Gottliches Und Irdisches Konigtum in Den Psalmen 9783161576119, 9783161576126, 316157611X
Impliziert die Rede von Gott als Konig Kritik an der Institution menschlichen Konigtums? Gehoren gottliches und irdische
216 75 4MB
German Pages [524]
Cover
Titel
Vorwort
Inhaltsverzeichnis
Kapitel I: Grundlegung
1. Hinführung zum Thema
2. Aspekte der Forschungsgeschichte
2.1 Die kultgeschichtliche Fragestellung
2.2 Die konzeptionelle Fragestellung
2.3 Die kompositionelle Fragestellung
3. Bemerkungen zu Wesen und Funktion des Königtums im Alten Orient
3.1 Ägypten
3.2 Syrien
3.3 Mesopotamien
3.4 Synthese
4. Vorüberlegungen zu Aufbau und Methodik
4.1 Zur Identifizierung von göttlichem und irdischem Königtum in den Psalmen
4.2 Zum Aufbau der Arbeit
4.3 Methodik und Leitfragen der Einzelexegesen
4.4 Zur kompositionellen Analyse
Kapitel II: Konzeptionen des Königtums in den Psalmen: Mythos – Erfahrung – Erwartung
1. Psalm 93
1.1 Text und Übersetzung
1.2 Aufbau, Struktur und Form
1.3 Literarische Integrität und Datierung
1.4 V. 1–2: JHWH als König und die Stabilität der Erde
1.5 V. 3–4: Die Chaosfluten
1.6 V. 5: Tora und Tempel als irdische Vermittlungsgrößen
1.7 Fazit
2. Psalm 48
2.1 Text und Übersetzung
2.2 Aufbau, Struktur und Form
2.3 Literarische Integrität und Datierung
2.4 JHWH als Großkönig
2.5 JHWH und Zion als Gottesberg und Gottesstadt
2.6 JHWH und die Könige
2.7 JHWH und das Zionsvolk
2.8 Fazit
3. Psalm 96 (mit Seitenblick auf Ps 29 und 98)
3.1 Text und Übersetzung
3.2 Aufbau, Struktur und Form
3.3 Literarische Integrität
3.4 Intertextuelle Vernetzungen
3.5 JHWHs Königtum in der himmlischen Welt
3.6 Die Verehrung JHWHs als König durch die Völker
3.7 Der Jubel der Natur vor dem König JHWH
3.8 Datierung und Fazit
4. Psalm 146
4.1 Text und Übersetzung
4.2 Aufbau, Struktur und Form
4.3 Literarische Integrität und Datierung
4.4 V. 1b–2: Lebenslanges Gotteslob
4.5 V. 3–4: Kein Vertrauen auf menschliche Würdenträger
4.6 V. 5–9: JHWH als wahrer Helfer
4.7 V. 10ab: Das ewige Königtum JHWHs
4.8 Fazit
5. Göttliches Königtum in weiteren Psalmen
5.1 Psalm 9/10
5.2 Psalm 24
5.3 Psalm 47
5.4 Psalm 68
5.5 Psalm 74
5.6 Psalm 95
5.7 Psalm 97
5.8 Psalm 99
5.9 Psalm 102
5.10 Psalm 145
5.11 Theologiegeschichtliche Entwicklungen
6. Psalm 2
6.1 Text und Übersetzung
6.2 Aufbau, Struktur und Form
6.3 Literarische Integrität
6.4 Datierung
6.5 V. 1–3: Die Revolte der Völker und Könige
6.6 V. 4–6: Die Reaktion des Königs JHWH
6.7 V. 7–9: Gottessohnschaft und Weltherrschaft des irdischen Königs
6.8 V. 10–12: Ultimatum an die Könige
6.9 Fazit
7. Psalm 72
7.1 Text und Übersetzung
7.2 Aufbau, Struktur und Form
7.3 Literarische Integrität
7.4 Datierung
7.5 Die soziale Rolle des Königs
7.6 Königliche Herrschaft in Natur und Kosmos
7.7 Der König und die Völker
7.8 Die zeitliche Dimension der königlichen Herrschaft
7.9 Der König und JHWH
7.10 Fazit
8. Psalm 101
8.1 Text und Übersetzung
8.2 Aufbau und literarische Integrität
8.3 Sprecher und Gattung
8.4 Verhältnis zu Ps 93–100
8.5 Die moralische Vollkommenheit des Königs
8.6 Der König und die Frevler
8.7 Der König und JHWH
8.8 Datierung und Fazit
9. Psalm 110
9.1 Text und Übersetzung
9.2 Probleme der Auslegung
9.3 Aufbau, Struktur und Form
9.4 Literarische Integrität und Datierung
9.5 V. 1–3: Der König als Throngenosse JHWHs und die Unterwerfung der Feinde
9.6 V. 4–7: Der priesterliche König und JHWHs Völkerkampf
9.7 Fazit
10. Menschliches Königtum in weiteren Psalmen
10.1 Psalm 18
10.2 Psalm 20
10.3 Psalm 21
10.4 Psalm 45
10.5 Psalm 132
10.6 Psalm 144
10.7 Weitere Stellen
10.8 Theologiegeschichtliche Entwicklungen
11. Psalm 89
11.1 Text und Übersetzung
11.2 Aufbau, Struktur und Form
11.3 Literarische Integrität
11.4 Der Gesalbte – Individuum oder Kollektiv?
11.5 Die Einleitung V. 2–5
11.6 Der Hymnus V. 6–19: Der Königsgott JHWH
11.7 Das Königsorakel V. 20–38: JHWH, David und die Davididen
11.8 Die Stellung von Hymnus und Königsorakel innerhalb des Gesamtpsalms
11.9 Datierung
11.10 Fazit
12. Synthese: Vergleich und Verhältnisbestimmung
12.1 Qualitäten und äußere Erscheinung
12.2 Zeitliche Dimensionen der Königsherrschaft
12.3 Räumliche Dimensionen der Königsherrschaft
12.4 Königtum und die Götter
12.5 Königtum und der Kosmos / die Natur
12.6 Königtum und die Völker
12.7 Königtum und das Volk
12.8 Königtum und die Armen, Gerechten und Frevler
12.9 Der irdische König und JHWH in den Königspsalmen
12.10 Der irdische König in den JHWH-König-Psalmen?
12.11 Fazit
Kapitel III: Königtum als kompositionelle Komponente im Psalter
1. Die Bücher I–III
1.1 Der Übergang von Buch III zu IV als größte Zäsur im Psalter
1.2 Psalm 2–89* als „messianischer Psalter“
1.3 Göttliches und irdisches Königtum in den Teilkompositionen von Ps 2–89
2. Zur Frage einer „theokratischen Wende“ nach Psalm 89
2.1 Zur Verteilung der JHWH-König-Konzeption im Psalter
2.2 Zur Verteilung der Königskonzeption im Psalter
2.3 Zur Frage einer Profilveränderung der Königspsalmen in den Büchern IV–V
2.4 Zur Frage eines Wandels im Davidbild in den Büchern IV–V
2.5 Die kompositionelle Funktion der Psalmen 90–100
2.6 Fazit
3. Die Teilkomposition Ps 101–110
3.1 Abgrenzung der Teilkomposition Ps 101–110
3.2 Aufbau, Profil und kompositionelle Funktion von Ps 101–110
3.3 Ps 2–110* als Vorstufe des Psalters
3.4 Fazit
4. Auf dem Weg zum MT-Psalter Ps 1–150
4.1 Die Akzentuierung der Tora
4.2 Die Akzentuierung des Gotteslobs
4.3 Göttliches und irdisches Königtum in den Teilkompositionen von Buch V
5. Fazit
Kapitel IV: Schluss
1. Zusammenfassende Thesen
2. Ausblick
Literaturverzeichnis
Quellen (Textausgaben, Übersetzungen etc.)
Hilfsmittel (Wörterbücher, Grammatiken etc.)
Sekundärliteratur
Stellenregister
Sachregister
Autorenregister
Recommend Papers
![Identifikationspotenziale in den Psalmen: Emotionen, Metaphern und Textdynamik in den Psalmen 30, 64, 90 und 147 [2 ed.]
9783737009805, 9783847109808](https://ebin.pub/img/200x200/identifikationspotenziale-in-den-psalmen-emotionen-metaphern-und-textdynamik-in-den-psalmen-30-64-90-und-147-2nbsped-9783737009805-9783847109808.jpg)
![Identifikationspotenziale in Den Psalmen: Emotionen, Metaphern Und Textdynamik in Den Psalmen 30, 64, 90 Und 147 (Bonner Biblische Beitrage) (German Edition) [Aufl. ed.]
9783847106845, 9783737006842, 3847106848](https://ebin.pub/img/200x200/identifikationspotenziale-in-den-psalmen-emotionen-metaphern-und-textdynamik-in-den-psalmen-30-64-90-und-147-bonner-biblische-beitrage-german-edition-aufl-ed-9783847106845-9783737006842-3847106848.jpg)
![Trägerkreise in den Psalmen [1 ed.]
9783737006118, 9783847106111](https://ebin.pub/img/200x200/trgerkreise-in-den-psalmen-1nbsped-9783737006118-9783847106111.jpg)
File loading please wait...
Citation preview
Forschungen zum Alten Testament 2. Reihe Herausgegeben von Konrad Schmid (Zürich) · Mark S. Smith (Princeton) Hermann Spieckermann (Göttingen) · Andrew Teeter (Harvard)
109
Marcel Krusche
Göttliches und irdisches Königtum in den Psalmen
Mohr Siebeck
Marcel Krusche, geboren 1989; 2008–15 Studium der Ev. Theologie in Münster, Leipzig und Göttingen; 2019 Promotion an der Georg-August-Universität Göttingen; seit Oktober 2018 Wissenschaftlicher Mitarbeiter am Fachbereich Evangelische Theologie der Universität Hamburg.
ISBN 978-3-16-157611-9 / eISBN 978-3-16-157612-6 DOI 10.1628 / 978-3-16-157612-6 ISSN 0940-4114 / eISSN 2568-8359 (Forschungen zum Alten Testament, 2. Reihe) Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliographie; detaillierte bibliographische Daten sind im Internet über http://dnb.dnb.de abrufbar.
© 2019 Mohr Siebeck Tübingen. www.mohrsiebeck.com Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für die Verbreitung, Vervielfältigung, Übersetzung sowie die Einspeicherung und Verarbeitung in elektronischen Systemen. Das Buch wurde von Laupp & Göbel in Gomaringen auf alterungsbeständiges Werkdruckpapier gedruckt und von der Buchbinderei Nädele in Nehren gebunden. Printed in Germany.
:LGPXQJ 'HP$QGHQNHQPHLQHU0XWWHU &KULVWD(OVHEHUJ.UXVFKH ±
9RUZRUW 'LHYRUOLHJHQGH$UEHLWLVWXQWHUGHP7LWHO ÄÃ6HW]HGLFK]XPHLQHU5HFKWHQµ 3V =XP 9HUKlOWQLV YRQ J|WWOLFKHP XQG LUGLVFKHP .|QLJWXP LQ GHQ 3VDOPHQ³LP-DQXDU YRQGHU7KHRORJLVFKHQ)DNXOWlWGHU*HRUJ$XJXVW 8QLYHUVLWlW*|WWLQJHQDOV'LVVHUWDWLRQDQJHQRPPHQXQGIUGHQ'UXFNJHULQJ IJLJEHUDUEHLWHWZRUGHQ 0HLQ HUVWHU XQG JU|WHU 'DQN JLOW 3URI 'U 'U KF +HUPDQQ 6SLHFNHU PDQQ GHU GLHVH $UEHLW EHWUHXW XQG LKU :HUGHQ PLW ZRKOZROOHQGNULWLVFKHP ,QWHUHVVHXQGPLWVHLQHUKHU]OLFKHQXQGKXPRUYROOHQ$UWEHJOHLWHWKDW(QWVSUH FKHQGVHLQHU(LJHQDXVVDJHHUVHKHVLFKHKHUDOVÄ&R3LORW³GHQQDOVÄ'RNWRU YDWHU³KDWHUVHLQHP'RNWRUDQGHQEHLGHVVHQH[HJHWLVFKHQ)OXJYHUVXFKHQYLHO )UHLKHLWJHZlKUWhEHUGLHVKDWHUGLH'LVVHUWDWLRQQLFKWQXUGXUFKHLQH]HLWZHL OLJH$QVWHOOXQJDP/HKUVWXKO]XUhEHUJDQJVILQDQ]LHUXQJVRQGHUQDXFKGXUFK *XWDFKWHQIU6WLSHQGLHQXQWHUVWW]W)HUQHUGDQNHLFKLKPXQGGHQ0LWKHUDXV JHEHUQ 3URI 'U .RQUDG 6FKPLG 3URI 'U 0DUN 6 6PLWK XQG 3URI 'U $QGUHZ 7HHWHU IUGLH $XIQDKPH GHU $UEHLW LQ GLH 5HLKH )$7 ,, VRZLH GHQ 0LWDUEHLWHULQQHQXQG0LWDUEHLWHUQGHV9HUODJHV0RKU6LHEHFNLQVEHVRQGHUH 7RELDV6WlEOHUXQG7RELDV:HLIUGLHYHUOHJHULVFKH%HWUHXXQJ 3URI'U5HLQKDUG*.UDW]GDQNHLFKIUGLH%HJOHLWXQJDOV=ZHLWEHWUHXHU XQGIUGLHhEHUQDKPHGHV=ZHLWJXWDFKWHQVDSO3URI'U7KLOR$5XGQLJIU VHLQ0LWZLUNHQLQGHU3UIXQJVNRPPLVVLRQXQG3URI'U6WHIDQ6FKRUFKIU GLH'ULWWEHWUHXXQJXQGGLH(LQODGXQJLQGLHDOWWHVWDPHQWOLFKH6R]LHWlWLQ+DOOH 'DUEHU KLQDXV ELQ LFK GHQ YHUVFKLHGHQHQ .ROORTXLHQ XQG 1HW]ZHUNHQ GDQNEDULQGHQHQLFK7HLOHPHLQHU'LVVHUWDWLRQSUlVHQWLHUHQXQGGLVNXWLHUHQ GXUIWH GHQ 0LWJOLHGHUQ GHV DOWWHVWDPHQWOLFKHQ 'RNWRUDQGHQNROORTXLXPV LQ *|WWLQJHQ LQVEHVRQGHUH 'U 0DUHLNH %OLVFKNH 'U +DUDOG 6DPXHO XQG DSO 3URI'U7KLOR$5XGQLJIUGLHhEHUQDKPHYRQ.RUUHIHUDWHQ GHP276(0 1HWZRUN YRUDOOHPPHLQHQ5HVSRQGHQWHQ3URI'U*XQQODXJXU$-yQVVRQ 3URI'U-XKD3DNNDODXQG'U-RDQQD7|\UllQYXRUL XQGGHU')*0\WKRV )RUVFKHUJUXSSH675$7$ *|WWLQJHQ PLWGHULFKDOVDVVR]LLHUWHV0LW JOLHG]XVDPPHQDUEHLWHQGXUIWH 'DQNHQP|FKWHLFKDXHUGHPGHU6WXGLHQVWLIWXQJGHVGHXWVFKHQ9RONHVIU GLH*HZlKUXQJHLQHV3URPRWLRQVVWLSHQGLXPVXQGIUGLHLGHHOOH)|UGHUXQJ $XFKPHLQHQ.RUUHNWXUOHVHULQQHQXQGOHVHUQJHEKUW'DQN 3DXO%HFNHU 0LUMDP%RNKRUVW'U)UDQ]LVND(GH0DULDQQH/HLGLJ:ROI7LOPDQQ0DUHN
9,,, 9RUZRUW /HLI5RFNHU3DVWRU&KULVWLDQ6WHLQPHLHUXQG0DUWLQ7VFKHX$OOHYHUEOLHEHQHQ )HKOHUJHKHQVHOEVWYHUVWlQGOLFKDXIPHLQ.RQWR'U'DYLG:LOOJUHQGDQNHLFK IU VHLQ )HHGEDFN ]X .DS , PHLQHP &RXVLQ 0DUYLQ (OVHEHUJ IU VHLQH PDWKHPDWLVFKH )DFKEHUDWXQJ ]X .DS ,,,± (UZlKQXQJ YHUGLHQHQ DXFK PHLQH(OWHUQ+HLNHXQG0DQIUHG.UXVFKHGHQHQLFKIULKUH8QWHUVWW]XQJ LP6WXGLXPXQGLQGHU3URPRWLRQV]HLW'DQNVFKXOGH/DVWEXWQRWOHDVWGDQNH LFKKHU]OLFKPHLQHU)UHXQGLQ6DUDK+LOPHUGLHQLFKWQXUHEHQIDOOVHLQHQ7HLO GHU $UEHLW NRUUHNWXUJHOHVHQ XQG VLFK GD]X JHGXOGLJ GLH 3UREHQ PHLQHU 9RU WUlJHDQJHK|UWKDWVRQGHUQDXFKPHLQ/HEHQDEVHLWVGHU3URPRWLRQHQWVFKHL GHQGUHLFKHUJHPDFKWKDW *|WWLQJHQLP0DL 0DUFHO.UXVFKH
,QKDOWVYHU]HLFKQLV 9RUZRUW9,,
.DSLWHO, *UXQGOHJXQJ +LQIKUXQJ]XP7KHPD $VSHNWHGHU)RUVFKXQJVJHVFKLFKWH 'LHNXOWJHVFKLFKWOLFKH)UDJHVWHOOXQJ 'LHNRQ]HSWLRQHOOH)UDJHVWHOOXQJ 'LHNRPSRVLWLRQHOOH)UDJHVWHOOXQJ %HPHUNXQJHQ]X:HVHQXQG)XQNWLRQGHV.|QLJWXPVLP$OWHQ2ULHQW bJ\SWHQ 6\ULHQ 0HVRSRWDPLHQ 6\QWKHVH 9RUEHUOHJXQJHQ]X$XIEDXXQG0HWKRGLN =XU,GHQWLIL]LHUXQJYRQJ|WWOLFKHPXQGLUGLVFKHP.|QLJWXPLQ GHQ3VDOPHQ =XP$XIEDXGHU$UEHLW 0HWKRGLNXQG/HLWIUDJHQGHU(LQ]HOH[HJHVHQ =XUNRPSRVLWLRQHOOHQ$QDO\VH
.DSLWHO,, .RQ]HSWLRQHQGHV.|QLJWXPVLQGHQ3VDOPHQ 0\WKRV±(UIDKUXQJ±(UZDUWXQJ 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP
;
,QKDOWVYHU]HLFKQLV
/LWHUDULVFKH,QWHJULWlWXQG'DWLHUXQJ 9± -+:+DOV.|QLJXQGGLH6WDELOLWlWGHU(UGH 9± 'LH&KDRVIOXWHQ 9 7RUDXQG7HPSHODOVLUGLVFKH9HUPLWWOXQJVJU|HQ )D]LW 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlWXQG'DWLHUXQJ -+:+DOV*URN|QLJ -+:+XQG=LRQDOV*RWWHVEHUJXQG*RWWHVVWDGW -+:+XQGGLH.|QLJH -+:+XQGGDV=LRQVYRON )D]LW 3VDOP PLW6HLWHQEOLFNDXI3V XQG 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlW ,QWHUWH[WXHOOH9HUQHW]XQJHQ -+:+V.|QLJWXPLQGHUKLPPOLVFKHQ:HOW 'LH9HUHKUXQJ-+:+VDOV.|QLJGXUFKGLH9|ONHU 'HU-XEHOGHU1DWXUYRUGHP.|QLJ-+:+ 'DWLHUXQJXQG)D]LW 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlWXQG'DWLHUXQJ 9E± /HEHQVODQJHV*RWWHVORE 9± .HLQ9HUWUDXHQDXIPHQVFKOLFKH:UGHQWUlJHU 9± -+:+DOVZDKUHU+HOIHU 9DE 'DVHZLJH.|QLJWXP-+:+V )D]LW *|WWOLFKHV.|QLJWXPLQZHLWHUHQ3VDOPHQ 3VDOP 3VDOP 3VDOP 3VDOP
,QKDOWVYHU]HLFKQLV
;,
3VDOP 3VDOP 3VDOP 3VDOP 3VDOP 3VDOP 7KHRORJLHJHVFKLFKWOLFKH(QWZLFNOXQJHQ 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlW 'DWLHUXQJ 9± 'LH5HYROWHGHU9|ONHUXQG.|QLJH 9± 'LH5HDNWLRQGHV.|QLJV-+:+ 9± *RWWHVVRKQVFKDIWXQG:HOWKHUUVFKDIWGHVLUGLVFKHQ .|QLJV 9± 8OWLPDWXPDQGLH.|QLJH )D]LW 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlW 'DWLHUXQJ 'LHVR]LDOH5ROOHGHV.|QLJV .|QLJOLFKH+HUUVFKDIWLQ1DWXUXQG.RVPRV 'HU.|QLJXQGGLH9|ONHU 'LH]HLWOLFKH'LPHQVLRQGHUN|QLJOLFKHQ+HUUVFKDIW 'HU.|QLJXQG-+:+ )D]LW 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDXXQGOLWHUDULVFKH,QWHJULWlW 6SUHFKHUXQG*DWWXQJ 9HUKlOWQLV]X3V ± 'LHPRUDOLVFKH9ROONRPPHQKHLWGHV.|QLJV 'HU.|QLJXQGGLH)UHYOHU 'HU.|QLJXQG-+:+ 'DWLHUXQJXQG)D]LW
;,, ,QKDOWVYHU]HLFKQLV 3VDOP 7H[WXQGhEHUVHW]XQJ 3UREOHPHGHU$XVOHJXQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlWXQG'DWLHUXQJ 9± 'HU.|QLJDOV7KURQJHQRVVH-+:+VXQGGLH 8QWHUZHUIXQJGHU)HLQGH 9± 'HUSULHVWHUOLFKH.|QLJXQG-+:+V9|ONHUNDPSI )D]LW 0HQVFKOLFKHV.|QLJWXPLQZHLWHUHQ3VDOPHQ 3VDOP 3VDOP 3VDOP 3VDOP 3VDOP 3VDOP :HLWHUH6WHOOHQ 7KHRORJLHJHVFKLFKWOLFKH(QWZLFNOXQJHQ 3VDOP 7H[WXQGhEHUVHW]XQJ $XIEDX6WUXNWXUXQG)RUP /LWHUDULVFKH,QWHJULWlW 'HU*HVDOEWH±,QGLYLGXXPRGHU.ROOHNWLY" 'LH(LQOHLWXQJ9± 'HU+\PQXV9± 'HU.|QLJVJRWW-+:+ 'DV.|QLJVRUDNHO9± -+:+'DYLGXQGGLH'DYLGLGHQ 'LH6WHOOXQJYRQ+\PQXVXQG.|QLJVRUDNHOLQQHUKDOEGHV *HVDPWSVDOPV 'DWLHUXQJ )D]LW 6\QWKHVH 9HUJOHLFKXQG9HUKlOWQLVEHVWLPPXQJ 4XDOLWlWHQXQGlXHUH(UVFKHLQXQJ =HLWOLFKH'LPHQVLRQHQGHU.|QLJVKHUUVFKDIW 5lXPOLFKH'LPHQVLRQHQGHU.|QLJVKHUUVFKDIW .|QLJWXPXQGGLH*|WWHU .|QLJWXPXQGGHU.RVPRVGLH1DWXU .|QLJWXPXQGGLH9|ONHU .|QLJWXPXQGGDV9RON
,QKDOWVYHU]HLFKQLV
;,,,
.|QLJWXPXQGGLH$UPHQ*HUHFKWHQXQG)UHYOHU 'HULUGLVFKH.|QLJXQG-+:+LQGHQ.|QLJVSVDOPHQ 'HULUGLVFKH.|QLJLQGHQ-+:+.|QLJ3VDOPHQ" )D]LW
.DSLWHO,,, .|QLJWXPDOVNRPSRVLWLRQHOOH.RPSRQHQWHLP 3VDOWHU 'LH%FKHU,±,,, 'HUhEHUJDQJYRQ%XFK,,,]X,9DOVJU|WH=lVXULP3VDOWHU 3VDOP± DOVÄPHVVLDQLVFKHU3VDOWHU³ *|WWOLFKHVXQGLUGLVFKHV.|QLJWXPLQGHQ7HLONRPSRVLWLRQHQ YRQ3V± =XU)UDJHHLQHUÄWKHRNUDWLVFKHQ:HQGH³QDFK3VDOP =XU9HUWHLOXQJGHU-+:+.|QLJ.RQ]HSWLRQLP3VDOWHU =XU9HUWHLOXQJGHU.|QLJVNRQ]HSWLRQLP3VDOWHU =XU)UDJHHLQHU3URILOYHUlQGHUXQJGHU.|QLJVSVDOPHQLQGHQ %FKHUQ,9±9 =XU)UDJHHLQHV:DQGHOVLP'DYLGELOGLQGHQ%FKHUQ,9±9 'LHNRPSRVLWLRQHOOH)XQNWLRQGHU3VDOPHQ ± )D]LW 'LH7HLONRPSRVLWLRQ3V± $EJUHQ]XQJGHU7HLONRPSRVLWLRQ3V± $XIEDX3URILOXQGNRPSRVLWLRQHOOH)XQNWLRQYRQ3V± 3V± DOV9RUVWXIHGHV3VDOWHUV )D]LW $XIGHP:HJ]XP073VDOWHU3V± 'LH$N]HQWXLHUXQJGHU7RUD 'LH$N]HQWXLHUXQJGHV*RWWHVOREV *|WWOLFKHVXQGLUGLVFKHV.|QLJWXPLQGHQ7HLONRPSRVLWLRQHQ YRQ%XFK9 )D]LW
;,9
,QKDOWVYHU]HLFKQLV
.DSLWHO,9 6FKOXVV =XVDPPHQIDVVHQGH7KHVHQ $XVEOLFN
/LWHUDWXUYHU]HLFKQLV 4XHOOHQ 7H[WDXVJDEHQhEHUVHW]XQJHQHWF +LOIVPLWWHO :|UWHUEFKHU*UDPPDWLNHQHWF 6HNXQGlUOLWHUDWXU
6WHOOHQUHJLVWHU 6DFKUHJLVWHU $XWRUHQUHJLVWHU
.DSLWHO,
*UXQGOHJXQJ +LQIKUXQJ]XP7KHPD +LQIKUXQJ]XP7KHPD Ä8QG>-+:+@HUZlKOWHPHLQHQ VF'DYLGV 6RKQ6DORPRGDVVHUVLW]HDXIGHP7KURQGHV .|QLJWXPV-+:+V !#!'=#)+/2) EHU,VUDHO³ &KU Ä8QG>GLHbOWHVWHQ@VSUDFKHQ]X>6DPXHO@ Ã6HW]HQXQIUXQVHLQHQ.|QLJHLQGDVVHUEHU XQVKHUUVFKHZLHHVEHLDOOHQ9|ONHUQLVWµ>«@'DVSUDFK-+:+]X6DPXHO Ã+|UHDXIGLH 6WLPPHGHV9RONHVLQDOOHPZDVVLHGLUVDJHQ'HQQQLFKWGLFKKDEHQVLHYHUZRUIHQVRQ GHUQPLFKKDEHQVLHYHUZRUIHQGDVVLFKQLFKWDOV.|QLJEHUVLHKHUUVFKH -!'+3(+// µ³ 6DP
'LHVH$XVVDJHQVWHFNHQGLHEHLGHQ3ROHDE]ZLVFKHQGHQHQLP$OWHQ7HVWD PHQW EHU GDV 9HUKlOWQLV YRP .|QLJWXP -+:+V XQG GHP .|QLJWXP HLQHV LUGLVFKHQ LVUDHOLWLVFKHQE]ZMXGlLVFKHQGDYLGLVFKHQ +HUUVFKHUVJHGDFKWZHU GHQNDQQ DXIGHUHLQHQ6HLWHGLH,GHQWLIL]LHUXQJYRQJ|WWOLFKHUXQGLUGLVFKHU .|QLJVKHUUVFKDIW ZREHL HUVWHUH VLFK LP GDYLGLVFKHQ .|QLJ PDQLIHVWLHUW DXI GHUDQGHUHQ6HLWHGLH$QWLWKHVHGHUEHLGHQ.|QLJWPHUXQGGLH.ULWLNDQLUGL VFKHU.|QLJVKHUUVFKDIWLP1DPHQGHVJ|WWOLFKHQ.|QLJWXPV'HU(UZlKOXQJ HLQHVLUGLVFKHQ.|QLJVGXUFKGHQJ|WWOLFKHQ.|QLJ-+:+VWHKWGLH(UZlKOXQJ HLQHVLUGLVFKHQ.|QLJVGXUFKGDV9RONDOV$NWGHU9HUZHUIXQJGHVJ|WWOLFKHQ .|QLJVJHJHQEHU =XGHQZLFKWLJVWHQ4XHOOHQIUGLH$XIIDVVXQJHQVRZRKOYRPLUGLVFKHQDOV DXFKYRPJ|WWOLFKHQ.|QLJWXPLPDOWHQ,VUDHOXQG-XGD]lKOHQGLH3VDOPHQ 'LH.|QLJVSVDOPHQYHUVFKDIIHQWHLOV±ZLHQXUZHQLJHDQGHUHDOWWHVWDPHQWOL FKH7H[WH±HLQHQ(LQEOLFNLQGLH.|QLJVLGHRORJLHZLHVLHDPN|QLJOLFKHQ+RI YHUWUHWHQXQGLP+RI]HUHPRQLHOOSURSDJLHUWXQGSURNODPLHUWZXUGHWHLOVJH EHQVLHGDUEHU$XIVFKOXVVZLHVLHLQQDFKH[LOLVFKHUN|QLJVORVHU=HLWZHLWHU OHEWHXQGLQ)RUPYRQ(UZDUWXQJHQHLQHVQHXHQGDYLGLVFKHQ+HLOVN|QLJV*H VWDOW DQQHKPHQ NRQQWH 'LH 7DWVDFKH GDVV PHKUHUH GHU .|QLJVSVDOPHQ DQ
9JOlKQOLFKH$XVVDJHQLQ&KU &KU =XU 6WHOOH YJO 0h//(5 .|QLJWXP ± 9JO lKQOLFKH $XVVDJHQ LQ 5L I 6DP =XU*HJHQEHUVWHOOXQJGHUEHLGHQ6WHOOHQ XQGYHUZDQGWHU$XVVDJHQ YJO-$3+(7,GH RORJ\ ± EHV± =XGHQ4XHOOHQIUGLHYRUH[LOLVFKH-HUXVDOHPHU.|QLJVLGHRORJLHVLHKH0h//(5+HUU VFKDIWVOHJLWLPDWLRQ ±
.DSLWHO, *UXQGOHJXQJ
NRPSRVLWLRQHOOH[SRQLHUWHQ6WHOOHQSODW]LHUWZXUGHQ EHVRQGHUV3V EHOHJWGLHJURH%HGHXWXQJGLHVHU7H[WHIUGLH(QWVWHKXQJGHV3VDOWHUV$XI GHUDQGHUHQ6HLWHJLOWGDV.|QLJWXP*RWWHVLQGHQ3VDOPHQQLFKWQXUDOVHLQ 7KHPD XQWHU YLHOHQ VRQGHUQ DOV GLH ]HQWUDOH *RWWHVYRUVWHOOXQJ ,P 0LWWHO SXQNWVWHKWHVEHVRQGHUVLQGHQVRJ-+:+.|QLJ3VDOPHQ3V ± LQGHUlOWHUHQ)RUVFKXQJÄ7KURQEHVWHLJXQJVSVDOPHQ³JHQDQQW DEHUGLH9RU VWHOOXQJYRQ-+:+DOV.|QLJLVWQRFKLQ]DKOUHLFKHQZHLWHUHQ3VDOPHQJUHLI EDU,QGHU+HEUlLVFKHQ%LEHOVWHOOWGHU3VDOWHUGLHMHQLJH6FKULIWGDUGLHPLW $EVWDQG GLH PHLVWHQ DXI -+:+ EH]RJHQHQ (¬+/%HOHJH HQWKlOW XQG GLH -+:+DPLQWHQVLYVWHQLQHLQHUGH]LGLHUWN|QLJOLFKHQ5ROOHSRUWUlWLHUW $XIJUXQGGHUEUHLWHQ%H]HXJXQJYRQ9RUVWHOOXQJHQVRZRKOYRQJ|WWOLFKHP DOVDXFKYRQLUGLVFKHP.|QLJWXPLP3VDOWHUHUVFKHLQWGLHVHVELEOLVFKH%XFK DOVEHVRQGHUVJHHLJQHWIUGLH8QWHUVXFKXQJ]XP9HUKlOWQLVGHUEHLGHQ.|QLJ WPHU+LQ]XNRPPWGDVVDXIJUXQGVHLQHU(QWVWHKXQJVJHVFKLFKWHHLQHJURH %DQGEUHLWHDQ9RUVWHOOXQJHQ]XHUZDUWHQLVW 'XUFKVHLQHQ(QWVWHKXQJVSUR]HVV YRQGHU PLWWOHUHQ" .|QLJV]HLWELVLQGLH6SlW]HLWGHV$OWHQ7HVWDPHQWV -K Y&KU GXUFKGLHXQWHUVFKLHGOLFKHQ*DWWXQJHQGHU(LQ]HOSVDOPHQPLWMHZHLOV YHUVFKLHGHQHP6LW]LP/HEHQXQGMHZHLOVYHUVFKLHGHQHQ.RPPXQLNDWLRQVDE VLFKWHQVRZLHGXUFKVHLQVXN]HVVLYHV:DFKVWXPDXVXUVSUQJOLFKWHLOZHLVHXQ DEKlQJLJHQ7HLOVDPPOXQJHQWUHIIHQLP3VDOWHUVHKUXQWHUVFKLHGOLFKHWKHROR JLVFKH9RUVWHOOXQJHQDXIHLQDQGHU'LH3VDOPHQHLJQHQVLFKGDKHULGHDOXPGLH 9LHOIDOWXQGGLHWKHRORJLHJHVFKLFKWOLFKHQ:DQGOXQJHQGHU.|QLJWXPVYRUVWHO OXQJHQ,VUDHOVDXI]X]HLJHQ 'LH9HUKlOWQLVEHVWLPPXQJYRQJ|WWOLFKHPXQGPHQVFKOLFKHP.|QLJWXPLQ GHQ 3VDOPHQ ZLUG MHGRFK GXUFK HLQHQ 8PVWDQG HQWVFKHLGHQG HUVFKZHUW GHU HWZDLQ6DPXQGLPDUDPlLVFKHQ'DQLHOEXFKRGHULQGHU&KURQLN VR QLFKW LQ GLHVHU :HLVH DXIWULWW *|WWOLFKHV XQG LUGLVFKHV .|QLJWXP VWHKHQ LP 3VDOWHU±]XPLQGHVWDXIGHQHUVWHQ%OLFN±EHUZHLWH6WUHFNHQXQYHUEXQGHQ QHEHQHLQDQGHU'LH%HOHJHGHU:XU]HO (¬+/LP3VDOWHUEH]LHKHQVLFK±DEJH VHKHQYRQDXVOlQGLVFKHQ.|QLJHQ±HQWZHGHUDXI-+:+RGHUDXIHLQHQLVUDHOL
9JO0h//(5$UW3VDOPHQ $7 Ä,P=HQWUXPGHV*RWWHVELOGHV VFGHU3VDOPHQ VWHKWGLH9RUVWHOOXQJGHVN|QLJOLFKHQ*RWWHV³9JODXFK0$«@>(VLVWDQ]XQHKPHQ@GDGHU.|QLJGLH5ROOHHLQHVVLFKLQGHU7RWHQZHOWEHILQGHQ GHQ GRUW GHQ 7RGHVVFKODI VFKODIHQGHQ DEHU ZLHGHU ]XP /HEHQ ]XUFNNHKUHQGHQ *RWWHV VSLHOW>«@:LUPHLQHQDOVR>«@GDGHU.|QLJLP5LWXDOGLH5ROOHHLQHVVWHUEHQGHQXQG DXIHUVWHKHQGHQ*RWWHVJHVSLHOWKDWHEHQZHLO>«@GRFKHLQJDQ]HUP\WKLVFKULWXHOOHU.RP SOH[DXFKLQ,VUDHOH[LVWLHUWKDWDXVGHPGLHVH=JHJDQ]NODUKHUYRUWUHWHQ³
$XFKGLHÄKHLOLJH+RFK]HLW³VHLGXUFKGHQ.|QLJNXOWLVFKQDFKYROO]RJHQZRU GHQ DQGHUHUVHLWVVHLGHU.|QLJGHU6SURVVGLHVHUKHLOLJHQ+RFK]HLW 'HU'lQH$$*( %(17=(1GHU]ZDUHLQLJH9RUEHKDOWHJHJHQGLH8SSVDOD 6FKXOHKDWLKUDEHUQDKHVWHKWQLPPWLQVHLQHU0RQRJUDSKLHÄ0HVVLDV0RVHV UHGLYLYXV 0HQVFKHQVRKQ³ ]XP 7KHPD .|QLJWXP 6WHOOXQJ :LH 02 :,1&.(/YHUPXWHW%(17=(1GDVVGHU1HXMDKUVWDJDQGHPÄGLH:LHGHUKROXQJ GHU6FK|SIXQJGDVNXOWLVFKH'UDPD³VWDWWJHIXQGHQKDEH]XJOHLFKGHU7KURQ EHVWHLJXQJVWDJGHVLUGLVFKHQ.|QLJVZDU (UJHKWDEHUEHU02:,1&.(/KLQ DXVLQGHPHUGHQ.|QLJ]XP.XOWP\WKRVGHV1HXMDKUVIHVWHV &KDRVNDPSIXQG 6FK|SIXQJ LQ%H]LHKXQJVHW]W Ä'LHSROLWLVFKHQ)HLQGHGLHSROLWLVFKH1LHGHU ODJHGHV.|QLJVVLQGPLWGHQ)DUEHQPLWGHQ$XVGUFNHQGHVULWXHOOHQ*|WWHU NDPSIHVJHVFKLOGHUW'LHSROLWLVFKHQ)HLQGHVLQGGLH&KDRVPlFKWHGLHVHZHU GHQ DOV SROLWLVFKH )HLQGH DNWXDOLVLHUW³ 0LW%OLFNDXI 3V HLQ 2UDNHO ]XP 7KURQEHVWHLJXQJVWDJGHV.|QLJV IKUW%(17=(1DXVGDVVGLH6LWXDWLRQGHU SROLWLVFKHQ%HGURKXQJGHV.|QLJVGXUFKVHLQH)HLQGHGLHÄÃ+LVWRULIL]LHUXQ JHQµGHUGlPRQLVFKHQ&KDRVPlFKWHGHV*|WWHUNDPSIE]Z9|ONHUNDPSIP\ WKXV³GDUVWHOOHQÄ$NWXDOLVLHUXQJGHU8U]HLWVLWXDWLRQ>LVW@DOVGDV&KDRVGXUFK
:,'(1*5(1.|QLJWXP :,'(1*5(1.|QLJWXPI :,'(1*5(1.|QLJWXP± 9JO127+*RWW +-(/'(6LJPXQG0RZLQFNHOI %(17=(10HVVLDV %(17=(10HVVLDV %(17=(10HVVLDV
$VSHNWHGHU)RUVFKXQJVJHVFKLFKWH
GLHUHWWHQGH6FK|SIXQJVWDW*RWWHVXQGVHLQHV*HVDOEWHQEHVLHJWZXUGH³ 'D PLWHQWVSUHFKHQVLFKQDFK%(17=(1GHU.XOWP\WKRVGHVJ|WWOLFKHQXQGGHUMH QLJHGHVN|QLJOLFKHQ7KURQEHVWHLJXQJVIHVWHV 'LHÄ0\WKDQG5LWXDO³6FKRROXQGGLH8SSVDOD6FKXOHKDEHQLQWHUQDWLRQDO ±YRUDOOHPLQ'HXWVFKODQGDEHUDXFKYRQ02:,1&.(/±YLHO.ULWLNHUIDK UHQ%HPlQJHOWZLUGYRUDOOHPGDVVGLH8QWHUVFKLHGH]ZLVFKHQGHQYHUVFKLH GHQHQ DOWRULHQWDOLVFKHQ .XOWXUHQ XQG .|QLJVNRQ]HSWLRQHQ QLFKW KLQUHLFKHQG EHDFKWHWZHUGHQGDVVGDVUHNRQVWUXLHUWHÄSDWWHUQ³QLUJHQGVLQ*lQ]HEH]HXJW VHLGDVVYLHO]XYLHOH3VDOPHQYRP1HXMDKUVIHVWKHUHUNOlUWZHUGHQXQGGDVV GLH $QZHQGXQJ GHV P\WKLVFKULWXHOOHQ 6FKHPDV DXI GLH DOWWHVWDPHQWOLFKHQ 7H[WHGLHVHQQLFKWDXVUHLFKHQGJHUHFKWZHUGH'LH/HLVWXQJGHUEHLGHQ6FKXOHQ EHVWHKWMHGRFKGDULQGDVVVLHGLHELEOLVFKHQ.|QLJWXPVYRUVWHOOXQJHQLQ%H]LH KXQJ]XUDOWRULHQWDOLVFKHQ8PZHOWJHVHW]WXQGGDGXUFKHLQH'LVNXVVLRQEHU LKU9HUKlOWQLVDQJHUHJWKDEHQ =XGHQGHXWVFKHQ.ULWLNHUQVRZRKO02:,1&.(/VDOVDXFKGHUÄ0\WKDQG 5LWXDO³6FKRROXQGGHU8SSVDOD6FKXOH]lKOW+ $16-2$&+,0.5$86GHU LQVHLQHU6FKULIWÄ'LH.|QLJVKHUUVFKDIW*RWWHVLP$OWHQ7HVWDPHQW³HLQHQ*H JHQHQWZXUI]X02:,1&.(/V7KURQEHVWHLJXQJVIHVWELHWHW6WDWWHLQHV7KURQEH VWHLJXQJVIHVWHV -+:+V GDV .5$86 VWDUN DQ]ZHLIHOW UHNRQVWUXLHUW HU DXV 6DPIXQG.|QHLQÄN|QLJOLFKHV=LRQIHVW³GDVLQYRUH[LOLVFKHU=HLWDP
%(17=(10HVVLDVI 9JO]%127+*RWW± %(51+$5'73UREOHPSDVVLP$XHUKDOE'HXWVFK ODQGV YJO )5$1.)257 .LQJVKLS SDVVLP GHU GLH WLHIJUHLIHQGHQ 8QWHUVFKLHGH ]ZLVFKHQ lJ\SWLVFKHUXQGPHVRSRWDPLVFKHU.|QLJVLGHRORJLHKHUDXVVWHOOWXQGGDPLWHLQHLQKHLWOLFKHV DOWRULHQWDOLVFKHV.XOWVFKHPDLQ)UDJHVWHOOW 9JO+-(/'(6LJPXQG0RZLQFNHO± :LH DXV GHP 5HIHUDW YRQ %(51+$5'7 3UREOHP ± HUVLFKWOLFK ZLUG LVW HLQH JURH0HKUKHLWGHU3VDOPHQNXOWLVFKLQWHUSUHWLHUWZRUGHQ'LH.ULWLNWULIIWLQJOHLFKHU:HLVH DEHUDXFK02:,1&.(/=XLKPYJO*81.(/VEHUKPWHV'LNWXP02:,1&.(/KDEHLQGHP HUHLQH ]X JURH=DKOYRQ3VDOPHQYRP7KURQEHVWHLJXQJVIHVWKHUGHXWHWÄÃ+HOHQDLQMH GHP:HLEHµJHVHKHQ³ *81.(/%(*5,&+(LQOHLWXQJ XQGVHLQHQ9RUZXUIGLHVH)HLHU ZHUGHÄIU02:,1&.(/GHUJHZDOWLJH0DJQHWYRQGHPHLQJURHU7HLOGHU3VDOPHQGLFK WXQJDQJH]RJHQZHUGHQ>VLF@³ DD2 9JO .5$86 .|QLJVKHUUVFKDIW ± 'DV )D]LW ODXWHW Ä8P HV QXQ IUHL KHUDXV ]X VDJHQ :LUVLQGGHUhEHU]HXJXQJGDHVHLQ7KURQEHVWHLJXQJVIHVW-DKZHVQDFKGHPNXO WLVFKP\WKLVFKHQ 9RUELOG%DE\ORQVLQ ,VUDHOQ L F K W JHJHEHQ KDWXQG GD HVOHW]WOLFK QXU 9HUPXWXQJHQXQGXQJHVLFKHUWH.RPELQDWLRQHQVLQGPLWGHUHQ+LOIHHLQHLVUDHOJHPlH$QD ORJLH]XPEDE\ORQLVFKHQ1HXMDKUVIHVWLP$QVFKOXDQGLH)RUPHOT+/!#!'XQGGLH(UZlK QXQJHQGHU6FK|SIXQJVWDW*RWWHVNRQVWUXLHUWZRUGHQLVWXPGLH7KURQEHVWHLJXQJVSVDOPHQ NXOWLVFK]XGHXWHQ$XFKGLHYRQ(QJQHOOQHXHUGLQJVLQJURHU)OOHPLWJHWHLOWHQ3DUDOOHOHQ DXV GHP NDQDDQlLVFKHQ 5DXP HUJHEHQ QLFKW ]ZLQJHQG GLH .RQVHTXHQ] GHU %HKDXSWXQJ $OVRPXHVDXFKLQ,VUDHOHLQHlKQOLFKH)HLHUJHJHEHQKDEHQ(VN|QQWHGRFKVHKUZRKO VHLQGD,VUDHOJHUDGHLQGLHVHUHQWVFKHLGHQGHQ)UDJHNXOWLVFKHU*HVWDOWXQJVHLQH(LJHQDUW EHZDKUWKDW±DXFKDQJHVLFKWVGHUULQJVXPODJHUQGHQP\WKLVFKHQ,GHHHLQHU7KURQIDKUW*RW WHV³ +HUYRUKHEXQJLP2ULJLQDO 9JODXFK'(56*RWWHVGLHQVW ±
.DSLWHO, *UXQGOHJXQJ
HUVWHQ7DJGHV/DXEKWWHQIHVWHVJHIHLHUWZRUGHQVHLXQGGLH(UZlKOXQJ-HUX VDOHPVXQGGLH(UZlKOXQJGHUGDYLGLVFKHQ'\QDVWLH]XP,QKDOWJHKDEWKDEH *HJHQMHJOLFKHQP\WKLVFKHQ&KDUDNWHUGLH02:,1&.(/(1*1(//: ,'(1* 5(1 XQG %(17=(1 GHP 1HXMDKUVIHVW ]XVFKUHLEHQ KHEW .5$86 GHQ SURSKH WLVFKJHVFKLFKWOLFKHQ8UVSUXQJGHVN|QLJOLFKHQ=LRQIHVWHVKHUYRU9RQGHQ 3VDOPHQRUGQHWHUGLHVHP)HVW3V IU.5$86GHU]HQWUDOH7H[W ± ± YLHOOHLFKW I±XQGGLH=LRQVOLHGHU3V ]X,P=HQWUXPGHV)HVWHVVWHKHGHUMXGlLVFKH.|QLJ=ZDUJHEHHVDXFK 9HUELQGXQJHQ]XP.|QLJWXP-+:+V GLHVHVVWHKHDEHUQXULP+LQWHUJUXQG XQGHLQH7KURQIDKUW-+:+VVHLQLFKW%HVWDQGWHLOGHV)HVWHVJHZHVHQ 'LHVKDEHVLFKLQQDFKH[LOLVFKHU=HLWJHlQGHUW$QJHUHJWGXUFKGLH9HUNQ GLJXQJ'HXWHURMHVDMDVGHVVHQ]HQWUDOH%RWVFKDIWODXWH -+:+VHOEVWLVW.| QLJVHLHV]XHLQHUÄLQQHUH>Q@8PJHVWDOWXQJ³GHU%RWVFKDIWGHVYRUH[LOLVFKHQ N|QLJOLFKHQ=LRQIHVWHVJHNRPPHQLQGHPHUÄGLH:LHGHUHUZlKOXQJGHV=LRQ XQGGHQ$QEUXFKGHU.|QLJVKHUUVFKDIW-DKZHVLQ-HUXVDOHPNXQGWXW³)ROJ OLFK VHL QDFKH[LOLVFK GDV MGLVFKH 1HXMDKUVIHVW PLW HLQHP .|QLJVHLQ]XJ -+:+VDP7LVFKULXQGHLQHU%XQGHVHUQHXHUXQJVIHLHUEHJDQJHQZRUGHQ +LHUYHURUWHW.5$86DXFKGHQ6LW]LP/HEHQGHU7KURQEHVWHLJXQJVSVDOPHQ3V ± 6LHVHLHQ.XOWK\PQHQGHVN|QLJOLFKHQ(LQ]XJHV $XFKKLHU ZHLVWHUGDV0\WKLVFKHGHV1HXMDKUVIHVWHV]XUFNXQGEHWRQWVWDWWGHVVHQVHLQHQ KHLOV JHVFKLFKWOLFKHQ&KDUDNWHU $XVGHPNXOWLVFKHQ1HEHQXQG0LWHLQDQGHUYRQJ|WWOLFKHPXQGLUGLVFKHP .|QLJWXPLP1HXMDKUVIHVWEHL02:,1&.(/XQGGHU8SSVDOD6FKXOHZLUGEHL .5$86DOVRHLQNXOWJHVFKLFKWOLFKHV1DFKHLQDQGHU $QGLH6WHOOHGHU)HLHUGHU
.5$86.|QLJVKHUUVFKDIW±±(LQH0RGLILNDWLRQYRQ02:,1&.(/V7KHVHHLQHV 7KURQEHVWHLJXQJVIHVWHV-+:+VELHWHWDXFK$5785 :(,6(5LQVHLQHP3VDOPHQNRPPHQWDU DEGHUGULWWHQ$XIODJH $QGLH6WHOOHGHV7KURQEHVWHLJXQJVIHVWHVVHW]WHUHLQ DXIGLH YRUVWDDWOLFKH=HLW]XUFNJHKHQGHV KHUEVWOLFKHV%XQGHVHUQHXHUXQJVIHVWEHLGHPGLH7KURQ EHVWHLJXQJ-+:+V]ZDUHLQH5ROOHJHVSLHOWKDEHDEHUQXUDOVXQWHUJHRUGQHWHVOLWXUJLVFKHV 7HLOVWFN :(,6(5 3VDOPHQ 6HLW GHU IUKHQ .|QLJV]HLW KDEH DXFK GDV 7KURQEHVWHL JXQJVIHVWGHVLUGLVFKHQ.|QLJVDOV6LW]LP/HEHQGHU.|QLJVSVDOPHQ(LQJDQJLQGHQ%XQ GHVIHVWNXOWHUKDOWHQ GDEHLVHLDEHULP9HUJOHLFK]XUDOWRULHQWDOLVFKHQ8PZHOWGLH6WHOOXQJ GHV .|QLJV LP 9HUKlOWQLV]XU *RWWKHLW GHXWOLFK KHUDEJHPLQGHUW ZRUGHQ LQGHP GHU .|QLJ DXIGHQ*HKRUVDPJHJHQGLH%XQGHVRUGQXQJ-+:+VYHUSIOLFKWHWZRUGHQVHLXQGDOV5HSUl VHQWDQWGHU*HPHLQGHDXIWUHWH DD2I YJODXFKDD2I .5$86.|QLJVKHUUVFKDIW I .5$86.|QLJVKHUUVFKDIW± .5$86.|QLJVKHUUVFKDIW± .5$86.|QLJVKHUUVFKDIW ± =LWDWH >LP2ULJLQDOJHVSHUUWJHGUXFNW@ .5$86.|QLJVKHUUVFKDIW± .5$86.|QLJVKHUUVFKDIW± 9JO.5$86.|QLJVKHUUVFKDIW±
$VSHNWHGHU)RUVFKXQJVJHVFKLFKWH
(UZlKOXQJGHVGDYLGLVFKHQ.|QLJVDOV=HQWUXPGHV)HVWHVVHLGHUN|QLJOLFKH (LQ]XJ-+:+VVHOEVWJHWUHWHQ ,P9HUJOHLFKGHUYHUVFKLHGHQHQ$QVl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|QQHQ 'LHNXOWJHVFKLFKWOLFKH )UDJHVWHOOXQJKDWDEHUEHUHLWV$QVlW]HHLQHUNRQ]HSWLRQHOOHQ9HUKlOWQLVEHVWLP PXQJGHUEHLGHQ.|QLJWPHU YRQHLQHU6SDQQXQJGHUEHLGHQ.RQ]HSWLRQHQ ELV KLQ ]X HLQHU RUJDQLVFKHQ 9HUELQGXQJ JHOLHIHUW DQ GLH MQJHUH $UEHLWHQ DQNQSIHQJOHLFKZRKORKQHGLH)UDJHQDFKGHP6LW]LP/HEHQLQGHQ9RUGHU JUXQG]XVWHOOHQ 'LHNRQ]HSWLRQHOOH)UDJHVWHOOXQJ 2',/+67(&.EHVFKUHLEWLQVHLQHUWUDGLWLRQVJHVFKLFKWOLFKHQ6WXGLHÄ)ULHGHQV YRUVWHOOXQJHQ LP DOWHQ -HUXVDOHP³ XPULVVDUWLJ GLH .RQ]HSWLRQ GHU 'LHVH 6LFKW KDW .5$86 VSlWHU DOOHUGLQJV PRGLIL]LHUW 'HPQDFK KDW VLFK EHUHLWV LQ YRUH[LOLVFKHU=HLWGLH)HLHUGHVN|QLJOLFKHQ(LQ]XJV-+:+VPLWGHU)HLHUGHU(UZlKOXQJ -HUXVDOHPVXQGGHU(UZlKOXQJ'DYLGVYHUEXQGHQ .5$863VDOPHQ± ± 9JO GLH hEHUVLFKW ]X HLQLJHQ )RUVFKXQJVSRVLWLRQHQ GHU MQJHUHQ 9HUJDQJHQKHLW EHL +-(/'( 6LJPXQG 0RZLQFNHO $QP %HLVSLHOVZHLVHlXHUQ VLFK 3(7(56(1 *RG ±XQG-81*%/87++LPPHO±NULWLVFK]XU+\SRWKHVHHLQHV7KURQEHVWHLJXQJV IHVWHVLQ,VUDHO:RHLQ7KURQEHVWHLJXQJVIHVW-+:+VLP+HUEVWKHXWHQRFKDQJHQRPPHQ ZLUGJHVFKLHKWGDVLP9HUJOHLFK]X02:,1&.(/LQUHGX]LHUWHU)RUP YJO]%-$12:6., $UW .|QLJWXP *RWWHV LP $OWHQ 7HVWDPHQW /(8(1%(5*(5 .RQ]HSWLRQHQ I 52%(576(QWKURQHPHQW)HVWLYDOI 9JO GLH .ULWLN YRQ =(1*(5 3VDOPHQIRUVFKXQJ± Ä%HLP JDWWXQJV XQG NXOWJHVFKLFKWOLFKHQ )RUVFKXQJVDQVDW] VFKOlJW GDV PHWKRGRORJLVFKH 3UREOHP VFKDUI GXUFK GDVMHGHU$QDORJLHVFKOXLQGHU:LVVHQVFKDIWELHWHW'LHV]HLJWVLFKEHVRQGHUVEHLGHU5H NRQVWUXNWLRQGHUNXOWLVFKHQRGHULQVWLWXWLRQHOOHQÃ6LW]HLP/HEHQµ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Ã6LW]µ]XUHNRQVWUXLHUHQ 'DGLH)RUVFKXQJEHLGHU%HVWLPPXQJGHVÃ6LW]LP/HEHQµYRQ (LQ]HOSVDOPHQWHLOZHLVH H[WUHPGLYHUJLHUW>«@PDFKWGLHJUXQGVlW]OLFKH3UREOHPDWLNGHXWOLFK³
.DSLWHO, *UXQGOHJXQJ
NDQDDQlLVFK YHUPLWWHOWHQ -HUXVDOHPHU .XOWWUDGLWLRQ 'HPQDFK WKURQW -+:+ DOV .|QLJ DXI GHP =LRQVEHUJ XQG EW YRQ GRUW VHLQH XQLYHUVDOH XQG ZHOWHUKDOWHQGH+HUUVFKDIWDXV'DEHLEHGLHQWHUVLFKGHV-HUXVDOHPHU6WDGWN| QLJVDOVVHLQHVLUGLVFKHQ0LWWOHUVXQG6DFKZDOWHUVGHVVHQ.|QLJWXPÄ5HJHQW VFKDIWLP:HOWN|QLJWXP-DKZHV³LVWXQGLQIROJHGHVVHQHEHQVRNRVPLVFKH'L PHQVLRQHQXQG)XQNWLRQHQEHLQKDOWHW'HULUGLVFKH.|QLJZLUNWDQGHU%HZDK UXQJGHUJ|WWOLFKHQ)ULHGHQVRUGQXQJQDFKLQQHQXQGQDFKDXHQPLW 0$5& = %5(77/(5 IDVVW LQ VHLQHU 0RQRJUDSKLH Ä*RG LV .LQJ 8QGHU VWDQGLQJDQ,VUDHOLWH0HWDSKRU³ GLH5HGHYRQ*RWWDOV.|QLJDOV0HWD SKHU DXI 0HQVFKOLFKH %LOGVSUDFKH ZHUGH DXI *RWW SURML]LHUW *RWW ZHUGH LQ DQWKURSRPRUSKHU5HGHZHLVH QDFKGHP9RUELOGXQGGXUFKGDV9HKLNHOHLQHV PHQVFKOLFKHQ.|QLJVEHVFKULHEHQ1DFKYHUVFKLHGHQHQ$VSHNWHQYRQ.|QLJ WXPLP$OWHQ7HVWDPHQW N|QLJOLFKH$SSHOODWLRQHQN|QLJOLFKH4XDOLWlWHQN| QLJOLFKH ,QVLJQLHQ LQQHQSROLWLVFKH $QJHOHJHQKHLWHQ GHV .|QLJV $QWULWW GHV .|QLJWXPV JHJOLHGHUWDQDO\VLHUW%5(77/(5MHZHLOV]XQlFKVWGDVLUGLVFKH.| QLJWXPXPGDQQGLH9RUVWHOOXQJHQYRQ*RWWDOV.|QLJGDPLW]XYHUJOHLFKHQ XQG*HPHLQVDPNHLWHQXQG8QWHUVFKLHGHKHUDXV]XDUEHLWHQ(UNRPPW]XGHP (UJHEQLVGDVVHV]DKOUHLFKH3DUDOOHOHQ]ZLVFKHQLUGLVFKHPXQGJ|WWOLFKHP.| QLJJHEHDEHU*RWWDOV.|QLJ]XJOHLFKLUGLVFKHV.|QLJWXPGDGXUFKEHUELHWH GDVVHUEHLVSLHOVZHLVHPlFKWLJHUJHUHFKWHUXQGHZLJVHL Ä7KHPHWDSKRUGRHVQRWGLUHFWO\PDSUR\DOTXDOLWLHVRQWR*RG LWRIWHQDWWHPSWVWRVWUHVVWKH LQFRPSDUDELOLW\ RI *RG DV GLYLQH NLQJ E\ DGGLQJ VXSHUODWLYHV WR KLV UR\DO TXDOLWLHV >«@ 7KXVPRVWHQWDLOPHQWVRIKXPDQNLQJVKLSWKDWDUHSURMHFWHGRQWR*RGFRQYH\*RG¶VVX SHUODWLYHQDWXUHFRPELQLQJWKHPHWDSKRUµ*RGLVNLQJ¶ZLWKWKHWKHRORJLFDOQRWLRQµ*RGLV LQFRPSDUDEOH¶>«@>$@VNLQJ*RGLVPRUHWKDQNLQJ³
'DPLWLVWDOOHUGLQJVQRFKQLFKWJHNOlUWZHOFKH)XQNWLRQLUGLVFKHV.|QLJWXP LP=XVDPPHQKDQJPLWGHP.|QLJWXP*RWWHVKDW=XGHPZLUG]XEHUSUIHQ VHLQREHVVLFKEHLGHU5HGHYRQ*RWWDOV.|QLJZLUNOLFKEORXPPHWDSKR
67(&.)ULHGHQVYRUVWHOOXQJHQ±±%HUHLWV)5,7=672/=DQDO\VLHUWLQVHLQHU'LV VHUWDWLRQÄ6WUXNWXUHQXQG)LJXUHQLP.XOWYRQ-HUXVDOHP³ GDVYRULVUDHOLWLVFKMHEXVL WLVFKH (UEH GHU -HUXVDOHPHU .XOWWUDGLWLRQ (U DUEHLWHW GLH (QWVSUHFKXQJ ]ZLVFKHQ 0\WKXV XQG +\PQXV ]ZLVFKHQ &KDRVNDPSI XQG 9|ONHUNDPSI KHUDXV ZREHL LQ OHW]WHUHP GHU PHQVFKOLFKH.|QLJGLH3HUVRQLILNDWLRQGHV.lPSIHUJRWWHVGDUVWHOOW YJODD2 $XFK ZHQQ672/=GDV.|QLJWXP*RWWHVHKHUEHLOlXILJEHKDQGHOWJHK|UWHVQDFKLKPXQWUHQQEDU PLW GHP LUGLVFKHQ .|QLJWXP ]XVDPPHQ Ä'LH ,QWKURQLVDWLRQVIRUPHO JHK|UW VRZRKO ]XU ÃKLPPOLVFKHQµ7KURQEHVWHLJXQJGHV*RWWHVZLH]XUÃLUGLVFKHQµGHV.|QLJV HLJHQWOLFKGDUI ]ZLVFKHQGLHVHQEHLGHQ$VSHNWHQJDUQLFKWJHVFKLHGHQZHUGHQ³ DD2 $QP 67(&.)ULHGHQVYRUVWHOOXQJHQ 9JODXFKDD2I 67(&.)ULHGHQVYRUVWHOOXQJHQ± %5(77/(5*RG± %5(77/(5*RGI
$VSHNWHGHU)RUVFKXQJVJHVFKLFKWH
ULVFKH5HGHZHLVH KDQGHOWJHUDGHZHQQ%5(77/(5 KHUDXVVWHOOWGDVV*RWWDOV LGHDOHU.|QLJPHQVFKOLFKH.|QLJHZHLWEHUWULIIW (LQHQVHKUlKQOLFKHQ$QVDW]ZLH%5(77/(5ZlKOW5h',*(5-81*%/87+LQ VHLQHUHUVFKLHQHQHQ'LVVHUWDWLRQÄ,P+LPPHOXQGDXI(UGHQ'LPHQVLR QHQYRQ.|QLJVKHUUVFKDIWLP$OWHQ7HVWDPHQW³(UXQWHUQLPPWHLQHYHUJOHL FKHQGH*HVDPWGDUVWHOOXQJYRQLUGLVFKHP.|QLJWXPXQG.|QLJWXP-+:+VLP $OWHQ 7HVWDPHQW 'LH EHLGHQ .|QLJWPHU ZHUGHQ MHZHLOV IU VLFK XQWHU GHQ $VSHNWHQ(LQVHW]XQJXQG%HJLQQGHU.|QLJVKHUUVFKDIW,QVLJQLHQGHU.|QLJV KHUUVFKDIWULWXHOOH.RPPXQLNDWLRQLP.RQWH[WGHV.|QLJWXPVVRZLH'LPHQ VLRQHQXQG0RWLYHGHU.|QLJVKHUUVFKDIWEHVFKULHEHQXQGDQVFKOLHHQGYHUJOL FKHQ GD]ZLVFKHQ ILQGHW VLFK HLQ .DSLWHO EHU GDV 9HUKlOWQLV YRQ LUGLVFKHP .|QLJ XQG -+:+ GHU .|QLJ DOV -+:+V (UZlKOWHU 6RKQ *HVDOEWHU XQG .QHFKW bKQOLFKZLH%5(77/(5]HLJW-81*%/87+GLHYLHOHQ(QWVSUHFKXQJHQ XQG %H]JH DEHU DXFK GLH 8QWHUVFKLHGH ]ZLVFKHQ GHQ EHLGHQ .|QLJHQ DXI 6WlUNHUDEHUDOV%5(77/(5IUDJWHUQDFKGHU5HODWLRQGHUEHLGHQ'LH5ROOHGHV LUGLVFKHQ.|QLJVLQ5HODWLRQ]XU.|QLJVKHUUVFKDIW-+:+VEHVWHKW±NXU]JH VDJW±ÄHLQHUVHLWVLQGHU3DUWL]LSDWLRQDQGHU+HUUVFKDIW-+:+VGLHHUDOV0LWW OHULQYHUVFKLHGHQHQ)DFHWWHQLQGLHLUGLVFKH'LPHQVLRQHLQWUlJW±DQGHUHUVHLWV DEHUDXFKLQ$EKlQJLJNHLWYRQ-+:+³0LWGHQ6WLFKZ|UWHUQ3DUWL]LSDWLRQ 0LWWOHUVFKDIWXQG$EKlQJLJNHLWVLQG]HQWUDOH$XVVDJHQEHUGDV9HUKlOWQLVGHU EHLGHQ.|QLJWPHUJHZRQQHQ$OOHUGLQJVEHGUIHQGLH(UJHEQLVVHYRQ- 81* %/87+V$UEHLWGLHVLFKVHOEVWDOVÄ2EHUIOlFKHQVNL]]HTXHUGXUFKGDV$OWH7HV WDPHQW³ YHUVWHKW GHU 3Ul]LVLHUXQJ GXUFK 7LHIHQERKUXQJHQ LQ HLQVFKOlJLJH 3VDOPHQ (LQHVROFKH7LHIHQERKUXQJQLPPW./$863(7(5$'$0DQKDQGHLQHV (LQ]HOSVDOPV XQG GHU 7KHPDWLN GHV .DPSIHV LQ VHLQHU 0RQRJUDSKLH Ä'HU
9JO:,//0(6(UZDUWXQJHQ 1DFKLKPÄODVVHQVLFKGLH$VSHNWHGLH]XPKLPP OLVFKHQ.|QLJWXP-DKZHVJHK|UHQQLFKWDOOHPLWGHU0HWDSKHUÃ.|QLJµVRZHLWVLHYRQGHQ $XIJDEHQ HLQHV LUGLVFKHQ .|QLJV EHVWLPPW LVW LQ (LQNODQJ EULQJHQ GD GHU .|QLJ -DKZH MHGHPLUGLVFKHQ.|QLJGHUQXU:HUN]HXJVHLQHV*HVFKLFKWVKDQGHOQVLVW YJO.\URVQDFK -HV± ZHLWEHUOHJHQLVW³ ,P JOHLFKHQ -DKU ZLH %5(77/(5V :HUN LVW +(50$11 63,(&.(50$11V +DELOLWDWLRQV VFKULIWÄ+HLOVJHJHQZDUW(LQH7KHRORJLHGHU3VDOPHQ³HUVFKLHQHQLQGHU%5(77/(5VÄ3UR MHNWLRQVWKHRULH³XPJHGUHKWZLUG $P%HLVSLHOYRQ3VZLUGQLFKWGDVJ|WWOLFKH.|QLJWXP YRP LUGLVFKHQ VRQGHUQ XPJHNHKUW GDV LUGLVFKH .|QLJWXP YRP J|WWOLFKHQ KHU EHWUDFKWHW 63,(&.(50$11NRPPW]XGHP(UJHEQLVGDVV-+:+GHP.|QLJDQVHLQHUHLJHQHQN|QLJ OLFKHQ+HUUOLFKNHLW$QWHLOJLEWÄVRGDGDVWKHRORJLVFKHXQGJOHLFKIDOOVWUDGLWLRQVJHVFKLFKW OLFKH%HJUQGXQJVJHIlOOHHLQGHXWLJLVW³ DD2 XQGGDVLUGLVFKH.|QLJWXPÄOHW]WOLFK $EJODQ] YRQ -DKZHV HLJHQHP .|QLJWXP LVW³ DD2 *OHLFK]HLWLJ YHUPXWHW 63,(&.(50$11 LQ GHU YRUH[LOLVFKHQ 7HPSHOWKHRORJLH MHGRFK ÄXQVLFKWEDUH *UHQ]HQ³ GLH HLQH DOO]X VWDUNH 9HUELQGXQJ YRQ J|WWOLFKHP XQG LUGLVFKHP .|QLJWXP YHUKLQGHUW KDEHQ HEG -81*%/87++LPPHO -81*%/87++LPPHO
.DSLWHO, *UXQGOHJXQJ
.|QLJOLFKH+HOG'LH(QWVSUHFKXQJYRQNlPSIHQGHP*RWWXQGNlPSIHQGHP .|QLJLQ3VDOP³YRUZHLWHWGHQ%OLFNDEHUDXFKDXIZHLWHUH.|QLJVSVDOPHQ DXV,P.DPSI±GHUHLQHZHVHQWOLFKH$XIJDEHHLQHV.|QLJVVHL±EHUQHKPHQ QDFK$'$0 N|QLJOLFKH *RWWKHLWXQGLUGLVFKHU.|QLJLQ3VGLHVHOEH+DQG OXQJVUROOHXQGVWHKHQLQHLQHP(QWVSUHFKXQJVXQG$EELOGXQJVYHUKlOWQLVZR EHLGLH*RWWKHLWDOVNlPSIHQGHU+HOGGHP.|QLJYRUJHRUGQHWVHL 'HU3VDOP VHL DEHU LQ QDFKH[LOLVFKHU =HLW WKHRNUDWLVFK EHUDUEHLWHW ZRUGHQ VRGDVV GDV .|QLJWXP-+:+VVWlUNHUEHWRQWZRUGHQXQGGDV9RONDQGLH6WHOOHGHV.|QLJV JHUFNWVHL3VXQG VHLHQ PLWGHU.RQ]HSWLRQYRQ3VLQVRIHUQYHU ZDQGWDOVVLHGHQNlPSIHQGHQ-+:+GHPNlPSIHQGHQLUGLVFKHQ.|QLJSUR JUDPPDWLVFKYRUDQVWHOOHQ $XFK0$5.866$85QLPPWLQVHLQHP:HUNÄ'LH.|QLJVSVDOPHQ6WXGLHQ ]XU(QWVWHKXQJXQG7KHRORJLH³ GHQ$XVJDQJVSXQNWEHLPLUGLVFKHQ.| QLJEHKDQGHOWDEHULP8QWHUVFKLHG]X$'$0DOOHHOI.|QLJVSVDOPHQJOHLFKHU PDHQ 1DFK 6$85 VWHOOHQ GLH QDFKH[LOLVFKHQ (QGIDVVXQJHQ GHU OLWHUDULVFK PHKUVFKLFKWLJHQ.|QLJVSVDOPHQ=HXJQLVVHGHV3URWRPHVVLDQLVPXVGDULQGHP VLHYRUH[LOLVFKH7UDGLWLRQHQYRPGDYLGLVFKHQ.|QLJWXPDXIHLQHQ]XNQIWLJHQ YRQ-+:+HLQJHVHW]WHQ+HLOVN|QLJEHUWUDJHQXQGGDPLWÄHLQH%UFNH]ZL VFKHQ YRUH[LOLVFKHU .|QLJVLGHRORJLH XQG QDFKH[LOLVFKHP 0HVVLDQLVPXV ELO GHQ³ ZREHL GHU +HLOVN|QLJ JDQ] GHU 0DFKW +HUUVFKDIW XQG 6RXYHUlQLWlW -+:+V XQWHUVWHOOW XQG YRQ LKU DEKlQJLJ VHL 'DKHU VLHKW 6$85 LQ GHQ .| QLJVSVDOPHQHLQHQ9HUPLWWOXQJVYHUVXFK]ZLVFKHQPHVVLDQLVFKHQXQGWKHRNUD WLVFKHQ.RQ]HSWLRQHQ([HPSODULVFKVHLGD]XDXVGHP)D]LW]X3V]LWLHUW Ä'LH3VDOPGLFKWHURSWLHUHQPLWLKUHU9HUKlOWQLVEHVWLPPXQJ]ZLVFKHQ-DKZHXQG.|QLJZH GHU IU GDVWKHRNUDWLVFKH QRFKIU GDVN|QLJOLFKH 0RGHOOVRQGHUQEULQJHQ HLQH +RIIQXQJ ]ZLVFKHQGLHVHQEHLGHQ(UZDUWXQJHQ]XP$XVGUXFN>«@'LH3VDOPGLFKWHUEULQJHQPLWLKUHU =XRUGQXQJGDVWKHRNUDWLVFKHXQGGDVN|QLJOLFKH0RGHOOLQVRIHUQLQHLQHIUXFKWEDUH:HFK VHOZLUNXQJ DOV VLH GHP KHUUVFKHQGHQ :HOWHQN|QLJ -DKZH HLQH SHUVRQDOH *U|H LQ )RUP VHLQHV.|QLJVXQG*HVDOEWHQDQGLH6HLWHVWHOOHQ GLHVHU.|QLJEH]LHKWVHLQHJDQ]H$XWRULWlW XQG0DFKWSRVLWLRQDXVGHU6RXYHUlQLWlW-DKZHVGHPHUXQWHUXQG]XJHRUGQHWLVW0LWGLH VHP0RGHOOZLUGDXIGHUHLQHQ6HLWHGLH+RIIQXQJDXIHLQHQQHXHQ.|QLJGXUFKGLH5FN ELQGXQJDQ-DKZHLQHLQHQJHRUGQHWHQ5DKPHQJHEUDFKW DXIGHUDQGHUHQ6HLWHZLUGDEHU DXFK GLH (UZDUWXQJ HLQHU 7KHRNUDWLH GXUFK GDV N|QLJOLFKSHUVRQDOH (OHPHQW PRGLIL]LHUW
$'$0+HOG±I $'$0+HOGI $'$0 +HOG I ± (LQHU lKQOLFKHQ )UDJHVWHOOXQJ ZLH $'$0 JHKW &$5/7@KHODVWWZRERRNV 3VDOPV ± ZHUHDGGHGDWDODWHUSRLQWDVSDUWRIWKHILQDOUHGDF WLRQ RI WKH3VDOWHU D PRYHPHQW WKDW>«@ LQWHQGVWR RIIHU DUHVSRQVH WR WKH TXHVWLRQVDQG KRSHVUDLVHGLQWKHHDUOLHUERRNV7KHLQWHQWLVWRUHGLUHFWWKHKRSHVRIWKHUHDGHUDZD\IURP DQHDUWKO\'DYLGLFNLQJGRPWRWKHNLQJVKLSRI«@>7@KHVKLIWRIIRFXVWRWKH.LQJ VKLSRISUlJW@³ 'LHVHUPHVVLDQLVFKH&KDUDNWHULVWQDFK5g6(/GDV(UJHEQLVHLQHU LQGHU3HU VHU]HLW]XYHURUWHQGHQ ÄPHVVLDQLVFKHQ5HGDNWLRQ³GLHGLH6DPPOXQJGXUFK 3V XQG JHUDKPWLQ3V I I+LQZHLVHDXIGHQ 0HVVLDVUHGDNWLRQHOOHUJlQ]WXQGZHLWHUH.|QLJVSVDOPHQQHXHLQJHIJWKDEH 9RQ]HQWUDOHU%HGHXWXQJVHLHQGDEHL'DYLGDOV.|QLJXQG*UQGHUGHU'\QDV WLH GLH 6DOEXQJVYRUVWHOOXQJ VRZLH GHU GDPLW YHUEXQGHQH %'U GDããXU QDUD@P GDããXU XQG EHUVHW]WHVPLWÄGHU*QVWOLQJ$ããXUVGHU(UNRUHQH$ããXUV³ 9JO0$&+,1,67.LQJVKLS Ä$ããXUUHPDLQVWKHUHDODQGXOWLPDWHNLQJ WKHKXPDQ NLQJLVWKHQKLVVHUYDQWPHGLDWRUDGPLQLVWUDWLYHUHSUHVHQWDWLYHUHVSRQVLEOHIRUWKHJRG¶V HDUWKO\ SRVVHVVLRQV´ XQG /$0%(57 .LQJVKLS Ä7KHRORJLFDOO\ WKH $VV\ULDQ VWDWH JRG ZDVDNLQJDQGWKHKXPDQNLQJZDVKLVUHJHQW´9JODXFK2772.ULHJ 'HUGRSSHOWH.|QLJVUXI$ããXUãDUKDWHLQH3DUDOOHOHLPPLWWHODVV\ULVFKHQ.U|QXQJVUL WXDO YJOGD]X$51(7+âDPDã± /$1*(UZlKOXQJI 0$&+,1,67.LQJVKLS =XGHQGUHL7LWHOQYJO0$&+,1,67.LQJVKLS± 0$&+,1,67.LQJVKLS ]XP3ULHVWHUWXPGHV.|QLJVYJODD2I :,17(5 7RXFKHG 6$//$%(5*(5*|WWHUQ I
.DSLWHO, *UXQGOHJXQJ
DQ GHQ .|QLJ VHLQ /DQG DXV]XGHKQHQ PƗWND UXSSLã = YJO = $XV GHP.|QLJWXP$ããXUVOHLWHWVLFKIUGHQDVV\ULVFKHQ.|QLJGHU$QVSUXFKDXI :HOWKHUUVFKDIWDE'HPHQWVSUHFKHQGZLUGGHU.ULHJLP1DPHQ$ããXUVJH IKUW GLH )HLQGH GHV .|QLJV JHOWHQ DXFK DOV )HLQGH GHV 1DWLRQDOJRWWHV XQG XPJHNHKUW 6DQKHULE EHVFKUHLEW VHLQH .ULHJVIKUXQJ PLW GHQ :RUWHQ Ä>'@HUVLHJUHLFKH.|QLJVWHKWDXI$ããXUV.ULHJVZDJHQ³'HULUGLVFKH.|QLJ DJLHUWLP.ULHJDOV,QVWUXPHQWGHV.|QLJVJRWWHVXPGHVVHQ+HUUVFKDIWZHOW ZHLW]XU$QHUNHQQXQJ]XYHUKHOIHQ ,QHQJHP=XVDPPHQKDQJPLWGHUNULHJHULVFKHQ5ROOHGHV.|QLJVLQ6WHOO YHUWUHWXQJIU$ããXUVWHKWDXFKGHU*RWW1LQXUWD,Q6$$,,,NRPPWHUQXU DP5DQGHYRU ,PDQGHQ+\PQXVDQVFKOLHHQGHQ6HJHQGHUYHUPXWOLFKHLQ lOWHUHV 7UDGLWLRQVVWFN GDUVWHOOW ZLUG YRQ PHKUHUHQ *RWWKHLWHQ EHULFKWHW ZLHVLHGHP.|QLJ,QVLJQLHQXQG*DEHQEHUUHLFKHQ =U±U 'DUXQWHUZLUG DXFK1LQXUWDJHQDQQW UG1,1857$LWWDGLQJLã78.8/ã~
1LQXUWDKDWVHLQH:DIIHJHJHEHQ
0LWGHUhEHUUHLFKXQJGHU:DIIH1LQXUWDVZLUGDXFKGHVVHQNULHJHULVFKH3R WHQ] GHP .|QLJ EHUWUDJHQ 6HLQ .DPSI DXI (UGHQ LVW GLH )RUWVHW]XQJ XQG :LHGHUKROXQJGHVP\WKLVFKHQ.DPSIHVGHU*RWWKHLW7URW]GHUHKHUPDUJL QDOHQ 6WHOOXQJ 1LQXUWDV LP .U|QXQJVK\PQXV $VVXUEDQLSDOV VSLHOW HU HLQH ZLFKWLJH 5ROOH LQ DVV\ULVFKHU .|QLJVLGHRORJLH ,P +LQWHUJUXQG VWHKW GLH 1LQXUWD0\WKRORJLH 'DV DNNDGLVFKH $Q]X(SRV HU]lKOW ZLH GDV YRJHODU WLJH0RQVWHU$Q]XXPGLH0DFKWDQVLFK]XUHLHQ(QOLOGLH6FKLFNVDOVWDIHOQ GHU *|WWHU VWLHKOW XQG GDPLW GLH J|WWOLFKH 2UGQXQJ JHIlKUGHW (QOLOV 6RKQ 1LQXUWDEHVLHJWXQGW|WHW$Q]XLP*HELUJHXQGNDQQGLH6FKLFNVDOVWDIHOQZLH GHUHUODQJHQ,QIROJHGHVVHQZLUGHU]XP+HUUQEHUGLH*|WWHUHUK|KW(LQHYHU ZDQGWH(U]lKOXQJOLHJWLPVXPHULVFKHQ(SRV/XJDOHYRUGDVQRFKGHXWOLFK H[SOL]LWHU YRQ 1LQXUWDV .|QLJWXP VSULFKW 1DFK VHLQHP 6LHJ JHJHQ GHQ *H ELUJVGlPRQ$VDJRUJDQLVLHUW1LQXUWDGLH%HZlVVHUXQJGHU)OXVVODQGVFKDIWGHV 7LJULV XQG VFKDIIW VR OHEHQVIUHXQGOLFKH %HGLQJXQJHQ 'DV VXPHULVFKH (SRV $QJLP GLPPD HU]lKOW YRQ 1LQXUWDV 5FNNHKU YRQ VHLQHQ VLHJUHLFKHQ
9JO2772.ULHJ I 9JO2772.ULHJI 0$8/.|QLJ =LWLHUWQDFK 2772.ULHJI 9JO&$1&,..,56&+%$80.RQ]HSWLRQI PLW$QP ± $51(7+âDPDã 9JOGHQREHQ .DS, ]LWLHUWHQ%ULHI$ DXV0DUL hEHUVHW]WEHL'$//(7@KHNLQJHVWDEOLVKHVDQGUHLQIRUFHVKLVNLQJVKLSE\NLO OLQJ OLRQV LQ WKH VDPH PDQQHU DV 1LQXUWD DFKLHYHV KLV GLYLQH NLQJVKLS E\ VOD\LQJPRQVWHUV7KHOLRQVNLOOHGE\WKH$VV\ULDQNLQJDUHOLNHO\WRKDYHEHHQ SHUFHLYHGDVVXUURJDWHVIRUPRQVWHUVVODLQE\1LQXUWD´,QGHU-DJGXQGLP .ULHJDJLHUWGHU.|QLJDOVLUGLVFKH9HUN|USHUXQJGHV.|QLJVJRWWHV1LQXUWDXQG HUIOOWGDPLWHLQHNRVPLVFKH)XQNWLRQ WRHQWHUWKHILUVWPLOOHQQLXPFDQRQ³ &223(55HWXUQ )UDOOHGUHL0\WKHQJLOWVRPLW GDVVVLHDXFKLQQHXDVV\ULVFKHU=HLWEHNDQQWZDUHQ 9JO0$8/.|QLJ± $'$0+HOG± 0$8/.|QLJ $11861LQXUWD 9JO0$8/.|QLJ 2772.ULHJ±=XZHLWHUHQ%HLVSLHOHQIUGLH$QDORJLH ]ZLVFKHQ1LQXUWDXQGGHP.|QLJVLHKH0$8/.|QLJ± $11861LQXUWD ± %$//(17,1(&RQIOLFW0\WK± 9JO0$8/.|QLJ 2772.ULHJI 'LH QHXDVV\ULVFKH ([SDQVLRQÄLQYROYHG QRWKLQJ OHVVWKDQ WKH HVWDEOLVKPHQW DQG GH IHQVH RI WKH RUGHUO\ ZRUOG WKH FRVPRV DJDLQVW WKH FKDRV RI WKH RXWVLGH HYHQ PRUH WKH FHDVHOHVVHIIRUWWRHOLPLQDWHWKDWFKDRVE\H[SDQGLQJLQWRLWDQGUHPDNLQJLWDVRUGHU´ 0$ &+,1,67 .LQJVKLS 9JO DXFK *$5(//, &RQFHSWLRQ 0$8/ .|QLJ 2772 .ULHJ :$7$1$%( 6\PEROLVP ]XU N|QLJOLFKHQ -DJG LQ $VV\ULHQ YJO DD2 ± $11861LQXUWD±
.DSLWHO, *UXQGOHJXQJ
)LQGHWGHU.|QLJGDV:RKOJHIDOOHQGHU*|WWHUGLHLKQLQVHLQ$PWHLQJHVHW]W XQGLKPGLHN|QLJOLFKHQ,QVLJQLHQEHUJHEHQKDEHQVRKDWDXFKGLHVVFKOLH OLFKNRVPLVFKH$XVZLUNXQJHQ$XVGUXFNGHVJ|WWOLFKHQ6HJHQVIUGHQ.|QLJ LVWQLFKWQXUHLQHODQJH5HJLHUXQJV]HLW YJO6$$,,,=I VRQGHUQ DXFK)UXFKWEDUNHLW)OOHXQGhEHUIOXVVLQGHU1DWXU= ±ZQVFKHQHLQHQ 3UHLVIDOOIU*HWUHLGHgOXQG:ROOH±ZRKODOV)ROJHGHVhEHUIOXVVHV= lXHUWGHQ:XQVFKQDFKEHVWlQGLJHP5HJHQXQG:DVVHUYHUNRPPHQ1DFK(L JHQDXVVDJH$VVXUEDQLSDOVLQGHQVRJ$QQDOHQGHV5DVVDP&\OLQGHUVKDWVLFK GLHVHU:XQVFKHUIOOW 6HLWGLH*|WWHULKQDXIGHQ7KURQJHVHW]WKDEHQ ÄOLH$GDGVHLQH5HJHQJVVHORVVSDOWHWH(DVHLQH4XHOOHQZXUGHGDV*HWUHLGHLQVHLQHQ 6DDWIXUFKHQIQI(OOHQKRFK>«@ODVVHQGLH2EVWJlUWHQ2EVWJHGHLKHQSURVSHULHUWGDV9LHK PLW1DFKZXFKV:lKUHQGPHLQHU5HJLHUXQJV]HLWKHUUVFKWEHUUHLFKHU:RKOVWDQGZlKUHQG PHLQHU-DKUHLVWhEHUIOXVVDQJHKlXIW³ 3ULVPD$.RO,±±
(LQHLGHDOHN|QLJOLFKH+HUUVFKDIWIKUW]XUHJHOUHFKWSDUDGLHVLVFKHQ9HUKlOW QLVVHQGLHQLFKWQXUGLH*HVHOOVFKDIWVRQGHUQDXFKGLH1DWXUXPIDVVHQ )UGDVQHXDVV\ULVFKH.|QLJWXPOlVVWVLFK]XVDPPHQIDVVHQGDVVGHQGUHL ZLFKWLJVWHQKHUUVFKDIWVOHJLWLPLHUHQGHQ*RWWKHLWHQ$ããXUâDPDãXQG1LQXUWD LQ GHU 7LWXODWXU E]Z LQ GHU 0\WKRORJLH VHOEVW GDV .|QLJWXP ]XJHVSURFKHQ ZLUG'HULUGLVFKH.|QLJKDWLKQHQJHJHQEHUHLQHUHSUlVHQWLHUHQGH)XQNWLRQ LQGHPHULQIROJHJ|WWOLFKHU%HYROOPlFKWLJXQJDXI(UGHQGXUFKVHLQ2UGQXQJ VFKDIIHQGHV+DQGHOQJ|WWOLFKH:HUNHYROOEULQJW 6\QWKHVH .|QLJOLFKH+HUUVFKDIWEHLQKDOWHWLP$OWHQ2ULHQWGUHL'LPHQVLRQHQXQG$XI JDEHQEHUHLFKH GLH)UVRUJHQDFKLQQHQGLH)HLQGDEZHKUQDFKDXHQXQGGHQ .XOWQDFKREHQ1DFKLQQHQDJLHUWGHU.|QLJDOV5LFKWHUXQG*HVHW]JHEHU QDFKDXHQDOV.ULHJHUXQGQDFKREHQDOV3ULHVWHU$OV.ULHJHUZDUHVVHLQH 3IOLFKWGHQ6WDDWXQGGLH%HY|ONHUXQJJHJHQlXHUH)HLQGH]XYHUWHLGLJHQ DOV 5LFKWHU5HFKWXQG*HUHFKWLJNHLWGXUFK]XVHW]HQXQG]XHUKDOWHQXQGGDPLWGLH VR]LDOH2UGQXQJ]XVFKW]HQ DOV3ULHVWHUGLHNXOWLVFKH2UGQXQJ]X ZDKUHQ GDV:RKOZROOHQGHU*|WWHU]XVLFKHUQXQGGDPLWGDV:RKOHUJHKHQGHV5HLFKHV ]XHUP|JOLFKHQ6WDDWOLFKHV+DQGHOQYROO]RJHQGXUFKGHQ.|QLJEHGHXWHW VRPLW DXI DOOHQ (EHQHQ 2UGQXQJ GXUFK]XVHW]HQ XQG ]X EHZDKUHQ XQG GDV &KDRVYHUVWDQGHQDOV%HGURKXQJYRQ2UGQXQJXQG/HEHQDE]XZHKUHQXQG]X EHNlPSIHQ 2UGQXQJNRQNUHWLVLHUWVLFKLQ*HUHFKWLJNHLW6LFKHUKHLWXQGHL QHP KDUPRQLVFKHQ =XVDPPHQOHEHQ XQWHU GHQ 0HQVFKHQ VRZLH ]ZLVFKHQ
=XP7H[WVLHKH%25*(5%HLWUlJHI 6R SRLQWLHUW *81'/$&+ ,QKDOW IU bJ\SWHQ IU GHQ JHVDPWHQ $OWHQ 2ULHQW YJO :+,7(/$0$UW.LQJDQG.LQJVKLS +$57(167(,1.5,63(1=$UW.|QLJ*RWWDOV.| QLJI :+,7(/$0$UW.LQJDQG.LQJVKLS 9JO:+,7(/$0$UW.LQJDQG.LQJVKLS
%HPHUNXQJHQ]X:HVHQXQG)XQNWLRQGHV.|QLJWXPVLP$OWHQ2ULHQW
0HQVFKHQXQG*|WWHUQ'HP.|QLJWXPNRPPWLQGHQDOWRULHQWDOLVFKHQ:HOW ELOGHUQVRPLWHLQHHPLQHQWH6WDELOLVLHUXQJVIXQNWLRQIU6WDDWXQG*HVHOOVFKDIW ]X 2KQH HLQHQ IlKLJHQ .|QLJ KLQJHJHQ ZUGH GDV &KDRV EHUKDQGQHK PHQ 'DV:LUNHQGHV.|QLJVEHVFKUlQNWVLFKDEHUQLFKWDXIGLHSROLWLVFKH(EHQH VRQGHUQ KDW DXFK NRVPLVFKH 'LPHQVLRQHQ ,P +LQWHUJUXQG VWHKW HLQ KROLVWL VFKHV:HOWELOGLQGHP6WDDW*HVHOOVFKDIW1DWXU.RVPRVXQG*|WWHUZHOWLQ WHUDJLHUHQ XQG HQJ PLWHLQDQGHU YHUZREHQ VLQG ,Q HLQHP VROFKHQ :HOWELOG NRPPWGHP.|QLJGLH5ROOHDOVÄ+WHUGHU:HOWRUGQXQJ³]X&KDRVLVWLQ MHGZHGHU)RUP%HGURKXQJGHU6FK|SIXQJXQGIROJOLFKLVW.|QLJWXPIUGHQ (UKDOWGHV.RVPRVHVVHQWLHOO'LHNRVPRORJLVFKHQ,PSOLNDWLRQHQGHV.|QLJ WXPVNRPPHQEHVRQGHUVLQGHULQDOOHQGUHL.XOWXUHQ]XEHREDFKWHQGHQ$IIL QLWlW]XU)UXFKWEDUNHLW]XP$XVGUXFN 'LHYHUWLNDOH'LPHQVLRQN|QLJOLFKHU+HUUVFKDIWGKGLHSULHVWHUOLFKH$XI JDEHHUJLEWVLFKDXVGHU1lKHGHV.|QLJV]XGHQ*|WWHUQ$XFKZHQQGLHVHLP (LQ]HOQHQXQWHUVFKLHGOLFKEHVWLPPWZLUGHQWVSUHFKHQVLFKGLHYHUVFKLHGHQHQ .|QLJVLGHRORJLHQ GDULQ GDVV GHU .|QLJ HLQH 3RVLWLRQ ]ZLVFKHQ GHQ *|WWHUQ XQGGHQ0HQVFKHQHLQQLPPW'DUDXVUHVXOWLHUWHLQH0LWWOHUVWHOOXQJGHV.|QLJV ]ZLVFKHQ0HQVFKHQXQG*|WWHUQ VRZLHWHLOZHLVHGHQYHUJ|WWOLFKWHQ$KQHQ 1DFK.+%(51+$5'7 ÄNDQQPDQGLH*HVWDOWGHVDOWRULHQWDOLVFKHQ.|QLJVNDXPEHVVHUXPVFKUHLEHQDOVPLWGHP %LOGHGHV0LWWOHUV]ZLVFKHQGHU:HOWGHU*|WWHUXQGGHU:HOWGHU0HQVFKHQ(UKDWDQEHLGHQ VHLQHQ $QWHLO XQG LVW GHVKDOE ZLH NHLQ DQGHUHU GD]X EHUXIHQ IU GLH +DUPRQLH ]ZLVFKHQ +LPPHOXQG(UGH]ZLVFKHQ*|WWHUQXQG0HQVFKHQ]XVRUJHQ³
'HU.|QLJSDUWL]LSLHUWDQGHU6SKlUHGHU*|WWHU%HLDOOHQ8QWHUVFKLHGHQLP 'HWDLOGLHLQGHU)UDJHGHU*RWWHVQlKHXQG*|WWOLFKNHLWGHV.|QLJVEHVWHKHQ OlVVWVLFKIUGHQ$OWHQ2ULHQWIHVWKDOWHQGDVVVLFKGLHJ|WWOLFKVDNUDOH:UGH PHKU DXI GDV $PW DOV DXI GLH 3HUVRQ EH]LHKW 'XUFK GLH hEHUJDEH GHU 9JO)5$1.)257.LQJVKLS Ä,QKLVWRULFDOWLPHVWKH0HVRSRWDPLDQQRPRUHWKDQ WKH(J\SWLDQFRXOGFRQFHLYHRIDQRUGHUHGVRFLHW\ZLWKRXWDNLQJ³ 9JOGHQ7LWHOYRQ0$8/ Ä'HUDVV\ULVFKH.|QLJ±+WHUGHU:HOWRUGQXQJ³9JODXFK 0$$* 0DONW GHU GHQ LUGLVFKHQ .|QLJ DOV ÄNRVPRVWDWLVFK XQHQWEHKUOLFKH *HVWDOW³ EH]HLFKQHWXQG6&+0,'*HUHFKWLJNHLW±GHUYRQGHUÄDOWRULHQWDOLVFKH>Q@9RUVWHOOXQJ HLQHU XPIDVVHQGHQ :HOWRUGQXQJ³ VSULFKW XQG GLH =XVDPPHQJHK|ULJNHLW YRQ 5HFKW :HLVKHLW1DWXU.ULHJVIKUXQJ.XOWXQG.|QLJWXPKHUDXVVWHOOW'HU.|QLJLVWYHUDQWZRUW OLFKIUGLHIQIDQGHUHQ%HUHLFKHVRGDVV.|QLJWXPDOV.ODPPHU]ZLVFKHQGHQYHUVFKLHGH QHQ 6SKlUHQ GHU :HOWRUGQXQJ IXQJLHUW HEG 'DV GHPRQVWULHUW 6&+0,' DQKDQG YRQ %HL VSLHOHQDXV6XPHU8JDULWbJ\SWHQXQG.OHLQDVLHQ %(51+$5'73UREOHPI9JODXFK/$1&=.2:6.,$UW.|QLJWXP,I +$5 7(167(,1.5,63(1=$UW.|QLJ*RWWDOV.|QLJIXD Ä'DVEHVRQGHUH&KDULVPDEHVLW]WGHU.|QLJGDEHLQLFKWZLHHLQHLKPSHUV|QOLFK]X NRPPHQGH%HJDEXQJVRQGHUQLP5DKPHQGHUEHULQGLYLGXHOOHQ,QVWLWXWLRQGHV.|QLJWXPV LQGDVGHU7KURQDQZlUWHUULWXHOOHLQJHIKUWZLUG9RP$XJHQEOLFNGHU,QWKURQLVDWLRQDQLVW
.DSLWHO, *UXQGOHJXQJ
+HUUVFKDIWVLQVLJQLHQVHW]HQGLH*|WWHUGHQ.|QLJLQVHLQ$PWHLQXQGEHUWUD JHQLKPGDPLWLKUH0DFKW,QbJ\SWHQXQG8JDULWJHKWGHU.|QLJQDFKVHLQHP 7RGJDQ]LQGLH*|WWHUZHOWHLQ 'DV J|WWOLFKH .|QLJWXP NDQQ DXFK LQQHUKDOE GHU YHUVFKLHGHQHQ 3DQWKHD PHKUHUHQ*|WWHUQJOHLFK]HLWLJ]XJHVFKULHEHQZHUGHQ=XQlFKVWEHGHXWHWJ|WW OLFKHV.|QLJWXP+HUUVFKDIWEHUGLHDQGHUHQ*|WWHU±GLH*|WWHUZHOWLVWVRPLW LQ$QDORJLH]XUPHQVFKOLFKHQ6R]LDOKLHUDUFKLHVWUXNWXULHUW± WHLOZHLVHVFKOLHW HVDEHUDXFKGLH+HUUVFKDIWEHUGLH:HOWXQGGLH0HQVFKHQDXVGUFNOLFKPLW HLQ,POHW]WHUHQ)DOOGLHQW.|QLJWXPDXFKKLHUGHU'XUFKVHW]XQJXQG)|U GHUXQJYRQ2UGQXQJXQG/HEHQ *HJHQEHUGHPLUGLVFKHQ.|QLJWXPLVWGDVJ|WWOLFKHYRUJHRUGQHW'LH5HGH YRQHLQHP*RWWDOV.|QLJNDQQGDEHLGHU/HJLWLPLHUXQJLUGLVFKHU.|QLJVKHUU VFKDIWGLHQHQLQGHPGHUPHQVFKOLFKH.|QLJGDVJ|WWOLFKH.|QLJWXPUHSUl VHQWLHUW XQG DQ LKP SDUWL]LSLHUW 'LHEHLGHQ .|QLJWPHUYHUKDOWHQ VLFK ]XHL QDQGHUZLH8UELOGXQG$EELOG%HVRQGHUVDQVFKDXOLFKZLUGGLHVLQGHU6XPH ULVFKHQ.|QLJVOLVWH $QIDQJ-WY&KU ZRQDFKLQGHU8U]HLWÄGDV.|QLJ WXP YRP +LPPHO KHUDENDP³ 0HQVFKOLFKHV .|QLJWXP VWHOOW GLH LUGLVFKH 0DQLIHVWDWLRQJ|WWOLFKHU+HUUVFKDIWGDU(VLVWLQVRIHUQJ|WWOLFKDOVHVJ|WWOLFKH +HUUVFKDIWVDXVEXQJGXUFKHLQHQLUGLVFKHQ0LWWOHUXQG6WHOOYHUWUHWHUEHGHXWHW 5HOLJLRQVSKlQRPHQRORJLVFK OLHJW LQ GHU 3UlGLNDWLRQ HLQHV *RWWHV DOV .|QLJ HLQHVR]LRPRUSKH*RWWHVYRUVWHOOXQJYRU QDFKDOWRULHQWDOLVFKHP9HUVWlQGQLV KLQJHJHQLVWXPJHNHKUWLUGLVFKHV.|QLJWXPHLQHWKHRPRUSKH,QVWLWXWLRQGK LUGLVFKHV$EELOGHLQHVJ|WWOLFKHQ8UELOGHV 'DEHL LVW GDV J|WWOLFKH .|QLJWXP DOOHUGLQJV QLFKW XQO|VOLFK PLW GHP LUGL VFKHQYHUEXQGHQ=ZDUEHVLW]WGDV%HLVSLHOYRPVRJ7KHEDQLVFKHQ*RWWHVVWDDW HUGDQQQLFKWPHKUQXUVWHUEOLFKHU0HQVFKVRQGHUQHUKDWDOVGHUMHQLJHGHUPLWGHP$PW ÃEHNOHLGHWµ ,QYHVWLWXU ZXUGH 7HLO DQ GHU EHU]HLWOLFKHQ 4XDOLWlW GHV $PWHV GDV LKQ ]X JOHLFKDQGHU6SKlUHGHV*|WWOLFKHQWHLOKDEHQOlVVW³ +$57(167(,1.5,63(1=$UW.|QLJ *RWW DOV .|QLJ 9JO DXFK /$1&=.2:6., $UW .|QLJWXP , 9JO IU bJ\SWHQ %$57$$UW.|QLJVGRJPD %/80(17+$/*|WWOLFKNHLW %21+Ç0()25*($83KD UDR IU8JDULW1,(+5.RQ]HSWLRQ 8QWHUVFKHLGXQJYRQÄERG\QDWXUDO³YRQ ÄERG\SROLWLF³GHV.|QLJV IUGDVQHXDVV\ULVFKH5HLFK:,17(57RXFKHG 0$&+,1,67 .LQJVKLSI 9JO:$*(1$$5$UW.LQJ 9JO.5(8=(59HUELQGXQJI 78$7,± =LWDW 1DFK',(75,&+',(75,&+*RWWEH]HXJWVLHGDPLW GLH9RUVWHOOXQJÄGDGLH.|QLJVKHUUVFKDIWDXI(UGHQQDFKHLQHPJ|WWOLFKHQ8UELOGLP+LP PHOHLQJHULFKWHWZXUGH³ 9JO/(8(1%(5*(5.RQ]HSWLRQHQ 9JO:+,7(/$0$UW.LQJDQG.LQJVKLS Ä,WLVDFRPPRQFRQFHSWWKURXJKRXWWKH 1HDU(DVWWKDWWKHJRGRUKLJKJRGZDVWKHNLQJRIWKHVWDWHRUSROLW\7KLVZDVDQLPSRUWDQW HOHPHQWRIWKHUR\DOLGHRORJLHVVLQFHWKHNLQJUXOHGDVWKHHDUWKO\UHSUHVHQWDWLYHRIKLVJRG ,Q JHQHUDOWHUPVLW FDQEHVDLGWKDW WKH HDUWKO\ NLQJ¶V UXOH RUDW OHDVWWKH LGHDO DVSHFWV RI NLQJVKLSZDVPHUHO\DUHIOHFWLRQRIWKHKHDYHQO\NLQJ¶VUXOH´
9RUEHUOHJXQJHQ]X$XIEDXXQG0HWKRGLN
LQGHQYHUIJEDUHQ4XHOOHQGHV$OWHQ2ULHQWVNDXP$QDORJLHQDEHUHV]HLJW GDVVJ|WWOLFKHV.|QLJWXPEHLVFKZlFKHOQGHULUGLVFKHU.|QLJVKHUUVFKDIWVRJDU DQ%HGHXWXQJJHZLQQHQXQGLQHLQHPJHZLVVHQ0DLUGLVFKHV.|QLJWXPHU VHW]HQXQGNRPSHQVLHUHQNDQQ DXFKZHQQHVZHLWHUKLQGHULUGLVFKHQ9HUPLWW OXQJGXUFKGHQ+RKHSULHVWHUEHGDUI VRGDVVGLHEHLGHQ.|QLJWPHULQ.RQ NXUUHQ]]XHLQDQGHUWUHWHQ
9RUEHUOHJXQJHQ]X$XIEDXXQG0HWKRGLN 9RUEHUOHJXQJHQ]X$XIEDXXQG0HWKRGLN
=XU,GHQWLIL]LHUXQJYRQJ|WWOLFKHPXQGLUGLVFKHP.|QLJWXPLQGHQ 3VDOPHQ %HYRUGLH8QWHUVXFKXQJ]XP9HUKlOWQLVYRQJ|WWOLFKHPXQGLUGLVFKHP.|QLJ WXPDQKDQGGHU3VDOPHQEHJLQQHQNDQQEHGDUIHV]XQlFKVWGHU5HFKHQVFKDIW GDUEHUZHOFKH6WHOOHQLQGHQ3VDOPHQGDIULQ%HWUDFKWNRPPHQXQGZLHGLH 9RUVWHOOXQJHQYRP.|QLJWXPLQGHQ7H[WHQLGHQWLIL]LHUWZHUGHQN|QQHQ =XP .|QLJWXP -+:+V LVW GLH WKHPDWLVFK GHILQLHUWH *UXSSH GHU VRJ -+:+.|QLJ3VDOPHQ 3V ± YRQJHVWHLJHUWHU5HOHYDQ],QGLHVHQ 3VDOPHQ LVW GLH 9RUVWHOOXQJ YRP J|WWOLFKHQ .|QLJWXP EHVRQGHUV GRPLQDQW ZDVVLFK]XP7HLOGDULQlXHUWGDVVVLHSURJUDPPDWLVFKGXUFKGLH)RUPHO!#!' (+/Ä-+:+LVW.|QLJ JHZRUGHQ ³HLQJHOHLWHWZHUGHQ VRLQ3V $OOHUGLQJVEHVFKUlQNWVLFKGLH-+:+.|QLJ9RUVWHOOXQJEHLZHLWHPQLFKWDXI GLHVH3VDOPHQVRQGHUQLVWQRFK±PHKURGHUZHQLJHUVWDUN±LQYLHOHQDQGHUHQ 3VDOPHQSUlVHQW8PGLH%HOHJHGLHVHU9RUVWHOOXQJ]XHUIDVVHQDEHUJOHLFK ]HLWLJGHQ%HIXQGQLFKWEHU]XVWUDSD]LHUHQXQGXPHLQHPHWKRGLVFKH.RQWURO OLHUEDUNHLW ]X JHZlKUOHLVWHQ HPSILHKOW VLFK HLQ DEJHVWXIWHU .ULWHULHQNDWDORJ GHUGLHYHUVFKLHGHQHQ,QGL]LHQHLQEH]LHKWXQGVLH]XJOHLFKJHZLFKWHW 'HU H[SOL]LWHVWH XQG RIIHQNXQGLJVWH +LQZHLV DXI GLH 9RUVWHOOXQJ YRQ -+:+ DOV .|QLJLVWGLH:XU]HO(¬+/PLW*RWWHVEH]XJ,QGHQ3VDOPHQEHJHJQHWVLHLQGHU 7LWXOLHUXQJ -+:+V PLW GHP 6XEVWDQWLY T+/ Ä.|QLJ³ LQ YHUEDOHQ $XVVDJHQ PLW -+:+ DOV 6XEMHNW GHV 9HUEV (¬+/ Ä.|QLJ VHLQZHUGHQ DOV .|QLJ KHUU VFKHQ³ XQG LQ GHQ EHLGHQ DXI -+:+EH]RJHQHQ $EVWUDNWD =#)+/ XQG !)#+/ Ä.|QLJWXP.|QLJVKHUUVFKDIW³ (LQ.|QLJ ZHLVWVLFKlXHUOLFKGXUFK,Q VLJQLHQDXV)UGHQ.|QLJ-+:+LVWLQGHQ3VDOPHQYRUDOOHPGHU7KURQDOV ,QVLJQHPDJHEOLFK'LH7KURQYRUVWHOOXQJLVWXQO|VEDUPLWGHU.|QLJVYRUVWHO OXQJYHUEXQGHQ6LHNDQQDP6XEVWDQWLY2)Ä7KURQ³DP9HUE ¬«@3HUVSHNWLYH HLQHQ WKHRNUDWLVFKHQ6FKOXDN]HQW VHW]W³ HEG +HUYRUKHEXQJ LP 2ULJLQDO 0LW DQGHUHQ :RUWHQ ZLHGHUKROW KDW /(8(1%(5*(5 GLHV LQ 3VDOWHUGR[RORJLHQ I Ä'DPLWYROO]LHKWGLH'R[RORJLHHLQHQPDVVLYHQ3HUVSHNWLYHQZHFKVHOJHJHQEHUGHP 3VDOPNRUSXV LQGHP VLH YRP PHVVLDQLVFKHQ .|QLJ ZHJOHQNW XQG LQ WKHRNUDWLVFKHU :HLVH JDQ]DXI-KZKVHOEVWIRNXVVLHUW>«@'HU*HJHQVDW]]ZLVFKHQ*RWWXQG.|QLJLVW>«@PLW +lQGHQ ]X JUHLIHQ³ bKQOLFK EHUHLWV .2&+ 3VDOWHU 6$85 .|QLJVSVDOPHQ EH VWLPPWGHQ*HJHQVDW]]ZLVFKHQ3VDOPNRUSXVXQG'R[RORJLHJHULQJHUZHQQHULQGHU'R[R ORJLHÄHLQH9HUPLWWOXQJ]ZLVFKHQSURWRPHVVLDQLVFKHQXQGWKHRNUDWLVFKHQ'HQNVWUXNWXUHQ³ VLHKW 'LHZHOWZHLWH+HUUVFKDIWGHV.|QLJVZHUGHXPJULIIHQYRQGHUZHOWZHLWHQ+HUUVFKDIW -+:+V 'XUFKGLH%HJULIIH!¬- 9