJHVWDOWXQJZLUG $FK LFK DUPHU HOHQGHU 0HQVFK  LFK PX‰ EHNHQQHQ  GD‰ LFK EHO GUDQ ELQ  LFK ELQ QXQ JOHLFKZRKOHLQHUZDFKVHQHU-QJOLQJPHLQH-DKUHQHKPHQ]XXQGKDEHQRFKQLHJHGDFKW ZLHLFKPHLQ/HEHQUHFKWP|JHDQVWHOOHQGD‰LFKGXUFKGLH:HOWNRPPHXQGPLFKPLWGHU =HLWHKUOLFKHUQHKUHLFKEHGUIIWHZRKOHLQHQJXWHQ5DWKZRKLQLFKPLFKZHQGHQRGHUZDV LFKDQIDQJHQXQGOHUQHQVROO

,QGHU%HJHJQXQJPLWYLHU'DPHQGLHDOV3HUVRQLILNDWLRQXQWHUVFKLHGOLFKHU.RQ ]HSWH DXIWUHWHQ ± QlPOLFK GHU :HLVKHLW6FKXOSKLORVRSKLH GHU :HOWNOXJ KHLW1HRSROLWLFD GHU 7XJHQG GLH VWDUN PLW GHP 3LHWLVPXV DVVR]LLHUW ZLUG  VRZLH GHU :ROOXVW ± VXFKHQ GLH 3URWDJRQLVWHQ 2ULHQWLHUXQJ XQG 6LQQVWLIWXQJ :lKUHQG MHGHGHU'DPHQYHUVXFKWGLHMXQJHQ0lQQHUIUVLFK]XJHZLQQHQNRPPHQGLHVH ]XGHU(UNHQQWQLVGDVVLKQHQZHGHUGLHWUDGLWLRQHOOH*HOHKUVDPNHLWQRFKGDV,GHDO GHV ÃZHOWJHZDQGWHQ 3ROLWLFXVµ HLQ DQJHPHVVHQHV .RQ]HSW GHU SHUV|QOLFKHQ /H EHQVIKUXQJ]XVHLQVFKHLQWHEHQVRZHQLJZLHHLQHUHOLJL|VIXQGLHUWH7XJHQGKDI WLJNHLW RGHU HLQH ]JHOORVH :ROOXVW VLH EHU]HXJHQ ÄGLH MXQJHQ -DKUH  ZHLO VLH VFKQHOOGDKLQIOLHKHQZRKO]X>]X@EULQJH>Q@³  'HU7H[WUHIHULHUWHLQHUVHLWVDXI WUDGLWLRQHOOH0RPHQWHGHU*HOHKUVDPNHLW5KHWRULNXQG$IIHNWHQOHKUH 3KLORVRSKLH ± Ã3ROLWLFµ 7XJHQG ± :ROOXVW  EULQJW VLH DQGHUHUVHLWV LQ HLQ JDODQWHV 3UlVHQWDWL RQVPXVWHU ௅ LQGHP GLH 'DPHQ UHVSHNWLYH :HLEOLFKNHLW DOV Ä]LYLOLVDWRULVFKH ,Q VWDQ]³ HUVFKHLQHQ ZLH GLHV IU JDODQWH SUH]L|VH  .RPPXQLNDWLRQV XQG 9HUKDO WHQVPRGHOOH XP  EHNDQQW LVW ௅ XQG VFKOLH‰OLFK ZHUGHQ GLHVH DOOHJRULVFKHQ .RQ]HSWHGXUFKGLHNRQNUHWH.RQIOLNWJHVWDOWXQJLQGHU.RP|GLHPRGLIL]LHUWE]Z QHXDN]HQWXLHUW 'LH HUVWH 'DPH GHU3KLORPXVXVEHJHJQHWLVWGLHÄ-XQJIHU:HL‰KHLW³  GLH VLFK DXFK DOV Ä3KLORVRSKLD³   YRUVWHOOW XQG GHP -QJOLQJ DQELHWHW LKQ LQ GHQ DNDGHPLVFKHQ*UXQGIlFKHUQGHUDUWHVOLEHUDOHV]XXQWHUZHLVHQ ,FKELQGLH.|QLJLQDOOHU'LVFLSOLQHQXQGKDEHXQWHUPLU*UDPPDWLFDP>«@5KHWRULFDPXQG 2UDWRULDPXQGOHKUHHLQHPUHFKW]LHUOLFKXQGPLWVRQGHUOLFKHU*HVFKLFNOLFKNHLWUHGHQ>«@   9JO7DODQGHU7XJHQGXQG/DVWHU&RPRHGLH ZLH$QP 6  9JOHEG6 $XIWDNW$FWXV,6FHQD,   9JO)ORULDQ*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU5RPDQHVNHV(U]lKOHQ]ZLVFKHQ

7KRPDVLXVXQG:LHODQG7ELQJHQ6IHUQHU6IVRZLHGHUV.RQYHU VDWLRQ XQG *HVHOOLJNHLW LP ÃJDODQWHQ 'LVNXUVµ ±  ,Q .RQYHUVDWLRQVNXOWXU LQ GHU 9RUPRGHUQH *HVFKOHFKWHU LP JHVHOOLJHQ *HVSUlFK +J Y 5GLJHU 6FKQHOO .|OQ  6±EHV6

'LVNXUVHMXQJHU0lQQOLFKNHLW



(VPX‰PLUDXFK]X*HERWKHVWHKHQ/RJLFDGDLFKHLQHQXQWHUULFKWHZLHHUGXUFKNQVWOLFKH $UJXPHQWD XQQG >VLF@ VRQGHUOLFKH 6FKOX‰ 5HGHQ KLQWHU GLH :DKUKHLW HLQHV 'LQJHV UHFKW NRPPHQXQGGLHVHOELJHQYHUWKHLGLJHQN|QQWH ± 

*UDPPDWLN 5KHWRULN 2UDWRULH PXVLNDOLVFKH )RUPHQOHKUH  XQG /RJLN VR GLH -XQJIHU :HLVKHLW VHLHQ GLH ZLFKWLJVWHQ *UXQGNHQQWQLVVH GLH HLQ MXQJHU 0HQVFK EHQ|WLJHXPÃJDODQWµVSUHFKHQXQGDXIWUHWHQ]XN|QQHQXQGGDGXUFKÄLQGHU:HOW IRUW>]X@NRPPHQ³  )ORULDQ*HO]HUKDWLQVHLQHU6WXGLH.RQYHUVDWLRQ*DODQWHULH XQG$EHQWHXHUDXIGLH9HUTXLFNXQJYRQ.RPPXQLNDWLRQVXQG9HUKDOWHQVLGHDOHQ LP JDODQWHQ 'LVNXUV KLQJHZLHVHQ XQG JH]HLJW GDVV 8QLYHUVLWlWVOHKUHU ZLH &KULV WLDQ 7KRPDVLXV ±  GLH *DODQWHULH LP 5DKPHQ GHU Ä6SUDFKSIOHJH XQG *HVHOOVFKDIWVHWKLN³ IUXFKWEDU ]X PDFKHQ YHUVXFKWHQ )U 7KRPDVLXV LVW GLH *D ODQWHULH7HLOHLQHUDOOXPIDVVHQGHQ)UHXQGVFKDIWVHWKLNGLHDXIVR]LDOH,QWHJUDWLRQ XQG DNWLYH (LQIOXVVQDKPH GHV (LQ]HOQHQ JOHLFKHUPD‰HQ ]LHOW (LQ VLWXDWLRQVDQJH SDVVWHV K|IOLFKHV XQG UKHWRULVFK JHVFKPHLGLJHV $XIWUHWHQ HUODXEW HV GHP *DODQ WHQSHUV|QOLFKH,QWHUHVVHQ]XYHUIROJHQXQGGLH=XVWLPPXQJGHUVR]LDOHQ8PZHOW ]X JHZLQQHQ RKQH VLFK GHV HJRLVWLVFKHQ (LJHQQXW]HV XQG GHU 6HOEVWOLHEH SKLODXWLD YHUGlFKWLJ]XPDFKHQ,P6LQQHHLQHUÄ.OXJKHLWVOHKUH³LVWGHUSHUV|Q OLFKH (UIROJ XQPLWWHOEDU DQ GLH .RPPXQLNDWLRQV XQG ,QWHUDNWLRQVNRPSHWHQ] GHV (LQ]HOQHQ JHNQSIW ZRIU LQWHOOHNWXHOOH .RPSHWHQ]HQ LP 5DKPHQ GHU DNDGHPL VFKHQ %LOGXQJ HUZRUEHQ XQG NXOWLYLHUW ZHUGHQ 7KRPDVLXV EHVFKUlQNW GHQ :LU NXQJVEHUHLFK JHOHKUWHQ :LVVHQV MHGRFK QLFKW DXI GLH 8QLYHUVLWlWHQ VRQGHUQ HLQH JDODQWH*HOHKUVDPNHLWVHLHEHQVRLPDOOWlJOLFKHQ/HEHQYRQ1XW]HQ ,Q lKQOLFKHU :HLVH YHUWULWW GLH -XQJIHU :HLVKHLW LQ GHU 7XJHQG XQG /DVWHU &RPRHGLH GLH $XIIDVVXQJ GDVV GLH *UXQGWHFKQLNHQ GHU DNDGHPLVFKHQ%LOGXQJ± *UDPPDWLN 5KHWRULN XQG /RJLN ± GLH %DVLV ELOGHQ XP ]X HLQHP DQJHPHVVHQHQ JDODQWHQ 6SUHFKHQ XQG 9HUKDOWHQ ]X JHODQJHQ $OOHUGLQJV EHGLHQW VLH VLFK VHOEVW HLQHU JUREHQ XQIOlWLJHQ $XVGUXFNVZHLVH VRGDVV IRUPDOlVWKHWLVFK ± GXUFK GLH :DKOGHVVWLOLVWLVFKHQ5HJLVWHUV±LKUH$XVVDJHLURQLVLHUWZLUG'LH:HLVKHLWXQWHU JUlEWLKUHHLJHQH*ODXEZUGLJNHLWGHQQQDFKJDODQWHU.RQYHUVDWLRQVNXQVWNOLQJHQ GLHVH:RUWHQLFKWÄ>:@HULQGHU:HOWIRUWNRPPHQZLOOGHUPX‰QLFKWPLWSOXP SHQEDXULVFKHQ5HGHQKHUDXVIDKUHQVRQGHUOLFKGHUIUDQGHUQHWZDV*DODQWHVZLO DQJHVHKHQ VH\Q  VRQVWHQ EHNRPPW HU GHQ 7LWXO HLQHV 3OXPS LQ GLH *UW]H³   $QVFKOLH‰HQG YHUIlOOW GLH :HLVKHLW LQ HLQH /LWDQHL ODWHLQLVFKHU 7HUPLQL GLH 3KLORPXVXV HUOHUQHQ PVVH ZHQQ HU LKU IROJHQ ZROOH %HL GLHVHU RVWHQWDWLYHQ 'HPRQVWUDWLRQJHOHKUWHU6FKXOZHLVKHLWVFKZLUUWGHPMXQJHQ6WXGHQWHQVFKRQEDOG GHU.RSI1RFKGD]XJLEWVLFKGLH-XQJIHUDOVDXWRULWlUH/HKUHULQ]XHUNHQQHQGLH HV QLFKW GXOGHW GDVVÄGLH-XJHQG>«@ZDQQLKQHQGLH3UDHFHSWRUHVHLQHOHFWLRQ   9JO*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU ZLH$QP 6  9JO*HO]HU.RQYHUVDWLRQXQG*HVHOOLJNHLWLPJDODQWHQ'LVNXUV ZLH$QP 6  9JO*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU ZLH$QP 6I  9JO7DODQGHU7XJHQGXQG/DVWHU&RPRHGLH ZLH$QP 6I



.DWMD%DUWKHO

>«@IUJHEHQ>«@GDUZLGHUPXUHQ³  'LH)LJXUHQFKDUDNWHULVLHUXQJUFNWGLH -XQJIHU LQ GLH 1lKH GHU VFKRODVWLVFKHQ 6FKXOJHOHKUVDPNHLW $XWRULWlW UHSHWLWLYH :LVVHQVDQHLJQXQJ  UHIHULHUW DEHU DXFK DXI 7KRPDVLXV¶ .RQ]HSW HLQHU JDODQW JHOHKUWHQ %LOGXQJ GD PDQ DXI GHP :HJH GHU :HLVKHLW ÄLP /HEHQ IRUWNRPPHQ³ ZUGH 9HUZHUWEDUNHLW DNDGHPLVFKHU *UDGH LP JHPHLQHQ /HEHQ  'HQ -QJOLQJ GHP ]X 2KUHQ JHNRPPHQ LVW GLH 3KLORVRSKLH VHL RKQHKLQ HLQH Ä%URGW ORVH .XQVW³ HLQ Ä3KLORVRSKXV³ EHNRPPH ÄNHLQ %URGW LQV +DX‰ GDYRQ³   SDFNW LQGHV GDV *UDXHQ 8P DOO GLHVHV :LVVHQ IDVVHQ ]X N|QQHQ HUVFKHLQW LKP ÄVROFK VWXGLUHQJDU]XODQJZLHULJ³]XPDOÄPHLQ.RSI>HV@QLFKWKDOWHQ>ZLOO@³+RFKWUD EHQGH =XNXQIWVYLVLRQHQ GXUFK HLQH DNDGHPLVFKH $XVELOGXQJ LQ GHQ ZHOWOLFKHQ 6WDDWVGLHQVWHLQWUHWHQ]XN|QQHQ]HUIDOOHQ]X6WDXE >,@FKYHPHLQHWHHLQJURVVHUJHOHKUWHU5HLFKV &DQW]OHU]XZHUGHQQXQLFKDEHUK|UHGD‰ LFKVRYLHOE|VH+HUW] VSH\HQGH:|UWH>«@HUOHUQHQVROOZLUGPLUKHUW]OLFKDQJVWXQGEDQJH ZRLFKDOOH-DKUKHUQHKPHQVROOHGLHVHVDOOHV]XIDVVHQZDQQPLUGLH-XQJIHU>:HLVKHLW.%@ YHUVLFKHUQN|QQWHGD‰LFK-DKUDOWZUGHZROWHLFKPLFKGRFKEHUHGHQODVVHQHLQJH OHKUWHU 0DQQ ]X ZHUGHQ  >«@ DEHU VR PX‰ LFK DQGHUH *HGDQFNHQ IDVVHQ  ZHLOHQ DOOEHUHLW EH\QDKH-DKUGDYRQYRUEH\VH\Q I 

'LH ODQJH $XVELOGXQJVGDXHU DXWRULWlUH 6WUXNWXUHQ GHU %LOGXQJVLQVWLWXWLRQHQ XQG GLHXQJHZLVVH9HUZHUWEDUNHLWDNDGHPLVFKHU7LWHOLPJHPHLQHQ/HEHQYHUDQODVVHQ 3KLORPXVXVGD]XHLQHQDQGHUHQ/HEHQVZHJHLQ]XVFKODJHQ(UEHJHJQHWGHU'DPH Ä1HRSROLWLFDRGHU:HOW .OXJKHLW³GLHGHPMXQJHQ0DQQGDVUDWLRQDOH,GHDOGHV 3ROLWLFXV DQELHWHW ZLH HV DXV GHU LWDOLHQLVFKHQ XQG IUDQ]|VLVFKHQ 7UDGLWLRQ GHV VHOEVWEH]RJHQ NDONXOLHUHQGHQ +RIPDQQHV EHNDQQW LVW GHU QDFK GHU /RJLN HLQHU SUXGHQWLVWLVFKSROLWLVFKHQ +RINXQVW DJLHUW ,Q GHU 7XJHQG XQG /DVWHU &RPRHGLH ZLUGGHU3ROLWLFXVDOVHLQ7\SXVFKDUDNWHULVLHUWGHUSULYDWH*HIKOHXQG,QWHUHVVHQ EHVWlQGLJYHUELUJWVHLQHU8PJHEXQJPLWSHUPDQHQWHQ0LVVWUDXHQEHJHJQHWXQG VLFKGXUFKÄlX‰HUOLFKH)UHXQGOLFKNHLWXQG/LHEOLFKNHLW³ I GLH*XQVWGHU8P  

3KLORPXVXV]XU:ROOXVWÄ$QIlQJOLFKZROWH-XQJI3KLORVRSKLD>«@PLFKGLHUHFKWH:HL‰KHLW OHKUHQ  XQG VROWH LFK HLQ JXWHU 3KLORVRSKXV XQG ZHLVHU JHVFKLFNWHU 0DQQ ZHUGHQ  DEHU HV NDP PLU VROFK VWXGLUHQ JDU ]X ODQJZLHULJ YRU  XQG ZROWH HV DXFK PHLQ .RSI QLFKW KDOWHQ  GUXPOLH‰LFKVLHEOHLEHQ>«@³ (EG6   Ä,FKKHLVVH1HRSROLWLFDRGHU:HOW .OXJKHLWXQGOHKUHGHQ0HLQLJHQHLQHQHXH3ROLWLFDPZLH VLHPLWGHUKHXWLJHQ:HOWVROOHQXPJHKHQGD‰VLHYRUZHLVHXQGYHUVWlQGLJH/HXWHJHKDOWHQ ZHUGHQ³ (EG6I   =XU $EJUHQ]XQJ GHU *DODQWHULH YRQ GLHVHP ,GHDO YJO *HO]HU .RQYHUVDWLRQ *DODQWHULH XQG $EHQWHXHU ZLH $QP   6 -|UQ6WHLJHUZDOG*DODQWHULHDOV.ULVWDOOLVDWLRQVXQG.UHX ]XQJVSXQNW XP  HLQH 3UREOHPVNL]]H ,Q *DODQWHULH XQG )UKDXINOlUXQJ +J Y 'DQLHO )XOGD+DOOH6DDOH6±KLHU6  9JO 7DODQGHU 7XJHQG XQG /DVWHU &RPRHGLH ZLH $QP   6 Ä0LW HLQHP MHGHQ JXWHQ )UHXQGH JHKH DOVR XP  GD‰ GX LKP  HKH GX GHQVHOEHQ JHQDX HUIRUVFKHWKDVWQLFKW]XYLHO +HLPOLFKNHLWHQ DQYHUWUDXHVW  GDQQ GX PXVW JHGHQFNHQ  GD‰ HLQ JHULQJHU 6FUXSHO VROFKH )UHXQGVFKDIWXQWHUZHLOHQDXIIKHEHQNDQQXQGDOVGDQQJHEUDXFKHWHUGLHLKPYRQGLUHQWGHFN WH6DFKHQ]XU3HLWVFKHGLFKGDPLW]X]FKWLJHQ³Ä:LOOGLUMHPDQGHWZDVDQYHUWUDXHQVRK| UHGDVVHOEHJHUQXQGZLOOLJDQGDQQGDGXUFKEHNRPPHVWGXHLQLJH+HUUVFKDIIWEHULKQXQG NDQVWGXPLWGLHVHU6DFKHLKQGLUDOOH]HLWREOLJDWPDFKHQ³ (EG6 

'LVNXUVHMXQJHU0lQQOLFKNHLW



ZHOW]XHUVFKPHLFKHOQYHUVXFKWÄ'HLQHU2EHUHQDFWLRQHVVFKHOWHQLFKWDXFKZDQQ HVVLFKZLOOWKXQODVVHQ>«@+DVWXHLQHQPlFKWLJHQ)HLQGVRVLHKH]XGD‰GXEH\ VROFKHQ/HXWHQGHQVHOEHQOREHVWGDHUHVZLHGHUHUIlKUHW³  HUNOlUWGLH:HOW NOXJKHLW LKU .RQ]HSW 'RFK KDOW 'LH 'DPH WUlJW GHQ VSUHFKHQGHQ 1DPHQ 1HRSROLWLFDbKQOLFKLURQLVFKZLHGLH-XQJIHU:HLVKHLWLKUHLJHQHV.RQ]HSWGHVD YRXLHUW YHUZHLVW DXFK GLH 'DPH 1HRSROLWLFD DXI HLQ 9HUKDOWHQVPRGHOO GDV 7KRPDVLXV PLW GHU )LJXU GHV JDODQW KRPPH SUlJW GHVVHQVR]LDOJHIlOOLJHV9HU KDOWHQQLFKWDOOHLQGXUFKGDV,QWHUHVVHDPSHUV|QOLFKHQ)RUWNRPPHQPRWLYLHUWVHLQ VROOVRQGHUQGXUFKHLQH)RUPYRQVR]LDOHU5FNVLFKWXQG%HVFKHLGHQKHLWHUJlQ]W ZLUG,QGHU.RP|GLHHUNOlUWGLH'DPH1HRSROLWLFDLQGHVUHFKWWULYLDO(LQ3ROLWL NHUZQVFKHQLFKWQDFKGHQ6WHUQHQ]XJUHLIHQÄ7UDFKWHQLFKWQDFKGHUREHUVWHQ (KUHQ 6WDIIHOVRQGHUQVH\PLW GHP0LWWHO>PLWGHP0LWWOHUHQ.%@]XIULHGHQ³  ,QGHU)LJXUGHU1HRSROLWLFDGHJHQHULHUWGHU7\SXVGHV3ROLWLFXV]XP2SSRU WXQLVWHQ LQ UHFKW SURIDQHU :HLVH GHU VLFK YRQ GHQ *HJHEHQKHLWHQ VHLQHU8PZHOW YROOVWlQGLJEHVWLPPHQOlVVWRKQHGLHVH$QSDVVXQJVIlKLJNHLWPLWHLQHPVLQQYROOHQ 1XW]HQYHUELQGHQ]XN|QQHQ'LH1HRSROLWLFD:HOWZHLVKHLWUHVPLHUW >(LQJXWHU3ROLWLFXVVROOVLFK@GHU:HOWPLWZHOFKHUHUXPJHKHWJOHLFKVWHOOHQ]XLKUHP-D MDVDJHQXQG]XLKUHP1HLQDXFKQHLQHVPDJJOHLFKGDV+HUW]VDJHQZDVHVZROOHGHQ>Q@ GDVZlUH]XElXULVFKXQGXQK|IOLFKZHQQHLQHUQLFKWVHLQ+HUW]YHUEHUJHQN|QWH>«@>0@DQ PX‰HLQDQGHUVUHGHQXQGHLQDQGHUVGHQFNHQGHQQGDVLVWGHU:HOW6LQQ>«@ I 

'HU MXQJH 3KLORPXVXV LVW XQ]XIULHGHQ PLW VROFK HLQHU ULJLGHQ )RUP GHU 9HUKDO WHQVNRQWUROOH XQG $IIHNWGLV]LSOLQLHUXQJ =XP VSlWHUHQ =HLWSXQNW HUNOlUW HU HQW WlXVFKWÄ+HUQDFKNDPGLH:HOW .OXJKHLW]XPLUXQGZROWHPLFK]XHLQHPIHLQHQ 3ROLWLFXPPDFKHQGHUVLFKPLWGHU:HOWLQDOOHQ6WFNHQIHLQFRPSRUWLUHQVROOWH XQGHLQJXWHV/REGDYRQWUDJHQ6ROFKHVOLH‰LFKPLUZRKOJHIDOOHQ>«@$EHUPHLQ *HPWKH KDW DXFK DQ GLHVHP QLFKW JQXJ  VRQGHUQ VXFKHW HWZDV  GDULQQHQ LFK PHLQH/XVWXQG(UJHW]OLFKNHLWKDEHQP|FKWH³  7DQFUHWXVKLQJHJHQPDFKWGLH 3UREHDXIV([HPSHO(LQHP%DXHUQJHJHQEHUIKUWHUVLFKLQGHU:HLVHGHU:HOW NOXJKHLW DXI XQG PDFKW LKQ JODXEHQ GHUDUW N|QQH PDQ DOOH =LHOH HUUHLFKHQ 'HU %DXHU DKPW GDV 9HUKDOWHQ GHV 6WXGHQWHQ LP .RQIOLNW PLW HLQHP $PWPDQQ QDFK GHU LKQ GHV 'LHEVWDKOV YHUGlFKWLJW 0LW WDNWLHUHQGHQ )ORVNHOQ LQ VFKPHLFKHOQGHU XQG DXVZHLFKHQGHU 0DQLHU SDULHUW GHU %DXHU GLH )UDJHQ GHV $PWPDQQHVGHULKQ GDUDXIKLQIUEHWUXQNHQHUNOlUWXQGLQGHQ7XUPVSHUUHQOlVVW6HOEVWLQSURIDQV WHQ6LWXDWLRQHQZLHGLHVHQJLOWGLH1HRSROLWLFDQLFKWDOV*DUDQWIUHLQHHUIROJUHL FKH /DXIEDKQ XQG/HEHQVJHVWDOWXQJ,KUH9HUKDOWHQVIRUPHQVLQGDQK|ILVFKH*H JHEHQKHLWHQ JHEXQGHQ GLH LP VR]LDOHQ 0LOLHX XQWHUHU 6FKLFKWHQ NHLQH *OWLJNHLW EHDQVSUXFKHQN|QQHQ   9JO*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU ZLH$QP 6  9JOHEG6  9JO7DODQGHU7XJHQGXQG/DVWHU&RPRHGLH ZLH$QP 6±



.DWMD%DUWKHO

,P )ROJHQGHQ NRQIURQWLHUW GHU 7H[W GLH VWXGHQWLVFKHQ 3URWDJRQLVWHQ PLW GHU 7X JHQGGLHVWDUNPLWGHP3LHWLVPXVDVVR]LLHUWZLUGXQGGLH±DOV*HJHQNRQ]HSW]XP 3ROLWLFXV±HLQHWXJHQGKDIWH,QQHUOLFKNHLWSURSDJLHUW'HU3LHWLVPXVZDUJHUDGHLP 4XHGOLQEXUJHU 8PIHOG VWDUN SUlVHQW ZR GHU 7H[W GXUFK *RWWORE (UQVW 6WUXQW] YHU|IIHQWOLFKW ZXUGH XQG ZR PLW GHU )DPLOLH YRQ 6WDPPHU ± LKUHUVHLWV HQJHQ )UHXQGH $XJXVW +HUPDQQ )UDQFNHV ±  ± GHU SLHWLVWLVFKH *ODXEH HLQ IOXVVUHLFKH%HIUZRUWHUIDQG'LH-XQJIHU7XJHQGVWHOOWVLFKPLWGHQ:RUWHQYRU Ä(VZHUGHQHWOLFKH/HXWHJHIXQGHQZHOFKHPDQ3LHWLVWHQ>«@KHLVVHWXQGYRQ GHUVHOEHQ =DKO ELQ LFK DXFK HLQH XQG YHUOHXJQH HV QLFKW³   :DV GLHVH /HXWH DXV]HLFKQH HUNOlUW VLH GHP 6WXGHQW QlPOLFK ÄGD‰ ZLU *2WWHV :RUW IU HLQH XQ IHKOEDUH5HJHOXQG5LFKWVFKQXUXQVHUV/HEHQVXQG*ODXEHQVKDOWHQ³$OOHUGLQJV EHNODJW VLH VLFKVHOEVWDOVGDVVFKHLQEDUXQDWWUDNWLYVWH/HEHQVPRGHOOGDVLQDOOHQ JHVHOOVFKDIWOLFKHQ 6FKLFKWHQ ± YRP +RI EHU GLH $GHOVLW]H ELV LQ GLH 6WlGWH XQG '|UIHU ± GLH JHULQJVWH :LUNVDPNHLW EHDQVSUXFKHQ N|QQH XQG PLWXQWHU JDU SROL WLVFK YHUIROJWZUGH'LH-XQJIHUEHGDXHUWVLFK $FK7XJHQG7XJHQGZRVROVWGXGLFKQRFKKLQZHQGHQGD‰GXGHLQH/LHEKDEHUILQGHVWJHKH LFK JHQ +RI  GD ZHUGH LFK HQWZHGHU JDU QLFKW DQJHVHKHQ  RGHU PX‰ PLFK >«@ JDU ZRKO VFKPLHJHQ XQG EFNHQ  GD‰ LFK QLFKW YRQ GHU :ROOXVW GD YHUMDJHW ZHUGH 6XFKH LFK PHLQH /LHEKDEHUDXIIGHQ$GHOLFKHQ6LW]HQXQGYHUPH\QHGDVHOEVW$GHO>LJH@7XJHQGHQ]XILQGHQ DFKGDZHUGHLFKRIIWLQPHLQHU+RIIQXQJEHWURJHQXQGYRQGDUGXUFKLKUHXQDGHO>LJHQ@6LW WHQ YHUWULHEHQ )LQGH LFK PLFK LQ 6WlGWHQ XQG '|UIHUQ  R ZLH KHLVW GHQQ DQ PDQFKHQ 2UW QLPPGHLQHQ6WDEXQGZDQGHUHGDQQZLUGUIIHQGHLQQLFKWGDPX‰LFKDOVDUPH([XODQWLQ VH\QGLHQLHPDQGZLOODXIIQHKPHQ  

$OVVLFK7DQFUHWXVGHUWXJHQGKDIWHQ-XQJIHUDOVÄ3LFNHOKHULQJ³YRUVWHOOWÄZHOFKHU DOOHUOH\ 6FKRVHQ  3RVVHQ XQG *HOlFKWHU EH\ GHQHQ /HXWHQ HUZHFNHQ NDQ³   HUIlKUWHUGDVVÄVROFKH3URIHVVLRQ>«@YRQGHP7HXIIHOKHU>UKUHW@³ I HEHQVR ZLHÄJDUVWLJH=RWHQ/JHQ:RUWYHUNHKUHQ9HUNHKUXQJGHU.OHLGHU9HUVWHO OXQJ GHV *HVLFKWHV HWF³   XQG ÄDXVGUFNOLFK LQ GHU + 6FKULIIW RGHU %LEHO YHUERWKHQ³   LVW 3URPSW NRPPW GDV /HEHQVPRGHOO GHU 7XJHQG IU 7DQFUHWXV QLFKW PHKU LQ %HWUDFKW (U JLEW VLFK DOV $WKHLVW ]X HUNHQQHQ 3URYRNDQWVDWLULVFK IUDJWHUGLH7XJHQG :DVLVWGDVIUHLQ%XFKGLH%LEHOLFKKDEH]ZDUGDQQXQGZDQQGHQ1DKPHQJHK|UHWPLFK DEHUQLFKWGDUXPEHNPPHUWZRHV]XEHNRPPHQXQGZDVGDULQQHQHQWKDOWHQXQGGDLFK K|UH  GD‰ VLH PHLQHU 3URIHVVLRQ ]XZLGHU  ZHUGH LFK PLFK XPE GHVWRZHQLJHU GUXP EHNP PHUQGDQQGDVZUGHPLUEHODQVWHKHQZDQQLFKZLGHUPLFKVHOEVWVH\QZROWH     7XJHQGKDIWH 0HQVFKHQ VR XPUHL‰W GLH 7XJHQG LKUH 3RVLWLRQ ]HLFKQHWHQ VLFK GDGXUFK DXV

GDVVVLHÄDOOHVZDV*RWWHVIXUFKWKHLVVHW>OLHEHQ@XQGKLQJHJHQPHLGHQXQGIOLHKHQZDV8QWX JHQGXQG*RWWORVLJNHLWNDQJHQHQQHWZHUGHQ³ (EG6 'LH7XJHQGGHILQLHUWVLFKYRUDO OHPLQ$EJUHQ]XQJ]XU/HEHQVZHLVHGHUÄZROOVWLJH>Q@:HOW .LQGHU³ZRPLWZLHGHUXPHLQH 9RNDEHOGHV3LHWLVPXVEHPKWZLUG YJOHEG6 8QWHUGHQÄ:HOWHQ .LQGHUQ³OHEHQGLH Ä7XJHQGKDIWHQ³ GRFK ZHUGHQ VLH ZLH GLH -XQJIHU HLQUlXPW YRQ LKQHQ ÄYHUODFKW YHUDFKWHW RGHUYHUVSRWWHW³XQGPVVHQÄVRQGHUOLFKVH\Q³ HEG 

'LVNXUVHMXQJHU0lQQOLFKNHLW



'LH $EOHKQXQJ ZHOWOLFKHU )UHXGHQ ]X GHQHQ LP 3LHWLVPXV DXFK EHUPl‰LJHV *HOlFKWHUXQGGLH6DWLUH]lKOHQGLHQHJDWLYH(LQVWHOOXQJJHJHQEHUGHU)DQWDVLH GLH DOV Ã/JHµ GLVTXDOLIL]LHUW ZLUG DEHU DXFK GLH 9HUXUWHLOXQJ MHJOLFKHU $UW YRQ 6SLHOXQGGHU9HUVWHOOXQJYRQbX‰HUOLFKNHLWHQVFKHLQHQIU7DQFUHWXVÄZLGHULKQ VHOEVW³JHULFKWHW]XVHLQVRGDVVDXFKGLH7XJHQGLP6LQQHHLQHUSLHWLVWLVFKJHSUlJ WHQ *RWWHVIU|PPLJNHLW NHLQ DQQHKPEDUHV /HEHQVNRQ]HSW IU GHQ MXQJHQ 0DQQ GDUVWHOOW5LJRURVZHQGHWHUVLFKDEXQGVFKLPSIWDXIVLFKVHOEVWÄ>%@LQLFKQLFKW HLQH IHLJH 0HPPH JHZHVHQ  GD‰ LFK 1DUU GHU YHUPHLQWH>Q@ -XQJIHU QLFKW HLQH SUDVH7UDFKW6FKOlJHJHJHEHQ>KDEH@³   'DUDXIKLQWULWWGLH:ROOXVWLQGLH6]HQHULHXQGYHUVXFKWGHQYRQ6FKXOJHOHKU VDPNHLWXQG:HOWNOXJKHLWHQWWlXVFKWHQ3KLORPXVXVIUVLFK]XJHZLQQHQ6LHVWHOOW LKPÄDOOHUKDQGOXVWLJH0LWWHOGLH7UDXULJNHLWDXV]XURWWHQ³  LQ$XVVLFKWDOVGD ZlUHQ +HXWH EHL GLHVHU PRUJHQ EHL MHQHU JDODQWHQ 'DPH DXI]XZDUWHQ XQG GLH Ä/XVW³ ]X JHQLH‰HQ PLW 0XVLN :HLQ XQG VWDUNHQ *HWUlQNHQ VRZLH ÄOXVWLJHQ 6SLHOHQ XQG 6FKHU]UHGHQ³   GLH ÄPHODQFKROLVFKHQ *ULOOHQ ]X YHUWUHLEHQ³   'D GLH DQGHUHQ /HEHQVNRQ]HSWH 3KLORPXVXV QLFKW EHU]HXJHQ NRQQWHQ IROJW HU XQEHNPPHUWGHU:ROOXVWGLHWULXPSKLHUWÄ6RPX‰PDQVLHKHU]XORFNHQ>ZLVVHQ@ ZDQQVLHQRFKMXQJVLQGGDQQLP$OWHULVWQLFKWVPHKUGUDQ]XWKXQ³  (UQHXW VFKOHLFKW VLFK GLH 7XJHQG DXI LKUH :HJH XP 3KLORPXVXV ]X EHU]HXJHQ GDVV HU VHLQ 6HHOHQKHLO HQGJOWLJ YHUVSLHOW ZHQQ HU VLFK QLFKW ]XU 8PNHKU HQWVFKOLH‰W ZlKUHQGGLH:ROOXVWLKQDXIIRUGHUWHUVROOHVLFKDQGLHVHVÄ*HZlVFKHQLFKWNHK UHQ³   =ZLVFKHQ 7XJHQG XQG :ROOXVW HQWVWHKW HLQ 6WUHLW EHL GHP GHU MXQJH 0DQQ VFKZDQNHQG ]ZLVFKHQ EHLGHQ )UDXHQ VWHKW ,P *ODXEHQ *RWWHV *QDGH VHL JUR‰HQWVFKHLGHWVLFKGHU6WXGHQWIUGLH:ROOXVWÄ(\*2WWLVWJQlGLJXQGZLUG HUDXFKGLHVHVQLFKWVWUDIIHQZHQQLFKVROFKHU/XVWJHEUDXFKHLFKNDQGHQQRFK LKQYRU$XJHQKDEHQ³   ,P OHW]WHQ 7HLO GHU .RP|GLH WUHQQHQ VLFK GLH :HJH YRQ 3KLORPXVXV GHU PLW GHU:ROOXVW]LHKWXQG7DQFUHWXVGHUVLFKEHLHLQHP%DXHUQ]XYHUGLQJHQEHPKW 'HU6FKDXSODW]ZHFKVHOWEHVWlQGLJ]ZLVFKHQEHLGHQ3URWDJRQLVWHQ1DFKGHPVLFK 3KLORPXVXVGHP*HQXVVGHUZHOWOLFKHQXQGOHLEOLFKHQ/VWHKLQJHJHEHQKDWZLUG VHLQ *HZLVVHQ GXUFK Ä$QJVW XQG :HKH³ JHSODJW :HGHU EHL *RWW QRFK GHU 7X   9JO :ROIJDQJ 0DUWHQV +DOOHVFKHU 3LHWLVPXV XQG VFK|QH /LWHUDWXU ,Q /LWHUDWXU XQG )U|P

PLJNHLWLQGHU=HLWGHUIUKHQ$XINOlUXQJ+JYGHPV7ELQJHQ6±KLHU6 +DQV*HRUJ.HPSHU'HXWVFKH/\ULNGHUIUKHQ1HX]HLW%G,$XINOlUXQJXQG3LHWLVPXV 7ELQJHQ6  7DODQGHU 7XJHQG XQG /DVWHU &RPRHGLH ZLH $QP   6 Ä,FK PDFKH HXFK JQVWLJ EH\ GHPHGOHQ)UDXHQ =LPPHUGD‰LKUPLWGHPVHOEHQHXUH/XVWGHUJHVWDOWKDEHQN|QQHWGD‰LKU KHXWHGLHVHUJDODQWHQ'DPHDXIIZDUWHWPRUJHQHLQHUDQGHUHQ³  Ä>'@DEH\ PX‰ VH\Q GHU VVVH :HLQ  GHU GHV 0HQVFKHQ +HUW] HUIUHXHW  XQG DQGHU VWDUFNHV *HWUlQFNH  VR GHP 0HQVFKHQ VHLQH 7UDXULJNHLW EHQLPPW GD‰ HU MHGHU]HLW OXVWLJHU KXPHXU ZLUG³ (EG   9JOHEG6I  Ä-D LFK PH\QH LFK KDEH HV JHWURIIHQ  DFK ZLH VFKlQGOLFK KDEH LFK PLFK YRQ GHU :ROOXVW EHWK|UHQODVVHQV‰JHQXJKDWVLHHVPLUYRUJHSILIIHQDEHUOHLGHUPHLQ*HZLVVHQVFKUH\HW



.DWMD%DUWKHO

JHQG JODXEW HU DXI (UO|VXQJ KRIIHQ ]X GUIHQ GRFK GLH -XQJIHU7XJHQGWU|VWHW LKQÄ*HEWHXFK]XIULHGHQHVLVWGLHVHVQRFKHLQH*QDGH*RWWHVGD‰HUHXFK]XU (UNlQWQL‰ NRPPHQ OlVW >«@ >XQG HXFK HULQQHUW@  GD‰LKUQRFK=HLWKDEW]XU%H NHKUXQJ³'LH6FKOXVVJHVWDOWXQJHQGHWDOOHUGLQJVPLW%OLFNDXI7DQFUHWXVGHPHV JHOLQJWEHLHLQHP%DXHULQ'LHQVW]XNRPPHQ'DEHLOHUQWHUGDVOlQGOLFKH/HEHQ DOVHLQUDXHVXQGKDUWHV/HEHQVXPIHOGNHQQHQGDVHLQHHLJHQHXQGGXUFKDXVKHU DXVIRUGHUQGH $UW ÃSUDJPDWLVFKHU :HOWNOXJKHLWµ YRQ GHP MXQJHQ 0DQQ YHUODQJW 9RQ GHU %DXHUVIUDX ZLUG HU EHVFKLPSIW XQG DOV .QHFKW EHKDQGHOW $Q LKUHP %HLVSLHOVLHKWHUMHGRFKZLHVLHHVGXUFK)OHL‰XQGSUDNWLVFKHV*HVFKLFNYHUVWHKW GDVJHULQJH(LQNRPPHQ]XYHUZDOWHQXQG]XPHKUHQ,QGHPVLHGLH(LHUGHU+HQ QHYHUNDXIWNDQQVLHHLQH*DQVHUZHUEHQYRQGHUHQ)HGHUQVLHGLH%HWWHQVWRSIW GLH *DQV YHUNDXIW XP YRP (UO|V HLQ .lOEFKHQ ]X HUVWHKHQ GDV .DOE ZLUG ]XU .XK ZLUIW QHXH .lOEHU GLH YHUNDXIW ZHUGHQ XP HLQ 3IHUG ]X HUZHUEHQ XVZ 7DQFUHWXV GHU VLFK ]XQlFKVW XQJHVFKLFNW DQVWHOOW OHUQW QDFK XQG QDFK PLW GHQ YRUJHIXQGHQHQ/HEHQVEHGLQJXQJHQDXV]XNRPPHQXQGVLH]XP9RUWHLOGHUElXHU OLFKHQ /HEHQVJHPHLQVFKDIW ]X JHVWDOWHQ 1DFK HWOLFKHQ 0LVVHUIROJHQ JHZLQQW HU GDV 9HUWUDXHQ GHU %DXHUVOHXWH VRGDVV VLH LKP GLH 7RFKWHU ]XU )UDX DQELHWHQ 'RFK DXFK GLH (KHVWHOOWNHLQHXQJHEURFKHQSRVLWLYH.RQIOLNWO|VXQJGDU'LH]X NQIWLJH *DWWLQ KDWWH ZRKO HLQHQ DQGHUHQ /LHEKDEHU LP $XJH EULFKW LQ 7UlQHQ DXV XQG EULQJW GXUFK LKU :HKNODJHQ GLH (OWHUQ ]XP :HLQHQ ,JQRUDQW EHUJHKW 7DQFUHWXV GLH =ZHLIHO GHU QHXHQ )DPLOLH $OV ZlUH HU EHUHLWV GHU QHXH +DXVKHUU OlGWHUGLH%DXHUQVFKHU]KDIWDEHUEHVWLPPWLQVHLJHQH+HLPHLQHUHU]ZLQJWGLH  QXQ$QJVWXQG:HKHDFKZDVKDEHLFKJHWKDQ>«@>«@*HGHQFNHLFKZLHLFKPHLQMXQJHV /HEHQVR]XJHEUDFKWXQGGHP7HXIIHODXIIJHRSIIHUWKDEH2ZDVIUHLQVFKZHUHU6WHLQI|OOHW PLUDXIIPHLQ+HUW]KlOWPLUPHLQ*HZLVVHQYRUGLHKHUW]OLFKH:DUQXQJGHU7XJHQGDFKZDV IU6FKPHUW]HPSILQGHLFKGDQQ³ (EG6   Ä2GXVFKlQGOLFKH:ROOXVWGD‰GXYHUGDPPWVH\QPVVHVWPLWGHLQHUIDOVFKHQEHWULHJOLFKHQ /XVWDFKGD‰GLUGRFKQLHPDQGIROJHQP|FKWHLFKPH\QHWHZRKOHVZUGHVROFKH/XVWQLFKWV DXIIVLFKKDEHQGHQQPHLQ*HZLVVHQUXKHWHGDPDKOVDEHUQXQPHKUHPSILQGHLFKZLHGDV VHOEHPLFKPDUWHUWXQGTXlOHW+LHUVWHKHLFKEDQJH]ZLVFKHQ+LPPHOXQG(UGHZRVROOLFK GRFKKLQ>«@ZLOOLFK]XU7XJHQGVRZLUGPLFKGLHVHOEHQLFKWDQVHKHQGHQQLFKKDEHVLH PLWPHLQHQZROOVWLJHQ/HEHQEHVXGHOW"VROOLFK]X*RWWDFKZDV*RWWODXWHU=RUQODXWHU =RUQILQGHLFKGD³ (EG6I   Ä>:@HQQHXHU*HZLVVHQDOOH]HLWJHVFKODIIHQKlWWHVRZlUHWLKULQGHU:ROOXVWVRKLQJHIDKUHQ DEHU QXQ HULQQHUWHXFK*RWWGXUFKGLH$QODJHHXHUHV*HZLVVHQVGD‰LKUQRFK=HLWKDEW]XU %HNHKUXQJ³ (EG6   9JOHEG6±  9JOHEG6±  9JOHEG6  9JOHEG6  7RFKWHU]XP9DWHUÄ*HGHQFNWGRFKZHQQLFKQXQXQVHUQ.QHFKWQHKPHQPX‰XQGEHNRP PHQHLQ.LQGXQGNDQGDV.LQGQLFKWVlXJHQNDQDXFKNHLQH$PPHEHNRPPHQXQGVROWH GDV DUPH .LQG YHUVFKPDFKWHQ  MH ZDV YRU HLQ +HUW]HOH\G ZUGHQ ZLU KDEHQ EHNlPHQ ZLU GHQQ QXQ HLQH $PPH PLW XQVHUQ JURVVHQ 8QNRVWHQ  >«@ XQG VFK|VVH HLQHU XQJHIlKU ]XP )HQVWHU KHUDXV  XQG WUHIIH GDV DUPH .LQG  DFK GD PVWH LFK YRU JURVVHQ /H\G VWHUEHQ >«@ IlKUWIRUWPLWZHLQHQ ³ (EG6I 9DWHUXQG0XWWHUIDQJHQGDUDXIKLQDXFKDQ]XZHL QHQÄXQGZHLQHQDOVRDOOHGUH\³ (EG6 

'LVNXUVHMXQJHU0lQQOLFKNHLW



(KHXQGHU|IIQHWVLFKLQGHPHUDOOHYRUYROOHQGHWH7DWVDFKHQVWHOOWQHXH/HEHQV SHUVSHNWLYHQÄ$FKLFKVHKHZRKOLKUVH\GGUH\1DUUHQNRPPWQXUKHULKUGUH\ 1DUUHQ  ODVW XQV YLHU 1DUUHQ KLQHLQ JHKHQ  GDV ZLUG VLFK DOOHV ZRKO VFKLFNHQ³ I 0LW7UlQHQHLQHUVHLWVXQGUHVLJQLHUWKRIIQXQJVYROOHP*DOJHQKXPRUDQGH UHUVHLWVHQGHWGLH.RP|GLH  

 gIIQXQJXQG6FKOLH‰XQJLP0RGXVGHU6DWLUH  'HU7H[WIKUWEHLDOOHU6DWLUHXQG.ULWLNZHGHU]XHLQHUYROOVWlQGLJKXPRUHVNHQ RGHU SRVLWLY EHOHKUHQGHQ QRFK ]X HLQHU HLQGHXWLJ QHJDWLYHQ .RQIOLNWO|VXQJ XQG DXFKGLHYRUJHIKUWHQ.RQ]HSWH±:HLVKHLW*HOHKUVDPNHLW3ROLWLN7XJHQG:RO OXVW ± ZHUGHQ QLFKW LQ LKUHU *OWLJNHLW EHVWlWLJW 6WDWWGHVVHQ HQGHW GLH 6DWLUH LP QRWJHGUXQJHQHQ $UUDQJHPHQWPLWGHUSLHWLVWLVFKJHSUlJWHQ7XJHQGKDIWLJNHLWXQG GHUSUDJPDWLVFKHQ(LQZLOOLJXQJLQHLQHElXHUOLFKH(KH1FKWHUQVWHOOWGLH.RP| GLH GLH RSWLPLVWLVFKHQ 9HUKHL‰XQJHQ JDODQWHU /HEHQVXWRSLHQ ± VR]LDOHU $XIVWLHJ GXUFK %LOGXQJ XQG .XOWLYLHUXQJ JHVHOOVFKDIWVSROLWLVFKH (LQIOXVVQDKPH GXUFK ZHOWJHZDQGWH/HEHQVIKUXQJXQG$IIHNWNRQWUROOHHLQHHUIOOWH,QQHUOLFKNHLWGXUFK SLHWLVWLVFKH 7XJHQGKDIWLJNHLWHEHQVRZLHN|USHUOLFKH/XVWGXUFK]JHOORVH:RO OXVW±HQWVFKLHGHQLQ)UDJH$OV/HEHQVHQWZXUIGHUMXQJHQ3URWDJRQLVWHQVFKHLGHQ VLH DXV RKQH GDVV GLHVH /HHUVWHOOH DGlTXDW JHIOOW ZUGH ,P ElXHUOLFKHQ 0LOLHX YRQGHPVLFKYDGLHJHOHKUWH 6FKXO :HLVKHLWXQGGLHQHRSROLWLVFKH:HOWNOXJKHLW DEJUHQ]HQHQGHWIUGLHMXQJHQ0lQQHUGLH6XFKHQDFKGHPUHFKWHQ/HEHQVZHJ 'LH.RP|GLHELHWHWNHLQKDUPRQLVLHUHQGHV(QGHXQGEHUOlVVWHVGHQ/HVHUQEHU P|JOLFKH$OWHUQDWLYHQQDFK]XGHQNHQ 1XUEHGLQJWVFKOLH‰WGHU7H[WDQGDV9RUELOGVWXGHQWLVFKHU.RP|GLHQDQZLH VLH VHLW GHP 0LWWHODOWHU YHUEUHLWHW XQG EHOLHEW ZDUHQ VLFK KlXILJ DOOHJRULVFKHU 'DUVWHOOXQJHQEHGLHQWHQLQNOXVLYH/L]HQ]]XUVDWLULVFKHQ%HKDQGOXQJGHV/DVWHUV GHV ElXHUOLFKHQ 0LOLHXV GHU :ROOXVW (URWLN YHUEXQGHQ PLW HLQHUNODUHQGLGDNWL VFKHQ$EVLFKW'LH7XJHQGXQG/DVWHU&RPRHGLHLUULWLHUWGLHVH*DWWXQJVWUDGLWLRQ 'LH6FKOXVVJHVWDOWXQJLVWHKHUWUDJLNRPLVFK]XQHQQHQDOVGDVVYRQHLQHPIUGLH .RP|GLH FKDUDNWHULVWLVFKHQ ÃJOFNOLFKHQ $XVJDQJµ JHVSURFKHQ ZHUGHQ N|QQWH 'LH3URWDJRQLVWHQHUVFKHLQHQQLFKWGXUFKJlQJLJDOVOlFKHUOLFKH7|OSHOGHUHQ9HU IHKOXQJHQ7XJHQGXQG/DVWHUXQWHUKDOWVDPYRUIKUHQXPGDV/DVWHU]XYHUODFKHQ 8QG GLH GLGDNWLVFKH $EVLFKW GHU 6FKOXVVJHVWDOWXQJ IDOOV HV VLFK XP HLQH VROFKH KDQGHOW OlVVW)UDJHQRIIHQ,VWGHU(UZHUEYRQDNDGHPLVFKHU%LOGXQJXQGUDWLRQD OHU :HOWNOXJKHLW EHUIOVVLJH =HLWYHUVFKZHQGXQJ GD VLH IU GDV )RUWNRPPHQ LP ÃZLUNOLFKHQ/HEHQµNHLQHQ9RUWHLOEULQJHQ"6LQG:ROOXVWXQG/DVWHUDOVÃ-XJHQG VQGHQµ]XWROHULHUHQVRODQJHPDQVLFKVSlWHUEHNHKUHQOlVVW RGHUGLHVYRUJLEW " 8QG NDQQ GLH SLHWLVWLVFKH  7XJHQG GLH ]XQlFKVW 9HUDFKWXQJ XQG JDU 3UJHO DXI



.DWMD%DUWKHO

VLFK]LHKWXQGPLWHLQHPULJRURVHQ9HUERWDOOHU6Sl‰HXQG/XVWEDUNHLWHQYHUEXQ GHQLVWWDWVlFKOLFKDOVDWWUDNWLYHV,GHDOJHOWHQ" 'LH ZHLEOLFKHQ 3HUVRQLILNDWLRQHQ GHV 7H[WHV QHKPHQ EHNDQQWH .RQ]HSWH GHV JHOHKUWHQ 'LVNXUVHV GHU 5KHWRULN XQG $IIHNWHQOHKUH DXI 6FKXOJHOHKUVDPNHLW 3ROLWLFXV 7XJHQG :ROOXVW  GLH DXFK GHQ JDODQWHQ 'LVNXUV XP  SUlJHQ $O OHUGLQJVWUDQVIRUPLHUHQ*HOHKUWHZLH&KULVWLDQ7KRPDVLXVEHUHLWVGLHVH9RUOlXIHU NRQ]HSWH 7KRPDVLXV YDULLHUW GDV .RQ]HSW GHV UHLQ UDWLRQDO NDONXOLHUHQGHQ 3ROLWLFXV ]XJXQVWHQ HLQHU 9HUWUlJOLFKNHLW YRQ SUXGHQWLVWLVFKHU ,QWHUHVVHQVNDONXOD WLRQ XQG VR]LDOHP *HPHLQVLQQ E]Z SOlGLHUW VWDWW HLQHU JHOHKUWVFKRODVWLVFKHQ 6FKXOSKLORVRSKLH IU GLH $QZHQGEDUNHLW DNDGHPLVFKHQ :LVVHQV LP JHPHLQHQ /HEHQ'LH7XJHQGXQG/DVWHU&RPRHGLHVFKHLQWDXIGLHVHEHUHLWVPRGLIL]LHUWHQ .RQ]HSWH]XUHIHULHUHQXQGDXFKVLHNULWLVFK]XUHIOHNWLHUHQ'LHDXWRULWlUH-XQJIHU :HLVKHLW HUZHFNW LQ 3KLORPXVXV GLH +RIIQXQJ GXUFK DNDGHPLVFKH %LOGXQJ LQ ZHOWOLFKH )XQNWLRQVVWHOOHQ DXIVWHLJHQ ]X N|QQHQ ± HLQ :XQVFK GHU HQWWlXVFKW ZLUG'LH'DPH1HRSROLWLFDYHUHLQWUDWLRQDOHV.DONOXQGVR]LDOH%HVFKHLGHQKHLW± HLQH 9HUELQGXQJ GLH IU GLH VWXGHQWLVFKHQ 3URWDJRQLVWHQ LQ RSSRUWXQLVWLVFKHU 0DFKWORVLJNHLW ,VRODWLRQ XQG ULJLGHU $IIHNWNRQWUROOH HQGHW $XFK 7XJHQG XQG :ROOXVW GLH WUDGLWLRQHOO HLQH HLQGHXWLJH /HVDUW ]XU 9HUIJXQJ VWHOOHQ YHUELQGHQ VLFK LQ GHU 7XJHQG XQG /DVWHU &RPRHGLH EHLGHUVHLWV PLW )UXVWUDWLRQ XQG (QWEHK UXQJGLH7XJHQGGDVLH]ZHFNVPDQJHOQGHU$OWHUQDWLYHQ]XUUHVLJQLHUWHQ$N]HS WDQ]GHV9HU]LFKWVDXIDOOH/XVWEDUNHLWIKUWGLH:ROOXVWLQGHPVLHUHOLJL|VHXQG PRUDOLVFKH3HLQQDFKVLFK]LHKW $OOHYLHU.RQ]HSWHVWHOOHQVR]LDOHRGHUHPRWLRQDOH(QWIDOWXQJVP|JOLFKNHLWHQLQ $XVVLFKW GLH VLH DQVFKOLH‰HQG QLFKW HLQO|VHQ MD PHKU QRFK VLH LQV *HJHQWHLO LQ QHXH5HVWULNWLRQHQZDQGHOQ*DODQWH.RQ]HSWHQHKPHQWUDGLWLRQHOOH0RPHQWHDXI XQGDN]HQWXLHUHQVLHLP6LQQHSRVLWLYHU9HUKHL‰XQJHQQHX ÃgIIQXQJVKRIIQXQJµ  GRFK]HLJWGHU7H[WGDVVGLHVH2SWLRQHQQLFKWIUDOOH$NWHXUHDXFKHLQO|VEDUVLQG ÃPLVVOLQJHQGH gIIQXQJµ  ,P )DOOH GHU 7XJHQG XQG /DVWHU &RPRHGLH VLQG HV GLH VWXGHQWLVFKHQ 3URWDJRQLVWHQ GLH YRQ GHQ /HEHQVHQWZUIHQ GHU 'DPHQ LQ NHLQHU EHIULHGLJHQGHQ:HLVHSURILWLHUHQN|QQHQ:DVGLH.RP|GLHDOOHUGLQJV]HLJWRGHU SHUIRUPDWLY LQV]HQLHUW LVW QRFK HWZDV :HLWHUHV 'XUFK GLH %HJHJQXQJ PLW GHQ 'DPHQ ZHUGHQ GLH 3URWDJRQLVWHQ DXIJHIRUGHUW YRUKDQGHQH /HEHQV 0RGHOOH LQGLYLGXHOO]XSUIHQXQG]XEHZHUWHQ$OVVLFKKHUDXVVWHOOWGDVVNHLQHVGHUYRU KDQGHQHQ $QJHERWH GHQ SHUV|QOLFKHQ $QVSUFKHQ JHQJW EHJLQQHQ GLH MXQJHQ 0lQQHU VHOEVW DNWLY (LQIOXVV ]X QHKPHQ DXIGLH*HVWDOWXQJXQG6FKDIIXQJÃHLJH QHUµ /HEHQVZHOWHQ 6LQQIlOOLJ ZLUG GLHV LQ GHU 6FKOXVVV]HQH PLW GHP ULJRURVHQ (LQWULWW7DQFUHWXV¶LQGDV+DXVGHU%DXHUQZRPLWGHU6WXGHQWQLFKWQXUGLH+RFK   9JO*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU ZLH$QP 6௅  ,P 5DKPHQ GLHVHV %HLWUDJ DXVJHEOHQGHW DEHU K|FKVW LQWHUHVVDQW ZlUH HLQH ZHLWHUIKUHQGH

8QWHUVXFKXQJ]XJHVFKOHFKWHUVSH]LILVFKHQ$VSHNWHQGHU.RP|GLHXQGLKUHUGLFKRWRPHQ.RQ IOLNWVWUXNWXU ZHLEOLFKH 3URWDJRQLVWLQQHQ DOV 3HUVRQLILNDWLRQ JDODQWHU .RQ]HSWH LQ GHU 5ROOH DOV/HKUHULQQHQYHUVXVMXQJHVWXGHQWLVFKH3URWDJRQLVWHQDOV5DWVXFKHQGHXVZ 

'LVNXUVHMXQJHU0lQQOLFKNHLW



]HLW PLW GHU 7RFKWHU HUWURW]W VRQGHUQ DXFK GLH /HEHQVZHOW GHU %DXHUQ LQ %HVLW] QLPPW ,Q GLHVHP =XVDPPHQKDQJ LVW HV LQWHUHVVDQW QRFK HLQPDO GLH )UDJH QDFK GHU 9HUIDVVHUVFKDIW GHU 7XJHQG XQG /DVWHU &RPRHGLH ]X VWHOOHQ (V LVW ZLH JHVDJW QLFKW ]X NOlUHQ RE GLH .RP|GLH WDWVlFKOLFK YRQ %RKVH RGHU QLFKW YLHOPHKU YRQ HLQHP DQRQ\PHQ 6WXGHQWHQ VWDPPW 8QDEKlQJLJ GDYRQ VSULFKW GHU 3URORJ YRQ HLQHUÄ,QWHQWLRQ³GHU6FKULIW 0HLQH DOOHUVHLWV +RFKJHHKUWH +HUUHQ (VLVWGHQHQVHOEHQOHLGHUPHKUDOV]XYLHOEHNDQWZHO FKHU PDVVHQ GLH OLHEH -XJHQG GHUJHVWDOW YRQ DOOHUOH\ /DVWHUQ HLQJHQRPPHQ GD‰ JHWUHXH 3UDHFHSWRUHV>«@UHVSLULUHQGDXVUXIIHQRWHPSRUDRPRUHV'LHVHVEHUOHJHQGKDEHLFKPLFK HUNKQHW GHU OLHEHQ -XJHQG ]XP %H\VSLHO QDFKIROJHQGH &RPRHGLDP DXV]XIHUWLJHQ QLFKW ]ZHLIHOQGH HV ZHUGHQ PHLQH +RFKJHHKUWH +HUUHQ QLFKW VR VHKU DXI GLH *HULQJIJLJNHLW GHU =LHUGH DOV DXI PHLQH LQWHQWLRQ VHKHQ XQG VLFK DOVR GLHVHV NOHLQH:HUFNOHLQJHIDOOHQODVVHQ >«@ 9RUUHGHI+HUYRUK.% 

2IIHQEDUPHOGHWVLFKKLHUHLQ9HUIDVVHU]X:RUWGHUGHQ/HVHUQXQGDGUHVVLHUWHQ Ä5HFWRUHV &RQ5HFWRUHV 6XE&RQUHFWRUHV³ 9RUUHGH   HWZDV ]XPXWHW GDV HU QLFKWÃ]XP%HLVSLHOIUGLH-XJHQGµVRQGHUQÄGHU-XJHQG]XP%HLVSLHO³RIIHULHUW DOVRHKHUDOVHLQ%HLVSLHOGHU-XJHQG$XVGLHVHU3HUVSHNWLYHOlVVWVLFKGLHVDWLUL VFKH .RP|GLH DOV OLWHUDULVFKH 5HIOH[LRQ VR]LDOHU XQG VR]LRNXOWXUHOOHU 3UREOHPOD JHQLQWHUSUHWLHUHQPLWGHQHQVLFKMXQJH$NDGHPLNHUXPRIIHQEDUVWUXNWXUHOO NRQIURQWLHUWVDKHQ'LH.RQIOLNWJHVWDOWXQJGHU7XJHQGXQG/DVWHU&RPRHGLHPDFKW HLQH.ULWLNDQ0RGHOOHQRGHU.RQ]HSWHQGHXWOLFK *HOHKUVDPNHLW3ROLWLN7XJHQG :ROOXVW GLHLQLKUHUWUDGLWLRQHOOHQ)RUPIU7HLOHHLQHUMXQJHQ$NDGHPLNHUVFKLFKW DQ$WWUDNWLYLWlWXQG3ODXVLELOLWlW]XYHUOLHUHQVFKHLQHQ'DEHLPDFKWGHU7H[WHLQH /HHUVWHOOHVLFKWEDULQGHUVLFKUHFKWXQVLFKHUH/HEHQVODXIXQG.DUULHUHSHUVSHNWL YHQMXQJHU$NDGHPLNHU]XEHNXQGHQVFKHLQHQ 0RPHQWHYRQgIIQXQJXQG6FKOLH‰XQJGLHGHU7H[WVDWLULVFKUHIOHNWLHUWODVVHQ VLFKLQGHVDXFKDQ%RKVHV%LRJUDILHEHREDFKWHQ'LH(UIDKUXQJVLFKPHQWDOHZLH VR]LDOH $NWLRQV XQG+DQGOXQJVUlXPH]XHUVFKOLH‰HQNRQQWH%RKVHLP6WXGLXP GXUFKGHQ=XJDQJ]XK|KHUHU%LOGXQJPDFKHQ6LQGGRFKGLH$NDGHPLHQQLFKWQXU =HQWUHQGHV:LVVHQVVRQGHUQDXFKVR]LDOH2UWHDQGHQHQ%UJHUOLFKHXQG$GOLJH LQ GHU =HLW GHU $XVELOGXQJ DXIHLQDQGHUWUHIIHQ :LVVHQ HUZHUEHQ VR]LDOH 3ULYLOH JLHQ JHQLH‰HQ /LEHUWDV DFDGHPLD  XQG YHUJOHLFKVZHLVH YLHOH )UHLKHLWHQ WHLOHQ *OHLFK]HLWLJ VW|‰W %RKVH DP (QGH GHU VWXGHQWLVFKHQ /HEHQVSKDVH DXI 6FKZLHULJ NHLWHQVLFKEHUXIOLFK]XHWDEOLHUHQ±HLQH7HQGHQ]GLH:DOWKHU+HOGXQG0HLGDOV (IIHNW HLQHU Ä$NDGHPLNHUVFKZHPPH³ EHVFKUHLEHQ ZDV GLH (UIDKUXQJ VR]LDOHU $XVJUHQ]XQJRGHU&KDQFHQXQJOHLFKKHLWDXIJUXQGVWlQGLVFKHU.ULWHULHQLPSOL]LHUW %RKVHVZHFKVHOQGH/HEHQVXQG$UEHLWVVWDWLRQHQLQGHUIUKHQ3KDVHVHLQHUEHUXI OLFKHQ%LRJUDILHODVVHQYHUPXWHQGDVVHUDOVMXQJHU0DQQPLWHUIDKUHQHQ$NDGH   $XFKKLHUZlUHQZHLWHUIKUHQGHhEHUOHJXQJHQ]XJHVFKOHFKWHUJUXSSHQVFKLFKWVSH]LILVFKHQ

XQGQRUPDWLYHQ$VSHNWHQUHL]YROO



.DWMD%DUWKHO

PLNHUQXPEHVFKUlQNWH$QVWHOOXQJVYHUKlOWQLVVHNRQNXUULHUHQPXVVHEHQVRZLHHU DOV EUJHUOLFKHU $NDGHPLNHU HLQH VR]LDO XQWHUJHRUGQHWH 6WHOOXQJ LP 9HUJOHLFK ]X DGOLJHQ$NWHXUHQHLQQLPPW=ZHL.ULWHULHQ±MXQJ]XVHLQXQG%UJHUOLFKHU]XVHLQ ±NRQQWHQHVWURW]DNDGHPLVFKHU%LOGXQJHUVFKZHUHQ]JLJYRQGHU8QLYHUVLWlWLQ HLQH$QVWHOOXQJ]XZHFKVHOQXQGGDPLWEHUXIOLFKZLHJHVHOOVFKDIWOLFK)X‰]XIDV VHQ'LH.RQIOLNWJHVWDOWXQJGHU7XJHQGXQG/DVWHU&RPRHGLHQLPPWVRPLWGXUFK DXVHLQH3UREOHPDWLNDXIGLHDXFK%RKVHV%LRJUDILHSUlJWH 0LW%OLFNDXIGHQ7H[WOlVVWVLFKIROJHQGH%HREDFKWXQJIHVWKDOWHQ%HVRQGHUV IU MXQJH $NDGHPLNHU PLWWOHUHU EUJHUOLFKHU 6FKLFKWHQ GLH =XJDQJ ]X K|KHUHU %LOGXQJHUKDOWHQXQGGDPLWNXOWXUHOOHVZLHVR]LDOHV.DSLWDODNNXPXOLHUHQVFKHLQW HV LQQHUKDOE GHU KLHUDUFKLVFKHQ 6WlQGHVWUXNWXUHQ XP  ]XP 7HLO VFKZLHULJ JHZHVHQ]XVHLQÃLKUHQµ3ODW]]XILQGHQ(UNHQQEDUZHUGHQVR]LRVWUXNWXUHOOH8Q JOHLFKKHLWVGLPHQVLRQHQGLHOLWHUDULVFKUHIOHNWLHUWXQGLP0RGXVGHU6DWLUH]XPLQ GHVWJUDGXHOOÃJH|IIQHWµZHUGHQREZRKOVWlQGLVFKH$XVVFKOXVVPHFKDQLVPHQQLFKW ÃZHJJHVFKULHEHQµ ZHUGHQ N|QQHQ  'LH 0|JOLFKNHLW ]XU 3XEOLNDWLRQ XQG LQVEH VRQGHUH GHU 0RGXV GHU 6DWLUH VFKHLQHQ KLHU DEHU HLQHQ KXPRULVWLVFKHQ 8PJDQJ PLW VR]LDOHQ gIIQXQJ XQG 6FKOLH‰XQJVG\QDPLNHQ ]X HU|IIQHQ 'DV /DFKHQ GDV 9HUODFKHQ XQG GDV *HOlFKWHU GDV HLQHP LP +DOVH VWHFNHQ EOHLEW HUIOOHQ GDEHL QLFKWQXUNRPSHQVDWRULVFKH)XQNWLRQLQGHPVLHGLVWDQ]LHUHQ6RQGHUQ(UIDKUXQ JHQ VR]LDOHU 6FKOLH‰XQJ $XVVFKOXVVPHFKDQLVPHQ GLH ZlKUHQG GHV 6WXGLXPV JHORFNHUWVFKHLQHQLP$QVFKOXVVDEHUZLHGHUZLUNVDPZHUGHQ N|QQHQGXUFKGLH VDWLULVFKH )LNWLRQDOLVLHUXQJ QHX DN]HQWXLHUW XPLQWHUSUHWLHUW RGHU XPRUJDQLVLHUW ZHUGHQ (QWVFKHLGHQG LVW GDEHL ZHQLJHU RE /LWHUDWXU PLW NODUHQ .RQ]HSWHQ RGHU /|VXQJHQ DXI VR]LDOH 3UREOHPODJHQ UHDJLHUW ± GLH 7XJHQG XQG /DVWHU &RPRHGLH HQWOlVVW GLH /HVHU NHLQHVZHJV PLW HLQHP QHXHQ 3URJUDPP DOOHJRULVFKHU /HEHQV NRQ]HSWH VLH NULWLVLHUW YLHOPHKU GLH YRUKDQGHQHQ :LFKWLJHU LVW GDVV /LWHUDWXU JUXQGVlW]OLFK DOV 0HGLXP ]XU 9HUIJXQJ VWHKW GDV 7KHPHQ VHOHNWLHUW $XIPHUN VDPNHLW VFKDIIW XQG 5HIOH[LRQHQ DQUHJHQ NDQQ 9RQ ,QWHUHVVH LVW GDKHU ZHU =X JDQJ]X3URGXNWLRQ'LVWULEXWLRQXQG5H]HSWLRQKDWZHOFKH7KHPHQJHZlKOWXQG ZLH VLH JHVWDOWHW ZHUGHQ ,QGHP MXQJH 0lQQHU XP  DQ GHU OLWHUDULVFKHQ 3UR GXNWLRQ SDUWL]LSLHUHQ LQGHP VLH ]X 3URGX]HQWHQ HLQHU XQWHUKDOWVDPHQ QLFKW JHOHKUWHQ 3XEOL]LVWLN ZHUGHQ ௅ RKQH =ZHLIHO 7HQGHQ]HQ GLH GLH ([SDQVLRQ GHV %XFKKDQGHOV EHJQVWLJW ௅ N|QQHQ VLH LKUH (UIDKUXQJHQ VR]LDOHU gIIQXQJ XQG   1lKPHPDQ%RKVHK\SRWKHWLVFKDOV9HUIDVVHUDQGDQQPVVWHYHUPXWHWZHUGHQGDVVGHU7H[W

(UIDKUXQJHQ UHIOHNWLHUW GLHGHUJDODQWH$XWRU]XPVSlWHUHQ=HLWSXQNWVHLQHU%LRJUDILHDOVVR SUlJHQG HLQVFKlW]W GDVV HU VLH UHWURVSHNWLY SXEOL]LVWLVFK LQ 8PODXI EULQJW 'DV LVW DEHU ZLH JHVDJW QLFKW ]X HQWVFKHLGHQ ,QWHUHVVDQW ZlUH DOOHUGLQJV LQZLHIHUQ MXQJH YHUPXWOLFK QLFKW DGHOLJH EUJHUOLFKH $XWRUHQLQGHU)LJXUGHU1HRSROLWLFDK|ILVFKH8PJDQJVXQG/HEHQVIRU PHQUHIOHNWLHUHQVRGDVVDXFKYRQVWlQGLVFKHQ7UDQVIHUSUR]HVVHQ ZHQQDXFKÃQXUµUHIOH[LYLP 5DKPHQGHVILNWLRQDOHQ7H[WHV DXV]XJHKHQZlUH  'LHVLQ$QDORJLH]XP8PJDQJPLWGHP/DVWHULQNODVVLVFKHQ6DWLUHNRQ]HSWLRQHQ9JO+HOPXW $UQW]HQ $UW 6DWLUH ,Q bVWKHWLVFKH *UXQGEHJULIIH +LVWRULVFKHV :|UWHUEXFK LQ VLHEHQ %lQ GHQ%G+JY.DUOKHLQ]%DUFN6WXWWJDUW6௅

'LVNXUVHMXQJHU0lQQOLFKNHLW



6FKOLH‰XQJ OLWHUDULVFK DUWLNXOLHUHQ]XHLQHU%HVFKlIWLJXQJPLWGLHVHU3UREOHPDWLN DQUHJHQGHUHQ5HIOH[LRQJHJHEHQHQIDOOVQHXH+DQGOXQJVLPSXOVHVHW]HQPDJ'HU *DOJHQKXPRUGHU7XJHQGXQG/DVWHU&RPRHGLHNDQQ6SRWWRGHU%HGDXHUQKHUYRU UXIHQHUYHUELQGHWDEHUDXFKGLHMHQLJHQGLHVLFKPLWGHP%HVSURFKHQHQLGHQWLIL ]LHUHQ'\QDPLNHQYRQgIIQXQJXQG6FKOLH‰XQJJUHLIHQ+DQGLQ+DQGXQGVHW]HQ IRUWZlKUHQGQHXH,PSXOVHGHU,QNOXVLRQXQG([NOXVLRQ 

 0$57,108/62: 

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ 7LWHONXSIHUDOV,QGLNDWRUHQIUGHQSXEOL]LVWLVFKHQ+LQWHUJUXQG GHU)UKDXINOlUXQJ 

 (LQH*UDX]RQH  8QVHU %LOG YRQ GHQ -DKU]HKQWHQ XP  GHU =HLW GHU VRJHQDQQWHQ )UKDXINOl UXQJ VFKHLQW PLU EHL :HLWHP QRFK QLFKW YLHOVFKLFKWLJ JHQXJ ]X VHLQ 0LW ÄYLHO VFKLFKWLJ³ PHLQH LFK HLQH EUHLWH %HUFNVLFKWLJXQJ YRQ 4XHOOHQ XQG *DWWXQJHQ JHUDGH DXFK GHU HSKHPHUHQ QXU IU GDV 7DJHVJHVFKlIW KHUJHVWHOOWHQ 0DQ KDW LQ GHQ YHUJDQJHQHQ -DKUHQ EHUHLWV QHEHQ GHQ PRQRJUDSKLVFKHQ JHOHKUWHQ :HUNHQ DXFK]XQHKPHQG=HLWVFKULIWHQDXIVlW]HRGHUVFK|QH/LWHUDWXUKHUDQJH]RJHQXPGLH 8PEUXFKVHSRFKHGHUÄFULVHGHODFRQVFLHQFHHXURSpHQQH³]XYHUVWHKHQ'RFKXP ZLUNOLFKLQGLH*UDX]RQHHLQ]XGULQJHQGLHGLHJHOHKUWH6FKULIWSURGXNWLRQXPJLEW LVW HV Q|WLJ DOO GLH SXEOL]LVWLVFKH %HJOHLWPXVLN ]X EHUFNVLFKWLJHQ DOVR VLFK DXI $XWRUHQ QLFKW QXU ]ZHLWHU VRQGHUQ VRJDU GULWWHU 5HLKH HWZD 6WXGHQWHQ 6HPL ,QWHOOHNWXHOOHGLHVRJHQDQQWHQ)UHLPHLVWHUDQ8QLYHUVLWlWHQZLH=HLFKQHU6SUDFK OHKUHU .XSIHUVWHFKHU  HLQ]XODVVHQ XQG LKUH HSKHPHUHQ 3URGXNWH DQ]XVHKHQ $Q *DWWXQJHQ KDQGHOW HV VLFKKLHU]XPHLQHQXPWH[WXHOOH*HOHJHQKHLWVVFKULIWHQXQG IOXJSXEOL]LVWLVFKH 3URGXNWH ZLH 5HODWLRQHQ 7RWHQJHVSUlFKH 3DVTXLQL*HVSUlFKH )DPRVOLEHOOV 6FKUHLENDOHQGHU 1XSWLDOJHGLFKWHXQG*UDEUHGHQDXFKXP%HLWUlJH ]X=HLWVFKULIWHQ5H]HQVLRQVRUJDQHQ%LRJUDSKLHQXPDNDGHPLVFKH3URJUDPPDWD 9RUZRUWHXQGXPGLH+HUDXVJDEHYRQ9RUOHVXQJVQDFKVFKULIWHQXQGGLH.RPSLOD WLRQ YRQ /H[LND 'DQLHO %HOOLQJUDGW KDW NU]OLFK GLH )OXJSXEOL]LVWLN XP  LQ GHQ .RQWH[W VWDGWKLVWRULVFKHU .RPPXQLNDWLRQVIRUVFKXQJ HLQJHIJW XQG EHWRQW GD‰GHUXUEDQH5DXPDOVHLQÄ5HVRQDQ]UDXP³]XYHUVWHKHQVHLGHUYRQGHQHSKH PHUHQ 3URGXNWHQ VHLQH ,PSXOVH HPSIDQJH 'DPLW LVW HLQ ZLFKWLJHU 6FKULWW JHWDQ  

=X *HOHJHQKHLWVVFKULIWWXP YJO .ODXV *DUEHU +J  +DQGEXFK GHV SHUVRQDOHQ *HOHJHQKHLWV VFKULIWWXPVLQHXURSlLVFKHQ%LEOLRWKHNHQXQG$UFKLYHQ+LOGHVKHLPII]XU%XQWVFKULIW VWHOOHUHL YJO )OHPLQJ 6FKRFN +J  3RO\KLVWRULVPXV XQG %XQWVFKULIWVWHOOHUHL 3RSXOlUH :LV VHQVIRUPHQXQG:LVVHQVNXOWXULQGHU)UKHQ1HX]HLW%HUOLQ]X3DUDWH[WHQYJO)ULHGHU YRQ$PPRQX+HUIULHG9|JHO +J 'LH3OXUDOLVLHUXQJGHV3DUDWH[WHVLQGHU)UKHQ1HX]HLW %HUOLQ]X3DVTXLQDGHQXQG3DVTXLOOHQYJOHWZD'LUN5RVH3DVTXLOOH3VHXGRQ\PH3R OHPLNHQ6NDQGDO|VHXQGOLWHUDULVFKHgIIHQWOLFKNHLWLQ+DPEXUJXP,Q-RKDQQ$QVHOP 6WHLJHUX6DQGUD5LFKWHU +J +DPEXUJ(LQH0HWURSROUHJLRQ]ZLVFKHQ)UKHU1HX]HLWXQG $XINOlUXQJ%HUOLQ6±  'DQLHO %HOOLQJUDGW )OXJSXEOL]LVWLN XQG gIIHQWOLFKNHLW XP  '\QDPLNHQ $NWHXUH XQG 6WUXNWXUHQLPXUEDQHQ5DXPGHV$OWHQ5HLFKHV6WXWWJDUWYJODXFK-RKDQQHV%XUNKDUGW X&KULVWLQH:HUNVWHWWHU +J .RPPXQLNDWLRQXQG0HGLHQLQGHU)UKHQ1HX]HLW0QFKHQ 

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



XP GLH 6FKULIWSURGXNWLRQ DQ EHVWLPPWHQ 2UWHQ DOV *DQ]H XQG LQ LKUHQ :HFKVHO ZLUNXQJHQZDKU]XQHKPHQ =XPDQGHUHQ±XQGHQJPLWGHQHSKHPHUHQ6FKULIWJDWWXQJHQYHUTXLFNW±KDQ GHOW HV VLFK XP *HQUHV GHU %LOGSXEOL]LVWLN ZLH 7LWHONXSIHU %XFKLOOXVWUDWLRQHQ (LQ]HOEODWWJUDILNHQ )OXJVFKULIWHQJUDILNHQ ELV KLQ ]X 6WDPPEXFKELOGHUQ XQG 0H GDLOOHQSUlJXQJHQGLHHEHQIDOOVHQJDXIGDV7DJHVJHVFKlIWEH]RJHQZDUHQXQGGHP Ä5HVRQDQ]UDXP³GHU6WlGWHXQG+|IH$QVW|‰HJDEHQXQGYRQLKP$QVW|‰HHPS ILQJHQ :HQQ DXFK GLHVH 3URGXNWLRQ DOV *DQ]H ZDKUJHQRPPHQ ZHUGHQ XQG LQ LKUHP%HLWUDJ]XGHQ5HVRQDQ]UlXPHQGHUÄ)UKDXINOlUXQJ³HLQJHVFKlW]WZHUGHQ VROO GDQQ ZLUG HV Q|WLJ VHLQ QLFKW QXU %LOG XQG 7H[WSURGXNWLRQLP=XVDPPHQ KDQJ]XVHKHQVRQGHUQDXFKHLQHNRPSDUDWLVWLVFKH%LOGSXEOL]LVWLN$QDO\VHYRU]X QHKPHQ GLH HWZD 7LWHONXSIHU YRQ :HUNHQ GHU )UKDXINOlUXQJ PLWHLQDQGHU YHU JOHLFKW XQG XQWHUVXFKW ZHOFKH %LOGVSUDFKH VLFK DXVEUHLWHW ZHOFKH 0RWLYH EHUQRPPHQ ZHUGHQ VFKOLH‰OLFK ZLH GDV 0LOLHX GHU .XSIHUVWHFKHU PLW GHP GHU 7H[WSURGX]HQWHQYRQ-RXUQDOHQ)OXJVFKULIWHQXQG$EKDQGOXQJHQYHUEXQGHQZDU +LHUKDWDOOHLQ:HUQHU6FKQHLGHUVLQHLQHU$QDO\VHGHU7LWHONXSIHUSKLOR VRSKLVFKHU:HUNHLQ+RIIQXQJDXI9HUQXQIWHLQHHUVWHQRFKVHKUVFKPDOH6FKQHLVH JHVFKODJHQ,KQLQWHUHVVLHUWHQ7LWHONXSIHUYRUQHKPOLFKDOV6SLHJHOELOGHUGHV,QKDO WHVGHU:HUNHVRGDVVVLFKGDPLWDXIHOHJDQWH:HLVHGLH*HVFKLFKWHGHUGHXWVFKHQ $XINOlUXQJVSKLORVRSKLH HU]lKOHQ OLH‰ 'RFK 7LWHONXSIHU VLQG QRFK YLHO EHUHGWHU EHVRQGHUVZHQQPDQVLHYHUJOHLFKHQGEHWUDFKWHWXQGDOV,QGLNDWRUHQIUGDV0LOLHX GHU HSKHPHUHQ *DWWXQJHQ QXW]W 9RU DOOHP LQ GLHVHQ *DWWXQJHQ LQ GHQHQ PDQ VHOWHQ PLW VHLQHP 1DPHQ XQWHU]HLFKQHWH LQ GHQHQ GHU :LQG GHU 0RGH XQG GHU 0DUNWRULHQWLHUXQJ VHKU YLHO VFKlUIHU EOLHV DOV EHL GHQ JHOHKUWHQ %FKHUQ VROOWH PDQ VR PHLQH LFK QDFK $Q]HLFKHQ IU HLQH QHXH JHVHOOVFKDIWOLFKH 2ULHQWLHUXQJ VXFKHQ 2E PDQ EHL GLHVHU 2ULHQWLHUXQJ QXQ YRQ HLQHP =HLWDOWHU GHU *DODQWHULH VSULFKW RGHU ± ZDV PLU OLHEHU ZlUH ± ]XVlW]OLFK PLW :ROIJDQJ 3URVV XQG +RUVW 'UHLW]HO DXFK YRQ HLQHP =HLWDOWHU GHU ÄFXULHXVHQ³ 3RO\KLVWRULH GHU 6NHSVLV XQG GHU(NOHNWLNLVWGDEHL]XQlFKVWHLQPDOQHEHQVlFKOLFK(VZLUGVLFKEHLGHU$QDO\ VH HLQ]HOQHU .XSIHU RKQHKLQ VFKQHOO GHU =XVDPPHQKDQJ PLW GLHVHQ 6WU|PXQJHQ XQG+DOWXQJHQKHUVWHOOHQ:LFKWLJHULVWDQGLHVHU6WHOOH0DUWLQ*LHUOV9HUVWlQGQLV GHU=HLWXPDOVHLQHU=HLWGHU.RPPXQLNDWLRQVUHIRUPEHLGHUYRQGHUGLV]L SOLQLHUWHQ 3ROHPLN GHV (OHQFKXV DXI GLH DOOHV HUZlJHQGH +LVWRULD OLWHUDULD YRQ  

=X )OXJVFKULIWHQ DOOJHPHLQ YJO :ROIJDQJ +DUPV X 0LFKDHO 6FKLOOLQJ 'DV LOOXVWULHUWH)OXJ EODWWGHU)UKHQ1HX]HLW6WXWWJDUW:ROIJDQJ+DUPV%LOGOLFKNHLWDOV3RWHQWLDOLQ.RQV WHOODWLRQHQ%HUOLQ  :HUQHU 6FKQHLGHUV +RIIQXQJ DXI 9HUQXQIW $XINOlUXQJVSKLORVRSKLH LQ 'HXWVFKODQG +DP EXUJ  +RUVW 'UHLW]HO (QWZLFNOXQJ XQG (LJHQDUW GHU ÃHNOHNWLVFKHQµ 3KLORVRSKLH ,Q =HLWVFKULIW IU KLVWRULVFKH)RUVFKXQJ  6±:ROIJDQJ3URVVKDWGLH9LHUKHLWYRQ*DODQWHULH (NOHNWLN 6NHSVLV XQG 3RO\KLVWRULH LQ VHLQHQ 0QFKHQHU 6HPLQDUHQ YHUZHQGHW GLH ]X EHVX FKHQLFKGDV*OFNKDWWH



0DUWLQ0XOVRZ

$XVHLQDQGHUVHW]XQJ DXI .RQNXUUHQ] XPJHVWHOOW ZLUG $XFK GLH 'HEDWWH XP *D ODQWHULHXQG+|IOLFKNHLWIJWVLFKLQGLHVHQ5DKPHQHLQLQVRIHUQGLHDOWHÄ]lQNL VFKH³$UWGHU*HOHKUVDPNHLW]XEHUZLQGHQZDUXQGQHXHQ)RUPHQGHVUHVSHNWYRO OHQ 8PJDQJV 3ODW] PDFKHQ VROOWH 'DV YHUELQGHW GLH ,GHHQJHVFKLFKWH GHU )UKDXINOlUXQJ PLW LKUHU $OOWDJVJHVFKLFKWH XQG VR]LDOHQ 3UD[LV XQG YHUPLWWHOW HLQHQ(LQGUXFNYRQGHUÄgIIQXQJ³DOVGLHGLH.RPPXQLNDWLRQVUHIRUPHPSIXQGHQ ZXUGH  

 /HEHQVDEVFKQLWWVEHVFKlIWLJXQJ  :HQQ PDQ YRQ ÄgIIQXQJ³ DOV HLQHU P|JOLFKHQ 0LQLPDONDWHJRULH DXVJHKW GLH JUR‰H %HJULIIH XQG JUR‰H (U]lKOXQJHQ ZLH GLH YRQ GHU Ä$XINOlUXQJ³ ]XQlFKVW HLQPDOVXVSHQGLHUWXPYRUVLFKWLJHUHLQH5HLKHYRQ'\QDPLNHQ]XEH]HLFKQHQGLH DOOH GDULQ NRQYHUJLHUWHQ 9HUNUXVWXQJHQ 'RJPDWLVPHQ XQG 6HNWLHUXQJHQ DXI]X EUHFKHQGDQQVFKHLQWHVPLUQLFKWDEZHJLJ]XVHLQVROFKHÄgIIQXQJHQ³]XQlFKVW JDQ]HLQIDFKOHEHQVJHVFKLFKWOLFK]XVHKHQ)UMXQJH/HXWHZlKUHQGGHV6WXGLXPV RGHU NXU] GDQDFK LVW GDV /HEHQ QRFK RIIHQ 5FNVLFKW DXI bPWHU RGHU .DUULHUHQ PX‰RIWQRFKQLFKWJHQRPPHQZHUGHQGLH/HXWHLP$OWHUYRQ SOXVRGHUPLQXV HLQLJH -DKUH  VLQG DXI GHU 6XFKH VLQG RIIHQ IU (LQIOVVH RULHQWLHUHQ VLFK ± RIW EHU :DVVHU JHKDOWHQ GXUFK $QVWHOOXQJHQ DOV +RIPHLVWHU RGHU LQ 9HUODJHQ 'HP HQWVSULFKWGHUKLVWRULVFKH%HIXQGGDVVULVNDQWH3XEOLNDWLRQHQ5DGLNDOLVLHUXQJHQ SUHNlUH 7lWLJNHLWHQZLH-RXUQDOLVPXVGDV9HUIDVVHQYRQ5RPDQHQXQG*HOHJHQ KHLWVVFKULIWVWHOOHUHL RIWPDOV YRQ MXQJHQ $NDGHPLNHUQ ]ZLVFKHQ  XQG  DXVJH JDQJHQVLQG6FKRQHWZDVVSlWHU PDQFKPDOYHUOlQJHUWGXUFK3KDVHQGHV6WHOOHQ 6WDXVRGHUGHU$NDGHPLNHUDUEHLWVORVLJNHLW ILQGHWPDQGLHVHOEHQ3HUVRQHQLQ$PW XQG :UGHQ GLH GDQQ VR SXEOL]LHUHQ ZLH HV GLH VLH HUQlKUHQGHQ ,QVWLWXWLRQHQ YHUODQJHQ'HUNXU]H6RPPHUGHU)UHLKHLW±RGHUGHU)UHFKKHLW±LVWYRUEHL ,FKZLOOPLWHLQHP%HLVSLHOEHJLQQHQGDVXQVGXUFKGHQ'VFKXQJHOGHUJHOHKU WHQ3XEOL]LVWLNIKUHQVROO&KULVWLDQ*RWWIULHG+RIIPDQQZDUDOVHUHLQ-RXUQDO  

0DUWLQ *LHUO 3LHWLVPXV XQG $XINOlUXQJ 7KHRORJLVFKH 3ROHPLN XQG GLH .RPPXQLNDWLRQVUH IRUPGHU:LVVHQVFKDIWDP(QGHGHV-DKUKXQGHUWV*|WWLQJHQ6 -|UQ6WHLJHUZDOG*DODQWHULHDOV.ULVWDOOLVDWLRQVXQG.UHX]XQJVSXQNWXPHLQH3UREOHP VNL]]H ,Q 'DQLHO )XOGD +J  *DODQWHULH XQG )UKDXINOlUXQJ +DOOH  6± 'LUN 1LHIDQJHU +J .XOWXUHOOH2ULHQWLHUXQJXP7UDGLWLRQ3URJUDPPHNXOWXUHOOH9LHOIDOW 7ELQJHQ  *LHUO 3LHWLVPXV XQG $XINOlUXQJ ZLH $QP   6± DXFK PLW GHU $QIKUXQJ YRQ 7LWHONXSIHUQ  9JO 0DUWLQ 0XOVRZ 'DV FODQGHVWLQH 3UHNDULDW ,Q 'HUV 3UHNlUHV :LVVHQ (LQH DQGHUH ,GHHQJHVFKLFKWHGHU)UKHQ1HX]HLW%HUOLQ6±=DKOUHLFKH%HLVSLHOHIUULVNDQWH RGHUUDGLNDOH6FKULIWHQYRQMXQJHQ$XWRUHQILQGHQVLFKDXFKLQ0DUWLQ0XOVRZ0RGHUQHDXV GHP8QWHUJUXQG5DGLNDOH)UKDXINOlUXQJLQ'HXWVFKODQG±+DPEXUJ 

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



JUQGHWH (U ZXUGH  JHERUHQ XQG ZDU GHU 6RKQ GHV &KULVWLDQ:HLVH 1DFKIROJHUV DP =LWWDXHU *\PQDVLXP  EH]RJ HU GLH 8QLYHUVLWlW /HLS]LJ XP -XUD]XVWXGLHUHQ(UZDUZDKUVFKHLQOLFKDQZHVHQGDOV-RKDQQ%XUNKDUG0HQFNH *HVFKLFKWVSURIHVVRU XQG +HUDXVJHEHU GHU $FWD HUXGLWRUXP DP  )HEUXDU  DOVR ZlKUHQG GHU )DVFKLQJV]HLW HLQH ODWHLQLVFKH 5HGH EHU GLH &KDUODWDQHULH GHU *HOHKUWHQ KLHOW $EE   0DQ GDUI VLFK 0HQFNH GDEHL GXUFKDXV PLW 3DSSQDVH RGHU EXQWHU 3HUFNH YRUVWHOOHQ *HZLGPHW LVW GHU  HUVFKLHQHQH 'UXFN GHU ODXQLJHQ 5HGH GLH QRFK GXUFK HLQH ]ZHLWH HUJlQ]W ZXUGH &KU\VRVWRPRV 0DWKDQDVLXV GHP ILNWLYHQ (U]SHGDQWHQ DXV 7KHPLVHXO GH 6DLQW+\DFLQWKHV &KHI G¶RHXYUHG¶XQLQFRQQXYRQ0HQFNHLVWVLFKHUOLFKIUGHQMXQJHQ+RIIPDQQ HLQH/HLWILJXUJHZHVHQGDVOlVVWVLFKOHLFKWDXVVHLQHP-RXUQDOHUVFKOLH‰HQ'LHVHV -RXUQDO GDV+RIIPDQQLQ/HLS]LJJUQGHWHXQGELV(QGHDQRQ\PSX EOL]LHUWHWUlJWGHQ7LWHO$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLH-RXU QDOH ([WUDFWH XQG 0RQDWKV6FKULIIWHQ $EE   (V LVW HLQXQJHZ|KQOLFKHV'R NXPHQWLQPHKUIDFKHU+LQVLFKWQLFKWQXUGDULQGDVVHVHLQ-RXUQDOEHU-RXUQDOH LVWVRQGHUQDXFKLQ%H]XJDXIVHLQH.ODUVLFKWXQGVHLQHQ6FKDUIVLQQVRZLHQLFKW ]XOHW]W ZHJHQ GHU LNRQRJUDILVFKHQ 2ULJLQDOLWlW XQG NQVWOHULVFKHQ 4XDOLWlW VHLQHU 7LWHONXSIHU GLH MHGHP GHU HWZD ]ZHLPRQDWOLFK HUVFKHLQHQGHQ 7HLOH YRUDQVWHKHQ +RIIPDQQYHUDUEHLWHWGDULQVHLQHLQGUHL/HLS]LJHU-DKUHQJHPDFKWHQ(UIDKUXQJHQ EHU%XFKPDUNW3XEOLNXPXQG*HOHKUWHQWXP2IIHQEDUKDWLQGLHVHQ-DKUHQHLQH VWDUNH'HVLOOXVLRQLHUXQJVWDWWJHIXQGHQ6FKRQLPHUVWHQ6HPHVWHUKDWWHGHU GDPDOV-lKULJHHLQH6FKULIW'HVHQLRHUXGLWRUXPEHUGDVKRKH$OWHUGHU*H OHKUWHQ YHUIDVVW GLH QRFK JDQ] LP 6WLO GHV /REHVJHOHKUWHU6WXGLHQGDKHUNRPPW 2EGHUGXUFKGHQKRKHQ6WDQGDUGGHV=LWWDXHU*\PQDVLXPVXQGGLH3ULYDWOHNWLR  

=X +RIIPDQQ ±  LVW GLH /LWHUDWXU VHKU VSlUOLFK 9JO $XJXVW 5LWWHU YRQ (LVHQKDUW $UW+RIIPDQQ&KULVWLDQ*RWWIULHG,Q$OOJHPHLQH'HXWVFKH%LRJUDSKLH+JGXUFKGLH+LVWR ULVFKH&RPPLVVLRQEHLGHU.|QLJO$NDGGHU:LVV%G/HLS]LJ6I  9JO0DULDQ)VVHOÃ&KDUODWDQHULDHUXGLWRUXPµ=XUVR]LDOHQ6HPDQWLNGHVJHOHKUWHQ%HWUXJV LPXQG-DKUKXQGHUW,Q%HULFKWH]XU:LVVHQVFKDIWVJHVFKLFKWH  6± YJO DXFK +HQU\ /RXLV 0HQFNHQ 3UHIDFH E\ WKH (GLWRU ,Q -RKDQQ %XUNKDUG 0HQFNHQ 7KH &KDUODWDQU\RIWKH/HDUQHG1HZ@*HGDQFNHQ8EHUGLHZLFKWLJVWHQ0DWHULHQ:HOFKHLQGHQHQ -RXUQDOHQ ([WUDFWHQ XQG 0RQDWKV±6FKULIIWHQ YRUJHWUDJHQ ZHUGHQ :RUEH\ 6W  :REH\  ]XJOHLFK(LQH1DFKULFKWYRQ-XULVWLVFKHQ6FKULIIWHQHUWKHLOHWZLUG±6W$XIIULFKWLJH>@ YRUJHWUDJHQZHUGHQ±6W±$XIIULFKWLJH>@YRUJHWUDJHQZHUGHQ:REH\]XJOHLFKHLQH 1DFKULFKW YRQ QHXHQ 6FKULIIWHQ LQVRQGHUKHLW YRQ -XULVWLVFKHQ %FKHUQ HUWKHLOHWZLUG )UHL EXUJ >HLJ /HLS]LJ 0DUWLQL@ ± 7 >@±  6W ±  $XI GLH =HLWVFKULIW KDW PLFK HUVWPDOV2ODI6LPRQVKLQJHZLHVHQ



0DUWLQ0XOVRZ

QHQGHV9DWHUVYHUZ|KQWHMXQJH0DQQGDQDFKYRQ/HLS]LJHQWWlXVFKWZRUGHQLVW RE HU VLFK LP HQJHQ 8PNUHLV 0HQFNHV DXIKLHOW XQG RE HU LQ GLH 9RUEHUHLWXQJHQ 0HQFNHVEHLP$XIEDXGHUYRQ-RKDQQ*RWWOLHE.UDXVHJHVFKULHEHQHQ1HXHQ=HL WXQJHQYRQJHOHKUWHQ6DFKHQLQYROYLHUWZDUGLHHUVWPDOVHUVFKLHQHQ±DOOGDV ZLVVHQ ZLU QLFKW )HVW VWHKW DEHU GDVV +RIIPDQQ HLQHQ WLHIHQ (LQEOLFN LQ GLH 0HFKDQLVPHQ GHU -RXUQDOSURGXNWLRQ XQG GHUHQ EHJLQQHQGH 'RPLQDQ] EHU GDV JDQ]H JHOHKUWH )HOG LKUH .RPSLODWLRQVWHFKQLNHQ LKUH 9HUPDUNWXQJ XQG LQQHUH /HHUHEHNRPPHQKDW+RIIPDQQKDWWHGHQ(LQGUXFNGDVVVLFKGLHQHXH.ODVVHGHU -RXUQDOLVWHQXQG5H]HQVHQWHQDOOHVKHUDXVQHKPHQN|QQHXQGNHLQHUVLHNRQWUROOLH UH RGHU QDFK LKUHQ 4XDOLWlWVVWDQGDUGV IUDJH 'LH QRUPDOHQ %XFKDXWRUHQ PXVVWHQ VLFKPHKUXQGPHKUQDFKLKQHQULFKWHQXPQRFK$XIPHUNVDPNHLW]XEHNRPPHQ 'DV DEHU VWHOOWH GLH HLJHQWOLFKH +LHUDUFKLH DXI GHQ .RSIÄ0XQGXVYXOWGHFLSL³± GLH:HOWP|FKWHJHWlXVFKWZHUGHQGDVLVWGDV)D]LW0HQFNHVLP7LWHONXSIHUVHLQHU &KDUODWDQHULDYRQ $EE XQGLP-DKUHEHQIDOOVVFKRQGDV0RWWRGHV 6WFNHVYRQ+RIIPDQQV8QSDUWKH\LVFKHQ*HGDQFNHQ $EE :LUJHUDWHQKLHU EHUHLWV LQ GLH YHUJOHLFKHQGH $QDO\VH YRQ 7LWHONXSIHUQ KLQHLQ :lKUHQG 0HQFNHV %LOGHLQH%KQH]HLJWDXIGHUHLQJDODQWHU*HOHKUWHULQGHU$UWXQGLQ%HJOHLWXQJ YRQ -DKUPDUNWNRP|GLDQWHQ DJLHUW ]LHUW GDV Ä0XQGXV YXOW GHFLSL³ EHL +RIIPDQQ HLQH6]HQHLQGHUJHOHKUWH-RXUQDOLVWHQVLFKDXIHLQH$XGLHQ]YRUEHUHLWHQLQGHP VLHDOOH0DVNHQDXIVHW]HQ'DUXQWHULVWDOVÄ$XIO|VXQJ³GHUUlWVHOKDIWHQ6]HQHGHU 0HFKDQLVPXV HUNOlUW PLW GHP SROLWLVFKH -RXUQDOH IDEUL]LHUW ZHUGHQ QlPOLFK DOV EOR‰H .RPSLODWLRQHQ GHU ,QIRUPDWLRQHQ DXV XQWHUVFKLHGOLFKHQ /lQGHUQ Ä(UJR GHFLSLDWXU³±GLH:HOWVROODOVRJHWlXVFKWZHUGHQZHQQVLHHVGHQQXQEHGLQJWZLOO %HGHXWVDPHU LVW DOOHUGLQJV GHU 9HUJOHLFK PLW GHP 7LWHONXSIHU YRQ +RIIPDQQV  6WFN $EE 'HQQGRUWVHKHQZLUIDVWGLHJOHLFKH%KQHQV]HQHZLHEHL0HQFNH QXU PLW OHLFKW YHUlQGHUWHP 3HUVRQDO XQG HLQHU $XIVSDOWXQJ GHU KRFKVWDSHOQGHQ 7lXVFKHUHLLQÄ,FKVHKHDOOHV³Ä,FKPDFKHDOOHV³Ä,FKZHL‰DOOHV³XVZVRZLHGHU OHLFKWJOlXELJHQ:HOWGLHEHL0HQFNHDXIHLQHP(VHOUHLWHWLQÄ:LUJODXEHQDOOHV³ Ä:LU JODXEHQ ZHQLJ³ XQG ÄZLU JODXEHQ QLFKWV³ 'LH 4XDOLWlW XQG GHU 6WLO GHU .XSIHU LVW VHKU lKQOLFK VRGDVV PDQ YHUPXWHQ N|QQWH 0HQFNH XQG +RIIPDQQ KlWWHQKLHUPLWGHPJOHLFKHQ.XSIHUVWHFKHU]XVDPPHQJHDUEHLWHW'D]XNRPPHLFK ZHQQ HV XP GLH .XSIHUVWHFKHU6]HQH LQ /HLS]LJ JHKW 'LH $QJHOHJHQKHLW ZLUG QRFKNRPSOL]LHUWHUQLFKWQXUGXUFKGHQ8PVWDQGGDVVVFKRQHLQDQRQ\PHU .ULWLNHU GHU $FWD HUXGLWRUXP GHU 9HUIDVVHU GHU SDURGLVWLVFKHQ $FWD 6HPL   =X.UDXVHYJO5GLJHU2WWR-RKDQQ*RWWOLHE.UDXVHXQGGLHÃ1HXHQ=HLWXQJHQYRQJHOHKUWHQ

6DFKHQµ,Q+DQVSHWHU0DUWLX'HWOHI'|ULQJ +J 'LH8QLYHUVLWlW/HLS]LJXQGLKUJHOHKUWHV 8PIHOG±%DVHO6±  6FKRQGDVÄ'LH:HOWZLOOJHWlXVFKWZHUGHQ±DOVRVROOVLHHVDXFK³ZHLVWDXIHLQHDPELYDOHQWH +DOWXQJ GHU MXQJHQ -RXUQDOLVWHQ KLQ GLH HLQHUVHLWV LKUH -XUD6WXGLHQ EHWUHLEHQ XP HLQH $Q VWHOOXQJ ]X ILQGHQ VLFK MHGRFK DQGHUHUVHLWV GDV 6WXGLXP GDPLW YHUGLHQHQ GDVV VLH VLFK EHL 9HUOHJHUQ YHUGLQJHQ XQG GHQ 0DUNWPLWVFKQHOO]XVDPPHQJHZRUIHQHU3VHXGR*HOHKUVDPNHLW EHGLHQHQ

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



HUXGLWRUXPGDV6HEDVWLDQ%UDQGW¶VFKH0RWWRÄ'LH:HOWZLOOEHWURJHQVH\Q³DXV JHJHEHQ KDWWH VRQGHUQ YRU DOOHP GDGXUFK GDVV ZHQLJH -DKUH VSlWHU  GHU (UIXUWHU +LVWRULNHU -RKDQQ *RWWIULHG %FKQHU LQ VHLQHP LQ /HLS]LJ EHL .|UQHU YHUOHJWHQ 6FKHGLDVPDKLVWRULFROLWHUDULXPGHYLWLRUXPLQWHUHUXGLWRVRFFXUHQWLXP VFULSWRULEXV GDV %LOGPRWLY YRQ +RIIPDQQV Ä0XQGXV YXOW GHFLSL³ ± QXQLQHWZDV VFKOHFKWHUHU8PVHW]XQJ±ZLHGHUYHUZHQGHWHLQGHPHUGLH'DUVWHOOXQJGHU.RPSL ODWLRQVSUDNWLNHQ YRQ -RXUQDOHQ DXI GLH YRQ 3ODJLDWRUHQ DOOJHPHLQ WUDQVSRQLHUWH $EE   =XJOHLFK KDW VLFK %FKQHU IU GHQ REHUHQ 7HLO VHLQHV /DVWHU 3DQRSWLNXPV EHL DQGHUHQ 7LWHONXSIHUQ +RIIPDQQV EHGLHQW QlPOLFK ,OOXVWUDWLRQHQ GHV 7DQ]HQV YRQ +|IOLQJHQ $EE   XQG GHV 3KLORVRSKHQ LP DEJHULVVHQHQ *H ZDQG 6WFN  $EE GHUVHLQHUVHLWVZRKOHLQH$QUHJXQJGXUFK6DOYD WRU5RVDGDUVWHOOWZHOFKHUGDPDOVLQ/HLS]LJUH]LSLHUWZXUGHVRZLHGHV'LRJHQHV LP )DVV DXV +HXPDQQV 7LWHONXSIHU ]XP 3ROLWLVFKHQ 3KLORVRSKXV YRQ  $EE :LUN|QQHQYDJHHUDKQHQDXIZHOFKNRPSOH[HV)HOGZLUXQVKLHUEHJH EHQ :HQQZLUDOV9HUJOHLFKKHUDQ]LHKHQZLH*RWWVFKHG-DKUHVSlWHUVHLQH=HLW VFKULIWHQ KHUDXVEUDFKWH QlPOLFK LQGHP HU HLQH 5HLKH YRQ 6WXGHQWHQ RGHU JHUDGH

  $FWD

VHPLHUXGLWRUXP RGHU NXUW]HU $XV]XJ DXV GHQHQ KDOE JHOHKUWHQ 6FKULIIWHQ XQG &KDUWHTXHQPLWZHOFKHQGLH%XFKOlGHQDXVVWDIILUHWR2'LH$XVJDEHYRQWUlJW GHQ 7LWHO $FWD VHPLHUXGLWRUXP GDV LVW 1DFKULFKW XQG 8UWKHLOH YRQ XQQW]HQ VFKlGOLFKHQ XQG JURVVH )HKOHU XQG ,UUWKPHU PLW VLFKIKUHQGHU%FKHUQEHOJHUDWKQHQ'LVVHUWDWLRQLEXV XQGEHGDFKWVDPHQhEHUVHW]XQJHQQLFKWVZUGLJHQ&KDUWHTXHQXQGDQGHUQ6FKULIIWHQ-RKDQQ *RWWIULHG %FKQHU 6FKHGLDVPD KLVWRULFROLWHUDULXP GH YLWLRUXP LQWHU HUXGLWRV RFFXUUHQWLXP VFULSWRULEXV DGGLWLV LQVLPXO TXLEXVGDP KRUXP YLWLRUXP FDXVLV VSHFLDOLEXV H[HPSOLV HW KRUXPOLEURUXPXVX/HLS]LJ'LH6FKULIWHQ]XU.ULWLNDQGHQ0L‰VWlQGHQEHL$NDGHPL NHUQ-XULVWHQRGHU-RXUQDOLVWHQ]XGLHVHU=HLWVLQGlX‰HUVW]DKOUHLFK,FKQHQQHKLHUHWZDGHQ 7H[W'LH5HOLJLRQHLQHV,XULVWHQDGLPLWDWLRQHP'U%URZQV5HOLJLRQLV0HGLFL$XVGHP(QJ OLVFKHQEHUVHW]W)UDQNIXUWX/HLS]LJZHLWHUKLQ*HRUJ0HOFKLRUYRQ/XGROIVDQRQ\PH ,GHDSKLORVRSKLDHVLPXODWDH  GHUV6FKOHQGULDQXVFHOHEULVSUDFWLFRUXPPDJLVWHUEUHYL VFKHGLDVPDWH1HRSUDFWLFLVIRUHQVLEXVFRPPHQGDWXV.|OQ  IHUQHU3KLOLSS%DOWKD VDU 6LQROG YRQ 6FKW]¶ DQRQ\PHV %XFK +HUNRPPDQQXV 0DJQXV RGHU 'DV /HEHQ XQG GLH 7KDWHQGHVXKUDOWHQ(UW]%HWUJHUVXQG/DQG9HUGHUEHUV+HUNRPPDQQLZLHVLFKGHUVHOEHYRQ ODQJHQ=HLWHQKHUEL‰DXIGLHJHJHQZlUWLJH6WXQGHEHUDOOHLQJHVFKOLFKHQKDWGXUFK]ZH\ YHUWUDXWH %DGH*lVWH X /LHEKDEHU GHU :DKUKHLW YRUJHVWHOOHW R2 >'UHVGHQ +DUSHWHU@  XQG *RWWIULHG %HQMDPLQ +DQFNHVHEHQIDOOVDQRQ\PH6FKULIW/LWLVDEXVXVRGHUGHUNOlJOLFKH $QIDQJGLHMlPPHUOLFKH)RUWVHW]XQJXQGGDVHUEDUPXQJVZUGLJH(QGHGHUHU3URFHVVHQ R2>'UHVGHQ+DUSHWHU@  9JO$FKLP$XUQKDPPHU +J 6DOYDWRU5RVDLQ'HXWVFKODQG6WXGLHQ]XVHLQHU5H]HSWLRQLQ .XQVW/LWHUDWXUXQG0XVLN)UHLEXUJ+HUZLJ*XUDW]VFKXD +J 6DOYDWRU5RVD*HQLH GHU=HLFKQXQJ6WXGLHQXQG6NL]]HQDXV/HLS]LJXQG+DDUOHP.|OQ  &KULVWRSK$XJXVW+HXPDQQ'HUSROLWLVFKH3KLORVRSKXV'DVLVW9HUQXQIIWPl‰LJH$QZHLVXQJ =XU .OXJKHLW -P JHPHLQHQ /HEHQ )UDQNIXUW XQG /HLS]LJ >  +DOOH@  YJO GD]X 0DUWLQ 0XOVRZ.DVSHU5LMVEHUJ(VNLOGVHQX+HOPXW=HGHOPDLHU +J &KULVWRSK$XJXVW+HXPDQQ LP 'UXFN  )U =HLWVFKULIWHQWH[WH YJO +HUEHUW -DXPDQQ =XU ,QWHUWH[WXDOLWlW GHU JHOHKUWHQ -RXUQDOH LP -DKUKXQGHUW ,Q :LOKHOP .KOPDQQ X :ROIJDQJ 1HXEHU +J  ,QWHUWH[WXDOLWlWLQGHU)UKHQ1HX]HLW)UDQNIXUW6±



0DUWLQ0XOVRZ

H[DPLQLHUWHQ MXQJHQ $EVROYHQWHQ IU VLFK DUEHLWHQ OLH‰ VR NDQQ PDQ VLFK HLQH lKQOLFKH 6LWXDWLRQ EHL 0HQFNH XQG VHLQHP 6FKZLHJHUYDWHU GHP 9HUOHJHU *OHGLWVFK XQG DOO GHQ DQGHUHQ LQ /HLS]LJ WlWLJHQ 9HUODJVDNWHXUHQ YRUVWHOOHQ 6WXGHQWHQZLH+RIIPDQQZXUGHQDOV6FKUHLEHUOLQJHHLQJHVHW]WWHLOZHLVHPDFKWHQ VLHGDQQLKUHHLJHQHQ.RQWUDNWHPLW9HUOHJHUQGLHLQGHUVFKQHOOH[SDQGLHUHQGHQ -RXUQDO =HLWXQJV XQG .RPSHQGLHQODQGVFKDIW VWlQGLJ QDFK $XWRUHQ VXFKWHQ (V ZDUGHU8PNUHLVGHU$FWDHUXGLWRUXPXQGGHUVHLWHUVFKHLQHQGHQ'HXWVFKHQ $FWDHUXGLWRUXP $EE LQGHPVLFKIRUWJHVFKULWWHQH6WXGHQWHQWXPPHOWHQXQG IU ZHLWHUH $XIJDEHQ UHNUXWLHUW ZXUGHQ 6R KLHOW GHU 9HUOHJHU 3KLOLSS :LOKHOP 6WRFN$XVVFKDXPLWZHPHUGLH/HHUVWHOOHGHUPLWGHP7RGGHV$XWRUV:LO KHOP(UQVW7HQW]HOHLQJHVWHOOWHQ&XULHXVHQ%LEOLRWKHFIOOHQN|QQWH(UZlKOWHGHQ MlKULJHQ-RKDQQ&KULVWLDQ6FK|WWJHQGHQMlKULJHQ&KULVWLDQ:ROWHUHFNXQG GHQMlKULJHQ-RKDQQ*RWWOLHE.UDXVHDOOHVDPWVHLWHLQLJHQ-DKUHQ6WXGHQWHQDQ GHU /HLS]LJHU 8QLYHUVLWlW .UDXVH KDWWH  DOV 7HQW]HO VWDUEQRFKGLHOHW]WHQ +HIWH YRQ GHVVHQ &XULHXVHU %LEOLRWKHF IHUWLJJHVFKULHEHQ XQG ZDU GDKHU RKQHKLQ GLHQDWUOLFKH:DKOIUGDV8QWHUQHKPHQ+LQ]XNDPGHUMlKULJH-XVWXV*RWW KDUG 5DEHQHU GHU  ± QHEHQ 6FK|WWJHQ ± +DXSWDXWRU GHU 'HXWVFKHQ $FWD HUXGLWRUXP ZXUGH GLH EHL *OHGLWVFK HUVFKLHQHQ &KULVWLDQ *RWWOLHE -|FKHU GHU HLQVWLHJ]HLJWGDVVVLFKGLHVH*UXSSHMXQJHU*HOHKUWHQ-RXUQDOLVWHQVLFKPLW GHUMHQLJHQ LP *HVFKlIW GHU %LRJUDSKLN EHUVFKQHLGHW 'HQQ DXFK QDFK /HEHQV OlXIHQJDEHVHLQHQXQVWLOOEDUHQ%HGDUIGHQPDQLQ/HLS]LJXQGDQGHUVZREHIULH GLJWH -RKDQQ &KULVWRSK 5GLJHU HWZD HLQ :LWWHQEHUJHU 6FKXUW]IOHLVFK6FKOHU   *DEULHOH

%DOO 0RUDOLVFKH .VVH *RWWVFKHG DOV =HLWVFKULIWHQKHUDXVJHEHU XQG OLWHUDULVFKHU 9HUPLWWOHU*|WWLQJHQ'HWOHI'|ULQJ-RKDQQ&KULVWRSK*RWWVFKHG±9HUPLWWOHU]ZLVFKHQ $XWRUHQXQG9HUOHJHUQLP/HLS]LJGHU+lOIWHGHV-DKUKXQGHUWV,Q/HLS]LJHU-DKUEXFK ]XU%XFKJHVFKLFKWH  6±  =XP/HLS]LJHU9HUODJVZHVHQYJODXFK'HWOHI'|ULQJ9HUODJVZHVHQ,Q'HUV +J (UOHXFK WXQJGHU:HOW6DFKVHQXQGGHU%HJLQQGHUPRGHUQHQ:LVVHQVFKDIWHQ%G(VVD\V'UHVGHQ 6±VRZLHGHUV9HUODJH±=HLWVFKULIWHQ,Q'HUVX&HFLOLH+ROOEHUJ +J (U OHXFKWXQJ GHU :HOW 6DFKVHQ XQG GHU %HJLQQ GHU PRGHUQHQ :LVVHQVFKDIWHQ %G  .DWDORJ 'UHVGHQ  6± ZHLWHU DOOJHPHLQ :ROIJDQJ 0DUWHQV +J  =HQWUHQ GHU $XINOl UXQJ,,,/HLS]LJ$XINOlUXQJXQG%UJHUOLFKNHLW+HLGHOEHUJ  &KULVWLDQ :ROWHUHFN JHE  ZDU DE  6WXGHQW LQ /HLS]LJ XQG 0LWDUEHLWHU GHU $FWD HUXGRUXP -RKDQQ *RWWOLHE .UDXVH JHE  ZDU DE  6WXGHQW LQ /HLS]LJ XQG -RKDQQ &KULVWLDQ 6FK|WWJHQ JHE  ZDU HEHQIDOOV 6WXGHQW LQ /HLS]LJ XQG 0LWDUEHLWHU GHU $FWD HUXGLWRUXPPDFKWHHUVHLQHQ0DJLVWHU=X7HQW]HOYJO0DUWLQ0XOVRZ,QIRUPDOLWlWDP 5DQGH GHV +RIHV $QZHVHQKHLWVNRPPXQLNDWLRQ XQWHU *RWKDHU *HOHKUWHQ XP  ,Q 'DSKQLV  6±  .UDXVH KDWWH 7HQW]HO LQ VHLQHP OHW]WHQ -DKU QRFK JHNDQQW XQG PLW LKP NRUUHVSRQGLHUW 9JO 2WWR-RKDQQ*RWWOLHE.UDXVH ZLH$QP   'HXWVFKH$FWDHUXGLWRUXPRGHU*HVFKLFKWHGHU*HOHKUWHQZHOFKHGHQJHJHQZlUWLJHQ=XVWDQG GHU /LWWHUDWXU LQ (XURSD EHJUHLIHQ /HLS]LJ ± +DXSWDXWRU ZDU -XVWXV *RWWKDUG 5DEHQHUJHEVHLW6WXGHQWLQ/HLS]LJ0DJLVWHU  =X-|FKHUYJO8OULFK-RKDQQHV6FKQHLGHU +J -|FKHUV(LQ0DQQHLQH0LVVLRQHLQ /H[LNRQ/HLS]LJYJODXFKGHUV'LH(UILQGXQJGHVDOOJHPHLQHQ:LVVHQV(Q]\NORSlGL VFKHV6FKUHLEHQLP=HLWDOWHUGHU$XINOlUXQJ%HUOLQ

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



JDEXQWHUGHP3VHXGRQ\P$GROSK&ODUPXQGLQ:LWWHQEHUJDEHLQHLQ=HLW VFKULIWHQDUWSHULRGLVFKHUVFKHLQHQHQGH%LRJUDSKLHQVDPPOXQJ9LWDHFODULVVLPRUXP LQUHOLWHUDULD9LURUXPKHUDXVDQGHUHUVHLQHUVHLWV:LWWHQEHUJHU6WXGHQWHQPLWDU EHLWHQOLH‰bKQOLFKPXVVPDQVLFKZRKODXFKGLH$UEHLWDQGHQEHOLHEWHQ7RWHQ JHVSUlFKHQ YRUVWHOOHQ GLH HLQH $UW HSKHPHUHU *HOHJHQKHLWVYHUVLRQ YRQ +LVWRULD OLWHUDULDVLQGLPPHUGDQQZHQQQDFKGHP7RGHLQHV*HOHKUWHQHLQELRJUDSKLVFK GR[RJUDSKLVFKHU%HGDUIHQWVWDQGLQGHQPDQGDQQDXFKQRFKDNWXHOOH.RQWURYHU VHQ HLQIOHFKWHQ NRQQWH RGHU GLH $UEHLW DQ /H[LND LQ GHUHQ %HLWUlJHQ PDQ HEHQ IDOOVEHL%HGDUIVHLQH.RQWURYHUVHPLWHYHQWXHOOHQ*HJQHUQDXVWUDJHQNRQQWH 'DGLHRIWVHKUIUHLPWLJHQ$XVODVVXQJHQHLQHV+RIIPDQQRGHU.UDXVHGLHLKU 9RUELOG DOOH LQ &KULVWLDQ 7KRPDVLXV KDWWHQ ± +RIIPDQQJLQJIUVHLQ'RNWRUH[D PHQ  NXU]]HLWLJ QDFK +DOOH ± XQG PHLVW DQRQ\P GDKHUNDPHQ ELOGHWHQ VLFK ]XZHLOHQ NXULRVH RSDNH 'LVSXWH LP +DOE8QWHUJUXQG GHU 3XEOL]LVWLN $QRQ\PH 9HUIDVVHU YRQ 7RWHQJHVSUlFKHQ EHVFKXOGLJWHQ DQGHUH DQRQ\PH 9HUIDVVHU YRQ HEHQVROFKHQ QLFKW VHUL|V ]X VHLQ 6R EHVFKZHUWH VLFK GHU 9HUIDVVHU GHV ([DPHQ ULJRURVXPYRQ*XQGOLQJXQG%XGGHLP7RWHQUHLFKEHUHLQNXU]]XYRUHUVFKLHQH QHV7RWHQJHVSUlFK]ZLVFKHQ7KRPDVLXVXQG)UDQFNHGDVHUIUÄ8QIXJ³KLHOWXQG OLH‰$SROORILNWLYHUZHLVHHLQHQ(UODVVDXVJHEHQQDFKZHOFKHPQLHPDQGVRHWZDV SXEOL]LHUHQ VROOH ÄHKH XQG EHYRU HU QLFKW GDV JHZ|KQOLFKH ([DPHQ ULJRURVXP DXVJHVWDQGHQ³ ± HLQ GHXWOLFKHU +LQZHLV GDUDXI GDVV 6WXGHQWHQ YRU LKUHP $E VFKOXVVGRFKELWWHGLH)LQJHUYRQVROFKHQ3XEOLNDWLRQHQODVVHQVROOWHQ'HUDQR Q\PH $XWRU GHU $FWD6HPLHUXGLWRUXPZXUGHYRQHLQHPSVHXGRQ\PHQÄ6LQFHUXV   $GROSK

&ODUPXQG >GL -RKDQQ &KULVWRSK 5GLJHU@ 9LWDH &ODULVVLPRUXP LQ UH OLWHUDULD 9LURUXP'DVLVW/HEHQV%HVFKUHLEXQJHWOLFKHU+DXSWJHOHKUWHQ0lQQHUVRYRQGHU/LWHUDWXU SURIHVVJHPDFKW:LWWHQEHUJ±  9JOHWZD/XGRYLFLV3ROHPLNHQLP.RQWH[WYRQ=HGOHUV/H[LNRQ'D]X6FKQHLGHU'LH(UILQ GXQJ ZLH$QP 6±0DUWLQ0XOVRZ$XINOlUXQJYHUVXV(VRWHULN"9HUPHVVXQJ GHV LQWHOOHNWXHOOHQ )HOGHV DQKDQG HLQHU .DEDOH ]ZLVFKHQ :HL‰POOHU /XGRYLFL XQG GHQ *RWWVFKHGV,Q0RQLND1HXJHEDXHU:|ON +J $XINOlUXQJXQG(VRWHULN5H]HSWLRQ±,QWHJ UDWLRQ±.RQIURQWDWLRQ7ELQJHQ6±  =X&KULVWLDQ7KRPDVLXVDOV=HLWVFKULIWHQDXWRUYJO+HUEHUW-DXPDQQ&ULWLFD8QWHUVXFKXQJHQ ]XU*HVFKLFKWHGHU/LWHUDWXUNULWLN]ZLVFKHQ4XLQWLOLDQXQG7KRPDVLXV/HLGHQ  $OHWRSKLOXV([DPHQULJRURVXPZHOFKHV$SROOR]ZLVFKHQGHQ3UR5HFWRUH]X+DOOH1LFRODR +\HURQLPR*XQGOLQJHQX-RK)UDQFLVFR%XGGHR>«@DQJHVWHOOHWR26)UGLH JHQDXHUH.HQQWQLVGHUSKLORVRSKLVFKHQ7RWHQJHVSUlFKHGHUGHXWVFKHQ)UKDXINOlUXQJELQLFK 5LFFDUGD6XLWQHUGDQNEDUGLHGDUEHULKUH'LVVHUWDWLRQYHUIDVVWKDWXQGDXFKHLQH$QWKRORJLH KHUDXVJHEHQ ZLUG 9JO GLHV $WHLVPR H SLHWLVPR LQ XQ GLDORJR DQRQLPR GHOOD Ã)UKDXINOl UXQJµ,Q&DUOR%RUJKHURXD +J 'DOFDUWHVLDQLVPRDOO LOOXPLQLVPRUDGLFDOH)LUHQ]H 6±GLHV8QRVFRQWURQHOUHJQRGHLPRUWL'HVFDUWHVH5GLJHU,Q&DUOR%RUJKHURX $QWRQHOOD 'HO 3UHWH +J  ,PPDJLQL ILORVRILFKH H LQWHUSUHWD]LRQL VWRULRJUDILFKH GHO FDUWHVLDQLVPR)LUHQ]H6±GLHV'HU.ULHJGHU%LRJUDSKHQ=XGHQHUVWHQOLWH UDULVFKHQ'DUVWHOOXQJHQGHU/HEHQYRQ&KULVWLDQ7KRPDVLXVXQG$XJXVW+HUPDQQ)UDQFNH,Q .DUO (QHQNHO X &ODXV =LWWHO +J  'LH 9LWD DOV 9HUPLWWOHULQ YRQ :LVVHQVFKDIW XQG :HUN )RUP XQG IXQNWLRQVDQDO\WLVFKH 8QWHUVXFKXQJHQ ]X IUKQHX]HLWOLFKHQ %LRJUDSKLHQ YRQ *H OHKUWHQ :LVVHQVFKDIWOHUQ 6FKULIWVWHOOHUQ XQG .QVWOHUQ 0QVWHU  6± =XP Ä([DPHQULJRURVXP³YJO6XLWQHUVXQSXEOL]LHUWH7HVLGLODXUHD$WHLVPRH3LHWLVPRLQXQFRU SXVGLÃGLDORJKLGLHPRUWLµGHOOD)UKDXINOlUXQJ 5RP 6±



0DUWLQ0XOVRZ

%HQHYROXV³ XQG HLQHP QLFKW PLQGHU SVHXGRQ\PHQ Ä&HQWRULXV D &HQWRULLV³ NULWL VLHUW HLQ VWHOOHQORVHU UDGLNDOHU 3KLORVRSK ZLH *DEULHO :DJQHU GHU XQWHU GHP 3VHXGRQ\P Ä5HDOLV GH 9LHQQD³ VFKULHE XQG GHP PDQ VHLQ XPIDQJUHLFKHV0DQX VNULSW GHU :HOWZHLVHQ *HVFKLFKW HLQHU GHXWVFKHQ :LVVHQVFKDIWVJHVFKLFKWH PLW VWDUN DQWLIUDQ]|VLVFKHU 7HQGHQ] JHVWRKOHQ KDWWH JULII +RIIPDQQ DQ GHU GDV 0D QXVNULSWLQGLH+lQGHEHNDPXQGLQGHQ8QSDUWKH\LVFKHQ*HGDQFNHQHLQHQNULWL VFKHQ$EULVVGDYRQJDE±RKQH+RIIPDQQV,GHQWLWlW]XNHQQHQ$QRQ\PSXEOL]LHU WH :DJQHU ± ZHQQ HU HV GHQQ VHOEVW ZDU ZDV LFK MHGRFK DQQHKPH ±  GLH ZLHGHUXP DQRQ\PH 6WUHLWVFKULIW 1DFKULFKW YRQ 5HDOLV GH 9LHQQD 3UIXQJ GHV (XURSlLVFKHQ9HUVWDQGHV>«@ZLGHUGHV6DPOHUVXQHKUOLJHQEHULFKWGHULQ VRJHQDQQWHQ  8QSDUWHLLVFKHQ *HGDQNHQ DOOH %FKHU$XV]JH ]XVDPPHOQ XQG DXV]X]LKHQ DQJHIDQJHQ 'DEHL JULII HU GDV 7KHPD GHU 1DFKDKPXQJ DXI GDV +RIIPDQQ VR VHKU EHVFKlIWLJWH XQG GDV HU LQ YLHOHQ .XSIHUVWLFKHQ WKHPDWLVLHUWH +ROJHU =DXQVW|FN KDW LQ VHLQHU 6WXGLH 'DV 0LOLHX GHV 9HUGDFKWV 'HQXQ]DWLRQHQ LP 0LOLHX GHU 6WXGHQWHQ GHV -DKUKXQGHUWV XQWHUVXFKW GLH VLFK DOV QDWUOLFKH 7UlJHU GHU DNDGHPLVFKHQ )UHLKHLW YHUVWDQGHQ (U KlWWH GDV 8QWHUVXFKXQJVIHOG JOHLFKHUPD‰HQDXIGLHVHRSDNH=RQHGHV9HUGDFKWV]ZLVFKHQMHZHLOVXQVLFKWEDUHQ $NWHXUHQLPSXEOL]LVWLVFKHQ8PIHOGDXVGHKQHQN|QQHQ$XFKGRUWJULIIPDQVLFK JHJHQVHLWLJ DQ YHUWHLGLJWH VHLQH (KUH XQG GHQXQ]LHUWH GHQ DQGHUHQ RIW RKQH LKQ SHUV|QOLFK]XNHQQHQ 6REDOGGLH6WXGHQWHQGLHVH=ZLVFKHQSKDVHLQLKUHU([LVWHQ]KLQWHUVLFKKDWWHQ XQGGDXHUKDIWJHVLFKHUWH3RVWHQEH]RJHQZDUHVDXVPLWGHU6DWLULNXQG-RXUQDOLV WLNHWZDZXUGH+RIIPDQQ-XUDSURIHVVRULQ/HLS]LJ2UGLQDUXVIU-XUD LQ)UDQNIXUWDQGHU2GHU9RQDQSXEOL]LHUWHHUQXUQRFKVFKZHUHXQGVHUL|VH UHFKWVZLVVHQVFKDIWOLFKH %FKHU .UDXVH ZXUGH  3URIHVVRU LQ /HLS]LJ±QDFK GHPHUYRUEHUJHKHQGLQKDIWLHUWZXUGHZHLOVLFKDXVJHUHFKQHWGHU6RKQGHV 2EHUNRQVLVWRULXPVSUlVLGHQWHQEHLGHU/HNWUHYRQ.UDXVHV%FKHU+LVWRULHIUGLH /HKUHQGHVGRUWJDQ]QHXWUDOEHVFKULHEHQHQ7UDLWpGHVWURLVLPSRVWHXUVEHJHLVWHUW KDWWHVRGDVVGHVVHQ9DWHUZWHQGZXUGHXQG0HQFNHGHQ3DWURQDOOGLHVHUOLEHUD OHQ -RXUQDOLVWHQ YHUQLFKWHQ ZROOWH DEHU QXU .UDXVH WUHIIHQ NRQQWH 6FK|WWJHQ ZXUGH5HNWRUGHV/\FHXPVLQ)UDQNIXUW2GHU5DEHQHU'LDNRQDQGHU 1HXHQ.LUFKHLQ/HLS]LJ:HQQMHPDQGDXVGLHVHP0LOLHXVLFKQLFKWHQWVFKOLH‰HQ NRQQWH IU HLQHEUJHUOLFKH.DUULHUH.RPSURPLVVHHLQ]XJHKHQVREOLHELKPIDVW QXUQRFKGLH(PLJUDWLRQ+RIIPDQQVIQI-DKUHMQJHUHU6FKZDJHU&KULVWLDQ*RWW   6WHIIHQ 0DUWXV :HUNSROLWLN =XU /LWHUDWXUJHVFKLFKWH NULWLVFKHU .RPPXQLNDWLRQ YRP  ELV

]XP -DKUKXQGHUW PLW 6WXGLHQ ]X .ORSVWRFN 7LHFN *RHWKH XQG *HRUJH %HUOLQ  6

 9JO MHW]W GLHNRPPHQWLHUWH$XVJDEHYRQ0DUWLQ'LVVHONDPS +J 1DFKULFKWYRQ5HDOLVGH

9LHQQD3UIXQJGHV(XURSLVFKHQ9HUVWDQGHVGXUFKGLH:HOWZHLVH*HVFKLFKW+HLGHOEHUJ

 +ROJHU=DXQVW|FN'DV0LOLHXGHV9HUGDFKWV$NDGHPLVFKH)UHLKHLW3ROLWLNJHVWDOWXQJXQGGLH

(PHUJHQ] GHU 'HQXQ]LDWLRQ LQ GHQ 8QLYHUVLWlWVVWlGWHQ GHV -DKUKXQGHUWV %HUOLQ  6II  9JO2WWR-RKDQQ*RWWOLHE.UDXVH ZLH$QP 

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



OLHE 3ULEHU JLQJ GLHVHQ :HJ QDFKGHP HU VHLQ MXULVWLVFKHV ([DPHQ DEJHOHJW KDWWH XQGP|JOLFKHUZHLVHGXUFK+RIIPDQQLQ%H]XJDXIGHQDNDGHPLVFKHQXQGMRXUQD OLVWLVFKHQ%HWULHEGHVLOOXVLRQLHUWZRUGHQZDU(UUHLVWHQDFK/RQGRQVFKLIIWHVLFK QDFK$PHULNDHLQXQGJLQJ]XGHQ&KHURNHH,QGLDQHUQEHLGHQHQHUYRQELV HLQH$UWXWRSLVFKHQ6WDDW]XHUULFKWHQYHUVXFKWHGHUDXIGHU*UXQGODJHVHL QHV1DWXUUHFKWVEHUXKWH *HUDGH ZHLO GLH 6]HQHULH GHU /HEHQVDEVFKQLWWV6FKUHLEHU VR HSKHPHU XQG VR VFKOHFKW GRNXPHQWLHUEDU LVW VFKODJH LFK YRU YHUJOHLFKHQG YRU]XJHKHQ XQG GXUFK $XIGHFNXQJYRQ7H[WYRUDOOHPDEHU%LOGEHUQDKPHQXQG$QYHUZDQGOXQJHQHLQ ZHQLJ 6WUXNWXU LQ GDV )HOG ]X EULQJHQ %HVRQGHUV GLH 7LWHONXSIHU GLH LP IUKHQ -DKUKXQGHUWVREHOLHEWZDUHQXQGHLQHQSRLQWLHUWHQ%OLFNDXIGLH*HVDPWDXVVD JH GHVMHZHLOLJHQ%XFKHVJHEHQVROOWHQN|QQHQKLHUZHLWHUKHOIHQ,PEHVWHQ)DOO VLQGZLULQGHU/DJHPLWGHQ,OOXVWUDWLRQHQGLH(UIDKUXQJHQGHUMXQJHQÄ6FKUHLEHU OLQJH³ LP LQWHOOHNWXHOOHQ )HOG XQG GLH $XVELOGXQJ GHU LKQHQ HLJHQHQ +DELWXV IRUPHQ]XUHNRQVWUXLHUHQ  

 'DV0LOLHXGHU.XSIHUVWHFKHU  0DQPXVVVLFKGLH(QWVWHKXQJYRQ7LWHONXSIHUQLQHWZDVRYRUVWHOOHQ'HU$XWRU HLQHV %XFKHV RGHU HLQHU =HLWVFKULIW EHUOHJWH VLFK ZDV GLH +DXSWDXVVDJH VHLQHV %XFKHVVHLQVROOWHXQGZLHPDQVLHLQHLQ%LOGXPVHW]HQN|QQWHGDQQNRQVXOWLHUWH HU HLQHQ.XSIHUVWHFKHUXPPLWLKPEHUGLHVH%LOGLGHH]XEHUDWHQXQGHYHQWXHOO $QUHJXQJHQGHVPLW%LOGWUDGLWLRQHQVHKUYLHOHUIDKUHQHUHQ6WHFKHUVDXI]XQHKPHQ .XSIHUVWHFKHU JDE HV YLHOH GHQQ LP IUKHQ -DKUKXQGHUW JHK|UWH HV EHL VHKU YLHOHQ 3XEOLNDWLRQHQ ]XP 0DUNHWLQJ HLQ 7LWHONXSIHU QHEHQ GDV 7LWHOEODWW ]X VHW ]HQ 'LH %FKHU ZXUGHQ PLW 7LWHOEODWW XQG 7LWHONXSIHU LQ GHQ /lGHQ DXVJHVWHOOW XQGHVI|UGHUWHGHQ9HUNDXIHLQH,OOXVWUDWLRQ]XKDEHQGLHQLFKWQXUDQVSUHFKHQG ZDUVRQGHUQDXFKGLH(VVHQ]GHV:HUNHVDXIHLQHQ%OLFNVLFKWEDUZHUGHQOLH‰'LH ]HQWUDOH PLWWHOGHXWVFKH 6WDGW IU DOOHV ZDV %FKHU 9HUODJH XQG DXFK .XSIHUVWHFKHUHLDQJLQJZDU/HLS]LJ(VZlUHLQWHUHVVDQWDOOHLQTXDQWLWDWLYHLQPDO GLH0HQJHYRQ3HUVRQHQ]XEH]LIIHUQGLHGRUWXPRGHUXPLQGLHVHP 6HNWRU WlWLJ ZDUHQ /HLS]LJ ZDU QXU  .LORPHWHU DOVR HLQHQ 5LWW YRQ HLQLJHQ 6WXQGHQYRQ+DOOHHQWIHUQWVRGDVV6WXGHQWHQXQG3URIHVVRUHQIU*HVFKlIWHZLH HWZD GLH $XIWUDJVEHVSUHFKXQJ PLW HLQHP .XSIHUVWHFKHU UHODWLY VFKQHOO GRUWKLQ JHODQJHQ NRQQWHQ bKQOLFKHV JLOW LQ DEJHVFKZlFKWHU )RUP IU GDV  .LORPHWHU HQWIHUQWH-HQDXQGGDV.LORPHWHUHQWIHUQWH:LWWHQEHUJ   ,FK KDEH YRQ 3ULEHU ± GXUFK-RKQ-HUHPLDK6XOOLYDQHUIDKUHQGHUHLQH0RQRJUD

SKLHEHULKQYHUIDVVW,FKGDQNH-RKQ6XOOLYDQIUGDV*HVSUlFK=X3ULEHUYJO8UVXOD1DX PDQQ3ULEHUV3DUDGLHV(LQGHXWVFKHU8WRSLVWLQGHUDPHULNDQLVFKHQ:LOGQLV)UDQNIXUW



0DUWLQ0XOVRZ

'LH .XSIHUVWHFKHU LQ /HLS]LJ JOLHGHUWHQ VLFK LQ ELOOLJH XQG WHXUH LQ 6SH]LDOLVWHQ YRQ3RUWUlWVXQGVROFKHGLHDOOHJHZQVFKWHQ$XIWUlJHEHUQDKPHQ,Q'DVMHW]W OHEHQGH/HLS]LJYRQXQGGHQIROJHQGHQ-DKUHQLQGHQHQ+RIIPDQQ0HQFNH XQG DQGHUH LKUH 7H[WH ]X LOOXVWULHUHQ KDWWHQ ILQGHQ VLFK DOV .XSIHUVWHFKHU XQWHU DQGHUHP 0DUWLQ %HUQLJHURWK -RKDQQ *RWWIULHG .UJQHU -RKDQQ *HRUJ 0HQW]HO -RKDQQ-RDFKLP3VFKHOVRZLH&KULVWLDQ5RPVWHWXQGDXFKGHUÄ:LQGEFKVHQPD FKHU³ -RKDQQ &KULVWRSK 6\VDQJ GHU EHVRQGHUV JHUQH *HOHKUWHQSRUWUlWV VWDFK EHL GHQHQ +LQWHUJUXQG ± HWZD HLQH %XFKZDQG ± 7DODU XQG 3HUFNH PHLVW VWDQGDUGL VLHUWZDUXQGQXUGDV*HVLFKWVRZLHHLQLJH&KDUDNWHULVWLNDHLQJHVHW]WZHUGHQPXVV WHQ 9LHO LQWHUHVVDQWHU DOV GLHVH 3RUWUlWV VLQG IU XQV DEHU GLH NRPSOH[HQ %LOG HQWZUIH GLH JDQ]H 6]HQHULHQ HQWZDUIHQ RIW QRFK LQ ]ZHL RGHU GUHL (LQ]HOELOGHU XQWHUWHLOW ZDUHQ XQG PHLVW DXFK HLQ ODWHLQLVFKHV RGHU GHXWVFKHV 0RWWR HQWKLHOWHQ 6RVHKUGLHVH%LOGHURULJLQHOOH,GHHQHQWKLHOWHQ±GLH$XVIKUXQJZXUGHPHLVWDOV UHLQHV+DQGZHUNDQJHVHKHQVRGDVVDQGHUVDOVEHL3RUWUlWVGHU1DPHGHV6WHFKHUV LP5HJHOIDOOQLFKWJHQDQQWZXUGH1XUVHOWHQLVWDP)X‰GHV%LOGHVHLQÄLQY³IU ÄLQYHQLW³RGHUHLQÄVFXOS³IUÄVFXOSVLW³]XILQGHQ'DKHUZLUGHLQH$QDO\VHGLH DXFK GLH 3HUVRQ GHV .XSIHUVWHFKHUV HLQEH]LHKW GHWHNWLYLVFK EHU 9HUJOHLFKH GHU NQVWOHULVFKHQ (LJHQKHLWHQ GLHVHU 6WHFKHU XQG EHU (UZlKQXQJHQLQ %ULHIHQ YRU JHKHQ PVVHQ ± ZDV QLFKW OHLFKW LVW 0DQ YHUIJW LPPHUKLQ EHU +LQZHLVH GDVV HLQLJH GHU .XSIHUVWHFKHUUHFKWQDKDQGHQDNDGHPLVFKHQ.UHLVHQZDUHQXQG]XP 7HLO DXFK VHOEVW GLH 8QLYHUVLWlW EHVXFKW KDWWHQ .UJQHU KDWWH EHLVSLHOVZHLVH LQ /DWHLQNROOHJLHQ JHVHVVHQ XQG %HUQLQJHURWK GHVVHQ 4XDOLWlW JHUKPW ZLUG KDWWH EHL /HRQDUG &KULVWRSK 6WXUP JHK|UW 'LH 8QLYHUVLWlW VSULFKW YRQ Ä.QVWOHUQ VR HLQH JDQ] JHQDXH &RPPXQLFDWLRQ PLW GHQ *HOHKUWHQ KDEHQ³ (LQLJH 6WHFKHU EHUQDKPHQ,OOXVWUDWLRQHQIUGLH$FWDHUXGLWRUXPXQGZDUHQYRQGDKHUVFKRQLQ 0HQFNHV*HVLFKWVNUHLV'DYLG8OULFK%|FNOLQGHULP-HW]WOHEHQGHQ/HLS]LJQLFKW JHQDQQW LVW VWDFK HLQ %LOGQLV 0HQFNHV XQG YRQ -RKDQQ -RDFKLP 3VFKHO ZHL‰ PDQGDVVHUHLQ.XSIHUJHVWRFKHQKDWGDVGHP5DWJDQ]XQGJDUQLFKWJHILHO XQG XP GHVVHQ ZLOOHQ PDQ LKQ JHUQ YHUK|UHQ ZROOWH 9LHOOHLFKW ZLUG VLFK EHL JHQDXHUHP1DFKIRUVFKHQ±DXFKGXUFK6WLODQDO\VH±HUZHLVHQZHUGLH%LOGHUIU 0HQFNH XQG +RIIPDQQ JHVWRFKHQ KDW %HL GHU $QDO\VH ZLUG PDQ DEHU DXI MHGHQ )DOO]ZLVFKHQHUVWHQVGHU=LUNXODWLRQYRQ%LOGPRWLYHQLQGLHVHQ.UHLVHQ]ZHLWHQV GHU =LUNXODWLRQ YRQ %LOGHUQ E]Z .XSIHUSODWWHQ VHOEVW XQG GULWWHQV GHQ SHUV|QOL

  9JO *XVWDY :XVWPDQQ 'HU /HLS]LJHU .XSIHUVWLFK LP   XQG -DKUKXQGHUW /HLS]LJ

EHV6II MHW]W OHEHQGH /HLS]LJ >/HLS]LJ@  =X GHQ .XSIHUVWHFKHUQ YJO DXFK *XVWDY :XVWPDQQ .XQVW XQG .QVWOHU /HLS]LJV LQ GHU %DURFN]HLW ,Q 'HUV $XV /HLS]LJV 9HUJDQ JHQKHLW%G/HLS]LJ6±  :XVWPDQQ'HU/HLS]LJHU.XSIHUVWLFK ZLH$QP 6  (EG6  (EG  'DV

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



FKHQ %H]LHKXQJHQ ]ZLVFKHQ GHQ 6WHFKHUQ E]Z GHQ 6WHFKHUQ XQG LKUHQ $XWRUHQ XQG9HUOHJHUQXQWHUVFKHLGHQPVVHQ  

 5HNRQVWUXNWLRQYRQ+DELWXVIRUPHQ  :HUQHU 6FKQHLGHUV 1RUEHUW +LQVNH XQG DQGHUH KDEHQ PLW YLHO (UIROJ HLQH 5HLKH YRQ *UXQGWKHPHQ XQG /HLWEHJULIIHQ LGHQWLIL]LHUW GLH IU Ä)UKDXINOlUHU³ ZLFKWLJ ZDUHQ 9RUXUWHLOVNULWLNXQG'HQNIUHLKHLW$EHUJODXEHQVNULWLNXQG$XWRULWlWVNULWLN 3HGDQWLVPXVNULWLN6FKRODVWLNNULWLNXQG(NOHNWLN1XQNRPPWHVPHLQHU0HLQXQJ QDFKDEHUGDUDXIDQGLHVH0RWLYHLQHLQJU|‰HUHV*HZHEHYRQ0HQWDOLWlWHQYRQ +DELWXVIRUPHQ XQG 'HQNVWLOHQ YRQ $XVGUXFNVZHLVHQ 0HWDSKHUQ XQG JHQHUDWLR QHQVSH]LILVFKHQ %LOGOLFKNHLWHQ HLQ]XIJHQ 'HQQ GLH .HUQJHGDQNHQ VLQG NDXP YRQ /HEHQVVWLOHQ XQG VSH]LILVFKHQ 6FKUHLEIRUPHQ ]X WUHQQHQ ± GDV HLQH GUFNW MHZHLOV GDV DQGHUH DXV EHLGH YHUVWlUNHQ VLFK ZHFKVHOVHLWLJ :LH VROOWH PDQ VLFK NOHLGHQXPVLFKVHOEVWHLQHU6WU|PXQJ]XJHK|ULJ]X]HLJHQ":LHVROOWHPDQPLW HLQDQGHUXPJHKHQ"'DVYHUZHLVWHQJDXIGLHQHXHUH)RUVFKXQJ]XU*DODQWHULHGLH $QDO\VHQGHUVHOEHQDOV,GHDOPLWVROFKHQ]XU*DODQWHULHDOVVR]LDOHU3UD[LVYHUELQ GHQP|FKWH,DQ+XQWHUKDWNU]OLFKYRUJHVFKODJHQGLH3HUVRQDGHV*HOHKUWHQLQ GHQ 0LWWHOSXQNW GHU SKLORVRSKLHJHVFKLFKWOLFKHQ 5HNRQVWUXNWLRQHQ ]X VWHOOHQ XQG GDPLW HLQ JHVDPWHV (QVHPEOH DXV LQWHOOHNWXHOOHU 6R]LDOLVDWLRQ 0RWLYDWLRQ XQG 3UDNWLNHQPLW]XEHUFNVLFKWLJHQ,QHLQHPlKQOLFKHQ7HQRULVW$SULO6KHOIRUG]X YHUVWHKHQZHQQVLHGLH:DKO]ZLVFKHQGHP%HNHQQWQLV]XGHQ$QFLHQVRGHUGHQ 0RGHUQHVEHVFKUHLEWYRUGHUXPYLHOHVWDQGHQ'HQQVLHEHWRQWGLHNRPSOH [HQ hEHUOHJXQJHQ GLH NHLQHVZHJV QXU 9RUOLHEHQ GHV 6WLOV RGHU GHU 3ULRULWlW YRQ ZLVVHQVFKDIWOLFKHQ /HLVWXQJHQ EHWUDIHQ VRQGHUQ DXFK GLH %H]LHKXQJ ]ZLVFKHQ

  :HUQHU 6FKQHLGHUV $XINOlUXQJ XQG 9RUXUWHLOVNULWLN 6WXGLHQ ]XU *HVFKLFKWH GHU 9RUXUWHLOV

WKHRULH6WXWWJDUW1RUEHUW+LQVNH'LHWUDJHQGHQ*UXQGLGHHQGHUGHXWVFKHQ$XINOlUXQJ 9HUVXFK HLQHU 7\SRORJLH ,Q 5DIIDHOH &LDIDUGRQH +J  'LH 3KLORVRSKLHGHUGHXWVFKHQ$XI NOlUXQJ 6WXWWJDUW  6± 0DUWLQ 3RWW $XINOlUXQJ XQG $EHUJODXEH'LHGHXWVFKH )UKDXINOlUXQJ LP 6SLHJHO LKUHU $EHUJODXEHQVNULWLN 7ELQJHQ  0LFKDHO $OEUHFKW (NOHNWLN (LQH %HJULIIVJHVFKLFKWH PLW +LQZHLVHQ DXI GLH 3KLORVRSKLH XQG :LVVHQVFKDIWVJH VFKLFKWH 6WXWWJDUW  .D\ =HQNHU 'HQNIUHLKHLW /LEHUWDV SKLORVRSKDQGL LQ GHU GHXWVFKHQ $XINOlUXQJ+DPEXUJ*QWHU*ULPP/LWHUDWXUXQG*HOHKUWHQWXPLQ'HXWVFKODQG7 ELQJHQ  =XU(LQEHWWXQJYRQ,GHHQLQ+DELWXVIRUPHQHWFYJO0XOVRZ3UHNlUHV:LVVHQ ZLH$QP   -|UQ 6WHLJHUZDOG *DODQWHULH 'LH )DEULNDWLRQ HLQHU QDWUOLFKHQ (WKLN GHU K|ILVFKHQ *HVHOO VFKDIW ±  +HLGHOEHUJ  5XWK )ORUDFN X 5GLJHU 6LQJHU +J  'LH .XQVW GHU *DODQWHULH)DFHWWHQHLQHV9HUKDOWHQVPRGHOOVLQGHU/LWHUDWXUGHU)UKHQ1HX]HLW%HUOLQ  ,DQ +XQWHU 'LH *HVFKLFKWH GHU 3KLORVRSKLH XQG GLH 3HUVRQD GHV 3KLORVRSKHQ ,Q 0DUWLQ 0XOVRZ X $QGUHDV 0DKOHU +J  'LH &DPEULGJH 6FKRRO GHU SROLWLVFKHQ ,GHHQJHVFKLFKWH %HUOLQ6±



0DUWLQ0XOVRZ

DQWLNHUE]ZPRGHUQHU,QWHOOHNWXDOLWlWXQGHWKLVFKHQ(LQVWHOOXQJHQ/HEHQVZHLVHQ XQGJHLVWOLFKHQ*HIDKUHQ *HQHUHOOLVW]XQlFKVWIHVW]XVWHOOHQGDVVGLH%LOGVSUDFKHGHU7LWHONXSIHU'XDOL WlWHQEHJQVWLJWXQGGDPLWGLHSROHPLVFKH1RWHGHUIUKDXINOlUHULVFKHQ.ULWLNELV KLQ ]XUKRO]VFKQLWWDUWLJHQ9HUHLQIDFKXQJYHUVWlUNW+HOO'XQNHO.RQWUDVWH2EHQ 8QWHQ+LHUDUFKLVLHUXQJHQ VLQG ]XU *HJHQEHUVWHOOXQJ YRQ (LQVW XQG -HW]W 6FKR ODVWLN XQG 1HXHU =HLW 3HGDQW XQG *DODQWHP HLQJHVHW]W ZRUGHQ %HOLHEW VLQG 7X JHQG XQG /DVWHU$OOHJRULHQ LQ GHQHQ 7XJHQGHQ DOVZHLEOLFKH3HUVRQLILNDWLRQHQ /DVWHUKLQJHJHQDOV'lPRQHQWLHUHGLHGLH)UHLKHLWKLQDE]LHKHQ $EE RGHUDOV 3IHUGH DP :DJHQ JH]HLJW ZHUGHQ 0DQ VROOWH QLFKW YHUNHQQHQ GDVV LQDOOGLHVHQ (LJHQVFKDIWHQ GLH 7LWHONXSIHUJUDILN LQ HLQHU XQJHEURFKHQHQ .RQWLQXLWlW PLW PHKU DOV  -DKUH DOWHQ 0RWLYHQ VWHKW 1HKPHQ ZLU QXU 3LHUUH &KDUURQV 7LWHONXSIHU VHLQHV'HODVDJHVVHYRQPLWGHU:HLVKHLWVSHUVRQLILNDWLRQDXIHLQHP6RFNHO EHU DQJHNHWWHWHQ /DVWHUQ ZLH $EHUJODXEH XQG /HLGHQVFKDIW DOV %HLVSLHO $EE  *HUDGHZHQQGLH7LWHONXSIHUVDWLULVFKGDKHUNRPPHQZHLVHQVLH]XGHPDXI HLQH.RQWLQXLWlWPLWVSlWKXPDQLVWLVFKHUJHOHKUWHULRFRVHULD7UDGLWLRQZLHVLHYRQ %DUODHXVELV6FKXSSYRQ+HLQVLXVELV]XGHQÄVFKHU]XQGHUQVWKDIIWHQ³6FKUHLE ZHLVHQ EHL &KULVWLDQ 7KRPDVLXV XQG 1LNRODXV +LHURQ\PXV *XQGOLQJ SUDNWL]LHUW ZXUGH $OV %HLVSLHO PDJ KLHU +RIIPDQQV $EELOGXQJ HLQHU Ä/DQD &DSULQD³ JHQ JHQ $EE   'H ODQD FDSULQD KLH‰HQ VHLW GHU 6SlWUHQDLVVDQFH SDUDGR[H (QNR PLHQ GLH VLFK XP Ä1LFKWV³ GUHKWHQ HEHQ XP GDV =LHJHQKDDU GLH ZLHEHL+RII PDQQ GDUJHVWHOOW  =LHJHQKDXW RGHU ZLH PDQ KHXWH VDJHQ ZUGH XP GHV .DLVHUV %DUW (V ZXUGH YHUVSRWWHW ZLH PDQ DXV GHU JHULQJVWHQ 1LFKWLJNHLW HLQH JUR‰H 6DFKHPDFKHQNRQQWH±XQGGDVOLH‰VLFKDQGLHIUKDXINOlUHULVFKH.ULWLNDQVRJH QDQQWHQ Ä/RJRPDFKLHQ³ DQVFKOLH‰HQ EOR‰HQ :RUWVWUHLWLJNHLWHQ GLH VLFK EHL VSLHOVZHLVHPLWGRJPDWLVFKHQ'LIIHUHQ]HQEHLGHQ7KHRORJHQEHVFKlIWLJWHQ :LUKDEHQDOVRGHU(LJHQORJLNGHU%LOGVSUDFKHXQGGHU7UDGLWLRQHQKXPDQLVWL VFKHU$OOHJRULNJHZlUWLJ]XVHLQZHQQZLUGHQ9HUVXFKZDJHQHLQLJHDOOJHPHLQH +DELWXVIRUPHQ GHU 0LWWHMlKULJHQ Ä)UKDXINOlUHU³ DXV 7LWHOLOOXVWUDWLRQHQ KHUDXV]XGHVWLOOLHUHQ ,FK P|FKWH ]XQlFKVW ]ZHL VROFKH +DELWXVIRUPHQ XQWHUVFKHL GHQGHQGHVÄ5HIRUPHUV³XQGGHQGHVÄ6NHSWLNHUV³:DVGHQÄ5HIRUPHU³DQJHKW VR LVW GLH %LOGVSUDFKH GLH GLHVHP +DELWXV HQWVSULFKW GHU 6WXIHQZHJ QDFK REHQ 'DV NDQQ JDQ] WUDGLWLRQHOO HWZD GXUFK GLH Ä7DEXOD FHEHWLV³,NRQRJUDSKLH DXVJH   $SULO * 6KHOIRUG 7UDQVIRUPLQJ WKH 5HSXEOLF RI /HWWHUV 3LHUUH'DQLHO +XHW DQG (XURSHDQ

,QWHOOHFWXDO/LIH±5RFKHVWHU6IYJODXFK3HWHU..DSLW]D(LQEUJHUOL FKHU.ULHJLQGHUJHOHKUWHQ:HOW]XU*HVFKLFKWHGHU4XHUHOOHGHV$QFLHQVHWGHV0RGHUQHVLQ 'HXWVFKODQG0QFKHQ  3LHUUH&KDUURQ'HODVDJHVVH%RUGHDX[  9JO0DUWLQ0XOVRZ'LHXQDQVWlQGLJH*HOHKUWHQUHSXEOLN:LVVHQ/LEHUWLQDJHXQG.RPPX QLNDWLRQLQGHU)UKHQ1HX]HLW6WXWWJDUW6±3DWULFN'DQGUH\/¶pORJHSDUDGR[DO GH*RUJLDj0ROLqUH3DULV$QQHWWH+7RPDUNHQ7KH6PLOHRI7UXWK7KH)UHQFK6D WLULFDO(XORJ\DQGLVW$QWHFHGHQWV3ULQFHWRQ  6DPXHO:HUHQIHOV'HORJRPDFKLLVHUXGLWRUXP$PVWHUGDP

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



GUXFNWZHUGHQEHLGHULP+LQWHUJUXQGHLQHLQJHIULHGHWHUVWHLOHU%HUJJH]HLJWZLUG GHQHV]XHUNOLPPHQJLOW±ZLHHWZDDXIHLQHP6WLFKYRQ+HQGULFN6SLHJHODXVGHU =HLWXP'LHVRHLQIOXVVUHLFKH$XVJDEHYRQ3LHUUH3RLUHWV$EKDQGOXQJEHU ZDKUH FKULVWOLFKH *HOHKUVDPNHLW 'H HUXGLWLRQH VROLGD VXSHUILFLDULD HW IDOVD GLH &KULVWLDQ 7KRPDVLXV  EHVRUJWH ]HLJW HLQHQ VROFKHQ :HJ DXV GHP 'XQNHO GHUSODWRQLVFKHQ+|KOHKHUDXVDQV/LFKW $EE $XFKGHUDQRQ\PH$XWRUGHV VFKRQHUZlKQWHQ7RWHQJHVSUlFKV]ZLVFKHQ7KRPDVLXVXQG)UDQFNHVWHKWLQGLHVHU %LOGWUDGLWLRQ $EE   XQG VHLQ.RQNXUUHQWGHU9HUIDVVHUGHV([DPHQULJRUR VXP]ZLVFKHQ*XQGOLQJXQG%XGGHSUlVHQWLHUWVHLQHHLJHQH9HUVLRQHLQHU5HIOH [LRQEHUGHQZDKUHQ+DELWXVGHU*HOHKUVDPNHLW $EE KLHUVLQGHVGLH6WXIHQ ]XP7KURQGHV$SROORDOVR]XP7KURQGHU:HLVKHLWGLH]XHUNOLPPHQVLQG'HP 9HUIDVVHULVWHVHLQRIIHQVLFKWOLFKHV$QOLHJHQGLHVH5HIOH[LRQQRFKYRU(LQVHW]HQ GHVELRJUDSKLVFKHQ*HVFKlIWV]XSUlVHQWLHUHQPDQPVVHEHUGLH$XVELOGXQJGHU 0HPRULDGHV-XGLFLXPVYRUDOOHPDEHUDXFKGHU(UXGLWLR3UDFWLFD]XP3DUQDVVXV DXIVWHLJHQ )UHLOLFK NDQQ HLQ VROFKHV 7KURQ%LOG DXFK SDURGLVWLVFK HLQJHVHW]W ZHUGHQ$OV'DQLHO6WUlKOHU]HLJHQZROOWH $EE GDVVDOOHMXQJHQ/HXWH VLFK QXU QRFK GLH %ULOOH GHU 3KLORVRSKLH &KULVWLDQ :ROIIV DXIVHW]WHQ XQG GHVVHQ WHXIOLVFKH 3VHXGR:HLVKHLW DXI HLQHP 7KURQ DQEHWHWHQ EHQXW]WH HU GLH JOHLFKH ,NRQRJUDILH QXQ DOV DQ]XSUDQJHUQGHQ $XIVWLHJ ]XU ,GRODWULH 6FKOLH‰OLFK NDQQ DXFK UHLQ HW\PRORJLVFK DXV ÄHUXGLWLR³ HLQH 2EHQ8QWHQ$EVWXIXQJ JHZRQQHQ ZHUGHQ $EE   GDQQ QlPOLFK ZHQQ GDV ÄUXGLV³ GDV Ä5RKH³ GDV LQ GLHVHP VWHFNW DOV $EIROJH YRQ ÄUXGH³ GDV URKH (U]LQGHU(UGH ÄHUXGLHQGXP³ GDVLP 6FKPHO]RIHQ]XHQWVFKODFNHQGH(U] ]XÄHUXGLWXP³ GDV(QGSURGXNWGHVYHUDUEHL WHWHQ 0HWDOOV  DXVJHIKUW ZLUG±ZLHHV-RKDQQ&KULVWLDQ/DQJHWDW'LHVH JDQ]H%LOGOLFKNHLWGHUVR]HQWUDOHQUHIOH[LYHQ'HEDWWHGDUEHUZDVZDKUH*HOHKU VDPNHLWLVWREVLHFKULVWOLFKJHOHKUWJUQGOLFKHJDOLWlUJDODQWVHLQVROOWHXQGPLW   9JO5HLQKDUW6FKOHLHU7DEXODFHEHWLV6WXGLHQ]XU5H]HSWLRQHLQHUDQWLNHQ%LOGEHVFKUHLEXQJ

LPXQG-DKUKXQGHUW%HUOLQYJODXFK6XVDQQH%O|FNHU6WXGLHQ]XU,NRQRJUDSKLH GHUVLHEHQ7RGVQGHQLQGHUQLHGHUOlQGLVFKHQXQGGHXWVFKHQ0DOHUHLXQG*UDSKLNYRQ± 0QVWHU6I  3LHUUH3RLUHW'HHUXGLWLRQHWULSOLFLVROLGDVXSHUILFLDULDHWIDOVDOLEULWUHV)UDQNIXUWX/HLS]LJ YJO5DOSK+lIQHU'DV(UNHQQWQLVSUREOHPLQGHU3KLORORJLHXP±]XP9HUKlOWQLV YRQ 3RO\PDWKLH XQG $SRUHWLN EHL -DFRE )ULHGULFK 5HLPPDQQ &KULVWLDQ 7KRPDVLXV XQG -R KDQQ$OEHUW)DEULFLXV,Q'HUV +J 3KLORORJLHXQG(UNHQQWQLV7ELQJHQ6±  9JO6XLWQHU'HU.ULHJGHU%LRJUDSKHQ ZLH$QP   $OHWRSKLOXV([DPHQULJRURVXP ZLH$QP   'DQLHO6WUlKOHU$EJHQ|WLJWH5HWWXQJGHUJHUHFKWHQ6DFKHZLGHUHLQHVXQJHQDQQWHQ9HUIDVVHUV 9HUPXWKOLFKHXQGGHV+UQ5HJ5DWKV:ROIIHVHLJHQH$QWZRUW$XI+HUUQ'-RDFKLP/DQ JHQV .XUW]HQ $EUL‰ GHU :ROIILVFKHQ 3KLORVRSKLH XQWHUQRPPHQ XQG DOOHLQ ]XU %HI|UGHUXQJ GHU(KUH*RWWHVPLWHLQHPKLVWRULVFKHQ9RUEHULFKWXQGNXUW]HQ$QKDQJHDQV/LFKWJHVWHOOHW +DOOHX/HLS]LJYJO'|ULQJ'LH(UOHXFKWXQJGHU:HOW ZLH$QP %G(VVD\V 6±KLHU$EE6  -RKDQQ &KULVWLDQ /DQJH 3URWKHRULD HUXGLWLRQLV +XPDQDH 8QLYHUVDH 2GHU )UDJHQ YRQ GHU *HOHKUVDPNHLW GHU 0HQVFKHQ LQV JHPHLQ *LH‰HQ  YJO 6FKQHLGHUV +RIIQXQJ DXI 9HU QXQIW ZLH$QP 



0DUWLQ0XOVRZ

ZHOFKHQ HSLVWHPLVFKHQ 7XJHQGHQ VLH YHUEXQGHQ VHL JHK|UW HPLQHQW ]X HLQHP +DELWXV GHU DXI VFKULWWZHLVH 9HUEHVVHUXQJ ZLH DXFK DXI GLH 0|JOLFKNHLW YRQ 9HUEHVVHUXQJVHW]W±Ä3HUIHNWLELOLWlW³ZLUGGDVHLQLJH-DKU]HKQWHVSlWHUKHL‰HQ 'HUVNHSWL]LVWLVFKH+DELWXVKLQJHJHQLVWLQGHU%LOGVSUDFKHGXUFKHLQHQFKDUDN WHULVWLVFKHQ 8QWHUVFKLHG ]X GHQ 5HIRUPELOGHUQ JHNHQQ]HLFKQHW ± XQG GDV LVW GHU +LDWXV ]ZLVFKHQ 8QWHQ XQG 2EHQ 0DQ NDQQ GLH 6SLW]H QLFKW HUUHLFKHQ HV JLEW NHLQH6WXIHQGRUWKLQ6REULQJW+RIIPDQQLQHLQHPVHLQHUOHW]WHQ6WFNHHLQ %LOGPLWGHP7HPSHOGHU:HLVKHLWDXIGHP%HUJ $EE GDVGLH(LQVWHOOXQJHQ GHUHUYRUIKUWGLHDQLKPVFKHLWHUQ(VIlOOWDXIGDVVQLHPDQGGDEHLLVWGHUVDJHQ ZUGHÄ,FKNRPPHZHLWHU³+RIIPDQQVFKLOGHUWGLHYHUDHUXGLWLRDOVRDOVHLJHQW OLFKXQHUUHLFKEDU6FKRQKDWWHHUGLH:HLVKHLWDOVDXIHLQHPXQHLQQHKPEDUHQ )HOVHQVWHKHQGDEELOGHQODVVHQ $EE GHQGLH$UPHHQGHU*HOHKUWHQLKU'HV SRWLVPXV LKU 3HGDQWLVPXV LKUH 6DQFWD 6LPSOLFLWDV XQG LKUH 6WXOWLWLDV YHUJHEOLFK EHODJHUQ0DQNDQQEHLGLHVHP6NHSWL]LVPXVGXUFKDXVDQGLH7KHVHYRQ%UHQGDQ 'RROH\HULQQHUQGHUYRUVFKOlJWGDV$XINRPPHQGHUIUKQHX]HLWOLFKHQ6NHSVLVDOV 5HVXOWDW GHU (UIDKUXQJ GHU 8Q]XYHUOlVVLJNHLW GHV QHXHQ 0HGLXPV=HLWXQJ ]X VH KHQ:DVKLHUEHL+RIIPDQQYLHOOHLFKWQRFKGHP3ULPDWGHU3ROHPLNJHVFKXOGHW LVWLVWEHLDQGHUHQLQGLHVHU=HLWHLQVNHSWL]LVWLVFKHU)LGHLVPXVGHUDOOH9HUQXQIW EHPKXQJHQJHUDGHGHVKDOEIUYHUJHEOLFKKlOWZHLOQXUGHU*ODXEH]X*RWWXQG :DKUKHLW IKUH -RDFKLP /DQJH GHU 3LHWLVW $EE   ELOGHW GHVKDOE GHQ XQHLQ QHKPEDUHQ )HOVHQ lKQOLFK ± ZHQQ DXFK QRFK GVWHUHU ±XPODJHUWYRQGHQODVWHU KDIWHQ XQG GXPPHQ *HOHKUWHQ DE NHQQ]HLFKQHW GHQ REHQ VWUDKOHQGHQ *HJHQVDW] ]XPXQWHUHQ'XQNHOMHGRFKGHXWOLFKPLWGHPELEOLVFKHQ7HWUDJUDPPDWRQ 'DQHEHQJLEWHV7LWHONXSIHUGLHGDV9HUKlOWQLVYRQ$XWRUXQG/HVHU*HOHKU WHP XQG 3XEOLNXP WKHPDWLVLHUHQ +LHU JHKW HV XP HLQHQ UHODWLRQDOHQ $VSHNW GHV +DELWXV GHU GXUFK XQWHUVFKLHGOLFKH %LOGIRUPHQ LOOXVWULHUW ZHUGHQ NDQQ (LQH KD EHQZLUVFKRQNHQQHQJHOHUQWGLH%KQHXQGGDV3XEOLNXP±ZLHLQGHQÄ0XQGXV YXOW GHFLSL³.XSIHUQ :LU KDEHQ DXFK JHVHKHQ GDVV LQQHUKDOE GHU 5HODWLRQDOLWlW QRFK YHUVFKLHGHQH 7\SHQ EHQDQQW ZHUGHQ N|QQHQ ÄZLU JODXEHQ QLFKWV³ ÄZLU JODXEHQZHQLJ³ÄZLUJODXEHQDOOHV³'DVUHIOHNWLHUWGLH]HLWJHQ|VVLVFKH6RUJHXP GLHÄILGHV³GLH*ODXEZUGLJNHLWZLHVLHVLFKHWZDLQGHU+LVWRULHLQ7UDNWDWHQ]XU ÄILGHVKLVWRULFD³QLHGHUJHVFKODJHQKDW$QGHUH'LIIHUHQ]LHUXQJHQGLH+RIIPDQQ QHQQWEHWUHIIHQQLFKWGDV*ODXEHQVRQGHUQGDV6HKHQ DQKDQGHLQHV*XFNNDVWHQV ±$EE VRZLHGDV.|QQHQXQG6ROOHQXQGVLQGDXIGHQUHIRUPHULVFKHQ+DELWXV   *QWHU%XFN6HOEVWHUKDOWXQJXQG+LVWRUL]LWlW,Q5HLQKDUW.RVHOOHFNX:ROI'LHWHU6WHPSHO

+J *HVFKLFKWH(UHLJQLVXQG(U]lKOXQJ0QFKHQ6±

 %UHQGDQ 'RROH\ 7KH 6RFLDO +LVWRU\ RI 6NHSWLFLVP ([SHULHQFH DQG 'RXEW LQ (DUO\ 0RGHUQ

&XOWXUH%DOWLPRUH

 -RDFKLP/DQJH&DXVVD'HLHWUHOLJLRQLVQDWXUDOLV+DOOHYJO6FKQHLGHUV+RIIQXQJDXI

9HUQXQIW ZLH$QP 

 0DUNXV 9|ONHO Ã3\UUKRQLVPXV KLVWRULFXVµ XQG ÃILGHV KLVWRULFDµ 'LH (QWZLFNOXQJ GHU GHXW

VFKHQKLVWRULVFKHQ0HWKRGRORJLHXQWHUGHP*HVLFKWVSXQNWGHUKLVWRULVFKHQ6NHSVLV)UDQNIXUW 

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



EH]RJHQ DXI GHQ :LOOHQ REHQ DP 7HPSHO GHU :HLVKHLW DQ]XODQJHQ ZLH VFKRQ HUZlKQW $EE   ÄLFK NDQQ QLFKW ZHLWHU³ ÄLFK NRPPH QLFKW ZHLWHU³ ÄLFK VROO QLFKWZHLWHU³Ä]XUHFKWHU=HLW]XUFN³ 1HEHQGHU%KQHLVWGLH7LVFKJHVHOOVFKDIWHLQH:HLVHGDV9HUKlOWQLVYRQ$X WRUXQG3XEOLNXP]XWKHPDWLVLHUHQ:LH-|UQ6WHLJHUZDOGYRQGHU*DWWXQJ'LDORJ EHPHUNW VHW]W GLH .RQYHUVDWLRQVUXQGH GLH *DODQWHULH VHOEVW LQ 6]HQH XQG GDPLW GLH]HLWJHPl‰H)RUPGHV8PJDQJV&KULVWRSK$XJXVW+HXPDQQKDWGLHVH)RUP GHU lOWHUHQ JHJHQEHUJHVWHOOW $EE   LQ GHU NHLQ JOHLFKEHUHFKWLJWHV *HVSUlFK VWDWWIDQG VRQGHUQ ± HQWJHJHQ GHP 6SULFKZRUW ± NDXP HLQ :HLVHU XQWHU GHP VFKPXW]LJHQ0DQWHOYHUERUJHQVHL9RUDOOHPDEHUOLH‰VLFKEHUHLQHQEHNDQQWHQ 0DUWLDO9HUVGHU*HVFKPDFNDOV9HUELQGHQGHV]ZLVFKHQ$XWRUXQG3XEOLNXPEHU GHQ 7LVFK LOOXVWULHUHQ ÄFHQDH IHUFXOD QRVWUDH  PDOLP FRQYLYLV TXDP SODFXLVVH FRFLV³±Ä:HQQLFKGHQ7LVFKEHUHLWHVROOWHQOLHEHUGLH7LVFKJlVWHDOVGLH.|FKH VDJHQ RE HV LKQHQ VFKPHFNW³ $QGUHDV 5GLJHU GHU 7KRPDVLXV)RUWIKUHU LQ /HLS]LJ EHQXW]W HLQ HQWVSUHFKHQGHV 7LWHONXSIHU $EE   DOV ,OOXVWUDWLRQ VHLQHV SKLORVRSKLVFKHQ /HKUEXFKV YRQ  XQG ZLOO GDPLW VDJHQ GDVV GHU 'LDORJ PLW GHP 3XEOLNXP JHVXFKW ZLUG +RIIPDQQ YHUZHQGHW ZRKO VFKRQ NXU] ]XYRU HLQ lKQOLFKHV %LOG $EE   ZDU LKP 5GLJHUV $XIWUDJ DQ GHQ .XSIHUVWHFKHU EH NDQQW"  GDV DEHU HKHU GLH ÄGLH PDJHUH .RVW³ GHU IUDQ]|VLVLHUHQGHQ ÄVFDYDQWV³ EHNODJWGLHVLFKQXUPLW3RHWHQ/LWHUDWXUNULWLN6RSKLVWLNXQGGHQQHXHVWHQRULHQ WDOLVLHUHQGHQ0RGHQEHVFKlIWLJHQ,QHLQHP7LWHONXSIHUYRQ $EE YDUL LHUW +RIIPDQQ 5GLJHUV SKLORVRSKLVFKH 7LVFKJHVHOOVFKDIW QRFK EOHU PLW GHP VHL HV]\QLVFKHQVHLHVSUDJPDWLVFKHQ.RPPHQWDUGDVVQLFKWHWZDSDVVDEOH7KHRULHQ VRQGHUQGLHÄHUVWHQ3ULQ]LSLHQGHU,UUWPHU³DXIJHWLVFKWZHUGHQ'HU$XVZHJGHQ HU HLQ]LJ QRFK VLHKW LVW QLFKW QLFKW HWZD HLQH EHVVHUH 3KLORVRSKLH VRQGHUQ GHU 8PVWDQG GDVV GDV /HEHQ YLWD  GLHVH )HKOHU YRQ VHOEVW NRUULJLHUW ± LQGHP GHU *HOHKUWHVLFKVFKOLH‰OLFKEHUJLEWXQGVLHDXVVSHLW:HQLJH.XSIHU]HLJHQVRGHXW OLFK+RIIPDQQV$QJHZLHGHUWVHLQYRPPRGLVFKHQ%HWULHEZLHGLHVHV(UVHOEVWKDW VFKRQVHLQHQ/HVHUPLWHLQHUGHUQHXHQHKHUIDWDOLVWLVFKHQDOVUHIRUPHULVFKHQ (LQVWHOOXQJ EHUUDVFKW DOVHULKQPLWGHP6DW]EHJU‰WHÄ,FKKDEHPLFKVHLWGHU =HLW GD LFK GLU GDV]Z|OIWH6WFNGHUDXIULFKWLJHQXQGXQSDUWHLOLFKHQ*HGDQFNHQ EHUJHEHQKDEHIDVWJlQW]OLFKJHlQGHUW³

    6WHLJHUZDOG*DODQWHULHDOV.ULVWDOOLVDWLRQVXQG.UHX]XQJVSXQNW ZLH$QP 6  +HXPDQQ 'HU SROLWLVFKH 3KLORVRSKXV ZLH $QP   GD]X +HOPXW =HGHOPDLHU'HU$QIDQJ

GHU *HVFKLFKWH 6WXGLHQ ]XU 8UVSUXQJVGHEDWWH LP -DKUKXQGHUW +DPEXUJ  6II =XP 6SUXFK Ä0DJQD 6DSLHQWLD ODWHW VXE SDOOLR VRUGLGR³ YJO 0XOVRZ 3UHNlUHV :LVVHQ ZLH $QP 6I  0DUWLDO(S,;  $QGUHDV5GLJHU,QVWLWXWLRQHVHUXGLWLRQLVVHX3KLORVRSKLDV\QWKHWLFD)UDQNIXUW  +RIIPDQQ$XIULFKWLJHXQG8QSDUWKH\LVFKH*HGDQFNHQ ZLH$QP )UHLEXUJ



0DUWLQ0XOVRZ

 )D]LW  :DVLFKKLHUVNL]]LHUWKDEHLVWYLHOPHKUHLQ3URJUDPPIUNQIWLJH)RUVFKXQJDOV HLQ HUUHLFKWHV 5HVXOWDW ,FK KRIIH HV LVW GHXWOLFK JHZRUGHQ GDVV HV VLFK ORKQW HUVWHQV GLH 4XHOOHQEDVLV EHL GHU $QDO\VH GHU VRJHQDQQWHQ Ä)UKDXINOlUXQJ³ EH WUlFKWOLFK ]X HUZHLWHUQ XQG ]ZHLWHQV VSH]LHOO 7LWHONXSIHU LQ YHUJOHLFKHQGHU :HLVH KHUDQ]X]LHKHQ(VNlPHQXQGDUDXIDQGLH(LQVWHOOXQJHQXQG+DELWXVIRUPHQGLH VLFKLQGHQ7LWHONXSIHUQDXVGUFNHQGXUFKDOOH*DWWXQJHQ]XYHUIROJHQGXUFKGLH GDXHUKDIWHQHEHQVRZLHGXUFKGLHHSKHPHUHQ'DVVKLHUHLQ.RQWLQXXPEHVWHKWLVW RKQH =ZHLIHO ]XPDO GLH %HZHJXQJ GHU ± QLFKW QXU +DOOHQVHU ± )UKDXINOlUHU D OLPLQHSROHPLVFKJHZHVHQLVWXQGQLHGLH$OOWDJVNRQWURYHUVHJHVFKHXWKDW8PGLH (LQEHWWXQJ LQ GLHVH SROHPLVFKHQ 6WUXNWXUHQ DEHU ZLUNOLFK YRUQHKPHQ ]X N|QQHQ PXVVPDQZHLWHUVFKUHLWHQXQGQDFKGHP0RWLYYHUJOHLFKGLH0RWLYEHUQDKPHQLQ UHDOH.RPPXQLNDWLRQVYRUJlQJHLQQHUKDOEGHU0LOLHXVGHUXUEDQHQÄ5HVRQDQ]UlX PH³HLQEHWWHQ'DEHLVROOWHQJHUDGHDXFKGLH.XSIHUVWHFKHULQLKUHP$QWHLODQGHU .RQ]HSWLRQYRQ%LOGIRUPHQJHZUGLJWXQGDXVGHU$QRQ\PLWlWKHUDXVJHKROWZHU GHQ *DE HV QLFKW DXFK XQWHU LKQHQ 6\PSDWKLVDQWHQ YRQ 7KRPDVLXV RGHU :ROII YRQ 'HQNIUHLKHLW RGHU *DODQWHULH" (UVW ZHQQ ZLU DXI GLHVH :HLVH GDV 0LOLHX GHU 'HEDWWHQ GLFKWHU JHIDVVW KDEHQ ELV KLQ ]X HLQHU ÄGLFKWHQ %HVFKUHLEXQJ³ ZHUGHQ ZLUXQVHUQHXWIUDJHQN|QQHQZDVGHQQHLJHQWOLFKÄ)UKDXINOlUXQJ³JHZHVHQLVW

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE-RKDQQ%XUNKDUG0HQFNH'HFKDUODWDQHULDHUXGLWRUXPGHFODPDWLRQHVGXDH$PVWHUGDP 7LWHOEODWW)RUVFKXQJVELEOLRWKHN*RWKD6LJQ3ƒ 



0DUWLQ0XOVRZ

  

 $EE&KULVWLDQ*RWWIULHG+RIIPDQQ$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLH ZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ-RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQ ZHUGHQ6WFN  7LWHOEODWW

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE-RKDQQ%XUNKDUG0HQFNH'HFKDUODWDQHULDHUXGLWRUXPGHFODPDWLRQHVGXDH$PVWHUGDP 7LWHONXSIHU)RUVFKXQJVELEOLRWKHN*RWKD6LJQ3ƒ



0DUWLQ0XOVRZ   

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



 

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU





0DUWLQ0XOVRZ

 

 $EE-RKDQQ*RWWIULHG%FKQHU6FKHGLDVPDKLVWRULFROLWHUDULXPGHYLWLRUXPLQWHUHUXGLWRV RFFXUHQWLXPVFULSWRULEXV/HLS]LJ7LWHOEODWW)RUVFKXQJVELEOLRWKHN*RWKD6LJQ3ƒ   

 

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



 

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU



0DUWLQ0XOVRZ

 

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



 

 $EE&KULVWRSK$XJXVW+HXPDQQ'HUSROLWLVFKH3KLORVRSKXV'DVLVW9HUQXQIIWPl‰LJH$Q ZHLVXQJ=XU.OXJKHLW-PJHPHLQHQ/HEHQ)UDQNIXUWX/HLS]LJ +DOOH 7LWHOEODWW)RU VFKXQJVELEOLRWKHN*RWKD6LJQ3ƒ  





0DUWLQ0XOVRZ

 

 $EE'HXWVFKH$FWD(UXGLWRUXP2GHU*HVFKLFKWHGHU*HOHKUWHQ:HOFKHGHQJHJHQZlUWLJHQ =XVWDQGGHU/LWHUDWXULQ(XURSDEHJUHLIIHQ7LWHOEODWWGHUHUVWHQ$XVJDEHPLWGHP3RUWUlW-RKDQQ %XUNKDUG0HQFNHV:LNLSHGLD

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU

0DUWLQ0XOVRZ

   

 $EE3LHUUH&KDUURQ'HODVDJHVVH7URLV/LYUHV3DULV7LWHONXSIHU)RUVFKXQJVELEOLR WKHN*RWKD6LJQ3ƒG

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU



0DUWLQ0XOVRZ   

 $EE3LHUUH3RLUHW'HHUXGLWLRQHVROLGDVXSHUILFLDULDHWIDOVDOLEULWUHV+DOOH7LWHOEODWW )RUVFKXQJVELEOLRWKHN*RWKD6LJQ3KLOƒ  

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE$QRQ\P%HVRQGHUVFXULHXVHV*HVSUlFK,QGHP5HLFKGHUHU7RGWHQ=ZLVFKHQGHQHQ EH\GHQLP5HLFKGHU/HEHQGLJHQKRFKEHUKPWHQ0lQQHUQ&KULVWLDQ7KRPDVLRXQG$XJXVW +HUPDQQ)UDQFNHQ6O7LWHONXSIHU$XV6XLWQHU'HU.ULHJGHU%LRJUDSKHQ ZLH$QP  6



0DUWLQ0XOVRZ

  



$EE$QRQ\P>$OHWRSKLOXV@([DPHQULJRURVXP:HOFKHV$SROOR=ZLVFKHQ6U0DJQLILFHQW] GHP3UR5HFWRUH]X+DOOH>«@1LFRODR+\HURQLPR*XQGOLQJHQ>«@8QG-RK)UDQFLVFR%XGGHR >«@DQJHVWHOOHW6O7LWHONXSIHU

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  



$EE'DQLHO6WUlKOHU$EJHQ|WKLJWH5HWWXQJGHUJHUHFKWHQ6DFKHZLGHUHLQHVXQJHQDQQWHQ 9HUIDVVHUV9HUPXWKOLFKHXQGGHV+UQ5HJ5DWKV:ROIIHVHLJHQH$QWZRUW+DOOHX/HLS]LJ 7LWHONXSIHU%LEOLRWKHNGHU)UDQFNHVFKHQ6WLIWXQJHQ+DOOH6LJQ.>@



0DUWLQ0XOVRZ

  



$EE-RKDQQ&KULVWLDQ/DQJH3URWKHRULDHUXGLWLRQLV+XPDQDH8QLYHUVDH2GHU)UDJHQYRQ GHU*HOHKUVDPNHLWGHU0HQVFKHQLQVJHPHLQ*LH‰HQ7LWHONXSIHU%LEOLRWKHNGHU )UDQFNHVFKHQ6WLIWXQJHQ+DOOH6LJQ(

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU 



0DUWLQ0XOVRZ

  



$EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE-RDFKLP/DQJH&DXVVD'HLHWUHOLJLRQLVQDWXUDOLV+DOOH7LWHONXSIHU%LEOLRWKHN GHU)UDQFNHVFKHQ6WLIWXQJHQ+DOOH6LJQ69(5/>@



0DUWLQ0XOVRZ

  



$EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  



$EE&KULVWRSK$XJXVW+HXPDQQ'HUSROLWLVFKH3KLORVRSKXV'DVLVW9HUQXQIIWPl‰LJH $QZHLVXQJ=XU.OXJKHLW-PJHPHLQHQ/HEHQ)UDQNIXUWX/HLS]LJ +DOOH 7LWHONXSIHU )RUVFKXQJVELEOLRWKHN*RWKD6LJQ3ƒ  



0DUWLQ0XOVRZ

  

 $EE$QGUHDV5GLJHU,QVWLWXWLRQHVHUXGLWLRQLVVHX3KLORVRSKLDV\QWKHWLFD)UDQNIXUW 7LWHONXSIHU([HPSODUGHV$XWRUV

'LH$XINOlUXQJGHU'UHLXQG]ZDQ]LJMlKULJHQ



  

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU

0DUWLQ0XOVRZ

   

 $EE$XIULFKWLJHXQGXQSDUWKH\LVFKH*HGDQFNHQEHUGLHZLFKWLJVWHQ0DWHULHQZHOFKHLQGHQ -RXUQDOHQ([WUDFWHQXQG0RQDWKV6FKULIIWHQYRUJHWUDJHQZHUGHQ6WFN  7LWHONXSIHU 

         

,,,1HXH0HWKRGLNXQGbVWKHWLN 



 )5$1.*581(57 

8UWHLOVNUDIWVWDWW*HGlFKWQLV"9RQGHU'HTXDOLIL]LHUXQJ]XU HUQHXWHQ$XIZHUWXQJGHU0HPRULDLQGHUGHXWVFKHQ )UKDXINOlUXQJ 

  8PGLHDQDO\WLVFKH4XDOLWlWGHULPYRUOLHJHQGHQ%DQGIUGLH5HNRQVWUXNWLRQGHU )UKDXINOlUXQJ KHUDQJH]RJHQHQ /HLWEHJULIIH ÄgIIQXQJ³ XQG Ä6FKOLH‰XQJ³ DXV]X ORWHQOLHJWHVQDKHGLH7HUPLQLDXIWKHRUHWLVFKH$N]HQWYHUVFKLHEXQJHQLQQHUKDOE GHV SKLORVRSKLVFKHQ 'LVNXUVHV GHU =HLW ]X EH]LHKHQ 'HU XQWHUVWHOOWH 'UHLVFKULWW GHU YRQ HLQHU JHJHEHQHQ *HVFKORVVHQKHLW HLQHV NXOWXUHOOHQ RGHU WKHRUHWLVFKHQ =XVDPPHQKDQJV DXVJHKW XQG EHU GHVVHQ gIIQXQJ ]X HLQHU QHXHQ RSHUDWLYHQ *HVFKORVVHQKHLW JHODQJW VFKHLQW IU GHQ SKLORVRSKLVFKHQ $XIEUXFK GHU )UKDXI NOlUXQJ QDFKJHUDGH W\SLVFK ]X VHLQ :HQGHW PDQ GLH JHQDQQWHQ %HJULIIH DXI GLH )UKDXINOlUXQJ DQ GDQQ GUlQJHQ VLFK JOHLFK HLQH JDQ]H 5HLKH YRQ EHNDQQWHQ 7KHRULHEHZHJXQJHQ DXI GLH GHQ EHVFKULHEHQHQ 'UHLVFKULWW LQ ZQVFKHQVZHUWHU .ODUKHLWYROO]LHKHQ'D]X]lKOWGLH.ULWLNDQGHUIUZHOWIUHPGXQGQXW]ORVJHKDO WHQHQ6FKXOSKLORVRSKLHGHU%HGHXWXQJVJHZLQQGHU(UIDKUXQJJHJHQEHUHLQHUDOV EOR‰ VSHNXODWLY DXIJHIDVVWHQ 9HUQXQIW XQG GLH HXGlPRQLVWLVFKH DQVWHOOH GHU WKHRQRPHQ%HJUQGXQJYRQ0RUDOXQG1DWXUUHFKW,QDOOHQ)lOOHQLVWGLHgIIQXQJ (IIHNW HLQHU .ULWLN GLH QDFK HQWVSUHFKHQGHQ WKHRUHWLVFKHQ 8PEDXPD‰QDKPHQ ]X HLQHU HUQHXWHQ DOV YRUOlXILJH 6WDELOLVLHUXQJ EHVFKUHLEEDUHQ 6FKOLH‰XQJ DXI GHU (EHQHGHUWKHRUHWLVFKHQ6\VWHPDWLNIKUW  

  ,P =HLFKHQ GHV GXUFK GLH JHQDQQWHQ %HLVSLHOH DXIJHUXIHQHQ 3UDNWL]LVPXV VWHKW DXFKHLQDXIVFKOXVVUHLFKHVHUNHQQWQLVWKHRUHWLVFKHV7KHRULHUHYLUHPHQWDXIGDVVLFK GLH/HLWEHJULIIHÄgIIQXQJ³XQGÄ6FKOLH‰XQJ³SUREOHPORVDEELOGHQODVVHQ(VKDQ GHOW VLFK XP GLH ]X %HJLQQ GHU $XINOlUXQJ EHREDFKWEDUH 'HTXDOLIL]LHUXQJ GHU 0HPRULD ]XJXQVWHQ HLQHU $XIZHUWXQJ GHV -XGLFLXPV ,Q VHLQHQ 7KHVHQ ]X GHQ 6WUXNWXUHQGHUGHXWVFKHQ)UKDXINOlUXQJ±KDW+DQV(ULFK%|GHNHUDXI GLHVH =XVDPPHQKlQJH PLW GHU )HVWVWHOOXQJ KLQJHZLHVHQ GDVV GLH 0HPRULD LP DXVJHKHQGHQ-DKUKXQGHUWÄVFKlUIVWHU.ULWLN³DXVJHVHW]WZDUÄ'LH$EOHKQXQJ GHU WUDGLWLRQHOOHQ WRSLVFKHQ :LVVHQVFKDIWVDXIIDVVXQJ GLH ZHVHQWOLFK GXUFK GLH  

+DQV(ULFK%|GHNHU6WUXNWXUHQGHUGHXWVFKHQ)UKDXINOlUXQJ±7KHVHQ,Q'HUV +J  6WUXNWXUHQ GHU GHXWVFKHQ )UKDXINOlUXQJ ± *|WWLQJHQ  6± KLHU 6



)UDQN*UXQHUW

EOR‰ DXIQHKPHQGH PHPRULD EHVWLPPW ZDU IKUWH³ ± VR KlOW %|GHNHU IHVW ± Ä]X HLQHP QHXHQ 9HUVWlQGQLV GHU LQYHQWLR GHU DUV LQYHQLHQGL XQG ]XU GDV -XGLFLXP EHWRQHQGHQ $XVULFKWXQJ GHV 'HQNHQV 1LFKW PHKU GDV ,GHDO GHV 6DPPHOQV XQG $XIEHZDKUHQV VROOWH GLH JHOHKUWHQ $QVWUHQJXQJHQ EHVWLPPHQ VRQGHUQ GDV ,GHDO GHV IRUWVFKUHLWHQGHQ (UNHQQWQLVJHZLQQV³ :HLO %|GHNHU HV EHL GHU WKHWLVFKHQ %HQHQQXQJ HLQHV VLJQLILNDQWHQ 3UREOHPNRPSOH[HV EHOlVVW XQG GHQNEDUH 4XHOOHQ ZHGHUEHQHQQWQRFKHU|UWHUWGUIWHHLQHJHQDXHUH8QWHUVXFKXQJGHVNRQVWDWLHUWHQ 6DFKYHUKDOWV JHUDGH YRU GHP +LQWHUJUXQG GHU GRSSHOWHQ )UDJH QDFK GHU 6SH]LILN GHU )UKDXINOlUXQJ HLQHUVHLWV XQG GHU /HLVWXQJVIlKLJNHLW GHU DQDO\WLVFKHQ /HLWEH JULIIH ÄgIIQXQJ³ XQG Ä6FKOLH‰XQJ³ DQGHUHUVHLWV YRQ EHVRQGHUHP ,QWHUHVVH VHLQ 8QG GLHV LQVEHVRQGHUH GHVKDOE ZHLO GHU IRUPXOLHUWH %HIXQG VRJOHLFK HLQH JDQ]H 5HLKHYRQ3UREOHPHQ]XHUNHQQHQJLEWGHUHQ%HDQWZRUWXQJHLQDXIVFKOXVVUHLFKHV /LFKW DXI GLH PDUNDQWH 8PJUXSSLHUXQJ YRQ WKHRUHWLVFKHQ :HUWLJNHLWHQ ZLUIW 6R IUDJW VLFK ZHOFKHU %HJULII YRQ 0HPRULD LQ HLQHU SKLORVRSKLVFKHQ XQG HLQHU ZLV VHQVFKDIWVJHVFKLFKWOLFKHQ±XPQLFKW]XVDJHQLQHLQHUZLVVHQVFKDIWVSROLWLVFKHQ± 3HUVSHNWLYH GHU EHKDXSWHWHQ .ULWLN DQ GHU 0HPRULD ]XJUXQGH ODJ 'LH %HDQWZRU WXQJ GLHVHU )UDJH GUIWH $XIVFKOXVV GDUEHU YHUVFKDIIHQ ZLH GLH .ULWLN DQ GHU 0HPRULDLP(LQ]HOQHQEHJUQGHWXQGPLWZHOFKHQ$EVLFKWHQVLHEHWULHEHQZXUGH (LQ ZHLWHUHV 3UREOHP EHWULIIW GLH %H]LHKXQJ ]ZLVFKHQ GHU 0HPRULD XQG GHP -XGLFLXP+DQGHOWHVVLFKEHL/HW]WHUHPXPHLQHQ*HJHQEHJULII±ZDVGLH3ROHPLN QDKHOHJW ± RGHU GRFK HKHU XP HLQHQ NRUUHVSRQGLHUHQGHQ 7HUPLQXV GHU GLH 0HPRULD ]ZDU YRUDXVVHW]W LKU DEHU HLQHQ XQWHUJHRUGQHWHQ 6WHOOHQZHUW ]XZHLVW" 8QG VFKOLH‰OLFK PXVV PDQ IUDJHQ RE HV EHL GHU ÄVFKlUIVWHQ .ULWLN³ DQ GHU 0HPRULDWDWVlFKOLFKJHEOLHEHQLVWRGHUREGHU%HJULIIHLQH7UDQVIRUPDWLRQGXUFK OlXIWGLHDP(QGHGD]XIKUWHGDVVGHU%HJULIIZLHGHULQVHLQ5HFKWJHVHW]WZXU GH IUHLOLFK QLFKW LQ VHLQ DOWHV 5HFKW VRQGHUQ YLHOPHKU LQ HLQ QHXHV 'LHV ZUGH EHGHXWHQ GDVV GLH 0HPRULD GDQQ HSLVWHPRORJLVFK QHX SRVLWLRQLHUW ZRUGHQ ZlUH XQG]ZDUDXIGHU%DVLVGHUXQGPLW5FNVLFKWDXIGLHHLQPDOYRUJHEUDFKWH.ULWLN 'DPLW KlWWH GLH $XVHLQDQGHUVHW]XQJ GDQQ HLQH QHXH (EHQH HUUHLFKW XQG GHU EH VFKULHEHQH 'UHLVFKULWW YRQ JHJHEHQHU *HVFKORVVHQKHLW HLQHV 7KHRULH]XVDPPHQ KDQJVEHUVHLQHgIIQXQJKLQ]XVHLQHUHUQHXWHQ6FKOLH‰XQJZlUHYROO]RJHQ $XV HLQHU ZLVVHQVFKDIWV E]Z NXOWXUKLVWRULVFKHQ 3HUVSHNWLYH PXVV ]XVlW]OLFK IHVWJHKDOWHQZHUGHQGDVVGDVLP(LQ]HOQHQQRFKQDFK]XYROO]LHKHQGH7KHRULHUHYL UHPHQWQLFKWHLQH)UDJHSKLORVRSKLVFKHQ%HOLHEHQVLVWVRQGHUQ5HIOH[YHUlQGHUWHU %HGLQJXQJHQ GHU 7KHRULHSURGXNWLRQ GDUVWHOOW XQG GDPLWEHUHLQHKLVWRULVFKHLQ GHXWLJH PDWHULHOOH %DVLV YHUIJW 6R PDFKW 0RQLND (VWHUPDQQ LQ LKUHP0HPRULD XQG'LVNXUVEHUVFKULHEHQHQ%HLWUDJ]XP%XFKKDQGHOLQGHU)UKDXINOlUXQJQLFKW  

(EG6I(LQH3UlIHUHQ]GHV-XGLFLXPVYRUGHU0HPRULDKDWWHPLW%OLFNDXIGLH/LWHUDWXU XQGGLH5KHWRULNEHUHLWV0DQIUHG%HHW]IUGLH=HLWXPNRQVWDWLHUW9JO0DQIUHG%HHW] 5KHWRULVFKH/RJLN3UlPLVVHQGHUGHXWVFKHQ/\ULNLPhEHUJDQJYRP]XP-DKUKXQGHUW 7ELQJHQ6±

8UWHLOVNUDIWVWDWW*HGlFKWQLV"



]XOHW]WPLW+LOIHYRQ$XVVDJHQGHV+DOOHQVHU+LVWRULNHUV6WDDWVUHFKWOHUVXQGODQJ MlKULJHQ .DQ]OHUV GHU 8QLYHUVLWlW -RKDQQ 3HWHU YRQ /XGHZLJ GDUDXI DXIPHUNVDP GDVV DQJHVLFKWV GHU LQWHQVLYLHUWHQ %XFKKDQGHOVWlWLJNHLW LP DXVJHKHQGHQ -DKUKXQGHUWXQGGHP%HGHXWXQJVJHZLQQQHXHUSHULRGLVFKHUVFKHLQHQGHU0H GLHQ GHQ $XWRUHQ ]X %HJLQQ GHV -DKUKXQGHUWV ]ZHLHUOHL H[SUHVVLVYHUELVNODU ZDU(UVWHQVZDUPLWGHP%XFKGUXFNGKPLWGHUPDVVHQKDIWHQ+HUVWHOOXQJHLQHU ELV GDWR XQEHNDQQW KRKHQ $Q]DKO YHUVFKLHGHQHU 7LWHO HLQ 6SHLFKHUPHGLXP IU :LVVHQVLQKDOWHJHVFKDIIHQZRUGHQGDV]XPLQGHVWLGHDOLWHUGLH.RQVHUYLHUXQJGHV HLQPDO (UNDQQWHQ XQG GDPLW *HZXVVWHQ JDUDQWLHUHQ NRQQWH 8QG GDV KHL‰W 'LH YRUGHP QRWZHQGLJH ZHLODOWHUQDWLYORVHLQWUDPHQWDOH6SHLFKHUXQJYRQ:LVVHQVLQ KDOWHQLP*HGlFKWQLVGHV(LQ]HOQHQNRQQWHMHW]WHLQHPH[WUDPHQWDOHQ6SHLFKHUPH GLXPDQYHUWUDXWZHUGHQXQG]ZDUQLFKWQXULQ(LQ]HOIlOOHQVRQGHUQ±XQGGDUDXI NRPPWHVDQ±DXIEUHLWHUGKGLHZHLWHUH.XOWXUJHVFKLFKWHQLFKW]XOHW]WGXUFKGLH 0DVVH GHU (U]HXJQLVVH EHVWLPPHQGHU )URQW 'LH 0HPRULD GHV (LQ]HOQHQ ZXUGH DXIGLHVH:HLVHHQWVFKLHGHQHQWODVWHW=ZHLWHQV±GDPLWLQHLQHPJHQDXHQ=XVDP PHQKDQJVWHKHQG±HUP|JOLFKWHGHU%XFKGUXFN±XQGHUVWUHFKWGDVYRUGHU:HQGH ]XP-DKUKXQGHUWYHUVWlUNWDXINRPPHQGHSHULRGLVFKH6FKULIWWXP±HLQH'\QD PLVLHUXQJ GHU YRQ (VWHUPDQQ DOV Ä'LVNXUV³ EH]HLFKQHWHQ|IIHQWOLFKHQ.RPPXQL NDWLRQGLHQLFKWQXU0XOWLSOL]LHUXQJLP6LQQHHLQHU,QNOXVLRQGHU9LHOHQVRQGHUQ YLHOPHKUHLQHGDUDXVUHVXOWLHUHQGH6WHLJHUXQJGHV*HZXVVWHQPLWVLFKEUDFKWHGLH VLFKVHPDQWLVFKGXUFKDXVPLWGHUKLHULQ5HGHVWHKHQGHQgIIQXQJDOVTXDQWLWDWLYH DEHU DXFK TXDOLWDWLYH 9HUEUHLWHUXQJ YHUELQGHQ OlVVW 1LFKW YRQ XQJHIlKU KDWWH -RKDQQ 3HWHU YRQ /XGHZLJ IHVWJHVWHOOW GDVV GXUFK GHQ 0HGLHQZDQGHO ÄHLQ MHGHU VHLQH *HGDQFNHQ XQG *HPlFKWH >«@ WDXVHQG 0HQVFKHQ NXQG PDFKHQ³ NRQQWH ZDVGD]XIKUWHGDVVÄHLQ*HLVWLPPHUGHQDQGHUHQJHWULHEHQ³KDEH'LH(QWODV WXQJGHULQGLYLGXHOOHQ0HPRULDIKUWH]ZDUQLFKW]XLKUHP)XQNWLRQVYHUOXVWZRKO DEHU]XHLQHUWLHIJUHLIHQGHQGKIROJHQUHLFKHQXQGLP(LQ]HOQHQ]XEHVFKUHLEHQ GHQ 5HYLVLRQ LKUHV 6WHOOHQZHUWHV $OOHUGLQJV LVW GHU %HGHXWXQJVYHUOXVW GHU 0HPRULD ± ZLH LP )ROJHQGHQ ]X ]HLJHQ VHLQ ZLUG ± QLFKW DXVVFKOLH‰OLFK DXI GLH WHFKQLVFKHQ 0|JOLFKNHLWHQ GHU 5HSURGXNWLRQ YRQ 6DFKYHUKDOWHQ ]XUFN]XIKUHQ 9LHOPHKU ZDUHQ ± XQG GDULQ OLHJW GLH VSH]LILVFKH HSRFKDOH 6LJQLILNDQ] GHV 9RU JDQJV±GLH5HSURGXNWLRQHQVHOEVWE]ZLKUHKHJHPRQLDOH9HUZHQGXQJXQGGHUHQ (IIHNWHXPIUDJZUGLJJHZRUGHQ

 

0RQLND (VWHUPDQQ 0HPRULD XQG 'LVNXUV 'HU %XFKKDQGHO LQ GHU )UKDXINOlUXQJ ,Q %|GHNHU +J 6WUXNWXUHQGHUGHXWVFKHQ)UKDXINOlUXQJ± ZLH$QP 6± KLHU6  =LWLHUWQDFK(VWHUPDQQ0HPRULDXQG'LVNXUV ZLH$QP 6



)UDQN*UXQHUW

  'LH'LVNXVVLRQXPGDV*HGlFKWQLVXQGVHLQHQWKHRUHWLVFKHQZLHSUDNWLVFKHQ6WHO OHQZHUWEHJLQQWLQGHPZDVVSlWHUDOV)UKDXINOlUXQJEH]HLFKQHWZLUGPLWHLQHP JHZLVVHQ $SORPE ,Q VHLQHU $XVEXQJ GHU 9HUQXQIWOHKUH EHKDXSWHW &KULVWLDQ 7KRPDVLXV ± lKQOLFKH )RUPXOLHUXQJHQ ILQGHQ VLFK DXFK LQ GHVVHQ(LQOHLWXQJ ]XU +RI3KLORVRSKLH XQG LQ GHU $XVEXQJ GHU 6LWWHQOHKUH ± GDVV HLQ ÄTXLQWJHQ MXGLFLXPK|KHU]XDFKWHQ³VHLÄDOVHLQ3IXQG*HGlFKWQL‰³7KRPDVLXVKlOWGLHV± ZLH HU LQ GHU 6LWWHQOHKUH EHWRQW± IU HLQ *HPHLQJXW ÄNOXJHU /HXWH³ XQG QLPPW LQVRIHUQ QLFKW LQ $QVSUXFK 8UKHEHU GLHVHU (LQVLFKW ]X VHLQ 7DWVlFKOLFK ILQGHQ VLFKODQJHYRU7KRPDVLXVLQGHUGLGDNWLVFKHQ/LWHUDWXU±]%EHL:ROIJDQJ5DWNH RGHUEHLGHPDOV6WLFKZRUWJHEHUGHU$XINOlUXQJNDXP]XEHUVFKlW]HQGHQ0LFKHO GH 0RQWDLJQH ± SRLQWLHUW NULWLVFKH 6WHOOXQJQDKPHQ ]XU WUDGLWLRQHOOHQ hEHUEHZHU WXQJGHV*HGlFKWQLVVHV6RZRKO5DWNHDOVDXFK0RQWDLJQHZHQGHQVLFKGDEHLYRU DOOHPXQGDXVGUFNOLFKJHJHQGDV$XVZHQGLJOHUQHQDOV)RUPGHV:LVVHQVHUZHUEV :lKUHQG 5DWNH HV DOV HLQHQ Ä=ZDQJ GHU 1DWXU³ EHVFKUHLEW GHU ÄGHP 9HUVWDQG *HZDOWDQ>WXW@³EHILQGHW0RQWDLJQHNXU]XQGEQGLJÄ6oDYRLUSDUF°XUQ¶HVWSDV VoDYRLU³ 7KRPDVLXV DEHU JHKW ZHLWHU =ZDU NDQQ HU YRUKDQGHQH NULWLVFKH 6WLP PHQ DXIQHKPHQ GRFK VSLW]W HU VLH GXUFK GLH WHQGHQ]LHOOH *HJHQEHUVWHOOXQJ YRQ *HGlFKWQLVXQG-XGLFLXPWKHRUHWLVFK]XXQGEHUIKUWVLHLQHLQHQV\VWHPDWLVFKHQ SKLORVRSKLVFKHQ'LVNXUV±XQGGLHVXQDEKlQJLJYRQlOWHUHQ9RUVFKOlJHQ]XU9HU KlOWQLVEHVWLPPXQJ YRQ 0HPRULD XQG -XGLFLXP LQ GHU 3KLORVRSKLH GHV -DKUKXQGHUWV %HL VHLQHU GXUFK GLH ]LWLHUWH %HKDXSWXQJ LQGL]LHUWHQ 1HXJHZLFKWXQJ GHV 9HU KlOWQLVVHV]ZLVFKHQ0HPRULDXQG-XGLFLXPJHKW7KRPDVLXVYRQHLQHPWKHRUHWLVFK HKHU DQVSUXFKVORVHQ *HGlFKWQLVEHJULII DXV 6R GHILQLHUW HU HWZD LQ GHU$XVEXQJ GHU6LWWHQOHKUHÄ'DV*HGlFKWQVVWHOOHWXQVHLQHDEZHVHQGH6DFKHLQGHU*HVWDOW XQG2UGQXQJYRUDOVZLUVROFKHJHJHQZlUWLJHPSIXQGHQKDEHQ³XQGZHQLJVSlWHU  

&KULVWLDQ 7KRPDVLXV (LQOHLWXQJ ]XU +RI3KLORVRSKLH   ,Q 'HUV $XVJHZlKOWH :HUNH %G5HSU+LOGHVKHLP=ULFKX1HZ@GDPLWGLHVHYRUVWHOOXQJHQHLQREMHFWGHVQDFK VLQQHQVRGHUGHUEHUOHJXQJHQGHVLQJHQLLXQGMXGLFLLZHUGHQ³'DV*HGlFKWQLV LVW KLHU HLQ DXVGUFNOLFK DOV ÄYD‰ RGHU EHKlOWQV³ EHVFKULHEHQHU 6SHLFKHU GHU ÄULFKWLJH XQG JHWUHXH DEELOGXQJHQ GHVVHQ³ IU GDV ,QJHQLXP RGHU GDV -XGLFLXP EHUHLWKlOWÄZDVGDVJHPWKHPSILQGHW³E]ZHLQPDOHPSIXQGHQKDW'DPLWVLQG /HLVWXQJ XQG *UHQ]HQ GHU 0HPRULD EHUHLWV EHVWLPPW :lKUHQG GDV-XGLFLXP GLH YRP*HGlFKWQLVJHOLHIHUWHQ,GHHQYHUJOHLFKWhEHUHLQVWLPPXQJHQXQG:LGHUVSU FKHNRQVWDWLHUWXQGGDGXUFK]X:DKUKHLWVDXVVDJHQJHODQJWLVWGDV*HGlFKWQLVDOV EOR‰HVXQGGDKHULQGLIIHUHQWHV0HGLXPGHVYRQLKPJHERWHQHQ,QKDOWHVZDKUKHLWV XQIlKLJ (V EHVWHKW ÄDOOHLQ LQ GHU NUDIW ]X PHUFNHQ )ROJOLFK LVW LP JHGlFKWQLV NHLQHNUDIW]XXUWKHLOHQXQGDOVRNHLQHNUDIWZDKUKHLW]XHUNHQQHQRGHU]XLUUHQ³ 8QGGDVKHL‰W±JDQ]LP6LQQHGHVVHQZDVEHUHLWV7KRPDVLXVXQG:DOFKEHKDXS WHWKDWWHQ'DV*HGlFKWQLVLVWQLFKWLQGHU/DJH:DKUKHLWRGHU)DOVFKKHLWGHVYRQ LKP JHERWHQHQ ,QKDOWHV ]X EHXUWHLOHQ LQVRIHUQ VWHOOW ÄGDV JHGlFKWQV HLQHP YHU QQIWLJHQXQGZHLVHQJHPWK]ZDUDOOHUGLQJVVHLQHZHL‰KHLWHLQHPDOEHUQJHPWK DEHU VHLQH DOEHUNHLW EHVWlQGLJ YRU XQG GDV JHGlFKWQV YHUKlOWVLFK GDKHUR JHJHQ GLH ZDKUKHLW XQG GHQ LUUWKXP JHJHQ GLH ZHL‰KHLW XQG WKRUKHLW LQGLIIHUHQW RGHU JOHLFKJOWLJ³ %HL GLHVHU NODUHQ %HJUHQ]WKHLW LVW GDV *HGlFKWQLV ]XJOHLFK YRQ JHUDGH]X XQ VFKlW]EDUHP:HUWXQGVRZDUQW0OOHU±ZLH:DOFK±GDYRUVLFKGD]XYHUOHLWHQ ]X ODVVHQ ÄGDVMHQLJHJXWHDXVGHQDXJHQ]XVHW]HQRGHUQXUJHULQJH]XVFKl]HQ GHVVHQ HV KLQJHJHQ DOOHUGLQJV IlKLJ LVW³ 'HQQ GLH )lKLJNHLWGHV*HGlFKWQLVVHV HWZDV]XEHZDKUHQXQG]XJHJHEHQHU=HLWZLHGHU]XHULQQHUQKDEH±ZLH0OOHU DXVIKUW ± HLQHQ GRSSHOWHQ 1XW]HQ 8QG ]ZDU HLQHUVHLWV HLQHQ WKHRUHWLVFKHQ 1XW ]HQ GHU GDULQ EHVWHKW GDVV GDV *HGlFKWQLV VRZRKO GHP -XGLFLXP XQG DOV DXFK GHP ,QJHQLXP 9RUVWHOOXQJHQ GK 2EMHNWH IU GLH HLJHQH 7lWLJNHLW YHUVFKDIIW +LHUEHL JHKW GLH /HLVWXQJ GHV *HGlFKWQLVVHV GHP ÄQDFKGHQFNHQ GHV LQJHQLL XQG LXGLFLL GDGXUFK GLH ZDKUKHLW HUNDQW ZHUGHQ VROO³ YRUDXV 8QG DQGHUHUVHLWV KDW GDV*HGlFKWQLVHLQHQYRQ0OOHUDOVÄSUDFWLVFK³EH]HLFKQHWHQ1XW]HQ+LHUNHKUW   0OOHU(LQOHLWXQJLQGLHSKLORVRSKLVFKHQ:LVVHQVFKDIWHQ7KHLO ZLH$QP 6  (EG6  (EG6  (EG6I  (EG6  (EG6  (EG



)UDQN*UXQHUW

VLFKGLH5HLKHQIROJHXP'DV*HGlFKWQLVQLPPWDXIXQGEHZDKUWIUVSlWHUH9HU ZHQGXQJHQ ZDV -XGLFLXP XQG ,QJHQLXP KHUYRUJHEUDFKW KDEHQ 'LH8UWHLOH ZHU GHQGHP*HGlFKWQLVÄ]XEHVWlQGLJHPDQGHQFNHQHLQJHGUFNHW>@XQGVROFKHUJH VWDOW ]XP JHEUDXFK GHV PHQVFKOLFKHQ OHEHQV LP JHPWK EHVWlQGLJ³ EHUHLW JHKDOWHQ ,QGHP GLH 6SHLFKHUWlWLJNHLW GHV *HGlFKWQLVVHV WHPSRUDO XQG DNNXPXODWLY ZLUNW GDV *HGlFKWQLV DOVR HUZRUEHQH (UNHQQWQLVVH HQWJHJHQQLPPW EHL %HGDUI ZLHGHU KHUDXVJLEW XQG DOV PRGLIL]LHUWH GK DOV QHXH (UNHQQWQLVVH HU QHXW DXIQLPPW XQG ZLHGHUXP ELV DXI ZHLWHUHV NRQVHUYLHUW HWF VDPPHOW GDV *H GlFKWQLV LQ HLQHU VSLUDOI|UPLJ ]X GHQNHQGHQ %HZHJXQJ (UNHQQWQLVVH XQG ZLUG GDGXUFK ]X HLQHP WKHRUHWLVFKHQ ,QVWUXPHQW GDV (UNHQQWQLV]XZDFKV HUVW HUP|J OLFKW'XUFKGLHVLFKVWHWVDNWXDOLVLHUHQGHXQGDXI(UNHQQWQLVSURGXNWLRQDQJHOHJWH 6SHLFKHUWlWLJNHLW GHV *HGlFKWQLVVHV HUVFKOLH‰W VLFK ± QDFK 0OOHU ± DXFK GHU HL JHQWOLFKH 6LQQ GHV 6SULFKZRUWV ÄWDQWXPVFLPXVTXDQWXPPHPRULDWHQHPXV³GHU HEHQ QLFKW LQ GHU %HKDXSWXQJ EHVWHKH ÄGD‰ YHUQQIWLJH ZLVVHQVFKDIW HLQH ZLUFNXQJ GHV JHGlFKWQVVHV VH\³ VRQGHUQ YLHOPHKU GDUDXI YHUZHLVH ÄGD‰ DXFK GLH VFKDUIVLQQLJVWHQ JHGDQFNHQ GHV -XGLFLL ZHQQ PDQ ZHQLJ RGHU QLFKWV GDYRQ EHKlOWVRQGHUQVLHVRIRUWZLHGHUYHUJLVVHWVRJXWVLQGDOVREPDQVLHQLHJHKDEW KlWWH³ ,QVRIHUQ LVW ÄHLQ JXWHV JHGlFKWQV XQG GLH ]X EHI|UGHUXQJ VHLQHU ZLUFNXQJHQ HUIRUGHUWH DXIPHUFNVDPNHLW VRZRKO ]X HUODQJXQJ DOV DXFK >«@ ]X QW]OLFKHU DQZHQGXQJ JHOHKUWHU HLQVLFKW LQ DOOHQ XQG LHGHQ ZLVVHQVFKDIWHQ VFKOHFKWHUGLQJV Q|WKLJ XQG XQHQWEHKUOLFK³ 'DKHU ZDUQW 0OOHU GLH /HUQHQGHQ XQG6WXGLHUHQGHQDXFKPLW1DFKGUXFNGDYRUGHQÄKHXW]XWDJHVRKRFKJHSULHVH QHQXQGDQVLFKVHOEVWZDKUKDIWHQOHKUVDW]³HLQ4XHQWFKHQ-XGLFLXPVHLK|KHU]X DFKWHQDOVHLQ3IXQG*HGlFKWQLVDOV9RUZDQGGDIU]XEHQXW]HQVLFKGHUÄPK VDPHQDUEHLWGHV*HGlFKWQVVHV³]XHQWOHGLJHQ 0LW %OLFN DXI GLH NRQVHUYLHUHQGH DNNXPXODWLYH XQG DNWXDOLVLHUHQGH /HLVWXQJ GHV*HGlFKWQLVVHVDOVVSH]LILVFKH)XQNWLRQLP3UR]HVVHLQHVDXI'DXHUDQJHOHJWHQ G\QDPLVFKHQ(UNHQQWQLVHUZHUEVJHUlWGLHQDKHOLHJHQGH.RQQRWDWLRQGHV*HGlFKW QLVVHVPLWÃ*HVFKORVVHQKHLWµZLHVLHVLFKHWZDLQGHU)L[LHUXQJDXIHLQHQGHILQLWHQ 6DW]YRQ/HKUDXVVDJHQDXVGUFNWLQHLQQHXHV/LFKW'HQQGXUFKGLH9HUKlOWQLV EHVWLPPXQJ YRQ -XGLFLXP XQG 0HPRULD DOV DUEHLWVWHLOLJ NRRSHULHUHQGH 9HUVWDQ GHVYHUP|JHQZLUGGDV*HGlFKWQLVDOV2UWGHU6FKOLH‰XQJQlPOLFKDOV$XIEHZDK UXQJVRUWHUZRUEHQHU(UNHQQWQLVVH]XU9RUDXVVHW]XQJIUZHLWHUH(UNHQQWQLVVHGLH DXIGHU*UXQGODJHGHVYRP*HGlFKWQLVJHOLHIHUWHQ0DWHULDOVYRP-XGLFLXPLQGHU RIIHQHQ:DKUQHKPXQJXQG%HXUWHLOXQJGHV*HJHEHQHQEHZHUNVWHOOLJWZHUGHQ'LH *HVFKORVVHQKHLWGHVLP*HGlFKWQLV%HZDKUWHQLVWDOV0RPHQWHLQHVG\QDPLVFKHQ 3UR]HVVHV LPPHU QXU YRUOlXILJ XQG IDNWLVFK *DUDQW GHU 3URGXNWLYLWlW GHV YRP   (EG  (EG6  (EG6  (EG

8UWHLOVNUDIWVWDWW*HGlFKWQLV"



-XGLFLXP ]X OHLVWHQGHQ (UNHQQWQLVHUZHUEV GHU VHLQH VSH]LILVFKH 4XDOLWlW LQ GHU 2IIHQKHLWJHJHQEHUGHP*HJHEHQHQGKLQGHU:DKUQHKPXQJGHV1HXHQXQGLQ GHU 9HUELQGXQJ GLHVHV 1HXHQ PLW GHP YRP *HGlFKWQLV %HZDKUWHQ XQG GHP -XGLFLXP *HERWHQHQ UHDOLVLHUHQNDQQ,QVRIHUQKlQJWGLH3URGXNWLYLWlWGHU2IIHQ KHLWGHV-XGLFLXPVYRQGHP*HVFKORVVHQHQGHVLP*HGlFKWQLV*HJHEHQHQXQGLP (UNHQQWQLVSUR]HVV*HERWHQHQDE'HQQGDV-XGLFLXPPXVVGXUFKGLH/HLVWXQJGHV *HGlFKWQLVVHV QLFKW LPPHU YRQ 1HXHP DQIDQJHQ VRQGHUQ NDQQ DXIGHPYRQGHU 0HPRULD JHERWHQHQ 0DWHULDO VXN]HVVLYH DXIEDXHQ XQG VR HLQHQ (UNHQQWQLV]X ZDFKVJHQHULHUHQ2IIHQKHLWXQG*HVFKORVVHQKHLWVLQGDXIHLQDQGHUEH]RJHQZREHL GLH3URGXNWLYLWlWGHU2IIHQKHLWHLQH)XQNWLRQGHU*HVFKORVVHQKHLWGDUVWHOOW 'LHVH SURGXNWLYH 9HUVFKUlQNXQJ YRQ 2IIHQKHLW XQG *HVFKORVVHQKHLW ZREHL GLH /HW]WHUH 9RUDXVVHW]XQJ IU GLH 4XDOLWlW GHU (UVWHUHQ LVW OlVVW VLFK LQ 0OOHUV $XVIKUXQJHQ ]XP 8QWHUVFKLHG ]ZLVFKHQ *HGlFKWQLVZLVVHQVFKDIW XQG ZDKUHU *HOHKUVDPNHLW QLFKW ZLHGHUILQGHQ GLH *HVFKORVVHQKHLW GHU 0HPRULD XQG GLH 2I IHQKHLWGHV-XGLFLXPZHUGHQKLHUYLHOPHKULQGHU)RUPHLQHU(UJlQ]XQJQHEHQHL QDQGHUJHVWHOOW'DV*HGlFKWQLVZLUGGDEHL]ZDUZLHGHUXPDXIJHZHUWHWEOHLEWGHP HSLVWHPRORJLVFKUDQJK|KHUHQ-XGLFLXPDEHUXQWHUJHRUGQHW 0OOHUV SURQRQFLHUWH .ULWLN DQ HLQHU DOV *HGlFKWQLVZLVVHQVFKDIW EHWULHEHQHQ *HOHKUVDPNHLW VHW]W EHL GHQ EHVFKULHEHQHQ HSLVWHPRORJLVFKHQ *UHQ]HQ GHV *H GlFKWQLVVHV DQ 'LH ZDKUH *HOHKUVDPNHLW EHVFKUHLEW 0OOHU DOV HLQH ÄIHUWLJH JHVFKLFNOLJNHLW³ GLH ]XP 1XW]HQ GHV PHQVFKOLFKHQ /HEHQV XQG ]XU ÄHUODQJXQJ ZDKUHU JOFNVHOLJNHLW³ QRWZHQGLJHQ :DKUKHLWHQ ÄGXUFK NQVWOLFKHV QDFKGHQFNHQ >«@VFKDUIIVLQQLJXQGDXVLKUHP*UXQGH³]XHUNHQQHQ$OVVROFKHLVWVLHYRQGHU ÄJHPHLQHQ HUNHQWQV³ XQWHUVFKLHGHQ GLH RKQH 1DFKGHQNHQ DXI GHP EHUXKW ZDV XQPLWWHOEDULQGLH6LQQHIlOOWZREHLGLHLQ5HGHVWHKHQGHQ6LQQHDXFKHLQHQLQQH UHQ6LQQLPSOL]LHUHQ'DKHUVWHOOWDXFKGLHÄHUNHQWQVGHUJHOHKUWHVWHQZDKUKHLWHQ GLH PDQ YRQ DQGHUQ K|UHW RGHU OLHVHW XQG RKQH VFKDUIIVLQQLJHQ EHJULI QXU LQV JHGlFKWQLV IDVVHW³ PLW %OLFN DXI GHQ (UNHQQWQLVPRGXV ÄNHLQH JHOHKUVDPNHLW VRQGHUQ QXU >«@ HLQH JHPHLQH HLQIlOWLJH HUNHQWQV³ GDU 'LH 'LIIHUHQ] ]ZLVFKHQ *HOHKUVDPNHLW XQG JHPHLQHU (UNHQQWQLV EHVWHKW GHPQDFK QLFKW LP XQWHUVFKLHGOL FKHQ:DKUKHLWVJUDGGHU(UNHQQWQLVVRQGHUQLQGHU$UWXQG:HLVHLKUHV=XVWDQGH NRPPHQV *HOHKUWH (UNHQQWQLV GHU :DKUKHLW LVW HLQH /HLVWXQJ GHV -XGLFLXPV VLH EHUXKWDXI6FKDUIVLQQLJNHLWXQGHUNHQQWGLH'LQJHDNWLYÄDXVLKUHPJUXQGH³GHP JHJHQEHU LVW HLQIlOWLJH RGHU JHPHLQH (UNHQQWQLV UH]HSWLY RKQH VHOEVW ]ZLVFKHQ ZDKUXQGIDOVFKXQWHUVFKHLGHQ]XN|QQHQQLPPWVLHZDKUXQGKLQZDVLKUSUlVHQ WLHUW ZLUG %HWUHLEW PDQ (UNHQQWQLVHUZHUE QXU LP UH]HSWLYHQ 0RGXV HLQHU ÄJHGlFKWQVZLVVHQVFKDIW³NDQQPDQÄQLHYHUVLFKHUWVH\QREGDVZDVPDQOHUQHW ZDKUH RGHU IDOVFKH JHOHKUVDPNHLW VH\ XQG ZDKUH JHOHKUVDPNHLW PX‰ DOVR QRWKZHQGLJ HLQH MXGLFL|VH HLQH DXI HLJHQHP VFKDUIVLQQLJHQ EHJULI JHJUQGHWH HUNHQWQVGHUZDKUKHLWVH\Q³(LQÄZDKUKDIWLJJHOHKUWHU³PXVVDOVRÄGLHHUIXQGH  

(EG6



)UDQN*UXQHUW

QHQJHOHKUWHQZDKUKHLWHQQLFKWEORVDXVZHQGLJJHOHUQHWKDEHQVRQGHUQGHUZDKU KHLWGXUFKHLJHQHXUWKHLOXQJVNUDIWGHUJHVWDOWDXVGHPJUXQGHPlFKWLJVH\QGD‰HU DOOHQIDOOV LP VWDQGH VH\ HLQH LHGH ZDKUKHLW ZHQQ VLH DXFK QRFK QLFKW HUIXQGHQ ZlUHGXUFKHLJHQHVQDFKGHQFNHQ]XILQGHQ³,QVRIHUQGDUINHLQHGHUGLV]LSOLQl UHQ :LVVHQVFKDIWHQ DOV ÄEORVVH JHGlFKWQVZLVVHQVFKDIW³ EHWULHEHQ ZHUGHQ VR PXVVHWZDHLQHUHFKWVFKDIIHQH5HFKWVJHOHKUVDPNHLWÄHLQVFKDUIVLQQLJHUEHJULIIGHU JHVH]H VH\Q >«@ ZLH QHPOLFK VHOELJH DOV JHOHKUWH PRUDOLVFKH ZDKUKHLWHQ DXV LKUHQ JUQGHQ GXUFK VFKDUIVLQQLJHV QDFKGHQFNHQ EHJULIIHQ ZHUGHQ N|QQHQ³ :DKUH*HOHKUVDPNHLWLVWDOVRQXUDOVHLQHGXUFKGDV-XGLFLXP]XOHLVWHQGHDNWLYH 3URGXNWLRQZDKUHU(UNHQQWQLVVH]XGHQNHQ 1HEHQ GLHVHP HUNHQQWQLVWKHRUHWLVFKHQ $UJXPHQW IU GLH 'HTXDOLIL]LHUXQJ HL QHU DOV *HGlFKWQLVZLVVHQVFKDIW EHWULHEHQHQ *HOHKUVDPNHLW IKUW 0OOHU QRFK HLQ SUDJPDWLVFKHV HLQ :HLO ÄGLH JHVFKlIWH GLHVHV OHEHQV >@ LQ DQVHKXQJ LKUHU XP VWlQGH DOO]X PDQQLJIDOWLJ³ VLQG XQG GDKHU GLH 9LHOIDOW GHU GDPLW NRUUHVSRQGLH UHQGHQHUIXQGHQHQXQGQRFK]XHUILQGHQGHQQW]OLFKHQ:DKUKHLWHQGDV)DVVXQJV YHUP|JHQ HLQHV LQGLYLGXHOOHQ *HGlFKWQLVVHV EHUVWHLJW PXVV GHU UHFKWVFKDIIHQH *HOHKUWH GXUFK GLH .HQQWQLV GHU HUVWHQ XQG DOOJHPHLQHQ *UQGH VHLQHU :LVVHQ VFKDIWLQGHU:HLVHPlFKWLJVHLQGDVVHULQGHU/DJHLVWHLQHMHGH:DKUKHLWÄZR HU VLH EUDXFKHW ]X HUILQGHQ³ (LQH DOV *HGlFKWQLV:LVVHQVFKDIW EHWULHEHQH *H OHKUVDPNHLWLVWLQVRIHUQGHU.RPSOH[LWlWGHU:LUNOLFKNHLWQLFKWDQJHPHVVHQZREHL 0OOHU GDV JUXQGVlW]OLFKH3UREOHPGHUQRWZHQGLJHQ8Q]XOlQJOLFKNHLWHLQHUIL[HQ $Q]DKOYRQLQGHU9HUJDQJHQKHLWHUZRUEHQHQÄQW]OLFKHQ³:DKUKHLWHQJHJHQEHU HLQHU LQ GHU MHZHLOLJHQ *HJHQZDUW VLFK G\QDPLVFK YHUlQGHUQGHQ :LUNOLFKNHLW RIIHQEDUQRFKQLFKWVLHKW]XPLQGHVWQLFKWHLJHQVEHQHQQW9LHOPHKUPDFKWHUKLHU GLH EHJUHQ]WHQ PHQWDOHQ 6SHLFKHUNDSD]LWlWHQ JHOWHQG GLH IU GLH $XIQDKPH DOOHU ]XU%HZlOWLJXQJGHUNRPSOH[HQ:LUNOLFKNHLWQRWZHQGLJHQ:DKUKHLWHQHEHQQLFKW KLQUHLFKHQ ,QGHP 0OOHU LPPHUKLQ GDV 3UREOHP WKHPDWLVLHUW GDV VLFK PLW %OLFN DXI GLH LQVWUXPHQWHOOHQ .RPSHWHQ]HQ GHV JHGlFKWQLVZLVVHQVFKDIWOLFK DXIJHERWH QHQ $UVHQDOV YRQ QW]OLFKHQ :DKUKHLWHQ JHJHQEHU HLQHU DOO]X PDQQLJIDOWLJHQ :LUNOLFKNHLWDXIWXWLVWGHU:HJ]XGHUHODERULHUWHUHQ(LQVLFKWLQGLH)UDJZUGLJ NHLWYRQLQGHU9HUJDQJHQKHLWHUZRUEHQHQ(UNHQQWQLVVHQJHJHQEHUGHQ(UIRUGHU QLVVHQ HLQHU YHUlQGHUWHQ XQG VLFK VWlQGLJ YHUlQGHUQGHQ :LUNOLFKNHLW QLFKW PHKU ZHLW ]XPDO 0OOHU PLW GHU 3UlIHULHUXQJ MXGLFL|VHU QLFKW ]XOHW]W DXI $EVWUDNWLRQ XQG 9HUDOOJHPHLQHUXQJ KLQDXVODXIHQGHU (UNHQQWQLV EHU GHQ 6FKOVVHO IU GLH /|VXQJGLHVHV3UREOHPVEHUHLWVYHUIJW   (EG  (EG6  (EG6  (EG6  9JO HEG 6

VLHKH GD]X DXFK GLH $XVIKUXQJHQ LQ .DSLWHO  XQG  Ä9RQ GHP QDFKGHQFNHQEHUKDXSW³E]ZÄ9RQGHQHUVWHQJUQGHQGHVJHOHKUWHQQDFKGHQFNHQVLQVRQGHU KHLW³6±6±

8UWHLOVNUDIWVWDWW*HGlFKWQLV"



'RFK OlVVW HV 0OOHU PLW GHU $EZHUWXQJ GHU *HGlFKWQLV:LVVHQVFKDIW QLFKW EH ZHQGHQHUHUJlQ]WVLHXPHLQHGH]LGLHUWH$XIZHUWXQJXQG]ZDULQWHUHVVDQWHUZHL VH PLW +LOIH GHUVHOEHQ 3UlPLVVH :lKUHQG ]XQlFKVW GLH *UHQ]HQ PHQVFKOLFKHU .DSD]LWlWHQ ]XU $EZHUWXQJ GHU *HGlFKWQLV:LVVHQVFKDIWHQ JHIKUW KDEHQ EH JUQGHQVLHDQDQGHUHU6WHOOHGHUHQ$XIZHUWXQJZREHL0OOHUHLQHJHUDGH]XSUR WRVR]LRORJLVFKH (LQVLFKW LQ GLH 1RWZHQGLJNHLW YRQ $UEHLWVWHLOXQJ YROO]LHKW 6R ZLFKWLJJHOHKUWHGKGXUFKVFKDUIVLQQLJHV1DFKGHQNHQHUPLWWHOWHZDKUH(UNHQQW QLV DXFK LVW VLH PXVV GRFK QLFKW QRWZHQGLJHUZHLVH ÄDXV HLJHQHU JHVFKLFNOLJNHLW GHV YHUVWDQGHV HLQHV LHGHQ HQWVSULQJHQ³ VRQGHUQ VLH NDQQ HEHQ DXFK ÄZLH GLH HUIDKUXQJ OHKUHW HQWZHGHU DXI HLJHQHU RGHU DXI PLWJHWKHLOWHU³ GK ÄGXUFK GDV JHGlFKWQLV³ YHUPLWWHOWHU ÄHLQVLFKW XQG KOIIH DQGHUHU VFKDUIVLQQLJHU XQG NXQVW HUIDKUQHUOHXWKHEHUXKHQ³'LHÄJURVVHDQ]DKO³YRQ.QVWHQXQG:LVVHQVFKDIWHQ GLH]XUÄEHI|UGHUXQJGHVPHQVFKOLFKHQQX]HQV³KHUYRUJHEUDFKWZXUGHQPDFKWHV DQJHVLFKWVEHJUHQ]WHULQGLYLGXHOOHU.DSD]LWlWHQXQP|JOLFKGDVVHLQ(LQ]HOQHUEHU VLHYHUIJHQNDQQ >6R@PVVHQGLHPHQVFKHQLKUHQIOHL‰LQHUOHUQXQJXQGDXVEXQJGHUVHOEHQWKHLOHQGHUJHVWDOW GD‰HLQHUDXIGLHVHGHUDQGHUHDXIMHQHGHQIOHL‰XQGGLHEHPKXQJVHLQHVOHEHQVULFKWH>«@ .DQ GRFK VR JDU HLQ JHOHKUWHU QLFKW DOOHU JHOHKUWHQ ZDKUKHLWHQPlFKWLJ VH\Q 'HU 7KHRORJXV EUDXFKW ]X VHLQHU ]HLW GHQ -XULVWHQ GLHVH EH\GH GHQ 0HGLFXP GHQ 0DWKHPDWLFXP GHU 0HGLFXVXQG0DWKHPDWLFXVGHQ7KHRORJHQXQG-XULVWHQXVZ

0LW+LOIHGHU(LQVLFKWLQGLH8QP|JOLFKNHLWLQDOOHQ'LV]LSOLQHQ]XJOHLFKDOV*H OHKUWHU DXIWUHWHQ ]X N|QQHQ GHU LQ KLQUHLFKHQGHP 0D‰H EHU GLH PHWKRGLVFKHQ 0LWWHO YHUIJW GLH GLV]LSOLQVSH]LILVFKHQ QW]OLFKHQ :DKUKHLWHQ VHOEVWVWlQGLJ ]X HUXLHUHQ JHZLQQW 0OOHU QHXH (LQVLFKW LQ GLH 1RWZHQGLJNHLW GHU *HGlFKWQLVZLV VHQVFKDIW'HQQGLHVHLVWLQGHU/DJHGDVQDWXUJHPl‰H'HIL]LWDQXPIDVVHQGHUDXI MXGLFL|VHU (UNHQQWQLVWlWLJNHLW EHUXKHQGHU *HOHKUVDPNHLW ]X NRPSHQVLHUHQ 'LH ]XQlFKVW HQWVFKLHGHQ DEJHZHUWHWH *HGlFKWQLV:LVVHQVFKDIW ZLUG LP =XJH GLHVHU (UNHQQWQLV XQWHU GHU 9RUDXVVHW]XQJ HUQHXW DXIJHZHUWHW GDVV GLH JHGlFKWQLVZLV VHQVFKDIWOLFKH GK UHSURGXNWLYH XQG QXU PLWJHWHLOWH (UNHQQWQLV LPPHUKLQ :DKU KHLWYHUPLWWHOW8QWHUVWW]WZLUGGLHV]XVlW]OLFKGXUFK0OOHUV$XIIDVVXQJGDVVGLH DXI*OFNVHOLJNHLW±GLGLHÄZLUFNOLFKHHUODQJXQJXQGGHUJHQX‰DOOHVGHVMHQLJHQ JXWHQ GHVVHQ GHU PHQVFK LQ GLHVHP OHEHQ IlKLJ LVW³ ± ]LHOHQGH :HLVKHLW QLFKW QRWZHQGLJHUZHLVHHLQHÄJHOHKUWHZHL‰KHLW³VHLQPXVV6LHNDQQDXFKHLQHÄHLQIlO WLJH ZHL‰KHLW³ VHLQ GLH ÄDXI HLQHU EORV JHPHLQHQ HUNHQQWQLV³ GK DXI HLQHU HU IDKUXQJVEDVLHUWHQ RGHU HLQHU GXUFK 'ULWWH GK JHGlFKWQLVZLVVHQVFKDIWOLFK PLWJH WHLOWHQ (UNHQQWQLV EHUXKW ± IUHLOLFK XQWHU GHU 9RUDXVVHW]XQJ GDVV VLH ZDKUH   (EG6  (EG6  (EG6I  (EG6  (EG6



)UDQN*UXQHUW

(UNHQQWQLVVH GDUVWHOOW GLH GXUFK GLH MXGLFL|VH *HOHKUVDPNHLW EHVWlWLJW ZHUGHQ NDQQ'HQQVRYLHOLVWQDFK$QVLFKWYRQ0OOHUVLFKHU]ZDUNDQQHLQHÄZDKUKDIWH ZHL‰KHLWRKQHJHOHKUVDPNHLWVH\Q³GRFKIROJWGDUDXVQLFKWGDVVÄLQGHPJDQ]HQ PHQVFKOLFKHQJHVFKOHFKWHHLQH]XOlQJOLFKHZHL‰KHLWRKQHJHOHKUVDPNHLW³EHVWHKHQ N|QQH 6R ZLH HLQH *HVHOOVFKDIW DXI %DXHUQ +DQGZHUNHU XQG .DXIOHXWH DQJH ZLHVHQLVWÄREJOHLFKQLFKWHEHQHLQLHGHUHLQEDXHUKDQGZHUFNHUNDXIPDQQVH\Q PX‰³HUIRUGHUWHVGHUDOOJHPHLQH1XW]HQGHVÄPHQVFKOLFKHQJHVFKOHFKWVGD‰HLQH JQXJVDPH DQ]DKO UHFKWVFKDIIHQHU XQG PLW JUQGOLFKHU HLQVLFKW EHJDEWHU JHOHKUWHQ XQWHU GHQ PHQVFKHQ]XILQGHQVH\REJOHLFKHEHQIDOVQLFKWHEHQ HLQLHGHUJHOHKUW VH\QPX‰³ 0LW+LOIHHLQHUDYDQWODOHWWUHVR]LRORJLVFKHQhEHUOHJXQJGLHLP*UXQGHVRJDU ZLVVHQVVR]LRORJLVFK YHUOlQJHUW ZLUG UHKDELOLWLHUW 0OOHU GLH JHGlFKWQLVEDVLHUWH (UNHQQWQLV ± DOOHUGLQJV XQWHU9RUDXVVHW]XQJLKUHUMXGLFL|VHQ9DOLGLHUEDUNHLW'DV 9HUKlOWQLV YRQ 0HPRULD XQG -XGLFLXP LVW KLHU ZHQLJHU GDV HLQHU DUEHLWVWHLOLJHQ 9HUVFKUlQNXQJ ZLH VLH 0OOHU LP 5DKPHQ VHLQHU 9HUQXQIWOHKUH H[SOL]LHUWH VRQ GHUQGDVHLQHU.RPELQDWLRQXQWHUVFKLHGOLFKHU(UNHQQWQLVPRGL$XFKGHU*HOHKUWH EHGLHQWVLFKDXI*HELHWHQEHUGLHHUQLFKWVHOEVWPHWKRGLVFKYHUIJWSUDJPDWLVFK GHUYRQ'ULWWHQPLWJHWHLOWHQ(UNHQQWQLVXQGUHDOLVLHUWVRHLQHÄGXUFKGDVJHGlFKW QLV³ YHUPLWWHOWH QW]OLFKH :DKUKHLW (LQ *OHLFKJHZLFKW ]ZLVFKHQ 0HPRULD XQG -XGLFLXPLVWGDPLWIUHLOLFKQLFKWJHPHLQWGHQQDOOHVJHVFKLHKWXQWHUGHQ$XVSL]LHQ GHV3ULPDWVGHUGXUFKGDV-XGLFLXPGHILQLHUWHQ(UNHQQWQLVIRUP  

  %OHQGHWPDQYRQKLHUDXVDEVFKOLH‰HQG]XUFNXQGIUDJWQDFKGHU3URGXNWLYLWlWGHU %HJULIIHÄgIIQXQJ³XQGÄ6FKOLH‰XQJ³LP+LQEOLFNDXIGDVEHVFKULHEHQH7KHRULH UHYLUHPHQWGDQQOlVVWVLFKGLH5HOHYDQ]GHU7HUPLQLDXI]ZHL(EHQHQQDFKYROO]LH KHQ =XP HLQHQ GUIWH NODU JHZRUGHQ VHLQ GDVVGLHPLW+LOIHGHU3RVLWLRQHQYRQ 7KRPDVLXV :DOFK XQG0OOHUUHNRQVWUXLHUWH7KHRULHEHZHJXQJGHQ±ZRP|JOLFK ]HLWW\SLVFKHQ±'UHLVFKULWWWDWVlFKOLFKUHDOLVLHUWGHUYRQGHU*HVFKORVVHQKHLWHLQHV NXOWXUHOOHQ RGHU WKHRUHWLVFKHQ =XVDPPHQKDQJV DXVJHKW VLH PLW +LOIH YRQ .ULWLN |IIQHW XQG DP (QGH GLH XUVSUQJOLFKHQ 7KHRULHHOHPHQWH ZLHGHU ]X HLQHU QHXHQ RSHUDWLYHQ*HVFKORVVHQKHLW]XVDPPHQIJW'LHYRQ7KRPDVLXVYRUJHEUDFKWH.UL WLN DQ HLQHU KHJHPRQLDO LQ 'LHQVW JHQRPPHQHQ 0HPRULD ZLUG YRQ :DOFK XQG 0OOHUDXIUHFKWHUKDOWHQJOHLFK]HLWLJZHUGHQ0HPRULDXQG-XGLFLXPLQLKUHQ:LU NXQJHQ JHQDXHU EHVFKULHEHQ XQG LQ HLQ QHXHV 9HUKlOWQLV JHVHW]W VRGDVV GLH QRW ZHQGLJHQ/HLVWXQJHQGHV*HGlFKWQLVVHVVRZRKOVLFKWEDUZHUGHQDOVDXFKHUKDOWHQ EOHLEHQ$XIGHU(EHQHGHU7KHRULHZLUGQDFKGHUGXUFKGLH.ULWLNEHZLUNWHQgII   (EG6I  (EG6

8UWHLOVNUDIWVWDWW*HGlFKWQLV"



QXQJ HLQH V\VWHPDWLVFKH 6FKOLH‰XQJ KHUJHVWHOOW ZRGXUFK GLH 7KHRULH VHOEVW LQ QHXHU :HLVH HUNHQQWQLVSURGXNWLY ZHUGHQ NDQQ VRGDVV GLH 6FKOLH‰XQJ9RUDXVVHW ]XQJ IU HLQH HSLVWHPRORJLVFKH 2IIHQKHLW LP 6LQQH HLQHU DXI GLH :DKUQHKPXQJ GHV 1HXHQ DQJHOHJWHQ (UNHQQWQLV GDUVWHOOW =XP DQGHUHQ KDEHQ VLFK GLH %HJULIIH ÄgIIQXQJ³ XQG Ä6FKOLH‰XQJ³ DOV $QDO\VHLQVWUXPHQWH IU GLH KLHU XQWHUVXFKWHQ *HJHQVWlQGH EHZlKUW GHQQ PLW LKUHU +LOIH KDW VLFK GDV YRQ 0OOHU H[SOL]LHUWH 9HUKlOWQLV ]ZLVFKHQ 0HPRULD XQG -XGLFLXP JHQDXHU EHVFKUHLEHQ ODVVHQ ZREHL GHXWOLFKJHZRUGHQLVWGDVVGLH*HVFKORVVHQKHLWGHV*HGlFKWQLVVHVGLH)XQNWLRQV EHGLQJXQJ IU GLH 3URGXNWLYLWlW GHV LQ GHU 2IIHQKHLW DJLHUHQGHQ -XGLFLXPV GDU VWHOOW:HLOGDPLWLQEHLGHQ+LQVLFKWHQGLHÄ2IIHQKHLWDOV)XQNWLRQGHU*HVFKORV VHQKHLW³JUHLIEDUZLUGOLH‰HVLFKXQYHUVHKHQVHLQHWZDVKDOVEUHFKHULVFKHUXQGDQ GLHVHU 6WHOOH QLFKW ZHLWHU ]X YHUIROJHQGHU %H]XJ ]X 7KHRULHHQWZLFNOXQJHQ GHU PRGHUQHQ 6R]LRORJLH KHUVWHOOHQ GLH JHQDX GLHVHV 9HUKlOWQLV YRQ 2IIHQKHLW XQG *HVFKORVVHQKHLWWKHRUHWLVFK]XH[SOL]LHUHQVXFKW 

 

9JOGD]X$UPLQ1DVVHKL*HVFKORVVHQKHLWXQG2IIHQKHLW6WXGLHQ]XU7KHRULHGHUPRGHUQHQ *HVHOOVFKDIW)UDQNIXUWD06

 :2/)*$1*+,56&+0$11%(51+$5'-$+1 

2SHUXQGgIIHQWOLFKNHLW)RUPHQLPSOL]LWHQ$XINOlUHQVDQGHU +DPEXUJHU*lQVHPDUNWRSHUXP  'LHGHXWVFKH2SHUGHVIUKHQ-DKUKXQGHUWV±JHQDXHUGHV=HLWUDXPV]ZLVFKHQ XQG±JLOWJHPl‰HLQHUQDFKZLHYRUZHLWYHUEUHLWHWHQ9RUVWHOOXQJDOV Ã%DURFNRSHUµ RKQH GDVV NODU ZlUH ZDV GLHVH %H]HLFKQXQJ JHQDX PHLQW  XQG GDPLW DOV 9HUOlQJHUXQJ GHV  LQV -DKUKXQGHUW KLQHLQ PLWKLQ DOV HLQH $UW $XVODXIPRGHOO1LFKWVN|QQWHGDVSUlJQDQWHUYHUGHXWOLFKHQDOVGLH7DWVDFKHGDVV LPQHXHQ+DQGEXFKGHUPXVLNDOLVFKHQ*DWWXQJHQGLHGHXWVFKH2SHUGHVJHQDQQ WHQ =HLWUDXPV LP %DQG ]XP -DKUKXQGHUW EHKDQGHOW ZLUG XQG LQ GHP ]XP -DKUKXQGHUWEHUKDXSWQLFKWYRUNRPPW 'LH QDFKIROJHQGHQ $XVIKUXQJHQ VLQG KLQJHJHQ GHU $XIIDVVXQJ YHUSIOLFKWHW GDVV VLFK XP  LP %HUHLFK GHU GHXWVFKHQ 2SHU GXUFKDXV gIIQXQJHQ LQ 5LFK WXQJGHU$XINOlUXQJVNXOWXUHUHLJQHWKDEHQVRGDVVGLHGHXWVFKH2SHUXPPLW HLQLJHP5HFKWDOVHLQH2SHUGHU)UKDXINOlUXQJEHWUDFKWHWZHUGHQNDQQXQGGDPLW LP HPSKDWLVFKHQ 6LQQH ]XP -DKUKXQGHUW JHK|UW 'D VFKRQ YHUVFKLHGHQWOLFK QDFKJHZLHVHQ ZXUGH GDVV HV GXUFKDXV H[SOL]LW DXINOlUHULVFKH 7HQGHQ]HQ LQ GHU GHXWVFKHQ 2SHU XP  JLEW VROO LP )ROJHQGHQ GHU )UDJH QDFK HLQHU LPSOL]LW DXINOlUHULVFKHQ :LUNXQJ QDFKJHJDQJHQ ZHUGHQ 'LH 2SHU SURGX]LHUW DXINOlUHUL VFKH(IIHNWHVHOEVWZHQQGLHVHDXI6HLWHQGHU2SHUQSURGX]HQWHQQLFKWSULPlUGHP :XQVFK QDFK $XINOlUXQJ HQWVSULQJHQ P|JHQ :LU P|FKWHQ GLHV DP %HLVSLHO GHU YHUVFKLHGHQHQgIIHQWOLFKNHLWVIRUPHQGHPRQVWULHUHQZLHVLHVLFKLQGHU+DPEXUJHU 2SHUDP*lQVHPDUNW]ZLVFKHQXQG]HLJHQ 0LW GHP 7KHPD gIIHQWOLFKNHLW NQSIHQ ZLU DQ )RUVFKXQJHQ VHLW GHQ HU -DKUHQDQGLHGLHDOWH7KHVHGHV6WUXNWXUZDQGHOVGHUgIIHQWOLFKNHLWYRQ+DEHUPDV PRGLIL]LHUHQXQGDXFKNRUULJLHUHQ9HUZLHVHQVHLKLHUDXIGLH+DELOLWDWLRQVVFKULIW YRQ $QGUHDV *HVWULFK DXI VHLQ )RUVFKXQJVSURMHNW ]XP :LHQHULVFKHQ 'LDULXP  

9JO 6LONH /HRSROG 'LH 2SHU LP -DKUKXQGHUW /DDEHU  6± Ä2SHU LQ GHXW VFKHQ/DQGHQ³ +HUEHUW6FKQHLGHUX5HLQKDUG:LHVHQG +J 'LH2SHULP-DKUKXQGHUW /DDEHU6± Ä'DV6LQJVSLHOYRU0R]DUW³ 9JOGLH5H]HQVLRQGHVOHW]WJHQDQQWHQ %DQGHVYRQ:ROIJDQJ+LUVFKPDQQ2SHUQJHVFKLFKWHDOV*DWWXQJVJHVFKLFKWH"  85/KWWSZZZLDVORQOLQHGHLQGH[SKS"YRUJDQJBLG >@  9JO*ORULD)ODKHUW\2SHUDLQWKH'HYHORSPHQWRI*HUPDQ&ULWLFDO7KRXJKW3ULQFHWRQ RGHUMQJVWDP%HLVSLHOHLQHU(LQ]HODQDO\VH$UQG%HLVHÄ«LQGHPHLQH2SHUDNHLQH3KLORVR SKLVFKH *HVFKLFKWH LVW³ -RKDQQ *HRUJ +DPDQQV PXVLNGUDPDWLVFKH $XINOlUXQJ ,Q -RKDQQ $QVHOP 6WHLJHU X 6DQGUD 5LFKWHU +J  +DPEXUJ (LQH 0HWURSROUHJLRQ ]ZLVFKHQ )UKHU 1HX]HLWXQG$XINOlUXQJ%HUOLQ6±  $QGUHDV *HVWULFK $EVROXWLVPXV XQG gIIHQWOLFKNHLW 3ROLWLVFKH .RPPXQLNDWLRQ LQ 'HXWVFK ODQG]X%HJLQQGHV-DKUKXQGHUWV*|WWLQJHQ  $QGUHDV *HVWULFK 'DV :LHQHULVFKH 'LDULXP LQ GHU =HLW GHV 6LHEHQMlKULJHQ .ULHJHV (LQ 3URMHNWEHULFKW,Q'DQLHO+RKUDWKX.ODXV*HUWHLV +J 'LH.ULHJVNXQVWLP/LFKWHGHU9HU QXQIW0LOLWlUXQG$XINOlUXQJLP-DKUKXQGHUW7HLO,,+DPEXUJ6±

2SHUXQGgIIHQWOLFKNHLW



YRU DOOHP DEHU DXFK DXI GLH $UEHLWHQ YRQ +ROJHU %|QLQJ ]XU +DPEXUJHU 3UHVVH ODQGVFKDIWXP 'LH+DPEXUJHU*lQVHPDUNWRSHUELHWHWVLFKDXFKGHVKDOEDQZHLOUXQG-DK UHQDFKGHU6FKOLH‰XQJGHV2SHUQKDXVHVDPVHOEHQ2UWGDV3URMHNWHLQHV+DPEXU JHU1DWLRQDOWKHDWHUVEHUGLH%KQHJLQJEHNDQQWOLFKYRQ/HVVLQJLQVHLQHU+DP EXUJLVFKHQ 'UDPDWXUJLH DXVJLHELJ NRPPHQWLHUHQG EHJOHLWHW %HLGH 3URMHNWH VLQG YRQGHU$QODJHKHUlKQOLFKXQGZHLVHQPHKU*HPHLQVDPNHLWHQDXIDOVGHUJHUPD QLVWLVFKHQ )RUVFKXQJ ELVODQJ LQ GHQ %OLFN JHODQJWHQ ,Q DXVQDKPVORV DOOHQ .RP PHQWDUHQ]XU+DPEXUJLVFKHQ'UDPDWXUJLHZLUGGDV8QWHUQHKPHQ1DWLRQDOWKHDWHU DOV 1HXEHJLQQ GDUJHVWHOOW IU GHQ HV NHLQH 9RUELOGHU LQ +DPEXUJ JHJHEHQ KDEH 'LHVH $QQDKPH HLQHU 9RUDXVVHW]XQJVORVLJNHLW GHV 8QWHUQHKPHQV VROOWH ZLVVHQ VFKDIWVJHVFKLFKWOLFK]XGHQNHQJHEHQEHOHJWVLHGRFKZLHZHQLJGLH)RUVFKXQJHQ ]XU +DPEXUJHU 2SHU PLW GHQHQ ]XP +DPEXUJHU 1DWLRQDOWKHDWHU YHUEXQGHQ ZHU GHQ :HQQ ZLU LP )ROJHQGHQ LPPHU ZLHGHU DXI VFKRQ JHOHLVWHWH )RUVFKXQJ ]XP %HUHLFKGHV0XVLNWKHDWHUVXPYHUZHLVHQVRLVWGLHVYRUDOOHPDOV(LQODGXQJ ]XU,QWHUGLV]LSOLQDULWlW]XYHUVWHKHQDOV%LWWHGHQ)RUVFKXQJVVWDQG]XU+DPEXUJHU *lQVHPDUNWRSHUXQGGHQ]XU+DPEXUJHU(QWUHSULVH]XVDPPHQ]XIKUHQ :HQQ PDQ GDV +DPEXUJHU 1DWLRQDOWKHDWHU DOV W\SLVFKHV $XINOlUXQJVSURMHNW DQVHKHQGDUIGDQQOLH‰HVLFKDXIJUXQGGHU*HPHLQVDPNHLWHQPLWGHU*lQVHPDUNW RSHUDXFKIUDJHQLQZLHIHUQQLFKWGLHVHUVFKRQDXINOlUHULVFKH(OHPHQWHHLJHQVLQG %HL XQVHUHU 'DUVWHOOXQJ ZROOHQ ZLU XQV QXQ DOOHUGLQJV QLFKW DXI GLH 6XFKH QDFK 9RUIRUPHQLQGHU=HLWXPEHJHEHQGLHGDQQDEGHQHU-DKUHQWHOHROR JLVFK]XUHLJHQWOLFKHQ)RUPUHLIHQVRQGHUQHVJHKWXQVLP6LQQHGHV7DJXQJVNRQ ]HSWHVYRUDOOHPXPDXINOlUHULVFKH2SWLRQHQGLHGDV7KHDWHUXPEHVD‰GLH DEHUDXVYHUVFKLHGHQHQ*UQGHQLP/DXIGHUQlFKVWHQ-DKU]HKQWHQLFKWZHLWHUYHU IROJWZXUGHQ 'HU0RWRUIUGLHLPSOL]LWDXINOlUHULVFKHQ(IIHNWHGLHGLH+DPEXUJHU*lQVH PDUNWRSHUSURGX]LHUWHZDUGDV|NRQRPLVFKH3ULQ]LS'LH+DPEXUJHU2SHUZDUDOV :LUWVFKDIWVXQWHUQHKPHQDQJHOHJWHLQ0RGHOOGDVHVYRUKHUQXULQ,WDOLHQXQGKLHU YRU DOOHP LQ 9HQHGLJ JHJHEHQ KDWWH ,P GHXWVFKHQ 6SUDFKUDXP IROJWHQ PLW VWH

 

+ROJHU %|QLQJ 'HXWVFKH 3UHVVH %LEOLRJUDSKLVFKH +DQGEFKHU ]XU *HVFKLFKWH GHU GHXWVFK VSUDFKLJHQSHULRGLVFKHQ3UHVVHYRQGHQ$QIlQJHQELV%G+ROJHU%|QLQJX(PP\ 0RHSSV+DPEXUJ.RPPHQWLHUWH%LEOLRJUDSKLHGHU=HLWXQJHQ=HLWVFKULIWHQ,QWHOOLJHQ]EOlW WHU.DOHQGHUXQG$OPDQDFKHVRZLHELRJUDSKLVFKH+LQZHLVH]X+HUDXVJHEHUQ9HUOHJHUQXQG 'UXFNHUQSHULRGLVFKHU6FKULIWHQ9RQGHQ$QIlQJHQELV6WXWWJDUW%DG&DQQVWDWW +ROJHU%|QLQJ'HU0XVLNHUXQG.RPSRQLVW-RKDQQ0DWWKHVRQDOV+DPEXUJHU3XEOL]LVW6WX GLH ]X GHQ $QIlQJHQ GHU 0RUDOLVFKHQ :RFKHQVFKULIWHQ XQG GHUGHXWVFKHQ0XVLNSXEOL]LVWLN %UHPHQ  9JOGLH(LQOHLWXQJ]XGLHVHP%DQGYRQ'DQLHO)XOGDXQG-|UQ6WHLJHUZDOG  =X GHQ |NRQRPLVFKHQ 3ULQ]LSLHQ GHU YHQH]LDQLVFKHQ 2SHUQKlXVHU YJO )UDQFR 3LSHUQR 'DV 3URGXNWLRQVV\VWHPELV,Q/RUHQ]R%LDQFRQLX*LRUJLR3HVWHOOL*HVFKLFKWHGHULWDOLHQL VFKHQ2SHU%G/DDEHU6±



:ROIJDQJ+LUVFKPDQQ%HUQKDUG-DKQ

KHQGHQ7KHDWHUQGLH6WlGWH%UDXQVFKZHLJXQG/HLS]LJ'DV|NRQRPLVFKH3ULQ]LS VDKLQ+DPEXUJVRDXVGDVVHLQH*UXSSHXPGHQH[LOLHUWHQ+HU]RJYRQ6FKOHVZLJ *RWWRUI $GOLJH XQG %UJHUJOHLFKHUPD‰HQ6WLIWXQJVNDSLWDOEHUHLWVWHOOWHXPGHQ 7KHDWHUEHWULHELQ*DQJ]XEULQJHQ'LH(LQWULWWVJHOGHUGLHGDV3XEOLNXP]X]DK OHQKDWWHVROOWHQGLH8QNRVWHQGHFNHQZDVMHGRFKQLHJHODQJ6SlWHUJDEHVGDQQ DXFKLQ+DPEXUJGLH)RUPYRQ$NWLHQXQWHUQHKPHQ'LHVH|NRQRPLVFKH$QODJH GHV 7KHDWHUV VR XQVHUH 7KHVH OlVVW 3XEOLNXP LP KHXWLJHQ 6LQQH EHUKDXSW HUVW HQWVWHKHQXQGHU]HXJWQHXH)RUPHQYRQgIIHQWOLFKNHLWGLHLP6LQQHHLQHUDXIJH NOlUWHQEHUGDV7KHDWHUUlVRQLHUHQGHQgIIHQWOLFKNHLWZLUNHQ 'DEHL LVW HV QLFKW VR GDVV GLH DOWHQ gIIHQWOLFKNHLWVIRUPHQ LP +DPEXUJHU 2SHUQKDXVHLQIDFKGXUFKGLHQHXHQHUVHW]WZHUGHQVRQGHUQVLHEOHLEHQQHEHQGHQ QHXHQ EHVWHKHQ PLVFKHQ VLFK PLW LKQHQ RGHU NRQIOLJLHUHQ LQ HLQHU QlKHU ]X EH VWLPPHQGHQ :HLVH GLH ZLU LP )ROJHQGHQ EHVFKUHLEHQ ZROOHQ :LUJODXEHQ IQI )RUPHQYRQgIIHQWOLFKNHLWLP=XVDPPHQKDQJPLWGHU*lQVHPDUNWRSHUDXVPDFKHQ ]XN|QQHQ GLHDOWH+RIWKHDWHU|IIHQWOLFKNHLW GLHGXUFKGLH9RUUHGHQLQGHQ/LEUHWWLHQWVWHKHQGHgIIHQWOLFKNHLW HLQHÃVNDQGDO|VHµgIIHQWOLFKNHLW HLQHGXUFK0HWDSURORJHHU]HXJWHNULWLVFKHgIIHQWOLFKNHLW gIIHQWOLFKNHLWXQGGLVNXUVLYH%HJOHLWXQJGHU2SHULQ3HULRGLND  :LU ZHUGHQ EHL GHU %HKDQGOXQJ GHU HLQ]HOQHQ 3XQNWH MHZHLOV GLH 6LWXDWLRQ GHU *lQVHPDUNWRSHUPLWGHP+DPEXUJHU1DWLRQDOWKHDWHUYHUJOHLFKHQ  

 'LHDOWH+RIWKHDWHU|IIHQWOLFKNHLW  'RURWKHD 6FKU|GHU KDW LQ LKUHU  HUVFKLHQHQHQ +DELOLWDWLRQVVFKULIW =HLWJH VFKLFKWHDXIGHU2SHUQEKQHGHXWOLFKJHPDFKWGDVVGDV+DPEXUJHU2SHUQKDXV  

=XGHQ|NRQRPLVFKHQ$VSHNWHQGHU+DPEXUJHU2SHUYJO+DQV-RDFKLP0DU[3ROLWLVFKHXQG ZLUWVFKDIWOLFKH9RUDXVVHW]XQJHQGHU+DPEXUJHU%DURFNRSHU,Q&RQVWDQWLQ)ORURV+DQV-RD FKLP 0DU[ X 3HWHU 3HWHUVHQ +J  'LH IUKGHXWVFKH 2SHU XQG LKUH %H]LHKXQJHQ ]X ,WDOLHQ (QJODQG XQG)UDQNUHLFK/DDEHU6±=X/HLS]LJYJO0LFKDHO0DXO%DURFNRSHU LQ/HLS]LJ ± %GH)UHLEXUJ%G6±]X%UDXQVFKZHLJYJO5DOI (LVLQJHU'DV+DJHQPDUNW7KHDWHULQ%UDXQVFKZHLJ ± %UDXQVFKZHLJ6±   9JO :HUQHU %UDXQ 9RP 5HPWHU ]XP *lQVHPDUNW $XV GHU )UKJHVFKLFKWH GHU DOWHQ +DP EXUJHU2SHU ± 6DDUEUFNHQ  9JO0DU[3ROLWLVFKHXQGZLUWVFKDIWOLFKH9RUDXVVHW]XQJHQ ZLH$QP IHUQHU-RDFKLP50 :HQGW1HXHV]XU*HVFKLFKWHGHU+DPEXUJHU*lQVHPDUNWRSHU,Q+DQV-RDFKLP0DU[ +J  %HLWUlJH ]XU 0XVLNJHVFKLFKWH +DPEXUJV YRP 0LWWHODOWHU ELV LQ GLH 1HX]HLW )UDQNIXUW D0 6±  'RURWKHD 6FKU|GHU =HLWJHVFKLFKWH DXI GHU 2SHUQEKQH %DURFNHV 0XVLNWKHDWHU LQ +DPEXUJ LP'LHQVWYRQ3ROLWLNXQG'LSORPDWLH ± *|WWLQJHQ

2SHUXQGgIIHQWOLFKNHLW



REZRKO :LUWVFKDIWVXQWHUQHKPHQ UHJHOPl‰LJ ZLH HLQ +RIWKHDWHU GHV -DKUKXQGHUWVHLQJHVHW]WZXUGHGKGDVVGDQQDXFKGLHgIIHQWOLFKNHLWVVWUXNWXU GLHHLQHV+RIWKHDWHUVZDU,QGLHVHU+LQVLFKWZDUGDV-DKUKXQGHUWLQ'HXWVFK ODQG XQG gVWHUUHLFK ZDV LQ GHU )RUVFKXQJ NDXP LQ GHQ %OLFN JHUlW JHQHUHOO HLQ VHKUODQJHVGHQQGLH+RIWKHDWHUH[LVWLHUWHQELV 'D +DPEXUJ DOV IUHLH 5HLFKVVWDGW XQPLWWHOEDU GHP .DLVHU GHV +HLOLJHQ 5| PLVFKHQ5HLFKHVGHXWVFKHU1DWLRQXQWHUVWHOOWZDUZXUGHGDV2SHUQKDXVUHJHOPl ‰LJYRP5DWGHU6WDGW+DPEXUJEHDXIWUDJW]XKRKHQFDVXDOHQ$QOlVVHQZLH.DL VHUNU|QXQJ+RFK]HLW*HEXUWHLQHV7KURQIROJHUVRGHU7RGGHV.DLVHUVHLQH2SHU DXI]XIKUHQ GLH WKHPDWLVFK HLJHQV DXI GHQ &DVXV ]XJHVFKQLWWHQ ZDU XQG ]XGHP GXUFK 3URORJH XQG (SLORJH PLW GHP $QODVV YHUEXQGHQ ZXUGH (LQ %HLVSLHO ZlUH -RKDQQ8OULFKYRQ.|QLJV/LEUHWWR'LH|VWHUUHLFKLVFKH*UR‰PXWK2GHU&DUROXV 9  ]XU.U|QXQJ.DUOV9,]XPGHXWVFKHQ.DLVHU.DUO9ZLUGLQGHU2SHU TXDVL DOV 3UlILJXUDWLRQ DXI .DUO 9, JHGHXWHW ,Q $QZHVHQKHLW GHV NDLVHUOLFKHQ 5HVLGHQWHQ ZXUGH GLH 2SHU LQ HLQHU )HVWYRUVWHOOXQJ DOV RIIL]LHOOH *UDWXODWLRQ GHU 6WDGWDXIJHIKUW'DVSULYDWH2SHUQKDXVIXQJLHUWHEHLGLHVHU9RUVWHOOXQJSDUDGR[ DXVJHGUFNW DOV EUJHUOLFKH+RIEKQHGHU6WDGW'LHJHODGHQHQ*lVWHEUDXFKWHQ ZLH LP +RIWKHDWHU EOLFK NHLQHQ (LQWULWW ]X ]DKOHQ VLH ZDUHQ MD NHLQ 3XEOLNXP VRQGHUQ7HLOGHU9HUDQVWDOWXQJ'LHVSlWHUHQ$XIIKUXQJHQHUIROJWHQLP0RGXV HLQHV :LUWVFKDIWVXQWHUQHKPHQV 1XQ NRQQWH MHGHU ]DKOHQGH *DVW GHU $XIIKUXQJ EHLZRKQHQDOV7HLOGHV3XEOLNXPVQLFKWPHKUDOV7HLOGHU)HVWJHPHLQVFKDIW 7\SLVFKIUGDV+RIWKHDWHULP+LQEOLFNDXIVHLQHgIIHQWOLFKNHLWVVWUXNWXULVWGLH 7DWVDFKH GDVV GLH $XIIKUXQJ VLFK QLFKW DXI GLH UHLQH 3UlVHQ] GHV $XJHQEOLFNV EHVFKUlQNW VRQGHUQ ]XGHP PHGLDO LQ /LEUHWWRGUXFNHQ )HVWEHULFKWHQ XQG =HLW VFKULIWHQDUWLNHOQGRNXPHQWLHUWZLUG$XFKGLHVWULIIWDXI+DPEXUJ]X'LH/LEUHWWL ZXUGHQ QLFKW QXU JHGUXFNW VRQGHUQ DXFK GHQ *HVDQGWHQ EHUUHLFKW XQG DQ GLH +|IHYHUVFKLFNW

  *HQDXHUEHVD‰GLH6WDGWXPHLQHQHLQHUIUHLHQ5HLFKVVWDGWDQDORJHQ6WDWXV9JO6FKU|

GHU=HLWJHVFKLFKWHDXIGHU2SHUQEKQH ZLH$QP 6±

 -RKDQQ8OULFK.|QLJX5HLQKDUG.HLVHU'LH2HVWHUUHLFKLVFKH*UR‰PXWK2GHU&DUROXV9

$XI GDV +|FKVWHUIUHXOLFKVWH &U|QXQJV)HVW 'HV $OOHU'XUFKODXFKWLJVWHQ  *UR‰PlFKWLJVWHQ XQEHUZLQGOLFKVWHQ )UVWHQ XQG +HUUQ  +HUUQ &DUROL 9, >7LWXODWXU@ =X DOOHUXQWHUWKlQLJVWHU )UHXGHQ%H]HXJXQJ  LQ HLQHP 0XVLFDOLVFKHQ 6FKDXVSLHOH DXI GHP JURVVHQ +DPEXUJLVFKHQ 7KHDWURYRUJHVWHOOHWDP7DJH&DUROL0'&&;,,+DPEXUJ=XU$XIIKUXQJXQG]XP &DVXV%H]XJVLHKH6FKU|GHU=HLWJHVFKLFKWHDXIGHU2SHUQEKQH ZLH$QP 6±  =XP+RIWKHDWHUSXEOLNXPYJO3DQMD0FNHgIIHQWOLFKNHLWXQG.RPPXQLNDWLRQVV\VWHP'DV 3XEOLNXPK|ILVFKHU2SHUQ,Q%DVOHU-DKUEXFKIUKLVWRULVFKH$XIIKUXQJVSUD[LV   6±  9JO +DQV -RDFKLP 0DU[ X 'RURWKHD 6FKU|GHU 'LH +DPEXUJHU *lQVHPDUNW2SHU .DWDORJ GHU 7H[WEFKHU ± /DDEHU6I,PPHUKLQZLUGGLH2SHUQRFKPDOV JHVSLHOW  9JO ]% IU :LHQ 6XVDQQH 5RGH%UH\PDQQ 0XVLNWKHDWHU HLQHV .DLVHUSDDUV :LHQ ± +LOGHVKHLP=ULFKX1HZVLF@± 1DLVVDQFHG¶XQJHQUHHVVRUG¶XQHYLOOH3DULV6± 

 *RWWKROG(SKUDLP/HVVLQJ:HUNHXQG%ULHIH+JYRQ:LOIULHG%DUQHU%G:HUNH±

+JYRQ.ODXV%RKQHQ)UDQNIXUWD06±

 (EG6  9JO GD]X

%HUQKDUG -DKQ 'LH .QVWH DOV 6FKZHVWHUQ" 'DV =XVDPPHQ XQG *HJHQHLQDQGHUZLUNHQGHU.QVWHLQGHU2SHUDOV3UREOHPIUGLH]HLWJHQ|VVLVFKH2SHUQWKHRULH XQG 3UD[LV ,Q %DVOHU -DKUEXFK IU KLVWRULVFKH 0XVLNSUD[LV    6± HLQH /LVWH GHU3URORJHILQGHWVLFKDXI6I  -RKDQQ3KLOLSS3UDHWRULXVX5HLQKDUG.HLVHU'HU+DPEXUJHU-DKU0DUFNW2GHUGHU*OFNOL FKH %HWUXJ  ,Q HLQHP VFKHUW]KDIIWHQ 6LQJ6SLHOH $XI GHP +DPEXUJLVFKHQ 6FKDX3ODW]H 9RUJHVWHOOHW,P-DKUH+DPEXUJ(UVWH+DQGOXQJ±$XIWULWW



:ROIJDQJ+LUVFKPDQQ%HUQKDUG-DKQ

(LQ%HLVSLHO,P$SULOGHV-DKUHVVWDQGGLH3UHPLHUHGHU+DPEXUJHU)DVVXQJ YRQ+lQGHOV*LXOLR&HVDUHDXIGHP3URJUDPP'DGLH.XOLVVHQXQG%KQHQSURV SHNWH]XP$XIIKUXQJVWHUPLQQLFKWIHUWLJJHZRUGHQZDUHQPXVVWHNXU]IULVWLJHLQH (UVDW]RSHUHLQJHVFKREHQZHUGHQ0DQJULIIDXIHLQH2SHULQIUDQ]|VLVFKHU6SUDFKH ]XUFNDXI+HQU\'HVPDUHVWVLQ3DULVXUDXIJHIKUWH2SHU9HQXV $GRQLV GLHLQ3DULVZLHGHUQHXLQV]HQLHUWZRUGHQZDUDEHUDXFKDQDQGHUHQ2UWHQLQ )UDQNUHLFK XQG DXFK LP GHXWVFKHQ 6SUDFKUDXP DXI GLH %KQH JHODQJWH 'HU IUDQ]|VLVFKH3URORJZXUGHHUVHW]WGXUFKHLQHQGHXWVFKHQGHU]XQlFKVWHLQHLQGLH 6LWXDWLRQ HLQIKUHQGH )XQNWLRQ EHUQLPPW 0RPXV EHNODJW VLFK EHL GHQ 0XVHQ GDVVVLHQLFKW:RUWJHKDOWHQKlWWHQXQGVWDWW+lQGHOV*LXOLR&HVDUHQXQÄHLQJDQW] )UDQW]|VLVFK 6WFN  GDV DOOHQ 'DQFN YHUOLHUHW  _ =X VSLHOHQ DXVHUNRKUHQ³ 0R PXVYHUWULWWLQVHLQHQ5HSOLNHQGHQVFKOHFKWHQ3XEOLNXPVJHVFKPDFN  -DZHLVWXZDV3XEOLTYµ 9RQGHU)UDQ]|VLVFKHQ0XVLTYµ 0LWPLUXQGDOOHQ.HQQHUQVSULFKW 6LHWDXJWGHQ+HQFNHUQLFKW 'UXPKDOWGXQXUGDV0DXOVRODQJPDQGLFKQLFKWIUDJH  'LH VROFKHUDUW UHFKW JURE DEJHIHUWLJWH 0XVH 7HUSVLFKRUH JLEW VLFK DEHU QLFKW JH VFKODJHQVRQGHUQHUOlXWHUWQXQGHP0RPXVXQGGDPLWQDWUOLFKDXFKGHPDQZH VHQGHQ3XEOLNXPLP+DPEXUJHU2SHUQKDXVGLH9RU]JHGHUIUDQ]|VLVFKHQ0XVLN (V LVW HLQH NOHLQH (LQIKUXQJ LP 6LQQH HLQHU PXVLNDOLVFKHQ 6WLONXQGH ,Q HLQHP $ULRVRGDVZRKODOVLQIUDQ]|VLVFKHU:HLVHNRPSRQLHUW]XGHQNHQLVWKHEW7HUS VLFKRUHHLQLJH%HVRQGHUKHLWHQJHJHQEHUGHULWDOLHQLVFKHQ2SHUKHUYRU  'LHKROGH0DFKWGHU6\PSKRQLHQ .DQQ+HUW]XQG2KUHQDQVLFK]LHKHQ (VOl‰WVLFKLQGHQVWDUFNHQ&K|UHQ 0LW*HLVWYHUHLQWH$QPXWKK|UHQ +LHUIROJWGLH.XQVWGHUVFK|QHQ6SXKU 'HUXQJH]ZXQJHQHQ1DWXU  'DV ZDV /HVVLQJ LQ VHLQHU+DPEXUJLVFKHQ 'UDPDWXUJLHLQGLVNXUVLYHU:HLVH]X OHLVWHQYHUVXFKWHLQNULWLVFKHV1DFKGHQNHQEHUGLHDXIJHIKUWHQ6WFNHGDVGHQ *HVFKPDFN XQG GLH 8UWHLOVIlKLJNHLW GHU /HVHU ELOGHQ VROO HEHQ GLHV ZLUG LQ GHU   9HQXV 8QG $GRQLV ,Q HLQHU  VRZRKO 'HU 3RsVLHDOV0XVLTXHQDFK)UDQW]|VLVFKHQ2SHUD

1HEVW HLQHP 7HXWVFKHQ &RPLTXHQ 9RUVSLHO +DPEXUJ  9JO 0DU[ X 6FKU|GHU 'LH +DPEXUJHU*lQVHPDUNW2SHU ZLH$QP 6  9HQXV8QG$GRQLV ZLH$QP %ODWW UHFWR  (EG  (EG%ODWW YHUVR

2SHUXQGgIIHQWOLFKNHLW



*lQVHPDUNWRSHUDXIGHP7KHDWHUVHOEVWJHOHLVWHW3URORJHXQG(SLORJHVSLHOHQLP +DPEXUJHU1DWLRQDOWKHDWHUQXUHLQHXQWHUJHRUGQHWH5ROOH:HQQZLUQLFKWVEHU VHKHQ KDEHQ JLEW HV QXU DQOlVVOLFK GHU (U|IIQXQJVYRUVWHOOXQJ HLQHQ 3URORJ XQG (SLORJ LQ GHU )XQNWLRQ HLQHV 0HWDWKHDWHUV /HVVLQJ GUXFNW VLH LP  6WFN VHLQHU +DPEXUJLVFKHQ'UDPDWXUJLHDEXQGNRPPHQWLHUWVLHNQDSSLP6WFN(VVLQG 5HGHQ RKQH V]HQLVFKH $NWLRQ 'RFK GLH HLJHQWOLFKH 3RLQWH EHVWHKW QLFKW VR VHKU GDULQ GDVV /HVVLQJ GLHVH 3URORJH QXQ VHLQHUVHLWV QRFK LQ HLQHP .RPPHQWDU GLVNXUVLYLHUWDOVZlUHQGLH3URORJHXQVLFKHUH0HGLHQIUGLH9HUPLWWOXQJlVWKHWL VFKHU 3RVLWLRQHQ 5HL]YROOHU VFKHLQW XQV YLHOPHKU GDVV GLH =HLW XP  LQ GHQ 7KHDWHUSURORJHQ HLQH RSHUQlVWKHWLVFKH 'HEDWWH IKUW HLQH 'HEDWWH GHU DXIJUXQG GHU 'LDORJSIOLFKW GHP 3XEOLNXP JHJHQEHU DXINOlUHULVFKH 4XDOLWlWHQ ]XNRPPHQ 'HP3XEOLNXPZLUGGHU6SLHOSODQGHU+DPEXUJHU2SHUSHUPDQHQWHUOlXWHUWXQWHU GHP |NRQRPLVFKHQ $SULRUL GDVV GDV 3XEOLNXP QLFKW DXVEOHLEW DEHU HEHQ DXFK XQWHU RSHUQlVWKHWLVFKHQ *HVLFKWVSXQNWHQ GDPLW GHU *HVFKPDFN GHV 3XEOLNXPV VLFKIRUPWVRGDVVDXFKDQVSUXFKVYROOHUH2SHUQJHVSLHOWZHUGHQN|QQHQ 'LHVHELVQRFKP|JOLFKH)RUPGHU5HIOH[LRQEHU7KHDWHULP7KHDWHUDO VRGHU5HIOH[LRQLPHLJHQHQ0HGLXPVFKZLQGHWLQGHU+RFKSKDVHGHU$XINOlUXQJ ]XJXQVWHQ GHU 'LVNXUVLYLHUXQJ XQG ILQGHW VLFK HUVW(QGHGHV-DKUKXQGHUWVZLHGHU EHL *RHWKH XQG LQGHUURPDQWLVFKHQ.RP|GLH/HVVLQJGHQNWEHUGLH(LJHQG\ QDPLN GHU .QVWH LQ HLQHU WKHRUHWLVFKHQ 6FKULIW QDFK HU VFKUHLEW DEHU VLHKW PDQ YRQHLQLJHQ3DVVDJHQLQ(PLOLD*DORWWLDENHLQ7KHDWHUVWFNGDUEHU  

 gIIHQWOLFKNHLWXQGGLVNXUVLYH%HJOHLWXQJGHU2SHULQ3HULRGLND  'LH $XIIKUXQJ YRQ 2SHUQ ZLUG LP GHXWVFKHQ 6SUDFKUDXP XP  QRFK QLFKW GXUFK5H]HQVLRQHQLQGHU7DJHVSUHVVHRGHUDXFKLQ7KHDWHUMRXUQDOHQEHJOHLWHW,Q GHU7DJHVSUHVVHILQGHQVLFKOHGLJOLFKNXU]H9RUDQNQGLJXQJHQ(UVWLQGHQHU -DKUHQEHJLQQWVLFKODQJVDPHLQHGLVNXUVLYH3UD[LVDXV]XSUlJHQZLHZLUVLHGDQQ LQ /HVVLQJV +DPEXUJLVFKHU 'UDPDWXUJLH YROO DXVJHELOGHW VHKHQ 'LH 0HWDNULWLN GDV KDWWHQ ZLU LP $EVFKQLWW EHU GLH 7KHDWHUSURORJH ]X ]HLJHQ YHUVXFKW ILQGHW YLHOPHKUJHUDGHLP7KHDWHUVHOEVWXQGPLWWKHDWHUHLJHQHQ0LWWHOQVWDWW

  9JO

/HVVLQJ :HUNH XQG %ULHIH ZLH $QP   6±  6WFN  XQG 6 ± 6WFN   9JOHWZD*RHWKHV3URORJIUGDV/DXFKVWlGWHU7KHDWHU:DVZLUEULQJHQ,Q-RKDQQ:ROIJDQJ *RHWKH 6lPWOLFKH :HUNH QDFK (SRFKHQ VHLQHV 6FKDIIHQV 0QFKQHU $XVJDEH  +J Y .DUO 5LFKWHU%G:HLPDUHU.ODVVLN±+JY9LFWRU/DQJH0QFKHQ6±   =XGHQNHQLVWKLHUDQGLH)LJXUGHV0DOHUV&RQWL



:ROIJDQJ+LUVFKPDQQ%HUQKDUG-DKQ

-RKDQQ0DWWKHVRQV]ZLVFKHQXQGHUVFKLHQHQH&ULWLFD0XVLFDLVW]ZDU HLQHUVHLWV VFKRQ HLQH IDFKVSH]LILVFK DXVJHULFKWHWH SHULRGLVFKH :RFKHQVFKULIW DQGHUHUVHLWVDEHUHQWVSULFKWGLHPHGLDOH'DUELHWXQJVIRUPPHLVWQLFKWGHP,QKDOW :LUILQGHQDXIPHKUHUH1XPPHUQYHUWHLOWXPIDQJUHLFKH$XIVlW]HGLHRIWlKQOLFK XPIDQJUHLFKHPXVLNWKHRUHWLVFKH.HQQWQLVVHYRUDXVVHW]HQXQGLQSROHPLVFKHP7RQ JHKDOWHQVLQGDOVR6WUHLWVFKULIWHQGLHHKHUDXIGHQVNDQGDO|VHQ0DUNWJHK|UHQDOV LQ GDV QHXH 0HGLXP GHU :RFKHQVFKULIW 0HGLHQDGlTXDW LVW GLH DP (QGH MHGHU 1XPPHU SUlVHQWLHUWH 5XEULN 1HXHV YRQ PXVLFDOLVFKHQ 6DFKHQ XQG 3HUVRQHQZR GHU /HVHUJHOHJHQWOLFKDXFKGLH5H]HQVLRQHLQHU2SHUQDXIIKUXQJILQGHWVRHWZD LPHUVWHQ7HLOGLH5H]HQVLRQGHU7HOHPDQQ2SHU6LHJGHU6FK|QKHLW'RFKDXFK GLHVH DXI HLQH DNWXHOOH $XIIKUXQJ EH]RJHQH 5H]HQVLRQ VWHKW QRFK JDQ] LQ GHU 7UDGLWLRQGHUVNDQGDO|VHQgIIHQWOLFKNHLW(WZDGLH+lOIWHGHV]ZHLVHLWLJHQ7H[WHV QLPPW GDV =LWDW DXV HLQHP Ä4XRGOLEHW³HLQGDVJHJHQGLH9HUlQGHUXQJGHV3RV WHO¶VFKHQ/LEUHWWRVSROHPLVLHUW0DWWKHVRQVFKOLH‰WVLFKGLHVHU.ULWLNDQ (LQH QHXH QLFKW PHKU YRUUDQJLJ SROHPLVFKH 7RQODJH ILQGHW VLFK HUVW LP 0XVLFDOLVFKHQ3DWULRWHQYRQ1DFKGHP9RUELOGGHV+DPEXUJHU3DWULRWHQ KDWWH 0DWWKHVRQ HLQ DQDORJHV 8QWHUQHKPHQ IU GHQ %HUHLFK GHU 0XVLN LQLWLLHUW QDFKGHP HU VFKRQDOVEHUKDXSWHUVWHULPGHXWVFKHQ6SUDFKUDXPGDVHQJOL VFKH )RUPDW GHU PRUDOLVFKHQ :RFKHQVFKULIWHQ HLQJHIKUW KDWWH ,Q GHU 1XPPHU  GHV 0XVLFDOLVFKHQ 3DWULRWHQ XQWHUQLPPW HV 0DWWKHVRQ QXQ GLH $XIIKUXQJ HLQHU2SHUDP*lQVHPDUNW7KHDWHUNRPPHQWLHUHQG]XEHJOHLWHQ'HUVRQVWIULKQ W\SLVFKHSROHPLVFKH7RQIHKOWY|OOLJHEHQVRGHUIDFKZLVVHQVFKDIWOLFKH'LVNXUV GDIU ILQGHW VLFK JDQ] LP 5DKPHQ GHV .RQ]HSWHV HLQHU PRUDOLVFKHQ :RFKHQ VFKULIW GHU 9HUVXFK GHQ PRUDOLVFKHQ 1XW]HQ YRQ 2SHUQ ]X GHPRQVWULHUHQ 0DWWKHVRQ EHVFKUlQNW VLFK GDEHL DXI GLH $QDO\VH GHV 7H[WHV XQG EHVFKUHLEW MHGH )LJXUGHU2SHU3KDUDRXQG-RVHSKYRQ$QWRQLR&DOGDUDKLQVLFKWOLFKLKUHUPRUDOL VFKHQ([HPSHOIXQNWLRQ   -RKDQQ 0DWWKHVRQ &ULWLFD 0XVLFD GL *UXQGULFKWLJH 8QWHUVXFK XQG %HXUWKHLOXQJ  9LHOHU

>@0XVLFDOLVFKHQ6FKULIIWHQ>@+DPEXUJ±9JOGD]X%|QLQJ'HU0XVLNHUXQG .RPSRQLVW-RKDQQ0DWWKHVRQ,Q'HUV'HXWVFKH3UHVVH ZLH$QP 6±

 'LHVJLOWIUHLOLFKEHUZHLWH3DVVDJHQDXFKIU/HVVLQJV+DPEXUJLVFKH'UDPDWXUJLH  0DWWKHVRQ&ULWLFD0XVLFD ZLH$QP 6I(GLWLRQGHU2SHU*HRUJ3KLOLSS7HOHPDQQ

6LHJ GHU 6FK|QKHLW 6LQJVSLHO LQGUHL$NWHQ +DPEXUJ 79:9%UDXQVFKZHLJHU %HDUEHLWXQJ  ± $ULHQVDPPOXQJ +J Y :ROIJDQJ +LUVFKPDQQ .DVVHO XD  ]X 0DWWKHVRQV%HVSUHFKXQJYJOGRUW6;,±;,,,  -RKDQQ0DWWKHVRQ'HU0XVLFDOLVFKH3DWULRW:HOFKHUVHLQHJUQGOLFKH%HWUDFKWXQJHQEHU *HLVWXQG:HOWO+DUPRQLHQ>@,QDQJHQHKPHU$EZHFKVHOXQJ>@PLWWKHLOHW>@+DPEXUJ 9JOGD]X%|QLQJ'HU0XVLNHUXQG.RPSRQLVW-RKDQQ0DWWKHVRQ,Q'HUV'HXWVFKH 3UHVVH ZLH$QP 6±  9JO'LUN+HPSHO'HU9HUQIIWOHU±-RKDQQ0DWWKHVRQXQGGHUEULWLVFKGHXWVFKH.XOWXUWUDQV IHU LQ GHU )UKDXINOlUXQJ ,Q :ROIJDQJ +LUVFKPDQQ X %HUQKDUG -DKQ +J  -RKDQQ 0DWWKHVRQDOV,QLWLDWRUXQG9HUPLWWOHU ZLH$QP 6±  -HGHQIDOOVLQMHQHQ1XPPHUQGLHVLFKPLWGHU2SHUEHVFKlIWLJHQ  9JO-DKQ'LH6LQQHXQGGLH2SHU ZLH$QP 6±

2SHUXQGgIIHQWOLFKNHLW



0DWWKHVRQV.RQ]HSWlKQHOWGHPYRQ/HVVLQJV+DPEXUJLVFKHU'UDPDWXUJLHZHQQ HU IUHLOLFK QXU ZHQLJH $XVJDEHQ ODQJ YHUVXFKW GLH 7KHDWHUDXIIKUXQJHQ PLW HLQHPUlVRQLHUHQGHQ3HULRGLNXP]XEHJOHLWHQ8QWHUVFKLHGHJLEWHVGDEHL DEJHVH KHQ YRQ LQKDOWOLFKHQ $VSHNWHQ  MHGRFK QLFKW QXU LQ TXDQWLWDWLYHU +LQVLFKW 0DWWKHVRQEHVFKUlQNWVLFKDXIHLQHPRUDOLVFKH$XVOHJXQJGHV7H[WHVPLWKLQGHV JHGUXFNWHQ/LEUHWWRVHUDQDO\VLHUWQLFKWGLH$XIIKUXQJZRKLQJHJHQEHL/HVVLQJ GDV7KHDWHUDOVJDQ]HVGLVNXUVLYLHUWZLUG/HVVLQJEHWRQW]ZDULQGHU(LQOHLWXQJ]XU +DPEXUJLVFKHQ'UDPDWXUJLHGDVVHVLP7KHDWHU'LQJHJHEHÄHLQHVFK|QH)LJXU HLQHEH]DXEHUQGH0LHQHHLQVSUHFKHQGHV$XJHHLQUHL]HQGHU7ULWWHLQOLHEOLFKHU 7RQ HLQH PHORGLVFKH 6WLPPH³ GLH VLFK ÄQLFKW ZRKO PLW :RUWHQ DXVGUFNHQ ODV VHQ³JOHLFKZRKOXQWHUQLPPWHUHVJHUDGHDXFKEHUGLHVHQRQYHUEDOHQ(OHPHQWH GHV 7KHDWHUV ]X VFKUHLEHQ $XINOlUXQJ DOV 9HUVSUDFKOLFKXQJ 'DV LVW GDQQ LQ GHU 7DWGHU0RGXVGHUVLFKGXUFKVHW]HQZLUG  

 )D]LW  =XVDPPHQIDVVHQG JODXEHQ ZLU NRQVWDWLHUHQ ]X N|QQHQ GDVV GLH)RUPHQYRQgI IHQWOLFKNHLW LP =XVDPPHQKDQJ PLW GHP +DPEXUJHU 7KHDWHU XPYLHOIlOWLJHU VLQGDOVLQGHQHU-DKUHQ'LH*lQVHPDUNWRSHUZDULQGDVSROLWLVFKH/HEHQGHU 6WDGWHLQJHEXQGHQHUIOOWHKLHUZLFKWLJHUHSUlVHQWDWLYH)XQNWLRQHQXQGGLHZHFK VHOQGHQ2SHUQOHLWXQJHQZDUHQVHQVLEHOJHQXJXPDXIGLHGLYHUVHQ3XEOLNXPVEH GUIQLVVHPLW%OLFNDXIGDVKHUUVFKHQGH|NRQRPLVFKH3ULQ]LSUHDJLHUHQ]XN|QQHQ 'LH YHUVFKLHGHQHQ .RPPXQLNDWLRQVHEHQHQ ]ZLVFKHQ 2SHU XQG 3XEOLNXP HUP|J OLFKWHQGLH,QWHJUDWLRQGHU2SHULQGLH6WDGW'DV1DWLRQDOWKHDWHUSURMHNWKLQJHJHQ PXVVWH HLQ )UHPGN|USHU LQ GHU 6WDGW EOHLEHQ ZHLO GLHVH .RPPXQLNDWLRQV XQG ,QWHUDNWLRQVHEHQHQ IHKOWHQ ,QVRIHUQ HUJLEW VLFK KLQVLFKWOLFK GHU gIIHQWOLFKNHLWV VWUXNWXUHQGLHSDUDGR[DQPXWHQGH)LJXUHLQHU6FKOLH‰XQJYRQGHU3KDVHGHU)UK DXINOlUXQJ KLQ ]XU +RFKSKDVH GHU $XINOlUXQJ 'DV HUIROJUHLFKHUH  +DPEXUJHU &RPRHGLHQ+DXV XQG VSlWHUH 6WDGWWKHDWHU DE GHQ HU -DKUHQ NQSIHQ GDQQ EH]HLFKQHQGHUZHLVHVRZRKOKLQVLFKWOLFKGHU3URJUDPPVWUXNWXUZLHDXFKKLQVLFKW OLFKGHU.RPPXQLNDWLRQVIRUPHQDQGDV0RGHOOGHU*lQVHPDUNWRSHUDQ *OHLFK]HLWLJ JDE HV VFKRQ LQ GHU *lQVHPDUNWRSHU 9HUVXFKH GHQ *HVFKPDFN XQGGDV8UWHLOVYHUP|JHQGHV3XEOLNXPVLQNULWLVFKHU$EVLFKW]XELOGHQXPDXFK lVWKHWLVFKDQVSUXFKVYROOHUH3URMHNWHGXUFKVHW]HQ]XN|QQHQ'HU*HZLQQZDUHLQ 3URJUDPPYRQLQGHU2SHUQJHVFKLFKWHHLQ]LJDUWLJHU9LHOIlOWLJNHLW    /HVVLQJ:HUNHXQG%ULHIH ZLH$QP 6  'DV3URJUDPPXQGGLH.RPPXQLNDWLRQVVWUXNWXUHQGHV+DPEXUJHU6WDGWWKHDWHUVVLQG7KHPD

GHV ')*3URMHNWHV Ä%KQH XQG %UJHUWXP 'DV +DPEXUJHU 6WDGWWKHDWHU ±³ XQWHU GHU/HLWXQJYRQ&ODXGLD=HQFNXQG%HUQKDUG-DKQ



         

,9hEHUJlQJH



 -g5167(,*(5:$/' 

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH 7KHRULHXQG3UD[LVURPDQHVNHQ6FKUHLEHQVEHL'X3ODLVLU  'X 3ODLVLU JHK|UW LPZDKUVWHQ6LQQHGHV:RUWHV]XGHQJUR‰HQ8QEHNDQQWHQGHU IUDQ]|VLVFKHQ/LWHUDWXUJHVFKLFKWH:LUZLVVHQZHGHUREHVVLFKEHLGHUEHWUHIIHQ GHQ 3HUVRQ XP HLQHQ $XWRU RGHU HLQH $XWRULQ KDQGHOW QRFK KDEHQ ZLU VRQVWLJH +LQZHLVHDXIGDV/HEHQXQG:LUNHQGHUEHWUHIIHQGHQ3HUVRQGLHVLFKVHOEVWLQGHQ )UDJPHQWV G¶XQH OHWWUH pFULWH DX /LEUDLUH GLH GHU  HUVFKLHQHQHQ ÃQRXYHOOH JDODQWHµ /D 'XFKHVVH G¶(VWUDPqQH YRUDQJHVWHOOW VLQG DOV HLQH 'DPH SUlVHQWLHUW GLHDXV%HVFKHLGHQKHLWGDUXPELWWHWQLFKWQDPHQWOLFKJHQDQQW]XZHUGHQ$OOHU GLQJVKDQGHOWHVVLFKEHL'X3ODLVLUDXFKXPHLQH)LJXUGHUHQ%HGHXWXQJIUGLH IUDQ]|VLVFKH /LWHUDWXU DP hEHUJDQJ YRP  ]XP -DKUKXQGHUW NDXP ]XEHU VFKlW]HQLVWZDVVRZRKODXVGHUEHUHLWVJHQDQQWHQÃQRXYHOOHJDODQWHµDOVDXFKDXV GHQSXEOL]LHUWHQ6HQWLPHQWVVXUOHVOHWWUHVHWVXUO¶KLVWRLUHDYHFGHVVFUXSXOHV VXU OH VW\OH UHVXOWLHUW GLH ZRKO DOV ZLUNPlFKWLJVWH 5HIOH[LRQ EHU GDV URPDQHVNH 6FKUHLEHQLQ)UDQNUHLFKXPDQJHVHKHQZHUGHQN|QQHQGLHDEHUDXFKMHQVHLWV GHV5KHLQV]%EHL&KULVWLDQ7KRPDVLXVLQWHQVLYUH]LSLHUWZXUGHQ 'HPHQWVSUHFKHQG ODVVHQ VLFK DQKDQG YRQ 'X 3ODLVLUV 7KHRULH XQG 3UD[LV GHV URPDQHVNHQ 6FKUHLEHQV VRZRKO GLH YRUDXVOLHJHQGHQ *DWWXQJVGLVNXVVLRQHQ XP ÃURPDQµÃSHWLWURPDQµXQGÃQRXYHOOHJDODQWHµGHUHUXQGHU-DKUHYHUIRO JHQ DOV DXFK HLQ %OLFN ZHUIHQDXIGLHQDFKIROJHQGHQURPDQHVNHQ6FKUHLEZHLVHQ GLH YRQ'X3ODLVLUV.RQ]HSWPD‰JHEOLFKJHSUlJWZHUGHQ3Ul]LVHUKHL‰WGDVGDVV  

=LWLHUW ZLUG LP )ROJHQGHQ QDFK GHQ $XVJDEHQ 'X 3ODLVLU /D 'XFKHVVH G¶(VWUDPqQH ,Q 1RXYHOOHVJDODQWHVGX;9,,HVLqFOH0PHGH/D)D\HWWH±6DLQW5pDO±'X3ODLVLU±&DWKHULQH %HUQDUG 3UpVHQWDWLRQ QRWLFHV QRWHV DSSHQGLFHVWDEOHGHVSHUVRQQDJHVJORVVDLUHFKURQROR JLHHWELEOLRJUDSKLHSDU0DUF(VFROD3DULV6±GLHV6HQWLPHQWVVXUOHV/HWWUHV HW VXU O¶KLVWRLUH DYHF GHV 6FUXSXOHV VXU OH 6W\OH ,Q 3RpWLTXHV GX URPDQ 6FXGpU\ +XHW 'X 3ODLVLUHWDXWUHVWH[WHVWKpRULTXHVHWFULWLTXHVGX;9,,HVLqFOHVXUOHJHQUHURPDQHVTXHeGLWLRQ pWDEOLHHHWFRPPHQWpHSDU&DPLOOH(VPHLQ3DULV6±  6LHKHÄ(OOHYRXVSULHGHQHSRLQWPHWWUHVRQQRPGDQVO¶H[WUDLWGXSULYLOqJH4XHOTXHIODWWpH TX¶HOOH VRLW SDU VHV DPLV TXH VRQ RXYUDJH DXUD XQ JUDQG VXFFHVV HOOH VH GpILH WRXMRXUV HOOH PrPHHWHOOHDXUDLWGHODMRLHTXHFHX[jTXLRQO¶DWWULEXHQHV¶HQGpIHQGLVVHQWSDV³ 'X3ODL VLU/D'XFKHVVHG¶(VWUDPqQHZLH$QP6 'HPJHJHQEHUZLUGLP3ULYLOqJHGHULP -DKU GDUDXI GK  SXEOL]LHUWHQ 6HQWLPHQWV YRQ HLQHP VLHXU 'X 3ODLVLU JHVSURFKHQ ZR GXUFKHLQHPlQQOLFKH$XWRUVFKDIWLQGL]LHUWZLUG,P)ROJHQGHQZLUGGHU&KURQRORJLHGHU3XE OLNDWLRQHQ$FKWXQJJHVFKHQNWXQGYRQ'X3ODLVLUDOV$XWRULQDXVJHJDQJHQ  9HUZLHVHQVHLKLHUIUQXUDXIGHQHUVWHQ%DQGGHU0RQDWVJHVSUlFKHYRQ&KULVWLDQ7KRPDVLXV LQGHPGLHVHUGLHYLHU)LJXUHQGHU*HVSUlFKHEHUGHQ5RPDQGLVNXWLHUHQOlVVWZREHLHUGHU $UJXPHQWDWLRQ'X3ODLVLUVZHLWJHKHQGIROJWRKQHLQGHVHLJHQVGDUDXIKLQ]XZHLVHQVRGDVVHV VLFKXPHLQLPSOL]LWHV=LWDWKDQGHOW6LHKHKLHU]XZHLWHUIKUHQG-|UQ6WHLJHUZDOG*DODQWHULH 'LH )DEULNDWLRQ HLQHU QDWUOLFKHQ (WKLN GHU K|ILVFKHQ *HVHOOVFKDIW ±  +HLGHOEHUJ  EHVRQGHUV $EVFKQLWW ,,, %  -DQXDU  *HVSUlFK EHU GLH QW]OLFKHQ XQG EHOXVWL JHQGHQ%FKHU6±



-|UQ6WHLJHUZDOG

GLH6HQWLPHQWV]XPHLQHQHUODXEHQGDV.RQ]HSWGHUÃQRXYHOOHJDODQWHµ]XUHNRQ VWUXLHUHQ LQVRIHUQ DOV VLH GLH 9HUELQGXQJ YRQ $IIHNWHU]lKOXQJ XQG KLVWRULVFKHU :DKUVFKHLQOLFKNHLWSUl]LVHEHVFKUHLEHQ=XPDQGHUHQELHWHWGLHÃQRXYHOOHJDODQWHµ /D 'XFKHVVH G¶(VWUDPqQH HLQH 1HXNRQ]HSWLRQ GHV URPDQHVNHQ 6FKUHLEHQV DOV HLQHU VSH]LILVFKHQ 6FKUHLEZHLVH GLH ZHLW EHU GHQ UHLQ JDWWXQJVWKHRUHWLVFKHQ 5DKPHQKLQDXVYRQ,QWHUHVVHLVWGDKLHUHLQQHXHVHSRFKHPDFKHQGHV0RGHOOYRQ OLWHUDULVFKHU6R]LDO$QWKURSRORJLHSUlVHQWLHUWZLUG 'LH]XGLVNXWLHUHQGH7KHVHODXWHWGDVV'X3ODLVLUHLQHURPDQHVNH6FKUHLEZHL VHSUlVHQWLHUWGLHSDUDGLJPDWLVFKIUGLHhEHUJDQJV]HLWXPHLQVWHKHQNDQQ LQVRIHUQ VLH HLQHUVHLWV QRFK DQ GLH K|ILVFKH *HVHOOVFKDIW )UDQNUHLFKV XQG GHUHQ ,QWHUGHSHQGHQ]V\VWHP JHEXQGHQ LVW DQGHUHUVHLWV MHGRFK JUXQGOHJHQGH (OHPHQWH GHU VSlWHUHQ HPSILQGVDPHQ 6FKULIWNXOWXU DXVSUlJW GLH VRZRKO DXI GHU (EHQH GHU *DWWXQJDOVDXFKDXIGHU(EHQHGHU*HIKOVNXOWXUYRQ%HGHXWXQJVLQG$XVGLHVHU GRSSHOWHQ 2ULHQWLHUXQJ HUJLEW VLFK ZLHGHUXP HLQH 3RVLWLRQLHUXQJ YRQ 'X 3ODLVLUV 7KHRULHXQG3UD[LVGHVURPDQHVNHQ6FKUHLEHQVGLHLQVEHVRQGHUHYRUGHP+LQWHU JUXQG GHU KLHU YHUIROJWHQ )UDJH QDFK gIIQXQJ XQG 6FKOLH‰XQJ XP YRQ %H GHXWXQJLVW ,QGHUGHXWVFKHQ5RPDQLVWLNZLUGQDFKZLHYRUQLFKW'X3ODLVLUVRQGHUQ0PH GH/D)D\HWWHV/D3ULQFHVVHGH&OqYHVDOV:HQGHSXQNWLQGHU*HVFKLFKWHGHV 5RPDQVDQJHVHKHQZHLOGLHVHU5RPDQHQGJOWLJPLWGHP0RGHOOGHVVRJHQDQQWHQ EDURFNHQ RGHU KHURLVFKJDODQWHQ 5RPDQV DEVFKOLH‰H XQG GHQ :HJ KLQ ]XP SV\ FKRORJLVFKHQ 5RPDQ GHU 0RGHUQH HU|IIQH :LH GLH ]HLWJHQ|VVLVFKHQ 'LVNXVVLR QHQXPGLH3ULQFHVVHGH&OqYHV]HLJHQGLHPLW'X3ODLVLUV6HQWLPHQWV]XP $EVFKOXVV NRPPHQ NDQQ YRQ VROFK HLQHU gIIQXQJ GHV 5RPDQV DEHUNHLQHVZHJV JHVSURFKHQ ZHUGHQ GD HUVWHQV GLH 5RPDQNRQ]HSWLRQ YRQ 0PH GH /D )D\HWWH LQ PHKUIDFKHU +LQVLFKW DOV SUREOHPDWLVFK DQJHVHKHQ XQG ]ZHLWHQV GLHVHU Ã5RPDQµ YRQGHU]HLWJHQ|VVLVFKHQ.ULWLNDOVÃQRXYHOOHJDODQWHµYHUVWDQGHQZLUG'LH (U  gIIQXQJGHV5RPDQVYRUGXUFKGLH3ULQFHVVHGH&OqYHVHUVFKHLQWYRUGLHVHP +LQWHUJUXQG HKHU HLQ 3URGXNW GHV NDQRQRULHQWLHUWHQ /DQVRQLVPXV GHV -DKU KXQGHUWV]XVHLQDOVHLQ(UJHEQLVGHUKLVWRULVFKHQ'LVNXVVLRQHQXP 8PGLHVH7KHVH]XSODXVLELOLVLHUHQZHUGHLFKLQHLQHPHUVWHQ6FKULWWNXU]GLH &KURQRORJLH GHU *DWWXQJVGLVNXVVLRQHQ XP ÃURPDQµ ÃSHWLW URPDQµ XQG ÃQRXYHOOH JDODQWHµ YRQ GHQ HU -DKUHQ ELV ]X 'X 3ODLVLU VNL]]LHUHQ XP GDQQ LQ HLQHP  

=XQHQQHQVLQGKLHUIULQVEHVRQGHUHGLHEHLGHQPLWWOHUZHLOHNODVVLVFKHQ6WXGLHQYRQ5RODQG *DOOH *HVWlQGQLV XQG 6XEMHNWLYLWlW 8QWHUVXFKXQJHQ ]XP IUDQ]|VLVFKHQ 5RPDQ ]ZLVFKHQ .ODVVLNXQG5RPDQWLN0QFKHQXQG:ROIJDQJ0DW]DW'LVNXUVJHVFKLFKWHGHU/HLGHQ VFKDIW=XU$IIHNWPRGHOOLHUXQJLPIUDQ]|VLVFKHQ5RPDQYRQ5RXVVHDXELV%DO]DF7ELQJHQ   6LHKHKLHU]XLQVEHVRQGHUHGHQ$EVFKQLWW/HVGpEXWVGHODFULWLTXHOLWWpUDLUH5pIOH[LRQSRpWLTXH HWJHQHULTXHjSDUWLUGHVURPDQV,Q'X3ODLVLU3RpWLTXHVGXURPDQ ZLH$QP 6± VRZLH HEG GHQ $EVFKQLWW /HV -DORQV G¶XQH UpIOH[LRQ SRpWRORJLTXH GHU ,QWURGXFWLRQ YRQ &D PLOOH(VPHLQ6±6LHKH]XGHPGLHV/¶HVVRUGXURPDQ'LVFRXUVWKpRULTXHHWFRQVWLWX WLRQG¶XQJHQUHOLWWpUDLUHDX;9,,HVLqFOH3DULV

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



]ZHLWHQ 6FKULWW 'X 3ODLVLUV %HLWUDJ ]X GLHVHU QlKHU ]X EHWUDFKWHQ LQGHP LFK LKU .RQ]HSW GHU PRUDOLVFKHQ :DKUVFKHLQOLFKNHLW KHUDXVDUEHLWH ,Q HLQHP GULWWHQ 6FKULWWZHUGHLFKVFKOLH‰OLFKHLQHH[HPSODULVFKH/HNWUHGHUÃQRXYHOOHJDODQWHµ/D 'XFKHVVH G¶(VWUDPqQH ELHWHQ XP GLH GDULQ EHVFKULHEHQHQ 6FKDPJHVFKLFKWHQ DOV 0RPHQWGHVPHKUIDFKHQhEHUJDQJVXPSUl]LVHU]XHUIDVVHQ  

 'LH*DWWXQJVGLVNXVVLRQHQXPÃURPDQµXQGÃQRXYHOOHJDODQWHµ YRQELV  $XIJUXQGGHU]DKOUHLFKHQ6WXGLHQYRQ&DPLOOH(VPHLQ0DUF(VFRODXQGDQGHUHU GLHVLFKEHUHLWVXPIlQJOLFKGLHVHU*DWWXQJVGLVNXVVLRQJHZLGPHWKDEHQP|FKWHLFK GLHVHQ3XQNWUHODWLYNXU]KDOWHQXQGQXUGLHZLFKWLJVWHQ6WDWLRQHQYHUJHJHQZlUWL JHQ 'LHHU-DKUHVWHKHQHLQJDQJVQRFKJDQ]LP=HLFKHQGHVÃURPDQJUHFµGHV VHQ ZLFKWLJVWH 5HSUlVHQWDQWHQ ZRKO 0DGHOHLQH GH 6FXGpU\ PLW LKUHQ 5RPDQHQ $UWDPqQH RX OH *UDQG &\UXV ± JHPHLQVDP PLW LKUHP %UXGHU *HRUJHV  XQG &OpOLH KLVWRLUH URPDLQH ±  SXEOL]LHUW 'RFK EHUHLWV ZlKUHQG GHU 9HU|IIHQWOLFKXQJ GHU &OpOLH NRPPW HV ]X HLQHP HUVWHQ :HQGHSXQNW GHU LQ GHQ $XVHLQDQGHUVHW]XQJHQXPGDV0RGHOOGHVURPDQHVNHQ6FKUHLEHQVNXOPLQLHUWGLH YRQ6HJUDLVPLWVHLQHQ1RXYHOOHVIUDQoDLVHV±HLQJHOlXWHWZHUGHQ6HJUDLV IKUWYRU]XJVZHLVH]ZHL$UJXPHQWHLQGLH'LVNXVVLRQHLQGLH]XPHLQHQGLH/lQ JH GHU 7H[WH XQG ]XP DQGHUHQ GHUHQ +LVWRUL]LWlW EHWUHIIHQ *HIRUGHUW VHL HLQH 6FKUHLEZHLVHGLHDQVWHOOHGHUKLVWRULVFKHQ'LVWDQ]]ZLVFKHQ/HVHUXQG(U]lKOXQJ HLQH 1lKH VFKDIIH VRGDVV GHU /HVHU VLFK XQG VHLQH .XOWXU LQ GHQ (U]lKOXQJHQ ZLHGHUILQGH'LHJHUDGHYRQ6FXGpU\JHOHLVWHWH9HUELQGXQJYRQDQWLNHU7UDGLWLRQ XQG]HLWJHQ|VVLVFKHU.XOWXUVROOHHUVHW]WZHUGHQGXUFKHLQHUHLQIUDQ]|VLVFKH.XO WXU 9HUNU]W JHVDJW IRUGHUW6HJUDLVDQVWHOOHGHU6FXGpU\VFKHQÃIUDQ]|VLVFKHQ5|  

9HUZLHVHQVHLQHEHQGHQEHUHLWVDQJHIKUWHQ6WXGLHQYRQ(VPHLQXQG(VFROD ZLH$QP DXI IROJHQGH0RQRJUDSKLHQ+HQUL&RXOHW/H5RPDQMXVTX¶jOD5pYROXWLRQ3DULV)UpGpULF 'HORIIUH/D1RXYHOOHHQ)UDQFHjO¶kJHFODVVLTXH3DULV5HQp*RGHQQH/D1RXYHOOHHQ )UDQFHDX;9,,HHWDX;9,,,HVLqFOH*HQqYH%ULJLWWH:LQNOHKQHU/HJLWLPDWLRQVSUREOH PH HLQHU *DWWXQJ]XU5RPDQGLVNXVVLRQGHV-DKUKXQGHUWVLQ)UDQNUHLFK7ELQJHQ -RDQ'H-HDQ7HQGHU*HRJUDSKLHV:RPHQDQGWKH2ULJLQVRIWKH1RYHOLQ)UDQFH1HZ@7RXORXVH



-|UQ6WHLJHUZDOG

PHUµ VR]XVDJHQ ÃIUDQ]|VLVFKH )UDQ]RVHQµ XP GLH DQYLVLHUWH +LVWRUL]LWlW GHV (U ]lKOWHQ]XOHLVWHQ 0DGHOHLQHGH6FXGpU\UHDJLHUWHLKUHUVHLWVDXIGLHVH.ULWLNLQGHPVLHLKUH 1RYHOOH &pOLQWH PLW GHP 8QWHUWLWHO ÃQRXYHOOH SUHPLqUHµ YHUVDK XQG GDPLW JOHLFK GUHLHUOHL OHLVWHWH =XP HLQHQ GHQ hEHUJDQJ YRQ GHU URPDQHVNHQ /DQJIRUP ]XU QRYHOOHVNHQ.XU]IRUPXQG]XPDQGHUHQGLH.RQ]HQWUDWLRQDXIHLQH+DQGOXQJGLH VLFKLQXQEHVWLPPWHUDEHUGRFK]HLWOLFKHU1lKH]XP]HLWJHQ|VVLVFKHQ)UDQNUHLFK DEVSLHOW XQG VFKOLH‰OLFK GLH EHZXVVWH 5HGX]LHUXQJ GHU (U]lKOXQJ DXI HLQHQ $I IHNWQlPOLFKGLH1HXJLHUVRGDVVVLHPLWLKUHU1RYHOOHGDVELHWHWZDV6HJUDLV]ZDU JHIRUGHUWDEHUPLWVHLQHQ1RXYHOOHVIUDQoDLVHVJHUDGHQLFKWHLQJHO|VWKDWWH 'LH HU -DKUH VLQG GDQQ YRU DOOHP GXUFK GUHL 'LVNXVVLRQ JHSUlJW (UVWHQV GLH'LVNXVVLRQXPGHQP|JOLFKHQ$QWHLOGHU/LWHUDWHQDQGHU)DEULNDWLRQGHV3UH PLHU9HUVDLOOHVGLHVRZRKODXIGHP*HELHWGHVURPDQHVNHQ(U]lKOHQVDEHUDXFK DXIGHP*HELHWGHV7KHDWHUVVWDWWILQGHW%HPHUNHQVZHUWLVWLQGLHVHP=XVDPPHQ KDQJ GDVV HV EHUHLWV LQ GLHVHQ -DKUHQ ]X HLQHU HUVWHQ GHXWOLFKHQ .ULWLN DP K|IL VFKHQ ,QWHUGHSHQGHQ]V\VWHP NRPPW GLH VLFK YRU DOOHP LQ GHQ +DQGOXQJHQ GHU 3URWDJRQLVWHQ ]HLJW GLH JHUDGH QLFKW DP +RI OHEHQ ZROOHQ VRQGHUQ MHQVHLWV GHV +RIHVLKUHQÃUHSRVµLKUHZRKOJHRUGQHWH5XKHVXFKHQ=ZHLWHQVLVWGLH'LVNXVVLRQ XPGLH+LVWRUL]LWlWGHU(U]lKOXQJHQ]XQHQQHQGLHVLFKZRKODPVLFKWEDUVWHQLQ/D 0RWKH /H 9D\HUV 'HX[ GLVFRXUV OH SUHPLHU GH SHX GH FHUWLWXGH TX¶LO \ D GDQV O¶+LVWRLUH OH VHFRQG GH OD FRQQDLVVDQFH GH VRLPrPH   QLHGHUVFKOlJW 'LH GULWWH'LVNXVVLRQEHWULIIWVFKOLH‰OLFKGLHÃQRXYHOOHJDODQWHµZREHLKLHUZHQLJHUYRQ HLQHUH[SOL]LWHQ'HEDWWHXQGPHKUYRQHLQHUGHXWOLFKHQ.RQNXUUHQ]YRQ0RGHOOHQ JHVSURFKHQ ZHUGHQ NDQQ GLH GXUFK GLH NRQNXUULHUHQGHQ 3XEOLNDWLRQHQ YRQ 'RQQHDXGH9LVp0PHGH9LOOHGLHX0DGHOHLQHGH6FXGpU\XQGDQGHUHQJHJHEHQ LVW 'LH-DKUHPDUNLHUHQGDQQGHQ]ZHLWHQ:HQGHSXQNWLQGHQ'LVNXVVLR QHQ XP GLH 7KHRULH XQG 3UD[LV GHV URPDQHVNHQ 6FKUHLEHQV LQVRIHUQ LQ GLHVHP -DKU 0PH GH /D )D\HWWHV ÃQRXYHOOH JDODQWHµ =D\GH KLVWRLUH HVSDJQROH SXEOL]LHUW ZLUG 'LHVH 9HU|IIHQWOLFKXQJ LVW XPVR EHGHXWHQGHU DOV 6HJUDLV XQG HEHQ QLFKW 0PHGH/D)D\HWWHPLWVHLQHP1DPHQGLHÃQRXYHOOHJDODQWHµ]HLFKQHWXQGGHUJH VWDOWEHKDXSWHWGLH'LVNXVVLRQXPGLHURPDQHVNH3UD[LV]XEHHQGHQGLHHUPLWGHU 9HU|IIHQWOLFKXQJ GHU 1RXYHOOHV IUDQoDLVHV EHJRQQHQ KDWWH +LQ]X NRPPW GDVV  

9HUZLHVHQ VHL LQ GLHVHP .RQWH[W DXI -|UQ 6WHLJHUZDOG $IIHNW(U]lKOXQJHQ 'LH JDODQWHQ 1RYHOOHQ6FXGpU\VXQG9LOOHGLHXV,Q'LH.XQVWGHU*DODQWHULH)DFHWWHQHLQHV9HUKDOWHQVPR GHOOVLQGHU/LWHUDWXUGHU)UKHQ1HX]HLW+JY5XWK)ORUDFNX5GLJHU6LQJHU%HUOLQX%RV WRQ6±  =X QHQQHQ LVW KLHUIU EHLVSLHOVZHLVH GLH ÃQRXYHOOH JDODQWHµ 0DWKLOGH YRQ 0DGHOHLQH GH 6FXGpU\ RGHU GLH WUDJLFRPpGLH /H )DYRUL YRQ 0PH GH 9LOOHGLHX RGHU GHU0LVDQWKURSHYRQ 0ROLqUH  9HUZLHVHQVHLKLHUIUDXIGLH3UpVHQWDWLRQYRQ0DUF(VFRODVRZLHGLH&KURQRORJLHGXJHQUH URPDQHVTXH ± LQGHU6DPPOXQJ1RXYHOOHVJDODQWHVGX;9,,HVLqFOH6±XQG 6±

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



3LHUUH'DQLHO+XHWVHLQHQ7UDLWpVXUO¶RULJLQHGHVURPDQVGLHVHP7H[WYRUDQVWHOOW ZRGXUFKURPDQHVNH7KHRULHXQG3UD[LVDXJHQIlOOLJYHUEXQGHQZHUGHQ +XHW FKDUDNWHULVLHUW LQ VHLQHP 7UDLWp GHQ 5RPDQ YRU]XJVZHLVH DOV /LHEHVUR PDQ ZREHL HU LQVEHVRQGHUH GLH 5RPDQH 6FXGpU\V YRU DOOHP GLH &OpOLH OREHQG KHUYRUKHEW 'LH .HQQ]HLFKQXQJ GHV 5RPDQV DOV /LHEHVURPDQ LVW LQVRIHUQ LQWH UHVVDQWDOVVLH]XPHLQHQGLHGRSSHOWH.RQQRWDWLRQGHVIUDQ]|VLVFKHQÃURPDQµGHU /LHEHVJHVFKLFKWH XQG 5RPDQ ]XJOHLFK PHLQW ]XVDPPHQIKUW XQG ]XP DQGHUHQ GHQ 5RPDQ GHXWOLFK YRP (SRV DEVHW]W GDV QXQ ZLHGHU ]XP UHLQHQ +HOGHQHSRV ZLUG XQG QLFKW PHKU DOV )ULHGHQV RGHU /LHEHVHSRV 0DULQRVFKHU 3UlJXQJ IXQ JLHUW'LHÃQRXYHOOHJDODQWHµ=D\GHGLHZLUKHXWHDOV5RPDQYHUVWHKHQLQVLVWLHUW EHUHLWV GXUFK LKUHQ 8QWHUWLWHO ÃKLVWRLUH HVSDJQROHµ DXI GHU +LVWRUL]LWlW GHU (U]lK OXQJPLWKLQDXIGHUKLVWRULVFKHQ:DKUKDIWLJNHLWGHU+DQGOXQJGLHLPPLWWHODOWHU OLFKHQ6SDQLHQ]XU=HLWGHU0DXUHQNULHJHVSLHOW 'LHVHKLVWRULVFKH6LWXDWLRQZLUGLQGHVJHQXW]WXPHLQH/LHEHVJHVFKLFKWH]ZL VFKHQ HLQHP VSDQLVFKHQ (GHOPDQQ XQG HLQHU PDXULVFKHQ &KULVWLQ LQ 6]HQH ]X VHW]HQLQQHUKDOEGHUHULQVEHVRQGHUHGLH.DEDOHQGHV+RIHVVRZLHGLHWHQGHQ]LHOO PRUDOLVWLVFKHQ 5HIOH[LRQHQ GHU 3URWDJRQLVWHQ YRQ %HGHXWXQJVLQG'DPLWVFKHLQW VLFKXPHLQ0RGHOOURPDQHVNHQ(U]lKOHQVGXUFKJHVHW]W]XKDEHQGDVGXUFK DXVNULWLVFKJHJHQEHUGHP+RILVWXQGVLFK]XJOHLFKXPKLVWRULVFKH:DKUKDIWLJ NHLWEHPKWZLHHVYRQGHU=D\GHDEHUHEHQDXFKYRQ6FXGpU\VSXEOL]LHUWHU ÃQRXYHOOHJDODQWHµ0DWKLOGHSUlVHQWLHUWZLUG   6LHKH

KLHU]X DXFK &DPLOOH (VPHLQ6DUUD]LQ 3UpVHQWDWLRQ ,Q 0PH GH /D )D\HWWH =D\GH +LVWRLUHHVSDJQROH3UpVHQWDWLRQQRWHVDSSHQGLFHVWDEOHGHVSHUVRQQDJHVFKURQRORJLHHWEL EOLRJUDSKLHSDU&DPLOOH(VPHLQ6DUUD]LQ3DULV6±  9HUZLHVHQ VHL KLHU]X LQVEHVRQGHUH DXI GLH (LQIKUXQJ YRQ &DPLOOH (VPHLQ 3LHUUH'DQLHO +XHW 7UDLWp GH O¶RULJLQH GHV URPDQV ±  ,Q 'X 3ODLVLU 3RpWLTXHV GX URPDQ ZLH $QP   6± +XHW EHVFKOLH‰W VHLQHQ 7UDLWp PLW HLQHP H[SOL]LWHQ /RE GHU 5RPDQH 0DGHOHLQH GH 6FXGpU\V 6LHKH 3LHUUH'DQLHO +XHW 7UDLWp GH O¶RULJLQH GHV URPDQV ,Q (EG 6±KLHU6  Ä5RPDQ>@0DLQWHQDQWLOQHVLJQLILHTXHGHV/LYUHVIDEXOHX[TXLFRQWLHQQHQWGHV+LVWRLUHV G¶DPRXUV  GH &KHYDOHULHV LQYHQWpHV SRXU GLYHUWLU  RFFXSHU GHV IDLQHDQWV +HOLRGRU D IDLW DXWUHIRLVOH5RPDQGH7KHDJHQH &ODULFOpH'HSXLVRQDIDLWGLYHUV5RPDQVGH&KHYDOHULH FRPPH$PDGLVGH*DXOHVHQ;;,99ROXPHVGH3DOPHULQG¶2OLYHHW3DOPHULQG¶$QJOHWHUUH GH&KDUOHPDJQHGHVGRX]H3DLUVGX5R\$UWXV G¶DXWUHVGRQWLO\DXQHDJUpDEOHFULWLTXH GDQV'RP4XLFKRW&HV5RPDQVRQWFRPPHQFpGHVHPHWWUHHQYRJXHVRXVOHUqJQHGH3KLOLS SHOH%HO1RV0RGHUQHVRQWIDLWGHV5RPDQVSROLV LQVWUXFWLIVFRPPHO¶$VWUpHGHG¶8UIpOH &\UXV &OpOLHGH0DGHPRLVHOOHGH6FXGHUL/H3ROH[DQGUHGH*RPEHUYLOOHOD&DVDQGUH OD &OHRSDWUHGHOD&DOSUHQHGH F³ $UW5RPDQ,Q$QWRLQH)XUHWLqUH'LFWLRQQDLUHXQLYHUVHO /D+D\H5RWWHUGDP%G,,,R6   =X *LRYDQ%DWWLVWD0DULQRV$GRQH  XQGGHVVHQGXUFKDXVSUREOHPDWLVFKHU.RQ]HSWLRQ DOV )ULHGHQVHSRV VLHKH -|UQ 6WHLJHUZDOG Ä0HUDYLJOLRVR $GRQH³ 'DV :XQGHUEDUH DOV /L]HQ] HSLVFKGLGDNWLVFKHU'LFKWXQJLQ*LRYDQ%DWWLVWD0DULQRV$GRQH,Q(URVLRQHQGHU5KHWRULN" $PELJXLWlWV XQG 8PVHPDQWLVLHUXQJVVWUDWHJLHQ LQ GHQ .QVWHQ GHU )UKHQ 1HX]HLW +J Y 9DOHVNDYRQ5RVHQ:LHVEDGHQ6±XQGGHUV/DJDODQWHULHGHVGLHX[DQWLTXHV &KDSHODLQFULWLTXHGHO¶$GRQHGXFDYDOLHU0DULQ,Q/LWWpUDWXUHVFODVVLTXHV  6± 



-|UQ6WHLJHUZDOG

'LHVH6LWXDWLRQlQGHUWVLFKMHGRFKQRFKPDOVJUXQGOHJHQGPLWGHU3XEOLNDWLRQ YRQ0PHGH/D)D\HWWHV/D3ULQFHVVHGH&OqYHVGLHYRQGHUGDPDOLJHQ.ULWLNDOV ÃQRXYHOOH JDODQWHµ YHUVWDQGHQ ZXUGH ZlKUHQG ZLU KHXWH LQ LKU GHQ %HJLQQ GHV SV\FKRORJLVFKHQ5RPDQVLQ)UDQNUHLFKVHKHQ,QVEHVRQGHUHGUHL7KHPHQVLQGHV GLH LP XQPLWWHOEDUHQ $QVFKOXVV DQ GLH 3XEOLNDWLRQ GLH 'LVNXVVLRQHQ EHVWLPPHQ GLHVRZRKOLP0HUFXUHJDODQWDOVDXFKLQGHQ|IIHQWOLFKHQ'HEDWWHQJHIKUWZHU GHQ (UVWHQVGLH)UDJHQDFKGHU+LVWRUL]LWlWGHU1RYHOOHGLHVLFKGXUFKGLH9HURU WXQJDP+RIYRQ+HLQULFK,,HUJLEW=ZHLWHQVGLH)UDJHQDFKGHU:DKUVFKHLQOLFK NHLW UHVSHNWLYH 3ODXVLELOLWlW GHV ÃDYHXµ GK GHV *HVWlQGQLVVHV GHU 3ULQFHVVH GH &OqYHVZRGXUFKJHUDGHGLH'LPHQVLRQGHU,QWLPLWlWSUlJQDQWKHUYRUWULWW'ULWWHQV VFKOLH‰OLFK GLH )UDJH QDFK GHU ([HPSODUL]LWlW GHU3URWDJRQLVWHQGLHDXVGHP=X VDPPHQVSLHO YRQ PRUDOLVWLVFKHU %HREDFKWXQJ DXI GHU (EHQH GHU (U]lKOXQJ XQG XQQDFKDKPOLFKHU (LQPDOLJNHLW GHU 3URWDJRQLVWLQ DXI GHU (EHQH GHU +DQGOXQJ UHVXOWLHUW 9RQ 9DOLQFRXUV EHUKPWHQ /HWWUHV VXU OH VXMHW GH OD 3ULQFHVVH GH &OqYHV  ELVKLQ]XGHQ&RQYHUVDWLRQVVXUODFULWLTXHGHOD3ULQFHVVHGH&OqYHVGHV $EEpGH&KDUQHV  XQG]X)RQWHQHOOHJHKWGLH/LVWHGHU7HLOQHKPHUDQGLHVHU 'HEDWWHGLHHUVWPLW'X3ODLVLUV6HQWLPHQWV]XLKUHPZLUNOLFKHQ$EVFKOXVVNRPPW 'HQQ'X3ODLVLUELHWHWHLQHV\VWHPDWLVFKH=XVDPPHQIDVVXQJGHUELVGDWRJHIKUWHQ 'LVNXVVLRQJHQDXVRZLHHLQHPRGHOOKDIWH1HXDXVULFKWXQJGHVURPDQHVNHQ6FKUHL EHQV 'DEHL ZLUG ± GDV JLOW HV EHVRQGHUV ]X EHWRQHQ ± GLH 3ULQFHVVH GH &OqYHV NHLQHVZHJV DOV PXVWHUJOWLJHV ([HPSOXP JHIKUW VRQGHUQ HKHU EHL DOOHU :UGL JXQJNULWLVFKKLQWHUIUDJW-HQHV0RGHOOGHVURPDQHVNHQ6FKUHLEHQVZLUGGDQQLP $QVFKOXVVDQ'X3ODLVLUPD‰JHEOLFKVHLQIUGLH5RPDQXQG1RYHOOHQSUD[LVELV KLQ]X0DULYDX[XQG3UpYRVWZHQQQLFKWQRFKGDUEHUKLQDXV 'DKHU NDQQ NHLQHVZHJV YRQ HLQHU YROOVWlQGLJHQ gIIQXQJ GHV URPDQHVNHQ 6FKUHLEHQVYRUGLH5HGHVHLQGDVDXIHLQHGXUFKJHKHQGH3V\FKRORJLVLHUXQJ GHV5RPDQVDE]LHOWXQGGDEHL]XJOHLFKGLH]XYRUGRPLQDQWH9HURUWXQJLPVR]LDOHQ 5DXPGHUK|ILVFKHQ*HVHOOVFKDIWYHUDEVFKLHGHW9LHOPHKUNDQQYRQHLQHP3UR]HVV GHU gIIQXQJ XQG 6FKOLH‰XQJ JHVSURFKHQ ZHUGHQ GLH HLQDQGHU DEZHFKVHOQ LQVR   6LHKH &DPLOOH (VPHLQ/DTXHUHOOHGH/D3ULQFHVVHGH&OqYHV&ULWLTXHHWFRQWUHFULWLTXHGX

URPDQDX;9,,HVLqFOH,Q3RpWLTXHVGXURPDQ6±

 6LHKH5RODQG*DOOHÃ$YHXµXQG,QWLPLWlWVELOGXQJ'DV*HVWlQGQLVGHU3ULQFHVVHGH&OqYHVDOV

$EVFKLHGYRQGHUK|ILVFKHQ*HVHOOVFKDIW,Q3RHWLFD  6± VHL KLHUIU QXU DXI GHQ EHUKPWHQ 6FKOXVV GHU 3ULQFHVVH GH &OqYHV Ä0PH GH &OqYHVYpFXWG¶XQHVRUWHTXLQHODLVVDSDVG¶DSSDUHQFHTX¶HOOHS€WMDPDLVUHYHQLU(OOHSDVVDLW XQHSDUWLHGHO¶DQQpHGDQVFHWWHPDLVRQUHOLJLHXVHHWO¶DXWUHFKH]HOOHPDLVGDQVXQHUHWUDLWHHW GDQVGHVRFFXSDWLRQVSOXVVDLQWHVTXHFHOOHVGHVFRXYHQWVOHVSOXVDXVWqUHVHWVDYLHTXLIXW DVVH] FRXUWH ODLVVD GHV H[HPSOHVGHYHUWXLQLPLWDEOHV³ 0PHGH/D)D\HWWH/D3ULQFHVVHGH &OqYHV&KURQRORJLHHWSUpIDFHSDU$QWRLQH$GDP3DULV6   9HUZLHVHQVHLLQGLHVHP.RQWH[WDXI5XGROI%HKUHQV8PVWULWWHQH7KHRGL]HHHU]lKOWH.RQWLQ JHQ]'LH.ULVHWHOHRORJLVFKHU:HOWGHXWXQJXQGGHUIUDQ]|VLVFKH5RPDQ±7ELQ JHQ  9HUZLHVHQ

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



IHUQ GHU ÃURPDQµ ]ZDU YRP ÃSHWLW URPDQµ E]Z GHU ÃQRXYHOOH JDODQWHµ DEJHO|VW ZLUGZRGXUFKHLQH1HXHU|IIQXQJGHVURPDQHVNHQ6FKUHLEHQVEHZLUNWZLUGGRFK ZLUGGLH)UDJHZLHGLHVHVQHXH6FKUHLEHQ]XIDVVHQLVWLQGHU=HLW]ZLVFKHQ XQGK|FKVWNRQWUlUEHDQWZRUWHW*HUDGHGHUSUHNlUH6WDWXVGHU3ULQFHVVHGH &OqYHVDOV'LVNXVVLRQVXQG.ULWLNSXQNWYHUGHXWOLFKWGDEHLGDVVZHGHUGHUPRGHU QH5RPDQDOV*DWWXQJQRFKGHUSV\FKRORJLVFKH5RPDQDOV*HQUHXPGRPL QLHUHQ GD VRZRKO GLH PRUDOLVWLVFKH.RQ]HSWLRQGHU3ULQFHVVHGH&OqYHVDOVDXFK GLH VSH]LILVFKH ([HPSODUL]LWlW GHU3URWDJRQLVWLQQLFKWGHPSDUDGLJPDWLVFKHQ0R GHOO GHU $IIHNWHU]lKOXQJ HQWVSULFKW GDV VLFK XP  GXUFKVHW]W LP %HUHLFK GHV URPDQHVNHQ 6FKUHLEHQV ± VHL HV DOV ÃURPDQµ DOV ÃSHWLW URPDQµ RGHU DOV ÃQRXYHOOH JDODQWHµ

   'LH6HQWLPHQWVVXUO¶KLVWRLUHYRQ'X3ODLVLURGHUGLH7KHRULH URPDQHVNHQ6FKUHLEHQVYRU  (LQHHUVWH%HVRQGHUKHLWYRQ'X3ODLVLUV6HQWLPHQWVLQVEHVRQGHUHYRQGHUHQ]ZHL WHP 7HLO GHQ 6HQWLPHQWV VXU O¶KLVWRLUH UHVXOWLHUW DXV LKUHU NDWHJRULDOHQ 9HUDE VFKLHGXQJ GHV ÃJUDQG URPDQµ DOVR GHVMHQLJHQ 5RPDQW\SXV GHQ ZLU KHXWH ZDKO ZHLVH DOV ÃURPDQJUHFµRGHUDOV%DURFNURPDQEH]HLFKQHQ(EHQGLHVHU5RPDQW\S ZXUGHJHPl‰'X3ODLVLUYROOVWlQGLJHUVHW]WGXUFKGLHÃKLVWRLUHJDODQWHµUHVSHNWLYH ÃQRXYHOOH JDODQWHµ GLH DOOHLQ GHQ $QVSUFKHQ GHU JHJHQZlUWLJHQ .XOWXU DQ GLH /LWHUDWXU]XJHQJHQYHUP|JH'LHV]HLJWVLFKEHUHLWVLQGHUGLH6HQWLPHQWVHLQOHL WHQGHQ %HJUQGXQJ GLH ]XJOHLFK V\PSWRPDWLVFK LVW IU GHQ 3DUDGLJPHQZHFKVHO   ,QGHU)RUVFKXQJZLUG'X3ODLVLUV7KHRULHGHVURPDQHVNHQ6FKUHLEHQVKlXILJLQ9HUELQGXQJ

PLWGHUÃQRXYHOOHµ/D3ULQFHVVHGH&OqYHVXQWHUVXFKWVHOWHQHUDOVHLJHQVWlQGLJH7KHRULH9HU ZLHVHQ VHL LQVEHVRQGHUH DXI .ODXV )ULHGULFK (LQH 7KHRULH GHV Ã5RPDQ QRXYHDXµ>@,Q 5RPDQLVWLVFKHV-DKUEXFK  6±$URQ.LEHGL9DUJD3RXUXQHGHILQLWLRQGH ODQRXYHOOHjO¶pSRTXHFODVVLTXH,Q&$,()/D1RXYHOOHHQ)UDQFHMXVTX¶DX;9,,HVLqFOH PDUV 6±)UpGpULF'HORIIUH/D1RXYHOOHHQ)UDQFHjO¶kJHFODVVLTXH6± )DXVWD *DUDYLQL % GH )RQWHQHOOH HW FRPSDJQLH 'X 3ODLVLU±&%HUQDUG ,Q3DUDJRQH   6± 3KLOLSSH +RXUFDGH 'X 3ODLVLU HW OHV SUREOqPHV GX URPDQ HVTXLVVH GH O¶H[SpULHQFH OLWWpUDLUH G¶XQ pFULYDLQ YHUV  ,Q ;9,,H VLqFOH    6± (OOHQ - +XQWHU&KDSFR'X3ODLVLUDQGWKHQRXYHDXURPDQ,Q3)6&/  6±(OLVD EHWK00:RRGURXJK'X3ODLVLU¶V,QJHQLRXV7KHRU\RI5RPDQ1RXYHDX,Q1HZVOHWWHURI WKH6RFLHW\RI6HYHQWHHQWK&HQWXU\)UHQFK6WXGLHV  6±*LRUJHWWR*LRUJL'X 3ODLVLUURPDQ]LHUHHWHRULFRGHOODQDUUDWLYDFODVVLFD,Q$QWLFKLWjFODVVLFDHVHLFHQWRIUDQFHVH 5RPD6±0LFKqOH5RVHOOLQL&XULRVLWpHWWKpRULHGXURPDQGDQVOHGHUQLHUWLHUVGX ;9,,HVLqFOHHQWUHpWKLTXHHWHVWKpWLTXH,Q&XULRVLWpHWOLELGRVFLHQGLGHOD5HQDLVVDQFHDX[ /XPLqUHV7H[WHVUpXQLVSDU1LFROH-DFTXHV&KDTXL6RSKLH+RXGDUG)RQWHQD\6± XQG'RORUHV7RPD'X3ODLVLUXQWKpRULFLHQGHODQRXYHOOHGX;9,,HVLqFOH,Q/D1RX YHOOHGHODODQJXHIUDQoDLVHDX[IURQWLqUHVGHVDXWUHVJHQUHVGX0R\HQÆJHjQRVMRXUV$FWHV GX FROORTXH GH /RXYDLQODQHXYH +J Y 9LQFHQW (QJHO X 0LFKHO *XLVVDUG /RXYDLQ  %G6±



-|UQ6WHLJHUZDOG

GHVURPDQHVNHQ6FKUHLEHQVXPGHUYRQ'X3ODLVLUXQGHEHQQLFKWYRQ+XHW JHOHLVWHWZLUG /HV SHWLWHV KLVWRLUHV RQW HQWLqUHPHQW GpWUXLW OHV JUDQGV URPDQV &HW DYDQWDJH Q¶HVW O¶HIIHW G¶DXFXQ FDSULFH ,O HVW IRQGp VXU OD UDLVRQ HW MH QH SRXUUDLV DVVH] P¶pWRQQHU GH FH TXH OHV IDEOHVjGL[HWGRX]HYROXPHVTXLDLHQWVLORQJWHPSVUpJQpVHQ)UDQFHVLMHQHVDYDLVTXHF¶HVW GHSXLV SHX VHXOHPHQW TXH O¶RQ D LQYHQWp OHV QRXYHOOHV &HWWH GHUQLqUH HVSqFH HVW SULQFLSDOH PHQW WUqV FRQYHQDEOH j O¶KXPHXU SURPSWH HWYLYHGHQRWUHQDWLRQ1RXVKDwVVRQVWRXWFHTXL V¶RSSRVHjQRWUHFXULRVLWpQRXVYRXGULRQVSUHVTXHFRPPHQFHUODOHFWXUHG¶XQYROXPHSDUOD ILQHWQRXVQHPDQTXRQVMDPDLVG¶DYRLUGXGpSLWFRQWUHOHVDXWHXUVTXLQHPpQDJHQWSDVDVVH] OHVPR\HQVGXQRXVVDWLVIDLUHSURPSWHPHQW &HTXLDIDLWKDwUOHVDQFLHQVURPDQVHVWFHTXHO¶RQGRLWG¶DERUGpYLWHUGDQVOHVURPDQVQRX YHDX[,OQ¶HVWSDVGLIILFLOHGHWURXYHUOHVXMHWGHFHWWHDYHUVLRQOHXUORQJXHXUSURGLJLHXVHFH PpODQJHGHWDQWG¶KLVWRLUHVGLYHUVHVOHXUJUDQGQRPEUHG¶DFWHXUVODWURSJUDQGHDQWLTXLWpGH OHXUVVXMHWVO¶HPEDUUDVGHOHXUFRQVWUXFWLRQOHXUSHXGHYUDLVHPEODQFHO¶H[FqVGDQVOHXUFD UDFWqUHVRQWGHVFKRVHVTXLSDUDLVVHQWDVVH]G¶HOOHVPrPHV

'X3ODLVLUDUJXPHQWLHUWKLHUDXI]ZHL(EHQHQGLHDXFKGXUFKGLH$EVDW]JHVWDOWXQJ YHUGHXWOLFKWZHUGHQ'DVHUVWH$UJXPHQWEHWULIIWGLH5H]HSWLRQVlVWKHWLNGHU)LNWL RQHQXQGXQWHUVFKHLGHW]ZLVFKHQVROFKHQ:HUNHQGLHGHP&KDUDNWHUE]ZJHQDX HUGHQ/DXQHQGHU)UDQ]RVHQHQWVSUHFKHQXQGVROFKHQGLHHEHQGLHVQLFKWOHLVWHQ 'DV ]ZHLWH $UJXPHQW EH]LHKW VLFK KLQJHJHQ DXI GLH 3URGXNWLRQVlVWKHWLN GHU URPDQHVNHQ )LNWLRQHQ XQG VWHOOW GLH'LIIHUHQ]]ZLVFKHQGHPÃDQFLHQURPDQµXQG GHPÃURPDQQRXYHDXµKHUDXV ,QWHUHVVDQW LVW GDV UH]HSWLRQVlVWKHWLVFKH $UJXPHQW ]XQlFKVW HLQPDO GDGXUFK GDVV GHU *HJHQZDUWVEH]XJ GHU /LWHUDWXU DOV DEVROXWHU 0D‰VWDE JHQRPPHQ ZLUG LQVRIHUQ YRUDXVJHVHW]W ZLUG GDVV QXU GDVMHQLJH :HUWVFKlW]XQJ YHUGLHQW ZDV GHQ $QIRUGHUXQJHQ GHU JHJHQZlUWLJHQ .XOWXU )UDQNUHLFKV JHQJW ,Q GLHVHP 6LQQH YHURUWHWVLFK'X3ODLVLUHLQGHXWLJDXI6HLWHQGHUÃPRGHUQHVµLQGHPVLH]XPHLQHQ MHGH)RUPYRQ$QWLNHQEH]XJYRQYRUQKHUHLQDOVYHUIHKOWNHQQ]HLFKQHWZLHHULP *UDQG&\UXVRGHULQGHU&OpOLHYRQ0DGHOHLQHGH6FXGpU\JHJHEHQLVW]XPDQGH UHQDEHUDXFKHLQHNULWLVFKH'LVWDQ]ZDKUW]XGHQÃQRXYHOOHVKLVWRULTXHVµZLHVLH LQ GHU =D\GH RGHU GHU 3ULQFHVVH GH &OqYHV YRQ 0PH GH /D )D\HWWH YRUOLHJHQ 1RFKPDOVHUZHLWHUWZLUGGLHVH%HKDXSWXQJGXUFKGLHDQVFKOLH‰HQGHUH]HSWLRQVJH VFKLFKWOLFKH 3HUVSHNWLYH *HPl‰ 'X 3ODLVLU LVW GHU ODQJ DQGDXHUQGH (UIROJ GHU DOWHQ5RPDQHQXUGDGXUFK]XHUNOlUHQGDVVGLH1RYHOOHQHUVWYRUYHUJOHLFKVZHLVH NXU]HU =HLW HLQJHIKUW ZXUGHQDOVRVFKOLFKWPDQJHOVVLQQYROOHU$OWHUQDWLYH1HX HUGLQJV MHGRFK KlWWHQ GLH )UDQ]RVHQ HLQH LKUHQ /DXQHQ HQWVSUHFKHQGH HSLVFKH /LWHUDWXU HUIXQGHQ VRGDVV /LWHUDWXU XQG 1DWLRQDOFKDUDNWHU QXQ HLQH SURGXNWLYH 9HUELQGXQJHLQJHJDQJHQVHLHQ   'X3ODLVLU6HQWLPHQWV ZLH$QP 6±  'HPJHJHQEHU HUIOOHQ HWZD GLH 3URPHQDGH GH 9HUVDLOOHV XQG PLW $EVWULFKHQ GLH &pOLQWH

YRQ0DGHOHLQHGH6FXGpU\VRZLHGLH&OpRQLFHYRQ0PHGH9LOOHGLHXGLHVH$QVSUFKHYRQ'X 3ODLVLU

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



'DV SURGXNWLRQVlVWKHWLVFKH $UJXPHQW IRNXVVLHUW GHPJHJHQEHU ]XQlFKVW HLQPDO GLH6WUXNWXUGHUÃDQFLHQVURPDQVµ]XGHQHQGLH$VWUpHYRQ+RQRUpG¶8UIpJHQDXVR ]X]lKOHQLVWZLHGLH&OpOLHYRQ6FXGpU\RGHUGLH5RPDQHYRQ/D&DOSUHQqGHDOVR MHQH5RPDQHGHQHQ+XHW]XPJUR‰HQ7HLOQRFK:HUWVFKlW]XQJHQWJHJHQEULQJW 'LH]HQWUDOHQ.ULWLNSXQNWHGLHLP]ZHLWHQ7HLOGHU6HQWLPHQWVGDQQQRFKDXVIKU OLFKHU EHKDQGHOW ZHUGHQ VLQG GLH /lQJH GHU DOWHQ 5RPDQH VRZLH GLH GDUDXV IRO JHQGHQ .RQVHTXHQ]HQ IU GLH 'DUVWHOOXQJ LQVEHVRQGHUH GLH $Q]DKO GHU 3URWDJR QLVWHQ XQG GLH .RPSOH[LWlW GHU +DQGOXQJ EHWUHIIHQG 'LHVH .ULWLN LVW MHGRFK YRU]XJVZHLVHHLQHUHWURVSHNWLYH.ULWLNDXIGHU(EHQHGHU+DQGOXQJXPGHQQHXHQ YRPDOWHQ5RPDQDE]XJUHQ]HQ(QWVFKHLGHQGHUIUGHQYRUOLHJHQGHQ=XVDPPHQ KDQJ LVW GLH (EHQH GHU (U]lKOXQJ GD KLHU LQ EHVRQGHUHP 0D‰HHLQH1HXDXVULFK WXQJGHVURPDQHVNHQ6FKUHLEHQVHUIROJW 7KHPDWLVLHUWZHUGHQGLHÄWURSJUDQGHDQWLTXLWp³GHU*HVFKLFKWHQGHUHQ]XJH ULQJH ÄYUDLVHPEODQFH³ XQG VFKOLH‰OLFK GHU ÄH[FqV³ EHL GHU &KDUDNWHUGDUVWHOOXQJ 9HUNU]WJHVDJWKHL‰WGLHVGDVVGHUDOWH5RPDQVRZRKOXQZDKUVFKHLQOLFKDOVDXFK XQLQWHUHVVDQWIUGHQ]HLWJHQ|VVLVFKHQ/HVHUVHLZHLOHUXQZDKUVFKHLQOLFKH+HOGHQ PLWLKUHQEHUDXVNRPSOL]LHUWHQ*HVFKLFKWHQSUlVHQWLHUHGLH]XGHPLQVROFKYHU JDQJHQHQ=HLWHQVLWXLHUWVHLHQGDVVVLHEHUHLWVRELKUHV5DKPHQVNHLQHUOHL,QWHUHV VH PHKU EHDQVSUXFKHQ N|QQWHQ 1RFK NU]HU IRUPXOLHUW 'LH =HLWHQ GHU &OpOLH XQGGHU$VWUpHVLQGGHILQLWLYSDVVp 'LHVHÃODXQLJHµ(UNOlUXQJ'X3ODLVLUVHUKlOWLQGHVHUVWGDQQLKUHEHVRQGHUH%H GHXWXQJ ZHQQ PDQ VLH YRU GHP +LQWHUJUXQG GHU 'LVNXVVLRQHQ GHU HU ELV HU -DKUH OLHVW 'HQQ GDQQ ZLUG LKU PHKUIDFKHU $QVSUXFK LQ *lQ]H VLFKWEDU 'LH DOWHQ 5RPDQH DEHU DXFK QRFK GLH MQJHUHQ 1RYHOOHQ ZLH GLH 3ULQFHVVH GH &OqYHVYHUIROJWHQYRUDOOHPGDV=LHOGLHIUDQ]|VLVFKH.XOWXU]XOHJLWLPLHUHQZDV   $XVJHVFKORVVHQZHUGHQDEHUDXFKE]ZYRUDOOHPDOOH9HUVHSHQGLHKLHUVFKRQJDUQLFKWPHKU

DOV GHU 5HGH ZHUW HUVFKHLQHQ ZDV GXUFKDXV EHPHUNHQVZHUW LVW ZHQQ PDQ %RLOHDXV $UW SRpWLTXHDOV9HUJOHLFKVSXQNWQLPPW

 Ä/H PpODQJH G¶+LVWRLUHV SDUWLFXOLqUHVDYHFO¶+LVWRLUHSULQFLSDOHHVWFRQWUHOHJUpGX/HFWHXU

/HWLWUHG¶XQH1RXYHOOHH[FOXWWRXWFHTXLQ¶HVWSDVQpFHVVDLUHSRXUODFRPSRVHUHQVRUWHTXH FHTX¶RQ\DMRXWHDUUrWHOHFRXUVGHODSUHPLqUH+LVWRLUH/HVOHFWHXUVVHUHEXWHQWLOVVRQWIk FKpVGHVHYRLULQWHUURPSXVSDUOHGpWDLOGHVDYHQWXUHVGH3HUVRQQHVSRXUTXLLOVV¶LQWpUHVVHQW SHXHWLODUULYHTXHGDQVODFUDLQWHGHSHUGUHGHYXHHWG¶RXEOLHUXQFRPPHQFHPHQWGHOHFWXUH TXLQHPDQTXHSRLQWGHOHVDWWDFKHUDX[SUHPLHUV+pURVLOVQpJOLJHQWGHOLUHFHTXLQHOHVUH JDUGH SDV F¶HVWjGLUH OHV WURLV TXDUWV GH WRXWH OD )DEOH /H SHWLW QRPEUH G¶$FWHXUV pSDUJQH XQHJUDQGHFRQIXVLRQGDQVO¶HVSULWHWGDQVODPpPRLUH'¶XQF{WpO¶XQLRQGHVPDWLqUHVHQHVW SOXVVXLYLHGHO¶DXWUHO¶LPDJLQDWLRQQ¶HVWSRLQWVDQVFHVVHRFFXSpHjUHFRQQDvWUHOHV3HUVRQQHV GRQW RQ SDUOH HWHQILQFKDFXQ\SDUDvWPLHX[FDUDFWpULVp/HV1RXYHOOHVQHGHYUDLHQWSRLQW DYRLUSRXUVXMHWVGHVpYpQHPHQWVWURSDQFLHQVHWRQSHXWDMRXWHUjFHWDUWLFOHTX¶HOOHVQHGH YUDLHQWSRLQWDXVVLDYRLUSRXU6FqQHGHVOLHX[WURSpORLJQpV-DPDLVXQ+LVWRULHQQHSHXWDVVH] DWWDFKHUOHV/HFWHXUV2QQ¶DJXqUHGHFXULRVLWpSRXUGHV6LqFOHVHWGHV3D\VLQFRQQXVRQHQD DXFRQWUDLUHSRXUFHX[TXLVRQWSHXpWUDQJHUVHWLOHVWLQGXELWDEOHTXHGHGHX[+LVWRLUHVpJD OHPHQWWUDYDLOOpHVGRQWO¶XQHFRQWLHQGUDWRXVLQFLGHQWVHQ)UDQFHSHQGDQWOHVGHUQLHUV6LqFOHV HW O¶DXWUH WRXV LQFLGHQWVDUULYpVHQ*UqFHRXSHQGDQWODSUHPLqUH5DFHGHQRV5RLVFHOOHFL LQWpUHVVD LQILPHQW PRLQV XQ QRP EDUEDUH HVW VHXO FDSDEOH GH IDLUH KDwU XQH +LVWRLUH ELHQ pFULWH³ 'X3ODLVLUV6HQWLPHQWVZLH$QP6± 



-|UQ6WHLJHUZDOG

DXI]ZHLHUOHL:HLVHJHVFKHKHQNRQQWH(QWZHGHUZLUGZLHLQGHU&OpOLHHLQHDOV YRUELOGOLFK YHUVWDQGHQH DQWLNH .XOWXU VR LQ 6]HQH JHVHW]W GDVV VLH ]XJOHLFK DQWL NLVFKXQGIUDQ]|VLVFKZLUNWRGHUHVZLUGZLHLQGHU$VWUpHHLQH$UW8UV]HQHGHU IUDQ]|VLVFKHQ .XOWXU SUlVHQWLHUW %HLGH 0RGHOOLHUXQJHQ NRPPHQ GDULQ EHUHLQ GDVV GHU 5FNEH]XJ DXI GLH 9HUJDQJHQKHLW QRWZHQGLJH 9RUDXVVHW]XQJ LVW IU GLH DQJHVWUHEWH/HJLWLPDWLRQGHUHLJHQHQ.XOWXUJHUDGHLP$QJHVLFKWNRQNXUULHUHQGHU 0RGHOOHZLHGHQ0RGHOOHQ,WDOLHQXQG6SDQLHQ'DUDXVHQWVWHKWLQGHVHLQSUREOH PDWLVFKHV 9HUKlOWQLV ]ZLVFKHQ 9RUELOG XQG 1DFKDKPXQJ GD GLH IUDQ]|VLVFKH .XOWXU GHU GDPDOLJHQ *HJHQZDUW HEHQ LPPHU QXU DOV 1DFKDKPXQJ JHVHW]W ZLUG PLWKLQDOVUHODWLYHVXQGQLFKWDOVDEVROXWHV9RUELOG 'LHVHV 3UREOHP GHU KLVWRULVFKHQ 5HIHUHQ]LDOLWlW OLHJW DXFK QRFK EHL GHU 3ULQFHVVH GH &OqYHV YRU ZLH HWZD 9DOLQFRXU LQ VHLQHQ /HWWUHV KHUYRUKHEW GD LQ GLHVHU*HVFKLFKWHGLHXQEHUWUHIIOLFKH*DODQWHULHGHV+RIHVYRQ+HLQULFK,,JOHLFK HLQJDQJV GHV 5RPDQV JHQDQQW ZLUG ZRGXUFK GLH DNWXHOOH *DODQWHULH GHV +RIHV YRQ /XGZLJ ;,9 QRWZHQGLJHUZHLVH DXI GHP ]ZHLWHQ 3ODW] UDQJLHUHQ PXVV 'X 3ODLVLU XPJHKW HEHQ GLHVH 6FKZLHULJNHLW LQ LKUHU 1RYHOOH ZHQQ VLH HLQOHLWHQG VFKUHLEW -DPDLV/D)UDQFHQ¶DSDUXDYHFWDQWGHJUDQGHXUTXHSHQGDQWFHVGHUQLqUHVJXHUUHV6HVVXFFqV pJDODLHQW VHV GHVVHLQV (OOH VHXOH IDLVDLW OD IRUFH FRQWUH O¶(XURSH SUHVTXH HQWLqUH HW OHV FRX URQQHVTXLQHV¶pWDLHQWSRLQWGpFODUpHVVHVHQQHPLHVQHODUHJDUGDLHQWTX¶DYHFLQTXLpWXGH

'DGXUFK YHUPHLGHW VLH GLH 'LVNUHSDQ] ]ZLVFKHQ GHP DNWXHOOHQ 6HOEVWYHUVWlQGQLV GHUIUDQ]|VLVFKHQ.XOWXUDOVLQMHGHU+LQVLFKWEHUOHJHQHU.XOWXUXQGGHU'DUVWHO OXQJZHQQQLFKW*ORULIL]LHUXQJHLQHUYHUJDQJHQHQ.XOWXUGLHQRFKGLH3ULQFHVVH GH&OqYHVNHQQ]HLFKQHW /D PDJQLILFHQFH HW OD JDODQWHULH Q¶RQW MDPDLV SDUX HQ )UDQFH DYHF WDQW G¶pFODW TXH GDQV OHV GHUQLqUHVDQQpHVGXUqJQHGH+HQUL,,&HSULQFHpWDLWJDODQWELHQIDLWHWDPRXUHX[TXRLTXH VD SDVVLRQ SRXU 'LDQH GH3RLWLHUVGXFKHVVHGH9DOHQWLQRLVH€WFRPPHQFpLO\DYDLWSOXVGH YLQJWDQVHOOHQ¶HQpWDLWSDVPRLQVYLROHQWHHWLOQ¶HQGRQQDLWSDVGHVWpPRLJQDJHVPRLQVpFOD WDQWV

'LH )DEULNDWLRQ YRQ /XGZLJ ;,9 ]HLWLJW KLHU GHXWOLFK VLFKWEDUH (UIROJH GLH VR ZRKODXIGHU(EHQHGHU(U]lKOXQJDOVDXFKDXIGHU(EHQHGHU+DQGOXQJ]XP7UD JHQ NRPPHQ 'LHV XPVR PHKU DOV GDV DNWXHOOH )UDQNUHLFK VHLQHQ hEHUOHJHQ KHLWVDQVSUXFK DXI MHGHP *HELHW XQWHU %HZHLV JHVWHOOW KDW ± VR 'X 3ODLVLU ± XQG IROJOLFK NHLQH $EVLFKHUXQJ PHKU EHQ|WLJW GXUFK HLQH 5FNELQGXQJ DQ YRUDXVOLH JHQGH7UDGLWLRQHQhEHUVSLW]WIRUPXOLHUW/HPRQGHF¶HVWQRXV 'LH]ZHLWH%HVRQGHUKHLWGHU6HQWLPHQWVEHVWHKWLQGHU1HXDXVULFKWXQJGHUJH IRUGHUWHQ ÃYUDLVHPEODQFHµ :LH EHUHLWV JHVDJW KDQGHOW HV VLFK EHL GHQ6HQWLPHQWV   'X3ODLVLU/D'XFKHVVH ZLH$QP 6  0PHGH/D)D\HWWH/D3ULQFHVVHGH&OqYHV ZLH$QP 6  ,P6LQQHYRQ3HWHU%XUNH7KH)DEULFDWLRQRI/RXLV;,91HZ+DYHQX/RQGRQ

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



QLFKW XP HLQH 5RPDQSRHWLNLPHLJHQWOLFKHQ6LQQHYLHOPHKUJHKWHVXPHLQH5H IOH[LRQURPDQHVNHQ6FKUHLEHQVGLHVRZRKOGHQÃURPDQµDOVDXFKGHQÃSHWLWURPDQµ RGHUGLHÃQRXYHOOHJDODQWHµEHWULIIWVRGDVVGLHJHIRUGHUWH:DKUVFKHLQOLFKNHLWNHLQH 4XDOLWlWHLQHVEHVWLPPWHQ*HQUHVLVW9LHOPHKUYHUVXFKW'X3ODLVLUPLWGHQ6HQ WLPHQWVGDV3DUDGLJPDGHVURPDQHVNHQ6FKUHLEHQVXP]XEHJUQGHQLQGHP VLHGLHVSH]LILVFKH$NWXDOLWlWGLHVHU6FKUHLEZHLVHHUOlXWHUW +LHUIUUHNXUULHUWVLHDXIGLHWUDGLHUWH.DWHJRULHGHUÃYUDLVHPEODQFHµGHU:DKU VFKHLQOLFKNHLWIDVVWGLHVHLQGHVQHX,KU$XVJDQJVSXQNWLVWVHLWGHQ'LVNXVVLRQHQ XP GLH ÃQRXYHOOH JDODQWHµ GHU HU -DKUH YHUJOHLFKVZHLVH JHOlXILJ HULQQHUW VHL QXUDQ'RQQHDXGH9LVpZHQQVLHYRUDXVVHW]W /D YUDLVHPEODQFH FRQVLVWH j QH GLUH TXH FH TXL HVW PRUDOHPHQW FUR\DEOH HW RQ QH VH FRQILH SRLQWVXUFHTX¶LOHVWDUULYpGHVFKRVHVSOXVH[WUDRUGLQDLUHVTXHFHOOHVTX¶RQDYDQFH/DYpULWp Q¶HVW SDV WRXMRXUV YUDLVHPEODEOH HW FHSHQGDQW FHOXL TXL pFULW XQH +LVWRLUH YUDLH Q¶HVW SRLQW REOLJpG¶DGRXFLUOHVFKRVHVSRXUOHVUHQGUHFDSDEOHVG¶rWUHFUXHV,OQ¶HVWSRLQWJDUDQWGHOHXU YUDLVHPEODQFH SDUFH TX¶LO GRLW OHV UDSSRUWHU WHOOHV TX¶HOOHV VH VRQW SDVVpHV HW SDUFH TX¶HOOHV VRQWFRQQXHVGHSOXVLHXUVPDLVO¶$XWHXUG¶XQH+LVWRLUHIDEXOHXVHGRQQHOXLPrPHO¶rWUHDX[ LQFLGHQWVGHVHV+pURVHWLOQHVHPHWSRLQWDXKDVDUGG¶rWUHGpPHQWLSDUFHTX¶LOQHSRXUUDLWVH MXVWLILHU$LQVLELHQTXHO¶XQSXLVVHVDQVSUpSDUDWLRQpFULUHTXHOH5RLTXDQGLODpWpSUpVHQWD HPSRUWpHQWURLVRXTXDWUHMRXUQpHVGHV9LOOHVTXLVHYDQWDLHQWGHQHSRXYRLUrWUHSULVHVO¶DXWUH QHSRXUUDLWSDVGLUHODPrPHFKRVHGHVRQ+pURV

:DKUVFKHLQOLFKNHLW ZLUG DOVR QLFKW DOV .DWHJRULH HLQHU KLVWRULVFKHQ :DKUVFKHLQ OLFKNHLW RGHU ]XPLQGHVW HLQHU SRHWLVFKHQ :DKUVFKHLQOLFKNHLW YHUVWDQGHQ ZLH VLH HWZDYRQ0DGHOHLQHGH6FXGpU\RGHU+XHWJHIRUGHUWZLUGVRQGHUQDOVPRUDOLVFKH :DKUVFKHLQOLFKNHLW 'LHVH &KDUDNWHULVLHUXQJ HUODXEW HLQH GRSSHOWH 5HIHUHQ] GLH ]XP HLQHQ GLH ÃELHQVpDQFHµ LP $OOJHPHLQHQ XQG GLH 3ULQFHVVH GH &OqYHV LP %H VRQGHUHQEHWULIIW'LH$QELQGXQJGHU:DKUVFKHLQOLFKNHLWDQGDVPRUDOLVFK*ODXE ZUGLJHVHW]WQlPOLFKQRFKLQGHQ'LVNXVVLRQHQGHUHU-DKUHGLH(LQKDOWXQJ GHUÃELHQVpDQFHµYRUDXVZDVVLFKVRZRKOLQGHU:DKOGHU7KHPHQDOVDXFKLQGHU 3UlVHQWDWLRQ GHU +DQGOXQJHQ XQG )LJXUHQUHGHQ ]HLJW LQVRIHUQ HV *UHQ]HQ GHU 6LWWOLFKNHLW JLEW GLH HV XQEHGLQJW HLQ]XKDOWHQ JLOW 0LW GHU 3ULQFHVVH GH &OqYHV ZHUGHQHEHQGLHVH*UHQ]HQEUFKLJZLHGLH'HEDWWHXPGHQÃDYHXµGDV*HVWlQG QLVGHU3ULQFHVVHQXUDOO]XGHXWOLFK]HLJW'RFKEOHLEWJHUDGHQDFKGLHVHUÃQRXYHOOH JDODQWHµ GLH )UDJH ZLH GLH PRUDOLVFKH :DKUVFKHLQOLFKNHLW ]X EHJUHLIHQ LVW XQG ZHOFKH.RQVHTXHQ]HQGDUDXVIUGDVURPDQHVNH6FKUHLEHQHQWVWHKHQ 'X 3ODLVLUV $QWZRUWKLHUDXILVWPHKUDOVEHPHUNHQVZHUWXQGOHJW]XJOHLFKGLH *UXQGODJHIUGHUHQ1HXNRQ]HSWLRQGLHELV]X0DULYDX[XQG3UpYRVWZHQQQLFKW QRFKGDUEHUKLQDXVOHLWHQGVHLQZLUG 1pDQPRLQVMHFURLUDLVPDOMXJHUGHFHVRXYUDJHVVLSDUFHTXHOHXUSULQFLSDOHDFWLRQGpWDFKpH GHVHVFLUFRQVWDQFHVPHVHPEOHUDLWG¶DERUGPRUDOHPHQWLQFUR\DEOHMHGpFLGDLVTX¶LOVVRQWGp IHFWXHX[%LHQpORLJQpGHFHVHQWLPHQWMHFURLVTXHO¶KLVWRULHQGHYUDLWWRXMRXUVDIIHFWHUGHVDF WLRQVGHFHWWHQDWXUHSDUFHTXHSOXVHOOHVVHPEOHQWKRUVGHODUDLVRQHWGHODYUDLVHPEODQFHRU   'X3ODLVLU6HQWLPHQWV ZLH$QP 6±



-|UQ6WHLJHUZDOG

GLQDLUHSOXVSRXUOHVSHUVXDGHULOIHUDLWYRLUVRQHVSULWHWVRQDGUHVVH'HFHWWHVRUWHORLQG¶rWUH SUpYHQX FRQWUH XQH KLVWRLUH R O¶RQ SDUOHUDLW G¶XQH MHXQH SHUVRQQH TXL UHIXVH G¶pSRXVHU VRQ DPDQW SDUFH TX¶HOOH V¶LPDJLQH O¶DLPHU WURS M¶DXUDLV LPSDWLHQFH GH OD OLUH HW MH MXJHUDLV SDU DYDQFHTXHVRQDXWHXUHVWG¶XQJpQLHpOHYpRXGXPRLQVMHVXVSHQGUDLVPRQMXJHPHQWMXVTX¶j FHTXHM¶HXVVHYXOHVPR\HQVTXHO¶RQDXUDLWHPSOR\pVSRXUpWDEOLUFRQGXLUHMXVWLILHUHWILQLU FHSRLQWSULQFLSDOTXLVpSDUpGXUHVWHSDUDvWVLH[WUDYDJDQWHWSUHVTXHLPSRVVLEOH

'X 3ODLVLUV $UJXPHQW LVW VR HLQIDFK ZLH EHU]HXJHQG (LQH PRUDOLVFK VFKHLQEDU XQZDKUVFKHLQOLFKH +DQGOXQJ NDQQ GXUFKDXV ZDKUVFKHLQOLFK VHLQ ZHQQ VLH YRP (U]lKOHUGHPÃKLVWRULHQµEHU]HXJHQGGDUJHVWHOOWZLUG$XVJDQJVSXQNWGHU(U]lK OXQJHQ VLQG IROJOLFK QLFKW PHKU GLHMHQLJHQ +DQGOXQJHQ XQGRGHU 3HUVRQHQ GLH H[HPSODULVFKIUGLHÃELHQVpDQFHµHLQVWHKHQZLHGLHVHWZDYRQGHU&OpOLHELV]XU 3ULQFHVVH GH &OqYHV GHU )DOO LVW VRQGHUQ HKHU GLH WHQGHQ]LHOO SUREOHPDWLVFKHQ )LJXUHQ GLH EHUHLWV YRQ 0PH GH 9LOOHGLHX LQ LKUHQ 1RYHOOHQ HLQJHIKUW ZXUGHQ XQG GLH YRQ QXQ DE GLH IUDQ]|VLVFKH 5RPDQOLWHUDWXU SUlJHQ ZHUGHQ 'HXWOLFK ZLUG GLHV EHUHLWV DQ GHP YRUJHOHJWHQ %HLVSLHO GHU MXQJHQ )UDX GLH VLFK ZHLJHUW LKUHQ/LHEKDEHU]XKHLUDWHQZHLOVLHIUFKWHWLKQ]XVHKU]XOLHEHQ'DVOlVVWVLFK ]XP HLQHQ GLUHNW DXI 'X 3ODLVLUV 1RYHOOH EH]LHKHQ DEHU HEHQ DXFK DXI 3UpYRVWV 0DQRQ/HVFDXWRGHU0DULYDX[¶9LHGH0DULDQQHGLHDXIGHPVHOEHQ*UXQGPXVWHU DXIEDXHQ 'DGXUFKOHLVWHW'X3ODLVLUGUHLHUOHL6LHVHW]WHUVWHQVGHUPRUDOLVWLVFKJHSUlJWHQ (U]lKOZHLVHYRQ0PHGH/D)D\HWWHHLQHQHXWUDOHE]ZXQSDUWHLOLFKH(U]lKOHUILJXU HQWJHJHQGLHEHULFKWHWDEHUQLFKWZHUWHW'DPLWYHUEXQGHQHUVHW]WVLHGLHWUDGLHU WH PRUDOLVFKH :DKUVFKHLQOLFKNHLW GLH GXUFK GLH ÃELHQVpDQFHµ GHXWOLFK EHJUHQ]W ZXUGH GXUFK HLQH PRUDOLVFKH 3ODXVLELOLWlW GLH ]ZDU QLFKW YROONRPPHQ HQWJUHQ]W LVW MHGRFK GHXWOLFK ZHLWHU JHIDVVWH *UHQ]HQ KDW LQVRIHUQ VLHQXQDXFKGDVPRUD OLVFK3UREOHPDWLVFKHLQGHQ%OLFNQLPPW'HUJHVWDOWHUVHW]WVLHGULWWHQVGDVPRUD OLVFK :DKUVFKHLQOLFKH GXUFK GDV PRUDOLVFK 3ODXVLEOH XQG EHI|UGHUW HLQH 1HXDXV ULFKWXQJ GHV URPDQHVNHQ 6FKUHLEHQV LQGHP VLH LQ EHVRQGHUHP 0D‰H DXI GLH ,QWLPLWlW E]Z *HIKOVNXOWXU GHU )LJXUHQ XQG GHU (U]lKOXQJ DE]LHOW 'HU HUVWH EHGHXWHQGH6FKULWW]XUHPSILQGVDPHQ6FKULIWNXOWXULVWGDPLWJHJDQJHQDXFKZHQQ HUQRFKLP%HUHLFKGHU*DODQWHULHYHUEOHLEW'LHgIIQXQJ]XU(PSILQGVDPNHLWLVW   'X3ODLVLU6HQWLPHQWV ZLH$QP 6  9HUZLHVHQ VHL KLHUIU DXI GLH $QQDOHV JDODQWHV   XQG DXI /HV 'pVRUGUHV GH O¶DPRXU

 YRQ0PHGH9LOOHGLHX

 'LHVHV9HUVWlQGQLVKDWDXFK)ROJHQIUGLH7XJHQGNRQ]HSWLRQGHU3URWDJRQLVWHQÄ2QQ¶RXWUH

SOXVODYHUWXGDQVOHV)HPPHV/HV)HPPHVSRXUVHIDLUHDLPHUGRLYHQWrWUHYHUWXHXVHVPDLV VXU FH SULQFLSH RQ QH PHW SDV FHWWH YHUWX j GH WURS JUDQGH QRPEUH RX G¶HQWUHSULVHV RX GH GDQJHUV PDLV OD VDJHVVH GHV )HPPHV ORLQ GH GHYHQLU KpURwTXH DSUqV GH ORQJV FRPEDWV GH YLHQWVRXSoRQQpHHWLOQ¶DSSDUWLHQWTX¶j'LHXVHXOGHOXLGRQQHUGHVUpFRPSHQVHVDSUqVSOX VLHXUV RFFDVLRQV GDQJHUHXVHV SDUFH TXH OXL VHXO QH MXJH SRLQW VHORQ O¶XVDJH RX OHV DSSD UHQFHV³ 'X3ODLVLU6HQWLPHQWVZLH$QP6   Ä&HGpVLQWpUHVVHPHQWVLQpFHVVDLUHGDQVO¶KLVWRLUHGpIHQGDX[KLVWRULHQVGHMRLQGUHPrPHjXQ QRPTXHOTXHWHUPHGHIODWWHXUTXRLTXHIDFLOHjMXVWLILHU³ 'X3ODLVLU6HQWLPHQWVZLH$QP 6 

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



GHPQDFKHLQH1HXDXVULFKWXQJGHU*DODQWHULHXQGEHGHXWHWHEHQNHLQHQ$EVFKOXVV GHU*DODQWHULH  

 6FKDPJHVFKLFKWHQ/D'XFKHVVHG¶(VWUDPqQH  'LHÃQRXYHOOHJDODQWHµ/D'XFKHVVHG¶(VWUDPqQHZLUGLQGHU)RUVFKXQJYRUDOOHP XQWHU ]ZHL 3HUVSHNWLYHQ LQ GHQ %OLFN JHQRPPHQ =XP HLQHQ KLQVLFKWOLFK LKUHU JDWWXQJVJHVFKLFKWOLFKHQ %HGHXWXQJ GLH HQJ PLW GHU $XWRUVFKDIW 'X 3ODLVLUV YHU EXQGHQLVWXQG]XPDQGHUHQKLQVLFKWOLFKGHVLQLKUVLFKWEDUZHUGHQGHQSUREOHPD WLVFKHQ &KDUDNWHUV GHU ([HPSODUL]LWlW GHU WLWHOJHEHQGHQ 3URWDJRQLVWLQ ,P $Q VFKOXVVDQGLH3ULQFHVVHGH&OqYHVXQGGHUHQÄH[HPSOHVGHYHUWXLQLPLWDEOHV³ZLUG GLH WHQGHQ]LHOO VR]LDOKLVWRULVFK DXVJHULFKWHWH )UDJH YHUIROJW LQZLHIHUQ GLH +DQG OXQJHQGHU'XFKHVVHH[HPSODULVFKE]ZSODXVLEHOVLQGGKHVZLUGJHIUDJWLQZLH IHUQGLH=XUFNZHLVXQJGHV*HOLHEWHQDXV/LHEH]XEHU]HXJHQYHUPDJ $X‰HU$FKWJHODVVHQZLUGGDEHLHLQ0RPHQWDXIGDV'X3ODLVLULQLKUHQ6HQ WLPHQWV]HQWUDODE]LHOWXQGGDVDXFKIUGLHKLHULQWHUHVVLHUHQGH1RYHOOHYRQJUXQG OHJHQGHU%HGHXWXQJLVW'HQQJHPl‰'X3ODLVLUPXVVVLFKGDVURPDQHVNH6FKUHL EHQ DXI HLQHQ $IIHNW NRQ]HQWULHUHQ VRGDVV GLH DQJHVWUHEWH (U]lKOXQJ DOV &KDUDNWHUHU]lKOXQJ PRGHOOLHUW ZLUG 8QG HEHQ GLHVHU $IIHNW GHU VRZRKO GHQ &KDUDNWHUGHU'XFKHVVHDOVDXFKGLH+DQGOXQJEHVWLPPWLVWGLH6FKDPGLHÃKRQ WHµGLHJHUDGH]XGHQ/HLWEHJULIIGHU(U]lKOXQJELOGHW'LHVVHLDQKDQGHLQHUNXUVR ULVFKHQ/HNWUHYRQ(SLVRGHQGHU3UHPLqUHXQGGHU'HX[LqPH3DUWLHDXVJHIKUW ,P=HQWUXPGHU1RYHOOHVWHKHQ]ZHLDGHOLJHHQJOLVFKH)DPLOLHQGLH(QJODQGYHU ODVVHQ KDEHQ XP LP )UDQNUHLFK /XGZLJV ;,9 ]X OHEHQ %HLGHQ +lXVHUQ GHQ G¶+HQQHEXU\XQGGHQG¶+LOPRUUHVWHKHQGLH0WWHUDOV)DPLOLHQREHUKDXSWYRUGD   'DKHU LVW HV DXFK QXU NRQVHTXHQW GDVV $OEUHFKW .RVFKRUNH GHQ %HJLQQ GHU HPSILQGVDPHQ

6FKULIWNXOWXUHUVWQDFKDQVHW]W6LHKH$OEUHFKW.RVFKRUNH.|USHUVWU|PHXQG6FKULIWYHU NHKU0HGLRORJLHGHV-DKUKXQGHUWV0QFKHQ  6LHKH 0DUF (VFROD 1RWLFH ,Q 1RXYHOOHV JDODQWHV GX ;9,,H VLqFOH 6± VRZLH 5HQp *RGHQQH 3RXU HQ VDYRLU XQ SHX VXU OD QRXYHOOH IUDQoDLVH« ,Q 7KH )UHQFK 5HYLHZ     6± 6WpSKDQ )HUUDUL +LVWRLUH WUDJLTXH HW JUDQGH KLVWRLUH UHQFRQWUH GH GHX[ JHQUHV,Q'DOKRXVLH)UHQFK6WXGLHV/LWWpUDWXUHHWKLVWRLUHDX;9,,HVLqFOH :LQWHU  6±VRZLHMQJVW5XGROI%HKUHQV'LH9RUVWHOOXQJGHV(URV,PDJLQDWLRQXQG/LHEHVJH QHVHLQGHU/LWHUDWXUYRQ)UKHU1HX]HLWELV5RPDQWLN )LFLQR'X3ODLVLU0DULYDX[)RVFROR  ,Q/LHEHVVHPDQWLN)UKQHX]HLWOLFKH'DUVWHOOXQJHQYRQ/LHEHLQ,WDOLHQXQG)UDQNUHLFK+JY .LUVWHQ 'LFNKDXW :LHVEDGHQ  6± EHV 6 ± GHU GHQ )RNXV DXI GDV =X VDPPHQVSLHOYRQ,PDJLQDWLRQXQG3RUWUDLWOHJW Ä2QQHGRQQHSDVWRXWHVOHVERQQHVTXDOLWpVjFKDFXQGHVDFWHXUVHWELHQTX¶LOVVRLHQWVXSSRVpV UDLVRQQDEOHV JpQpUHX[ EUDYHV LOV QH OH VRQW SDV pJDOHPHQW 8QH TXDOLWp SDUWLFXOLqUH SUpGR PLQHHWFHWWHTXDOLWpHVWGpSHLQWHVHXOHPHQWDYHFFHOOHVTXLOXLFRQYLHQQHQW$LQVLOHKpURVTXL SDUDvWUDFRPPHXQKRPPHDPELWLHX[SRXUUDrWUHUHSUpVHQWpPDJQLILTXHDJLVVDQWKDUGLPDLV LOVHUDLWLQXWLOHHWSHXWrWUHPDOjSURSRVGHOXLGRQQHUGHVJUDQGHVGpOLFDWHVVHVGHF°XUVLFH Q¶HVWTXHO¶RQYRXO€WIDLUHFRPEDWWUHVRQDPRXUDYHFVRQDPELWLRQ³ 'X3ODLVLU6HQWLPHQWV ZLH$QP6 



-|UQ6WHLJHUZDOG

GLH9lWHUEHUHLWVYHUVWRUEHQVLQGZRGXUFKYRQYRUQKHUHLQHLQ)RNXVDXIGHQ%H UHLFKGHV3ULYDWHQJHOHJWZLUGXQGQLFKWDXIGHQ%HUHLFKGHVgIIHQWOLFKHQRGHUJDU GHV .ULHJHV $OOHUGLQJV N|QQWHQ EHLGH 0WWHU QLFKW XQWHUVFKLHGOLFKHU VHLQ GHQQ GLHFRPWHVVHG¶+HQQHEXU\LVWHLQHDXVJHVSURFKHQOLHEHYROOH0XWWHUGLHVLFKVWHWV XP GLH /LHEH XQG )UHXQGVFKDIW LKUHU .LQGHU EHPKW ZlKUHQG GLH FRPWHVVH G¶+LOPRUUH JHUDGH]X SHUIHNW GDV K|ILVFKH ,QWHUGHSHQGHQ]V\VWHP XQG GLH 6WDWXV |NRQRPLH UHSUlVHQWLHUW LQQHUKDOE GHUHU GLH +HLUDW]ZLVFKHQ]ZHL$GHOLJHQDOOHLQ GHU6WHLJHUXQJGHUYHUVFKLHGHQHQ.DSLWDOLHQGLHQW=XGLHVHQEHLGHQ)DPLOLHQWULWW GHU GXF G¶2OVLQJDP KLQ]X GHU DOV SHUIHNWHU ÃJDODQW KRPPHµ EH]HLFKQHW ZHUGHQ NDQQGDHUVRZRKOLQGHU6FKODFKWDOVDXFKEHL+RIHVWHWV]XEULOOLHUHQZHL‰ 'LH HLJHQWOLFKH +DQGOXQJ EHJLQQW GDPLW GDVV 0OOH G¶+HQQHEXU\ HLQ :DFKV SRUWUDLW GHV GXF G¶2OVLQJDP JHVHKHQ XQG VLFK GDUDXI LQLKQYHUOLHEWKDWZDVLKU DXIJUXQGLKUHVMXJHQGOLFKHQ$OWHUVLQGHVQLFKWEHZXVVWLVWZlKUHQGLKUHHPSDWKL VFKH0XWWHUHVPLW:RKOJHIDOOHQEHWUDFKWHW=XUHUVWHQ6FKDPHSLVRGHNRPPWHVLQ GHP $XJHQEOLFN DOV GLH EHLGHQ 0WWHU PLW 0OOH G¶+HQQHEXU\ LP -DUGLQ GX 5RL VSD]LHUHQ JHKHQ XQGGRUWXQYRUEHUHLWHWDXIGHQGXFG¶2OVLQJDPWUHIIHQGHUHEHQ YRP)HOGH]XUFNJHNHKUWLVWRKQHGDVVVLFKGLH%HWHLOLJWHQHUNHQQHQ'LHVHV7UHI IHQIKUW]XPHUVWHQ6FKDPHUOHEQLVGHU0DGHPRLVHOOHGDVLHVLFKPLWHLQHP0DQQ NRQIURQWLHUW VLHKW GHU GHQ XQEHNDQQWHQ DEHU JHOLHEWHQ GXF G¶2OVLQJDP VLFKWEDU EHUWULIIWVRGDVVVLHYHUPHLQWVLFKLQGHQIDOVFKHQGDQLFKWSHUIHNWHQ0DQQYHU OLHEW]XKDEHQ 0OOH G¶+HQQHEXU\ O¶DSHUoXW >LH OH GXF G¶2OVLQJDP@ DXVVL j GHV PDUTXHV pJDOHV SHXWrWUH j FHOOHVTXLODOXLDYDLHQWIDLWDSHUFHYRLU(OOHQHOHFUXWSRLQWrWUHOHGXFG¶2OVLQJDPHWVRQHU UHXUOXLFR€WDHQSHXGHPRPHQWVGHYLROHQWHVLPSUHVVLRQV&HOXLTX¶HOOHYR\DLWYHQLUOXLSDUXW G¶XQHPLQHDXGHOjGHWRXWFHTX¶XQEUXLWDYDQWDJHX[HWXQHJUDQGHLQFOLQDWLRQOXLDYDLHQWIDLW LPDJLQHU GH SOXV IDYRUDEOH (OOH HXW OD KRQWH G¶DYRLU WDQW GH GLVSRVLWLRQ SRXU OH GXF G¶2OVLQJDP SXLVTX¶LO pWDLW VXUSDVVp SDU XQ DXWUH (OOH VH VHQWL DLJULH DXVVL FRQWUH FHW DXWUH FRPPHV¶LODYDLWHXWRUWG¶rWUHSOXVDLPDEOHTXHFHOXLSRXUTXLHOOHDYDLWWDQWGHSHQFKDQWHW SOXV HOOH DSSURFKDLW SOXV HOOH YR\DLW GH FKRVHV DXGHVVXV GH O¶LGpH TX¶HOOH V¶pWDLW IDLWH GH FH GXF/DFUDLQWHGHWURXYHUGDQVOHVWUDLWVGHVRQYLVDJHGHQRXYHDX[VXMHWVGHGpSLWHWGHFROqUH FRQWUH HOOHPrPH OXL SHUVXDGD TX¶HOOH GHYDLW pYLWHU GH OHV YRLU GLVWLQFWHPHQW (OOH FHVVD WRXW G¶XQFRXSGHOHUHJDUGHU(OOHHQJDJHDVDFRPSDJQLHjFRQWLQXHUODSURPHQDGHG¶XQDXWUHF{Wp HWSOHLQHG¶XQHLPSDWLHQFHTXHOXLGRQQDLWFHWWHUHQFRQWUHHOOHVRUWLWGX-DUGLQHQXQpWDWDLVp j>VH@UHSUpVHQWHU

'LH 9HUZLUUXQJHQ GHU SXEHUWLHUHQGHQ 0DGHPRLVHOOH VLQG EHPHUNHQVZHUW GD VLH DXV GHP VFKHLQEDU VFKOLFKWHQ (UOHEQLV GHU %HJHJQXQJ PLW HLQHP XQEHNDQQWHQ 0DQQHLQH.DVNDGHYRQZLGHUVSUFKOLFKHQ*HIKOHQHQWVWHKHQOlVVWGLHDOOHLQGHU ÃKRQWHµ]XVDPPHQNRPPHQ6LHVLHKWHLQHQ0DQQGHQVLHQLFKWQXUQLFKWDOVGXF G¶2OVLQJKDP HUNHQQW VRQGHUQ GHVVHQ hEHUOHJHQKHLW EHU GLHVHQ 'XF VLH DXFK HUNHQQHQ PXVV ZDV EHL LKU KHIWLJH (LQGUFNH YLROHQWHV LPSUHVVLRQV  KLQWHUOlVVW 'HQQGHUMHQLJHGHQVLHVLHKWVFKHLQWLKUHLQ$XVVHKHQ]XKDEHQGDVVLHVLFKZH 



 'X3ODLVLU/D'XFKHVVH ZLH$QP 6



5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



GHU DXIJUXQG HLQHU YRUWHLOKDIWHQ DOOJHPHLQHQ 5HGH QRFK DXIJUXQG LKUHU HLJHQHQ YRUJHIDVVWHQ=XQHLJXQJEHVVHUKlWWHYRUVWHOOHQN|QQHQ 'HU HQWVSUHFKHQGH 6DW] Ä&HOXL TX¶HOOH YR\DLW YHQLU OXL SDUXW G¶XQH PLQH DX GHOj GH WRXW FH TX¶XQ EUXLW DYDQWDJHX[ HW XQH JUDQGH LQFOLQDWLRQ OXL DYDLHQW IDLW LPDJLQHUGHSOXVIDYRUDEOH³LVWDXVJHVSURFKHQPHUNZUGLJGDHUJOHLFK]ZHLPDO DXI GLH /HLVWXQJ GHU ,PDJLQDWLRQ DE]XKHEHQ VFKHLQW LQGHP HU GDV HLQOHLWHQGH ÃSDUDvWUHµ PLW GHP DEVFKOLH‰HQGHQ ÃLPDJLQHUµ YHUELQGHW GH IDFWR MHGRFK GLHVH 9RUVWHOOXQJHQ UFNELQGHW DQ GLH PRUDOLVFKH 'LVSRVLWLRQ GHU 0DGHPRLVHOOH G¶+HQQHEXU\ ZLH GLH (LQOHLWXQJ GHV DQVFKOLH‰HQGHQ 6DW]HV Ä(OOH HXW OD KRQWH³ GHXWOLFKKHUDXVVWHOOW'DV3UREOHPOlVVWVLFKNRQNUHWHUEHVFKUHLEHQZHQQPDQGLH *UXQGODJHQGHULPDJLQDWLYHQ9RUVWHOOXQJHQGHU&RPWHVVHEHVFKUHLEWGDGLHVH]XP HLQHQ DXI GHP ÃEUXLW DYDQWDJHX[µ XQG ]XP DQGHUHQ DXI GHU ÃJUDQGH LQFOLQDWLRQµ EHUXKHQ 'HPHQWVSUHFKHQGKDWVLFKGLH0OOHG¶+HQQEXU\HLQHQ0DQQDOVLGHDOHQ 0DQQYRUJHVWHOOWGHUGHP%LOGGHUK|ILVFKHQ*HVHOOVFKDIWJHQDXVRHQWVSULFKWZLH LKUHUSHUV|QOLFKHQ=XQHLJXQJZREHLLQVEHVRQGHUHOHW]WHUHVLP$EVWUDNWHQYHUEOHL EHQ PXVVWH GD VLH PDQJHOV (UIDKUXQJ XQG PDQJHOV .HQQWQLV LKUHU 6LWXDWLRQ JDU QLFKW ZLVVHQ NDQQ ZLH LKU ,GHDOELOG HLQHV 0DQQHV DXVVLHKW *HVWDOWHW ZXUGH HV GHPQDFK GXUFK VR]LDOH XQG NXOWXUHOOH 9RUJDEHQ LKUHU *HVHOOVFKDIW MHGRFK QLFKW GXUFK LKUHQ SHUV|QOLFKHQ *HVFKPDFN 'LH 6FKDP GLH VLH EHLP $QEOLFN GHV GXF G¶2OVLQJKDPHUOHEWUHVXOWLHUWGDUDXVGDVVLKUYHUPHLQWOLFKHV,GHDOELOGJDUQLFKWDOV VROFKHVJHOWHQNDQQGDHLQDQGHUHUUHDOHU0DQQGLHVHVEHUWULIIW'DGXUFKNRPPHQ )UHPGVFKDPXQG6HOEVWVFKDP]XVDPPHQZHLOGDVHLJHQH,GHDOGDVVLFKDXIHLQHQ DQGHUHQEH]LHKWGXUFKHLQHQGULWWHQYHUPHLQWOLFKHUZHLVHEHVFKlPWZLUG 'RFK ZUGH HV ]X NXU] JUHLIHQ ZHQQ PDQ GLH 6FKDPHUIDKUXQJ GHU 0OOH G¶+HQQHEXU\ DOOHLQ DXI GLHVHQ 0RPHQW UHGX]LHUHQ ZUGH :LH GHU QlFKVWH 6DW] DXVVWHOOW LVW VLH YHUlUJHUW DXI GHQ 'ULWWHQ GHP VLHJHUDGHEHJHJQHWGDGLHVHUEHL QlKHUHU %HWUDFKWXQJ LPPHU JHIlOOLJHU HUVFKHLQW ZDV ]XP HLQHQ JHJHQ LKQ VHOEVW VSULFKW XQG ]XP DQGHUHQ GLH %HWUDFKWHULQ JHJHQ VLFK VHOEVW DXIEULQJW *HQDXHU PXVV PDQ VDJHQ GDVV GLH *HIlOOLJNHLW GHV *HJHQEHUV GD]X IKUW GDVV 0OOH G¶+HQQHEXU\ HUIlKUW ± RKQH GDVV VLH GLHV EHZXVVW LQ :RUWHQ IDVVHQ NDQQ± GDVV ZHGHU LKUH 9RUVWHOOXQJ YRQ GHU *HVHOOVFKDIW QRFKLKUH,GHHYRQHLQHPJHIlOOLJHQ RGHUJDUDWWUDNWLYHQ$QGHUHQPLWGHU5HDOLWlWNRQNXUULHUHQN|QQHQVRGDVVVLHVLFK JOHLFKGRSSHOWEHVFKlPWVLHKW=XPHLQHQGXUFKGLH5HDOLWlWGHV$QGHUHQXQG]XP DQGHUHQ GXUFK LKUH HLJHQH ,QNRPSHWHQ] 'LH YHUPHLQWOLFKH )UHPGVFKDP YHUZDQ GHOWVLFKLQHLQHPHKUIDFKH6HOEVWVFKDP 'LH EHU PHKUHUH 6HLWHQ KLQZHJ EHVFKULHEHQH 6FKDPHUIDKUXQJ GHV MXQJHQ 0lGFKHQV GLH KLHU QXU LQ $XVVFKQLWWHQ ZLHGHUJHJHEHQ ZXUGH EHUXKW IROJOLFK GDUDXIGDVVVLHVLFKZHGHUEHULKUHZDKUHQ*HIKOHLP.ODUHQLVWQRFKZHL‰ZHU VLH ZLUNOLFK LVW XQG GK KLHUDXFK ZHOFKH 3RVLWLRQ VLH LP K|ILVFKHQ ,QWHUGHSHQ GHQ]V\VWHP HLQQHKPHQ P|FKWH 'RFK NOlUW VLFK GLHVHV HUVWH (UOHEQLV DOVEDOG DXI GD EHLP QlFKVWHQ %HVXFK GHV 'XF LP +DXVH GHU G¶+HQQHEXU\ HUVLFKWOLFK ZLUG GDVV GDV PHQVFKOLFKH 8UELOG ]ZDU GDV ZlFKVHUQH $EELOG EHUWULIIW DEHU EHLGH LQ



-|UQ6WHLJHUZDOG

HLQHU3HUVRQ]XVDPPHQNRPPHQ$OOHUGLQJVZLUGGDGXUFKGLH6FKDPHUIDKUXQJGHU 0DGHPRLVHOOH QLFKW EHHQGHW VRQGHUQ HUQHXHUW ZHQQ DXFK XQWHU DQGHUHQ %HGLQ JXQJHQ*HUDGHGLH(UNHQQWQLVGDVVGHUYHUPHLQWOLFKH'ULWWHLQ:DKUKHLWGHUGXF G¶2OVLQJKDP LVW IKUW EHL LKU ]X HLQHU QHXHUOLFKHQ %HVFKlPXQJ GHUHU VLH LQGHV HUVWJHZDKUZLUGQDFKGHPGHU'XFVHLQHQ%HVXFKLP+DXVHG¶+HQQHEXU\EHHQGHW KDW 2Q VH VpSDUD HW 0OOH G¶+HQQHEXU\ FRPPHQoD XQ SHXjSHUGUHGHVDSUHPLqUHWULVWHVVH(OOH V¶DEvPDVDQVV¶HQDSHUFHYRLUGDQVXQHLQILQLWpGHSHQVpHVVXUFHGXF(OOHQHYR\DLWGHWRXWHV SDUWVTXHFKDUPHVTXHTXDOLWpVDGRUDEOHVHWG¶DERUGHOOHVHQWLWXQHMRLHYLYHGHFHTXHODIDL EOHVVHTX¶HOOHDYDLWHXHG¶DLPHUDYHFWDQWGHIDFLOLWppWDLWVLKHXUHXVHPHQWMXVWLILpHSDUOHPp ULWHGHFHOXLTX¶HOOHDLPDLW 0DLV TXDQG HOOH VH UHSUpVHQWD TXH FHWWH FRPSODLVDQFH TX¶HOOH DYDLW SRXU HOOHPrPH pWDLW XQ FRQVHQWHPHQWjVDSDVVLRQHWXQQRXYHDXWUDLWGHKRQWHHOOHIXWDIIOLJpSOXVTX¶HOOHQHO¶DYDLW HQFRUHpWpHWHOOHH€WSUHVTXHGpVLUpTXHOHGXFG¶2OVLQJDPQ¶H€WTXHGHO¶DYHUVLRQSRXUHOOH DILQGHSRXYRLUVHGpIHQGUHFRQWUHOXL

'HU $EVFKLHG YHUVSULFKW ]XQlFKVW *XWHV 0OOH G¶+HQQHEXU\ OHJW LKUH ELVKHULJH 7UDXULJNHLW DE DXFK ZHQQ VLH VLFK LPPHU PHKU LQ LKUHQ *HGDQNHQ DQ GHQ 'XF YHUOLHUW 'DV IKUW LQ HLQHP HUVWHQ 6FKULWW GD]X GDVV VLH YRQGHVVHQ &KDUPH XQG EHZXQGHUQVZHUWHQ 4XDOLWlWHQ HLQJHQRPPHQ LVW ZDV LP ]ZHLWHQ 6FKULWW EHZLUNW GDVVVLHHUIUHXWGDUEHULVWHLQHQ0DQQ]XOLHEHQGHVVHQ0HULWHQLKQDXVJHVSUR FKHQ OLHEHQVZHUW PDFKHQ 'RFK EHUHLWV KLHU WULWW HLQ HUVWHV 3UREOHP DXI GD VLH JHPl‰ GHU (U]lKOHUUHGH HLQVLHKW GDVV LKUH /LHEH ]ZDU JHUHFKWIHUWLJW ZDU VLH MH GRFK DXFK HUNHQQHQ PXVV GDVV LKUH /LHEH HLQ =HLFKHQ LKUHU 6FKZlFKH LKUHU ÃIDLEOHVVHµZDU =X HLQHP JUXQGVlW]OLFKHQ 3UREOHP ZLUG GLHVH 6FKZlFKH LQ GHP 0RPHQW LQ GHP 0OOH G¶+HQQHEXU\ VLFK LKUHU EHZXVVW ZLUG ZDV GXUFK GLH 9RUVLOEH ÃUHµ GHV 9HUEV ÃUHSUpVHQWHUµ HLJHQV KHUYRUJHKREHQ ZLUG GDV DP %HJLQQ GHV IROJHQGHQ $EVFKQLWWV VWHKW 'HQQ QXQ ZLUG LKU HUVLFKWOLFK GDVV VLH YHUVXFKW VLFK VHOEVW ]X EHU]HXJHQ GDVV LKUH /LHEH ULFKWLJ ZDU ZDV LQVEHVRQGHUH GXUFK GDV 6XEVWDQWLY ÃFRPSODLVDQFHµ KHUDXVJHVWHOOWZLUG'LHVHVYHUZHLVW]XPHLQHQDXIGDV(QWJHJHQ NRPPHQGDVVLHVLFKVHOEVWHQWJHJHQEULQJWXQG]XPDQGHUHQDXIGLH*HIlOOLJNHLW GLHVLHVLFKVHOEVWHUZHLVWZRGXUFKHLQHJHZLVVH7HQGHQ]]XUZLOONUOLFKHQ6FK|Q IlUEHUHL QDKHJHOHJW ZLUG 'LHVH GRSSHOWH $XVULFKWXQJ GHU ÃFRPSODLVDQFHµ IKUW GHPHQWVSUHFKHQGGD]XGDVVVLHGDULQHLQHUVHLWVHLQH%LOOLJXQJLKUHU/HLGHQVFKDI WHQVLHKWDQGHUHUVHLWVDEHUDXFKHLQQHXHV0HUNPDOGHU6FKDPHUNHQQWGDVJHUDGH DXVLKUHUEHUHLWZLOOLJHQ%LOOLJXQJGHU/HLGHQVFKDIWUHVXOWLHUW'HQQDOVHLQHU'DPH YRQ6WDQGZLUGYRQLKUJHIRUGHUWGDVVVLHLKUH*HIKOHUHJXOLHUHQNDQQXQGQLFKW GHQ /HLGHQVFKDIWHQ QDFKJLEW YRU DOOHP QLFKW GHU /HLGHQVFKDIW GHU /LHEH VRGDVV VLHVLFKYROOHQGVEHVFKlPWVLHKW   (EG6

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



$OOHUGLQJV LVW GLHVH 6FKDPHUIDKUXQJ YRQ QLFKW DOO]X ODQJHU 'DXHU LQVRIHUQ VLFK 0OOH G¶+HQQHEUX\ XQG GHU GXF G¶2OVLQJKDP EDOG KlXILJHU WUHIIHQ XQG HLQDQGHU LPPHU PHKU JHZRJHQ ZHUGHQ VRGDVV GHU 'XF VFKOLH‰OLFK EHLP FRPWH G¶+HQQHEXU\ XP GLH +DQG GHU 0OOH DQKlOW XQG LKQ ]XJOHLFK ELWWHW IU LKQ EHL VHLQHU 0XWWHU XQG VHLQHU 6FKZHVWHU YRU]XVSUHFKHQ =XP $EVFKOXVV NRPPW GLH HUVWH (SLVRGH GDPLW GDVV GLH /LHEH ]ZLVFKHQ GHU 0DGHPRLVHOOH XQG GHP 'XF LQQHUKDOE GHU )DPLOLH RIIL]LHOO EHVFKORVVHQ ZLUG $OOHUGLQJV ILQGHW GLH EHUHLWV EH VFKORVVHQH 9HUELQGXQJ ]ZLVFKHQ GHQ /LHEHQGHQ GXUFK GHQ NXU] GDUDXI HUIROJHQ GHQ7RGGHU0XWWHUHLQHUVWHV(QGHGDGLHQRFKQLFKW|IIHQWOLFKEHNXQGHWHXQGYRU DOOHPQRFKQLFKWYRQGHUHQJOLVFKHQ.|QLJLQJHQHKPLJWH/LHEHGHU(KUHGHV+DX VHVG¶+HQQHEXU\6FKDGHQ]XIJHQZUGH (LQHJDQ]DQGHUH6FKDPHUIDKUXQJILQGHWVLFKLP$QVFKOXVVGDUDQLQGHU]ZHL WHQ(SLVRGHGHU+DQGOXQJDOV0OOHG¶+HQQHEXU\LQGDV+DXVGHUG¶+LOPRUUHEHU VLHGHOW XQG GDPLW ]XP %HVWDQGWHLO GHU +HLUDWVSROLWLN GHU +DXVKHUULQ ZLUG 'HQQ GLHVH VLHKW LQ GHU MXQJHQ 0DGHPRLVHOOH HLQH SHUIHNWH *DWWLQ IU LKUHQ 6RKQ GHQ GXFG¶(VWUDPqQHZHLOVLHGLHSDVVHQGH(UJlQ]XQJVHLQHU.DSLWDOLHQGDUVWHOOW9RQ /LHEHNDQQKLHUNHLQH5HGHVHLQQXUYRQ$OOLDQ]GHQNHQ,P=XJHGLHVHU+HLUDWV SROLWLNOlVVW0PHG¶+LOPRUUHDXFKEHLGHUHQJOLVFKHQ.|QLJLQDQIUDJHQREGLHVH (KH GHUHQ 6HJHQ ILQGHW 'LHV HUIlKUW 0OOH G¶+HQQHEXU\ QLFKW QXU YHUVSlWHW VRQ GHUQ DXFK QRFK ]X HLQHP =HLWSXQNW DOV VLH VLFK HQGOLFK NODU LVW EHU LKUH /LHEH ]XP GXF G¶2OVLQJDP +LHU NRPPW QXQ GLH ]ZHLWH 9DULDQWH GHU 6FKDP ]XP 9RU VFKHLQ 0PH G¶+LOPRUUH GHPHXUD DORUV SOHLQHPHQW SHUVXDGpH TXH 0OOH G¶+HQQHEXU\ QH WHQDLW SDV PRLQV DX[ UDLVRQV GHELHQVpDQFHTX¶DX[LQWpUrWVGHVRQF°XUHWWURXYDQWjSURSRVGHFRQWL QXHUOHVSUHPLqUHVDSSDUHQFHVGHJpQpURVLWpTX¶HOOHDYDLWVLKHXUHXVHPHQWHPSOR\pHV Ä-HVXLV HQFRUHGDQVOHVVHQWLPHQWVGHYRXVVDFULILHUWRXWHVFKRVHVOXLGLWHOOH)X\H]PRQILOVIX\H] PRLSRXUOHSUL[GHVDSDVVLRQHWGHPRQDPLWLp2XEOLH]TXHYRXVQHGHYH]UHFHYRLUYRWUHpWD EOLVVHPHQW TXH GX FKRL[ GH OD UHLQH $EDQGRQQH]QRXV ODLVVHU WRPEHU VXU QRXV OD KRQWH HW O¶LQGLJQDWLRQ,OQ¶LPSRUWH7RXVFHVPDX[QHVRQWSDVFRPSDUDEOHVjODGRXOHXUTXHM¶DXUDLV GHYRXVDYRLUFRQVHUYpHjQRXVPDOJUpYRXVPrPH³ /DVLQFpULWpQDWXUHOOHGH0OOHG¶+HQQHEXU\HWOHWURXEOHRHOOHpWDLWDORUVQHOXLSHUPLUHQWSDV GH VRXSoRQQHU G¶DXFXQH DGUHVVH O¶DPLWLp GH 0PH G¶+LOPRUUH &H GLVFRXUV HW O¶HPEDUUDV R HOOHpWDLWGpMjSDUODSUpVHQFHFHFHWWHFRPWHVVHHWSDUFHTXLOXLHQDYDLWpWpDSSULVOXLMHWqUHQW GDQVO¶HVSULWPLOOHDIIUHXVHVLGpHVVXUODFRQVLGpUDWLRQTX¶HOOHOXLGHYDLWVXUODKRQWHGHODLVVHU FRQQDvWUHTX¶HOOHDYDLWDLPpDYHFVLSHXGHUHVSHFWSRXUODUHLQHHWVXUO¶LQXWLOLWpGHYRXORLUVH FRQVHUYHUDXGXFG¶2OVLQJDPFRQWUHOHVYRORQWpVGHFHWWHSULQFHVVHHWHOOHQHGRXWDSRLQWHQFH   %HPHUNHQVZHUWLVWLQGLHVHP=XVDPPHQKDQJGLH8QVLFKHUKHLWGHV'XFGLHGHP(KHYHUVSUH

FKHQYRUDXVJHKWVRZLHVHLQHEHUHLWVKLHUDQNOLQJHQGH%HUHLWVFKDIWGHU6HOEVWDXIRSIHUXQJGLH GDQQ LQ GHU 'HX[LqPH 3DUWLH DXFK IDNWLVFK YRQ LKP XPJHVHW]W ZLUG 6LHKH Ä,O >LH OH GXF G¶2OVLQJKDP@YR\DLWWRXVOHVMRXUV0OOHG¶+HQQHEXU\HWWRXVOHVMRXUVO¶DWWHQWLRQTXLOXLGRQ QDLWVRQDPRXUODOXLIDLVDLWSDUDvWUHG¶XQHEHDXWpSOXVDGPLUDEOHHWG¶XQSUL[jQHODLVVHUDX FXQHHVSpUDQFH,OHQWUDGDQVXQHGpILDQFHGHOXLPrPHTXLDOODLWMXVTX¶jODWLPLGLWp,OVHWURX YDLWSHXDLPDEOH,OQ¶RVDLWSUHVTXHVRXKDLWHUTXH0OOHG¶+HQQHEXU\O¶DLPkWHWLOQ¶DXUDLWSDV YRXOXODSRVVpGHUDXSUL[GHODYRLUPRLQVKHXUHXVHDYHFOXLTX¶DYHFXQDXWUH³ 'X3ODLVLU/D 'XFKHVVH6 



-|UQ6WHLJHUZDOG

PRPHQWTX¶LOQHI€WGHVDUDLVRQG¶HPEUDVVHUFRQWUHO¶LQWpUrWGHVRQF°XUOHSDUWLGHVHUHQGUH PDOKHXUHXVH

'LH ]XU 5HGH JHVWHOOWH 0PH G¶+LOPRUUH PDFKW GHU 0OOH G¶+HQQHEXU\ GHXWOLFK GDVV VLH ]ZDU GDV +HLUDWVDQJHERW LKUHV 6RKQHV DEOHKQHQ N|QQH DEHU GDPLW GDV +DXV G¶+LOPRUUH IU DOOH =HLWHQ EHVFKlPHQ ZUGH ZDV QLFKWV DQGHUHV KHL‰W DOV GHVVHQ VR]LDOHV XQG V\PEROLVFKHV .DSLWDO ]X UXLQLHUHQ 'LHVH 2IIHQOHJXQJ GHU 0HFKDQLVPHQ GHV K|ILVFKHQ ,QWHUGHSHQGHQ]V\VWHPV EHZLUNW LQ HLQHP HUVWHQ 6FKULWWGDVV0OOHG¶+HQQHEXU\HUNHQQHQPXVVGDVVVLHQLFKWIUVLFKDOOHLQHKDQ GHOQ NDQQ VRQGHUQ DXFK GDV *HJHQEHU PLW EHGHQNHQ PXVV GD LKUH $EOHKQXQJ GHU +HLUDW GHXWOLFK PHKU )ROJHQ ]HLWLJHQ ZUGH DOV LKU ]XYRU EHZXVVW ZDU ,Q HLQHP ]ZHLWHQ 6FKULWW HUNHQQW VLH EHUGLHV GDVV QLFKW QXU GLH DQGHUHQ GK LQ GLHVHP )DOO GLH )DPLOLH G¶+LOPRUUH LQ GDV ,QWHUGHSHQGHQ]V\VWHP HLQJHEXQGHQ VLQGVRQGHUQGDVVGLHVHVDXFKIUVLHJLOW'LH6FKDPGLHVLHQXQHUOHEWEHVWHKWLQ QLFKWV DQGHUHP DOV GHU *HZLVVKHLW GDVV VLH JHJHQ GHQ :LOOHQ HLQHU 'ULWWHQ GHU .|QLJLQKDQGHOWZHQQVLHGLH+HLUDWPLWGHPGXFG¶(VWUDPqQHDEOHKQW'HUJHVWDOW ZLUG ]XP HLQHQ DXV GHU YHUPHLQWOLFKHQ 'UHLHUEH]LHKXQJ ]ZLVFKHQ GHP GXF G¶2OVLQJKDP GHU 0OOH G¶+HQQHEXU\ XQG GHP GXF G¶(VWUDPqQH GHU YRQ VHLQHU 0XWWHUYHUWUHWHQZLUGHLQH9LHUHUEH]LHKXQJGDGLH.|QLJLQLKUHQ3ODW]LQGLHVHP %H]LHKXQJVJHIOHFKW VLFKWEDU HLQQLPPW *HQDXHU PXVV YRQ HLQHU S\UDPLGDOHQ .RQVWHOODWLRQ JHVSURFKHQ ZHUGHQ LQQHUKDOE GHUHU GHU GXF G¶2OVLQJKDP GHU GXF G¶(VWDPqQHXQG0OOHG¶+HQQHEXU\GLH%DVLVELOGHQZlKUHQGGLHHQJOLVFKH.|QL JLQDQGHU6SLW]HWKURQWXQGKHUUVFKW=XPDQGHUHQZLUGGHXWOLFKGDVVGLHDGHOLJHQ 3URWDJRQLVWHQ ZHQLJHU DOV ,QGLYLGXHQ XQG PHKU DOV 6XEMHNWH GK DOV 8QWHUWDQHQ GHU .|QLJLQ KDQGHOQ VRGDVV QLFKW QXU LKU +DQGOXQJVVSLHOUDXP GHXWOLFK HLQJH VFKUlQNW ZLUG VRQGHUQ DXFK LKUH $IIHNWH DXI VSH]LILVFKH :HLVH JHSUlJW ZHUGHQ 'LH VFKOLPPVWH 6FKDP GLH PDQ DOV $GHOLJHU HUOHEHQ NDQQ LVW GLH |IIHQWOLFKH VR]LDOH%HVFKlPXQJXQGHEHQQLFKWGDVLQGLYLGXHOOH6FKDPHUOHEQLV $QJHVLFKWV GLHVHU HUQHXWHQ GRSSHOWHQ %HVFKlPXQJ ZLOOLJW 0OOH G¶+HQQHEXU\ LQ GLH (KH HLQ XQG YHUGHXWOLFKW DXI LKUH :HLVH ZLH HV GD]X NRPPHQ NDQQ GDVV HLQH)UDXLKUHQ*HOLHEWHQDXV/LHEHQLFKWKHLUDWHW'LHVLVWQXUXQGLQVHKUJUREHQ =JHQ GLH +DQGOXQJ GHV HUVWHQ 7HLOV GHU 1RYHOOH GHUHQ ]ZHLWHU7HLO GLH 6FKDP WKHPDWLN ZHLWHU DXVEDXW %HDFKWHQVZHUW LVW KLHUEHL GDVV GLH (U]lKOXQJ HUVWHQV GDUDXIDQJHOHJWLVWGHQ]HQWUDOHQ$IIHNWGHU6FKDPZHLWHUDXV]XIDOWHQLQGHPVLH QHXH)RUPHQGHV6FKlPHQVLQ6]HQHVHW]WXQG]ZHLWHQVGLHPRUDOLVFKH3ODXVLELOL WlWJHUDGHLQ$EVHW]XQJ]XUÃELHQVpDQFHµXQG]XUÃYUDLVHPEODQFHµKHUDXVSUlSDULHUW 'LHVVHLDQKDQGYRQ]ZHL6]HQHQGHU'HX[LqPH3DUWLHH[HPSODULVFKJH]HLJW 'HQ$XVJDQJVSXQNWGHV]ZHLWHQ7HLOVELOGHWGLHQHXHIDPLOLlUH.RQVWHOODWLRQ 'LHHKHPDOLJH0OOHG¶(QQHEXU\LVW]XUQHXHQGXFKHVVHG¶(VWUDPqQHJHZRUGHQXQG EHILQGHWVLFKQXQLQGHU6LWXDWLRQGDVVVRZRKOVLHDOVDXFKLKU*HPDKOEHVFKlPW  

 (EG6

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



HUNHQQHQPVVHQGDVVVLHDQHLQDQGHUJHEXQGHQVLQGRKQHGLHVZLUNOLFK]XZROOHQ XQG YRU DOOHP JHJHQ LKUH HLJHQWOLFKHQ ,QWHUHVVHQ 'LHV IKUW GD]X GDVV GHU GXF G¶(VWUDPqQH VLFK YRQ VHLQHU 0XWWHU XQG VHLQHU *HPDKOLQ YHUDEVFKLHGHW RKQH LKQHQ]XVDJHQZRKLQHUJHKHQZLUG'DGXUFKZHUGHQGLH(UHLJQLVVHGHV]ZHLWHQV 7HLOV HLQJHOHLWHW GLH VLFK DXI GLH 3UREOHPH GHU ÃYUDLVHPEODQFHµ XQG GHU ÃELHQVpDQFHµNRQ]HQWULHUHQ =XQlFKVW ]XU SUREOHPDWLVFKHQ ÃYUDLVHPEODQFHµ YHUVWDQGHQ DOV :DKUVFKHLQ OLFKNHLWGHU+DQGOXQJ'HUGXFG¶(VWUDPqQHKDWWHVLFKQDFKVHLQHP$EVFKLHGYRQ VHLQHU)UDXQDFK7XULQEHJHEHQZRHUHUIlKUWGDVVVHLQH*HPDKOLQ]ZLVFKHQ]HLW OLFK QDFK (QJODQG ]XUFNJHNHKUW LVW 'LHV IKUW LKP VHLQH XQDQJHQHKPH /DJH HUQHXWYRU$XJHQVRGDVVHUEHVFKOLH‰WDQHLQHPDXVOlQGLVFKHQ+RIVRYLHO=HLW]X YHUEULQJHQELVHUZLHGHU]XP+HUUVHLQHUVHOEVWJHZRUGHQLVW'LHVHP(QWVFKOXVV IROJHQGRULHQWLHUWHUVLFKQDFK9HQHGLJGRFKPDFKWHUDXIGHP:HJGRUWKLQLQGHU 6WDGW 1 KDOW 'RUW DQJHNRPPHQ HUIlKUW HU GDVV HLQLJH 7DJH ]XYRU EHUHLWV HLQ YRUELOGOLFKHU IUDQ]|VLVFKHU (GHOPDQQ HLQJHWURIIHQ VHL VRGDVV HU YHUVXFKW PLW GLHVHPEHNDQQW]XZHUGHQ :DVHULQGHVQLFKWZHL‰XQGDXFKLPZHLWHUHQ9HUODXIQLFKWHUIlKUWLVWGDVVHV VLFKEHLGHP)UHPGHQXPGHQGXFG¶2OVLQJKDPKDQGHOW8PJHNHKUWZHL‰GHUGXF G¶2OVLQJKDP VHKU ZRKO PLW ZHP HU JHUDGH %HNDQQWVFKDIW VFKOLH‰W QlPOLFK PLW MHQHP 0DQQ ZHJHQ GHP HU )UDQNUHLFK YHUODVVHQ KDW %HUHLWV GLHVHV 7UHIIHQ GHU EHLGHQ'XFVWHKW]XPLQGHVWLQHLQHP6SDQQXQJVYHUKlOWQLV]XUJHIRUGHUWHQ:DKU VFKHLQOLFKNHLW GHU +DQGOXQJ GD GLH UHLQ PDWKHPDWLVFKH :DKUVFKHLQOLFKNHLW GDVV VLFK EHLGH 0lQQHU LQ HLQHU LWDOLHQLVFKHQ 6WDGW LP ,UJHQGZR WUHIIHQ QLFKW DOO]X KRFKDQJHVHW]WZHUGHQNDQQ $OOHUGLQJVKDWGDV7UHIIHQHLQHHQWVFKHLGHQGH%HGHXWXQJIUGHQZHLWHUHQ9HU ODXIGHU+DQGOXQJGDGHUGXFG¶2OVLQJKDPGHPGXFG¶(VWUDPqQHQLFKWQXU]XK|UW EHLGHVVHQ/HLGHQVEHULFKWVRQGHUQDXFKXQGZLFKWLJHUDOV5DWJHEHUIXQJLHUWXP GHVVHQ /HLG ]X PLOGHUQ XQG LKP VHLQH $XIJDEHQ DOV (KHPDQQ XQG 8QWHUWDQ EH ZXVVW]XPDFKHQ 1HDQPRLQVLO>LHOHGXFG¶2OVLQJKDP@FRQQXWDXVVLW{WSDUOHVPRXYHPHQWVRUGLQDLUHVGHVRQ DPRXUOHSDUWLTX¶LOGHYDLWSUHQGUH,OHQJDJHDOHGXFG¶(VWUDPqQHjMHWHUGHORQJXHVYXHVVXU OHVPDX[TXHSHXWSURGXLUHXQHKDLQHGHFHWWHVRUWH,OOXLILWHQYLVDJHUODSHUWHGHWRXWHXQHUp SXWDWLRQO¶LQGLJQDWLRQG¶XQURLODQpFHVVLWpG¶HQIXLUODSUpVHQFHOHPpSULVGHWRXWHVOHVFRXUV R O¶RQ YHXW VH UHWLUHUOHVVHFUHWVUHSURFKHVG¶DYRLUUDYLOHERQKHXUTXLGRLWrWUHDWWDFKpDX[ MRXUV G¶XQH SHUVRQQH DFFRPSOLH WRXV OHV PDOKHXUV HQILQ GRLYHQW rWUH pYLWpV SDU XQ KRPPH G¶KRQQHXUHWGHTXDOLWp

,VW EHUHLWV GDV7UHIIHQGHUEHLGHQ0lQQHULQ1QLFKWEHVRQGHUVZDKUVFKHLQOLFK VREHUUDVFKWGDV9HUKDOWHQGHVGXFG¶2OVLQJKDPDXIGHQHUVWHQ%OLFNQRFKPHKU $OOHUGLQJV JLOW HV ]X EHDFKWHQ GDVV EHUHLWV GDV HLQOHLWHQGH ÃQpDQPRLQVµ ÃJOHLFK ZRKOµ GDUDXIKLQZHLVWGDVVHVVLFKXPHLQH5HDNWLRQLPGRSSHOWHQ6LQQHKDQGHOW   (EG6



-|UQ6WHLJHUZDOG

'HQQ]XPHLQHQUHDJLHUWGHUGXFG¶2OVLQJKDPGDPLWXQPLWWHOEDUDXIGLH5HGHGHV GXFG¶(VWUDPqQH]XPDQGHUHQKDQGHOWHVVLFKXPHLQHPLWWHOEDUH5HDNWLRQLQVR IHUQ GHUGXFG¶2OVLQJKDP]XQlFKVWYHUVW|UW]XU.HQQWQLVQHKPHQPXVVWHZHQHU YRU VLFK KDW XQG ZLH VHLQ *HJHQEHU ]X GHU YRQ LKP JHOLHEWHQ 'XFKHVVH VWHKW +LQ]XNRPPWGDVVGHUGXFG¶2OVLQJKDPYRQGHQÃPRXYHPHQWVRUGLQDLUHVGHVRQ DPRXUµJHOHLWHWZLUGGLHLKQ]XVHLQHU*HJHQUHGHYHUDQODVVHQ'DGXUFKNRPPWHV ]XHLQHU:LHGHUDXIQDKPHHEHQMHQHU6LWXDWLRQLQGHUHUVLFKYRUVHLQHU(UNOlUXQJ JHJHQEHUGHPFRPWHG¶+HQQHEXU\EHIDQGLQVRIHUQHUDXFKKLHUJHZLOOWLVWVHLQH /LHEH]XUFN]XVWHOOHQZHQQHUZHL‰GDVVGLHYRQLKPJHOLHEWH)UDXHLQHQDQGHUHQ OLHEW8QGHEHQGLHVVHW]WHUKLHUYRUDXVVRGDVVHUHVVLFK]XP$QOLHJHQPDFKW GHQGXFG¶(VWUDPqQHXQGVHLQH*DWWLQZLHGHU]XVDPPHQ]XIKUHQ ,QWHUHVVDQW LVW LQ GLHVHP =XVDPPHQKDQJ GLH $UJXPHQWDWLRQ GHV GXF G¶2OVLQJKDPGDHUYRU]XJVZHLVHDXIGLHP|JOLFKHQ3UREOHPHLQQHUKDOEGHVK|IL VFKHQ,QWHUGHSHQGHQ]V\VWHPV%H]XJQLPPWXQGQXUJHJHQ(QGHDXIGLH*HPDKOLQ ]X VSUHFKHQ NRPPW ,P =HQWUXP VWHKHQ GLH $QVSUFKH GLH DQ HLQHQ ÃKRPPH G¶KRQQHXUHWGHTXDOLWpµJHVWHOOWZHUGHQN|QQHQZREHL6HOEVWXQG)UHPGDQVSUXFK HUIOOWZHUGHQPVVHQXPPLW5HFKWHLQVROFKHUJHQDQQW]XZHUGHQ 'LHJHIRUGHUWHPRUDOLVFKH3ODXVLELOLWlWLVWIROJOLFK5HVXOWDWGHU'LVSRVLWLRQGHU 3URWDJRQLVWHQGLHLKUHP&KDUDNWHUJHQDXVRJHVFKXOGHWLVWZLHLKUHUVR]LDOHQ6WHO OXQJ XQGGHUGDPLWHLQKHUJHKHQGHQVR]LDOHQ3UD[LV$XFKZHQQGDV7UHIIHQ]ZL VFKHQ GHQ EHLGHQ 0lQQHUQ LQ 1 XQZDKUVFKHLQOLFK VHLQ PDJ GDV9HUKDOWHQGHV GXF G¶2OVLQJKDP LVW HV JHQDXVR ZHQLJ ZLH GDVMHQLJH GHV GXF G¶(VWUDPqQH GD EHLGHYRUDOOHPDOV5HSUlVHQWDQWHQGHVK|ILVFKHQ,QWHUGHSHQGHQ]V\VWHPVKDQGHOQ GDV JDQ] HLJHQH )RUPHQ GHU %HVFKlPXQJ RGHU GHV $QVHKHQVYHUOXVWHV NHQQW 'D GXUFK ZLUG HLQHUVHLWV HLQH QHXH 0RGHOOLHUXQJ GHU $IIHNWNXOWXU LQ GDV URPDQHVNH 6FKUHLEHQ HLQJHIKUW GDV DQGHUHUVHLWV QRFK GHP VR]LDOHQ 5DXP GHU K|ILVFKHQ *HVHOOVFKDIW YHUEXQGHQ EOHLEW gIIQXQJ XQG 6FKOLH‰XQJ GHV URPDQHVNHQ 6FKUHL EHQVNRPPHQKLHUSURGXNWLY]XVDPPHQDXFKZHQQE]ZJHUDGHZHLOGLHHUQHXWH 6FKOLH‰XQJGXUFKGLH.RQ]HQWUDWLRQDXIGLH3ODXVLELOLWlWVR]LDOHQ+DQGHOQVLQGHU K|ILVFKHQ *HVHOOVFKDIW GRPLQLHUW JHJHQEHU GHUQHXDUWLJHQ.RQ]HQWUDWLRQDXIGLH PRUDOLVFKH 3ODXVLELOLWlW GHU 6FKDP GLH HLQH QHXH URPDQHVNH 6FKUHLEZHLVH HU|II QHW 'LH1HXKHLWGHUPRUDOLVFKHQ3ODXVLELOLWlWLQ$EVHW]XQJYRQHLQHUPRUDOLVFKHQ :DKUVFKHLQOLFKNHLW GLH DQ GDV *HERW GHU ÃELHQVpDQFHµ JHEXQGHQ LVW ZLUG LQ GHU   Ä&H VROLWDLUH pWDLW OH GXF G¶2OVLQJKDP HW GH TXHO FRXSIXWLOIUDSSpTXDQGLOHQWHQGLWTXHOH

GXFG¶(VWUDPqQHGpVLUDLWOHYRLU,OpWDLWVRUWLGH)UDQFHHQSDUWLHDILQGHO¶pYLWHUSDUUHVSHFW SRXU0OOHG¶+HQQHEXU\HWVRQSUHPLHUPRXYHPHQWIXWGHV¶H[FXVHUPDLVO¶DIIOLFWLRQGRQWRQ OXLSDUODOHILWFUDLQGUHTXHTXHOTXHDFFLGHQWDUULYpj0OOHG¶+HQQHEXU\Q¶HQI€WODFDXVHHWLO FRQVHQWLWjFHTX¶RQOXLGHPDQGDLW³ (EG6±   6LHKHÄ,O>LHOHGXFG¶2OVLQJKDP@Q¶RVDLWSUHVTXHVRXKDLWHUTXH0OOHG¶+HQQHEXU\O¶DLPkWHW LO Q¶DXUDLW YRXOX OD SRVVpGHU DX SUL[ GH OD YRLU PRLQV KHXUHXVH DYHF OXL TX¶DYHF XQ DXWUH³ (EG6 

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



YRUOHW]WHQ (SLVRGH GHU ÃQRXYHOOH JDODQWHµ EHVRQGHUVGHXWOLFK$XIGLH(UPDKQXQ JHQGHVGXFG¶2OVLQJKDPKLQOlVVWGHUGXFG¶(VWUDPqQHYRQVHLQHP9RUKDEHQDE QDFK9HQHGLJ]X]LHKHQXQGNHKUWVWDWWGHVVHQQDFK/RQGRQ]XUFNXPGRUWVHLQH *DWWLQ]XWUHIIHQXQGPLWLKU)ULHGHQ]XVFKOLH‰HQ'HUGXFG¶2OVLQJKDPEHVFKOLH‰W VHLQHUVHLWVGHPGXFG¶(VWUDPqQH]XIROJHQXP]XEHUSUIHQREHUVHLQ9RUKD EHQXPVHW]W,Q/RQGRQDQJHNRPPHQVWHLJHUWVLFKLQGHVGDV/LHEHVOHLGHQGHVGXF G¶2OVLQJKDP ]X HLQHU PHODQFKROLVFKHQ /LHEHVNUDQNKHLW VRGDVV HU WUDXULJ XQG HUVFK|SIW EHL VHLQHP )UHXQG GHP FRPWH G¶+HQQHEXU\ 8QWHUNXQIW VXFKW 1DFK HLQHUHUVWHQ9HUV|KQXQJGHU(KHSDUWQHUNRPPWHVGD]XGDVVGHUGXFG¶(VWUDPqQH VRZLH 0PH G¶+LOOPRUH %HNDQQWVFKDIW PLWGHPFRPWHG¶+HQQHEXU\PDFKHQZRO OHQ VRGDVV GLH GXFKHVVH G¶(VWUDPqQH LKUHQ %UXGHU EHVXFKW RKQH ]X DKQHQ GDVV VLFK EHL LKP GHU GXF G¶2OVLQJKDP EHILQGHW 'DV GDGXUFK ]XVWDQGH NRPPHQGH 7UHIIHQ ]ZLVFKHQ GHU GXFKHVVH G¶(VWUDPqQH XQG GHP GXF G¶2OVLJKDPZlUHQDFK 0D‰JDEHGHUÃELHQVpDQFHµQLFKWVFKLFNOLFKGDHVHLQHYHUKHLUDWHWH)UDXPLWLKUHP HKHPDOLJHQ*HOLHEWHQLQHLQHP5DXP]XVDPPHQIKUW,PYRUOLHJHQGHQ)DOOHZLUG MHGRFKGLHVHV7UHIIHQGD]XJHQXW]WXPHLQHZHLWHUH6FKDPHUIDKUXQJLQ6]HQH]X VHW]HQ GLH VLFK HUQHXW EHU PHKUHUH 6HLWHQ HUVWUHFNW XQG LQ $QDORJLH ]XP HUVWHQ 7UHIIHQ]ZLVFKHQEHLGHQNRQ]LSLHUWLVW /¶LQFHUWLWXGH R LO >LH OH GXF G¶2OVLQJKDP@ pWDLW GH FH TXH SHQVDLW DORUV FHWWH GXFKHVVH O¶HPSrFKDLWG¶RXYULUDXFXQGLVFRXUVPDLVDXGpIDXWGHSDUROHVLOQHODLVVDSDVGHOXLH[SUL PHUFHTX¶LOSHQVDLWOXLPrPH(OOHOXLYLWGHVpSDQFKHPHQWVG¶DGPLUDWLRQHWG¶DPRXUGRQWHOOH IXWSpQpWUpH(QVXLWHHOOHFHVVDDYHFSUpFLSLWDWLRQGHOHUHJDUGHU(OOHURXJLW(OOHIXWKRQWHXVH GHSDUDvWUHGHYDQWXQKRPPHGRQWO¶LQFOLQDWLRQHWODSUpVHQFHOXLUHSURFKDLHQWOHKDVDUGRHOOH H[SRVDLWVDJORLUHHWIRUFpHSDUVDKRQWHHWSDUVRQLQTXLpWXGHHOOHVHOHYDSRXUVRUWLUGXOLHX RHOOHpWDLW

'LH 6FKDP GLH KLHU PHKUIDFK EHQDQQW ZLUG LVW HLQHUVHLWV HLQ UHLQ VXEMHNWLYHV *HIKO GDV DXV GHU .RQIURQWDWLRQ PLW HLQHP HKHPDOV JHOLHEWHQ XQG YRU DOOHP LPPHU QRFK OLHEHQGHQ *HJHQEHU UHVXOWLHUW 6LH LVW DQGHUHUVHLWV DEHU DXFK HLQ (IIHNWGHUGXUFKGDVPRUDOLVFK8QVFKLFNOLFKHGHU6LWXDWLRQEHGLQJWZLUGGHQQGLH $QZHVHQKHLWGHU'XFKHVVHLQGLHVHP5DXPNDQQDOV3UREOHPIULKUHÃJORLUHµGK LKUHQ 5XKP DOV XQWDGHOLJH )UDX JHOWHQ 'LH PRUDOLVFKH 3ODXVLELOLWlW EHZLUNW QXQ GDVV GLH GXFKHVVH QLFKW GDV =LPPHU YHUOlVVW VRQGHUQ VLFK DXI HLQ *HVSUlFK PLW GHPGXFG¶2OVLQJKDPHLQOlVVWGDV]XJOHLFKGDVOHW]WH*HVSUlFK]ZLVFKHQEHLGHQ VHLQZLUG'LHGDULQDXVJHIDOWHWH6FKDPHUIDKUXQJEOHLEWLQGHVQLFKWDXIGLHVH6LWX DWLRQEHJUHQ]WYLHOPHKU]HLWLJWVLH)ROJHQGLHLQVEHVRQGHUHIUGLH([HPSODUL]LWlW GHU3URWDJRQLVWHQYRQ%HGHXWXQJLVW:LHGHU(U]lKOHUDP(QGHGHU1RYHOOHNODU KHUDXVVWHOOWLVWGHUGXFG¶2OVLQJKDPIUGHQGXFG¶(VWUDPqQHHLQ%HLVSLHOGHPHU VHOEVW IROJHQ ZLOO VRGDVV DXV GHP XQQDFKDKPOLFKHQ GD QLFKW QDFKDKPEDUHQ ([HPSHO GHU 3ULQFHVVH GH &OqYHV HLQ QDFKDKPHQVZHUWHV %HLVSLHO ZLUG GDV DXI JUXQGVHLQHUPRUDOLVFKHQ3ODXVLELOLWlWIUYRUELOGOLFKDQJHVHKHQZHUGHQNDQQ   'X3ODLVLU/D'XFKHVVH ZLH$QP 6



-|UQ6WHLJHUZDOG

&HGXFDYDLWVDQVFHVVHGHYDQWOHV\HX[FHTXHOHGXFG¶2OVLQJKDPOXLDYDLWGLWGHODQpFHVVLWp GHVHYDLQFUHTXHOTXHIRLVSRXUOHERQKHXUGHVDXWUHV/¶H[HPSOHGRQWFHFRQVHLOpWDLWDSSX\pOH WRXFKDLWG¶XQHSLWLpHWGHUHSHQWLUVTXLOHUHQGDLHQWOXLPrPHFRPPHLPPRELOHHWLODYDLWGH O¶LPSDWLHQFHGHYRLUVDIHPPHUHYHQLUHQpWDWGHO¶pFRXWHUSRXUSRXYRLUOXLGLUHGHTXHOOHPD QLqUH LO YRXODLW XVHU GH OD FRQQDLVVDQFH TX¶LO DYDLW GH VHV VHQWLPHQWV SRXU OH GXF G¶2OVLQJKDP

'DV DQJHVWUHEWH,GHDOGHVÄGHVHYDLQFUHTXHOTXHIRLVSRXUOHERQKHXUGHVDXWUHV³ VWHKWQRFKYROONRPPHQLQGHU7UDGLWLRQGHUJDODQWHQ/LHEHVXQG7XJHQGHWKLNZLH DXFKGLHYRUOLHJHQGH0RGHOOLHUXQJGHV([HPSOXPVGXUFKGDV=XVDPPHQVSLHOYRQ 3HUIRUPDQ]XQG0LPHVLVDXIGHPVHOEHQ3ULQ]LSDXIEDXW'HPJHJHQEHUZHLVWGLH KLHUQXUDQNOLQJHQGH9HUZHQGXQJGHV:LVVHQVXPGLH$IIHNWHGHV$QGHUHQYRUDXV DXIHLQHQHXHHPSILQGVDPH*HIKOVNXOWXUGLHJHUDGHLQGHU/LHEHGHV(KHSDDUHV PQGHW ZLH VLH HWZD LQ 5RXVVHDXV -XOLH RX OD 1RXYHOOH +pORwVH LP (KHSDDU :ROPDUVLFKWEDUZLUG :LHGLH:ROPDUVOHEHQGXFXQGGXFKHVVHG¶(VWUDPqQHQDFKLKUHQ6FKDPHUIDK UXQJHQLQ/LHEHXQG$QHUNHQQXQJIUHLQDQGHU]XVDPPHQDX‰HUKDOEGHV+RIHVGD VLH QXU GRUW LKU ,GHDO HLQHV HKHOLFKHQ %XQGHV YHUZLUNOLFKHQ N|QQHQ 'HUJHVWDOW VHW]HQ VLH VLFK DXFK EHZXVVW YRQ GHQ ,QWHUHVVHQ GHU 0PH G¶+LOPRUUH DE GHUHQ HLQ]LJHV =LHO GLH 6LFKHUXQJ ZHQQ QLFKW (UZHLWHUXQJ YRQ .DSLWDOLHQ GXUFK $OOLDQ]ELOGXQJZDU,P8QWHUVFKLHG]X5RXVVHDXV5RPDQELOGHWGLH6FKDPHUIDK UXQJGHU3URWDJRQLVWHQGLHQRWZHQGLJH9RUDXVVHW]XQJIUGDVHKHOLFKH=XVDPPHQ OHEHQGDVIROJOLFKDXFKQLFKWDXIIDOVFKHQ(LQELOGXQJHQDXIEDXWGLHQRFK]HUVW|UW ZHUGHQN|QQHQ9LHOPHKULVWGLH6FKDPHUIDKUXQJ%DVLVXQG3URGXNWHLQHU$IIHNW HU]lKOXQJ GLH DXI GHU PRUDOLVFKHQ 3ODXVLELOLWlW DXIEDXW ZRGXUFK DXFK HLQ QHXHV 0RGHOOURPDQHVNHQ6FKUHLEHQVYRUELOGOLFKYRUJHVWHOOWZLUG 'LH.RQ]HQWUDWLRQDXIHLQHQ$IIHNWGHQ'X3ODLVLULQLKUHQ6HQWLPHQWVIRUGHUW XQGGHQVLHDQKDQGGHUÃKRQWHµLQLKUHU1RYHOOHSUlVHQWLHUWEHZLUNWGHPQDFKHLQHQ :HQGHSXQNW LP URPDQHVNHQ 6FKUHLEHQ XP  *HIUDJW ZLUG QLFKW PHKU QDFK HLQHUPRUDOLVFKHQ:DKUVFKHLQOLFKNHLWGLHGHQ$QIRUGHUXQJHQGHUÃELHQVpDQFHµ]X JHQJHQ KDW VRQGHUQ QDFK HLQHU 3ODXVLELOLWlW GHU PRUDOLVFKHQ +DQGOXQJHQ VR XQZDKUVFKHLQOLFK VLH DXFK ]XQlFKVW VFKHLQHQ PDJ 'LHVH 3ODXVLELOLWlW XQWHUOLHJW LQGHVZHLWHUKLQGHQVR]LDOHQ5DKPHQEHGLQJXQJHQGLHGXUFKGLHK|ILVFKH*HVHOO VFKDIW )UDQNUHLFKV YRUJHJHEHQ VLQG XQG GK JDQ] NRQNUHW HLQHP $OOLDQ] XQG ,QWHUGHSHQGHQ]GHQNHQ GDV JDQ] DQGHUH .RQILJXUDWLRQHQ YRQ (PRWLRQDOLWlW KHU YRUEULQJWDOVGLHVLQHLQHUEUJHUOLFKHQ*HVHOOVFKDIWGHU)DOOVHLQZLUG   (EG6  9HUZLHVHQVHLLQGLHVHP.RQWH[WQXUDXI5RODQG*DOOH*HVWlQGQLVXQG6XEMHNWLYLWlW8QWHUVX

FKXQJHQ]XPIUDQ]|VLVFKHQ5RPDQ]ZLVFKHQ.ODVVLNXQG5RPDQWLN0QFKHQEHV.D SLWHO % 'LH +HUDXVELOGXQJ EUJHUOLFKHU 6XEMHNWLYLWlW LQ 5RXVVHDXV /D 1RXYHOOH +pORwVH 6± %DUEDUD 6WRUFN (U]lKOWH (QJH 5DXP XQG :HLEOLFKNHLW LQ IUDQ]|VLVFKHQ (U]lKO WH[WHQ GHV  XQG IUKHQ -DKUKXQGHUWV +HLGHOEHUJ  EHV .DSLWHO 3UREOHPDWLVFKH 5DXPVHPDQWLVLHUXQJHQLQ-HDQ-DFTXHV5RXVVHDXV-XOLHRXOD1RXYHOOH+pORwVH6±

5RPDQSHWLWURPDQXQGQRXYHOOHJDODQWH



,Q GLHVHP 6LQQH JHKW GLH gIIQXQJ DXI HLQH QHXH (U]lKOZHLVH PLW HLQHU HUQHXWHQ 6FKOLH‰XQJHLQKHUGLHDXVGHULPPHUQRFKYRUKDQGHQHQ(LQELQGXQJGHU3URWDJR QLVWHQ LQ GLH K|ILVFKH *HVHOOVFKDIW UHVXOWLHUW %HWUDFKWHW PDQ GLH 1RYHOOHQ 6FXGpU\V9LOOHGLHXVXQG/D)D\HWWHVGHUHUXQGHU-DKUHQXQGYHUJOHLFKW VLH PLW 'X 3ODLVLUV 1RYHOOH GDQQ NDQQLQGHVIHVWJHKDOWHQZHUGHQGDVVDXFKKLHU HLQH QHXDUWLJH gIIQXQJ GHV VR]LDOHQ 5DXPV VLFKWEDU ZLUG GD GLH 3URWDJRQLVWHQ QLFKWPHKUGHPVR]LDOHQ5DXPYRQÃODFRXUµVRQGHUQGHPYRQÃODYLOOHµ]XJHRUG QHWZHUGHQRGHUJHQDXHUVLFKVHOEVWGLHVHPGXUFKLKUH+DQGOXQJHQXQG5DXPEH ZHJXQJHQ ]XRUGQHQ 0DQ N|QQWH GLHVH %LQQHQ|IIQXQJ DOV ,QGLNDWRU IU GHQ %H JLQQHLQHU]ZHLWHQ*DODQWHULHLQ)UDQNUHLFKDQVHKHQGLHGHUHUVWHQ*DODQWHULHGLH YRQ  ELV  GDXHUW HLQH QHXH .RQ]HSWLRQ GHU *DODQWHULH HQWJHJHQVWHOOW 'RFKEOLHEHGDQQQRFK]XNOlUHQZLHJHQDXVLFKGLHVH]ZHLWH*DODQWHULHLQ)UDQN UHLFKNRQVWLWXLHUWZDVLQGHVQRFKHLQ)RUVFKXQJVGHVLGHUDWLVW :LFKWLJHULVWLPYRUOLHJHQGHQ.RQWH[WGDVVGHU%OLFNDXIGLHPRUDOLVFKH3ODX VLELOLWlWGHU(U]lKOXQJDXFKGLH0|JOLFKNHLW]XU'DUVWHOOXQJYRQSUREOHPDWLVFKHQ *HIKOHQ ZLH GHU 6FKDP RGHU WHQGHQ]LHOO WUDQVJUHVVLYHP 9HUKDOWHQ ZLH GHP /LHEHVYHUUDWHU|IIQHWGLH]XYRUDXVJHVFKORVVHQZDUHQ8QGJHUDGHGDGXUFKZLUG GLH 'RSSHOXQJ YRQ gIIQHQ XQG 6FKOLH‰HQ GLH VR FKDUDNWHULVWLVFK LVW IU GLH =HLW XPDQKDQGYRQ'X3ODLVLUV7KHRULHXQG3UD[LVGHVURPDQHVNHQ6FKUHLEHQV YROONRPPHQ HYLGHQW GHQQ VLH VFKOLH‰W PLW GHU JDODQWHQ 5RPDQNRQ]HSWLRQ GHU HUELVHU-DKUHJHQDXVRDEZLHVLHGHQ:HJKLQ]XHLQHUHUVWHQHPSILQG VDPHQ6FKULIWNXOWXU|IIQHWRKQHLKQLQGHVVHOEVWJDQ]]XJHKHQGDVLHLP*HELHW GHU ÃQRXYHOOH JDODQWHµ E]Z GHV ÃSHWLW URPDQµ JHQDXVR YHUEOHLEW ZLH LP VR]LDOHQ 5DXPYRQÃODFRXUHWODYLOOHµXQGVLFKQRFKQLFKWZLHVSlWHUKLQEHL0DULYDX[XQG 3UpYRVWLP%HUHLFKGHV5RPDQVDOVHSLVFKHU/DQJIRUPXQGLPVR]LDOHQ5DXPYRQ 6WDGW XQG /DQG HUHLJQHW 'HU GXF XQG GLH GXFKHVVH G¶(VWUDPqQH VLQG QRFK ZHLW HQWIHUQW YRQ GHQ ÄGHX[ DPDQWV KDELWDQWV G¶XQH SHWLWH YLOOH DX SLHG GHV $OSHV³ DXFKZHQQOHW]WHUHZRKORKQHHUVWHUHQLFKWP|JOLFKJHZHVHQZlUHQ 

  6RGHUEHUKPWH8QWHUWLWHOYRQ5RXVVHDXV%ULHIURPDQ6LHKH-HDQ-DFTXHV5RXVVHDX-XOLHRX

/D1RXYHOOH+pORwVH&KURQRORJLHHWLQWURGXFWLRQSDU0LFKHO/DXQD\3DULV6

 587+)/25$&. 

7UDQVIHUXQG7UDQVIRUPDWLRQ *DODQWH3URVD]ZLVFKHQ)UDQNUHLFKXQG'HXWVFKODQG  0LW ]ZHL SURJUDPPDWLVFKHQ %HLWUlJHQ YRQ &KULVWRSKH /RVIHOG XQG -|UQ 6WHLJHU ZDOG KDW GLH .OHLQH 6FKULIWHQ5HLKH GHV ,=($  GDV=XVDPPHQVSLHOYRQ*D ODQWHULHXQG)UKDXINOlUXQJDOV)RUVFKXQJVIHOGGHILQLHUWVHLWKHUVWHKWGLH)UDJHLP 5DXPLQZLHIHUQ*DODQWHULHYLHOOHLFKWVRJDUDOVHLQÄ6FKOVVHO]XU)UKDXINOlUXQJ³ DQ]XVHKHQ LVW 0HLQH IROJHQGHQ hEHUOHJXQJHQ VLQG LQ GLHVHP )HOG ]X YHURUWHQ 'LUN1LHIDQJHUKDWYRQGHUÄSURJUDPPDWLVFKH>Q@gIIQXQJ³GHVÄJDODQWHQ'LVNXU VHV³ JHJHQEHU ÄIUHPGH>Q@ /LWHUDWXUWUDGLWLRQHQ³ JHVSURFKHQ XQG GDYRQ GDVV EHL GHQ*DODQWHQHLQÄRIIHQH>U@DXIHLQHQ'LDORJPLWGHP$XVODQGDQJHOHJWH>U@'LV NXUV>@IUHLQLJH=HLWLQHLQLJHQ*DWWXQJHQXQGDQHLQLJHQ2UWHQGDV/LWHUDWXU JHVFKHKHQ³ ÃGRPLQLHUWµ KDEH ,P $QVFKOXVV DQ GLHVH 7KHVH P|FKWH LFK ]HLJHQ LQZLHIHUQGLHVHÄSURJUDPPDWLVFKHgIIQXQJ³GHVÄJDODQWHQ'LVNXUVHV³LQVEHVRQGH UH JHJHQEHU IUDQ]|VLVFKHQ 0RGHOOHQ PLWHLQHUSUDJPDWLVFKHQ6FKOLH‰XQJJHJHQ EHU)UDQNUHLFKHLQKHUJHKWGLHNRQVWLWXWLYLVWIUGLH$XINOlUXQJLQ'HXWVFKODQG ZHLW EHU GHQ %HJLQQ GHV -DKUKXQGHUWV KLQDXV 'HQQ GLH $PELYDOHQ] YRQ gIIQXQJ XQG 6FKOLH‰XQJ DXI GLH GDV 7DJXQJVWKHPD DEKHEW OlVVW VLFK JHUDGH LQ GHU$XVHLQDQGHUVHW]XQJGHU*DODQWHQPLWIUDQ]|VLVFKHQ%H]XJVPRGHOOHQQDFKZHL VHQ6RZHUGHQLP)ROJHQGHQGUHLXQWHUVFKLHGOLFKH)DOOEHLVSLHOHVWLFKSXQNWDUWLJLQ GHQ%OLFNJHQRPPHQDXVGHUHQ$QDO\VHVLFKPHLQ$UJXPHQWHQWZLFNHOQOlVVW 'LH7H[WDXVZDKOHUKHEW]ZDUQLFKWGHQ$QVSUXFKUHSUlVHQWDWLY]XVHLQ'RFK LPPHUKLQ VWDPPHQ GLH KLHU ]X EHVSUHFKHQGHQ 7H[WH DXV GHU )HGHU YRQ $XJXVW %RKVH &KULVWLDQ )ULHGULFK +XQROG XQG -RKDQQ /HRQKDUG 5RVW DOVR YRQ GHQ +DXSWYHUWUHWHUQ GHV *DODQWHQ LP GHXWVFKVSUDFKLJHQ5DXPXP8QWHULKUHQ 3VHXGRQ\PHQ 7DODQGHU 0HQDQWHV XQG 0HOHWDRQ KDEHQ VLH HLQH 0LWWOHUUROOH JH VSLHOW EHLP 7UDQVIHU JDODQWHQ 6WLOV XQG JDODQWHU &RQGXLWH YRQ )UDQNUHLFK QDFK 'HXWVFKODQG VLQG PLWKLQ ZLFKWLJH $NWHXUH GHU ÄSURJUDPPDWLVFKH>Q@ gIIQXQJ³  

'DQLHO )XOGD *DODQWHULH DOV 6FKOVVHO ]XU )UKDXINOlUXQJ" ,Q 'HUV +J  *DODQWHULH XQG )UKDXINOlUXQJ+DOOHDG66±KLHU6VLHKHDXFK&KULVWRSKH/RVIHOG*DODQWH ULH LQ )UDQNUHLFK *HQHVH XQG 1LHGHUJDQJ HLQHV 9HUKDOWHQVLGHDOV ,Q (EG 6± -|UQ 6WHLJHUZDOG*DODQWHULHDOV.ULVWDOOLVDWLRQVXQG.UHX]XQJVSXQNWXPHLQH3UREOHPVNL] ]H,Q(EG6±  'LUN 1LHIDQJHU 'LH &KDQFH HLQHU XQJHIHVWLJWHQ 1DWLRQDOOLWHUDWXU 7UDGLWLRQVYHUKDOWHQ LP JDODQWHQ 'LVNXUV ,Q 7KRPDV %RUJVWHGW X $QGUHDV 6ROEDFK +J  'HU JDODQWH 'LVNXUV .RPPXQLNDWLRQVLGHDOXQG(SRFKHQVFKZHOOH'UHVGHQ6±KLHU6I  6LHKH9RONHU0HLG'LHGHXWVFKH/LWHUDWXULP=HLWDOWHUGHV%DURFN9RP6SlWKXPDQLVPXV]XU )UKDXINOlUXQJ±0QFKHQ6±  =XP *DODQWHULH7UDQVIHU YRQ )UDQNUHLFK QDFK 'HXWVFKODQG VLHKH ]XOHW]W -|UQ 6WHLJHUZDOG *DODQWHULH 'LH )DEULNDWLRQ HLQHU QDWUOLFKHQ (WKLN GHU K|ILVFKHQ *HVHOOVFKDIW ±  +HLGHOEHUJ5XWK)ORUDFNX5GLJHU6LQJHU +J 'LH.XQVWGHU*DODQWHULH)DFHWWHQHL QHV9HUKDOWHQVPRGHOOVLQGHU/LWHUDWXUGHU)UKHQ1HX]HLW%HUOLQX%RVWRQ

7UDQVIHUXQG7UDQVIRUPDWLRQ



JHJHQEHUGHP$XVODQGYRQGHU'LUN1LHIDQJHUJHVSURFKHQKDW,QXQWHUVFKLHGOL FKHQ%HUHLFKHQIXQJLHUHQVLHDOVhEHUVHW]HU,P-DKUHUVFKHLQWEHLVSLHOVZHLVH )pQHORQVEHUKPWHU5RPDQ/HV$YHQWXUHVGH7pOpPDTXH  LQ$XJXVW%RKVHV hEHUVHW]XQJ +XQROG EULQJW QDFK  VHLQH hEHUWUDJXQJ YRQ $QWRLQH GH &RXUWLQVVHLWHUIROJUHLFKHP$QOHLWXQJVEXFK1RXYHDXWUDLWpGHODFLYLOLWpTXL VHSUDWLTXHHQ)UDQFHSDUPLOHVKRQQrWHVJHQVXQWHUGHP7LWHO/D&LYLOLWpPRGHU QH2GHUGLH+|IOLFKNHLWGHU+HXWLJHQ:HOWDXIGHQ0DUNWGDEHL]HLJWGLH0RGLIL NDWLRQGHV7LWHOVEHLP.XOWXUWUDQVIHUDQGDVVLQ'HXWVFKODQGDOV]HLWJHPl‰DXVJH JHEHQZLUGZDVHLQ]ZHL*HQHUDWLRQHQ]XYRULQGHQEHVVHUHQ.UHLVHQ)UDQNUHLFKV DOVJHVHOOVFKDIWVIlKLJJDOW *DODQWH$XWRUHQZLH%RKVHXQG+XQROGKDEHQVLFKDEHUGXUFKDXVQLFKWLPPHU DXIV hEHUVHW]HQ EHVFKUlQNW VRQGHUQ LKUH IUDQ]|VLVFKHQ 9RUODJHQ ]XP 7HLO DXFK WUDQVIRUPLHUW (EHQ GLHVHV 9HUKlOWQLV YRQ GHXWVFKVSUDFKLJHP 7H[W ]X IUDQ]|VL VFKHP 3UlWH[W VROO QXQ DQ IROJHQGHQ .RQVWHOODWLRQHQ XQWHUVXFKW ZHUGHQ $XJXVW %RKVHV K\EULGH 6FKULIW 'HV *DODQWHQ )UDXHQ]LPPHUV 6HFUHWDULDW.XQVW RGHU /LHEHV XQG )UHXQGVFKDIIWV%ULHIIH /HLS]LJ    ZLUG DXI GHU )ROLH YRQ 5HQpOH3D\V¶%ULHIVDPPOXQJ$PLWLH]DPRYUVHWDPRYUHWWHV 3DULV JHOHVHQ &KULVWLDQ)ULHGULFK+XQROGV5RPDQ'LH/LHEHQV:UGLJH$GDOLH +DPEXUJ  ZLUGPLW-HDQGH3UpFKDFV/¶,OOXVWUH3DULVLHQQH+LVWRLUHJDODQWHHWYpULWDEOH 3D ULV   YHUJOLFKHQ XQG -RKDQQ /HRQKDUG 5RVWV (U]lKOWH[W 'LH +HOGHQ XQG /LHEHV*HVFKLFKWH GLHVHU =HLWHQ :HOFKH VLFK EH\ GHP YHUZLFKHQHQ 6SDQLVFKHQ 6YFFHVVLRQV.ULHJ  KLQ XQG ZLHGHU LQ (YURSD ]XJHWUDJHQ 1UQEHUJ   ZLUG GHQ 3VHXGR0HPRLUHQ /D *XHUUH G¶(VSDJQH GH %DYLqUH HW GH )ODQGUH RX 0pPRLUHVGX0DUTXLV'

YRQ*DWLHQ&RXUWLO]GH6DQGUDVJHJHQEHUJHVWHOOWGLH HUVWPDOV  DQRQ\P SXEOL]LHUW ZXUGHQ $QJHPHUNW VHL GDVV GLH IUDQ]|VLVFKHQ  

>$XJXVW %RKVH@ 6WDDWV5RPDQ  :HOFKHU 8QWHU GHU GHQFNZUGLJHQ /HEHQV%HVFKUHLEXQJ 7HOHPDFKL.|QLJO3ULQW]HQVDXV,WKDFDXQG6RKQVGHV8O\VVLVYRUVWHOOHW:LH'LH.|QLJOXQG )UVWOLFKHQ 3ULQW]HQ YHUPLWWHOVW HLQHV DQPXWKLJHQ :HJHV ]XU 6WDDWV.XQVW XQG 6LWWHQ/HKUH DQ]XIKUHQ>@LQV'HXWVFKHEHUVHW]HW'XUFK7DODQGHUQ%UHVODX  >&KULVWLDQ )ULHGULFK +XQROG@ /D &LYLOLWp PRGHUQH 2GHU GLH +|IOLFKNHLW GHU +HXWLJHQ :HOW 8EHUVHW]WYRQ0HQDQWHV+DPEXUJ'HU(UVWGUXFNHUVFKHLQWXQWHUGHP7LWHOÄ'HOD &LYLOLWp TXL VH SUDWLTXH HQ )UDQFH³ GDQDFK KHL‰W GHU7H[WÄ/D&LYLOLWpPRGHUQH³OLHJW +XQROGV hEHUVHW]XQJ LQ GHU ]Z|OIWHQ $XIODJH YRU VLHKH 0DQIUHG %HHW] )UKPRGHUQH +|I OLFKNHLW .RPSOLPHQWLHUNXQVW XQG *HVHOOVFKDIWVULWXDOH LP DOWGHXWVFKHQ 6SUDFKUDXP 6WXWWJDUW 6  6LHKHDXFK±XQWHUDQGHUHP9RU]HLFKHQ±)ORULDQ*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQ WHXHU 5RPDQHVNHV (U]lKOHQ ]ZLVFKHQ 7KRPDVLXV XQG :LHODQG 7ELQJHQ  6 Ä7UDQVIRUPDWLRQHQ SUlJHQ GHQ &KDUDNWHU GHU GHXWVFKVSUDFKLJHQ JDODQWHQ 9HUKDOWHQVOLWHUDWXU >@JDQ]HQWVFKHLGHQG:lKUHQGHWZDLQGHU(U]lKOOLWHUDWXUJHZLVVH.RQVWHOODWLRQHQXQG0R WLYHGHUIUDQ]|VLVFKHQJDODQWHQ/LWHUDWXUSUDNWLVFKXQYHUlQGHUWEHUQRPPHQZHUGHQHUIDKUHQ GLH ]XJUXQGH OLHJHQGHQ JHVHOOVFKDIWVHWKLVFKHQ .RQ]HSWLRQHQ HLQH IROJHQUHLFKH 8PGHXWXQJ 'DVDXIK|ILVFKH6DORQNRPPXQLNDWLRQVXEOLPLHUWH(URWLNXQGJDODQWH8PJDQJVIRUPHQDE]LH OHQGHSUH]L|VH.RQYHUVDWLRQVXQG/LHEHVLGHDOZLUGLQGHQ5DKPHQHLQHUEUJHUOLFKHQ*HVHO OLJNHLWXQGHLQHVOXWKHULVFKHQ(KHPRGHOOVHLQJHSDVVW³(UJlQ]HQGKLHU]XLVWHVPHLQ$QOLHJHQ ]X ]HLJHQ GDVV ELVZHLOHQ DXFK Ä.RQVWHOODWLRQHQ XQG 0RWLYH³ HLQH ZHVHQWOLFKH 9HUlQGHUXQJ EHLPIUDQ]|VLVFKGHXWVFKHQ7UDQVIHUHUIDKUHQ



5XWK)ORUDFN

3URVD7H[WH DXI GLH GLH EHLGHQ 5RPDQH YRQ +XQROG XQG 5RVW ]XUFNJHKHQ XP  DX‰HUGHPLQGHXWVFKHUhEHUVHW]XQJJHGUXFNWZXUGHQ±HVZlUHLQWHUHVVDQW KHUDXV]XILQGHQ DQ ZHOFKHV YLHOOHLFKW ]XPLQGHVW UlXPOLFK XQWHUVFKLHGOLFKH3XEOL NXP VLFK GLH hEHUVHW]XQJHQ HLQHUVHLWV GLH IUHLHQ %HDUEHLWXQJHQ DQGHUHUVHLWV JH ULFKWHWKDEHQ$XIIlOOLJLVWLPPHUKLQGDVVQXUGLH%HDUEHLWXQJHQH[SOL]LWGLHÃJD ODQWH :HOWµ DQVSUHFKHQ 'HU 7LWHO=XVDW] EHL +XQROG ODXWHW Ä,Q HLQHU DQQHKPOLFKHQ XQG ZDKUKDIIWLJHQ /LHEHV*HVFKLFKWH 'HU *DODQWHQ :HOW ]X YHU J|QQWHU *HPKWV(UJHW]XQJ +HUDXV JHJHEHQ³ DXI GHP 7LWHOEODWW YRQ 5RVWV +HO GHQ XQG /LHEHV*HVFKLFKWH VWHKW Ä'HU 7XJHQGKDIWHQ  FYULHYVHQ XQG JDODQWHQ :HOW LQ HLQHP 5RPDQ PLW .XSIHUQ DXVJHIHUWLJHW³ ,P )UDQ]|VLVFKHQ IHKOW GDV (WLNHWW ÃJDODQWH :HOWµ RKQHKLQ GDV VHLW %RKVHV 5RPDQHQ HWDEOLHUW LVW XQG PDUNW VWUDWHJLVFKJHGHXWHWZHUGHQPDJ  

 'HV*DODQWHQ)UDXHQ]LPPHUV6HFUHWDULDW.XQVWRGHU/LHEHVXQG )UHXQGVFKDIIWV%ULHIIH>@YRQ7DODQGHUQXQG/H3D\V¶$PLWLH] DPRYUVHWDPRYUHWWHV  %RKVHV$QOHLWXQJ]XJDODQWHU.RPPXQLNDWLRQLQVFKULIWOLFKHU)RUPLVWVHOEVWJU|‰ WHQWHLOVJDODQWSUlVHQWLHUWLQGHPGLH 0XVWHU %ULHIHILNWLRQDOGDUJHERWHQZHUGHQ 0HKUHUH3DDUHDXV)UDXHQXQG0lQQHUQPLWDUNDGLVFKHQ1DPHQ±VLHKHL‰HQHWZD /\VDQGHUXQG&DOLVWH'DPRQXQG'RULV±VFKUHLEHQVLFKUHJHOPl‰LJEHUPHKUHUH 5XQGHQKLQZHJ%ULHIHYHUPLWWHOQGLHHUVWH.RQWDNWDXIQDKPHEHJOHLWHQ*HVFKHQ NH EHUEUFNHQ UlXPOLFKH 7UHQQXQJHQ RGHU GLHQHQ GHU 'LVWDQ]LHUXQJ hEHU GLH 6WDQGDUGVLWXDWLRQHQGHU%ULHIVWHOOHUKLQDXVDOVR*UDWXODWLRQV'DQNXQG.RQGR OHQ]VFKUHLEHQ XVZ VLQG GLH %ULHIH GHU XQWHUVFKLHGOLFKHQ 3DDUH VR DQJHOHJW GDVV VLH WHQGHQ]LHOO NOHLQH*HVFKLFKWHQHUJHEHQ±0DQIUHG%HHW]KDWGLHVDOVHLQÄXQ WHUKDOWVDPH>V@ (U]lKOPRVDLN³ EH]HLFKQHW GDV ÄVWHOOHQZHLVH =JH HLQHV JDODQWHQ  

(LQH ]HLWJHQ|VVLVFKH LOOXVWULHUWH  hEHUVHW]XQJ YRQ 3UpFKDFV 7H[W YHUIDVVWH -RKDQQ )ULHGULFK 0DUNJUDIYRQ%UDQGHQEXUJ$QVEDFK'LHXQYHUJOHLFKOLFKYHUOLHEWXQGJHOLHEWH3DULVHULQ,Q VLFK KDOWHQG  (LQ VHKU DQQHKPOLFK XQG ZDKUKDIIWLJH %HJHEHQKHLW  EH\ PVVLJHQ 6WXQGHQ YHUWHXWVFKHW XQG KHUDXV JHJHEHQ YRQ ,VLGRU )LGHOH 2QRO]EDFK  LQ ]ZHL 7HLOHQ  8QG QRFKHLQKDOEHV-DKUKXQGHUWVSlWHUNRPPWHLQHZHLWHUHhEHUVHW]XQJKHUDXV'LH'XUFKODXFK WLJH 3DULVHULQ %ODQFKH LQ HLQHU YHUOLHEWHQ XQG ZDKUKDIIWLJHQ *HVFKLFKWH $XV GHP )UDQW]|VLVFKHQEHUVHW]W)UDQNIXUW±&RXUWLO]¶7H[WHUVFKHLQWEHUVHW]WDOV'HU6SDQL VFKH7HXWVFKHXQG1LHGHUOlQGLVFKH.ULHJ2GHU'HV0DUTXLVYRQ«FXULHXVHU/HEHQV/DXII >«@$OOHVPLWXQSDUWKH\LVFKHUXQGDXIIULFKWLJHU)HGHUHQWZRUIIHQPLWYHUVFKLHGHQHQVFK|QHQ .XSIIHUQJH]LHUHWXQGGHUFXULHXVHQ:HOW]XP9HUJQJHQDXVJHIHUWLJHW)UDQNIXUW$Q GHUV DOV GDV IUDQ]|VLVFKH 2ULJLQDO HQWKlOW GLH GHXWVFKH hEHUVHW]XQJ VWDWW )DOWWDIHOQ PLW 6FKODFKWDXIVWHOOXQJHQQXQJHIlOOLJH,OOXVWUDWLRQHQGHU/LHEHVDEHQWHXHU  =XP)ROJHQGHQVLHKHDXFKVFKRQ5XWK)ORUDFN*DODQWH.RPPXQLNDWLRQ]ZLVFKHQ/HKUHXQG 8QWHUKDOWXQJ ,Q )UDQFLV]HN *UXF]D XD +J  $NWHQ GHV ;,, ,QWHUQDWLRQDOHQ *HUPDQLVWHQ NRQJUHVVHV :DUVFKDX  9LHOKHLW XQG (LQKHLW GHU *HUPDQLVWLN ZHOWZHLW %G  )UDQN IXUWD06

7UDQVIHUXQG7UDQVIRUPDWLRQ



%ULHIURPDQV³ DQQLPPW 3DUDOOHOHQ KLHU]X ILQGHQ VLFK LP JDODQWHQ %ULHIZHFKVHO PLWHLQHU'DPHQDPHQV&DOLVWHGHQ5HQp/H3D\V±6FKOHUYRQ9LQFHQW9RLWXUH HLQHPGHUIKUHQGHQ/LWHUDWHQLP8PIHOGGHU0DUTXLVHGH5DPERXLOOHW±LP5DK PHQ VHLQHU %ULHI6DPPOXQJ $PLWLH] DPRYUV HW DPRYUHWWHV -DKU]HKQWH ]XYRU YHU|IIHQWOLFKW KDW 'LH HUVWH $XIODJH HUVFKLHQ  PHKUHUH ZHLWHUH $XIODJHQ IROJWHQ6FKHU]KDIWXQGWlQGHOQGVLQGGLH%ULHIHGLHGHU$XWRUDOVVHLQHHLJHQHQ DXVJLEW ZDV GHQ 5HL] GHU /HNWUH VWHLJHUQ PDJ (LQ HFKWHU %ULHIZHFKVHO VROO HV VHLQGDEHLZLUGGLH,GHQWLWlWGHU3DUWQHULQYHUVFKZLHJHQÄM¶HQSXEOLHODJDODQWHULH PDLV LH Q¶HQ GpFRXXUH SRLQW OH VHFUHW³ $OV JHLVWUHLFKH /HNWUH ELVZHLOHQ HURWL VFKHQ,QKDOWVVWHKHQ/H3D\V¶ÄSHWLWVGLXHUWLVVHPHQV³DXVGUFNOLFKXQWHUGHP9RU ]HLFKHQGHU*DODQWHULHXQG YRUDOOHP GHV(VSULW 'LHÄ6HFUHWDULDW.XQVWGHUJDODQWHQ:HOW³ZLH%RKVHVHLQHJDODQWH%ULHIOHKUH DXFK QHQQW HQWZLFNHOW QXQ LQ LKUHP HUVWHQ XQG GULWWHQ 7HLO DXV /H 3D\V¶ ORVHU )ROJHYRQ%ULHIHQHLQHV3DDUHVHLQHNRQVHTXHQWGLDORJLVFKH6WUXNWXULQSRWHQ]LHU WHU )RUP GHQQ HV VLQG ]HKQ EH]LHKXQJVZHLVH DFKW 3DDUH GLH %ULHIHDXVWDXVFKHQ 6RODVVHQVLFKGLHILNWLRQDOLVLHUWHQ%ULHIHDXIYHUVFKLHGHQH:HLVHOHVHQHLQHUVHLWV DOV NRQWLQXLHUOLFKH )RUWVHW]XQJ GHU .RUUHVSRQGHQ]HQ MH XQWHUVFKLHGOLFKHU 3DDUH ZREHLGLH%ULHIHHLQHV3DDUHVLQXQXQWHUEURFKHQHUFKURQRORJLVFKHU)ROJHJHOHVHQ NOHLQH *HVFKLFKWHQ HUJHEHQ DQGHUHUVHLWV DOV 9DULDWLRQHQ HLQHV 0XVWHUV HWZD GHU $QNQSIXQJ HLQHU %HNDQQWVFKDIW /HVHULQQHQ XQG /HVHU N|QQHQ DOVR DEKlQJLJ YRQ,QWHUHVVHXQG%HGDUIGLHILNWLRQDOLVLHUWHQ%ULHIHLQLKUHUV\QWDJPDWLVFKHQRGHU SDUDGLJPDWLVFKHQ9HUNQSIXQJOHVHQ2GHUDEHUPDQQXW]WVLHPLW+LOIHGHV5HJLV WHUVDOV%HLVSLHOH]XGHQ0XVWHUEULHIHQGHUQLFKWILNWLRQDOLVLHUWHQ7H[WSDUWLHQGLH HWZDGLH+lOIWHYRQ%RKVHV%ULHI%XFKDXVPDFKHQ

  %HHW])UKPRGHUQH+|IOLFKNHLW ZLH$QP 6  6LHKH*LRYDQQD0DOTXRUL)RQGL&RQYHUVDWLRQVG¶DPRXUSDUOHWWUHVXQUHFXHLOPpFRQQXGH/H

3D\VXQURPDQLQFRQQXGH3UDGRQ,Q%HUQDUG%UD\X&KULVWRSK6WURVHW]NL +J $UWGHOD OHWWUHDUWGHODFRQYHUVDWLRQjO¶pSRTXHFODVVLTXHHQ)UDQFH$FWHVGXFROORTXHGH:ROIHQEWWHO RFWREUH3DULV6±KLHU6  5HQp/H3D\V$PLWLH]DPRYUVHWDPRYUHWWHV3DULV$YOHFWHYUR6  (EG$PHVSOYVFKHUVDP\VR6  >$XJXVW %RKVH@ 'HV *DODQWHQ )UDXHQ]LPPHUV 6HFUHWDULDW.XQVW RGHU /LHEHV X )UHXQGVFKDIIWV%ULHIH >@ YRQ 7DODQGHUQ /HLS]LJ  9RUUHGH R6 $XVGUFNOLFK VFKOLH‰W GHU %HJULII ÄJDODQWH :HOW³ DXFK PlQQOLFKH /HVHU HLQ %RKVH ]XIROJH KDW VHLQ 9HUOHJHU *OHGLWVFKJHZQVFKWGHQ7H[WDOVÄ6HFUHWDULDW.XQVWGHVJDODQWHQ)UDXHQ]LPPHUV³HUVFKHLQHQ ]XODVVHQ HEG   'DVDXVIKUOLFKH5HJLVWHUDP(QGHGHU6DPPOXQJYHUZHLVWJOHLFKHUPD‰HQDXIGLH0XVWHUXQG DXIGLHILNWLRQDOHQ%ULHIHDOV%HLVSLHOH6RILQGHQVLFKHWZDXQWHUGHP(LQWUDJÄ$QZHUEXQJV 6FKUHLEHQDQHLQ)UDXHQ]LPPHUGDGXUFKPDQLKUH%HNDQQWVFKDIWVXFKHW³ 5HJLVWHU8EHUGLH %ULHIHVRLQDOOHQQHXQ$EWKHLOXQJHQ]XILQGHQHEGR6 HLQHUVHLWV6HLWHQYHUZHLVHDXIGLH %ULHIHLQGHQHQ9HUGLERQG6\OYDQGHU/\VDQGHU'DPRQ7RULVPRQGR$GDODUG/RVDUGRXQG 3KLOLEHUW.RQWDNW]XLKUHU%ULHISDUWQHULQDXIQHKPHQDQGHUHUVHLWVDXIGLHEHLGHQ0XVWHUEULHIH GLHDOVÄ$QZHUEXQJV6FKUHLEHQDQHLQ)UDXHQ]LPPHUPLWGHPPDQJHUQHZROWHEHNDQWVH\Q³ DXVJHZLHVHQVLQG HEG6 



5XWK)ORUDFN

%RKVHV JDODQWHU %ULHIVWHOOHU EHUQLPPW QLFKW QXU GLH 7HFKQLN GHU GLDORJLVFKHQ %ULHI0RQWDJH DXV VHLQHU IUDQ]|VLVFKHQ 9RUODJH VRQGHUQ SDUWLHOO DXFK GHUHQ 6FKUHLEZHLVHGHQVFKHU]KDIWHQ7RQXQGGHQIUHLHUHQ8PJDQJPLWGHU'LVSRVLWLRQ 'DEHLWUDQVIRUPLHUWHU6FKUHLEZHLVHXQG'LDORJWHFKQLNGHVIUDQ]|VLVFKHQ3UlWH[WHV LQ HLQ /HKU XQG 1DFKVFKODJHZHUN ]XU XQWHUKDOWVDPVSLHOHULVFKHQ 9HUPLWWOXQJ JDODQWHU.RPSHWHQ]6RZLUGGHU(VSULWGHP/H3D\VHLQHQHLJHQHQ:HUW]XPLVVW LQGHQ'LHQVWGHU1W]OLFKNHLWJHVWHOOW=XJOHLFKDEHULVWXQWHUGHP9RU]HLFKHQGHV *DODQWHQGDVVLFKYRUQHKPOLFKDQHLQZHLEOLFKHV3XEOLNXPULFKWHWGLHVFKHPDWL VFKHGHU5KHWRULNYHUSIOLFKWHWH)RUPGHV%ULHIVWHOOHUV±ZLHVLH%RKVHVHOEVWQRFK LQ VHLQHP DQ HLQH PlQQOLFKH /HVHUVFKDIW JHULFKWHWHQ $OO]HLWIHUWLJHQ %ULHIIVWHOOHU SUDNWL]LHUW KDW ± GXUFK GLH 2ULHQWLHUXQJ DQ HLQHP IUDQ]|VLVFKHQ GHU *HVHOOLJ NHLWVNXOWXU YHUSIOLFKWHWHQ 0RGHOO H[SHULPHQWHOO DXIJHEURFKHQ 'DPLW LVW GHU 6HFUHWDULDW.XQVWHLQHGRSSHOOlXILJH%HZHJXQJHLQJHVFKULHEHQ,QGHU%HPKXQJ XP HLQH 9HUEUHLWXQJ YRQ *DODQWHULH DOV Ä.RPPXQLNDWLRQVLGHDO³ ZLUG KLHU GLH 7H[WVRUWH Ã%ULHIVWHOOHUµ H[SHULPHQWHOO JH|IIQHW GXUFK GLH 7UDQVIRUPDWLRQ HLQHV IUDQ]|VLVFKHQ 0RGHOOV ]XJOHLFK DEHU EOHLEW GLHVH H[SHULPHQWHOOH gIIQXQJ DQ GHQ 3ULPDW GHU 1W]OLFKNHLW JHEXQGHQ 'LH ,QWHJUDWLRQ LQ HLQ +DQGEXFK EHGHXWHW ]X JOHLFK HLQH 8PZHUWXQJ GHU IUDQ]|VLVFKHQ 9RUODJH GLH DOV HLQ VXEMHNWLYHV 'RNX PHQWPRQGlQHU*HVHOOLJNHLWVSUD[LV]XOHVHQZlUH ([SOL]LWZLUGGHU%H]XJDXI/H3D\V¶$PLWLH]DPRYUVHWDPRYUHWWHVEULJHQV GRUW ZR %RKVH HLQHQ 'LDORJ ]ZLVFKHQGHU9HUQXQIWXQGGHU/LHEHEHUVHW]WEHL GHU GLH /LHEH GDV OHW]WH :RUW KDW 'LHVHU :LGHUVWUHLW ]ZLVFKHQ /LHEH XQG 9HU QXQIWVSLHJHOWLQEHLGHQ)lOOHQEHL/H3D\VHEHQVRZLHEHL%RKVHGDVLQGHQ%ULH IHQ HQWIDOWHWH JDODQWH 9HUKlOWQLV %HL /H 3D\V HUILQGHW GDV ,FK GLHVHQ 'LDORJ XP VHLQHU*HOLHEWHQ]XJHIDOOHQGLHHVRELKUHU6SU|GLJNHLWJHLVWUHLFKYHUVSRWWHW%HL %RKVH LVW GLH hEHUVHW]XQJ ]ZDU HEHQIDOOV 7HLO HLQHU :HUEXQJVVWUDWHJLH $GDODUG KDWÄGHV+HUUQ3D\VVHLQ)UDQW]|VLVFKHV*HVSUlFKYRQGHUPLWGHU/LHEHVWUHLWHQ GHQ9HUQXQIIW³IUVHLQHJHOLHEWH+HURLQHEHUVHW]WLQGHU+RIIQXQJVLHZHUGHGLH Ä0D[LPHQ GHU /LHEH³ ]X VHLQHP Ä9RUWKHLOH³ DXVOHJHQ 'RFK GLH /LHEHVJDEH   %RKVHV$OO]HLWIHUWLJHU%ULHIIVWHOOHUSUlVHQWLHUW]XGHQV\VWHPDWLVFKDXIJHIKUWHQ6FKUHLEDQOlV

VHQ VRZRKO WKHRUHWLVFKH (UOlXWHUXQJHQ DOV DXFK 0XVWHUEULHIH GLH GHP UKHWRULVFKHQ 6FKHPD GHU'LVSRVLWLRQJHKRUFKHQ'LHHUVWHQEHLGHQ7HLOHVLQGXQWHUDQGHUHQ+RIDQJHVWHOOWHQ*HOHKU WHQ XQG .DXIOHXWHQ JHZLGPHW 'HU DOO]HLWIHUWLJH %ULHIIVWHOOHU >@ 9RQ 7DODQGHUQ )UDQNIXUW /HLS]LJX'UHVGHQ GHUGULWWH7HLOELHWHWÄ%UJHUOLFKH>@%ULHIIH>@³GLHDXIÄ:RUWJH SUlQJH  ZHOFKHV GLH +RIOHXWH LQ LKUHQ %ULHIHQ JHEUDXFKHQ³ DXI Ä&RPSOLPHQWH>@³ XQG )UHPGZ|UWHU YHU]LFKWHQ 'HV DOO]HLWIHUWLJHQ %ULHIIVWHOOHUV 'ULWWHU XQG OHW]WHU 7KHLO >«@ 9RQ 7DODQGHUQ'UHVGHQX/HLS]LJ9RUUHGHR6   6RGHU8QWHUWLWHOEHL%RUJVWHGWX6ROEDFK +J 'HUJDODQWH'LVNXUV ZLH$QP   6LHKH >%RKVH@ 6HFUHWDULDW.XQVW ZLH $QP   6± /H 3D\V $PLWLH] ZLH $QP 6±  >%RKVH@ 6HFUHWDULDW.XQVW ZLH $QP   6I 'LH 1DPHQ $GDODUG XQG +HURLQH ODVVHQ VLFKDOV$QVSLHOXQJDXIGDVEHUKPWH/LHEHVSDDU$EpODUGXQG+pORwVHOHVHQXQG]HXJHQHEHQ VRYRQGHU%LOGXQJGHV9HUIDVVHUVZLHGDYRQGDVVHLQ IUDQ]|VLVFK JHELOGHWHV3XEOLNXPDQ JHVSURFKHQZLUG

7UDQVIHUXQG7UDQVIRUPDWLRQ



YHUIHKOW KDOE LKU =LHO +HURLQH ZUGLJW ]ZDU GLH DQQHKPOLFKH /HNWUH VFKHXW MH GRFK YRU GHQ Ä0D[LPHQ³ GHU /LHEH ]XUFN ZRQDFK /LHEHQGH GDV 5HFKW KlWWHQ 6WDQGHVJUHQ]HQ (OWHUQOLHEH XQG HKHOLFKH7UHXH]XEHUZLQGHQXQGHQW]LHKWVLFK $GDODUGYRUHUVW,QQXFHZLUGKLHUHLQHNRQVWLWXWLYH$PELYDOHQ]GHXWVFKVSUDFKL JHU JDODQWHU 7H[WH GHXWOLFK ,P 5FNJULII DXI 0RWLYH XQG 'DUVWHOOXQJVYHUIDKUHQ GHU IUDQ]|VLVFKHQ /LWHUDWXU ± LP JHJHEHQHQ )DOO GXUFK (LQVFKXE HLQHV OlQJHUHQ DXVGUFNOLFKDOVhEHUVHW]XQJFKDUDNWHULVLHUWHQ7H[WV±WKHPDWLVLHUHQVLHDXIXQWHU VFKLHGOLFKH:HLVHHURWLVFKH$Q]LHKXQJVHLHVLQ%ULHIHQXQG'LDORJHQRGHUGXUFK GLH +DQGOXQJ VHOEVW *OHLFK]HLWLJ GLVWDQ]LHUHQ VLH VLFK DEHU YRQ GHU HYR]LHUWHQ OHLGHQVFKDIWOLFKHQ/LHEHLQGHPVLHGLHVHDXVGUFNOLFKDOVIUDQ]|VLVFKXQGPLWKLQ DOV IUHPG PDUNLHUHQ ,Q 7DODQGHUV JDODQWHU %ULHIOHKUH YHUPLWWHOW HLQH )LJXU HEHQ +HURLQH GLHVH 'LVWDQ]LHUXQJ LQ 0HQDQWHV¶ 5RPDQ 'LH /LHEHQV:UGLJH $GDOLH HUVFKHLQW VLH ZLH LP )ROJHQGHQ]XVHKHQDXIGHU+DQGOXQJVHEHQHXQGLP.RP PHQWDUGHV(U]lKOHUV  

 +XQROGV/LHEHQV:UGLJH$GDOLHXQG/¶,OOXVWUH3DULVLHQQHYRQ 3UpFKDF  :HQQ +XQROGV 5RPDQ GHQ 8QWHUWLWHO VHLQHU IUDQ]|VLVFKHQ 9RUODJH LQV 'HXWVFKH EHUVHW]W±ÃKLVWRLUHJDODQWHHWYpULWDEOHµZLUGEHLLKP]XHLQHUÄDQQHKPOLFKHQXQG ZDKUKDIIWLJHQ /LHEHV*HVFKLFKWH³ ± LVW GDV (SLWKHWRQ ÃZDKUKDIWLJµ LP GXUFKDXV Z|UWOLFKHQ6LQQHDOV,QGL]IUKLVWRULVFK9HUEUJWHV]XYHUVWHKHQ'HQQ3UpFKDFV 7H[WUHNXUULHUWDXIHLQ(UHLJQLVGDV$XIVHKHQHUUHJWKDWKHLUDWHW*HRUJ:LO KHOP+HU]RJ]X%UDXQVFKZHLJ/QHEXUJGLH7RFKWHUHLQHVVHKUUHLFKHQIUDQ]|VL VFKHQ+XJHQRWWHQ(OpRQRUHG¶2OEUHXVHGLHQLFKWVHLQHP$GHOVVWDQGHQWVSUDFK  -DKUH QDFK GLHVHU 6NDQGDO+RFK]HLW WUDQVIRUPLHUW +XQROG GHQ NXU]HQ /LHEHV URPDQ LQ GHP -HDQ GH 3UpFKDF ± LQ 'LHQVWHQ GHV +HU]RJVYRQ2UOpDQVDOVRGHV %UXGHUV/XGZLJV;,9VWHKHQG±GLHVHQ6WRIIHUVWPDOVYHUDUEHLWHWKDW'LH VHLQHU]HLW DXIVHKHQHUUHJHQGH 0HVDOOLDQFH GLH XP  NHLQH JHZLFKWLJH 5ROOH PHKU JHVSLHOW KDEHQ GUIWH ZLUG GDEHL DOV 0RWLY VWDUN DEJHVFKZlFKW LQGHP +XQROG JOHLFK ]X %HJLQQ VHLQHV 5RPDQV GHQ 9DWHU GHU %UDXW HLQHQ UHLFKHQ XQG JHDFKWHWHQ3DULVHU.DXIPDQQLQGHQÄKRKHQ$GHO³HUKHEHQOlVVW   6LHKHHEG6I  6LHKHKLHU]X0HLG'HXWVFKH/LWHUDWXULP%DURFN ZLH$QP 6  ,UUHIKUHQGKLQJHJHQLVW5RVHV)RUPXOLHUXQJ+XQROGV/LHEHQV:UGLJH$GDOLHVHLÄHLQH$UW

)RUWVHW]XQJYRQ3UpFKDFV/¶LOOXVWUH3DULVLHQQH³ 'LUN5RVH&RQGXLWHXQG7H[W3DUDGLJPHQ HLQHVJDODQWHQ/LWHUDWXUPRGHOOVLP:HUNYRQ&KULVWLDQ)ULHGULFK+XQROG>0HQDQWHV@%HUOLQX %RVWRQ6   >&KULVWLDQ )ULHGULFK +XQROG@ 'LH /LHEHQV:UGLJH $GDOLH ,Q HLQHU DQQHKPOLFKHQ XQG ZDKUKDIIWLJHQ/LHEHV*HVFKLFKWH'HU*DODQWHQ:HOW]XYHUJ|QQWHU*HPKWV(UJHW]XQJ+HUDXV JHJHEHQ9RQ0HQDQWHV+DPEXUJ ]LWLHUWZLUGKLHUXQGLP)ROJHQGHQQDFKGHP)DNVL PLOHGUXFN6WXWWJDUW 6I6LHKHKLHU]X*HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHX



5XWK)ORUDFN

,QGHU/LHEHQV:UGLJHQ$GDOLHEULFKW+XQROGGLHJHVFKORVVHQH)RUPGHVIUDQ]| VLVFKHQ %H]XJVWH[WHV DXI XQG HUJlQ]W VLH XP HLQH 1HEHQKDQGOXQJ PLW VFKZDQNKDIWHQ (OHPHQWHQ GLH VLFK PLW GHP 6FKLFNOLFKNHLWVJHERW Ã%LHQVpDQFHµ  VFKOHFKWYHUWUDJHQKlWWHQ$X‰HUGHPVLQGEHL+XQROG±XQGQXUKLHU±PRUDOLVLH UHQGH ELVZHLOHQ GHXWOLFK UHOLJL|V JHIlUEWH .RPPHQWDUH GHV (U]lKOHUV ]X ILQGHQ 6RHWZDGRUWZRGHUHGOH5HQDUGGHQMXQJHQ&XUWRQVHLQHU/VWHUQKHLWZHJHQPLW GHP7RGHEHGURKW(UEHVFKLPSIWLKQDOVÄ9HUIOXFKWH>Q@+XQG³XQGÄXQ]FKWLJHV $D‰³XQGZLOOVHLQHÄYHUWHXIIHOWH>@*HLOKHLW³EHVWUDIHQGLHEHLQDKH]XU9HUJH ZDOWLJXQJ VHLQHU WXJHQGKDIWHQ %UDXW %DUVLQH JHIKUW KlWWH GRFK DXV 0LWOHLG PLW &XUWRQV DOWHP 9DWHU ZLUG GDUDXV HLQH /HNWLRQ GLH GHQ MXQJHQ :VWOLQJ ]X 5HXH XQG9HUQXQIWIKUWLKQJHZLVVHUPD‰HQEHNHKUW,QGLHVHP=XVDPPHQKDQJJLEWGHU (U]lKOHU HLQH ± LP 'UXFN KHUYRUJHKREHQH ± YHUDOOJHPHLQHUQGH XQG EHOHKUHQGH (UNOlUXQJDEGLHGHQ([HPSHO&KDUDNWHUGLHVHU(SLVRGHXQWHUVWUHLFKW 'HQQ ZHQQ NHLQH +RIIQXQJ ]XP /HEHQ EULJ  XQG QXQ GLH 6WXQGH GHU VFKZHUHQ 5HFKHQ VFKDIIWHLQHUEHIOHFNWHQ6HHOHQKHUDQQDKHWJHKHWGLHVHOEHDXVGHQ/DEHUULQWKGHUEHVWULFNWHQ 9HUQXQIIW LQ VLFK  XQG HUZHJHW GDV :RUW (ZLJNHLW PLW VROFKHQ 1DFKVLQQHQ  GDV VLH PLW HXVVHUVWHQ9HUP|JHQQDFKGHQ0LWWHOQKHLVVHWJUHLIIHQGXUFKZHOFKHVLHYRUGHQKRKHQ5LFK WHU6WXKO LP .OHLGH GHU 8QVFKXOG VWHKHQ NDQ -D HLQH NXUW]H )ULVW GHV EHYRUVWHKHQGHQ 7RGHV NDQ GHQ %R‰KDIIWHVWHQ RIIW PHKU YHUZDQGHOQ  DOV GLH VFKlUIIVWHQ 6WUDII3UHGLJWHQ LQ YLHOHQ -DKUHQ>@

1LFKWVGDYRQOHVHQZLUEHL3UpFKDFGHVVHQ/LHEHVURPDQGRFKGLH+DXSWKDQGOXQJ IU +XQROGV 7H[W OLHIHUW )ORULDQ *HO]HU KDW DXVIKUOLFK JH]HLJW GDVV +XQROG 3UpFKDFV Ä.ODWVFKHU]lKOXQJ³ ÄJHPl‰ GHQ 7UDGLWLRQHQ GHV URPDQHVNHQ (U]lKOHQV ]X HLQHP LGHDOLVLHUHQGHQ 5RPDQ³ ÃXPJHDUEHLWHWµ KDW 'DV LVW EHU]HXJHQG XQG VROO LP (LQ]HOQHQ HEHQVR ZHQLJ ZLHGHUKROW ZHUGHQ ZLH GLH PRGHOOKDIWH 9HUPLWW OXQJ JDODQWHU .RPPXQLNDWLRQ LP 5RPDQ ± HWZD GXUFK GLH +DXSWILJXUHQ $GDOLH XQG5RVDQWHV±KLHUYRUJHVWHOOWZHUGHQNDQQ9LHOPHKUJHKWHVPLUXPHLQHQDQGH UHQ$VSHNWQlPOLFKXPGDV6SDQQXQJVYHUKlOWQLV]ZLVFKHQGHU9HUDUEHLWXQJIUDQ ]|VLVFKHQÃJDODQWHQµ0DWHULDOVZLHVLHVLFKEHUHLWVLQ%RKVHV%ULHIOHKUHDXI]HLJHQ OLH‰ XQG GHU ]XJOHLFK GLVWDQ]LHUHQGHQ 0DUNLHUXQJ YRQ IUHL]JLJHU (URWLN RGHU HURWLVFKHU/HLGHQVFKDIWDOVIUDQ]|VLVFK =ZLVFKHQ 3UpFKDF XQG +XQROG ODVVHQ VLFK LQ )LJXUHQNRQ]HSWLRQ XQG +DQG OXQJVIKUXQJ EHPHUNHQVZHUWH 8QWHUVFKLHGH EHL GHU 9HUZHQGXQJ YRQ QDWLRQDOHQ 6WHUHRW\SHQIHVWVWHOOHQGLHXPHEHQVRZLH]XU=HLWGHU$XINOlUXQJXQGGDU

 HU ZLH$QP 6PLWHLQHUVFKDUIVLFKWLJHQ.ULWLNDQGHUlOWHUHQ)RUVFKXQJGLH+XQROGV 5RPDQDOVHLQH*HVFKLFKWHYRQVR]LDOHP$XIVWLHJJHOHVHQKDWXQGLQLKUEUJHUOLFKH:XQVFK 3KDQWDVLHQ]XHQWGHFNHQPHLQWH  >+XQROG@$GDOLH ZLH$QP 6  (EG6  *HO]HU.RQYHUVDWLRQ*DODQWHULHXQG$EHQWHXHU ZLH$QP 6

7UDQVIHUXQG7UDQVIRUPDWLRQ



EHUKLQDXVHU]lKOHULVFKSURGXNWLYVLQG1XUEHL3UpFKDFHUVFKHLQWGHU3URWDJRQLVW HLQ GHXWVFKHU 3ULQ] DOV OLHEHQVZHUW HLQIlOWLJ VRGDVV GLH 3DULVHU %DQNLHUVWRFKWHU %ODQFKH GDV 9RUELOG GHU .DXIPDQQVWRFKWHU $GDOLH GHQ DNWLYHQ 3DUW EHUQLPPW ZHQQVLHGHQMXQJHQ'HXWVFKHQPLW/LVWXQG9HUVWHOOXQJJDODQWZHUGHQOlVVWQXU LP IUDQ]|VLVFKHQ 7H[W ZLUG GDV 'HIL]LW GHU 'HXWVFKHQ LQ 6DFKHQ *DODQWHULH DXV JLHELJ GDEHL JHLVWUHLFK XQG ZLW]LJ WKHPDWLVLHUW 0RGHUQ JHVSURFKHQ ]HLJW 3UpFKDFV 7H[W PLW (VSULW ]X ZHOFKHQ LQWHUNXOWXUHOOHQ GHXWVFKIUDQ]|VLVFKHQ  0LVVYHUVWlQGQLVVHQ HV NRPPW ZHQQ HLQ 0DQQ GLH .XOWXUWHFKQLN JDODQWHU .RP PXQLNDWLRQ QLFKW EHKHUUVFKW 'DIU JHVWDOWHW +XQROGV 7H[W GDV ]XUFNJH]RJHQH /HEHQ DXI GHP /DQGH GDV GLH )UDQ]|VLQ $GDOLH LQ GHU +HLPDW LKUHV GHXWVFKHQ 'LHQVWPlGFKHQV ]X VLFK VHOEVW NRPPHQ OlVVW PLW LG\OOLVFKHQ =JHQ GLH DXI GLH (PSILQGVDPNHLW YRUDXVGHXWHQ 8QG HEHQIDOOV QXU EHL +XQROG ILQGHW VLFK HLQH PlQQOLFKH)LJXUGLH±ZLHVSlWHUGLH%|VHZLFKWHUGHU(PSILQGVDPNHLW/RYHODFH LQ5LFKDUGVRQV&ODULVVDRGHU'HUE\LP)UlXOHLQYRQ6WHUQKHLPGHU6RSKLHYRQ/D 5RFKH±GXUFK9HUIKUXQJXQG*HZDOWLKUHVH[XHOOH*LHU]XEHIULHGLJHQYHUVXFKW /LRQDUGHLQÄ&DYDOOLHU³DP+RIH/XGZLJV;,9LVWYRQHLQHUOHLGHQVFKDIWOLFKHQ /LHEH ]X $GDOLHV 6FKZHVWHU XQG %UDXW VHLQHV /DQGVPDQQV 5HQDUG EHVHVVHQ 6R VFKUHFNW HU ZHGHU YRU %HWUXJ XQG (QWIKUXQJQRFKYRU=XGULQJOLFKNHLWMD9HU JHZDOWLJXQJ]XUFNEHYRUHUVFKOLH‰OLFKLP=ZHLNDPSIYRQ5HQDUGEHVLHJWLP 6LQQH SRHWLVFKHU *HUHFKWLJNHLW VHLQ YHUGLHQWHV (QGH ILQGHW 6ROFK OHLGHQVFKDIW OLFKVLQQOLFKHV %HJHKUHQ ± HLQ *HJHQELOG]XP,GHDOJDODQWHU$IIHNWNRQWUROOHGDV GLH3URWDJRQLVWHQLP5RPDQYRU$XJHQIKUHQ±ZLUGEHL+XQROGQXQH[SOL]LWDOV IUDQ]|VLVFK DXVJHJHEHQ ZHQQ HV KHL‰W %HL /LRQDUG āEHUZRJH GLH /LHEH DOOHV 1DFKGHQFNHQ  XQG VHLQH 9HUZHJHQKHLW  GLH GHQ )UDQW]RVHQ RKQH GL‰ KLHULQQHQ HLJHQWKPOLFKPXVWHYRUGL‰PDKOGLH2EHUKDQGEHKDOWHQ³'LHVHLP9HUJOHLFK ]XP IUDQ]|VLVFKHQ %H]XJVWH[W QHXHQ 0RWLYH EHL +XQROG ± GHU OHLGHQVFKDIWOLFKH IUDQ]|VLVFKH +|IOLQJ GHU HLQH *HIDKU IU GLH ZHLEOLFKH 8QVFKXOG GDUVWHOOW GLH (LQIDFKKHLWGHV/DQGOHEHQVDOVÃQDWUOLFKHVµ5HIXJLXPGHUMHQLJHQGLHÄDOOHUHLWOHQ :HOW /XVW³ EHUGUVVLJ LVW ± XQG GHU ELVZHLOHQ PRUDOLVLHUHQGH .RPPHQWDU GHV (U]lKOHUVZHUWHQGDVIUDQ]|VLVFKH0DWHULDOJHZLVVHUPD‰HQXPXQGZHLVHQEHUHLWV   6LHKH KLHU]X 5XWK )ORUDFN (WKQLF 6WHUHRW\SHV DV (OHPHQWV RI &KDUDFWHU )RUPDWLRQ ,Q -HQV

(GHU )RWLV -DQQLGLV X 5DOI 6FKQHLGHU +J  &KDUDFWHUV LQ )LFWLRQDO :RUOGV 8QGHUVWDQGLQJ ,PDJLQDU\%HLQJVLQ/LWHUDWXUH)LOPDQG2WKHU0HGLD%HUOLQX1HZ@YRQ 0HOHWDRQXQGGLHÃ/HEHQVHULQQHUXQJHQµ/D*XHUUHG¶(VSDJQH YRQ&RXUWLO]GH6DQGUDV  -RKDQQ /HRQKDUG 5RVWV +HOGHQ XQG /LHEHV*HVFKLFKWH GLHVHU =HLWHQ QHQQW VLFK ]ZDUÄ5RPDQ³LVWDEHULQVHLQHUK\EULGHQ0DFKDUWXQGVHLQHPH[SOL]LWHQ=HLWEH ]XJ GHXWOLFK YRQ +XQROGV $GDOLH ]X XQWHUVFKHLGHQ 'XW]HQGH YRQ ÄYHUOLHEWH>Q@ $YDQWXUHQ³ ZHFKVHOQ DE PLW FKURQLNDUWLJHQ %HULFKWHQ EHU (UHLJQLVVH DXV GHP JHUDGH HUVW EHHQGHWHQ  6SDQLVFKHQ (UEIROJHNULHJ 'LH 9RUUHGH ± GLH HLQH GHQ =HLWOlXIWHQJHVFKXOGHWHDQWLIUDQ]|VLVFKH7HQGHQ]HLQUlXPW±QHQQWDOVZLFKWLJHQ IUDQ]|VLVFKHQ %H]XJVWH[W /D *XHUUH G¶(VSDJQH GH %DYLqUH HW GH )ODQGUH RX 0pPRLUHVGX0DUTXLV'

HLQH6FKULIWGLHQDFKPHKUIDFKDXIJHOHJWZXU GHPLWGHU$QJDEHÄ$&RORJQH&KH]3LHUUH0DUWHDX³2ODI6LPRQVKDWPLWJXWHQ $UJXPHQWHQGLH7KHVHYHUWUHWHQGLHVH9HUODJVDQJDEHVHLDOVHLQILQJLHUWHV,PSULQW ]XYHUVWHKHQGDVGD]XJHGLHQWKDEHVNDQGDOWUlFKWLJHRSSRVLWLRQHOOH±HLJHQWOLFKLQ GHQ1LHGHUODQGHQJHGUXFNWH±IUDQ]|VLVFKH6FKULIWHQDXIGHQ0DUNW]XEULQJHQ :HULP)DOOGHUDQRQ\PSXEOL]LHUWHQYHUPHLQWOLFKHQ$XWRELRJUDSKLH0pPRLUHVGX 0DUTXLV '

 DOV $XWRU DQ]XVHKHQ LVW ZXVVWH VFKRQ =HGOHUV 8QLYHUVDO/H[LFRQ YRQ &RXUWLO] *UDWLDQXVYRQ +HUUYRQ6DQGUDVZDUDQ>QR@]X0RQWDUJLVJHERKUHQXQGLVW ZHJHQ HLQHU JURVVHQ 0HQJH 6FKULIIWHQ EHNDQQW GLH HU ZLHZRKO LQVJHVDPW RKQH 9RUVHW]XQJ VHLQHV1DPHQVYHUIHUWLJHWXQGGLH]ZDUDQJHQHKPJHVFKULHEHQDEHUPLWJURVVHU%HKXWVDP NHLW ]X OHVHQ VLQG ZHLO VLH XQWHU HLQHU ]LHPOLFKHQ :DKUVFKHLQOLFKNHLW PHLVW XQJHJUQGHWH

  >-RKDQQ /HRQKDUG 5RVW@ 'LH +HOGHQ XQG /LHEHV*HVFKLFKWHGLHVHU=HLWHQ:HOFKHVLFKEH\

GHPYHUZLFKHQHQ6SDQLVFKHQ6YFFHVVLRQV.ULHJKLQXQGZLHGHULQ(YURSD]XJHWUDJHQ'HU 7XJHQGKDIWHQFYULHYVHQXQGJDODQWHQ:HOWLQHLQHP5RPDQPLW.XSIHUQDXVJHIHUWLJHWYRQ 0HOHWDRQ1UQEHUJ9RUUHGHR6  Ä6ROOWHLQGHQ0DUWLDOLVFKHQXQG3ROLWLVFKHQ0DWHULHQHLQHXQGGLHDQGHUH5HGH]XIUH\RGHU RGLHXV VFKHLQHQ VR SURWHVWLUH KLHPLW DXI GDV IH\HUOLFKVWH GDUZLGHU  ZHQQ PDQ VLH YRU HLQH YRUVHW]OLFKH%HOHLGLJXQJDQ]XQHKPHQJHGHQFNHW:HLOLFKVLH]XHLQHUVROFKHQ=HLW]X3DSLHU JHEUDFKW  GD GHU 5|PLVFKH .DLVHU PLW 6HLQHQ )HLQGHQ  LQ HLQHP GHU DOOHUEOXWLJVWHQ .ULHJH YHUZLFNHOWJHZHVHQVRPDJHVVH\QGD‰LFKDOVHLQXQWHUWKlQLJVWHU.QHFKWGHUK|FKVWHQ0D MHVWlWLQGHU&KULVWHQKHLWDXVVXEPLVVHVWHQ(LIIHUDQHLQLJHQ2UWHQPLFKEHUHLOHW³ (EG   6LHKH2ODI6LPRQV0DUWHDXV(XURSDRGHU'HU5RPDQEHYRUHU/LWHUDWXUZXUGH(LQH8QWHU VXFKXQJGHVGHXWVFKHQXQGHQJOLVFKHQ%XFKDQJHERWVGHU-DKUHELV$PVWHUGDPX $WODQWD*$

7UDQVIHUXQG7UDQVIRUPDWLRQ



(U]HKOXQJHQ HQWKDOWHQXQGDXFKGLHZDKUKDIIWHQ*HVFKLFKWHXQWHUYLHOHQ5RPDQLVFKHQ8P VWlQGHQYHUVWHFNHWVLQG

&RXUWLO]GH6DQGUDVKDEHDOV2IIL]LHULP.ULHJJHGLHQWXQG]HLWZHLVHYRQ+ROODQG DXVÄZLGHUGHQ)UDQW]|VLVFKHQ+RI³JHVFKULHEHQVHLVRJDULQGHU%DVWLOOHLQKDI WLHUW JHZHVHQ 8QWHU VHLQHQ 6FKULIWHQ IKUW =HGOHU XQWHU DQGHUHQ HEHQ DXFK ÄOHV 0HPRLUHV GX 0DUTXLV '³ DQ ÄVR XQWHU GHP 1DKPHQ OD *XHUUH G¶(VSDJQH EH NDQQW VLQG³ 'DULQ HU]lKOW HLQ ,FK(U]lKOHU YRQ VHLQHQ SROLWLVFKHQ 'LHQVWHQ IU GHQIUDQ]|VLVFKHQ.|QLJXQGYRQ/LHEHVDEHQWHXHUQGLHHUVHOEVWXQGDQGHUHIUDQ ]|VLVFKH2IIL]LHUHZlKUHQGGHV.ULHJHVLQ(XURSDHUOHEWKDEHQVROOHQ5RVWVÃ5R PDQµ LVW GDJHJHQ LQ GHU GULWWHQ 3HUVRQ HU]lKOW .ULHJXQG/LHEHVJHVFKHKHQIDOOHQ EHLLKPDXVHLQDQGHU6LHODVVHQVLFKDXFKIRUPDOJXWXQWHUVFKHLGHQGHQQFKURQLN lKQOLFKHU%HULFKWXQGÄQRYHOOLVWLVFKH>V@(U]lKOHQ³ZHFKVHOQVLFKUHFKWXQYHUPLW WHOWDE(LQHJHQDXHUH7H[WDQDO\VHKDEHLFKDQGHUQRUWVYHU|IIHQWOLFKWLP5DKPHQ XQVHUHU)UDJHVWHOOXQJPDJHLQH.RQ]HQWUDWLRQDXIGHQ(U]lKOHUJHQJHQGHU±DOV HLQH,QVWDQ]GLHLQV*HVFKHKHQQLFKWVHOEVWLQYROYLHUWLVWGLHVHVDEHUNRPPHQWLHUW XQG EHZHUWHW ± HUVW LQ 0HOHWDRQV +HOGHQ XQG /LHEHV*HVFKLFKWH LQ (UVFKHLQXQJ WULWW'DQXQQLFKWPHKUDXVGHU6LFKWHLQHV$QJHK|ULJHQGHUIUDQ]|VLVFKHQ$UPHH HU]lKOWZLUGZLHLQGHP5HIHUHQ]WH[WYRQ&RXUWLO]GH6DQGUDVZlUHHVGXUFKDXV QLFKWPHKU]ZLQJHQGLP6LQQHGHV:DKUVFKHLQOLFKNHLWVJHERWVYRQGHQ/LHEHOHLHQ JHUDGHGHUIUDQ]|VLVFKHQ2IIL]LHUH]XHU]lKOHQGLHGHU.ULHJ/XGZLJV;,9NUHX] XQG TXHU GXUFK (XURSD IKUW :HQQDEHUDXFKEHL5RVWGHU$N]HQWHLQGHXWLJDXI GHQ DPRXU|VHQ $EHQWHXHUQ YRQ )UDQ]RVHQ OLHJW VFKHLQHQ VLFK GLHVH JDODQWHQ (UREHUHUYRUDOOHQDQGHUHQ1DWLRQHQDXIGHP)HOGGHU(URWLNKHUYRU]XWXQ $XIIlOOLJDQGHUGHXWVFKHQ7UDQVIRUPDWLRQGHVIUDQ]|VLVFKHQ7H[WHVLVWGLHQHX KLQ]XJHNRPPHQH GXUFKJHKHQG DPELYDOHQWH +DOWXQJ GHV KHWHURGLHJHWLVFKHQ (U ]lKOHUV:lKUHQGHUVWlQGLJYRQVH[XHOOHQ$EHQWHXHUQLQVEHVRQGHUHGHU)UDQ]RVHQ HU]lKOWYHUXUWHLOWHUVLHGRFK]XJOHLFKDOVK|FKVWXQPRUDOLVFKQLFKWVHOWHQEH]LHKW HU VLFK GDEHL IORVNHOKDIW DXI UHOLJL|V EHJUQGHWH 1RUPHQ 6R]XP%HLVSLHOLQGHU *HVFKLFKWHYRQ/HSHYLOOHGHUVLFKDP.DLVHUKRI]X:LHQÄGXUFKGLH)UDQW]|VLVFKH /LHENRVXQJHQ³ÃHLQ]XVFKPHLFKHOQµYHUVWHKW=XGHQ$QQlKHUXQJVYHUVXFKHQGLH HU,VRQLHJHJHQEHUXQWHUQLPPWPHLQWGHU(U]lKOHUGDVVVLFKMHGHUGHUÄQXUHLQH   $UWLNHOÄ&RXUWLO] *UDWLDQXVYRQ +HUUYRQ6DQGUDV³,Q-RKDQQ+HLQULFK=HGOHU +J *URV

VHV YROOVWlQGLJHV 8QLYHUVDO/H[LFRQ $OOHU :LVVHQVFKDIIWHQ XQG .QVWH >«@ %G  +DOOH X /HLS]LJ6SIKLHU6S  (EG  (EG6S6LPRQVVFKUHLEWGLHVHQ7H[WLUUWPOLFKGHP0DUTXLVGH/DQJDOOHULH]X VLHKH 6LPRQV0DUWHDXV(XURSDZLH$QP6I   6LPRQV 0DUWHDXV (XURSD ZLH $QP   6 GRUW DXFK ]XU PLVVOXQJHQHQ .RQVWUXNWLRQ YRQ5RVWV5RPDQ  6LHKH 5XWK )ORUDFN $QWLIUDQ]|VLVFKH 3ROHPLN LP JDODQWHQ 5RPDQ 0HOHWDRQV +HOGHQ XQG /LHEHV*HVFKLFKWH GLHVHU =HLWHQ   ,Q -HDQ 6FKLOOLQJHU +J  /RXLV ;,9 HW OH *UDQG 6LqFOHGDQVODFXOWXUHDOOHPDQGHDSUqV1DQF\6±  >5RVW@+HOGHQXQG/LHEHV*HVFKLFKWH ZLH$QP 6



5XWK)ORUDFN

.XQGVFKDIIW YRQ GHP 1DWXUHOO GHU )UDQW]RVHQ KDW XQGZHL‰ZLHGLHVHU1DWLRQ GLH /LHEH  QHEVW GHUHQ VR JHQDQGWHQ *DODQWHULHQ  DQJHERKUHQ³ ,VRQLHV 9HUIK UXQJXQVFKZHUYRUVWHOOHQN|QQH±GLHVHVHLDXIGLHÄ6FKHUW]/LHEH³GHV)UDQ]RVHQ KHUHLQJHIDOOHQ /HSHYLOOHGHPGLH)UDQW]|VLVFKH3UDKOHUH\HQZLHIDVWDOOHQVHLQHQ/DQGHV/HXWKHQDQJHER UHQ ZDU  VFKQLWW HUVFKU|FNOLFK PLW GHP JURVVHQ 0HVVHU DXI  XQG PDFKWH YRQ 3DUL‰  RGHU YLHOPHKU YRQ JDQW] )UDQFNUHLFK HLQH VROFKH %HVFKUHLEXQJ  DOV GLH +H\GHQ YRQ GHQ (OLVlLVFKHQ)HOGHUQXQGGLH7UFNHQYRQLKUHPHUGLFKWHWHQ3DUDGLHVHQLPPHUPHKUJHWKDQ GDKHUR VLFK ,VRQLH LQQVWlQGLJ VHKQHWH  GLH 5HL‰H QDFK GHQ LUGLVFKHQ +LPPHOUHLFK IHLQ EDOG DQ]XWUHWWHQ (U HU]HKOWH LKU YRQ GHU *U|VVH GHU 6WDGW 3DUL‰  GLH ZLH HU YRUJDE  HLQH NOHLQH :HOW]XQHQQHQHUPDFKWHHLQHQ(QWZXUIDQGHQOXVWLJHQ*HJHQGHQXP3DUL‰>@XQGVDJWH LKUVRYLHOH6HOWHQKHLWHQYRQ9HUVDLOOHV>@XQGDQGHUQKHUUOLFKHQ2HUWHUQGD‰IDVWHLQH6WXQ GHGDKLQJLHQJHHKHHUQXUPLWGHQZLFKWLJVWHQ*URVVSUHFKHUH\HQIHUWLJZXUGH+HUQDFKUHGH WH HU YRQ 2SHUQ YRQ &RPRHGLHQ YRQ 0DVTXHUDGHQ %DOV $VVHPEOpHV 6SDW]LHUIDUWKHQ XQG -DJGHQ YRQ GHU )UH\KHLW GHV )UDXHQ]LPPHUV XQG OHW]OLFKHQ YRQ GHU $XIULFKWLJNHLW GHU )UDQW]|VLVFKHQ1DWLRQGLHHUEHUDOOHDQGHUHKHUDXVVWULHFKXQGVLFK]XEHKDXSWHQHUNKQWH GD‰QRFKHLQMHGHUGHUDXV7HXWVFKODQGQDFK)UDQFNUHLFKJHNRPPHQVLFKGDVHOEVWHLQHQEH VWlQGLJHQ $XIIHQWKDOW JHZQVFKHW  ZHLO HV HLQ /DQG  GD PDQ DXJHQEOLFNOLFK QHXH 9HUJQ JXQJHQJHQLH‰HWXQGQLFKWZHL‰ZHOFKHPDQXQWHUVRYLHOHQDPHUVWHQZlKOHQVROOH

6R OlVVW VLFK ,VRQLH EOHQGHQ XQG YHUIKUHQ LQGHP VLH GDUDXIYHUWUDXWGDVVHUVLH KHLUDWHQZHUGH'RFKDOVVLHHLQ.LQGYRQLKPHUZDUWHWOlVVW/HSHYLOOHVLHIHLJHLP 6WLFK KDW HU LQ )UDQNUHLFK GRFK HLQH DQGHUH EHVVHUH 3DUWLH LQ $XVVLFKW (U YHU VFKDIIW ,VRQLH HLQ 0LWWHO LKU .LQG DE]XWUHLEHQ 9RQ VFKZHUHQ *HZLVVHQVQ|WHQ JHSHLQLJW IlOOW VLH LQ WLHIH 0HODQFKROLH XQG JHKW VFKOLH‰OLFKHOHQG ]XJUXQGH 0LW HUKREHQHP=HLJHILQJHU]LHKWGHU(U]lKOHUGLH.RQVHTXHQ]DXVGHU*HVFKLFKWHGLH GDPLW QDFKWUlJOLFK JHZLVVHUPD‰HQ ]X HLQHP ([HPSOXP HUKREHQ ZLUG ,VRQLHV VFKUHFNOLFKHV(QGHVHLGLH)ROJHLKUHV+RFKPXWVXQGLKUHV/HEHQVZDQGHOVGDKHU KWH PDQ VLFK YRU GHU Ä*HZDOW³ GHU /LHEH ÄHV ZlUH ]X ZQVFKHQ  GD‰ NHLQ 0HQVFKOLHEWHDOVGHUVLFKYRQGHQ6FKZDFKKHLWHQGHU/LHEHZRKOLQDFKWQHKPHQ  VHLQH %HJLHUGHQ LQ =DXP KDOWHQ³ XQG HLQH ZUGLJH 3HUVRQ Ä]XP *HJHQVWDQG ZlKOHQ NDQ³ $OOHUGLQJV PDFKW GHUVHOEH (U]lKOHU ]XYRU ODXWHU $QGHXWXQJHQ ZHOFKHGLH3KDQWDVLHGHV/HVHUVHLQGHXWLJDXI(URWLVFKHVOHQNHQ.RQNUHWZLUGHU DEHU QLFKW ÄXP OVWUHQGHQ 6LQQHQ NHLQHQ (QWZXUII VROFKHU 6FKZDFKKHLWHQ ]X PDFKHQ  GLH EL‰ZHLOHQ ]X XQDQVWlQGLJHQ $XVVFKZHLIIXQJHQ  $QOD‰ JHEHQ³ 6WDWWGHVVHQELHWHWHUGHP1HXJLHULJHQPRUDOLVFKH6HQWHQ]HQ 'LH/LHEHLVW]ZDUHLQHGHUVFK|QVWHQ/HLGHQVFKDIIWHQDEHULKUZDKUHV:HVHQPX‰DXIHL QHP7XJHQGKDIIWHQ*UXQGHHUEDXHWVH\QZRIHUQHGLH6HHOHHLQYROONRPPHQHV9HUJQJHQGD UDXV]LHKHQXQGGLH=XIULHGHQKHLWGHV*HPWKHVXQYHUlQGHUOLFKKHLVVHQVROO:HUHLQHJH   (EG6I  (EG6  'LHÃ,QNRUSRUDWLRQµYRQÄ)RUPHQGHUPRUDOLVFKHQ([HPSHO/LWHUDWXULQJDODQWH(U]lKOIRUPHQ³

LVW *HO]HU ]XIROJH QLFKW XQJHZ|KQOLFK *HO]HU .RQYHUVDWLRQ *DODQWHULH XQG $EHQWHXHU ZLH $QP6 

 >5RVW@+HOGHQXQG/LHEHV*HVFKLFKWH ZLH$QP 6  (EG6

7UDQVIHUXQG7UDQVIRUPDWLRQ



QDXH .XQGVFKDIIW YRQ GHU YHUQQIIWLJHQ /LHEH KDW  GHU HQWJHKHW YHUVFKLHGHQH *HIlKUOLFKNHLWHQ  ZHQQ HU LKUHQ DQQHKPOLFKHQ 5HLW]XQJHQ HQWZHLFKHW  MD GHUHQ $EELOGXQJ QLFKWHLQPDOEHWUDFKWHQPDJ'DV0HQVFKOLFKH+HUW]HJOHLFKHWHLQHPIDQJHQGHQ=XQGHUVR EDOGGLH)XQFNHQGHU:ROOXVWRGHUDQGUHUVQGOLFKHQ%HJLHUGHQKLQHLQIDOOHQVLQGVLHVROHLFKW QLFKW DXV]XO|VFKHQ 'D XQVQXQRKQHGHPGLHYHUERWWHQH1HLJXQJHQDQJHERKUHQLVWHVZHLW HUVSULH‰OLFKHUPDQYHUKWHGLH*HOHJHQKHLWHQXQGGLH9HUDQODVVXQJHQ]XGHPZRUDX‰XQ JOFNOLFKH)ROJHUXQJHQHQWVSULQJHQN|QQHQ

:LH DEHU VROO PDQ ÄDQQHKPOLFKHQ 5HLW]XQJHQ³ HQWJHKHQ ZHQQ 5RVWV JDODQWHU 5RPDQ EHU PHKU DOV  6HLWHQ YRU DOOHP YRQ GLHVHQ Ä5HLW]XQJHQ³ HU]lKOW" 'LHVHVGRSSHOWH6SLHOJHK|UW]XP:LW]GHV7H[WHV±HEHQVRZLHGLH,URQLHPLWGHU GHU (U]lKOHU DQ HLQHU 6WHOOH DXVGUFNOLFK YRU GHQ 5RPDQHQ DXVGHP+DXVÄ3HWHU 0DUWHDX³ ZDUQW REZRKO &RXUWLO] GH 6DQGUDV¶0pPRLUHV GX 0DUTXLV '

 DXI GLH 0HOHWDRQV 7H[W ]XUFNJHKW GRFK XQWHU JHQDX GLHVHP /DEHO HUVFKLHQHQ VLQG (QWVFKHLGHQG DEHU LVW 6RIHUQ Ã*DODQWHULHµ LP HURWLVFKHQ 6LQQ ]X YHUVWHKHQ LVW ZLUG VLH DOV ÃW\SLVFK IUDQ]|VLVFKµ PDUNLHUW 8QWHU GLHVHP 9RU]HLFKHQ HU]lKOW 0HOHWDRQDXVJLHELJYRQ/HLGHQVFKDIWXQG6H[XDOLWlWYRUGHQHQGHUPRUDOLVLHUHQGH (U]lKOHUGRFKVWHWVDXIV1HXHZDUQW :LHVFKRQEHL%RKVHXQG+XQROGOlVVWVLFKDOVRDXFKEHL5RVWHLQHFKDUDNWHULV WLVFKH $PELYDOHQ] JHJHQEHU GHP IUDQ]|VLVFKHQ %H]XJVWH[W HUNHQQHQ ,Q DOOHQ GUHL )lOOHQ ZHUGHQ 0RWLYH XQG 7HFKQLNHQ GHU JDODQWHQ IUDQ]|VLVFKHQ 0RGHOOH NRQVWUXNWLY EHUQRPPHQ XP GHP GHXWVFKHQ 3XEOLNXP JDODQWH &RQGXLWH XQG JDODQWHQ 6WLO ]X YHUPLWWHOQ XQG XP HV GXUFK HLQH $UW YRQ ZHOWOLFKHU /HNWUH ]X XQWHUKDOWHQGHUHQ0RGHLQ)UDQNUHLFKHQWZLFNHOWZXUGH,QVRIHUQVLQGGLHEHVSUR FKHQHQ7H[WHIUGLHÃJDODQWH:HOWµLQGHU7DW0XVWHUEHLVSLHOHIUHLQHSURGXNWLYH gIIQXQJ JHJHQEHU 9HUKDOWHQV XQG (U]lKOPRGHOOHQ IUDQ]|VLVFKHU 3URYHQLHQ] =XJOHLFK DEHU JHKW GLHVHU .XOWXUWUDQVIHU PLW HLQHU ZHVHQWOLFKHQ 7UDQVIRUPDWLRQ HLQKHU 'HQQ VROFK JDODQWHU 3URVD ZLUG LP 'HXWVFKHQ ± DXI MH XQWHUVFKLHGOLFKHQ (EHQHQ LQ %RKVHV JDODQWHP %ULHIVWHOOHU HKHU YHUKDOWHQ EHUGHXWOLFK GDJHJHQ LQ 5RVWVSROLWLVFKHP5RPDQ±HLQH6WLPPHHLQJHVFKULHEHQGLHGDVNRQVWLWXWLY=ZHL GHXWLJH GHU *DODQWHULH ]X EDQQHQ YHUVXFKW LQGHP VLH 6H[XDOLWlW XQG (URWLN DE ZHKUWDOVW\SLVFKIUDQ]|VLVFKHQ+DQJ]XU/LEHUWLQDJH,QGHUGHXWVFKHQ$XINOlUXQJ ZLUGGDUDXVVSlWHUGHU1HJDWLY7RSRVGHUÃIULYROHQ)UDQ]RVHQµJHJHQGHQVLFKGLH DOOJHPHLQH 3IOLFKW ]XU 7XJHQG SURILOLHUHQ OlVVW 'HPJHJHQEHU ZLUG GDQQ GLH   (EG6I  (VLVW]ZDUHLQDOWHU6SUXFKHVVH\NHLQ%XFKVRVFKOLPPPDQN|QQHHWZDV*XWHVGDUDX‰



OHUQHQ  DOOHLQ HV JHK|UHQ /HXWKH ]XP GXUFKEOlWWHUQ  GLH 0HLVWHU LKUHU $IIHFWHQ VLQG -XQJH /HXWH KLQJHJHQ DEVRQGHUOLFK )UDXHQ]LPPHU  G|UIIHQ VLFK GHVVHQ QLFKW UKPHQ >@ GHURKDOEHQLVWHVZHLWHUVSULH‰OLFKHUYRUVLHPDQUHLVVHLKQHQGLHXQ]FKWLJHQ/LHEHV%FKHU GLHPDQJHPHLQLJOLFKPLWGHPHUGLFKWHWHQ1DKPHQGHV3HWHU0DUWHDX]X&|OOQYHUGlFKWLJ PDFKHWDXVGHQ+lQGHQVRYHUKWWHWPDQYLHOHVZDVVRQVW]XGHQVFKOLPPVWHQXQGWUDX ULJVWHQ)ROJHUXQJHQ$QOD‰JLEW³ (EG6I   6LHKH )ORULDQ *HO]HU 7KHVHQ ]XP JDODQWHQ 5RPDQ ,Q )ORUDFN X 6LQJHU +J  .XQVW GHU *DODQWHULH ZLH$QP 6±KLHU6±



5XWK)ORUDFN

JHVHOOVFKDIWVHWKLVFKH'LPHQVLRQGHU*DODQWHULHYHUEODVVHQDQGHUHQ7UDQVIHUYRQ )UDQNUHLFKQDFK'HXWVFKODQGXP7DODQGHU0HQDQWHVXQG0HOHWDRQPD‰JHE OLFK EHWHLOLJW ZDUHQ ± REZRKO ZLH JH]HLJW PDQFKH LKUHU 7H[WH YHUPHLQWOLFK 8Q PRUDOLVFKHVDOVÃIUDQ]|VLVFKµDXVJUHQ]HQXQGDEZHUWHQ 

  *UXQGOHJHQG KLHU]X *HO]HU .RQYHUVDWLRQ *DODQWHULH XQG $EHQWHXHU ZLH $QP   6WHLJHU

ZDOG *DODQWHULH ZLH $QP   VRZLH IU GHQ 8UVSUXQJ GHU *DODQWHULH LQ )UDQNUHLFK $ODLQ 9LDOD/D)UDQFHJDODQWH(VVDLKLVWRULTXHVXUXQHFDWpJRULHFXOWXUHOOHGHVHVRULJLQHVMXVTX¶j OD5pYROXWLRQ3DULV

 ',5.1,()$1*(5 

Ä9RQGHP=XVWDQGHGHU3RHVLHLQ7HXWVFKODQG³ 'LH%UHVODXHU$QOHLWXQJ  DOVHUVWH$XINOlUXQJVSRHWLN 

,P$QGHQNHQDQ:LOIULHG%DUQHU  'LH VRJHQDQQWH Ä%UHVODXHU $QOHLWXQJ³ JHK|UW ]ZDU ]X GHQ EHNDQQWHVWHQ 7H[WHQ XP  ZLUG DEHU NDXP ]LWLHUW RGHU VSH]LILVFK DQDO\VLHUW ,Q GHQ HLQVFKOlJLJHQ $QWKRORJLHQ ]XU %DURFNSRHWLN 7UDJ|GLHQ RGHU .RP|GLHQWKHRULH ]XU 'UDPDWXU JLH GHV -DKUKXQGHUWV RGHU ]XU 5RPDQWKHRULH ILQGHQ VLFK NHLQH $XV]JH GHV 7H[WHV 'LH %DURFNHLQIKUXQJHQ JHKHQ QLFKW PHKU XQG GLH $XINOlUXQJVKDQGE FKHU QRFK QLFKW DXI VLH HLQ 'LH ZLFKWLJVWH GHXWVFKVSUDFKLJH 3RHWLN GHU HUVWHQ -DKU]HKQWHGHV-DKUKXQGHUWVVFKHLQWEXFKVWlEOLFKLQGDVLPPHUZLHGHUEHNODJWH /RFK ]ZLVFKHQ %DURFN XQG $XINOlUXQJ JHIDOOHQ ]X VHLQ ]XPDO VLH ± GD NHLQHP $XWRUHLQGHXWLJ]XJHVFKULHEHQ±QLFKWJDQ]OHLFKWLQGHQ%LEOLRWKHNHQDXVILQGLJ]X PDFKHQ LVW DOV 0LNURILFKH XQG 'LJLWDOLVDW NDQQ VLH DEHU LQ]ZLVFKHQ DQ YLHOHQ 2UWHQHLQJHVHKHQZHUGHQ  

 9HUIDVVHUIUDJHXQG7LWHO  'D LQ GHU 9RUUHGH GXUFK 1DPHQVNU]HO DXI EHUKPWH Ä0lQQHU³ YHUZLHVHQ ZLUG   PLW GHQHQ GHU RGHU GLH 9HUIDVVHU LQ .RQWDNW VWDQGHQ OlVVW VLFK ]XPLQGHVW GDV8PIHOGGHU$QOHLWXQJJDQ]JXWEHVWLPPHQ]XGHQ.RUUHVSRQGHQWHQÄZHOFKH HLQH]ZDUNXU]HGRFKJUQGOLFKH$QOHLWXQJ]XU3RHVLHJHEHQ³JHK|UHQYHUPXWOLFK %HQMDPLQ1HXNLUFK(OLDV0DMRU RGHU-RKDQQ%XUNKDUG0HQFNH" XQG&KULVWLDQ   

5REHUW-$OH[DQGHU'DVGHXWVFKH%DURFNGUDPD6WXWWJDUW6 9JO GLH 0LFURILFKH$XVJDEHGHU68%*|WWLQJHQ0&$(67+RGHUGLHUHSURJUDSKL VFKH$XVJDEHLQQHUKDOEGHU+DUROG-DQW]FROOHFWLRQ*HUPDQEDURTXHOLWHUDWXUH1HZ+DYHQ 1RUHHOGLHLQYLHOHQGHXWVFKHQ%LEOLRWKHNHQYRUKDQGHQLVW  9JOGDV0QFKHQHU'LJLWDOLVDW9'6LJQDWXUGHU%6%/HOHJJP  $QRQ\P $QOHLWXQJ ]XU 3RVLH  'DULQQHQ LKU 8UVSUXQJ  :DFKVWKXP  %HVFKDIIHQKHLW XQG UHFKWHU*HEUDXFKXQWHUVXFKHWXQGJH]HLJHWZLUG%UH‰ODX'LH6HLWHQGHU%UHVODXHU$Q OHLWXQJ]XU3RHVLHZHUGHQLQ=XNXQIWKLQWHUGHPMHZHLOLJHQ=LWDWLQ.ODPPHUQDQJHJHEHQ'LH PLW6WHUQFKHQ DXVJH]HLFKQHWHQ6HLWHQDQJDEHQEH]LHKHQVLFKDXIGLHXQSDJLQLHUWH9RUUHGH  'D (OLDV 0DMRU VRZHLW LFK ZHL‰ EHUKDXSW QLFKW DOV 3RHWRORJH RGHU /LWHUDWXUWKHRUHWLNHU DXIJHWUHWHQ LVW N|QQWH HV VLFK EHLP 1DPHQVNU]HO Ä(0³   DXFK XP HLQHQ 'UXFNIHKOHU KDQGHOQ%HGHQNWPDQGLHKlXILJHXQGSRVLWLYH(UZlKQXQJ-RKDQQ%XUNKDUG0HQFNHVLQGHU $QOHLWXQJXQGVHLQHKHUDXVJHKREHQH6WHOOXQJLPÄ([SHULPHQWLHUIHOG)UKDXINOlUXQJ³N|QQWH YLHOOHLFKWDXFKGLHVHUJHPHLQWVHLQ %0VWDWWÄ(0³ =XVHLQHQ%H]LHKXQJHQ]X6FKOHVLHQ XQG VHLQHU 5ROOH DOV P|JOLFKHU 9HUPLWWOHU GHU $QOHLWXQJ DQ *RWWVFKHG VX 0HQFNH ±  ZDUXD+HUDXVJHEHUGHUHLQIOXVVUHLFKHQ$FWD(UXGLWRUXPXQGGHU1HXHQ=HLWXQJYRQ JHOHKUWHQ6DFKHQ*HOHJHQWOLFKOLHVWPDQDXFKDQGHUH+LQZHLVHHWZDVWDWW(0VHLHLJHQWOLFK (1 (UGPDQQ1HXPHLVWHU JHPHLQWJHZHVHQ9JOHWZDGLH$QJDEHQ]XUUHSURJUDSKLVFKHQ



'LUN1LHIDQJHU

6WLHII0|JOLFKHUZHLVHKDWGHU9HUIDVVHUGHU%UHVODXHU$QOHLWXQJVHLQHQ7H[WDXV GHU]HLWQLFKWDXIILQGEDUHQ0DQXVNULSWHQGLHVHU+HUUHQNRPSLOLHUW'LH1DPHQGHU $XVNXQIWJHEHUGHU'UXFNRUWXQGGLHLQGHU*HVFKLFKWHGHUGHXWVFKHQ3RHWLNVLQ JXOlUH (LQ]HOEHKDQGOXQJ GHU Ä'UDPDWD 6FKRODVWLFD RGHU 6FKXO $FWXV³   GLH LQ%UHVODXMDVHKUYHUEUHLWHWZDUHQODVVHQMHGHQIDOOVDXIHLQHVFKOHVLVFKH+HUNXQIW GHU$QOHLWXQJVFKOLH‰HQGDV/RE/XWKHUV  DXIHLQHSURWHVWDQWLVFKH.RQIHVVLRQ 'LHWKHRORJLVFKH)XQGLHUXQJGHU3RHWLNXQGGLHGDPLW]XVDPPHQKlQJHQGH$EOHK QXQJ P\WKRORJLVFKHU 6WRIIH ZLUNHQ DQJHVLFKWV GHU VSlWHU VHKU DXVIKUOLFK EHKDQ GHOWHQ DQWLNHQ IUDQ]|VLVFKHQ VSDQLVFKHQ LWDOLHQLVFKHQ XQG HQJOLVFKHQ $XWRUHQ DEHUHKHUSODNDWLYXQGODVVHQGHVKDOENDXP5FNVFKOVVHDXIHLQHNRQNUHWH$XWRU VFKDIW]X(LQH/HNWUHGHUZLFKWLJVWHQJHLVWOLFKRULHQWLHUWHQ3RHWLNGHV3URWHVWDQ WLVPXV GHU 7HXWVFKHQ 5HGHELQG XQG 'LFKW.XQVW   6LJPXQG YRQ %LUNHQV N|QQWHPDQEHLGHP9HUIDVVHUGHU$QOHLWXQJDEHUYHUPXWHQ$XIIlOOLJHUVFKHLQHQ ]XGHPGLHJXWH.HQQWQLVDXFKQHXHVWHU3RHWLNHQ 0HQDQWHV2PHLV0RUKRIXVZ  XQG'LFKWXQJHQ %HVVHU&DQLW]%URFNHV6WLHIIXVZ 'LHIUKQHX]HLWOLFKH/LWH UDWXULQ)UDQNUHLFK+ROODQG6SDQLHQ(QJODQGXQG,WDOLHQVFKHLQW]XPLQGHVWNXU VRULVFK ZDKUJHQRPPHQ ZRUGHQ ]X VHLQ 'DV :LVVHQ XP GLH QHXHVWHQ IUDQ]|VL VFKHQ 5RPDQH NRPPW ZRKO DXV (UQVW :LOKHOP 7HQW]HOV 0RQDWOLFKHQ 8QWHUUHGXQJHQ ± >@  (LQH JHZLVVH .XULRVLWlW VWHOOW GHU OREHQGH +LQZHLVDXIGLH'LFKWXQJHQYRQ.RQIX]LXV  GDU 'HUYROOVWlQGLJH7LWHOÄ$QOHLWXQJ]XU3RHVLH'DULQQHQLKU8UVSUXQJ:DFKV WKXP %HVFKDIIHQKHLW XQG UHFKWHU *HEUDXFK XQWHUVXFKHW XQG JH]HLJHW ZLUG %UH‰ODX%H\0LFKDHO+XEHUW³]HLJWGLHGRSSHOWH=LHOULFKWXQJGHV%XFKHVDQ  $XVJDEHLQQHUKDOEGHU+DUROG-DQW]FROOHFWLRQÄ7KHDQRQ\PRXVDXWKRUFODLPVWKDWWKLVJXLGH WRSRHWU\LVLQDJUHHPHQWZLWKPDQXVFULSWVVHQWWRKLPE\VHYHUDOIDPRXVPHQGLVWLQJXLVKHG IRUWKHLUSRHWLFZULWLQJVDV%1(0&6 %HQMDPLQ1HXNLUFK(OLDV0DMRURUHUURUIRU(1 (UGPDQQ 1HXPHLVWHU" &DVSDU 6WLHOHU" ³ :HVFKH ZHLVW DQ HLQHU 6WHOOH IDVW Z|UWOLFKH hEHU QDKPHQGHU$QOHLWXQJDXVGHU3RHWLNYRQ0DJQXV'DQLHO2PHLVQDFKYJO-|UJ:HVFKH/LWH UDULVFKH 'LYHUVLWlW $EZHLFKXQJHQ /L]HQ]HQ XQG 6SLHOUlXPH LQ GHU GHXWVFKHQ 3RHVLH XQG 3RHWLNGHU%DURFN]HLW7ELQJHQ6'LH$OWGRUIHU3RHWLNYRQ0DJQXV'DQLHO2PHLV N|QQWH%HQMDPLQ1HXNLUFKJXWLQVHLQHU$QVEDFKHU=HLW VHLW UH]LSLHUWKDEHQ=XPVSl WHQ 1HXNLUFK YJO 'LUN 1LHIDQJHU 'HU VSlWH %HQMDPLQ 1HXNLUFK DOV 3lGDJRJH ,Q 0RUJHQ *ODQW]  6±XQGGHUV'HUVSlWH%HQMDPLQ1HXNLUFKDOV'LFKWHUXQG3ULQ ]HQHU]LHKHULQ$QVEDFK7HOHPDFK6DW\UHQXQG*HOHJHQKHLWVJHVFKLFKWH,Q-DKUEXFKGHV+LV WRULVFKHQ9HUHLQVIU0LWWHOIUDQNHQ  6±  0DUNZDUGW YHUPXWHW Ä&KU>LVWLDQ '1@ 6WLHII³ DOV DOOHLQLJHQ 9HUIDVVHU VSULFKW VRQVW DEHU ]XUFNKDOWHQGYRPÄ%UHVODXHU3RHWLNHU³%UXQR0DUNZDUGW*HVFKLFKWHGHUGHXWVFKHQ3RHWLN %G%DURFNXQG)UKDXINOlUXQJ%HUOLQ/HLS]LJ6XQG(UVWW]WVLFKGDEHL DXI lOWHUH )RUVFKXQJHQ GLH YRQ HLQHU Ä9RUOHVXQJVQDFKVFKULIW³ GHU Ä3RHWLNYRUOHVXQJ³ 6WLHIIV VSUHFKHQYJOHEG6  *HQDQQWZLUGXDGHUHUZlKQWH%UHVODXHU6FKXOUHNWRU&KULVWLDQ6WLHII    9JO6LHJPXQGYRQ%LUNHQ7HXWVFKH5HGHELQGXQG'LFKW.XQVW5HSULQWGHU$XVJDEH1UQ EHUJ+LOGHVKHLP=X%LUNHQYJO+DUWPXW/DXIKWWH6LJPXQGYRQ%LUNHQ/HEHQ :HUN XQG 1DFKOHEHQ *HVDPPHOWH 6WXGLHQ 3DVVDX  (LQH YROOVWlQGLJH :HUNEHUVLFKW ELHWHW+HUPDQQ6WDXIIHU6LJPXQGYRQ%LUNHQ ± 0RUSKRORJLHVHLQHV:HUNV7 ELQJHQ

'LH%UHVODXHU$QOHLWXQJ



(V P|FKWH 3RHWLN LP HLJHQWOLFKHQ 6LQQH VHLQ DOVR ]XU GLFKWHULVFKHQ 3URGXNWLRQ DQOHLWHQ HV YHUVWHKW VLFK DEHU DXFK DOV %HVWDQGVDXIQDKPH GLFKWHULVFKHU /HLVWXQJ XQG YRU DOOHP DOV GHXWVFKH /LWHUDWXUJHVFKLFKWH LP HXURSlLVFKHQ .RQWH[W 'DV 6FKOVVHOZRUW Ä$QOHLWXQJ³ ILQGHW VLFK GHV gIWHUHQ LQ GHQ 3RHWLNHQ GHV  XQG -DKUKXQGHUWV VFKRQ LQ /XGZLJ $QKDOW YRQ .|WKHQV .XUW]HU $QOHLWXQJ ]XU GHXWVFKHQ 3RHVLH   GDQQ LQ $OEUHFKW &KULVWLDQ 5RWWKV .XQVWPl‰LJHU XQG GHXWOLFKHU $QOHLWXQJ   LQ GHU *UQGOLFKHQ $QOHLWXQJ =XU 7HXWVFKHQ DFFXUDWHQ5HLPXQG'LFKWNXQVW  YRQ0DJQXV'DQLHO2PHLVRGHULQ%HQ MDPLQ +HGULFKV $QOHLWXQJ =X GHQ IUQHKPVWHQ 3KLORORJLVFKHQ :LVVHQVFKDIWHQ  GLHHLQHQ$EVFKQLWW$QOHLWXQJ]XU7HXWVFKHQ3RHVLHHQWKlOW1RFK-RKDQQ +EQHUV 1HXYHUPHKUWHV 3RHWLVFKHV +DQG%XFK   WUlJW GHQ 'RSSHOWLWHO .XUW]JHIDVVWH $QOHLWXQJ ]XU 'HXWVFKHQ 3RHVLH 5HFKW lKQOLFK NOLQJW DXFK GHU 7LWHO YRQ 'DQLHO +HLQULFK $UQROG 9HUVXFK HLQHU 6\VWHPDWLVFKHQ $QOHLWXQJ =XU 'HXWVFKHQ 3RHVLH EHUKDXSW   'LH 8QWHUVFKLHGOLFKNHLW GLHVHU 3RHWLNHQ ]HLJW GDVV GDV 7LWHOVWLFKZRUW NHLQH VSH]LILVFKH )RUP GHU 3RHWLN HWZD HLQH $UW *HEUDXFKVDQZHLVXQJ ]XU 9HUIHUWLJXQJ SRHWLVFKHU 7H[WH QDKHOHJW ,P *HJHQWHLO GLHKLHUJHQDQQWHQ%HLVSLHOHYRQ$QOHLWXQJHQUHSUlVHQWLHUHQMHQHQ*UDGDQSRHWR ORJLVFKHU'LYHUVLWlWGHQGLHHLQVFKOlJLJH)RUVFKXQJLQGHQOHW]WHQ-DKUHQGLQJIHVW JHPDFKWKDW

   'LH$QOHLWXQJDOVHUVWH$XINOlUXQJVSRHWLN  (WZDV JHQDXHU JHKHQ GLH EHLGHQ QHXHUHQ 0RQRJUDSKLHQ ]XU %DURFNSRHWLN XQG LKUHQ6SLHOUlXPHQYRQ6WHIDQLH6WRFNKRUVWXQG-|UJ:HVFKHDXIGLHKLHU]XU'LV NXVVLRQVWHKHQGH%UHVODXHU$QOHLWXQJ]XU3RHVLH  HLQ6LHEHWRQHQEHLGHGHQ hEHUJDQJVFKDUDNWHU GHU $QOHLWXQJ :HVFKH PDFKW DEHU GDUDXI DXIPHUNVDP GDVV  

9JO >/XGZLJ YRQ $QKDOW.|WKHQ@ .XUW]H $QOHLWXQJ =XU 'HXWVFKHQ 3RHVL RGHU 5HLP.XQVW PLWLKUHQXQWHUVFKLHGHQHQ$UWHQXQG0XVWHUQ5HLPZHLVHYHUIHUWLJHWXQGYRUJHVWHOOHW&|WKHQ   9JO $OEUHFKW &KULVWLDQ 5RWWK 9ROOVWlQGLJH 'HXWVFKH 3RHVLH   .XQVWPl‰LJH XQG GHXWOLFKH $QOHLWXQJ]X$OOHUKDQG0DWHULHQZHOFKHVRZRKOVRQVWLQGHU5HGH.XQVWDOVLQVRQGHUKHLWLQ GHU3RHVLHQW]OLFK]XJHEUDXFKHQVH\QZLUG/HLS]LJ  0DJQXV'DQLHO2PHLV*UQGOLFKH$QOHLWXQJ=XU7HXWVFKHQDFFXUDWHQ5HLPXQG'LFKWNXQVW 1UQEHUJ  9JO%HQMDPLQ+HGHULFK$QOHLWXQJ=XGHQIUQHKPVWHQ3KLORORJLVFKHQ:LVVHQVFKDIWHQ1DFK GHU*UDPPDWLFD5KHWRULFD8QG3RHWLFD6RIHUQVROFKHLQVRQGHUKHLWHLQHPGHUGLH6WXGLD]X SURVHTXLUHQJHGHQFNHWQW]OLFKXQGQ|WKLJ:LWWHQEHUJ6HFWLR,,,,RGHU$QOHLWXQJ]XU 7HXWVFKHQ3RHVLH  -RKDQQ +EQHU 1HXYHUPHKUWHV 3RHWLVFKHV +DQG%XFK 'DV LVW HLQH NXUW]JHIDVWH $QOHLWXQJ ]XU'HXWVFKHQ3RHVLH/HLS]LJ  'DQLHO +HLQULFK $UQROG 9HUVXFK HLQHU 6\VWHPDWLVFKHQ $QOHLWXQJ =XU 'HXWVFKHQ 3RHVLH EHUKDXSW.|QLJVEHUJ  9JO:HVFKH/LWHUDULVFKH'LYHUVLWlW ZLH$QP 



'LUN1LHIDQJHU

PLW LKU GLH lOWHUH 3RHWLNIRUVFKXQJ LQ GHU 5HJHO GDV %DURFNSDUDGLJPD KDW HQGHQ ODVVHQZHOFKHVPLW2SLW]¶%XFKYRQGHUGHXWVFKHQ3RHWHUH\  IXULRVEHJRQ QHQ KDEH -RKDQQ &KULVWRSK *RWWVFKHGV 9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW  ÄPDUNLHUWGDEHL³±VR:HVFKHEHUGLHlOWHUH)RUVFKXQJ±ÄGHQ%HJLQQGHU $XINOlUXQJVSRHWLN³ 6WRFNKRUVW GHXWHW PLWXQWHU HLQH 'LIIHUHQ] GHU$QOHLWXQJ ]X GHQ %DURFNSRHWLNHQ DQ XQG NRQVWDWLHUW LQ $QVlW]HQ HLQH JHOHJHQWOLFKH 1lKH ]XU )UKDXINOlUXQJ RKQH GLHV DOOHUGLQJV ]XVDPPHQKlQJHQG ]X H[SOL]LHUHQ 'LHVHQ *HGDQNHQQHKPHLFKLP)ROJHQGHQDXI ,P 6LQQH GHU (LQOHLWXQJ ]XP YRUOLHJHQGHQ6DPPHOEDQGYHUWUHWHLFKLQPHL QHP%HLWUDJGLH7KHVHGDVVGLH%UHVODXHU$QOHLWXQJ  ]HQWUDOHSRHWRORJLVFKH %HVWLPPXQJHQ GHV 9HUVXFKV HLQHU &ULWLVFKHQ 'LFKWNXQVW   YRQ *RWWVFKHG YRUZHJQLPPW VLHZHUGHQJHPHLQKLQDOVIUGLH)UKDXINOlUXQJNRQVWLWXWLYDQJH VHKHQ 'LH DQRQ\PH $QOHLWXQJ WUlJW GDPLW ZHVHQWOLFK ]XU (WDEOLHUXQJ SRHWRORJL VFKHU 1RUPHQ XQG ]XU 3HUVSHNWLYLHUXQJ HLQHU ÃQHXHQµ /LWHUDWXU LP 6LQQH HLQHV IUKDXINOlUHULVFKHQ5DWLRQDOLVPXVEHLDXFKZHQQVLHLQPDQFKHU+LQVLFKW]ZHLIHO ORVSRHWRORJLVFKHQ7UDGLWLRQHQGHV-DKUKXQGHUWVYHUKDIWHWEOHLEW$EHUJHQDX GLHVGHUGHXWOLFKH%H]XJDXI7UDGLWLRQHQHLQHUVHLWVXQGGHU9HUVXFKQHXHÃDXIJH NOlUWHµ1RUPHQ]XHWDEOLHUHQDQGHUHUVHLWVRKQHLQHLQHQDXIJHUHJWHQ1HJDWLRQVJHV WXV ]X YHUIDOOHQ ZLH ZHQLJ VSlWHU *RWWVFKHGV &ULWLVFKH 'LFKWNXQVW RGHU VHLQH 9RUUHGH ]XP 6WHUEHQGHQ &DWR PDFKHQ GLH $QOHLWXQJ ]X HLQHP YHUKlOWQLVPl‰LJ HUIROJUHLFKHQ XQG V\PSWRPDWLVFKHQ 7H[W GHV ([SHULPHQWLHUIHOGHV )UKDXINOl UXQJ   0DUNDQW EHL 0DUNZDUGW YJO GHUV *HVFKLFKWH GHU GHXWVFKHQ 3RHWLN ZLH $QP   %G

6

 :HVFKH /LWHUDULVFKH 'LYHUVLWlW ZLH $QP   6 'LH lOWHUH (LQRUGQXQJ GHU %UHVODXHU

$QOHLWXQJ ILQGHW VLFK EHL 5ROI %DXU 'LGDNWLN GHU %DURFNSRHWLN 'LH GHXWVFKVSUDFKLJHQ %DURFNSRHWLNHQ YRQ 2SLW] ELV *RWWVFKHG DOV /HKUEFKHU GHU Ã3RHWHUH\µ +HLGHOEHUJ  6:HUQHU-XQJ.OHLQH*HVFKLFKWHGHU3RHWLN+DPEXUJ6±9RONHU6LQHPXV 3RHWLN XQG 5KHWRULN LP IUKPRGHUQHQ 6WDDW 6R]LDOJHVFKLFKWOLFKH %HGLQJXQJHQ GHV 1RUP ZDQGHOVLP-DKUKXQGHUW*|WWLQJHQ6RGHU+HUPDQQ:LHJPDQQ*HVFKLFKWHGHU 3RHWLN(LQ$EUL‰6WXWWJDUW6  9JO6WHIDQLH6WRFNKRUVW5HIRUPSRHWLN.RGLIL]LHUWH*HQXVWKHRULHGHV%DURFNXQGDOWHUQDWLYH 1RUPHQELOGXQJLQSRHWRORJLVFKHQ3DUDWH[WHQ7ELQJHQHWZD6XQG  9JOGHQ(LQOHLWXQJVEHLWUDJYRQ'DQLHO)XOGDX-|UQ6WHLJHUZDOGLQGLHVHP%DQG8P 'LH)RUPLHUXQJGHUHXURSlLVFKHQ$XINOlUXQJ=ZLVFKHQgIIQXQJXQGQHXHUOLFKHU6FKOLH‰XQJ  =XU%HJULIIVYHUZHQGXQJLQVEHVRQGHUHIUGLHKLHUEHKDQGHOWH=HLWYJO:LOIULHG%DUQHU +J  7UDGLWLRQ1RUP,QQRYDWLRQ6R]LDOHVXQGOLWHUDULVFKHV7UDGLWLRQVYHUKDOWHQLQGHU)UK]HLWGHU GHXWVFKHQ$XINOlUXQJ0QFKHQ  9JO:LOIULHG%DUQHUhEHUGDV1HJLHUHQYRQ7UDGLWLRQ=XU7\SRORJLHOLWHUDWXUSURJUDPPDWL VFKHU (SRFKHQZHQGHQ LQ 'HXWVFKODQG ,Q 5HLQKDUW .RVHOOHFN X 5HLQKDUW +HU]RJ +J  (SRFKHQVFKZHOOHXQG(SRFKHQEHZX‰WVHLQ0QFKHQ6±  6RLVWGLH$QOHLWXQJELVKHXWHLQYLHOHQGHXWVFKHQ%LEOLRWKHNHQ]XILQGHQXQGZXUGHRIIHQEDU DQ$XINOlUXQJVXQLYHUVLWlWHQZLH(UODQJHQRGHU*|WWLQJHQDOV/HKUEXFKYHUZHQGHW9JOKLHU]X GHQ VWXGHQWLVFKHQ %HVLW]HLQWUDJ LP (UODQJHU ([HPSODU YRP  6HSWHPEHU  6LJQDWXU +/7*9,D

'LH%UHVODXHU$QOHLWXQJ



$QGHUV DOV GHU HLQOHLWHQGH %HLWUDJ ]XP YRUOLHJHQGHQ 6DPPHOEDQG YHUPHLGH LFK EHZXVVWGHQ+LQZHLVDXIRIIHQEDUVLQJXODULVFKYHUVWDQGHQHÄWUDGLWLRQHOOH6WUXNWX UHQ³GLHÄVLFKXP>«@|IIQHWHQ³VRQGHUQJHKHYRQJDQ]XQWHUVFKLHGOLFKHQ 7UDGLWLRQHQXQG6WUXNWXUHQDXVGLHWHLOVIRUWJHIKUWWHLOVHUQHXHUWWHLOVYHUlQGHUW RGHU DXFK ± PHLVW VXN]HVVLYH ± EHHQGHW ZHUGHQ 'LHVH 9RUJlQJH HQWVSUHFKHQ XQGKLHUIROJHLFKDXVGUFNOLFKGHU(LQOHLWXQJHLQHUÄ'LDOHNWLN³YRQQHXHUSRH WRORJLVFKHUgIIQXQJXQGGHP9HUVXFKHWZDPLWWHOVNRGLIL]LHUWHU3RHWLNXQG0XV WHUWH[WHQ DQGHUH OLWHUDULVFKH 0|JOLFKNHLWHQ DXV GHP SRHWLVFKHQ 'LVNXUV DXV]X VFKOLH‰HQ 'LHVH 'LDOHNWLN YRQ Ä*HVFKORVVHQKHLW XQG 2IIHQKHLW³ NDQQ NHLQHVZHJVSODQDXIGHQ(SRFKHQJHJHQVDW]YRQ%DURFNXQG$XINOlUXQJEH]RJHQ ZHUGHQVRQGHUQVWHOOWLKQLQVHLQHU6WULNWKHLWVWHWVLQ)UDJH  

 5DWLRQDOLVWLVFKH)XQGLHUXQJ  6FKRQ DXI GHU HUVWHQ 6HLWH GHU 9RUUHGH NRQVWDWLHUW GLH $QOHLWXQJ GDVV GHU Ä9HU VWDQG³HLQ3ROVHLXPGHQVLFKGLH:HOWGUHKH  :HQLJVSlWHUZLUGDOV=LHOGHU 3RHVLH ÄGLH 9HUEHVVHUXQJ GHV 9HUVWDQGHV³   YJO     DXVJHJHEHQ 'LH 9HUZHQGXQJP\WKRORJLVFKHU)LJXUHQLQGHU'LFKWXQJZLUGDEJHOHKQWZHLOVROFKH 7H[WH ÄQLFKW ZHQLJ GHQ 9HUVWDQG³   YHUGHUEHQ ZUGHQ XQG ÄLQ YLHOHQ =HLOHQ QLFKW HLQ ZDKUHV :RUW³   DQ]XWUHIIHQ VHL 'LH 'LFKWNXQVW PVVH DEHU DXI GLH Ä%HNUlIIWLJXQJHQGHU:DKUKHLW³  ]LHOHQGDPLWPDQGLH3RHWHQQLFKWOlQJHUDOV Ä/JQHU³ XQG Ä1DUUHQ³   EHVFKLPSIHQ N|QQH ,QVRIHUQ HUVFKHLQW HV NDXP YHU ZXQGHUOLFK ZHQQ GLH$QOHLWXQJLP6LQQH&KULVWLDQ:ROIIVGLH:DKUVFKHLQOLFK NHLW DQ GLH /RJLN SRHWLVFKHU $XVVDJHQ ELQGHW Ä'XUFK GLH /RJLF RGHU 9HUQXQIIW /HKUH ZHOFKH HLQHQ OHLWHW GD‰PDQQLFKWEHUGLH:DKUVFKHLQOLFKNHLW JHKHWXQGGDEH\DXFKRUGHQWOLFKUHGHWXQGVFKUHLEHW³  ZHUGHGDV1DWUOLFKHGHV 'DUJHVWHOOWHQKHUDXVJHKREHQXQGLQVHLQHUSRHWLVFKHQ(QWIDOWXQJSODXVLEHO   )XOGD

X 6WHLJHUZDOG 8P  'LH )RUPLHUXQJ GHU HXURSlLVFKHQ $XINOlUXQJ =ZLVFKHQ gIIQXQJXQGQHXHUOLFKHU6FKOLH‰XQJ ZLH$QP 6YJO6ÄGHU7UDGLWLRQYHUSIOLFK WHW³  9JO 'LUN 1LHIDQJHU 6IXPDWR Ã7UDGLWLRQVYHUKDOWHQµ LQ 3DUDWH[WHQ ]ZLVFKHQ Ã%DURFNµ XQG Ã$XINOlUXQJµ,Q=HLWVFKULIWIU/LWHUDWXUZLVVHQVFKDIWXQG/LQJXLVWLN /LOL   6± XQGGHUV'LH&KDQFHHLQHUXQJHIHVWLJWHQ1DWLRQDOOLWHUDWXU7UDGLWLRQVYHUKDOWHQLPJDODQ WHQ'LVNXUV,Q7KRPDV%RUJVWHGWX$QGUHDV6ROEDFK +J 'HUJDODQWH'LVNXUV.RPPXQL NDWLRQVLGHDOXQG(SRFKHQVFKZHOOH'UHVGHQ6±  )XOGD X 6WHLJHUZDOG 8P  'LH )RUPLHUXQJ GHU HXURSlLVFKHQ $XINOlUXQJ =ZLVFKHQ gIIQXQJXQGQHXHUOLFKHU6FKOLH‰XQJ ZLH$QP 6  6WHSKDQ .UDIW *HVFKORVVHQKHLW XQG 2IIHQKHLW GHU Ã5|PLVFKHQ 2FWDYLD¶ YRQ +HU]RJ $QWRQ 8OULFK ÄGHU URPDQ PDFKW DKQ GLH HZLJNHLW JHGHQFNHQ GHQ HU QLPEW NHLQ HQGW³ :U]EXUJ   9JO &KULVWLDQ :ROII (LQOHLWHQGH $EKDQGOXQJ EHU 3KLORVRSKLH LP $OOJHPHLQHQ hEHUV HLQJHOXQGKJY*QWHU*DZOLFNX/RWKDU.UHLPHQGDKO6WXWWJDUW6± 3KLORVR SKLVFKH0HWKRGHSKLORVRSKLVFKHU6WLO 



'LUN1LHIDQJHU

 2ULHQWLHUXQJDQGHU1DWXU  'LH $QOHLWXQJ YHUVWHKW 0LPHVLV DOV P|JOLFKVW QDWUOLFKH Ä1DFKELOGXQJ³ GHU *H JHQVWlQGH   :HQQPDQHWZDVHVVH\JOHLFKLQGHU:HOWRGHUQLFKWVRQDWUOLFKNODUXQGDQJHQHKPYRU VWHOOHW ZLH HV HQWZHGHU DQ VLFK VHOEHU LVW RGHU GRFK GHU YHUQQIIWLJHQ (LQELOGXQJ QDFK EH VFKDIIHQVH\QVROOWHGDPLWPDQQLFKWZLGHUGLH1DWXUGHU6DFKHKDQGOH>«@RGHUDXFKZLGHU GLH8PVWlQGHGHU6DFKHDOVLQGHU=HLW2UWHHWFLUUH  

0LWGHQÄ8PVWlQGHQGHU6DFKH³VRNDQQPDQDXVGHQ%HLVSLHOHQVFKOLH‰HQLVWGLH KLVWRULVFK DGlTXDWH .RQWH[WXDOLVLHUXQJ JHPHLQW 'HU )RUWVFKULWW JHVFKLFKWOLFKHU (UUXQJHQVFKDIWHQ ZLH GLH (UILQGXQJ YRQ .DQRQHQ HWZD VROO EHLGHU'DUVWHOOXQJ lOWHUHU 6WRIIH EHUFNVLFKWLJW ZHUGHQ ,P 6LQQH *RWWVFKHGV XQG DQGHUV DOV %RGPHU%UHLWLQJHU OlVVWGLH$QOHLWXQJHLQHLPDJLQDWLYH'LHJHVHDEHUQXU]XZHQQ VLHQDWXUJHPl‰HQWZRUIHQZLUG'LH3KUDVHÄHVVH\JOHLFKLQGHU:HOWRGHUQLFKW³ LQ RELJHP =LWDW OlVVW VLFK OHLFKW DXI GDV .RQ]HSW P|JOLFKHU :HOWHQ YRQ /HLEQL] EH]LHKHQ'LH$QOHLWXQJDUJXPHQWLHUWEHLGHU%HJUQGXQJILNWLRQDOHU'DUVWHOOXQJ lKQOLFKZLHGHU/HLS]LJHURGHUGLH6FKZHL]HU*HUDGH]XIDV]LQLHUHQGHUVFKHLQW ZLHLQGHU%UHVODXHU$QOHLWXQJLQGLHVHP=XVDPPHQKDQJ]XPLQGHVWLQ$QVlW]HQ GLH 1DWXUUHFKWVOHKUH ± P|JOLFKHUZHLVH LP 6LQQH YRQ 3XIHQGRUIV $FKW %FKHU>Q@ YRP1DWXUXQG9|ONHUUHFKW  ±GLVNXWLHUWZLUG -HPHKUVLH>GLH)LNWLRQ'1@PLWGHU1DWXUDOVLKUHU*UXQG 5HJHOEHUHLQVWLPPWMHPHKU YHUGLHQWVLHGHQ1DPHQ3RsVLH1XUPX‰PDQHLQ1DWUOLFKHVQLFKWPLWGHPDQGHUHQYHUPHQ JHQXQGHLQHQ+HOGHQQDFKHLQHPJHPHLQHQ0DQQHRGHUDXFKGLHVHQQDFKMHQHPPHVVHQRE VLHJOHLFKEH\GH0HQVFKHQVH\Q I 

6WULNW LP 6LQQH GHU 6FKLFNOLFKNHLW XQG LQ 5HODWLRQ GHV DOV QDWUOLFK DQJHVHKHQHQ +DELWXV XQWHUVFKLHGOLFKHU 6WlQGH VLQG GLH )LJXUHQ LQ GHQ )LNWLRQHQ ]X JHVWDOWHQ REJOHLFKVLHLQLKUHP0HQVFKVHLQSULQ]LSLHOOJOHLFKDQ]XVHKHQVLQG   9JO*RWWIULHG:LOKHOP/HLEQL]'LH9HUQXQIIWSULQ]LSLHQGHU1DWXUXQGGHU*QDGH0RQDGR

ORJLH)UDQ]|VLVFK'HXWVFK+JY+HUEHUW+HUULQJ+DPEXUJ6±

 9JO-RKDQQ&KULVWRSK*RWWVFKHG9HUVXFKHLQHU&ULWLVFKHQ'LFKWNXQVW8QYHUlQGHUWHUUHSURJ

UDSKLVFKHU 1DFKGUXFN GHU  YHUPHKUWHQ $XIODJH /HLS]LJ  'DUPVWDGW  6I Ä'HQQ GD PDQ VLFK LQ GHU 0HWDSK\VLN GLH :HOW DOV HLQH 5HLKH P|JOLFKHU 'LQJH YRUVWHOOHQ PX‰ DX‰HU GHUMHQLJHQ DEHU GLH ZLU ZLUNOLFK YRU $XJHQ VHKHQ QRFK YLHO DQGUH GHUJOHLFKHQ 5HLKHQJHGDFKWZHUGHQN|QQHQ6RVLHKWPDQGD‰HLJHQWOLFKDOOH%HJHEHQKHLWHQGLHXQVHUP =XVDPPHQKDQJHZLUNOLFKYHUKDQGHQHU'LQJHQLFKWJHVFKHKHQDQVLFKVHOEVWDEHUQLFKWV:L GHUVSUHFKHQGHVLQVLFKKDEHQXQGDOVRXQWHUJHZLVVHQ%HGLQJXQJHQP|JOLFKVLQGLQHLQHUDQ GHUQ:HOW]X+DXVHJHK|UHQXQG7HLOHGDYRQDXVPDFKHQ³  9JO-RKDQQ-DNRE%UHLWLQJHU&ULWLVFKH'LFKWNXQVW  ,Q-RKDQQ-DNRE%RGPHUXGHUV 6FKULIWHQ ]XU /LWHUDWXU 6WXWWJDUW  6 Ä$OOH GLHVH P|JOLFKHQ :HOWHQ RE VLH JOHLFK QLFKWZUFNOLFKXQGQLFKWVLFKWEDUVLQGKDEHQGHQQRFKHLQHHLJHQWOLFKH:DKUKHLWGLHLQLKUHU 0|JOLFKNHLWVRYRQDOOHP:LGHUVSUXFKIUH\LVWXQGLQGHUDOOHVYHUP|JHQGHQ.UDIWGHV6FK|S IHUVGHU1DWXUJHJUQGHWLVW³  9JO 6DPXHO 3XIHQGRUI $FKW %FKHU YRP 1DWXU XQG 9|OFNHU5HFKWH )UDQNIXUW D0  >ODW@

'LH%UHVODXHU$QOHLWXQJ



'LH2ULHQWLHUXQJDQGHU1DWXUEHWRQWGLH$QOHLWXQJJDQ]EHVRQGHUVLP%HUHLFKGHV 6FKDXVSLHOV ZRKOZHLOVLHGDEHLDQNRQNUHWH$XIIKUXQJHQDOVRDQGLHN|USHUOL FKH3UlVHQ]GHUSRHWLVFKHQ,PDJLQDWLRQHQGHQNW'LH1DWXUVHLGHU]HQWUDOH0D‰ VWDEIUGLH%HXUWHLOXQJYRQ6WFNHQ 'HQQZDVPLWGHU1DWXUQLFKW]XVDPPHQVWLPPHWGDVJHKWLQ6FKDX 6SLHOHQDXFKQLFKWDQ XQGGLHMHQLJHQZHOFKHGDUZLGHUKDQGHOQEHGLHQHQVLFKHLQHUXQYHUQQIIWLJHQ)UH\KHLWPDV VHQGLH6FKDX 6SLHOHGLH1DWXUDPDOOHUQDWUOLFKVWHQYRUVWHOOHQVROOHQ  

$ULVWRWHOHV KDEH LQ VHLQHU 3RHWLN ÄQLFKWV DQGHUV DOV *UXQG 6lW]H ZHOFKH DXV GHU 1DWXULKUHQ8UVSUXQJKDEHQ³  NRGLIL]LHUW  

 ,QJHQLXP  *DQ]GHXWOLFKZQVFKWVLFKGLH%UHVODXHU3RHWLNEHLP'LFKWHUÄHLQHQDWUOLFKHXQG 6LQQ UHLFKH )lKLJNHLW DOOHUKDQG :DKUVFKHLQOLFKNHLWHQ VRZRKOYRQ+LPPOLVFKHQ DOV ,UGLVFKHQ /HEHQGLJHQ DOV /HEORVHQ JHVFKLFNW XQG OHLFKW ]X HUILQGHQ³   6WlUNHUQRFKDOV*RWWVFKHGEHKDUUWVLHDXIQDWUOLFKHQ7DOHQWHQGHV'LFKWHUVMDDXI VHLQHPÄ(QWKXVLDVPXVSRsWLFXV³  GHQQEHLP(QWZHUIHQGHUZDKUVFKHLQOLFKHQ 'LHJHVH PXVV ÄGDV 1DWXUHOO PHKU DOV DOOH .XQVWDXVULFKWHQ³  (LQH$EOHKQXQJ GHVDXVVFKOLH‰OLFKJHOHKUWHQ=XJDQJV]XU3RHVLHNRPPW±ZLH:HVFKHQDFKZHLVW ±]ZDULQHLQLJHQVSlWHUHQ%DURFNSRHWLNHQYRUGLHH[SOL]LWHXQGPHKUIDFKH%HWR QXQJGHV,QJHQLXPVZHLVWDEHULQVJHVDPWGHXWOLFKLQ5LFKWXQJ)UKDXINOlUXQJ 'DKHULVWDXFKGLH3RHVLHQLFKWDOOHQJHOHKUWHQJHPHLQVRQGHUQQXUGHQHQMHQLJHQZHOFKHGLH 1DWXUXQG.XQVWGD]XJHELOGHW  

)ODQNLHUWZLUGGLH$ENHKUYRQGHUUHLQHQ$QZHLVXQJVSRHWLNGXUFKHLQHQ+LQZHLV DXIGDVPXVLNDOLVFKH1DWXUHOOGDVGHU3RHW]XP'LFKWHQEUDXFKH  

 (UQHXHUXQJGHU3RHVLHGXUFKGHXWVFKVSUDFKLJH0XVWHU  :LH VSlWHU *RWWVFKHG VHW]W GLH $QOHLWXQJ EHL GHU )|UGHUXQJ GHU .XOWXU DXI HLQ VFKOlJLJH0XVWHU'LH$QOHLWXQJKRIIWGDVV >G@DZLU7HXWVFKHQLHW]RVRXQYHUJOHLFKOLFKH0HLVWHULQGHU3RHVLHKDEHQVLFKHLQLJHDQJHOH JHQVH\QOLHVVHQYRQMHGHU6RUWHGHU3RHVLHHLQLJHYROONRPPHQH0HLVWHU 6WFNH>«@]XYHU IHUWLJHQ  

'LH $QOHLWXQJ UHJW JDQ] NRQNUHW DQ GLH YRUKDQGHQHQ 6DPPOXQJHQ ]HLWJHQ|VVL VFKHU *HGLFKWH IRUW]XIKUHQ XQG ]X YHUYROOVWlQGLJHQ XQG EULQJW LP $QKDQJ ]ZHL   9JO:HVFKH/LWHUDULVFKH'LYHUVLWlW ZLH$QP 6±



'LUN1LHIDQJHU

OlQJHUH JHLVWOLFKH ([HPSHO (LQJHUlXPW ZLUG GDVV GLH 4XDOLWlW GHU JHGUXFNWHQ *HGLFKWH LP $OWHQ 5HLFK QLFKW LPPHU JOHLFK VHL 'DV JHOWH HWZD IU GLH OHW]WHQ %lQGH GHU +RIPDQQVZDOGDXVFKHQ 6DPPOXQJ YJO I  ,PPHU ZLHGHU OREW GLH $QOHLWXQJ OHEHQGH $XWRUHQ VR ZLUG GHU DXFK YRQ GHU )UKDXINOlUXQJ QRFK JH VFKlW]WH-RKDQQYRQ%HVVHU ± DOVHLQHUÄYRQGHQEHVWHQ3RHWHQGLHZLU LHW]R KDEHQ³   JHQDQQW ,KP JOHLFKJHVWHOOW ZHUGHQ DQ DQGHUHU 6WHOOH GLH EHL (UVFKHLQHQ GHU $QOHLWXQJ QRFK OHEHQGHQ $XWRUHQ %HQMDPLQ 1HXNLUFK ±   0LFKDHO 5LFKH\ ±  (UGPDQQ 1HXPHLVWHU ±  XQG GHU KHXWH HKHU DOV )UKDXINOlUHU JHKDQGHOWH %DUWKROG +LQULFK %URFNHV ±  (LQLJH GHU JHQDQQWHQ ZHUGHQ VSlWHU DOV ÄYROONRPPHQH 0HLVWHU GHU 7HXWVFKHQ 6SUDFKH³  EH]HLFKQHW  

 2ULHQWLHUXQJDQ)UDQNUHLFKXQGGHUGRFWULQHFODVVLTXH  6FKRQ XQWHU GHQ PD‰JHEHQGHQ 3RHWLNHQ YHU]HLFKQHW GLH $QOHLWXQJ 1LFRODV %RLOHDXV 9HUVHSLVWHO / $UW SRpWLTXH ±    HLQHQ GHU JUXQGOHJHQGHQ 7H[WH GHV IUDQ]|VLVFKHQ .ODVVL]LVPXV 'DV DFKWH .DSLWHO GHU $QOHLWXQJ KDQGHOW GDQQÄ9RQGHP=XVWDQGHGHU3RHVLHLQ)UDQFNUHLFK³ ± 'DV/REGHUÄKHUUOL FKH>Q@ 3RHWHQ³   GLHVHU 1DWLRQ OlVVW NHLQHQ =ZHLIHO GDUDQ GDVV QLFKW HUVW *RWWVFKHGV &ULWLVFKH 'LFKWNXQVW VRQGHUQ VFKRQ GLH %UHVODXHU $QOHLWXQJ HLQH 2ULHQWLHUXQJ DQ IUDQ]|VLVFKHQ 'LFKWXQJVQRUPHQ LQVEHVRQGHUH LP %HUHLFK GHV KRKHQ 'UDPDV HPSILHKOW KLHU HUVFKOLH‰W GLH $QOHLWXQJ HLQ JHJHQEHU &KULVWLDQ 7KRPDVLXVXQGGHQJDODQWHQ'LFKWHUQGLHVLFKHKHUPLWGHP5RPDQXQGGHU/\ULN EHIDVVWHQQHXHV*HELHW (QGOLFKVWXQGHQGLHEHUKPWHQ0lQQHU&RUQHLOOH5DFLQHXQG%RLOHDXDXIXQGEUDFKWHQGLH )UDQW]|VLVFKH 3RHVLH DXI GHQ K|FKVWHQ *UDG $OOH LKUH 6FKULIIWHQ VLQG 0HLVWHU 6WFNH XQG PDQWKlWHXQUHFKWZHQQPDQLKQHQLKUVFKXOGLJHV/REHQW]LHKHQZROOWH&RUQHLOOHXQG5DFLQH KDEHQVLFKLQVRQGHUKHLWLQ7UDJ°GLHQKHUYRUJHWKDQ>«@:LUZROOHQGLHVHQGUH\HQQRFKGHQ 0ROLHUHEH\IJHQ I 

,QGHU&ULWLVFKHQ'LFKWNXQVWYRQ*RWWVFKHGKHL‰WHVVSlWHU ,Q 7UDJ|GLHQ XQG .RP|GLHQ DEHU VLQG VLH GLH JU|‰WHQ 0HLVWHU XQG N|QQHQ GXUFKLKUHQ&RU QHLOOH 5DFLQH XQG 0ROLHUH QLFKW QXU XQV 'HXWVFKHQ VRQGHUQ VRJDU GHQ DOWHQ *ULHFKHQ XQG 5|PHUQWURW]HQ

,Q)UDQNUHLFKVHLGLH3RHVLHVRGLH$QOHLWXQJGXUFKGLH$UEHLWGHU$NDGHPLHXQG GLHVWDDWOLFKH.RQWUROOHÄYRQGHP6WULFNHGHU3HGDQWHUH\JHVDXEHUWZRUGHQ³   ,PPHU ZLHGHU VWHOOW GLH 3RHWLN VROFKH DOV SRVLWLY HPSIXQGHQHQ (QWZLFNOXQJHQ   -RKDQQ &KULVWRSK *RWWVFKHG 9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW > $XV]JH@ ,Q -R

KDQQ &KULVWRSK *RWWVFKHG 6FKULIWHQ ]XU /LWHUDWXU +J Y +RUVW 6WHLQPHW] 6WXWWJDUW  6,QGHU$XIODJHZLUGGLH3DVVDJHYHUlQGHUW

'LH%UHVODXHU$QOHLWXQJ



'HIL]LWHLPHLJHQHQ/DQGHQWJHJHQ9LHOHVVHLGRUWÄQLFKWZLHPDQ>HV'1@EH\ XQVSIOHJHW³0DQFKHVZDVÄPDQEH\XQV]XZHLOHQGUXFNHW³ZUGHPDQLQ)UDQN UHLFK ÄQLFKW PDO GHV /HVHQV ZUGLJHQ³   'DV IROJHQGH NU]HUH .DSLWHO ]XP =XVWDQGH GHU 3RHVLH LQ (QJODQG +ROODQG 'lQHPDUN XQG 6FKZHGHQ VHW]W VLFK QDWUOLFK YRQ GHU HKHU UHJHOORVHQ 3RHVLH GRUW DE 6KDNHVSHDUH ZLUG LQGHV QLFKW HUZlKQWZRKODEHU%HQ-RKQVRQXQG0LOWRQ 'LH 7UDJ|GLHQWKHRULH GHU $QOHLWXQJ ]HLJW VLFK GHXWOLFK LQVSLULHUW GXUFK GLH GRFWULQHFODVVLTXH'DVKHL‰WVFKRQYRU*RWWVFKHGZLUGGLH(LQKDOWXQJGHUVRJH QDQQWHQ DULVWRWHOLVFKHQ (LQKHLWHQ JHIRUGHUW ZHUGHQ ]XGHP GLH 6WlQGHNODXVHO NRQVLVWHQWH&KDUDNWHUHGLH)QIDNWLJNHLWXQGHLQ6SDQQXQJVDXIEDXPLW$XIO|VXQJ DP6FKOXVV]X7UDJ|GLHQUHJHOQHUKREHQ.RPSOHPHQWlUKLHU]XZLUGGLH.RP|GLH HQWZRUIHQGLH±ZLHVSlWHUEHL*RWWVFKHG±GD]XGLHQWGLH/DVWHU]XNULWLVLHUHQ(V YHUZXQGHUWNDXPGDVVGLH$QOHLWXQJGHU0HLQXQJLVWGLHIUDQ]|VLVFKHQ7UDJ|GLHQ NlPHQ GHP DQWLNHQ ,GHDO DP QlFKVWHQ DXFK GLHVH (LQVFKlW]XQJ OLHVW PDQ VSlWHU EHL*RWWVFKHG 'LHMHQLJHQZHOFKHLKQHQ>GHQDQWLNHQ7UDJ|GLHQ@KHXWLJHV7DJHVDPQlFKVWHQNRPPHQVLQG GLH )UDQW]RVHQ GHQQ GLH EH\GHQ &RUQHLOOH XQG 5DFLQH KDEHQ DOOHV YHUVXFKW ZDV ]X 1DFK EXQJGHU$OWHQHUIRUGHUWZLUG8QGLKUH7UDJ°GLHQKDWWHQ]LHPOLFKGDV*HZLFKWH  

 

 .ULWLNDQ9HUVW|‰HQJHJHQGDVSRHWLVFKH'HFRUXP  $XFKLQGLHVHP%HUHLFKILQGHWPDQPDQFKHVZDVJDQ]GHXWOLFKDQ*RWWVFKHGXQG GLH)UKDXINOlUXQJHULQQHUW6RNULWLVLHUWGLH$QOHLWXQJ]XNKQH0HWDSKHUQ YJO   XQG HLQH ]X NQVWOLFKH ZLGHUQDWUOLFKH XQG JHJHQ GLH $QJHPHVVHQKHLW GHU MHZHLOLJHQ*DWWXQJYHUVWR‰HQGH6SUDFKH  6LHYHUZHKUWVLFKJHJHQDOO]XHURWL VFKH *HGLFKWH   XQG GLH 8QQDWUOLFKNHLW GHU 2SHU    MD VLH YHUPHUNW GDVV GDV 0XVLNWKHDWHU ÄQLFKW QDFK GHQ 5HJHOQ GHU 9HUQXQIIW HLQJHULFKWHW³ LVW   $XFK ILQGHW VLFK VFKRQ LQ GHU %UHVODXHU 3RHWLN HLQH GHXWOLFKH .ULWLN DQ GHUEHQ =RWHQ DP +DUOHNLQ XQG DP 3LFNHOKHULQJ KLHU LVW *RWWVFKHG KLVWRULVFK JHVHKHQ QLFKW GLH HUVWH 5HIHUHQ] DXFK ZHQQ LQ GHQ +DQGEFKHUQ LPPHU ZLHGHU DXVVFKOLH‰OLFKPLWVHLQHP1DPHQGLH.ULWLNDQGHQ+DUOHNLQDGHQGHU:DQGHUEK QHQ YHUEXQGHQ ZLUG 'LH $QOHLWXQJ ]HLJW GDVV GLH .ULWLN VFKRQ XP  ]XP 6FKDXVSLHO'LVNXUVJHK|UWH

  'LH

3RHWLN YRQ $ULVWRWHOHV UH]LSLHUW GHU $XWRUGLH $XWRULQ YHUPXWOLFK LQ GHU hEHUVHW]XQJ $QGUp'DFLHUVYRQ YJO6   9JO KLHU]X GLH DQDORJH :HUWXQJ EHL *RWWVFKHG 9HUVXFK HLQHU &ULWLVFKHQ 'LFKWNXQVW > $XV]JH@ ZLH$QP 6±KLHU6  9JO ]XOHW]W %HDWH +RFKKROGLQJHU5HLWHUHU $XINOlUXQJ ,Q 3HWHU : 0DU[ +J  +DQGEXFK 'UDPD7KHRULH$QDO\VH*HVFKLFKWH6WXWWJDUW6±EHVRQGHUV6±



'LUN1LHIDQJHU

0DQ PX‰ DEHU GDV /lFKHUOLFKH QLFKW LQ =RWHQ XQG LQ GHU VR JHQDQQWHQ 3HUVRQ GHV 3L FNHO +HULQJV VRQGHUQ LQ GHP /DVWHU XQG LQGHU7KRUKHLWVHOEVWYRUVWHOOHQ>«@'HU,WDOLHQL VFKH+DUOHTXLQVWLPPHWPLWGHQ5HJHOQGHV7KHDWULQLFKWEHUHLQ  

*HQHUHOO ]LHOH GLH 3RHVLH DXI HLQH Ä9HUEHVVHUXQJ>«@GHU7XJHQG³  KHL‰WHV VFKRQ LQ GHU 9RUUHGH ,QVRIHUQ OLHJW HV QDKH ZHQQ GLH $QOHLWXQJ LQ YLHOHQ 'LFK WXQJHQGLH'LGDNWLNYHUPLVVWÄ0DQVFKUHLEHWYLHO:RUWHDEHUZHQLJ/HKUHQ³   *OHLFKZRKOVROOWHPDQHVPLWGLHVHQVRGLH$QOHLWXQJDXFKQLFKWEHUWUHLEHQ+LHU JHOWHGLH/HKUHYRP'HFRUXP

   *RWWVFKHGXQGGLH%UHVODXHU$QOHLWXQJ  0LW JHZLVVHP 5HFKW NDQQ PDQ DOVR VDJHQ GDVV PLW GHU%UHVODXHU$QOHLWXQJYRQ GLHHUVWHIUKDXINOlUHULVFKH3RHWLNLQGHXWVFKHU6SUDFKHYRUOLHJW$QLKUKDW VLFK ± VR PHLQH ]ZHLWH 7KHVH ± *RWWVFKHG PLW VHLQHU &ULWLVFKHQ 'LFKWNXQVW YRQ  RULHQWLHUW 6HLQH 5HJHOSRHWLN LVW QDWUOLFK DXVIKUOLFKHU EHL GHU 'LVNXVVLRQ YRQ ([HPSHOQ SRLQWLHUWHU LQ GHU $EJUHQ]XQJ H[DNWHU LQ GHU %HVFKUHLEXQJ YRQ SRHWLVFKHQ5HJHOQXQGYRUDOOHPGDQQZLUNXQJVPlFKWLJHULQ%H]XJDXIQDFKIRO JHQGH'LFKWXQJHQ$EHUGLH%HZHUWXQJHQlOWHUHUQHXHUHUXQGDXVOlQGLVFKHU/LWH UDWXUHQ VRZLH GLH 2ULHQWLHUXQJ DQ GHU IUDQ]|VLVFKHQ .ODVVLN ILQGHQ VLFK VFKRQLQ GHU%UHVODXHU$QOHLWXQJ 0|JOLFKH5H]HSWLRQVZHJHVLQG]XGHPUHFKWJXWEHVWLPPEDU6RIlOOWGLHUHOD WLY KlXILJH 1HQQXQJ GHV 3RHWHQ XQG +LVWRULNHUV -RKDQQ %XUNKDUG 0HQFNH JH QDQQW 3KLODQGHU YRQ GHU /LQGH ±  LQ GHU %UHVODXHU $QOHLWXQJ DXI ,Q VHLQHP/HLS]LJHU+DXVKDOWOHEWHEHL(UVFKHLQHQGHU$QOHLWXQJGHUMXQJH*RWWVFKHG DOV +DXVOHKUHU VHLQHU .LQGHU 'HU +LQZHLV DXI ÄHLQH LQ GHUWHXWVFKHQ3RHVLHVLFK EHQGHQ*HVHOOVFKDIWLQ/HLS]LJ³  EH]LHKWVLFKDXIGDVYRQ0HQFNHEHUQRP PHQH VWXGHQWLVFKH &ROOHJLXP 3RHWLFXP *RUOLFHQVH GDV GLHVHU  LQ 7HXWVFKEHQGHSRHWLVFKH*HVHOOVFKDIWXPEHQHQQWDOVRHUVWQDFK(UVFKHLQHQ GHU $QOHLWXQJ ELOGHW *RWWVFKHG GLHVH *HVHOOVFKDIW ]XU 'HXWVFKHQ *HVHOOVFKDIW LQ /HLS]LJXP6LHZLUG]XUHUIROJUHLFKHQ0XWWHUJHVHOOVFKDIWYRQFDDXIJHNOlUWHQ 'LFKWHUJHVHOOVFKDIWHQ LP GHXWVFKVSUDFKLJHQ 5DXP *RWWVFKHG VHOEVWZLUGLQGHU   'DVVWXGHQWLVFKH.ROOHJLXPH[LVWLHUWVHLW  (VIROJWHQXQWHUDQGHUHP*UQGXQJHQLQ-HQD  +DOOH  :HLPDU  *|WWLQJHQ

 %HUQ  .|QLJVEHUJ  %HUOLQ  6WUD‰EXUJ  +HOPVWHGW   5LQWHOQ   'DQ]LJ   .LHO   (UODQJHQ   $OWGRUI   XQG :LHQ  (LQHYROOVWlQGLJH/LVWHILQGHWVLFKLQ'LHWHU&KHUXELPX$ULDQH:DOVGRUI6SUDFKNUL WLNDOV$XINOlUXQJ'LH'HXWVFKH*HVHOOVFKDIWLQ*|WWLQJHQLP-DKUKXQGHUW+JY(OPDU 0LWWOHU*|WWLQJHQ6=X*RWWVFKHGV5ROOHEHLGHU.RQVWLWXWLRQHLQHUQDWLRQDOHQ/H VHJHPHLQVFKDIWYJO'DQLHO)XOGD'LH(UVFKDIIXQJGHU1DWLRQDOV/LWHUDWXUJHVHOOVFKDIW=XHL QHU PHLVW EHUJDQJHQHQ /HLVWXQJ GHV 3XEOL]LVWHQ *RWWVFKHG ,Q 'HQNVWU|PH -RXUQDO GHU 6lFKVLVFKHQ$NDGHPLHGHU:LVVHQVFKDIWHQ]X/HLS]LJ  6±

'LH%UHVODXHU$QOHLWXQJ



$QOHLWXQJ QLFKW HUZlKQWDEHUGHVVHQHWZD]HLWJOHLFKHUVFKHLQHQGH:RFKHQVFKULIW 'LH9HUQQIIWLJHQ7DGOHULQQHQJOHLFKDXIGHUHUVWHQ6HLWH   $OV HLQ P|JOLFKHV ,QGL] GDIUGDVVGHU$XWRURGHUGLH$XWRULQGHU$QOHLWXQJ .RQWDNW]X0HQFNHXQGVHLQHP8PIHOGJHKDEWKDEHQN|QQWHVLQGGLHXQJHZ|KQ OLFK KlXILJHQ ZHQQ DXFK QLFKW JDQ] XQNULWLVFKHQ (UZlKQXQJHQ GHV6FKOHVLVFKHQ 'LFKWHUV-RKDQQ&KULVWLDQ*QWKHU ± ]XZHUWHQ YJO6 'LH VHUZXUGHLQ/HLS]LJYRQ0HQFNHJHI|UGHUWXQGOHEWHXPVRZRKOHLQLJH=HLW GRUWDOVDXFKLQ%UHVODX)UTXDOLWlWVYROOHUDOVGLHHURWLVFKHQ/LHEHVJHGLFKWH*Q WKHUVKlOWGLH$QOHLWXQJGLHÃEHKXWVDPHUHQµ3KLODQGHUVYRQGHU/LQGHJHPHLQWVLQG GLH7H[WHYRQ-RKDQQ%XUNKDUG0HQFNH(LQHQNOHLQHQ+LQZHLVDXIHLQH9HUELQ GXQJ]X0HQFNHN|QQWHPDQVFKOLH‰OLFKDXFKLQGHU$QPHUNXQJVHKHQGDVVPDQ ÄHLQ:RUWLQ6DFKVHQ>«@DQGHUV³DXVVSUHFKHDOVÄLQ6FKOHVLHQ³  'LH$QOHL WXQJKlWWHKLHUDQGHUH'LDOHNWHQHQQHQN|QQHQ 'HU:HJYRQ%UHVODXQDFK/HLS]LJN|QQWHDEHUDXFKEHUGHQ6FKOHVLHU%HQ MDPLQ1HXNLUFK]XVWDQGHJHNRPPHQVHLQ'LHVHUVWHKWGHU$QOHLWXQJYRUDOOHPDXV GUHL *UQGHQ VHKU QDKH (U JHK|UW HUVWHQV ODXW 9RUUHGH ]X GHQ GUHL EHUKPWHQ 0lQQHUQ GLH GHP 9HUIDVVHU GHU$QOHLWXQJZLFKWLJH0DQXVNULSWHEHUSRHWRORJL VFKH )UDJHQ EHUODVVHQ KDEHQ YJO 6   6HLQ (UEDXXQJVJHGLFKW 'HU ZHLQHQGH 3HWUXV ELOGHW ]ZHLWHQV DOV KHUDXVJHKREHQHV ([HPSHO QHXHVWHU GHXWVFKHU 3RHVLH ZHQQ DXFK QLFKW PLW HLQHP 9HUIDVVHUQDPHQ JHNHQQ]HLFKQHW GHQ $EVFKOXVV GHU %UHVODXHU $QOHLWXQJ 'LH9HUIDVVHUVFKDIW1HXNLUFKVNDQQDEHUGXUFKGLH9RUUHGH ]XU $OWGRUIHU 2SHUQEHDUEHLWXQJ GHV :HLQHQGHQ 3HWUXV GXUFK )ULHGULFK 5RWK 6FKROW]UHODWLYVLFKHUQDFKJHZLHVHQZHUGHQ   =X GLHVHU ZLFKWLJHQ $XINOlUXQJV]HLWVFKULIW YJO XD *DEULHOH %DOO 0RUDOLVFKH .VVH *RWW

VFKHG DOV =HLWVFKULIWHQKHUDXVJHEHU XQG OLWHUDULVFKHU 9HUPLWWOHU *|WWLQJHQ  6XVDQQH 1LHIDQJHU 6FKUHLEVWUDWHJLHQ LQ 0RUDOLVFKHQ :RFKHQVFKULIWHQ )RUPDOVWLOLVWLVFKH SUDJPDWL VFKH XQG UKHWRULVFKH 8QWHUVXFKXQJHQ DP %HLVSLHO YRQ *RWWVFKHGV Ã9HUQQIIWLJHQ 7DGOHULQ QHQµ 7ELQJHQ  XQG ]XP .RQWH[W :ROIJDQJ 0DUWHQV 'LH %RWVFKDIW GHU 7XJHQG 'LH $XINOlUXQJLP6SLHJHOGHUGHXWVFKHQ0RUDOLVFKHQ:RFKHQVFKULIWHQ6WXWWJDUW  ,Q VHLQHU DXVIKUOLFKHQ XQG LQIRUPDWLYHQ (0DLO YRP  KDW PLFK 2ODI 6LPRQV GDQ NHQVZHUWHUZHLVH DXI HLQH $Q]HLJH GHU 9HUQQIIWLJHQ 7DGOHULQQHQ LQ GHU 1HXHQ =HLWXQJ YRQ JHOHKUWHQ6DFKHQ 6I DXIPHUNVDPJHPDFKW+LHUZLUGGLH%XFKKDQG OXQJ0LFKDHO+XEHUWLQ%UHVODXZRDXFKGLH%UHVODXHU$QOHLWXQJHUVFKLHQHQLVWDOV%H]XJV TXHOOH GHU =HLWVFKULIW JHQDQQW 'LHV HUNOlUW P|JOLFKHUZHLVH ZDUXP GLH 9HUQQIIWLJHQ 7DGOH ULQQHQVRVFKQHOO(LQJDQJLQGLH$QOHLWXQJJHIXQGHQKDEHQ6LPRQVZHLVW]X5HFKWGDUDXIKLQ GDVVDXFKEHUGLH9HUOHJHUE]Z%XFKKlQGOHUXQGLKUHVSH]LILVFKHQ7DXVFKEH]LHKXQJHQ9HU ELQGXQJHQ ]ZLVFKHQ /HLS]LJ XQG %UHVODX EHVWDQGHQ VRGDVV *RWWVFKHG DXFK DXIGLHVH:HLVH DQGLH%UHVODXHU$QOHLWXQJNRPPHQNRQQWH=XGLHVHP.RPSOH[YJODXFK'HWOHI'|ULQJ-R KDQQ &KULVWRSK *RWWVFKHG ± 9HUPLWWOHU ]ZLVFKHQ $XWRUHQ XQG 9HUOHJHUQ LP /HLS]LJ GHU +lOIWHGHV-DKUKXQGHUWV,Q/HLS]LJHU-DKUEXFK]XU%XFKJHVFKLFKWH  6±   9JO)ULHGULFK5RWK6FKROW]'HUDXIGHQVFKZHUHVWHQ%X‰ .DPSIIHUIROJWH6LHJGHV*ODXEHQV RGHU (UEDXOLFKH %HWUDFKWXQJHQ EHU%HQMDPLQ1HXNLUFKV:HLQHQGHQ3HWUXP>«@1UQEHUJ X$OWGRUIEHVRQGHUV6±5RWK6FKROW]OHJWKLHU:HUWDXIGLH)HVWVWHOOXQJGDVV%HQ MDPLQ1HXNLUFKGHUÄHLQLJH$XWKRU³GHV:HLQHQGHQ3HWUXV 6 VHL



'LUN1LHIDQJHU

'ULWWHQVZLUGLQGHU$QOHLWXQJHUZlKQWGDVV1HXNLUFKGHU]HLWDQGHUhEHUVHW]XQJ YRQ )pQHORQVYLHOJHOHVHQHP5RPDQ/HVDYHQWXUHGHV7pOpPDTXH  DUEHLWH 8QWHUGHQ9HUIDVVHUQYRQ+HOGHQJHGLFKWHQUDJHQlPOLFKÄQLFKWZHQLJHUGHU+HUU 1HXNLUFK³ KHUYRU ÄPLW VHLQHU XQWHU GHQ +lQGHQ KDEHQGHQ hEHUVHW]XQJ GHV 7HOHPDTXH³   'HU HUVWH 7HLOGHUhEHUVHW]XQJHUVFKHLQWDEHUHUVWDOVR ]ZHL -DKUH QDFK GHU %UHVODXHU $QOHLWXQJ LQ HLQHU QLFKW JHUDGH SUHLVZHUWHQ XQG ZHQLJYHUEUHLWHWHQ3UDFKWDXVJDEHIUHLQK|ILVFKHV3XEOLNXP 1HXNLUFKV*HGLFKWHKDWWH*RWWVFKHGKHUDXVJHEUDFKWXQGVRZHVHQWOLFK]X VHLQHU %HNDQQWKHLW LP -DKUKXQGHUW EHLJHWUDJHQ ,Q VHLQHU $XVJDEH ILQGHW VLFK QLFKW QXU HLQH ELRJUDSKLVFKH Ä9RUUHGH YRQ GHP /HEHQ GHV 'LFKWHUV³ GLH ]HLJW GDVV*RWWVFKHGXQG1HXNLUFK$QIDQJGHV-DKUKXQGHUWVLQUHFKWHQJHP.RQWDNW JHVWDQGHQ KDEHQ PVVHQ VRQGHUQ DXFK HLQ /REJHGLFKW ± Ä'HUJHLVWYROOH3RHW³± DXI1HXNLUFK9RQ1HXNLUFKH[LVWLHUHQ]ZHLEHNDQQWHUHSRHWRORJLVFKH7H[WHGLH 3RVLWLRQHQ GHU $QOHLWXQJ JHSUlJW KDEHQ GUIWHQ GLH 9RUUHGH YRQ GHU GHXWVFKHQ 3RHVLHLQGHU6DPPOXQJ+HUUQYRQ+RIPDQQVZDOGDXXQGDQGUHU'HXWVFKHQDXV HUOHVHQHUXQGEL‰KHUXQJHGUXFNWHU*HGLFKWH  XQGYRUDOOHP9RQ5LFKWLJ NHLW XQG 9ROONRPPHQKHLW GHU WHXWVFKHQ 6SUDFKH   'LHVHU SRHWRORJLVFKH (VVD\ GHU VLFK IU HLQH DQJHPHVVHQH 9HUELQGXQJ YRQ QDWUOLFKHU XQG ]LHUOLFKHU E]ZVFK|QHU 6FKUHLEDUWHLQVHW]WNRQQWHHUVWSRVWKXPLQ+HUUQYRQ+RKEHUJV %H\WUDJ]XP6FKOHVLVFKHQ+HOLFRQHUVFKHLQHQHULVWYRUKHUDEHUNXUVLHUW(VN|QQ WHVHLQGDVVVLFKGHU+LQZHLVDXIGLHÄ0DQXVFULSWDHLQLJHUEHUKPWHU0lQQHU>«@ DOV%1(0&6³  LQGHU%UHVODXHU$QOHLWXQJXQWHUDQGHUHPDXIGLHVHQRGHU HLQHQ lKQOLFKHQ 7H[W 1HXNLUFKV EH]LHKW +LHU ZLUG ÄGLH WHXWVFKEHQGH JHOHKUWH 'LFKWHU *HVHOOVFKDIW ]X /HLS]LJ³ *RWWVFKHGV E]Z 0HQFNHV DXVGUFNOLFK JHZU GLJW %HNDQQWGUIWHVHLQGDVVGLHHUVWHQ*HGLFKWH*RWWVFKHGVLPOHW]WHQ%DQG GHU YRQ 1HXNLUFK EHJUQGHWHQ$QWKRORJLH+HUUQYRQ+RIPDQQVZDOGDXXQGDQG UHU 'HXWVFKHQ DXVHUOHVHQHU XQG EL‰KHU XQJHGUXFNWHU *HGLFKWH HUVFKLHQHQ VLQG   %HQMDPLQ1HXNLUFK'LH%HJHEHQKHLWHQGHV3ULQ]HQYRQ,,WWDFDRGHU>«@7HOHPDFKDXVGHP

)UDQ]|VLVFKHQGHV+HUUQYRQ)HQHORQ>«@(UVWHU7KHLO$QVEDFK

 -RKDQQ &KULVWRSK *RWWVFKHG +J  +HUUQ %HQMDPLQ 1HXNLUFKV ZHLODQG 0DUNJUlIOLFK %UDQ

GHQEXUJ$QVSDFKLVFKHQ+RIUDWKVDXVHUOHVHQH*HGLFKWHDXVYHUVFKLHGHQHQSRHWLVFKHQ6FKULI WHQJHVDPPHOWXQGPLWHLQHU9RUUHGHYRQGHP/HEHQGHV'LFKWHUV5HJHQVEXUJ  -RKDQQ &KULVWRSK *RWWVFKHG 'HU JHLVWYROOH 3RHW ,Q *RWWVFKHG +J  +HUUQ %HQMDPLQ 1HX NLUFKV>«@DXVHUOHVHQH*HGLFKWH%ODU±DY  %HQMDPLQ1HXNLUFKV$QWKRORJLH+HUUQYRQ+RIPDQQVZDOGDXXQGDQGUHU'HXWVFKHQDXVHUOH VHQHUXQGEL‰KHUXQJHGUXFNWHU*HGLFKWHHUVWHU7HLO1DFKHLQHP'UXFNYRP-DKUH+J Y$QJHOR*HRUJHGH&DSXDX(UQVW$OIUHG3KLOLSSVRQ7ELQJHQ6±  %HQMDPLQ 1HXNLUFK 9RQ 5LFKWLJNHLW XQG 9ROONRPPHQKHLW GHU WHXWVFKHQ 6SUDFKH ,Q 'HV +HUUQYRQ+RKEHUJV%H\WUDJ]XP6FKOHVLVFKHQ+HOLFRQ2GHU6DPPOXQJDXVHUOHVHQHU*HGLFK WHZRUXQWHUYLHOH1HXNLUFKLVFKHUEHILQGOLFK>«@6RUDX6±  9JO 1HXNLUFK 9RQ 5LFKWLJNHLW XQG 9ROONRPPHQKHLW GHU WHXWVFKHQ 6SUDFKH ZLH $QP   YRUDOOHP6XQGI  9JOHEGYRUDOOHP6

'LH%UHVODXHU$QOHLWXQJ



6FKOLH‰OLFK HUVHW]WH *RWWVFKHG LQ GHU ]ZHLWHQ $EWHLOXQJ GHV 9HU]HLFKQLVVHV HLQHU GHXWVFKHQ )UDXHQ]LPPHU%LEOLRWKHN GDV LQ GHQ 9HUQQIIWLJHQ 7DGOHULQQHQ ]X ILQGHQ LVW %RKVHV HWZDV lOWHUH 7HOHPDFKhEHUVHW]XQJ SURJUDPPDWLVFK GXUFK GLH QXQYRUOLHJHQGHVFKRQLQGHU$QOHLWXQJYRUGHUHQ(UVFKHLQHQHUZlKQWHYRQ%HQ MDPLQ1HXNLUFK  

 5H]HSWLRQXQG%HZHUWXQJGHUlOWHUHQGHXWVFKHQ/LWHUDWXU  7URW]LKUHUIUKDXINOlUHULVFKHQ)XQGLHUXQJ]HLJWVLFKLQGHU$QOHLWXQJ±VRPHLQH GULWWH7KHVH±HLQHGLIIHUHQ]LHUWHXQGWUDGLWLRQVEHZXVVWH%HZHUWXQJGHUGHXWVFKHQ %DURFNOLWHUDWXU 6LH HUVFKHLQW ZHVHQWOLFK ZHQLJHU HLQHU SROHPLVFKHQ $XVULFKWXQJ LPOLWHUDULVFKHQ)HOG]XIROJHQDOV*RWWVFKHG8PGLHV]XEHOHJHQVHLHLQ%OLFNDXI GDVOLWHUDWXUJHVFKLFKWOLFKH.DSLWHOÄ9RQGHP=XVWDQGHGHU3RHVLHLQ7HXWVFKODQG³ ±  JHZRUIHQ GHP LQ GHU $QOHLWXQJ GDQQ GLH SRHWRORJLVFKHQ 3DVVDJHQ LP HQJHUHQ6LQQHIROJHQ $Q 'DQLHO *HRUJ 0RUKRIV OLWHUDUKLVWRULVFKHP 8QWHUULFKW 9RQ GHU WHXWVFKHQ 6SUDFKH XQG 3RHVLH   RULHQWLHUW VLFK GLH *OLHGHUXQJ GHV .DSLWHOV LQ HLQHQ DQWLNHQ 7HLO 7DFLWXV EHU GLH JHUPDQLVFKHQ %DUGHQ  HLQHQ PLWWHODOWHUOLFKHQ PLW GHU (UZlKQXQJ :DOWHUV YRQ GHU 9RJHOZHLGH XQG DQGHUHU  VRZLH HLQHQ QHXHUHQ VHLW 0DUWLQ 2SLW]¶ %XFK YRQ GHU GHXWVFKHQ 3RHWHUH\   'LH (LQWHLOXQJ HQW VSULFKW JURE GHQ KHXWLJHQ (SRFKHQJOLHGHUXQJHQ XQGHUODXEWVRZRKOGHQ9RUELOG FKDUDNWHU GHU $QWLNH DOV DXFK HLQH GXUFKJlQJLJH QDWLRQDOH 7UDGLWLRQ %DUGHQ ± 0LQQHOLHGHU±%DURFNO\ULN ]XNRQVWUXLHUHQ %HPHUNHQVZHUW HUVFKHLQW LQ GLHVHP =XVDPPHQKDQJ GLH HKHU SRVLWLYH (UZlK QXQJ GHV ÄEHUKPWH>Q@ 0HLVWHU 6lQJHU>V@ +DQQ‰ 6DFKV³   GLH ZRKO GXUFK -RKDQQ &KULVWRSK :DJHQVHLOV 9RQ GHU 0HLVWHUVLQJHU KROGVHOLJHU .XQVW   LQVSLULHUW LVW 'LH .XQVW GHU 0HLVWHUVLQJHU UHLFKH ]ZDU QLFKW DQ GLH KRKH 'LFKW NXQVWKHUDQKDEHDEHUYHUVXFKWGLHÄ3RHVLH³DOVÄHLQ+DQGZHUNJHPHLQHU/HXWH³  ]XYHUEHVVHUQ'LH+HUYRUKHEXQJYRQ+DQV6DFKVSDVVWDOVR]XUGLGDNWLVFKHQ MD ÃYRONVELOGHQGHQµ$XVULFKWXQJGHU$QOHLWXQJGLHGLH)UKDXINOlUXQJ]XPLQGHVW SDUWLHOOEHUQLPPW 0LW 0DUWLQ 2SLW] JHKH LQ GHU GHXWVFKHQ /LWHUDWXUJHVFKLFKWH ± ZLH HV KHL‰W ± ÄGLHY|OOLJH6RQQHDXI³  Ä(UOHEWHJOHLFK]XGHU=HLWGDVLFKGLH)UDQW]|VLVFKH   9JO%DOO0RUDOLVFKH.VVH ZLH$QP 6  +LHUÄ:DOWHUGHU5HJHO :H\GH³    9JO-RKDQQ&KULVWRSK:DJHQVHLO9RQGHU0HLVWHUVLQJHUKROGVHOLJHU.XQVW,Q'HVDFUL5RP

,PSHULLOHEHUD&LYLWDWH1RULEHUJHQVL$OWGRUI

 *RWWVFKHGVFKHLQWDXFKLQGHU%HZHUWXQJYRQ+DQV6DFKVGHU$QOHLWXQJXQGQLFKWGHQJlQJL

JHQ9RUXUWHLOHQJHJHQEHUGHU0HLVWHUOLHGHUGLFKWXQJLP%DURFN]XIROJHQYJO-RKDQQ&KULV WRSK *RWWVFKHG *HGlFKWQLVUHGHDXI0DUWLQ2SLW]YRQ%REHUIHOG,Q-RKDQQ&KULVWRSK*RWW VFKHG6FKULIWHQ]XU/LWHUDWXU+JY+RUVW6WHLQPHW]6WXWWJDUW6±EHVRQGHUV 6



'LUN1LHIDQJHU

3RHVLHDXVGHU$VFKHVFKZDQJ³  KHL‰WHVLQGHU$QOHLWXQJGXUFKDXVVHOEVWEH ZXVVW6HLQ/REHUKDEHÄQLFKWDOOHLQVHLQH9RUJlQJHUVRQGHUQGLHPHLVWHQVHLQHU 1DFKIROJHUEHUWURIIHQ³  HULQQHUWGXUFKDXVDQGLHVSH]LILVFKH2SLW]5H]HSWLRQ YRQ *RWWVFKHG XQG %RGPHU%UHLWLQJHU %HLGH 5LFKWXQJHQ GHU )UKDXINOlUXQJ XQWHUVFKHLGHQMDJOHLFKHUPD‰HQ]ZLVFKHQGHPÄ9DWHUGHUGHXWVFKHQ3RHVLH³DXI GHU HLQHQ 6HLWH XQG GHU VSlWHUHQ YRQ GHU ÃNODVVL]LVWLVFKHQµ /HKUH DEZHLFKHQGHQ %DURFNGLFKWXQJDXIGHUDQGHUHQGLHDOVUHJHOORVUKHWRULVFKEHUIRUPWXQGLQKDOWV OHHU DEJHOHKQW ZLUG 'LHVH 7HQGHQ] ± $XIZHUWXQJ YRQ 2SLW] EHL JOHLFK]HLWLJHU $EZHUWXQJ GHU VSlWHUHQ %DURFNOLWHUDWXU ± YHUVWlUNW *RWWVFKHG YRQ $XIODJH ]X $XIODJHVHLQHU&ULWLVFKHQ'LFKWNXQVW 'LH Ä3IOLFKW GHQ 2SLW] DXIULFKWLJ UHLQ XQG YROOVWlQGLJ ]X OLHIHUQ³PDFKHQ GLH 6FKZHL]HU GDQQ ]XP SKLORORJLVFKHQ 1HEHQVFKDXSODW] GHV EHUKPWHQ HUVWHQ /LWHUDWXUVWUHLWV GHU GHXWVFKHQ .XOWXUJHVFKLFKWH 9HUKDQGHOW ZLUG ZHU DGlTXDWHU GDV (UEH GHV JUR‰HQ (UQHXHUHUV GHU GHXWVFKHQ /LWHUDWXU SIOHJW XQG ZHU GHVKDOE OHJLWLP LQ VHLQH )X‰VWDSIHQ WUHWHQ NDQQ %HGHQNW PDQ GLH +RFKVFKlW]XQJ YRQ 2SLW] LQ GHU $QOHLWXQJ YRQ  NDQQ YRQ HLQHU :LHGHUHQWGHFNXQJ GHV VFKOHVL VFKHQ 3RHWLNHUV GXUFK *RWWVFKHG  RGHU %RGPHU%UHLWLQJHU  NHLQH 5HGH VHLQ 'HU %REHUVFKZDQ ZDU LP *UXQGH QLH YHUJHVVHQ 'LH 6FKZHL]HU HUZlKQHQ ]XP%HLVSLHOGHQ1DFKGUXFNGHU*HGLFKWHYRQ2SLW]EHL)HOOJLHEHO ,Q JHZLVVHU :HLVH HQWVSULFKW GHU JHPHLQVDPHQ :HUWVFKlW]XQJ GHV 3RHWLNHUV 2SLW]DXFKGLH.ULWLNDQGHUDNWXHOOHQ'LFKWXQJ6LHUHFKWIHUWLJWHUVWHLQHSRHWROR JLVFKH(UQHXHUXQJ,QGHU$QOHLWXQJILQGHWVLFK±DXVGUFNOLFKDXI%HQMDPLQ1HX NLUFKV EHNDQQWH XQG LQ GLHVHU +LQVLFKW ZRKO ZLUNXQJVPlFKWLJH 9RUUHGH YRQ GHU GHXWVFKHQ3RHVLH  %H]XJQHKPHQG±HLQHGHXWOLFKH.ULWLNDPJHZlUWLJHQ   9JOHEG6±  9JO -RKDQQ -DNRE %RGPHU X -RKDQQ -DNRE %UHLWLQJHU0DUWLQ2SLW]HQV9RQ%REHUIHOG*H

GLFKWH9RUUHGHGHU+HUDXVJHEHU,Q-RKDQQ-DNRE%RGPHUX-RKDQQ-DNRE%UHLWLQJHU6FKULI WHQ]XU/LWHUDWXU+JY9RONHU0HLG6WXWWJDUW6±

 *RWWVFKHG*HGlFKWQLVUHGHDXI0DUWLQ2SLW]YRQ%REHUIHOG ZLH$QP 6  9JO ]% %RGPHU X %UHLWLQJHU 0DUWLQ 2SLW]HQV 9RQ %REHUIHOG *HGLFKWH ZLH $QP  

6I RGHU -RKDQQ -DNRE %RGPHU &KDUDFWHU 'HU 7HXWVFKHQ *HGLFKWH ,Q -RKDQQ -DNRE %RGPHU X -RKDQQ -DNRE %UHLWLQJHU 6FKULIWHQ ]XU /LWHUDWXU +J Y 9RONHU 0HLG 6WXWWJDUW 6±KLHUEHVRQGHUV6Ä6RVDKPDQGDPDKOVDXFKGHQHLQ¶JHQ2SLW]¶IOLHJHQ 8QG DXI GHU )OJHO .UDIIW VLFK ZRKOEHGlFKWLJ WULHJHQ  *U\SK 7VFKHUQLQJ )OHPPLQJ 5LVW YRQ$EVFKDW]0KOSIRUW'DFK8QG]HKHQDQGUHPHKUVDKQLKPEHJLHULJQDFK(UPXQWHUWHQ VLFKRIIWXQGVSDQQWHQLKU*HILHGHU8PVRQVWGHU&|USHU]RJGHQ*HLVW]XU(UGHQQLHGHU³  %RGPHUX%UHLWLQJHU0DUWLQ2SLW]HQV9RQ%REHUIHOG*HGLFKWH ZLH$QP 6  (EG6  9JO %HQMDPLQ 1HXNLUFKV $QWKRORJLH +HUUQ YRQ +RIIPDQQVZDOGDX XQG DQGUHU 'HXWVFKHQ DXVHUOHVHQHU XQG EL‰KHU XQJHGUXFNWHU *HGLFKWH HUVWHU 7KHLO ZLH $QP   6± $XV GUFNOLFKJHOREWZLUGGLH9RUUHGHDXFKEHL0HQDQWHVÄ'LHNOXJH9RUUHGHGHV+HUUQ%HMDPLQ 1HXNLUFKV EHU GHQ HUVWHQ 7KHLOGHU]XVDPPHQJHOHVHQHQ+RIPDQQV :DOGDXLV*HGLFKWHKDW GHUDQGHUHQ(VWLPVZUGLJHQ3RHWHQHUVWOLFKVRJHVFKLFNWXQGGHQQVRVSHFLDOHUZHKQHWGD‰ ZHLO DQ GHP HUVWHQ QLFKWV DXV]XVHW]HQ  PLFK GHV DQGHUHQ EHUKREHQ HUDFKWH³ &KULVWLDQ )ULHGULFK+XQROG9RUUHGH,Q>(UGPDQQ1HXPHLVWHU@'LH$OOHUQHXHVWH$UW=XU5HLQHQXQG *DODQWHQ3RHVLH]XJHODQJHQ$OOHQ(GOHQXQGGLHVHU:LVVHQVFKDIWJHQHLJWHQ*HPKWHUQ]XP

'LH%UHVODXHU$QOHLWXQJ



=XVWDQGGHUDNWXHOOHQ/LWHUDWXU)UGHQÄ9HUIDOOGHU3RHVLH³  PDFKWGLH$QOHL WXQJ ZHVHQWOLFK GLH +|IH XQG GDV EHUERUGHQGH *HOHJHQKHLWVVFKULIWWXP YHUDQW ZRUWOLFK 9RU DOOHP EHL GHQ .DYDOLHUHQ ]HLJH VLFK JHUDGH]X HLQ+DVV YJO6  DXI GLH *HOHKUVDPNHLW XQG HLQH XQDQJHPHVVHQ JHULQJH |NRQRPLVFKH :HUWVFKlW ]XQJGHU/LWHUDWXU+HXWHÄZRNHLQH6WXGLDVRQVWHQJHOWHQZROOHQDOVGLHVLFKEDOG DQ ]HLWOLFKHQ *WHUQ JHQXJVDP YHULQWHUHVVLHUHQ³ ZUGHQ ÄGLH 9HUVH DEHU QLFKW PHKUVRUHLFKOLFKEH]DKOHW>«@ZLHGHP6DQQD]DULR³  *HPHLQWLVWGHULWDOLH QLVFKH5HQDLVVDQFH'LFKWHU-DFRSR6DQQD]DUR ± GHUGXUFKGDVQHDSR OLWDQLVFKH.|QLJVKDXVSSLJJHVSRQVHUWZXUGHXQGPLWGLHVHPVFKOLH‰OLFKLQV([LO QDFK )UDQNUHLFK JLQJ )U GHQ VFKOHFKWHQ =XVWDQG GHU JHJHQZlUWLJHQ GHXWVFKHQ /LWHUDWXU PDFKW ZHQLJ VSlWHU GLH $QOHLWXQJ ± GLH ZLH JH]HLJW GLH URPDQLVFKHQ /LWHUDWXUHQDQVLFKYRUELOGOLFKVLHKW±ZHQLJVWHQVDQGHXWXQJVZHLVHDXFKGLHHLQVHL WLJH9RUOLHEHGHV+RIHVIUVÄ)UDQW]|VLVFKH³  YHUDQWZRUWOLFK'DVZUGLJWGLH 9RUELOGNXOWXU]ZDUQLFKWKHUDEDEHUVHW]WJHQDXGDDQZR*RWWVFKHGXQG*HOOHUW LQLKUHQ/HLS]LJHU*HVSUlFKHQPLW)ULHGULFK,,YRQ3UHX‰HQZHLWHUPDFKHQ 'LHZHVHQWOLFK1HXNLUFKV9RUUHGHYRQGHUGHXWVFKHQ3RHVLHJHVFKXOGHWH.UL WLNDPÄ9HUIDOOGHU3RHVLH³  SDVVWDOOHUGLQJVZHQLJ]XPK|FKVWGLIIHUHQ]LHUWHQ XQGEHUUDVFKHQGNHQQWQLVUHLFKHQ8UWHLOEHUGLHDNWXHOOHGHXWVFKVSUDFKLJH'LFK WXQJ 'LH 9HUIDOOVWKHVH GLHQW RIIHQEDU GD]X GLH ÃKRFKEDURFNHµ 3RHVLH YRQ GHU JHJHQZlUWLJHQ DE]XVHW]HQ ,Q GLHVHP 7UDGLWLRQVYHUKDOWHQ GDV GLH HLJHQWOLFKH %DURFNOLWHUDWXUDXVÃWDNWLVFKHQµ*UQGHQYRQGHUYHUIDOOHQGHQXPDEVHW]WLVW GHU 8QWHUVFKLHG ]X *RWWVFKHG XQG %RGPHU%UHLWLQJHU YLHOOHLFKW DP GHXWOLFKVWHQ 'HQQGLH)UKDXINOlUHUYHUVXFKWHQVR:LOIULHG%DUQHUWUHIIHQGHLQHÄUFNZlUWLJH 6HOEVWDEVFKQUXQJ³XPGLH1HXHUXQJLKUHU3RVLWLRQ]XNRQWXULHUHQ'LHVH+DO WXQJEHVWLPPWEHVRQGHUVGLHVSlWHQ$XIODJHQHWZDGHU&ULWLVFKHQ'LFKWNXQVWYRQ *RWWVFKHG ZlKUHQG PDQ LQ GHU HUVWHQ $XIODJH YRQ  WDWVlFKOLFK QRFK OHVHQ NDQQ GDVV PDQ GHQ ÄMXQJHQ /HXWHQ³ GLH %DURFNGLFKWHU Ä2SLW] 'DFK )OHPLQJ 7VFKHUQLQJEHLGH*U\SKLHU$PWKRU&DQLW]XQG*QWKHU>«@]XU1DFKIROJHYRU OHJHQ³ N|QQH $OOHUGLQJV VROOWHQGLH/HKUHULPPHUDXFKDXIÄGLHVFKOHFKWHQ6WHO OHQGLHVLFKDOVhEHUEOHLEVHOGHVEOHQ*HVFKPDFNVDXFKEHLDOOHQREHQHUZlKQWHQ 6NULEHQWHQQRFKKLHUXQGGDILQGHQ³KLQZHLVHQ'LH$QOHLWXQJVHW]WGHXWOLFKDXI  9ROONRPPHQHQ 8QWHUULFKW  0LW EHUDXV GHXWOLFKHQ 5HJHOQ  XQG DQJHQHKPHQ ([HPSHOQ DQ /LFKWJHVWHOOHWYRQ0HQDQWHV>GL&KULVWLDQ)ULHGULFK+XQROG@+DPEXUJ%OEU 

 9JO)ULHGULFK,,.|QLJYRQ3UHX‰HQXQGGLHGHXWVFKH/LWHUDWXUGHV-DKUKXQGHUWV7H[WH

XQG'RNXPHQWH+JY+RUVW6WHLQPHW]6WXWWJDUW6±±

 9JO %DUQHU hEHU GDV 1HJLHUHQ YRQ 7UDGLWLRQ ZLH$QP 6±GHUV(LQOHLWXQJLQ

%DUQHU XD +J  7UDGLWLRQ 1RUP ,QQRYDWLRQ ZLH $QP   6,;;;,9 VRZLH 'LUN 1LHIDQJHU$UW7UDGLWLRQVYHUKDOWHQ,Q$QVJDU1QQLQJ +J 0HW]OHU/H[LNRQ/LWHUDWXUXQG .XOWXUWKHRULH $QVlW]H ± 3HUVRQHQ±*UXQGEHJULIIHHUZ$XIODJH6WXWWJDUW:HLPDU 6  :LOIULHG %DUQHU )UHLQHÃHQWODVWHWHµ$XINOlUXQJ,Q7UDQVDFWLRQVRIWKH1LQWK,QWHUQDWLRQDO &RQJUHVVRQWKH(QOLJKWHQPHQW%G,2[IRUG6±KLHU6  *RWWVFKHG9HUVXFKHLQHU&ULWLVFKHQ'LFKWNXQVW>$XV]JH@ ZLH$QP 6



'LUN1LHIDQJHU

HLQHYRUEHKDOWORVHUH%HMDKXQJGHUEDURFNHQ7UDGLWLRQXPGDGXUFKGLH6WlUNHGHU GHXWVFKVSUDFKLJHQ 3RHVLH ]X EHOHJHQ 'LH .ULWLN DP JHJHQZlUWLJHQ Ä9HUIDOO GHU 3RHVLH³   EHVRQGHUV LP K|ILVFKHQ 8PIHOG VROO KLQJHJHQ HLQH QHXH )|UGHUXQJ GHU'LFKWNXQVWLQGHU%UHLWH±PDQGHQNHDQGDVYHUKDOWHQH+DQV6DFKV/REXQG GLH(UZlKQXQJGHV6FKXOGUDPDV±XQGGLH3RHWLNVHOEVWUHFKWIHUWLJHQ'LH'LDJQR VHILQGHWVLFKGHVKDOEXQPLWWHOEDUYRU%HJLQQGHVNRQNUHWHQ$QOHLWXQJVWHLOV 'LH3DVVDJHGLHGLH%DURFNOLWHUDWXUJHJHQGLHDNWXHOOH'LFKWXQJDXVVSLHOWOHL WHW GLH 9HUIDOOVGLDJQRVH LP OHW]WHQ $EVFKQLWW GHU OLWHUDWXUJHVFKLFKWOLFKHQ $XVIK UXQJHQHLQ %H\ GHU 0HQJH VR YLHOHU 3RHWHQ VLQG XQVHUH 7HXWVFKHQ LQ GLH 0H\QXQJ JHUDWKHQ GD‰ ZLU VFKRQJDQW]YROONRPPHQZlUHQ$OOHLQZHQQLFKGLH:DKUKHLWVDJHQVROOVRVLQGZLUYRQXQ VHUHU9ROONRPPHQKHLWDEJHVXQFNHQ2SLW])OHPPLQJXQG*U\SKLXVKDEHQ]ZDUHLQLJH)HKOHU VLH KDEHQ DEHU GRFK QRFK JDQW] DQGHUV JHVFKULHEHQ DOV GLH PHLVWHQ IDVW MHW]RVFKUHLEHQ6LH KDWWHQ VFK|QH *HGDQFNHQ DEHU DXFK GDEH\ KHURLVFKH :RUWH XQG ZXVVWHQ LQ 6RQGHUKHLW GDV +HUW]H]XUKUHQ I 

*HUDGH]XHUVWDXQOLFKZLUNWGLH%HZHUWXQJ/RKHQVWHLQVGHQQGLHVHUJDOW]XPLQGHVW *RWWVFKHG XQG ]ZDU VFKRQ LQ GHU HUVWHQ $XIODJH GHU &ULWLVFKHQ 'LFKWNXQVW DOV ,QEHJULII EDURFNHQ 6FKZXOVWHV Ä/RKHQVWHLQ³ KHL‰W HV LQ GHU $QOHLWXQJ ÄKDW DOOHVXQGPHKUEH\VDPPHQDOV*U\SKLXVXQG+RIPDQQVZDOGDX³  (LQHJHZLV VHUHJLRQDOH3DUWHLOLFKNHLWXQGHLQH9RUOLHEHIUGLHKHURLVFKH5KHWRULNN|QQWHGLH GRFKDXFKEHUUDVFKHQGH.ULWLNDQ&KULVWLDQ:HLVHEHZLUNWKDEHQYRQGHPJHVDJW ZLUGHUKDEHVLFKHLQHÄ6FKUHLE $UWDQJHZ|KQHWZHOFKHQLHPDQGDOVGHP3|EHO JHIDOOHQNDQQ³   *RWWVFKHG JHKW GD GLIIHUHQ]LHUWHU PLW :HLVH XP HU UHFKWIHUWLJW GHVVHQ 5HJHO DEZHLFKXQJHQ LQ GHQ 6FKDXVSLHOHQ ± ZLH GLHVHU VHOEVW±PLWSlGDJRJLVFKHQ,QWH UHVVHQ  

 9RUOlXILJHV5HVPHH   1LFKW PLW *RWWVFKHG RGHU GHQ 6FKZHL]HUQ EHJLQQW GLH *HVFKLFKWH GHU $XINOl UXQJVSRHWLN LQ 'HXWVFKODQG VRQGHUQ PLW GHU %UHVODXHU $QOHLWXQJ 6LH UH]LSLHUW VFKRQLQ$QVlW]HQGLH:ROIIVFKH3KLORVRSKLHXQGHQWKlOWHLQHVHKUYHUJOHLFKEDUH 2ULHQWLHUXQJLPNXOWXUHOOHQ)HOGZLHGLHEHLGHQ+DXSWJUXSSHQGHU)UKDXINOlUXQJ 8QEHVWUHLWEDUVFKHLQWLQGHU6XPPHHLQHUHFKWLQWHQVLYH5H]HSWLRQGHU$Q OHLWXQJ ]XPLQGHVW GXUFK *RWWVFKHG XQG GLH *RWWVFKHGLDQHULQ/HLS]LJ9HUPLWWOHU N|QQWHQGLH9HUODJH-RKDQQ%XUNKDUG0HQFNHRGHU%HQMDPLQ1HXNLUFKJHZHVHQ VHLQ'XUFKLKUHQDFKZHLVEDUH:LUNXQJZLUGHVLQ=XNXQIWXQP|JOLFKGLH$QOHL   9JOHWZDHEG6  9JOHEG6I

'LH%UHVODXHU$QOHLWXQJ



WXQJDOVPDUJLQDOHXQGUHJLRQDOH(UVFKHLQXQJDOVOHGLJOLFKÃ%UHVODXHUµ$QOHLWXQJ DE]XWXQ (LQHJHZLVVH'LIIHUHQ]]XGHQ$XINOlUXQJVSRHWLNHQYRQ*RWWVFKHGXQGGHQ 6FKZHL]HUQ NDQQ PDQ LQ GHU %HZHUWXQJ GHU %DURFNOLWHUDWXU ]ZLVFKHQ  XQG EHPHUNHQ2IIHQVLFKWOLFKEDXWGLH$QOHLWXQJVWlUNHUDOVGLHDQGHUHQ3RHWLNHQ DXI QDWLRQDOH .RQWLQXLWlW VWDWW DXI $EVHW]XQJ YRP 9RUKHULJHQ 0|JOLFKHUZHLVH NRPPW KLHU GLH HKHU SUDJPDWLVFKH $XVULFKWXQJ GHU DQRQ\P HUVFKHLQHQGHQ$QOHL WXQJ]XU3RHVLHJHJHQEHUGHUVLFKDOVJUXQGOHJHQGXQGJUXQGVlW]OLFKQHXEHJUHL IHQGHQ 3RHWLNHQ GHU 6FKZHL]HU XQG *RWWVFKHG ]XP 7UDJHQ 'LHVH NDPHQ MD SUR JUDPPDWLVFKXQGPLW+HUYRUKHEXQJLKUHU$XWRUVFKDIWDOV&ULWLVFKH'LFKWNXQVWYRU GLH 'HXWVFKHQ EH]LHKXQJVZHLVH DOV &ULWLVFKH 'LFKWNXQVW ZRULQQHQ GLH 3RHWLVFKH 0DKOHUH\LQ$EVLFKWDXIGLH(UILQGXQJLP*UXQGHXQWHUVXFKHWXQG>«@HUOlXWHUW ZLUGDXIGHQ0DUNW+LQ]XNRPPWVLFKHUOLFKDXFKHLQHUHJLRQDOH3DUWHLQDKPHIU GHQ VFKOHVLVFKHQ %DURFN *U\SKLXV /RKHQVWHLQ +RIPDQQVZDOGDX 1HXNLUFK XVZ   'LH ZHLWUHLFKHQGH 0LVVDFKWXQJ EH]LHKXQJVZHLVH )HKOHLQVFKlW]XQJ GHU$Q OHLWXQJ±GLH%DURFN6WXGLHQYRQ:HVFKHXQG6WRFNKRUVWZlUHQKLHUDXV]XQHKPHQ ± UHVXOWLHUW DXV HLQHU DIILUPDWLYHQ /HVDUW GHU 6HOEVWSRVLWLRQLHUXQJ GHU JHQDQQWHQ $XINOlUXQJVSRHWLNHU LKU VWUDWHJLVFKHV 7UDGLWLRQVYHUKDOWHQ PLVVYHUVWHKW GDV *URV GHU ELVKHULJHQ $XINOlUXQJVIRUVFKXQJ DOV UHDOLVWLVFKH %HVWDQGVDXIQDKPH 'HVKDOE ZXQGHUWHVDXFKQLFKWGDVVVLHLQGLVNXUVEHVWLPPHQGHQ(LQIKUXQJHQZLHGHUYRQ 3HWHU$QGUp $OW RGHU LQ HLQVFKOlJLJHQ /LWHUDWXUJHVFKLFKWHQ ZLH GHU YRQ 5ROI *ULPPLQJHU KHUDXVJHJHEHQHQ JDU QLFKW HUZlKQW ZLUG 'DVV GLH DQRQ\PH$QOHL WXQJ ]XU 3RHVLH GHPQlFKVW DOV HLQH $UW 6FKOVVHOSRHWLN LP Ä([SHULPHQWLHUIHOG )UKDXINOlUXQJ³EHDFKWHWZLUGLVWHLQH,QWHQWLRQGHVYRUOLHJHQGHQ%HLWUDJV 

  9JO3HWHU$QGUp$OW$XINOlUXQJ6WXWWJDUW:HLPDU  9JO 5ROI *ULPPLQLJHU +J  'HXWVFKH $XINOlUXQJ ELV ]XU )UDQ]|VLVFKHQ 5HYROXWLRQ±

GXUFKJHV$XIODJH0QFKHQ



         

9+HUYRUWUHLEHQXQG%HNlPSIHQGHU8Q2UGQXQJ 



 %$55«@NLOOQRWZLWK%XOOHWVEXWZLWK3LOOVDVIDWDO³ GDVSKDUPD]HXWLVFKH([SHULPHQWGHVNRPLVFKHQ(SRVXP  1XU ZHQLJH 0RQDWH YRU GHU -DKUKXQGHUWZHQGH XP  HUVFKLHQ 6DPXHO *DUWKV NRPLVFKHV (SRV 7KH 'LVSHQVDU\ LQ GHP GHU DQJHVHKHQH $U]W XQG VSlWHUH /HLE SK\VLNXV GHV.|QLJVGHQ*UXQGVWHLQIUHLQHQHXHOLWHUDULVFKH)RUPOHJWHLQGHP HUVLFKPLWGHQRIIHQVLFKWOLFKHQ0LVVVWlQGHQGHUPHGL]LQLVFKHQ=XQIWDXVHLQDQGHU VHW]WH ,Q $QOHKQXQJ DQ 7DVVRQL %RLOHDX XQG 'U\GHQ HQWZLFNHOW LVW 7KH 'LVSHQVDU\ ]ZDU QLFKW GDV HUVWH NRPLVFKH +HOGHQJHGLFKW (QJODQGV $QGHUV DOV IUKHUH %HLVSLHOH ZLH HWZD 6DPXHO %XWOHUV +XGLEUDV RGHU -RKQ 'U\GHQV 0DF )OHFNQRHJHKW*DUWKMHGRFKEHUGDV7UDYHVWLHUHQDQWLNHU(SHQXQGEHUGLHEOR‰H /LWHUDWXUVDWLUHLP.RQWH[WGHU4XHUHOOHGHV$QFLHQVHWGHV0RGHUQHVZHLWKLQDXV XPDXFKJHJHQZlUWLJHSROLWLVFKHXQGNXOWXUHOOH(QWZLFNOXQJHQ]XNRPPHQWLHUHQ ,P=HQWUXPGHVNXU]HQ(SRVVWHKW*DUWKV$EUHFKQXQJPLWVHLQHQ5LYDOHQLPHKU ZUGLJHQ&ROOHJHRI3K\VLFLDQVLQ/RQGRQGLHVLFKJHJHQGLHYRQLKPEHIUZRU WHWHQ 3OlQH GHV &ROOHJHV DXVVSUDFKHQ HLQH $UPHQDSRWKHNH GLH VRJHQDQQWH Ä'LVSHQVDU\³GHV7LWHOV HLQ]XULFKWHQ,QVHFKVNXU]HQ*HVlQJHQHU]lKOW*DUWKYRQ GHQ ,QWULJHQ XQG GXQNOHQ LUUDWLRQDOHQ .QVWHQ GHU :RUVKLSIXO 6RFLHW\ RI WKH $SRWKHFDULHVGLHPLWLKUHQ9HUEQGHWHQLP&ROOHJHRI3K\VLFLDQVGLH$UPHQDSR WKHNH]XYHUKLQGHUQEHDEVLFKWLJHQ(VLVWHLQGHXWLJZRGLH6\PSDWKLHQGHVVHOEVW LQ2[IRUGXQG/HLGHQDOV$U]WDXVJHELOGHWHQ'LFKWHUVOLHJHQ±LQHLQHPKLQWHUOLVWL JHQ $NW VDWLULVFKHQ %DXFKUHGHQV ZLH 3RSH GLHV LQ VHLQHP VSlWHUHQ NRPLVFKHQ +HOGHQJHGLFKW 7KH 'XQFLDG SHUIHNWLRQLHUHQ ZLUG OlVVW *DUWK GLH $SRWKHNHU LQ  

,FK]LWLHUHQDFKGHUHUVWHQ$XIODJH6DPXHO*DUWK7KH'LVSHQVDU\/RQGRQ$OOH=LWDWH VRIHUQQLFKWDQGHUVDQJHJHEHQEH]LHKHQVLFKDXIGLHVH$XVJDEHXQGZHUGHQPLWGHP.U]HO' PLWHQWVSUHFKHQGHU9HUVDQJDEHLP)OLH‰WH[WPDUNLHUW  (LQIKUHQG XQG JHQHUHOO ]XP NRPLVFKHQ (SRV VLHKH *UHJRU\ & &RORPE 'HVLJQV RQ 7UXWK 7KH3RHWLFVRIWKH$XJXVWDQ0RFN(SLF8QLYHUVLW\3DUN3HQQV\OYDQLD5LFKDUG7HUU\ 0RFN+HURLF IURP %XWOHU WR &RZSHU $Q (QJOLVK *HQUH DQG 'LVFRXUVH $OGHUVKRW  5LWFKLH 5REHUWVRQ 0RFN(SLF 3RHWU\ IURP 3RSHWR+HLQH2[IRUG'LHPDWHULDOUHLFKH ZHQQ DXFK WKHRUHWLVFK EHUKROWH 8QWHUVXFKXQJ %URLFKV LVW LPPHU QRFK GLH PD‰JHEOLFKH GHXWVFKVSUDFKLJH'DUVWHOOXQJVLHKH8OULFK%URLFK6WXGLHQ]XPNRPLVFKHQ(SRV(LQ%HLWUDJ ]XU'HXWXQJ7\SRORJLHXQG*HVFKLFKWHGHVNRPLVFKHQ(SRVLPHQJOLVFKHQ.ODVVL]LVPXV7 ELQJHQ  9JOGLHNODVVLVFKH8QWHUVXFKXQJYRQ5LFKPRQG%RQG(QJOLVK%XUOHVTXH3RHWU\± &DPEULGJH 0DVV  QHXHU XQG JUXQGOHJHQG LVW &ODXGH 5DZVRQ 6DWLUH DQG 6HQWLPHQW &DPEULGJHEHV6±XQG+RZDUG':HLQEURW%ULWDQQLD¶V,VVXH7KH 5LVHRI%ULWLVK/LWHUDWXUHIURP'U\GHQWR2VVLDQ&DPEULGJH>@  =X*DUWKVLHKH:LOOLDP+&RUQRJ6LU6DPXHO*DUWK±$&RXUW3K\VLFLDQRIWKHWK&HQWXU\ ,Q,VLV  6±QHXHUXQGNULWLVFKHU5LFKDUG,&RRN6LU6DPXHO*DUWK%RV WRQ-RKQ)6HQD7KH%HVW1DWXUHG0DQ6LU6DPXHO*DUWK3K\VLFLDQDQG3RHW1HZ Z@LHZHQQGLHbU]WHGHQ.LQGHUQGLHZLGULJHQ:HUPXWVWURS

IHQ  5HLFKHQ VLH HUVW ULQJVXP GLH 5lQGHU GHV %HFKHUV EHVWUHLFKHQ  0LWV‰VFKPHFNHQGHP 6HLPHGHVJROGLJIDUEHQHQ+RQLJV8PGLH-XJHQGGHV.LQGHVGLHDKQXQJVORVH]XWlXVFKHQ :lKUHQGGLH/LSSHQLKQNRVWHQYHUVFKOXFNWHVLQGHVVHQGHQELWWHUQ:HUPXWVWURSIHQ6RZLUG HVJHWlXVFKWZRKOGRFKQLFKWEHWURJHQ'DHVYLHOPHKUQXUVRVLFKHUKROWXQG*HQHVXQJHU P|JOLFKW³/XNUH]9RQGHU1DWXU/DWHLQLVFK±GHXWVFK+JXQGEHUVYRQ+HUPDQQ'LHOV 0QFKHQ,9Y±  Ä'RFK±XPQLFKWQDFKGHU3RVVHQVSLHOHU:HLVHPHLQJDQ]HV6WFNLQGLHVHP7RQ]XJHEHQ  ZLHZRKOZHUZHKUHWXQVGLH:DKUKHLWODFKHQG]XVDJHQ"VRZLHGLHPLOGH3lGDJRJHUGLH NOHLQHQ=|JOLQJHGXUFK+RQLJSOlW]FKHQ]XP$EFYHUIKUHQ ±ODVVXQVMHW]WYRQHLQHUQVWHQ 6DFKH HUQVWKDIW VSUHFKHQ³]LWLHUWQDFK+RUD]HQV6DWLUHQDXVGHP/DWHLQLVFKHQEHUVHW]WXQG PLW (LQOHLWXQJHQ XQG HUOlXWHUQGHQ $QPHUNXQJHQ YHUVHKHQ YRQ &0 :LHODQG +J Y +DQV 5DGVSLHOHU1|UGOLQJHQ,,9Y±  6LHKHGHQJUQGOLFKHQ)RUVFKXQJVEHULFKWYRQ-UJHQ%UXPPDFN=X%HJULIIXQG7KHRULHGHU 6DWLUH ,Q 'HXWVFKH 9LHUWHOMDKUVVFKULIW IU /LWHUDWXUZLVVHQVFKDIW XQG *HLVWHVJHVFKLFKWH    6RQGHUKHIW )RUVFKXQJVUHIHUDWH 6± IU GHWDLOOLHUWH 5HNRQVWUXNWLRQHQ GLHVHU 7UDGLHUXQJGRUWDXFKGLHEHWUHIIHQGH3DVVDJHEHL/DQGLQLXV 6$QP Ä9LGLWHQLP VFHOHUDWRUXP DHJURWRV PXOWLV SHUWXUEDWLRQLEXV DQLPRV VLPLOOLHPRV SXHURUXP HVVH TXL QLVL PHOOLV VXDYLWDWH GHFSLDQWXU VDOEXULD TXLGHP VHG DPDUD WDPHQ SRFXOD VXPHUH UHIXJLXQW 4XDSURSWHU XW 3ODXWLQXP SURYHUELXP HVW XW QRV DOOLFLDW DOWHUD PDQX SDQHP RVWHQGLW DOWHUD ODSLGHPVHGVDOXWDUHPODSLGHPJHULW³



%DUU\0XUQDQH

VDW\ULFD *UDHFRUXP SRHVL HW 5RPDQRUXP VDWLUD   ,Q GHQ 3RHWLNHQ GHV -DKUKXQGHUWV YHUOlXIW GLHVH 5HFKWIHUWLJXQJ PHLVW EHU GLH KRUD]LVFKH %HJUQ GXQJ GHU 6DWLUH DOV ULGHQWXP GLFHUH YHUXP ± ÄPLW /DFKHQ GLH :DKUKHLW VDJHQ³ +LHUZLUGGDV/DFKHQDOVPRUDOLVFKH$XIJDEHYHUVWDQGHQXPVHLQH8QEHKHUUVFKW KHLW DOV VWHXHUEDU XQG GDPLW DOV $XIJDEH HLQHU YHUQQIWLJHQ 3RHWLN DXV]XJHEHQ :LHLQ$OH[DQGHU3RSHVVSlWHUHP*HGLFKW(VVD\RQ&ULWLFLVPJLOWVSUDFKOLFKHXQG SRHWLVFKH 8QRUGQXQJ DOV 5HIOH[ YRQ VR]LDOHU 8QRUGQXQJ XP  (UIROJUHLFKH OLWHUDULVFKH 3UD[LV VROO GDJHJHQ ]XU HUIROJUHLFKHQ Ã7KHUDSLHµ VR]LDOHU 0LVVVWlQGH E]Z]XU:LHGHUKHUVWHOOXQJYRQ2UGQXQJIKUHQ 'LHVH6LFKWDXIVHLQH(QWVWHKXQJVHW]WHLQHEUHLWHUHNXOWXUJHVFKLFKWOLFKH5HOH YDQ]GHVNRPLVFKHQ+HOGHQJHGLFKWVDOV0HGLXPVR]LDOHU'LDJQRVWLNXQGDOVVDWLUL VFKHV 7KHUDSHXWLNXP YRUDXV XQG HUIRUGHUW HLQH NRQWH[WXDOLVLHUHQGH %HUFNVLFKWL JXQJ ZLUWVFKDIWOLFKHU XQG PHGL]LQJHVFKLFKWOLFKHU 'HEDWWHQ XP  'HQ $XVJDQJVSXQNWGHV'LVSXWVLQ7KH'LVSHQVDU\ELOGHWGLHQHXH0DFKWYRQ$SRWKH NHUQ XQG 'UXJJLVWHQ LQ (QJODQG LQ GHU ]ZHLWHQ +lOIWH GHV -DKUKXQGHUWV 'LH )DEHO LVW NXU] ]XVDPPHQJHIDVVW 'HU *RWW GHU )DXOKHLW Ä6ORWK³ KlOW VHLW OlQJHUHU =HLWLP&ROOHJHRI3K\VLFLDQVGLH=JHOLQGHU+DQGZHLOVLFKGLHbU]WHVFKDIWVHLW :LOOLDP +DUYH\ DXI LKUHQ/RUEHHUHQDXVUXKW'XUFKGLH*HUlXVFKHEHLP%DXGHU $UPHQDSRWKHNH JHVW|UW VFKLFNW HU HLQHQ JHVSHQVWLVFKHQ 'LHQHU ]X GHQ $SRWKH NHUQ XP VLH YRU GHP 3URMHNW ]X ZDUQHQ 'HU $SRWKHNHU +RURVFRSH RUJDQLVLHUW HLQH9ROOYHUVDPPOXQJZlKUHQGGHUVLFKGLH$SRWKHNHULQLKUHQ5HGHEHLWUlJHQDOV $OFKHPLVWHQ2SSRUWXQLVWHQXQG0|UGHUQHQWWDUQHQ,QHLQHUZHLWHUHQ.RQVXOWDWL RQ PLW LKUHQ*HZlKUVPlQQHUQLP&ROOHJHLQHLQHPlX‰HUVW]ZLHOLFKWLJHQ&RYHQW *DUGHQ HQWVFKOLH‰HQ VLH VLFK ]XP .DPSI JHJHQ GLH 8QWHUVWW]HU GHU $UPHQDSR WKHNH LP &ROOHJH 'LH OHW]WHQ EHLGHQ *HVlQJH ZLGPHQ VLFK GLHVHP NRPLVFKHQ .DPSIPLW%HWWSIDQQHQ2SLDWHQXQGSIODQ]OLFKHQ'URJHQGHPGXUFKGHQ$XIWULWW GHU*|WWLQ*HVXQGKHLWHLQ(QGHJHVHW]WZLUGGLHHLQHQ$U]W&HOVXVLQGLHP\WKL VFKH8QWHUZHOWIKUW'RUWHUNOlUW+DUYH\PDQVROOHVLFKDQGHQ/RUG&KDQFHOORU XQGDQ.|QLJ:LOOLDPZHQGHQXPGLH2UGQXQJZLHGHUKHU]XVWHOOHQ   $QWRQLR0LQWXUQR'H$UWH3RHWLFD1DSROL>@%XFK,,,6Ä&RPHDGXQTXHOH

LQIHUPLWjHOHIHULWDGHOFRUSRGLUHVWHHVVHUPDWHULDGHOOD0HGLFLQDFRPHGHTXHOOHFKHLQORUR VLULYROWDFRVLOHSDVVLRQLHOHSLDJKHGHOO¶DQLPRVRJJHWWRGLTXHVWD6DWLULFD3RHVLDFKLDPHUH VWH(SHULRFRFFKqO¶XQDHO¶DOWUDKDSHUVXRILQHODVDQLWjTXHOODFRQOHFRVHTXHVWDFRQOHSD UROHTXHOODFRQDPDUDEHYHQGDTXHVWDFRQDFHUEDULSUHQVLRQH0DSHULRFRFFKqOD)LORVRILDq PHGLFLQDGLHTXHOODPDODWWLHRQGHO¶DQLPDV¶LQIHUPLDH¶O)LORVRIRULSUHQGHSHUVDQDUODLQWHQ GD LO 6DWLULFR VFULWWRUH FKHQRQ V¶DSSDUWLHQH D OXL TXHO FK¶q ORUR VLFRQWURSRQJRQRPDLOUL SUHQGHUHDOWUXLIHVWHYROPHQWHQqVHQ]DVGHJQRFRQYHUVLSHUOLFRVWXPLDPPHQGDUH³  *UQGOLFK ]X GLHVHU 7UDGLWLRQ XQG PLW HQWVSUHFKHQGHQ /LWHUDWXUKLQZHLVHQ VLHKH +HUEHUW -DXPDQQ6DWLUH]ZLVFKHQ0RUDO5HFKWXQG.ULWLN,Q6LPSOLFLDQD  6±  9JO &KULVWRSK 'HXSPDQQ Ã)XURU VDWLULFXVµ 9HUKDQGOXQJHQ EHU OLWHUDULVFKH $JJUHVVLRQ LP XQG-DKUKXQGHUW7ELQJHQ6±  6LHKH5LSOH\+RWFK3RSH6XUYH\V+LV.LQJGRP$Q(VVD\RQ&ULWLFLVP,Q6WXGLHVLQ(QJ OLVK/LWHUDWXUH±  6±KLHU6I

'DVSKDUPD]HXWLVFKH([SHULPHQW



,Q 7KH 'LVSHQVDU\ VLQG GLH .RPLN GHU ILNWLYHQ $QWLKHOGHQ XQG GHU 9HUOXVW DQ ZDKUHP +HOGHQWXP HLQGHXWLJ DOV (UJHEQLV UHDOHU JHVHOOVFKDIWOLFKHU 3UR]HVVH JH NHQQ]HLFKQHWZlKUHQGGDV/DFKHQEHUGHQILNWLRQDOHQ.DPSIGLHVHUOlFKHUOLFKHQ +HOGHQ ZLHGHUXP DOV 7KHUDSLH UHDOHU JHVHOOVFKDIWOLFKHU 3UREOHPH GLHQHQ VROO *DUWKV'DUVWHOOXQJGHUJHJHQGDV&ROOHJHRI3K\VLFLDQVPDUVFKLHUHQGHQ$SRWKHNHU YHUDQVFKDXOLFKWGLHVH]ZHLWH'LPHQVLRQ9RQLKQHQLVW]XK|UHQVLHVHLHQÄ%ROGWR 3UHVFULEH DQG EXVLH WR $SSO\³ ' ,,   VLH YHUVSUHFKHQ ÄIXWXUH +HDOWK IRU SUHVHQW)HHV³ ',, XQGVLHVHLHQÄ)ULHQGVR¶)DWHV:KRILOO&KXUFK\DUGV DQGZKRXQSHRSOH6WDWHV³ ',,,I (VJHKW*DUWKKLHURIIHQEDUXPGLH5HJX OLHUXQJ HLQHV XQEHUVFKDXEDU JHZRUGHQHQ 0DUNWHV IU PHGL]LQLVFKH 9HUVRUJXQJ DXI GHP 3URILW XQG 0RUG VWDWW )UVRUJH XQG +HLOXQJ GLH QHXHQ :HUWPD‰VWlEH ELOGHQ 'LH IHKOHQGH +HOGHQKDIWLJNHLW GHU .lPSIHU HUJLEW VLFK DXV HLQHU PDQ JHOQGHQPRUDOLVFKHQ9HUDQWZRUWXQJIUGLH*HVXQGKHLWGHU0HQVFKHQ±XQGGDPLW IU GLH *HVXQGKHLW GHV HQJOLVFKHQ 9RONHV GLHVHQ QDWLRQDOHQ )RNXV EHOHJW VFKRQ GLH+XOGLJXQJGHV.|QLJV  'LHVH6R]LDOGLDJQRVWLNZLUGEHVRQGHUVGHXWOLFKLPGULWWHQ*HVDQJ'HUDOV0D JLHUXQG$OFKHPLVWGDUJHVWHOOWH+RURVFRSH *DUWKV'HFNQDPHIU'U%HUQDUGGDV REHUVWH 0LWJOLHG GHU6RFLHW\RI$SRWKHFDULHV ]LWLHUWÄWKDWGHYRXULQJ+DUS\FDOO¶G 'LVHDVH³ ' ,,, I  KHUEHL XQG 4XHUSR *DUWKV 3VHXGRQ\P IU HLQHQ JHZLVVHQ 'U+DOO LQV]HQLHUWVLFKPHKUDOV0|UGHUGHQQDOV+HLOHU,QHLQHUJURWHVNHQ8P NHKUXQJ PHUNDQWLOLVWLVFKHU 3ULQ]LSLHQ YRQ HLQHU JOHLFK]HLWLJHQ QDWLRQDOHQ XQG LQGLYLGXHOOHQ N|USHUOLFKHQ *HVXQGKHLW QDFK +DUYH\V .UHLVODXI*HGDQNHQ JHKW HV GLHVHQPHGL]LQLVFKHQ$NWHXUHQXPHLQH6WHLJHUXQJLKUHV3URILWVGXUFKGDVJH]LHOWH 7|WHQYRQ%UJHUQZLH4XHUSREHULFKWHWÄ,RIWGLVSDWFK¶GWKH3DWLHQWLQD'D\ :LWK3HQLQKDQG,SXVK¶GWRWKDWGHJUHH,VFDUFHKDGOHIWD:UHWFKWRJLYHD)HH 6RPH IHOO E\ /DXGDQXP DQG VRPH E\6WHHO$QG'HDWKLQDPEXVKOD\LQHY¶U\ 3LOO)RUVDYHRUVOD\WKLV3ULYLOHJHZHFODLP7KR¶&UHGLWVXIIHUVWKH5HZDUG¶V WKH VDPH³ ' ,9 ±  9RQ GLHVHQ PLOLWlULVFK DQPXWHQGHQ 6HOEVWGHQXQ]LDWLR QHQ 4XHUSRV LVW HV VFKOLH‰OLFK NHLQ JUR‰HU 6FKULWW ]XP NDUQHYDOHVNHQ +|KHSXQNW GHVPRFNEDWWOHLQGHU$UPHQDSRWKHNHLPIQIWHQ*HVDQJÄ%OXH$SURQVLQWKH$LU IRU &RORXUV IO\  :LWK XQUHVLVWHG )RUFH WKH\ XUJH WKHLU :D\  $QG ILQG WKH )RH HPEDWWHO¶G LQ $UUD\  7KHQ IURP WKHLU OHYHOO¶G 6\ULQJHV WKH\ SRXU  7KH OLTXLG 9ROOH\RIDPLVVLYH6KRZ¶U³ '9± 'LH)DOOK|KHYRQGHQ+HOGHQ*ULH FKHQODQGVXQG5RPVNDQQDQJHVLFKWVGHUNRPLVFKHQ:LUNXQJDOOWlJOLFKHUSKDUPD ]HXWLVFKHU*HUlWHDOV:DIIHQNDXPQRFKJU|‰HUVHLQÄ:KROHKHDSVRI:DUULRXUV ZHOWHURQWKH*URXQG:LWK*DOO\3RWVDQGEURNHQ3KLDOVFURZQ¶G$QGHPSW\ 9HVVHOVWKH'HIHDWUHVRXQG³ '9±  :lKUHQGHLQHUVHLWVLQ*DUWKV3RHWLNGHUPRUDOLVFKHQ+HLOXQJGXUFKVDWLULVFKHQ +XPRU GHU SRHWRORJLVFKH 7UDGLWLRQVEH]XJ VHLQH %HVWlWLJXQJ ILQGHW JHOWHQ DQGH   5R\ 3RUWHU KDW GLHVH XQEHUVFKDXEDUH 6LWXDWLRQ JHVFKLOGHUW LQ VHLQHU PD‰JHEOLFKHQ 8QWHUVX

FKXQJ'HUV4XDFNV)DNHUVDQG&KDUODWDQVLQ(QJOLVK0HGLFLQH&KDUOHVWRQ6&



%DUU\0XUQDQH

UHUVHLWVGHUPRGHUQH$SRWKHNHUXQGVHLQH.XQVWDOV,QEHJULIIYRQQHJDWLYHPVR]LD OH $XIEHJHKUHQ 'LVVLPXODWLRQ XQG NXOWXUHOOHP 9HUIDOO :LH ZHLWHU XQWHQ ]X ]HL JHQVHLQZLUGJHOWHQ*DUWKGLHbU]WHDOVHWDEOLHUWH$XWRULWlWHQRGHU$QFLHQWVGLH $SRWKHNHU KLQJHJHQ DOV 0RGHUQV GLH PLW +DOEZLVVHQ XQG YDJHQ .HQQWQLVVHQ PHGL]LQLVFKHU 7KHUDSLHV\VWHPDWLNHQ HLQH WHPSRUlUH 6FKZlFKH GHU bU]WHVFKDIW DXVQXW]WHQXPPLWNRPPHU]LHOOHQ6WUDWHJLHQHLQHQVFKHLQKDIWHQ6WDWXVDOV7KHUD SHXWHQ]XJHZLQQHQ*DUWKVSKDUPD]HXWLVFKHV([SHULPHQWEHVWHKWDXVGHU9HUPL VFKXQJ GLHVHU ]ZHL .RQWH[WH GHU 3KDUPD]LH DOV 0HWDSKHU IU GLH KHLOVDPH :LU NXQJ GHU 6DWLUH XQG DOV &KLIIUH IU QHJDWLYH 0RGHUQLVLHUXQJVHUIDKUXQJHQ +LHU HUZHLVWHUVLFKOLWHUDULVFKJHVHKHQDOVÃ0RGHUQHUµPHGL]LQLVFKDEHUDOV%HIUZRU WHU GHU WUDGLWLRQHOOHQ 0DFKW GHU bU]WHVFKDIW 2EJOHLFK GLH 3OlQH IU HLQH $UPHQ DSRWKHNH YRUGHUJUQGLJ DOWUXLVWLVFKH =LHOH YHUIROJWHQ UHFKQHWHQ *DUWK XQG VHLQH 0LWVWUHLWHU GXUFKDXV ZHQLJHU XQHLJHQQW]LJ PLW GHU :LHGHUKHUVWHOOXQJ LKUHU DOWHQ 0DFKWSRVLWLRQHQLPPHGL]LQLVFKHQ6\VWHP 6ROFKH9RUZUIHGHU7lXVFKXQJGHU*HOGXQG*HOWXQJVVXFKWXQGGHUGDUDXV UHVXOWLHUHQGHQP|UGHULVFKHQÃ)lKLJNHLWHQµGHV$SRWKHNHUVZLHVLHLPGULWWHQ*H VDQJGHV'LVSHQVDU\VLFKWEDUZHUGHQJHK|UWHQVFKRQ]XPVDWLULVFKHQ$UVHQDOGHU 6WlQGHEFKHU LP  XQG -DKUKXQGHUW ,Q 7RPDVVR *DU]RQLV ZHLW YHUEUHLWHWHU 3LD]]D8QLYHUVDOHHWZDKHL‰WHV ÄGD‰PDQDXFKXQWHUGHQ+HUUQ$SRWHFNHUQPDQFKHQ*HL]KDO‰ILQGHWGHUDXFKZLVVHQGWOLFK ZLOO]XPZROIHLOVWHQHLQNDXIIHQXQGVXFKHWPLW)OHL‰QDFKGHQDOWHQXQGYHUOHJHQHQ'URJXHQ LQ+RIIQXQJVLHVROOHQLKPHHEHQVRYLHOJHOWHQDOVGLHEHVWHQZLHGDxDXFKJHVFKLHKHW PLWZDV1X]HQDEHUGHUHQGLHVLHIUJXWVROOHQEH]DKOHQXQGJHEUDXFKHQ]HLJHWGLHWlJOLFKH (UIDKUXQJGD‰DXFKPDQQLFKHU3DWLHQWVHLQ/HEHQGDUEHUHLQEVVHW³

8PLP*HQHUHOOHQXQGEHL*DUWKLP%HVRQGHUHQZLUGGLHVHWUDGLHUWH'DUVWHO OXQJDNWXDOLVLHUWGDPLWVLHHLQHUVHLWVIUGLHQHXHQ|NRQRPLVFKHQ%HGLQJXQJHQLP PHUNDQWLOLVWLVFKHQ (QJODQG UHOHYDQW XQG DQGHUHUVHLWV WUDQVIHUIlKLJ ZLUG XP DXFK LPEHUWUDJHQHQ6LQQHIUGLH/LWHUDWXUSURGXNWLRQXQG/LWHUDWXUNULWLN]XP(LQVDW] ]X NRPPHQ 'HU .RQWH[W GLHVHU hEHUWUDJXQJ LVW GHU Ä%DWWOH RI WKH %RRNV³ GHU .DPSI ]ZLVFKHQ GHQ $QFLHQWV XQG 0RGHUQV XP NXOWXUHOOH XQG OLWHUDULVFKH 9RU

  6LHKH KLHU]X VFKRQ DOOHUGLQJV QXU LQ HLQHU )X‰QRWH XQG QLFKW QlKHU EHJUQGHW  6HQD 7KH

%HVW1DWXUHG0DQ ZLH$QP 6$QP

 =X GHQ ZHQLJHU DOWUXLVWLVFKHQ 0RWLYHQ GHU bU]WHVFKDIW LP 'LVSXW PLW GHQ $SRWKHNHUQ YJO

-DXQLWD%XUQE\$6WXG\RIWKH(QJOLVK$SRWKHFDU\IURP±/RQGRQ6± *DU]RQL 3LD]]D XQLYHUVDOH 'DV LVW $OOJHPHLQHU 6FKDZSODW] 0DUFNW XQG =XVDPPHQNXQIIW DOOHU 3URIHVVLRQHQ .QVWHQ +lQGHOQ XQG +DQGW:HUFNHQ >«@ (UVWPDOQ GXUFK 7KRPDP *DU]RQXP ,WDOLDQLVFK ]XVDPPHQJHWUDJHQ DQMHW]R DXIIV WUHZOLFKVWH YHUWHXWVFKWPLW]XJHK|ULJHQ)LJXUHQXQGXQGHUVFKLHGOLFKHQ5HJLVWHUQJH]LHUHWXQGLQ7UXFN JHJHEHQ)UDQNIXUWD06

 7RPPDVR

'DVSKDUPD]HXWLVFKH([SHULPHQW



PDFKW GHU ]XJOHLFK 6LJQDOFKDUDNWHU IU DQGHUH 3UR]HVVH VR]LDOHU gIIQXQJHQ XP WUlJW 'LHVH=XVDPPHQIKUXQJ]ZHLHU:LVVHQVGLVNXUVHYROO]LHKW*DUWKZLUNXQJVYROO LP%LOGGHUPLWIDOVFKHQ0HGLNDPHQWHQ%HWWSIDQQHQXQGDQGHUHQVNDWRORJLVFKHQ :DIIHQLQGHQ.DPSI]LHKHQGHQ$SRWKHNHU4XHUSREHOHJWGHQHSLVFKKHURLVFKHQ %H]XJGLHVHU.ULHJVV]HQHGDVHLQULHVLJHV6FKLOGDQ+RPHUVEHUKPWHH[WUDYDJDQ WH%HVFKUHLEXQJYRQ$FKLOOV6FKLOGHULQQHUQVROOWH±HLQQHXUDOJLVFKHU3XQNWLQGHU 4XHUHOOH GHV $QFLHQV HW GHV 0RGHUQHV LP OHW]WHQ 'ULWWHO GHV -DKUKXQGHUWV LQ *UR‰EULWDQQLHQ ZLH LQ )UDQNUHLFK ZHLO VLH GHQ 0RGHUQHQ DOV %HLVSLHO IU GDV 8QZDKUVFKHLQOLFKH XQG 8QKDUPRQLVFKH HSLVFKHQ (U]lKOHQV JDOW 3HUUDXOW PDFKWH LQ VHLQHP 6LqFOH GH /RXLV OH *UDQGH DXI GLH Ã)HKOHUµ +RPHUV LQ GLHVHU%HVFKUHL EXQJDXIPHUNVDPHKH&DOOLqUHLKQLP%XFKVHLQHU+LVWRLUHSRpWLTXHLQ6FKXW] QDKP DXFK QDFK  EOHLEW GLHVHU 6WUHLW DNWXHOO HWZD LQ 0GP 'DFLHUV 'HV FDXVHV GH OD FRUUXSWLRQ GX JRXW $XI 4XHUSRV 6FKLOG VWHKHQ NHLQH JORUUHLFKH .ULHJHVRQGHUQGLH$EELOGXQJHLQHV.DPSIHVYRQ%OXWHJHOQGLHKlPRUUKRLGDOHV %OXWDXVVSXFNHQXPJHEHQYRQHLQHP5DKPHQYRQÄGLVVHPO¶G6HQQD/HDYHV³ ' 9   GK YRQ HLQHP 0HGLNDPHQW GDV QDFK GHQ 3KDUPDNRS|HQ GHU =HLW DOV /D[DWLY HLQJHVHW]W ZXUGH 6ROFKH VNDWRORJLVFKHQ %LOGHU YRQ +lPRUUKRLGHQ XQG HPHWLVFKHQ .XUHQ ZLH VLH DXI 4XHUSRV 6FKLOG GDUJHVWHOOW VLQG JHK|UHQ ]XP *UXQGVWRFNGHUUKHWRULVFKHQ0LWWHOGHVNRPLVFKHQ+HOGHQJHGLFKWVVLHZDUHQHLQ SUREDWHV 0LWWHO XP JHJHQ GLH KRKH 6SUDFKH GHV NODVVLVFKHQ (SRV ]X YHUVWR‰HQ XQG GHQ +HOGHQ DXV HUKDEHQHU DQWLNHU +|KH LQ GLH 1LHGHUXQJHQ GHV $OOWDJV XQG GHV /HLEHV ]X UHL‰HQ 'LH VNDWDORJLVFKHQ %LOGHU XP GLH $SRWKHNHU XQG GLH PLW LKQHQ YHUEQGHWHQ bU]WH IRUPXOLHUHQ ]XJOHLFK DEHU HLQH JUXQGVlW]OLFKH .ULWLN DQ GHU PHGL]LQLVFKHQ 9HUVRUJXQJ XQG LKUHU 2UJDQLVDWLRQ XP  :LU KDEHQ HV LQ 4XHUSR PLW HLQHU 9HUN|USHUXQJ IHKOJHVFKODJHQHQ RGHU IDOVFK YHUVWDQGHQHQ +HO GHQWXPVLQGHU0RGHUQH]XWXQGDVVLFKLQ%LOGHUQHLQHUJHIlKUOLFKHQVRJHQDQQ WHQ ÃKHURLVFKHQµ 0HGL]LQ DXVGUFNW GLH GHQ 3DWLHQWHQ PLW /D[DWLYHQ %OXWHJHOQ XQG (PHWLND TXlOW :HQQ GLH $SRWKHNHU PLW (PHWLND XP VLFK ZHUIHQ ZHQQ 4XHUSRVLFKPLWGHU.UDIWVHLQHU/D[DWLYHUKPWXQGZHQQ+RURVFRSHVLFKYRQGHU YHUPHLQWOLFKHQYLWDOLVLHUHQGHQ.UDIWYRQ8ULQZLHGHUEHOHEHQOlVVW ',,±  GDQQ VROO GLHV ]XP HLQHQ DOV :DUQXQJ YRU GHQ WDWVlFKOLFKHQ +HLOPHWKRGHQ GHU IDOVFKHQXQGJHIlKUOLFKHQÃ+HOGHQµGHUSKDUPD]HXWLVFKHQ,QGXVWULHPLWLKUHUÃKHUR   9JO ]XP %HLVSLHO -RVHSK 0 /HYLQH 7KH %DWWOH RI WKH %RRNV +LVWRU\ DQG /LWHUDWXUH LQWKH

$XJXVWDQ$JH,WKDFD1HZ«@ 0RGHUQV   =XU

.ULWLN DQ GHU *HOGZLUWVFKDIW LQ GHU JOHLFK]HLWLJHQ IUDQ]|VLVFKHQ /LWHUDWXU YJO 'DQLHO 'XPNHV%HLWUDJLPYRUOLHJHQGHQ%DQG

 %URLFK6WXGLHQ]XPNRPLVFKHQ(SRV ZLH$QP 6=XP3UREOHPYRQ.RPPHU]XQG

.RQVXPVLHKH7HUU\0RFN+HURLF ZLH$QP 6±XQG6±

'DVSKDUPD]HXWLVFKH([SHULPHQW



EHZDUH³ XPVHLQHHLJHQH9RUPDFKWDOV5HVWDXUDWRUXQG%HIUZRUWHUGHUNODVVL VFKHQDOVÃQDWUOLFKµ Ä)LUVWIROORZ1$785(³9 EHVFKULHEHQHQ*HVHW]HGHV *HVFKPDFNV XQGGHV6FKUHLEHQV±Ä:LW¶V)XQGDPHQWDO/DZV³ 9 ±DXV]X VWHOOHQ 'HQ NXOWXUGLDJQRVWLVFKHQ (LQVDW] SKDUPD]HXWLVFKHQ :LVVHQV EHL *DUWK ZLHGHU DXIJUHLIHQG NULWLVLHUW 3RSH Ä6R PRGHUQ 3RWKHFDULHV WDXJKW WKH $UW  %\ 'RFWRU¶V%LOOVWRSOD\WKH'RFWRU¶V3DUW%ROGLQWKH3UDFWLFHRIPLVWDNHQ5XOHV 3UHVFULEH DSSO\ DQG FDOO WKHLU 0DVWHUV)RROV³ 9Y± :LH]XYRU*DUWKV *HGLFKW]LHOW3RSHV7RSLNDXI'LVVLPXODWLRQ*HOWXQJVVXFKWXQGhEHUKHEOLFKNHLW 'HUQHXH'LFKWHUGHUVHLQH.XQVWEHVVHUDOVGLHDOWHQ0HLVWHU +RPHUXQG9HUJLO ]X YHUVWHKHQ PHLQW VHL ZLH GHU $SRWKHNHU GHU LP .DPSI JHJHQ GDV HWDEOLHUWH :LVVHQ GHU bU]WHVFKDIW VHLQH W|GOLFKHQ 3LOOHQ IHLOELHWHW XQG VLFK GDGXUFK DOV JOHLFKEHUHFKWLJWHURGHUEHVVHUHU7KHUDSHXWZlKQW%HPHUNHQVZHUWLVWGDVV3RSH± QRUPDOHUZHLVH NHLQ EHVRQGHUV IUHXQGOLFKHU .ULWLNHU ± *DUWK HLQH DXVVFKOLH‰OLFK SRVLWLYH %HVSUHFKXQJ QHEHQ -RKQ 'U\GHQ LP (VVD\ ZLGPHW XQG LKQ DXV VHLQHU .ULWLN ]HLWJHQ|VVLVFKHU /LWHUDWXU DXVVFKOLH‰WREZRKO HU LP*HJHQVDW]]X$XWRUHQ ZLH 5LFKDUG %ODFNPRUH GHVVHQ PRGHUQH (SHQ 3ULQFH $UWKXU XQG .LQJ $UWKXU EHUHLWV]XVHLQHQ/HE]HLWHQEHUFKWLJWZDUHQ RGHU-RKQ'HQQLV GHUHLQHEHUHLI ULJHXQGSHGDQWLVFKH%HVSUHFKXQJYRQ%ODFNPRUHVÃ)HKOHUQµYHUIDVVWH PLWVHLQHP NRPLVFKHQ (SRV JHJHQ GLH 5HJHOQ GHV JXWHQ *HVFKPDFNV JDQ] RIIHQVLFKWOLFK YHUVWR‰HQKDWWH 3RSH JHKW HV XP GLH 3HGDQWHULH RGHU LQ VHLQHQ VSlWHU HQWZLFNHOWHQ 7HUPLQXV LP 'XQFLDG Ä'XOQHVV³  GDV +DOEZLVVHQ XQG IHKOHQGH 7DOHQW YRQ %ODFNPRUH 'HQQLVHWFGLHHVZDJWHQGDV7DOHQW'U\GHQVXQG*DUWKV]XNULWLVLHUHQ:LHGLH $SRWKHNHUGLHPHLQHQVLHVHLHQbU]WHZHLOVLHHLQ5H]HSWOHVHQN|QQHQPHLQHQ GLH 9HUIDVVHU YRQ QHXHQ HSLVFKHQ 'LFKWXQJHQ ZLH %ODFNPRUH XQG .ULWLNHU ZLH 'HQQLVVLHVHLHQ/LWHUDWHQQXUZHLOVLHGLHNODVVLVFKHQ5HJHOQYHULQQHUOLFKWKDEHQ 3RSH NULWLVLHUW MHGRFK JHUDGH GLHVHQ 7\SXV GHV JHOHKUWHQ 6WXEHQKRFNHUV DOV Ä%RRNIXO%ORFNKHDG:LWK/RDGVRI/HDUQHG/XPEHULQKLV+HDG³ 9I GHU ZHJHQVHLQHVIHKOHQGHQ*HVFKPDFNVGHQSURGXNWLYHQOLWHUDULVFKHQ:LW]YRUODXWHU IHKOJHVFKODJHQHU%LOGXQJYHUJLVVWÄ:LWKKLPPRVW$XWKRUVVWHDOWKHLU:RUNVRU EX\*DUWKGLGQRWZULWHKLVRZQ'LVSHQVDU\³ 9I 'DPLWIRUPXOLHUW3RSH HLQLPSOL]LWHV,GHDOOLWHUDULVFKHU3URGXNWLRQLP8PIHOGGHV(SRVGDVLP.RQWH[W GHU4XHUHOOH]XYHURUWHQLVWXQGGDVHULQ*DUWKYROOVWlQGLJHUIOOWVLHKW'DVNRPL VFKH+HOGHQJHGLFKWLVWGHVZHJHQHUQVW]XQHKPHQZHLOHVGLHHSLVFKHQÄ5XOHVRI   $OH[DQGHU3RSH$Q(VVD\RQ&ULWLFLVP,Q-RKQ%XWW +J 7KH7ZLFNHQKDP(GLWLRQRIWKH

3RHPVRI$OH[DQGHU3RSH%G3DVWRUDO3RHWU\DQG$Q(VVD\RQ&ULWLFLVP+JY($XGUD X$XEUH\:LOOLDPV/RQGRQX1HZ«@

+LHUZHUGHQDULVWRNUDWLVFKEUJHUOLFKH/HEHQVJHZRKQKHLWHQGDUJHVWHOOWZLHVLHLQ VHKUYLHOHQ7H[WHQGHU=HLW]XILQGHQVLQG6RKlWWHGLH%HVFKUHLEXQJGHU0DGDPH LQ 0DULYDX[¶ 5RPDQ HEHQVR JXWIU0DQRQ/HVFDXWXQGLKUHQ&KHYDOLHUYHUIDVVW ZRUGHQVHLQN|QQHQ,QWHUHVVDQWHUDOVGLHVHUXQRUGHQWOLFKH/HEHQVZDQGHOVHOEVWLVW MHGRFK GLH :DKUQHKPXQJ GLH GLHVHU LP 8PIHOG GHU 5RPDQILJXU HUIlKUW XQG GLH YRQ-DFREPLW0DULYDX[¶VFKHU3RLQWLHUWKHLWHUIDVVWZLUG 0DGDPHFKH]HOOHQHSDVVDLWSRLQWSRXUFRTXHWWHHOOHQHO¶pWDLWSRLQWQRQSOXVFDUHOOHO¶pWDLW VDQVUpIOH[LRQVDQVOHVDYRLU>«@7HOOHpWDLWQRWUHPDvWUHVVHTXLPHQDLWFHWUDLQGHYLHWRXW DXVVL IUDQFKHPHQW TX¶RQ ERLW HW TX¶RQ PDQJH F¶pWDLW HQ XQ PRW XQ SHWLW OLEHUWLQDJH GH OD PHLOOHXUHIRLGXPRQGH

,QVHKUGHXWOLFKHU:HLVHNRQVWDWLHUW-DFREDOVRGDVVGDV8QRUGHQWOLFKHEHUHLWV]XU HLJHQWOLFKHQ2UGQXQJJHZRUGHQLVW   (EG Ä>@ EHLP 6SUHFKHQ EHVHLWLJW PDQ DOO GLH WULYLDOHQ (LJHQVFKDIWHQ GLH GLH 1DWXU YRU

JLEW³ 

 (EG 6I Ä6LH ZDU HLQH 'DPH GLH LKU /HEHQ PLW DOOHQ =HUVWUHXXQJHQ GHU JUR‰HQ :HOW

]XEUDFKWHGLH]XGHQ$XIIKUXQJHQJLQJLQGHU6WDGW]X$EHQGD‰VLFKXPYLHU8KUPRUJHQV VFKODIHQOHJWHXPHLQ8KUDP1DFKPLWWDJDXIVWDQGGLH9HUHKUHUKDWWHGLHVLHZlKUHQGLKUHU 7RLOHWWHHPSILQJGLHGRUWGLH/LHEHVEULHIFKHQODVGLHPDQLKUVFKLFNWHXQGGLHVHGDQQEHUDOO KHUXPOLHJHQOLH‰>@³   (EG Ä0DGDPH JDOW LQ LKUHP +DXVH QLFKW DOVNRNHWWVLHZDUHVDXFKQLFKWGHQQVLHZDUHV RKQH5HIOH[LRQRKQHHV]XZLVVHQ>@9RQGHU$UWZDUXQVHUH+HUULQGLHGLHVHV/HEHQJH QDXVRVHOEVWYHUVWlQGOLFKIKUWHZLHPDQLVVWXQGZLHPDQWULQNWGDVZDULQHLQHP:RUWHLQH NOHLQH/LEHUWLQDJHYRQGHUJU|‰WHQ$XIULFKWLJNHLWGHU:HOW³ 

,QVWDELOH2UGQXQJHQ



:HUGHQ5RPDQJHOHVHQKDWZLUGVLFKGDUDQHULQQHUQGDVV-DFREHLQHPRUDOLVFK DPELYDOHQWH)LJXULVWGLHGLHVHSV\FKRORJLVFKHQXQGVR]LDOHQ9HUZHUIXQJHQQLFKW QXUHUNHQQWVRQGHUQRKQH6NUXSHO]XJOHLFKIUVLFKVHOEVWDXVQXW]WVRPLWDOVR]XU 3HUSHWXLHUXQJGHU8QRUGQXQJEHLWUlJWGLHVLHVHOEVWNULWLVLHUW'LHVHU:LGHUVSUXFK LVW EHL 0DULYDX[ QLFKW DXIO|VEDU XQG P|JOLFKHUZHLVH IU GLH /LWHUDWXU GHV IUKHQ -DKUKXQGHUWV LQVJHVDPW NRQVWLWXWLY GDVV GLH 8QRUGQXQJ QlPOLFK ]ZDU HLQHU VHLWVDOVXQPRUDOLVFKXQGJHIlKUOLFKLQ%H]XJDXIEHVWLPPWHJHZQVFKWH2UGQXQ JHQ HUNDQQW ZLUG ]XJOHLFK DEHU DXFK DOV &KDQFH DQGHUH ZHQLJHU JHZQVFKWH 2UGQXQJHQ]XEHUZLQGHQ (VVHLDQGLHVHU6WHOOHLQ(ULQQHUXQJJHUXIHQGDVVGLH6FKULIWVWHOOHUGHVIUKHQ -DKUKXQGHUWVHLQHPUHDOKLVWRULVFKHQ.RQWH[WHQWZHGHUGLUHNWDXVJHVHW]WZDUHQ RGHULKQ]XPLQGHVWGRFKQRFKJXWLQ(ULQQHUXQJKDWWHQGHUJHVHOOVFKDIWOLFKH2UG QXQJHQ DOV DEVROXW IHVW]XVFKUHLEHQ YHUVXFKW KDWWH XQG GDEHL DXFK YRU GHU'LVNUL PLQLHUXQJXQG8QWHUGUFNXQJDOOHVGLHVHU2UGQXQJ(QWJHJHQVWHKHQGHQQLFKW+DOW JHPDFKW KDWWH  KDWWH /XGZLJ ;,9 GHQ 3DUOHPHQWV GDV 5HFKW HQW]RJHQ UHPRQWUDQFHV GK %HDQVWDQGXQJHQ N|QLJOLFKHU (UOlVVH YRU GHUHQ 9HUDEVFKLH GXQJ GXUFK GHQ .|QLJ HLQ]XEULQJHQ 'DPLW ZDU HLQ LQ )UDQNUHLFK VFKRQ ]HLWLJ EHUHLWV LP -DKUKXQGHUW XQWHU )UDQ] , EHJRQQHQHU .XUV GHU (QWPDFKWXQJ GHV $GHOV YROOHQGHW XQG GLH 5HJLHUXQJVRUGQXQJ GHV $EVROXWLVPXV LQ GHU DOOH GUHL 6WDDWVJHZDOWHQ GLUHNW YRP 6RXYHUlQ DXVJHKHQ LGHDOW\SLVFK UHDOLVLHUW ZRUGHQ 'LH 8QWHUGUFNXQJYRQ:LGHUVWlQGLJHQXQG$QGHUVGHQNHQGHQJHK|UWHLQGLHVHP 6\VWHPVSlWHVWHQVVHLWGHQHU-DKUHQ]XP5HJLHUXQJVSURJUDPP6RZLGHUULHI GHU .|QLJ  GDV 7ROHUDQ]HGLNW YRQ 1DQWHV PLW GHP +HLQULFK ,9 HLQVW GHQ +XJHQRWWHQJHIDKUIUHLHQ$XIHQWKDOWLQ)UDQNUHLFKJDUDQWLHUWKDWWHOLH‰HUGDV -DQVHQLVWHQNORVWHU LQ 3RUW5R\DO ]HUVW|UHQ GDV YRUKHU KRIIHUQHUHQ ,QWHOOHNWXHOOHQ ZLH%ODLVH3DVFDODOV=XIOXFKWVRUWJHGLHQWKDWWH(LQ/XGZLJ;,9GLUHNWYHUSIOLFK WHWHV VWHKHQGHV +HHU ZXUGH DE  DXIJHEDXW XQG ELV  YRQ  DXI 6ROGDWHQHUZHLWHUW 'LHVRHWDEOLHUWHULJRURVHVR]LDOH2UGQXQJGHV.|QLJUHLFKVZXUGHGXUFKV\P EROLVFKH NXOWXUHOOH 2UGQXQJHQ JHVSLHJHOW XQG JHVWW]W 'HP 3HUVRQHQNXOW GHV $EVROXWLVPXVHQWVSUHFKHQGZDUGLHVHLQ3UR]HVVDQGHPGHU.|QLJVHOEVWLPPHU ZLHGHUGLUHNW$QWHLOKDWWHHWZDZHQQHUEHLGHQ.RVPRVLPLWLHUHQGHQ%DOOHWWDXI   8P GLH IRUWZlKUHQGHQ NULHJHULVFKHQ $XVHLQDQGHUVHW]XQJHQ PLW .DUO 9 ILQDQ]LHUHQ ]X N|Q

QHQKDWWH)UDQ],GHQYRUKHUPHKUDXVQDKPVZHLVHSUDNWL]LHUWHQbPWHUNDXIOHJDOLVLHUWXQGLQ VWLWXWLRQDOLVLHUW ZDV HLQH PDVVLYH 9HUEUHLWHUXQJ GHU 2EHUVFKLFKW XQG GHUHQ ]XQHKPHQGH 'XUFKOlVVLJNHLW IU 1LFKW$GOLJH ]XU )ROJH KDWWH 9JO :LOOLDP %HLN $ 6RFLDO DQG &XOWXUDO +LVWRU\RI(DUO\0RGHUQ)UDQFH&DPEULGJH6±XQG6I'LH*HQHUDOVWlQGH WUDWHQ XQWHU VHLQHU +HUUVFKDIW QLFKW ]XVDPPHQ DX‰HUGHP ZXUGH GLH $XWRULWlW VWlQGLVFKHU 3DUOHPHQWV XQG *HULFKWH GXUFK GLH 6WlUNXQJ N|QLJOLFKHU ,QVWLWXWLRQHQ HLQJHVFKUlQNW 9JO 0DWWKLDV 0LGGHOO X 7KRPDV +|SHO (LQIKUXQJ LQ GLH IUDQ]|VLVFKH *HVFKLFKWH ± EHUDUEHLWHWH$XIODJH/HLS]LJ6  9JO (UQVW +LQULFKV $EVROXWH 0RQDUFKLH XQG $QFLHQ 5pJLPH ,Q 'HUV +J  .OHLQH *H VFKLFKWH)UDQNUHLFKV$NWXDOLVLHUWH$XIODJH6WXWWJDUW6±KLHU6



'DQLHO'XPNH

IKUHQVHOEVWGHQ+DXSWSDUWGHU6RQQHWDQ]WHXQGVHLQH0LQLVWHUDOV3ODQHWHQXP VLFK KHUXPNUHLVHQ OLH‰ 6lPWOLFKH NXOWXUHOOH 3UDNWLNHQ 0XVLN 7KHDWHU 7DQ] ELOGHQGH.QVWHZXUGHQLQGHQ,QV]HQLHUXQJVSUR]HVVGHUSUlWHQGLHUWWRWDOHQN|QLJ OLFKHQ0DFKWPLWHLQEH]RJHQ'DVELVKHXWHLPSRVDQWHVWH%HLVSLHOGDIULVWVLFKHU GDVLQ$XIWUDJJHJHEHQHPLWGHPJHVDPWHQ+RIEH]RJHQHIHUWLJ JHVWHOOWH 6FKORVV 9HUVDLOOHVGHVVHQ%DXGLH6WDDWVHLQQDKPHQHLQHVJDQ]HQ-DKUHV YHUVFKOXQJHQ KDW ,Q VHLQHU DXVXIHUQGHQ YROOHQGHWHQ 6\PPHWULH GLH VlPWOLFKH )OXFKWOLQLHQDXIHLQHQ]HQWUDOHQ3XQNW]XODXIHQOlVVWLVWHVGLHYROONRPPHQH9HU VLQQELOGOLFKXQJGHUVWDUUHQDOOH:LUNOLFKNHLWVEHUHLFKHYHUHLQQDKPHQGHQDEVROXWLV WLVFKHQ2UGQXQJ (VLVWGLHVH2UGQXQJGLHUHDOKLVWRULVFKJHVHKHQLPIUKHQ-DKUKXQGHUWLP PHUEUFKLJHUZLUGGXUFKHUIROJORVH.ULHJHLP$XVODQGGHQGDUDXVUHVXOWLHUHQ GHQ ILQDQ]LHOOHQ 5XLQ GHV .|QLJV VFKOLH‰OLFK GXUFK VHLQHQ 7RG  XQG HLQH OLEHUDOHUH 7|QH DQVFKODJHQGH hEHUJDQJVUHJLHUXQJ GHV +HU]RJV YRQ 2UOpDQV ELV GHUOHJLWLPH7KURQQDFKIROJHU/XGZLJ;9GDV=HSWHULQGLH+DQGQLPPW(V LVW DEHU DXFK GLHVH DEVROXWLVWLVFKH 2UGQXQJ /XGZLJV ;,9 GLH DOV LGHRORJLVFKHV 0XVWHULPIUKHQ-DKUKXQGHUWLQGHQ.|SIHQGHUPHLVWHQ0HQVFKHQQDFKZLH YRUKRFKSUlVHQWLVWXQGDQGHUVLFKGLH/LWHUDWXUDEDUEHLWHW)RUPDOJHVHKHQHWZD KDWWH GDV YRP .|QLJ DXVJHKHQGH DOV 0HQWDOLWlW QDFK XQWHQ ZHLWHUJHUHLFKWH 2UG QHQ XQG 8QWHURUGQHQ LP -DKUKXQGHUW DXFK YRU GHU /LWHUDWXU QLFKW +DOW JH PDFKW'LH1RUPLHUXQJGHUOLWHUDULVFKHQ&RGHVZDULQHLQHU:HLVHYRUDQJHVFKULW WHQ GDVV GLHVH ELV KHXWH DOV PRGHOOKDIW HUDFKWHW ZHUGHQ XQG ]XU OLWHUDWXUJHVFKLFKWOLFKHQ(SRFKHQGHILQLWLRQGHV-DKUKXQGHUWVDOV.ODVVLN)UDQN UHLFKVEHLJHWUDJHQKDEHQ'LHGRFWULQHFODVVLTXHYRQ1LFRODV%RLOHDXLP$UW SRpWLTXH VFKULIWOLFK IL[LHUW DEHU VFKRQ XQWHU 5LFKHOLHX DXVJHSUlJW OHJWH ,QKDOW

  *pUDUG &RUELDX KDW GLHV LP -DKU  GXUFK GLH 1DFKVWHOOXQJ LQ VHLQHP )LOP /H URL GDQVH

'HU.|QLJWDQ]W HLQGUXFNVYROOLQVNROOHNWLYH*HGlFKWQLV]XUFNJHUXIHQ

 9JO+LQULFKV$EVROXWH0RQDUFKLHXQG$QFLHQ5pJLPH ZLH$QP 6'HUGRUWLJHQ

(LQVFKlW]XQJGDVVGDV6FKORVVÄQLFKWGDV9HUGLNWGHU9HUVFKZHQGXQJYHUGLHQW³GDHVQHEHQ GHQ UHSUlVHQWDWLYHQ WDWVlFKOLFK DXFK DGPLQLVWUDWLYH =ZHFNH HUIOOW KDEH LVW DQJHVLFKWV GHV ]HLWJOHLFKHQ (OHQGV JUR‰HU 7HLO GHUIUDQ]|VLVFKHQ%HY|ONHUXQJP(DOOHUGLQJV]XZLGHUVSUH FKHQ  )U HLQH GHWDLOOLHUWHUH 6FKLOGHUXQJ GHU N|QLJOLFKHQ 5HSUlVHQWDWLRQVNXOWXU XQG GHU GDPLW YHU EXQGHQHQ%DXPD‰QDKPHQYJO7&:%ODQQLQJ7KH&XOWXUHRI3RZHUDQGWKH3RZHURI&XO WXUH2OG5HJLPH(XURSH±2[IRUG6±  1DPHQWOLFK GHU 'HYROXWLRQVNULHJ JHJHQ 6SDQLHQ ±  GHU +ROOlQGLVFKH .ULHJ ±  GHU1HXQMlKULJH.ULHJ ± XQGGHU6SDQLVFKH(UEIROJHNULHJ ±   ,Q VHLQHU %LRJUDSKLH /XGZLJV ;,9 ]LWLHUW 8ZH 6FKXOW] GHVVHQ )LQDQ]PLQLVWHU &ROEHUW ZLH IROJWÄ:DVGLH$XVJDEHQEHWULIIWVRIOHKHLFKREJOHLFKGLHVPLFKQLFKWVDQJHKW(XUH0DMHV WlWDQPLU]XHUODXEHQ,KU]XVDJHQGD‰,KULQ.ULHJXQG)ULHGHQEHLGHQ$XVJDEHQEHVFKOV VHQ QLHPDOV GHQ =XVWDQG GHU )LQDQ]HQ EHUFNVLFKWLJW KDEW ZDV VR XQJHZ|KQOLFK LVW GD‰ HV GDIUNHLQ%HLVSLHOJLEW³ ]LWQ8ZH6FKXOW]'HU+HUUVFKHUYRQ9HUVDLOOHV/XGZLJ;,9XQG VHLQH=HLW0QFKHQ6 

,QVWDELOH2UGQXQJHQ



$XIEDX XQG 6SUDFKH GHV 'UDPDV JHQDX IHVW 8QGDXFKGLH/\ULNELOGHWHLPPHU VWUHQJHUH )RUPHQ DXV LQ GHU 0HWULN ZXUGH HWZD GLH DOWHUQDQFH GHV ULPHV GDV KHL‰W GHU :HFKVHO YRQ PlQQOLFKHQ XQG ZHLEOLFKHQ .DGHQ]HQ REOLJDWRULVFK *DWWXQJHQ GHUHQ *HVWDOWXQJ QLFKW DXI VR HQJH :HLVH YRUVFKUHLEEDU ZDU DOOHQ YRUDQGHU5RPDQJDOWHQDOVPLQGHUZHUWLJXQGXQPRUDOLVFK 'DVVGHU5RPDQLQGHUKLHUEHVSURFKHQHQ(SRFKHPLWHLQLJHU6WHWLJNHLW]XPOL WHUDULVFKHQ +DXSWPHGLXP DXIVWHLJW PDJ LQVRIHUQ NHLQ =XIDOO VHLQ 6RZRKO LQ VHLQHU )RUP DOV DXFK LQ VHLQHQ 3XEOLNDWLRQVZHJHQ ZDU GHU 5RPDQ LP IUKHQ -DKUKXQGHUWDPHKHVWHQJHHLJQHW]XP7UlJHUXQRUGHQWOLFKHU*HJHQGLVNXUVH]X ZHUGHQ XQG GLH XPULVVHQH QHXH %UFKLJNHLW GHU DEVROXWHQ 2UGQXQJHQ LP 6LQQH VHLQHU $XWRUHQ ]X UHIOHNWLHUHQ :HQQ RIIL]LHOO DXFK VHLW  QLFKWV PHKU RKQH N|QLJOLFKHVSULYLOqJHYHU|IIHQWOLFKWZHUGHQGXUIWHJDEHVGRFKDOOHUOHL0|JOLFKNHL WHQGLHVH=HQVXU]XXPJHKHQHWZDGXUFKKHLPOLFKH3XEOLNDWLRQRGHUGXUFK3XEOL NDWLRQ LP $XVODQG GLH IU HLQ 'UDPD GDV MD DXIJHIKUW ZHUGHQ PXVV XP ]X ZLUNHQYRQYRUQKHUHLQQLFKWLQ)UDJHNDPHQ (LQ KHXWH LQ /LWHUDWXUJHVFKLFKWHQ QXU QRFK DOV 1HEHQILJXU DXIWDXFKHQGHU 6FKULIWVWHOOHU VROFKHU 5RPDQH LVW $ODLQ5HQp /HVDJH GHU GHQQRFK GHQ YLHOHQ 6WLPPHQ]XIROJHPHLVWJHOHVHQHQOLWHUDULVFKHQ7H[WGHV-DKUKXQGHUWVJHVFKULHEHQ KDW GHQ 6FKHOPHQURPDQ *LO %ODV 6HLQH %LRJUDSKLH ZLUG JHUQ DOV XQVSHNWDNXOlU DEJHWDQ LVW DEHU LQVRIHUQ EHPHUNHQVZHUW DOV VLH GHXWOLFK ]HLJW GDVVLP IUKHQ -DKUKXQGHUW QLFKW QXU GLH /HEHQ GHU 5RPDQILJXUHQ VRQGHUQ DXFK GLH YLHOHU 6FKULIWVWHOOHUXPHLQLJHVXQRUGHQWOLFKHUZHUGHQ6RJLOW/HVDJHDOVHLQHUGHUHUVWHQ $XWRUHQGLHVLFKEXFKVWlEOLFKDOOHLQGHU/LWHUDWXUYHUVFKUHLEHQXQGHLQ]LJYRQGHQ (UWUlJHQ LKUHU )HGHU OHEHQ PVVHQ %HGHXWVDPHUZHLVH ZlKOW HU DOVR HLQHQ UHLQ NQVWOHULVFKHQ/HEHQVZHJXQGYHU]LFKWHWDXIMHQHUHODWLYH6LFKHUKHLWXQG6WUXNWXU GLH VLFK 6FKULIWVWHOOHU LQ GHQ YRUKHUJHKHQGHQ -DKUKXQGHUWHQ GXUFK GDV SDUDOOHOH $XVEHQHLQHU7lWLJNHLWLP6WDDWVGLHQVWRGHU]XPLQGHVWLP8PIHOGHLQHVGHU5HL FKHQXQG0lFKWLJHQYHUVFKDIIWKDWWHQ'LHGDUDXVHQWVSULQJHQGH1RWHUNOlUWZRKO ZDUXP/HVDJHRKQH8QWHUODVVVFKULIWVWHOOHULVFKWlWLJZDUXQGQHEHQVHLQHP0HLV WHUZHUN *LO %ODV XP ]X EHUOHEHQ DXFK PHKU DOV  .RP|GLHQ IU GDV HKHU EXUOHVNH 3DULVHU -DKUPDUNWWKHDWHU GDV 7KpkWUH GH OD )RLUH JHVFKULHEHQ KDW 7DW   9JO

JHQDXHU -UJHQ Y 6WDFNHOEHUJ 'LH IUDQ]|VLVFKH .ODVVLN (LQIKUXQJ XQG hEHUVLFKW 0QFKHQ  6± VRZLH JUXQGOHJHQG 5HQp %UD\ /D )RUPDWLRQ GH OD 'RFWULQH &ODVVLTXHHQ)UDQFH3DULV  9JO:7KHRGRU(OZHUW)UDQ]|VLVFKH0HWULN0QFKHQ6  9JO DXVIKUOLFK KLHU]X &DPLOOH (VPHLQ6DUUD]LQ /¶HVVRU GX URPDQ 'LVFRXUV WKpRULTXH HW FRQVWLWXWLRQG¶XQJHQUHOLWWpUDLUHDX;9,,HVLqFOH3DULV6±  9JO 6\OYDLQ 0HQDQW ,QWURGXFWLRQ ± $XWHXUV OHFWHXUV HW OLEUDLUHV ,Q 5REHUW 0DX]L +J  3UpFLVGHOLWWpUDWXUHIUDQoDLVHGX;9,,,HVLqFOH3DULV6±KLHU6  (ULFK .|KOHU HWZD VWHOOW IHVW Ä(V JLEW ZHQLJH 6FKULIWVWHOOHU YRQ 5DQJ DXV MHQHU =HLW GHUHQ /HEHQVRZHQLJDXIUHJHQGMDVRELHGHUYHUOLHIZLHGDVMHQLJH/HVDJHV³ .|KOHU9RUOHVXQJHQ ZLH$QP6   9JO]%3LHUUH0DODQGDLQ,QYHQWLYLWpGHODILFWLRQHQSURVH,Q'HUVX0LFKHO'HORQ +J  /LWWpUDWXUHIUDQoDLVHGX;9,,,HVLqFOH3DULV6±KLHU6



'DQLHO'XPNH

VlFKOLFK JHK|UW /HVDJH QlPOLFK DXFK ]X GHQHUVWHQ$XWRUHQGLHDQVFKHLQHQGPLW JUR‰HU/HLFKWLJNHLWXQGRKQH'QNHO]ZLVFKHQKRKHUlVWKHWLVFKHU4XDOLWlWXQGQXU DXIGHQVFKQHOOHQ.RQVXPGHV/HVHUV]LHOHQGHUVFKULIWVWHOOHULVFKHU)OLH‰EDQGDUEHLW ZHFKVHOQNRQQWHQ 'HU KHXWH QXU QRFK ZHQLJHQ YHUWUDXWH LP -DKUKXQGHUW DEHUHQRUPHUIROJ UHLFKH5RPDQ/HGLDEOHERLWHX[ 'HUKLQNHQGH7HXIHO DXVGHP-DKULVWHLQ JXWHV %HLVSLHO GDIU +LHUIROJWDXIHLQHQ5RPDQDQIDQJYRQK|FKVWHUVWLOLVWLVFKHU %ULOODQ]XQGLQKDOWOLFKHU2ULJLQDOLWlWHLQH.HWWHYRQHWZDVLFKVFKHLQEDUHQG ORVZLHGHUKROHQGHQQDFKGHPLPPHUJOHLFKHQ0XVWHUJHVWDOWHWHQ$QHNGRWHQGLH QDFKHLQSDDU.DSLWHOQLKUHQ5HL]YHUORUHQKDEHQ$XFKGLHVWUXNWXUHOOH8QDXVJH JOLFKHQKHLW GLHVHV 5RPDQV LVW EHPHUNHQVZHUW ,Q GHQ HUVWHQ GUHL .DSLWHOQ ZLUG QDFKDOOHQ5HJHOQGHU.XQVWHLQ3ORWH[SRQLHUWGHULPUHVWOLFKHQ5RPDQGDQQJDU QLFKWHLQJHO|VWZLUG=ZDUKlOWGHU7HXIHO$VPRGpHVHLQ9HUVSUHFKHQLP*HJHQ ]XJ IU VHLQH %HIUHLXQJ GHQ 3URWDJRQLVWHQ 'RP &OpRIDV EHL GHVVHQ *HOLHEWHQ ]X UlFKHQ GLH GXUFK GLH (LQIKUXQJ HLQHV =DXEHUHU.RQWUDKHQWHQ HUZDUWEDUHQ 9HU VWULFNXQJHQ IU GHQ 7HXIHO XQG GLH .RPSOLNDWLRQHQ GLH PDQ QRUPDOHUZHLVH IU 'RP&OpRIDVHUZDUWHQZUGHGDHUVLFKPLWGHP7HXIHOHLQJHODVVHQKDWEOHLEHQ MHGRFKY|OOLJDXV(VLVWZRKOULFKWLJHUNDQQWZRUGHQGDVVGLH+DQGOXQJGHV5R PDQVQXUHLQ9RUZDQGLVWXPGLHVFKRQEHQDQQWHQ$QHNGRWHQYHUEUHLWHQ]XN|Q QHQ :HQLJHU VLFKHU VFKHLQW PLU MHGRFK RE /HVDJH DXI GLH ZHLWHUH $XVIKUXQJ GHV3ORWVQLFKWGDUEHUKLQDXVDXFKDXV=HLWJUQGHQRGHUZHJHQIHKOHQGHU,QVSLUD WLRQE]Z.UDIWYHU]LFKWHWKDW ,QWHUHVVDQW LVW LQ MHGHP )DOO GLH GDUDXV UHVXOWLHUHQGH .RQ]HSWLRQ GHV 7HXIHOV $VPRGpHLVWNHLQJHIlKUOLFKHU9HUIKUHUZLHLKQ]XYRU&KULVWRSKHU0DUORZHXQG -RKQ 0LOWRQ YRUJHIKUW KDWWHQ HU LVW DXFK QLFKW GLH ,QNDUQDWLRQ GHV %|VHQ QLFKW ]XOHW]W GHV HLJHQHQ %|VHQ GLH 0DUWLQ /XWKHU VHLQ JDQ]HV /HEHQEHU EHVFKlIWLJW KDWVRQGHUQHLQ]ZDU]XHLQLJHQ=DXEHUNXQVWVWFNFKHQEHIlKLJWHUYRUGHQ0lFK WHQGHV*XWHQDEHUKLOIORVHUJURWHVNHUXQGEHLQDKH0LWOHLGHUUHJHQGHU=HLWJHQRVVH 'HQ7HXIHOEUDXFKW/HVDJHLQHUVWHU/LQLHGHVKDOEZHLOHUPHKUZHL‰DOVGLH0HQ VFKHQ LQVEHVRQGHUH PHKU EHU GLH 0HQVFKHQZHL‰DOVGLH0HQVFKHQ,QLKPKDW GHU 5RPDQ HLQHQ %LQQHQHU]lKOHU GHU 0DULYDX[¶ HGOHP %DXHUQ -DFRE DQ 'XUFK VFKDXXQJVJDEH XQG PRUDOLVFKHU 8UWHLOVNUDIW LQ QLFKWV QDFKVWHKW 'LHV KlQJW ]XP HLQHQPLWVHLQHQPDJLVFKHQ.UlIWHQ]XVDPPHQ]XPDQGHUHQDEHUDXFKPLWVHLQHU )UHPGSHUVSHNWLYH GLH QLFKW *HIDKU OlXIW 6HOEVWEHWUXJ XQG DPRXUSURSUH ]XP 2SIHU ]X IDOOHQ 'LH QDUUDWLYH .RQVWUXNWLRQ LQ EHLGHQ 5RPDQHQ lKQHOW VLFK DXI   6R VWHOOHQ HV ]% (ULFK .|KOHU XQG &DWKHULQH %RQILOV GDU 9JO (ULFK .|KOHU 9RUOHVXQJHQ

ZLH $QP   6 &DWKHULQH %RQILOV /¶H[SDQVLRQ URPDQHVTXH ,Q 5REHUW 0DX]L +J  3UpFLVGHOLWWpUDWXUHIUDQoDLVHGX;9,,,HVLqFOH3DULV6±KLHU6$OOH$XVIK UXQJHQPHLQHUVHLWVEH]LHKHQVLFKDXIGLHHUVWH$XVJDEHGHV5RPDQVYRQ'XUFKGHQJUR ‰HQ(UIROJPRWLYLHUWEULQJW/HVDJHHLQH]ZHLWHHUKHEOLFKHUZHLWHUWH9HUVLRQGHV5RPDQV KHUDXVGLH]ZDUHLQHQHWZDVEHIULHGLJHQGHUHQ6FKOXVVDXIZHLVWDXIJUXQGGHV(LQIJHQVYRQ ZHLWHUHQ$QHNGRWHQLQLKUHU0RQRWRQLHDEHUNDXPQRFK]XEHUWUHIIHQLVW

,QVWDELOH2UGQXQJHQ



GLHVHU(EHQHDOVRKLHUZLHGRUWZLUGHLQH(U]lKOHUILJXUSUlVHQWLHUWGLHLQDOOHUHUV WHU/LQLH$QWKURSRORJHXQG6R]LRORJHLVW+LHUZLHGRUWLVWHVZLHGHUXPHLQHEHU DOO XP VLFK JUHLIHQGH 8QRUGQXQJ GLH LQ HUVWHU /LQLH YRQ GLHVHP $QWKURSRORJHQ NRQVWDWLHUW ZLUG :HOFKH *HVHOOVFKDIWVJUXSSH $VPRGpH DXFK LPPHU LQ GHQ %OLFN QLPPWDOVSRVLWLYH9HUWUHWHULKUHV0LOLHXVN|QQHQGLH%HREDFKWHWHQQLFKWJHOWHQ 'LH%UJHUOLFKHQVLQGEHUHLWZLUNOLFKDOOH9HUEUHFKHQ]XEHJHKHQXPDQ$GHOVWL WHORGHUDXFKQXULQGLH'XQVWNUHLVH$GOLJHU]XNRPPHQGLH$GOLJHQVHOEVWOHEHQ YHUVFKZHQGHULVFK XQG VFKHUHQ VLFK ZHQLJ XP LKUHQ KRQQHXU GLH bU]WH ULFKWHQ PHKU 6FKDGHQ DQ DOV GDVV VLH KHOIHQ XQG ODVVHQ VLFK GDV WHXHU EH]DKOHQ GLH 6FKULIWVWHOOHU VFKUHLEHQ QDFK +HU]HQVOXVW EHL DQGHUHQ $XWRUHQ DE RKQH GLHV DXV UHLFKHQGNHQQWOLFK]XPDFKHQGLH9HUOHJHUZLHGHUXPYHUGLHQHQDQGHQ:HUNHQ GHU6FKULIWVWHOOHURKQHGLHVHDP*HZLQQ]XEHWHLOLJHQGLH)UDXHQHJDOZHOFKHQ 6WDQGHVOLHEHQLPPHUQXUVLFKVHOEVWXQGYHUMQJHQVLFKDXI1DFKIUDJHVWDQGDUG Pl‰LJXPELV-DKUH:DVMHGRFKEHL0DULYDX[ZLHDXVJHIKUWDOV3HUYHU WLHUXQJ GHU PHQVFKOLFKHQ 1DWXU HUVFKHLQW LVW KLHU GLH PHQVFKOLFKH 1DWXU VHOEVW /HVDJHV 0HQVFKHQ VLQG YRQ YRUQKHUHLQ HLWHO JLHULJ XQG VNUXSHOORV $OV 'RP &OpIRDV$VPRGpHQDFKHLQLJHQ$EVFKZHLIXQJHQXQJHGXOGLJELWWHWQXQGRFKHQG OLFK GLH YHUVSURFKHQH 5DFKH DQ VHLQHU *HOLHEWHQ DXV]XIKUHQ VWHOOW GLHVHU KDOE LURQLVFK IHVW Ä4XH M¶DLPH FHV ERQV QDWXUHOV TXL VXLYHQW WRXV OHXUV PRXYHPHQWV VDQVVFUXSXOH³ :LH VSlWHU LP 3D\VDQSDUYHQXZLUGGLH8QRUGQXQJLQGHU2UGQXQJGHU:HOW MHGRFK QLFKW HLQIDFK QXU EHVFKULHEHQ VRQGHUQ VHOEVW PLWYHUXUVDFKW 6R KHEW $VPRGpHIU&OpRIDVGLH'lFKHU0DGULGVDEZDVGLH%HREDFKWXQJGHUPHQVFKOL FKHQ 6FKOHFKWLJNHLW HUVW HUP|JOLFKW 'DVV GLHV DEHU DXFK GLH KHLOLJH *UHQ]H ]ZL VFKHQGHPSULYDWHQXQGGHP|IIHQWOLFKHQ5DXPYHUOHW]WZLUGYRQNHLQHUGHU)LJX UHQDOVHWKLVFKEHGHQNOLFKHLQJHVWXIW6FKOLPPHUQRFKVFKHLQWDEHUZDV$VPRGpH DP 5RPDQDQIDQJ LQ HLQHU ODQJHQ 6FKLOGHUXQJ GHU 7HXIHOVJHVHOOVFKDIW RIIHQEDUW YRQ &OpRIDV MHGRFK JOHLFKIDOOV QLFKW DOV HUVFKUHFNHQG ZDKUJHQRPPHQ ZLUG GDVV HV QlPOLFK HLJHQWOLFK GLH GlPRQLVFKHQ 0lFKWH VLQG GLH IU GLH 2UGQXQJ E]Z 8QRUGQXQJ GHU 0HQVFKHQZHOW YHUDQWZRUWOLFK ]HLFKQHQ 'LH 7HXIHO PDFKHQ XQWHU VLFK DXV ZHU 5LFKWHU $U]W RGHU %HDPWHU ZLUG EHVWLPPHQ ZHU EHU 0DFKW XQG (LQIOXVV YHUIJW ± VHKU YLHO GHXWOLFKHU KlWWH /HVDJH VHLQH 6R]LDONULWLN LP -DKU ZRKOQLFKWIRUPXOLHUHQN|QQHQ     9JO$ODLQ5HQp/HVDJH/HGLDEOHERLWHX[>@3DULV6  9JOHEG6  9JOHEG6  9JOHEG6  9JOHEG6±  (EG 6 Ä:LH LFK GLHVH JXWHQ 1DWXUHOOH OLHEH GLH DOO LKUHQ 5HJXQJHQ RKQH 6NUXSHO IRO

JHQ³ 



'DQLHO'XPNH

 'DV&KDRVGHU)LQDQ]HQLQ$ODLQ5HQp/HVDJHV7XUFDUHW  ,Q VHLQHU ELV KHXWH EHNDQQWHVWHQ .RP|GLH 7XUFDUHW GHP OHW]WHQ YRQ QXU VHKU ZHQLJHQ 6WFNHQ GLH /HVDJH QLFKW IU GDV 7KpkWUH GH OD )RLUH VRQGHUQ IU GLH SUHVWLJHWUlFKWLJH &RPpGLH)UDQoDLVH JHVFKULHEHQ KDW ZLUG HU lKQOLFK H[SOL]LW 'LH+DQGOXQJGHVXUDXIJHIKUWHQ6WFNHVVWHKWJDQ]LP=HLFKHQGHV*HOGHV ZRPLWHLQOHW]WHVKRFKZLFKWLJHV7KHPDGHU=HLWDQJHVSURFKHQZHUGHQVROOGDVDP hEHUJDQJYRP]XP-DKUKXQGHUWHLQHJDQ]QHXH%HGHXWVDPNHLWHUODQJWGDV DXFK LQ GHQ HUZlKQWHQ 5RPDQHQ /H SD\VDQ SDUYHQX 0DQRQ /HVFDXW XQG /H GLDEOHERLWHX[HLQHKHUDXVUDJHQGH5ROOHVSLHOWXQGGDVIUGLHGDULQYRQPLUNRQ VWDWLHUWH 8QRUGQXQJ JDQ] ZHVHQWOLFK PLWYHUDQWZRUWOLFK LVW %HL GHU WLWHOJHEHQGHQ +DXSWILJXU 7XUFDUHW KDQGHOW HV VLFK XP HLQHQ WUDLWDQW GK XP HLQHQ MHQHU *H VFKlIWVPlQQHUGLHGXUFKHLQHQ9HUWUDJ WUDLWp PLWGHP.|QLJGDV3ULYLOHJHUKDO WHQ KDWWHQ JHJHQ HLQH 9RUDXV]DKOXQJ DX‰HURUGHQWOLFKH =|OOH XQG 6WHXHUQ HLQ]X ]LHKHQ /XGZLJ ;,9 KDWWH VLFK DXI GLHVH :HLVH HLQH DQJHVLFKWV DOOHURUWHQ JHIKUWHU.ULHJHGULQJHQGJHEUDXFKWH0|JOLFKNHLWJHVFKDIIHQMHGHU]HLWVFKQHOODQ *HOG KHUDQ]XNRPPHQ GDEHL MHGRFK DXFK HLQH QHXH $UW ILQDQ]LHOOHU 6SHNXODWLRQ LQV/DQGJHEUDFKWGLHEHUHLWVLP-DKUKXQGHUWYRQ$XWRUHQZLH/D%UX\qUHDXIV 6FKlUIVWHNULWLVLHUWZXUGH,QGHVVHQYHU|IIHQWOLFKWHULQLKUHU)RUPDQ3DVFDO XQG /D 5RFKHIRXFDXOG GLUHNW DQNQSIHQGHU 6HQWHQ]HQVDPPOXQJ /HV &DUDFWqUHV KHL‰WHV ,O \ D GHV kPHV VDOHV SpWULHV GH ERXH HW G¶RUGXUH pSULVHV GX JDLQ HW GH O¶LQWpUrW FRPPH OHV EHOOHV kPHV OH VRQW GH OD JORLUH HW GH OD YHUWX FDSDEOHV G¶XQH VHXOH YROXSWp TXL HVW FHOOH G¶DFTXpULURXGHQHSRLQWSHUGUHFXULHXVHVHWDYLGHVGXGHQLHUGL[XQLTXHPHQWRFFXSpHVGH OHXUV GpELWHXUV WRXMRXUV LQTXLqWHV VXU OH UDEDLV RX VXU OH GpFUL GHV PRQQDLHV HQIRQFpHV HW FRPPHDEvPpHVGDQVOHVFRQWUDWVOHVWLWUHVHWOHVSDUFKHPLQV'HWHOOHVJHQVQHVRQWQLSDUHQWV QLDPLVQLFLWR\HQVQLFKUpWLHQVQLSHXWrWUHGHVKRPPHVLOVRQWGHO¶DUJHQW

  9JOHEG6  'LH+LQWHUJUQGHGHU]HLWJHQ|VVLVFKHQ$XIIKUXQJGHV6WFNHVIDVVW3LHUUH)UDQW]LP9RUZRUW

]XUYRQLKPKHUDXVJHJHEHQHQ$XVJDEHGHU.RP|GLH]XVDPPHQYJOGHUV3UpIDFH,Q$ODLQ 5HQp/HVDJH7XUFDUHW>@+JY3LHUUH)UDQW]3DULV6±KLHU6±  'LH 3UD[LV GHU WUDLWpVWUDLWDQWV UHLFKW PLQGHVWHQV ELV LQV IUKH -DKUKXQGHUW ]XUFN ZLUG DEHU XQWHU /XGZLJ ;,9 ZLH GLH PHLVWHQ DQGHUHQ 0HFKDQLVPHQ VWDDWOLFKHU (LQNRPPHQVEH VFKDIIXQJLQGUDVWLVFKHP0D‰HYHUVWlUNWEHWULHEHQ9JO%HLN+LVWRU\RI(DUO\0RGHUQ)UDQFH ZLH$QP 6I  -HDQGH/D%UX\qUH/HV&DUDFWqUHVRXOHV0°XUVGXVLqFOH,Q'HUV¯XYUHVFRPSOqWHV3DULV 6±KLHU6 Ä(VJLEWVFKPXW]LJH6HHOHQGXUFKZLUNWYRQ6FKODPPXQG$E IDOOHUJULIIHQYRQ3URILWXQG=LQVZLHGLHVFK|QHQ6HHOHQHVYRQ5XKPXQG7XJHQGVLQGIl KLJ]XHLQHUHLQ]LJHQ:ROOXVWGHU]XHUZHUEHQRGHUQLFKWV]XYHUOLHUHQWUDFKWHQGXQGJLHUHQG QDFK GHP =HKQSUR]HQW]LQV HLQ]LJ EHVFKlIWLJW PLW LKUHQ 6FKXOGQHUQ LPPHU EHXQUXKLJW EHU GHQ$EVFKODJRGHU9HUUXIGHU0Q]HQYHUVXQNHQXQGZLH]HUIOHGGHUWXQWHU9HUWUlJHQ7LWHOQ XQG3HUJDPHQWHQ6ROFKH/HXWHVLQGZHGHU9HUZDQGWHQRFK)UHXQGHQRFK%UJHUQRFK&KULV WHQ YLHOOHLFKW QRFK QLFKW HLQPDO 0HQVFKHQ 6LH KDEHQ *HOG³  9JO ]XP VFKOHFKWHQ 5XI GHU ILQDQFLHUVIHUQHU%HLN+LVWRU\RI(DUO\0RGHUQ)UDQFH ZLH$QP 6

,QVWDELOH2UGQXQJHQ



8P VROFK HLQHQ 0HQVFKHQ JHKW HV DOVR LQ $ODLQ5HQp /HVDJHV 7XUFDUHW HLQHQ MHGRFKGHUQLFKWQXULP|IIHQWOLFKHQ/HEHQGXUFKGDVUFNVLFKWVORVH$XVQHKPHQ XQG hEHUYRUWHLOHQ VHLQHU 6FKXOGQHU ]X YLHO *HOG NRPPW VRQGHUQ HLQ GHUDUWLJHV 9HUKDOWHQELVLQVHLQHSULYDWHVWHQXQGHQJVWHQVR]LDOHQ%H]LHKXQJHQKLQHLQSIOHJW XQHKUOLFK EHUHFKQHQG XQG RIIHQEDU RKQH HWKLVFKHQ .RPSDVV DJLHUW 8P /LHE VFKDIWHQ PLW DQGHUHQ )UDXHQ EHYRU]XJW K|KHUHU VR]LDOHU +HUNXQIW SIOHJHQ ]X N|QQHQ KDW 7XUFDUHW VHLQH (KHIUDX YRU ]HKQ-DKUHQLQGLH3URYLQ]JHVFKLFNWXQG JLEWVLFKVHLWGHPDOV:LWZHUDXV1XQLVWHVMHGRFKQLFKWVRDOVREGHUWUDLWDQW GHUHLQ]LJH6FKXIWLQGLHVHU.RP|GLHZlUH:LHVFKRQLP'LDEOHERLWHX[KDWKLHU HLJHQWOLFK QLHPDQG HLQHQ JXWHQ &KDUDNWHU 7XUFDUHW ZLUG VHLQHUVHLWV YRQ VHLQHU DNWXHOOHQ*HOLHEWHQHLQHU%DURQLQDXVJHQRPPHQ'LHVHZLUGVFKRQLP'UDPDWLV SHUVRQDH DOV ÄFRTXHWWH³ FKDUDNWHULVLHUW XQG VFKUHFNW ZLUNOLFK YRU NHLQHU 8QHKU OLFKNHLW]XUFN8PEHLMHGHP%HVXFK7XUFDUHWVHLQQHXHVNRVWVSLHOLJHV*HVFKHQN YRQLKP]XHUKDOWHQKlOWVLHLKQLQGHP*ODXEHQGDVVVLHLKQDXIULFKWLJOLHEHXQG YHUHKUH±VHOEVWZHQQHUNHLQ$GOLJHULVW±XQGEULFKWVRJDUEHUVHLQHOlFKHUOLFKHQ /LHEHVYHUVHLQ/REHVK\PQHQDXV:LH7XUDFHWLVWMHGRFKDXFKGLH%DURQLQ7lWH ULQXQG2SIHU]XJOHLFKGHQQVLHZLUGVHOEVWLQJDQ]lKQOLFKHU:HLVHEHWURJHQ(LQ &KHYDOLHUGHUGHUYRQGHU%DURQLQHLJHQWOLFK*HOLHEWHLVWEHQXW]WVLHEHZXVVWXP EHU VLH DQ GDV 9HUP|JHQ 7XUFDUHWV KHUDQ]XNRPPHQ PLW GHVVHQ +LOIH HU HLJHQH 6FKXOGHQEH]DKOW:LUKDEHQHVDOVRPLWHLQHPJDQ]EHVRQGHUHQ*HOGXQG6FKXO GHQNUHLVODXI]XWXQGHUYRQ/HVDJHLQVHLQHUJDQ]HQ3HUILGLWlWHQWKOOWZLUG)U DOOH =XVFKDXHU GLH HV DP (QGH GHV HUVWHQ $NWHV QRFK QLFKW YHUVWDQGHQ KDEHQ EULQJW)URQWLQGHU'LHQHUGHV&KHYDOLHUGLH$EVXUGLWlWGHU6LWXDWLRQQRFKHLQPDO DXIGHQ3XQNWÄ-¶DGPLUHOHWUDLQGHODYLHKXPDLQH1RXVSOXPRQVXQHFRTXHWWHOD FRTXHWWH PDQJH XQ KRPPH G¶DIIDLUHV O¶KRPPH G¶DIIDLUHV HQ SLOOH G¶DXWUHV FHOD IDLWXQULFRFKHWGHIRXUEHULHVOHSOXVSODLVDQWGXPRQGH³ 'HU 9HUJOHLFK ]XP 3D\VDQ SDUYHQX VHL DQ GLHVHU 6WHOOH QRFK HLQPDO HUODXEW XP DXI]X]HLJHQ GDVV VROFKH )RUPHQ GHU 8QRUGQXQJ LQ GHU /LWHUDWXU GHV IUKHQ -DKUKXQGHUWVNHLQHVLQJXOlUHQ7KHPHQVLQGVRQGHUQJHZLVVHUPD‰HQWRSLVFKHQ &KDUDNWHUKDEHQ,P3D\VDQSDUYHQXZLUGQlPOLFK-DKUHVSlWHUHLQHJDQ]lKQ OLFKH )LJXUHQNRQVWHOODWLRQ HQWZLFNHOW ZHQQ -DFRE GHU 'LHQHULQ *HQHYLqYH YRU   9JO$ODLQ5HQp/HVDJH7XUFDUHW3DULV6 $NW,96]HQH;   'DUDXI ZHLVW DXFK 3LHUUH )UDQW] KLQ Ä,O Q¶HVW SDV XQ VHXO SHUVRQQDJH

TXL VRLW PRUDO RX V\PSDWKLTXH³ )UDQW]3UpIDFHZLH$QP6Ä1LFKWHLQHHLQ]LJHGHU)LJXUHQLVWPRUD OLVFKRGHUV\PSDWKLVFK³   9JO/HVDJH7XUFDUHW ZLH$QP 6± $NW,6]HQHQ,9XQG9   *HUKDUG&*HUKDUGLEHREDFKWHW]XWUHIIHQGGDVVGLH.RP|GLHGDPLWVWUXNWXUHOOGDVQDFKELOGHW ZDVVLHLQKDOWOLFKWKHPDWLVLHUWQlPOLFKGHQÄNUHLVI|UPLJHQ:HJGHQGDV*HOGLQVHLQHUJHVHOO VFKDIWOLFKHQ %DKQ GXUFKOlXIW³ *HUKDUG & *HUKDUGL *HOG XQG *HVHOOVFKDIW LP 7KHDWHU GHV $QFLHQ5pJLPH+HLGHOEHUJ6   /HVDJH7XUFDUHW ZLH$QP 6 $NW,6]HQH;  Ä'HU*DQJGHVPHQVFKOLFKHQ/HEHQV HUIOOW PLFK PLW %HZXQGHUXQJ ZLU UXSIHQ HLQH .RNHWWH GLH .RNHWWH IULVVW HLQHQ *HVFKlIWV PDQQ GHU *HVFKlIWVPDQQ SOQGHUW ZLHGHU $QGHUH DXV GDV JLEW HLQHQ 5HLJHQ GHU XQWHUKDOW VDPVWHQ6FKXUNHUHLHQGHU:HOW³ 



'DQLHO'XPNH

VSLHOWVLH]XOLHEHQGDPLWGLHVHZLHGHUXPLKUHP'LHQVWKHUUQJHIlOOLJLVWXQGYRQ LKPNRVWEDUH*HVFKHQNHHUKlOWGLHVLHQDWUOLFKSRVWZHQGHQGDQ-DFREZHLWHUJLEW 'HU +HUU VHLQHUVHLWV NDQQ VLFK GLH *HVFKHQNH DEHU DXFK QXU OHLVWHQ ZHLO HU *H VFKlIWHEHWUHLEWGLHQLFKWJHGHFNWVLQGXQGGLHLKQVFKOLH‰OLFKLQGHQ%DQNURWWXQG GHQ7RGUHL‰HQ±ZDVMHGRFKPLWZHQLJHU7UDJLNHU]lKOWZLUG%HL/HVDJHZLHEHL 0DULYDX[ ZLUG GDV *HOG DOV GHU HLJHQWOLFKH QHXH $QWULHE GHV 0HQVFKHQ GDUJH VWHOOW'LH/LHEHLVWLQLKUHPHPRWLRQDOHQ:HUWVHNXQGlUXQGRUGQHWVLFKYLHOPHKU ZLH IROJHULFKWLJ LQ GHQ :DUHQNUHLVODXI PLWHLQ'LH9HUPHKUXQJGHV*HOGHVDEHU ZLUG ]XP DEVROXWHQ ,PSHUDWLY GHV +DQGHOQV 1DFKGHP HWZDGLH%DURQLQYRQGHU 6FKZHVWHU 7XUFDUHWV RIIHQEDUW EHNRPPHQ KDW GDVV GLHVHU LQ :DKUKHLW JDU NHLQ :LWZHU LVW XQG VLH GDUEHU QDFKGHQNW PLW LKP ]X EUHFKHQ UXIW LKUH 'LHQHULQ /LVHWWH VLH ]XU Ã9HUQXQIWµ Ä2XL PDLV O¶LQWpUrW GH YRWUH IRUWXQH YHXW TXH YRXV OH UXLQLH] DXSDUDYDQW >+HUYRUK ''@³ 'DV 9HUP|JHQ KDW VLFK YHUVHOEVWlQGLJW VSUDFKOLFKSHUVRQDOLVLHUWXQGNDQQHLJHQH)RUGHUXQJHQVWHOOHQ'LH)LJXUHQZLHGH UXP VLQG VNUXSHOORV JHQXJ VLFK QLFKW HLQPDO VHOEVW HWZDV YRU]XPDFKHQ VRQGHUQ JHEHQ GLH LKUHP +DQGHOQ ]XJUXQGH OLHJHQGHQ 0RWLYH JDQ] XQXPZXQGHQ ]X 6R HUNOlUW GHU &KHYDOLHU VHLQHP 'LHQHU )URQWLQ Ä-H QH UHQGV GHVVRLQVjODFRTXHWWH TXHSRXUUXLQHUOHWUDLWDQW³8QGÄ6LMDPDLVMHPHEURXLOOHFHQHVHUDTX¶DSUqVOD UXLQHWRWDOHGH07XUFDUHW³ 'LHHWKLVFKH2UGQXQJDXI*UXQGODJHGHUHU/D%UX\qUHLP-DKUKXQGHUWGLH 6SHNXODQWHQ QRFK PLW JU|‰WHU $EVFKHX EUDQGPDUNHQ NRQQWH LVW LP 7XUFDUHW VR VHKUDXVGHQ)XJHQJHUDWHQGDVVKLHUJDUNHLQH)LJXUHQPHKU]XU9HUIJXQJVWH KHQGLHGLH%HWUJHUYHUXUWHLOHQN|QQWHQ9LHOPHKUPVVHQVLFKQXQMHQHZHQL JHQUHFKWIHUWLJHQGLHDQGHQXQHKUHQKDIWHQ*HVFKlIWHQNHLQHQ$QWHLOKDEHQ6RLVW 7XUFDUHW QLFKW EHNPPHUW DOV GLH %DURQLQ YRQ LKP YHUODQJW VHLQHQ 'LHQHU )ODPDQG ]X HQWODVVHQ GD GLHVHU LKP RKQHKLQ ZHQLJ QW]OLFKH +LOIH ELHWH Ä>,@O D O¶HVSULW WURS ERQDVVH³ EHILQGHW 7XUFDUHW ÄFHOD QH YDXW ULHQ SRXU OHV DIIDLUHV³ *WH ZLUG H[SOL]LW ]XP 0DNHO HUNOlUW XQG GLH DQGHUHQ )LJXUHQ ZLGHUVSUHFKHQ GLHVHU'HXWXQJQLFKW   (EG6 $NW,96]HQH;,  Ä-DDEHUGDV,QWHUHVVHDQHXUHP9HUP|JHQ>E]ZGHU=LQV

HXUHV9HUP|JHQV''@YHUODQJWGDVV,KULKQ]XYRUUXLQLHUW³ 

 (EG 6 $NW , 6]HQH ;  Ä8P GLH .RNHWWH EHPKH LFK PLFK QXU XP GHQ WUDLWDQW ]X

UXLQLHUHQ³ 

 (EG 6 $NW , 6]HQH ;  Ä:HQQ LFK PLFK MHPDOV HQW]ZHLH GDQQ HUVW QDFKGHPWRWDOHQ

5XLQYRQ0RQVLHXU7XUFDUHW³ 

 'LHV EHVWlWLJW ZLH *HUKDUGL DXI]HLJW DXFK HLQ 9HUJOHLFK GHV 7XUFDUHW PLW GHQ .RP|GLHQ

0ROLqUHV $QGHUV DOV GLH GHXWOLFK DOV HWKLVFKH 1HJDWLYEHLVSLHOH LQ 6]HQH JHVHW]WHQ *HL]KlOVH XQG +RFKVWDSOHU 0ROLqUHV VHL GHU ILQDQFLHU EHL /HVDJH NHLQ ([WUHPIDOO PHKU VRQGHUQ ÄGDV 6LQQELOG RGHU GLH W\SLVFKH (UVFKHLQXQJ HLQHV QHXHQ *HVHOOVFKDIWVV\VWHPV³ *HUKDUGL *HOG XQG *HVHOOVFKDIW ZLH $QP  6  ± ÄGLH 0ROLqUHVFKH $XVQDKPH ZLUG KLHU ]XU 5HJHO³ HEG6   /HVDJH 7XUFDUHW ZLH $QP   6 $NW ,, 6]HQH ,,,  Ä>(@U LVW ]X JXWPWLJ GDV WDXJW QLFKWVIUGLH*HVFKlIWH³ 

,QVWDELOH2UGQXQJHQ



=XPLQGHVW LP 6WFN N|QQHQ DOO MHQH GLH HWZDV ZHQLJHU QDWXUJXW VLQG VLFK GHP NRUUXPSLHUHQGHQ(LQIOXVVGHV*HOGHVXQGGHUQHXHQ)LQDQ]RUGQXQJNDXPHQW]LH KHQ 6R VWDFKHOW )URQWLQV *HOLHEWH /LVHWWH QDFKGHP VLH GLH 'LHQHULQ GHU %DURQLQ JHZRUGHQ LVW GLHVHQ DQ P|JOLFKVW VFKQHOO ]X *HOG ]X NRPPHQ 8P IU LKUHQ VR]LDOHQ$XIVWLHJ]XUÄIHPPHGHTXDOLWp³]XVRUJHQJLEWVLHLKPGUHL-DKUH=HLW Ä&RPPHQW GLDEOH WX GHYLHQV DPELWLHXVH"³ IUDJW )URQWLQ Ä2XL PRQ HQIDQW³ DQWZRUWHW VLH Ä,O IDXW TXH O¶DLU TX¶RQ UHVSLUH GDQV XQH PDLVRQ IUpTXHQWpH SDU XQ ILQDQFLHUVRLWFRQWUDLUHjODPRGHVWLHFDUGHSXLVOHSHXGHWHPSVTXHM¶\VXLVLOPH YLHQWGHVLGpHVGHJUDQGHXUTXHMHQ¶DLMDPDLVHXHV³(VEHUUDVFKWNDXPGDVVHV DP (QGH GHV 6WFNHV GDQQ DXFK JHQDX GLHVHV 'LHQHUSlUFKHQ LVW GDV DP HUIROJ UHLFKVWHQ DXV DOO GHQ GXUFK *LHU DXVJHO|VWHQ 9HUVWULFNXQJHQ XQG ,QWULJHQ KHUYRU JHKW 'XUFK GLYHUVH 7ULFNV LVW HV )URQWLQ JHOXQJHQ GHP &KHYDOLHU XQG 7XUFDUHW  )UDQFV DE]XOXFKVHQ ZDV ZRKO DXVUHLFKW XP HLQ /HEHQ DOV ZLH HU VHOEVW VDJW ÄKRQQrWHV JHQV³ ]X EHJLQQHQ 'DVV HEHQ MHQH ÄKRQQrWHV JHQV³ JDU QLFKW PHKUÄKRQQrWHV³VLQGVRQGHUQGLH%H]HLFKQXQJQXUQRFKVLQQHQWOHHUW]XYHUZHQ GHQLVWGDIUKDEHQDOOH%HWHLOLJWHQJHVRUJW±XQGQLHPDQGHPIlOOWHVDXI7XUFDUHW ZLUG]ZDUDP(QGHGHV6WFNHVZHJHQDXVVWHKHQGHU6FKXOGUFN]DKOXQJHQYHUKDI WHW'LH9HUPXWXQJOLHJWDEHUQDKHGDVV/HVDJHGLHVHIRUPDOMXULVWLVFKH:LHGHUKHU VWHOOXQJ GHU 2UGQXQJ OHGLJOLFK YRUQLPPW XP GLH =HQVXU ]X XPJHKHQ )URQWLQ VHOEVW NRPPHQWLHUW LURQLVFK Ä1RXV HQYLVDJLRQV OH SODLVLU GH OH UXLQHU PDLV OD MXVWLFHHVWMDORXVHGHFHSODLVLUOjHOOHQRXVDSUpYHQXV³ 'HU8QRUGQXQJ±LPPHUGLVNXUVLYYHUVWDQGHQDOVRDOV.RQVWUXNWGHU7H[WHYRU GHP+LQWHUJUXQGGHVYRQLKQHQVHOEVWLPSOL]LWDOV2UGHQWOLFKHQ$XVJHZLHVHQHQ± LVWLP7XUFDUHWZLHLP3D\VDQSDUYHQXLQ0DQRQ/HVFDXWXQGLP'LDEOHERLWHX[ QLFKW PHKU EHL]XNRPPHQ (LQVWPDOLJH HWKLVFKH *HERWH XQG 9HUERWH VHLHQ GLHVH HLQHP DULVWRNUDWLVFKHQ RGHU HLQHP FKULVWOLFKHQ &RGH HQWOHKQW JHOWHQ QLFKW PHKU   (EG6 $NW,,,6]HQH;,,   (EG6 $NW,,,6]HQH;,  Ä:LH]XP7HXIHOZLUVWGXHKUJHL]LJ"³   (EG Ä-DPHLQ.LQG'LH/XIWGLHPDQLQHLQHP+DXVGDVYRQHLQHPILQDQFLHUIUHTXHQWLHUW

ZLUGDWPHWPXVVGHU%HVFKHLGHQKHLWHQWJHJHQVWHKHQGHQQVHLWGHUNXU]HQ=HLWGLHLFKKLHU ELQNRPPHQPLU*HGDQNHQYRQ5HLFKWXPXQG(KUHGLHLFK]XYRUQLHPDOVKDWWH³ 

 9JOHEG6 $NW96]HQH;,9   'DIU VSULFKW DXFK GDVV GDV 6WFN QDFK DFKW $XIIKUXQJHQ DEJHVHW]W ZHUGHQ PXVVWH ZHLO

ILQDQFLHUVGLHVLFKGXUFKGLH.RP|GLHYHUXQJOLPSIWVDKHQGDJHJHQ6WLPPXQJJHPDFKWKDW WHQ 'DVV /HVDJH IRUWDQ IU GDV 7KpkWUH GH OD )RLUH VFKUHLEHQ PXVVWH VLHKW 3LHUUH )UDQW] LQ XQPLWWHOEDUHP =XVDPPHQKDQJ PLW GLHVHP 8PVWDQG 9JO )UDQW] 3UpIDFH ZLH $QP   6IYJOIHUQHUDXFK*HUKDUGL*HOGXQG*HVHOOVFKDIW ZLH$QP 6I  /HVDJH7XUFDUHW ZLH$QP 6 $NW96]HQH;,,,  Ä:LUKDEHQPLWGHP9HUJQJHQ JHUHFKQHWLKQUXLQLHUHQ]XN|QQHQDEHUGLH-XVWL]LVWHLIHUVFKWLJDXIGLHVHV9HUJQJHQVLH LVW XQV ]XYRUJHNRPPHQ³  *HUKDUGL EHJUHLIW GDV (QGH GHV 6WFNHV HQWVSUHFKHQG VHLQHU *UXQGWKHVHGDVVGLH6WUXNWXUGHU.RP|GLHGHQUHDOHQ*HOGNUHLVODXILQGHU*HVHOOVFKDIWQDFK ELOGH YJO$QP DOV]\NOLVFK'LH9HUELQGXQJ)URQWLQVXQG/LVHWWHVVHLÄHLQHJHVFKlIWV Pl‰LJH3DUWQHUVFKDIWDXVGHUQXUHLQHQHXH*HQHUDWLRQYRQ7XUFDUHWV>«@KHUYRUJHKHQNDQQ³ *HUKDUGL*HOGXQG*HVHOOVFKDIWZLH$QP6 YJO]XGHPDXFKHEG6,QVR IHUQZlUHGLH9HUKDIWXQJGHVWUDLWDQWHUVWUHFKWHLQEHGHXWXQJVORVHU9RUJDQJ



'DQLHO'XPNH

'HU 0HQVFK ZLUG QDFK ZLH YRU DOV 6FKHLQZHVHQ ZLH EHL /D 5RFKHIRXFDXOG YHU VWDQGHQ LKQ WUHLEHQ LP +HU]HQ DQGHUH 'LQJH DQ DOV HU QDFK DX‰HQ KLQ ]XJLEW -HGRFKLVWHVQHEHQGHPQDFKZLHYRURPQLSUlVHQWHQDPRXUSURSUHLPPHUKlXIL JHUGDV*HOGGDVGLHVHQLQQHUHQ$QWULHEGDUVWHOOW'LH)ROJHLVWHLQYRQYLHOHQDOV YHUZLUUHQGXQGEHlQJVWLJHQGHPSIXQGHQHU=XVWDQGGHUQLFKWXPVRQVWVHKUKlXILJ PLW GHP :RUW ÄGpVRUGUHV³ XPVFKULHEHQ ZLUG 'LH )ROJH LVW DEHU DXFK GDVV =X VFKUHLEXQJHQYRQ,GHQWLWlWGLHDXIGHPHLQVWPDOV2UGHQWOLFKHQEDVLHUHQGDVKHL‰W LQVEHVRQGHUH GLH GHV VR]LDOHQ 6WDQGHV DEHU DXFK *HQGHU.RQVWUXNWLRQHQ XQG 5HOLJLRQV]XJHK|ULJNHLWHQ ]XQHKPHQG XQGXUFKVFKDXEDUHU XQG ZLOONUOLFKHU ZHU GHQ 'DUDXV IROJW ZLHGHUXP HLQH JHVWHLJHUWH VR]LDOH 0RELOLWlW YRQ GHU MHGRFK ± ]XPLQGHVWLQGHQ5RPDQHQXQG6WFNHQGHU=HLW±QXUGLHMHQLJHQSURILWLHUHQGLH LQLKUHU(WKLNlKQOLFKIOH[LEHOZLHGLHEHUHLWV5HLFKHQXQG0lFKWLJHQVLQG 

  3HUVRQHQUHJLVWHU    .XUVLYH6HLWHQ]DKOHQEH]LHKHQVLFKDXI1HQQXQJHQLQGHQ$QPHUNXQJHQ     $EEW7KRPDV %LUNHQ6LJPXQGYRQ $EVFKDW]+DQV$‰PDQQ)UHLKHUU %ODFNPRUH5LFKDUG± YRQ %OXPHQEHUJ+DQV $FKLOOHV %|FNOLQ'DYLG8OULFK $GGLVRQ-RVHSK %|GHNHU+DQV(ULFKI $GRUQR7KHRGRU: %RGPHU-RKDQQ-DNRE $OEUHFKW5XWK I $OW3HWHU$QGUp %RpWLH(WLHQQHGHOD $QQD0DUJDUHWHYRQ+HVVHQ %RHWLXV-RKDQQ7KHRGRU +RPEXUJ3ULQ]HVVLQ ± %|KPH-DFRE   %RKVH$XJXVWĺ7DODQGHU± $TXLQ7KRPDVYRQ I±I $ULVWRWHOHV %RLOHDX1LFRODV $UQROG'DQLHO+HLQULFK  $UQROG*RWWIULHG %|QLQJ+ROJHU $VWHOO0DU\ %RUJVWHGW7KRPDV  %UDQGW6HEDVWLDQ %DFK-RKDQQ6HEDVWLDQ %UHFKW0DUWLQ %DFRQ)UDQFLV %UHLWLQJHU-RKDQQ-DNRE %DUODHXV&DVSDUXV I %DUQHU:LOIULHG %UHQGHFNH+HQQLQJ %DUQHYHOW(VGUDV %UHQWDQR&OHPHQV %DUWKHO.DWMD %UHWRQ$QGUp %DXGHODLUH&KDUOHVI %UHXO:ROIJDQJ %DXPJDUWHQ$OH[DQGHU %URFNHV%DUWKROG+LQULFK %D\OH3LHUUH  %HFNHU&DQWDULQR%DUEDUD %URLFK8OULFKI %HHW]0DQIUHG %URZQ$QGUHZ %HKPHU-RKDQQ&KULVWLDQ %UJJHPDQQ)ULW] %HKULQJHU:ROIJDQJ %FKQHU-RKDQQ*RWWIULHG %HOOLQJUDGW'DQLHO %XGGH-RKDQQ)UDQ] %HQMDPLQ:DOWHU %XUNH3HWHUI %HUOLQ,VDLDK %XUNKDUGW-RKDQQHV %HUQLJHURWK0DUWLQ %XWOHU6DPXHO %HVVHU-RKDQQYRQ 

 &DOGDUD$QWRQLR &DOOLqUH)UDQoRLVGH &DQLW])ULHGULFK5XGROSK/XGZLJ YRQ &DUUGXV$QQD &DVDXERQ,VDDF &KDOOH5REHUW &KDUQHV-HDQ$QWRLQHGH &KDUURQV3LHUUH &KODGHQLXV0DUWLQ &KULVWLDQ$OEUHFKWYRQ6FKOHVZLJ +ROVWHLQ*RWWRUI+HU]RJ ±   &ODUPXQG$GROSKĺ5GLJHU -RKDQQ&KULVWLDQI &ODXGLXV0DWWKLDV &ROEHUW-HDQ%DSWLVWH &RQWL*LDFRPR &RQ]H:HUQHU &RUELDX*pUDUG &RUQHLOOH3LHUUHI &RXUWLQV$QWRLQHGH  'DFK6LPRQ 'DFLHU$QGUp 'DFLHU$QQH 'HIRH'DQLHO 'HPRFULWXV 'HQQLV-RKQI 'HVFDUWHV5HQp 'HVPDUHVW+HQU\ 'LOORQ:HQWZRUWK 'LRJHQHV 'RROH\%UHQGDQ 'UHLW]HO+RUVW 'U\GHQ-RKQI 'X3ODLVLU 3VHXGRQ\PHLQHVUXQ EHNDQQWHQ$XWRUVLQ ± ±± 'XIUHVQ\&KDUOHV 'XPNH'DQLHO 'QQKDXSW*HUKDUG  (OHRQRUDYRQ6ROPV5|GHOKHLP *UlILQ ± 

3HUVRQHQUHJLVWHU (OOLV)UDQN (QJHOVLQJ:ROIJDQJ (UKDUG-RKDQ (VFROD0DUF (VPHLQ&DPLOOH (VSRVLWR(OHQD (VWHUPDQQ0RQLND  )HLQG%DUWKROG )HXVWNLQJ-RKDQQ+HLQULFK I )LJXLqUH6LHXUGH 3VHXGRQ\P HLQHVUXQEHNDQQWHQ$XWRUVLQ   )LWHOLHX6LHXUGH5RGROSKHHWGX 0RQWRXUGH 3VHXGRQ\PHLQHVU XQEHNDQQWHQ$XWRUVLQ  )OHPLQJ3DXO )ORUDFN5XWK )RQWHQHOOH%HUQDUGOH%RYLHUGH  )RXFDXOW0LFKHO )UDQFNH$XJXVW+HUPDQQ  )UDQW]3LHUUH )UDQ],.|QLJYRQ)UDQNUHLFK ±  )ULHGULFK:LOKHOPYRQ%UDQGHQ EXUJ.XUIUVW ±  )ULWVFK7KRPDV )XOGD'DQLHO  *DUWK6DPXHOII±  *DU]RQL7RPDVVR *DVVHQGL3LHUUH *HLJHU(ULND *HOGHUHQ0DUWLQYDQ *HOOHU8UL *HOOHUW&KULVWLDQ)UFKWHJRWW *HO]HU)ORULDQ *HQVFK&KULVWLDQ *HRUJ,,.|QLJYRQ*UR‰EULWDQQL HQXQG,UODQG ± 

3HUVRQHQUHJLVWHU *HRUJ:LOKHOP]X%UDXQVFKZHLJ /QHEXUJ+HU]RJ ±   *HUKDUGL*HUKDUG&± *HUVGRUI+HQULHWWH.DWKDULQDYRQ  *H‰QHU6DORPRQ *HVWULFK$QGUHDV *LHUO0DUWLQ *ODGRY)ULHGULFK± *OHGLWVFK-RKDQQ/XGZLJ  *RHWKH-RKDQQ:ROIJDQJYRQ II *RH]H-RKDQQ0HOFKLRU *RUJLDV /HRQWLQRL*RUJLDVYRQ   *RWWVFKHG-RKDQQ&KULVWRSK I±  *RWWVFKHG/XLVH.XOPXV *RXUQD\0DULHGH *UDFLiQ%DOWDVDU *UDQR-RKQ *UHHQEODWW6WHSKDQ *UHQDLOOH)UDQoRLVGH *ULPPHOVKDXVHQ+DQV-DNRE &KULVWRIIHOGH *ULPPLQJHU5ROI *URVFKXII)ULHGULFK *UXQHUW)UDQN *U\SKLXV$QGUHDVI *XQGOLQJ+LHURQ\PXV1LFRODXV ±II *QWKHU-RKDQQ&KULVWLDQ  *QWKHU0LFKDHO  +DEHUPDV-UJHQ +DKQ6LPRQ)ULHGULFK +DOOHU.DUO/XGZLJYRQ +lQGHO*HRUJ)ULHGULFK  +DUVG|UIIHU*HRUJ3KLOLSS 

 +DUYH\:LOOLDPI +D]DUG3DXO±± +HGULFK%HQMDPLQ +HLQULFK,,.|QLJYRQ)UDQNUHLFK ±  +HLQULFK,9.|QLJYRQ)UDQNUHLFK ±  +HLQVLXV'DQLHO +HOG-XWWDI +HUGHU-RKDQQ*RWWIULHG +HXPDQQ&KULVWRSK$XJXVW  +LQVNH1RUEHUW +LUVFKPDQQ:ROIJDQJI +REVEDZP(ULF +RIIPDQQ&KULVWLDQ*RWWIULHG +RIPDQQVZDOGDX&KULVWLDQ+RII PDQQYRQI +|OVFKHU/XFLDQ II +RPHUI +RUD]I +RUNKHLPHU0D[ +EQHU-RKDQQ +XGVRQ:D\QH +XHW3LHUUH'DQLHOI  +XQROG&KULVWLDQ)ULHGULFK 0HQDQWHV ± II±± I +XQWHU,DQ  ,VHOLQ,VDDN ,VUDHO-RQDWKDQI ,YDQRYQD$QQD  -DFREV0DUJDUHW& -DKQ%HUQKDUGI -DQQDVFK:LOKHOP -|FKHU&KULVWLDQ*RWWOLHE -RKDQQ$GROSK,YRQ6DFKVHQ :HL‰HQIHOV+HU]RJ ±  

 -RKDQQ)ULHGULFKYRQ%UDQGHQEXUJ $QVEDFK0DUNJUDI ±   -RKQVRQ%HQ  .DPHV+HQU\+RPH/RUG .DQW,PPDQXHOI .DUO,,.|QLJYRQ(QJODQG ±   .DUO9U|PLVFKGHXWVFKHU.DLVHU ±  .DUO9,U|PLVFKGHXWVFKHU.DLVHU ±  .HWWQHU*RWWIULHG .OHPSHUHU9LFWRU .OHWWHQEHUJ.DWKDULQD6XVDQQD YRQ± .ORSVWRFN)ULHGULFK*RWWOLHE  .Q\SKDXVHQ'RGRYRQ .RFND-UJHQ .|KOHU(ULFK .RQIX]LXV .|QLJ-RKDQQ8OULFKYRQ .|QLJVPDUFN$XURUDYRQ .RUWKROW&KULVWLDQ .RVFKRUNH$OEUHFKW .UDIW6WHSKDQ .UlPHU)DELDQ .UDXVH-RKDQQ*RWWOLHE ± .UJHU-RKDQQ&RQUDG .UJQHU-RKDQQ*RWWIULHG .XQWVFK6XVDQQD0DUJDUHWKH YRQ²  /D%UX\qUH-HDQGH  /D&DOSUHQqGH*DXWLHUGH&RVWHV GH /D)D\HWWH0DULH0DGHOHLQHGH  /D0RWKH/H9D\HU)UDQoRLV /D5RFKH6RSKLHYRQ

3HUVRQHQUHJLVWHU /D5RFKHIRXFDXOG)UDQoRLVGH I /DEp/RXLVH /DQFNLVFK)ULHGULFK /DQGLQLXV&KULVWRSK /DQGZHKU$FKLP /DQJH-RDFKLP /DQJH-RKDQQ&KULVWLDQ /DYDWHU-RKDQQ&DVSDU± /H%RVVX5HQp /H3D\V5HQp± /HDG-DQH /HKPDQQ+DUWPXW /HKPV*HRUJ&KULVWLDQ /HLEQL]*RWWIULHG:LOKHOPI  /HRSDUGL*LDFRPR /HVDJH$ODLQ5HQp± /HVVLQJ*RWWKROG(SKUDLP I± /HYDFN%ULDQ3 /LHEHUQLFNHO*RWWIULHG /LQGH3KLODQGHUYRQGHUĺ 0HQFNH-RKDQQ%XUFNKDUG I I /RFNH-RKQ /RKHQVWHLQ'DQLHO&DVSHUYRQ I /RUFK+LOGH /RVIHOG&KULVWRSKH /XGHZLJ-RKDQQ3HWHU /XGZLJ,YRQ$QKDOW.|WKHQ)UVW ±  /XGZLJ;,,,.|QLJYRQ)UDQN UHLFK ±  /XGZLJ;,9.|QLJYRQ)UDQN UHLFK ±   /XKPDQQ1LNODV /XNUH] /XWKHU0DUWLQ   

3HUVRQHQUHJLVWHU 0DFKLDYHOOL1LFFROz 0DJGDOHQD6RSKLDYRQ6FKOHVZLJ +ROVWHLQ:LHVHQEXUJ3ULQ]HVVLQ ±  0DMRU(OLDVĺ0HQFNH-RKDQQ %XUFNKDUG/LQGH3KLODQGHUYRQ GHUI II 0DQOH\'HODULYLHUI 0DULQR*LRYDQ%DWWLVWD 0DULYDX[3LHUUH&DUOHWGH&KDP EODLQGHI I±I 0DUORZH&KULVWRSKHU 0DWKHVLXV&KULVWRSK 0DWWKHVRQ-RKDQQI 0DWWKLDV0DUNXV 0DXVHU:ROIUDP  0HLG9RONHU 0HLHU*HRUJ)ULHGULFK 0HLVWHU&KULVWRSK 0HOHWDRQĺ5RVW-RKDQQ/HRQ KDUG±II 0HQFNH-RKDQQ%XUNKDUGĺ/LQ GH3KLODQGHUYRQGHU0DMRU (OLDVI II 0HQW]HO-RKDQQ*HRUJ 0H\HU-RKDQQ&DVSDU 0LOWRQ-RKQ 0LQWXUQRV$QWRQLR 0ROLqUH GL-HDQ%DSWLVWH 3RTXHOLQ  0RQWDLJQH0LFKHOGH I 0RQWHU:LOOLDP 0RQWHVTXLHX&KDUOHVGH6HFRQGDW %DURQGH 0RUKRI'DQLHO*HRUJ 0RUULVVH\/H\ 0KOSIRUW+HLQULFK 0OOHU$XJXVW)ULHGULFK ± 0XOVRZ0DUWLQ 0XUQDQH%DUU\

 1HSRV&RUQHOLXV 1HXNLUFK%HQMDPLQI ± 1HXPHLVWHU(UGPDQQI  1HZWRQ,VDDF 1LHIDQJHU'LUNII I 1RYDOLV GL)ULHGULFKYRQ+DUGHQ EHUJ  1XVVEDXP0DUWKD  2FNKDP:LOKHOPYRQ 2OEUHXVH(OpRQRUHG¶ 2PHLV0DJQXV'DQLHOI 2SLW]0DUWLQI 2YLG  3DUNHU%ODQIRUG 3DUNHU*HRIIUH\ 3DVFDO%ODLVHII  3HQQ:LOOLDP 3HUUDXOW&KDUOHV 3HWHUVHQ-RKDQQ:LOKHOP 3HWHUVHQ-RKDQQD(OHRQRUD I± 3KLOLSSH,YRQ2UOpDQV+HU]RJ ±  3KLOLSS/XGZLJYRQ6FKOHVZLJ +ROVWHLQ6RQGHUEXUJ+HU]RJ ±  3RLUHW3LHUUH 3RO\ELRV 3RSH$OH[DQGHU± ± 3UpFKDF-HDQGHI± 3UpYRVW$QWRLQH)UDQoRLV II 3ULEHU&KULVWLDQ*RWWOLHE 3URVV:ROIJDQJ 3XIHQGRUI6DPXHO 3VFKHO-RKDQQ-RDFKLP  5DEHQHU-XVWXV*RWWKDUG

 5DFLQH-HDQ%DSWLVWHI 5DPERXLOOHW&DWKHULQHGH 9LYRQQH 5DWNH:ROIJDQJ 5HEHQOHLQ*HRUJ 5HIXJH(XVWDFKHGH 5LFKDUGVRQ6DPXHO 5LFKHOLHX$UPDQG-HDQGX3OHVVLV 'XFGH 5LFKH\0LFKDHO 5LVW-RKDQQ 5RPVWHW&KULVWLDQ 5RQVDUG3LHUUHGH 5RVD+DUWPXW 5RVD6DOYDWRU 5RVH'LUN 5RVV7KRPDV 5RVW-RKDQQ/HRQKDUGĺ 0HOHWDRQ±I I 5RWK6FKROW])ULHGULFK 5RWWK$OEUHFKW&KULVWLDQ 5RXVVHDX-HDQ-DFTXHVI 5GLJHU$QGUHDV 5GLJHU-RKDQQ&KULVWRSKĺ &ODUPXQG$GROSKI  6DFKV+DQVI 6DLQW+\DFLQWKH7KHPLVHXOGH  6DQGUDV*DWLHQ&RXUWLO]GH ± 6DQQD]DUR-DFRSR 6FKHQGD5XGROI 6FKPHLW]HO0DUWLQI 6FKPLG3LD 6FKPLGW*HRUJ 6FKPLW]5XGROI 6FKQHLGHUV:HUQHU 6FK|WWJHQ-RKDQQ&KULVWLDQ  6FKUDGHU+DQV-UJHQ 6FKU|GHU'RURWKHD 6FKXEHUW)UDQ] 6FKXOW]8ZH

3HUVRQHQUHJLVWHU 6FKXSS-RKDQQ%DOWKDVDU 6FKXUPDQ$QQD0DULDYDQ 6FRWXV-RKDQQHV'XQV 6FXGpU\*HRUJHVGH 6FXGpU\0DGHOHLQHGH± I 6HJUDLV-HDQ5HJQDXOWGHI 6KDNHVSHDUH:LOOLDP 6KHIILHOG-RKQ 6KHOIRUG$SULO 6LPPHO*HRUJ 6LPRQV2ODI  6LQJHU+HUEHUW 6LQJHU5GLJHU 6PLWK$GDP 6SHH)ULHGULFK 6SHQHU3KLOLSS-DFREI 6SLHJHO+HQGULFN 6WHHOH5LFKDUG 6WHLJHUZDOG-|UQ  6WHLQPD\U0DUNXV 6WHQGKDO GL0DULH+HQUL%H\OH   6WLFKZHK5XGROI 6WLHII&KULVWLDQ 6WLHOHU&DVSDU 6WRFN3KLOLSS:LOKHOP 6WRFNKRUVW6WHIDQLHI 6WROOH*RWWOLHE 6WUlKOHU'DQLHO 6WUlWHU8GR 6WUXQW]*RWWORE(UQVW  6WXUP/HRQKDUG&KULVWRSK 6XOOLYDQ-RKQ-HUHPLDK 6XO]HU-RKDQQ*HRUJ 6\VDQJ-RKDQQ&KULVWRSK  7DFLWXV 7DODQGHUĺ%RKVH$XJXVW± I±I 7DUDERWWL$UFDQJHOD 7DVVRQL$OHVVDQGUR

3HUVRQHQUHJLVWHU 7HOHPDQQ*HRUJ3KLOLSS 7HQW]HO:LOKHOP(UQVW 7KHPLVWRNOHV 7KRPDVLXV&KULVWLDQ± ±I I± 7KXN\GLGHV 7UHYRU5RSHU+XJK 7VFKHUQLQJ$QGUHDV  8OULFK$QWRQ 8UIp+RQRUpG¶  9DOLQFRXU-HDQ%DSWLVWH+HQULGH  9HUJLO 9LFR*LDPEDWWLVWD 9LOOHGLHX0DULH&DWKHULQHGH  9LVp'RQQHDXGH 9RLWXUH9LQFHQW 9ROWDLUH GL)UDQoRLV0DULH $URXHW   :DJHQVHLO-RKDQQ&KULVWRSK :DJQHU*DEULHO :DOFK-RKDQQ*HRUJI  :DOOPDQQ-RKDQQHV :DOVK:LOOLDP :DOWHUYRQGHU9RJHOZHLGH



  :DOWKHU.DUO.ODXV :DWWHDX$QWRLQH :HEHU0D[ :HGHO%HQMDPLQ :HLGPDQQ&KULVWLDQ :HLGPDQQ0RULW]*HRUJ  :HLVH&KULVWLDQ :HQG&KULVWRSK*RWWOLHE :HVFKH-|UJI :LHODQG&KULVWRSK0DUWLQ :LOKHOP&KULVWRSKYRQ+RPEXUJ +HVVHQ*UDI ±  :LOKHOP,,,.|QLJYRQ(QJODQG ±  :LQWHU(GXDUG :LWW8OULNH :ROII&KULVWLDQ I :ROWHUHFN&KULVWLDQ :\FKHUO\:LOOLDP  =DFKDULDV/HRQKDUG =DXQVW|FN+ROJHU  =HGOHU-RKDQQ+HLQULFKI =HQFN&ODXGLD =LQ]HQGRUI(UGPXWKH'RURWKHD YRQ =LQ]HQGRUI1LNRODXV/XGZLJYRQ