Eine Kulturpoetik des Adels in der Romantik: Verhandlungen zwischen 'Adeligkeit' und Literatur um 1800 9783110229400, 9783110229394

The frequent reference to nobility in literary texts as well as in the biographies of many authors of Romanticism is ast

216 80 5MB

German Pages 492 [496] Year 2010

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Frontmatter
Inhaltsverzeichnis
Teil I: Grundlagen
Kapitel 1: Adel und Adelssemantik um 1800
Kapitel 2: ‚Politische Romantik‘ und Adelskritik
Kapitel 3: Das Ende des Adels denken. Goethes Roman Die Wahlverwandschaften
Teil II: Historische Semantik und Literatur
Kapitel 4: Ritterschaft – Autorenschaft. Der männliche Adlige als Kämpfer und Vermittler
Kapitel 5: Genealogie
Kapitel 6: Adelige Spiele
Kapitel 7: Ökonomisierung und Entökonomisierung. Der Adel und die Verschwendung
Teil III: Adel und Feld
Kapitel 8: Die ‚sozialen Laufbahnen‘ der Romantiker
Kapitel 9: Schluss
Backmatter
Recommend Papers

Eine Kulturpoetik des Adels in der Romantik: Verhandlungen zwischen 'Adeligkeit' und Literatur um 1800
 9783110229400, 9783110229394

  • 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

Jochen Strobel Eine Kulturpoetik des Adels in der Romantik

Quellen und Forschungen zur Literatur- und Kulturgeschichte Begründet als

Quellen und Forschungen zur Sprach- und Kulturgeschichte der germanischen Völker von

Bernhard Ten Brink und Wilhelm Scherer

Herausgegeben von

Ernst Osterkamp und Werner Röcke

66 ( 300 )

De Gruyter

Eine Kulturpoetik des Adels in der Romantik Verhandlungen zwischen „Adeligkeit“ und Literatur um 1800

von

Jochen Strobel

De Gruyter

ISBN 978-3-11-022939-4 e-ISBN 978-3-11-022940-0 ISSN 0946-9419 Library of Congress Cataloging-in-Publication Data Strobel, Jochen. Eine Kulturpoetik des Adels in der Romantik : Verhandlungen zwischen Adeligkeit und Literatur um 1800 / by Jochen Strobel. p. cm. − (Quellen und Forschungen zur Literatur- und Kulturgeschichte ; 66 (300)) Includes bibliographical references and index. ISBN 978-3-11-022939-4 (alk. paper) 1. German literature − History and criticism − 18th century. 2. German literature − History and criticism − 19th century. 3. Romanticism − Germany. 4. Nobility in literature. I. Title. PT289.S77 2010 830.91145−dc22 2010032909

Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. 쑔 2010 Walter de Gruyter GmbH & Co. KG, Berlin/New York Druck: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

     

)U(OVEHWKXQG(GPXQG



   

9RUZRUW

    :HQQHLQ/LWHUDWXUZLVVHQVFKDIWOHUEHUGHQ$GHOVFKUHLEWLVWGDVVRXQ JHZ|KQOLFK GDVV HV YRUDE HLQHU (UOlXWHUXQJ EHGDUI ,FK P|FKWH ]HLJHQ GDVVÄ$GHO¶LQGHQ7H[WHQGHU5RPDQWLNHUPHKULVWDOVHLQEHOLHELJHV0R WLY ZHOFKHV DOOHLQ DXI GLH ]HLWJHQ|VVLVFKH HPSLULVFKH DOVR VWlQGHVWDDWOL FKH:LUNOLFKNHLW]XEH]LHKHQZlUHXQGHLQPDOPHKUIUGDV.RQVHUYDWLYH ELV 5HDNWLRQlUH GHU5RPDQWLN VSUlFKH 0LU JHKW HV XPHLQH 9HUELQGXQJ YRQ+LVWRULVFKHU6HPDQWLNHLQHUDP1HZ+LVWRULFLVPRULHQWLHUWHQ7H[W .RQWH[W$QDO\VH XQG WUDGLWLRQHOOHU +HUPHQHXWLN 'HQQRFK VWHKHQ PHLVW NDQRQLVFKH OLWHUDULVFKH 7H[WH LP 0LWWHOSXQNW PHLQHU hEHUOHJXQJHQ ,FK YHUVXFKH LQ GLHVHQ 7H[WHQ VHPDQWLVFKH 0HUNPDOH DXI]XVSUHQ GLH GHP NXOWXUHOOHQ .RQ]HSW Ä$GHO¶ LPPHU ZLHGHU ]XJHVFKULHEHQ ZHUGHQ 0HLQH $XIPHUNVDPNHLWJHK|UWGDQQDEHUGHPVHOEVWUHIHUHQWLHOOHQGHPSRHWROR JLVFKHQ3RWHQWLDOGLHVHU7H[WHGLHGHU6HPDQWLNGHV$GHOVPHKUDEJHZLQ QHQDOVHLQHQPHKURGHUZHQLJHUEHOLHELJHQ%H]XJDXIGLH]HLWJHQ|VVLVFKH (PSLULH (WZDV DQGHUHV VLQG GLH /HEHQVOlXIH GLH ÄVR]LDOHQ /DXIEDKQHQ¶ HLQLJHU $XWRUHQ GHU 5RPDQWLN VHOEVW GLH LKUH DULVWRNUDWLVFKH +HUNXQIW QLHPDOVSUHLVJHEHQJHVFKZHLJHGHQQYHUOHXJQHQRGHUGLHLQHQJHU9HUELQ GXQJ ]X $GHOLJHQ LKUHU =HLW VWHKHQ %HLGH 3KlQRPHQH GLH 3UlVHQ] GHV $GHOVLQGHQ7H[WHQXQGGLHLQGHQ%LRJUDSKLHQVLQGIUGLH=HLWQDFKGHU )UDQ]|VLVFKHQ 5HYROXWLRQ GHQQ GRFK HUNOlUXQJVEHGUIWLJ 'LH JHUPD QLVWLVFKH )RUVFKXQJ KDW VLFK MDKU]HKQWHODQJ VR JXW ZLH EHUKDXSW QLFKW PLWGLHVHQ3KlQRPHQHQEHIDVVWRGHUVLHDOV9HUEUJHUOLFKXQJVHUVFKHLQXQ JHQPDUJLQDOLVLHUW Ä$GHO¶DOVEHJULIIVJHVFKLFKWOLFKIDVVEDUHVNXOWXUHOOHV.RQ]HSWJHK|UW]X MHQHQ JHUQ WRWJHVDJWHQ LPPHU ZLHGHU YRQ MHJOLFKHU ,QQRYDWLYLWlW YRQ MHJOLFKHP 5HYROXWLRQlUHQ RGHU JDU $YDQWJDUGLVWLVFKHQ IUHL JHVSURFKHQHQ KLVWRULVFKHQ (UVFKHLQXQJHQ 6HLW ]ZHL -DKUKXQGHUWHQ ]lKOW HU LQ HLQHU :HOW LQ GHU 2ULJLQDOLWlW XQG 5HYROXWLRQDULWlW JHIRUGHUW ZHUGHQ ]XP VFKHLQEDU XQEUDXFKEDUHQ 9HUDOWHWHQ HLQ .XULRVXP GDV K|FKVWHQV QRFK HLQH KLQWHUVWH 1LVFKH LP NXOWXUHOOHQ *HGlFKWQLV IU VLFK EHDQVSUXFKHQ GDUI.QVWHXQG:LVVHQVFKDIWHQGHUHQ%HZHUWXQJVPD‰VWDEGDV1HXHLVW ZHUGHQ]ZDQJVOlXILJ%HKDUUXQJVNUlIWHPDUJLQDOLVLHUHQDXFKZHQQDXIGHQ ]ZHLWHQ %OLFN HUVLFKWOLFK ZlUH GDVV GLHVH ]X LKUHU 6HOEVWEHKDXSWXQJ $O

9,,,

9RUZRUW

 OLDQ]HQ PLW ÅGHP 1HXHQ´ HLQJHKHQ PVVHQ  EHJDQQ GLH ODQJH ELV KHXWH DQGDXHUQGH 6SlW XQG 1DFKJHVFKLFKWH GHV HXURSlLVFKHQ $GHOV ² ]XJOHLFK DEHU HLQH ODQJH =HLW GHU 1HXVHPDQWLVLHUXQJ DOVR HWZD GHU YHU VWlUNWHQ 0HWDSKRULVLHUXQJ ZLH DXFK GHV VFKOHLFKHQGHQ $EEDXV GHU JH VDPWJHVHOOVFKDIWOLFKHQ%HGHXWVDPNHLW²HLQÄ8QWHUJDQJ¶GHV$GHOVDOVHLQHU ODQJH =HLW VFKRQ OHEHQGLJHQ V\PEROLVFKHQ .RQVWDQWHXQG ]XJOHLFK GRFK DXFK VHLQH 1HXHUILQGXQJ LQ GHU 6FKULIW RGHU LQ GHU JHOHEWHQ 3UD[LV GHV *HGHQNHQV 'LH6HPDQWLNGHV$GHOVLQGHU=HLWGHU5RPDQWLNZLUGLQHLQHU.XO WXUSRHWLN XQWHUVXFKW ZHOFKH GHQ ZLFKWLJVWHQ VHPDQWLVFKHQ 0HUNPDOHQ ]XQlFKVWLQOLWHUDULVFKHQ7H[WHQQDFKJHKWXQGGLHVHVRZHLWHVHEHQJHKW GXUFK .RQWH[WXDOLVLHUXQJHQ VWW]W 'DPLW VLQG NXOWXUZLVVHQVFKDIWOLFKH $XVSL]LHQ EHQDQQW REJOHLFK GHU %RGHQ GHU /LWHUDWXUZLVVHQVFKDIW QLFKW YHUODVVHQ ZHUGHQVROO)U HLQH XPIDVVHQGH .XOWXUJHVFKLFKWH GHV $ULVWR NUDWLVFKHQXPDXFKLPZHLWHUHQQlPOLFKLQHLQHPPHWDSKRULVFKHQ 6LQQIHKOHQGLHEHJULIIVJHVFKLFKWOLFKHQ9RUDUEHLWHQ$OOHUGLQJVOHLVWHWGLH VHV%XFKHLQHQ%HLWUDJKLHU]X ,PEHJLQQHQGHQ-DKUKXQGHUWNDQQZLVVHQVFKDIWOLFKHV,QWHUHVVHIU GHQ$GHONDXPQRFKPLWHLQHP9HUZHLVDXIMHQHKHXWHGRFKWHLOVYHUEODVV WHWHLOVLP6FKDWWHQGHV%RXOHYDUGVIRUWH[LVWLHUHQGHVR]LDOH6FKLFKWVHOEVW OHJLWLPLHUW ZHUGHQ $QGHUHUVHLWV NHQQW DXFK GLH *HJHQZDUW %HLVSLHOH IU QLFKW DXIJUXQG YRQ /HLVWXQJ RGHU &KDULVPD VRQGHUQ GDQN *HEXUW XQG +HUNXQIWIXQNWLRQLHUHQGH(OLWHQ(VLVWGDV:LVVHQXPGLH$OOJHJHQZDUW GHUVLFKGXUFKJHKHLPQLVYROOHIHLQH8QWHUVFKLHGHDXV]HLFKQHQGHQVXEWLOHQ 0HFKDQLVPHQGHU%HGHXWXQJVXQG0DFKWJHQHULHUXQJLQXQVHUHP$OOWDJ ZHOFKHVGLHVH6WXGLHDQJHUHJWKDW²NHLQHVZHJVHLQHPXVHDOH/HLGHQVFKDIW GHV9HUIDVVHUV   'HUYRUOLHJHQGH%DQGHQWKlOWHLQHVWDUNJHNU]WHXQG]XJOHLFKEHUDUEHL WHWH )DVVXQJ PHLQHU  GXUFK GHQ )DFKEHUHLFK *HUPDQLVWLN XQG .XQVWZLVVHQVFKDIWHQ GHU 3KLOLSSV8QLYHUVLWlW 0DUEXUJ DQJHQRPPHQHQ +DELOLWDWLRQVVFKULIW 'DQNHQP|FKWHLFKDQGLHVHU6WHOOHGHQMHQLJHQZHOFKHPHLQ3URMHNW JHI|UGHUW KDEHQ DOOHQ YRUDQ 3URI 'U U@ 8QVWHUEOLFKNHLW GHV :HUWHVGLHGHU$GHOIUVLFKEHDQVSUXFKW´ÅGLH6XEVWDQ]GLHGHQ(LQ]HO QHQELOGHWPX‰GXUFKGHQHLQKHLWOLFKHQ6WDPPGHV*DQ]HQKLQGXUFKJH JDQJHQ VHLQ´=XU 6HPDQWLN GHV $GHOV JHK|UW HV GHPQDFK GHQ (LQ]HO QHQ DXI NHLQHQ )DOO QXU DOV ,QGLYLGXXP VR]LDO NRQWH[WORV EHJUHLIHQ ]X ZROOHQ 'DQHEHQ VLQG HV JUXQGVlW]OLFK 7XJHQGHQ EHJULIIHQ DOV ÅHUHUEWH LQ GHU )DPLOLH NROOHNWLY SUlVHQWH 7UDGLWLRQHQ´ GDV Ä(UEH¶ ZLUG JHVWW]W GXUFKHLQH(U]LHKXQJ]X6WDQGHVEHZXVVWVHLQXQG]XGHP*HIKOIUHLJH QH([NOXVLYLWlW -RKQ+.DXWVN\EHQDQQWHVFKRQLQGHQVLHE]LJHU-DKUHQDOVSULPlUH Å:HUWH´ GHV $GHOV 'LHQVW 3IOLFKWHUIOOXQJ (KUH GHQ (UZHUE YRQ 5XKP  (LQHQ lKQOLFKHQ .DWDORJ OLVWHW (OOLV :DVVRQ DXI  %HUHLWV YRQ %RXUGLHX·VFKHU %HJULIIOLFKNHLW JHSUlJW LVW5XGROI%UDXQV $XI]lKOXQJ ZH VHQWOLFKHU6WUDWHJLHQGHUÅLQWUDXQGLQWHUJHQHUDWLRQHOOHQ3RVLWLRQVDEVLFK HUXQJ E]Z YHUEHVVHUXQJ JHUDGH ZHLO GLHVH 3RVLWLRQHQ VWlQGLJ EHGURKW VLQG´'D]X]lKOHQ'LVWLQNWLRQVIRUPHQGHUHQ(QG]LHOGLH%HZDKUXQJGHV ÅV\PEROLVFKHQ.DSLWDOVGHU(KUH´LVW 'XUFKVHW]XQJVPHFKDQLVPHQ GHV &RQQXELXPV +DXV XQG )DPLOLHQJHVHW]H >«@ )DPLOLHQSODQXQJJHQHUDWLYHV9HUKDOWHQVRZLH6R]LDOLVDWLRQVIRUPHQXQG0HQWDOL WlWVVWUXNWXUHQ ]XU 6LFKHUXQJ LQQHUIDPLOLDOHU XQG JUXSSHQVSH]LILVFKHU .RKlVLRQ /R\DOLWlW 2SIHUEHUHLWVFKDIW .RQIOLNWUHJHOXQJ $KQHQJDOHULHQ 6WDPPElXPH :DSSHQ)DPLOLHQFKURQLNHQ)DPLOLHQWDJH)DPLOLHQWUDGLWLRQHQXVZ 

²²²²²²²²²²²²²    

:LHQIRUW0RGHUQH6 6LPPHO([NXUV6=LWDWH6XQG6 9JO:LHQIRUW0RGHUQH6XQG6 .DXWVN\ -RKQ + Å)XQNWLRQHQ XQG :HUWH GHV $GHOV´ LQ +RKHQGDKO/W]HOHU +UVJ  /HJLWLPDWLRQVNULVHQ6KLHU6  :DVVRQQHQQWÅDFROOHFWLYHVHWRIYDOXHV>«@VKDUHGE\DULVWRFUDWVDVHQVHRIH[FOXVLYLW\ SHFXOLDUQRWLRQVRIKRQRURIEHLQJWKHVROHEHDUHUVRIKLJKFXOWXUHDQGFLYLOL]DWLRQRIEH LQJWKHJXDUGLDQVRIWKHJHQHUDOLQWHUHVW>@6RPHRIWKHVHFRQFHSWLRQVVXFKDVDVWURQJ VHQVHRIKRQRUFRXOGEHIRXQGLQRWKHUJURXSVLQVRFLHW\+RZHYHUDULVWRFUDWVDVVRFLDWHG WKLVFKDUDFWHULVWLFZLWKDSRZHUIXOO\GHYHORSHGDWWDFKPHQWWRIDPLO\DQGOLQHDJH´ :DVVRQ $ULVWRFUDF\6   %UDXQ 5XGROI Å.RQ]HSWLRQHOOH %HPHUNXQJHQ ]XP 2EHQEOHLEHQ $GHO LP  -DKUKXQ GHUW´LQ+DQV8OULFK:HKOHU +UVJ (XURSlLVFKHU$GHO*|WWLQJHQ6 KLHU6 *HVFKLFKWHXQG*HVHOOVFKDIW6RQGHUKHIW 

 

.DSLWHO

 (LQIOXVVUHLFK VLQG GLH 0HUNPDOVNDWDORJH LQ PHQWDOLWlWVJHVFKLFKWOLFKHU $EVLFKWGLH2WWR*HUKDUG2H[OHXQG*HUKDUG'LOFKHU]XVDPPHQJHVWHOOW KDEHQ 2H[OH VFKUHLEW GHP $GHO X D GLH ÅhEHU]HXJXQJ YRQ GHU 9HUHU EXQJHLQPDOHUZRUEHQHU(LJHQVFKDIWHQ´]XHUJHKWEHLGHU5HNRQVWUXNWL RQ GHU 0HQWDOLWlW ELV LQ GDV IUKH 0LWWHODOWHU ]XUFN XQG QHQQW (LJHQ VFKDIWHQ ZLH Å+RFKJHPXWKHLW´ Å6HOEVWJHZL‰KHLW´ ÅFRQVWDQWLD´ XQG ÅDXGDFLD´ Å0l‰LJXQJ´ Å=XJHZDQGWKHLW ]X DQGHUHQ´XQG Å)HVWLJNHLW LP *HJHQVDW] ]X bQJVWOLFKNHLW XQG 9HU]DJWKHLW´ =XU WUDQV]HQGHQWHQ %H JUQGXQJGHV$GHOVDOV6WDQG]lKOW2H[OHGLHPLWWHODOWHUOLFKHÅ)RUPXOLH UXQJ HLQHU $GHOVHWKLN´ XQG GDPLW HLQHV (U]LHKXQJVSURJUDPPV ZLH HV ]% *RWWIULHG YRQ 6WUD‰EXUJV 7ULVWDQEHUOLHIHUW 'LOFKHU QHQQW DXV YHU IDVVXQJVJHVFKLFKWOLFKHU 6LFKW HUVWHQV *HVFKOHFKW )DPLOLH +DXV DOV *UXQGODJH ]ZHLWHQV GLH +HUUVFKDIW EHU /DQG XQG /HXWH GULWWHQV GLH 7HLOKDEH DQ GHU ]HQWUDOHQ +HUUVFKDIW XQG YLHUWHQV GLH HQJH 9HUELQGXQJ ]XU.LUFKH'LH3XQNWH]ZHLELVYLHUYHUOLHUHQVFKRQLPXQGVSlWHV WHQVLP/DXIHGHV-DKUKXQGHUWVDQ6WLFKKDOWLJNHLW :DOWHU 'HPHO XQWHUVFKHLGHW LQ VHLQHU (LQIKUXQJ LQ GLH *HVFKLFKWH GHV $GHOV ]ZLVFKHQ Å'HQNIRUP´ XQG ÅVR]LDOH>U@ 5HDOLWlW´ GLIIHUHQ]LHUW DOVR ]ZLVFKHQ 'LVNXUVLYLHUXQJ XQG HLQHU YRUJHEOLFK QRFK GLHVVHLWV GHU 'LVNXUVHHLQKROEDUHQVR]LDOHQ:LUNOLFKNHLWPDFKWDEHUJOHLFK]HLWLJQROHQV YROHQV LQ VHLQHU 'DUVWHOOXQJ DXI GLH 8QGHXWOLFKNHLW GHU *UHQ]H ]ZLVFKHQ EHLGHP DXIPHUNVDP PLQGHVWHQV GDUDXI GDVV VR]LDOH 5HDOLWlWHQ XQG 'HQNIRUPHQ JHUDGHLQ LKUHU MH UHODWLYHQ 'LVNRQWLQXLWlW DXFK DXIHLQDQGHU DQJHZLHVHQ XQG YRQHLQDQGHU DEKlQJLJ VLQG =XU Ä'HQNIRUP¶ JHK|UHQ GHPQDFKXDHLQKRPRJHQHVHOLWlUHV6HOEVWYHUVWlQGQLVHLQÅZUGHYROOHU PRUDOLVFKHUXQGVR]LDOHU+DELWXV´Ä5HSUlVHQWDWLRQ¶DOV/HEHQVKDOWXQJXQG 9HUSIOLFKWXQJ VFKOLH‰OLFK HLQH 6HOEVWNRQVWLWXWLRQ GXUFK NROOHNWLYH *H GlFKWQLVELOGXQJGLH)DPLOLH+DXVXQG*HVFKOHFKWELVKLQ]XP(U]lKOHQ YRQ8UVSUXQJVP\WKHQXPIDVVW ²²²²²²²²²²²²²

 2H[OH2WWR*HUKDUGÅ$VSHNWHGHU*HVFKLFKWHGHV$GHOVLP0LWWHODOWHUXQGLQGHU)UKHQ 1HX]HLW´LQ:HKOHU +UVJ (XURSlLVFKHU$GHO6KLHU6  (EG6  9JO'LOFKHU*HUKDUGÅ'HUDOWHXURSlLVFKH$GHO²HLQYHUIDVVXQJVJHVFKLFKWOLFKHU7\SXV"´ LQ:HKOHU +UVJ (XURSlLVFKHU$GHO6KLHU6  9JO 'HPHO :DOWHU 'HUHXURSlLVFKH$GHO9RP0LWWHODOWHUELV]XU*HJHQZDUW 0QFKHQ  6I EVU ²'HPHOXQWHUVFKHLGHWKLHUYRQ]%(OLWHQNULWHULHQIUGHQPLWWHODOWHU OLFKHQ $GHO ZR]X SROLWLVFKH 0DFKW XQG PLOLWlULVFKH 'RPLQDQ] JHK|UWHQ 0HUNPDOH GLH GHU$GHOEHUHLWVLQGHU)UKHQ1HX]HLWHLQE‰WH ZHLWHUKLQ|NRQRPLVFKHVR]LDOHXQGNXO WXUHOOH'RPLQDQ]²DXFKOHW]WHUHJHKWWHLOVLP-DKUKXQGHUWYHUORUHQ(LQ9HUKDOWHQVFR GH[ VFKOLH‰W YRU DOOHP GLH K|ILVFKHQ 7XJHQGHQ HLQGLH XQV DXVGHU ULWWHUOLFKHQ (SLN GHV 0LWWHODOWHUV YHUWUDXW VLQG DOVR 9RUVFKULIWHQ IU .OHLGXQJ .|USHUKDOWXQJ *HVWLN (VVNXO WXUK|ILVFKH6SLHOH7lQ]H-DJGHQGD]XHWKLVFKH1RUPHQZLH%HVWlQGLJNHLW(OHJDQ]0l ‰LJXQJ)UHLJHELJNHLWXQGGLHQHQGHV&KULVWHQWXP (EG6XQG6 'LHVH.DWDORJH GLH ELVKHU YRQ GHU )RUVFKXQJ QRFK QLFKW PLW GHQ KDELWXHOOHQ 0HUNPDOHQ GHV PRGHUQHQ





$GHOXQG$GHOVVHPDQWLNXP





+HLQ] 5HLI OLVWHW EHU]HLWOLFK JOWLJH .HUQH GHU DGHOLJHQ WlW´ DXI EHL GHU YRQ YRUQKHUHLQ PLW UHJLRQDOHQ XQG HSRFKDOHQ 8QWHU VFKLHGHQ XQG PLW 9HUlQGHUXQJHQ JHUHFKQHW ZHUGHQ VROOWH 5HLI VSULFKW YRQHLQHPYRUGHU0RGHUQHHQWVWDQGHQHQÄ6XEVWUDW¶GDVQDFKGHUHLJHQW OLFKHQ$XIO|VXQJGHV$GHOVDOV6WDQGLQGHU=HLWYRQXQGDOV DGHOLJH ,GHQWLWlW ZHLWHUEHVWDQGHQ KDEH ² XQG ]XGHP DQ %HGHXWXQJ JH ZRQQHQKDWGHQQGLHIROJHQGHQÄLQIRUPHOOHQ¶0HUNPDOHKlWWHQGHQ$GHO VHLWGHPDOOHLQDXVJHPDFKW8QJOHLFKKHLW(KUH)DPLOLH(LQKHLWYRQ+HUU VFKDIWVIlKLJNHLW XQG 'LHQVWSIOLFKW HLQH JDQ]KHLWOLFKH /HEHQVIRUP %R GHQEHVLW]XQG%RGHQELQGXQJ (LQDXVJHVSURFKHQ]HQWUDOHVVRZHLWLFKVHKHDEHUMHGHQIDOOVIUGDV -DKUKXQGHUWVRQVWNDXPHUIRUVFKWHVP|JOLFKHV%HVFKUHLEXQJVNRQ]HSWLVW GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ DGHOLJHU .|USHUNXOWXU XQG EUJHUOLFKHU 6SUDFKNXOWXU GLH $QJHOLND /LQNH LQ YRUZLHJHQG VSUDFKJHVFKLFKWOLFKHU $EVLFKWYRUJHQRPPHQKDW$GHOLJH%HQLPPEFKHUVRZLHHLQ/RQJVHOOHU ZLH %DOGDVVDUH &DVWLJOLRQHV &RUWHJLDQR OHJHQ :HUW DXI GLH $XVELOGXQJ lX ‰HUOLFKVLFKWEDUHUVRPLWXDN|USHUOLFKHU9RU]JHZR]XHWZDGDV,GHDO GHU ÅJUD]LD´ ]lKOW (QWVSUHFKHQG VFKOLH‰W DGHOLJH (U]LHKXQJ ELV LQV  -DKUKXQGHUW KLQHLQ HKHU .|USHUHU]LHKXQJ XQG DXI NQIWLJHV +DQGHOQ JHULFKWHWH$XVELOGXQJHLQDOVHLQHWKHRULHODVWLJHÄ%LOGXQJ¶Å'LH)HVWLJNHLW GHVÄ&KDUDNWHUV¶GLH6LFKHUKHLWGHV$XIWUHWHQVGDQHEHQDXFKUHLQN|USHU OLFKH4XDOLWlWHQZLHGDVVSULFKZ|UWOLFKH*DUGHPD‰N|USHUOLFKH=lKLJNHLW E]Z6FKQHLGLJNHLWJDOWHQKLHUPHKUDOV:LVVHQXQG%LOGXQJ´ (FNDUW&RQ]HQHQQWLQVHLQHU0RQRJUDSKLHEHUHLQHGHXWVFKHDGHOLJH )DPLOLHLP-DKUKXQGHUW]XVSLW]HQGÅPHQWDOH(LQVWHOOXQJHQXQGNXOWX UHOOH 'HXWXQJVPXVWHU´ GLH YRU DOOHP XP ]ZHL PLWHLQDQGHU YHUEXQGHQH $FKVHQNUHLVHQQlPOLFKÄ)DPLOLH¶XQGÄ*UXQGEHVLW]¶ZRPLWEHUHLWVYRU YHUZLHVHQLVWDXIHLQH]ZHLIDFKH&RGLHUXQJDGHOLJHU6HPDQWLN,GHQWLWlWV IUDJHQEHVFKUHLEHQHLQH]HLWOLFKHXQGHLQHUlXPOLFKH'LPHQVLRQXQGEH VLW]HQ GD HV GHP $GHO VWHWV XP *UHQ]H XQG 'LVWLQNWLRQ JHKHQ PXVV ]XPDO LP VR]LRNXOWXUHOOHQ .RQNXUUHQ]NDPSI GHU 0RGHUQH VWHWV HLQH ²²²²²²²²²²²²²

 

 

$GHOV NRQIURQWLHUW ZXUGHQ JHOWHQ DEHU JDQ] RIIHQNXQGLJ QLFKW XQJHEURFKHQ IUGLH=HLW XPZHLWHUREJOHLFKZLHZLUVHKHQZHUGHQGDVVHPDQWLVFKH0HUNPDOÄULWWHUOLFK¶DXV JHUHFKQHWLQGHU/LWHUDWXUZLHGHUDNWXDOLVLHUWZLUG 5HLIV 7KHVHQSDSLHU ZLUG UHIHULHUW QDFK 0DUEXUJ 6LONH0DW]HUDWK -RVHI Å=XU $GHOVJH VFKLFKWHGHVXQG-DKUKXQGHUWV´LQGLHV +UVJ 0RGHUQH6KLHU6 9JO /LQNH $QJHOLND 6SUDFKNXOWXUXQG%UJHUWXP=XU0HQWDOLWlWVJHVFKLFKWHGHV-DKUKXQGHUWV 6WXWWJDUW:HLPDU  VRZLH GLHV Å'DV 8QEHVFKUHLEOLFKH =XU 6R]LDOVHPLRWLN DGHOLJHQ .|USHUYHUKDOWHQV LP XQG -DKUKXQGHUW´ LQ &RQ]H:LHQIRUW +UVJ $GHOXQG0R GHUQH6 )XQFN 0DUFXV0DOLQRZVNL 6WHSKDQ ÄÅ&KDUDNWHU LVW DOOHV¶ (U]LHKXQJVLGHDOH XQG (U]LH KXQJVSUDNWLNHQ LQ GHXWVFKHQ $GHOVIDPLOLHQ GHV  XQG  -DKUKXQGHUWV´ LQ -DKUEXFKIU +LVWRULVFKH%LOGXQJVIRUVFKXQJ6 &RQ]H9RQGHXWVFKHP$GHO6

 

.DSLWHO

 MXULVWLVFKH 'HQRWDWLRQ)DPLOLH XQG %RGHQEHVLW] EHVWLPPHQ VR &RQ]H GDV+DQGHOQREEHLSROLWLVFKHQ3RVLWLRQVQDKPHQZLUWVFKDIWOLFKHQ$NWLYL WlWHQRGHUVR]LRNXOWXUHOOHQ9HUKDOWHQVZHLVHQLP.RQWH[WYRQ(KH(U]LH KXQJXQG3IOHJHGHU)DPLOLHQWUDGLWLRQ bKQOLFK JHKW 6WHSKDQ 0DOLQRZVNL YRQ HLQHU 5HLKH YRQ NRQVWDQWHQ (OHPHQWHQGHVDGHOLJHQÅ+DELWXV´DXV=XÅ)DPLOLH´]lKOWHUDGHOVVSH]LIL VFKH 0HPRULDOWHFKQLNHQ XQG REMHNWH ZLH 6WDPPElXPH $KQHQJDOHULHQ )DPLOLHQDUFKLYH :DSSHQ )DPLOLHQJUlEHU XQG )DPLOLHQJHVFKLFKWHQ ZHL WHUKLQ /DQGELQGXQJ XQG *UR‰VWDGWIHUQH GLH %HYRU]XJXQJ YRQ Ä&KDUDN WHU¶ YRU Ä%LOGXQJ¶ HLQHQ .XOW XQG HLQH .XOWXU GHU .DUJKHLW VRZLH Ä+HUU VFKDIW XQG Ä)KUHUWXP¶  7URW] GHU VR]LDOHQ +HWHURJHQLWlW GHV $GHOV HUNHQQW DXFK 0DOLQRZVNL HLQ Å5HVHUYRLU DQ 7UDGLWLRQHQ (LQVWHOOXQJHQ XQG ,GHDOHQ GDV HKHU GXUFK VHLQH +RPRJHQLWlW DOV GXUFK VHLQH 9LHOIDOW DXIIlOOW´  'LHV IKUW LKQ ]X GHU 6FKOXVVIROJHUXQJ GDVV HWZD GLH *H VFKLFKWH GHV GHXWVFKHQ $GHOV QDFK  GLH ]HUEURFKHQHQ SROLWLVFKHQ XQG VR]LDOHQ 6WUXNWXUHQ ]ZDU QLFKW YHUQDFKOlVVLJW ZHUGHQ GUIWHQ GHU +LQWHUJUXQG GHV UHODWLY KRPRJHQHQ +DELWXV DEHU EOHLEH (LQH Å5HNRQV WUXNWLRQYRQ6WDWLNXQG'\QDPLNGHUDGOLJHQ/HLWELOGHU´EHUFNVLFKWLJW GDVVJHUDGHGHU$GHOQDFKÅVWlUNHUDOVMH]XYRULQVHLQHUODQJHQ*H VFKLFKWHDOVHLQ/HEHQVXQG.XOWXUPRGHOOEHWUDFKWHWZHUGHQ´PVVH-H PHKUVLFKGHU$GHOVKLVWRULNHUGHU*HJHQZDUWQlKHUWGHVWRZHQLJHUVWLFK KDOWLJLVWHLQHQXUVWUXNWXURGHUJDUHUHLJQLVJHVFKLFKWOLFKH$QDO\VH 6HOWHQH[SOL]LHUWGDZRKOVWHWVIUVHOEVWYHUVWlQGOLFKJHKDOWHQZLUGHLQ 3ULPDWGHU)RUPGLHYRUDOOHPLPK|ILVFKHQ.RQWH[WZRHVXP5HSUl VHQWDWLRQRGHUJDUXP=HUHPRQLHOOJHKWHLQHLQVLFKVWLPPLJH*UDPPDWLN ELOGHW XQG GLH .ULWLNHU GHV $GHOV DOV EHGHXWXQJVOHHU EHZHUWHWHQ +HLQ] 5HLIJLEWLQVHLQHP%XFKEHUGHQZHVWIlOLVFKHQ$GHOLPXQG-DKU KXQGHUW HLQ%HLVSLHO GDIUZLH GHU .XOW GHU )RUP LQGLH (U]LHKXQJ HLQ JHKW DQ HLQHP IU GLH +DELWXVELOGXQJ HLQVFKQHLGHQGHQ .UHX]XQJVSXQNW GHU 'LVNXUVH GHU LQ VHLQHU $OOWlJOLFKNHLW YRQ GHQ =|JOLQJHQ ZRKO RKQH ZHLWHUH 5HIOH[LRQHQ EHU GLH 0HWKRGH GXUFKVFKULWWHQ ZXUGH 'LH *H GlFKWQLVVFKXOXQJ IDQG ]X %HJLQQ GHV /DWHLQXQWHUULFKWV GHUJHVWDOW VWDWW GDVVPDQÅGLH*UDPPDWLNDOV/HHUIRUPGXUFK$XVZHQGLJOHUQHQYRQ5H JHOQ XQG GHUHQ :LHGHUKROXQJ´ HLQ]XEHQ KDWWH HKH PDQ ]X Å,QKDO WHQ´YRUDQVFKULWW3lGDJRJLVFKJHZROOWZDUGLH(LQEXQJHLQHV/HUQSULQ ²²²²²²²²²²²²²

 Å'LH DXVJHVSURFKHQHQ RGHU XQDXVJHVSURFKHQHQ 9HUKDOWHQVPD‰UHJHOQ >«@ ]LHOWHQ DXI VR]LDOH'LVWLQNWLRQ´ &RQ]H7RWJHVDJWH6I   9JOHEG6  9JO0DOLQRZVNL.|QLJ6II6  (EG6  (EG  (EG6



$GHOXQG$GHOVVHPDQWLNXP





 ]LSV GDV GHP 6FKXW] HLQHU GHU REHUVWHQ 1RUPHQ GLHQWH QlPOLFK GHP (UKDOWGHUJHQHDORJLVFKHQ2UGQXQJÅ'DV.LQGYHULQQHUOLFKWHGXUFKGLHVH 6FKXOXQJDQOHHUHQ)RUPHQGLH'RPLQDQ]GHUYRQDX‰HQJHVHW]WHQ5HJHO JHJHQEHUGHQ,QKDOWHQVRZLHGLH5HJHOQGHU)DPLOLHQRUGQXQJJHJHQ EHUVHLQHQHLJHQHQ%HGUIQLVVHQLP9RUGHUJUXQGVWDQGHQ´ 'HPDGHOLJHQ+DELWXVNRPPWQLFKWV(VVHQWLHOOHV]XHVLVWDXFKGDU DXIKLQ]XZHLVHQGDVV]XPLQGHVWVHLWHQVDGHOLJHU*UXSSHQVHOEVWHLQ,QWHU HVVH GHU 7UDGLWLRQVHUILQGXQJ ]XP =ZHFN GHV Å2EHQEOHLEHQV´ :HUQHU 6RPEDUW ]XYHU]HLFKQHQLVW(LQDGHOLJHV3URJUDPPGHU5HLQYHQWLRQYRQ $GHOVNXOWXU NDQQ VLFK DEHU DXFK DQ GLH JHVDPWH gIIHQWOLFKNHLW ZHQGHQ XQGN|QQWHLP6\PEROV\VWHP/LWHUDWXUHLQHQ$QKDOWVSXQNWILQGHQ+HLQ] 5HLIGD]X 8QWHUVFKLHGOLFKH *UXSSHQ GHV $GHOV ]XP 7HLO DEHU DXFK GHV%UJHUWXPV  YHU VXFKWHQDXVGHPXPIDVVHQGHQDOWHXURSlLVFKHQ$GHOVHUEHGXUFKHLQH]HLWJHPl‰H VHOHNWLYH 5HLQYHQWLRQ GHVVHQ ZDV $GHO HLJHQWOLFK LVW HLQ NXOWXUHOOHV 6HOEVWYHU VWlQGQLVXQG+DQGOXQJVPXVWHU]XHUDUEHLWHQZHOFKHGHQVHKUXQWHUVFKLHGOLFKHQ $GHOVJUXSSHQ LQ 'HXWVFKODQG HLQH >«@ (LQKHLW YHUOLHKHQ =XJOHLFK VROOWH GLHVH :LHGHUHUILQGXQJ GHV $GHOV GHVVHQ =XJHK|ULJNHLW ]XP (OLWHQUHVHUYRLU QHX EH JUQGHQ

*XQWHU+HLQLFNHOZLUGQRFKGHXWOLFKHUKHEWDEHURIIHQEDUEHVRQGHUVDXI SXEOL]LVWLVFKH7H[WHDEÅÄ$GHOLJNHLW¶ZLUGDOVRHLJHQWOLFKHUVWGXUFK5HIOH [LRQHQZLHVLH]%LQGHQ$GHOVUHIRUPNRQ]HSWHQDQJHVWHOOWZHUGHQJH VFKDIIHQ´ %HWHLOLJW DQ GHU (QWZLFNOXQJ YRQ (ULQQHUXQJVPXVWHUQ VHLHQ $GHOLJHXQG%UJHUOLFKHJOHLFKHUPD‰HQ=XU%HREDFKWXQJGHVNRQVWUXN WLYHQ&KDUDNWHUVDGHOLJHUNXOWXUHOOHU6HOEVWV\PEROLVLHUXQJJHVHOOWHVLFKGLH 7KHVHGLHÅ0HLVWHUGHU6LFKWEDUNHLW´ +HLQ]5HLI VHLHQDXFKÅ0DVWHUVRI 0HPRU\´ (LQ QLFKW JHULQJHU $QWHLO DGHOLJHU .XOWXU QLFKW QXU GLH YRQ 0DUFXV )XQFN XQG 6WHSKDQ 0DOLQRZVNL XQWHUVXFKWHQ $XWRELRJUDSKLHQ VHLVWDQGHVE]ZJUXSSHQVSH]LILVFKH0HPRULDONXOWXU%LVKHUNDXPUHDOL VLHUW LVW HLQ GRFK QRWZHQGLJHU PHGLHQNULWLVFKHU XQG DQDO\WLVFKHU 5HNXUV DXIGLH0LNURHEHQHDOVRGDVDOOWlJOLFKH+DQGHOQPLWDOOVHLQHQVHPLRWLVFK UHOHYDQWHQ %HVWDQGWHLOHQ ² $QJHOLND /LQNHV hEHUOHJXQJHQ ZlUHQ KLHU ]X QHQQHQHLQHQHUVWHQ+LQZHLVJLEWDEHUDXFK+DQV8OULFK:HKOHUÅ(LQH +LHUDUFKLH DXVJHNOJHOWHU V\PEROLVFKHU :HUWH JDE MHGHU QXU GHQNEDUHQ ²²²²²²²²²²²²²

 5HLI+HLQ]:HVWIlOLVFKHU$GHO6  5HLIÅ(LQOHLWXQJ´LQ5HLI +UVJ $GHOXQG%UJHUWXP6  +HLQLFNHO *XQWHU Å$GHOVLGHQWLWlW QDFK GHU 6WlQGHJHVHOOVFKDIW 'HU SUHX‰LVFKH $GHO LQ DGHOVSROLWLVFKHQ %LOGHUQ XQG 9RUVFKOlJHQ XP ´ LQ 5HLI +UVJ  $GHOXQG%UJHUWXP 6KLHU6  )XQFN0DUFXV0DOLQRZVNL6WHSKDQÅ0DVWHUVRI0HPRU\7KH6WUDWHJLF8VHRI$XWRELR JUDSKLFDO0HPRU\E\WKH*HUPDQ1RELOLW\´LQ$ODLQ&RQILQR3HWHU)ULW]VFKH +UVJ 7KH :RUN RI 0HPRU\ 1HZ 'LUHFWLRQV LQ WKH 6WXG\ RI *HUPDQ 6RFLHW\ DQG &XOWXUH 8UEDQD&KLFDJR 6

 

.DSLWHO

 6LWXDWLRQLKUHLJHQWPOLFKHV*HSUlJH´'HU$GHOLVWGHPQDFKQLFKWQXU HLQHVR]LDOH*UXSSHGHUÄ6LFKWEDUNHLW¶RGHUGHU6LFKWEDUPDFKXQJVRQGHUQ DXFKGLHHLQHUNRPSOH[HQ=HLFKHQVSUDFKHÄ:HUWH¶ODVVHQVLFKLP+DQGHOQ REMHNWLYLHUHQ GLHV VFKOLH‰W DEHU 6SUHFKZHLVH 0LPLN *HVWLN 7DQ] XQG .OHLGXQJHLQGD]XNRPPHQGLHYRQPHQVFKOLFKHP+DQGHOQXQDEKlQJL JHQ=HLFKHQWUlJHUDGHOLJHU.XOWXULQGHQ%HUHLFKHQ$UFKLWHNWXU0RELOLDU :DSSHQ*HPlOGH.XQVWKDQGZHUNHWF 6HW]WPDQEHLPDGHOLJHQ+DELWXVDQZLHHUVLFKDXV3LHUUH%RXUGLHXV 7H[WHQHKHUPLWWHOEDUEHVVHUGDQQDXV0RQLTXHGH6DLQW0DUWLQVGDUDXV KHUYRUJHKHQGHP %XFK EHU GHQ IUDQ]|VLVFKHQ $GHO GHU *HJHQZDUW EH VFKUHLEHQ OlVVW GDQQ UHVXOWLHUHQ GDUDXV IROJHQGH )UDJHVWHOOXQJHQ DQ GLH $GHOVNXOWXUGLHJOHLFK]HLWLJDOV.RRUGLQDWHQHLQHVDGHOLJHQ+DELWXVDXI]X IDVVHQVLQGJHQHUHOOGLHQDFKIDPLOLDOHQXQGG\QDVWLVFKHQ,QV]HQLHUXQJHQ GLH QDFK 7LWHOQ 1DPHQ .ODVVLILNDWLRQHQ GLHMHQLJHQ QDFK *HQHDORJLHQ XQG=HLWXQG5DXPNRUUHODWHQGLHÅ9HURUWXQJYRQ5DXPXQG*HVFKLFK WH´   GLH QDFK GHP .RPSOH[ GHU 8QHLJHQQW]LJNHLW DOVR HLQHV Ä$XI VFKXEV¶ GHV (UZHUEV |NRQRPLVFKHQ .DSLWDOV XP GHV 3ULPDWV V\PEROL VFKHQ.DSLWDOVZLOOHQ 6SRUW&DULWDV GLHQDFK(KHVFKOLH‰XQJVVWUDWHJLHQ QDFK(U]LHKXQJVSUDNWLNHQ LQSXQFWR3UD[LVEH]XJXQGLQSXQFWRVR]LDOHU 'LQVWLQNWLRQYRUDOOHP VFKOLH‰OLFKGLHQDFKGHU2EMHNWLYLHUXQJYRQ*H GlFKWQLVVWUDWHJLHQ $KQHQJDOHULH*HGHQNWDIHO)ULHGKRI6FKORVVXD  1HEHQ GLH %HREDFKWXQJ GHV .RQVWUXNWLYHQ PXVV ZLH 0DOLQRZVNLV 9RUJHKHQ HWZD ]HLJWH GLH (UIRUVFKXQJ GHV 7UDQVIRUPDWLRQVSRWHQWLDOV WUHWHQ GLH GHP QXU VFKHLQEDU NRQVWDQW%OHLEHQGHQ WDWVlFKOLFK GRFK HQW VSULFKW(ZDOG)ULHYHUKlOWVLFKJHJHQEHUHLQHUP|JOLFKHQ,QYDULDQ]KDEL WXHOOHU0HUNPDOHVNHSWLVFK(UVWGHUDXVGHQ.lPSIHQXPYRUOlXILJ JHVWlUNW KHUYRUJHKHQGH GHXWVFKH $GHO HQWZLFNOH Ä$GHOLJNHLW¶ GD DXV GHQ SROLWLVFKHQ )L[LHUXQJHQ GHVVHQ ZDV Ä$GHO¶ VHL XQG ZHOFKH )XQNWLRQ HU KDEH HUVW HLQH DXFK NXOWXUHOOH +RPRJHQLVLHUXQJ HLQHV ELVKHULJHQ Ä6WDQ GHV¶ UHVXOWLHUH $JUDUUHIRUP UHFKWOLFKH $QJOHLFKXQJ 'HUHJLRQDOLVLHUXQJ XQGGLH*UQGXQJDGHOLJHU6DPPOXQJVEHZHJXQJHQELVKLQ]XLQQHUDGHOL JHQ9HUHLQVVWUXNWXUHQEH]HLFKQHQGLH9RUDXVVHW]XQJHQGLHVHU+RPRJHQL VLHUXQJ$OOHUGLQJV YHUWULWW )ULH GLH 7KHVH DXVJHUHFKQHW XQVHU 8QWHUVX FKXQJV]HLWUDXP  VHL GLH Å=HLW GHU JU|‰WHQ $QQlKHUXQJ YHUVFKLHGHQHU $GHOVJUXSSHQ DQ EUJHUOLFKH :HUWH´  ZLH .OHLQIDPLOLH ²²²²²²²²²²²²²  :HKOHU +DQV8OULFK 'HXWVFKH *HVHOOVFKDIWVJHVFKLFKWH9RP )HXGDOLVPXV GHV $OWHQ 5HLFKHV ELV]XU'HIHQVLYHQ0RGHUQLVLHUXQJGHU5HIRUPlUD%G0QFKHQ6  6DLQW 0DUWLQ 0RQLTXH GH 'HU $GHO 6R]LRORJLH HLQHV 6WDQGHV .RQVWDQ]   pGLWLRQ GLVFRXUV  =XHUVWIU]XQWHUGHP7LWHO/¶(VSDFHGHOD1REOHVVH 6  )ULH (ZDOG Å$GHO XQG EUJHUOLFKH :HUWH LQ +DQV:HUQHU +DKQ XD +UVJ  %UJHUOLFKH :HUWH XP  (QWZXUI ² 9HUPLWWOXQJ ² 5H]HSWLRQ .|OQ:HLPDU:LHQ  6  KLHU6XQG  (EG6



$GHOXQG$GHOVVHPDQWLNXP





 ZLUWVFKDIWOLFKH 6HOEVWVWlQGLJNHLW %HUXIVWlWLJNHLW ² HKH ZLH VFKRQ DQJH VSURFKHQGHU(OLWHQNRPSURPLVVLQ'HXWVFKODQGDOVJHVFKHLWHUWJHOWHQGDUI /DXW &RQ]H XQG :LHQIRUW LVW IU GDV  XQG  -DKUKXQGHUW GLH Å9HUlQGHUOLFKNHLW DGHOLJHU +DELWXVIRUPHQ XQG DGHOLJHU 6HOEVWVWLOLVLHUXQJ YRQ EHVRQGHUHP ,QWHUHVVH´$OV )RUVFKXQJVGHVLGHUDW HLQHU KLVWRULVFKHQ :HUWHIRUVFKXQJ HUNHQQW &RQ]H GHQ DGHOLJHQ Å:HUWHKRUL]RQW LQ VHLQHU KLVWRULVFKHQ $XVSUlJXQJ´  (UHLJQLVJHVFKLFKWOLFK VFKHLQW 5HLI GLHVHV 7UDQVIRUPDWLRQVSRWHQWLDO YRU DOOHP DQ ÅG\QDPLVLHUHQGHQ %HJHJQXQJHQ >«@]ZLVFKHQDGOLJHQXQGEUJHUOLFKHQ*UXSSHQDGOLJHUXQGEUJHUOLFKHU .XOWXU´ IHVWPDFKHQ ]X ZROOHQ JLEW DEHU GDEHL HLQH QLFKW XQSUREOHPDWL VFKH9RUDXVVHW]XQJ]XEHGHQNHQQlPOLFKÅHLQ:LVVHQEHUGDVYRUPR GHUQH 6XEVWUDW YRQ $GHO GDV GLHVHU LQ GHQ :DQGHO GHV -DKUKXQGHUWV HLQEUDFKWH HLQ :LVVHQ GDUEHU ZDV DGOLJH 0HQWDOLWlW ZLH +DELWXV QDFK GHP8PEUXFKXPHLJHQWOLFKQRFKZDU´:lKUHQGDOVRHLQHLQQHU DGHOLJH ,GHQWLWlW HUVW IU GLH 0RGHUQH HUZDUWHW ZLUG YHUPXWHW 5HLI HLQ YRUPRGHUQHV6XEVWUDWGHUÄ$GHOLJNHLW¶GDVLQGHU0RGHUQH9HUlQGHUXQJHQ HUIlKUW,QMHGHP)DOOWUDXWPDQGHU6FKZHOOHQ]HLWXP9HUlQGHUXQJV SRWHQWLDO]XGDEHLPXVVQLFKWEHUGLH)UDJHHLQHVHWZDLJHQ0HQWDOLWlWV ZDQGHOV JHVWULWWHQ ZHUGHQ (LQH NXOWXUDOLVWLVFK PRWLYLHUWHU %HREDFKWHU N|QQWH VLFK GDPLW EHJQJHQ GDVV GLH DOWH 6HPDQWLN LQ QHXH .RQWH[WH JHVWHOOWZLUG  

3ODQGHV%XFKHV

 $XV GLHVHQ 9RUEHUOHJXQJHQ HUJLEW VLFK GDV ZHLWHUH 8QWHUVXFKXQJVSUR JUDPP(VLVWGHU6FKULWWYRQGHUKLVWRULVFKHQ)RUVFKXQJ]XU3UDNWLNDELOL WlWYRQ7H[WOHNWUHQ]XYROO]LHKHQ/LWHUDULVFKH7H[WHVLQGOHJLWLPHUZHLVH DXIGDV]HLWJHQ|VVLVFKH:LVVHQYRP$GHORGHUGLH6HPDQWLNGHV$GHOVKLQ ]XEHIUDJHQGRFKLVWHLQH%HVRQGHUKHLWURPDQWLVFKHU/LWHUDWXU]XEHDFK WHQ GLH VWHWV HUIRUGHUW LKUH Ä5HIHUHQ]¶ GLH %HWUDFKWXQJ YRQ 7H[WHQ XQG .RQWH[WHQ  QRFK XQWHU PLQGHVWHQV HLQHP ZHLWHUHQ %HGHXWXQJVDVSHNW ]X DQDO\VLHUHQ QlPOLFK LKUH WUDQV]HQGHQWDOSRHWLVFKH 6HOEVWUHIOH[LYLWlW 'LH REHUVWH/HVHUHJHOODXWHWDOVRNHLQ5HIHULHUHQDXIGHQ$GHORKQH%HUFN VLFKWLJXQJGHUDXWRQRPLHlVWKHWLVFKHQ,PSOLNDWLRQHQGHV7H[WV Ä$GHO¶ LVW HLQH )RUPHO GHUHQ %ULVDQ] LQ SROLWLVFKHU OLWHUDWXU VR]LRORJLVFKHUXQGLQSRHWRORJLVFKHU+LQVLFKWIUGLH=HLWXPELVKHU XQWHUVFKlW]W ZLUG 6WHSKHQ*UHHQEODWWV =LUNXODWLRQVPHWDSKHU HULQQHUW DQ ²²²²²²²²²²²²²  &RQ]H:LHQIRUW +UVJ $GHOXQG0RGHUQH6  &RQ]H7RWJHVDJWH6  5HLI +HLQ] $GHO LP  XQG  -DKUKXQGHUW 0QFKHQ  6   (Q]\NORSlGLH GHXWVFKHU*HVFKLFKWH 

 

.DSLWHO

 GLH0LWWOHUIXQNWLRQGLHGHUVR]LDOHQ6FKLFKW$GHOVHLW0RQWHVTXLHX]XJH VFKULHEHQ ZLUG $OV HU SROLWLVFK EHUHLWV G\VIXQNWLRQDO ]X ZHUGHQEHJLQQW ZHUGHQLKPNRPSHQVDWRULVFKQHXH6FKOVVHOIXQNWLRQHQ]XWHLOÄ$GHO¶YHU PLWWHOW ]ZLVFKHQ Ä3RHWRORJLH¶ XQG Ä/HEHQVZLUNOLFKNHLW¶ ,P 6LQQ *UHHQ EODWWVN|QQWHPDQDXFKVDJHQ8PILQGHQEHUUDVFKHQGHUZHLVHQRFK HLQPDO LQWHQVLYH 9HUKDQGOXQJHQ ]ZLVFKHQ Ä/LWHUDWXU¶ XQG Ä$GHO¶ VWDWW ² JHQDXHUGHUDQHLQLJHUHNXUUHQWHVHPDQWLVFKH0HUNPDOHJHNQSIWHQ.XO WXUGHV$GHOV (KHDE.DSLWHOGLH6HPDQWLNGHU$GHOLJNHLWLQILNWLRQDOHQ7H[WHQLQ GHQ %OLFN JHQRPPHQ ZLUG JLOW HV ]ZHL ZLFKWLJH .RQWH[WEHUHLFKH ]X UH NRQVWUXLHUHQ]XQlFKVWLQ.DSLWHOGLHGLVNXUVLYH5HGHGHU5RPDQWLNHU RGHU LQ HQJHUHP 6LQQ GHU Ä3ROLWLVFKHQ 5RPDQWLN¶ %HZXVVW WUHQQH LFK QDFK 0|JOLFKNHLW GLH /HNWUH GHU GLVNXUVLYHQ 7H[WH GHUMHQLJHQ $XWRUHQ GHUHQILNWLRQDOH7H[WHHEHQIDOOVDXIGHP3URJUDPPVWHKHQ .DSLWHO  XQGGLH$QDO\VHLKUHUVR]LDOHQ/DXIEDKQHQGLHPLWDQGHUHQWKHRUHWLVFKHQ 3UlPLVVHQJHJHQ(QGHLQGHQ)RNXVUFNHQ .DSLWHO %HUHLWVGLH8Q WHUVXFKXQJ GHU SKLORVRSKLVFKHQ XQG SXEOL]LVWLVFKHQ 7H[WH ZLUG MHGRFK 4XHUYHUZHLVH ]XU URPDQWLVFKHQ 3RHWRORJLH KHUVWHOOHQ YRU DOOHP LQ GHU 6WDDWVWKHRULH $GDP 0OOHUV ,Q .DSLWHO  LVW PLW *RHWKHV :DKOYHU ZDQGWVFKDIWHQHLQZLFKWLJHUSRHWLVFKHU3UlWH[WIUGLHJUR‰HQURPDQWLVFKHQ $GHOVURPDQHHLQHU1HXOHNWUH]XXQWHU]LHKHQ 'LH VHPDQWLVFKHQ 0HUNPDOH *HQHDORJLH 5LWWHUVFKDIW 6SLHO XQG HLQH VSH]LILVFKH$Q|NRQRPLHVLQGKLVWRULVFKEHUNRPPHQH0RGHOOHDULVWRNUD WLVFKHU'LVWLQNWLRQXQG,QWHUHVVHORVLJNHLWXQGVWHKHQ]XJOHLFKLQ$QDORJLH ]X SRHWRORJLVFKHQ .ULWHULHQ GHU URPDQWLVFKHQ bVWKHWLN 'LH .DSLWHO PLW LKUHQH[HPSODULVFKHQ7H[WDQDO\VHQVLQGMHZHLOVHLQHP6HPGRPLQDQW]X JHRUGQHW GDV .DSLWHO ZLUG GDPLW ]XP .ULVWDOOLVDWLRQVSXQNW 'RFK ZLUG GHU*DQJGHU$UJXPHQWDWLRQLQGLHVHQ.DSLWHOQPRVDLNDUWLJHQ&KDUDNWHU JHZLQQHQ6HPH0RWLYHLQWHUWH[WXHOOHXQGSRHWRORJLVFKH%H]JHNHKUHQ MHLQPHKUHUHQEHKDQGHOWHQ7H[WHQZLHGHUVSLHJHOQHLQDQGHU0HLQ9RU JHKHQEDVLHUWDXIGHUhEHU]HXJXQJGDVVZLUXQVGHP7KHPDÄ.XOWXUSRH WLNGHV$GHOV¶LQLPPHUQHXHQ=XJULIIHQQlKHUQPVVHQGDEHLDXILPPHU QHXH4XHUYHUELQGXQJHQ]XDFKWHQKDEHQXQGVXN]HVVLYH]XHLQHUYHUGLFK WHQGHQ 5HNRQVWUXNWLRQ GHV :LVVHQVIHOGHV Ä$GHO XP ¶ JHODQJHQ 'HU 'LDORJ]ZLVFKHQGHQOLWHUDULVFKHQ7H[WHQVHOEVWDEHUDXFK]ZLVFKHQ7H[W XQGDOOWDJVVSUDFKOLFKHPRGHUlVWKHWLVFKHP.RQWH[WZLUGLQVHLQHQ0LNUR VWUXNWXUHQ ]X YHUIROJHQ VHLQ 0DQFKH 7H[WDQDO\VHQ IlQGHQ LQ PHKUHUHQ .DSLWHOQ LKUHQ3ODW] GDV LVW NDXP YHUZXQGHUOLFK GHQNW PDQ DQ QDKHOLH JHQGH VHPDQWLVFKH .RUUHVSRQGHQ]HQ ]ZLVFKHQ Ä6SLHO¶ XQG Ä5LWWHU WXP¶RGHU]ZLVFKHQÄ$Q|NRQRPLH¶XQGÄ6SLHO¶Ä$Q|NRQRPLH¶XQGÄ*HQHD ORJLH¶ ELOGHQ GHQ +LQWHUJUXQG GHU DGHOLJHQ 6XEVWUDWH %RGHQ XQG )DPLOLHQELQGXQJÄ6SLHO¶NDQQDXIGLH7UDGLWLRQGHV+RIPDQQHV]XUFNJH



$GHOXQG$GHOVVHPDQWLNXP





 IKUW ZHUGHQ Ä5LWWHUWXP¶ EH]HLFKQHW VFKOLH‰OLFK GLH HUVWH GLVWLQNW DXVJH SUlJWH6HPDQWLNGHV]ZLVFKHQ.ULHJXQG*HVDQJFKDQJLHUHQGHQDGHOLJHQ .lPSIHU7\SXVEHUKDXSW1LFKW]XIlOOLJDOVRILQGHQVLFKGLHVHYLHU7KH PHQKLHUNRQILJXULHUW²DXVJHKHQGYRQGHU3UlPLVVHGDVVGLHVHYLHU6HPH QRFKRGHUZLHGHUXPGRPLQDQWPLWGHP$GHOXQGVHLQHU.XOWXUYHU EXQGHQZHUGHQ 'LHVH0RGHOOHKDEHQGDVLVWVFKRQKLHU]XEHWRQHQPLWGHUHPSLUL VFKHQ:LUNOLFKNHLWGHU$GHOLJHQXPQLFKWLPPHUHWZDV]XWXQ7HQ GLHUWGLH/LWHUDWXUHEHQVRZLHGLHlOWHUHKLVWRULVFKH)RUVFKXQJHKHUGD]X $GHOXQG$Q|NRQRPLH]XYHUNRSSHOQKDWGLHQHXHUH)RUVFKXQJGDVLP PHUZLHGHUDXFKLQQRYDWLYH)LQDQ]JHEDUHQGHVHXURSlLVFKHQ$GHOVLP -DKUKXQGHUW EHWRQW(LQ 7RSRV GHU $GHOVNULWLN ZDU MHGRFK VSlWHVWHQV VHLW GHP IUKHQ  -DKUKXQGHUW GLH 1XW]ORVLJNHLW-HQVHLWV YRQ KLVWR ULVFKGDWLHUEDUHQXQGLP(LQ]HOQHQEHOHJEDUHQ%HKDXSWXQJHQILQGHQVLFK 3DXVFKDOWKHVHQYRQGHUDGHOLJHQ1HLJXQJ]XU9HUVFKZHQGXQJÅ>'@HUYRQ GHQ$ULVWRNUDWHQEHZX‰W]XU6FKDXJHVWHOOWHYHUVFKZHQGHULVFKH/HEHQVVWLO ZDU MHGRFK LQQHUKDOE VHLQHV KLVWRULVFKHQ .RQWH[WV NHLQHVZHJV LUUDWLRQDO RGHU EHGHXWXQJVOHHU´  8QG VR DQDFKURQLVWLVFK GDV Ä5LWWHUWXP¶ LP  -DKUKXQGHUWDXFKLVW²QRFKEHJUQGHWGHUNRQVHUYDWLYHSUHX‰LVFKH -XULVW XQG -RXUQDOLVW +HUUPDQQ :DJHQHU LQ HLQHP /H[LNRQDUWLNHO GLH (UKDOWXQJGHV*HEXUWVDGHOVPLWVHLQHUÅHFKWHQ5LWWHUOLFKNHLW´LP*HJHQ VDW]]XPÅVFKOHFKWH>Q@-XQNHUWXP´ Ä$GHO¶LVWNHLQEHOLHELJHVÄ7KHPD¶GHU/LWHUDWXUXPPLW+LOIHYRQ %RXUGLHXV%HJULIIGHVOLWHUDULVFKHQ)HOGHVVROOLQ7HLO,,,JH]HLJWZHUGHQ GDVVEHLHLQLJHQ5RPDQWLNHUQDOVR$NWHXUHQLPHQWVWHKHQGHQOLWHUDULVFKHQ )HOG]ZHLHUOHL]XVDPPHQWULIIWHLQDGHOLJHU+DELWXVGHULKUHVR]LDOH3UD[LV ]XPLQGHVW PLWEHVWLPPW XQG HLQH LQ %RXUGLHXV 6LQQ DULVWRNUDWLVFKH 6FKUHLEKDOWXQJNXU]JHIDVVW0DUNWDEOHKQXQJDQJHVLFKWVGHVEHUHLWVJHJH EHQHQ 3KlQRPHQV GHV PDUNWNRQIRUPHQ (UIROJVDXWRUV 'LH )HOGSUREOH PDWLNZLUGDQKDQGYRQ6NL]]HQVR]LDOHU/DXIEDKQHQHLQLJHUDGHOLJHU$X WRUHQ VRZLH GHV EUJHUOLFKHQ $XWRUV /XGZLJ 7LHFN HQWZLFNHOW /HW]WOLFK ]LHOWGLHVHUDEVFKOLH‰HQGH7HLODXIGLH)UDJHREGLHPLWHLQHPOLWHUDWXUZLV VHQVFKDIWOLFKHQ 7H[W.RQWH[W0RGHOO P|JOLFKHQ %HREDFKWXQJHQ YHUUH FKHQEDU VLQG PLW HLQHP NXOWXUVR]LRORJLVFKHQ ]XQlFKVW DOV HKHU WH[WIHUQ JHOWHQGHQ$QDO\VHPRGHOOZLHGHPGXUFK3LHUUH%RXUGLHXEHUHLWJHVWHOOWHQ ²²²²²²²²²²²²²

 9JO:DVVRQ$ULVWRFUDF\6  9JO&RQ]H$GHO6IVRZLHYRUDOOHPGLH$GHOVNULWLNGHU0RUDOLVFKHQ:RFKHQVFKULIWHQ 0DUWHQV:ROIJDQJ 'LH%RWVFKDIWGHU7XJHQG'LH$XINOlUXQJLP6SLHJHOGHUGHXWVFKHQ0RUDOLVFKHQ :RFKHQVFKULIWHQ6WXWWJDUW6  3RZLV-RQDWKDQ'HU$GHO3DGHUERUQ0QFKHQ6  :DJHQHU +HUPDQQ Å$GHO´ LQ 6WDDWV XQG *HVHOOVFKDIWVOH[LNRQ =LWLHUW QDFK &RQ]H $GHO 6

 



.DSLWHO

'LH$XVZDKOGHUÄ6HPH¶RULHQWLHUWVLFKDQGHUJHVFKLFKWVZLVVHQVFKDIW OLFKHQ$GHOVIRUVFKXQJVRGDQQDPYRUOLHJHQGHQ7H[WPDWHULDOKDXSWVlFK OLFKH[HPSODULVFKH(U]lKOXQG'UDPHQWH[WHGHU5RPDQWLN'LH7H[WDXV ZDKO RULHQWLHUW VLFK DP .DQRQLVFKHQ LQWHUWH[WXHOO (UJLHELJHQ 'LH $XVZDKO GHU $XWRUHQ OlVVWHLQHQ 6FKZHUSXQNW DXI VROFKHQ DGHOLJHU +HU NXQIWHUNHQQHQ=ZDUJHKWHVDXFKXP7H[WH)ULHGULFKXQG$XJXVW:LO KHOP6FKOHJHOVGRFKLQDXVIKUOLFKHUHQ$QDO\VHQVFKUHLEHLFKEHU7H[WH DQGHUHU $XWRUHQ 1RYDOLV $GDP 0OOHU .OHLVW )RXTXp $UQLP 7LHFN (LFKHQGRUII%UHQWDQR+RIIPDQQ'DVV.OHLVWLQGLHVHQGLVNXUVLYHQ=X VDPPHQKDQJJHK|UWYHUVWHKWVLFKYRQVHOEVW *UXQGOHJHQG LVW IU PHLQ 7H[WNRUSXV GDVV LQ ILNWLRQDOHQ 7H[WHQ HU NHQQEDUDGHOLJH3URWDJRQLVWHQDXIWUHWHQ²XQGGDVMHLP.DSLWHOEHKDQGHOWH 6HP GRUW HLQH ZLH PLUVFKHLQW NRQVWLWXWLYH5ROOH VSLHOW ,FK OHLWH GDUDXV GLH%HUHFKWLJXQJDELQV=HQWUXPPHLQHU.DSLWHO7H[WDQDO\VHQ]XVWHOOHQ GLH QDFK GHU 5HODWLRQ ]ZLVFKHQ DGHOLJHU 6HPDQWLN XQG 7H[WEHGHXWXQJ IUDJHQ,PhEULJHQEHNHQQHLFKPLFK]XU+HUPHQHXWLNP|FKWHDOVRGLH (QWGHFNXQJHQ DGHOLJHU 6HPDQWLN LP ILNWLRQDOHQ 7H[W IU GHVVHQ YHUVWH KHQGH/HNWUHIUXFKWEDUPDFKHQ 'LH Ä:DQGHUXQJ¶ GLHVHU 6HPDQWLN LQ GLH .XOWXU GHU NHLW¶RGHUJDULQGLH$QWKURSRORJLH]XYHUIROJHQLVWQLFKWPHLQH$EVLFKW 'LHÄ(KUH¶GLHXPVFKRQZHLWJHKHQGGLH(KUHGHVEUJHUOLFKHQ6XE MHNWVRGHUGLH(KUHGHV*HVFKOHFKWVLVWKDEHLFKGDKHUJHQDXVRDXVJHVSDUW ZLH GHQ Ä$GHO GHV *HLVWHV¶ GHU QRFK ]XP $ULVWRNUDWLVPXV GHV  -DKU KXQGHUWV ]X ]lKOHQ LVW *HZLVV EHUQDKP GDV %UJHUWXP (OHPHQWH GHU DGHOLJHQ 6HPDQWLN GHU :HUWH 9HUKDOWHQVZHLVHQ .OHLGHUFRGHV HWF GRFK ZXUGH GDEHL HWZDV 1HXHV GDUDXV GDV %UJHUWXP NUHROLVLHUWH GLHVH (OH PHQWH  VFKXI QHXH .RQWH[WH XQG %HGHXWXQJV]XZHLVXQJHQ (LQ QDFK URPDQWLVFKHU7\SXVZLHGHU'DQG\PXVVWHDX‰HQYRUEOHLEHQHEHQVRGLH ]HLWJOHLFK PLW GHQ VSlWHVWHQ 9HU|IIHQWOLFKXQJHQ GHU QRFK OHEHQGHQ 5R PDQWLNHUSXEOL]LHUWHQ7H[WHGHU9RUPlU]$XWRUHQ(LQH0RWLYJHVFKLFKWH GHV$GHOVLQGHU/LWHUDWXUXPLVWQLFKWEHDEVLFKWLJW $P$QIDQJVWDQGGLH%HREDFKWXQJHLQHU0DVVLHUXQJDGHOLJHQ3HUVR QDOV LQ GHU URPDQWLVFKHQ /LWHUDWXU ² DOOH ZHLWHUHQ hEHUOHJXQJHQ JLQJHQ YRQ GLHVHU $XIIlOOLJNHLW XQG YRP /LWHUDOVLQQ GHU 7H[WH DXV GRFK VWHWV DXFK YRQ GHU (LQVLFKW LQ GLH 3RO\VHPLH XQG (PSLULHIHUQH GHU URPDQWL VFKHQ /LWHUDWXU 'HU $XIEDX PHLQHU 6WXGLH VROO HLQH OHLFKWIHUWLJH 9HUPL VFKXQJ GHU 8QWHUVXFKXQJVHEHQHQ YHUPHLGHQ KHOIHQ 'DV 1DFKHLQDQGHU

²²²²²²²²²²²²²

 6R0DOLQRZVNL.|QLJ6



$GHOXQG$GHOVVHPDQWLNXP





 GHU.DSLWHOLPSOL]LHUWMHGRFKHLQHLGHDOH6\QFKURQLHGHU7H[WHXQG.RQ WH[WHDXFKGLHVH9RUDQQDKPHLVWGHP1HZ+LVWRULFLVPJHVFKXOGHW 9RUDXVVHW]XQJVUHLFKLVWGLHODQJHVFKRQNRQWURYHUVGLVNXWLHUWH7KHVH GLH 5RPDQWLN ELOGH LGHDOW\SLVFK HLQH (LQKHLWDQ GHU KLHU DXV KHXULVWL VFKHQ *UQGHQIHVWJHKDOWHQ ZLUG (UNHQQEDU LVW IUHLOLFK GDVVQDFK HLQHU IDVW XQLVRQR DUWLNXOLHUWHQ 9HUDEVFKLHGXQJ GHV $GHOVVWDQGHV LQ GHQ )UDJ PHQWHQ GHU )UKURPDQWLN ILNWLRQDOH (QWZUIH YRQ $GHOLJNHLW IDVW DXV VFKOLH‰OLFKHUVWQDFK]XGDWLHUHQVLQG(VJLOWGHP8QDXVJHVSURFK HQHQ GHP LQ GHU /LWHUDWXU QDFK  VFKHLQEDU 0DUJLQDOHQ =XIlOOLJHQ QDFK]XVSUHQ XQG HLQHQ ,QGL]LHQEHZHLV IU GLH %HGHXWVDPNHLW YRQ Ä$GHO¶DOVÄ$GHOLJNHLW¶DXFKLQMHQHU=HLW]XIKUHQ  

$GHOVVHPDQWLNXQG/LWHUDWXU 3RHWRORJLHGHV:LVVHQVXQGDXWRQRPHbVWKHWLN

 %LVKHUZXUGHQDOVÄ$GHOVNXOWXU¶NROOHNWLYH6LQQELOGXQJVSUR]HVVHEHJULIIHQ GLHLQQHUKDOEGHV$GHOVDOVRGXUFK$NWHXUHHLQHUVR]LDOHQ*UXSSHYRUDQ JHWULHEHQ ZXUGHQ 'DEHL ZXUGH LPPHU ZLHGHU GLH IRUWVFKUHLWHQGH $EO| VXQJ GHU $GHOVVHPDQWLN YRQ GLHVHU VR]LDOHQ *UXSSH XQG YRP +DQGHOQ LKUHU $NWHXUH KHUYRUJHKREHQ :DV DEHU EOHLEW XP  YRP $GHO LP OLWHUDULVFKHQ 7H[W XQG VHLQHQ .RQWH[WHQ" 'LHVHU )UDJH ZHUGHQ VLFK GLH IROJHQGHQ.DSLWHOYRUZLHJHQGZLGPHQ'DEHLVROO$GHOV.XOWXUDXV7H[WHQ UHNRQVWUXLHUWZHUGHQ Ä7H[WDOV.XOWXU¶ 'DV6\PEROV\VWHP/LWHUDWXUNRU UHVSRQGLHUW LQWHUWH[WXHOO ]ZHLIHOORV PLW GHU 6HPDQWLN ]HLWJHQ|VVLVFKHU QLFKWOLWHUDULVFKHU7H[WHGHPÄ:LVVHQ¶GDVGLHVHHQWKDOWHQPRGHOOLHUWGLH VHVDEHUQHXLQGHPVLHJOHLFKVDPH[SHULPHQWHOORULJLQHOOHXQYHUZHFKVHO EDUH6\QWDJPDWDHQWZLUIWGLHPLWV\VWHPVSH]LILVFKHQ3DUDGLJPDWD 0HUN PDOHQOLWHUDULVFKHU)RUPHQJHPl‰GHQMHJlQJLJHQSRHWRORJLVFKHQlVWKH ²²²²²²²²²²²²²  9JO ]XP 1HZ +LVWRULFLVP 6FK|‰OHU )UDQ]LVND /LWHUDWXUZLVVHQVFKDIW DOV .XOWXUZLVVHQVFKDIW (LQH (LQIKUXQJ 7ELQJHQ%DVHO  6  KLHU 6  ² 6LHKH DXVIKUOLFKHU GD]X GDQQGDVIROJHQGH.DSLWHO  3URJUDPPDWLVFK ]XU%HYRU]XJXQJGHU )UKURPDQWLN YJO %HKOHU(UQVW +|ULVFK -RFKHQ +UVJ  'LH$NWXDOLWlWGHU)UKURPDQWLN 3DGHUERUQ0QFKHQ  9LHWWD 6LOYLR +UVJ  'LHOLWHUDULVFKH)UKURPDQWLN*|WWLQJHQ .OHLQH9DQGHQKRHFN5HLKH %HKOHU (UQVW )UKURPDQWLN %HUOLQ1HZ «@OHEHQGL JHU.RPPXQLNDWLRQV]XVDPPHQKDQJ]XJUXQGHODJ´ .RQWH[WH LP (LQ]HOQHQ VLQG GDQQ ]HLWJHQ|VVLVFKH ,QWHUWH[WH ZREHL PLU GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ OLWHUDULVFKHP 7H[W XQG QLFKWOLWHUDUL VFKHPÄ$OOWDJVWH[W¶DOV.RQWH[WNQVWOLFKHUVFKLHQH:LUZLVVHQEHUGHQ ]HLWJHQ|VVLVFKHQÄ*HEUDXFK¶GHU7H[WHGLH:LVVHQEHUGHQ$GHOHQWKDO WHQ ZHQLJ 'LH hEHUJlQJH ]ZLVFKHQ lVWKHWLVFK DXIJHODGHQHQ XQG DQ VSUXFKVORVHQ ÄQXU¶ ,QIRUPDWLRQHQ WUDQVSRUWLHUHQGHQ 7H[WHQ P|JHQ IOLH ‰HQG VHLQ 'LH ]XJHJHEHQ UHODWLY ZHQLJHQ LQ PHLQH 'DUVWHOOXQJ HLQJHDUEHLWHWHQ Ä.RQWH[WH¶ YHUVXFKHQ GLH 7KHVH ]X VWW]HQ GDVV Ä$GHOLJ NHLW¶ QLFKWQXUGHUÄ$GHO¶ IUGHQ/HVHUXP]XP$OOWDJVZLVVHQJH K|UW 0LFK LQWHUHVVLHUW DEHU EHVRQGHUV GDV 3URSULXP MHQHU OLWHUDULVFKHQ +|KHQNDPPWH[WH GLH LFK IU GLH IROJHQGHQ .DSLWHO DXVJHZlKOW KDEH $XFK ZHQQ 6WHSKHQ *UHHQEODWWV PLWWOHUZHLOH ÄOHJHQGlU¶ JHZRUGHQH )RU PXOLHUXQJ YRQ GHU Å=LUNXODWLRQ VR]LDOHU (QHUJLH´  ]ZLVFKHQ $UWHIDNW XQG*HVHOOVFKDIWEHVRQGHUVDXFKIUGLH.XOWXUGHV$GHOVHLQOHXFKWHQZLOO ELQ LFK JHJHQEHU GHQ JlQJLJHQ 7KHVHQ GHU *HVFKLFKWVZLVVHQVFKDIW GLH LPPHUQRFK]XZHQLJDXIGHQWH[WXHOOHQ QDUUDWLYHQTXDVLlVWKHWLVFKHQ«  6WDWXV LKUHU Ä4XHOOHQ¶ UHIOHNWLHUW ZHLWDXV ZHQLJHU PLVVWUDXLVFK DOV *UHHQ EODWW 0HKUDOVHVLPJHJHEHQHQ5DKPHQP|JOLFKLVWKlWWHGLH6HPDQWLNGHU $GHOLJNHLW XP  HLQH ZDKUKDIW WUDQVGLV]LSOLQlUH 7H[W.RQWH[W6WXGLH YHUGLHQW'RFKHUIRUGHUWHHVPHKUDOVHLQHQ(LQ]HOQHQVLH]XVFKUHLEHQ 'LHVOLHJWGDUDQGDVVGHU:HJYRQGHUVHLWOlQJHUHPVFKRQEHJRQQHQHQ TXDQWLIL]LHUHQGHQ $XVZHUWXQJ VR]LDO XQG ZLUWVFKDIWVJHVFKLFKWOLFKHU 'D WHQ GHV UHJLRQDO RKQHKLQ VFKRQ VR XQWHUVFKLHGOLFKHQ $GHOV ELV ]X HLQHU NXOWXUJHVFKLFKWOLFKHQ 5HNRQVWUXNWLRQ GHV ]HLWJHQ|VVLVFKHQ *HEUDXFKV HLQHU6HPDQWLNGHU$GHOLJNHLWVHKUZHLWLVW 'LH VHPDQWLVFKHQ $XVWDXVFKSUR]HVVH XQG GDV KHL‰W MD GLH MH XQWHU VFKLHGOLFKHQ .RQWH[WELOGXQJHQ N|QQHQ QXU DQVDW]ZHLVH UHNRQVWUXLHUW ZHUGHQ(VZLUG]%XPGLH%LOGXQJVHUOHEQLVVHMXQJHU$GHOLJHUXP JHKHQ ZHOFKH GLH 5RPDQWLNHU OHVHQ Ä)HOGVWXGLHQ¶  XP DGHOLJHV /DLHQ WKHDWHU LP.DSLWHOÄ6SLHO¶ XPGLH%LRJUDSKLHHLQHVNRQVHUYDWLYHQSUHX‰L VFKHQ$GHOLJHQXP Ä)HOGVWXGLHQ¶ GLHDGHOLJH9HUVFKZHQGXQJVSUDN WLN GHU Ä6SDUVLR¶ ÄgNRQRPLH¶  GLH 'LIIHUHQ]HQ ]ZLVFKHQ HLQHU 1RYHOOH ²²²²²²²²²²²²²

 *UHHQEODWW9HUKDQGOXQJHQ6



$GHOXQG$GHOVVHPDQWLNXP





 .OHLVWV XQG HLQHU VSlWPLWWHODOWHUOLFKHQ &KURQLN EHU GHQ =ZHLNDPSI ]ZHLHU$GHOLJHURGHUXPÄZLUNOLFKH¶$GHOLJHGHV-DKUKXQGHUWVGLH5LW WHUVSLHOHQ Ä5LWWHU¶ 0DQFKHGHU.RQWH[WHKDEHQZLHEHL*UHHQEODWWHKHU DQHNGRWLVFKHQ &KDUDNWHU HLQLJH HUVFKHLQHQ IDVW ]ZLQJHQG IU GLH 1DFK YROO]LHKEDUNHLWGHVVHPDQWLVFKHQ8QLYHUVXPVÄ$GHOLJNHLWXQG5RPDQWLN¶ 'LH LQVJHVDPW GHXWOLFKH XQG JHZROOWH 3ULYLOHJLHUXQJ GHV OLWHUDULVFKHQ +|KHQNDPPSURGXNWVEDVLHUWDXIGHU9HUPXWXQJGDVVGLH/LWHUDWXUZHQQ VLHDXFKQLFKWÄSROLWLVFK¶SURJUHVVLYLVWGRFKLQQRYDWLYH'DUVWHOOXQJVPRGL VHOEVW IU .XOWXUHQ OLHIHUW GLH QDFK JlQJLJHU 0HLQXQJ GHP 8QWHUJDQJ JHZHLKW VLQG $OV HLQH ULWWHUOLFKH $WWLWGH OlQJVW QXU QRFK OlFKHUOLFK VHLQ NDQQHQWVWHKHQZLHGHUXP5LWWHUURPDQHXQGHVZLUG'RQ4XL[RWHDOVSRH WLVFKHU 0HQVFK ZLHGHUHQWGHFNW DOV GHU UHDOH $GHO GDV /HEHQ HUQVW ]X QHKPHQ ]XVSDUHQ XQG NDSLWDOLVWLVFK ]X ZLUWVFKDIWHQ EHJLQQW SUDNWL]LHUW GHUOLWHUDULVFKH$GHO9HUVFKZHQGXQJXQG6SLHODOVLQGHU:LUNOLFKNHLWGLH .OHLQIDPLOLH XQG GDV QHX]HLWOLFKH 6XEMHNW HQGOLFK LP $GHO DQNRPPHQ HU]lKOW GLH /LWHUDWXU *HVFKLFKWHQ YRQ NRPSOL]LHUWHQ RIW DXI YHUKlQJQLV YROOH:HLVH]XJUXQGHJHKHQGHQ$GHOVJHVFKOHFKWHUQ²NXU]HVODVVHQVLFK DQOLWHUDULVFKHQ7H[WHQ/HEHQVPRGHOOHGHU.RQWLQJHQ]UHVLVWHQ]VWXGLHUHQ 1DWUOLFKJHKHQGLHVH*HVFKLFKWHQQLFKWLPPHUJXWDXV =XHULQQHUQLVWEHLGLHVHU*HOHJHQKHLWDQ'RURWKHH.LPPLFKV1DFK ZHLVGDVVGLH3UREOHPDWLNGHU7H[WXDOLWlWYRQ*HVFKLFKWHLQGHU/LWHUDWXU GHV-DKUKXQGHUWVYHUKDQGHOWZLUGXQGGDVVZHLWHUKLQGLHÅOLWHUDULVFKH 5HSUlVHQWDWLRQ YRQ *HVFKLFKWOLFKNHLW HLQH HQWVFKHLGHQGH 5ROOH VSLHOW IU GLH$XVELOGXQJHLQHVPRGHUQHQKLVWRULVFKHQ'HQNHQV´$N]HSWLHUWPDQ GLHVH .RQNXUUHQ]VLWXDWLRQ YRQ KLVWRULVFKHU XQG OLWHUDULVFKHU (UIDKUXQJ XQG VSULFKW SDUDOOHO YRQ ÄOLWHUDULVFK¶ YHUVXV ÄDX‰HUOLWHUDULVFK¶ YHUKDQGHOWHU $GHOVVHPDQWLNVRNDQQGLH7KHVHODXWHQGDVVGLH/LWHUDWXUDXVXUHLJHQV WHP,QWHUHVVHGHQ:HJ]XU1HXIXQNWLRQDOLVLHUXQJHLQHUVFKHLQEDUEHUHLWV DEJHOHEWHQ.XOWXUEHVFKUHLWHWXQGGDPLW]XU6WDELOLVLHUXQJGLHVHVNXOWXUHO OHQ3DUDGLJPDVEHLWUlJW

²²²²²²²²²²²²²

 .LPPLFK 'RURWKHH:LUNOLFKNHLWDOV.RQVWUXNWLRQ6WXGLHQ]X*HVFKLFKWHXQG*HVFKLFKWOLFKNHLWEHL +HLQH%FKQHU,PPHUPDQQ6WHQGKDO.HOOHUXQG)ODXEHUW0QFKHQ6

 

 

.DSLWHO

    

.DSLWHOÄ3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN =XU7UDQVIRUPDWLRQGHU$GHOVNULWLNXP

 =X GHQ XWRSLVFKHQ =JHQ GHU 5RPDQWLN GLH ÅHLQ ,QYHQWDU KLVWRULVFK NXOWXUHOOHU 6LJQLILNDQWHQ´ DXIELHWHW ÅGHUHQ 6LJQLILNDW HUVW LQ GHU =XNXQIW UHDOLVLHUWZHUGHQNDQQ´]lKOWDXFKGHU5HNXUVDXIHLQHQZDKUHQLGHHOOHQ $GHO =XNXQIWVZHLVHQGH 3URJUDPPH P|JHQ VLH DXFK VFKHLQEDU ÄZHOW IUHPG¶GHPJHVFKLFKWVRGHUVWDDWVSKLORVRSKLVFKHQ3KDQWDVPDLKUHU$XWR UHQHQWVSULQJHQZHUGHQYRUDOOHPQDFKGHUKLVWRULVFKHQ=lVXUYRQ DXFKYRQ5RPDQWLNHUQHQWZLFNHOW'LHVHbX‰HUXQJHQGLHLP:LQGVFKDW WHQ GHU lVWKHWLVFKXQLYHUVDOLVWLVFKHQ 7KHRULH GHU -HQDHU )UKURPDQWLN HQWVWHKHQXQGGLHGDQQQDFKJDQ]QHXH'ULQJOLFKNHLWXQG$N WXDOLWlWHUODQJHQVRGDVVPDQYRP$GHODOVHLQHU,QVWDQ]JHVHOOVFKDIWOLFKHU ,QWHJUDWLRQ LQ GHU 3ROLWLVFKHQ 5RPDQWLN VSUHFKHQ NRQQWHZHUGHQ QLFKW LPOXIWOHHUHQ5DXPIRUPXOLHUW6LHVWHKHQLP.RQWH[WHLQHUDGHOVNULWLVFKHQ 'HEDWWHGLHLKU6HLWHQVWFNLQGHU/LWHUDWXUGHU$XINOlUXQJKDWWH%HJHEHQ ZLU XQV DOVR LQGLH =HLW GHU VLFK KHUDXVELOGHQGHQSXEOL]LVWLVFK JHSUlJWHQ gIIHQWOLFKNHLWGHVVSlWHQ-DKUKXQGHUWVLQGHU3OlGR\HUVIUXQGJHJHQ GHQ VLFK DOV $XVODXIPRGHOO DQNQGLJHQGHQ 6WlQGHVWDDW JHKDOWHQ ZHUGHQ 'LH'HEDWWHQGHV-DKUKXQGHUWVVLQGHVDEHUZHOFKHGLH'LVNXVVLRQV JUXQGODJHIUGLH5HYLVLRQGHU6HPDQWLNGHV$GHOVEHUKDXSWELOGHQXQG GLH $XVJDQJVVLWXDWLRQ IU HLQH 'LYHUVLIL]LHUXQJ GLHVHU 6HPDQWLN ELHWHQ 'LH GLHVHP .DSLWHO ]XJUXQGH JHOHJWHQ 7H[WH VLQG KHWHURJHQ XQG KDEHQ HLQHQ MHZHLOV XQWHUVFKLHGOLFKHQ :LUNXQJVJUDG HU]LHOW 0DQFKH )UDJPHQWH 1RYDOLV· XQG )ULHGULFK 6FKOHJHOV ZXUGHQ HUVW LP  -DKUKXQGHUW EHU KDXSWSXEOL]LHUW$GDP0OOHUKLQJHJHQGUIWHDXIVHLQH]HLWJHQ|VVLVFKHQ /HVHU XQG +|UHU GXUFKDXV JHZLUNW KDEHQ RKQH GDVV VHLQH QXU WHLOZHLVH UFNZlUWVJHZDQGWH 8WRSLH GHV 6WlQGHVWDDWHV MHPDOV 5HDOLVDWLRQVFKDQFHQ JHKDEWKlWWH ²²²²²²²²²²²²² 



6FKPLW] :DOWHU ÄÅ'LH :HOW PX‰ URPDQWLVLHUW ZHUGHQ«¶ =XU ,QV]HQLHUXQJ HLQHU (SR FKHQVFKZHOOH GXUFK GLH *UXSSH GHU Ä5RPDQWLNHU¶ LQ 'HXWVFKODQG´ LQ +HQGULN %LUXV +UVJ *HUPDQLVWLNXQG.RPSDUDWLVWLN')*6\PSRVLRQ6WXWWJDUW:HLPDU6 KLHU6 9JO 3XVFKQHU 0DUFR $QWLVHPLWLVPXV LP .RQWH[W GHU 3ROLWLVFKHQ 5RPDQWLN .RQVWUXNWLRQ GHV Å'HXWVFKHQ´ XQG GHV Å-GLVFKHQ´ EHL $UQLP %UHQWDQR XQG 6DXO $VFKHU 7ELQJHQ  6   &RQGLWLR-XGDLFD 



.DSLWHO



-RKDQQD6FKXOW]HKDWLQLKUHUELVKHXWHQLFKWHUVHW]WHQ8QWHUVX FKXQJGLH'HEDWWHQ]ZLVFKHQ$GHOXQG%UJHUWXPLPOHW]WHQ'ULWWHOGHV -DKUKXQGHUWVDXVGHQVWDDWVEUJHUOLFKHQ=HLWVFKULIWHQMHQHU=HLWHUDU EHLWHW 6FKXOW]H XQWHUVFKHLGHW ]XQlFKVW ]ZLVFKHQ GHQ UHODWLY ZHQLJHQ  bX‰HUXQJHQ ]XJXQVWHQ HLQHU ZHVHQWOLFK DULVWRNUDWLVFKHQ 6WDDWVIRUP XQG GHQLPPHUGHWDLOOLHUWHUHQ6WHOOXQJQDKPHQ]XHLQHPÄ%UJHUVWDDW¶HVIROJW HLQH 8QWHUVXFKXQJ ]XU $GHOVVHPDQWLN LKUHP :DQGHO XQG LKUHU $XVGLI IHUHQ]LHUXQJZREHLGLH$UJXPHQWHSURRGHUFRQWUD(UEVWDQGEHUHLWVDE JHZRJHQZHUGHQXQGQHEHQHLQHU9HUWHLGLJXQJGHVGXUFK3ULYLOHJLHQJH NHQQ]HLFKQHWHQ 6WDWXV LP WUDGLWLRQHOOHQ PRQDUFKLVFKHQ 6WDDW DXFK GHU 9HUVXFKXQWHUQRPPHQZLUGGHQ$GHOLQHLQHQNQIWLJHQÄ%UJHUVWDDW¶]X LQWHJULHUHQ 'LH VLFK |NRQRPLVFK DXVZLUNHQGHQ 3ULYLOHJLHQ GHV 6WDDWHV VWHKHQ LQ GLHVHP =HLWUDXP EHUHLWV LQ =ZHLIHO HLQ QLFKWHUEOLFKHU 9HU GLHQVWDGHO ZLUG HEHQIDOOV LP JHVDPWHQ 8QWHUVXFKXQJV]HLWUDXP SURMHN WLHUW'LHVHPDQWLVFKH6FKHLGXQJYRQ%UJHUWXPXQG$GHOOlXIWEHUGLH 'LIIHUHQ]YRQLQGLYLGXHOOHU/HLVWXQJXQG9HUHUEXQJYRQÄ%OXW¶XQG9RU UHFKW1HEHQ HLQHU VROFKHQ 2QWRORJLVLHUXQJ VWHKW DEHU ² ZLH HWZD DXFK VFKRQ EHL /RHQ ² HLQH LQ 0D‰HQ SODXVLEOH +LVWRULVLHUXQJ GLH GDV *UXQGSUREOHPGHUQHXHQ/HJLWLPLHUXQJHLQHVDXIGHPGLIIXVHQ.ULWHULXP GHU9HUHUEXQJEHUXKHQGHQ5HFKWVVWDWXVEHUKUW 3HUV|QOLFKHU 8HEHUUDQJ DXV N|USHUOLFKHU XQG JHLVWLJHU 0HKUZHUWLJNHLW ZLUG VR HUVW GXUFK 9HUHUEXQJ XQG 6WHLJHUXQJ PHQVFKOLFKHU (LJHQVFKDIWHQ GXUFK 'DXHU XQG.UDIWTXHOOHHLQHVUHLFKHQ%HVLW]HVGXUFK9HUNLWWXQJXQG6FKXW]HLQHUVWlQGL VFKHQ(U]LHKXQJ]X$GHOGHUJHZLVVHUPD‰HQGLH.UDIWGHU-DKUKXQGHUWHLQVLFK HLQJHVSHLFKHUWKDW

$XV GHU UHLQ UHFKWOLFKHQ /HJLWLPDWLRQ (UEH 3ULYLOHJLHQ *UXQGEHVLW]  HUZlFKVW HUVW GLH 3UREOHPDWLVLHUXQJ GHU $GHOVVHPDQWLN DXI HLQ 6HW YRQ 0HUNPDOHQ KLQ DXI GHQ (QWZXUI HLQHU KHJHPRQLDOHQ LQ VLFK UXKHQGHQ DGHOLJHQ.XOWXUGLHVLFKLGHDOLWHULP9HUKDOWHQGHV(LQ]HOQHQlX‰HUWGHU QXU QLFKW DOV,QGLYLGXXPVRQGHUQ LP5DKPHQ MHQHU 5HFKWVODJH EHXUWHLOW ZHUGHQNDQQ1DWUOLFKNDQQDXFKGLH/HJLWLPLWlWHLQHUDOVÄHZLJ¶EHWUDFK WHWHQ ,QVWLWXWLRQ QXU DQKDQG YRQ (LQ]HOEHREDFKWXQJHQ HUSUREW ZHUGHQ HUZHLVWVLFKGLH'XUFKVFKODJVNUDIW XQGGDV%HKDUUXQJVXQG$GDSWLRQV YHUP|JHQ  HLQHV NXOWXUHOOHQ .RQ]HSWV DP H[SHULPHQWHOOHQ (LQ]HOIDOO 6FKXOW]HDUEHLWHWEHU]HXJHQGKHUDXVZLHÄ$GHO¶DOVÅK|FKVWHZHUWYROOVWH $XVJHVWDOWXQJ VWDDWVEUJHUOLFKHU (LJHQVFKDIWHQ´  GLH 5HIHUHQ]LHUXQJ DXI HLQHHPSLULVFKHVR]LDOH*UXSSH]XYHUODVVHQEHJLQQW ²²²²²²²²²²²²²     

9JO6FKXOW]H$XVHLQDQGHUVHW]XQJHQ6II 9JOHEG 9JOGD]X.DSLWHO 6FKXOW]H$XVHLQDQGHUVHW]XQJHQ6 (EG6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 





'LHGHXWVFKH%HJULIIVJHVFKLFKWHYRQÄ$GHO¶VSLHJHOWGLH/HJLWLPDWLRQV NULVH]XU=HLWGHU)UDQ]|VLVFKHQ5HYROXWLRQZLGHUGLHMDLQ'HXWVFKODQG QLFKW PLW HLQHUIDNWLVFKHQ*HIlKUGXQJ YRQ /HLEXQG%HVLW]² ZRKO DEHU 3ULYLOHJLHQ²GHU$GHOLJHQYHUEXQGHQZDUÅ'LH(UIDKUXQJGD‰SROLWLVFKH 2UGQXQJRKQH$GHOP|JOLFKZDUXQGGLHVH0|JOLFKNHLWEHMDKWRGHUYHU QHLQW ZHUGHQ NRQQWH ZlKUHQG GHU $GHO LP GHXWVFKHQ%HUHLFKWURW] HLQ VFKQHLGHQGHU 5HFKWVHLQEX‰HQ QRFK IRUWEHVWDQG ZXUGH PD‰JHEHQG IU GLH %HJULIIVELOGXQJ´6R VWHOOWH .DQW LQ VHLQHU 6FKULIW =XPHZLJHQ)ULHGHQ YRQ  GLH (UEOLFKNHLW GHV $GHOV LQ )UDJH =XU =HLW GHU 3UHX‰LVFKHQ 5HIRUPHQ ZHUGHQ HWZD DXFK GXUFK GHQ 6WDDWVNDQ]OHU YRQ +DUGHQEHUJ LQGLYLGXHOOH7XJHQGXQG/HLVWXQJDOV%HZHUWXQJVJUXQGODJHIUGLH%HVHW ]XQJYRQbPWHUQJHQDQQW'LHVLVWDXFKGLH*HEXUWVVWXQGHGHVPRGHUQHQ (OLWHQEHJULIIVÅ%OLHEGLH:RUWZHQGXQJDXFKQRFKYHUHLQ]HOWVRZDUGHU *HGDQNHGHU$XVOHVH (OLWH QDFK*HVLQQXQJ&KDUDNWHUXQG/HLVWXQJLQ EHWRQWHP*HJHQVDW]]XPSULYLOHJLHUWHQHUEOLFKHQ$GHONRQVWLWXWLYIUDOOH %HUHLFKHGHU3UHX‰LVFKHQ5HIRUP´ )ULHGULFK 6FKLOOHU QHQQW DOV 9RUDXVVHW]XQJ VHLQHV DXI GHP :HJ GHU lVWKHWLVFKHQ(U]LHKXQJDQ]XVWUHEHQGHQlVWKHWLVFKHQ6WDDWHVGLHÅ$XIVWHO OXQJ HLQHV PRUDOLVFKHQ 6WDDWHV´GHU ZLHGHUXP GHQ ÅPRUDOLVFKHQ $GHO GHU PHQVFKOLFKHQ 1DWXU´YRUDXVVHW]W 'LH EHJULIIOLFKH XQG JHGDQNOLFKH *UXQGOHJXQJGLH%HUXIXQJDXIGDV6SLHOGHU)RUPSULPDWGLH$XWRQRPLH EHUWUDJHQ 3ULQ]LSLHQ HLQHU HXURSlLVFKHQ DGHOLJHQ .XOWXUDXI HLQH EU JHUOLFKHHJDOLVLHUHQGHbVWKHWLNGLHDEHUJOHLFK]HLWLJGHQ0RUDOSULPDWGHV EUJHUOLFKHQ-DKUKXQGHUWVDXIJLEW6FKLOOHUZHLVWGDPLWHLQHQ:HJDXV GHU$GHOVNXOWXUNHLQHQ]XHLQHU1HXFRGLHUXQJ (U IKUW GHQ %HJULII GHV Å6WDDWVNQVWOHUV´ HLQ GHU HLQHQ Å6WDDW GHV VFK|QHQ6FKHLQV´LQMHGHUIHLQJHVWLPPWHQ6HHOH]XELOGHQKDEH²GDPLWLVW HLQH%HJULIIOLFKNHLWJHIXQGHQGLH$GDP0OOHUZLHGHUXPDXIHLQHQ6WDDW ]XUFNELHJW GHU GLH 6FKHLGXQJ ]ZLVFKHQ ÄLQVWLWXWLRQHOO JHJHEHQ¶ XQG ÄlVWKHWLVFK¶QLFKWPHKUYHUWUlJW ²²²²²²²²²²²²²  

   

&RQ]H$GHO6 *HQDXHU ZLUG GHU (OLWHQEHJULII EHUHLWV LP  -DKUKXQGHUW ÅYRP DXIVWUHEHQGHQ IUDQ]|VL VFKHQ %UJHUWXP DOV GHPRNUDWLVFKHU .DPSIEHJULII JHJHQ $GHO XQG .OHUXV HQWZLFNHOW´ +DUWPDQQ 0LFKDHO (OLWHVR]LRORJLH(LQH(LQIKUXQJ )UDQNIXUW D 01HZ V@´GDUJHOHJWKDWWHEHQHQQWDEHUHLQHQÅUHFKWPl‰LJHQ$ULVWRNUDWLV ²²²²²²²²²²²²²    

'D]XYJOHUQHXW.DSLWHO 9JO6FKXOW]H$XVHLQDQGHUVHW]XQJHQ6 9JOHEG6II =LPPHUPDQQ +DUUR )ULHGULFK6FKOHJHO RGHU 'LH6HKQVXFKW QDFK'HXWVFKODQG 3DGHUERUQ  69JOGRUWDXFK]XPPHWDSKRULVFKHQ*HEUDXFKYRQÄ$GHO¶LQ6FKOHJHOV:HUN6 XQG  9JO'LHW]H$QLWD +UVJ (ZLJHU)ULHGH"'RNXPHQWHHLQHUGHXWVFKHQ'LVNXVVLRQXP0Q FKHQ %LEOLRWKHNGHV-DKUKXQGHUWV   6FKOHJHO)ULHGULFKÅ9HUVXFKEHUGHQ%HJULIIGHV5HSXEOLNDQLVPXV´LQ.ULWLVFKH)ULHG ULFK6FKOHJHO$XVJDEHLQ%lQGHQ6WXGLHQ]XU*HVFKLFKWHXQG3ROLWLN%G9,,(UQVW%HKOHU +UVJ  3DGHUERUQ  6  KLHU 6  >'LH .ULWLVFKH )ULHGULFK 6FKOHJHO $XVJDEH ZLUGLQGHQ$QPHUNXQJHQVWHWV]LWLHUWDOVÅ.)6$´PLW%DQGQXPPHU@



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 PXV HLQ HFKWHV >«@ 3DWUL]LDW´GDV QXU LQ GHU IDYRULVLHUWHQ GHPRNUDWL VFKHQ 5HSXEOLN P|JOLFK VHL Ä$GHO¶ ZLUG DOVR GXUFK 6FKOHJHO LQ VWULNWHU $EOHKQXQJGHUUHDOHQVR]LDOHQ*UXSSHQHXGHILQLHUWXQGPLWHLQHUUHSXE OLNDQLVFKHQ 9HUIDVVXQJ LQ (LQNODQJ ]X EULQJHQ YHUVXFKW 'LH 0LWJOLHGHU GLHVHV NQIWLJHQ $GHOV ZHUGHQ LQ GHU 1lKH GHU 5RXVVHDXVFKHQ YRORQWp JpQpUDOH XQG HEHQ QLFKW LQ HLQHU HUEOLFKHQ,QVWLWXWLRQ JHVXFKW 'LH 9RONV PHKUKHLW PXVV GLHVHV 3DWUL]LDW ZROOHQ XQG SULYLOHJLHUWH ÅSROLWLVFKH (G OH´ EHVWLPPHQ (LQH $GHOVKHUUVFKDIW DQWLNHU 3UlJXQJ OHKQW 6FKOHJHO RI IHQEDUHEHQIDOOVDE'LH2OLJDUFKLH]XGHUHUQHEHQGHPÅRULHQWDOLVFKH>Q@ .DVWHQGHVSRWLVPXV´ DXFK ÅGDV HXURSlLVFKH )HXGDOV\VWHP´ UHFKQHW VHL ÅGHU +XPDQLWlW´ GHU *HVDPWJHVHOOVFKDIW JHIlKUOLFK 6LH IKUH LQ LKUHU 6FKZHUIlOOLJNHLW XQG 6ROLGLWlW ]XU $XVSUlJXQJ HLQHV KDUWQlFNLJHQ .RUSV JHLVWHV'DYRUZDUQWHUVRJDU]XJXQVWHQGHUGHVSRWLVFKHQ+HUUVFKDIWHLQHV (LQ]HOQHQ Å,Q GHU UHLQHQ 2OLJDUFKLH PX‰ GHU *HLVW GHV 6WDQGHV GHVSR WLVFK VHLQ ZHQQ GLH )RUP QLFKW LQ HLQHQ UHFKWPl‰LJHQ GHPRNUDWLVFKHQ $ULVWRNUDWLVPXV EHUJHKQ VROO´  'RFK VSULFKW VLFK 6FKOHJHO VFKOLH‰OLFK IUHLQH5HSXEOLNPLWHLQHP0RQDUFKHQDQGHU6SLW]HDXVÅ'DV.ULWHULXP GHU 0RQDUFKLH ZRGXUFK VLH VLFK YRP 'HVSRWLVPXV XQWHUVFKHLGHW  LVW GLH JU|‰WP|JOLFKH%HI|UGHUXQJGHV5HSXEOLNDQLVPXV´,QGHU=HLWYRUGHP Å$WKHQlXP´VLHKWGHUMXQJH6FKOHJHOIUGHQ(UEDGHONHLQHQ3ODW]PHKU LP 6WDDW ZHQQJOHLFK HU GDUDQ IHVWKlOW GDVV GLH YROONRPPHQH 5HSXEOLN PRQDUFKLVFKXQGDULVWRNUDWLVFKVHLQPXVVHUVFKOLH‰WVLFKDOVRGHQDXIJH NOlUWHQ$GHOVNULWLNHUQDQ 9HUOlVVW PDQ DOOHUGLQJV GLH LQ HQJHUHP 6LQQH SROLWLVFKH DOVR VWDDWV WKHRUHWLVFKH 6SKlUH GDQQ WUlJW GHU %HJULII Ä$GHO¶ VHPDQWLVFK ZHLWHU JH IDVVWGXUFKDXVVFKRQYRUSRVLWLYHUH.RQQRWDWLRQHQ6RILQGHWVLFK LQGHQ)UDJPHQWHQ]X/LWHUDWXUXQG3RHVLHDXVGHQ-DKUHQGLHODSLGD UH %HPHUNXQJ Å3RWHQ]LUXQJ  $GHO´  'LH )UDJPHQWH 6FKOHJHOV XQG 1RYDOLV·DUEHLWHQEHNDQQWOLFKPHKUIDFKPLWGHPGHU0DWKHPDWLNHQWOHKQ WHQ%HJULIIGHV3RWHQ]LHUHQVZHQQVLHGLH$OLQHDULWlWURPDQWLVFKHU3RHVLH H[SOL]LHUHQ ZROOHQ 6R KHL‰W HV LP  Å$WKHQlXP´)UDJPHQW EHU GLH ÅSURJUHVVLYH8QLYHUVDOSRHVLH´ 8QGGRFKNDQQDXFKVLHDPPHLVWHQ]ZLVFKHQGHP'DUJHVWHOOWHQXQGGHP'DU VWHOOHQGHQIUHLYRQDOOHPUHDOHQXQGLGHDOHQ,QWHUHVVHDXIGHQ)OJHOQGHUSRHWL VFKHQ5HIOH[LRQLQGHU0LWWHVFKZHEHQGLHVH5HIOH[LRQLPPHUZLHGHUSRWHQ]LH UHQXQGZLHLQHLQHUHQGORVHQ5HLKHYRQ6SLHJHOQYHUYLHOIDFKHQ

²²²²²²²²²²²²²     

(EG (EG6 (EG6 6FKOHJHO)ULHGULFKÅ)UDJPHQWH]XU/LWHUDWXUXQG3RHVLH´LQ.)6$;9,6 6FKOHJHO)ULHGULFKÅ$WKHQlXPV)UDJPHQW´LQ.)6$,,6I



.DSLWHO

 $QJHVSURFKHQ LVW DOVR GLH 6HOEVWUHIOH[LYLWlW GHU URPDQWLVFKHQ 3RHVLH GLH ELVLQV8QHQGOLFKHJHVWHLJHUWZHUGHQNDQQZDVDEHUQLFKWDOVLUUHJXOlUHV ]XIlOOLJHV9HUIDKUHQ]XYHUVWHKHQLVWVRQGHUQDOVPDWKHPDWLVFKH2SHUDWL RQ(VJLOWGLHSRHWLVFKH5HIOH[LYLWlWLPPHUQRFKHLQPDOHUQHXWÅPLWVLFK VHOEVW´ ]X PXOWLSOL]LHUHQ XQG GDPLW MHZHLOV HLQHQ (EHQHQZHFKVHO YRU]X QHKPHQ bKQOLFK VSULFKW 1RYDOLV LQ HLQHP ]X /HE]HLWHQ XQJHGUXFNWHQ )UDJPHQWYRP3RWHQ]LHUHQXQG/RJDULWKPLHUHQ 5RPDQWLVLUHQLVWQLFKWVDOVHLQHTXDOLW>DWLYH@3RWHQ]LUXQJ'DVQLHGHUH6HOEVWZLUG PLW HLQHP EHVVHUQ 6HOEVW LQ GLHVHU 2SHUDWLRQ LGHQWLILFLUW 6R ZLH ZLU VHOEVW HLQH VROFKHTXDOLW>DWLYH@3RWHQ]HQUHLKHVLQG>«@8PJHNHKUWLVWGLH2SHUDWLRQIUGDV +|KHUH 8QEHNDQQWH 0\VWLVFKH 8QHQGOLFKH ² GLHV ZLUG GXUFK GLHVH 9HUNQS IXQJORJDU\WKPLVLUW

:lUHGHPQDFKDOVRÄ$GHO¶²JDQ]LP*HJHQVDW]]X6FKOHJHOV*HULQJVFKlW ]XQJGHUVR]LDOHQ6FKLFKW²DOV5HVXOWDWHLQHU$EIROJHYRQPDWKHPDWLVFK DXV]XGUFNHQGHQ6WHLJHUXQJHQ]XVHKHQGLHYLHOOHLFKWPLWHLQHUODQJHQDOV .OLPD[ ]X GHXWHQGHQ JHQHDORJLVFKHQ5HLKXQJ HLQKHUJHKHQ" $XFK LQ DQ GHUHQ)UDJPHQWHQYHUZHQGHW6FKOHJHOÄ$GHO¶LQHLQHP DEVWUDNWHUHQ6LQQ GHUGHU]HLWJHQ|VVLVFKHQ5HIOH[LRQDXIGDV:HVHQGHV$GHOVQLFKWQXUDXI VHLQHQ SROLWLVFKHQ 6WDWXV HQWVSULQJHQ GUIWH $XIIlOOLJHUZHLVH NRQQRWLHUW 6FKOHJHOGDV/H[HPDOOHUGLQJVHUQHXWPLW3RHVLHVRLQGHQ,GHHQ]X*H GLFKWHQ YRQ  Å,PPHU ZDU HV HLQ DGOLFKHV 5HO>LJL|VHV@ $HVWK>HWLVFKHV@ JHELOGHWHV /HEHQ DXV GHP >GHU@ 5>RPDQ@ HQWVSUDQJ XQG ZRKLQ HU ZLHGHU ZROOWH (U JHKW DOVR LQ VLFK VHOEVW ]XUFN´ Ä$GHOLJHV /HEHQ¶PHLQWQLFKWQRWZHQGLJHUZHLVHÄ*HEXUWVDGHO¶HVPDJDEHUHWZDDQ &HUYDQWHV GH 6DDYHGUD GHQ $XWRU GHV SDUDGLJPDWLVFKHQ URPDQWLVFKHQ 5RPDQVJHGDFKWZHUGHQÄ$GHO¶DOV8PVFKUHLEXQJHLQHU/HEHQVSUD[LVGLH LQ GHU 1lKH ]X Ä(KUH¶ XQG Ä7XJHQG¶ VWHKWZLUG JDWWXQJVSRHWLVFK GHP 'UDPD ]XJHRUGQHW ZRKO JHPl‰ GHU DULVWRWHOLVFKHQ 1RUPLHUXQJ GHV 7UDXHUVSLHOV DOV $XVWUDJXQJVRUW YRQ +DXSW XQG 6WDDWVDNWLRQHQ GLH IRO JHQGH 1RWL] ZlUH DOVR LP .RQWH[W YRQ 6FKOHJHOV $ODUFRV ]X JHZLFKWHQ Å(KUH$GHO7XJHQGIUƅƱ>'UDPD@ZLH.XQVWXQG:LW]IU5RP>DQ@´ $QDQGHUHU6WHOOHGLHQWHLQHDQDORJLVLHUHQGH.ODVVLILNDWLRQGD]XGHQ/LWH ²²²²²²²²²²²²²  1RYDOLV :HUNH 7DJHEFKHU XQG %ULHIH )ULHGULFK YRQ +DUGHQEHUJV 'DV SKLORVRSKLVFK WKHRUHWLVFKH:HUN%G+DQV-RDFKLP0lKO +UVJ 0QFKHQ:LHQ6  .)6$;9,6  9JO IROJHQGH )UDJPHQWH GLH Ä$GHO¶ DOV lX‰HUOLFK :DKUQHKPEDUHV NHQQ]HLFKQHQ Å,G>HDO@ XQG5H>DO@]XJOHLFKVFKHLQWGHUƶƳ>SKLORVRSKLVFKH@8HEHUJDQJ]XU0\VWLNRGHU0\VW>LN@ VHOEVW! ² $GHO XQG 6FK|QKHLW VR GLH HLQ]LJHQ *HJHQVWlQGH G>HU@ /LHEH (LQ 0DQQ YRQ lX‰UHP$GHOXQGHLQHVFK|QH)UDXGDVLVWGDV,GHDOIUG>HQ@3|EHO²'HU0DQQYRQ6HH OH VFK|Q GLH )UDX HGHO GDV K|FKVWH´ 6FKOHJHO )ULHGULFK Å3KLORVRSKLVFKH )UDJPHQWH =ZHLWH(SRFKH,>@1U´LQ.)6$;9,,,6 ²Å:LHEHLP0DQQHGHU lX‰UH$GHO]XP*HQLHVRYHUKlOWVLFKGLH6FK|QKHLWGHU)UDXHQ]XU/LHEHVIlKLJNHLW]XP *HPW´ 6FKOHJHO)ULHGULFKÅ,GHHQ>@1U´LQ.)6$,,6   'DVV1ULQHEG6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 UDWXUEHWULHEPLWGHUIUDQ]|VLVFKHQ6WlQGHS\UDPLGH]XYHUJOHLFKHQZREHL HEHQGHU$GHOXQGGLH3RHVLHMHZHLOVDOVOHGLJOLFK]ZHLWHU6WDQGIXQJLHUHQ %HPHUNHQVZHUW LVW ZLHGHUXP GLH *OHLFKVHW]XQJ YRQ Ä$GHO¶ XQG Ä3RHVLH¶ Å/LHVVH V>LFK@ QLFKW HLQ )|GHUDOLVP XQG HLQ (SKRUDW LQ GHU GHXWVFKHQ /LWW>HUDWXU@ HLQIKUHQ ² 1% ƶƳ >3KLORVRSKLH@  JHLVWO>LFKHU@ 6WDQG ư >3RHVLH@  $GHO GLH DQGHUQ %UJHU!´,P Å$WKHQlXP´ GLHQW Ä$GHO¶ LQ DOOHJRULVLHUHQGHU VSUDFKUHIOH[LYHU $EVLFKW GHU %HVWLPPXQJ GHV KLVWRUL VFKHQ 6WLOV GHP DX‰HUGHP QRFK Ä3UDFKW¶ XQG Ä:UGH¶ ]XJHK|UHQ VROOHQ 'LH(UOlXWHUXQJHULQQHUWDQGDVJHQXVJUDQGHGHU5KHWRULN 9RUQHKP ZLUG GHU KLVWRULVFKH 6W\O GXUFK GLH *OHLFKDUWLJNHLW XQG 5HLQKHLW HLQ KHLPLVFKHU :RUWH YRQ HFKWHP 6WDPP XQG GXUFK $XVZDKO GHU EHGHXWHQGVWHQ JHZLFKWLJVWHQXQGNRVWEDUVWHQ GXUFKJUR‰JH]HLFKQHWHQXQGGHXWOLFKOLHEHU]X KDUWDOVXQNODUDUWLNXOLHUWHQ3HULRGHQEDXZLHGHUGHV7KXF\GLGHV>«@

6FKOHJHOV VWDDWVWKHRUHWLVFKH 9RUVWHOOXQJHQ KDEHQ VLFK LQ GHU =HLW GHV Å$WKHQlXP´ GDKLQJHKHQG YHUlQGHUW GDVV HU LQ HLQHP XQLYHUVDOLVWLVFKHQ 6LQQ GHU ÅYROONRPPHQH>Q@ 5HSXEOLN´ GHPRNUDWLVFKH DULVWRNUDWLVFKH XQG PRQDUFKLVFKH&KDUDNWHULVWLND]XRUGQHQP|FKWH,QVHLQHU9RUOHVXQJ'LH (QWZLFNOXQJGHU3KLORVRSKLHLQ]Z|OI%FKHUQJHKDOWHQLQ.|OQHQWZLFNHOW 6FKOHJHOLQHLQHPVWDDWVWKHRUHWLVFKHQ$EVFKQLWWHLQHLQVJHVDPWDXIIDOOHQG DGHOVNULWLVFKH 3RVLWLRQ GHUHQ .HUQ GLH )RUGHUXQJ LVW GHQ $GHO QXU DOV .ULHJHUVWDQG ZHLWHUKLQ ]X GXOGHQ'RFK VFKRQ GHU 6FKOHJHO GHU HUVWHQ -DKUHGHV-DKUKXQGHUWVKlOWJUXQGVlW]OLFKDP6WlQGHVWDDWIHVWQXUGLH VWlQGLVFKH9HUIDVVXQJVLFKHUHGLH)UHLKHLWGHU%UJHU'HP$GHOGHVVHQ (UEOLFKNHLW LP +LQEOLFN DXI GHQ *UXQGEHVLW]  QRWZHQGLJ LVW HUNHQQW 6FKOHJHOGLH$XIJDEH]XGDV/DQG]XYHUWHLGLJHQGDLP.ULHJGHU%RGHQ EHVLW] XQG GDPLW GDV (LJHQWXP GHV $GHOV JHIlKUGHW VHL ,P 9RUJULII DXI GLH LP /DXIH GHV -DKUKXQGHUWV VLFK ODQJVDP GXUFKVHW]HQGH UHVWULNWLYH 6WlQGHSROLWLN 3UHX‰HQV IRUGHUW 6FKOHJHO EHUHLWV GLH *HZlKUXQJ ULFKWHUOL FKHU*HZDOWQXUIUGHQ.|QLJHUKlOWMHGRFKIHVWÅ,Q+LQVLFKWDXIGHQ ²²²²²²²²²²²²²  .)6$;9,,,6  6FKOHJHO)ULHGULFKÅ$WKHQlXPV)UDJPHQW´LQ.)6$,,6  6FKOHJHO)ULHGULFKÅ$WKHQlXPV)UDJPHQW´LQ.)6$,,6²,QHLQHU$XI]HLFK QXQJDXVGHP-DKURUGQHW6FKOHJHOMHGHU5HJLHUXQJVIRUPHLQHEHVWLPPWH5HJLRQ(X URSDV]XÅ(LQMHGHVGHUGUHLSROLWLVFKHQ(OHPHQWHZLUGLQHLQHPG>HU@GUHL7KHLOH(XURSD·V YRUKHUUVFKHQGVHLQGDVUHSXEOLNDQLVFKHLQG>HP@|VWOLFKHQURPDQLVFKHQ7KHLOH²GDVPR QDUFKLVFKH LQ GHP |VWOLFKHQ VODYLVFKHQ XQG GDV DULVWRNUDWLVFKH 3ULQFLS GHV $GHOV LQ G>HU@ PLWWOHUQ'HXWVFKHQ5HJLRQ´ .)6$;;6   .)6$;,,,69JOGLHELRJUDSKLVFKH$QPHUNXQJGHV+HUDXVJHEHUVGD]XÅ:LH)6 GHU GRFK GDV *HVFKlIW GHV .ULHJHV QXU LQ GHU )RUP YRQ )OXJ XQG 'HQNVFKULIWHQ EHU QDKP EHU VHLQHQ HLJHQHQ $GHOVVWDQG GDFKWH EOHLEH GDKLQJHVWHOOW 2EJOHLFK HV $ : 6 JHZHVHQLVWGHUVLFK]XHUVWXPGLHDQVFKHLQHQGEHUHFKWLJWHHUQHXHUWH)KUXQJGHV$GHOVWL WHOVVHLQHU)DPLOLHEHPKWKDWKDW)6GDVÄYRQ¶QLFKWYHUVFKPlKWGDVVHLQHP*HVFKOHFKW QLFKW PLOLWlULVFKHU 9HUGLHQVWH ZHJHQ YRQ .DLVHU )HUGLQDQG ,,, YHUOLHKHQ ZRUGHQ ZDU´ (EG6 



.DSLWHO

 =ZHFNGHV6WDDWHVLVWGHU$GHOGHUHUVWH6WDQGGHUGDV*DQ]HUHSUlVHQ WLHUW GDV (LJHQWXP GLH (KUH XQG GLH 5XKH GHU 1DWLRQ VLFKHUW XQG HU KlOW´'DPLWNOLQJHQ7|QHDQGLHDXI$GDP0OOHUYHUZHLVHQ=XJOHLFK LVWDQ6FKOHJHOV,QGLHQ6WXGLHQ]XGHQNHQVXFKWHHUGRFKLQ,QGLHQQLFKW QXU QDFK GHP 8UVSUXQJ GHU JHUPDQLVFKHQ 0\WKRORJLH VRQGHUQ DXFK ÅQDFKGHP8UVSUXQJGHVGHXWVFKHQSROLWLVFKHQ*HIJHVGDVHUPLWGHP )HXGDOLVPXV LGHQWLIL]LHUWH XQG GHVVHQ PlFKWLJVWH JHVHOOVFKDIWOLFKH *UXS SLHUXQJGLH$GOLJHQZDUHQ´ $GHOVIUHXQGOLFK lX‰HUW VLFK 6FKOHJHO LQ )UDJPHQWHQ DXV GHU =HLW GHU :LHGHUDXIQDKPHGHV.ULHJHVJHJHQ1DSROHRQ XQGGDPLWQDFK(U VFKHLQHQYRQ0OOHUV(OHPHQWHQGHU6WDDWVNXQVW LQGHQHQHUGHU9HUWUHWHU GHV 6WlQGHVWDDWHV HLQH TXDVLQDWXUUHFKWOLFKH $UJXPHQWDWLRQ ]XJXQVWHQ GHV $GHOV HQWIDOWHW Å%UJHUOLFK QHQQW PDQ PLW 5HFKW DOOHV ZDV VLFK DXI GHQNQVWO>LFKHQ@6WDDWEH]LHKW²GHQQGHU$GHOJHK|UWPLW]XU1DWXUYHU IDVVXQJ´ ,P-DKUQDFKVHLQHU.RQYHUVLRQ]XUNDWKROLVFKHQ.LUFKHWULIIW6FKOH JHOHLQHGHXWOLFKH(QWVFKHLGXQJJHJHQGHQ(UEDGHOGHUSURMHNWLHUWH6WlQ GHVWDDW ZLUG VWHWV DOV JHLVWOLFKHU 6WDDW JHGDFKW 1RFK GHXWOLFKHU ZLUG 6FKOHJHOZHQQHUGHP$GHOGHQ8QWHUJDQJSURSKH]HLWXQGGDEHLDXFKGLH :LHGHUEHOHEXQJ GHV KDELWXHOOHQ 3DUDGLJPDV Ä5LWWHUWXP¶ DOV HLQHU Å$UW YRQ3ULHVWHUWKXPGHU(KUH´ YHUZLUIW 'HU$GHOQXUGXUFKGLHJHLVWOLFKH*HZDOWRGHUGXUFKGHQ%UJHUVWDQG]XElQGL JHQ:RGLH‰QLFKW6WDWWILQGHWQXUGXUFKGHQ'HVSRWLVPXVZLHLQ5X‰ODQG>«@ 'HU$GHOLVWJDQ]YRQVHLQHUXUVSUQJO>LFKHQ@%HVWLPPXQJDEJHZLFKHQHVLVWDQ JDU NHLQH (UZHFNXQJ GHV 5LWWHUJHLVWHV PHKU LQ LKP ]X GHQNHQ $XFK LVW GHU $GHOJHJHQGLH&XOWXUGHV/DQGHVHLQ+LQGHUQL‰²!(VLVWGDKHUNHLQHP=ZHLIHO XQWHUZRUIHQGD‰HUYHUVFKZLQGHQPX‰1XUDXIGLH$UWZLHHVJHVFKLHKWNRPPW YLHODQ

²²²²²²²²²²²²²  .)6$;,,,6YJODXFK6  7]RUHI$VKNHQD]L &KHQ 'HUURPDQWLVFKH0\WKRVYRP8UVSUXQJGHU'HXWVFKHQ)ULHGULFK6FKOHJHOV 6XFKHQDFKGHULQGRJHUPDQLVFKHQ9HUELQGXQJ*|WWLQJHQ6 6FKULIWHQUHLKHGHV0L QHUYD,QVWLWXWVIUGHXWVFKH*HVFKLFKWHGHU8QLYHUVLWlW7HO$YLY   .)6$;;6  'DV )UDJPHQW EH]LHKW VLFK DXI %RQDOG Å'HU $GHO GXUFK GDV ,QVWLWXW G>HU@ 5LWWHUVFKDIW ELOGHWHLQH$UWYRQ3ULHVWHUWKXPGHU(KUH>«@²GHP3ULHVWHUWKXPG>HU@.LUFKHQDFKJHELO GHW²QRFKELVDXIGLHQHXHVWHQ=HLWHQLQGHUOHHUHQ)RUPDXFKEHVRQGHUVLQ)UDQNUHLFK QDFK%RQDOGV,GHHGHU$GOLFKHVH\GHU6WDDWVGLHQHUXQG6WDDWVPHQVFKƪơƴѴѴƥƮƯƷƞƭ´ .)6$ ;;,6I   .)6$;,; 6  ² =XU )UDJH GHV 5LWWHUWXPVGLH LQGHU VSlWURPDQWLVFKHQ /LWHUDWXU MD HLQHWUDJHQGH5ROOHVSLHOWlX‰HUWVLFK6FKOHJHODQGHUQRUWVDOOHUGLQJVJUXQGVlW]OLFKSRVLWLY QXUVFKHLQWHUIUGLH=XNXQIWNHLQH5HDOLVLHUXQJVFKDQFHPHKU]XVHKHQÅ'DVJUR‰H9RU UHFKWGHV*HEXUWV!$GHOVVROOWHGDULQEHVWHKHQ5LWWHU 'HXWVFKH+HUUHQSS ZHUGHQ]X N|QQHQ´ .)6$ ;; 6   8QG ZHVHQWOLFK HNOHNWLVFKHU DOV VRQVW Å'HU :HUWK GHV $GHOVEHVWHKWDOOHLQLQG>HP@5LWWHUVLQQXQGG>HU@,GHHG>HU@(KUHXQGG>HV@.DLVHUWKXPV´ (EG6 $EHUHLQVROFKHU5LWWHUVLQQKDWNHLQH=XNXQIWPLWVHLQHQKDELWXHOOHQ6WlU



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 5LWWHUWXP LVW GDEHL QLFKW QXU PLW Ä(KUH¶ VRQGHUQ LPPHU DXFK PLW GHP PLWWHODOWHUOLFKHQ&KULVWHQWXPNRQQRWLHUWXQGHLQHUGDPDOVDGlTXDWHQIHX GDOLVWLVFKHQ2UGQXQJGHV*UXQGXQG%RGHQVPLWGHU&KULVWOLFKNHLWXQG .LUFKHQQlKHGHU.|QLJHJLQJDXFKGHU$GHOGDKLQ (LQHSRHWRORJLVFKH.RPSRQHQWHLVW]XEHDFKWHQ'LH:HOWGHV5LWWHU WXPVLVWHLQH:HOWGHU1DWXU3RHVLHXQGGHU3KDQWDVLHGDPLWVWHKWVLHLP *HJHQVDW]]XUHFKWPRGHUQHQYHUVWDQGHVGRPLQLHUWHQ:HOWXQGGHUPR GHUQH5RPDQVWHKWLP*HJHQVDW]]X&HUYDQWHV·'RQ4XL[RWH)ROJOLFKLVW LQGHU*HJHQZDUW5LWWHUSRHVLHQLFKWP|JOLFKZHQQVLHQLFKWGHPURPDQWL VFKHQ *HERW K|FKVWHU 5HIOH[LYLWlW JHKRUFKW ZLH GLHV 1RYDOLV· 5RPDQ GXUFKDXVWXWÅ'LHLQGLUHNWH'DUVWHOOXQJG>HU@*HJHQZDUWLVWGLHEHVWH$EHU IUHLQHQ5LWWHU5RPDQLQ3URVDJLHEWHVNHLQKLQUHLFKHQGHV0RWLYZHQQHU

²²²²²²²²²²²²² NHQ KDW GHU $GHO DXFK VHLQH NXOWXUHOOHQ 9RU]JH YHUORUHQ ² RGHU PDQ EHGDUI LKUHU QLFKW PHKU0l]HQDWHQWXP.ULHJVNXQVW%RGHQEHVLW]XQGELQGXQJVWHKHQLQHLQHU:HOWGHUEH VFKOHXQLJWHQ0RGHUQLVLHUXQJVRJDULP:HJHÅ+DWGHU$GHOZRKOQRFKLUJHQGZRGLH,GHH GHV.DLVHUWKXPVXQGIURPPHQ5LWWHUJHLVW"1HLQPLWKLQLVWLKPVHLQ8UWKHLOJHVSURFKHQ :lKUHQG G>HV@ 0LWWHODOWHUV EHGXUIWHQ GLH .XQVW XQG PLWKLQ GLH 6WlGWH HLQHU EHVRQGHUHQ 3IOHJHXQG9RUUHFKWH-HW]WLVWG>LH@.XQVWJHQXJGLH$UWGHV.ULHJHVEHUXKWQLFKWPHKU DXIGHP$GHO'LH&XOWXUGHV/DQGHVZHOFKHEHLGHUVWHLJHQGHQ%HY|ONHUXQJQRWKZHQGLJ ZLUGHUIRUGHUWYLHOPHKU.lXIOLFKNHLWGHV/DQGHVSS.XU]DOOHVGDVZDVGHP3ULQFLSGHV $GHOV HQWJHJHQVWHKW´ .)6$ ;; 6 I  ² 1RFK GHXWOLFKHU ]X HLQHP NQIWLJHQ 5H IRUPSURMHNW Å'LH VFKDGKDIWH 6WHOOH G>HU@ 'HXWVFKHQ 9HUIDVVXQJ ZDU XQVWUHLWLJ GHU $GHO XQG GXUFK GLHVHQ GLH %DXHUQ 'LH *HLVWOLFKNHLW EHGXUIWH XQJOHLFK ZHQLJHU UHIRUPLUW ]X ZHUGHQ´ .)6$;;6 ²(LQVFKUlQNHQGVLHKW6FKOHJHOGLHIRUWGDXHUQGH)XQNWLRQGHV $GHOV LP *HJHQJHZLFKW JHJHQ GDV %HDPWHQWXP VHLQHP NRUSRUDWLYHQ 9HUVWlQGQLV QDFK KDOWHQ HLQDQGHU DOVR $GHOVVWDQG XQG %HDPWHQVWDQG GLH :DDJH Å)U GLH (UKDOWXQJ GHV $GHOVVSULFKWDEHUZLHGHUGDVGD‰HUQRFKHLQ*HJHQJHZLFKWJHJHQGDVJU|‰WH8HEHOLP 6WDDWH GLH 0DVVH GHU JHPHLQHQ 6WDDWVEHDPWHQ ELOGHW ZHOFKH GDV JU|‰WH 8HEHO LP 6WDDWH VLQG'LHVHVLQGHVHLJHQWO>LFK@ZHOFKHGHQJU|‰WHQ+D‰JHJHQG>HQ@$GHOKHJHQ1HEVWLK QHQ GLH 0DVVH GHU JHPHLQHQ *HOHKUWHQ ZHOFKH GHQVHOEHQ +D‰ QlKUW´ .)6$ ;,; 6   VFKULHE6FKOHJHOÅ'DV)HXGDOZHVHQLVWGDUXPXQGDXVGHP*UXQGHJDQ]DEJHVFKDIIWXQG IULPPHUYRUEHUJHJDQJHQ]XEHWUDFKWHQZHLOGHUHUVWH5LQJDQGHPXQGYRQGHPGDV*DQ]H JHWUDJHQZXUGHQLFKWPHKUYRUKDQGHQLVWZHLOQlPO>LFK@.|QLJHXQG6WDDWHQVLFKVHOEVWJDU QLFKW PHKU DOV 'LHQVWPlQQHU *RWWHV XQG GHU .LUFKH DOV GLHQVWEDUH2UJDQH GHU .LUFKH DQHU NHQQHQVRQGHUQYLHOPHKUGLHVHVHOEVWXQWHUMRFKHQZROOHQ'DGXUFKLVWGHQQDXFKGLH)UD JHYRP$GHOPHKUHQWKHLOVHQWVFKLHGHQ´ Å=XU*HVFKLFKWHXQG3ROLWLN,1U´LQ .)6$;;,6I   9JO ]ZHL )UDJPHQWH DXVGHP -DKU Å'HU '>RQ@ 4XL[RWH LVW YLHOO>HLFKW@ JDU QLFKW ]X G>HP@ 5RP>DQ@ ]X UHFKQHQ ² HV LVW HLQ NRPLVFKHV 5LWWHUJHGLFKW´ .)6$ ;9,, 6   ² Å'LH lFKWPRGHUQH 3RHVLH LVW GLHMHQLJH ZHOFKH DXFK LP *HJHQVWDQGH GDV LVW ² GDV :HVHQ GHV0RGHUQHQ!EHVWHKWDEHUGDULQGD‰GLHGDUJHVWHOOWH:HOWHLQHVROFKHLVWLQGHUHLQHYHU QQIWLJH3UD[LV²GHU9HUVWDQGGXUFKDXVKHUUVFKHQGLVW²(VJLHEWVHOEVWEHLGHQ$OWHQPR GHUQH'LFKWHULQGLHVHP6LQQH]%7HUHQ]XQG/XFDQEHUKDXSWGLHKLVWRULVFKHQ'LFKWHU G>HU@5|PHU,QGHU5LWWHUZHOWLVWGDJHJHQDXFKLPJHZ|KQOLFKHQ/HEHQ²DXFKRKQHDOOHV :XQGHUEDUH²GLH)$17$6,(KHUUVFKHQG²RGHUGLH,GHH´ (EG6 



.DSLWHO

 QLFKW]XJOHLFKHLQ.QVWOHUXQG3KLORVRSKLVFKHU5RPDQLVWZLHG>HU@2IWHUGLQ JHQ'LHVHULVWQRFKGHUJHOXQJHQVWHYRQDOOHQ´  PLWWHQ LQ GHU 5HVWDXUDWLRQV]HLW GHQNW 6FKOHJHO QXQ GRFK EHU HLQH:LHGHUJHEXUWGHV$GHOVXQWHUFKULVWOLFKHQ9RU]HLFKHQQDFKGHUHKHU GHP.ULWHULXPGHV9HUGLHQVWHVDOVGHPGHV(UEHVJHKRUFKHQVROO(LQH VROFKH 5HQRYDWLR GHV $GHOV XQWHU GHU 6FKLUPKHUUVFKDIW GHU NDWKROLVFKHQ .LUFKHPDJDXIGHQHUVWHQ%OLFNYHUZXQGHUQGRFKHLQHUGHUHUVWHQ.RQ YHUWLWHQGHUPLWVHLQHP6FKULWW$XIPHUNVDPNHLWXQG%HIUHPGHQHUQWHWH ZDU HLQ $GHOLJHU QlPOLFK )ULHGULFK /HRSROG YRQ 6WROEHUJ GHU  LQ HLQHU 9HUWHLGLJXQJVVFKULIW 8HEHUGHQ=HLWJHLVW -RKDQQ +HLQULFK 9R‰ HQWJH JHQKlOW GHU *HLVW GHV (YDQJHOLXPV IRUGHUH $FKWXQJ YRU GHU 7UDGLWLRQ 'HU $GHO VHL WUDGLWLRQHOOHUZHLVH QLFKW QXU .XOWXUWUlJHU VRQGHUQ LKP VHL DXFKSROLWLVFKH(QWVFKHLGXQJVJHZDOWYRQDOWHUVKHUJHJHEHQ =XQHKPHQG ZLUG IU )ULHGULFK 6FKOHJHO GHU $GHO YRP UHLQ lX‰HUOL FKHQ PLWWOHUZHLOH EHUKROWHQ $N]LGHQV GHV 6WDDWHV ]X HLQHP LQQHUHQ QRWZHQGLJHQ 3ULQ]LS HLQHU MHQVHLWV GHV EOR‰HQ 9HUVWDQGHV JUQGHQGHQ :HOW'LHVEHVWlWLJWGLHVSlWH6XPPHVHLQHUVWDDWVWKHRUHWLVFKHQ$QVLFKWHQ LQ GHP PHKUWHLOLJ LQ VHLQHUOHW]WHQ =HLWVFKULIW Å&RQFRUGLD´ HUVFKLHQHQHQ $XIVDW]6LJQDWXUGHV=HLWDOWHUVGHUDXVGHU'LIIHUHQ]YRQlX‰HUHP)ULHGHQ XQG LQQHUHP 8QIULHGHQ GHU URPDQWLVFKHQ 'LVNUHSDQ] YRQ lX‰HUHU XQG LQQHUHU :HOW DOVR HLQ 3URJUDPP GHU 9HUV|KQXQJ LQ GHP DOV RUJDQLVFK SRVWXOLHUWHQ6WlQGHVWDDWHQWZLUIW'HUÅOHEHQGLJHQ,GHHGHVZDKUHQ6WDD WHV´HQWVSULFKWHLQH0RQDUFKLHPLWDEJHVWXIWHQ6WlQGHQ1XQKlOW6FKOH JHO GLH Å(UEOLFKNHLW GHU .ULHJHU XQG $GHOV.DVWH IU XQEHGHQNOLFK´  bKQOLFKZLHHLQHLQKDOE-DKU]HKQWHIUKHU+DUGHQEHUJEH]HLFKQHW6FKOHJHO PLW GHP .DVWHQEHJULII HLQHQ P|JOLFKHUZHLVH EHU GHQ JHJHQZlUWLJHQ HPSLULVFKHQ 6WDQG KLQDXVJHKHQGHQ Ä$GHO¶ /HGLJOLFK GDV *HJHQJHZLFKW

²²²²²²²²²²²²²  Å=XU 3RHVLH XQG /LWWHUDWXU ´ LQ .)6$ ;9,, 6  ²  HUVFKHLQW )RXTXpV =DXEHUULQJ YJO.DS   Å'HU $GHO LVW HLJHQWO>LFK@ GHU 6WDQG DXI GHP GHU 6WDDW UXKW XQG HEHQ GDUXP GDV JUR‰H 3UREOHPGHV=HLWDOWHUV(VHQWVWHKWMHW]WRIIHQEDUPLWGHP+HUDQQDKHQGHVQHXHQFKULVWOL FKHQ 6WDDWV HLQ QHXHU $GHO LP *HJHQVDW] JHJHQ GHQ DOWHQ 6WDPP XQG /DQGDGHO GHU GDQQ5LWWHUDGHOJHZRUGHQXQGHQGOLFK]XP+RFKDGHOKHUDEJHVXQNHQLVWGLHVHUQHXH$GHO N|QQWH ZRKO DP EHVWHQ QLFKW EOR‰9HUGLHQVW XQG 7XJHQG$GHO VRQGHUQ %LOGXQJVXQG ,GHHQ$GHOJHQDQQWZHUGHQ'HU9HUGLHQVWXQG'LHQVWDGHO²ZLHLQ5X‰ODQG²QHEVWGHU %HDPWHQ5DQJRUGQXQJLVWGD]XVFKRQHLQ$QIDQJ´ .)6$;;,,6I   9JO6WROEHUJ&KULVWLDQXQG)ULHGULFK/HRSROG*UDIHQ]X*HVDPPHOWH:HUNH%G+DP EXUJ6KLHU6IVRZLH2VLQVNL-XWWD.DWKROL]LVPXVXQGGHXWVFKH/LWHUDWXU LP-DKUKXQGHUW3DGHUERUQ0QFKHQ:LHQ=ULFK6  6FKOHJHO)ULHGULFKÅ6LJQDWXUGHV=HLWDOWHUV´LQ.)6$9,,6KLHU6  (EG6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 GHU .LUFKH IRUGHUW 6FKOHJHO ]XU 9HUPHLGXQJ HLQHU HLQVHLWLJHQ 'RPLQDQ] GHV$GHOVVHLQ0LVVWUDXHQJHJHQGHQ*HEXUWVVWDQGEOHLEWLKPDOVR 7URW] DOOHUOHL :LGHUVSUFKHQ XQG 8QJHUHLPWKHLWHQ ZHQGHQ VLFK 6FKOHJHOVbX‰HUXQJHQ]XP$GHOLPPHUZLHGHUYRPÄUHDOHQ¶$GHOVVWDQGDE XQGHLQHPLGHDOHQ$GHO]XLQGHPVLH]%GLHZDKOZHLVHKLVWRULVFKRGHU P\WKLVFK]XQHQQHQGHDGHOLJH6RQGHUVHPDQWLNGHVFKULVWOLFKHQ5LWWHUWXPV ZLHGHUDXIQHKPHQ )U GLH URPDQWLVFKH 6WDDWVSKLORVRSKLH YRU DOOHP IU $GDP0OOHUZDUGHUZLFKWLJHUH,GHHQJHEHUDOOHUGLQJV1RYDOLV(ULVWHV GHULQVHLQHP]X/HE]HLWHQSXEOL]LHUWHQVWDDWVXWRSLVFKHQ7H[W*ODXEHQXQG /LHEH GDQQ DXFK LQ GHP ODQJH =HLW QXU YHUVWPPHOW ]XJlQJOLFKHQ JH VFKLFKWVSKLORVRSKLVFKHQ (XURSD7H[W GHQ (QWZXUI HLQHV RUJDQLVFK JH GDFKWHQ 6WDDWHV ]XU LGHDOHQ )DPLOLH HLQHUVHLWV ]XU 3RHVLH DQGHUHUVHLWV LQ $QDORJLHGHQNWZLHHUDXFKLQVHLQHP(Q]\NORSlGLH3URMHNWHLQH$QDOR JLHELOGXQJ GHU :LVVHQVFKDIWHQ XQG :LVVHQVZHOWHQ XQWHUHLQDQGHU DQ VWUHEW,Q VHLQHU (XURSD YHUZHQGHW 1RYDOLV 3ROLWLN 3RHVLH XQG 5HOLJLRQ MHZHLOV V\QRQ\P ]XHLQDQGHU'HU *HEUDXFK GHV Å=DXEHUVWDEV GHU $QD ORJLH´  JHVWDWWHW 1RYDOLV VRJDU GLH .RQVWLWXWLRQ HLQHU RIIHQHQ =XNXQIW GHV 6WDDWHV GXUFK QDUUDWLYH .RQVWUXNWLRQ XQG GDV KHL‰W GDVV GHP (QW ZXUI YRQ *HVFKLFKWH EHVWLPPWH 9HUIDKUHQ GHV 1DUUDWLYHQ ]XJUXQGH OLH JHQGLHSRHWLVFKH)RUPDOVRLP9RUGHUJUXQGVWHKW(U]lKOHQXQGÄGHQ 6WDDW HUULFKWHQ¶ VLQG HLQV ² HLQH .RQVHTXHQ] DXV GHP IUKURPDQWLVFKHQ 8QLYHUVDOLVPXV E]Z 5RPDQWLVLHUXQJVWKHRUHP (LQ VROFKHV 9HUIDKUHQ GDVGLHSRHWLVFKH5HGHPLWGHU*HVFKLFKWHV\QFKURQLVLHUWLVWGLH.RQVH TXHQ] DXV 1RYDOLV· 'LNWXP GDVV ÅHLQ *HVFKLFKWVFKUHLEHU QRWKZHQGLJ DXFKHLQ'LFKWHUVH\QP‰WH´$OV)RUPGHU6\QWKHVHOLHJWGLH$QDORJLH LQGHU0LWWH]ZLVFKHQY|OOLJHU*OHLFKKHLWXQGY|OOLJHU9HUVFKLHGHQKHLW6LH EDKQWGHQ:HJ]XHLQHP*OHLFKJHZLFKW]ZLVFKHQ(LQKHLWXQG0DQQLJIDO ²²²²²²²²²²²²²  Å:R>«@GDVNLUFKOLFKH(OHPHQWDEJHKWRGHUGRFKQLFKWVHLQHJHEKUHQGH6WHOOHEHKDXS WHQNDQQZLHLQGHQSURWHVWDQWLVFKHQ6WDDWHQHQWVWHKWGDUDXVJDQ]QDWUOLFKLQ'HXWVFK ODQGZHQLJVWHQVGHQEULJHQJHJHEHQHQ%HVFKDIIHQKHLWHQJHPl‰MHQHULKQHQHLJHQWPOL FKH EHUZLHJHQGH +DQJ ]X HLQHU K|FKVW HLQVHLWLJHQ XQG EHVFKUlQNWHQ IU GLH ZDKUH EUJHUOLFKH *HVLQQXQJ QLHGHUGUFNHQGHQ $GHOVDULVWRNUDWLH LQGHP GLHVHV DQ VLFK XQG LQ VHLQHQUHFKWHQ6FKUDQNHQDOOHUGLQJVDXFKZHVHQWOLFKHXQGDOWJHUPDQLVFKH(OHPHQWGHVSR OLWLVFKHQ/HEHQVLQ(UPDQJHOXQJGHUDQGHUQQRFKK|KHUHQ2UJDQHQXQVWlUNHUDOVHVVROO WHKHUYRUWULWW´ (EG6   9JO9RJO.DONO6I  9JO 0DKRQH\ 'HQQLV )ULHGULFK YRQ +DUGHQEHUJ 1RYDOLV  6WXWWJDUW:HLPDU  6  6DPPOXQJ0HW]OHU   1RYDOLV JHEUDXFKW GLHVH 0HWDSKHU LQ JHVFKLFKWVSKLORVRSKLVFKHU GLDFKURQHU $EVLFKW 'LH &KULVWHQKHLWRGHU(XURSDLQ1RYDOLV3KLORVRSKLVFKWKHRUHWLVFKHV:HUN6KLHU6  9JO8HUOLQJV+HUEHUW)ULHGULFKYRQ+DUGHQEHUJJHQDQQW1RYDOLV:HUNXQG)RUVFKXQJ6WXWWJDUW 6  1RYDOLV Å+HLQULFK YRQ 2IWHUGLQJHQ´ LQ :HUNH 7DJHEFKHU XQG %ULHIH )ULHGULFKV YRQ +DUGHQEHUJ 'DV GLFKWHULVFKH :HUN %G  5LFKDUG 6DPXHO +UVJ  0QFKHQ:LHQ  6KLHU6



.DSLWHO

 WLJNHLW GHU GHP URPDQWLVFKHQ *DQ]KHLWVGHQNHQ HQWVSULFKW RKQH GDVV EHUGLH.UDIWGHV9HUZHLVHQVKLQDXVHLQHSODWWH,GHQWLILNDWLRQDQJHVWUHEW ZlUH  %HUHLWV 1RYDOLV GHQNW YRQ 5RXVVHDX KHU EHU GHQ PRGHUQHQ EURNUDWLVFKHQ 6WDDW QDFK GHU VHLW GHQ =HLWHQ )ULHGULFKV GHV *UR‰HQ LQ 3UHX‰HQ ]XU0DVFKLQH JHZRUGHQ LVW,QGHVVHQEHVWHKWQHEHQ YLHOHQ DQ GHUHQHLQ8QWHUVFKLHG]ZLVFKHQ1RYDOLV·LQWHQVLYHUIRUVFKWHQ7H[WHQXQG GHQ LP  -DKUKXQGHUW ZHQLJ EHDFKWHWHQ 7H[WHQ 0OOHUV LP *UDG DQ $XVGLIIHUHQ]LHUXQJ GHV LPDJLQlUHQ 6WDDWHV GHVVHQ ,QVWLWXWLRQHQJHIJH 0OOHU DXI KXQGHUWHQ YRQ 'UXFNVHLWHQ HQWZLFNHOW XQG HV GDEHL ÅLGHDOW\ SLVFK HQWIDOWHW´0OOHU JHK|UWH DXFK ]X MHQHQ 3XEOL]LVWHQ GLH GHQ EHL 1RYDOLV ]X /HE]HLWHQ GHU .|QLJLQ YRUEHUHLWHWHQ /XLVHQNXOW SROLWLVFK LQL WLLHUWH=XQlFKVWZLUGDEHUEHL1RYDOLVGDV.|QLJVSDDUDOVNQVWOHULVFKHV =HLFKHQ PDUNLHUW XQG VR GHP FRGLIL]LHUWHQ 5HFKW HQWJHJHQJHVHW]W'D PLW DEHU EHJLQQW GLH $EO|VXQJ RKQHKLQ V\PEROLVFK PHKUZHUWLJHU 3HUVR QHQ YRQ HLQHU HLQGHXWLJHQ VHPDQWLVFKHQ =XRUGQXQJ ZHOFKH GLH VR]LDOH 6FKLFKW RGHU DXFK PHQWDOH $WWULEXWH EHWULIIW :DV 1RYDOLV PLW GHP .| QLJVSDDU YRUZHJQLPPW JHVFKLHKW LQ GHU 7KHRULH 0OOHUV DXFK ]X HLQHP *XWWHLOPLWGHP$GHOHUUHYLGLHUWGLH$GHOVVHPDQWLNVHLQHU=HLWLQ7H[WHQ GLH 3RHVLH XQG 6WDDWVSKLORVRSKLH 5KHWRULN XQG -RXUQDOLVPXV PHLVW JOHL FKHUPD‰HQYHUSIOLFKWHWVLQGXQGGDPLWHLQHQHXDUWLJH*DWWXQJVPLVFKXQJ ELOGHQ 0OOHU NRQQWH DOOHUGLQJV QLFKW ZLVVHQ GDVV 1RYDOLV LQVHLQHQ GDPDOV QRFK XQYHU|IIHQWOLFKWHQ )UDJPHQWHQ LPPHUKLQ VSRUDGLVFK GHQ $GHO HU ZlKQWVRHWZDLP$OOJHPHLQHQ%URXLOORQDOV$XVIKUXQJGHV6DW]HVGHU6WDDW VHL LPPHU ÅHLQ 0DFURDQGURSRV JHZHVHQ´ Å'HU $GHO ZDU GDV 6LWWOLFKH 9HUP|JHQ´1HEHQ GHP $GHO VLQG DOV ZHLWHUH 6WlQGH3ULHVWHU XQG *H OHKUWH JHQDQQW ]XP YROOVWlQGLJHQ 6WDDW JHK|UHQ ZHLWHUKLQ =QIWH XQG .|QLJ Ä$GHO¶ ZLUG DQWKURSRORJLVFK DOVR GHU 7XJHQG ]XJHRUGQHW HLQHP HWKLVFKHQ 3HQGDQW ]XP UHOLJL|VHQ 9HUP|JHQ GHU 3ULHVWHU 1RYDOLV· 9HU IDKUHQGHU$QDORJLHELOGXQJHQJUHLIWDXFKKLHU ²²²²²²²²²²²²²  =XPDQDORJLVLHUHQGHQ'HQNHQGHU)UKURPDQWLNYJO3LNXOLN/RWKDU(7$+RIIPDQQDOV (U]lKOHU(LQ.RPPHQWDU]XGHQ6HUDSLRQV%UGHUQ*|WWLQJHQ6  9JO3HWHU.ODXVÅ1RYDOLV)LFKWH$GDP0OOHU=XU6WDDWVSKLORVRSKLHLQ$XINOlUXQJXQG 5RPDQWLN´ LQ +HUEHUW 8HUOLQJV +UVJ  1RYDOLV XQG GLH :LVVHQVFKDIWHQ 7ELQJHQ  6KLHU6]X0OOHUXQG1RYDOLVYJO6II  6FKZHULQJ0DUNXVÅ5RPDQWLVFKH7KHRULHGHU*HVHOOVFKDIW´LQ+HOPXW6FKDQ]H +UVJ  5RPDQWLN+DQGEXFK6WXWWJDUW6KLHU6  9JO8HUOLQJV)ULHGULFKYRQ+DUGHQEHUJ6²=XP/XLVHQNXOWYJOGHQ(VVD\YRQ%UX\Q *QWHUGH3UHX‰HQV/XLVH9RP(QWVWHKHQXQG9HUJHKHQHLQHU/HJHQGH%HUOLQ  9JO 6FKLHUEDXP 0DUWLQ )ULHGULFK YRQ +DUGHQEHUJV SRHWLVLHUWH 5KHWRULN 3ROLWLVFKH bVWKHWLN GHU )UKURPDQWLN3DGHUERUQXD6  1RYDOLV Å'DV DOOJHPHLQH %URXLOORQ´ LQ 3KLORVRSKLVFKWKHRUHWLVFKHV :HUN 6  KLHU 6





3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



0HKUIDFKEULQJWHUGDV.ODVVLILNDWLRQVSUREOHPLQGHU%LRORJLHPLWGHQ .ODVVLILNDWLRQVP|JOLFKNHLWHQ LQ GHU 3ROLWLN LQ 9HUELQGXQJ GRUW QlPOLFK ZR HU DXIJUXQG JU|‰HUHU,QGLYLGXDOLWlW GHU /HEHZHVHQ LP *HJHQVDW] ]X GHQ 0LQHUDOLHQ  DXI GLH *UHQ]HQ HLQGHXWLJHU .ODVVLILNDWLRQHQ EHUKDXSW VW|‰WXQGGHU1DWXUIRUVFKHUDXI]DKOUHLFKH'DWHQDQJHZLHVHQLVWÅ-HK| KHUGDV7KLHURGHUGLH3IODQ]H²MHUHODWLYHUVHLQH(LQWKHLOXQJMHFRPSOL FLUWHU ² DOOJHPHLQHU ² EHGUIWLJHU PHKUHUHU (UIDKUXQJ ² PHKUHUHU 'D WHQ´+LHUHULQQHUW1RYDOLVSDUDOOHOGD]XDQGDVÅSROLWLVFKH3UREOHP´GHU .ODVVLILNDWLRQGHU5HJLHUXQJVIRUPHQÅ'HU.HLPG>HU@$XIO|VXQJOLHJWLQ GHU JHPLVFKWHQ 5HJLHUXQJVIRUP´² ZLHGHUXP DQDORJ ]XU URPDQWLVFKHQ 7KHRULHGHU*DWWXQJVPLVFKXQJ.RQNUHWHUZLUG1RYDOLVDOOHUGLQJVQLFKW ,Q GHQ EHUHLWV  QLHGHUJHVFKULHEHQHQ )LFKWH6WXGLHQ QRFK LQ GHUGXUFK)LFKWHVHOEVWPLWJHWUDJHQHQDGHOVNULWLVFKHQ3KDVHGHU5HYROXWL RQVMDKUH  YHUWHLGLJW 1RYDOLV GHQ (UEDGHO ]ZHLPDO Å6R ODQJH HV QRFK 7DSIUH XQG )HLJH JLHEW ² ZLUG DXFK $GHO VH\Q $SRORJLH GHV (UEDGHOV UHODWLY´  ² Å9HUGDQNHQ GLH 0HQVFKHQ GHP $GHO QLFKWV" 6LQG VLH UHLI JHQXJGHQ$GHO]XHQWEHKUHQ´ 1RYDOLVEHJLQQWVLFKYRQGHUHQJHUHQ$GHOVVHPDQWLN]XHQWIHUQHQZR HUÄ$GHO¶PLWGHPURPDQWLVFKHQ9HUIDKUHQGHUÄ(UK|KXQJ¶ RGHUZLHDXFK )ULHGULFK6FKOHJHOGHU3RWHQ]LHUXQJ LQ9HUELQGXQJEULQJW'HPOLHJWGLH 9RUVWHOOXQJHLQHUXUVSUQJOLFKHQ6WDQGHVHUK|KXQJDOV:XU]HOGHV$GHOV VWDQGHV]XJUXQGHXQGGDPLWQLFKWGLHHLQHU*UXSSHIUHL*HERUHQHU'HXW OLFK IUKHU DOV /XGZLJ $FKLP YRQ $UQLP LQ YHUJOHLFKEDUHQ $XVVDJHQ  SOlGLHUW 1RYDOLV LQ HLQHU ² ZLH SROLWLVFK HUQVW DXFK LPPHU JHPHLQWHQ ² ²²²²²²²²²²²²²    

(EG6I (EG 9JOHEG6 =X )LFKWHV 3URSDJLHUXQJ HLQHV *HLVWHVDGHOV VRZLH HLQHU MXULVWLVFK PRWLYLHUWHQ $GHOVNULWLN YJO-RKDQQ*RWWOLHE)LFKWHÅ%HLWUDJ]XU%HULFKWLJXQJGHU8UWKHLOHGHV3XEOLNXPVEHUGLH IUDQ]|VLVFKH 5HYROXWLRQ >@´ LQ *HVDPWDXVJDEHGHU%D\HULVFKHQ $NDGHPLHGHU :LV VHQVFKDIWHQ:HUNH%G5HLQKDUG/DXWKXD +UVJ 6WXWWJDUW%DG&DQQVWDWW 6KLHU6XQG6II  1RYDOLV3KLORVRSKLVFKWKHRUHWLVFKHV:HUN6  (EG6  9JO YRQ $UQLP /XGZLJ $FKLP YRQ Å:DV VROO JHVFKHKHQ LP *OFNH´ LQ :HUNHLQVHFKV %lQGHQ%G5RVZLWKD%XUZLFNXD +UVJ )UDQNIXUWD06KLHU6 XQG$UQLPVLHKWGHQ$GHOVVWDQGVHLQHU=HLWGHUVLFKDXI*HVHW]XQG*HEXUWEHUXIW DOV PRGHUQH )HKOHQWZLFNOXQJ GHU 1DSROHRQ DOV ([HNXWRU GHV *HLVWHV GHU )UDQ]|VLVFKHQ 5HYROXWLRQ ÅGLH %LOGXQJ HLQHV QHXHQ 5LWWHUWXPV GHV *HLVWHV XQG GHU :DKUKHLW´ JHJHQ EHUVWHOOHXQGHUHULQQHUWDQGLHXUVSUQJOLFKH%HGHXWXQJYRQÄ$GHO¶DOVHLQHU(OLWHIUHLHU 0lQQHU $OV =ZHFNH GHV $GHOV VLQG Å)DPLOLHQEHI|UGHUXQJ (KUH XQG 5DFKH´ JHQDQQW Ä)UHL¶HUKlOWQXQHLQHQEHVRQGHUVKRKHQ6WHOOHQZHUWVROOHQGRFKGXUFKMHQH*HQHUDOQRELOL WLHUXQJ DOOH 0HQVFKHQ ÄIUHL¶ XQG DOOH ZDIIHQIlKLJHQ 0lQQHU 6ROGDWHQ  ZHUGHQ ² IUHLOLFK ZlUHGXUFKN|QLJOLFKH%HUXIXQJXQGWHLOVGXUFK.RRSWDWLRQHLQHQHXHDGHOLJH(OLWHLQ$U QLPV:RUWHQHLQÄ5LWWHUWXP¶QHX]XHUVFKDIIHQQDFKGHPGHU.|QLJGDVJDQ]H9RONÅDGH OLJ´HUNOlUWKlWWH



.DSLWHO

 1RWL]IUHLQHDOOJHPHLQHXQLYHUVDOH(UK|KXQJVRHEHQDOOHU0HQVFKHQLQ HLQHQÄ$GHO¶ZDVDXIHLQNQIWLJHV*ROGHQHV=HLWDOWHUKLQGHXWHW 'LH(UKHEXQJLVWGDVYRUWUHIIOLFKVWH0LWWHOZDVLFKNHQQHXPDXIHLQPDODXVID WDOHQ&ROOLVLRQHQ]XNRPPHQ6R]%G>LH@DOOJ>HPHLQH@(UKHEXQJLQ$GHOVVWDQG ²GLH(UKHEXQJDOOHU0HQVFKHQ]X*HQLHV²GLH(UKHEXQJDOOHU3KDHQRPqQHLP :XQGHUVWDQG²GHU0DWHULH]X*HLVW²GHV0HQVFKHQ]X*RWWDOOHU=HLW]XUJROG QHQ=HLWHWF´

%HLÄ(UKHEXQJ¶LVWZLHGHUXPÄ3RWHQ]LHUXQJ¶PLW]XGHQNHQ,Q*ODXEHQXQG /LHEH OHKQW 1RYDOLV DOOHUGLQJV GLH (UKHEXQJ GHV .|QLJV ]XJXQVWHQ GHV *HEXUWVSULQ]LSVDEÅhEULJHQVLVWDXFKHLQJHERUQHU.|QLJEHVVHUDOVHLQ JHPDFKWHU'HUEHVWH0HQVFKZLUGHLQHVROFKH(UKHEXQJQLFKWRKQH$OWH UDWLRQHUWUDJHQN|QQHQ 1RYDOLV·$EOHKQXQJGHV:LOKHOP0HLVWHUVFKUHLEWVLFKXDYRP$GHOV RSWLPLVPXVGLHVHV5RPDQVKHU6LHULFKWHWVLFKJHJHQGDVVHLQHU0HLQXQJ QDFK 8QSRHWLVFKH GHV 5RPDQV GDV 3UlWHQWL|VH XQG 3UH]L|VH XQG DXFK JHJHQ GLH $QQlKHUXQJ :LOKHOPV DQ GHQ /HEHQVVWLO GHV $GHOV GHU VLFK EHUHLWVLP,9%XFKPLWGHP%HVXFKDXIGHP*UDIHQVFKORVVHLQVWHOOWXQG GHU DP (QGH LQ HLQHP 6FKOXVVWDEOHDX WHLOV DGHOLJHU 3DDUH HQGHW ZHQQ JOHLFK 7KHUHVH EHNXQGHW GLH 6WlQGHGLIIHUHQ] VHL EHL (KHVFKOLH‰XQJHQ VHNXQGlU  =ZDU lX‰HUW VLFK 1RYDOLV QLFKW ]XP %LOGXQJVEULHI LQ GHP :LOKHOP GHP $GHOLJHQ DXIJUXQG VHLQHV /HEHQVVWLOV GLH DOOHLQLJH &KDQFH ]XU$XVELOGXQJGHU3HUV|QOLFKNHLW]XWUDXWDEHUGRFK]XP%LOGGHV$GHOL JHQ ZHOFKHV GDV ,9 %XFK YHUPLWWHOW XQG GDV LKP LQ VHLQHP 0DQJHO DQ 3RHVLH]XQDKDQGHP$GHOVELOGLQGHU/LWHUDWXUGHV-DKUKXQGHUWVVHLQ GUIWH Å'DV YLHOH ,QWUXLJLUHQ XQG 6FKZDW]HQ XQG 5HSUDHVHQWLUHQ DP 6FKOX‰GHVWHQ%XFKVYHUUlWKGDVYRUQHKPH6FKOR‰XQGGDV:HLEHUUHJL PHQW²XQGHUUHJWHLQHlUJHUOLFKH3HLQOLFKNHLW´1LFKWGLH/LWHUDULVLHUXQJ GHV $GHOV VW|UW 1RYDOLV VRQGHUQ GDV YRP PRGHUQHQ%LOG GHV $GHOV DQ JHNUlQNHOWH9HUKDOWHQGHU)LJXUHQ:HQQJOHLFKGLH=DKOGHU1RELOLWLHUXQ JHQHUVWDELP'HXWVFKHQ%XQGH[SORGLHUWGDYRQQXQDQVRXYHUlQH )UVWHQGDV5HFKW]XU$GHOXQJEHVLW]HQZlKUHQGHVLP$OWHQ5HLFKQXU GHP .DLVHU ]XNDP LVW GRFK YRU DOOHP 1RYDOLV· NULWLVFKHV :RUW YRQ GHU ²²²²²²²²²²²²²  (EG6  1RYDOLV Å*ODXEHQ XQG /LHEH´ LQ3KLORVRSKLVFKWKHRUHWLVFKHV:HUN 6  ² 9JO GLH Ä(UKH EXQJ¶ GHV 0HQVFKHQ DOV=ZHFN GHU3RHVLHÅ'LH3RsVLH VFKDOWHW XQG ZDOWHW PLW6FKPHU] XQG.LW]HO²PLW/XVWXQG8QOXVW²,UUWKXPXQG:DKUKHLW²*HVXQGKHLWXQG.UDQFNKHLW² 6LHPLVFKWDOOHV]XLKUHPJUR‰HQ=ZHFNGHU=ZHFNH²GHU(UKHEXQJGHV0HQVFKHQEHU VLFKVHOEVW´ (EG6   9JO*RHWKH-RKDQQ:ROIJDQJ6lPWOLFKH:HUNHQDFK(SRFKHQVHLQHV6FKDIIHQV0QFK QHU$XVJDEH:LOKHOP0HLVWHUV/HKUMDKUH+DQV-UJHQ6FKLQJV +UVJ 0QFKHQ:LHQ 6 I >*RHWKH7H[WH ZHUGHQ NQIWLJ ]LWLHUW QDFKGHU 0QFKQHU $XVJDEH PLWGHU 6LJOH Å0$´PLW%DQGQXPPHU@  1RYDOLV3KLORVRSKLVFKWKHRUHWLVFKHV:HUN6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 Å:DOOIDKUWQDFKGHP$GHOVGLSORP´EHUKPWJHZRUGHQGDVGHP3URWDJR QLVWHQ :LOKHOP 0HLVWHU HLQHQ %LOGXQJVZHJ XQWHUVWHOOW GHU ]XP SHUV|QOL FKHQ $GHO IKUHQ VROOWH ZlKUHQG GRFK YLHOPHKU MXULVWLVFK EHWUDFKWHW ]XWULIIW GDVV 1DWDOLH GXUFKLKUH +HLUDW PLW GHP %UJHU :LOKHOP 0HLVWHU LKUHQ$GHOHLQE‰W/LHVWPDQGD]XQRFKGLH%HPHUNXQJÅ'DV*DQ]HLVW HLQ QRELOLWLUWHU 5RPDQ´ LVW DQ GLH XQWHUVWHOOWH 3RHVLHIHUQH GHV 7H[WV ]X GHQNHQGDQQDEHUYHUVFKLHEWVLFKGHU9HUGDFKWPHWRQ\PLVFKYRP3URWD JRQLVWHQE]ZYRP7H[WDXIGHQ$XWRUEHLGHPHVVLFKMDXPHLQHQ1REL OLWLHUWHQ JHUDGH]X XP HLQHQ +|IOLQJ RGHU KRKHQ +RIEHDPWHQ KDQGHOWH 'LH PRGHUQH 9HUTXLFNXQJ YRQ 3RHVLH XQG SROLWLVFKHP %HWULHE KDW DOVR IU 1RYDOLV QLFKWV PLW Ä$GHO¶ ]X WXQ Å,P *UXQGH NRPPW GHU $GHO GD GXUFKVFKOHFKWZHJGD‰HULKQ]XU3RsVLHUHFKQHWXQGGLH3RsVLHGD‰HU VLHYRP$GHOUHSUDHVHQWLUHQOl‰W´ ,P *HJHQVDW] ]X *RHWKHV 5RPDQ GHP VLFK JHUDGH]X DGHOVIUHXQGOL FKH6WHOOXQJQDKPHQHQWQHKPHQODVVHQGLHLP.RQWH[WGHUUHYROXWLRQlUHQ *HIlKUGXQJ GHV $GHOV DOV OLWHUDULVFKH XQGSROLWLVFKH 3RVLWLRQLHUXQJ *RH WKHV OHVEDU ZHUGHQ ZHQGHW VLFK 1RYDOLV VRJOHLFK JHJHQ GLH 0|JOLFKNHLW HLQHU SURSDJDQGLVWLVFKHQ 5HIHUHQ]LHUXQJ Ä3RHVLH¶ XQG Ä$GHO¶ ELOGHQ IUHL OLFK NHLQHVZHJV HLQHQ *HJHQVDW] MHGRFK VLQG VLH QXU GDQQ YHUHLQEDU ZHQQHLQH%H]XJQDKPHDXIGLH*HJHQZDUWXQWHUEOHLEHQNDQQ,P+HLQULFK YRQ2IWHUGLQJHQHU|IIQHWHLQ0LWWHODOWHUNRORULWJHULQJHUKLVWRULVFKHU3Ul]LVLRQ GLHVH&KDQFH*HZLVVJHKWHVYRUDOOHPXPHLQHQ3RHWHQGDUDXIYHUZHLVW EHUHLWVGDVKLVWRULVFKH9RUELOGGDQHEHQDEHUEHPKWVLFKGHU2IWHUGLQJHQ DOV DQDO\WLVFKHU 5RPDQ LQ GHU 7UDGLWLRQ +HOLRGRUV XP GLH .OlUXQJ YRQ +HLQULFKV JHQHDORJLVFKHU +HUNXQIW DOOHUGLQJV QLFKW LQ HLQHU H[NOXVLYHQ :HLVH :HQQ =\DQH ]X LKP VDJW Å'X KDVW PHKU (OWHUQ´GDQQ HUZHLVW VLFKGHU3RHWXQG.ULHJVPDQQ+HLQULFKDOV.RQILJXUDWLRQJHQHWLVFKHUXQG HU]LHKHULVFKHU(LQIOVVHDOV*UDIHQVRKQXQGDOV+DQGZHUNHUVRKQLP6LQQ GRSSHOWHU *HQHDORJLH GLH QRWZHQGLJH 9RUDXVVHW]XQJ LVW IU VHLQHQ DXI Ä(UIOOXQJ¶KLQJHULFKWHWHQ/HEHQVZHJ'LHDXIGHP$GHOVVFKORVVLPYLHU WHQ.DSLWHOGHVHUVWHQ%XFKHVDQJHVSURFKHQH.UHX]]XJVWKHPDWLNHUJlQ]W ]X HLQHP GXUFK Ä+DQGZHUN¶ XQG Ä3RHVLH¶ NRQILJXULHUWHQ 9HUVWlQGQLV GHV $GHOVQRFKGDVFKULVWOLFKH5LWWHUWXP'LHNULHJHULVFKH%HJHLVWHUXQJ+HLQ ULFKV LVW DOOHUGLQJV ZLH DXV 7LHFNV 1DFKEHULFKW XQG GHQ EHUOLHIHUWHQ (QWZXUIVQRWL]HQ 1RYDOLV· KHUYRUJHKW OHGLJOLFK HLQH 'XUFKJDQJVVWDWLRQ DXIVHLQHP%LOGXQJVZHJGLH%HJHJQXQJPLWGHU6FKZHVWHU=XOLPDGlPSIW VHLQHNULHJHULVFKH%HJHLVWHUXQJ(VGHXWHWVLFKHLQH9HUNHWWXQJYRQW\SR ORJLVFKHP 5RPDQ Ä(UZDUWXQJ¶ ² Ä(UIOOXQJ¶  PLW HLQHP JHQHDORJLVFKHQ +DQGOXQJVPXVWHUDQGDVDP(QGHYRQ+HLQULFKV/HEHQVZHJGLH:LHGHU ²²²²²²²²²²²²²  (EG6  9JO1RYDOLV+HLQULFKYRQ2IWHUGLQJHQ6



.DSLWHO

 KROXQJGHV(LQVLHGOHU/HEHQVVHLQHV9DWHUVYRUVLHKW,QGLHVHUJHQHDORJL VFKHQ 6HULH EHJHJQHQ VLFK GDQQ DXFK (KHPDOLJHV XQG .QIWLJHV +RII QXQJ XQG (ULQQHUXQJ LQ HLQHU JHQHDORJLVFKHQ )XQNWLRQDOLVLHUXQJ EHU KDXSW²GDVZLUGVLFKLQGHQNQIWLJHQ.DSLWHOQQRFKYLHOIDFKHUZHLVHQ² OLHJWHLQH]HQWUDOH%HGHXWXQJGHU$GHOVNXOWXULQGHUURPDQWLVFKHQ/LWHUD WXU 0LWWHOV HLQHU VROFKHQ QLFKWPHFKDQLVFKHQ 6HULHQELOGXQJ ODVVHQ VLFK *HVFKLFKWHXQG3RHVLHYHUVFKPHO]HQZLHHVlKQOLFKPLWGHU&KLIIUHGHV ÄDOWHQ %XFKHV¶ LP IQIWHQ .DSLWHO JHOLQJW 'LH YRUOlXILJH %HJHJQXQJ YRQ 9DWHUXQG6RKQJLSIHOWLQ+HLQULFKV9HUVXFKGLH&KLIIUHQGLHVHV%XFKHV ]XOHVHQHVEOHLEWMHGRFKQXUGLH/HNWUHGHU%LOGHUVLHDOOHLQVLQGIULKQ ÄOHVEDU¶'DHUVLFKXQGVHLQHQ/HEHQVZHJ 9HUJDQJHQKHLWXQG=XNXQIW LQ GLHVHQ%LOGHUQZLHGHUHUNHQQWGDV%XFKDOVR6SLHJHOIXQNWLRQEHVLW]WKDQ GHOW HV VLFK EHL GHU /HLKJDEH GHV%XFKHV GXUFK GHQ 9DWHU JOHLFKVDP XP HLQHÄXPJHNHKUWH¶$KQHQJDOHULH:LHGLHVHVRKDWDXFKGDV%XFKGHU)D PLOLH GLH )XQNWLRQ LP SRHWLVFKHQ %LOG .RQWLQXLWlW ]X VWLIWHQ HLQ /HEHQ HU]lKOEDU ]X PDFKHQ LQ GHU $EIROJH GHU *HVFKOHFKWHU 2E +HLQULFK GDV JHQHDORJLVFKH3ULQ]LSGHV$GHOVDXIVHLQHP/HEHQVZHJWDWVlFKOLFKZHLWHU KLQYHUIROJWKlWWHLVWDXVGHQEHUOLHIHUWHQ(QWZUIHQQLFKW]XHQWQHKPHQ 'HXWOLFK ZLUG QXU GDVV VLFK 1RYDOLV YRQ *RHWKHV Ä:DOOIDKUW¶ PLW LKUHQ IDVWSURJUDPPDWLVFK]XQHQQHQGHQ$XVVDJHQLPÄ%LOGXQJVEULHI¶DOV$XWRU VWlUNHU QRFK GLVWDQ]LHUW KDW GHQQ DOV .ULWLNHU 0LW +HLQULFKYRQ2IWHUGLQJHQ EHJLQQWGLH5HLKHGHUURPDQWLVFKHQ5RPDQHGLH(QWZUIHYRQ$GHOVNXO WXULQ'LIIHUHQ]]XXQG$EJUHQ]XQJYRQ*RHWKHXQWHUQHKPHQ:LHVLFK QRFKHUZHLVHQZLUGVLQGGLHURPDQWLVFKHQ*HJHQHQWZUIHDXIHLQHUWKH PDWLVFKHQ(EHQHVRJOHLFKDOV,QWHUWH[WH]XGHQ/HKUMDKUHQGDQQDEHUYRU DOOHP ]X GHQ :DKOYHUZDQGWVFKDIWHQ DXFK $OWHUQDWLYHQWZUIH ]XJXQVWHQ GHU 6HPDQWLN GHV Ä$GHOLJHQ¶ QLFKW QRWZHQGLJ ]XJXQVWHQ HLQHU KLVWRULVFKHQ )RUPDWLRQ          ²²²²²²²²²²²²²  9JOHEG6²+HLQULFKKlWWHDQVFKHLQHQG]ZDUDQGHUÅ6SLW]HHLQHV+HHUHV´ 6  NlPSIHQVROOHQZlUHDEHUQDFK-HUXVDOHPYLHOOHLFKWDOV3LOJHUQLFKWMHGRFKDOV.UHX]ULWWHU JHODQJW



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 

 



'HU$GHOLQGHQ7H[WHQ$GDP0OOHUV

0OOHUVSROLWLVFKH5RPDQWLN  (VLVWKLHUQLFKWGHU2UWHLQHDXVIKUOLFKHUH&KDUDNWHULVWLNGHV]ZHLIHOORV XPVWULWWHQHQ$GDP0OOHU]XZDJHQ&DUO6FKPLWWGLHQWHHUDOVYRU]JOL FKH3URMHNWLRQVIOlFKHIUVHLQH7KHVHYRQGHUEOR‰QHEXO|VlVWKHWLVFKHQ XQG QXU VFKHLQEDU SROLWLVFKHQ 5RPDQWLN $OV .RQYHUWLW PXWPD‰OLFKHU $QWLVHPLW XQG *UQGXQJVPLWJOLHG GHU 'HXWVFKHQ 7LVFKJHVHOOVFKDIW DOV XQVWHWHU 5HGQHU XQG SXEOL]LVWLVFK UHJVDPHU 3URSDJDWRU GHV UFNZlUWVJH ZDQGWHQ FKULVWOLFKHQ 6WlQGHVWDDWHV KDW VLFK 0OOHU YLHOIDFK GLVNUHGLWLHUW GLH :LHGHUHQWGHFNXQJ LP .UHLV GHV NRQVHUYDWLYHQ 1DWLRQDO|NRQRPHQ 2WKPDU6SDQQLPHUVWHQ'ULWWHOGHV-DKUKXQGHUWVLVWDXVKHXWLJHU6LFKW HEHQIDOOV QLFKW XQSUREOHPDWLVFK3ROLWLVFKHV DOV SXEOL]LVWLVFKHV +DQGHOQ ZDU 0OOHU QLFKW IUHPG 6HLQHU $UEHLWVZHLVH QDFK ZHLVW HU GXUFKDXV DXI GDV ÄMRXUQDOLVWLVFKH¶  -DKUKXQGHUW XQG GHVVHQ OLWWpUDWXUH HQJDJpH YRUDXV 'DEHL JLQJVHLQH )OH[LELOLWlW LQ SXQFWRSROLWLVFKH gIIHQWOLFKNHLWVDUEHLWVR ZHLWGDVVHUGHPSUHX‰LVFKHQ)LQDQ]UDW6WlJHPDQQVFKULIWOLFKYRU VFKOXJ HLQ 5HJLHUXQJVEODWW XQG HLQH 2SSRVLWLRQV]HLWXQJ JOHLFK]HLWLJ ]X ²²²²²²²²²²²²²  $PDXVIKUOLFKVWHQ]XU%LRJUDSKLHYJO%D[D-DNRE$GDP0OOHU(LQ/HEHQVELOGDXVGHQ%H IUHLXQJVNULHJHQXQGDXVGHUGHXWVFKHQ5HVWDXUDWLRQ-HQD²9JO]XOHW]W*HPHDX[&KULVWLQH GHÅ$GDP0OOHUHWOHFRQFHSWURPDQWLTXHG·eWDWPpGLDWHXU´LQ*pUDUG5DXOHW +UVJ  /HVURPDQWLVPHVSROLWLTXHVHQ(XURSH 3DULV  6  ²'LHVHV7HLONDSLWHOJUHLIW LQ HU ZHLWHUWHU)RUPhEHUOHJXQJHQDXIDXV6WUREHO-RFKHQÄÅ(LQKRKHU$GHOYRQ,GHHQ¶=XU 1HXFRGLHUXQJ YRQ Ä$GHOLJNHLW¶ LQ GHU 5RPDQWLN $GDP 0OOHU $FKLP YRQ $UQLP ´ LQ .RQUDG )HLOFKHQIHOGW8UVXOD +XGVRQ6FKOHJHO@ &DUROLQH %ULHIHDXVGHU)UKURPDQWLN%G(ULFK6FKPLGW +UVJ /HLS]LJ6²=XP9RU ELOGFKDUDNWHU$:6FKOHJHOVIU0OOHUYJO0OOHU6FKULIWHQ6I  0OOHU$GDP'LH(OHPHQWHGHU6WDDWVNXQVW+DOEEGH-DNRE%D[D +UVJ :LHQ/HLS]LJ  'LH+HUGIODPPH ²>.QIWLJ]LWLHUWDOV0OOHU(OHPHQWH@  %RXUGLHX3LHUUH'LH5HJHOQGHU.XQVW*HQHVHXQG6WUXNWXUGHVOLWHUDULVFKHQ)HOGHV)UDQNIXUWD0 6I'LH7KHVHYRUJHSUlJWEHL%HUGDKO3ROLWLFV6%HUGDKOJHODQJWEULJHQV ]XGHP)D]LW0OOHUOLHIHUHNHLQHEHU]HXJHQGHNRQVHUYDWLYH6WDDWVWKHRULHVHLDOVRJHJHQ VHLQH$EVLFKWGRFKQXUDOV,GHRORJHGHV$GHOVEHU]HXJHQG 9JO%HUGDKO3ROLWLFV6  ²'LHYRQ)XFKV+HLQULW]JHlX‰HUWH9HUPXWXQJ%RXUGLHXEH]LHKHVHLQHQ LP*HJHQVDW] ]XP0DWHULDOLVPXVVWHKHQGHQ %HJULIIGHV.DSLWDOVDXVJHUHFKQHWYRQ$GDP0OOHUVFKHLQW PLUMHGRFKDEZHJLJYLHOPHKUGUIWHGDVJHPHLQVDPH,QWHUHVVHLP(QWZXUIHLQHVYLHOIlOWLJ YHUZHQGEDUHQLQGHU7HUPLQRORJLH0OOHUVDPHFKDQLVWLVFKHQ.DSLWDOEHJULIIHVOLHJHQ 9JO )XFKV+HLQULW]:HUQHU.|QLJ$OH[DQGUD3LHUUH%RXUGLHX(LQH(LQIKUXQJ.RQVWDQ] 6 87% %RXUGLHXVLQ.DSLWHO]LWLHUWHU0OOHU9HUZHLVGUIWHDXVGHPLQ GHU)X‰QRWHJHQDQQWHQXQGLQGLHVHP.DSLWHO]LWLHUWHQ%XFK5REHUW0%HUGDKOVDE]XOHL



.DSLWHO

 *OHLFK]HLWLJZDU0OOHU]HLWZHLOLJ6SUDFKURKUGHUNRQVHUYDWLYHQ$GHOVSDU WHL3UHX‰HQVXPYRQGHU0DUZLW]XQGLQGLHVHU)XQNWLRQDXFKHLQH6WLP PH LP 'LVNXUV GHU SUHX‰LVFKHQ $GHOLJHQ XQG LP 'LDORJ PLW GHU 5HJLH UXQJ  (V ZlUH XP  YHUIUKW ]ZLVFKHQ GHQ &RGHV LPPHU VWUHQJ XQWHUVFKHLGHQ]XZROOHQ0OOHUV7H[WHVLQGZLHGLHGHUVSlWHUHQ5RPDQ WLN JHQHUHOO GRSSHOW FRGLHUW XQG HU]HXJHQ LQ LKUHU $PELJXLWlW PHKUHUH QLFKWNODUXQWHUVFKHLGEDUHVHPDQWLVFKH(EHQHQ6HLQ|IIHQWOLFKHV$JLHUHQ PDJ GD OHLFKWHU ]X]XRUGQHQ VHLQ %HQHGLNW .RHKOHU HWZD XQWHUVFKHLGHW 0OOHUV (QJDJHPHQW IU GLH $GHOVSDUWHL YRQ GHU 0LWEHJUQGXQJ GHU 'HXWVFKHQ 7LVFKJHVHOOVFKDIW GLH HU YRQ MHQHU $GHOVÄ)URQGH¶ GHXWOLFK JHWUHQQWZLVVHQZLOO0DUZLW]¶3OlQHGDVDOWH9DVDOOHQWXP]XUHVWDXULHUHQ ZDUHQQDFK-HQDXQG$XHUVWHGWQLFKWPHKUGLVNXVVLRQVZUGLJ$XFK0LOL WlUVWHOOHQPXVVWHQQXQQDFKGHP.ULWHULXPGHU/HLVWXQJYHUJHEHQZHUGHQ GDVDGHOLJH/DQGPRQRSROPDFKWHZLUWVFKDIWOLFKHQ)RUWVFKULWWXQP|JOLFK 9RPSUDJPDWLVFKHQ.RQVHUYDWLVPXVGHV$GHOVLVW$GDP0OOHUVSRHWL VFKHU(QWZXUI]XXQWHUVFKHLGHQ0OOHUEHVHW]WZLH)ULHGULFK%DONHIHVW VWHOOW GDV XP  HUIXQGHQH Å3ROLWLVFKH´ ² LP 8QWHUVFKLHG ]X GHU GLH MXULVWLVFKH)RUPDXVIOOHQGHQÄ3ROLWLN¶²XQGGDPLWÅGLHYDULDEOHQ3UR]HVVH GHU 0RUSKRJHQHVH GLH ZHVHQWOLFK YLUWXHOOHU XQG LQWHQVLYHU $UW VLQG XQG VLFKDQGHUVDOVH[WHQVLYH4XDOLWlWHQQLFKWHLQGHXWLJEHJUHQ]HQORNDOLVLHUHQ RGHU]XVDPPHQIDVVHQODVVHQ´ 'HU$QVSUXFKDXINRQNUHWHVSROLWLVFKHV:LUNHQLVWMHGRFKQLFKWZHJ ]XGHQNHQ JHUDGH DXFK DXIVHLWHQ GHU LQWHUHVVLHUWHQ =HLWJHQRVVHQ $FKLP YRQ$UQLPGHU0OOHUJHUDGHVHLQH*UlILQ'RORUHV]X*HK|UJHEUDFKWKDW VFKUHLEWDQ:LOKHOP*ULPPÅ,FKHULQQHUHPLFKQLFKWRE'X$GDP0O OHUNHQQHQJHOHUQWKDVW(UKlOWKLHUPLW%HLIDOO9RUOHVXQJHQEHU)ULHGULFK ,,PLW%H]LHKXQJHQDXIbQGHUXQJHQXQVUHU9HUIDVVXQJGLHMHW]WLP:HU NH VLQG´  $OV UDVWORVHU .RPPXQLNDWRU ZDU 0OOHU YRQ XQEHGLQJWHP ²²²²²²²²²²²²²     

WHQVHLQGHU+LVWRULNHU%HUGDKOLVWRIIHQEDUGXUFK%RXUGLHXVHLWODQJHPVFKRQEHHLQIOXVVW YJOGHQHEHQIDOOVLQGLHVHP.DSLWHO]LWLHUWHQ$XIVDW]%HUGDKOV  9JO%D[D$GDP0OOHU6II²=X0DUZLW]XQG0OOHUYJODXFK)ULH(ZDOG)ULHGULFK $XJXVW/XGZLJYRQGHU0DUZLW]%LRJUDSKLHQHLQHV3UHX‰HQ3DGHUERUQXD 9JO.RHKOHU%HQHGLNWbVWKHWLNGHU3ROLWLN$GDP0OOHUXQGGLHSROLWLVFKH5RPDQWLN6WXWWJDUW 6II =XP%HJULIIGHV.RQVHUYDWLVPXVYJO%HUGDKO3ROLWLFV6II0OOHUKLHUHLQ]XEH]LHKHQ JHOLQJWQXUXPGHQ3UHLVHLQHU9HUHLQGHXWLJXQJVHLQHU7H[WH %DONH )ULHGULFK Å5KHWRULN QDFK LKUHP (QGH 'DV %HLVSLHO $GDP 0OOHUV´ LQ -UJHQ )RKUPDQQ +UVJ  5KHWRULN)LJXUDWLRQXQG3HUIRUPDQ] 6WXWWJDUW:HLPDU  6  KLHU6 $FKLP YRQ $UQLP DQ :LOKHOP *ULPP LP )HEUXDU  LQ 0OOHU 6FKULIWHQ  6  ² 1RFK VWlUNHU DOV SROLWLVFKH bX‰HUXQJ EHJUHLIW :LOKHOP YRQ +XPEROGW LQ HLQHP %ULHI DQ *RHWKH0OOHUV%HUOLQHU9RUOHVXQJHQÅ$GDP0OOHUELOGHWKLHUHLQHI|UPOLFKH2SSRVLWL RQVSDUWHL KlOW 9RUOHVXQJHQ EHU GHQ SUHX‰LVFKHQ 6WDDW YHUWKHLGLJW DOOH 3ULYLOHJLHQ GHV $GHOV XQG JLEW %HZHLVH VHLQHU /HEHQVOXVW XQG GHU KLHVLJHQ /DQJPXWK´ %ULHI YRP LQHEG6 



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 (LQIOXVV DXI GLH 5RQDQWLNHUJHQHUDWLRQ ,Q %HUOLQ HWZD JHK|UWHQ $UQLP %UHQWDQR5DKHO/HYLQ9DUQKDJHQ$XJXVW)HUGLQDQG%HUQKDUGL)RXTXp XQG.OHLVW]XVHLQHP%HNDQQWHQNUHLV EHKDXSWHW0OOHUJHJHQEHUHLQHPSRWHQWLHOOHQ9HUOHJHUHUKDEH VHLQH  'UHVGQHU 9RUOHVXQJHQ LP YHUJDQJHQHQ :LQWHU YRU ŁEHU  3HUVRQHQ´JHKDOWHQDQJHVLFKWVHWZDNDXPYHUJOHLFKEDUHU6WXGHQWHQ]DK OHQGDPDOVHLQ=HXJQLVHQRUPHU%HOLHEWKHLW0OOHUV$XIWUHWHQDOVÄ:HOW PDQQ¶ IDQG QLFKW EHUDOO $QNODQJ GRFK KDWWH HU VHOEVW GHP %UJHUWXP HQWVWDPPHQGXQGLQVHLQHU:LHQHU=HLWGDQQJHDGHOWQLFKWQXUGLH5ROOH GHV Å5KHWRUV´ DQJHQRPPHQ VRQGHUQ DXFK GLH 0DVNH GHV DIIHNWIUHLHQ KRQQrWHKRPPHHLQÅVLFK:UGHJHEHQGHU0DQQ´.DUO$XJXVW9DUQKD JHQYRQ(QVHHLQHP0DQQYRQGXUFKDXV]ZHLIHOKDIWHP$GHONRQQWHHLQ VROFKHV$XIWUHWHQQLFKWYHUERUJHQEOHLEHQXQGHUPXVVWHHLQJHVWHKHQ GD‰0OOHUHLQHVHOWQH9LUWXRVLWlWJHLVWLJHU%HZHJOLFKNHLWHLQGULQJOLFKHQ:LUNHQV XQG EHVRQGHUV JXWHQ 7RQHV GHU YRUQHKPHQ :HOW LQ VHLQHQ PQGOLFKHQ ZLH VFKULIWOLFKHQ$UEHLWHQYHUHLQLJWH3KLORVRSKLHXQG/LWHUDWXUDQGLHK|KHUHQ.UHLVH GHU *HVHOOVFKDIW ]X EULQJHQ ZDU QLHPDQG LQ 'HXWVFKODQG MHPDOV VR JHHLJQHW HU VFKLHQHQ´

.DUO$XJXVW%|WWLJHUVFKULHEEHUGLHLQ'UHVGHQDEJHKDOWHQHHUVWH 9RUOHVXQJVUHLKH 0OOHUV EHU 'HXWVFKH:LVVHQVFKDIWXQG/LWHUDWXU GDVV VLFK ²²²²²²²²²²²²²  0OOHUDQHLQHQ'UHVGQHU%XFKKlQGOHUDPLQHEG6IKLHU6²'HU $XWRU)ULHGULFK/DXQ DOLDV)ULHGULFK$XJXVW6FKXO]H KlOWLQVHLQHQ0HPRLUHQIHVWÅ(LQ ]DKOUHLFKHU.UHLVYRQDXVJH]HLFKQHWHU%LOGXQJ]XP7KHLOYRQKRKHP5DQJHXQGDXVEHL GHQ*HVFKOHFKWHUQEHVWHKHQGHUIOOWHGLH+|UVlOHLQGHQHQHUVHLQHJHLVWYROOHQGXUFKLP SRQLHUHQGH3HUV|QOLFKNHLWQRFKPHKUKHUYRUJHKREHQHQ9RUOHVXQJHQKLHOW´ =LWLHUWQDFK HEG6   9JO&YRQ0DUWHQVEHUHLQHQ%HVXFKEHL0OOHU$QIDQJLQ'UHVGHQÅ+HUU$GDP 0OOHUHPSILQJPLFKPLWVWRO]HUHLQVWXGLHUWHU+|IOLFKNHLWDQVHLQHP6FKUHLEWLVFKHLQHOH JDQWHU.OHLGXQJVLW]HQG(UQDKPGDV6FKUHLEHQHUNOlUWHGD‰HUNHLQH=HLWKDEHVLFKPLW PLU]XXQWHUKDOWHQXQGGDVEHUJHEHQH6FKUHLEHQ]XOHVHQXQGOXGPLFKHLQLKQDPQlFKV WHQ0RUJHQ]XEHVXFKHQ2KQHUDFKWHWPLUGLHVHOlFKHUOLFKHXQGJH]LHUWH9RUQHKPKHLWVHKU PL‰ILHOVRJLQJLFKGHQQRFKZLHGHU]XLKPXQGZXUGHDXIGLHQlPOLFKH$UWHPSIDQJHQ´ (EG6 ²+LQJHJHQ$OH[DQGHUYRQGHU0DUZLW]DQ5DKHO/HYLQDPGHU =HLWJHLVWYHUODQJWQXQGHQÄDXIUHFKWHQ¶0DQQÅ(ULVWHLQXQHFKWHUOJHQKDIWHU*HVHOOEHL GHP(FKDXIIHPHQWGLH6WHOOHGHU%HJHLVWHUXQJXQGKLQXQGKHUVFKZHLIHQGHJHPHLQH:LW ]LJNHLWGLH6WHOOHGHVVWUHQJHQ'HQNHQVYHUWUHWHQPX‰´ (EG6 ²)QI-DKU]HKQWH VSlWHU LQ $GROI :LOEUDQGWV .OHLVW%XFK YRQ  EOHLEW YRQ 0OOHUV 3HUV|QOLFKNHLW GLH (LWHONHLWDOVGHUHQ$X‰HQVHLWHVHLQ$XIWUHWHQJHGHXWHWZLUGXQGGHUDXFKVHLQ7KHVHQJH ElXGH XQWHU]XRUGQHQ LVW Å$XI QLFKWV VR VHKU DOV DXI HLQHQ JOlQ]HQGHQ 5KHWRU DQJHOHJW YRQ HOHJDQWHU (UVFKHLQXQJ EHVWHFKHQGHP 9RUWUDJ XQG JHLVWUHLFK PDVNLHUWHU 2EHUIOlFK OLFKNHLWGHV:LVVHQVVDKHUEDOGHLQJOlQ]HQGHV$XGLWRULXPLQGHQ+|UVlOHQLQGHQHQHU VHLQH2IIHQEDUXQJEHUGLHPDQQLJIDFKVWHQ7KHPDWDGHUbVWKHWLNYRU+HUUHQXQG'DPHQ YRUWUXJ´ =LWLHUWQDFK0OOHU6FKULIWHQ6   :LOKHOP *ULPP DQ -DFRE *ULPP DP  LQ 0OOHU 6FKULIWHQ 6  ² 9JO -RVHSKYRQ(LFKHQGRUIILQHLQHU7DJHEXFKDXI]HLFKQXQJYRP1RYHPEHUÅ=LHPOLFK JUR‰IUHXQGOLFKH3K\VLRJQRPLHJDODQWDXVJH]HLFKQHWIHLQXQGDUWLJ´ (EG6   =LWLHUWQDFK0OOHU6FKULIWHQ6



.DSLWHO

 ÅPHKU DOV  =XK|UHU PHLVW DXV GHP *HVDQGWVFKDIWVSHUVRQDO XQG GHQ REHUVWHQ6WlQGHQGD]XVXEVNULELHUWKDWWHQ´ $XFK ZHQQ &DUO 6FKPLWW DP (LQGUXFN ]ZHLIHOWH GHQ 0OOHUV 9RUOH VXQJHQDXIVHLQLPPHUKLQ]DKOHQGHV3XEOLNXPPDFKWHQVRLVWGDUDQ]X HULQQHUQGDVVVLFKXP0OOHULQ'UHVGHQHLQHVWlGWLVFKH(OLWHYHUVDPPHO WHGLHVLFKVRZHLWZLUZLVVHQ]XQLFKWJHULQJHQ7HLOHQDXV$GHOLJHQUHN UXWLHUWH ]XPDO LQ GHU 6WDGW GLH IU GHQ VlFKVLVFKHQ $GHO YRQ K|FKVWHU $Q]LHKXQJVNUDIW ZDU ² GHU *DVWJHEHU *UDI &DUO $GROI YRQ &DUORZLW]   0DMRUDWVKHUU DXI *UR‰KDUWPDQQVGRUI XQG /LHEVWDGW *HQH UDOPDMRUXQGVHLW&KHIGHVUXVVLVFKHQ.ULHJVGHSDUWHPHQWVLQ6DFK VHQZlUHDQHUVWHU6WHOOH]XQHQQHQ 0DJ VHLQ GDVV 0OOHUV (QWZXUI EULJHQV VFKRQ DXV *UQGHQ GHU =HQVXU QLFKWXQPLWWHOEDUKDQGOXQJVVWLIWHQGZLUNHQNRQQWHXQGZROOWH]X GHU'HEDWWHXPGLH/HJLWLPLWlWYRQ$GHOXQG$GHOVNXOWXUWUXJHU]ZHLIHO ORVEHL7DWVlFKOLFKVFKHLQWGLH=HQVXUDQHLQHUKHLNOHQGHQ$GHOEHWUHI IHQGHQ6WHOOHGHU(OHPHQWHGHU6WDDWVNXQVWHLQJHJULIIHQ]XKDEHQ   0OOHUXQGGLH$GHOVNXOWXU  ,Q0OOHUV 9HUVWlQGQLV YRQ $GHOVNXOWXUVSLHOHQ GDV 2UDWRULVFKH XQG GDV 5KHWRULVFKH HLQH EHGHXWHQGH 5ROOH (U IKUW GLHV  LQ VHLQHQ =Z|OI 5HGHQEHUGLH%HUHGVDPNHLWDXVGHUIULKQYRUELOGOLFKH(GPXQG%XUNHZLUG ²²²²²²²²²²²²²  =LWLHUWQDFKHEG6  Å'LH SROLWLVFK PD‰JHEHQGH 6FKLFKW GHU $GHO XQG GLH KRKH %URNUDWLH EUDXFKWH VLFK LQ LKUHUhEHUOHJHQKHLWQLFKWEHLUUHQ]XODVVHQYRQHLQLJHQ6FKULIWVWHOOHUQGLHXQWHUGHP3UR WHNWRUDWVFK|QJHLVWLJHU'DPHQ9RUOHVXQJHQKLHOWHQEHLGHUYRUQHKPHQ*HVHOOVFKDIWKRV SLWLHUHQGXUIWHQ XQG HLIULJ EHPKWZDUHQ VLFK GHUEHZXQGHUWHQDULVWRNUDWLVFKHQ (OHJDQ] ]X DVVLPLOLHUHQ RGHU ZHQLJVWHQV HLQH 3KLORVRSKLH GHU 8UEDQLWlW GDUDXV ]X PDFKHQ´ 6FKPLWW3ROLWLVFKH5RPDQWLN6   *RWWKLOI +HLQULFK 6FKXEHUW GHU LP :HFKVHO PLW LKP OHVHQ VROOWH KDWWH 0OOHU ÅPHKUHUH +HUUHQ XQG'DPHQ YRP K|FKVWHQXQG VHKU KRKHQ 6WDQGH JHQDQQW ZHOFKH EHL LKP XQG EHLPLUK|UHQZUGHQLFKZX‰WHGD‰HLQ*UR‰KHU]RJOLFKHU3ULQ]>%HUQKDUGYRQ6DFKVHQ :HLPDU@GD‰PHKUHUH*UDIHQXQG*UlILQQHQHLQLJH*HVDQGWHKRKHU+|IHPLWLKUHQ*H PDKOLQQHQXQVHUHÄ:HFKVHO9RUWUlJH¶EHVXFKHQZROOWHQ´ 6FKXEHUW*RWWKLOI+HLQULFK'HU (UZHUEDXVHLQHPYHUJDQJHQHQXQGGLH(UZDUWXQJHQYRQHLQHP]XNQIWLJHQ/HEHQ(LQH6HOEVWELRJUDSKLH %G(UODQJHQ6 ²9JOGDQQEHUGLH=Z|OI5HGHQEHUGLH%HUHGVDPNHLWLQHLQHP 6FKUHLEHQ'RURWKHD6FKOHJHOVDQ$XJXVW:LOKHOP6FKOHJHOYRPÅ6RYLHO=XK| UHUZLH)ULHGULFKKDWHUQLFKWZHQLJVWHQVNRPPHQQLFKWVRYLHODEHUGHU(U]KHU]RJ0D[L PLOLDQZDUGDXQG*UDI6WDGLRQGDQQQRFKHLQHVHOWHQH(UVFKHLQXQJEHLVROFKHU$QJHOH JHQKHLW ZDU 3ULQFH GH /LJQH >«@ $GDP KDW HLQHQ JUR‰HQ SURQRQFLHUWHQ $QKDQJ XQWHU GHPHUVWHQ$GHO>«@´ 0OOHU6FKULIWHQ6   $XIGHQ6DW]Å'HU$GHOZLUGXQIHKOEDULQDOOHQ/lQGHUQ]XHLQHU&DVWHZHUGHQZRPDQ RKQH LKQ VHOEVW ZHLWHU ]X KRQRULUHQ LKQ VHLQH *WHU XQG 3ULYLOHJLHQ PLW EXFKVWlEOLFKHU *HVHW]OLFKNHLWFRQVHUYLUW´IROJWHLQHPLWŲ²²²´EH]HLFKQHWH/FNH 0OOHU(OHPHQWH 6 



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 DOV GHU ÅN|QLJOLFKH 5HGQHU >@ 6WHOOYHUWUHWHU GHV XQVLFKWEDUHQ (QJ ODQGV´DSRVWURSKLHUWXQGDXFKGHU$GHOLJHZUGHJHZLVVHUPD‰HQLQHLQHU VLFK ZDQGHOQGHQ .XOWXU QRFK GHU 2UDOLWlW ]XJHRUGQHW,QQHUKDOE HLQHV Å*HJHQVDW]HV YRQ JHVHOOLJHU XQG LQGLYLGXHOOHU 6FK|QKHLW´ GHU GHXWVFKHQ 6SUDFKH UHLKW 0OOHU V\QRQ\P ÄJHVHOOLJ¶ ÄKRFKGHXWVFK¶ E]Z Ä0LWWH 'HXWVFKODQGV¶ GDPLWÄ0LWWOHUWXP¶Ä9HUPLWWOXQJ¶EHUKDXSW XQGÄDGHOLJ¶ 0LWVHLQHQ9RUOHVXQJHQYRUKRFKJHVWHOOWHP3XEOLNXPVFKXIHUVLFKGHP QDFK HLQHQ GHP 7KHPD DQJHPHVVHQH +DQGOXQJVUDKPHQ XQG LQGHP HU VHOEVWPLWVHLQHQ9RUOHVXQJHQ]ZLVFKHQ6RXYHUlQXQG9RONHLQHÅ6WDDWV NXQVW GHU 9HUPLWWOXQJ´  SUDNWL]LHUWH ZDU HU DOV 5HGQHU VHOEVW ÄDGHOLJ¶ NHKUWH HU XQWHU YRUOlXILJHU +LQWDQVWHOOXQJ DXFK GHV %XFKGUXFNV ² GLH %XFKDXVJDEH ZDU GDV 6HNXQGlUH EHL GLHVHQ $NWLRQHQ ² ]XUFN ]X MHQHU GLUHNWHQ.RPPXQLNDWLRQGLH]ZLVFKHQ*XWVKHUUXQG%DXHUQRFKLPPHU VWDWWIDQG XQG ZHOFKH GLH $NWXDOLWlW GHV /HKQVYHUKlOWQLVVHV ]X EHVWlWLJHQ VFKLHQ 'LHVHV DXI 7UHXH *ODXEHQ XQG SHUV|QOLFKH %HNDQQWVFKDIW EHUX KHQGH 9HUKlOWQLV ]ZLVFKHQ +HUU XQG .QHFKW GDV DOOHU %URNUDWLVLHUXQJ XQG .DSLWDOLVLHUXQJ GHU 0RGHUQH PXWDWLVPXWDQGLV ELV KHXWH LQ YLHOHQ /H EHQVEHUHLFKHQWURW]HQNRQQWHVWHOOWVLFKQDFKSDUDGLJPDWLVFKZRKO EHUHLWVQLFKWPHKULQGHU%H]LHKXQJ6RXYHUlQ²8QWHUWDQGDUZRKODEHU LP9HUKlOWQLV/DQGDGHOLJHU²%DXHU 'HP$GHORUGQHW0OOHUZLHZLUQRFKVHKHQZHUGHQLPPHUZLHGHU GDV Ä8QVLFKWEDUH¶ ]X GDV P|JHQ 9HUJDQJHQKHLW XQG =XNXQIW VHLQ GDV NDQQ DEHU DXFK GLH WUDGLWLRQDOH VFKULIWORVH .RPPXQLNDWLRQ YRQ 5HGHQ XQG+|UHQVHLQZHOFKHGLHÅWRWHQ/HWWHUQ´YHUJHVVHQPDFKW'DV*HK|U DEHU LVW QLFKW QXU ÅGHU XQDEKlQJLJVWH >6LQQ@ YRQ DOOHQ´  VRQGHUQ GLH Å2UJDQHGHU6SUDFKHXQGGHV*HK|UV´HU]HXJWHQHLQVWGLHQXQZLHGHUKHU ]XVWHOOHQGH Å.XOWXU GLHVHV DGOLJVWHQ 6LQQHV XQG PLW LKP GLH %HUHGVDP NHLW´ $XIHLQHPDQGHUHQ%ODWWVWHKWGDVV0OOHUQLFKWHLQHUHLQH(YDOXDWLRQ GHUDOWHQ5KHWRULNYRUQLPPWVRQGHUQGDVVVHLQH5KHWRULNYRP5HJHOZHUN XQGGHU%HJULIIVELOGXQJ]XP([HPSOXPKHUDEVWHLJWJOHLFKVDPGDV,QGL ²²²²²²²²²²²²²  Å=Z|OI5HGHQEHUGLH%HUHGVDPNHLWXQGGHUHQ9HUIDOOLQ'HXWVFKODQG´LQ0OOHU6FKULI WHQ  6  KLHU 6  'HQ =XVDPPHQKDQJ ]ZLVFKHQ GHP UKHWRULVFKHQ Ä=ZHL NDPSI¶XQGGHU$GHOVNXOWXUVWHOOWKHU0DWDODGH0D]]D(WKHO'HUYHUID‰WH.|USHU=XP3UR MHNW HLQHU RUJDQLVFKHQ *HPHLQVFKDIW LQ GHU 3ROLWLVFKHQ 5RPDQWLN )UHLEXUJ  6   /LWWHUDH   0OOHU6FKULIWHQ6=LWDW6  0DWDODGH0D]]D.|USHU6  0OOHU $GDP Å=Z|OI 5HGHQ EHU GLH %HUHGVDPNHLW´ LQ 0OOHU 6FKULIWHQ  6  KLHU6  (EG6  (EG6



.DSLWHO

 YLGXHOOH DOVR GRPLQLHUW  'HU (LQ]HOIDOO PDJ IRNXVVLHUW ZHUGHQ ² GLH GDKLQWHUVWHKHQGHP|JOLFKHZHQLJVWHQVLQGHU8WRSLHGHU9HUV|KQXQJ]X HUULQJHQGH 2UGQXQJ LVW GDPLW DEHU QLFKW YHUJHVVHQ XQG GHQNEDUH 2UG QXQJVPRGHOOH GHV 9RU XQG GHV 1DFK,QGLYLGXHOOHQ VWHKHQ LPPHU QRFK RGHUVFKRQZLHGHUDXIGHP3ODQ8QEHVFKDGHWGHVVHQOHJW0OOHUK|FKV WHQ:HUWDXIGLH'LDORJLVLHUXQJGHU5KHWRULNGDV*HEHQXQG1HKPHQ LP5HGHQXQG+|UHQDOVR 5DVFK FKDQJLHUW0OOHUV $UJXPHQWDWLRQ ]ZLVFKHQ HLQHU 5KHWRULN GHV 'LDORJV ZHOFKH GLH ,GHDOH IUDQ]|VLVFKHU .RQYHUVDWLRQVNXOWXU XQG DXFK HQJOLVFKHU'HEDWWHQNXOWXULQVLFKHLQEHJUHLIWXQGHLQHUÅ1RELOLWLHUXQJGHV *HOGHV´  EDOG PQGHW 0OOHUV 5KHWRULN LQ VHLQHU *HOGWKHRULH 'LHVH $QDORJLHELOGXQJEULQJW&ODXGLD+HQQ6FKP|OGHUVDXIGLH)RUPHOÅ>'@LH )LJXUGHV6WUHLWHVZLUGXPJHPQ]W]XGHUQLFKWPLQGHUEUJHUOLFKHQGHV 7DXVFKHV´:HU GLH 0RGHUQLWlW YRQ 0OOHUV *HOGWKHRULH VFKlW]W GDUI QLFKW YHUJHVVHQ GDVV GHP 6WUHLW XQG .ULHJVFKDUDNWHU SHUPDQHQWHU 7DXVFKSUR]HVVH DXFK KLHU HLQ PRQRORJLVFKHV 3ULQ]LS GHU %HZDKUXQJ DOV 6\QWKHVH EHUJHRUGQHW LVW0OOHUV *HOGWKHRULH GLH YRQ GHU 5HFKWPl ‰LJNHLWDXFK XQJHGHFNWHQ 0Q]XQG3DSLHUJHOGHVDXVJHKWEHUXKWDXI HLQHP PHWDSK\VLVFKHQ 3ULQ]LS YRQ Ä.UHGLW¶ )ROJHQGHV =LWDW DXV 0OOHUV 9HUVXFKEHUGHQ.UHGLWYRQH[SOL]LHUW.UHGLWDOVDXIHLQHP9HUWUDXHQV YRUVFKXVV EDVLHUHQGHQ $XIVFKXE GHU PRQHWlUHQ 'HFNXQJ 'LHVHU 9HU WUDXHQVYRUVFKXVV EHL SHUPDQHQW JHWlWLJWHQ VWHWV PLW 'HFNXQJVDXIVFKXE DUEHLWHQGHQ*HVFKlIWHQN|QQHQQXU]ZHLÄHZLJH¶3ULQ]LSLHQELHWHQIUGLH GHU $GHO VWHKW QlPOLFK %RGHQEHVLW] XQG GHVVHQ 6LFKHUXQJ GXUFK RUG QXQJVJHPl‰HJHQHDORJLVFKH$EIROJH .UHGLWLVW*ODXEHXQGGHUHLQ]HOQH0HQVFKYHUGLHQWNHLQHQ*ODXEHQ]XHUVWZH JHQ GHU %HVFKUlQNWKHLW VHLQHU SHUV|QOLFKHQ 0DFKW GDQQ ZHJHQ VHLQHU /HEHQV GDXHU HU PX‰ VLH DOVR HUZHLWHUQ VHLQHU HLJHQHQ 9HUJlQJOLFKNHLW DEKHOIHQ XP *ODXEHQ]XYHUGLHQHQ'DVQDWUOLFKVWH0LWWHOLVWGD‰HUVLFKXPVHKHQDFKJU| ‰HUHQXQGEOHLEHQGHUHQ'LQJHQQDFK:HVHQGLHLKQEHUWUHIIHQXQGEHUOHEHQ XQGGD‰HUDQGLHVHVLFKDQVFKOLH‰H,QGHPJHVDPPWHQLUGLVFKHQ*HELHWHVHLQHV

²²²²²²²²²²²²²  9JO%DONH5KHWRULN6I  9JO +HQQ6FKP|OGHUV &ODXGLD Å6SUDFKH XQG *HOG RGHU 9RP *HVSUlFK hEHU $GDP 0OOHU´LQ-DKUEXFKGHUGHXWVFKHQ6FKLOOHUJHVHOOVFKDIW6KLHU6  (EG6  (EG6  'LHVGHXWHWHEHQIDOOV+HQQ6FKP|OGHUVDQYJOHEG6SUDFKH6  9JO GD]X $FKHUPDQQ (ULF :RUWHXQG:HUWH*HOGXQG6SUDFKHEHL*RWWIULHG:LOKHOP/HLEQL] -RKDQQ*HRUJ+DPDQQXQG$GDP0OOHU7ELQJHQVRZLHHWZDVKRO]VFKQLWWDUWLJ+DUW PDQQ$ORLV6LQQXQG:HUWGHV*HOGHV,QGHU3KLORVRSKLHYRQ*HRUJ6LPPHOXQG$GDP YRQ 0OOHU %HUOLQ]XP.UHGLWYHUVWlQGQLVYJO6II²=XP3DSLHUJHOGYJO$FKHUPDQQ:RUWH 63DSLHUJHOGVHLEHL0OOHUVRJDUÅ+|KHSXQNWGHV6WDDWVDXVGUXFNV´GHQQKLHU DQJH VLFKWVPDQJHOQGHUXQPLWWHOEDUHU'HFNXQJ lX‰HUHVLFKGDV9HUWUDXHQLQGLHVWDDWOLFKH*H PHLQVFKDIWJDQ]EHVRQGHUV





3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



'DVH\QVXQG:LUNHQVILQGHWHUQXU]ZHLVROFKH:HVHQYRQGHQHQVLFKPLW=X YHUVLFKW VDJHQ Ol‰W GD‰ VLH LKQ ]X DOOHQ =HLWHQ DQ 0DFKW EHUWUHIIHQ XQG DQ 'DXHU EHUOHEHQ ZHUGHQ 'DV HUVWH LVW GHU %RGHQ GHU LKQ WUlJW GDV DQGHUH GLH JUR‰H )DPLOLH GDV GXUFK GLH -DKUKXQGHUWH IRUWZHKHQGH QLH DEUHL‰HQGH *H VFKOHFKWDXVGHPHUHQWVSUXQJHQGDV9RONPLWGHPGHU6WDDWLQGHPHUOHEW

0OOHUV |NRQRPLVFKHV 'HQNHQ NRPPW GHP DGHOLJHQ 6HOEVWYHUVWlQGQLV HQWJHJHQLP*HJHQVDW]]XP]HQWUDOLVWLVFKHQ0HUNDQWLOLVPXVXQGLP*H JHQVDW]]XPNDSLWDORULHQWLHUWHQ$GDP6PLWKEHKDUUW0OOHUZLHGLH3K\ VLRNUDWHQ GHV  -DKUKXQGHUWV DXI GHP :HUW GHV %RGHQV DXI GHVVHQ 'DXHUKDIWLJNHLW GHP GLH 1LFKWVZUGLJNHLW GHV VWHWV ZHFKVHOKDIWHQ *H ZHUEHVQLFKWJHZDFKVHQVHLÅ$OOH:HUWHLQQHUKDOEGHV6WDDWHV>«@VLQGLQ GHP GHUPDOLJHQ =XVWDQGH GHU 'LQJH YRQ GHP %HLVWDQGH GHU DOWHQ 9HU KlOWQLVVHGHVIHXGDOLVWLVFKHQ$FNHUEDXHVDEJHOHLWHWH:HUWH´ .UHGLW XQG 'HFNXQJ YHUKDOWHQ VLFK ZLH *ODXEH XQG (UIOOXQJ G K QLFKW GHU XQHQGOLFKH $XIVFKXE GHU 'HFNXQJ ZLH GHV Ä6LQQV¶ VWHKW LP =HQWUXP GHU hEHUOHJXQJHQ VRQGHUQ GLH hEHU]HXJXQJ (UIOOXQJ VHL MH GHU]HLWP|JOLFKXQGGXUFKVWDUNHPHWDSK\VLVFKH ÄHZLJH¶ ,QVWDQ]HQJDUDQ WLHUW 9RUDXVVHW]XQJ LVW DEHU YHUVWlQGOLFKHUZHLVH GDVV .UHGLW QLFKW DQ ,QGLYLGXHQJHEXQGHQZLUG,QGHU3UD[LVLPMHGHU]HLWVLFKWEDUHQ:HFKVHO VSLHO|NRQRPLVFKHU$EOlXIHLVWGDV*HOGHEHQQLFKWVRVHKUDOV6\QRQ\P IU GHQ 6RXYHUlQ HUNHQQEDU VRQGHUQ HV EHVFKUHLEW GLHVVHLWV MHJOLFKHU hEHUK|KXQJ HLQHQ .UHLVODXI'LH 5HSUlVHQWDWLRQ GHV DEZHVHQGHQ 6LJ QLILNDWHVLVWIUHLOLFKEHLDOOHU=LUNXODWLRQEHOLHELJVFKHLQHQGHU6LJQLILNDQWHQ PLW]XGHQNHQ 9RU GLHVHP +LQWHUJUXQG LVW 0OOHUV ZHLWHU .DSLWDOEHJULII YHUVWlQGOLFKGHUDOOH5HVXOWDWHIUKHUHU3URGXNWLRQHQHLQVFKOLH‰WGLHZLH GHUXP IU QHXH 3URGXNWLRQHQ HLQVHW]EDU VLQG DXFK ÅXQVLFKWEDUHV &DSL WDO´LVWHLQEH]RJHQQ0OOHUV*HOGWKHRULHYHUELQGHW7UDGLWLRQXQG0R GHUQH JHVFKLFNW ,VW VLH GRUW ZR HV XP GLH 5HLEXQJVORVLJNHLW GHV DOOWlJOLFKHQ9ROO]XJHVJHKWGXUFKDXVPRGHUQVRLVWGRFKHLQRQWRORJLVLH UHQGHU +LQWHUJUXQG QLFKW HLQIDFK ZHJJHGDFKW =XJUXQGH OLHJW DEHU  GDV ÅNRQVHUYDWLYH $QOLHJHQ> @GLH :LOONU GHU =HLFKHQ XQG GDPLW GLH 0DFK EDUNHLWYRQ*HVHOOVFKDIWXQG*HVFKLFKWH]XEHVWUHLWHQ´ ²²²²²²²²²²²²²  0OOHU $GDPÅ9HUVXFK EHU GHQ.UHGLW´ LQ *HVDPPHOWH6FKULIWHQ %G 0QFKHQ  6KLHU6I  0OOHU $GDP Å$JURQRPLVFKH %ULHIH >@´ LQ $XVJHZlKOWH $EKDQGOXQJHQ -DNRE %D[D +UVJ -HQD6KLHU6 'LH+HUGIODPPH   9JO0OOHU(OHPHQWH6II  9JOHEG6II=LWDW60OOHUZHLVWMHGHP6WDQGEHVWLPPWH.DSLWDOVRUWHQ]XYJO 0OOHU(OHPHQWH6  $FKHUPDQQ :RUWH 6  ² -RVHSK 9RJO JHKW LQ VHLQHU ÄPRGHUQHQ¶ /HVDUW YRQ 0OOHUV *HOGWKHRULH]XZHLW6RVSULFKWHU]XUHFKWYRQGHUPHGLDOHQ/HLVWXQJGHV*HOGHV ZLHGHU 6SUDFKH  GRFK GHU UHSUlVHQWDWLYH &KDUDNWHU LVW QLFKW HLQIDFK YHUVFKZXQGHQ YJO 9RJO .DONO6I 'LH7KHVHGHUXQHQGOLFKHQ9HUPLWWOXQJGLHQXUQRFKDXIHLQOHHUHV=HQW UXP YHUZHLVW LVW GHU 3RVWPRGHUQH JHVFKXOGHW XQG WULIIW 0OOHU HLQVHLWLJ 6R KHL‰W HV EHL



.DSLWHO



0OOHUV .ULWLN DQ GHU Å.RPPHU]LDOLVLHUXQJ GHV OLWHUDULVFKHQ 0DUN WHV´ HUIROJW DOV $EOHKQXQJ HLQHU Å.RUUXPSLHUXQJ GHV :RUWHV GXUFK HLQ EUJHUOLFKHV3URILWXQG1XW]HQNDONO´GDVLP*HJHQVDW]]XU%HUHGVDP NHLWVWHKW'LHVHDQWLNRPPHU]LHOOH*HVWHYHUKLQGHUWQLFKWGDVV0OOHUV 9RUOHVXQJHQZRKOPDQXVNULSWJHWUHXLQ%XFKIRUPHUVFKHLQHQXQG]ZDU LQ GHU 5HJHO UDVFK QDFK GHU PQGOLFKHQ 'DUELHWXQJ 0OOHUV PDUNWNULWL VFKH9ROWHGUIWHWDWVlFKOLFKZHQLJHUPLW9HUNDXIVVWUDWHJLH]XWXQKDEHQ XQG IROJOLFK PLW GHP 9HUVXFK GLH :DUH %XFK DXI]XZHUWHQ XQG LQ GLH 1lKH GHU (LQPDOLJNHLW GHU UHGQHULVFKHQ 'DUELHWXQJ ]X UFNHQ  DOV PLW HLQHU .DUULHUHVWUDWHJLH GLH VHLQHQ $NWLYLWlWHQ ZHVHQWOLFK NRQVHTXHQWHU ]XJUXQGH JHOHJHQ KDEHQ PDJ ZHQQJOHLFK QLFKW LPPHU PLW (UIROJ 'LH $EOHKQXQJGHV0DUNWHVGLH%HWHXHUXQJGHU([NOXVLYLWlWGHV5HGHQV XQG 6FKUHLEHQV HWZDLQGHPPDQWHXUH9RUOHVXQJHQIUHLQHNOHLQH]DKOXQJV NUlIWLJH(OLWHDQELHWHW]LHOWQLFKWDXIJXWH(LQQDKPHQGXUFK9RUOHVXQJV XQG%XFKKRQRUDUHVRQGHUQDXIGDV(UODQJHQV\PEROLVFKHQ.DSLWDOVXQG GDUDXIKLQ HLQHU P|JOLFKVW H[NOXVLYHQ %HDPWHQVWHOOH HLQ %HJHKUHQ GDV GXUFK 0OOHUV ZHOWPlQQLVFKHV $XIWUHWHQ XQWHUVWULFKHQ ZLUG 'HVKDOE LVW &DUO 6FKPLWWV 9HUGDFKW JHJHQ 0OOHUV SROLWLVFKH :LUNXQJVORVLJNHLW LP HQJVWHQ 6LQQH NHLQ $UJXPHQW JHJHQ VHLQH 7H[WH GHU XQPLWWHOEDUH Å(U IROJ´RGHU0LVVHUIROJGHU9RUOHVXQJHQLVWXQHUKHEOLFK 'LH SROLWLVFK PD‰JHEHQGH 6FKLFKW GHU $GHO XQG GLH KRKH %URNUDWLH EUDXFKWH VLFKLQLKUHUhEHUOHJHQKHLWQLFKWEHLUUHQ]XODVVHQYRQHLQLJHQ6FKULIWVWHOOHUQGLH XQWHU GHP 3URWHNWRUDW VFK|QJHLVWLJHU 'DPHQ 9RUOHVXQJHQ KLHOWHQ EHL GHU YRU QHKPHQ *HVHOOVFKDIW KRVSLWLHUHQ GXUIWHQ XQG HLIULJ EHPKW ZDUHQ VLFK GHU EH ZXQGHUWHQ DULVWRNUDWLVFKHQ (OHJDQ] ]X DVVLPLOLHUHQ RGHU ZHQLJVWHQV HLQH 3KLOR VRSKLHGHU8UEDQLWlWGDUDXV]XPDFKHQ

1XULQGHU3UHLVJDEHGHVVHQZDVPDQSROLWLVFKH*HVLQQXQJQHQQHQN|QQ WHYHUVLFKHUWVLFK0OOHUGHUEHUXIVSHUVSHNWLYLVFKQRWZHQGLJHQ1lKH]XU 5HJLHUXQJXQG]XJOHLFKHLQHUSRSXOlUHQ0DUNWJlQJLJNHLW%HLGH6WUDWHJLHQ VLQGDOVR]XYHUELQGHQNHLQHLVWDEVROXW]XVHKHQ$OV6FKPLWWPLW WHQ LQ GHQ ]XU SROLWLVFKHU )UDNWLRQLHUXQJ XQG 3RODULVLHUXQJ IKUHQGHQ .lPSIHQGHUEHJLQQHQGHQ:HLPDUHU5HSXEOLNVHLQ%XFKEHUGLH3ROLWL VFKH5RPDQWLNYHU|IIHQWOLFKWHZDUHLQVROFKHV/DYLHUHQHLQ8QGLQJ5HFKW LVW6FKPLWWIUHLOLFKGDULQ]XJHEHQGD‰0OOHUV,QV]HQLHUXQJVHLQHU7H[WH LKUHU lVWKHWLVFKHQ XQG ]XJOHLFK SROLWLVFKHQ 7HQGHQ] HQWVSUHFKHQ 0OOHUV 6WUDWHJLH IROJW DOVR GHU (QWVWHKXQJ GHV OLWHUDULVFKHQ )HOGHV RGHU LQDX ²²²²²²²²²²²²² 9RJOEHUGHQ.UHGLWÅ(ULVWGDV*DQ]HGHV=XVDPPHQKDQJVGDVHEHQVRJlQ]OLFKMHGHP XQG MHGHU IHKOWXQG GHVKDOE ZLHGHUXP DOOHPLWDOOHQ LQ GHU *HPHLQVDPNHLW LKUHV 0DQJHOV NRPPXQL]LHUHQOlVVW´ 9RJO.DONO6   0DWDODGH0D]]D.|USHU6  6FKPLWW3ROLWLVFKH5RPDQWLN6  (EG6  9JOGD]X.DSLWHO



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 JXULHUWVLH]XVDPPHQPLWYLHOHQDQGHUHQ6WUDWHJHQVHLQHU=HLW VLHEHKlOW MHGRFKDOV1DK]LHOGLHEHUXIOLFKH$EVLFKHUXQJLP$XJHGHUJHZLVVPDQ FKHV LQ VHLQHP VWDDWVSKLORVRSKLVFKHQ XQG lVWKHWLVFKHQ :HUN VRJDU LP :HJHVWHKWZHQQJOHLFKHVLQGHU3UD[LVDXFKXQDEKlQJLJYRQGHQ9RUOH VXQJHQGDUDXIDQNDPGLHULFKWLJHQ9HUEQGHWHQ]XKDEHQ0DUZLW]XQG VHLQH 6WDQGHVJHQRVVHQ ZDUHQ GDV MHGHQIDOOV QLFKW 0OOHU VHOEVW KDW GLH IDNWLVFKH 'LVWDQ] VHLQHU 7H[WH ]X GHQ WDJHVSROLWLVFKHQ 1RWZHQGLJNHLWHQ RIIHQEDU ZHQLJHU ZDKUJHQRPPHQ HU KlWWH VLFK VRQVW QLFKW QRFK  GDUEHUEHNODJWGDVVGLH$ULVWRNUDWHQÅLKUHQEHVWHQ9HUWHLGLJHUQGHQ:HJ YHUUHQQHQ´$OV $GYRNDW GHV ]HLWJHQ|VVLVFKHQ UHDOHQ $GHOV ZXUGH GHU 6WDDWVSKLORVRSK XQG 3XEOL]LVW 0OOHU DOVR IU VHLQHQ *HVFKPDFN DOO]X ZHQLJZDKUJHQRPPHQ 0OOHUHQWZLUIWHLQHQSRHWLVFKHQ6WDDWLQGHP6WDDWVNXQVWXQG:RUW NXQVW HQJ YHUNQSIW VLQG LQ GHP GHU 6WDDWVWKHRUHWLNHU +LVWRULNHU XQG 3URSKHWGHU6WDDWVPDQQ3RHWVHLQPXVV(U]LHOWLQHLQHUDSSUR[LPD WLYHQ%HZHJXQJGLH(QWVWHKXQJHLQHV6WDDWHVDQLQGHPZLHVFKRQYRQ 1RYDOLV XQG 6FKHOOLQJ HUZRJHQ  GLH OHEHQGLJH ,GHH GHV RUJDQLVFK JH GDFKWHQ6WDDWHVYHUZLUNOLFKWLVWQLFKWDEHUWRWH%HJULIIHHLQHVFRGLIL]LHUWHQ 5HFKWV JDU GHV 1DWXUUHFKWV %HUHLWV LQ VHLQHP HUVWHQ %XFK GHU QXU XQ YROOVWlQGLJ DXVJHIKUWHQ /HKUH YRP *HJHQVDW]H VHW]WH 0OOHU XQWHU GHP (LQIOXVV YRQ 6FKHOOLQJV ,GHQWLWlWVSKLORVRSKLH 6WDDW XQG :LVVHQVFKDIW LQ %H]LHKXQJ ]XHLQDQGHU  6FK|QKHLW LVW EHL 0OOHU ÅDOV 7ULHENUDIW ]XP SROLWLVFKHQ +DQGHOQ´ ]X YHUVWHKHQ GLH %HIUHLXQJ YRQ QDSROHRQLVFKHU +HUUVFKDIWLVWDOV0RWLYKLQWHUVHLQHUSXEOL]LVWLVFKHQ7lWLJNHLWGXUFKZHJV ]XHUNHQQHQ,QQHUKDOEHLQHUSROLWLVFKHQ5RPDQWLNPDUNLHUWZHQLJHU1R YDOLV DOV 0OOHU GHQ 3XQNW HLQHU 5DGLNDOLVLHUXQJ IUKURPDQWLVFKHU $XWR QRPLHlVWKHWLN ]X HLQHU QHXHQ SROLWLVFKHQ )XQNWLRQDOLVLHUXQJ GHU .XQVW RKQHGDVVGHUDXWRQRPH*HVWXVDXIJHJHEHQZUGH'LHFKLOLDVWLVFKH7HQ GHQ]GHU-DKUHXPPDFKWDEHUHLQHUQHXHQ6XFKHQDFKVWUXNWXULHUWHU 2UGQXQJ 3ODW] 0OOHUV 7H[WH XQGVHLQ $JLHUHQ DOV 3XEOL]LVW XQG +RIUDW ²²²²²²²²²²²²²  =LWLHUWQDFKHEG6  6RLQGHQ(OHPHQWHQEHU0RQWHVTXLHXYJO0OOHU(OHPHQWH6;,9  6FKRQ LQ GHQ 9RUOHVXQJHQ 9RQGHU,GHHGHU6FK|QKHLW LVW GHU LGHDOH 6WDDWVPDQQ HLQ Å6WDDWV NQVWOHU´ 9JO0OOHU6FKULIWHQ6KLHU6   Å6REDOGGLH,GHHQZLHHVVLFKLQ1RYDOLV·XQG6FKHOOLQJV:HUNHQ]HLJWZLHGHU6WDDWVXQG :HOWN|USHU ZHUGHQ ELOGHW VLFK DXFK GLH :LUNOLFKNHLW PLW GHQ QLHGULJVWHQ |NRQRPLVFKHQ $QJHOHJHQKHLWHQ GHV lX‰HUHQ /HEHQV ZLHGHU LQ ,GHHQ DXV´ Å9RUOHVXQJHQ EHU GLH GHXWVFKH:LVVHQVFKDIWXQG/LWHUDWXU´LQ0OOHU6FKULIWHQ6KLHU6   9JO.RHKOHUbVWKHWLN6II²'DQHEHQYRUDOOHPGLHQHXHVWH0RQRJUDSKLH]X0OOHUV bVWKHWLN 0DUTXDUGW -RFKHQ Å9HUPLWWHOQGH*HVFKLFKWH´=XP9HUKlOWQLVYRQlVWKHWLVFKHU7KHRULH XQGKLVWRULVFKHP'HQNHQEHL$GDP+HLQULFK0OOHU 6WXWWJDUW  =LWDW 6   6WXWWJDUWHU $UEHLWHQ]XU*HUPDQLVWLN $XVIKUOLFKXQWHUVXFKWGDV9RUELOGYRQ6FKHOOLQJV3RVWX ODWHLQHVHPSLULVFKHQ=XVDPPHQKDQJVYRQ1DWXUbVWKHWLNXQG3ROLWLN0DWDODGH0D]]D .|USHU6



.DSLWHO

 VXFKHQ HLQHQ HYHQWXHOO DQJHQRPPHQHQ :LGHUVSUXFK ]ZLVFKHQ bVWKHWLN XQG3ROLWLNDXI]XO|VHQ=XPVHPDQWLVFKHQXQGSROLWLVFKHQ9HUV|KQXQJV SURJUDPPJHK|UWDEHUDXFKGLH$XIO|VXQJGHU6SDQQXQJ]ZLVFKHQÄ3RH VLH¶ XQG ÄgNRQRPLH¶ LQ HLQHU DOV ÄOLWHUDULVFKHU 0DUNW¶ EHQDQQWHQ 5HODWL RQ'DEHLEOHLEWHLQHEHUHLWVEHL1RYDOLVHLQJHIKUWH6FKHLGXQJHUKDOWHQ GLHMHQLJH]ZLVFKHQÅLQVWLWXWLRQHOOH>Q@=ZlQJH>Q@XQG=ZHFNUDWLRQDOLWlWHQ´ DOVRGHU:HOWGHU9HUWUlJHGHV%XFKVWDEHQVXQGGHV*HVHW]HVDXFKGHV VFKHLQKDIWHQ Ä1DWXUUHFKWV¶ HLQHUVHLWV GHU Å(PSKDVH VFKULIWORVHQ (LQYHU QHKPHQV´LPÅ.|USHUGHU*HPHLQVFKDIW´DQGHUHUVHLWV0OOHUV3URMHNW LVW]ZHLIHOORVHLQQDWLRQDOSlGDJRJLVFKHV²QXULVWHVVHLQHUNXOWXUHOOHQ$XV ULFKWXQJ QDFK NHLQ QDWLRQDOLVWLVFKHV 'DV OLHJW QLFKW QXU DQ GHU ² QDFK  HUVW UHFKW ]XQHKPHQGHQ ² (LQEH]LHKXQJ GHU NDWKROLVFKHQ .LUFKH VRQGHUQ DQ GHU 8QLYHUVDOLWlW YRQ Ä$GHO¶ GLH IU VHLQHQ 6WDDWVHQWZXUI VR NHQQ]HLFKQHQGLVW6FKRQDOVHVLQ'UHVGHQXP'HXWVFKH:LVVHQVFKDIW XQG /LWHUDWXU JLQJ KDWWH .DUO $XJXVW %|WWLJHU 'UHVGQHU .RUUHVSRQGHQW GHV%HUOLQHUÅ)UHLPWKLJHQ´DXVGHP9RUOHVXQJVSURJUDPP]LWLHUW0OOHU ÅZHUGH]HLJHQ>«@GD‰GHUJOHLFKVDPDNWLYHQ8QLYHUVDOLWlWGHU)UDQ]|VL VFKHQ/LWHUDWXUHLQHYLHOHQWVFKLHGQHUHWLHIHUHGDXHUKDIWHUH8QLYHUVDOLWlW LQ 'HXWVFKODQG JHJHQEHU VWHKH XQG GD‰ GLH SDVVLYH *HVWDOW GHUVHOEHQ QXUYRUEHUJHKHQGLKU*HVHW]XQGLKU6WUHEHQDEHUHZLJVHL´ :DVPHLQW0OOHUZHQQHUYRPÄ$GHO¶VSULFKW"(VGDUI]XQlFKVWHLQ PDOQLFKWYHUZXQGHUQGDVV0OOHUGHQ$GHO XQGPLWLKPGDVÅXQEHZHJ OLFKH *UXQGHLJHQWXP´ DOV NXOWXUHOOHV3ULQ]LSGHU 'DXHU  DOV GDV Å+DXSW PHUNPDO>@GHUPRGHUQHQ6WDDWHQ´DXVJHUHFKQHWLQVHLQHU9RUOHVXQJ]X 'HXWVFKHU:LVVHQVFKDIWXQG/LWHUDWXUEHQHQQWXQWHUVFKHLGHWHUGRFKKLHU]ZL VFKHQGHPDQWLNHQUHSXEOLNDQLVFKHQ3ULQ]LSXQGGHPPRGHUQHQJHUPD QLVFKPRQDUFKLVFKHQRGHU$GHOV3ULQ]LS'LHDXIGLH)UDQ]|VLVFKH5HYR OXWLRQ KLQ IROJHQGHQ .ULHJH ZHOFKH DXI HLQH 'XUFKVHW]XQJ GHV DQWLNHQ GHPRNUDWLVFKHQ3ULQ]LSVDE]LHOWHQZUGHQMHGRFKVFKOLH‰OLFKGHQJHUPD QLVFKHQ ÅLKUHQ XUVSUQJOLFKHQ $GHO QLH YHUOHXJQHQGHQ 1DWLRQHQ´ ZHL FKHQPVVHQ'LH'LVNUHGLWLHUXQJGHV3ULQ]LSVÄ$GHO¶LPIUDQ]|VLVFKHQ -DKUKXQGHUWYHURUWHW0OOHUDOVRLQQHUKDOEGHU4XHUHOOHGHV$QFLHQVHWGHV 0RGHUQHV XQG UHFKQHW GHQ WHPSRUlUHQ 6LHJ GHV 5HSXEOLNDQLVFKHQ HLQHU $QWLNH]XGLHODQJIULVWLJQLFKWVLHJUHLFKVHLQNDQQ'DEHLPRQLHUWHUGDVV GLH $GHOVNXOWXU GHV $QFLHQ 5pJLPH DOV ÅFKHYDOHUHVNH *DODQWHULH´  QXU ²²²²²²²²²²²²²  9JO0DUTXDUGW*HVFKLFKWH6  0DWDODGH0D]]D.|USHU6  .DUO$XJXVW%|WWLJHULQÅ'HU)UHLPWKLJH´DP=LWLHUWQDFK0OOHU6FKULIWHQ 6  0OOHU6FKULIWHQ6  (EG6I  (EG6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 QRFK6SLHOQXUVR]LDOH.RQYHQWLRQJHZHVHQVHL0OOHUGUIWHGHUHLQ]LJH 7KHRUHWLNHUVHLQHU=HLWVHLQGHUJHUDGH]XGLH0RGHUQLWlWGHV$GHOVEHU KDXSW SRVWXOLHUW LQGHP HU LKQ KLVWRULVFK DXV GHP 0LWWHODOWHU XQG JHUDGH QLFKWDXVGHU$QWLNHWRSRJUDSKLVFKDXV$VLHQXQGQLFKWDXV(XURSDKHU OHLWHW  )U 0OOHU LVW GHU DQ (LQIOXVV JHZLQQHQGH %UJHUVWDQG GLH Å+DXSWRIIHQEDUXQJ GHU $XIHUVWHKXQJ GHU DOWHQ :HOW´  'DEHL LVW GHU $GHONHLQHVZHJV$N]LGHQVGHU0RQDUFKLHYLHOPHKUGDVHLQ]LJHGDXHUQGH XQG HZLJH ,QVWLWXW GHV 6WDDWHVGDV YRQ ÅDOOHU PRGHUQHQ 6WDDWVZHLVKHLW K|FKVWH> @ HUKDEHQVWH> @ VFK|QVWH> @ 5HVXOWDW´  0OOHUV LGHDOLVLHUHQGH $XVJHVWDOWXQJYRQ1RYDOLV·SRHWLVFKHP6WDDWZLUNWVLFKDOVRJDQ]ZHVHQW OLFKDXIGLH,GHHGHV$GHOVDXV'DEHLNRPPWHVLP5DKPHQVHLQHVDQDOR JLVLHUHQGHQ 9HUIDKUHQV ]X HLQHU VHPDQWLVFKHQ $QUHLFKHUXQJ YRQ Ä$GHO¶ ]X HLQHU $XVZHLWXQJ GHU PLW Ä$GHO¶ YHUEXQGHQHQ &RGHV LQ HLQHP 0D‰H GDVVGHU%HJULIIGHUÅ.XOWXUHOOHQ+HJHPRQLH´ $QWRQLR*UDPVFL LQ9HU ELQGXQJPLW0OOHUDQJHEUDFKWLVW,Q0OOHUVDXVVHPDQWLVFKHQ2SSRVL WLRQHQXQGLKUHQ9HUPLWWOXQJHQLKUHQLPPHUQHXHLQVHW]HQGHQ6\QWKHVH EHPKXQJHQ EHVWHKHQGHP JHGDQNOLFKHQ 8QLYHUVXP NRPPW HV DXI GLH ,QVWDQ]GHU0LWWHXQGGHU9HUPLWWOXQJGDPLWDEHUGHU2UGQXQJVVWLIWXQJ JDQ]EHVRQGHUVDQ:lKUHQGGHU6RXYHUlQJRWWJOHLFKEHUGLHVHQDOOWlJOL FKHQ.lPSIHQVFKZHEWXQGLP*UXQGHDXVGLHVHU:HOWEHUHLWVKLQDXVJH GDFKWLVWVWHKWGLHPLW$GHOEH]HLFKQHWH,QVWDQ]PLWWHQGDULQ,KPREOLHJW ² lKQOLFK ZLH GHU GLDORJLVFKHQ 5HGH ² ÅGLH 8QEHHQGEDUNHLW XQG SHUPD QHQWH0RGHUDWLRQVEHGUIWLJNHLWGHVSROLWLVFKHQ3UR]HVVHV´,FKEH]LHKH PLFK LP )ROJHQGHQ YRU DOOHP DXI GLH (OHPHQWH GHU 6WDDWVNXQVW WHLOV DEHU DXFK DXI GLH DQGHUHQ JHQDQQWHQ 9RUOHVXQJHQ VRZLH 6FKULIWHQ DXV GHP ]HLWOLFKHQ8PIHOG 0OOHUOLHVWGHQ6WDDWDOV7H[WGHQ7H[WDOV6WDDWÅ(LQHJXWH*HVHOO VFKDIW LVW HLQ *HGLFKW LQ 0HQVFKHQ VWDWW LQ :RUWHQ VR ZLHGHU HLQ JXWHV *HGLFKWHLQH*HVHOOVFKDIWLQ:RUWHQVWDWWGHU0HQVFKHQVHLQPX‰´'LH Å,GHHJHVHOOLJHU6FK|QKHLW´LGHQWLIL]LHUW0OOHUPLWGHUÅHUKDEHQH>Q@,GHH GHV $GHOV´ GLH Å,GHH GHU LQGLYLGXHOOHQ 6FK|QKHLW´ PLW GHP Å%UJHU VWDQG´6RZHLWHLQ.XQVWZHUNDOV*DQ]HVDXVVHLQHQIUVLFKVHOEVWXQ ²²²²²²²²²²²²²  9JO0OOHU6FKULIWHQ6II  (EG6  9JO0OOHU6FKULIWHQ6Å(VZLUG6LHEHIUHPGHQMDLFKVHOEVWPX‰EHUPHLQ9HU KlOWQLV ]X JDQ] DQGHUQ $QVLFKWHQ XQG *HVLQQXQJHQ GHU =HLWJHQRVVHQ OlFKHOQ ZHQQ LFK ,KQHQGLHVH6SXU]HLJHXQGGDPLWNXQGWXHZDVPLUPHLQLQQLJHV6WXGLXPGHU*HVFKLFKWH XQG6WDDWVNXQVWJHOHKUWKDWXQGZDVLFKXQWHUDOOHQ8PNHKUXQJHQXQG8PZlO]XQJHQGLH VHU=HLWIUGDVHLQ]LJHGDXHUQGHXQGHZLJH,QVWLWXWKDOWH²(VLVWGHU$GHO´  0OOHU6FKULIWHQ6  %DONH5KHWRULN6  0OOHU6FKULIWHQ6  (EG6



.DSLWHO

 ]XUHLFKHQGHQ7HLOHQHUNHQQEDU]XVDPPHQJHVHW]WLVWLVWHVGHP$GHODQD ORJ RGHU EHVLW]W HV VHOEVW $GHO 9RP 6FK|QHQ ]XP 6WDDW IKUW GHU :HJ EHUGLH6SUDFKH'LHÅJHVHOOLJHDOOJHPHLQJOWLJH6FK|QKHLW´GHU6SUDFKH EHUKDXSW LVW QLFKW GXUFK HLQ :|UWHUEXFK ]X FRGLIL]LHUHQ GDV MHQVHLWV GHXWVFKHUVSUDFKOLFKHU3URYLQ]LDOLVPHQHLQH+RFKVSUDFKHIHVWOHJWZLHHV ÅHLQ 'UHVGHQHU *HOHKUWHU´  XQWHUQDKP GHU DXVJHUHFKQHW GHQ 1DPHQ $GHOXQJ WUlJW )U 0OOHU JHVFKLHKW GLH ZHLWHVWP|JOLFKH $QQlKHUXQJ DQ MHQHJHVHOOLJH6FK|QKHLWLP*HEUDXFKGHU6SUDFKHVHOEVWXQG]ZDUGDZR VLHÄ0LWWH¶YHUN|USHUWQlPOLFKLP+RFKGHXWVFKHQGDVHUDOVÅHLQHPLWWOHUH JHVHOOLJVFK|QH 0XQGDUW´ NHQQ]HLFKQHW  'LH ,GHH GHV 6WDDWHV LVW DOVR HUNHQQEDU LQ GHU 6FK|QKHLW GHU JHVSURFKHQHQ 6SUDFKH GLH Ä*HVHOOLJ NHLW¶GHV+RFKGHXWVFKHQXQGGDPLWGLHÄDGHOLJHQ¶:|UWHUXQG6SUDFKZHQ GXQJHQ VROOHQ LQ ÅOLHEHYROOH> @ :HFKVHOZLUNXQJ´ PLW GHQ LQGLYLGXHOOHQ 6SUDFKVFK|QKHLWHQGHQ'LDOHNWHQGHQÄEUJHUOLFKHQ¶:|UWHUQWUHWHQ .XQVWLQGLHVHP9HUVWlQGQLVLVWJOHLFK]HLWLJDXWRQRPXQG]ZHFNJH ULFKWHW GHQQ GHU Å.XQVWVWDDW´ GHQ MHGH 3RHVLH ELOGHW XQG GHU VLFK Å]X HLQHP*OHLFKJHZLFKWHGHVSRHWLVFKHQ8QLYHUVXPV´OlXWHUQXQGHUKHEHQ VROO LVW VFKRQ DXIJUXQG GHV 3RVWXODWV HLQHU Å9HUVWlQGOLFKNHLW .ODUKHLW =XJlQJOLFKNHLWGHU.XQVW´DOOHVDQGHUHDOVHLQHHVRWHULVFKH$QJHOHJHQ KHLW XQG GDV $QDORJRQ ]XP Ä6WDDW GHU .XQVW¶ LVW GLH6WDDWVNXQVW GLH OH EHQGLJH 7HLOKDEH GHU .XQVW DP 6WDDW LP 5DKPHQ GHVVHQ ZDV GHU 6WDDW OHLVWHQPXVVXQGZDVGLH.XQVWEHVRQGHUVJXW]XOHLVWHQYHUPDJQlPOLFK 9HUPLWWOXQJHLQHÄDGHOLJ¶]XQHQQHQGH4XDOLWlWDOVR 'HU7UDGLWLRQDQJHK|ULJ]lKOWXDGHU$GHO]XGHQÅSROLWLVFKH>Q@1D WLRQDO*|WWHU>Q@´  GHU 'HXWVFKHQ YHUELQGHW DOVR SROLWLVFKH PLW P\WKL VFKHU%HGHXWXQJ)ROJHQGH0HUNPDOHZHUGHQGHP$GHODOVHLQHPHZLJHQ 6WDQGQLFKWHWZDHLQHUPLWGHP%XFKVWDEHQGHV*HVHW]HV]XEH]HLFKQHQ GHQVR]LDOHQ*UXSSH]XJHRUGQHW(KUH6HOWHQKHLW5HLQKHLWGHU$ENXQIW GK UHLQHU )DPLOLHQ]XVDPPHQKDQJ 6HOEVWUHNUXWLHUXQJ 6WDQGHVEHZXVVW VHLQ=X GHQ $XIJDEHQ GHV $GHOV JHK|UW GLH /HJLWLPDWLRQ GHV 6RXYH UlQV  'LH EHLGHQ ZLFKWLJVWHQ HLQDQGHU ZLGHUVWUHLWHQGHQ 6WlQGH $GHO XQG%UJHUWXPVLQGHZLJ'LHVHU:LGHUVWUHLWGHULQQHUKDOEYRQ0OOHUV ²²²²²²²²²²²²²  (EG6  (EG6  9JOHEG  Å>«@VRLVWGDV/HEHQXQG(U]HXJXQJGHV/HEHQVGLHHZLJHHLQ]LJH$EVLFKWGHV'LFKWHUV´ 0OOHU6FKULIWHQ6   (EG6  (EG6  0OOHU(OHPHQWH6  9JO0OOHU(OHPHQWH6II  9JOHEG6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 /HKUH YRP *HJHQVDW] ]X VHKHQ LVW  JHK|UW ]X HLQHP DJRQDOHQ 9HU VWlQGQLVYRQÄ%HZHJXQJ¶XQGÄ:DFKVWXP¶GDV6WUHLWXQG.ULHJDOVQDWUOL FKHGDVSROLWLVFKH/HEHQSUlJHQGHLPPHUQXUWHPSRUlU]XVFKOLFKWHQGH $XVHLQDQGHUVHW]XQJEHJUHLIW (LQHQ ]HLWW\SLVFKHQ 9RUZXUI JHJHQ GHQ =XIDOOVFKDUDNWHU GHU 3ULYLOH JLHUXQJZHQLJHU0HQVFKHQGXUFKLKUH*HEXUWGDPLWGLHDQJHEOLFKH8QJH UHFKWLJNHLW GHV *HEXUWVDGHOV EHUKDXSW NRQWHUW 0OOHU LQGHP HU Ä$GHO¶XQGÄ=HLW¶JDQ]HQWVFKHLGHQGPLWHLQDQGHUYHUNQSIW'HU0HFKDQLN JHJHQZlUWLJHU 6WDDWVDXIIDVVXQJ HQWVSUHFKH GLH %HVFKUlQNXQJ GHV SROLWL VFKHQ%OLFNVDXIGLHMHZHLOLJHXQPLWWHOEDUH*HJHQZDUWGLH.ULWLNDQVR]LD OHU8QJOHLFKKHLWTXD*HEXUWVHLQXUGDQQP|JOLFKZHQQPDQMHQH/HKUH GHU6WDDWVNXQVWDXVNODPPHUHÅZLHPHKUHUH*HQHUDWLRQHQXQWHUHLQDQGHU YHUEXQGHQZHUGHQXQGZLHGLH1DFKHLQDQGHUIROJHQGHQVLFKLQHLQDQGHU YHUIOHFKWHQ XQG GXUFK HLQDQGHU YHUEUJHQ´ 'HU MXULVWLVFKH *DUDQW GHU JHIRUGHUWHQ.RQWLQXLWlWYRQ2UGQXQJXQG5HLFKWXPLVWGDV(UEUHFKW (LQH VROFKH GLDFKURQH 9HUIOHFKWXQJ DEHU JDUDQWLHUW GHU $GHO Å,Q =HLWHQ DOOJHPHLQHU9HUZLUUXQJZRGDVPHQVFKOLFKH*HVFKOHFKWYRQVHLQHUHLJH QHQ %HVWLPPXQJ HQWIUHPGHW LVW ² ZDJW QLHPDQG PHKU IU GHQ 1DFK NRPPHQQLFKW HLQPDO IUGHQ =HLWJHQRVVHQ MD NDXPIUVLFKVHOEVW JXW ]XVDJHQ´'DPLWLVWGDV$WWULEXWGHU*HQHDORJLHDOV*DUDQWGLDFKURQHU 2UGQXQJ DQJHVSURFKHQ ,Q VHLQHU 9RUOHVXQJ 9RQ GHU ,GHH GHU 6FK|QKHLW ZHQGHW0OOHUGHQ9RUZXUIGHV=XIlOOLJHQLQV3RVLWLYHXQGYHUELQGHWLKQ PLW HLQHU =HLW&RGLHUXQJ (UJHEQLV LVW ÅGHU $GHO DOV 5HSUlVHQWDQW GHV 'DXHUQGHQ GHV %OHLEHQGHQ DXI (UGHQ DOV 5HSUlVHQWDQW GHV $OWHUWXPV GHU9RU]HLWGHV6WDDWHVGHU5HSUlVHQWDQWGHV*OFNHVZHOFKHVXQYHUGLHQW GXUFKGLHEOR‰H*XQVWGHV+LPPHOVGHQ0HQVFKHQYRQREHQNRPPW´ 0LW GLHVHU 9HUWHLGLJXQJ GHV Ä*OFNV¶ EHJHJQHW 0OOHU GHP 9RUZXUI GHV 3XEOL]LVWHQ)ULHGULFK%XFKKRO]GDVEOR‰Å=XIlOOLJHXQG6lFKOLFKH *HEXUW XQG*WHUEHVLW] ´EHJUQGHGLH0DFKWGHV*HEXUWVDGHOV:DVLQHLQHU ²²²²²²²²²²²²²  ,Q 0OOHUV GLDOHNWLVFK RUJDQLVLHUWHP :HOWELOG EHJHJQHQ VLFK VWHWV ZLGHUVWUHLWHQGH .UlIWH LGHDOW\SLVFK LQ *HVWDOW ]ZHLHU RSSRQLHUHQGHU 3DUWHLHQ IROJOLFK PVVHQ GLH *HVHW]H ´DOOH *OLHGHUGHV6WDDWHVLQ]ZHL3DUWKHLHQWKHLOHQGHUHQMHGHZLHGHUHLQHGHUEHLGHQVWUHLWHQGHQ *UXQGNUlIWH QDWXUJHPl‰ XQG PLW DOOHQ V\PEROLVFKHQ 4XDOLILFDWLRQHQ IU GLH (ZLJNHLW UHSUlVHQWLUHQVROO'LHVHVLVWGDVZDKUHXQGXQEHUZLQGOLFKH)XQGDPHQWGHV6WDQGHVXQWHU VFKLHGHVYRQ$GHOXQG%UJHUVWDQG´ 0OOHU(OHPHQWH6 ²9JOÅ'LH/HKUHYRP *HJHQVDW]H´LQ0OOHU6FKULIWHQ6  9JO0OOHU(OHPHQWH6  0OOHU $GDP Å9RP *HEXUWVUHFKW´ ZLHGHU DEJHGUXFNW LQ 9HUPLVFKWH6FKULIWHQ EHU6WDDW 3KLORVRSKLHXQG.XQVW(UVWHU7KHLO:LHQ6KLHU6  0OOHU6FKULIWHQ6  >%XFKKRO] 3DXO )HUGLQDQG )ULHGULFK@ 8QWHUVXFKXQJHQEHUGHQ*HEXUWVDGHOXQGGLH0|JOLFKNHLW VHLQHU)RUWGDXHULPQHXQ]HKQWHQ-DKUKXQGHUW %HUOLQ/HLS]LJ  6 ²0OOHU DQWZRUWHWH DXI)ULHGULFK*HQW]·$XIIRUGHUXQJKLQVRJOHLFKPLWHLQHP$XIVDW]LQGHU=HLWVFKULIWÅ3DO



.DSLWHO

 =HLW ]XQHKPHQGHU gNRQRPLVLHUXQJ XQG 9HUSODQXQJ GHV LQGLYLGXHOOHQ XQG NROOHNWLYHQ 'DVHLQV DOVR GHU SHUKRUUHV]LHUWHQ .RQWLQJHQ] ]X HQW VSULQJHQVFKHLQWXQGQDFK0HLQXQJGHU5HIRUPHUEHVHLWLJWZHUGHQPXVV ZLUGGXUFK0OOHUYRP=XIlOOLJHQLQV1RWZHQGLJHXQG2UGQXQJVJHPl‰H XPJHERJHQ$QGHUHUVHLWVGHPHQWLHUWHUHLQH]XP)DWDOLVPXVWHQGLHUHQGH %HZHUWXQJGLHVHV*OFNVSULQ]LSV'LHLP*HIROJHHLQHVUHYROXWLRQlUHQ 2SWLPLVPXV LQGLYLGXHOOHQ +DQGHOQV QLFKW PHKU DN]HSWDEOH .RQWLQJHQ] ZLUG PLW HLQHP KLVWRULVFKHQ XQG RUJDQL]LVWLVFKHQ $UJXPHQW OHJLWLPLHUW GDV GLH )UXFKW GHV =XIDOOV ]XP HLJHQWOLFK OHJLWLPHQ Ä*HZDFKVHQHQ¶ HU QHQQW $XI ODQJH 6LFKW UHODWLYLHUW VLFK GLHVHV QXU VFKHLQEDU SDVVLY ]X JH QLH‰HQGH *OFN DEHU GXUFK GLH $XIJDEH ÅGDV KHLOLJH 9HUPlFKWQL‰ GHV 1DWLRQDOOHEHQV DXI GLH =XNXQIW >]X@ YHUHUEHQ´  ,Q GLHVHU )RUGHUXQJ NHKUW GLH DOWH hEHU]HXJXQJ ZLHGHU GLH DGHOLJH 3HUV|QOLFKNHLW GHILQLHUH VLFK ZHVHQWOLFK JHQHDORJLVFK LQ $EKlQJLJNHLW YRQ 9RUIDKUHQ XQG 1DFK IDKUHQ QLFKW DOV ,QGLYLGXXP QLFKW DOV PRGHUQHV 6XEMHNW 0OOHU ZLUG QLFKWPGHGHQOHEHQGLJHQ=XVDPPHQKDQJ]ZLVFKHQ9HUJDQJHQKHLWXQG *HJHQZDUWLQ*HVWDOWGHU$KQHQ]XEHWRQHQ 'LH 9RUIDKUHQ ZLH VLH GLH *HVFKLFKWH KHUEHLUXIW VLQG QLFKW NDOWH =HXJHQ VLH DQWZRUWHQOHEHQVZDUPZLUNHQVLHIRUWZHLOGHU=DXEHUGHV+HU]HQVVLHHUZHFNW KDWLQLKUHU*HJHQZDUWZLUNWHVVLFKIUHLHUHUKDEHQHUXQGJHJHQZlUWLJHUIRUW6LH VFKHLQHQ ]XUFN]XQHKPHQ ZDV ZLU LKQHQ JDEHQ VLH VFKHLQHQ 1DFKNRPPHQ ]X ZHUGHQLQGHPZLUGDVDOWHUWPOLFKH*HIKOIUKHUHU=HLWHQHUQHXHUQ

 

(OHPHQWHGHU6WDDWVNXQVW  0OOHUV 9RUOHVXQJVUHLKH (OHPHQWHGHU6WDDWVNXQVW GUIWH PD‰JHEOLFK LQVSL ULHUW JHZHVHQ VHLQ GXUFK HLQ DGHOVNULWLVFKHV %XFK GHV QDSROHRQIUHXQGOL FKHQ )ULHGULFK %XFKKRO] PLW GHP 7LWHO 8QWHUVXFKXQJHQEHUGHQ*HEXUWVDGHO XQG GLH 0|JOLFKNHLWVHLQHU )RUWGDXHU LP  -DKUKXQGHUW%XFKKRO] KDWWH EH UHLWVLQVHLQHP%XFK'HUQHXH/HYLDWKDQEHKDXSWHW 9HUJHEOLFKQHQQWVLFKGHU(UEDGHOGLH6W]H>VLF@GHU5HJHQWHQHUZDUHV]XNHL QHU =HLW YRQ GHP $XJHQEOLFN DQ JHUHFKQHW ZR HV HLQ )HXGDOZHVHQ JDE 1LH

²²²²²²²²²²²²² ODV´0OOHU9HUPLVFKWH6FKULIWHQ6²9JO]X%XFKKRO]%D[DV.RPPHQWDULQ0O OHU(OHPHQWH6II  0OOHU $GDPÅ)UDJPHQW EHUGHQ$GHO´ LQ 0OOHU9HUPLVFKWH6FKULIWHQ 6  KLHU 6  0OOHU9HUPLVFKWH6FKULIWHQ6  0OOHU6FKULIWHQ6  )HUQHUDXV%XFKKRO]·)HGHU'HU$GHOZDVHUXUVSUQJOLFKZDUZDVHUMHW]WLVWXQGZDVHUNQIWLJ VHLQVROO7HLOH%HUOLQ²)ULHGULFK%XFKKRO]  OHEWHDOV3XEOL]LVWLQ%HUOLQ JDOWDOV3URSDJDQGLVWGHU)UDQ]|VLVFKHQ5HYROXWLRQXQG1DSROHRQVQDFKDOV9HUWUH WHUHLQHUOLEHUDOHQXQGGHPRNUDWLVFKHQ*HVLQQXQJ





3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



ZROOWHHUGDV:HUN]HXJGHU6RXYHUDLQHWlWZHUGHQQLHDQGHUHDOVIUHLZLOOLJHGK VHLQHQ 9RUUHFKWHQ DQJHSD‰WH 2SIHU GDUEULQJHQ QLH VHLQHQ 3ULYLOHJLHQ HQWVD JHQ´

$XI GHQ 6FKXW] HLQHU ÅYROOHQGHWH>Q@ 6RXYHUDLQHWlWGHQ GHU $EVROXWLV PXV MD OlQJVW DQJHVWUHEW KDWWH NRPPW HV %XFKKRO] DEHU DQ ,Q VHLQHP %XFK 8QWHUVXFKXQJHQ EHU GHQ *HEXUWVDGHO OHKQW HU ZLHGHUXP HLQH HUEOLFKH Å)HXGDO$ULVWRNUDWLH´DE HUNHQQW MHGRFK Å$GHO´ YHUVWDQGHQ DOV QLFKW YHUHUEOLFKHÅ3HUVRQLILNDWLRQGHU7XJHQGOLFKNHLWRGHU9LUWXRVLWlW´GXUFK DXVDQ6FKRQIUKHUKDWWHHUQDFKHLQHU,PSXOVJHEHQGHQ,QWHOOLJHQ]LP 6WDDWJHUXIHQGLHDQGLH6WHOOHGHV(UEDGHOVWUHWHQVROOH3ROLWLVFKEHGHX WHWH GLHV GLH $EVFKDIIXQJ GHU (UEXQWHUWlQLJNHLW XQG GHU )RUWJDQJ GHU SUHX‰LVFKHQ 5HIRUPSOlQH  GUIWH GXUFK %XFKKRO] PLWEHHLQIOXVVW ZRUGHQ VHLQ Å0DQ WUHQQH YRQ GHU 6FKROOH GHV (GHOPDQQV GLH *UXQGKHUUOLFKNHLW XQGYHUPHKUHGDGXUFKGLH.UDIWGHU%DXHUQ´ 0OOHUV0HQWRU)ULHGULFK*HQW]JDEEULHIOLFKGHQ$QVWR‰]X0OOHUV 8QWHUQHKPXQJ >9RQ%XFKKRO]H@UVFKHLQWGLH6FKULIWEHUGHQ$GHOGHU6LHXQGLFKZLHZHQLJ ZLUDXFKGDPLW]XVDPPHQVWLPPHQP|JHQGRFKZDKUOLFKQLFKWDEVSUHFKHQGU IHQGD‰VLHPLW.ODUKHLWPLW2UGQXQJPLWhEHUVLFKWPLWJUR‰HU*HZDQGWKHLW LQHLQHPDXIIDOOHQGUDVFKHQOHLFKWHQNXU]HQEHOHEWHQ6W\OXQGZDVLFKZHQLJHU EHJUHLIHDOVDOOHVDQGHUHPLWHLQHUJHZLVVHQ5XKHJHVFKULHEHQLVWGLHDXVHLQHP WLHIHQ*HIKOGHV9HUWUDXHQVDXIGHQQDKHQXQGXQYHUPHLGOLFKHQ6LHJVHLQHU6D FKH KHU]XVWDPPHQ VFKHLQW >«@ 1XQ GHQNHQ 6LH VLFK ZHOFKH 3RSXODULWlW HLQ :HUNHUZHFNHQPX‰ZHOFKHVLQVROFKHU)RUPHLQH,QVWLWXWLRQDQJUHLIWGLH1LH PDQGHQPHKU,QWHUHVVHHLQIO|‰WXQGGLHEHUGLHV-HGHUIUKOIORVKlOW'D‰GLH ,GHHGHV$GHOVHLQHlFKWHIHVWHYRQGHU,GHHHLQHU*HVHOOVFKDIWXQ]HUWUHQQOLFKH LVWKDEHQZHQLJHVRYRUWUHIIOLFKGDUJHWKDQDOV6LHZDVDEHUDXVXQVHUPZLUNOLFK YRUKDQGHQHQDOWHQ$GHOLQ.XU]HPZHUGHQZLUGVFKPHU]WPLFK]XGHQNHQ'LH $QNODJHQ HLQHV VR YHUZHJHQHQ 'HPDJRJHQ VLQG ZLUNOLFK JDU ]X VFKZHU ]X EH DQWZRUWHQXQGMHPHKUPDQGLHVHQ$GHOLQGHU1lKHJHNDQQWKDWGHVWRZHQLJHU GDUIPDQLKQPLWJXWHP*HZLVVHQYHUWKHLGLJHQ

,QVHLQHQZHLWHUHQ$XVIKUXQJHQWUHQQW*HQW]VWUHQJ]ZLVFKHQGHP/DXI GHU *HVFKLFKWH GHU GHQ $GHO ]XU FDXVDYLFWD JHPDFKW KDW XQG HLQHU LP *HLVWGHU5KHWRULNXQGGHU.ULWLNJHKDOWHQHQ|IIHQWOLFKHQ5HGH:HUDXFK %XFKKRO] DQWZRUWHW NDQQ GLHV HQWVSUHFKHQG QLFKW LP 6LQQ HLQHV EHUHLWV YHUJHEOLFKHQ (LQJUHLIHQV LQ GLH SROLWLVFKH (QWZLFNOXQJ WXQ VRQGHUQ HU PXVVVLFKDXIHLQ6HJPHQWGHUgIIHQWOLFKNHLWEHVFKUlQNHQGDVPDQNQI ²²²²²²²²²²²²²  >%XFKKRO]3DXO)HUGLQDQG)ULHGULFK@'HUQHXH/HYLDWKDQ7ELQJHQ6  (EG6  %XFKKRO]*HEXUWVDGHO6  9JO%XFKKRO]/HYLDWKDQ6I  %XFKKRO]*HEXUWVDGHO6  )ULHGULFK *HQW] DQ $GDP 0OOHU R ' >@ LQ 0OOHU 6FKULIWHQ   6 I KLHU 6



.DSLWHO

 WLJDOVLQWHOOHNWXHOOHV)HOGEH]HLFKQHQN|QQWH'HUDXIGLHVHP)HOGDJLHUW LVWHLQHKHUDXVUDJHQGH3HUV|QOLFKNHLWGLHQLFKWHWZDQDFKÄ(UIROJ¶VFKLHOW hEHUKDXSWNDQQIUHLOLFKHLQHY|OOLJEHVLHJWH6DFKHQXUQRFKYRQJUR‰HQ*HP WKHUQJHIKUWZHUGHQ$OOHEULJHQ6NODYHQGHV(UIROJVPHLVWHQWKHLOVVRJDUGHV EOR‰ DXJHQEOLFNOLFKHQ ILQGHQ LQVJHKHLP LPPHU HWZDV $QVW|‰LJHV GDULQ GD‰ -H PDQG QRFK 5HFKW EHKDOWHQ ZLOO ZHQQ HLQPDO GHU $XVJDQJ ZLGHU LKQ HQWVFKLHG >«@ *OFNOLFK 6LH GHU 6LH KRFK EHU GLHVHQ 6WUPHQ LQ HLQHU 5HJLRQ ZR 1LH PDQG,KQHQEHLNRPPHQNDQQVLFKVHOEVW,KUH*HVHW]HJHEHQXQG,KUH:HJHEH ]HLFKQHQ ,KUH 9RUOHVXQJHQ GDV ZHL‰ LFK YRUKHU ZHUGHQ 6LH JHZL‰ ZLHGHU LQ GXUFKDXVQHXHQ*HVWDOWHQ]HLJHQXQGZDVZUGHHUVWVH\QZHQQ6LHVLFKHQGOLFK HLQPDOHQWVFKOLH‰HQN|QQWHQVLHYRUKHUDXV]XDUEHLWHQ'LH)RUPLQGHU6LHELV KHUDUEHLWHWHQLVWEHL*RWW,KUHUQLFKWZUGLJOLHEVWHU)UHXQG(LQH9RUOHVXQJ ]ZHL RGHU GUHL 6WXQGHQ HKH PDQ VLH KlOW ]XVDPPHQJHVFKULHEHQ LVW HLQ *HQLH VSUXQJDEHUQLFKWGDV:HUNHLQHVUHIOHNWLHUHQGHQ0DQQHV6LHVLQGGHUHUVWH.UL WLNHUGLHVHU=HLWYRP$XJHQEOLFNHDQGD6LHHVZROOHQ

7\SLVFKIU0OOHULVWGLHVFKULIWNULWLVFKH$QWZRUWGLHGHPJHVSURFKHQHQ :RUWGLH(KUHJLEWYRUGHUOHVHQGHQgIIHQWOLFKNHLWXQGGDPLWGHUOHEHQ GLJHQÄ)RUP¶YRUDOOHUÅV\VWHPDWLVFKH>Q@PHFKDQLVFKH>Q@>«@8QIRUP´ 'LH/HEHQGLJNHLWGHU5HGHZLUNWDEHUQLFKWQXUYRPDQZHVHQGHQ5HGQHU DXI GLH DQZHVHQGHQ +|UHU VRQGHUQ DXFK DXI HLQ OHEHQGLJHV 2EMHNW GHU 5HGHKDQGOXQJ ÅGLH 3HUVRQ RGHU GDV FRUSXV DXI ZHOFKHV KLQ JHKDQGHOW ZLUG´:lKUHQGGHUÅ3DUWHLPHQVFK>@´*HQW]VLFKXPGHQDEVWHUEHQGHQ $GHOXQGVHLQH=XNXQIWJUlPWVHW]W0OOHUV5HGHYHUVWDQGHQDOVOHEHQGL JHV+DQGHOQQLFKWDOVWRWHV6FKUHLEHQEHLHLQHPÄZDKUHQ¶$GUHVVDWHQNUHLV DQPDJHUIDNWLVFKDQZHVHQGVHLQRGHUQLFKWGHQQP|JOLFKHV2EMHNWGHU 5HGHVR0OOHUN|QQHDXFKGLHÅ1DFKZHOW´VHLQ ,Q HLQHP )UDJPHQW EHU GHQ $GHO DWWDFNLHUW 0OOHU ÅGH>Q@ JHPHLQH>Q@ SUDJPDWLVFKH>Q@ *HVFKLFKWVFKUHLEHU XQG GDV JDQ]H SROLWLVFKH *HVFKZlW] XQVUHU 7DJH GHVVHQ ZDKUHU 6SUHFKHU XQG 6WHOOYHUWUHWHU )ULHGULFK %XFK KRO]´ VHL  0OOHU WULWW ]ZDU IU GLH ,GHH GHV $GHOV HLQ YHUWHLGLJW QLFKWVGHVWRZHQLJHUDEHUDXFKVHLQHQÄUHDOHQ¶6WDWXVJHJHQPRGLVFKHDOVR HSKHPHUH SROLWLVFKH $QJULIIH (LQ (LQWUHWHQ IU GHQ $GHO LVW DXFK HLQ 3OlGR\HUIUHLQHUHLQH6SUDFKH %H\VROFKHU/DJHGHU6DFKHQLVWHVZRKONHLQ:XQGHUGD‰GLH,GHHGHV$GHOVLQ GHUVLFKGHUSHUV|QOLFKH*HLVWGHUJHUPDQLVFKHQ*HVHW]HGHPVlFKOLFKHQ&KDUDF WHU GHU U|PLVFKHQ *HVHW]H ]XP 7URW]H YRUQHKPOLFK DXVGUFNW QLFKW EHJULIIHQ ZLUG XQG GDV VHOEVWYHUJHVVHQH *HVFKOHFKW ]X ]ZHLIHOQ DQIlQJW VRJDU DQ GHU )RUWGDXHUGLHVHV,QVWLWXWVZHOFKHVQLFKWVGHVWRZHQLJHUXPVHLQHU3HUV|QOLFKNHLW ZLOOHQDOOHGLHNOHLQHQ+DQGHOVXQG$VVHFXUDQ]&RPSDJQLHHQZHOFKHZLUSROLWL VFKH,QVWLWXWLRQHQQHQQHQXQGGXUFKZHOFKHZLUXQVHUEHNORPPHQHV'DVH\Q]X

²²²²²²²²²²²²²  (EG6  0OOHUDQ*HQW]DPLQHEG6IKLHU6  (EG  0OOHU$GDPÅ)UDJPHQWEHUGHQ$GHO´LQ0OOHU9HUPLVFKWH6FKULIWHQKLHU6





3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



VLFKHUQ JODXEHQ EHUOHEHQ PX‰ 8P VHLQHU 3HUV|QOLFKNHLW ZLOOHQ VDJH LFK XQG ZHUGH EH\ GLHVHP ELVKHU QRFK ZHQLJ JHPL‰EUDXFKWHQ IDVW XQVFKXOGLJHQ :RUWH EHKDUUHQ'HQQZLHDXVGHPRELJHQKHUYRUJHKWZHUGLH:RUWH*HLVWXQG+HU] PLWEHVWHU0HLQXQJDXVVSULFKW PX‰VLFKLQGLHVHQ7DJHQGHU6SUDFKYHUZLUUXQJ YLHOIDFKYHUZDKUHQ]XI|UGHUVW>VLF@JHJHQGLHZHOFKHVROFKHKRKH,GHHQPLWHL QHPJHZLVVHQ0RGHHQWKXVLDVPXV]HUWUHWHQXQGYHU]HUUHQVRGDQQJHJHQGLHDQ GHUQ ZHOFKH LKUH HQJH 1DWXU QXU HLQHQ HQJHQ 6LQQ PLW MHQHQ :RUWHQ ]X YHU NQSIHQ JHVWDWWHW XQG GLH VLFK QDFKKHU PLW YHUPHLQWOLFK K|KHUHQ XQG DOOJHPHLQHQ9HUVWDQGHV%HJULIIHQXQJHEKUOLFKEUHLWPDFKHQ

0OOHUPXVVVLFKYRUDOOHPDP9RUZXUIGHVXQYHUGLHQWHQÄ*OFNV¶DEDU EHLWHQGDV HLQPDO LKU ]XWHLO JHZRUGHQ HLQH $GHOVIDPLOLH SRWHQWLHOO LQ DOOH (ZLJNHLW EHJQVWLJH (U GHXWHW QXQ HWZD GHQ EOLFKHUZHLVH NRQWUlU JHEUDXFKWHQ%HJULIIÄ9HUGLHQVW¶VRXPGDVVHUHFKWH9HUGLHQVWHDOV$OOLDQ] DXV *OFN XQG 7lWLJNHLW DXV J|WWOLFKHU XQG PHQVFKOLFKHU .UDIW YHUVWDQ GHQZLVVHQZLOO'DV*OHLFKKHLWVJHERWGHU)UDQ]|VLVFKHQ5HYROXWLRQVWHKW GDPLW QLFKW HLQPDO LQ )UDJH OHGLJOLFK EHVWUHLWHW0OOHUGDVVGHU0HQVFK *OFN XQG 9HUGLHQVW QXU LQ GHQ XQWHUJHRUGQHWHQ )UDJHQ GHV Ä+HU ]HQV¶ JOHLFKPl‰LJ YHUWHLOHQ N|QQH Ä*OFN¶ GUIH DEHU QLFKW PLW Ä:LOO NU¶LGHQWLVFKJHVHW]WZHUGHQ(LQHÅ0LVFKXQJYRQUHFKWOLFKHP6HOEVWYHU WUDXHQ XQG YRQ )DWDOLVPXV´  XQWHU GHQ =HLWJHQRVVHQ VHL GXUFK QHXHV 9HUWUDXHQ GXUFK *ODXEHQ ² PDQ P|FKWH HUJlQ]HQ GXUFK DPRU IDWL ]X HUVHW]HQ 0OOHU UHVWDXULHUW ]X GLHVHP =ZHFN GHQ DOWHQ VHQVXDOLVWLVFKHQ %HJULII GHV +HU]HQV XQG JODXEW GDPLW HLQHQ :HJ ]X GHP JHIXQGHQ ]X KDEHQZDVDXFKEHL.OHLVWGDV8QDXVVSUHFKOLFKHLVWÅGDVLQQHUVWH:HVHQ GHU 5HOLJLRQ GHV $GHOV GHU (KUH XQG GHU 6LWWH´0OOHUV )DWDOLVPXV GLDJQRVHYHUVXFKWDEHUDQKDQGGHV9HUIDOOVGHUSROLWLVFKHQ,GHHQ]XHUNOl UHQZLH]ZHLXQYHUHLQEDUHXQGIUVLFKJHQRPPHQMHZHLOV]HUVW|UHULVFKH $XIIDVVXQJHQYRQÄ*OFN¶MHQH1lKH]XPÄ*ODXEHQ¶YHUORUHQKDEHQGDV QDFKUFNZlUWVJHZDQGWH3RFKHQDXIGHQÄWRWHQ¶%XFKVWDEHQGLHUHFKWOLFKH 6HOEVWJHZLVVKHLW ² GDQHEHQ DEHU QDFK YRUQH JHZDQGW GLH %HIUFKWXQJ HLQHV $XWRPDWLVPXV GHU LPPHUJOHLFKHQ )RUWVHW]XQJ GHV HLQPDO LQ *DQJ *HVHW]WHQ XQG HWZD HUEELRORJLVFK XQG HUEUHFKWOLFK )HVWJHOHJWHQ  5HFKWVFRGLILNDWLRQXQG9HUHUEXQJDOVNXOWXUHOOH'HWHUPLQDWLRQLVWLQGHU /LWHUDWXUGHU5RPDQWLNZLHQRFKJH]HLJWZLUGHQJPLWGHP$GHOXQGGHU $EIROJHVHLQHU*HQHUDWLRQHQYHUNQSIW 0OOHU JHOLQJW HV DOVR ZLHGHUXP *OFN XQG 9HUGLHQVW]XVDPPHQ]X GHQNHQ %HL DOOHU 5HVHUYH GHU $GHOVNULWLNHU JHJHQ GDV ,QVWUXPHQW GHU $GHOVHU]LHKXQJ²0OOHUKLQJHJHQZDU]HLWZHLOLJ+RIPHLVWHUGHV]ZHLWlO WHVWHQ 6RKQHV +HU]RJ &DUO $XJXVWV YRQ 6DFKVHQ:HLPDU(LVHQDFK ² ²²²²²²²²²²²²²  (EG6  =XP)ROJHQGHQYJOHEG6II  (EG6  (EG6I



.DSLWHO

 NHQQ]HLFKQHWHUGLH(U]LHKXQJDOVOHJLWLPHV,QVWUXPHQWGHV*HEXUWVDGHOV GHP HLQ]HOQHQ $EN|PPOLQJ SHUV|QOLFKH :UGH ]X YHUOHLKHQ $OV GULWWH .RPSRQHQWHIKUW0OOHUHLQHJOHLFKVDPNRPELQDWRULVFKDQJHERUHQHXQG DQHU]RJHQH5HSUlVHQWDQ]GHV$GHOLJHQDQ$OV*UXQGHLJHQWPHURGHUÅDOV GLHQHQGH+HUUVFKHQGH´YHUVWQGHQ$GHOLJHGHQ6WDDWPHKUDOVDQGHUH UHSUlVHQWLHUWHQLKQPHKUDOVDQGHUH²XQGGDQQÅZHUGHQRKQH=ZHLIHODXV LKQHQ DXFK EHVVHUH 5HSUlVHQWDQWHQ GHV *HPHLQZHVHQV HQWVSULQJHQ´  $XFKGDV9RUOHEHQVROFKHU5HSUlVHQWDQ]GXUFKGHQ9RUIDKUHQLVW(U]LH KXQJ]X$GHOLJNHLW0OOHUV'HQNHQVWHKWDXIGHU*UHQ]VFKHLGH]ZLVFKHQ (U]LHKXQJVRSWLPLVPXVGHV-DKUKXQGHUWVXQG 9HUHUEXQJV )DWDOLVPXV GHV-DKUKXQGHUWV²JHUDGHGHU$GHOLJHVWHKWLQGLHVHP6SDQQXQJVIHOG ZLH0OOHU]HLJW*HQDXVRLVWGLH:HFKVHOZLUNXQJ]ZLVFKHQ0HQVFK9RON XQG*HVHW]]XEHREDFKWHQZRUDXI0OOHULQGHU9RUUHGH]XGHQ(OHPHQWHQ GHU6WDDWVNXQVWDEKHEW0OOHUDOV7KHRUHWLNHUHLQHU=HLWGHVUDVFKHQ:HFK VHOVHQWZLUIWNHLQHVWDUUH6WDDWVWKHRULHNHLQHQ6WDDWGHU6WDWLNVRQGHUQHU EHNXQGHWVHLQ,QWHUHVVHDQGHQ%HZHJXQJHQXQG9HUlQGHUXQJHQLP6WDDW 8QGDXFKKLHUJLOWGDVV0HQVFKHQ]ZDUGXUFK*HVHW]H QLFKWQXUGXUFK 9HUHUEXQJDXIV*DQ]HJHVHKHQGXUFKGDV:HVHQGHV9RONHV EHVWLPPW VLQGDEHUGDVVDXFK0HQVFKHQ*HVHW]HSUlJHQXQGYHUlQGHUQGDVVZLH HVGLHURPDQWLVFKH5HFKWVDXIIDVVXQJMDJHQHUHOOEH]HXJW*HVHW]H]HLWOLFKH *HOWXQJEHVLW]HQXQGKLVWRULVFKUHODWLY]XVHKHQVLQG ,QGHQ(OHPHQWHQGHU6WDDWVNXQVWGLHDE(QGHLQ9RUOHVXQJVIRUP HQWZRUIHQZHUGHQXQGLQGHQHQVLFK0OOHUZLHGHUXPJHOHJHQWOLFKGLUHNW JHJHQ %XFKKRO] ULFKWHWKHL‰W HV QXQ Å'HU $GHO VROO GDV 8QVLFKWEDUH GLH0DFKWGHU6LWWHXQGGHV*HLVWHVLP6WDDWHUHSUlVHQWLUHQXQGVRLVWHU LQ GHU JUR‰HQ (KH ZHOFKH 6WDDW KHL‰W ZDV GLH )UDX LQ GHU (KH LP JH Z|KQOLFKHQ9HUVWDQGH´'HUÄ$GHO¶ZLHDXFKÄGDV:HLEOLFKH¶ZHUGHQDQ DQGHUHU6WHOOHGDQQDEHUZLHGHUNRQQRWLHUWPLWGHPÅEOHLEHQGH>Q@SIODQ ]HQDUWLJH>Q@>@(OHPHQWGHU*HVHOOVFKDIW´VRZLHGHP*UXQGHLJHQWXP 'LH GLDFKURQH 6HPDQWLVLHUXQJ GHV $GHOV HUODXEW JHQHUHOO HLQH *OHLFKVHW ]XQJPLWGHQÅXQVLFKWEDUHQ0lFKWH>Q@LP6WDDW´GDPLWVLQGDXFK9HU JDQJHQKHLW XQG =XNXQIW JHPHLQW ]XGHP ÅGLH 3KDQWDVLH GHV 6WDDWV XQG VHLQ*HGlFKWQLV´8QG ²²²²²²²²²²²²²  0OOHU$GDPÅ9RP*HEXUWVUHFKW´LQ0OOHU9HUPLVFKWH6FKULIWHQ6KLHU6  (EG  9JO=LRONRZVNL7KHRGRUHÅ'DV5HFKW*UXQGEXFKGHU*HVHOOVFKDIW´LQGHUV'DV$PW GHU3RHWHQ'LHGHXWVFKH5RPDQWLNXQGLKUH,QVWLWXWLRQHQ0QFKHQ6  9JO0OOHU(OHPHQWH6I  (EG6  0OOHU6FKULIWHQ6  0OOHU6FKULIWHQ6  (EG6





3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



XQVLFKWEDUH 0lFKWH LP 6WDDW QHQQH LFK YRU DOOHQ 'LQJHQ GLH *HZDOW GHU )DPL OLHQYHUELQGXQJHQGLH*HKHLPQLVVHGHU(UEIROJHXQGGHV$GHOVXQVLFKWEDUVLQG VLHQXUIUMHQHDEJHVRQGHUWH,QWHOOLJHQ]VLFKWEDUKLQJHJHQELV]XUYROOVWHQ.ODU KHLW VLQG VLH GHP JDQ]HQ YROOVWlQGLJHQ 0HQVFKHQ LQ GHVVHQ *HPW 3KDQWDVLH XQG 9HUVWDQG HLQHV XQG GDVVHOELJH VLQG NXU] GHP ZDKUHQ 6WDDWVNQVWOHU YRQ GHPKLHUGLH5HGHLVW

(UYROO]LHKWDOVRVFK|SIHULVFKQDFKZDVGHU$GHOVHLQHU,GHHQDFKLPPHU VFKRQ LVW ,QVRIHUQ KLHU DEHU GHU ZDKUH 6WDDWVNQVWOHU DXFK GHU ZDKUH .QVWOHU EHUKDXSW LVW LVW Ä$GHO¶ HLQH GLHQHQGH *HGlFKWQLVLQVWDQ] HLQ XQLYHUVDOHV 6SHLFKHUPHGLXP GDV GLH QRWZHQGLJHQ $QKDOWVSXQNWH OLHIHUW XPLP.XQVWZHUNHLQH2UGQXQJGHU=HLWZLHDXFKGHV$QGHUHQGHU=HLW GHU 'DXHU GHU (ZLJNHLW ]X HWDEOLHUHQ (LQ Å$QGHQNHQ DQ GLH IURPPH ,QQLJNHLW GHU $EHQWKHXHU YRQ GDPDOV´  JDUDQWLHUW GLH PLWWHODOWHUOLFKH 5LWWHUHSLNDOVRGLHOLWHUDULVFKH,GHDOILJXUGHV$GHOLJHQ*HQHUHOOOHLWHQGIU GHQ6WDDWVNQVWOHUVLQGÅGLHXQ]HUVW|UEDUHQ6SXUHQDOWHU*HVHW]H6WlQGH XQG 6LWWHQ´:LU EHILQGHQXQV DOVR SO|W]OLFK GRFK LQ0OOHUV bVWKHWLN GLHGHQLGHDOHQ.QVWOHUGHP9HUVWDQGZLHGHU3KDQWDVLHJOHLFKHUPD‰HQ YHUSIOLFKWHW ,FK NDQQ PLU HLQHQ 0HQVFKHQ GHQNHQ GHU QDFKGHP HU GXUFK GLH *HZDOW GHU 9HUVWDQGHVNRQVHTXHQ] GHU (LQVLFKW GHU /LVW NXU] GXUFK UHLQH ,QWHOOLJHQ] VLFK GLH:HOWXQWHUZRUIHQKDWHQGOLFKDQGHQHLQIDFKHQHZLJHQ,GHHQGHU)DPLOLHGHU (UEIROJHXQGGHV$GHOVZHQQQLFKWVFKHLWHUWGRFKHLQSO|W]OLFKHV=LHODOOHUVHLQHU 7DWHQILQGHW

'DV /RE GHV $XJHQEOLFNV GLH GXUFK .DUO +HLQ] %RKUHU YLHOJHSULHVHQH 3O|W]OLFKNHLW $XVGUXFN GHU 9HU]HLWOLFKXQJLVW EHL 0OOHU JDQ] ]XUFN JHGUlQJW]XJXQVWHQGHU'DXHUÅGHPKHLOLJHQ3UREOHPGHU'DXHU´,P $GHOLJHQ VHL VHLQH JDQ]H XQVWHUEOLFKH )DPLOLH DQZHVHQG HU YHUP|JH GLH $XIJDEH ]X HUIOOHQ ÅGDV :RKO GHV HLQHQ $XJHQEOLFNV GXUFK GDV :RKO GHVDQGHUQ]XYHUEUJHQ´'LH:HLJHUXQJVLFKGHP]XIlOOLJHQKLVWRUL VFKHQ$XJHQEOLFNLQHLQHP=HLWDOWHUSHUPDQHQWHQ:DQGHOV]XXQWHUZHU IHQNDQQIUGLH-DKUHQDFKDOV9HUIDKUHQHLQHUÅ.XOWXUGHU1LHGHU ODJH´ :ROIJDQJ 6FKLYHOEXVFK  LQWHUSUHWLHUW ZHUGHQ(LQ =XUFNJHZLQ QHQ YRQ +DQGOXQJVIlKLJNHLW HUVFKHLQW DOV P|JOLFK LQGHP PDQ VLFK DQ OlQJHUIULVWLJH P|JOLFKVW VRJDU KLVWRULVFKH .RQWLQXLWlW YHUN|USHUQGH 3UR ²²²²²²²²²²²²²  (EG6I  0OOHU9HUPLVFKWH6FKULIWHQ6  0OOHU(OHPHQWH6  0OOHU6FKULIWHQ6  9JO ]XOHW]W %RKUHU .DUO +HLQ] (NVWDVHQGHU=HLW$XJHQEOLFN*HJHQZDUW(ULQQHUXQJ 0Q FKHQ  0OOHU9HUPLVFKWH6FKULIWHQ6  (EG  $OV'HQNILJXUXPULVVHQLQ6FKLYHOEXVFK:ROIJDQJ'LH.XOWXUGHU1LHGHUODJH'HUDPHULNDQL VFKH6GHQ)UDQNUHLFK'HXWVFKODQG%HUOLQñ



.DSLWHO

 ]HVVHDQVFKOLH‰WGLHVLFKYRQHLQHUGHU8QYHUIJEDUNHLWDQKHLPJHIDOOHQHQ *HJHQZDUW GHXWOLFK XQWHUVFKHLGHQ ODVVHQ1XQ GUIWH HV VRJDU 0OOHU JHZHVHQ VHLQ GHU Å*HQHUDWLRQ´ HUVWPDOV LQ HLQHP V\QFKURQHQ 6LQQ DOV (UOHEHQVJHPHLQVFKDIW HLQHU $OWHUVNRKRUWH YHUVWHKW XQG ]ZDU QRFK YRU )ULHGULFK 6FKOHJHOGRFK NDQQ YRU GHP +LQWHUJUXQG GHV 3UREOHPV GHU 'DXHU NHLQ =ZHLIHO GDUDQ EHVWHKHQ GDVV Ä*HQHUDWLRQ¶ DOV V\QFKURQH 0DFKW RKQH ODQJIULVWLJH %HGHXWXQJ LVW GD GLH YHUPHLQWOLFKH Ä*HQHUDWL RQ¶ MD GRFK ZLHGHU QXU DXV MH XQWHUVFKLHGOLFK DOWHQ (LQ]HOZHVHQ EHVWHKW 'DVPDFKW0OOHUVHLQHQ/HVHUQDQKDQGHLQHV3RUWUlWVGHU*HQHUDWLRQGHU )UDQ]|VLVFKHQ 5HYROXWLRQ NODU GLH JOHLFKVDP HJRLVWLVFK LP 6LQQH HLQHV :HWWODXIVEHLGHPDOOHHLQ]HOQODXIHQYHUVXFKWKDEHGLH0HQVFKKHLWDOV *DQ]HVYRUDQ]XEULQJHQ $OOHGLHVH:HWWOlXIHUQHPOLFKZXUGHQMDHQGOLFKGRFKYRP7RGHEHUODXIHQGLH QDFKNRPPHQGHQ 0HQVFKHQ ZLH MHQH PLW QLFKW OlQJHUHP %HLQZXFKV PLW QLFKW VWlUNHUHU/XQJHPX‰WHQYRPDOWHQ)OHFNZLHGHUDXVODXIHQXQGZHQQLKQHQDXFK GLH (ULQQHUXQJ DQ GLH 9RUIDKUHQ YHUEOLHE ZHQQ DXFK GHUJHVWDOW MHGH HLQ]HOQH *HQHUDWLRQZLHGHUPLWDOOHQLKUYRUDQJHJDQJHQHQ*HQHUDWLRQHQXPGLH:HWWH]X ODXIHQVFKLHQVRODQJHGHP1DFKNRPPHQYRQGHQ.UlIWHQVHLQHV9RUIDKUHQ]X HUEHQRGHUYRQGHP3XQFWZRGLHVHUEHVFKORVVHQQXQZLHGHUDQ]XIDQJHQXQ JHVWDWWHWEOLHENDPGDV*DQ]HQLFKWDXVGHU6WHOOH8QJOFNOLFKHUZHLVHDXFKGD QLHPDOVHLQHJDQ]H*HQHUDWLRQLQGHPVHOEHQ0RPHQWHDXIHLQPDOJHERKUHQZLUG VRQGHUQ YLHOPHKU MHGHU (LQ]HOQH VHLQH /DXIEDKQ LQ HLQHP DQGHUQ $XJHQEOLFNH EHJLQQW KDW MHGHU YRU GHP DQGHUQ VFKRQ ZLHGHU 6FKULWWH YRUDXV GHU 9RUDQJH KHQGH LQ ZLH IHUQ HU VFKRQ HLQH 6WUHFNH JHODXIHQ LVW GHU 1DFKNRPPHQGH YRP 7RGHHUVWVSlWHUEHUHLOWZLUG

.RQVHTXHQWHUZHLVHZHUGHQÄ6WDDW¶XQGÄ7H[W¶RGHUÄ5HGH¶]XDXVWDXVFKED UHQ *U|‰HQ GLH 2UJDQLVDWLRQ LQ ]HLWOLFKHU +LQVLFKW ZLH DXFK GLH 'DXHU GLH9HUNQSIXQJYRQHSKHPHUHP(LQ]HOQHQPLWGHU(ZLJNHLWGHV5HJHQ ²²²²²²²²²²²²²  9JO GLH DXI /DQJVDPNHLW :LHGHUKROXQJ JDU (QW]HLWOLFKXQJ DEVWHOOHQGHQ 7HQGHQ]HQ GHU 5RPDQWLN 'DUDXI YHUZHLVW .UHPHU 5RPDQWLN 6 I ² =XU )LJXU GHU :LHGHUKROXQJ YJO +DXSW 6DELQHÅ(VNHKUHWDOOHVZLHGHU´=XU3RHWLNOLWHUDULVFKHU:LHGHUKROXQJHQLQGHUGHXWVFKHQ5R PDQWLNXQG5HVWDXUDWLRQV]HLW7LHFN+RIIPDQQ(LFKHQGRUII:U]EXUJ  9JO 0DUTXDUGW *HVFKLFKWH 6  ² 9JO HWZD Å8QVUH *HQHUDWLRQ SURWHVWLUW XQG UHDJLUW JHJHQGLHLKUHU9lWHUYROOVWlQGLJHUDOVLUJHQGHLQHIUKHUHGLH(LQVHLWLJNHLWVRZRKOGHU(L QHQDOVGHU$QGHUQLVW6FKXOG´ 0OOHUÅ9RP*HEXUWVUHFKW´LQ0OOHU9HUPLVFKWH6FKULI WHQ6 ²6RZLH0OOHU(OHPHQWH6  0OOHU Å)UDJPHQW EHU GHQ *HEXUWVDGHO´ LQ 0OOHU 9HUPLVFKWH6FKULIWHQ 6  ² 'HU *HJHQZDUW XQG LKUHP Ä/HEHQ¶ YHUIDOOHQ ]X VHLQ EHGHXWHW DEHU XQYHUUFNEDU DQ GHQ 7RG GHV9HUJDQJHQHQGHU9RUIDKUHQ]XPDO]XJODXEHQÅ$EHUGHU0XWKZLOOHGHU5DXVFKHLQHV -XJHQGWDJVKREGLHQHXH*HQHUDWLRQKLQDXI]XGHUJOlQ]HQGHQ8HEHU]HXJXQJGD‰ZLUNOLFK DOOHVWRGWVH\XQG6WDXELQGLH:LQGH]XVWUHXQZDVVLFKQLFKWJHUDGH]XXQGVLFKWOLFKDXI GHUREHQEHVFKULHEHQHQ/DXIEDKQDQ+lQGHQXQG)‰HQUHJWHGD‰GLH9RUIDKUHQZLUNOLFK YHUPRGHUWZlUHQXQGLKUHJDQ]H9HUODVVHQKHLWQLFKWPHKUEHGHXWHDOVZDVVLFKDXIMHGHP 0DUNWHHUZXFKHUQXQGHUNDXIHQODVVHXQGGD‰GLH]XNQIWLJH1DFKNRPPHQVFKDIWGHUHQ (UVFKHLQHQMDQXQJDQ]YRQGHU:LOONKUGHU*HJHQZlUWLJHQDEKlQJHDXFKQLFKWGDV2S IHUGHUOHLFKWHVWHQFDSULFHGHV$XJHQEOLFNVZHUWKVH\´ (EG6 



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 WHQ ZHUGHQ MHZHLOV GXUFK GLH ,GHH GHV $GHOV EH]HLFKQHW 'HU (LQ]HOQH VWHOOW GLH *DQ]KHLW GDU LQGHP HU ]HLWOLFKH 5HODWLRQDOLWlW LQ IDPLOLDO JHQHDORJLVFKHU+LQVLFKWYHUWULWWXQGLQWHJUDWLYDOV9HUWUHWHUVHLQHUJDQ]HQ Å)DPLOLH´'DXHUJDUDQWLHUW ,Q MHGHP :HUNH GHU UHGHQGHQ .XQVW HLQHP NOHLQHQ :|UWHU RGHU ,GHHQVWDDWH VWHOOWVLFKXQPLWWHOEDUXQGYRQVHOEVWHLQNOHLQHU0RQDUFKDQGLH6SLW]HGLH‰LVW LQJHJHQZlUWLJHU$UEHLW>)UDJPHQWEHUGHQ$GHO-6@GLHDOOHQWKDOEHQYRUZDOWHQGH ,GHHGHU3HUV|QOLFKNHLW,P9HUIROJHZLUGVLFK]HLJHQZLHLQGHUZRKOJHRUGQHWHQ SHUV|QOLFKHQ5HGHJDQ]GXUFKLQQHUHV*HVHW]VLFKHEHQIDOOVHLQKRKHU$GHOYRQ ,GHHQELOGHWGLHVHUGXUFKPHKUHUH&DSLWHOZLHGHU$GHOLP6WDDWGXUFKPHKUHUH *HVFKOHFKWHUYHUELQGHQGKLQGXUFKJUHLIWXQGGXUFKVHLQHOlQJHUH'DXHUGLHYHU JlQJOLFKH 6FK|QKHLW GHU EULJHQ :|UWHU XQG *HGDQNHQ%UJHUVFKDIW DQ GLH (ZLJNHLWGHV5HJHQWHQNQSIW

'HU 6WDDW LVW DQDORJ EHL 0OOHU 6\PERO GHV *DQ]HQ VFKOHFKWKLQ )DPLOLH VHOEVWXQGÅ9HUELQGXQJYLHOHUQHEHQHLQDQGHUOHEHQGHU´VRZLHÅYLHOHUDXI HLQDQGHU IROJHQGHU )DPLOLHQ´*DQ]HV DOVR KLQVLFKWOLFK YRQ 5DXP XQG =HLW 'HU ,GHH GHV $GHOV NRUUHVSRQGLHUW HLQ $GHO YRQ ,GHHQ LP ZRKO JHRUGQHWHQ YRP (LQ]HOQHQ DXIV *DQ]H YHUZHLVHQGHQ 7H[W ² XQG GHU $GHOELOGHWVHOEVWHLQHURPDQWLVFKH7H[WXUÅ0DQPX‰GLHVH7H[WXUGLH VHQ KHLOLJHQ XQG LQQLJHQ 9HUEDQG GHU *HQHUDWLRQHQ XQWHU HLQDQGHU VR HLQIDFKHULVWPLW6FKDUIVLQQXQG7LHIVLQQHUZlJHQZHQQPDQHUNHQQHQ ZLOOZDVHLJHQWOLFKGLH*HQHUDWLRQHQDQHLQDQGHUELQGHW´'LHUHSUlVHQ WDWLRQDOH9HUNQSIXQJ]ZLVFKHQ7HLOHQXQGGHP*DQ]HQVROOLQWHUJHQHUD WLRQHOO GLDFKURQ HUIROJHQ GLH JHJHQZlUWLJH *HQHUDWLRQ HJRLVWLVFK XQG ]HUULVVHQ ZLH VLH QXQ HLQPDO LVW ELOGHW NHLQ *DQ]HV'HU $GHOLJH JDUDQ WLHUWGLH8QPLWWHOEDUNHLWDOOHUEHOLHELJHQ=HLWSXQNWH]XU*HJHQZDUW²XQG ]XU (ZLJNHLW VHLQH *HQHDORJLH ELOGHW HUVW MHQH 7H[WXU GLH HV P|JOLFK PDFKW EHU GHQ NRQWLQJHQWHQ $XJHQEOLFN KLQDXV]XGHQNHQ XQG EHU GLH HLQ]HOQH7H[WVWHOOHKLQDXVDXIGHQJHVDPWHQ7H[W]XVFKOLH‰HQXQGLKQ]X YHUVWHKHQ6WDDWVWKHRULH LVW QLFKW LQVWLWXWLRQHOOH $XVGLIIHUHQ]LHUXQJ GHV 6WDDWHVZLH HV QDFK PDQFKHU /HVDUW LQ GHU 0RGHUQH ZRKO Q|WLJ ZlUH VRQGHUQ HLQ VHPDQWLVFKHV ([SHULPHQWLHUIHOG GDV GHU $XVGLIIHUHQ]LHUXQJ XQG1HXFRGLHUXQJVWDDWVEH]RJHQHU6HPDQWLNHQGLHQWGHU2UWHLQHV8QL YHUVDOLVPXV GHU QHXH .RQQRWDWLRQHQ PLW HLQVFKOLH‰W 'DEHL EOHLEW GHU 6WDDWZLHVHLQH7KHRULHVWHWVLP)OXVVVWHWVLP3UR]HVVEHJULIIHQ,P*H JHQVDW] ]X $GDP 6PLWKV SURGXNWODVWLJHU 7KHRULH LQWHUHVVLHUW VLFK 0OOHU IUGLH3URGXNWLRQ²QXUDOOHLQGHU6WDDWLVWDOVUDXP]HLWOLFKH8QLYHUVDOLH ²²²²²²²²²²²²²  (EG6I  0OOHU(OHPHQWH6  (EG6  +LHU ZlUH DQ 6FKOHLHUPDFKHUV +HUPHQHXWLN ZLH DXFK DQ VHLQH 7KHRULH GHU *HVHOOLJNHLW DQ]XVFKOLH‰HQ  9JO0OOHU(OHPHQWH6



.DSLWHO

 XQDQWDVWEDU=ZDU VWUHEW 0OOHU HLQHQ 6WDDW DQ LQ GHP VLFK ,GHH XQG :LUNOLFKNHLW ZLHGHU YHUV|KQHQGRFK LVW GLHVH 9HUV|KQXQJ QLH LQ 3HU PDQHQ]YRUVWHOOEDUDXFKLVWHVLKPQLFKWGDUXP]XWXQJHVHOOVFKDIWOLFKH =XVWlQGH GHU 9HUJDQJHQKHLW ZLHGHUKHU]XVWHOOHQ RGHU JHJHQZlUWLJH ]X NRQVHUYLHUHQ 'DKHU SDVVW DXFK GDV 6WLFKZRUW ÄUHVWDXUDWLY¶ QLFKW ZLUNOLFK ]X0OOHUV6WDDWVWKHRULHVLHLVWGDIUZRKO]XSRHWLVFK]X6SUDFKXQG 'HQNILJXUODVWLJ ,QHLQHUZHLWHUHQLP:LQWHULQ%HUOLQJHKDOWHQHQ9RUOHVXQJVUHL KHKHEW0OOHUHUQHXWGLH%HGHXWXQJGHV$GHOVIUHLQHQ6WDDWQDFKVHL QHP *HVFKPDFN KHUYRU 1DWLRQDOHU]LHKXQJ LP%HUOLQYRQ  ]LHOW DXI HLQH(UQHXHUXQJGHVJHVFKZlFKWHQSUHX‰LVFKHQ6WDDWHVDEZLHMDDXFKGLH LQ MHQHP -DKU YHUVWRUEHQH .|QLJLQ /XLVH ]XQlFKVW XQG ZLH VFKRQ VHLW 1RYDOLV6LQQELOGGLHVHV6WDDWHVXQGQRFKQLFKWGHUGHXWVFKHQ1DWLRQLVW $OVR LVW GLH &RQVHUYDWLRQ 5HLQLJXQJ XQG :LHGHUEHOHEXQJ GHV DOWHQ $GHOV GLH %HGLQJXQJ]XP(UULFKWHQHLQHUVWlQGLVFKHQ9HUIDVVXQJLQGHU3UHXVVLVFKHQ0R QDUFKLHXQGGLH(UULFKWXQJHLQHUZDKUHQVWlQGLVFKHQ9HUIDVVXQJZLHGHUGLH%H GLQJXQJHLQHVZDKUHQ3UHXVVLVFKHQ1DWLRQDOJHLVWHV

7KHPDGLHVHU9RUOHVXQJLVWlKQOLFKZLH.OHLVWV7H[WHDXVMHQHU=HLWGLH )UDJH GHU 9HUHLQEDUNHLW YRQ Ä6WDQG¶ XQG Ä1DWLRQ¶ $XVJHORWHW ZLUG GLH 0|JOLFKNHLW HLQHU 8PFRGLHUXQJ YRQ 9DVDOOLWlW ]X HLQHU QLFKW JlQ]OLFK DEVWUDNW XQG XQSHUV|QOLFKEOHLEHQGHQ 9HUSIOLFKWXQJ DXI GLH1DWLRQ ZR PLW]XGLHVHU=HLWLPPHUQRFKÄ3UHX‰HQ¶JHPHLQWLVWÅGHU*ODXEHDQGDV 9DWHUODQG´PVVHÅHLQH(KUHQVDFKH´VHLQ0OOHUHUODXEWVLFKYRUGHP +LQWHUJUXQG GHV  ]ZLVFKHQ gVWHUUHLFK XQG )UDQNUHLFK ZLHGHU HU QHXHUWHQ.ULHJHVKHUEH.ULWLNDQGHU5HJLHUXQJVSUD[LV)ULHGULFKV,,HUVHL Å]XY|UGHUVW GHU HUVWH XQG JU|‰WH 6WDDWV0HFKDQLNHU´ JHZHVHQ  6HLQ XQJOFNOLFKHUZHLVH DXI VlFKOLFKH 3ULYLOHJLHQ JHPQ]WHU%HJULII GHV $GHOV VHLOlQJVWDXFKLQGLH*HVHW]JHEXQJDOVRLQGDVQRFKXQWHU)ULHGULFKHUDU ²²²²²²²²²²²²²  9JOHEG6XQGI  ,QGHU9RUOHVXQJ9RQGHU,GHHGHU6FK|QKHLWYHUVXFKW0OOHUVHLQH=XK|UHUZLHVHLQH/HVHU]X ZHLWHUHP 1DFKGHQNHQ EHU HLQH SUDNWLVFKH Ä$QZHQGXQJ¶ UHFKW GHXWOLFK ]X DQLPLHUHQ Å:HU LQ GLHVHU 'DUVWHOOXQJ GHQ QRWZHQGLJHQ =XVDPPHQKDQJ PLW GHU /HKUH YRQ GHU 6FK|QKHLW QLFKW YHUVWHKW RGHU ZHU PLW GLHVHU ,GHH GHV $GHOV GHQ JHJHQZlUWLJHQ =XVWDQG GHU $GOLJHQ QLFKW ]X YHUNQSIHQ ZHL‰ GHU GHQNH VLFK DOV KDEH HU YRQ LUJHQGHLQHQ >VLF@ 8WRSLHQRGHUYRQHLQHUSODWRQLVFKHQ5HSXEOLNVSUHFKHQJHK|UW+LHUNRQQWHQXUGLH,GHH GDUJHVWHOOWZHUGHQEHUGLH$QZHQGXQJXQGLKUH%HGLQJXQJHQYHUVFKOLH‰HQPLUGLH=HLW XPVWlQGHGHQ0XQG´ 0OOHU6FKULIWHQ6 ,P*HJHQVDW]]XPDQFKHP$GHOVNULWLNHU GHU=HLWXQGJHPl‰GHUHLJHQHQ/HKUHYRQGHU9HUV|KQXQJGHU*HJHQVlW]HEHKDUUW0OOHU DOVRDXIGHU9HUPLWWHOEDUNHLWGHVJHJHQVlW]OLFK]XVHLQHU,GHHGDKLQYHJHWLHUHQGHQ$GHOV  Å'DJHJHQ JHKWHV LQGHQ (OHPHQWHQ GHU 6WDDWVNXQVW QLFKWXP 9HUlQGHUXQJVRQGHUQ XP 'DXHU0OOHUV:HUNLVWUHVWDXUDWLY´ 3HWHU6WDDWVSKLORVRSKLH6   0OOHU $GDP hEHU .|QLJ )ULHGULFK ,, XQG GLH 1DWXU :UGH XQG %HVWLPPXQJ GHU 3UHX‰LVFKHQ 0RQDUFKLHgIIHQWOLFKH9RUOHVXQJHQJHKDOWHQ]X%HUOLQLP:LQWHU%HUOLQ6  (EG6  (EG6



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 EHLWHWHÅ$OOJHPHLQH/DQGUHFKW´HLQJHJDQJHQ)ULHGULFKV9RUOLHEHIUGLH IUDQ]|VLVFKH.XOWXUKDEHVLFKEHLPSUHX‰LVFKHQ$GHOPLWHLQHPÅ6WUHEHQ QDFKIODFKHU9RUQHKPOLFKNHLWXQG(OHJDQ]GHU(UVFKHLQXQJ´DXVJHZLUNW GLHOLWHUDULVFKH'DUVWHOOXQJGHV$GHOVVHLDEHUGXUFKGHQ.|QLJPLWWHOEDU EHHLQIOXVVW ZRUGHQ GHUJHVWDOW QlPOLFK GDVV ÅLQ GHQ 'HXWVFKHQ .RP| GLHQ5RPDQHQXQGPRUDOLVFKHQ%FKHUQEHUDOOHLQH)DEHOHLQHGXQNOH 6DJH XPKHUJHKW YRQ HLQHU JHZLVVHQ 9HUGHUEQL‰ GHV VRJHQDQQWHQ +RIOH EHQVYRQGHU%RVKHLWXQG+HU]HQVOHHUKHLWXQGGHQDEVFKHXOLFKHQ.DED OHQ GHU &UHDWXUHQ GLH VLFK DQ GHQ +|IHQ XPKHUWUHLEHQ´$GHOVNXOWXU ZDUDOVRLP0HGLXPGHU/LWHUDWXU]XÄ+RINXOWXU¶YHUNU]WZRUGHQ)ROJ OLFKVHLDEHUDXFK²KHLOVDPIUHLQNRPPHQGHV9HUKDOWHQVPXVWHUIUGHQ SUHX‰LVFKHQ$GHO²]XXQWHUVFKHLGHQ]ZLVFKHQGHUÅVRJHQDQQWH>Q@JXWH>Q@ *HVHOOVFKDIWYRQ(XURSD´XQGGHP$GHODOV6WDQG0OOHUYHUNQGHW² XQGKLHUGUIWHVHLQEHUXIOLFKHV(LJHQLQWHUHVVHGXUFKVFKHLQHQ²GLHÅ3Ul OLPLQDULHQ GHU NQIWLJHQ 3UHXVVLVFKHQ 6WlQGHYHUIDVVXQJ´  LQ GHU ÅGLH YRQGHU1DWXUDQJHRUGQHWH8QJOHLFKKHLW´]XJDUDQWLHUHQVHL'DVSROLWL VFKH 9RUELOG LVW (QJODQG GDV GLH JHVHOOVFKDIWOLFKH *OHLFKKHLW HLQHUVHLWV ZHLW YRUDQJHWULHEHQ KDEH DQGHUHUVHLWV VHLHQ EHVWHKHQGH 6WDQGHVXQWHU VFKLHGHGHXWOLFKPDUNLHUWXQGÅJHQHDORJLVFKVWUHQJ>@NRQWUROOLUW´GK GLH1RELOLWLHUXQJVSUD[LVVHLVHKU]XUFNKDOWHQG 1DWUOLFK KlOW 0OOHU ZHLWHUKLQ DQ GHU /HJLWLPDWLRQ GHV JUXQGEH VLW]HQGHQ*HEXUWVDGHOVIHVW'HUÄHZLJH¶%HVWDQGGHV%RGHQVEHUUDJWGHQ HLQ]HOQHQ JOHLFKZRKO QLFKW ]XIlOOLJHQ XQG EHGHXWXQJVORVHQ (LJHQWPHU GHUMHGRFKQXUÅIUGHQ]HLWLJHQ5HSUlVHQWDQWHQGHU9RUDQJHKHQGHQXQG 1DFKNRPPHQGHQ]XKDOWHQ´VHL 1DWUOLFK VWHKW 0OOHU PLW VHLQHP ZHLW DXVJUHLIHQGHQ .RQVWUXNW ]X MHQHU=HLWQLFKWDOOHLQGD$XFK)ULHGULFK6FKOHJHO GHUMD0OOHUV6WDDWV HPSKDVH DOV EHUWULHEHQ NHQQ]HLFKQHW  NRQ]LSLHUW LQ HLQHP DXI  GD WLHUWHQ)UDJPHQWHLQH$QDORJLHYRQ6WDDWXQG)DPLOLHYHUELQGHWVHLQVSH ]LILVFKHV 0RGHOO DOOHUGLQJV PLW HLQHU ZHLWHU QLFKW EH]HLFKQHWHQ YHUJDQJHQHQ (SRFKH Å)DPLOLHQHOHPHQW GHV 6WDDWHV ZDU LQ G>HU@ lOWHUQ =HLWVRNRQVWLWLXLUWGD‰GDV9RONZLHHLQ.LQGEHKDQGHOWZXUGH]%LQ GHU /HLEHLJHQVFKDIW >@ 'HU $GHO ELOGHWH GLH 6|KQH LP +DXVH XQG GDV ²²²²²²²²²²²²²  (EG60OOHUEHUVLHKWRGHUYHU]HLFKQHWDXVVWUDWHJLVFKHQ*UQGHQGDVVGLHVLWWHQ ORVHQ+|IOLQJHLQGHUGHXWVFKHQ/LWHUDWXUDXV(QJODQGXQG)UDQNUHLFKLPSRUWLHUWZXUGHQ XQGQLFKWDXI)ULHGULFKV3ROLWLN]XUFN]XIKUHQVLQG  (EG6  (EG6  (EG6  (EG6  (EG6



.DSLWHO

 :HLE GHVVHQ HUVWH 7XJHQG +lXVOLFKNHLW LVW ODJ ZRKO LQ G>HP@ %UJHU VWDQGHYHUERUJHQ´ 0OOHU KLQJHJHQ HQWZLFNHOW LP *HJHQVDW] ]X 1RYDOLV LQ GHU (XURSD GHQ SRHWLVFKHQ 6WDDW QLFKW DOV JHVFKLFKWVSKLORVRSKLVFKH 1DUUDWLRQ VRQ GHUQ HU WUHLEW GLH EHJULIIOLFKHQ $QDORJLHELOGXQJHQ ELV LQV 'HWDLO XQG ELV KLQ ]XU 8PNHKUEDUNHLW VHLQH 5HGH LVW VWHWV EHJULIIOLFKGHVNULSWLYH 5HGH LVW7H[WEHUGHQ$GHOXQGEHVFKUHLEWGHQÄ$GHO¶GHV7H[WV(VZLUGNDXP ]X OHXJQHQ VHLQ GDVV GDV VHPDQWLVFKH 3RWHQWLDO YRQ Ä$GHO¶ GDGXUFK DQ 9LHOIDOW JHZLQQW VR GDVV YRQ HLQHU 3RO\VHPLH YRQ Ä$GHO¶ GLH 5HGH VHLQ NDQQ1HEHQHLQHUGHXWOLFKSROLWLVFKHQ5HIHUHQ]DXIHLQHEHVWLPPWHVR]LD OH )RUPDWLRQ ILQGHQ VLFK %H]JH ]XU 5KHWRULN XQG ]X HLQHU .XOWXU GHV 3HUIRUPDWLYHQ²5HGHQKHL‰WDXFK$XIWUHWHQ²]XHLQHU3RHWLNGHV6\Q WDJPDVXQG]XU.XOWXUYRQ=HLWXQG=HLWOLFKNHLW JHQDXHUXD]XHLQHP YRQ 0OOHU QDWUOLFK QLFKW VR EH]HLFKQHWHQ NXOWXUHOOHQ *HGlFKWQLV  VFKOLH‰OLFK ]XU *HVFKOHFKWHUVSH]LILN ² IU GLHV DOOHV ZLUG GHU 6LJQLILNDQW Ä$GHO¶LQ$QVSUXFKJHQRPPHQ$XIGLHVH:HLVHDEHUVLQGDXFKYLHOIlOWLJH $QVFKOXVVP|JOLFKNHLWHQ IU HLQH 6HOEVWOHJLWLPDWLRQ GHV YHUXQVLFKHUWHQ $GHOLJHQGHU=HLWJHJHEHQXQGGDPLWDXFKIU0OOHUV3XEOLNXP -RVHSK9RJOKDWJH]HLJWGDVVHLQHURPDQWLVFKH5HDNWLRQVZHLVHDXIDX WRSRLHWLVFKH 6\VWHPH GHU0RGHUQH LPPHU ZLHGHU GHU 9HUVXFK HLQHU ÅUR PDQWLVFKH>Q@gNRQRPLH´VHLQlPOLFKÅGLHGLYHUJLHUHQGHQ)DNWRUHQSROLWL VFKHU 5HJLHUXQJ QRFK HLQPDO LQ HLQ HLQKHLWOLFKHV NRKlUHQWHV XQG ÄRUJDQLVFKHV¶ 0RGHOO ]X LQWHJULHUHQ´ ÅGLH ZLGHUVWUHEHQGHQ 6HJPHQWH :LUNOLFKNHLWHQXQG)XQNWLRQVEHUHLFKHGHV5HJLHUHQVQRFKHLQPDOLQHLQH JHPHLQVDPH)RUPHLQH6WDDWV)RUP]XIDVVHQ´,Q$GDP0OOHUV7H[ WHQEHJHJQHQVLFKIROJHULFKWLJlVWKHWLVFKH0RGHUQLWlWXQGSROLWLVFKUHVWDX UDWLYH .RQ]HSWLRQHQ $OV SRHWLVFKH VHOEVWEH]JOLFKH XQG HLQH ]HLWOLFKH 2UGQXQJDOVRHLQH2UGQXQJGHV*HGlFKWQLVVHVVWLIWHQGHXQG.RQWLQXLWlW YHUVSUHFKHQGH *U|‰H ZLUG GHP $GHO DOV 6WDQG ZLH DOV NXOWXUHOOHP =HL FKHQHQVHPEOH PLWWHOV HLQHU KRFKJUDGLJ LQWHJUDWLYHQ 'HQNEHZHJXQJ GLH $XIJDEH]XJHZLHVHQEHL1HJDWLRQGHUNRQWLQJHQWHQ*HJHQZDUWOlQJVWDOV JHJHQVWUHELJHUNDQQWH%HUHLFKHGHV:LVVHQVLQHLQHJHPHLQVDPH)RUP]X EHUIKUHQ=XGHPIXQJLHUWÄ$GHOLJNHLW¶LQHLQHU(SRFKHGHUgNRQRPLVLH UXQJ NRPSHQVDWRULVFK DOV NXOWXUHOOHV )HOG GHU $Q|NRQRPLH VLQG 7H[WH EHU GHQ $GHO HLQHU 3RHWRORJLH GHV :LVVHQV YRQ 0‰LJJDQJ XQG 9HU VFKZHQGXQJXQWHUGHP'LNWDWHLQHV|NRQRPLVFKHQ5DWLRQDOLVPXVDXI]X IDVVHQ$XFK IU GLH &RGLHUXQJ YRQ $GHO WULIIW LQGHVVHQ &DUO 6FKPLWWV ²²²²²²²²²²²²²  .)6$;;,6  9RJO.DONO6XQG6  9JOHUQHXWGLH$UEHLWHQ9RJOVGD]XDXFK0LFKDHO:HW]HOV5H]HQVLRQYRQ9RJOVgNRQR PLH6WXGLHÅ9RUDOOHPDEHUXQWHUVFKOlJW9RJOLUULWLHUHQGHUZHLVHGLH'LDOHNWLNGHUKLVWRUL VFKHQ(QWZLFNOXQJGHV|NRQRPLVFKHQ'HQNHQVGLHMHGH2UGQXQJGHV%HUHFKHQEDUHQDQ



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 YRUHLOLJH 'LDJQRVH Å+LHU Ol‰W VLFK $OOHV PLW $OOHP YHUWDXVFKHQ´QLFKW ]X,QVRIHUQDXFKÄ$GHO¶DXIGDV*DQ]HGHV6WDDWHVHLQH]XURPDQWLVLHUHQ GH :HOW YHUZHLVW RKQH PLW LKP LGHQWLVFK ]X VHLQ RGHU GHQ (QGSXQNW HLQHU DSSUR[LPDWLYHQ 'HQNEHZHJXQJ URPDQWLVFKHQ7\SV ]X EH]HLFKQHQ VLQG 0OOHUV 7KHVHQ GXUFKDXV EHJUHQ]W XQG ZRKODEJHZRJHQ $OOHV PDJ PLWDOOHPYHUNQSIWVHLQ²GRFK0HWRQ\PLHLVWQLFKWJOHLFK0HWDSKHU 6FKPLWW HUNHQQW LQGHVVHQ JDQ] ULFKWLJ GDVV 0OOHUV 7KHRULH ÅMHGH>Q@ 9RUJDQJLQ>«@9LHOGHXWLJNHLWYHUZDQGHOW´(VKHUUVFKWNHLQHJUHQ]HQ ORVH%HOLHELJNHLWGHV6LJQLILNDQWHQWDXVFKVZLHLQHLQHPYRUPRGHUQHQNODV VLILNDWRULVFKHQ 6\VWHP 'DJHJHQ JHUDGH JHKW HLQH ZLH GXUFK 0RQWHV TXLHXGHILQLHUWÄLQWHUPHGLlUH¶*HZDOWZLHGHU$GHOLQGLHVHP6\VWHPDQ LQGHPDOWH2UGQXQJVJUXQGODJHQEHVWHKHQEOHLEHQRKQHGDVVGLH0RGHU QHDX‰HQYRUZlUH7URW]HLQHUGHU=HLWJHVFKLFKWHJHVFKXOGHWHQ5HODWLYLH UXQJGHV$GHOVDOV6WDQGUHIHULHUWEHL$GDP0OOHUÄ$GHO¶EHLDOOHU9LHOIDOW GHU.RQQRWDWLRQXQGGHU%HGHXWXQJVHUZHLWHUXQJDXIGDV*DQ]HGHV6WDD WHVXQG]XOHW]WDXIJ|WWOLFKH/HJLWLPLWlW$OV YRUOlXILJ QHJDWLYH7\SRORJLH XQG 3DUDEHO GHV $GHOV HU]lKOW 0OOHU LQ VHLQHQ (OHPHQWHQ GLH *HVFKLFKWH GHV 9RONHV ,VUDHO 'DV 0RVDLVFKH *HVHW] VHL GHPQDFK JOHLFKVDP HLQH 7H[WXU GHV $GHOV GHQQ HLQ JHQHDORJLVFK YHUPLWWHOWHU $XVHUZlKOWKHLWVJH GDQNHKHUUVFKHGDULQYRUGLH9RUIDKUHQVHLHQEHGHXWHQGHUDOVGLH7DWHQ GHV (LQ]HOQHQ 'LH ,VUDHOLWHQ ZDUHQ GDKHU ÅGDV DGHOLJH *HVFKOHFKW GHU DOWHQ:HOW´'RFKQXQNRPPW0OOHUVFKULVWOLFKPRWLYLHUWHU$QWLVHPL WLVPXV LQV 6SLHO GHU DXV GHQ -XGHQ HLQ ]XU EOR‰HQ 3ULYLOHJLHQVXFKW YHU NRPPHQHV9RONPDFKWGDVVHLQH9HUKHL‰XQJPLVVDFKWHWHLQGHPHVGHQ 0HVVLDVNUHX]LJWHÅ>'@HUXUDOWHHQWZLFKHQH$GHOZDUGQXQPHKU]XHLQHP )OXFKZLHDOOHUHQWZHLKHWH$GHOQRWKZHQGLJ]XUlX‰HUVWHQ9HUZRUIHQKHLW ZLUG´ 'HU EHL VHLQHP 9RUELOG 1RYDOLV HQWOHKQWH Ä'RSSHOVLQQ¶ YRQ GHVVHQ )UDJPHQWHQ LVW NHLQHU GHU GLVVR]LLHUHQGHQ :LGHUVSUFKH VRQGHUQ HLQ W\SRORJLVFKHU KLQWHU GHU Z|UWOLFKHQ %HGHXWXQJ VWHFNW HLQH ]ZHLWH GLH HUVWHXQGGDVJDQ]H'HQNJHElXGHEHUZ|OEHQGHGLHDXIGDV*DQ]HGHX WHW )UDJPHQWH KHLOLJH XQHUVFK|SIOLFK VLQQUHLFKH =HLFKHQ VHLQHU JUR‰HQ $EVLFKWHQ KDW HU XQV KLQWHUODVVHQ LQ MHGHP )UDJPHQW DX‰HU VHLQHU DEJHVRQGHUWHQ %HGHX WXQJQRFKHLQH²LFKP|FKWHVDJHQ²RUJDQLVFKH6HKQVXFKWPLWGHQDQGHUQ]X

²²²²²²²²²²²²² GLH*UHQ]HHLQHUXQEHUHFKHQEDUHQQLFKWSURGXNWLYHQ9HUDXVJDEXQJYRQ*WHUQLQ)HVWHQ )HLHUQ XQG 6SLHOHQ GHV hEHUIOXVVHV XQG GHV LQWHQVLYHQ 9HU]HKUV VWR‰HQ OlVVW´ Å*HQXVV YHUVSULFKWQHXH/VWH´LQ'LH=HLW1U6   6FKPLWW3ROLWLVFKH5RPDQWLN6  (EG6  9JO&RQ]H$GHO6I  0OOHU(OHPHQWH6  (EG6





.DSLWHO

VDPPHQ]XIOLH‰HQLQMHGHP:RUWHHLQXQVLFKWEDUHV9HUODQJHQGLHDQGHUQ]XHU JUHLIHQXQGVRGDVQHXH(YDQJHOLXPGDVXQVHLQVW/HVVLQJYHUKLH‰]XELOGHQ

7\SRORJLVFK ZLH (UIOOXQJ ]X (UZDUWXQJ YHUKlOW VLFK DXFK 1RYDOLV· %LO GXQJVURPDQGHP0OOHUÅHLQHPHKUKLVWRULVFKJHUPDQLVFKH´)RUP]XELO OLJW XQG GHU DOVR DXI GLH ÄDGHOLJH¶ ,GHH VFK|QHU *HVHOOLJNHLW ]XIKUW  ]X *RHWKHV%LOGXQJVURPDQGHVVHQLQGLYLGXDOLVLHUHQGHU7HQGHQ]ÅHLQHPHKU NULWLVFKDQWLNH´)RUPHQWVSULFKW (UVW GLH (U]lKOOLWHUDWXU GHU VSlWHUHQ 5RPDQWLN GXUFKNUHX]W GLHVH VFK|QH 2UGQXQJ GHU $QDORJLH XQG GHV WUDQV]HQGHQWDOHQ 6LJQLILNDWHV ]X JXQVWHQ YRQ (U]lKOVWUDWHJLHQ GHU $PELJXLHUXQJ 6LH NQGLJHQ GLH YRQ 0OOHU LPPHU QRFK SRVWXOLHUWH *HUDGOLQLJNHLW YRQ (U]lKOOLQLHQ ZLH YRQ /HEHQVOLQLHQ DXI ² 0OOHUV HLJHQH VR]LDOH /DXIEDKQ ZDU EH]HLFKQHQGHU ZHLVHEHUHLWVHLQHIUGLH=HLWW\SLVFKH=LFN=DFN.DUULHUHGLHVHLQ(LQ NUHLVHQYRQÄ2UGQXQJ¶/JHQVWUDIW$GDP0OOHUVFKUHLEWGDV3URJUDPP IU HLQH QHXH QDFKUHYROXWLRQlUH bVWKHWLVLHUXQJ YRQ Ä$GHO¶ LP XQLYHUVDO SRHWLVFKHQ5DKPHQXQG]XJOHLFKIUHLQHQHXH3ROLWLVLHUXQJGHV$GHOVDOV 6WDQG(VZHUGHQQLFKW]XOHW]WDGHOLJH$XWRUHQVHLQGLHHLQVROFKHV3UR JUDPP]X$PELJXLWlWXQG$SRULHLPQDUUDWLYHQ8QLYHUVXPLKUHUOLWHUDUL VFKHQ7H[WHIKUHQ 0OOHUUHSURGX]LHUWUHDUUDQJLHUWXQGSUlVHQWLHUWNXOWXUHOOHV:LVVHQLQ DQJHPHVVHQHU )RUP ]ZLVFKHQ 3RHVLH XQG 6WDDWV :LVVHQVFKDIW ZR]X DXFKGLH:DKOGHVGHP7KHPDXQGGHP$GUHVVDWHQNUHLVJHPl‰HQHLQHU UDVFKHQ 9HUEUHLWXQJ YRQ :LVVHQ HQWJHJHQNRPPHQGHQ *HQUHV Ä9RUOH VXQJ¶ JHK|UW GDV GHQ ÅUKHWRULVFK ]X HQWIHVVHOQGH>Q@ .ULHJ´ XQPLWWHOEDU LP$OOWDJ]XSURSDJLHUHQVXFKWXQGHVPLWGHQÅ2UJDQH>Q@GHU6SUDFKH XQG GHV *HK|UV´ DXFK XQWHUQLPPW ÅGLH .XOWXU GLHVHV DGOLJVWHQ 6LQQHV XQGPLWLKPGLH%HUHGVDPNHLWZLHGHUKHU]XVWHOOHQ´ 0OOHUV(QWZXUILVWHLQH6WLPPHLQQHUKDOEHLQHUVLFKQHXIRUPLHUHQ GHQ $GHOVNXOWXU EDOG QDFK GHQ 5FNVFKOlJHQ ZHOFKH GLH 0HGLDWLVLHUXQJ YRQ  GLH 1LHGHUODJH YRQ -HQD XQG $XHUVWHGW YRQ  VRZLH GLH GDUDXIHUIROJHQGHQ5HIRUPYHUVXFKHLQ3UHX‰HQIUGHQ$GHOLJHQEHGHXWH WHQ Ä$GHOLJNHLW¶ VWHOOWVLFK DXFK XQWHU GHQ %HGLQJXQJHQ GHU 0RGHUQH DOV .HUQVWFN HLQHU QRFK HLQPDO DOV HLQKHLWOLFK JHGDFKWHQ :HOW GDU ZHQQ JOHLFK DOV VHPDQWLVFK NRPSOH[ VR GRFK XQDEGLQJEDU XQWHU GHP *DQ] KHLWVJHERW GHV Ä6WDDWHV¶ ]X VXEVXPLHUHQ 'LH $QELQGXQJ YRQ 0OOHUV ²²²²²²²²²²²²²  0OOHU6FKULIWHQ6  (EG6  0DWDODGH0D]]D.|USHU6²0DWDODGH0D]]DVSULFKWYRQÅ.RQ]HSWHQGLHPLWGHU 6FKULIWQXQDXFKGLH/LWHUDWXUNRQVHTXHQWKLQWHUVLFKODVVHQXQGLQGHUJHVSURFKHQHQ6SUD FKHHLQHQ=XJDQJ]XP.|USHUGHU*HPHLQVFKDIWVXFKHQ´ (EG6 1XQLVWÄ3ROLWL VFKH5RPDQWLN¶]XPLQGHVWQLFKW$EVFKLHGYRQGHU3RHVLHXQGGLHZRKONDONXOLHUWH3XEOLND WLRQYRQ0OOHUV9RUOHVXQJV]\NOHQHUIROJWHMHZHLOVUDVFK  0OOHU6FKULIWHQ6XQG



3ROLWLVFKH5RPDQWLN¶XQG$GHOVNULWLN 



 (QWZXUI DQ GLH ]HLWJHQ|VVLVFKH 6FKLFKW GHV $GHOV LVW QLFKW DXIJHJHEHQ ZHQQJOHLFK VLFK GLHVHU ZLH 0OOHU VHOEVW HV IU GHQ IUDQ]|VLVFKHQ $GHO GHV  -DKUKXQGHUWV EHKDXSWHWZLH GLH .DULNDWXU ]XU HUKDEHQHQ ,GHH GHV$GHOVYHUKDOWHQVROOWH

²²²²²²²²²²²²²  0OOHU6FKULIWHQ6





.DSLWHO



    



.DSLWHO'DV(QGHGHV$GHOVGHQNHQ *RHWKHV5RPDQ'LH:DKOYHUZDQGWVFKDIWHQ *RHWKHGHU$GHOXQGGLH.RQ]HSWLRQYRQ:LOKHOP0HLVWHUV /HKUMDKUH

 *RHWKHDOVGLH%H]XJVLQVWDQ]GHU5RPDQWLNHUNDQQQLFKWEHUJDQJHQZHU GHQ =XQlFKVW PXVV HV DOVR XP GHQ 2O\PSLHU JHKHQ *RHWKH ZDU  GXUFK+HU]RJ&DUO$XJXVWGHUHUEOLFKH$GHOYHUOLHKHQZRUGHQ$P:HL PDUHU+RIKDWWHGHU)UDQNIXUWHU%UJHU*RHWKHWURW]RGHUJHUDGHZHJHQ VHLQHVSHUV|QOLFKHQ(LQIOXVVHVDXIGHQ/DQGHVKHUUQ0LVVWUDXHQHUZHFNW 0LWGHU1RELOLWLHUXQJYHUVXFKWHGLHVHURIIHQEDULQ*RHWKHVQHXHPVR]LD OHQ 8PIHOG SULQ]LSLHOOH *OHLFKUDQJLJNHLW KHU]XVWHOOHQ 1DFK DX‰HQ KLQ HWZDEHLP6LJQLHUHQYRQ%ULHIHQPLWÅY*RHWKH´PDFKWHHUYRQVHLQHP QHX HUZRUEHQHQ7LWHO GXUFKDXV *HEUDXFK =ZLVFKHQ  XQG  EH VD‰ *RHWKH HLQ *XW LQ 2EHUUR‰OD EHL $SROGD PDFKWH DOVR (UIDKUXQJHQ DOV DGHOLJHU *XWVEHVLW]HU XQG ]ZDU ]XPLQGHVW DXV |NRQRPLVFKHU 6LFKW VFKOHFKWHGLHHVLKPGDQQDXFKQDKHOHJWHQGHQ%HVLW]UDVFKZLHGHUDE]X VWR‰HQ$XFKIU6DFKVHQ:HLPDU(LVHQDFKJDOWXPÅ'DV/DQGJXW UHSUlVHQWLHUWHLQYLHOHQ)lOOHQ]XJOHLFKGLH.RQWLQXLWlWGHUDGHOLJHQ)DPL OLH GLH DOV HQJ YHUZXU]HOW PLW GHP HLJHQHQ *UXQG XQG %RGHQ JHGDFKW ZXUGH´,P:HLPDUHU8PODQGLVWDQGDVYRQGHU)DPLOLH=LHJHVDUEHWULH EHQH *XW 'UDFNHQGRUI EHL-HQD ]X GHQNHQ EHL GHP PDQ DQJHVLFKWVGHU )UHXQGVFKDIW *RHWKHV ]X 6LOYLH YRQ =LHJHVDU XQG KlXILJHU %HVXFKH LQ 'UDFNHQGRUIGDYRQDXVJHKWGDVVKLHUHLQHUHIHUHQWLHOOH6SXUYRQ(GXDUGV XQG&KDUORWWHV*XW]XILQGHQVHL ,Q'LFKWXQJXQG:DKUKHLWLQ*HVSUlFKHQXQG%ULHIHQKDW*RHWKHVLFK GLIIHUHQ]LHUW XQG WHLOV DXFK NULWLVFK ]XP $GHO VHLQHU =HLW JHlX‰HUW GDV *RHWKH:|UWHUEXFKOLVWHWXQWHUÅ$GHO´XQGÅ$ULVWRNUDWLH´VRZLHYHUZDQGWHQ ²²²²²²²²²²²²² 

  

%UDGLVK -RVHSK $ YRQ *RHWKHV(UKHEXQJLQGHQ5HLFKVDGHOVWDQGXQGGHUIUHLKHUUOLFKH$GHOVHLQHU (QNHO/HLS]LJ²9JO9HQW]NH0DUFXVÅ'HU:HLPDUHU0XVHQKRIXQGVHLQHXQJHUD WHQHQ .LQGHU =XU (QWZLFNOXQJ HLQHV NXOWXUHOOHQ ([SRUWPRGHOOV´ LQ *RHWKH-DKUEXFK 6 9JO 'RHEEHU $GROSK Å*RHWKH XQG VHLQ *XW 2EHU5R‰OD´ LQ -DKUEXFK GHU *RHWKH *HVHOOVFKDIW6 .UHXW]PDQQ/HEHQVZHOW6 9JO HEG 6  ² 'HU .UHLV XP 6LOYLH YRQ =LHJHVDU LVW ZLHGHUXP HLQ H[HPSODULVFKHU $GHOV]LUNHOLQGHPGLH7H[WHGHU:HLPDUHU.ODVVLNUH]LSLHUWZHUGHQYJOHEG6I



.DSLWHO

 /HPPDWD]DKOUHLFKH%HOHJHDXI'LHWHU%RUFKPH\HUKDWLQVHLQHUVR]LDOJH VFKLFKWOLFKHQ 0RQRJUDSKLH ]XP :LGHUVWUHLW YRQ DGHOLJHP XQG EUJHUOL FKHP Å:HUWV\VWHP´ EHLP ÄNODVVLVFKHQ¶ *RHWKH GHP $XWRU YRQ 7RUTXDWR 7DVVR XQG :LOKHOP0HLVWHUV/HKUMDKUHGLH QDLYEUJHUOLFKH 8QEHKROIHQKHLW GHV :HUWKHU$XWRUV XQG GDPLW VR PHLQWH PDQ $GHOVNULWLNHUV  EHL GHU $QNXQIW DP :HLPDUHU +RI QDFKJH]HLFKQHW HEHQVR GLH GDUDXV IROJHQGH LP 7DVVRUHIOHNWLHUWH 3UREOHPDWLN GHV QXU VLFK XQG VHLQHU .XQVW YHUDQW ZRUWOLFKHQ $XWRUV GHU DEHU ÅYRQ GHU *QDGH HLQHV 0l]HQV DEKlQJLJ EOHLEW´%HNDQQW LVW GDV LQ 'LFKWXQJXQG:DKUKHLWDXI GLH *HQHUDWLRQ GHU 6WXUPXQG'UDQJ3KDVH UFNSURML]LHUWH XQG PLW GHP 5HQDLVVDQFH 2SWLPLVPXV 8OULFK YRQ +XWWHQV LQ 9HUELQGXQJ JHEUDFKWH 3OlGR\HU ]X JXQVWHQHLQHV9HUGLHQVWDGHOVGHUIUMHGHQ]XJlQJOLFKVHLHLQHPLW/HEHQ DXV]XIOOHQGH ,GHH QLFKW HWZD GLH %HUXIXQJ DXI 3ULYLOHJLHQ XQG VR]LDOHV .DSLWDO Å(V ZDU ]XP &UHGR JHZRUGHQ PDQ PVVH VLFK HLQHQ SHUV|QOL FKHQ$GHOHUZHUEHQXQG]HLJWHVLFKLQMHQHQVFK|QHQ7DJHQLUJHQGHLQH 5LYDOLWlWVRZDUHVYRQREHQKHUXQWHU´ +LQ]XNRPPW*RHWKHV]XPLQGHVWLP$OWHUQlPOLFK]X-RKDQQ3HWHU (FNHUPDQQ EHNXQGHWHV GXUFKDXV DXI VWlQGLVFKHV 'HQNHQ ]XUFN]XIK UHQGHV 6HOEVWEHZXVVWVHLQ DXIJUXQG GHU HLJHQHQ +HUNXQIW GLH DQJHEOLFKH 'LVWDQ]]XU.RQVHNUDWLRQGLHDXVGHU1RELOLWLHUXQJHUZDFKVHQZDU,P SOL]LHUWLVWDXFKKLHUQRFKHLQZDKUKDIWÄIUHLHV¶VLFKQLFKWXPVWlQGLVFKHV =HUHPRQLHOO NPPHUQGHV 9HUKDOWHQ Å:LU )UDQNIXUWHU 3DWUL]LHU KLHOWHQ XQVLPPHUGHP$GHOJOHLFKXQGDOVLFKGDV'LSORPLQ+lQGHQKLHOWKDWWH LFKLQPHLQHQ*HGDQNHQHEHQQLFKWVZHLWHUDOVZDVLFKOlQJVWEHVHVVHQ´ (VZlUHP‰LJ*RHWKHHLQHLQGHXWLJHVÄ8UWHLO¶]XP$GHODOVVR]LDOHU *UXSSH RGHU ]XU .XOWXU GHV $GHOV DE]XYHUODQJHQ 6HLQH SHUV|QOLFKHQ 9HUIOHFKWXQJHQPLWYRQ$GHOLJHQJHWUDJHQHQ,QVWLWXWLRQHQZDUHQYRUXQG QDFK  YRU XQG QDFK  RGHU  VR YLHOIlOWLJ XQG IU VHLQH /H EHQVXQG$UEHLWVSUD[LVEHGHXWHQGGDVVHLQGXUFKGHQ$GHOVNULWLNHU-XV WXV0|VHULQVSLULHUWHU6HLWHQKLHEDXIGLH$ULVWRNUDWLHZLHLP:HUWKHUQLFKW PHKU GHQNEDU ZDU ,P *HJHQVDW] ]X GHU HEHQIDOOV PRGLVFKHQ E]Z HLQH OLWHUDULVFKH0RGHSUlJHQGHQ,GHDOLVLHUXQJGHVIUKQHX]HLWOLFKHQ/DQGDGHOV LQ GHP ZDKUKDIW IUHLHQ 0DQQ *|W] YRQ%HUOLFKLQJHQ]lKOWH GLH YRQ GHU 6R]LDOJHVFKLFKWVVFKUHLEXQJ GHU /LWHUDWXU DOOHQWKDOEHQ HUZQVFKWH DQWL VWlQGLVFKH .ULWLN VFKRQ DXIJUXQG GHU 7DJ IU 7DJ HUOHEWHQ :LUNOLFKNHLW QLFKW ]XP 6DJEDUHQ 6R NRPPW DXFK %RUFKPH\HU LQ GHU hEHUVFKDX GHU ²²²²²²²²²²²²²   

%RUFKPH\HU 'LHWHU +|ILVFKH *HVHOOVFKDIW XQG IUDQ]|VLVFKH 5HYROXWLRQ EHL *RHWKH $GOLJHV XQG EUJHUOLFKHV:HUWV\VWHPLP8UWHLOGHU:HLPDUHU.ODVVLN.URQEHUJ7V6II=LWDW6 *RHWKH -RKDQQ :ROIJDQJ Å $XV PHLQHP /HEHQ 'LFKWXQJ XQG :DKUKHLW´ LQ 0$  6 (FNHUPDQQ -RKDQQ3HWHUÅ*HVSUlFKH PLW *RHWKH LQ GHQ OHW]WHQ -DKUHQ VHLQHV /HEHQV´ LQ0$6>@

 'DV(QGHGHV$GHOVGHQNHQ    4XHOOHQ]XGHP(UJHEQLV*RHWKHKDEHHLQ]ZLHVSlOWLJHV9HUKlOWQLV]XP 9HUIDOO GHU K|ILVFKUHSUlVHQWDWLYHQ .XOWXU JHKDEW GXUFKDXV JHVFKlW]W KDEH HU DP $GHO ÅHLQ NXOWXUEHZDKUHQGHV0RPHQW GHVVHQ 9HUIDOO HU EH GDXHUQPX‰GDGLHVHUGHQ9HUIDOOGHUlVWKHWLVFKHQ5LWXDOLVLHUXQJGHV/H EHQV>«@]XU)ROJHKDW´]XJOHLFKDEHUKDEHHUGHU6XFKHGHV$GHOVQDFK HLQHU ÅQHXH>Q@ )XQNWLRQ LQQHUKDOE GHV *HPHLQZHVHQV´ ]XJHVWLPPW 6FKOLH‰OLFK lX‰HUW VLFK %RUFKPH\HU QRFK RSWLPLVWLVFKHU Å'LH :HOW GHV $GHOV ELOGHWH >«@ IU LKQ GDV IDV]LQLHUHQGH 5HVLGXXP HLQHV ÄSRHWL VFKHQ¶=XVWDQGHVGHU0HQVFKKHLW>«@'HQ9HUIDOOGHUK|KHUHQ/HEHQV NXOWXU GHU $ULVWRNUDWLH XQG GHU K|ILVFKHQ 5HSUlVHQWDWLRQ KDW HU WLHI EH GDXHUW´ +LHU]XJHVHOOWVLFKHLQHEULHIOLFKHbX‰HUXQJDQ=HOWHUVLHLVWQRFKLP *HIROJHGHU(PS|UXQJDQJHVLFKWVGHU3DULVHU-XOLUHYROXWLRQYRQ]X OHVHQ ² XQG GDPLW ZLHGHUXP QLFKW DOV EHU]HLWOLFK JOWLJH XQG GHILQLWLYH $XVVDJH*RHWKHV]XP$GHOVFKOHFKWKLQ

'LH+DQVQDUUHQGHV7DJHVZROOHQGHQ$GHODXIJHKREHQVHKHQDOVZHQQHVP|J OLFKZlUHGD‰HLQWFKWLJHU0DQQYRQWFKWLJHQ9RUIDKUHQHWZDVYHUOLHUHQN|QQWH 1HKPHQVLHGRFK'LUXQG'HLQHQ1DFKNRPPHQGHQ*UR‰RQNHOZHJ6LHVROOWHQ WlJOLFK XQG VWQGOLFK DXI GHQ .QLHHQ ELWWHQ GD‰ PDQ GDV $OWJHSUIWH OHJLWLP QHQQHQP|JHXQGGD‰YRQ=HLW]X=HLWHLQH.UHDWXUJHERUHQZUGHPLWGHUHQ 1DPHQ-DKUKXQGHUWHN|QQWHQGXUFKJHVWHPSHOWZHUGHQ

:LOOPDQ:LOKHOP0HLVWHUV/HKUMDKUHEHUFNVLFKWLJHQXQGZHQLJHUQDFK:HU WXQJHQ DOV QDFK 3UlVHQ] XQG )XQNWLRQHQ GHU $GHOVVHPDQWLN IUDJHQ VR ODVVHQVLFK HLQLJH 9RUDXVVHW]XQJHQ OLWHUDULVFKHQ 6FKUHLEHQV YRU  ]X VDPPHQVWHOOHQ6RNXUVLHUWXQWHUGHQ6FKDXVSLHOHUQYRQ6HUORV7UXSSHHLQ DQ HLQHQ %DURQ JHULFKWHWHV *HGLFKW GHU LQ VHLQHU 3HUVRQ GHQ hEHUJDQJ YRP DGHOLJK|ILVFKHQ/LHEKDEHUWKHDWHU ]XP PRGHUQHQ3XEOLNXPVWKHDWHU EH]HLFKQHWGLH5HLQLJXQJPRGHUQHQ.QVWOHUWXPVYRQDGHOLJHP'LOHWWDQ WLVPXVDOVR  :LUOHEHQRKQH1HLGXQG+D‰ %HJHKUHQQLFKWGHVDQGHUQ7LWHO 6LHNHLQHQ3ODW]DXIGHP3DUQD‰ 8QGNHLQHQLFKLQGHP.DSLWHO 

²²²²²²²²²²²²²  (EG6I  (EG6  -RKDQQ :ROIJDQJ *RHWKH DQ .DUO )ULHGULFK =HOWHU DP  LQ Å%ULHIZHFKVHO ]ZL VFKHQ *RHWKH XQG =HOWHU LQ GHQ -DKUHQ  ELV  7H[W ´ LQ 0$  6I  .DSLWHO PHLQW KLHU GLH DGHOLJH *HVHOOVFKDIW LQ LKUHU *HVFKORVVHQKHLW ² *RHWKH -RKDQQ :ROIJDQJÅ:LOKHOP0HLVWHUV/HKUMDKUH´LQ0$6



.DSLWHO

 'HU +HOG GHV 5RPDQV IUHLOLFK ZHLVW MHGH .ULWLN DP Å(GHOPDQQ GHU GLH 0XVHQ ]X VFKlW]HQ ZHL‰´ ]XUFN,P Ä%LOGXQJVEULHI¶ZLUG :LOKHOP GLH DOOHLQLJH )lKLJNHLW GHV $GHOLJHQ ]X HLQHU DOOVHLWLJHQ $XVELOGXQJ GHU 3HU V|QOLFKNHLW JOHLFK]HLWLJ NRQVWDWLHUHQ XQG EHGDXHUQ (U ]lKOW GDEHL GLH 0HUNPDOHDGHOLJHU.XOWXUDXIGDUXQWHUVLQGGHUÅIUHLH>@$QVWDQG´*UD ]LH XQG ]XJOHLFK .lOWH GHV %HWUDJHQV %HKHUUVFKXQJ GDEHL GDV %HZXVVW VHLQVWHWVLQGHUgIIHQWOLFKNHLW]XVWHKHQ*HZLVV:LOKHOPVWUHLFKWGLHLQ GHU+RINULWLNQRWRULVFKHQ0HUNPDOHGHU9HUlX‰HUOLFKXQJKHUDXVHU]HLJW DOOHUGLQJV9HUVWlQGQLVIUVLHXQGZLOOVLHLP5DKPHQGHVK|ILVFKHQ6SUH] ]DWXUDZLHGHVVWRLVFKHQ$WDUD[LD,GHDOVOHGLJOLFKDOVGDXHUKDIWYHUVWDQGHQ ZLVVHQÅ>:@HQQHUJHJHQKRKHXQGQLHGUHJHJHQ)UHXQGHXQG9HUZDQGWH LPPHU HEHQ GHUVHOEH EOHLEW VR LVW QLFKWV DQ LKP DXV]XVHW]HQ´ 3UXGHQWLD JHKWEHUGDVEUJHUOLFKH,GHDOGHU$XIULFKWLJNHLWÅ(UVHLNDOWDEHUYHU VWlQGLJYHUVWHOOWDEHUNOXJ´ ,QGHQ%HREDFKWXQJHQGLHHULQVHLQHP%ULHIDQ:HUQHU]XVDPPHQ IDVVWOLHJWGLH(LQVLFKWLQGLHZHLWHUEHVWHKHQGHDGHOLJH/HLWNXOWXUGHU=HLW EHJUQGHW GLH DXFK QDFK  QXU JUDGXHOO DQ %HGHXWXQJ YHUORUHQ KDW 'DVV GHU %UJHUVRKQ :LOKHOP GHQ :HJ ]XU VHLQHU SHUV|QOLFKHQ $XVELO GXQJLP7KHDWHUXQGGDQQLQGHUQW]OLFKHQ7lWLJNHLWIUGLH0HQVFKHQ VHLQHU 8PJHEXQJVXFKWPHLQW NHLQH $EUHFKQXQJ PLW HLQHU WUDGLWLRQDOHQ (OLWH VRQGHUQ VWHOOW NXOWXUHOOH 6XEVWLWXWH ]XU 9HUIJXQJ IU HLQH VR]LDOH 6FKLFKWGHUHLQOLQHDUHU$XIVWLHJLQQHUKDOEGHUNDXPGXUFKOlVVLJHQVWlQGL VFKHQ*HVHOOVFKDIWYHUZHKUWEOHLEW²LP*HJHQVDW]]X*RHWKHVHOEVWGHU JHZLVVHUPD‰HQ GRSSHOJOHLVLJ IDKUHQ NDQQ GD HU ÄEUJHUOLFK¶ VFKUHLEHQ DEHUVLFKDXFKLQK|FKVWHQ:HLPDUHU.UHLVHQEHZHJHQNDQQ'HQQZHQQ GLH DOWH +RINULWLNQRFK HLQPDO ]XJXQVWHQ GHV 'LVNXUVHV GHU (PSILQG VDPNHLW ZLHGHUEHOHEW ZLUG GDQQ LVW HV LQ GHU %LQQHQHU]lKOXQJ YRQ GHU 6FK|QHQ6HHOHGLHHLQHQIUGLHDGHOLJH3LHWLVPXV5H]HSWLRQGHV-DKU KXQGHUWV RIIHQEDU W\SLVFKHQ )DOO EHVFKUHLEW EHKDXSWHW GLH (U]lKOHULQ GRFKVHOEVW (V ZDU GDPDOV EHUKDXSW HLQH JHZLVVH UHOLJL|VH 6WLPPXQJ LQ 'HXWVFKODQG EH PHUNEDU,QPHKUHUHQIUVWOLFKHQXQGJUlIOLFKHQ+lXVHUQZDUHLQH6RUJHIUGDV +HLOGHU6HHOHOHEHQGLJ(VIHKOWHQLFKWDQ(GHOOHXWHQGLHJOHLFKH$XIPHUNVDPNHLW KHJWHQXQGLQGHQJHULQJHUQ6WlQGHQZDUGXUFKDXVGLHVH*HVLQQXQJYHUEUHLWHW

²²²²²²²²²²²²²    

(EG (EG6 (EG 9JOHWZDÅHVZDUHQGHXWVFKH+RIOHXWHXQGGLHVH.ODVVHKDWWHGDPDOVQLFKWGLHPLQGHVWH .XOWXU´ (EG6   (EG6²9JO]XU)LJXUVHOEVW'RKP%XUNKDUGÅ5DGLNDOSLHWLVWLQXQGÄVFK|QH6HHOH¶ 6XVDQQD .DWKDULQD YRQ .OHWWHQEHUJ´ LQ +DQV*HRUJ .HPSHU+DQV 6FKQHLGHU +UVJ  *RHWKHXQGGHU3LHWLVPXV7ELQJHQ6 +DOOHVFKH)RUVFKXQJHQ 

 'DV(QGHGHV$GHOVGHQNHQ    ,PIUKHQ3LHWLVPXVZDUGHU$GHOGXUFKDXVGHUMHQLJHDQNOHLQHUHQ)UV WHQK|IHQHLQHGHUZLFKWLJHQ7UlJHUJUXSSHQLKQILQGHWPDQDXFKLPPHU ZLHGHUDOV0l]HQUDGLNDOHU3LHWLVWHQ6FKRQLP-DKUKXQGHUWI|UGHUWHQ $GHOVIDPLOLHQ DP VlFKVLVFKHQ XQG DP SUHX‰LVFKHQ +RI GHQ 3LHWLVPXV XQWHU GHQ SLHWLVWLVFK EHHLQIOXVVWHQ /DXVLW]HU $GHOVIDPLOLHQ VLQG X D GLH =LQ]HQGRUIV]XQHQQHQ*HUDGHDXFKKRFKDGHOLJH)UDXHQ]XGHPDQGHU 5HJHQWVFKDIW EHWHLOLJWH JDEHQ GXUFK LKUH 7ROHUDQ] GHU (QWIDOWXQJ GHV UDGLNDOHQ 3LHWLVPXV LP  -DKUKXQGHUW HLQH &KDQFH DXFK ZHQQ VLH GD GXUFK*HIDKUOLHIHQVWlQGLVFKH5HFKWH]XYHUOLHUHQ 'DV HU]lKOHQGH ,FK LQ *RHWKHV 5RPDQ JLEW LQ VHLQHU %HLFKWH QHEHQ YLHOHPDQGHUHQMHQH6SUDFKORVLJNHLW]XHUNHQQHQGLHLQ2WWLOLHV6FKZHLJHQ ZLHGHUNHKUHQZLUG'DPLWLVWHLQGHU5KHWRULNZHOFKH$GDP0OOHUGHP $GHO]XJHZLHVHQHQKDWWHMDGXUFKDXVZLGHUVSUHFKHQGHU0DQJHODQJHVSUR FKHQ GHP VR *RHWKHV 5RPDQ HUVW GHU 3LHWLVPXV DE]XKHOIHQ YHUPDJ 'LHVHU OHKUW DXFK GHQ $GHOLJHQ HLQH =ZLHVSUDFKH PLW *RWW GDUDXI DXI EDXHQG DEHU HLQH 6SUDFKH GHU ,QGLYLGXDOLWlW Å,FK NRQQWH PLFK NHLQHP 0HQVFKHQ YHUWUDXHQ XQG YRQ *RWW ZDU LFK ]X ZHLW HQWIHUQW´'HU $V SHNWGHV1XW]HQVIUGLH0LWPHQVFKHQÅ>W@lWLJ]XVHLQ´XQWHUGHPGLH $XWRELRJUDSKLHHUVFKHLQWLVWPLWGHPDGHOLJHQ9HUKDOWHQVFRGH[GXUFKDXV YHUHLQEDUXQGLVW]XJOHLFK$XVGUXFNHLQHU0HWDQRLDDXVPRUDOLVFKHU/HHUH GHV +RIOHEHQV (LQH +\EULGLVLHUXQJ DXV DGHOLJHU XQG EUJHUOLFKHU ([LV WHQ]ELHWHWJHUDGHGHU+HUUQKXWHU3LHWLVPXVPLWVHLQHQQHXHQ5LWXDOHQGHU =HLWHLQWHLOXQJ XQG GHU 'LlWHWLN  2KQH LKUHP %HNXQGHQ QDFK HLQHP *HERW ]X OHEHQ ILQGHW GLH 6FK|QH 6HHOH HLQHQ .RPSURPLVV ]ZLVFKHQ ,QQHUOLFKNHLWXQGÅK|KHUH>U@.UDIW´

²²²²²²²²²²²²²  6\VWHPDWLVFKH8QWHUVXFKXQJHQ]XU5ROOHGHVGHXWVFKVSUDFKLJHQ$GHOVEHLGHU$XVEUHLWXQJ GHV 3LHWLVPXV IHKOHQ (LQLJH +LQZHLVH EHL 0H\HU'LHWULFK Å=LQ]HQGRUI XQG +HUUQKXW´ LQ0DUWLQ%UHFKW.ODXV'HSSHUPDQQ +UVJ 'HU3LHWLVPXVLPDFKW]HKQWHQ-DKUKXQGHUW*|W WLQJHQ  6  KLHU 6 I  *HVFKLFKWH GHV 3LHWLVPXV   6FKQHLGHU +DQV Å'HU UDGLNDOH3LHWLVPXVLP-DKUKXQGHUW´LQHEG6KLHU6XQG6R ZLH/HKPDQQ+DUWPXWÅ'LHQHXH/DJH´LQ8OULFK*lEOHU +UVJ 'HU3LHWLVPXVLPQHXQ ]HKQWHQXQG]ZDQ]LJVWHQ-DKUKXQGHUW*|WWLQJHQ6KLHU6 *HVFKLFKWHGHV3LH WLVPXV   9JO0RGURZ,ULQDÅ)UDXHQLP3LHWLVPXV'DV%HLVSLHOGHU%HQLJQDYRQ6ROPV/DXEDFK +HGZLJ 6RSKLH YRQ 6D\Q:LWWJHQVWHLQ%HUOHEXUJ XQG GHU (UGPXWKH %HQLJQD YRQ 5HX‰ (EHUVGRUI DOV 9HUWUHWHULQQHQ GHV IURPPHQ KRKHQ $GHOV LP IUKHQ  -DKUKXQGHUW´ LQ 0LFKDHO:HLQ]LHUO +UVJ ,QGLYLGXDOLVLHUXQJ5DWLRQDOLVLHUXQJ6lNXODULVLHUXQJ1HXH:HJHGHU5H OLJLRQVJHVFKLFKWH :LHQ0QFKHQ  6   :LHQHU %HLWUlJH ]XU *HVFKLFKWH GHU 1HX]HLW $XVGHP%HLWUDJJHKWQLFKWKHUYRUREGLH)|UGHUXQJGHV3LHWLVPXVHLQHGH ]LGLHUWH$ENHKUYRQGHUWHQGHQ]LHOOVlNXODUHQK|ILVFKHQ.XOWXUEHGHXWHWH  0$6  (EG6  9JO (JJHU ,UPJDUG 'LlWHWLN XQG $VNHVH ]XU 'LDOHNWLN GHU $XINOlUXQJ LQ *RHWKHV 5RPDQHQ 0QFKHQ  0$6



.DSLWHO



$OV 0RGHOO ODQG DGHOLJHU /HEHQVSUD[LV HUVFKHLQW LQ *RHWKHV %LO GXQJVURPDQYRUDOOHP/RWKDULRVDXIDOOVHLWLJHQ1XW]HQKLQDE]ZHFNHQGHV *XW'HUZDKUKDIWHGOH/RWKDULREHGLHQWVLFKVRJDUGHU7RSRLGHU$GHOV NULWLNLQGHPHUGLH$EVFKDIIXQJGHV6WHXHUSULYLOHJVGHV/HKQVUHFKWVGHU 0DMRUDWH ZQVFKW XQG GLH /LHEHVHKH IDYRULVLHUW XQG SUDNWL]LHUW 8QYRU WHLOKDIWH DGHOLJH $GRSWLRQVSUDNWLNHQ ² ZLH LP )DOO 7KHUHVHV ² ZHUGHQ LQ QHXHQ (KHVFKOLH‰XQJHQ YHUDEVFKLHGHW DGHOLJH 7XJHQGORVLJNHLW ² ZLH LP )DOO GHV +DUIQHUV ² HEHQVR VR GDVV PDQ ]XVDPPHQ PLW :LOKHOP XQG VHLQHUNQIWLJHQ)UDXGHU$GHOLJHQ1DWDOLHDP6FKOXVVGHV5RPDQVÅGHQ JDQ]HQ $GHO GHU :HOW EHLVDPPHQ´ ILQGHW Å0DUNHVHQ 0DUTXLV 0\ORUGV XQG%DURQHQHVKDWQXUQRFKDQHLQHP*UDIHQJHIHKOW´:LOKHOPV(KH /RWKDULRV .XOWLYLHUXQJVSURMHNW  ² KLHU VFKHLQW VLFK HLQH HPSILQGVDPH GHP DOOJHPHLQHQ 1XW]HQ GLHQHQGH *HVHOOLJNHLW DQ]XNQGLJHQ GLH GHP 6WDQGHVGQNHOHLQH$EVDJHHUWHLOWKDW'HU$GHOLVW]ZDQJORVLQGHU0R GHUQHDQJHNRPPHQ²GHU$XWRU*RHWKHKDWVLFKQDFK1RYDOLV·LURQLVFKHU :HQGXQJHLQHUÅ:DOOIDKUW]XP$GHOVGLSORP´EHIOHL‰LJW:lKUHQGDOVR GHU $GHO LP 5RPDQ YRQ GHU .XQVWSURGXNWLRQ DXVJHVFKORVVHQ ZLUG MD .XQVWSURGXNWLRQ XQG 6WDQG YRQHLQDQGHU JHVFKLHGHQ ZHUGHQ LVW XQG EOHLEWGLH.XOWXUGHV$GHOVUHGX]LHUWXPVHLQHPRUDOLVFKEHGHQNOLFKHUHQ =JHSUlVHQW 'DQXQDOOHGLHVH'DWHQ]XVDPPHQJHWUDJHQVLQGPXVV*RHWKHV5R PDQ'LH:DKOYHUZDQGWVFKDIWHQJHUDGH]XDOVHUUDWLVFKHU%ORFNDOV)UHPGN|U SHU LQ GLHVHP (QVHPEOH HUVFKHLQHQ 'DV PHLQW GLH 8QP|JOLFKNHLW HLQH .RQWLQXLWlWGHVJXWPWLJHQ8UWHLOVEHUGHQ$GHOYRQGHUIUKHQ:HLPD UHU=HLW*RHWKHV]XGHQ%HPHUNXQJHQVHLQHUOHW]WHQ/HEHQVMDKUH]XVWLI WHQ'RFKQLFKWQXUGHU6DFKJHKDOWGHV5RPDQVYHUVFKLHEWVLFKYRP0HLV WHU ]X GHQ :DKOYHUZDQGWVFKDIWHQ DXFK GLH Å6WUXNWXU QDUUDWLYHQ :LVVHQV´YHUlQGHUWVLFK'DVLQGHQ:DKOYHUZDQGWVFKDIWHQ(U]lKOWHLVWQLFKW PHKU HLQ*DQ]HV (UHLJQLVVHULHQ ODVVHQ VLFK QLFKWPHKU ZLH LP 0HLVWHU 5RPDQNRRUGLQLHUHQ'LHQDUUDWLYH3UD[LVLVWHLQHDQGHUHJHZRUGHQGLH (U]lKOLQVWDQ] ]LHKW VLFK ]XUFN RGHU WHQGLHUW GRFK EHJLQQHQG PLW GHQ HUVWHQ GLH :DKUKHLW GHV (U]lKOWHQ EHUHLWV KLQWHUIUDJHQGHQ :RUWHQ Å(GXDUG ² VR QHQQHQ ZLU´ >: @  ]XU 8QYHUOlVVOLFKNHLW 3DUDOOHOHQ QLFKWLGHQWLVFKH :LHGHUKROXQJHQXQG6SLHJHOXQJHQDXI+DQGOXQJVHEHQH ULQJHQGHP/HVHUGHQ0LWYROO]XJHLQHU0HKUIDFKFRGLHUXQJGHV(U]lKOWHQ ²²²²²²²²²²²²²  (EG6  *LRYDQQL 6DPSDROR VWHOOW GLHVHP JHOLQJHQGHQ .XOWLYLHUXQJVSURMHNW GDV VFKHLWHUQGH GHU :DKOYHUZDQGWVFKDIWHQ JHJHQEHU 9JO 6DPSDROR *LRYDQQL Å3URVHUSLQHQV 3DUN´ *RHWKHV Å:DKOYHUZDQGWVFKDIWHQ´DOV6HOEVWNULWLNGHU0RGHUQH6WXWWJDUW:HLPDU6I  9JO.DSLWHOXQG  9JO9RJO.DONO6  0LW Å:´ XQG 6HLWHQ]DKO ZLUG LP IROJHQGHQ NQIWLJ GLHVH $XVJDEH EH]HLFKQHW *RHWKH -RKDQQ:ROIJDQJÅ'LH:DKOYHUZDQGWVFKDIWHQ´LQ0$6

 'DV(QGHGHV$GHOVGHQNHQ    DE 'LH 6HQWHQ]HQKDIWLJNHLW YRQ (U]lKOHU ZLH )LJXUHQUHGH YHUIKUW ]XU 6XFKH QDFK WH[WLQWHUQHQ 'HXWXQJVKLOIHQ QDFK ,GHQWLILNDWLRQ XQG hEHU VHW]XQJ]ZLVFKHQDEVWUDNWHUDOOJHPHLQJHKDOWHQHU5HGHXQGGHQ9RUJlQ JHQXQG5HIOH[LRQHQLQGHUHU]lKOWHQ:HOW²ZLHMDDXFKGHU5RPDQWLWHO XQGGLHGDUDXI]XEH]LHKHQGHÅ*OHLFKQLVUHGH´LP5RPDQGLH3UREOHPDWLN YRQ0HKUIDFKFRGLHUXQJXQGGLHYRQhEHUVHW]EDUNHLW]ZLVFKHQ6SUDFKHQ XQG &RGHV WKHPDWLVLHUW ZREHL VRZRKO DXI )LJXUHQHEHQH  DOV DXFK DXI +DQGOXQJVHEHQH GLHVH hEHUVHW]EDUNHLW PLW DOOHUKDQG*UQGHQ DQJH]ZHL IHOWZLUG  

$GHOVNXOWXULQGHQ:DKOYHUZDQGWVFKDIWHQ

 6HLW GHU 9HUNQGXQJ GHV Å$OOJHPHLQHQ /DQGUHFKWV´  KDW GHU $GHO HLQH VWDDWVUHFKWOLFKH )XQNWLRQ GLH HUVWH XQG HLQIOXVVUHLFKVWH 1HXFRGLH UXQJGHV$GHOVQLPPWDOVRGHU%XFKVWDEHGHV*HVHW]HVYRU Å'HP $GHO DOV GHP HUVWHQ 6WDQGH LP 6WDDWH OLHJW QDFK VHLQHU %H VWLPPXQJ GLH 9HUWKHLGLJXQJ GHV 6WDDWV VR ZLH GLH 8QWHUVWW]XQJ GHU lX‰HUQ:UGHXQGLQQHUQ9HUIDVVXQJGHVVHOEHQKDXSWVlFKOLFKRE´ 'DYRQLVWLQGHU.XOLVVHGHU:DKOYHUZDQGWVFKDIWHQZHQLJJHEOLHEHQGHU 9HUWHLGLJXQJGHV6WDDWHVZLGPHWVLFKGHUDOV+DXSWPDQQVSlWHUDOV0DMRU HLQJHIKUWH 2WWR DX‰HUKDOE GHV +DQGOXQJV]HLWUDXPV (GXDUG DOOHUGLQJV HUZLUEWVLFKGXUFKDXV.ULHJVUXKPGRFKLVWVHLQHVWDQGHVEHZXVVWH%HIOLV VHQKHLWYRUJHVFKREHQZLHGHU(U]lKOHUGHXWOLFKYHUPHUNW ,Q HLQHP VROFKHQ *HGUlQJH WUHWHQ ]XOHW]W DOWH *HZRKQKHLWHQ DOWH 1HLJXQJHQ ZLHGHUKHUYRUXPGLH=HLW]XW|WHQXQGGHQ/HEHQVUDXPDXV]XIOOHQ-DJGXQG .ULHJVLQGHLQHVROFKHIUGHQ(GHOPDQQLPPHUEHUHLWH$XVKOIH(GXDUGVHKQWH VLFK QDFK lX‰HUHU *HIDKU XP GHU LQQHUOLFKHQ GDV *OHLFKJHZLFKW ]X KDOWHQ : 

'LH JHVHW]OLFK YHURUGQHWH 3IOLFKW ² GHU 3DUDJUDSK HUVFKHLQW XQWHU GHP 7LWHO Å9RQ GHQ 3IOLFKWHQ XQG 5HFKWHQ GHV $GHOVWDQGHV´ ² HUVFKHLQW LQ *RHWKHV 5RPDQ DOV DEJHOHEWHU %UDXFK GHU VR ]XIlOOLJ PLW GHP DXJHQ EOLFNOLFKHQ %HGDUI HLQKHUJHKW ZLH HEHQ GHU5RPDQ LQVJHVDPW ]DKOUHLFKH VHPDQWLVFKDXIODGEDUHXQGGXUFK(U]lKOHURGHU)LJXUHQDXFKYRQ)DOO]X )DOOWDWVlFKOLFKDXIJHODGHQHLQLKUHP$EODXIDEHUDOVNRQWLQJHQWPDUNLHUWH .RLQ]LGHQ]HQHQWKlOW 'LH)UDJHZLHGDVhEHUOHEHQLQHLQHU:HOWGHU0RGHUQHP|JOLFKVHL LQGHPPDQVLFKGLH.XOWXUGHV$GHOV]XHLJHQPDFKHEHDQWZRUWHW*RH ²²²²²²²²²²²²²  6R &KDUORWWH UHVPLHUHQG Å*XW YHUVHW]WH &KDUORWWH ZHQQ DXFK GDV %HLVSLHO ZLH PLU VFKHLQWQLFKWJDQ]DXIXQVHUQ)DOOSD‰W´ :   $OOJHPHLQHV /DQGUHFKW IU GLH SUHXVVLVFKHQ 6WDDWHQ 1HXH $XVJDEH 9LHUWHU %G 1HXQWHU 7LWHO 9RQGHQ3IOLFKWHQXQG5HFKWHQGHV$GHOVWDQGHV%HUOLQ†



.DSLWHO

 WKHV5RPDQPLWZQVFKHQVZHUWHU'HXWOLFKNHLWHVLVWXQP|JOLFK([SHUL PHQWH HLQHU +\EULGLVLHUXQJ YRQ $GHOVNXOWXU XQG 0RGHUQH PLVVOLQJHQ QLFKW]XIlOOLJZLGPHWVLFKGHU5RPDQGHUÅ7RGHVSUREOHPDWLN´SUDNWL]LHUW LQ VHLQHQ 9HUIDKUHQ GHV 7\SLVLHUHQV $QDORJLVLHUHQV 6SLHJHOQV DXFK ÄGDV (QGH¶ 'HU5RPDQLVWQDWUOLFKQLFKWDXIVHLQH(QWVWHKXQJVEHGLQJXQJHQ]X UHGX]LHUHQGRFKLVWHUHQWJHJHQGHP$QVFKHLQGHULQVLFKJHVFKORVVHQHQ HU]lKOWHQ:HOWQLFKWRKQHGLHVH.RQWH[WH]XOHVHQ(UVWPDOV(UZlKQXQJ ILQGHW GDV 1RYHOOHQ 3URMHNW LQ *RHWKHV 7DJHEXFK DP DOVR UHFKWNXU]QDFKGHPVRJHQDQQWHQSUHX‰LVFKHQ2NWREHU(GLNWYRQ GDVDOVHUVWHV6LJQDOIUHLQHNQIWLJH%DXHUQEHIUHLXQJDQ]XVHKHQLVW'LH )RUVFKXQJ NRQQWH QDFKZHLVHQ GDVV HV VLFK EHL GHP .ULHJ DXI GHQ (GXDUGV (LQVDW] DQVSLHOW XP GHQ YLHUWHQ .RDOLWLRQVNULHJ KDQGHOW GHU ]ZLVFKHQGHPXQGGHPVWDWWIDQGXQGGHVVHQGHSULPLH UHQGHV 6FKOVVHOHUHLJQLV EHNDQQWOLFK GLH 'RSSHOVFKODFKW YRQ -HQD XQG $XHUVWHGWYRPZDU(EHQIDOOVQDFKJHZLHVHQZHUGHQNRQQWH GDVV GLH WDEOHDX[ YLYDQWV GHV 5RPDQV 6]HQHQ GHV =XVDPPHQEUXFKV DXV GHP +HUEVW  QDFKVWHOOHQ )UKH 5H]HSWLRQVGRNXPHQWH EHVWlWLJHQ GDVVGHU5RPDQEHUHLWVYRQGHQ=HLWJHQRVVHQQLFKWQXUDOV$XVHLQDQGHU VHW]XQJPLWÄGHP$GHO¶JHOHVHQZXUGHVRQGHUQVRJDUDOV$UFKLYGHV:LV VHQV EHU HLQH VLFK GHP (QGH ]XQHLJHQGH .XOWXU $OOHUGLQJV LVW GLHVIU $FKLPYRQ$UQLPQLFKWGLHGHV$GHOVVFKOHFKWKLQVRQGHUQGLHHLQHUEH VWLPPWHQ 6SH]LHV GHV EHUVlWWLJWHQ /DQGDGHOV GHU HV DQ HLQHU IU GDV *HPHLQZHVHQ QW]OLFKHQ 7lWLJNHLW PDQJHOW GLH DOVR GLH )XQNWLRQVEH VWLPPXQJGHVÅ$OOJHPHLQHQ/DQGUHFKWV´IUVLFKQLFKWHUQVWQLPPW 'LHVH /DQJHZHLOH GHV XQEHVFKlIWLJWHQ XQEHWKlWLJWHQ *OFNHV GLH *|WKH LQ GHU HUVWHQ+lOIWHGHVHUVWHQ%DQGHVVRWUHIIOLFKGDUJHVWHOOWKDWHUPLWYLHOHU%HREDFK WXQJ LQ GDV +DXV HLQHV JHELOGHWHQ /DQGHGHOPDQQHV XQVHUHU =HLW HLQTXDUWLUW ,FK KDEHPDQFKHQGHU$UWNHQQHQJHOHUQWXQGDOOHOHLGHQDQHLQHUJDQ]HLJHQWKPOL FKHQ+\SRFKRQGULH'XUFKLKUH%LOGXQJYRQGHP.UHLVHHLJHQWOLFKHU/DQGOHXWH JHVFKLHGHQ VR YLHO :RKOZROOHQ XQG :LUWKOLFKNHLW VLH LQ VLFK VDPPHOQ P|JHQ RKQH HLQH P|JOLFKH 5LFKWXQJ LKUHU 7KlWLJNHLW ]XU DOOJHPHLQHQ 9HUZDOWXQJ NR FKHQVLHLKUHKlXVOLFKH6XSSHPHLVWVRODQJHEHUELVQLFKWVPHKULP7RSIH1LU JHQGVILQGHQVLFKPHKU(KHVFKHLGXQJHQDOVXQWHUGLHVHQ.ODVVHQDOOHV1HXKLQ ]XWUHWHQGH PX‰ VLH VW|UHQ LQ GHP =XVWDQGH JHJHQVHLWLJHQ 8HEHUGUXVVHV >«@ 8HEULJHQV ZROOHQ ZLU XQVHUP +HUUJRWW XQG VHLQHP 'LHQHU *|WKH GDQNHQ GD‰

²²²²²²²²²²²²²  Å$QGHQNOHLQHQ(U]lKOXQJHQVFKHPDWLVLUWEHVRQGHUVGHQ:DKOYHUZDQGWVFKDIWHQXQGGHP 0DQQ YRQ  -DKUHQ´ *RHWKH -RKDQQ :ROIJDQJ YRQ 7DJHEFKHU +LVWRULVFKNULWLVFKH $XVJDEH%G-RFKHQ*RO] +UVJ 6WXWWJDUW:HLPDU6   9JO'LSSHU&KULVWRI'LH%DXHUQEHIUHLXQJLQ'HXWVFKODQG6WXWWJDUWXD  9JO 6FKOLFN :HUQHU *RHWKH·VÅ'LH:DKOYHUZDQGWVFKDIWHQ´$0LGGOH&ODVV&ULWLTXHRI$HVWKHWLF $ULVWRFUDWLVP+HLGHOEHUJ6 %HLWUlJH]XUQHXHUHQ/LWHUDWXUJHVFKLFKWH   9JO %UXGH)LUQDX *LVHOD Å/HEHQGH %LOGHU LQ GHQ :DKOYHUZDQGWVFKDIWHQ *RHWKHV -RXUQDO LQWLPHYRP2NWREHU´LQ(XSKRULRQ6





'DV(QGHGHV$GHOVGHQNHQ





ZLHGHUHLQ7KHLOXQWHUJHKHQGHU=HLWIUGLH=XNXQIWLQWUHXHUDXVIKUOLFKHU'DU VWHOOXQJDXIJHVSHLFKHUWLVW

9RQ$QIDQJDQZXUGHGDV%XFKDOV=HLWURPDQJHOHVHQVRVFKRQLQHLQHU GHUIUKHVWHQ5H]HQVLRQHQ -DZDVKLHULQGHP%H]LUNZHQLJHU7ULWWHXQGLQGHP5DXPHLQLJHU-DKUHZDOWHW XQGPLWKHLPOLFKHUVFKDGHQIURKHU7FNHVRXQVlJOLFKHV8QKHLOXQG,UUVDODQULFK WHWMDHVLVWGDVVHOEHZDVVHLW]ZH\-DKU]HKQWHQ]XP(QWVHW]HQGHVPHQVFKOLFKHQ *HVFKOHFKWVYRQHLQHP3RO]XPDQGHUQEHWlXEHQGYHUEOHQGHQG]HUVW|UHQGGHQ (UGNUHLVGXUFK]LHKW

'RFKPXVVPDQ*RHWKHVOLWHUDULVFKH6WLOLVLHUXQJGHV/DQGDGHOVLP8UWHLO $UQLPVGXUFKDXVDOV9RUXUWHLONHQQ]HLFKQHQHWZDZDV6FKHLGXQJHQDQEH ODQJW VR IDOOHQ XQWHU GHQ EUDQGHQEXUJLVFKHQ *XWVEHVLW]HUQ ]X GHQHQ DXFK $UQLP ]lKOWH  6FKHLGXQJHQ ]DKOHQPl‰LJ HUVW QDFK  LQV *H ZLFKW 0DOHU 0OOHU DOWHUQGHU 9HUWUHWHU GHU DGHOVNULWLVFKHQ 6WUPHUXQG 'UlQJHU*HQHUDWLRQUHGHW.ODUWH[WÅ=XZDVVROOQXQGLH6FKLOGHUXQJYRQ VROFKHLQHPKRFKDGHOLJHQ>VLF@=LJHXQHUJHVLQGHOGLHQHQ">«@ZHUPDJPLW VROFKHLQHP8QIODWQDFKGHPHULKQHLQPDOGXUFKZDWWHWVLFKZLHGHUQHX EHVXGHOQZROOHQ"´ 'LH :HOW GHV 5RPDQV VRVHKU VLFK %H]JH DXI GLH ]HLWJHQ|VVLVFKH (PSLULH QDFKZHLVHQ OLH‰HQ LVW QLFKW HWZD GLH HLQHV YHUJDQJHQHQ RGHU GRFK DQDFKURQLVWLVFKHQ ODQGDGHOLJHQ ,G\OOV GDV ]XPLQGHVW DOV $XVJDQJV SXQNWGHU+DQGOXQJGLHQWXQGJOHLFKVDPGLH GXUFKGHQ$XWRUÄYHUXUWHLO WH¶ ZLH ]XPHLVW DQJHQRPPHQ ZXUGH  1HJDWLYIROLH DOO GHVVHQ ELHWHW ZDV GDQQDOVÄ0RGHUQH¶LQGLHVH:HOW(LQJDQJILQGHW9LHOPHKULVWGHUHLQJH KHJWH 5DXP YRQ 6FKORVV XQG 3DUN ZLH DXFK GHU VHPDQWLVFKH 5DXP GHU $GHOVNXOWXUGHU*HJHQZDUWYRQLPPHUVFKRQÅHLQXP]LQJHOWHU)ULH GHQ´ Å>'@HU lX‰HUH 5DXP LVW JHQDX GHU 5DXP GHU 0RGHUQH GHQ GLH ²²²²²²²²²²²²²  $FKLP YRQ $UQLP DQ %HWWLQH %UHQWDQR DP  =LWLHUW QDFK +lUWO +HLQ] +UVJ  Å'LH :DKOYHUZDQGWVFKDIWHQ´ (LQH 'RNXPHQWDWLRQ GHU :LUNXQJ YRQ *RHWKHV 5RPDQ  :HLQKHLP6I²9JODXFK$UQLPV6FKUHLEHQDQ*RHWKHYRP]XGHP VHOEHQ 5RPDQ Å)U GLH :DKOYHUZDQGWVFKDIWHQ VDJH LFK LP 1DPHQ YLHOHU )UHXQGH XQG %H NDQQWHQHLQHQVFKPHU]OLFKHQ'DQNVLHPDFKHQPDQFKH9HUlQGHUXQJJOFNOLFKHU9HUKlOW QLVVHNODUGLHVRPDQFKHUHPSIXQGHQ (EG6   >-RKDQQ )ULHGULFK )HUGLQDQG 'HOEUFN@ >5H]@ ]LWLHUW QDFK +lUWO :DKOYHUZDQGWVFKDIWHQ 6  9JO6FKLOOHU5HQp9RP5LWWHUJXW]XP*UR‰JUXQGEHVLW]gNRQRPLVFKHXQGVR]LDOH7UDQVIRUPDWLRQV SUR]HVVHGHUOlQGOLFKHQ(OLWHQLQ%UDQGHQEXUJLP-DKUKXQGHUW %HUOLQ  6   (OLWHQ ZDQGHOLQGHU0RGHUQH -HGHUVLHEWHDGHOLJH*XWVEHVLW]HUZDUPHKUDOVHLQPDOYHUKHLUD WHWGRFKGLH6FKHLGXQJDOV8UVDFKHPHKUPDOLJHU+HLUDWEHJDQQHUVWQDFK]X%XFKH ]XVFKODJHQ²9JOZHLWHUKLQ,YR&HUPDQ/XERä9HOHN +UVJ $GHOXQG:LUWVFKDIW/H EHQVXQWHUKDOWGHU$GHOLJHQLQGHU0RGHUQH0QFKHQ 6WXGLHQ]XPPLWWHOHXURSl LVFKHQ$GHO   )ULHGULFK0OOHU JHQDQQW0DOHU0OOHU DQ3KLOLSS$QWRQ%DWWDP=LWLHUWQDFK +lUWO:DKOYHUZDQGWVFKDIWHQ6



.DSLWHO

 +DXSWILJXUHQKLQWHUVLFKJHODVVHQKDEHQ´'LHLPPHUZLHGHULQ$QGHX WXQJ NRSUlVHQWH XQG NXQVWYROO VFKHPHQKDIW EOHLEHQGH Ä$X‰HQZHOW¶ NHL QHVZHJV QXU 6FKDXSODW] YRQ (GXDUGV .ULHJVUXKP LVW DOVR DOV WHPSRUlU 9HUQHLQWHVGXUFKDXVLPPHUPLW]XVHKHQ%KQHXQG+LQWHUJUXQG]XVDP PHQHUJHEHQGHQ6FKDXSODW]HLQHV(SRFKHQZDQGHOV'DUEHUWlXVFKWGLH HU]lKOHULVFKH5HDOLVLHUXQJHLQHUDOWHQDGHOLJHQ3UD[LVKLQZHJ'DVDGHOLJH /DLHQWKHDWHU²LQGHQ/HKUMDKUHQMDHLJHQWOLFKYHUDEVFKLHGHW²ZLUGYRQGHQ 3URWDJRQLVWHQ GHU :DKOYHUZDQGWVFKDIWHQ VR LQWHQVLY XQG EHU]HXJHQG EHV SLHOWGDVVGHU/HVHUGLHGRFKLP-DKUKXQGHUWVFKRQJHDOWHUWHWKHDWUXP PXQGL0HWDSKHU HUQVW QLPPW XQG QLFKW VHKHQ ZLOO GDVV GLH 5LWXDOH GHV *HEXUWVWDJVGHU7DXIHXQGGHV%HJUlEQLVVHVWHLOVDXFKGHU/HEHQVUHWWXQJ ]XPLQGHVWLQLKUHQ.RQVHTXHQ]HQ GDVV2UWHZLH)ULHGKRIXQG.DSHOOH GHP 'RUI EHQDFKEDUWHU  *DUWHQ XQG 3DUN QDFK ZLH YRU %KQHQ GHU DGHOLJHQ UHSUlVHQWDWLYHQgIIHQWOLFKNHLWVLQG ZHQQJOHLFK QLFKW]XOHW]W GLH GHXWOLFKH9HURUWXQJGHU+DQGOXQJLPJHJHQZlUWLJHQ*HVFKHKHQGLH9HU XQVLFKHUXQJGLHVHU6SLHOHVWHWVPLWDNWXDOLVLHUW 'HU DGHOLJH *UR‰JUXQGEHVLW]HU GHV  -DKUKXQGHUWV GLHV HUEUDFKWH HLQH8QWHUVXFKXQJ]XEUDQGHQEXUJLVFKHQ*XWVEHVLW]HUQZLUNWHGHU$XI O|VXQJVHLQHV6WDQGHVGXUFKHLQH6WlUNXQJGHVVR]LDOHQ=XVDPPHQKDOWHV ODQJH =HLW HUIROJUHLFK HQWJHJHQ 'LH =DKO GHU (KHVFKOLH‰XQJHQ XQG GLH .LQGHU]DKOHQ YHUlQGHUWHQ VLFK HEHQIDOOV HUVW LP /DXIH GHV  -DKUKXQ GHUWV ]XP 1DFKWHLO .LQGHUORVLJNHLW XQG 6FKHLGXQJVZLOOLJNHLW ZDUHQ ]X QlFKVW QRFK GLH $XVQDKPH (EHQVR ZRKO ]XU hEHUUDVFKXQJ KHXWLJHU /HVHUYRQ*RHWKHV5RPDQKDQGHOWHVVLFKEHLGHU$XIIDVVXQJYRQDGHOL JHU0LVVZLUWVFKDIWXPHLQ9RUXUWHLOGHPGLH*HVFKLFKWVZLVVHQVFKDIWELV LQGLHMQJHUH9HUJDQJHQKHLWQDFKKLQJ(LQH9HUVFKXOGXQJDGHOLJHU*WHU GLHQWHLQGHU5HJHOGHP1HXHUZHUEYRQ*UXQGGHU$EILQGXQJYRQ0LW HUEHQGHU9HUEHVVHUXQJGHV%HVLW]HVDOVRGXUFKDXV|NRQRPLVFKVLQQYRO OHQ XQG QRWZHQGLJHQ ,QYHVWLWLRQHQ 8QG ZHQQ NRQVXPWLYH .UlIWH ÅHLQH ]X YHUQDFKOlVVLJHQGH *U|‰H´ JHZHVHQ VHLQ P|JHQ VR LVW ]X EHGHQNHQ GDVVGHU%DXHLQHV6FKORVVHVRGHUGLH$QODJHHLQHV3DUNVDXFKÅ]XU:HUW VWHLJHUXQJ HLQHV %HVLW]HV EHL>WUXJHQ@´ 'DUEHU KLQDXV ÄGLHQWHQ¶ VROFKH $XVJDEHQ GHU 6WHLJHUXQJ GHV V\PEROLVFKHQ .DSLWDOV 'LHVH (UNHQQWQLVVH VLQGHUVWP|JOLFKZHQQPDQQLFKWHLQVHLWLJYRQHLQHPGXUFK0D[:HEHUV SURWHVWDQWLVFKHU (WKLN JHSUlJWHQ PRGHUQHQ KRPRRHFRQRPLFXV DXVJHKW GHU LQ VHLQHU /HEHQVIKUXQJ LQQHUZHOWOLFKHU $VNHVH DQKlQJW XQG GHP .RQ VXPHLQ*UlXHOLVW$XIODQJH6LFKWVWDQGHQGLHEUDQGHQEXUJLVFKHQ*XWV ²²²²²²²²²²²²²  6DPSDROR3DUN6XQG6  6FKLOOHU5LWWHUJXW69JOZHLWHUKLQHEG6II]XUGHPRJUDSKLVFKHQ(QWZLFNOXQJYJO 6II]XPVWlQGLVFKHQ=XVDPPHQKDOWDGHOLJHU*XWVEHVLW]HU6]XGHQ9RUXUWHLOHQ DGHOLJHU 0LVVZLUWVFKDIW 6  PLW 9HUZHLVHQ DXI GLH lOWHUH KLVWRULVFKH )RUVFKXQJ +DQV 5RVHQEHUJ+DQV8OULFK:HKOHU 

 'DV(QGHGHV$GHOVGHQNHQ    EHVLW]HU LP  -DKUKXQGHUW GXUFKDXV JXW GD HUVW ODQJVDP ZXUGHQ VLH GXUFK GHQ (KUJHL] EHVLW]HQGHU %UJHU YHUGUlQJW (V EHGXUIWH HLQHV JDQ ]HQ -DKUKXQGHUWV ELV GLH DGHOLJHQ 9RUUHFKWH GHP /DQGDGHO DEJHWURW]W ZHUGHQNRQQWHQ'DVHLJHQWOLFKH0RGHUQLVLHUXQJVSUREOHPGHU/DQGZLUW VFKDIWGHXWHWHVLFKXPQRFKOlQJVWQLFKWDQGDVZDUQlPOLFKGLHHUVW LQGHU]ZHLWHQ-DKUKXQGHUWKlOIWHZLUNVDPZHUGHQGH,QGXVWULDOLVLHUXQJ 'RFK]XUFN]XU$XVJDQJVVLWXDWLRQGHV5RPDQVGHVVHQ0RPHQWGHU *HIlKUGXQJEHUHLWVGHU=HLWJHQRVVH.DUO:LOKHOP)HUGLQDQG6ROJHUWUHI IHQGKHUDXVJHDUEHLWHWKDW

'LHưƱƹƴơƱƪƯƲơƴƧOLHJWKLHUQLFKWEORVLQGHP(QWVFKOXVHGHQ+DXSWPDQQXQG 2WWLOLHQ NRPPHQ ]X ODVVHQ VRQGHUQ VFKRQ LQ GHP VFKZDQNHQGHQ =XVWDQGH LQ GHPGLHZHLVOLFKYRQ*RWWJHWUHQQWH9HUELQGXQJ(GXDUGVXQGVHLQHUHKHPDOLJHQ *HOLHEWHQGLHLKPQRFKGD]XVHOEVW2WWLOLHQEHVWLPPWHGRFKJHVFKORVVHQZLUG

:DVDOVRHLQEHUHLWVODQJGDXHUQGHV*OFN]XVHLQVFKHLQWVLQG]X%HJLQQ GHV5RPDQVIDVWQRFKGLH)OLWWHUZRFKHQGRFKHUIlKUWGHU/HVHUGLHVHUVW VXN]HVVLYH(LQ,UUWXPZlUHHVGLHK|ILVFKH.XOWXUOHGLJOLFKPLWGHQ%H VXFKHUQÄ*UDI¶XQGÄ%DURQHVVH¶XQGHUVWUHFKWPLW/XFLDQH]XLGHQWLIL]LH UHQ $XFK (GXDUG XQG &KDUORWWH LVW LKUH K|ILVFKH 9HUJDQJHQKHLW HLQJH VFKULHEHQZLHEHUHLWV7KHRGRU0XQGWHUNDQQWH 'LH 3HUVRQHQ GLH VLFK XQV KLHU ]HLJHQ KDEHQ DQ GHU JHVHOOLJHQ )RUP LKUHU %LO GXQJQLFKWVPHKU]XHQWZLFNHOQEULJVLHKDEHQIUKHUZLHGHU'LFKWHU]XU=HLW GHV5RPDQVVHOEVWVFKRQDP+RIHJHOHEWHLQJXWHUXQGIHLQHU7RQLVWLKQHQ ]XU1DWXUZRUGHQXQGDXVGHQJHVHOOLJHQ6]HQHQGLHVHV5RPDQVVSULFKWPLWHL QHU JUR‰HQ :RKOEHKlELJNHLW GHU 'DUVWHOOXQJ DOOH %HTXHPOLFKNHLW XQG )UHLKHLW GHV YRUQHKPHQ $QVWDQGHV XQG DXFK GLH .lOWH NDQQ PDQ LKQHQ QLFKW DEVSUH FKHQ

=XGHQXQDXVJHVSURFKHQHQ3UREOHPHQGHVVFKHLQEDUHQ,G\OOVJHK|UWGLH YRUOlXILJ PLVVOXQJHQH LP 5RPDQYHUODXI GDQQ HQGJOWLJ PLVVOLQJHQGH  )RUW]HXJXQJGHUIHKOHQGHÅ'ULWWH´XPGHQHVEHUHLWVLP*HVSUlFKLQGHU 0RRVKWWH XQG GDQQ ZLHGHUKROW JHKW LVW WDWVlFKOLFK GHU IHKOHQGH (UEH (LQ]ZHLWHV3UREOHPVWHOOWVLFKPLWGHU)UDJHGHV)RUWEHVWHKHQVGHU*XWV KHUUVFKDIW DOV *UXQGODJH GHV JHPHLQVDPHQ $XVNRPPHQV KDWWHQ VLFK GRFKDXFKSUHX‰LVFKH$GHOLJHHUVWPDOVPLWGHPEHVDJWHQ2NWREHU(GLNW YRQ  EHUHFKWLJWH 6RUJHQ EHU LKUH =XNXQIW PDFKHQ PVVHQ 'HU 7UDGLWLRQ ]XJHK|ULJ XQG VRPLW GHU =HLWJHVFKLFKWH HQWKREHQ LVW YLHOPHKU QXUGLHQDFKDX‰HQJHNHKUWH,G\OOHGHVDXWRQRPHQ/DQGOHEHQVDOVWDWVlFK OLFKH/HEHQVSUD[LV(GXDUGVXQG&KDUORWWHVGLHDXIHLQHP5HVHUYRLUWUD ²²²²²²²²²²²²²  9JOHEG6  .DUO :LOKHOP )HUGLQDQG 6ROJHU ÅhEHU GLH :DKOYHUZDQGWVFKDIWHQ´ =LWLHUW QDFK +lUWO :DKOYHUZDQGWVFKDIWHQ6  0XQGW 7KHRGRU ÅhEHU GHXWVFKH 5RPDQH XQG 1RYHOOHQ LQ LKUHU (QWZLFNHOXQJ´ =LWLHUW QDFK+lUWO:DKOYHUZDQGWVFKDIWHQ6



.DSLWHO

 GLHUWHU9HUKDOWHQVZHLVHQEHUXKHQG.RQWLQJHQ]HQDXVVFKOLH‰HQZLOOZHO FKHGLH0RGHUQHGDQQPHKUXQGPHKUPLWVLFKEULQJWREJOHLFKVLHGRFK JHUDGH YRUJLEW QHXH XQG EHVVHUH 2UGQXQJHQ ]X VWLIWHQ 'HU Å&ODVK RI FXOWXUHV´ IKUW LQ GHQ :DKOYHUZDQGWVFKDIWHQ QLFKW ]X .RPSURPLVVHQ XQG NXOWXUHOOHQ1HXVFK|SIXQJHQGHU3URWDJRQLVWHQVRQGHUQ]X.RPPXQLND WLRQVSUREOHPHQ XQG VFKOLH‰OLFK ]XP .ROODSV GHV ODELOHQ *OHLFKJHZLFKWV GHU)LJXUHQ'HU([SORVLRQGLH-HQDXQG$XHUVWHGWLQGHQ.|SIHQKHU EHLIKUWHIROJWLQGHU/LWHUDWXUMHGHQIDOOVEHL*RHWKHGHU.ROODSVHU]lKO HULVFKHUXQGHU]lKOWHU2UGQXQJHQ 'DVVHVXP2UGQXQJHQJHKWZXUGHEHUHLWVIHVWJHVWHOOWÅ,PPHUZLH GHUVXFKWGHU5RPDQGXUFK'HXWHQYRQ%LOGHUQ0RWLYHQXQG6LWXDWLRQHQ QDFK6LQQXQG2UGQXQJVIRUPHQQDFK(UNHQQWQLVGHUGDV*HVFKHKHQVR ZLGHUVSUXFKVYROO XQG XQEHUHFKHQEDU EHVWLPPHQGHQ .UlIWH XQG *HVHW ]H´ (LQHGHQ5RPDQZHLWKLQGXUFK]LHKHQGH2UGQXQJVVWUXNWXULVWGLHGHU :LHGHUKROXQJDOV6SLHJHOXQJRGHU$QDORJLHELOGXQJDPRIIHQEDUVWHQYLHO OHLFKW LQ GHU $QJOHLFKXQJ YRQ 2WWLOLHV XQG (GXDUGV +DQGVFKULIW ÅGLH +DQGVFKULIWHQ GHU EHLGHQ WUHWHQ LQ HLQ ZHFKVHOVHLWLJHV 6SLHJHOYHUKlOWQLV VLH ZHUGHQ ]X %LOGHUQ YRQHLQDQGHU´(EHQVR DXIIDOOHQG LVW GLH ZXQGHU VDPHÄ6SLHJHOXQJ¶GHUYRQGHQ(OWHUQGHV.LQGHV2WWRKHLPOLFKJHOLHEWHQ 2WWLOLH XQG +DXSWPDQQ LP $QWOLW] GHV .LQGHV ,Q VROFKHQ 6SLHJHOXQJHQ XQGLQ6SLHJHOELOGOLFKNHLWVFKHLQWVLFKGLHDOWHHSLVWHPLVFKH2UGQXQJGHU 5HSUlVHQWDWLRQ HUKDOWHQ ]X KDEHQ ZLH VLH )RXFDXOW LQ VHLQHU %LOGDQDO\VH YRQ9HOD]TXH]·*HPlOGH/DV0HQLQDVH[SOL]LHUWKDW6FKRQEHL+RIHDP ÄULFKWLJHQ¶2UWDOVREWHQVLFK(GXDUGXQG&KDUORWWHQDFK$XVNXQIWGHV *UDIHQLQHLQHU/HEHQVSUD[LVGHU6SLHJHOELOGOLFKNHLWGLHLQGLH*HJHQZDUW GHV 5RPDQEHJLQQVKLQHLQUDJW Å:HQQ 6LH EHLGH ]XVDPPHQ WDQ]WHQ DOOHU $XJHQ ZDUHQ DXI 6LH JHULFKWHW XQG ZLH XPZRUEHQEHLGH LQGHP 6LHVLFK QXULQHLQDQGHUEHVSLHJHOWHQ´ :  +LHUJUHLIWDEHUGLH2UGQXQJGHV'LVNXUVHVWLHILQGLH3KlQRPHQDOLWlW DOOWDJVNXOWXUHOOHU 7DWVDFKHQ HLQ (LQH 2UGQXQJ GHU 5HSUlVHQWDWLRQ GLH JDQ]DXVGHUJHQHDORJLVFKHQ.ODVVLILNDWLRQLP*UXQGHDXVGHU(UVHW]EDU NHLWMHGHV,QGLYLGXXPVLQQHUKDOEHLQHUODQJHQ$KQHQUHLKHXQGHLQHUZHLW YHU]ZHLJWHQ )DPLOLH HQWVSULQJW XPVFKUHLEW GHQ &RGH DGHOLJHU )DPLOLH Ä$GHO¶LVWDOVRDXFKQLFKWHLQEHOLHELJHV0RWLYGLHVHV5RPDQVVRQGHUQVWHKW UHSUlVHQWDWLRQVORJLVFK JOHLFKVDP DXI GHU WUDGLWLRQDOHQ ZHQQJOHLFK QDFK ²²²²²²²²²²²²²  1HXPDQQ *HUKDUG ,GHHQSDUDGLHVH 8QWHUVXFKXQJHQ ]XU $SKRULVWLN YRQ /LFKWHQEHUJ 1RYDOLV )ULHGULFK6FKOHJHOXQG*RHWKH0QFKHQ6  :HOOEHU\'DYLG(Å'LH:DKOYHUZDQGWVFKDIWHQ  ´LQ3DXO0LFKDHO/W]HOHU +UVJ  *RHWKHV(U]lKOZHUN6WXWWJDUW6KLHU6  9JO)RXFDXOW0LFKHO'LH2UGQXQJGHU'LQJH(LQH$UFKlRORJLHGHU+XPDQZLVVHQVFKDIWHQ)UDQN IXUWD06II VWZ 

 'DV(QGHGHV$GHOVGHQNHQ    ZLHYRUSUlVHQWHQ6HLWHGHV+\EULGV$XFKGLH*OHLFKKHLWGHU6LJQDWXUHQ GLHhEHUHLQVWLPPXQJGHU+DQGVFKULIWHQ2WWLOLHVXQG(GXDUGVJHKWKLQWHU GDVQHX]HLWOLFKH6XEMHNWKLQWHUÄGHQ0HQVFKHQ¶]XUFN

'LHV\PEROLVFKH )XQNWLRQGHU6LJQDWXUQlPOLFKGXUFKLKUH'LIIHUHQ]YRQ DOOHQ DQGHUHQ6LJQDWXUHQGLH,QGLYLGXDOLWlWGHVUHFKWOLFKHQ6XEMHNWV]XYHUEUJHQZLUG DX‰HUVWDQG JHVHW]W 'HU 6LJQLILNDQW ZLUG ]XP%LOG HLQHU9HUHLQLJXQJ GLH DX‰HU KDOEMHJOLFKHUV\PEROLVFKHQ8QWHUVFKHLGXQJVWDWWILQGHW

6WHWV ODJ DXFK GLH $XIIDVVXQJ YRQ HLQHP HQWNRQNUHWLVLHUHQG ]X OHVHQGHQ 5RPDQQDKHGHUDXI8QJHVDJWHVKLQ]LHOWGHVVHQ$XVVDJHMHGHQIDOOVEHU HLQHH[SOL]LWZHUGHQGH(EHQHGHU:HOWLP7H[WKLQDXVJHKWREPDQQXQ P\WKRORJLVFKH RGHU DOOHJRULVLHUHQGH %H]JH HUNDQQW KDW GLH *RHWKHV 6SlWZHUNGHUQHXHUHQ)RUVFKXQJ]XIROJHGXUFK]LHKHQXQGGLH]XHLQHP VLFK VWHWLJ VWHLJHUQGHQ ,QWHUHVVH DQ GLHVHP :HUN LQ GHQ OHW]WHQ GUHL ELV YLHU-DKU]HKQWHQEHLJHWUDJHQKDEHQ6RUKUH GLHVHPDQWLVFKH'LFKWHGHU:DKOYHUZDQGWVFKDIWHQLQHUKHEOLFKHP $XVPD‰YRQHL QHP VFKZLHULJHQ *OHLFKJHZLFKW ]ZLVFKHQ GHU IHLQ JH]HLFKQHWHQ LQGLYLGXHOOHQ 3V\FKRORJLH GHU )LJXUHQ XQG GHU *OWLJNHLW LKUHV &KDUDNWHUV DOV HLQHV W\SLVFKHQ KHU>«@'LHVH(LQ]HOZHVHQHUZHLVHQVLFK²EHWUDFKWHWPDQVLHKLVWRULVFKQLFKW QXUSV\FKRORJLVFK²DOVÄ7\SHQ¶HLQHU(SRFKHPLWGHQHQ*RHWKHHLQ'UDPDJH VWDOWHW ZR MHGH 3HUVRQ HLQH DQGHUH 7HQGHQ] HLQH GHU YHUVFKLHGHQHQ PHQVFKOL FKHQ0|JOLFKNHLWHQYHUN|USHUWGLHGHUJHJHQZlUWLJH$XJHQEOLFNHU|IIQHW

,P$XIZHLVYRQVROFKHUOHL7\SLVLHUXQJHQEHUELHWHQVLFKGLH'HXWXQJHQ HVZlUHP‰LJVLHKLHUDXI]XOLVWHQ 7DWVlFKOLFKKDWYRUDOOHPGLHVR]LDOJHVFKLFKWOLFKH)RUVFKXQJHLQH0R WLYLNGHV$GHOVYRUZLHJHQGDOVSROLWLVFKXQGPHKUQRFKlVWKHWLVFKPRWL YLHUWH Ä.ULWLN¶ HLQHV $XWRUEHZXVVWVHLQV DQ HLQHU VR]LDOHQ 6FKLFKW JHOHVHQ REJOHLFK MHQVHLWV DOOHU 6\PEROLVLHUXQJHQ LP .XQVWZHUN ]XPLQGHVW GHU :HLPDUHU *RHWKH QXU VFKZHU PLW HLQHU VROFKHQ SDXVFKDOHQ Ä.ULWLN¶ LQ 9HUELQGXQJJHEUDFKWZHUGHQNDQQVHLQH0RWLYHDOVRDQGHUHJHZHVHQVHLQ PVVHQ *UXQGOHJHQG ZDU GLH 7KHVH GLH $GHOVNULWLN LQ *RHWKHV GULWWHP 5R PDQIROJHHLQHUÅ,QWHQWLRQ]XU5HYLVLRQGHU/HKUMDKUH´,QV.ULWLVFKHZU GHQQXQGLHVFKRQLPHUVWHQ0HLVWHU5RPDQYHUKDQGHOWHQÅ%UHQQSXQNWH GHV VR]LDOJHVFKLFKWOLFKHQ ,QWHUHVVHV´ JHZHQGHW ÅGDV /LHEHVHWKRV GHV $GHOV VHLQ SUREOHPDWLVFKHV 6HOEVWYHUVWlQGQLV VRZLH YRU DOOHP VHLQ 9HU KlOWQLV ]XP *UXQGHLJHQWXP´9DJHWV DXINOlUXQJVJHSUlJWHV )RUWVFKULWWV GHQNHQJHKWELV]XP%HGDXHUQGDVVGHU5RPDQVHLQHPDGHOLJHQ3HUVRQDO ²²²²²²²²²²²²²  (EG6  9JO :LHWK|OWHUV V\VWHPDWLVLHUHQGHU $XIVDW] GD]X :LHWK|OWHU :DOWUDXG Å/HJHQGHQ =XU 0\WKRORJLH YRQ *RHWKHV :DKOYHUZDQGWVFKDIWHQ´ LQ 'HXWVFKH9LHUWHOMDKUVVFKULIWIU/LWHUDWXUZLV VHQVFKDIWXQG*HLVWHVJHVFKLFKWH6  6DPSDROR3DUN6  9DJHW%DURQ6



.DSLWHO

 ÅGHQ $XVZHJ DXV GHQ PRUDOLVFKHQ $SRULHQ GLHVHU 0HQVFKHQ LQ GLH EU JHUOLFKH 6SKlUH DOV YHUVWHOOW´ ]HLJW  *HUDGH]X HPS|UW ]HLJW VLFK 9DJHW YRQ(GXDUGVXQYHUDQWZRUWOLFKHU:LUWVFKDIWVSUD[LVÅHLQH>U@IUHLQHQDGH OLJHQ*XWVEHVLW]HUHUVFKUHFNHQGH>Q@,JQRUDQ]HOHPHQWDUHUZLUWVFKDIWOLFKHU =XVDPPHQKlQJH´ *DQ] GHP +RPRRHFRQRPLFXV'HQNHQ XQWHUZRUIHQ LVW GLHYRQ8QYHUVWlQGQLVJHSUlJWH%HPHUNXQJYRP9HUNDXIGHV9RUZHUNV VHLÅHLQLQJHZLVVHP6LQQH>VLF@K|KHUHU=LQVHUWUDJ]X HUZDUWHQQlPOLFK GHU *HQX‰ GHU QHXJHVWDOWHWHQ /DQGVFKDIW´  (UVW LP /LFKWH %DWDLOOHV  OlVVW VLFK IROJHQGHU%HPHUNXQJ 9DJHWV EHU GHQ*XWVKHUUQ (GXDUG YLHO OHLFKWQRFKHWZDV3RVLWLYHVDEJHZLQQHQGHUÅ9HUIDOOGLHVHUDGOLJHQ([LV WHQ]LQVHLQHUYHUGHFNWHQ$EJUQGLJNHLW´ZHUGHRIIHQEDUDOVÅHLQXPIDV VHQGHU3UR]H‰GHU6HOEVW]HUVW|UXQJ´ ,Q MQJHUHU 9HUJDQJHQKHLWKDW :HUQHU 6FKOLFN LQ HLQHU XPIlQJOLFKHQ 0RQRJUDSKLH HLQHQ HQJHQ =XVDPPHQKDQJ ]ZLVFKHQ GHP 3HUVRQDO GHV 5RPDQV XQG GHP GHXWVFKHQ $GHO SRVWXOLHUW *RHWKHV %HVFKUHLEXQJHQ lVWKHWLVFKHU 'LOHWWDQWHQ ÅRIIHU D VRFLRHFRQRPLFDO FKDUDFWHUL]DWLRQ RI WKRVHZKR*RHWKHDOOHJHVYLRODWHKLVWKHRU\RIDUWLVWLFSUDFWLFHIRUXQGHU *HUPDQ FRQGLWLRQV LQ WKH \HDUV DURXQG  WKH TXDOLWLHV LQGLFDWHG DW WDFKHGRQO\WRWKHOHLVXUHFODVVRIWKHGD\WKDWLVWRWKH*HUPDQQRELOLW\ ´  'DV %XFK ZLGPHW VLFK DXI JXW  6HLWHQ VHLQHU 3DXVFKDOWKHVH XQG IKUWVHLQHQ%HZHLVDXINOHLQWHLOLJVWHU(EHQHEHUFNVLFKWLJWDOVNXOWXUHOOH )ROLH MHGRFK QXU HLQVHLWLJH 9RU  8UWHLOH GLH GHU QHXHUHQ KLVWRULVFKHQ )RUVFKXQJQLFKWPHKUVWDQGKDOWHQ=XVDPPHQIDVVHQNDQQPDQGDV%XFK PLWGHU7KHVHGHU5RPDQVHLLP*DQ]HQHLQ6WDWHPHQWJHJHQGHQ$GHO GHU =HLW XQG VHLQHQ 'LOHWWDQWLVPXV 3UREOHPDWLVFK VLQG NXU]VFKOVVLJH ,GHQWLILNDWLRQHQ ]ZLVFKHQ 7UDGLWLRQVEH]RJHQKHLW (JRLVPXV Ä.RQVHUYD WLVPXV¶*HQXVVRULHQWLHUXQJLP5RPDQXQGGHUKLVWRULVFKHQ5HDOLWlWXP   $XV HLQHU NDXP UHIOHNWLHUWHQ TXDVLXWLOLWDULVWLVFKHQ 6LFKWZHLVH EHWRQW6FKOLFNLPPHUZLHGHUDEZHUWHQGGLH=ZHFNIUHLKHLWDGHOLJHQ+DQ GHOQVLP5RPDQUHGX]LHUWDEHUDQ]XVFKOLH‰HQGHlVWKHWLVFKH)UDJHVWHOOXQ JHQDXIHLQHQHQJHQ'LOHWWDQWLVPXV%HJULIIGHUNHLQHQ=ZHLIHODPNULWL VFKHQ,PSHWXV DXINRPPHQODVVHQVROO'XUFKJlQJLJ VLHKW 6FKOLFN LQ GHQ :DKOYHUZDQGWVFKDIWHQ GLH 3RHWLVLHUXQJ HLQHU ÄDOWHQ¶ YHUJDQJHQHQ :HOW VR ²²²²²²²²²²²²²        

(EG6 (EG6 9JOGD]XDXFK.DSLWHO 9DJHW%DURQ6 6FKOLFN0LGGOH&ODVV&ULWLTXH6 DYDQWODOHWWUH« 9JOHEG6II 9JOKLHU]XQRFKZHLWHUXQWHQ

 'DV(QGHGHV$GHOVGHQNHQ    HWZDDXFKLP.LQG2WWRÅ,WLVWKLVROGZRUOGDQGLWVIXWXUHWKDWGLHZLWK WKHFKLOG2WWR´ 'HU5RPDQIKUWGXUFKZDVGLH/HKUMDKUHQXUYHUVSUHFKHQXQGRSWL PLVWLVFKHUZHLVH DQGHXWHQ HLQ ([SHULPHQW GHU +\EULGLVLHUXQJ ÄDOWHU¶ XQG ÄQHXHU¶ .XOWXU (LQ 5RPDQ GHVVHQ 7LWHO PLW GHP EHUHLWV EHUKROWHQ  QDWXUZLVVHQVFKDIWOLFKHQ:LVVHQVSLHOWÄVSHLFKHUW¶:LVVHQEHUHLQHYHUJH KHQGH.XOWXUXQGWHVWHWREVLHVLFKPLWGHU0RGHUQHÄYHUPLVFKHQ¶OlVVW² GRFK LVW GLH 7KHRULH GHU 0LVFKXQJ ]X GHQ 5RPDQWLNHUQ DIILQ XQG GDV JHJHQVlW]OLFKH .RQ]HSW GHU $WWUDNWLRQ GDV GHP 5RPDQWLWHO ]XJUXQGH OLHJW GHPHQWLHUW EHUHLWV MHQH 9HUPLVFKXQJVYHUVXFKH GLH LP /DXIH GHU +DQGOXQJ VWDWWKDEHQ +LQWHUJUXQG GHV ([SHULPHQWV LVW DEHU QLFKW GHU Ä8QWHUJDQJ¶GDV9HUVFKZLQGHQGHU$GHOVNXOWXUVRQGHUQLKU*HJHQZlUWL JHVGHVVHQ=XNQIWLJNHLWYLHOPHKUHUSUREWZHUGHQPXVV 9RUGHUJUQGLJ LVW GLH :HOW (GXDUGV XQG &KDUORWWHV HLQ DXWRSRLHWL VFKHV6\VWHPZLUWVFKDIWOLFKDXWDUNUlXPOLFKXQGVR]LDOKRPRJHQHLQ%LOG GHU:HOWLPNOHLQHQ=XP9HUKDOWHQVFRGH[GHV/DQGDGHOVJHK|UWGLH6RU JHIUGLH+LQWHUVDVVHQLP1RWIDOODXFKGLH*DEHYRQ$OPRVHQGDQHEHQ HLQH*HVHOOLJNHLWGLH1DFKEDUQ)UHXQGHXQG9HUZDQGWHHLQVFKOLH‰W'LH VHQWHQ]HQKDIWH VHOWVDP XQSUl]LVH 6SUDFKH GHUHU VLFK YRU DOOHP (GXDUG LPPHUZLHGHUEHGLHQWLVWGLHNRQYHUVDWLRQHOOHU8QYHUELQGOLFKNHLWGLHGHU +RIPDQQ EHKHUUVFKW 'RFK ZLH (GXDUGV 7lWLJNHLW LQ GHU (LQJDQJVVH TXHQ]²HVJHKWGDUXPÅIULVFKHUKDOWHQH3URSIUHLVHUDXIMXQJH6WlPPH]X EULQJHQ´ : ²QLFKWQDWUOLFKH)RUW]HXJXQJLVWVRQGHUQGDVZLOONU OLFKHÄ]FKWHQGH¶+LQ]XIJHQJHQHWLVFKHU(LJHQVFKDIWHQ]ZHFNV$XVOHVH VRRIIHQEDUWVLFKLQGHU(LQODGXQJGHV+DXSWPDQQVXQG2WWLOLHVGHU:LOOH GHVDGHOLJHQ(KHSDDUVGHUDODUPLHUHQGHQ.LQGHUORVLJNHLWGXUFKGDV6XE VWLWXW HLQHU JDVWIUHXQGOLFKHQ $GRSWLRQ EHL]XNRPPHQ GLH 6\PELRVH GHV (LQJDQJVV]HQDULRV GDPLW ]X HUZHLWHUQ (LQH $GRSWLRQ GHU Å3IOHJHWRFK WHU´ : XQG1LFKWH2WWLOLHDXFKLPUHFKWOLFKHQ6LQQHOlJHQDKHGLH )UHXQGVFKDIW (GXDUGV ]XP +DXSWPDQQ KDW lKQOLFKHQ &KDUDNWHU VLQG GRFKEHLGH*lVWHYRQGHQ*DVWJHEHUQILQDQ]LHOODEKlQJLJN|QQHQVLHVLFK HUVWPLWWHOVGHU+LOIH(GXDUGVXQG&KDUORWWHVHLQHVR]LDOH XQGEHUXIOLFKH  =XNXQIWHUKRIIHQ 'LHVH .XOWXU ² GLHV DQ]XQHKPHQ IlOOW HLQHU QDFKURXVVHDXLVWLVFKHQ (SRFKHVFKZHU²QLPPW.XQVWDOV.QVWOLFKNHLWZDKUZHQLJHUDOVÄ]ZHLWH ²²²²²²²²²²²²²  (EG6  Å'D‰ GLH FKHPLVFKH 9RUVWHOOXQJ GHU :DKOYHUZDQGWVFKDIW LQ GLH GLFKWXQJVWKHRUHWLVFKHQ hEHUOHJXQJHQ GHU )UKURPDQWLN NHLQHQ (LQJDQJ JHIXQGHQ KDW GHXWHW EHUHLWV DXI HLQH 7HQGHQ]]XU8QLYHUVDOLVLHUXQJKLQ>«@'XUFKGDV0LVFKHQ]ZHLHU(OHPHQWHJHZLQQWGDV 3URGXNW$IILQLWlWVNUlIWHKLQ]XGLHGHQEHLGHQ(OHPHQWHQIUVLFKDOOHLQQLFKW]XNDP´.D SLW]D 3HWHU 'LH IUKURPDQWLVFKH 7KHRULH GHU 0LVFKXQJ hEHU GHQ =XVDPPHQKDQJ YRQ URPDQWLVFKHU 'LFKWXQJVWKHRULHXQG]HLWJHQ|VVLVFKHU&KHPLH 0QFKHQ 6   0QFKHQHU *HUPDQLVWL VFKH%HLWUlJH 



.DSLWHO

 1DWXU¶ZLH*RHWKHVLHJHUQHVDK(VPDJDXFKGLH(LQVLFKWGDPLWYHUEXQ GHQ VHLQ GDVV GLH QXU VFKHLQEDU XUVSUQJOLFKH 1DWXU LPPHU VFKRQ XQG XQZHLJHUOLFKLKU.QVWOLFKHVEHVLW]W'LHKlXILJH'LDJQRVHYRPÄ5RPDQ WLNHU¶(GXDUGGHUHLQHUEHUHLWVYHUORUHQHQ1DWUOLFKNHLWQDFKMDJWLVWKLHU ]XVWLPPLJHEHQVR*DEULHOOH%HUVLHUV/HNWUHGHU:DKOYHUZDQGWVFKDIWHQDOV 3DURGLHGHUIUKURPDQWLVFKHQ3RHWRORJLH XQGYRUDOOHPGHV:HUNV)ULHG ULFK6FKOHJHOV VRZLHDOVSDURGLVWLVFKHU5RPDQGHUURPDQWLVFKHQ3DURGLH 7KHRULH3DUDGLJPDWLVFK GDIU VWHKW (GXDUGV VFKRQ HUZlKQWH 7lWLJNHLW GHV 3URSIHQV DOVR JOHLFKVDP HLQHU NQVWOLFKHQ =HXJXQJ ]X %HJLQQ GHV 5RPDQV 'LH $XVVFKPFNXQJ GHU 0RRVKWWH LQ ZHOFKHU GHU 3ODQ GHU 9HUGHUEHQ EULQJHQGHQ (LQODGXQJ GHV 'ULWWHQ XQG 9LHUWHQ JHVFKPLHGHW ZLUGÅPLWNQVWOLFKHQ%OXPHQXQG:LQWHUJUQ´ : QHEHQ)HOGXQG %DXPIUFKWHQGHXWHWHEHQVRGDUDXIKLQ 'DVV 1DWXU LKU .QVWOLFKHV KDEHQ GDUI LVW GHP NODVVLVFKHQ *RHWKH QLFKWIUHPG'HUYRQ3DOODGLREHUQRPPHQHÄ9LOOHQJHGDQNH¶GLH9RUOLHEH IUGDV$EVHLWVIUHLQEXHQUHWLURLQHLQHU$WPRVSKlUHÅKXPDQLVLHUHQGH>U@ .RORQLVLHUXQJ´LVW9RUDXVVHW]XQJIU3URMHNWH*RHWKHVLQGHQQDFKLWDOLH QLVFKHQ-DKUHQXQGYRUDOOHPZlKUHQGGHU)UHXQGVFKDIWPLW6FKLOOHU,Q GLHVH=HLWIDOOHQDXFKGLHZHQLJHQ-DKUHGHV*XWVEHVLW]HUV*RHWKH'RFK JHKHQ GLH 5RPDQILJXUHQ GDQQ GRFK ZHLWHU LQGHP VLH HWZD SODQHQ HLQH NQVWOLFKH /DQGVFKDIW DQ]XOHJHQ ² GLH HLQ 3DUN LP HQJOLVFKHQ 6WLO HEHQ DXFKLVWHLQHNQVWOLFKH$QODJHGLHGHU1DWXUJOHLFKHQZLOO*RHWKHV$GH OLJH GDV HUZHLVW GDQQ DEHU HUVW GLH /LWHUDWXUJHVFKLFKWH GHV  -DKUKXQ GHUWV VLQG QLFKW DP (QGH VRQGHUQ DP $QIDQJ HLQHV :HJHV GHU LQ GHQ bVWKHWL]LVPXVGHU0RGHUQHPQGHW+X\VPDQV·GHNDGHQWHU$GHOLJHUGHV (VVHLQWHV HWZD JH]HLFKQHW GXUFK ,Q]XFKW 1HXUDVWKHQLH +DQJ ]XU (LQ VDPNHLW KHJW LQ VHLQHU 1HLJXQJ ]XU .XQVW HEHQ LPPHU DXFK HLQH Å1HL JXQJ]XP.QVWOLFKHQ´]XUUHLQHQ]ZHFNIUHLHQ)RUPXQGGHU.QVWOHU LVWGDQQZLHYRUPDOV(GXDUGHLQ=FKWHUÅ>'@HU0HQVFKNDQQLQZHQL JHQ-DKUHQHLQH=XFKWZDKOHUUHLFKHQGLHGLHWUlJH1DWXUQXUQDFK-DKU KXQGHUWHQ]XVWDQGHEUlFKWHLQGHUKHXWLJHQ=HLWVLQGGLH%OXPHQ]FKWHU VLFKHUOLFK GLH HLQ]LJHQ XQG ZDKUHQ .QVWOHU´'LH DGHOLJH .DUGLQDODXI JDEH]XU)RUW]HXJXQJXPMHGHQ3UHLVQLPPWDOVRGHQ$EZHJ]XU=FK WXQJ :DVDXVGHU6LFKWHLQHV8WLOLWDULVPXVGHUHU-DKUHYHUZHUIOLFKHU VFKHLQW Ä'HNDGHQ]¶ ZlUHDOVRHLQHYRUOlXILJH6WDWLRQDXIHLQHP:HJGHU 9HUIHLQHUXQJ $OV .XQVWSURGX]HQWHQ VLQG (GXDUG ZLH GHV (VVHLQWHV XQ ²²²²²²²²²²²²²  9JO %HUVLHU *DEULHOOH *RHWKHV 5lWVHOSDURGLH GHU 5RPDQWLN (LQH QHXH /HVDUW GHU :DKOYHU ZDQGWVFKDIWHQ7ELQJHQ 8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUJHVFKLFKWH   9JOKLHU]X6DPSDROR3DUN6  +XV\PDQV-RULV.*HJHQGHQ6WULFK=ULFK6  (EG6

 'DV(QGHGHV$GHOVGHQNHQ    IUXFKWEDU (GXDUG ZLUG ]XUHFKW DOV NQVWOHULVFKHU 'LOHWWDQW JHVFKROWHQ 'RFKGHU:HJ]XUPRGHUQHQ'HNDGHQ]GHUPHLVWDOVHLQDULVWRNUDWLVFKHU :HJEHVFKULHEHQZLUGLVWDXFKHLQHUGHU9HUIHLQHUXQJlVWKHWLVFKHU:DKU QHKPXQJXQGVRPLW]XGLIIHUHQ]LHUWHU5H]HSWLRQYRQ.XQVWXQGÄ.QVWOL FKHP¶ZDV ÄWRWHV¶ :LVVHQJHQDXVRHLQVFKOLH‰WZLH.XQVWJHZHUEH:HQQ JOHLFK GHU 5RPDQ ZRKO VlPWOLFKH $UWHQ GHV 'LOHWWDQWLVPXV HLQIKUW GLH *RHWKHV  HQWVWDQGHQH 6FKHPDWD EHQHQQHQ ZHOFKH EULJHQV VHKU ZRKOQDFKGHPMHZHLOLJHQ*UDGDQ1XW]HQRGHU6FKDGHQGLIIHUHQ]LHUHQ VRLURQLVLHUWHUGRFK]XPLQGHVWLQ(U]lKOHUUHGHHLQHDOO]XVFKURIIH$EVDJH DQGHQ'LOHWWDQWHQGLHGHP7KHRUHWLNHU*RHWKHZRKOQlKHUVWDQG

(VLVWHLQHVRDQJHQHKPH(PSILQGXQJVLFKPLWHWZDV]XEHVFKlIWLJHQZDVPDQ QXUKDOENDQQGD‰1LHPDQGGHQ'LOHWWDQWHQVFKHOWHQVROOWHZHQQHUVLFKPLWHL QHU.XQVWDEJLEWGLHHUQLHOHUQHQZLUGQRFKGHQ.QVWOHUWDGHOQGUIWHZHQQ HUEHUGLH*UHQ]HVHLQHU.XQVWKLQDXVLQHLQHPEHQDFKEDUWHQ)HOGHVLFK]XHU JHKHQ/XVWKDW : 

$XVJDQJVEHGLQJXQJ LVW GHU JHPHLQVDPH *HQXVV GHV /HEHQV ]X ]ZHLW &KDUORWWHMHGHQIDOOVHUKRIIWVLFKÅGHQHUVWHQZDKUKDIWIU|KOLFKHQ6RPPHU >«@GHQLFKLQPHLQHP/HEHQ]XJHQLH‰HQGDFKWH´ : 'D‰HVVLFK QXUXPHLQODELOHV*OHLFKJHZLFKWXPHLQHQ*HQXVVDXI=HLWKDQGHOQNDQQ LVW ]XPLQGHVW &KDUORWWH EHZXVVW Å0HLQH (LQULFKWXQJ LVW JHPDFKW GLU LQ DOOHPHQWJHJHQ]XNRPPHQQXUIUGLFKDOOHLQ]XOHEHQOD‰XQVZHQLJV WHQVHLQH=HLWODQJYHUVXFKHQLQZLHIHUQZLUDXIGLHVH:HLVHPLWHLQDQGHU DXVUHLFKHQ´ :  =XP3URJUDPPGHV*HQXVVHV]lKOWDXFKZDVPDQDOVDGHOLJH)UHXGH DP 6SLHO EH]HLFKQHQ N|QQWH *OHLFKVDP VSLHOHULVFK VFKOlJW (GXDUG YRU QDFK 'DUOHJXQJ DOOHU *UQGH XQG *HJHQJUQGH IU HLQH (LQODGXQJ GHQ (QWVFKOXVVÅGHP/RVDQKHLP´]XJHEHQ : $XFKGLHVJHK|UW]XGHQ $XVJDQJVEHGLQJXQJHQGHU+DQGOXQJ]XU/HLFKWLJNHLWGHV$QIDQJVZHQQ JOHLFKGDV%HZXVVWVHLQ]XPLQGHVWEHL&KDUORWWHEHUHLWVYRUKDQGHQLVWGDVV HVPLWGHU(LQODGXQJHWZDVÅ]XZDJHQ´JLOW : Å$OOHVROFKH8QWHU QHKPXQJHQVLQG:DJHVWFNH:DVGDUDXVZHUGHQNDQQVLHKWNHLQ0HQVFK YRUDXV´ :  $XFK &KDUORWWHV 7RFKWHU /XFLDQH IDVVW GDV /HEHQ DOV 6SLHO DXI VLH VWHKW QLFKW LP *HJHQVDW] ]X LKUHU 0XWWHU XQG LKUHP 6WLHIYDWHU VRQGHUQ WUHLEWOHGLJOLFKGLH0|JOLFKNHLWHQZHOFKHGLHK|ILVFKH([LVWHQ]LKUELHWHW ELV]XP([]HVV'RFKEOHLEWGHUÄ+RI¶GHQVLHDXI(GXDUGV*XW]XKDOWHQ EHJLQQW YRQ $QIDQJ DQ VSLHOHULVFKH %HWlWLJXQJ ,KUH .QVWH GHU 7DQ] GLH5H]LWDWLRQXQGGDVOHEHQGH%LOGVLQGYHUJlQJOLFKH3HUIRUPDQFHV6LH ÅGLHIUGLH:HOWJHERUHQLVW´ : DOVRIUGLH:HOWGHV+RIHVVWHOOW QXU LQ GHU *HJHQZDUW GDU ZDV (GXDUGV XQG &KDUORWWHV /HEHQ LQ HLQHP ²²²²²²²²²²²²²  9JO6FKOLFN0LGGOH&ODVV&ULWLTXHSDVVLP  9JO*RHWKH-RKDQQ:ROIJDQJÅhEHUGHQ'LOHWWDQWLVPXV!´LQ0$6



.DSLWHO

 IUKHUHQ=HLWUDXPDXVPDFKWHDOVVLHQlPOLFKÅGDVVFK|QVWH3DDUEHL+RI ZDUHQ´ :   +RI XQG /DQGJXW VLQG ]ZHL 6HLWHQ HLQHU 0HGDLOOH GLH *UHQ]HQVLQGGXUFKOlVVLJ8QGQLFKWQXUGLHJUXQGVlW]OLFKQDFKOlVVLJH$UW (GXDUGV .QVWH ]X EHWUHLEHQ GHXWHW DXI HLQH .RQWLQXLWlW DGHOLJHQ /H EHQVEHL+RIXQGDXIGHP/DQG1LFKWXPVRQVWODXWHWHLQHYRQ(GXDUGV 0D[LPHQÅ(VLVWPLWGHQ*HVFKlIWHQZLHPLWGHP7DQ]H´ :  (LQH 5FNNHKU ]X K|ILVFKHU .XOWXU ILQGHW GHQQ DXFK IU (GXDUG LP *HIROJHGHU$QNXQIWYRQ*UDIXQG%DURQHVVHVWDWW=XP9RUELOGZHUGHQ GLH $QVLFKWHQ GHV *UDIHQ EHU GLH (KH GLH HLQH $QDORJLH ]XU .RP|GLH KHUVWHOOHQZHOFKHLQHLQHPDOV6FKDXVSLHOYHUVWDQGHQHQ/HEHQJHOHJHQWOL FKHQ5ROOHQZHFKVHOYRUVFKUHLEWÅ(LQHQHXH5ROOHPDJ PDQJHUQZLHGHU EHUQHKPHQXQGZHQQPDQGLH:HOWNHQQWVRVLHKWPDQZRKODXFKEHL GHP(KHVWDQGHLVWHVQXUGLHVHHQWVFKLHGHQHHZLJH'DXHU]ZLVFKHQVRYLHO %HZHJOLFKHPLQGHU:HOWGLHHWZDV8QJHVFKLFNWHVDQVLFKWUlJW´ :  *UD]LH DOVR LVW DXFK KLHU JHIUDJW XQG GDV 6WHOOGLFKHLQ PLW GHU *HOLHEWHQ EH]LHKXQJVZHLVHGHU(KHIUDXGDVLPQlFKVWHQ.DSLWHOIROJWZLUGIUGHQ *UDIHQZLHIU(GXDUG]XPJDODQWHQ$EHQWHXHUGDV²ZLHVRRIWLQGLH VHP5RPDQ²HLQIUKHUHVJHPHLQVDPHUOHEWHV$EHQWHXHUJOHLFKVDPZLH GHUKROW hEHU YHUERUJHQH 7UHQ XQG HQJH 7UHSSHQ HUUHLFKHQ GLH EHLGHQ LKUMHZHLOLJHV=LHOZHQQJOHLFK(GXDUGV5ROOHQZHFKVHOQXULQGHU3KDQWD VLH VWDWWILQGHW HU QXU GRUW VHLQH (KHIUDX PLW GHU JHOLHEWHQ 2WWLOLH YHU WDXVFKW'RFKGDVDXFKLP]ZHLWHQ7HLOGHV5RPDQVHUQHXWDXIVFKHLQHQGH 0RWLYGHV3DUWQHUWDXVFKVLVWZLHGHUXPGHU.RP|GLHGHPJDODQWHQ$EHQ WHXHUHQWOHKQW-HQVHLWVIHVWUHIHUHQ]LHUEDUHUIHVWJHOHJWHU,GHQWLWlWHQLVWYRU DOOHP GHP QDU]LVVWLVFKHQ LQIDQWLOHQ (GXDUG LPPHU ZLHGHU GHU 5ROOHQ WDXVFKHLQJHVFKULHEHQ6HLQHEHLGHQ5FN]XJVRUWHVLQGDEHUQDFKZLHYRU JOWLJH %HWlWLJXQJVIHOGHU GHV $ULVWRNUDWHQ ,Q VHLQHP DEJHOHJHQHQ 9RU ZHUNXQGGDQQDXFKDOV.ULHJVWHLOQHKPHULVWHUDXVPRGHUQHU6LFKWHLQ VR]LDOHU$XVVWHLJHUDXIGHU)OXFKW(VVLQGGLHVDEHUDXFKOHJLWLPHDGHOLJH 5ROOHQGHU:HJ]XMHQHP9RUZHUNLVW:LHGHUKROXQJXQG6WHLJHUXQJGHV 5FN]XJV YRP +RIOHEHQ GHQQ (GXDUGV /DQGJXW LVW OlQJVW ]XP 6FKDX SODW]HLQHVK|ILVFKHQ6FKDXVSLHOVJHZRUGHQXQGZDVVFKRQLP-DKU KXQGHUW LQ )ULHGULFK YRQ /RJDXV (SLJUDPPDWLN RGHU GDQQ GHP *UDIHQ $SSLDQLLQ(PLOLD*DORWWLGHU/DQGVLW]GHV$GHOLJHQLVW²GLH&KDQFHGHP PRUDOLVFK ]ZHLIHOKDIWHQ /HEHQ DP +RI ]X HQWNRPPHQ ² GLHV JHOLQJW (GXDUGHUVWZLHGHUPLWVHLQHU]ZHLWHQÄ)OXFKW¶ 2EPDQQXQGDV(LQWUHIIHQGHU*lVWH+DXSWPDQQXQG2WWLOLHJHUD GH]XDOV(LQEUXFKPRGHUQLVLHUHQGHU.DWDO\VDWRUHQEHWUDFKWHQNDQQVWHKW GDKLQ VLQG GRFK $OWHV XQG 1HXHV DXVJHVSURFKHQ RGHU XQDXVJHVSURFKHQ LQGLHVHP5RPDQVRZLHVRDQZHVHQGVLQGÅ9HUVlXPQLV´XQGÅhEHUVWU

 'DV(QGHGHV$GHOVGHQNHQ    ]XQJ´  %HVFKOHXQLJXQJ RGHU 9HU]|JHUXQJ  NXU] GLH (UIDKUXQJ YRQ 8QJOHLFK]HLWLJNHLWHQLP9HUODXIGHU+DQGOXQJZLHDXFKLP9RUOHEHQGHU 3URWDJRQLVWHQ YLUXOHQW 0RGHUQ LVW GLH (UIDKUXQJ GLH YRU DOOHP (GXDUG PDFKW XQG GLH VLFK PLW GHU OHLFKWHQ +DQG DULVWRNUDWLVFKHQ 6SLHOHUWXPV YLHOOHLFKW HKHU DXVJOHLFKHQ OLH‰H DOV PLW VHLQHU DQ 2UGQXQJVVWUXNWXUHQ JHEXQGHQHQ +DUWQlFNLJNHLW ]X VROFKHQ $XVJOHLFKVKDQGOXQJHQ NRPPW HU DEHU QLFKW $OV 7lQ]HU PDJ HU HLQVW PLW &KDUORWWH JHJOlQ]W KDEHQ MHW]W YHUVXFKWHU²ZLH]XP%HLVSLHOPLWGHP.DXIGHVYHUPHLQWOLFKJOFNEULQ JHQGHQ .HOFKJODVHV ² VRJDU GXUFK PRGHUQH 7HFKQLNHQ VHLQHP *OFN QDFK]XKHOIHQ,QVJHVDPWJLOW

6HLQH YHUPHLQWOLFK RUGQXQJVVWLIWHQGHQ $QVWDOWHQ VWLIWHQ QXU QHXH 8QRUGQXQJ 6HLQ 6WUHEHQ QDFK HLQHU YRQ DOOHQ =XIlOOHQ XQG 5LVLNHQ JHUHLQLJWHQ 6LFKHUKHLW SURGX]LHUWDP(QGHJHQDXMHQH8QVLFKHUKHLWGLHGDQQQXUQRFKGXUFKGLHOHW]W XQGJU|‰WP|JOLFKH6LFKHUKHLWDXIJHKREHQZHUGHQNDQQGXUFKGLHGHV7RGHV

'LH0RGHUQLWlWGHU6]HQHULHZLUGLQMQJHUHU=HLWDXFKLQGHU)RUVFKXQJ EHWRQW GHU 5RPDQ ZLUG GDQQ OHVEDU DOV ([SHULPHQW GHU .RQWLQJHQ]DE ZHKUGDVPLWHLQHPQHJDWLYHQ%HIXQGHQGHW6RHU]lKOHGHU5RPDQYRP Å6FKHLWHUQGHVJUR‰DUWLJVWHQ9HUVXFKHV>«@PLWGHP*RHWKHGHQ*HIDK UHQGHU0RGHUQHEHJHJQHQZROOWH´QlPOLFKVHLQHPÅ.ODVVL]LVPXV´'LH :DKOYHUZDQGWVFKDIWHQVLQGGHP]XIROJHHLQP\WKRORJLVFKHUXQGHLQP\WKHQ NULWLVFKHU 5RPDQ ² ]X GHQ VFKRQ YRQ :DOWUDXG :LHWK|OWHU DXIJH]HLJWHQ P\WKRORJLVFKHQ =XVDPPHQKlQJHQ HUJlQ]W 6DPSDROR GHQ 0\WKRV GHV $FNHUEDXHV 6HLQH DQWKURSRORJLVFKH 6WR‰ULFKWXQJ GLH 6DPSDROR LQ GHU 'LDJQRVHGHVÅ6FKHLWHUQ>V@GHU+RIIQXQJHQHLQHUJDQ]HQ(SRFKHDXIHLQH 9HUZLUNOLFKXQJGHV,GHDOVYRQPHQVFKOLFKHU*DQ]KHLW´VLHKWZlUHNRQ ]LVHU DXFK DOV NXOWXUDQWKURSRORJLVFKH ]X EH]HLFKQHQ LQGHP GHU 5RPDQ DGHOLJH )LJXUHQ XQG PLW LKQHQ (OHPHQWH DGHOLJHU .XOWXU PLW (OHPHQWHQ YRQUDWLRQDOHUGHU.RQWLQJHQ]XQWHUZRUIHQHU0RGHUQLWlWNRQIURQWLHUW $GHOLJH VLQG DOOH YLHU +DXSWILJXUHQ ² GHU ÄPRGHUQVWH¶ YRQ LKQHQ VFKHLQWGHU+DXSWPDQQ]XVHLQGHVVHQ3OlQHNDUWRJUDSKLVFKHUXQGEUR NUDWLVFKHU 1DWXU VLQG GHU HLQHU NQIWLJHQ UDWLRQHOOHUHQ 6HOEVWYHUZDOWXQJ ²²²²²²²²²²²²²  9JO6WLQJHOLQ0DUWLQÅ*RHWKHV5RPDQ'LH:DKOYHUZDQGWVFKDIWHQLP6SLHJHOGHV3RVWVWUXN WXUDOLVPXV´ LQ *HUKDUG 1HXPDQQ +UVJ  3RVWVWUXNWXUDOLVPXV+HUDXVIRUGHUXQJDQGLH/LWHUD WXUZLVVHQVFKDIW 6WXWWJDUW:HLPDU  6  KLHU 6   *HUPDQLVWLVFKH 6\PSR VLHQ;9,,,   6FKRQ LP ]ZHLWHQ .DSLWHO LQWRQLHUW GHU 5RPDQ GLHVHV *HJHQVDW]SDDU (GXDUG DUWLNXOLHUW PHKUIDFKGLH(LOHPLWGHUHUGHQ+DXSWPDQQEHLVLFKZLVVHQZLOO&KDUORWWHELWWHWXP$XI VFKXEHLQHU(LQODGXQJ2WWLOLHVGDVDQVFKOLH‰HQGHJHPHLQVDPH0XVL]LHUHQNUDQNWHEHQIDOOV DQ8QJOHLFK]HLWLJNHLWHQ(GXDUGVSLHOWPDO]XVFKQHOOPDO]XODQJVDP :   :HJPDQQ7KRPDV 7DXVFKYHUKlOWQLVVH=XUgNRQRPLHGHV/LWHUDULVFKHQXQG]XPgNRQRPLVFKHQLQ GHU/LWHUDWXUYRQ*HOOHUWELV*RHWKH:U]EXUJ6  6DPSDROR3DUN6  (EG6



.DSLWHO

 GHV *XWHV GXUFK (GXDUG XQG GDPLW GHU $EVFKDIIXQJ GHV 3DFKWV\VWHPV DOV =ZLVFKHQLQVWDQ]  9RUVFKXE OHLVWHQVROO'HU +DXSWPDQQ KDW DOVR RI IHQEDUJHRGlWLVFKHV6SH]LDOZLVVHQVRZLHLKQDXFKGDVQDWXUZLVVHQVFKDIW OLFKH 6SH]LDOZLVVHQ PLW (GXDUG YHUELQGHW 'HU +DXSWPDQQ SOlGLHUW IU HLQH 7UHQQXQJ YRQ Å*HVFKlIW´ XQG Å/HEHQ´ :   HU VWW]W IUHLOLFK DXIVHLQH:HLVH(GXDUGV.XOWLYLHUXQJVSODQXQGYHUPHKUWLKQGXUFKGHQ 9RUVDW]ÅZRKOIHLOHUXQGJHVFKZLQGHU´ : ]XEDXHQ'LHVDOOHVKLQ GHUW LKQ DEHU QLFKW GDUDQ PLW (GXDUG ]XVDPPHQ UHSUlVHQWDWLYH gIIHQW OLFKNHLW KHU]XVWHOOHQ QlPOLFK ÅGLH JHZ|KQOLFKHQ ULWWHUOLFKHQ hEXQ JHQ´ IRUW]XVHW]HQ ÅDOV -DJHQ 3IHUGH .DXIHQ 7DXVFKHQ %HUHLWHQ XQG (LQIDKUHQ´ :   2WWLOLH WUlJW HEHQIDOOV PRGHUQH =JH ,KUH $UEHLW VDPNHLW NRPPW GHU GHU /HLVWXQJVHWKLNHULQ QDKH QLFKW QXU KDW VLH UDVFK ÅGLH JDQ]H 2UGQXQJ HLQJHVHKHQ MD ZDV QRFK PHKU LVW HPSIXQ GHQ´ : VLHXQWHUZLUIWVLFKHLQHPULJLGHQ=HLWUHJLPHELWWHW&KDUORW WHÅLKUH6WXQGHQHLQWHLOHQ]XGUIHQ´ : %HLEHLGHQKDQGHOWHVVLFK XP DXVJHVSURFKHQ K\EULGH )LJXUHQ ]XVDPPHQJHVHW]W DXV DGHOLJHU +HU NXQIW XQG VR]LDOHU /DXIEDKQ $UPHH ,QWHUQDW  DXV 6WDQGHVEHZXVVWVHLQ XQG'LHQVWIHUWLJNHLW²EHLGHHUSUREHQHLQHUDWLRQDOHWHFKQL]LVWLVFKH0R GHUQH EHLGH YHUIDOOHQ GHU 0DFKW GHU $IIHNWH GHU +DXSWPDQQ IUHLOLFK ZHQLJHUQDFKKDOWLJDOV2WWLOLH2WWLOLHLVWGLHVPXVVNDXPHQWIDOWHWZHUGHQ HLQH DXVJHVSURFKHQ ]ZLHVSlOWLJH )LJXU GLH LP ]ZHLWHQ 7HLO ]XQHKPHQG LKUH5DWLRQDOLWlWYHUWDXVFKWPLWHLQHU1HLJXQJ]X0\WKRVXQG0\VWLNPLW HLQHU 9HUNOlUXQJ GHV 7RGHV XQG ZLH GHU $UFKLWHNW PLW GHU /XVW DQ GHU :LHGHUKHUVWHOOXQJGHVÄ$OWHQ¶VFKRQ9HUEOLFKHQHQLQGHU.XQVW)UHLOLFK FKDUDNWHULVLHUW VFKRQ GHU *HKOIH VLH DOV 6FKOHULQ GLH QXU LQ .DXVDO]X VDPPHQKlQJHQ OHUQHQ NDQQ XQG GLH EHL HLQHU HUNHQQEDUHQ $EIROJH YRQ )LJXUHQDXIGHQ$QIDQJGDV8UVSUQJOLFKH]XUFNNHKUHQZLOOÅ:HQQHV EHLHLQHP.LQGHQ|WLJLVWYRP$QIDQJHDQ]XIDQJHQVRLVWHVJHZL‰EHL LKU:DVQLFKWDXVGHP9RUKHUJHKHQGHQIROJWEHJUHLIWVLHQLFKW´ :  8QYHUPLWWHOWHJHGDQNOLFKH6HW]XQJHQ%UFKHXQG1HXDQIlQJHNDQQRGHU ZLOOVLHDOVRQLFKWYHUVWHKHQ 9HUPLWWOXQJHQXQG0LWWHOJOLHGHUVLQGDEHUVHOWHQJHZRUGHQ'HU$GHO DOV0HGLXPXQG0HGLDWRUVFKHLQWLQ*RHWKHV5RPDQDEJHGDQNW]XKDEHQ RGHUQRFKQLFKWZLHGHUHQWGHFNW]XVHLQGDUDXIPDFKWEHVRQGHUVGHXWOLFK GLH ZRKO GRFK  EUJHUOLFKH )LJXU 0LWWOHU DXIPHUNVDP GHVVHQ 9HUPLWW OXQJVYHUVXFKH EHNDQQWOLFK IUXFKWORV VLQG XQG GHU GLHVHQ NUDW\OLVWLVFKHQ 6WDWXVGHV0HGLDWRUV GHP=XIDOO GHP*OFN QlPOLFK HLQHP /RWWHULHJH ZLQQHUVW]XGDQNHQKDW$XFKLQGHUFKHPLVFKHQ*OHLFKQLVUHGH(GXDUGV XQG GHV +DXSWPDQQV ZLUG HLQH =HLW ODQJ GLH )LJXU RGHU GHU Ä6WRII¶ GHV 0LWWOHUVGHV0LWWHOGLQJVLQ(UZlJXQJJH]RJHQDOVRGHV.DWDO\VDWRUVGHU ²²²²²²²²²²²²²  9JOKLQJHJHQ6FKOLFN0LGGOH&ODVV&ULWLTXH6$QP:RKODXFK0LWWOHUVHL$GHOLJHU

 'DV(QGHGHV$GHOVGHQNHQ    LQHLQHU VRJOHLFKZLHGHUYHUZRUIHQHQ 7KHRULHGHU0LVFKXQJYHUPLWWHOQGH )XQNWLRQ KDW ,Q GHU EHNDQQWHQ $%&'*OHLFKXQJ DEHU EHGDUI HV NHLQHV YHUPLWWHOQGHQ6WRIIHVPHKUHVJHKWNHLQHUDP(QGHOHHUDXV =HLWZHLOLJKDWWH&KDUORWWHGLHVR]LDOH3UREOHPDWLNGHU8QYHUPLWWHOEDU NHLWYRQ*UXSSHQ]XU'LVNXVVLRQJHVWHOOWÅ'LHPHLVWHbKQOLFKNHLWMHGRFK PLWGLHVHQVHHOHQORVHQ:HVHQKDEHQGLH0DVVHQGLHLQGHU:HOWVLFKHL QDQGHU JHJHQEHU VWHOOHQ GLH 6WlQGH GLH%HUXIVEHVWLPPXQJHQ GHU $GHO XQG GHUGULWWH 6WDQGGHU 6ROGDW XQGGHU =LYLOLVW´ :I  +LHU]X QXQ KDWWH(GXDUGEHPHUNWÅZLHGLHVHGXUFK6LWWHQXQG*HVHW]HYHUHLQEDUVLQG VR JLEW HV DXFK LQ XQVHUHU FKHPLVFKHQ :HOW 0LWWHOJOLHGHU GDVMHQLJH ]X YHUELQGHQZDVVLFKHLQDQGHUDEZHLVW´ : 8P0LVFKXQJQLFKWXP $Q]LHKXQJJLQJHHVDOVRGRFKZLUGGLHVHU*HGDQNHZLHJHVDJWVRJOHLFK IDOOHQJHODVVHQ 6ROOWHVLFKDEHUIUGHQ$GHOHLQHQHXH)XQNWLRQILQGHQODVVHQGDQQ PVVWHHVZLHGHUXPGLHGHVÄ0LWWOHUV¶VHLQDOVRHLQHV0HGLXPV6RZLHLP hEHUJDQJ YRQ GHU NODVVLILNDWRULVFKHQ ]XU KLVWRULVFKHQ (SLVWHPH Ä6SUD FKH¶ XQG Ä*HOG¶ YRP 5HSUlVHQWDPHQW ]XP hEHUWUDJXQJVPHGLXP ZHU GHQVRN|QQWHVLFK²ZLHHVEHL$GDP0OOHUIDVW]HLWJOHLFKJHVFKLHKW² GHU$GHO]XUhEHUQDKPHHEHQGLHVHU)XQNWLRQHLJQHQ =ZHLIHOKDIWLVWGHU(UIROJYRQQDFKZLHYRUYROO]RJHQHQ5LWXDOHQXQG YRQ,QVWLWXWLRQHQJHZRUGHQ'LH(KHLVWIUOHW]WHUHGDVLP5RPDQXQGLQ GHU )RUVFKXQJ PHLVWGLVNXWLHUWH %HLVSLHO=X GHQNHQ LVW DEHU VRGDQQ DQ 7DXIHXQG%HJUlEQLVDQ*HEXUWVWDJXQG/HEHQVUHWWXQJHLQHLP5RPDQ NRWH[WXDOLVLHUHQG LQ GLH 1lKH MHQHU 5LWXDOH JHUFNWH /HEHQ VSHQGHQGH +DQGOXQJ'DYLG:HOOEHU\UHVPLHUW

'HU JHVFKLFKWOLFKNXOWXUHOOH 9RUJDQJ GHQ GLH :DKOYHUZDQGWVFKDIWHQ LQV]HQLHUHQ Ol‰WVLFKDOVGHU=XVDPPHQEUXFKGHV6\PEROLVFKHQDOVGHVVHQ'HVRUJDQLVDWLRQ YHUVWHKHQ>«@$PJUHLIEDUVWHQ ZLUGGLHVHLQQHUH=HUVHW]XQJGHV6\PEROLVFKHQ GXUFKGLHGUHLLP5RPDQJHVFKLOGHUWHQ5LWXDOHH[HPSOLIL]LHUW*UXQGVWHLQOHJXQJ 5LFKWIHVWXQG7DXIH$QGLHVHU5HLKHOl‰WVLFKGLH9HUNPPHUXQJGHV5LWXDOV]XU 6HOEVWSDURGLHGDVV\VWHPDWLVFKH)HKOJHKHQGHUULWXHOOHQ9HUPLWWOXQJDEOHVHQ

.HLQHVZHJVLVWGDEHLHLQOLQHDUHU:HJYRQÄDUFKDLVFK¶]XÄPRGHUQ¶DXV]X PDFKHQ DXFK GDV ² GLH 1LFKWYRUKHUVHKEDUNHLW YRQ (QWZLFNOXQJHQ GLH =ZHLIHOKDIWLJNHLW YRQ VR HWZDV ZLH 3URJUHVVLYLWlW ² JHK|UW ]X GHQ QLFKW ²²²²²²²²²²²²²  9JO]XPQDWXUZLVVHQVFKDIWOLFKHQ+LQWHUJUXQGRKQHGDVVGHU%HJULIIGHUÄ0LVFKXQJ¶ILHOH $GOHU-HUHP\Å(LQHIDVWPDJLVFKH$Q]LHKXQJVNUDIW´*RHWKHV:DKOYHUZDQGWVFKDIWHQXQGGLH&KHPLH VHLQHU=HLW0QFKHQ6  9JO9RJO.DONO6VRZLH+|ULVFK-RFKHQÅ'HU$GYHQWQHXHU0HGLHQLQ*RHWKHV :DKOYHUZDQGWVFKDIWHQ´ LQ GHUV (QGH GHU 9RUVWHOOXQJ 'LH 3RHVLH GHU 0HGLHQ )UDQNIXUW D 0 6  9JO %HQMDPLQ :DOWHU Å*RHWKHV :DKOYHUZDQGWVFKDIWHQ´ LQ *HVDPPHOWH 6FKULIWHQ $EKDQGOXQJHQ%G5ROI7LHGHPDQQ +UVJ )UDQNIXUWD0  :HOOEHU\:DKOYHUZDQGWVFKDIWHQ6



.DSLWHO

 QXUGXUFKGHQ5RPDQJHI|UGHUWHQVRQGHUQLQLKPEHUHLWVH[HPSOLIL]LHU WHQ (LQVLFKWHQ &KDUORWWHV 1HXJHVWDOWXQJ GHV .LUFKKRIHV YHUlQGHUW ]X PLQGHVW GLH %HGLQJXQJHQ YRQ %HJUlEQLVULWXDO XQG 7RWHQJHGlFKWQLV LQ GHPVLHGLHPRGHUQLVLHUHQGH7UHQQXQJYRQ6LJQLILNDQWXQG6LJQLILNDWDOVR GLHYRQ*UDEOHJHXQG*HGHQNVWHLQYROO]LHKWXQGPLWGHUFKURQRORJLVFKHQ $QRUGQXQJ GHU *HGHQNVWHLQH HLQ PRGHUQHV 7RWHQJHGHQNHQ ÄQDFK GHU 8KU¶ LQV :HUN VHW]W VRZLH GLH *OHLFKKHLW GHU 0HQVFKHQ QDFK GHP 7RG IHVWVFKUHLEHQZLOO(LQHDUFKDLVFKH1lKH]XPWRWHQ.|USHUZLUGYHUPLH GHQZLHVLHHWZDLP.XOWGHU8UQH : LP6FKZDQJHZDU6WDWWGHVVHQ VROOGLHQHXHWRSRJUDSKLVFKH$QRUGQXQJQLFKWQXUHLQHbVWKHWLVLHUXQJGHV 7RWHQJHGHQNHQV GXUFKVHW]HQ  VRQGHUQ DXFK GLH 'DXHUKDIWLJNHLW GHU *HGHQNVWlWWH JDUDQWLHUHQ HLQH KLVWRULVWLVFKH )XQNWLRQ EHUQHKPHQ Å,Q GHPGDVMHQLJHZDVDQGHQ7RGXQGVHLQH*HJHQZlUWLJNHLWPDKQW²*UDE VWHLQXQG'HQNPDO²LPHLJHQWOLFKHQ:RUWVLQQÄEHLVHLWH¶JHVFKDIIWDQGHQ 5DQG JHGUlQJW XQG DXV GHP %OLFNIHOG JHUlXPW ZLUG VROO DXFK GHU 7RG VHOEVW YRQ GLHVHU 6WlWWH YHUEDQQW ZHUGHQ´  ,P *HJHQVDW] GD]X VWHKW 2WWLOLHV7RWHQNXOWGHUVLFKVFKOLH‰OLFKGXUFKVHW]WGHQQLKUHHLJHQH*UDE VWlWWH GXUFKEULFKW GLH YRQ &KDUORWWH JHVFKDIIHQHQ 3ULQ]LSLHQ ZLHGHU GLH .DSHOOH LVW GHU DGHOLJHQ %HJUlEQLVNXOWXU JHPl‰ GHU 2UW DQ GHP %H JUlEQLVULWXDO*UDEVWlWWHXQG7RWHQJHGHQNHQHLQVZHUGHQ7DWVlFKOLFKKDW GHU /DQGDGHOLJH WUDGLWLRQHOO LQ GHU .LUFKH HLQHQ SULYLOHJLHUWHQ 3ODW] RE QXQ ZLH HV QRFK GDV $OOJHPHLQH /DQGUHFKW YRUVLHKW GHU *XWVKHUU LQ GDV .LUFKHQJHEHWHLQJHVFKORVVHQZHUGHQPXVVRGHUGLH5HFKWHGHV.LUFKHQ SDWURQDWV DXVEHQ GDUI  RGHU RE VHLQH )DPLOLH HLQHQ (KUHQSODW] EHLP *RWWHVGLHQVWHUKlOW(LQZLFKWLJHV(OHPHQWGHU$GHOVVHPDQWLN%RGHQEH VLW]XQG%RGHQELQGXQJILQGHWKLHUVHLQHQ.ULVWDOOLVDWLRQVSXQNW(QWJHJHQ GHPlX‰HUHQ$QVFKHLQ]X5RPDQEHJLQQLVWGLHVH%LQGXQJDEHUYHUORUHQ JHJDQJHQ GHU 9HUOXVW ZLUG LQ &KDUORWWHV 0D‰QDKPH RIIHQEDU GLH NHLQ 0LWJOLHG GHU *HPHLQGH DXV]XQHKPHQ YRUVLHKW Å(LQH 9HUZXU]HOXQJ PLW GHP *UXQG XQG %RGHQ IHKOW >«@ GHQ 3HUVRQHQ LP 5RPDQ´hEULJHQV QLPPW /XFLDQH LQ LKUHU 3DQWRPLPH ]XP *UDEPDO GHV 0DXVRORV GLHVH 5HDUFKDLVLHUXQJ YRUZHJ GHQQ *UDEPDO XQG /HLFKH YHUHLQHQ VLFK DQ HL QHP 2UW Å(QGOLFK DOV HU VLFK YRU LKU QHLJWH XQG DQGHXWHWH GD‰ HU QXQ LKUH%HIHKOHYROO]RJHQ]XKDEHQJODXEHKLHOWVLHLKPQRFKGLH8UQHKLQ ²²²²²²²²²²²²²  9JO +HUUPDQQ (OLVDEHWK 'LH7RGHVSUREOHPDWLNLQ*RHWKHV5RPDQÅ'LH:DKOYHUZDQGWVFKDIWHQ´ %HUOLQ6 3KLORORJLVFKH6WXGLHQXQG4XHOOHQ   (EG6  'LHV EHWULIIW DEHU DOOH 2EHUVFKLFKWHQ +HQJHUHU 0DUN +UVJ  0DFKWXQG0HPRULD%HJUlE QLVNXOWXUHXURSlLVFKHU2EHUVFKLFKWHQLQGHU)UKHQ1HX]HLW.|OQXD  $OOJHPHLQHV/DQGUHFKWIUGLHSUHXVVLVFKHQ6WDDWHQ†  +HUPDQG*HUPDQLVWLN6

 'DV(QGHGHV$GHOVGHQNHQ    XQGEH]HLFKQHWHGDV9HUODQJHQGLHVHREHQDXIGHP*LSIHO>GHV*UDEPDOV@ DEJHELOGHW]XVHKHQ´ :  'LHIHVWOLFKHQ5LWXDOHGLHLP/DXIHGHU+DQGOXQJDXVJHIKUWZHUGHQ VLQG QLFKW ULWXHOOH (UHLJQLVVH LQ 5HLQNXOWXU VRQGHUQ VLH YHUELQGHQ XQG NRQWDPLQLHUHQMHZHLOVPHKUHUHVPLWHLQDQGHUGRFKNDXP]X9HUHLQEDUHQ GHVNDOHQGDULVFKRGHU]XIlOOLJIHVWVWHKHQGH*HGHQNGDWHQZHUGHQYLHOPHKU ]XP$QODVVXQG]XU/HJLWLPDWLRQGHU3OlQHGHU3URWDJRQLVWHQ$XVGHP EHGHXWVDPHQ 5LWXDO ZLUG GDV PHKUIDFK FRGLHUWH (UHLJQLVFOXVWHU ZHOFKHV HUVWPDOV DXVJHUHFKQHW GLH VWUHQJ ÄUDWLRQDOH¶ &KDUORWWH HLQIKUW 6LH PDFKW QlPOLFKK\SHUEROLVFKGLH$QNXQIWGHV+DXSWPDQQV]XHLQHPGUHLIDFKHQ Ä)HVW¶GHU$QNXQIWVWHUPLQNRLQ]LGLHUWQlPOLFKPLWVHLQHP1DPHQVWDJXQG GDPLWDXFKPLWGHP(GXDUGV : 'LHPHKUIDFKFRGLHUWH5LWXDOLVLH UXQJ VHW]W DOOHUHUVW GLH W\SLVFKH 6SLHODQRUGQXQJ LQ 6]HQH QlPOLFK GLH GXUFKHLQHQSDUDVLWlUHQ'ULWWHQJHVW|UWH=ZHLKHLWRGHU=ZHLVDPNHLW =ZHLPDOWUHIIHQ+DXVJUQGXQJVULWXDOXQG*HEXUWVWDJ]XVDPPHQGLH *UXQGVWHLQOHJXQJ XQG GHU *HEXUWVWDJ &KDUORWWHV VLQG HLQH |IIHQWOLFK ZDKUJHQRPPHQH ZHFKVHOVHLWLJH %HNUlIWLJXQJ JXWVKHUUOLFKHU 0DFKW XQG 5HSUlVHQWDWLRQDOOHUGLQJV]XHLQHP=HLWSXQNWGD2WWLOLHDOVKLQ]XJHWUHWH QH'ULWWHEHUHLWVGLHVFKRQJHIHLHUWH=XNXQIWGHVÄJDQ]HQ¶+DXVHVJHIlKU GHW (LQH ]ZHLWH *HOHJHQKHLW GLH 9HUELQGXQJ YRQ 5LFKWIHVW XQG 2WWLOLHV *HEXUWVWDJ VLHKW EHUHLWV (GXDUG XQG 2WWLOLH DOV |IIHQWOLFK DXIWUHWHQGHV 7DQ]SDDU (QWVFKHLGHQG LVW DEHU GDVV GLHVHV 'RSSHOHUHLJQLV PLW HLQHP GULWWHQHEHQIDOOVPLWHLQHUULWXDOlKQOLFKHQ+DQGOXQJ]XO|VHQGHQ3UREOHP HLQKHUJHKWHLQHP'DPPEUXFKXQGGHUVLFKGDUDXVHUJHEHQGHQ1RWZHQ GLJNHLW GHU /HEHQVUHWWXQJ HLQHV HUWULQNHQGHQ .QDEHQ 'RFK JOFNW GLH 9HUNQSIXQJGHV8Q]XVDPPHQKlQJHQGHQVHKUZRKOGLH)HLHUGHVDGHOL JHQ+DXVHVILQGHWLQGHU5HWWXQJGHVVFKXW]EHIRKOHQHQ+LQWHUVDVVHQVR JDUHLQH$UW6WHLJHUXQJ0RGHUQZlUHGHU9HUVXFKPHKUHUHVLQQWUDJHQGH +DQGOXQJHQ]XNRSSHOQXQGQDFKDX‰HQKLQRUGQXQJVI|UGHUQGGDU]XVWHO OHQPLWGHU/HEHQVUHWWXQJJHOLQJWGLHVQRFKHLQPDOGDGLHVHVHOEVWJHOLQJW 'HUPLVVOLQJHQGH7HLOEHVFKUlQNWVLFKDXIGDVRPLQ|VH+HLOEOHLEHQHLQHV DOV *OFNVYHUVSUHFKHQ GHP =HUEUHFKHQ DQKHLPJHJHEHQHQ *ODVHV  hEUL JHQVGLHQWGLHHLQJHVFKREHQH1RYHOOH'LH:XQGHUOLFKHQ1DFKEDUVNLQGHUXD GD]X HLQH .DXVDONHWWH ]ZLVFKHQ /HEHQVUHWWXQJ XQG VWDQGHVJHPl‰HP (KHULWXDO ]X LPSOL]LHUHQ GLH Å9HUPXPPXQJ´ :   LQ *HVWDOW GHV +RFK]HLWVNOHLGHVGDVGDVJHUHWWHWH0lGFKHQWUlJWLVWSO|W]OLFKÄHFKW¶XQG ]XPLQGHVWQDFKDX‰HQKLQVLHKWHVVRDXVDOVREGLH*DEHGHU/HEHQVUHW WXQJ XQG GDV 5LWXDO GHU )DPLOLHQVWLIWXQJ LQ HLQHP IUHLOLFK P\VWHUL|VHQ .DXVDO]XVDPPHQKDQJVWHKHQ 'LH :LHGHUKROEDUNHLW YRQ 5LWXDOHQ ZLH GHU *HEXUWVWDJVIHLHU GHU *UXQGVWHLQOHJXQJ XQG GHV 5LFKWIHVWV GHU 7DXIH XQG GHV %HJUlEQLVVHV EHVDJW]XPDOLPIDPLOLDOHQ=XVDPPHQKDQJGLH0|JOLFKNHLWHLQHU8PNHK



.DSLWHO

 UXQJ GHV =HLWSIHLOV LQ GHU 5FNEH]JOLFKNHLW RGHU DXFK LQ GHU EOR‰HQ :LHGHUKROEDUNHLW 'DKHU JHK|UHQ KLHUKHU DXFK GLH $NWH GHU /HEHQVUHW WXQJ GLH DOV V\PEROLVFKH :LHGHUJHEXUWVDNWH HEHQIDOOV HLQH NRQWLQJHQWH /LQHDULWlWGHU=HLWDX‰HU.UDIW]XVHW]HQYHUKHL‰HQ'LHVJHOLQJWEHNDQQW OLFK QDFKGHU5HWWXQJGHV.QDEHQGXUFKGHQ+DXSWPDQQXQGLPQDUUD WLYHQ 6\QWDJPD GHU /HEHQVUHWWXQJ LQ 'LHZXQGHUOLFKHQ1DFKEDUVNLQGHU  LP GULWWHQ XQG HQWVFKHLGHQGHQ )DOO EHLP .LQG 2WWR QLFKW PHKU 'HU 7RG GHV.LQGHVLVWHLQHNUXGQDWXUDOLVWLVFKH6]HQHYRUGHUGLHDGHOLJH/XVWDP 6SLHO2WWLOLHVP\WKLVFKH7RGHVVHKQVXFKWDEHUDXFKGHUPRGHUQH5DWLRQD OLVPXVGHV0HVVHQVXQG:lJHQVJOHLFKHUPD‰HQYHUVDJHQ'LHPLVVOLQJHQ GH /HEHQVUHWWXQJ VWLIWHW LP *HJHQVDW] ]X GHU EXQW PHKUGHXWLJHQ DEHU QRFK VHPDQWLVFK HLQKROEDUHQ 5LWXDOODQGVFKDIW GHV 5RPDQV NHLQHQ 6LQQ PHKULQ%H]XJDXIGDV3HUVRQDOGHU7H[WZHOWYLHOPHKUPXVVGLH6LQQOR VLJNHLWGHV(UHLJQLVVHVVHOEVWH[SRVWZHJJHGHXWHWZHUGHQHLQH$XIJDEH GLHGHU(U]lKOHUVWHOOYHUWUHWHQGIUGLH)LJXUHQEHUQLPPWLQGHPHUQXQ GHXWOLFKIDWDOLVWLVFKH7|QHDQVFKOlJWÅGDVHUVWH2SIHUHLQHVDKQGXQJVYRO OHQ 9HUKlQJQLVVHV´ :   LVW 2WWR JHZRUGHQ LKP IROJHQ 2WWLOLH XQG (GXDUG QDFK 1LFKW GLH VLQQVWLIWHQGH %HVWlWLJXQJ GHV .RQYHQWLRQHOOHQ JHVFKLHKWZLHLPULWXHOOHQ+DQGHOQEOLFKVRQGHUQGDVDOVVLQQORVHUIDK UHQH (UHLJQLV EHGDUI YLHOPHKU HLQHU EHUJUHLIHQGHQ P\WKLVFKHQ ZHQQ DXFKVLQQOHHUHQ Å9HUKlQJQLV´ (UNOlUXQJ  

$XIKHEXQJGHUgNRQRPLH"*HEHQXQG9HUJHXGHQ

 'LH6LJQDWXUGHV6FKHLWHUQVWUlJWGDV+DQGHOQGHU)LJXUHQEHVRQGHUVKLQ VLFKWOLFK GHU HLQVW VLQQVWLIWHQGHQ NRQYHQWLRQHOOHQ ELV ULWXHOOHQ +DQGOXQ JHQ'DV([SHULPHQWGHV5RPDQVEHVFKUlQNWVLFKMHGRFKQLFKWDXIGHUDU WLJHLQV/HHUHODXIHQGH$NWH=XU$XVWUHLEXQJGHV5LWXDOVJHVHOOWVLFKGLH $XVWUHLEXQJHLQHVDXIGHQ*HQXVVVLFKJUQGHQGHQXQGDXILKQDE]LHOHQ GHQ/HEHQV6SlWHVWHQVGLHYRQHLQHP:HEHUVFKHQ$VNHVHGHQNHQLQIL]LHU WHQ ,QWHUSUHWHQ GHV  -DKUKXQGHUWV QDKPHQ GLHVH $XVWUHLEXQJ YRU  %HLQDKH LQ 9HUJHVVHQKHLW JHULHW GDEHL GDVV GDV  -DKUKXQGHUW DOV HLQ Å+|KHSXQNWGHVDNWLYHQXQGSDVVLYHQ.XOWXUJHQXVVHVDQGHQ+|IHQXQG LQ GHQ 6WlGWHQ´ JHOWHQ GDUI ZREHL VRJDU 6WDQG XQG 1DWLRQDOLWlW ÅRIW PDOV´]XUFNWUDWHQXQGVRGLH7KHVH0LFKDHO1RUWKVÅHLQHHXURSDZHLWH ²²²²²²²²²²²²²  1RFK HLQPDO :HUQHU 6FKOLFN Å$QG XWLOLW\ FHUWDLQO\ QHYHU SOD\V WKH VOLJKWHVW SDUW LQ WKH SODQQLQJRIWKHQHZSDUN,QGHHGWKHSURMHFWVHUYHVQRÄXVHIXO¶SXUSRVHRWKHUWKDQWRJLYH WKHFKDUDFWHUVÄVRPHWKLQJWRGR¶>GLHVDEHUYRQPRGHUQHP:HEHU·VFKHQ'HQNHQKHU@WKDW LVWRFRPSHQVDWHIRUWKHDEVHQFHRIPHDQLQJIXOZRUNWROHVVHQWKHHQVXLQJERUHGRPRI VRPH RI WKH DULVWRFUDWLF SURWDJRQLVWV DQG WR IHHG WKHLU QHHG IRU *HQXVV´ 6FKOLFN0LGGOH &ODVV&ULWLTXH6 

 'DV(QGHGHV$GHOVGHQNHQ    NXOWXUHOOH,GHQWLWlW´HQWVWHKHQNRQQWH*HZLVVGLH.ULHJV]HLWQDFK GUIWHDXFKLQGHQ2EHUVFKLFKWHQGLH0|JOLFKNHLWHQGHV.RQVXPVUHGX ]LHUWKDEHQ.XU]VFKOVVLJZlUHHVMHGRFKLQGHU:HOWGHV5RPDQVEHUDOO QXU GLH 1HJDWLYIROLH EUJHUOLFKHU (UZHUEVDUEHLW VHKHQ ]X ZROOHQ 6LFKHU OLFKEHVFKUHLEWGHU5RPDQHLQHDXWDUNHKlXVOLFKHgNRQRPLH]XZHOFKHU GHU(KHYHUWUDJGDVÄ*DQ]H¶GHV5DXPVXQGGLHJXWVKHUUOLFKH6RXYHUlQLWlW JHK|UHQ HLQH gNRQRPLH GLH ZLH -RVHSK 9RJO IHVWVWHOOW LQ GHQ 6RJ YRQ Å'HUHJXOLHUXQJHQ´JHUlW 'RFKLVWGLH:HOWGHV/DQGDGHOVLQ*RHWKHV5RPDQQLFKWDXVVFKOLH‰ OLFK YRQ GHU 3URILWRULHQWLHUXQJ GHV KRPR RHFRQRPLFXV KHU ]X EHXUWHLOHQ HEHQVR ZHQLJ ZLH GHU OLWHUDULVFKH 7H[W GHU 0RGHUQH LP 7DXVFKZHUW GHV .RQVXPJXWHV%XFKDXIJHKW*OHLFKODXIHQGPLWHLQHU|NRQRPLVFKHQ0R GHUQLVLHUXQJUHLFKHQLQGLH0RGHUQHXQGELVLQGLH*HJHQZDUWKLQHLQDO WHUQDWLYHgNRQRPLHQGHQHQPDQQLFKWJHUHFKWZLUGPDUNLHUWPDQVLHDOV DQDFKURQLVWLVFKbKQOLFKZLHLPPHUZLHGHUYHUZDQGHOWHXQGPLWHLQDQGHU YHUZDQGWH 0\WKRORJLHQ XQG 0\WKRORJHPH ]XU 0RGHUQH JHK|UHQ ILQGHW HLQHgNRQRPLHGHU*DEHGHV*HQXVVHVXQGGHU9HUVFKZHQGXQJELV]XU 6HOEVWDXIJDEHLKUHQ3ODW]DXFKLQHLQHPUDWLRQDOHUVFKHLQHQGHQPRGHUQHQ |NRQRPLVFKHQ .UHLVODXI =ZHLIHOORV ]HLJHQ GLH :DKOYHUZDQGWVFKDIWHQ LQ NHLQHP)DOO:HJHLQGLH=XNXQIWDXIHVVLQGMXULVWLVFKHXQGQDWXUZLVVHQ VFKDIWOLFKH 5HJXODULWlWHQ XQG REHQGUHLQ GLH ÅDXWRUHJXODWLYH>Q@ '\QDPL NHQ´GLHNROODELHUHQ'RFKLVWGHU5RPDQNHLQHVZHJVGHU9RUVFKHLQGHV DP +RUL]RQW VFKRQ HUVFKHLQHQGHQ |NRQRPLVFKHQ 0HQVFKHQ HU ELHWHW QRFKHLQPDOHLQ)HXHUZHUNMHQHUDQGHUHQgNRQRPLN'LHVLFKLP5RPDQ DXVIDOWHQGHQ.RQWLQJHQ]HQVLQGZHGHUGXUFKDOWH2UGQXQJHQQRFKGXUFK HLQHQHXHgNRQRPLH]XEHZlOWLJHQ$XFKZHQQ9RJOGLH)LJXUGHV.QD EHQ/HQNHULP]ZHLWHQ7HLOGHV)DXVWGLHVLFKVHOEVWDOV9HUVFKZHQGXQJ DOV 3RHVLH NHQQ]HLFKQHW DOV 6XVSHQGLHUXQJ GLHVHU $OOHJRULH YHUVWHKHQ PXVVVRLVWHEHQGLHVHU.RQQH[YRQÄ9HUVFKZHQGXQJ¶XQGÄ3RHVLH¶DXFK DXV GHQ :DKOYHUZDQGWVFKDIWHQQLFKW ZHJ]XGHQNHQ 'HU KRPRRHFRQRPLFXV DP +RUL]RQW²GLHVLPSOL]LHUWHEHLVSLHOVZHLVHGLH9RUKHUVDJEDUNHLWPHQVFKOL FKHQ+DQGHOQVDOVRHWZDVZDVLQ*RHWKHV5RPDQJHUDGHGHPHQWLHUWZLUG :LOO PDQ YHUVXFKHQ GLH VSH]LILVFKH gNRQRPLN GHU 5RPDQILJXUHQ |NR QRPLHWKHRUHWLVFK LQ GHQ *ULII ]X EHNRPPHQ ELHWHW VLFK ZHLW PHKU GHU ,QVWLWXWLRQDOLVPXV YRQ 7KRUVWHLQ 9HEOHQV 7KHRULH GHU IHLQHQ /HXWH DQ GLH

²²²²²²²²²²²²²  1RUWK 0LFKDHO *HQX‰ XQG *OFN GHV /HEHQV .XOWXUNRQVXP LP =HLWDOWHU GHU $XINOlUXQJ .|OQ XD6XQG6  9RJO.DONO6  (EG6  9JOHEG6I²9JOHUQHXW]XGLHVHP7KHPHQNRPSOH[.DSLWHO



.DSLWHO

 'HQNXQG9HUKDOWHQVJHZRKQKHLWHQGHUSULYLOHJLHUWHQ0HQVFKHQLQ%H]XJ ]X:LUWVFKDIWVGDWHQVHW]W %HUHLWV DXI GHQ HUVWHQ 6HLWHQ IKUW (GXDUG DEZLHJHOQG |NRQRPLVFKH 0HWDSKRULN LQV *HVSUlFK GHU )LJXUHQ HLQ ZHQQ HU EHU VHLQH )UHXQG VFKDIWPLWGHP+DXSWPDQQVSULFKWÅ>:@LUVLQGXQVUH/HE]HLWEHUHLQDQ GHUZHFKVHOVHLWLJVRYLHOVFKXOGLJJHZRUGHQGD‰ZLUQLFKWEHUHFKQHQN|Q QHQZLHXQVHU&UHGLWXQG'HEHWVLFKJHJHQHLQDQGHUYHUKDOWH´ :  0LW GHU |NRQRPLVFKHQ 0HWDSKRULN ZLUG DEHU GDV |NRQRPLVFKH 'HQNHQ YHUDEVFKLHGHWRGHU]XPLQGHVWGRUWEHUHFKWLJWHUZHLVHLQ)UDJHJHVWHOOWZR HV XP GDV 3ULQ]LS GHU 6XEVLGLDULWlW JHKW )UHXQGVFKDIW XQG 9HU ZDQGWVFKDIW HU]ZLQJHQ RKQH GDVV KLHU YRQ /X[XV RGHU 9HUJHXGXQJ GLH 5HGHVHLQNDQQLQHLQHUDXISHUV|QOLFKH1HW]ZHUNHDQJHZLHVHQHQVR]LDOHQ *UXSSH GLH $XVNODPPHUXQJ MHJOLFKHQ *HGDQNHQV DQ *HZLQQ 'HU 9HU VXFKHLQHVÄJDQ]HQ¶'DVHLQVGHUHLQHUHSUlVHQWDWLYH/DQGVFKDIWVJHVWDOWXQJ HLQVFKOLH‰W LVW PLW GHU KDUWHQ $OWHUQDWLYH Å|NRQRPLVFKHV =ZHFNGHQ NHQ´YHUVXVÅLG\OOLVFKHV:HOWYHUKlOWQLV´QLFKWJOWLJ]XHUIDVVHQ(QWJH JHQlOWHUHQ/HVDUWHQGLHHLQHlVWKHWLVFKH XQGGDPLWKDUPRQLVFKYHUVWDQ GHQH  gNRQRPLH GHV 5RPDQV PLW VHLQHU ]ZHFNPl‰LJHQ $QODJH XQG 'XUFKIKUXQJ LGHQWLIL]LHUHQ NRQQWHQ  KDW GLH MQJHUH )RUVFKXQJ QXU DOO]XGHXWOLFKDXIGLHVXENXWDQHQ,QNRQVLVWHQ]HQGLHVHVOHGLJOLFKEHLREHU IOlFKOLFKHU/HNWUHLQVLFKDEJHUXQGHWVFKHLQHQGHQ5RPDQVKLQJHZLHVHQ 6RZHQLJGHUOLWHUDULVFKH7H[WHLQHUgNRQRPLHGHV=ZHFNUDWLRQDOHQGHV KDUPRQLVFK *HJOLHGHUWHQ RGHU GHV 9RUKHUVHKEDUHQ IROJW VR ZHQLJ GDV .XQVWVFK|QH LP PRGHUQHQ 5RPDQ DOVR KDUPRQLVFKH 9ROOHQGXQJ VHLQ NDQQ VR ZHQLJ OlVVW HU VLFK DOV SURSKHWLVFKHV :LVVHQ DOV :DUQXQJ YRU GHQ 0lQJHOQ HLQHU HLQVHLWLJ DOV gNRQRPLVLHUXQJ YHUVWDQGHQHQ 0RGHUQH OHVHQ $OV SRHWLVFKHV ([SHULPHQW LVW HU YLHOPHKU DXFK (USUREXQJ HLQHU ²²²²²²²²²²²²²  9JO ]XU $OWHUQDWLYH ÄKRPRRHFRQRPLFXV¶ YHUVXV Ä,QVWLWXWLRQDOLVPXV¶ GLH LQVWUXNWLYH YRONVZLUW VFKDIWOLFKH0RQRJUDSKLHYRQ%|KPHU5REHUW'HU*HLVWGHV.DSLWDOLVPXVXQGGHU$XIEDX2VW (LQHLQVWLWXWLRQDOLVWLVFKH$QDO\VHGHVKHPPHQGHQ(LQIOXVVHVYRQ'HQNJHZRKQKHLWHQXQG0HQWDOLWlWHQDXI GLH|NRQRPLVFKH(QWZLFNOXQJGHUQHXHQ%XQGHVOlQGHU²DXIGHU*UXQGODJHYRQ7KRUVWHLQ9HEOHQV5HJL PHRI6WDWXVXQG0D[:HEHUV*HLVWGHV.DSLWDOLVPXV'UHVGHQ6II²=XUZLUWVFKDIWV ZLVVHQVFKDIWOLFKHQ.ULWLNDQGHUHLQVHLWLJHQ)DYRULVLHUXQJGHVKRPRRHFRQRPLFXVVLHKHIROJHQ GH bX‰HUXQJ Å(V EHVWHKW NHLQH 9RUVWHOOXQJ PHKU  YRQ DQGHUHQ )RUPHQ GHV :LUWVFKDIWHQV:LUWVFKDIWVIRUPHQZLHGLH6XEVLVWHQ]ZLUWVFKDIWGDV6FKHQNHQV\VWHPIXQN WLRQDOH 9HUVFKZHQGXQJ RGHU YLHOIlOWLJH $OORNDWLRQVPRGL XQG 7DXVFKYHUKlOWQLVVH RKQH 0DUNWNRRUGLQDWLRQ ZHUGHQ LQ GHU ]HLWJHQ|VVLVFKHQ gNRQRPLN NDXP QRFK DOV OHJLWLPHV )RUVFKXQJVREMHNW DQHUNDQQW´ :H[ 7KRPDV ÅgNRQRPLN GHU 9HUVFKZHQGXQJ %DWDLOOHV $OOJHPHLQHgNRQRPLHXQGGLH:LUWVFKDIWVZLVVHQVFKDIW´LQ$QGUHDV+HW]HO3HWHU:LHFKHQV +UVJ *HRUJHV%DWDLOOH9RUUHGHQ]XUhEHUVFKUHLWXQJ:U]EXUJ6KLHU6   :HJPDQQ7DXVFKYHUKlOWQLVVH6  9JO 1HPHF )ULHGULFK 'LH gNRQRPLH GHU Å:DKOYHUZDQGWVFKDIWHQ´ 0QFKHQ  6 II 0QFKQHU*HUPDQLVWLVFKH%HLWUlJH 

 'DV(QGHGHV$GHOVGHQNHQ    gNRQRPLH GHU 8PZHJH GHU *DEH XQG GHU 9HUVFKZHQGXQJ 'HU /H EHQVUDXP GHV *XWVKRIHV LVW XQG EOHLEW QLFKW QXU HLQ 2UW GHU *HZLQQ RULHQWLHUXQJ'DVKHL‰WZLHJHVDJWQLFKWGDVV*HQXVVRULHQWLHUWHP+DQ GHOQ NHLQ 1XW]HQ LQQHZRKQHQ NDQQ ,P (LQ]HOQHQ VROO JH]HLJW ZHUGHQ ZLHWUDGLWLRQVVWDELOLVLHUHQGH3UDNWLNHQGHQQRFK]XP.ROODELHUHQGHV6\V WHPVIKUHQ (VLVWDOVRZLHGHUXPGLHgNRQRPLHPHWDSKRULNJHQDX]XOHVHQZHQQ (GXDUG ]XJXQVWHQ GHU 3DUNDQODJH HLQ ZHQLJ JHZLQQWUlFKWLJHV 9RUZHUN YHUNDXIHQ ZLOO ² GDPLW EULJHQV GXUFKDXV ]ZHFNUDWLRQDO KDQGHOW ² XQG KLQ]XVHW]W ÅVR JHQLH‰HQ ZLU YHUJQJOLFK DXI HLQHP XQVFKlW]EDUHQ 6SD ]LHUJDQJH GLH ,QWHUHVVHQ HLQHV ZRKODQJHOHJWHQ .DSLWDOV GD ZLU MHW]W PLW 0L‰PXWEHLOHW]WHU%HUHFKQXQJDP6FKOXVVHGHV-DKUVHLQHNPPHUOLFKH (LQQDKPH GDYRQ ]LHKHQ´ :   'LH ,QWHUHVVHQ GHU =LQV ]DKOW VLFK QLFKW QXU LP JHQXVVYROOHQ /HEHQ GHU 6SD]LHUJlQJHU DXV LQ HLQHP ÄXQ VFKlW]EDUHQ¶ HLQHP LQNDONXODEOHQ XQG LQWHUHVVHORVHQ :RKOJHIDOOHQ HU ZLUG VLFK DXFK LQ GHU XQDXVJHVSURFKHQHQ REMHNWLYHQ :HUWVWHLJHUXQJ GHV *XWHV EH]DKOW PDFKHQ GDV GXUFK GDV 9RUZHUN HKHU LQ GLH 9HUOXVW]RQH JHUDWHQNRQQWH(LQHUgNRQRPLHGHVNXU]IULVWLJHQILQDQ]LHOOHQ=XZDFKVHV VWHKW HLQH DQGHUH gNRQRPLN GHV V\PEROLVFKHQ .DSLWDOV JHJHQEHU GDV OlQJHUIULVWLJ DXFK LQ |NRQRPLVFKHV .DSLWDO NRQYHUWLHUEDU VHLQ ZLUG 'HQQRFKLVWQLFKWGDUDQ]X]ZHLIHOQGDVV(GXDUGHLQOHLFKWIHUWLJHU+DXV KlOWHU LVW GDVV HU GLH =XNXQIW GHV *XWV ]XPLQGHVW DXIV 6SLHO VHW]W DOVR WDWVlFKOLFK HLQ :DJQLV HLQJHKW LQGHP QDFK GHP 9HUNDXI GHV 9RUZHUNV VRJDU HLQH .UHGLWDXIQDKPH QRWZHQGLJ ZHUGHQ N|QQWH Å6LH EHUDWHQ VLFK XQG NRPPHQ EHUHLQ PDQ ZROOH GLH SODQPl‰LJHQ $UEHLWHQ OLHEHU VHOEVW EHVFKOHXQLJHQ]XGHP(QGH*HOGHUDXIQHKPHQXQG]XGHUHQ$EWUDJXQJ GLH=DKOXQJVWHUPLQHDQZHLVHQGLHYRP9RUZHUNVYHUNDXI]XUFNJHEOLHEHQ ZDUHQ´ : 'DVILQDQ]LHOOH5LVLNRLVWDEHUQLFKWPLWGHP5XLQJOHLFK ]XVHW]HQYLHOPHKUHUIlKUWGHU/HVHUEDOGEHUGHQ)RUWJDQJGLHVHU7UDQV DNWLRQHQ QLFKWV PHKU 'HU hEHUJDQJ ]XU *HOGZLUWVFKDIW LVW MHGHQIDOOV QLFKW PHKU DXI]XKDOWHQ VREDOG GLH DOWKHUJHEUDFKWHQ )URQGLHQVWH GHU %DXHUQGXUFK*HOGOHLVWXQJHQDEJHO|VWZHUGHQXQGGDVJHVFKLHKWHWZDLQ 3UHX‰HQEHUHLWVVHLWHLQLJHQ-DKUHQ 1HEHQ GHP *HQXVV XQG GHP *OFNGHV EOR‰HQ %HVLW]HQV GXUFK]LH KHQ GHQ 5RPDQ DXFK )LJXUHQ GHV EHUUHLFKHQ *HEHQV GHV 9HUVFKZHQ GHQVXQG9HU]HKUHQV$OV'XEOHWWHYHUN|USHUWGLHVH)LJXUHQGHU'DUVWHO OHUGHV%HOLVDULPHUVWHQGXUFK/XFLDQHLQV]HQLHUWHQWDEOHDXYLYDQW,P%LOG

²²²²²²²²²²²²²  9JOKLQJHJHQQRFKPDOV:HJPDQQÅ,Q*DUWHQEDXXQG1DWXUZLVVHQVFKDIWJHKWHVOHW]WOLFK XP .RQWUROOLHU XQG 6WHXHUEDUNHLW YRQ 1DWXU XP 7KHRULH XQG 3UD[LV LKUHU 2UJDQLVDWLRQ XQG5HJHOKDIWLJNHLW´ :HJPDQQ7DXVFKYHUKlOWQLVVH6   9JO'LHGHULFKVHQ8ZHÅ*RHWKHV:DKOYHUZDQGWVFKDIWHQ²DXFKHLQMXULVWLVFKHU5RPDQ"´LQ *RHWKH-DKUEXFK6KLHU6



.DSLWHO

 VHOEVWJHKWHVXPHLQH8QWHUZHUIXQJVJHVWHGHV9HUDUPWHQXQGGLH$OPR VHQSIOLFKW GHU 5HLFKHQ KLHU YRQ /XFLDQH GDUJHVWHOOW GLH ÅGDV UHLFKOLFKH $OPRVHQDXVHLQHP%HXWHOLQGLHIODFKH+DQG]lKOW´ : 'RFKXP JHNHKUW ELHWHW VLFK GLHVHU 'DUVWHOOHU DOV /XFLDQHV +RIKDOWXQJ &KDUORWWHV :LQWHUYRUUlWH ÅDXIJH]HKUW´ KDEHQ LQ ]ZHLGHXWLJHU :HLVH DOV *HEHU GDU GHUVHLQ9HUP|JHQXQGYLHOOHLFKWDXFKVLFKVHOEVWKLQ]XJHEHQEHUHLWLVW(U GHU ÅYRQ /XFLDQHQV 9RU]JHQ KLQJHULVVHQ´ LVW UXIW DXV Å.RPPHQ 6LH QXQXQG]HKUHQPLFKDXFKDXIXQGVRJHKHWHVGDQQZHLWHULQGHU5XQGH KHUXP´ : 2KQH)UDJHLVWHVQLFKW%HGUIWLJNHLWHKHUVFKRQ%HJHK UHQGDVMHQHQÅ(KUHQPDQQ´]XGLHVHP$QJHERWDQWUHLEW'RFKHULQQHUW GLHVH *DEH GLHVH 9HUDXV*DEXQJ DQ GLH 7UDGLWLRQ GHU QXU VFKHLQEDU VHOEVW]HUVW|UHULVFKHQ6SDUVLRGLHYHUVFKZHQGHULVFKH*DEHGHV+HUUVFKHUV DQ VHLQH 8QWHUWDQHQ DOV GDV 6LJQXP NXOWXUHOOHU 6SlW]HLW -HDQ 6WDURELQVNL KDW LQ VHLQHP %XFK *XWH*DEHQVFKOLPPH*DEHQGLHVHQ 7\S GHU *DEH DOV Å$UFKHW\S GHV 9HUKDOWHQV´ JHNHQQ]HLFKQHW'DPLW ELHWHW VLFK DEHU GLH 7KHVH DQ *RHWKHV 5RPDQ YHUKDQGOH LQ PHKUHUHQ MH XQWHUVFKLHGOLFKHQ .RQVWHOODWLRQHQ GLH LQ GLH 0RGHUQH KLQHLQUDJHQGH .XOWXU GHV *DEHQ WDXVFKV 6FKRQ0DUFHO 0DXVV GHU %HJUQGHUGHU HWKQRORJLVFKHQ *DEHQWKHR ULHKRE KHUYRU GDVV QLFKW QXU LQ DUFKDLVFKHQ .XOWXUHQ VRQGHUQ DXFK XQWHU GHQ %HGLQJXQJHQ GHU 0RGHUQH ]ZLVFKHQPHQVFKOLFKH %H]LHKXQJHQ LP$XVWDXVFKYRQ*DEHXQG*HJHQJDEHDEODXIHQ(QWVFKHLGHQGVLQGGLH 9HUSIOLFKWXQJ]XU*DEHGLH]XU$QQDKPHXQGGLH]XU*HJHQJDEHZREHL HLQH'RSSHOXQJYRQ0DWHULDOLWlWXQG6\PEROLNYRQÄ'LQJ¶XQG=HLFKHQ FKDUDNWHULVWLVFKLVWÄ*HEHQ¶VHW]WDOVRHLQHGXUFK9HUSIOLFKWXQJLQGX]LHUWH .HWWH²RGHUMHQDFK=HLWEHJULIIXQG3HUVSHNWLYHHLQHQ.UHLVODXI²YRQ ²²²²²²²²²²²²²  6WDURELQVNL-HDQ*XWH*DEHQVFKOLPPH*DEHQ'LH$PELYDOHQ]VR]LDOHU*HVWHQ)UDQNIXUWD0 6  9JO 0DXVV 0DUFHO 'LH *DEH )RUP XQG )XQNWLRQ GHV $XVWDXVFKV LQ DUFKDLVFKHQ *HVHOOVFKDIWHQ )UDQNIXUW D 0  =X *DEHQVWUXNWXUHQ LQ 0DXVV· *HJHQZDUW YJO HEG 6  ² (LQHQHXHUH'HEDWWHEDVLHUWYRUDOOHPDXI-DFTXHV'HUULGDV(LQZDQGLQ)DOVFKJHOG=HLWJHEHQ ,0QFKHQ9JOGD]X:HW]HO0LFKDHOXD +UVJ (WKLNGHU*DEH'HQNHQQDFK-DF TXHV'HUULGD%HUOLQ²6RZLH6WDURELQVNL*DEHQ²9JOGDQQGLHZHLWHUH$XVGLIIHUHQ ]LHUXQJ LQ GLYHUVHQ ZLVVHQVFKDIWOLFKHQ 'LV]LSOLQHQ :DJQHU+DVHO %HDWH 'HU6WRIIGHU*D EHQ .XOWXU XQG 3ROLWLN GHV 6FKHQNHQV XQG 7DXVFKHQV LP DUFKDLVFKHQ *ULHFKHQODQG )UDQNIXUW D01HZGLH*DEHQ-6@GLH)RUPGHV*HVFKHQNVDQGHVJUR‰ ]JLJGDUJHERWHQHQ3UlVHQWVVHOEVWGDQQZHQQGLH*HVWHGLHGLHhEHUJDEHEH JOHLWHW QXU )LNWLRQ )RUPDOLVPXV XQG VR]LDOH /JH LVW XQG HV LP *UXQGH XP =ZDQJXQGZLUWVFKDIWOLFKH,QWHUHVVHQJHKW

(V UHVXOWLHUW HLQH DPELYDOHQWH PHQVFKOLFKH %H]LHKXQJ ]ZLVFKHQ RIIHQHU 6ROLGDULWlWXQG PLWXQWHU YHUGHFNWHU+LHUDUFKLVLHUXQJ 'DV*HEHQVWHOOWDQVFKHLQHQG]XJOHLFKHU=HLWHLQHGRSSHOWH%H]LHKXQJ]ZLVFKHQ GHPGHUJLEWXQGGHPGHUDQQLPPWKHU(LQH%H]LHKXQJGHU6ROLGDULWlWGDGHU MHQLJHZHOFKHUJLEWGDVZDVHUKDWMDVRJDUGDVZDVHULVWPLWGHPMHQLJHQWHLOW ZHOFKHP HU JLEW XQG HLQH %H]LHKXQJ GHU 6XSHULRULWlW GD GHUMHQLJH ZHOFKHU GLH *DEHHPSIlQJWXQGVLHDQQLPPWVLFKJHJHQEHUGHPMHQLJHQGHULKPHWZDVJH JHEHQKDWLQHLQH6FKXOGEHJLEW>'HU(PSIlQJHU@EHILQGHWVLFKDOVRELV]XHLQHP JHZLVVHQ *UDGH LQ HLQHU $EKlQJLJNHLW >YRP *HEHU@ ]XPLQGHVW IU GLH JHVDPWH =HLWLQGHUHUGDVZDVPDQLKPJDEQLFKWHUZLGHUWKDW

'LH EHGHXWHQGVWH 4XHOOH IU GLH 8QWHUVXFKXQJ 0DXVV¶ LVW GDV :HUN GHV (WKQRORJHQ%URQLVODZ0DOLQRZVNLGHUEHUGLH7DXVFKSUD[LVGHVNXODEHL GHQ$UJRQDXWHQGHVZHVWOLFKHQ3D]LILNVRGHU%XFKWLWHOGHQ(LQJHERUHQHQGHU 7UREULDQG,QVHOQ EHULFKWHW ² GRFK HUVW 0DXVV PDFKW DXV 0DOLQRZVNLV %HREDFKWXQJHQHLQH7KHRULH6FKRQ0DOLQRZVNLEHOHXFKWHWGLHSHUIRUPD WLYH)XQNWLRQGHU6SUHFKDNWHZHOFKHGLHVR]LDOHQ3UDNWLNHQGHUYRQLKP HUIRUVFKWHQ (LQJHERUHQHQNXOWXUHQ EHJOHLWHQ HV KDQGOH VLFK X D GDUXP Å=ZHFNHQHLQHVJHPHLQVDPHQ+DQGHOQV]XGLHQHQRGHU%DQGHUHLQVR]LD OHU *HPHLQVFKDIW KHU]XVWHOOHQ´ (U SUlJW GDEHL GHQ %HJULII GHU ÄSKDWL VFKHQ.RPPXQLRQ¶DOVRHLQHULP6SUHFKDNWVLFKYROO]LHKHQGHQ*HPHLQ VFKDIW ÅHLQH $UW GHU 5HGH EHL GHU GXUFK GHQ EOR‰HQ $XVWDXVFK YRQ :|UWHUQ%DQGHGHU*HPHLQVDPNHLWJHVFKDIIHQZHUGHQ´ (LQH VLFK HQWZLFNHOQGH ]LUNXOlUH 3HUIRUPDQ] GHU HLQ TXDVL PHWDSK\VLVFKHU.HUQ]XJHVFKULHEHQZLUG ÄGHU*HEHQGHJLEWVLFKVHOEVW¶  DXIGHQHVZLHGHUXPEHVRQGHUVDQNRPPWLVWHWZDDXFKLQGHPJHUHJHOWHQ $XVWDXVFKDXI(GXDUGV*XWZLHGHUHUNHQQEDUHLQHP7DXVFKVSUDFKOLFKHU XQG PDWHULDOHU =HLFKHQ GHU QDFKJHUDGH GLHVH )XQNWLRQ GHU SKDWLVFKHQ .RPPXQLRQEHVLW]WDXIGLHVLFKLPEULJHQGHU0DOLQRZVNL/HVHU5RPDQ -DNREVRQ PLW VHLQHP %HJULII GHU ÄSKDWLVFKHQ )XQNWLRQ¶ GHU 6SUDFKH EH ²²²²²²²²²²²²²  0DXVV*DEH6  *RGHOLHU0DXULFH'DV5lWVHOGHU*DEH*HOG*HVFKHQNHKHLOLJH2EMHNWH0QFKHQ6  0DOLQRZVNL%URQLVODZÅ'DV3UREOHPGHU%HGHXWXQJLQSULPLWLYHQ6SUDFKHQ´LQ&KDUOHV .2JGHQXD +UVJ 'LH%HGHXWXQJGHU%HGHXWXQJ(LQH8QWHUVXFKXQJEHUGHQ(LQIOX‰GHU6SUD FKHDXIGDV'HQNHQXQGEHUGLH:LVVHQVFKDIWGHV6\PEROLVLHUHQV)UDQNIXUWD06 KLHU 6  ² 'HQ =XVDPPHQKDQJ ]XU *DEHQWKHRULH VWHOOW -DQD 0DQJROG KHU YJO 0DQ JROG0HGLHQ6II  0DOLQRZVNL.|QLJ6



.DSLWHO

 ]LHKW'HU 7DXVFK YRQ 5HGH XQG *HVFKHQNHQ EHVFKUHLEW SHUIRUPDWLYH $NWH JHJHQVHLWLJHU =XZHQGXQJ GLH LQ GHU hEHUIOXVVJHVHOOVFKDIW DXI (GXDUGV *XW LQIRUPDWRULVFKH %HGUIQLVVH ZLH DXFK VROFKH GHV WlJOLFKHQ %HGDUIVEHUVWHLJHQ Ä3KDWLVFKH.RPPXQLRQ¶EHVLW]WHLQHGRSSHOWH)XQN WLRQGHVÄ6R]LDOHQ¶²HLQHSULPl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

'HU$GHOLJHPXVVWUDGLWLRQHOOHUZHLVH*DEHQVSHQGHQXQGGDUIGDIU(KU HUELHWXQJ HQWJHJHQQHKPHQ GDV ELV KHXWH LQ DGHOLJHQ .UHLVHQ YHUEUHLWHWH NDULWDWLYH(QJDJHPHQWZDUXQGLVWÄPRGHUQHU¶$XVGUXFNGLHVHUWUDGLWLRQV UHLFKHQ NXOWXUHOOHQ 9HUSIOLFKWXQJ *RHWKHV 5RPDQ HU]lKOW YRQ HLQHP UHJHQ*DEHQDXVWDXVFKGDQQDEHUDXFKYRP6FKHLWHUQGLHVHU*DEHQSUD[LV GDVGHU/HVHUQXUYHUVWHKWZHQQHUYRQHLQHPDOO]XPRGHUQHQ|NRQRPL VFKHQ'HQNHQLPREHQDXVJHIKUWHQ6LQQDEVLHKW'DV6FKHLWHUQUHVXOWLHUW DEHUDXVGHPhEHUPD‰GHU$XWRPDWLVLHUXQJXQGGHU9HUZHLJHUXQJ Ä*HEHQ¶ DOV 9HUSIOLFKWXQJ GHV 9RUQHKPHQ ² GD]X JHK|UW ]XQlFKVW GLHVVHLWVDOOHUÄ$UEHLW¶HLQÄ:LUNHQ¶DXFKIUHLQDQGHU'DV=XVDPPHQOHEHQ (GXDUGV XQG &KDUORWWHV LVW HLQ VROFKHU SHUPDQHQWHU $XVWDXVFK *DVW IUHXQGVFKDIWXQG$OPRVHQSUD[LVJHK|UHQGD]X$EHUDXFKGDV%HJHKUHQ (GXDUGV PDQLIHVWLHUW VLFK LQ HLQHP 'UDQJ VLFK GDV EHJHKUWH 2EMHNW JH EHQGDQ]XHLJQHQÅ:LHHUVLFK2WWLOLHQ]X]XHLJQHQEHJHKUWHVRNDQQWHHU DXFK NHLQ 0D‰ GHV +LQJHEHQV 6FKHQNHQV 9HUVSUHFKHQV´ :   =X QlFKVWDEHULVWGLHTXDVLDGRSWLYH(UZHLWHUXQJGHU=ZHLVDPNHLWGHV(KH SDDUVDXFKVWDQGHVJHPl‰H*DEHQSUD[LV%HLGHQ(LQJHODGHQHQPDQJHOWHV DP(UEHYRQ2WWLOLHZLVVHQZLUHVYRP+DXSWPDQQN|QQHQZLUHVYHU PXWHQGHQQHVZDUHQYRUZLHJHQGGLHQDFKJHERUHQHQQLFKWHUEEHUHFKWLJ WHQ 6|KQH GHV $GHOV ZHOFKH GLH 2IIL]LHUVODXIEDKQ HLQVFKOXJHQ 'RFK DXFK GLHVH PXVVWH GHU +DXSWPDQQ YHUODVVHQ XQG LVW QXQ HLQ EHGUIWLJHU $UEHLWVORVHU (QWVFKHLGHQG LVW GDVV WHLOV GHU +DXSWPDQQ PDVVLY DEHU GDQQ 2WWLOLH GLHVHQ *DEHQNUHLVODXI ]X XQWHUPLQLHUHQ VXFKW 'HU +DXSW ²²²²²²²²²²²²²  9JO0DQJROG0HGLHQ6  (EG6  9JO 6FKLOOHU 5LWWHUJXW 6 I 9RQ GHQ ]ZLVFKHQ  XQG  DXV GHU SUHX‰LVFKHQ $UPHH DXVJHVFKLHGHQHQ 2IIL]LHUHQ YRQ EUDQGHQEXUJLVFKHP /DQGDGHO KDWWHQ  ]XOHW]W GHQ'LHQVWJUDG/HXWQDQWRGHU+DXSWPDQQZXUGHQDOV0DMRUYHUDEVFKLHGHW

 'DV(QGHGHV$GHOVGHQNHQ    PDQQVHW]WVLFKIUHLQH$QRQ\PLVLHUXQJXQG$XWRPDWLVLHUXQJGHU$OPR VHQSUD[LVHLQGLHELVKHUDXISHUV|QOLFKHP.RQWDNWXQGDXIGHU.RPPX QLNDWLRQ ]ZLVFKHQ *XWVKHUUQ XQG %HGUIWLJHP EHUXKWH GHUHQ *HJHQVHL WLJNHLW DOVR DXFK EHLGHQ %HWHLOLJWHQ XQPLWWHOEDU JHZLVV ZHUGHQ PXVVWH :lKUHQG GHU +DXSWPDQQ GDV $OPRVHQXQG DXFK HLQH DXI /HEHQVUHW WXQJHQ JHULFKWHWH 1RWIDOOYRUVRUJH  JOHLFKVDP YHUUHFKWOLFKHQ XQG |NR QRPLVFKHUPDFKHQYRQGHUSHUV|QOLFKHQ%H]LHKXQJDEHUDEO|VHQZLOO VHW]W2WWLOLHHKHUJHJHQVlW]OLFKKLHU]XGHUJlQJLJHQ*DEHQZLHDXFKGHU .RPPXQLNDWLRQVSUD[LV ² GLH MD GDV 3KDWLVFKH JHPHLQVDP KDEHQ ² GLH 9HUZHLJHUXQJVFKOLH‰OLFKGDV6FKZHLJHQHQWJHJHQ+DWWHVFKRQGLH6FK OHULQGLH*DEHGHV(VVHQVPLWXQWHUVHKUVSlUOLFKDQJHQRPPHQYHUKlOWVLH VLFKDOV(GXDUGV*DVWDQJHVLFKWVYRQGHVVHQEHUVFKZlQJOLFKHQ*HEXUWV WDJVJHVFKHQNHQODQJH=HLWDEOHKQHQGVRDN]HSWLHUWVLHGLH*HVFKHQNHGHV .RIIHUVHUVWQDFKGHUHQGJOWLJHQ=XUFNZHLVXQJ(GXDUGVDOVIHWLVFKLVWL VFKHQ(UVDW]GHV*HOLHEWHQ 'LH/HEHQVUHWWXQJHQOHVHQVLFKLQGLHVHP=XVDPPHQKDQJDOVULWXHOOH $NWHLQGHQHQÄGDV/HEHQJHJHEHQ¶ZLUG$XIGHU%DVLVDOOJHPHLQHQNXOWX UHOOHQ :LVVHQV XP HLQH +DQGOXQJVDQIRUGHUXQJ EHGDUI HV GHV ULWWHUOLFKHQ 0XWHV GHV (LQ]HOQHQ XP GHUDUWLJH GXUFKDXV NRQYHQWLRQHOOH *HEUDXFKV IRUPHQ VR]LDOHQ +DQGHOQV P|JOLFKVW QDFK DX‰HQ KLQ UHSUlVHQWDWLY LQV :HUN ]X VHW]HQ 'HU +DXSWPDQQ DOV HUIDKUHQHU /HEHQVUHWWHU LVW HLQ VRO FKHU Ä5LWWHU¶ 2WWLOLH IlOOW ZLHGHUXP DXV GHP 5DKPHQ VLH NDQQ ZHGHU QHKPHQQRFKJHEHQ,QGHPVLHHVYHUVlXPWDOV5HWWHULQGHP.LQG2WWR GDV/HEHQ]XÄJHEHQ¶YHUVSLHOWVLHGLHHQWVFKHLGHQGHXQGDQJHVLFKWVYRQ

²²²²²²²²²²²²²  (V KDQGOH VLFK VR :HOOEHU\ XP ÅHLQH NOXJH 6WUDWHJLH GLH HLQHUVHLWV GLH %HWWOHU DXV GHP 'RUI HQWIHUQW DQGHUHUVHLWV GHQ $NW GHV *HEHQV LQVWLWXWLRQDOLVLHUW´ :HOOEHU\ :DKOYHU ZDQGWVFKDIWHQ6   Å'DPDQDXFKGLHJHZ|KQOLFKHQXQGGHPXQJHDFKWHWQXU]XRIWEHUUDVFKHQGHQ1RWIlOOH GXUFKGDFKWH VR ZXUGH DOOHV ZDV ]XU 5HWWXQJ GHU (UWUXQNHQHQ Q|WLJ VHLQ P|FKWH XP VR PHKUDQJHVFKDIIWDOVEHLGHU1lKHVRPDQFKHU7HLFKH*HZlVVHUXQG:DVVHUZHUNH|IWHUV HLQXQGGHUDQGUH8QIDOOGLHVHU$UWYRUNDP´ : $XFKGDVLVWPRGHUQHV$XVVFKOLH‰HQ DOOHV7|GOLFKHQ/HEHQVJHIlKUOLFKHQ GDVGDQQDEHULP([]H‰XQGLP0RPHQWGHU8QDFKW VDPNHLWZLHGHUNHKUW ZHQQ&KDUORWWHDQDORJLP+DXVVXFKWÅDOOHV6FKlGOLFKHDOOHV7|GOL FKH]XHQWIHUQHQ´ :   'LH YRQ (GXDUG QRFK LQ GHU SHUV|QOLFKHQ %HJHJQXQJ DXVJHEWH $OPRVHQSUD[LV ² GLH NODVVLVFKH(SLVWHPHGHU5HSUlVHQWDWLRQVHW]WDXIGDVSHUV|QOLFKH*HJHQEHU²VRN|QQWH PDQ LKQ NULWLVLHUHQ ZLUG YRQ LKP QDU]LVVWLVFK JHZHQGHW DOV 2FFDVLR GHU 6HOEVWEHVSLHJH OXQJ$OVHUQDFKGHP9HUOXVW2WWLOLHVLQGHUHQ$QZHVHQKHLWHUHLQHQ%HWWOHUEHVFKHQNWH GLHVHQZLHGHUVLHKWYHUJOHLFKWHUXPVWDQGVORVGLHEHLGHQLQ)UDJHVWHKHQGHQ7DXVFKEH]LH KXQJHQEHNODJWGHQHLJHQHQ9HUOXVW GHQ9HUOXVWMHQHUGLHHUQLHEHVHVVHQKDWWH XQGEH QHLGHWGHQ%HWWOHUXPGLH*DEHGLHHUDOVVLFKHUHQ%HVLW]QDFKZLHYRUYHU]HKUHQNDQQÅ2 GX %HQHLGHQVZHUWHU ULHI HU DXV GX NDQQVW QRFK DP JHVWULJHQ $OPRVHQ ]HKUHQ XQG LFK QLFKWPHKUDPJHVWULJHQ*OFNH´ : 'LH*DEHVHOEVWDEHUZDUQLFKWVHOEVWYHUVWlQGOL FKH9HUSIOLFKWXQJVRQGHUQ:HLWHU*DEHGHVHLJHQHQPRPHQWDQHQ*OFNVÅ(UKlWWHMHGHQ JHUQJOFNOLFKJHPDFKWGDVHLQ*OFNRKQH*UHQ]HQVFKLHQ´ : 



.DSLWHO

 &KDUORWWHV $OWHU ZRKO OHW]WH &KDQFH ]XU )RUW]HXJXQJ YRQ (GXDUGV *H VFKOHFKW'DVPRGHUQH6XEMHNW2WWLOLHGHILQLHUWVLFKZHGHUEHUHLQH(WKLN GHU *DEH QRFK EHU NRQYHQWLRQHOOH .RQYHUVDWLRQ VLH lX‰HUW VLFK DOOHU GLQJVPHKUVHQWHQ]HQKDIWDOVLQGLYLGXHOOXQGLQWURVSHNWLY LP7DJHEXFK VFKUHLEHQVLH JHKW DXI LQ LKUHU/HLVWXQJVHWKLN XQG VLHQHLJW ]XUVR]LDOHQ $EVFKOLH‰XQJ²DXFKLKUHP\WKLVFKH)LJXUDGLHKHLOLJH0DULDLVWJDQ]%LOG QLFKW.RPPXQL]LHUHQGHRGHU*HEHQGHQLFKW]XOHW]WLQGHPVLHGHP]XP -HVXVNLQGVWLOLVLHUWHQ2WWRGDV/HEHQQLFKWJLEWVRQGHUQVHLQHQ7RGQLFKW ]XYHUKLQGHUQZHL‰ (LQH GULWWH GHQ ]\NOLVFKHQ $EODXI VW|UHQGH )LJXU LVW /XFLDQH GHUHQ *DEHQH[]HVV HLQH YRP (U]lKOHU RIIHQEDU QLFKW JHELOOLJWH NDULNDWXUKDIWH hEHUWUHLEXQJ K|ILVFKHU *DEHQSUD[LV GDUVWHOOW  'LH 0HWDSKHU YRP ÅEUHQQHQGH>Q@ .RPHWHQNHUQ GHU HLQHQ ODQJHQ 6FKZHLI QDFKVLFK ]LHKW´ : ]LHOWDXIHLQH9HUDXVJDEXQJELV]XPOHW]WHQGOLFKHQ(QHUJLHYHUOXVW DE ELV ]XU $XI]HKUXQJ DQGHUHU XQG LKUHUVHOEVW'D]X]lKOW LKUH JHZDOW VDP ]X QHQQHQGH DXIGULQJOLFKH :RKOWlWLJNHLW LQ GHU VLH ODXW (U]lKOHU ÅJDQ]JUDXVDP´LVW :  (LQ([]HVVGHU*DEHXQGRIIHQEDUOXVWYROOHU$QVDW]]XU6HOEVW]HUVW| UXQJ WULWW EHL /XFLDQH DQ GLH 2EHUIOlFKH ZR VLH ]XPLQGHVW WKHDWUDOLVFK LQQHUKDOELKUHVÅ+RIVWDDW>HV@´GLHJHJHEHQHQ(LJHQWXPVYHUKlOWQLVVHJlQ] OLFKXQWHUOlXIWXQGLJQRULHUW VRVFKLHQVLHQLFKWVHLJHQHV]XEHVLW]HQXQGGHQ:HUWGHU'LQJHQLFKW]XNHQQHQ GLH VLFK XP VLH JHKlXIW KDWWHQ 6R ]DXGHUWH VLH QLFKW HLQHQ $XJHQEOLFN HLQHQ NRVWEDUHQ6KDZODE]XQHKPHQXQGLKQHLQHP)UDXHQ]LPPHUXP]XKlQJHQGDVLKU JHJHQGLHEULJHQ]XlUPOLFKJHNOHLGHWVFKLHQXQGVLHWDWGDVDXIHLQHVRQHFNL VFKHJHVFKLFNWH:HLVHGD‰1LHPDQGHLQHVROFKH*DEHDEOHKQHQNRQQWH : 

(LQHP VROFKHQ *DEHQH[]HVV YHUIlOOW VFKOLH‰OLFK GHU OlQJVW VFKRQ ]XYLHO JHEHQGH (GXDUG DOV HU HLQHQ )UDXHQWDXVFK YRUVFKOlJW ² LQ DUFKDLVFKHQ .XOWXUHQ GXUFKDXV HLQH JlQJLJH 3UD[LV  ,QGHVVHQ KDQGHOW HV VLFK XP 7DXVFKREMHNWH ZHOFKH GLH 7DXVFKSDUWQHU JDU QLFKW EHVLW]HQ YRQ GHQHQ VLHDOOHQIDOOVEHVHVVHQVLQG'LH0HWDSKRULNGHVgNRQRPLVFKHQ =LQVXQG 6FKXOG GHXWHWMHGRFKHLQHQPRGHUQHQ$XWRPDWLVPXVHLQHPHKUDOVNXO WXUHOOHYLHOPHKUEHVLW]UHFKWOLFKH9HUSIOLFKWXQJ]XJHEHQXQG]XQHKPHQ DQ(GXDUGVFKOlJWDOVRYRU :HQQLFKGLUHWZDVVFKXOGLJJHZRUGHQVRNRPPHLFKMHW]WLQGHQ)DOOGLUHVPLW =LQVHQ DE]XWUDJHQ ZHQQ GX PLU MH HWZDV VFKXOGLJ JHZRUGHQ VR VLHKVW GX GLFK

²²²²²²²²²²²²²  9JO7KRPDV:HJPDQQÅ3HUVRQLIL]LHUWGLH]XP*HQX‰XQIlKLJH2WWLOLHGDV3ULQ]LSVlNX ODUHU9HUNQDSSXQJXQGUHOLJL|VHU,GROLVLHUXQJELVKLQ]XP2SIHUVWHKW/XFLDQHIUVlNXOD UH/XVWDQ9HUVFKZHQGXQJXQG9HUDXVJDEXQJ%HLGH3KlQRPHQHVLQG]ZDU.HQQ]HLFKHQ YRUPRQHWlUHU7DXVFKRUGQXQJHQGHUHQ3URGXNWLYLWlWVLFKQLFKWUHFKQHQOl‰WGLHDEHUJH UDGHLQ=HLWHQXELTXLWlUHU*HOG]LUNXODWLRQDOVGDVDQGHUHGHU3URGXNWLYLWlWHLQHQHXH)DV]L QDWLRQHUIDKUHQ´ :HJPDQQ7DXVFKYHUKlOWQLVVH6   9JO0DXVV*DEH6





'DV(QGHGHV$GHOVGHQNHQ





QXQLP6WDQGHPLUHV]XYHUJHOWHQ,FKZHL‰GXOLHEVW&KDUORWWHQ>«@1LPPVLH YRQPHLQHU+DQGIKUHPLU2WWLOLHQ]X : 

(LQVROFKHU0HFKDQLVPXVLVWQXQ(GXDUGV:XQVFKYRUVWHOOXQJGRFKOlVVW VLFKGHU+DXSWPDQQDXIVROFKÅKRKH>@*DEHQ´QLFKWHLQ²PLWGHP9HU ZHLVDXIHLQYRQ(GXDUGOlQJVWYHUJHVVHQHV3ULQ]LSGDVGHUÅ(KUH]ZHLHU 0lQQHU´%HLQDKHZlUHGHU'LDORJGHUEHLGHQ)UHXQGHQXUQRFKHLQÅ*H VFKlIWVJDQJ´JHZRUGHQXQGHVLVWGHUMHQLJH*DVWZHOFKHUGDV*HVFKlIWV Pl‰LJHLQ(GXDUGV*XWVEHWULHEHLQJHIKUWKDWWHGHUQXQLQHLQHUVSlWHQ 3DVVDJHGHV5RPDQVDQGDVVWlQGLVFKH(KUJHIKO]XHULQQHUQZDJW (LQ DQGHUHU %HOHJ IU (GXDUGV QXQ SO|W]OLFK GRFK |NRQRPLVFKHV 'HQNHQ LVW GHU .DXI GHV XQ]HUVW|UW EOHLEHQGHQ .HOFKJODVHV (GXDUG KDW GXUFKDXVJHOHUQWVLFKGHUQHXHQ7DXVFKORJLNDQ]XSDVVHQGLHÅQLFKWPHKU DQ GHU gNRQRPLH GHV JDQ]HQ +DXVHV VRQGHUQ DQ GHU =LUNXODWLRQ GHU :DUHQ RULHQWLHUW LVW´  (U NDXIW QlPOLFK GDV .HOFKJODV GDV DQJHEOLFK EHLGHU,QLWLDOHQHQWKlOWQDFKGHPHVÅGHUULWXDOLVLHUWHQ9HUVFKZHQGXQJ´ EHLP$NWGHU*UXQGVWHLQOHJXQJHQWJDQJHQZDUXPLQGHPKHLOJHEOLHEH QHQ *ODV GDV 9RU]HLFKHQ HLQHU NQIWLJHQ 9HUELQGXQJ VHKHQ ]X N|QQHQ 'RFKNDQQHLQHJOFNHQGH/LHEHVEH]LHKXQJHEHQQLFKWGXUFKHLQHQ.DXI DNW KHUEHLJHIKUW ZHUGHQ VR ZHQLJ ZLH LP WUDGLWLRQHOOHQ 5DKPHQ GHU *DEHGXUFKEHUUHLFKH*HEXUWVWDJVJHVFKHQNH 'LH EHVFKULHEHQHQ 3UDNWLNHQ KDW XP GLH YRUOHW]WH-DKUKXQGHUWZHQGH GHUDPHULNDQLVFKHgNRQRP7KRUVWHLQ9HEOHQLQVHLQHU7KHRU\RIWKHOHLVXUH FODVVDOV QRWZHQGLJH NXOWXUHOOH 6HOEVWYHUVWlQGLJXQJVSUDNWLNHQ WUDGLWLRQDOHU XQG PRGHUQHU (OLWHQ DQDO\VLHUW 'RFK EHUHLWV LQ GHU gNRQRPLN GHV  -DKUKXQGHUWVKDWWHHV/X[XVWKHRULHQJHJHEHQPDQZLUGVLHPLWGHUKHXWH RIW JHlX‰HUWHQ $XIIDVVXQJ HLQHU YRONVZLUWVFKDIWOLFKHQ 1RWZHQGLJNHLW PD[LPDOHQ.RQVXPLHUHQVGHU9HUEUDXFKHULQ9HUELQGXQJEULQJHQGUIHQ hEHUIOXVVVHLGLH%HGLQJXQJGDIUGDVVÅ5HLFKWPHULQ8PODXIJHEUDFKW XQG $XVWDXVFKSUR]HVVH EHVFKOHXQLJW ZHUGHQ N|QQHQ´  6FKRQ GDPDOV HUNDQQWH PDQ GHQ GXUFKDXV DXFK |NRQRPLVFKHQ 1XW]HQ GHV /X[XV GLH Å3DUDGR[LH HLQHV QRWZHQGLJHQ hEHUIOXVVHV´ /DXW 9HEOHQ JHKW HV EH VRQGHUVXPGDV=XUVFKDXVWHOOHQYRQ5HLFKWXPÅ>1@RWRQO\GRHVWKHHYL GHQFHRIZHDOWKVHUYHWRLPSUHVVRQH·VLPSRUWDQFHRQRWKHUVDQGWRNHHS WKHLUVHQVHRIKLVLPSRUWDQFHDOLYHDQGDOHUWEXWLWLVRIVFDUFHO\OHVVXVHLQ EXLOGLQJ XS DQG SUHVHUYLQJ RQH·V VHOIFRPSODFHQF\´*DQ] XQDEKlQJLJ YRQ GHU Ä:LUWVFKDIWOLFKNHLW¶ GHV /HEHQVVWLOV NRPPW HV GDUDXI DQ GXUFK QDFK DX‰HQ JHULFKWHWHV :LUNHQ %HGHXWXQJ ]X GHPRQVWULHUHQ XQG GDV HL ²²²²²²²²²²²²²  :HJPDQQ7DXVFKYHUKlOWQLVVH6  (EG  9RJO.DONO6  (EG6  9HEOHQ7KRUVWHLQ7KHWKHRU\RIWKHOHLVXUHFODVV1HZPRELOLVLHUWHQ@GLH YRQ YRUQKHUHLQ QXW]ORV VLQG´  'LH =HUVW|UXQJ LKUHV .|USHUV LVW DOVR QLFKW HLQ 2SIHU 2WWLOLHV YLHOOHLFKW HLQH 6KQH IU GHQ 7RG GHV NOHLQHQ 2WWRHVLVWHLQ$NWGHU9HUVFKZHQGXQJGHVÄ1XW]ORVHQ¶GHQQQLFKWGLHLQ QW]OLFKHU +DXVDUEHLW DXIJHKHQGH 2WWLOLH ZXUGH EHUZLHJHQG IDYRULVLHUW VRQGHUQGDVEHJHKUHQVZHUWH%LOGLKUHV.|USHUVDOV2EMHNWGHV%HJHKUHQV IDVWDOOHU0lQQHUGLHLKUHQ:HJNUHX]WHQ'LH+LQ*DEHGLHVHVEHJHKUWHQ .|USHUV GHU DOV WRWHU .|USHU HUVW UHFKW QXU IHWLVFKLVWLVFKHV 2EMHNW GHU $QEHWXQJZHUGHQNDQQ²QXQDOOHUGLQJV]XP+HLOEULQJHQGHQÄ+HLOLJHQ N|USHU¶YHUZDQGHOW²LVWWDWVlFKOLFKDXFKHLQ$NWGHUGLHODQJH=HLWVRDQ 6HOEVWGHPWLJXQJXQG/HLVWXQJVHWKLNJHZ|KQWH2WWLOLHHQGOLFK]XPQXW] ORVHQ*HJHQVWDQG PDFKW,KU7RG LVW +LQJDEH XQG HQGJOWLJH 9HUZHLJH UXQJJOHLFKHUPD‰HQ6LHIKUWGDVLQGHQ:DKOYHUZDQGWVFKDIWHQKHUUVFKHQ ²²²²²²²²²²²²²  9JO0DXVV*DEH6  =XU 'HQNILJXU YJO .DQWRURZLF] (UQVW 'LH]ZHL.|USHUGHV.|QLJV(LQH6WXGLH]XUSROLWLVFKHQ 7KHRORJLHGHV0LWWHODOWHUV0QFKHQñ  %DWDLOOH *HRUJHV Å'HU YHUIHPWH 7HLO´ LQ GHUV $XIKHEXQJ GHU gNRQRPLH 6  KLHU 6XQG6  9JOLQGLHVHP.RQWH[WHUQHXW+HLNH.lPSIÅ%DWDLOOHVHW]W>«@GHU=LUNXODWLRQGLH([SOR VLRQHQWJHJHQGLH(QHUJLHIUHLVHW]WGLHVLFKQXW]ORVYHUOLHUWGKVLFKGHU=LUNXODWLRQHQW ]LHKW´ .lPSI +HLNH Å'LH /XVW GHU 9HUVFKZHQGXQJ %DWDLOOHV 8QWHUVXFKXQJ GHV 3RW

 'DV(QGHGHV$GHOVGHQNHQ    GH3ULQ]LSDGHOLJHU9HUVFKZHQGXQJELV]XP(QGH'LHVHV(QGHUHIOHNWLHUW GHQQDFK%DWDLOOHÅLP%HGUIQLVQDFK=HUVW|UXQJXQG9HUOXVW´OLHJHQGHQ $QIDQJ GHV 7DXVFKKDQGHOV GHQ HU DP 3RWODWVFK YHUDQVFKDXOLFKW  (UVW MHW]W DEHU JHZLQQW 2WWLOLH MHQH ÅDEJUQGLJH )UHLKHLW´ YRQ GHU %DWDLOOH VSULFKWÅ'LHVHDEJUQGLJH)UHLKHLWEHVWHKWLQGHU=HUVW|UXQJGHUHQ:H VHQHVLVWSURILWORV]XYHU]HKUHQZDVGHU9HUNHWWXQJGHUQW]OLFKHQ:HUNH KlWWH YHUKDIWHW EOHLEHQ N|QQHQ´,Q GHU 6FKOXVVZHQGXQJ GHV 5RPDQV OLHJW HLQH $SRWKHRVH ]HUVW|UHULVFKHU 1XW]ORVLJNHLW YHUERUJHQ GLH GHQ PDUNW XQG NRPPHU]IHLQGOLFKHQ %HVWUHEXQJHQ GHU )UKURPDQWLNHU GDV :DVVHUUHLFKHQNDQQ 'RFKVWHKWDP(QGHGLH:DKUKHLWGHU9HUVFKZHQGXQJRGHUGLHHLQHU *HZLQQPD[LPLHUXQJ DXI LQGLUHNWHP :HJH" +LHULQ EHVWHKW QlPOLFK GLH 'LIIHUHQ] ]ZLVFKHQ %DWDLOOHV XQG %RXUGLHXV 'HXWXQJ GHV 3RWODWVFK(V VFKHLQW DOV YHUKLHOWHQ VLFK EHLGH 7KHVHQ ]XHLQDQGHU ZLH GHU OLWHUDULVFKH 7H[WDOV.XQVWZHUNHLQHUVHLWVXQGDOV%XFKDQGHUHUVHLWVHVLVWGLHJOHLFKH 'XEOHWWH $OV .XQVWILJXU LP .XQVWZHUN SOlGLHUW 2WWLOLH IU HLQH gNRQR PLHGHU9HUVFKZHQGXQJ²LKU$XWRUNHQQ]HLFKQHWDQDORJVHLQHQ7H[WDOV EOR‰HV=LUNXODUIU)UHXQGHDOV7DXVFKREMHNWXQG*DEHJOHLFKVDPVWDWW DOV:DUHDOV2EMHNWGHV%HJHKUHQVGHUSRWHQWLHOOHQ/HVHU GRFKDXFKKLHU JHKW*RHWKHPLWVHLQHUbX‰HUXQJJHJHQ%RLVVHUpHYRUDQ ZLUG2WWLOLHV IUHLZLOOLJHU7RG]XPZRKOZLUNXQJVYROOVWHQ.DXIXQG/HNWUHLQ]LWDPHQW ELVLQGLH*HJHQZDUW  

'HU5RPDQDOV(QGVSLHO

 'LH (UIDKUXQJ GHV *DEHQWDXVFKV DOV XQDXIK|UOLFKH $EIROJH YRQ *HEHQ XQG1HKPHQVFKW]WYRUGHU(LQVLFKWLQGLH/LQHDULWlWGHU=HLW6SLHJHO ELOGOLFKNHLW GHU 5HSUlVHQWDWLRQ XQG ² LGHDOHUZHLVH ² GLH 5H]LSUR]LWlW GHV %HJHKUHQVWXQHLQhEULJHV(LQPDOLJNHLWHQ(LQVHLWLJNHLWHQXQG$V\PPHW ²²²²²²²²²²²²² ODWVFKDOV%HLWUDJ]XU(WKQRORJLH´LQ$QGUHV+HW]HO3HWHU:LHFKHQV +UVJ *HRUJHV%DWDLO OH9RUUHGHQ]XUhEHUVFKUHLWXQJ:U]EXUJ6KLHU6   (EG6  %DWDLOOH7HLO6  9JO.lPSI9HUVFKZHQGXQJ6%DWDLOOH7HLO6  9JO*RHWKHV%ULHIDQ.DUO)ULHGULFKYRQ5HLQKDUGDPDOVRNXU]QDFK(UVFKHL QHQGHV5RPDQVÅ'LH:DKOYHUZDQGWVFKDIWHQVFKLFNWHLFKHLJHQWOLFKDOVHLQ=LUNXODUDQPHLQH )UHXQGHGDPLWVLHPHLQHUZLHGHUHLQPDODQPDQFKHQ2UWHQXQG(QGHQJHGlFKWHQ:HQQ GLH0HQJHGLHVHV:HUNFKHQQHEHQKHUDXFKOLHVWVRNDQQHVPLUJDQ]UHFKWVHLQ´ =LWLHUW QDFK0$6I   6XOSL] %RLVVHUpH QRWLHUW LQ VHLQHP 7DJHEXFK XQWHU GHP  EHU *RHWKH Å>(@U VSUDFKYRQVHLQHP9HUKlOWQLV]XU2WWLOLHZLHHUVLHOLHEJHKDEWXQGZLHVLHLKQXQJOFNOLFK JHPDFKW´ =LWLHUWQDFK0$6 



.DSLWHO

 ULHQXQWHUGHUJODWWHQ2EHUIOlFKHGHVVREUXFKORVHQ(U]lKOHQVXQWHUODXIHQ GLHVH6WUXNWXUHQ²DOVRGLH(LQPDOLJNHLWXQG)LQDOLWlWYRQ2WWLOLHV3RWODWVFK GLH NOHLQHQ %UFKH LQ VFKHLQEDU LGHQWLVFKHQ :LHGHUKROXQJHQ GDV QXU :XQVFK EOHLEHQGH *HOLQJHQ PHQVFKOLFKHU $QQlKHUXQJ %HLP JHQDXHQ /HVHQ ÅLVW MHGH 1DWXUV]HQH VHOEVW GLH DXI GHQ HUVWHQ %OLFN ]HLWORVHVWH GXUFK XQG GXUFK PLW =HLWJHIKO JHIOOW´(GXDUG KDW YLHOPHKU ]XPLQ GHVWIUGLH)HOGHUGHV:LVVHQVEHJULIIHQGDVV,QQRYDWLRQ8POHUQHQEH GHXWHW (VLVWVFKOLPPJHQXJ>«@GD‰PDQMHW]WQLFKWVPHKUIUVHLQJDQ]HV/HEHQOHU QHQNDQQ8QVUH9RUIDKUHQKLHOWHQVLFKDQGHQ8QWHUULFKWGHQVLHLQLKUHU-XJHQG HPSIDQJHQZLUDEHUPVVHQMHW]WDOOHIQI-DKUHXPOHUQHQZHQQZLUQLFKWJDQ] DXVGHU0RGHNRPPHQZROOHQ : 

(GXDUG VFKHLWHUW GDUDQ GDVV HU NHLQ NRQVLVWHQWHV 3URJUDPP GHV 8POHU QHQVEHUGLHDEVWUDNWH(LQVLFKWKLQDXV]XHQWZLFNHOQYHUPDJ'DVN|QQWH GDUDQOLHJHQGDVVGDV9RUELOGGHU9RUIDKUHQGHP$GHOLJHQPHKUDOVDOOHV DQGHUH JLOW (GXDUG JHKW LQ GHQ 6SXUHQ VHLQHU $KQHQ ZHQQ HU HLQH ÄUR PDQWLVFKH¶ /LHEH ZLH HLQ JDODQWHV $EHQWHXHU ]X EHKHUUVFKHQ KRIIW DOV $QWL]LSDWLRQGHU:XQVFKHUIOOXQJ(ULVWGDQQZLHGDV=LWDWQRFKOHLVH DQGHXWHW HLQ .DYDOLHU j OD PRGH YHUN|USHUW HLQ NXOWXUDQWKURSRORJLVFKHV 0RGHOOGDV-DKU]HKQWHYRUKHUEHUHLWVYHUDEVFKLHGHWZRUGHQZDU,QHLQHU (SRFKH GHV hEHUJDQJV XQG GHU 8QJOHLFK]HLWLJNHLWHQ LVW GHU 5RPDQILJXU (GXDUG DOOHUGLQJV HLQH ÅKLVWRULVFK XQDQJHPHVVHQH LQQHUH (LQVWHOOXQJ´ QLFKW YRU]XZHUIHQ GD ]X GHQ QHEHQHLQDQGHU H[LVWHQWHQ NXOWXUHOOHQ XQG SROLWLVFKHQ0lFKWHQQDFKZLHYRUGHU$GHO]lKOW(ULVWQLFKWGDVhEHUKRO WHVRQGHUQ]lKOW]XP*HJHQZlUWLJVWHQ'LH5HIRUPHU3UHX‰HQV²6WHLQ +DUGHQEHUJ *QHLVHQDX 6FKDUQKRUVW +XPEROGW ² VLQG DOOHVDPW LKUHP +DELWXV QDFK $GHOLJH VRVHKU LKQHQ DQ HLQHU 9HUlQGHUXQJ XQG 3Ul]LVLH UXQJGHUSROLWLVFKHQ)XQNWLRQGHV$GHOVJHOHJHQVHLQPXVV (LQ ]ZHLWHV 0RGHOO YRQ Ä=HLW¶ GDV GHU 5RPDQ DQELHWHW LVW GDV GHU 5FNNHKU GHV VFKRQ 9HUJDQJHQHQ $EJHOHEWHQ DXFK GLHVHV 0RGHOO NRQ WHUNDULHUW GHQ 6WLOOVWDQG GDV ,PPHUJOHLFKH 'LHV LVW WHLOV DOV 0|JOLFKNHLW JHNHQQ]HLFKQHW WHLOV ZLUG HV :DKUKHLW PDO LVW HV :XQVFKELOG PDO 6FKUHFNELOG$OV7RGHVVHKQVXFKWPDQLIHVWLHUHQVLFKGLHGHXWOLFKHQ$QOHL KHQGHV5RPDQVDQGLHURPDQWLVFKH.XQVWUHOLJLRVLWlWXQGGLH:LHGHUHQW GHFNXQJGHV0LWWHODOWHUV(LQHZHQLJHUEHVWLPPWHKLVWRULVFKH(EHQH²DP HKHVWHQ ZLUG PDQ DQ GDV $QFLHQ5pJLPH GHQNHQ ² LVW LP 'LDORJ ]ZLVFKHQ &KDUORWWHXQGGHP*HKOIHQDXV$QODVVGHU3DUNJHVWDOWXQJDQJHVFKQLWWHQ HV LVW GLH 5FNNHKU DOV :LGHUVSUXFK ]X DOOHP ZDV PDQ DOV KLVWRULVFKHQ )RUWVFKULWWHUOHEWKDWÅ*ODXEHQ6LHPLUHVLVWP|JOLFKGD‰,KU6RKQGLH ²²²²²²²²²²²²²  6DPSDROR3DUN6  9JOGD]X6WLQJHOLQ3RVWVWUXNWXUDOLVPXV6  9DJHW%DURQ6

 'DV(QGHGHV$GHOVGHQNHQ    VlPWOLFKHQ3DUNDQODJHQYHUQDFKOlVVLJWXQGVLFKZLHGHUKLQWHUGLHHUQVWHQ 0DXHUQ XQG XQWHU GLH KRKHQ /LQGHQ VHLQHV *UR‰YDWHUV ]XUFN ]LHKW´ :  'DV0RWLYGHU*DUWHQNXOWXUZLUGDOVRDXIHLQ]\NOLVFKJHQHDORJLVFKHV *HVFKLFKWVPRGHOOSURML]LHUWGDVKLVWRULVFKH:LHGHUKROXQJHQIUP|JOLFK KlOW ,Q GLHVHU JHQHDORJLVFKHQ %HWUDFKWXQJ ELHWHW GHU *HKOIH DOOHUGLQJV HLQ 5H]HSW ]XU *WH DQ GDV DQJHEOLFK VROFKH :LGHUVSUFKH YHUPHLGHQ KLOIW(UHPSILHKOWHLQHIUKHJHPHLQVDPH*WHUYHUZDOWXQJYRQ*XWVKHUU XQG(UEHQHLQHPRGHUQHUHFKWOLFKH$EVLFKHUXQJGHUHUZQVFKWHQJHQHD ORJLVFKHQ1DFKIROJHQLFKWQXULQGHU3HUVRQVRQGHUQDXFKLP*HLVWH'HU 5DW GHV *HKOIHQ LVW DEHU VR LG\OOLVFK ZLH LOOXVRULVFK XQG VFKOLH‰W QLFKW ]XIlOOLJPLWHLQHU)LJXUGHV3URSIHQVGLHDQ(GXDUGVQDLYHQ2SWLPLVPXV GHU NQVWOLFKEHKHUUVFKEDUHQ )RUW]HXJXQJGHU=FKWXQJDQNQSIWÅ(LQ MXQJHU=ZHLJYHUELQGHWVLFKPLWHLQHPDOWHQ6WDPPHJDUOHLFKWXQGJHUQ DQGHQNHLQHUZDFKVHQHU$VWPHKUDQ]XIJHQLVW´ : *WOLFKH/| VXQJHQ JHJHQ GLH )OXFKW GHU =HLW HLQHUVHLWV GLH *HIDKU GHU :LHGHUNHKU GHV EHUHLWV $EJHOHEWHQ DQGHUHUVHLWV EOHLEHQ LQ GLHVHP 5RPDQ GHU NHLQH =XNXQIW NHQQW HLQ ZDKUKDIW IURPPHU :XQVFK 'HU 5RPDQ GHPHQWLHUW PHKUIDFK DXFK GLH +RIIQXQJ DXI :LHGHUKROXQJHQ HWZD &KDUORWWHV :XQVFKGHU5FNNHKULQGDVXUVSUQJOLFKHHKHOLFKH*OFNXQGQRFKNXU] YRU 2WWLOLHV7RG PDUNLHUW GHU (U]lKOHU GHQ*ODXEHQ GHU )LJXUHQ DQ GHQ 6WLOOVWDQGGHU=HLWPLWIUVHLQH9HUKlOWQLVVHKDUVFKHQ:RUWHQÅ$XIGLHVH :HLVH ]HLJWH VLFK GHU KlXVOLFKH =LUNHO DOV HLQ 6FKHLQELOG GHV YRULJHQ/H EHQV XQG GHU :DKQ DOV RE QRFK DOOHV EHLP DOWHQ VHL ZDU YHU]HLK OLFK´ :  Å>:@HOFK HLQIUHXQGOLFKHU $XJHQEOLFN ZLUG HV VHLQ ZHQQ VLH GHUHLQVW ZLHGHU ]XVDPPHQ HUZDFKHQ´ :   'LH HLQ]LJH =XNXQIW GHU :DKOYHU ZDQGWVFKDIWHQLVWGLHHLQHVQHXHQ/HEHQVRGHUGLHGHV-QJVWHQ*HULFKWV]X GHP(GXDUGXQG2WWLOLHHUZDFKHQN|QQWHQ'LH)RUGHUXQJHQXQG&KDQ FHQGLH6LFKHUKHLWHQDGHOLJHQ'DVHLQVVLQGQLFKWUHDOLVLHUW'LH+RIIQXQJ DXI OlQGOLFKH[NOXVLYH *HVHOOLJNHLW KDW VLFK IUK VFKRQ ]HUVFKODJHQ GDV 3URMHNW GHV 3DUNV LVWVWHFNHQ JHEOLHEHQ EHU GLHILQDQ]LHOOH $EVLFKHUXQJ GHV *XWVEHWULHEV HUIlKUW GHU /HVHU QLFKWV PHKU LQVEHVRQGHUH DEHU GLH JHQHDORJLVFKH)RUWVHW]XQJYRQ(GXDUGV)DPLOLHLVWJHVFKHLWHUW$GHOVNXO WXU EOHLEW DOV 0HPRULDONXOWXU GHV )DPLOLHQJUDEPDOV GDV GLH JHPHLQVDPH *UDEVWlWWH(GXDUGVXQG2WWLOLHVDOOHQIDOOVGDUVWHOOW&KDUORWWHV5HIRUPHLIHU GHUMD0HPRULDORUWXQG*UDEOHJH6LJQLILNDWXQG6LJQLILNDQWYRQHLQDQGHU WUHQQHQXQGGLHEHUHLWVSUDNWL]LHUWH6FKHLGXQJYRQ.LUFKHXQG%HJUlEQLV VWlWWHEHZDKUHQZROOWHZLUGGXUFKGDV6FKOXVVWDEOHDXZLHVFKRQHUZlKQW NRQWHUNDULHUW 'LH YRQ &KDUORWWH ]XQlFKVW DEJHOHKQWH .RQWLQXLWlW XQG



.DSLWHO

 'DXHU YHUEUJW GHU $GHO QXUPHKU DOV Å'DXHU LP (QGH´ .RQWLQXLWlW DEHUZLUGGXUFKGHQ(U]lKOHUQXUQRFKLPKLVWRULVFKHQ3UlVHQVGHU9HUE IRUPHQ ÅUXKHQ´ ÅVFKZHEW´ ÅVFKDXHQ´ JHVWLIWHW 'LH 'DXHU GHV 7RGHV VFKHLQWHLQHQHXHJHUDGH]XG\QDVWLVFKH4XDOLWlW]XEHVLW]HQ 'HU /LHEHVWRG MHQH Ä/LHEH DXI GHQ OHW]WHQ %OLFN¶ ÅGHU HLQ %OLFN GHV 7RGHVLVW´QDFKGHPDOOH%HPKXQJHQGHU/LHEHVYHUHLQLJXQJLP/HEHQ JHVFKHLWHUWZDUHQHUIlKUWLQGHUHVFKDWRORJLVFKHQ)LJXUGHVJHPHLQVDPHQ (UZDFKHQVHLQHLURQLVFKH8PNHKUXQJGLHGHQ(U]lKOJHVWXVGHVÄ(QGHV¶ GHU GHQ5RPDQ ]XQHKPHQG EHVWLPPW GXUFKVWUHLFKW 'LHVHV hEHUVFKUHL WHQGHV(QGH%HZXVVWVHLQVDXIHLQHQ1HXDQIDQJKLQLVWMHGRFK]XEH]LH KHQDXIHLQHIUKHUH(U]lKOHUUHGHGLHGDV3RUWHIHXLOOHGHVMXQJHQ$UFKL WHNWHQ NRPPHQWLHUW GLH 9RUODJH VHLQHU :DQGPDOHUHLHQ LQ HEHQ GHU .DSHOOH ZHOFKH GHP /LHEHVSDDU VFKOLH‰OLFK ]XP *UDEPDO ZLUG Å1DFK HLQHU VROFKHQ 5HJLRQ EOLFNHQ ZRKO GLH PHLVWHQ ZLH QDFK HLQHP YHU VFKZXQGHQHQ JROGHQHQ =HLWDOWHU QDFK HLQHP YHUORUHQHQ 3DUDGLHVH KLQ´ :   'LHVHP DOV YHUORUHQ JHNHQQ]HLFKQHWHQ 3DUDGLHV NDQQ QXU GHU6WDWXVGHV0lUFKHQKDIWHQ]XNRPPHQGHURIIHQEDUQLFKWDOV=XVWDQG GHQNEDULVWVRQGHUQDXVVFKOLH‰OLFKDOVGHUÅ$XJHQEOLFN´ : GHV(U ZDFKHQVVHOEVW %HUHLWV LP 5LWXDO GHU *UXQGVWHLQOHJXQJ ZLH LQ GHP GHU 7DXIH  VFKZLQJW GDV (QGH GLH =HUVW|UXQJ PLW 'HU EH]ZHLIHOWHQ (ZLJNHLW GHV +DXVHV NRUUHVSRQGLHUW GLH GHV EHVLW]HQGHQ *HVFKOHFKWV LQ GHU 5HGH GHV *HVHOOHQ >:@LUJUQGHQGLHVHQ6WHLQIUHZLJ]XU6LFKHUXQJGHVOlQJVWHQ*HQXVVHVGHUJH JHQZlUWLJHQXQGNQIWLJHQ%HVLW]HUGLHVHV+DXVHV$OOHLQLQGHPZLUKLHUJOHLFK VDPHLQHQ6FKDW]YHUJUDEHQVRGHQNHQZLU]XJOHLFKEHLGHPJUQGOLFKVWHQDOOHU *HVFKlIWHDQGLH9HUJlQJOLFKNHLWGHUPHQVFKOLFKHQ'LQJHZLUGHQNHQXQVHLQH 0|JOLFKNHLWGD‰GLHVHUIHVWYHUVLHJHOWH'HFNHOZLHGHUDXIJHKREHQZHUGHQN|QQH ZHOFKHV QLFKW DQGHUV JHVFKHKHQ GUIWH DOV ZHQQ GDV DOOHV ZLHGHU ]HUVW|UW ZlUH ZDVZLUQRFKQLFKWHLQPDODXIJHIKUWKDEHQ : 

(VOLH‰HVLFKOHLFKWGLH7KHVHEHJUQGHQ'LH:DKOYHUZDQGWVFKDIWHQHQWEHKU WHQGHV$QIDQJV2WWLOLHHWZDIDYRULVLHUWGLH)LJXUGHV(QGHVLP*HJHQVDW] ]XP $QIDQJ Å0DQ PX‰ EHUDOO YRQ YRUQ DQIDQJHQ XQG P|FKWH EHUDOO HQGHQ´ : 'HU5RPDQEHJLQQLQPHGLDVUHVVHW]WGDVKDSS\HQGLQJGHU /LHEHVKHLUDWYRUDXVPLWGHUGLH.RP|GLH]XVFKOLH‰HQSIOHJW(LQH([SR VLWLRQ GHU JXWVKHUUOLFKHQ 1RUPDOLWlW EHVFKUlQNW VLFK DXI $QGHXWXQJHQ YLHOPHKU KDW GDV GHQ 5RPDQ EHVWLPPHQGH (QGH EHUHLWV EHJRQQHQ XQG ²²²²²²²²²²²²²  +HU]RJ5HLQKDUWÅ9RP$XIK|UHQ'DUVWHOOXQJVIRUPHQPHQVFKOLFKHU'DXHULP(QGH´LQ .DUOKHLQ]6WLHUOH5DLQHU:DUQLQJ +UVJ 'DV(QGH)LJXUHQHLQHU'HQNIRUP0QFKHQ 6 3RHWLNXQG+HUPHQHXWLN;9,   1HXPDQQ *HUKDUG >Å%HLWUDJ ]XU 6FKOX‰GLVNXVVLRQ´@ LQ 6WLHUOH:DUQLQJ +UVJ  (QGH 6KLHU6

 'DV(QGHGHV$GHOVGHQNHQ    GLH UHODWLYH (UHLJQLVORVLJNHLW GHV 5RPDQV XQWHUVWUHLFKW GLHVHQ 6RJ GHV (QGHVQRFKHLQPDO:HQQVLFKGDVPRGHUQH(U]lKOHQGHUDULVWRWHOLVFKHQ 6WUXNWXU YRQ $QIDQJ 0LWWH XQG (QGH HUIROJUHLFK ]X HQW]LHKHQ VXFKW GDQQ LVW QLFKW HUVW )ODXEHUW PLW VHLQHU eGXFDWLRQVHQWLPHQWDOH GHP 5RPDQ HLQHV VFKHLWHUQGHQ $ULVWRNUDWLVPXV KLHU DQ]XIKUHQ  VRQGHUQ GDQQ EHJLQQW GLHVHV PRGHUQH (U]lKOHQ VSlWHVWHQV PLW *RHWKHV ÅEHVWH>P@ %XFK´GDVÄ'DXHU¶XQGÄ(QGH¶JHJHQHLQDQGHUDXVVSLHOW 'LH =HLWOLFKNHLW LQ HLQ 6\VWHP GHU *OHLFK]HLWLJNHLW HLQSDVVHQ ² VR N|QQWHPDQ'LH:DKOYHUZDQGWVFKDIWHQUHVPLHUHQ+LHUILQGHWVLFKDXFKGHU 6FKOVVHO ]X GHU )UDJH ZDV *RHWKHV HLJHQH VR]LDOH /DXIEDKQ PLW MHQHP 0RGHUQLVLHUXQJV XQG $GHOVURPDQ ]X VFKDIIHQ KDEH )U *RHWKH DOV 6WDDWVGLHQHUXQGHUVWUHFKWDOV$XWRUPDJVHLQH1RELOLWLHUXQJNHLQH5ROOH JHVSLHOW KDEHQ 'LH K|ILVFKH .XOWXU LQ :HLPDU ZDU HLQH RPQLSUlVHQWH 5HDOLWlWLQGLHHVVLFK]XIJHQJDOWHLQHVRXPIDVVHQGHDOOWlJOLFKH5HDOLWlW GDVV VLH ]HLWORV HUVFKLHQHQ VHLQ PDJ 'LH HQWVFKHLGHQGH 'LIIHUHQ] QRFK QLFKWHLQPDO]XGHQ)LJXUHQVRQGHUQ]XP([SHULPHQWGHV5RPDQVVHOEVW OLHJWLQGHQ6WUXNWXUHQGHU9HU]HLWOLFKXQJGLHGRUWYRQGHQ)LJXUHQNDXP EHJULIIHQHLQJHIKUWZHUGHQ8QG]XU9HU]HLWOLFKXQJYRQ:LVVHQLP(U ]lKOHQZLHHVLQGHU)RUVFKXQJIUGLH:DKOYHUZDQGWVFKDIWHQLPPHUZLHGHU SRVWXOLHUW ZXUGH  JHK|UW GLH 8QWHUZHUIXQJ GHV NXOWXUHOOHQ &RGHV Ä$GHO¶ XQWHU GLH =HLWOLFKNHLW PLW XQVLFKHUHP (UJHEQLV EULJHQV MHGRFK QLFKWDOVSXUH6WlQGHNULWLN %DWDLOOH KDW lKQOLFK ZLH *RHWKH PLW GHU )LJXU GHV .QDEHQ /HQNHU GHQÅ%HJULII3RHVLH>«@DOV6\QRQ\PYRQ9HUVFKZHQGXQJDQJHVHKHQ>«@ 3RHVLH KHL‰W QlPOLFK QLFKWV DQGHUHV DOV 6FK|SIXQJ GXUFK 9HUOXVW´ (U ZHLVW IHUQHU GDUDXI KLQ ÅGD‰ IU GLH ZHQLJHQ 0HQVFKHQ GLH EHU GLHVHV (OHPHQW >GDV HLJHQWOLFKH (OHPHQW GHU 3RHVLH@ YHUIJHQ GLH SRHWLVFKH 9HUVFKZHQGXQJLQLKUHQ)ROJHQDXIK|UWV\PEROLVFK]XVHLQGLH$XIJDEH GHU'DUVWHOOXQJEHGHXWHWIUGHQGHUVLHEHUQLPPWVR]XVDJHQGHQ(LQ VDW] GHV /HEHQV´'HU 2NWREHU  LVW DXFK LQ *RHWKHV %LRJUDSKLH QLFKW HLQ EHOLHELJHU (LQVFKQLWW VRQGHUQ HLQ $XJHQEOLFN GHU *HIlKUGXQJ GHULKQGDVJDQ]H5LVLNRGDVHLQ'LFKWHUHLQJHKWDPHLJHQHQ/HLEVSUHQ OlVVW 'LH LP =XJH GHU 1LHGHUODJH YRQ -HQD HUIROJWH %HVDW]XQJ :HLPDUV

²²²²²²²²²²²²²  9JO6WLHUOH.DUOKHLQ]Å'LH:LHGHUNHKUGHV(QGHV=XU$QWKURSRORJLHGHU$QVFKDXXQJV IRUPHQ´LQ6WLHUOH:DUQLQJ +UVJ 'DV(QGH6KLHU6  +|ULVFK-RFKHQÅ'DV6HLQGHU=HLFKHQXQGGLH=HLFKHQGHV6HLQV0DUJLQDOLHQ]X'HUUL GDV2QWRVHPLRORJLHXQG*RHWKHVEHVWHP%XFK´LQGHUV'LHDQGHUH*RHWKH]HLW3RHWLVFKH0R ELOPDFKXQJGHV6XEMHNWVXP0QFKHQ6  1HEHQ9RJO.DONOYJOYRUDOOHP%UDQGVWHWWHU:LVVHQVSRHWLNKLHUYRUDOOHP6]XUGRS SHOWHQ%HGHXWXQJYRQ(U]lKOHQDOV(U]lKOHQYRQ/LWHUDWXU0\WKRV%LOGHUQGHU.XQVWHL QHUVHLWV YRQ (U]lKOHQ DOV 'DUVWHOOHQ XQG hEHUVHW]HQ LP PRGHUQHQ QDWXUZLVVHQVFKDIWOL FKHQ'LVNXUVXPDQGHUHUVHLWV  %DWDLOOH%HJULIIGHU9HUDXVJDEXQJ6



.DSLWHO

 EHGHXWHWIU*RHWKH7DJHGHU/HEHQVJHIDKUGHQQDOV'LFKWHUZLUGHULQ :HLPDU YRQ GHQ HLQUFNHQGHQ IUDQ]|VLVFKHQ 6ROGDWHQ ZDKUJHQRPPHQ PDQN|QQWHDXFKVDJHQGDVVHUIUGLH3RHVLHLQGLHVHP$XJHQEOLFNVHLQ /HEHQ HLQVHW]W 1LFKW QXU ELRJUDSKLVFK VRQGHUQ DXFK ZHUNELRJUDSKLVFK VWHKW GHU 2NWREHU  XQWHU GHU 6LJQDWXU GHU 5HWWXQJ XQG %HZDKUXQJ YLHOOHLFKW DXFK GHV 1HXDQIDQJV ,Q HLQHP %ULHI DQ &RWWD DP  YHUOHLKW*RHWKHVHLQHU6RUJH$XVGUXFNQDFKGHU6FKODFKWVHLQH3DSLHUH]X UHWWHQXQGQXQHQWZRUIHQH9HUVXFKHP|JOLFKVWQRFKDXV]XIKUHQ'DUXQ WHU N|QQWHQ DXFK :LOKHOP0HLVWHUV:DQGHUMDKUHIDOOHQ IU GLH 'LH:DKOYHU ZDQGWVFKDIWHQ XUVSUQJOLFK MD DOV QRYHOOLVWLVFKH (LQODJH GLHQHQ VROOWHQ  =XUÅ1HXRUGQXQJVHLQHVHLJHQHQ/HEHQV´]lKOWDEHUQLFKWQXUGLH²DXV K|ILVFKHU 6LFKW ² 0HVDOOLDQFH PLW &KULVWLDQH 9XOSLXV VRQGHUQ DXFK HLQH 5HLKHYRQ1HXSRVLWLRQLHUXQJHQDXIGHPOLWHUDULVFKHQ0DUNWGHUHQ7UDJ ZHLWHGHP%UXFKQDFKGHULWDOLHQLVFKHQ5HLVHJOHLFKNRPPWXQGGLHHLQ HLQKDOE -DKUH QDFK6FKLOOHUV 7RG GHQ hEHUJDQJ ]X GHP EH]HLFKQHW ZDV PDQ EOLFKHUZHLVH *RHWKHV $OWHUVZHUN QHQQW ,VW *RHWKH QDFK ZLH YRU GXUFKDXV GHP OLWHUDULVFKHQ 0DUNW ]XJHZDQGW XQG DQ VHLQHP 3UHVWLJH DOV $XWRU LQWHUHVVLHUW VR PXVV HU GRFK YRU DOOHP QDFK  LPPHU ZLHGHU 1LHGHUODJHQHLQVWHFNHQ=XGHQSUlJHQGHQ)DNWRUHQJHK|UWGDV6FKHLWHUQ GHVNODVVL]LVWLVFKHQNXQVWULFKWHUOLFKHQ3URMHNWVGHUÅ:HLPDULVFKHQ.XQVW IUHXQGH´ PLW LKUHQ MlKUOLFKHQ 3UHLVDXIJDEHQGHV 9HUVXFKHV DOVR HLQH JH]LHOWH )|UGHUXQJ GHU ELOGHQGHQ .QVWH ]X XQWHUQHKPHQ *RHWKHV 5R PDQWLN.ULWLNZLUGZLGHUOHJWGXUFKHLQHQODQJIULVWLJHQÄ6LHJ¶GHU5RPDQWL NHU IU GHQ *RHWKH GXUFK VHLQH $XIZHUWXQJ GHUURPDQWLVFKHQ *DWWXQJ GHV 5RPDQV QLFKW QXU VHOEVW ZHVHQWOLFKH 9RUDXVVHW]XQJHQ JHVFKDIIHQ KDWWHGHQHULPPHUZLHGHU]XGHPQRFKVWW]WHHWZDPLWVHLQHU5H]HQVLRQ YRQ$UQLPVXQG%UHQWDQRV:XQGHUKRUQ .XU]VFKOVVLJ ZlUH EULJHQV HLQH DQGHUH 'HXWXQJ GHU :DKOYHU ZDQGWVFKDIWHQ DXV LKUHP (QWVWHKXQJVNRQWH[W KHUDXV ZHQQ PDQ QlPOLFK GHQ $GHOVRSWLPLVPXV GHU DXV GHU )LJXU /RWKDULR LQ GHQ :DQGHUMDKUHQ VSULFKW PLW (GXDUG YHUJOLFKH XQG HLQH $ENHKU YRQ GLHVHP IUKHUHQ $GHOVELOGDXI*RHWKHV(QWWlXVFKXQJEHUGDVÅ9HUVDJHQGHVSUHX‰LVFKHQ ²²²²²²²²²²²²²  9JO%RO]1RUEHUWÅ'LH:DKOYHUZDQGWVFKDIWHQ´LQ%HUQG:LWWH3HWHU6FKPLGW +UVJ  *RHWKH+DQGEXFK3URVDVFKULIWHQ%G6WXWWJDUW:HLPDU6KLHU6  6HQJOH )ULHGULFK'DV*HQLHXQGVHLQ)UVW'LH*HVFKLFKWHGHU/HEHQVJHPHLQVFKDIW*RHWKHVPLWGHP +HU]RJ &DUO $XJXVW YRQ 6DFKVHQ:HLPDU(LVHQDFK (LQ %HLWUDJ ]XP 6SlWIHXGDOLVPXV XQG ]X HLQHP YHUQDFKOlVVLJWHQ7KHPDGHU*RHWKHIRUVFKXQJ6WXWWJDUW:HLPDU6  9JO 6FKHLGLJ:DOWKHU*RHWKHV3UHLVDXIJDEHQIUELOGHQGH.QVWOHU:HLPDU   6FKULIWHQ GHU*RHWKH*HVHOOVFKDIW VRZLH6FKXO]H6DELQH +UVJ *RHWKHXQGGLH.XQVW>.DWDORJ@ 2VWILOGHUQ  *RHWKH -RKDQQ :ROIJDQJ >5H]@ Å'HV .QDEHQ :XQGHUKRUQ!´ >@ LQ 0$  6

 'DV(QGHGHV$GHOVGHQNHQ    $GHOV´]XUFNIKUWHÅGHUVLFKDXIHLQHXQJHDKQWH:HLVHDOVXQIlKLJ HUZLHVHQKDWWHGLH9HUWHLGLJXQJGHV6WDDWHV]XJHZlKUOHLVWHQ´ %DWDLOOHV3RHVLHEHJULIIXQGGDPLWGHUMHQLJHGHU0RGHUQHJHKWLQVHLQHU 5DGLNDOLWlWEHUGHQGHU:HLPDUHU.ODVVLNZHLWKLQDXV(VZlUHYRUHLOLJLQ GHQ )LJXUHQ GHU :DKOYHUZDQGWVFKDIWHQPHKU DOV 9RUIDKUHQ YRQ +X\VPDQV· GHV(VVHLQWHVVHKHQ]XZROOHQ%HUHFKWLJWLVWGDV8UWHLOGLH.XQVWEXQJHQ GLHVHU$GHOLJHQVHLHQGLOHWWDQWLVFKXQGLP*HJHQVDW]]XGHV(VVHLQWHV· .XQVWIDQDWLVPXVVSLHOHQIU(GXDUGXQGVHLQHQ.UHLVGLH.XQVWXQGGLH .QVWHWDWVlFKOLFKHLQHVWDWXVVWW]HQGH1HEHQUROOHGLHGHU.XQVWYHUDFK WXQJ QDKHNRPPW 'LHVH $GHOLJHQ KDEHQ DOVR LP *HJHQVDW] ]XU &RGLH UXQJGHV$GHOVGXUFKGLH5RPDQWLNHUPLW3RHVLHZHQLJ]XWXQ'DVVGHU 'LFKWHU QLFKWPLW GHP Ä.|QLJ¶ JHKHQ NDQQ ]HLJW GLH NOHLQH $XVHLQDQGHU VHW]XQJ ]ZLVFKHQ GHU +RI KDOWHQGHQ /XFLDQH XQG HLQHP DQZHVHQGHQ 'LFKWHU'HULVWHPS|UWEHU/XFLDQHV9RUWUDJVHLQHU/LHGHUXQGEHULKUH )RUGHUXQJ QDFK SOXPSHU .DXVDOSRHVLH RGHU $XIWUDJVNXQVW 'LHVH DQD FKURQLVWLVFKH)RUGHUXQJ²QDWUOLFKZDUDXFK*RHWKHDOOHVDQGHUHDOVHLQ :HLPDUHU +RISRHW VHOLJHQ $QJHGHQNHQV ² IKUW ]X HLQHU VSH]LILVFKHQ :LGHUVWDQGVKDQGOXQJ 'HU 'LFKWHU O|VW GDV YRQ /XFLDQH YRUJHWUDJHQH *HGLFKWXQGSURVSHNWLYEHUHLWVGDVLKPDEYHUODQJWH:HUNLQGLH3DUDGLJ PHQ GHU 6SUDFKH LQ /DXWH XQG %XFKVWDEHQ DXI XQG YHUZHLJHUW HLQH VH PDQWLVFKXQGSUDJPDWLVFKVLQQYROOH=HLFKHQDEIROJH$XFKGLHVLVWHLQH LQQHUILNWLRQDOH  3RVLWLRQLHUXQJ LQ GHU YRQ DGHOLJHU $XIWUDJVNXQVW EH KHUUVFKWHQ OLWHUDULVFKHQ :HOW 0LW GHP 'LNWDW GHU $XIWUDJVNXQVW YHUZHL JHUWGHU'LFKWHULP.OHLQHQZLHGHU5RPDQLP*UR‰HQHLQNDXVDOORJLVFK SODXVLEOHV6\QWDJPD:RYRQGHU'LFKWHUVHLQHQ/HEHQVXQWHUKDOWEHVWUHLWHW LVWQLFKW*HJHQVWDQGGHV5RPDQV (LQ5RPDQDEHUGHUVLFKGLHVHQ)LJXUHQXQGLKUHU*HVFKLFKWHPLWGHU /DNRQLHZLGPHWZLHHV'LH:DKOYHUZDQGWVFKDIWHQWXQ²GHQNULWLVFKHQ,PSH WXV KDEHQ GLH EHXQUXKLJWHQ ,QWHUSUHWHQ HUVW KLQ]XJHIJW ² LVW HLQ QLFKW IHUQHU9RUOlXIHUGHU0RGHUQHGHULQGHPHUEHZXVVWGLHIRUPDOH*OlWWH GHPJHJHQVlW]OLFKHQURPDQWLVFKHQ0RGHOOHQWJHJHQVHW]WGLH.RQNXUUHQ

²²²²²²²²²²²²²  9DJHW%DURQ6  9JO]XGLHVHP.RPSOH[GHU6FKOLFNSDVVLPDOO]XNXU]VFKOVVLJ]XGHU*OHLFKXQJÅ'LOHW WDQWLVPXVNULWLN´  Å$GHOVNULWLN´ YHUIKUWH ]XQlFKVW *RHWKHV 6FKHPD hEHUGHQ'LOHWWDQWLV PXV 0$6 VRGDQQGLHHLQVFKOlJLJH0RQRJUDSKLHYRQ9DJHW+DQV5XGROI 'LOHWWDQWLVPXVXQG0HLVWHUVFKDIW=XP3UREOHPGHV'LOHWWDQWLVPXVEHL*RHWKH3UD[LV7KHRULH=HLWNUL WLN0QFKHQVRZLHMHW]W%OHFKVFKPLGW6WHIDQ+HLQ]$QGUHD +UVJ 'LOHWWDQWLVPXV XP+HLGHOEHUJ (UHLJQLV:HLPDU²-HQD   Å>,@FK KDEH QLFKWV DOV 9RNDOH JHK|UW XQG GLH QLFKW HLQPDO DOOH >«@ :HQQ HV QLFKW DOO]X XQIUHXQGOLFKJHZHVHQZlUHVRKlWWHHULKUGDV$OSKDEHWEHUUHLFKHQN|QQHQXPVLFKGDU DXVHLQEHOLHELJHV/REJHGLFKW]XLUJHQGHLQHUYRUNRPPHQGHQ0HORGLHVHOEVWHLQ]XELOGHQ´ : 



.DSLWHO

 WHQ6FKOHJHO7LHFN1RYDOLVEHUELHWHW XQGGXUFKGLHMQJHUHQ5RPDQWL NHUZLHGHUEHUERWHQZHUGHQPXVV  9RQGHQ:DKOYHUZDQGWVFKDIWHQIKUHQDOOHUKDQG6SXUHQ]XGHQURPDQWL VFKHQ5RPDQHQGLHNXU]GDUDXIHUVFKLHQHQVLQG*RHWKHVGULWWHU5RPDQ HUZLHVVLFKIUGLH5RPDQSURGXNWLRQGHU5RPDQWLNHUDOVHEHQVRIUXFKWEDU ZLH GHU ]ZHLWH JXW HLQ -DKU]HKQW YRUKHU 6R KDW $UQLP *RHWKHV 5RPDQ QLFKWQXUNHQQWQLVUHLFKNRPPHQWLHUWVRQGHUQEDOGPLWGHU*UlILQ'RORUHV UHDJLHUW 2WWR +HLQULFK *UDI YRQ /RHEHQ EHPlQJHOW DQ -RVHSK YRQ (LFKHQGRUIIV 5RPDQ $KQXQJ XQG *HJHQZDUW GDVV HLQ Å*RHWKLVFKHV *H KHLPQLVYROOHV HLQH YLHOOHLFKW ]X JUR‰H 5ROOH VSLHOW 'HQQ 'HLQ 5RPDQ HQWKlOWZRKO]XYLHOXQDXIJHO|VWUlWVHOKDIWH*HVWDOWHQ(UVFKHLQXQJHQXQG NOHLQHVHOWVDPH%HJHEHQKHLWHQGLHGHQ/HVHUQXUXQUXKLJPDFKHQXQGVR GHQ (LQGUXFN GHV *DQ]HQ GXUFK ]X JUR‰H 0DQQLJIDOWLJNHLWHQ VFKZl FKHQ´ 1LFKW]XYHUJHVVHQLVWDEHU)RXTXpVVFKHLQEDU]HLWHQWKREHQHU5LWWHU URPDQ'HU=DXEHUULQJ)RXTXpV)UHXQG$XJXVW)HUGLQDQG%HUQKDUGLPDU NLHUWVHLQH6FKUHLEDQZHLVXQJDOV'LIIHUHQ]]X*RHWKHV5RPDQ 6FKUHLEH'XLQGHVVHQUHFKWIOHLVVLJDQ'HLQHP 5LWWHUURPDQGHU VRJHQHDORJLVFK VHLQVROOXQGHEHQGDUXPDOOHJRULVFKXQGGLHQHXH=HLWYRUELOGHQGXQGSURSKH ]HLHQGZRMHQHHWKQLVFKHQ8QWHUVFKLHGHQRFKVLQGDEHUYHUVFKZRPPHQXQGQXU GHPDXIPHUNVDPHQ$XJHVLFKWEDUXQGEHPHUNOLFK6RUJHDEHUMDGDVVGLHVH7HQ GHQ] QLFKW ]X PHUNOLFK ZHUGH ULFKWH VLH PHKU DXI GDV *HIKO DOV DXI GDV %H ZXVVWVHLQ QLFKW VR 0HLVWHULVFK :DKOYHUZDQGWVFKDIWVPlVVLJ ZLH HV MHW]W 0RGH ZLUGGHQQXQWHUDOOHQ5RPDQHQYRQ*RHWKHPXQGHWPLUGLHVHUDPZHQLJVWHQ

%DOG QDFKGHP )RXTXpV %XFK  HUVFKLHQHQ ZDU EHULFKWHW *RHWKHV 6FKW]OLQJ /RXLVH 6HLGOHU GDYRQ GDVV GLHVHU GLH EHL VHLQHP 5RPDQ JH PDFKWHQ$QOHLKHQGXUFKDXVDEOHKQHQGEHPHUNWKDW (LQ*HVSUlFKEHU)RXTXpV:HUNHZRHUHLQPDOUHFKWDXVVLFKKHUDXVJLQJ>«@ 'D‰HULKQHEHQQLFKWOLHEWXQGDFKWHWXQGGD‰HUVLFKEHVRQGHUVāEHUGLHYLHOHQ ]HUNQLFNWHQYHUERJHQHQXQGYHU]RJHQHQ:DKOYHUZDQGWVFKDIWHQGLHLPPHUDOVQHXH 5DJRXWV YRQ GHU *UXQGODJH GHU VHLQLJHQ YRQ GLHVHQ QHXHUHQ 6FKULIWVWHOOHUQ XQV DXIJHWLVFKWZUGHQ¶HUHLIHUWHOD‰'LUQXUJDQ]NXU]JHVDJWVHLQ

²²²²²²²²²²²²²  2WWR +HLQULFK *UDI YRQ /RHEHQ DQ -RVHSK )UHLKHUU YRQ (LFKHQGRUII DP  =LWLHUWQDFK+lUWO:DKOYHUZDQGWVFKDIWHQ6  %ULHIYRP=LWLHUWLQ+lUWO:DKOYHUZDQGWVFKDIWHQ6  /RXLVH 6HLGOHU DQ 3DXOLQH 6FKHOOLQJ DP  =LWLHUW QDFK +lUWO :DKOYHUZDQGWVFKDIWHQ 6

    

7HLO,, +LVWRULVFKH6HPDQWLNXQG/LWHUDWXU



    

.DSLWHO5LWWHUVFKDIW²$XWRUVFKDIW 'HUPlQQOLFKH$GHOLJHDOV.lPSIHUXQG9HUPLWWOHU 'DVWDQGHQXQHUZDUWHWXQGIDVWJOHLFK]HLWLJ PHKUHUHJHZDOWLJH*HLVWHULQELVKHUJDQ]XQHUK|UWHU5VWXQJDXI 6FKHOOLQJ1RYDOLVGLH6FKOHJHOV*|UUHV6WHIIHQVXQG7LHFN

 -RVHSK)UHLKHUUYRQ/D‰EHUJ  ZDU=HLWJHQRVVHGHU5RPDQWL NHU XQG OHEWH RIIHQEDU ]HLWW\SLVFK XQG GRFK XQDEKlQJLJ YRQ GHQ Ä.UHL VHQ¶URPDQWLVFKHU*HVHOOLJNHLWHLQHQ$GHOVW\SXVYRUGHUMHQHQWHXHUZDU $XVHLQHPVGZHVWGHXWVFKHQ)UHLKHUUQJHVFKOHFKWVWDPPHQGEHVFKUlQNWH VLFK /D‰EHUJV ,QWHUHVVH ZHGHU DXI GLH 9HUZDOWXQJ VHLQHU 5LWWHUJWHU DP %RGHQVHHQRFKDXIHLQH9HUZDOWXQJVWlWLJNHLWLP=HLWDOWHUGHU5HVWDXUDWLRQ LP NOHLQHQ 7HUULWRULXP GHU )UVWHQ YRQ )UVWHQEHUJ +LQ]X NDP HLQH DGHOLJH 0LWWHODOWHU,QV]HQLHUXQJ LP *HVWXV YRQ Å>6@DPPHOQ XQG >%@HZDUHQ´=XVHLQHU3UD[LVHLQHVJHOHEWHQ5LWWHUWXPVJHK|UWHDOOHQ(UQ VWHV GHU 5LWWHUVFKODJ ² GHU OHW]WH GHU LQ 'HXWVFKODQG EH]HXJW LVW ² JH VFKLOGHUWLQHLQHPLQNQVWOLFKDOWHUWPOLFKHP'HXWVFKYHUIDVVWHQ%ULHIDQ -DFRE*ULPP%LVKHXWHEHNDQQWLVWHUDOV.lXIHUGHU+DQGVFKULIWÅ&´GHV 1LEHOXQJHQOLHGHVDXV0LWWHOQVHLQHU)UVWLQGHUHULQPRUJDQDWLVFKHU(KH Ä]XUOLQNHQ+DQG¶DQJHWUDXWZDUXQGGLHLKPÄKRKH)UDX¶ZDUZLH HLQHP 0LQQHVlQJHUGLH0LQQHGDPH*HOHEWHV5LWWHUWXPJHKWQHEHQHLQHU6WLOLVLH UXQJ GHU /HEHQVSUD[LV LQ GXUFKDXV ]HLWJHPl‰HU SROLWLVFKHU 7lWLJNHLW XQG LQ QRFK YRUZLVVHQVFKDIWOLFKHU DGHOLJ GLOHWWLHUHQGHU 6DPPHOWlWLJNHLW DXI $XV SKLORORJLVFKHU 6LFKW XQNULWLVFK LVW VHLQH (GLWLRQ /LHGHUVDDOYRQ  'LHVHUÄUHDOHQ¶/HEHQVLQV]HQLHUXQJLP.RQWH[WGHUURPDQWLVFKHQ0LWWHODO WHU5H]HSWLRQ DEHU DXFK HLQHU VFKRQ LP Å6WXUP XQG'UDQJ´ OHEHQGLJHQ 5LWWHUEHJHLVWHUXQJ VWHKW HLQH SURGXNWLYH 5H]HSWLRQ GHU 5LWWHUVHPDQWLN LQ 7H[WHQGHU5RPDQWLN]XU6HLWH6WHOOWVLFK/D‰EHUJVFKOLFKWLQGLH7UDGLWL RQVUHLKHGHUYRQLKPJHVDPPHOWHQXQGJHOHVHQHQ7H[WHDKPWHUDOVRLP /HEHQ XQG LQ VHLQHQ %ULHIHQ  GDV 5LWWHUWXP GHV 1LEHOXQJHQOLHGHV QDFK VR LVW GLH 3RHVLH GHV 5LWWHUOLFKHQ IU $XWRUHQ ZLH )RXTXp RGHU (LFKHQ ²²²²²²²²²²²²²  



(LFKHQGRUII-RVHSKYRQÅ+DOOHXQG+HLGHOEHUJ´LQ'.96KLHU6 =XP )ROJHQGHQ YJO *DLHU 8OULFK:HLGKDVH +HOPXW +UVJ  -RVHSK )UHLKHUU YRQ /D‰EHUJ  ,PDJLQLHUWH/HEHQVIRUPHQGHV0LWWHODOWHUV >6RQGHUKHIW ]X GHP 6\PSRVLRQ -RVHSK )UHLKHUU YRQ /DVVEHUJ LQ 0HHUVEXUJ LP 2NWREHU @ 0DUEDFK DP 1HFNDU  0DUEDFKHU0DJD]LQ6RQGHUKHIW  =LWLHUWQDFKHEG6



.DSLWHO

 GRUIIHUVWPLWGHUGRSSHOWHQ3URGXNWLYLWlWYRQ.lPSIHQXQG6LQJHQJH JHEHQ 'LH)LJXUGHV5LWWHUVUHSUlVHQWLHUWGHQÅ.ULHJHUEHUXI´GLHHLJHQWOLFKH )XQNWLRQGHV$GHOLJHQ:lKUHQG/D‰EHUJGLH6FKZHOOH]XU0XVHDOLVLHUXQJ XQG 3KLORORJLVLHUXQJ  GHV 5LWWHUV EHUVFKUHLWHW EOHLEW LP NRQVHUYDWLYHQ $GHO]XPDOXPGDV5LWWHULGHDOSUlVHQW,QVHLQHQ(ULQQHUXQJHQEH KDUUW GHU SUHX‰LVFKH $GHOLJH )ULHGULFK $XJXVW /XGZLJ YRQ GHU 0DUZLW]   MHGHQIDOOV DXI GHP 2IIL]LHUVGLHQVW DOV VXEVWDQ]LHOOHP (UEJXW GHV*HEXUWVDGHOV $EHULQGHU7DWKDWHVQLHPDOVHLQH,QVWLWXWLRQJHJHEHQLQZHOFKHUGDV5LWWHUWXP lKQOLFKHUZLHGHUDXIJHOHEWZlUHDOVLQGHP2IIL]LHUVVWDQGH)ULHGULFKV,,'LHVHOEH (QWVDJXQJMHGHVSHUV|QOLFKHQ9RUWHLOVMHGHV*HZLQVWHVMHGHU%HTXHPOLFKNHLW² MDMHGHU%HJHKUOLFKNHLWZHQQLKPQXUGLH(KUHEOLHE>«@$UWOl‰WQLFKWYRQ$UW ² YRP 9DWHU ZHUGHQ ZHLW PHKU (LJHQVFKDIWHQ DXI GHQ 6RKQ YHUHUEW DOV GLH QHXHUQ 3KLORVRSKDQWHQ XQG 6RSKLVWHQ ]XJHEHQ ZROOHQ >«@ 6R EOLHE DOVR GHU $GHOQDFKZLHYRUGLH3IODQ]VFKXOHGHV2IIL]LHUVVWDQGHVELVDXIGHQKHXWLJHQ7DJ ²ZHQQJOHLFKGLHKHUHLQEUHFKHQGH1RWXQG9HUDUPXQJGHU*UXQGEHVLW]HUPDQ FKHQDQJHVHVVHQHQ(GHOPDQQ]ZDQJHQVHLQH6|KQH]XP(UZHUELQLKUHP)DFK DQ]XKDOWHQXQGGHQ6ROGDWHQVWDQGDXI]XJHEHQ

 

5LWWHUIDKUWHQPLW'RQ4XL[RWH

 7KRPDV 0DQQV 5HLVHHVVD\ 0HHUIDKUWPLW'RQ4XLMRWH GHU GLH HUVWH hEHU IDKUWGHV(PLJUDQWHQYRQ(XURSDQDFK$PHULNDQDFKHU]lKOWLVWGDV 'RNXPHQW HLQHU 3DVVDJH GLH GHQ 5HSUlVHQWDQWHQ GHU GHXWVFKHQ .XOWXU XQGHLQJHZXU]HOWHQ$EHQGOlQGHUEHUGLHDQJHVWDPPWHQ*UHQ]HQKLQDXV LQV8QJHZLVVHIKUW&HUYDQWHV·5RPDQLVWNHLQHVZHJVHLQH*HOHJHQKHLWV OHNWUHYLHOPHKUHLQ6WFN:HOWOLWHUDWXUPLWLGHQWLILNDWRULVFKHP.HUQ'HU VSlWHU LQ GHQ %DQG $GHOGHV*HLVWHVDXIJHQRPPHQH 7H[W 0DQQV EHULFKWHW LP*UXQGHYRQ]ZHLLUUHQGHQ5LWWHUQDXIGHU6XFKHQDFKQHXHU2ULHQWLH UXQJ:LH'RQ4XL[RWHVHLQHYRQGHU9HUEOHQGXQJGHV3RHWHQGHV3KDQ WDVWHQ JHSUlJWHQ $YHQWLXUHQ VR XQWHUQLPPW 0DQQ HLQH Å&ROXPEXVIDKUW ²²²²²²²²²²²²²   

%ORFK0DUF'LH)HXGDOJHVHOOVFKDIW6WXWWJDUW>]XHUVWIU]@6 0DUZLW] )ULHGULFK $XJXVW /XGZLJ YRQ GHU (LQ PlUNLVFKHU /DQGHGHOPDQQ LP =HLWDOWHU GHU %HIUHLXQJVNULHJH /HEHQVEHVFKUHLEXQJ %G  )ULHGULFK 0HXVHO +UVJ %HUOLQ  6 XQG 6 9JOGD]XJHQHUHOOGLHNHQQWQLVUHLFKH3DUDSKUDVHLQ/HKQHUW+HUEHUWÅ'DV&KDRVXQGGLH =LYLOLVDWLRQ GDV ([LO XQG GLH )LNWLRQ 7KRPDV 0DQQV 0HHUIDKUWPLW'RQ4XLMRWH´ LQ (FN KDUG+HIWULFK+HOPXW.RRSPDQQ +UVJ 7KRPDV0DQQXQGVHLQH4XHOOHQ)HVWVFKULIWIU+DQV :\VOLQJ )UDQNIXUW D 0  6  6RZLH +DJH 9RONHU Å0LW 'RQ 4XLMRWH QDFK $PHULND hEHU 7KRPDV 0DQQV Ä6HLWHQVSUXQJ¶ LP -DKUH ´ LQ 7KRPDV0DQQ-DKUEXFK 6



5LWWHUVFKDIW²$XWRUVFKDIW





 LQVhEHUZHVWOLFKH´HUVWHOOWVLFK²HEHQPLWHLQHPJHK|ULJHQ6WFNHXUR SlLVFKHU:HOWOLWHUDWXUJOHLFKVDPDOV:DIIHLQGHU+DQG²HLQHUJHRJUDSKL VFKHQ ZLH NXOWXUHOOHQ gIIQXQJ *HPHLQVDP LVW EHLGHQ 3URWDJRQLVWHQ GLH ÅSURYLQ]LHOOH*DEHGHU3KDQWDVLH´GLHVLHQXQ]XDULVWRNUDWLVFKHQÄ:HOW PlQQHUQ¶jOD&DVWLJOLRQHPDFKHQVROO)U7KRPDV0DQQLVWGLHÅ:HOWUHL VH´ PLW GHP Å:HOWEXFK´  GHU DQJHPHVVHQH :HJ 'LH Å6FKOlIULJNHLW´  HU]HXJHQGH )DKUW DXI GHP RUW XQG ]HLWORVHQ 0HHU LVW lKQOLFK ZLH GHU $XIHQWKDOW LP =DXEHUEHUJ 5LWHGHSDVVDJH YLHOOHLFKW VRJDU 7RG XQG :LH GHUJHEXUW DQ HLQHP 2UW ZR PDQ DXIPHUNVDP GLH ÅUHGHQG EHZHJWHQ 6FKDWWHQ´² JHPHLQW LVW KLHU YRUGHUJUQGLJ GDV %RUGNLQR ² EHWUDFKWHW )UDJW GDV ,FK ]X %HJLQQ QRFK JHPl‰ DOWHU *HZRKQKHLW Å:DV LVW GHXWVFK"´ VR VLQG EDOG XQWHU GHP (LQIOXVV &HUYDQWHV· EHUQDWLRQDOH HXURSlLVFKH $GHOVWXJHQGHQ JHIUDJW GLH 'RQ 4XLMRWH DOV 6SDQLHU MD WDW VlFKOLFK YHUN|USHUW Å*UDQGH]]D ,GHDOLVPXV VFKOHFKW DQJHSD‰WHU +RFK VLQQ XQOXNUDWLYH 5LWWHUOLFKNHLW´  'HILQLHUW ZLUG VFKOLH‰OLFK HLQH DEHQG OlQGLVFKH *HPHLQNXOWXU GLH DXI GHU $QWLNH GHP -XGHQWXP XQG GHP &KULVWHQWXPDXIUXKWZREHLGDVJHJHQZlUWLJH'HXWVFKODQGJlQ]OLFKXQHU ZlKQW EOHLEW ,P P\WKLVFK SHUVRQLIL]LHUWHQ 1HZ «@ 1LFKWGD‰ZLUHEHQ$OOHDQHLQHQHXH%HJUQGXQJXQG%HOHEXQJGHV5LWWHUWKX PHVGlFKWHQ'DVIlOOWDX‰HUPLUVHOEHUGHULFKGHVKDOEDOOHUGLQJVKLQXQGZLHGHU IU HLQHQ LUUHQGHQ 5LWWHU SDVVLUHQ PDJ ZRKO MHW]W QXU ZHQLJHQ /HXWHQ HLQ XQG 0HLQHVJOHLFKHQVXFKHQ²ZHQLJVWHQVPLW%HZX‰WVH\Q²JHUDGHGLHLUUHQGH5LWWHU VFKDIWQLFKW$EHUGLH+DQGDXI·V+HU]:HUYRQXQV$OOHQKDWQLFKWZHQLJVWHQV

²²²²²²²²²²²²²

 9JO6HLELFNH.ULVHXQG9HUIDOOGHU6SlWURPDQWLN6  9JO]XU9RUPlU]5H]HSWLRQZLHGHUXP6HLELFNH.ULVHXQG9HUIDOOGHU6SlWURPDQWLN6I  0D[ GHOD0RWWH)RXTXp 6  XQG6  YJO DXFKGHUV'HUÅ:DOGGHU:HOW´'DV:HUN )RXTXpV%RQQ6;9 *HVDPWKRFKVFKXOH:XSSHUWDO6FKULIWHQUHLKH/LWHUDWXUZLV VHQVFKDIW   )RXTXp )ULHGULFK GH OD 0RWWH *|WKH XQG (LQHU VHLQHU %HZXQGUHU (LQ 6WFN /HEHQVJHVFKLFKWH %HUOLQ6I





.DSLWHO

LQLUJHQGHLQHU3HULRGHLUJHQGHLQHEHVWLPPWH3HUVRQJHVSLHOWGLHHUQLFKWHLJHQW OLFKZDU"

'DV 9HUGLNW JHJHQ )RXTXp IROJW GHP SUlIHULHUWHQ 5ROOHQPXVWHU GHV $X WRUVZHQGHWGLHVDEHUZLHELVLQV-DKUKXQGHUWXQGQDFKHUQHXW JHZRKQW LQV .ULWLVFKH HUQLHGULJW GLH )LJXU GHV 'RQ 4XL[RWH YRP YRU ELOGOLFKHQ3RHWHQZLHGHU]XP1DUUHQ6RKDW&OHPHQV%UHQWDQRGLH3HU VRQ )RXTXp DOV 6WRII HLQHV QHXHQ 4XL[RWH5RPDQV ]XJOHLFK SRHWLVFK EHUK|KW XQG HUQLHGULJWKDW -RVHSK YRQ (LFKHQGRUII )RXTXp PLW NULWL VFKHP 8QWHUWRQ DOV 'RQ 4XL[RWH GHU 5RPDQWLN EH]HLFKQHW  (EHQVR PXVVGHU(LFKHQGRUII/HVHUDOV.RQQRWDWLRQHLQHDQGHUH/HVDUWEHUHLWKDO WHQKDWWHGHU/LWHUDWXUKLVWRULNHUGRFK]XPLQGHVWGHP5RPDQ9RUELOGFKD UDNWHU DWWHVWLHUW ,QWHUIHUHQ]HQ ]ZLVFKHQ GHU %LRJUDSKLH GHV $XWRUV XQG VHLQHQ3URWDJRQLVWHQZDUHQEHDEVLFKWLJWXQGZXUGHQLKPDOVRQLFKWQXULQ IUHXQGZLOOLJHU $EVLFKW XQWHUVWHOOW 1RFK KHXWH VFKHLQW HV QDKH ]X OLHJHQ )RXTXpVHOEVWDOVÅLUUHQGH>Q@5LWWHU´VHKHQ]XZROOHQ(LQHVHLQHUJU|‰ WHQ$QKlQJHULQQHQZDUZLHVSlWHUGLH*HUPDQLVWLNYRP:LUNOLFKNHLWVJH KDOW GHU PLWWHODOWHUOLFKHQ /LWHUDWXU GDYRQ EHU]HXJW )RXTXp KDEH VHLQH 5LWWHUJHVFKLFKWHQ VHOEVW HUOHEW  'RFK EH]HLFKQHW GHU 'RQ4XL[RWH 9HUJOHLFK]X5HFKWQLFKWGLH7H[WH)RXTXpVLQLKUHUDUWLVWLVFKHQ$PELYD OHQ] VRQGHUQ GDV =ZHLGHXWLJH GHQ 5LVV GHU DQJHEOLFK GXUFK )RXTXpV 6HOEVWELOGXQGVHLQHÄUHDOH¶8PZHOWJLQJ0DQXQWHUVWHOOWGHP5RPDQWLNHU HLQH9HUWUlXPWKHLWGLHLKP]XU9HUZHFKVOXQJYRQ$XWRU,FKXQG+HOGHQ JHULQQW]XP5HDOLWlWVYHUOXVW 'DV)RXTXpVFKH°XYUHIL[LHUWLQVHLQHU*HVDPWKHLWHLQHJHVFKORVVHQH:HOWILJXU GLHEHLDOOHUEXQWHQ)DFHWWLHUXQJXQGZHLWGLPHQVLRQLHUWHQ+LVWRUL]LWlWDXIGLHP\ WKLVFKH 9RUVWHOOXQJ HLQHV SRHWLVLHUWHQ 0LWWHODOWHUV ]HQWULHUW LVW 'DV DEHU PX‰WH ]XPDOEHLGHUEHWUlFKWOLFKHQ,GHQWLILNDWLRQ)RXTXpVPLWGHP=DXEHUNUHLVVHLQHU 3KDQWDVLHZHOW]XGRQTXLMRWLVFKHQ,QWHUIHUHQ]HUVFKHLQXQJHQIKUHQ

²²²²²²²²²²²²²

 )RXTXp)ULHGULFKGHOD0RWWHÅ(WZDVEHUGHQ'RQ4XL[RWHGHV&HUYDQWHVQHEVWHLQHU 1XW]DQZHQGXQJ´ LQGHUV*HIKOH%LOGHUXQG$QVLFKWHQ6DPPOXQJNOHLQHUSURVDLVFKHU6FKULIWHQ =ZHLWHV%lQGFKHQ/HLS]LJ6KLHU6  Å)RXTXp ZlUH JDQ] HLQ 6WRII ]X HLQHP OLWHUDULVFKHQ 'RQ 4XLMRWH HEHQVR OlFKHUOLFK VR UKUHQG VR HGHO DOV GHU DOWH QXU QLFKW VR WLHIVLQQLJ´ %UHQWDQR &OHPHQV Å)RXTXp´ LQ :HUNH%G)ULHGKHOP.HPS +UVJ 0QFKHQ6   Å>%@HL )RXTXp EHUZlOWLJWH GLH UHLFKH DXI (LQHQ 3XQNW JHVSDQQWH 3KDQWDVLH YHUEXQGHQ PLWHLQHUHKUOLFKULWWHUOLFKHQ,QWHQWLRQDOOHDQGHUHQ*HLVWHVNUlIWHXQGPDFKWHLKQVR]XP 'RQ4XL[RWHGHU5RPDQWLN´ (LFKHQGRUII-RVHSKYRQÅhEHUGLH(QWVWHKXQJXQGUHOLJL| VH %HGHXWXQJ GHU QHXHUHQ URPDQWLVFKHQ 3RHVLH LQ 'HXWVFKODQG´ LQ '.9  6  KLHU6   0D[GHOD0RWWH)RXTXp6  6R 3ULQ]HVVLQ 0DULDQQH YRQ +HVVHQ+RPEXUJ GLH DP SUHX‰LVFKHQ +RI )RXTXpV EHGHX WHQGVWH3URSDJDQGLVWLQZDUYJO0D[GHOD0RWWH)RXTXp6  (EG6



5LWWHUVFKDIW²$XWRUVFKDIW





 'LH HUVWH EHJHLVWHUWH *HQHUDWLRQ YRQ )RXTXpV /HVHUQ KDWWH GDV QRFK DQGHUVJHVHKHQ'HQ$XWRUGHV=DXEHUULQJDOVÅGHXWVFKHQ&HUYDQWHV´]X EHJU‰HQ KLH‰ GHQ4XL[RWH9HUJOHLFK QRFK DXI GHQ 7H[W QLFKW DXI GHQ $XWRUDQ]XZHQGHQ   (XURSlLVFKH(LQLJXQJ 'HU=DXEHUULQJ  )RXTXpV HUIROJUHLFKVWHV 5RPDQSURMHNW 'HU =DXEHUULQJ LVW NHLQ :DKU]HL FKHQ HLQHV RIW DOV URPDQWLVFK PLVVYHUVWDQGHQHQ (VNDSLVPXV 0LW %H]XJ DXIVHLQHQ/HKUHU$XJXVW:LOKHOP6FKOHJHOXQGDXIGHVVHQHXURSlLVFKHV 0LWWHODOWHUNRQVWUXNW DXV GHXWVFKHP 8UVSUXQJVGHQNHQ KHUDXV VFKULHE )RXTXpLQVHLQHU-DKU]HKQWHVSlWHUHUVFKLHQHQHQ$XWRELRJUDSKLHGDUEHU 'HXWVFKODQG:XU]HOGHV5LWWHUWKXPHV²DXVLKPVLFKIRUWUDQNHQGEHUGLH:HOW KLQGHVVHQ=ZHLJHLQ/LHE·XQGLPHGOHUHQ6WUHLW²DOVRIUGLHYRUOLHJHQGH'DU VWHOOXQJ HLQ GHXWVFKHU 5LWWHUKHOG DXI GHQ $EHQWHXHUIDKUWHQ HLQHV ODQJHQ EHU NKQHQ/HEHQVDXVPDQQLJIDFKZHFKVHOQGHQ/LHEHVEQGQLVVHQ.LQGHUKLQWHUODV VHQGGLHHLQDQGHUEHJHJQHQ]XZXQGHUVDPHQ9HUZHEXQJHQLKUHV*HVFKLFNHV² HQGOLFK $OOHV VLFK JHZLWWHUKDIW ]XVDPPHQ]LHKHQG EHU GHV *UHLVHQ +DXSW ² :RONHQGLHVLFKLQVFKUHFNOLFKHQ'RQQHUVFKOlJHQHQWODGHQGRFKHQGOLFK6HHJHQ KHUQLHGHUWKDXHQ²V‰HVWH)ULHGHQVYHUV|KQXQJJOHLFKZLHLPKHLWHUQ&KDRV]XP 6FKOX‰$NNRUG

(LJHQHQ$QJDEHQ]XIROJHEHHQGHW)RXTXpGHQ5RPDQDOVÅ]XJOHLFK DEHUPDOGHUIUDQ]|VLVFKH*LJDQWVHLQH(U]NHXOHVFKZDQJXPGDVULWWHU OLFKH3UHX‰HQ]X]HUVFKPHWWHUQ´'HU=DXEHUULQJHQWVWHKWGDPLWLQ]HLWOL FKHUXQGGLVNXUVLYHU1DFKEDUVFKDIW]XGHQ:DKOYHUZDQGWVFKDIWHQ]X*UlILQ 'RORUHVRGHU $KQXQJXQG*HJHQZDUW )RXTXpV =DXEHUULQJLVW HLQ 5RPDQ GHU )DPLOLHQ]XVDPPHQIKUXQJDOVRHLQJHQHDORJLVFKHU5RPDQGHUGDVRUJD QLVFKH'HQNHQGHU=HLWPLWGHUDULVWRNUDWLVFKHQ*UR‰IDPLOLHYHUELQGHW XQG HU LVW HLQ QDWLRQDOHU DOV EHUQDWLRQDOHU 5RPDQ  ZLHGHUXP LP 6LQQ YRQ$XJXVW:LOKHOP6FKOHJHOV3RVWXODWHLQHU'RPLQDQ]'HXWVFKODQGVLQ HLQHUJHPHLQHXURSlLVFKHQ.XOWXU'DV6FKOXVVWDEOHDXVR*HUKDUG6FKXO] VFKHLQH1RYDOLV·(XURSD9LVLRQ]XHQWVSUHFKHQ(VÅWUHIIHQVLFKQLFKWQXU GLHWDSIHUHQ5HSUlVHQWDQWHQHXURSlLVFKHU&KULVWOLFKNHLWXQGHUNHQQHQVLFK ²²²²²²²²²²²²²  +HOPLQDYRQ&Kp]\DQ)RXTXpDPLQ)RXTXp$OEHUWLQH%DURQLQGHOD0RWWH +UVJ %ULHIHDQ)ULHGULFK%DURQGHOD0RWWH)RXTXp9RQ&KDPLVVR&KH]\&ROOLQ>XD@0LWHLQHU %LRJUDSKLH )RXTXpV YRQ -XOLXV (GXDUG +LW]LJ XQG HLQHP 9RUZRUW XQG ELRJUDSKLVFKHQ 1RWL]HQ YRQ +HUPDQQ.OHWNH%HUOLQ6  )RXTXp/HEHQVJHVFKLFKWH6I  (EG6  Å=HLW´ EHGHXWHW QLFKW QXUGLH 6FKZHOOHQ]HLWXP 6HQJOH UHNODPLHUW GLH 1HLJXQJ DOOH *HVFKLFKWH DOV )DPLOLHQJHVFKLFKWH ]X HU]lKOHQ IU GLH JHVDPWH Å5HVWDXUDWLRQVHSRFKH´ 6HQJOH.ULVHXQG9HUIDOOGHU6SlWURPDQWLN6 



.DSLWHO

 DOVHLQH)DPLOLH=X&KULVWHQJHZRUGHQYHUELQGHQVLFKGDPLWDXFKHLQLJH +HLGHQYRQGHU1RUGXQG6GJUHQ]HGHVFKULVWOLFKHQ(XURSD´ Ä*HVFKLFKWHDOV)DPLOLHQWUDGLWLRQ¶KHL‰WGDVVIU)RXTXpNHLQH'LIIH UHQ]EHVWHKW]ZLVFKHQHLQHPÄKLVWRULVFKHQ¶5RPDQXQGHLQHUILNWLRQDOLVLHU WHQ +LVWRULH 'HU 5RPDQ VFKDIIW PHWDOHSWLVFK HLQH JHQHDORJLVFKH %H]LH KXQJ ]ZLVFKHQ Å7H[WZHOW´ XQG ÅUHDOHU :HOW´ RGHU EHVVHU GHU :HOW GHV HPSLULVFKHQ$XWRUVXQGGHU$GUHVVDWHQ]X%HJLQQGHV-DKUKXQGHUWV  LQGHPHU)RONRYRQ0RQWIDXFRQDOVILNWLYHQ$KQKHUUQ)RXTXpVLQVWDOOLHUW ²XQGGDPLWJHUDGOLQLJHUDOV%UHQWDQRGHULP*RGZLEHUGLH+HUDXVJHEHU ILNWLRQ HLQH *UR‰IDPLOLH DXV $XWRUHQ XQG )LJXUHQ HUVFKDIIW 8PJHNHKUW YHUOlXIWGLH)RXTXp5H]HSWLRQEHLPSUHX‰LVFKHQ.URQSULQ]HQGHPVSl WHUHQ)ULHGULFK:LOKHOP,9$XIHLQH)LJXUGHV=DXEHUULQJDQVSLHOHQGIUDJW GLHVHU ZlKUHQG GHU %HIUHLXQJVNULHJH HLQPDO DOV HU DXI GHU 6XFKH QDFK )RXTXpLVWÅ:RLVW+HHUGHJHQYRQ/LFKWHQULHG"´*DQ]VHOEVWYHUVWlQG OLFK LGHQWLIL]LHUWH PDQ DOVR ULWWHUOLFKH /LFKWJHVWDOWHQ GHV 5RPDQV PLW GHU 3HUVRQGHV9HUIDVVHUV $XIDOOHQ(EHQHQGHV5RPDQVXQXPVWULWWHQHV9RUELOGGHV5LWWHUWXPV LVW GHU HQJOLVFKH .|QLJ 5LFKDUG /|ZHQKHU] HLQ Å6SLHJHO DOOHU 5LWWHU VFKDIW´ =    'RFK LVW /|ZHQKHU] HLQ PRPHQWDQ HQWPDFKWHWHU HLQ JHIDQJHQHU5HWWHUXQGGLHVGHXWHWDXIGDVhEHUJDQJVV]HQDULRGHV5RPDQV EHUHLWV YRUDXV 'HU JODQ]YROOH 5LFKDUG /|ZHQKHU] VWHKW DXFK IU HLQH 1LHGHUODJHGHV5LWWHUWXPVLP+HLOLJHQ/DQGGLHHVDEHULQHLQHQ6LHJ]X YHUZDQGHOQJLOWIUHLQH'DXHUODWHQ]GHV5LWWHUWXPVDOV]ZHLWHVFKHLQEDU HQGORVH 3KDVH LQ GHU URPDQWLVFKHQ *HVFKLFKWVWULDGH GHU HLQH :LHGHUJH EXUW IROJHQ PXVV ,Q GHU 0HWDSKRULN GHU1DWXU]HLW NOLQJW GLHV VR Å*RWW ZLUG VFKRQ HLQPDO JHEHQ GD‰ PDQ YRQ LKP >VF /|ZHQKHU]@ YHUQLPPW >«@)KUWHUMDGRFKDXFKGLHPRQGHQODQJYHUVFKZXQGHQH6RQQHZLHGHU PLWHUQHXWHP*ODQ]HEHUXQVUHHLVLJHQ1RUGODQGHKHUDXIXQGGDQQJLEW HV QDFKKHU HLQHQ GHVWR OlQJHUQ XQG ZXQGHUVDPHUQ 7DJ´ =   'LH %HIUHLXQJVWDW GHV LP 5DKPHQ GHV 6FKOXVVWDEOHDXV YRUEHL]LHKHQGHQ /| ZHQKHU] JHOLQJW QLHPDQG *HULQJHUHP DOV GHP 5LWWHU6lQJHU %ORQGHO DOV GHVVHQÅ=DXEHUVWDE´VLFKVHLQH6WLPPHHUZHLVWÅ(VLVWPLULVW·VJHOXQJHQ  'DV *UDE ]HUVSUDQJ 'HU %ORQGHO KDW JHVXQJHQ  'HQ %ORQGHO KlOW XPVFKOXQJHQ  6HLQ /|ZHQKHU] VHL IUHL XQG IUDQN  ,P /LHEVXP IDQJ´ =  ²²²²²²²²²²²²²

 6FKXO]1DFKZRUW6  1DFKZRUW ]X GHU 6DPPOXQJ OHW]WHU +DQG %G ;,, 6  ]LWLHUW QDFK 6HLELFNH %LHGHU PHLHU]HLW6  -HZHLOV LQ .ODPPHUQ ZLUG LQ GLHVHP .DSLWHO PLW GHU 6LJOH Å=´ SOXV 6HLWHQ]DKO ]LWLHUW )RXTXp )ULHGULFK %DURQ GH OD 0RWWH 'HU=DXEHUULQJ(LQ5LWWHUURPDQLQGUHL7HLOHQ %HUOLQ &KDUORWWHQEXUJ





5LWWHUVFKDIW²$XWRUVFKDIW





8QGVRLVWGDVHWZDVZHQLJHURIIHQVLFKWOLFKH9RUELOGDOOHQ5LWWHUWXPV PHKU QRFK %ORQGHO GHQQ 5LFKDUG VLQG GRFK DXFK .UHX]]XJVULWWHU ÅJH KDUQLVFKWH> @ 6lQJHU´ =   (XURSlLVFKHV .HUQODQG $XVJDQJV XQG (QGSXQNWGHU+DQGOXQJLVWDEHU'HXWVFKODQGGDVPDQZLHGLH)UDQ]| VLQ*DEULHOHYRQ3RUWDPRXUVLFKHLQJHVWHKHQPXVVÅHLQHQZDKUHQ(KUHQ VDDOYRQWDSIHUQXQGELHGHUKHU]LJHQ5LWWHUVOHXWHQQHQQHQPDJ´ =  'LH VLFK LP /DXIH GHU +DQGOXQJ JUXSSLHUHQGHQ XQG YHUV|KQHQGHQ 5LWWHUDXVGLYHUVHQ/lQGHUQ(XURSDVYHUHLQLJHQLQLKUHU3HUVRQGLH3ULQ ]LSLHQ Ä.lPSIHQ¶ XQG Ä(U]lKOHQ¶ MH QDFK 1DWLRQ 'LH LQ HLQHU 5XQGH WD IHOQGHU5LWWHUYRUJHWUDJHQHQ(U]lKOXQJHQNQSIHQPLW$UWXV·7DIHOUXQGH QLFKWQXUDQHLQDKLHUDUFKLVFKJHGDFKWHV(XURSDGHV0LWWHODOWHUVDQVRQ GHUQDXFKDQGLYHUVHHXURSlLVFKH(U]lKOWUDGLWLRQHQGLHYRQGHU$UWXVHSLN ]X %RFFDFFLR XQG ]XP QRYHOOLVWLVFKJHVHOOLJHQ (U]lKOHQ IKUHQ ZRPLW HLQH OLWHUDWXUJHVFKLFKWOLFKH =HLWHQZHQGH LQ GLH %LQQHQHU]lKOXQJHQ GHV 5RPDQVHLQJHKWbKQOLFKZLHGLH/\ULNHLQODJHQGHU3URWDJRQLVWHQDXIHLQ HXURSlLVFKHV 0LWWHODOWHU KLQGHXWHQ ZROOHQ QRUGLVFKH 6WDEUHLPGLFKWXQJ XQG VGOLFKH .DQ]RQH QHEHQHLQDQGHU DQELHWHQ VLQG DXFK YLHOH GHU %LQ QHQHU]lKOXQJHQDXIJUXQGLKUHUQDWLRQDOHQ+HUNXQIWH[HPSODULVFK)RONRV (U]lKOXQJDXVVHLQHUQRUPDQQLVFKHQ+HLPDWIROJWQRFKGHPJHUPDQLVFK QRUGLVFKHQ9RUELOGGHU6DJDGHU*UDI$OHVVDQGURDXV,WDOLHQHU]lKOWjOD %RFFDFFLR QlKHUW GDV 6]HQDULR DOVR GHU 5HQDLVVDQFH DQ ZlKUHQG 'RQ +HUQDQGH]DQGHQ1RYHOOLVWHQ&HUYDQWHVJHPDKQWXQGGHQhEHUJDQJLQV VSDQLVFKHVLJORG¶RURPDUNLHUW =II  $XJXVW :LOKHOP 6FKOHJHO )RXTXpV /HKUHU KDWWH HLQ VROFKHV (XURSD HLQHVURPDQWLVFKHQ/LWHUDWXUNDQRQVDXVJHUPDQLVFKGHXWVFKHP8UVSUXQJ PLW HLQHP ,PSXOV JHEHQGHQ SURYHQ]DOLVFKHQ +|KHSXQNW HWZD LQ VHLQHQ 9RUOHVXQJHQ]XUURPDQWLVFKHQ3RHVLHHQWZRUIHQ XQG HU KDWWH LQ VHLQHU hEHU VHW]XQJVDQWKRORJLH %OXPHQVWUlX‰H LWDOLlQLVFKHU VSDQLVFKHU XQG SRUWXJLHVLVFKHU 3RHVLHLQ*HVWDOWHLQHU6XPPHGHUURPDQLVFKHQO\ULVFKHQ)RUPHQHEHQIDOOV HLQH OLWHUDULVFKH 9HUVLRQ HLQHV VR JHGDFKWHQ (XURSD ]XVDPPHQJHVWHOOW )RXTXpNRQVWUXLHUWHVQXQLPURPDQWLVFKHQ5RPDQDXV3RHVLHXQGULWWHU OLFKHP+DQGHOQGHQNWDOVRMHQHV(XURSDNRQ]HSWSROLWLVFK]X(QGH =ZHL GHU ULWWHUOLFK HEHQEUWLJHQ *HJQHU LQ GHU 5RPDQNRQILJXUDWLRQ GHU)UDQ]RVH)RONRXQGGHU6DUD]HQH0X]DWUHWHQEHUGLHVLQHLQHQIULHG OLFKHQ :HWWVWUHLW XP GLH K|KHUH 4XDOLWlW LQ *HVDQJ 6DLWHQVSLHO XQG (U ]lKOXQJHLQ$XFK3RHVLHZLUGDOVDJRQDOHUOHEWHLQWDEHUVFKOLH‰OLFKDOOH² ZLH)RXTXpV5RPDQGDV3URGXNWGHVJHQHDORJLVFKHQ1DFKIROJHUV)RONRV GHP /HVHU DP DOOHUEHVWHQ YRUH[HU]LHUW 1LFKW ]XIlOOLJ VLQJW 0X]D HLQH 5RPDQ]H = I  6FKOHJHO KDWWH LQ VHLQHQ 9RUOHVXQJHQ EHU URPDQWL ²²²²²²²²²²²²²  9JO 6WUREHO -RFKHQ ÄÅ)ULHGOLFKH 6WUHLI]JH LQV $XVODQG¶ $XJXVW :LOKHOP 6FKOHJHO DOV hEHUVHW]HUXQG+HUDXVJHEHUURPDQLVFKHU/\ULN´LQGHUV +UVJ %OXPHQVWUlX‰HLWDOLHQLVFKHU VSDQLVFKHUXQGSRUWXJLHVLVFKHU3RHVLHYRQ$XJXVW:LOKHOP6FKOHJHO'UHVGHQ6



.DSLWHO

 VFKH /LWHUDWXU GHU VSDQLVFKHQ 5RPDQ]H DUDELVFKH :XU]HOQ XQWHUVWHOOW  6FKOHJHOVSULFKWVRJDUYRQGHQÅEH\GHQ:HOWQDWLRQHQGHU'HXWVFKHQXQG $UDELVFKHQ´ 'HU 'HXWVFKH 2WWR GLH +DXSW XQG 6FKOVVHOILJXU GHV 5RPDQV HU ]lKOW DOOHUGLQJV QLFKWVRQGHUQ KDQGHOW XQG YROOHQGHWVR HLQH DQGHUH *H VFKLFKWH QlPOLFK GLH VHLQHU )DPLOLH 'HU .UHX]]XJV+LQWHUJUXQG GHU VFKRQ PLW GHP LPPHU ZLHGHU EHVFKZRUHQHQ 5LFKDUG /|ZHQKHU] DQJH VSURFKHQ LVW KDW DEHU IU GLH ZHLWHUH +DQGOXQJ NHLQH )ROJHQ 1LFKW LP 0RUJHQODQG VRQGHUQ LP $EHQGODQG JLOW HV ]X NlPSIHQ REJOHLFK 2WWRV :XQVFK5LWWHU ]X ZHUGHQYRQ $QIDQJ DQPLW GHP.UHX]]XJVJHGDQNHQ HLQKHUJHKW +XJRYRQ7UDXWZDQJHQ9DWHUYRQIQI6|KQHQDXVIQI/lQGHUQLVW GHU 6WDPPYDWHU HLQHV QHX ]X VFKDIIHQGHQ (XURSD DOV 6WHUEHQGHU QRFK JHJHQ (QGH GHU +DQGOXQJ SUlVHQW LVW HU LP *HJHQVDW] ]X 5LFKDUG /| ZHQKHU] DEHU DXFK JDQ] DQGHUV DOV P\WKLVLHUWH +HUUVFKHUILJXUHQGHV  -DKUKXQGHUWV ZLH .DUO GHU *UR‰H RGHU )ULHGULFK %DUEDURVVD QLFKW DXV GHPUHJLHUHQGHQ$GHOVRQGHUQHLQJHZ|KQOLFKHU5LWWHUGDEHLIUHLOLFKHLQH HEHQVR GHXWVFKH ZLH HXURSlLVFKH )LJXU JHKW PDQ GDYRQ DXV GDVV GDV 'HXWVFKH LQ HLQHU5HLKH YRQ =HXJXQJVDNWHQ (XURSD DOV)DPLOLH HUVW EH JUQGHW+XJRKDWWHDOOHIQI0WWHUYHUODVVHQKDWWHDOVRGLHK|FKVWXQULW WHUOLFKH6QGHGHU8QWUHXHEHJDQJHQ'DVLP-DKUKXQGHUWEHVFKZRUH QH JHPHLQVDPH Å+DXV (XURSD´ +HLQULFK 0DQQ  LVW LQ )RXTXpV 5RPDQ HLQH)DPLOLHLP:RUWVLQQ'LHJHQHDORJLVFKH)DEHOEHVWlWLJWGHU(U]lKOHU PHWDSKRULVFKZHQQHUEHU'HXWVFKODQGEHKDXSWHWÅGLHPHKUVWHQHXUR SlLVFKHQ :DQGUHU KDEHQ HV VFKRQ GHVKDOEHQ VHKU OLHE ZHLO HV LKUH JH PHLQVFKDIWOLFKH0XWWHULVW´ =  3DUDOOHO KDWWH 6FKOHJHO HLQH *HQHDORJLH GHU HXURSlLVFKHQ 3RHVLH GHV 0LWWHODOWHUVHQWZLFNHOW'LH$XVGLIIHUHQ]LHUXQJLQÅWRVNDQLVFKH&DQ]RQHQ 6RQHWWHXQG%DOODGHQ´DXIGLHGDQQ'DQWHXQPLWWHOEDUIROJWLVWHLQHHUVWH QDWLRQDOVSUDFKOLFKH)LOLDWLRQGHU7URXEDGRXU/\ULNÅ:LHHLQHGXUFKHLJQH )UXFKWEDUNHLWHUVFK|SIWH0XWWHUNRQQWHGLH3URYHQ]DOLVFKH3RHVLHQXULQ .LQGHUQIRUWEOKHQGLHLQDQGHUQ/lQGHUQLKU*OFNVXFKWHQ´$XI]ZHL %OWH]HLWHQGHUHXURSlLVFKHQ3RHVLHLQ0LWWHODOWHUXQG5HQDLVVDQFHN|QQWH QXQDXIGHXWVFKHP%RGHQHLQHZHLWHUHIROJHQ:HQQGLH7URXEDGRXUO\ULN Ä0XWWHU¶ GHU URPDQLVFKHQ 3RHVLH LVW GDQQ VLQG GLH 'HXWVFKHQ GLHV OHJW 6FKOHJHOLQVHLQHQ9RUOHVXQJHQQDKH*UR‰YDWHUXQG(QNHO]XJOHLFKDXI ODQJH 6LFKW VWLIWHQ VLH MHQH 6\QWKHVH QHX GLH HLQVW ZlKUHQG GHU 9|ONHU ZDQGHUXQJEHUHLWVEHVWDQGHQKDWWH ²²²²²²²²²²²²²  9JOHEG6]XPDUDELVFKHQ(LQIOXVVDXIGLHHXURSlLVFKH.XOWXUVHLWGHQ.UHX]]JHQ YJOHEG6  (EG6  (EG6²9JODXFK6



5LWWHUVFKDIW²$XWRUVFKDIW







(LQH $GHOVJHQHDORJLH ZlUH GLH HLQHQGH ,QVWDQ] QLFKW HLQ +HUUVFKHU JDUHLQ8VXUSDWRU=XP'HXWVFKHQ2WWRXQGGHP)UDQ]RVHQE]Z1RU PDQQHQ GDPLW DOVR DXFK *HUPDQHQ  )RONR JHVHOOHQ VLFK ]ZHL EHNHKUWH 9HUWUHWHU GHU 5DQGODJHQ GHU $UDEHU 1XUHGGLQ XQG GHU 6FKZHGH 2WWXU GHU ]X PRGHUQ KDQGHOQGH ,WDOLHQHU 7HEDOGR WXW UHFKW]HLWLJ %X‰H 'DV 6\PEROGHV5LQJVLVWGLHREMHNWLYLHUWH3RHVLHGHUHQ:LHGHUJHZLQQXQJLVW YRQ $QIDQJ DQ OHW]WHV =LHO ULWWHUOLFKHQ 7UDFKWHQV ,VW (XURSD DEHU DOV PHQVFKOLFKHIDPLOLDOH*HPHLQVFKDIWHUUXQJHQEHGDUIHVGHV5LQJVQLFKW PHKUGHUDOV:HUWREMHNWVWHWVGHP0LVVEUDXFKXQGGHU%HVLW]JLHUDXVJH VHW]W ZDU 'DV (LQVFKPHO]HQ GHV =DXEHUULQJV QDFK HUIROJWHU 9HUVDPP OXQJDOOHU)DPLOLHQPLWJOLHGHUGHXWHWDXIHLQHÄQDWUOLFKH¶)RUWIKUXQJGHV VHQ ZDV ]ZLVFKHQ]HLWOLFK GXUFK *HKHLPOHKUHQ EHI|UGHUW XQG GXUFK ULWWHUOLFKHQ.DPSIYHUWHLGLJWZHUGHQPXVVWHLQHLQHPHUQHXHUWHQ*ROGH QHQ =HLWDOWHU LQ JHOHEWHU IDPLOLDOHU *HPHLQVFKDIW (V LVW DXFK HLQH HU ZQVFKWH=HLWRKQH0DVNLHUXQJGDDOOH,GHQWLWlWHQWUDQVSDUHQWJHZRUGHQ VLQG )U GHQ FKULVWOLFKHQ 5LWWHU )RXTXpV VLQG 0DVNHQ LVW MHJOLFKH VSLH OHULVFKH +DOWXQJ RKQHKLQ XQWHUVDJW'HU 5LWWHU KDW PLW RIIHQHP 9LVLHU ]XNlPSIHQ 'HU5RPDQKHOG2WWRYRQ7UDXWZDQJHQLVWHLQVROFKQDLYHU5LWWHUGHU NDXPKLQ]XOHUQW$P$QIDQJVHLQHU.DUULHUH]HLJWHUVHLQH8QUHLIHDOVHU HLQYRQ*DXNOHUQLQV]HQLHUWHV6SLHOXQWHUEULFKWLQGHPHLQÅJHKDUQLVFKWHU .ULHJVPDQQ´ /DQGVNQHFKWVJHVLQQXQJ YRUVFKW]W Å)U %HXOHQ 6LOEHU *ROGIU%OXW+HUUJLEGHLQ*XWVRVFKODJ·LFKJXW´ = Ä5LWWHU¶VHLQ EHGHXWHW]ZDUDXFKULWWHUOLFKH7XJHQGHQDXV]XEHQGDQHEHQDEHULVW]X XQWHUVFKLHGHQ ]ZLVFKHQ QHJDWLY NRQQRWLHUWHP  6SLHO DOV 0DVNHUDGH XQG GHP (UQVW XQG GHU (FKWKHLW GHV FKULVWOLFKHQ 5LWWHUV 8PVR PHKU OHQNWH GHU(UQVW2WWRVGDV$XJHQPHUNGHV/HVHUVDXIVHLQHQ]HLWZHLOLJHQ%HJOHL WHU7HEDOGRGHQLWDOLHQLVFKHQ+DQGHOVPDQQGHUVLFKDOVOHLEOLFKHU%UXGHU HUZHLVHQZLUGYRUHUVWDEHUDOV6DQFKR3DQVDGHQXQEHKROIHQHQ2WWREH JOHLWHW 7HEDOGR ZLUG EDOG DXV GHP 6\VWHP GHV ULWWHUOLFKHQ )HXGDOLVPXV DXVEUHFKHQ LQ GDV HU DP (QGH PLW NQDSSHU 1RW XQG XQWHU GHU $XIODJH VWUHQJHU %X‰H ]XUFN]XGUlQJHQ LVW (U LVW GHU $JHQW HLQHU YRQ LKUHP +DQGHOVJHLVW OHEHQGHQ KHUHLQEUHFKHQGHQ LWDOLHQLVFKHQ  5HQDLVVDQFH HLQ $JHQWGHU9HUZDQGOXQJGHU:HOWZHOFKHUVLFKJHJHQ(QGHVRJDUDOV=DX EHUHUHUZHLVWGHUGLH.UlIWHGHV5LQJVPLVVEUDXFKW9RUOlXILJVWHOOWHUIHVW Å,KUKDEWQLFKWXQUHFKWGHQQLFKVHKHYHUZDQGHOWDXV$EHUHVYHUZDQGHOW VLFK DOOHV LQ GHU :HOW´ =   (U LVW DOVR GHU 9HUIHFKWHU HLQHU OLQHDUHQ =HLWRUGQXQJHLQHVZHOWOlXILJHQDQGHUHQQlPOLFKYRP*HLVWQHX]HLWOLFKHQ +DQGHOV EHVWLPPWHQ (XURSlHUWXPV 6HLQH =HLWRUGQXQJ ZLUG ]XJXQVWHQ HLQHUGXUFKGHQ=DXEHUULQJV\PEROLVLHUWHQXQGLQGHUJHQHUDWLRQDOHQ$E ²²²²²²²²²²²²²

 9JO6HLELFNH.ULVHXQG9HUIDOOGHU6SlWURPDQWLN6$QP



.DSLWHO

 IROJHDOVV\QWKHWLVLHUHQGHU:LHGHUKROXQJFRGLHUWHQ=\NOLNGHU*HVFKLFKWH QHJLHUWGLHDEHUOHW]WOLFKLQHLQHFKLOLDVWLVFKH$KLVWRUL]LWlWPQGHW7HEDO GR JHK|UW GXUFKDXV GHU )DPLOLH +XJKV DQ LVW DOVR DOOHQIDOOV HLQ DEWUQ QLJHU%UXGHU2WWRVDOVHUVLFKGHV5LQJVEHPlFKWLJWÅ,FKKDEHHXFKJH VDJW>«@GD‰LFKHLQ.DXIPDQQELQXQGHLQVROFKHUKDWLPPHUQRFKYLHO OLHEHU WDXVHQGIDFKHQ DOV KXQGHUWIDFKHQ *HZLQVW´ =   (U LVW HLQH DPELYDOHQWH )LJXU ]XPLQGHVW LQVRIHUQ DOV GLH %HIUHLXQJ 2WWRV DXV GHU *HIDQJHQVFKDIW HLQHV *UDEHV 9RUDXVVHW]XQJ GHU HUZQVFKWHQ $XIHUVWH KXQJ(XURSDVGLH%HIUHLXQJ5LFKDUG/|ZHQKHU]·GXUFKGHQ6lQJHU%ORQ GHOVSLHJHOWRGHUSUlILJXULHUW'LHVH5HWWXQJGHV5LWWHUVXQG]XGHPPHKUH UHU -XQJIUDXHQ JHOLQJW DXVJHUHFKQHW GHP.DXIPDQQ GHU GHQ =DXEHUULQJ UHFKW ]X QXW]HQ ZHL‰%DOG HUZHLVW HU VLFK DEHU DOV K\EULGHU =DXEHUHU GHUIUHYHOKDIWHV6SLHOPLWGHP5LQJWUHLEWLKQGD]XEHQXW]WÅGLH7LHUHGHU :VWH XQG GHV 0HHUHV KHUEHL]XORFNHQ VLH ]X ZXQGHUOLFKHQ 7lQ]HQ XQG 6WHOOXQJHQ]ZLQJHQGXQGRIWPDOVODXWGDUEHUDXIODFKHQG´ =  :HQQJOHLFK7HEDOGRDOV3LOJHUDXIGHP:HJQDFK-HUXVDOHPDP(QGH JHOlXWHUW ZHUGHQ VROO JLOW LQVJHVDPW GDVV HU QHEHQ GHQ VRQVW ÄHLQGHXWL JHQ¶ VFKZDU]HQ RGHU ZHL‰HQ )LJXUHQ GHV 5RPDQV GLH YLHOOHLFKW HLQ]LJH ÅZLGHUVSUFKOLFKVFKLOOHUQGH> @´ LVW  (U LVW ÄQXU¶ 5RPDQH ÄQXU¶ 6RKQ HLQHU%UJHUOLFKHQ DOOHUGLQJVHLQHVDGHOLJHQ9DWHUV NHLQ5LWWHU²HLQH +\EULGILJXU 7HEDOGRV *HVFKLFKWH EOHLEW DOV HLQ]LJH DP 6FKOXVV GHV 5R PDQVRIIHQHUKDWNHLQHQ$QWHLODQGHUIDPLOLDOHQ9HUV|KQXQJHVEOHLEW EHLHLQHU9HUKHL‰XQJGHU9HUJHEXQJ 1DWUOLFKLVWGLHVHU5LWWHUURPDQDXFKHLQ$UFKLYNXOWXUHOOHQ:LVVHQV ZLH VFKRQ 7LHFNV 0LQQHOLHGHU6DPPOXQJ )RXTXp EDXW DXIIlOOLJHUZHLVH NXOWXUHOOHV :LVVHQ ]X ULWWHUOLFKHP 9HUKDOWHQ HLQ DOV N|QQH HV YRQ GHQ /HVHUQ]XJHJHEHQHU=HLWHLQJHVHW]WZHUGHQ'LH9RUJlQJHXPGHQ5LWWHU VFKODJ =   RGHU GLH GHV =ZHLNDPSIHV = I  VLQG KLVWRULVFK QLFKW EHUWUDJEDUVLHOLHIHUQDEHU$QVFKDXXQJVPDWHULDOGDUEHUZLHIL[HNXOWX UHOOH 2UGQXQJHQ EHUKDXSW IXQNWLRQLHUHQ N|QQHQ 6LH ELOGHQ QLFKW HLQH DQDFKURQLVWLVFKH$OWHUQDWLYH]XU*HJHQZDUW)RXTXpVVRQGHUQVWUXNWXUHOO GLH0|JOLFKNHLWXQKLQWHUJHKEDUHULWXDOLVLHUWH9HUKDOWHQVPXVWHUPLWHLQID FKHQ EHUVFKDXEDUHQ 0LWWHOQ GXUFK]XVHW]HQ (QWVFKHLGHQG LVW GLH 9HU ELQGXQJYRQ5LWXDO.DPSIXQGHWKLVFKHP,PSHWXV$XFKYRUGHP=ZHL NDPSIJLOWHVHWZDGHQ'DPHQJHJHQEHUK|IOLFK]XEOHLEHQ'HU5RPDQ ²²²²²²²²²²²²²  7HEDOGR VHOEVW PDFKW GLHV H[SOL]LW DOV HU GLH XQWHUVFKLHGOLFKHQ *HEUDXFKVP|JOLFKNHLWHQ GHV)HWLVFKVÄ=DXEHUULQJ¶DXI]lKOWÅ,KUVDKHWLKQDOVHLQ6WFN(XUHUULWWHUOLFKHQ(KUHQUV WXQJDQZLHPLWHLQHPDUWLJHQ6SLHOZHUNWlQGHOWHGDPLW*DEULHOH(VPX‰WHHLQ.DXIPDQQ GDUEHUNRPPHQXPLKPGLHUHFKWHQ*HKHLPQLVVHDE]XIUDJHQXQG5LWWHUQXQGVFK|QHQ )UDXHQGDPLW]XKHOIHQ´ =   6HLELFNH.ULVHXQG9HUIDOOGHU6SlWURPDQWLN6  9JOHEG6  9JOHEG6



5LWWHUVFKDIW²$XWRUVFKDIW





 OHKUW MHGRFK ]ZLVFKHQ IHLQHU 6LWWH XQG GHUHQ EOR‰HU 9RUVSLHJHOXQJ ]X XQWHUVFKHLGHQ'HUDUDELVFKH0RKUHQIUVW0X]DPXVV]XU%HVWlWLJXQJGHU 0D[LPHKHUKDOWHQGDVVJHJHQEHU$QGHUVJOlXELJHQ9RUVLFKWJHERWHQLVW =ZDULVWDXFK0X]D6lQJHUXQGEHKHUUVFKWVRJDUGLHJlQJLJHQDEHQGOlQ GLVFKHQ O\ULVFKHQ )RUPHQ ZLH 5RPDQ]H 0DGULJDO XQG 9RONVOLHG 'RFK IUVWOLFKHU $QVWDQG K|IOLFKZLW]LJHV *HVSUlFK LVW LQ GHU /RJLN GHV 5R PDQV GRUW QXU 2EHUIOlFKH ZR GLH XUVSUQJOLFKH :LOGKHLW GHV +HLGHQ PKVDPYHUGHFNWZLUGXQGVRRIIHQEDUWVLFK0X]DHUVWDOVHUGDV*DVW UHFKWGHVIUHPGHQFKULVWOLFKHQ5LWWHUVYHUOHW]W5LWWHUOLFKH7XJHQGHQJHO WHQ EHL )RXTXp QRFK WUDGLWLRQVJHPl‰ (KUH DOV 6WDQGHVGHQNHQ JHK|UW GD]X K|ILVFKH (OHPHQWH VWHKHQ DQJHVLFKWV GHU PLWWHODOWHUOLFKULWWHUOLFKHQ )ROLHVWHWVLP+LQWHUJUXQG (VLVWQLFKW]XOHXJQHQGDVVGLH.RQVWHOODWLRQÄFKULVWOLFKHU5LWWHUYHU VXV KHLGQLVFKHU VDUD]HQLVFKHU 5LWWHU¶ DXI GLH LQ MHGHU +LQVLFKW VlNXODUH GHXWVFKIUDQ]|VLVFKH .RQIURQWDWLRQ KLQGHXWHW 6FKRQ $XJXVW :LOKHOP 6FKOHJHOKDWWHLQVHLQHQ+LQZHLVHQDXIGHQLQGHUÅ5LWWHUP\WKRORJLH´YHU KDQGHOWHQ *HJHQVDW] GHV FKULVWOLFKHQ (XURSD XQG GHU 6DUD]HQHQ GLH %H PHUNXQJ HLQJHIORFKWHQ Å(XURSDIRFKW JHJHQ GLH 6DUDFHQHQ LQ GHQHQ HV PLW:DKUKHLWVHLQH(UEIHLQGHHUNDQQWHQLFKWQXUIUVHLQHUHOLJL|VHVRQ GHUQDXFKIUVHLQHSROLWLVFKH([LVWHQ]´ 'HUVDUD]HQLVFKH(PLU1XUHGGLQLVWHLQ3URSDJDWRUGHUZDFKVHQGHQ GHUWRWDOHQ.ULHJHGHU=XNXQIW6HLQ=LHOLVWHLQWHUURULVWLVFKHU5HOLJLRQV NULHJ LQ GHP (LQ]HOQH ÅDOV JHKHLOLJWH 0RUG XQG %UDQGIDFNHOQ LQ GHU +DQGGHV+HUUQGHU+HHUVFKDDUHQ´JHRSIHUWZHUGHQ = $XFK1X UHGGLQ IROJW GHP 7\SXV Ä5LWWHU SOXV 6lQJHU¶ LVW DOVR VHLQHP NXOWXUHOOHQ 6HOEVWYHUVWlQGQLVQDFKQDLYYHUZHVWOLFKWPDFKWSROLWLVFKDEHUDQGHUNRQ WUlUHQ 6WR‰ULFKWXQJ LQWHUHVVLHUW =ZDU HUZHLVW VLFK 1XUHGGLQ VSlWHU DXFK DOV 6RKQ GHV +XJR YRQ7UDXWZDQJHQXQG HQWSXSSWVLFK DOV EHOHKU XQG EHNHKUEDU GRFK YRUOlXILJ YHUWULWW HU HLQ (XURSDNRQ]HSW GDV XP  SROLWLVFKHV6FKUHFNELOGLVW1LFKWHLQ(XURSDGHU1DWLRQDOVWDDWHQHUVWUHEW HU VRQGHUQ HU SURSKH]HLW 5HOLJLRQVNULHJH LQ GHQHQ ÅGLH 9|ONHU VROOHQ JHVFKPRO]HQZHUGHQ´ = ,QGLH1lKH1DSROHRQVJHUlWHUDX‰HUGHP PLWVHLQHP+DVVDXIGDV3DSVWWXPGLHJQVWLJH*HOHJHQKHLWVFKHLQWLKP JHJHEHQGDPLWGHP0XVWHUULWWHU5LFKDUG/|ZHQKHU]GHUQDWUOLFKH$Q IKUHUHLQHUFKULVWOLFKHQ3DUWHLGHU]HLWKDQGOXQJVXQIlKLJLVWXQGGLH&KULV WHQ]XGHPXQWHUHLQDQGHUVR]HUVWULWWHQVLQGZLHHEHQDXFKGHUJHPHLQVD PH HXURSlLVFKH .RQVHQV JHJHQ 1DSROHRQ HUVW PLW GHP 8PVFKZHQNHQ 5X‰ODQGVDXIGLH6HLWHGHU.RDOLWLRQlUHHUUHLFKWZHUGHQNRQQWH ²²²²²²²²²²²²²  6WUREHO6WUHLI]JH6²9JO6FKOHJHOVNXULRVH9HUWHLGLJXQJGHV5HOLJLRQVNULHJHVDOV6LHJ GHU,GHHQlPOLFKGHUUHOLJL|VHQ%HJHLVWHUXQJGHU)UHLKHLWEHUGHQ1DWXUWULHEDXVJHUHFK QHW GHU 5HOLJLRQVNULHJ ZLUG GDPLW ]XU V\PEROLVFKHQ %HJODXELJXQJ GHV 8QVLFKWEDUHQ YJO HEG6I



.DSLWHO



'LH =lKPXQJ 1XUHGGLQV PHLQW DEHU QLFKW QXU GHQ Ä8QJOlXELJHQ¶ VRQGHUQDXFKGHQ$OOHLQKHUUVFKHUGLHGXUFK7HEDOGREHVFKZRUHQH(LQLJ NHLW JHJHQ GHQ JHPHLQVDPHQ )HLQG JOHLFKW QXU ]X VHKU GHP 5XI QDFK DQWLQDSROHRQLVFKHU$OOLDQ]LQGHU(QWVWHKXQJV]HLWGHV5RPDQV,P6LQQH 6FKOHJHOVLVWGHUEHGHXWHQGHQDUDELVFKHQ:XU]HOGHUHXURSlLVFKHQ.XOWXU PLW 1XUHGGLQV ,QWHJUDWLRQ *HQJH JHWDQ  6REDOG HU ZLHGHU LQ VHLQH DGHOLJH )DPLOLH HLQJHEXQGHQ LVW ZLUG HU HLQHU XQWHU GHQ %UGHUQ HLQHU )DPLOLH UHDOLVLHUW DOVR GDV GULWWH *HERW GHU )UDQ]|VLVFKHQ 5HYROXWLRQ LQ ZRUWZ|UWOLFKHU :HLVH (U WUlJW ]X HLQHU 0DUJLQDOLVLHUXQJ GHV .|QLJV LQ GHPDGHOLJHQ6SLHOV]HQDULREHLGDVDXFKEHL(LFKHQGRUIIXQGEHL.OHLVW]X EHREDFKWHQLVW'HUULWWHUOLFKH0LWWOHUWULWWLQHLQHU:HOWLQGHUDXI.|QLJH NHLQ 9HUODVV PHKU LVW ZLHGHUXP VWlUNHU KHUYRU(LQH HSRFKDOH :HQGH GHXWHWVLFKLQGHU5RPDQKDQGOXQJDOVRDQ 'LH:HOWLP7H[WELHWHWGHP/HVHUQLFKWGHQ$QVFKHLQHLQHUUHNRQV WUXLHUWHQ :HOW GHU +LVWRULH VRQGHUQ VLH WUXPSIW GHPRQVWUDWLY PLW 8Q ZDKUVFKHLQOLFKNHLWHQ DXI *OHLFK GDV $QIDQJVWDEOHDX LQ 7UDXWZDQJHQV VFKZlELVFKHU +HLPDW JLEW VLFK DOV UDXP]HLWOLFK ]ZDU UHIHUHQ]LHUEDUH LQ GHU .RQVWHOOLHUXQJ GHU +DQGHOQGHQ DEHU GLH *UHQ]HQ GHU HUIDKUXQJVJH Pl‰HQ .RQWLQJHQ]HQ EHUVFKUHLWHQGH :HOW ([HPSODULVFK IU GDV YRQ GHP 5RPDQ DXFK ZHLWHUKLQ ]X (UZDUWHQGH LVW GLH SO|W]OLFKH $QNXQIW )RONRV YRQ 0RQWIRXFRQ ÅDXI HLQH JDU ZXQGHUEDUH :HLVH´ =   (EHQ ZDUYRQLKPGLH5HGH²VFKRQVWHKWHUOHLEKDIWLJYRUGHQ$NWHXUHQXQG JOHLFKVDPYRUGHP/HVHUbKQOLFKZLHLQGHUK|ILVFKHQ(SLNGHV0LWWHODO WHUVVLQGGLH]X.DPSIXQG9HUV|KQXQJKHUDXVIRUGHUQGHQ%HJHJQXQJHQ QLFKW ILJXUHQSV\FKRORJLVFKRGHU KDQGOXQJVORJLVFK PRWLYLHUW =XUUHFKWHQ =HLWXQGDPUHFKWHQ2UWWUHWHQGLHJHUDGHEHQ|WLJWHQ)LJXUHQHLQIDFKDXI 7DWVlFKOLFK LVW GDV *HVFKHKHQ HLQH 2EMHNWLYLHUXQJ GHU 7UlXPHUHLHQ GHU )LJXUHQGLHQXQVLFKWEDUZHUGHQGH:HOWGHV5LWWHUWXPVLQGLH2WWRXQG %HUWD GDV MXJHQGOLFKH 3DDU GHV 5RPDQV HLQJHIKUW ZHUGHQ LVW HLQ LQV /HEHQ WUHWHQGHU 7UDXP GLH 2UGQXQJ VWLIWHQGH 5HDOLVLHUXQJ HLQHU ELVKHU ILNWLYJHJODXEWHQ5LWWHUZHOWXQGGDPLWHLQH$QWL]LSDWLRQGHU/HVHHUIDKUXQJ DXI GLH 'HU =DXEHUULQJ RIIHQEDU VSHNXOLHUW =ZLVFKHQ 5LWWHUHSLN XQG GHU HPSLULVFKHQ :LUNOLFKNHLW VR GHU 5RPDQ DQ GLHVHU 6WHOOH ZHLWHU VROO HV NHLQH 'LIIHUHQ]HQ JHEHQ )RONR YRQ 0RQWIDXFRQ EHILQGHW VLFK DXI GHP :HJ ]X *HGlFKWQLVRUWHQ GHV $UWXVURPDQV =X MHQHQ 2UWHQ ZLOO HU DXI ²²²²²²²²²²²²²

 'LH *UHQ]HQ GHV HXURSlLVFKHQ )HVWODQGHV EHUVFKUHLWHW )RXTXpV (XURSDNRQ]HSWLRQ EULJHQVPHKUIDFKHWZDLQGHPGHU=DXEHUULQJDXV,VODQGVWDPPW = RGHUJHJHQ(Q GHGHUDXV,QGLHQNRPPHQGH3ULHVWHU-RKDQQHVHLQJHIKUWZLUG =   'LHV JHJHQ 6HLELFNH .ULVHXQG9HUIDOOGHU6SlWURPDQWLN 6  Å'LH +DOWXQJ GHV )RXTXp VFKHQ5LWWHUVLVWVWHWVGLHGHV$GHOLJHQGHUVLFKDOV$QJHK|ULJHUGHU.ULHJHUNDVWHYHUVWHKW XQG GHQ *HVHW]HQ GHV XUVSUQJOLFKHQ /HKQVYHUKlOWQLVVHV JHKRUFKHQG QLFKW GHP /DQG VRQGHUQGHP.|QLJ9HUDQWZRUWXQJVFKXOGHW´



5LWWHUVFKDIW²$XWRUVFKDIW





 EUHFKHQÅXPGLH6WlWWHQXQG%XUJWUPPHUPLWHLJQHQ$XJHQ]XVHKHQ ZR GHU DOWH 7DIHOUXQGHQN|QLJ $UWXV VDPW VHLQHQ 5LWWHUQ JHIRFKWHQ KDEH XQGJHKDXVW´ = $UWXV·:HOWLVWQLFKWILNWLYVRQGHUQYRU]HLWLJXQG YRUELOGOLFKXQGGLH1RYHOOHWWHQGHUHXURSlLVFKHQ5LWWHUGLHLQDUWXULVFKHU 5XQGH YHUVDPPHOWVLQG HUZHLVHQ VLFK =XJ XP =XJ LP 9HUODXI GHU ZHL WHUHQ+DQGOXQJDOVZDKU'LHVDJHQKDIWHQRGHUDXFKQRYHOOHQKDIWHQ%LQ QHQHU]lKOXQJHQ YHUVFKUlQNHQ VLFK PLW GHU 5DKPHQHU]lKOXQJ XQG EH ZDKUKHLWHQ VLFK GDPLW DXI GHU (EHQH GHU KLVWRLUH $XI GHU (EHQH GHV GLVFRXUV VWHKHQ DEHU XQWHUVFKLHGOLFKH HXURSlLVFKH (U]lKOZHLVHQ ² GDYRQ ZDU VFKRQ GLH 5HGH ² XQG DXFK O\ULVFKH *HQUHV ]XU 'HEDWWH ² DGGLWLY QLFKWDOWHUQDWLY'HU1RUPDQQH$ULQEM|UQJHEUDXFKWLQVHLQHP6FKODFKW JHVDQJ GLH DOOLWHULHUHQGH (GGDVWURSKH Å+LHU LVW 1RUZHJ KLHU ZRKQW 1RUPDQQ +LHU LVW ZDFK GLH /XVW GHU :DIIHQ´ =   2WWR KLQJHJHQ EHGLHQW VLFK VHLQHV PLWWHO HXURSlLVFKHQ 5HSHUWRLUHV XQG YHUZHQGHW GLH GUHLKHELJHVHFKV]HLOLJH9RONVOLHGVWURSKHÅ:LHHUQVWH6DJHQZHKHQ9RQ 6DQJHVPXQGVRJHKHQ0LU6FKDXHUDXVXQGHLQ´ =  )LNWLRQDOLVLHUWHXQG LP7H[W ÄUHDOH¶:HOWVLQGQLFKWEH]LHKXQJVORVVLH YHUKDOWHQ VLFK ZLH 6SLHJHOELOGHU ]XHLQDQGHU $XFK LQ )UHLDV =DXEHUUHLFK LP5HLFKGHV=DXEHUVSLHJHOVVLQGGLH*HVHW]HYRQ=HLWXQG5DXPDXIJH KREHQ = ZlKUHQGVLHLQGHUÄUHDOHQ¶:HOWLP7H[W%HVWDQGKDEHQ 2WWRV %UXGHU XQG 'RSSHOJlQJHU 2WWXU LVW HLQ ÄZLOGHV¶ QDWXUKDIWHV XQG HEHQIDOOV QRFK HLQHU TXDVLP\WKLVFKHQ XQG YRUFKULVWOLFKHQ  :HOW HQW VWDPPHQGHV:HVHQ =  5RPDQ-DNREVRQKDWGLHJUXQGOHJHQGH8QWHUVFKHLGXQJ]ZLVFKHQPH WDSKRULVFKHP XQG PHWRQ\PLVFKHP (U]lKOHQ HLQJHIKUW ZREHL OHW]WHUHV LPÄUHDOLVWLVFKHQ¶(U]lKOHQYRUKHUUVFKH 'DV 3ULPDW GHV PHWDSKRULVFKHQ 3UR]HVVHV LQ GHQ OLWHUDULVFKHQ 6FKXOHQ GHU 5R PDQWLN XQG GHV 6\PEROLVPXV LVW VFKRQ PHKUIDFK DQHUNDQQW ZRUGHQ 'DJHJHQ ZXUGHQRFKXQJHQJHQGDXIGLHWRQDQJHEHQGH5ROOHGHU0HWRQ\PLHIUGLHVR JHQDQQWHÄUHDOLVWLVFKH¶/LWHUDWXUULFKWXQJYHUZLHVHQZHOFKHHLQH=ZLVFKHQVWHOOXQJ ]ZLVFKHQ GHU DXVJHKHQGHQ 5RPDQWLN XQG GHP HQWVWHKHQGHQ 6\PEROLVPXV HLQ QLPPWXQGEHLGHQJHJHQEHUWULWW

:lKUHQGGHUÄUHDOLVWLVFK¶PHWRQ\PLVFKH5RPDQDQGLHÄUHDOH¶:HOWJOHLFK VDPDQJUHQ]WHUZHLVWVLFKGLHDXWRQRPH%LOGZHOWGHU5RPDQWLNXQGQRFK PHKU GLH GHU Ä.ODVVLVFKHQ¶ 0RGHUQH DOV PHWDSKRULVFK YLHOOHLFKW EHVVHU ²²²²²²²²²²²²²

 8PJHNHKUW ZLUG GLH 6XFKH QDFK *DEULHOH XQG )RONR ]X HLQHP 9HUVXFK GLQJIHVW ]X PD FKHQ ZDV VLFK GHU *HJHQZDUW HQW]LHKW XQG LP *HGlFKWQLV P\WKHQJOHLFK OHEW Å6LQG GLH EHLGHQ QLFKW HWZD VFKRQ JDQ] JHZRUGHQ ZLH (UVFKHLQXQJHQ DXV GHU DOWHQ 6DJHQ]HLW YRQ GHUHQZXQGHUYROOHQ7DWHQMHGHUPDQQHU]lKOWZDVLKPDPZXQGHUYROOVWHQYRUNRPPWXQG VLFK EHUHFKWLJW JODXEW DXI LKUH 5HFKQXQJ ]X OJHQ ZDV HU VLFK LUJHQG HUGHQNHQ NDQQ"´ =   -DNREVRQ5RPDQÅ'LH3RODULWlW]ZLVFKHQ0HWDSKRULNXQG0HWRQ\PLN´LQGHUV0RUULV +DOOH +UVJ *UXQGODJHQGHU6SUDFKH%HUOLQ6KLHU6



.DSLWHO

 DOOHJRULVFK  *HZLVV LVW GHU URPDQWLVFKH 5RPDQ QLFKW IUHL YRQ 5HPLQLV ]HQ]HQDQGLHHPSLULVFKH5HDOLWlWVHLQHU(QWVWHKXQJV]HLWRGHULKUYRUDXV JHJDQJHQHU=HLWOlXIHGRFKLVWKLHU]XIUDJHQZLHHUVROFKH5HPLQLV]HQ]HQ LPSOHPHQWLHUW VR GDVV EHVDJWH DXWRQRPH %LOG XQG (U]lKOZHOWHQ JOHLFK ]HLWLJ DXVJHUHFKQHW DOV =HLWURPDQH LQWHUSUHWLHUW ZHUGHQ NRQQWHQ  'HU URPDQWLVFKH5RPDQYHUPLWWHOWSULPlUZHGHULQGLYLGXHOOH&KDUDNWHUHQRFK EHWUHLEWHU3V\FKRORJLHVRQGHUQHU]HLFKQHW7\SLVFKHVXQG7\SRORJLVFKHV DXFKZRHVXPHLQ]HOQH)LJXUHQJHKW(VVLQGVRJDUUHFKWZHQLJH6LJQD OH GLH GLH +HUPHWLN XQG $XWRQRPLH YRQ )RXTXpV XQG (LFKHQGRUIIV  (U]lKOZHOW DXIKHEHQ (LQH *UHQ]EHUVFKUHLWXQJ GHU LQWUDWH[WXHOOHQ ,QV WDQ]HQJHVFKLHKWPLWWHOVGHU/HVHUDSRVWURSKHGHV(U]lKOHUVLP=DXEHUULQJ HWZD GRFK LVW GDPLW MD QXU EHGLQJW HLQ %H]XJ ]XP KLFHWQXQF GHV UHDOHQ /HVHUV XP  KHUJHVWHOOW 1HEHQ GHU 7KHPDWLVLHUXQJ YRQ ]HLWOLFKHQ %UFKHQPDFKHQGLHVFKRQDQJHIKUWHQV\QFKURQHQ9HUGRSSHOXQJVVWUXN WXUHQGLH:HOWGHU+DQGOXQJ]XHLQHUÄDQGHUHQ¶P|JOLFKHQ:HOW'LH:HOW GHV$GHOVXQGGHV5LWWHUWXPVLVWHLQHLQVLFKVWLPPLJH:HOWÄLP6SLHJHO¶ 'DYLG /RGJH H[SOL]LHUWH -DNREVRQV Å3RHWU\ RI 0HWDSKRU´ DOV HLQH :HOW GHUÅDVVRFLDWLRQE\FRPSDULVRQMRLQLQJDSOXUDOLW\RIZRUOGV´GHUHQ1H EHQHLQDQGHU.RQWUDVWHQLFKW.DXVDO]XVDPPHQKlQJHLPSOL]LHUW$XVGHP 3ULQ]LSYRQbKQOLFKNHLWXQG.RQWUDVWVLQG7H[WHVWUXNWXULHUW1HXNRPEL QDWLRQHQYRQ(OHPHQWHQQDFKGLHVHP0XVWHUIKUHQ]XlKQOLFKHQQLFKW LGHQWLVFKHQ:LHGHUKROXQJHQGLH+DQGOXQJZLUGLQLKUHQ6WDWLRQHQWUDQV SDUHQW,P=DXEHUULQJPLWVHLQHPFKULVWOLFKHQ*XW%|VH'XDOLVPXV PLW GHU0|JOLFKNHLWGHU*UHQ]EHUVFKUHLWXQJDOVRGHU%HNHKUXQJRGHU%X‰H  XQGPLWVHLQHU*HVFKLFKWHYRQIQI%UGHUQ3DUDOOHOILJXUHQXQG3DUDOOHO VFKLFNVDOHQ GLH LP *UXQGH HLQHÄ*HQHUDWLRQ¶ $QJHK|ULJHU GHU GLVWLQNWHQ HXURSlLVFKHQ.XOWXUHQDXIbKQOLFKNHLWXQG.RQWUDVWOHW]WOLFK.RPSDWL ELOLWlWKLQXQWHUVXFKWODVVHQVLFKGLHVH0HUNPDOHZLHGHUILQGHQ'LHRSWL PDOH +DQGOXQJVVHTXHQ] GLH .RQWUDVW XQG bKQOLFKNHLW DXVJHKHQG YRQ GHU )LJXUHQHEHQH ]XP 7KHPD KDEHQ NDQQ LVW GHU =ZHLNDPSI GHQ DOOH EUGHUOLFKHQ 3URWDJRQLVWHQ DXI MHZHLOV ÄLKUH¶ :HLVH GXUFKIKUHQ ,Q GHU QDUUDWLYHQ .RQIURQWDWLRQ VROFKHU 'RSSHOXQJHQ OLHJW DEHU GLH HU]lKO HULVFKH%HVRQGHUKHLW.XOWXUHOOHU:DQGHOZLUGJUHLIEDULQYHUGRSSHOQGHP (U]lKOHQRGHUJDULQ0HKUIDFKSDUDOOHOHQ (LQHZHLWHUHJUXQGVlW]OLFKKLHUYRQ]XXQWHUVFKHLGHQGH.DWHJRULHGHU 'RSSHOXQJ VLQG GLH $PELYDOHQ]HQ ]ZLVFKHQ GHU LQ VLFK JHVFKORVVHQHQ ²²²²²²²²²²²²²

 9JO*|WWVFKH'LUN=HLWLP5RPDQ/LWHUDULVFKH=HLWUHIOH[LRQXQGGLH*HVFKLFKWHGHV=HLWURPDQVLP VSlWHQXQGLP-DKUKXQGHUW0QFKHQ &RUYH\6WXGLHQ   9JO]XVROFKHQ8QWHUVFKHLGXQJHQ)OXGHUQLN0RQLND(LQIKUXQJLQGLH(U]lKOWKHRULH'DUP VWDGW6  /RGJH 'DYLG 7KH 0RGHV RI 0RGHUQ :ULWLQJ 0HWDSKRU 0HWRQ\P\ DQG WKH 7\SRORJ\ RI 0RGHUQ /LWHUDWXUH/RQGRQXDñ6XQG=LWDW6



5LWWHUVFKDIW²$XWRUVFKDIW





 :HOW HLQHV NQVWOLFKHQ 0LWWHODOWHUV XQG GHU :HOW GHV /HVHUV IU GLH EH VWLPPWH %HGLQJXQJHQ GHU 5RPDQZHOW GHILQLWLY QLFKW PHKU  HUIOOW VLQG DOVRGLHÄGRSSHOQGH¶NRQWUDVWLYH(QJIKUXQJYRQILNWLYHU5LWWHUZHOWXQG HPSLULVFKHU:HOWGHU(QWVWHKXQJV]HLW,P*HJHQVDW]]XGHPYLHOIDFKDQ GLH (PSLULH ÄDQGRFNHQGHQ¶ ÄUHDOLVWLVFKHQ¶ (U]lKOHQ NRH[LVWLHUHQ SOXUDOH :HOWHQLPURPDQWLVFKHQ5RPDQIUHLOLFKQLFKWVRGDVVVLHJOHLFKEHUHFKWLJW XQG YLHOOHLFKW SDUDGR[DO DXIHLQDQGHU WUHIIHQ 1HEHQ GHU 5LWWHUZHOW LP =DXEHUULQJXQG PLWWHQ LQ LKU EHKlOW VLFK GHU 5RPDQ YRU GHP ]HLWJHQ|V VLVFKHQ/HVHU(OHPHQWHDXVGHVVHQ:HOW]XSUlVHQWLHUHQ(VVLQG6SXUHQ HLQHUDOWHUQDWLYHQ:HOWGLHVLFKPLWGHUPLWWHODOWHUOLFKHQ5LWWHUZHOWEHUOD JHUW XQG GLH DQ HLQH EHJULIIOLFKH 8QWHUVFKHLGXQJ GHU QDUUDWRORJLVFKHQ Å3RVVLEOH ZRUOGV WKHRU\´ 3:7  GHQNHQ OlVVW 'LH ÅWH[WXDO DFWXDO ZRUOG´ LVW HLQH P|JOLFKH DEHU GRPLQDQW DNWXDOLVLHUWH :HOW ZlKUHQG DXV GHU0RGDOORJLNNRPPHQGHNRQWUDIDNWLVFKH$QQDKPHQQRFKZHLWHUH0|J OLFKNHLWHQELHWHQÅ$OORWKHUZRUOGVDUHWKHSURGXFWRIDPHQWDODFWLYLW\ VXFKDVGUHDPLQJLPDJLQLQJIRUHWHOOLQJSURPLVLQJRUVWRU\WHOOLQJ´'LH 1DSROHRQ$OOXVLRQHQ VLQG NHLQHU LQWUDWH[WXHOOHQ ,QVWDQ] DQ]XODVWHQ VRQ GHUQGHP LPSOL]LWHQ $XWRUGHUHLQH&KDQFHDXIÄ=lKPXQJ¶XQG,QWHJUD WLRQ HLQHV HXURSlLVFKHQ *HZDOWKHUUVFKHUWXPV LQ HLQ NQIWLJHV SRHWLVFK IDPLOLDOHV(XURSDLQGHQ5RPDQHLQEDXW(LQH)LJXUZLH1XUHGGLQGLH Y|OOLJVWLPPLJDOVIHLQGVHOLJHGRFKEHNHKUEDUH)LJXUGHU5LWWHUZHOWDXIWULWW PXVVGHQ/HVHUDQ1DSROHRQHULQQHUQRKQHGDVVHUGRFKÄQXU¶DOV6FKOV VHOILJXUJHOWHQN|QQWH'LH5HPLQLV]HQ]HQEHWUHIIHQ]ZDUGLH)LJXUEHU ODJHUQVLHMHGRFKQLFKWVRVHKUGDVVVLHHWZDLQGHQ$XJHQGHV/HVHUVQXU DOV 6LJQDO IU HLQH DNWXDOLVLHUHQGH /HNWUH GHV 5RPDQV ]X GHQNHQ ZlUH *OHLFKZRKONRPPWGHU5RPDQRKQHGHUDUWLJH9HUZHLVHHEHQQLFKWDXVHU EOHQGHWDQVROFKHQ6WHOOHQ]ZHL:HOWHQLQHLQDQGHU(OHPHQWHDXVGHUHP SLULVFKHQ :HOW GHV /HVHUV EUHFKHQ LQ GLH ÄDFWXDO ZRUOG¶ GHV 5RPDQV HLQ HUNOlUEDUDOVÄ9LVLRQ¶GHVLPSOL]LWHQ$XWRUVGHURIIHQNXQGLJEHUGLH:HOW YRQ%HVFKHLGZHL‰%HJODXELJWZLUGGLHVHV:LVVHQEHUHLQ0RPHQW GHU)LNWLRQVLURQLHGHQQGHU(U]lKOHUIKUWVLFKVHOEVWXQWHUGHP1DPHQ GHV HPSLULVFKHQ $XWRUV )RXTXp DOV 1DFKIDKUH GHV )RONR YRQ 0RQWIRX FRQHLQ(U]lKOHQZLUGGDPLW]XP%HZDKUHQHLQHU)DPLOLHQJHVFKLFKWHYRQ HXURSlLVFKHU 'LPHQVLRQ .RQWUDIDNWLVFK ]XU HPSLULVFKHQ Ä*HVFKLFK WH¶ (XURSDV LP 0LWWHODOWHU LVW EULJHQV DXFK GLH (LQLJXQJVSKDQWDVLH GHV ²²²²²²²²²²²²²

 6XUNDPS &DUROD Å1DUUDWRORJLH XQG SRVVLEOHZRUOGV WKHRU\ 1DUUDWLYH 7H[WH DOV DOWHUQDWLYH :HOWHQ´LQ$QVJDU1QQLQJ9HUD1QQLQJ +UVJ 1HXH$QVlW]HLQGHU(U]lKOWKHRULH7ULHU 6KLHU6 =LWDW XQG6 :97+DQGEFKHU]XPOLWHUDWXUZLVVHQ VFKDIWOLFKHQ6WXGLXP   5\DQ 0DULH/DXUH Å3RVVLEOHZRUOGV WKHRU\µ LQ 'DYLG +HUPDQ X D +UVJ  5RXWOHGJH (QF\FORSHGLDRI1DUUDWLYH7KHRU\/RQGRQ1HZ«@ HLQ 6LQQDQJHERW´'HU 7H[W ELHWH HLQH 1HX RULHQWLHUXQJ DQ HLQHUEUJHUOLFKHQ .XQVW GHUGHV 6DORQV RGHU GHU GXUFK GHQ *UDIHQ 5XGROI HLQJHIKUWHQ EUJHUOLFKHQ *DUWHQNXQVW IUHLOLFK YHU NRPPH3RHVLHLP6DORQ]XU0HGLRNULWlW3RHVLHVHLDEHUHLQHÅ0HWDSKHU DULVWRNUDWLVFKHU([LVWHQ]´5LHVHUNHQQWHLQH5HWWXQJGHUÅ.ROOHNWLYLGHH Ä$GHO¶´LPQHXHQ$QJHERWGHU%LOGXQJ'LHVWULIIWVLFKHUOLFKJDQ]NRQNUHW DXI GLH YHUlQGHUWH ELRJUDSKLVFKH 6LWXDWLRQ MXQJHU $GHOLJHU XP  ]X 'LH5H]HSWLRQVRHEHQHUVFKLHQHQHU7H[WHGHU)UKURPDQWLNLQGHU)DPL OLH GHV 7LHFN0l]HQV .DUO *UDI YRQ )LQFNHQVWHLQ LVW HLQ %HOHJ IU GLH $N]HSWDQ] GHV EUJHUOLFKHQ %LOGXQJVJHGDQNHQVGLH URPDQWLVFKH YHU JOLFKHQPLW*RHWKHLP(QGHUJHEQLVZHQLJ]LHOJHULFKWHWH9HUVLRQGHV%LO GXQJVURPDQVLVWHLQHZHLWHUH5LHV·%HREDFKWXQJGHU5RPDQ]HLFKQHHLQH :HOWDXVSDUWLHOOHU+DUPRQLHDEHUDXFKYROOHU%UFKHXQG:LGHUVSUFKH DQ 6WHOOH HLQHU Å+DUPRQLH GHV $GHOV´ ZRUDXV HU VHLQH /HVDUW Ä$GHOVNUL WLN¶IROJHUWLVWHQWJHJHQ]XKDOWHQGDVV$KQXQJXQG*HJHQZDUWHLQHlVWKHWL VFKH)RUPGHVNXOWXUHOOHQ:LVVHQVEHUGHQ$GHOPRGHOOLHUWGDEHLHLQHLQ VLFKDEJHVFKORVVHQH:HOWIRUPLHUWXQG]XJOHLFKPHKUQRFKDOV'HU=DXEHU ²²²²²²²²²²²²²

 9JO DEHU GLH SROLWLVFK ZHUWQHXWUDOH (LFKHQGRUII/HNWUH 'LHWHU %UHXHUV GHU IHVWVWHOOWH GDVVIU$KQXQJXQG*HJHQZDUWZLHIUVHLQOLWHUDULVFKHV:HUNEHUKDXSWGHUÅDOWH$GHOVEH JULIIHLQHZHVHQWOLFKH9HUVWHKHQVYRUDXVVHW]XQJLVW´ %UHXHU'LHWHUÅ*UDI/HRQWLQXQGGLH DOWH )UHLKHLW´ LQ *HUPDQLVFK5RPDQLVFKH 0RQDWVVFKULIW 1HXH )ROJH  6  KLHU 6   5LHV)UDQ];DYHU=HLWNULWLN6I  (EG6  9JO HEG 6 II =LWDW 6  ² 9JO 6FKZHULQJ 0DUNXV (SRFKHQZDQGHOLPVSlWURPDQWLVFKHQ 5RPDQ 8QWHUVXFKXQJHQ]X (LFKHQGRUII7LHFN XQG ,PPHUPDQQ .|OQ  6  Å3RHWLVLHUEDU HUVFKLHQLKP>VF(LFKHQGRUII-6@ZRKOHLQ]LJWURW]DOOHPGLH:HOWGHV$GHOV´'DVKHL‰W DEHUQLFKWGDVVGLHNXOWXUHOOH6HPDQWLNGLHKLQWHUÄ$GHO¶VWHKWJOHLFKVDPLG\OOLVLHUHQGHLQHU =HLWGLDJQRVHDXIJHSUlJWZLUG  9JOH[HPSODULVFK6WUREHO5RPDQWLNXQG$GHOLJNHLW  9JO5LHV=HLWNULWLN6I=LWDW6=XU.ULVHQGLDJQRVHGHV$GHOVYJOHEG6



5LWWHUVFKDIW²$XWRUVFKDIW





 ULQJ SOXUDOH :HOWHQ DQGHXWHW GHUHQ 9RUDXVVHW]XQJHQ WHLOV JDQ] DQGHUH GDV +LHU XQG -HW]W GHV /HVHUV XP  EHWUHIIHQGH VLQG ² EHVVHU GHV /HVHUVYRQGHUDOOHUGLQJVDXIJUXQGGHVYHUVSlWHWHQ(UVFKHLQHQVGHV %XFKHVQLFKWPHKUHUUHLFKWZXUGH 0DUNXV 6FKZHULQJ VLHKW GHQ =XVDPPHQVWR‰ HLQHU IRUWZLUNHQGHQ UR PDQWLVFKXQLYHUVDOLVWLVFKHQ :HOW GHUHQ DOOHJRULVFKH XQG HPEOHPDWLVFKH :LUNOLFKNHLWVHUIDVVXQJ QLFKW PHKU VWLFKKDOWLJ VHL PLW ÅHLQHU LP :DQGHO EHJULIIHQHQ 8PZHOW´ GHUHQ ,QWHJUDWLRQ GHQ $QVSUXFK GHV 5RPDQV DXI ]HLWJHVFKLFKWOLFKH $NWXDOLWlW HUVW EHJUQGH6SlWURPDQWLVFK LP 9HUJOHLFK ]XP XQJHEURFKHQHQ SRHWLVFKHQ 8QLYHUVDOLVPXV LQ 1RYDOLV· +HLQULFK YRQ 2IWHUGLQJHQVHLGDEHLGLH=HUULVVHQKHLWHLQHU:HOWLQZHOFKHUGHUJHERUHQH 'LFKWHU)ULHGULFKVFKOLH‰OLFKGHU3RHVLHHLQH$EVDJHHUWHLOHQPXVVLQGHU GDV ]HQWUDOH 6\PERO GHU 0RUJHQU|WH GHV 6RQQHQDXIJDQJV QLFKW QXU FKULVWOLFKWUDQV]HQGHQW ]X OHVHQ LVW VRQGHUQ DXFK DOV +LQZHLV DXI GLH OlQJVWQRFKDXVVWHKHQGHÄJHVFKLFKWOLFKH¶(UIOOXQJGHU:HOWLPDQEUHFKHQ GHQ QHXHQ 7DJ'RFK EHU GLH 5HODWLRQ GHV 5RPDQV ]XU DX‰HUOLWHUD ULVFKHQ 5HDOLWlW KDW GLH )RUVFKXQJ QRFK QLFKW JHQDXHU JHXUWHLOW 1LFROD .DPLQVNL VWHOOW HLQHQ KLOIUHLFKHQ PHGLHQJHVFKLFKWOLFKHQ 9HUJOHLFK PLW GHP3DQRUDPDDQGDVHLQHlKQOLFKH6SDQQXQJ]ZLVFKHQÅ5HDOLWlWVQDFK DKPXQJ XQG GHVLOOXVLRQLHUHQGH>P@ 9HUZHLV DXI VHLQH HEHQVR SHUIHNWH .QVWOLFKNHLW´YHUN|USHUH $KQXQJ XQG *HJHQZDUW JHK|UW ]X GHQ URPDQWLVFKHQ $QWL %LOGXQJVURPDQHQGLHHVDXIGDV,QGLYLGXXPJHUDGHQLFKWDEJHVHKHQKD EHQ:LOKHOP0HLVWHUZDUYRQGHUHLQHQ$X‰HQE]ZgIIHQWOLFKNHLWVEH ]XJEHWRQHQGHQ0D[LPHDXVJHJDQJHQYRUQHKP]XVHLQXPHV]XVFKHL QHQ (U ZDU ]XQlFKVW EHL HLQHU $XVELOGXQJ ]XP KRQQrWH KRPPH DXI GHP 7KHDWHU DQJHODQJW KDWWH $XVELOGXQJ DOV (LQEXQJ LQ 5ROOHQ XQG 6SLHO IlKLJNHLW YHUVWDQGHQ XQG HUVW ODQJVDP GLH 'LIIHUHQ] HUIDKUHQ ]ZLVFKHQ GHPEUJHUOLFKHQ6FKDXVSLHOHUWXPDOV|IIHQWOLFKHP%HUXIXQGGHP(OHQG GHV6FKDXVSLHOHUVLP3ULYDWOHEHQ0HLVWHUV/|VXQJGLHVHV'LOHPPDV]ZL VFKHQ)UVLFKOHEHQXQG*HVFKlIW]ZLVFKHQ3ULYDWHPXQGgIIHQWOLFKHP DXFK ]ZLVFKHQ .XQVW XQG*HVFKlIW LVW GLH $EZHQGXQJ YRQ GHU .XQVW :LOKHOPV %HREDFKWXQJ GHV $GHOV JLSIHOW LQ GHU (LQVLFKW GDVV DXFK GRUW NHLQH (LQKHLW GHV /HEHQV PHKU P|JOLFK VHL GDVV DXFK MHQHU ]ZLVFKHQ SULYDWHU XQG |IIHQWOLFKHU 5ROOH ]X WUHQQHQ EHJRQQHQ KDEH (LFKHQGRUII KLQJHJHQ XQGPLWLKPGHUURPDQWLVFKH5RPDQJHQHUHOO SRVWXOLHUWQRFK HLQPDOGLH(LQKHLWGHV/HEHQVLQGHUhEHUJlQJHDOOHQIDOOVYRP5LWWHU]XP 3LOJHUXQG]XP0|QFKP|JOLFKVLQG'LH%UXFKOLQLHQJHKHQQLFKWGXUFK GLH+DQGOXQJGXUFKGLH%LRJUDSKLHRGHUGHQ%LOGXQJVSUR]HVVGHV3URWD ²²²²²²²²²²²²²  6FKZHULQJ5RPDQWLVFKH7KHRULH6=LWDW6  9JO6FKZHULQJ5RPDQWLVFKH7KHRULH6IXQG6  .DPLQVNL.UHX]*lQJH6



.DSLWHO

 JRQLVWHQ KLQGXUFK VRQGHUQ GXUFK GLH JOHLFKVDP UDXP XQG ]HLWORV VWHWV NRSUlVHQWHQHU]lKOWHQ:HOWHQGLHLP5RPDQDXFKDQJHGHXWHWZHUGHQ 9RQ $QIDQJ DQ HQWIDOWHW GHU 5RPDQ HLQH .RQILJXUDWLRQ ULWWHUOLFKHU .XOWXU'LH$YHQWLXUH)DKUWGHV*UDIHQ)ULHGULFKGLHPLWGHP$EJDQJYRQ GHU8QLYHUVLWlWEHJLQQWXQGDP$QIDQJVHLQHU/HEHQVUHLVHVWHKWDXIGHU LKQ ]XQlFKVWQRFK VHLQH .RPPLOLWRQHQ HLQ 6WFN EHJOHLWHQ LVW JOHLFKEH GHXWHQGPLWVHLQHU.DYDOLHUVWRXUGLHLKQDXI6LW]HGHV/DQGDGHOVXQGLQ GLH Ä5HVLGHQ]¶ DQ GHQ +RI IKUW DQ GXUFKDXV VWDQGHVJHPl‰H =LHOH GLH IUHLOLFK QLFKW GHU $QNQSIXQJ SHUV|QOLFKHU .RQWDNWH GLHQHQ N|QQHQ 6RJOHLFKEHVFKHLQLJWLKPGHU(U]lKOHUÅHLQHLQIDFKHVIUHLHVIDVWDOWULWWHUOL FKHV $QVHKHQ´ $   =DKOUHLFKH $QVSLHOXQJHQ PDFKHQ )ULHGULFK DOV KRPRYLDWRUHUVLFKWOLFKVHLQÄ:HJ¶LVWVWHWVDXFKDEHUQLFKWQXUDOOHJRULVFKDOV GHP 6HHOHQKHLO ]XJHZDQGWHU /HEHQVZHJ OHVEDU YRQ GLHVHU %HGHXWXQJV HEHQHUFNWGHU5RPDQQLHPDOVDE'HUULWWHUOLFKH.QVWOHUGHU.lPSIHU GHU /LHEHQGH XQG VFKOLH‰OLFK GHU HLQHP NO|VWHUOLFKHQ /HEHQ ]XJHZDQGWH *UDI )ULHGULFK GXUFKVFKUHLWHW VWHWVQRWZHQGLJH 6WDWLRQHQ DXI GLHVHP /H EHQVZHJ PDQFKH HUVFKHLQHQ W\SRORJLVFK DOV 3Ul XQG 3RVWILJXUDWLRQ PHKUIDFK $OV 'LFKWHU KDQWLHUW )ULHGULFK ]XQlFKVW PLW VHLQHP 6FKUHLE WlIHOFKHQQDFKGHUDUFKDLVFKHQ0DQLHUGHV6FKUHLEHQVXQG/|VFKHQV(U SURGX]LHUW ]XQlFKVW DOVR NHLQH IL[LHUWHQ 7H[WH DXFK VSlWHU LVW QLHPDOV GDYRQGLH5HGHGDVVHUDXV*HGLFKWHQ%FKHUPDFKHQZROOH*OHLFKZRKO LVWHUEHUOLWHUDULVFKH1HXHUVFKHLQXQJHQLQIRUPLHUWZLHQRFKIHVW]XVWHO OHQVHLQZLUG'LHVHUDUFKDLVFKH7\SXVYRQ$XWRUVFKDIWNRQWHUNDULHUWGHU PRGHUQH $XWRU )DEHU GHU VWUHQJ DUEHLWVWHLOLJ ÅGDV /HEHQ XQG 'LFK WHQ´ YRQHLQDQGHU VFKHLGHW $   GDEHL DEHU RIIHQEDU IU VHLQH $UEHLW HLQHV DGHOLJHQ 0l]HQV EHGDUI )ULHGULFK YHUIROJW HLQHQ VHKU LQNOXVLYHQ 3RHVLHEHJULIIGHPHU6LWWH7UHXH/LHEHÅGHXWVFKH(KUH´XQG6FK|QKHLW XQWHURUGQHW XQG DOV GHUHQ $JHQWHQ ÅLKUH DQJHERUQHQ 5LWWHU´ HU ÅGLH 'LFKWHU´LQV6SLHOEULQJW $ 'DPLWYHUZHQGHWHUGHQ%HJULIIGHV5LW WHUV SRHWRORJLVFK XQG DOOHJRULVFK ZLH HV VSlWHU LP hEULJHQ GLH *UlILQ 5RPDQDLQHLQHUDOOHJRULVFKHQ'LFKWXQJWXWDOOHUGLQJVZLHPDQZHL‰PLW HLQHU)ULHGULFKQLFKWJHQHKPHQ7HQGHQ] 'DV3URJUDPPGHV5RPDQVLVW ODXW HUOHEWHU 5HGH )ULHGULFKV QLFKW HWZD GLH %LOGXQJ HLQHV ,QGLYLGXXPV VRQGHUQ GLH SUDNWLVFKH 5HDOLVLHUXQJ YRQ 0HPRULDOWRSRL GHQQ )ULHGULFK JHKW LQ GHQ 6SXUHQ IUKHUHU 5LWWHU ÅYROO DGHOLJHU *HGDQNHQ XQG *HVLQ QXQJHQ´ Å'HQQ ZDKUKDIWLJ HLQ UXKLJHV WDSIHUHV WFKWLJHV XQG ULWWHUOL FKHV /HEHQ LVW MHW]W MHGHP 0DQQH ZLH GDPDOV YRQQ|WHQ´ $   9RQ QXQDQVLQG]ZHLHU]lKOWH:HOWHQ7KHPDGHV5RPDQVLQQHUKDOEGHUUR PDQWLVFKHQ *HVFKLFKWVWULDGH VLQG GLHV GLH SURIDQLVLHUWH :HOW GHU (QWVWH ²²²²²²²²²²²²²

 0LWGHU6LJOHÅ$´SOXV6HLWHQ]DKOZLUGLP7H[W]LWLHUW(LFKHQGRUII-RVHSKYRQ$KQXQJXQG *HJHQZDUW(LQ5RPDQ*HUKDUW+RIIPHLVWHU +UVJ 6WXWWJDUW



5LWWHUVFKDIW²$XWRUVFKDIW





 KXQJV]HLW GHV 5RPDQV GLH DXFK 1RYDOLV LQ VHLQHU (XURSDDOV *HJHQZDUW EHVFKUHLEW  VRZLH HLQH LP 5RPDQ NRSUlVHQWH SDUDGLHVLVFKH FKLOLDVWLVFKH :HOW 7URW] )ULHGULFKV =HLWNODJH LVW DEHU OHW]WHUH GLH QDUUDWLYH %DVLV GHV 5RPDQNRQVWUXNWV VR GDVV GLH (OHPHQWH HLQHU HPSLULVFKHQ *HJHQZDUW JOHLFKVDPVW|UHQGGLHJUXQGOHJHQGH+DUPRQLHGHUHU]lKOWHQ:HOWGXUFK EUHFKHQ EHJLQQHQG PLW HLQHP hEHUIDOO GXUFK5lXEHUXQG HLQHU .DPSI V]HQHGLHEHUHLWVHLQH$QWZRUWDXI)ULHGULFKV:QVFKHQDFKQHXHP5LW WHUWXP ]X VHLQ VFKHLQW =XU ULWWHUOLFKHQ .RQILJXUDWLRQ JHK|UW DXFK GLH PDULDQLVFKH )UDX GHU PLWWHODOWHUOLFKHQ 0LQQHV]HQHULH GLH GHP 5LWWHU ]X VlW]OLFK (UO|VXQJ YHUKHL‰W GHU FKULVWOLFKH +LQWHUJUXQG GDUI GDEHL QLFKW IHKOHQ0LWHLQDQGHUYHUEXQGHQVLQGGLHVH:HOWHQQXULQGHUNXU]HQ(SL VRGH GHV .DPSIHV LP Å)UHLNRUSV´ $   GHP VLFK SUlILJXUDWLY EHUHLWV )ULHGULFKV %UXGHU 5XGROI EHLJHVHOOW KDWWH %HLGHQ DEHU JHOLQJW NHLQH EH IULHGLJHQGH 9HUHLQLJXQJ GHU EHLGHQ HU]lKOWHQ :HOWHQ LP .DPSI DXFK )ULHGULFKVWUHEWDOVEDOGZLHGHUQDFK8QDEKlQJLJNHLW 'HU'RQ4XL[RWH9HUJOHLFKEHJHJQHWLQ$KQXQJXQG*HJHQZDUWOHLWPR WLYLVFK*UDI/HRQWLQZLUGPLWGHPURPDQHVNHQ5LWWHUYHUJOLFKHQ $  XQG GHPJHPl‰ JHZLQQW HLQ YRQ VHLQHQ %DXHUQ ZHQLJ JHDFKWHWHU /DQG DGHOLJHUGHPGLHVHU1DPHDQKlQJWHLQ1DFKEDUGHV+HUUQYRQ$/HRQ WLQV6\PSDWKLH $ (LQSO|W]OLFKDXIWUHWHQGHUÅWROOH>U@5LWWHU´ $  ZLHGHUXPHLQH4XL[RWH)LJXULVWZLHHLQ)UHPGHUDXVHLQHUDQGHUHQ:HOW SO|W]OLFK ]XU 6WHOOH XQG YHUVFKZLQGHW HEHQVR SO|W]OLFK ZLHGHU )ULHGULFK LGHQWLIL]LHUWPLWGLHVHP5LWWHUGLHÅ>U@RPDQWLVFKHJROGHQH=HLWGHVDOWHQ IUHLHQ6FKZHLIHQV´ $ GLHHUWDWVlFKOLFKVRHEHQIUVLFKVHOEHUHQW GHFNWKDWGDV/HEHQLQHLQHUJDQ]HLJHQHQ:HOW8QGVRXPNUHLVHQGLHVH TXL[RWHVNHQ )LJXUHQ GHQ *UDIHQ )ULHGULFK ELV VHLQ )UHXQG /HRQWLQ LKQ VHOEVWÅQHXPRGLVFKHU'RQ4XL[RWH/DPP*RWWHV´WDXIWXQG)ULHGULFKV 6FKZHLIHQ GDPLW HLQ =LHO JLEW GDV GHV FKULVWOLFKHQ 6HOEVWRSIHUV $   GDV GHQ HLJHQHQ $QDFKURQLVPXV OHXJQHW 'HU GHVLOOXVLRQLHUWH .ULHJHU EHNHQQWÅ0LUZDUHV(UQVWPLWGHPZDVLFKYRUKDWWH,FKZDUHLQHKUOL FKHU1DUUXQGLFKZLOOHVOLHEHUVHLQDOVNOXJRKQH(KUH´ $ /HRQ WLQV DEVFKOLH‰HQGH =HLWGLDJQRVH VFKHLQW HLQHQ lKQOLFKHQ $XVJDQJVSXQNW ]X KDEHQ :LHGHU LVW GHU LUUHQGH 5LWWHU 3HUVRQLILFDWLR GHV $QDFKURQLVWL VFKHQ LQ GHU =HLW HLQHV IDOVFKHQ )ULHGHQV XQG HLQHU 8QIUHLKHLW GD PDQ Å>G@DVDOWHJUR‰H5DFKHVFKZHUW´ $ YHUJUDEHQKDW =LHKWGDQQYRQ=HLW]X=HLWHLQPDOHLQZXQGHUEDUHUDOWIUlQNLVFKHU*HVHOOGHUHV QRFK HKUOLFK XQG HUQVWKDIW PHLQW ZLH 'RQ 4XL[RWH YRUEHU VR VHKHQ +HUUHQ XQG'DPHQQDFKGHU7DIHOJHELOGHWXQGJHPlFKOLFK]XGHQ)HQVWHUQKLQDXVVWR FKHUQVLFKGLH=lKQHXQGHUJ|W]HQVLFKDQVHLQHQZXQGHUOLFKHQ.DSULROHQRGHU

²²²²²²²²²²²²²

 /HRQWLQXQG)DEHUWUHWHQZLH'RQ4XL[RWHXQG6DQFKR3DQVDLQGHUVDWLULVFKHQ9RUPlU] QRYHOOH9LHO/lUPHQXP1LFKWVDXI





.DSLWHO

PDFKHQZRKOJDUDXFK6RQHWWHDXILKQXQGPHLQHQHUVHLHLQHUHFKWLQWHUHVVDQWH (UVFKHLQXQJZHQQHUQXUQLFKWHLJHQWOLFKYHUUFNWZlUH $ 

'LHRIWPLWGHP$EHQGURWPRWLYLVFKYHUNQSIWHQ5LWWHUILJXUHQ²VRDXFK LQHLQHPWDEOHDXYLYDQWGDVEHLHLQHUKDXSWVWlGWLVFKHQ6DORQQLqUHVWDWWILQGHW $   ² YHUZHLVHQ DXI IUHLPDXUHULVFKHV *HKHLPZLVVHQ VR HWZD ZHQQ GHU WROOH 5LWWHU DQJHEOLFK QDFK GHP 6WHLQ GHU :HLVHQ VXFKW HEHQVR GLH 5LQJV\PEROLN Å1LPP GX HLQHQ HLQ]HOQHQ 5LQJ DXV GHU .HWWH VR LVW GLH .HWWH QLFKW PHKU IROJOLFK LVW HEHQ GHU 5LQJ DXFK GLH .HWWH´ $   )U )ULHGULFK GHU VHLQHU JHOLHEWHQ 5RVD DQ GLHVHU 6WHOOH ZLHGHUEHJHJQHW ZLUG GDV $EHQGURW ]XU Å$XURUD HLQHV NQIWLJHQ ZHLWHQ KHUUOLFKHQ /H EHQV´ $  'RFKLVWGHU5LWWHULQ(LFKHQGRUIIV5RPDQPHKUDOVHLQ=LWDWHVWULIIW ZRKO]XZDV0DUWLQ)DEHUEHKDXSWHWKDW(LFKHQGRUIIKDEHÅQHXH'ULQJ OLFKNHLW ]XP ULWWHUOLFKHQ .DPSI IU GDV &KULVWHQWXP´ JHVHKHQ  *UDI )ULHGULFKHWZDEHZHUWHWVHLQ6FKZHLIHQLQHLQHP0RPHQWGHV6HOEVW]ZHL IHOVDOVÅXQQW]H$EHQWHXHU´ $ 1XUHLQHUVWHUIDOVFKHU(LQGUXFNLVW HVKLQJHJHQGHUGHQ(UESULQ]HQGHULQ:DKUKHLWGHQ,UUWPHUQGHV=HLW JHLVWHV YHUIDOOHQ LVW LP %LOG HLQHV 5LWWHUV ]HLJW $   ,Q 5RVDV 7UDXP HUVFKHLQW)ULHGULFKJHKDUQLVFKWZLHHLQ5LWWHUHUJOHLFKWHLQHP$KQHQELOG ² GDV Ä%LOG¶ GHV 5LWWHUV VWHOOW GLH 9HUELQGXQJ ]X VHLQHP *HVFKOHFKW KHU 'RFKLVWGLHVNHLQHKLVWRULVFKH5HPLQLV]HQ]:LHVLFKLP1DFKIDKUHQGDV JHVDPWH *HVFKOHFKW DNWXDOLVLHUW LVW QXQ DXFK JDQ] 'HXWVFKODQG HLQH ]XU 9HUWHLGLJXQJ EHUHLWH 7UXW]EXUJ XQG DXI GHP :HJ ]XP 6FKODFKWIHOG HU UHLFKW)ULHGULFKEDOGÅGLHOHW]WH5LQJPDXHUYRQ'HXWVFKODQG´ $ (V ZlUHHLQ,UUWXP)ULHGULFKV*DQJLQV.ORVWHUDP6FKOXVVGHV5RPDQVDOV :HOWIOXFKW ]X GHXWHQ QDFK ZLH YRU XQG QXQ HUVW UHFKW LVW HU 5LWWHU ]X (KUHQ *RWWHV Å(U KDWWH HQGOLFK GHQ SKDQWDVWLVFKHQ WDXVHQGIDUELJHQ 3LOJHUPDQWHODEJHZRUIHQXQGVWDQGQXQLQEODQNHU5VWXQJDOV.lPSIHU *RWWHVJOHLFKVDPDQGHU*UHQ]H]ZHLHU:HOWHQ´ $I 'HUÄ.lPSIHU *RWWHV¶VFKOLH‰WDOV6\QWKHVHIRUPHOGHQ5RPDQDEHULVWDXIHLQUHLQUHOL JL|VHV/HEHQ RGHU DEHU DXI HLQ ZHOWOLFKHV /HEHQ ]X EH]LHKHQ LQ GHP HV JLOW ÅLQ GDV 5lGHUZHUN GHV :HOWJDQJHV XQPLWWHOEDU PLW HLQ]XJUHL IHQ´ $  ,PPHUZLHGHUDNWXDOLVLHUWGHUVHPDQWLVFKH.RPSOH[Ä%XUJ5LWWHU¶HLQH DXI(KUHXQG9DVDOOHQWUHXHEHUXKHQGH.DPSIEHUHLWVFKDIWGDEHLLVWVWHWV DXIV1HXHGHUSRHWLVFKH6WHOOHQZHUWGLHVHU6HPHDQYLVLHUW6LHVLQGOLWHUDUL ²²²²²²²²²²²²²

 9JO]XPIUHLPDXUHULVFKHQ.HWWHQ5LQJXQG]XP5LWWHUXQG6FKZHUWEHJULII/HQQKRII (XJHQ3RVQHU 2VNDU ,QWHUQDWLRQDOHV )UHLPDXUHUOH[LNRQ 0QFKHQ=ULFK:LHQ  6SSIIIII 8QY1GUGHU$XVJDEH   )DEHU 0DUWLQ ÄÅ'DV .UHX] XP GHV .UHX]HV ZLOOHQ¶ 'LH 6LFKW GHU *HVFKLFKWH GHV 'HXWVFKRUGHQVVWDDWHV LQ (LFKHQGRUIIV 'UDPD 'HU OHW]WH +HOG YRQ 0DULHQEXUJ´ LQ $XURUD 6KLHU6



5LWWHUVFKDIW²$XWRUVFKDIW





 VFKH 5HPLQLV]HQ] XQG VLH VLQG ULFKWLJ YHUVWDQGHQ XQG LQ /HEHQVSUD[LV XPJHVHW]W6SLHOPDWHULDOIUSRHWLVFKH%LOGOLFKNHLWDEHUDXFKIUGDVSRH WLVFKH 8QLYHUVDOLVPXVNRQ]HSW GHU 5RPDQWLN IU HLQH DXI GHU HLJHQHQ ÄPLWWHODOWHUOLFKHQ¶ 7UDGLWLRQJUQGHQGH3RHVLH'LHDOWH%XUJ]%LQGLH )ULHGULFKXQG/HRQWLQDXIGHU6SXUYRQ)ULHGULFKV%UXGHU5XGROIJHODQ JHQLVWLQGHQ%HUJHQYHUVWHFNWDXIH[WHUULWRULDOHP*HOlQGHGHVÄ(UKDEH QHQ¶ ZHLW ZHJ YRQ GHQ 0HQVFKHQ EHZRKQW YRQ HLQHP :DKQVLQQLJHQ GHUÅGHQ.DUIXQNHOVWHLQ´ $ VXFKWXQGVR5HPLQLV]HQ]DQ-HQV3H WHU %DJJHVHQV QRWRULVFKH 5RPDQWLNHU3DURGLH DOV 5RPDQWLN 3HUVRQLILFDWLR]XOHVHQLVW=XGHPDEHUKDQGHOWHVVLFKEHLGLHVHP(Q VHPEOHXPHLQHQNXOWXUHOOHQ+\EULGHVNRQVWHOOLHUWRKQHGDEHLEHU]HX JHQG ]X VHLQ ÄDOW¶ XQG ÄQHX¶ IKUW HLQHQ ZDKQVLQQLJHQ 5LWWHU YRU GHU JHWUHXGHPRSWLVFKHQ/HLWVDW]DXVGHP*RGZLÅ>'@DV5RPDQWLVFKHLVW>«@ HLQ3HUVSHFWLY´VHLQH*lVWHORUJQHWWLHUWZREHLVLFKVHLQH:DKUQHKPXQJ LQQHXPRGLVFKHUGHUK|ILVFKHQ.XOWXUHQWOLHKHQHU0DQLHUGHVRSWLVFKHQ 0HGLXPV YHU]HUUW 8QWHU $OOHJRULHYHUGDFKW VWHKW EHUHLWV GDV *HELUJV VFKORVV GHU *UlILQ 5RPDQD Å+RI XQG 6FKOR‰ VWDQG OHHU DOOH %HZRKQHU KDWWHQHVDXV)XUFKWYRU)UHXQGXQG)HLQGIHLJKHU]LJYHUODVVHQ´ $  5RPDQDVHOEVWDOV/HW]WHLKUHV*HVFKOHFKWVLVWQLFKWQXU$OOHJRULHHLQHU KHLGQLVFKHQ XQIUXFKWEDUHQ 3RHVLH VRQGHUQ DXFK HLQHV $GHOV GHU GHP 8QWHUJDQJJHZHLKWLVWLQGLHVHU+LQVLFKWHLQH]X)ULHGULFKNRPSOHPHQWlUH )LJXU'HQ.DPSI²RGHUGDVÅZLOGH6SLHO´ $ ²XPLKUH6HHOHKDW GHU 7HXIHO JHZRQQHQ )ULHGULFK ZLUG GLH QRFK DQGDXHUQGH ,QWHULPV]HLW GHU +HLOORVLJNHLW LP .ORVWHU YHUEULQJHQ 'LHVH &KDQFH VSULFKW IU HLQH EUXFKORVH )RUWVHW]XQJ GHV 5LWWHUOLFKHQ YRQ GHVVHQ 8QDEKlQJLJNHLW YRQ GHU=HLW (LQXQVFKHLQEDUHU%LQQHQWH[WHLQ5LWWHUPlUFKHQGDVGHU'LFKWHU)D EHUJOHLFK]X%HJLQQGHU+DQGOXQJHU]lKOWELHWHWLQVHLQHU9HUVFKDFKWH OXQJGHU(U]lKOHEHQHQHLQHLQKDOWOLFKHXQG]XJOHLFKHLQHQDUUDWLYH/HJLWL PDWLRQ GHV X D DXFK SRHWRORJLVFKHQ .RQ]HSWV Ä5LWWHU¶ (LQH ZHLWHUH LQWUDGLHJHWLVFKH (EHQH EHWULIIWGLH /HNWUH GHV LP0lUFKHQ YRUJHVWHOOWHQ 5LWWHUVEHLGHUHVVLFKXP+HLOLJHQOHJHQGHQKDQGHOWZHOFKHGLH7RFKWHU GHV 5LWWHUV QLFKW PHKU LQWHUHVVLHUHQ (LFKHQGRUII VSLHOW DXI GLH /HNWUH SUD[LVGHU*UlILQ'RORUHVDQGLHHEHQIDOOVHUEDXOLFKH/HNWUHDEOHKQWXQG GHUHQVQGKDIWH/HEHQVJHVFKLFKWH(LFKHQGRUIIRIIHQEDUDXFKZ|UWOLFKODV GHQQVHLQH5LWWHUVWRFKWHU²GHUHQ*HVFKLFKWHGXUFKGLH5DKPHQKDQGOXQJ HEHQVR XQWHUEURFKHQ ZLUG ZLH LQ *UlILQ 'RORUHV EOLFK  ² PXVV GLHVH ²²²²²²²²²²²²²

 9JO %DJJHVHQ -HQV +UVJ  'HU .DUIXQNHO RGHU .OLQJNOLQJHO$OPDQDFK (LQ 7DVFKHQEXFK IU YROOHQGHWH5RPDQWLNHUXQGDQJHKHQGH0\VWLNHU7ELQJHQ  %UHQWDQR &OHPHQV *RGZL RGHU 'DV VWHLQHUQH %LOG GHU 0XWWHU (LQ YHUZLOGHUWHU 5RPDQ (UQVW %HKOHU +UVJ 6WXWWJDUW6  6LHKH.DSLWHO



.DSLWHO

 3URIDQLHUXQJLKUHV'DVHLQVPLWHLQHPJHVSHQVWLVFKHQ7RGEH]DKOHQ$XI GHQGUHL(U]lKOHEHQHQELOGHWGDV5LWWHUPlUFKHQGLH0LWWH8PGHU3URID QLHUXQJ GHU :HOW HQWJHJHQ]XZLUNHQ LVW HV $XIJDEH GHV 5LWWHUV XQG GHV 5LWWHUPlUFKHQV ]ZLVFKHQGHPJHZ|KQOLFKHQ/HEHQLQGHPHLQ'LFKWHU ZLH )DEHU MD GXUFKDXV EHKHLPDWHW LVW XQG GHP /HEHQ GHU +HLOLJHQ ]X YHUPLWWHOQ'DEHLLVWGLHVHV0lUFKHQGHU7H[WHLQHVPRGHUQHQDP0DUNW RULHQWLHUWHQ$XWRUVHLQHVDQJHEOLFKHQ3KLOLVWHUVGHUDEHURIIHQEDUPRUDO GLGDNWLVFKH$EVLFKWHQYHUIROJW $XFKHLQHDQGHUHEHGHXWVDPH%LQQHQHU]lKOXQJGLHVPDOLQ9HUVIRUP NRPPWQLFKWRKQHGLH5LWWHUVHPDQWLNDXV'HUHQ8PVWULWWHQKHLWYHUZHLVW KLHU DXI GLH LQ (LFKHQGRUIIV 7H[WHQ SUREOHPDWLVFKH 6FKZHOOH ]ZLVFKHQ ZHOWOLFKHUXQGJHLVWOLFKHU'LFKWXQJ$XWRULQLVW5RPDQDGLH3HUVRQLILFDWLR GHU URPDQWLVFKHQ 'LFKWXQJ,KUH 5LWWHUEDOODGH DOOHJRULVLHUW GDV 6FKORVV GHU3RHVLH XQGGDPLWDEHUDXFKGHU9LHOGHXWLJNHLW ,KUH3RHWRORJLH²GLH LP/DXIHGHV5RPDQVDOVKHLGQLVFKXQGVQGKDIWGSLHUWZLUG²JHKWYRP 5LWWHUWXPDOV6SLHOXQG0DVNHUDGHDXVXQGGDPLWYRQGHU8QYHUELQGOLFK NHLW GHV SRHWLVFKHQ 6SLHOV GDV MHQH 5LWWHU RKQH DXI =HLW XQG 5DXP ]X DFKWHQ LPPHU ZLHGHU YRQ QHXHP EHJLQQHQ 'LH 5LWWHU VLQG %UGHU GHV 'RQ 4XL[RWH GHU KRFK DXI GHU 0DXHU :DFKW KlOW VLH VLQG GLH :lFKWHU XQGGLH)UHLHUGHU3RHVLHGLHGDV6FKORVVEHZRKQW5RPDQDV$XGLWRULXP ZHL‰ZHGHUGLHGXUFKDXVHLQGHXWLJHXQGYHUVWlQGOLFKH$OOHJRULHQRFKLKUH SRHWRORJLVFKH7HQGHQ]]XVFKlW]HQ*UDI)ULHGULFKVSULFKWVLFKJHJHQGLH 'HJUDGLHUXQJGHU5HOLJLRQ]XEOR‰HPÅ'LFKWXQJVVWRII´DXVXQGVSLHOWDXI GLHGXUFK5RPDQDHEHQIDOOVYHUN|USHUWH$QWLNHE]Z$QWLNH5H]HSWLRQDQ YRU DOOHP ZRKO DXI GLH 6FKLOOHUV GHVVHQ *HGLFKW 'LH*|WWHU*ULHFKHQODQGV DQNOLQJW $ IULKQLVW$UQLPV*UlILQ'RORUHVYRUELOGOLFK 'LH3RHVLHOLHJWYLHOPHKULQHLQHUIRUWZlKUHQGEHJHLVWHUWHQ$QVFKDXXQJXQG%H WUDFKWXQJGHU:HOWXQGGHUPHQVFKOLFKHQ'LQJHVLHOLHJWHEHQVRVHKULQGHU*H VLQQXQJ DOV LQ GHQ OLHEOLFKHQ 7DOHQWHQ GLH HUVW GXUFK GLH $UW LKUHV *HEUDXFKHV JUR‰ ZHUGHQ >«@ :HQQ LQ HLQHP VLQQUHLFKHQ HLQIDFK VWUHQJHQ PlQQOLFKHQ *HPWHDXIVROFKH:HLVHGLH3RHVLHZDKUKDIWOHEHQGLJZLUGGDQQYHUVFKZLQGHW DOOHU=ZLHVSDOW0RUDO6FK|QKHLW7XJHQGXQG3RHVLHDOOHVZLUGHLQVLQGHQDGHOL JHQ*HGDQNHQLQGHUJ|WWOLFKHQVLQQLJHQ/XVWXQG)UHXGHXQGGDQQPDJIUHL OLFK GDV *HGLFKW HUVFKHLQHQ ZLH HLQ LQ GHU (UGH ZRKOJHJUQGHWHU WFKWLJHU VFKODQNHUKRKHU%DXPZRJUREXQGIHLQHUTXLFNOLFKGXUFKHLQDQGHUZlFKVWXQG UDXVFKWXQGVLFKUKUW]X*RWWHV/REH $ 

'LH RUJDQLVFKH %DXPDOOHJRULH EHUELHWHW XQG HQWZHUWHW DOVR 5RPDQDV $OOHJRULHGHU5LWWHUEXUJ ²²²²²²²²²²²²²

 )ULHGULFKNRPPWHVÅYRUDOVKlWWH)DEHUVHOEHUQLFKWRKQHKHLPOLFKH$EVLFKWJHUDGHGLHVH (UILQGXQJJHZlKOW´ $   9JO6FKZHULQJ(SRFKHQZDQGHO6





5LWWHUVFKDIW²$XWRUVFKDIW





8QEHUVHKEDUSUlVHQWLHUWGHU5RPDQQLFKWQXUDGHOLJH.lPSIHUILJX UHQ VRQGHUQ XQWHUVFKLHGOLFKH DXFK EUJHUOLFKH  .QVWOHUW\SHQ EHL JH QDXHUHP+LQVHKHQVLQGHV$XWRUHQSRUWUlWV'DLVW)ULHGULFKGHUQXU]HLW ZHLOLJ SURGXNWLYH ZDKUH 'LFKWHU DOV 6FK|SIHU GHU VLFK JHQDXVR XP HLQ SRHWLVFKHV /HEHQ EHPKW ZLH VHLQ )UHXQG /HRQWLQ HLQ +HGRQLVW XQG .QVWOHURKQH:HUN'DLVWGHUDQJHEOLFKSKLOLVWU|VHWDWVlFKOLFKDEHUVHKU YLHOVHLWLJHDGUHVVDWHQEH]RJHQHGDEHLEUJHUOLFKIOHL‰LJH$XWRU)DEHUXQG GDLVW)ULHGULFKV%UXGHU5XGROIHLQ0DOHUYRQ]XUHLFKHU(LQELOGXQJVNUDIW DOVGDVVHUSURGXNWLYZHUGHQN|QQWHHUODQGHWEHLGHU0DJLH$OOH)LJXUHQ VWHKHQLQGHU1lKH]XGHQ3HUVRQLILNDWLRQHQGHVDOOHJRULVFKHQ5RPDQV XQGHLQHDOOHJRULVFKDXVGHXWEDUH:HOWXQWHUGHP9RU]HLFKHQGHVFKULVWOL FKHQ'XDOLVPXVELHWHW$KQXQJXQG*HJHQZDUWDOOHPDO 'LHVH :HOW GHV 5RPDQV LVW ]XQlFKVW HLQPDO HLQH JHVFKORVVHQH :HOW ULWWHUOLFKHQ 6FKZHLIHQV GLH :HOW GHV :DQGHUQV /LHEHQV 'LFKWHQV XQG .lPSIHQVLQGHU*UDI)ULHGULFK]X+DXVHLVWHKHHUJHJHQ(QGHHUNOlUW LQV.ORVWHUJHKHQ]XZROOHQ(VLVWHLQH:HOWGLHUlXPOLFKGXUFK'RQDX XQG5KHLQVRZLHGXUFKGLH$OSHQXQG,WDOLHQLP6GHQEHJUHQ]WLVWGDPLW GLH ZLFKWLJVWHQ NXOWXUHOOHQ 7RSRL GHU GHXWVFKHQ *HRJUDSKLH EHUKDXSW UHSUlVHQWLHUW 'LHVH :HOW LVW LQ VLFK JHVFKORVVHQ XQG VHPDQWLVFK DXIJHOD GHQ ZLH GLH 6RQQHQDXIJlQJH DOOHURUWHQ RGHU GLH ZLHGHUKROWH 'XUFK TXHUXQJ WRSLVFKHU /DQGVFKDIWHQ XQG GLH :LHGHUNHKU MHQHU 6WHOOH DQ GHU 'RQDXZRGLH+DQGOXQJHLQVHW]WH]XU*HQJHEHOHJHQ*OHLFKZRKOVLQG HLQLJH3DVVDJHQHLQLJH5DQGILJXUHQHLQLJHVRQVWLJH5HTXLVLWHQYRQHLQHU NRQWUDIDNWLVFKHQ$QQDKPHDEKlQJLJGLHHWZDVR]XIRUPXOLHUHQZlUH,P 'HXWVFKODQGYRQOHEWQRFKLPPHUHLQDXIULWWHUOLFKHU7XJHQGJUQ GHQGHV $GHOVLGHDO GDV VLFK ]XPLQGHVW ]HLWZHLOLJ ZLH LP 5HNXUV DXI GLH IUKURPDQWLVFKH ÄSURJUHVVLYH 8QLYHUVDOSRHVLH¶ DXVOHEHQ OlVVW DOOHUGLQJV QLFKWXQHQGOLFKDSSUR[LPDWLYVRQGHUQJHKHPPWHLQHDULVWRNUDWLVFKH:HOW GHUHQ0LWJOLHGHUDXI(UZHUEVDUEHLWQLFKWDQJHZLHVHQVLQGXQGLQGHU/H EHQVXQWHUKDOW NHLQ 7KHPD LVW'LHV ZDU EHNDQQWOLFK LQ:LOKHOP0HLVWHUV /HKUMDKUHQEHUHLWVDQGHUVJHZHVHQ$XWRUHQZLH)RXTXpXQG(LFKHQGRUII $GHOLJHPLW(UZHUEVQ|WHQGLHVLHQXUVHKUSDUWLHOOPLWLKUHQ%XFKYHUNlX IHQDXVJOHLFKHQN|QQHQZROOHQGDYRQRIIHQEDUQLFKWVZLVVHQ'HP+HUUQ YRQ$]HLWZHLOLJHU*DVWJHEHU)ULHGULFKVZLUGLQGHU)RUVFKXQJGLH1lKH ]XHLQHPSUHX‰LVFKHQ5HIRUPDGHOEHVFKHLQLJWGRFKLVWÅHLQJXWPWLJHV XQGQDWUOLFKHV9HUKlOWQLV]ZLVFKHQGHU+HUUVFKDIWXQGLKUHQ%DXHUQ´ $ ²²²²²²²²²²²²²

 9JOGD]XDXFK=RQV6FKZHLIHQ6  6FKZHULQJV+LQZHLVDXIGHQ7\SXVGHV&RUWHJLDQRDE]JOLFKGHVK|ILVFKHQXQGGHVDUHOL JL|VHQ$QWHLOVEHU]HXJWQLFKWGDHVVLFKGDQQHEHQXPDOOHVDQGHUHDOVDXVJHUHFKQHWGHQ &RUWHJLDQR KDQGHOW VRQGHUQ XP GHQ 7\SXV GHV GHP 0LWWHODOWHU QDFKJHGDFKWHQ  FKULVWOL FKHQ5LWWHUV 9JO6FKZHULQJ(SRFKHQZDQGHO6I   9JOHEGSDVVLP



.DSLWHO

  DXFKRGHUVRJDUHKHUQRFKDOV'LDJQRVHHLQHVXPMDZLHGHUKROW HUVHKQWHQXUVSUQJOLFKHQÅQDWUOLFKHQ´$GHOV]XOHVHQXQGQLFKW]XIlOOLJ EHJLQQW)ULHGULFKDXIGHP6FKORVVGHV+HUUQYRQ$]XGLFKWHQ 9RU DOOHP *UDI )ULHGULFK YHUVXFKW ]XP (QGH KLQ HUIROJORV EHLGH :HOWHQ ]X YHUHLQEDUHQ Å'HXWVFKODQG ´ OHEW GXUFK GLH Å5HVLGHQ]´ GLH HV ]ZDU LP HPSLULVFKHQ 'HXWVFKODQG QLFKW JLEW GLH DEHU =JH K|IL VFKHQXQGEUJHUOLFKVWlGWLVFKHQ/HEHQVWUlJWGLHDXFKLP%LOGGHV(UE SULQ]HQGHQWUDGLHUWHQ.RPSOH[K|ILVFKHU8QPRUDOPLWDQWLSDWULRWLVFKHU =HUULVVHQKHLW LP $XJHQEOLFN GHU QDWLRQDOHQ *HIDKU DXIZHLVW (V OHEW GXUFKGLH.RQIURQWDWLRQPLWGHPYRQDX‰HQDQVWUPHQGHQ)HLQGXQGHV OHEWOLWHUDULVFKPLW6DORQVPLW$QVSLHOXQJHQDXIGLH:HLPDUHU.ODVVLNXQG DXI$UQLPV5RPDQ*UlILQ'RORUHV$XIGLHVH]ZHLNRH[LVWHQWHQ:HOWHQLP 5RPDQNRPPWHVDQQLFKWVRVHKUDXI$NWXDOLWlWGDUDXIGDVVHVVLFKXP HLQHQ Ä=HLWURPDQ¶ KDQGHOW YLHOPHKU WUDQVSRUWLHUW $KQXQJ XQG *HJHQZDUW JHQDX ZLH 'HU =DXEHUULQJ GLH 'LIIHUHQ] ]ZLVFKHQ (QWVWHKXQJV]HLW XQG (UVFKHLQHQ=XU/HNWUHDOV6FKOVVHOURPDQDOVDQWLIUDQ]|VLVFKHU5RPDQ HWZD GHU HEHQ YRU DOOHP ]ZHFNlVWKHWLVFK DXI GLH *HJHQZDUW GHU /HVHU EH]RJHQLVWWDXJWHUQLFKW,QVRIHUQVWLPPWHVZDV5DLPDU=RQVEHUGHQ URPDQWLVFKHQ 5RPDQ VFKUHLEW HU HU]lKOH QlPOLFK ÅVHLQH 6WUXNWXU XQG SRHWLVFKHQ3UR]H‰´GDV2IIHQHGDVÄ6FKZHLIHQ¶²GDPLWDEHUDXFKGLH $YHQWLXUHLQHLQHUNQVWOLFKHQÄPHWDSKRULVFK¶HU]lKOWHQ:HOW'HUVFKZHL IHQGH5LWWHUZlUHDOVRPHGLHQJHVFKLFKWOLFKLQQRYDWLYLQGHPHUHLQHQWUD GLWLRQHOOHQ /HEHQVHQWZXUI DOV SURJUHVVLYHQ :DKUQHKPXQJVDNW GXUFK GLH 5RPDQKDQGOXQJ KLQGXUFK QHX HUILQGHW 'HU DGHOLJH 7\SXV 5LWWHU GHFNW DEHU EHLGH ÄP|JOLFKH¶ :HOWHQ DE )ULHGULFK JHKW DXI EHVDJWH $YHQWLXUH GLFKWHWXQGNlPSIWGRFKHUNHQQWDXFKGLHOLWHUDULVFKHQ1HXHUVFKHLQXQ JHQ XQG LVW DOV $UQLP/HVHU 3DUWHLJlQJHU HLQHU QRWRULVFKHQ ]HLWZHLOLJ LQ +HLGHOEHUJ YHUVDPPHOWHQ $XWRUHQJUXSSH HU LVW 6DORQEHVXFKHU XQG *H VSUlFKVSDUWQHUGHVYHUKDVVWHQ(UESULQ]HQ6FKRQVR]LDOJHVFKLFKWOLFKZLUG NODU$OOHGLHVH0HUNPDOHNDQQXPQXUHLQ$GHOLJHUDXIVLFKYHUHLQL JHQ'HUHQWVFKHLGHQGH:HQGHSXQNWGHV5RPDQVZlUHQLFKWLQGHU%LR JUDSKLH)ULHGULFKVULFKWLJJHKHQG]XYHURUWHQHVLVWOHGLJOLFKVHLQH(LQVLFKW GDVV SRHWLVFKHV /HEHQ DOV Ä*DQ]HV¶ LQ GHU *HJHQZDUW QLFKW P|JOLFK VHL 1DFKGHP8QWHUJDQJDQWLNHUXQGZHOWOLFKHU.XQVW PLWGHPVSHNWDNXOl UHQ7RGGHU*UlILQ5RPDQD$ XQGDXIJUXQGGHV)HKOHQVHLQHUUHLQ FKULVWOLFKHQ.XQVWHUVFKHLQW)ULHGULFKQXUGLH5HOLJLRQDOVQDWXUJHPl‰HV /HEHQP|JOLFK ²²²²²²²²²²²²²

 =RQV6FKZHLIHQ6  'DV1D]DUHQHUWXPZDU]XGHU=HLWNHLQ7KHPDIU(LFKHQGRUIIHLQ$XWRUZLH=DFKDULDV :HUQHU ZDU LKP VXVSHNW LVW HU IU LKQ GRFK ]HLWZHLOLJ GHU 'LFKWHU HLQHV Å.DWKROL]LVPXV >«@GHUNHLQHUZDU´ (LFKHQGRUII-RVHSKYRQÅ=XU*HVFKLFKWHGHV'UDPDV´LQ'.9 6KLHU6 



5LWWHUVFKDIW²$XWRUVFKDIW







'LH9HUEUJHUOLFKXQJGHUVLFK²DOVHLQXPJHNHKUWHU:LOKHOP0HLVWHU ²*UDI/HRQWLQXQWHU]LHKWDOVHUVLFKHLQHU6FKDXVSLHOHUWUXSSHDQVFKOLH‰W XQGPLWLKUHLQH6WHJUHLINRP|GLHQDPHQV%UJHUOLFKHU6HHOHQDGHOXQG0HQVFK KHLWVJU|‰HHLQVWXGLHUWZLUGDOV$EVWLHJEHJULIIHQ'DV7KHDWHUDOVPRUDOLVFKH $QVWDOWHUSUREWEUJHUOLFKH9HUKDOWHQVQRUPHQGLHDXVJHUHFKQHWDGHOLJHQ 9HUKDOWHQVQRUPHQDEJHVFKDXWVLQG=XGHPPXVVHLQ$GHOLJHUDOV6FKDX VSLHOHU HLQH 5ROOH EHUQHKPHQ GLH VHLQHU KDELWXHOOHQ 9HUKDOWHQVSUD[LV ZRKO RKQHKLQ QDKHNRPPWGLH QXQ DEHU ÄIDOVFK¶ LVW =X GHQ (LQEUFKHQ GHU :HOW GHU *HJHQZDUW JHK|UW GHU UHVLGHQ]VWlGWLVFKH 'LDORJ ]ZLVFKHQ )ULHGULFKGHP3ULQ]HQXQGGHP0LQLVWHUGHUGDVDGHOLJH6HOEVWYHUVWlQG QLV GHV 'LHQVWHV IU *RWW XQG .|QLJ ]ZDU EHVFKZ|UW DEHU GLH DGHOLJH 7XJHQGIRUGHUXQJ PLW GHP 9HUVDJHQ GHU +HUUVFKHQGHQ NRQIURQWLHUW ,Q GHU 5HVLGHQ]VWDGW LVW NHLQH HLQKHLWOLFKH SRHWLVFKH :HOW DXI]XILQGHQ GLH 6WDGWLVWYLHOPHKU%UXFKVWHOOH]ZLVFKHQDOWHQDGHOLJHQ7XJHQGHQXQGGHU YHUPHLQWOLFKHQ1RWZHQGLJNHLWGHP6WDDW]XQW]HQ²ZLHHVGDV$OOJHPHL QH /DQGUHFKW JHIRUGHUW KDWWH ² LQGHP DXFK GHU $GHOLJH 5HFKWV RGHU 6WDDWVZLVVHQVFKDIWHQ VWXGLHUW  'HU $GHOLJH GHVVHQ HLQ]LJHV 'LVWLQNWL RQVPHUNPDO GLH .OHLGXQJ LVW EHILQGHW VLFK DXI GHP :HJ ]XP 'DQG\ Å*RWWVWHK·GHP$GHOEHL>«@ZHQQGLHVQRFKVHLQHHLQ]LJH8QWHUVFKHL GXQJXQG+DOWVHLQVROOLQGHUJHZDOWVDPGUlQJHQGHQ=HLWZRXQWHUJHKHQ PX‰ZDVVLFKQLFKWHUQVWKDIWUDIIW´ $  (LFKHQGRUIIV5RPDQLVWDOV([SHULPHQWGHUXDDXIGHU6HPDQWLNGHV 5LWWHUOLFKHQ EHUXKHQGHQ HU]lKOWHQ (OLWHQWUDQVIRUPDWLRQ JOHLFK]HLWLJ HLQH 3UREHDXIV([HPSHOGHU7UDQV]HQGHQWDOSRHVLHXQGGHVRUJDQLVFKHQÄ*DQ ]HQ¶HVNRQQWHKLHUIUDXVYHUVFKLHGHQHQ*UQGHQQLFKWGDV0HGLXPGHU WDJHVSROLWLVFKHQ 6WHOOXQJQDKPH JHZlKOW ZHUGHQ )ULHGULFK KDW VLFK DOV .ULHJHU OHJLWLPLHUW LQGHP HU VHLQHP 9DWHUODQG XQG VHLQHU )DPLOLH GLHQW GDEHLDEHULQGHU*HJHQSDUWHLVHLQHV)UVWHQNlPSIWÅ'HU)UVWGHPHU DQJHK|UWH ZDU XQWHU GHQ )HLQGHQ´ $   (V LVW GLH =HLW LQ GHU VLFK 3UHX‰HQDOV9DVDOO1DSROHRQVJHJHQ5X‰ODQGYHUEQGHWKDW  

.OHLVW

 ,Q .OHLVWV 3ULQ])ULHGULFKYRQ+RPEXUJ JHKW HV YRUGHUKDQG QLFKW PHKU XP GHQ Ä5LWWHU¶ VRQGHUQ XP GHQ KRFKDGHOLJHQ GHP +HUUVFKHU YHUZDQGWHQ KRFKUDQJLJHQ2IIL]LHU*HUKDUG1HXPDQQKDWLQHLQHP$XIVDW]]X.OHLVWV ÅNXOWXUHOOHU $QWKURSRORJLH´ GUHL *UXQGODJHQ YRQ GHVVHQ 6FKUHLEHQ UH ²²²²²²²²²²²²²  $PELYDOHQW LVWGDV 3RUWUlWGHV 0LQLVWHUV GHU]ZDU VNUXSHOORVHU +|IOLQJ LVWGHQQRFK ZLH GHU )UHLKHUU YRP 6WHLQ HLQHQ .UHLV EHJUQGHW KDW GHVVHQ 0LWJOLHGHU DUEHLWHQ ÅKRIIHQG XQGJODXEHQGGHPDOWHQ5HFKWLQGHUHQJHQ=HLW/XIW]XPDFKHQDXI7RGXQG/HEHQEH UHLW´ $ 



.DSLWHO

 NRQVWUXLHUWHUVWHQVÅGLH+DQGOXQJVUHJHOYRQGHUÄ3UREHDXIV([HPSHO¶DOV HLQHU ([SHULPHQWVHTXHQ] GLH 6HW]XQJ (QWIDOWXQJ XQG.ROODELHUHQ HLQHU 2UGQXQJ LQV]HQLHUW´ ]ZHLWHQV ÅGDV DQWKURSRORJLVFKH 0RGHOO YRP PLW HLQHPXUVSUQJOLFKHQ6FKDGHQ>@EHKDIWHWHQ$QIDQJ´GULWWHQVDEHUGLH 7DWVDFKHGDVVHUÅDOOHV6SUDFKHUILQGHQ´JHUDGHDXFKDXVGHP6WDPPHOQ XQG6WRFNHQKHUDXVÅ]XOHW]WGHQ6WUDWHJLHQGHU0DFKWGHQ0HFKDQLVPHQ GHU*HZDOW²LP*UXQGHDOVRGHU.ULHJIKUXQJHQWVSULQJHQOl‰W´'LHVH GUHL.ULWHULHQVFKHLQHQPLUHUIOOWOLHVWPDQ3ULQ])ULHGULFKYRQ+RPEXUJDOV 6FKDXVSLHO GHU Ä$GHOLJNHLW¶ 'LH ([SHULPHQWDODQRUGQXQJ LVW GLH HLQHU .RQIURQWDWLRQ YRQ $NWHXUHQ ZHOFKH DXVJHKHQG YRQ HLQHU VWDUUHQ VWlQ GLVFKHQ 2UGQXQJ ZLH DXFK HLQHU VWDUUHQ )DPLOLHQ2UGQXQJ GLH +RP EXUJ]XQlFKVWQRFKYRQGHU+DQGGHU3ULQ]HVVLQ1DWDOLHIHUQKDOWHQZLOO  XQGLQ$QWL]LSDWLRQGHVÄ9DWHUODQGV¶DOVQHXHPK|FKVWHQ:HUWLKUHQJH VHOOVFKDIWOLFKHQ 6WDWXV QHX DXVKDQGHOQ PVVHQ GHU 6SLHOFKDUDNWHU GHU UDKPHQGHQ 6]HQHQ ² LURQLFH GLH ,QV]HQLHUXQJ HLQHV Ä+RIWKHDWHUV¶ GDV SO|W]OLFKVHKUHUQVWH)ROJHQ]HLWLJW²GXUFKOlXIWLQNU]HVWHU)ULVWGHQ:HJ YRQÄ6HW]XQJ¶]XÄ.ROODELHUHQ¶.XUIUVWXQG3ULQ]VLQGVLFKLKUHU5ROOHQ QRFK QLFKWVLFKHU²HVVWHKWQLFKWIHVWREVLHHVDP(QGHGHU+DQGOXQJ VLQG 9RQ YRUQKHUHLQ MHGRFK HUVFKHLQW DOV +DQGLFDS GHV DGHOLJHQ +RP EXUJHEHQMHQHV6WRFNHQ6WDPPHOQXQG7UlXPHQGLH1HLJXQJ]XU2KQ PDFKWDOVGDVÄ0HQVFKOLFKH¶GDVLKQ]XPXQVLFKHUHQ.DQWRQLVWHQPDFKW LKPDEHUDQGHUHUVHLWVGLH&KDQFHHU|IIQHWGDVÄ+HU]¶VSUHFKHQ]XODVVHQ XQGVLFKDXVGHP5HJOHPHQW]XO|VHQRKQHGLH*HVHW]HGHU(KUH]XPLVV DFKWHQ 6FKOLH‰OLFK LVW HV +RPEXUJ DOV Ä6SUHFKHQGHU¶ DOV 2UDWRU GHV NUL WLVFKHQ$XJHQEOLFNVGHUGHP+DXV%UDQGHQEXUJHLQHJUR‰H=XNXQIWSUR SKH]HLW XQG GHQ .XUIUVWHQ DOV +HUUVFKHQGHQ DOOHUHUVW EHJODXELJW HLQH 5HGH GLH DXV GHP +HOGHQWXP GHV .ULHJHUV XQG GHU 5FNZHQGXQJ ]XP HKUHQKDIWHQ9HUKDOWHQGHV$GHOLJHQHUZlFKVW0LWGHU$SSOLNDWLRQGLHVHU .ULWHULHQ DXI GLH )LJXU GHV 3ULQ]HQ ZLUG QRFK HLQPDO GHXWOLFK ZLH $QWKURSRORJLH XQG NXOWXUHOOH 6HW]XQJ YRQ Ä$GHOLJNHLW¶ LQHLQDQGHUJUHLIHQ (ULQQHUW PDQ VLFK DEHU GDUDQ GDVV EHUHLWV .OHLVWV GLFKWHULVFKH $QIlQJH PLWGHP*XLVNDUG)UDJPHQWPLWGHU)DPLOLH*KRQRUUH]XQGGHP=HUEURFK QHQ.UXJ LP=HLFKHQYRQ1DWLRQ)DPLOLHXQG5HFKWVULWXDOVWDQGHQVR ZLUG PDQ HLQHQ ZHVHQWOLFKHQ =XVDPPHQKDOW YRQ .OHLVWV °XYUH LQ GHU 'ULQJOLFKNHLWGLHVHU3UREOHPDWLNHQJHUDGHIUGHQ SUHX‰LVFKHQ $GHOLJHQ XP  HUNHQQHQ LQ GHU /|VXQJ GHU 6FKZHOOHQSUREOHPDWLN ]ZLVFKHQ WUDGLWLRQVNRQIRUPHU *HIROJVFKDIW XQG (LQELQGXQJ LQ GLH HQWVWHKHQGH ²²²²²²²²²²²²²

 1HXPDQQ*HUKDUGÅ'DV6WRFNHQGHU6SUDFKHXQGGDV6WUDXFKHOQGHV.|USHUV8PULVVH YRQ.OHLVWVNXOWXUHOOHU$QWKURSRORJLH´LQGHUV +UVJ +HLQULFKYRQ.OHLVW.ULHJVIDOO²5HFKWV IDOO²6QGHQIDOO)UHLEXUJ6KLHU6 /LWWHUDH   (EG6  9JOHEG6



5LWWHUVFKDIW²$XWRUVFKDIW





 0\WKRORJLH GHU 1DWLRQ ]ZLVFKHQ GHP ([SRQLHUHQ GHU )DPLOLH GHV 1D PHQVXQGGHUHLJHQHQ,QGLYLGXDOLWlWVRZLH]ZLVFKHQGHQKHUN|PPOLFKHQ VWlQGLVFKHQ3ULYLOHJLHQXQGHLQHUYHUlQGHUWHQ5HFKWVODJHLP5HIRUP]HLWDO WHUGLHHLQHQHXH5HIOH[LRQDXIGDV9HUKlOWQLVYRQÄ*HLVW¶XQGÄ%XFKVWD EH¶GHV*HVHW]HVIRUGHUW ,P VSlWHQ  ² GDV 'UDPD VSLHOW  ² ZLH LP EHJLQQHQGHQ  -DKUKXQGHUW VWHKW GLH /HJLWLPLHUXQJ GHU ]XUFNJHGUlQJWHQ LP $EVWXU] EHILQGOLFKHQLQWHUPHGLlUHQ*HZDOWDXIGHU7DJHVRUGQXQJVRZLHGHU$QWD JRQLVPXV ]ZLVFKHQ +HUUVFKHU XQG $GHOLJHP GLH 5ROOH GHV 0LWWOHUV XQG GHUÄPLWWOHUHQ¶*HZDOWGLHEHUIOVVLJJHZRUGHQ]XVHLQVFKHLQW'LH)L JXU GHV 5LWWHUV LVW LQ GLHVHP .RQWH[W HLQH 3URYRNDWLRQ EH]HLFKQHW VLH GRFKHLQHQVFKHLQEDUOlQJVWEHUKROWHQ6WDQGDUGYRQ,QWHUPHGLDULWlW0LW GHU =HQWUDOLVLHUXQJ GHV +HHUZHVHQV LQ GHU )UKHQ 1HX]HLW GXUFK GHQ /DQGHVKHUUHQGHU(WDEOLHUXQJQHXHU.RPPDQGRVWUXNWXUHQXQGGHU(LQ IKUXQJ VWHKHQGHU EH]DKOWHU 7UXSSHQ GHU 9HUODJHUXQJ HLQHU DXI LGHDOL VLHUWHV9HUKDOWHQ Ä7UHXH¶ JUQGHQGHQ%H]LHKXQJDXIHLQHGXUFKPRQHWl UH (QWORKQXQJ EDVLHUHQGH VFKHLQW GHU Ä5LWWHU¶ EHUIOVVLJ :lKUHQG (LFKHQGRUIIV $UJXPHQWH NRQVHUYDWLYHU $UW VLQG ² HV EHGDUI GHU $EUHGH PHKUHUHU:UGLJHUXPGLH&KULVWOLFKNHLWGHV*HPHLQZHVHQV]XHUKDOWHQ 8VXUSDWLRQHQGXUFKGHQ(LQHQVLQGVWHWVSUREOHPDWLVFK²HUZHLVW.OHLVWV 'UDPD GDVV DXVJHUHFKQHW LQ GHU GRQTXL[RWHVNHQ 'RSSHOXQJ YRQ 3RHW XQG Ä5LWWHU¶ GLH $XVEXQJ GH]HQWUDOHU %HIHKOVJHZDOW LP 0RPHQW GHU K|FKVWHQ*HIlKUGXQJYRQ+HUUVFKHUXQG7HUULWRULXPQ|WLJLVW%HL.OHLVW LVWGLH$PELYDOHQ]YRQ$XWRUVFKDIW KLHUGLH7UDXPDUEHLWGHVSKDQWDVLH UHQGHQ 3ULQ]HQ  XQG 5LWWHUVFKDIW XQDXIKHEEDU ZRUDXV DOOHUGLQJV HLQ XQDEVHKEDUHV0RPHQWGHU*HIlKUGXQJDXFKIUGHQ6WDDWHUZlFKVW'DU LQ EHVWHKW GLH $SRULH YRQ .OHLVWV 'UDPD GDV QRFK GHXWOLFK YRU GHP SUHX‰LVFKHQ6LHJEHU1DSROHRQHQWVWDQG 9RQ.OHLVWDXVJHKHQGVROOHLQNXU]HU5FNEOLFNDXIGLHhEHUOHJXQJHQ GLHVHV.DSLWHOVHUIROJHQ'LHOLWHUDULVFKH&RGLHUXQJGHV$GHOLJHQDOVÄ5LW WHU¶EH]HLFKQHWHLQNXOWXUHOOHVXQGSROLWLVFKHV6HOEVWEHZXVVWVHLQGHU$XWR QRPLHXQGGHV6HOEVWKHOIHUWXPVGDVGHUÄUHDOH¶$GHOVRHEHQHLQ]XE‰HQ GURKWXQGGDVPLW'RQ4XL[RWHDOV3HUVRQLILNDWLRQVHOEVWLURQLVFKH=JH WUlJW'RFKEHUHLWV*RHWKHV*|W]JLEWMDGHQ5LWWHUDOV=ZLVFKHQJHZDOWGLH DXI'LVWDQ]]XP/HKQVKHUUQJHKW'LHDGHOLJH)LJXULVWÄ)UHLHU¶XQGÄ0H GLXP¶ GLH URPDQWLVFKH 'RQ4XL[RWH)LJXU LVW HLQ $XFWRU HLQH SRHWLVFKH 1DWXU PLW 9HUPLWWOXQJV E]Z hEHUVHW]XQJVSUREOHPHQ 1HX YHUKDQGHOW ZHUGHQPXVVZLHGLHVHU5LWWHU]ZLVFKHQ.|QLJXQG9RONYHUPLWWHOQVROO² DXIJUXQGYHUlQGHUWHU.RPPXQLNDWLRQVEHGLQJXQJHQXQG+HUUVFKDIWVSUDN ²²²²²²²²²²²²²

 9JO0OOHU-DQ'LUN*HGHFKWQXV6'DV+DQGHOQGHVPLWWHODOWHUOLFKHQ$YHQWLXUH5LWWHUV VHW]HGDVDGHOLJH5HFKWDXI6HOEVWKLOIHYRUDXV



.DSLWHO

 WLNHQLVWGDUEHUQHXQDFK]XGHQNHQ)RXTXpLPDJLQLHUWQLFKWHLQJHZDOW VDP HQWVWDQGHQHV VWDDWOLFK NRQWUROOLHUWHV (XURSD VRQGHUQ HLQ JHQHDOR JLVFK IXQGLHUWHV 0RGHOO XQG WDWVlFKOLFK JHK|UW ]XP 5LWWHU HLQH HXURSl LVFKH QLFKW HLQH QDWLRQDOH 7RSRJUDSKLH 'DV 5LWWHUWXP EOHLEW DOVR HLQ NXOWXUHOOHV0RGHOOGHV$GHOVGHPJHVHOOVFKDIWOLFKH:LUNOLFKNHLWXQG:LUN VDPNHLW ]XJHVFKULHEHQ ZLUG DXFK ZHQQ GLH hEHUVFKQHLGXQJHQ ]ZLVFKHQ ULWWHUOLFKHU :HOW XQG HLQHU GHU *HJHQZDUWVZHOW QDFKHPSIXQGHQHQILNWLR QDOHQ:HOWEHL(LFKHQGRUIIQLFKWKlXILJEHL)RXTXpVHKUVHOWHQVLQG'DV 5LWWHUWXP OHEW LQ VHLQHQ 5RPDQHQ JOHLFKVDP LQ HLQHP Å5HVHUYDW´GHV VHQ1RUPHQXQKLQWHUIUDJEDUJOWLJVLQGGDDXFKGLH*HJQHUXQGVlPWOL FKH HLQWUHWHQGHQ 6LWXDWLRQHQ PLW ULWWHUOLFKHQ 0LWWHOQ ]X EHZlOWLJHQ VLQG .RQWLQJHQ]HQHUVFKWWHUQ]XPLQGHVWLQGHQILNWLRQDOHQ7H[WHQGLHVH5LW WHUOLFKNHLWQLFKW]XPDOGDVLHPLWGHQSRHWRORJLVFKHQ,QWHUHVVHQGHU5R PDQWLNHUYHUHLQEDULVW(LQH$XVQDKPH]XPLQGHVWJLEWHV1XULURQLFHJLEW GDVO\ULVFKH,FKLQ&KDPLVVRV*HGLFKW'RQ4XL[RWHLQGHU$XVHLQDQGHUVHW ]XQJ]ZLVFKHQGHP'RQXQG6DQFKR3DQ]DGHP(UVWHUHQUHFKW  6ROOWHZHUPLFKIUDJHQ :LHPDQYLHOHVIUDJW 2EHV5LHVHQZDUHQ :LHGHU+HUUHVVDJW 2GHUEOR‰H0KOHQ :LHHVPHLQWGHU.QHFKW *HELFKXQEHGHQNOLFK 8QVHUP5LWWHU5HFKW 0LWGHQ+HUUQHVKDOWHQ %OHLEWGDV.OJVWHQRFK :DVYRQVROFKHQ'LQJHQ :LVVHQ.QHFKWHGRFK

 5RPDQ -DNREVRQ KDW GHP PHWDSKRULVFKHQ 6FKUHLEHQ GLH ÅVFK|SIHULVFKH $VVR]LDWLRQ QDFK bKQOLFKNHLW XQG *HJHQVDW]´ ]XJHELOOLJW bKQOLFKNHLW XQG*HJHQVDW]RUGQHQVLFKLQ)RXTXpV:HOW]ZLVFKHQGHUOHJLWLPHQ:HOW GHV5LWWHUVXQGGHUDQWDJRQLVWLVFKHQ:HOWGHVKHLGQLVFKHQ8VXUSDWRUVDXV GHU (UVWHUH LKUH 5HFKWIHUWLJXQJ JHZLQQW 1XU GLHVH TXDVLQDSROHRQLVFKH *HJHQZHOW NDQQ DXI GLH ]HLWJHQ|VVLVFKH :LUNOLFKNHLW VLQQYROO EH]RJHQ ZHUGHQ 'LH OHJLWLPH :HOW LP 7H[W EHUXKW DEHU DXI GHU 9RUDXVVHW]XQJ GDVV GDV 5LWWHUWXP %HVWDQG KDEH XQG JUXQGVlW]OLFK UHFKWPl‰LJ H[LVWLHUH ²²²²²²²²²²²²²  6R -DQ'LUN 0OOHUV JOFNOLFKH %HJULIIVYHUZHQGXQJ IU 0D[LPLOLDQV , :HL‰NXQLJ 9JO HEG6   &KDPLVVR$GDOEHUWYRQ6lPWOLFKH:HUNH6  -DNREVRQ5RPDQÅ5DQGEHPHUNXQJHQ]XU3URVDGHV'LFKWHUV3DVWHUQDN>@´LQGHUV 3RHWLN$XVJHZlKOWH$XIVlW]H(OPDU+ROHQVWHLQXD +UVJ )UDQNIXUWD0 6KLHU6



5LWWHUVFKDIW²$XWRUVFKDIW





 'LH 3UREH DXIV ([HPSHO EOHLEW GHQ ULWWHUOLFKHQ 3URWDJRQLVWHQ VR ZHQLJ HUVSDUWZLHGHQDGHOLJHQ.lPSIHUQLQGHQ%HIUHLXQJVNULHJHQLQGHQHQVLH GDV VFKRQ YHUVSLHOWH ,PDJH HLQHV 6WDQGHV QHX DXI]XEHUHLWHQ YHUVXFKHQ :RKO DXFK GHU ]HLWJHQ|VVLVFKH /HVHU GHU 5LWWHUWH[WH VXFKW QDFK 6SXUHQ VHLQHU HLJHQHQ (UIDKUXQJVZHOW GRFK JHKW HLQH /HVDUW DOV YHUVFKOVVHOWHU =HLWURPDQQLFKWDXI'HU=DXEHUULQJLVWNHLQ1DSROHRQ5RPDQ$KQXQJXQG *HJHQZDUWNHLQ3DPSKOHW]XJXQVWHQHLQHVDQWLIUDQ]|VLVFKHQ.ULHJHVGRFK JHOLQJW HV GHQ 3URWDJRQLVWHQ GLH UDXP]HLWOLFK EHGLQJWHQ +LQGHUQLVVH DXI LKUHQ:HJHQ]XEHUZLQGHQ*UDI)ULHGULFKV/lXWHUXQJVSUR]HVVLVWFKULVW OLFKHU 1DWXU XQG EHUKUW VHLQH LP *UXQGH MD HUIROJUHLFKHQ SROLWLVFKHQ $NWLYLWlWHQQLFKW,QEHLGHQ7H[WHQJHKWHVXPGLHQDUUDWLYH5HDOLVLHUXQJ SRHWLVFKHUXQGDOVRP|JOLFKHUDEHUQLFKWH[LVWHQWHU:HOWHQ



 

.DSLWHO

      

.DSLWHO*HQHDORJLH 1

*HQHDORJLHXP 

 (VKDWVLFKKHUXPJHVSURFKHQGDVVGDVHSLVWHPLVFKH)HOGYRQÄ*HQHDOR JLH¶Ä*HQHUDWLRQ¶XQGÄ)DPLOLH¶DQJHVLHGHOWXPHLQHP|JOLFKH6FKQLWWVWHOOH YRQ Ä.XOWXU¶ XQG Ä1DWXU¶ HLQH JQVWLJH 2SHUDWLRQVEDVLV ELHWHW IU GLH WUDQVGLV]LSOLQlUH ZLVVHQVFKDIWOLFKH $UEHLW GDVV GDPLW DXFK GHQ *HLVWHV ZLVVHQVFKDIWHQ HLQH $QVFKOXVVP|JOLFKNHLW DQ GLH (YROXWLRQVELRORJLH ]XU 9HUIJXQJ VWHKW *HQHDORJLH LVW ÅGLH (U]lKOXQJ EHU GLH $EIROJH YRQ *HVFKOHFKWHUQ RGHU *HQHUDWLRQHQ´ 6LH ÅEHVFKUHLEW :HJH GHU hEHUOLH IHUXQJ XQG )RUW]HXJXQJ GLH GXUFK GLH /HLEHU KLQGXUFKJHKHQ VLH EH VFKUHLEWGDV6FKLFNVDOYRQ.|USHUQXQG.|USHUVFKDIWHQLQGHU'LPHQVLRQ GHU =HLW´'HU DGHOLJHQ .XOWXU HQWOLHKHQ LVW HWZD GLH $KQHQWDIHO GHUHQ ÄQDWLRQDOH¶ XQG PHGL]LQLVFKH 9DULDQWHQ 6LJULG :HLJHO DQDO\VLHUW KDW'LH JHQHDORJLVFKH 3HUVSHNWLYH QHKPHQ LP  XQG  -DKUKXQGHUW +HLQH )UHXGRGHU%HQMDPLQDXIXP3UREOHPHDUFKDLVFKHU(UEVFKDIWHQ]XYHU KDQGHOQ 'LHVH HUEHEH]RJHQH $UEHLW DP *HGlFKWQLV GUIWH XP  LP 'HQNHQ IHVW YHUDQNHUW VHLQ 'LH 5RPDQWLNHU IRNXVVLHUWHQ EHVRQGHUV .QVWOHUGHU9HUJDQJHQKHLWXQWHUGHP$VSHNWGHU(UEIROJH )U GHQ KLHU LQ GHQ %OLFN JHQRPPHQHQ )RUVFKXQJV]XVDPPHQKDQJ EHGHXWVDPLVWGHUEHJULIIOLFKH3DUDGLJPHQZHFKVHOGHUVLFKIUGLHÄ*HQH UDWLRQ¶ XP  YRUEHUHLWHW 'LH GLDFKURQH 'LPHQVLRQ GHV %HJULIIV GHU HWZDGLHLQGHU$GHOVNXOWXUODQJH=HLWVFKRQYHUIROJWH+HUUVFKDIWVOHJLWLPD WLRQ DXV GHU JHQHUDWLRQDOHQ$EIROJH PHLQW WULWW ODQJVDP ]XJXQVWHQ HLQHU V\QFKURQHQ %HGHXWXQJ ]XUFN GLH *HQHUDWLRQ DOV *HPHLQVFKDIW GHU ]X JOHLFK*HERUHQHQIDVVWZHOFKHMHGHPHLQ]HOQHQ$QJHK|ULJHQHLQHEHVRQ ²²²²²²²²²²²²² 

  

9JO IROJHQGH DOWHUQDWLYH .OHLVW/HNWUH ]XP .RQQH[ ]ZLVFKHQ Ä1DPH¶ XQG DGHOLJHU *H QHDORJLHVRZLH]XGHVVHQ$EO|VXQJGXUFKHLQHQHXH0HWDSK\VLNGHU7DW DXFKHLQHQÄ$GHO GHU7DW¶ 1HXPDQQ0LFKDHOÅ$GHOGHU7DW*HQHDORJLHXQG(YLGHQ]´LQ.OHLVW-DKUEXFK 6 :HLJHO 6LJULG Å9RUZRUW´ LQ GLHV *HQHD/RJLN*HQHUDWLRQ7UDGLWLRQXQG(YROXWLRQ]ZLVFKHQ .XOWXUXQG1DWXUZLVVHQVFKDIWHQ0QFKHQ6KLHU6 9JO GLHV Å*HQHDORJLH ² ,NRQRJUDSKLH XQG 5KHWRULN HLQHU HSLVWHPRORJLVFKHQ )LJXU´ LQ HEG6KLHU6 9JO 6FKPLGW%XUNKDUGW $VWULW Å4XHUHOOH GHV 0RGHUQHV =XP *HQHUDWLRQHQNRQIOLNW GHU $YDQWJDUGH´LQ6LJULG:HLJHOXD +UVJ *HQHUDWLRQ=XU*HQHDORJLHGHV.RQ]HSWV².RQ]HSWH YRQ*HQHDORJLH0QFKHQ6KLHU6



.DSLWHO

 GHUHJHQHUDWLRQDOH,GHQWLWlWYHUOHLKWXQG]XJOHLFKLP(QWVWHKXQJVNRQWH[W HLQHUQHXHQGHUHSLJHQHWLVFKHQ$XIIDVVXQJYRQGHU9HUHUEXQJVWHKW6LH NRQ]LSLHUW/HEHQVR:HLJHOÅ]XPHLQHQDOV(QWZLFNOXQJGHV2UJDQLVPXV DXVGHP.HLP]XUDXVJHELOGHWHQ*HVWDOW]XPDQGHUHQDOV:HLWHUJDEHYRQ 0HUNPDOHQYRP2UJDQLVPXVGHU(OWHUQDXIGHQGHU.LQGHU´'DPLWJHKW HLQH 1HXVHPDQWLVLHUXQJ GHV *HQHUDWLR%HJULIIV DOV =HXJXQJVWULHE XQG ]XJOHLFK DOV 6FKDXSODW] YRQ 9HUKDQGOXQJHQ EHU GDV (UEH HLQKHU 3Kl QRPHQH GHU $EVWDPPXQJ XQG 9HUHUEXQJ ZHUGHQ LQ GDV .|USHULQQHUH YHUODJHUW+DWWHQGLHNODVVLILNDWRULVFKHQ7DEOHDXVGHU1DWXUZLHVLH)RX FDXOW LQ GHU 2UGQXQJGHU'LQJH HWZD DP %HLVSLHO /LQQpV EHVFKUHLEW QRFK DKLVWRULVFKGLH.RQVWDQ]GHU$UWHQSRVWXOLHUWVRJHKWHVYRQQXQDQGDU XP HYROXWLRQlUH 9HUlQGHUXQJ KLHU]X LQ %H]XJ ]X VHW]HQ GLH 9HU]HLW OLFKXQJDXFKLQGHU9RUVWHOOXQJYRP2UJDQLVFKHQ]XGHQNHQ'LH%LRZLV VHQVFKDIWHQ HQWVWHKHQ DOV 'LV]LSOLQHQ GLH .RQ]HSWH GHU (YROXWLRQ YRQ /HEHZHVHQHQWZLFNHOQ'RFKGLHVHU3DUDGLJPHQZHFKVHOYROO]LHKWVLFKDOV VXN]HVVLYH hEHUODJHUXQJ QLFKW DOV SO|W]OLFKH $EO|VXQJ 'LH JRHWKH]HLW OLFKH5HGHYRQÄ*HQHDORJLH¶EH]HLFKQHWGLHVH6FKZHOOHQSKDVHLP)ROJHQ GHQVROOHVXP]ZHLÄJHQHDORJLVFKH¶5RPDQHJHKHQ :RKOELVKHXWHEH]LHKWVLFKGLH.XOWXUGHV$GHOVDXIGLH *UR‰ )D PLOLH DXI LKU *HGlFKWQLV XQG LKUH )RUWIKUXQJ LVW GLH )DPLOLH ZLFKWLJHU 2UWGHVV\PEROLVFKHQ.DSLWDOV+DWPDQVWHUHRW\SYRQGHU9HUEUJHUOL FKXQJ GHV $GHOV LQ GHU 0RGHUQH JHVSURFKHQ VR LVW GDUDQ ]X HULQQHUQ GDVVQRFKLP-DKUKXQGHUWQRELOLWLHUWHEUJHUOLFKH)DPLOLHQVHKUUDVFK HLQHQ +DELWXV GHU $GHOLJNHLW ]X SIOHJHQ EHJLQQHQ 'LH LQ ,PPHUPDQQV (SLJRQHQ ÅSRUWUlWLHUWH´ ZHVWIlOLVFKH ,QGXVWULHOOHQIDPLOLH 1DWKXVLXV HWZD JOLFK QDFK GHU 1RELOLWLHUXQJ JHJHQ 0LWWH GHV  -DKUKXQGHUWV LKUH /H EHQVZHOW GHU GHV $GHOV DQ  6FKRQ GHU QRFK EUJHUOLFKH )DEULNEHVLW]HU -RKDQQ *RWWORE 1DWKXVLXV KDWWH IQI 5LWWHUJWHU HUZRUEHQ GLH 1DFK NRPPHQGHVJHDGHOWHQ6RKQHV+HUPDQQODVVHQQXQ]XWLHIVWDGHOLJHV9HU KDOWHQHUNHQQHQGLH.DYDOLHUVWRXUXQGDGHOLJH)RUPHQGHU.|USHUHUWFK WLJXQJ3IHUGH]XFKWXQG.RQVHUYDWLVPXV.RQWDNWH]XGHQEHQDFKEDUWHQ DGHOLJHQ*UXQGEHVLW]HUQ)HVWH(PSIlQJHXQG&DULWDVJHK|UHQGD]XZLH DXFK 0LWJOLHGVFKDIWHQ LQ $GHOVYHUHLQHQ $XIIDOOHQG LVW GLH %HJUQGXQJ HLQHU VWDQGHVW\SLVFKHQ 0HPRULDONXOWXU ZR HV HLJHQWOLFK QRFK JDU QLFKWV ]X PHPRULHUHQ JLEW 'RFK JUQGHW PDQ HLQHQ Å)DPLOLHQWDJ´ WUDGLHUW :DSSHQ$KQHQSRUWUlWVXQG)DPLOLHQFKURQLNHQ:DVPDQDXIGHQHUVWHQ %OLFN DOV 6FKULWW LQ GLH 9RUPRGHUQH EHZHUWHQ P|FKWH HUZHLVW VLFK YRU ²²²²²²²²²²²²²   

:HLJHO 6LJULG Å9RP 3KDQWDVPD GHV )RUW XQG 1DFKOHEHQV LP (UEH´ LQ :HLJHO *HQHD /RJLN6KLHU6I 9JOIUGLH=HLWXP.UHXW]PDQQ/HEHQVZHOW6II 9JO]XP)ROJHQGHQ0\UUKH5DPRQDÅ=ZLVFKHQ)DEULNXQG5LWWHUJXW'LH)DPLOLHYRQ 1DWKXVLXV´LQ/DERXYLH$GHO6



*HQHDORJLH





 GHP+LQWHUJUXQGGHUDXFKQDFKJHJHEHQHQ$N]HSWDQ]GHV$GHOVLP 'HXWVFKHQ5HLFKDOVJOFNOLFKH356WUDWHJLHGLHHLQHU|NRQRPLVFKGXUFK DXVLQGHU*HJHQZDUWYHUDQNHUWHQ)DPLOLHHLQH*HVFKLFKWHJLEWEHVVHUGLH *HQHDORJLHGLHVHU)DPLOLHHUVWHQWZLUIW 'LH EHLGHQ IROJHQGHQ /HNWUHQ ZROOHQ QDFK GHU )XQNWLRQ YRQ Ä$GHO¶DOV,QVWDQ]JHQHDORJLVFKHU2UGQXQJLPURPDQWLVFKHQ5RPDQIDKQ GHQHLQHUQXQJHIlKUGHWHQ2UGQXQJGHUHQ/LQHDULWlWHUVHW]WLVWGXUFKGLH $UDEHVNH+HOGHQZLH7H[WHYHUKDUUHQLQJHQHDORJLVFKHQ6WUXNWXUHQWKH PDWLVLHUHQGLHVHXQGWUHLEHQVLHDQGHQ5DQGGHU*HIlKUGXQJGDV*HOLQ JHQIDPLOLDOYHUDQNHUWHU/HEHQVOlXIHXQGSDUDOOHOGHUJHQHDORJLVFKYHUDQ NHUWHQ7H[WXUHQVWHKWLQ)UDJH  



(U]lKOHQXQG(UEHQ/XGZLJ$FKLPYRQ$UQLP *UlILQ'RORUHV

3RHWLNGHVJHQHDORJLVFKHQ5RPDQV  *HQHDORJLVFKHV'HQNHQLVW$UQLPQLFKWIUHPG'D]XJHK|UHQhEHUOHJXQ JHQ ZHOFKH GLH5HODWLRQ ]ZLVFKHQ (U]LHKXQJ XQG GHPLQ VHLQHU =HLW DOV TXDVLP\WKLVFKDXIJHIDVVWHQ6XEVWUDWYRQJHQHWLVFKHU9HUHUEXQJEHWUHIIHQ $UQLPV .RPSURPLVVYRUVFKODJ LVW GLH $QQQDKPH HLQHV ² UDWLRQDO DEHU NDXPHUNOlUEDUHQ²NXOWXUHOOHQ(UEHVDOVÅ(QWZLFNOXQJVUHLKH´EHU-DKU KXQGHUWH KLQZHJ +LHUYRQ VLQG $GHOLJH ,QGLYLGXHQ PLW )DPLOLH XQG 6WDPPEDXPDOVREHVRQGHUVSRVLWLYEHWURIIHQVFKUHLEWHUDQ%UHQ WDQR >(@VZLUGPLULPPHUNODUHUZHQQLFKGHQ%DXHUNLQGHUQ]XVHKHGD‰HVQLFKWEORV SRHWLVFKH (LQELOGXQJ LVW GLH .LQGHU DXV K|KHUQ 6WlQGHQ VFKRQ IUK]HLWLJ XQWHU JOHLFKHQ8PVWlQGHQHU]RJHQDXV]HLFKQHWHVLVWZLUNOLFKHLQHGXUFK-DKUKXQGHUWH IRUWJHELOGHWHYHUVFKLHGQH(QWZLFNHOXQJVUHLKHGLHQXUDOV$XVQDKPHQLQGLHDQ GHUHEHUVSULQJWXQGVRJHJHQVHLWLJ'LHVH9HUVFKLHGHQKHLW]HLJWVLFKLP*XWHQ ZLH LP %|VHQ 5HYROX]LRQHQ GLH DOOH GLHVH (QWZLFNHOXQJVUHLKHQ JHZDOWVDP PL VFKHQ EULQJHQ GDKHU QRWKZHQGLJ HLQ *HVFKOHFKW KHUYRU GDV LQ NHLQHU UXKLJHQ %HVFKlIWLJXQJ ]XIULHGHQ GHQ .ULHJ QRWKZHQGLJ PDFKW XP HQWZHGHU JHZDOWVDP GDGXUFKVHLQH5LFKWXQJ]XEHNRPPHQRGHUXQWHU]XJHKQ

$UQLPV 5RPDQ *UlILQ 'RORUHV HQWVWDQG LP (UVFKHLQXQJVMDKU YRQ $GDP 0OOHUV(OHPHQWHGHU6WDDWVNXQVW ZLHDXFKYRQ*RHWKHV:DKOYHUZDQGWVFKDIWHQ  XQGZXUGHLQSHUV|QOLFKHU$XVHLQDQGHUVHW]XQJPLW0OOHUYHUIDVVW'LHVHU VFKULHE DP  -XQL  DQ VHLQHQ )UHXQG *HQW] Å'HQ 8HEHUEULQJHU GLHVHV6FKUHLEHQV+HUUQ/XGZLJ$FKLPYRQ$UQLPEUDXFKHLFK,KQHQVR ²²²²²²²²²²²²² 

$UQLPDQ%UHQWDQRHUVWH6HSWHPEHUKlOIWHLQ)UHXQGVFKDIWVEULHIH,,6



.DSLWHO

 ZHQLJ]XHPSIHKOHQDOVVHLQH$UEHLWHQYRQGHQHQHLQHGHUQHXHVWHQXQG YRUWUHIIOLFKVWHQÄGLH*HVFKLFKWHGHU*UlILQ'RORUHV¶VRHEHQHUVFKLHQHQ LVWGLH6LHOHVHQPVVHQ´ $UPXWXQG5HLFKWXP6FKXOGXQG%X‰HGHU*UlILQ'RORUHVLVWGLH*HVFKLFKWH ]ZHLHU $GHOLJHU GLH HUVW GXUFK (KHEUXFK VFKXOGLJ ZHUGHQGH GDQQ E ‰HQGH*UlILQVHLÅ>J@HZL‰>@DOV6WHOOYHUWUHWHULQHLQHVEHUKROWHQPRUD OLVFK GLVTXDOLIL]LHUWHQ XQG |NRQRPLVFK XQSURGXNWLYHQ $GHOV DQJHOHJW´ VLHVHL5HSUlVHQWDQWLQGHVYRUUHYROXWLRQlUHQ$GHOVGHUHQÅQRWZHQGLJH>U@ )DOO´LP5RPDQ YHUKDQGHOWZHUGH 'RORUHV· (KHEUXFKVHL DOV Å5FNIDOO LQGLHELQGXQJVXQGYHUDQWZRUWXQJVORVH)ULYROLWlWGHVDQFLHQUpJLPH´]X YHUVWHKHQ GHU 6FKOXVV DOV $EELOG HLQHU Å5HVWDXUDWLRQ GHU YRUDEVROXWLVWL VFKHQ $GHOVJHVHOOVFKDIW´+DQV*HRUJ :HUQHU VDK GHQ $GHO LQ $UQLPV 5RPDQDOV6FKLFKWGLHDOVVROFKH%X‰HWXQXQGVLFKUHJHQHULHUHQPVVH +HLQ] +lUWO GHU GHQ 9HUJOHLFK PLW GHQ :DKOYHUZDQGWVFKDIWHQ XQWHUQDKP HUNDQQWH GDVV *RHWKH XQG $UQLP DQ HLQHU MH XQWHUVFKLHGOLFKHQ 9HUVLRQ GHV XP  DXVJHKDQGHOWHQ .ODVVHQNRPSURPLVVHV ODJ  1RFK .ODXV 3HWHUVDKGHQ5RPDQDOV$SRWKHRVHGHUEUJHUOLFKHQGKGHU/LHEHVHKH LP=HLFKHQGHVhEHUJDQJVYRQGHU5RPDQWLN]XU=ZHFNlVWKHWLN,QGHU MQJHUHQ)RUVFKXQJZXUGHMHGRFKZHQLJHUGLHVHÄ2EHUIOlFKHQOHVDUW¶IDYR ULVLHUW DOV GDVV PDQ VLFK HQWVFKORVV GDV $OOHJRULVLHUHQ DOV WHQGHQ]LHOO XQHQGOLFKHV 9HUZHLVV\VWHP ]XP REHUVWHQ 6WUXNWXUSULQ]LS ]X HUQHQQHQ ²²²²²²²²²²²²²       

 

$GDP 0OOHU DQ )ULHGULFK *HQW] DP  LQ *HQW] )ULHGULFK %ULHIZHFKVHO ]ZLVFKHQ )ULHGULFK*HQW]XQG$GDP+HLQULFK0OOHU6WXWWJDUW6 .UHPHU5RPDQWLN6 9JO3HWHU.ODXVÅ$GHOXQG5HYROXWLRQDOV7KHPDGHU5RPDQWLN´LQ+RKHQGDKO/W]HOHU +UVJ /HJLWLPDWLRQVNULVHQ6KLHU6 )HUWLJ$GHO6 (EG6XQG6 9JO:HUQHU+DQV*HRUJÅ>1DFKZRUW@´LQGHUV +UVJ /XGZLJ$FKLPYRQ$UQLP$UPXW 5HLFKWXP6FKXOGXQG%X‰HGHU*UlILQ'RORUHV(LQHZDKUH*HVFKLFKWH]XUOHKUUHLFKHQ8QWHUKDOWXQJDU PHU)UlXOHLQ%HUOLQ6 9JO]XU:DKOYHUZDQGWVFKDIWHQ5H]HSWLRQDXFK.ROEH-UJHQ*RHWKHV:DKOYHUZDQGWVFKDIWHQXQG GHU5RPDQGHV-DKUKXQGHUWV6WXWWJDUWXD 6WXGLHQ]XU3RHWLNXQG*HVFKLFKWHGHU /LWHUDWXU YJO+lUWO+HLQ]$UQLPXQG*RHWKH=XP*RHWKH9HUKlOWQLVGHU5RPDQWLNLPHUVWHQ -DKU]HKQWGHV-DKUKXQGHUWV'LVV+DOOH6 9JO 3HWHU.ODXV Å$FKLP YRQ $UQLP *UlILQ 'RORUHV  ´ LQ 3DXO 0LFKDHO /W]HOHU +UVJ  5RPDQH XQG (U]lKOXQJHQ GHU GHXWVFKHQ 5RPDQWLN 1HXH ,QWHUSUHWDWLRQHQ 6WXWWJDUW  6KLHU6XQG6 9JO ]XP URPDQWLVFKHQ $OOHJRULVLHUHQ DOV ÅVXN]HVVLYH $XIODGXQJ HLQHV %LOGHV PLW %HGHX WXQJHQ´0HL[QHU)LJXUDOLVPXV6I²-UJHQ.QDDFNGHPHQWLHUWLQVHLQHU8QWHUVXFKXQJ ]XPÅSROLWLVFKHQ´$UQLPGDVVGLH+DXSWILJXUHQGHU*UlILQ'RORUHVDOV5HSUlVHQWDQWHQÄDO WHU¶ RGHU ÄQHXHU¶ =HLW JHOHVHQ ZHUGHQ N|QQWHQ RGHU GDVV GHP 5RPDQ EHUKDXSW HLQ ]X NXQIWVZHLVHQGHV SROLWLVFKHV .RQ]HSW ]X HQWQHKPHQ VHL 9JO .QDDFN -UJHQ $FKLPYRQ $UQLP ² QLFKW QXU 3RHW 'LH SROLWLVFKHQ $QVFKDXXQJHQ $UQLPV LQ LKUHU (QWZLFNOXQJ 'DUPVWDGW 6 ²+lUWOKDWWHEHUHLWVDXIGHQÅGLIIXVHQ%HGHXWXQJVJHKDOWZHVHQWOLFKHU%H



*HQHDORJLH





 0HL[QHUV7KHVHYRQGHUVHPDQWLVFKHQ$QUHLFKHUXQJYRQ%LOGHUQHUODXEW GLH$QQDKPHHLQHU+RPRORJLH]XUVXN]HVVLYHQ$XIODGXQJYRQ$XWRUHQ ELRJUDSKLHQPLWKHWHURJHQHQ(UIDKUXQJHQPLW3RVLWLRQLHUXQJHQGLHVLFK QLFKWDOV2UGQXQJEHVFKUHLEHQODVVHQLQGHQHQVLFK9HUWUDXWHV7UDGLWLR QDOHVXQGJUXQGVlW]OLFKQHX+LQ]XNRPPHQGHVPLVFKHQ8PVHPDQWLVFKH $QUHLFKHUXQJ JHKW HV DEHU DXFK LP 5RPDQ LPPHU GDQQ ZHQQ /HNWUH XQG'HXWXQJVSUR]HVVHLQDFWXWKHPDWLVLHUWZHUGHQZHQQ.OHOLDGHQ3URVD URPDQXP+XJ6FKDSOHUYRUOLHVWXQG'RORUHVLKQNRPPHQWLHUWZHQQGHU *UDI HLQH %DOODGH VLQJW XQG GHU /HVHU GHV 5RPDQV EHU GLH 9HUVWHKHQV DNWHGHUYHUOLHEWHQ)UVWLQLQIRUPLHUWZLUGGLHDOOHV*HK|UWHDXILKUH/LH EH ]X *UDI .DUO EH]LHKW +LQ]X NRPPW HLQ ]XVlW]OLFKHV $PELYDOHQ]PR PHQW GDGXUFK GDVV GLH 5HIOH[LRQ EHU GDV $OOHJRULVLHUHQ GLH 8Q]XOlQJOLFKNHLWDOOHJRULVFKHU'HXWXQJVPHWKRGHQVHOEVWPDUNLHUW1LFR OD .DPLQVNL SOlGLHUW GDIU HV KDQGOH VLFK EHL $UQLPV 5RPDQ XP HLQH $OOHJRULHGHV/HVHQVLQGHUPlQQOLFKHKHUPHQHXWLVFKH/HNWUHXQGZHLE OLFKH/HNWUHGLHPLVVOLQJHQGH+HPHQHXWLNVSLHJHOWDXIHLQDQGHUWUHIIHQ 0DQ N|QQWH SUl]LVLHUHQ GDVV HV VLFK EHL 'RORUHV XP GLH 3HUVRQLILFDWLR HLQHUVLFKVXN]HVVLYHLKUHUVHOEVWEHZXVVWZHUGHQGHQ3RHVLHKDQGHOW$Q IlQJOLFKOLHVWVLHHLQDOOHJRULVFKHV*HGLFKWLKUHV0DQQHVHLQVHLWLJFKULVWR ORJLVFK ZLUG DEHU GXUFK GHQ (U]lKOHU PLW HLQHP DXWRQRPLHlVWKHWLVFKHQ $UJXPHQW]XUHFKWJHZLHVHQ 1DFK ODQJHP /HVHQ EUDFKWH VLH HQGOLFK KHUDXV GHU *UDI KDOWH VLFK IU XQVHUQ +HUUQ-HVXVZHLOVLH>LQEHVDJWHP*HGLFKW-6@PLWGHP.LQGHEH]HLFKQHWVHL GD‰ MHGH 'LFKWXQJ HWZDV IU VLFK %HVWHKHQGHV VHL ZHQQ VLH DXFK %H]LHKXQJHQ DXIHLQJHZLVVHV(UHLJQLVKDEHGDVZDULKUQLHLQGHQ6LQQJHNRPPHQ *' 

+HOGLQ ZLH 5RPDQOHVHU XQWHUZHUIHQ VLFK DEHU HLQHP lVWKHWLVFKHQ /HUQ SUR]HVV 1LFKWDOV$XVZHLVHLQHUQHXHQ=ZHFNlVWKHWLNZlUHGDQQDOVRGHU5R PDQ ]X OHVHQ HWZD JDU DOV 3DPSKOHW ]XJXQVWHQ HLQHU (UQHXHUXQJ GHV $GHOV VRQGHUQ DOV VHOEVWUHIOH[LYSRHWRORJLVFKHU 5RPDQ HLQH VROFKH 8Q WHUVFKHLGXQJ ]ZLVFKHQ 2EHUIOlFKHQ XQG 7LHIHQEHGHXWXQJ PDUJLQDOLVLHUW IUHLOLFKÄ$GHOLJNHLW¶YHUJLVVWPDQGDVV²HEHQVRZLHVHLW1RYDOLV6WDDWXQG 3RHVLH ² VHLW $GDP 0OOHU LQVEHVRQGHUH $GHO XQG 3RHVLH VHPDQWLVFKH $XVWDXVFKEH]LHKXQJHQXQWHUKDOWHQGLHGDQQHWZDGLHEHLGHQ3URWDJRQLV WHQ$UQLPVQHEHQHLQDQGHUDOV9HUWUHWHUYRQDQWDJRQLVWLVFKHQ$XVSUlJXQ ²²²²²²²²²²²²² JULIIHDOOHQYRUDQÄ9RON¶XQGÄ$GHO¶KLQJHZLHVHQDXIGLHÅVLFKELV]XU8QLQWHUSUHWLHUEDUNHLW VWHLJHUQGHQDPELYDOHQWYLHOGHXWLJHQ0HWDSKHUQVFKLFKWHQ´ +lUWO$UQLP6   9JO:LQJHUWV]DKQ$PELJXLWlW6  9JO.DPLQVNL.UHX]*lQJH6  6HLWHQ]DKOHQLQ.ODPPHUQPLW6LJOHÅ*'´QDFKGHU$XVJDEH$UQLP/XGZLJ$FKLPYRQ Å$UPXW5HLFKWXP6FKXOGXQG%X‰HGHU*UlILQ'RORUHV´LQ6lPWOLFKH5RPDQHXQG(U]lK OXQJHQ%G:DOWKHU0LJJH +UVJ 0QFKHQñ6



.DSLWHO

 JHQDGHOLJHU.XOWXUZLHDXFKDOV$XWRUXQG/HVHULQHUVFKHLQHQODVVHQXQG VFKOLH‰OLFK GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ Ä2EHUIOlFKH¶ XQG Ä7LHIH¶ EHU IOVVLJPDFKHQ1DWUOLFKYHUELHWHWHLQH/HNWUHMHGHHLQGHXWLJH$OOHJR UHVH GHV *UDIHQ .DUO XQG GHU *UlILQ 'RORUHV 'DV NRPSOH[H 6SLHO DXV LPPHU ZLHGHU DQJHODJHUWHQ XQG EHUODJHUWHQ %LQQHQHU]lKOXQJHQ XQG $EVFKZHLIXQJHQ HQWZLFNHOW YLHOPHKU DXFK HLQ UHLFKHV $UFKLY KDELWXHOOHU 0XVWHUGHV$GHOV²NHLQH+DQGOXQJVDQZHLVXQJHQDOOHUGLQJV=ZDUKlXIHQ VLFK$OOHJRULHVLJQDOHXQG'LQJV\PEROHZLHHWZDEHUHLWVLQDXIGULQJOLFKHU :HLVH GLH EHLGHQ LP HUVWHQ .DSLWHO EHVFKULHEHQHQ 6FKO|VVHU GLH OHLFKW UHIHUHQ]LHUEDUHUVFKHLQHQ'HUPLWÄ,WDOLHQ¶NRQQRWLHUWHIULYROH/HLFKWVLQQ GHUMQJHUHQ9HUJDQJHQKHLWDXIGHQGHUGDQQDEEUHQQHQGHJUlIOLFKH3D ODVW YHUZHLVW NRQWUDVWLHUW PLW GHP DOWHUWPOLFKHQ DEHU GDXHUKDIWHQ RGHU ZLHGHUEHOHEEDUHQ IUVWOLFKHQ 6FKOR‰ *'    'RFK LVW GHU GDKLQ WHUVWHKHQGH %HGHXWXQJVZDQGHO QLFKW ]X XQWHUVFKODJHQ GHU HLQHU GHU 7HPSRUDOLWlW LVW :DV ]X %HJLQQ GHU +DQGOXQJ GDXHUKDIW XQG ]XNXQIWV WUlFKWLJPLWSRVLWLYHU.RQQRWDWLRQYHUEXQGHQLVWZHFKVHOWVHLQVHPDQWL VFKHV3RWHQWLDO'LH%HGHXWXQJV]XZHLVXQJGXUFKGHQ(U]lKOHUGLHEHU ]HXJHQG XQG JHUDGH]X QDKHOLHJHQG HUVFKLHQ HUZHLVW VLFK PLWWOHUZHLOH DOV IDOVFKGDV*HJHQWHLOWULIIW]X'RFKGHU/HVHUGUIWHJHZDUQWXQGJHUDGH ]X ]XUFNKDOWHQG VHLQ PLW 'HXWXQJHQ ZHQQ MH QDFK =HLWSXQNW LQ GHU HU]lKOWHQ=HLWRGHUMHQDFK.RQMXQNWXULQGHUKLVWRULVFKHQ=HLWDXFKGDV JHQDXH*HJHQWHLO]XWUHIIHQN|QQWH 'RORUHVHUZLUEWVLFKPLWLKUHU/HNWUHIUK]HLWLJHLQHÅDOWDGHOLJH*H VLQQXQJ´ *' XQGZHQGHWVLFKLQHLQHU=HLWLQZHOFKHUGHU$GHOEH UHLWVHLQH0LQGHUXQJVHLQHV(LQIOXVVHVKLQQHKPHQPXVVJHJHQGHQ$XV JOHLFK GHU 6WlQGH 'LH HUVWH SURJUDPPDWLVFK LQ GHQ 5RPDQ HLQJHIKUWH %LQQHQHU]lKOXQJ LVW GLH YRQ +XJ 6FKDSOHU GHVVHQ UHSUlVHQWDWLYDGHOLJH /HEHQVZHLVH²VWDWW6HOEVWSURIDQLHUXQJGXUFKÄ$UEHLW¶LP.DXIPDQQVVWDQG OLHEHU 0‰LJJDQJ LQ $UPXW XQG $YHQWLXUH6WUHEHQ GDV DXFK HLQPDO 5HFKWVYHUOHW]XQJHQLQ.DXIQLPPW(KUYHUOHW]XQJHQDEHUVWHWVNRQWHUW² DQVFKHLQHQG ]X VHLQHP Ä*OFN¶ EHLWUlJW LQGHP VLH LKQ ]XP %HJUQGHU HLQHV.|QLJVJHVFKOHFKWVZHUGHQOlVVW$GHOLVWGDVYRQGHU1RUP$EZHL FKHQGH'LHVEHWULIIW6FKDSOHUVHLJHQVLQQLJHV+DQGHOQDEHUVHLQH%LRJUD SKLHZLUGOHVEDUDOV&KLIIUHGHU5RPDQKDQGOXQJVHOEVWGLHHEHQIDOOVYRQ GHU 1RUPDOLWlW VR]LDOHQ XQG |NRQRPLVFKHQ $EVWLHJV DXVJHKW GDQQ DEHU GHQQLFKW]XHUZDUWHQGHQ$XIVWLHJDXIGHU*UXQGODJHÄDGHOLJHU¶*HVLQQXQJ DXVEXFKVWDELHUW'LH/HVHULQ'RORUHVXQWHUEULFKWGDEHLLPPHUZLHGHUGLH /HNWUHXP3DUDOOHOHQ]XUHLJHQHQ/HEHQVVLWXDWLRQKHU]XVWHOOHQOLHVWDOVR GHQ7H[WZHQQQLFKWDOOHJRULVLHUHQGVRGRFKDOVHLQ([HPSHO'DPLWJLEW ²²²²²²²²²²²²²  9JO KLQJHJHQ /W]HOHUV ZRKO JOHLFKIDOOV ]X SDXVFKDOHQ  +LQZHLV ÅGD‰ $UQLP GDV $XWR QRPLHSULQ]LSGHU.XQVWQLFKWYHUWUDW´>.RPPHQWDU]X*UlILQ'RORUHV@LQ$UQLP'.9 6KLHU6



*HQHDORJLH





 VLHHLQH/HVHUHJHOIUGHQ5RPDQYRUQlPOLFKGLH%LOGXQJYRQ$QDORJLHQ ]ZLVFKHQ5DKPHQXQG%LQQHQHU]lKOXQJ HQ GLHHEHQVRZLH9RUIDKUXQG 1DFKIDKU ÄJHQHDORJLVFK¶ ]X YHUNQSIHQ VLQG 9DULDEHO GHFRGLHUEDU EOHLEW GDEHL ZHOFKHU 3DUW GHU lOWHUH GHU YRUJlQJLJH VHL ZDV HLJHQWOLFK DP 8U VSUXQJVWHKWbKQOLFKZLHLP=DXEHUULQJVLQGGLH9HUNQSIXQJHQ]ZLVFKHQ GHQ GLYHUVHQ 7H[WHOHPHQWHQ VR YLHOIlOWLJ GDVV ZHQLJHU 8UVSUQJH QDFK ]XZHLVHQ VLQG DOV GDVV )RUWVHW]XQJHQ JHUDGH]X SURYR]LHUW ZHUGHQ (LQ VROFKHV (U]lKOHQ NDQQ NDXP DQ HLQ (QGH NRPPHQ ,P ÄJHQHDORJLVFKHQ 5RPDQ¶VLQGDOVRDOOHÄ7HLOHU]lKOXQJHQ¶DOV)LOLDWLRQHLQHUDXVHLQDQGHUVWUH EHQGHQ5DKPHQHU]lKOXQJOHVEDU(VJHOLQJWGLH6LFKHUXQJHLQHUZHLWHUHQ )RUW]HXJXQJGHU)DPLOLHGHV*UDIHQ3ZLGHUMHQH(UZDUWXQJVKDOWXQJGLH GDV$XVJDQJVV]HQDULRHU]HXJWKDW9RUZHJJHQRPPHQKDWGHQJOFNOLFKHQ 6FKOXVVEHUHLWVGLH(U]lKOXQJYRQ+XJ6FKDSOHUGHVVHQ$EOHKQXQJEU JHUOLFKHU 1RUPHQ ]XJXQVWHQ ULWWHUOLFKHU 7XJHQGHQ VLFK DOV HQWVFKHLGHQG HUZHLVW *OHLFKHUPD‰HQ EHGHXWVDP VLQG DOV $QWZRUW DXI NULVHQ]HLWOLFKH )XUFKW YRU $QDUFKLH XQG $XIO|VXQJ GLH VWDQGHVJHPl‰H )RUWSIODQ]XQJ XQG GDV 6DPPHOQ GHU )DPLOLH YHUVWDQGHQ DOV HLQ HLQ]LJHU NlPSIHQGHU .|USHU,PULWWHUOLFKHQ.DPSIXQWHUVWW]HQ6FKDSOHUVHLQH]HKQ6|KQH (EHQVR ZLH GHU 5RPDQ LQVJHVDPW GLH GHP JUXQGOHJHQGHQ DGHOLJHQ 6WUHEHQ QDFK )RUWIKUXQJGHU *HQHDORJLH YRUDXVJHKHQGH (KHVFKOLH‰XQJ XQG(KHIKUXQJLQVHLQ=HQWUXPVWHOOWHQGHWEHUHLWVGHU+XJ6FKDSOHUPLW HLQHU VROFKHQ IU 'RORUHV YRUELOGOLFKHQ (KHVFKOLH‰XQJ $UQLPV NRPSOL ]LHUW VWUXNWXULHUWHU 5RPDQ LVW HLQH 7H[WXU GLH DXI GLH JHQHDORJLVFKH 6DPPOXQJLKUHU)LJXUHQDXILKUH:HLVHDQWZRUWHW,QK|KHUHP0D‰QRFK VLQG GLHVH (U]lKOXQJHQ YRQ (KH =HXJXQJ XQG )DPLOLH LQ HLQ RUJDQLVFK OHVEDUHV Ä:HUN¶ LQWHJULHUW DOV %LQQHQWH[WH GHU EULJHQ 6DPPOXQJHQ GHU =HLW²7LHFNV3KDQWDVXV$UQLPV1RYHOOHQVDPPOXQJYRQRGHUVHLQ:LQ WHUJDUWHQ (V KDQGHOW VLFK XP 6DPPOXQJHQ GLH DXI MH HLJHQH :HLVH HEHQ PHKU DOV EOR‰H $GGLWLRQ YRQ (LQ]HOWH[WHQ ÄGDV¶ URPDQWLVFKH %XFK VFKOHFKWKLQ VHLQ ZROOHQ RKQH ZRKO GHQ RUJDQL]LVWLVFKHQ *HGDQNHQ GHU 5RPDQWLNVRZHLW]XWUHLEHQZLHGLH*UlILQ'RORUHV'HU3ORWGHV5RPDQV WKHPDWLVLHUW GHQ $NW GHV JHQHDORJLVFKHQ (U]lKOHQV =LHO GHV JHQHDORJL VFKHQ 6DPPHOQV ZLH HV 6FKDSOHU SUDNWL]LHUW LVW HV ÅHLQ +DXV >]X@ EDX HQ´ *'   DOVR HLQ *HVFKOHFKW ZRIU GDV =XVDPPHQIKUHQ GHV +H WHURJHQHQ 9HUHLQ]HOWHQ 9HUDUPWHQ ZLH LQ GHU (KHVFKOLH‰XQJ ]ZLVFKHQ .DUOXQG'RORUHVGLH9RUDXVVHW]XQJLVW(LQ$QDORJRQ]XUYHUVFKDFKWHO WHQ 6WUXNWXU GHV 5RPDQV LVW GHU DUDEHVNH :HJ GHV JUlIOLFKHQ 3DDUV ]XU 6LFKHUXQJ GHU )DPLOLH (KH 9DWHU XQG 6|KQH DP (QGH NDPSIEHUHLW JHQ 'HXWVFKODQG]LHKHQLVWGHU8PZHJYRQ'RORUHV·(KHEUXFKXQG6KQH]X EHZlOWLJHQ ,PQHXHU]lKOWHQIUKQHX]HLWOLFKHQ3URVDURPDQYRQ+XJ6FKDSOHUDO OHUGLQJV ILQGHQ VLFK QRFK VWlQGLVFKH XQG ]HLWOLFKH DXFK QDUUDWLYH 2UG



.DSLWHO

 QXQJ&KURQRORJLHXQG/LQHDULWlW²QLFKW]XOHW]WNODUHPRUDOLVFKH1RUPHQ 8QG QLFKW QXU GDV (LQH $QDJQRULVLV6]HQH XQG HLQ 6LHJ LP .DPSI TXD )DPLOLHQEHLKLOIHVWHKHQDP$QIDQJHLQHVQHXHQHLQHV.|QLJVJHVFKOHFKWV (LQH +HLUDW DOV JHQHDORJLVFKHU $NW ² GLHV LVW GDV 7KHPD GHV 5RPDQV ² NDQQG\QDVWLHXQGJDUQDWLRQVVWLIWHQGZLUNHQ *UDI.DUOKLQJHJHQHLQ$GHOLJHUGHUÅGDV$FKWEDUHGHU)DPLOLHQJH VLQQXQJHQXQG)DPLOLHQHKUH´ *' NHQQWKDWVLFKGHUPRGHUQHQ)RU GHUXQJ QDFK %LOGXQJ DQEHTXHPW HU LVW HLQ Å0XVHQVRKQ´ *'   GHU VHLQH )UDX PLWWHOV DOOHJRULVFKHU *HGLFKWH DXI HLQH %HGHXWXQJ DXI HLQH :DKUKHLWIHVWOHJHQZLOOGHUVLFKGLH6SLHOHULQ'RORUHVEH]HLFKQHQGHUZHLVH HQW]LHKW (U VWUHEW QLFKW QXU LQGLYLGXHOOH 9HUYROONRPPQXQJ DQ VRQGHUQ DXFKÅUDVFKH>@:HOWYHUEHVVHUXQJHQ´ZDVIULKQLPZHLWHUHQ9HUODXIGHV 5RPDQV EHGHXWHW ÅDOOH :HOW ]X DGHOQ´ *'   $FKLP YRQ $UQLPV XQWHU GHP 7LWHO :DVVROOJHVFKHKHQLP*OFNH HUVW YRU ZHQLJHQ -DKU]HKQWHQ JHGUXFNWHU7H[WGHVVHQ3URJUDPPDWLNPDQKLHUZLHGHUHUNHQQWOLHVWVLFK ]XVDPPHQ PLW GLHVHP 5RPDQJHIJH DOV PLQGHVWHQV VR QDLY ZLH LP %H VRQGHUHQ .DUOV HLQVFKOlJLJHV *HGLFKW GDV 3RHVLH DXI SROLWLVFKHV 3UR JUDPP ]X UHGX]LHUHQ VXFKW ² HWZDV ZDV GHU $QODJH GHV 5RPDQV LQV JHVDPWQDWUOLFKZLGHUVSULFKWJHQDXVRZLH'RORUHV·9HUKDOWHQDOV/HVHULQ Å1LFKWGLH*HLVWHU]XYHUWUHLEHQ6WHKWGHV9RONHV*HLVWMHW]WDXI1HLQ GD‰ MHGHP IUHLHU /DXI -HGHP +DXV HLQ *HLVW VROO EOHLEHQ 1HLQ GD‰ DGOLJDOODXI(UGHQ0X‰GHU$GHO%UJHUZHUGHQ´ *' 'HU:LGHU VSUXFKGHUVLFKDXVHLQHUVROFKHQEUHLWHQ1RELOLWLHUXQJDOOHU9RONVVFKLFK WHQ XQG GHP GDEHL DXIUHFKW HUKDOWHQHQ $QVSUXFK HUJLEW GDVV +HOGHQ Å+HOGHQNLQGHU>@HU]LHKHQ´ *' GDVVDOVRHLQH(OLWHJH]LHOWGXUFK )RUW]HXJXQJHUKDOWHQEOHLEHLVWGHP5RPDQDXIPHKUHUHQ(EHQHQHLQJH VFKULHEHQ*HO|VW ZLUG GHU:LGHUVSUXFK QLFKW DXFK ZHQQ VLFK ]ZLVFKHQ *UDIXQG*UlILQDXI+DQGOXQJVHEHQH6WUHLWXQG9HUV|KQXQJHUHLJQHQ'LH XP  GUlQJHQGH 3UREOHPDWLN GHU Ä$GHOLJNHLW¶ LVW NHLQHU SROLWLVFKHQ /|VXQJ]X]XIKUHQVLHNDQQDEHUDXFKLP(U]lKOWH[WQXUDOVHLQH]XGHP LP (LQ]HOQHQ QRFK DOV ZLGHUVSUFKOLFK DXVJHZLHVHQH %HGHXWXQJVVFKLFKW LQHLQHPFKDRWLVFKHQ*DQ]HQHQWZLFNHOWZHUGHQ)DOVFKZlUHHVDOVRGHQ 5RPDQ DOV 9HKLNHO IU Å$UQLPV IHXGDOUHIRUPLVWLVFKH> @ ,GHRORJLH´ ]X OHVHQ $OV=HLWURPDQVSLHJHOW*UlILQ'RORUHVLPPHUZLHGHUGLH=HLWGHU5HYR OXWLRQXQG1DSROHRQVDOOHUGLQJVRKQHGDVVGHUMDVWHWLJGXUFKEURFKHQHQ &KURQRORJLHGHU+DQGOXQJHLQH&KURQRORJLHGHU*HVFKLFKWHGHV=HLWKLQ ²²²²²²²²²²²²²  ´'DVJDQ]H9RONPX‰DXVHLQHP=XVWDQGHGHU8QWHUGUFNXQJGXUFKGHQ$GHO]XP$GHO HUKREHQ ZHUGHQ >«@µ $UQLP $FKLP YRQ Å:DV VROO JHVFKHKHQ LP*OFNH´ LQ $UQLP '.96KLHU6   +DXVWHLQ %HUQG 5RPDQWLVFKHU0\WKRVXQG5RPDQWLNNULWLNLQ3URVDGLFKWXQJHQ$FKLPYRQ$UQLPV *|SSLQJHQ6



*HQHDORJLH





 WHUJUXQGV ]X]XRUGQHQ ZlUH=HLWEH]JH VLQG GHXWOLFK XQG QLFKW ]X XQ WHUVFKODJHQZREHLHVZHQLJHU(UHLJQLVVHDOV MH]XUHYLGLHUHQGH :HUWXQ JHQXQG3RVLWLRQHQVLQGGLHGHQ5RPDQGXUFK]LHKHQVRHLQH%HPHUNXQJ GHV (U]lKOHUV GLH VLFK DXI GHQ PRUDOLVFKHQ :DQGHO LP 9HUKlOWQLV YRQ *XWVKHUUHQ XQG GHU /DQGEHY|ONHUXQJ EH]LHKW Å(V LVWHLQ 9RUWHLO XQVUHU =HLWHQGD‰VLHGLH9HUVFKLHGHQKHLWGHU6WlQGHZHQQDXFKQLFKWDXIKHEW GRFK VLWWOLFK XQDEKlQJLJHU YRQ HLQDQGHU PDFKW´ *'   'HU 5RPDQ VWHOOW=HLWEH]JHKHUPDFKWDEHUHLQHH[DNWHKLVWRULVFKH(LQRUGQXQJGHU +DQGOXQJ XQP|JOLFK 'LH 6\QFKURQLVLHUXQJ YRQ 'RORUHV· (KHEUXFK PLW GHP6WXUPDXIGLH%DVWLOOHLVW]ZDUHLQH%HGHXWXQJVDXIODGXQJKLVWRULVFKHU =HLWEHLGH(UHLJQLVVHDEHUEHVLW]HQNHLQHQDQDORJHQDXFKNHLQHQJHJHQ VlW]OLFKHQ&KDUDNWHU'HU7RG'RORUHV·]ZHLPDOVLHEHQ-DKUHVSlWHUYHUUlW HKHU]DKOHQDOOHJRULVFKHV,QWHUHVVHDOVHLQHQSODXVLEOHQ%H]XJDXIGDV-DKU  LQ GHP GHU 5HLFKVGHSXWDWLRQVKDXSWVFKOXVV GDV (QGH GHV +HLOLJHQ 5|PLVFKHQ 5HLFKHV HLQOlXWHWH $XFK KLHU ZlUH GHU =HLWEH]XJ HLQ VHKU JHQHUHOOHUNHLQDOOHJRULVFKHU'LHVHU%HIXQGHEHQVRZLHGLH,QNRQVLVWHQ] GHU1DUUDWLRQVHOEVWOlVVWVLFKYRQ$GDP0OOHUV$GHOVRSWLPLVPXVKHUDOV GHVDVWU|VOHVHQ(VH[LVWLHUWLP5RPDQNHLQH,QVWDQ]PHKUGLHHLQH]HLWOL FKH HLQH ]HLWJHVFKLFKWOLFKH 2UGQXQJ JDUDQWLHUHQ N|QQWH ,Q $UQLPV 5R PDQJLEWHVQLFKWGLH.XOWXUGHV$GHOVVRQGHUQHLQH9LHO]DKOYRQ/HEHQV HQWZUIHQGLHVLFKLQ%LQQHQWH[WHQGDQQH[SOL]LWLP0HGLXPGHU3RHVLH PHKU RGHU ZHQLJHU DQ DOWHQ ,GHDOHQ GHV $GHOV RULHQWLHUHQ RGHU DEHU HLQ QHXHV,GHDOEHJUQGHQZROOHQ'DVVGLHVDEHUGHUXPDNWXHOOHJOWLJH 6WDQGGHU3RHVLHLVWEHOHJWGLH6HOEVWUHIOH[LYLWlWGHV5RPDQVGHUPLWGHU )LJXU:DOOHUDXIGDVHQWVWHKHQGHOLWHUDULVFKH)HOG%H]XJQLPPW 'HU %HUXIVSRHW :DOOHU LQGHVVHQ 8PNUHLV DXFK GHU 1DPH 9R‰ IlOOW *' LVWGLH1HJDWLYIROLHQLFKWHLQHUDQGHUHQ5RPDQILJXUHWZDGHU GXUFKDXVMDGHU3RHVLH]XJHQHLJWHQ'RORUHVVRQGHUQHKHUHLQH.RQWUDVW ILJXU]XP5RPDQVHOEVWGLHVHULQNRUSRULHUWVR]XVDJHQGHQ$JHQWHQGHQ PDQ DOV VHLQHQ SHUVRQLIL]LHUWHQ :LGHUSDUW EH]HLFKQHQ N|QQWH :DOOHU LVW GHP /HEHQ JHJHQEHU JOHLFKJOWLJ PDFKW DEHU DXV GHP (UOHEWHQ 'LFK WXQJ (U OHEW XP GHV (U]lKOHQV ZLOOHQ ]HOHEULHUW .XQVW VWDWW /HEHQ XQG ]XGHP HLQH .XQVW GLH DQ |NRQRPLVFKH %HGUIQLVVH DQVFKOLH‰W HWZD DQ GLH6FKDI]XFKW *' 6HLQ'LFKWHQDOVÅKHLOLJHV(KHEHWWPLWGHUJDQ ]HQ :HOW´ ZlUH ]X NRQWUDVWLHUHQ PLW 'RORUHV· 6QGHQIDOO GHU PHKU PLW 3RHVLH LP URPDQWLVFKHQ 6LQQ ]X WXQ KDW DOV :DOOHUV ([LVWHQ] 'HU gNR QRPLHGHV5RPDQVGLHQWGLH:DOOHU)LJXULQGHVVHQGXUFKDXVODVVHQVLFK GRFK LP .RQWH[W LKUHU (LQIKUXQJ ]ZHL LP *UXQGH SRHWRORJLVFKH 7KH PHQ YHUKDQGHOQ ,Q :DOOHUV *HGLFKW 'HU :HEHU XQG GLH 6SLQQHULQ N|QQHQ ²²²²²²²²²²²²²  9JO*|WWVFKH=HLW6  'DPLWLVWQDWUOLFKDXIGLH.RQWURYHUVHGHU+HLGHOEHUJHU5RPDQWLNHUPLW-RKDQQ+HLQULFK 9R‰DQJHVSLHOW



.DSLWHO

 (KHDOOHJRULHXQGOLWHUDULVFKH3URGXNWLRQVDOOHJRULHYHUNQSIWZHUGHQ'HU YRQ GHU )UDX JHVSRQQHQH /HEHQVIDGHQ LVW GLH 9RUDXVVHW]XQJ GHV YRP 0DQQ]XSURGX]LHUHQGHQ*HZHEHVGHU7H[WXU,P*HJHQVDW]]X:DOOHUV HLJHQHU DXWRQRPHU XQG DXWLVWLVFKHU /LWHUDWXU VWHKW $UQLPV 5RPDQ DOV 3URGXNWGHU(KH]ZLVFKHQGHQ+DXSWILJXUHQ'HUGHU9RUVWHOOXQJ:DOOHUV IROJHQGH %LQQHQWH[W hEHUVLFKW GHU 7UDJLNRP|GLH YRQ GHP)UVWHQKDXVH XQG GHU -XGHQIDPLOLHQLPPWGDVPLW:DOOHUDQJHULVVHQH7KHPDGHUgNRQRPLVLHUXQJ GHUPRGHUQHQ:HOWDXI=XJUXQGHOLHJWGLHhEHU]HXJXQJGLH-XGHQVHLHQ DQ GLH 6WHOOH GHU UHLFKHQ DGHOLJHQ +lXVHU JHWUHWHQ HLQH GRSSHOWH /|VXQJ YHUVSULFKW ZLH EOLFK LQ GLHVHP 5RPDQ GLH (KHVWLIWXQJ ² ZREHL VLFK LGHDOHUZHLVH .RQYHQLHQ] XQG /LHEH NRPELQLHUHQ ODVVHQ *HQHDORJLH XQG 6H[XDOLWlWNHLQHQ:LGHUVSUXFKGDUVWHOOHQ²VRZLHGLH%HVWUDIXQJGHU-XGHQ *' II  3RHVLH XQG gNRQRPLH VLQG QHJDWLY DXIHLQDQGHU EH]RJHQ lKQOLFKZLHÄ$GHO¶XQGÄ-XGHQWXP¶²HLQHSRHWLVLHUHQGH/HVDUWHLQHVSROLWL VFKHQ QlPOLFK DQWLVHPLWLVFKHQ .RQIOLNWV GLH VLFK LQ $UQLPV (U]lKOXQJ 'LH 0DMRUDWVKHUUHQ ZLHGHUKROW ,P (U]lKOWH[W NRQYHUJLHUHQ JHQHDORJLVFKH )UDJHQ PLW VROFKHQ GHU 5HJXODULWlW GHU HU]lKOHULVFKHQ $EIROJH XQG GHU .RQVLVWHQ]GHV7H[WVZLHPLWGHU/HJLWLPLHUXQJGHV(U]lKOHQVEHUKDXSW *UlILQ'RORUHV'LH0DMRUDWVKHUUHQRGHU0HWDPRUSKRVHQGHU*HVHOOVFKDIWXPGUHL 7H[WH DXV XQWHUVFKLHGOLFKHQ 6FKDIIHQVSKDVHQ $UQLPV ]X EHQHQQHQ HU SUREHQDXVGHU6LFKWHLQHVGXUFKHUEUHFKWOLFKH%HVWLPPXQJHQIHVWJHOHJWHQ *HQHUDWLRQHQPRGHOOVGDV3RWHQWLDOGHUEUXFKORVHQ)RUW]HXJXQJXQG)RUW VHW]XQJ YRQ .XOWXU EHUKDXSW ,Q GHQ EHLGHQ HUVWHQ 7H[WHQ LVW HV YRU DOOHP GLH ,QNRQVLVWHQ] GHU )RUP LQ GHQ 0DMRUDWVKHUUHQ GLH 8QXQWHU VFKHLGEDUNHLW YRQ :LUNOLFKNHLWVZDKUQHKPXQJ XQG 3KDQWDVPD LQ GHU 3HUVSHNWLYHGHV ]XGHPÄIDOVFKHQ¶ DGHOLJHQ(UEHQGLHGLHVHV0RGHOONRQ WHUNDULHUW 6RODQJH ZLH LQ 0OOHUV VWDDWVWKHRUHWLVFKlVWKHWLVFKHQ 7H[WHQ $GHO XQG5KHWRULN$GHOXQG3RHVLHLQQHUKDOEHLQHUJHOLQJHQGHQ2UGQXQJGHU =HLWYHUIJEDUVLQGN|QQHQDQDORJLVLHUHQGXQGZLGHUVSUXFKVORVLPTXDVL DGHOLJHQ 0HGLXP GHU 5HGH E]Z GHU 9RUOHVXQJ ,GHDOVWDDWHQ HQWZRUIHQ ZHUGHQ'RUWZREHUHLWVGLH$QWLWKHVH]ZLVFKHQHLQHULGHDOHQDOWHQ=HLW XQG HLQHU YHUGHUEOLFKHQ QHXHQ GHNRQVWUXNWLY YHUKDQGHOW ZHUGHQ PXVV NDQQ DXFK Ä$GHOLJNHLW¶ QXU LQ HLQHU 9LHO]DKO P|JOLFKHU .RQVWHOODWLRQHQ QDUUDWLY HQWIDOWHW ZHUGHQ QLFKW LQ HLQHU IRUWODXIHQGHQ *HVFKLFKWH GLH HLQHU*HQHDORJLHLQDXIRGHUDEVWHLJHQGHU/LQLHIROJWH/LHVWPDQ0OOHUV (OHPHQWH GHU 6WDDWVNXQVW XQG $UQLPV *UlILQ 'RORUHV QHEHQHLQDQGHU GDQQ VROOWHPDQEH]JOLFKGHVSRHWLVFKHQ9HUIDKUHQVZLHGHVNXOWXUDQWKURSROR JLVFKHQ *HKDOWV GDYRQ DXVJHKHQ GDVV EHLGH 7H[WH PLWHLQDQGHU NRUUHV SRQGLHUHQ'LHVZUGHIUHLOLFKQLFKWEHGHXWHQGHQ5RPDQLP6LQQHGHV ²²²²²²²²²²²²²  9JO*|WWVFKH=HLW6



*HQHDORJLH





 DXINOlUHULVFKHQ5HIRUPGLVNXUVHV]XOHVHQKLHULVWGHU)RUVFKXQJUHFKW]X JHEHQ GDVV NHLQHVZHJV 3RVLWLRQHQ SURSDJLHUW ZHUGHQ  6LH ZHUGHQ DOOHU GLQJVVSLHOHULVFKHUSUREW)DOOVPDQYRP6LHJGHUUHIRUPHULVFKHQ+DOWXQJ .DUOV VSUHFKHQ NDQQ GDQQ JHOLQJW HU QXU EHU GLH /HLFKH GHU *UlILQ 'HUHQLPPHUZLHGHUDXIVFKHLQHQGH9HUZHLJHUXQJVKDOWXQJREHVXPHLQH NRUUHNWH DOOHJRULVFKH 'HXWXQJ YRQ *HGLFKWHQ LKUHV 0DQQHV JHKW RGHU XPGLHEUJHUOLFKHU0RUDOHQWVSUHFKHQGHHKHOLFKH7UHXHNDQQHUVWVWLOOJH VWHOOWZHUGHQLQGHPLKUQDFKLKUHP7RGHLQ'HQNPDOJHVHW]WZLUG.HLQ :RUWGDUEHUREGHP*UDIHQ.DUOVHLQ3ODQGHUJHVDPWHQ EUJHUOLFKHQ  *HVHOOVFKDIW HLQHQ QHXDUWLJHQ *HVLQQXQJVDGHO HLQ]XLPSIHQ JHOLQJW $P 6FKOXVVLVW.DUOEHUHLWÅEHLGHP5XIHVHLQHVEHGUlQJWHQ9DWHUODQGHVVLFK YRQGHP*UDEHVHLQHU'RORUHVORV]XUHL‰HQGHQ'HXWVFKHQPLW5DWXQG 7DWLQ7UHXHXQG:DKUKHLWELVDQVHLQ/HEHQVHQGH]XGLHQHQLKPIROJWHQ VHLQH 6|KQH PLW MXJHQGOLFKHU .UDIW´ *'   +LHU NQGLJW VLFK DOOHU GLQJVlKQOLFKZLHLQ.OHLVWV3ULQ]YRQ+RPEXUJHLQ3DUDGLJPHQZHFKVHODQ GHU GHQ $GHOLJHQ DOV $NWHXU GDQQ VXN]HVVLYH EHUIOVVLJ PDFKW 1LFKW PHKU GHU GXUFK SHUV|QOLFKH 7UHXH EHVWLPPWH 'LHQVW GHV DGHOLJHQ *H IROJVPDQQHVJHJHQEHUGHP/DQGHVKHUUQZLUGJHIRUGHUWVRQGHUQ]XQHK PHQGGDV$XIJHKHQMHGHV(LQ]HOQHQLQGHU1DWLRQGHP2EMHNWHLQHVQHX HQ$QWL8QLYHUVDOLVPXV   9HUVFKDFKWHOXQJHQ  bKQOLFK ZLH %UHQWDQRV *RGZLXQG VSlWHU +RIIPDQQV (OL[LHUHGHV7HXIHOV LVW*UlILQ'RORUHVDOVJHQHDORJLVFKHU5RPDQ]XEH]HLFKQHQGHUJHQHDORJL VFKH $EIROJH XQG )ROJHULFKWLJNHLW DOV 3UREOHP GHU =HLW EHKDQGHOW DE QHKPHQGH +HLUDWVFKDQFHQ XQG *HEXUWHQUFNJDQJLQ =HLWHQ GHU 9HUDU PXQJGHV/DQGDGHOV]lKOHQ]XP+LQWHUJUXQGGHV5RPDQV'DV6FKLFNVDO GHUYHUDUPWHQ)UlXOHLQ/LOD0LUUKDXQG:DOSXUJLVHWZDGDV'DPHQVWLIW LVW QLFKW QXU VR]LDOH :LUNOLFKNHLW IU GLH %HWURIIHQHQ VRQGHUQ ]XJOHLFK %HGURKXQJ IU HLQH .XOWXU GLH RKQH $EVLFKHUXQJ GHU )RUW]HXJXQJ DP (QGHDQJHODQJWLVW (LQJHQHDORJLVFKHU5RPDQ²HLQH$OOHJRULHGHV6WDPPEDXPVGDUILQ $UQLPV7H[WQLFKWIHKOHQ *'I ²DEHUYHUKDQGHOW]ZHLHUOHLHUVWHQV ²²²²²²²²²²²²²  6R'HWOHI.UHPHUÅ1LFKWVZUGHGLH)RUPGHV7H[WHVVWlUNHUPL‰DFKWHQDOVLKQDXIHLQ SROLWLVFKHVXQGPRUDOLVFKHV3URMHNW]XUHGX]LHUHQµ .UHPHU5RPDQWLN6   9JO%URQIHQ(OLVDEHWK1XUEHULKUH/HLFKH7RG:HLEOLFKNHLWXQGbVWKHWLN0QFKHQ  9JO.DPLQVNL.UHX]*lQJH6  9JO:LOOHU6WHIDQÄÅ(LQHVRQGHUEDUH*HQHUDWLRQ¶=XU3RHWLNGHU=HXJXQJXP´LQ :HLJHOXD +UVJ *HQHD/RJLN6KLHU6II  9JO6FKLOOHU5LWWHUJXWSDVVLP



.DSLWHO

 DXIWKHPDWLVFKHU(EHQHGLH5HNRQVWUXNWLRQIDPLOLDOHU8UVSUQJHXQGGLH *DUDQWLH LKUHU .RQWLQXLWlW GXUFK 3UDNWLNHQ GHU 3DUWQHUZDKO ZLH DXFK GXUFK 5HJXODULHQ GHU 9HUHUEXQJ ZREHL GDV :LVVHQ GHU =HLW ZLH HWZD *DOOV 6FKlGHONXQGH PLWHLQEH]RJHQ ZLUG =X GHQ EHVDJWHQ 5HJXODULHQ JHK|UHQ 7KHVHQ HLQHU VHOWVDPHQ *HQHD/RJLN ZLH HWZD GDVV GDV .LQG HLQHV+HOGHQZLHGHUHLQ+HOGZHUGH *' RGHUGLH9HUSIOLFKWXQJGHV +HOGHQ DXI GLH (U]LHKXQJ YRQ +HOGHQNLQGHUQ  E]Z GLH 9HUSIOLFKWXQJ DXIJHZLVVH0D[LPHQGHU(U]LHKXQJEHUKDXSW$XIGHU(EHQHGHUQDU UDWLYHQ 3HUIRUPDQ] DEHU VWLIWHW RGHU KLQWHUIUDJW HU ]ZHLWHQV VHOEVW 2UG QXQJXQG)ROJHULFKWLJNHLWGHV(U]lKOWHQHWZDHQWODQJHLQHU&KURQRORJLH RGHU DXFK LKUHU $XIKHEXQJ HQWODQJ NDXVDOHQ (U]lKOHQV RGHU DXFK GHV 9HU]LFKWVGDUDXILQGHPHWZDHLQH(U]lKOHULQVWDQ]%H]JH]ZLVFKHQQDUUD WLYHQ 6XEVWUXNWXUHQ EHJODXELJW RGHU LQGHP :LHGHUKROXQJHQ HUNHQQEDU ZHUGHQ:lKUHQGQXQGHUJHVDPWH5RPDQ*HVFKLFKWHQYRQJHOLQJHQGHU RGHUPLVVOLQJHQGHU3DUWQHUZDKOXQG=HXJXQJLQMHXQWHUVFKLHGOLFKHQ)D PLOLHQNRQWH[WHQ DXVIDOWHW MD ZlKUHQG PDQ YRQ HLQHP VLFK LPPHU YRQ QHXHP ZLHGHUKROHQGHQ 3DUDGLJPD VSUHFKHQ N|QQWH GHP GHU YHUZLUUWH /HVHU P|JOLFKHUZHLVH NODVVLILNDWRULVFK EHLNRPPHQ N|QQWH LVW GRFK GDU EHUKLQDXVEHUGLH.RKlUHQ]GLHVHUYLHOHQ1DUUDWLYHGLHHLQHQ5RPDQ ELOGHQVROOHQQXUVFKZHUOLFKHLQH$XVVDJH]XWUHIIHQGKGLH*HQHDORJLH GHU(U]lKOXQJLVWGHQNEDUXQGXUFKVLFKWLJJHZRUGHQZHQQJOHLFKPDQFKH %LQQHQHU]lKOXQJHQ HUNHQQEDU 9DULDWLRQHQ YRUDXVJHJDQJHQHU .DSLWHO GHU +DXSWKDQGOXQJVLQG )DPLOLHXQG1DWLRQVLQGGLH)HOGHUDXIGHQHQ(QGHGHV-DKUKXQ GHUWV8PEUFKHLPJHQHDORJLVFKHQ:LVVHQ]XEHREDFKWHQVLQG'HU8P EUXFK GHV lOWHUHQ JHQHDORJLVFKHQ 0RGHOOV GHV G\QDVWLVFKHQ 9HU ZDQGWVFKDIWVV\VWHPV YROO]LHKW VLFK HWZD GDULQ GDVV PDQ YHUVXFKW *HVHW]Pl‰LJNHLWHQ GHU 9HUHUEXQJ LQ GHQ 2UJDQLVPXV ]X YHUODJHUQ E]Z LQLKP]XORNDOLVLHUHQXQGGDVKHL‰WXD*HQHDORJLHDOVNODVVLILNDWRULVFKH 2SHUDWLRQ PLW GHP PRGHUQHQ )DNWXP GHU JOHLFK]HLWLJ PHWDSK\VLVFK EHUK|KWHQXQGGXUFKGLH6H[XDOLWlWGHILQLHUWHQÄ/LHEHDOV3DVVLRQ¶HQJ]X IKUHQ:DVLP5RPDQVFKHLQEDUUHOLJL|VE]ZPRUDOLVFKFRGLHUWXQGLQ )UDJHJHVWHOOWLVW²'RORUHV·(KHEUXFK²LVWQXUOHW]WH)ROJHGLHVHVHSLV WHPLVFKHQ%UXFKHVGHUGHQ0HQVFKHQXQWHUGDV'LNWDWGHV)RXFDXOWVFKHQ 6H[XDOLWlWVGLVSRVLWLYVVWHOOWRGHUDXFKGHV3ULQ]LSVÅ/LHEHXQG*HJHQOLH ²²²²²²²²²²²²²  Å'DUXPVHLHVGHU+HOGHQJU|‰WH6RUJH+HOGHQNLQGHU]XHU]LHKHQ´ *'   Å'HU *UDI VDJWH >«@ VHKU HUQVW ]XVHLQHU )UDXÄ8QVUHU.LQGHUZHJHQPVVHQZLUQDFK'HXWVFK ODQG]XUFNGLHEHVWH3ULYDWHU]LHKXQJNDQQQLFKWHUVHW]HQZDV.LQGHUGXUFKGHQ0DQJHOHLQHU|IIHQWOL FKHQ6FKXOHYHUOLHUHQ¶´ *'   9JO:HLJHO6LJULGÅ9RUZRUW´LQ:HLJHOXD +UVJ *HQHUDWLRQ6KLHU6I  $XIGHQDXFKKLHUUHOHYDQWHQHSLVWHPLVFKHQ%UXFKXPZHLVWLP.RQWH[WGHU*HQHUD WLRQVNRQ]HSWH XP  KLQ 0OOHU:LOOH 6WDIIDQ Å.RQVWHOODWLRQ 6HULH )RUPDWLRQ *H



*HQHDORJLH





 EH´ GDV JHUQ LQ GDV SODWRQLVFKH %LOG YRQ GHQ ]ZHL HLQDQGHU VXFKHQGHQ *RWWKHLWHQJHIDVVWZLUG *' 'LHVHVQLFKWPHKUKLQWHUJHKEDUH3ULQ]LS ]HUVW|UW DEHU GDV VWHOOHQ GLH JHQHDORJLVFKHQ 5RPDQH QDFK  GDU GLH DOWH2UGQXQJGHUDGHOLJHQ.RQYHQLHQ]HKH 2KQHGHQNXOWXUJHVFKLFKWOLFK]HQWUDOHQ=XVDPPHQKDQJPLWGHP$GHO ]XPLQGHVW IU GLH HUVWHQ +lOIWH GHV -DKUKXQGHUWV ]X VHKHQ VWHOOW 6LJULG :HLJHOIHVWÅ'LH6LFKHUXQJYRQ*HQHDORJLHXQG(UEVFKDIWVFKHLQWHLQHV GHUKHLNHOVWHQ3URMHNWH]XVHLQPLWGHQHQGDV-DKUKXQGHUWEHVFKlIWLJW ZDU´.ODVVLILNDWRULVFKHU$UWLVWHLQ]HQWUDOHV)RUPHOHPHQWGHV5RPDQV QlPOLFK GLH $XVIDOWXQJ YRQ 7KHPHQ XQG 0RWLYHQ LP 5DKPHQWH[W XQG REHQGUHLQ LQ %LQQHQWH[WHQ GLH DOV 3DUDOOHOJHVFKLFKWHQ RGHU 9DULDWLRQHQ GHU +DXSWKDQGOXQJ JHOHVHQ ZHUGHQ N|QQHQ DEHU JOHLFKVDP $OWHUQDWLY RSWLRQHQELHWHQZLHGHUKROWH6SLHJHOXQJHQ'DPLWEHJHJQHWXQVKLHUHUVW PDOV GLH)LJXU GHUPLVHHQDE\PH+DWWHVFKRQ :LQIULHG 0HQQLQJKDXVGDV SKLORVRSKLVFKH XQG lVWKHWLVFKH 3RWHQWLDO ÄXQHQGOLFKHU 9HUGRSSOXQJ¶ DOV DEVROXWHU6HOEVWUHIOH[LRQLQGHU)UKURPDQWLNYHURUWHWGHUUKHWRULVFKGHU 3DUDOOHOLVPXVHQWVSULFKWXQGNXQVWWKHRUHWLVFKGHUSRHWLVFKH7UDQV]HQGHQ WDOLVPXVGHU-HQDHU)UKURPDQWLNVROlVVWVLFKDOVVSH]LILVFKJHQHDORJL VFKH 9DULDQWH GLH )LJXU GHU PLVHHQDE\PH NHQQ]HLFKQHQ GLH GHU 9HUGRS SHOXQJ DOV :LHGHUKROXQJ HLQ DOLQHDUHV KLHUDUFKLVFKHV XQG NRQVHNXWLYHV XQGVRPLWJHQHDORJLVFKHV0RPHQWQRFKKLQ]XVHW]WLQGHPPLWHLQHU9HU VFKDFKWHOXQJ]XVlW]OLFKHQ5DKPHQXQG%LQQHQVWUXNWXUHQDOVRJOHLFKVDP Ä9DWHU¶XQGÄ6RKQ¶LP7H[WJHJHEHQVLQG(VKDQGHOWVLFKXPHLQH)RUP YRQ6HOEVWUHIOH[LYLWlWGLHREMHNWLYLHUWLVWDOVJOHLFKVDPLURQLVFKHYDULLHUHQ GH :LHGHUKROXQJ QLFKWLGHQWLVFKH 6HOEVWUHSURGXNWLRQ DOV Ä9HUVFKDFKWH OXQJ¶*HSUlJWZXUGHGHU%HJULIIGXUFK$QGUp*LGHIU%LQQHQVWUXNWXUHQ LQ7H[WHQGLHGDVÄ7KHPD¶GHV:HUNHVLQVJHVDPWDXIGLHVH:HLVHWUDQVSD UHQWPDFKHQ'DVÄ6SLHOLP6SLHO¶LQ+DPOHWYLHOOHLFKWDPHUIROJUHLFKVWHQ LQGHU:HOWOLWHUDWXUYHUWUHWHQLVWZRKOHLQHGHUDXIIlOOLJVWHQ$XVSUlJXQJHQ =XGHQNHQLVWDXFKDQHLQHÅYLUWXDOKRPRQ\P\EHWZHHQDFKDUDFWHUDQG WKHDXWKRU´²HLQHQJHQHDORJLVFKHQ=XVDPPHQKDQJ]ZLVFKHQ)LJXUXQG ²²²²²²²²²²²²² 

  

QHDORJLVFKH'HQNILJXUHQEHL+DUYH\/LQQDHXVXQG'DUZLQ´LQ:HLJHOXD +UVJ *HQH UDWLRQ6KLHU6 :HLJHO6LJULGÅ=XU'LDOHNWLNYRQ*HVFKOHFKWXQG*HQHUDWLRQXP6WLIWHUV1DUUHQEXUJ DOV6FKDXSODW]YRQ8PEUFKHQLPJHQHDORJLVFKHQ'HQNHQ´LQ:HLJHOXD +UVJ *HQH UDWLRQ 6  KLHU 6  :HLJHO YHUQDFKOlVVLJW HSLVWHPLVFKH 8QWHUVFKLHGH ]ZLVFKHQ GHU=HLWXPXQGGHUSRVWLGHDOLVWLVFKHQ9RUPlU](SRFKHGHU6WLIWHU]X]XUHFKQHQZl UH 9JO 0HQQLQJKDXV :LQIULHG 8QHQGOLFKH 9HUGRSSOXQJ 'LH IUKURPDQWLVFKH *UXQGOHJXQJ GHU .XQVWWKHRULHLP%HJULIIDEVROXWHU6HOEVWUHIOH[LRQ)UDQNIXUWD0 9JOGD]XGDV6WDQGDUGZHUN]XP7KHPD'lOOHQEDFK/XFLHQ7KH0LUURULQWKH7H[W&DP EULGJHXD>]XHUVWIU]@6 (EG6



.DSLWHO

 HPSLULVFKHQ$XWRUKDWWH)RXTXpLP=DXEHUULQJPLW+XJRYRQ0RQWIDXFRQ KHUJHVWHOOW'LH /LWHUDWXUWKHRULH EH]HLFKQHW DOVPLVHHQDE\PH ÅHLQH )RUP Y>RU@ D>OOHP@ OLWHUDU>LVFKHU@ 5HNXUVLYLWlW XQG GDPLW 6HOEVWUHIHUHQ] EHL GHU PLQGHVWHQV HLQ (OHPHQW HLQHU EHUJHRUGQHWHQ (EHQH LQKDOWOLFKHU RGHU IRUPDOHU 1DWXU  DQDORJ DXI HLQHU XQWHUJHRUGQHWHQ (EHQH HUVFKHLQW´ 6LH NDQQ ÅDOV IRUHJURXQGLQJOLWHUDU>LVFKHU@ .QVWOLFKNHLW LOOXVLRQVGXUFKEUHFKHQG ZLUNHQ´  $OV NU\SWLVFKH )LJXU GHV *HQHDORJLVFKHQ ZLUG VLH XQV QRFK KlXILJHUEHJHJQHQ,Q*UlILQ'RORUHVVSLHJHOQ%LQQHQHU]lKOXQJHQGLH3UR EOHPDWLN GHV JHQHDORJLVFKHQ 3UR]HVVHV XQG GHPRQVWULHUHQ HUIROJUHLFKH )RUW]HXJXQJ GLH GRFK LQ GHU 5DKPHQHU]lKOXQJ JHIlKUGHW LVW 'LH *H VFKLFKWH HLQHU (KH ZLUG OHVEDU DOV Ä$UEHLW¶ DP 3UR]HVV GHU IDPLOLDOHQ 6HOEVWUHSURGXNWLRQZLHDXFKGLH]HUULVVHQH)RUPGHV5RPDQVGHP/HVHU QLFKW HLQ DEJHVFKORVVHQHV Ä:HUN¶ YRU $XJHQ VWHOOW VRQGHUQ VHLQ $XJHQ PHUN DXI GHQ (QWVWHKXQJVSUR]HVV GHV 7H[WHV OHQNW DXI GLH )UDJH QDFK GHQ.RPSRVLWLRQVSULQ]LSLHQGHV$XWRUV 'LH HU]lKOWHQ *HVFKLFKWHQ ZLH DXFK GLH $XVJDQJVVLWXDWLRQ GHU +DXSWKDQGOXQJ  VLQG QLFKW QXU (UIROJVJHVFKLFKWHQ +ROOLQV (KHVFKOLH ‰XQJ LQ GHU 7RGHVPLQXWH VFKHLQW GLH (KH OHGLJOLFK DOV 5HFKWVLQVWLWXWLRQ IU +LQWHUEOLHEHQH HLQ]XIKUHQ YJO *'   $QJHVLFKWV YRQ .OHOLDV (KHORVLJNHLW LVW 'RORUHV· (KHEUXFK VRJDU HLQ JHQHDORJLVFKHU *OFNVIDOO GHU MHQVHLWV DOOHU 0RUDO DXVGUFNOLFK EHJU‰W ZLUG .LQGHUORVH (KH SOXV (KHEUXFKLQGHU)DPLOLHKHEHQHLQDQGHUJOHLFKVDPDXIXQGHUODXEHQEHL GHQ )DPLOLHQ]ZHLJHQ HLQH JHPHLQVDPH )RUW]HXJXQJ HQWVSUHFKHQG GHU *UDIÅ>6@LHKGXEHNRPPVWHLQ.LQGGDVXQV]XP)OXFKJHZRUGHQZlUH OD‰HVLKU6HJHQVHLQ´ *' (LQJHQHDORJLVFKHV3UREOHPGDVHWZDLP $OOJHPHLQHQ/DQGUHFKWPLWWHOV&RGLILNDWLRQGHUDOWEHNDQQWHQ0|JOLFKNHLWGHU (KH]XUOLQNHQ+DQGJHO|VWZLUGLVWGHU0DQQQLFKW]ZLVFKHQ]ZHL)UDXHQ VRQGHUQPLW]ZHL)UDXHQ'HU*UDIYRQ*OHLFKHQXQGDXFKGHUDXVGHP ([LO ]XUFNNHKUHQGH *UDI 3 EHVLW]HQ ]ZHL (KHIUDXHQ GRFK JHOLQJW MH ZHLOVGLH=XVDPPHQIKUXQJDQVFKHLQHQGSDUDGR[HUGRSSHOWHU*HQHDORJLH HLQ ÄURPDQWLVFKHV¶ 'RSSHOJlQJHUSUREOHP PXVV QLFKW DXIWUHWHQ 9JO *'  'HU $XVJDQJVSXQNW GHV 5RPDQVIlQJW GLH .ULVH GHV $GHOV XP  HLQ(VVFKHLQWVLFKQXUXPHLQHQ5RPDQEHJLQQLQXOWLPDVUHVKDQGHOQ]X N|QQHQGLH9HUDUPXQJYRQ'RORUHV¶)DPLOLHXQGGHUHQ=HUIDOOGKGHU $XVIDOO GHU JHQHDORJLVFKHQ $EIROJH EHUKDXSW ² NRQNUHWLVLHUW LP 9HU VFKZLQGHQGHVÅ0LQLVWHUV´DOVRGHV)DPLOLHQREHUKDXSWHV²XQGGHU(QW ²²²²²²²²²²²²²  6LHKH.DSLWHO  :ROI:HUQHUÅ0LVHHQDE\PH´LQ$QVJDU1QQLQJ +UVJ 0HW]OHU/H[LNRQ/LWHUDWXUXQG .XOWXUWKHRULH6WXWWJDUW:HLPDU6  =XUPLVHHQDE\PHDOV5HIOH[LRQDXIGHQ3UR]HVVZHQLJHUGDV(UJHEQLVNQVWOHULVFKHU3UR GXNWLYLWlWYJO'lOOHQEDFK0LUURU6



*HQHDORJLH





 ]XJ GHV (UEHV XQG GHV 6WDWXV GHV (UEHQ YRQ GHP 'RORUHV XQG .OHOLD EHGURKWVLQG6FKORVVXQG3DODVWDOVVWHLQHUQH=HXJHQGHVOlQJVW9HUJDQ JHQHQ ODVVHQ HLQH 5RPDQKDQGOXQJ LQ 5FNEOLFNHQ HUZDUWHQ 'LH +DQG OXQJGHV5RPDQVZLUGDXV|NRQRPLVFKHQ1RWZHQGLJNHLWHQKHUDXVYRUDQ JHWULHEHQ GHQQ WURW] 9HUDUPXQJ VLQG GLH YHUZDLVWHQ $GHOVW|FKWHU JH]ZXQJHQHLQUHSUlVHQWDWLYHV/HEHQ]XIKUHQÄ(KH¶XQG|NRQRPLVFKH ZLHJHQHDORJLVFKH 1RWZHQGLJNHLWVLQGDOVR]XQlFKVWHLQV 'HU DQ GHU W\SLVFK YRUPRGHUQHQ ELRJUDSKLVFKHQ %LIXUNDWLRQ GHV $GHOV )UVWHQGLHQVW RGHU 9HUZDOWXQJ GHU /DQGJWHU  EHILQGOLFKH *UDI .DUO²HLQ3XQNWDQGHPDXFK*UDI)ULHGULFKLQ(LFKHQGRUIIV$KQXQJXQG *HJHQZDUW VWHKW GHQ KLQJHJHQ GHU (GXDUG GHU :DKOYHUZDQGWVFKDIWHQ EHUHLWV KLQWHUVLFKJHODVVHQKDW²IROJWVWHWVGHU0D[LPHGHU)DPLOLHQHKUH *'  =X.DUOVHSLVWHPRORJLVFKHP3URJUDPPJHK|UWVHLQH1HLJXQJ]XU$OOHJR ULH *'   DOOHUGLQJV ]X GHUHQ YRUPRGHUQHLQGHXWLJHU /HVDUW GLH VR :DOWHU%HQMDPLQEHUHLWVVHLWGHPEDURFNHQ7UDXHUVSLHODXIGHP5FN]XJ EHJULIIHQ LVW.DUOV :HOW KLQJHJHQ LVW HLQH GHU bKQOLFKNHLWHQ *'   'RFK ZHGHU =HLFKHQ QRFK (UIDKUXQJHQ ODVVHQ VLFK JHQHUDOLVLHUHQG HLQ IUDOOHPDOGHXWHQXQGYHUVWHKHQVRMHGHQIDOOVZLUGGHU/HVHUGXUFKGHQ (U]lKOHU EHOHKUW Å>%@HREDFKWH EHUDOO HUVW VHOEVW GHQQ GDVVHOEH NRPPW QLHZLHGHULQGHU:HOWQLFKWLQ7XJHQGHQQLFKWLQ/DVWHUQ´ *' .DUO GHUMDDGHOVSROLWLVFKLQVHLQHQ3RVLWLRQHQ]XHLQHUIRUWVFKULWWOLFKHQ3DUWHL JHK|UHQZUGH JlEHHVGHUDUWLJH3DUWHLHQ]XVHLQHU=HLWWDWVlFKOLFK YHU VXFKW GRFK VWHWV DQ GLH =HLWHQ GHU Å9RUHOWHUQ´ DQ]XNQSIHQ GLH /LHEH XQG JXWHV =XVDPPHQOHEHQ JHNHQQ]HLFKQHW KDWWH (U LVW $UFKlRORJH GHU .XOWXU VHLQHU 9RUIDKUHQ ZHQQ HU GHUHQ %HVWDWWXQJVULWHQ GXUFK $XVJUD EXQJHQLQHLQHP+QHQJUDE]XHUNXQGHQVXFKW'RFKLP*HJHQVDW]]XU SLHWlWORVHQ 'HWHUULWRULDOLVLHUXQJ GHV 'HQNPDOVE]Z *UDEPDOV GLH &KDU ORWWH LQ GHQ :DKOYHUZDQGWVFKDIWHQ DQRUGQHW IKUW .DUO DUFKLYDULVFK KLVWRULVWLVFKH8PJDQJVZHLVHQPLW 2ULJLQDO 'HQNPlOHUQHLQÅ>6@WDWWPLW YRUHLOLJHU1HXJLHUGH DOOHV KHUDXV]XUHL‰HQ XQG LQ LUJHQG HLQHU6DPPOXQJ PLW DQGHUQ .XULRVLWlWHQ ]X YHUVFKWWHQ ]HLFKQHWH HU DOOHV WUHXOLFK DE VWHOOWHHVGDQQZLHGHULQGLHDOWH2UGQXQJXPPDXHUWHHVPLWHLQHUDQVWlQ GLJHQHLQIDFKHQ$UFKLWHNWXUGD‰GHU6FKDW]MHGHPGHUVLFKGHPHLVHUQHQ *LWWHUQlKHUWHVLFKWEDUZHUGHQXQGMHGHQHULQQHUQNRQQWHDQGLH+LQIlO OLJNHLW GHV JU|‰WHQ (LQ]HOQHQ RKQH HLQ GDXHUQGHV %HVWHKHQ VHLQHV 9RO NHV´ *' .DUONRQVHUYLHUWDOVRHLQHUVHLWVSHQLEHOGLHXUVSUQJOLFKH WRSRJUDSKLVFKH$QRUGQXQJGHU)XQGHZLOODEHUGHQ(LQ]HOIXQGOHW]WOLFK DXIGLHYHUELQGOLFKH*U|‰HGHU1DWLRQKLQRULHQWLHUHQVRZLHDXIGDVDOWH JHQHDORJLVFKH0XVWHUDXIGHU%DVLVYRQ/LHEHXQGJXWHP=XVDPPHQOHEHQ ²²²²²²²²²²²²²  9JO%HQMDPLQ:DOWHU8UVSUXQJGHVGHXWVFKHQ7UDXHUVSLHOV5ROI7LHGHPDQQ +UVJ )UDQNIXUW D0



.DSLWHO

 *' .DUOV+DQJ]XU7UDGLWLRQZLUGGXUFKGLHHUIDKUHQH:LUNOLFKNHLW NRQWHUNDULHUW 'HU .ULHJ ZlUH DOV 7RSRV GHU 2UGQXQJVVWLIWXQJ ZLH DXFK GHVSHUV|QOLFKHQ5FN]XJVGHU)OXFKW]ZDUZQVFKHQVZHUWGRFKVFKHLQW HV GLH 3UD[LV GHV DGHOLJHQ  .ULHJHUV VHL LQ GHU *HJHQZDUW QLFKW PHKU P|JOLFK.DUO ZLHDXFKGHP$XWRU$UQLPXPXQGQDFK EOHLEWHV QXU EULJ DE]XZDUWHQVHLQH +DQGOXQJVRSWLRQHQ OLHJHQDQGHUVZR -HGHQ IDOOV LVW HU GHVVHQ 3ODQ ÅDOOH :HOW´ ]X DGHOQ 3DWULPRQLDOJHULFKWH DE]X VFKDIIHQ XQG HLQH QDWLRQDOH *HVHW]JHEXQJ HLQ]XIKUHQ *' I  DQ $UQLPV3URJUDPPDWLNHULQQHUWHLQ0DQQGHU3RVLWLRQHQZlKUHQG'ROR UHV HEHQ QLFKW IU JHJHQWHLOLJH 3RVLWLRQHQ VWHKW VRQGHUQ IU HLQH $EVHQ] IHVWHU3RVLWLRQHQXQGIL[HU'HXWXQJHQ6LHSHUVRQLIL]LHUWGLH3RHVLHVHOEVW PLWDOOLKUHQ*HIlKUGXQJHQPLWLKUHQPRUDOLVFKXQGHSLVWHPLVFKEHGHQN OLFKHQ )DFHWWHQ 'RORUHV ÅGLH DOOHV $OOHJRULVFKH KD‰WH ZDV LKU HLQH JH JODXEWH :LUNOLFKNHLW HQWUFNWH´ *'   XQG GLH VLFK GDKHU DXFK YRP 3ULQ]HQYRQ3DODJRQLHQYHU]DXEHUQOlVVWVHLQHP0DQLHULVPXVXQGVHLQHU DEHQWHXHUOLFKHQ +HUNXQIW ]X GHU HLQH .DLVHUVWRFKWHU XQG ]XJOHLFK HLQ (OHPHQWDUJHLVWHLQH1L[HJHK|UHQ'RORUHVNRPPWPLWGLHVHU6\PSDWKLH EHUHLWV GHP NQIWLJHQ O¶DUW SRXU O¶DUW QDKH GDV HLQH bVWKHWLVLHUXQJ GHV +lVVOLFKHQXQGGHV*HVFKPDFNORVHQHLQVFKOLH‰HQZLUG 'RORUHV ÄVWHKW¶ QLFKW ÄIU¶ VWDQGHVJHPl‰HV /HEHQ VLH VWUHEW HV MHGHU ]HLW DQ *'   XQG ]XP VWDQGHVJHPl‰HQ /HEHQ GHV $GHOV JHK|UW EHL 0lQQHUQ LP1RUPDOIDOO EHL )UDXHQ LQ *UHQ]IlOOHQ GLH 0LVVDFKWXQJ GHU EUJHUOLFKHQ6H[XDOPRUDO6LHGHFNWGLH6HPDQWLNGHU$GHOVNXOWXUDEXQG ]XJOHLFK GLH HLQHU DXI 5RXVVHDXVFKH $XVSL]LHQ YHU]LFKWHQGHQ 3RHVLH .QVWOLFKNHLW 0DVNH $GHOVVWRO] /JH 8QPRUDO .DULNDWXU  ² LKUH 1LFKWIHVWOHJEDUNHLW EHGHXWHW MHQH 0RGHUQLWlW GLH $GHOLJNHLW IU GLH UR PDQWLVFKH 8QLYHUVDOSRHVLH XQYHU]LFKWEDU PDFKW ZLH DXFK 2WWLOLH LQ GHQ :DKOYHUZDQGWVFKDIWHQ EHL DOOHU 5FNZlUWVJHZDQGWKHLW LKUHU 9RUOLHEHQ PLW GHP +DXSWPDQQ ]XVDPPHQ ]X GHQ PRGHUQHUHQ )LJXUHQ ]lKOW 'RORUHV OLHVWÅYRQKLQWHQUFNZlUWV´ *' XQGYHUZHLJHUWVLFKDOVRGHPKHU PHQHXWLVFKHQ /HVHQ GDV HLQH 'LFKWXQJ DOV ÅHWZDV IU VLFK %HVWHKHQ GHV´VLHKWÅZHQQVLHDXFK%H]LHKXQJHQDXIHLQJHZLVVHV(UHLJQLVKDEH´ *' 6LHVHW]WDOVRLKUHDXVGHU+XJ6FKDSOHU(SLVRGHEHNDQQWH/H EHQXQG3RHVLHYHUPLVFKHQGHJUHQ]EHUVFKUHLWHQGH/HNWUHIRUW'RORUHV VFKlW]WGDVDUDEHVNHXPZHJLJH(U]lKOHQ1XGHOKXEHUVXQG.LUUHV]XXQ JXQVWHQGHUYRQ.DUOIDYRULVLHUWHQHUEDXOLFKHQ(U]lKOXQJHQGHV3UHGLJHUV )UDQN *' :HQQHVGDUXPJHKWHLQ.LQGPLWHLQHP1DPHQ]XYHU VHKHQGDQQZLOO.DUOGDV$QJHHUEWHEHZDKUHQZlKUHQG'RORUHV1DPHQ DXV:DOOHUV*HGLFKWHQLQLKUH)DPLOLHHLQ]XIKUHQKRIIW *' 'RFK ²²²²²²²²²²²²²  .DUOPDOW3RUWUlWV²'RORUHV.DULNDWXUHQ *' LKUOLHJWDXFKGDVWUDYHVWLHDUWLJH3DOLPS VHVW VLH EHPDOW +HLOLJHQELOGHU NDULNDWXUKDIW ÅPLW 6FKQXUUElUWHQ XQG 6FK|QKHLWVSIOlVWHU FKHQ´ *' 



*HQHDORJLH





 NRQYHUJLHUW EHL 'RORUHV lVWKHWLVFKH $XIJHVFKORVVHQKHLW PLW UHVWDXUDWLYHU *HVLQQXQJ 'LH *UlILQ RKQH LUJHQG VWRO] DULVWRNUDWLVFK ]X VHLQ KDWWH GRFK LKUH IUKHUHQ JHLVWLJ EHVWLPPHQGHQ =HLWHQ XQWHU GHU HLJHQVLQQLJHQ .ODVVH YRQ /HXWHQ ]XJH EUDFKWGLHVLFKGDPDOVLQ'HXWVFKODQGELOGHWHZHOFKHEOLQGDQHLQHQRWZHQGLJH 5FNNHKU GHUVHOEHQ 9HUKlOWQLVVH JODXEWH GLH ODQJH LKQHQ EHTXHP JHZHVHQ *'I 

$PVHKUSO|W]OLFKHLQWUHWHQGHQXQGGHQ/HVHUHWZDVUDWORV]XUFNODVVHQ GHQ6FKOXVVGHV5RPDQVVWHKWGLH5FNNHKULQHLQHXPQRFKQHXH XQG ]XNXQIWVZHLVHQGH .RQYHQWLRQ *UDI .DUO JHKW PLW VHLQHQ 6|KQHQ YRQ,WDOLHQZLHGHUQDFK'HXWVFKODQG]XUFNXQGGLHQWVHLQHP9DWHUODQG 9RQSV\FKRORJLVFKHU0RWLYLHUXQJNDQQLQGLHVHP6FKOXVVZLHYLHOIDFKEHL DOOHJRULVLHUHQGHQ URPDQWLVFKHQ (U]lKOZHLVHQ QLFKW GLH 5HGH VHLQ *UDI .DUOZLOOGLH:HOWDOVJUR‰H$OOHJRULHOHVHQ'DQXQ'RORUHVLP'HQNPDO ÄVWLOOJHVWHOOW¶LVWVWHKWGLHVHU/HNWUHHQGOLFKQLHPDQGPHKULP:HJH   (UEHXQG9HUHUEXQJ  'HPNXOWXUHOOHQ:LVVHQGHV$GHOVHQWQLPPWGLHVHU5RPDQ$VSHNWHYRQ *HQHDORJLH XQG *HQHUDWLRQ /HW]WHUHV YHUVWDQGHQ DOV JHQHUDWLR DOVR =HX JXQJXQGDOVJHQXVDOVR*HVFKOHFKW9RUGHP+LQWHUJUXQGGHU$GHOVNXO WXUKDWWHVLFKVHLWGHPVSlWHQ-DKUKXQGHUWHLQH'HEDWWHXP(UEHXQG 9HUHUEXQJ HQWVSRQQHQ GLH LP *HJHQVDW] ]X GHP GXUFK /HLVWXQJ VLFK GHILQLHUHQGHQ %UJHU DOV ,QGLYLGXXP GHP $GHO VWHWV GDV 3ULQ]LS Ä(U EH¶ VHOEVWYHUVWlQGOLFK ]XZLHV'DPLW EHUKUWH VLFK GLH 'HEDWWH XP GLH /HJLWLPDWLRQHLQHU*HEXUWVHOLWHPLWGHPVLFKLPPHUZLHGHUQHXVWHOOHQGHQ 5lWVHOGHU9HUHUEXQJGDVSURVSHNWLYDXV]XIRUPXOLHUHQLVW:LHNDQQPDQ *HQHDORJLH TXDOLWDWLY VLFKHUQ" 2IIHQEDU QXU EHGLQJW GXUFK 5HFKWVIHVW VHW]XQJHQ ZLH HWZD HUEUHFKWOLFKH 5HJHOXQJHQ RGHU DXFK P\WKLVFKH )HVW VHW]XQJHQZLHGLH(UEVQGH,QZLHZHLW²GLHVLVWGLH+RIIQXQJEHUHLWVGHV -DKUKXQGHUWVGLHMHW]WDQVFKHLQHQGLQ=ZHLIHOJH]RJHQZLUG²YHUPDJ GLH (U]LHKXQJ )HKOHQWZLFNOXQJHQ GHV (UEHV ]X NRUULJLHUHQ" /lVVW VLFK HLQHXQNRQWUROOLHUEDUH9HUHUEXQJTXD)RUW]HXJXQJDQGHUZHLWLJKLQWHUWUHL EHQGXUFKGLHP\WKLVFKH3UD[LVGHVÄ9HUVHKHQV¶HWZD" ,P-DKUKXQGHUWLVW]XQlFKVW]ZLVFKHQHLQHUSUlIRUPLVWLVFKHQXQG HLQHUJHJHQ(QGHGHV-DKUKXQGHUWVGRPLQDQWZHUGHQGHQHSLJHQHWLVFKHQ 9HUHUEXQJVWKHRULH]XXQWHUVFKHLGHQ'LH(UVWHUHGLHHWZDYRQ/LQQpRGHU YRQ 0DXSHUWXLV LQ GHP 6LQQH SRVWXOLHUW ZXUGH GDVV GLH 6FK|SIXQJ YRQ ²²²²²²²²²²²²²  9JO:HLJHO9RUZRUW6  %HOHJH GD]X LQ 6FKXOW]H $XVHLQDQGHUVHW]XQJHQ 6 II Å/HLVWXQJ XQG (UEH DOV .HUQ GHU :HVHQVYHUVFKLHGHQKHLWHQ]ZLVFKHQ%UJHUWXPXQG$GHO´



.DSLWHO

 $QIDQJ DQ YROOHQGHW ZDU XQG $UWHQ LKUH (LJHQVFKDIWHQ VWHWV LGHQWLVFK ZHLWHUYHUHUEHQ GDVV EHUHLWV LP .HLP YRU GHU =HXJXQJ GHU GDQQ HQWVWH KHQGH 0HQVFK ÄNRPSOHWW¶ ZDU LPSOL]LHUWH GLH *HVLFKHUWKHLW GHV (UEHV ]XPLQGHVW LQ ELRORJLVFKHU +LQVLFKW ZHQQJOHLFK VHLW GHU $QWLNH EHNDQQW ZDUGDVVPDQFKH:HVHQV]JHYRQ(OWHUQDXI.LQGHUZHLWHUYHUHUEWZHU GHQ DQGHUH QLFKW RKQH GDVV PDQ DXI .ULWHULHQ GDIU ]X VFKOLH‰HQ YHU PRFKWH 'HP 3UlIRUPLVPXV ]XJUXQGH OLHJW GLH Å'HQNILJXU GHU 6HULH´ GLHDXFKGDVWUDGLWLRQHOOHJHQHDORJLVFKH'HQNHQPLWXPVFKOLH‰W$XFKGLH 7UDQVIRUPDWLRQ ]XP HSLJHQHWLVFKHQ 'HQNHQ JDE QRFK NHLQHQ $QKDOW VSXQNW IU HLQH 6XFKH QDFK 0HFKDQLVPHQ GHU *HQHUDWLRQ XQG 5H SURGXNWLRQGLH(SLJHQHVHEOHLEWELVZHLWLQV-DKUKXQGHUWKLQHLQVSH NXODWLY'LHGXUFK&DVSDU)ULHGULFK:ROIIZHVHQWOLFKJHSUlJWH7KHRULH² :ROIIDOV6SH]LDOLVWIUJ\QlNRORJLVFKH)UDJHQZLUGGXUFK$UQLPLP5R PDQ EULJHQV HUZlKQW  ² VSULFKW YRQ HLQHU QRFK ]X RUJDQLVLHUHQGHQ .UDIWLP=HXJXQJVVWRIIEHLGHU(OWHUQWHLOHXQGGDPLWYRQGHU6HOEVWRUJD QLVDWLRQ GHU /HEHZHVHQ HUVW QDFK GHU =HXJXQJ *HQHDORJLVFKHV 6LFKHU KHLWVGHQNHQ ZDU GDPLW HUVFKWWHUW MHGHV (LQ]HOZHVHQ GDPLW DEHU DXFK PHKU DOV YRUKHU DOV ,QGLYLGXXP GHILQLHUW DQDORJLVLHUHQG ZXUGH GLH :ROIIVFKH 7KHRULH GHU 6HOEVWDXVELOGXQJ DXFK DXI 9|ONHU XQG 1DWLRQHQ EHUWUDJHQ  (V KDQGHOW VLFK KLHUEHL MHGHQIDOOV XP HLQHQ QHXUDOJLVFKHQ 3XQNW GHV HSLVWHPLVFKHQ %UXFKHV XP  GHU LQ 7H[WHQ ZLH GHP $U QLPVK\EULGHQ'HQNEHZHJXQJHQ]XJHIKUWZLUG0DQNDQQDOVRYRQHLQHU ODQJ DQGDXHUQGHQ Å%HJUQGXQJVNULVH GHV *HQHUDWLRQHQYHUKlOWQLVVHV´  VSUHFKHQ YRQ GHU 3UREOHPDWLN HLQHU 1LFKWIL[LHUEDUNHLW YRQ (UEDQODJHQ JHPl‰ GHU $QQDKPH GHU 0HQVFK HQWZLFNOH VLFK ZHLWJHKHQG LQGLYLGXHOO HLQH$QQDKPHGLHEHVRQGHUVGRUWEULVDQWLVWZRDXFKGLHlX‰HUHQGK YRU DOOHP MXULVWLVFKHQ XQG |NRQRPLVFKHQ *DUDQWHQ IU HLQH RSWLPDOH )RUW]HXJXQJZHJ]XIDOOHQEHJLQQHQ(LQHRSWLPLVWLVFKH$QDORJLH]ZLVFKHQ 6H[XDOLWlW=HXJXQJXQG3RHVLHVWHOOWXQWHUHSLJHQHWLVFKHQ9RU]HLFKHQLQ GHUURPDQWLVFKHQ3RHWRORJLHEHUHLWV1RYDOLVKHUGHUDXVUXIWÅ'LFKWHQLVW ]HXJHQ´  'RFK JLEW HV XP  NHLQH ÅHPSLULVFK EHJUQGHWH 9HUHU EXQJVOHKUH´XQGGDV([SHULPHQWLHUHQPLWGHU%DVWDUGLVLHUXQJYRQ3IODQ ²²²²²²²²²²²²²  0OOHU:LOOH.RQVWHOODWLRQ6  (V JHKW XP .LQGHUORVLJNHLW Å5RVDOLH EHWHWH ]X DOOHQ +HLOLJHQ PDFKWH *HOEGH XQG EUDXFKWHDOWKHUN|PPOLFKH0LWWHOGHV:ROII´ *'   9JO -DKQ ,OVH Å%LRORJLVFKH )UDJHVWHOOXQJHQ LQGHU(SRFKH GHU $XINOlUXQJ  -K ´ LQ GLHV +UVJ *HVFKLFKWHGHU%LRORJLH+HLGHOEHUJ%HUOLQ6KLHU6  0OOHU6LHYHUV+HOPXWÅ$KQHQDKQHQ)RUPHQGHU*HQHUDWLRQHQHUNHQQXQJLQGHU/LWHUD WXUXP´LQ:HLJHOXD +UVJ *HQHUDWLRQ6KLHU6  'DV 1RYDOLV=LWDW LQ3KLORVRSKLVFKWKHRUHWLVFKHV:HUN 6  ² 9JO GD]X :LOOHU *HQHUDWLRQ 6GHUVÅ*HQHUDWLRQ´LQ%HWWLQDYRQ-DJRZ)ORULDQ6WHJHU +UVJ /LWHUDWXUXQG 0HGL]LQ(LQ/H[LNRQ*|WWLQJHQ6S=HXJXQJZHUGHXP]XUÅ)RUPHO PlQQOLFKNRGLHUWHU*HQLDOLWlW´ 6S 



*HQHDORJLH





 ]HQ ODQJH YRU *UHJRU 0HQGHO HUEULQJW QRFK NHLQH ]XWUHIIHQGHQ +\SR WKHVHQ ] % EHU GLH PlQQOLFKHQ XQG ZHLEOLFKHQ $QWHLOH EHL GHU 9HUHU EXQJ $UQLPV 5RPDQ HUSUREW HLQH JDQ]H 5HLKH VROFKHU 2SWLRQHQ LQ HLQHU =HLWLQGHU)UDJHQGHU9HUHUEXQJKHLNHOZDUHQDEHUOlQJVWQLFKWLQHLQHP SURVSHNWLYHQ 6LQQ JHUHJHOW ZHUGHQ NRQQWHQ MHGHQIDOOV QLFKW LP VSlWHUHQ 6LQQ GHU (YROXWLRQVELRORJLH XQG DOOHU 6FKDWWLHUXQJHQ GHVVHQ ZDV XQWHU Ä=FKWXQJ¶IDOOHQNDQQ(VKDQGHOWVLFKXPQDUUDWLYH([SHULPHQWH]XGHQ 0|JOLFKNHLWHQ HLQHU TXDOLWDWLYHQ %HHLQIOXVVXQJ YRQ Ä(UEH¶ 'D]X JHK|UW ]%GLH+\EULGH[LVWHQ]GHVNOHLQHQ0XODWWHQLQGHU*HVFKLFKWHGHV0RK UHQMXQJHQ *'II =XNOlUHQLVWGLH)UDJHGHU+HUNXQIWZLHGLHQDFK GHQ Ä)ROJHQ¶ 0‰LJ ZLUNW HWZD GLH 6SHNXODWLRQ GHV Ä6LFK 9HUVHKHQV¶  Å0HLQW GD‰ VLH VLFK KDE YHUVHKHQ $Q GHU 1DFKW GLH JDU ]X GXQNHO´ *' 'RFKDXVGHUVFKHLQEDUXQQDWUOLFKHQPLVVOLQJHQGHQ)RUW]HX JXQJ HUZlFKVW GLH 5HWWXQJ GHV *HVFKOHFKWV 'HU Å0RKUHQMXQJH´ EHVLW]W VHKHULVFKH *DEHQ XQG ZLUG DXV *UQGHQ GHVIDPLOLDOHQ 0DFKWHUKDOWV DOV 6RKQDQHUNDQQWGHU0XODWWHHLQHELRORJLVFKHXQGNXOWXUHOOH+\EULGH[LV WHQ] LVW GDPLW JHUHFKWIHUWLJW  )ROJHULFKWLJ ZLUG GLH )UDJH LQGLYLGXHOOHU =XUHFKQXQJVIlKLJNHLWXQG6FKXOGGLVNXWLHUW*DOOV3KUHQRORJLHEHJQVWLJW 6FKXOG]XZHLVXQJHQDQGLH9RUIDKUHQÅ>(@VLVWQLFKWPHLQH6FKXOGHVLVW GLH6FKXOGPHLQHU0XWWHUZLHPLUQRFKJHVWHUQHLQ6FKOHU*DOOVHUNOlUW KDW´ *' 'LHVlX‰HUW]ZDUGHUEUJHUOLFKH)UDQNJOHLFKZRKOLVWGLH )UDJHQLFKW]XIlOOLJLQHLQHQ$GHOVURPDQHLQJHEHWWHW (LQHUEELRORJLVFKHU6SH]LDOIDOOLVW-RKDQQHVGHU6RKQGHUDXV'ROR UHV·(KHEUXFKPLWGHP0DUFKHVHKHUYRUJHKW-RKDQQHVZHLVW*HVLFKWV] JH GHV *UDIHQ DOVR GHV *DWWHQ VHLQHU 0XWWHU DXI GLH1DWXU VFKHLQW GLH ,QWHJUDWLRQ GHV XQHKHOLFK JH]HXJWHQ 6RKQHV LQ GLH UHJXOlUH )DPLOLH ]X HPSIHKOHQGHQQGLH.|USHU]HLFKHQVLQGÅ=HLFKHQHLQHUUHLQHQ*HEXUW´ ²²²²²²²²²²²²²  +RSSH %ULJLWWH Å'DV $XINRPPHQ GHU 9HUHUEXQJVIRUVFKXQJ XQWHU GHP (LQIOX‰ QHXHU PHWKRGLVFKHUXQGWKHRUHWLVFKHU$QVlW]HLP-DKUKXQGHUW´LQ-DKQ +UVJ *HVFKLFKWHGHU %LRORJLH 6  KLHU 6  ² 'LH HUVWHQ $EVWDPPXQJVOHKUHQ YRQ (UDVPXV 'DUZLQ XQGYRQ/DPDUFNEHJLQQHQGLH0|JOLFKNHLW]XHUZlJHQGDVV$UWNRQVWDQ]HKHUHLQ6RQGHU IDOO VHL HUVW MHW]W HUDKQW PDQ GDV Ä3URJUDPP¶ GHU (YROXWLRQ LQ GHVVHQ =XVDPPHQKDQJ GDQQVSlWHULP-DKUKXQGHUWÄ$GHO¶PLWÄ=FKWXQJ¶LQ9HUELQGXQJJHEUDFKWZHUGHQZLUG 9JO%DUWKHOPHVV$OIUHG9HUHUEXQJVZLVVHQVFKDIW)UHLEXUJ0QFKHQ6 2UELV $FDGHPLFXV ,,  ZHLWHUKLQ 6WXEEH +DQV .XU]H *HVFKLFKWH GHU *HQHWLN ELV ]XU :LHGHUHQW GHFNXQJGHU9HUHUEXQJVUHJHOQ*UHJRU0HQGHOV-HQD *HQHWLN   1DFKGHP*ULPP %G6S EHGHXWHWÅVLFKYHUVHKHQ´ÅLQEHVRQGHUHUDQZHQGXQJ YRQVFKZDQJHUHQIUDXHQGLHGXUFKLUJHQGHLQHQSO|W]OLFKHQDQEOLFNVWDUNHQHLQGUXFNDXI LKUHOHLEHVIUXFKWHLQHXQJQVWLJHZLUNXQJDXVEHQ´  9JODEHUGLHGXUFKGHQ(U]lKOHUYHUXUWHLOWH3UD[LVGHU.LQGV]HXJXQJ]ZLVFKHQ/DQGDGHOL JHPXQG%DXHUQPDJGÅGLH.LQGHUGLHGDUDXVKHUYRUJHKHQZHUGHQPLWHLQHP6WRO]HZLH MXQJH +DOEJ|WWHU DQJHVHKHQ PHKU DOV HKHOLFKH .LQGHU JHVFKPFNW XQG EHJQV WLJW´ *' 



.DSLWHO

 *' (VJHKWDOVRXPGHQ0\WKRVHLQHUDOWHUQDWLYHQTXDVLLGHHOOHQ 9HUHUEEDUNHLW GLH QDFK DX‰HQ KLQ IU DOOH VLFKWEDU HEHQIDOOV GLH )RUW VHW]XQJGHU)DPLOLHVLFKHUW*OHLFKZRKOPXVVVLFK-RKDQQHVDQGHU%X‰H GHU0XWWHUEHWHLOLJHQ(UZLUG3ULHVWHUNDQQDEHUDXFKDXIGLHVH:HLVHGLH $XVQDKPHH[LVWHQ]GHV$XVQDKPHZHVHQV²ZLHDXFKGHU0RKUHQMXQJH² OHEHQ,QGHVVHQILQGHWVLFKLP=XVDPPHQOHEHQ*UDI.DUOVPLW)UDXXQG 6FKZlJHULQ HLQH YRU GHP +LQWHUJUXQG GHU (UEVWUHLWLJNHLWHQ LQ OLWHUDUL VFKHQ7H[WHQGHU=HLWZLH+RIIPDQQV0DMRUDWRGHU.OHLVWV)DPLOLH6FKURI IHQVWHLQ DXIIlOOLJHUZHLVH EHIULHGHQGH HUEUHFKWOLFKH )DPLOLHQ]XVDPPHQIK UXQJGHQQXQDEKlQJLJYRQGHU/HLEOLFKNHLWYRQ0XWWHUXQG9DWHUZHUGHQ KLHU]ZHL)DPLOLHQYHUP|JHQYHUHLQLJW²]XP1XW]HQXQG]XP(UKDOWGHU JHVDPWHQ)DPLOLH$GHOLJHHUZHLVHQVLFKKLHUDOV6SH]LDOLVWHQIUJHQHDORJL VFKHQ=XVDPPHQKDOWIUGDVUHFKWH9HUHUEHQ:LHGHUXPEHJODXELJWZLUG GLH JHWHLOWH 0XWWHUVFKDIW XQG GDPLW HLQ DUEHLWVWHLOLJHV0DWULDUFKDW .OHOLDV XQG'RORUHV· GHU+HUUVFKHULQ$GPLQLVWUDWRULQXQG(U]LHKHULQHLQHUVHLWV XQG GHU OHLEOLFKHQ 0XWWHU DQGHUHUVHLWV  LQ HLQHP 0DUPRUVWDQGELOG GDV QHEHQ GHU LQQHUHQ %HIULHGXQJ GHV %HVLW]WXPV XQG GHU 5HFKWVVLFKHUKHLW DXFKGLH6RUJHXPGLH.LQGHUHLQVFKOLH‰W²XQGGLHVXQDEKlQJLJYRQGHQ QRWRULVFK DEZHVHQGHQ XQ]XYHUOlVVLJHQ 0lQQHUQ %HVFKULHEHQ ZLUG GDV 'HQNPDO VR Å.OHOLD XQG 'RORUHV VWDQGHQ QHEHQ HLQDQGHU 'RORUHV QLH GHUVHKHQG DXI HLQ .LQG GDV DQ LKUHU %UXVW VRJ XQG GDV VLH PLW EHLGHQ $UPHQKLHOW.OHOLDEOLFNWH]XP+LPPHOXQGHUKREGHXWHQGGLHHLQH+DQG GDKLQ LQ GHU DQGHUQ +DQG KLHOW VLH HLQ %XFK ZRULQ GLH EHLGHQ lOWHUHQ .LQGHUGHU'RORUHVPLWJHIDOWHWHQ+lQGHQODVHQ´ *'  'LH IDPLOLDOH ,QWHJUDWLRQ GHV -RKDQQHV ZLH DXFK GHV 0RKUHQMXQJHQ QHJLHUWHWZDLJHHUEELRORJLVFKH'HIL]LWHDEHUDXFKGLHÄDOWH¶)RUPHOIUGLH LQGLYLGXHOO XQYHUVFKXOGHWH 6WLJPDWLVLHUXQJ GHV 1DFKJHERUHQHQ GLH GHU %LQQHQWH[W XP GLH 3lSVWLQ -RKDQQD DEKDQGHOW 'LH XQJHKHXUH 6QGHQ VFKXOG HLQHV 0|QFKV XQG HLQHU 1RQQH GLH 9RUDXVVHW]XQJ XQJHKHXUHU %X‰H VHLQ VROO XQG GLH DXI GLH DOOHUGLQJV LQ]HVWX|V QRFKPDOV YHUVWlUNW DXIJHODGHQH *UHJRULXV/HJHQGH DQVSLHOW  HLQH 3DUDOOHOJHVFKLFKWH ]XP 6QGHQIDOO GHU 'RORUHV ² GLH 1DPHQVDQDORJLH -RKDQQHV-RKDQQD LVW DXI GULQJOLFKJHQXJ²HULQQHUWDQGHQDOWHQ.RPSOH[GHU(UEVQGHGLHGXUFK %X‰SUD[LVJHQHDORJLVFKGKGXUFKGLH1DFKIROJHUJHO|VFKWZHUGHQNDQQ 'LHVJHVFKLHKWRGHUVROOJHVFKHKHQGXUFKGLHGHQ3URWDJRQLVWHQQDFKIRO JHQGHÄGULWWH¶*HQHUDWLRQ *HQHUDWLRQ PHLQW QLFKW QXU GLDFKURQ *HQHDORJLH VRQGHUQ DXFK GLH =HLWJHQRVVHQVFKDIW *OHLFKDOWULJHU ,Q GLHVHP 6LQQ ZLUG Ä*HQHUDWLRQ¶ HUVW DE HWZD  JHEUDXFKW DOOHUGLQJV ZLUG GDV WUDGLWLRQDOH JHQHDORJLVFKH ²²²²²²²²²²²²²  8PJHNHKUWWUlJWGDV.LQG2WWRLQGHQ:DKOYHUZDQGWVFKDIWHQGDVHKHOLFKJH]HXJWZXUGHGLH =JH GHV +DXSWPDQQV XQG 2WWLOLHV GLH VLFKWEDUH )ROJH HLQHU HPRWLRQDOHQ ,UULWDWLRQ GLH VLFKRKQHELRORJLVFKH3ODXVLELOLWlWJHQHDORJLVFKDXVZLUNW



*HQHDORJLH





 'HQNHQQLFKWDXIJHJHEHQVRQGHUQLQGDV*HQHUDWLRQVGHQNHQLQWHJULHUW 0DQ PVVWH KLHU DQ *RHWKHV :DKOYHUZDQGWVFKDIWHQ GHQNHQ DXI GLH *UlILQ 'RORUHV DQWZRUWHW $UQLPV 5RPDQ IUDJW QLFKW QXU QDFK 9HUHUEEDUNHLW VRQGHUQEHOHXFKWHWGUHL*HQHUDWLRQHQGLHGHV$QFLHQ5pJLPHPLW'RORUHV· 9DWHUGLHYRQGHQ8PEUFKHQGHU5HYROXWLRQV]HLWDPPHLVWHQEHWURIIHQH *HQHUDWLRQ ZHOFKH GLH +DXSWILJXUHQ DOOHQ YRUDQ .DUO XQG 'RORUHV UH SUlVHQWLHUHQ VRZLH HLQH SRVWUHYROXWLRQlUH *HQHUDWLRQ IU GLH .DUOV VWUHLWEDUH 6|KQH DEHU DXFK GHU DXI $XVJOHLFK EHGDFKWH DXV 'RORUHV· (KHEUXFKKHUYRUJHKHQGH6RKQ-RKDQQHVVWHKHQP|JHQ*RHWKHV5RPDQ KDWWHKLQJHJHQPLWGHP7RGGHV.LQGHVGHU3URWDJRQLVWHQMHGHUWUDQVJH QHUDWLRQDOHQ +RIIQXQJ DXI GLH )RUWVHW]XQJ HLQHU GXUFK DGHOLJH /HEHQV NXQVW JHSUlJWHQ .XOWXU HLQH $EVDJH HUWHLOW ,Q GHQ GUHL *HQHUDWLRQHQ NHKUW GLH URPDQWLVFKH *HVFKLFKWVSKLORVRSKLH GHU 7ULDGH ZLHGHU ² DXV GXUFKDXV DGHOVJHVFKLFKWOLFKHU 6LFKW 'LH YRUUHYROXWLRQlUH *HQHUDWLRQ YHUN|USHUWGDV$EJHOHEWH:LHYLHOGDYRQLQGHUQRFKXWRSLVFKHQ)ROJHJH QHUDWLRQ ZLHGHUNHKUW EOHLEW YRUHUVW RIIHQ 'LH ÄGULWWH¶ *HQHUDWLRQ ZLUG QLFKW DOOHV QHX HUILQGHQ JOHLFKZRKO ZLUG GLH 'LIIHUHQ]TXDOLWlW ]ZLVFKHQ GHQ *HQHUDWLRQHQ LPPHU ZLFKWLJHU (LQ DGHOLJHU 5RPDQWLNHU GHU QLFKW QXU$XWRUVRQGHUQDXFK%LRORJHLVW$GHOEHUWYRQ&KDPLVVRZLUG GHQ%HJULIIÅ*HQHUDWLRQVZHFKVHO´SUlJHQ&KDPLVVRXQWHUVWUHLFKWGDPLW GLH ,QGLYLGXDOLWlW GHU MHZHLOLJHQ =HLWJHQRVVHQVFKDIW (UVW ODQJVDP DEHU ZLUGGDV-DKUKXQGHUW]XMHQHU6LFKHUKHLWLP8PJDQJPLWJHQHDORJLVFK JHQHWLVFKHQ *HVHW]Pl‰LJNHLWHQ ]XUFNILQGHQ GLH VHLW GHU 3UHLVJDEH GHU 3UlIRUPDWLRQVOHKUHYHUORUHQJHJDQJHQZDU 'HQQRFK OHKQW VLFK $UQLPV 5RPDQ DQ HLQ 3URJUDPP DQ GDV DXI 5RXVVHDXXQGGDV'HQNHQGHU)UDQ]|VLVFKHQ5HYROXWLRQ]XUFNJHKWGDV GHU5HJHQHUDWLRQ²GDPLWLVWHLQ$XVZHJDXVGHQVLFKLP]HLWJHQ|VVLVFKHQ :LVVHQDUWLNXOLHUHQGHQJHQHDORJLVFKHQ8QVLFKHUKHLWHQJHIXQGHQ'LHYRQ .DUOOlQJVWVFKRQJHSODQWH *' GDQQDEHUHUVWQDFKGHP7RG'ROR UHV· YROO]RJHQH 5FNNHKU QDFK 'HXWVFKODQG LVW ZHQLJHU $XVGUXFN YRQ 5HVWDXUDWLRQ DOV YRQ 5HJHQHUDWLRQ ELHWHW VLFK GRFK HUVW GDPLW GLH 0|J OLFKNHLW GLH ÅPLW MXJHQGOLFKHU .UDIW´ *'   EHJDEWHQ 6|KQH DP 'LHQVWIUGDV9DWHUODQG]XEHWHLOLJHQ%HUHLWVLQGHQGXUFKGLH5H]HSWLRQ 5RXVVHDXVEHVWLPPWHQ-DKUHQYRUGHU5HYROXWLRQEH]HLFKQHWHGHU7HUPL QXV ÄUpJpQHUDWLRQ¶ ÅD SURPLVHG VRFLDO UHIRUP EDVHG RQ QDWXUDO ODZ DQG PRUDOSXULW\7KHFHQWUDOILJXUHRIWKLVUHJHQHUDWLRQZDVWKHÄJRRGPRWKHU¶ ZKRVHMRELWZDVWRÄJLYHELUWK¶WRDQLGHDOUHSXEOLFµZLH/\QQ6DONLQ6EL ²²²²²²²²²²²²²  9JO 3DUQHV 2KDG ÄÅ(V LVW QLFKW GDV ,QGLYLGXXP VRQGHUQ HV LVW GLH *HQHUDWLRQ ZHOFKH VLFK PHWDPRUSKRVLHUW¶ *HQHUDWLRQHQ DOV ELRORJLVFKH XQG VR]LRORJLVFKH (LQKHLWHQ LQ GHU (SLVWHPRORJLH GHU 9HUHUEXQJ LP  -DKUKXQGHUW´ LQ :HLJHO X D +UVJ  *HQHUDWLRQ 6KLHU6I²=XP*HQHUDWLRQVEHJULIIYJOLQ.DSLWHO]X$GDP0OOHU  9JO3DUQHV,QGLYLGXXP6



.DSLWHO

 UROL DXVIKUW$OV $XVZHJ DXV GHU YRQ .UDQNKHLW XQGÅVRFLDO GHJHQHUD WLRQ´EHWURIIHQHQ$GHOVJHVHOOVFKDIWGHV$QFLHQ5pJLPHERWHVVLFKDQHLQH QHXH QXQ EUJHUOLFKH )LJXUDWLRQ GHU 5HLQKHLW  XQG GHU :LHGHUJHEXUW HEHQ GLH GHU Ä5HJHQHUDWLRQ¶ ]X HQWZHUIHQ 1XQ VWHXHUWH GLH 5RPDQWLN GLHVHP 7XJHQGLGHDO HUVW HLQPDO PLW HLQHU :LHGHUHQWGHFNXQJ YRQ :HLE OLFKNHLWXQG6LQQOLFKNHLWLQ6FKOHJHOV/XFLQGHHWZDHQWJHJHQ(VZDUDEHU VRGDQQ GDV 9RUXUWHLO GHV XQPRUDOLVFKHQ $GHOV ]X EHUSUIHQ ,Q $UQLPV SRO\SKRQHP 5RPDQ VLQG ]DKOUHLFKH 7\SHQ GHV $GHOLJHQ ]X EHREDFKWHQ GHU 0DUFKHVH XQG GHU YRQGHQ %ODWWHUQ HQWVWHOOWH %DURQ ² PDQ HULQQHUH VLFKDQGLH]XP6FKOXVVYRQ/DFORV·*HIlKUOLFKH/LHEVFKDIWHQHEHQIDOOVGXUFK %ODWWHUQQDUEHQ HQWVWHOOWH 0DUTXLVH GH 0HUWHXLO ² HQWVSUHFKHQ MHGHQIDOOV QRFKGHPYRP-DKUKXQGHUWEHUNRPPHQHQ$GHOVVWHUHRW\S'RFKDXV GHU1lKHEHVHKHQVLQGGLH*HVFKLFKWHQLQ$UQLPV5RPDQYRUDOOHPDXFK GHU +DXSWHU]lKOVWUDQJ QLFKW *HVFKLFKWHQ YRQ 5HLQKHLW XQG 7XJHQGKDI WLJNHLW VRQGHUQ DXVJHVSURFKHQ DUDEHVNH (U]lKOXQJHQ GHU 8PZHJLJNHLW GLH OHW]WOLFK ]XU 5HJHQHUDWLRQ LQ GHU IROJHQGHQ *HQHUDWLRQ MHGHQIDOOV IKUHQ 'HU OHJHQGHQKDIWH /HEHQVODXI GHU *UlILQ 'RORUHV LPSOL]LHUW GLH 1RWZHQGLJNHLW HLQHV 8P:HJHV EHU HLQHQ 3ULPDW GHU gNRQRPLH XQG GHQ VWlQGHW\SLVFKHQ Ä6QGHQIDOO¶ 'RORUHV VHOEVW PXVV DEHU HUVW HLQHQ UHLQLJHQGHQ7RGVWHUEHQXQG]XP'HQNPDOHUVWDUUHQHKHGLHNULHJHULVFKH 0|JOLFKNHLWGHU5HJHQHUDWLRQDXIVFKHLQW 5RPDQHXP(KH=HXJXQJXQG(UEVFKDIWYHUKDQGHOQLQGHU6FKZHO OHQ]HLWXP2SWLRQHQNXOWXUHOOHU+\EULGLWlWRGHUDXFKGHU.UHROLVLH UXQJ RE GLHV %DO]DFV 5RPDQ /HFRQWUDWGHPDULDJH LVW ZR HEHQIDOOV $GHO E]Z $GHOLJNHLW GLH ÄUHLQH¶ XQG ÄXUVSUQJOLFKH¶ $OWHUQDWLYH E]Z 9RUDXV VHW]XQJ LQV 6SLHO EULQJWRGHU RE GDV $UQLPV (KHURPDQ LVW +\EULGLWlW OHLVWHW :LGHUVWDQG JHJHQ HLQH DXIJH]ZXQJHQH HLQGHXWLJH XQG GDV KHL‰W JHJHQ GLH YHUPHLQWOLFK SROLWLVFK XQG VR]LDO PRGHUQHUH  .XOWXU VLFKHUW DNWXDOLVLHUWXQGUHNRPELQLHUWGDVWUDGLWLRQVYHUKDIWHWH(LJHQHHLQHU]XPLQ GHVW GHP $XJHQVFKHLQ QDFK LQV +LQWHUWUHIIHQ JHODQJHQGHQ NXOWXUHOOHQ XQG SROLWLVFKHQ  0DFKW VRODQJH GDV P|JOLFK LVW XQG ZLUG JHQDX GDPLW ÄRULJLQHOO¶'LH$GHOVNXOWXUIKUWLQGHU/LWHUDWXUGHU5RPDQWLNVRPLWHLQH ÅERUGHUOLQH H[LVWHQFH´ ZLH VLH +RPL %KDEKD IU NXOWXUHOOH 3KlQRPHQH GHV3RVWNRORQLDOLVPXVQDFKJHZLHVHQKDWÅWKHULPRIDQÄLQEHWZHHQ¶UHDO ²²²²²²²²²²²²²  6DONLQ6ELUROL/\QQÅ*HQHUDWLRQDQGUHJHQHUDWLRQUHIOHFWLRQVRQWKHELRORJLFDODQGLGHR ORJLFDOUROHRIZRPHQLQ)UDQFH  ´LQ0DULH0XOYH\5REHUWV5R\3RUWHU +UVJ  /LWHUDWXUH 0HGLFLQHGXULQJWKH(LJKWHHQWK&HQWXU\/RQGRQ1HZ«@UHVLVWVWKHELQDU\RSSRVLWLRQRIUDFLDO DQG FXOWXUDO JURXSV >«@ DV KRPRJHQHRXV SRODUL]HG SROLWLFDO FRQVFLRXV QHVV´  1LFKW DQ HLQHU :LHGHUEHOHEXQJ RGHU GHQ (UKDOW YRQ OlQJVW ]X YHUDEVFKLHGHQGHQ7UDGLWLRQHQLVWGLHVHP5RPDQJHOHJHQVRQGHUQDQGHQ GHPURPDQWLVFKHQ,GHDOGHU0LVFKXQJJHQJHQGHQ)RUPHOQXQG)RUPHQ GHV ]XJOHLFK ,QQRYDWLYHQ XQG 7UDGLWLRQVEHZXVVWHQ GDV GLH *HJHQVlW]H YRQÄDOW¶XQGÄQHX¶ ÅYRU´YVÅQDFK´ RGHUDXFKGLHUlXPOLFKHU ,WDOLHQYV'HXWVFKODQG RGHUSROLWLVFKHU&RGLHUXQJHQ 0RQDUFKLHYV'H PRNUDWLH  KLQWHU VLFK OlVVW ² HWZD ]XJXQVWHQ GHVURPDQWLVFKHQ ,GHDOV GHV 2UJDQLVFKHQRGHUGHU6LFKHUXQJYRQ*HQHDORJLH  

0HGDUGXV·$KQHQSUREH(7$+RIIPDQQ 'LH(OL[LHUHGHV7HXIHOV

 (LQ %OLFN DXI +RIIPDQQV °XYUH YHUPLWWHOW GHQ ]ZLQJHQGHQ (LQGUXFN GDVVGDV$XIWUHWHQDGHOLJHQ3HUVRQDOV²DX‰HQYRUEOHLEHKLHUHLQPDOGLH W\SLVFKH)LJXUGHV'XRGH]IUVWHQLP0XUU5RPDQRGHULP.OHLQ=DFKHV² DQHLQUHNXUUHQWHV(QVHPEOHVHPDQWLVFKHU0HUNPDOHJHNQSIWLVW'DVLVW ]XP HLQHQ JHQHUHOO GLH (QJIKUXQJ YRQ $GHOLJHP XQG URPDQWLVFKHP Ä(QWKXVLDVWHQ¶ GLH .RUUHODWLRQ YRQ WUDGLWLRQDOHP (OLWDULVPXV XQG SKDQ WDVPDWLVFKJHVWHXHUWHU:DKUQHKPXQJVRZLHSRHWLVFKHU3URGXNWLYLWlWDOVR RELQHLQHURGHULQ]ZHL)LJXUHQHLQH.RQVWHOODWLRQGLH]ZHLWHQVJHEXQ GHQLVWDQGLH)LJXUGHU $GHOV *HQHDORJLHYHUVWDQGHQDOV5HJXODULWlWGHU $EIROJHXQGGHU5HSURGXNWLRQEHKDIWHWGULWWHQVPLWHLQHP0RPHQWGHV ,UUHJXOlUHQGHUIDPLOLDOHQ.RPSOLNDWLRQXQG*HIlKUGXQJDQJHVLHGHOWLP 'RSSHOJlQJHUPRWLY PLW GHU *HIDKU GHU 8QXQWHUVFKHLGEDUNHLW GLVWLQNWHU )LJXUHQ VRZLH LP 0RWLY GHU 9HUWDXVFKXQJ XQG 9HUZHFKVOXQJ YRQ 9HU ZDQGWHQ$XVGHU:DKUQHKPXQJGHV%HVRQGHUHQGHUDGHOLJHQ)DPLOLHZLH DXFKLKUHU%HVFKlGLJXQJHQHUJLEWVLFKGLHEHVDJWH9HUNQSIXQJYRQ$GHO XQG3RHVLH'LHVWDWXLHUWH*HLVWHVYHUZDQGWVFKDIWGHV*UDIHQ3PLWGHP (U]lKOHU LQ 'DV|GH+DXV LVW GLH (LQJDQJVV]HQHULH HLQHU 5HLKH YRQ %HR EDFKWXQJHQGLHGDVLQGHUPRGHUQHQ*UR‰VWDGWGHSOD]LHUWZLUNHQGHGDU XPDEHUEHVRQGHUVEHPHUNHQVZHUWH+DXVHLQHU$GHOVIDPLOLH]XP0LWWHO SXQNWKDEHQ'HU%OLFNGHVGLYLQDWRULVFKEHJDEWHQ3KDQWDVWHQDXIMHQHQ UlWVHOKDIWHQ|NRQRPLVFKIXQNWLRQVORVHQ2UWNXOWXUHOOHU6lWWLJXQJLVWSRH

²²²²²²²²²²²²²  %KDEKD+RPL7KH/RFDWLRQRI&XOWXUH/RQGRQ1HZV@ VHLQHU $EVWDPPXQJ´ LVW  'HU SROQLVFKH $GHO JDOW VHLW GHP (QGHGHV-DKUKXQGHUWVDOVRGHP8QWHUJDQJGHV.|QLJUHLFKHV3ROHQ DOV ÅDQDUFKLVFK XQG KDEJLHULJ ]XJOHLFK DEHU DOV PXWLJ XQG NDPSIHVOXV WLJ´² PDQ ZLUG VDJHQ N|QQHQ DOV SDUDGLJPDWLVFK IU YLWDOHV DGHOLJHV +HUNRPPHQLQHLQHU=HLWLQGHUGHP$GHOLPPHUZLHGHU'HNDGHQ]DWWHV WLHUW ZXUGH $XV GLHVHU 5ROOH HUZlFKVW HQGJOWLJ 0HGDUGXV· $XWRUVFKDIW HLQSODQYROOHV.DQDOLVLHUHQGHUGDUVWHOOHULVFKHQ3KDQWDVLH3URWRW\SVHLQHU $XWRELRJUDSKLH LVW GDV ]XU %HJODXELJXQJ GHV 5ROOHQVSLHOV HQWVWHKHQGH ²²²²²²²²²²²²² GXUFK )RXFDXOW QDFKJHZLHVHQHQHSLVWHPLVFKHQ %UXFK XP  GHUVLFK LQ HLQHU ,QWHUHV VHQYHUVFKLHEXQJ LQ *HQHDORJLH XQG %LRORJLH YRQ .ODVVLILNDWLRQ ]XU Å(UNHQQWQLV GHV /H EHQGHQ´VHLQHV8UVSUXQJVXQGVHLQHU)RUWSIODQ]XQJ]HLJW 'D]X:HLJHO6LJULGÅ,QNRU SRUDWLRQ GHU *HQHDORJLH GXUFK GLH *HQHWLN 9HUHUEXQJ XQG (UEVFKDIW DQ 6FKQLWWVWHOOHQ ]ZLVFKHQ%LRXQG.XOWXUZLVVHQVFKDIWHQ´LQHEG6KLHU6I   $XIGHQ.QVWOHUURPDQKDEHQXDDXIPHUNVDPJHPDFKWYRQ0DWW$XJHQGHU$XWRPDWHQ 6 0HL[QHU )LJXUDOLVPXV 6 I /LHEUDQG &ODXGLD $SRULH GHV .XQVWP\WKRV 'LH 7H[WH (7$+RIIPDQQV)UHLEXUJ6II /LWWHUDH   9JOHEGÅ'LHDUVGLH0HGDUGXV)UDQ]EHWUHLEWLVWGLH.DQ]HOUHGH´ (   0RPEHUJHU 0DQIUHG 6RQQH XQG 3XQVFK 'LH 'LVVHPLQDWLRQ GHV URPDQWLVFKHQ .XQVWEHJULIIV EHL (7$+RIIPDQQ0QFKHQ6  .R]LHOHN*HUDUGÅ'DV3ROHQELOGGHU'HXWVFKHQ´LQGHUV +UVJ 'DV3ROHQ ELOGGHU'HXWVFKHQ$QWKRORJLH+HLGHOEHUJ6KLHU6



*HQHDORJLH





 Å*HZHEH HQGORVHU /JHQ´ (   1LFKW ]X NOlUHQ ZLH ZRKO DXFK EHL VHLQHUÄ]ZHLWHQ¶$XWRELRJUDSKLHGLHGHU/HVHUGHU(OL[LHUHLQ+lQGHQKlOW LVWGHU:DKUKHLWVJHKDOWGHV7H[WHV >$@XI]XVFKUHLEHQEHVFKOR‰LFK>@GHQ5RPDQGHUPLFKUHWWHQVROOWH>@,FKDU EHLWHWHPLW$QVWUHQJXQJELVLQGLH1DFKWKLQHLQLP6FKUHLEHQHUKLW]WHVLFKPHLQH )DQWDVLH DOOHV IRUPWH VLFK ZLH HLQH JHUQGHWH 'LFKWXQJ XQG IHVWHU XQG IHVWHU VSDQQVLFKGDV*HZHEHHQGORVHU/JHQZRPLWLFKGHP5LFKWHUGLH:DKUKHLW]X YHUVFKOHLHUQKRIIWH (I 

,QGLHVHPDXVGHU1RWJHERUHQHQ5HFKWIHUWLJXQJVVSLHOHQWVSULQJWlKQOLFK ZLHEHL)UDQFHVNR.QVWOHUWXPLQGHU*HVWHGHU6HOEVWHUPlFKWLJXQJGHV $GHOLJHQ ² KLHU IUHLOLFK LURQLVFK JHEURFKHQ DOV 6SLHO 0HGDUGXV· $GHO LVW ]XJOHLFK5ROOHXQGHFKW XQGEHGLHQWGDVGHP$GHOJHUQ]XJHRUGQHWH6HP Ä6SLHO¶  Ä$GHO¶ PHLQW LP .RQWH[W YRQ 9HUK|U XQG HU]ZXQJHQHU $XWRELR JUDSKLH ]ZHLHUOHL GDV 5HFKW DXI VSLHOHULVFKH 'XUFKIKUXQJ HLQHUVHLWV GLH (LQELQGXQJLQHLQH²GDV$JLHUHQGHU5LFKWHUEHVWlWLJWGLHV²LPPHUQRFK DOV$XWRULWlWDQHUNDQQWHDOWKHUJHEUDFKWH2UGQXQJDQGHUHUVHLWV²XQGVHLHV YHUVXFKVZHLVH'DVVVLFKÅGLH,GHQWLWlWGHV0HGDUGXV>@DXI>VSOLWWHUW@LQ HLQH9LHO]DKOYRQSHUVRQDH´ZlUHGDQQQLFKWZHLWHUVFKOLPPZHQQHV JHOlQJHGLHVHJHQHDORJLVFK]XNRQILJXULHUHQ9RQGLHVHP9HUVXFKKDQGHOW GHU 5RPDQ 'LHVHU DGHOLJH .QVWOHU LVW QLFKW ZLH GDV 2ULJLQDOJHQLH GHU Å+HURV HLQHU >@ YRQ JHQHDORJLVFKHQ 9RUEHKDOWHQ HQWODVWHWHQ *HVHOO VFKDIW´]XNXQIWVRULHQWLHUWJDUDXIHLQ7HORVKLQVRQGHUQHULVWYLHOPHKU GHU9HUJDQJHQKHLWVHLQHU)DPLOLH]XJHZDQGW $OV$XWRUHLQHU$KQHQSUREHLQ3URVDLVW0HGDUGXVHLQXQYHUOlVVOLFKHU (U]lKOHU ZLH HU HV ZRKO VFKRQ DOV SROQLVFKHU (GHOPDQQ /HRQDUG .UF]LQVNLZDU(UNDQQQDFKYLHOHQ-DKUHQQRFK:RUWIU:RUWVHLQH*H VSUlFKVSDUWQHU ]LWLHUHQ (   DOV HU]lKOHQGHV ,FK IlOOW HU PLWXQWHU DXV GHU5ROOHGHV%X‰IHUWLJHQKHUDXVGDQQHWZDZHQQHUHQWJHJHQHLQHPDXI (UO|VXQJLP*ODXEHQ]LHOHQGHQ'DVHLQDXVJHUHFKQHWGLH8PDUPXQJ$X UHOLHVDOV+|KHSXQNWVHLQHV/HEHQVZHUWHW ( 'HU%‰HU0HGDUGXV DOV (U]lKOHU XQWHUVFKHLGHW VLFK GXUFKDXV YRQ GHP GXUFK VHLQH 3KDQWDV PHQ EHUZlOWLJWHQ HU]lKOWHQ ,FKGRFK VLQG GLHVH 3KDQWDVPHQ VHOWVDP OHEHQGLJ JHEOLHEHQ EOHLEW GLH (LQNOHLGXQJ GHV 6FKUHLEHQV LQV %X‰ULWXDO HUNHQQEDUHLQHHU]lKOHULVFKH3IOLFKWEXQJ 0HGDUGXV· DXWRELRJUDSKLVFKHU 5RPDQ VR PRGHUQ GLH ,QNRQVLVWHQ] GHV(U]lKOVXEMHNWVDXFKLVWYHUEOHLEWIRUPDOXQGPDWHULDOLQGHU5DKPXQJ ²²²²²²²²²²²²²  0RPEHUJHU6RQQH6  0DFKR 7KRPDV Å6WDPPElXPH )UHLKHLWVElXPH XQG *HQLHUHOLJLRQ $QPHUNXQJHQ ]XU *HVFKLFKWH JHQHDORJLVFKHU 6\VWHPH´ LQ :HLJHO +UVJ  *HQHDORJLN XQG*HQHWLN 6  KLHU6  9JO6FKPLGW5LFDUGDÅ1DUUDWLYH6WUXNWXUHQURPDQWLVFKHU6XEMHNWLYLWlWLQ(7$+RII PDQQV 'LH (OL[LHUH GHV 7HXIHOV XQG 'HU 6DQGPDQQ´ LQ *HUPDQLVFK5RPDQLVFKH 0RQDWVVFKULIW 1HXH)ROJH6KLHU6



.DSLWHO

 GXUFK GDV )DPLOLDOH 'DV Å3HUJDPHQWEODWW´ GHV 0DOHUV HQWKlOW HLQH LP 9HUJOHLFK ]X MHQHP Ä5RPDQ¶ WUDGLWLRQHOO DQPXWHQGH)DPLOLHQFKURQLN6LH WUlJW]XU/|VXQJYRQ0HGDUGXV·ELRJUDSKLVFKHP5lWVHOEHLLVW%LQQHQWH[W LQ VHLQHU 5DKPHQHU]lKOXQJ JOHLFK]HLWLJ DEHU 0HGDUGXV· (U]lKOXQJ HUVW EHJUQGHQGHU$UFKLWH[W$XFKPDWHULDOLWHULVWGLH&KURQLNJOHLFKVDPIDPL OLDOH6FKXW]+OOHYRQ0HGDUGXV·%LRJUDSKLHLQGHPGHU7H[WGHV0DOHUV VLFKSDOLPSVHVWDUWLJDXIGLH2EHUIOlFKHGHV]XQlFKVWQXUDOVVFKW]HQGHV (LQEDQGPDWHULDO GLHQHQGHQ GD YHUOlVVOLFKKDOWEDUHQ 3HUJDPHQWV JHOHJW KDW'LHVHEHLGHQ7H[WHVLQGZLHLKUH6FKUHLEHUXQHQWZLUUEDUPLWHLQDQGHU YHUIORFKWHQXQGVWHKHQEHLGHLP'LHQVWGHU$UFKLYLHUXQJYRQ)DPLOLHQJH VFKLFKWH 'DEHL ZlUH ]X EHPHUNHQ GDVV LP 9HUJOHLFK GD]X GLH .|USHU /HEHQV XQG 9HUZDQGOXQJVNXQVW GHV LQ GHU MQJHUHQ )RUVFKXQJ VWHWV JHSULHVHQHQ%HOFDPSRGDV6FKLFNVDOGHV(SKHPHUHQHUOHLGHW6ROOWHGLH QLFKWHQGHQGH7H[WXUGHUDGHOLJHQ)DPLOLHHLQH*DUDQWLQIUGLH3HUVLVWHQ] GHVOLWHUDULVFKHQ7H[WVVHLQ"'LHMHQLJHQ/HVHUGHV5RPDQVGLH7HORVXQG 6FKOXVV LQ 0HGDUGXV· 6KQH XQG 9HU]LFKWOHLVWXQJ ² 9HU]LFKW DXI HLQH )RUW]HXJXQJ VHLQHU )DPLOLH ² HUNHQQHQ VHLHQ DQ HLQH %HPHUNXQJ GHV ILNWLYHQ +HUDXVJHEHUV HULQQHUW Å'LH IUVWOLFKH )DPLOLH DXV GHU MHQHU RIW JHQDQQWH )UDQFHVNR DEVWDPPWH OHEW QRFK LQ ,WDOLHQ XQG HEHQ VR OHEHQ QRFKGLH1DFKN|PPOLQJHGHV)UVWHQLQGHVVHQ5HVLGHQ]VLFK0HGDUGXV DXIKLHOW´ ( 0HGDUGXV·*HVFKOHFKWXQGVHLQ7H[WEOHLEHQDOVR +RIIPDQQV5HNXUVDXIHLQHZHLWYHU]ZHLJWHQXUVFKHLQEDUGXUFKGLH OLQHDUH 2UGQXQJVVWUXNWXU GHV Ä6WDPPEDXPV¶ EHKHUUVFKEDUH $GHOVIDPLOLH EHGLQJW GDVV .RQILJXUDWLRQ VRZLH ZLH ,ULV 'HQQHOHU EHUHLWV IHVWVWHOOWH (U]lKOVWUXNWXU XQG *HVFKLFKWH GHU 6SUDFKH JOHLFKHQ  $OOHUGLQJV ÅPLVFKHQ VLFK ]HQWULIXJDOH XQG ]HQWULSHWDOH 7HQGHQ]HQ GHU %HGHXWXQJV NRQVWLWXLHUXQJ´ 'LH'DUVWHOOXQJGHUPRGHUQHQ(UIDKUXQJGHV,FKYHUOXVWVZLUGDOVRLQHLQHQWUDGL WLRQHOOHQ%H]XJVUDKPHQJHVWHOOWGHPVFKHLQEDUHQ&KDRVZLUGHLQHJHKHLPH2UG QXQJXQGHLQH7HOHRORJLHXQWHUVWHOOWXQGGDULQXQWHUVFKHLGHW+RIIPDQQVLFKYRQ GHU0RGHUQH

0HGDUGXV·9HUZHLJHUXQJYRQ6XEMHNWLYLWlWXQG]XNXQIWVJHZLVVHU7HOHROR JLH]XJXQVWHQHLQHV3HUV|QOLFKNHLWVNRQ]HSWVGHU'LIIHUHQ]XQGGHUUHWUR JUDGHQ$QDO\VHLQÄDXIVWHLJHQGHU/LQLH¶ZlUHGDQQHLQLPPHUQRFKURPDQ ²²²²²²²²²²²²²  9JO /LHEUDQG $SRULH 6  .UHPHU (U]lKOXQJHQXQG5RPDQH 6 I 0RPEHUJHU 6RQQH 6  9JO'HQQHOHU.HKUVHLWHGHU9HUQXQIW6Å'LH(U]lKOVWUXNWXUXQGGLH*HVFKLFKWHJOHLFKHQ DXIIDOOHQGGHU6SUDFKHGHUHQ6WUXNWXUJOHLFKIDOOVDOVSDUROHIXQNWLRQLHUWRKQHGD‰ZLUYRQ LKUHQ*HVHW]HQZ‰WHQ*HUDGHDXIJUXQGGLHVHULP8QEHZX‰WHQYHUDQNHUWHQ6SUDFKVWUXN WXUHQWZLFNHOWGLH(U]lKOVWUXNWXUGHV5RPDQVLKUH6XJJHVWLRQVNUDIW´  6FKPLGW6WUXNWXUHQ6XQG6'LH7KHVHLPJDQ]HQJHJHQ0RPEHUJHUHLQVFKUlQ NHQG ZUGH LFK GDV 7HOHRORJLVFKH LQ GHQ (OL[LHUHQ DEJHVFKZlFKW VHKHQ OHGLJOLFK HLQHU FKULVWOLFKHQ2EHUIOlFKHQOHVDUW]XNRPPHQG



*HQHDORJLH





 WLNJHPl‰HV $OWHUQDWLYNRQ]HSW ]XP IUKURPDQWLVFKHQ 6XEMHNWRSWLPLV PXV'LH $KQHQSUREH GHV 0HGDUGXV XPIDVVW VRZRKO GLH $XWRUVFKDIW DQHLQHPPRGHUQHQ7H[WDOVDXFKGLH7HLOKDEHDQYRUPRGHUQHPJHQHDOR JLVFKHQ 'HQNHQ 9HUJOHLFKEDUHV LVW ]X *UlILQ'RORUHV]X VDJHQ HLQHQ 5R PDQGHUDXIGLH$QDORJLHYRQNULVHQKDIWHU*HQHDORJLHXQGYLHOIDFKYHU VFKDFKWHOWHP 'LVFRXUV VHW]W Ä$GHOLJNHLW¶ LVW XP  LQ JHQHDORJLVFKHU +LQVLFKWNHLQKHUN|PPOLFKHV2UGQXQJVV\VWHPNHLQKHLPOLFKHV=HQWUXP RGHUWUDQV]HQGHQWDOHV6LJQLILNDWGHU7H[WXUYLHOPHKUHLQNXOWXUHOOHU&RGH GHVVHQSRO\VHPHV*HIOHFKWHLQHXQHQGOLFKH9HUZHLVNHWWHGHU6LJQILNDWLRQ WUlJW HLQH3ULRULWlW GHV 6LJQLILNDQWHQ MHGRFK PLWGHP$QVSUXFK GHV %H VRQGHUHQXQG([NOXVLYHQGHUHOLWlUHQ$EZHLFKXQJGHU7H[WXUYRPhEOL FKHQ $Q GLHVHU 6WHOOH LVW DQ 1LHW]VFKHV 9HUVWlQGQLV GHU 5RPDQWLN DOV +\EULGDXV&KULVWHQWXP5RXVVHDX5HQDLVVDQFH.XOWXUXQG$ULVWRNUDWLV PXV]XHULQQHUQ 0HLQ.DPSIJHJHQGLH5RPDQWLNLQGHUFKULVWOLFKH,GHDOHXQG,GHDOH5RXVVHDXV ]XVDPPHQNRPPHQ]XJOHLFKDEHUPLWHLQHU6HKQVXFKWQDFKGHQDOWHQ=HLWHQGHU SULHVWHUOLFKDULVWRNUDWLVFKHQ &XOWXU QDFK! YLUW QDFK GHP ÄVWDUNHQ 0HQ VFKHQ¶²HWZDVlX‰HUVW+\EULGHV

'DVQLFKWLGHQWLVFKH6XEMHNWGDVQDFKGHU)UKURPDQWLNNRPPWJULIIH DOVR]XUFNDXIHLQYRUPRGHUQHV=HLFKHQV\VWHP*HUDGH]XP(UKDOWGHU 8QYHUZHFKVHOEDUNHLWGHU%HIULHGLJXQJGHV'LVWLQNWLRQVEHGUIQLVVHVZXU GHQ Å5HNRQYHUVLRQHQ´ GHV GXUFK GHQ $GHO EHYRU]XJWHQ V\PEROLVFKHQ XQGVR]LDOHQ.DSLWDOVQRWZHQGLJ0HKUHUH$OWHUQDWLYHQZDUHQGHQNEDU 0RGHUQLVLHUXQJ NRQQWH HLQH 7UDQVIRUPDWLRQ GHV EHVWHKHQGHQ V\PEROL VFKHQ LQ NXOWXUHOOHV RGHU LQ |NRQRPLVFKHV .DSLWDO EHGHXWHQ 'LH(OL[LHUH GHV7HXIHOVLOOXVWULHUHQGLHV\PEROLVFKH%HVLW]VWDQGVZDKUXQJGXUFKGLH$K QHQSUREHDOV1DUUDWLRQGDPLWDOVRLQGHU7DWGLHhEHUVHW]XQJHLQHUYRU PRGHUQHQ )RUP GHU :LVVHQVSUlVHQWDWLRQ YRQ Å]HLWEHUJUHLIHQGH>U@ 3Ul VHQ] XQG PHPRULDOH>U@ 'DXHUKDIWLJNHLW´  GHV Å'LVSRVLWLY>V@ HLQHU 2UGQXQJGHV/HEHQV´LQGDV(U]lKOHQHLQHU%LRJUDSKLHGDVVLFKMHQHU ²²²²²²²²²²²²²  9JO0RPEHUJHUV7KHVH]X+RIIPDQQV1HJDWLRQGHVIUKURPDQWLVFKHQ6XEMHNWVÅ,QGHP HUVLFKHLQHUSRVLWLYHQ'DUVWHOOXQJGHV$EVROXWHQYHUVDJWVWHOOW+RIIPDQQVLFKDXIGLH6HLWH GHV 1LFKW,GHQWLVFKHQ GHV 0XOWLSOHQ GHV 'LVSDUDWHQ 6HLQH $IILUPDWLRQ GHU 6FKULIW Ol‰W GLHVH]XP*HJHQSDUWZHUGHQGHVORJRVGHV3ULQ]LSVGHU,GHQWLWlWZRGXUFKGLHVHU]XJOHLFK VXEYHUWLHUWZLUG>@$QVWHOOHGHVURPDQWLVFKHQ6\PEROVXQGGHU3RWHQ]LHUXQJGHU6SUDFKH LQHLQHU]XQHKPHQGHQ0XVLNDOLVLHUXQJ>@WULWWGLH+RIIPDQQVFKHDOOHJRULVFKH6FKUHLEZHL VHGLHDXINHLQH7UDQV]HQGHQ]PHKUYHUZHLVWGLHLKUWHORVQLFKWOlQJHULQHLQHUDEVROXWHQ 6\QWKHVHVXFKW´ 0RPEHUJHU6RQQH6   1LHW]VFKH1DFKJHODVVHQH)UDJPHQWH6  9JO0RPEHUJHU6RQQH6IX|  9JO6DLQW0DUWLQ6R]LRORJLHHLQHV6WDQGHV6XQG  +HFN .LOLDQ Å'DV )XQGDPHQW GHU 0DFKWEHKDXSWXQJ 'LH $KQHQWDIHO DOV JHQHDORJLVFKH *UXQGVWUXNWXUGHU1HX]HLW´LQ:HLJHO +UVJ *HQHDORJLHXQG*HQHWLN6KLHU6  :HLJHO6LJULG,QNRUSRUDWLRQGHU*HQHDORJLH6KLHU6



.DSLWHO

 2UGQXQJEHGLHQWXQGVLHDOOHUHUVW]XP$QODVVXQGDOV)RUPXODUGHUHLJH QHQ(U]lKOXQJQLPPWGLHVH2UGQXQJDEHUQLFKWPHKUEUXFKORVHLQ]XO| VHQYHUPDJ Ä$GHO¶DOV&RGHNXOWXUHOOHUHWZDJHQHDORJLVFKHU'LVWLQNWLRQNDQQDOVR HLQ%QGQLVPLWGHPÄPRGHUQHQ¶.QVWOHUWXPHLQJHKHQ=XU$GHOVNXOWXU JHK|UWGHU*HVWXVYRQ9HUVFKZHQGXQJXQG9HUDXVJDEXQJGHUHQ.XOWXU GHUÄIHLQHQ8QWHUVFKLHGH¶ %RXUGLHX VLFKDXFKYRUGHP+LQWHUJUXQGHLQHU VLFK ]XQHKPHQG GXUFK gNRQRPLHGHQNHQ XQG VR]LDOH $QJOHLFKXQJ DXV ]HLFKQHQGHQ =HLW ]X EHZlKUHQ KDWWH 6R ]lKOW ODXW -HDQ 6WDURELQVNL GLH *HVWH GHU 9HUWHLOXQJ YRQ *DEHQ DQ GDV 9RON HLQH HGOH *HVWH GHU 9HU VFKZHQGXQJ Å]XP =HUHPRQLHOO GHV .|QLJWXPV GHV KRKHQ .OHUXV XQG GHV$GHOV´0HGDUGXV·9LWDLVW²DXIGHU)ROLHYRQ+DQGHOVXQG5HVL GHQ]VWDGW ² GXUFK DOWHUQDWLYH 6WUXNWXUHQ GHU 9HUJHXGXQJ XQG 9HUDXVJD EXQJ JHSUlJW 6HLQ /HEHQVZHJ ZHLW HQWIHUQW YRQ HLQHP JHOHEWHQ %LO GXQJVURPDQLVWHLQH9HUVFKZHQGXQJVHLQHUVHOEVWDQGLH)DPLOLHLQGHUHQ 'LHQVWHUXQEHZXVVWYRQ*HEXUWDQVWHKW,Q)LJXUHQGHU'RSSHOXQJXQG GHU :LHGHUKROXQJ GLH VLFK DXI EHVDJWHP /HEHQVZHJ ZLH LP QDUUDWLYHQ 7H[WKlXIHQPDQLIHVWLHUWVLFKGLHVH9HUVFKZHQGXQJ'LH.DVWUDWLRQVV\P EROLNGLHVLFKKLQWHUGHUGXUFK*LIWEHGLQJWHQ/lKPXQJHLQHV$UPVDXI GHP 5FNZHJ LQV .ORVWHU YHUELUJW EH]HLFKQHW GLH 6FKZlFKXQJ GLH 0H GDUGXVDXIGHP:HJVHLQHU$KQHQSUREHHUIDKUHQPXVVWHXQGGHUHQ(QG SXQNW HU HUUHLFKW KDW VREDOG VHLQ /HEHQV7H[W HQGOLFK ]XU 1LHGHUVFKULIW JHEUDFKWLVW

²²²²²²²²²²²²²  6WDURELQVNL*DEHQ6

   

.DSLWHO$GHOLJH6SLHOH



'HU$GHOVSLHOWJHUQ

 =DKOUHLFKH URPDQWLVFKH 7H[WH HUSUREHQ GLH EHOLHELJH (UVHW]EDUNHLW YRQ Ä$GHOLJHP¶GXUFKGHQÄ.QVWOHU¶DEHUDXFKGXUFKGHQÄ6SLHOHU¶1RFK]X 7KHRGRU)RQWDQHV=HLWHQYHUELQGHWPDQÄ$GHO¶PLWGHU)lKLJNHLWÅHLQ-HX >]X@ PDFKHQ´  :HQQ DXFK GHU %DURQ 5LHQlFNHU LQ ,UUXQJHQ :LUUXQJHQ P|JOLFKHUZHLVH ]HXJXQJVXQIlKLJYLHOOHLFKW JDU OHEHQVXQIlKLJ LVW VR EOHL EHQ GHP GHNDGHQWHQ $GHOLJHQ GHV VSlWHQ  -DKUKXQGHUWV GLH VHLQHP 6WDQG JHPl‰HQ )HUWLJNHLWHQ -DJG XQG 6SLHO LQ HUVWHU /LQLH *OFNVVSLHO VLQGGLH6FKZXQGIRUPHQGHUXUVSUQJOLFKHQDGHOLJHQ+DXSWDXIJDEH$GH OLJ VHLQ KLH‰ GDV HLJHQH /HEHQ LQ GHU 6FKODFKW DOV *HIROJVPDQQ VHLQHV .|QLJV ]X ULVNLHUHQ,Q GHP 0D‰H ZLH .DPSI XQG .ULHJ DOV HLJHQWOLFKH /HJLWLPDWLRQVTXHOOHQ GHV $GHOV HQWIDOOHQ HQWZLFNHOW VLFK DJRQDOHV +DQ GHOQDXI6SDUIODPPH]XP6XEVWLWXW'D]X]lKOHQYRUDOOHP3UDNWLNHQGLH GHP DGHOLJHQ 6HOEVWYHUVWlQGQLV GHU (KUEDUNHLW JHKRUFKHQ YRU DOOHQ DQ GHUHQ GDV 'XHOO 'RFK DXFK GDV *OFNVVSLHO XQG ZHQLJHU JHUHJHOW GDV 5ROOHQVSLHO GDV 6FKDX6SLHO DOV ZHLWJHKHQGH ,GHQWLILNDWLRQ YRQ ,FK XQG 5ROOH JHK|UHQGHP5HSHUWRLUH DGHOLJHU/HEHQVZHLVHQDQ =XPLQGHVWIU GLH )UKH 1HX]HLW JLOW Å'DV 6SLHO ]XPDO GDV *OFNVVSLHO ZXUGH ]XP XQDEGLQJEDUHQ $WWULEXW DGHOLJHQ /HEHQVVWLOV´  2EZRKO VLFK JOHLFK]HLWLJ DPIUDQ]|VLVFKHQ+RIVHLWGHU0LWWHGHV-DKUKXQGHUWVHLQHUHOLJL|VXQG PRUDOLVFKSROLWLVFKPRWLYLHUWH(LQVWHOOXQJJHJHQGDV*OFNVVSLHOKHUDXV]X NULVWDOOLVLHUHQ EHJDQQ WUDI GRFK JOHLFKHUPD‰HQ ]X Å,QWHQVLW\ DV ZHOO DV ²²²²²²²²²²²²² 



 

Å:HU ELQ LFK" 'XUFKVFKQLWWVPHQVFK DXV GHU VRJHQDQQWHQ 2EHUVSKlUH GHU *HVHOOVFKDIW 8QGZDVNDQQLFK",FKNDQQHLQ3IHUGVWDOOPHLVWHUQHLQHQ.DSDXQWUDQFKLHUHQXQGHLQ-HX PDFKHQ 'DV LVW DOOHV XQG VR KDE· LFK GHQQ GLH :DKO ]ZLVFKHQ .XQVWUHLWHU 2EHUNHOOQHU XQG&URXSLHU´ )RQWDQH7KHRGRUÅ,UUXQJHQ:LUUXQJHQ´LQ6lPWOLFKH5RPDQH(U]lKOXQ JHQ *HGLFKWH 1DFKJHODVVHQHV %G  :DOWHU .HLWHO+HOPXWK 1UQEHUJHU +UVJ  0QFKHQ 6KLHU6  6RDUJXPHQWLHUW]XPLQGHVW8UWH+HOGXVHUÅSDWHULQFHUWXV=XP0RWLYYRQÄ8QIUXFKWEDU NHLW¶ LQ 7KHRGRU )RQWDQHV ,UUXQJHQ :LUUXQJHQ´ LQ 7DQMD 1XVVHU(OLVDEHWK 6WURZLFN +UVJ  .UDQNKHLW XQG *HVFKOHFKW'LVNXUVLYH $IIlUHQ]ZLVFKHQ /LWHUDWXU XQG0HGL]LQ :U]EXUJ 6 9JO.DYDQDJK7KRPDV0(QOLJKWHQPHQWDQGWKH6KDGRZVRI&KDQFH7KH1RYHODQGWKH&XOWXUH RI*DPEOLQJLQ(LJKWHHQWK&HQWXU\)UDQFH%DOWLPRUH/RQGRQ6 =ROOLQJHU 0DQIUHG *HVFKLFKWHGHV*OFNVVSLHOV9RP-DKUKXQGHUWELV]XP=ZHLWHQ:HOWNULHJ :LHQXD6=XPÅ$GHOVVSLHO´YJOHEG6



.DSLWHO

 UHJXODULW\ FKDUDFWHUL]HG JDPEOLQJ DPRQJ WKH QRELOLW\ IURP  WR WKH 5HYROXWLRQ´  'HU /LWHUDWXUZLVVHQVFKDIWOHU 'DYLG 3RVQHU OHJW LQ VHLQHU 8QWHUVXFKXQJ ]XU IUKQHX]HLWOLFKHQ /LWHUDWXU (XURSDV GHQ 6FKZHUSXQNW DXIGLH3HUIRUPDQ]YRQÄ$GHOLJNHLW¶JHQDXHUÅWKHLGHDRIQRELOLW\DVGLV SOD\ DV SXEOLF SHUIRUPDQFH´1LFKW QXU EHVWlWLJH VLFK GLH ,GHQWLWlW GHV $GHOVHUVWYRUÄ3XEOLNXP¶HVJHEHDXFKHLQH9HUELQGXQJ]ZLVFKHQ7KHDW UDOLWlWGHU,GHHGHV$GHOVXQGK|ILVFKHP9HUKDOWHQ,QGHU5HQDLVVDQFHOL WHUDWXUYRQ&DVWLJOLRQHXQG0RQWDLJQHELV%DFRQXQG&RUQHLOOHEH]HLFKQH GLH0HWDSKHUGHV7KHDWHUVGHQ+RIXQGGLH,GHQWLWlWGHV$GHOVZREHLGLH 6SDQQXQJ ]ZLVFKHQ OLWHUDULVFKHU 5HSUlVHQWDWLRQ XQG GHU LPPHU SUHNlUHU ZHUGHQGHQ KLVWRULVFKHQ 3RVLWLRQ GHV $GHOV ]XJHQRPPHQ KDEH ² MHGHQ IDOOVGUIWH]XUHXURSlLVFKHQ$GHOVVHPDQWLNDXFKQRFK]X%HJLQQGHV -DKUKXQGHUWV GDV :LVVHQ XP GLHVH 1HLJXQJ GHV $GHOV ]XP 6SLHO ]XP 7KHDWUDOHQ QHJDWLYJHZHQGHW]XU9HUVWHOOXQJ QDFKZLHYRU]lKOHQ'DV %LOGGHV+|IOLQJVLP%UJHUOLFKHQ7UDXHUVSLHOMHGHQIDOOV]HXJWGDYRQ :DV DEHU LVW Ä6SLHO¶" 1HEHQ ZLUWVFKDIWVZLVVHQVFKDIWOLFKHQ 6SLHOWKHR ULHQZHOFKHGLHVWRFKDVWLVFKH.DONXOLHUEDUNHLWNRPSOH[HUXQGLQGHU$E KlQJLJNHLW GHU (LQ]HOVFKULWWH VFKZHU YRUKHU]XVDJHQGHU NQIWLJHU |NRQR PLVFKHU $EOlXIH SODXVLELOLVLHUHQ  VLQG LP  -DKUKXQGHUW YRU DOOHP DQWKURSRORJLVFKH 6SLHOWKHRULHQ HQWVWDQGHQ  $P ZLUNVDPVWHQ XQG ZRKO XPIDVVHQGVWHQKDW-RKDQ+XL]LQJDGDV6SLHODOV.XOWXUHUVFKHLQXQJXQGDOV DQWKURSRORJLVFKH .RQVWDQWH EHVFKULHEHQ GDEHL DEHU HLQH JHZLVVH 8Q VFKlUIHGHV6SLHOEHJULIIVQLFKWYHUPHLGHQZROOHQ9RQNXOWXUDQWKURSROR JLVFKHP ,QWHUHVVH VLQG 6SLHOH DOV MH GLVWLQNWH EHGHXWXQJVVWLIWHQGH +DQG OXQJHQ YRQ +XL]LQJD YHUVHKHQ PLW 6HPHQ ZLH hEHUIOVVLJNHLW )UHLKHLW XQG )UHLZLOOLJNHLW 1LFKW$OOWlJOLFKNHLW %HJUHQ]WKHLW :LHGHUKROEDUNHLW *HUHJHOWKHLW ZREHL GLH 6SLHOKDQGOXQJ LKU =LHO LQ VLFK VHOEVW WUlJW'HU $GHONRPPWLP%XFKGHV0HGLlYLVWHQ+XL]LQJDLPPHUZLHGHU]XU6SUD FKH 'HU GXUFK 0DUFHO 0DXVV EHVFKULHEHQH 3RWODWVFK ILJXULHUW EHL LKP DOV Å6SLHOXP5XKPXQG(KUH´GHVVHQVR]LDOH*UXQGODJHGHU$GHOLVWÅ5LW ²²²²²²²²²²²²²  

.DYDQDJK(QOLJKWHQPHQW6IYJOHEG6II 3RVQHU 'DYLG 7KH SHUIRUPDQFH RI QRELOLW\ LQ HDUO\ PRGHUQ (XURSHDQ OLWHUDWXUH &DPEULGJH XD 6  =XU |NRQRPLVFKHQ 6SLHOWKHRULH DOV Å8QLYHUVDOLVLHUXQJ GHV 6SLHOV DOV IRUPDOLVLHUEDUHV *H VHOOVFKDIWVPRGHOO´GDV/|VXQJHQIU(QWVFKHLGXQJVVLWXDWLRQHQXQWHU%HUFNVLFKWLJXQJGHV =XIDOOVELHWHWYJO1HXHQIHOG-|UJ$OOHVLVW6SLHO=XU*HVFKLFKWHGHU$XVHLQDQGHUVHW]XQJPLWHLQHU 8WRSLHGHU0RGHUQH:U]EXUJ6 (SLVWHPDWD   9JO .ROE 0LFKDHO 6SLHO DOV 3KlQRPHQ ² 'DV 3KlQRPHQ 6SLHO 6WXGLHQ ]X SKlQRPHQRORJLVFK DQWKURSRORJLVFKHQ6SLHOWKHRULHQ6W$XJXVWLQ 6FKULIWHQGHU'HXWVFKHQ6SRUWKRFKVFKX OH.|OQ   9JO+XL]LQJD-RKDQ+RPROXGHQV9RP8UVSUXQJGHU.XOWXULP6SLHO5HLQEHN6II  9JOHEG6IIXQG69LHOHGHU0HUNPDOHVLQGKLQWHUIUDJEDURGHUVWHKHQVRJDULP :LGHUVSUXFK ]X +XL]LQJDV HLJHQHQ 7KHVHQ GDV 6SLHO NDQQ HEHQ GRFK ]LHOJHULFKWHW VHLQ ZHQQHLQ6LHJ(KUHYHUVSULFKW 9JOHEG6 



$GHOLJH6SLHOH





 WHUVWRO] XQG +HOGHQZDKQ´ 'LH *HVFKLFKWH GHV $GHOV EHVFKUHLEW +XL ]LQJD DOV *HVFKLFKWH VHLQHV $XIJDEHQYHUOXVWHV XQG GHU 9HUlX‰HUOLFKXQJ VHLQHU7XJHQGVRGDVVHUQLFKWPHKUÅNXOWXUVFKDIIHQG´LVWVRQGHUQLKP DOOHLQGDV6SLHOJHEOLHEHQLVW'LHVH'HNDGHQ]WKHVHEHKlOWDOVRGHQ3KD VHQ GHV KLVWRULVFKHQ $EVWLHJV GDV 6SLHO DOV %HWlWLJXQJVIHOG HLQHU JDQ]HQ VR]LDOHQ 6FKLFKW YRU $GHOLJHV /HEHQ DOV Å6SLHO GHU (KUH XQG 7DSIHU NHLW´ KDEH VLFK ]XQHKPHQG ÅLQ HLQHU lVWKHWLVFKHQ XQG VR]LDOHQ )LN WLRQ´ HUHLJQHW  5LWWHUZHLKH XQG 7XUQLHU VLQG ]XQlFKVW ÅKHLOLJHV 6SLHO´  GRFK PLW VHLQHU )LNWLRQDOLVLHUXQJVWKHVH GUIWH +XL]LQJD IU GHQ $GHODXIHLQÄ6SLHO]ZHLWHU2UGQXQJ¶]XVWHXHUQbVWKHWLVLHUXQJGHV6SLHOV PHLQWH GDQQ HLQH ]XVlW]OLFKH 6WXIH GHU 9HUNQVWOLFKXQJ DXI ZHOFKHU GHU QHX]HLWOLFKH $GHO LUJHQGZDQQ DQJHNRPPHQ VHLQ PVVWH *HQDXHU IKUW +XL]LQJDGLHVH7KHVHDOOHUGLQJVQLFKWDXV $XIHLQHPDQGHUHQ%ODWWVWHKWZHOFKH%H]LHKXQJHQÄ6SLHO¶XQGÄ/LWH UDWXU¶XQWHUKDOWHQ6LJPXQG)UHXGKDWGDVVSLHOHQGH.LQGPLWGHP'LFK WHUYHUJOLFKHQ%HLGHHUVFKDIIHQVLFKLKUHHLJHQH:HOWGLH*HPHLQVDPNHLW ZlUHDOVRGHU3RLHVLV$VSHNWYRQÄ6SLHO¶9HUELQGHWPDQPLW6SLHO3RO\VH PLH RGHU 3RO\SKRQLH GLH 2IIHQKHLW XQG GDV 9DULLHUHQ YRQ 9HUOlXIHQ GDQQ ZLUG GLH 1lKH ]XU /LWHUDWXU SODXVLEHO6WHIDQ 0DWXVFKHN EHQHQQW JOHLFKYLHU$VSHNWHÅGDVVSUDFKOLFK)RUPDOHGDVVFK|SIHULVFKH9HUP|JHQ GHV $XWRUV GLH )LNWLRQDOLWlW XQG GLH 5H]HSWLRQ´ GDV VFK|SIHULVFKH 9HU P|JHQ VHL GLH Å6RXYHUlQLWlW PLW HWZDV ]X VSLHOHQ´'LH GDV 6SLHO SUl JHQGH Å:HFKVHOVHLWLJNHLW YRQ 5HJHOELOGXQJ XQG 5HJHOYHUVWR‰´ LVW HLQH NRQVWLWXWLYH9RUDXVVHW]XQJIUGLH0HKUGHXWLJNHLWYRQPRGHUQHQ.XQVW ZHUNHQ$EHU DXFK GHU 0LPHVLV&KDUDNWHU GHV 6SLHOHQV UFNW HV LQ GLH 1lKH]XGHQ.QVWHQVFKRQVHLW3ODWRQXQG$ULVWRWHOHVGDQQZLHGHUEHL .DQWXQG6FKLOOHU6FKLOOHUV6SLHOWKHRULHHQWVWHKWDOV.RQNUHWLVLHUXQJYRQ .DQWV 6SLHOEHJULII DXV GHU 9RUVWHOOXQJ GHU $XWRQRPLH GHV lVWKHWLVFKHQ %HUHLFKVGDV6SLHOLVWUHLQHUlVWKHWLVFKHU=XVWDQG6SlWHVWHQVPLW6FKLOOHU ²²²²²²²²²²²²²     

   

+XL]LQJD+RPROXGHQV6XQG6 9JOHEG6 (EG6 (EG6 9JO GD]X $Q] 7KRPDV /LWHUDWXUXQG/XVW*OFNXQG8QJOFNEHLP/HVHQ 0QFKHQ  6 0DWXVFKHN 6WHIDQ/LWHUDULVFKH6SLHOWKHRULH9RQ3HWUDUFDELV]XGHQ%UGHUQ6FKOHJHO +HLGHOEHUJ 6 9JO:HW]HO7DQMDÅ6SLHO´LQ.DUOKHLQ]%DUFNXD +UVJ bVWKHWLVFKH*UXQGEHJULIIH+LVWRUL VFKHV:|UWHUEXFKLQVLHEHQ%lQGHQ%G6WXWWJDUW:HLPDU6KLHU6 9JO6SDULRVX0LKDLÅ/LWHUDWXUHDQG3OD\+LVWRU\3ULQFLSOHV0HWKRG´LQGHUV/LWHUDWXUH 0LPHVLVDQG3OD\(VVD\VLQ/LWHUDU\7KHRU\7ELQJHQ6 9JO0DWXVFKHN6SLHOWKHRULH6IIVRZLH:HW]HO6SLHO6²/DXW0DWXVFKHNOHLWHQ VLFKDEHU0X‰HXQG6SLHOLQ6FKLOOHUVbVWKHWLNQXUSDUWLHOOYRP$ULVWRNUDWLVPXVKHUYLHO



.DSLWHO

 EHILQGHQ ZLU XQV ZLHGHU LQ GHU :LUNXQJVJHVFKLFKWH GHU HXURSlLVFKHQ $GHOVNXOWXU GHQQ GHVVHQ .RQ]HSW GHU lVWKHWLVFKHQ (U]LHKXQJ GDV EH NDQQWOLFKXDDXIGHPÄ6SLHOWULHE¶DXIEDXWHUQHXHUW&DVWLJOLRQHV/HLWELOG GHV+RIPDQQHVMHQHVÅVLFKDXVGHU$UEHLWVZHOWDXVJUHQ]HQGH0X‰HLGHDO GHV DOWHXURSlLVFKHQ DULVWRNUDWLVFKHQ +XPDQLVPXV´ 'RFK ÅGHU VFK|QH 7RQ>UHLIW@LQGHU1lKHGHV7KURQHVDPIUKHVWHQXQGDPYROONRPPHQV WHQ´QXU3ULYLOHJLHUWHN|QQWHQGLH7RWDOLWlWGHVPHQVFKOLFKHQ&KDUDNWHUV DXVSUlJHQGDQXUVLHIUHLGKIUHLYRQ$UEHLWVHLHQ+LHUZlUHDQ:LO KHOPV%LOGXQJVEULHILQ*RHWKHV0HLVWHU5RPDQ]XHULQQHUQGHUQRFKLP *HJHQVDW] ]XP )LQDOLVPXV LP 6SLHOYHUVWlQGQLV GHU :DKOYHUZDQGWVFKDIWHQ VWHKW 1HEHQ+XL]LQJDDPHLQIOXVVUHLFKVWHQGUIWHGLH3KlQRPHQRORJLHGHV 6SLHOVJHZHVHQVHLQGLH5RJHU&DLOORLVGXUFKDXVDXI+XL]LQJDDXIEDXHQG YRUOHJWH ,Q &DLOORLV· 7KHRULH JHKW HV GDUXP GLH KHWHURJHQ VFKHLQHQGHQ )RUPHQGHV6SLHOVLQHLQHHLQ]LJH7\SRORJLH]XLQWHJULHUHQ(UVWYRQGLH VHP9HUVXFKDXVJHEHQVLFKW\SLVFKHDGHOLJH3UDNWLNHQZLHVLHLQOLWHUDUL VFKHQ 7H[WHQ UHSUlVHQWLHUW VLQG DOV 9DULDWLRQHQ YRQ 6SLHO ]X HUNHQQHQ &DLOORLVXQWHUVFKHLGHWDJRQDOVRGDV6SLHODOV.DPSIDOHDDOVR*OFNVVSLHO PLPHVLVGK6FKDXVSLHO5ROOHQVSLHOVRZLHLOLQ[GDV6SLHODOV5DXVFKXQG 9HUDXVJDEXQJ$GHOLJH6SLHOHVLQGZLHZLUVHKHQZHUGHQRIWPHKUHUHQ GLHVHU 7\SHQ ]X]XRUGQHQ RKQH :LGHUVSUFKH DXV]XDJLHUHQ ZHQQJOHLFK &DLOORLVVHOEVWHWZDHLQH*HJHQEHUVWHOOXQJYRQ*OFNVXQG.DPSIVSLH OHQ YRUQLPPW XQG GDPLW YHUPHLQWOLFKHV 1LFKWVWXQ PLW GHP $XIELHWHQ DOOHU.UlIWHNRQWUDVWLHUW RGHUEHKDXSWHW6SLHOHVHLHQHQWZHGHUJHUHJHOWRGHU ILNWLY  6FKRQ KLHU LVW HQWJHJHQ]XKDOWHQ GDVV HLQ .DPSIVSLHO GXUFKDXV 5HVWH DQ $OHDWRULN EHVLW]HQ NDQQ GDVV VLFK LP *OFNVVSLHO HLQH DJRQDOH +DOWXQJ GXUFKDXV EHZlKUHQ NDQQ 9RQ ,QWHUHVVH LVW &DLOORLV· $XIOLVWXQJ GHU Å.RUUXSWLRQVW\SHQ´ GHV 6SLHOV DOVR GLHMHQLJHQ5HDOLVDWLRQHQEHL GH QHQ GLH +DQGHOQGHQ ]JHOORV EHJUHQ]HQGH 6SLHOUHJHOQ PLVVDFKWHQ RGHU QLFKW NHQQHQ 'DVV JHQDX GDQQ GLH *UHQ]HQ YRQ 6SLHO XQG (UQVW YHU VFKZLPPHQXQGVSLHOHULVFKH3UD[LVHUVWVSHNWDNXOlUZHUGHQNDQQ²MHGHQ ²²²²²²²²²²²²² 

   

PHKUVLQGVLHDXFKDOVNULWLVFKH$QWZRUWDXI5RXVVHDX]XOHVHQ 9JO0DWXVFKHN6SLHOWKHR ULH6I  9JO 0DWXVFKHN 6SLHOWKHRULH 6 I 'DV =LWDW YRQ /RWKDU %RUQVFKHXHU Å=XP LGHRORJL VFKHQ 3UREOHPGHV UKHWRULVFKlVWKHWLVFKHQ 6FKHLQV ²(LQH 6NL]]H´ LQ -DKUEXFKIU,QWHUQD WLRQDOH*HUPDQLVWLN,;6KLHU6]LWLHUWQDFK0DWXVFKHN6SLHOWKHRULH6 9JOZHLWHUKLQ8HGLQJ*HUW6FKLOOHUV5KHWRULN,GHDOLVWLVFKH:LUNXQJVlVWKHWLNXQGUKHWRULVFKH7UD GLWLRQ7ELQJHQ6XQG6 6FKLOOHU )ULHGULFK ÅhEHU GLH lVWKHWLVFKH (U]LHKXQJ GHV 0HQVFKHQ LQ HLQHU 5HLKH YRQ %ULHIHQ´ LQ 6FKLOOHU6lPWOLFKH:HUNH %G  *HUKDUG )ULFNH+HUEHUW * *|SIHUW +UVJ  0QFKHQ6KLHU6 9JO1HXHQIHOG$OOHVLVW6SLHO6I 9JO&DLOORLV5RJHU'LH6SLHOHXQGGLH0HQVFKHQ0DVNHXQG5DXVFK6WXWWJDUWSDVVLP 9JOHEG6XQG6



$GHOLJH6SLHOH





 IDOOVIUGLH/LWHUDWXUGHU5RPDQWLNGLHVLFKIU(QWJUHQ]XQJHQXQG$XV QDKPHQLQWHUHVVLHUW²EHGHQNW&DLOORLVQLFKW8QGVRODVVHQVLFKHLQLJHGHU QDFKIROJHQG GLVNXWLHUWHQ 7H[WH LQQHUKDOE YRQ &DLOORLV· *UDPPDWLN GHU .RUUXSWLRQVW\SHQGHV6SLHOVGXUFKDXVYHURUWHQ,Q.OHLVWV=ZHLNDPSIHQW DUWHW GHU DJRQ ]X VFKUDQNHQORVHU *HZDOWWlWLJNHLW DXV DOHD ZLUG LQ +RII PDQQV6SLHOHU*OFN$EHUJODXEHDXVLOLQ[ZLUG6XFKW:LHDXVPLPLNUL(QW IUHPGXQJXQG9HUGRSSHOXQJGHU3HUV|QOLFKNHLWHUZlFKVWIKUW(7$ +RIIPDQQV3ULQ]HVVLQ%UDPELOODYRU =XOHW]W KDW GHU IUDQ]|VLVFKH 3KLORVRSK -DFTXHV +HQULRW DXI VHPLRWL VFKHU *UXQGODJH GLH HOHPHQWDUHQ 0HUNPDOH GHV 6SLHOV EHQDQQW VR GLH $UELWUDULWlW HLQHV DXI ZLOONUOLFKHU (QWVFKHLGXQJ EHUXKHQGHQ $NWHV GLH 0HWDSKRUL]LWlWGLHVHV$NWHVGHULQHLQHUXQHLJHQWOLFKHQ:LUNOLFKNHLWVWDWW ILQGHWGLH$OHDWRULNGHV8QEHUHFKHQEDUHQVRZLHGLH8QEHKHUUVFKEDUNHLW GHV9RUJDQJVGXUFKGHQ6SLHOHUGHUQLFKWHLQIDFKÄ6XEMHNW¶GHV6SLHOVLVW RGHUEOHLEHQPXVV :ROIJDQJ,VHUKDWLQVHLQHP%XFK'DV)LNWLYHXQGGDV,PDJLQlUHGLH.D WHJRULH GHV 7H[WVSLHOV HLQJHIKUW XQG GDPLW LP (LQ]HOQHQ 9RUVFKOlJH JHPDFKWIUHLQH7H[WOHNWUHGLHWKHPDWLVFKH%H]JHPLW9HUIDKUHQVZHL VHQ GHV 7H[WHV ]XVDPPHQVFKOLH‰HQ N|QQWH HU]lKOWH 6SLHOH XQG ]XJOHLFK 6SLHOHGHV(U]lKOHQVDOVR:LHGHUXPLVWPLWÄ7H[WVSLHO¶JHVWHLJHUWH8QEH KHUUVFKEDUNHLW XQG 8QEHUHFKHQEDUNHLW YRQ /LWHUDWXU ]X NRQQRWLHUHQ  -HQVHLWVGHV*HUHJHOWHQGDV6SLHOHMDDXFKDXVPDFKWPHLQW,VHUV7H[WVSLHO GHQ %H]XJ PHKUHUHU 6LQQHEHQHQ LP PRGHUQHQ 7H[W ]XHLQDQGHU RKQH KLHUDUFKLVFKH 6FKLFKWXQJ XQG RKQH JDUDQWLHUWH =XRUGQXQJHQ ,VHU JUHLIW &DLOORLV· EHZlKUWH 7\SRORJLH DXI XQG EHUWUlJW VLH DXI 7H[WSKlQRPHQH $JRQVLQGGDQQP|JOLFKH$QWDJRQLVPHQGHU%H]XJVUHDOLWlWGHU,QWHUWH[WX DOLWlWDEHUDXFKGHV.RQIOLNWV]ZLVFKHQ7H[WXQG/HVHUDOHDLVWHWZDGDV $XIVSUHQJHQ DOOHU 5HNXUUHQ]HQ DOOHU VHPDQWLVFKHQ %H]LHKXQJVQHW]H ]X XQDEVHKEDUHQ 9HUWHLOXQJVVWUXNWXUHQ PLPLNUL VLHKW ,VHU ZR %H]HLFKQXQJ XQG 1DFKDKPXQJ VWDUN JHPDFKW ZHUGHQ ZR ,OOXVLRQHQ DOV EHUVSLHOWH 'LIIHUHQ]HQ HUNHQQEDU VLQG VFKOLH‰OLFK LVW LOLQ[ GLH .DUQHYDOLVLHUXQJ GHU LP 7H[W YHUVDPPHOWHQ 3RVLWLRQHQ GLH ÅDQDUFKLVFKH 7HQGHQ]´ PRGHUQHU 7H[WH 'LH MH LP 7H[W YRUOLHJHQGHQ .RPELQDWLRQHQ GLHVHU 6SLHOH QHQQW ,VHUÄ7H[WVSLHO¶3RVWPRGHUQH7H[WH]HLFKQHQVLFKQDFK,VHUGDGXUFKDXV GDVV VLH GHQ DJRQ DXI 9HUOLHUHQ VSLHOHQ E]Z DXI $XIVFKXE GHU (QWVFKHL GXQJGDVVDOVRLQQHUKDOEYRQDJRQXQGDOHD)LQDOLWlWDXIJHJHEHQZLUGXQG ²²²²²²²²²²²²²

 9JO +HQULRW -DFTXHV 6RXV FRXOHXU GH MRXHU /D PpWDSKRUHOXGLTXH 3DULV  6 II YJO KLHU]X1LWVFK:ROIUDP%DURFNWKHDWHUDOV6SLHOUDXP6WXGLHQ]X/RSHGH9HJDXQG7LUVRGH0ROL QD7ELQJHQ6 5RPDQLFD0RQDFHQVLD   9JOGD]XHLQIKUHQG1LWVFK%DURFNWKHDWHU6ZHLWHUKLQ0DWXVFKHN6SLHOWKHRULH6II  ,VHU :ROIJDQJ 'DV)LNWLYHXQGGDV,PDJLQlUH3HUVSHNWLYHQOLWHUDULVFKHU$QWKURSRORJLH )UDQNIXUW D06II=LWDW6



.DSLWHO

 LP 6LQQH YRQ PLPLNUL XQG LOLQ[ 9HUZDQGOXQJ XQG .DUQHYDOLVLHUXQJ GLH EHLGHHQGORVVLQGVWlUNHUH$N]HSWDQ]HUIDKUHQ'LHVHVÅhEHUVSLHOHQYRQ )LQDOLWlW GXUFK (QGORVLJNHLW´  NHQQ]HLFKQHW DEHU VFKRQ GLH 6SLHODQRUG QXQJHQGHUKLHUDXVJHZlKOWHQ7H[WHZLHVLFKQRFK]HLJHQZLUG 'LHXQLYHUVDOHQ6SLHOEHJULIIHGHVVSlWHQ-DKUKXQGHUWVVLQGDQGLH ,GHH GHV PQGLJHQ 6XEMHNWV JHNQSIW Ä6SLHO¶ LVW JOHLFKVDP HLQ (XSKH PLVPXV IU GLH NRQWLQJHQWH 2IIHQKHLW GHV PRGHUQHQ 'DVHLQV 2E PDQ QXQ DQ .DQWV IUHLHV 6SLHO GHU (UNHQQWQLVNUlIWH GHQNW RGHU DQ 6FKLOOHUV 6SLHOWULHE ² DXIIlOOLJ LVW EHL EHLGHQ GLH 'LDOHNWLN DXV $XWRQRPLH XQG =ZHFNJHULFKWHWKHLW GHV 6SLHOV DQ GHVVHQ (QGH (UNHQQWQLVJHZLQQ RGHU HLQIDFKÄ%LOGXQJ¶VWHKW +LVWRULVFKYHUEUJWXQG]XJOHLFKEH]HLFKQHQGLVWGLH9HUELQGXQJGLH GDV *OFNVVSLHO PLW HLQHU DQGHUHQ :HOW GHU ,OOXVLRQ HLQJLQJ MHQHU GHU .QVWH,P,WDOLHQGHV-DKUKXQGHUWVZDUGDV*OFNVVSLHOLQ7KHDWHUQ HUODXEWDXIGLHVH:HLVHVROOWHQGLH7KHDWHUILQDQ]LHUWZHUGHQXQG]XJOHLFK ]DKOXQJVNUlIWLJH $GHOLJH DXFK LQV 6FKDXVSLHO JHORFNW ZHUGHQ  -H PHKU VLFKGLH/LWHUDWXUGHU0RGHUQH|IIQHWGHVWRQlKHUNRPPWVLHHLQHU:HOW GHV6SLHOVGLHGHU:HOWGHV$GHOVLPPHUVFKRQNRQIRUPZHQQQLFKWJDU ]X LKU lTXLYDOHQW LVW %H]HLFKQHW Ä6SLHO¶ EOLFKHUZHLVH HLQH 6SKlUH GHV +DQGHOQVGLHYRQÄ(UQVW¶VWUHQJ]XWUHQQHQLVWMDGLHHUVWYRUGHP+LQ WHUJUXQGGHV$XVQDKPH]XVWDQGHVGHV6SLHOVIXQNWLRQLHUWVREHJLQQWGLH VHU'XDOLVPXV]XVFKZLQGHQ%DXGHODLUHPDFKWGLH]XQHKPHQGH$XWRQR PLVLHUXQJ GHU 6SLHOZHOW DP 6SLHO]HXJ IHVW GDV GLH )lKLJNHLW GHV 6SLHOHQGHQ Å]XU $EVWUDNWLRQ XQG ,PDJLQDWLRQ HUUHJW´ XQG Å]X HLQHU LP PHUGLVWDQ]LHUWHUHQ5HIHUHQ]DXIGDV-HQVHLWVGHU6SLHOZHOW´IKUW 'HU$GHOLJHKDWWHDEHUOlQJVWVFKRQDQGHU$XWRQRPLHVHLQHU:HOWDOV HLQHU:HOWGHV6SLHOVJHDUEHLWHWRGHU]XPLQGHVWOHEWHHULGHDOLWHULQHLQHP GDXHUKDIWHQ $XVQDKPH]XVWDQG GHVVHQ 'XDOLVPXV VLFK QLFKW DXV ZHFK VHOQGHQ /HEHQVSKDVHQ HUJDE VRQGHUQ DXV GHU 'LVWDQ] GHU HLJHQHQ /H EHQVVSKlUH ]X GHUMHQLJHQ GHU DQGHUHQ GHU XQWHUVWlQGLVFKHQ 6FKLFKWHQ GHQHQÄ6SLHO¶QXUDXVQDKPVZHLVHYRUEHKDOWHQZDU$QGHU7KHDWUDOLVLHUXQJ GHUK|ILVFKHQ:HOWEHVWHKWNHLQ=ZHLIHO%DOWKDVDU*UDFLiQHPSILHKOWLP  -DKUKXQGHUW GDV 6FKDXVSLHO DOV ÅOHKUUHLFKHV 0RGHOO IU HLQ HUIROJUHL FKHV 9HUKDOWHQ LQ GHU K|ILVFKHQ *HVHOOVFKDIW´  'DV ÅDULVWRNUDWLVFKH> @ 6SLHO SDU H[FHOOHQFH´ GDV ÅMHX GH SDXPH´PLW%DOO XQG 6FKOlJHU IRUGHUW ]XZDKUKDIWJUD]L|VHU%HZHJXQJKHUDXVXQGZLUGEHUHLWVLP-DKUKXQ ²²²²²²²²²²²²²      

9JOHEG6 (EG6 9JO1HXHQIHOG$OOHVLVW6SLHO6 9JO=ROOLQJHU*HVFKLFKWHGHV*OFNVVSLHOV6 1LWVFK%DURFNWKHDWHU61LWVFKEH]LHKWVLFKDXI%DXGHODLUHV7H[W0RUDOHGHMRXMRX (EG6



$GHOLJH6SLHOH





 GHUW 7HLO GHU IUDQ]|VLVFKHQ K|ILVFKHQ (WLNHWWH  =XGHP JLOW Ä6SLHO¶ DOV 0HWDSKHUDULVWRNUDWLVFKHQ/HEHQVEHJUQGHWGXUFKGLH7DWVDFKH RGHUGLH 0\WKH  GHU )UHLKHLW YRQ |NRQRPLVFKHP 'HQNHQ DOV 9RUDXVVHW]XQJ IU GDV $XVOHEHQ W\SLVFK DULVWRNUDWLVFKHU ,PSXOVH  6SLHO LVW IU %DWDLOOH JOHLFKEHGHXWHQG PLW XQSURGXNWLYHU 9HUVFKZHQGXQJ,Q HQJHP =XVDP PHQKDQJ GDPLW VFKHLQW HLQH ZHLWHUH =XVFKUHLEXQJ ]X VWHKHQ GLH GHP $GHO VSlWHVWHQV VHLW 7KRUVWHLQ 9HEOHQ DXFK lVWKHWLVFKHQ &KDUDNWHU EH VFKHLQLJW$GHOÄLVW¶3RLHVLV'HUÄ6FKHLQ¶DULVWRNUDWLVFKHU([LVWHQ]XQGHLQ lVWKHWLVFK DXIJHIDVVWHV 'DVHLQ N|QQHQ ]XU 'HFNXQJ JHEUDFKW ZHUGHQ .DXP YHUZXQGHUOLFK GDVV +XL]LQJD 3RHVLH ZLHGHUXP DOV 6SLHO VHKHQ P|FKWHGDEHLDEHUYRUDOOHPGHUÄDUFKDLVFKHQ¶.XOWXUGLH(QWIDOWXQJGHV 6SLHOHULVFKHQ YRUEHKDOWHQ ZLOO*DQ] RKQH =ZHLIHO ODVVHQ VLFK VSLHOHUL VFKH (OHPHQWH LQ GHU /LWHUDWXU JHQDXVR ZLH LQ GHU /LWHUDWXUWKHRULH GHU 0RGHUQHJOHLFKZRKOILQGHQ $XVGLHVHQ%HREDFKWXQJHQGLHVVHLWVGHU$QWKURSRORJLHIROJWGDVVGDV 6SLHOIUGLH.XOWXUGHV$GHOVRFFDVLRQHVGHU8QJOHLFKKHLWELHWHWGHUNXOWX UHOOHQ'LVWLQNWLRQ5HVLGXHQGHU.ODVVLILNDWLRQLQHLQHUKLVWRULVFKZHUGHQ GHQ:HOW,PDGHOLJHQ6SLHOYROO]LHKWVLFKGDV3ULYLOHJGHU8QHLJHQWOLFKNHLW ²GDVIUHLOLFKGDVEUJHUOLFKH7KHDWHUVSlWHVWHQVVHLWGHP-DKUKXQGHUW OlQJVW IU VLFK EHDQVSUXFKW XQG ]ZDU DOV ÄPRUDOLVFKH $QVWDOW¶ QLFKW DOV VROFKH GHU 5HSUlVHQWDWLRQ HV YROO]LHKW VLFK ZHLWHU GLH 6RXYHUlQLWlW EHU *HZLQQ XQG9HUOXVW XQDEKlQJLJ YRQ Ä*OFN¶ RGHU Ä8QJOFN¶ XQJHDFKWHW GHU GXUFK *HVFKLFNOLFKNHLW XQG *HVFKLFN NRQWUROOLHUWHQ $EOlXIH YRQ =ZHLNlPSIHQ RGHU *OFNVVSLHOHQ Ä$GHO¶ HUZHLVW VLFK DOV SHUIRUPDWLYH .XOWXUGLHGHQPRGHUQHQ3ULQ]LSLHQGHU6FKULIWOLFKNHLWGHU=XNXQIWVSOD QXQJ DOV 6WUDWHJLH GHU .RQWLJHQ]UHVLVWHQ] XQG HLQHP IOH[LEOHQ Å1RUPD OLVPXV´ -UJHQ/LQN HLQHYRQ7UDGLWLRQJHVlXPWH6SRQWDQHLWlWXQG$WH OHRORJLH GHV +DQGHOQV HQWJHJHQ]XVHW]HQ KDW 'HU $GHOLJH JHKW JHZRKQKHLWVPl‰LJ 5LVLNHQ HLQ HU GHILQLHUW VLFK GXUFK HLQHQ ZHLWHQ %LQ QHQUDXPGHV6SLHOVLQQHUKDOEGHVVHQGLH)UHLKHLWVHLQHV+DQGHOQVXQEH JUHQ]W HUVFKHLQW 0DQ JODXEW HU EHVWLPPH JDQ] ZHVHQWOLFK GLH 5HJHOQ VHLQHV 6SLHOV VHOEVW 8QG GLH WHQGHQ]LHOOH (QWJUHQ]XQJ YRQ 6SLHO XQG (UQVW JHKRUFKW GHU JOHLFKHQ YRUPRGHUQHQ XQG GDQQ ZLHGHU SRVWPR GHUQHQ /RJLNHLQHU(LQHEQXQJGHU'LIIHUHQ]]ZLVFKHQ)LNWLRQDOLWlWXQG )DNWXDOLWlW ²²²²²²²²²²²²²     

(EG6 9JO6WDQWRQ$ULVWRFUDW6IIVRZLH]XP.RPSOH[GHU$Q|NRQRPLHGDVIROJHQGH.DSLWHO 9JO%DWDLOOH7HLO6YJO:HW]HO6SLHO6 9JOHEGGDQHEHQDEHU9HEOHQ/HLVXUHFODVVSDVVLP 9JO 6FKODIIHU +HLQ]'HU%UJHUDOV+HOG6R]LDOJHVFKLFKWOLFKH$XIO|VXQJHQOLWHUDULVFKHU:LGHUVSU FKH)UDQNIXUWD06  9JO+XL]LQJD+RPROXGHQV6XQG6  9JO0DWXVFKHN6SLHOWKHRULHSDVVLP



.DSLWHO



)U GLH/LWHUDWXU GHU5RPDQWLN KHL‰W GLHV *HVFKLFKWHQ YRQ DGHOLJHQ 6SLHO3URILVZHLVHQDXIHLQH:HOWYRUDXVLQGHUÄ6SLHO¶ ZLHGHU PHKU3ODW] EHDQVSUXFKWLQGHU]XGHQ3URMHNWHQGHU.QVWHDXFKGLHhEHUVFKUHLWXQJ XQG9HUZLVFKXQJGHU*UHQ]HQ]ZLVFKHQ6SLHOXQG(UQVW]lKOW'RUWZR GLH *UHQ]HQ ]ZLVFKHQ J|WWOLFK YRUKHUEHVWLPPWHU 2UGQXQJ =XIDOO XQG PDWKHPDWLVFK NDONXOLHUEDUHU :DKUVFKHLQOLFKNHLW QRFK DUFKDLVFKHUZHLVH XQVFKDUIVLQGNRPPWGHU$GHODOOHPDOLQV6SLHOXQGEHKDXSWHWGLH*O WLJNHLWZHFKVHOKDIWHQ*OFNVDXVWDXVFKEDUHU0DVNHQVSLHOHXQGVFKOLH‰OLFK DXFKGLHXQZDQGHOEDUH*OWLJNHLWGHV3ULQ]LSVGHU(KUHZRZLHGHUXPGHU 9HUGDFKWDXIGHQ=XIDOORGHUDXFKDXIGLHZLOONUOLFKH0DQLSXOLHUEDUNHLW GHU8PVWlQGHIlOOW1RFKLQQHUKDOEGHUURPDQWLVFKHQ$XWRQRPLHlVWKHWLN XQG DQ LKUHP $XVJDQJ EHDQVSUXFKHQ OLWHUDULVFKH 7H[WH HLQH 3lGDJRJLN GHV 6SLHOV LP .RQWH[W IlOOLJHU 5HJXOLHUXQJVYRUVWHOOXQJHQ :R GLH DGHOLJH )LJXUGHUQDFKUHYROXWLRQlUHQ=HLWVSLHOWNDQQVLHZLHGHUYRUELOGOLFKZHU GHQGLH=HLWHQGHU$GHOVNULWLNDOVVWHUHRW\SH+RINULWLNVLQGDXFKLQSXQF WR6SLHOYRUEHU1DFKGHP$QWKURSRORJLHXQGbVWKHWLNJHJHQ(QGHGHV  -DKUKXQGHUWV GDV 6SLHOHQ YRU DOOHP DOV Ä0LPHQ¶ XQG DOV Ä'LFKWHQ¶ Å]XP 3DUDGLJPD PHQVFKOLFKHU 7lWLJNHLW´  EHUKDXSW HUKREHQ KDEHQ ILQGHWGLH5RPDQWLN]XUFN]XGHQ6RQGHUIlOOHQXQG$XVQDKPHQ]XUFN ]XP([NOXVLYHQ 'HUURPDQWLVFKHQ 7KHRULHZXUGH ZLHGHUKROW HLQ SRVLWLYHV 9HUKlOWQLV ]XP 6SLHO EHVFKHLQLJW 2KQH GDVV GLH )UKURPDQWLNHUHLQHQ HODERULHUWHQ 6SLHOEHJULII]XELHWHQKlWWHQVR6WHIDQ0DWXVFKHNLVWGRFKÄ6SLHO¶Å'HQN DQVWR‰ XQG /HLWIDGHQ GHU IUKURPDQWLVFKHQ 3RHWRORJLH´  6R LVW EHL )ULHGULFK 6FKOHJHO YRP $XWRQRPLHFKDUDNWHU GHV 6SLHOV GLH 5HGH ZHUWHW VHLQ %UXGHU $XJXVW :LOKHOP GDV :RUWVSLHO DOV .ODQJILJXU DXI *HPl‰ GHPVHOEVWUHIHUHQWLHOOHQ&KDUDNWHUGHUIUKURPDQWLVFKHQ7UDQV]HQGHQWDO SRHVLHXPIDVVWDXFKGHU6SLHOEHJULII(QWKXVLDVPXVXQG]XGHPLURQLVFKH 6NHSVLVGLHVDNUDOHXQGGLHLURQLVFKH,GHHGHU.XQVW'HUPDWKHPDWLVFK LQWHUHVVLHUWH 1RYDOLV YHUVWHKW 6SLHO DOV PDWKHPDWLVFKHV ([SHULPHQW PLW GHP=XIDOOGHKQWDEHU.DQWVlVWKHWLVFKEHJUQGHWH6SLHOWKHRULHDXIGDV *DQ]HGHU:HOWDXVVSULFKWYRQHLQHPÄXQLYHUVDOHQ¶6SLHOGLH:HOWLVWQXU DOVVSLHOHQGHXQGVSLHOHULVFKHYRUVWHOOEDU7\SLVFKH6SLHOEHZHJXQJLVWGLH G\QDPLVFKH 5HODWLRQ ]ZLVFKHQ 6XEMHNW XQG 2EMHNW LQ GHU VLFK ,FK XQG 1LFKW,FK NRQVWLWXLHUHQ,Q HLQHP HPSKDWLVFKHQ 6LQQ ZlUH HLQH VROFKH 6SLHOEHZHJXQJ DOV WKHDWUDOHU 3UR]HVV ]X IDVVHQ ZLH LKQ ( 7 $ +RII PDQQLQGHU 3ULQ]HVVLQ%UDPELOODYRUVWHOOW'LHVSLHOHULVFKHQK|FKVWZHFK ²²²²²²²²²²²²²     

1LWVFK%DURFNWKHDWHU6 0DWXVFKHN6SLHOWKHRULH6 9JOHEG6 9JOHEG6I 9JO1HXHQIHOG$OOHVLVW6SLHO6XQG6



$GHOLJH6SLHOH





 VHOKDIWHQ 6XEMHNW2EMHNW%H]LHKXQJHQ VLQG GRUW IUHLOLFK QLFKW QXU GLH ]ZLVFKHQ PlQQOLFKHU XQG ZHLEOLFKHU +DXSWSHUVRQVRQGHUQ DXFK GLH GHU 6SDQQXQJ ]ZLVFKHQ GHQ HLQ]HOQHQ 5ROOHQ,FKV GLH EHLGH MHZHLOV YHUN|U SHUQ 1RYDOLV· 6SLHOEHJULII ZHQGHW VLFK LP hEULJHQ JHJHQ MHGH 1XW]HQ RULHQWLHUXQJ XQG LQ GHU 6SUDFKH JHJHQ IL[LHUWH %HGHXWXQJHQ ]XJXQVWHQ YRQ6SLHOHQGHU6SUDFKH:LQIULHG0HQQLQJKDXVOHJW²]HLWOLFKQRFKYRU 0DWXVFKHN ² GRFK HLQHQ VSH]LILVFK URPDQWLVFKHQ QlPOLFK QLFKW IXQNWLRQHOOHQ6SLHOEHJULII]XJUXQGHGHVVHQ.HQQ]HLFKHQGLH9HUELQGXQJ YRQ5HJHOQXQG$QDUFKLVPXVHLQHUVHLWVZHLWJHKHQGH6HOEVWUHIHUHQ]DQGH UHUVHLWVVLQG 'HU$GHOVSLHOWDOVRJHUQDEHUWUDGLWLRQHOOLVWHULQ+DQGOXQJV]XVDP PHQKlQJH HLQJHEXQGHQ GLH DXI GHQ HUVWHQ %OLFN ZHQLJ 6SLHOHULVFKHV DQ VLFK KDEHQ QDPHQWOLFK 5LWXDO XQG =HUHPRQLHOO DOVR VWUHQJ JHUHJHOWH LP $EODXI LGHQWLVFK ZLHGHUKROEDUH ULVLNRDUPH +DQGOXQJVZHLVHQ =ZHLIHOORV LVWGLHK|ILVFKH6SKlUHVWlUNHUGXUFK]HUHPRQLDOH+DQGOXQJHQJHUHJHOWDOV GHU 7DJHVDEODXI GHV /DQGDGHOV 'DV 9HUKlOWQLV YRQ Ä6SLHO¶ XQG Ä5L WXDO¶ ZLUG XQWHUVFKLHGOLFK GDUJHVWHOOW &ODXGH /pYL6WUDXVV XQWHUVFKHLGHW EHLGH VWUHQJ YRQHLQDQGHU (U EHWRQW GDV $OHDWRULVFKH GHV 6SLHOV GHVVHQ $XVJDQJRIIHQVHLXQGDQGHVVHQ(QGHNHLQHNXOWLVFKH.RPPXQLRQVWDWW KDEHVRQGHUQHLQH$V\PPHWULHYRQ*HZLQQHUQXQG9HUOLHUHUQbKQOLFK OHJW +XL]LQJD :HUW DXI GLH )HVWVWHOOXQJ HV JHEH HLQH *UHQ]H ]ZLVFKHQ HLQHUNXOWLVFK]HUHPRQLHOOHQ+DQGOXQJXQGGHU2IIHQKHLWMDGHU)UHLZLO OLJNHLWGHV6SLHOV0LFKHO/HLULVEHVWUHLWHWKLQJHJHQGDVVHVLQMHGHP(LQ ]HOIDOO HLQH NODUH *UHQ]H ]ZLVFKHQ 6SLHO XQG 5LWXV JHEH EHL /HW]WHUHP KDQGOHHVVLFKXPHLQHEHVRQGHUH7KHDWUDOLWlWGLHLKUHQWKHDWUDOHQ&KDUDN WHUQLFKW]XJHVWHKHQN|QQH$OOHUGLQJVHUIROJWHGLHNODUH7UHQQXQJ]ZL VFKHQ NXOWLVFKHU +DQGOXQJ XQG WKHDWUDOHU 'DUVWHOOXQJ HUVW LP QHX]HLWOL FKHQ ÄZHVWOLFKHQ¶ 7KHDWHU LVW DOVR NHLQHVZHJV HLQH DQWKURSRORJLVFKH 1RWZHQGLJNHLWMQJHUH5LWXDOWKHRULHQZLGPHQVLFKGXUFKDXVGHUSHUIRU PDWLYHQ6WUXNWXUYRQ5LWXDOHQÄ6SLHO¶XQG ULWXHOOH Ä:LUNOLFKNHLW¶N|QQHQ HEHQ GRFK XQXQWHUVFKHLGEDU VHLQ GLH IXQGDPHQWDOH 'LIIHUHQ] YRQ 6FKDXVSLHOHUQ XQG =XVFKDXHUQ NDQQ HEHQVR LQV :DQNHQ JHUDWHQ ZLH GLH VR]LDOH6HSDULHUXQJGHU,QVWLWXWLRQÄ7KHDWHU¶ $OOGLHVH*UHQ]EHUVFKUHLWXQJHQHULQQHUQDQHLQHDOVSRVWPRGHUQEH VFKULHEHQH )RUP GHV 7KHDWUDOHQ QlPOLFK GHU 3HUIRUPDQFH VLH YHUPDJ ²²²²²²²²²²²²²     

9JOHEG6XQG 9JO0HQQLQJKDXV9HUGRSSHOXQJ6 9JO1LWVFK%DURFNWKHDWHU6I 9JO+XL]LQJD+RPROXGHQV6 9JO 2WW 0LFKDHO Å5LWXDOLWlW XQG 7KHDWUDOLWlW´ LQ *HUKDUG 1HXPDQQ&DUROLQH 3URVV*HUDOG :LOGJUXEHU +UVJ  6]HQRJUDSKLHQ 7KHDWUDOLWlW DOV .DWHJRULH GHU /LWHUDWXUZLVVHQ VFKDIW)UHLEXUJ%U6KLHU6II /LWWHUDH   9JOHEG6IXQG6I



.DSLWHO

 EHVDJWH 7UHQQXQJ YRQ7KHDWUDOHP XQG 5LWXHOOHP DXV]XO|VFKHQ (V VWHOOW VLFKIUHLOLFKGLH)UDJHRELQWKHDWUDOHP+DQGHOQSHUIRUPDQFHKDIWH=JH DYDQW OD OHWWUH QLFKW EHUHLWV YRU GHP  -DKUKXQGHUW QDFK]XZHLVHQ VLQG +LHU]XUHFKQHLFKHLQLJHGHU3UDNWLNHQGLHLQGHQLP)ROJHQGHQ]XGLVNX WLHUHQGHQ(U]lKOWH[WHQDXVGHPHUVWHQ'ULWWHOGHV-DKUKXQGHUWVUHSUl VHQWLHUW VLQG GHU DGHOLJH =ZHLNDPSI LQ VHLQHU HPSKDWLVFKHQ )RUP DOV *RWWHVXUWHLO  GDV DGHOLJH *OFNVVSLHO ]ZLVFKHQ 6HOEVWEHJODXELJXQJ XQG =ZDQJKDIWLJNHLW GDV DGHOLJH /DLHQWKHDWHU GDV PLWWHQ LP /HEHQ DQJHVLH GHOWLVWXQG5LWXDOLWlWVRZLH7KHDWUDOLWlW]XYHUELQGHQVXFKW'LHYLHOOHLFKW HQWVFKHLGHQGHXQKLQWHUJHKEDUH'LIIHUHQ]]ZLVFKHQ5LWXDOXQG6SLHOGUI WHHEHQGRFKLQGHU2IIHQKHLWGHV/HW]WHUHQOLHJHQXQGLQGHP:HUWGHU DXIGLHVH2IIHQKHLW]XQHKPHQGJHOHJWZLUG0HLQH+\SRWKHVHODXWHWGDKHU GDVVHVGHQLQ)UDJHVWHKHQGHQURPDQWLVFKHQ7H[WHQXPGLHVHQhEHUJDQJ YRP 5LWXHOOHQ ]XP RIIHQ 6SLHOHULVFKHQ JHKW XQG GLH DGHOLJH 3HUVRQ DOV ([SHUWHGLH$GHOVNXOWXUDOV6SKlUHGLHVHVhEHUJDQJVLQ7H[WHQQHXIXQN WLRQDO ZHUGHQ GLH VLFK GHU XQVFKDUI ZHUGHQGHQ *UHQ]H YRQ 5LWXDO XQG 6SLHOZLGPHQ 'DVIUGLHQHX]HLWOLFKH$GHOVNXOWXUVLJQLILNDQWHVWH5LWXDOGDV'XHOO LVWVHOEVWVFKRQ(UJHEQLVHLQHUGXUFK)ULHGKHOP*XWWDQGLQNRPSHQVDWR ULVFK JHOHVHQHQ 5HVLGXDOLWlW GHV 6SLHOHULVFKHQ LQ GHU 1HX]HLW ,P =XJH HLQHU7RWDOLVLHUXQJGHVPRGHUQHQVWUHQJ]ZHFNUDWLRQDOHQ.ULHJHVLQGHU IU6SLHOXQG7XUQLHU XQGGHQ$GHO NHLQ3ODW]PHKUZDUVHLHQGHU$GHO XQG PLW LKP GLH 3ULQ]LSLHQ Ä9HUDXVJDEXQJ¶ XQG Ä9HUVFKZHQ GXQJ¶GHQQRFKQLFKWDEJHO|VWVRQGHUQLQGHQ K|ILVFKHQ 'LHQVWJHQRP PHQ ZRUGHQ'HU $GHO KDEH PLW +LOIH HLQHV $SSHOOV DQ VHLQH (KUH LQ GHQ=HQWUDOVWDDWLQWHJULHUWZHUGHQN|QQHQ²GRFKVHLDOV5LWXDOXQG6SLHO GHV$XVKDQGHOQVGLHVHU(KUHGDV'XHOODOVÅQHXH*HVWDOWGHV9HUGLFKWHQV XQG.ULVWDOOLVLHUHQVDJRQDOVSLHOHULVFKHU(OHPHQWH´DXIGHPIUKQHX]HLW OLFKHQ 6FKDXSODW] HUVFKLHQHQ (LQHUVHLWV LVW GDV 'XHOO HLQ ÅVSlWHU 5HSUl VHQWDQWHLQHUDOWHQ$GHOVNXOWXU´XQGZHLVWÅLQVWDUNHU:HLVH=HUHPRQLDOL VLHUXQJHQXQG5LWXDOLVLHUXQJHQDXI´DQGHUHUVHLWVELHWHWHVDEHUDXFKHLQ +|FKVWPD‰DQ,QV]HQLHUXQJXQG'UDPDWLVLHUXQJGDHVLQLKPQLFKWXP 9HUJHOWXQJJHKWVRQGHUQÅSULPlUXPGLH5HJHQHUDWLRQHLQHUGXUFK%HOHL GLJXQJEHVFKlGLJWHQ6\PEROLN´QlPOLFKGHU(KUH =ZDULVWGDPLWHLQH(QWZLFNOXQJEH]HLFKQHWZHOFKHGLHJHVDPWH)U KH1HX]HLWGXUFK]LHKWGRFKOLHJWLP)ROJHQGHQGDV$XJHQPHUNYRUDOOHP ²²²²²²²²²²²²²  9JO *XWWDQGLQ )ULHGKHOP'DVSDUDGR[H6FKLFNVDOGHU(KUH=XP:DQGHOGHUDGHOLJHQ(KUHXQG ]XU %HGHXWXQJ YRQ 'XHOO XQG (KUH IU GHQ PRQDUFKLVFKHQ =HQWUDOVWDDW %HUOLQ  6  6FKULIWHQ]XU.XOWXUVR]LRORJLH   (EG6I  (EG6  (EG6I



$GHOLJH6SLHOH





 DXIGHQ9HUlQGHUXQJHQDP%HJLQQGHV-DKUKXQGHUWV:HOFKHQ+LQWHU JUXQGKDWHVZHQQHUQVWH5LWXDOHZLHGHU=ZHLNDPSIQXQSO|W]OLFKVSLHOH ULVFKHQ&KDUDNWHUHUKDOWHQ",P*HJHQVDW]]XPSURIHVVLRQHOOHQ6FKDXVSLH OHU GHU DXFK 6SLHO DOV PLPLNUL EHWUHLEW DEHU QDFK GHP (QGH VHLQHV 7KHDWHUVWFNV LQ GLH :LUNOLFKNHLW ]XUFNNHKUW  VWHKW GHU $GHOLJH PLW VHLQHPJDQ]HQ'DVHLQPLWVHLQHUJDQ]HQ.XOWXUIUGDV6SLHOHLQ+LVWR ULVFKXQGUKHWRULVFKVWHKWHUGDPLWDEHUDXFKIUHLQH7UDGLWLRQGHVIUK QHX]HLWOLFKHQ &RUWHJLDQR GHV KRQQrWHKRPPH XQG GHV Å$ODPRGHZHVHQV´ LP 8PNUHLV GHV +RIHV GLH DXI HLQHU Å5KHWRULN GHU 8QHLQGHXWLJNHLW´ YRQ 6SUDFK XQG .|USHU]HLFKHQ EHUXKWH XQG DXI GLH EHUHLWV LP  -DKUKXQ GHUWHLQH%HZHJXQJ]XJXQVWHQYRQ(LJHQWOLFKNHLWXQG$XIULFKWLJNHLWUHD JLHUW KDWWH,Q GHU =HLW QDFK  NRPPW HV ]X HLQHU :LHGHUNHKU GHU 0HKUGHXWLJNHLW YRQ =HLFKHQ QLFKW ]XOHW]W LQ GHU HUVWPDOV JUXQGOHJHQG SRO\VHPHQ/LWHUDWXUGHU5RPDQWLN +DWWHQ LP -DKUKXQGHUW 7DQ]OHKU EFKHU HLQH HLQGHXWLJH .|USHUVHPLRWLN IHVWJHOHJW GLH IU GHQ .|USHU LQQHUKDOEGHU6R]LDOGLV]LSOLQLHUXQJHLQHYHUELQGOLFKH9RUJDEHGDUVWHOOWH VR NRPPW GLH .XOWXUGHV $GHOV GHU ([SHUWHQ GHU 9HUVWHOOXQJ DOVR ZLH GHUXPLQV6SLHOZRHVXPSRO\VHPHXQHUNOlUOLFKHXQGDPELYDOHQWH=HL FKHQNRQVWHOODWLRQHQJHKWZRVLFKGLH/LWHUDWXUGHU5RPDQWLNGHPJlQ] OLFK 8QZDKUVFKHLQOLFKHQ 8QHUNOlUOLFKHQ XQG =ZHLGHXWLJHQ ]XZHQGHW 8QGGDQQGUIHQHVDGHOLJH)LJXUHQVHLQDQGHUHQ6SLHOHQ XQG.|USHUQ  VLFKXQHLQGHXWLJH=HLFKHQDEOHVHQODVVHQ 'LHYHUVSLHOWHQ$XIWULWWHGHU$GHOLJHQLQGHU5RPDQWLNVLQGDXFKYRQ DQGHUHU4XDOLWlWDOVGLH5HSUlVHQWDWLRQHQGHVDEVROXWLVWLVFKHQGHVGXUFK )RXFDXOWJHQDXDXVJHOHXFKWHWHQkJHFODVVLTXH$QKDQGYRQ9HOD]TXH]·*H PlOGH /DV 0HQLQDV KDWWH )RXFDXOW EHNDQQWOLFK GDV )XQNWLRQLHUHQ HLQHV =HLFKHQUDXPV GHU UHLQHQ 5HSUlVHQWDWLRQ YRUJHIKUW LQ GHP GHU 6SLHJHO UHLQH 5H]LSUR]LWlW PDQLIHVWLHUW LQ GHP GHU UHSUlVHQWLHUHQGH +HUUVFKHU JOHLFK]HLWLJ ÅDP HQWIHUQWHVWHQ YRQ GHU 5HDOLWlW´ LVW UHLQH 5HSUlVHQWDQ] RKQH3UlVHQ]XQGGRFKÅGDV=HQWUXPXPGDVVLFKGLHJDQ]H5HSUlVHQWD WLRQRUGQHW´/RXLV0DULQGHUVLFKPLWGHP=XVDPPHQKDQJYRQ5HSUl VHQWDWLRQXQG0DFKWEHIDVVWKDWEHKDXSWHWÅ:DKUKDIW.|QLJZLOOVDJHQ 0RQDUFK LVW GHU .|QLJ QXU LQ %LOGHUQ 6LH VLQG VHLQH UHDOH 3UlVHQ] HLQ *ODXEHDQGLH:LUNVDPNHLWXQG2SHUDWLYLWlWVHLQHULNRQLVFKHQ=HLFKHQLVW ²²²²²²²²²²²²²

 9JO&DLOORLV6SLHOHXQG0HQVFKHQ6  9JO6W|FNPDQQ,QJRÅ'LH*HPHLQVFKDIWGHU$XIULFKWLJHQ'LH6SUDFKHGHU1DWLRQXQG GHUUHGOLFKH*UXQGGHV6R]LDOHQLP-DKUKXQGHUW´LQ&ODXGLD%HQWKLHQ6WHIIHQ0DUWXV +UVJ 'LH.XQVWGHU$XIULFKWLJNHLWLP-DKUKXQGHUW7ELQJHQ6KLHU6 IXQG  9JO0RXUH\0DULH7KpUqVHÅ*LEWHVHLQH$XIULFKWLJNHLWGHV.|USHUV"=XGHQGHXWVFKHQ 7DQ]OHKUEFKHUQGHVVSlWHQ-DKUKXQGHUWV´LQ%HQWKLHQ0DUWXV.XQVWGHU$XIULFKWLJNHLW 6  )RXFDXOW2UGQXQJGHU'LQJH6



.DSLWHO

 REOLJDWRULVFK´2EJOHLFK VLFK KLVWRULVFK DQ GHU7DWVDFKH GHU 0RQDUFKLH XQG YLHOIDFK DXFK DQ HLQHU DOV VWDDWVDEVROXWLVWLVFK EH]HLFKQHWHQ 5HJLH UXQJVIRUP QDFKQLFKWVJHlQGHUWKDWLQGHQGHXWVFKVSUDFKLJHQ/lQ GHUQ OLHJW GHU :DQGHO ZLH )RXFDXOW ]HLJHQ NRQQWH DXI HSLVWHPLVFKHU (EHQHNODU]XWDJHWULWWGDVQHXH6XEMHNWLP-DKUKXQGHUWÄGHU0HQVFK¶ PLWHLQHUÅQHXHQ3UlVHQ]´DXI 8QWHUZRUIHQHU 6RXYHUlQ EHWUDFKWHWHU %HWUDFKWHU WDXFKW HU GRUW DQ MHQHU 6WHOOH GHV.|QLJVDXIGLHLKPLPYRUDXVGLH+RIIUlXOHLQ]XZLHVHQYRQZRDEHUIUODQJH =HLWVHLQHUHDOH3UlVHQ]DXVJHVFKORVVHQZDU$OVZUGHQLQMHQHPYDNDQWHQ5DXP ]X GHP GDV JDQ]H %LOG YRQ 9HODVTXH] JHZHQGHW ZDU GHQ HV DEHU GHQQRFK QXU GXUFKGHQ=XIDOOHLQHV6SLHJHOVXQGJHZLVVHUPD‰HQGXUFKHLQ+LQHLQEUHFKHQUH IOHNWLHUWHDOOH)LJXUHQ>«@VLFKLQHLQHYROOH*HVWDOWKHIWHQXQGIRUGHUQGD‰GHU JDQ]H5DXPGHU5HSUlVHQWDWLRQHQGOLFKDXIHLQHQ%OLFNDXV)OHLVFKEH]RJHQZU GH

'LH /LWHUDWXUZLVVHQVFKDIW LVW HV JHZRKQW GLHVHQ 3DUDGLJPHQZHFKVHO DP :HFKVHO YRQ HLQHU UHSUlVHQWDWLYHQ ]X HLQHU EUJHUOLFKHQ gIIHQWOLFKNHLW IHVW]XPDFKHQ DEHU DXFK DP :HFKVHO ]X VHOEVWEHZXVVW UlVRQQLHUHQGHQ EUJHUOLFKHQ +HOGHQ LQ 'UDPD XQG 5RPDQ 7DWVlFKOLFK ]LHKW VLFK GHU PRQDUFKLVFKH GHU UHSUlVHQWLHUHQGH +HUUVFKHU DXV GHU /LWHUDWXU GHQ 7UDXHUVSLHOHQ DOO]XPDO  ]XUFN EHUOlVVW DEHU GLH %KQH QLFKW QXU GHQ EUJHUOLFKHQ VRQGHUQ DXFK DGHOLJHQ 6SLHOHUQ JOHLFKVDP GHQ 6WHOOYHUWUH WHUQGHVDEVROXWLVWLVFKHQ.|QLJVGLHQLFKWPHKUXQWHUGHQ%HGLQJXQJHQ HLQHV WUDQVSDUHQWHQ =HLFKHQEHJULIIV IXQNWLRQLHUHQ 'HU DGHOLJH 6SLHOHU SODW]LHUW VLFK LQ PDQFKHQ 7H[WHQ GHU URPDQWLVFKHQ /LWHUDWXU JHUDGH]X ]ZLVFKHQ GHP HKHPDOV WUDQVSDUHQWHQ =HLFKHQ GHV +HUUVFKHUV XQG GHP IU VLFK VWHKHQGHQ EUJHUOLFKHQ 6XEMHNW GHU $GHOLJH EHWULWW DOV JHEWHU 5HSUlVHQWDQWGLH%KQHGRFKJHOLQJWLKPQLFKWPHKUGDVZDVGHP.|QLJ GHV $QFLHQ 5pJLPH QRFK SUREOHPORV P|JOLFK ZDU VLFK VHOEVW XQG GDV *DQ]H]XYHUWUHWHQXQGGDU]XVWHOOHQ$QGLH6WHOOHGHVHLQHQXQKLQWHUIUDJ EDUHQ 5HSUlVHQWDQWHQWULWW GLH 9LHO]DKO GHU XQVLFKHU JHZRUGHQHQ 6SLHOHU GHU *OFNV6SLHOHU (KU6SLHOHU XQG 6FKDX6SLHOHU GHU 6SLHOHULP6SLHO YRP 6FKODJH GHV +RIDGHOLJHQ +LQ]H GHV JHVWLHIHOWHQ .DWHUV DXV 7LHFNV JOHLFKQDPLJHU.RP|GLHZHOFKHGLHYRUUHYROXWLRQlUH5HSUlVHQWDWLRQVSUD [LV ZLHGHUXP DG DEVXUGXP IKUW GHQQ GLH WLHUKDIWHQ .|USHU]HLFKHQ GHV ²²²²²²²²²²²²²  0DULQ /RXLV 'DV 3RUWUlW GHV .|QLJV DXV GHP )UDQ]|VLVFKHQ EHUVHW]W YRQ +HLQ] -DWKR %HUOLQ6²=XU%HGHXWXQJGHU.|USHUVHPLRWLNIUGHQN|QLJOLFKHQ.|USHUGHV $EVROXWLVPXV ² LQ $EJUHQ]XQJ ]XP PLWWHODOWHUOLFKHQ +HUUVFKHU ODXW (UQVW .DQWRURZLF]· NODVVLVFKHU6WXGLH.|USHUGHV.|QLJV²YJOHEHQIDOOV0DULQÅGHU.|QLJKDW>LP$EVROXWLVPXV@ EOR‰QRFKHLQHQ.|USHUDEHUGLHVHUHLQ]LJHYHUHLQLJWLQ:DKUKHLWGUHLHLQHQKLVWRULVFKHQ SK\VLVFKHQ HLQHQ MXULGLVFKHQ SROLWLVFKHQ XQG HLQHQ VDNUDPHQWDOHQ VHPLRWLVFKHQ .|USHU ZREHLGHUVDNUDPHQWDOH.|USHUGDVÄ3RUWUlW¶RKQH5HVWGHQ$XVWDXVFK]ZLVFKHQGHPKLVWR ULVFKHQXQGGHPSROLWLVFKHQ.|USHUGXUFKIKUW RGHUMHGHQ5HVW]XHOLPLQLHUHQYHUVXFKW ´ (EG6   (EG6



$GHOLJH6SLHOH





 0LQLVWHUV +LQ]H VLQG DOO]X HLQGHXWLJ VR GDVV VLH YRQ VHLQHQ 0LWVSLHOHUQ NRPSOHWW LJQRULHUW ZHUGHQPVVHQVROOGDV*HVFKHKHQ DP +RI GHV .| QLJVÄHUQVWKDIW¶YRUDQVFKUHLWHQ $Q GLH 6WHOOH HLQHU OLWHUDULVFKHQ $QWKURSRORJLH GHV  -DKUKXQGHUWV GLH VLFK GHP FRPPHUFLXPFRUSRULVHWPHQWLV VR HLQGHXWLJ XQG ]XJOHLFK DOOJH PHLQJOWLJZLHP|JOLFKQlKHUQZLOOXQGDQGLH6WHOOHHLQHUEUJHUOLFKHQ )L[LHUXQJ DXI GDV ÄQW]OLFKH¶ 9HUJQJHQ WULWW QDFK  SO|W]OLFK ZLHGHU GLH6WDQGHVXQG5ROOHQSHUVRQDRKQHGDVVVLFKGLH7UDQVSDUHQ]XQG(LQ GHXWLJNHLWGHU=HLFKHQKDOWHQOLH‰H'LHLP-DKUKXQGHUWDXI$EOHKQXQJ VWR‰HQGHQEDURFNHQK|ILVFKHQ6SLHOHÅ=HLWYHUWUHLEIUJHODQJZHLOWH+|I OLQJH´OHVHQVLFKZLHHLQ3URJUDPPGHUURPDQWLVFKHQ/LWHUDWXUÅ3HQGHO VFKZLQJHQ *HVSHQVWHUDXV1HEHOVFKZDGHQWUHWHQVHKHQ 'DPSIPDVFKL QHQ EHWUHLEHQ GXUFK 7HOHVNRSH XQG 0LNURVNRSH VFKDXHQ´  'LH .ULVH GHU 5HSUlVHQWDWLRQ EHVFKZ|UW HLQH 5HWKHDWUDOLVLHUXQJ KHUDXI GLH QHXHQ 3HUVRQDOV EHGDUI GD GHU .|QLJ LQ GHQ +LQWHUJUXQG JHWUHWHQ LVW'LHVH 5HWKHDWUDOLVLHUXQJ ZlUH DQ 3HUVRQ XQG :HUN /XGZLJ 7LHFNV EHVRQGHUV IHVW]XPDFKHQZHQQJOHLFKGDV'UDPDGHU5RPDQWLNDOVW\SLVFKHV/HVHGUD PDWUDGLWLRQHOODOVHKHUXQWKHDWUDOLVFKJLOW'LHZHLWDXVJUHLIHQGH5H]HSWL RQGHVIUKQHX]HLWOLFKHQ'UDPDVXQGGHUIUKQHX]HLWOLFKHQ%KQH²HWZD LQ 7LHFNV -XQJHP7LVFKOHUPHLVWHU ² 7LHFNV GUDPDWXUJLVFKH 3UD[LV XQG VHLQH WKHDWHUNULWLVFKH XQG GUDPHQJHVFKLFKWOLFKH $UEHLW VLQG KLHU YRU DOOHP ]X QHQQHQ5RPDQWLVFKH 5HDNWLRQHQ DXI GLH .ULVH GHU 5HSUlVHQWDWLRQ XP VLQGDOVRQLFKWQXU²ZLHLP*HVWLHIHOWHQ.DWHU²JHVWHLJHUWH6SLHOLP 6SLHO6]HQHULHQ RGHU PLVHHQDE\PH,QV]HQLHUXQJHQ LQ GUDPDWLVFKHQ ZLH LQ (U]lKOWH[WHQVRQGHUQ DXFK GLH 5HIXQNWLRQDOLVLHUXQJ DGHOLJHQ 3HUVRQDOV LQ.RQVWHOODWLRQHQGLHDQGLH6WHOOHGHU(LQGHXWLJNHLWGHU5HSUlVHQWDWLRQ GHV5LWXDOVXQGGHV=HUHPRQLHOOVGLH3RO\VHPLHXQGWHLOVDXFKGLH$QDU FKLH XQG 2IIHQKHLW GHV 6SLHOV VHW]HQ 'HU %OLFN ULFKWHW VLFK GDPLW QRFK HLQPDO DOOHUGLQJV MHW]W MHQVHLWV GHU K|ILVFKHQ .XOWXU DXI GHQ $GHOLJHQ GHVVHQ6HLQÅLQVHLQHUVR]LDOHQ(UVFKHLQXQJXQGQXULQLKU´OLHJWZHQQ ²²²²²²²²²²²²²

 :HW]HO6SLHO6GRUWDXFK]XGHQQW]OLFKHQ6SLHOHQGHU$XINOlUXQJ  'LHV]HLJWVLFKQLFKWQXUDQKDQGGHU7H[WHGLHLQGLHVHP.DSLWHOYHUKDQGHOWZHUGHQHLQH JDQ]H $Q]DKO ZHLWHUHU URPDQWLVFKHU 7H[WH DUJXPHQWLHUW YLHOOHLFKW GXUFK $GDP 0OOHUV +RFKVFKlW]XQJ GHV $GHOV LQVSLULHUW XP GLH ,QVWDQ] GHV .|QLJWXPV KHUXP GLH 1RYDOLV QRFKVRZLFKWLJZDU,FKGHQNHDQ(LFKHQGRUIIV$KQXQJXQG*HJHQZDUWDQ)RXTXpV=DXEHU ULQJDQ$UQLPV*UlILQ'RORUHVDEHUJHUDGHDXFKDQVHLQH.URQHQZlFKWHU  =X 7LHFN DOV 7KHDWHUNULWLNHU YJO 6WUREHO -RFKHQ Å5RPDQWLVFKH 7KHDWHUNULWLN /XGZLJ 7LHFNGHU'UDPDWLNHU'UDPDWXUJ3XEOL]LVWXQG(GLWRU´LQ*XQWKHU1LFNHO +UVJ %HL WUlJH]XU*HVFKLFKWHGHU7KHDWHUNULWLN 7ELQJHQ  6   0DLQ]HU )RUVFKXQJHQ]X 'UDPD XQG 7KHDWHU   VRZLH GHUV Å7LHFN DOV 7KHDWHUNULWLNHU´ LQ 6WHIDQ 6FKH UHU&ODXGLD6WRFNLQJHU +UVJ 7LHFN+DQGEXFK%HUOLQ1HZ.QIWLJ]LWLHUWDOV'.9@  9JOHEG6XQG  9JO 'XQNOH\ -RKQ *DPEOLQJDVRFLDODQGPRUDOSUREOHPLQ)UDQFH 2[IRUG  SDVVLP



.DSLWHO

 EULWLVFKHQ$GHOEDOGQDFK,QGHUYLNWRULDQLVFKHQbUDZXUGHGDV*OFNV VSLHO GDV PLW =XIDOO XQG 6SHNXODWLRQ GLH LUUDWLRQDOHQ 6HLWHQ GHU *HVHOO VFKDIWDOO]XVWDUNH[SRQLHUWHDXVPRUDOLVFKHQ0RWLYHQKHUDXVDQJHJULIIHQ XQG YLHOIDFK PLW HLQHU GHNDGHQWHQ XQG YHUDQWZRUWXQJVORVHQ (OLWH DVVR ]LLHUW,Q%HQMDPLQ'LVUDHOLV5RPDQHQHWZDJHK|UWGHU6SLHOHUGHP7\SXV GHV GHEDXFKHG DULVWRFUDW DQ GHU VHLQH )KUXQJVYHUDQWZRUWXQJ DXIJLEW  :HQQJOHLFK GDV .DUWHQVSLHO GHV UXVVLVFKHQ $GHOV HLQH EHGHXWHQGH 8UVD FKH VHLQHU 9HUDUPXQJ LP  -DKUKXQGHUW ZDU HUIUHXWH HV VLFK JUR‰HU %HOLHEWKHLW$OV GHPRQVWUDWLYH +DQGOXQJ ERW HV lKQOLFK ZLH GDV 'XHOO (UVDW] IU PLOLWlULVFKHQ (LQVDW] Å3UHYDLOLQJ P\WKRORJLHV WKDW YLHZHG JDPEOLQJDVDUHFUHDWLRQRIEDWWOHDQGORVVHVDWFDUGVDVDQRSSRUWXQLW\WR GHPRQVWUDWHRQH¶VIRUWLWXGHLQGLUHFLUFXPVWDQFHVSOD\HGDVLJQLILFDQWUROH LQWKLVSURFHVV´ $GHOLJHV*OFNVVSLHOLVW]XQlFKVWUHSUlVHQWDWLYHV5ROOHQVSLHOGDVÅHLQ EHVWLPPWHV |NRQRPLVFKHV *HEDUHQ´ ]XU 6FKDX VWHOOW PLW |IIHQWOLFKHQ E]Z JHVHOOVFKDIWOLFKHQ *OFNVVSLHOHQ LP  XQG ELV LQV  -DKUKXQGHUW ZDUHQ ÅVR]LDOH XQG PRUDOLVFKH :HUWKDOWXQJHQ YHUEXQGHQ >«@ GLH GLH (OLWHQ IU VLFK EHDQVSUXFKWHQ´  (QWJHJHQ ODQJIULVWLJHP :LUWVFKDIWHQ ]HLFKQHWVLFKGDV*OFNVVSLHOGXUFKSO|W]OLFKH(QWVFKHLGXQJHQEHU9HU P|JHQVWUDQVIHUV PLW WHLOV H[LVWHQWLHOOHQ )ROJHQ DXV  :lKUHQG VLFK HLQ DGHOLJHU $XWRU ZLH .OHLVW IDV]LQLHUW ]HLJW YRP OHLFKWIHUWLJHQ (LQJHKHQ HLQHV5LVLNRVPLWW|GOLFKHQ)ROJHQ²VLHKHGLH)LJXU)ULHGULFKYRQ7URWD LQGHU1RYHOOH'HU=ZHLNDPSI²PRQLHUWEHUHLWVGLHWUDGLWLRQHOOH$GHOVNUL WLN GLH *HIDKU GHV 5XLQV GLH GDV DGHOLJH *OFNVVSLHO MHGHU]HLW ELUJW  1RFK XP  LVW GDV Å6SLHO GDV OHW]WH =HLFKHQ DGHOLJHU 6HOEVWGDUVWHO OXQJ´ 1LFKWXPGLH$UURQGLHUXQJGHVYRUKDQGHQHQ9HUP|JHQVJLQJHVGHP VSLHOHQGHQ $GHOLJHQ VRQGHUQ XP GLH 'DUVWHOOXQJ GHU 5LVLNRIUHXGLJNHLW ]XPDODEHUDXFKXPGLH6SDUVLRGHQ3RWODWVFKGLH*DEHGHU9HUDXVJDEXQJ GHVVLFKVHOEVW9HUVFKZHQGHQVGLHGHQ$GHOLJHQDOV0DFKWIDNWRULQ(ULQ QHUXQJ ]X UXIHQ KDWWH%HUHLWV GHU &RUWHJLDQR &DVWLJOLRQHV VSLHOW QLHPDOV ²²²²²²²²²²²²²  9JO 0XQWLQJ 5RJHU $Q HFRQRPLF DQG VRFLDO KLVWRU\ RI JDPEOLQJ LQ %ULWDLQ DQG WKH 86$ 0DQ FKHVWHU1HZ«@ )RU WKH WUDGL WLRQDO DULVWRFUDF\ LQGLYLGXDO LGHQWLW\ ZDV JURXQGHG LQ DQ LGHDO RI EORRG DQG KRQRULQFRPPHQVXUDWHZLWKPDWHULDOZHDOWK

(7$+RIIPDQQV1RYHOOH6SLHOHU*OFNVWHKWLP*HIROJHHLQHU6lNXODUL VLHUXQJ GHV *OFNVEHJULIIHV LP hEHUJDQJ ]XU 1HX]HLW $XV GHU Ä)RUWX QD¶ZDUOlQJVWGHU=XIDOOJHZRUGHQ8QGDXVGHP=XIDOOZLUGEHUHLWVDE HWZD  GLH ÅSUREDELOLVWLVFKH 9HUQXQIW´ )UDQoRLV (ZDOG  GLH GHP ZDFKVHQGHQ:LVVHQEHUPDWKHPDWLVFKH:DKUVFKHLQOLFKNHLWHQ5HFKQXQJ WUlJW XQG GDV *OFNVVSLHO DOV VWRFKDVWLVFKHV ([SHULPHQW GHXWHW  'LH %HUHFKHQEDUNHLWGHV=XIDOOVLVW7HLOGHV(PDQ]LSDWLRQVSUR]HVVHVGHVQHX ]HLWOLFKHQ6XEMHNWVXQGGDV7KHPD*OFNVVSLHOLVWLPIUDQ]|VLVFKHQ5R ²²²²²²²²²²²²²  9JOHEG6IXQG6=LWDW6  'D]X YJO .DSLWHO  GDQHEHQ DEHU YJO DXFK DXV NRQVHUYDWLYHU :HOWVLFKW HLQHQ +LQZHLV :DOWHU +LOGHEUDQGWV DXI GLH +lXIXQJ YRQ 6SLHOWKHRULHQ LQ GHU 1DFKNULHJV]HLW QDFK  DOVHLQH$UW2SSRVLWLRQVJHVWHJHJHQGLHgNRQRPLVLHUXQJVWUHQGVVSlWHUGDQQGLH3ROLWLVLH UXQJGHU=HLWÅ'DVLVWGHU*HJHQVDW]]XP|NRQRPLVFKHQ*UXQGVDW]GHUPDWHULHOOHQ$XI EDXSKDVH GLH XQPLWWHOEDU GHU %HHQGLJXQJ GHV .ULHJHV PLW VHLQHQ =HUVW|UXQJHQ IROJWH (EHQVRVWHKWGLH+LQZHQGXQJ]XP6SLHOXQGVHLQHU7KHRULHLP.RQWUDVW]XULPPHUPHKU XPVLFKJUHLIHQGHQ3ROLWLVLHUXQJXQVHUHV/HEHQVGLH]XP0HUNPDOGHUVHFK]LJHUXQGVLHE ]LJHU-DKUHZXUGH´ +LOGHEUDQGW:DOWHUÅ+RPROXGHQV'LH6SLHOHGHV0HQVFKHQLQGHU 6LFKW GHU $QWKURSRORJLH´ LQ *HUG.ODXV .DOWHQEUXQQHU +UVJ  ,P$QIDQJZDUGDV6SLHO 6FK|SIHUWXPXQG*OFN]ZLVFKHQ$UEHLWXQG)UHL]HLW )UHLEXUJ X D  6  KLHU 6  +HUGHUEFKHUHL,QLWLDWLYH   .DYDQDJK7KRPDV 0Å&DVDQRYD·V $XWRELRJUDSK\ RI &KDQFH´ LQGHUV +UVJ  &KDQFH &XOWXUH DQG WKH /LWHUDU\ 7H[W $QQ $UERU 0LFK  6   0LFKLJDQ 5RPDQFH 6WXGLHV KLHU6²$QDQGHUHU6WHOOHVFKUHLEW.DYDQDJKÅ>7@KHHVVHQWLDOWUDLWRIWKH QREOH·VOLIHVW\OHZDVDGLVFODLPIRUDQ\OLPLWRQSHUVRQDOSUHURJDWLYHE\UHDVRQRIFRVW1RW RQO\ ZDV H[WUDYDJDQFH WKH UXOH EXWDQ\ VLJQ RI SHUVRQDO FRQFHUQ ZLWKPRQH\ ZDV SRWHQ WLDOO\GHURJDWLQJ´ .DYDQDJK(QOLJKWHQPHQW6   9JO=ROOLQJHU*HVFKLFKWHGHV*OFNVVSLHOV6VRZLH3HO]0RQLND'LH(QWVWHKXQJGHVQHX]HLW OLFKHQ*OFNVEHJULIIVLPXQG-DKUKXQGHUW*UXQGXQG,QWHJUDWLYZLVVHQ'LVV:LHQ  9JO &DPSH 5GLJHU 6SLHOGHU:DKUVFKHLQOLFKNHLW /LWHUDWXU XQG%HUHFKQXQJ]ZLVFKHQ 3DVFDO XQG .OHLVW*|WWLQJHQ6II



.DSLWHO

 PDQGHV-DKUKXQGHUWVVWHWVYHUEXQGHQPLWHLQHU.ULWLNDPUFNZlUWV JHZDQGWHQ $GHO VLJQDOLVLHUW DOVR HLQH7HQGHQ] LQ GHU/LWHUDWXU *HQDXHU LVWÄ*OFNVVSLHO¶YHUEXQGHQPLWÅWKHHPHUJLQJIRUPRIWKHQRYHOZLWKWKH VDWLULF UHSUHVHQWDWLRQ RI DQ DULVWRFUDF\ GHILQHG E\ LWV LGHQWLILFDWLRQ ZLWK WKHLQVXEVWDQWLDOLW\RIFKDQFH´'DPLWZlUHGHU5RPDQ XQGVHLQEUJHU OLFKHU +HOG  Ä6LHJHU¶ EHU GDV XQNRQWUROOLHUEDUH *OFN EHU )DWDOLVPXV XQG=XIDOO$QDORJLVWLQ5XGROI]XU/LSSHV6WXGLHEHUGLHÄ*HRPHWUL VLHUXQJ¶GHV0HQVFKHQGHUVSLHOHQGH$GHOLJHGHV-DKUKXQGHUWVEHUHLWV HLQ$QDFKURQLVPXV ,Q ÄWHFKQLVFKHU¶ +LQVLFKW ZLUG DOOHUGLQJV ]XQHKPHQG GLH $XIIDVVXQJ YHUWUHWHQ GDVV HV MH QDFK $UW GHV 6SLHOV QLFKW WDWVlFKOLFK QXU XP Ä*OFN¶ RGHU =XIDOO RGHU :DKUVFKHLQOLFKNHLW  JHKW .DUWHQVSLHOH VLQG YLHOPHKU*OFNVXQG.DPSIVSLHOHDOHDXQGDJRQPLVFKHQVLFKLQXQWHU VFKLHGOLFKHQ 9HUKlOWQLVVHQ XQG EHLP :UIHOVSLHO JLOW Å*HVFKLFNOLFKNHLW XQG =XIDOO VLQG ]ZHL (QGHQ HLQHV .RQWLQXXPV´$XFK GLHVHQ +LQWHU JUXQGJLOWHVEHLGHU/HNWUHYRQ7H[WHQGHU=HLWQDFK]XEHGHQNHQ GLHMHJOLFKHV4XDQWLIL]LHUHQYRQÄ=XIDOO¶XQGÄ*OFN¶ZLHGHUYRQVLFKZHL VHQ 'HP YRUDXV JHKW LQ GHU /LWHUDWXU DEHU GDV %LOG GHV DQDFKURQLVWLVFK JHZRUGHQHQ VSLHOHQGHQ $GHOLJHQ GDV VLFK PLW 5LFFDXW GH OD 0DUOLQLqUH EHUHLWV LP /XVWVSLHO GHU $XINOlUXQJ ]HLJW (U GHU JHUDGH HLQPDO DOV 1H EHQILJXULQHLQHUHLQ]LJHQ6]HQHYRQ/HVVLQJV0LQQDYRQ%DUQKHOPDXIWUHWHQ GDUIXQGGHUPLWVHLQHQ6SUDFKVFKZLHULJNHLWHQXQGVHLQHU.RPSOLPHQWLHU VXFKW YRQ $QIDQJ DQ GDQNEDUHV 9HUODFKREMHNW GHV .RP|GLHQSXEOLNXPV JHZHVHQ VHLQ GUIWH UXIW MHQH $GHOVNULWLN GHV  -DKUKXQGHUWV DXI GLH DXFK .ULWLN DQ 0‰LJJDQJ XQG 6SLHO ZDU  /HVVLQJV 6WFN YHUVFKUlQNW ]ZHL3UREOHPDWLNHQGLHGHV6SLHOVXQGGLHGHU ÄVWlQGLVFKHQ¶YHUVXVÄEU JHUOLFKHQ¶ (KUH 'RFKKDWGLH/HVVLQJ)RUVFKXQJLPPHUZLHGHU]XUHFKWGDUDXIEHKDUUW GDVV7HOOKHLPV(KUSUREOHPEHUHLWVQLFKWPHKUGLHVWlQGLVFKH(KUHEHWULIIW ²²²²²²²²²²²²²

 .DYDQDJK$XWRELRJUDSK\RI&KDQFH6;  9JOHEG6;,  Å,P *OFNVVSLHO GHU $ULVWRNUDWHQ GLH ]XP *HOG QXU HLQ K|FKVW SUREOHPDWLVFKHV *H EUDXFKVZHUWYHUKlOWQLVDXVELOGHQNRQQWHQNDPGRSSHOWGHXWOLFK]XP$XVGUXFNZLHXQYHU EXQGHQZLHHEHQ|NRQRPLVFKlX‰HUOLFK*HOGXQG5HFKHQKDIWLJNHLWLPPHUQRFKGHU*H VHOOVFKDIW EOLHEHQ REZRKO LKUH :LUNVDPNHLW LPPHU HQJHU LKU 1HW] EHU GLH HUUDWLVFK DEJHVSUHQJWHQ%O|FNHGHUHLQVWLJHQ2UGQXQJJHVSRQQHQKDWWH´ /LSSH5XGROI]XU1DWXU EHKHUUVFKXQJDP0HQVFKHQ,,*HRPHWULVLHUXQJGHV0HQVFKHQXQG5HSUlVHQWDWLRQGHV3ULYDWHQLPIUDQ]| VLVFKHQ$EVROXWLVPXV)UDQNIXUWD0ñ6   'DUDXIZHLVW1LWVFK%DURFNWKHDWHU6KLQ  &DPSH6SLHOGHU:DKUVFKHLQOLFKNHLW6  9JOKLHU]XQRFKPDOV=ROOLQJHU*HVFKLFKWHGHV*OFNVVSLHOV6



$GHOLJH6SLHOH





 E]Z JHUDGH LQ GHU $EO|VXQJ YRQ LKU EHJULIIHQ LVW  'DV NRPSOL]LHUWH DGHOLJH 3DDU %DUQKHOP7HOOKHLP EHVWHKW DXV QXU DOO]X JXWHQ XQG DOO]X PRUDOLVFKHQ %UJHUQ 'RFK QLFKW QXU GDV 7HOOKHLPV PRUDOLVFKH %HGHQ NHQWDQJLHUHQYRUDOOHPVHLQH|NRQRPLVFKH8QDEKlQJLJNHLW$XFKGDVLVW EUJHUOLFK 6\PEROLVFKHV .DSLWDO GHU (KUH XQG |NRQRPLVFKHV .DSLWDO PVVHQ ]XU 'HFNXQJ JHEUDFKW ZHUGHQ ² ZlKUHQG GHU W\SLVFKH $GHOLJH 5LFFDXW VHLQ ILQDQ]LHOOHV 'HIL]LW EHU GDV 6SLHO DEIlQJW ]XGHP EHU GDV )DOVFKVSLHO ÅFRUULJHU OD IRUWXQH´  GHQQ PRUDOLVFKH %HGHQNHQ NHQQW HU QLFKW5LFFDXWV 9HUKDOWHQ LVW JDQ] VWDQGHVJHPl‰ JDQ]UROOHQKDIWIU LKQ VLQG/HEHQXQG6SLHO²*OFNVVSLHO/HEHQV6SLHORGHU5ROOHQVSLHO²LGHQ WLVFK(ULVWRGHUZDU/HXWQDQWZHLOHU$GHOLJHULVW7HOOKHLPZXUGH6RO GDWDXVhEHU]HXJXQJQLFKWIU*HOG 5LFFDXWV GHXWVFKIUDQ]|VLVFKH 0LVFKVSUDFKH LVW ZHQLJHU 5HPLQLV]HQ] VHLQHUDXVOlQGLVFKHQ+HUNXQIWDOVHLQHVLGHQWLWlWVORVHQ5ROOHQEHZXVVWVHLQV XQG GHU0D[LPH ÅWRXW GpSHQG GH OD PDQLqUH´(QWJHJHQ W\SLVFK DGHOL JHP9HUKDOWHQVSLHOW5LFFDXWDEHUYRUZLHJHQGGHV*HOGHVZHJHQXQGHU LVW ]XGHP )DOVFKVSLHOHU ,Q VHLQHU 3HUVRQ WUHIIHQ PLPLNUL XQG DOHD YLHO OHLFKWDXFKLOLQ[ ]XVDPPHQEHUVWHLJHUWHV5ROOHQVSLHOXQGJHZLVVHQORVHV OHLGHQVFKDIWOLFKHV *OFNVVSLHO :HQQ 0LQQD VLFK EHU 7HOOKHLP DOV ÄXQ ELHJVDPHQ¶ 0DQQ EHNODJW GDQQ YHUN|USHUW 5LFFDXW DOV KRQQrWHKRPPH GDV *HJHQWHLO 0LQQDV 6SLHOOHLGHQVFKDIW GLH VLH IU GHQ =XVFKDXHU EHUUD VFKHQG NXU]]HLWLJ 5LFFDXW DQQlKHUW XQG GHVVHQ VWHUHRW\S VFKHLQHQGHQ 9HUIKUHUHKUJHL] DQIDFKW YHUELQGHW ]ZDU DXFK 5ROOHQVSLHO XQG *OFNV VSLHOLQGHPVLHLQGHU)ROJHPLWWHOV GHU5LQJLQWULJH7HOOKHLP GRFK QRFK XQG VFKOLH‰OLFK DXFK HUIROJUHLFK ]X JHZLQQHQ VXFKW ,KU 6SLHO ÅXP GHQ JHOLHEWHQ0DQQ´LVWDOVRDXIHLQHDQGHUH]LHOIKUHQGHGKHLQH/LHEHV HKHVWLIWHQGH:HLVH*OFNVXQG5ROOHQVSLHODOVEHL5LFFDXWGHUHQWVSUH ²²²²²²²²²²²²²  =XQlFKVWXQGYRUDOOHP0LFKHOVHQ3HWHUÅ'LH9HUEHUJXQJGHU.XQVWhEHUGLH([SRVLWL RQ LQ /HVVLQJV 0LQQDYRQ%DUQKHOP´ LQ GHUV 'HUXQUXKLJH%UJHU6WXGLHQ]X/HVVLQJXQG]XU /LWHUDWXUGHV-DKUKXQGHUWV :U]EXUJ  6  XQG 6FKODIIHU %UJHU 6  KLHU 6  YJO )LFN 0RQLND /HVVLQJ+DQGEXFK/HEHQ²:HUN²:LUNXQJ6WXWWJDUW:HLPDU  6  YJO DXFK 2WW'DVXQJHVFKULHEHQH*HVHW](KUHXQG*HVFKOHFKWHUGLIIHUHQ]LQGHU GHXWVFKHQ/LWHUDWXUXP )UHLEXUJ  6   /LWWHUDH   0RQLND )LFN VLHKW 7HOOKHLPDOV.lPSIHUXPGLHVWDDWVEUJHUOLFKH(KUHSDUDOOHOZHUGHQVWlQGLVFKHXQGK|IL VFKH(KUHXQWHUPLQLHUW 9JO)LFN/HVVLQJ+DQGEXFK6   *UXQGOHJHQG]X5LFFDXWYJO0DUWLQL)ULW]Å5LFFDXWGLH6SUDFKHXQGGDV6SLHOLQ/HVVLQJV /XVWVSLHO 0LQQD YRQ %DUQKHOP´ LQ :DOWHU 0OOHU6HLGHO:ROIJDQJ 3UHLVHQGDQ] +UVJ  )RUPHQZDQGHO )HVWVFKULIW IU 3DXO %|FNPDQQ +DPEXUJ  6  KLHU 6  XQG 6I ² $OV 5H]HSWLRQVVWXGLH ]X GHP GXUFK 5LFFDXW UHSUlVHQWLHUWHQ )UDQNUHLFKELOG YJO *ULPP*XQWHU(Å5LFFDXWGHOD0DUOLQLqUH*OFNVULWWHUXQG)UDQ]RV²'LH5H]HSWLRQ HLQHU /XVWVSLHOILJXU ]ZLVFKHQ *DOORSKLOLH XQG *DOORSKRELH´ LQ eWXGHV *HUPDQLTXHV 6  /HVVLQJ*RWWKROG(SKUDLPÅ0LQQDYRQ%DUQKHOP´LQ:HUNH%G+HUEHUW**|SIHUW +UVJ 0QFKHQ6KLHU6  0DUWLQL5LFFDXW6



.DSLWHO

 FKHQGUDVFKDXVGHU.RP|GLHYHUVFKZLQGHWHLQZDQGHOQGHU$QDFKURQLV PXV HLQH $QOHLKH EHLP &DSLWDQR GHU &RPPHGLDGHOO·DUWH GHVVHQ 7UDGLWLRQ ELV]X3ODXWXV·0LOHV*ORULRVXV]XUFN]XYHUIROJHQLVW 8QG GRFK EULQJW YLHOOHLFKWDXVJHUHFKQHW5LFFDXW HWZDV1HXHV LQGHQ $EODXI GHV 6SLHOV HLQ QlPOLFK JHUDGH GHQ *ODXEHQ DQ GDV 6SLHO DQ GDV /HEHQDOV6SLHO:lKUHQG7HOOKHLPVHLQVFKZHEHQGHV9HUIDKUHQDOVEHUHLWV ]X VHLQHQ 8QJXQVWHQ HQWVFKLHGHQ EHWUDFKWHW VHLQHQ HLJHQHQ 6SLHO5DXP DOVRJHULQJVFKlW]WZHL‰GHU6SLHOHU5LFFDXWHEHQOlQJVWVHLQH6SLHOUlXPH ]XQXW]HQZDV7HOOKHLPHUVWPKVDPHUOHUQHQXQGGDQQPLWHLQHUEUJHU OLFKHQ 7XJHQGKDIWLJNHLW YHUELQGHQ PXVV 1DFKGHP 5LFFDXW GHQ ,PSXOV GHV6SLHOVVR]ZHLGHXWLJZLHLQWHQVLYLQGLH.RP|GLHHLQJHIKUWKDWHPS ILHKOW0LQQD7HOOKHLPGLH+DOWXQJGHV6SLHOHUVHLQ]XQHKPHQÅ'HU.|QLJ ZDUHLQHXQJOFNOLFKH.DUWHIU6LHGLH'DPH>«@ZLUG,KQHQGHVWRJQV WLJHUVHLQ´ /HVVLQJV$XIZHUWXQJGHV6SLHOVWlXVFKWDEHUQLFKWEHUVHLQH$EZHU WXQJGHV$GHOVKLQZHJ5LFFDXWLVWHLQ]HLWW\SLVFKHV=HUUELOG0LQQDXQG 7HOOKHLP VLQG YHUEUJHUOLFKWH $GHOLJH 'HU .|QLJ DOV GHXVH[PDFKLQD DP (QGHGHU.RP|GLHGDUIDOV$XVZHLVHLQHV%QGQLVVHV%UJHUWXP²0R QDUFKLHLP-DKUKXQGHUWJHOWHQGDVJHJHQÅGLH)URQGHGHV$GHOV´JH ULFKWHWZDU 'LHVKDWVLFK]X(7$+RIIPDQQV=HLWHQJHlQGHUW,QVHLQHUVHUD SLRQWLVFKHQ (U]lKOXQJ 6SLHOHU*OFN WUHWHQ LQVJHVDPW YLHU *OFNVVSLHOHU DXIYRQGHQHQPLQGHVWHQVGUHLPXWPD‰OLFKYRQ$GHOVLQG:HQQJOHLFKHV DXIGHU+DQGOXQJVHEHQHXPGLHVFKUHFNOLFKHQPHQVFKOLFKHQXQGSHNXQLl UHQ )ROJHQ GHU6SLHOOHLGHQVFKDIW JHKWVR LVW GHU7H[WGRFK QLFKW ]ZHFN KDIWDOV:DUQXQJYRUGHP*OFNVVSLHO]XOHVHQ9RP+RIXQGDXVGHU 5HVLGHQ]VWDGWZHJKDWVLFKGHU6FKDXSODW]LQGLH3URYLQ]YHUODJHUWZLHLQ IDVWDOOHQKLHULQWHUHVVLHUHQGHQ7H[WHQGLHVPDOQLFKWDXIDGHOLJH/DQGJWHU VRQGHUQLQ%DGHRUWHZLH+RPEXUJYRUGHU+|KHGLHDOVWUDGLWLRQHOOH2UWH GHV6SLHOVGHP$GHO)UHLUlXPHELHWHQ 9RUDOOHPGLH5DKPHQJHVFKLFKWHXPGHQ%DURQ6LHJIULHGRUGQHWVLFK XPHLQH6LWXDWLRQDQGLH5RJHU&DLOORLVDOV.RUUXSWLRQGHUDOHDEH]HLFKQHW (VKDQGHOWVLFKXPHLQHQ6FKLFNVDOVJODXEHQGHUGDV EHUPl‰LJYRUKDQ GHQH RGHU DXFK QLH HLQWUHWHQGH  *OFN ]XU P\WKLVFKHQ ,QVWDQ] PDFKW ²²²²²²²²²²²²²

 9JOHEG6  /HVVLQJ0LQQDYRQ%DUQKHOP6²9JOKLHU]X)LFN/HVVLQJ+DQGEXFK6  6FKODIIHU%UJHU6  'LHV JHJHQ .DLVHU GHU GLHVHU 1RYHOOH ² IU +RIIPDQQ JDQ] XQZDKUVFKHLQOLFK ² HLQH GLGDNWLVFKH7HQGHQ]]XZHLVW 9JO.DLVHU*HUKDUG5(7$+RIIPDQQ6WXWWJDUW 6 6DPPOXQJ0HW]OHU   9JO=ROOLQJHU*HVFKLFKWHGHV*OFNVVSLHOV6VRZLHGDVJXWUHFKHUFKLHUWH6DFKEXFK*Q ]HO.ODXV%lGHU5HVLGHQ]HQ.XUHQXQG$PRXUHQ'LSORPDWLHXQG,QWULJHQ6WXWWJDUW6II  9JO&DLOORLV6SLHOHXQG0HQVFKHQ6



$GHOLJH6SLHOH





 DOVR DOOH ,QIRUPDWLRQHQ EHU GLH PRGHUQH %HUHFKHQEDUNHLW YRQ Ä=XIlO OHQ¶]XLJQRULHUHQVFKHLQW'LHIUDSSLHUHQGHQ3DUDOOHOHQ]ZLVFKHQ5DKPHQ XQG HUVWHU %LQQHQHU]lKOXQJ GDXHUKDIW YRP *OFN YHUIROJWHU 6SLHOHU  VRZLH ]ZLVFKHQ HUVWHU XQG ]ZHLWHU %LQQHQHU]lKOXQJ SO|W]OLFKHV 9HUODV VHQZHUGHQYRP*OFNELV]XPSHNXQLlUHQXQGPHQVFKOLFKHQ5XLQ IK UHQDXIGHUGLVNXUVLYHQ(EHQHGHV7H[WHVGHUDOVPLVHHQDE\PHDQJHOHJWLVW HLQ PDJLVFKHV *HVHW] GHU 6HULH HLQ ZHOFKHV GDV XQZDKUVFKHLQOLFKVWH *OFN XQG DXFK GHQ XPVR WLHIHUHQ )DOO HLQVFKOLH‰W  7DWVlFKOLFK DEHU ZlUH 6LHJIULHGV IDVW XQHQGOLFKH *HZLQQVHULH QLFKW VR HLQ]LJDUWLJ VHW]WH PDQVLHQLFKWLQHLQ9HUKlOWQLV]XGHPZDVPDQIUZDKUVFKHLQOLFKKlOW 6RZRKO6LHJIULHGVHOEVWDOVDXFKGLH0HQVFKHQLQVHLQHP8PIHOG]ZHLIHOQ QLFKWGDUDQGDVVGDV8QZDKUVFKHLQOLFKHLPPHUZLHGHUYRQ1HXHPZLUN OLFK ZLUG XQG HU JHZLQQW REZRKO VLH ZLVVHQ GDVV HLJHQWOLFK OlQJVW DXFK HLQPDOHLQH1LHGHUODJHKlWWHHLQWUHWHQPVVHQ+RIIPDQQV(U]lKOXQJLVW QXQDEHUGLH6WXGLHHLQHV6SLHOHUVGHUVFKHLQEDUNHLQ5LVLNRPHKUHLQJHKW XQGGHQ]XPLQGHVWHLQH=HLWODQJGLHDXFKLKPVHOEVWYHUVWlQGOLFK]XHU ZDUWHQGH)RUWVHW]XQJVHLQHU*HZLQQVHULHGD]XEHZRJHQKDWDXIGDV6SLHO JDQ]]XYHU]LFKWHQ'DULQJHKWHUNRQIRUPPLWGHU0D[LPHGDVVGHU$GH OLJH LP 6SLHO GLH )lKLJNHLW ]X YHUOLHUHQ GHPRQVWULHUW XQG QLFKW GLH VHLQH |NRQRPLVFKH %DVLV GXUFK XQDQJHPHVVHQH *HZLQQH ]X YHUEUHLWHUQ 6LHJ IULHGV 6SLHOVREDOG HV ZLHGHU HLQVHW]W HQWEHKUW VFKHLQEDU HLQHU ZHVHQWOL FKHQ%HLJDEHGLHJHUDGHGHP$GHOLJHQEHVRQGHUVJXWDQVWHKW(UVFKHLQW GDHUGRFKVWHWVJHZLQQWLP6SLHOQLFKWV]XULVNLHUHQ1LFKWQXUGDV5LVLNR HQWIlOOWVRQGHUQDXFKGLH7UHQQXQJ]ZLVFKHQ6SLHOXQG(UQVWLVWLQHLQHP VROFKHQDQ0LGDVHULQQHUQGHQ/HEHQHQWIDOOHQ 6LHJIULHGVXQZDKUVFKHLQOLFKHV*OFNLP6SLHOYHUGHFNWOHGLJOLFKGDVV DXFKHUVHLQ/HEHQVJOFNULVNLHUW,QGHPHUVLFKDXIGLH%KQHGHV.DU WHQVSLHOVEHJLEWQLPPWHUDQHLQHPEHOLHEWHQDGHOLJHQ.ULHJVVXEVWLWXWGHU -DJGWHLOGRFKQLFKWHWZDDOV-lJHUVRQGHUQDOV*HMDJWHUGHQQGLHÅ8Q WHUQHKPHU GHU )DUREDQN´ VRUJHQ GDIU ÅLKU JOHL‰HQGHV *ROG LQ JU|‰HUQ 0DVVHQDXI]XKlXIHQDOVVRQVWGDPLWGLH/RFNVSHLVHVLFKEHZlKUHDXFKEHL GHPHGHOVWHQ:LOGGDVVLHJXWHJHEWH-lJHUDQ]XN|UQHQJHGDFKWHQ´ 'HU(U]lKOHUNRQVWDWLHUWVRJOHLFKGLHUHSUlVHQWDWLYH)XQNWLRQGHV*OFNV VSLHOV GLH PLW HLQHU TXDVL9HUSIOLFKWXQJ HLQKHUJHKW *HOG ]X YHUOLHUHQ Å>h@EHUGHP ZLOO HV DXFK ZHQLJVWHQV LQ GHU YRUQHKPHUHQ :HOW GHU JXWH 7RQGD‰PDQMHGHQ$EHQGEHLGHU%DQNVLFKHLQILQGHXQGHLQLJHV*HOG YHUVSLHOH´ 6  ²²²²²²²²²²²²²

 9JO ]XU 6FKDFKWHOVWUXNWXUGHU(U]lKOXQJ EHUHLWV 3LNXOLN+RIIPDQQDOV(U]lKOHU 6  =X GHQ3DUDOOHOHQLP(LQ]HOQHQYJO*HUODFK8+HQU\Å(7$+RIIPDQQV6SLHOHU*OFN´LQ GHUV (LQZlQGH XQG (LQVLFKWHQ 5HYLGLHUWH 'HXWXQJHQ GHXWVFKVSUDFKLJHU /LWHUDWXU GHV  XQG  -DKUKXQGHUWV0QFKHQ6KLHU6II  +RIIPDQQ(7$Å6SLHOHU*OFN´LQ'.96KLHU6



.DSLWHO



(VLVWGHU(U]lKOHUGHUHUVWHQ%LQQHQKDQGOXQJ²HUHQWSXSSWVLFKJH JHQ(QGHDOVGHU&KHYDOLHU0HQDUV²GHUGHQ)DWDOLVPXVDOVÅ$EHUJODX EH>Q@´ 6   DEWXW GHQ GHU 5DKPHQHU]lKOHU WHLOW RGHU ]XPLQGHVW UHIH ULHUW Å>,@Q DOOHP ZDV HU >VF 6LHJIULHG - 6@ QXU EHJLQQHQ XQWHUQHKPHQ PRFKWH VFKLHQ HLQ EHVRQGHUHU *OFNVVWHUQ EHU LKQ >VLF@ ]X WHQ´ 6  'RFK LQ GHU *HVFKLFKWH GHV &KHYDOLHU HUZHLVW VLFK GDV Ä*OFN¶ HEHQ GRFK DOV ZHFKVHOKDIW DXV GHP QRWRULVFKHQ *HZLQQHU GHU ZLHGHUXPHLQHQDQGHUHQHKHPDOVQRWRULVFKHQ*HZLQQHUEHVLHJWKDWZLUG HLQ9HUOLHUHUGHUYRQHLQHPÅ1HEHQEXKOHU´ 6  XPVHLQ*OFNXQG XP VHLQH )UDX  ZLHGHUXP EHUZXQGHQ ZLUG 'DV *OFNVVSLHO LVW DOVR OlQJVW JOHLFKEHGHXWHQG PLW HLQHP =ZHLNDPSI ]X DOHD NRPPW DJRQ QRFK KLQ]X 8QG HV LVW HLQ KHUPHQHXWLVFKHU $NW JHZRUGHQ 'LH +DQGOXQJHQ XQG(UHLJQLVVHPVVHQJHGHXWHWZHUGHQGLHIDWDOLVWLVFKH'HXWXQJGLHGHU 5DKPHQHU]lKOHU JHUQH DXIJUHLIW VFKHLQW QLFKW VWLFKKDOWLJ ]X VHLQ 'HU $XVJDQJ GHV *OFNVVSLHOV LVW RIIHQ ² DXFK ZHQQ PDQ HV DOV =ZHLNDPSI ]ZLVFKHQ %DQNKDOWHU XQG 6SLHOHU VLHKW ZLH HV KLHU PHKUIDFK JHVFKLHKW ]XPDO GHU &KHYDOLHU ]ZLVFKHQ]HLWOLFK YRP 6SLHOHU ]XP %DQNKDOWHU ZLUG JOHLFKVDP]XP+HUDXVIRUGHUHU]XGHPMHQLJHQGHUGLH-DJGDXVULFKWHW 'LH.RQVWUXNWLRQGHU1RYHOOHDOVPLVHHQDE\PHGHXWHWDXIHLQH6HULDOL WlWGHV*HVFKHKHQVLP0LNURNRVPRVGHV*OFNVVSLHOVKLQ'HU&KHYDOLHU QLPPWJOHLFKVDPPLWVHLQHU*HVFKLFKWHGDV]XHUZDUWHQGHVFKOLPPH(QGH 6LHJIULHGVQDUUDWLYYRUZHJEHVWlWLJWZLUGGLHVHLPSOL]LWH3URSKHWLHGXUFK GLH GULWWH (U]lKOHEHQH GLH (U]lKOXQJ GHV 9HUOLHUHUV 9HUWXD 6   GHUZLHGHUXPHLQHYLHUWH(EHQH]XPLQGHVWDQGHXWHW$XFKHUKDWVLFKDXI JUDXVDPH :HLVH DOV %DQNKDOWHU DQ HLQHP 9HUOLHUHU EHUHLFKHUW'LH ]X QlFKVWYRQDOOHQ,QVWDQ]HQJHOHXJQHWH.RQWLQJHQ]YRQ*HZLQQXQG9HU OXVW ZLUG QDUUDWLY JOHLFK]HLWLJ LQ )UDJH JHVWHOOW XQG EHVWlWLJW GXUFK GLH ÄVFKLFNVDOKDIWHQ¶ 3DUDOOHOHQ GHU LQHLQDQGHU GUHL E]Z YLHUIDFK YHUVFKDFK WHOWHQ(U]lKOVWUlQJHGLHYRPVWUXNWXUHOOHQ$EODXIKHUDOOHHLQDQGHUEHVWl WLJHQ(LQHUVHLWVJLOWDOVR*HZLQQXQG9HUOXVWZHFKVHOQGRFKXQNDONXOLHU EDUDXIHLQDQGHU'LHJOHLFKHQ6SLHOHUNDUULHUHQHUZDUWHQDOVRXQZHLJHUOLFK DOOH6SLHOHUDP(QGHVWHKWGHU5XLQDQGHUHUVHLWVDEHUHU]lKOHQDOOH+DQG OXQJHQYRQGHU:DQGHOEDUNHLWXQG2IIHQKHLWGHV*OFNV'HQQRFKGHXWHW GHU 7H[W HLQH *HVHW]Pl‰LJNHLW GHV 6SLHOYHUODXIV DQ GLH ]XPLQGHVW GHU %LQQHQHU]lKOHUGHU&KHYDOLHUDOV8UVDFKHGHV(QGHVVHLQHU*OFNVVWUlK QHHUNHQQWQlPOLFKGHQ:HFKVHOYRPHLQHQGHUEHLGHQYRQLKPJHQDQQ WHQ6SLHOHUW\SHQ]XP]ZHLWHQ :lKUHQG7\SGDV6SLHOTXDVLSRHWLVFKXQGDXWRQRPEHWUHLEW²LKP JHZlKUW ÅGDV 6SLHO VHOEVW DOV 6SLHO HLQH XQEHVFKUHLEOLFKH JHKHLPQLVYROOH ²²²²²²²²²²²²²  Å'D EHJDE HV VLFK GD‰ DOV LFK HLQPDO LQ *HQXD PHLQH %DQN DXIJHVFKODJHQ HLQ MXQJHU 5|PHUVHLQJDQ]HVUHLFKHV(UEHDQPHLQH%DQNYHUVSLHOWH6RZLHLFKKHXWH(XFKEDWHU PLFKLKP*HOG]XOHLKHQXPZHQLJVWHQVQDFK5RP]XUFNUHLVHQ]XN|QQHQ´ 6 



$GHOLJH6SLHOH





 /XVW´ 6   ² XQG GDEHLGXUFKDXV GLH P\WKLVFKH :HOW GHV 6SLHOV DQHU NHQQWKDW7\SÅQXUGHQ*HZLQVWYRU$XJHQ´ 6 LKPLVWÅGLH5HLQ KHLWGHU*HVLQQXQJ´ 6 YHUORUHQJHJDQJHQ'LHVHQ8PVFKODJQXQKDW 6LHJIULHG]XEHIUFKWHQGHU&KHYDOLHUKDWLKQOlQJVWHUOHEWHVLVWGHU8P VFKODJ YRP SRHWLVFKHQ ]XP ]ZHFNJHULFKWHWHQ 6SLHO PDQ N|QQWH DXFK VDJHQ 'DV 6SLHO YHUOLHUW LP 0RGHUQLVLHUXQJVSUR]HVV VHLQHQ DXWRQRPHQ YRQ LQWHUHVVHORVHP :RKOJHIDOOHQ JHSUlJWHQ &KDUDNWHU 'HU 8PVFKODJ SXQNWVHOEVWLVWQLFKWEH]HLFKQHWLQGHPYRQ]ZHL7\SHQGLH5HGHLVWZLUG YRP 6\QWDJPDWLVFKHQ GHV 3UR]HVVHV DEJHOHQNW GRFK GLH 3DUDOOHOHQ GHU (U]lKOVWUlQJHVLQGGHXWOLFKGDULQGDVVHVHEHQW\SLVFKH$EOlXIHJHUDGH]X Å.UDQNKHLWVYHUOlXIH´ JLEW 0DQ N|QQWH HLQH VROFKH Ä.DUULHUH¶ GXUFKDXV UDWLRQDOHUNOlUHQ1DFK(UUHLFKHQGHU6SLHOVXFKWQLPPWGLH6SLHOIUHTXHQ] EHGHXWHQG ]X XQG GDPLW DXFK GLH :DKUVFKHLQOLFKNHLW HQGOLFK GRFK ]X YHUOLHUHQQDFKGHPGHU1LPEXVGHVHZLJHQ6LHJHUVNDXPKDWWHEHZLHVHQ ZHUGHQZROOHQVRQGHUQHKHU]X]XUFNKDOWHQGHU6SLHOSUD[LVJHIKUWKDWWH +RIIPDQQV (U]lKOXQJ LVW NHLQH :DUQXQJ YRU GHP *OFNVVSLHO VRQGHUQ HLQH6WXGLHEHUSRHWLVFKHV6SLHOGDVQDFKGHP(UVFKHLQHQYRQ6SHNXODQ WHQ %DQNKDOWHUQ PLW GHP VWHLQHUQHQ +HU]HQ DEJHO|VW ZLUG GXUFK HLQH 2ULHQWLHUXQJDQPRQHWlUHP*HZLQQ 'LH*HVFKLFKWHGHV&KHYDOLHUVHQGHWPLWGHVVHQYRP5DKPHQHU]lKOHU PLWJHWHLOWHQ7RGGLH*HVFKLFKWH6LHJIULHGVHQGHWRIIHQ'DV6SLHOHULVFKH VHLQHV /HEHQV LVW DP HKHVWHQ GDQQ JHZlKUOHLVWHW ZHQQ HU DXI GDV 6SLHO YHU]LFKWHW:HQQHUGLH$Q]DKOVHLQHU6SLHOJlQJHQLFKWZHLWHUHUK|KWZLUG GLHVWRFKDVWLVFKXQDXVZHLFKOLFKH1LHGHUODJHDXFKQLFKWHLQWUHWHQ(UVSLHOW DOVR QLFKW PHKU DEHU GHU (U]lKOHU VFKOLH‰W Å%LV MHW]W KDW HU JHWUHXOLFK :RUWJHKDOWHQ´ 6 'DVRIIHQH(QGHGHU(U]lKOXQJHQWVSULFKWHLQHU 5HWWXQJ GHV RIIHQHQ (QGHV YRQ 6LHJIULHGV 6SLHOHUNDUULHUH GLH GHQ 8P VFKODJ YRP IUHLHQ 6SLHO ]XP ILQDOLVWLVFK DXI *HZLQQ JHULFKWHWHQ 6SLHO QRFKQLFKWHUOHEWKDW6LHJIULHGV$OWHUQDWLYHQ]XU3UD[LVGHV*OFNVVSLHOV WHLOWGHU(U]lKOHUJOHLFK]X%HJLQQPLWHVKDQGHOWVLFKXPHLQHNDXPZH QLJHUULVNDQWHSRHWLVFKH3UD[LVQlPOLFKÅHQWZHGHUDXIHLQVDPHQ6SD]LHU JlQJHQVLFKGHP6SLHOVHLQHU3KDQWDVLH]XEHUODVVHQRGHUDXIGHP=LP PHU GLHVHV MHQHV %XFK ]XU +DQG ]X QHKPHQ MD ZRKO VLFK VHOEVW LP 'LFKWHQ ² 6FKULIWVWHOOHQ ]X YHUVXFKHQ´ 6   'DV 6SLHO GHU 3KDQWDVLH VHW]WGHU%DURQDOOHUGLQJVDXFKQDFKGHU(U]lKOXQJGHV&KHYDOLHUV0HQDUV LQ *DQJ GHQQ HU VLHKW LQ GLHVHU (U]lKOXQJ HLQH Å:DUQXQJ GHV +LP PHOV´ 6 XQGYHU]LFKWHWYRQ6WXQG·DQDXIGDV.DUWHQVSLHO   



.DSLWHO



6SLHOHGHU(KUH=XU'\QDPLVLHUXQJGHV'XHOOVDOVHLQHVDGHOL JHQ5LWXDOV



6WlQGLVFKH(KUH  'LH 6WDQGHVHKUH EHVLW]W EHL GHQ 5RPDQWLNHUQ QRFK *HOWXQJ 'HU GHP $GHOVVWDQGXQGVHLQHU=XNXQIWGXUFKDXVNULWLVFKJHVLQQWH)ULHGULFK6FKOH JHO LGHQWLIL]LHUW DXFK DP 9RUDEHQG GHU VRJHQDQQWHQ %HIUHLXQJVNULHJH Ä$GHO¶QDFKZLHYRUPLWÄ(KUH¶XQGYHUELQGHWPLW/HW]WHUHUHLQHEHUSHU V|QOLFKH LQQHUKDOE JHQHDORJLVFKHU 2UGQXQJ ]X GHQNHQGH 9RUVWHOOXQJ Å'DV8PIDVVHQGHGHV3ULQFLSVG>HU@(KUHOLHJWDXFKGDULQGD‰HVGLHYHU JDQJHQHQ XQG NQIWLJHQ *HVFKOHFKWHU XPID‰W 6HLQHQ$KQHQNHLQH6FKDQGH ]XPDFKHQXQGQRFKYRQGHU1DFKZHOWJHHKUW]XZHUGHQ´ ,QGHQVR]LDOHQ/DXIEDKQHQDGHOLJHU$XWRUHQVSLHOWGDV'XHOOKlXILJHU HLQH5ROOH]XPLQGHVWDOV'URKXQJ.OHLVWVJHJHQ0OOHURGHUJHJHQ)ULHG ULFK YRQ 5DXPHU RGHU ZLH ZHLWHU XQWHQ JHQDXHU DXVJHIKUW  0RULW] ,W]LJV'XHOOIRUGHUXQJJHJHQ$FKLPYRQ$UQLP6LHVWDQGLP.RQWH[WGHU MGLVFKHQ (PDQ]LSDWLRQ XQG GDPLW GHU UHFKWOLFKHQ XQG GHU VR]LDOHQ *OHLFKVWHOOXQJ GHU -XGHQ LQ 'HXWVFKODQG  ZlKUHQG IU $UQLP QHEHQ DQWLVHPLWLVFKHQ(UZlJXQJHQDXFKGLH6WDQGHVGLIIHUHQ]HLQHQ=ZHLNDPSI XQP|JOLFKPDFKWH (VPDQJHOWGDQHEHQQLFKWDQ%HOHJHQGDIUGDVVGDVVRHUQVWH'XHOO =JH GHV 6SLHOV DQQLPPW 6R EHULFKWHW )RXTXp LQ VHLQHU /HEHQVJHVFKLFKWH YRQ HLQHP =ZHLNDPSI PLW HLQHP 2IIL]LHUVIUHXQG GHU ZlKUHQG GHU JH PHLQVDPHQ 6WDWLRQLHUXQJ LQ %FNHEXUJ DXI HLQH Pl‰LJH %HOHLGLJXQJ KLQ DXV]XIHFKWHQ ZDU 'LH )UHXQGVFKDIW PLOGHUW GHQ (UQVW GHV 5LWXDOV DE YHUKLQGHUW HV DEHU QLFKW $OV GHU )UHXQG VHLQH EHOHLGLJHQGHQ :RUWH JH UHFKWIHUWLJW KDWWH XQG )RXTXp JHIUDJW KDWWH RE HU GDPLW ]XIULHGHQ VHL KDWWH GLHVHU JHDQWZRUWHW Å$OV 'HLQ )UHXQG -D >«@ $OV (GHOPDQQ XQG 2IIL]LHU1HLQ/D‰%OXWIOLH‰HQXQGGHQ)OHFNHQIRUWZDVFKHQGHUVRQVW DXI PHLQHU (KUH KDIWHQ XQG URVWHQ N|QQWH´  'DV 'XHOO ILQGHW VWDWW )RXTXpZLUGYHUZXQGHWGLH(KUHLVWZLHGHUKHUJHVWHOOWGDQDFKXPDUPHQ ²²²²²²²²²²²²²

 6FKOHJHO)ULHGULFKÅ=XU*HVFKLFKWHXQG3ROLWLNXQG1U´LQ.)6$;; 6  9JO.DSLWHO  9JO2WW*HVHW]6II'DQHEHQYJO+DUWZLFK:ROI'DQLHO5RPDQWLVFKHU$QWLVHPLWLVPXV 9RQ .ORSVWRFN ELV 5LFKDUG :DJQHU *|WWLQJHQ  VRZLH +HQFNPDQQ *LVHOD Å'DV 3UR EOHP GHV $QWLVHPLWLVPXV EHL $FKLP YRQ $UQLP´ LQ $XURUD  6  VRZLH (UE 5DLQHU%HUJPDQQ :HUQHU 'LH1DFKWVHLWHGHU-XGHQHPDQ]LSDWLRQ'HU:LGHUVWDQGJHJHQGLH ,QWHJUDWLRQGHU-XGHQLQ'HXWVFKODQG%HUOLQ  )RXTXp/HEHQVJHVFKLFKWH6I



$GHOLJH6SLHOH





 VLFK GLH ÅQLFKW PHKU IHLQGOLFKHQ )UHXQGH´  ,Q GHU 5FNVFKDX EHWRQW )RXTXpGDV6SLHOHULVFKHDQÅGLHVHPEOXWLJHQ5LWWHUVWFNOHLQ´ *HZLVV /HVVLQJV /XVWVSLHO 0LQQD YRQ %DUQKHOP LVW LQ VHLQHU 9HUDE VFKLHGXQJGHVÅ*HVSHQVW>V@GHU(KUH´LQGHU'HNXYULHUXQJGHU7DXWR ORJLHKDIWLJNHLWGHV(KUSULQ]LSV ÅGLH(KUHLVW²GLH(KUH´ ZHJZHLVHQG JOHLFKZRKO EOHLEW HLQH X D DXFK DQ GHQ 6WDQGHVJUHQ]HQ RULHQWLHUWH (KU DXIIDVVXQJEHVWLPPHQGELVLQVIUKH-DKUKXQGHUW8QGGRFKLVWGHU (KUEHJULIIXPLP)OXVV:HQQDXFKGDV%UJHUWXPVLFKGDV5LWXDO GHV'XHOOV]XHLJHQPDFKWZHUGHQGDPLWVWlQGLVFKH*UHQ]HQEHUVFKULW WHQ LQGHP WUDGLWLRQHOO HLQHP 6WDQG UHVHUYLHUWH 3UDNWLNHQ EHUQRPPHQ ZHUGHQ$XFKLQSXQFWR(KUHZLUGPDQGLHÅ$XIO|VXQJGHUVWlQGLVFKHQ 6WUXNWXULHUXQJ GHU *HVHOOVFKDIW GXUFK GHQ $XIVWLHJ GHV %UJHUWXPV´  QLFKW]XIUKXQG]XUDVFKYHUDQVFKODJHQGUIHQ 'LH(KUHDOV3KlQRPHQHLQHUORQJXHGXUpHPHLQWGLH=XVFKUHLEXQJGHU 3DUWL]LSDWLRQ HLQHV 0HQVFKHQ DQ EHVWLPPWHQ KLVWRULVFK XQG NXOWXUHOO MH XQWHUVFKLHGOLFKHQ :HUWHQ :HUWHUHJHOQ OHJHQ GLH (KU:UGLJNHLW GHV 0HQVFKHQIHVW%LVZHLWLQV-DKUKXQGHUWKLQHLQJLOWGLH,GHQWLWlWYRQ Ä(KUH¶XQGÄ6WDQGHVHKUH¶MHGHQIDOOVWULIIWGLHVODXW*HRUJ6LPPHODXIGLH 8UVSUQJH GHV (KUSULQ]LSV ]X 1DFK 0D[ :HEHUV 9HUVWlQGQLV NRQVWL WXLHUWHQGLHÅ9RUVWHOOXQJHQ3UlWHQWLRQHQXQG*HERWHGHU(KUH´HUVWGLH 6WlQGH(KUHLVWHLQH)UDJHGHU=XVFKUHLEXQJGHU$QHUNHQQXQJGXUFK GLHVR]LDOH8PZHOW'DV%HJHKUHQQDFK(KUHLVWGDQQÅHLQHVQDFKHLQHP YROONRPPHQHQ6HOEVW%LOGLP%HZX‰WVHLQGHU$QGHUHQ´+DUDOG:HLQ ULFKKDWGLH(KUH]XQlFKVWDOVÅ6WDQGHVSULYLOHJGHV$GHOV´XQGGDQQGDV %UJHUOLFKH7UDXHUVSLHODOVÅ(KUHQGUDPD´GHUQXQK|KHUHQXQGQLHGHUHQ 6WlQGHQ JHPHLQVDPHQ (KUSUREOHPDWLN JHNHQQ]HLFKQHW 'LH (KUH LVW QLFKWV 6HOEVWYHUVWlQGOLFKHV PHKU  'LH 3UREOHPDWLVLHUXQJ GHU (KUH DOV ²²²²²²²²²²²²²

 (EG6  (EG6  /HVVLQJ0LQQDYRQ%DUQKHOP6  (EG6  6R ]XOHW]W %XUNKDUW 'DJPDU (LQH*HVFKLFKWHGHU(KUH 'DUPVWDGW  6  ² /XGJHUD 9RJW XQG $UQROG =LQJHUOH ZLHVHQ YRU -DKUHQ VFKRQ PLW HLQHP 6DPPHOEDQG GDUDXI KLQ GDVV DXFK LQ GHU 0RGHUQH GLH (KUH DOV DUFKDLVFKHV 0RPHQW QRFK EHGHXWVDP VHL 9JO 9RJW/XGJHUD=LQJHUOH$UQROG +UVJ (KUH²DUFKDLVFKH0RPHQWHLQGHU0RGHUQH)UDQNIXUW D0 9RJWSRFKWDXIGLHÅ3HUVLVWHQ]GHU(KUHDOV0HGLXPVR]LDOHU'LIIHUHQ]LHUXQJ XQGVWlQGLVFKHU6FKOLH‰XQJ´ 9RJW]LWLHUWQDFK2WW*HVHW]6  (EG6  9JO%XUNKDUW*HVFKLFKWHGHU(KUH6  2WW*HVHW]6]X6LPPHOXQG:HEHUYJOHEG6I  (EG6  :HLQULFK+DUDOGÅ'LHIDVWYHUJHVVHQH(KUH´LQGHUV/LWHUDWXUIU/HVHU(VVD\VXQG$XIVlW ]H]XU/LWHUDWXUZLVVHQVFKDIW0QFKHQ6KLHU6XQG6=LWDW6



.DSLWHO

 6WDQGHVHKUHVFKOLH‰WGDV/HJLWLPDWLRQVSUREOHPGHVMHZHLOLJHQ6WDQGHVGLH )UDJHQDFKVHLQHUhEHUOHEHQVIlKLJNHLWPLWHLQ 'LHDGHOLJH6WDQGHVHKUHSUlJWHVLFKLQGHUULWWHUOLFKHQ.XOWXUGHV0LW WHODOWHUVDXVXQGVFKORVVHLQHMXULVWLVFKHXQGHLQH|NRQRPLVFKH'LPHQVLRQ PLW HLQ  'HU ULWWHUOLFKH =ZHLNDPSI EHUK|KW GXUFK GLH 9RUVWHOOXQJ YRP $XVJDQJ GHV .DPSIHV DOV *RWWHVXUWHLO ZDU 3UREH DXIV ([HPSHO DGHOLJHU(KUDXIIDVVXQJGLHGDQQLQGHU)UKHQ1HX]HLWLKUHVLJQLILNDQWHV WH$XVSUlJXQJLPK|ILVFKHQ=HUHPRQLHOOHUOHEWH&RGLFHVGHUMHZHLOLJHQ (KUDQIRUGHUXQJHQVLQGQLFKW]XOHW]WILNWLRQDOH7H[WHPDQGHQNHDQGHQ 3DU]LYDO*RWWIULHGV7ULVWDQRGHUVSlWHUGDQQVSDQLVFKH5LWWHUURPDQH)RX TXpV =DXEHUULQJ VWHKW LQ GLHVHU 7UDGLWLRQ 6WlQGHEH]RJHQH %HJUHQ]XQJHQ YRQ(KUNRQ]HSWHQZDQGHOWHQVLFK'DV,GHDOGHVKRQQrWHKRPPHMHGHQIDOOV GHVVHQ *HOWXQJ DE  ]XQDKP ZDU HUVWPDOV DQ HLQGLH 6WlQGHJUHQ]HQ EHUVFKUHLWHQGHV /HLWELOG HLQHV Ä(KUHQPDQQHV¶ JHNQSIW  'RFK VLQG VROFKH hEHUJlQJH WHLOV UHYHUVLEHO ² PLW GHP KRQQrWHKRPPH,GHDO JHKW ]X PLQGHVW HLQH VSH]LILVFKH 9RUVWHOOXQJ YRQ DGHOVNXOWXUHOOJHSUlJWHU 6WlQGH EHUJUHLIHQGHU G K GDV %UJHUWXP HLQEH]LHKHQGHU  (KUH ZLHGHU XQWHU %HGHQNWPDQGDVVGDVSUHX‰LVFKH$OOJHPHLQH/DQGUHFKWQRFKNHLQDOOJH PHLQHV 6WDDWVEUJHUWXP NHQQW XQG VWlQGLVFKHV 'HQNHQ QDFK  ZLHGHU SROLWLVFK HLQIOXVVUHLFK LVW GDQQ LVW HV QLFKW YHUZXQGHUOLFK GDVV DXFKGLHVWlQGLVFKH(KUDXIIDVVXQJLP=HLFKHQGHU5HVWDXUDWLRQZLHGHUDQ %HGHXWXQJJHZDQQ)UKQHX]HLWOLFKH(KUVWUDWHJLHQEDVLHUHQDXI.HQQW QLV XQG 1XW]HQ PHQVFKOLFKHU $IIHNWH VR LVW VFKRQ VHLW &DVWLJOLRQH XQG *UDFLiQ GLH =JHOXQJ GHU $IIHNWH EHLP (KU:UGLJHQ HLQH 6HOEVWYHU VWlQGOLFKNHLWÄ(KUH¶XQGÄ*UD]LH¶ODVVHQVLFKYHUlX‰HUOLFKHQLP5DKPHQ HLQHV 5HJHOZHUNV DXV 6SUDFKH *HVWLN %HZHJXQJ*UDFLiQ UlW Å>V@LFK QXUPLW/HXWHQYRQ(KUXQG3IOLFKWJHIKODE>]X@JHEHQ´=XGHQ5LWXD OHQ GHU (KUH JHK|UW ]XQHKPHQG DXFK GDV QLFKW|IIHQWOLFKH 'XHOO GHU (KUKDQGHO ]ZLVFKHQ ]ZHL VDWLVIDNWLRQVIlKLJHQ 0lQQHUQ %HL .OHLVW VWHKW GHU=ZHLNDPSI]ZLVFKHQ]ZHL$GHOLJHQDXIGHU6FKZHOOH]ZLVFKHQJHUH JHOWHP SURYLGHQWLHOOHP 5LWXDO XQG HUJHEQLVRIIHQHP 6SLHO 'LHVHQ hEHU JDQJVEHIXQGN|QQHQLQHLQHUYRUGHUJUQGLJLP-DKUKXQGHUWKDQGHOQ GHQ LP  -DKUKXQGHUW DEHU LPPHU QRFK DNWXHOOHQ (U]lKOXQJ QXU 0lQQHU YRQ 6WDQG JDUDQWLHUHQ 'HU ÄPRGHUQH¶ =ZHLNDPSI GDV 'XHOO ²²²²²²²²²²²²²  9JO%XUNKDUW*HVFKLFKWHGHU(KUH6  9JOHEG6  9JOHEG6  9JOHEG6lKQOLFK]XUIXQGDPHQWDOHQVWlQGLVFKHQ'LIIHUHQ]GHU(KUHQDFK2WW *HVHW]6I  9JO%XUNKDUW*HVFKLFKWHGHU(KUH6I  9JO]XU6SUDFKHGHU(KUHXQG]XUÄ9HUN|USHUOLFKXQJ¶LKUHU5HJHOQ2WW*HVHW]6II ]XP6RQGHUIDOOK|ILVFKHU5KHWRULNYJO%UDXQJDUW+RIEHUHGVDPNHLWSDVVLP  *UDFLiQ%DOWDVDU+DQGRUDNHOXQG.XQVWGHU:HOWNOXJKHLW.|OQ6



$GHOLJH6SLHOH





 ELHWHW DXFK LP  -DKUKXQGHUW SDUDOOHO ]XU 5LVLNRVLWXDWLRQ GHV *OFNV VSLHOVGHP$GHOLJHQGLH0|JOLFKNHLW(KUHHLQ]XOHJHQ (KUH NRQVWLWXLHUW VLFK DXIJUXQG YRQ 9HUVFKZHQGXQJ REJOHLFK VLFK GD]X JHJHQVWUHELJ LP 9HUODXI GHU 1HX]HLW GHU 3ULPDW GHU $NNXPXODWLRQ GXUFKVHW]W EOHLEW GHU $SSHOO DQ GLH (KUH DOV +HUDXVIRUGHUXQJ ]X 9HU VFKZHQGXQJ XQG 6HOEVWORVLJNHLW ODQJH DWWUDNWLY'LH 9HUSIOLFKWXQJ DXI GLH(KUHOHLWHWVLFKGXUFKDXVYRP6RXYHUlQDEGHUJOHLFK]HLWLJGDV'XHOO YHUERW YHUDQWZRUWHW 6ROFKHUPD‰HQ LQ HLQHP 'RXEOH ELQG JHIDQJHQ WUlJW GHU$GHOPLWGHP'XHOODOV9HUVWR‰JHJHQGDVVWDDWOLFKH*HZDOWPRQRSRO JOHLFK]HLWLJ]XVHLQHU,QWHJUDWLRQLQGDVQHXH=HQWUXPGHU0DFKWEHLLVW GDV'XHOOGRFKQLFKWQXU=HLFKHQYRQ(KUJHIKOXQG5LVLNREHUHLWVFKDIW VRQGHUQ JHUDGH]X HLQ Å1DFKZHLV YRQ 2SIHUEHUHLWVFKDIW´:HQQJOHLFK VLFKLQGHU0RGHUQHGHUhEHUJDQJ]XHLQHU EUJHUOLFKHQ (KUHYROO]LHKW ÅGLH VLFK GHP 3ULQ]LS GHU $NNXPXODWLRQ XQWHURUGQHW´  EOHLEW GRFK JHUDGH LQ $XVQDKPHVLWXDWLRQHQ GLH %HUHFKWLJXQJ HLQHU (LQKHLW YRQ /H EHQVVWLOXQG.DPSIEHVWHKHQDOVJlQ]OLFKHVVLFK(LQEULQJHQLQV6SLHOXQ WHU GHP *HVLFKWVSXQNW GHU 9HUVFKZHQGXQJ  'HQ :LGHUVSUXFK ]ZL VFKHQ DQJHEOLFKHU 9HUVFKZHQGXQJ XQG $NNXPXODWLRQ YHUPDJ %RXUGLHX RKQHKLQ PLW VHLQHU .DSLWDOWKHRULH OHLFKW DXI]XO|VHQ ,Q GHU *HULQJVFKlW ]XQJ|NRQRPLVFKHQ.DSLWDOVOLHJWJHUDGHGLH$NNXPXODWLRQV\PEROLVFKHQ .DSLWDOV XD(KUH EHJUQGHWhEHUGLHGHP3ULQ]LSGHUDQ|NRQRPL VFKHQ 9HUVFKZHQGXQJ YHUSIOLFKWHWHQ (KUH ZHUGHQ XPZHJLJ XQG YHU VFKOHLHUQGHWKLVFKHDIIHNWLYHXQGDXFK|NRQRPLVFKH%H]LHKXQJHQEHIHV WLJW 'DV 'XHOO DOV Å5LWXDO GHU (KUNRQNXUUHQ]´]ZLVFKHQ VR]LDO ² DOVR VWlQGLVFK ² (EHQEUWLJHQHLQ Å2SIHU GHV .|USHUV ]XU :LHGHUKHUVWHO ²²²²²²²²²²²²²  9JO+HOIDQW6WDNHRILGHQWLW\EHU*OFNVVSLHOXQG'XHOOLQ5X‰ODQGÅ>&@LYLOLDQVOLNH3XVK NLQZKRFRXOGQRWSURYHWKHLUYDORUDORQJVLGHWKHLUFRQWHPSRUDULHVXSRQWKHEDWWOHILHOG VDZ LQ JDPEOLQJ DV ZHOO DV GXHOLQJ D URXWH WR VKRZLQJ WKHLU FRXUDJH DQG GHPRQVWUDWLQJ WKHLUDGKHUHQFHWRWKHKRQRUFRGHVWKDWKHOSHGWRUHJXODWHJHQWU\FRQGXFW´ 6   9JO*XWWDQGLQ6FKLFNVDOGHU(KUH6II*XWWDQGLQHULQQHUWGDUDQGDVVLQ0DXVV·*DEHQ WKHRULH9HUVFKZHQGXQJXQG(KUHDOV]XHLQDQGHUSURSRUWLRQDOJHKDQGHOWZHUGHQ  9JOHEG6I  (EG6  (EG6  +LHUDXIZHLVW%DWDLOOHKLQ9JO%DWDLOOH7HLO6  9JO%RXUGLHX3LHUUH(QWZXUIHLQHU7KHRULHGHU3UD[LVDXIGHUHWKQRORJLVFKHQ*UXQGODJHGHUNDE\OL VFKHQ*HVHOOVFKDIW)UDQNIXUWD06  9JOHEG6  %XUNKDUW*HVFKLFKWHGHU(KUH6  'LHVH9RUDXVVHW]XQJJDOWELVLQV-DKUKXQGHUWKLQHLQYJO)UHYHUW8WH(KUHQPlQQHU'DV 'XHOOLQGHUEUJHUOLFKHQ*HVHOOVFKDIW0QFKHQ6,P/DXIHGHV-DKUKXQGHUWVDN ]HSWLHUWHGHU$GHO]XQHKPHQGGHQ'XHOOE]Z(KUDQVSUXFKGHV%UJHUWXPVDOVÅOHJLWLPHV =HLFKHQHLQHUJHVHOOVFKDIWOLFKHQXQGNXOWXUHOOHQ)XVLRQEHLGHUÄ6WlQGH¶´ (EG6 



.DSLWHO

 OXQJ GHU (KUH´ZDU DOVR UHFKWOLFK VWHWV QXU JHGXOGHW lKQOLFK ZLH GDV *OFNVVSLHO GDV LP )UDQNUHLFK GHV  -DKUKXQGHUWV GHQ 5HFKWVVWDWXV LQQHKDWWH HLQHU ÅDFWLYLW\ WKDW ZDV WROpUp PDLV QRQ SHUPLV´  'XHOO XQG *OFNVVSLHOIXQNWLRQLHUWHQJHPl‰GHUJOHLFKHQPHWDSKRULVFKHQ6XEVWLWXWL RQ'HU$GHOLJHKDWWHVHLQ/HEHQLP'XHOOXQGLP6SLHOJHQDXVR]XULVNLH UHQZLHHVVHLQH9RUYlWHULQGHU6FKODFKWJHWDQKDWWHQ-HQDFK$UWGHV 6SLHOV QLFKW QXU LP 'XHOO  VFKHLQW HV IUDJOLFK RE GHU 6SLHOHU QHEHQ GHP9HUWUDXHQDXIVHLQ*OFNDXFKGXUFK*HVFKLFNOLFKNHLWSXQNWHQNDQQ EHLPDQFKHQ.DUWHQVSLHOHQMHGHQIDOOVLVWGLHVVR 6SLHOHULVFKHU &KDUDNWHU ZLUG GHP 'XHOO DOV QHX]HLWOLFKHU 6FKZXQG IRUPGHV=ZHLNDPSIVGXUFKDXV]XJHWUDXW6FKRQVHLWGHP-DKUKXQGHUW JLOWVR*XWWDQGLQÅGD‰GHU.DPSIXPGLH(KUHLQHLQHPK|KHUHQ*UDGH VSLHOHULVFK DJRQDOHQ &KDUDNWHU DQQHKPHQ NDQQ´'DV 'XHOO DOV 5LWXDO XQGÅ6FKLFNVDOV6SLHO´EHVFKUHLEW*HUKDUG1HXPDQQVR ,Q GLHVHU ,QV]HQLHUXQJ DOV HLQHP 7KHDWHU GHU 3URYLGHQ] HU]ZLQJW GHU Ä6SLHOHU¶ GHUDOV$EHQWHXUHURGHU+DVDUGHXUDOV,PSURYLVDWRURGHU0LPHGLH%KQHEHWULWW HLQH$UW+RP|RVWDVH]ZLVFKHQHKHUQHU6FKLFNVDOV1RWZHQGLJNHLWXQGIUHLHU*H VWDOWXQJV.XQVW GHV HLJHQHQ 6FKLFNVDOV LQGHP HU HLQHQ 9HUUHFKQXQJVYRUJDQJ ]ZLVFKHQ .DONO XQG /HLGHQVFKDIW DOV ULWXHOOHV *HVFKHKHQ SUlVHQWLHUW HLQ ÄNDO WHV¶5LWXDOGHU$IIHNW]JHOXQJJHZLVVHUPD‰HQGDVIUGHQ0HKUZHUWDQ$JJUHV VLRQHLQHU*HVHOOVFKDIWGHQÄ%OXW]LQV¶HQWULFKWHW

=X IUDJHQ LVW QDFK GHQ *UHQ]HQ XQG hEHUJlQJHQ ]ZLVFKHQ Ä5LWXDO¶ XQG Ä6SLHO¶   .OHLVWV1RYHOOH'HU=ZHLNDPSI  ,QHLQHUhEHUJDQJVVLWXDWLRQVWHKWQLFKWQXUGHU(KUEHJULIIXPGHU QXQ DXFK XP GLH 'LPHQVLRQ GHU *HVFKOHFKWHUHKUH EHUHLFKHUW ZLUG  VRQGHUQ DXFK GHU LQ .OHLVWV 1RYHOOH 'HU =ZHLNDPSI SUDNWL]LHUWH ,Q GHU ²²²²²²²²²²²²²

 2WW*HVHW]6YJO6I]XP'XHOODOV5LWXDO  .DYDQDJK(QOLJKWHQPHQW6  9JO.DYDQDJK(QOLJKWHQPHQW6]XHUVW]XUPHWDSKRULVFKHQ9HUVFKLHEXQJLP'XHOOYJO .LHUQDQ9*7KH'XHOLQ(XURSHDQ+LVWRU\2[IRUG6  'LHV KDWWH -XULM /RWPDQ EHKDXSWHW GHU LQ HLQHP %HLWUDJ ]X 3XVFKNLQ HEHQIDOOV DXI GLH 9HUZDQGWVFKDIW ]ZLVFKHQ 6SLHO XQG 'XHOO KLQJHZLHVHQ KDW YJO +HOIDQW 6WDNH RI LGHQWLW\ 6  *XWWDQGLQ6FKLFNVDOGHU(KUH6  1HXPDQQ *HUKDUG Å5LWXDOLVLHUWH .RQWLQJHQ] 'DV SDUDGR[H $UJXPHQW GHV Ä'XHOOV¶ LP Ä)HOG GHU (KUH¶ 9RQ &DVDQRYDV ,O 'XHOOR   EHU .OHLVWV =ZHLNDPSI   ELV ]X $UWKXU 6FKQLW]OHUV 1RYHOOH &DVDQRYDV+HLPIDKUW  ´ LQ *HUKDUW YRQ *UDHYHQLW]2GR 0DUTXDUG +UVJ .RQWLQJHQ]0QFKHQ6KLHU6 3RHWLNXQG+HU PHQHXWLN;9,,   6R0LFKDHO2WWLQVHLQHU0RQRJUDSKLH 2WW*HVHW] 



$GHOLJH6SLHOH





 KLVWRULVFKHQ 9RUODJH -HDQ )URLVVDUWV &KURQLTXHVDXV GHP VSlWHQ  -DKU KXQGHUW NRQQWH .OHLVW MHGHQIDOOV QDFKOHVHQ GDVV GHU VHLQHU *HVFKLFKWH PLW]XJUXQGHJHOHJWH=ZHLNDPSIGHUOHW]WHVHLQHU$UWZDU'DYRQLVW]ZDU LQGHU1RYHOOHVHOEVWQLFKWGLH5HGHVLHNUHLVWDEHUJDQ]ZHVHQWOLFKXPGLH 8QJODXEZUGLJNHLW GLH 8QYHUOlVVOLFKNHLW YRQ *RWWHV (LQJUHLIHQ LQ PHQVFKOLFKH 0DFKHQVFKDIWHQ GHU =ZHLNDPSI VWHKW LP QHX]HLWOLFKHQ 6SDQQXQJVIHOGYRQ3URYLGHQ]XQG.RQWLQJHQ]:lKUHQGPDQVHLWGHP -DKUKXQGHUWYRQHLQHUÅ9HULQQHUOLFKXQJ´GHU(KUHDOV)ROJHGHU,QGL YLGXDOLVLHUXQJ YRQ 7XJHQGKDIWLJNHLW DXV]XJHKHQ KDW  EHWRQW .OHLVWV 7H[WQRFKHLQPDOGLHbX‰HUOLFKNHLWGHV(KUKDQGHOVVHLQHgIIHQWOLFKNHLW GLHHLQH]ZDUQDFK6WlQGHQJHRUGQHWHLVWJOHLFK]HLWLJDEHUHLQHGHUJDQ]HQ %HY|ONHUXQJ²DOOH$QZHVHQGHQELOGHQGDV3XEOLNXPGHV6FKDXVSLHOV +LHUEHLGHU9HULQQHUOLFKXQJGHU(KUHVHW]WHQDWUOLFKDXFKGLHDXI NOlUHULVFKH $GHOVNULWLN DQ (LQ WXJHQGKDIWHU +DQGHOVPDQQ EHVLW]H PHKU ZDKUHQ$GHODOVHLQYHUVFKZHQGHULVFKHU-XQNHU ,Q .OHLVWV 1RYHOOH EHWULIIW Ä(KUH¶ LQVJHVDPW GUHL :HUWH GLH VlPWOLFK XPDOVJHIlKUGHWHXQGDOVRZDKUKDIW]XYHUWHLGLJHQGHDGHOLJH:HUWH JHOHVHQ ZHUGHQ N|QQHQ 0LW GHU 7ULDV *HVFKOHFKW VWlQGLVFKHU %HVLW] (UEIROJHLVW GLH 1RWZHQGLJNHLW DGHOLJHQ +DQGHOQV DXI GHP JHQHDORJL VFKHQ )HOG DQJHVSURFKHQ ]XPLQGHVW GDQQ ZHQQ PDQ XQWHU Ä*H VFKOHFKW¶ QRFK QLFKW GLH ZHLEOLFKH (KUH /LWWHJDUGHV YHUVWHKHQ ZLOO VRQ GHUQLPWUDGLWLRQHOOHQ6LQQGLH(KUHLKUHU)DPLOLHGLHJOHLFKZRKODXIGHP 6SLHO VWHKW 'HU ODQJH HUVWH 6DW] GHU 1RYHOOH VWHOOW GLH JHQHDORJLVFK HUEUHFKWOLFKH 3UREOHPDWLN QDFKGUFNOLFK YRU LQGHP HU VRIRUW HLQLJH IU .OHLVWV7H[WHDXVJHVSURFKHQW\SLVFKH0RWLYHDQVFKOlJWÅDGOLJH*HQHDOR JLH %HVLW] XQG 9HUZDQGWVFKDIWVYHUKlOWQLVVH 6H[XDOLWlW VR]LDOHQ 5DQJ VWUHLWPlQQOLFKHXQGZHLEOLFKH(KUH´'LHXPGHQ9RUJDQJGHV=ZHL NDPSIVKHUXP]HQWULHUWH+DQGOXQJLVWGXUFKHLQHGUHLIDFKHJHQHDORJLVFKH 3UREOHPDWLNJHUDKPWGHUHQ%ULVDQ]VLFKEHLP0RUGDQ+HU]RJ:LOKHOP YRQ%UH\VDFKSO|W]OLFKHUZHLVW(VKDQGHOWVLFKXPGLHDXVGHQJHQHDORJL VFKHQ(U]lKOXQJHQGHU=HLWEHNDQQWHQ3UREOHPHGHU9HUHUEXQJZHOFKH VLFKDXVGHUGHIL]LWlUHQDGHOLJHQ)DPLOLHKHUDXVEHVFKUHLEHQODVVHQ'DLVW GLH)UDJHGHU(UEIlKLJNHLWGHVXQHKHOLFKHQÄ%DVWDUGV¶GDLVWGLH0|JOLFK ²²²²²²²²²²²²²  6R1HXPDQQ5LWXDOLVLHUWH.RQWLQJHQ]6  %XUNKDUW*HVFKLFKWHGHU(KUH6  =XP =ZHLNDPSI DOV 6FKDXVSLHO YJO 6FKXOOHU 0DULDQQH Å3IHLO XQG $VFKH =X .OHLVWV (U]lKOXQJ'HU=ZHLNDPSI´LQ.OHLVW-DKUEXFK6KLHU6  9JO %XUNKDUW *HVFKLFKWH GHU (KUH 6 I GDQHEHQ =XQNHO )ULHGULFK Å(KUH´ LQ 2WWR %UXQQHU:HUQHU&RQ]H5HLQKDUW.RVHOOHFN +UVJ *HVFKLFKWOLFKH*UXQGEHJULIIH%G6WXWW JDUW6KLHU6  6R1HXPDQQV$XIOLVWXQJLQ1HXPDQQ5LWXDOLVLHUWH.RQWLQJHQ]6  1HXPDQQ*HUKDUGÅ'HU=ZHLNDPSI.OHLVWVÄHLQUFNHQGHV¶(U]lKOHQ´LQ:DOWHU+LQGHUHU +UVJ .OHLVWV(U]lKOXQJHQ6WXWWJDUW6KLHU6



.DSLWHO

 NHLW GHU G\QDVWLVFKHQ)RUWVHW]XQJ GXUFK GHQ +DOEEUXGHU GD JHKW HV XP HLQHDOV0HVDOOLDQFHEHWULHEHQH(KHVFKOLH‰XQJGLHNLQGHUORVEOHLEHQZLUG XQGVFKOLH‰OLFKWULWWGDV3UREOHPGHV(UEDQWULWWHVGXUFKHLQHQ0LQGHUMlK ULJHQDXI'LHVHGXUFKXQGGXUFKPDURGHQJHQHDORJLVFKHQ9HUKlOWQLVVH ZHUGHQ ]ZDU GXUFK :LOKHOPV JHUDGH QRFK UHFKW]HLWLJ JHWURIIHQH 9HUI JXQJ YRUOlXILJ XQG QDFK -DFREV 9HU]LFKW HQGJOWLJ HLQHU 2UGQXQJ ]XJH IKUWGRFKEHVWHKWNHLQ=ZHLIHOGDVVGLHJHIlKUGHWHJHQHDORJLVFKH2UG QXQJ%DVLVXQG9RUDXVVHW]XQJDXFKGHV=ZHLNDPSIVLVWGHVVHQ(UJHEQLV HEHQIDOOV GHIL]LWlUH )DPLOLHQVWUXNWXUHQ HLQHU QHXHQ XQYRUKHUVHKEDUHQ 2UGQXQJ ]XIKUW LQGHP )ULHGULFK YRQ 7URWD XQG /LWWHJDUGH YRQ $XHU VWHLQKHLUDWHQ(VZlUHHLQ,UUWXPDQ]XQHKPHQGDVVGLH9HUNQSIXQJYRQ %LQQHQ XQG 5DKPHQJHVFKLFKWH PLVVOXQJHQ VHL  6RZRKO GDV IU GHQ $GHO JUXQGOHJHQGH 3UREOHP GHU UHJHOJHUHFKWHQ )RUW]HXJXQJ YHUELQGHW EHLGH(U]lKOXQJHQDOVDXFKGLH7DWVDFKHGDVVGHU$GHOLJH)ULHGULFKYRQ 7URWDDOV.lPPHUHUGHVHUPRUGHWHQ+HU]RJV:LOKHOPYRQ%UH\VDFKQLFKW QXU EHL GHVVHQ (UPRUGXQJ ]XJHJHQ VRQGHUQ DXFK GHVVHQ *HIROJVPDQQ ZDU$XVGHU9RJHOVFKDXGHVQDFKWUlJOLFKLQIRUPLHUWHQ/HVHUVWULWW7URWD RKQHHV]XGLHVHP=HLWSXQNWVHOEVW]XZLVVHQQLFKWQXUIUGLH:DKUKHLW YRQ /LWWHJDUGHV 8QEHVFKROWHQKHLW HLQ VRQGHUQ HU EW JOHLFK]HLWLJ 5DFKH DP0|UGHUVHLQHV+HUUQ$XFKXPGHVVHQ(KUHJHKWHVQDFKZLHYRUEHL GHPJDQ]HQ8QWHUQHKPHQGHQQGLHhEHUIKUXQJ-DFREVDOV0|UGHUVWHOOW GLH(KUHGHVWRWHQ+HU]RJVDXFKLQVRIHUQZLHGHUKHUDOVGHVVHQ%HYRU]X JXQJGHVQLFKWHKHOLFKHQ6RKQHVYRUGHP%UXGHUKlWWHDQJH]ZHLIHOWZHU GHQN|QQHQ 'DVV*RWWPLWGHP(UJHEQLVGHV=ZHLNDPSIV]ZLVFKHQ)ULHGULFKXQG -DFREGLH:DKUKHLWEHU-DFREV XQG/LWWHJDUGHV (KUHDQV/LFKWNRPPHQ OlVVWLVWDXVGHU6LFKWGHU:HQGH]XP-DKUKXQGHUWVFKOLFKWXQJODXE ZUGLJ %HUHLWV XP  LVW GLH 6SLHOWKHRULH VR ZHLW JHGLHKHQ GDVV PDQ GHU $XIIDVVXQJ LVW GLH 9RUVHKXQJ XQG 2IIHQEDUXQJ *RWWHVVHL LQ 6SLHO HQWVFKHLGXQJHQ QLFKW VWlUNHU SUlVHQW DOV DQGHUVZR  $QDORJ JLOW IU .OHLVWV =ZHLNDPSIGLH (LQVLFKW GDVV NHLQH ]X *RWW XQPLWWHOEDUH SULYLOH JLHUWPHWDSK\VLVFKH6LWXDWLRQPHKUGHQNEDULVWGDV*RWWHVJQDGHQWXPVR ZHQLJZLHGHUYRQDGHOLJHQ3URWDJRQLVWHQDXVJHWUDJHQHKHLOLJH=ZHLNDPSI 'LH )RUPXOLHUXQJ GHV (U]lKOHUV ÅIDOOV *RWWVLFK LP HLVHUQHQ 8UWHLO >«@ ²²²²²²²²²²²²²

 6R DXFK 0OOHU -DQ'LUN Å.OHLVWV 0LWWHODOWHU3KDQWDVPD =XU (U]lKOXQJ 'HU =ZHLNDPSI  ´LQ.OHLVW-DKUEXFK6KLHU6  6R 5HX‰ 5RODQG ÄÅ0LW JHEURFKHQHQ :RUWHQ¶ =X .OHLVWV (U]lKOXQJ 'HU=ZHLNDPSI´ LQ %UDQGHQEXUJHU.OHLVW%OlWWHU6KLHU6  7URWD LVW GLHV HUQHXW JHJHQ 5HX‰ JHZLVV NHLQ %UJHUOLFKHU 9JO 5HX‰ 0LW JHEURFKHQHQ :RUWHQ6   9JO&DPSH6SLHOGHU:DKUVFKHLQOLFKNHLW6



$GHOLJH6SLHOH





 IUGHQ*UDIHQ-DFREGHQ5RWEDUW>«@HQWVFKLHG´ = LVWIDNWLVFK HUOHEWH 5HGH /LWWHJDUGHV ZHOFKH GLH :DKUKHLW QlPOLFK GDVV -DFRE 8Q UHFKW KDW NHQQW 'LH %HPHUNXQJ LPSOL]LHUW GDVV HV QLFKW XP GDV $XI GHFNHQYRQ:DKUKHLWHQJHKWVRQGHUQGDUXPGDV(UJHEQLVHLQHV.DPS IHV DOV 6WLPPH XQG 8UWHLOVVSUXFK *RWWHV DXV]XOHJHQ DQ GHQ JOHLFKVDP KHLOLJHQ:XQGHQGHV$GHOLJHQDOVRGLH(LQZLUNXQJ*RWWHVDE]XOHVHQDOV VHLHQHV6WLJPDWD 'HU*ODXEHDQGLH0HWDSK\VLNGHV=ZHLNDPSIVKDWWHVLFKMDVFKRQLP  -DKUKXQGHUW JHORFNHUW XQG LQ .OHLVWV 1RYHOOH VFKHLQW /LWWHJDUGH GLH HLQ]LJH)LJXU]XVHLQGLHUFNKDOWORVDQGLHVHZXQGHUEDUH$XVNXQIWVIlKLJ NHLWGHV=ZHLNDPSIVJODXEW'DV6SLHONDONODOV7KHPDYRQbVWKHWLNXQG 5RPDQLP-DKUKXQGHUWVR5GLJHU&DPSHLVWJHUDGH]XGLH)ROJHGHU Å(QWHLJQXQJ GHU PDWKHPDWLVFKHQ 6WUXNWXU GHV 6SLHOV GXUFK GHQ OHEHQV ZHOWOLFKHQ 6LQQ GHU :DKUVFKHLQOLFKNHLW´  ,P /HEHQVZHOWOLFKHQ DEHU EOHLEWGDVPDWKHPDWLVFK:DKUVFKHLQOLFKHRGHU8QZDKUVFKHLQOLFKHXQHQW VFKHLGEDUXQGPXVVHU]lKOWZHUGHQ:LHLQGHU+LVWRULHGLH%HKDXSWXQJ KLVWRULVFKHU :DKUVFKHLQOLFKNHLW DOOHLQ GDGXUFK LP  -DKUKXQGHUW DOV JODXEKDIW DQJHVHKHQ ZXUGH GDVV ÅGHU +LVWRULNHU GLH *HVFKLFKWH LQ GLH *HVFKLFKWHDXIJHQRPPHQKDW´VRVWHKWIUGLH:DKUKHLWGHUXQZDKU VFKHLQOLFKHQ (UHLJQLVVH XP -DFREV XQG )ULHGULFKV E]Z -DFTXHV OH *ULV¶XQG-HDQGH&DURXJHV=ZHLNDPSIQXUGLHQRYHOOLVWLVFKHRGHUDQHN GRWLVFKHhEHUOLHIHUXQJ0LWNRJQLWLYHQ:DKUVFKHLQOLFKNHLWHQNRPPWPDQ LP /HEHQ QLFKW DOO]X ZHLW LPPHU ZLHGHU EHJHJQHQ 6LWXDWLRQHQ GHU PLW .OHLVW ]X UHGHQ ÅXQZDKUVFKHLQOLFKHQ :DKUKDIWLJNHLW´  'DV (UJHEQLV GHV6SLHOVLVWVWHWVRIIHQZHGHU+RIIPDQQVHU]lKOHULVFKHU.XQVWJULIIGHV PLVHHQDE\PHQRFKGLHREVROHWH%HJODXELJXQJVVWUXNWXULQ.OHLVWV=ZHLNDPSI NDQQGHQPRGHUQHQ/HVHUGHVRGHUGHV-DKUKXQGHUWVGDUEHUKLQ ZHJWlXVFKHQGDVVGLHHU]lKOWHQ6SLHOHDXFKDQGHUVDXVJHKHQN|QQWHQXQG HEHQ]XIlOOLJVRDXVJHKHQZLHVLHHVWXQ 'DV DGHOLJH 3HUVRQDO EH]HLFKQHW ZLHGHUXP GLH 6FKZHOOH ]ZLVFKHQ QRFK YHUEOLHEHQHP ULWXHOOHQ XQG P\WKLVFKHQ 2UGQXQJVJHIJH XQG GHP XQEHUVHKEDUHQ NDXP ]XUFN]XGUlQJHQGHQ (LQEUXFK GHU .RQWLQJHQ] 'LH QHEHQ XQG JHJHQHLQDQGHU VWHKHQGHQ 2UGQXQJVPRGHOOH ZLH 2UGDO XQG 'XHOO YHUP|JHQ NDXP QRFK GLH 3RO\SKRQLH GHU PRGHUQHQ :HOW LQ LKUH6FKUDQNHQ]XZHLVHQ'DV*OFNVVSLHOGDVVLFKSRHWLVFKH3HUVRQHQ ²²²²²²²²²²²²²

 .OHLVWV 7H[W ZLUG LP )OLH‰WH[W PLW GHU 6LJOH Å=´ XQG 6HLWHQ]DKO QDFK IROJHQGHU $XVJDEH ]LWLHUW .OHLVW +HLQULFK YRQ Å'HU =ZHLNDPSI´ LQ 6lPWOLFKH :HUNH XQG %ULHIH LQ YLHU %lQGHQ'.9.ODXV0OOHU6DOJHW +UVJ )UDQNIXUWD06  &DPSH6SLHOGHU:DKUVFKHLQOLFKNHLW6  (EG6  9JO.OHLVWVJOHLFKQDPLJH$QHNGRWHVRZLHHEG6II  9JO1HXPDQQ=ZHLNDPSI6II



.DSLWHO

 ZLH%DURQHXQG&KHYDOLHUVLP=HLWDOWHUGHU:DKUVFKHLQOLFKNHLWVUHFKQXQJ LPPHUQRFKDXVUHSUlVHQWDWLYHQ*UQGHQDQWXQPVVHQ]HXJWYRQGLHVHU 6FKZHOOHQVLWXDWLRQ HEHQVR ZLH GDV $QWUHWHQ ]ZHLHU $GHOLJHU ]X HLQHP =ZHLNDPSIIUGHQDUFKDLVFKHU0\WKHQJODXEHXQGPRGHUQH+HUPHQHX WLNGLH:LHGHUKROEDUNHLWGHV5LWXDOVXQG]XJOHLFKGLH(QGORVLJNHLWXQG2I IHQKHLWGHV6SLHOVNRQVWLWXWLYVLQG:LHGHU7H[WYHUVFKLHGHQH6SLHODQRUG QXQJHQ XQG DEEUFKH YRUIKUW ² PDQ GHQNH DQ 7URWDV GXUFK HLQH 6WUDWHJLH GHU 'HIHQVLYH NDXP KLQUHLFKHQG HUNOlUOLFKH 3DVVLYLWlW LQPLWWHQ GDV .DPSIJHVFKHKHQV ² VR VHW]W HU VLFK VHOEVW DXV UHFKW KHWHURJHQHQ ZHQQJOHLFK GRFK YHU]DKQWHQ  (U]lKODNWHQ XQG VWUlQJHQ ]XVDPPHQ 'LHVH 1RYHOOH ULVNLHUW GHQ :LGHUVSUXFK GHV /HVHUV GHU GLH 0RWLYLHUXQJ GHV .DPSIJHVFKHKHQV DOV OHW]WOLFK IDVW PDUJLQDOHQ DXI QXU ]ZHL YRQ  'UXFNVHLWHQ HU]lKOWHQ XQG GRFK WLWHOJHEHQGHQ .HUQ QLFKW LPPHU QDFK YROO]LHKHQNDQQ 'DV DGHOLJH 3HUVRQDO LVW XQDEGLQJEDU IU HLQ ([SHULPHQW PLW GHP =ZHLNDPSI DOV QRFK XUVSUQJOLFKHP VHLQHU HLQVWLJHQP\WKLVFKHQ *U|‰H QRFK QLFKW HQWNOHLGHWHP 5LWXDO GDV DOOHQIDOOV VRHEHQ LQDFWX JHZLVVHUPD ‰HQVHLQH8QEHVWUHLWEDUNHLWYHUOLHUW$EVFKOXVVXQG'HXWXQJGHVULWXHOOHQ *HVFKHKHQVVLQGXPVWULWWHQDOVRLVWGDV5LWXDOPLVVJOFNWZHLOVHLQ$XV JDQJ ÅHUQHXW DOV .RQWLQJHQ] DXIWULWW´'LH $XVJDQJVVLWXDWLRQ HUIRUGHUW DEHUULWWHUOLFKH7HLOQHKPHUJHPl‰GHU9HUELQGXQJGHV5LWWHUWXPVPLWGHU KHLOLJHQ:DIIHQWDWGHV=ZHLNDPSIVGHQQQDFKPLWWHODOWHUOLFKHP*ODXEHQ NDQQQXUGLH:DIIHQWDWHLQHV5LWWHUVGDV:XQGHUHLQHV*RWWHVXUWHLOVSUR YR]LHUHQ0LWGHP7\SXVGHV5LWWHUVLVWIUHLOLFKLP-DKUZLHGHUXP GLH GXUFKDXV DNWXHOOH )UDJH QDFK GHU 9HUIJEDUNHLW GHV ZDKUKDIW IUHLHQ DXWRQRPHQ XQG ÄSRHWLVFKHQ¶ .ULHJHUV JHVWHOOW GHVVHQ *HOWXQJ VLFK QLFKW ]XOHW]WDXVGHPYHUEOHLEHQGHQ5HVWJODXEHQDQHLQH0HWDSK\VLNGHV5LWWHU WXPVHUJLEWYRQGHULQ.OHLVWV(U]lKOXQJDOOHUGLQJVZHQLJEULJEOHLEW 'HUDPHULNDQLVFKH0HGLlYLVW(ULF-DJHUKDWDXVPLWWHODOWHUOLFKHQ4XHO OHQ MHQHQ OHW]WHQ =ZHLNDPSI LP )UDQNUHLFK GHV -DKUHV  QDUUDWLY UH NRQVWUXLHUWGHU.OHLVWLQ)URLVVDUWV&KURQLTXHVDOV+\SRWH[WIUVHLQH1R YHOOH]XU9HUIJXQJVWDQG9RQ,QWHUHVVHGUIWHQDQGLHVHU6WHOOHYRUDOOHP .OHLVWV$EZHLFKXQJHQVHLQ.OHLVWV/RNDOLVLHUXQJGHU*HVFKLFKWHLPGHXW VFKHQ6GZHVWHQ²PLW%DVHOLVWGLH*UHQ]OLQLHGHV5HLFKHVDQJHVSURFKHQ ²²²²²²²²²²²²²

 0HQNH%HWWLQH6FKPLGW'LHWPDUÅ$P1XOOSXQNWGHV5LWXDOV'DUVWHOOXQJXQG$XIVFKXE GHV=ZHLNDPSIVEHL.OHLVW&RQUDGXQG3XVFKNLQ´LQ$UFDGLD6KLHU 6 0HQNHV XQG 6FKPLGWV /HNWUH OLHJW GLH YRQ 5RODQG %DUWKHV JHWHLOWH  $XIIDVVXQJ ]XJUXQGHGLH2IIHQKHLWGHU/LWHUDWXUPDFKHVLHHKHUXQJHHLJQHWIUGDV(U]lKOHQYRQ5L WXDOHQ (QWJHJHQ ]DKOUHLFKHQ DQGHUV ODXWHQGHQ 7KHVHQ YJO HWZD GLH $UEHLWHQ :ROIJDQJ %UDXQJDUWV ]HLJHQGLH$XWRUHQXDDQ.OHLVWV=ZHLNDPSIÅGD‰GLHOLWHUDULVFKH'DUVWHOOXQJ XQGGHUNULVHQKDIWHLQQHKDOWHQGH$XIVFKXEGHV5LWXDOVLQHLQNRQVWLWXWLYHV9HUKlOWQLVWUH WHQ´ (EG6   9JO*XWWDQGLQ6FKLFNVDOGHU(KUH6



$GHOLJH6SLHOH





 ² LVW ZRKO GHU VHLW 7LHFNV 0LQQHOLHGHUQDXVGHP6FKZlELVFKHQ=HLWDOWHUEHVWH KHQGHQ .RQQRWDWLRQ GHU PLWWHODOWHUOLFKHQ .XOWXU PLW GLHVHP 5DXP JH VFKXOGHW-DJHUOHJWHWZD:HUWDXIGLH)HVWVWHOOXQJGDVVGHUJHULFKWOLFKH =ZHLNDPSIGDV*RWWHVXUWHLOQLFKWLGHQWLVFKVHLPLWQHX]HLWOLFKHQ'XHO OHQ]XU5HJHOXQJYRQ(KUHQKlQGHOQZlKUHQGHVEHL.OHLVWHEHQGRFK DXFKXPGLH(KUH/LWWHJDUGHVXQGXPGLH)ULHGULFKVJHKW'LHVH+\EULGL VLHUXQJ DUFKDLVFKHU XQG PRGHUQHU 3UDNWLNHQ ZXUGH KlXILJ DOV Ä)HK OHU¶PRQLHUW7URWDVHL5LWWHUXQG]XJOHLFK*HQWLOKRPPHHUNlPSIHIUGLH :DKUKHLWGHV8UWHLOVXQG]XJOHLFKIUVHLQHHLJHQH(KUHLQGHPHUDXIGDV 0XUUHQGHV3XEOLNXPVKLQGDVDXFKEHUVHLQH(KUH]XHQWVFKHLGHQKDW ZlKUHQGGHV=ZHLNDPSIVVHLQHGHIHQVLYH.DPSIHVKDOWXQJlQGHUWÅ(UKDW QLFKWGLHLQQHUH6LFKHUKHLWZHLOVHLQH(KUHDXIGHP6SLHOHVWHKW´hEUL JHQV OLHIHUW .OHLVW IDVW ]HLWJOHLFK ]ZHL %HDUEHLWXQJHQ GHV PLWWHODOWHUOLFKHQ 6WRIIHVLQGHU$QHNGRWH*HVFKLFKWHHLQHVPHUNZUGLJHQ=ZHLNDPSIHVHQWVWHKW JHZLVVHUPD‰HQ GLH 5RKIRUP GLH LQ .XU]IDVVXQJ XQG RKQH ]HUHPRQLHOOH RGHU KHUPHQHXWLVFKH )UDJHQ DQ]XGLVNXWLHUHQ GHQ =ZHLNDPSI ]ZLVFKHQ &DURXJHV XQG OH *ULV ZHOFKHU &DURXJHV *DWWLQ LQ $EZHVHQKHLW LKUHV 0DQQHVYHUJHZDOWLJWKDEHQVROODXI]ZHLHLQKDOE'UXFNVHLWHQ]XVDPPHQ IDVVWXQGVRGDV8QHUK|UWHGHV5HFKWVIDOOHVKHUYRUNHKUWGHULQGHU1RYHO OH QXU RFFDVLR GHU YHUZLFNHOWHQ +DQGOXQJ LVW ,Q GHU IUDQ]|VLVFKHQ 4XHOOH ZLH LQ .OHLVWV $QHNGRWH LVW GHU $XVJDQJ HLQGHXWLJ XQG ]XYHUOlVVLJ 'HU PXWPD‰OLFKH9HUJHZDOWLJHUZLUGLP.DPSIJHW|WHWXQGJLOWDOVVFKXOGLJ $XV.OHLVWV1RYHOOHJHKWQXULPSOL]LWIUGHQ]HLWJHQ|VVLVFKHQ/HVHU JHZLVV DEHU VHOEVWYHUVWlQGOLFK KHUYRU GDVV HV VLFK EHLP =ZHLNDPSI DOV H[NOXVLYHU )RUP GHU 8UWHLOVILQGXQJ XP HLQ GDPDOV VFKRQ XPVWULWWHQHV DGHOLJHV 3ULYLOHJ KDQGHOWH'HP UHDOHQ XQG GHP ILNWLYHQ )DOO LVW HLQHV JHPHLQVDP 'HU =ZHLNDPSI ZLUG YRQ HLQHP GHU DGHOLJHQ 3URWDJRQLVWHQ EHZXVVWXQGRKQHOHW]WH6LFKHUKHLWSURYR]LHUWMHZHLOVYHUWUDXWGHUPlQQOL ²²²²²²²²²²²²²

 9JO6FKXEHUW(UQVWÅ'HU=ZHLNDPSI(LQPLWWHODOWHUOLFKHV2UGDOXQGVHLQH9HUJHJHQZlUWL JXQJEHL+HLQULFKYRQ.OHLVW´LQ.OHLVW-DKUEXFK6KLHU6=ZHLIHO ORVVLQGGLH$QDFKURQLVPHQLQ.OHLVWV1RYHOOH]DKOUHLFKÅ'DVULWWHUOLFKH0LWWHODOWHUVLHKW GHU 'LFKWHU LQ GHU 3HUVSHNWLYH GHU $GHOVNXOWXU VHLQHU =HLW´ (EG 6   1HEHQ ORJL VFKHQ 8QJHUHLPWKHLWHQ DXI ZHOFKHGLH .OHLVW)RUVFKXQJ ]XP=ZHLNDPSILPPHUJHUQ KLQ JHZLHVHQKDWVLQGHEHQDXFKKLVWRULVFKHÄ)HKOHU¶DXI]XOLVWHQHWZDGHU.URQDQVSUXFK5RW EDUWV GHU QXU LP QHX]HLWOLFKHQ 0DMRUDW P|JOLFK ZlUH RGHU GLH 6FKULIWOLFKNHLW GHV *HULFKWVYHUIDKUHQV 9JOHEG6I   =XU*HVFKLFKWHGHVPLWWHODOWHUOLFKHQ2UGDOVYJO6FKXEHUW0LWWHODOWHUOLFKHV2UGDO6II  9JO-DJHU(ULF$XI(KUHXQG7RG(LQULWWHUOLFKHU=ZHLNDPSIXPGDV/HEHQHLQHU)UDX0QFKHQ 6  6FKXEHUW0LWWHODOWHUOLFKHV2UGDO6  9JO .OHLVW +HLQULFK YRQ Å*HVFKLFKWH HLQHV PHUNZUGLJHQ =ZHLNDPSIHV´ LQ '.9  6  (EG6YJO-DJHU(KUHXQG7RG6  9JOHEG6II



.DSLWHO

 FKH+HUDXVIRUGHUHUGHUZDKUKHLWVJHPl‰HQ$XVVDJHHLQHU)UDXGLHGXUFK GHQ*HIRUGHUWHQEHVWULWWHQZRUGHQLVW$XVVDJHVWHKWJHJHQ$XVVDJHGRFK GHU ZLH GHU /HVHU IUHLOLFK HUVW VSlWHU HUIlKUW EHUOHEHQGH 3URWDJRQLVW YHUWUDXW DXIGLH :DKUKHLWVHLQHV :LVVHQV XQGVHLQHU3RVLWLRQ (U HUZHLVW VLFK DOV 6SLHOHU LQVRIHUQ DOV HU JHUDGH QLFKW GDUDXI YHUWUDXHQ NDQQ GDVV *RWWLKPGXUFKGHQ6LHJ5HFKW]XELOOLJW9LHOPHKUHUZDUWHWLKQHLQ.DPSI ZLH HU LKP DXV GHU 3UD[LV GHV .ULHJHV YHUWUDXW LVW'HU .DPSI LVW XQEH GLQJW HQGHW HUVW PLW GHP 7RG HLQHV GHU EHLGHQ .RQWUDKHQWHQ XQG GLH (QWVFKHLGXQJ GHV .DPSIHV LVW RIIHQ 6LH ZLUG YRUDXVVLFKWOLFK GXUFK =X IlOOLJHV ZLH DXFK GXUFK GLH NlPSIHULVFKHQ 4XDOLWlWHQ KHUYRUJHUXIHQ 6FKRQ-DJHUEHULFKWHWYRP5LVLNRGHV-HDQGH&DURXJHVGHUMD²lKQOLFK ZLH)ULHGULFKYRQ7URWD²HUVWGXUFKGLH+HUDXVIRUGHUXQJDXVXQJHNOlUWHQ (UHLJQLVVHQHLQHQ5HFKWVIDOOPDFKW,QGHPHUGDV*RWWHVXUWHLODQUXIWJHKW HU DXI GDV ÅJHIlKUOLFKVWH $EHQWHXHU VHLQHV /HEHQ´  DXV (LQ ZHLWHUHU 9HUJOHLFK GHU .RQWUDKHQWHQ ZlUH LP 'HWDLO VLQQYROO -DJHUV 'DUVWHOOXQJ ]HLJW GDVV GHU +HUDXVIRUGHUHU -HDQ GH &DURXJHV LP *HJHQVDW] ]X GHP JHVFKPHLGLJHQ GDV NRPPHQGH K|ILVFKH =HLWDOWHU VFKRQ DQWL]LSLHUHQGHQ -DFTXHVOH*ULVZHQLJZHOWPlQQLVFKDXIWULWWXQGQLFKW]XOHW]WGHVZHJHQLP 9RUIHOG 0LVVHUIROJH KDW HLQVWHFNHQ PVVHQ 'LH +HUDXVIRUGHUXQJ QXQ HUZHLVWVLFKDOV$NWGHU/HLFKWLJNHLWGHU$QJULIIVOXVWGLHYLHOOHLFKWVFKRQ YLHO YRQ GHP NQIWLJHQ 6LHJ YRUZHJQLPPW 'LH 6LWXDWLRQ GHU $QNODJH VWHOOW GHQ =ZHLNDPSI DQ GHQ %HJLQQ HLQHV KLVWRULVFKHQ 8PEUXFKHV GHU GHQ $GHO LPPHU ZHQLJHU LP .DPSI XQG LPPHU PHKU DP +RI SODW]LHUW hEHU &DURXJHV VFKUHLEW -DJHU HWZD Å'LH .DPSIEHUHLWVFKDIW GLH LKQ ]X HLQHPJULPPLJHQ.ULHJHUPDFKWHXQGLKPLQGHU6FKODFKWRIWGDV/HEHQ JHUHWWHWKDEHQPRFKWHZDUDP+RIYRQ$UJHQWDQZR7DNWXQG'LSORPD WLH HLQHQ 0DQQ VFKQHOOHU YRUZlUWV EUDFKWHQ DOV 7DSIHUNHLW RGHU .|USHU NUlIWH VHLQ 8QJOFN´  (KUEDUNHLW NRQQWH GXUFK NRUUHNWHV K|ILVFKHV $XIWUHWHQVLJQDOLVLHUWRGHUYLHOOHLFKWEHVVHUVLPXOLHUWZHUGHQ 'HUJHQHDORJLVFKHXQGMXULVWLVFKH+LQWHUJUXQGGHUDQ%ULVDQ]GXUFK GLH 7UDQVSRVLWLRQ GHV (UHLJQLVVHV LQ PHWDSK\VLVFKH 'LPHQVLRQHQ QRFK ]XQLPPWYHUGHFNWDOVRGHQHLJHQWOLFKHQ.HUQGHU$NWLRQ%HLGH.lPSIHU VLQG XQDEKlQJLJ YRQ GLHVHP %HLZHUN LQVJHKHLP DXIJHIRUGHUW VLFK GHQ .RQWLQJHQ]HQGHVULWWHUOLFKHQ.DPSIHV]XVWHOOHQXQGGLHMHZHLOLJHQ9RU WHLOH VHLHQ VLH ]XIDOOV RGHU NRPSHWHQ]LQGX]LHUW ]X QXW]HQ 'DV 5LVLNR GDVVLHHLQJHKHQO|VWVLFKDEHUYRQGHQJHQHDORJLVFKHQ XQGDXFKYRQGHQ HKUEH]RJHQHQ  $XVJDQJVEHGLQJXQJHQ IDNWLVFK DE ² QXU HUIlKUW GHU /HVHU QLFKW ZLH VLFK GDV *HVFKHKHQ LP $XJHQEOLFN GHV .DPSIEHJLQQV IU GLH EHLGHQ.RQWUDKHQWHQGDUVWHOOW²XQGHVQLPPWYLHOPHKUGLH=JHGHVVHQDQ ²²²²²²²²²²²²²

 (EG6  (EG6YJODXFK6X|



$GHOLJH6SLHOH





 ZRIU 5LWWHU HLJHQWOLFK JHPDFKW VLQG 'DV |IIHQWOLFKH 6FKDX6SLHO GHV .DPSIHVDXI/HEHQXQG7RGGDVQDFK:HJIDOODOOHUVHPDQWLVFKHQ%HODV WXQJHQLP9RUIHOG XQGOlQJVWYRUGHQKHUPHQHXWLVFKHQ%HPKXQJHQLP 1DFKIHOG  SXUH $NWLRQ GHU .|USHU LVW (LQH *HPHLQVDPNHLW GHV =ZHL NDPSIHVEHL)URLVVDUW-DJHUXQGEHL.OHLVWLVWGDVVGLH]HUHPRQL|VH(LQ OHLWXQJGHV.DPSIHVLP.RQWUDVW]XU8UZFKVLJNHLWXQGLP(LQ]HOQHQ GHU5HJHOORVLJNHLWGHUMHZHLOVDOV6FKDXVSLHOEHVFKULHEHQHQ.DPSIKDQG OXQJVHOEVWVWHKWLQGHUZRUDXI-DJHUlKQOLFKZLH.OHLVWKLQZHLVWÅNHLQH 5LWWHUOLFKNHLWPHKU´KHUUVFKWH ,P DXWKHQWLVFKHQ )DOO JLQJ GDV 5LWXDO GHU $QNODJH YRUDXV Å)U GLH =HUHPRQLH GHU +HUDXVIRUGHUXQJ VWDQGHQ GHU 5LWWHU XQG GHU .QDSSH HL QDQGHU YRU GHP *HULFKW JHJHQEHU XPJHEHQ YRQ LKUHU (QWRXUDJH 'HU 7UDGLWLRQJHPl‰VWDQGGHU%HUXIXQJVNOlJHURGHU$SSHODQW]XU5HFKWHQGHV .|QLJVGHU%HNODJWHRGHU'pIHQGHXU]XVHLQHU/LQNHQ'HU5LWWHUDOV%HUX IXQJVNOlJHU LQ GHP)DOO VSUDFK DOV (UVWHU PLW HUKREHQHU 6WLPPHGDPLW LKQ GDV JDQ]H *HULFKW K|UWH >«@ 1DFKGHP HU GHQ .QDSSHQ >-DFTXHV OH *ULV@EHQDQQWYHUNODJWXQGKHUDXVJHIRUGHUWKDWWHPXVVWHGHU5LWWHUGHQ )HKGHKDQGVFKXKZHUIHQ'DV*HULFKWVDK]XDOVHUGHQ+DQGVFKXKYRU GHQ .QDSSHQ DXI GHQ %RGHQ ZDUI XQG GDPLW VHLQ 9HUVSUHFKHQ GHXWOLFK PDFKWHGDVVHUVHLQHU+HUDXVIRUGHUXQJJHUHFKWZHUGHQXQGGHP%HNODJ WHQ DQ GHP EOLFKHQ $XVWUDJXQJVRUW IU HLQHQ JHULFKWOLFKHQ =ZHLNDPSI DXI GHP .DPSISODW] ² GHP &KDPSFORV ² JHJHQEHUWUHWHQ ZHUGH´)U ]XIlOOLJH =XVFKDXHU VHL GHU =ZHLNDPSI ÅQXU HLQ XQWHUKDOWVDPHV 6FKDX VSLHO´ JHZHVHQ -DJHU EHULFKWHW DXFK YRQ GHQ DQGHUHQ LP 9RUIHOG GHV .DPSIJHVFKHKHQV DEODXIHQGHQ Å=HUHPRQLHQ´ ÅZRKOGXUFKGDFKWH>Q@ 5HJHOQ XQG 5LWXDOH>Q@´ GLH ÅQLFKWV GHP =XIDOO ² RGHU GHU 9RUVH KXQJ´EHUODVVHQKlWWHQ²PLWGHUJHZLFKWLJHQ$XVQDKPHGHV(UJHEQLVVHV GHV.DPSIHV(UUlXPWHLQGD‰=XIlOOHGDV(UJHEQLVPLWEHVWLPPHQ NRQQWHQ)UGHQ.DPSIYHUODXIJDOW 6LH ZUGHQ QLFKW QXU RKQH 3DUGRQ NlPSIHQ VRQGHUQ DXFK RKQH 5HJHOQ ,P .DPSIDXI/HEHQXQG7RGKLHOW²DQGHUVDOVEHLHLQHPIUHXQGVFKDIWOLFKHQ7XU QLHU ² QLFKWV HLQHQ 0DQQ GDYRQ DE VHLQHQ *HJQHU YRQ KLQWHQ RGHU GXUFK GLH 6HKVFKOLW]H LQ VHLQHP +HOP ]X HUVWHFKHQ RGHU LKQ PLW 6DQG ]X EOHQGHQ RGHU LKPHLQ%HLQ]XVWHOOHQRGHULKQ]XWUHWHQRGHUVLFKDXILKQ]XZHUIHQZHQQHU DXVUXWVFKWHXQGKLQILHO

0DQN|QQWHVDJHQGDVV.OHLVWV7H[WGLH%HGLQJXQJHQGHU8QEHGLQJWKHLW GHV=ZHLNDPSIVJHUDGH]XHUSUREWHLQH8QEHGLQJWKHLWGLHVHLQH$NWXDOL ²²²²²²²²²²²²²  9JOHEG6II  9JOHEG6  (EG6  (EG6  (EG6IXQGYJOHEG6  (EG6I



.DSLWHO

 WlW DXVPDFKW XQG GLH LQ HLQHU =HLW GHV DOOHQWKDOEHQ LQ )UDJH VWHKHQGHQ 9RONVNULHJHV QDFK GHQ 0|JOLFKNHLWHQ GHV H[NOXVLYHQ (LQ]HONlPSIHUV IUDJW 'DV XQEHGLQJWH 6SLHOGHU EHLGHQ .lPSIHU YHUELQGHW DOOH )DFHWWHQ GLH&DLOORLVDQJHVSURFKHQKDW(VLVWDJRQXQG²MHQVHLWVYRQGHU9HUEUJW KHLWGHVJ|WWOLFKHQ(LQZLUNHQV²DOHDHVLVWDOVWKHDWUDOHV(UHLJQLVGDVLQ EHVFKUlQNWHP0D‰QDFK0XVWHUQDEOlXIWPLPLNULXQGHVLVWDOVH[]HVVLYHV XQG HUVW PLW GHP 7RG HLQHV 6SLHOHUV HQGHQGHV 6FKDX6SLHO LOLQ[ (V LVW LQVEHVRQGHUHLQVRIHUQLOLQ[DOVGDV(QGHGHV6SLHOVODQJHQLFKWHLQWUHWHQ ZLOOE]ZEH]ZHLIHOWZLUG$XIGLHVH:HLVHZHUGHQGLHJHVLFKHUWHQULWXHOOHQ 6WUXNWXUHQ GXUFK VROFKH GHV 6SLHOV DQJHUHLFKHUW VFKOLH‰OLFK EHUODJHUW $OOHV ]XVDPPHQ UFNW GLHVHQ =ZHLNDPSI LQ GLH 1lKH GHU 3HUIRUPDQFH ]XPDO GLH bVWKHWLVLHUXQJ GHU *HVDPWLQV]HQLHUXQJ NHLQHP =ZHLIHO XQWHU OLHJW'LHVHV6WLFKZRUWUXIWGLH,GHQWLWlWVGRSSHOXQJGHU.lPSIHULQ(ULQ QHUXQJ$OV6WDQGHVSHUVRQHQUHSUlVHQWLHUHQVLHLKUH)DPLOLHQGDVIHXGDOH *HPHLQZHVHQLKUHQ6WDQG²LKUH/HLEOLFKNHLWZHOFKHGLH1RYHOOHHUVWLP 5DKPHQGHU3DWKRJUDSKLHQLP$QVFKOXVVDQGLH.DPSIVFKLOGHUXQJLQGHQ 9RUGHUJUXQGUFNWZHLVWVLH]XGHPDOV3HUVRQHQDXIGLHLQGHU5HSUlVHQ WDWLRQVJHVWHQLFKWDXIJHKHQDXFKGHUJHVWDOWGDVVQLFKWHLQIDFKGHU8QWHU OHJHQH JOHLFKVDP ULWXDOJHPl‰ GLH V\PEROLVFKH *HVWH GHV 6LHJHUV Å'HU *UDIVHW]WHLKP>«@GHQ)X‰DXIGLH%UXVW´=I KLQQLPPWXQGVLFK LQ VHLQ 6FKLFNVDO IJW (U XQG ]XPDO VHLQ .|USHU EHJHKUW JHJHQ GLHVHV YHUPHLQWOLFK YHUKlQJWH 6FKLFNVDO DXI 'HU =ZHLNDPSI DOV ÅN|USHUOLFKHV %HZDKUKHLWXQJVULWXDO´ZLUG DXFK LQVRIHUQ VSLHOHULVFK DG DEVXUGXP JH IKUW DOV GLH .|USHU GHU.RQWUDKHQWHQ VLFK GHP 5LWXDO YHUZHLJHUQVLFK ]XPLQGHVW HLQ (UJHEQLV DXIVFKLHEHQG GHU JHZQVFKWHQ (YLGHQ] HQW]LH KHQ'LHOHLFKWH9HUOHW]XQJ-DFREVLP.DPSIVHW]WYLHOPHKUHLQHLJHQZLO OLJHV 6SLHO VHLQHV .|USHUV LQ *DQJ HLQ ODQJZLHULJHV XQG XQDXIKDOWVDPHV 6WHUEHQGHVVHQ$QODVVGLH:XQGHLVWQLFKWVHLQH8UVDFKH=ZDUKDWGHU (U]lKOHU HLQH SUREDWH DXI GLH DQWLNH 6lIWHOHKUH UHNXUULHUHQGH (UNOlUXQJ IU GLHVHQ 7RGGLH DXI P\WKLVFKH :HLVH XQG GDPLW DXV .OHLVWV 6LFKW HEHQVRZHQLJJODXEZUGLJZLHGDVÄ*RWWHVXUWHLO¶GLH.RUUHVSRQGHQ]YRQ PHQVFKOLFKHU,QQHQXQG$X‰HQVHLWHEHKDXSWHW-DFREVWUEHDOVVFKOHFK WHU0HQVFK]XPUHFKWHQ=HLWSXQNWHLQHQJHUHFKWHQ7RG²GLHVHDXIGHQ ²²²²²²²²²²²²²  -DQ'LUN 0OOHU VSULFKW YRQ HLQHP Å:DKUKHLWVVSLHO PLW PD[LPDOHP (LQVDW]´ GDV DQ GLH 6WHOOHHLQHVIUDJORVJOWLJHQ5LWXDOVJHWUHWHQVHL 0OOHU0LWWHODOWHU3KDQWDVPD6   2WW*HVHW]6  9JO ]XU +XPRUDOSDWKRORJLH .UJHU)UKRII ,UPHOD 0DUHL Å'HQ YHUZXQGHWHQ .|USHU OHVHQ =XU +HUPHQHXWLN SK\VLVFKHU XQG lVWKHWLVFKHU *UHQ]YHUOHW]XQJHQ LP .RQWH[W YRQ .OHLVWV=ZHLNDPSI´LQ.OHLVW-DKUEXFK6  Å>(@LQ lX‰HUVW YHUGHUEWHU =XVWDQG VHLQHU 6lIWH YHUKLQGHUWH´ GLH +HLOXQJ VHLQHU :XQGH ÅVHLQJDQ]HU.|USHU>O|VWHVLFK@QDFKXQGQDFKLQ(LWHUXQJXQG)lXOQLVDXI´VRGDVV]X PLQGHVW-DFREV%HLFKWYDWHUÅLQGLHVHUXQHUZDUWHWHQ:HQGXQJGHU'LQJH´VSULFKLP*H



$GHOLJH6SLHOH





 ]ZHLWHQ%OLFNDEVXUGH(UNOlUXQJYRQ-DFREV7RGWlXVFKWGDUEHUKLQZHJ GDVVGLHVHU 7RG QLFKW HUNOlUEDU LVWVRQGHUQVLFKVFKOLFKW DXI GHU %KQH GHV+LQULFKWXQJVSODW]HV YROO]LHKWXQGGDVVPLWGHP9ROO]XJYRQ-DFREV 6WHUEHQGHU(KUHVHLQHVHUPRUGHWHQ+DOEEUXGHUV*HQJHJHWDQLVW ,QGHU3HUIRUPDQFHEHUNUHX]HQVLFKGLH5ROOHQGHU6FKDXVSLHOHUXQG GHU=XVFKDXHU=XQlFKVWKDWZLHDPÅ0XUUHQ´ = ²HLQHP%HOHJIU GLH Å6W|UXQJ ULWXHOOHU 6LFKHUKHLW´² HUNHQQEDU LVW GDV 3XEOLNXP DQJH VLFKWVGHUgIIHQWOLFKNHLWGHUPLWWHODOWHUOLFKHQ*HULFKWVEDUNHLWHLQHZLFKWLJH )XQNWLRQ 'HU JHPHLQH 0DQQ LVWIU GLH (KUH GHU $NWHXUH GXUFKDXVEH GHXWVDP'LH $NWHXUH VWHKHQ PLW LKUHP .|USHU PLW LKUHP /HEHQ IU LKU6SLHOHLQ+DWWHLPHUVWHQ6FKDXVSLHO/LWWHJDUGHDOV=XVFKDXHULQPLWWHO EDURGHUV\PEROLVFKDP=ZHLNDPSIWHLOJHQRPPHQ²ÅHLQHPXUDOWHQ*H EUDXFK JHPl‰´ VD‰ VLH ÅDXI HLQHP *HUVW LQQHUKDOE GHU NHQ´ =  ² VR LVW LP JHSODQWHQ ]ZHLWHQ 6FKDXVSLHO GHU +LQULFKWXQJ -DFREGHU=XVFKDXHUGHUSO|W]OLFKGDV6SLHODQVLFKUHL‰WXQGDXIRIIHQHU %KQHQLFKWQXUEHNHQQWVRQGHUQDXFKVWLUEW'LHDQJHEOLFKHÅZXQGHUED UH 5HWWXQJ´ =   /LWWHJDUGHV XQG )ULHGULFKV VFKHLQW QXQ GRFK QRFK *RWW]XP6SLHOOHLWHU]XPDFKHQ)DNWLVFKDEHUVHW]WVLFKGHU=ZHLNDPSI ZLHGHUXP|IIHQWOLFKDQGHUVIRUWDOVJHSODQW'HU8QWHUOHJHQHVWLUEWGRFK LVW HV HEHQ QLFKW )ULHGULFK VRQGHUQ -DFRE HLQH ]ZHLWH $XIIKUXQJ PLW YHUlQGHUWHQ5ROOHQYHUPDJHUVWGDV6SLHO]X(QGH]XEULQJHQ,QVHLQHP ]ZHLWHQ $XIWULWW HQGOLFK NRQYHUJLHUHQ GLH 6SUDFK]HLFKHQ VHLQHU $XVVDJH PLW GHQ .|USHU]HLFKHQ (U JLEW VLFK DOV JHVFKODJHQHU 9HUEUHFKHU ]X HU NHQQHQ =ZHLWHQV JHKW DXV .OHLVWV 7H[W QXU PLWWHOEDU GLH hEHUJDQJVVLWXDWLRQ HLQHU DEVWHUEHQGHQ 5HFKWV XQG .DPSISUD[LV KHUYRU 'LHV LVW ODXW -DJHU E]Z)URLVVDUWLP]XJUXQGHOLHJHQGHQ)DOOVFKRQGHVZHJHQVRZHLOHVVLFK XPGDVOHW]WH*RWWHVXUWHLODXIIUDQ]|VLVFKHP%RGHQEHUKDXSWJHKDQGHOW KDW  %HL )URLVVDUW ZLH EHL .OHLVW VFKZHEHQ EHU GHP 6FKDXVSLHO GHU =DXEHUGHV/HW]WHQXQGGLHRIIHQH)UDJHQDFKGHP(UKDOWRGHUGHU:LH GHUEHOHEEDUNHLWYHUDOWHQGHU3UDNWLNHQ.OHLVWV:DKOHLQHVPLWWHODOWHUOLFKHQ VFKHLQEDUHQWOHJHQHQ6WRIIHVKDWWHRKQHKLQGLH5DWORVLJNHLWVHLQHU]HLWJH Q|VVLVFKHQ/HVHUSURYR]LHUW'RFKJDOWGLHVDQDORJIUGLH+HUPDQQVVFKODFKW 9HUVW|UHQGLVWZLHVWHWVEHL.OHLVWGLHSV\FKRORJLVFKH$EVWLQHQ]GHV (U]lKOHUV 'HU /HVHU HUIlKUW LP :HVHQWOLFKHQ HWZDV EHU GLH lX‰HUHQ 9RUJlQJHGHQ$EODXIGHV6SLHOVbKQOLFKZLHLP7H[WhEHUGDV0DULRQHWWHQ WKHDWHU H[SHULPHQWLHUW .OHLVW LP =ZHLNDPSI PLW WUDGLWLRQHOOHQ DULVWRNUDWL ²²²²²²²²²²²²²

VFKHKHQ GDV VLFK DQ -DFREV .|USHU YROO]LHKW ÅGLH IXUFKWEDUH +DQG *RWWHV ]X HUEOLFNHQ JODXEWH´ =I   0OOHU0LWWHODOWHU3KDQWDVPD6  'DUDXIZLHV6FKXEHUW0LWWHODOWHUOLFKHV2UGDO6KLQ  9JO-DJHU(KUHXQG7RG6



.DSLWHO

 VFKHQ 9HUKDOWHQVOHKUHQ GHU .lOWH  :HQQJOHLFK GHU =ZHLNDPSI HLQH ÅVFKHLQEDU HLQHU OlQJVW YHUVXQNHQHQ =HLW DQJHK|UHQGH 7KHPDWLN´QXU ]X%HJLQQHLQHUÅ+|IOLFKNHLWVJUDPPDWLN´JHKRUFKWVRWULIIWGRFKDXFK IULKQ]XGDVVGHU*HVFKHKHQVDEODXIDOV6SLHOGHU.|USHUXQG0DVNHQ]X OHVHQLVWhEHU3V\FKHXQG%HZXVVWVHLQGHU6SLHOHUHUIDKUHQZLUQLFKWVGDV PDFKWVLH]XYRUPRGHUQHQDGHOLJHQ3HUV|QOLFKNHLWHQVLHYHUZHLJHUQXQV GHPÄ=XVFKDXHU¶JHUDGH]XGHQ(LQEOLFNLQLKU,QQHUHVXQGDJLHUHQVRPLW QRFKLP5DKPHQYRQ5HSUlVHQWDQ]'DGLH:DKUKHLWQDFKGHUDQJHEOLFK JHVXFKW ZLUG IDVW ELV ]XP (QGH XQJHZLVV EOHLEW XQG GLH 8QJHZLVVKHLW HLQHU J|WWOLFKHQ :DKUKHLW JHUDGH]X DOV 7KHPD GHU 1RYHOOH EH]HLFKQHW ZHUGHQNDQQLVWHVNDXPYHUZXQGHUOLFKGDVVGDVWUDQV]HQGHQWDOH6XEMHNW LQ GLHVHP 7H[W QLFKW YRUNRPPW'LHV HUNOlUW QLFKW QXU GLH 3DVVLYLWlW /LWWHJDUGHV XQG ]XP 7HLO )ULHGULFKV HV YHUZHLVW GDUDXI GDVV GHU 6FKDX UDXPGHV=ZHLNDPSIVGLH%KQHGHU1RYHOOHLVWQLFKWHWZDGDV%HZXVVW VHLQGHUHLQHQRGHUDQGHUHQ)LJXU$OV.lPSIHUVLQG)ULHGULFKXQG*UDI -DFRE QLFKW JHUDGH HOHJDQWH 6SLHOHU ZLH 5RJHU &DLOORLV VLH EHVFKUHLEW HV IHKOWLKQHQLP$QJHVLFKWGHV7RGHVGLH)lKLJNHLWÅPLW'LVWDQ]/lVVLJNHLW XQG]XQlFKVWGHP$QVFKHLQQDFKNDOWHQ%OXWGHPQHJDWLYHQ$XVJDQJGHU DQJHVWUHQJWHVWHQ%HPKXQJRGHUDXFKGHP9HUOXVWHLQHVPD‰ORVHQ(LQ VDW]HV HQWJHJHQ]XVHKHQ´7URW] HLQHV .DPSIHV GHQ GHU (U]lKOHU PLW GHU 0HWDSKRULN GHV *HZLWWHUV EHOHJW JHOLQJW GHQ EHLGHQ NHLQH JUD]L|VH .DPSIKDOWXQJ )ULHGULFK LQVEHVRQGHUH VWHKW ODQJH =HLW VWDUU ÅDXI GHP %RGHQ DOV RE HU GDULQ :XU]HO IDVVHQ ZROOWH´ =   8QG -DFREV HQW VFKHLGHQGHU 6FKODJ HQWEHKUW HEHQIDOOV GHU *UD]LH (U VW|‰W GHP *HJQHU GDV 6FKZHUW ÅQLFKW HEHQ DXI GLH HGHOPWLJVWH XQG ULWWHUOLFKVWH :HL VH´ = LQGLH6HLWHXQGNRPPWVFKOLH‰OLFKXQJOFNOLFK]X)DOOGDHU ÅYRQ VHLQHU5VWXQJXPUDVVHOW ]X %RGHQ VFKPHWWHUWHXQG 6FKZHUW XQG 6FKLOGQHEHQVLFKQLHGHUIDOOHQOLH‰´ = $XFKGHU(U]lKOHUEH]ZHLIHOW GLH 6LJQLILNDQ] GHU .DPSIKDQGOXQJ :LH VR YLHOH )LJXUHQ .OHLVWV VWUDX FKHOW)ULHGULFKÅVWROSHUQGDEZlUWV´ = VRGDVVGHU(U]lKOHU ZRKODOV 6WLPPHVWHOOYHUWUHWHQGIUGDVDQZHVHQGH3XEOLNXP GDULQHLQLPDOOWlJOL FKHQ6LQQEOR‰HVÅ8QJOFN´HUNHQQWÅGDVGLH$QZHVHQKHLWK|KHUHUEHU GHQ.DPSIZDOWHQGHU0lFKWHQLFKWHEHQDQ]XGHXWHQVFKLHQ´ = :R *RWW ZDOWHQ VROOWH KHUUVFKHQ DOVR OHGLJOLFK .RQWLQJHQ] XQG HLQ ULWXHOOHV +DQGHOQGDVDXFKGHU6WDQGGHUEHLGHQ.RQWUDKHQWHQQLFKWPHKUEHU ²²²²²²²²²²²²²  6R JHQHUHOO HLQH ZLFKWLJH %HREDFKWXQJ *QWHU %ODPEHUJHUV YJO GHUV Å$JRQDOLWlW XQG 7KHDWUDOLWlW .OHLVWV *HGDQNHQILJXU GHV 'XHOOV LP .RQWH[W GHU HXURSlLVFKHQ 0RUDOLVWLN´ LQ.OHLVW-DKUEXFK6KLHU6  0OOHU6DOJHW.ODXVÅ6WUXNWXUXQG*HKDOW>YRQ'HU=ZHLNDPSI@´LQ.OHLVW'.96 KLHU6  %ODPEHUJHU$JRQDOLWlWXQG7KHDWUDOLWlW6  6R*UHLQHU%HUQKDUG.OHLVWV'UDPHQXQG(U]lKOXQJHQ7ELQJHQ%DVHO6  &DLOORLV6SLHOHXQG0HQVFKHQ6



$GHOLJH6SLHOH





 ]HXJHQGJDUDQWLHUW1DPHQWOLFKGDV(UJHEQLVGHV=ZHLNDPSIVEOHLEWXP VWULWWHQZlKUHQGGRFK&DLOORLVGHNODULHUWÅ'HU6SUXFKGHV6FKLHGVJHULFKWV ZLUGVHOEVWZHQQHUXQJHUHFKWLVWLP3ULQ]LSJHELOOLJW´ 'DVVSLHOHULVFKH0RPHQWGLHVHV=ZHLNDPSIHVOLHJWJHZLVVQLFKWLQGHU *UD]LHVHLQHV$EODXIVVRQGHUQLP,UUHJXOlUHQLQGHU$EZHLFKXQJYRQGHU 5HJHOZlKUHQGGHU+DQGOXQJXQGGDQDFK'DPLWVLQGHLQHUVHLWVGHUJHULQ JH ULWWHUOLFKH (LQVDW] JHPHLQW XQG GDV XQULWWHUOLFKH %LOG GDV GLH .lPS IHQGHQ DEJHEHQ ]XP ]ZHLWHQ DEHU )ULHGULFKV :HLJHUXQJ GLH )LQDOUHJHO DQ]XHUNHQQHQ)ULKQLVWGHU=ZHLNDPSIQLFKWEHHQGHWVWHKWGDV(UJHE QLVQLFKWIHVWRGHULVW$XVOHJXQJVVDFKH ,PPHU ZLHGHU KDW PDQ .OHLVWV 1RYHOOH DOV KHUPHQHXWLVFKHV ([SHUL PHQW JHOHVHQ Å'LHVH KHUPHQHXWLVFKH )UDJH QDFK GHU P|JOLFKHQ RGHU XQP|JOLFKHQ (QW]LIIHUXQJ GHU 6SUDFKH GHV *RWWHVXUWHLOV ZLUG QXQ PHKU XQGPHKU]XPHLQ]LJHQ7KHPDYRQ.OHLVWV*HVFKLFKWHXQGLKUHQ3URWD JRQLVWHQ´  'DEHL HQWZLFNHOW GLHVH :XQGHQKHUPHQHXWLN LP /DXIH GHU +DQGOXQJ DQDUFKLVFKH =JH $XV HLQHU QDLYHQ +HUPHQHXWLN GHV 9HU WUDXHQV GLH WUDGLWLRQVJHPl‰ 6LHJHU XQG %HVLHJWH ]ZHLIHOVIUHL XQWHUVFKHL GHQ ]X N|QQHQ JODXEW HQWZLFNHOW VLFK HLQH +HUPHQHXWLN GHV 9HUGDFKWV GLH VLFK DXI -DFRE XQG GLH 'HXWXQJ VHLQHU .|USHU]HLFKHQ  PHKU XQG PHKUOHJWZlKUHQGJOHLFK]HLWLJGHUJHVXQGHQGH)ULHGULFK]ZDUDXVVHLQHU HLJHQHQ+HLOXQJQLFKWVFKOLH‰WGDVVHUGHU6LHJHUVHLDEHUGRFKGLH)RUW VHW]XQJ GHV .DPSIHV ]XPLQGHVW /LWWHJDUGH JHJHQEHU UHNODPLHUW 1DFK GHPGLHXUVSUQJOLFKH'HXWXQJJHODXWHWKDWWHÅ-DFRELVWGHU6LHJHU´KDQ GHOW HV VLFK KLHU XP ]ZHL QHXH 'HXWXQJVPRPHQWH HQWZHGHU JLOW Å'HU 6LHJHUVWHKWQLFKWIHVWGHU.DPSIJHKWZHLWHU´RGHUHVJLOWÅ)ULHGULFKLVW GHU6LHJHU´'LH+HUPHQHXWLNGHV9HUGDFKWVLVWQLFKWPHKUULWWHUOLFKVRQ GHUQSDVVWVLFKLQHLQH.ULPLQDOQRYHOOHLQGHUHVHLQHQ0|UGHU]XEHU IKUHQJLOWVHKUJXWHLQ .OHLVWWUDQVSRQLHUWQLFKWQXUGHQMXULVWLVFK$XVVFKODJJHEHQGHQ=ZHL NDPSILQHLQ'XHOOPLWVSLHOHULVFKHQ=JHQHUZlKOWDXFKHLQHPRGHUQH OLWHUDULVFKH)RUPGLH1RYHOOHGLHVWHOOWPDQ]XPLQGHVW0D[.RPPHUHOOV :RUWH LP 8PNHKUVFKOXVV  LQ 5HFKQXQJ QLFKW GLH GHP 'XHOO DGlTXDWH *DWWXQJ LVW GHQQ Å'HV 'XHOOV NDQQ GDV 'UDPD HEHQVR ZHQLJ ZLH GDV /HEHQVHOEVWHQWUDWHQGDHVGLH+LQJDEHDQGHQREHUVWHQ6WDQGHVEHJULII GDPLWEHVLHJHOWGD‰HUMHGHU]HLWPLWGHPHLJHQHQ%OXWYHUWUHWHQXQGGHP IUHPGHQ %OXW JHUlFKW ZLUG IU GDV 'UDPD LVW GDV 'XHOO GHU HLJHQWOLFK V\PEROLVFKH $NW GHV (KUHQFRGH[´  ,Q .OHLVWV 1RYHOOH LVW ZHGHU GHU ²²²²²²²²²²²²²

 (EG6  1HXPDQQ=ZHLNDPSI6I  ,PhEULJHQHUOLHJWDXFK-DFREHLQHU)HKOGHXWXQJYRQ.|USHU]HLFKHQ(UKDWWHEHLVHLQHP QlFKWOLFKHQ5HQGH]YRXVGHQ.|USHU/LWWHJDUGHVPLWGHPLKUHU=RIHYHUZHFKVHOW  .RPPHUHOO0D[%HLWUlJH]XHLQHPGHXWVFKHQ&DOGHUyQ%G)UDQNIXUWD06



.DSLWHO

 WUDJLVFKH8QWHUJDQJQRFKGLHSHUV|QOLFKH6FKXOGHLQHDXVJHPDFKWH6DFKH GLH DXV GHU &KURQLN 7UDJ|GLHQVWRII PDFKHQ N|QQWH 'LH PHKUIDFKHQ :HFKVHOIlOOH GHV *HVFKHKHQV XQG GLH KHUPHQHXWLVFKH 3UREOHPDWLN VLQG DOOHLQ IU HLQH QDUUDWLYH /|VXQJ SUlGHVWLQLHUW (V ILHOH QXQ OHLFKW DQ GLH SROLWLVFKHQ (UIDKUXQJHQ .OHLVWV XQG VHLQHU =HLWJHQRVVHQ XQG DQ GHQ .DPSIJHLVWDGHOLJULWWHUOLFKHU3URYHQLHQ]]XHULQQHUQGHUYRU]HLWLJH.DSL WXODWLRQYHUELHWHW 'LH 1RWL] EHU GLH NDLVHUOLFKH *HVHW]HVQRYHOOH GLH GHQ 7H[W EH VFKOLH‰W EHUIKUW ÅGDV KHUPHQHXWLVFKH 3UREOHP GHV =ZHLNDPSIV LQ HL QHQ XQHQGOLFKHQ =LUNHO´  'LHVHU =XVDW] GHU GLH 8QPLWWHOEDUNHLW GHU (SLSKDQLH GHU :DKUKHLW DOVR GLH 1LHGHUODJH GHV 6FKXOGLJHQ  LP =ZHL NDPSI DQ GLH %HGLQJXQJ ÅZHQQ HV *RWWHV :LOOH´ =   ELQGHW VHW]W IDNWLVFKGLH)LQDOUHJHOGHV=ZHLNDPSIVHQGJOWLJDX‰HU.UDIW'D*RWWHV :LOOHQLFKWHLQGHXWLJHUNHQQEDULVWNDQQYRQQXQDQQLHPDQGPHKUXQZL GHUVSURFKHQ EHKDXSWHQ GDV 5HVXOWDW HLQHV =ZHLNDPSIV HQWVSUHFKH GLH VHP:LOOHQ'LH6XFKHQDFKGHPHLQGHXWLJHQ=HLFKHQDXFKEHUGDVÄXQ PLWWHOEDUH¶ (QGH KLQDXV N|QQWH GDPLW YHUHZLJW ZHUGHQ GDV 6SLHO GHU =HLFKHQGHXWXQJ]XPLQGHVWJHKWZHLWHUDXFKZHQQGLHIDNWLVFKHQ.DPSI KDQGOXQJHQ EHUHLWV YROO]RJHQ VLQG 'HU LP (LQ]HOIDOO LQ *DQJ JHVHW]WH KHUPHQHXWLVFKH XQG DXI GLH 1RYHOOH EH]RJHQ VHOEVWUHIOH[LYH  3UR]HVV LVW GDPLW DXI GDV )HOG GHV DGHOLJHQ =ZHLNDPSIV EHUKDXSW DXVJHGHKQW 'HU =ZHLNDPSI DOV :DKUKHLWVVSLHO LVW QLFKW HQWVFKHLGEDUGHU 9RUJDQJ GHV,QWHUSUHWLHUHQVLVWQLFKWDEVFKOLH‰EDU'LH(QGORVLJNHLWGHV6SLHOVLVW DEHUDXFKGLH$SRULHGHV5LWXDOV'HU6DW]GHV.DLVHUVVHW]WHVDX‰HU.UDIW XQG VHW]W HV IRUW ,Q .OHLVWV 7H[W JHKW HV QLFKW XP HLQH $OWHUQDWLYH ]ZL VFKHQÄDOWHU¶YVÄPRGHUQHU¶2UGQXQJHLQH(QWVFKHLGXQJLVWYLHOPHKUXQ P|JOLFKRGHUEOHLEWXQJHZROOW 'RFK OHLWHW GHU 5FNEH]XJ DXI GLH (YLGHQ] GHV .|USHUV ]XPLQGHVW GDV(QGHGHU*ODXEZUGLJNHLWHLQHV5LWXDOVHLQDXFKZHQQVLFKGLHDGHOL JHQ .RPEDWWDQWHQ QRFK DOV 5HSUlVHQWDQWHQ LKUHU ULWWHUOLFK JHZHLKWHQ 3HUV|QOLFKNHLWHQDXIGLH%KQHEHJHEHQYHUODVVHQVLHGLHVHDX‰HUKDOEGHU *OWLJNHLWGHU5LWXDOLWlW$QGHUVJHZHQGHW'LHNlPSIHQGHQ.|USHUN|Q QHQVLFKZHQLJHUYHUVWHOOHQDOVMH'LH6SUDFKHGHV.DPSIHVXQGGHU.|U SHULVWDXWKHQWLVFKHUDOVGLHZHLWUHLFKHQGHQ$XIVFKOXVVEHUGLH:DKUKHLW ²²²²²²²²²²²²²

 2WW*HVHW]6  'LH7H[WVWUXNWXUUHIOHNWLHUWVLFKVHOEVWLQGHQ6FKUHLEXQG/HVHDNWHQYJO2WW*HVHW]6  9JO0OOHU0LWWHODOWHU3KDQWDVPD6  9JO -DFREV &DURO 8QFRQWDLQDEOH 5RPDQWLFLVP 6KHOOH\ %URQWs .OHLVW %DOWLPRUH X D  6²bKQOLFK]XOHW]W-DJRZ%HWWLQDYRQÅ9HUVWHKHQXQG:DKUQHKPHQDOV:LGHU VSLHOYRQ6HPLRWLVFKHPXQG3HUIRUPDWLYHP=XPÄFRJQLWLYHWXUQ¶LQGHQ/LWHUDWXUZLVVHQ VFKDIWHQ DP %HLVSLHO YRQ +HLQULFK YRQ .OHLVWV 'HU=ZHLNDPSI  ´ LQ 2UELVOLWWHUDUXQ 6  6R0HQNH6FKPLGW1XOOSXQNW6I



$GHOLJH6SLHOH





 YHUVSUHFKHQGHQ 5HFKWVYRUVFKULIWHQ GHV =ZHLNDPSIHV =XUFNJHNHKUW LVW GHUDGHOLJH =ZHL .lPSIHUGHULPPHUQRFKIUGLH(KUHVHLQHU6WDQGHV VHLQHU3HUVRQXQGVHLQHV+HUUQPLWVHLQHP/HEHQHLQVWHKW =XP(QGHGHV-DKUKXQGHUWVKLQZHUGHQ$QWKURSRORJLHXQG3V\ FKRORJLH GHV .|USHUDXVGUXFNV ]XVDPPHQJHVFKORVVHQ ZHQQJOHLFK GLH RUDWRULVFKH .|USHUVSUDFKH VRZRKO QDWUOLFKH DOV DXFK DUELWUlUH =HLFKHQ HQWKlOW XQG GDPLW KLQVLFKWOLFK LKUHU $XWKHQWL]LWlW XQG GHU $XIULFKWLJNHLW GHU 3HUVRQ SUREOHPDWLVFK ZLUG VR JLOW GRFK GLH .|USHUVSUDFKH ]XQHK PHQG DOV /HLVWXQJ GHU XQYHUZHFKVHOEDUHQ 3HUV|QOLFKNHLW QLFKW PHKU VR VHKUDOVÅ3URGXNWGHV6WDQGHV$OWHUVXQG*HVFKOHFKWVGHFRUXP´'LH VHQ :DQGHO YROO]LHKHQ GLH .RPEDWWDQWHQ LP =ZHLNDPSIQDFK (LQHUVHLWV UHL]WGDVULWXHOOHLQJHOHLWHWH*HVFKHKHQUKHWRULVFKDEJHVLFKHUWH.|USHU]HL FKHQKHUDXVYRP$XIHLQDQGHU/RVJHKHQELV]XGHU*HVWHGHPEHVLHJWHQ *HJQHU GHQ )X‰ DXI GLH %UXVW ]X VHW]HQ +LHU]X JHK|UW DXFK GDVV GLH .lPSIHQGHQQLFKWQXUIUVLFKVWHKHQVRQGHUQDXFKUHSUlVHQWDWLYHQ&KD UDNWHUEHVLW]HQ=XJOHLFKVROOGLHSK\VLVFKH6FKZlFKHXQG8QWHUOHJHQKHLW GHV HLQHQ .lPSIHUV =HLFKHQ VHLQHU 6FKXOG VHLQ GDEHL JHKW HV QLFKW XP GLH ,QGLYLGXDOLWlW GHU 9HUZXQGXQJ VRQGHUQ XP GDV VLFKWEDUH XQG GHFR GLHUEDUH=HLFKHQ'LH:XQGHRGHUGHU7RGLP.DPSIZlUHQ=HLFKHQGHV UHSUlVHQWDWLY DXIWUHWHQGHQ .lPSIHUV 'LH 1RYHOOH HU]lKOW DEHU YRQ GHU ,QGLYLGXLHUXQJ GLHVHU 9HUZXQGXQJHQ GHQ (LJHQZLOOLJNHLWHQ GHU EHLGHQ .|USHU  HLQHU GHU VFKZHU YHUZXQGHWH KHLOW XQHUZDUWHWHUPD‰HQ GHU DQGHUH QXU OHLFKW YHUZXQGHWH ZLOO KLQJHJHQ EHUKDXSW QLFKW KHLOHQ -D FREVW|GOLFKH:XQGHZLUGJHOHVHQDOV=HXJQLVVHLQHVVFKOHFKWHQ&KDUDN WHUVlKQOLFKZLHGLH3K\VLRJQRPLNGHU=HLWYRP*HVLFKWDXIGHQ&KDUDN WHUJHVFKORVVHQKlWWH 6HOWVDPPDFKWORVLVWGHU.DLVHULQGLHVHP6SLHO]ZDUPXVVHULP9RU IHOGDQJHUXIHQZHUGHQZRKQWEHLXQGVWLIWHWDP(QGHGLH(KH]ZLVFKHQ /LWWHJDUGH XQG-DFRE 'RFK VWHKW HU QLFKWQXU ZlKUHQG GHV *HVFKHKHQV PHLVWLP+LQWHUJUXQGHUZHL‰VHOEVWDXFKQLFKWUHFKWGLH=HLFKHQ]XGHX WHQ XQG GLH YRQ LKP HUZLUNWHQ 6WDWXWHQ GHV =ZHLNDPSIHV EH]HLFKQHQ QLFKWQXUGHVVHQ$SRULHVRQGHUQDXFKGLH0DFKWORVLJNHLWGLHVHULP0LW WHODOWHU KRFKJHKDOWHQHQ KHLOLJHQ ,QVWDQ] %DVHO DOV 2UW GHV 6FKDXVSLHOV YHUZHLVW DXFK GDUDXI GDVV GDV PLWWHODOWHUOLFKH 5HLFK GLH 6FKZHL] YHUORU YHUELQGOLFKIHVWJHOHJWVHLWGHP:HVWIlOLVFKHQ)ULHGHQ8QGGHU.DL VHU LQ .OHLVWV7H[WHQ HULQQHUW GHQ ]HLWJHQ|VVLVFKHQ /HVHU DQ GHQ $XVIDOO GLHVHU]HQWUDOHQ,QVWLWXWLRQLQ'HXWVFKODQGLQHLQHU=HLWGDVLFKGHUIUDQ ²²²²²²²²²²²²²

 %HHW]0DQIUHGÅ'LH.|USHUVSUDFKHLP:DQGHOGHUGHXWVFKHQ5KHWRULNYRP]XP -DKUKXQGHUW´ LQ -RVHI .RSSHUVFKPLGW +UVJ  5KHWRULVFKH $QWKURSRORJLH 6WXGLHQ ]XP KRPR UKHWRULFXV0QFKHQ6KLHU6  9JO YRQ -DJRZV 8QWHUVFKHLGXQJ ]ZLVFKHQ VHPLRWLVFKHP XQG SHUIRUPDWLYHP .|USHU IU .OHLVWV1RYHOOHYRQ-DJRZ9HUVWHKHQXQG:DKUQHKPHQ6II



.DSLWHO

 ]|VLVFKHÄ8VXUSDWRU¶GHQ7LWHOGHV.DLVHUVVHOEVWYHUOLHKHQKDWWH,Q$EZH VHQKHLW XQG 6FKZlFKH GHU .|QLJH XQG .DLVHU LVW HV VWHWV GHU $GHO GHU DJLHUHQ PXVV 'LHV ]HLJWH .OHLVW LQ 3ULQ] )ULHGULFK YRQ +RPEXUJ  LQ 'HU =ZHLNDPSI LVW DOV (UJHEQLV GHV ZHFKVHOKDIWHQ *HVFKHKHQV OHGLJOLFK GHU %HVWDQG E]Z GLH 1HXVWLIWXQJ DGHOLJHU *HQHDORJLH ]X QHQQHQ ² HLQH DXV .OHLVWV6LFKWJHZLVVDXFKXPGUlQJHQGH$XIJDEH'LH$XIWULWWHGHV .DLVHUVVLQGVFKZlFKHUQRFKDOVGHU$XIWULWWGHVWHLOV]DJHQGHQEDOGGDU DXILQVHLQHQ:XQGHQOLHJHQGHQ)ULHGULFKYRQ7URWDGHUMDGLHJHUHFKWH 6DFKH ]XP =LHO IKUHQ ZLOO +DWWHQ LQ IUKHUHU =HLW DXFK .|QLJH GHQ =ZHLNDPSIJHVXFKWVRQHKPHQLP9HUODXIGHVVSlWHQ0LWWHODOWHUV0RQDU FKHQQLFKWPHKUDQ.lPSIHQXPGLH(KUHWHLOWUHWHQDOVRDXFKKLVWRULVFK EHWUDFKWHW DOV YHUZXQGEDUH .|USHU DXV GHP .ULHJVJHVFKHKHQ ]XUFN 'HU LQ )RXTXpV =DXEHUULQJ YRUJHVFKODJHQH =ZHLNDPSI ]ZLVFKHQ ]ZHL +HUUVFKHUQEH]HLFKQHWHLQ0D‰DQÄSRHWLVFKHU¶9HUVFKZHQGXQJGDVGHP QHX]HLWOLFKHQ (KUYHUVWlQGQLV DOVR EHUWULHEHQ HUVFKHLQW 1RFK  LP +XQGHUWMlKULJHQ .ULHJ KDWWH 5LFKDUG ,, YRQ (QJODQG .DUO 9, YRQ )UDQNUHLFK HLQHQ =ZHLNDPSI DQJHERWHQ GRFK ZDU HV GD]X EHUHLWV QLFKW PHKUJHNRPPHQ.OHLVWV.DLVHUDJLHUWQLFKWHLQPDOPHKUDOV,QV]HQDWRU GHV=ZHLNDPSIVHUUHDJLHUWQXUQRFK9RQGHPQRFKIU/HVVLQJV=HLWHQ NRQVWDWLHUWHQ %QGQLV ]ZLVFKHQ %UJHUWXP XQG 0RQDUFKLH JHJHQ GHQ $GHOLVWQLFKWVJHEOLHEHQZLHHVVFKHLQW   (7$+RIIPDQQ 'HU.ULHJGHU6lQJHU  (LQ ZHLWHUHV %HLVSLHO IU GLH *UHQ]EHUVFKUHLWXQJ YRQ Ä'XHOO¶ ]X Ä6SLHO¶ (7 $ +RIIPDQQV VHUDSLRQWLVFKH (U]lKOXQJ 'HU .DPSI GHU 6lQJHU DXV GHP -DKU  EHULFKWHW YRQ HLQHP PLWWHODOWHUOLFKHQ :HWWVLQJHQ DXI /H EHQXQG7RG(VKDQGHOWVLFK]XQlFKVWXPHLQHURPDQWLVFKH.QVWOHUQR YHOOHGHQQGHU HLQ]LJHEUJHUOLFKH 6lQJHU+HLQULFKYRQ2IWHUGLQJHQLVW OHLFKWDOVURPDQWLVFKHU.QVWOHUDXV]XPDFKHQ'LH1RYHOOHKDQGHOWYRQ HLQHPDJRQDOHQ6SLHOPLW$QNODQJDQGHQDGHOLJHQPLWWHODOWHUOLFKHQ=ZHL NDPSIGDV6SLHOWUlJWVRPLWZLHGHUXPDXFKDOHDWRULVFKH=JH$QGHUVDOV ²²²²²²²²²²²²²

 9JO.DSLWHO  9JO*XWWDQGLQ6FKLFNVDOGHU(KUH6  9JO-DJHU(KUHXQG7RG6  9JO JHQHUHOO 3HUOZLW] 5RQDOG Å6LJQLILNDQWH 0LWWHODOWHUHUILQGXQJ LQ ( 7 $ +RIIPDQQV 'HU.DPSIGHU6lQJHU´ LQ(7$+RIIPDQQ-DKUEXFK  6 ² :XOI 6HJHEUHFKW EULQJW GLH lVWKHWLVFKH .RQWURYHUVH GLH LQ GHU .RQILJXUDWLRQ EHJUQGHW OLHJW DXI GLH VFKOLFKWH)RUPHOGHUQDLYHQYVGHUVHQWLPHQWDOLVFKHQ XQGGDPLWGHUURPDQWLVFKHQ .XQVW YJO 6HJHEUHFKW :XOI Å'HU.DPSIGHU6lQJHU $VSHNWHGHU 'HXWXQJ´ LQ'.9  6  KLHU6



$GHOLJH6SLHOH





 .OHLVWV 1RYHOOH EOHLEW EHL +RIIPDQQ DP $XVJDQJ NHLQ =ZHLIHO ZRPLW DEHUNHLQHLQGHXWLJHV8UWHLO]XJXQVWHQGHUHLQHQRGHUGHUDQGHUHQlVWKHWL VFKHQ.RQ]HSWLRQJHIlOOWLVW 'LHhEHUVHW]XQJGHV3UREOHPVlVWKHWLVFKHU,QQRYDWLRQLQGDV3ULQ]LS GHV$JRQDOHQHLQJHNOHLGHWLQHLQILNWLYHV0LWWHODOWHUPLQQHVLQJHQGHUDGHOL JHU5LWWHUVFKOLH‰WGDV3ULQ]LSGHUVWlQGLVFKHQ(KUHPLWGHPGHUNQVW OHULVFKHQ(KUH]XVDPPHQ'HU$XWRUVWHKWKLHUPLWVHLQHP/HEHQIUVHLQ :HUN HLQ 9RU (UILQGXQJ GHV OLWHUDULVFKHQ 0DUNWHV ELHWHW HLQH IUKK|IL VFKH DEHU DJRQDOH gIIHQWOLFKNHLW GLH *HOHJHQKHLW ]XU 3HUIRUPDQ] GHU HLJHQHQ OLWHUDULVFKHQ (U]HXJQLVVH )QI 5LWWHU XQG HLQ %UJHU GHU YHU NDSSWH]HUULVVHQH5RPDQWLNHU2IWHUGLQJHQWUHWHQJHJHQHLQDQGHUDQ/HW] WHUHUVSLHOWHLQH6RQGHUUROOH(LQURPDQWLVFKHV*UXQGSDUDGR[PDQLIHVWLHUW VLFK GDULQ GDVV DXVJHUHFKQHW 2IWHUGLQJHQ DOV 5HSUlVHQWDQW HLQHU PRGHU QHQ.XQVWQDFKWHXIOLVFKHU8QWHUVWW]XQJYHUODQJW²GRFKGLHVHV3DUDGR[ NRVWHW QRFK 0LWWH GHV  -DKUKXQGHUWV 7KRPDV 0DQQV 5RPDQ 'RNWRU )DXVWXVDXV=ZDUVSHLVWVLFKGLH'LFKWXQJDOOHU6lQJHUDXVGHU/LHEH2I WHUGLQJHQV LQQRYDWLYH .UDIW JHKW ZHLWHU DOV GLH GHU DQGHUHQ ,KP JHOLQJW HLQHHUVWHV\QlVWKHVLHUHQGH'LFKWXQJGLHGHQUHJHOJHUHFKWHQ0LQQHXQG 0HLVWHUJHVDQJEHUWULIIW2IWHUGLQJHQIHKOWHVDOOHUGLQJVDPUHLQHQ*HPW GHVZDKUHQ6lQJHUVGLHVVWHKWIHVWHKHPDQ]XP:HWWNDPSIXPGLHUHFK WHRGHUIDOVFKH3RHVLHDQWULWW'HUULWWHUOLFKH6lQJHU:ROIUDPYRQ(VFKHQ EDFKYHU]LFKWHWDQGHUVDOV.OLQJVRKUDXIHLQH,QVSLUDWLRQGXUFKVFKZDU]H .XQVW HU VFK|SIW DXV %FKHUQ GLH HU JHOHVHQ KDW 1HEHQ GLHVHQ SRHWL VFKHQ8QWHUULFKWWULWWDEHUDXFKEHL:ROIUDPGHUDXVGHQ+HU]HQVHUJLH‰XQJHQ ZRKOEHNDQQWHÅ)XQNHQ´GHQÅGLH0DFKWGHV+LPPHOV´LQVHLQÅ,QQHUHV JHOHJW´KDW . :ROIUDPGLFKWHWLQVFK|QHP*OHLFKPD‰ZlKUHQG GHUPRGHUQH$XWRU2IWHUGLQJHQLQVHOEVW]HUVW|UHULVFKHU0DQLHUVLFKYRQ VHLQHP:HUNYHU]HKUHQOlVVW :LH LQ .OHLVWV 1RYHOOH VWHKW HLQH +HUPHQHXWLN GHU .DPSIHQWVFKHL GXQJLP9RUGHUJUXQGZLHEHL.OHLVWVWHOOWVLFKGLH)UDJHQDFKGHU)LQDOUH JHOGHV6SLHOV:LHGHUXPVLJQDOLVLHUWGHU7H[WGLH2IIHQKHLWGHV$XVJDQJV DOV =HLFKHQ GHU OHW]WOLFK PRGHUQHQ  lVWKHWLVFKHQ 8QHQWVFKLHGHQKHLW GHU 5RPDQWLN ]ZLVFKHQ GHP 5HNXUV DXI WUDGLHUWH )RUPHQ XQG DXVJHIHLOWHU LQWHOOHNWXHOO DQVSUXFKVYROOHU ,QQRYDWLRQ 'DV :HWWVLQJHQ KDW 6FKDXVSLHO FKDUDNWHU ]ZLVFKHQ 7KHDWHU XQG Å7XUQLHU´ .   $P (QGH VROO ZLH EHLP 2UGDO GLH +LQULFKWXQJ GHV %HVLHJWHQ VWHKHQ 'DV 3XEOLNXP HQW VFKHLGHWEHU6LHJXQG1LHGHUODJHGHU/DQGJUDIWULWWHUVWGDUDQDQVFKOLH ‰HQG LQ (UVFKHLQXQJ 'DEHL IlOOW DXI GDVV :ROIUDP QLFKW QXU GHQ HQW VFKHLGHQGHQ =ZHLNDPSI JHJHQ 2IWHUGLQJHQ JHZLQQWGDVV HU YLHOPHKU LQ ²²²²²²²²²²²²²

 0LWGHU6LJOHÅ.´SOXV6HLWHQ]DKOZLUGNQIWLJ]LWLHUW+RIIPDQQ(7$Å'HU.DPSIGHU 6lQJHU´LQ'.96



.DSLWHO

 HLQHU 5HLKH YRQ LQVJHVDPW YLHU :HWWVWUHLWHQ MHZHLOV 6LHJHU EOHLEW JHJHQ .OLQJVRKUJHJHQGHQWHXIOLVFKHQ1DVLDVJHJHQ2IWHUGLQJHQXQGVFKOLH‰ OLFKLPQlFKWOLFKHQ:HWWVWUHLWJHJHQGLHJHOLHEWH0DWKLOGH'HU7H[WHQW VFKHLGHW VLFK QLFKW HQGJOWLJ JHJHQ 2IWHUGLQJHQ REJOHLFK HU GHQ 5HJHOQ GHV6SLHOVJHPl‰VWHUEHQPVVWHGDUIHUVLFKIUHLQH=HLWYRP6SLHOIHOG ]XUFN]LHKHQXPGDQQJHOlXWHUWZLHGHU]XNHKUHQ:lKUHQGGHU]HUULVVHQH EUJHUOLFKH 3RHW DOVR HLQHU .DUHQ]]HLW EHGDUI XP HQGOLFK DXFK ]X ÄUHL QHU¶3RHVLHIlKLJ]XVHLQLVWGHU:HJGHVDGHOLJHQ6lQJHUV:ROIUDPJODWW XQG YRUJH]HLFKQHW 1DFK VHLQHQ 6LHJHQ LP 'LFKWHUZHWWVWUHLW JHOLQJW LKP HLQHVWDQGHVJHPl‰H+HLUDW (KUHGHV.lPSIHUV²(KUHGHV6lQJHUV+RIIPDQQV1RYHOOHIKUWGLH JUXQGVlW]OLFKH $XVWDXVFKEDUNHLW GLHVHU .RQ]HSWH LQ GHU URPDQWLVFKHQ 3RHWRORJLHYRU   

6FKDX6SLHOH$GHOLJH3HUIRUPDQFHV .DUQHYDOLVPXV(7$+RIIPDQQ 3ULQ]HVVLQ%UDPELOOD

 'HU .DUQHYDO VR 5RJHU &DLOORLV JDUDQWLHUW ÅGD‰ GLH 0DVNH GLH VR]LDOH 6WHOOXQJ YHUELUJW XQG GDV (LJHQWOLFKH GHU 3HUV|QOLFKNHLW IUHLVHW]W´GLH .DUQHYDOVPDVNHUDGHJLOWLKPDOVÅOHW]WH>U@9HUIDOOGHUKHLOLJHQPLPLFU\´ ,Q+RIIPDQQV(U]lKOXQJ3ULQ]HVVLQ%UDPELOODHU|IIQHWHLQDQGDV/LHGGHU 0LJQRQHULQQHUQGHU*HVDQJGHUDXIGDV0lUFKHQYRP/DQG8UGDUJDUWHQ IROJW HLQH DQGHUH 0|JOLFKNHLW QlPOLFK GLH GHU NDUQHYDOHVNHQ 6WDQGHVHU K|KXQJ Å«JLEW LQ VFKHOPLVFK WROOHP 1HFNHQ 'HP ZDV QXU QLHGULJ VFKLHQ GHV +HUUVFKHUV $GHO 'HU GHU GDV 3DDU DXV V‰HP 7UDXP ZLUG ZHFNHQ´ 3 'DV/DQGGHU3RHVLHILQGHWPDQGHPQDFK]ZDUDXFK LQ,WDOLHQJHQDXHULQ5RPDOOHUGLQJVQXUXQWHUGHQ%HGLQJXQJHQNDUQH YDOHVNHU9HUNHKUXQJÄ6WDQGHVHUK|KXQJ¶HUVFKHLQWLQGLHVHU(U]lKOXQJDOV SUDNWLVFKH(LQEXQJLQ3RHVLHXQG]XJOHLFKDOVULWHGHSDVVDJHDXIGHP:HJ GHU 3URWDJRQLVWHQ LQV HKHOLFKH =XVDPPHQOHEHQ GDV LP H[WHUULWRULDOHQ 6SLHOYRUZHJJHQRPPHQZLUG0LW0LFKDLO%DFKWLQZHUGHQGLHVH0HUNPDOH GHV .DUQHYDOHVNHQ LQ GHU 1DUUDWLRQ YRP U|PLVFKHQ .DUQHYDO DXI GLH VSLHOHULVFKH XQG WHPSRUlUH 6WDQGHVHUK|KXQJ *LJOLRV XQG *LDFLQWDV ]X ²²²²²²²²²²²²²

 &DLOORLV6SLHOHXQG0HQVFKHQ6  (EG6  0LW GHU 6LJOH Å3´ SOXV 6HLWHQ]DKO ZLUG LP )OLH‰WH[W IROJHQGH 7H[WDXVJDEH ]LWLHUW +RII PDQQ(7$Å3ULQ]HVVLQ%UDPELOOD(LQ&DSULFFLRQDFK-DNRE&DOORW´LQ6SlWH:HUNH 0LW HLQHP 1DFKZRUW YRQ :DOWHU 0OOHU6HLGHO XQG $QPHUNXQJHQ YRQ :XOI 6HJHEUHFKW 0QFKHQ6KLHU6



$GHOLJH6SLHOH





 SUIHQ VHLQ ]XPDO %DFKWLQ JHUDGH HLQ ,QHLQDQGHUEHUJHKHQ YRQ (UK| KXQJXQG(UQLHGULJXQJDOVHLQHVGHU0HUNPDOHGHV.DUQHYDOVEHQHQQW (VJHKWDOVREHL+RIIPDQQNHLQHVZHJVQXUXPGLHURPDQWLVFKHÅ$XIKH EXQJ GHU *UHQ]HQ ]ZLVFKHQ ,QQHQZHOW XQG $X‰HQZHOW´REJOHLFK XQ EHVWULWWHQLVWGDVV%UDPELOODXQG&KLDSSHULDXVQLFKWNDUQHYDOHVNHU6LFKW LQGHUÄ$X‰HQZHOW¶JDUQLFKWH[LVWLHUHQ +RIIPDQQV .DWHJRULVLHUXQJ GHU (U]lKOXQJ DOV Å&DSULFFLR´ UHNXUULHUW QLFKW QXU DXI GLH %LOGYRUODJHQ &DOORWV XQG DXI GLH YLHOIDFKHQ 7H[W%LOG %H]LHKXQJHQ  VRQGHUQ DXFK DXI HLQH 6SLHOIRUP GLH VHLW /HRQDUGR GD 9LQFL HLQ lVWKHWLVFKHV ([SHULPHQWLHUIHOG XQG HLQH DXI GHP lVWKHWLVFKHQ 5HL]YRQ$EZHLFKXQJXQG9HU]HUUXQJEHUXKHQGH.DWHJRULHGHU:HOWPR GHOOLHUXQJYHUKHL‰W'DV*URWHVNHDOV9HU]HUUXQJGHU=HLFKHQDOVhEHU ODJHUXQJ XQG 9HUZLUUXQJ VFKOLH‰OLFK DOV 9HUGRSSHOXQJ GHU 0DVNHUDGHQ SDVVWVHKUJXW]XPWKHDWUDOHQ(UHLJQLVÄ.DUQHYDO¶]XHLQHPVR]LDOHQ6SLHO EHLGHPHVJLOW.RQWLQJHQ]EHZlOWLJXQJSUREHKDOEHUPLWWHOVHLQHV2V]LOOLH UHQV ]ZLVFKHQ (UK|KXQJ XQG (UQLHGULJXQJ ]X EHWUHLEHQ 'DPLW LVW GDV 6SLHO DXV $Q]LHKXQJ XQG $EVWR‰XQJ=XUFNZHLVXQJ ]ZLVFKHQ GHP /LH EHVSDDU*LJOLRXQG*LDFLQWDJHPHLQWGRFKHUHLJQHWVLFKHLQHVSLHOHULVFKH VR]LDOH (UK|KXQJ XQG (UQLHGULJXQJ DXFK LQ (UIOOXQJ XQG =XUFNZHL VXQJGHV%HJHKUHQVQDFKVR]LDOHP$XIVWLHJ=XVDPPHQPLW*LJOLRVNDU QHYDOKDIWHU 9HUOLHEWKHLW LQ GLH LPDJLQlUH 3ULQ]HVVLQ %UDPELOOD HQWVWHKW DXFK PLW GHP 3ULQ]HQ &KLDSSHUL HLQ HLJHQHV $XIVWLHJVSKDQWDVPD GDV DOOHUGLQJVLPPHUZLHGHULP:HFKVHOPLWGHU0DVNHÄ*LJOLR¶EHGLHQWZLUG XQG LQ HLQH 'XHOOVLWXDWLRQ PQGHW LQ ZHOFKHU GHU VWlQGLVFK hEHUOHJHQH ]XJOHLFKN|QQWHPDQVDJHQGLHUHL]YROOHUHYRP$OOWDJDEZHLFKHQGH5RO OH GHQEUJHUOLFKHQ$OOWDJVPHQVFKHQEHVLHJWIUHLOLFKQXULP6SLHO ²²²²²²²²²²²²²

 9JO %DFKWLQ 0LFKDLO Å'HU .DUQHYDO XQG GLH .DUQHYDOLVLHUXQJ GHU /LWHUDWXU´ LQ GHUV /LWHUDWXUXQG.DUQHYDO=XU5RPDQWKHRULHXQG/DFKNXOWXU )UDQNIXUW D 0 XD  6  6IÅ*HUDGHLP%UDXFKGHU(UQLHGULJXQJlX‰HUWHVLFKGDV.DUQHYDOVSDWKRVGHV:HFK VHOV XQG GHU (UQHXHUXQJ GLH *HVWDOW GHV OHEHQVVSHQGHQGHQ 7RGHV EHVRQGHUV GHXWOLFK 'HVKDOEZXUGHGHU%UDXFKGHU(UQLHGULJXQJXQG(QWNU|QXQJDPKlXILJVWHQLQGLH/LWHUD WXU WUDQVSRQLHUW :LU P|FKWHQ DEHU QRFKPDOV EHWRQHQ GD‰ (UK|KXQJ XQG (UQLHGULJXQJ XQWHLOEDUVLQGGD‰VLHLQHLQDQGHUEHUJHKHQ´²$PJUQGOLFKVWHQKDW'HWOHI.UHPHU3ULQ ]HVVLQ%UDPELOODÄPLW%DFKWLQ¶JHOHVHQYJO.UHPHU'HWOHIÅ/LWHUDULVFKHU.DUQHYDO*URWHV NH 0RWLYH LQ ( 7 $ +RIIPDQQV 3ULQ]HVVLQ %UDPELOOD´ LQ ( 7 $ +RIIPDQQ-DKUEXFK 6  9JO6D‰H*QWHUÅ'LH.DUQHYDOLVLHUXQJGHU:LUNOLFKNHLW9RPÄFKURQLVFKHQ'XDOLVPXV¶ ]XU Ä'XSOL]LWlW GHV LUGLVFKHQ 6HLQV¶ LQ +RIIPDQQV 3ULQ]HVVLQ%UDPELOOD´ LQ (7$+RII PDQQ-DKUEXFK6KLHU6  9JOGD]X YRU DOOHP 6FKPLGW 2ODIÅ&DOORWVIDQWDVWLVFKNDULNLHUWH%OlWWHU´,QWHUPHGLDOH,QV]HQLH UXQJHQ XQG URPDQWLVFKH .XQVWWKHRULH LP :HUN ( 7 $ +RIIPDQQV %HUOLQ  6  3KLORORJLVFKH6WXGLHQXQG4XHOOHQ   9JO:HW]HO6SLHO6IVRZLH%XVFK:HUQHUÅ'DV&DSULFFLRXQGGLH(UZHLWHUXQJGHU :LUNOLFKNHLW´LQ(NNHKDUG0DL-RDFKLP5HHV +UVJ .XQVWIRUP&DSULFFLR9RQGHU*URWHVNH ]XU6SLHOWKHRULHGHU0RGHUQH.|OQ6 .XQVWZLVVHQVFKDIWOLFKH%LEOLRWKHN 



.DSLWHO



'DVSUDNWL]LHUWHÅQLFKWPLPHWLVFKH>@QLFKWUHIHUHQWLHOOH>@0DVNHQWKHD WHU´NHKUWQRFKHLQPDO]XUUHLQHQ5HSUlVHQWDQ]GHVJOHLWHQGHQ6LJQLIL NDQWHQ RKQH ÄGDKLQWHU¶ OLHJHQGH 5HIHUHQ] ]XUFN 'LH 5HIHUHQ] YRP JODQ]YROOHQ %LOG GHV 3ULQ]HQ DXI GLH ]XJUXQGH OLHJHQGH 2UGQXQJ JHKW YHUORUHQ²GRFKEHGDUIHVJHUDGHGHVJODQ]YROOHQ%LOGHVEHGDUIHVJHUDGH GHUDGHOLJHQ3HUVRQXPHLQHJU|‰WP|JOLFKH(UK|KXQJLPVR]LDOHQ6\VWHP GHV.DUQHYDOV]XHU]HXJHQ =ZDULVW*LJOLRSURIHVVLRQHOOHU6FKDXVSLHOHUGHU]X%HJLQQGHU+DQG OXQJ XQGDQLKUHP(QGH LQHLQHUNODUHQ PRGHUQHQ 7UHQQXQJYRQ3UL YDWOHEHQ XQG %HUXIVOHEHQ VWHKW ² GD]ZLVFKHQ MHGRFK EHUODJHUQ VLFK GLH GLYHUVHQ 6SLHOHEHQHQ XQG PDFKHQ LKQ ]XP 3HUIRUPDQFH.QVWOHU GHV .DUQHYDOVVHLQ6SLHOLVW.XQVWRKQH:HUNHLQ]HOQH5ROOHQVLQG]XPLQGHVW QLFKWLPPHU]XXQWHUVFKHLGHQGDVLHPDQFKPDOIDVWXQPHUNOLFKFKDQJLH UHQGLH8QWHUVFKHLGXQJ]ZLVFKHQ$NWHXUHQXQG=XVFKDXHUQHQWIlOOWYLHO IDFKDOOH$QZHVHQGHQVLQGLQYROYLHUW'LH6SLHONRQVWHOODWLRQLVWHLQPDOLJ KDW )HVWFKDUDNWHU $NWHXUH XQG =XVFKDXHU VLQG OHLEOLFK NRSUlVHQW 'HU 5HSUlVHQWDWLRQVFKDUDNWHU GHU $XIWULWWH *LJOLRV XQG &KLDSSHULV HQWIlOOW 'LH +DQGOXQJHQ DOOHU %HWHLOLJWHQ VWHOOHQ LP 6\VWHP GHV .DUQHYDOV ]X QlFKVW HLQPDO XQPLWWHOEDU:LUNOLFKNHLW KHUGLH 5HIHUHQ] DXI DX‰HUNDU QHYDOLVWLVFKH VR]LDOH :LUNOLFKNHLW JHVFKLHKW ]ZDU DEHU HUVW PLW %OLFN DXI HLQ (QGH GHV .DUQHYDOV HLQHUVHLWV PLW %OLFN DXI HLQH DOOHJRULVFKH ]ZHLWH 5HIHUHQ]HEHQH GLH(EHQHGHVSROLWLVFKHQ0lUFKHQVYRQ8UGDU DQGHUHU VHLWV +RIIPDQQV .DUQHYDOVHU]lKOXQJ HULQQHUW GDUDQ GDVV JHPl‰ HLQHU bVWKHWLN GHV 3HUIRUPDWLYHQ GLH %HUHLFKH .XQVW VR]LDOH /HEHQVZHOW XQG 3ROLWLNQLFKWVlXEHUOLFK]XWUHQQHQVLQG'LHIUDSSLHUHQGH'HXWXQJGHU +DQGOXQJGXUFK0DUHQ*ROW]ZRQDFK3ULQ]HVVLQ%UDPELOODDOV7UDXPELOG GXUFK &HOLRQDWL HUVFKDIIHQ ZLUG GHU VHLQ NDUQHYDOLVWLVFKHV 7KHDWHULGHDO GXUFKVHW]HQ ZLOO XQG DXV GHU UHDOHQ .DUQHYDOVVLWXDWLRQ KHUDXV PLW GHP 6FKDXVSLHOHUSDDU *LJOLR XQG *LDFLQWD HLQH LWDOLHQLVFKH .RP|GLH QDFK VHLQHP 6LQQ LQV]HQLHUW EHJUHLIW LQ VLFK DXFK QXU GLH KDOEH :DKUKHLW GHQQ ]XPLQGHVW LQVRIHUQ GLH EHLGHQ $NWHXUH DXFK WDWVlFKOLFK H[LVWHQWLHOO XQGHPRWLRQDOEHWHLOLJWVLQGVSLHOHQVLHPHKUDOVQXUÄLWDOLHQLVFKH.RP| ²²²²²²²²²²²²²

 *ROW] 0DUHQ Å'DV 6SLHO PLW GHQ EHLGHQ 8UGDUJHVFKLFKWHQ ² 'DV &DSULFFLR 3ULQ]HVVLQ %UDPELOOD XQG VHLQH %HGHXWXQJ IU ( 7 $ +RIIPDQQV 9HUVWlQGQLV YRQ .DUQHYDO XQG &RPPHGLDGHOO·DUWH´LQ0DVNHXQG.RWKXUQ+6KLHU6  9JO]XGLHVHQXQGGHQYRUVWHKHQGHQ$VSHNWHQ)LVFKHU/LFKWH(ULNDbVWKHWLNGHV3HUIRUPD WLYHQ)UDQNIXUWD06IIXQGSDVVLP  9JO)LVFKHU/LFKWH(ULNDÅ0L‰OLQJHQGH,QNRUSRUDWLRQ"²=XUULWXHOOHQ6WUXNWXUGHV3ULQ] )ULHGULFKYRQ+RPEXUJ´LQ3DXO0LFKDHO/W]HOHU'DYLG3DQ +UVJ .OHLVWV(U]lKOXQJHQXQG 'UDPHQ1HXH6WXGLHQ:U]EXUJ6KLHU6  9JO*ROW]8UGDUJHVFKLFKWHQ6II



$GHOLJH6SLHOH





 GLH¶&HOLRQDWLDOLDV)UVWYRQ3LVWRMD²HLQ$ULVWRNUDWZLH*R]]L²LVWGHU ,PSUHVDULRGHVWKHDWUDOHQ8QWHUQHKPHQV 1HEHQ GHU UHDOLVWLVFKHQ XQG GHU NDUQHYDOLVWLVFKHQ (EHQH GHU (U]lK OXQJ XQGGHQEHLGHQHQWVSUHFKHQGHQ+DXSWÄ,GHQWLWlWHQ¶GHU3URWDJRQLV WHQ LVWDOVGULWWHVGLH(EHQHGHV8UGDU0lUFKHQV]XQHQQHQGHUHQ)LJX UHQZLHGHUXP(QWVSUHFKXQJHQ]XGHQEHLGHQDQGHUHQ(EHQHQDXIZHLVHQ 6RLVW%UDPELOODDXFKHLQHNDUQHYDOHVNH(QWVSUHFKXQJGHU3ULQ]HVVLQ0\V WLOLV'LH6SLHOHEHQHQHUZHLVHQVLFKLQ]ZHLHUOHL+LQVLFKWDOVWUDQVNULSWLY DOVRYRQÄ8PVFKULIW¶ÄhEHUVHW]XQJ¶EHVWLPPW]XQlFKVWQDUUDWLYSDUDGLJ PDWLVFKPLWWHOVOHLWPRWLYLVFKHUXQGVRQVWLJHU.RUUHVSRQGHQ]HQYRQ(EH QH ]X (EHQH VRZLH V\QWDJPDWLVFK LQ *HVWDOW HLQHU (U]lKONXQVW DOV 9HU VFKUlQNXQJGLYHUVHU%LQQHQXQG5DKPHQHU]lKOXQJHQVRGDQQDEHUDXFK LPLQWUDWH[WXHOOHQ$NWGHV7DQ]HV,QGHUGDVVHFKVWH.DSLWHOHLQOHLWHQGHQ 7DQ]V]HQHZHUGHQDXVGHQUHGHQGHQ RGHUGXUFKGHQ(U]lKOHUSKDQWDVLHU WHQ" 3HUVRQHQÅ6LH´XQGÅ(U´3ULQ]XQG3ULQ]HVVLQ'HU(U]lKOHUYHUPDJ GHQ7DQ]Å:RUWIU:RUW´ 3 DXVGHQEHREDFKWHWHQ%HZHJXQJHQLQ GLH =HLFKHQ GHU 6SUDFKH ]X EHUVHW]HQ XQG LP 7DQ] YHUZDQGHOW VLFK Å(U´ DOVRZRKO*LJOLR LQGHQ3ULQ]HQ $XIIDOOHQGLVWGRFKDQ+RIIPDQQV*HVFKLFKWHXDGDVVLQGHULQYHU VHQ6]HQHULHGHV.DUQHYDOVDXFKGLHVR]LDOHQ+LHUDUFKLHQWHLOVXPJHNHKUW VLQG DEHU QLFKW YHUVFKZLQGHQ =XQlFKVW LVW GDV 6SLHO GHV .DUQHYDOV HLQ 6SLHOGHU.|USHUOLFKNHLWDQGHVVHQ(FKWKHLWHUVWGLH'XHOOV]HQHPLWGHP 7KHDWHUGROFK ]ZHLIHOQ OlVVW ,P 'XHOO ZLUG GHU (LQVDW] HLQIDFK ]X KRFK DOV GDVV PDQ HV LP .DUQHYDO XQJHVFKHXW ELV ]XP 6FKOXVV GXUFKVSLHOHQ ZROOWH LQ 3ULQ]HVVLQ%UDPELOODVWHKW GHP DEHU QRFK HLQH ZHLWHUH 6SLHOUHJHO HQWJHJHQ QlPOLFK GDV 'RSSHOJlQJHU RGHU 'RSSHOVSLHOHUSKlQRPHQ :lKUHQG LQ GHU 1DUUDWLRQ HLQ Ä.DPSI¶ ]ZLVFKHQ *LJOLR XQG &KLDSSHUL UHSUlVHQWLHUEDULVWNDQQGHU/HVHULKQVLFKELOGOLFKQXUEHGLQJWYRUVWHOOHQ (V ZlUH HLQ 6FKDWWHQJHIHFKW LP :RUWVLQQ GHQQ HV LVW HLQ Å,GHQWLWlWV 'XHOO´  *LJOLRV PLW VLFK VHOEVW 'HU WKHDWUDOH ZHQQJOHLFK PLW UKHWRUL VFKHU 5LWXDOHLQOHLWXQJ YHUVHKHQH =ZHLNDPSI LVW HLQH YLHOIDFKH %UHFKXQJ GHVDGHOLJHQ5LWXDOVGLHVHEHJLQQWGDPLWGDVV*LJOLRMDNHLQHVZHJVVDWLV IDNWLRQVIlKLJ LVW DOOHQIDOOV DOV 7UDJ|GLHQKHOG DXI GHU %KQH LVW LKP HLQ 'XHOO]X]XPXWHQ.DULNDWXUKDIWVLQGGLHEHLGHQ DXV3HUVRQXQG6SLHJHO ELOG EHVWHKHQGHQ"  .RQWUDKHQWHQ YRQ ZLGHUVWUHLWHQGHQ (PRWLRQHQ KLQ ²²²²²²²²²²²²²  9JOHEGSDVVLP  9JO6FKHUHU*DEULHODÄÅ(7$+RIIPDQQÄ3ULQ]HVVLQ%UDPELOOD¶´LQ5ROI7DURW +UVJ  .XQVWPlUFKHQ (U]lKOP|JOLFKNHLWHQ YRQ :LHODQG ELV '|EOLQ %HUQ X D  6  KLHU 6  1HXPDQQ*HUKDUGÅ(7$+RIIPDQQV3ULQ]HVVLQ%UDPELOODDOV(QWZXUIHLQHUÄ:LVVHQV SRHWLN¶:LVVHQVFKDIW²7KHDWHU²/LWHUDWXU´LQ*DEULHOH%UDQGVWHWWHU*HUKDUG1HXPDQQ +UVJ 5RPDQWLVFKH:LVVHQVSRHWLN'LH.QVWHXQGGLH:LVVHQVFKDIWHQXP :U]EXUJ  6KLHU6



.DSLWHO

 XQGKHUJHULVVHQ QRFK LP 'XHOO JHOLQJW NHLQH VWDELOH 5ROOH PVVHQ VLFK (UQVW XQG 6FKHU] LQ PLQLPDOHQ $EVWlQGHQ DEZHFKVHOQ Å6LH EOLFNWHQ HL QDQGHUDQXQGHVJLQJPLWGHU:XWGHV=ZHLNDPSIHVVROFKHLQH/LHEHLQ LKQHQDXIGD‰VLHVLFKLQGLH$UPHILHOHQXQGVHKUZHLQWHQ'DQQEHJDQQ GHU.DPSIDXIVQHXHPLWYHUGRSSHOWHU.UDIWXQG*HZDQGWKHLW´ 3  'DV 'XHOO GHV Å&DSLWDQ 3DQWDORQ´ 3   ² 5LFFDXW OlVVW JU‰HQ ² PLW GHP K|O]HUQHQ 6FKZHUW LVW HLQH 5HPLQLV]HQ] DQ GLH ÅZDKUH &RXUWRL VLH´ XQG GHQ Å%DOODQ]XJ LQ .|QLJ $UWKXUV 0DQLHU´ 3   9LHO PHKU QRFKDOVEHL.OHLVWV=ZHLNDPSIKDQGHOWHVVLFKKLHUXPHLQ6SLHO]XU%H OXVWLJXQJ HLQHV 3XEOLNXPV (V ILQGHW DOVR HLQ DEHQWHXHUOLFKHU ULWWHUOLFKHU 0\WKHQV\QNUHWLVPXV VWDWW HLQ =LWDWHQUHLJHQ DXV MHQHQ =ZHLNlPSIHQ GLH PDQDXV5LWWHUEFKHUQXQGGHU&RPPHGLDGHOO¶DUWHNHQQW/lQJVWKDWWH*LJ OLRHLQHQZHLWHUHQLQWHUWH[WXHOOHQ%H]XJDQJHGHXWHWLQGHPHUDXIHLQHYRQ +RIIPDQQV/LHEOLQJVRSHUQDQVSLHOWÅ:ROOW,KUPHLQH'DPHVHLQ>«@>@ 5LQDOGRV$UPLGDVRVHLGHVJDQ]´ 3 'DV'XHOOVWHKWDQGHU*UHQ]H ]ZLVFKHQWUDGLWLRQDOHPDGHOLJHQ.DPSIVSLHOGDVGLH0RGLDGHOLJHU5HSUl VHQWDWLRQ]HUHPRQLHOOPLWEHDFKWHWXQGHLQHUDXIGLH/HLEOLFKNHLWGHU$N WHXUH ]HQWULHUWHQ NlPSIHULVFKHQ %HJHJQXQJ ZLH VLH GHQ XUWPOLFKHQ .DPSI GHV PLWWHODOWHUOLFKHQ $GHOLJHQ DXV]HLFKQHW XQG GDQQ ZLHGHU GDV PRGHUQH6XEMHNWGDVQLHLQHLQHUEOR‰HQ5HSUlVHQWDWLRQYRQ5ROOHQDXI JHKW bKQOLFK ZLH GHU =ZHLNDPSI EHL .OHLVW LVW GDV 'XHOO LQ 3ULQ]HVVLQ %UDPELOODJHQDXDXIGLHVHU*UHQ]OLQLHDQJHVLHGHOWXQGHVLVWGDV6SLHO]ZL VFKHQ%UJHUXQG$GHOLJHPGDVGLH$NWXDOLWlWGHV5ROOHQWDXVFKHVXQGGHU VSH]LILVFKHQ .DPSIV]HQHULH DXV]HLFKQHW 'DV 'XHOO VWHKW ZHLWHUKLQ DXI GHU SHUIRUPDQFHW\SLVFKHQ  *UHQ]H ]ZLVFKHQ .XQVW XQG :LUNOLFKNHLW *LJOLR LVW HU VHOEVW XQG LVW HV QLFKW  XQG GRFK LVW VHLQ *HIHFKW JHJHQ &KLDSSHULÄQXU¶6SLHOGDVYRP3XEOLNXP ZHOFKHVXQWHUGHQ%HGLQJXQJHQ GHV.DUQHYDOVIUHLOLFKVRIRUWZLHGHU]XHLJHQHU$NWLYLWlWEHUJHKHQNDQQ  PLW%HJHLVWHUXQJZDKUJHQRPPHQZLUG (LQJHEWKDW*LJOLRGLH'XHOOVLWXDWLRQEHUHLWVLQ]ZHLGLUHNWHQ%HJHJ QXQJHQPLWVHLQHP6SLHJHOELOGGDVHLQPDOGDV%LOGGHV6FKDXVSLHOHUV*LJ OLRHLQPDODEHUGHUEHGURKOLFKH'RSSHOJlQJHU&KLDSSHULLVW(UVWHUH%H JHJQXQJ PLW VLFK VHOEVW ILQGHW DOV 6FKDXVSLHOSUREH YRU GHP 6SLHJHO GHV 0HLVWHUV%HVFDSLVWDWWZRHUÅGLHVFK|QVWHQDQPXWLJVWHQ*HVWHQYRUGHP 6SLHJHO SURELHUW´ 3   'LH 6SKlUH GHV %HUXIVDNWHXUV ZLUG GXUFK GLH GHV.DUQHYDOVYHUWDXVFKWVREDOGHUGHQ3DODVW3LVWRMDEHWUHWHQKDWZRHU VHLQ 6SLHJHOELOG QLFKW PHKU DOV (LJHQHV NHQQW VRQGHUQ DOV EHGURKOLFK )UHPGHV 6FKRQLP%HJULIIGHQ3DODVW]XYHUODVVHQZlUHHUYRU6FKUHFNEHLQDKH]X%RGHQ JHVXQNHQDOVLKPSO|W]OLFKVHLQ,FKZLHLQ1HEHOJHKOOWHQWJHJHQWUDW%DOGJH ZDKUWHHULQGHVVHQGD‰GDVZDVHUIUVHLQHQ'RSSHOJlQJHUKLHOWVHLQ%LOGZDU GDVLKPHLQGXQNOHU:DQGVSLHJHOHQWJHJHQZDUI 3 



$GHOLJH6SLHOH





 +RIIPDQQV ÄGXQNOH¶ 6SLHJHO DEHU ZHUIHQ EHNDQQWOLFK NHLQ LGHQWLVFKHV VRQGHUQ XP HLQ 3RWHQWLDO GHV 8QKHLPOLFKHQ DQJHUHLFKHUWHV 6SLHJHOELOG ]XUFN 1LFKW]XIlOOLJVWHKWGLHVH(SLVRGHVFKRQLPOHW]WHQ'ULWWHOGHU(U]lK OXQJ HKH LQ HLQHU GHVLOOXVLRQLHUHQGHQ %HJHJQXQJ YRQ 3DQWDORQ DOLDV &KLDSSHUL DOLDV *LJOLR  PLW HLQHU ÅVFK|QH>Q@ 'DPH´ 3   ZHOFKH GLH 3ULQ]HVVLQ %UDPELOOD VHLQ PXVV GHU 5XI QDFK GHP ÄHFKWHQ¶ 6FKDXVSLHOHU HUNOLQJW ZHOFKHU KLQWHU GHU 0DVNH GHV IDOVFKHQ 3ULQ]HQ YHUVFKZXQGHQ ZDU >6@RZLOOLFK(XFKQXUVDJHQGD‰ZHQQ,KUHLQWUDXULJHU3ULQ]VHLQZROOWPLUMH QHU6FKDXVSLHOHUGHQ,KUHUElUPOLFKQHQQWXQGGHQLFKPLULVWHUDXFK]XU=HLW DXVHLQDQGHUJHQRPPHQLPPHUZLHGHU]XVDPPHQQlKHQODVVHQNDQQQRFKLPPHU YLHOZHUWHUHUVFKHLQWDOV,KU 3 

'DVKLHUDQNOLQJHQGH'LQJV\PEROGHU1lKQDGHOGDV,GHQWLWlWVZHFKVHODOV 0DVNHQZHFKVHO MHZHLOV HLQOHLWHW EHKDXSWHW GDV .QVWOLFKH GDV =XVDP PHQJHVHW]WHDXFKGHU3HUVRQGHV*LJOLRGHQÄ%UDPELOOD¶DEHUYRU]LHKWGD HUZHQLJVWHQVQLFKWZLH&KLDSSHULXQGGHU3ULQ]GHV8UGDU0lUFKHQVHLQ PHODQFKROLVFKHU3ULQ]LVW'LH:LHGHUEHOHEXQJGHU6WlQGHNODXVHOHUIROJWH QXU YRUEHUJHKHQG XP HLQ 0D[LPXP DQ $UELWUDULWlW XQG 3OXUDOLWlW GHU 5ROOH Q ]XNRQVWLWXLHUHQ'RFKGDVÄ(UNHQQHQ¶GHV/LHEHVSDDUHVHUHLJQHW VLFK LQ GHU LP 3DODVW 3LVWRMD UHDOLVLHUWHQ 0lUFKHQV]HQHULH DOV .DUQHYDOV 3ULQ]HQSDDU 'LHVHV (UNHQQHQ XQG /DFKHQ LVW GHU VSlWH +|KHSXQNW GHV WUDYHVWLVFKHQ6SLHOVLPU|PLVFKHQ.DUQHYDO6HOEVWILQGXQJJHVFKLHKWEHU GHQDUDEHVNHQ RGHUJURWHVNHQ 8PZHJGHU9HUNOHLGXQJGHU0DVNLHUXQJ XQGGHU6SLHJHOXQJ²HVKDQGHOWVLFKDOVRXP0HGLHQGLHQRFKGHU7UDQV SDUHQ] XQG $XVWDXVFKEDUNHLW GHU =HLFKHQ XQWHUOLHJHQ XQG GHQHQ HLQH DGHOLJHPLWGHP3DODVW3LVWRMDDXFKHLQHK|ILVFKH:HOWGHUWUDQVSDUHQWHQ =HLFKHQ]XJHRUGQHWLVW 0DQKDWGLH(U]lKOXQJYRQLKUHP(QGHKHUDOVJHOXQJHQH,QLWLDWLRQV JHVFKLFKWH QHXHUGLQJVDXFKDOV*HVFKLFKWHHLQHU+HLOXQJ JHOHVHQ'LH %HGHXWXQJ GHV .DUQHYDOV OLHJW DOOHUGLQJV YRU DOOHP LQ GHU $XVVFKDOWXQJ GHUOLQHDUHQ=HLWXQGDOOHV7HOHRORJLVFKHQ'HU.DUQHYDOELHWHWGLHSHUIHN ²²²²²²²²²²²²²  9JO PLW HLQHP 7LWHO]LWDW DXV GHP 6DQGPDQQKLHU]X LPPHU QRFK 3UHLVHQGDQ] :ROIJDQJ Å(LQHV PDWW JHVFKOLIIHQHQ 6SLHJHOV GXQNOHU :LGHUVFKHLQ ( 7 $ +RIIPDQQV (U]lKO NXQVW´ LQ :LOOLDP )RHUVWH.DUO +HLQ] %RUFN +UVJ )HVWVFKULIWIU-RVW7ULHU]XP*H EXUWVWDJ.|OQ*UD]6  9JO 6FKHIIHO 0LFKDHO Å'LH *HVFKLFKWH HLQHV $EHQWHXHUV RGHU GDV $EHQWHXHU HLQHU *H VFKLFKWH"3RHWLVFKH$XWRUHIOH[LYLWlWDP%HLVSLHOYRQ(7$+RIIPDQQV3ULQ]HVVLQ%UDPELO OD´LQ+HLQ]/XGZLJ$UQROG +UVJ (7$+RIIPDQQ0QFKHQ6KLHU 6²+DUPRQLVWLVFKN|QQWHPDQDXFKGLH/HVDUWYRP.DUQHYDODOV+HLOXQJVSUR]HVVOH VHQGLHHUVWHLQPDOHLQH3DWKRORJLVLHUXQJGHU3URWDJRQLVWHQYRUDXVVHW]W9JO%HUJHQJUXHQ 0D[LPLOLDQ Å'LH KHLWHUH 7KHUDSLH 3HUV|QOLFKNHLWVVSDOWXQJ XQG *URWHVNH LQ ( 7 $ +RIIPDQQV 3ULQ]HVVLQ %UDPELOOD´ LQ &ROORTXLXP +HOYHWLFXP 'DV *URWHVNH  6  



.DSLWHO

 WHQ /HEHQVEHGLQJXQJHQ IU GLH URPDQWLVFKH $PELYDOHQ] XQG 'RSSHO LGHQWLWlWVQHLJXQJ$OOHUGLQJVVLQGIUGLH'DXHUGHV.DUQHYDOVGLHEHLGHQ Ä:HOWHQ¶GHU+DQGOXQJJOHLFKHUPD‰HQILNWLYGKGHUDP$QIDQJGHU.DU QHYDOVWDJH DUEHLWVORV JHZRUGHQH XQG YRQ VHLQHU *HOLHEWHQ YHUVWR‰HQH *LJOLRVSLHOWQXQ]ZHL,GHQWLWlWHQLPPHUZLHGHUGXUFKGLHPDQDX‰HUKDOE GHV.DUQHYDOVDOVÄ$OOWDJ¶YVÄ0lUFKHQ¶3KDQWDVPDEH]HLFKQHQN|QQWH² QXQDEHUVLQGVLHEHLGHJOHLFKHUPD‰HQUHDOHUZHLVHQVLFKEHLGHDOVDXVOHE EDU 2V]LOODWRULVFK VLQG QXQ DXFK GLH ÄK|KHUHQ 6WlQGH¶ YHUHLQQDKPEDU LKUH9HUWUHWHUVLQGPDO0lUFKHQILJXUPDO2EMHNWYR\HXULVWLVFKHQ%HJHK UHQV PDO ,GHQWLILNDWLRQVREMHNW 'RFK *LJOLR LUUW ZHQQ HU ]ZLVFKHQ XQG KLQWHUGHQWDXVHQG0DVNHQHLQ,QGLYLGXXPVHLQLGHDOLVLHUWHV/LHEHVREMHNW YHUPXWHW ]XPDO LP 7DQ] PLW VHLQHP *LJOLRV HLJHQHP Å]ZHLWH>Q@ ,FK´ 3  'HU IOFKWLJHQ 0DVNH HLQH ,GHQWLWlW ]X]XZHLVHQ KHL‰W GHQ 7DQ] DQKDOWHQGHQ.DUQHYDOVWLOOVWHOOHQ]XZROOHQ(LQH5FNNHKU]X,GHQWLWlWHQ NDQQHVHUVWDP$VFKHUPLWWZRFKJHEHQ3ULQ]XQG3ULQ]HVVLQDEHUVLQGGLH SHUVRQLIL]LHUWH,GHQWLWlWVIOXFKWVLQG7DQ]XQG6SLHO 'RFKLVWGHU.DUQHYDODXFKHLQH(QNODYHGHVVR]LDOHQ$XIVWLHJV'LH NDUQHYDOHVNH $XIVWLHJVSKDQWDVLH LQ GHQ +RFKDGHO JHOLQJW GHP DUPHQ ]XGHP ]HUVWULWWHQHQ /LHEHVSDDU GHU $QIDQJVV]HQHULH QLFKW ² LPPHUKLQ VLQGDP(QGHGHU*HVFKLFKWHHLQ-DKUGDQDFKEHLGHYHUKHLUDWHWXQGEHL GHDOV6FKDXVSLHOHUWlWLJLQHLQHU=HLWGHV3UHVWLJHJHZLQQVGHV6FKDXVSLH OHUEHUXIVNHLQHVFKOHFKWH.DUULHUHIUHLQHDUPH3XW]PDFKHULQXQGHLQHQ HQWODVVHQHQ 7UDJ|GHQ 'LH WHPSRUlUH $XIVWLHJVSKDQWDVLH GHV .DUQHYDOV EHUVWHLJHUW VSLHOHULVFK ZDV DOOHQIDOOV HUZDUWHW ZHUGHQ NDQQ 3ULQ] XQG 3ULQ]HVVLQVLQGVFKOLFKW2EMHNWHHURWLVFKHQXQGVR]LDOHQDXFKPRQHWlUHQ %HJHKUHQVXQGDOVVROFKHGDQNEDUH2EMHNWHIUGLH(PSDWKLHGHV6SLHOHUV GHU MD DXFK PLPLNUL EHWUHLEW 'HU .DUQHYDO ELHWHW GLHVH *HOHJHQKHLW ]XU (PSDWKLH QLFKW HWZD HLQH SUDNWL]LHUWH 'HPRNUDWLH (LQ HEHQIDOOV KRFK DGHOLJHU,PSUHVDULRGHU)UVW3LVWRMDOHQNWGLH(UHLJQLVVHLQHLQHP0D‰ GDVHKHUDQGHQ*HKHLPEXQGURPDQDOVDQDQDUFKLVWLVFKH3KDQWDVLHQHULQ QHUW 'LH YRQ LKP P|JOLFKHUZHLVH UHDOLVLHUWH %UDPELOOD&KLDSSHUL 0DVNHUDGH GLHQW GHU $XIUHFKWHUKDOWXQJ HLQHU NDUQHYDOHVNHQ PRQDUFKL VFKHQ2UGQXQJ'LHYHUVSLHJHOWH.XWVFKHGLH]X%HJLQQGHU+DQGOXQJDQ GHU%HY|ONHUXQJYRUEHLGHILOLHUWXQGKLQWHUGHU*LJOLR%UDPELOODYHUPXWHW YHUELUJW GLHVH 'DV 3XEOLNXP VLHKW LP 6SLHJHO QXU VLFK DOV UHSUlVHQWLHUH VLFK GDV 9RON VSLHJHOELOGOLFK VHOEVW +LHULQ OLHJW WDWVlFKOLFK HLQ 0RPHQW GHU9HUlQGHUXQJLP9HUJOHLFK]XUDEVROXWLVWLVFKHQ(SRFKHLQGHUVLFKGHU +HUUVFKHU]HLJHQPXVVWHLQGHUHUUHSUlVHQWLHUHQPXVVWH*LJOLRV:XQVFK QDFKHLQHUÄ)L[LHUXQJ¶YRQ3ULQ]XQG3ULQ]HVVLQZLHVLHQXULP0lUFKHQ JHVFKHKHQ NDQQ QLFKW DXI GHU %KQH GHV U|PLVFKHQ .DUQHYDOV NRPPW HLQHU6XFKHQDFKGHP,QGLYLGXXPKLQWHUGHUVLFKHQW]LHKHQGHQ0DVNHGHU 5HSUlVHQWDWLRQJOHLFK



$GHOLJH6SLHOH







'HU WKHDWHU XQG GUDPHQJHVFKLFKWOLFKH 6WDQGRUW GHU (U]lKOXQJ LVW GXUFKLKUH1lKH]XU$XIZHUWXQJGHU&RPPHGLDGHOO¶DUWHGXUFKGHQ*UDIHQ *R]]LEH]HLFKQHWGLHGLHVHUJHJHQVHLQH.RQNXUUHQWHQ&KLDUL²HLQ1DPH GHU LQ 3ULQ]HVVLQ %UDPELOOD QRWRULVFK LVW ² XQG &DUOR *ROGRQL GXUFKVHW]W ,QWHUWH[WXHOOH %H]JH GHU (U]lKOXQJ ]X *R]]LV GUDPDWLVFKHP (UVWOLQJ /¶DPRUHGHOOHWUHPHODUDQFHXQG GHVVHQ +HOGHQ 3ULQ] 7DUWDJOLD VLQG JHQDQQW ZRUGHQ  'HU PHODQFKROLVFKH 3ULQ] LVW LQ GHU URPDQWLVFKHQ .RP|GLH QLFKWXQEHNDQQWJHEOLHEHQ7LHFNV3ULQ]=HUELQRVWHKWHEHQIDOOVLQGHU7UD GLWLRQ*R]]LV'HUÅFKURQLVFKH>@'XDOLVPXV´ 3 *LJOLRVZLUGEHU GHFNWLP6SLHOGDVPLWGHP(UVFKHLQHQGHU3ULQ]HVVLQ%UDPELOODEHJLQQW GXUFK GDV 2V]LOOLHUHQ ]ZLVFKHQ GHQ &KDUDNWHUHQ JHOLQJW GLH $XIKHEXQJ GHUJHQDXDEJHJUHQ]WHQ'RSSHOZHOWHQLQHLQHP6SLHOYRQÅ/XVW5DXVFK 7DXPHO XQG ([WDVH >VLF@´  PLPLNUL XQG LOLQ[ DOVR 'HU 7H[W VHOEVW LVW &RPPHGLDGHOO¶DUWHHLQ6SLHORKQHÅNRQVLVWHQWUHDOLVWLVFKH>@(U]lKOZHOW´ (VLVWDXFKGLH*HVFKLFKWHHLQHULPDJLQlUHQ1RELOLWLHUXQJ,P7UDXP HUVFKHLQW*LJOLRHUVWPDOVGLH3ULQ]HVVLQ%UDPELOODHLQLGHDOLVLHUWHV/LHEHV REMHNW GHP VLFK DQ]XYHUZDQGHOQ GLH HQWUVWHWH *LDFLQWD HUVW QDFK XQG QDFKHEHQVSLHOHULVFKEHUHLWLVW=ZDUEHKDXSWHW*LDFLQWDEHUGHQ.DU QHYDOÅ'DJLOWQLFKW5DQJQLFKW6WDQG´ 3 'RFKDXFKVLHSODQWHLQH VWDQGHVHUK|KHQGH 7UDYHVWLH GLH VLH YRUDXVVFKDXHQG ]HLWOLFK EHJUHQ]W Å>6@HKUOHLFKWLVWHVP|JOLFKGD‰LFKDPOHW]WHQ7DJHGHV.DUQHYDOVGLHV GUIWLJH.OHLGPLWHLQHP3XUSXUPDQWHOGLHVHQNOHLQHQ6FKHPHOPLWHLQHP 7KURQYHUWDXVFKH´ 3 'LH5DKPHQEHGLQJXQJHQGHV$GHOVVSLHOVVLQG DOVRNODU$XFK*LJOLRJHKWGDUDXIHLQLQGHPHUGDYRQHU]lKOW ZLHLKQEHUHLWVGLHYRUQHKPVWHXQGUHLFKVWH3ULQ]HVVLQGHU:HOW]XLKUHP5LWWHU HUNRUHQXQGGD‰HUKRIIHQRFKEHLGHP6FKOX‰GHV.DUQHYDOVDOVGHU*HPDKO VHLQHUIUVWOLFKHQ'DPHGHPDUPVHOLJHQ/HEHQGDVHUELVMHW]WJHIKUWDXILP PHU9DOHWVDJHQ]XN|QQHQ 3 

=ZDUJHKWGLH7UDQVSDUHQ]GHV0DVNHQZHFKVHOVYHUORUHQIHKOWHVDQGHU 5HIHUHQ]LHUEDUNHLWGHU0DVNLHUXQJHQXQGVFKHLQWVRPLWGLH)LQJLHUEDUNHLW YRQ )LJXUHQ XQG (UHLJQLVVHQ JUHQ]HQORV ² GHU .DUQHYDO DEHU LVW HQGOLFK XQGVHW]WGHPNDXPJHUHJHOWHQ6SLHOHLQ(QGHQDFKGHP.DUQHYDOZLUG 6SLHO ZLHGHUXP DOV %HUXI EHWULHEHQ *LDFLQWD VFKOLH‰W VLFK GLHVHP %HUXI QXQPHKU DQ =ZLVFKHQ GHP .DUQHYDOVJHVFKHKHQ XQG GHP 6FKOXVV GHU (U]lKOXQJ LVW HLQ -DKU YHUJDQJHQ HLQ =HLWUDXP GHU QLFKW QXU SODXVLEHO PDFKWGDVV*LJOLRXQG*LDFLQWDQXQPHKUYHUKHLUDWHWVLQGGHU]XGHPHLQH ZHLWHUH 'XUFKVFKUHLWXQJ GHV =\NOXV DXV Ä.DUQHYDO¶ YV Ä)DVWHQ]HLW XQG ²²²²²²²²²²²²²  9JO=LPPHUPDQQ+DQV'LHWHUÄÅ'HUMXQJH0DQQOHLGHWDQFKURQLVFKHP'XDOLVPXV¶=X ( 7 $ +RIIPDQQV &DSULFFLR 3ULQ]HVVLQ %UDPELOOD´ LQ +HLQ] /XGZLJ $UQROG +UVJ  (7$+RIIPDQQ0QFKHQ6KLHU6I  *ROW]8UGDUJHVFKLFKWHQ6  9JO6FKPLGW&DOORWV%OlWWHU6



.DSLWHO

 5HVWGHV.LUFKHQMDKUHV¶XPJUHQ]W'LH6HULDOLWlWGHV6SLHO5DXPHV.DUQH YDO LVW VRPLW DQJHGHXWHW %UDPELOOD XQG &KLDSSHUL N|QQWHQ EHL %HGDUI ZLHGHUNHKUHQGHQQVLHVLQGDOVSXUH0DVNHQQLFKWGHUKLVWRULVFKHQRGHU GHULQGLYLGXHOOHQ/HEHQV]HLWXQWHUZRUIHQ'HUQXUDQJHGHXWHWHDEHUVHKU ZDKUVFKHLQOLFKH =HLWVSUXQJ YHUJU|‰HUW GLH *UHQ]H ]ZLVFKHQ )DVFKLQJV GLHQVWDJ XQG $VFKHUPLWWZRFK JHUDGH]X K\SHUEROLVFK EHZDKUKHLWHW DEHU ]XJOHLFKGLH)RUWVHW]EDUNHLWGHV6SLHOV *DQ]DQGHUVDOV+RIIPDQQJHKW(LFKHQGRUIIV$KQXQJXQG*HJHQZDUW PLWGHU$UDEHVNHGHV0DVNHQEDOOVXP(UHUHLJQHWVLFKLQGHU5HVLGHQ] VWDGW XQG GDPLW DP SUlGHVWLQLHUWHQ 2UW GHU 6QGH ZR 0DVNHQ KLQWHU GHQHQVLFKNHLQ*HVLFKWYHUELUJWHLQDQGHUEHJHJQHQbKQOLFKZLHLQ)D EHUV5LWWHUPlUFKHQ WULWW HLQ VFKZDU]HU 5LWWHU DXI GHU7RG GHU GHQ0DV NHQEDOOUHJLHUWÄ0DVNH¶LVWKLHULQGHU7UDGLWLRQGHUDXIJHNOlUWHQ+RINULWLN QHJDWLY NRQQRWLHUW HV ZLHGHUKROW VLFK QRFK HLQPDOGLH'LDJQRVHGHUUHL QHQUHIHUHQ]ORVHQ²RGHUPHWDSK\VLVFKEHUK|KHQGDXIGHQ7RGUHIHULH UHQGHQ²5HSUlVHQWDWLRQ+LQWHUGHUUHSUlVHQWDWLYHQ)DVVDGHYHUELUJWVLFK QLFKWVGLH0DVNHYHUZHLVWQXUDXIGDV0DVNHQKDIWHRGHUDXIDOOHDQGHUHQ 0DVNHQ DEHU QLFKW DXI HLQH GDKLQWHUOLHJHQGH SHUVRQDOH 6XEVWDQ] ,Q (LFKHQGRUIIV7H[WUHVXOWLHUWKLHUDXVHLQH'URKXQJEHL+RIIPDQQ3RHVLH +LHULVWÄ$GHOLJNHLW¶DXFKDOV6SLHOZLHGHUHUODXEW   

²²²²²²²²²²²²²

 'LH(U]lKOHUUHGHGLHEHJLQQWÅ0LWWHUQDFKWZDUYRUEHU´ 3 XQGGDPLWGHQ$VFKHU PLWWZRFKDQ]HLJWVHW]WQDFKHLQHPQLFKWZHLWHUGHNODULHUWHQ=HLWVSUXQJGHUHU]lKOWHQ=HLW XP HLQ YROOHV -DKU VSlWHU HLQ %HDWULFHV %HPHUNXQJ Å(LQ JDQ]HV -DKU VFKRQ YHUKHLUDWHW´ 3 OHJWGLHVHVHU]lKOHULVFKH9HUIDKUHQQDKH²9JO&KULVWLDQ-UJHQV·+LQZHLVGLH)L JXUHQEHIlQGHQVLFKDP(QGHDXIHLQHUYRQGHP,PSUHVDULR%HVFDSLEHUHLWJHVWHOOWHQ%K QH -UJHQV &KULVWLDQ Å/XIWVFKO|VVHU WUlXPHQ ² 7KHDWUDOLWlW XQG LKUH hEHUVFKUHLWXQJ LQ (7$+RIIPDQQV3ULQ]HVVLQ%UDPELOOD´LQ$QMD/HPNH0DUWLQ6FKLHUEDXP +UVJ Å,Q GLH +|KHIDOOHQ´ *UHQ]JlQJH ]ZLVFKHQ /LWHUDWXU XQG 3KLORVRSKLH :U]EXUJ  6  KLHU 6 ²'LH9HUPXWXQJGDV6SLHOVHLLPPHUQRFKQLFKW]X(QGHJHKWDXI3DXOGH0DQ ]XUFNGHQ-UJHQV]LWLHUWÅ7KHHQGLVWUHDWHGE\+RIIPDQQDVSXUHSDURG\>«@WKHKHUR DQG WKH KHURLQH IDU IURP KDYLQJ UHWXUQHG WR WKHLU QDWXUDO VHOYHV DUH PRUH WKDQ HYHU SOD\LQJWKHDUWLILFLDOSDUWVRIWKHKDSS\FRXSOH1HYHUKDYHDUWDQGOLIHEHHQIDUWKHUDSDUW WKDQDWWKHPRPHQWWKH\VHHPWREHUHFRQFLOHGµ 0DQ3DXOGH7KH5KHWRULFRI5RPDQWLFLVP 1HZDQRQ\PH .ULWLN@ LQ -DKUEFKHU IU ZLVVHQVFKDIWOLFKH .ULWLN  1U  6S II =LWLHUW QDFK7LHFN'.96KLHU6



$GHOLJH6SLHOH





 8PHVQRFKHLQPDOGHXWOLFK]XPDFKHQ,P*HJHQVDW]]X:LOKHOP0HLV WHUV (UIDKUXQJ HUZHLVW VLFK IU /HRQKDUG GDV 7KHDWHU QLFKW DOV ,UUZHJ VRQGHUQ DOV KHLOVDPHU XQG ]XJOHLFK ODQJIULVWLJ JHIlKUOLFKHU NDUQHYDOHVNHU $XVIOXJ:DULP0HLVWHUIUGHQ$GHOGDV7KHDWHUQXU6SLHOQXU9HKLNHO DGHOLJHU 6HOEVWUHSUlVHQWDWLRQVRVXFKW GHU 7LVFKOHUPHLVWHUQDFK .RPSUR PLVVHQ]ZLVFKHQGHQLPPHUQRFKJHWUHQQWJHKDQGHOWHQVWlQGLVFKHQ7HLO NXOWXUHQ QRFK DXIEDXHQG DXI GHU URPDQWLVFKHQ .XQVWDXWRQRPLH QDFK GHU :LOKHOP 0HLVWHU HLQH =HLWODQJ YHUJHEOLFK JHVXFKW KDWWH 1HJDWLYH 6FKDEORQH VLQG EULJHQV LP *HJHQVDW] ]XU 7KHDWHUHUIDKUXQJ LP 7LVFKOHU PHLVWHUGLHUHOLJL|VHQ3HUIRUPDQFHVLQGHU1RYHOOHGLHWHLOVLQGHU1lKH]X GHP:DKQVLQQGHU1HEHQILJXU:DVVHUPDQQDQJHVLHGHOWVLQG%HGHQNOLFK LVW GDV 1UQEHUJHU .RQYHQWLNHOZHVHQ 7 II  W|GOLFK LVW .XQLJXQGHV UHOLJL|V YHUEUlPWH *UlPOLFKNHLW YHUGlFKWLJ LVW &KDUORWWHV 5ROOHQZHFKVHO YRQGHU9HUIKUHULQ]XU)U|PPOHULQ

²²²²²²²²²²²²²

 9JO%RUFKPH\HU+|ILVFKH*HVHOOVFKDIW6II  6FKZHULQJVLHKWLQ&KDUORWWH7LHFNV]ZLHVSlOWLJHV9HUKlOWQLV]XU$GHOVZHOWYHUN|USHUWGLH Å$QHUNHQQXQJ GHU ÄSRHWLVFKHQ¶ 9RU]JH VW|‰W ]XVDPPHQ PLW GHU $YHUVLRQ JHJHQ JHVHOO VFKDIWOLFKHV 3DUDVLWHQWXP XQG GHNDGHQWHQ ,PPRUDOLVPXV´ 6FKZHULQJ (SRFKHQZDQGHO 6 



 

.DSLWHO

   



.DSLWHOgNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ 'HU$GHOXQGGLH9HUVFKZHQGXQJ $GHOXQGgNRQRPLHXP

 'LH YRP ,GHDO GHV KRPRRHFRQRPLFXV EHVHVVHQH PRGHUQH 9RONVZLUWVFKDIWV OHKUHVFKHQNWDEZHLFKHQGHQgNRQRPLHQZHQLJ%HDFKWXQJ,PPHUKLQKDW PDQVLFKHLQHÅ7KHRULHGHU|IIHQWOLFKHQ9HUVFKZHQGXQJ´HLQIDOOHQODVVHQ GLHDXIHLQHUDQWKURSRORJLVFKHQ(LQVLFKWEDVLHUWGLHHLJHQWOLFKUHVWULNWLYH RUGQXQJVSROLWLVFKH .RQVHTXHQ]HQ KDEHQ PVVWH Å6RZHLW HU >VF GHU 0HQVFK@*WHUGLHLKQZLUNOLFKRGHUYHUPHLQWOLFKQLFKWVNRVWHQWDWVlFK OLFK QXW]W YHU RGHU JHEUDXFKW HU VLH YHUVFKZHQGHULVFK´%HUHLWV LQ GHU ÄPRGHUQHQ¶*HVHOOVFKDIWVHLWGHU)UKHQ1HX]HLWXQG]XJOHLFKLQGHU/LWH UDWXUKDEHVLFKVR'DQLHO)XOGDHLQÅPDUNWZLUWVFKDIWOLFKH>U@9HUKDOWHQV KDELWXV´ %RUQVFKHXHU GXUFKJHVHW]W,QGHU=HLWXPKDWGHP9HU QHKPHQQDFKGDVgNRQRPLVFKHÅLQ)RUPYRQ3UDNWLNHQGHVPDWHULHOOHQ XQGLPPDWHULHOOHQ9RUVFKXVVHVGHU%HYRUUDWXQJXQG9HUVFKZHQGXQJGHU 6LFKHUXQJXQGGHV9HUVSUHFKHQVHNODWDQWH%HGHXWXQJLP6FKQLWWIHOGYRQ 0RUDOSKLORVRSKLH $QWKURSRORJLH XQG |NRQRPLVFKHU 7KHRULH´'LH 5R PDQWLNEHJHJQHWGHQgNRQRPLVLHUXQJV]ZlQJHQDXIGHU(EHQHGHVVR]LD OHQ+DQGHOQVRIIHQVLYPLWPDUNWJHUHFKWHQ6WUDWHJLHQLQLKUHQ7H[WHQDEHU QLFKW VHOWHQ SDUDGR[ LQGHP VLH |NRQRPLVFKH 'LV]LSOLQLHUXQJHQ XQG 5H JHONUHLVOlXIH ]ZDU LQ VLFK DXIQLPPW GDQHEHQ DEHU 5HVLGXHQ GHU DQWL |NRQRPLVFK JHGDFKWHQ 3RHVLH HQWZLFNHOW 5HLQKDUG 6DOOHUV 0RQRJUDSKLH ]XP7KHPDJUQGHWDXIIROJHQGHU7KHVHÅ%HWUDFKWHWPDQGLH5RPDQWLN DOV HLQHQ VSH]LILVFKHQ *HVDPWNRPSOH[ lVWKHWLVFKHU 3KlQRPHQH VR LVW $QWL|NRQRPLH JHUDGH]X GHVVHQ WUDJHQGH 6lXOH´  $GDP 0OOHUV *HOG ²²²²²²²²²²²²²   



5HFNWHQZDOG+RUVW&ODXVÅ7KHRULHGHU|IIHQWOLFKHQ9HUVFKZHQGXQJ´LQGHUV:|UWHUEXFK GHU:LUWVFKDIW6WXWWJDUW6=LWDW6 )XOGD 'DQLHO 6FKDX6SLHOH GHV *HOGHV 'LH .RP|GLH XQG GLH (QWVWHKXQJ GHU 0DUNWJHVHOOVFKDIW YRQ 6KDNHVSHDUHELV/HVVLQJ7ELQJHQ6 )UKH1HX]HLW  %UDHVH 6WHSKDQ2UWOLHE &RUQHOLD >7DJXQJVDQNQGLJXQJ@ Å'LFKWXQJ XQG .DONO ² 'LH gNRQRPLVLHUXQJ GHV 0HQVFKHQ LQ GHU HXURSlLVFKHQ /LWHUDWXU XP ´  KWWSZZZJHUPDQLVWLNLPQHW]GHIN[INJHUPDQLVWLNVHUYOHWGHL]VR] GEFOHDUTXHU\ EURZVH%URZVH5HVRXUFHGRPDLQ IN[ODQJ GH"UHVLG  6WDQG  6DOOHU5HLQKDUG6FK|QHgNRQRPLH'LHSRHWLVFKH5HIOH[LRQGHUgNRQRPLHLQIUKURPDQWLVFKHU/LWHUD WXU :U]EXUJ  6 I  (SLVWHPDWD   ² 6 II UHNRQVWUXLHUW 6DOOHU DQ WL |NRQRPLVFKH XQG |NRQRPLVLHUHQGH 5RPDQWLNELOGHU ² (KHU |NRQRPLHNULWLVFK VLHKW $QGUHDV*URKGLH3ROLWLVFKH5RPDQWLN9JO*URK$QGUHDV'LH*HVHOOVFKDIWVNULWLNGHU3ROLWL



.DSLWHO

 WKHRULHJHKWVWHWVYRQHLQHU'XEOHWWHYRQ*HEUDXFKVXQG7DXVFKZHUWDXV ZLHHUGHQ6WDDWQLFKWQXULQVWLWXWLRQHOOVRQGHUQ]XJOHLFKRUJDQLVFKGHIL QLHUWZLHHUHLQH]XJOHLFKVDFKOLFKHZLHSHUV|QOLFKH1DWXUGHV0HQVFKHQ DQQLPPW$XFK LQ GHU PRGHUQHQ 9RONVZLUWVFKDIW 0OOHUV GLH RKQH GLH =LUNXODWLRQYRQ:DUHQXQG*HOGQLFKWDXVNRPPWLVWGLHÅ$XWRULWlWGHV *HOGHV´GRFK GXUFK GLH 3RHVLH HWZD GLH 3RHVLH GHV .|QLJVKDXVHV RGHU GLHGHV$GHOVZHQQQLFKWLQ)UDJHJHVWHOOWVRGRFKLQHLQ*OHLFKJHZLFKW JHEUDFKW Ä$XWRUHJXODWLYLWlW¶ NDQQ EHL 0OOHU QLFKW JHJHQ GLH 2UJDQL]LWlW GHV6WDDWHVXQGVHLQHU:LUWVFKDIWDXVJHVSLHOWZHUGHQ1LFKWVHOWHQLVWGLH 6HPDQWLN GHV $GHOV DQ GLHVH 'LVNXUVLYLHUXQJ GHV gNRQRPLVFKHQ JHNRS SHOW 'HU $GHOLJH ÄZLUWVFKDIWHW¶ QLFKW HU KDW NHLQHQ Ä%HUXI¶ LP PRGHUQHQ 6LQQ'LHVH9RUDQQDKPHJHK|UW]XU6HPDQWLNGHU$GHOLJNHLWXQDEGLQJEDU KLQ]XZHQQJOHLFKGLH|NRQRPLVFKH3UD[LV]XU0RGHUQHKLQDQGHUVDXVJH VHKHQKDW)UVHLQHQ.ULHJVGLHQVWIUVHLQH*HIROJVFKDIWVHLQHP+HUUQ JHJHQEHULVWGHU$GHOLJHPLW/HKHQHQWORKQWZRUGHQ'DPLWHQWZLFNHOWH VLFK QHEHQ GHU NULHJHULVFKHQ HLQH ZHLWHUH /HEHQVUROOH LQ GHU $JUDUZLUW VFKDIW HLQH GXUFKDXV ÅDXVEHXWHULVFKH´ 5ROOH  9HUS|QW VLQG KLQJHJHQ N|USHUOLFKH$UEHLWGDV*HOGYHUGLHQHQYRUDOOHPGXUFKGHQ+DQGHOÅ'HU $GOLJHEUDXFKWNHLQ*HOG]XYHUGLHQHQHVIlOOWLKPLQVHLQHU(LJHQVFKDIW DOV $GOLJHP NUDIW VHLQHU .RQWUROOH EHU %DXHUQ ]X 'DV (LQWUHLEHQ YRQ 3DFKWHQXQG6WHXHUQGDV3OQGHUQXQG5DXEHQVLQGHKUHQKDIWH)RUPHQ GHV*HOGHUZHUEVDEHU3URILWXQG=LQVHQVLQGDQUFKLJ´$QGHUHUVHLWVLVW GDV JHIRUGHUWH |NRQRPLVFKH 9HUKDOWHQ DP EHVWHQ DOV DQ|NRQRPLVFK ]X FKDUDNWHULVLHUHQGHQQÅ>G@DV,GHDODGHOLJHU/HEHQVKDOWXQJRULHQWLHUWHVLFK QLFKW DQ %HUHFKQXQJ UDWLRQDOHU .DONXODWLRQ XQG $NNXPXODWLRQ VRQGHUQ DQ9HUVFKZHQGXQJXQG9HUDXVJDEXQJ´8QG ,Q GHU DGOLJHQ ,GHRORJLH ZLUG 6SDUHQ >«@ DOV JHL]LJ XQG NQDXVHULJ DOV XQHKUHQ KDIW XQG XQDGOLJ DQJHVHKHQ $QGHUHUVHLWV LVW SUXQNKDIWH =XUVFKDXVWHOOXQJ YRQ 5HLFKWXP XQG *UR‰]JLJNHLW ELV ]XU 9HUVFKZHQGXQJ OREHQVZHUW (LQ VROFKHV

²²²²²²²²²²²²²

VFKHQ5RPDQWLN(LQH1HXEHZHUWXQJLKUHU$XVHLQDQGHUVHW]XQJPLWGHQ9RUERWHQYRQ,QGXVWULDOLVLHUXQJ XQG0RGHUQLVLHUXQJ%RFKXP6  9JO $GDP 0OOHUV  9RUOHVXQJGHU Å(OHPHQWH GHU 6WDDWVNXQVW´ LQ0OOHU(OHPHQWH  6  +|ULVFK-RFKHQÅÄ,QGLHVHP=HLFKHQZLUGQXQMHGHUVHOLJ¶²=X3UREOHPXQG7KHPDHLQHU PRQHWlUHQ 2QWRVHPLRORJLH´ LQ GHUV .RSIXQG=DKO'LH3RHVLHGHV*HOGHV )UDQNIXUW D 0 6KLHU6+|ULVFKUlXPWHLQGDVVGLH'LFKWXQJNHLQHÄJHGHFNWH¶:lKUXQJ VHLÅ'LFKWXQJLVWHEHQ)LNWLRQVLHPX‰QLFKWGXUFKZLUNOLFKH(UHLJQLVVHRGHUGXUFK5HD OLHQJHGHFNWVHLQ´ (EG6   9JO9RJO.DONO6I  .DXWVN\)XQNWLRQHQ6  (EG6  *XWWDQGLQ6FKLFNVDOGHU(KUH6





gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



9HUKDOWHQLVWLP5DKPHQGHUDGOLJHQ:HOWWDWVlFKOLFKQLFKWYHUVFKZHQGHULVFK]X QHQQHQ

:HUQHU 6RPEDUW ZHLVW DXI HLQH Å9HUPDWHULDOLVLHUXQJ GHU DGOLJHQ *H VFKOHFKWHU´LQGHU)UKHQ1HX]HLWKLQGLH]X/X[XVHQWIDOWXQJ]XUÄÅ9HU JHXGXQJ¶ YRQ *WHUQ´ JHIKUW KDEH(U HULQQHUW DQ MHQH (PSILQGXQJ ÅGLH DOOHU YRUNDSLWDOLVWLVFKHQ XQG IUKNDSLWDOLVWLVFKHQ .XOWXU LQQHZRKQW GD‰HVHLQHVYRUQHKPHQ0DQQHV]ZDUZUGLJVHL*HOGDXV]XJHEHQDEHU QLFKWHV]XYHUGLHQHQ´ 0LFKHOGH0RQWDLJQHEHVFKZRULQVHLQHQ(VVDLVGLHVHPÅEUpYLDLUHGHV KRQQrWHV JHQV´ HLQHQ Å=XVDPPHQKDQJ YRQ DULVWRNUDWLVFKHP /HEHQV ZDQGHOXQGRWLXPOLWWHUDWXPYRQQRQFKDODQFHXQGQDWXUH´$QGLH6WHOOHGHV %URWHUZHUEVWUHWHQP|JOLFKVWKHXWHQRFKGDV(UEHQVRZLHNRPSOHPHQWlU XQHLJHQQW]LJH NDULWDWLYH 7lWLJNHLWHQ'HU EOLFKH HPSLULVFKH 5HIHUHQW ]X GLHVHU 7KHVH LVW GHU IUDQ]|VLVFKH  DEVROXWLVWLVFKH +RI 'LH =HLW GHV $EVROXWLVPXVPLWLKUHUDXFKGXUFKGHQ$GHOSUDNWL]LHUWHQ.XOWXUGHU5H SUlVHQWDWLRQ ZLUG HWZD LQ DUFKLWHNWRQLVFKHU +LQVLFKW PLW Ä9HUVFKZHQ GXQJ¶ LQ 9HUELQGXQJ JHEUDFKW  6FKRQ 0RQWHVTXLHX KDWWH GDV UXLQ|VH :LUWVFKDIWVJHEDUHQGHVIUDQ]|VLVFKHQ$GHOVEHNODJWGHPHV DOVYHUlFKWOLFK>JDOW@VHLQ*XW]XYHUPHKUHQRKQHHV]XQlFKVWHLQPDO]XYHUJHX GHQ'LHVHU7HLOGHU1DWLRQOHLVWHW'LHQVWHVWHWVPLWGHP.DSLWDOHUWUDJVHLQHU* WHU8QGZHQQHUUXLQLHUWLVWUlXPWHUVHLQHQ3ODW]HLQHPDQGHUHQGHUZLHGHUXP PLWVHLQHP.DSLWDO'LHQVWHOHLVWHW

'RFKJLEWHVDQ7KRUVWHLQ9HEOHQXQG*HRUJHV%DWDLOOHV7KHVHQDQNQS IHQGH8QWHUVXFKXQJHQ]XP.RQVXPGHVHQJOLVFKHQ$GHOV]ZLVFKHQ XQG²DQJHVSURFKHQZHUGHQ*HElXGH(VVHQ.OHLGXQJ7UDQVSRUW %HJUlEQLVXQG*UlEHU²RGHUDXFK]XPQHDSROLWDQLVFKHQ$GHOGHU)UKHQ ²²²²²²²²²²²²²

 .DXWVN\)XQNWLRQHQ6I  6RPEDUW :HUQHU /LHEH/X[XVXQG.DSLWDOLVPXVhEHUGLH(QWVWHKXQJGHUPRGHUQHQ:HOWDXVGHP *HLVWGHU9HUVFKZHQGXQJ%HUOLQ6XQG  (EG6=XU/X[XVNULWLNVDJW6RPEDUWÅ>(@VHUVFKHLQWXQVKHXWHIDVWVFKRQZLH'RQ TXLFKRWWHULH ZHQQ ZRKOPHLQHQGH:RUWIKUHUGHV DUPHQ $GHOV LKUH6WDQGHVJHQRVVHQ YRU GHQ*HIDKUHQGHV/X[XVZDUQHQGHUGLHDOWH$QVFKDXXQJZLH0RWWHQHLQZROOHQHV*HZH EHELVDXIZHQLJH)HW]HQDXIJH]HKUWKDW´ (EG6   &RVWDGXUD(GHOPDQQ 6  'LH ]HLWOLFKH *UHQ]H DQ GHU GLHVHU =XVDPPHQKDQJ XQJOWLJ ZLUG EH]HLFKQHW &RVWDGXUD PLW 0RULW]· XQG *RHWKHV 'LOHWWDQWLVPXV9HUGLNW Å(LWHONHLW +HGRQLVPXV XQG 8QIlKLJNHLW GDV :HUN ]X YROOHQGHQ VLQG IU 0RULW] ZLH IU *RHWKH 0HUNPDOH GHV 'LOHWWDQWHQ 7DWVlFKOLFK LVW GLH 6FKHX YRU DOOHU 0KH XQG 3HGDQWHULH HLQH .RQVWDQWHGHVDULVWRNUDWLVFKHQ8PJDQJVPLW/LWHUDWXU´ (EG6   6DLQW0DUWLQ6R]LRORJLHHLQHV6WDQGHV6IIXQG6II  9JO3LUFKHU:ROIJDQJ9HUZVWXQJXQG9HUVFKZHQGXQJ$GHOLJHV%DXHQQDFKGHU=ZHLWHQ7UNHQ EHODJHUXQJ:LHQ )RUVFKXQJHQXQG%HLWUlJH]XU:LHQHU6WDGWJHVFKLFKWH   0RQWHVTXLHX9RP*HLVWGHU*HVHW]H6WXWWJDUW6=LWLHUWQDFK*XWWDQGLQ6FKLFNVDO GHU(KUH6



.DSLWHO

 1HX]HLW3HWHU%XUNHEHULFKWHWYRPGHPRQVWUDWLYHQ.RQVXPGHVLWDOLH QLVFKHQ $GHOV LP  -DKUKXQGHUW  =XU Å9HUVFKZHQGXQJVNXQVW´ GHU K|ILVFKHQ.XOWXU]lKOWHHWZDGDV)HXHUZHUN 2VWHQWDWLYH 9HUVFKZHQGXQJ GLH (QWIDOWXQJ YRQ Ä/X[XV¶ HLQHP DXI hEHUIOXVV EHUXKHQGHQ /HEHQVVWLO KDW DEHU ² DEJHVHKHQ GDYRQ GDVV VLH DXFK PDNUR|NRQRPLVFK IU VLQQYROO JHKDOWHQ ZHUGHQ NRQQWH  ² HLQ GXUFKDXVUDWLRQDO]XQHQQHQGHV.DONODOV8UVDFKHVLHLVWHLQÅ0DFKWLQ VWUXPHQW]XU6HOEVWEHKDXSWXQJGHV$GHOVPLWWHOVGHU%HHLQGUXFNXQJXQG %OHQGXQJ GHU DQGHUHQ 6FKLFKWHQ´7UDGLWLRQHOO JLOW ÅGLH ÄXQHLJHQQW]L JH¶ *DEH ZLUG GXUFK *HIROJVFKDIW TXLWWLHUW´  $XV GHU PDQFKPDO YHU PHLQWOLFKDPRUDOLVFKHQ7DWGHU9HUDXVJDEXQJHUZlFKVWDOVRNRPSOHPHQ WlU HLQH PRUDOLVFKH 9HUSIOLFKWXQJ ]XP 'LHQVW ZlKUHQG ÅPRGHUQH *HVHOOVFKDIWHQ GXUFK LQVWLWXWLRQDOLVLHUWH XQG UHODWLY DXWRQRPH 0HFKDQLV PHQ JHNHQQ]HLFKQHW´ VLQG +LHU N|QQWH DOVR GLHVVHLWV HLQHU PRGHUQHQ $QRQ\PLVLHUXQJHLQVR]LDOHUXQGV\PEROLVFKHU*HZLQQDXVJHPDFKWZHU GHQ*HQHUHOOJLOWDEHU'HU9HUOXVWDQ|NRQRPLVFKHP.DSLWDOVROO]XPLQ GHVW OlQJHUIULVWLJ ZHWWJHPDFKW ZHUGHQ GXUFK HLQHQ *HZLQQ DQ V\PEROL VFKHP.DSLWDO'LHVMHGHQIDOOVLVW%RXUGLHXV/HVDUWGHU*DEHQWKHRULH²LP *HJHQVDW]]XGHU%DWDLOOHVGHUKLQWHUGHU$Q|NRQRPLHQLFKWVDOVOXVWYROOH 9HUDXVJDEXQJ VLHKW JOHLFKVDP HLQH (QWODGXQJ  VlPWOLFKHU /HEHQVHQHU JLHQ HLQH /XVW ]XP 7RGH KLQ 9HUQDFKOlVVLJW PDQ GLHVH .RQVHTXHQ] ZLHHVGHU7KHRORJH5REHUW2FKVWXWGDQQNDQQPDQ%DWDLOOHVGHU9HU VFKZHQGXQJ]XJHRUGQHWHQ%HJULIIGHVÅ+HWHURJHQHQ´DEHUDXFKDOVÅLQ ²²²²²²²²²²²²²  9JO6WRQH/DZUHQFH7KH&ULVLVRIWKH$ULVWRFUDF\2[IRUG/DEURW*pUDUG ´/HFRPSDUWHPHQWFROOHFWLIGHO¶DULVWRFUDWLHQpDSROLWDLUHGXHDXHVLqFOHµLQ5HYXHKLV WRULTXH6  9JO%XUNH3HWHU6WlGWLVFKH.XOWXULQ,WDOLHQ]ZLVFKHQ+RFKUHQDLVVDQFHXQG%DURFN(LQHKLVWRULVFKH $QWKURSRORJLH%HUOLQ6  9JO.RKOHU*HRUJÅ'HUJUR‰H$XJHQEOLFNXQGVHLQH6SXUHQ9RUZRUW]XHLQHU*HVFKLFK WHGHU9HUVFKZHQGXQJVNXQVW´LQ*HRUJ.RKOHU +UVJ $OLFH9LOORQ/HFKQHU 0LWDUEHLW  'LH VFK|QH .XQVW GHU 9HUVFKZHQGXQJ )HVW XQG )HUQZHK LQ GHU HXURSlLVFKHQ *HVFKLFKWH = ULFK0QFKHQ6  9JO GLH /X[XVWKHRULHQ LQ GHU gNRQRPLN GHV  -DKUKXQGHUWV GLH GHQ hEHUIOXVV ]XU %HGLQJXQJ GDIU PDFKHQ GDVV Å5HLFKWPHU LQ 8PODXI JHEUDFKW XQG $XVWDXVFKSUR]HVVH EHVFKOHXQLJWZHUGHQN|QQHQ´ 9RJO.DONO6   *XWWDQGLQ6FKLFNVDOGHU(KUH6  +DVHOVWHLQ8OODÅ3RHWLNGHU*DEH0DXVV%RXUGLHX'HUULGDXQGGHU1HZ+LVWRULFLVP´ LQ *HUKDUG 1HXPDQQ +UVJ  3RVWVWUXNWXUDOLVPXV+HUDXVIRUGHUXQJDQGLH/LWHUDWXUZLVVHQVFKDIW 6WXWWJDUW:HLPDU6KLHU6  (EG  9JO.lPSI9HUVFKZHQGXQJ6  9JOEHUHLWV.DSLWHO  6R QHQQW %DWDLOOH ÅDOOH (OHPHQWH GLH VLFK GHU $VVLPLODWLRQ DQ EUJHUOLFKH /HEHQVIRUPHQ XQGDQGLH5RXWLQHQGHV$OOWDJVHEHQVRZLGHUVHW]HQZLHVLHVLFKGHPPHWKRGLVFKHQ=X JULIIGHU:LVVHQVFKDIWHQW]LHKHQ´ +DEHUPDV(URWLVPXV6KLHU6YJOGD]X HUQHXW:H[gNRQRPLNGHU9HUVFKZHQGXQJ 



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 VLFK ZHUWYROOH 7lWLJNHLW ([LVWHQ] ´ IDVVHQ HEHQ GDV ÅJDQ] $QGHUH´  %RXUGLHXGDUDQLVWKLHUQRFKPDOV]XHULQQHUQPLVVWUDXWVWHWVGHUDQJHEOL FKHQ$XWRQRPLHlVWKHWLVFKHU+DQGOXQJHQVWHOOWVLHLQGHQ.RQWH[WVR]LD OHU'LVWLQNWLRQVJHZLQQH)ULKQJLEWHVQXUDQ|NRQRPLVFKHgNRQRPLH DOVR GLH 9HUOHXJQXQJ GHV ]XPLQGHVW ODQJIULVWLJHQ |NRQRPLVFKHQ .DONOV YRQ3UDNWLNHQGXUFKPDQFKH$NWHXUH 'HU8UKHEHUHLQHUDQ0DXVV·*DEHQWKHRULHJHVFKXOWHQ$QWKURSROR JLHZLHHLQHUbVWKHWLNGHU9HUVFKZHQGXQJLP-DKUKXQGHUWZDU*HRU JHV%DWDLOOHGHUEHUHLWVLP.DSLWHO]XGHQ:DKOYHUZDQGWVFKDIWHQEHJHJQHWH (UVWHOOWHIHVWÅ'HU%HJULII3RHVLHGHUGLHDPZHQLJVWHQYHUGRUEHQHQDP ZHQLJVWHQ LQWHOOHNWXDOLVLHUWHQ $XVGUXFNVIRUPHQ HLQHV 9HUORUHQVHLQV EH ]HLFKQHWNDQQDOV6\QRQ\PYRQ9HUVFKZHQGXQJDQJHVHKHQZHUGHQ3RH VLH KHL‰W QlPOLFK QLFKWV DQGHUHV DOV 6FK|SIXQJ GXUFK 9HUOXVW´%DWDLOOH ZDUHVDXFKGHULQ$QOHKQXQJDQ9HEOHQDXIGLHÅIXQNWLRQHOOH9HUDXVJD EXQJ GHU UHLFKHQ .ODVVHQ´  KLQZLHV XQG IU GLH ÅPRGHUQH %RXUJHRL VLH´IROJHQGHV'LIIHUHQ]NULWHULXPEHQDQQWHÅ6LHKDWVLFKYRQGHU$ULVWR NUDWLHGDGXUFKDEJHVHW]WGD‰VLHEHVFKORVVHQKDWQXUIUVLFK]XYHUVFKZHQGHQ LQQHUKDOEGHUHLJHQHQ.ODVVH´ 'LH /LWHUDWXU GHV  -DKUKXQGHUWV KDWWH VLFK LP .RQWH[W DXINOlUHUL VFKHU/X[XVNULWLNDPYHUVFKZHQGHULVFKHQ/HEHQVVWLOGHV$GHOVDEJHDUEHL WHW,Q/XLVH*RWWVFKHGV.RP|GLH'LH8QJOHLFKH+HLUDWKZLUGQHEHQDGHOL JHP$KQHQVWRO]XQGJHQHUHOOHP5HDOLWlWVYHUOXVWGLH1HLJXQJDQJHSUDQJHUW *HOGLQODQGZLUWVFKDIWOLFKHQ%HVLW]DQ]XOHJHQVWDWWHVDQGHUZHLWLJ]XLQ YHVWLHUHQ XQG LQ 0ROLqUHV .RP|GLH /¶$YDUH EHVLW]W GHU JHL]LJH %UJHU +DUSDJRQ LP DGHOLJHQ 9HUVFKZHQGHU &OpDQWH VHLQHQ LGHDOHQ $QWDJRQLV WHQ6FKOLH‰OLFKLVWGDUDQ]XHULQQHUQGDVVGLHDXFKLQGHU/LWHUDWXUQRWR ULVFKH 7KHVH YRQ DGHOLJHU 9HUVFKZHQGXQJVVXFKW RGHU DOOJHPHLQ YRP XQ|NRQRPLVFKHQ9HUKDOWHQGHV$GHOVQXU$XVGUXFNHLQHU]XQHKPHQGDXI 5DWLRQDOLWlWKLQRULHQWLHUWHQ:LUWVFKDIWVPRUDOLVWGHUDGHOLJH9HUVFKZHQ ²²²²²²²²²²²²²

 2FKV 5REHUW 9HUVFKZHQGXQJ 'LH 7KHRORJLH LP *HVSUlFK PLW *HRUJHV %DWDLOOH )UDQNIXUW D 0 XD6XQG %DPEHUJHUWKHRORJLVFKH6WXGLHQ   9JO+DVHOVWHLQ3RHWLNGHU*DEH6  9JO)XFKV+HLQULW].|QLJ3LHUUH%RXUGLHX6I  0DXVV IUDJW LQ VHLQHP %XFK *DEH RE GLH $XVJDEHQ GHU 5HLFKHQ VHLQHU =HLW   ÅIU /X[XV.XQVW([WUDYDJDQ]HQXQG%HGLHQVWHWHQLFKWDQGLHGHU$GHOLJHQIUKHU=HLWHQRGHU GHVEDUEDULVFKHQ+lXSWOLQJV>HULQQHUQ@GHVVHQ6LWWHQZLUEHVFKULHEHQKDEHQ"´Å6RZRKOLQ GHQ XQWHUHQ ZLH LQ GHQ K|KHUHQ .ODVVHQ LVW GLH UHLQH LUUDWLRQDOH $XVJDEH HLQH JHOlXILJH 3UD[LVVLHLVWQRFKLPPHUFKDUDNWHULVWLVFKIUGLHZHQLJHQ)RVVLOHXQVHUHV$GHOV´ 0DXVV *DEH6   %DWDLOOH%HJULIIGHU9HUDXVJDEXQJ6  (EG6  (EG6  9JO ]XU QHX]HLWOLFKHQ gNRQRPLVLHUXQJ LP 6SLHJHO GHU .RP|GLH )XOGD 6FKDX6SLHOH GHV *HOGHV6IIXQG



.DSLWHO

 GHU DOVR 6HLWHQVWFN ]XP DGHOLJHQ :VWOLQJ LVW 'DV  -DKUKXQGHUW JLOW GHQQ DXFK DOV =HLWDOWHU GHV /X[XV  GLH )UDJH VWHOOW VLFK LQGHV RE GLH *UHQ]]LHKXQJ ÄXP ¶ QLFKW HKHU HLQHU (QWGLVNXUVLYLHUXQJ YRQ Ä/X [XV¶DXIJUXQGZHQLJHURVWHQWDWLYHQ9HUVFKZHQGHQVJHVFKXOGHWLVWDOVVLFK IDNWLVFKGXUFKVHW]HQGHUIOlFKHQGHFNHQGHU6SDUVDPNHLW 'LH NXOWXUHOOH .RQQRWDWLRQ YRQ Ä$GHO¶ XQG Ä0‰LJJDQJ¶ Ä|NRQRPL VFKHV 'HVLQWHUHVVH¶ RGHU JDU Ä9HUVFKZHQGXQJ¶ DXFK QDFK  QLPPW ZXQGHUGHQQNHLQHVZHJVZDUGHU$GHOLQ'HXWVFKODQG|NRQRPLVFKSDV VLY RGHU DJLHUWH PLW 8QJHVFKLFN $XFK LP  -DKUKXQGHUW NRQ]HQWULHUWH VLFKLPNDWKROLVFKHQ2EHUVFKOHVLHQHLQHNOHLQH*UXSSHVHKUILQDQ]VWDUNHU $GHOVIDPLOLHQGLHLKUHQ5HLFKWXPGXUFKGLH9HUNQSIXQJYRQ*XWVKHUU VFKDIW XQG 6FKZHULQGXVWULH HUZDUEHQ  (LQLJH GLHVHU DGHOLJHQ *UR‰ JUXQGEHVLW]HUJHK|UWHQLPIUKHQ-DKUKXQGHUWQRFK]XGHQUHLFKVWHQ )DPLOLHQ'HXWVFKODQGV:HQQYRQÄ$GHO¶XQGÄ:LUWVFKDIW¶XPXQGQDFK  GLH 5HGH VHLQ VROO GDQQ LVW QDFK ZLH YRU LQVEHVRQGHUH ODQGZLUW VFKDIWOLFKHU*UR‰JUXQGEHVLW]JHPHLQW'DEHLJLOWGDVVGDV-DKUKXQGHUW NHLQHVZHJV GXUFK IOlFKHQGHFNHQGH 9HUDUPXQJ YRQ $GHOVIDPLOLHQ JH NHQQ]HLFKQHW LVW ZLH IUKHU JHOHJHQWOLFK DQJHQRPPHQ,QVEHVRQGHUH GLH 9HUELQGXQJ YRQ (LQQDKPHQ DXV GHU *UXQGKHUUVFKDIW XQG VWDDWOLFKHQ bPWHUQ VLFKHUWH ILQDQ]LHOOH 6WDELOLWlW (V JHODQJ YLHOHQ /DQGDGHOLJHQ ² HQWJHJHQ GHP QDUUDWLYHQ 0RGHOO YRQ *RHWKHV :DKOYHUZDQGWVFKDIWHQ² GHU :HFKVHO ]XP PRGHUQHQ Å*UR‰YHUSlFKWHU ElXHUOLFKHU *WHU XQG ]XP ÄgNRQRPHQ¶ DXI VWHWLJ ZDFKVHQGHQ (LJHQZLUWVFKDIWHQ´  :HQLJHU WUDI GLHV DXI GHQ RVWHOELVFKDOWSUHX‰LVFKHQ $GHO ]X GHP LP  -DKUKXQGHUW YLHOIDFK GHU =XJDQJ ]X JXW GRWLHUWHQ bPWHUQ IHKOWH XQG GHU ]XGHP DQ HLQHU HUEUHFKWOLFK EHGLQJWHQ =HUVSOLWWHUXQJ GHV *UXQGEHVLW]HV ODERULHUWH VR GDVV HV LQ 2VWSUHX‰HQ 3RPPHUQ XQG %UDQGHQEXUJ ]XP ZLUWVFKDIWOL FKHQ$EVWLHJNDP*XWVEHVLW]JLQJ]XQHKPHQGDQ%UJHUOLFKHYHUORUHQ $OOHUGLQJV YROO]RJ VLFK HLQH VROFKH 9HUGUlQJXQJ GHV $GHOV DXV GHP *UXQGEHVLW] VHKU ODQJVDP JOHLFK]HLWLJ ODVVHQ VLFK 9HUVXFKH GHV ODQGEH VLW]HQGHQ$GHOVEHREDFKWHQYRUKDQGHQHQ/DQGEHVLW]]XDUURQGLHUHQ,Q 3UHX‰HQ ZDU EHUHLWV  PLW GHU $OORGLIL]LHUXQJ GHV ELVKHU DOV /HKHQ GHNODULHUWHQ /DQGEHVLW]HV GHU %HJLQQ HLQHV 0RGHUQLVLHUXQJVSUR]HVVHV LQ GHU ODQGZLUWVFKDIWOLFKHQ 3URGXNWLRQ HUUHLFKW 'LH /HKQVELQGXQJ ZXUGH DOVRDXIJHKREHQGHUHUVWH6FKULWW]XHLQHPP|JOLFKHQ(LJHQWPHUZHFKVHO ²²²²²²²²²²²²²

 9JO )LVFKHU :ROIUDP X D +UVJ  +DQGEXFKGHUHXURSlLVFKHQ:LUWVFKDIWVXQG6R]LDOJHVFKLFKWH %G6WXWWJDUW6  9JO5HLI$GHOLPXQG-DKUKXQGHUW6  9JOHEG6  (EG6²9JO:LHQIRUW0RGHUQH6  9JO5HLI$GHOLPXQG-DKUKXQGHUW6II  9JOHEG6



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 GHU $GHOVJWHU ZDU GDPLW JHWDQ $XVGHP OlQJVWQXU QRFK V\PEROLVFKHQ 'DVHLQGHVDGHOLJHQ*HIROJVPDQQVGHU/HKQVQHKPHUSIOLFKWHQ]XHUIOOHQ KDWWHGDIUDEHU$QVSUXFKDXIGHQ6FKXW]GHV/HKQVJHEHUVHUZDUENRQQ WHHLQ|NRQRPLVFKHVZHUGHQ9RQQXQDQKlWWHQGLH YRUHUVWQRFKGXUFK ZHJ DGHOLJHQ  /DQGEHVLW]HU DOV 8QWHUQHKPHU DJLHUHQ GLH 9HUEHVVHUXQJ LKUHUZLUWVFKDIWOLFKHQ/DJHDNWLYJHVWDOWHQN|QQHQZDVDEHUQXULQZHQL JHQ )lOOHQ RIW ]X ]|JHUOLFK JHVFKDK  (LJHQWXPVPRELOLWlW EHL DGHOLJHQ /DQGJWHUQLVWLQ3UHX‰HQXQWHUGHP1DFKIROJHU)ULHGULFKVGHV*UR‰HQ VHLWDOVR]XYHU]HLFKQHQ0LWGHUGXUFKGDV2NWREHUHGLNWYRQ LQ 3UHX‰HQ IHVWJHOHJWHQ *HZHUEHIUHLKHLW ÅYHUPRFKWH GLH 0HKUKHLW GHV SUHX‰LVFKHQ$GHOVJDQ]JXW]XOHEHQ´ ,QVJHVDPW ZHKUWH VLFK GHU $GHO NDXP JHJHQ HLQH *HVHW]JHEXQJ GLH DXI HLQH $EO|VXQJ EHVWHKHQGHU ElXHUOLFKHU /DVWHQ KLQDUEHLWHWH  'HU 3UR]HVVZDULQGHVVHQODQJZLHULJ,QNOHLQHQ6FKULWWHQELVLQGDV-DKU KXQGHUWKLQHLQZXUGHGLHJXWVKHUUOLFKH*HZDOWDXIGHP/DQGHEHVFKQLW WHQXQGDEJHVFKDIIW(VJLOWJUXQGVlW]OLFKGDVVGLH$JUDUUHIRUPHQGHV -DKUKXQGHUWV GLH 5LWWHUJXWVEHVLW]HU EHYRU]XJWHQ VLH EHGHXWHWHQ IU GHQ JUXQGEHVLW]HQGHQ$GHOLQ3UHX‰HQÅHLQHQXPIDVVHQGHQ.RQVROLGLHUXQJV SUR]HVV´  *OHLFK]HLWLJ EHVFKOHXQLJWH VLFK GLH +HUDXVELOGXQJ HLQHU 6FKLFKWODQGORVHU/DQGDUEHLWHUGLH]XELOOLJHQ$UEHLWVNUlIWHQDXIDGHOLJHQ *WHUQ ZXUGHQ ,Q 6DFKVHQ ZXUGHQ DXFK GXUFK GLH $JUDUUHIRUPHQ GHV HUVWHQ 'ULWWHOV GHV  -DKUKXQGHUWV GLH |NRQRPLVFKHQ 5HVVRXUFHQ GHU 5LWWHUJXWVEHVLW]HUQLFKWDQJHWDVWHW,Q:HVWXQG6GGHXWVFKODQGZDUGLH 9HUVFKXOGXQJ GHV /DQGDGHOV ZLH DXFK VHLQH %HVLW]PRELOLWlW QLHGULJHU  'HU PHGLDWLVLHUWH $GHO 2EHUVFKZDEHQV GLH VRJHQDQQWHQ 6WDQGHVKHUUHQ OHEWH LP  -DKXQGHUW ZHLWHUKLQ ÄEHUXIVORV¶ YRQ VHLQHQ ODQGZLUWVFKDIWOL FKHQ (LQNQIWHQ GLH OlQGOLFKH %HY|ONHUXQJ DN]HSWLHUWH GLHV ZHLWJHKHQG GDVVR]LDOH.DSLWDOGHVKRKHQ$GHOVLQ6GZHVWGHXWVFKODQGEOLHENRQVWDQW

²²²²²²²²²²²²²

 9JO +HQQLQJ )ULHGULFK:LOKHOP'HXWVFKH:LUWVFKDIWVXQG6R]LDOJHVFKLFKWHLP0LWWHODOWHUXQGLQ GHUIUKHQ1HX]HLW3DGHUERUQXD6XQG +DQGEXFKGHU:LUWVFKDIWVXQG 6R]LDOJHVFKLFKWH'HXWVFKODQGV YJODXFK)LVFKHU:LUWVFKDIWVXQG6R]LDOJHVFKLFKWH6I VRZLH+HQQLQJ)ULHGULFK:LOKHOP'HXWVFKH:LUWVFKDIWVXQG6R]LDOJHVFKLFKWHLP-DKUKXQGHUW 3DGHUERUQXD6 +DQGEXFKGHU:LUWVFKDIWVXQG6R]LDOJHVFKLFKWH'HXWVFK ODQGV   9JO)LVFKHU:LUWVFKDIWVXQG6R]LDOJHVFKLFKWH6  'HPHO9RP0LWWHODOWHUELV]XU*HJHQZDUW6  9JOHEG6  9JO6FKLOOHU5LWWHUJXW6II  :LHQIRUW0RGHUQH6  9JO0DW]HUDWK$GHOVSUREH6  9JO+HQQLQJ-DKUKXQGHUW6



.DSLWHO

 ZLH DXFK GDV |NRQRPLVFKH  'LH ZLUWVFKDIWOLFKH /DJH GHV ED\HULVFKHQ $GHOVZLHGHUXPZDULP-DKUKXQGHUWHKHUSUHNlU(LQHP0RGHUQLVLH UXQJVSUREOHP VDK VLFK GLH JHVDPWH /DQGZLUWVFKDIW QLFKW QXU GLH GXUFK GHQ $GHO EHWULHEHQH HUVW VSlWHU DXVJHVHW]W QlPOLFK GHP GXUFK GLH ,Q GXVWULDOLVLHUXQJ HLQVHW]HQGHQ %HGHXWXQJVYHUOXVW,P/DXIH GHV  -DKU KXQGHUWVZXFKVHQDOOHUGLQJVGLH8QWHUVFKLHGHLQQHUKDOEGHV$GHOV1HEHQ VFKZHUUHLFKHQÄ0DJQDWHQ¶PLWLQGXVWULHOOHQ,QWHUHVVHQVWDQGHQIRUWVFKULWW OLFKHDGHOLJHÄgNRQRPHQ¶(VJDEDEHUDXFK]XQHKPHQGGHQ VFKOHFKW ZLUWVFKDIWHQGH>Q@ DXI 9HUSDFKWXQJVJOFN VHW]HQGH>Q@ $GOLJH>Q@ GHU QLFKWVJHOHUQWKDWWHDEHUZLHVHLQHDQGHUHQ6WDQGHVJHQRVVHQGHPÄ3ULPDWGHU/H EHQVIKUXQJ¶ + :LQNHO  IROJWH HLQHP $QVSUXFK GHQ HU DEHU MH VSlWHU GHVWR ZHQLJHU|NRQRPLVFKDE]XVLFKHUQLPVWDQGHZDU

(LQH6WXGLH]XGHQ%HVLW]YHUKlOWQLVVHQGHVPHFNOHQEXUJLVFKHQ/DQGDGHOV LP  -DKUKXQGHUW NRPPW ]X GHP (UJHEQLV GDVV GLHMHQLJHQ $GHOLJHQ ZHOFKH GLH %HZLUWVFKDIWXQJ LKUHV *XWHV ÅSURIHVVLRQHOO´ EHWULHEHQ GDPLW DXFKLKUHVR]LDOH3RVLWLRQVWDELOLVLHUWHQXQGVR]XGHPÅ2EHQEOHLEHQGHV $GHOV LQ :LUWVFKDIW XQG 3ROLWLN´ EHLWUXJHQ  'LH 7KHVH YRQ IOlFKHQ GHFNHQGHU DGHOLJHU 0LVVZLUWVFKDIW JLOW KHXWH DOV 9RUXUWHLO'LH ELVKHULJH VR]LDO XQG ZLUWVFKDIWVJHVFKLFKWOLFKH )RUVFKXQJ EHWRQW MHGRFK GDVV GLH 9HUVFKXOGXQJ YRQ *WHUQ DXIJUXQG YRQ (UEDXVHLQDQGHUVHW]XQJHQ DEHU DXFKDXIJUXQGEHUPl‰LJKRKHQ.RQVXPVRIW]XP9HUNDXIYRQ5LWWHUJ WHUQIKUWHVHLWDXFKDQ1LFKWDGOLJH$OVLPXQG-DKUKXQ GHUW $GHOLJH ]XQHKPHQG IU %HDPWHQWlWLJNHLWHQ DXFK LQ GHU )LQDQ]YHU ZDOWXQJ KHUDQJH]RJHQ ZXUGHQ JLQJ PDQ GDYRQ DXV ÅZLUWVFKDIWVSROLWL VFKH/DLHQ´PLWGLHVHQbPWHUQ]XEHWUDXHQGHXWOLFKHU%HLP$GHOYHUPX WHWHPDQNHLQHUOHL|NRQRPLVFKH.RPSHWHQ] 'LH(U]lKOOLWHUDWXUGHU5RPDQWLNILQJLHUWLPPHUZLHGHUHLQHQDQPR GHUQHU gNRQRPLH GHVLQWHUHVVLHUWHQ RGHU DQ LKU ODERULHUHQGHQ $GHOLJHQ HLQHQ .lPSIHU JHJHQ GLH 6FKlGHQ GHU 0RGHUQLVLHUXQJ :DV GLH :LUW ²²²²²²²²²²²²²

 9JO%UDWYRJHO)ULHGULFKÅÄ%HUXIVELOGHU¶GHV$GHOVLQ2EHUVFKZDEHQLP-DKUKXQGHUW =ZLVFKHQ 6WDQGHVLQWHUHVVHQ XQG DXVGLIIHUHQ]LHUWHP :LUWVFKDIWVV\VWHP´ LQ +HQJH UHU.XKQ$GHOLP:DQGHO6  9JO 'HPHO :DOWHU Å'LH ZLUWVFKDIWOLFKH /DJH GHV ED\HULVFKHQ $GHOV LQ GHQ HUVWHQ -DKU ]HKQWHQGHV-DKUKXQGHUWV´LQ0HOYLOOH5HGHQ'RKQD$GHODQGHU6FKZHOOH6  9JO6FKLOOHU5LWWHUJXW6IVRZLH:LHQIRUW0RGHUQH6I  5HLI$GHOLPXQG-DKUKXQGHUW6  %XFKVWHLQHU ,ORQD Å%HVLW]YHUKlOWQLVVH GHV PHFNOHQEXUJLVFKHQ /DQGDGHOV YRP DXVJHKHQ GHQ  -DKUKXQGHUW ELV ]XU *UQGXQJ GHV 'HXWVFKHQ 5HLFKHV´ LQ 6FKXO]'HQ]HO 'HXWVFKHU$GHO6KLHU6  9JO6FKLOOHU5LWWHUJXW6  9JO)LVFKHU:LUWVFKDIWVXQG6R]LDOJHVFKLFKWH6VRZLH+HQQLQJ-DKUKXQGHUW6  9JO*|PPHO5DLQHU'LH(QWZLFNOXQJGHU:LUWVFKDIWLP=HLWDOWHUGHV0HUNDQWLOLVPXV 0QFKHQ6 (Q]\NORSlGLHGHXWVFKHU*HVFKLFKWH 



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 VFKDIWVJHVFKLFKWHDOVÅ>V@WlQGLVFKHPHQWDOH%DUULHUHQ´GHV$GHOVEHNODJW QLPPW GLH /LWHUDWXU DOV %HZDKUXQJ XQG (UQHXHUXQJ WUDGLHUWHU 9HUKDO WHQVPXVWHULQ.DXI2GHUDQGHUV'LHgNRQRPLVLHUXQJGHV/HEHQVPDFKW GLH6XFKHQDFKHLQHUSRHWLVFKHQ$OWHUQDWLYH]XUXQJHEUHPVWHQ:DUHQ]LU NXODWLRQ XPVR GULQJOLFKHU)U GLHQDFKIROJHQGEHKDQGHOWHQ OLWHUDULVFKHQ 7H[WHGHU5RPDQWLNJLOW1XUGHU$GHOLJHGDUIOHGLJOLFK*DEHQWDXVFKHQ² GHU %UJHU PXVV DQ GHU :DUHQ XQG *HOG]LUNXODWLRQ WHLOKDEHQ GDUI YRQ GHUHQ9RU]JHQSURILWLHUHQKDWDEHUDXFKGLHÄ.RVWHQ¶GLHVHUgNRQRPL VLHUXQJ]XWUDJHQ 9HUVXFKW PDQ DQ %DWDLOOHV %HKDXSWXQJ DQ]XNQSIHQ Ä3RHVLH¶ N|QQH V\QRQ\PIUÄ9HUVFKZHQGXQJ¶VWHKHQGDQQZLUGPDQLQ7H[WHQGHU*RH WKH]HLWLPPHUZLHGHUIQGLJ:lKUHQGGHU+HUDXVELOGXQJGHVOLWHUDULVFKHQ )HOGHV GLH LKUHUVHLWV LQPLWWHQ GHU gNRQRPLVLHUXQJVWHQGHQ]HQ ]ZLVFKHQ 3K\VLRNUDWLVPXVXQG.DSLWDOLVLHUXQJZlKUHQGGHUEHJLQQHQGHQ,QGXVWULHO OHQ 5HYROXWLRQ LQGHU HUVWHQ +lOIWH GHV  -DKUKXQGHUWV ]X YHURUWHQ LVW VFKHLQW GDV 3RVWXODW HLQHV NRPSHQVDWRULVFK ]X YHUVWHKHQGHQ DXWRQRPHQ /HEHQVVWLOV EHVRQGHUV DWWUDNWLY ]X VHLQ 'HU URPDQWLVFKHQ /LWHUDWXU LVW VRPLW EHLGHV P|JOLFK 0lUNWH ]X EHGLHQHQ JOHLFK]HLWLJ DEHU $XWRQRPLH WKHRUHWLVFKDXV]XIRUPXOLHUHQXQG²HWZDPLW+LOIHGHU6HPDQWLNGHU$GH OLJNHLW²]XILQJLHUHQ 'RFKVWHKWGLH/LWHUDWXULPPHUVFKRQGHQ0D[LPHQGHVKRPRRHFRQRPL FXV HQWJHJHQ 6ROO VHLQ +DQGHOQ HWZD YRUKHUVDJEDU VHLQ VR JHKW GLHVHV .DONO DXI GHU V\QWDJPDWLVFKHQ $FKVH GHV OLWHUDULVFKHQ 7H[WV QLFKW RGHU QXUEHGLQJWDXI(UOHLFKWHUQHVGLHHUNHQQEDUHQ:LHGHUKROXQJVVWUXNWXUHQ GHU SDUDGLJPDWLVFKHQ (EHQH YRQ 7H[W|NRQRPLN ]XVSUHFKHQ VR OHJW HV GHUOLWHUDULVFKH7H[WGHU0RGHUQHVHLWGHPVSlWHQ-DKUKXQGHUWJHUDGH ]XGDUDXIDQGHP/HVHUhEHUUDVFKXQJHQ]XELHWHQLQNDONXODEHO ]XVHLQ *OHLFK]HLWLJ WHQGLHUW GLH bVWKHWLN LP  -DKUKXQGHUW DOOHUGLQJV X D DXV PHGLHQJHVFKLFKWOLFKHQ *UQGHQ GD]X GLH ODQJH JHEWH $EJUHQ]XQJ YRQ bVWKHWLNXQGgNRQRPLN²HWZDPLW%HQMDPLQV.DWHJRULHGHUWHFKQLVFKHQ 5HSURGX]LHUEDUNHLW ² DXI]XEUHFKHQ LQGHVVHQ IXQNWLRQLHUW ÅGLH 'LIIHUHQ] XQGLKUHJOHLFK]HLWLJH0LVVDFKWXQJ´ELVKHXWH 7KRPDV :HJPDQQ VLHKW VFKRQ LP :HUWKHUGDV ([HPSHO HLQHU ÅgNR QRPLH GHU 9HUVFKZHQGXQJ´ GHU 5RPDQ SOlGLHUH IU GLH Å$XWRQRPLH HLQHU bVWKHWLN GLH VLFK NHLQHU gNRQRPLH XQG NHLQHU 0RUDO PHKU YHU SIOLFKWHW´IKOW,QGLHVHlVWKHWLVFKH7UDGLWLRQVFKUHLEWVLFKGLH:HLPDUHU .ODVVLNYRUDOOHPDEHUGLH5RPDQWLNHLQ'HU]ZHLWH7HLOGHV)DXVWHQW ²²²²²²²²²²²²²

 5HLI$GHOLPXQG-DKUKXQGHUW6  /HVFKNH 5DLQHU Å1HJDWLYH 5HSUlVHQWDWLRQ =XU )XQNWLRQ GHU 0HWDSKHUQ GHV gNRQRPL VFKHQLQGHUbVWKHWLN´LQ7KRPDV:HJPDQQ +UVJ 0DUNW²/LWHUDULVFK%HUQXD 6=LWDW6 3XEOLNDWLRQHQ]XU=HLWVFKULIWIU*HUPDQLVWLN1HXH)ROJH   :HJPDQQ7DXVFKYHUKlOWQLVVH6



.DSLWHO

 VWHKXQJV]HLWOLFK LGHQWLVFK PLW GHU 6SlWURPDQWLN SUlVHQWLHUW LQ GHU Å0XPPHQVFKDQ]´GLH3HUVRQLILFDWLRGHU3RHVLHGHQ.QDEHQ/HQNHUGHU DXVUXIW Å%LQGLH9HUVFKZHQGXQJELQGLH3RHVLH%LQGHU3RHWGHUVLFKYRO OHQGHW :HQQ HU VHLQ HLJHQVW *XW YHUVFKZHQGHW´3HWHU %UDQGHV LQWHU SUHWLHUW GLH +DQGOXQJVXQWHUEUHFKXQJHQ LP ]ZHLWHQ 7HLO GHV )DXVW DOV Å)RUP GHU SRHWLVFKHQ 9HUDXVJDEXQJ YRQ 7H[WVLQQ´XQG OLHVW GLH 9HU DXVJDEXQJGHU3RHVLHQLFKWQXULP.RQWH[WHLQHUSROLWLVFKHQgNRQRPLH VRQGHUQDXFKLQGHUHLQHUÅgNRQRPLHGHU=HLFKHQXQGGHU6SUDFKHEHU KDXSW´ 'LHURPDQWLVFKH/LWHUDWXUSURSDJLHUWJHUDGH]XDQ|NRQRPLVFKHV9HU KDOWHQ'LH,G\OOHEHUGHQ0‰LJJDQJLQ/XFLQGHUlXPWGHUÅ.XQVWGHU)DXO KHLW´QLFKWQXUSRHWLVFKHQ5DQJHLQVRQGHUQYHUELQGHWVLHQDFKZLHYRU PLW GHP $GHO Å8QG XQWHU DOOHQ +LPPHOVVWULFKHQ LVW HV GDV 5HFKW GHV 0‰LJJDQJVZDV9RUQHKPHXQG*HPHLQHXQWHUVFKHLGHWXQGGDVHLJHQWOL FKH3ULQ]LSGHV$GHOV´'DEHLRULHQWLHUWVLFKGLH)UKURPDQWLNVR7KR PDV :HJPDQQ LQ VHLQHU 8QWHUVXFKXQJ ]XU /XFLQGH JOHLFK]HLWLJ ÅLQ LKUHU :HUWVFKlW]XQJGHV1HXHQ>«@VHKUJHVFKLFNWDQGHQ*HVHW]HQGHV0DUN WHV´ XQG ÅLQV]HQLHUW HLQ /HEHQ DOV VFK|Q XQG VLQQYROO GDV VLFK ]XQHK PHQG YRQ |NRQRPLVFKHQ .RQWLQJHQ]HQ XPVWHOOW VLHKW´  :HQQ -XOLD .ULVWHYDLQLKUHU5HYROXWLRQGHUSRHWLVFKHQ6SUDFKHGDVÄ6HPLRWLVFKH¶XQGGDPLW DXFKGLHSRHWLVFKH6SUDFKHPLW9HUVFKZHQGXQJPLWÅ0DJLH6FKDPDQLV PXV (VRWHULVPXV .DUQHYDO XQG ÄXQYHUVWlQGOLFKH>U@¶ 3RHVLH´ LQ 9HUELQ GXQJ EULQJW ZHOFKH GLH Å6FKUDQNHQ GHV JHVHOOVFKDIWOLFK QW]OLFKHQ 'LV NXUVHV KHUYRU>NHKUWHQ@´  GDQQ LVW VRIRUW DQ )ULHGULFK 6FKOHJHOV 3URJUDPPDWLNGHU8QYHUVWlQGOLFKNHLW]XGHQNHQ $OV W\SLVFK URPDQWLVFKH )LJXUHQ GHU $Q|NRQRPLH N|QQHQ GLH $UD EHVNHXQGGLH0LVHHQDE\PHJHOWHQ)ULHGULFK6FKOHJHOKDWGLH$UDEHVNHDOV 6WLOPLWWHO LQ GLH IUKURPDQWLVFKH 3RHWRORJLH HLQJHIKUW 6HLQ 5RPDQ /X FLQGHH[HPSOLIL]LHUWGDV'LFKWHQLQ$UDEHVNHQHLQHZLOGZDFKVHQGH3RHVLH LQ GHU DOOH 2UGQXQJVVWUXNWXUHQ YHUQLFKWHW VLQG 'DV 3ULQ]LS DUDEHVNHQ ²²²²²²²²²²²²²  *RHWKH -RKDQQ :ROIJDQJ Å)DXVW 'HU 7UDJ|GLH ]ZHLWHU 7HLO´ LQ *RHWKH 0$  69II  %UDQGHV*RHWKHV)DXVW6  (EG 6  ² bKQOLFK -RFKHQ +|ULVFK 3RHVLH DOV |NRQRPLVFK VLQQORVH 9HUDXVJDEXQJ VHW]WPLW%DWDLOOHLQ6]HQHÅGD‰GDV/HEHQHLQH[]HQWULVFKHUhEHUIOX‰LVW´ +|ULVFK-R FKHQ Å3RHWLVFKH .ULWLN GHV *HOGHV ² =XU +HUPHQHXWLN GHV 0DQJHOV´ LQ GHUV .RSIXQG =DKO6KLHU6   6FKOHJHO)ULHGULFKÅ/XFLQGH´LQ.)6$96KLHU6  (EG6  :HJPDQQ7DXVFKYHUKlOWQLVVH6XQG  .ULVWHYD-XOLD'LH5HYROXWLRQGHUSRHWLVFKHQ6SUDFKH)UDQNIXUWD06I9JOKLHU]X %UDQGHV*RHWKHV)DXVW6II  6FKOHJHO)ULHGULFKÅhEHUGLH8QYHUVWlQGOLFKNHLW´LQ.)6$,,6KLHU6I



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 'LFKWHQVYHUIROJWHEHQIDOOV%UHQWDQRLQVHLQHP*RGZLHLQHPÅYHUZLOGHU WHQ´ 5RPDQ 6FKOHJHO VFKUHLEW LQ VHLQHP *HVSUlFKEHUGLH3RHVLHEHU MHQH ÅZLW]LJHQ 6SLHOJHPlOGH >«@ GLH PDQ $UDEHVNHQ QHQQW´ XQG ]ZDU QD PHQWOLFKEHU'LGHURWV-DFTXHVOHIDWDOLVWHÅ6LHZHUGHQGLH)OOHGHV:LW]HV KLHU JDQ] UHLQ ILQGHQ YRQ VHQWLPHQWDOHQ %HLPLVFKXQJHQ (V LVW PLW 9HU VWDQGDQJHOHJWXQGPLWVLFKUHU+DQGDXVJHIKUW,FKGDUIHVRKQHhEHU WUHLEXQJHLQ.XQVWZHUNQHQQHQ)UHLOLFKLVWHVNHLQHKRKH'LFKWXQJVRQ GHUQ QXU HLQH ² $UDEHVNH´'LH 3UHLVJDEH GHU /LQHDULWlW QLFKW QXU GHV (U]lKOHQVGHU9HU]LFKWDXIGHQNU]HVWHQ:HJGLHNQDSSVWHVSDUVDPVWH +DQGOXQJ XQG ]XGHP GHUHQ =LHOJHULFKWHWKHLW LVW $XVGUXFN DQ|NRQRPL VFKHQ +DQGHOQV $Q GLH Å7HQGHQ] GHU $UDEHVNH ]XP 1LFKW VHPDQWLVFKHQ´LVWKLHU]XHULQQHUQ$OV+LQWHUJUXQGPRGHOOGHU$UDEHVNH ZLUG GXUFK GHQ %HUOLQHU 6SlWDXINOlUHU XQG /HKUHU 7LHFNV $XJXVW )HUGL QDQG%HUQKDUGLGHU7UDXPJHQDQQW(U ELQGHWVLFKDQNHLQH%HGLQJXQJHQGHV5DXPHVNHLQH(LQHQJXQJHQGHU=HLWQLFKW DQGHQYHUVWlQGLJHQ*DQJGHU*HVFKlIWH>«@XQGZHULVWGHUMHQLJHGHUDXIWUHWHQ XQGVDJHQNDQQ(UKDEHLP7UDXPQLFKWYRQGLHVHQ3KDQWDVPHQJH]LWWHUW>«@ VHLQLFKWHQW]FNWZRUGHQYRQGHQ$UDEHVNHQGHU3KDQWDVLH"

'LH$UDEHVNHLVWVHOEVWHLQHPLVHHQDE\PH)LJXU7KHRUHWLVFKJUXQGOHJHQG GDIU GUIWH GLH LP  $WKHQlXPVIUDJPHQW FKDUDNWHULVLHUWH 7UDQV]HQ GHQWDOSRHVLHVHLQGLHDOVÅ3RHVLHGHU3RHVLH´HEHQIDOOVYRQHLQHU(QGORV VFKOHLIH GHU MHZHLOLJHQ :LHGHUHLQVHW]XQJ GHU 5DKPHQVWUXNWXU LQ GLH %LQ QHQVWUXNWXU DXVJHKW ,QVRIHUQ RUQDPHQWDOH 6LJQLILNDQWHQDQRUGQXQJHQ DOV +LHURJO\SKHQÅ$EELOGHUHLQHVLQV8QHQGOLFKHHQWUFNWHQ6LJQLILNDWV´VLQG JHPDKQHQVLHVHOEVWDQGLHPLVHHQDE\PH6WUXNWXUGHU7UDQV]HQGHQWDOSRH VLH ²²²²²²²²²²²²²

 6FKOHJHO)ULHGULFKÅ*HVSUlFKEHUGLH3RHVLH´LQHEG6  2HVWHUOH *QWHU Å$UDEHVNH XQG 5RPDQ (LQH SRHWLNJHVFKLFKWOLFKH 5HNRQVWUXNWLRQ YRQ )ULHGULFK6FKOHJHOV%ULHIEHUGHQ5RPDQ´LQ'LUN*UDWKRII +UVJ 6WXGLHQ]XUbVWKHWLNXQG /LWHUDWXUJHVFKLFKWHGHU.XQVWSHULRGH)UDQNIXUWD0XD6KLHU6 *LH ‰HQHU$UEHLWHQ]XUQHXHUHQGHXWVFKHQ/LWHUDWXUXQG/LWHUDWXUZLVVHQVFKDIW   %HUQKDUGL$XJXVW)HUGLQDQG:LVVHQVFKDIWXQG.XQVW%HUOLQ6=LWLHUWQDFK2HV WHUOH*QWHUÅ$UDEHVNH´LQ.DUOKHLQ]%DUFNXD +UVJ bVWKHWLVFKH*UXQGEHJULIIH%G 6WXWWJDUW:HLPDU6KLHU6I  9JO.DSLWHO]XP%HJULII  *UDHYHQLW] *HUKDUW YRQ 'DV2UQDPHQWGHV%OLFNVhEHUGLH*UXQGODJHQGHVQHX]HLWOLFKHQ6HKHQV GLH3RHWLNGHU$UDEHVNHXQG*RHWKHV:HVW|VWOLFKHQ'LYDQ 6WXWWJDUW:HLPDU  6  ² 9JO GLH PHGLHQZLVVHQVFKDIWOLFKHQ $XVIKUXQJHQ YRQ 6WHIDQ 5LHJHU GHU QDFKZHLVW GDVV ÅLP |NRQRPLVFKHQ5HJHOYHUVWR‰GHUhEHUIOX‰²LQ*HVWDOWYRQ$UDEHVNHQRGHU3RHVLH²VWUD WHJLVFK]XU1DFKULFKWHQFRGLHUXQJHLQJHVHW]WZLUGXQGZHUGHQNDQQVRGDVVGLH$UDEHVNH DXVJHUHFKQHW LP 1DFKULFKWHQZHVHQ DOV Å'LVSRVLWLY> @ GHU $XIPHUNVDPNHLWVDEOHQNXQJ´ IXQJLHUHQNDQQ 5LHJHU6WHIDQÅ'LH3ROL]HLGHU=HLFKHQ9RP1XW]HQXQG1DFKWHLOGHU $UDEHVNHIUGHQ.ODUWH[W´LQ6XVL.RW]LQJHU*DEULHOH5LSSO +UVJ =HLFKHQ]ZLVFKHQ.ODU WH[WXQG$UDEHVNH$PVWHUGDP$WODQWD6KLHU6 ,QWHUQDWLRQDOH)RU VFKXQJHQ]XU$OOJHPHLQHQXQG9HUJOHLFKHQGHQ/LWHUDWXUZLVVHQVFKDIW 



.DSLWHO



5HVHUYDWHGHU$Q|NRQRPLH"1RYDOLV+HLQULFKYRQ2IWHUGLQJHQ )RXTXp8QGLQH

 )ULHGULFKYRQ+DUGHQEHUJVNULWLVFKH%HPHUNXQJHQEHUGHQ:LOKHOP0HLV WHUVFKOLH‰HQQLFKWQXUGHQ9HUGDFKWHLQHVKDQGOHVLFKXPHLQHQÅQRELOL WLUWH>Q@´5RPDQ ZREHLVLFK GHU 9HUGDFKW JHJHQ GDV ,QWHUHVVH GHV $XWRU NHKUWH VHOEVW QRELOLWLHUW ]X ZHUGHQ DOVR GHP ÄUHDOHQ¶ $GHO VHLQHU =HLW DQ]XJHK|UHQ6LHVSLHOHQDXFK3RHVLHXQGgNRQRPLHJHJHQHLQDQGHUDXV Å>,@FK VHKH VR GHXWOLFK GLH JUR‰H .XQVW PLW GHU GLH 3RsVLH GXUFK VLFK VHOEVW LP 0HLVWHU YHUQLFKWHW ZLUG ² XQG ZlKUHQG VLH LP +LQWHUJUXQGH VFKHLWHUW GLH 2HFRQRPLH VLFKHU DXI IHVWHQ >VLF@ *UXQG XQG %RGHQ PLW LKUHQ )UHXQGHQ VLFK JWOLFK WKXW XQG $FKVHO]XFNHQG QDFK GHP 0HHUH VLHKW´  1RYDOLV· *HJHQHQWZXUI YHUIlKUW GLIIHUHQ]LHUWHU PLW GHU )UDJH QDFKHLQHUgNRQRPLVLHUXQJGHU3RHVLH +HLQULFKYRQ2IWHUGLQJHQLVWQLFKWQXU%UJHUZLHGDVHUVWH.DSLWHO ]XQlFKVW JODXEHQ PDFKW VRQGHUQ ]XJOHLFK 6WDPPKHUU HLQHV .|QLJVJH VFKOHFKWVPLW=\DQHV:RUWHQÅ'XKDVWPHKU(OWHUQ´ 2 'HUDOV (LQVLHGOHU LP %HUJ OHEHQGH *UDI YRQ +RKHQ]ROOHUQ LVW +HLQULFKV Ä]ZHL WHU¶9DWHUHUJHK|UWDOVRHLQHUGRSSHOWHQ*HQHDORJLHDQGLHDOV.RQILJXUD WLRQJHQHWLVFKHUXQGHU]LHKHULVFKHU(LQIOVVH]XGHQNHQLVWXQGVHLQH1l KH ]XP DOWHQ $GHO ZLH ]XP SUDNWLVFKHQ (UZHUEVOHEHQ ]XP +DQGZHUN EH]HLFKQHW GDV KHL‰W DEHU ,Q +HLQULFK VLQG EHLGH SRHWLVFKH 6WlQGH YHU VFKPRO]HQ )U VHLQHQ %LOGXQJVZHJ ZHVHQWOLFKH ,PSXOVH HUKlOW HU GXUFK VHLQHQOHLEOLFKHQ9DWHU+RKHQ]ROOHUQGHUQLFKWQXUHLQGHQZHLWHUHQ/H EHQVZHJ EHVWLPPHQGHV 3RHWLVLHUXQJVJHERW DXVVSULFKW VRQGHUQ LKQ ]X GHPPLWGHPÄDOWHQ%XFK¶GHU3RHVLHNRQIURQWLHUW'LHVH%H]JHDXIGHQ $GHOVLQGQLFKWVLQJXOlULQGHQ9RUDUEHLWHQ]XP5RPDQNOLQJWGDVPLWWHO DOWHUOLFKH5LWWHUWXPDQ 1RYDOLV· 'HQNHQ NUHLVWH XP HLQH Å9HUPLWWOXQJ ]ZLVFKHQ Ä6FK|Q KHLW¶ XQG Ä1XW]HQ¶ RGHU ZLH HU DXFK IRUPXOLHUW ]ZLVFKHQ Ä3RHVLH¶ XQG ÄgNRQRPLH¶´  ,P 2IWHUGLQJHQ VR +HUEHUW 8HUOLQJV ZHLWHU SRVWXOLHUH HU ²²²²²²²²²²²²²

 =XUÅ:DOOIDKUWQDFKGHP$GHOVGLSORP´YJO.DS²,QGHQ)UDJPHQWHQXQG6WXGLHQILQGHW VLFK GLH %HPHUNXQJ Å'HU +HOG UHWDUGLUW GDV (LQGULQJHQ GHV (YDQJHOLXPV GHU 2HFRQR PLH´ 1RYDOLV3KLORVRSKLVFKWKHRUHWLVFKHV:HUN6   1RYDOLV DQ /XGZLJ 7LHFN DP  LQ 1RYDOLV 'LFKWHULVFKHV :HUN 6  KLHU 6  1RYDOLV +HLQULFK YRQ 2IWHUGLQJHQ 6  ,P )OLH‰WH[W XQG LQ GHQ )X‰QRWHQ NQIWLJ ]LWLHUWPLW6LJOHÅ2´XQG6HLWHQ]DKO   Å&KHYDOHULH 6LWWHQ GHU DOWHQ =HLW ,QGLHQ 6LQD XQG 6FKZHGHQ LP WHQ -DKUKXQGHUW´ 2   8HUOLQJV+HUEHUWÅ'LH%HGHXWXQJGHV%HUJEDXVIUGHQ+HLQULFKYRQ2IWHUGLQJHQ´LQ(OHR QRUH 6HQW +UVJ %HUJEDXXQG'LFKWXQJ²)ULHGULFKYRQ+DUGHQEHUJ 1RYDOLV ]XP7RGHVWDJ :HLPDU-HQD6KLHU6



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 HLQHQ ÅXQDEVFKOLH‰EDUHQ 9HUPLWWOXQJVSUR]H‰´  1RYDOLV· bX‰HUXQJHQ EHUGDV*HOGVLQGZHQLJDXVVDJHNUlIWLJGLHLP5RPDQGXUFKGLH.DXI OHXWHJHlX‰HUWHQÅ]XVWLPPHQGHQbX‰HUXQJHQ]XP*HOGXQG:DUHQYHU NHKU´ VLQG QLFKW ]X YHUDEVROXWLHUHQ  8OULFK 6WDGOHU NRPPW ]X GHP 6FKOXVV1RYDOLVKDEHWURW]VHLQHV)HVWKDOWHQVDPRUJDQLVFKHQ6WDDWHLQH HQWZLFNHOWH0DUNWZLUWVFKDIWXQGGDPLWHLQHPRGHUQH=LUNXODWLRQGHV*HO GHVEHIUZRUWHW$QDORJ]XU*HL‰HOXQJYRQ+HLQULFKV0‰LJJDQJGXUFK VHLQHQ=LHKYDWHUWULWWGLH*UXSSHGHU.DXIOHXWHPLWHLQHP/REGHU|NR QRPLVFKHQ 5DWLRQDOLVLHUXQJ XQG GHU IRUWVFKUHLWHQGHQ $UEHLWVWHLOXQJ DXI 6LHEHIUZRUWHQGHQ(UZHUEVIOHL‰GLH7UHQQXQJYRQ$UEHLWVWDJXQG)UHL ]HLW ZDV DXFK HLQ 3OlGR\HU IU GLH 1HEHQVWXQGHQSRHVLH HLQVFKOLH‰W ² QLFKWHWZDIUGLH3RHWLVLHUXQJGHVJDQ]HQ/HEHQV.XQVWLVWIUVLHDOVR HLQ*HJHQVWDQGGLOHWWDQWLVFKHU$XVEXQJHLQH$EZHFKVOXQJ]XP$OOWDJ 2 ,QGLHVHP9HUVWlQGQLVKRUL]RQWEHVFKHLQLJHQVLH+HLQULFKGXUFK DXVGLH$QODJH]XP'LFKWHU)UGLH(QWZLFNOXQJYRQ+HLQULFKV3RHVLH NRQ]HSW GDV GHP GHU )UKURPDQWLN QDKHVWHKW EHVLW]HQ GLH .DXIOHXWH MHGRFK NDWDO\WLVFKH )XQNWLRQ 0DQ N|QQWH VLH LQ W\SRORJLVFKHU /HVDUW DOV 9RUEHUHLWHU DXI GDV NQIWLJH *ROGHQH =HLWDOWHU OHGLJOLFK YRUYHUZHLVHQGH *HVWDOWHQ EH]HLFKQHQ VLH EHVLW]HQ NHLQHUOHL ,QGLYLGXDOLWlW NHLQH 1DPHQ VSUHFKHQ LP .ROOHNWLY6LH VLQG %RWHQ XQG0LWWOHU YHUPLWWHOQ GXUFKDXV RKQHHU]LHKHULVFKH$EVLFKWXDDQ+HLQULFK(U]lKOXQJHQGLHLQGLHVHP HLQHQ SRHWLVFKHQ 6LQQ ZDFKVHQ ODVVHQ XQG VLH IKUHQ LKQ PLW 3HUVRQHQ ]XVDPPHQGLHGLHVHQVSH]LILVFKHQ%LOGXQJVSUR]HVVQRFKYHUVWlUNHQ:LH LQ7H[WHQGHU5RPDQWLNDEXQGQRFKNRQWUlU]X7H[WHQGHV-HQDHU .UHLVHV LVW LQ 1RYDOLV· 5RPDQ EHUHLWV GHU 5LWWHU GHU DOWQHXH 7\SXV GHV 'LFKWHUVZHOFKHU.ULHJ*ODXEHXQG3RHVLH]XU6\QWKHVHEULQJHQVROOXQG ]XGHP DOV 6\PEROILJXU GHU YHUVFKROOHQHQ HXURSlLVFKHQ &KULVWHQKHLW JLOW 5LWWHUXQG6lQJHUYHUVFKPHO]HQLQHLQHUO\ULVFKHQ(LQODJH]XGHPYRQGHQ .DXIOHXWHQ LP GULWWHQ .DSLWHO HU]lKOWHQ 0lUFKHQ GLHVHU 6lQJHU EHKDUUW DXIGHUÅ*DEH´GLHHUVLFKQDFKVHLQHP$XIWULWWHUKRIIWGRFKQXULQJH ULQJHP 0D‰ EHNRPPW 2   'LH IU +HLQULFK YRUELOGOLFKH 0lUFKHQ ZHOWNODPPHUWHLQHIUHLHDQGHU9HUNlXIOLFKNHLWGHV.XQVWZHUNVRULHQWLHU WH$XWRUVFKDIWDXV 'LH5ROOHGHU.DXIOHXWHLVWDXFKZLHGHUQLFKW]XEHUVFKlW]HQGHQQ PLW LKUHU +LOIH WULWW DOOHQIDOOV ]X 7DJH ZDV OlQJVW IHVWVWHKW QlPOLFK GDVV +HLQULFKGHULP*HJHQVDW]]X:LOKHOP0HLVWHUDXIHLQHQ%URWEHUXIYHU ²²²²²²²²²²²²²

 (EG6  6WDGOHU 8OULFK 'LHWKHXUHQ'LQJH6WXGLHQ]X%XQ\DQ-XQJ6WLOOLQJXQG1RYDOLV %HUQ0QFKHQ 6  9JOHEG6  9JO *ROG +HOPXW (UNHQQWQLVVHXQWHU7DJH%HUJEDXPRWLYHLQGHU/LWHUDWXUGHU5RPDQWLN 2SOD GHQ6



.DSLWHO

 ]LFKWHW VLFK DOV 'LFKWHU ]X HQWGHFNHQ EHJLQQW XQG GHP]XIROJH QLFKW ]X MHQHQ JHK|UW ÅGLH ]XP +DQGHOQ ]XU *HVFKlIWLJNHLW JHERUHQ VLQG´ 2  *HPl‰ HLQHP DXI 8QWHUKDOWXQJVEHGUIQLVVH ]XJHVFKQLWWHQHQ .XQVWEHJULII VXFKHQ GLH .DXIOHXWH DXI LKUHP 5HLVHZHJ Å/XVWEDUNHL WHQ´ 2   ZlKUHQG+HLQULFK XQEHZXVVWVHLQH,QLWLDWLRQ ]XP 'LFKWHU YHUIROJW 'HU lKQOLFK ZLH GLH /XFLQGHLP 'LHQVW GHU )RUPDXIO|VXQJ VWH KHQGH5RPDQGHUDOOHUOHL%LQQHQKDQGOXQJHQLQWHJULHUW]DKOUHLFKH/\ULN HLQODJHQ HQWKlOW GLH +DQGOXQJ VRPLW LPPHU ZLHGHU XQWHUEULFKW LVW GHU 3URWRW\SHLQHUDXIGHP3ULQ]LSGHU$UDEHVNHDXIUXKHQGHQ7UDQV]HQGHQ WDOSRHVLH (LQ (QGH GHU +DQGOXQJ ZLUG RKQHKLQ QLFKW HUUHLFKW RE GLHV DOOHLQ1RYDOLV·IUKHP7RGJHVFKXOGHWLVWVSLHOWNHLQH5ROOH (LQH5DGLNDOLVLHUXQJYRQ3RHVLHJHKWHLQKHUPLWGHP5HNXUVDXIHLQH LP 5RPDQ VHKU SUlVHQWH ZLUWVFKDIWVJHVFKLFKWOLFKH bUD LQ ZHOFKHU GHU 0RQHWDULVPXVQRFKQLFKWGDV6DJHQKDWWH'HU%HUJEDXZLUGDOVÅVHOWQH JHKHLPQL‰YROOH .XQVW´ QLFKW DOV +DQGZHUN DXIJHIDVVW 2   bKQOLFK ZLHGHUJ|WWOLFKLQVSLULHUWH.QVWOHUPDFKWVLFKGHU%HUJPDQQEHUHLWÅ]XP (PSIlQJQL‰KLPPOLVFKHU*DEHQ´ 2 'HUDOWH%HUJPDQQGHU+HLQ ULFKDXIVHLQHP%LOGXQJVZHJLQVWUXLHUWOHJW:HUWGDUDXIGDVVVLFKGHULP %HUJEDX7lWLJHQLFKWYRP)HWLVFK*ROGEOHQGHQODVVHGHQÅPHWDOOLVFKH>Q@ 0lFKWH>Q@>«@NHLQHQ5HL]PHKU´DEJHZLQQHÅZHQQVLH:DDUHQJHZRU GHQVLQG´ 2 'DVGUIWHHUVWGDQQJHOWHQZHQQDXVGHPDEJHEDXWHQ (GHOPHWDOO *HOG JHZRUGHQ LVW 'HU %HUJEDX ZLUG DOVR ÅSRHWLVLHUW XQG URPDQWLVLHUW´IUGHQ%HUJPDQQLVWGLH1DWXUQLFKWQXU2UWVHLQHU$U EHLWVRQGHUQDXFKVHLQHVlVWKHWLVFKHQ*HQXVVHV$XIGHUDQGHUHQ6HLWH VROODEHUGHU*HQXVVGHUJOlQ]HQGHQ0HWDOOHVR]LRNXOWXUHOOUFNJHEXQGHQ EOHLEHQGLH7lWLJNHLWGHV%HUJPDQQVQLFKWUHLQVHOEVWJHQJVDPVHLQ'LH DOV/X[XVNULWLNYHUVWHKEDUH(LQEHWWXQJGHV]XQlFKVWlVWKHWLVLHUWHQ$EEDX SUR]HVVHV LQ VR]LDOH XQG |NRQRPLVFKH .RQWH[WHGDUI QLFKW EHU GLH HL JHQWOLFKNQVWOHULVFKH7lWLJNHLWGHV%HUJPDQQVKLQZHJWlXVFKHQ'LHVSl WHUH 1XW]XQJ GHU 0HWDOOH YHUPDJ JHUDGH HLQH 9HUDEVROXWLHUXQJ VHLQHV +DQGHOQV]XYHUKLQGHUQ'LH$EZHJHHLQHUVROFKHQQXUlVWKHWLVFKHQ+DO WXQJ]HLFKQHWHWZD/XGZLJ7LHFNVHQWVWDQGHQH(U]lKOXQJ'HU5XQHQ EHUJ QDFK 'LH VHOEVW]HUVW|UHULVFKHQ $XVZLUNXQJHQ GHU /HLGHQVFKDIW ]X GHQ0HWDOOHQZLUGLQGHU5RPDQWLNLPPHUZLHGHUWKHPDWLVFK )UGLH.DXIOHXWHIUHLOLFKLVWGHU.RQWDNW]XP%HUJEDXQXUDXIJUXQG HLQHV JHSODQWHQ YRUWHLOKDIWHQ +DQGHOV PLW %|KPHQ YRQ ,QWHUHVVH 'HU OHLEOLFKH9DWHU+HLQULFKVGHU*UDIYRQ+RKHQ]ROOHUQGHPHUEDOGGDUDXI ²²²²²²²²²²²²²

 8HUOLQJV)ULHGULFKYRQ+DUGHQEHUJ6  9JO*ROG(UNHQQWQLVVHXQWHU7DJH6I  9JO(UOLQ0DWWÅ3URGXFWVRIWKH,PDJLQDWLRQ0LQLQJ/X[XU\DQGWKH5RPDQWLF$UWLVWLQ +HLQULFKYRQ2IWHUGLQJHQ´LQ*HUPDQ/LIHDQG/HWWHUV6  9JOHUQHXW*ROG(UNHQQWQLVVHXQWHU7DJH]XGLHVHP0RWLYNRPSOH[



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 EHJHJQHW OHKQW ZLHGHUXP GLH PRGHUQH *HOGZLUWVFKDIW ]XJXQVWHQ GHV :DUHQWDXVFKVDEHUOHEWJDQ]GHU3RHVLHQLFKWGHPÅ*HZLQQVW´ 2  'RFK OlVVW GHU *UDI NHLQHQ =ZHLIHO GDUDQ GDVV VHLQH /HEHQVZHLVH QLFKW IUDOOH0HQVFKHQJOWLJVHLQNDQQVHLQH$UJXPHQWDWLRQLVWOHEHQVDOWHUV VSH]LILVFK.LQGHUXQG$OWHIROJHQNHLQHQ(UZHUEV]ZHFNHQ (VJLEW]XGHQNHQGDVV-RVHSK9RJODXV1RYDOLV·5RPDQVHLQH7KHVH YRQ GHQ URPDQWLVFKHQ 5HJHONUHLVOlXIHQ PLW DEOHLWHQ NRQQWH QDFK GHU *HOGXQG3RHVLHÅ9HUPLWWOXQJHQKHUVWHOOHQGDVVVLHVWDUUH=ZHFN0LWWHO 9HUKlOWQLVVH XQG OLQHDUH .DXVDOLWlWHQ DXIO|VHQ XP VLH LQ 5HJHONUHLVH LQ ]LUNXOlUH .DXVDONHWWHQ ]X WUDQVIRUPLHUHQ´(LQH *OHLFKVHW]XQJ YRQ DX WRQRPHU HEHQ DOV 5HJHONUHLVODXI DEODXIHQGHU 3RHVLH XQG UDGLNDOHU gNR QRPLHNULWLN IUXFKWHW IU 1RYDOLV DXFK LP =HLFKHQ VHLQHV DGHOLJHQ 3URWD JRQLVWHQQLFKW'LH.RUUHODWLRQYRQSRHWLVFKHU$XWRQRPLVLHUXQJXQGGHP %HKDUUHQDXIHLQHUQLFKW|NRQRPLVFKHQ+DOWXQJILQGHWVLFKYRUKHUVFKRQ LQ GHU  HUVFKLHQHQHQ .RP|GLH 3ULQ]=HUELQRYRQ/XGZLJ 7LHFN 'HU +HOGYRQKRKHP$GHO]HLFKQHWVLFKGXUFKVHLQHDXI0‰LJJDQJXQG/HN WUH ]XUFN]XIKUHQGH0HODQFKROLH DXV GLH HLQH *UDQG7RXU Å]XP JXWHQ *HVFKPDFN´NXULHUHQVROO6HLQDUDEHVNHU:HJIKUWLKQGDEHL]XHLQHP 'LFKWHUJDUWHQLQGHPHLQH5HLKHNODVVLVFKHU'LFKWHULKUHQ$XIWULWWKDEHQ 6LH DOOH ZHQGHQ VLFK JHJHQ HLQH YHUIODFKHQGH 5H]HSWLRQ LKUHU 7H[WH QXU 1HVWRUYHUWULWWDOV$X‰HQVHLWHUGDV3URMHNWHLQHUÅQW]OLFKHQ´DXIJHNOlUWHQ /LWHUDWXUUHGHWPLWVHLQHU(PSIHKOXQJ]XÅ>I@HLOHQ´HLQHU9HUEHVVHUXQJV lVWKHWLNGDV:RUWXQGNHKUWEHUKDXSW1W]OLFKNHLWVHUZlJXQJHQKHUYRU ,Q 7LHFNV .RP|GLH NRUUHVSRQGLHUHQ GLH $GHOLJNHLW GHV +HOGHQ VHLQH 1HLJXQJ ]XU 3RHVLH XQG DXI GHU +DQGOXQJVHEHQH DXFK H[SOL]LWH $EOHK QXQJGHVgNRQRPLVFKHQYHUEXQGHQPLWGHUQLFKWOLQHDUUHIHUHQ]LHUEDUHQ QLFKW IROJHULFKWLJHQ HEHQ DUDEHVNHQ  $EIROJH YRQ 6]HQHQ VR GDVV GHU %LOGXQJVZHJGHV3ULQ]HQ=HUELQRDOV=LFN]DFNPXVWHUVDPW:LHGHUKROXQ JHQXQG5FNIlOOHQOHVEDUZLUG(LQ1XW]HQLVWKLQJHJHQQLFKWDE]XVHKHQ (LQHLQKDOE-DKU]HKQWHVSlWHUILQGHWVLFKLQ)RXTXpV(U]lKOXQJ8QGLQH HLQH DXI GHU /LHEHVNRQNXUUHQ] DXV HLQHP 0DQQ ]ZLVFKHQ ]ZHL )UDXHQ EDVLHUHQGH.RQILJXUDWLRQEHLGHUGLHEHLGHQ)UDXHQ8QGLQHXQG%HUWDOGD ]ZHL JHJHQVlW]OLFKH |NRQRPLVFKH 3ULQ]LSLHQ UHSUlVHQWLHUHQ HEHQVR DEHU DXFK]ZHLSRHWLVFKHQlPOLFKGLHVFKUDQNHQORVH(QWIDOWXQJGHU3KDQWDVLH HLQHUVHLWVGLHVWUHQJH5LWXDOLWlWGHUK|ILVFKHQ.XOWXUDQGHUHUVHLWVGLHEHL )RXTXpYHUNRSSHOEDULVWPLW%HUWDOGDVIDNWLVFKEUJHUOLFKHU+HUNXQIW ²²²²²²²²²²²²²

 9JO9RJO.DONO6  9JO 6FKHUHU 6WHIDQ :LW]LJH 6SLHOJHPlOGH 7LHFN XQG GDV 'UDPD GHU 5RPDQWLN %HUOLQ1HZ U@KRKHQ$GHOLJHQXQGDOOH>U@ JHNU|QWHQ+lXSWHU´ * 'D]XJHK|UWGLH6SDUVLRHLQHWURW]GHUHLJH QHQ $UPXW YHUVFKZHQGHULVFKH %HJU‰XQJ GHU LP PDURGHQ 6FKORVV KDX VHQGHQ 9|JHO JOHLFKVDP GHU 8QWHUWDQHQ GHU *UDIHQIDPLOLH Å*RFNHO +LQNHOXQG*DFNHOHLDKLH‰HQDOOHZLOONRPPHQXQG*DFNHOHLDVWUHXWHPLW YROOHQ +lQGHQ GLH %URVDPHQ DXV ZDV PLW JUR‰HP %HLIDOO YRQ DOOHQ GHQ 9|JHOQDXIJHQRPPHQZDUG´ *  ,Q VHLQHP %XFK EHU GLH *DEH DOV VR]LDOH *HVWH HU]lKOW -HDQ 6WDUR ELQVNL YRQ GHU DGHOLJHQ RGHU EHVVHU K|ILVFKHQ 9DULDQWH GHV 3RWODWVFK GHU YHUVFKZHQGHULVFKHQVFKHLQEDUGHQ*HEHUVHOEVWLQ)UDJHVWHOOHQGHQ*DEH GLH HU ELV ]XU DQWLNHQ 7UDGLWLRQ GHU ODUJLWLR]XUFNYHUIROJW XQG PLW HLQHU YHUPHLQWOLFK VHOEVW]HUVW|UHULVFKHQ *HElUGH EHL HLQHP )HVW GHU 0DGDPH G¶(SLQD\EHOHJW$XFKKLHUJLOWGLH9HUVFKZHQGXQJLVW(LQVDW]LP6SLHO XPGDVK|FKVWHV\PEROLVFKH.DSLWDO (V EDKQWVLFK DOVR HLQ WUDGLWLRQHOOHVQLFKW JHUDGH YRQ|NRQRPLVFKHU 9LUWXRVLWlWJHNHQQ]HLFKQHWHVDGHOLJHV/DQGOHEHQDP5DQGHGHV([LVWHQ] PLQLPXPV DEHU LQ VWDQGHVJHPl‰HU 8PJHEXQJ DQ *UDI *RFNHO EHWUlJW ²²²²²²²²²²²²²

 9JO0DW]HUDWK-RVHI7OXVW\%DUEDUDÅ'UHVGHQ²6WDGWGHVVlFKVLVFKHQ$GHOV´LQ0DU EXUJ0DW]HUDWK0RGHUQH6  9JO6WDURELQVNL*DEHQ6



.DSLWHO

 VLFKGXUFKDXVNRUUHNWDOV%HVFKW]HUGHU'DPHQXQGGHU6FKZDFKHQZLH HVGLH0DXV6LVVLYRQLKPIRUGHUW *RFNHOXQGVHLQ6WDPPKDKQXQG:DSSHQWLHU$OHNWU\RYHUKDOWHQVLFK ZLH /HKQVKHUU XQG 5LWWHU ]XHLQDQGHU GHU ÅUHGOLFKH> @ :lFKWHU´ *   JHK|UW JOHLFKVDP MQJHUHP 'LHQVW  $GHO DQ XQG YHUHLQLJW LQ VLFK GLH ZQVFKHQVZHUWHQ ULWWHUOLFKHQ 4XDOLWlWHQ GHV 6lQJHUV +HUROGV XQG GHV 3RHWD ODXUHDWXV *   $OV $GHOLJHU ELWWHW VLFK $OHNWU\R DXV GXUFK GDV 6FKZHUWVWHUEHQ]XGUIHQÅ.|SIPLFKPLWGHP*UDIHQVFKZHUW:LHHV HLQHV 5LWWHUV ZHUW´ *   $XFK GHU /HKQVKHUU PXVV VHLQHQ *HIROJV PDQQHKUHQGDVKDEHQÅGLH*UDIHQ*RFNHO´JHWDQ6LHKDEHQÅLPPHUGHQ $OHNWU\R LQ (KUHQ´ JHKDOWHQ *   ,Q GHU P\WKLVFKHQ :HOW GHV 0lU FKHQV LVW LGHQWLVFKH Å:LHGHUJHEXUW´ *   EHVVHU YLHOOHLFKW 7RG XQG $XIHUVWHKXQJP|JOLFK$OHNWU\RVSO|W]OLFKH:LHGHUJHEXUWQDFKGHU:LH GHUJHZLQQXQJ GHV 5LQJV GXUFK *DFNHOHLD VHLQH 3UHGLJW EHU Å)DPLOLHQ JOFN XQG .LQGHU]XFKW´ *   LVW GLH XQPLWWHOEDUH9RUDXVVHW]XQJ IU GLH $QZHVHQKHLW GHV 3ULQ]HQ .URQRYXV 'LH SRHWLVFKH 5HGH GHV +DKQV EHVLW]WKLHUZLHGHUXP+HUROGVIXQNWLRQGLH(KH]ZLVFKHQ.URQRYXVXQG *DFNHOHLD NDQQ GXUFK GHQ %HJUQGHU GHV *HVFKOHFKWV GHQ 8UJRFNHO JHVFKORVVHQZHUGHQGHUIUGDVQHXH*HVFKOHFKWHLQQHXHV:DSSHQHQW ZLUIW * I  'DV HLJHQWOLFKH JHQHDORJLVFKH 3UREOHP GHU *RFNHO )DPLOLHGHU$XVIDOOHLQHVPlQQOLFKHQ(UEHQNDQQQXUGXUFK(LQKHLUDWLQ HLQHDQGHUH)DPLOLHNRPSHQVLHUWZHUGHQGDVQHXH:DSSHQ Å.|QLJVNUR QH*UDIHQNURQH´* PDQLIHVWLHUW*DFNHOHLDV$XIVWLHJLQGHQ+RFK DGHO =X5HFKWZXUGHLQGHU)RUVFKXQJYRQHLQHUÅ'\QDVWLH´JHVSURFKHQ YHUEUJWGXUFKGHQ6LHJHOULQJ6DORPRQLVJLOWQlPOLFKÅJOHLFKGHQKRFKDG OLJHQ +HUUVFKHUKlXVHUQ EHVLW]W GLHVH )DPLOLHQJHVFKLFKWH HLQH LKUHP $Q VSUXFKQDFKJ|WWOLFKOHJLWLPLHUWH6HQGXQJ´:DVLQHLQHUVFKQHOOOHELJHQ =HLWQLFKWPHKUJDUDQWLHUWLVWYHUEUJWHLQ$GHOVJHVFKOHFKWORQJXHGXUpH 1HEHQGHUV\QWDJPDWLVFKHQ)XQNWLRQGHV+DXVXQG)DPLOLHQSRHWHQ XQGZlFKWHUVEHVLW]W$OHNWU\RGLHSDUDGLJPDWLVFKH)XQNWLRQHLQH3DUDO OHOJHQHDORJLH]XGHU*RFNHOVPLW]XYHUN|USHUQ'LH+DKQHQIDPLOLH$OHNW U\RV XQG *DOOLQDV YHUGRSSHOW IDVW LGHQWLVFK GLH *UDIHQIDPLOLH XQG ]ZDU ZLHGHUXP LQ GRSSHOWHU +LQVLFKW DOV 0DQQ XQG )UDX YRQ $GHO IU VLFK JHQRPPHQ XQG HUQHXW YRQ *HQHUDWLRQ ]X *HQHUDWLRQ VR GDVV VLFK LQ MHGHU *HQHUDWLRQ GLH .RQILJXUDWLRQ Å*RFNHO ² +LQNHO´ SOXV Å$OHNWU\R ² ²²²²²²²²²²²²²

 Å%HVFKW]GLHNOHLQHZHL‰H0DXV%HLGHLQHUKRKHQ$GHOVSIOLFKW'LHGLFK]XP6FKXW] GHU'DPHQZHLKW%HVFKZ|ULFKGLFKYHUOD‰PLFKQLFKW9LHOOHLFKWLVWMDGHU7DJQLFKW ZHLW'D‰LFKGLUZLHGHUKHOIHQNDQQ²'RFKGDUQDFKIUlJWNHLQ(GHOPDQQ´ * (V ZLUGDOVRJHJHQEHUGHQ6FKZlFKHUHQXQHLJHQQW]LJHV*HEHQYHUODQJWGLH*HJHQJDEHEH VWHKWDOOHQIDOOVLQ*HIROJVFKDIWXQG(KUHUELHWXQJ  6LPRQ$XWRUPDVNHQ6



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 *DOOLQD´ZLHGHUKROW'HU7RGGHUÄ(UZHUEVTXHOOH¶DOVRGHU+KQHU]XFKW XQG GDQQ DXFK GHV IlOVFKOLFK KLQJHULFKWHWHQ :DSSHQWLHUV LVW LQ GLHVHU 0lUFKHQZHOW PHKU DOV HLQ ODQGZLUWVFKDIWOLFKHV 3UREOHP 'DPLW JHKW GDV 8QJOFN GHV 6WDPPKDXVHV ZHLWHU GDV EHUHLWV PLW 9HUDUPXQJ HLQJHVHW]W KDWWH 'RFK$OHNWU\RKDWQRFKXPIDVVHQGHUH%HGHXWXQJIUGLH)DPLOLHGD HUMDGHQ6LHJHOULQJWUDGLHUWGHUHUVWGLH9HUELQGXQJ]ZLVFKHQ*RFNHOXQG +DKQ VWLIWHWH GHU DEHU DXFK GLH ÄLUGLVFKH¶ 0lUFKHQZHOW PLW GHU FKULVWOL FKHQ+HLOVJHVFKLFKWHYHUNQSIW6HLQH$XWRUVFKDIWKDWWHW\SRORJLVFKHLQ JHVHW]WLQVHLQHU(LJHQVFKDIWDOVÅ.RQ]LSLVW´+LREV * ZDVQXUVR]X YHUVWHKHQLVWGDVV8U$OHNWU\RGDV%XFK+LREQLHGHUVFKULHE'HU9HUZHLV DXIGDV%XFK+LRELQGHPHVKHL‰WÅ:HUVDJWGHP+DKQGD‰5HJHQZHW WHUNRPPW´NDQQZLHGHUXPQXUEHGHXWHQGDVVGHU8U+DKQEHUHLWVLQ J|WWOLFKHP $XIWUDJ NUlKWH GDVV GHU KHLOVJHVFKLFKWOLFKH $XIWUDJ GHV *R FNHO+DXVHVDXVJHUHFKQHWGXUFKGHQ+DKQ$OHNWU\RYHUPLWWHOWZXUGH(U JDUDQWLHUWDOV%HZDKUHUYRQ6DORPRQLV6LHJHOULQJHLQHP\WKLVFKH)RUW]HX JXQJ GHU *RFNHO ZLH VHLQHU HLJHQHQ )DPLOLH Å8QG ZHQQ HUOLVFKW GHU 0DQQHVVWDPP 9RP *RFNHOKXW YRP +DKQHQNDPP 6FKOlJW DE GHV OHW]WHQ *RFNHOV 6FKZHUW 'HP 6FKOX‰$OHNWU\R GHQ .RSI 8QG 6DOR PRQLV5LQJOHLQNHKUW,Q*UDIHQ+DQGDXV+DKQHQ.URSI´ *  :HQQ=HLW]\NOLVFKLVW$QIDQJXQG(QGHQLFKWHUNHQQEDUVLQGGDQQ YHUVWHKW VLFK DXFK GLH LP 7H[W RPQLSUlVHQWH +KQHUPRWLYLN YRQ VHOEVW YHUZHLVWVLHGRFKDXIGLH)UDJHQDFKGHP8UVSUXQJEHUKDXSWGDQDFKRE ]XHUVW GDV (L RGHU GLH +HQQH GDJHZHVHQ VHL 8QG GLH 6XFKH QDFK GHQ YHUJHVVHQHQ8UVSUQJHQLVW$XIJDEHGHVYHUHOHQGHWHQLQGLH.ULVHJHUD WHQHQ*RFNHOGHVVHQ+DKQ3RHW&KURQLVWXQG6FKDW]ZlFKWHULKP$XV NXQIWJLEWÅ%HOHKUPLFKGRFK²,FKZHL‰QLFKWPHKU:RNRPPHQDOOH ZLU QXU KHU :R *RFNHO ZR $OHNWU\R :R MHQHU 5LQJ GHV 6DOR PR"´ *  %UHQWDQRV HW\PRORJLVFKHV (U]lKOHQ EHGLQJW HV HWZD GDVV IDVW DOOH 2UWV XQG 3HUVRQHQQDPHQ GHV 0lUFKHQV GHQ :RUWIDPLOLHQ Ä(L¶XQGÄ+DKQ¶¶+XKQ¶HQWVWDPPHQXQGGDPLWLQSRSXOlUHU:HLVHDXIGLH )UDJHQDFKGHPPHQVFKOLFKHQ8UVSUXQJXQGGHU/HEHQVNUDIWYHUZHLVHQ ²HLQSDUDGLJPDWLVFKHV9HUIDKUHQGDVGHQ*DQJGHU+DQGOXQJ]XVlW]OLFK ZHQQJOHLFKLQQLFKWÄUHDOLVWLVFKHU¶:HLVHVWW]W 'LH:HOWGHUDGHOLJHQ*RFNHOIDPLOLHLVWGH]LGLHUWQLFKWDXI(UZHUEVDU EHLWKLQDQJHOHJW'LH+DQGOXQJNRPPWLQ*DQJDOV*DFNHOHLDGHQ7RG GHU +HQQH *DOOLQD XQG LKUHU .NHQ YHUVFKXOGHW GLHV JHVFKLHKW ZHLO VLH VSLHOWVWDWW]XDUEHLWHQ'LH%HGHXWXQJ$OHNWU\RVLVWHVZHQLJHUPLWVHLQHU =HXJXQJVNUDIW HLQH ZLUWVFKDIWOLFK DXV]XEHXWHQGH +KQHU]XFKW ]X EH ²²²²²²²²²²²²²  ,MRE  9JO >DQRQ\P@ Å(Lµ LQ +DQGZ|UWHUEXFK GHV GHXWVFKHQ $EHUJODXEHQV %G ,, %HUOLQ/HLS]LJ 6S



.DSLWHO

 JUQGHQ VRQGHUQ VHLQH )RUW]HXJXQJ VSLHOW ZLH JH]HLJW ZXUGH DXI YLHO XQPLWWHOEDUHUH:HLVHHLQH5ROOHIU*RFNHOV)DPLOLH*RFNHOHUZHLVWVLFK DOV ]DJKDIWHV ELV UDWORVHV ]XU 5HVLJQDWLRQ EHUHLWHV )DPLOLHQREHUKDXSW GHQQGHQSO|W]OLFKDXIWUHWHQGHQGUHL3HWVFKLHUVWHFKHUQJHJHQEHUEHWHXHUW HU VWDWW VLFK HLQ QHXHV 6LHJHO VWHFKHQ ]X ODVVHQ ZROOH HU VHLQ Å:DSSHQ OLHEHUJDQ]YHUQLFKWHQ´ * 'LHVH)DPLOLHVFKHLQWDP(QGH]XVHLQ GDVLHRIIHQEDUQLFKWPLWKDOWHQNDQQLQHLQHU:HOWGLHYRQ|NRQRPLVFKHP .RQNXUUHQ]NDPSIJHSUlJWLVW *RFNHOZLUGQDFKGHP7RG$OHNWU\RVUHLFKYHUOLHUWGLHVHQ5HLFKWXP DQGLHGUHL3HWVFKLHUVWHFKHUXQGJHZLQQWVHLQHQ5HLFKWXPVFKOLH‰OLFK]X UFN (U SDUWL]LSLHUW PLW VHLQHU )DPLOLH VRPLW DQ HLQHP =\NOXV GHU GHQ PDNUR|NRQRPLVFKHQ =\NOHQ HQWVSULFKW LQ EHLGHQ )lOOHQ ZHL‰ *RFNHO QLFKWZLHLKPJHVFKLHKWHUKDQGHOWZHGHUZLUWVFKDIWOLFKQRFKVRQVWUDWLR QDO 6HLQHQ 5HLFKWXP ILQGHW HU ]ZHLPDO DXIJUXQG GHU ZHLWUHLFKHQGHQ JH QHDORJLVFKHQXQGKHLOVJHVFKLFKWOLFKHQ9HUIOHFKWXQJHQDQGHQHQHUWHLOKDW 6HLQ:QVFKHQÅEHVFKUlQNWVLFKDXI6FK|QKHLWXQG5HLFKWXPXQGLVWDP JHVHOOVFKDIWOLFKHQ +DELWXV XQG DQ GHU (LQKDOWXQJ GHU 9RUVFKULIWHQ GHU )DPLOLHQWUDGLWLRQRULHQWLHUWRKQHGDVV*RFNHOGHQWLHIHUHQ6LQQGHU7UDGL WLRQ YHUVWHKW XQG QDFKYROO]LHKW ZDUXP GHU 6WDPPKDKQ GLH 0|JOLFKNHLW GHU(UIOOXQJYRQ:QVFKHQJHKHLPJHKDOWHQKDW´0DQN|QQWHVDJHQ =XGHQJHQHDORJLVFKHQ=\NOHQXQG3DUDOOHOHQWULWWHLQ|NRQRPLVFKHU=\N OXV GHU IU *RFNHOV )DPLOLH ]ZHLPDO KLQWHUHLQDQGHU MHZHLOV $UPXW XQG 5HLFKWXPEHGHXWHW$QHLQHU6WHOOHDEHUVFKHLQW*RFNHOGHQ:LUWVFKDIWV NUHLVODXIDQUHJHQ]XZROOHQHUYHUELQGHWGLHVPLWGHUDOWHQ7UDGLWLRQGHU 6SDUVLR$OVHUUHLFKJHZRUGHQLVWOlVVWHUGDVÅ9RON´ * SDUWL]LSLH UHQLQGHPHU*ROGXQG:HLQYHUWHLOW%HJOHLWHQGUXIHQDEHU*RFNHOXQG VHLQH )DPLOLH ]X 0LWPHQVFKOLFKNHLW DXI QLFKW ]X *HZLQQVWUHEHQ Å7HLOW XQWHUHLQDQGHUDXVOD‰WZHFKVHOQHLQHUJHEHGHPDQGHUQKHUDXV´ *  'LH*RFNHO)DPLOLHJLEWGHQDGHOLJHQ$OWUXLVPXVDOVRNHLQHVZHJVDXIZDV VLFKDXFKDQGHU*DVWIUHXQGVFKDIWJHJHQEHU.|QLJ(LIUDVLXV]HLJW)UDX 8UKLQNHO EHWUHLEW ]ZDU XQ]XUHLFKHQGH %XFKIKUXQJ Å+LHU DXI GLHVHP %ODWW EHL GHU $OPRVHQ5HFKQXQJ KDWWH VLH VXEWUDKLHUHQ VROOHQ´ *   GRFK EHJUQGHW VLH PLW LKUHU 0LOGWlWLJNHLW YLHOPHKU HLQH 7UDGLWLRQ GHU XQHLJHQQW]LJHQ*DEH 'HU :QVFKH HUIOOHQGH 5LQJ 6DORPRQLV HULQQHUW DQ )RUWXQDWL *OFNVVlFNHOGDVLQ&KDPLVVRV6FKOHPLKO(U]lKOXQJXQGLQ7LHFNV)RUWXQDW PLWGHXWOLFKDQWLPDWHULDOLVWLVFKHU6WR‰ULFKWXQJZLHGHUNHKUWH'HU5LQJLVW EHL %UHQWDQR PHKU 'LQJV\PERO GHV *OFNV DOV HLQH (LQULFKWXQJ XP ]X *HOG]XNRPPHQ$OVVROFKHPLVVEUDXFKHQGLHGUHL-XGHQGHQ5LQJZDV LKQHQ ÅNHLQ GDXHUKDIWHV *OFN´ HLQWUlJW GHQQ GDPLW ÅILHOH GHU 5LQJ DXV ²²²²²²²²²²²²²

 )URPP%LOGHUEXFKGHU:QVFKH6



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 GHUEHUQDWUOLFK]DXEHUKDIWHQ6SKlUHGHV:XQGHUVKHUDXVXQGJHULHWHLQ GLH SURIDQPDWHULDOLVWLVFKH 2UGQXQJ GHV NDXIPlQQLVFK EHVWLPPWHQ $OO WDJV´ 'LHPRGHUQH*HOGZLUWVFKDIWNRPPWDOVRLQ*HVWDOWGHUGUHLPRUJHQ OlQGLVFKHQ 3HWVFKLHUVWHFKHU DOVR GUHLHU -XGHQ LQV 6SLHO 'D DXFK UHLFKH -XGHQV\PEROLVFKHV.DSLWDOEHQ|WLJHQlKQHOQYLHOHLKUHU$WWULEXWHGHQHQ GHU *RFNHO)DPLOLH 6LHVLQG DQ 2UGHQ XQG 7LWHOQ DQ %LOGXQJ XQG :LW] LQWHUHVVLHUW (LQHP GHUGUHL-XGHQ HUVFKHLQW LP7UDXPZLH *DFNHOHLD ]X EHULFKWHQZHL‰DXFKVHLQ:DSSHQÅ(LQ*HOGVDFNZDUGHU+HOPDOOHUOHL 3DSLHUHXQG:HFKVHOEULHIHGLH+HOP]LHUGHHUVHOEVWVWDQGYROO$QVWDQGLQ GHU0LWWHHLQ*HQLXVNU|QWHLKQPLW/RUEHHUQHLQDQGUHUUHLFKWHLKPGDV 2UGHQVEDQGHLQHUKXOGLJWHLKPPLW.OHLQRGLHQHLQHUGHGL]LHUWHLKPHLQ %XFK´ * $XFKVLHEHZHJHQVLFKLQQHUKDOEHLQHUODQJHQ YRQLGHQWL VFKHU:LHGHUKROXQJJHNHQQ]HLFKQHWHQ *HQHDORJLHVLHQXW]HQLKUJHQHD ORJLVFKHVZLHLKUKDQGZHUNOLFKHV:LVVHQ DOV6LHJHOKHUVWHOOHU MHGRFKDXV VFKOLH‰OLFK IU GHQ (QG]ZHFN Å9HUGLHQVW´ 'HU IDOVFKH $GHO GHU -XGHQ VFKOLH‰WDQGLH7UDGLWLRQGHUÄ+RIMXGHQ¶GHV-DKUKXQGHUWVDQÅ0DFKH XQV ]X +RIDJHQWHQ +RIIDNWRUHQ .RQVXOHQWHQ 5LWWHUQ XQG .RP PHU]LHQUlWHQ .RPPLVVlUHQ XQG 3URSKHWHQ´ *   6LH QHQQHQ VLFK VSlWHU 6DO]JUDIHQ *  'HU HUVWH ZLUWVFKDIWOLFKH 5XLQ GHU *RFNHO )DPLOLHLVWDXIGHQ9HUOXVWGHV.RQWDNWHV]XP+RI]XUFN]XIKUHQGHU ]ZHLWHDXIGHQ%HWUXJGHU-XGHQGHQHQHVJHOLQJWGHQ6LHJHOULQJLQLKUHQ %HVLW] ]X EHNRPPHQ %UHQWDQR ]LWLHUW GDEHL LQ VHLQHU Å6DWLUH JHJHQ GDV DVVLPLOLHUWH -XGHQWXP´ DQWLVHPLWLVFKH 0\WKHQ GHV 0LWWHODOWHUV LQ GHQHQ -XGHQ DOV =DXEHUHU JHJHQ GLH &KULVWHQ KDQGHOQ KLHU LVW HVGLH QDLYH*D FNHOHLD GLH VLFK OHLFKW EOHQGHQ OlVVW 'LH -XGHQ VLQG QXU DQ HLQHP LQ WHUHVVLHUWÅ+HU]ZDVYHUODQJVWGX"-XJHQGXQG5HLFKWXPDOOH*WHUGHU :HOW²*HOG²*HOG²*HOG²*HOG´ * 'HU6LHJHOULQJNDQQDOOHV *HQDQQWH JHEHQ 6HLQ HLJHQWOLFKHU =ZHFN LVW HV .RQWLQXLWlW LQ HLQHU DOV +HLOVJHVFKLFKWH ]X IDVVHQGHQ :HOWJHVFKLFKWH ]X VSHQGHQ 'D]X NDQQ HV YRQ )DOO ]X )DOOQ|WLJVHLQGHP :XQVFKQDFK -XJHQGXQG 5HLFKWXP ]X HQWVSUHFKHQ *RFNHO ZQVFKW VLFK EHLGHV DQJHVLFKWV VHLQHU $UPXW )U VHLQH)DPLOLHLVWGHU5LQJGLH4XHOOHYHUGLHQWHQ:RKOVWDQGHVZHOFKHUGHU HLJHQHQ 5HSURGXNWLRQ GLHQW QLFKW HWZD GHU %LOGXQJ HLQHV .DSLWDOVWRFNV 'LH :QVFKH GHU -XGHQ NHQQHQ GLHVH DXI GLH )DPLOLHQIRUW]HXJXQJ EH VFKUlQNWHQ:QVFKHQLFKWLKU9HUODQJHQQDFK*HOGLVWVFKUDQNHQORVHV LVW QLFKW DXI .RQWLQXLWlW RGHU =\NOLN KLQ DXVJHULFKWHW VRQGHUQ DXI 9HU PHKUXQJ,P*HJHQVDW]GD]XVWHKWGLH6\PEROLNGHV5LQJVZHOFKHDQGLH =\NOLNGHULUGLVFKHQ(UHLJQLVVHVXEVSHFLHDHWHUQLYHUZHLVWÅ(VQDKWGHU5LQJ ²²²²²²²²²²²²²

 /RUHQF]XN%LOGHUGHU:DKUKHLW6  +DUWZLFK$QWLVHPLWLVPXV6



.DSLWHO

 GHU(ZLJNHLW'DPL‰WNHLQ+DKQHQVFKUHLGLH=HLW'LH6FKODQJHEHL‰W VLFK LQ GHQ 6FKZHLI 2KQ (QG XQG $QIDQJ LVW GHU 5HLI´ *   'HU 5LQJZlUHDOV'LQJV\PEROGXUFKGHQ.|QLJ6DORPREHJODXELJWHU*DUDQW GHU (ZLJNHLW LQ ]ZHLWHU /LQLH HUVW GHU 7UlJHU HLQHV /HEHQVJOFNV DEHU DXFK HLQHV SHNXQLlU PHVVEDUHQ :HUWHV GHU IUHLOLFK PLVVEUDXFKW ZHUGHQ NDQQ $KQHQSUREH XQG 3KLORORJLH VSLHOHQ HEHQIDOOV HLQH 5ROOH 6W|UXQJHQ GHUJHQHDORJLVFKHQ2UGQXQJVSLHJHOQVLFKLQ7H[WYHUGHUEQLVVHQ'HUIU GLH*RFNHO)DPLOLHNDQRQLVFKH6DW]Å$OHNWU\REULQJWGLU*OFNHVHOEVWLP 8QJOFN´ZLUGGXUFKGLH3HWVFKLHUVWHFKHUPHKUIDFKYHUIlOVFKW *II  'LH6XEVWDQ]GHUKHLOLJHQ6FKULIWGHU)DPLOLHQEHUOLHIHUXQJHUIlKUWVRPLW HLQH 6W|UXQJ GLH *RFNHO IU HLQLJH =HLW DQ GHU (UNHQQWQLV GHU HLJHQHQ IDPLOLDOHQ =XVDPPHQKlQJH KLQGHUW $XI HLQHU/LQLH OLHJHQ DOVR GHU ZLUW VFKDIWOLFKH%HWUXJ]ZHFNVHLJHQHU%HUHLFKHUXQJXQGGLH9HUOHW]XQJSKLOR ORJLVFKHU 7H[WWUHXH %UHQWDQRV 7H[W GHPHQWLHUW GDPLW MHGHQ =XVDPPHQ KDQJ ]ZLVFKHQ HLQHP J|WWOLFKHQ 8UVSUXQJGHU KHLOLJHQ 6FKULIW LQ *HVWDOW GHV$OWHQ7HVWDPHQWVGDVDXFKGHUhEHUOLHIHUXQJV]HXJHGHV5LQJVWLIWHUV GHV-XGHQ6DORPRLVWXQGGHQMHW]WOHEHQGHQ-XGHQREJOHLFKVLHVLFKMD HEHQIDOOV LQ HLQH ZHLW ]XUFNUHLFKHQGH )DPLOLHQWUDGLWLRQ HLQVFKUHLEHQ P|FKWHQ=XPDQWLMGLVFKHQ)HLQGELOGGHV7H[WV]lKOHQGHU9RUZXUIGHV 0DWHULDOLVPXVHEHQVRZLHGHUGHV0DQJHOVDQ7H[WWUHXH 'DV %UHQWDQR DOV 3HUVRQ NHQQ]HLFKQHQGH 0RWLY GHV VFKZDU]HQ 6FKPHWWHUOLQJV²]XGHQNHQLVWDQHLQHQ6FKHUHQVFKQLWW/XLVH'XWWHQKR IHUV DXV GHQ HU -DKUHQ² NRPPW JOHLFK ]X %HJLQQ GHU =XHLJQXQJ ]XU6SUDFKHGHU'HGLNDWRUQHQQWVHLQHQQDFKIROJHQGHQ7H[WÅGLHVHYHU VSlWHWHQ 6FKPHWWHUOLQJH´ *   V\PEROLVFK IU GLH YHUVFKZHQGHULVFKH 6FK|QKHLWGHU3RHVLHDEHUDXFKIUGLH=\NOLNYRQ7RGXQG:LHGHUJHEXUW GLH LQ GHU +DQGOXQJ YRU DOOHP $OHNWU\R LP *UXQGH DEHU PLW LKP DOOH )DPLOLHQPLWJOLHGHU GXUFKOHEHQ $P (QGH GHU +DQGOXQJ LVW YRQ HLQHP ÅHLQZHQLJDEJHVRQGHUW´VLW]HQGHQ.LQGGLH5HGHGDVYLHOOHLFKWPLWGHP ,FK GHU =XHLJQXQJ LGHQWLVFK LVW Å>(@V KDWWH HLQ JUR‰HV %XFK XQWHU GHP $UPHLQ6FKPHWWHUOLQJOHEWHXQGVWDUELKPDXIGHQ+lQGFKHQ´ *  hEHU7RGXQG:LHGHUJHEXUWODVVHQVLFKDEHUNHLQH%HUHFKQXQJHQ NHLQH 1W]OLFKNHLWVHUZlJXQJHQDQVWHOOHQ ,Q %UHQWDQRV 7H[W ILQGHQ VLFK ZLHGHUXP .RUUHVSRQGHQ]HQ DQ|NR QRPLVFKHQ +DQGHOQV XQG DQ|NRQRPLVFKHQ (U]lKOHQV 'D]X ]lKOW GDV $UDEHVNH6RÅQLPPWGLHQDUUDWLYH=HLWVHOEHUDUDEHVNH*HVWDOWDQDOVHLQH LQ VLFK YHUVFKOXQJHQH LQ GLH UDXPJHZRUGHQH 9HUJDQJHQKHLW XQG LKUH $XJHQEOLFNH ]XUFN XQG ]XJOHLFK LQ GLH (U]lKOJHJHQZDUW YHUODXIHQGH ²²²²²²²²²²²²²

 9JO 6FKXOW] +DUWZLJ 6FKZDU]HU 6FKPHWWHUOLQJ =ZDQ]LJ .DSLWHO DXV GHP /HEHQ GHV URPDQWLVFKHQ 'LFKWHUV&OHPHQV%UHQWDQR%HUOLQ6



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 %HZHJXQJ´=XGHP LVW YRP ÅDUDEHVNH>Q@ )RUPSULQ]LS´ GHV 0lUFKHQV ÅDOVJHVSURFKHQH%LOGHUVSUDFKHGHU3RHVLH>«@DQGLHIDQWDVWLVFKYHUZLUU WHQ$UWHIDNWHGHVNLQGOLFKHQ6SLHOV´GLH5HGH'LH$UDEHVNHDOV)RUP SULQ]LS LVW JHJHQZlUWLJ LQ GHU KlXILJHQ 8QWHUEUHFKXQJ GHV JHUDGOLQLJHQ +DQGOXQJVYHUODXIV:HUGLH*RFNHO*HQHDORJLHYRQ+LREXQG6DORPRELV ]XU*HJHQZDUWUHNRQVWUXLHUHQP|FKWHPXVVGLHVDXVYLHOHQDXIGHQJH VDPWHQ7H[WYHUVWUHXWHQ,QIRUPDWLRQHQWXQ'LHVHÅ3RHWLNGHUPRVDLN KDIWHQ $UDEHVNH NDQQ DXV HQGOLFK YLHOHQ (OHPHQWHQ HLQHQ XQHQGOLFKHQ *HEUDXFK PDFKHQ´ RGHU VSUDFKSKLORVRSKLVFK IRUPXOLHUW ÅVLH NDQQ GDV 3KDQWDVPD DGDPLWLVFKHU 6SUDFKH PLW MHQHQ YHUWUDFNWHQ 5HIOH[LRQVEHZH JXQJHQNRPELQLHUHQGLHLPPHUDXFKGDV%HZX‰WVHLQYRQGHU8QHUUHLFK EDUNHLWVROFKHU6SUDFKHLQGL]LHUHQ´ 'DV 2UGQXQJVV\VWHPGDVGDV 0lUFKHQ HQWZLUIW LVW HLQ SDUDGLJPDWL VFKHV GLH *HQHDORJLH DOV 7HLO GHU +HLOVJHVFKLFKWH  DXI GHU V\QWDJPDWL VFKHQ(EHQHLVWDEHUDUDEHVNHV(U]lKOHQDQJHVDJWGDVVLFKDOWHUQDWLYDOV VLFK XP HLQHQ +DQGOXQJVNHUQ UDQNHQGH $XVVFKPFNXQJHQ YHUVWHKHQ RGHU PLW GHU 3UD[LV DOOHJRULVFKHQ (U]lKOHQV LGHQWLIL]LHUHQ OLH‰H $UDEHVN ZlUH GDQQ QLFKW GLH EOR‰H $XVVFKPFNXQJ VRQGHUQ HLQ DOOHJRULVFKHV Å3ULQ]LSGHVVWlQGLJHQ9HUZHLVHQVDXI:HLWHUHV´%UHQWDQRVVSlWURPDQ WLVFKHV(U]lKOHQXPNUHLVW]ZDUHLQWUDQV]HQGHQWDOHV6LJQLILNDWEHQHQQWHV DEHUQLFKWVRQGHUQHQWZLUIWHVEHUHLQLQWUDXQGLQWHUWH[WXHOOHVUHODWLRQD OHV9HUZHLVV\VWHPDXVYLHOHQNOHLQHQ0RWLYHQXQG=LWDWHQHVHQWVWHKWHLQH H[WUHPH ,QNRQJUXHQ] YRQ +LVWRLUH XQG 'LVFRXUV GHU (U]lKOXQJ JHZLVVHU PD‰HQHLQYHUVFKZHQGHULVFKHU8PJDQJPLWGHU(U]lKO]HLWYLHOOHLFKWDXFK PLWGHU$XIPHUNVDPNHLWGHV/HVHUV²HLQZDKUKDIWDQ|NRQRPLVFKHV9HU IDKUHQ XP DXI HLQ 6LQQ]HQWUXP KLQ]XZHLVHQ 'HP IUKURPDQWLVFKHQ ,GHDOGHUVFK|QHQ8QYHUVWlQGOLFKNHLWZLUGGDEHLIUHLOLFK*HQJHJHWDQ ,QVJHVDPW JLOW DEHU IU GLH JHQHDORJLVFKH (U]lKOXQJ LP *RFNHO 0lUFKHQEHUKDXSWGDVVVLHGXUFKHLQH9LHO]DKOYRQhEHUGHWHUPLQLHUXQ JHQ EHVWLPPW LVW (V VFKHLQW ² DX‰HU GHP QXQ JHUDGH HLQWUHWHQGHQ )DOO HLQHV IHKOHQGHQ PlQQOLFKHQ (UEHQ XQG GHV (LQEUXFKV GHU PRGHUQHQ gNRQRPLH ² NHLQH ELRJUDSKLVFKH )UHLKHLW GHV (LQ]HOQHQ ]X EHVWHKHQ +LHU]XIJWVLFKZLHGHUHLQPDOGHU$GHOGHV3HUVRQDOVGHUJHULQJH,QGLYL ²²²²²²²²²²²²²

 %UJJHPDQQ +HLQ] Å6DPPOXQJ XQG 6SLHO %LOG5lXPH DXV NXOWXUHOOHP *HGlFKWQLV (ULQQHUXQJXQG9HUJHVVHQLQ*RFNHO+LQNHOXQG*DFNHOHLD0lKUFKHQZLHGHUHU]lKOWYRQ&OHPHQV %UHQWDQR  ´LQ*QWHU2HVWHUOH +UVJ (ULQQHUQXQG9HUJHVVHQLQGHUHXURSlLVFKHQ5RPDQ WLN:U]EXUJ6KLHU6 6WLIWXQJIU5RPDQWLNIRUVFKXQJ;;   (EG6  9JO)UKZDOG:ROIJDQJÅ'DVYHUORUHQH3DUDGLHV=XU'HXWXQJYRQ&OHPHQV%UHQWDQRV +HU]OLFKHU =XHLJQXQJ GHV 0lUFKHQV *RFNHO +LQNHO XQG *DFNHOHLD  ´ LQ /LWHUDWXUZLVVHQ VFKDIWOLFKHV-DKUEXFKGHU*|UUHV*HVHOOVFKDIW1HXH)ROJH6KLHU6  6LPRQ$XWRUPDVNHQ6  %HQ]L5HVDNUDOLVLHUXQJ6



.DSLWHO

 GXDOLWlWVJUDG GHU )LJXUHQ GLH LP .XQVWPlUFKHQ QLFKW YHUZXQGHUOLFKH IHKOHQGH SV\FKRORJLVFKH 7LHIH 9RQ HLQHP JHGDFKWHQ 3ULQ]LS HU]lKOHUL VFKHUgNRQRPLHKHULVWGLHVHQDUUDWLYH3UD[LVQLFKWYHUVWlQGOLFK,PPHQ VHU$XIZDQG]HLWLJWZHQLJLQGLYLGXHOOH+DQGOXQJ(LQLJH%HLVSLHOH]HLJHQ ZLH GDV :LVVHQ EHU GHQ $GHO LQ GHU 0lUFKHQNRQVWUXNWLRQ IXQNWLRQDO ZLUG 'DV:LVVHQYRQGHU*HQHDORJLHGHU*RFNHO)DPLOLHJLEWGHUYHUVWHL QHUWH 8U*RFNHO ZlKUHQG GHU %HVWDWWXQJ *DOOLQDV ZHLWHU 'HU *UDEVWHLQ PLW GHP $KQHQELOG GLHQW ZLH LP $GHO EOLFKDOV *HGlFKWQLVPHGLXP $OV*RFNHOPLWGLHVHP%LOGNRQIURQWLHUWZLUGEHJHJQHQVLFK]ZHLJHQHD ORJLVFKH (EHQHQ GLH LQ LKUHU 6XN]HVVLRQ RGHU DXFK LQ LKUHU +LHUDUFKLH EHWUDFKWHW ZHUGHQ N|QQHQ 'LH )LJXUHQNRQVWHOODWLRQ GHU *UQGHUJHQHUD WLRQHLQVFKOLH‰OLFKGHV$%&%XFKVLVWMHQDFK%OLFNZLQNHODOVXQWHURGHU EHUJHRUGQHWH (EHQH GHU .RQVWHOODWLRQ GHU 0lUFKHQKDQGOXQJ ]X VHKHQ (LQHELOGOLFKH9HUVFKDFKWHOXQJLVWHUNHQQEDULQVRIHUQGHUÄOHEHQGH¶$OHNW U\R YRU GHP *UDEVWHLQ VWHKW 8U$OHNWU\R GDUDXI DEJHELOGHW LVW XQG DXI GHP$%&%XFK8U*RFNHOVQRFKPDOVGDV%LOGHLQHV+DKQV]XVHKHQVHLQ PVVWHZLHQlPOLFKDXI*DFNHOHLDV$%&%XFKHEHQÅHLQ+DKQDEJHELOGHW ZDU´ *  +LHUDUFKLVFKYHUKDOWHQVLFKEOLFKHUZHLVH/HKQVKHUUXQG*HIROJVFKDIW *XWVKHUUXQG*HVLQGH XQGHUVWUHFKW=XFKWWLHUH ]XHLQDQGHU,Q%UHQWD QRV 7H[W VLQG GLH KLHUDUFKLVFKHQ %H]LHKXQJHQ ]ZDU NODU GHU 6WDWXV GHU 9HUWUHWHU GHU +LHUDUFKLHHEHQHQ ZHQLJHU 'DV 3HUVRQDO ZLUG KDOE DOV 0HQVFKKDOEDOV7LHUJH]HLFKQHW*RFNHOXQGVHLQH)DPLOLHZHUGHQ]ZDU QLFKW H[SOL]LW DOV +KQHUIDPLOLH EH]HLFKQHW GRFK VLH KDXVHQ QDFK LKUHU 5FNNHKUDXIGDV+HLPDWVFKORVV]XQlFKVWLPPDURGHQ+KQHUVWDOO:HQQ 9|JHOÅ%UDWHQXQG)LVFKH´ * DOV0LHWH]DKOHQ ZLHGHUXP7DXVFK ZLUWVFKDIW VWDWW *HOGZLUWVFKDIW  GDQQ EHVLW]HQ VLH WHLOV WLHULVFKH WHLOV PHQVFKOLFKH$WWULEXWH(LQHGHXWOLFKH9HUVFKDFKWHOXQJGHU.RQILJXUDWLRQ XQGGHU+DQGOXQJ OLHJWYRUZHQQVLFKHLQ*RFNHOPLW1DFKZXFKVSUR EOHPHQYRQGHU+KQHU]XFKWHUQlKUHQZLOO$XFKKLHULVWYRQ]DKOUHLFKHQ VHPDQWLVFKHQhEHUGHWHUPLQLHUXQJHQ]XVSUHFKHQ ,PPHUZLHGHUHUSUREHQURPDQWLVFKH7H[WHHLQHIXQNWLRQLHUHQGH*D EHQSUD[LV GLH 9HUVFKZHQGXQJ XQG 3RWODWVFK PLW HLQVFKOLH‰W +DWWHQ LQ *RHWKHV:DKOYHUZDQGWVFKDIWHQDQ|NRQRPLVFKH([SHULPHQWHDGHOLJHU3URWD JRQLVWHQ LQV hEHUPD‰ GLH $XWRPDWLVLHUXQJ XQG 9HUZHLJHUXQJ ELV ]XU .DWDVWURSKHJHIKUWJHOLQJWHVLQ7H[WHQGHU5RPDQWLNGLH=XPXWXQJHQ HLQHU YRQ 5DWLRQDOLWlW $UEHLWVWHLOXQJ .DSLWDOYHUPHKUXQJ EHVWLPPWHQ 0RGHUQH]XXPJHKHQRGHUDXFKDXV]XEHXWHQGDEHLDEHUDXIHLQHUWUDGL ²²²²²²²²²²²²²

 =XDGHOLJHQ)DPLOLHQJUlEHUQXQGLKUHU0HPRULD)XQNWLRQYJO+HQJHUHU0DFKWXQG0HPR ULDXQG.DSLWHO



gNRQRPLVLHUXQJXQG(QW|NRQRPLVLHUXQJ



 WLRQDOHQRIWDGHOLJHQ3UD[LVYRQ*DEHXQG*HJHQJDEH]XEHKDUUHQ%D WDLOOHV:HJGHU9HUVFKZHQGXQJLQGLH 6HOEVW =HUVW|UXQJPQGHQVLHKW ZLUGYRQGLHVHQ7H[WHQDEHUXPJDQJHQ6LHODVVHQVLFKHKHUPLW%RXUGLHX OHVHQ GHU LQ MHGHP)DOO (IIHNWH GHV *HZLQQV ZHQQ QLFKW GHV|NRQRPL VFKHQ VR GRFK YRUOlXILJ GHV NXOWXUHOOHQ RGHU V\PEROLVFKHQ HUNHQQW  $XFKGLHDXWRQRPH.XQVWGHU5RPDQWLNVXVSHQGLHUWQLFKWMHJOLFKHV*H ZLQQVWUHEHQZHGHULQGHQ9HUWHLOXQJVNlPSIHQDXIGHPOLWHUDULVFKHQ)HOG QRFK LQ GHQ .RQILJXUDWLRQHQ XQG +DQGOXQJHQ LKUHU ILNWLRQDOHQ 7H[WH 6WHSKHQ *UHHQEODWW LVW DOVR 5HFKW ]X JHEHQ ZHQQ HU GHQ OLWHUDULVFKHQ 7H[W LQ VHLQHU hEHUGHWHUPLQLHUWKHLW DOV ]XJOHLFK DXWRQRPHQ XQG XP NlPSIWHQ VR]LDOHQ 2UW VLHKW'DV LQ GLH V\PEROLVFKH gNRQRPLH 9HU GUlQJWH ZLH $Q|NRQRPLH hEHUWUHWXQJ XQG hEHUVFKXVV  ZLUG LQ GHU 5RPDQWLN KlXILJ PLW GHU .XOWXU GHV $GHOV LQ 9HUELQGXQJ JHEUDFKW GHU $GHOZLUGVR]XHLQHPSDUDGR[HQ6\PEROOLWHUDULVFKHUgNRQRPLN,QGHP VLH $Q|NRQRPLH SUDNWL]LHUW SRHWLVLHUW XQG WKHPDWLVLHUW HU]HXJW GLH UR PDQWLVFKH/LWHUDWXUHLQH7H[WREHUIOlFKHGLHHLQHUEHVWLPPWHQgNRQRPLH IROJW6LH]LHOWJHUDGHQLFKWZLH%DWDLOOHDXI7RGXQG9HUJHXGXQJDOVOHW] WHP+RUL]RQW'LHVHULVWYLHOPHKUGLH$XVSUlJXQJGHVOLWHUDULVFKHQ)HOGHV GDVRKQHEHVDJWHgNRQRPLHQLFKWGHQNEDULVWXQGGDVGLH$Q|NRQRPLHLQ GHQ 7H[WHQ PLWKLQ NRQWHUNDULHUW 'HU ]HQWUDOH 7DXVFKSUR]HVV IU GHQ UHDOHQ$GHOZLHIUGHQILQJLHUWHQEHVWHKWLP:HFKVHOYRQ|NRQRPLVFKHP XQGV\PEROLVFKHP.DSLWDO

²²²²²²²²²²²²²

 bKQOLFKDXFK:HJPDQQ7DXVFKYHUKlOWQLVVH6IXQG  9JO+DVHOVWHLQ3RHWLNGHU*DEH6  9JOGD]XHEG6





.DSLWHO



    

7HLO,,, $GHOXQG)HOG



    

.DSLWHO'LHÄVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU

9RQGHU7H[WXDOLWlW]X$NWHQGHU3RVLWLRQLHUXQJ0LW%RXUGLHX

 'HU5HNXUVDXIGHQ6R]LRORJHQ3LHUUH%RXUGLHXHUVFKOLH‰WQLFKWQXUHLQH QHXHQXQYRP+DQGHOQLPOLWHUDULVFKHQ)HOGDXVJHGDFKWH%HGHXWXQJGHV Ä$ULVWRNUDWLVFKHQ¶VRQGHUQJHQHUHOOHLQH(EHQHGLHRKQH7H[WHXQG.RQ WH[WH ]ZDU QLFKW GHQNEDU LVW GHU HV DEHU QLFKW XP ,QWHUWH[WXDOLWlW RGHU DQGHUH 7H[WSKlQRPHQH JHKW VRQGHUQ XP GDV +DQGHOQ UHDOHU $NWHXUH NXU]XPVR]LDOH3RVLWLRQVNlPSIH   %RXUGLHXV3UlPLVVHQ%RXUGLHXLQGHU/LWHUDWXUZLVVHQVFKDIW  =LHOGLHVHV.DSLWHOVLVWQLFKWGLH5HNDSLWXODWLRQYRQ3LHUUH%RXUGLHXV)HOG WKHRULHRGHUDXFKQXUVHLQHU/LWHUDWXUVR]LRORJLHGLHVOHLVWHWHQLQGHUMQ JHUHQ 9HUJDQJHQKHLW PHKUHUH OHVHQVZHUWH (LQIKUXQJHQ XQG $QDO\VHQ 9LHOPHKU VROOHQ GLHMHQLJHQ 3UlPLVVHQ JHQDQQW ZHUGHQ GLH VLFK IU GLH IROJHQGH8QWHUVXFKXQJDOVIUXFKWEDUHUZHLVHQZHUGHQ 'D LVW ]XQlFKVW %RXUGLHXV .DSLWDOEHJULII GHU QDFK GHU )RUPHO Å> +DELWXV .DSLWDO @)HOG 3UD[LV´DXIGDVÄ)HOG¶XQGDXIGHQNODVVHQ VSH]LILVFKHQ Ä+DELWXV¶ ]X EH]LHKHQ LVW 'DV .RQYHUWLHUXQJVWKHRUHP DOVR GLH +\SRWKHVH GDVV XQWHUVFKLHGOLFKH .DSLWDODUWHQ lTXLYDOHQW XQG JHJHQ HLQDQGHUDXVWDXVFKEDUVHLHQPDFKWGLHVHQ%HJULII]XHWZDV'RSSHOZHUWL JHPDXV0DWHULDOLWlWXQG6\PEROL]LWlWRGHU0\WKHQKDIWLJNHLWGDVURPDQWL VFKHU gNRQRPLH HQWVSULFKW %RXUGLHX EULQJW PHKUIDFK $GDP 0OOHU LQV 6SLHORE DEHU VHLQ .DSLWDOEHJULII GHP GXUFKDXV lKQOLFKHQ 0OOHUV HQW ²²²²²²²²²²²²² 

  

9JO ]X GLHVHUVWULNWHQ 8QWHUVFKHLGXQJ DXFK -RFK 0DUNXV%UXGHUNlPSIH=XP6WUHLWXPGHQ LQWHOOHNWXHOOHQ+DELWXVLQGHQ)lOOHQ+HLQULFK+HLQH+HLQULFK0DQQXQG+DQV0DJQXV(Q]HQVEHUJHU +HLGHOEHUJ6 3UREOHPHGHU'LFKWXQJ  9JO 6FKZLQJHO 0DUNXV 3LHUUH %RXUGLHX ]XU (LQIKUXQJ +DPEXUJ  6  )XFKV +HLQULW].|QLJ3LHUUH%RXUGLHX6=XP)HOGEHJULIIVLHKHZHLWHUXQWHQLQGLHVHP .DSLWHO %RXUGLHX 3LHUUH'LHIHLQHQ8QWHUVFKLHGH.ULWLNGHUJHVHOOVFKDIWOLFKHQ8UWHLOVNUDIW)UDQNIXUWD 0 6 9JO]%%RXUGLHX5HJHOQGHU.XQVW6IYRUDOOHPDEHU)XFKV+HLQULW].|QLJ3LHUUH %RXUGLHX6I%RXUGLHXVWHLOVÄV\PEROLVFKHU¶.DSLWDOEHJULIIGUIWHVLFKDEHUHKHUDXVVHL QHU &DVVLUHU5H]HSWLRQ DEOHLWHQ DOV YRQ HLQHU GLUHNWHQ 0OOHU/HNWUH KHU 'HU *HZlKUV PDQQ LQ 6DFKHQ 0OOHU VFKHLQW YLHOPHKU GHU $GHOV +LVWRULNHU 5REHUW %HUGDKO ]X VHLQ



.DSLWHO

 OHKQWLVWPXVVGDKLQVWHKHQ'DV.RQYHUWLHUXQJVWKHRUHPHQWVSULFKWDEHU DXFK GHU 6SH]LILN GHV .XQVWZHUNV XQG GHV OLWHUDULVFKHQ )HOGHV 1LFKW LPPHULVWGDV.XQVWZHUNLQ|NRQRPLVFKHV.DSLWDONRQYHUWLHUEDUQRFKLVW HVDXIVHLQHPDWHULDOH*HVWDOWUHGX]LHUEDU'LH+HUDXVELOGXQJGHVOLWHUDUL VFKHQ)HOGHVLGHQWLIL]LHUW%RXUGLHXMDLPhEULJHQHUVWPLWHLQHPbVWKHWL ]LVPXV GHU VLFK PLW HLQHP GRSSHOWHQ %UXFK YRQ HLQHU NRPPHU]LHOO SRSXOlUHQZLHYRQHLQHUVR]LDOHQJDJLHUWHQ/LWHUDWXUDEJHZDQGWKDW'LH YLHOIDFKH .RQYHUWLHUEDUNHLW YRQ .DSLWDOVRUWHQ IU MHGHQ $NWHXU UXIW GLH 'RSSHOXQJ YRQ 0DWHULDOLWlW XQG 6\PEROL]LWlW EHL MHGHU $UW YRQ 7DXVFK KDQGOXQJ DXI ,Q VHLQHQ IUKHQ HWKQRORJLVFKHQ 6WXGLHQ ]HLJW %RXUGLHX GDVV IDPLOLDOH (UEJWHU PDWHULHOOHU ZLH V\PEROLVFKHU $UW 5HLFK WXP$UPXWRGHUDXFK(KUH8QHKUHJHQHULHUHQG)XQGDPHQWHIDPLOLlUHU 6ROLGDULWlW VLQG =HLFKHQ XQG 6LQQ]LUNXODWLRQ ZLH DXFK GLH =LUNXODWLRQ |NRQRPLVFKHU:HUWHEHWUHIIHQJOHLFKHUPD‰HQ*DEHQE]Z7DXVFKVWUXN WXUHQ *UXQGOHJHQG VSULFKW VLFK %RXUGLHX JHJHQ MHGH UHGXNWLRQLVWLVFKH %H ]XJQDKPH E]Z ,QDQVSUXFKQDKPH YRQ VR]LDOHU 5HDOLWlW XQG .XQVWZHUN E]Z.QVWOHUDXVGHUGDPLWHEHQQLFKWHLQIDFK]XPÅEHZX‰WORVHQ6SUH FKHUHLQHUVR]LDOHQ*UXSSH´JHPDFKWZLUG%RXUGLHXV,QWHUHVVHDQHLQHU ÅJHVHOOVFKDIWOLFKH>Q@ %HGHXWXQJ´ GHV .XQVWZHUNV YHUNU]W GLHVHV DEHU ÅDXIGLH)XQNWLRQNRPSHQVDWRULVFKHU$EOHQNXQJGHU9HUOHXJQXQJVR]LD OHU:LUNOLFKNHLWGHU)OXFKWLQNQVWOLFKH3DUDGLHVH´'HUOLWHUDULVFKH7H[W NDQQ DOVR ZHGHU DOOHLQ DOV :LGHUVSLHJHOXQJ UHDOHU JHVHOOVFKDIWOLFKHU 9HU KlOWQLVVH QRFK DOV :XQVFK RGHU 6FKUHFNELOG DOV :DUQXQJ RGHU +DQG OXQJVDQOHLWXQJ DOV 8WRSLH RGHU '\VWRSLH JHOHVHQ ZHUGHQ $Q GLH 6WHOOH GHUDUW VLPSOHU =XRUGQXQJHQ YRQ .XQVWZHUNHQ WULWW GLH %HVWLPPXQJ GHU Å3RVLWLRQ >«@ YRQ GHU DXV VLH SURGX]LHUW ZXUGHQ´  'DEHL JLOW NHLQH 0RQRNDXVDOLWlW VROFKHU %H]LHKXQJHQ YLHOPHKU JHKW %RXUGLHX YRQ HLQHU PHKUIDFKUHODWLRQDOHQ%HVWLPPWKHLWOLWHUDULVFKHU7H[WHDXVGDÅGHU5DXP GHU:HUNHVLFKMHGHU]HLWDOVHLQ)HOGGHU3RVLWLRQLHUXQJHQGDUVWHOOWGLHQXU UHODWLRQDO XQG ]ZDU DOV 6\VWHP GLIIHUHQWLHOOHU $EVWlQGH YHUVWDQGHQ ZHU GHQ N|QQHQ´ 'DUDXV IROJW GLH Å+\SRWKHVH HLQHU +RPRORJLH ]ZLVFKHQ GHP5DXPGHUGXUFKLKUHQV\PEROLVFKHQ*HKDOWXQGLQVEHVRQGHUHGXUFK ²²²²²²²²²²²²²

GHVVHQ%XFKEHUGHQSUHX‰LVFKHQ$GHOHUVFKLHQGUHL-DKUHYRUGHU2ULJLQDODXVJDEH /HVUqJOHVGHO·DUW  'LHVH9HUPXWXQJEHL)XFKV+HLQULW].|QLJ3LHUUH%RXUGLHX6  9JO%RXUGLHX5HJHOQGHU.XQVWSDVVLP  9JO%RXUGLHX(QWZXUIHLQHU7KHRULH6II  %RXUGLHX5HJHOQGHU.XQVW6  (EG  (EG



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 LKUH)RUPGHILQLHUWHQ:HUNHXQGGHP5DXPGHU3RVLWLRQHQLQQHUKDOEGHV 3URGXNWLRQVIHOGV´ 0LW GHU (WLNHWWLHUXQJ Ä+RPRORJLH¶ KDW %RXUGLHX HLQH UHODWLRQDOH %H ]LHKXQJ ]ZLVFKHQ /LWHUDUL]LWlW G K (LJHQWPOLFKNHLWHQ GHU OLWHUDULVFKHQ 7H[WXUXQGGHUVR]LDOHQ:LUNOLFKNHLWGHVOLWHUDULVFKHQ)HOGHVSRVWXOLHUW 6HLQH $XIIDVVXQJ YRQ 0RGHUQLVLHUXQJ LVW DXVJHVSURFKHQ GHIHQVLY =ZDU WHQGLHUW GLH (YROXWLRQ GHU )HOGHU ]X HLQHU $XWRQRPLVLHUXQJ GRFK NRPPWLQQHUKDOEGHV)HOGHVGHUÄ7UDGLWLRQ¶HLQEHVRQGHUHU5DQJ]X'DV LQGHQ/LWHUDWXUZLVVHQVFKDIWHQLPPHUZLHGHUVWUDSD]LHUWH$[LRPYRQGHU 5DGLNDOLWlWGHV:DQGHOVYRQGHU$YDQWJDUGLVLHUXQJLPOLWHUDULVFKHQ3UR ]HVVXQGLQGHU$EIROJHYRQ*HQHUDWLRQHQXQG(SRFKHQXQWHUVFKOlJWGLH %HKDUUXQJVNUlIWHGLHVLFKHEHQIHOGLQWHUQDOVGLH1RWZHQGLJNHLWGHUQRW IDOOVYHUERUJHQHQRGHUQXUYHUVFKlPW]XU6FKDXJHWUDJHQHQ%HKHUUVFKXQJ YRQÄ7UDGLWLRQ¶]XHUNHQQHQJHEHQ >(V@ZRKQWGLHJHVDPWH*HVFKLFKWHGHV)HOGHVGLHVHPMHGHU]HLWLQQHXQGZHUDOV 3URGX]HQW DEHU DXFK DOV .RQVXPHQW DXI GHU +|KH VHLQHU REMHNWLYHQ $QIRU GHUXQJHQVHLQZLOOPX‰GLHVH*HVFKLFKWHXQGGHQ5DXPGHV0|JOLFKHQLQGHP VLHVLFKVHOEVWEHUGDXHUWSUDNWLVFKRGHUWKHRUHWLVFKEHKHUUVFKHQ'LH=XODVVXQJV JHEKUHQGLHMHGHU1HXOLQJ]XHQWULFKWHQKDWEHVWHKHQLQQLFKWVDQGHUHPDOVGHU %HKHUUVFKXQJGHU*HVDPWKHLWGHU(UUXQJHQVFKDIWHQDXIGHUGLHJHOWHQGH3UREOHPD WLNDXIEDXW$OOHV+LQWHUIUDJHQJUHLIWDXIHLQH7UDGLWLRQDXIHLQHSUDNWLVFKHRGHU WKHRUHWLVFKH%HKHUUVFKXQJGHV(UEHV]XUFNGDVDOV6WDQGGHU'LQJHYHUKOOWGXUFK VHLQH (YLGHQ] VHOEVW GLH GDV 'HQNEDUH XQG GDV 8QGHQNEDUH EHJUHQ]W XQG GHQ 5DXPGHUP|JOLFKHQ)UDJHQXQG$QWZRUWHQ|IIQHWGHU6WUXNWXUGHV)HOGHVHLQ EHVFKULHEHQLVW

'LHVHULQQHUWDEHUDQVFKHLQEDUYHUDOWHWH7KHVHQYRQGHQ%HKDUUXQJVNUlI WHQGHU7UDGLWLRQGHQODQJH=HLWPDUJLQDOLVLHUWHQ7HQGHQ]HQ]X.RQWLQXL WlWDXFKLQGHQ.QVWHQGHUHQDXFKDXI7KHRULHHEHQHFRGLIL]LHUWHZLFK WLJVWH 6SLHOUHJHOVHLW  -DKUHQ GLHGHU,QQRYDWLYLWlWXQG 2ULJLQDOLWlW LVW 'LHVH )RUGHUXQJ UHLFKW ELV KLQ ]XU UHYROXWLRQlUHQ 0D[LPH GHV Ä6WXU ]HV¶ YRUDXVJHJDQJHQHU 6WLOH NQVWOHULVFKHU *HQHUDWLRQHQ RGHU DXFK QXU YRQ0RGHQXQG7UHQGV%RXUGLHXV /LWHUDWXU 6R]LRORJLHHUODXEWHVQXQ GDV0LVFKXQJVYHUKlOWQLVYRQ7UDGLWLRQXQG,QQRYDWLRQYRQ%HKDUUXQJV NUlIWHQ XQG 7UDQVIRUPDWLRQVSUR]HVVHQ QHX ]X IDVVHQ 3DUDOOHO VLQG HLQH LQWUDXQGHLQHLQWHUWH[WXHOOH(EHQH]XEHUFNVLFKWLJHQGLHVLFKXQDEKlQ JLJYRP$VSHNWGHV+DQGHOQVUHDOHU$NWHXUHGHU6HPDQWLNZLGPHQ )ROJHQGH +DQGOXQJVDQOHLWXQJ IU HLQH $QDO\VH GHU )HOGHU NXOWXUHOOHU 3URGXNWLRQZLUGJHJHEHQ(UVWHQVVHL GLH8QWHUVXFKXQJGHU3RVLWLRQGHVOLWHUDULVFKHQ XVZ )HOGHVLQQHUKDOEGHV)HO GHV GHU 0DFKW´ YRU]XQHKPHQ ]ZHLWHQV KDEH ÅGLH $QDO\VH GHU LQQHUHQ 6WUXNWXU

²²²²²²²²²²²²²  (EG6  (EG6





.DSLWHO

GHV OLWHUDULVFKHQ XVZ  )HOGHV HLQHV 8QLYHUVXPV PLW HLJHQHQ )XQNWLRQV XQG 7UDQVIRUPDWLRQVJHVHW]HQ´ ]X HUIROJHQ GULWWHQV HUVW ÅGLH 8QWHUVXFKXQJ GHU *H QHVHGHV+DELWXVGHU,QKDEHUGLHVHU3RVLWLRQHQGDVKHL‰WGLH8QWHUVXFKXQJGHU 'LVSRVLWLRQHQ GLH DOV (UJHEQLVVH HLQHV JHVHOOVFKDIWOLFKHQ :HUGHJDQJV XQG HLQHU 3RVLWLRQ LQQHUKDOE GHV OLWHUDULVFKHQ XVZ  )HOGHV LQ GLHVHU 3RVLWLRQ HLQH PHKU RGHUZHQLJHUJQVWLJH*HOHJHQKHLWLKUHU$NWXDOLVLHUXQJILQGHQ

'LHVH =LHOVHW]XQJHQ LPSOL]LHUHQ QXQ ZLVVHQVFKDIWOLFKH$QDO\VHQ GHV OLWH UDULVFKHQ )HOGHV QXU XQWHU OLWHUDWXULQWHUQHQ .ULWHULHQ XQG HEHQ DXI HLQH Ä)HOGJHVFKLFKWH GHU /LWHUDWXU¶ KLQ ZlKUHQG Ä$GHO¶ ]XQlFKVW MHGHQIDOOV HL QHQ PLW GHP )HOG GHU 0DFKW NRUUHOLHUWHQ 3UREOHPEHUHLFK EH]HLFKQHW KLQVLFKWOLFKGHU$NWHXUHXQGLKUHU+DELWXVDOOHUGLQJVHLQHZHLWHUH6FKZLH ULJNHLWDQGHXWHW/LWHUDULVFKH7H[WHEHUGHQ$GHOVLQGXPLQHLQHU 3KDVHGHUQRFKQLFKWHQGJOWLJYROO]RJHQHQ(QWVWHKXQJGHVOLWHUDULVFKHQ )HOGHVQLFKWDOOHLQIHOGLQWHUQ]XOHVHQ,QGHUGULWWHQ$QZHLVXQJHUVWWULIIW VLFK%RXUGLHXPLWHLQHUGHU=LHOVHW]XQJHQGLHVHU$UEHLW'DVVHPDQWLVFKH &OXVWHUÄ$GHOVNXOWXU¶ ]%LQOLWHUDULVFKHQ7H[WHQRGHUDXFKLQGHQ7H[WHQ GHU+LVWRULRJUDSKLHXQGLQGHUHQÄ4XHOOHQ¶ ZLUG]XEH]LHKHQVHLQDXIGHQ +DELWXV DGHOLJHU $XWRUHQ GLH PLW VFKLFKWW\SLVFKHP VR]LDOHQ .DSLWDO EH KDIWHWLKU%LOGXQJVNDSLWDOXQGVRPLWXQWHUDXFKGLH9RUDXVVHW]XQJHQIU HLQTXDVLEUJHUOLFKHV%HUXIVOHEHQDX‰HUKDOEMHQHUDGHOLJHQ.XOWXUHUZHU EHQ 3RVLWLRQLHUXQJHQ LP HQWVWHKHQGHQ OLWHUDULVFKHQ )HOG PDFKHQ GDQQ HLQHQZHLWHUHQ)DNWRULP6SLHOYRQ+DELWXVXQG+DQGHOQDXV /HLWHQGIUGLHNRPPHQGHQ8QWHUVXFKXQJHQZLUGGHU%HJULIIÄ+DEL WXV¶VHLQ(VKDQGHOWVLFKGDEHLQLFKWXPLQGLYLGXHOOH(LJHQVFKDIWHQHLQHQ NROOHNWLYHQ&KDUDNWHURGHUHLQH0HQWDOLWlWV]XVFKUHLEXQJVRQGHUQXPHLQ ÅREMHNWLYHV V\VWHPDWLVFKHV (QVHPEOH YRQ 'LVSRVLWLRQHQ PLW HWKLVFKHU 'LPHQVLRQ YRQ SUDNWLVFKHQ 3ULQ]LSLHQ´ GLH +DOWXQJ HLQHV ,QGLYLGXXPV LQGHUVR]LDOHQ:HOW*HVFKDIIHQZXUGHGHU+DELWXVGXUFKGLH3UD[LVYRQ *HQHUDWLRQHQ ÅLQQHUKDOE HLQHV EHVWLPPWHQ 7\SV YRQ ([LVWHQ]EHGLQJXQ JHQ´'D]XJHK|UHQNODVVHQVSH]LILVFKH.|USHUELOGHU$XVVHKHQ$XIWUH WHQ+DOWXQJ(UQlKUXQJVZHLVHQRGHU%HZHJXQJVJHZRKQKHLWHQ'HU+D ELWXVLVWVSUDFKOLFKVFKZHUJUHLIEDUYLHOOHLFKWYHUPLWWHOWDOVÅ&RUSXVKDOE IRUPDOLVLHUWHU :HLVKHLWHQ´ ZR]X ÅVSULFKZ|UWOLFKH 5HGHZHQGXQJHQ *H PHLQSOlW]HHWKLVFKH9RUVFKULIWHQ´]lKOHQN|QQHQ*HQDXVRJXWGHQNEDU LVW GDVV +DELWXV EHU HLQ VR NRPSOH[HV 6\PEROV\VWHP ZLH GLH /LWHUDWXU WUDGLHUW ZHUGHQ N|QQHQ LQVEHVRQGHUH VR ODQJH ZLH /LWHUDWXU HLQHU :LU NXQJVlVWKHWLN IROJW =X GHQNHQ ZlUH DOVR HKHU DQ 7H[WVRUWHQ ZLH GHQ )UVWHQVSLHJHODOVDQGHQVFKRQLP.RQWH[WDXWRQRPHUbVWKHWLNHQWZRU ²²²²²²²²²²²²²    

(EG6 )XFKV+HLQULW].|QLJ3LHUUH%RXUGLHX6 (EG6 (EG6YJODXFK6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 IHQHQ %LOGXQJVURPDQ 'LH GXUFK GHQ JHVHOOVFKDIWOLFKHQ :HUGHJDQJ EH VWLPPWH.RPSRQHQWHGUIWHDOV7HLOGHVÄVR]LDOHQ.DSLWDOV¶]XYHUVWHKHQ VHLQ VLH ZLUG SlGDJRJLVFK RIW YHUPLWWHOW EHU .OHLQLJNHLWHQ ZLUG XQEH ZXVVW DXIJHQRPPHQ LQWHUQDOLVLHUW XQG NQIWLJHP +DQGHOQ ]XJUXQGH JH OHJWGDVGDQQZLHGHUXPLQGHU5HJHOQLFKWEHZXVVWKDELWXVEHVWLPPWLVW =XP +DELWXV JHK|UW DOOHUGLQJV DXFK GLH 3RVLWLRQ LQ HLQHP )HOG'DPLW VLQG :DKUQHKPXQJV 'HQN XQG +DQGOXQJVP|JOLFKNHLWHQ GHV $NWHXUV EHJUHQ]W $OOHUGLQJV LVW GDV HLJHQWOLFKH +DQGHOQ GHU $NWHXUH ]ZDU EH VWLPPW GXUFK GHQ +DELWXV ² JHEURFKHQ GXUFK HLQJHWUHWHQH 9HUlQGHUXQ JHQLQGHUVR]LDOHQ5HDOLWlWVRGDVVDOVRGHU+DELWXVYHUlQGHUOLFKLVWXQG ÅEHUHLW DXI YHUlQGHUWH JHVHOOVFKDIWOLFKH .RQVWHOODWLRQHQ XQG DXI QHXH %HGLQJXQJHQLQHLQHU/DXIEDKQ]XUHDJLHUHQ´'HU+DELWXVLVWDOVRHWZDV HKHU8QVFKHLQEDUHVGHP$NWHXUQLFKWLPPHU%HZXVVWHV²HLQH6HOEVWYHU VWlQGOLFKNHLW GLH QLFKW XQYHUlQGHUOLFK LVW XQG GHUHQ *OWLJNHLW VLFK DQ MHGHU QHXHQ 6LWXDWLRQ GHV $OOWDJV YRQ 1HXHP HUZHLVHQ PXVV 0DUNXV 6FKZLQJHOPDFKWGDUDXIDXIPHUNVDPGDVVGHU+DELWXV%HJULIIEHL%RXU GLHXVRZRKO6FKHPDWDGHU:DKUQHKPXQJ RGHU.RQVWUXNWLRQ GHUVR]LD OHQ:HOWXPIDVVWDOVDXFKGHV'HQNHQVXQGQLFKW]XOHW]WGHV+DQGHOQV =XIUDJHQZLUGVHLQLQZHOFKHQ$NWHQVLFKGHU+DELWXVHLQHUVR]LDOHQ *UXSSH PDQLIHVWLHUW 'D HWZD (UZHUE XQG 9HUPHKUXQJ V\PEROLVFKHQ .DSLWDOV IU GHQ $GHO LPPHU VFKRQ VHKU ZLFKWLJ ZDU GUIWHQ VLFK $NWH YRQ$NWHXUHQGLHDOVGLHVHU*UXSSH]XJHK|ULJJHNHQQ]HLFKQHWVLQGYLHO IDFK IU +DELWXVDQDO\VHQ HLJQHQ 1LFKW DOOHV ZDV GHU $GHOLJH WXW IROJW VHLQHP+DELWXV(UZHUEXQG9HUPHKUXQJV\PEROLVFKHQ.DSLWDOVLVWGXUFK JHVHOOVFKDIWOLFKH $QHUNHQQXQJVDNWH P|JOLFK 'RFK ZLUG KLHU ZHQLJ DQ NDONXOLHUWH$NWHGHV3UHVWLJHJHZLQQVHWZDLP6LQQHGHUODQJIULVWLJHQ3OD QXQJ HLQHU 0LOLWlUNDUULHUH ]X GHQNHQ VHLQ VRQGHUQ ] % GDUDQ GDVV GHU $GHOLJH HLQHQ DXVJHSUlJWHQ VR]LDOHQ 6LQQ IU 6SLHO XQG GDV 6SLHOHULVFKH EHVLW]WGDVVLKPGDEHLHLQVHOEVWYHUVWlQGOLFKHU6LQQIU=HUHPRQLHOOHVXQG 5LWXHOOHVLQQHZRKQW=XHULQQHUQLVWDQGLHOHEHQVODQJHULWWHUOLFKH6HOEVW VWLOLVLHUXQJ)ULHGULFKGHOD0RWWH)RXTXpV'DVÄ(UEH¶XQGGDPLWXDGDV VR]LDOH .DSLWDO JHK|UW ]XVDPPHQ PLW GHU (LQVWHOOXQJ GHV $NWHXUV ]X GLHVHP (UEH ]XU KDQGOXQJVOHLWHQGHQ 'LVSRVLWLRQVPDVVH  %RXUGLHXV +DELWXVNRQVWUXNWLRQLPSOL]LHUWIUGLH3UD[LVGHV+DQGHOQVJUXQGVlW]OLFK HLQH 7HQGHQ] ]X RUGQXQJVVWLIWHQGHP XQGRGHU QRUPHUKDOWHQGHP +DQ

²²²²²²²²²²²²²

 9JO HEG 6  SDVVLP ² 9JO LQ %RXUGLHXV %XFK 8QWHUVFKLHGH GDV .DSLWHO Å'HU +DELWXVXQGGHU5DXPGHU/HEHQVVWLOH´6II  (EG6  9JO6FKZLQJHO(LQIKUXQJ6  9JO%RXUGLHX5HJHOQGHU.XQVW6II



.DSLWHO

 GHOQ+DELWXVDQDO\VH KLH‰H DOVR HLQ .RQVWUXNW YRQ 'DXHU XQG 6WDELOLWlW LQQHUKDOE XQG WURW] GHV KLVWRULVFKHQ :DQGHOV DXV GHP +DQGOXQJHQ EH VFKUHLEHQGHQ0DWHULDOKHUDXV]XSUlSDULHUHQ/lVVWVLFKGHU+DELWXVLGHDOL WHUDOV(QVHPEOHVHPDQWLVFKHU0HUNPDOHEHVFKUHLEHQVRLVWHVDXVKHXULV WLVFKHQ*UQGHQ]ZHFNPl‰LJMHQH0HUNPDOVNDWDORJH]X5DWH]X]LHKHQ GLH GXUFK +LVWRULNHU ]XVDPPHQJHVWHOOW ZXUGHQ ZLH GLHV ZHLWHU REHQ EH UHLWV JHVFKHKHQ LVW 'LH EHVDJWH $GHOVVHPDQWLN ZLUG DOVR YHUHLQIDFKHQG NXU] JHVFKORVVHQ PLW GHP DGHOLJHQ +DELWXV$OOHUGLQJV ZLUG YLHOIDFK DXI GHQ 'LVSRVLWLRQVVSLHOUDXP KLQJHZLHVHQ GHU GHP +DELWXVEHJULII HEHQ DXFKLQQHZRKQW=XXQWHUVFKHLGHQZlUHQKLHUEHLHLQHUVHLWVMHJOLFKHLPSOL ]LWHQXQGH[SOL]LWHQ+DQGOXQJVYRUVFKULIWHQLQKlKUHQWH/HHUXQG8QEHV WLPPWKHLWVVWHOOHQ GDVRJDU+HLUDWV XQG7DXVFKYRUVFKULIWHQ ÅHLQ 8QEHV WLPPWKHLWVPRPHQW´ KDEHQ XQG ÅVHOEVW GLH VWUHQJVWHQ ULWXDOLVWLVFKHQ 5HJHOQ HLQHQ VWUDWHJLVFKHQ 6SLHOUDXP ODVVHQ GHU LQ GHU 3UD[LV YRQ GHQ ,QGLYLGXHQ YLUWXRV DXVJHQXW]W ZLUG´=ZHLWHQV DEHU LVW GHU 9HUVXFK ]X XQWHUQHKPHQDQKDQGYRQ6WLFKSUREHQHLQHQÄ+DELWXVZDQGHO¶DOV5HDNWL RQ DXI YHUlQGHUWH 8PZHOWEHGLQJXQJHQ ]X EHVFKUHLEHQ 'LH hEHUJlQJH VLQG KLHU IOLH‰HQG GHQQ Ä6SLHO5lXPH¶ EH]HLFKQHQ EHUHLWV GLH 9HUlQGHU EDUNHLWGDV7UDQVIRUPDWLRQVXQG0RGHUQLVLHUXQJVSRWHQWLDOGHV+DELWXV LQGHP 6FKHPDWD GHU 3UD[LVIRUPHQ GXUFK ZHFKVHOQGH H[WHUQH 6WUXNWXUHQ JHEURFKHQ ZHUGHQ XQG HLQH 1HX3RVLWLRQLHUXQJ GXUFK GHQ HLQ]HOQHQ $NWHXUHUIRUGHUQ9RUVWHOOEDUZlUHGDVVVLFKDXVYLHOHQVROFKHU1HXSRVL WLRQLHUXQJHQIUGLHQDFKIROJHQGHQ$NWHXUHEHUHLWVGLH+DQGOXQJVGLVSRVL WLRQVHOEVWYHUlQGHUW'DEHLLVW]XEHDFKWHQGDVVHVQLFKWGLH5HVXOWDWHGHV NRQNUHWHQ +DQGHOQV VHOEVW VHLQ PVVHQ GLH VLFK YHUlQGHUQ (JRQ )ODLJ KDWGDUDXIKLQJHZLHVHQGDVV9HUlQGHUXQJHQYRQDOOHLQNRPPHQ$NWHXUH DEHUYLHOIDFKGDUDQLQWHUHVVLHUWVLQG9HUKlOWQLVVHLGHQWLVFK]XUHSURGX]LH UHQÄ.RQWLQXLWlW¶ZlUHGLH5HJHOXQJYRQ9HUlQGHUXQJHQGHUJHVWDOWGDVV VLHGHP$QVFKHLQQDFKQLFKWYRUKDQGHQVLQG+LQWHUGHP$QVFKHLQYRQ ODQJHU 'DXHU LQ GHU *HVFKLFKWH YHUP|JHQ VLFK JOFNHQGH 3RVLWLRQLHUXQ JHQYRQ$NWHXUHQ]XYHUEHUJHQGHQHQHVTXD+DELWXV$GDSWDWLRQDQVLFK ZDQGHOQGH%HGLQJXQJHQJHOLQJWQDFKDX‰HQKLQ.RQWLQXLWlW]XSURGX]LH UHQ+LHUDQZLUGEHLGHU(UIRUVFKXQJYRQÄ$GHOVNXOWXU¶IUHLQHQKLVWRUL VFKHQ =HLWSXQNW ]X GHQNHQ VHLQ GD HV GHP $GHO VHOEVW XP %HZDKUXQJ ²²²²²²²²²²²²²

 9JO %DUO|VLXV (YD 3LHUUH%RXUGLHX )UDQNIXUW D 01HZ Q@DGHOLJH>Q@0HQWDOLWlWVNHUQH´ 2OLYLHU&KULVWLQGHUHQWVSUHFKHQGIHVWVWHOOW5HJHOEHIROJXQJJHKHPLW $EZlJHQHLQKHUHPSILHKOWIU+DELWXVVWXGLHQGLH8QWHUVXFKXQJGHU9RU VWHOOXQJHQGLHVLFK$NWHXUHYRQHYHQWXHOOHQ+DQGOXQJVXQG(UPHVVHQV VSLHOUlXPHQ XQG GDPLW YRQ LKUHP HLJHQHQ 2UW LQ %H]XJ DXI GLH VR]LDOH :HOWZLHVLHVLHVHKHQPDFKHQYHUlQGHUWHQGRFKÅV\PEROLVFKH5HYROX WLRQHQ >«@ DXFK GLH $QWL]LSDWLRQHQ XQG GDPLWGLH 3UDNWLNHQ GHU KLVWRUL VFKHQ $NWHXUH´'LHV lQGHUW QLFKWV GDUDQ GDVV ]XPLQGHVW GHU $GHO DOV VR]LDOH*UXSSHXPDQ6WDWXVVLFKHUXQJDQHLJHQHP0DFKWHUKDOWXQG JHVHOOVFKDIWOLFKHP2EHQEOHLEHQWURW]DOOHU9HUlQGHUXQJHQLQWHUHVVLHUWVHLQ PXVVWH 'LH DOWHQ 'LFKRWRPLVLHUXQJHQ YRQ ÄNRQVHUYDWLYHQ¶ YHUVXV ÄSUR JUHVVLYHQ¶(LQVWHOOXQJHQXQWHUVFKODJHQGDVVELVGHU(QHUJLHQLQ GHU *HVHOOVFKDIW DXI 5HSURGXNWLRQ DXVJHULFKWHW VLQG  ² ZREHL XP HV HUQHXW ]X EHWRQHQ GLHV QLFKW DXI .RQWLQXLWlW GHU +DELWXV RGHU JDU GHU NRQNUHWHQ3RVLWLRQLHUXQJHQLQGHQ)HOGHUQKLQDXVODXIHQPXVVMDNDQQ )HOGXQG7H[WDQDO\VHVFKOLH‰HQHLQDQGHUQLFKWDXV%RXUGLHXVSULFKW VLFKIUHLQHÅYHUVWHKHQGH/HNWUH´DXVGLHHUÅLP=XJHHLQHU$UW'HPR NUDWLVLHUXQJ GHU KHUPHQHXWLVFKHQ +DOWXQJ DXFK GHQ DOOWlJOLFKHQ (U]lKOXQJHQ ²²²²²²²²²²²²²

 (V ZlUH IU 8PEUXFKV]HLWHQ MHZHLOV QDFK V\PEROLVFKNXOWXUHOOHQ *DUDQWHQ GHU Ä%HZDK UXQJ¶]XIUDJHQ QLFKWLGHQWLVFKPLW$UFKLYHQ*HGlFKWQLVJDUDQWHQ6SHLFKHUQ HVPVVHQ 6\VWHPHVHLQGLH7UDQVIRUPDWLRQHQDEIHGHUQYLHOOHLFKWQLFKWHLQPDO1HXHU]lKOXQJHQRGHU EOR‰H5HSURGXNWLRQHQDOWHU0\WKHQ ]%FKULVWOLFKHU0\WKRORJLH $GHODOVNXOWXUHOOHV6\V WHPN|QQWHGD]X]lKOHQ]XQHKPHQGGDQQDEHU]%Ä9RON¶  =X GLHVHP %HJULII YJO )ULH )ULHGULFK YRQGHU0DUZLW] 6  KLHU 6  Å.HQQ]HLFKHQ GHUÄURPDQWLVFKHQ*HQHUDWLRQ¶ZDUGLH(QWVLFKHUXQJYRQ/HEHQVOlXIHQ´²=XU,QGLYLGXD OLVLHUXQJ GHV Ä/HEHQVODXIV¶ YJO )RKUPDQQ -UJHQ +UVJ  /HEHQVOlXIHXP 7ELQJHQ   0DW]HUDWK$GHOVSUREH60DW]HUDWKlX‰HUWGLHVH.ULWLNDOOHUGLQJVDXVVHLQHP,QWHUHVVH DQ .RKlVLRQVNUlIWHQ GHU VR]LDOHQ *UXSSH Ä$GHO¶ VHOEVW KHUDXV GLHVH .UlIWH ILQGHW HU LP $GHOVUHFKWLQGHUYHUPLWWHOQGHQ:LUNXQJLQQHUDGHOLJHU,QVWLWXWLRQHQXQGHLQHP*HQHUDWL RQVWUDQVIHU,QVRIHUQGHU.RKlVLRQHU]HXJHQGHÅ0\WKRVGHVÄ8UDGHOV¶´LP-DKUKXQGHUW HUVW HUIXQGHQ ZLUG GUIWH VLFK KLHUDXV HLQH +DQGOXQJVUHJHO DEOHLWHQ ODVVHQ GLH VLFK VR DE VWUDKLHUHQOlVVWÄ+DQGOHVRLQQRYDWLYGDVVQDFKDX‰HQXQGLQGHU%LQQHQNRPPXQLNDWLRQ LP(UJHEQLVNXOWXUHOOH.RQWLQXLWlWEHVWHKW¶  &KULVWLQ 2OLYLHU Å*HVFKLFKWVZLVVHQVFKDIW XQG %RXUGLHX´ LQ &ROOLRW7KpOqQH +UVJ  3LHUUH%RXUGLHX6KLHU6I=LWDW6  9JO*LOFKHU+ROWH\,QJULGÅ*HJHQ6WUXNWXUDOLVPXV3DQV\PEROLVPXVXQG3DQVHPLRORJLH 3LHUUH %RXUGLHX XQG GLH *HVFKLFKWVZLVVHQVFKDIW´ LQ &ROOLRW7KpOqQH +UVJ  3LHUUH%RXU GLHX6KLHU6



.DSLWHO

 YRQ DOOWlJOLFKHQ $EHQWHXHUQ HQWJHJHQEULQJHQ´ ZLOO  (U EHNHQQW VLFK GDPLWHQWJHJHQGHQ%HKDXSWXQJHQVHLQHU.ULWLNHUYRQHLQHUDXVVFKOLH‰OLFK SUDJPDWLVFKHQ %H]XJQDKPH VHLQHU 7KHRULH ]X HLQHU +HUPHQHXWLN GHV JDQ]HQ 7H[WV XQDEKlQJLJ YRQ .RPSOH[LWlW XQG HYHQWXHOOHU lVWKHWLVFKHU 4XDOLWlWGLHLQGHUOLWHUDWXUZLVVHQVFKDIWOLFKHQ3UD[LVZHQQJOHLFKRIWYHU VFKlPWXQGRKQHGDV%HNHQQWQLV]XUWKHRUHWLVFKHQ=XVSLW]XQJDXFKVWHWV OHEHQGLJZDUXQGGLHDXVJHKHQGEHL%RXUGLHXYRQHLQHU,QWHUDNWLRQ]ZL VFKHQ ,QWHUYLHZSDUWQHUQ HLQHU DOOWlJOLFKHQ /HNWUHSUD[LV YHUSIOLFKWHW LVW YRQGHUVLFKHLQHDXVVFKOLH‰OLFKGHU'LVNXUVDQDO\VHRGHUGHU'HNRQVWUXN WLRQYHUSIOLFKWHWH/LWHUDWXUZLVVHQVFKDIWEHUHLWVZHLWHQWIHUQWKDWWH %RXUGLHXV %HPKHQ ULFKWHW VLFK GXUFKJHKHQG DXI GLH Å(UIRUVFKXQJ GHUVR]LDOHQ :LUNOLFKNHLW´0LWGLHVHU $XIIDVVXQJ HLQKHU JHKW HLQH SULQ ]LSLHOOH WH[WNULWLVFKH (LQVWHOOXQJ GLH GHQ Ä7H[W¶ DOV LQVWUXPHQWHOOH *U|‰H EHZHUWHWXQGHLQH8QWHUVFKHLGXQJWULIIW]ZLVFKHQGHU/HNWUHYRQ7H[WHQ XPVLHÅPLWDQGHUHQ7H[WHQLQ=XVDPPHQKDQJ]XEULQJHQXQG]XJORVVLH UHQ´XQGGHUIDYRULVLHUWHQ=LHOHLQVWHOOXQJÅHLQ5LWXDOYHUVWHKHQ9HUKDO WHQVlQGHUXQJHQ LQ 6DFKHQ .UHGLWDXIQDKPH 6SDUHQ RGHU )UXFKWEDUNHLW HUNOlUHQGLH'LIIHUHQWLDOTXRWHGHV6FKXOHUIROJVRGHUGHV0XVHXPVEHVXFKV IHVWVWHOOHQ´)UGHQ/LWHUDWXUZLVVHQVFKDIWOHULPSOL]LHUWGLHVHLQHZLVVHQ VFKDIWOLFKH 7HOHRORJLH GLH ]ZDU DXFK DXI HLQH 7H[WKHUPHQHXWLN JHULFKWHW LVWGHUHQOHW]WHV=LHODEHUQLFKWGDV9HUVWHKHQYRQ7H[WHQLVWVRQGHUQGLH %HUHLWVWHOOXQJYRQ0DWHULDOLHQ]XU(UIDVVXQJGHUVR]LDOHQ:LUNOLFKNHLW(V ZLUGDP([HPSHO]XNOlUHQVHLQREVLFKKLHUQLFKWGRFKHLQNDXPDXV]X UlXPHQGHU :LGHUVSUXFK ]X HLQHU /LWHUDWXUZLVVHQVFKDIW DOV 7H[WZLVVHQ VFKDIWHU|IIQHW-HGHQIDOOVDEHUZHQGHWVLFK%RXUGLHXJHJHQHLQHHWKQROR JLVFKH6LFKWZHLVHYRQÄ.XOWXUDOV7H[W¶ZLHVLHHWZD&OLIIRUG*HHUW]LQGDV *HVSUlFK HLQJHEUDFKW KDWWH1LFKW GLH )LJXUHQ Ä7H[W¶ XQG Ä/HVHQ¶ VLQG IU%RXUGLHXZHVHQWOLFKVRQGHUQGLH)LJXUGHVÄ+DQGHOQV¶GLHDXI$NWHX UH LQ GHQ NQVWOLFKHQ 7H[WZHOWHQ GHU /LWHUDWXU ZLH DXFK DXI $NWHXUH LP OLWHUDULVFKHQ )HOG GHU VR]LDOHQ Ä:LUNOLFKNHLW¶ DSSOL]LHUEDU LVW Ä.XOWXU¶ LVW DOVR IU LKQ ZHGHU DXI HLQ VHPLRWLVFKHV RGHU V\PEROLVFKHV TXDVL VSUDFKOLFKHV6\VWHP]XUHGX]LHUHQQRFKJLOWHLQH:LGHUVSLHJHOXQJVDXIIDV VXQJ QDFK GHU /LWHUDWXU VR]LDOH :LUNOLFKNHLW DEELOGHW  $EJHVHKHQ YRQ GLHVHU$XIIDVVXQJGLH7H[WXQG.RQWH[WHQ]XJHULQJH&KDQFHQHLQUlXPW ZDUQW DEHU DXFK %RXUGLHX GDYRU GLUHNWH 6FKOVVH YRP NXOWXUHOOHQ 3UR GXNW DXI JHVHOOVFKDIWOLFKH 5DKPHQEHGLQJXQJHQ GHU (QWVWHKXQJ YRU]X ²²²²²²²²²²²²²

 %RXUGLHX3LHUUH'DV(OHQGGHU:HOW.RQVWDQ]6  )XFKV+HLQULW].|QLJ3LHUUH%RXUGLHX6  %RXUGLHX 3LHUUH 0HGLWDWLRQHQ =XU .ULWLN GHU VFKRODVWLVFKHQ 9HUQXQIW )UDQNIXUW D 0  6  =XÄ.XOWXUDOV7H[W¶YJOUHVPLHUHQG6FK|‰OHU/LWHUDWXUZLVVHQVFKDIW6  9JO*LOFKHU+ROWH\6WUXNWXUDOLVPXV6I



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 QHKPHQRGHUDXFKQXUUHGXNWLRQLVWLVFKHLQHQ$XWRU]XP5HSUlVHQWDQWHQ HLQHUVR]LDOHQ*UXSSH]XPDFKHQ$XFKGLHKLHUDQJHVWUHEWH6SXUHQVX FKHP|FKWHDXISDXVFKDOLVLHUHQGH7KHVHQEHUGHQ$GHOXQGGLH5RPDQWLN YHU]LFKWHQ 1XQ KDW VLFK GLH /LWHUDWXUZLVVHQVFKDIW LQ 'HXWVFKODQG OlQJVW XQG DXFK GLIIHUHQ]LHUW PLW %RXUGLHX DOV WKHRUHWLVFKHP 6WLFKZRUWJHEHU EH IDVVW'LH7KHRULHGHU(QWVWHKXQJGHVOLWHUDULVFKHQ)HOGHVZXUGH]XOHW]W OLWHUDWXUKLVWRULVFKNRQNUHWLVLHUWDOVÅGLHLQ'HXWVFKODQGVHLWGHU:HLPDUHU .ODVVLN LQ )UDQNUHLFK VHLW )ODXEHUW XQG %DXGHODLUH HLQJHIKUWH 9RUVWHO OXQJ HLQHV LP :RUWVLQQ DXWRQRPHQ VLFK VHOEVW GDV *HVHW] JHEHQGHQ 8QLYHUVXPV´GDVÅQLFKWQXUYRQDQGHUHQ$XWRUHQJHWHLOWZXUGHXQGZLUG VRQGHUQ LQ LQWHUQHQ ,QVWLWXWLRQHQ GHU %HZHUWXQJ XQG $XVOHVH YHUDQNHUW LVW´ $OV.DUGLQDOIUDJHVWHOOWVLFKVRGDQQGLHMHQLJHQDFKHLQHUWKHRUHWLVFKHQ 9HUNQSIXQJYRQÄ6WUXNWXU¶XQGÄ+DQGHOQ¶YRQÄ)HOG¶XQGÄ7H[W¶KHUDXV GDPLWDOVRQDFKGHU9HUHLQEDUNHLWMHQHUVR]LDOHQ5HDOLWlWXPGHUHQ(UIRU VFKXQJ HV %RXUGLHX MD EHL VHLQHQ VWHWV HPSLULHWUlFKWLJHQ )RUVFKXQJV SURMHNWHQ]XWXQZDUPLWHLQHUMHILNWLYHQ7H[WZHOWZHOFKHGLH/LWHUDWXU VWHWV HLQH 3URGXNWLRQVPDVFKLQHULH GHV )LQJLHUHQV HU]HXJW 9RUOlXILJ LVW IHVW]XKDOWHQ3LHUUH%RXUGLHXKDWWHPLWVHLQHQ7KHVHQ]XU(QWVWHKXQJGHV OLWHUDULVFKHQ )HOGHV LQ )UDQNUHLFK PHKU DOV HLQH :HQGXQJ ]XU 3URGXNWL RQVlVWKHWLN LP $XJH ZLH VLH VLFK PLW GHU *HQLHlVWKHWLN LQ GHU ]ZHLWHQ +lOIWHGHV-DKUKXQGHUWVHUHLJQHWH(UJLQJYLHOPHKUYRQGHPYRUDOOHP GXUFK )ODXEHUW XQG %DXGHODLUH YROO]RJHQHQ GRSSHOWHQ %UXFK PLW HLQHU VR]LDOHQJDJLHUWHQZLHPLWHLQHUEUJHUOLFKHQXQGGDVKHL‰WNRPPHU]LHOOHQ .XQVWGHU=HLWDXVGLHVHUJOHLFKVDPVH]HVVLRQLVWLVFKH%UXFKlX‰HUWHVLFK LQ HLQHP UDGLNDOHQ bVWKHWL]LVPXV LQ GHU $EOHKQXQJ SROLWLVFKHU XQG |NR QRPLVFKHU%HODQJH'LH$XVQXW]XQJGHULPPHUVFKRQLQMHJOLFKHUSRH ²²²²²²²²²²²²²

 9JO%RXUGLHX5HJHOQGHU.XQVW6IVRZLH)XFKV+HLQULW].|QLJ3LHUUH%RXUGLHX6  -RFK 0DUNXV:ROI 1RUEHUW &KULVWLDQ +UVJ  7H[WXQG)HOG%RXUGLHXLQGHUOLWHUDWXUZLVVHQ VFKDIWOLFKHQ3UD[LV7ELQJHQ 6WXGLHQXQG7H[WH]XU6R]LDOJHVFKLFKWHGHU/LWHUDWXU    -RFK 0DUNXV0L[ «@ 9HUVWlUNW ZLUG GLHVHV VWDWXVPl‰LJH +HUNXQIWVNDSLWDO GXUFK GLH 9RUWHLOH GLH GHU IUK]HLWLJH (UZHUE GHU OHJLWLPHQ .XOWXU IU GLH 6FKXOXQJ LQ .XOWXUWHFKQLNHQ ZLH 7LVFKPDQLHUHQ XQG .XQVW GHU 8QWHUKDOWXQJ PXVLNDOLVFKHU %LOGXQJ XQG *HVSU IUV MH ZHLOV6FKLFNOLFKH7HQQLVVSLHOHQXQGULFKWLJHU$XVVSUDFKHJOHLFKHUPD‰HQHUEULQJW'DVLQ NRUSRULHUWH NXOWXUHOOH .DSLWDO GHU YRUDXVJHJDQJHQHQ *HQHUDWLRQHQ IXQJLHUW DOV HLQH $UW 9RUVFKX‰XQG9RUVSUXQJLQGHPHVGHP1HXDQN|PPOLQJRKQHZHLWHUHVGDV%HLVSLHOHLQHULQ IDPLOLlUHQ0XVWHUQUHDOLVLHUWHQ.XOWXUXQG%LOGXQJJHZlKUOHLVWHWZLUGGLHVHPYRQ$QEHJLQQXQG YRQ *UXQG DXI G K DXI Y|OOLJ XQEHZX‰WH XQG XQPHUNOLFKH :HLVH GHU (UZHUE GHU *UXQGHOHPHQWH GHU OHJLWLPHQ .XOWXU HUP|JOLFKW´ =X IUDJHQ ZlUH DOOHUGLQJV RE GDQQ EHUKDXSW.XOWXUHQGHQNEDUZlUHQGHQHQGLHVHVÄDULVWRNUDWLVFKH¶(OHPHQWGHV7UDGLHUHQV YRQNXOWXUHOOHP:LVVHQDOV+HUUVFKDIWOHJLWLPLHUHQGHP.DSLWDOIHKOW   9JO ]XOHW]W +DUWPDQQ 0LFKDHO (OLWHQ XQG 0DFKW LQ (XURSD (LQ LQWHUQDWLRQDOHU 9HUJOHLFK )UDQNIXUWD01HZ«@ VR JXW ZLH GLH HLQHV bVWKHWL]LVPXV DQQHKPHQ GHU GDGXUFK GD‰ HU GLH lVWKHWLVFKH (LQVWHO OXQJ]XHLQHPXQLYHUVHOOHQ$QZHQGXQJVSULQ]LSVWLOLVLHUWGLHEUJHUOLFKH9HUOHXJ QXQJGHV*HVHOOVFKDIWOLFKHQDQLKUH*UHQ]HWUHLEW

=XGHQVR]LDOHQ'HWHUPLQLVPHQGHV+DQGHOQVLPOLWHUDULVFKHQ)HOGJHK|UW DOVR SDUDGR[HUZHLVH GLH %HKDXSWXQJ GHV $NWHXUV ]ZLVFKHQ 7H[W XQG Ä:HOW¶EHVWHKHJHUDGHNHLQ=XVDPPHQKDQJ :HLWHUEHVFKUHLEW%RXUGLHXGLHVHQ+DELWXVPLWGHPÅ%HVLW]HLQHVXP IDQJUHLFKHQ V\PEROLVFKHQ .DSLWDOV´ VRZLH HLQHU ÅWLHIVLW]HQGH>Q@ Ä8QJH GXOGJHJHQEHU*UHQ]HQ¶JHVHOOVFKDIWOLFKHQDEHUDXFKlVWKHWLVFKHQVRZLH HLQH>U@ DUURJDQWH>Q@ ,QWROHUDQ] JHJHQEHU DOOHQ .RPSURPLVVHQ PLW GHQ Ä=HLWOlXIWHQ¶´'LHVHU.QVWOHUZLHLKQ%DXGHODLUHQDFK$UW'HODFURL[·LQ GHQ 6DORQV YRQ  HLQIKUWLVW ÅJOHLFKJOWLJ JHJHQEHU (KUXQJHQ XQGYROONRPPHQGHU1DFKZHOW]XJHZDQGW´'DV%HKDUUHQDXI'LVWLQN WLRQ DOVR 'LVWDQ] ÅJHJHQEHU DOOHQ 3RVLWLRQHQ´]HLJW VLFK DQ HLQHU HU EDUPXQJVORV LQQRYDWLYHQ LNRQRNODVWLVFKHQ $UEHLW DQ GHU )RUP GD]X JHK|UW NRPSOHPHQWlU HLQH Å$PELJXLWlW GHV 6WDQGSXQNWV´%HLGHV GLHV VHLKLHUYRUZHJJHQRPPHQMHGRFKQLFKWDOOHVZDV%RXUGLHXGHPOLWHUDUL VFKHQ)HOG]XVFKUHLEWLVWGHUURPDQWLVFKHQ/LWHUDWXU]XHLJHQ+LHUJlOWH HVDOVRHEHQVRDULVWRNUDWLVFKH%HZHJJUQGHIUOLWHUDULVFKH3UDNWLNHQKH UDXV]XDUEHLWHQ0DQ VROOWH GDEHL P|JOLFKVW JHQDXVR ZHQLJ DXI GDV SROL WLVFK 3URJUHVVLYH JDU DXI GHQ GHPRNUDWLVFKHQ Ä*HKDOW¶ VSHNXOLHUHQ VR ZHQLJGLHVH)UDJHDQGDV:HUN)ODXEHUWV]XVWHOOHQHUODXEWLVW hEULJHQV ]HLJW EHUHLWV %RXUGLHXV $QODJH VHLQHU 8QWHUVXFKXQJ GHV NQVWOHULVFKHQ)HOGHVGDVVGLH$QDO\VHGHV)RUPSULPDWVLQGHU0RGHUQH LQGLUHNWHLQ)DNWRUGHU(UIRUVFKXQJVR]LDOHU5HDOLWlWHQLVWGDVVHLQ.RQ QH[ ]ZLVFKHQ VR]LDO EHGLQJWHQ :DKUQHKPXQJVYHUlQGHUXQJHQ XQG GHU ²²²²²²²²²²²²²    

   

(EG6 %RXUGLHX8QWHUVFKLHGH6 %RXUGLHX5HJHOQGHU.XQVW6 9JO%DXGHODLUH&KDUOHVÅ'HU6DORQ'HU6DORQ´LQ6lPWOLFKH:HUNH%ULHIH ,Q DFKW %lQGHQ -XYHQLOLD².XQVWNULWLN %G  )ULHGKHOP .HPS&ODXGH3LFKRLV +UVJ 0QFKHQ:LHQ6 %RXUGLHX5HJHOQGHU.XQVW6 (EG6 (EG 9JOGHQ$PELJXLWlWVEHJULIIGHQ&KULVWRI:LQJHUWV]DKQDXIGDV:HUN$FKLPYRQ$UQLPV EH]LHKW :LQJHUWV]DKQ$PELJXLWlW 



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 (UQHXHUXQJ YRQ 3ULQ]LSLHQ lVWKHWLVFKHU )RUPHQ XQG KLHU NRQNUHW GHU )RUPNXQVWGHVbVWKHWL]LVPXV KHUJHVWHOOWZHUGHQNDQQ 'LHJHVHOOVFKDIWOLFKH.RQVWUXNWLRQDXWRQRPHU3URGXNWLRQVIHOGHUJHKWHLQKHUPLW GHU .RQVWUXNWLRQ VSH]LILVFKHU :DKUQHKPXQJV XQG %HZHUWXQJVSULQ]LSLHQ GHU QDWUOLFKHQXQGVR]LDOHQ:HOW VRZLHGHUOLWHUDULVFKHQXQGNQVWOHULVFKHQ5HSUl VHQWDWLRQHQGLHVHU:HOW GDVKHL‰WPLWGHU(UDUEHLWXQJHLQHVJHQXLQlVWKHWLVFKHQ :DKUQHKPXQJVPRGXVGHUGLH*UXQGODJHGHVÄVFK|SIHULVFKHQ $NWV¶LQGLH'DU VWHOOXQJ XQG QLFKW LQ GDV 'DUJHVWHOOWH YHUOHJW XQG VHLQH *HOWXQJ YROOHQGV LP 9HUP|JHQ HUODQJW GLH QLHGHUHQ RGHU YXOJlUHQ 2EMHNWH GHU PRGHUQHQ :HOW ]X lVWKHWLVLHUHQ

'LHVEHGHXWHWDEHUGDVVHVLQHLQHU*UXSSHWHLOVDGHOLJHUWHLOVEUJHUOLFKHU $XWRUHQQLFKWDXVVFKOLH‰OLFKEUJHUOLFKH'LVSRVLWLRQHQVLQGGLHYHUEXQ GHQ PLW HLQHU EHVWLPPWHQ.RQVWHOODWLRQ GHU lVWKHWLVFKHQ 3DUWHLXQJHQ LP OLWHUDULVFKHQ)HOG IU GLH lVWKHWLVFKH0D[LPH EHVWLPPHQG VLQGVRQGHUQ GDVVP|JOLFKHUZHLVHDXFKHLQ=XVDPPHQKDQJHLQH+RPRORJLH]ZLVFKHQ DGHOLJHP +DELWXV XQG ÄDULVWRNUDWLVFKHU¶ 3RVLWLRQLHUXQJ IHVWJHVWHOOW ZHUGHQ NDQQ 'DPLW VFKO|VVH GDV 3URMHNW GHU $XWRQRPLVLHUXQJ GHV OLWHUDULVFKHQ )HOGHVHLQH:LHGHUHQWGHFNXQJDULVWRNUDWLVFKHU'LVSRVLWLRQHQHLQGLHDXFK GHQ $XWRU DOV IUHL DUEHLWHQGHQ 0HQVFKHQ QLFKW PHKU DOV DEKlQJLJHQ /RKQVFKUHLEHULPDJLQLHUWHLQH3KDQWDVLHGLHQRFK/XGZLJ7LHFNV1RYHOOH 'HV/HEHQVhEHUIOX‰ PLWEHVWLPPW =ZDU JLOW IU GLH5RPDQWLN QRFK OlQJVW QLFKW HLQ lVWKHWL]LVWLVFKHV 6HOEVWYHUVWlQGQLV GRFK HUZHLVW VLFK GLH 5HOH YDQ]GHV*HEXUWVSULQ]LSVDOV(OLWHQNULWHULXPIUDGHOLJHZLHIUEUJHUOL FKH $XWRUHQ XP  0DQ GHQNH DQ *RHWKHV SDWUL]LVFKHV 6HOEVWYHU VWlQGQLVGDVMDHLQUHLFKVVWlGWLVFKHV2SWLPDWHQWXPHLQHJUR‰EUJHUOLFKH Ä6WDGWDGHOVG\QDVWLH¶IUVLFKLQ$QVSUXFKQLPPW %RXUGLHXV DULVWRNUDWLVFKH /LWHUDWXUUHYROXWLRQlUH )ODXEHUW XQG %DXGH ODLUH JHEHQ GDV 6WLFKZRUW IU GLH 6XFKH QDFK GHU 1HXFRGLHUXQJ YRQ Ä$GHOVNXOWXU¶EHUHLWVXPQlPOLFKGLH9HUHLQEDUXQJRGHU+\EULGLVLH UXQJ HLQHV +DELWXV GHV 7UDGLWLRQDOHQ PLW lVWKHWLVFKHU ,QQRYDWLRQ EHL JOHLFK]HLWLJHU1HJDWLRQHLQHU)UHPGZDKUQHKPXQJGHV$GHOVDOVVR]LDOHP 9HUOLHUHU   8QWHUVXFKXQJVSURJUDPP+DELWXVXQG3UD[LV  +DQV3HWHU0OOHUJLEWIU)HOGDQDO\VHQQDFK%RXUGLHXHLQHNDXPEHUUD VFKHQGH 6WR‰ULFKWXQJ YRU QlPOLFK GDV 9HUVWHKHQ YRQ $NWHQ GHV +DQ GHOQV +LHU VHLHQ ]ZHL $FKVHQ ]X EH]HLFKQHQ HLQH YHUWLNDOH $FKVH GHU ²²²²²²²²²²²²²

 %RXUGLHX5HJHOQGHU.XQVW6



.DSLWHO

 JHVHOOVFKDIWOLFKHQ6WHOOXQJGHV+DQGHOQGHQLPVR]LDOHQ5DXP²]XHUPLW WHOQ GXUFK HLQH $QDO\VH YRU DOOHP GHV VR]LDOHQ XQG GHV %LOGXQJVNDSLWDOV VRZLHGXUFKHLQÅ6WXGLXPGHU/HEHQVVWLOH´²]ZHLWHQVHLQHKRUL]RQWDOH $FKVHGHU9HURUWXQJLQHLQHPVR]LDOHQ)HOG(VLVWDOVRDQHLQHYRUJlQJL JH VR]LDOH .DUULHUH YRQ OLWHUDULVFKHQ )LJXUHQ ZLH YRQ DGHOLJ JHSUlJWHQ $NWHXUHQLPOLWHUDULVFKHQ)HOG]XGHQNHQVRZLHDQGLHMHZHLOVVSH]LILVFKHQ 3UDNWLNHQ $NWHGHU $XWRUVFKDIW DOV3RVLWLRQLHUXQJVDNWH LP HQWVWHKHQGHQ OLWHUDULVFKHQ)HOG'DHLQH5HNRQVWUXNWLRQGHVVHPDQWLVFKHQ)HOGHVÄ$GH OLJNHLW¶ XQG ÄDGHOLJHU +DELWXV$GHOVVHPDQWLN¶ IU GLH =HLW XP  DXI GHP YRUOLHJHQGHQ QRFK VHKU XPULVVKDIWHQ )RUVFKXQJVVWDQG GHU *H VFKLFKWVZLVVHQVFKDIW QLFKW KLQUHLFKHQG DXIEDXHQ NDQQ ZDU GDV ELVKHULJH =LHO GLHVHU $UEHLW GLH 'XUFKIKUXQJ HLQHU 5HLKH YRQ NRQWH[WXDOLVLHUWHQ 7H[WDQDO\VHQGLHQXQVRZHLWHVVLFKXP7H[WHYRQDGHOLJHQRGHUPLWGHU $GHOVNXOWXULQ%HUKUXQJJHNRPPHQHQ$XWRUHQKDQGHOWGXUFK)UDJHQDQ GLHVR]LDOHQ/DXIEDKQHQLKUHU$XWRUHQ]XHUJlQ]HQVLQG $OOHUGLQJVNDQQHVQLFKWXPHLQH*HVFKLFKWHGHU*HQHVHGHVOLWHUDUL VFKHQ )HOGHV XP RGHU DE  JHKHQ DOOHQIDOOV ZLH +DQV3HWHU 0OOHU IRUGHUWXPÅ(WDSSHQGHU9RUJHVFKLFKWHGHU$XWRQRPLVLHUXQJGHVNQVW OHULVFKHQ)HOGHV´6WDWWGHVVHQEHIDVVHLFKPLFKPLWHLQHPVHKUEHJUHQ] WHQ WHLOV DEHU ZLHGHUXP UHFKW SURPLQHQWHQ OLWHUDULVFKHQ 7H[WNRUSXV LP ,GHDOIDOO LQ HLQHP Å:HFKVHOVSLHO YRQ 7H[W XQG .RQWH[W XQWHU (LQEH]LH KXQJGHU*HQHVHGHV)HOGHV´9RUGULQJOLFKVFKLHQPLUGLHVFKRQGXUFK JHIKUWH/HNWUHOLWHUDULVFKHU7H[WHGHU5RPDQWLNDXIGDV+DQGHOQDGHOL JHQ 3HUVRQDOV KLQ ]X VHLQ 'DQHEHQ WULWW HLQ DQGHUHV DEHU KLHUDXI ]X EH]LHKHQGHV$NWLRQVIHOGWUHWHQDQGHUH$NWHXUHQlPOLFK$GHOLJHGLHXP  $XWRUHQ ZHUGHQ 'LH 8QWHUVXFKXQJ PXVV VLFK QXQPHKU DXI GDV +DQGHOQGLHVHU$XWRUHQDOV$XWRUHQGKLKUH3RVLWLRQLHUXQJHQDXIHLQHP QRFK LP (QWVWHKHQ EHJULIIHQHQ OLWHUDULVFKHQ )HOG ULFKWHQ XQG GLHVHV +DQGHOQ LVW PLW %RXUGLHX DXI GHQ KHUNXQIWVVSH]LILVFKHQ +DELWXV GLHVHU $NWHXUH]XEH]LHKHQ7H[WDQDO\VHXQGELRJUDSKLVFKH$QDO\VHILQGHQLKUHQ JHPHLQVDPHQ +LQWHUJUXQG LQ HLQHP $EZlJHQ P|JOLFKHU +DELWXVYHUlQ GHUXQJHQDEHUJJIDXFKLP%HOHJYRQ7UDGLWLRQVUHSURGXNWLRQ*HQDX]X EHVWLPPHQLVWDEHUZLHVLFKÅVWUXNWXULHUWH3URGXNWH´]XUÅVWUXNWXULHUHQ GHQ 6WUXNWXU´DOVR 7H[W XQG )HOG ]XHLQDQGHU YHUKDOWHQ 'LH 5HODWLRQ GHUREMHNWLYHQ%H]LHKXQJHQ]ZLVFKHQGHQ3RVLWLRQHQLP3URGXNWLRQVIHOG XQGGHUREMHNWLYHQ%H]LHKXQJHQ]ZLVFKHQGHQ3RVLWLRQLHUXQJHQLP5DXP GHU:HUNHNDQQ]%GLHMHQLJH5HODWLRQ]ZLVFKHQ3RHWRORJLHRGHUVWLOLVWL ²²²²²²²²²²²²²     

0OOHU+DQGHOQXQG6WUXNWXU6KLHU6 (EG6 (EG6 (EG6 %RXUGLHX8QWHUVFKLHGH6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 VFKHQ (QWVFKHLGXQJHQ HLQHUVHLWV XQG LQGLYLGXHOOHQ 3UDNWLNHQ LP OLWHUDUL VFKHQ )HOG DQGHUHUVHLWV VHLQ%RXUGLHX VHOEVW KDW IU GDV 9HUKlOWQLV GHU 3UD[LVIRUPHQXQWHUHLQDQGHUGHQQRFKXQGLIIHUHQ]LHUWHQ%HJULIIGHU0HWD SKHU YRUJHVFKODJHQ HU VSULFKW YRQ ÅhEHUWUDJXQJHQ´ RGHU Å5FNEHU VHW]XQJHQ´,QWHUHVVDQW LVW KLHU ZLH DQGHUVZR GHU Ä$XVQDKPHIDOO¶ QLFKW GLH YHUPHLQWOLFKH 5HJHOGHU5HSURGXNWLRQGDPLWDEHUZLHGHUXP%RXU GLHXV%HJULIIOLFKNHLWIRUWVHW]HQGGLHNKQH0HWDSKHURGHUGLHÄSURGXNWL YH¶0HWDSKHUGDVQLFKWDXIJUXQGHLQHV+DELWXVHLQIDFK(UZDUWEDUH1LFKW ]X HUZDUWHQ ZlUH PLW %RXUGLHX HLQH QXU ]XIlOOLJH DXI GHQ HUVWHQ %OLFN VFKZHUOLFK HUNOlUEDUH +RPRORJLH YRQ QRFK GHP DGHOLJHQ +HUNRPPHQ YHUSIOLFKWHWHP /HEHQVVWLO DGHOLJHU $XWRUHQ XQG OLWHUDULVFKHQ 3URGXNWHQ GLHZHGHULKUHP0DUNWVWDWXVQDFKQRFKLQHLQHUHWZDHUNHQQEDUHQ)XQN WLRQ HWZD HLQHU $XVULFKWXQJ DXI GLH DGHOLJH %LQQHQNRPPXQLNDWLRQ  HLQ IDFK]X]XRUGQHQVLQG (LQHGHUOHLWHQGHQ3UlPLVVHQLVWGLHGHVÄ%DXVWHOOHQFKDUDNWHUV¶GHVOLWH UDULVFKHQ)HOGHVXP'LHVHVLVWVRZHQLJÄYROOHQGHW¶ZLHGLH5RPDQ WLN XQG OHW]WOLFK DXFK GLH .ODVVLN  PLW bVWKHWL]LVPXV JOHLFK]XVHW]HQ LVW 'LH5RPDQWLNVHW]WSURJUDPPDWLVFKDXIHLQHDSSUR[LPDWLYDQ]XVWUHEHQGH 9HUVFKUlQNXQJ YRQ Ä.XQVW¶ XQG Ä/HEHQ¶ DOV .XQVWUHOLJLRQ RGHU DXFK DOV /HEHQVNXQVW DOOHUGLQJV VWHWV PLW HLQHU 6NHSVLV JHJHQ MHJOLFKH 9HUZLUNOL FKXQJMHJOLFKHVR]LDOHÄ3UD[LV¶GLHVHV,GHDOV6LHYHUOHXJQHWGDPLWDEHUVR ZHQLJ GHQ %H]XJ GHU .XQVW ]XU VR]LDOHQ 5HDOLWlW ZLH LKUH 3URWDJRQLVWHQ VLFK LQ HLQHU $QWL+DOWXQJ JHJHQ DOOH *UXSSLHUXQJHQ GHU *HVHOOVFKDIW EHIlQGHQ $GHOLJ JHERUHQH 5RPDQWLNHU VLQG QRFK $GHOLJH EHNHQQHQ VLFK QRFK ]X LKUHU VR]LDOHQ ZLH NXOWXUHOOHQ $ENXQIW XQG IROJOLFK PHLQW Ä$GHO¶XPDXFKQDFKZLHYRUHLQHQLFKWDEVROXWHVRQGHUQQXUUHODWL YH VR]LDOH ZLH NXOWXUHOOH 'LVWLQNWLRQ JHQJW HV QRFK QLFKW Ä$ULVWRNUDWLV PXV¶JOHLFK]XVHW]HQPLWGHU([NOXVLYLWlWGHVUDGLNDOHQ.QVWOHUVVRQGHUQ VLQG GLH 5HODWLRQHQ OLWHUDULVFKHU 7H[WH PLW HLQHU OHEHQGLJHQ NXOWXUHOOHQ 3UD[LV GHV $OWKHUJHEUDFKWHQ ]X EHQHQQHQ %HGHXWHW GHU Ä$ULVWRNUDWLVPXV GHU 0RGHUQH¶ X D DXFK LKUH $QWLEUJHUOLFKNHLW 9RONVIHLQGOLFKNHLW XQG LKUHQ(OLWDULVPXVVRJHKHQEHL$FKLPYRQ$UQLPHWZDGDV%HZXVVWVHLQ DGHOLJHU ([NOXVLYLWlW XQG MHQHV GD]X QLFKW ZLGHUVSUFKOLFKHU VRJDU QDFK DX‰HQ KLQ VHKU GH]LGLHUW YHUWUHWHQHU Ä9RONVQlKH¶ HLQ NRPSOH[HUHV $UUDQ JHPHQW HLQ GDV PDQ HWZD DOV JHZROOW ÄNQVWOLFKH¶ 9RONVWPOLFKNHLW EH ]HLFKQHQN|QQWH=XEHUOHJHQLVWZRDQGLHVHU6WHOOH$XWRQRPLVLHUXQJV WHQGHQ]HQ IHVW]XPDFKHQ ZlUHQ *UXQGVlW]OLFK GUIWH GLH $XWRQRPLVLHUXQJGHV)HOGHVLQGHQ3RVLWLRQLHUXQJVDNWHQGHV$XWRUVNRQ YHUJLHUHQPLW$NWHQDULVWRNUDWLVFKHU([NOXVLYLWlWQDFKVROFKHQ$NWHQZLUG ²²²²²²²²²²²²²  9JO%RXUGLHX5HJHOQGHU.XQVW6  (EG6I²9JOGDV'LDJUDPPHEG6  9JO%RXUGLHX8QWHUVFKLHGH6



.DSLWHO

 YHUVWlUNW ]X IDKQGHQ VHLQ 'HU DGHOLJH +DELWXV GHU ]X =HLWHQ VR]LDOHU *HIlKUGXQJ LQ EHVRQGHUHU :HLVH ]X YHUWHLGLJHQ DXFK ]X DGDSWLHUHQ LVW N|QQWH DOV .DWDO\VDWRU GHU )HOGDXWRQRPLVLHUXQJ YHUEXQGHQ PLW GHU (U ZDUWXQJSROLWLVFKHU6WDELOLWlWZLUNHQ  

'HU0\WKRVYRPÄIUHLHQ¶$XWRU

 :HQQ LP  -DKUKXQGHUW QDPHQWOLFK GXUFK .DIND XQG LQ GHU .DIND 5H]HSWLRQHLQHÄNOHLQH¶/LWHUDWXUJHIRUGHUWXQGEHJUQGHWZLUGGH]HQWUDO GHWHUULWRULDOLVLHUWXQGYRP6WDDWJHO|VWGLH/LWHUDWXUHLQHU0LQGHUKHLWGLH DEHU DOOHV ,QGLYLGXHOOH EHUHLWV XQZHLJHUOLFK DQV 3ROLWLVFKH NQSIWGDQQ GUIWHXQVHLQHVROFKH/LWHUDWXUEHUHLWVQlKHUVWHKHQDOVGLHÄJUR‰H¶/LWHUD WXUXPGHUVLFKGLH$XWRUHQGHU5RPDQWLNYHUVFKUHLEHQDXFKZHQQ VLH LKU HLJHQHV ]XP lVWKHWLVFK $XWRQRPHQ ]XU 8QLYHUVDOLVLHUXQJ YRQ 3RHVLHWHQGLHUHQGHV6FKUHLESURJUDPPKDEHQ$OV$GHOLJHUVWHKWHLQ$XWRU ZLH.OHLVWLP=HQWUXPLPPHUQRFKIHXGDO]XGHQNHQGHU6WDDWHQGDGHU $GHODXIGHQ6WDDWDOV3KDQWDVPDGHV2UJDQLVFKHQQDFKZLHYRU]XEH]LH KHQLVWÄ$XWRQRPLH¶LVWZHLWJHKHQG7KHPDGHUlVWKHWLVFKHQ7KHRULHDXFK DOV DEOHKQHQGHU *HVWXV LQ GHU 5HGH GHU $XWRUHQ XQG GHU JHUQ ]LWLHUWH 7\SXVGHV.QVWOHUVDOV$X‰HQVHLWHULVWHKHUHLQURPDQWLVFKHV:XQVFKELOG YRQ:DFNHQURGHUVXQG7LHFNV%HUJOLQJHU)LJXUDQZHQLJHUHLQ5HIOH[DXI GLHVR]LDOH/DXIEDKQHQGHU$XWRUHQVHOEVW6LHZDUHQLP*HOLQJHQZLHLP 0LVVOLQJHQ LQPLWWHQ GHV PRQDUFKLVFK YHUIDVVWHQ 6WDDWHV DQJHVLHGHOW ZHQQJOHLFKGLH$XIHQWKDOWVRUWHSHULSKHUJHZHVHQVHLQP|JHQ=XPLQGHVW ]HLWZHLOLJVWHKHQ(LFKHQGRUII.OHLVW$UQLPXQG)RXTXpLQGHQ'LHQVWHQ GHVSUHX‰LVFKHQ6WDDWHVVLHVWHKHQLP²IUHLOLFKQLFKWLPPHUJHOLQJHQGHQ ²'LDORJPLWGHP.|QLJVHLQHP+RIXQGGHUSUHX‰LVFKHQ9HUZDOWXQJV VSLW]HVLHVXFKHQGLHVH.RQWDNWHXQGULQJHQXP$QHUNHQQXQJEHL+RIH XQGLQGHQ0LQLVWHULHQ =X GHQ ]XPLQGHVW LQ =ZHLIHO ]X ]LHKHQGHQ 0\WKHQ GHU 6R]LDOJH VFKLFKWHJHK|UWGLH%HKDXSWXQJGHUVLFKVFKRQLP-DKUKXQGHUWHUIROJ UHLFK YROO]LHKHQGHQ $EO|VXQJ GHV Pl]HQDWLVFK DOLPHQWLHUWHQ XQG GHV LQ VHLQHQ 1HEHQVWXQGHQ GLFKWHQGHQ $XWRUV ]XJXQVWHQ GHV 3RHVLH DOV /H EHQV]ZHFNEHJUHLIHQGHQXQGJOHLFKVDPKDXSWDPWOLFKXQGÄIUHL¶VFKUHLEHQ GHQ 6FKULIWVWHOOHUV GHU ]XGHP IU GHQ OLWHUDULVFKHQ 0DUNW DUEHLWHW XQG JQVWLJHQIDOOVYRQVHLQHQ(LQQDKPHQOHEHQNDQQ1XUODQJVDPVHW]WVLFK LP |IIHQWOLFKHQ %HZXVVWVHLQ GLH (UNHQQWQLV IHVW GDVV DXFK LP KHXWLJHQ 6\VWHP VWDDWOLFKHU .XOWXUI|UGHUXQJ GLH $XIWUDJVNXQVW HLQH HUKHEOLFKH ²²²²²²²²²²²²²

 9JO$OW3HWHU$QGUp.DIND'HUHZLJH6RKQ(LQH%LRJUDSKLH0QFKHQ6²6RZLH 'HOHX]H*LOOHV*XDWWDUL)pOL[.DIND)UHLQHNOHLQH/LWHUDWXU)UDQNIXUWD06II



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 5ROOHVSLHOW0RGHUQH)RUPHQGHV0l]HQDWHQWXPVVLQGQDFKZLHYRUHLQ EOLQGHU)OHFNGHUOLWHUDWXUZLVVHQVFKDIWOLFKHQ)RUVFKXQJ (EHUKDUG /lPPHUW VWHOOWH  IHVW PLW GHP *HQLHNXOW EHJLQQH GHU Å$XIVWLHJGHV6FKULIWVWHOOHUV]XHLQHPXQWHUQHKPHULVFKHQ(LQ]HOJlQJHU´ 9RQGHU0LWWHGHVELV]XU0LWWHGHV-DKUKXQGHUWVUHLFKHGLHÅNODV VLVFKH> @ (SRFKH GHV DXI VLFK JHVWHOOWHQ ÄIUHLHQ 6FKULIWVWHOOHUV¶´ 3DUDGR[ PXWHWGLH%HPHUNXQJDQHVVHLÅVHLQHlVWKHWLVFKEHIHVWLJWH,QGLYLGXDOLWlW GLH GHP 6FKULIWVWHOOHU 8QDEKlQJLJNHLW YHURUGQHW >VLF@ DXFK ZHQQ HU XP VHLQHUPDWHULHOOHQ([LVWHQ]ZLOOHQQRFKODQJHYRQHLQHP0l]HQRGHUYRQ +XQJHUO|KQHQDEKlQJLJEOHLEW´'DVVHVQLFKWLQGLUHNWH=HQVXULQVWDQ]HQ ZLH0l]HQHRGHU+XQJHUO|KQHVRQGHUQDXVJHUHFKQHWÄQHXH0HGLHQ¶VLQG GLH GHP $XWRU DOOHUHUVW ZLHGHU GLH Å7H[W$XWRULWlW´ YHUNU]HQ  PDJ QLFKWUHFKWHLQOHXFKWHQ %LVKHXWHXQHUVHW]WLVW+DQV-+DIHUNRUQV'DUVWHOOXQJ]XU(WDEOLHUXQJ GHV IUHLHQ 6FKULIWVWHOOHUV XQG VHLQHV 3XEOLNXPV LQ GHU ]ZHLWHQ +lOIWHGHV -DKUKXQGHUWVVLHSRVWXOLHUWEDVLHUHQGDXI+DEHUPDV·gIIHQWOLFKNHLWV EHJULII MHQH (QWZLFNOXQJ DOV 5HVXOWDW GHV .RQIOLNWV ]ZLVFKHQ $GHO XQG VLFK LQWHOOHNWXHOO HPDQ]LSLHUHQGHP %UJHUWXP  7\SLVLHUHQG XQG GDPLW VFKHPDWLVFKVWHOOW+DIHUNRUQGHQÄVWlQGLVFKHQ'LFKWHU¶GHQ3URGX]HQWHQ VFK|QJHLVWLJHU /LWHUDWXU LQ GHU HUVWHQ -DKUKXQGHUWKlOIWH HLQHP ÄIUHL HQ¶6FKULIWVWHOOHUJHJHQEHUGHVVHQ'HWHUPLQDQWHGHU(UIROJZDU+DIHU NRUQ]HLJWÅZLHVHKUVLFKGLH9RUDXVVHW]XQJHQXQG.ULWHULHQGHV(UIROJV XQGGHV3UHVWLJHVDXVGHP%HUHLFKGHU0RUDOLQGHQ%HUHLFKGHV0DUNWHV YHUODJHUWHQ 'DPLW ZXUGH GHU OLWHUDULVFKH 7DJHVHUIROJ ]XP VR]LDOHQ ²²²²²²²²²²²²²

 9JO 6WHLQIHOG7KRPDV Å+lVVOLFK LVW GHU3DSVW DEHUHV VW|UW LKQ QLFKWGHQQHU LVW VWDUN hEHUGHQ,UUWXPPLWGHUPRGHUQHQ.XOWXUI|UGHUXQJVHLGLH$XIWUDJVNXQVWDEJHVFKDIIW,P *HJHQWHLO1LHJDEHVGDYRQVRYLHOZLHKHXWH´LQ6GGHXWVFKH=HLWXQJ6  9JO]XVDPPHQIDVVHQG%HKU+DQV-RDFKLPÅ0l]HQ´LQ+DUDOG)ULFNH +UVJ 5HDOOH[L NRQGHUGHXWVFKHQ/LWHUDWXUZLVVHQVFKDIW%G%HUOLQ1HZ«@5HODWLYVWDUNLVWGHU $GHOYHUWUHWHQ>«@´ 'OPHQ5LFKDUGYDQ3RHVLHGHV/HEHQV(LQH.XOWXUJHVFKLFKWHGHU GHXWVFKHQ5RPDQWLN/HEHQVZHOWHQ%G.|OQXD6XQG6 



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 GHQSRHVLH SUlJW DXFK GHQ PRGHUQHQ $XWRU XP  'LH (QWVFKHLGXQJ JHJHQ GDV 6FKUHLEHQ DOV HLJHQWOLFKHQ XQG DXVVFKOLH‰OLFKHQ %HUXI GHU ]X |NRQRPLVFKHU9HUXQVLFKHUXQJXQG]X9HUDUPXQJIKUHQNRQQWHLVWQLH PDQGHP ]X YHUGHQNHQ )U GLH 5RPDQWLN JLOW ZHLWHUKLQ ZDV 7LP %ODQ QLQJDOVÄ$XVZHJ¶VFKRQIUGDV-DKUKXQGHUWVNL]]LHUWIUHLOLFKYRUDO OHP DXV 6LFKW GHU ELOGHQGHQ .QVWH QlPOLFK GDVV PDQ ÅGLH PDWHULHOOHQ 5HVVRXUFHQGHUHWDEOLHUWHQ2UGQXQJEHLEHKLHOWVLHDEHUQLFKWQXW]WHXP GHQ5XKPGHV0l]HQVGDU]XVWHOOHQVRQGHUQXPGHQ5XKPGHU.XQVW]X IHLHUQ´'DEHLJDEHVIUGHQ.QVWOHULQHLQHU+LQVLFKWMDHLQH,QWHUHV VHQNRQYHUJHQ] PLW VHLQHP 0l]HQ :LH VFKRQ GHU |VWHUUHLFKLVFKH )UVW .DUO(XVHELXV/LHFKWHQVWHLQ  LQHLQHU,QVWUXNWLRQVHLQHP6RKQ -RKDQQ$GDPQDKHOHJWHZDUÅGDV6WUHEHQQDFKGHP5XKPGHU1DFKZHOW HLQH+DXSWZXU]HOIUGDV0l]HQDWHQWXP´'LHVHVZDKUKDIWDULVWRNUDWL VFKH 0RWLY NRQQWHQ .QVWOHU XQG0l]HQ DXFK LP -DKUKXQGHUWQRFK WHLOHQ 6RZHLWLFKVHKHNRQQWHNHLQHUGHUURPDQWLVFKHQ$XWRUHQYRQVHLQHQ +RQRUDUHQOHEHQ:HQQJOHLFKGHQ:XQVFKQDFK8QDEKlQJLJNHLWVLFKHU DOOH KDWWHQ JDOW HV GRFK .RPSURPLVVH ]X VFKOLH‰HQ 'LHV EHWULIIW VRJDU GHQVSlWHQ7DVFKHQEXFKQRYHOOLVWHQ/XGZLJ7LHFNGHUPXWPD‰OLFKELVHU 3HQVLRQlU GHV SUHX‰LVFKHQ .|QLJV ZXUGH LPPHU DXFK YRP (UEH XQG 9HUP|JHQ VHLQHU JUlIOLFKHQ )UHXQGLQ +HQULHWWH YRQ )LQFNHQVWHLQ JHOHEW KDEHQ GUIWH ]HLWZHLOLJ DXFK YRQ VHLQHQ %H]JHQ DOV 'UDPDWXUJ GHV 'UHVGQHU+RIWKHDWHUV'RFKEOHLEHQZLUEHLGHQ$GHOLJHQ'HUHKUJHL]LJH )ULHGULFKYRQ+DUGHQEHUJPDFKWHEHNDQQWOLFKLQGHU%HUJEDXYHUZDOWXQJ IUK]HLWLJ .DUULHUH (LFKHQGRUII ZDU SUHX‰LVFKHU 0LQLVWHULDOEHDPWHU .OHLVWYHUVXFKWHVLFKXDDOV-RXUQDOLVWXQGZlUH]HLWZHLOLJHEHQIDOOVJHUQ %HDPWHUJHZRUGHQGHUÅXQYHUEHVVHUOLFKH$ULVWRNUDW´)RXTXpGHUVFKRQ LQVHLQHU.LQGKHLWYRP5LWWHUWXPIDV]LQLHUWZDUYHUPRFKWHYRQHUKHLUD WHWHP .DSLWDO DXV *XWVHLQNQIWHQ SOXV+RQRUDUHQ ODQJH =HLW ]X OHEHQ ELV HU LP $OWHU X D GLH Å=HLWXQJ IU GHQ GHXWVFKHQ $GHO´ UHGLJLHUHQ PXVVWH  &KDPLVVR DOOHUGLQJV YHUVXFKWH VLFK HUVW LQ VSlWHQ -DKUHQ DOV 5HGDNWHXU XQG DOV .XVWRV GHV %HUOLQHU +HUEDULXPV 'HU PLW 6FKLFNVDOV GUDPHQ HUIROJUHLFKH /DXVLW]HU *XWVEHVLW]HU (UQVW YRQ +RXZDOG  ²²²²²²²²²²²²²

 %ODQQLQJ(XURSD6  6WHNO$ULVWRNUDWLHLP9RUPlU]6  *HUKDUG6FKXO]DOOHUGLQJVYHUZHLVW]XUHFKWGDUDXIGDVVHVXPNDXPIUHLH6FKULIWVWHO OHUJDEGLH$GHOLJHQXQWHUGHQ$XWRUHQVHLHQPHLVW*XWVEHVLW]HUJHZHVHQ:LFKWLJLVWDXFK GLH (LQVLFKW GDVV HLQH Ä5HSXEOLNDQLVLHUXQJ¶ GHU .XQVW DOOHQIDOOV LQ EH]XJ DXI LKUH :LU NXQJVP|JOLFKNHLWVWDWWJHIXQGHQKDEHZR]XHLQHDOOPlKOLFKH/RVO|VXQJYRQ +RI 7KHD WHU2SHU.RQ]HUWXQG+RIEHLJHWUDJHQKDEH 9JO6FKXO]/LWHUDWXU6XQG  9JO)RXTXp/HEHQVJHVFKLFKWH6II  9JO 6FKPLGW $UQR )RXTXpXQGHLQLJHVHLQHU=HLWJHQRVVHQ%LRJUDSKLVFKHU9HUVXFK =ULFK  GDVRJ=LWDW6



.DSLWHO

   ² XP HLQHQ DGHOLJHQ (UIROJVDXWRU GHU =HLW DXV GHP 8PNUHLV GHU 5RPDQWLN ]X QHQQHQ ² ZDU QXU ]ZLVFKHQ  XQG  IUHL YRQ QHQ QHQVZHUWHQ 9HUZDOWXQJVDXIJDEHQ ZDU HU YRUKHU QHEHQ GHU *XWVYHUZDO WXQJ VHLQHQ $PWVJHVFKlIWHQ LP VWlQGLVFKHQ 'LHQVW VHLQHU 3URYLQ] QDFK JHJDQJHQ VR ZXUGH HU  /DQGHVV\QGLNXV GHU QXQPHKU ]X 3UHX‰HQ JHK|ULJHQ1LHGHUODXVLW]DOVR9HUDQWZRUWOLFKHUIUGLHVWlQGLVFKHQ$QJH OHJHQKHLWHQ:LH VLFK HLQ QRWOHLGHQGHU EUJHUOLFKHU $XWRU ZLH /XGZLJ 7LHFNPLWVHLQHPUHLFKHQDGHOLJHQ)UHXQG:LOKHOPYRQ%XUJVGRUIIHLQHQ 0l]HQVLFKHUWHXQGMDKUHODQJDXIGHPNOHLQHQPlUNLVFKHQÄ0XVHQKRI¶GHU )LQFNHQVWHLQV LQ 0DGOLW] OHEWHVR ]|JHUWHQ HUVW UHFKW GLH DGHOLJHQ 5R PDQWLNHUQLFKWYRQGHQVWlQGHVSH]LILVFKHQ9RUWHLOHQLKUHU+HUNXQIW*H EUDXFK ]X PDFKHQ $OOH ZDUHQ GDUDXI EHGDFKW LKUHP 1DPHQ NHLQH 8Q HKUH ]X PDFKHQ 'LH 9HUHLQEDUNHLW YRQ DGHOLJHP +DELWXV HLQHUVHLWV ZLH VHKU HU DXFK LPPHU YRQ|NRQRPLVFKHQ RGHUVRQVWLJHQ 1RWZHQGLJNHLWHQ GHU 0RGHUQH WUDQVIRUPLHUW ZHUGHQ VROOWH XQG $XWRUVFKDIW DQGHUHUVHLWV VFKHLQWQLFKWLQ)UDJHJHVWDQGHQ]XKDEHQLQVRIHUQGDVGXUFK9RUELOGHU ZLH GLH .XQVW XQG .QVWOHUILJXUHQ -RVHSK %HUJOLQJHU XQG )UDQ] 6WHUQ EDOG RGHU GLH )UDJPHQWlVWKHWLN GHV Å$WKHQlXP´ JHSUlJWH URPDQWLVFKH 6HOEVWYHUVWlQGQLV YRQ $XWRUVFKDIW HEHQ JHUDGH QLFKW GLH %HGLHQXQJ GHV 0DUNWHVVRQGHUQHLQHHOLWlUHOHGLJOLFK0LQGHUKHLWHQ]XJHZDQGWH6FKUHLE XQG /HEHQVKDOWXQJ YRUVDK WDWVlFKOLFK DOVR PLW GHP DQWL|NRQRPLVFKHQ DXI0X‰HXQG*UXQGEHVLW]UHNXUULHUHQGHQ6HOEVWYHUVWlQGQLVGHV$GHOLJHQ NRQYHUJLHUWH'HPHQWVSUHFKHQZLHGHUXP.RQYHUJHQ]HQYRQLGHDOLVLHUWHU $GHOVVHPDQWLNXQGWUDQV]HQGHQWDOSRHWLVFKHU5HPLQLV]HQ]LPOLWHUDULVFKHQ 7H[W :LHPDQ%HUXIVWlWLJNHLWPLWSRHWLVFKHU([LVWHQ]YHUHLQEDUWRKQHGDV XQHUUHLFKEDUH ,GHDO GHV IUHLHQ 6FKULIWVWHOOHUWXPV ]X EHPKHQ ]HLJW VLFK DXVJHUHFKQHWDQGHP$GHOLJHQ1RYDOLVGHUVLFKLP*HJHQVDW]]X)ULHG ULFK 6FKOHJHO GHQ =ZlQJHQ GHV OLWHUDULVFKSXEOL]LVWLVFKHQ 0DUNWHV QLFKW KLQJHEHQ]XPVVHQPHLQW*OHLFK]HLWJHPDQ]LSLHUWVLFK6FKOHJHOV(KH ²²²²²²²²²²²²²

 9JO.RQLQJ+HQN-Å(UQVWYRQ+RXZDOGV(SLN´LQ-DWWLH(QNODDU+DQV(VWHU +UVJ  ,P 6FKDWWHQ GHU /LWHUDWXUJHVFKLFKWH $XWRUHQ GLH NHLQHU PHKU NHQQW" 3OlGR\HU JHJHQ GDV 9HUJHVVHQ $PVWHUGDP1HZQ@/HEHQVOlXIHQ´LQ GHQHQGHU%HUXIVILQGXQJVSUR]HVVRIWHLQHQODQJHQXQGJHZXQGHQHQ:HJ EHVFKUHLEW$XIGHPHQWVWHKHQGHQOLWHUDULVFKHQ)HOGSRVLWLRQLHUHQVLFKGLH 5RPDQWLNHU DOV MXQJH*HQHUDWLRQVHOEVWEHZXVVW WHLOV DJJUHVVLY XQG lKQ OLFK ZLH VFKRQ GLH $XWRUHQ GHV 6WXUP XQG 'UDQJ LQ $EJUHQ]XQJ ]XU HWDEOLHUWHQ*HQHUDWLRQ²XQGGDVKHL‰WXPXQGQDFK]XGHQ6SlW DXINOlUHUQ XQG GHQ SRSXOlUHQ 7ULYLDOGUDPDWLNHUQ XQG URPDQFLHUV WHLOV DEHU DXFK ]XU :HLPDUHU .ODVVLN YRU DOOHP ]X 6FKLOOHU 6LH EHVHW]HQ ]X QlFKVW LKUH lVWKHWLVFKHQ XQG SXEOL]LVWLVFKHQ 3RVLWLRQHQ DOV (OLWH GLH IU HLQHQ NOHLQHQ /HVHUNUHLV $XVHUZlKOWHU VFKUHLEW (V KDQGHOW VLFK KLHUEHL IUHLOLFKXPHLQHQPRGHUQHQOHLVWXQJVEH]RJHQHQXPHLQHQLQWHOOHNWXHOOHQ QLFKWHLQHQJHQHDORJLHEH]RJHQHQ(OLWDULVPXV,POLWHUDULVFKHQ)HOGVHOEVW EHGHXWHWÄ$GHOLJNHLW¶QLFKWVPDQULFKWHWVLFKMDDXFKQLFKWDQHLQVWlQGLVFK EHVFKUlQNWHV3XEOLNXP'RFKEULQJWGLH3UlJXQJGXUFKGLHDGHOLJH.XOWXU HLQLJH VSH]LILVFKH 9RUDXVVHW]XQJHQ LQV OLWHUDULVFKH 6SLHO 'D LVW GLH *UXQGDQQDKPHYRQ8QJOHLFKKHLWYRQhEHUOHJHQKHLWDSULRULGLHVLFKLQ ²²²²²²²²²²²²²

 (EG6  )ULHGULFK YRQ +DUGHQEHUJ DQ -XOLXV :LOKHOP YRQ 2SSHO (QGH -DQXDU  ,Q 1RYDOLV 'LFKWHULVFKHV:HUN6I  9JO )ULH (ZDOG Å=LHJHO %DMRQHWW XQG VSLW]H )HGHU $GHOVNXOWXU LQ %UDQGHQEXUJ  ´LQ6FKXO]'HQ]HO +UVJ $GHOLPXQG-DKUKXQGHUW6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 HLQHU EUHLWHQ NXOWXUHOOHQ 6HPDQWLN YRQ Ä%HOHJ¶ Å9HUGLHQVW´  XQG EOR‰HU Ä%HKDXSWXQJ¶ *HEXUW (UEH *OFN  ZLH DXFK LQ HLQHU VWDQGHVJHPl‰HQ /HEHQVSUD[LVQLHGHUVFKOlJW,PHQWVWHKHQGHQOLWHUDULVFKHQ)HOGVLQGDOOHU GLQJV GLH SROLWLVFKHQXQG |NRQRPLVFKHQ /HJLWLPDWLRQVSUREOHPH GHU YRQ 3ULYLOHJLHQYHUOXVW XQG 9HUDUPXQJ EHGURKWHQ $XWRUHQ QDFKJHRUGQHW YLHOPHKU VFKZHLJWVLFK GLH+|KHQNDPPOLWHUDWXU XP  OlQJVW EHU HL QHQHWZDEHJQVWLJHQGHQ(LQIOXVVYRQ$GHOLJNHLWDXVXQGEHZHUWHWOLWHUD ULVFKHVDOV|NRQRPLVFKHV*HZLQQVWUHEHQJHULQJ²NHLQ:XQGHUGDVVGLH VWDQGHVVSH]LILVFKHQ %HGURKXQJHQ QXU LQ K|FKVWHU 1RW DXVJHVSURFKHQ ZHUGHQHWZDZHQQ.OHLVWGHU0HKUIDFKUHQHJDWEHLPSUHX‰LVFKHQ6WDDWV NDQ]OHU+DUGHQEHUJXQG]XJOHLFKEHL3ULQ]:LOKHOPYRQ3UHX‰HQXPHLQH 6WHOOHQDFKVXFKWXQGGDPLWLQVHLQHQ6WDQGÄ]XUFN]XNHKUHQ¶YHUVXFKW Ä8PEUXFK¶ EHGHXWHW QDPHQWOLFK IU DGHOLJH $XWRUHQ GDEHL GDVV VLH GHQ +DELWXV GHV $GHOV QLFKW JlQ]OLFK DXIJHEHQ LKQ QLFKW DXI]XJHEHQ EUDXFKHQ XQG DXFK QLFKW ZLH GHU 'DQG\ GHV  -DKUKXQGHUWV RGHU GHU %RKHPLHQ HLQHQ +DELWXV GHU 6RQGHUH[LVWHQ] GHV ([]HQWULVFKHQ HUVW NUHLHUHQPVVHQ$EHUVLHPVVHQVLFKLPHQWVWHKHQGHQOLWHUDULVFKHQ)HOG QHX SRVLWLRQLHUHQ XQG N|QQHQ GDEHL DXI VR]LDOH /DXIEDKQ XQG NXOWXUHOOH (UIDKUXQJHQ]XUFNJUHLIHQ'LH5RPDQWLNIRUPLHUWHLQYLHOHQLKUHU7H[WH GLH6HPDQWLNGHU$GHOLJNHLWQHXRIWDXFKGDZRVLHVLFKYRONVWPOLFK]X JHEHQPHLQWHXQGMHGHQIDOOVDXFKGRUWZRVLHVLFKDQWLEUJHUOLFKXQGDOVR NULWLVFKJHJHQGLHÄ3KLOLVWHU¶JDE  

Ä6R]LDOH/DXIEDKQHQ¶XQGGDV3UREOHPGHU)HOGJHQHVH

 'LHVR]LDOH3UD[LVXPIDVVWQDFK%RXUGLHXDOOH(LQIOVVHXQG(QWZLFNOXQ JHQGLHEHUGDVHUHUEWHNXOWXUHOOH.DSLWDOKLQDXVJHKHQÅGLHDOVRLPZHL WHUHQ /HEHQVZHJ ZLUNVDP VLQG´  'LH ÄNROOHNWLYH /DXIEDKQ¶ GHV $GHOV MHGHQIDOOVKDWVLFKXPGHUDUWYHUlQGHUWGDVVZLHGHUXPPLW%RXUGLHX YRQ HLQHU ÅWUJHULVFKHQ /DXIEDKQ´ JHVSURFKHQ ZHUGHQ N|QQWH HLQHU ]X HUZDUWHQGHQ 'LVNUHSDQ] YRQ /HEHQVODXIHQWZXUI XQG IDNWLVFKHU %LRJUD SKLHGLHVLFKGHQQHXHQKLVWRULVFKHQ%HGLQJXQJHQ]XVWHOOHQKDWXQGGLH ²²²²²²²²²²²²²  9JO.OHLVW+HLQULFKYRQ6lPWOLFKH%ULHIH'LHWHU+HLPE|FNHO +UVJ 6WXWWJDUW6 XQG  9JO :DQQLQJ %HUEHOL )ULHGULFK 6FKOHJHO (LQH (LQIKUXQJ +DPEXUJ  6  )ULHGULFK 6FKOHJHOV $EOHKQXQJ HLQHU UDWLRQDOHQ 2UGQXQJ GUFNH VLFK DXFK LQ HLQHP /HEHQVJHIKO DXV GDV GLH EUJHUOLFKH ([LVWHQ] YHUDFKWHW KDEH ² $XI GLH $EOHKQXQJ GHV 3KLOLVWU|VHQ EHLP MXQJHQ 6FKOHJHO IROJW EHLP lOWHUHQ VR GDUI PDQ QRFKPDOV HULQQHUQ GLH :LHGHUDQ QDKPHGHV$GHOVWLWHOV  )XFKV+HLQULW].|QLJ 3LHUUH%RXUGLHX 6  %RXUGLHXV %HJULII WUDMHFWRLUH ZLOO GDUDQ HULQ QHUQGDVVHVGDUDXIDQNRPPHÅGLH3UD[LVGHU0HQVFKHQLQLKUHQVR]LDOHQ5HODWLRQHQ]X UHNRQVWUXLHUHQ´ (EG6 



.DSLWHO

 LP9HUJOHLFK]XSUlJHQGHQ9RUELOGHUQGHU)DPLOLHGHV9DWHUVRGHU*UR‰ YDWHUVPLWGHU'URKXQJGHVVR]LDOHQ$EVWLHJVXP]XJHKHQKDW%LVDXI 1RYDOLVNRQQWHVLFKNHLQHUGHUKLHULQWHUHVVLHUHQGHQ$XWRUHQHLQHEHUXIOL FKH.DUULHUHDXIJHVLFKHUWHUVR]LDOHU DOVRIDPLOLDOHU %DVLVDXIEDXHQ:DU .OHLVWV )DPLOLH VFKRQ HLQH *HQHUDWLRQ YRUKHU YHUDUPW PXVVWH (LFKHQGRUII LQ VHLQHU -XJHQG GHQ 9HUOXVW PHKUHUHU /DQGJWHU HUOHEHQ KDWWH$UQLPXPVHLQ(UEHKDUW]XNlPSIHQNRQQWH)RXTXpRIIHQEDUHUVW GXUFK +HLUDW QXU DXI =HLW XQG XQYROOVWlQGLJ VHLQHQ /HEHQVXQWHUKDOW DOV *XWVEHVLW]HU IULVWHQ 9RQ HLQHP $XVEDX GHU 0DFKW XQG (LJHQWXPVUHV VRXUFHQNRQQWHEHLNHLQHPGLH5HGHVHLQPD[LPDOHV|NRQRPLVFKHV=LHO ZDUGHU(UKDOWGHV*HJHEHQHQGHV(UHUEWHQ*HVLFKHUWZDUGLHVH2SWLRQ EHLNHLQHPGHUJHQDQQWHQ$XWRUHQ'LH/HEHQVOlXIHGHUKLHUEHWUDFKWHWHQ DGHOLJHQ $XWRUHQVLQG IU GHQ SUHX‰LVFKHQ $GHO LKUHU=HLW GHQQRFK DW\ SLVFK 6LH VLQG JHZLVVHUPD‰HQ $YDQWJDUGH DXFK LQ VR]LDOJHVFKLFKWOLFKHU +LQVLFKW HUSUREHQ VLH GRFK MHQHQ Å$EVFKLHG YRQ 0DFKW XQG :UGHQ´ GHU GHP HXURSlLVFKHQ $GHO HUVW LP /DXIH GHV ODQJHQ  -DKUKXQGHUWV RGHUJDUHUVWLP-DKUKXQGHUWEHVFKLHGHQZDU(VVSULFKWHLQLJHVIU GLH$QQDKPHGDVVGLHSROLWLVFKH XQGWHLOVDXFK|NRQRPLVFKH 0DFKWGHV $GHOVVRJDUODQJOHELJHUZDUDOVGLHDOOJHPHLQH$N]HSWDQ]GHV²VWFNZHLVH EUJHUOLFK XPFRGLHUWHQ XQG LQNRUSRULHUWHQ ² DGHOLJHQ /HEHQVVWLOV =ZDU ZDUHQ HWZD VROGDWLVFKH 7XJHQGHQ XP  QRFK DGHOLJH7XJHQGHQ GRFK ZDUHLQDGHOLJHU6WDDWVEHDPWHU²PDQN|QQWHKLHUDQ(LFKHQGRUIIGHQNHQ ² ]XQHKPHQG JH]ZXQJHQ VHLQHQ DULVWRNUDWLVFKHQ /HEHQVVWLO DE]XOHJHQ LQVRIHUQ HLQH ]XQHKPHQG EUJHUOLFKH gIIHQWOLFKNHLW GLH ÄYRUQHKPH *H VHOOVFKDIW¶LPPHUZHQLJHUDFKWHWH'RFKVLQGGLHV7UHQGVGHV-DKU KXQGHUWV²ZLUEHILQGHQXQVDQGHVVHQ$QIDQJXQGGLH5FNVFKOlJHZHO FKH $UQLP XQG .OHLVW (LFKHQGRUII XQG WHLOV DXFK )RXTXp HUGXOGHQ PXVVWHQWUDIHQVLHKlUWHUDOVYLHOHGHUZRKODOLPHQWLHUWHQDGHOLJHQ*UXQG EHVLW]HULQGHQGHXWVFKHQ6WDDWHQ'LH/HEHQVHUIDKUXQJOHKUWHDXFKHLQHQ 0|FKWHJHUQ5FNNHKUHU ZLH .OHLVW GDVV HV QLFKW QXU HSLVWHPLVFK VRQ GHUQ DXFK VR]LDOJHVFKLFKWOLFK NHLQ =XUFN JDE XQG VR JHKW HV LQ GHQ %LRJUDSKLHQZLHLQGHQ7H[WHQGLHVHU$XWRUHQYRUGHP+LQWHUJUXQGGHV 9HUOXVWV H[LVWHQWLHOOHU 6LFKHUXQJHQ QLFKW XP UFNZlUWVJHZDQGWH 8WRSLHQ RGHU 3URSKHWLHQ VRQGHUQ XP K\EULGH $UUDQJHPHQWV PLW IUDJOLFKHP RIW ZHFKVHOQGHP3URJUDPPFKDUDNWHU ,QQHUKDOEGHUEOLFKHQYLHOOHLFKWDXFKYRUJH]HLFKQHWHQVR]LDOHQ/DXI EDKQHQ LVW GLH (QWVFKHLGXQJ IU GLH 3RHVLH ZLH ÄKDXSWEHUXIOLFK¶ $XWRU ²²²²²²²²²²²²²

 %RXUGLHX 8QWHUVFKLHGH 6  $QP  YJO DXFK )XFKV+HLQULW].|QLJ 3LHUUH %RXUGLHX 6  9JO/LHYHQ'RPLQLF$EVFKLHGYRQ0DFKWXQG:UGHQ'HUHXURSlLVFKH$GHO)UDQN IXUWD0SDVVLP  9JOHEG6I6XQG6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 VFKDIWGDQQDXFKLPPHUEHWULHEHQZHUGHQNDQQHLQHYRQPHKUHUHQ2S WLRQHQHLQHVDOV:DJQLV]XEH]HLFKQHQGHQ1HXDQIDQJV²GRFKJLOWIUDOOH DGHOLJHQ5RPDQWLNHUGDVVVLFKDXV|NRQRPLVFKHQ*UQGHQPHLVWGLHVHU SURJUDPPDWLVFKH 1HXDQIDQJ QLFKW GXUFKKDOWHQ OlVVW XQG GDPLW DXFK HLQ HYHQWXHOOHU :LGHUVSUXFK ]ZLVFKHQ $GHOLJNHLW XQG GHQ |NRQRPLVFKHQ =ZlQJHQ DXVJHOHEW XQG UHIOHNWLHUW ZHUGHQ PXVV 'HU $GHOVKDELWXV GDV IUK]HLWLJHUZRUEHQHV\PEROLVFKH.DSLWDONDQQQRFKQLFKWDEJHOHJWZHU GHQVRQGHUQLVWNULWLVFK]XEHUGHQNHQ(UVWZLHGHULQGHU*HQHUDWLRQGHU HU ILQGHQ VLFK $GHOLJH GLH DXI LKUHQ 7LWHO YHU]LFKWHWHQ (GXDUG YRQ %ORZ HLQVW/XGZLJ 7LHFNV 0LWDUEHLWHU XQG 6FKOHU JHK|UW GD]X'LH Ä5FNNHKU¶LQVWDQGHVW\SLVFKH/HEHQVOlXIHRGHUJHQHUHOOGHU%HJLQQHLQHV UHJHOPl‰LJHQ%HUXIVOHEHQVPDJ|NRQRPLVFKH*UQGHKDEHQ²VLHIlOOWEHL GHQMQJHUHQ5RPDQWLNHUQ]XVDPPHQPLWGHUEHJLQQHQGHQbUDGHU5HV WDXUDWLRQ $XIDOOHSURPLQHQWHQDGHOLJHQ5RPDQWLNHUWULIIWLQGHVVHQ]XGDVVHV VLFK XP +\EULGH[LVWHQ]HQ KDQGHOW 6LH VLQG HLQHUVHLWV KDELWXHOO XQG WHLOV DXFK|NRQRPLVFK(UEHQLKUHUDGHOLJHQ9RUIDKUHQJOHLFK]HLWLJDEHUVFKOD JHQ VLH QRWJHGUXQJHQ QLFKW HEHQ JHUDGH %HUXIVZHJH HLQ ,Q %LRJUDSKLHQ ZLH GHU .OHLVWV RGHU GHU $UQLPV VFKHLQW HV LPPHU ZLHGHU XP .RPSUR PLVVIRUPHOQ]ZLVFKHQGHP6WDQGXQGGHU)DPLOLHJHPl‰HP|NRQRPLVFK QRWZHQGLJHP XQG GHP 6HOEVWYHUVWlQGQLV GHV 'LFKWHUV HQWVSUHFKHQGHP +DQGHOQ]XJHKHQ=ZDUKDQGHOWHVVLFKIDVWDXVQDKPVORVXP$EN|PP OLQJHDXVDGHOLJHQ$EVWHLJHUIDPLOLHQGRFKEOHLEWHLQHJUXQGVlW]OLFKH%LQ GXQJ GHU $XWRUHQ DQ GLH .XOWXU LKUHV +HUNRPPHQV HUKDOWHQ $XV GHQ ELRJUDSKLVFK XQGSROLWLVFK ]HUULVVHQHQ-DKUHQXPGLHGHU(PLJUDQW &KDPLVVRWHLOVLQ%HUOLQWHLOVLQ)UDQNUHLFKXQGWHLOVLPVFKZHL]HULVFKHQ &RSSHW ]XEUDFKWH LVW GLH bX‰HUXQJ EHUOLHIHUW ÅHU VHL )UDQ]RVH LQ 'HXWVFKODQGXQG'HXWVFKHULQ)UDQNUHLFK.DWKROLNEHLGHQ3URWHVWDQWHQ XQG 3URWHVWDQW EHL GHQ .DWKROLNHQ -DNRELQHU EHL GHQ $ULVWRNUDWHQ XQG $GOLJHUEHLGHQ'HPRNUDWHQ´6R]LDOHV$EVWHLJHUWXPYHUVWlUNWDEHUGLH $WWUDNWLYLWlWGHU.XQVW]XPLQGHVWILQGHWVLFKEHL%RXUGLHXGLH7KHVHGHU 3ULPDWYRQÄ6WLO¶E]ZÄ/HEHQVVWLO¶GHQ$GHOLJHRKQHKLQSUDNWL]LHUWKDEHQ YHUELQGHWVLFKLPLQWHOOHNWXHOOHQE]ZNQVWOHULVFKHQ)HOGPLWHLQHUJHULQ JHQ $XVSUlJXQJ VR]LDOHU 'LVNULPLQLHUXQJ'HU DQWLSKLOLVWU|VH ,PSHWXV ²²²²²²²²²²²²²

 9JO5LFKWHU6WUREHO.|QLJGHU5RPDQWLN6  3LOOH 5HQp0DUF Å$GDOEHUW YRQ &KDPLVVR´ LQ *ULPP0D[ +UVJ  'HXWVFKH 'LFKWHU 6I  9JO%RXUGLHX5HJHOQGHU.XQVW6I'DVOLWHUDULVFKH)HOGVHLÅDWWUDNWLYXQGRIIHQIUDOO GLH GLH DOOH (LJHQVFKDIWHQ GHU +HUUVFKHQGHQ EHVLW]HQ QXUHLQHQLFKW IU GLH ÄDUPHQ 9HU ZDQGWHQ¶ GHU JUR‰HQ EUJHUOLFKHQ'\QDVWLHQ IU UXLQLHUWH RGHU DEVWHLJHQGH $ULVWRNUDWHQ IU$QJHK|ULJHVWLJPDWLVLHUWHUYRQDQGHUHQGRPLQLHUHQGHQ3RVLWLRQHQ²LQVEHVRQGHUHGHU =XJHK|ULJNHLW ]XP KRKHQ%HDPWHQWXP ² DXVJHVFKORVVHQHU 0LQGHUKHLWHQ NXU] IU 0HQ VFKHQGLHLKUHQLFKWJDQ]JHVLFKHUWHZLGHUVSUFKOLFKHVR]LDOH,GHQWLWlWJHZLVVHUPD‰HQGD



.DSLWHO

 GHU 5RPDQWLNHU XQWHUVWUHLFKW GDV 6HOEVWYHUVWlQGQLV GHV HOLWlUHQ $XVVWHL JHUWXPV :lKUHQG DOVR LP )HOG GHU 0DFKW GHU $GHO ]XPLQGHVW ELV HWZD lX‰HUVWJHIlKUGHWHUVFKHLQWOHEWHQ$XWRUHQLKUHQDGHOLJHQ+DELWXV ZHQQJOHLFK PLW NULVHQEHGLQJWHQ $GDSWDWLRQHQ LP OLWHUDULVFKHQ )HOG LQ GHPVLHPLWLQQRYDWLYHQ7H[WHQGLHJlQJLJHQ0XVWHU]XEHUELHWHQVXFK WHQ:HQQHVZLH%RXUGLHXEHKDXSWHW]XWULIIWGDVVLP)HOGGHUNXOWXUHO OHQ 3URGXNWLRQ 0DFKWNlPSIH DOOWlJOLFK VLQG  GDQQ LVW QLFKW YHUZXQGHUOLFK GDVV JOHLFKVDP VXEVWLWXWLY XP  $QJHK|ULJH GHV DQ )XQNWLRQDOLWlWHLQE‰HQGHQVRJDUEHVRQGHUVGSLHUWHQ.ULHJHUVWDQ GHVLKU+HLOLQGHU/LWHUDWXUVXFKHQ -HQVHLWVGHUHWZDVSOXPSHQ$QQDKPHDGHOLJH5RPDQILJXUKLHDGHOL JHU 3URGX]HQW RGHU JDU /HVHU  GD VHLHQ ]XU 'HFNXQJ]X EULQJHQ ODVVHQ VLFK ]DKOUHLFKH 7H[WH DOV (USUREXQJHQ YRQ 3KDQWDVPHQ GHV ([NOXVLYHQ GHV7UDGLWLRQDOHQGHV+LHUDUFKLVFKHQXQWHUGHP5XEUXPGHU$GHOVNXOWXU XQG ]XJOHLFK XQWHU GHQ %HGLQJXQJHQ GHU 0RGHUQH OHVHQ XQG GDV NDQQ KHL‰HQXQWHUGHU%HGLQJXQJGHU(UIDKUXQJYRQ9HU]HLWOLFKXQJRGHUDXFK YRQ VR]LDOHU 'HVRULHQWLHUXQJ ,Q GHQ 7H[WHQ $UQLPV WUHWHQ IRUPDOH *H VWHQ GHQ HU]lKOWHQ 2UGQXQJHQ GHV 7UDGLWLRQDOHQ HQWJHJHQ (V VLQG GLH IRUPDOHQ %UFKH XQG GLH YRQ GHU $UQLP)RUVFKXQJ LPPHU ZLHGHU KHU YRUJHKREHQHQ$PELYDOHQ]HQXQG0HKUIDFKFRGLHUXQJHQVHLQHU7H[WHGLH NRPSOL]LHUWYHUVFKDFKWHOWHQ5DKPHQ%LQQHQVWUXNWXUHQVHLQHU(U]lKOWH[ WHGLHGLHVH]X(USUREXQJHQNXOWXUHOOHU+\EULGLWlWPDFKHQ9HUPLVFKXQ JHQXQG9HUZLUUXQJHQDOWHUDOVRLP.HUQQDFKHU]lKOWHUXQGXPJHDUEHLWH WHU XQG QHXHU ÄHUIXQGHQHU¶ 1DUUDWLYH GUIWHQ GLH HLQ]LJ WUDJEDUH )RUP YRQ (QWZUIHQ GHU $GHOVNXOWXU IU $UQLP VHLQ ,Q VROFKHQ 7H[WHQ ]X HQWGHFNHQ VLQG QLFKWQXU+\EULGELOGXQJHQ XQWHUVFKLHGOLFKHU *HQUHV XQG *HVFKLFKWHQ VSULFK (U]lKOXQJHQ RGHU DXFK =HLWRUGQXQJHQ  VRQGHUQ DXFKGLHYRQ7UDGLWLRQXQGKLVWRULVFKHP:DQGHO +\EULGLWlW LVW EHUHLWV HLQH JUXQGOHJHQGH SRHWRORJLVFKH )RUGHUXQJ )ULHGULFK 6FKOHJHOV ZHQQ HU LP  $WKHQlXPVIUDJPHQW GDYRQ VSULFKW GLH%HVWLPPXQJGHUURPDQWLVFKHQ3RHVLHVHLHVÅQLFKWEOR‰DOOHJHWUHQQ WHQ *DWWXQJHQ GHU 3RHVLH ZLHGHU ]X YHUHLQLJHQ XQG GLH 3RHVLH PLW GHU 3KLORVRSKLH XQG 5KHWRULN LQ %HUKUXQJ ]X VHW]HQ´ Å6LH ZLOO XQG VROO DXFK3RHVLHXQG3URVD*HQLDOLWlWXQG.ULWLN.XQVWSRHVLHXQG1DWXUSRH VLH EDOG PLVFKHQ EDOG YHUVFKPHO]HQ´+\EULGH /HEHQVOlXIH XQG ÄYHU ZLOGHUWH¶5RPDQH %UHQWDQR VLQGNRUUHOLHUWPLWHLQHULQGHUQDWXUZLVVHQ VFKDIWOLFKHQ 7KHRULHELOGXQJ GHU 5RPDQWLN HQWZLFNHOWHQ 7KHRULH GHU ²²²²²²²²²²²²²

]X SUlGLVSRQLHUW GLH ZLGHUVSUFKOLFKH 3RVLWLRQ HLQHV %HKHUUVFKWHQ XQWHU GHQ +HUUVFKHQ GHQHLQ]XQHKPHQ´  9JOHEG6  6FKOHJHO)ULHGULFKÅ$WKHQlXPVIUDJPHQW´LQ.)6$,,6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 0LVFKXQJ'HU8QLYHUVDOLVPXVGHU)UKURPDQWLNLVWDXFKHLQ$QVFKUHL EHQ JHJHQ GLH )HVWOHJXQJHQ YRQ 0LOLHXV XQG 0DUNW(LQ QHXHU 0DUNW PXVV HUVW JHIXQGHQ ZHUGHQ PDQ EHJQJW VLFK MHGHQIDOOV QLFKW PLW GHU =LHOJUXSSHGHVJHELOGHWHQ3XEOLNXPV:ROOHQGLH-HQDHUQRFKHLQHQNOHL QHQ =LUNHO DQVSUHFKHQVR VSLHOW $UQLP EHUHLWV LP *HJHQ]XJ PLW GHP *HGDQNHQDQHLQJDQ]EUHLWHV/HVHUSXEOLNXPGXUFKDXVLQ8PNHKUXQJGHU SRHWRORJLVFKHQ7HQGHQ]HQGHU)UKURPDQWLNGLHDOV3UDNWLNHUYRUDOOHP 7LHFNEHGLHQWKDWWH 6RZLH7LHFNGHQXPJHNHKUWHQ:HJHLQVFKOXJGLHVRJHQDQQWHJHELOGHWH:HOW]X ELOGHQ LQGHP HU GLH HFKWH DOOJHPHLQH 3RHVLH DOOHU 9|ONHU XQG DOOHU 6WlQGH GLH 9RONVEFKHULKQHQQlKHUUFNWHVRZROOHQZLUGLHLQMHQHQK|KHUHQ6WlQGHQYHU ORUQHQ 7|QH GHU 3RHVLH GHP 9RONH ]XIKUHQ *|WKH VROO LKQHQ VR OLHE ZLH GHU .HLVHU2FWDYLDQXVZHUGHQ

'HU NQIWLJH *XWVKHUU GHU VLFK DQ GHQ +RFK]HLWVWlQ]HQ VHLQHU %DXHUQ EHWHLOLJHQ ZLUG VLHKW VLFK DOV 0LWWOHU ]ZLVFKHQ HLQHU HOLWlUHQ .XOWXU GHU *HELOGHWHQXQGGHPYRQGHQ5RPDQWLNHUQMDVWHWVSURVSHNWLYHUZQVFK WHQ9RON 'LH IROJHQGHQ NQDSSHQ )DOOVWXGLHQ ZROOHQ PDQFKH GHUDQJHVFKQLWWH QHQ )UDJHQ DQKDQG GHU /DXIEDKQ HLQLJHU $XWRUHQ ZHLWHU DXVIKUHQ ,P (LQ]HOQHQ VROO HV ]XQlFKVW XP 6SXUHQ HLQHV DGHOLJHQ +DELWXV JHKHQ DOV HLQHV JHQHUHOO 9RUDXV]XVHW]HQGHQ ZHQQJOHLFK VFKZHU 1DFK]XZHLVHQGHQ GHU HWZD DQ SlGDJRJLVFKHQ ,PSHUDWLYHQ RGHU VSLHJHOELOGOLFK DQ IUKHQ %ULHIlX‰HUXQJHQDE]XOHVHQLVWZHLWHUKLQXPELRJUDSKLVFKH:HQGHSXQNWH VHLHQ VLH LP $XVELOGXQJVSUR]HVV DQJHOHJW JHZHVHQ RGHU HUVW LQ GHP GHU %HUXIVILQGXQJ:LFKWLJLVWGDVMHZHLOLJH6HOEVWYHUVWlQGQLVDOV$XWRU:HO FKH5ROOHVSLHOWGHUDGHOLJH+DELWXVZRLVWHLQHÄDULVWRNUDWLVFKH¶+DOWXQJ HLQHÄDULVWRNUDWLVFKH¶([LVWHQ]JOHLFKJOWLJJHJHQ0DFKW(KUXQJHQ.ULWLN LPZHLWHUHQ6LQQDXV]XPDFKHQ"=XGHQNHQLVWKLHUEHLDXFKDQGDV.ULWH ULXP GHU +HUUVFKDIW XQG VHL HV HLQHU V\PEROLVFKHQ +HUUVFKDIW EHU GDV HQWVWHKHQGHOLWHUDULVFKH)HOGDOVGHP$GHOSROLWLVFKH0DFKWFKDQFHQODQJ VDP]XHQWJOHLWHQEHJLQQHQ:LHVWHKWHVXP(LQNRPPHQVTXHOOHQXQGXP bX‰HUXQJHQGD]XEHLZHPVSLHOW0l]HQDWHQWXPHLQH5ROOH":LHYHUKlOW VLFK]XUVR]LDOHQ/DXIEDKQJHQHUHOOXQGDXFK]XGHQMHZHLOLJHQ3RVLWLRQLH UXQJHQ DOV $XWRU LP HQWVWHKHQGHQ OLWHUDULVFKHQ )HOG GDV 0RPHQW GHV 6FKHLWHUQVGHVVR]LDOHQ$EVWLHJVXQGZRLVWPLW%RXUGLHXYRQÅ+\VWHUH VLV´ YRQ VR]LDOHP )HKOYHUKDOWHQ DXIJUXQG YHUSDVVWHU *HOHJHQKHLW YRQ ²²²²²²²²²²²²²

 9JO.DSLW]D7KHRULHGHU0LVFKXQJ  9JO%RXUGLHX5HJHOQGHU.XQVW6  9JO6FKPLW],QV]HQLHUXQJHLQHU(SRFKHQVFKZHOOH  $UQLPDQ%UHQWDQRDPLQ$UQLP/XGZLJ$FKLPYRQ:HUNHXQG%ULHIZHFKVHO +LVWRULVFKNULWLVFKH$XVJDEH%ULHIZHFKVHO%G+HLQ]+lUWO +UVJ 7ELQJHQ 



.DSLWHO

 HLQHPVR]LDOHQÅ1DFKKLQNHQ´]XVSUHFKHQ"%HLIDVWDOOHQ$XWRUHQVLQG W\SLVFK DGHOLJH 5HSURGXNWLRQVVWUDWHJLHQ ]X HUNHQQHQ GLH VLFK PLW LKUHQ VRQVWLJHQ 6WUDWHJLHQ HWZD GHQHQ GHU $XWRUVFKDIW ]XU 'HFNXQJ EULQJHQ ODVVHQ RGHU DXFK QLFKW ]XGHQNHQ LVW DQ 1DFKIROJHEUlXFKH DQ GDV (UE UHFKWDQVSH]LILVFKHGHP$GHOÄHUODXEWH¶$QQlKHUXQJHQDQGHQ$UEHLWV PDUNW=XGHUKLHUQDWUOLFKQXUDQVDW]ZHLVH]XEHKDQGHOQGHQ)UDJHGHU 3RVLWLRQLHUXQJHQLPOLWHUDULVFKHQ)HOGJHK|UHQDXFKhEHUOHJXQJHQZRJH JHQHLJHQWOLFK DQ JHVFKULHEHQZXUGH $Q GLHVHU 6WHOOH LVW ]XQlFKVW %RXUGLHXV )HOGEHJULII ]XUHNDSLWXOLHUHQ (VKDQGHOWVLFKXPHLQÅ(QVHPEOHREMHNWLYHUKLVWRULVFKHU5HODWLRQHQ]ZL VFKHQ3RVLWLRQHQGLHDXIEHVWLPPWHQ)RUPHQYRQ0DFKW RGHU.DSLWDO  EHUXKHQ´ ÅHLQ 1HW] RGHU HLQH .RQILJXUDWLRQ YRQ REMHNWLYHQ 5HODWLRQHQ ]ZLVFKHQ3RVLWLRQHQ´'DVOLWHUDULVFKH)HOGLVWLGHQWLVFKPLWGHU6XPPH GHU5HODWLRQHQ]ZLVFKHQDOOHQEHWHLOLJWHQ$NWHXUHQ9RUDXVVHW]XQJVHLQHU $XWRQRPLVLHUXQJLVWGLH'XUFKVHW]XQJGHUlVWKHWLVFKHQ0D[LPHO¶DUWSRXU O¶DUW%HNDQQWOLFKPDFKW%RXUGLHXGLH9ROOHQGXQJGHVOLWHUDULVFKHQ)HO GHV LQ )UDQNUHLFK DQ )ODXEHUW XQG %DXGHODLUH IHVW XQG VFKLOGHUW GHQ VFKULWWZHLVHQ$XIEDXHLQHUlVWKHWL]LVWLVFKHQ3RVLWLRQGLHNHLQbTXLYDOHQW LP 0DFKWIHOG EHVLW]W =XP YROOVWlQGLJ DXVJHSUlJWHQ OLWHUDULVFKHQ )HOG JHK|UWIU%RXUGLHXGDV$XIWUHWHQGHVPRGHUQHQ.QVWOHUVDOVHLQHV9ROO ]HLWSURIHVVLRQHOOHQPLWVWUHQJHP%HUXIVHWKRVGHUMHQVHLWVYRQ3ROLWLNXQG 0RUDOHLQHUHLQ]LJHQ1RUPYHUSIOLFKWHWLVWGHU.XQVWGLHGHP]XIROJHDOV ÄDXWRQRP¶GHILQLHUWVHLQPXVV'D]XJHK|UHQGHU:LOOH]XU$EVFKDIIXQJ GHVOlQJVWVFKRQH[LVWHQWHQ0DUNWHVXQGGLH*HULQJVFKlW]XQJGHV3XEOL NXPV 'LH DULVWRNUDWLVFKH 'LVSRVLWLRQ GHV bVWKHWL]LVPXV VFKOLH‰W GLH JOFNOLFKHVR]LDOH+HUNXQIWGHVUHLFKHQ JUR‰EUJHUOLFKHQRGHUDULVWRNUDWL VFKHQ (UEHQHLQ'LH.RQVWUXNWLRQHLQHV*HJHQVDW]HVYRQÄ.XQVW¶XQG Ä*HOG¶KDW%RXUGLHXDXVGUFNOLFKDOV5HNXUVDXIGLH:HUWHGHU$ULVWRNUDWLH GHV  -DKUKXQGHUWV EHZHUWHW  'HQ /LWHUDWXUUHYROXWLRQlUHQ GHV  -DKUKXQGHUWV ELOOLJW HU ZHLWHUH ÅDULVWRNUDWLVFKH 'LVSRVLWLRQHQ´ ]X GHQ %HVLW]V\PEROLVFKHQ.DSLWDOVHLQHDUURJDQWH,QWROHUDQ]JHJHQEHU.RP ²²²²²²²²²²²²²

 )XFKV+HLQULW].|QLJ3LHUUH%RXUGLHX6  (EG6XQG6  9JOKLHU]XHEG6  9JO%RXUGLHX5HJHOQGHU.XQVW6  9JOHEG6IIXQG6  9JO HEG 6 I Å,Q %HJULIIHQ GLH GHQ YRQ %DXGHODLUH YHUZHQGHWHQ QLFKW VHKU IHUQ VWHKHQHULQQHUW=RODLQGHU7DWGDUDQGD‰GDV*HOGGHQ6FKULIWVWHOOHUYRQGHU$EKlQJLJ NHLWYRQDULVWRNUDWLVFKHQ0l]HQHQXQGVWDDWOLFKHQ0DFKWLQVWDQ]HQEHIUHLWHXQGJHJHQGLH 9HUIHFKWHUHLQHUURPDQWLVFKHQ$XIIDVVXQJGHUNQVWOHULVFKHQ%HUXIXQJIRUGHUWHUHLQHUHD OLVWLVFKH:DKUQHKPXQJGHU0|JOLFKNHLWHQGLHGHP6FKULIWVWHOOHUGXUFKGDV*HOGJHERWHQ ZHUGHQ´ (EG6 



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 SURPLVVHQ GLH /XVW DQ IRUPEHWRQWHU $UEHLW GLH ZLHGHUXP GLH 'LVWDQ] JHJHQLQKDOWOLFKHÄ3RVLWLRQHQ¶EHJQVWLJW 'LH 0RGHUQH LQ )UDQNUHLFK ZHQGHW VLFK LQ HLQHP GRSSHOWHQ %UXFK PLW GHP YRUILQGOLFKHQ /LWHUDWXUEHWULHE YRQ HLQHU NRPPHU]LHOOSRSXOlUHQ ZLHYRQHLQHUVR]LDOHQJDJLHUWHQ/LWHUDWXUDE²HLQH.RQVWHOODWLRQGLHLP GHXWVFKVSUDFKLJHQ5DXPVRXPQLFKW]XKDEHQLVW 8QEHVWUHLWEDULVWGDVVVLFKGLH)UKURPDQWLNHU]ZHFNV0DFKWJHZLQQV LP /LWHUDWXUEHWULHE GH]LGLHUW JHJHQ DQGHUH OLWHUDULVFKH 6WU|PXQJHQ DE JUHQ]HQ %HUHLWV DP  PDFKW )ULHGULFK 6FKOHJHO VHLQHQ %UXGHU PLWGHP3ODQEHNDQQWÅQDFK-DKUHQNULWLVFKH'LFWDWRUHQ'HXWVFKODQGV]X VH\Q´  =ZDU ULFKWHW PDQ VLFK JHJHQ GLH HUIROJUHLFKHQ 5RPDQ 9LHOVFKUHLEHUjOD&UDPHUXQG6SLH‰HEHQVRZLHJHJHQGLHEHOLHEWHQ'UD PHQDXWRUHQ ,IIODQG XQG .RW]HEXH GHP $XJXVW :LOKHOP 6FKOHJHO VHLQH KDUVFKH 6DWLUH (KUHQSIRUWHXQG7ULXPSKERJHQZLGPHW HLQH WRXUGHIRUFH JHJHQ GLHDOVSKLOLVWU|VHPSIXQGHQH(UIROJVGUDPDWLN'LH)UKURPDQWLNHUJHUD WHQ LQ HLQH .RQWURYHUVH PLW GHU %HUOLQHU 6SlWDXINOlUXQJ XP 1LFRODL  EDOGPLW6FKLOOHU²LQGHQ$XJHQLKUHU*HJQHUPLWGHUJHVDPWHQOLWHUDUL VFKHQ6]HQHPLW$XVQDKPH*RHWKHV'HU%HUOLQHU*DUOLHE0HUNHOZLUIW lKQOLFK ZLH -DKU]HKQWH VSlWHU +HLQH $XJXVW :LOKHOP 6FKOHJHO GLH YLHO OHLFKWEHZXVVW]XGLVWLQNWLYHQ=ZHFNHQDQGHQ7DJJHOHJWHDULVWRNUDWLVFKH $WWLWGH YRU Å(U QDKP HLQHQ KRFK YRUQHKPHQ 7RQ DQ GHU VFKRQ KLHU XQG GRUW HLQ VS|WWLVFKHV /lFKHOQ HUUHJWH´  ,Q VHLQHP 6FKOVVHOGUDPD 'DV .DPlOHRQ VWHOOW +HLQULFK %HFN GLH -HQDHU DOV 0|FKWHJHUQ$GHOLJH YRU7LHFNV ]X /HE]HLWHQ XQJHGUXFNWH $QWZRUW DQ +HLQULFK %HFN XQG *DUOLHE0HUNHOYHUVXFKWDXIGLHDXVJHVWDQGHQH3ROHPLNPLWVDFKEH]R ²²²²²²²²²²²²²

 9JOHEG6  )ULHGULFK 6FKOHJHO DQ $XJXVW :LOKHOP 6FKOHJHO DP  LQ GHUV )ULHGULFK6FKOHJHOV %ULHIHDQ VHLQHQ %UXGHU$XJXVW :LOKHOP 2VNDU :DO]HO +UVJ  %HUOLQ  6  KLHU 6  ,KUJHKWHLQH'HEDWWH1LFRODLVPLWJHJHQ*RHWKHXQG6FKLOOHUYRUDXVGHUHUVWH$QJULIIDXI )ULHGULFK 6FKOHJHO HUIROJW GXUFK 1LFRODL 7LHFNV 6FKLOGEUJHU VHLQ =HUELQR XQG 'LHYHUNHKUWH :HOW VLQG DOV 3RVLWLRQLHUXQJHQ LQ GLHVHP 6WUHLW PLW 1LFRODL ]X OHVHQ +HLQ] +lUWO ]HLJW LQ VHLQHU5HNRQVWUXNWLRQGHU.RQWURYHUVHXPGDVÅ$WKHQlXP´ZLHGLHVH3ROHPLNHQDXIHLQ EHUHLWVEHUHLWHWHVNRPSOH[HVOLWHUDULVFKHV6WUHLW)HOGWUHIIHQDXIGHPGLH-HQDHUPLWDJJUHV VLYHQ0LWWHOQ+HJHPRQLHDQVWUHEHQ $OEUHFKW:ROIJDQJÅ)ULHGULFK1LFRODLV.RQWURYHUVH PLWGHQ.ODVVLNHUQXQG)UKURPDQWLNHUQ  ´LQ+DQV'LHWULFK'DKQNH%HUQG /HLVWQHU +UVJ  'HEDWWHQ XQG .RQWURYHUVHQ /LWHUDULVFKH $XVHLQDQGHUVHW]XQJHQ LQ 'HXWVFKODQG DP (QGH GHV  -DKUKXQGHUWV %G  %HUOLQ:HLPDU  6  VRZLH +lUWO +HLQ] Å$WKHQDHXP¶3ROHPLNHQ´LQHEG6   9JOGD]XLP(LQ]HOQHQGDV1DFKZRUWYRQ5DLQHU6FKPLW]LQGHUV +UVJ 'LHlVWKHWLVFKH 3UJHOH\6WUHLWVFKULIWHQGHUDQWLURPDQWLVFKHQ%HZHJXQJ*|WWLQJHQ6KLHU6II  =LWQDFK6FKPLW]3UJHOH\6  9JOGD]XHUQHXWHEG6I  9JO7LHFN/XGZLJÅ%HPHUNXQJHQEHU3DUWHLOLFKNHLW'XPPKHLWXQG%RVKHLW%HL*HOH JHQKHLWGHU+HUUHQ)DON0HUNHOXQGGHV/XVWVSLHOV&KDPlOHRQ´LQ/XGZLJ7LHFN·VQDFKJH



.DSLWHO

 JHQHU /LWHUDWXUNULWLN ]X DQWZRUWHQ NRQNUHW PLW HLQHU SURGXNWLYHQ $E UHFKQXQJPLWGHQGHXWVFKHQ7KHDWHUYHUKlOWQLVVHQGHU=HLW=XGHQ7HFK QLNHQ GHU (U]HXJXQJ YRQ ([NOXVLYLWlW JHK|UW DQJHVLFKWV GHU 0RWLYJH PHLQVFKDIW PLW GHU (UIROJVOLWHUDWXU GHU =HLW DXFK GLH URPDQWLVLHUHQGH 9HUIUHPGXQJ GHU YRUJHIXQGHQHQ )RUPHQ VR HWZD GHV SRSXOlUHQ *H KHLPEXQGURPDQV LQ 7LHFNV :LOOLDP/RYHOO'DV Ä5RPDQWLVLHUHQ¶ LVW HLQH .RPPXQLNDWLRQVVWUDWHJLHGLHGDUDXIVHW]WGLH$XIPHUNVDPNHLWGHV3XE OLNXPVGXUFKGLH'RSSHOXQJYRQ9HUQLFKWXQJGHV*HJQHUVXQG(VRWHUL VLHUXQJYRQ/LWHUDWXU]XHUULQJHQ 'LHURPDQWLVFKH3KLOLVWHUNULWLNLVWLKUVWlUNVWHUDQWLEUJHUOLFKHU$IIHNW 'LH ÄEUJHUOLFKH¶ 5RPDQWLN DGDSWLHUW OLHEHU GHQ +DELWXV GHU SRWHQWLHOOHQ SROLWLVFKHQXQGV\PEROLVFKHQ 9HUOLHUHU DOVR GHV $GHOV DOV VLFK PLW GHP QDFK|NRQRPLVFKHP*HZLQQXQG1W]OLFKNHLWVWUHEHQGHQ%UJHUJHPHLQ ]XPDFKHQGHVVHQVWURPOLQLHQI|UPLJH*HLVWORVLJNHLWPLWGHUDSSUR[LPDWL YHQ 8QLYHUVDOLVLHUXQJ HLQHU JHVHOOLJHQ DEHU ]ZHFNIUHLHQ 3RHVLH QLFKW ]X YHUV|KQHQ LVW 9RQ %UHQWDQRV 3KLOLVWHU$EKDQGOXQJ ² ]XHUVW EULJHQV LQ GHUH[NOXVLYHQ,QVWLWXWLRQÅ'HXWVFKH7LVFKJHVHOOVFKDIW´YRUJHWUDJHQ²ELV ]X(LFKHQGRUIIV6DWLUH.ULHJGHQ3KLOLVWHUQVFKUHLEWGLH5RPDQWLN%UJHUNUL WLNDOV lVWKHWLVFKH 'LOHWWDQWLVPXVXQGDOVgNRQRPLHNULWLNDXVGHU6LFKW GHU.XQVWEHIOLVVHQHQ +HJHOV 9RUOHVXQJHQEHUGLH3KLORVRSKLHGHU.XQVWYRQ  JLSIHOQ LQ LK UHP$EVFKQLWWEHU'LHURPDQWLVFKH.XQVWIRUPLP$QVFKOXVVDQLKUH$EVDJH DQ GHQ MHW]W YHUDOWHWHQ ÅZHOWOLFKHQ .UHLV´ PLW VHLQHU Å6SKlUH GHV 5LWWHU WXPV´LQ GHU %HVFKUHLEXQJGHV Å)RUPDOLVPXV GHU 6XEMHNWLYLWlW´ 1DFK GHUÅ$XIO|VXQJGHV5LWWHUWXPV´EHL$ULRVWXQG&HUYDQWHVIROJWGDVVLFK EUJHUOLFK]lKPHQGH,QGLYLGXXPGHV KLHUQLFKWVRJHQDQQWHQ %LOGXQJV URPDQV 'DV ,QGLYLGXXP ]LHKW ULWWHUOLFK DXV XQG ZLOO GDV *XWH IU GLH :HOW YHUEULQJHQ VHLQ,GHDOGHU/LHEHEHIULHGLJHQ(VJHUlWLQ.DPSIPLWGHU IHVWHQ:LUNOLFKNHLW XQG GDV (QGH NDQQ QXU GLHV VHLQ GD‰ GDV ,QGLYLGXXP GLH :HOW QLFKW DQGHUV PDFKW VRQGHUQ GD‰ GDV ,QGLYLGXXP VLFK VHLQH +|UQHU DEOlXIW XQG VLFK LQ GDV 2EMHNWLYHHUJLEW'DV(QGHZLUGVHLQGD‰HVLQGLH9HUNHWWXQJGHU:HOWHLQWULWW VLFKHLQH)DPLOLHHLQHQ6WDQGSXQNWHUZLUEWHLQH)UDXGLHDEHU²VRKRFKLGHDOL VLHUWVLHZDU²HLQH)UDXLVWQLFKWEHVVHUDOVGLHPHLVWHQDQGHUHQ

²²²²²²²²²²²²²

ODVVHQH6FKULIWHQ$XVZDKOXQG1DFKOHVH%G5XGROI.|SNH +UVJ /HLS]LJ6   9JO6FKPLW],QV]HQLHUXQJHLQHU(SRFKHQVFKZHOOH6  9JOHEG6  +HJHO*HRUJ:LOKHOP)ULHGULFKÅ9RUOHVXQJHQEHUGLH3KLORVRSKLHGHU.XQVW´LQ9RUOH VXQJHQ $XVJHZlKOWH 1DFKVFKULIWHQ XQG 0DQXVNULSWH  %GH $QQHPDULH *HWKPDQQ6LHIHUW +UVJ +DPEXUJ6XQG  (EG6XQG  (EG6I



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 'LHDGHOLJHQÄ+HOGHQ¶GHU5RPDQWLNHUIROJHQIUHLOLFKGLHVHP/HEHQVJDQJ QLFKWYHUZHLJHUQVLFKGHUKLHUEHVFKULHEHQHQEUJHUOLFKHQ5HJXODULWlWZLH VLHGDV0RGHOO:LOKHOP0HLVWHUYRUH[HU]LHUWKDW :HQQJOHLFKGLH5RPDQWLNHUDOV=HLWVFKULIWHQKHUDXVJHEHUDOV5RPDQ XQG HUVW UHFKW DOV 1RYHOOHQSURGX]HQWHQ HLQHQ DXIQDKPHIlKLJHQ 0DUNW EHOLHIHUQXQGGLHVDXFKVWUDWHJLVFKJHVFKLFNWWXQLVWLKUHQDFKDX‰HQJH WUDJHQH+DOWXQJGLHGHU([NOXVLYLWlWXQGGHU0DUNWDEOHKQXQJRGHUMHGHQ IDOOVHLQHU'LVWDQ]]XP0DUNW²EHL1RYDOLV(LFKHQGRUIIXQG$UQLPIROJW DXI HLQHQ DXVJHSUlJWHQ DGHOLJHQ +DELWXV PXWPD‰OLFK EUXFKORV GLHVH LQ %RXUGLHXV6LQQÅDULVWRNUDWLVFKH´RVWHQWDWLYH0DUNWGLVWDQ])RXTXpKLQJH JHQ|IIQHWHVLFKGHP0DUNWGXUFKJlQJLJVFKULHEMHGRFKDQVHLQHP°XYUH XQJHEURFKHQ ZHLWHU DOV GDV ,QWHUHVVH GHU .lXIHU DQ VHLQHQ %FKHUQ DE QDKPGDULQOLHJWMDVFKRQZLHGHUHLQ6WFN0DUNWYHUDFKWXQJ=XJXQVWHQ GHU)HOGSUlVHQ]VSULFKWGHU.RPSOH[GHUURPDQWLVFKHQ.XQVWUHOLJLRQGHU HLQHÅ(VRWHULVLHUXQJDPELWLRQLHUWHUbVWKHWLN´VWW]W =XJXQVWHQHLQHUIUKHQ)HOGHQWVWHKXQJLQ'HXWVFKODQGVSULFKWQLFKW QXUGHU.RPSOH[$GHOVVHPDQWLN$ULVWRNUDWLVPXVGHUKLHUYRQ]HQWUDOHP ,QWHUHVVHLVWVRQGHUQDXFKGHU3ULPDWGHU)RUPLQGHUlVWKHWLVFKHQ7KHR ULH ZLH DXFK LQ GHU SRHWLVFKHQ Ä3UD[LV¶ ZREHL )RUPSULPDW QLFKW 6WUHQJH RGHU Ä5HLQKHLW¶ GHU )RUP VRQGHUQ RIW JHUDGH]X SURJUDPPDWLVFKH )RU PHQPLVFKXQJXQGYHUZLUUXQJEHGHXWHW  *HJHQ HLQH 9ROOHQGXQJ GHV )HOGHV XP  VSUHFKHQ HEHQIDOOV JH ZLFKWLJH$UJXPHQWH'LH9RUDXVVHW]XQJGHVO¶DUWSRXUO¶DUWLVWZLHEHPHUNW LQ'HXWVFKODQGZlKUHQGGHU5RPDQWLNQLFKWHUIOOWGLHURPDQWLVFKH8QL YHUVDOLVLHUXQJVlVWKHWLNZLOOYLHOPHKU.XQVWXQG/HEHQYHUHLQHQ'LH'LI IHUHQ] ]XU .ODVVLVFKHQ 0RGHUQH PDUNLHUWH EHUHLWV (FNKDUG +HIWULFK DOV Å>H@LQHVGHUSURGXNWLYVWHQ0L‰YHUVWlQGQLVVHGHURIWQXULQGLUHNWHQ.HQQW QLV YRQ *RHWKH 6FKLOOHU .DQW +HJHO XQG GHU )UKURPDQWLN LQ )UDQN UHLFK´ 'RUW ÅIDOOHQ 1DWXU XQG .XQVW VSlWHU LPPHU PHKU DXVHLQDQ GHU´ ]XJXQVWHQ HLQHV Å.XOW>HV@ GHV .QVWOLFKHQ´ GHV %L]DUUHQ XQG GHV +lVVOLFKHQ (LQHU]XPLQGHVWLQGHU)UKURPDQWLNH[SOL]LHUWHQ$XWRQRPLHlVWKHWLN HQWVSULFKW QLFKW HLQH DXWRQRPH /HEHQV XQG 6FKUHLESUD[LV GHU $XWRUHQ 2VWHQWDWLYH0DUNWDEOHKQXQJGLH$EOHKQXQJMHJOLFKHQ.RPSURPLVVHVPLW GHQ VFKRQ HWDEOLHUWHQ $NWHXUHQ LP .XQVWEHWULHE ILQGHW QLFKW PLW GHUVHO EHQ5DGLNDOLWlWZLHLPVSlWHQ-DKUKXQGHUWVWDWW(LQ6HOEVWYHUVWlQGQLV ²²²²²²²²²²²²²

 0L[@ NOHLQH>U@*UXSSHQ YRQ $XVJHZlKO WHQ(LQJHZHLKWHQ´ (EG6   9JO +ROPHV 6XVDQQH 6\QWKHVLV GHU 9LHOKHLW 'LH %HJUQGXQJ GHU *DWWXQJVWKHRULH EHL $XJXVW :LOKHOP6FKOHJHO3DGHUERUQXD6  %RXUGLHX/LWHUDULVFKHV)HOG6  9JO-RFK%UXGHUNlPSIH6'HU7\SXVGHV,QWHOOHNWXHOOHQWUHWHHUVWQDFKYROOHULQVWLWX WLRQHOOHU'XUFKVHW]XQJGHV)HOGHVDXI





'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



'DV 3UREOHP GHU )HOGHQWVWHKXQJ LP GHXWVFKVSUDFKLJHQ 5DXP ZLUG VHLW HLQLJHU =HLW EHUHLWV GLVNXWLHUW QLFKW VHOWHQ DXI GHU +\SRWKHVH DXIUX KHQG GDV )HOG NRQVWLWXLHUH VLFK EHUHLWV VHLW GHP  -DKUKXQGHUW VR EHL 0DUNXV -RFK )HOGLQWHUQH ,QVWDQ]HQ EHZLUNWHQ EHUHLWV GLH Å/|VXQJ GHU /LWHUDWHQ DXV lVWKHWLVFKQRUPDWLYHU 9RUPXQGVFKDIW GHV $GHOV XQG GHV .OHUXV´HV SUlJH VLFK HLQ VSH]LILVFKHU +DELWXV GHV .QVWOHUV DXV² GHU RIIHQEDU DQGHUH ]XPDO DGHOLJH 3UlJXQJHQ YHUJHVVHQ PDFKHQ NDQQ 1RUEHUW&KULVWLDQ:ROIEHOHJWDQGHUHUIROJUHLFKHQVR]LDOHQ6FKUHLESUD[LV GHV :HLPDUHU *RHWKH GLH IUKH VFKRQ DXI  GDWLHUWH )HOGGXUFK VHW]XQJ *RHWKH KDEH VLFK VHOEVW HUIROJUHLFK LQ GDV 6XEIHOG GHU HLQJH VFKUlQNWHQ 3URGXNWLRQ KLQHLQGHILQLHUW ,QWHUHVVHORVLJNHLW ]XU 6FKDX JH VWHOOW XQG ]XJOHLFK JHJHQ OHLFKW NRQVXPLHUEDUH 0DVVHQNXOWXU SROHPLVLHUW(LQHEHOLHELJH5FNGDWLHUXQJVFKHLQWNDXPVLQQYROO²YRU DXVJHVHW]W PDQ HLQLJW VLFK DXI HLQLJH KLQUHLFKHQGH XQG QRWZHQGLJH .UL WHULHQIUGDV(UUHLFKHQGHV(QG]XVWDQGHV'LH:DKUQHKPXQJDXWRQRPHU 0RPHQWH DQ EDURFNHU *HOHJHQKHLWVGLFKWXQJ RGHU GLH SDXVFKDOH %HKDXS WXQJ YRP )HOG GHU HU-DKUH GUIWH IU HLQH 'LDJQRVH GHU 'XUFK VHW]XQJGHVGRFKHUVWLP(QWVWHKHQEHJULIIHQHQ)HOGHVQLFKWJHQJHQ &KULVWLQH 0DJHUVNLV XPVWULWWHQHU 9HUVXFK GLH )HOGHQWVWHKXQJ LQ 'HXWVFKODQGLQGHU)UKSKDVHGHV%HUOLQHU1DWXUDOLVPXVDEIHVW]X PDFKHQWUlJW LPPHUKLQ HLQLJH .ULWHULHQ ]XVDPPHQ GLH VR QRFKQLFKW IUGLH=HLWXPJHOWHQXQGDOVRIUGLH7UDGLWLRQDOLWlWGHU5RPDQWLN VSUHFKHQ HWZD GHQ %HUHLFK YRQ /HEHQVNXQVW XQG %RKqPH DP 5DQGH RGHU DX‰HUKDOE GHU ÄEUJHUOLFKHQ¶ *HVHOOVFKDIW XQG GLH (QWVWHKXQJ HLQHU HLJHQWOLFKHQ*HLVWHVDULVWRNUDWLHHLQH$QWL+DOWXQJGHU/LWHUDWXU]XP'HXW VFKHQ 5HLFKVFKOLH‰OLFK GLH $XIVSDOWXQJ GHU $YDQWJDUGH LQ PHKUHUH &OL TXHQ³DQGHUH.ULWHULHQGLH0DJHUVNLDOV,QQRYDWLRQHQGHU%HUOLQHU0R GHUQH IHLHUW JHOWHQ EHUHLWV IU GLH 5RPDQWLN HLQLJH ZXUGHQ EHUHLWV JHQDQQWHLQDQWLEUJHUOLFKHUOLWHUDULVFKHU.XOWXV6DORQVDOV0LWWOHULQVWDQ ]HQ]ZLVFKHQGHQ)HOGHUQGLH$QQlKHUXQJYRQ/LWHUDWXQG.ULWLNHUGLH .XU]OHELJNHLW H[NOXVLYHU OLWHUDULVFKHU =HLWVFKULIWHQ  %RXUGLHX VSULFKW YRQHLQHUVFKULIWVWHOOHULVFKHQ$YDQWJDUGH]XGHUGLHTXDVLDULVWRNUDWLVFKH ²²²²²²²²²²²²²

 (EG6  9JOHEG6  9JO :ROI 1RUEHUW &KULVWLDQ Å*HJHQ GHQ 0DUNW *RHWKHV (WDEOLHUXQJ GHU ÄGRSSHOWHQ gNRQRPLH¶´LQ7KRPDV:HJPDQQ +UVJ 0DUNW²/LWHUDULVFK%HUQXD6 3XEOLNDWLRQHQ]XU=HLWVFKULIWIU*HUPDQLVWLN1HXH)ROJH   9JOGLH%HLWUlJHYRQ6WHIDQLH6WRFNKRUVWXQG+HULEHUW7RPPHNLQGHP%DQG-RFK:ROI 7H[WXQG)HOG  0DJHUVNL &KULVWLQH 'LH.RQVWLWXLHUXQJGHVOLWHUDULVFKHQ)HOGHVLQ'HXWVFKODQGQDFK%HUOLQHU 0RGHUQH/LWHUDWXUNULWLNXQGGLH$QIlQJHGHU/LWHUDWXUVR]LRORJLH7ELQJHQ   6WXGLHQXQG 7H[WH]XU6R]LDOJHVFKLFKWHGHU/LWHUDWXU   9JOKLHU]XLPHLQ]HOQHQ0DJHUVNL.RQVWLWXLHUXQJGHVOLWHUDULVFKHQ)HOGHV6IIVRZLH6II



.DSLWHO

 6HOEVWQRELOLWLHUXQJ GHV 6FKULIWVWHOOHUV JHK|UW HLQH VSH]LILVFKH :LHGHUDXI QDKPHGHV.RQ]HSWVGHVÄ'LFKWHUIUVWHQ¶GLHLQ'HXWVFKODQGHUVWPLWGHU $YDQWJDUGH DE HWZD  HLQVHW]W 'D]X JHK|UW GDQQ HWZD GHU )DNWRU HLQHU *HULQJVFKlW]XQJ GHU gIIHQWOLFKNHLW ZLH VLH VSH]LHOO GHP .RQ]HSW Ä%RKqPH¶LQQHZRKQW$XFKLQ)UDQNUHLFKVHW]W%RXUGLHXGDVOLWHUDULVFKH )HOGMDHUVWPLWGHP'DQG\LVPXVGHV-DKUKXQGHUWVDQDOVRHLQHUZLH HUHVVLHKWQHJDWLYHQ5HDNWLRQDXIGLHYHUEUDXFKWHQ)RUPHQGHU5RPDQ WLN 'HU9HUJOHLFKPLW0DJHUVNL]HLJWGDVVGLH3KDVHQGHU)HOGJHQHVHLQ 'HXWVFKODQG XQG )UDQNUHLFK YRQ 8QJOHLFK]HLWLJNHLWHQ JHNHQQ]HLFKQHW VLQG:lJWPDQGLHJHOLVWHWHQ.ULWHULHQJHJHQHLQDQGHUDEGDQQZLUGPDQ VLFKJHJHQGLH7KHVHDXVVSUHFKHQGDVOLWHUDULVFKH)HOGVHLLQGHU5RPDQ WLN EHUHLWV YROOHQGHW ² HV LVW YLHOPHKU HLQH %DXVWHOOH GHU PRGHUQLVLHUHQG ]XJXWH NRPPW GDVV QHEHQ DQGHUHQ DXVJHUHFKQHW $GHOLJH VFKRQ HLQHQ 9RUJHVFKPDFN DXI GLH DULVWRNUDWLVFKH +DOWXQJ GHV NQIWLJHQ /LWHUDWHQ LQ LKU+DQGHOQHLQEULQJHQ  

7LHFNLQ=LHELQJHQ7LHFNLQ'UHVGHQ =XUVR]LDOHQ/DXIEDKQGHVEUJHUOLFKHQ Å.|QLJVGHU5RPDQWLN´

 'HUYRQ-UJHQ+DEHUPDVVRZLUNPlFKWLJEHKDXSWHWH6WUXNWXUZDQGHOGHU gIIHQWOLFKNHLW ZLUG WUDGLWLRQHOO EHVRQGHUV DP :DQGHO JHVHOOLJHU )RUPHQ IHVWJHPDFKW/LWHUDWXUZLVVHQVFKDIWOLFKHU5RFKHUGHEURQ]HLVWGDEHLGHU6DORQ GHUIUGLH=HLWDEJHPHLQKLQDOV2UWGHU9HUEUJHUOLFKXQJE]ZGHU EHUVWlQGLVFKHQ .RPPXQLNDWLRQ JLOW /HVHU YRQ ( 7 $ +RIIPDQQV 1RYHOOH'DV)UlXOHLQYRQ6FXGHULZLVVHQGDVVGHU6DORQLP-DKUKXQGHUW HLQHDULVWRNUDWLVFKH(LQULFKWXQJLVWDQGHUJHELOGHWH%UJHUOLFKHDOOHUGLQJV EHUHLWVSDUWL]LSLHUHQDEGHP-DKUKXQGHUWHQWVWHKHQDXFK6DORQVEU JHUOLFKHU)UDXHQ$OOHUGLQJVZDUHLQÅEUHLWHVJHVHOOVFKDIWOLFKHVXQGEHUXIOL FKHV 6SHNWUXP GHV 6DORQSXEOLNXPV>«@ GHU Ä,GHDOIDOO¶ HLQHV 6DORQV GHP MHGRFKLQGHU3UD[LVLPPHU*UHQ]HQJHVHW]WZDUHQ´=XQHKPHQGZLUG ²²²²²²²²²²²²²

 9JO)lKQGHUV:DOWHU$YDQWJDUGHXQG0RGHUQH6WXWWJDUW:HLPDU6II VRZLH.UHX]HU+HOPXW'LH%RKHPH%HLWUlJH]XLKUHU%HVFKUHLEXQJ6WXWWJDUW²/lPPHUW (EHUKDUGÅ'HU'LFKWHUIUVW0HWDPRUSKRVHQHLQHU0HWDSKHULQ'HXWVFKODQG´LQ8OULFK 5DXOOI +UVJ 9RP.QVWOHUVWDDWbVWKHWLVFKHXQGSROLWLVFKH8WRSLHQ0QFKHQ6 (GLWLRQ$N]HQWH   9JO%RXUGLHX5HJHOQGHU.XQVW6  :LOKHOP\ 3HWUD 'HU%HUOLQHU6DORQLP-DKUKXQGHUW   %HUOLQ1HZ :DFNHQURGHUV XQG7LHFNV@GDV6WFNhEHUGLH.LQGHUILJXUHQDXIGHQ5DIDHOVFKHQ%LOGHUQXQGLFKZ‰ WHQLFKWVZDVPLFKVRHUJULIIHQKlWWHPLW/LHEOLFKNHLWHVZDUDOVVWQGHQGLHNOHL QHQ(QJHOVN|SIHDXIGHP'UHVGQHU*HPlOGHY5DSKDHOYRUPLU

,Q0DGOLW]VHW]WVLFKGHU$XVWDXVFK]ZLVFKHQ7LHFNXQGGHQ)LQFNHQVWHLQ 6|KQHQIRUWZLHHLQ%ULHI$OH[DQGHUVDQGHQDXFKPLW7LHFNEHIUHXQGHWHQ (UODQJHU3UHGLJHU-RKDQQ3KLOLSS/H3LTXH]HLJW 'DV LFK ,KQHQ QLFKW GLHVPDO QHXH 6DFKHQ YRQ 7LHN PLWVFKLFNHQ NDQQ WKXW PLU XQHQGOLFKOHLG:LUEHVLW]HQDEHUQRFKQLFKWVQHXHVYRQLKP(UKDWXQVLQGHVVHQ YHUVSURFKHQ VREDOG HU QHXH 6DFKHQ IHUWLJ KDEHQ ZHUGH ,KQHQ VROFKH ]X]X VFKLFNHQ XQG VHLHQ 6LH YHUVLFKHUW DQ XQVHUQ (ULQQHUXQJHQ VROO HV QLFKW IHKOHQ 6DJHQ6LHPLUGRFKRE6LHGLHJHLVWOLFKHQ/LHGHUYRQ1RYDOLVZRYRQGHU0XVHQ DOPDQDFKYRQ7LHNXQG6FKOHJHOQXUHLQLJHHQWKlOWJDQ]NHQQHQ6ROOWHGDVQLFKW VHLQVRZUGHQZLUXQGGLH6FKZHVWHUQ,KQHQGLHEULJHQPLWGHPJU|‰WHQ9HU JQJHQ DEVFKUHLEHQ $ : 6FKOHJHO KDW MHW]W HLQ 7DVFKHQEXFK XQWHU GHP 7LWHO %OXPHQVWUlX‰HKHUDXVJHJHEHQZHOFKHVhEHUVHW]XQJHQDXVGHP6SDQLVFKHQ3RUWX JLHVLVFKHQXQG,WDOLHQLVFKHQHQWKlOWGLHVHKUVFK|QVLQG

7LHFNV 5ROOH EHL GHQ MXQJHQ )LQFNHQVWHLQV ² PXVLVFK EHJDEWH /HVHU MH GRFKNHLQH$XWRUHQ²LVWLQGHQ-DKUHQELVGLHHLQHV0HQWRUV 'HU/HVHULKUHU%ULHIHZLUG=HXJHHLQHUGHUIUKHVWHQ5H]HSWLRQVIRUPHQ GHV IUKURPDQWLVFKHQ 3URMHNWV GDV HEHQ GRFK QLFKW DXI GLH LQ WKHRUHWL VFKHQ 7H[WHQ HWZD )UDJPHQWHQ H[SOL]LHUWH 3URJUDPPDWLN EHVFKUlQNW EOHLEWVRQGHUQ DXFK DOV NRPPXQLNDWLYHV (UHLJQLV ]X VHKHQ LVW GDV WURW] RGHU ZHJHQ VHLQHU OHLWHQGHQ 3DUDGR[LH QlPOLFK gIIHQWOLFKNHLWVUHOHYDQ] XQG (VRWHULN 6SUDFKH XQG 8QDXVVSUHFKOLFKHV LQ HLQV GHQNHQ ]X ZROOHQ VLFKDOV(UIROJVJHVFKLFKWHHUZLHVDQGHUDXFKLQWHUHVVLHUWH$GHOLJHEHWHL OLJWZDUHQ $XIGLHVHWUDGLWLRQDOH)RUPGHU%H]LHKXQJ]ZLVFKHQ'LFKWHUXQG0l ]HQIROJWHDE7LHFNV'UHVGQHU/HEHQVSKDVHGLHVLFKLQ*HVWDOWVHL QHU9RUOHVHDEHQGHGXUFKHLQHJDQ]HDQGHUHQXQZHLWZHQLJHUKHUN|PPOL FKH3UD[LVDGHOLJEUJHUOLFKHQ+\EULGLWlWDXV]HLFKQHWH'LH9RUOHVHDEHQGH LQ VHLQHP +DXV DP $OWPDUNW LQ 'UHVGHQ ZXUGHQ RIW EHVFKULHEHQ,Q ²²²²²²²²²²²²²

 $OH[DQGHU YRQ)LQFNHQVWHLQ DQ VHLQHQ 9DWHU )ULHGULFK /XGZLJ .DUO YRQ )LQFNHQVWHLQ DP =LWLHUWQDFK6WUREHO5RPDQWLNXQGÄ$GHOLJNHLW¶6  $OH[DQGHUYRQ)LQFNHQVWHLQDQVHLQH6FKZHVWHUQDP=LWLHUWQDFKHEG6  $OH[DQGHUYRQ)LQFNHQVWHLQDQ-RKDQQ3KLOLSS/H3LTXHDP=LWLHUWQDFKHEG 5RPDQWLN6I  9JO UHVPLHUHQG HWZD *Q]HO .ODXV ÄÅ'DV EHVWH 7KHDWHU LQ 'HXWVFKODQG¶ /LWHUDULVFKH /HVHDEHQGHEHL/XGZLJ7LHFNDP'UHVGQHU$OWPDUNW´LQ:DOWHU6FKPLW] +UVJ /XGZLJ



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 V]HQLHUXQJXQG$EODXIGLHVHUIDVWDXVQDKPVORVLQ7LHFNV3ULYDWKDXVDEJH KDOWHQHQGDUXPDEHUNHLQHVZHJVEOR‰ÄSULYDWHQ¶9HUDQVWDOWXQJHQVFKHLQHQ VLFKZLHGHUKROW]XKDEHQGHUULWXHOOH&KDUDNWHULVWHLQGHXWLJ'HUKlXILJH %HVXFKHU &DUO *XVWDY &DUXV EHWRQWH GUHL HLQDQGHU VLFK HUJlQ]HQGH 0HUNPDOHGHU/HVXQJHQGLHVlPWOLFKDXFKDXIGHUHQ5LWXDOFKDUDNWHUYHU ZHLVHQÅGLH,QGLYLGXDOLWlWGHV/HVHQGHQ´PLWKLQGDV&KDULVPDGLH6SH]L ILNGHULP=HQWUXPVWHKHQGHQ3HUV|QOLFKNHLWÅ>]@ZHLWHQVHLQJHZLVVHUEHL GLHVHQ /HVXQJHQ HLQJHIKUWHU &XOWXV´ DOVR HLQ 6HW YRQ ZRKO LPSOL]LW EOHLEHQGHQ DEHU ZLHGHUNHKUHQGHQ +DQGOXQJVZHLVHQ GHU 3URWDJRQLVWHQ GLH HLQ *DQ]HV ELOGHWHQ VFKOLH‰OLFK ÅGLH :DKO GHV 9RU]XWUDJHQGHQ´  DOVR ZLH VLFK ]HLJHQ ZLUG HLQ URPDQWLVFKHU .DQRQ¶ GHU LQ *HVWDOW GHU /HVHULWXDOHWUDQVSRUWLHUWXQGEHNUlIWLJWZXUGH 8QWHU GHQ UHJHOPl‰LJ 7HLOQHKPHQGHQ EHIDQGHQ VLFK DXIIDOOHQG YLHOH $GHOLJH1HEHQ]DKOUHLFKHQGXUFKUHLVHQGHQ)UHPGHQIUGLHHLQ%HVXFK EHL 7LHFN ZRKO DOV Ä%LOGXQJVHUOHEQLV¶ JHOWHQ NRQQWH JDE HV HLQH VLFK UH JHOPl‰LJ XQG EHYRU]XJW HLQILQGHQGH ÅOLWHUDULVFKH &DPDULOOD GHV +DX VHV´  HLQHQ HQJHUHQ .UHLV XP 7LHFN ,Q *HRUJ %HXWHOV DXV GLYHUVHQ 4XHOOHQ ]XVDPPHQJHVWHOOWHU 1DPHQVOLVWH IlOOW DXI GDVV YRQ  KLHU]X JHK|UHQGHQ3HUVRQHQHOIDGHOLJZDUHQGDUXQWHUGLH'LFKWHU2WWR*UDI /RHEHQ XQG (UQVW YRQ GHU 0DOVEXUJ ,GD YRQ /WWLFKDX GLH *DWWLQ GHV 'UHVGQHU 7KHDWHULQWHQGDQWHQ GHU QRELOLWLHUWH  .XQVWVDPPOHU -RKDQQ *RWWORE YRQ 4XDQGW GLH hEHUVHW]HU :ROI *UDI %DXGLVVLQ XQG (GXDUG YRQ %ORZ 8QWHU GHQ LQVJHVDPW  JHQDQQWHQ DXVZlUWLJHQ )UHXQGHQ VRZLHKlXILJHUHQ*lVWHQXQG=XK|UHUQVLQGMHGRFKQXUYLHU$GHOLJHLP HUZHLWHUWHQ.UHLVÄQRUPDOLVLHUWH¶VLFKDOVRGDV9HUKlOWQLV8QJHZ|KQOLFK YLHOHLQ'UHVGHQDQVlVVLJH$GHOLJHIDQGHQVLFKDOVRLPHQJVWHQ.UHLVXP 7LHFN ,P)ROJHQGHQVHLHQHLQLJHEHVRQGHUVNHQQ]HLFKQHQGH'HWDLOVGHU/H VXQJHQKHUDXVJHJULIIHQ7LHFNV)UHXQGLQGLH*UlILQ)LQFNHQVWHLQWUDWDOV =HUHPRQLHQPHLVWHULQ DXI DOV Å+WHULQ HLQHV JHZLVVHQ IHLHUOLFKHQ .XO ²²²²²²²²²²²²²

7LHFN/LWHUDWXUSURJUDPPXQG/HEHQVLQV]HQLHUXQJLP.RQWH[WVHLQHU=HLW 7ELQJHQ  6   6\QNUHWLVWLVFK DXV GHQ 4XHOOHQ ]XVDPPHQJHVWHOOW LVW %HXWHO *HRUJ Å7LHFNV 9RUOH VXQJHQLQ'UHVGHQ´LQ'UHVGQHU*HVFKLFKWVEOlWWHU6  &DUXV &DUO *XVWDY Å=XU *HVFKLFKWH YRQ 7LHFN·V 9RUOHVXQJHQ´ LQ +LVWRULVFKHV 7D VFKHQEXFK1HXH)ROJH6KLHU6  (EG6  6FKHUHU *DEULHOD Å(LQ $EHQG EHL /XGZLJ 7LHFN´ LQ(XURSD  %G ,9 6  KLHU 6  6FKHUHU JODXEW HLQH ÅEUJHUOLFKH $WPRVSKlUH´ (EG  EHL 7LHFN ZDKU]X QHKPHQ QLPPW VRPLW GDV 3VHXGR+|ILVFKH GHU 9HUDQVWDOWXQJ QLFKW ZLUNOLFK HUQVW 'HULURQLVLHUHQGH7RQ]LHKWVLFKEULJHQVGXUFK6FKHUHUV7H[W VLHKHDXFKZHLWHUXQ WHQ   'LHVH$XIOLVWXQJEH]LHKWVLFKDXIGLHEHLGHQ'UHVGQHU-DKU]HKQWH7LHFNVQLFKWDXIHLQHQ =HLWSXQNW  %HXWHO7LHFNV9RUOHVXQJHQ6



.DSLWHO

 WXV´ZR]X GLH 9RUVWHOOXQJQHXHU *lVWH JHK|UWH ZLH DXFK GLH hEHUZD FKXQJ GHU 6WLOOH ZlKUHQG GHU /HVHKDQGOXQJ7LHFN SIOHJWH VHLQH (LQOD GXQJHQVWHWVLP1DPHQGHU*UlILQDXV]XVSUHFKHQZLHGHUGlQLVFKH'LFK WHU$GDP2HKOHQVFKOlJHUEHULFKWHW'HU%HJLQQVFKHLQWJHQDXJHUHJHOW JHZHVHQ]XVHLQ(VWUDWÅIHLHUOLFKH6WLOOH´RGHUÅZHLKHYROOH5XKH´ZlK UHQG GHU ÅIHVVHOQG>HQ@´ /HVXQJ HLQ  'LH 9HUDQVWDOWXQJ ZDU GXUFKDXV PRQRORJLVFK %HL LKUHP %HJLQQ YHUVWXPPWHQ DOOH *HVSUlFKH HLQH 'LV NXVVLRQEHUGDV*HOHVHQHZDUYHUS|QWDOOHQIDOOVXQWHUKLHOWPDQVLFKLP $QVFKOXVVEHLÅ:HLQXQG%DFNZHUN´QRFKNXU]H=HLW'LH(LQULFKWXQJ GHV Å*HVHOOVFKDIWV]LPPHUV´ ZDU DXI GHQ +DXVKHUUQ KLQ DXVJHULFKWHW $XFKLQGHVVHQ$EZHVHQKHLWPXVVWHQQHEHQGHQKRKHQ%FKHUVFKUlQNHQ YRUDOOHPPHKUHUHÅ%VWHQGHU+HURHQGHXWVFKHU'LFKWNXQVW´DXIIDOOHQ² GDUXQWHU /XGZLJ 7LHFNV HLJHQH .RORVVDOEVWH GLH 3LHUUH-HDQ 'DYLG G·$QJHUV LP +HUEVW  PRGHOOLHUW KDWWH  'LH 3ODW]LHUXQJ GHU 0DU PRUEVWH NRQQWH NHLQ =XIDOO VHLQ 'DYLG G·$QJHUV KDWWH  HLQH YHU JOHLFKEDUH *RHWKH%VWH JHVFKDIIHQ 'DV %HVWUHEHQ 7LHFNV XQG VHLQHV .UHLVHV GHQ 9HUIDVVHU YRQ )UDQ] 6WHUQEDOGV :DQGHUXQJHQ DOV 1DFKIROJHU *RHWKHVXQGGDPLWIKUHQGHQGHXWVFKHQ1DWLRQDODXWRU]XLQWKURQLVLHUHQ ZDUQDFK*RHWKHV7RGYLHOIDFKHUNHQQEDU(LQWKURQHQGHU7LHFNLVW DXFKDXI&KULVWLDQ9RJHOYRQ9RJHOVWHLQVEHUKPWHP*HPlOGH]XHUNHQ QHQGDVGHQ0RGHOOVLW]HQGHQ7LHFNQHEHQGHP%LOGKDXHUXQGGHP0DOHU ]HLJW  $QDORJ GD]X ZLUG ZLHGHUKROW GHU Å7KURQ´ GHV 9RUOHVHUV EH VFKULHEHQ ²²²²²²²²²²²²²  (EG6²9JO>DQRQ\P@Å7LHFNVGUDPDWLVFKH9RUOHVXQJHQ´LQ0RUJHQEODWWIUJHELOGHWH 6WlQGH1UI6IXQGKLHU6Å7LHFNKDWVFKHU]ZHLVH]XUHGHQIU VHLQH 9RUOHVXQJHQ HLQHQ VWHKHQGHQ .XOWXV HLQJHIKUW GHVVHQ *HVHW]H GLH 0LWJOLHGHU GHU YHUVDPPHOWHQ*HPHLQHYRUZHJNHQQHQXQGGXUFKLKUH*HJHQZDUWVWLOOVFKZHLJHQGEHVWlWL JHQ LQ GLHVHP 3XQNWH JLOW NHLQH $XVQDKPH KLHU KHUUVFKW GHU $EVROXWLVPXV XQDElQGHUOL FKHU5HJHOQ´  9JOHEG6I  9JO 2HKOHQVFKOlJHU $GDP 0HLQH /HEHQVHULQQHUXQJHQ (LQ 1DFKOD‰ %G  /HLS]LJ  6I  9JO :HLWKDVH ,UPJDUG 'LH*HVFKLFKWHGHUGHXWVFKHQ9RUWUDJVNXQVWLP-DKUKXQGHUW :HLPDU 6  )ULHVHQ +HUPDQQ )UHLKHUU YRQ /XGZLJ7LHFN(ULQQHUXQJHQHLQHVDOWHQ)UHXQGHVDXVGHQ-DKUHQ :LHQ6)ULHVHQZHLVWDXIHLQHGDYRQDEZHLFKHQGHZHQLJHUÅIHLHUOL FKH)RUP´GHU/HVXQJYRUHLQHPNOHLQHUHQ)UHXQGHVNUHLVKLQGLHDEHUGHQQRFKÅVWHWVGLH VHOEH6WLOOHXQG+LQJHEXQJ´HU]HXJWH 6   *OPHU &ODLUH YRQ $XVHLQHP)OFKWOLQJVOHEHQ  'LH*HVFKLFKWHPHLQHU.LQGKHLW 'UHVGHQ/HLS]LJ  6  =XP 9HUERW HLQHU 8QWHUKDOWXQJ EHU GDV 9RUJHOHVHQH YJO>DQRQ\P@7LHFNVGUDPDWLVFKH9RUOHVXQJHQ6  9JO6FKHUHU$EHQGEHL7LHFN6  9JOGD]X8ZH6FKZHLNHUWV%DQGHLQIKUXQJÅ'LH-DKUH´LQ'.96 KLHU6II  'DV*HPlOGH/XGZLJ7LHFNYRQGHPGHUIUDQ]|VLVFKH%LOGKDXHU'DYLGG·$QJHUVHLQH%VWH DQIHUWLJWEHILQGHWVLFKKHXWHLP0XVHXPGHUELOGHQGHQ.QVWH/HLS]LJ(VZDU7LHFNVHU





'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



,Q HLQHP  HQWVWDQGHQHQ $EULVV 'LH JHVFKLFKWOLFKH (QWZLFNOXQJ GHU QHXHUHQ%KQHlX‰HUWVLFK7LHFNEHIULHGLJWEHUHLQH7HQGHQ]GHUQHXHVWHQ =HLWGLH3RHVLHÅZLHGHUPLW.LUFKHXQGZLUNOLFKHP/HEHQ]XHLQLJHQ´ 'RFK NRQQWH GLHV ZLH GHU $XWRU VHOEVW YRUIKUWH ZRKO QXU LP %HUHLFK WUDYHVWLHUWHU6DNUDOLWlWJHVFKHKHQGLHVLFKLP5LWXDOVWHWVYRQ1HXHPHLQ VWHOOW 'DV ZDU EHLP SVHXGRVDNUDOHQ K|ILVFKHQ =HUHPRQLHOO GHV $EVROX WLVPXVVRJHZHVHQLQGHVVHQVWHWVZLHGHUNHKUHQGHPIHVWJHOHJWHP9HUODXI GHU5DQJGHVHLQ]HOQHQ+|IOLQJVLPPHUZLHGHUDXIV1HXHEHVWLPPWZHU GHQ PVVWH ZLH 1RUEHUW (OLDV GDUJHOHJW KDW,P VFKHLQEDUHQ /HHUODXI GHU=HUHPRQLHYHUELUJWVLFKGLHLPPHUZLHGHUQHXLQ)UDJHVWHKHQGH3RVL WLRQGHV(LQ]HOQHQXQGGLH1RWZHQGLJNHLWGHU:LHGHUKROXQJPDJGDUDXI KLQGHXWHQGDVVQLFKWQXUGLHÄ(KUH¶XQGGDV3UHVWLJHGHVJHODGHQHQ7HLO QHKPHUV GXUFK GDV EOR‰H Ä'DEHLVHLQ¶ EHVWlWLJW ZHUGHQ PVVHQ DXFK GHU HFKWHRGHUIDOVFKH¶ .|QLJEHGDUIHLQHUV\PEROLVFKHQ$NNODPDWLRQGXUFK GLH *HODGHQHQ 'LH DGHOLJHQ *lVWH 7LHFNV EHZDKUWHQ DEHU PLWWHOV GHU 7HLOQDKPHDQHLQHU,QVWLWXWLRQGLHLP*UXQGHGHPVLFKVHLWGHP-DKU KXQGHUW DXVGLIIHUHQ]LHUHQGHQ /LWHUDWXUEHWULHE ]XJHK|ULJ ZDU GLH (KUH LKUHV6WDQGHVZHQQJOHLFKLQEOR‰WUDYHVWLHUWHU*HVWDOW'LH)RUPHQHUOHLFK WHUWHQHVGHP$GHOLJHQVLFKLQ7LHFNV1lKH]XEHJHEHQ'HUEHLQlKHUHP +LQVHKHQ TXD 5LWXDOLVLHUXQJ WUDQVSRUWLHUWH &RGH KDW IUHLOLFK QLFKWV PHKU PLWGHU,GHHGHV.|QLJWXPV]XWXQGLHVHLWGHP0LWWHODOWHUPLW6DNUDOLVLH UXQJDUEHLWHWHXQGGLHLPXQG-DKUKXQGHUWHLQZDKUHV=HLFKHQ V\VWHPGHUÅ=HUHPRQLDOLVLHUXQJGHVJHVDPWHQ+RIOHEHQV´KHUYRUJHEUDFKW KDWWHVRGDVVK|ILVFKH(WLNHWWH]XPIXQNWLRQDOHQbTXLYDOHQWFKULVWOLFKHU /LWXUJLH DYDQFLHUW ZDU9LHOPHKU LVW XQWHU DQGHUHP HLQH 6DNUDOLVLHUXQJ YRQ 3RHVLH DQJH]LHOW :LU EHJHJQHQ LQ 7LHFNV +DXV GHQ $QIlQJHQ MHQHV GHXWVFKHQÅ'HXWXQJVPXVWHUV´ %ROOHQEHFN GDVDOVÅ%LOGXQJ´XQGÅ.XO WXU´ (SRFKH PDFKWH 'LH Ä%LOGXQJVUHOLJLRQ¶ GHU UH]LSLHUHQGHQ DQGlFKWLJ ²²²²²²²²²²²²²

JHEHQHU'UHVGQHU)UHXQG.DUO)|UVWHUGHUKLQVLFKWOLFKGHU6LW]RUGQXQJDXIGHP*HPlOGH YRQ Å7LHFNV 7KURQ´ VSUDFK )|UVWHU />XLVH@ +UVJ  %LRJUDILVFKHXQGOLWHUDULVFKH6NL]]HQDXV GHP/HEHQXQGGHU=HLW.DUO)|UVWHU·V'UHVGHQ6   9JO 6FKHUHU $EHQG EHL 7LHFN 6  7LHFN KDEH ÅZLH HLQ NOHLQHU )UVW´ LQPLWWHQ VHLQHV .UHLVHV JHOHEW *OPHU )OFKWOLQJVOHEHQ 6   ,Q VHLQHP $XIWUHWHQ KDEH ÅHWZDV *UR‰HV XQG+RKHVHWZDVYRQHLQHP*UDQGVHLJQHXU´JHOHJHQGHUÅHLQHUEXQWJHZUIHOWHQ0HQJH JOHLFKPWLJ VHLQH UHLFKHQ XQG HGOHQ *DEHQ´ GDUJHERWHQ KDEH %HXWHO7LHFNV9RUOHVXQJHQ 66RDOVRGDV8UWHLOHLQHUEHUHLWVVHNXQGlUHQ4XHOOH   7LHFN/XGZLJÅ'LHJHVFKLFKWOLFKH(QWZLFNOXQJGHUQHXHUHQ%KQHXQG)ULHGULFK/XGZLJ 6FKU|GHU´LQGHUV.ULWLVFKH6FKULIWHQ%G/HLS]LJ6KLHU6  9JO (OLDV +|ILVFKH *HVHOOVFKDIW 6  .DSLWHO Å(WLNHWWH XQG =HUHPRQLHOO´  ² 9JO ZHLWHUKLQ ]X 5LYDOLWlWVNlPSIHQ ZLH VLH LP JDODQWHQ +|IOLFKNHLWVGLVNXUV DXIVFKHLQHQ %HHW]0DQIUHG)UKPRGHUQH+|IOLFKNHLW.RPSOLPHQWLHUNXQVWXQG*HVHOOVFKDIWVULWXDOHLPDOWGHXW VFKHQ6SUDFKUDXP6WXWWJDUW6II  9JO.DQWRURZLF].|USHUGHV.|QLJV  %DXHU9RONHU+RI|NRQRPLH'HU'LVNXUVEHUGHQ)UVWHQKRILQ=HUHPRQLDOZLVVHQVFKDIW+DXVYlWHU OLWHUDWXUXQG.DPHUDOLVPXV:LHQXD6YJODXFK6



.DSLWHO

 YHUKDUUHQGHQ 0HQJH ILQGHW HLQ =HQWUXP LQ 7LHFNV +DXV GDV ZLH GDV 0XVHXP RGHU GHU 2UW GHV 'HQNPDOV ]XP 5DXP ÅVlNXODUH>U@ )U|PPLJ NHLW´ ZLUG  'LHVH Ä5HOLJLRQ¶ KDW NDXP QRFK HWZDV JHPHLQ PLW HLQHP 3URJUDPP GDV DP %HJLQQ GHU ÄURPDQWLVFKHQ¶ %HZHJXQJ VWDQG GHQ XQ WHUVFKLHGOLFKHQ .RQ]HSWLRQHQ YRQ Å.XQVWUHOLJLRQ´ RGHU Å1HXHU 0\WKR ORJLH´ GLH :LOKHOP +HLQULFK :DFNHQURGHU ]XVDPPHQ PLW 7LHFN LQ GHQ +HU]HQVHUJLH‰XQJHQHLQHVNXQVWOLHEHQGHQ.ORVWHUEUXGHUV HLQVW PLWEHJUQGHW KDWWH XQGGLHEHL)ULHGULFK6FKOHJHOEHL1RYDOLVXQGEHL6FKOHLHUPDFKHULKUHMH HLJHQHQ $XVSUlJXQJHQ HUOHEW KDWWHQ ,Q SULPlU SURGXNWLRQVlVWKHWLVFKHU $EVLFKWZDUHVXPHLQHUHOLJL|VHRGHUSDUDUHOLJL|VH+DOWXQJGHV.QVWOHU ,QGLYLGXXPV JHJDQJHQ$OV SUDNWL]LHUWH Ä%LOGXQJVUHOLJLRQ¶ HUKlOW 7LHFNV EUHLWHQZLUNVDPH7lWLJNHLWLKUHQIHUQHUHQ6LQQ'LH%HNUlIWLJXQJGHUHLJH QHQ ]XP*RHWKH1DFKIROJHUQXQP\WKLVFKEHUK|KWHQ 3HUVRQXQGGHU JHOHVHQHQXQGLQGLHVHP9ROO]XJIUQDFKZDFKVHQGH*HQHUDWLRQHQNDQRQL VLHUWHQ7H[WHZLOOGLHÄ5RPDQWLN¶LQGDVNXOWXUHOOH*HGlFKWQLVGHU1DWLRQ EHUIKUHQ$OV Ä/LWHUDWXUKLVWRULNHU¶ ² VSlWHVWHQV VHLW VHLQHU 0LQQHOLHGHU (GLWLRQYRQ²EHWHLOLJWHVLFK7LHFNDQHLQHUVlNXODUHQ9HUZLVVHQ VFKDIWOLFKXQJ XQG 5HVDNUDOLVLHUXQJ GHU .XQVW  7LHFNV Ä+RI¶ ZDU ZLH MHGHV 5LWXDOKDQGHOQ HLQH )LNWLRQ² GRFK VRODQJH VLH JOlXELJH 7HLOQHK PHU IDQG HLQH ZLUNXQJVYROOH 1LFKW ]XOHW]W GHVKDOE ZHLO +RIIlKLJNHLW¶ QLFKW DQ IRUPDOH =XJDQJVYRUDXVVHW]XQJHQ JHNQSIW ZDU =XPLQGHVW DOV *DVW GXUIWH MHGHU NRPPHQ ([NOXVLYLWlW ZDU HUVW LP SDUDVDNUDOHQ9ROO]XJ]XVLPXOLHUHQ$OVÄ*HELOGHWHU¶HUKlOWDXFKGHUDGHOL JH 7HLOHKPHU HLQH )XQNWLRQ GLH VLFK LP (LQ]HOIDOO DOV ]XNXQIWVWUlFKWLJ ²²²²²²²²²²²²²  $VVPDQQ$OHLGD$UEHLWDPQDWLRQDOHQ*HGlFKWQLV(LQHNXU]H*HVFKLFKWHGHUGHXWVFKHQ%LOGXQJVLGHH )UDQNIXUWD06 (GLWLRQ3DQGRUD Å'LH%LOGXQJVLGHHZLUG]XUVlNXODUL VLHUWHQ 1DFKIROJHLQVWLWXWLRQ GHU 5HOLJLRQ´ 6   ² $OV P\WKLVFKH 'LFKWHUILJXU ZDUHQ PXOWLIXQNWLRQDO HLQVHW]EDU XQG LQVEHVRQGHUH PLW GHU QHXHQ QDWLRQDOHQ 0\WKRORJLH YHU NQSIEDU LP  -DKUKXQGHUW 6FKLOOHU GDQQ DXFK *RHWKH HUIROJUHLFKHU¶ 9JO *HUKDUG 8WH6FKLOOHUDOVÅ5HOLJLRQ´/LWHUDULVFKH6LJQDWXUHQGHV;,;-DKUKXQGHUWV0QFKHQ   $XV GHU 9LHO]DKO GHU'DUVWHOOXQJHQ]X Å.XQVWUHOLJLRQ´ XQG Å1HXHU 0\WKRORJLH´ VHL HLQH GHU QHXHUHQ JHQDQQW %UDXQJDUW :ROIJDQJ X D +UVJ  bVWKHWLVFKHXQGUHOLJL|VH(UIDKUXQJHQ GHU-DKUKXQGHUWZHQGHQ,XP 3DGHUERUQ X D  ² $UEHLWHQ ]X P|JOLFKHQ =XVDP PHQKlQJHQ]ZLVFKHQIUKURPDQWLVFKHUÅ.XQVWUHOLJLRQ´XQGGHUVlNXODUHQÅ%LOGXQJVUHOLJL RQ´GHV-DKUKXQGHUWVGLHLQGLHQHXHQDWLRQDOH%HZHJXQJHLQJHSDVVWZDUIHKOHQ9JO DEHU$XHURFKV%HUQG'LH(QWVWHKXQJGHU.XQVWUHOLJLRQ*|WWLQJHQ 3DODHVWUD   1HEHQ GHP JHVSURFKHQHQ :RUW VWHKW PLW YHUJOHLFKEDUHU ,QWHQWLRQ GLH (GLWLRQVWlWLJNHLW 7LHFNV GLH QHEHQ 1RYDOLV GLH KDOE YHUJHVVHQHQ *HJHQ.ODVVLNHU GHU *RHWKH]HLW XPIDVVW 0DOHU0OOHU/HQ].OHLVW VRZLHGLH%HPKXQJXPGLH6DPPOXQJGHVHLJHQHQ:HUNHV LQ*HVWDOWHLQHV:HUN]\NOXV 3KDQWDVXV XQGHLQHU:HUNDXVJDEH 6FKULIWHQ   7LHFN /XGZLJ +UVJ  0LQQHOLHGHU DXV GHP 6FKZlELVFKHQ =HLWDOWHU 1HX EHDUEHLWHW XQG KUVJ YRQ /XGHZLJ7LHFN%HUOLQ  9JO$VVPDQQ$UEHLW6  6R *HHUW] &OLIIRUG ÄÅ'HHS SOD\¶ %HPHUNXQJHQ ]XP EDOLQHVLVFKHQ +DKQHQNDPSI´ LQ GHUV 'LFKWH %HVFKUHLEXQJ %HLWUlJH ]XP 9HUVWHKHQ NXOWXUHOOHU 6\VWHPH )UDQNIXUW D 0  6KLHU6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 HUZHLVHQNDQQ)U%DXGLVVLQXQG%ORZHWZDDXIGLHJOHLFKQRFKQlKHU HLQJHJDQJHQZLUGOLH‰VLFKLP8PIHOG7LHFNVHLQHDGHOVW\SLVFKHUHSUlVHQ WDWLYH /HEHQVKDOWXQJ YROO]LHKHQ GLH GDQQ EULJHQV LQ *HVWDOW GHU ÄHLJH QHQ¶|IIHQWOLFKHQ5ROOHQDOVhEHUVHW]HUXQG-RXUQDOLVWIRUWJHIKUWZHUGHQ NRQQWH  'DV Å,QHUVFKHLQXQJWUHWHQ DGHOLJHQ 9RUUDQJHV´ EOLHE DXFK LQ HLQHUSRVWUHYROXWLRQlUHQ:HOWJHZlKUOHLVWHW 7LHFNVÄ+RI¶ELOGHWHLPSOL]LWVRZlUHZHLWHU]XIROJHUQHLQH.RQNXU UHQ]HLQULFKWXQJ ]X GHP GHU /LWHUDWXU JHJHQEHU NDXP DXIJHVFKORVVHQHQ K|ILVFKHQ/HEHQLQ'UHVGHQ]XMHQHU=HLW7LHFNVHW]WHGDV*RHWKHVFKH 0RGHOOGHVÄ'LFKWHUIUVWHQ¶DXIVHLQH:HLVHIRUWXQGVWHOOWHLQPLWWHQGHU 5HVLGHQ]VWDGW 'UHVGHQ GHP Ä0XVHQKRI¶ GHV DOV /LWHUDWHQ GLOHWWLHUHQGHQ 3ULQ]HQ -RKDQQ HLQHU 9HUZLVVHQVFKDIWOLFKXQJ XQG 9HUEUJHUOLFKXQJ GHV +RIHV DOVR HLQH K|ILVLHUHQGH 9DULDQWH GHV GRFK EUJHUOLFKHQ /LWHUDWXUEH WULHEHVDQGLH6HLWH(LQH(LQEH]LHKXQJYRQ$GHOLJHQLVWMHGRFKQLFKWRK QH :HLWHUHV JOHLFK]XVHW]HQ PLW HLQHU UFNZlUWVJHULFKWHWHQ %HJODXELJXQJ GHV$GHOVDOVVWDDWVWUDJHQGHP6WDQGZLHVLHGLH7KHRUHWLNHUGHV)UKNRQ VHUYDWLVPXV XQWHUQDKPHQ GLH ZLHGHUXP *HK|U IDQGHQEHL GHQ 3URWDJR QLVWHQHLQHUÄ3ROLWLVFKHQ5RPDQWLN¶]XGHQHQ7LHFNGHUÄ3RHW¶XQG9RUOH VHUQLFKW]X]lKOHQLVW 'LH KLHUDUFKLVFKH VWlQGLVFKH 6WUXNWXU YRQ 7LHFNV ,QVWLWXWLRQ NDQQ PDQVLFKDQKDQGHLQHV9HUJOHLFKVPLWGHPURPDQWLVFKHQ6DORQXP ZLH DXFK PLW GHP Ä.UHLV¶ GHU -HQDHU )UKURPDQWLN YHUJHJHQZlUWLJHQ Ä5RPDQWLVFKH¶*HVHOOLJNHLWKDWWHSURJUDPPDWLVFKVWlQGLVFKHU3ULYLOHJLH UXQJHLQH$EVDJHHUWHLOWÄ%LOGXQJ¶KDWWHDOV9RUDXVVHW]XQJIUHLQH(OLWHQ ELOGXQJQHXHQ7\SVJHGLHQW+DWWHGLH-HQDHU*UXSSH¶GHUMDDXFK7LHFN DQJHK|UWKDWWHPLWHLQHUZHLWJHKHQGHQ WKHRUHWLVFKYRQ*OHLFKUDQJLJNHLW EHVWLPPWHQ  5ROOHQGLIIHUHQ]LHUXQJ JHDUEHLWHW VR ZDUHQ GLH %HUOLQHU 6D ORQV XP GLH -DKUKXQGHUWZHQGH ² ZR EULJHQV 7LHFN GLH VSlWHU QDFK ²²²²²²²²²²²²²

 9JO JHQHUHOO GLH 7KHVH (OLVDEHWK )HKUHQEDFKV YRQ GHU VR]LDOHQ ,QWHJUDWLRQVNUDIW GHV 6WlQGHEHUJUHLIHQGHQ%LOGXQJVLGHDOV )HKUHQEDFK$GHOXQG%UJHUWXP6   9LHUKDXV$EVROXWLVPXV69LHUKDXVVSLHOWOHGLJOLFKDXIGLH-DJGDOVWUDGLWLRQHOOHV$GHOV ULWXDODQDXI7LWHOZHVHQXQGGLH3URWHNWRUHQUROOH  3DXOLQ NRQVWDWLHUW IU GLH =HLW 7LHFNV Å'UHVGHQ ZDU DOV OLWHUDULVFKH 5HVLGHQ]VWDGW XQ VFKHLQEDUJHQXJ´*OHLFKZRKOGDV+RIOHEHQZXUGHXQWHU)ULHGULFK$XJXVW,, VHLW  NXOWXUHOOHQ'LQJHQJHJHQEHUDXIJHVFKORVVHQHU²YRUDOOHPZLUGDQGDV7KHDWHU]XGHQNHQ VHLQ 9JO3DXOLQ5RJHUÅÄ+|ILVFKHV%LHGHUPHLHU¶/XGZLJ7LHFNXQGGHU'UHVGQHU+RI 0LW HLQHP XQYHU|IIHQWOLFKWHQ %ULHI /XGZLJ 7LHFNV DQ .|QLJ )ULHGULFK $XJXVW ,, YRQ 6DFKVHQ´LQ$OEHUWR0DUWLQRXD +UVJ /LWHUDWXULQGHUVR]LDOHQ%HZHJXQJ7ELQJHQ 6KLHU6=LWDW6   9JO/lPPHUW'LFKWHUIUVW6²9JOGDV.DSLWHO]XÅ'LFKWHUIUVWHQ´LQ6HOEPDQQ 5ROI 'LFKWHUEHUXI =XP 6HOEVWYHUVWlQGQLV GHV 6FKULIWVWHOOHUV YRQ GHU $XINOlUXQJ ELV ]XU *HJHQZDUW 'DUPVWDGW6  9JOGD]X6FKZHULQJ5RPDQWLVFKH7KHRULH6



.DSLWHO

 JHDKPWH9RUOHVHSUD[LVNHQQHQJHOHUQWKDWWH²HLQÅ6FKDXSODW]]ZDQJOR VHU *HVHOOLJNHLW´ MHQVHLWV GHU 6FKUDQNHQ GHV 6WDQGHV GHV *HVFKOHFKWV XQGGHU5HOLJLRQJHZHVHQHLQ(JDOLWlWKHLVFKHQGHU*HJHQHQWZXUI]XVWHL IHPK|ILVFKHQ=HUHPRQLHOO%HL/XGZLJ7LHFNLQ'UHVGHQQXQWULWWHLQ (OLWHQNRPSURPLVVHQPLQLDWXUH]XWDJHGHULQVHLQHQ+DQGOXQJVPRPHQWHQ NDXP PHKU DQ GHQ 6DORQ HULQQHUW1HEHQ GHU )XQNWLRQ GHU .DQRQLVLH UXQJ HLQHV GXUFK 7LHFN OHEHQVODQJ SURSDJLHUWHQ $XWRUHQHQVHPEOHV GK GHUhEHUIKUXQJGLHVHU$XWRUHQLQHLQHQ%LOGXQJVNDQRQ RGHULKUHU%HVWlWL JXQJ GDULQ  VWHKW HLQ YRUGHUKDQG VSLHOHULVFK SUDNWL]LHUWHV 6\VWHP GHU +LH UDUFKLVLHUXQJGDVDEHUIDNWLVFKHLQHU5HLKHYRQ$GHOLJHQGLH&KDQFHJLEW GLH(KUHLKUHV6WDQGHV]XYHUWHLGLJHQQlPOLFKDOV0LWJOLHGHUGHVHQJVWHQ .UHLVHVXPGHQÄ.|QLJGHU5RPDQWLN¶VHLHV|IIHQWOLFKVLFKWEDUDOV7HLO QHKPHUGHU9RUOHVXQJHQVHLHVGDUEHUKLQDXVDOV0LWDUEHLWHULKUHV0HQ WRUV²XQGGDVEHGHXWHWLP5DKPHQGHV5ROOHQJHIJHVLPGHXWVFKHQ/LWH UDWXUEHWULHE ]X GLHVHU =HLW HLQ 'DVHLQ DOV Å-QJHU XQG (FNHUPDQQ´  hEULJHQVVWHKWPLWGHU3HUVRQ7LHFNVHOEVWHLQ2EMHNWJOHLFKVDPP\WKLVLH UHQGHU9HUHKUXQJLP=HQWUXPGHV*HVFKHKHQVZlKUHQGGHU6DORQ5DKHOV DOOHQIDOOVGHQ.XOWXPHLQHQ$EZHVHQGHQQlPOLFKXP*RHWKHEHWULHEHQ KDWWH )U(GXDUGYRQ%ORZZLHIU:ROI*UDIHQ%DXGLVVLQJLOWGDVVVLFK GLH OLWHUDULVFKH 7lWLJNHLW YRU DOOHP DXI HLQH 6LFKHUXQJ GHV ÄURPDQWL VFKHQ¶ .DQRQV ² XQG HLQH 0\WKLVLHUXQJ GHU 3HUVRQ 7LHFNV DOV OHW]WHP ²²²²²²²²²²²²²

 9JO]XGHQVR]LDOJHVFKLFKWOLFKHQ=XVDPPHQKlQJHQ6HLEHUW6DORQ6II  :LOKHOP\%HUOLQHU6DORQ6:LOKHOP\ZHLVWDXFK7LHFNDOV6DORQEHVXFKHUXDEHL+HQ ULHWWH+HU]XQG5DKHO9DUQKDJHQYRQ(QVHDXV 6   9JO +HUW] 'HERUDK 'LHMGLVFKHQ6DORQVLPDOWHQ%HUOLQ 0QFKHQ  6  /DXW +HUW] ZDU HLQ 'ULWWHO GHU 6DORQWHLOQHKPHU DGHOLJ 6   EHWUDFKWHW PDQ HWZD HLQH 5HLKHYRQVWlQGHEHUJUHLIHQGHQ+HLUDWHQGLHHUVWDXIJUXQGYRQ6DORQEHVXFKHQVWDWWILQGHQ NRQQWHQGDQQZLUG+HUW]·7KHVHSODXVLEHOGLH6DORQVVHLHQHLQ2UWGHVVR]LDOHQ$XIVWLHJV JHZHVHQ  =LHJQHU7KRPDV*QWKHU/XGZLJ7LHFN6WXGLHQ]XU*HVHOOLJNHLWVSUREOHPDWLN%HUQXD 6   )RUVFKXQJHQ ]XU /LWHUDWXU XQG .XOWXUJHVFKLFKWH   =LHJQHU HUNHQQW GDVV 7LHFNLQVHLQHPÅ6DORQ´DOVÅGHUHLQVDPH5HJLVVHXUGHU*HVHOOLJNHLWDXIWULWW´$XFK3HWHU 6HLEHUW VLHKW 7LHFNV 9RUOHVXQJHQ ÅDOV LQ VLFK JHVFKORVVHQH .XQVWGDUELHWXQJHQ´ GLH ÅGHV JHVHOOLJHQ5DKPHQVQLFKWHLQPDOPHKUDOV9RUZDQGXQG%KQHEHGXUIWHQ´ 6HLEHUW6DORQ 6 +LQ]XZHLVHQLVWDXI6HLEHUWVJXWH%HREDFKWXQJGDVV7LHFNV*HVSUlFKVQRYHOOHQLP 0HGLXPGHV7DVFKHQEXFKVHLQHQILNWLYHQ.RPPXQLNDWLRQVUDXPEHJUQGHQGHUGHQÄIDN WLVFKHQ¶6DORQ]XHUVHW]HQEHJLQQWGLHVHQDOVRJOHLFKVDPLQGLH6FKULIWYHUODJHUW 9JOHEG 6 I  =XP EHGHXWHQGVWHQ 9HUWUHWHU GHU Å6DORQHU]lKOXQJ´ HLQHP GLIIXV EOHLEHQGHQ *HQUHGDV(LQJDQJLQGLHYRQ%UJHUOLFKHQZLH$GHOLJHQJOHLFKHUPD‰HQIUHTXHQWLHUWHQ6D ORQVGHV-DKUKXQGHUWVIDQGZXUGH7LHFNGXUFK)ULHGULFK6HQJOHHUQDQQW 6HQJOH%LH GHUPHLHU]HLW%G6II   6R 8ZH 6FKZHLNHUW EHU (GXDUG YRQ %ORZ 6FKZHLNHUW 8ZH Å(GXDUG YRQ %ORZ $XI]HLFKQXQJHQEHU/XGZLJ7LHFN´LQ-DKUEXFKGHV)UHLHQ'HXWVFKHQ+RFKVWLIWV6 KLHU6   9JO6HLEHUW6DORQ6II



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 *DUDQWHQGLHVHV.DQRQVULFKWHWHGHU]XP%HVLW]GHU*HELOGHWHQZHUGHQ VROOWH,P.RQWH[WGHUKLVWRULVWLVFKHQ.XOWXUGHV-DKUKXQGHUWVGLHEHL PDQFKHQ $GHOVIDPLOLHQ ]X HLQHU YHUVWlUNWHQ KLVWRULVFKHQ /HJLWLPLHUXQJ TXD5HNXUUHQ]DXIGLHHLJHQH*HQHDORJLHIKUWHZLGPHWHQGLHVH$GHOLJHQ VLFK HLQHU 6WW]XQJ GHV NXOWXUHOOHQ *HGlFKWQLVVHV ² DOV hEHUVHW]HU DOV %HDUEHLWHUDOV+HUDXVJHEHUXQGZHQLJHUEHGHXWVDPDOV$XWRUHQ 0LWGHP3KDQWDVXVHUVFKLHQHLQHVXPPDULVFKH6DPPOXQJGHU ZLFKWLJVWHQ IUKURPDQWLVFKHQ 7H[WH 7LHFNV  9RUELOGHU IU GLH LQ GHQ 5DKPHQSDUWLHQ JHVFKLOGHUWH *HVHOOLJNHLW ZDUHQ JHUDGH QLFKW GLH %HUOLQHU 6DORQV VRQGHUQ GLH =LUNHO YRQ =LHELQJHQ XQG YLHOOHLFKW QRFK GHU YRQ -HQD'LH IQI )UHXQGH GLH VLFK lKQOLFK ZLH GLH YLHU +DXSWILJXUHQ LQ *RHWKHV $GHOVURPDQ LQ OlQGOLFKHU 6]HQHULH ]X ]ZDQJORVHQ *HVSUlFKHQ XQG/HVXQJHQWUHIIHQVLQGQLFKWDXVGUFNOLFKÄVWlQGLVFK¶UHIHUHQ]LHUW,KU =XVDPPHQWUHIIHQEDVLHUWDEHUDXIHLQHPJUXQGOHJHQGHQ3ULQ]LSGHU$GH OLJNHLW GHP SURGXNWLYHQ 0‰LJJDQJ GHU )UHLKHLW YRQ (UZHUEV]ZDQJ ² GDUDXIEDXWGLH*HVHOOLJNHLWPLWHLQHU.RQYHUJHQ]YRQÄ1DWXU¶XQGÄ3RH VLH¶ DXI 'HU /HVHU ZLUG QLFKW LP =ZHLIHO KLHUEHU JHODVVHQ GHQQ VFKRQ JDQ]]X%HJLQQHUJHKWVLFK(UQVWLQHLQHP/REGHULQIUKHUHU=HLWDEVRO YLHUWHQ .DYDOLHUVWRXU OHLWHW GDYRQ DOOHUGLQJV HLQH $QWKURSRORJLH GHU (U NXQGXQJYRQ$OWHULWlWDEÅ'HU0HQVFKYHUVWHKWZDKUKDIWHUVWGDV1DKH XQG (LQKHLPLVFKH ZHQQ LKP GDV)UHPGHQLFKW PHKU IUHPG LVW´0DQ NDQQEHKDXSWHQGDVVGHUDWPRVSKlULVFKH+LQWHUJUXQGGLHVHU5DKPHQHU ]lKOXQJ HLQH LP %HZXVVWVHLQ YRQ +\VWHUHVLV VWHKHQGH $GHOVNXOWXU QDFK GHU 5HYROXWLRQ LVW %HUHLWV ]X %HJLQQ VHLQHU =LHELQJHU =HLWHUVW UHFKW DEHU EHU HLQ -DKU]HKQW QDFK GHP (QGH GHU -HQDHU 5RPDQWLN LVW DXFK 7LHFNGLH=HLWGHU+HU]HQVHUJLH‰XQJHQOlQJVWKLVWRULVFKJHZRUGHQXQGDXFK GLH :LGPXQJ GHV 3KDQWDVXVDQ GHQ DOWHQ :HJJHIlKUWHQ $XJXVW :LOKHOP 6FKOHJHO HULQQHUW DQ GHQ HLQPDOLJHQ .DLURV DXI GHQ 9HUIHKOHQ XQG (ULQ QHUQIROJWHQLQVJHVDPWDOVRGLH(LQVLFKWLQHLQÅ=XVSlW´*OHLFKZRKO YHUEUHLWHQGLH)LJXUHQGHU5DKPHQHU]lKOXQJGLHhEHU]HXJXQJGDVVVLFK VHLW GHU =HLWHQZHQGH YRQ  QXQPHKU HLQ EHVVHUHU Ä6LQQ¶ IU GLH GHXWVFKH .XOWXU HQWZLFNHOW KDEH ² ]XXQJXQVWHQ GHU HKHPDOV VR PRGL

²²²²²²²²²²²²²

 9JOGD]XMHW]WGLHXPIDVVHQGH0RQRJUDSKLH0HL‰QHU(ULQQHUWH5RPDQWLN  9JO+DVHQSIOXJ.ULVWLQDÅ/XGZLJ7LHFNV'DUVWHOOXQJGHU6DORQJHVSUlFKHLP3KDQWDVXV´ LQ +DUWZLJ 6FKXOW] +UVJ  6DORQV GHU 5RPDQWLN %HLWUlJH HLQHV :LHSHUVGRUIHU .ROORTXLXPV ]X 7KHRULHXQG*HVFKLFKWHGHV6DORQV%HUOLQ1HZVLF@*HZHUEH

$UQLPVSULYDWH6WHOOXQJQDKPHQ]XP$GHOVLQGXQHLQKHLWOLFK=ZDUYHUWULWW HU HLQHUVHLWV  JHJHQEHU :LOKHOP *ULPP PLW %HGDXHUQ GLH $XIIDV VXQJ GHU SUHX‰LVFKH /DQGDGHO KDEH VLFK ZLGHUVWDQGVORV HQWPDFKWHQ ODV VHQ  ² LP VHOEHQ -DKU YHUZDKUW HU VLFK DEHU JHJHQ HLQH .URQHQZlFKWHU 5H]HQVLRQ GHVVHOEHQ $GUHVVDWHQ LQ GHU GLHVHU GHP 9HUIDVVHU ÅDGHOL JH´*HVLQQXQJXQWHUVWHOOWKDWWH$UQLPEHVWHKWVWDWWGHVVHQDXIGHPQHX WUDOHUHQÅHGHO´ ²²²²²²²²²²²²²

 $UQLPDQ6DYLJQ\DPLQ$UQLP$UQLPV%ULHIHDQ6DYLJQ\6  $UQLPDQ6DYLJQ\XPGHQLQHEG6IKLHU6  Å$PHULNDXQGGD‰GDNHLQ$GHOLVWJHIlOOWGHU=HLWZRKO,QXQVHUP/DQGHKDWPDQRKQH :LGHUVSUXFKGHV$GHOVLKPDOOH5HFKWHELVDXIGHQ7LWHOÄ9RQ¶JHQRPPHQHVLVWHLQ9HU VXFKGHU*HOGDGHOKDWGLH*UXQGHLJHQWKPHUGHUDOWHQ=HLWJHVWU]WGLHDGOLFKHQ+lXVHU LQ%HUOLQXQG.|QLJVEHUJVLQGMHW]WLP%HVLW]HYRQ.DXIOHXWHQXQG-XGHQ'LH(UIDKUXQJ NQIWLJHU=HLWHQZLUGOHKUHQZRVLFKPHKU*XWHVIUGHQ6WDDWXQGGDV9RONHQWZLFNHOW YRUOlXILJKDEHQZLUJHVHKHQGD‰GLHVH/HXWHLQDOOHQ.ULVHQ)UHXQGXQG)HLQGJOHLFKDQ GlFKWLJ EHGLHQWHQ VRODQJH 9RUWKHLO GDEHL ]X HUULQJHQ´ $UQLP /XGZLJ $FKLP YRQ XQG GLHLKPQDKHVWDQGHQ$FKLPYRQ$UQLPXQG-DFREXQG:LOKHOP*ULPP%G5HLQKROG6WHLJ +UVJ 6WXWWJDUW%HUOLQ6   $UQLP DQ :LOKHOP *ULPP DP  Å>'@LH 6WHOOH DP 6FKOXVVH ZR GLH *HVLQQXQJ GHV%XFKHVDGHOLJJHQDQQWZLUGZQVFKWHLFKYHUlQGHUWGDHVGHQPHLVWHQHLQ$QVWR‰Zl UH HV LVW PLUGLHVH VRJHQDQQWH DGOLFKH *HVLQQXQJ VFKRQ YRUJHZRUIHQZlKUHQG LFK GRFK HLJHQWOLFK PLW OHEKDIWHUHP $QWKHLO GHU EUJHUOLFKHQ 7KlWLJNHLW PLFK ]XZHQGH´ (EG 6 *ULPPEHVVHUWGDUDXIKLQÅ'LH*HVLQQXQJ>GHV%XFKHV@LVWHGHO>NRUULJLHUWDXVDG OLJ@UHLQXQGOLHEHYROO´ (EG6 



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU





$UQLPV0LWJOLHGVFKDIWLQGHUÅ'HXWVFKHQ7LVFKJHVHOOVFKDIW´NDQQKLHU QLFKW XQHUZlKQW EOHLEHQ ZHQQJOHLFK GLHVH LP *HJHQVDW] ]XP RIIHQHQ 6DORQ GHU =HLW JHVFKORVVHQH *HVHOOVFKDIW GLH EHNDQQWOLFK )UDXHQ XQG -XGHQYRQYRUQKHUHLQDXVJUHQ]WHNHLQHUHLQDGHOLJHZDUVRQGHUQVLFKLQ HWZDSDULWlWLVFKDXVEUJHUOLFKHQXQGDGHOLJHQ0LWJOLHGHUQ]XVDPPHQVHW] WHZREHLQHEHQ9HUWUHWHUQGHUÄK|KHUHQ¶%UJHUXQG$GHOVJHVHOOVFKDIW %HUOLQV HLQ KRKHU .QVWOHUDQWHLO ]X YHU]HLFKQHQ LVW  'DV *HQUH GHU 7LVFKUHGHKDWXDGXUFKDXVDXFKVWlQGLVFKH:XU]HOQ,QGHU$UQLP·VFKHQ )DPLOLHQELEOLRWKHNILQGHWVLFKHLQ%DQG$GHOLFKH7LVFK5HGHQYRQGHU HLQJHNOHLGHW LQ ILQJLHUWH 'LDORJH GLH 7XJHQG XQG /DVWHUNDWDORJH GHV $GHOVVWDQGHV]XU9HUIJXQJVWHOOWHLQHIUKH(Q]\ORSlGLHGHU$GHOVNXOWXU ELHWHW YRQ 8UVSUXQJ XQG 4XDOLWlWHQ GHV $GHOV EHU VHLQH MXULVWLVFKHQ *UXQGODJHQELV]XGHQW\SLVFKHQVR]LDOHQ3UDNWLNHQ 1DFK$NWHQODJHOlVVWVLFKQLFKWOHLFKWUHNRQVWUXLHUHQLQZLHZHLWVWlQ GLVFKH 5LWXDOH LQ GHU 7LVFKJHVHOOVFKDIWQRFK HLQH5ROOHVSLHOWHQ,QGL] LVW HLQH 7LVFKUHGH %UHQWDQRV GLH HLQH VWlQGLVFKH 8QWHUJOLHGHUXQJ GHU 0LW JOLHGVFKDIW YRUVFKOlJW $GDP 0OOHU HEHQIDOOV 0LWJOLHG KDWWH LQ VHLQHQ (OHPHQWHQ GHU 6WDDWVNXQVW GLH 9RUODJH IU GLHVH (LQWHLOXQJ JHOLHIHUW GRUW XQWHUVFKHLGHWHU]ZLVFKHQ/HKUVWDQG:HKUVWDQG $GHO 9HUNHKUVVWDQG XQG 1lKUVWDQG ² PLW GHQ MH VSH]LILVFKHQ .DSLWDOLHQ *HLVWLJHV .DSLWDO .UDIW.DSLWDO *HOG.DSLWDO .XQVWIHUWLJNHLWV.DSLWDO  %UHQWDQR QXQ JUHLIWGLHVHIXQNWLRQVVSH]LILVFKH'LIIHUHQ]LHUXQJDXIIJWDEHUGHQIXQN WLRQVORVHQ$GHODOVÅ(KUVWDQG´KLQ]X6HLQH(LQWHLOXQJODXWHW GHU0HKUVWDQGGDVKHLVWDOOHZHOFKHLQGHU*HVHOOVFKDIWHLQ$PWKDEHQXQGGLH *HVHOOVFKDIWJHVWLIWHWVLHRUGQHQXQGPHKUHQLQDOOHP GHU(KUVWDQG²GDVKHLVWGHU$GHODOV$GHORKQHlX‰HUOLFKHV$PW GHU/HKUVWDQG²GDVKHLVWGLH*HOHKUWHQXQG.QVWOHUXQG'LFKWHU GHU:HKUVWDQG²GDVKHLVWGLH0LOLWDLULVFKHQ0LWJOLHGHU GHU 1HKUVWDQG ² GDV KHLVW GLH 0LWJOLHGHU GLH HLQ EUJHUOLFKHV $PW -XVWL] RGHU *HZHUEWUHLEHQ

1DWUOLFKNDQQPDQDQGLHEUJHUOLFKHPDQ]LSDWRULVFKH9HUHLQVJHVFKLFKWH GHU$XINOlUXQJDOV9RUDXVVHW]XQJGLHVHU*UQGXQJGHQNHQGRFKVROO WHQGLHIDNWLVFKHQVR]LDOHQ=XJHK|ULJNHLWHQGHU0LWJOLHGHUQLFKWEHUGHQ ²²²²²²²²²²²²²

 :HJZHLVHQG MHW]W GD]X 1LHQKDXV 6WHIDQ *HVFKLFKWHGHU GHXWVFKHQ 7LVFKJHVHOOVFKDIW 7ELQJHQ 6 8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUJHVFKLFKWH   9JOHEG6I  9JO/DVVHQLXV-RKDQQHV$GHOLFKH7LVFK5HGHQ1UQEHUJ  0OOHU(OHPHQWHQDFK6  %UHQWDQR&OHPHQVÅ'DHVXQVUHU*HVHOOVFKDIWDXV$OOHPZDVVLHELVKHUXQWHUVLFKJHlX ‰HUW´ LQ 6WHIDQ 1LHQKDXV *HVFKLFKWHGHUGHXWVFKHQ7LVFKJHVHOOVFKDIW0RQRJUDSKLHXQG7H[WHGLWLRQ %G+DELOVFKULIW-HQD6II=LWDW6  6R1LHQKDXV*HVFKLFKWH>@6II



.DSLWHO

 9HUGDFKWKLQZHJWlXVFKHQGDVVKLHULQHWZDlKQOLFKZLHPLW$UQLPVDQ GHUQRUWV JHlX‰HUWHQ 9RUVFKOlJHQ LQ VSLHOHULVFKHU QXU IU GLH 'DXHU GHU =XVDPPHQNQIWHJOWLJHU3UD[LVHLQQHXHU$GHODXV%UJHUOLFKHQXQG$Q JHK|ULJHQ GHV *HEXUWVDGHOV JHVWLIWHW ZHUGHQ VROOWH $UQLPV 6WLIWXQJVOLHG GDWLHUHQG YRP .U|QXQJVWDJ GHP  VSULFKW GLHVH $EVLFKW DXV 'DV*HGLFKWHULQQHUWDQGLH(UREHUXQJ3UHX‰HQVGXUFKGHQ'HXWVFKULW WHURUGHQLQGHUHQ1DFKNRPPHQVFKDIWGDVO\ULVFKHNROOHNWLYHÅ:LU´VWHKW Å8QGGHU$GHOZlKUWXQGOHKUHW)UHLKHLWLQ(UJHEHQKHLW´8QWHU%HUX IXQJDXIGLH.|QLJLQZLUGKLHUHLQ3UHX‰HQEHVFKZRUHQGHVVHQVWDDWOLFKH .RQWLQXLWlW EHL$EZHKUYRQ)UHPGKHUUVFKDIWHEHQLQGHU1DFKIROJHGHV 'HXWVFKHQ 2UGHQV  GXUFK HLQHQ QHXHQ $GHO JDUDQWLHUW ZLUG ]X GHVVHQ *UQGXQJVLFKGLH$QZHVHQGHQYHUVDPPHOWKDEHQ $XFK 6WHIDQ 1LHQKDXV EHPHUNW GDVV GLH 7LVFKJHVHOOVFKDIW LQ LKUHU VHOEVWJHZlKOWHQ=HQWULHUXQJDXIGHQSUHX‰LVFKHQ6WDDWXQGYRUDOOHPGLH SUHX‰LVFKH.|QLJVIDPLOLH²GLHGXUFK1RYDOLVHLQVWVFKRQPLWLQGHQ%OLFN JHQRPPHQH .|QLJLQ /XLVH EHJDQQ EHUHLWV 2EMHNW HLQHV SDWULRWLVFKHQ 7RWHQNXOWHV]XZHUGHQ²HLQH(YDOXDWLRQGHVIHXGDOHQ)UHLKHLWVEHJULIIV YRUQLPPW GDV 9HUKlOWQLV YRQ +HUUVFKHU XQG *HIROJVFKDIW QHX ]X EH JUQGHQXQWHUQLPPWUHSXEOLNDQLVFKHV*OHLFKKHLWVVWUHEHQ²GDVLPhEUL JHQ DXFK PLW GHU -XGHQHPDQ]LSDWLRQ LQ 9HUELQGXQJ JHEUDFKW ZLUG ² ]X EHUZLQGHQ YHUVXFKW  'HU .DPSI XP GDV KHLOLJH Ä$OWH¶ GDV QLFKW (SKHPHUH VFKORVV DXI JHVHOOLJHU (EHQH GLH 5XQGH HLQHU TXDVLDGHOLJHQ *HIROJVFKDIWHLQGLHVLFKLKUHP/HKQVKHUUQXQWHURUGQHW'LHYHUHLQVDUWL JH )RUP YHUPDJ KLQJHJHQ GLH 0RGHUQLWlW GHV 8QWHUQHKPHQV QLFKW ]X YHUOHXJQHQ GLH 7DWVDFKH GDVV GLH JHVSURFKHQHQ 7LVFKUHGHQ KDOESULYDW YHUOHVHQ KDQGVFKULIWOLFK DUFKLYLHUW XQG ]XPLQGHVW WHLOV DXFK QLFKW JH GUXFNW ZHUGHQ VROOHQYHUZHLVW ZLHGHUXP DXI IUHLPDXUHULVFKH 7UDGLWLR QHQ %UHQWDQRV VSlWHU DXFK JHGUXFNWH $EKDQGOXQJ 'HU3KLOLVWHUYRULQXQG QDFK GHU *HVFKLFKWH JLEW HLQH GLH $GHOVVHPDQWLN EHUKUHQGH LQGLUHNWH %H JUQGXQJ IU GHQ $XVVFKOXVV YRQ -XGHQ XQG Ä3KLOLVWHUQ¶ DXV GHU *HVHOO VFKDIWGLHPLWGHPEHUUDVFKHQGHQ.RQWUDVWYRQSKRQHWLVFKHU0LQLPDO PLWVHPDQWLVFKHU0D[LPDOGLIIHUHQ]DUEHLWHWÅ%HLGHQ-XGHQDVVRQLUW(GHO DXI(NHOEHLGHQ3KLOLVWHUQDXI(VHO´ ²²²²²²²²²²²²²

 $FKLPYRQ$UQLP6WLIWXQJVOLHGGHUGHXWVFKHQ7LVFK*HVHOOVFKDIWLQ1LHQKDXV*HVFKLFKWH >@6KLHU6  9JO%UX\Q3UHX‰HQV/XLVH  1LHQKDXV*HVFKLFKWH>@6  9JOHEG6  %UHQWDQR &OHPHQV Å'HU 3KLOLVWHU YRU LQ XQG QDFK GHU *HVFKLFKWH´ LQ 1LHQKDXV *H VFKLFKWH>@6IIKLHU6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU





$XIVHKHQHUUHJHQGXQGVNDQGDO|VGDPDOVXQGDXVKHXWLJHU6LFKWGD QHEHQDXFKULWXDODQDO\WLVFKYRQ,QWHUHVVHLVWGLHDOVKHUDXVIRUGHUQGHPS IXQGHQH %HOHLGLJXQJ $FKLP YRQ $UQLPV DXVJHUHFKQHW GXUFK GHQ -XGHQ 0RULW] ,W]LJ DOVR HLQH DXV $UQLPV 6LFKW QLFKWVDWLVIDNWLRQVIlKLJH 3HU VRQ'LHVHU9RUJDQJZLUIW/LFKWDXIHLQHQVLFKZDQGHOQGHQ(KUEHJULII $UQLPMHGHQIDOOVEHKDUUWDXIVHLQHU6WDQGHVHKUH$XIGLH)RUGHUXQJGXUFK ,W]LJHUIROJWHLQHULWXDOLVLHUWHUKHWRULVFKGXUFKNRPSRQLHUWH'HEDWWHLQGHU 7LVFKJHVHOOVFKDIW DXI $UQLPV $QIUDJH KLQ DQWZRUWHQ VHLQH 7LVFK XQG 6WDQGHVJHQRVVHQ VFKULIWOLFK =ZHLIHOORV LVW GLH 9HUODJHUXQJ HLQHV (KUHQ KDQGHOV DXI GLH (EHQH GHU 5KHWRULN HLQHP 0RPHQW GHU 9HUXQVLFKHUXQJ JHVFKXOGHW VRVHKU HV LQ 5HGH XQG *HJHQUHGHQ OHGLJOLFK XP GLH %HVWlWL JXQJDOWHU3ULQ]LSLHQGHV'XHOOVJHKWREJOHLFKGLHHLQPDOLJHQHXH0|J OLFKNHLW HLQHV 'XHOOV ]ZLVFKHQ $GHOLJHP XQG -XGHQ LPPHUKLQ UKHWRULVFK LQ(UZlJXQJJH]RJHQZLUG ,FKIRUGHUH6LHDXIPHLQH+HUUHQZHLOGHU)DOOHLQHV'XHOOV]ZLVFKHQHLQHPODQG VlVVLJHQ(GHOPDQQXQGHLQHP-XGHQVLFKQRFKQLFKWHUHLJQHWKDWPLU,KUHQ5DWK ]XHUWKHLOHQDOV0lQQHUYRQ(KUHXQGDOV)UHXQGHPHLQHU(KUHRELFKGHQ,W]LJ DXVIRUGHUQVROORGHUVHLQH$XVIRUGHUXQJLQVRIHUQHUVLHDQPLFKHUJHKHQOlVWDQ QHKPHQNDQQ

:ROI'DQLHO+DUWZLFKGHXWHWGHQURPDQWLVFKHQ$QWLVHPLWLVPXVDOVHNOHN WLVFKH :LHGHUYHU]DXEHUXQJVVWUDWHJLH GLH VLFK JHJHQ GLH HUIDKUHQH :LUN OLFKNHLW GHU MGLVFKHQ .XOWXU ]XJXQVWHQ HLQHV LGHDOLVLHUWHQ 8UELOGHV MGL VFKHU 0\WKRORJLH ZHQGHW ZHLVW DEHU ]XJOHLFK DXI GLH $PELYDOHQ]HQ LP -XGHQELOG GHU Å7LVFKJHVHOOVFKDIW´ KLQ 1HEHQ GHXWOLFK DQWLVHPLWLVFKHQ 7H[WHQ $UQLPV XQG %UHQWDQRV ZXUGH DXFK HLQH MXGHQIUHXQGOLFKH 5HGH )LFKWHV PLW %HLIDOO DXIJHQRPPHQ'LH IDVW DXVVFKOLH‰OLFK YRQ (PS| UXQJ JHWUDJHQHQ $QWZRUWHQ JHEHQ $UQLP UHFKW GRFK LQ HLQHU ODQJHQ UHVPLHUHQGHQ 5HGH LQ GHU $UQLP QRFKPDOV GHQ )DOO DXV VHLQHU 6LFKW GDUVWHOOWVWLOLVLHUWHUVLFKHLQ2SIHUGHVQDFKVHLQHP%OXWGUVWHQGHQ-X GHQ]XHLQHP]ZHLWHQ&KULVWXV'LHN|USHUOLFKH=FKWLJXQJGHV*HJQHUV GHXWHW $UQLP DOV $NW GHU *ODXEHQVYHUWHLGLJXQJ 'DV (UHLJQLV LQVJHVDPW LVWDXVVHLQHU6LFKW)ROJHGHV-XGHQHGLNWVDOVRGHU,QWHJUDWLRQVEHPKXQ JHQ LQQHUKDOE GHV SUHX‰LVFKHQ 5HIRUPSURJUDPPV GDV DXV DGHOLJHU 3HU VSHNWLYHQDWUOLFKNULWLVFK]XEHZHUWHQZDU'DGLHDQJHEOLFKH%HOHLGLJXQJ $UQLPV LP =XVDPPHQKDQJ PLW HLQHP 6DORQEHVXFK JHVFKDK VWHKHQ QXQ LGHDOW\SLVFK JHVFKHLWHUWH 6DORQNRPPXQLNDWLRQXQGULWXDOLVLHUWHVWlQGLVFK ÄJHRUGQHWH¶ .RPPXQLNDWLRQ HLQDQGHU JHJHQEHU ZREHL HEHQ VFKRQ GLH ²²²²²²²²²²²²²

 9JO1LHQKDXV*HVFKLFKWH>@6II  $FKLP YRQ $UQLP X D $QIUDJH LQ 1LHQKDXV *HVFKLFKWH >@ 1U  6 II KLHU 6  9JO +DUWZLFK $QWLVHPLWLVPXV 6  6  XQG 6  ² 9JO GDQHEHQ DXFK 3XVFKQHU $QWLVHPLWLVPXV6II



.DSLWHO

 7DWVDFKH GHU Ä9HUKDQGOXQJ¶ HLQHV VROFKHQ Ä)DOOHV¶ IU GLH YHUXQVLFKHUQGH '\QDPLVLHUXQJGHV(KUEHJULIIVVWHKWÅ:HQQPDQFKHDXV*XWPWKLJNHLW ]XZHLOHQPHLQHQGD‰GHQ-XGHQLQVRIHUQPDQLKQHQQXUJOHLFKHVJHVHOOL JHV9HUKlOWQL‰JHVWDWWHVFKRQJHKROIHQVH\GLHP|JHQGHP$QIDQJHPHL QHU *HVFKLFKWH DXIPHUNVDP ]XK|UHQ´'LH GXUFKDXV ZQVFKHQVZHUWH JHVHOOVFKDIWOLFKH ,QWHJUDWLRQ GHU -XGHQ LVW ODXW $UQLP QXU GXUFK UHOLJL|VH $VVLPLODWLRQGKGXUFK%HNHKUXQJ]XPFKULVWOLFKHQ*ODXEHQQLFKWDEHU GXUFK ÅJHVHOOLJH>Q@ 9HUNHKU´ P|JOLFK$UQLPV 5HGH GRNXPHQWLHUW ZLH GHU:HFKVHOGHU:DIIHQHUVHW]WZLUGGXUFKGHQ:HFKVHOYRQ1RWHQGK GDVHPSILQGVDPH0HGLXP%ULHIGLHQWQXQGHP$XVWDXVFKYRQ$QJULIIV XQG 9HUWHLGLJXQJVPD‰UHJHOQ 'LH 1LFKWVDWLVIDNWLRQVIlKLJNHLW ,W]LJV PXVV LPPHUKLQ HUZLHVHQ ZHUGHQ gNRQRPLH XQG $GHOVNXOWXU NRQNUHW GHU Å=LQVIX‰´ ² $UQLP VFKXOGHW HLQHP -XGHQ *HOG ² XQG GLH Å(KUH´ VLQG QLFKW PLWHLQDQGHU NRPSDWLEHO  'LH *HJHQZDUW DOV NDUQHYDOLVWLVFKHV =HLWDOWHULQGHP-XGHQVLFKLQLKUHPbX‰HUHQDOV&KULVWHQJHElUGHQEH GDUILQGLHVHP6LQQDUJXPHQWLHUW$UQLPGHV.DPSIHVJHJHQGLH$XIZHL FKXQJ JHVHOOVFKDIWOLFKHU 9HUKDOWHQVUHJHOQ Å(KUHQYHUKlOWQLVVH´ PVVHQ GHQ -XGHQ VWULNW YHUERWHQEOHLEHQ GD GLHV EHLP &KDUDNWHU GLHVHV 9RONHV ]X5HFKWVXQVLFKHUKHLWIKUHQPVVWH 'DV)HVWKDOWHQDQGHUVWlQGLVFKHQ(KUHLVWIU$UQLPDOVRGLHXQDE GLQJEDUH 9RUDXVVHW]XQJ IU HLQ IULHGOLFKHV =XVDPPHQOHEHQ ]ZLVFKHQ &KULVWHQXQG-XGHQELVGLHVHVHOEVWVRZHLWVLQGGHQFKULVWOLFKHQ*ODXEHQ DQ]XQHKPHQ ,Q =HLWHQ GHV .ULHJHV LVW GLH ([NOXVLYLWlW DGHOLJHU 5LWXDOH XQG GHU VWlQGLVFKHQ 7UDGLWLRQ PLWKLQ  ]XPLQGHVW ODXW $UQLP XQG ZRKO DXFKIUVHLQH*HQRVVHQGHUÅ'HXWVFKHQ7LVFKJHVHOOVFKDIW´HLQH9RUDXV VHW]XQJ ]XU $XIUHFKWHUKDOWXQJ GHU *HPHLQVFKDIW *HZLVV 'LH )RUWIK UXQJGHUN|USHUOLFKHQ$XVHLQDQGHUVHW]XQJLPVXEOLPLHUWHQ1RWHQZHFKVHO XQGGLH(QWVFKlUIXQJGHV5LWXDOVYRP'XHOO]X%ULHIZHFKVHOXQG7LVFK UHGH OHLWHW EHUHLWV HLQH (QWVFKlUIXQJ XQG 9HUODJHUXQJ JHVHOOVFKDIWOLFKHU .RQIOLNWH HLQ 'LH ,W]LJ'HEDWWH YRU GHU 7LVFKJHVHOOVFKDIW LVW LP 9RUKRI MHQHU 9HUUHFKWOLFKXQJ DQJHODQJW GLH LQ GHQWHLOV XQJHOLHEWHQ SUHX‰LVFKHQ 5HIRUPJHVHW]HQLPhEULJHQOlQJVW:LUNOLFKNHLWJHZRUGHQLVW6R]LDOHXQG NXOWXUHOOH'LVWLQNWLRQEHGUIHQGHU9HUVFKULIWOLFKXQJXQGGHU9HUUHFKWOL FKXQJ DQJHEOLFK EHUNRPPHQH 9RUUHFKWH VLQG QHX ]X EHJUQGHQ 'LH *UQGXQJGHUÅ7LVFKJHVHOOVFKDIW´LVWLQ$QEHWUDFKWGHU=HQVXUDEHUDXFK GHU $QRQ\PLVLHUXQJ NQVWOHULVFKHU 3URGXNWLRQVEHGLQJXQJHQ DXI HLQHP VLFK YHUJU|‰HUQGHQ 0DUNW HLQ GXUFKDXV VXEYHUVLYHV $UFKDLVLHUXQJV ²²²²²²²²²²²²²

 $UQLP$FKLPYRQÅ,QXQVUHUOHW]WHQ9HUVDPPOXQJ´LQ1LHQKDXV*HVFKLFKWH>@1U 6KLHU6  (EG6  9JOHEG6  9JOHEG6I



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 LQVWUXPHQW PLWWHOV GHVVHQ GDV VWlQGLVFKH 5LWXDO ZLH LQ =HLWOXSH YRQ bVWKHWLVLHUXQJXQGLQHLQHPMHZHLOVOHW]WHQ6FKULWWDXFK9HUVFKULIWOLFKXQJ DEJHO|VWZLUG  

%HLVSLHO(LFKHQGRUII)UHLKHUUXQG+LOIVEHDPWHU

 'LH (LFKHQGRUII)RUVFKXQJ KDW VHKU ZRKO EHPHUNW GDVV Å(LFKHQGRUIIV VR]LDOH+HUNXQIW>«@GHUHLQIDFKH/DQGDGHOLQGHUOHW]WHQ3KDVHGHVDQ FLHQUpJLPH´ZDU'DEHLXQWHUVFKHLGHWVLH]ZLVFKHQHLQHUÅLGHDOLVLHUWH>Q@ 'DUVWHOOXQJ´ GHV /DQGDGHOV ÅDOV JHVHOOVFKDIWOLFKHU 5DKPHQ RGHU +LQWHU JUXQG´DXIGHU*UXQGODJHHLQHUÅGHPRNUDWLHIHLQGOLFKH>Q@(LQVWHOOXQJ´GLH DEHU QLFKW GHP $GHO YRUEHKDOWHQ JHEOLHEHQ VHL XQG GHU /HEHQVSUD[LV (QWVFKHLGHQGVHLGDVV(LFKHQGRUIIV=ZDQJ]XU%HUXIVWlWLJNHLWVHLQ°XY UHÅXQWHUTXDVLEUJHUOLFKHQ/HEHQVEHGLQJXQJHQ´HQWVWHKHQOLH‰'HPLVW VRJOHLFK HQWJHJHQ]XKDOWHQ GDVV GLH %HUXIVWlWLJNHLW LP $GHO XP  QLFKWV 8QJHZ|KQOLFKHV ZDU XQG ]XPDO XQWHU GHQK|KHUHQ %HDPWHQVLFK VFKRQWUDGLWLRQHOO]DKOUHLFKH$GHOLJHEHIDQGHQ:LHGHUXPLVWDQ.OHLVW]X GHQNHQ GHU GLHVHQ %HUXIVZHJ PLW VHLQHP 3UDNWLNXP LQ .|QLJVEHUJ XQG GDQQ PLW VHLQHQ $QVWHOOXQJVYHUVXFKHQ LQ %HUOLQ HEHQVR JDQ] VHOEVWYHU VWlQGOLFK]XJHKHQYHUVXFKWH(LQLP:LGHUVSUXFK]XU9HUEUJHUOLFKXQJV WKHVHVWHKHQGHVLG\OOLVLHUHQGHV$GHOVELOG]HLFKQHWGLHlOWHUH/LWHUDWXUEHU (LFKHQGRUIIVR+DQV%UDQGHQEXUJV%LRJUDSKLHYRQ 'HU'LFKWHU(LFKHQGRUIIREZRKONHLQ*XWVKHUUPHKURGHUZHQLJVWHQVQXUQRFK 0LWEHVLW]HU GHV DOWHQ 6HGOQLW] VFKOLH‰W VHLQ EHVFKHLGHQWlWLJHV GHU 9HUZDOWXQJ XQG 1lFKVWHQOLHEH JHZLGPHWHV YRQ HLQHP PLOGHQ XQG IURPPHQ 6LQQ UHJLHUWHV 'DVHLQUXKLJGHPMHQLJHQGHU9RUIDKUHQDQLQGHPHUGRFKZLHMHQHVHLQHP/H EHQHWZDV%XQWHVXQG5LWWHUOLFKHV]XZDKUHQZHL‰XQGZLHVLHGHQVWLOOHUHQ%HUXI

²²²²²²²²²²²²²

 *|VVPDQQ :LOKHOP+ROOHQGHU &KULVWRSK Å(LFKHQGRUIIV NXOWXUHOOH +HUNXQIW´ LQ GLHV +UVJ Å6SLHOQXUZDUGDV²ZLUVLQG'LFKWHU´-RVHSKYRQ(LFKHQGRUII6HLQHOLWHUDULVFKHXQGNXOWXUHOOH %HGHXWXQJ 3DGHUERUQ X D  6  =LWDWH 6 ² 9HUHLQIDFKHQGVWHOOHQ *|VVPDQQ XQG +ROOHQGHU (LFKHQGRUIIV VSlWHQ 7H[W 'HU$GHOXQGGLH5HYROXWLRQ LQ GLH 1DFKIROJH GHV IUKHQ 5RPDQV $KQXQJ XQG *HJHQZDUW GD (LFKHQGRUII LQ MHQHP DXV GLHVHP ]LWLHUW KDEH 9JOHEG6 ²'LH(LFKHQGRUII)RUVFKXQJKDWHLQHP7H[WZLH'DV6FKOR‰'UDQGH5H YROXWLRQV XQG $GHOVNULWLN XQWHUVWHOOW 9JO.RRSPDQQ +HOPXWÅ'DV6FKORVV'UDQGH XQG GLH5HYROXWLRQ´LQ5LHPHQ$QVLFKWHQ6 GDQQDEHUDXFKGLH6WlQGHWKHPDWLNDOV 2EHUIOlFKHQOHVDUWLP9HUJOHLFK]XHLQHUPRUDOGLGDNWLVFKHQ7LHIHQVFKLFKWJHVHKHQHLQH/H VDUW GLH QDWUOLFK HEHQVR UHGXNWLRQLVWLVFK LVW 9JO 5LHPHQ $OIUHG ÄÅ'DV 6FKZHUW YRQ ¶'LHGHXWVFKH*HVHOOVFKDIWGHU5HVWDXUDWLRQV]HLWLQ(LFKHQGRUIIV'LFKWXQJ´LQ:LO KHOP *|VVPDQQ.ODXV+LQULFK 5RWK +UVJ  3RHWLVLHUXQJ²3ROLWLVLHUXQJ'HXWVFKODQGELOGHULQ GHU/LWHUDWXUELV3DGHUERUQXD6 ²*OHLFK]HLWLJKDWPDQQLFKWEHU VHKHQGDVVDXFKXQDEKlQJLJYRQÄ,GHDOLVLHUXQJ¶RGHUÄ.ULWLN¶(LFKHQGRUIIGLH$GHOVNXOWXU VHLQHU =HLW YHUDUEHLWHW VR LQ VHLQHQ WDJHEXFKDUWLJHQ $XI]HLFKQXQJHQ 3UR 0HPRULD YJO 5LHPHQ$GHOVOHEHQ6





.DSLWHO

YRUEHUJHKHQG DXIJLEW ZHQQ HV QDFK DOWHUSUREWHP 6SUXFKH JLOW ÄPLW GHP 6FKZHUWGHU)HLQGH]XZHKUHQ¶

+LHUVLQGGLH%HWlWLJXQJVIHOGHUGHV$GHOVYHUVDPPHOW0LOLWlUXQG=LYLO GLHQVWIUGHQ.|QLJJHQHDORJLVFKH.RQWLQXLWlW.DULWDWLYHV (LFKHQGRUII VWDPPWH DXV HLQHP GHU lOWHVWHQ *HVFKOHFKWHU 'HXWVFK ODQGV EHUKDXSW VHLQH )DPLOLH ZDU EHUHLWV -DKUKXQGHUWH ODQJ LQ 2EHU VFKOHVLHQDQVlVVLJ'LH%HZLUWVFKDIWXQJGHULP)DPLOLHQEHVLW]EHILQGOL FKHQ5LWWHUJWHUZDUVWHWVGLH+DXSWDXIJDEHGHU)DPLOLH:LHEHL.OHLVW XQG$UQLPN|QQHQZLUYRQHLQHU(U]LHKXQJLP%HZXVVWVHLQGHV6WDQGHV GHU +HUNXQIW XQG GHU )DPLOLH DXVJHKHQ 1DFK +DXVHU]LHKXQJ 6FKXOEH VXFKLQ%UHVODXXQG6WXGLXPLQ+DOOHNDP(LFKHQGRUIIQRFKPDOVDXI GDV YlWHUOLFKH *XW /XERZLW] ]XUFN XQG YHUNHKUWH LP EHQDFKEDUWHQ 7URSSDXEHLVHLQHP2QNHO-RKDQQ)ULHGULFKYRQ(LFKHQGRUIIGHULQWHQ VLYHJHVHOOLJH%H]LHKXQJHQDXFK]XP|VWHUUHLFKLVFKHQ$GHOXQWHUKLHOW ,P /DXIH YRQ (LFKHQGRUIIV /HEHQ JLQJHQ DEHU IDVW VlPWOLFKH *WHU YHUORUHQZDVZRKOYRUDOOHPDXIULVNDQWH6SHNXODWLRQHQGHV9DWHUV$GROI YRQ(LFKHQGRUII]XUFN]XIKUHQLVW'HUHUVWHYRQPHKUHUHQ.RQNXUVHQ IDQGVWDWWDOVGHU6RKQVLFKOlQJVWXPHLQH%HDPWHQVWHOOHKDWWHEH PKHQPVVHQ6FKRQLVWGLHILQDQ]LHOOH6LWXDWLRQVRSUHNlUGDVV (LFKHQGRUII HLQH ]XQlFKVW XQEH]DKOWH %HDPWHQVWHOOH EHLP SUHX‰LVFKHQ 6WDDW DQQLPPW XQG ]XJOHLFK 3UREOHPH EHL GHU 'UXFNOHJXQJ VHLQHV 5R PDQHUVWOLQJV $KQXQJ XQG *HJHQZDUW KDW (LFKHQGRUIIV MXULVWLVFKH 7H[WH VWHKHQ X D LP =HLFKHQ DULVWRNUDWLVFKHQ 5HFKWVGHQNHQV'LH ]HLWZHLOLJ ZRKOLQV$XJHJHIDVVWH ÅIUHLH´ 6FKULIWVWHOOHUNDUULHUHKlWWHHLQHU$QVFKXE ILQDQ]LHUXQJEHGXUIWGLHPDQJHOVIDPLOLlUHQ5FNKDOWVXWRSLVFKZDU'HU 7RWDOYHUOXVW GHV )DPLOLHQYHUP|JHQV LVW GDQQ DEHU HUVW IU GLH =HLW GHU SUHX‰LVFKHQ $JUDUNULVH GHU ]ZDQ]LJHU -DKUH ]X YHU]HLFKQHQ'HQQRFK GDUI QLFKW XQWHUVFKODJHQ ZHUGHQ GDVV VLFK :LOKHOP XQG -RVHSK YRQ ²²²²²²²²²²²²²  %UDQGHQEXUJ+DQV-RVHSKYRQ(LFKHQGRUII6HLQ/HEHQXQGVHLQ:HUN0QFKHQ6  9JO+HLGXN)UDQ] +UVJ *HVFKLFKWHGHVHGOHQXQGIUHLKHUUOLFKHQ*HVFKOHFKWVYRQ(LFKHQGRUII1DFK +DQGVFKULIWHQXQG8UNXQGHQEHDUEYRQ$XJXVWLQ:HOW]HO 6LJPDULQJHQ  6   $XURUD %XFKUHLKH   9JOKLHU]XXQGJHQHUHOO]XU%LRJUDSKLH(LFKHQGRUIIVDXVSULYDWHUIDPLOLHQJHVFKLFKWOLFKHU 6LFKWGLH'DUVWHOOXQJYRQ(LFKHQGRUIIV6RKQDXIZHOFKHGLHVSlWHUHQ%LRJUDSKHQDQJHZLH VHQ VLQG >(LFKHQGRUII +HUPDQQ YRQ@ Å-RVHSK YRQ (LFKHQGRUII 6HLQ /HEHQ XQG VHLQH 6FKULIWHQ´ LQ-RVHSK)UHLKHUUQYRQ(LFKHQGRUII·VVlPPWOLFKH:HUNH %G  /HLS]LJ  6  KLHU6  9JO YRU DOOHP ]XU EHWULHEVZLUWVFKDIWOLFKHQ %HZHUWXQJ HLQHU DOO]X ULVNDQWHQ %HWULHEVIK UXQJ6WXW]HU'LHWPDU'LH*WHUGHU+HUUHQYRQ(LFKHQGRUIILQ2EHUVFKOHVLHQXQG0lKUHQ:U] EXUJ6IXQG6 $XURUD%XFKUHLKH   9JO6LHJHUW5HLQKDUG'LH6WDDWVLGHH-RVHSKYRQ(LFKHQGRUIIVXQGLKUHJHLVWLJHQ*UXQGODJHQ3DGHU ERUQ X D  6   5HFKWV XQG 6WDDWVZLVVHQVFKDIWOLFKH9HU|IIHQWOLFKXQJHQ GHU *|UUHV*HVHOOVFKDIW1HXH)ROJH   9JO )UKZDOG :ROIJDQJ (LFKHQGRUII&KURQLN 'DWHQ ]X /HEHQ XQG :HUN 0QFKHQ  6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 (LFKHQGRUIIQDFKGHP6WXGLXPYRQELVDOVgNRQRPHQLQ/X ERZLW] DXIKDOWHQ GDVV -RVHSK YRQ  ELV  VHLW GHP 7RG VHLQHV 9DWHUV DOVR DOV %HWULHEVIKUHU LP 1DPHQ GHU (UEHQJHPHLQVFKDIW DJLHU WHXQGVLFKQDFKVHLQHU3HQVLRQLHUXQJMHZHLOVLP6RPPHUDXIVHLQ 0DMRUDW6HGOQLW]]XUFN]RJXPGRUWÅHLQZHQLJQRFKQDFKDOWHU*XWVKHU UHQDUW´  ]X OHEHQ REJOHLFK HU LQ VHLQHQ OHW]WHQ /HEHQVMDKUHQ DXI GLH )DPLOLHVHLQHU7RFKWHUDQJHZLHVHQZDUGLHLKPXQGVHLQHU)UDX2EGDFK JHZlKUWH  QDFK VHLQHU (KHVFKOLH‰XQJ VFKOlJW (LFKHQGRUII HLQH %HDPWHQ NDUULHUH HLQ 7URW] VHLQHU EHVWDQGHQHQ ([DPLQD PXVV HU DOV 5HIHUHQGDU XQEH]DKOWDUEHLWHQ²GDVDOWH9HUVWlQGQLVYRQGHU9DVDOOLWlWGHV%HDPWHQ WXPV VFKOlJW KLHU GXUFK 'HU EHYRU]XJW DQJHVWHOOWH $GHOLJH NDQQ GDYRQ JHKW PDQ DXV VLFK VHOEVW HUKDOWHQ  )U GLH ZHLWHUH %HDPWHQ Ä.DUULHUH¶ JLOW (LFKHQGRUII JHOLQJW HV QLFKW HLQH XQEHIULVWHWH 6WHOOH ]X HUKDOWHQ %H]HLFKQHQGHUZHLVH ]HUVFKOlJW VLFK GLH +RIIQXQJ DXI HLQH EH ]DKOWH/DQGUDWVVWHOOHDXVJHUHFKQHWZlKUHQGGHU$UEHLWDQGHU|NRQRPLH NULWLVFKHQ7DXJHQLFKWV1RYHOOH $OV6FKOHULQ%UHVODXDOV6WXGHQWLQ+DOOHXQG+HLGHOEHUJVFKOLH‰OLFK LQ :LHQ ILQGHW HLQH GXUFKDXV PRGHUQH DXFK OLWHUDULVFKH 6R]LDOLVDWLRQ (LFKHQGRUIIVLP6LQQGHV]HLWJHQ|VVLVFKHQ%LOGXQJVLGHDOVVWDWW,QHLQHP LQ %UHVODX HQWVWDQGHQHQ IUKHQ *HGLFKW $Q 6WROEHUJ JLEW GHU .DWKROLN (LFKHQGRUII GHQ DGHOLJHQ .RQYHUWLWHQ )ULHGULFK YRQ 6WROEHUJ GHU HLQVW GHP *|WWLQJHU +DLQEXQG DQJHK|UW KDWWH DOV VHLQ 9RUELOG ]X HUNHQQHQ 'LH5HGHLVWYRQHLQHPVWDQGHVJHPl‰HQ/HEHQDOV6FKOHUXQG6WXGHQW GDVGHUZRKOKDEHQGH3DWHQRQNHO(LFKHQGRUIIVHUP|JOLFKWGLH%HJOHLWXQJ HLQHV'LHQHUVJHK|UWGD]XGDV5HLVHQPLWGHU([WUDSRVW1HEHQHLQHP EHZXVVWHQDX‰HUKDOE6FKOHVLHQVHLQH0LQGHUKHLWHQSRVLWLRQPDUNLHUHQGHQ .DWKROL]LVPXVJHK|UW]X(LFKHQGRUIIV]HQWUDOHQ3UlJXQJHQDOVOHW]WHVXQG IU VHLQ :HUN HQWVFKHLGHQGHV .ULWHULXP $UQLPV XQG %UHQWDQRV :XQGHU KRUQPLWGHPHULQ+HLGHOEHUJEHNDQQWZLUG $XFK IU (LFKHQGRUIIV 3RVLWLRQLHUXQJHQ DOV $XWRU LP OLWHUDULVFKHQ )HOGJLOWGDVVGLH'LIIHUHQ]]X*RHWKHVHLQ6HOEVWYHUVWlQGQLVEHVWLPPWH GDVVHUJHJHQ*RHWKHÄDQVFKULHE¶ZHQQJOHLFKLQHLQHU$UWEHZXVVWHU+\V ²²²²²²²²²²²²²

  EHPHUNW HU JHJHQEHU VHLQHP 2QNHO GDVV HU VLFK ÅXP GLH $QJHOHJHQKHLWHQ YRQ 6HGOLW]EHLPHLQHQ$PWVJHVFKlIWHQXGHUJUR‰HQ(QWIHUQXQJXPVRZHQLJHUEHNPPHUQ NDQQGDLFKYRQ6HGOLW]LQPHLQHPJDQW]HQ/HEHQDXFKQRFKQLFKW(LQHQ*URVFKHQJH KDEW KDEH´ (LFKHQGRUII DQ 5XGROI YRQ (LFKHQGRUII DP  LQ (LFKHQGRUII -R VHSK YRQ 6lPWOLFKH :HUNH +LVWRULVFKNULWLVFKH $XVJDEH %ULHIH DQ )UHLKHUUQ -RVHSK YRQ (LFKHQGRUII%G:LOKHOP.RVFK +UVJ 5HJHQVEXUJR->@6  6FKLZ\(LFKHQGRUII6  9JOHEG6  9JOHEG6  9JOHEG6I



.DSLWHO

 WHUHVLV:HQGXQJGLHHWZDLQVHLQHPDXWRELRJUDSKLVFKHQ7H[W8QVWHUQ]XP $XVGUXFNNRPPW$QGHUVDOV*RHWKHVLQ'LFKWXQJXQG:DKUKHLWEHJUQGHWH DXWRELRJUDSKLVFKH 0\WKH GHU JOFNOLFKHQ .RQVWHOODWLRQ VWHKW (LFKHQ GRUIIV 6HOEVWELOG DOV $XWRU XQWHU GHP 0RWWR HLQHV Å=X VSlW´ *QWKHU 6FKLZ\V (LFKHQGRUII%LRJUDSKLH ]HLJW ZLH PDQ DXV GHU DXWRELRJUDSKL VFKHQ HLQHELRJUDSKLVFKH0\WKH PDFKHQ NDQQ (LQ GHUDUWLJHV'HXWXQJV PXVWHULVWHLQHUGHIHQVLYHQ5HDNWLRQDXIKLVWRULVFKHQXQGVR]LDOHQ:DQGHO GLHQOLFKGHQQGLHLP-DKUKXQGHUWVLFKLQWHQVLYLHUHQGH:DKUQHKPXQJ YHUJHKHQGHU XQG DXFK YHUJHXGHWHU  =HLW ZLUG P\WKLVLHUHQG HQWVFKlUIW LQGHPHLQHJDQ]H5HLKHKHWHURJHQHUXQGNRQWLQJHQWHU(UHLJQLVVHGHUJHV WDOW VLQQVWLIWHQG HLQH %LRJUDSKLH GHV 6FKHLWHUQV NRQVWLWXLHUHQ GHU GDQQ DEHULPSOL]LWGDVGHQQRFKJHOXQJHQHÄ:HUN¶JHJHQEHUVWHKWGDVDOV/HLV WXQJ GHV 7URW]GHP RGHU DOV /HLVWXQJ LP VR]LDO OXIWOHHUHQ 5DXP JHVHKHQ ZHUGHQ GDUI =XGHP NRQQWH OHW]WLQVWDQ]OLFK HLQ KHLOVJHVFKLFKWOLFK EHU Z|OEWHU /HEHQVZHJ NRQVWUXLHUW ZHUGHQ GHU GDQQ HEHQ GRFK NHLQ Ä=X VSlW¶NHQQW'LHVHU/HJHQGHQDFKZLUG(LFKHQGRUIIQLFKWQXU]XVSlWJH ERUHQ JOHLFKVDP DOOH $NWLYLWlWHQ (LFKHQGRUIIV GLH VLFK DXI VHLQH VWlQGL VFKH (LQELQGXQJ ZLH DXI VHLQ ÄPRGHUQHV¶ %HUXIVOHEHQ EH]LHKHQ ODVVHQ VLFK KLHU HLQRUGQHQ GLH 9HUVXFKH GLH *WHU ]X HQWVFKXOGHQ GHU $Q VFKOXVVDQGLH5RPDQWLNLQ+HLGHOEHUJGDV(LQWUHWHQIUGHQ6WlQGHVWDDW LQ GHU :LHQHU =HLW GHU 9HUVXFK ZlKUHQG GHU%HIUHLXQJVNULHJH DOV2IIL ]LHU]XGLHQHQGLH(KHVFKOLH‰XQJGDV(QJDJHPHQWIUGDV5HIRUPEHDP WHQWXP XQG VFKOLH‰OLFK GLH %HPKXQJ XP HLQH IHVWH %HDPWHQVWHOOH  )HVWJHKDOWHQ ZHUGHQ NDQQ DOOHUGLQJV GDVV (LFKHQGRUII WURW] GHV )RUWEH VWHKHQVVHLQHUUHFKWOLFKHQ3ULYLOHJLHQGLHOHEHQVODQJZlKUHQGH(URVLRQGHU 9RU]JHDGHOLJHQ'DVHLQVHUOHEHQPXVVWHVHLQ.DPSIJHJHQGHQVR]LDOHQ $EVWLHJ XQG JHJHQ GLH EHUXIOLFKH 8QVLFKHUKHLW ZDU HLQ GXUFKDXV LQGLYL GXHOOHUGHUQLFKWJOHLFKEHGHXWHQGPLWHLQHP9HUGLNWJHJHQGHQ$GHODOV 6WDQG VHLQ PXVVWH $OV DPELYDOHQW HUZLHV VLFK GDV DOWHUQDWLY DOV $XWRU HUZRUEHQHV\PEROLVFKH.DSLWDOGHQQJHJHQ(QGHVHLQHV/HEHQVZDU]ZDU QLFKWGDV:HUNZRKODEHUGHU$XWRU(LFKHQGRUIIEHLVHLQHQ=HLWJHQRVVHQ EHLQDKHYHUJHVVHQ (LFKHQGRUII VWHOOW PLW HLQHP 6HOEVWYHUVWlQGQLV GHU ]HLWOLFKHQ 9HU VFKLHEXQJVHLQH7H[WHQLFKWQXUJHJHQ*RHWKHHUULFKWHWVLFK²ZLH.OHLVW ZLHGLHDQGHUHQ5RPDQWLNHU²DXFKJHJHQGLH(SLJRQHQGHV*|W]XQGGHU 5lXEHU DOVR GLH YRP Å6WXUP XQG 'UDQJ´ EHHLQIOXVVWHQ 5LWWHU 5lXEHU XQG *HVSHQVWHUURPDQH GLH ]X VHLQHU -XJHQGOHNWUH JHK|UWHQ JHJHQ GLH 5RPDQH&UDPHUV6SLH‰·XQG9XOSLXV·DOVRJHJHQ%HVWVHOOHUXQG0RGH DXWRUHQGLHVLFKRIIHQNXQGLJJDQ]EHZXVVWHLQ0DUNWVHJPHQWHUVFKULHEHQ KDWWHQXQGLQHLQHPGXUFK6HULDOLWlWEHVWLPPWHQ3URGXNWLRQVDXVVWR‰YHU ²²²²²²²²²²²²²

 'LHVIKUWQDFKHLQDQGHUDQ6FKLZ\(LFKHQGRUII6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 VXFKWHQ GLH HLQPDO JHVWULFNWH NRPPHU]LHOOH Ä0DVFKH¶ VR RIW ZLH P|JOLFK ]X ZLHGHUKROHQ1RFK LQ VHLQHU *HVFKLFKWHGHUSRHWLVFKHQ/LWHUDWXUZHQGHW VLFK(LFKHQGRUIIJHJHQGHQ*HIKOVEHUVFKZDQJGHV6WXUPXQG'UDQJ JHJHQ7H[WHGLHGHQ7\SXVÄ5LWWHU¶DOV.UDIWJHQLHDXVGHXWHQ (LFKHQGRUIIV/HEHQVSUD[LVLVWYRQGHU=ZHLJOHLVLJNHLWYRQ%HUXIXQG 1HEHQVWXQGHQWlWLJNHLWEHVWLPPWPDJLKPDXFKZLHVHLQ6RKQ+HUPDQQ PHLQWGLHÅ3IOHJHVHLQHU'LFKWNXQVW>«@DOVGLHHLJHQWOLFKH$XIJDEHVHL QHV/HEHQV´HUVFKLHQHQVHLQ(VLVWNDXP]XEHXUWHLOHQREXQGZLHVLFK GHP 6HOEVWYHUVWlQGQLV QDFK 6FKZHUJHZLFKWH VHLW GHP  -DKUKXQGHUW W\SLVFKHUZHLVHYHUVFKREHQIU(LFKHQGRUIIEOLHEGDV6FKUHLEHQMDKU]HKQ WHODQJGRFKHLQ1HEHQJHVFKlIW,PEHVWHQ)DOOKDWWHHUZRKOQDFKVHLQHU (KHVFKOLH‰XQJ HLQ 'DVHLQ DOV *XWVKHUU XQG $XWRU JHSODQWZLH HV $U QLPEHU-DKU]HKQWHIKUWHGRFKZDUHQGLHILQDQ]LHOOHQ9RUDXVVHW]XQJHQ QLFKWJHJHEHQ$Q/XGZLJ6LJLVPXQG5XKOVFKUHLEW(LFKHQGRUIIYRQ 'DQ]LJDXVÅ0LUOl‰WPHLQ$PWMHW]WOHLGHUQLFKWYLHO0X‰H]XP'LFKWHQ HV LVW VFKZHU ]ZHLHQ +HUUHQ ]X GLHQHQ´%HPHUNHQVZHUW LVW GDVV GHU DOWH (LFKHQGRUII VLFK VRJDU JHJHQ HLQ %HUXIVVFKULIWVWHOOHUWXP DXVVSULFKW LQGHP HU DXIVHLQH Å$QIHFKWXQJHQ´ ZlKUHQGVHLQHV $PWVOHEHQV HLQJHKW Å$EHU HV VFKDGHW HEHQ QLFKWV 'LH SURVDLVFKHQ *HJHQVlW]H EHIHVWLJHQ X FRQFHQWULUHQ QXUGLH 3RHVLH X YHUZDKUHQ DP EHVWHQ YRU GHUSRHWLVFKHQ =HUIDKUHQKHLW GHU JHZ|KQOLFKHQ .UDQNKHLW GHU 'LFKWHU YRQ 3UR IH‰LRQ´  -DKU]HKQWH YRUKHU DQOlVVOLFK VHLQHU $QVWHOOXQJ EHLP SUHX‰L VFKHQ 6WDDWKDWWH GHU )|UGHUHU XQG .ROOHJH )RXTXp GHU MD DOV*XWVKHUU DXI 1HQQKDXVHQ HEHQIDOOV QLFKW DXVVFKOLH‰OLFK %HUXIVVFKULIWVWHOOHU ZDU VLFKEHUHLWVlKQOLFKJHlX‰HUWÅ6RZLH6LHGLH6DFKHEHWUDFKWHQKDOWHLFK PLFK EHU]HXJW GD‰ GLHVHV 9HUKlOWQLV IU ,KUH 3RHVLH EHL ZHLWHP PHKU I|UGHUOLFK DOV KLQGHUOLFK VHLQ ZLUG XQG GDV LVW PLU DXVQHKPHQG OLHEHU GHQQ LFK OLHEH ,KUH 3RHVLH DXVQHKPHQG´  =ZHLJOHLVLJ YHUOLHI (LFKHQ GRUIIV.DPSIJHJHQGHQVR]LDOHQ$EVWLHJDXFKKLQVLFKWOLFKGHVV\PEROL ²²²²²²²²²²²²²

 9JOHEG6I  Å0LWGLHVHPWROOHQ/lUP ZDUGDV 5HLFKGHU 6WDUNJHLVWHU DP 3DUQDVVH ZLHGHU YHUWRVW XQG MHQHV 7LWDQHQJHVFKOHFKW DQ VHLQHU HLJHQHQ hEHUVFKZHQJOLFKNHLW JHERUVWHQ 6LH WDXPHOWHQ XQGHQGHWHQZLH7UXQNHQEROGHHLQLJHLP:DKQVLQQZLH/HQ]HLQLJHPLW(NHOXQGDEVROX WHU:HOWYHUDFKWXQJZLH.OLQJHU'HUQFKWHUQH9HUVWDQGDEHUGHUVFKRQODQJHVFKDGHQ IURK]XJHVHKHQEHUOHEWHVLH$OOH´ (LFKHQGRUII-RVHSKYRQÅ*HVFKLFKWHGHUSRHWLVFKHQ /LWHUDWXU´LQ'.96KLHU6   =LWLHUWQDFK6FKLZ\(LFKHQGRUII6  9JOHEG6  (LFKHQGRUIIDQ/XGZLJ6LJLVPXQG5XKODPLQ(LFKHQGRUII-RVHSKYRQ6lPWOL FKH:HUNH+LVWRULVFKNULWLVFKH$XVJDEH%ULHIH7H[W%G6LE\OOHYRQ6WHLQV GRUII +UVJ 6WXWWJDUWXD6  (LFKHQGRUIIDQ/HEUHFKW'UHYHVDPLQHEG6I  )ULHGULFK GH OD 0RWWH )RXTXp DQ (LFKHQGRUII DP  LQ (LFKHQGRUII %ULHIH DQ (LFKHQGRUII6I



.DSLWHO

 VFKHQ.DSLWDOV:HQQHUGLH5FNYHUVHW]XQJYRQ%HUOLQQDFK.|QLJVEHUJ DE]XZHQGHQYHUVXFKWHVSLHOWHGDV3UHVWLJHDOV%HDPWHUJHZLVVHLQH5ROOH GDQHEHQ DEHU DXFK GLH 7DWVDFKH GDVV HLQH SDUDOOHOH OLWHUDULVFKH ([LVWHQ] QXULQ%HUOLQP|JOLFKZDU,QHLQHP*HVXFKXPGLH*HZlKUXQJHLQHU 3ODQVWHOOH GDV HU DQ GHQ MXQJHQ .|QLJ )ULHGULFK :LOKHOP ,9 ULFKWHW QHQQW HU GLHVHV $UJXPHQW EHLP 1DPHQ (U KDEH GHQ :XQVFK JHlX‰HUW ÅKLHULQ%HUOLQDQJHVWHOOW]XZHUGHQZREHUGLH‰GLHJU|‰HUH/HLFKWLJNHLW OLWHUDULVFKHU %H]LHKXQJHQ XQG +OIVPLWWHO IU PLFK YRQ EHGHXWHQGHU :LFKWLJNHLWLVW´'LH6HOEVWOHJLWLPDWLRQDOV%HDPWHUJHKWPLWGHU$XWRU VFKDIW HLQKHU QLFKW ]XIlOOLJ EHZDUE VLFK (LFKHQGRUII  DOV =HQVRU ZHQQJOHLFKRKQH(UIROJ 6HLQH KLVWRULVFKH 6FKULIW 'LH :LHGHUKHUVWHOOXQJ GHV 6FKORVVHV GHU GHXWVFKHQ 2UGHQVULWWHU ]X 0DULHQEXUJ   ZDU HLQH $XIWUDJVVFKULIW GLH LKP VHLQ ]HLWZHLOLJHU 9RUJHVHW]WHU 7KHRGRU YRQ 6FK|Q ]XZLHV 6FK|Q KDWWH GLHVH :LHGHUKHUVWHOOXQJ VHOEVW LQ GLH :HJH JHOHLWHW (LFKHQGRUIIV OLWHUDULVFKHU %HLWUDJ]XGLHVHP3URMHNWLVWVHLQQDWLRQDOSlGDJRJLVFKHV5LWWHUGUDPD'HU OHW]WH+HOGYRQ0DULHQEXUJYRQGDVDXI6FK|QV$QRUGQXQJKLQLQ.| QLJVEHUJJHGUXFNWZXUGHHLQ:LGPXQJVH[HPSODUJLQJDQGHQSUHX‰LVFKHQ .URQSULQ]HQ+LVWRULVFKH'UDPHQVRZLHVDWLULVFKHXDSROLWLVFKH7H[WH LP 5DKPHQ HLQHV VWDDWOLFKHQ =HLWVFKULIWHQSURMHNWV VLQG $XIWUDJVDUEHLWHQ GLH (LFKHQGRUII LQ GHU 1lKH GHV IUKHUHQ DOLPHQWLHUWHQ +RIGLFKWHUV DQ VLHGHOQ²PLWFKDUDNWHULVWLVFKHQ8QWHUVFKLHGHQ(LFKHQGRUIIKDWGLH:DKO GHU 9LHOIDOW SRHWLVFKHU $XVGUXFNVZHLVHQ PLW MH XQWHUVFKLHGOLFKHU =LHO JUXSSHQRULHQWLHUXQJXQGMHXQWHUVFKLHGOLFKHUZLUWVFKDIWOLFKHUXQGUHSXWD WLRQDOHU9DOHQ]²HEHQYRQEHVDJWHQ$XIWUDJVDUEHLWHQEHU*HGLFKWVDPP OXQJHQ ELV ]X 7DVFKHQEXFKQRYHOOHQ HU ZLUG DOV %HDPWHU GDQQ GRFK IU HLQHEHVWLPPWH7lWLJNHLWHQWORKQWXQGLVWQLFKWHLQHP0l]HQQDFKJHRUG QHW²GDVEHGHXWHWDXFKGDVVHUVHLQH3HQVLRQDXIJUXQGMHQHUYRUKHUDXV JHEWHQ7lWLJNHLWHUKlOWQLFKWDOV$XWRUGHUGDQQHWZDDXFK]XEHVWLPP WHU3URGXNWLRQRGHU'LHQVWOHLVWXQJYHUSIOLFKWHWZlUH'LHV%HLVSLHO]HLJW GDVVGLH9HUIOHFKWXQJHQ]ZLVFKHQÄ'LFKWHQ¶XQG%HUXIYLHOIlOWLJZDUHQMD GDVV GHU 6FKULIWVWHOOHU (LFKHQGRUII YRP %HDPWHQ DOVR YRP DGHOLJHQ 6WDDWVGLHQHU  QLFKW ]X WUHQQHQ LVW 7KHRGRU YRQ 6FK|Q PDJ WDWVlFKOLFK (LFKHQGRUIIV 6FKULIWVWHOOHUWXP DOV Å$XVZHLV IU GLH %HIlKLJXQJ´ DQJHVH KHQ KDEHQ ÅHLQ KRKHU SUHX‰LVFKHU %HDPWHU ]X VHLQ´'DPLW VHL HLQH ²²²²²²²²²²²²²  9JO6FKLZ\(LFKHQGRUII6  (LFKHQGRUII DQ )ULHGULFK :LOKHOP ,9 DP  LQ (LFKHQGRUII %ULHIH  6  9JO(LFKHQGRUIILQ'.96  9JO )UKZDOG :ROIJDQJ Å'HU 5HJLHUXQJVUDW -RVHSK YRQ (LFKHQGRUII =XP 9HUKlOWQLV YRQ%HUXIXQG6FKULIWVWHOOHUH[LVWHQ]LP3UHX‰HQGHU5HVWDXUDWLRQV]HLW0LW7KHVHQ]XUVR ]LDOKLVWRULVFKHQ XQG ZLVVHQVVR]LRORJLVFKHQ 3HUVSHNWLYH HLQHU 8QWHUVXFKXQJ YRQ /HEHQ XQG:HUN-RVHSKYRQ(LFKHQGRUIIV´LQ5LHPHQ +UVJ $QVLFKWHQ6KLHU6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 Å6\PELRVH YRQ 3RHVLH XQG%HUXI´ P|JOLFK JHZHVHQ GLH ELV ]XU 3HQVLR QLHUXQJ XQG GDPLW ELV ]XP $EVFKOXVV GHV LP HQJHUHQ 6LQQ OLWHUDULVFKHQ :HUNVJHUHLFKWKDEH1RFKGLHVVHLWVDOOHUPRGHUQHQ$XVGLIIHUHQ]LHUXQJ GHU VR]LDOHQ 5ROOHQ XQG 5lXPH NRQQWH (LFKHQGRUII LQ HLQHU ELRJUDSKL VFKHQ 1RWODJH GHU |NRQRPLVFKHQ ZLH VR]LDOHQ *HIlKUGXQJ HLQH QDFK DX‰HQ KLQ ZLGHUVSUXFKVIUHLH VR]LDOH /DXIEDKQ ]XUFNOHJHQ GLH VLFK PLW VHLQHUDGHOLJHQ+HUNXQIWYHUELQGHQOLH‰HWZDQDFKHLQHU6\QWKHVHQIRUPHO Ä'LHQVW¶XQGÄ3RHVLH¶,P9HUJOHLFK]X/RHEHQZDU(LFKHQGRUIILP6LQQ *RHWKHVXQG6FKLOOHUVHLJHQWOLFKMDGHUJU|‰HUH'LOHWWDQWÄ)UHLHU6FKULIW VWHOOHU¶ LVW (LFKHQGRUII DQVDW]ZHLVH LQ GHQ -DKUHQ QDFK VHLQHU 3HQVLRQLH UXQJDOVRYRQELVGRFKLVWHUDOV6WDDWVEHDPWHUGHUHLQH3HQ VLRQEH]LHKWDXVVHLQHQ/R\DOLWlWHQDXFKGDQQQLFKWHQWODVVHQÄ)UHL¶LVWHU LPhEULJHQDXFKQLFKWLQGHU+LQVLFKWGDVVHUYRQVHLQHQ3XEOLNDWLRQHQ OHEHQ N|QQWH 0DQFKH GHU VSlWHQ 7H[WH GLH OLWHUDWXUJHVFKLFKWOLFKHQ ZLH GLH O\ULVFKHQ HWZD GLH 5HYROXWLRQVJHGLFKWH YRQ   |IIQHQ VLFK GHQ YHUlQGHUWHQ%HGLQJXQJHQ GHV /LWHUDWXUEHWULHEV LP 9RUPlU] %HPHUNHQV ZHUW LVWGLH $QHUNHQQXQJ 7KHRGRU0XQGWV (LFKHQGRUII ZDU ]X LQKDOWOL FKHUXQGVWUDWHJLVFKHU,QQRYDWLRQGXUFKDXVLQGHU/DJH,PPHUKLQZDU HU QXU EHGLQJW YRP OLWHUDULVFKHQ 0DUNW DEKlQJLJ /HGLJOLFK VHLQH 7D VFKHQEXFKQRYHOOHQ ZDUHQ ÅIU GHQ 0DUNW´ DOVR IU HLQ SURILWDEOHV 6HJ PHQW YHUIDVVW VHLQH ZHQLJ *HZLQQ EULQJHQGHQ OLWHUDWXUJHVFKLFKWOLFKHQ 6SlWVFKULIWHQNRQQWHHULPPHUKLQSXEOL]LHUHQ %LVLQGLH0HWDSKRULNVHLQHU%ULHIHKLQHLQHUVFKHLQWVHLQHOLWHUDULVFKH ([LVWHQ]DOVHLQDQGHUHU$GHODOV(UVDW]IUGDV/HEHQLQGHQ%DKQHQGHU 7UDGLWLRQGLH.RPSHQVDWLRQGHU%HUXIVWlWLJNHLWVHLQNRQQWH6HLQHP9RU JHVHW]WHQXQG)|UGHUHU7KHRGRUYRQ6FK|QVFKUHLEWHUÅ(Z([FHO OHQ]IOFKWHQZHQQHVJDU]XDUJZLUGQDFK$UQDX²GKLQVLFKVHOEVW²

²²²²²²²²²²²²²

² *OHLFKZRKO UlXPW)UKZDOG HLQQDFK  VHL(LFKHQGRUII HLQHU YRQ ZHQLJHQ 9HUWUH WHUQ HLQHU JHELOGHWHQ %HDPWHQVFKDIW LQ GHU SUHX‰LVFKHQ 9HUZDOWXQJ JHZHVHQ 9JO HEG 6  ² )UKZDOGV 5HGH YRQ GHU ]X (LFKHQGRUIIV /HE]HLWHQ ÅUDVFK HQWVFKZLQGHQGH>Q@ $GHOVNXOWXU´GUIWHHWZDVYRUHLOLJVHLQGHUVSlWH7H[W'HU$GHOXQGGLH5HYROXWLRQSOlGLHUWMD HKHUIUHLQHPRGLIL]LHUWH$NWXDOLWlWGLHVHU.XOWXU 9JO)UKZDOG:ROIJDQJÄÅ6FKOHVLVFKH 7ROHUDQ]¶ XQG ÄSUHX‰LVFKH 5HIRUP¶ 6R]LDOJHVFKLFKWOLFKH *UXQGODJHQ HLQHU -XJHQGELRJUD SKLH-RVHSKYRQ(LFKHQGRUIIV´LQ*HUKDUG+DKQ(UQVW:HEHU +UVJ =ZLVFKHQGHQ:LV VHQVFKDIWHQ %HLWUlJH ]XU GHXWVFKHQ /LWHUDWXUJHVFKLFKWH )HVWVFKULIW IU %HUQKDUG *DMHN 5HJHQVEXUJ 6=LWDW6  )UKZDOG5HJLHUXQJVUDW6  9JO 6FKLZ\ (LFKHQGRUII 6 II ² ,P .RQWH[W Ä6SlWURPDQWLN¶ XQG Ä9RUPlU]¶ YJO GD]X 6WUREHO -RFKHQ Å1DFK GHU $XWRQRPLHlVWKHWLN =XU 5HDNWLRQ URPDQWLVFKHU $XWRUHQ DXI 9HUlQGHUXQJHQ GHV /LWHUDWXUV\VWHPV LQ GHU =HLW GHV 9RUPlU]´ LQ :ROIJDQJ %XQ ]HO)ORULDQ 9D‰HQ3HWHU 6WHLQ +UVJ  5RPDQWLN XQG 9RUPlU] =XU $UFKlRORJLH OLWHUDULVFKHU .RPPXQLNDWLRQLQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV%LHOHIHOG6



.DSLWHO

 X LFK LQ PHLQH NOHLQH SRHWLVFKH 'RPDLQH ZRPLW PLFK GHU OLHEH *RWW PHLQHUVHLWVJOHLFKVDPLQGHU/XIWEHOHKQWKDW´ 1RWRULVFK LQ GHU (LFKHQGRUII)RUVFKXQJ LVW GHU 9HUJOHLFK PLW GHP -XJHQGIUHXQG 2WWR +HLQULFK *UDI YRQ /RHEHQ MHQHP DGHOLJHQ 1RYDOLV (SLJRQHQGHUDXVUHLFKHP+DXVHVWDPPHQGVLFKIUHLQ/HEHQDOVIUHLHU 6FKULIWVWHOOHU HQWVFKHLGHQ NRQQWH ,P *HJHQVDW] ]X (LFKHQGRUII EHWULHE /RHEHQ LQ +HLGHOEHUJ ZR GLH )UHXQGVFKDIW ]ZLVFKHQ EHLGHQ HQWVWDQG NHLQH 6WXGLHQ VRQGHUQ ZLGPHWH VLFK GHP 6FKUHLEHQ XQG GHP $XVEDX VHLQHU OLWHUDULVFKHQ 9HUELQGXQJHQ GUIWH DEHU DXFK GHQ )UHXQG (LFKHQGRUII LQ GHQ OLWHUDULVFKHQ %HWULHE HLQJHIKUW XQG GLH 3XEOLNDWLRQ GHU HUVWHQ *HGLFKWH YHUPLWWHOW KDEHQ 'LH VWHUHRW\SH .ULWLN DQ /RHEHQ EHUHLWVGXUFKGLH=HLWJHQRVVHQXQGGDQQLQGHU/LWHUDWXUJHVFKLFKWVVFKUHL EXQJ GUIWH ZHQLJHU DXI VHLQH OLWHUDULVFKH (SLJRQDOLWlW ]XUFN]XIKUHQ VHLQ DOV LQGLUHNW DXI *RHWKHV 'LOHWWDQWLVPXV9HUGLNW :HQQ DXVJHUHFKQHW HLQ$GHOLJHUÄIUHLHU¶$XWRULVWGDQQZLUGGLHVQLFKWDOV$XVZHLVVHLQHU0R GHUQLWlW VRQGHUQ ² QLFKW ]XOHW]W DXIJUXQG GHV IDPLOLDOHQ ILQDQ]LHOOHQ +LQ WHUJUXQGHV²DOVGLOHWWLHUHQGH.XQVWDXVEXQJEHWUDFKWHW=ZDUKDWWHDXFK 1RYDOLV VHLQHQ URPDQWLVFKHQ 8QLYHUVDOLVPXVHQWZXUI DOV $GHOLJHU NRQ]L SLHUWXQGSUDNWL]LHUWGLH0RGHUQLWlWVHLQHV/HEHQVODXIHVKDWWHDEHUJHUDGH LP 3ULPDW GHV EUJHUOLFKHQ %HUXIVOHEHQV EHVWDQGHQ ,Q /RHEHQV 5RPDQ *XLGRLVW GHU 'LFKWHU 0LWWHOSXQNW GHU :HOW ÅDOV GHV $XWRUV VFKOHFKWYHU NDSSWHV XQG HKUOLFK JHPHLQWHV 6HOEVWEHNHQQWQLV HLQHV %HUXIXQJV VSOHHQV´'LH %HJULIIOLFKNHLW DXV HLQHU (LFKHQGRUII%LRJUDSKLH GHV IU KHQ -DKUKXQGHUWV YHUZHLVW DXI/RHEHQ DOV 9RUOlXIHU GHV 'DQG\WXPV 'HQQRFKYHUEDQGLKQGLHILQDQ]LHOOH8QDEKlQJLJNHLWGHV$ULVWRNUDWHQPLW GHU %HKHUUVFKXQJ GHV GLFKWHULVFKHQ Ä+DQGZHUNV¶ SHUIHNWHP 5ROOHQVSLHO EHL9HU]LFKWDXIÄ%LOGXQJ¶XQG%HUXIVRZLHEHLWULYLDOHU0DUNWJlQJLJNHLW² ZDVLKQLQGHU6FKXEODGHGHV(SLJRQHQODQGHQOLH‰GHUQHEHQGHP]X PLQGHVWYRQHLQHPPRGHUQHQ$XWRUVFKDIWVEHJULIIDXVJHXUWHLOWYLHOWUDGL WLRQHOOHUHQ (LFKHQGRUII YHUEODVVHQ PXVVWH ,P :LQWHU  LQ %HUOLQ VFKHLQW(LFKHQGRUIIXQWHU(LQIOXVVXQG0LWKLOIH/RHEHQVHLQHKDXSWEHUXI OLFKH 6FKULIWVWHOOHUH[LVWHQ] LQ (UZlJXQJ JH]RJHQ ]X KDEHQ ² GHU =HLWUR PDQ$KQXQJXQG*HJHQZDUWGUIWHLQGLHVHU=HLWNRQ]LSLHUWZRUGHQVHLQ ²²²²²²²²²²²²²

 (LFKHQGRUII DQ 7KHRGRU YRQ 6FK|Q DP  LQ (LFKHQGRUII %ULHIH  6  %UDQGHQEXUJ (LFKHQGRUII 6  ² :HQLJ HUKHOOHQG ]XU OLWHUDULVFKHQ /DXIEDKQ /RHEHQV REJOHLFKGLH0RQRJUDSKLHGHQ$GHOLP7LWHOHUZlKQW3UHL‰+DUDOG2WWR+HLQULFK*UDIYRQ /RHEHQ²$GOLJHUXQGIUHLHU6FKULIWVWHOOHULQGHUURPDQWLVFKHQ%HZHJXQJ )UDQNIXUW D 0 X D  +HOLFRQ   9JO 6WHLQVGRUII 6LE\OOH YRQ Å(LFKHQGRUII XQG GLH 5RPDQWLN LQ %HUOLQ ´ LQ :DOWHU 3DSH +UVJ $UQLPXQGGLH%HUOLQHU5RPDQWLN.XQVW/LWHUDWXUXQG3ROLWLN%HUOLQHU.RO ORTXLXP GHU ,QWHUQDWLRQDOHQ $UQLP*HVHOOVFKDIW 7ELQJHQ  6  KLHU 6 I 6FKULIWHQGHU,QWHUQDWLRQDOHQ$UQLP*HVHOOVFKDIW 



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 'RUW EHUHLWV YHUN|USHUW GHU DQ /RHEHQ HULQQHUQGH ÅMXQJH 'LFKWHU YRQ PHKU VFKPDFKWHQGHP $QVHKQ´ $   HLQ ]ZHLIHOKDIWHV 0RGHOO YRQ DGHOLJHU$XWRUVFKDIW'HXWOLFKJUHQ]WVLFK(LFKHQGRUIILQHLQHP%ULHIYRP  $XJXVW  YRQ /RHEHQV 0RGHOO DE Å>,@FK NDQQ PHLQ SRHWLVFKHV 7DOHQWQLFKWDOVVRHQWVFKLHGHQXQGPLUXQGGHU:HOWJHQJHQGEHWUDFK WHQXPPLFK]XHLQHU$XVVFKOLH‰XQJYRQDOOHUDQGHUHQWFKWLJHQ$UEHLW ]XEHUHFKWLJHQ´'DPLWYHUGHFNWHLQNQVWOHULVFKHV$UJXPHQWGDVEU JHUOLFK|NRQRPLVFKH GDV EHL (LFKHQGRUII MD DXFK ]XJUXQGH OLHJW .HLQ =ZHLIHOEHVWHKWMHGRFKGDUDQGDVVGHUMXQJHZLHGHUDOWH(LFKHQGRUIIÅLQ GHUIHXGDOHQ7UDGLWLRQ´VWDQGRKQHGRFKGLHhEHUJDQJVVLWXDWLRQVHLQHU =HLWLJQRULHUHQ]XN|QQHQGLHVLFKELRJUDSKLVFKQLFKWQXULQHLQHPQLFKW YRQ (UIROJ JHNU|QWHQ %HUXIVZHJ PDQLIHVWLHUW VRQGHUQ EHUHLWV LQ HLQHU (KHGLH]XJOHLFK/LHEHVKHLUDWXQG JHUDGHQRFK VWDQGHVJHPl‰H9HUELQ GXQJLVWLQVJHVDPWDEHULQ0LFKDHO0DXUHUVJOFNOLFKHU)RUPXOLHUXQJLQ HLQHU ÅHSRFKHQVSH]LILVFKH>Q@ 5HDGMXVWLHUXQJ GHV JXWHQ$OWHQ DQ GDV QRW ZHQGLJH1HXH´ (LFKHQGRUII GHU DOV ]XUFNKDOWHQGHU LQ SHUV|QOLFKHQ %HODQJHQ YHU VFKZLHJHQHU 0DQQ JHVFKLOGHUW ZLUG KDW ZHQQJOHLFK LKP HLQ HLJHQWOLFK VWDQGHVJHPl‰HV/HEHQ ZRKO QXU LQ VHLQHU-XJHQG P|JOLFK ZDU HLQH GHQ (UIRUGHUQLVVHQ GHV OLWHUDULVFKHQ 0DUNWHV DEJHQHLJWH SRHWLVFKH TXDVL DULVWRNUDWLVFKH ([LVWHQ] JHIKUW GLH LKP WURW] SUHNlUHU EHUXIOLFKHU 8P VWlQGHV\PEROLVFKHV.DSLWDOHUZHUEHQKDOI'LHVSlWHQOLWHUDWXUJHVFKLFKWOL FKHQ3XEOLNDWLRQHQKHEHQGLHVWHWVJHSIOHJWHGLVWDQ]LHUWH+DOWXQJDXIHLQH 0HWDHEHQH YRQ GHUHQ ]ZHFNlVWKHWLVFKHP NDWKROLVLHUHQGHQ 6WDQGSXQNW DXVHUDXFKGLH5RPDQWLNHUNULWLVFKEHWUDFKWHW   

%HLVSLHO)RXTXp5LWWHU%HVWVHOOHUDXWRU-RXUQDOLVW Å1DFKPHLQHU0HLQXQJLVWHUDPEHVWHQLQVHLQHQ0lUFKHQ HUWUlXPWVFK|QYRQ7DSIHUNHLW/LHEHXQGGHUDOWHQ=HLW 'DV$GHOLJHVSLHOWQXUHLQHVHKUJUR‰H5ROOHLQVHLQHQ :HUNHQGXUFKDXVZHGHUEHL‰HQGSROHPLVFKQRFKVDW\ULVFK´

 $XFK )ULHGULFK %DURQ GH OD 0RWWH )RXTXp GXUFKOHEW GLH .LQGKHLW HLQHV PlUNLVFKHQ /DQGDGHOLJHQ DXIJUXQG GHU PLOLWlULVFKHQ 9HUGLHQVWH VHLQHV ²²²²²²²²²²²²²  (LFKHQGRUII%ULHIH6  0DXUHU$GHOXQGGLH5HYROXWLRQ6  (EG6  2HKOHQVFKOlJHU$GDP%ULHIHLQGLH+HLPDWDXIHLQHU5HLVHGXUFK'HXWVFKODQGXQG)UDQNUHLFK$XV GHP'lQLVFKHQEHUVHW]WYRQ*HRUJ/RW]%G$OWRQD6=LWLHUWQDFK*Q]HO.ODXV +UVJ (7$+RIIPDQQ/HEHQXQG:HUNLQ%ULHIHQ6HOEVW]HXJQLVVHQXQG=HLWGRNXPHQWHQ%HU OLQñ6



.DSLWHO

 *UR‰YDWHUV EHUQLPPW .|QLJ )ULHGULFK ,, YRQ 3UHX‰HQ GLH 3DWHQVWHOOH IU LKQ :HQQGHU (QNHO DOV (UZDFKVHQHU GLH /HEHQVEHVFKUHLEXQJGHV.|QLJO 3UHX‰*HQHUDOVGHU,QIDQWHULH+HLQULFK$XJXVW%DURQGHOD0RWWH)RXTXpHLQHV +HOGHQGHV6LHEHQMlKULJHQ.ULHJHVVFKUHLEWGDQQLVWGDVDXFKHLQ6WFN DGHOLJHU )DPLOLHQJHVFKLFKWH XQG KDW PLW URPDQWLVFKHQ 6FKUHLEZHLVHQ QLFKWV]XWXQ0HKUQRFKWULIIWGLHVDXIHLQVSlWHVMRXUQDOLVWLVFKHV3URMHNW ]X$OV+HUDXVJHEHUGHVÅ)UDXHQWDVFKHQEXFKV´LVWGHUMXQJH)RXTXpHLQ IOXVVUHLFK EHLP .DPSI XP &KDQFHQ LP OLWHUDULVFKHQ )HOG QLFKW ]XOHW]W (LFKHQGRUIIZLUGGXUFKLKQJHI|UGHUW'HUVSlWH)RXTXpGHUQXQZLHGHU VHLQHQ /HEHQVXQWHUKDOW VHOEVW EHVWUHLWHQ PXVV ZLUG  LQ +DOOH GDQQ YRQ%HUOLQDXV IUGUHL-DKUH5HGDNWHXUGHUÅ=HLWXQJIUGHQGHXWVFKHQ $GHO´ WULWW DOVR LQ HLQHU IU GHQ 9RUPlU]DXWRU W\SLVFKHQ OLWHUDULVFK MRXUQDOLVWLVFKHQ5ROOHDXIVFKUHLEWDEHUIUHLQHDXIGHPNXOWXUHOOHQXQG SROLWLVFKHQ5FN]XJEHJULIIHQH=LHOJUXSSH )RXTXpZlFKVWLQHLQHYHUDUPWH/DQGDGHOVIDPLOLHKLQHLQPDQOHEWHL QLJH =HLW YRP 9HUP|JHQ GHV *UR‰YDWHUV  %HUHLWV GLH HLJHQH -XJHQG EHUIRUPWH)RXTXpQDFKGHP0XVWHUGHU5LWWHUVSLHOHXQGGHU5LWWHULGHQ WLWlW VFKRQ .LQGHUVSLHOH YHUUDWHQ GLH $QWL]LSDWLRQ GHV =ZHLNDPSIV ² JODXEW PDQ GHU SRHWLVLHUHQGHQ .RQVWUXNWLRQ GHV HLJHQHQ /HEHQV GLH )RXTXp  LQ VHLQHU $XWRELRJUDSKLH YRUQLPPW 6LH HQGHW EH]HLFKQHQ GHUZHLVH PLW GHQ %HIUHLXQJVNULHJHQ XPIDVVW DOVR HLQHQ Ä%LOGXQJVUR PDQ¶ GHV 'LFKWHUV ELV ]XU $XVSUlJXQJ YRQ ÄULWWHUOLFKHP¶ .ULHJHU XQG 6lQJHUWXP:HQLJH%HLVSLHOHJHQJHQ'HU*UR‰YDWHUPWWHUOLFKHUVHLWV GHU VFKRQ HUZlKQWH *HQHUDO VHL ÅZDFNUHU 1DFKNRPPH ULWWHUOLFKHU 9l WHU´ JHZHVHQ Å.ULHJVOXVW´ VHL GLH HLJHQH IUKHVWH (ULQQHUXQJ GLH 6SLHOH GHV.QDEHQVHLHQÅHLQNOHLQHVIRUWJHVHW]WHV5LWWHU(SRV´JHZHVHQ5LWWHU KDUQLVFK XQG 6FKZHUW EHJHLVWHUQ LKQ ÅLP 1DWXUDOLHQNDELQHW GHV :DLVHQ KDXVHV´LQ+DOOH²HLQHPXVHDOH3UlVHQWDWLRQVWLIWHWGHQ$QIDQJGHUVSl WHUHQ SRHWLVFKHQ :LHGHUEHOHEXQJ%HUHLWV GHU MXQJH )RXTXp GHU HLQH VWDQGHVJHPl‰H 3ULYDWHU]LHKXQJ HUKDOWHQ KDW WULWW LQ HLQH 0LOLWlUODXIEDKQ HLQ QLPPW DXFK EDOG DQ .DPSIKDQGOXQJHQ GHU .RDOLWLRQVNULHJH DP 5KHLQWHLOW6HLWVHLQHU+HLUDWPLW&DUROLQHYRQ%ULHVWOHEWHUDOV*XWVKHUU LQ1HQQKDXVHQEHL5DWKHQRZ=XJXQVWHQVHLQHUGLFKWHULVFKHQ%HUXIXQJ² ILQDQ]LHOO GXUFK +RQRUDUH XQG ]XJOHLFK ZRKO YRU DOOHP GXUFK GLH *XWV ZLUWVFKDIWJHWUDJHQ²JLEWHUVHLQH0LOLWlUODXIEDKQDXI ²²²²²²²²²²²²²

 )RXTXp )ULHGULFK GH OD 0RWWH /HEHQVEHVFKUHLEXQJ GHV .|QLJO 3UHX‰ *HQHUDOV GHU ,QIDQWHULH +HLQULFK $XJXVW %DURQ GH OD 0RWWH )RXTXp 9HUID‰W YRQ VHLQHP (QNHO )ULHGULFK %DURQ GH OD 0RWWH )RXTXp.|QLJO3UHX‰0DMRUD'X5LWWHU%HUOLQ  9JO6FKPLGW)RXTXp$SHO0LOLW]6I  9JOGD]X)RXTXp*|WKH%HUOLQVRZLH6FKPLGW)RXTXp$SHO0LOLW]6IXQG   )RXTXp/HEHQVJHVFKLFKWH6=LWDWH6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU





,QVHLQHUHUIROJUHLFKVWHQ=HLWYRUDOOHPLP]ZHLWHQ-DKU]HKQWGHV -DKUKXQGHUWVNDQQHUYRP9HUP|JHQVHLQHU)UDXSOXVVFKULIWVWHOOHULVFKHQ (LQQDKPHQOHEHQ(UXPJLEWVLFKPLWGHQ$WWULEXWHQGHVDGHOLJHQ+D ELWXV:DIIHQXQG.UDIWEXQJHQVRZLH-DJG6HLQ6HOEVWEHZXVVWVHLQDOV $XWRU GUIWH YRU DOOHP YRQ GHU $QHUNHQQXQJ GXUFK GLH %UGHU 6FKOHJHO ]HKUHQLQVEHVRQGHUH$XJXVW:LOKHOP6FKOHJHOI|UGHUWGHQMXQJHQ'LFKWHU )RXTXpV VSH]LILVFKH 6HOEVWVWLOLVLHUXQJ JHKW EHUHLWV  DXV HLQHP %ULHI &KDPLVVRV DQ 9DUQKDJHQ KHUYRU Å9RQ GHP HKUHQIHVWHQ HGOHQ 'HJHQ GHP .HUQPHQVFKHQ GHP %DUGHQ 3HOOHJULQ YRQ )RXTXp NHKU· LFK ]X UFN´  'LHVH KLHU JHUDGH]X SRHWLVFKH =XVFKUHLEXQJ HQWVSULFKW GHP 6HOEVWELOG)RXTXpVGHUVLFKXQWHUGHP5XEUXPÄ5LWWHU¶DOV.lPSIHUXQG 'LFKWHU]XJOHLFKLP=HLFKHQGHV&KULVWHQWXPV²GDUDXIYHUZHLVWGHU3LO JHUÄ3HOOHJULQ¶²EHJUHLIW'DHUVWHUH.RPSRQHQWHMDLP:HVHQWOLFKHQHQW IlOOW²QXUNHKUW)RXTXp]XGHQ:DIIHQ]XUFN²KDQGHOWHVVLFKEHL GHU ELRJUDSKLVFKHQ 'RSSHOIRUPHO XP HLQH OHJLWLPDWRULVFKH 9HUNOlUXQJ VHLQHUIDNWLVFKHQ+DXSWWlWLJNHLWDOV$XWRU'HUPlUNLVFKH$GHOLJH)RXTXp GDUIGHUJHVWDOW EHUKDXSW HUVW 'LFKWHU VHLQ :LH HUQHXW &KDPLVVR EHUHLWV  QRFK YRU 3UHX‰HQV 1LHGHUODJH HUNHQQW OlVVW VLFK VR YHUVWDQGHQHV DGHOLJHV 'LFKWHUWXP DOV ,QWHJUDWLRQVNODPPHU DXI GLH DQVWHKHQGH 3UREOH PDWLNYRQÅ=HUULVVHQKHLWYV(LQKHLW´PQ]HQ 3HOOHJULQ LVW PLU HLQH PHUNZUGLJH (UVFKHLQXQJ XQG LFK P‰WH PLFK EHU VLH HQWVHW]HQHVLVWHLQlWKHULVFKHQWVHQGHWHV)HXHUEHUGHP0RRUKLQZDOOHQG²HU DOOHLQOLH‰HPLFKQRFK*ODXEHQKHJHQDQ$GOLFKH'HQQHULVWHLQHUXQGGHUHUVWH lFKWNUlIWLJH6ROGDWDXV3UHX‰HQGHPLFKMHW]WEHJHJQHWH(UJODXEWIHVWDQ3UHX ‰HQ VWDQG DXFK IUKHU EHL GHQ &XLUDVVLHUHQ LP )HOGH QXQ KDW HU GDV VFKZHUH IUHLZLOOLJH 2SIHU GDUJHEUDFKW GLH =HLFKHQ DE]XOHJHQ ZHLQW DEHU HQWVHW]OLFKH 7KUlQHQZHQQHUGHVVHQJHGHQNW

ZLUG)RXTXpGHUVLFKDOV*HPHLQHU-lJHUEHLP/DQGUDWVHLQHV.UHL VHV PHOGHW )KUHU HLQHU 6FKDU )UHLZLOOLJHU 6RVHKU YRQ GHQ Ä%HIUHLXQJV NULHJHQ¶HLQHJDOLVLHUHQGHU,PSHWXVDXV]XJHKHQVFKLHQVRVHOEVWYHUVWlQG OLFKUFNHQGLHDOWHQ(OLWHQZLHGHUXPLQGLHIKUHQGHQ3RVLWLRQHQHLQ'LH PLOLWlULVFKH %HZlKUXQJ LVW LQ )RXTXpV $XWRELRJUDSKLH XQG JHQHUHOO LQ VHLQHP 6HOEVWYHUVWlQGQLV HLQH $FKVH GDQDFK IKOW HU VLFK ]X VFKULIWVWHO OHULVFKHU 7lWLJNHLW ZRKO KLQUHLFKHQG HUPlFKWLJW 'HQQRFK GUIWH VLFK DQ )RXTXpGLH7KHVHHLQHU9HUEUJHUOLFKXQJYRQ$XWRUVFKDIWLQGHU5RPDQ ²²²²²²²²²²²²²

 9JO6FKPLGW)RXTXp$SHO0LOLW]6  9JOHEG6I  $GHOEHUWYRQ&KDPLVVRDQ.DUO$XJXVW9DUQKDJHQYRQ(QVHDP=LWLHUWQDFK .OHWNH +HUPDQQ Å>.XU]ELRJUDSKLH )RXTXpV@´ LQ )RXTXp %ULHIH DQ )ULHGULFK %DURQ GH OD 0RWWH)RXTXp6KLHU6  $GHOEHUWYRQ&KDPLVVRDQ.DUO$XJXVW9DUQKDJHQYRQ(QVHDP=LWLHUWQDFK .OHWNHLQHEG6I



.DSLWHO

 WLNEHVRQGHUVVFKZHUHUZHLVHQODVVHQ6FKRQIUVHLQHQHQWVHW]WHQ%LRJUD SKHQ$UQR6FKPLGWLVW)RXTXpÅGHUXQYHUEHVVHUOLFKVWH$ULVWRNUDW´ )RXTXpDOVVFKUHLEHQGHU%DURQLQGHU0DUN%UDQGHQEXUJLVWNHLQW\SL VFKHU$GHOLJHUDXFKGDQLFKWZRHULQQLFKWILNWLRQDOHQ7H[WHQEHU%H GHXWXQJ XQG =XNXQIW GHV $GHOV UlVRQQLHUW 6HLQ )UHXQG $XJXVW )HUGL QDQG %HUQKDUGL PXWPD‰W GDVV GLH LQ GHP Ä9DWHUOlQGLVFKHQ 6FKDX VSLHO¶'LH5LWWHUXQGGLH%DXHUQDQJHOHJWH6\QWKHVHYRQ%DXHUXQG(GHOPDQQ QXUIUUKPOLFKH$XVQDKPHQLQGHU0DUNXQGEHVRQGHUVLQ1HQQKDXVHQ GHQNEDUVHL ZR GHU (GHOPDQQ HLQ 0HQVFK QLFKW QXU VRQGHUQ DXFK HLQ ]HLWPl‰LJ JHELOGHWHU 0HQVFK LVW DOOHLQ ZLH YLHOH NDQQVW 'X QHQQHQ" $XV 'HLQHP 0XQGH VLQG PLU $XVQDKPHQ JHQXJ EHNDQQW XQG VLQG QLFKW VHOEVW GLH (GHOVWHQ XQG *HPl‰LJWHQ XQWHUHXFKHLQLJGD‰VHOEVWLQGHP+HUJHEUDFKWHQXQG%HVWHKHQGHQQRWKZHQGL JH9HUlQGHUXQJHQGXUFKGLH=HLWJHERWHQVLQG

,QVHLQHP1HQQKDXVHQHU+HUUHQKDXVWUHIIHQVLFK%HUOLQHU$XWRUHQ%HUQ KDUGL:LOKHOP1HXPDQQ:LOKHOPYRQ6FKW]/XGZLJ5REHUW.DUO$X JXVW 9DUQKDJHQ YRQ (QVH $GHOEHUW YRQ &KDPLVVR GDQHEHQ VXFKW PDQ GHQ 8PJDQJ PLW GHQ DGHOLJHQ *XWVQDFKEDUQ XQG )UHXQGHQ$XI GHU DQGHUHQ 6HLWH SIOHJW )RXTXp DEHU GLH VWDQGHVJHPl‰HQ .RQWDNWH ]XP SUHX‰LVFKHQ +RI GLH LKQ ]XP IUHLOLFK QLFKWEHVWDOOWHQ Å/REVlQJHU´  )ULHGULFK :LOKHOPV ,,, PDFKWHQ 'HU YHUVWRUEHQHQ .|QLJLQ /XLVH HWZD JDOWGDV%UDQGHQEXUJLVFKH(UQWHOLHG 6SlWHVWHQVPLWGHP=DXEHUULQJLVW)RXTXpHLQ(UIROJVDXWRUVHLQHLJH QHV 'HXWXQJVPXVWHU YRP 5LWWHU6lQJHU ZLUG YRQ VHLQHQ 5H]LSLHQWHQ EHUQRPPHQ)ULHGULFK+HLQULFKYRQGHU+DJHQHUVWHU+HUDXVJHEHUGHV 1LEHOXQJHQOLHGV QHQQW LKQ  Å9RONHU GHU 6SLHOPDQQ´1DFK HLJH QHU(U]lKOXQJZLUGHUGHP)HOGKHUUQ%OFKHUPLWGHQ:RUWHQYRUJHVWHOOW Å>'@DV LVW GHU +HOGHQVlQJHU XQVHUHV +HHUHV´  )RXTXp YHUVXFKW VWDWW 5ROOHQSOXUDOLWlW]XHUSUREHQHLQVWLPPLJHV'DVHLQDOV.lPSIHUXQG6lQ JHU ]X IKUHQ (U WUlJW HV JHVFKLFNW LQ GLH gIIHQWOLFKNHLW 1RFK LQ GHU 8QLIRUP GHV)HOG]XJHV YRQ  EHVXFKW HU GHQ $XWRU .DUO $XJXVW $SHOLQ/HLS]LJOLHVWGRUWDXVVHLQHQ:HUNHQWULIIW*RHWKHLQ:HLPDU 'LH6HOEVWEHKDXSWXQJGHVGLFKWHQGHQ5LWWHUV)RXTXpPXVVVLFKRKQHGLH $QHUNHQQXQJ GHU REHUVWHQ .RQVHNUDWLRQVLQVWDQ] *RHWKH HQWZLFNHOQ )RXTXp HUOHEW DXFK LQ GLHVHU +LQVLFKW ² $EOHKQXQJ GXUFK GDV YHUHKUWH ²²²²²²²²²²²²²  6FKPLGW)RXTXp$SHO0LOLW]6  $XJXVW )HUGLQDQG %HUQKDUGL DQ )RXTXp DP  "  LQ )RXTXp %ULHIH DQ )ULHGULFK %DURQGHOD0RWWH)RXTXp6  9JO6FKPLGW)RXTXp$SHO0LOLW]6XQG6  (EG6  =LWLHUWQDFKHEG6  )RXTXpKLHU]LWLHUWQDFKHEG6  9JOHEG6I



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 9RUELOG*RHWKH²IUGLH5RPDQWLNHU7\SLVFKHVZLOODEHU*RHWKHVGLVWDQ ]LHUHQGH *HVWHQ QLFKW UHFKW ZDKUKDEHQ  'RFK PDJ GDV $XVEOHLEHQ MHQHU.RQVHNUDWLRQHLQ*UXQGGDIUVHLQGDVV)RXTXpHLQ/HEHQODQJVR KDUWQlFNLJDQGHU6XSUHPDWLHVHLQHUULWWHUOLFKHQ$XWRUVFKDIWIHVWKLHOW *OHLFK]HLWLJIHKOWHLKPQLFKWGDV%HZXVVWVHLQVHLQHVVR]LDOHQ$EVWLHJV GHU9HUJOHLFKPLWVHLQHQIUDQ]|VLVFKHQ9RUIDKUHQODJ]XPLQGHVWGRUWQDKH ZRGHU9HUOXVWDGHOLJHU3ULYLOHJLHQXQG0DFKWLQVWUXPHQWHEHNODJWZHUGHQ NRQQWH 'HU VFKRQ GHP 5HLFKVGHSXWDWLRQVKDXSWVFKOXVV YRQ  HQW VSUXQJHQH%HJULIIGHVÅ6WDQGHVKHUUHQ´GHUHLQHQMDIDNWLVFKHQWPDFKWH WHQ +RFKDGHOLJHQ EH]HLFKQHWH HLQHQ 'XRGH]IUVWHQ ZLH ,UHQlXV LQ (7$ +RIIPDQQV 5RPDQ .DWHU0XUU ZDU IU )RXTXpV %LRJUDSKLH VL FKHUOLFKQLFKW]XWUHIIHQG(VKLH‰DEHUGHQQRFKVRHWZDVZLH6DO]LQVHLQH :XQGHQ VWUHXHQ ZHQQVHLQ )UHXQG (UQVW YRQ +RXZDOG LKQ PLW GLHVHP 7LWHOHKUWH:RGLH3ULYLOHJLHQLQ*HIDKURGHUVFKRQYHUORUHQVLQGSRFKW GHU$GHOLJH)RXTXpDXIGHQDUFKDLVFKHQ*UXQGGHU$GHOVNXOWXUXQGDXI VHLQHQULWWHUOLFKHQ'LHQVWIUVHLQHQSUHX‰LVFKHQ.|QLJGHQHUDOV0DMRU DXVJHEWKDWWH 'X EHWLWHOVW PLFK DXI GHLQHU OHW]WHQ $GUHVVH6WDQGHVKHUU 7KXH GDV QLFKW ZLHGHU PHLQJHOLHEWHU )UHXQG+lWWHPDQXQVQLFKWDXV)UDQNUHLFKYHUMDJWVRZlUHLFK ZRKO HWZDV bKQOLFKHV +LHU ELQ LFK QLFKWVDOVZDVPLUPHLQHKUHQZHUWHV6FKZHUWHUUDQJ 0DMRU XQG 5LWWHU $OOH DQGHUH ZHOWOLFKH +HUUOLFKNHLW KDW IU GHQ YHUO|VFKHQGHQ 6WDPPGHU)RXTXpVLQ'HXWVFKODQGHLQ(QGH

6FKRQ $XJXVW :LOKHOP 6FKOHJHO DUEHLWHW LQ VHLQHP +RFK]HLWVVRQHWW IU )RXTXpDQGHVVHQ5LWWHU/HJHQGH  :RKOWKDW·VW'X)UHXQGHQWIUHPGHWlX‰HUP*ODQ]H 9RP6WDDWYHUOLHK·QH:DIIHQDE]XOHJHQ 'RFKDQJHHUEWEOHLEWWUHX'LU6SRUQXQG'HJHQ 'XVFKZLQJVWLP/LHGQXQDOWHU5LWWHU/DQ]H

 )RXTXpKDEHDOVRVHLQHQPLOLWlULVFKHQ%HUXIGXUFKHLQ)LQJLHUHQGHU5ROOH HUVHW]W ² WDWVlFKOLFK ZDU HU HLQ GXUFKDXV Ä]HLWJHPl‰HU¶ 2IIL]LHU GHU VLFK OHGLJOLFK H[ SRVW ]XP 5LWWHU KRFKVWLOLVLHUWH (LQ OlQJVW YHUJDQJHQHU XQG WHLOV HUVW QHX ILQJLHUWHU  NXOWXUHOOHU XQG SROLWLVFKHU 6WDQGDUG ZLUG DXI GLH ²²²²²²²²²²²²²  9JO)RXTXp*|WKHVRZLHGD]X6VHOEHFN-DQÄÅ*HVFKLFKWH"6FKLFNVDO"¶,QHLQHU1HEHQ UROOH )RXTXp 'DV 5HVWDXUDWLRQVSDQRUDPD *RHWKH XQG(LQHUVHLQHU%HZXQGHUHU´ LQ %DUJIHOGHU %RWH6²,QGHU/HEHQVJHVFKLFKWHEHNHQQWHUGLH$PELYDOHQ]GHUHUVWHQ %HJHJQXQJ DOV SlGDJRJLVFK ZHUWYROO ÅVRPLW GHQ NQRVSHQGHQ 3RHWHQ VRZRKO YRU EHU VFKZlQJOLFKHP-XEHOEHZDKUHQGDOVYRUP|JOLFKHUZHLVHQLHGHUSUHVVHQGHP*UDP´ )RX TXp/HEHQVJHVFKLFKWH6   9JO*ROOZLW]HU+HLQ]'LH6WDQGHVKHUUHQ'LHSROLWLVFKHXQGJHVHOOVFKDIWOLFKH6WHOOXQJGHU0HGLDWLVLHU WHQ(LQ%HLWUDJ]XUGHXWVFKHQ6R]LDOJHVFKLFKWH*|WWLQJHQñ  )RXTXpDQ+RXZDOGDP]LWLHUWQDFK6HLELFNH.ULVHXQG9HUIDOOGHU6SlWURPDQWLN 6I  $XJXVW :LOKHOP 6FKOHJHO DQ GHQ )UHLKHUUQ GH OD 0RWWH )RXTXp $P  -DQXDU  LQ GHUV6lPPWOLFKH:HUNH%G(GXDUG%|FNLQJ +UVJ /HLS]LJ6



.DSLWHO

 HLJHQH/HEHQVSUD[LVSURML]LHUWXQGGDQQHUVWILNWLRQDODXVJHVWDOWHW(VJHKW DOVRLQGHQ7H[WHQQLFKWXP0LPHVLVMHHPSLULVFKELRJUDSKLVFKHUÄ:LUN OLFKNHLW¶ 'DV 6HOEVWELOG ZLUG PLW HLQHP ILNWLYHQ 0LWWHODOWHU LQ JHZLVVHQ =JHQ]XU'HFNXQJJHEUDFKWVRGDQQVWW]HQILNWLRQDOH7H[WHGLHÄ/HJHQ GH¶GLHVLFKXPGLH3HUVRQGHV$XWRUVEHUHLWV]XUDQNHQEHJLQQW%LQQHQ WH[WH ZLHGHUKROHQ GLH 5LWWHUJHVFKLFKWH GHU $XWRELRJUDSKLH LQWHQVLYLHUHQ VLH XQG VFKPFNHQ VLH DXV LQGHP HWZD GLH 5LWWHU GHU 5RPDQH ZLUNOLFK NlPSIHQ 1LFKW GLH YRQ HLQHU HWZDLJHQ %DUGHQUROOH EHJOHLWHWH IDNWLVFKH 0LOLWlUNDUULHUH)RXTXpVOHJLWLPLHUWLKQDOV$XWRUVRQGHUQGLH.RUUHVSRQ GHQ]GHVDXNWRULDOHQ6HOEVWELOGHVPLWVHLQHQILNWLYHQ+HOGHQ²HLQHIUGLH OLWHUDULVFKH 3UD[LV GXUFKDXV QLFKW JHZ|KQOLFKH .RQVWHOODWLRQ GLH HUVW LQ HLQHUVWlUNHUPDVVHQPHGLDORUJDQLVLHUWHQ*HVHOOVFKDIWIXQNWLRQLHUWLQGHU PDQVLFKEHUGLH%LRJUDSKLHYRQ$XWRUHQPDVVLYLQIRUPLHUHQNDQQ.DUO 0D\V$XWRUVFKDIWZlUHHLQVSlWHUHVVHKUSRSXOlUHV%HLVSLHOIUHLQH6WUD WHJLHGHUZHFKVHOVHLWLJHQ0RGHOOLHUXQJYRQ%LRJUDSKLHXQG°XYUH 'DV +RFK]HLWVJHGLFKW 6FKOHJHOV GDV )RXTXp LQ VHLQHU /HEHQVJHVFKLFKWH ]LWLHUWHUKlOWYRPÄ/HKUKHUUQ¶YHUIDVVWXQGYRUJHWUDJHQLQGHU,QLWLDWLRQ GHV'LFKWHUV)RXTXpGLH)XQNWLRQGHU)UHLVSUHFKXQJGHV*HVHOOHQEULHIV XQG]XJOHLFKGLHÄ%HI|UGHUXQJ¶]XP.QDSSHQQRFKQLFKW]XP5LWWHUGHU SDUDGR[HUZHLVHNHLQH:DIIHQWUlJWVRQGHUQ%FKHUVFKUHLEHQZLUG1LFKW (UIROJ RGHU lVWKHWLVFKH 4XDOLWlW EHGLQJHQ +RFKVFKlW]XQJ EHL GLHVHU $UW YRQ $XWRUVFKDIW VRQGHUQ GLH (LQSDVVXQJ LQ HLQ VHPDQWLVFK PHKUIDFK EHUWUDJEDUHVXQGNRUUHVSRQGLHUHQGHV/HEHQVDOWHUVFKHPD 'HUWLHIVLQQLJH-XVWXV0|VHUZHLVWLUJHQGZRQDFKZLHGLHGUHL6WDIIHOQGHVULWWHU OLFKHQ %LOGXQJVJDQJHV ² (GHONQHFKW .QDSS 5LWWHU ² VLFK YROOVWlQGLJ LQ GHU (U]LHKXQJ GHV +DQGZHUNHUV DEVSLHJHOQ ² /HKUOLQJ *HVHOO 0HLVWHU >«@ -HQHU +RFK]HLWVJUX‰>$:6FKOHJHOV@PRJWHZRKO]XJOHLFKDOV/HKUOLQJVEULHIJHOWHQ

8QWHU6FKOHJHOV$QOHLWXQJVWXGLHUW)RXTXpLQGHU)ROJH6SUDFKHQ6FKOHJHO LVWHVGHUGHP'HEWDQWHQGHQ.QVWOHUQDPHQ3HOOHJULQYHUOHLKW )RXTXpV 6HOEVWGHILQLWLRQ VHLQHU NQVWOHULVFKHQ %HUXIXQJ DOV Ä5LW WHU¶NRUUHVSRQGLHUWGHU6XFKHGHV$GHOVQDFKQHXHQ RGHUDOWQHXHQ %H WlWLJXQJVIHOGHUQÄ5LWWHU¶PHLQWGDQQQXUGHP6LJQLILNDQWHQQDFKGDVlOWHV WH RGHU DUFKDLVFKVWH %HWlWLJXQJVIHOG WDWVlFKOLFK HLQ QHXHV GDV |IIHQWOLFKNHLWV]XJHZDQGWHV.QVWOHUWXPPLWPLOLWlULVFKXQGJHQHDORJLVFK EHJUQGHWHP +HUUVFKDIWVDQVSUXFK ]X YHUELQGHQ VXFKW LQ HLQHU :HOW LQ GHU DXFK HLQ $GHOLJHU HLQHQ %HUXI KDEHQ PXVV (QWVSUHFKHQG VDWWHOW GLH /LWHUDWXU XP YRQ GHU +RINULWLN DXI HLQ QHXHV VLFK QLFKW YRQ GHU 5LWWHU PRGHGHVÅ6WXUPXQG'UDQJ´KHUVFKUHLEHQGHV5LWWHULGHDOGDVDXIHLQHU YDJHQEHJLQQHQGHQ0LWWHODOWHUDQHLJQXQJEHUXKWXQGGRFKGLHHLQHP|JOL ²²²²²²²²²²²²²

 )RXTXp/HEHQVJHVFKLFKWH6  9JOHEG6IIXQG6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 FKH=XNXQIWDGHOLJHU.XOWXUHQWZLUIW:LHVHLQH$OWHUVJHQRVVHQKDWWHDXFK )RXTXp&UDPHUV5LWWHUURPDQHYHUVFKOXQJHQGRFKZLHHUVSlWHUEHPHUNW ]XVHLQHP1DFKWHLO$XFKHUVFKUHLEWJHJHQGLH5LWWHUPRGHLQGHU7ULYL DOOLWHUDWXUDQIKUWVLHDOVRQLFKWZHLWHUIRUW'LHWUDGLWLRQHOOHQ6LJQLILNDQ WHQJHEUDXFKWHU²IUGLH=HLWJHQRVVHQZRKOVFKRQGXUFKDXVYHUVW|UHQG² IU (UHLJQLVVH GHU *HJHQZDUW 'LH ZlKUHQG GHU .RDOLWLRQVNULHJH VLFK HUHLJQHQGHQ.lPSIHLQGHU9HQGpHEHVFKZ|UHQIULKQHLQHQHXHÅ+HO GHQXQG5LWWHUZHOW´KHUDXI (UJLHELJ IU ÄULWWHUOLFKH¶ 1DUUDWLYLHUXQJHQ DXWRELRJUDSKLVFKHU 'HWDLOV LVW )RXTXpV /HEHQVJHVFKLFKWH DOOHPDO PXVV VLH GRFK HLQ %LOG GHU =HLW PLW )RXTXpVVSH]LILVFKHQ'HXWXQJVZQVFKHQLQ(LQNODQJEULQJHQ'D]X]lKOW GLH6FKLOGHUXQJHLQHUIHVWOLFKHQ*HVHOOVFKDIW]X0LQGHQDQGHU]DKOUHLFKH 2IIL]LHUH WHLOQHKPHQ XQWHU GHQHQ VLFK )RXTXp EHILQGHW 'HU $XWR  %LRJUDSK LQGHVVHQ7H[WÅ,FK´XQGÅ(U´(U]lKOXQJDOWHUQLHUHQGHUDOVR VHOEVWOHJLWLPDWRULVFKH %HJODXELJXQJ XQG QDUUDWLYH 'LVWDQ] LP :HFKVHO HUSUREW  YHUVXFKW HLQ 7DEOHDX ]X JHVWDOWHQ LQ GHP VLFK HWZDLJH :LGHU VSUFKHVHLQHVYHUPHLQWOLFKPLWWHODOWHUOLFKREVROHWHQ%HVFKUHLEXQJVLQYHQ WDUV XQG GHV =HLWELOGHV YRQ  DXIKHEHQ VROOHQ 'LHV JHVFKLHKW VSLH OHULVFK LQ HLQHU 6]HQHULH GLH VLFK VHOEVW GHP 6SLHO ZLGPHW XQG VR ]XP $XVZHLV YRQ Ä3RHVLH¶ ZLUG 'HU (U]lKOHU EHVFKUHLEW HLQH Å%KQH´ GHV )HVWHV PlKUFKHQKDIW DQ MHQH SKDQWDVWLVFKH ,G\OOHQZHOW GHU URPDQWLVFKHQ 3RHVLH PDK QHQG>«@ZR 5LWWHUXQG6FKlIHU3ULQ]HVVLQQHQXQG%XUJIUDXHQXQG+LUWLQQHQ VRJDVWOLFKYHUWUDXWPLWHLQDQGHUXPJHKHQDOVVHLHQVLHHLQ&KRUXVYROOKDUPRQL VFKHU(LQKHLWXQGGDV/HEHQHLQIU|KOLFKHV6SLHO>«@>6@FKRQYRQIHUQKHU]RJ PLFKGDV*HZLPPHOGHUHGHOJHVFKPFNWHQ*HVWDOWHQXQWHUGHPODXELJHQ*UQ DQ )UDXHQ LQ ZHL‰HQ RGHU EXQWIDUELJ ]DUWHQ *HZDQGHQ YRQ *ROG XQG 6LOEHU OHXFKWHQGH8QLIRUPHQGHU.ULHJVOHXWHGHUHQHGOH5RVVHXQGGLHJOlQ]HQGHQ:D JHQ GHU 'DPHQ XPKHU ² XQG GDQQ GLH OlQGOLFK HLQIDFKH %KQH GHV )HVWHV GXUFKW|QWYRQ6\PSKRQLHHQ7DQ]ZHLVHQXQG0DUVFKNOlQJHQZRKOODXWHQGHU,Q VWUXPHQWH²HVWUlJWGDV$OO]XVDPPHQ>VLF@VRHLQVHOWVDPDQPXWKLJHV*HSUlJH DQVLFKPlUFKHQKDIWDQMHQHSKDQWDVWLVFKH,G\OOHQZHOWGHUURPDQWLVFKHQ 3RHVLH PDKQHQG

=XU 5LWWHUILNWLRQ YRQ)RXTXpV $XWRUVFKDIW JHK|UW GDV(UQVWQHKPHQ GHV DOWHQ 0RWLYV GHU 9DVDOOLWlW %HUHLWV  ZLOO HU GHP SUHX‰LVFKHQ .|QLJ VHLQH'LHQVWHDQELHWHQ]|JHUWDEHUQRFKVRZHLWHVXPV0LOLWlULVFKHJHKW )RXTXpLVWDEHUDOV5LWWHUVWHWVHLQ$XWRUGHUVLFKLP'LHQVWGHV.|QLJV XQG]XQHKPHQGDXFKGHPGHV9DWHUODQGHVVLHKW'HUEHHQGHWH5R PDQ 'HU =DXEHUULQJ LVW GDKHU QLFKW VR VHKU DOV $NW GHU %HOLHIHUXQJ GHV 0DUNWHV PLW VSDQQXQJVUHLFKHU /LWHUDWXU ]X OHVHQ GHQQ DOV 'LHQVW DP ²²²²²²²²²²²²²  (EG6I  (EG6  (EG6I



.DSLWHO

 SUHX‰LVFKHQ 6WDDW $P SUHX‰LVFKHQ +RI MHGHQIDOOV ZXUGH HU QLFKW QXU JHOHVHQ VRQGHUQ LQ HLQ IHVWOLFKHV 3URJUDPP K|ILVFKHU 7KHDWUDOLWlW LQWH JULHUW5LWWHUOLFKH3UDNWLNHQDOOHQYRUDQGDV7XUQLHUZHUGHQLP-DKU KXQGHUW KLVWRULVWLVFKH 0RGHHUVFKHLQXQJ .DUO ,PPHUPDQQV 5RPDQ 'LH (SLJRQHQYRQ  VFKLOGHUW HLQ VROFKHV7XUQLHU PLW GHXWOLFKHU 6SLW]H JH JHQ GHQ SUHX‰LVFKHQ 7KURQIROJHU GHQ VSlWHUHQ )ULHGULFK :LOKHOP ,9 GHQ PDQ GDQQ GHQ OHW]WHQ 5RPDQWLNHU DXI GHP 7KURQ QDQQWH 'RFK ZHQQZLH)RXTXpEHULFKWHW%LOGHUGHV=DXEHUULQJVDQOlVVOLFKGHV%HVXFKHV HLQHUEHIUHXQGHWHQ+HUUVFKHULQQDFKJHVWHOOWZHUGHQGDQQKDQGHOWHVVLFK QLFKW XP HLQ XQYHUELQGOLFKHV 6SLHO VRQGHUQ XP HLQH VSLHOHULVFKH 'H PRQVWUDWLRQYRQ0DFKWGLHDQDORJ]XP3ORWDXIHLQ%QGQLVGHUHXURSl LVFKHQ+HUUVFKHUKlXVHUJHJHQGHQIUDQ]|VLVFKHQ3DUYHQX1DSROHRQKLQ ZHLVW ,QGLHVHQ7DJHQ>«@JHVFKDKHVGD‰GLH$QZHVHQKHLWGHU.DLVHULQYRQ5X‰ODQG >HLQHU 7RFKWHU GHU .|QLJLQ /XLVH - 6@ 9HUDQODVVXQJ ]X HLQHP 7XUQLHUIHVW LQ GHP 6FKOR‰KRIH GHV YRP JUR‰HQ )ULHGULFK XQZHLW 3RWVGDP HUEDXHWHQ 3DOODVWHV JDE+XOGUHLFKGD]XHLQJHODGHQVDKH)RXTXpPLWIUHXGLJVWHU8HEHUUDVFKXQJZLH GLHHUKDEHQVWHQ'DPHQXQG3UHLVYHUWKHLOHULQQHQGHV7XUQLHUV XQGVLHVHOEVWHU ]HLJWHQLKPGLH(KUHHVLKPDXV]XVSUHFKHQ DOV%LOGHUGHV=DXEHUULQJHVHUVFKLH QHQ'LH.DLVHULQ$OH[DQGUDDOV%ODQFKHIOHXUYHUOLHKLKPKXOGUHLFKVWHLJHQKlQGLJ GDV6LOEHU]HLFKHQGHUZHL‰HQ5RVHVRQVWQXUGHQXQPLWWHOEDUHQ7KHLOKDEHUQGHV )HVWHV DXVJHWKHLOW (V ZDUHQ KRFKIHLHUOLFKH 6WXQGHQ GHQQ HLQ HFKWHU 5LWWHUVLQQ ZHKWHGXUFKGDV*DQ]HGLHJUR‰HQ=HLWHQGHU8UYlWHUDEVSLHJHOQGLQGHQ*HLV WHUQGHUULQJIHUWLJHQ(QNHO

)RXTXpV 5XKP YHUODJHUWH VLFK DE HWZD  JHUDGH]X YRP OLWHUDULVFKHQ )HOG JOHLFKVDP ]XUFN DXI GDV WUDGLWLRQDOH )RUXP GHV +RIHV ,QVRIHUQ GLHVH )RXTXp5H]HSWLRQ SROLWLVFKH ,PSOLNDWLRQHQ EHVD‰ KDQGHOW HV VLFK QLFKW XP HLQHQ 3ULYDWLVLHUXQJVSUR]HVV RGHU XP HLQHQ 5FN]XJ DGHOLJHU .XOWXUDXIVLFKVHOEVWHKHUVFKRQXPHLQH)XQNWLRQDOLVLHUXQJYRQSRHWL VFKHQ7H[WHQPLWWUDGLWLRQDOHP+DQGOXQJVXQG)LJXUHQLQYHQWDULPSROL WLVFKHQ )HOG GDV HEHQ ZHQQJOHLFK 3UHX‰HQ DXI GHP :HJ ]XP 9HUIDV VXQJVVWDDW ZDU PLW VROFKHP ,QYHQWDU QDFK ZLH YRU NRNHWWLHUWH XQG 6HOEVWUHSUlVHQWDWLRQ EHWULHE )RXTXpVHOEVW JODXEWH QLFKW DQ GLH $XWRQR PLH OLWHUDULVFKHQ 6FKUHLEHQV ² DXFK QLFKW GDUDQ GDVV GHU 0DUNW HLJHQH 5HJXODULHQGHU$N]HSWDQ]RGHU$EOHKQXQJYRQ$XWRUHQHQWZLFNHOWKDWWH XQGVHLHQGLHVH0RGHHUVFKHLQXQJHQ=XU(UNOlUXQJVHLQHV0LVVHUIROJVDE  KDW HU HLQH SROLWLVFKH 9HUVFKZ|UXQJVWKHRULH SDUDW ZDV DEHU DXFK EHOHJW GDVV Ä5LWWHUWXP¶ IU LKQ VHOEVW DXFK ÄSROLWLVFKH¶ $XWRUVFKDIW HLQ VFKOLH‰W(UYHUPXWHWQlPOLFKÅGD‰GLH$EQDKPHGHVXQJHPHLQHQ:RKO JHIDOOHQV GHV JUR‰HQ 3XEOLFXPV DQ VHLQHQ :HUNHQ HLQH 7KDWVDFKH EHU ZHOFKH HU VLFK QLFKW WlXVFKHQ NRQQWH :HUN HLQHU SROLWLVFKHQ 3DUWHL VHL ²²²²²²²²²²²²²  (EG6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 GHUHQ +D‰ HU GXUFK RIIHQH 0DQLIHVWDWLRQ VHLQHU SROLWLVFKHQ *HVLQQXQJ DXIVLFKJH]RJHQ´'HQ9HUNDXIVUFNJDQJVHLQHU5LWWHUURPDQHGHXWHWHU DOVR VHOEVW LUUWPOLFK SROLWLVFK QLFKW LQQHUKDOE GHU *HVHW]Pl‰LJNHLWHQ HLQHVOLWHUDULVFKHQ)HOGHV0DQJHOQGHV,QWHUHVVHDQVHLQHQ%FKHUQLVWIU LKQ HLQ $XVGUXFN GHU $QIHLQGXQJ GHV $GHOV XQG GHV 6WlQGHVWDDWHV IU GHQ HU HLQVWHKW$XV VHLQHU6LFKW ]XPLQGHVW DUEHLWHW HUDOVR GDQQ GRFK QLFKWIUGHQ0DUNWVRQGHUQJOHLFKVDPLQK|KHUHPSROLWLVFKHQ$XIWUDJ 8QEHVFKDGHW GHVVHQ ZDU )RXTXp /LHEOLQJVDXWRU )ULHGULFK :LOKHOPV ,9VSlWHVWHQVVHLWGHP(UVFKHLQHQGHV=DXEHUULQJHUZXUGHGXUFK0LWJOLH GHU GHV N|QLJOLFKHQ +DXVHV ]X /HVXQJHQ JHODGHQ ZLGPHWH GHP .URQ SULQ]HQ*HEXUWVWDJVJHGLFKWHXQGLKPZXUGHQGXUFKGLHVHQLPPHUZLHGHU *XQVWEH]HXJXQJHQ ]XWHLO VHOEVW DOV VHLQ 'LFKWHUUXKP OlQJVW YHUEODVVW ZDU$XFKGHUED\HULVFKH.URQSULQ]XQGVSlWHUH.|QLJ/XGZLJ,ZDU DQ HLQHU 1HXDXIODJH GHV 5LWWHUOHEHQV LQWHUHVVLHUW )UHLOLFK ZLUG PDQ IU EHLGH K|ILVFKH 5H]LSLHQWHQNUHLVH NRQVWDWLHUHQ PVVHQ GDVV ZHQLJHU GHU lVWKHWLVFKH 5HL] LQ GHU ,QV]HQLHUXQJ GHU 9HUJDQJHQKHLW LKU DQDFKURQLVWL VFKHV)RUWOHEHQUHFKWIHUWLJHQPXVVWHVRQGHUQGLHSROLWLVFKH)XQNWLRQD OLVLHUXQJ EHUHLWV IU GLH /HJLWLPLWlW GHU )HLHU HLQHV RKQHKLQ ]ZHFNPl‰LJ NRQVWUXLHUWHQ0LWWHODOWHUVVRUJWH %LRJUDSK $UQR 6FKPLGW UHNRQVWUXLHUW GHWDLOOLHUW ZLH VHKU GLH .XQVW GHV lOWHUHQ )RXTXp +RINXQVW ZDU ² JHQDQQW VHL GHU 7KDVVLOR DOV 3URORJ ]XP *HEXUWVWDJ GHV .URQSULQ]HQ HLQH $XIWUDJVDUEHLW ² XQG ZLH VHKU VHLQH OLWHUDULVFKH 3URGXNWLRQ LQ HLQHQ 'LDORJ PLW GHP +RI HLQWULWW 6FKPLGWNDQQQLFKWXPKLQVLFKEHU)RXTXpVK|ILVFKHQ(LIHU]XPRNLH UHQ)RXTXpV%H]LHKXQJ]X3ULQ]HVVLQ0DULDQQHYRQ3UHX‰HQJLOWLKPDOV :LHGHUEHOHEXQJ GHV 9HUKlOWQLVVHV ]ZLVFKHQ 'RQ 4XL[RWH XQG VHLQHU DQJHEHWHWHQ 'XOFLQHD  =X 3ULQ]HVVLQ 0DULDQQH YRQ 3UHX‰HQ GHU LP hEULJHQ .OHLVW VHLQHQ 3ULQ] YRQ +RPEXUJ GHGL]LHUW KDWWH XQWHUKLHOW DXFK GHU VFKRQ JHQDQQWH (UQVW YRQ +RXZDOG HLQH SHUV|QOLFKH %H]LHKXQJ  $XIGLHWUHXH9HUHKUXQJGHU3ULQ]HVVLQDQWZRUWHW)RXTXpLQGHPHU)LJX UDWLRQHQ YRQ LKU LQ VHLQH 7H[WH LQWHJULHUW 'LH 5ROOHQ,PDJLQHV 7DV VR/HRQRUHDEHUDXFK0LQQHVlQJHU0LQQHGDPHZHUGHQDQHLQHPUHDOHQ +RIGHV  -DKUKXQGHUWV ZLHGHUEHOHEW DXFK0DULDQQHLVW)RXTXpV $XI WUDJJHEHULQÄ6\PEROLVFKH¶3ROLWLNEHL+RIHVFKHLQWQXQQDFKHLQHU ²²²²²²²²²²²²²

 .OHWNHLQ)RXTXp%ULHIHDQ)ULHGULFK%DURQGHOD0RWWH)RXTXp6  9JODXFK0D[:DOGGHU:HOW6  9JO .UROO )UDQN/RWKDU )ULHGULFK :LOKHOP ,9 XQG GDV 6WDDWVGHQNHQ GHU GHXWVFKHQ 5RPDQWLN %HUOLQ6 (LQ]HOYHU|IIHQWOLFKXQJHQGHU+LVWRULVFKHQ.RPPLVVLRQ]X%HU OLQ   ²=X+RI XQG7XUQLHUIHVWHQ DP%HUOLQHU +RI YJO 6FKPLGW)RXTXp$SHO0LOLW] 6  6R6FKPLW]bVWKHWLVFKHU6WDDW6  9JO6FKPLGW)RXTXp$SHO0LOLW]6  +lNHU(UQVWYRQ+RXZDOG6



.DSLWHO

 QHXHQbVWKHWLN]XEHGUIHQ6FKPLGWNRQVWDWLHUWGLHÅ'XUFKWUlQNXQJ´GHV SUHX‰LVFKHQ +RIHV PLW :HQGXQJHQ )RXTXpV  (V ZlUH JHZLVV QDLY 6SUDFK]LWDWHDOVDSROLWLVFKH2EHUIOlFKHQSKlQRPHQHDE]XWXQ 3DVVHQG ]X GLHVHQ (UIROJHQ EHL +RIH ZDU )RXTXpV JOHLFKEOHLEHQGHV 5HQRPPHH LQ $GHOVNUHLVHQ GDV 6FKPLGW EHWHXHUW ,Q )RXTXpV )DOO GDUI HLQK|ILVFKDULVWRNUDWLVFKHU6WUDQJGHU5H]HSWLRQHLQHU+DOWXQJGHUDULVWR NUDWLVFKHQ0DUNWDEOHKQXQJGHV$XWRUVHQWVSUHFKHQ=ZDUEHNODJWHUVLFK EHUGDV'HVLQWHUHVVHYRQ9HUOHJHUQXQG/HVHUQGRFK]HLJWHUVLFKRVWHQ WDWLYVHLQHUVHLWVGHVLQWHUHVVLHUWDP+RQRUDUXQGYHUOlVVWVLFKYLHOPHKUDXI HLQHDOOHUGLQJVIUGHQ/HEHQVXQWHUKDOWZRKOQLFKWDXVUHLFKHQGH3HQVLRQ GHVSUHX‰LVFKHQ.|QLJV  

)HOGVWXGLHQ"(LQYRUOlXILJHV)D]LW

 'LH YRUJHVWHOOWHQ $XWRUHQ GHU 5RPDQWLN VLQG (UEHQ LQ GHUHQ +DELWXV 'LVSRVLWLRQHQ HQWKDOWHQ VLQG ZHOFKH DXI 9RUDXVVHW]XQJHQ GHU DGHOLJHQ 6WDQGHVNXOWXU EDVLHUHQ $XFK GLH 6SU|VVOLQJH GHU YHUDUPWHQ RGHU YHUDU PHQGHQ +lXVHU $UQLP .OHLVW )RXTXp XQG (LFKHQGRUII VLQG JHSUlJW GXUFK LP (OWHUQKDXV HUOHUQWH 9HUKDOWHQVZHLVHQ VLH HUKLHOWHQ ]XPLQGHVW ]HLWZHLOLJ (U]LHKXQJ GXUFK HLQHQ +DXVOHKUHU VLH RULHQWLHUWHQ VLFK LPPHU ZLHGHUDQ)DPLOLHQPLWJOLHGHUQXQGEHIUHXQGHWHQ6WDQGHVJHQRVVHQ$UQLP .OHLVWXQG(LFKHQGRUIINHKUWHQLPPHUZLHGHULQLKUH)DPLOLHQ]XUFNE]Z VXFKWHQ2ULHQWLHUXQJLQIDPLOLHQLQWHUQHQ6WUXNWXUHQ$X‰HULP)DOO$GHO EHUWYRQ&KDPLVVRVGHULQ'HXWVFKODQGDOV(PLJUDQWMHJOLFKH%DVLVVHLQHU DGHOLJHQ +HUNXQIW HLQJHE‰W KDWWH ZXUGH GLHVHV NXOWXUHOOH (UEH DXFK WDWVlFKOLFKDQJHWUHWHQ)UDOOH$XWRUHQJLOWGDVVVLHEHL%HJLQQLKUHUOLWH UDULVFKHQ /DXIEDKQ QLFKW ILQDQ]LHOO XQDEKlQJLJ ZDUHQ DOVR ZHQLJVWHQV HLQHQ 7HLO GHV /HEHQVXQWHUKDOWHV GXUFK HLQ (LQNRPPHQ DXV HLJHQHU $U EHLWEHVWUHLWHQPXVVWHQ'HQQRFKVFKHLQWQXU$UQLPHUQVWKDIWHUZRJHQ]X KDEHQYRP6FKUHLEHQ]XOHEHQZDVLKPDEHUJHQDXVRZHQLJJHODQJZLH GHQDQGHUHQ)RXTXpGUIWHLQGLHVHU+LQVLFKWDPHUIROJUHLFKVWHQJHZHVHQ VHLQ$OOHVWUHEWHQDOV.QVWOHUVWlUNHUQDFKGHU9HUPHKUXQJGHVV\PEROL VFKHQ.DSLWDOVDOVQDFKGHUGHV|NRQRPLVFKHQ²GHU9HUOXVWDQV\PEROL VFKHP .DSLWDO TXD (UEH XQG +DELWXV ZDU JOHLFKIDOOV HLQH JHPHLQVDPH (UIDKUXQJ GLH GXUFK GDV 6FKULIWVWHOOHUWXP NRPSHQVLHUW ZHUGHQ NRQQWH *HZLVV .OHLVW YHUVXFKWH DOV -RXUQDOLVW XQG DXI PDQFKHUOHL DQGHUH $UW VHLQHQ /HEHQVXQWHUKDOW ]X IULVWHQ (U VFKULHE VR ZHQLJ ZLH GLH DQGHUHQ ²²²²²²²²²²²²²  6FKPLGW)RXTXp$SHO0LOLW] 6  ]X )RXTXpV %H]LHKXQJHQ ]XP SUHX‰LVFKHQ +RI YJO 6XQG63ULQ]HVVLQ0DULDQQHWUlJWGHQ1DPHQ0LQQHWURVWDXVGHP=DXEHU ULQJ  9JOHEG6XQG6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 YRUZLHJHQG XP GDYRQ OHEHQ ]X N|QQHQ XP HLQHQ DXIQDKPHIlKLJHQ 0DUNWPLWJXW9HUNlXIOLFKHP]XEHOLHIHUQ²YLHOOHLFKWPLW$XVQDKPHYRQ (LFKHQGRUIIV $OPDQDFKQRYHOOHQ XQG ]HLWZHLOLJ DXFK PLW GHU $XVQDKPH GHV(UIROJVDXWRUVXQG9LHOVFKUHLEHUV)RXTXp'HQQRFKLVWGHUOLWHUDULVFKH *HVWXV DOOHU $XWRUHQ HLQHU GHU ([NOXVLYLWlW HLQHU GHU DXFK 3UHVWLJH TXD $XWRUVFKDIWÅ5XKP´XQG(KUHHUVWUHEWZHQLJHU9HUNDXIVHUIROJ9RQGHU H[WUHPHQ]XPDOGHURVWHQWDWLYHQ0DUNWYHUDFKWXQJ)ODXEHUWV%DXGHODLUHV 5LPEDXGV RGHU 0DOODUPpV VLQG GLH 5RPDQWLNHU DEHU ZHLW HQWIHUQW ,KU HKHUGLVWDQ]LHUWHV9HUKlOWQLV]XU/LWHUDWXUDOV/HEHQVXQWHUKDOWN|QQHQVLH VLFK]ZDUWHLOVDXFKDXIJUXQGHLQHVJHVLFKHUWHQ)DPLOLHQYHUP|JHQVOHLVWHQ PHKUDEHUQRFKLQGHPVLHVLFK]XYHUOlVVLJHUH(LQQDKPHTXHOOHQVLFKHUQ 9RPHUHUEWHQE]ZIUKHUZRUEHQHQ+DELWXVDXVJHKHQGZHUGHQDOOH ]X+\EULGH[LVWHQ]HQ)U$UQLP(LFKHQGRUIIXQG)RXTXpWHLOVDXFKIU .OHLVWZLUGHV]XU/HEHQVDXIJDEHGHQHUHUEWHQDGHOLJHQ+DELWXVPLW$X WRUVFKDIWHLQHUVHLWVXQGRIWVFKZHUGDPLWLQ(LQNODQJ]XEULQJHQPLWGHQ VR]LR|NRQRPLVFKHQ 1RWZHQGLJNHLWHQ GHU XQJHVLFKHUWHQ ([LVWHQ] DQ GHUHUVHLWV ]X YHUELQGHQ 'DV .ULWHULXP (UIROJ NHQQ]HLFKQHW GLH VR]LDOHQ /DXIEDKQHQ DOOHU QXU EHGLQJW DP ZHQLJVWHQ QRFK JHOLQJHQ OLWHUDULVFKHU (UIROJ $XVQDKPH)RXTXp XQG$QHUNHQQXQJGXUFKGLHHQWVFKHLGHQGHQ .RQVHNUDWLRQVLQVWDQ]HQGHVOLWHUDULVFKHQ)HOGHV'LHVEHWULIIWGLH,QVWDQ] *RHWKHHEHQVRZLHGLH/LWHUDWXUNULWLN$PHKHVWHQGUIWH(LFKHQGRUIIDOV DXFKGXUFKGLH]HLWJHQ|VVLVFKH.ULWLNDQHUNDQQWHU$XWRUJHOWHQ'LH(QW VFKHLGXQJ OLWHUDULVFK WlWLJ ]X VHLQ IlOOW EHL DOOHQ LQ HLQHU EHUXIOLFK XQG ILQDQ]LHOO ZHQLJ DXVVLFKWVUHLFKHQ 6LWXDWLRQ 'HU :HJ LQ GLH 3RHVLH LVW LQ GHU 5HJHO HLQH EHZXVVWH (QWVFKHLGXQJ HLQH .RQYHUVLRQ JHUDGH]X GHU 9HUVXFKVHLQHP/HEHQ2ULHQWLHUXQJXQG5LFKWXQJ]XJHEHQ²GLHGDPLW YHUNQSIWHQ+RIIQXQJHQXQG9RUVlW]HJHKHQGDQQDEHUQXUXQYROONRP PHQLQ(UIOOXQJ$UQLPHQWVFKHLGHWVLFKEHZXVVWJHJHQGLH1DWXUZLVVHQ VFKDIWHQ XQG XQWHU *RHWKHV ZLH DXFK %UHQWDQRV (LQIOXVV IU HLQ GHU 3RHVLHJHZHLKWHV/HEHQ.OHLVWHQWVFKHLGHWVLFKHEHQVRQDFKVHLQHUÄ.DQW .ULVH¶ JHJHQ GLH :LVVHQVFKDIW )RXTXp JHJHQ HLQH 0LOLWlUNDUULHUH EHL (LFKHQGRUII LVW GLH (UQVWKDIWLJNHLW GHU (QWVFKHLGXQJ QXU ]X YHUPXWHQ 1XUNXU]]HLWLJVFKHLQWHUHUZRJHQ]XKDEHQVLFKDXVVFKOLH‰OLFKGHU/LWHUD WXU ]X ZLGPHQ0DQJHOV DEJHVFKORVVHQHU XQLYHUVLWlUHU$XVELOGXQJ NRQQ WHQ$UQLP.OHLVWXQG)RXTXpQLFKWPLWHLQHUK|KHUHQ%HDPWHQVWHOOHRGHU HLQHUVRQVWLJHQGHP6R]LDOSUHVWLJHLKUHV6WDQGHVDQJHPHVVHQHQ%HUXIVWl WLJNHLW UHFKQHQ 'RFK DXFK GHP 9ROOMXULVWHQ (LFKHQGRUII JHODQJ HV QXU VFKZHUEHUXIOLFK)X‰]XIDVVHQ.HLQHPGHU$XWRUHQJHODQJHLQHNRQWL QXLHUOLFKH.DUULHUH²VHLHVDOV6FKULIWVWHOOHUVHLHVLQHLQHP%URWEHUXI$OOH ZDUHQ DXI HLQH %HUXIVZDKO DQJHZLHVHQ IU $UQLP XQG IU (LFKHQGRUII JLOWQDFK%LOGXQJVUHLVHXQG6WXGLXP NHLQHUNRQQWHRGHUZROOWHVLFKDXI HLQHVWDQGHVW\SLVFKH/DXIEDKQEHVFKUlQNHQ.OHLVWXQG)RXTXpVLQG5H



.DSLWHO

 QHJDWHQ GHV 2IIL]LHUVEHUXIV (V VFKHLQW DEHU DXFK IU NHLQHQ YRQ LKQHQ XQGDXFKQLFKWIULKUH)DPLOLHQGLH(QWVFKHLGXQJIUGLH3RHVLHHLQXQ EHUZLQGOLFKHV 3UREOHP JHZHVHQ ]X VHLQ :HQQ PDQ EHGHQNW GDVV GLH GHXWVFKVSUDFKLJH /LWHUDWXU XP  HLQH IDVW DXVVFKOLH‰OLFK EUJHUOLFKH ,QVWLWXWLRQZDULVWHVYHUZXQGHUOLFKGDVVZLUEHUJU|‰HUHLQQHUIDPLOLDOH :LGHUVWlQGHQLFKWXQWHUULFKWHWVLQG2IIHQEDUZDUGLHWUDGLWLRQHOOHXQGGLH MH DNWXHOOH +RFKVFKlW]XQJ GHV 'LFKWHUEHUXIV 9RUDXVVHW]XQJ IU GLHVH 7ROHUDQ] 6FKRQ IU 1RYDOLV JLOW $XFK IU HLQHQ $GHOLJHQ EHGHXWHW HV NHLQHQ 9HUOXVW DQ V\PEROLVFKHP .DSLWDO ZHQQ HU GLH 3RHVLH ]X HLQHP ZHVHQWOLFKHQ/HEHQVLQKDOWPDFKWGDEHLDEHUGHQSRWHQWLHOOHQILQDQ]LHOOHQ 5HLFKWXP GHV (UIROJVDXWRUV YHUZLUIW RGHU JHULQJVFKlW]W 6LQG DOOH IQI $XWRUHQ]XPLQGHVW]HLWZHLOLJLQLKUHU-XJHQG]XGHQVR]LDOHQ$EVWHLJHUQ ]XUHFKQHQVRJHOLQJWGRFKNHLQHPYRQLKQHQHLQHGDXHUKDIWHEHUXIOLFKH XQG ILQDQ]LHOOH $EVLFKHUXQJ DXFK GHU *XWVEHVLW]HU $UQLP PXVV PLW NQDSSHQ ILQDQ]LHOOHQ 5HVVRXUFHQ DXVNRPPHQ *OHLFKZRKO LVW HLQ DN]HS WDEOHU/HEHQVVWLOJHZDKUW²|NRQRPLVFKHV6FKHLWHUQLVWHLQHKHUEUJHUOL FKHVDOVDGHOLJHV'LVWLQNWLRQVNULWHULXP.HLQHUYRQLKQHQMHGHQIDOOV]lKOW ]XGHQJHVHOOVFKDIWOLFKHQ$XIVWHLJHUQNHLQHUNRQQWHDXFKGDPLWUHFKQHQ YRQGHQ$XVZLUNXQJHQGHU5HIRUPlUD]XSURILWLHUHQ,P6LQQHLQHV,QGL ]LHQEHZHLVHVLVWLPPHUKLQSODXVLEHO]XPDFKHQGDVVGLH2ULHQWLHUXQJDQ GHUDGHOLJHQ7UDGLWLRQIUDOOHYLHU$XWRUHQGDV.RQWLQXLWlWVWLIWHQGH0L QLPXPLQLKUHQZHFKVHOKDIWHQ/HEHQVOlXIHQGDUVWHOOW :HOFKHU6WHOOHQZHUWNRPPWGDQQDEHULQGHU(QWZLFNOXQJGHVOLWHUDUL VFKHQ)HOGHVGHU5RPDQWLN]X"$PHKHVWHQGRFKGHUGHV6FKZHOOHQSKl QRPHQV ZHOFKHV GDV lVWKHWLVFK 5HYROXWLRQlUH PLW GHP JHVHOOVFKDIWOLFK QRFK.RQIRUPHQYHUELQGHWGDVQDFKHLQHU,QWHJUDWLRQVIRUPHOIUGDV$OWH XQGGDV1HXH]XJOHLFKVXFKW'LH(YDOXDWLRQGHU$GHOVNXOWXUQLPPWGDEHL HLQHQSURPLQHQWHQKHXWHEOLFKHUZHLVHQLFKWPHKUEHDFKWHWHQ5DQJHLQ ZHQQJOHLFK GLH EHWUDFKWHWHQ DGHOLJHQ $XWRUHQ GXUFKZHJV NHLQH WUDGLWLR QHOOHQ$GHOVH[LVWHQ]HQPHKUIKUHQ'HQVFKRQLP-DKUKXQGHUWYLUX OHQWHQ=ZlQJHQ]XU)HOGDXVGLIIHUHQ]LHUXQJGLHPLWGHUgNRQRPLVLHUXQJ GHU /LWHUDWXU ZHOFKH GHQ %UJHU DOV .lXIHU HQWGHFNW EHJRQQHQ KDEHQ EHJHJQHW GLH 5RPDQWLN PLW LKUHU )LJXU GHU $PELYDOHQ]ELOGXQJ XQG GDV KHL‰W PLW HQWGLIIHUHQ]LHUHQGHQ XQG DXVGLIIHUHQ]LHUHQGHQ 7HQGHQ]HQ ]X JOHLFK'LHVOl‰WVLFKDQGHQVR]LDOHQ/DXIEDKQHQGHUDGHOLJHQ5RPDQWLNHU DEOHVHQ :lKUHQG VLH GLH (QWVFKHLGXQJ ]XU $XWRUVFKDIW GD]X ]ZLQJW 7HQGHQ]HQ GHU )HOGDXVGLIIHUHQ]LHUXQJ ]X VWW]HQ XQG KHUEHL]XIKUHQ QHLJHQVLHGRFKDXFK]X*HJHQVWUHELJNHLWHQZLH$Q|NRQRPLH([NOXVLYL WlW DUFKDLVLHUHQGH 6HOEVWVWLOLVLHUXQJ SROLWLVFKH .RQIRUPLWlW XQG 2UJDQL ]LVPXVGHQNHQ %RXUGLHX KDW EHPHUNW GDVV HLQ GHUDUWLJHU RVWHQWDWLYHU $QWL|NRQRPLVPXV GHU OLWHUDULVFKHQ 2UGQXQJ GLH VLFK VHOEVW DOV 6SLHJHO



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 ELOG GHU |NRQRPLVFKHQ :HOW KHUDXVELOGHW GXUFKDXV HQWVSULFKW  'DV N|QQWHHLQHQ(UNOlUXQJVDQVDW]GDIUOLHIHUQGDVVLQHLQHUNULWLVFKHQ3KDVH GHU)HOGHQWVWHKXQJGLH$GHOVNXOWXUDXIPHKUHUHQ(EHQHQZLHGHUXPHLQH 5ROOH VSLHOW REJOHLFK GLHV QDFK GHU *UQGHU]HLW HLQHV YHUEUJHUOLFKWHQ /LWHUDWXUEHWULHEV LP -DKUKXQGHUW JHUDGH]X DOV UHJUHVVLYH (QWZLFNOXQJ DQPXWHQ PXVV )U DEVWHLJHQGH $ULVWRNUDWHQ LVW GLH .XQVW EHUHLWV XP DWWUDNWLY'DGLHVR]LDOH'LVNULPLQLHUXQJLP HQWVWHKHQGHQ NQVWOH ULVFKHQ)HOGJHULQJDXVJHSUlJWLVWEHJQJWVLFKDXFKGHUPLWZHQLJ|NR QRPLVFKHP .DSLWDO YHUVHKHQHQ $XWRU PLW GHU 6XPPH GHV QRFK YHUEOLH EHQHQ V\PEROLVFKHQ .DSLWDOV DXV GHP +HUNXQIWVNRPSOH[ SOXV GHP HUZRUEHQHQ V\PEROLVFKHQ .DSLWDO DXIJUXQG GHU OLWHUDULVFKHQ XQG GHU EHUXIOLFKHQ 7lWLJNHLWÄ$GHOLJNHLW¶YHUKLOIW]XU%HZlOWLJXQJGHUDXVEUJHU OLFKHU6LFKWHUOLWWHQHQ5FNVFKOlJHXQGUHJWGD]XDQQDFK(UIROJHQLQGHU .XQVW]XVWUHEHQ 'LH =LFN]DFNEHZHJXQJHQ GLHVHU VR]LDOHQ /DXIEDKQHQGLH 0HKUIDFK EHODVWXQJHQ HLQHV DUFKDLVFKPRGHUQHQ /HEHQV VLQG ELRJUDSKLVFK UHNRQ VWUXLHUEDU ZHQQJOHLFK GLH %HWURIIHQHQ VHOEVW ZLH LKUH %LRJUDSKHQ LQ GHU 5HJHO GDUDQ LQWHUHVVLHUW ZDUHQ GLH )ROJHULFKWLJNHLW XQG .RQWLQXLWlW YRQ Ä/HEHQXQG:HUN¶QDFK]XZHLVHQ²ZDVEHVRQGHUVLP)DOO.OHLVWEHUKDXSW QLFKWJHOLQJHQNRQQWH,QGLHVHU/DXIEDKQVLQGGLH%UFKHQLFKW]XEHU GHFNHQDXIJUXQGGHUYHUVSlWHWHQ.DQRQLVLHUXQJ.OHLVWVNRQQWHYRQKDU PRQLVLHUHQGHQ%LRJUDSKLH.RQVWUXNWHQDEJHVHKHQZHUGHQ 'LH ILNWLRQDOHQ 7H[WH VSUHFKHQ HLQH 6SUDFKH GLH ZR VLH WUDGLWLRQDOH (OHPHQWHYRQÄ.XOWXU¶QHXYHUKDQGHOQMHQHU6FKZHOOHQVLWXDWLRQLQHLQHP K|KHUHQ 0D‰ JHUHFKW ZLUG DOV GLH VR]LDOHQ /DXIEDKQHQ GLH GHU .RQWLQ JHQ] PRGHUQHU /HEHQVOlXIH EHUKDXSW XQWHUZRUIHQ ZDUHQ Ä$GHOLJ NHLW¶YHUZHLVWH[DNWDXIGLH%UXFKOLQLH]XU0RGHUQHXQGDXIGLH6FKZHOOH GLHGLHVH%UXFKOLQLH]XEHUGHFNHQEHPKWLVW6LHYHUZHLVWDXIHLQHQ=HLW UDXP GD lVWKHWLVFKH 7KHRULH XQG OLWHUDULVFKH 3UD[LV PLW HLQHU LP YHUIDV VXQJVUHFKWOLFKHQ 6LQQ SROLWLVFKHQ (QWZLFNOXQJ NRQYHUJLHUHQ )U .OHLVW $UQLP (LFKHQGRUII XQG )RXTXp ZDU GHU $GHO DOV SHUV|QOLFKHU /HEHQV HQWZXUI DOV *XWVEHVLW]HU E]Z 6WDDWVEHDPWHU  XQG DOV EHU]HLWOLFK OHJLWL PHU Ä6WDQG¶ QLFKW REVROHW Ä$GHOLJNHLW¶ LVW LQ LKUHQ 7H[WHQ QDFK ZLH YRU GLVNXVVLRQVZUGLJ$XFKDQKDQGYRQ$GHOLJNHLWOlVVWVLFK]HLJHQGDVV]XU 0RGHUQLWlW GHU 5RPDQWLN LKUH IRUPDOH XQG VR]LDOH +\EULGLVLHUXQJVNXQVW ]lKOWZREHLILNWLRQDOH7H[WHDOV+\EULGH]ZHLIHOORVHUNHQQEDUVLQG ]% GLH )RUP GHV URPDQWLVFKHQ 5RPDQV GLH $XIVSDOWXQJ GHV 0HQVFKHQ DOV ZLGHUVSUFKOLFKHV 'RSSHOZHVHQ LQ ]ZHL GLVWLQNWH Ä'RSSHOJlQJHU¶ GLH ²²²²²²²²²²²²²  Å'LHOLWHUDULVFKH XVZ 2UGQXQJKDWVLFKLP9HUODXIHLQHVODQJHQXQGODQJVDPHQ$XWRQR PLVLHUXQJVSUR]HVVHV]XPVSLHJHOYHUNHKUWHQ*HJHQELOGGHU|NRQRPLVFKHQ:HOW²XQGGD PLW]XHLQHUZDKUHQ3URYRNDWLRQMHGHU)RUPYRQgNRQRPLVPXV²KHUDXVJHELOGHW:HULQ VLHHLQWULWWKDWDQ,QWHUHVVHORVLJNHLW,QWHUHVVH´ %RXUGLHX5HJHOQGHU.XQVW6 



.DSLWHO

 9HUHLQEDUNHLWYRQ(OLWDULVPXVXQG9RONVWPOLFKNHLW VR]LDOH/DXIEDKQHQ VLQGGLHVLQJHULQJHUHP0D‰$XFKGLHURPDQWLVFKH([NOXVLYLWlWLVWPHKU HLQWKHRUHWLVFKILNWLRQDOHU(QWZXUIDOVHLQSUDNWL]LHUWHV/HEHQVNRQ]HSW 'LH *HQHUDWLRQ GHU 5RPDQWLNHU VFKHLQW LKU $XJHQPHUN DXI GDV LQ NRPPHQVXUDEOH $XVHLQDQGHUGULIWHQ YRQ LPPHU QRFK HUOHEWHU .XOWXU GHU $GHOLJNHLWXQGHLQVFKQHLGHQGHQ'URKXQJHQVHLWHQVGHUSROLWLVFKHQ6SKlUH ]X ULFKWHQ :LH DOVR ZLUG Ä$GHO¶ YHUVWDQGHQ ZLH NDQQ HU QRFK ÄJH OHEW¶ ZHUGHQ" /LWHUDULVFKH 7H[WH ELHWHQ VHPDQWLVFKH 9HUGLFKWXQJHQ XQG 9HUIUHPGXQJHQVROFKHU0|JOLFKNHLWHQGHV/HEEDUHQDXFKGDKHULVWÄ$GH OLJNHLW¶PHKUDOVHLQEOR‰HVOLWHUDULVFKHV0RWLY(UNHQQEDULVWHLQH]ZHLID FKH&RGLHUXQJ]XP(LQHQLVWÄ$GHOLJNHLW¶JHPQ]WDXIGLH)UDJHGHU/HJL WLPLWlW HLQHU JHIlKUGHWHQ .XOWXU GHUHQ 6FKHLWHUQ LP *DQ]HQ EHUHLWV DE]XVHKHQLVWGLHDEHUQRFKHLQPDOXQGVHOEVWÄLP8QWHUJDQJ¶QDFKLKUHP 2UWLQHLQHUPRGHUQHQ:HOWVXFKW]XP=ZHLWHQDEHUXQG]XNXQIWVWUlFK WLJHUDXIHLQHQ$ULVWRNUDWLVPXVDOVSRHWRORJLVFKHQXQG]XJOHLFKSHUIRUPD WLYHQ*HVWXVLPHQWVWHKHQGHQOLWHUDULVFKHQ)HOGZRPLWDEHUGDVNXOWXUHOOH 0XVWHUGHUÄ$GHOLJNHLW¶EHUDOOGRUWIXQNWLRQDOZLUGZRVLFKGLHYLHOIDFK EHQDQQWHQ 0RWLYH GHU $Q|NRQRPLH GHV )RUPSULPDWV XQG HLQHU ÄSRHWL VFKHQ¶/HEHQVZHLVHLP*HJHQVDW]]XHUIROJVRULHQWLHUWHP6FKUHLEHQXQWHU QHXHP (WLNHWW IRUWIKUHQ ODVVHQ XQWHU GHP GHU $XWRUVFKDIW QlPOLFK =ZLVFKHQ GHU 5HSUlVHQWDWLRQ GHU $GHOVVHPDQWLN LQ GHQ 7H[WHQ GHU 5R PDQWLNHUGLHGLHVHPLWWHOVGHU.RQYHUJHQ]YRQ$GHOLJNHLWXQG3RHVLHLQ 5HODWLRQ ]X GHQ XQOLHEVDPHQ .RQNXUUHQWHQ GHQ 6SlWDXINOlUHUQ GHQ HU IROJUHLFKHQ7ULYLDODXWRUHQXQGOHW]WOLFKDXFK*RHWKHJOHLFKVDPQRELOLWLH UHQ XQG GHQ 3RVLWLRQLHUXQJHQ GHU $XWRUHQ LP 3URGXNWLRQVIHOG GLH DXFK YRP DGHOLJHQ +DELWXV EHHLQIOXVVW QLFKW VHOWHQ RVWHQWDWLY PDUNWNULWLVFKH DOVRÄDULVWRNUDWLVFKH¶VLQG²]ZLVFKHQGLHVHQ5HODWLRQHQEHVWHKWHLQH+R PRORJLH GLH GHQ 5RPDQWLNHUQ ([NOXVLYLWlW EHVFKHUW DXI PHKUHUHQ (EH QHQ HQRUPHQ 'LVWLQNWLRQVJHZLQQ JHZlKUW $XFK GLH ÄUHLQH¶ .XQVW GHU 5RPDQWLNNDQQJHVHOOVFKDIWOLFKH$XIJDEHQHUIOOHQ9LHOOHLFKWNDQQPDQ EHKDXSWHQ $UQLP XQG )RXTXp .OHLVW XQG (LFKHQGRUII KDWWHQ DOV ]X PLQGHVW7HLO]HLW $XWRUHQPHKU&KDQFHQDXIHLQVWDQGHVJHPl‰HV/HEHQ DOVLQHLQHUWUDGLWLRQDOHQ/DXIEDKQGLHVLFKLKQHQHQWZHGHUQLFKWRGHUQXU PLW Pl‰LJHP (UIROJ ERW RGHU GLH VLH DEOHKQWHQ 8QG VHOEVW ZHQQ VLFK DOOPlKOLFKÄ$GHOLJNHLW¶YRQGHUXUVSUQJOLFK]XJHK|ULJHQVR]LDOHQ6FKLFKW DE]XO|VHQEHJLQQWLVWVLHHLQIUDOOH%HWHLOLJWHQQRELOLWLHUHQGHV0RWLY=XU .ODVVLVFKHQ0RGHUQHXPKLQEOHLEWGLH+RPRORJLH]ZLVFKHQV\PER OLVFKHP5DXPGHU7H[WHXQGVR]LDOHP5DXPGHU$NWHXUHMHGHQIDOOVHUKDO WHQÄ$XWRQRPLHlVWKHWLN¶SOXV$GHOVVHPDQWLNXPYHUKDOWHQVLFKKR PRORJ]XPQRFKGRPLQDQWHQDGHOLJHQ+DELWXVDOV'LVSRVLWLRQ]XPLQGHVW ²²²²²²²²²²²²²

 9JO%RXUGLHX/LWHUDULVFKHV)HOG6



'LHVR]LDOHQ/DXIEDKQHQ¶GHU5RPDQWLNHU



 IUDGHOLJH$NWHXUH²PDQGHQNHDEHUDXFKDQGLH$WWLWGHQ7LHFNV8P  YHUKlOW VLFK GHU bVWKHWL]LVPXV HLQHU $EOHKQXQJ GHU HPSLULVFKHQ :HOWLPV\PEROLVFKHQ5DXPGHU7H[WHKRPRORJ]XP$ULVWRNUDWLVPXVDOV +DQGOXQJVGLVSRVLWLRQGHU$NWHXUHLPOLWHUDULVFKHQ)HOG6LPXOWDQPLWGHP $XIEUXFK]XP,QGXVWULHNDSLWDOLVPXVEHUOHEHQLPOLWHUDULVFKHQ)HOGDULV WRNUDWLVFKH'LVSRVLWLRQHQ]XJXQVWHQHLQHU$QKlXIXQJV\PEROLVFKHQ.DSL WDOV²HLQVFKHLQEDUHV5HOLNWDXVGHPYRUNDSLWDOLVWLVFKHQ=HLWDOWHU

²²²²²²²²²²²²²

 9JO%RXUGLHX5HJHOQGHU.XQVW6





.DSLWHO



    

.DSLWHO6FKOXVV

  (VJDOWHLQHQ,QGL]LHQEHZHLV]XIKUHQ,QHLQHUGXUFKDXWRQRPHbVWKH WLNXQGGDVEUJHUOLFKH6XEMHNWEHVWLPPWHQ/LWHUDWXUGDUIGHU$GHONHLQHQ 5DXPPHKUHLQQHKPHQ$XVGHU6LFKWGHVEUJHUOLFKHQ-DKUKXQGHUWV NDQQ DXFK HLQ $XWRU DGHOLJHU +HUNXQIW QXU$XWRUVHLQ ZLH MHGHU DQGHUH 1DFK GHQ DGHOVNULWLVFKHQ 7RSRL GHU $XINOlUXQJ HUVFKHLQW GLH 5FNNHKU GHV$GHOLJHQLQYLHOHQ7H[WHQGHU5RPDQWLNDOV$QDFKURQLVPXVXQGZXU GH ODQJH =HLW DOV UHDNWLRQlU JHZHUWHW VLH PXVV DEHU WH[WDQDO\WLVFK XQG NXOWXUVR]LRORJLVFK NRPSOH[HU EHJUQGHW ZHUGHQ 'LH $XVZHLWXQJ GHV DOWHQ9HUGDFKWVJHJHQGLHÄSROLWLVFKH5RPDQWLN¶DXIYLHOHUOHL7H[W]HXJQLVVH JHQJWKLHUQLFKW +DWWH GLH )UKURPDQWLN QRFK LP )DKUZDVVHU GHU )UDQ]|VLVFKHQ5H YROXWLRQEHUZLHJHQGDGHOVNULWLVFKH3RVLWLRQHQYHUWUHWHQVRVW|‰W$GDP 0OOHUV0HWDSKRULVLHUXQJXQG3RHWLVLHUXQJGHV$GHOVHLQH:HQGHDQ Ä$GHO¶LVWLQ7H[WHQGHU5RPDQWLNYRUDOOHPQDFKDOV6WDQGSUl VHQW²ZLUGDEHUQHXIXQNWLRQDOLVLHUWEHUGLH0HUNPDOHVHLQHU6HPDQWLN GLH VLFK PLW GHU URPDQWLVFKHQ 3RHWRORJLH YHUNRSSHOQ ODVVHQ $XI GLHVH lVWKHWLVFK GXUFKDXV RULJLQHOOH :HLVH JHZLQQW Ä$GHOLJNHLW¶ LQ GHU /LWHUDWXU QHXH/HJLWLPLWlW²EHLHLQLJHQ$XWRUHQEHL$GDP0OOHU$UQLP)RXTXp XQG(LFKHQGRUII]XGHPDXFKDOVHUQHXHUWHSROLWLVFKH5HIHUHQ]JU|‰HGLH IUHLOLFKQLFKWLGHQWLIL]LHUWZHUGHQGDUIPLWGHPÄ$GHO¶GHVILNWLRQDOHQ7H[WV )LNWLRQDOH7H[WHZXUGHQDXI,VRWRSLHHEHQHQDGHOLJHU6HPDQWLNKLQXQ WHUVXFKW 6HPH ZLH Ä5LWWHU¶ Ä*HQHDORJLH¶ Ä6SLHO¶ Ä$Q|NRQRPLH¶ ² VRZHLW VLHRIIHQNXQGLJDXIGHU(EHQHGHU)LJXUHQNRQVWHOODWLRQXQGGHU:HOWGHU +DQGOXQJPLWÄ$GHO¶LQ=XVDPPHQKDQJ]XEULQJHQVLQG²ZXUGHQDQDO\ VLHUW'DEHLZDU]XEHGHQNHQGDVVURPDQWLVFKH7H[WHZHLWGDYRQHQWIHUQW VLQGHLQHHPSLULVFKH:HOWGHU*HJHQZDUWDE]XELOGHQ9LHOPHKUVLQGGLH :HOWHQGLHVLHPRGHOOLHUHQDQGLHlVWKHWLVFKHQ3UlPLVVHQGHU5RPDQWLN JHNQSIW ZREHL HLQH WUDQV]HQGHQWDOSRHWLVFKH 9HUNOlUXQJ GHV VLFK VHOEVW JHQJHQGHQ3RHWLVFKHQYRPÅ$WKHQlXP´ELV]XPVSlWHQ7LHFNXQG]XP VSlWHQ(LFKHQGRUIIEHLDOOHQ9HUlQGHUXQJHQLQQHUKDOEGHVURPDQWLVFKHQ 3DUDGLJPDVJOWLJEOHLEW 6HPDQWLN XQG )LJXU GHV Ä5LWWHUV¶ VLQG HLQ LP URPDQWLVFKHQ 5RPDQ VSH]LILVFKHU 1HXHQWZXUI YRQ DQWLEUJHUOLFKHU XQLYHUVDOLVWLVFKHU $XWRU VFKDIW(UNHQQEDUHV9RUELOGLVWGHU'RQ4XL[RWHDOOHUGLQJVYRP/HVHU]XP $XWRU YHUZDQGHOW 'DEHL LVW GLH ULWWHUOLFKH Ä:HOW LP 7H[W¶ DOV GXUFKDXV



.DSLWHO

 NQVWOLFKHV (U]lKOH[SHULPHQW HLQHU +\EULGIRUP YRQ ILNWLYHP 0LWWHODOWHU XQGÄP|JOLFKHU¶:HOWGHU(QWVWHKXQJV]HLWHUNHQQEDU Ä*HQHDORJLH¶LVWQLFKWQXUREHUVWHVDGHOLJHV/HEHQVJHERWZHQQHVXP GLH 1HW]ZHUNH GHU DGHOLJHQ *UR‰IDPLOLH JHKW VLH LVW JOHLFK]HLWLJ .RKl UHQ]SULQ]LSLP*HZLUUDXV%LQQHQXQG5DKPHQWH[WHQGHUVLFKYRQOLQHD UHP(U]lKOHQDENHKUHQGHQURPDQWLVFKHQ5RPDQH Ä6SLHO¶DOV,QYDULDQWHDGHOLJHQ6HOEVWYHUVWlQGQLVVHVEHGLHQWGDVURPDQ WLVFKH ,QWHUHVVH DP VHOEVWUHIOH[LYHQ XQG LOOXVLRQVEUHFKHQGHQ 7KHDWUDOHQ YRUDOOHPLQVHLQHQÅ.RUUXSWLRQVW\SHQ´ &DLOORLV GHP'XHOOGHP$EHU JODXEHQGHU6XFKW²GLHGHP$GHOYRUEHKDOWHQHOHLFKWH*UHQ]EHUVFKUHL WXQJ YRQ Ä6SLHO¶ XQG Ä(UQVW¶ NRPPW GHP SRHWRORJLVFKHQ 6SLHO PLW GHQ *UHQ]HQ]ZLVFKHQ)LNWLRQDOHPXQG)DNWXDOHPVFKRQVHLW7LHFNV*HVWLHIHO WHP.DWHUHQWJHJHQ,Q/XGZLJ7LHFNVVSlWHP5RPDQ'HUMXQJH7LVFKOHUPHLV WHU GDUI HV ]X HLQHP 6WlQGHNRPSURPLVV DXVJHUHFKQHW LQ GHU 3UD[LV GHV DGHOLJHQ/DLHQWKHDWHUVJHODQJHQ ,Q GHP XP  EULVDQWHQ :HFKVHOVSLHO DXV gNRQRPLVLHUXQJ XQG (QW|NRQRPLVLHUXQJ EH]HXJHQ GHU $GHO XQG GLH URPDQWLVFKH 3RHVLH ]X JOHLFK GHQ NXU]IULVWLJHQ 9HU]LFKW DXI GHQ (KUJHL] GHV KRPR RHFRQRPLFXV ]XJXQVWHQHLQHUODQJIULVWLJHQgNRQRPLHGHVV\PEROLVFKHQ.DSLWDOV 'LHVH .RQVWHOODWLRQ DEHU YHUELQGHW GLH 6HPDQWLN GHV $GHOLJHQ PLW GHPPRGHUQHQ$XWRUGHUVLFKDP0DUNWEHKDXSWHQPXVVXQGGHUGRFK ]XJXQVWHQ OlQJHUIULVWLJHU (UIROJH GLH NXU]IULVWLJH 2ULHQWLHUXQJ DP ILQDQ ]LHOOHQ9HUGLHQVWJHUDGHDXFKDXVVFKOlJW'LH$XWRUHQGHU5RPDQWLNODV VHQ VLFK KLQVLFKWOLFK LKUHU ZLUWVFKDIWOLFKHQ 2ULHQWLHUXQJ QLFKW DXI HLQHQ 1HQQHUEULQJHQ²GRFKKHUUVFKWLPPHUQRFKGHU7\SXVGHV1HEHQVWXQ GHQDXWRUV YRU GHU YRQ HLQHP %URWEHUXI RGHU JDU DGHOLJHQ 0l]HQHQ DE KlQJLJ LVW'LHV JLOW JHUDGHIU GLHMHQLJHQ5RPDQWLNHUGLH VHOEVW DGHOLJHU +HUNXQIW VLQG 'DV XP  QRFK LP (QWVWHKHQ EHJULIIHQH OLWHUDULVFKH )HOGSUlVHQWLHUWPLWGHQ$XWRUHQGHU5RPDQWLNHLQHhEHUJDQJVVLWXDWLRQ 1RFKLVWGLH3UlJXQJGXUFKHLQHQÄDGHOLJ¶]XQHQQHQGHQ+DELWXV HWZDEHL 7LHFNDEHUDXFKGXUFKDGHOLJHV0l]HQDWHQWXP YLUXOHQWEOHLEW$GHOHLQLQ WUDGLWLRQHOO VWlQGLVFKHQ %DKQHQ P|JOLFKHU RGHU DQJHVWUHEWHU /HEHQVHQW ZXUI²ZHUGHQ0HUNPDOHDGHOLJHUÄ.XOWXU¶DGHOLJHUÄ6HPDQWLN¶LQGHUOLWH UDULVFKHQ 3UD[LV VRJDU QHX IXQNWLRQDOLVLHUW =XJOHLFK DEHU EHJLQQW HLQ QHXHU HLQ ÄPRGHUQHU¶ $ULVWRNUDWLVPXV GHU0DUNWGLVWDQ] GHU DXI GDV YROO DXVJHELOGHWHOLWHUDULVFKH)HOGXQGGHQbVWKHWL]LVPXVGHVVSlWHQ-DKU KXQGHUWVYRUDXVZHLVWXQGPLWGHP$GHODOV*HEXUWVHOLWHQXUQRFKZHQLJ ]XWXQKDW ,PPHU LP $XVWDXVFK PLW XQG ]XQHKPHQG LQ $EO|VXQJ YRQ GHU 6H PDQWLNGHV*HEXUWVDGHOVVHW]WVLFKLPXQG-DKUKXQGHUWGHUÄ$GHO GHV *HLVWHV¶ DOV HUIROJUHLFKVWH 9DULDQWH LQ GHU 7\SRORJLH GHV PRGHUQHQ $ULVWRNUDWLVPXVGXUFK*HUDGH]ZLVFKHQ-DKUKXQGHUWZHQGHXQG1DWLRQDO



6FKOXVV





 VR]LDOLVPXV HQWVWHKW HLQ JDQ]HV 6SHNWUXP DQ 1HXDGHOVNRQ]HSWHQ$XFK GLH$YDQWJDUGHQZDUHQ*HLVWHVDULVWRNUDWLHQGLHEULJHQVQLFKW]XOHW]WIU $GHOLJH$WWUDNWLYLWlWEHVD‰HQ%HLQRFKYHUVWlUNWHU$EO|VXQJYRPKLVWR ULVFKHQ6LJQLILNDWEOHLEWGLH6HPDQWLNGHV$ULVWRNUDWLVFKHQPLWQRFKXQHU IRUVFKWHQ(QWZLFNOXQJVWHQGHQ]HQQRFKLP-DKUKXQGHUWXQGELVKHXWH DWWUDNWLY 'LHURPDQWLVFKHbVWKHWLNYHUELQGHWGLH3UlPLVVHGHU$XWRQRPLHHWZD PLWGHUMHQLJHQHLQHUOlQJVWVFKRQSUREOHPDWLVFKHQGRFKVWHWVDXIV1HXH ]XXQWHUQHKPHQGHQ9HUVFKUlQNXQJYRQÄ.XQVW¶XQGÄ/HEHQ¶IUGLHGHU $XWRU DOV 9HUPLWWOHU IXQJLHUW Ä$XWRQRPLH SOXV 9HUPLWWOXQJ¶ ² DXI GLHVH )RUPHOLVWDEHUDXFKGHU$GHO]XEULQJHQZHQQJOHLFKLKP*RHWKHV:DKO YHUZDQGWVFKDIWHQGLHVH )XQNWLRQHQ JHUDGH DEVSUHFKHQ *RHWKHV GULWWHU 5R PDQ ZDU GDKHU PLW HLQHP 6HLWHQEOLFN DXI GLH QRFK DGHOVIUHXQGOLFKHQ /HKUMDKUH DOV5HIHUHQ]UDKPHQIUGLHGDUDXIIROJHQGHQURPDQWLVFKHQ(U ]lKOH[SHULPHQWHDXFKDOV$GHOVURPDQQHX]XOHVHQDOVVHLQHUVHLWVQDUUDWL YHV([SHULPHQWDXIGLHhEHUOHEHQVIlKLJNHLWHLQHVNXOWXUHOOHQ3DUDGLJPDV LQHLQHUQLFKWPHKUGXUFK/HEHQVJHQXVVXQG*DEHQWDXVFKVRQGHUQGXUFK ]XQHKPHQGHgNRQRPLVLHUXQJJHSUlJWHQ0RGHUQH6WLPPLJ]XU$GHOVNXO WXUYHUKlOWVLFKGHU)RUPSULPDWGHU5RPDQWLNGHU3ULPDWGHV6LJQLILNDQ WHQYRUGHP6LJQLILNDWQLFKW]XIlOOLJGRPLQLHUHQLQYLHOHQGHUEHVSURFK HQHQ7H[WHDGHOLJH9HUPLWWOHUEHUDEZHVHQGH+HUUVFKHU 'LH5RPDQWLNQLPPWIUVLFKQLFKWQXUGDQQHLQH*HGlFKWQLVIXQNWLRQ LQ$QVSUXFKZHQQVLHVLFKGLH$UFKLYLHUXQJ (GLWLRQSURGXNWLYH5H]HS WLRQ.DQRQLVLHUXQJ YRQ%HVWlQGHQYHUVFKWWHWHU7UDGLWLRQHQ]XU$XIJD EH PDFKW VRQGHUQ GXUFKDXV DXFK LQGHP VLH QRFKYHUIJEDUHV DEHU JH IlKUGHWHV:LVVHQSUlVHQWKlOWXQGQHXHQSRHWLVFKHQ)XQNWLRQHQ]XIKUW HEHQGLHV JHVFKLHKW PLW GHP VHPDQWLVFKHQ .RPSOH[ GHV $GHOV +|KHQ NDPPOLWHUDWXU VWHOOW DXI GLHVH :HLVH 'LVVLGHQ] KHU ZLH -RFKHQ +|ULVFK EHKDXSWHW KDW Å6LH HU|IIQHW V\VWHPDWLVFK DEZHLFKHQGH %HREDFKWXQJHQ YHUWUDXWHUXQGHLQJHVSLHOWHU6DFKYHUKDOWH´'LHURPDQWLVFKHQ([SHULPHQ WHPLWGHU$GHOVNXOWXUHQWZHUIHQYLHOVWLPPLJHLQHQ$GHOGHQHVVRSROL ²²²²²²²²²²²²² 

9JO GD]X MHW]W *HUVWQHU $OH[DQGUD 1HXHU $GHO $ULVWRNUDWLVFKH (OLWHNRQ]HSWLRQHQ ]ZLVFKHQ -DKUKXQGHUWZHQGHXQG1DWLRQDOVR]LDOLVPXV'DUPVWDGW  9JO 6WUREHO -RFKHQ Å9RQ $YDQWJDUGH XQG $ULVWRNUDWLH´ LQ /XW] +DJHVWHGW +UVJ  /LWHUDWXUDOV/XVW%HJHJQXQJHQ]ZLVFKHQ3RHVLHXQG:LVVHQVFKDIW)HVWVFKULIWIU7KRPDV$Q] 0Q FKHQ6 7KHRULHXQG3UD[LVGHU,QWHUSUHWDWLRQ   9JO+DV(OOLVLRQ7U\JYHÅ7KH1REOHDV1LHW]VFKLDQ>VLF@,QVSLUHG$UWLVW7KH&RQFHSWXDO :RUN RI (PDQXHO )UHLKHUU YRQ %RGPDQ´ LQ +HQJHUHU.XKQ $GHO LP :DQGHO %G  6  9JO &RQ]H (FNDUW0HWHOLQJ :HQFNH6FKXVWHU -|UJ6WUREHO -RFKHQ +UVJ  $ULVWRNUD WLVPXVXQG0RGHUQH  .|OQ:HLPDU:LHQ  +|ULVFK-RFKHQÅ:DUXPOJHQXQGZDVZLVVHQGLH'LFKWHU"3OlGR\HUIUHLQHSUREOHP XQG WKHPHQ]HQWULHUWH /LWHUDWXUZLVVHQVFKDIW´ LQ GHUV 'DV :LVVHQ GHU /LWHUDWXU 0QFKHQ 6KLHU6



.DSLWHO

 WLVFK YRUPRGHUQ XQG VR lVWKHWLVFK PRGHUQ QLH JHJHEHQ KDWWH XQG DXFK QDFKQLFKWJDE=XPLQGHVWZLGHUVSUHFKHQGLH5HNRQVWUXNWLRQHQGHU +LVWRULNHU GHV  XQG  -DKUKXQGHUWV QLFKW VHOWHQ DQ HQWVFKHLGHQGHQ 6WHOOHQGHP:LVVHQGHU/LWHUDWXUOLWHUDULVFKH)LJXUDWLRQHQGHV$ULVWRNUD WHQZLHGLH*UlILQ'RORUHVGHU)UVWHQVSURVV0HGDUGXV*UDI)ULHGULFK 3ULQ]HVVLQ %UDPELOOD *UDI *RFNHO RGHU (OVKHLP OHEHQ LQ :HOWHQ GHUHQ ÅGLFKWH %HVFKUHLEXQJ´ *HHUW]  PHKU 'LIIHUHQ]HQ DOV hEHUHLQVWLPPXQ JHQ PLW GHU *HJHQZDUW LKUHU $XWRUHQ HUEULQJW ² PLW HLQHU JHZLFKWLJHQ $XVQDKPHIRUPXOLHUWPDQVLHKLQUHLFKHQGJOREDO=HLWJOHLFKPLWGHUOLWH UDULVFKHQ:LHGHUHQWGHFNXQJLVWGHUGHXWVFKH$GHOLQVHLQHP.DPSIXPV Ä2EHQEOHLEHQ¶EHVRQGHUVHUIROJUHLFK$XVGHQ-DKUHQ]ZLVFKHQXQG VWDPPHQGLHPHLVWHQGHULQGLHVHU0RQRJUDSKLHXQWHUVXFKWHQ7H[WH =X O|VHQ ZDU GDEHL GDV Å9HUNQSIXQJVSUREOHP¶ LQ GHU SRVW VR]LDOJHVFKLFKWOLFKHQ/LWHUDWXUJHVFKLFKWVVFKUHLEXQJ´¶GLH)UDJHQDFKGHP =XVDPPHQKDQJ ]ZLVFKHQ 7H[W XQG Å2UJDQLVDWLRQVPXVWHUQ GHV JHVHOO VFKDIWOLFK EHGHXWVDPHQ :LVVHQV´ GDV 6WHSKHQ *UHHQEODWW XQG PLW LKP NRQNUHWHU'DQLHO)XOGDLP%HUHLFKGHV7KHDWUDOHQDOV2UWGHU,QWHUIHUHQ] ]ZLVFKHQ VR]LDOHQ 3UDNWLNHQ XQG OLWHUDULVFKHU  .RP|GLH VXFKW  0HLQ 9RUVFKODJODXWHWGLH(UPLWWOXQJDGHOVNXOWXUHOOHU6HPDQWLNLPOLWHUDULVFKHQ 7H[WPLWGHPÄ$ULVWRNUDWLVFKHQ¶LQGHU(QWZLFNOXQJGHVOLWHUDULVFKHQ)HO GHV ]X NRQIURQWLHUHQ GLH *UHHQEODWWVFKH =LUNXODWLRQ ÅVR]LDOHU (QHU JLH´ ]ZLVFKHQ GHU $GHOVVHPDQWLN LQ GHU /LWHUDWXU XQG GHP /HEHQ DOVR QLFKW DXVVFKOLH‰OLFK DXI GHQ ÄUHDOHQ¶ $GHO DOV YLHOPHKU DXI GHQ ÄUHD OHQ¶$XWRUXPXQGVHLQH6LWXDWLRQLPHQWVWHKHQGHQOLWHUDULVFKHQ)HOG ]X IRNXVVLHUHQ $XWRUHQ ZLH /HVHU EHZHJHQ VLFK VR LQ HLQHP YHUWUDXWHQ VHPDQWLVFKHQ )HOG ZlKUHQG VLH GHQ .RQWLQJHQ]HQ XQG 8PEUFKHQ GHV EHJLQQHQGHQ  -DKUKXQGHUWV DXVJHVHW]W VLQG $Q|NRQRPLH VSLHOHULVFKH 5LWXDOLVLHUXQJHQJHQHDORJLVFKH2UGQXQJHQXQGPDFKWYROOH$XWRUVFKDIW² GLHVDOOHVZLUGLQILNWLRQDOHQ:HOWHQJHUHWWHWXQGQHXIXQNWLRQDOLVLHUWZlK UHQGVLFKGHU6FKULIWVWHOOHUGHU0RGHUQHGHQ.RQNXUUHQ]HQDP0DUNW]X VWHOOHQKDW

²²²²²²²²²²²²² 

)XOGD6FKDX6SLHOHGHV*HOGHV6XQG6

   

%LEOLRJUDSKLH

 

>DQRQ\P@ Å(L´ LQ +DQGZ|UWHUEXFK GHV GHXWVFKHQ $EHUJODXEHQV %G ,, %HUOLQ/HLS]LJ 6S >DQRQ\P@ Å7LHFNV GUDPDWLVFKH 9RUOHVXQJHQ´ LQ 0RUJHQEODWWIUJHELOGHWH6WlQGH 1UI6IXQG $FKHUPDQQ (ULF :RUWHXQG:HUWH*HOGXQG6SUDFKHEHL*RWWIULHG:LOKHOP/HLEQL]-RKDQQ *HRUJ+DPDQQXQG$GDP0OOHU7ELQJHQ $GOHU -HUHP\ Å(LQH IDVW PDJLVFKH $Q]LHKXQJVNUDIW´ *RHWKHV :DKOYHUZDQGWVFKDIWHQ XQG GLH &KHPLHVHLQHU=HLW0QFKHQ $OEUHFKW :ROIJDQJ Å)ULHGULFK 1LFRODLV .RQWURYHUVH PLW GHQ .ODVVLNHUQ XQG )UK URPDQWLNHUQ  ´ LQ +DQV'LHWULFK 'DKQNH%HUQG /HLVWQHU +UVJ 'HEDWWHQXQG.RQWURYHUVHQ/LWHUDULVFKH$XVHLQDQGHUVHW]XQJHQLQ'HXWVFKODQG DP(QGHGHV-DKUKXQGHUWV%G%HUOLQ:HLPDU6 $OHZ\Q5LFKDUGÅ(LQH/DQGVFKDIW(LFKHQGRUIIV´LQ(XSKRULRQ6 $OHZ\Q5LFKDUGÅ.ORSVWRFNV/HVHU´LQ%HUQKDUG)DELDQ +UVJ )HVWVFKULIWIU5DLQHU *UXHQWHU+HLGHOEHUJ6 $OOJHPHLQHV /DQGUHFKW IU GLH SUHXVVLVFKHQ 6WDDWHQ 1HXH $XVJDEH 9LHUWHU %G 1HXQWHU 7LWHO9RQGHQ3IOLFKWHQXQG5HFKWHQGHV$GHOVWDQGHV%HUOLQ $OW3HWHU$QGUp.DIND'HUHZLJH6RKQ(LQH%LRJUDSKLH0QFKHQ $PERV &ODXV X D +UVJ  'LH :HOW GHU 5LWXDOH 9RQ GHU $QWLNH ELV KHXWH 'DUPVWDGW  $QVHO 0LFKDHO Å'LH 1DWXUZLVVHQVFKDIWHQ LP :HUN *RWWIULHG %HQQV ]ZLVFKHQ  XQG  (LQ 5HNRQVWUXNWLRQVYHUVXFK DXI GHU %DVLV YRQ %RXUGLHXV )HOGWKHRULH´ LQ 0DUWLQ +XEHU*HUKDUG /DXHU +UVJ  1DFK GHU 6R]LDOJH VFKLFKWH .RQ]HSWH IU HLQH /LWHUDWXUZLVVHQVFKDIW ]ZLVFKHQ +LVWRULVFKHU $QWKURSRORJLH .XOWXUJHVFKLFKWHXQG0HGLHQWKHRULH7ELQJHQ6 $Q]7KRPDV/LWHUDWXUXQG/XVW*OFNXQG8QJOFNEHLP/HVHQ0QFKHQ $SSHOO -RKDQQ :LOKHOP 'LH 5LWWHU 5lXEHU XQG 6FKDXHUURPDQWLN =XU *HVFKLFKWH GHU GHXWVFKHQ8QWHUKDOWXQJV/LWHUDWXU/HLS]LJ $UQLP/XGZLJ$FKLPYRQXQGGLHLKPQDKHVWDQGHQ$FKLPYRQ$UQLPXQG-DFREXQG :LOKHOP*ULPP%G5HLQKROG6WHLJ +UVJ 6WXWWJDUW%HUOLQ $UQLP /XGZLJ $FKLP YRQ XQG GLH LKP QDKHVWDQGHQ $FKLP YRQ $UQLP XQG %HWWLQD %UHQWDQR%G5HLQKROG6WHLJ +UVJ 6WXWWJDUW%HUOLQ



%LEOLRJUDSKLH



$UQLP /XGZLJ $FKLP YRQ Å$UPXW 5HLFKWXP 6FKXOG XQG %X‰H GHU *UlILQ 'ROR UHV´ LQ 6lPWOLFKH 5RPDQH XQG (U]lKOXQJHQ %G  :DOWKHU 0LJJH +UVJ  0QFKHQñ6>6LJOHÅ*'´@ $UQLP/XGZLJ$FKLPYRQÅ'HU:LQWHUJDUWHQ´LQ6lPWOLFKH5RPDQHXQG(U]lKOXQJHQ %G:DOWKHU0LJJH +UVJ 0QFKHQñ6 $UQLP /XGZLJ $FKLP YRQ Å9RQ 9RONVOLHGHUQ´ LQ &OHPHQV %UHQWDQR 6lPWOLFKH :HUNH XQG %ULHIH )UDQNIXUWHU %UHQWDQR$XVJDEH 'HV .QDEHQ :XQGHUKRUQ $OWHGHXWVFKH/LHGHU*HVDPPHOWYRQ/XGZLJ$FKLPYRQ$UQLPXQG&OHPHQV%UHQWD QR,%G+HLQ]5|OOHNH +UVJ 6WXWWJDUW6 $UQLP /XGZLJ $FKLP YRQ $UQLPV%ULHIHDQ6DYLJQ\ +HLQ] +lUWO +UVJ  :HLPDU $UQLP /XGZLJ $FKLP YRQ %HWWLQH XQG $UQLP %ULHIH GHU )UHXQGVFKDIW XQG /LHEH %G2WWR%HW]9HURQLND6WUDXE +UVJ )UDQNIXUWD0 $UQLP /XGZLJ $FKLP YRQ :HUNH LQ VHFKV %lQGHQ 5RVZLWKD %XUZLFN X D +UVJ  )UDQNIXUWD0>6LJOHÅ'.9´@ $UQLP /XGZLJ $FKLP YRQ Å:DV VROO JHVFKHKHQ LP *OFNH´ LQ '.9 5RVZLWKD %XUZLFNXD +UVJ )UDQNIXUWD06 $UQLP/XGZLJ$FKLPYRQ%UHQWDQR&OHPHQV)UHXQGVFKDIWVEULHIH,XQG,,9ROOVWlQGL JHNULWLVFKH(GLWLRQ+DUWZLJ6FKXOW] +UVJ )UDQNIXUWD0 'LH DQGHUH%LEOLRWKHN  $UQLP /XGZLJ $FKLP YRQ :HUNH XQG %ULHIZHFKVHO +LVWRULVFKNULWLVFKH $XVJDEH %ULHIZHFKVHO%G+HLQ]+lUWO +UVJ 7ELQJHQ $VFK5RQDOG*Å6WlQGLVFKH6WHOOXQJXQG6HOEVWYHUVWlQGQLVGHV$GHOVLPXQG -DKUKXQGHUWµ LQ GHUV +UVJ  'HUHXURSlLVFKH$GHOLP$QFLHQ5pJLPH9RQGHU .ULVH GHU VWlQGLVFKHQ 0RQDUFKLHQ ELV ]XU 5HYROXWLRQ FD   .|OQ:HLPDU:LHQ6 $VFK 5RQDOG * Å+RI $GHO XQG 0RQDUFKLH 1RUEHUW (OLDV· +|ILVFKH*HVHOOVFKDIW LP /LFKWHGHUQHXHUHQ)RUVFKXQJ´LQ&ODXGLD2SLW] +UVJ +|ILVFKH*HVHOOVFKDIW XQG =LYLOLVDWLRQVSUR]HVV 1RUEHUW (OLDV· :HUN LQ NXOWXUZLVVHQVFKDIWOLFKHU 3HUVSHNWLYH .|OQXD6 $VVPDQQ $OHLGD $UEHLW DP QDWLRQDOHQ *HGlFKWQLV (LQH NXU]H *HVFKLFKWH GHU GHXWVFKHQ %LO GXQJVLGHH)UDQNIXUWD0 (GLWLRQ3DQGRUD  $XHURFKV%HUQG3HWHUVGRUII'LUNYRQ +UVJ (LQKHLWGHU5RPDQWLN3DGHUERUQ $XHURFKV%HUQG'LH(QWVWHKXQJGHU.XQVWUHOLJLRQ*|WWLQJHQ 3DODHVWUD  $XVW+XJR1RYHOOH6WXWWJDUW 6DPPOXQJ0HW]OHU  $XVW+XJR'HUKLVWRULVFKH5RPDQ6WXWWJDUW 6DPPOXQJ0HW]OHU 





%LEOLRJUDSKLH





%DFKWLQ 0LFKDLO Å'HU .DUQHYDO XQG GLH .DUQHYDOLVLHUXQJ GHU /LWHUDWXU´ LQ GHUV /LWHUDWXU XQG .DUQHYDO =XU 5RPDQWKHRULH XQG /DFKNXOWXU )UDQNIXUW D 0 X D 6 %DJJHVHQ -HQV +UVJ  'HU .DUIXQNHO RGHU .OLQJNOLQJHO$OPDQDFK (LQ 7DVFKHQEXFK IU YROOHQGHWH5RPDQWLNHUXQGDQJHKHQGH0\VWLNHU7ELQJHQ %DOHW /HR*HUKDUG ( 'LH9HUEUJHUOLFKXQJGHUGHXWVFKHQ.XQVW/LWHUDWXUXQG0XVLNLP  -DKUKXQGHUW +UVJ XQG HLQJHOHLWHW YRQ *HUW 0DWWHQNORWW )UDQNIXUW D0%HUOLQ:LHQ %DONH)ULHGULFKÅ5KHWRULNQDFKLKUHP(QGH'DV%HLVSLHO$GDP0OOHUV´LQ-UJHQ )RKUPDQQ +UVJ 5KHWRULN)LJXUDWLRQXQG3HUIRUPDQ]6WXWWJDUW:HLPDU 6 %DUO|VLXV(YD3LHUUH%RXUGLHX)UDQNIXUWD01HZ7DJXQJVDQNQGLJXQJ@ Å'LFKWXQJXQG.DONO²'LH gNRQRPLVLHUXQJ GHV 0HQVFKHQ LQ GHU HXURSlLVFKHQ /LWHUDWXU XP ´  KWWSZZZJHUPDQLVWLNLPQHW]GHIN[ INJHUPDQLVWLNVHUYOHWGHL]VR] GEFOHDUTXHU\EURZVH%URZVH5HVRXUFHGRPDLQ IN[ODQJ GH"UHVLG  6WDQG  %UDQGHQEXUJ+DQV-RVHSKYRQ(LFKHQGRUII6HLQ/HEHQXQGVHLQ:HUN0QFKHQ



%LEOLRJUDSKLH





%UDQGHV 3HWHU *RHWKHV )DXVW 3RHWLN GHU *DEH XQG 6HOEVWUHIOH[LRQ GHU 'LFKWXQJ 0QFKHQ  %UDQGVWHWWHU *DEULHOH1HXPDQQ *HUKDUG +UVJ  5RPDQWLVFKH :LVVHQVSRHWLN 'LH .QVWHXQGGLH:LVVHQVFKDIWHQXP:U]EXUJ 6WLIWXQJIU5RPDQ WLNIRUVFKXQJ;;9,  %UDQGVWHWWHU*DEULHOH +UVJ (U]lKOHQXQG:LVVHQ3DUDGLJPHQXQG$SRULHQLKUHU,QV]HQLH UXQJLQ*RHWKHVÅ:DKOYHUZDQGWVFKDIWHQ´)UHLEXUJ /LWWHUDH  %UDWYRJHO)ULHGULFKÅÄ%HUXIVELOGHU¶GHV$GHOVLQ2EHUVFKZDEHQLP-DKUKXQGHUW =ZLVFKHQ 6WDQGHVLQWHUHVVHQ XQG DXVGLIIHUHQ]LHUWHP :LUWVFKDIWVV\VWHP´ LQ 0DUN+HQJHUHU(OPDU/.XKQ +UVJ $GHOLP:DQGHO2EHUVFKZDEHQYRQGHU )UKHQ1HX]HLWELV]XU*HJHQZDUW%lQGH%G2VWILOGHUQ6 %UDXQ 5XGROI Å.RQ]HSWLRQHOOH %HPHUNXQJHQ ]XP 2EHQEOHLEHQ $GHO LP  -DKU KXQGHUW´LQ+DQV8OULFK:HKOHU +UVJ (XURSlLVFKHU$GHO*|W WLQJHQ6 *HVFKLFKWHXQG*HVHOOVFKDIW6RQGHUKHIW  %UDXQHFN 0DQIUHG 'LH:HOWDOV%KQH*HVFKLFKWHGHVHXURSlLVFKHQ7KHDWHUV %G  6WXWW JDUW:HLPDU %UDXQJDUW *HRUJ +RIEHUHGVDPNHLW 6WXGLHQ ]XU 3UD[LV K|ILVFKSROLWLVFKHU 5HGH LP GHXWVFKHQ 7HUULWRULDODEVROXWLVPXV7ELQJHQ 6WXGLHQ]XUGHXWVFKHQ/LWHUDWXU  %UDXQJDUW:ROIJDQJX D +UVJ bVWKHWLVFKHXQGUHOLJL|VH(UIDKUXQJHQGHU-DKUKXQGHUWZHQ GHQ,XP3DGHUERUQXD %UHFKW 0DUWLQ'HSSHUPDQQ .ODXV +UVJ  'HU 3LHWLVPXV LP DFKW]HKQWHQ -DKUKXQGHUW *|WWLQJHQ %UHORW&ODXGH,VDEHOOHÅ'DV9HUODQJHQQDFK$GHOXQG6WDQGHVNXOWXULPQDFKUHYROX WLRQlUHQ )UDQNUHLFK´ LQ (FNDUW &RQ]H0RQLND :LHQIRUW +UVJ  $GHOXQG 0RGHUQH 'HXWVFKODQG LP HXURSlLVFKHQ 9HUJOHLFK LP  XQG  -DKUKXQGHUW .|OQ XD6 %UHQWDQR &OHPHQV Å*RFNHO +LQNHO XQG *DFNHOHLD´ LQ :HUNHLQHLQHP%DQG )ULHG KHOP.HPS +UVJ 0QFKHQR-6>6LJOHÅ*´@ %UHQWDQR &OHPHQV Å)RXTXp´ LQ:HUNH %G  )ULHGKHOP .HPS +UVJ  0QFKHQ  %UHQWDQR&OHPHQV*RGZLRGHU'DVVWHLQHUQH%LOGGHU0XWWHU(LQYHUZLOGHUWHU5RPDQ(UQVW %HKOHU +UVJ 6WXWWJDUW %UHXHU'LHWHUÅ*UDI/HRQWLQXQGGLHDOWH)UHLKHLW´LQ*HUPDQLVFK5RPDQLVFKH0RQDWV VFKULIW1HXH)ROJH6 %UHXHU,QJR.OHLVW+DQGEXFK/HEHQ²:HUN²:LUNXQJ6WXWWJDUWXD %URQIHQ(OLVDEHWK1XUEHULKUH/HLFKH7RG:HLEOLFKNHLWXQGbVWKHWLN0QFKHQ



%LEOLRJUDSKLH



%UFNOH:ROIJDQJÅ1REOHVVHREOLJH7URMDVDJHXQGOHJLWLPH+HUUVFKDIWLQGHUIUDQ ]|VLVFKHQ6WDDWVWKHRULHGHVVSlWHQ0LWWHODOWHUV´LQ.LOLDQ+HFNXD +UVJ  *HQHDORJLHDOV'HQNIRUPLQ0LWWHODOWHUXQG)UKHU1HX]HLW7ELQJHQ6  6WXGLHQXQG7H[WH]XU6R]LDOJHVFKLFKWHGHU/LWHUDWXU  %UXGH)LUQDX *LVHOD Å/HEHQGH %LOGHU LQ GHQ :DKOYHUZDQGWVFKDIWHQ *RHWKHV -RXUQDO LQWLPHYRP2NWREHU´LQ(XSKRULRQ6 %UJJHPDQQ+HLQ]Å6DPPOXQJXQG6SLHO%LOG5lXPHDXVNXOWXUHOOHP*HGlFKWQLV (ULQQHUXQJXQG9HUJHVVHQLQ*RFNHO+LQNHOXQG*DFNHOHLD0lKUFKHQZLHGHUHU ]lKOWYRQ&OHPHQV%UHQWDQR  ´ LQ *QWHU 2HVWHUOH +UVJ  (ULQQHUQXQG 9HUJHVVHQLQGHUHXURSlLVFKHQ5RPDQWLN:U]EXUJ6 6WLIWXQJ IU5RPDQWLNIRUVFKXQJ;;  %UJJHPDQQ :HUQHU &HUYDQWHV XQG GLH )LJXU GHV 'RQ 4XLMRWH LQ .XQVWDQVFKDXXQJ XQG 'LFKWXQJGHUGHXWVFKHQ5RPDQWLN0QVWHU 6SDQLVFKH)RUVFKXQJHQGHU *|UUHVJHVHOOVFKDIW,,  %UXQQHU 2WWR $GHOLJHV/DQGOHEHQXQGHXURSlLVFKHU*HLVW/HEHQXQG:HUN:ROI+HOPKDUGV YRQ+RKEHUJ6DO]EXUJ %UXQVFKZLJ +HQUL *HVHOOVFKDIWXQG5RPDQWLNLQ3UHX‰HQLP-DKUKXQGHUW'LH.ULVHGHV SUHX‰LVFKHQ6WDDWHVDP(QGHGHV-DKUKXQGHUWVXQGGLH(QWVWHKXQJGHUURPDQWLVFKHQ 0HQWDOLWlW)UDQNIXUWD0XD>]XHUVW3DULV@ %UX\Q*QWHUGH'LH)LQFNHQVWHLQV(LQH)DPLOLHLP'LHQVWH3UHX‰HQV%HUOLQ %UX\Q*QWHUGH3UHX‰HQV/XLVH9RP(QWVWHKHQXQG9HUJHKHQHLQHU/HJHQGH%HUOLQ >%XFKKRO]3DXO)HUGLQDQG)ULHGULFK@'HUQHXH/HYLDWKDQ7ELQJHQ >%XFKKRO] 3DXO )HUGLQDQG )ULHGULFK@ 8QWHUVXFKXQJHQ EHU GHQ *HEXUWVDGHO XQG GLH 0|J OLFKNHLWVHLQHU)RUWGDXHULPQHXQ]HKQWHQ-DKUKXQGHUW%HUOLQ/HLS]LJ >%XFKKRO]3DXO)HUGLQDQG)ULHGULFK@'HU$GHOZDVHUXUVSUQJOLFKZDUZDVHUMHW]WLVWXQG ZDVHUNQIWLJVHLQVROO7HLOH%HUOLQ %XFKVWHLQHU,ORQDÅ%HVLW]YHUKlOWQLVVHGHVPHFNOHQEXUJLVFKHQ/DQGDGHOVYRPDXVJH KHQGHQ  -DKUKXQGHUW ELV ]XU *UQGXQJ GHV 'HXWVFKHQ 5HLFKHV´ LQ *QWKHU 6FKXO] 0DUNXV $ 'HQ]HO +UVJ  'HXWVFKHU $GHO LP  XQG  -DKUKXQGHUW%GLQJHU)RUVFKXQJHQ]XU6R]LDOJHVFKLFKWHXQG 6W.DWKDUL QHQ6 'HXWVFKH)KUXQJVVFKLFKWHQLQGHU1HX]HLW  %XPLOOHU &DVLPLU +UVJ  $GHO LP :DQGHO  -DKUH 0HGLDWLVLHUXQJ LQ 2EHUVFKZDEHQ >$XVVWHOOXQJVNDWDORJ@2VWILOGHUQ %XQ]HO:ROIJDQJ6WHLQ3HWHU9D‰HQ)ORULDQÅÄ5RPDQWLN¶XQGÄ9RUPlU]¶DOVULYDOL VLHUHQGH 'LVNXUVIRUPDWLRQHQ GHU HUVWHQ +lOIWH GHV  -DKUKXQGHUWV´ LQ GLHV +UVJ 5RPDQWLNXQG9RUPlU]=XU$UFKlRORJLHOLWHUDULVFKHU.RPPXQLNDWLRQ LQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV%LHOHIHOG6 )RUXP9RU PlU])RUVFKXQJ;  %UJHU &KULVWD 'HU8UVSUXQJGHUEUJHUOLFKHQ,QVWLWXWLRQ.XQVWLPK|ILVFKHQ:HLPDU )UDQN IXUWD0



%LEOLRJUDSKLH





%XUJHU+HLQ]2WWRÅ(XURSlLVFKHV$GHOVLGHDOXQGGHXWVFKH.ODVVLN´LQGHUV'DVHLQ KHL‰WHLQH5ROOHVSLHOHQ0QFKHQ6 %XUNH3HWHU6WlGWLVFKH.XOWXULQ,WDOLHQ]ZLVFKHQ+RFKUHQDLVVDQFHXQG%DURFN(LQHKLVWRULVFKH $QWKURSRORJLH%HUOLQ %XUNKDUW'DJPDU(LQH*HVFKLFKWHGHU(KUH'DUPVWDGW %XVFK:HUQHUÅ'DV&DSULFFLRXQGGLH(UZHLWHUXQJGHU:LUNOLFKNHLW´LQ(NNHKDUG 0DL-RDFKLP5HHV +UVJ .XQVWIRUP&DSULFFLR9RQGHU*URWHVNH]XU6SLHOWKHRULH GHU0RGHUQH.|OQ6 .XQVWZLVVHQVFKDIWOLFKH%LEOLRWKHN  %XW]HU*QWHU-DFRE-RDFKLP +UVJ /H[LNRQOLWHUDULVFKHU6\PEROH6WXWWJDUW:HLPDU 



&DLOORLV5RJHU'LH6SLHOHXQGGLH0HQVFKHQ0DVNHXQG5DXVFK6WXWWJDUW &DPSH 5GLJHU 6SLHO GHU :DKUVFKHLQOLFKNHLW /LWHUDWXU XQG %HUHFKQXQJ ]ZLVFKHQ 3DVFDO XQG .OHLVW*|WWLQJHQ &DUXV &DUO *XVWDY Å=XU *HVFKLFKWH YRQ 7LHFN·V 9RUOHVXQJHQ´ LQ +LVWRULVFKHV 7DVFKHQEXFK1HXH)ROJH6 &DVWLJOLRQH%DOGDVVDUH'HU+RIPDQQ/HEHQVDUWLQGHU5HQDLVVDQFH%HUOLQñ &HUPDQ ,YR 9HOHN /XERä +UVJ  $GHOXQG:LUWVFKDIW/HEHQVXQWHUKDOWGHU$GHOLJHQLQ GHU0RGHUQH0QFKHQ 6WXGLHQ]XPPLWWHOHXURSlLVFKHQ$GHO  &HUYDQWHV6DDYHGUD0LJXHOGHÅ'RQ4XLMRWHGHOD0DQFKD´LQ*HVDPWDXVJDEHLQYLHU %lQGHQ%G$QWRQ05RWKEDXHU +UVJ 6WXWWJDUW &KDPLVVR $GHOEHUW YRQ 6lPWOLFKH:HUNH %G  XQG  1DFKZRUW YRQ 9RONHU +RII PDQQ:HUQHU)HXGHO +UVJ 0QFKHQ &KDQH\ (GZDUG 7KH(YROXWLRQRIWKH*UDQG7RXU$QJOR,WDOLDQ&XOWXUDO5HODWLRQVVLQFHWKH 5HQDLVVDQFH/RQGRQ3RUWODQG2Uñ &KULVWHQVHQ -HURPH /RUG%\URQ·V6WUHQJWK5RPDQWLF:ULWLQJDQG&RPPHUFLDO6RFLHW\ %DO WLPRUH/RQGRQ &KULVWLQ 2OLYLHU Å*HVFKLFKWVZLVVHQVFKDIW XQG %RXUGLHX´ LQ &DWKHULQH &ROOLRW 7KpOqQH +UVJ 3LHUUH%RXUGLHX'HXWVFKIUDQ]|VLVFKH3HUVSHNWLYHQ)UDQNIXUWD0 6 &KULVWRSKHUVHQ &ODXGLD X D +UVJ  5RPDQWLNXQG([LO)HVWVFKULIWIU.RQUDG)HLOFKHQ IHOGW:U]EXUJ6 &ROOLRW7KpOqQH &DWKHULQH +UVJ  3LHUUH %RXUGLHX 'HXWVFKIUDQ]|VLVFKH 3HUVSHNWLYHQ )UDQNIXUWD0 &RQ]H (FNDUW:LHQIRUW 0RQLND +UVJ  $GHOXQG0RGHUQH'HXWVFKODQGLPHXURSlLVFKHQ 9HUJOHLFKLPXQG-DKUKXQGHUW.|OQ:HLPDU:LHQ



%LEOLRJUDSKLH



&RQ]H(FNDUW:LHQIRUW0RQLNDÅ(LQOHLWXQJ7KHPHQXQG3HUVSHNWLYHQKLVWRULVFKHU $GHOVIRUVFKXQJ ]XP  XQG  -DKUKXQGHUW´ LQ GLHV +UVJ  $GHO XQG 0RGHUQH 'HXWVFKODQG LP HXURSlLVFKHQ 9HUJOHLFK LP  XQG  -DKUKXQGHUW .|OQ:HLPDU:LHQ6 &RQ]H (FNDUW 9RQ GHXWVFKHP $GHO 'LH *UDIHQ YRQ %HUQVWRUII LP ]ZDQ]LJVWHQ -DKUKXQGHUW 6WXWWJDUW0QFKHQ &RQ]H (FNDUW +UVJ  .OHLQHV /H[LNRQ GHV $GHOV 7LWHO 7KURQH 7UDGLWLRQHQ 0QFKHQ  EVU  &RQ]H (FNDUW Å7RWJHVDJWH OHEHQ OlQJHU $GHO LQ 'HXWVFKODQG LP  XQG  -DKU KXQGHUW´ LQ 0DUN +HQJHUHU(OPDU / .XKQ $GHOLP:DQGHO2EHUVFKZDEHQ YRQGHU)UKHQ1HX]HLWELV]XU*HJHQZDUW%GH%G2VWILOGHUQ6  &RQ]H (FNDUW0HWHOLQJ :HQFNH6FKXVWHU -|UJ6WUREHO -RFKHQ +UVJ  $ULVWRNUD WLVPXVXQG0RGHUQH  .|OQ:HLPDU:LHQ &RQ]H:HUQHUÅ$GHO´LQ2WWR%UXQQHU:HUQHU&RQ]H5HLQKDUW.RVHOOHFN +UVJ  *HVFKLFKWOLFKH*UXQGEHJULIIH%G6WXWWJDUW6 &RVWDGXUD (GRDUGR 'HU (GHOPDQQ DP 6FKUHLESXOW =XP 6HOEVWYHUVWlQGQLV DULVWRNUDWLVFKHU /LWHUDWHQ]ZLVFKHQ5HQDLVVDQFHXQG5HYROXWLRQ 7ELQJHQ   PLPHVLV 8Q WHUVXFKXQJHQ]XGHQURPDQLVFKHQ/LWHUDWXUHQGHU1HX]HLW  &UDPHU &DUO *RWWORE $GROSK GHU .KQH 5DXJUDI YRQ 'DVVHO :HL‰HQIHOV3UDJ  1HXGUXFN+LOGHVKHLP1HZ6LJOHÅ$´@ (OLDV1RUEHUWhEHUGHQ3UR]H‰GHU=LYLOLVDWLRQ)UDQNIXUWD0 (OLDV 1RUEHUW 'LHK|ILVFKH*HVHOOVFKDIW8QWHUVXFKXQJHQ]XU6R]LRORJLHGHV.|QLJWXPVXQGGHU K|ILVFKHQ$ULVWRNUDWLH)UDQNIXUWD0 (UE 5DLQHU%HUJPDQQ :HUQHU 'LH 1DFKWVHLWH GHU -XGHQHPDQ]LSDWLRQ 'HU :LGHUVWDQG JHJHQGLH,QWHJUDWLRQGHU-XGHQLQ'HXWVFKODQG%HUOLQ (UEH *QWHU 'DQG\V ² 9LUWXRVHQ GHU /HEHQVNXQVW (LQH *HVFKLFKWH GHV PRQGlQHQ /HEHQV .|OQXD (UOLQ0DWWÅ3URGXFWVRIWKH,PDJLQDWLRQ0LQLQJ/X[XU\DQGWKH5RPDQWLF$UWLVWLQ +HLQULFKYRQ2IWHUGLQJHQ´LQ*HUPDQ/LIHDQG/HWWHUV6



)DEHU 0DUWLQ ÄÅ'DV .UHX] XP GHV .UHX]HV ZLOOHQ¶ 'LH 6LFKW GHU *HVFKLFKWH GHV 'HXWVFKRUGHQVVWDDWHVLQ(LFKHQGRUIIV'UDPD'HUOHW]WH+HOGYRQ0DULHQEXUJ´ LQ$XURUD6 )lKQGHUV:DOWHU$YDQWJDUGHXQG0RGHUQH6WXWWJDUW:HLPDU )HKUHQEDFK (OLVDEHWK +UVJ  $GHOXQG%UJHUWXPLQ'HXWVFKODQG 0QFKHQ  )HUWLJ /XGZLJ 'HU$GHOLPGHXWVFKHQ5RPDQGHVXQG-DKUKXQGHUWV 'LVV +HLGHO EHUJ )HXGHO:HUQHU$GHOEHUWYRQ&KDPLVVR/HEHQXQG:HUN/HLS]LJ



%LEOLRJUDSKLH





)LFKWH -RKDQQ *RWWOLHE Å%HLWUDJ ]XU %HULFKWLJXQJ GHU 8UWKHLOH GHV 3XEOLNXPV EHU GLH IUDQ]|VLVFKH 5HYROXWLRQ >@´ LQ *HVDPWDXVJDEH GHU %D\HULVFKHQ $NDGHPLHGHU:LVVHQVFKDIWHQ:HUNH%G5HLQKDUG/DXWKXD +UVJ 6WXWWJDUW%DG&DQQVWDWW6 )LFN0RQLND/HVVLQJ+DQGEXFK/HEHQ²:HUN²:LUNXQJ6WXWWJDUW:HLPDUñ )LQFNHQVWHLQ 0HODQLH *UlILQ ÄÅ(LQH VWLOOH (QWIDOWXQJ GHV HLJHQHQ *HPWHV¶ *UDI )ULHGULFK /XGZLJ .DUO YRQ )LQFNHQVWHLQ   GHU 6FK|SIHU GHV 0DGOLW]HU 3DUNHV´ LQ Å6R LVW GLH $QPXWK JHVWDOWHW´ *UDI )ULHGULFK /XGZLJ .DUO YRQ)LQFNHQVWHLQXQGVHLQ0DGOLW]0LWWHLOXQJHQGHU3FNOHU*HVHOOVFKDIW1HXH)ROJH 6 )LVFKHU :ROIUDP X D +UVJ  +DQGEXFKGHUHXURSlLVFKHQ:LUWVFKDIWVXQG6R]LDOJHVFKLFKWH %G6WXWWJDUW )LVFKHU/LFKWH(ULNDÅ0L‰OLQJHQGH,QNRUSRUDWLRQ"²=XUULWXHOOHQ6WUXNWXUGHV3ULQ] )ULHGULFKYRQ+RPEXUJ´ LQ 3DXO 0LFKDHO /W]HOHU'DYLG 3DQ +UVJ  .OHLVWV (U]lKOXQJHQXQG'UDPHQ1HXH6WXGLHQ:U]EXUJ6 )LVFKHU/LFKWH(ULNDbVWKHWLNGHV3HUIRUPDWLYHQ)UDQNIXUWD0 )ODLJ (JRQ Å+DELWXV 0HQWDOLWlWHQ XQG GLH )UDJH GHV 6XEMHNWV.XOWXUHOOH 2ULHQWLH UXQJHQVR]LDOHQ+DQGHOQV´LQ+DQGEXFKGHU.XOWXUZLVVHQVFKDIWHQ7KHPHQ XQG7HQGHQ]HQ%G)ULHGULFK-DHJHU-|UQ5VHQ +UVJ 6WXWWJDUW:HLPDU 6 )ODYLQ 0LFKDHO *DPEOLQJ LQ WKH 1LQHWHHQWK&HQWXU\ (QJOLVK 1RYHO Ä$ /HSURV\ LV R·HU WKH /DQG¶%ULJKWRQ3RUWODQG )OHFNHQVWHLQ-RVHI5LWWHUWXPXQGULWWHUOLFKH:HOW%HUOLQ )OXGHUQLN0RQLND(LQIKUXQJLQGLH(U]lKOWKHRULH'DUPVWDGW )RKUPDQQ-UJHQ +UVJ /HEHQVOlXIHXP7ELQJHQ )RQWDQH 7KHRGRU Å,UUXQJHQ :LUUXQJHQ´ LQ 6lPWOLFKH5RPDQH(U]lKOXQJHQ*HGLFKWH 1DFKJHODVVHQHV %G  :DOWHU .HLWHO+HOPXWK 1UQEHUJHU +UVJ  0QFKHQ 6 )RQWDQH 7KHRGRU :HUNH 6FKULIWHQ XQG %ULHIH $EW ,9 %ULHIH  %G  :DOWHU.HLWHO+HOPXWK1UQEHUJHU +UVJ 0QFKHQ )|UVWHU/>XLVH@ +UVJ %LRJUDILVFKHXQGOLWHUDULVFKH6NL]]HQDXVGHP/HEHQXQGGHU=HLW.DUO )|UVWHU·V'UHVGHQ )RXFDXOW0LFKHO'LH2UGQXQJGHU'LQJH(LQH$UFKlRORJLHGHU+XPDQZLVVHQVFKDIWHQ)UDQN IXUWD0 VWZ  )RXTXp $OEHUWLQH %DURQLQ GH OD 0RWWH +UVJ  %ULHIH DQ )ULHGULFK %DURQ GH OD 0RWWH )RXTXp9RQ&KDPLVVR&KH]\&ROOLQ>XD@0LWHLQHU%LRJUDSKLH)RXTXpVYRQ-XOLXV (GXDUG+LW]LJXQGHLQHP9RUZRUWXQGELRJUDSKLVFKHQ1RWL]HQYRQ+HUPDQQ.OHWNH %HUOLQ



%LEOLRJUDSKLH



)RXTXp)ULHGULFK%DURQGHOD0RWWHÅ(WZDVEHUGHQ'RQ4XL[RWHGHV&HUYDQWHV QHEVWHLQHU1XW]DQZHQGXQJ´LQGHUV*HIKOH%LOGHUXQG$QVLFKWHQ6DPPOXQJ NOHLQHUSURVDLVFKHU6FKULIWHQ=ZHLWHV%lQGFKHQ/HLS]LJ6 )RXTXp)ULHGULFK%DURQGHOD0RWWHÅ'LHGUHL.OHLVWH´LQ=HLWXQJIUGLHHOHJDQWH:HOW 1U )RXTXp )ULHGULFK %DURQ GH OD 0RWWH /HEHQVEHVFKUHLEXQJ GHV .|QLJO 3UHX‰ *HQHUDOV GHU ,QIDQWHULH +HLQULFK $XJXVW %DURQ GH OD 0RWWH )RXTXp 9HUID‰W YRQ VHLQHP (QNHO )ULHGULFK %DURQ GH OD 0RWWH )RXTXp .|QLJO 3UHX‰ 0DMRU D ' X 5LWWHU %HUOLQ  )RXTXp )ULHGULFK %DURQ GH OD 0RWWH /HEHQVJHVFKLFKWH GHV %DURQ )ULHGULFK GH /D 0RWWH )RXTXp$XIJH]HLFKQHWGXUFKLKQVHOEVW+DOOH )RXTXp)ULHGULFK%DURQGHOD0RWWH*|WKHXQG(LQHUVHLQHU%HZXQGUHU(LQ6WFN/HEHQV JHVFKLFKWH%HUOLQ )RXTXp )ULHGULFK %DURQ GH OD 0RWWH 'HU =DXEHUULQJ (LQ 5LWWHUURPDQ LQ GUHL 7HLOHQ %HUOLQ&KDUORWWHQEXUJ>6LJOHÅ=´@ )RXTXp )ULHGULFK %DURQ GH OD 0RWWH Å8QGLQH´ LQ (OLVDEHWK %URQIHQ +UVJ  'LH VFK|QH/HLFKH0QFKHQ6>6LJOHÅ8´@ )UDQFN*HRUJgNRQRPLHGHU$XIPHUNVDPNHLW(LQ(QWZXUI0QFKHQ )UHXQG:LQIULHG1RYDOLV0QFKHQ )UHYHUW8WH(KUHQPlQQHU'DV'XHOOLQGHUEUJHUOLFKHQ*HVHOOVFKDIW0QFKHQ )UH\ 0DQXHO 0DFKWXQG0RUDOGHV6FKHQNHQV6WDDWXQGEUJHUOLFKH0l]HQHYRPVSlWHQ -DKUKXQGHUWELV]XU*HJHQZDUW%HUOLQ %UJHUOLFKNHLW²:HUWHZDQGHO² 0l]HQDWHQWXP  )ULH(ZDOGÅ)ULHGULFK$XJXVW/XGZLJYRQGHU0DUZLW]  $GHOVELRJUDSKLH YRUHQWVLFKHUWHU6WlQGHJHVHOOVFKDIW´LQ+HLQ]5HLI +UVJ $GHOXQG%UJHU WXPLQ'HXWVFKODQG,(QWZLFNOXQJVOLQLHQXQG:HQGHSXQNWHLP-DKUKXQGHUW%HU OLQ6 (OLWHQZDQGHOLQGHU0RGHUQH  )ULH (ZDOG )ULHGULFK$XJXVW/XGZLJYRQGHU0DUZLW]%LRJUDSKLHQHLQHV3UHX‰HQ 3DGHUERUQXD )ULH (ZDOG Å=LHJHO %DMRQHWW XQG VSLW]H )HGHU $GHOVNXOWXU LQ %UDQGHQEXUJ  ´ LQ *QWKHU 6FKXO]0DUNXV $ 'HQ]HO +UVJ  'HXWVFKHU$GHOLP XQG-DKUKXQGHUW%GLQJHU)RUVFKXQJHQ]XU6R]LDOJHVFKLFKWHXQG 6W .DWKDULQHQ6 'HXWVFKH)KUXQJVVFKLFKWHQLQGHU1HX]HLW   )ULH (ZDOG Å$GHO XQG EUJHUOLFKH :HUWH´ LQ +DQV:HUQHU +DKQ X D +UVJ  %UJHUOLFKH:HUWHXP(QWZXUI²9HUPLWWOXQJ²5H]HSWLRQ .|OQ:HLPDU :LHQ6 )ULHVHQ +HUPDQQ )UHLKHUU YRQ /XGZLJ 7LHFN (ULQQHUXQJHQ HLQHV DOWHQ )UHXQGHV DXV GHQ -DKUHQ:LHQ



%LEOLRJUDSKLH





)ULW]*HUG+LVWRULVFKH6HPDQWLN6WXWWJDUW:HLPDU 6DPPOXQJ0HW]OHU  )URPP:DOGHPDUÅ%LOGHUEXFKGHU:QVFKH&OHPHQV%UHQWDQRV*RFNHO+LQNHOXQG *DFNHOHLD´LQ=HLWVFKULIWIUGHXWVFKH3KLORORJLH%G6 )UKZDOG:ROIJDQJÅ'DVYHUORUHQH3DUDGLHV=XU'HXWXQJYRQ&OHPHQV%UHQWDQRV +HU]OLFKHU=XHLJQXQJGHV0lUFKHQV*RFNHO+LQNHOXQG*DFNHOHLD  ´LQ/L WHUDWXUZLVVHQVFKDIWOLFKHV-DKUEXFKGHU*|UUHV*HVHOOVFKDIW1HXH)ROJH6  )UKZDOG :ROIJDQJ Å*HGLFKWH LQ GHU ,VRODWLRQ 5RPDQWLVFKH /\ULN DP hEHUJDQJ YRQ GHU $XWRQRPLH ]XU =ZHFNlVWKHWLN´ LQ :DOWHU 0OOHU6HLGHO X D +UVJ  +LVWRUL]LWlW LQ6SUDFK XQG /LWHUDWXUZLVVHQVFKDIW 9RUWUlJH XQG%HULFKWH GHU 6WXWWJDUWHU*HUPDQLVWHQWDJXQJ0QFKHQ6 )UKZDOG:ROIJDQJ(LFKHQGRUII&KURQLN'DWHQ]X/HEHQXQG:HUN0QFKHQ )UKZDOG :ROIJDQJ Å'HU =ZDQJ ]XU 9HUVWlQGOLFKNHLW $XJXVW :LOKHOP 6FKOHJHOV %HJUQGXQJURPDQWLVFKHU(VRWHULNDXVGHU.ULWLNUDWLRQDOLVWLVFKHU3RHWROR JLH´ LQ 6LOYLR 9LHWWD +UVJ  'LH OLWHUDULVFKH )UKURPDQWLN *|WWLQJHQ  6 .OHLQH9DQGHQKRHFN5HLKH  )UKZDOG :ROIJDQJ Å'HU 5HJLHUXQJVUDW -RVHSK YRQ (LFKHQGRUII =XP 9HUKlOWQLV YRQ %HUXI XQG 6FKULIWVWHOOHUH[LVWHQ] LP 3UHX‰HQ GHU 5HVWDXUDWLRQV]HLW PLW 7KHVHQ ]XU VR]LDOKLVWRULVFKHQ XQG ZLVVHQVVR]LRORJLVFKHQ 3HUVSHNWLYH HLQHU 8QWHUVXFKXQJ YRQ /HEHQ XQG :HUN -RVHSK YRQ (LFKHQGRUIIV´ LQ $OIUHG 5LHPHQ +UVJ  $QVLFKWHQ ]X (LFKHQGRUII %HLWUlJH GHU )RUVFKXQJ  ELV  )UGLH(LFKHQGRUII*HVHOOVFKDIW6LJPDULQJHQ6 )UKZDOG :ROIJDQJ ÄÅ6FKOHVLVFKH 7ROHUDQ]¶ XQG ÄSUHX‰LVFKH 5HIRUP¶ 6R]LDOJH VFKLFKWOLFKH*UXQGODJHQHLQHU-XJHQGELRJUDSKLH-RVHSKYRQ(LFKHQGRUIIV´ LQ *HUKDUG +DKQ(UQVW :HEHU +UVJ  =ZLVFKHQ GHQ :LVVHQVFKDIWHQ %HLWUlJH ]XUGHXWVFKHQ/LWHUDWXUJHVFKLFKWH)HVWVFKULIWIU%HUQKDUG*DMHN 5HJHQVEXUJ  6 )XFKV+HLQULW] :HUQHU.|QLJ $OH[DQGUD 3LHUUH%RXUGLHX(LQH(LQIKUXQJ .RQVWDQ]  87%  )XOGD 'DQLHO 6FKDX6SLHOHGHV*HOGHV'LH.RP|GLHXQGGLH(QWVWHKXQJGHU0DUNWJHVHOOVFKDIW YRQ6KDNHVSHDUHELV/HVVLQJ7ELQJHQ )UKH1HX]HLW  )XOGD 'DQLHO7VFKRSS 6LOYLD 6HUHQD +UVJ  /LWHUDWXUXQG*HVFKLFKWH(LQ.RPSHQGLXP ]XLKUHP9HUKlOWQLVYRQGHU$XINOlUXQJELV]XU*HJHQZDUW%HUOLQ1HZ6RQGHUKHIW ]X GHP 6\PSRVLRQ -RVHSK )UHLKHUUYRQ/DVVEHUJLQ0HHUVEXUJLP2NWREHU@0DUEDFKDP1HFNDU  0DUEDFKHU0DJD]LQ6RQGHUKHIW  *DOO/RWKDU9RQGHUVWlQGLVFKHQ]XUEUJHUOLFKHQ*HVHOOVFKDIW0QFKHQ (Q]\NOR SlGLHGHXWVFKHU*HVFKLFKWH  *DQVKRI)UDQoRLV/RXLVÅ:DVLVWGDV5LWWHUWXP"´LQ$UQR%RUVW +UVJ 'DV5LWWHU WXPLP0LWWHODOWHU'DUPVWDGW6 :HJHGHU)RUVFKXQJ  *HHUW] &OLIIRUG ÄÅ'HHS SOD\¶ %HPHUNXQJHQ ]XP EDOLQHVLVFKHQ +DKQHQNDPSI´ LQ GHUV 'LFKWH %HVFKUHLEXQJ %HLWUlJH ]XP 9HUVWHKHQ NXOWXUHOOHU 6\VWHPH )UDQNIXUW D06 *HPHDX[&KULVWLQHGHÅ$GDP0OOHUHWOHFRQFHSWURPDQWLTXHG·eWDWPpGLDWHXU´LQ *pUDUG5DXOHW +UVJ /HVURPDQWLVPHVSROLWLTXHVHQ(XURSH3DULV6  *HQW] )ULHGULFK %ULHIZHFKVHO ]ZLVFKHQ )ULHGULFK *HQW] XQG $GDP +HLQULFK 0OOHU  6WXWWJDUW *HUODFK8+HQU\Å(7$+RIIPDQQV6SLHOHU*OFN´LQGHUV(LQZlQGHXQG(LQVLFK WHQ 5HYLGLHUWH 'HXWXQJHQ GHXWVFKVSUDFKLJHU /LWHUDWXU GHV  XQG  -DKUKXQGHUWV 0QFKHQ6 *HUVWQHU$OH[DQGUD1HXHU$GHO$ULVWRNUDWLVFKH(OLWHNRQ]HSWLRQHQ]ZLVFKHQ-DKUKXQGHUWZHQ GHXQG1DWLRQDOVR]LDOLVPXV'DUPVWDGW *LOFKHU+ROWH\,QJULGÅ*HJHQ6WUXNWXUDOLVPXV3DQV\PEROLVPXVXQG3DQVHPLRORJLH 3LHUUH %RXUGLHX XQG GLH *HVFKLFKWVZLVVHQVFKDIW´ LQ &DWKHULQH &ROOLRW 7KpOqQH +UVJ 3LHUUH%RXUGLHX'HXWVFKIUDQ]|VLVFKH3HUVSHNWLYHQ)UDQNIXUWD0 6 *OPHU &ODLUH YRQ $XV HLQHP )OFKWOLQJVOHEHQ   'LH *HVFKLFKWH PHLQHU .LQGKHLW'UHVGHQ/HLS]LJ *RGHOLHU0DXULFH'DV5lWVHOGHU*DEH*HOG*HVFKHQNHKHLOLJH2EMHNWH0QFKHQ *RGVH\:LOOLDP'1REOHVDQG1DWLRQLQ&HQWUDO(XURSH)UHH,PSHULDO.QLJKWVLQWKH$JHRI 5HYROXWLRQ&DPEULGJHXD *RGVH\:LOOLDP'-UÅ1REOHVDQG0RGHUQLW\´LQ*HUPDQ+LVWRU\6  KWWSJKR[IRUGMRXUQDOVRUJFJLUHSULQW 6WDQG   



%LEOLRJUDSKLH





*RHWKH -RKDQQ :ROIJDQJ 6lPWOLFKH :HUNH QDFK (SRFKHQ VHLQHV 6FKDIIHQV 0QFKQHU $XVJDEH.DUO5LFKWHU +UVJ 0QFKHQ:LHQ>6LJOHÅ0$´@ *RHWKH -RKDQQ :ROIJDQJ Å7RUTXDWR 7DVVR´ LQ 0$  1RUEHUW 0LOOHU+DUWPXW 5HLQKDUGW +UVJ 0QFKHQ:LHQ6 *RHWKH -RKDQQ :ROIJDQJ Å:LOKHOP 0HLVWHUV /HKUMDKUH´ LQ 0$  +DQV-UJHQ 6FKLQJV +UVJ 0QFKHQ:LHQ *RHWKH-RKDQQ:ROIJDQJ>5H]@Å'HV.QDEHQ:XQGHUKRUQ!´>@LQ0$ 9LFWRU/DQJHXD +UVJ 0QFKHQ:LHQ6 *RHWKH-RKDQQ:ROIJDQJÅhEHUGHQ'LOHWWDQWLVPXV!´LQ0$9LFWRU/DQJH XD +UVJ 0QFKHQ:LHQ6 *RHWKH -RKDQQ :ROIJDQJ Å'LH :DKOYHUZDQGWVFKDIWHQ´ LQ 0$ &KULVWRSK 6LHJ ULVWXD +UVJ 0QFKHQ:LHQ6 *RHWKH-RKDQQ:ROIJDQJÅ$XVPHLQHP/HEHQ'LFKWXQJXQG:DKUKHLW´LQ0$ 3HWHU6SUHQJHO +UVJ 0QFKHQ:LHQ *RHWKH-RKDQQ:ROIJDQJÅ)DXVW'HU7UDJ|GLH]ZHLWHU7HLO´LQ*RHWKH0$ *LVHOD+HQFNPDQQ +UVJ 0QFKHQ:LHQ *RHWKH-RKDQQ:ROIJDQJÅ%ULHIZHFKVHO]ZLVFKHQ*RHWKHXQG=HOWHULQGHQ-DKUHQ ELV7H[W´LQ0$6DELQH6FKlIHU(GLWK=HKP 0QFKHQ *RHWKH -RKDQQ :ROIJDQJ7DJHEFKHU +LVWRULVFKNULWLVFKH $XVJDEH %G  -RFKHQ *RO] +UVJ 6WXWWJDUW:HLPDU *ROG +HOPXW (UNHQQWQLVVHXQWHU7DJH%HUJEDXPRWLYHLQGHU/LWHUDWXUGHU5RPDQWLN 2SOD GHQ *ROOZLW]HU +HLQ] 'LH6WDQGHVKHUUHQ'LHSROLWLVFKHXQGJHVHOOVFKDIWOLFKH6WHOOXQJGHU0HGLDWL VLHUWHQ(LQ%HLWUDJ]XUGHXWVFKHQ6R]LDOJHVFKLFKWH*|WWLQJHQñ *ROW]0DUHQÅ'DV6SLHOPLWGHQEHLGHQ8UGDUJHVFKLFKWHQ²'DV&DSULFFLR3ULQ]HVVLQ %UDPELOOD XQG VHLQH %HGHXWXQJ IU ( 7 $ +RIIPDQQV 9HUVWlQGQLV YRQ .DUQHYDOXQG&RPPHGLDGHOO·DUWH´LQ0DVNHXQG.RWKXUQ+ 6 *|PPHO5DLQHU'LH(QWZLFNOXQJGHU:LUWVFKDIWLP=HLWDOWHUGHV0HUNDQWLOLVPXV 0QFKHQ (Q]\NORSlGLHGHXWVFKHU*HVFKLFKWH  *|VVPDQQ :LOKHOP+ROOHQGHU &KULVWRSK Å(LFKHQGRUIIV NXOWXUHOOH +HUNXQIW´ LQ GLHV +UVJ Å6SLHOQXUZDUGDV²ZLUVLQG'LFKWHU´-RVHSKYRQ(LFKHQGRUII6HLQHOL WHUDULVFKHXQGNXOWXUHOOH%HGHXWXQJ3DGHUERUQXD *|WWVFKH'LUN=HLWLP5RPDQ/LWHUDULVFKH=HLWUHIOH[LRQXQGGLH*HVFKLFKWHGHV=HLWURPDQVLP VSlWHQXQGLP-DKUKXQGHUW0QFKHQ &RUYH\6WXGLHQ  *UDFLiQ%DOWDVDU+DQGRUDNHOXQG.XQVWGHU:HOWNOXJKHLW.|OQ



%LEOLRJUDSKLH



*UDHYHQLW] *HUKDUW YRQ 'DV 2UQDPHQW GHV %OLFNV hEHU GLH *UXQGODJHQ GHV QHX]HLWOLFKHQ 6HKHQV GLH 3RHWLN GHU $UDEHVNH XQG *RHWKHV :HVW|VWOLFKHQ 'LYDQ 6WXWW JDUW:HLPDU *UHHQEODWW6WHSKHQÅ6HOEVWELOGXQJLQGHU5HQDLVVDQFH9RQ0RUHELV6KDNHVSHDUH´ LQ0RULW]%D‰OHU +UVJ 1HZ+LVWRULFLVP/LWHUDWXUJHVFKLFKWHDOV3RHWLNGHU.XOWXU 7ELQJHQ%DVHOñ6 87%  *UHHQEODWW6WHSKHQ9HUKDQGOXQJHQPLW6KDNHVSHDUH,QQHQDQVLFKWHQGHUHQJOLVFKHQ5HQDLVVDQFH %HUOLQ *UHLQHU%HUQKDUG.OHLVWV'UDPHQXQG(U]lKOXQJHQ7ELQJHQ%DVHO *ULPP*XQWHU(0D[)UDQN5DLQHU +UVJ 'HXWVFKH'LFKWHU/HEHQXQG:HUNGHXWVFK VSUDFKLJHU$XWRUHQ6WXWWJDUW *ULPP*XQWHU(Å5LFFDXWGHOD0DUOLQLqUH*OFNVULWWHUXQG)UDQ]RV²'LH5H]HS WLRQ HLQHU /XVWVSLHOILJXU ]ZLVFKHQ *DOORSKLOLH XQG *DOORSKRELH´ LQ eWXGHV *HUPDQLTXHV6 *URHEQHU9DOHQWLQÅ'LHVH=XPXWXQJNRPPWYRQ+HU]HQ*HVFKHQNHJHVFKLFKWHQ´ LQ1HXH5XQGVFKDX6 *URK $QGUHDV 'LH *HVHOOVFKDIWVNULWLN GHU 3ROLWLVFKHQ 5RPDQWLN (LQH 1HXEHZHUWXQJ LKUHU $XVHLQDQGHUVHW]XQJPLWGHQ9RUERWHQYRQ,QGXVWULDOLVLHUXQJXQG0RGHUQLVLHUXQJ %R FKXP *XPEUHFKW +DQV 8OULFK Å3\UDPLGHQ GHV *HLVWHV hEHU GHQ VFKQHOOHQ $XIVWLHJ GLH XQVLFKWEDUHQ 'LPHQVLRQHQ XQG GDV SO|W]OLFKH $EOHEHQ GHU EHJULIIVJH VFKLFKWOLFKHQ%HZHJXQJ´LQGHUV'LPHQVLRQHQXQG*UHQ]HQGHU%HJULIIVJHVFKLFK WH0QFKHQ6 *Q]HO.ODXV +UVJ (7$+RIIPDQQ/HEHQXQG:HUNLQ%ULHIHQ6HOEVW]HXJQLVVHQXQG =HLWGRNXPHQWHQ%HUOLQñ *Q]HO .ODXV ÄÅ'DV EHVWH 7KHDWHU LQ 'HXWVFKODQG¶ /LWHUDULVFKH /HVHDEHQGH EHL /XGZLJ 7LHFN DP 'UHVGQHU $OWPDUNW´ LQ :DOWHU 6FKPLW] +UVJ  /XGZLJ 7LHFN /LWHUDWXUSURJUDPPXQG/HEHQVLQV]HQLHUXQJLP.RQWH[WVHLQHU=HLW 7ELQJHQ 6 *Q]HO .ODXV %lGHU5HVLGHQ]HQ .XUHQ XQG $PRXUHQ 'LSORPDWLH XQG ,QWULJHQ 6WXWWJDUW  *XWWDQGLQ )ULHGKHOP 'DVSDUDGR[H6FKLFNVDOGHU(KUH=XP:DQGHOGHUDGHOLJHQ(KUHXQG ]XU%HGHXWXQJYRQ'XHOOXQG(KUHIUGHQPRQDUFKLVFKHQ=HQWUDOVWDDW %HUOLQ  6FKULIWHQ]XU.XOWXUVR]LRORJLH 



+DEHUPDV -UJHQ Å=ZLVFKHQ (URWLVPXV XQG $OOJHPHLQHU gNRQRPLH %DWDLOOH´ LQ GHUV 'HUSKLORVRSKLVFKH'LVNXUVGHU0RGHUQH=Z|OI9RUOHVXQJHQ )UDQNIXUW D 0 6 +DEHUPDV -UJHQ 6WUXNWXUZDQGHO GHU gIIHQWOLFKNHLW 8QWHUVXFKXQJHQ ]X HLQHU .DWHJRULH GHU EUJHUOLFKHQ*HVHOOVFKDIW)UDQNIXUWD0 VWZ 



%LEOLRJUDSKLH





+DIHUNRUQ+DQV-Å=XU(QWVWHKXQJGHUEUJHUOLFKOLWHUDULVFKHQ,QWHOOLJHQ]XQGGHV 6FKULIWVWHOOHUV LQ 'HXWVFKODQG ]ZLVFKHQ  XQG ´ LQ %HUQG /XW] +UVJ /LWHUDWXUZLVVHQVFKDIWXQG6R]LDOZLVVHQVFKDIWHQ'HXWVFKHV%UJHUWXPXQGOL WHUDULVFKH,QWHOOLJHQ]6WXWWJDUW6 +DJH9RONHUÅ0LW'RQ4XLMRWHQDFK$PHULNDhEHU7KRPDV0DQQVÄ6HLWHQVSUXQJ¶LP -DKUH´LQ7KRPDV0DQQ-DKUEXFK6 +DJHPDQQ.DUHQÅ0DQQOLFKHU0XWKXQG7HXWVFKH(KUH´1DWLRQ0LOLWlUXQG*HVFKOHFKW]XU =HLWGHU$QWLQDSROHRQLVFKHQ.ULHJH3UHX‰HQV3DGHUERUQXD +DKQ +DQV:HUQHU X D +UVJ  %UJHUOLFKH :HUWH XP  (QWZXUI ² 9HUPLWWOXQJ ² 5H]HSWLRQ.|OQ:HLPDU:LHQ +lNHU +RUVW (UQVW YRQ +RXZDOG   XQG GDV 1HXKDXV LQ /EEHQ6WHLQNLUFKHQ )UDQNIXUWD2 +DULFK:DOWKHU(7$+RIIPDQQ'DV/HEHQHLQHV.QVWOHUV%G%HUOLQ +lUWO+HLQ]$UQLPXQG*RHWKH=XP*RHWKH9HUKlOWQLVGHU5RPDQWLNLPHUVWHQ-DKU]HKQWGHV -DKUKXQGHUWV'LVV+DOOH +lUWO +HLQ] +UVJ  Å'LH :DKOYHUZDQGWVFKDIWHQ´ (LQH 'RNXPHQWDWLRQ GHU :LUNXQJ YRQ *RHWKHV5RPDQ:HLQKHLP +lUWO +HLQ] ÄÅ$WKHQDHXP¶3ROHPLNHQ´ LQ +DQV'LHWULFK 'DKQNH%HUQG /HLVWQHU +UVJ 'HEDWWHQXQG.RQWURYHUVHQ/LWHUDULVFKH$XVHLQDQGHUVHW]XQJHQLQ'HXWVFKODQG DP(QGHGHV-DKUKXQGHUWV%G%HUOLQ:HLPDU6 +DUWPDQQ $ORLV 6LQQXQG:HUWGHV*HOGHV,QGHU3KLORVRSKLHYRQ*HRUJ6LPPHOXQG$GDP YRQ 0OOHU%HUOLQ +DUWPDQQ 0LFKDHO Å(OLWHQ XQG GDV )HOG GHU 0DFKW´ LQ &DWKHULQH &ROOLRW7KpOqQH +UVJ  3LHUUH%RXUGLHX'HXWVFKIUDQ]|VLVFKH3HUVSHNWLYHQ )UDQNIXUW D 0  6 +DUWPDQQ 0LFKDHO (OLWHVR]LRORJLH(LQH(LQIKUXQJ )UDQNIXUW D 01HZ 6LJOHÅ'.9´@ +RIIPDQQ ( 7 $ Å'LH (OL[LHUH GHV 7HXIHOV´ LQ '.9  +DUWPXW 6WHLQHFNH +UVJ XQWHU0LWDUEHLWYRQ*HUKDUG$OOURJJHQ)UDQNIXUWD06 >6LJOHÅ(´@ +RIIPDQQ(7$Å'HU.DPSIGHU6lQJHU´LQ'.9:XOI6HJHEUHFKW +UVJ  )UDQNIXUWD06>6LJOHÅ.´@ +RIIPDQQ(7$Å6SLHOHU*OFN´LQ'.9:XOI6HJHEUHFKW +UVJ )UDQNIXUW D06>6LJOHÅ6´@ +RIIPDQQ 7RUVWHQ/DQJHU 'DQLHOD Å$XWRU´ LQ 7KRPDV $Q] +UVJ  +DQGEXFK /LWHUDWXUZLVVHQVFKDIW *HJHQVWlQGHXQG*UXQGEHJULIIH %G  6WXWWJDUW:HLPDU 6 +RIIPDQQ$[WKHOP ,QJH Å*HLVWHUIDPLOLH´ 6WXGLHQ ]XU *HVHOOLJNHLW GHU )UKURPDQWLN )UDQNIXUWD0 +RIIPHLVWHU*HUKDUW'HXWVFKHXQGHXURSlLVFKH5RPDQWLN6WXWWJDUWñ 6DPPOXQJ 0HW]OHU  +RKHQGDKO 3HWHU 8ZH/W]HOHU 3DXO 0LFKDHO +UVJ  /HJLWLPDWLRQVNULVHQGHVGHXWVFKHQ $GHOV  6WXWWJDUW



%LEOLRJUDSKLH





+ROOHQGHU 0DUWLQ 'LH SROLWLVFKH XQG LGHRORJLVFKH 9HUHLQQDKPXQJ -RVHSK YRQ (LFKHQGRUIIV (LQKXQGHUW -DKUH 5H]HSWLRQVJHVFKLFKWH LQ GHU 3XEOL]LVWLN   )UDQNIXUW D0XD (XURSlLVFKH+RFKVFKXOVFKULIWHQ,  +ROPHV 6XVDQQH 6\QWKHVLV GHU 9LHOKHLW 'LH %HJUQGXQJ GHU *DWWXQJVWKHRULH EHL $XJXVW :LOKHOP6FKOHJHO3DGHUERUQXD +|OWHU $FKLP /XGZLJ7LHFN/LWHUDWXUJHVFKLFKWHDOV3RHVLH +HLGHOEHUJ   %HLKHIWH ]XP(XSKRULRQ  +RQROG $OH[DQGHU Å'RQ 4XLMRWH XQG 6DQFKR 3DQVD 6]HQHQ HLQHU EH]DXEHUQGHQ 'HVLOOXVLRQLHUXQJ´ LQ $QGUHDV +DUWPDQQ0LFKDHO 1HXPDQQ +UVJ  0\ WKHQ (XURSDV 6FKOVVHOILJXUHQ GHU ,PDJLQDWLRQ 9RP %DURFN ]XU $XINOlUXQJ 5H JHQVEXUJ6 +RSSH %ULJLWWH Å'DV $XINRPPHQ GHU 9HUHUEXQJVIRUVFKXQJ XQWHU GHP (LQIOX‰ QHXHUPHWKRGLVFKHUXQGWKHRUHWLVFKHU$QVlW]HLP-DKUKXQGHUW´LQ,OVH -DKQ +UVJ *HVFKLFKWHGHU%LRORJLH+HLGHOEHUJ%HUOLQò6 +|ULVFK -RFKHQ Å'DV 6HLQ GHU =HLFKHQ XQG GLH =HLFKHQ GHV 6HLQV 0DUJLQDOLHQ ]X 'HUULGDV 2QWRVHPLRORJLH XQG *RHWKHV EHVWHP %XFK´ LQ GHUV 'LHDQGHUH *RHWKH]HLW3RHWLVFKH0RELOPDFKXQJGHV6XEMHNWVXP0QFKHQ6  +|ULVFK-RFKHQÄÅ,QGLHVHP=HLFKHQZLUGQXQMHGHUVHOLJ¶²=X3UREOHPXQG7KHPD HLQHU PRQHWlUHQ 2QWRVHPLRORJLH´ LQ GHUV .RSI XQG =DKO 'LH 3RHVLH GHV *HOGHV)UDQNIXUWD06 +|ULVFK-RFKHQÅ3RHWLVFKH.ULWLNGHV*HOGHV²=XU+HUPHQHXWLNGHV0DQJHOV´LQ GHUV.RSIXQG=DKO'LH3RHVLHGHV*HOGHV)UDQNIXUWD06 +|ULVFK -RFKHQ Å'HU $GYHQW QHXHU 0HGLHQ LQ *RHWKHV :DKOYHUZDQGWVFKDIWHQ´ LQ GHUV(QGHGHU9RUVWHOOXQJ'LH3RHVLHGHU0HGLHQ)UDQNIXUWD06 +|ULVFK-RFKHQÅ:DUXPOJHQXQGZDVZLVVHQGLH'LFKWHU"3OlGR\HUIUHLQHSUR EOHPXQGWKHPHQ]HQWULHUWH/LWHUDWXUZLVVHQVFKDIW´LQGHUV'DV:LVVHQGHU /LWHUDWXU0QFKHQ6 +RUQ3HWHUÄÅVLFKWUlXPHQGVHLQHUHLJQHQ1DFKZHOWJOHLFK¶9HUKLQGHUWH7UDJLN LP 7UDXP GHV 3ULQ]HQ )ULHGULFK YRQ +RPEXUJ YRQ VHLQHP SRVWXPHQ 5XKP´LQ.OHLVW-DKUEXFK6 +XEHU 0DUWLQ/DXHU *HUKDUG Å1HXH 6R]LDOJHVFKLFKWH" 3RHWLN .XOWXU XQG *HVHOO VFKDIW ² ]XP )RUVFKXQJVSURJUDPP GHU /LWHUDWXUZLVVHQVFKDIW´ LQ GLHV +UVJ  1DFK GHU 6R]LDOJHVFKLFKWH .RQ]HSWH IU HLQH /LWHUDWXUZLVVHQVFKDIW ]ZLVFKHQ +LVWRULVFKHU$QWKURSRORJLH.XOWXUJHVFKLFKWHXQG0HGLHQWKHRULH7ELQJHQ6  +XFK5LFDUGD'LH5RPDQWLN%OWH]HLW$XVEUHLWXQJXQG9HUIDOO5HLQEHN +XL]LQJD-RKDQ+RPROXGHQV9RP8UVSUXQJGHU.XOWXULP6SLHO5HLQEHN +XPEROGW:LOKHOPXQG&DUROLQHYRQ:LOKHOPXQG&DUROLQHYRQ+XPEROGWLQLKUHQ%ULHIHQ %G$QQDYRQ6\GRZ +UVJ %HUOLQ



%LEOLRJUDSKLH



+XV\PDQV-RULV.*HJHQGHQ6WULFK=ULFK +X\VVHQ $QGUHDV 'LH IUKURPDQWLVFKH .RQ]HSWLRQ YRQ hEHUVHW]XQJ XQG $QHLJQXQJ 6WXGLHQ ]XU IUKURPDQWLVFKHQ 8WRSLH HLQHU GHXWVFKHQ :HOWOLWHUDWXU =ULFK)UHLEXUJ  =UFKHU%HLWUlJH]XUGHXWVFKHQ/LWHUDWXUXQG*HLVWHVJHVFKLFKWH 



,VHU :ROIJDQJ 'DV )LNWLYH XQG GDV ,PDJLQlUH 3HUVSHNWLYHQ OLWHUDULVFKHU $QWKURSRORJLH )UDQNIXUWD0



-DFREV&DURO8QFRQWDLQDEOH5RPDQWLFLVP6KHOOH\%URQWs.OHLVW%DOWLPRUHXD -DJHU(ULF$XI(KUHXQG7RG(LQULWWHUOLFKHU=ZHLNDPSIXPGDV/HEHQHLQHU)UDX0QFKHQ  -DJRZ %HWWLQD YRQ Å9HUVWHKHQ XQG :DKUQHKPHQ DOV :LGHUVSLHO YRQ 6HPLRWLVFKHP XQG3HUIRUPDWLYHP=XPÄFRJQLWLYHWXUQ·LQGHQ/LWHUDWXUZLVVHQVFKDIWHQDP %HLVSLHOYRQ+HLQULFKYRQ.OHLVWV'HU=ZHLNDPSI  ´LQ2UELVOLWWHUDUXP 6 -DKQ ,OVH Å%LRORJLVFKH )UDJHVWHOOXQJHQ LQ GHU (SRFKH GHU $XINOlUXQJ -K ´ LQ GLHV +UVJ *HVFKLFKWHGHU%LRORJLH+HLGHOEHUJ%HUOLQò6 -DKQ,OVH +UVJ *HVFKLFKWHGHU%LRORJLH+HLGHOEHUJ%HUOLQò -DKQ:ROIJDQJ$GHOLQ%D\HUQ5LWWHU*UDIHQ,QGXVWULHEDURQH>.DWDORJ@6WXWWJDUW -DNREVRQ 5RPDQ Å'LH 3RODULWlW ]ZLVFKHQ 0HWDSKRULN XQG 0HWRQ\PLN´ LQ GHUV0RUULV+DOOH +UVJ *UXQGODJHQGHU6SUDFKH%HUOLQ6 -DNREVRQ5RPDQÅ5DQGEHPHUNXQJHQ]XU3URVDGHV'LFKWHUV3DVWHUQDN>@´LQ GHUV3RHWLN$XVJHZlKOWH$XIVlW]H(OPDU+ROHQVWHLQXD +UVJ  )UDQNIXUWD06 -DVSHU:LOOL/HVVLQJ$XINOlUHUXQG-XGHQIUHXQG%LRJUDSKLH%HUOLQ0QFKHQ -HDQ3DXOÅ)OHJHOMDKUH´LQ6lPWOLFKH:HUNH$EWHLOXQJ,%G1RUEHUW0LOOHU +UVJ  0QFKHQXD -HXWKH /RWKDU )ULHGULFK GH OD 0RWWH )RXTXp DOV (U]lKOHU %UHVODX   %UHVODXHU %HLWUlJH]XU/LWHUDWXUJHVFKLFKWH  -RDFKLP (ULFK.OLQJHQERUJ 0HOOH )DPLOLHQJHVFKLFKWH GHV *UlIOLFK )LQFNHQVWHLQVFKHQ *H VFKOHFKWV%GH%HUOLQ -RFK0DUNXV %UXGHUNlPSIH=XP6WUHLWXPGHQLQWHOOHNWXHOOHQ+DELWXVLQGHQ)lOOHQ+HLQULFK +HLQH +HLQULFK 0DQQ XQG +DQV 0DJQXV (Q]HQVEHUJHU +HLGHOEHUJ  3UREOHPHGHU'LFKWXQJ  -RFK0DUNXV:ROI1RUEHUW&KULVWLDQ +UVJ 7H[WXQG)HOG%RXUGLHXLQGHUOLWHUDWXUZLV VHQVFKDIWOLFKHQ 3UD[LV 7ELQJHQ   6WXGLHQ XQG 7H[WH ]XU 6R]LDOJH VFKLFKWHGHU/LWHUDWXU 





%LEOLRJUDSKLH



-RFK 0DUNXV0L[ %HLWUDJ ]XU 6FKOX‰GLVNXVVLRQ@´ LQ .DUOKHLQ] 6WLHUOH5DLQHU :DUQLQJ +UVJ 'DV(QGH)LJXUHQHLQHU'HQNIRUP0QFKHQ6 3RHWLNXQG+HUPHQHXWLN  1HXPDQQ *HUKDUG Å3\JPDOLRQ 0HWDPRUSKRVHQ GHV 0\WKRV´ LQ 0DWKLDV 0D\HU +UVJ  3\JPDOLRQ 'LH *HVFKLFKWH GHV 0\WKRV LQ GHU DEHQGOlQGLVFKHQ .XOWXU )UHL EXUJ6 /LWWHUDH  1HXPDQQ *HUKDUG Å5LWXDOLVLHUWH .RQWLQJHQ] 'DV SDUDGR[H $UJXPHQW GHV Ä'XHOOV· LP Ä)HOG GHU (KUH· 9RQ &DVDQRYDV ,O'XHOOR   EHU .OHLVWV =ZHLNDPSI   ELV ]X $UWKXU 6FKQLW]OHUV 1RYHOOH &DVDQRYDV +HLPIDKUW  ´ LQ *HUKDUWYRQ*UDHYHQLW]2GR0DUTXDUG +UVJ .RQWLQJHQ]0QFKHQ 6 3RHWLNXQG+HUPHQHXWLN;9,,  1HXPDQQ *HUKDUG Å'HU =ZHLNDPSI .OHLVWV ÄHLQUFNHQGHV¶ (U]lKOHQ´ LQ :DOWHU +LQGHUHU +UVJ .OHLVWV(U]lKOXQJHQ6WXWWJDUW6





%LEOLRJUDSKLH



1HXPDQQ *HUKDUG Å:XQGHUOLFKH 1DFKEDUVNLQGHU =XU ,QVWDQ]LHUXQJ YRQ :LVVHQ XQG (U]lKOHQ LQ *RHWKHV :DKOYHUZDQGWVFKDIWHQ´ LQ *DEULHOH %UDQGVWHWWHU +UVJ (U]lKOHQXQG:LVVHQ3DUDGLJPHQXQG$SRULHQLKUHU,QV]HQLHUXQJLQ*RHWKHV Å:DKOYHUZDQGWVFKDIWHQ´)UHLEXUJ6 /LWWHUDH  1HXPDQQ*HUKDUGÅ(7$+RIIPDQQV3ULQ]HVVLQ%UDPELOODDOV(QWZXUIHLQHUÄ:LV VHQVSRHWLN· :LVVHQVFKDIW ² 7KHDWHU ² /LWHUDWXU´ LQ *DEULHOH %UDQGVWHW WHU*HUKDUG 1HXPDQQ +UVJ  5RPDQWLVFKH :LVVHQVSRHWLN 'LH .QVWH XQG GLH :LVVHQVFKDIWHQXP:U]EXUJ6 1HXPDQQ 0LFKDHO Å$GHO GHU 7DW *HQHDORJLH XQG (YLGHQ]´ LQ .OHLVW-DKUEXFK 6 1HXPHLVWHU 6HEDVWLDQ Å'HU URPDQWLVFKH 'RQ 4XLMRWH´ LQ &KULVWRSK 6WURVHW]NL +UVJ  0LJXHOGH&HUYDQWHV·'RQ4XLMRWH([SOL]LWHXQGLPSOL]LWH'LVNXUVHLP'RQ 4XLMRWH%HUOLQ6 6WXGLHQUHLKH5RPDQLD  1LHQKDXV 6WHIDQ Å$FKLP YRQ $UQLPV $XIKHEXQJ GHU 1DWXUZLVVHQVFKDIWHQ LQ GHU 3RHVLH´ LQ -DKUEXFK GHU ,QWHUQDWLRQDOHQ %HWWLQDYRQ$UQLP*HVHOOVFKDIW 6 1LHQKDXV 6WHIDQ *HVFKLFKWH GHU 'HXWVFKHQ 7LVFKJHVHOOVFKDIW 0RQRJUDSKLH XQG 7H[WHGLWLRQ %G+DELOVFKULIW-HQD 1LHQKDXV 6WHIDQ *HVFKLFKWHGHU'HXWVFKHQ7LVFKJHVHOOVFKDIW 7ELQJHQ   8QWHUVX FKXQJHQ]XUGHXWVFKHQ/LWHUDWXUJHVFKLFKWH  1LHW]VFKH)ULHGULFK:HUNH.ULWLVFKH*HVDPWDXVJDEH$FKWH$EWHLOXQJ1DFKJHODVVHQH )UDJPHQWH+HUEVWELV0lU]%G*LRUJLR&ROOL0D]]LQR0RQWL QDUL +UVJ %HUOLQ 1LHW]VFKH)ULHGULFKÅ-HQVHLWVYRQ*XWXQG%|VH1HXQWHV+DXSWVWFN:DVLVWYRU QHKP" † ´ LQ :HUNH .ULWLVFKH *HVDPWDXVJDEH 6HFKVWH $EWHLOXQJ 1DFKJHODVVHQH )UDJPHQWH +HUEVW  ELV 0lU]  %G  *LRUJLR &RO OL0D]]LQR0RQWLQDUL +UVJ %HUOLQ6 1LSSHUGH\ 7KRPDV 'HXWVFKH *HVFKLFKWH  %UJHUZHOW XQG VWDUNHU 6WDDW 0Q FKHQ 1LWVFK :ROIUDP %DURFNWKHDWHUDOV6SLHOUDXP6WXGLHQ]X/RSHGH9HJDXQG7LUVRGH0ROLQD 7ELQJHQ 5RPDQLFD0RQDFHQVLD  1RUEHUW (OLDV 'LHK|ILVFKH*HVHOOVFKDIW8QWHUVXFKXQJHQ]XU6R]LRORJLH GHV.|QLJWXPVXQGGHU K|ILVFKHQ$ULVWRNUDWLH)UDQNIXUWD0 VWZ  1RUWK 0LFKDHO *HQX‰ XQG *OFN GHV /HEHQV .XOWXUNRQVXP LP =HLWDOWHU GHU $XINOlUXQJ .|OQXD 1RYDOLV Å+HLQULFK YRQ 2IWHUGLQJHQ´ LQ :HUNH 7DJHEFKHU XQG %ULHIH )ULHGULFK YRQ+DUGHQEHUJV'DVGLFKWHULVFKH:HUN%G5LFKDUG6DPXHO +UVJ 0Q FKHQ:LHQ6>6LJOHÅ2´@ 1RYDOLV:HUNH7DJHEFKHUXQG%ULHIH)ULHGULFKYRQ+DUGHQEHUJV'DVSKLORVRSKLVFK WKHRUHWLVFKH:HUN%G+DQV-RDFKLP0lKO +UVJ 0QFKHQ:LHQ



%LEOLRJUDSKLH



1RZRWQ\+HOJD(LJHQ]HLW(QWVWHKXQJXQG6WUXNWXULHUXQJHLQHV=HLWJHIKOV)UDQNIXUWD0 



2EHQDXV 6LE\OOH Å%XFKPDUNW 9HUODJVZHVHQ XQG =HLWVFKULIWHQ´ LQ +RUVW $OEHUW *ODVHU +UVJ  'HXWVFKH /LWHUDWXU (LQH 6R]LDOJHVFKLFKWH 9RUPlU] %G  %HUQG:LWWH +UVJ 5HLQEHN6 2FKV 5REHUW 9HUVFKZHQGXQJ 'LH 7KHRORJLH LP *HVSUlFK PLW *HRUJHV %DWDLOOH )UDQNIXUW D0XD %DPEHUJHUWKHRORJLVFKH6WXGLHQ  2HKOHQVFKOlJHU$GDP0HLQH/HEHQVHULQQHUXQJHQ(LQ1DFKOD‰%G/HLS]LJ 2HVWHUOH *QWHU Å$UDEHVNH XQG 5RPDQ (LQH SRHWLNJHVFKLFKWOLFKH 5HNRQVWUXNWLRQ YRQ)ULHGULFK6FKOHJHOV%ULHIEHUGHQ5RPDQ´LQ'LUN*UDWKRII +UVJ 6WX GLHQ ]XU bVWKHWLN XQG /LWHUDWXUJHVFKLFKWH GHU .XQVWSHULRGH )UDQNIXUW D 0 X D  6   *LH‰HQHU $UEHLWHQ ]XU QHXHUHQ GHXWVFKHQ /LWHUDWXU XQG/LWHUDWXUZLVVHQVFKDIW  2HVWHUOH*QWHUÅ$UDEHVNH´LQ.DUOKHLQ]%DUFNXD +UVJ bVWKHWLVFKH*UXQGEHJULIIH %G6WXWWJDUW:HLPDU6 2H[OH 2WWR *HUKDUG Å$VSHNWH GHU *HVFKLFKWH GHV $GHOV LP 0LWWHODOWHU XQG LQ GHU )UKHQ 1HX]HLW´ LQ +DQV8OULFK :HKOHU +UVJ  (XURSlLVFKHU $GHO  *|WWLQJHQ6 *HVFKLFKWHXQG*HVHOOVFKDIW6RQGHUKHIW   2OVVRQ 7KRPDV Å1HXHV XQG $OWHV LP 1HZ +LVWRULVLFP´ LQ -UJ *ODXVHU +UVJ  9HUKDQGOXQJHQ PLW GHP 1HZ +LVWRULFLVP 'DV 7H[W.RQWH[W3UREOHP LQ GHU /LWHUD WXUZLVVHQVFKDIW:U]EXUJ6 2SLW] &ODXGLD +UVJ  +|ILVFKH*HVHOOVFKDIWXQG=LYLOLVDWLRQVSUR]HVV1RUEHUW(OLDV·:HUNLQ NXOWXUZLVVHQVFKDIWOLFKHU3HUVSHNWLYH.|OQXD 2VLQVNL -XWWD .DWKROL]LVPXV XQG GHXWVFKH /LWHUDWXU LP  -DKUKXQGHUW 3DGHU ERUQ0QFKHQ:LHQ=ULFK 2VZDOG0DULRQ*DEHXQG*HZDOW6WXGLHQ]XU/RJLNXQG3RHWLNGHU*DEHLQGHUIUKK|ILVFKHQ (U]lKOOLWHUDWXU*|WWLQJHQ +LVWRULVFKH6HPDQWLN  2WW 0LFKDHO Å5LWXDOLWlW XQG 7KHDWUDOLWlW´ LQ *HUKDUG 1HXPDQQ&DUROLQH 3URVV*HUDOG :LOGJUXEHU +UVJ  6]HQRJUDSKLHQ 7KHDWUDOLWlW DOV .DWHJRULH GHU /LWHUDWXUZLVVHQVFKDIW)UHLEXUJ%U6 /LWWHUDH  2WW0LFKDHO'DVXQJHVFKULHEHQH*HVHW](KUHXQG*HVFKOHFKWHUGLIIHUHQ]LQGHUGHXWVFKHQ/LWHUD WXUXP)UHLEXUJ /LWWHUDH 



3DEVW 5DLQHU 6FKLFNVDO EHL ( 7 $ +RIIPDQQ =XU (UVFKHLQXQJVIRUP )XQNWLRQ XQG (QW ZLFNOXQJHLQHV,QWHUSUHWDWLRQVPXVWHUV.|OQXD



%LEOLRJUDSKLH





3DUQHV 2KDG ÄÅ(V LVW QLFKW GDV ,QGLYLGXXP VRQGHUQ HV LVW GLH *HQHUDWLRQ ZHOFKH VLFKPHWDPRUSKRVLHUW¶*HQHUDWLRQHQDOVELRORJLVFKHXQGVR]LRORJLVFKH(LQ KHLWHQ LQ GHU (SLVWHPRORJLH GHU 9HUHUEXQJ LP  -DKUKXQGHUW´ LQ 6LJULG :HLJHO X D +UVJ  *HQHUDWLRQ=XU*HQHDORJLHGHV.RQ]HSWV².RQ]HSWHYRQ*H QHDORJLH0QFKHQ6 3DXOLQ 5RJHU ÅÄ+|ILVFKHV %LHGHUPHLHU¶ /XGZLJ 7LHFN XQG GHU 'UHVGQHU +RI 0LW HLQHPXQYHU|IIHQWOLFKWHQ%ULHI/XGZLJ7LHFNVDQ.|QLJ)ULHGULFK$XJXVW,, YRQ6DFKVHQ´LQ$OEHUWR0DUWLQRXD +UVJ  /LWHUDWXULQGHUVR]LDOHQ%HZH JXQJ7ELQJHQ6 3DXOLQ5RJHU(LQHOLWHUDULVFKH%LRJUDSKLH0QFKHQ 3HO] 0RQLND 'LH (QWVWHKXQJ GHV QHX]HLWOLFKHQ *OFNVEHJULIIV LP  XQG  -DKUKXQGHUW *UXQGXQG,QWHJUDWLYZLVVHQ'LVV:LHQ 3HUOZLW]5RQDOGÅ6LJQLILNDQWH0LWWHODOWHUHUILQGXQJLQ(7$+RIIPDQQV'HU.DPSI GHU6lQJHU´LQ(7$+RIIPDQQ-DKUEXFK6 3HWHU .ODXV Å$FKLPYRQ$UQLP*UlILQ'RORUHV  ´LQ 3DXO0LFKDHO /W]HOHU +UVJ  5RPDQH XQG (U]lKOXQJHQ GHU GHXWVFKHQ 5RPDQWLN 1HXH ,QWHUSUHWDWLRQHQ 6WXWWJDUW6 3HWHU.ODXVÅ$GHOXQG5HYROXWLRQDOV7KHPDGHU5RPDQWLN´LQ3HWHU8ZH+RKHQ GDKO3DXO 0LFKDHO /W]HOHU +UVJ  /HJLWLPDWLRQVNULVHQ GHV GHXWVFKHQ $GHOV  6WXWWJDUW6 3HWHU .ODXV Å1RYDOLV )LFKWH $GDP 0OOHU =XU 6WDDWVSKLORVRSKLH LQ $XINOlUXQJ XQG 5RPDQWLN´ LQ +HUEHUW 8HUOLQJV +UVJ  1RYDOLV XQG GLH :LVVHQVFKDIWHQ 7ELQJHQ6 3HWHUV*QWHUÅ'DVWlJOLFKH%URWGHU/LWHUDWXU)ULHGULFK6FKOHJHOXQGGLH6LWXDWLRQ GHV6FKULIWVWHOOHUVLQGHU)UKURPDQWLN´LQ-DKUEXFKGHUGHXWVFKHQ6FKLOOHUJHVHOO VFKDIW6 3HWHUVGRUII'LUNYRQÅ$XJXVW:LOKHOP6FKOHJHOV3RVLWLRQLPURPDQWLVFKHQ'LVNXUV´ LQ