Spanisch / Portugiesisch kontrastiv 9783110273861, 9783110253818

Neues Studienbuch This book presents an in-depth comparison of two Romance languages. The authors analyze Spanish and

177 102 17MB

German Pages 236 Year 2012

Report DMCA / Copyright

DOWNLOAD PDF FILE

Recommend Papers

Spanisch / Portugiesisch kontrastiv
 9783110273861, 9783110253818

  • 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

Romanistische Arbeitshefte

56

Herausgegeben von Volker Noll und Georgia Veldre-Gerner

Barbara Schäfer-Prieß, Roger Schöntag

Spanisch/Portugiesisch kontrastiv Unter Mitarbeit von Inmaculada García Jiménez und Benjamin Meisnitzer

De Gruyter

ISBN 978-3-11-025381-8 e-ISBN 978-3-11-027386-1 ISSN 0344-676X

Library of Congress Cataloging-in-Publication Data A CIP catalog record for this book has been applied for at the Library of Congress. Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. © 2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston Gesamtherstellung: Hubert & Co. GmbH & Co. KG, Göttingen ∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com



9

9RUZRUW  'LHDXVGHP/DWHLQGHU,EHULVFKHQ+DOELQVHOKHUYRUJHJDQJHQHQ6SUDFKHQ6SDQLVFKXQG 3RUWXJLHVLVFKJHK|UHQKHXWHEHLGH]XGHQDPPHLVWHQJHVSURFKHQHQ6SUDFKHQGHU:HOW 'DV,QWHUHVVHDPV\VWHPDWLVFKHQ9HUJOHLFKLVWDOOHUGLQJVELVYRUHLQLJHU=HLWDX‰HUKDOE GHU WUDGLWLRQHOOHQ URPDQLVWLVFKHQ E]Z DOOJHPHLQ LEHURURPDQLVWLVFKHQ %HVFKUHLEXQJHQ ]% 0HVVQHU0OOHU   LQ GHQHQ RIW GHU KLVWRULVFKH $VSHNW LP 9RUGHUJUXQG VWHKW ]%(QWZLVWOH/OHDO JHULQJJHZHVHQ :DV GLHJHJHQVHLWLJH:DKUQHKPXQJ EHWULIIW VR HUJLEWVLFK GHU(LQGUXFN GDVV PDQ GHU MHZHLOV DQGHUHQ 6SUDFKH ODQJH =HLW VHKU ZHQLJ %HDFKWXQJ VFKHQNWH VRZRKO LQ (XURSDDOVDXFKLQ$PHULND(LQHKHUYRU]XKHEHQGH$XVQDKPHVWHOOWGLHLQHUVWHU $XIODJHDXI6SDQLVFKHUVFKLHQHQH*UDPiWLFDSRUWXJXHVDYRQ9i]TXH]&XHVWD/X]GDU GLHYLHOHNRQWUDVWLYH%HREDFKWXQJHQHQWKlOWXQGQRFKKHXWHDOVZLFKWLJH5HIHUHQ]JHOWHQ NDQQ (UVWLQGHQOHW]WHQ-DKUHQKDEHQVLFKEHGLQJWDXFKGXUFKSROLWLVFKHXQGZLUWVFKDIW OLFKH(QWZLFNOXQJHQ9HUlQGHUXQJHQLP9HUKlOWQLVGHUEHLGHQ6SUDFKHQ]XHLQDQGHUHU JHEHQZDVVLFK]%LP )UHPGVSUDFKHQXQWHUULFKWQLHGHUVFKOlJW,QGLHVHP=XVDPPHQ KDQJ VLQG YRU DOOHP LQ $PHULND HLQH 5HLKH YRQ HKHU SUDNWLVFK DXVJHULFKWHWHQ YHU JOHLFKHQGHQ'DUVWHOOXQJHQYHU|IIHQWOLFKWZRUGHQZREHLEHPHUNHQVZHUWHUZHLVHDXFKGLH LQ 6SDQLHQ HUVFKLHQHQHQ 3XEOLNDWLRQHQ XQDXVJHVSURFKHQ QLFKW DXI GDV HXURSlLVFKH VRQGHUQ DXI GDV EUDVLOLDQLVFKH 3RUWXJLHVLVFK UHIHULHUHQ VR ]% GHU *UDQ 'LFFLRQDULR HVSDxROSRUWXJ~HV SRUWXJXrVHVSDQKRO YRQ (VSDVD &DOSH 'XDUWH   RGHU 0DVLS   ,Q GLHVHU $UEHLW VROO HLQ 9HUJOHLFK GHU EHLGHQ 6SUDFKHQ YRUUDQJLJ LQ LKUHQ HXUR SlLVFKHQ 9DULHWlWHQ XQWHU GLDFKURQLVFKHP XQG V\QFKURQLVFKHP $VSHNW YRUJHQRPPHQ ZHUGHQ(VJHKWDOVRGDUXPGLH*HPHLQVDPNHLWHQXQG8QWHUVFKLHGHLQGHU(QWZLFNOXQJ XQG LP KHXWLJHQ *HEUDXFK GDU]XVWHOOHQ ZREHL ZHJHQ GHU )OOH GHV 6WRIIV VRZRKO KLQVLFKWOLFKGHU7KHPHQDOVDXFKGHU/LWHUDWXUVHOHNWLYYRUJHJDQJHQZHUGHQPXVVWH 'DV %XFK ULFKWHW VLFK DQ 3HUVRQHQ GLH IRUWJHVFKULWWHQH .HQQWQLVVH LQ PLQGHVWHQV  HLQHU GHU EHLGHQ 6SUDFKHQ EHVLW]HQ XQG VLFK EHU GLH DQGHUH VSUDFKZLVVHQVFKDIWOLFK LQIRUPLHUHQP|FKWHQ9RQGLHVHU9RUDXVVHW]XQJDXVJHKHQGKDEHQZLUHLQHhEHUVHW]XQJ GHU :RUW XQG 6DW]EHLVSLHOH LQV 'HXWVFKH QXU LQ (LQ]HOIlOOHQ DQJHJHEHQ 8P GHQ KLVWRULVFKHQ(UOlXWHUXQJHQIROJHQ]XN|QQHQZlUHQ.HQQWQLVVHLQ/DWHLQVRZLHLGHDOHU ZHLVH LQ $OWVSDQLVFK RGHU $OWSRUWXJLHVLVFK VLQQYROO GRFK LVW GLHV NHLQH QRWZHQGLJH 9RUDXVVHW]XQJ 2EZRKO DQ YHUVFKLHGHQHQ 6WHOOHQ +LQZHLVH ]XU 9HUPHLGXQJ YRQ ,QWHUIHUHQ]HQ JHJHEHQZHUGHQYHUVWHKWVLFKGDV%XFKQLFKWDOVSUDNWLVFKH$QOHLWXQJ]XU(UOHUQXQJGHU MHZHLOV DQGHUHQ 6SUDFKH 'LHVEH]JOLFK YHUZHLVHQ ZLU DXI GLH 6LHEHQ 6LHEH YRQ .OHLQ6WHJPDQQ   VRZLH ZDV GDV 3RUWXJLHVLVFKH EHWULIIW DXI .RQWUDVWVSUDFKH 3RUWXJLHVLVFKYRQ$UQW]5p   

9,



)UGLH(UVWHOOXQJGHU/DQGNDUWHVLQGZLU0LJXHO%DQDH&RVWD]X'DQNYHUSIOLFKWHWIU ZHUWYROOH+LQZHLVHGDQNHQZLU LQDOSKDEHWLVFKHU5HLKHQIROJH $QGUHDV%OXP$QGUHDV 'XIWHU &DUPHQ *RXYHLD 0LJXHO *XWLpUUH] 0DWp 0DUNXV ,QHLFKHQ 5ROI .HPPOHU 6WHIDQ .RFK -UJHQ /DQJ -DLPH GD 6LOYD /DOLWD GH 6RX]D )U ZHUWYROOH .RUUHNWXU KLQZHLVH EHGDQNHQ ZLU XQV EHL 7KRPDV 6WUREHO )U GLH NULWLVFKH 'XUFKVLFKW XQG GLH $XIQDKPHLQGLH5HLKHGHU5RPDQLVWLVFKHQ$UEHLWVKHIWHGDQNHQZLU9RONHU1ROO

                                  



9,,

,QKDOWVYHU]HLFKQLV  'LH9HUEUHLWXQJGHV6SDQLVFKHQXQG3RUWXJLHVLVFKHQLQGHU:HOW   +LVSDQRSKRQLHXQG/XVRSKRQLH  'HU9DULHWl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hEHUVHW]XQJVYHUJOHLFK$OWVSDQLVFK±$OWSRUWXJLHVLVFK   6SUDFKYHUJOHLFK3RUWXJLHVLVFK±6SDQLVFKLQGHUIUKHQ1HX]HLW   'LH3KRQHPV\VWHPH   'LH9RNDOV\VWHPH   'DVVSDQLVFKH9RNDOV\VWHP   'DVSRUWXJLHVLVFKH9RNDOV\VWHP  5HJLRQDOH6SH]LILND   'LH.RQVRQDQWHQV\VWHPH   2NNOXVLYH   )ULNDWLYH   $IIULNDWHQ   1DVDOH  /DWHUDOH  9LEUDQWHQ  5HJLRQDOH6SH]LILND  

9,,,

6DW]SKRQHWLNXQG6XSUDVHJPHQWDOLD  2UWKRJUDSKLH   0RUSKRV\QWD[   6XEVWDQWLYH   1XPHUXV  *HQXV   $GMHNWLYH  $UWLNHO   'HILQLWHU$UWLNHO   )RUP  *HEUDXFK  ,QGHILQLWHU$UWLNHO  =DKOZ|UWHU  'HPRQVWUDWLYD   $GMHNWLYLVFKH)RUPHQ   6XEVWDQWLYLVFKH)RUPHQ   3RVVHVVLYD  ,QGHILQLWD   ,QWHUURJDWLYD   3HUVRQDOSURQRPHQ  6XEMHNWSURQRPHQ   2EMHNWSURQRPHQ  $QUHGHIRUPHQ  5HODWLYSURQRPHQ   9HUE  'HU%HVWDQGDQ7HPSRUDXQG0RGL   )RUPHQELOGXQJ   .RQMXJDWLRQVNODVVHQ  %HPHUNXQJHQ]XU9HUEDOIOH[LRQ   3UlVHQV   (LQIDFKHV3HUIHNW   'HU.RQMXQNWLY)XWXU  'HUIOHNWLHUWH,QILQLWLYLP3RUWXJLHVLVFKHQ  'HU*HEUDXFKGHU7HPSRUDXQG0RGL   'DVHLQIDFKHXQG]XVDPPHQJHVHW]WH3HUIHNW  .RQMXQNWLYXQG.RQGLWLRQDO  'DVHLQIDFKHXQG]XVDPPHQJHVHW]WH)XWXU  9HUEDOSHULSKUDVHQ  %HPHUNXQJHQ]XU6\QWD[   3UlSRVLWLRQDOHU$NNXVDWLY   'LH6WHOOXQJGHUNOLWLVFKHQ2EMHNWSURQRPHQ  



,;

/HtVPRODtVPRXQGORtVPR   5HGXQGDQWH2EMHNWSURQRPHQ  ,QILQLWLYNRQVWUXNWLRQHQPLWSHUV|QOLFKHP6XEMHNW   5HIOH[LYNRQVWUXNWLRQHQ   'LH%HMDKXQJLP3RUWXJLHVLVFKHQ   /H[LNRORJLH$XIEDXXQG6WUXNWXUGHV:RUWVFKDW]HV  'HU'HILQLWLRQVEHUHLFKGHU/H[LNRORJLH  'LH6WUXNWXULHUXQJGHV:RUWVFKDW]HV  6SUDFKNRQWDNWXQG(QWOHKQXQJHQ'LHKLVWRULVFKH6FKLFKWXQJ GHV:RUWVFKDW]HV   6XEVWUDW6XSHUVWUDWXQG$GVWUDWVSUDFKHQ    .XOWXU $GVWUDWVSUDFKHQ   2N]LWDQLVFK  )UDQ]|VLVFK  ,WDOLHQLVFK   (QJOLVFK  :HLWHUHHXURSlLVFKH6SUDFKHQ  /DWHLQXQG*ULHFKLVFK   'LDOHNWH   $X‰HUHXURSlLVFKH6SUDFKHQ   6SDQLVFKXQG3RUWXJLHVLVFK*HJHQVHLWLJH%HHLQIOXVVXQJ   9HUJOHLFKGHU(QWOHKQXQJHQ   )UHTXHQ]'LHTXDQWLWDWLYH$QDO\VHGHV:RUWVFKDW]HV   )DOVFKH)UHXQGH±)DOVRVDPLJRV   /LWHUDWXU         

     

;



              

                         



;,

3KRQHWLVFKH7UDQVNULSWLRQQDFK$3,,3$  9RNDOH >D@ >m@ >H@ >İ@ >L@ >ӝ@ >R@ >ɬ@ >X@ >m @ >̈@ >ҩ@ >}@ >ࠩ@

+DOEYRNDOH VSSWJDOPD SWJIDOD VSWHQHUSWJWHU VSWHMDSWJWHOD VSSWJSLR SWJPLO VSSWJEROR VSSWJPHQRU VSSWJVXELU SWJFDQWDU SWJGHQWH SWJSLQWXUD SWJSRPSD SWJDVVXQWR

>Z@ >M@            

VSFXDWURSWJTXDWUR VSOH\SWJSDL            

>ˎ@ >5@ >բ@ >K@ >P@ >/@ >Q@ >Õ@ >0@ >O@ >‫@ג‬ >”@ >‫@ޞ‬ >U@ >޶@ >‫@ޣ‬ >ˆ@ 

EUDVXQLYHUVLGDGH SWJFKHLR SWJEHLMR VS\D DVSKLMR VSSWJPDO VSHQIHUPR VSSWJQDWXUDO VSEDxRSWJEDQKR VSSWJWDQJR VSOLEUR SWJPDO VSOOHYDUSWJILOKD VSSWJPDU VSSWJFDUUR SWJFDUUR XYXODUH)ULNDWLY9DULDQWH  SWJFDUUR XYXODUH9LEUDQW9DULDQWH  EUDVPDU UHWURIOH[H9DULDQWH  

.RQVRQDQWHQ >S@ >E@ >$@ >W@ >G@ >&@ >6@ >N@ >J@ >࣢@ >[@ >:@ >I@ >Y@ >V@ >Vʒ@ >Vʢ@ >]@ >߿@  

VSSWJSLFDU VSSWJEHEHU VSSWJKiELO VSSWJWtWXOR VSSWJGDU VSSWJGHGR VSKDFHU VSSWJFDUD VSSWJJDWR VSSWJSDJDU VSKLMR VSUHORM 9DULDQWH  VSSWJIRUPD SWJDJUDGiYHO VSSWJVXELU SWJSDVVR SUlGRUVRGHQWDOH9DULDQWH  VSSDVR DSLNRDOYHRODUH9DULDQWH  VSPLVPRSWJPHVD VSFKLFR

;,, 

3KRQHWLVFKH7UDQVNULSWLRQQDFK%|KPHU$VFROL  >‫@ۃ‬ >‫@ڶ‬ >̯@ >̣@                              

 

YODW Q‫ۃ‬ ‫ۃ‬MWH RIIHQH9DULDQWH  YODW UӑVVMX JHVFKORVVHQH9DULDQWH  YODW F̯ ̯OX RIIHQH9DULDQWH  YODW VҽGMD JHVFKORVVHQH9DULDQWH 

   

   





'LH9HUEUHLWXQJGHV6SDQLVFKHQXQG3RUWXJLHVLVFKHQLQGHU:HOW

 +LVSDQRSKRQLHXQG/XVRSKRQLH 'DV6SDQLVFKHXQGGDV3RUWXJLHVLVFKH]lKOHQEHLGH]XGHQZHOWZHLWDPKlXILJVWHQJH EUDXFKWHQ 6SUDFKHQ +DDUPDQQ    JLEW IU GLH DP KlXILJVWHQ JHVSURFKHQHQ 6SUDFKHQIROJHQGH5DQJIROJHDQ&KLQHVLVFK 0LR (QJOLVFK 0LR  +LQGL  0LR   6SDQLVFK  0LR   5XVVLVFK  0LR   $UDELVFK  0LR %HQJDOLVFK 0LR 3RUWXJLHVLVFK 0LR ,QGRQHVLVFK 0LR  )UDQ]|VLVFK 0LR -DSDQLVFK 0LR 'HXWVFK 0LR 'LHDQJH JHEHQHQ 6SUHFKHU]DKOHQ PVVHQ MHGRFK XD DQJHVLFKWV GHV %HY|ONHUXQJVZDFKVWXPV LQ]ZLVFKHQQDFKREHQNRUULJLHUWZHUGHQ 'LH (UKHEXQJ GHU QDWLYH VSHDNHUV EHUHLWHW QLFKW XQHUKHEOLFKH 3UREOHPH GD DEJHVHKHQYRQGHQVFKZDQNHQGHQ%HY|ONHUXQJVVWDWLVWLNHQYRUDOOHPLQ+LVSDQRDPHULND YHUVFKLHGHQH6WXIHQYRQ=ZHLRGHU0HKUVSUDFKLJNHLWIHVW]XVWHOOHQVLQG'DQHEHQLVWLQ YLHOHQ5HJLRQHQDXFKHLQHVWHLJHQGH7HQGHQ]]XP0RQROLQJXDOLVPXV]XEHREDFKWHQVR GDVV JHUDGH GXUFK GHQ (LQIOXVV GHU 0DVVHQPHGLHQ VRZLH :LUWVFKDIW 6FKXOH XQG 9HUZDOWXQJ YLHOH %LOLQJXDOH ]% 0D\D XQG 6SDQLVFK  LKU LQGLJHQHV ,GLRP ]XJXQVWHQ GHU MHZHLOLJHQ HXURSlLVFKHQ 6SUDFKH QDFK XQG QDFK DXIJHEHQ E]Z QLFKW PHKU DQ GLH QlFKVWH *HQHUDWLRQ YHUPLWWHOQ N|QQHQ RGHU ZROOHQ  +LQ]X NRPPW GDVV GLH 6SUDFK JHPHLQVFKDIWHQ PLW QRFK PRQROLQJXDOHQ 6SUHFKHUQ QLFKWHXURSlLVFKHU 6SUDFKHQ HEHQIDOOV UDSLGH NOHLQHU ZHUGHQ $XVQDKPH *XDUDQt LQ 3DUDJXD\ HLQVW UHODWLY VWDELO 4XHFKXD LP $QGHQUDXP  1RFK NRPSOL]LHUWHU LVW GLH 6SUDFKVLWXDWLRQ EHLVSLHOVZHLVH LQ GHQ EHWURIIHQHQ DIULNDQLVFKHQ /lQGHUQ ZR H[DNWH (UKHEXQJHQ ]X GHQ HLQ]HOQHQ 6SUHFKHUJUXSSHQ QLFKW LPPHU YRUOLHJHQ XQG VRPLW DXFK GHU VWDWLVWLVFKH 8QWHUVFKLHG ]ZLVFKHQ 6SDQLVFK E]Z 3RUWXJLHVLVFK DOV (UVWVSUDFKH RGHU DOV 9HUNHKUVVSUDFKH RIW YHUVFKZLPPW 8P HLQH JHZLVVH (LQKHLWOLFKNHLW XQG hEHUVLFKWOLFKNHLW EHL GHQ ]7 HUKHEOLFK DEZHLFKHQGHQ 6WDWLVWLNHQ ]X JHZlKUOHLVWHQ ZXUGHQ IDVW DOOH =DKOHQ ]X GHQ KLVSDQR SKRQHQ E]Z OXVRSKRQHQ 6SUHFKHUQ LQ GHQ IROJHQGHQ 7DEHOOHQ GHQ EHL 6,/ ,QWHU QDWLRQDO (WKQRORJXH /DQJXDJHV RI WKH :RUOG JHVDPPHOWHQ 'DWHQ HQWQRPPHQ 'HU (WKQRORJXH WHQGLHUW GD]XGLH UHJLRQDOVSUDFKOLFKHQ9DULHWlWHQ DXI]XZHUWHQ VR GDVV IU 0LQGHUKHLWHQVSUDFKHQLP=ZHLIHOVIDOOK|KHUH6SUHFKHU]DKOHQDQJHVHW]WZHUGHQZDV]X /DVWHQGHUJUR‰HQ1DWLRQDOVSUDFKHQJHKW:DVGLH=DKOHQIUGHQ$QWHLOGHUPRGHUQHQ 0LJUDQWHQ DOVR GHU QLFKWLQGLJHQHQ 6SUHFKHUJUXSSHQ DQJHKW VR IlOOW GLHVH EHLP (WKQRORJXH PHLVW HKHU QLHGULJ DXV GD ]XP HLQHQ GLH ]XJUXQGH OLHJHQGHQ 4XHOOHQ YHUDOWHWVLQG]XPDQGHUHQHVSHUVHVFKZLHULJLVW(UKHEXQJHQQDFK6SUDFK]XJHK|ULJNHLW ]X ILQGHQ GD GHU MHZHLOLJH QDWLRQDOH =HQVXV K|FKVWHQV 0LJUDWLRQ QDFK +HUNXQIWVODQG HUIDVVW QLFKW QDFK 6SUDFKH ,Q HLQLJHQ )lOOHQ ZR GHU (WKQRORJXH /FNHQ DXIZHLVW ZXUGHQGLH=DKOHQDXVGHQXQWHQJHQDQQWHQ,QWHUQHWTXHOOHQHUJlQ]W'LH'DWHQ]XGHQ





(LQZRKQHU]DKOHQUHIHULHUHQDXIGLHMHZHLOVQDWLRQDOHQ6WDWLVWLNHQ]%IU6SDQLHQVLQG GLHVH EHLP ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD YHU]HLFKQHW LQ 3RUWXJDO EHLP ,QVWLWXWR 1DFLRQDO GH (VWDWtVWLFD ]X ZHLWHUHQ 6SUHFKHU]DKOHQ FI %HUVFKLQ)HUQiQGH]6HYLOOD )HOL[EHUJHU±(QGUXVFKDW6FKPLGW5DGHIHOGW±1ROO± .DEDWHN3XVFK2VVHQNRS±VRZLHGLH,QWHUQHWVHLWHQ&HQWUR9LUWXDO &HUYDQWHV*UXSR(VSDxD([WHULRU0XQGRDELHUWR2EVHUYDWyULRGD/tQJXD3RUWXJXHVD ,PLJUDQWHV6RPRV7RGRV$VVRFLDomRGH5HHQFRQWURGRV(PLJUDQWHV   7DEHOOH+LVSDQRSKRQLHXQG/XVRSKRQLHLQ(XURSD

(XURSD

*HVDPW EHY|ONHUXQJ

$QWHLOGHU +LVSDQR SKRQHQ

3RUWXJDO

0LR

$QWHLOGHU /XVRSKRQHQ

6WDDWVVSUDFKH



0LR

3RUWXJLHVLVFK

0LR

0LR

 0LR *DOLFLVFK

6SDQLVFK

*LEUDOWDU 







(QJOLVFK

$QGRUUD







.DWDODQLVFK )UDQ]|VLVFK

)UDQNUHLFK

0LR





)UDQ]|VLVFK

%HOJLHQ

0LR





/X[HPEXUJ







'HXWVFKODQG

0LR





'HXWVFK

6SDQLHQ

 

)UDQ]|VLVFK 1LHGHUOlQGLVFK 'HXWVFK )UDQ]|VLVFK 'HXWVFK /HW]HEXUJLVFK

6FKZHL]

0LR





'HXWVFK )UDQ]|VLVFK ,WDOLHQLVFK 5RPDQWVFK

9HUHLQWHV .|QLJUHLFK

0LR





(QJOLVFK

)LQQODQG

0LR

JHULQJ



)LQQLVFK 6FKZHGLVFK

1RUZHJHQ

0LR





1RUZHJLVFK

6FKZHGHQ

0LR





6FKZHGLVFK





7DEHOOH+LVSDQRSKRQLHXQG/XVRSKRQLHLQ$PHULND DXIJHOLVWHWVLQGDOOH/lQGHU  *HVDPW EHY|ONHUXQJ

$QWHLOGHU +LVSDQR SKRQHQ

$QWHLOGHU /XVRSKRQHQ

.DQDGD

0LR





86$

0LR

0LR

0LR

0LR

0LR



(QJOLVFK 6SDQLVFK

0H[LNR

0LR

0LR



6SDQLVFK

%HOL]H







(QJOLVFK

*XDWHPDOD

0LR

0LR



6SDQLVFK

+RQGXUDV

0LR

0LR



6SDQLVFK

(O6DOYDGRU

0LR

0LR



6SDQLVFK

1LFDUDJXD

0LR

0LR



6SDQLVFK

&RVWD5LFD

0LR

0LR



6SDQLVFK

3DQDPD

0LR

0LR



6SDQLVFK

%DKDPDV







(QJOLVFK

$PHULND

3XHUWR5LFR 

6WDDWVVSUDFKH (QJOLVFK )UDQ]|VLVFK (QJOLVFK

.DLPDQLQVHOQ 







(QJOLVFK

869LUJLQ,VODQGV 







(QJOLVFK

.XED

0LR

0LR



6SDQLVFK

-DPDLND

0LR





(QJOLVFK

+DLWL

0LR





)UDQ]|VLVFK IU].UHROLVFK

'RPLQLNDQLVFKH 5HSXEOLN

0LR

0LR



6SDQLVFK

6W.LWWVXQG1HYLV







(QJOLVFK

$QWLJXD XQG%DUEXGD







(QJOLVFK

'RPLQLFD







(QJOLVFK

6DLQW/XFLD







(QJOLVFK

%DUEDGRV







(QJOLVFK







(QJOLVFK







(QJOLVFK

0LR





(QJOLVFK







1LHGHUOlQGLVFK

6W9LQFHQWXQGGLH *UHQDGLQHQ *UHQDGD 7ULQLGDG XQG7REDJR $UXED 





$PHULND

*HVDPW EHY|ONHUXQJ

$QWHLOGHU +LVSDQR SKRQHQ

$QWHLOGHU /XVRSKRQHQ

6WDDWVVSUDFKH







1LHGHUOlQGLVFK

1LHGHUOlQGLVFKH $QWLOOHQ  .ROXPELHQ

0LR

0LR



6SDQLVFK

9HQH]XHOD

0LR

0LR



6SDQLVFK

*X\DQD





JHULQJ

(QJOLVFK

6XULQDP





JHULQJ

1LHGHUOlQGLVFK

IU]*XD\DQD 







)UDQ]|VLVFK

%UDVLOLHQ

0LR



0LR

3RUWXJLHVLVFK

(FXDGRU

0LR

0LR



6SDQLVFK

3HUX

0LR

0LR



6SDQLVFK

%ROLYLHQ

0LR

0LR



6SDQLVFK

&KLOH

0LR

0LR



6SDQLVFK

3DUDJXD\

0LR





6SDQLVFK *XDUDQt

8UXJXD\

0LR

0LR



6SDQLVFK

$UJHQWLQLHQ

0LR

0LR



6SDQLVFK



 7DEHOOH+LVSDQRSKRQLHXQG/XVRSKRQLHLQ$IULND

*HVDPW EHY|ONHUXQJ

$QWHLOGHU +LVSDQR SKRQHQ

$QWHLOGHU /XVRSKRQHQ

6WDDWVVSUDFKH

0LR





$UDELVFK

.DSYHUGHQ





 3WJ YHUEUHLWHWDOV =ZHLWVSUlV 

bTXDWRULDO*XLQHD







6mR7RPp XQG3UtQFLSH





0LR 0LR 0LR

  

3RUWXJLHVLVFK .DSYHUGLVFK SWJ.UHRO  6SDQLVFK )UDQ]|VLVFK 3RUWXJLHVLVFK 6mRWRPHQVH 3ULQFLSHQVH 3RUWXJLHVLVFK )UDQ]|VLVFKXD (QJOLVFKXD

$IULND

0DURNNR 6DKDUD&HXWD 0HOLOOD 

*XLQHD%LVVDX .RQJR 0DODZL

 3WJ YHUEUHLWHWDOV =ZHLWVSUlV  0LR  





$IULND

*HVDPW EHY|ONHUXQJ

$QWHLOGHU +LVSDQR SKRQHQ

$QJROD

0LR



0RVDPELN

0LR



1DPLELD

0LR



  0LRDOV =ZHLWVSUlV    0LRDOV =ZHLWVSUlV  JHULQJ

6GDIULND

0LR





$QWHLOGHU /XVRSKRQHQ

6WDDWVVSUDFKH

3RUWXJLHVLVFK %DQWX6SUDFKHQ

3RUWXJLHVLVFK

(QJOLVFK (QJOLVFK $IULNDDQV

  7DEHOOH+LVSDQRSKRQLHXQG/XVRSKRQLHLQ$VLHQ

2PDQ ,QGLHQ *RD'LX 

0LR 0LR

$QWHLOGHU +LVSDQR SKRQHQ   /DGLQRV  

&KLQD 0DFDR 

0LR





,QGRQHVLHQ

0LR



JHULQJ

3KLOLSSLQHQ

0LR





2VW7LPRU

0LR



 IDVW DXVVFKOLH‰OLFK =ZHLWVSUDFKH 

$VLHQ

*HVDPW EHY|ONHUXQJ

,VUDHO

0LR

$QWHLOGHU /XVRSKRQHQ



JHULQJ 

6WDDWVVSUDFKH

+HEUlLVFK $UDELVFK (QJOLVFK  +LQGL(QJOLVFK &KLQHVLVFK 0DQGDULQ  ,QGRQHVLVFK )LOLSLQR (QJOLVFK

7HWXP 3RUWXJLHVLVFK

 'LH 7DEHOOH IKUW QHEHQ 6SDQLHQ LQNO .DQDUHQ XQG %DOHDUHQ  XQG 3RUWXJDO LQNO $]RUHQ XQG 0DGHLUD  VHOEVW DXFK DOOH /lQGHU DQ GLH DXV HKHPDOLJHQ .RORQLHQ GHU HXURSlLVFKHQ 0lFKWH KHUYRUJHJDQJHQ VLQG XQG LQ GHQHQ 6SDQLVFK UHVSHNWLYH 3RUWX JLHVLVFK 6WDDWV  $PWV RGHU 9HUNHKUVVSUDFKH LVW =XVlW]OLFK ZXUGHQ HQWJHJHQGHUE OLFKHQ 9RUJHKHQVZHLVH DXFK GLHMHQLJHQ /lQGHU PLW DXIJHIKUW LQ GHQHQ VLFK KLVSDQR SKRQH E]Z OXVRSKRQH 6SUDFKJHPHLQVFKDIWHQ DXIJUXQG GHU 0LJUDWLRQ GHU OHW]WHQ KXQGHUWLQVEHVRQGHUHIQI]LJ-DKUHHWDEOLHUWKDEHQ $UEHLWVPLJUDWLRQSROLWLVFKH0LJUD WLRQHWF 'LHGLHVEH]JOLFKHQ=DKOHQZHQQDXFKDXIJUXQGYRQJHOHJHQWOLFKSUREOHPD





WLVFKHU 9HUPLVFKXQJ GHU .DWHJRULHQ ÃHWKQLVFKH +HUNXQIW¶ XQG Ã6SUDFKYHUP|JHQ¶ QLFKW LPPHUHLQGHXWLJ]HLJHQXQPLVVYHUVWlQGOLFKGDVVGLHVHQHXHQWVWDQGHQHQ6SUDFKPLQGHU KHLWHQ PHKU 6SUHFKHU XPIDVVHQ DOV VR PDQFKHV DOV KLVSDQRSKRQOXVRSKRQ FKDUDNWHUL VLHUWHV /DQG ]%PHKU/XVRSKRQHLQ)UDQNUHLFKDOVLQ0RVDPELNXQGPHKU+LVSDQR SKRQH LQ GHQ 86$ DOV LQ YLHOHQ DQGHUHQ /lQGHUQ  ,QZLHZHLW GLHVH ]7 QRFK UHODWLY MXQJHQ6SUDFKJHPHLQVFKDIWHQVWDELOEOHLEHQRGHUGHPMHZHLOLJHQNXOWXUHOOHQXQGVSUDFK OLFKHQ 'UXFNHUOLHJHQ ZLUGVLFK QRFK ]HLJHQ MHGRFKN|QQHQ VLH VFKRQ RE LKUHU*U|‰H QLFKWLJQRULHUWZHUGHQ (LQGHXWLJGHUJU|‰WH=XZDFKVYRQ6SUHFKHUQGHV6SDQLVFKHQXQG3RUWXJLHVLVFKHQLVW ]XNQIWLJ DXI GHP DPHULNDQLVFKHQ .RQWLQHQW ]X HUZDUWHQ QLFKW QXU ZHJHQ GHV IRUW VFKUHLWHQGHQ5FNJDQJVGHUHLQKHLPLVFKHQ6SUDFKHQVRQGHUQYRUDOOHPGXUFKGLH %H Y|ONHUXQJVH[SORVLRQ GLH LQ GLHVHQ /lQGHUQ GLH 6SUHFKHU]DKOHQ EHUGXUFKVFKQLWWOLFK DQZDFKVHQODVVHQZLUG   

 'HU9DULHWlWHQUDXPGHV6SDQLVFKHQXQG3RUWXJLHVLVFKHQ ,Q LKUHQ HXURSlLVFKHQ 8UVSUXQJVUHJLRQHQ VLQG GDV 6SDQLVFKH XQG GDV 3RUWXJLHVLVFKH 7HLO GHU 5RPDQLD FRQWLQXD 'LH URPDQLVFKHQ 9DULHWlWHQ ELOGHQ DXI GHU GLDWRSLVFKHQ (EHQH DOVR DXI GHU (EHQH GHU 'LDOHNWH E]Z GHU UHJLRQDO GLIIHUHQ]LHUWHQ ,GLRPH HLQ .RQWLQXXPPLWDOOHQIDOOVZHLFKHQ*UHQ]HQ 6RQGHUVWHOOXQJ5XPlQLVFK6DUGLVFK 'LH ,EHULVFKH +DOELQVHO GLH DUHDOW\SRORJLVFK ]XU :HVWURPDQLD ]X UHFKQHQ LVW EHKHLPDWHW QRFKDQGHUH6SUDFKHQGLHYRQGHQ6WDDWVVSUDFKHQ6SDQLVFKXQG3RUWXJLHVLVFKEHUGDFKW ZHUGHQ 0LQGHUKHLWHQVSUDFKHQ LQ 6SDQLHQ VLQG QHEHQ GHP QLFKWLQGRHXURSlLVFKHQ %DVNL VFKHQ LQVJHVDPW FD  6SUHFKHU GLH (XVNDGL XPIDVVW VLHEHQ 3URYLQ]HQ EH VWHKHQG DXV 9L]FD\D %L]NDLD  *XLS~]FRD *LSX]NRD  ÈODYD $UDED  XQG 1DYDUUD

  

 &IGLH6WXGLHYRQ*UDGGRO  PLW6FKlW]XQJHQIUGDV-DKU  'HUYRQ$PDGR$ORQVR  HLQJHIKUWH%HJULII5RPDQLDFRQWLQXDPHLQWGLHDXIGHU (EHQHGHU9DULHWlWHQ]XEHREDFKWHQGH.RQWLQXLWlWLQGHUGLHVSUDFKOLFKHQ0HUNPDOHVLFKYRQ 2UW]X2UWYRQ5HJLRQ]X5HJLRQQXUJUDGXHOOYHUlQGHUQ'HPJHJHQEHUVWHKWGLH5RPDQLD GLVFRQWLQXD DOVR 5HJLRQHQ GLH YRP VSUDFKOLFKHQ $EVWDQG KHU HLQHQ %UXFK DXIZHLVHQ ]% 1RUGIUDQNUHLFK 5XPlQLHQ  GLDWRSLVFKH ,QWHUSUHWDWLRQ  ,Q HLQHU VHNXQGlUHQ $XIIDVVXQJ GHV %HJULIIHV PHLQW 5RPDQLD FRQWLQXDGLH 5HJLRQHQ GHV HKHPDOLJHQ,PSHULXP 5RPDQXP QLFKW MHGRFK GHU VFKRQ LPPHU JULHFKLVFKVSUDFKLJH 2VWHQ -LUHþHN/LQLH  GLH QRFK ODWLQLVLHUW VLQG DOVRGRUWZRDXFKKHXWHHLQHURPDQLVFKH6SUDFKHJHVSURFKHQZLUGLP*HJHQVDW]]X5RPDQLD VXEPHUVD ]%1RUGDIULND0RVHOURPDQLVFK'DOPDWLVFKHWF  GLDFKURQH,QWHUSUHWDWLRQ 'HU %HJULII Ã5RPDQLD VXEPHUVD¶ ZXUGH GDV HUVWH 0DO DXI GHP &RQJUqV ,QWHUQDWLRQDO GH /LQJXLVWLTXH HW GH 3KLORORJLH 5RPDQHV LQ 7ULHU LQV 6SLHO JHEUDFKW FI .UHPHU   *HOHJHQWOLFKZLUGDXFKQRFKPDO]ZLVFKHQGHUÃ5RPDQLDVXEPHUVD¶ ]%'DOPDWLVFK XQGGHU /DWLQLWDVVXEPHUVD ]%1RUGDIULNDQ|UGO5KHLQODQG XQWHUVFKLHGHQ .UDPHU 





1DIDUURD LQ6SDQLHQVRZLH%DVVH1DYDUUH 1DIDUURD%HKHUHD /DERXUG /DSXUGL XQG 6RXOH =XEHURD  LQ )UDQNUHLFK  GDV .DWDODQLVFKH FD ± 0LR 6SUHFKHU LQ GHQ *HELHWHQ .DWDORQLHQ 9DOHQFLD %DOHDUHQ 5RXVVLOORQ )UDQNUHLFK  $QGRUUD 6WDDWV VSUDFKH $OJKHURDXI6DUGLQLHQ GDV2N]LWDQLVFKH FD6SUHFKHULP9DOG¶$UiQ GDV $UDQHVLVFKH LVW HLQH 6XEYDULHWlW GHV *DVNRJQLVFKHQ  GDV *DOLFLVFKH FD  0LR 6SUHFKHU LQ GHQ 3URYLQ]HQ /D &RUXxD /XJR 3RQWHYHGUD 2UHQVH XQG LP *UHQ]JHELHW YRQ$VWXULHQ/HyQXQG=DPRUD XQGGDV3RUWXJLHVLVFKH 6SUDFKLQVHOQLQGHQ3URYLQ]HQ =DPRUD6DODPDQFD&iFHUHVXQG%DGDMR] 'D]XVLQGQRFKGLHFD0LR6SUHFKHU GHV5RPDQL LQGLVFKHU6SUDFK]ZHLJ ]XUHFKQHQGLH]ZDUHEHQIDOOVDOWHLQJHVHVVHQVLQG DEHURKQHEHVWLPPWHV6SUDFKWHUULWRULXP YRUDOOHP$QGDOXVLHQ VRZLHGLHÄPRGHUQHQ³ ,PPLJUDQWHQGHUHQ]DKOHQPl‰LJVWlUNVWH*UXSSHQHEHQDQGHUHQ(8%UJHUQ YRUDOOHP 5XPlQHQ %ULWHQ 'HXWVFKH XQG %XOJDUHQ  GLH 1RUGDIULNDQHU YD 0DURNNR LQNO 6DKDUD  GLH (LQZDQGHUHU DXV +LVSDQRDPHULND YD (FXDGRU .ROXPELHQ %ROLYLHQ 3HUX XQGGLH&KLQHVHQELOGHQ 'DV6SUDFKJHELHW3RUWXJDOVLVWGHPJHJHQEHUVHKUHLQKHLWOLFKXQGNHQQWNHLQHVLJQL ILNDQWH 0LQGHUKHLWHQVSUDFKH LP NODVVLVFKHQ 6LQQH $Q GHU VSUDFKOLFK IDVW GHFNXQJV JOHLFKHQ6WDDWVJUHQ]H]X6SDQLHQJLEWHVOHGLJOLFKNOHLQHVSDQLVFKH ]%LQGHU9DULHWlW GHV ([WUHPHxR  XQG JDOLFLVFKH (QNODYHQ VRZLH LP 1RUGRVWHQ GLH 9DULHWlW GHV 0LUDQGHVLVFKHQ DVWXULVFKOHRQHVLVFKH%DVLV :HLWHUHhEHUJDQJVYDULHWlWHQHQWODQJGHU VSDQLVFKSRUWXJLHVLFKHQ *UHQ]H VLQG GLH )DOD GH ;iOLPD JDOLFLVFKSRUWXJLHVLVFKH XQG DVWXUOHRQHVLVFKH 0LVFKYDULHWlW PLW JHZLVVHU .DVWLOLVLHUXQJ  XQG GDV 2OLYHQ]D3RUWX JLHVLVFK $OHQWHMR9DULHWlW GHV 3RUWXJLHVLVFKHQ PLW NDVWLOLVFKHP E]Z H[WUHPHxLVFKHP 6XSHUVWUDW 'HU*UR‰WHLOGHUDNWXHOOHQ0LJUDQWHQLQ3RUWXJDONRPPWDXVGHQHKHPDOL JHQ .RORQLHQ YD %UDVLOLHQ $QJROD .DSYHUGHQ  'XUFK LKUH VSH]LILVFKH $XVSUlJXQJ GHV3RUWXJLHVLVFKHQN|QQHQGLHVHDXFK,QWHUIHUHQ]HQLQGLHHXURSlLVFKH9DULHWlWEULQJHQ FI5DGDW]7RUUHQW/HQ]HQ  5HJLRQDOH 9DULHWlWHQ SULPlUH 'LDOHNWH FI .DS   GHV 6SDQLVFKHQ GLH ZHLW JHKHQGLP6FKZLQGHQEHJULIIHQVLQGHUJHEHQVLFKDXVGHUKLVWRULVFKHQ.RQVWHOODWLRQDXI GHU ,EHULVFKHQ +DOELQVHO 1HEHQ GHP ]XU $PWV XQG 6WDDWVVSUDFKH HUKREHQHQ .DVWL

 

 =XP %DVNLVFKHQ HXVNHUDHXVNDUD  ZHOFKHV KHXW]XWDJH HLQH VWDQGDUGLVLHUWH 6FKULIWVSUDFKH DXIZHLVW HXVNDUD EDWXD  XQG LQ GLH 'LDOHNWH /DEXUGLVFK 1LHGHUQDYDUULVFK 6XOHWLQLVFK LP Q|UGOLFKHQ %DVNHQODQG ,SDUUDOGH  VRZLH +RFKQDYDUULVFK *LSXVNRDQLVFK %LVNDLVFK LP VGOLFKHQ%DVNHQODQG +HJRDOGH JHJOLHGHUWLVW +DDVH± FI]%+DDVH   6FKPLGW5LHVH  XQG6FKODDN     =XP UHFKWOLFKHQ 6WDWXV GHU 0LQGHUKHLWHQVSUDFKHQ LQ 6SDQLHQ FI 3RJJHVFKL   ]XU VR]LROLQJXLVWLVFKHQ6LWXDWLRQLQGHQDXWRQRPHQ5HJLRQHQFI*XJHQEHUJHU     'LH%XQGHV]HQWUDOHIUSROLWLVFKH%LOGXQJJLEWIROJHQGHQ,PPLJUDQWHQYHUWHLOXQJIUGDV-DKU  DQ  0DURNNR  (FXDGRU  5XPlQLHQ  *UR‰EULWDQQLHQ  .ROXPELHQ  'HXWVFKODQG  $UJHQWLQLHQ  %ROLYLHQ  ,WDOLHQ&KLQD%XOJDULHQ3HUX)UDQNUHLFK   =XP0LUDQGHVLVFKHQFI]%$QJHOH  0HUODQ  XQGGLH,QWHUQHWVHLWH0LUDQGpVQD QHW=XUGHQDQGHUHQ9DULHWlWHQFIGLH/LWHUDWXUDQJDEHQLQ.DS





OLVFKHQ ZHOFKHV VHNXQGlU GDV $QGDOXVLVFKH DXVJHIRUPW KDW VLQG LQ 5HVWHQ QRFK GDV $UDJRQHVLVFKH XQG GDV /HRQHVLVFKH YHUWUHWHQ VRZLH GDV ([WUHPHxLVFKH XQG GDV 0XUFLDQLVFKH 'DVKHXWLJHHXURSlLVFKH3RUWXJLHVLVFKZHOFKHVVLFKDXVGHP*DOLFLVFK 3RUWXJLHVLVFKHQHQWZLFNHOWHNHQQWQXUHLQHVFKZDFKHGLDWRSLVFKH$XVGLIIHUHQ]LHUXQJLQ Q|UGOLFKH XQG ]HQWUDOVGOLFKH 9DULHWlWHQ VRZLH LQ GLH VSH]LILVFKHQ 9DULHWlWHQ DXI 0DGHLUDXQGGHQ$]RUHQ 'LH 5RPDQLD 1RYD GHUHQ 6FKZHUSXQNW LQ /DWHLQDPHULND OLHJW LVW YRQ HLQHP DPELYDOHQWHQ $QWDJRQLVPXV ]XP HKHPDOLJHQ NRORQLDOHQ 0XWWHUODQG JHSUlJW ,P )DOOH GHV3RUWXJLHVLVFKHQKDQGHOWHVVLFKLP:HVHQWOLFKHQXPGLH%H]LHKXQJGHVWUDGLWLRQHOO SUHVWLJHWUlFKWLJHUHQHXURSlLVFKHQ3RUWXJLHVLVFK (3 ]XGHPKLQVLFKWOLFKGHU6SUHFKHU ]DKOZHLWEHUOHJHQHQ3RUWXJLHVLVFKHQ%UDVLOLHQV %3 ZHOFKHVLP/DXIHGHU*HVFKLFKWH HLQHHLJHQH9DULHWlWPLWGLDV\VWHPDWLVFKHQ6XE9DULHWlWHQXQGHLQLJHQHLJHQHQ1RUPHQ DXVJHSUlJWKDW ]%2UWKRJUDSKLHELV]XU5HIRUPFI.DS6WDQGDUGDXVVSUDFKH  'LH9HUZHQGXQJGHU7HUPLQLÃ%UDVLOLDQLVFK EUDVLOHLUR ¶E]ZÃEUDVLOLDQLVFKHV3RUWX JLHVLVFK SRUWXJXrV GR %UDVLO ¶ NDQQ SROLWLVFK NRQQRWLHUW VHLQ LQVRIHUQ DOV PLW GHU %H]HLFKQXQJEUDVLOHLURGHU$QVSUXFKYHUEXQGHQVHLQNDQQGDVVHVVLFKEHLGHU9DULHWlW %UDVLOLHQVLQ$EJUHQ]XQJ]XP3RUWXJLHVLVFKHQ(XURSDVXPHLQHHLJHQVWlQGLJH6SUDFKH KDQGHOW 'D HV LQ YRUOLHJHQGHU 8QWHUVXFKXQJ UHLQ XP GHQ YDULHWlWHQOLQJXLVWLVFKHQ $VSHNWJHKWVHLGLHVH'LVNXVVLRQDXVJHNODPPHUWZHVKDOEQHXWUDODXIGLH%H]HLFKQXQ JHQÃ%3¶YVÃ(3¶UHNXUULHUWZXUGH ]XU*HZLFKWXQJ3RUWXJDOYV%UDVLOLHQLQGHU6SUDFK EHWUDFKWXQJ FI 1ROO  ± ]X 1ROO  FI DXFK LPPHU GLH HUZHLWHUWH SWJ hEHUVHW]XQJ1ROO  ,P KLVSDQRSKRQHQ .RQWH[W JLEW HV HLQH lKQOLFK JHODJHUWH .RQQRWDWLRQ 0LW GHU 9HUZHQGXQJ YRQ FDVWHOODQR XQG GHU H[SOL]LWHQ 9HUPHLGXQJ YRQ HVSDxRO ZLUG DXV KLVSDQRDPHULNDQLVFKHU6LFKWPLWXQWHUGLH$EJUHQ]XQJYRP0XWWHUODQG6SDQLHQEHWRQW 'LHVH 8QWHUVFKHLGXQJ LVW MHGRFK ZHQLJHU DXIJHODGHQ DOV LP SRUWXJLHVLVFKHQ .RQWH[W %HLGH %HJULIIH ZHUGHQ LP :HLWHUHQ ZHUWIUHL JHEUDXFKW ]XU VSUDFKSROLWLVFKHQ *H VFKLFKWHFI%ROOpH1HXPDQQ+RO]VFKXK±±  'LHDIULNDQLVFKHQ9DULHWlWHQGHV3RUWXJLHVLVFKHQGLHLQVWDUNHU.RQNXUUHQ]PLWGHQ MHZHLOLJHQ LQGLJHQHQ ,GLRPHQ VWHKHQ RULHQWLHUHQ VLFK LP :HVHQWOLFKHQ DQ GHU HXUR SlLVFKHQ1RUP

 

 =XP $QGDOXVLVFKHQ ZHOFKHV PD‰JHEOLFK ]XU +HUDXVELOGXQJ GHU DPHULNDQLVFKHQ 9DULHWlWHQ EHLJHWUDJHQKDWFI1DUERQD&DQR$JXLODU0RULOOR  VRZLHGLH,QWHUQHWVHLWH(OHVSDxRO KDEODGRHQ$QGDOXFtD HKD  KWWSJUXSRXVHVHKDQGDOXFLD GHU8QLYHUVLWlWYRQ6HYLOOD   =X GHQ ZHVHQWOLFKHQ 0HUNPDOHQ GHV EUDVLOLDQLVFKHQ 3RUWXJLHVLVFK FI 1ROO   ]X (LQKHLW XQG 9LHOIDOW GHV 3RUWXJLHVLVFKHQ FI *UR‰H   ]X GHQ 9DULHWlWHQ LQ $IULND FI 3HUO'|OO'\UED(QGUXVFKDW*lUWQHU+XQGW+XW/HLVWH7KLHOH   XQG ]XU $EJUHQ]XQJ YRP *DOLFLVFKHQ FI 3pUH] %RX]D   =XU P|JOLFKHQ +HUDXVELOGXQJ HLQHV HLJHQHQ 6WDQGDUGV LQ 7HLOHQ $IULNDV FI *RQoDOYHV   PLW LKUHU 6WXGLH ]XP 3RUWXJLHVLVFKHQ YRQ 0RVDPELN)U$QJRODNRQVWDWLHUW%OXPEHUJ  GDVVPDQVLFKRIIL]LHOO]ZDUQDFKGHU HXURSlLVFKHQ1RUPULFKWHWGLHJHVSURFKHQH6SUDFKHDEHU]XQHKPHQGGDYRQDEZHLFKWQLFKW





'DV 6SDQLVFKH KDW EHGLQJW GXUFK GLH ]DKOUHLFKHQ DPHULNDQLVFKHQ 6WDDWHQ LQ GHQHQ HV DOV $PWV XQG 9HUNHKUVVSUDFKH IXQJLHUW HLQH UHJLRQDOH 'LIIHUHQ]LHUXQJ HUIDKUHQ GLH HLQHUVHLWV HLQHQ *HJHQVDW] DPHULNDQLVFKHV YV HXURSlLVFKHV 6SDQLVFK SRVWXOLHUHQ OlVVW HVDQGHUHUVHLWVPLWHLQHUJHZLVVHQ%HUHFKWLJXQJP|JOLFKPDFKWGDV3KlQRPHQPLWGHP %HJULIIÃ3OXUL]HQWULVPXV¶]XFKDUDNWHULVLHUHQ GHUDXFKDXIGLH.RQVWHOODWLRQ3RUWXJDOYV %UDVLOLHQ DQJHZDQGW ZHUGHQ NDQQ  'LH 9DULHWlWHQ +LVSDQRDPHULNDV KDEHQ GXUFK GLH MHZHLOVYHUVFKLHGHQHQ6XEXQG$GVWUDWVSUDFKHQGHQHQVLHDXVJHVHW]WZDUHQE]ZVLQG VRZLH GXUFK GHQ MHZHLOLJHQ DEJUHQ]HQGHQ VWDDWOLFKHQ 5DKPHQ HLJHQH 1RUPHQ HQW ZLFNHOQN|QQHQGLHDEHULQVJHVDPWZHLWHUKLQVWDUNDQGHUNDVWLOLVFKHQRULHQWLHUWEOHLEHQ 'LH GLDWRSLVFKH *OLHGHUXQJ HUZHLVW VLFK GDEHL DOV VHKU VFKZLHULJ GD ]XP HLQHQ IOlFKHQEHUJUHLIHQGH 'DWHQ IHKOHQ XQG ]XP DQGHUHQ ,VRJORVVHQ IU EHVWLPPWH 0HUN PDOHZHGHUPLWGHQHKHPDOLJHQ7HUULWRULHQGHU,QGLDQHUVSUDFKHQEHUHLQVWLPPHQQRFK PLWGHQ/DQGHVJUHQ]HQGHUPRGHUQHQ6WDDWHQ(LQHVHKUJUREH8QWHUVFKHLGXQJGLHIU 0LWWHO XQG 6GDPHULND JHWURIIHQ ZHUGHQ NDQQ LVW GLH DQ YHUVFKLHGHQHQ 3KlQRPHQHQ IHVW]XPDFKHQGH*HJHQEHUVWHOOXQJYRQWLHUUDVEDMDVXQGWLHUUDVDOWDVDOVRGHQ.VWHQ JHELHWHQE]Z7LHIODQG]RQHQXQGGHQ%HUJUHJLRQHQ (LQH6RQGHUIRUPELOGHWGDVQRFKLQ5HVWHQLQGHU7UNHLLQ*ULHFKHQODQG 6DORQLNL  %XOJDULHQ XQG ,VUDHO YHUWUHWHQH -XGHQVSDQLVFKH GHU 6HSKDUGLP ZHOFKHV GXUFK VHLQH HU]ZXQJHQH ,VROLHUXQJ YLHOH lOWHUH )RUPHQ GHV 6SDQLVFKHQ EHZDKUW KDW LQVJHVDPW FD 6SUHFKHUFI.DS  $P 5DQGH VHLHQ QRFK GLH DXI VSDQLVFKHU E]Z SRUWXJLHVLVFKHU %DVLV HQWVWDQGHQHQ 3LGJLQ XQG .UHROVSUDFKHQ HUZlKQW $OV GLH YLHOOHLFKW DP EHVWHQ EHVFKULHEHQH .UHRO VSUDFKH LVW GDV 3DSLDPHQWR GHU $%&,QVHOQ FD  6SUHFKHU DXI GHQ 1LHGHU OlQGLVFKHQ$QWLOOHQ$UXED%RQDLUH&XUDoDR YRUGHU.VWH9HQH]XHODV]XHUZlKQHQ ZHOFKHVGHQ6RQGHUIDOOGDUVWHOOWDXIPHKUHUHHXURSlLVFKH6SUDFKHQ]XUFN]XJHKHQ PLW IROJHQGHP $QWHLO 3RUWXJLHVLVFK 6SDQLVFK 1LHGHUOlQGLVFK  (LQ UHLQ SRUWXJLHVLVFK EDVLHUWHV .UHRO LVW EHLVSLHOVZHLVH GDV &ULRXOR GHU .DSYHUGHQ FI /DQJ   HLQ VSDQLVFKEDVLHUWHVGDV3DOHQTXHURLP1RUGHQ.ROXPELHQV 3DOHQTXHGH6DQ%DVLOLR  FI 0RxLQR6FKZHJOHU 

 















]XOHW]W DXIJUXQG YRQ ]DKOUHLFKHQ /HKQZ|UWHUQ DXV GHP .LPEXQGX 4XLPEXQGR  DEHU DXFK DXIGHU(EHQHGHU6\QWD[ZRHV3DUDOOHOHQ]XPEUDVLOLDQLVFKHQ3RUWXJLHVLVFKJLEW =XP SOXUL]HQWULVFKHQ 6SDQLVFK GHU )UDJH QDFK .RQYHUJHQ] XQG 'LYHUJHQ] LP KHXWLJHQ 6SDQLVFKVLHKH]%.DEDWHN3XVFK ± XQGYRUDOOHP2HVWHUUHLFKHU   =XUVSDQLVFKHQ9DULHWlWLQGHQ9HUHLQLJWHQ6WDDWHQFI2UWL]/ySH]/DFRUWH  XQG]XGHQ HLQ]HOQHQ 8QWHUVFKLHGHQ GHV 6SDQLVFKHQ LQ GHQ YHUVFKLHGHQHQ 6WDDWHQ 0LWWHO XQG 6G DPHULNDV FI 1ROO   ,]TXLHUGR(QJXLWD 8WULOOD   VRZLH )UDJR *DUFLD)LJXHURD   =XP -XGHQVSDQLVFKHQ XQG VHLQHU *HVFKLFKWH FI ]% +HW]HU   %RVVRQJ E  XQG $UQROG   'LH 6SUHFKHUDQJDEHQ GHV 3DSLDPHQWR XQG GHV -XGHQVSDQLVFKHQ JHKHQ DXI GLH 'DWHQ GHU ,QWHUQHWVHLWH (WKQRORJXH 6,/ ,17(51$7,21$/  ]XUFN =X GHQ YHUVFKLHGHQHQ VSDQLVFK





(LQHLQGHU*UHQ]UHJLRQ]ZLVFKHQ8UXJXD\XQG%UDVLOLHQJHVSURFKHQH0LVFKYDULHWlWLVW GDVIURQWHUL]RZHOFKHVVLFKLQVHLQHQ0HUNPDOHQGHVWRPHKUGHP6SDQLVFKHQDQQlKHUW MHZHLWHUPDQLQV/DQGHVLQQHUHYRQ8UXJXD\YRUVW|‰W FI1ROO 

$XIJDEHQ  ,QIRUPLHUHQ 6LH VLFK EHU GLH 0LQGHUKHLWHQVSUDFKHQ XQG LGLRPH $VWXULVFK /HRQHVLVFK .DWDODQLVFK$UDQHVLVFK*DOLFLVFKXQG0LUDQGHVLVFKLQGHQHLQVFKOlJLJHQ$UWLNHOQGHV/5/ /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN  %lQGH  XQG GHV +6. +DQGEFKHU ]XU 6SUDFKXQG.RPPXQLNDWLRQVZLVVHQVFKDIW %lQGH]XU6SUDFKJHVFKLFKWH ]% %RUQ6FKPLG   6NL]]LHUHQ 6LH GLH 8QWHUVFKLHGH LQ GHU 6SUDFKODQGVFKDIW DXI GHU ,EHULVFKHQ +DOELQVHO YRQ XQG ]%$JRVWLQR%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU   (UDUEHLWHQ6LHMHIQIVSUDFKOLFKH0HUNPDOHGHVDPHULNDQLVFKHQ6SDQLVFKLP*HJHQVDW]]XP HXURSlLVFKHQ 6SDQLVFK VRZLH GHV EUDVLOLDQLVFKHQ 3RUWXJLHVLVFK LP 9HUJOHLFK ]XP HXUR SlLVFKHQ3RUWXJLHVLVFK ]%DQKDQGYRQ.XEDUWK1ROOXQG1ROO   (UOlXWHUQ6LHGHQ8QWHUVFKLHG]ZLVFKHQ3LGJLQXQG.UHROVSUDFKHQ ]%/DQJ%DUWHQV 6DVVH   .RQVXOWLHUHQ 6LH GLH HQWVSUHFKHQGHQ 6SUDFKDWODQWHQ PLW ,VRJORVVHQ GLH GLH GLDWRSLVFKHQ 9DULHWlWHQDXIGHU,EHULVFKHQ+DOELQVHOYRQHLQDQGHUDEJUHQ]HQ ]%$/3,   5HFKHUFKLHUHQ 6LH P|JOLFKH 6SUDFKNRQWDNWSKlQRPHQH PLW GHP %DVNLVFKHQ ]% (FKHQLTXH (OL]RQGR6FKPLGW5LHVH 

                

 XQGRGHU SRUWXJLHVLVFKEDVLHUWHQ .UHROVSUDFKHQ FI %DUWHQV   =LPPHUPDQQ   XQG VSH]LHOO]X3DSLDPHQWRFI(FNNUDPPHU  .UDPHU  XQG-DFREV  





'LH'LDV\VWHPDWLNGHV6SDQLVFKHQXQG3RUWXJLHVLVFKHQ

(LQH6SUDFKHZLHGDV6SDQLVFKHRGHUGDV3RUWXJLHVLVFKHGLHJHUDGHGHP/HUQHQGHQDOV HLQ HLQKHLWOLFKHV XQG JHVFKORVVHQHV 6\VWHP HUVFKHLQW LVW LQ :LUNOLFKNHLW HLQ YLHO VFKLFKWLJHVXQGNRPSOH[HV.RQVWUXNWPLWGHQXQWHUVFKLHGOLFKVWHQ$XVSUlJXQJHQ 'LH GLDV\VWHPDWLVFKH *OLHGHUXQJ HLQHU 6SUDFKH ]XU EHVVHUHQ (UIDVVXQJ LKUHU YLHO IlOWLJHQ)XQNWLRQHQXQG(UVFKHLQXQJHQLVWQLFKWQXUHLQHPWKHRUHWLVFKHQOLQJXLVWLVFKHQ ,QWHUHVVHJHVFKXOGHWVRQGHUQKDWDXFKHLQHJUR‰H%HGHXWXQJIUGLH6SUDFKSUD[LVGHQQ QXU GXUFK GLH JHQDXH .HQQWQLV GHU GLDV\VWHPDWLVFKHQ 9HURUWXQJ HLQHV VSUDFKOLFKHQ 3KlQRPHQV ZLUG PDQ LQ GHU /DJH VHLQ GLHVHV DGlTXDW HLQ]XVFKlW]HQ XQG LQ HLQHU bX‰HUXQJYHUVWHKHQRGHUDQZHQGHQ]XN|QQHQ ,Q GHU 'LDV\VWHPDWLN HLQHU 6SUDFKH ZLUG GLH UHJLRQDOH 9DULDWLRQ 'LDWRSLN  GLH VR]LDOHXQGJUXSSHQVSH]LILVFKH 'LDVWUDWLN VRZLHGLHVWLOLVWLVFKH9DULDWLRQ 'LDSKDVLN  HUIDVVW Ä'LH 6XPPH GHU GLDWRSLVFKHQ GLDVWUDWLVFKHQ XQG GLDSKDVLVFKHQ 9DULHWlWHQ HLQHU (LQ]HOVSUDFKH VWHOOWLQGLHVHU+LQVLFKWHLQ*HIJHYRQVSUDFKOLFKHQ7UDGLWLRQHQXQG1RUPHQGDUHLQ'LDV\VWHP 'LH MH VSH]LILVFKH KLVWRULVFKH $XVSUlJXQJ GHV 9DULHWlWHQJHIJHV ZLUG DXFK $UFKLWHNWXU JHQDQQW³ .RFK2HVWHUUHLFKHU 

)U GHQ%HUHLFKGHU /H[LNRORJLH EHGHXWHW GLHV EHLVSLHOVZHLVH GDVV PDQ ]ZLVFKHQ GLD WRSLVFK GLDVWUDWLVFK XQG GLDSKDVLVFK PDUNLHUWHQ /H[HPHQ XQWHUVFKHLGHQ NDQQ ZREHL GLHVH &KDUDNWHULVLHUXQJHQ GXUFKDXV NRPELQLHUEDU VLQG GK HLQ :RUW NDQQ ]% GLD WRSLVFK GLDOHNWDO  XQG GLDVWUDWLVFKGLDSKDVLVFK PDUNLHUW VHLQ ]% DUDPERO XPJDQJV VSUDFKOLFK LQ 3DOHQFLD IU VS EDODXVWUDGD IHUUXQFKR LQ 7UiVRV0RQWHV XPJDQJV VSUDFKOLFKIUSWJFL~PH 'LHVHUJLEWVLFKDXVGHP,QHLQDQGHUJUHLIHQGHUYHUVFKLHGHQHQ 'LPHQVLRQHQ GHU 6SUDFKYDULHWlW GLH QLFKW LVROLHUW VRQGHUQ DOV 7HLOH HLQHV 9DULHWlWHQ JHIJHV ]X EHJUHLIHQ VLQG 'DV JOHLFKH JLOW DXFK IU ODXWOLFKH 3KRQRORJLH  XQG JUDP PDWLVFKH 0RUSKRV\QWD[  %HVRQGHUKHLWHQ GLH XQWHU 8PVWlQGHQ HEHQIDOOV GLDWRSLVFK GLDVWUDWLVFKRGHUGLDSKDVLVFKPDUNLHUWVHLQN|QQHQ 'LH KRFKVSUDFKOLFKH 1RUP HLQHU 6SUDFKH LVW 7HLO GLHVHV 6\VWHPV XQG VSLHJHOW GHQ XQPDUNLHUWHQ 6WDQGDUG ZLGHU VS KDEOD FXOWD SWJ OtQJXD SDGUmR  +LQ]X NRPPW HQW VSUHFKHQG GHV YHUZHQGHWHQ 0HGLXPV EHL GHU .RPPXQLNDWLRQ GK 6FKULIWOLFKNHLW YV 0QGOLFKNHLW GLH GLDPHVLVFKH 'LPHQVLRQ GHU 6SUDFKH 0DQ NDQQ DOVR HQWVSUHFKHQG EHVWLPPWHOH[LNDOLVFKH(LQKHLWHQODXWOLFKH3KlQRPHQHRGHUJUDPPDWLVFKH(LJHQKHLWHQ W\SLVFKHUZHLVHGHPVFKULIWVSUDFKOLFKHQRGHUPQGOLFKHQ*HEUDXFK]XRUGQHQ$XFKGHU DXI GLHVH :HLVH JHNHQQ]HLFKQHWH $QZHQGXQJVEHUHLFK GHU 6SUDFKH VWHKW LQ HLQHU :HFKVHOEH]LHKXQJ PLW GHQ DQGHUHQ GLDV\VWHPDWLVFKHQ 'LPHQVLRQHQ LQVRIHUQ GLH %HUHLFKH LQHLQDQGHUJUHLIHQ VLFK EHUODJHUQ XQG HUJlQ]HQ DEHU DXFK YRQHLQDQGHU DE JUHQ]HQODVVHQ





 'LHGLDWRSLVFKH9DULDWLRQ :DVGLHGLDWRSLVFKH'LIIHUHQ]LHUXQJDQEHODQJWVRJLEWHV]ZLVFKHQGHP3RUWXJLHVLVFKHQ XQG GHP 6SDQLVFKHQ LQVRIHUQ HLQH JHZLVVH bKQOLFKNHLW DOV ZLU HV VRZRKO PLW HXURSlLVFKHQ DOV DXFK PLW DX‰HUHXURSlLVFKHQ9DULHWlWHQ GHU MHZHLOLJHQ6SUDFKH ]X WXQ KDEHQ 'DEHL NDQQ PDQ LP *HJHQVDW] ]XP )UDQ]|VLVFKHQ IU GLH EHLGHQ KLHU JHJHQ EHUJHVWHOOWHQ6SUDFKHQYRQHLQHPVRJHQDQQWHQ3OXUL]HQWULVPXVVSUHFKHQDOOHUGLQJVLQ MHZHLOVDQGHUHU$XVSUlJXQJ:lKUHQGPDQIUGDV3RUWXJLHVLVFKHQDFKEHUZLHJHQGHU $XIIDVVXQJ LP :HVHQWOLFKHQ ]ZHL UHJLRQDOH =HQWUHQ DQQLPPW QlPOLFK 3RUWXJDO (3  XQG %UDVLOLHQ %3  GLH MH HLQH HLJHQH 1RUP NRQVWLWXLHUHQ XQG GDPLW DXFK HLQ MHZHLOV HLJHQVWlQGLJHV 'LDV\VWHP GHU 6SUDFKH VLQG HV LP 6SDQLVFKHQ QHEHQ 6SDQLHQ VHOEVW ]DKOUHLFKH /lQGHU GLH HLQH MHZHLOV HLJHQVWlQGLJH QDWLRQDOVSUDFKOLFKH 1RUP GHV 6SDQLVFKHQIUVLFKEHDQVSUXFKHQ$XVHLQHPWUDGLWLRQHOOHQ(XUR]HQWULVPXVKHUDXVIDVVW PDQ MHGRFK RIW GLH DX‰HUHXURSlLVFKHQ 9DULHWlWHQ DOV DWODQWLVFKHV RGHU DPHULNDQLVFKHV 6SDQLVFK $6  ]XVDPPHQ ZHOFKHV PDQ GHP HXURSlLVFKHQ 6SDQLVFK (6  JHJHQ EHUVWHOOW FI(QGUXVFKDW6FKPLGW5DGHIHOGW±.DEDWHN3XVFK±   'HU%HJULIIDWODQWLVFKHV6SDQLVFKVFKOLH‰WQHEHQGHPDPHULNDQLVFKHQ6SDQLVFKDXFK GLH 9DULDQWHQ GHU .DQDULVFKHQ ,QVHOQ XQG $QGDOXVLHQV PLW HLQ GD GLHVH 5HJLRQHQ ]DKOUHLFKHVSUDFKOLFKH*HPHLQVDPNHLWHQDXIZHLVHQ*HPl‰GHU$QGDOXFLVPR7KHVHLVW GLHVDXIGLH7DWVDFKH]XUFN]XIKUHQGDVVGLH.RORQLVLHUXQJKDXSWVlFKOLFKGXUFK$XV ZDQGHUHU DXV $QGDOXVLHQ JHWUDJHQ ZXUGH +DXSWNULWHULXP VHVHR  ,Q GHU VRJHQDQQWHQ $QWLDQGDOXFLVPR7KHVH ZLUG MHGRFK YRQ HLQHU SDUDOOHOHQ VSUDFKOLFKHQ (QWZLFNOXQJ LQ 6GVSDQLHQ XQG GHQ KLVSDQRDPHULNDQLVFKHQ *HELHWHQ DXVJHJDQJHQ ZDV XD PLW GHU GRUWZHQLJKRPRJHQHQ9HUWHLOXQJYRQMXQGुEHJUQGHWZLUG,Q]ZLVFKHQGRPLQLHUW LQGHU)RUVFKXQJMHGRFKHLQHSUl]LVLHUWHXQGGLIIHUHQ]LHUWH$QGDOXFLVPR7KHVHEHLGHU GHU(LQIOXVVQLFKWQXUDXI$QGDOXVLHQ]XUFNJHIKUWZLUGVRQGHUQDXFKGLH([WUHPDGXUD PLWHLQEH]RJHQ ZLUG PHULGLRQDOLVPR RFFLGHQWDO  XQG PDQ LQ +LVSDQRDPHULND XQWHU VFKLHGOLFKH(QWZLFNOXQJHQLQGHQWLHUUDVEDMDV WLHUUDVPDUtWLPDV XQGGHQWLHUUDVDOWDV WLHUUDV LQWHULRUHV  DQQLPPW GLH PLW ]ZHL 3KDVHQ GHV VSUDFKOLFKHQ (LQIOXVVHV ]X VDPPHQIDOOHQ QlPOLFK ELV 0LWWH GHV  -K GHU 'RPLQDQ] GHU 1RUP YRQ 6HYLOOD XQG DQVFKOLH‰HQGELVFDGHUYRUKHUUVFKHQGHQ1RUPYRQ0DGULG$X‰HUGHPZLUG GHU VGVSDQLVFKH(LQIOXVVFKURQRORJLVFKSUl]LVLHUWXQG]ZDULQVRIHUQDOVGLH6LHGOHUQXULQ GHQ HUVWHQ -DKU]HKQWHQ YRUZLHJHQG DXV GHP 6GHQ NDPHQ YRU DOOHP DXV 6HYLOOD XQG GHQ3URYLQ]HQ+XHOYDXQG%DGDMR] %LV]XP-DKUVDKGLH9HUWHLOXQJIROJHQGHU PD‰HQ DXV  $QGDOXVLHQ ([WUHPDGXUD   1HXNDVWLOLHQ   $OWNDV WLOLHQ   /HyQ  'DEHL LVW HV QLFKW XQHUKHEOLFK GDVV YRQ GHQ LQVJHVDPW ZHQLJHQ

 

 'LHSRUWXJLHVLVFKVSUDFKLJHQ/lQGHUXQG5HJLRQHQ$IULNDVXQG$VLHQVRULHQWLHUHQVLFKELVKHU LP :HVHQWOLFKHQ DP HXURSlLVFKHQ 6WDQGDUG GK HV ZXUGH QRFK NHLQH HLJHQH YRP (3 DE ZHLFKHQGH 6SUDFKQRUP LQVWLWXWLRQDOLVLHUW DXFK ZHQQ HV EHVWLPPWH 7HQGHQ]HQ LQ GLHVH 5LFKWXQJJLEW FI*RQoDOYHV 





)UDXHQ HLQ VHKU KRKHU $QWHLO DXV GHP 6GHQ VWDPPWH ]%    1ROO    =DKOUHLFKH VSUDFKOLFKH 'LYHUJHQ]HQ LQQHUKDOE GHU KHXWLJHQ KLVSDQR DPHULNDQLVFKHQ9DULHWlWHQVRZLH]ZLVFKHQGLHVHQXQGGHQVGVSDQLVFKHQ]HLJHQMHGRFK GDVV LP /DXIH GHU -DKUKXQGHUWH ]DKOUHLFKH MHZHLOV HLJHQVWlQGLJH (QWZLFNOXQJHQ VWDWW JHIXQGHQKDEHQVRGDVVDXFKGLH$UJXPHQWHGHU$QWLDQGDOXFLVPR7KHVHQLFKWYRQGHU +DQG]XZHLVHQVLQG ]XHLQHUDXVIKUOLFKHQ'LVNXVVLRQFI1ROO±  $XV KHXWLJHU 3HUVSHNWLYH LVW GHU (LQIOXVV GHV $QGDOXVLVFKHQ ZRKO DP HKHVWHQ LP /H[LNRQGHU.DULELNVLFKWEDU FI&KULVWO  $XIJUXQG GLHVHU EUHLWHQ UHJLRQDOHQ $XIIlFKHUXQJ GHU EHLGHQ KLHU EHKDQGHOWHQ 6SUDFKHQ HUJHEHQ VLFK QDWXUJHPl‰ YHUVFKLHGHQH %OLFNZLQNHO 6R ZlUH EHLVSLHOVZHLVH HLQ QXU LQ 0H[LNR JHEUlXFKOLFKHV /H[HP DXV 6LFKW GHU PH[LNDQLVFKHQ 1RUP GHV FDVWHOODQRGLDWRSLVFKXQPDUNLHUWDXVHXURSlLVFKHU3HUVSHNWLYHKLQJHJHQDOVGHPDPHUL NDQLVFKHQ 6SDQLVFK ]XJHK|ULJ DQ]XVHKHQ XQG GDPLW QLFKW GHP QHXWUDOHQ 6WDQGDUG ]X]XUHFKQHQVRQGHUQDOVUHJLRQDOH%HVRQGHUKHLWNRQQRWLHUW ]%(6PDOHWDYVPH[VS YHOtV  'HQQRFK VLQG GLH PHLVWHQ OH[LNDOLVFKHQ (OHPHQWH GHV IUHTXHQWHQ 6WDQGDUG ZRUWVFKDW]HV GLDWRSLVFK QLFKW PDUNLHUW VRQGHUQ GHP EHUUHJLRQDO JOWLJHQ 6WDQGDUG NDVWLOLVFKHQ ]X]XUHFKQHQ (LQ DQ VLFK GHP 6WDQGDUG ]XJHK|ULJHV :RUW ZLH ]% FD]D NDQQGXUFKHLQHUHJLRQDOW\SLVFKH$XVVSUDFKHSKRQRORJLVFKWURW]GHPGLDWRSLVFKPDUNLHUW VHLQ ]% VS (6 FD]D > NDșD@ YV $6 > NDVD@ VHVHR  FI ]XU /DXWHQWZLFNOXQJ .DS   )U GDV 3RUWXJLHVLVFKH JLOW GLHV QDWUOLFK HQWVSUHFKHQG ]% SWJ (3 XQLYHUVLGDGH >XQLYԥ‫ޞ‬VL &D&ԥ@YV%3>XQLYH‫ޞ‬VL GDˎL@  $XV GHP %HUHLFK GHU 0RUSKRV\QWD[ ZlUH EHLVSLHOVZHLVH GHU XQWHUVFKLHGOLFKH 7HPSXVJHEUDXFKLPDPHULNDQLVFKHQ6SDQLVFK]XQHQQHQ,P*HJHQVDW]]XUNRQWLQHQWDO HXURSlLVFKHQ9DULHWlW ZLUG GRUW]7 HKHU DXI GDV ]XVDPPHQJHVHW]WH )XWXU ]% YR\ D WUDEDMDU DQVWDWW V\QWKHWLVFK WUDEDMDUp  ]XUFNJHJULIIHQ ZlKUHQG EHL GHQ 9HUJDQJHQ KHLWVWHPSRUDGHPSUHWpULWRLQGHILQLGRYRUGHPFRPSXHVWRGHU9RUUDQJHLQJHUlXPWZLUG E]Z HV LQ HLQHU DQGHUHQ :HLVH YHUZHQGHW ZLUG DOV LQ (XURSD $X‰HUGHP LVW GRUW PLWXQWHUQRFKGLH9HUZHQGXQJGHUUD)RUPHQLQGHU)XQNWLRQHLQHV3OXVTXDPSHUIHNWV IHVW]XVWHOOHQ ]% WUDEDMDUD ÃHUVLH KDWWH JHDUEHLWHW¶  FI %HUVFKLQ)HUQiQGH]6HYLOOD )HOL[EHUJHU±  FI.DS  )U HLQH GLDWRSLVFKH 'LIIHUHQ]LHUXQJ LP %HUHLFK GHU 0RUSKRV\QWD[ ZlUH LP 3RUWXJLHVLVFKHQEHLVSLHOVZHLVHGLH*HQHUDOLVLHUXQJGHU9RUDQVWHOOXQJGHUNOLWLVFKHQ3UR QRPLQDLP%3]XQHQQHQ6RNRPPWGRUWGLH3URNOLVHVRJDULP,PSHUDWLY]XP7UDJHQ ]% PH DMXGD PH GLJD  ZlKUHQG LP (3 LQ ]DKOUHLFKHQ .RQWH[WHQ GLH HQNOLWLVFKH

 

 'DV3KlQRPHQGHVFHFHRDOVRGLHDXVVFKOLH‰OLFKH$XVVSUDFKHPLWLQWHUGHQWDOHP)ULNDWLYLVW LP HXURSlLVFKHQ 6SDQLVFK LQ 0iODJD *UDQDGD &iGL] +XHOYD XQG LQ $OPHUtD YHUEUHLWHW ,Q GHQ PHLVWHQ 5HJLRQHQ +LVSDQRDPHULNDV XQG 7HLOHQ $QGDOXVLHQV  LVW GLH LP 6WDQGDUG VSDQLVFKHQ EOLFKH 'LIIHUHQ]LHUXQJ HEHQIDOOV QLFKW 8VXV VRQGHUQ HV KHUUVFKW GHU VHVHR YRU DOVRGLHDXVVFKOLH‰OLFKH$UWLNXODWLRQPLWDSLNRGHQWDOHP)ULNDWLY :HVFK 





6WHOOXQJEHYRU]XJWZLUG ]%(3FKDPRPH0DULDYV%3HXPHFKDPR0DULD  1ROO ±  :DV GLH GLDWRSLVFKH *OLHGHUXQJ GHV 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ LQ (XURSD DQJHKWVRJLEWHVKLHUIXQGDPHQWDOH8QWHUVFKLHGHGHQQGDV3RUWXJLHVLVFKHLVWSULQ]LSLHOO GLDOHNWDO QXU VFKZDFK GLIIHUHQ]LHUW ZlKUHQG LQ 6SDQLHQ LQ HLQLJHQ 5DQG]RQHQ QRFK 5HVWHHKHPDOVVWDUNHUUHJLRQDOHUVSUDFKOLFKHU(LJHQVWlQGLJNHLW]XILQGHQVLQG FI.DS  $OV'LDOHNWGHV6SDQLVFKHQZlUHLP1RUGZHVWHQ]XQlFKVWGDV$VWXU/HRQHVLVFKH $VWXULVFK/HRQHVLVFKH DVWXUOHRQpV ]XQHQQHQ1HEHQ$VWXU/HRQHVLVFKZLUGGDEHLDOV 2EHUEHJULII ]XU %H]HLFKQXQJ GHV JHVDPWHQ 9DULHWlWHQNRQWLQXXPV DXFK RIW QXU /HRQHVLVFK YHUZHQGHW ]% EHL 0HQpQGH] 3LGDO  ± $OYDU F   ZlKUHQG $VWXULDQLVFK LQ HUVWHU /LQLH GLH 6XEYDULHWlWHQ GHU 5HJLRQ $VWXULHQ PHLQW /HRQHVLVFK LP HQJHUHQ 6LQQH UHIHULHUW GDQQ DXI GLH ZHVWOLFKHQ XQG VGZHVWOLFKHQ 9DULHWlWHQ YRQ /HyQ =DPRUD XQG 6DODPDQFD VRZLH GLH hEHUJDQJVYDULHWlWHQ ]XP *DOLFLVFK3RUWXJLHVLVFKHQ 0LUDQGHVLVFK  XQG ]XP DQGDOXVLVFKHQ .DVWLOLVFK ([WUH PHxLVFK  'DV /HRQHVLVFKH OHRQpV  LP HQJHUHQ 6LQQH  LVW QXU QRFK LQ 5HVWHQ DQ GHU *UHQ]H ]XP JDOLFLVFKSRUWXJLHVLVFKHQ 6SUDFKJHELHW YRUKDQGHQ ZlKUHQG HV LP QRFK HWZDV OHEHQGLJHUHQ $VWXULDQLVFKHQ DVWXULDQR  7HQGHQ]HQ ]X HLQHU EHUUHJLRQDOHQ 9HUHLQKHLWOLFKXQJ GHU HLQ]HOQHQ EDEOHV JLEW DOV VWDQGDUGLVLHUWH 6FKULIWVSUDFKH DXFK OOLQJXDDVWXULDQDJHQDQQW FI$FDGHPLDGHOD/OLQJXD$VWXULDQD  ,Q GHQ ZHVWOLFKHQ 3\UHQlHQ LVW GHU 'LDOHNW GHV $UDJRQHVLVFKHQ DUDJRQpV  ]X YHURUWHQ 0DQ VSULFKW DXFK JHOHJHQWOLFK YRP 1DYDUUR$UDJRQHVLVFKHQ QDYDUUR DUDJRQpV  ZREHL GDV HLJHQWOLFKH 1DYDUUHVLVFKH EHUHLWV ]X %HJLQQ GHV  -K YRP .DVWLOLVFKHQ YHUGUlQJW ZRUGHQ ZDU (QJXLWD8WULOOD  ± *RQ]iOH] 2OOp  ±  GLH NDVWLOLVFKQDYDUUHVLVFKH hEHUJDQJVYDULHWlW ULRMDQR VRJDU QRFK IUKHU -K  FI$OYDUD± 'DV$UDJRQHVLVFKHKDWVLFK]ZLVFKHQGHP -KXQG-KDOOPlKOLFKLQGLHQ|UGOLFKHQ3\UHQlHQWlOHU]XUFNJH]RJHQXQGLVWQXU QRFK LQ ZHQLJHQ 7DOVFKDIWHQ OHEHQGLJ hEHUJDQJV]RQHQ HUJHEHQ VLFK IU GDV $UD JRQHVLVFKH ]XP .DWDODQLVFKHQ VRZLH ]XP .DVWLOLVFKHQ ,P OHW]WHUHQ )DOO ELOGHQ GLHVH MHGRFK NHLQ JHVFKORVVHQHV hEHUJDQJVJHELHW VRQGHUQ VLQG HKHU DOV HLQH .DVWLOLVLHUXQJ FDVWHOODQL]DFLyQ  HLQ]HOQHU *HJHQGHQ ]X YHUVWHKHQ PLW GHP (UJHEQLV HLQHV XQ]X VDPPHQKlQJHQGHQ Ķ)OLFNHQWHSSLFK>V@¶ XQWHUVFKLHGOLFKVWHU .OHLQUlXPH GLH MHZHLOV HLQHQKRKHQRGHUQLHGULJHQ7UDQVLWLRQVJUDG]XP.DVWLOLVFKHQDXIZHLVHQ³ 3RVWOHS   'LH QRFK YRUKDQGHQHQ 6XEYDULHWlWHQ GHV $UDJRQHVLVFKHQ ZHUGHQ LQ GHU 5HJHO LQ IROJHQGH GLDOHNWDOH *UR‰UlXPH JHJOLHGHUW DUDJRQpV RFFLGHQWDO DUDJRQpV FHQWUDO

 

 =XP$VWXU/HRQHVLVFKHQDOOJHPHLQFI%RUQ ± XQG%RUUHJR1LHWR ±  ]XU$EJUHQ]XQJ]XP*DOLFLVFKHQXQGGHQHLQ]HOQHQ9DULHWlWHQXQWHUHLQDQGHU JDOOHJR DVWXULDQR DVWXUOHRQpV RFFLGHQWDO DVWXUOHRQpV FHQWUDODVWXUOHRQpVRULHQWDO  FI 0HQpQGH] 3LGDO ± 0DUWtQH]ÈOYDUH] ± LQVEHVRQGHUHGLH.DUWH  VRZLH &DQR*RQ]iOH] ± XQG0RUDOD ± =XP9HUKlOWQLVYRQ3UHVWLJH XQG GHU 9HUEUHLWXQJ GHU 0LQGHUKHLWHQVSUDFKHQ DVWXULDQR JDOOHJR XQG FDWDOiQ FI .DEDWHN  





DUDJRQpV RULHQWDO DUDJRQpV PHULGLRQDO  FI 0HW]HOWLQ:LQNHOPDQQ  ± .DUWH  'D GLH EHLGHQ 9DULHWlWHQ GHV $VWXU/HRQHVLVFKHQ XQG GHV 1DYDUUR$UDJRQHVLVFKHQ HLQVW ]XVDPPHQ PLW GHP .DVWLOLVFKHQ FDVWHOODQR  HLQ .RQWLQXXP JOHLFKJHVWHOOWHU ,GLRPHGHV5RPDQLVFKHQDXIGHU,EHULVFKHQ+DOELQVHOELOGHWHQVSULFKWPDQKLHUEHLYRQ SULPlUHQ 'LDOHNWHQ 'LH VSDQLVFKH 1DWLRQDOVSUDFKH LVW OHW]WOLFK GDV 3URGXNW HLQHV EHU -DKUKXQGHUWH GDXHUQGHQ $XVEDXSUR]HVVHV GHU UHJLRQDOHQ 9DULHWlW GHV .DVWLOLVFKHQ XQG GHU hEHUGDFKXQJ DQGHUHU 9DULHWlWHQ ,P 6GHQ ILQGHW PDQ KLQJHJHQ VRJHQDQQWH VHNXQGlUH'LDOHNWHGHV6SDQLVFKHQGK9DULHWlWHQGLHLP=XJHGHU5HFRQTXLVWDDXIGHU %DVLV GHV VLFK DXVEUHLWHQGHQ .DVWLOLVFKHQ HQWVWDQGHQ VLQG +LHU]X VLQG YRU DOOHP GDV $QGDOXVLVFKH DQGDOX]  XQG GDV .DQDULVFKH FDQDULR  ]X UHFKQHQ +LQ]X NRPPW GDV 0XUFLDQLVFKH PXUFLDQR  ZHOFKHV LP 2VWHQ YRP .DWDODQLVFKHQ 9DOHQ]LDQLVFKHQ  EHHLQIOXVVWZLUGXQGLP2VWHQYRP$QGDOXVLVFKHQXQGGDV([WUHPHxLVFKH H[WUHPHxR  GDV LP 1RUGHQ YRU DOOHP YRP /HRQHVLVFKHQ JHSUlJW LVW XQG LP 6GHQ YRP $QGD OXVLVFKHQ 'DV ([WUHPHxLVFKH XQG GDV 0XUFLDQLVFKH HUVFKHLQHQ GDEHL ZHQLJHU DOV IHVWXPULVVHQHWUDGLWLRQHOOH'LDOHNWJHELHWHVRQGHUQYLHOPHKUDOVHLQH$QVDPPOXQJYRQ ORNDO YHUVFKLHGHQHQ 9DULDQWHQ GLH LQQHUKDOE GLHVHU EHLGHQ &RPXQLGDGHV DXWyQRPDV JHVSURFKHQZHUGHQ FI5DGDW]7RUUHQW/HQ]HQ±±  'LHJHOHJHQWOLFKDXFKDOVHLJHQVWlQGLJH6SUDFKHQSURSDJLHUWHQ,GLRPH$UDJRQHVLVFK XQG $VWXULDQLVFK VLQG GXUFK GLH MDKUKXQGHUWHODQJH 9RUPDFKWVWHOOXQJ GHV .DVWLOLVFKHQ LPPHU ZHLWHU LQ %HGUlQJQLV JHUDWHQ XQG LQ %H]XJ DXI LKU 7HUULWRULXP XQG LKUH 6SUHFKHU]DKOHUKHEOLFKJHVFKUXPSIW%HLGHPJU|‰WHQ7HLOGHU+LVSDQRSKRQHQ6SDQLHQV LVW GHPHQWVSUHFKHQG NHLQH DOO]X DXVJHSUlJWH GLDWRSLVFKH 0DUNLHUWKHLW IHVW]XVWHOOHQ ]XPLQGHVWZHLWDXVZHQLJHUDOVEHLVSLHOVZHLVHIUGLH6SUHFKHUGHV,WDOLHQLVFKHQ :LHVFKZLHULJGLH.ODVVLILNDWLRQHLQHV,GLRPVDOV6SUDFKHRGHU'LDOHNWLVWZDVQLFKW QXU DP VSUDFKOLFKHQ $EVWDQG VRQGHUQ DXFK DQ GHU (LQVWHOOXQJ GHU 6SUHFKHU IHVW ]XPDFKHQLVW]HLJWHLQH8PIUDJHGHUDVWXULDQLVFKHQ5HJLHUXQJYRQ'DEHLJDEHQ GHU0LOOLRQHQ(LQZRKQHUGHUDXWRQRPHQ5HJLRQDQGDVVGDV$VWXULDQLVFKHLKUH 0XWWHUVSUDFKH VHLGDV 6SDQLVFKH  JODXEWHQ VLH VSUlFKHQ HLQH0LVFKXQJDXV EHLGHP XQG  HUNOlUWHQ EHLGH 6SUDFKHQ ]X LKUHU 0XWWHUVSUDFKH 5DGDW]7RUUHQW /HQ]HQ  :LH VR RIWEHL 0LQGHUKHLWHQVSUDFKHQ LVW GLH SDVVLYH XQG DNWLYH %HKHUUVFKXQJQLFKW LGHQWLVFK 'HPHQWVSUHFKHQG ZLUG IU GDV $UDJRQHVLVFKH GHVVHQ 9HUZHQGXQJ NODU DXI GHQ KlXVOLFKHQ XQG G|UIOLFKHQ %HUHLFK EHVFKUlQNW LVW HLQH DNWLYH 6SUHFKHU]DKO YRQ ±DQJHJHEHQZREHL±SDVVLYH.HQQWQLVVHKDEHQVROOHQ'LHVH EHL%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU ± DQJHJHEHQH=DKOVWDPPWDXV

 

 =X GHQ VSUDFKOLFKHQ &KDUDNWHULVWLND XQG GHU VR]LROLQJXLVWLVFKHQ 6LWXDWLRQ FI $OYDU E ± VRZLH(QJXLWD8WULOOD ± XQG]XU$EJUHQ]XQJ]XPULRMDQRXQGQDYDUUR FI6DUDOHJXL ±    =XP ([WUHPHxLVFKHQ FI *DUFtD 6DQWRV   XQG ÈOYDUH] 0DUWtQH]   ]XP 0XUFLDQLVFKHQFI0XxR]*DUULJyV  





GHQ HU -DKUHQ XQG VFKHLQW DQJHVLFKWV GHU MQJVWHQ (QWZLFNOXQJ ]X KRFK DQJHVHW]W ]X VHLQ )U GDV $VWXULDQLVFKH VLQG QDFK HLQHU %HIUDJXQJ YRQ  LQ GHU  GHU %HY|ONHUXQJ $VWXULHQV DQJDEHQ GDV EDEOH ]X VSUHFKHQ  6SUHFKHU SDVVLY XQG DNWLY DQ]XVHW]HQ 1HEHQ GHQ SULPlUHQ XQG VHNXQGlUHQ 'LDOHNWHQ JLEW HV QRFK HLQH GULWWH 6WXIH GLDWRSLVFKHU 0DUNLHUWKHLW XQG ]ZDU GLH WHUWLlUHQ 'LDOHNWH RGHU DQGHUV DXVJHGUFNW GLH UHJLRQDOVSUDFKOLFKHQ9DULHWlWHQ 5HJLROHNWH  GLH DOV%DVLV HLQHQ SULPlUHQ RGHU VHNXQ GlUHQ'LDOHNWDXIZHLVHQRGHUDEHUHLQHGHU0LQGHUKHLWHQVSUDFKHQZLH.DWDODQLVFKRGHU %DVNLVFKXQGDOV=LHOVSUDFKHGHQNDVWLOLVFKHQ6WDQGDUGKDEHQ(VKDQGHOWVLFKDOVRXP HLQ 6SUDFKUHJLVWHU GDV ]ZLVFKHQ HLQHU UHJLRQDOHQ %DVLV XQG GHU +RFKVSUDFKH DQJH VLHGHOWLVWXQGYRUDOOHPLQGHUPQGOLFKHQ.RPPXQLNDWLRQ]XP7UDJHQNRPPW )UGDV.RQWLQXXPGHUSRUWXJLHVLVFKHQ9DULHWlWHQVWHOOWVLFK]XQlFKVWGLH)UDJHQDFK GHP 6WDWXV GHV *DOLFLVFKHQ JDOHJR  ZHOFKHV KHXW]XWDJH LQ GHU DXWRQRPHQ 5HJLRQ *DOLFLHQ *DOLFLD LQ6SDQLHQJHVSURFKHQZLUG+LVWRULVFKHUJDEVLFKDXVGHUHLQVWLJHQ (LQKHLW GHU LQ GLHVHP *HELHW HQWVWDQGHQHQ URPDQLVFKHQ 9DULHWlW GHV *DOLFLVFK3RUWX JLHVLVFKHQ JDOHJRSRUWXJXrV GXUFK9HUVFKLHEXQJGHUSROLWLVFKHQ*UHQ]HQHLQ$EO|VH SUR]HVV GHU LP DXVJHKHQGHQ 0LWWHODOWHU ]X HLQHU =ZHLWHLOXQJ LQ *DOLFLVFK XQG 3RUWXJLHVLVFKIKUWH,P=XJHHLQHUhEHUIRUPXQJGHV*DOLFLVFKHQGXUFKGDV.DVWLOLVFKH HLQHUVHLWV XQG GHV $XVEDXV GHV 3RUWXJLHVLVFKHQ DQGHUHUVHLWV HQWZLFNHOWHQ VLFK GLH ,GLRPHGDQQZHLWHUDXVHLQDQGHU9RUGLHVHP+LQWHUJUXQGXQGGHP(LJHQYHUVWlQGQLVGHU KHXWLJHQ 6SUHFKHU LVW HV GDKHU HKHU VLQQYROO YRQ ]ZHL YHUVFKLHGHQHQ 6SUDFKHQ ]X VSUHFKHQ DXFK ZHQQ GHU VSUDFKOLFKH $EVWDQG JHQDXVR HLQH &KDUDNWHULVLHUXQJ GHV *DOLFLVFKHQDOV'LDOHNWHUODXEHQZUGH ,Q GHU DXWRQRPHQ 5HJLRQ *DOLFLHQ VSUHFKHQ  GHU %HY|ONHUXQJ *DOLFLVFK DOV 0XWWHUVSUDFKH XQG  GDV .DVWLOLVFKH  GHU (LQZRKQHU YHUVWHKHQ GDV *DOLFLVFKH DXVUHLFKHQGRGHUJXWXQGDOOHU$QVlVVLJHQVSUHFKHQHVQDFKHLJHQHU$QJDEHRKQH 3UREOHPHGHUMHQLJHQGLH*DOLFLVFKDOVLKUH0XWWHUVSUDFKHQHQQHQYHUZHQGHQGLHV DXFKDOVOHQJXDKDELWXDOXQGQXUZHFKVHOQLP/DXIHLKUHV/HEHQV]XP.DVWLOLVFKHQ +LQJHJHQ VSUHFKHQ  GHU LQ *DOLFLHQ OHEHQGHQ .DVWLOLHU YRUZLHJHQG *DOLFLVFK )HUQiQGH]5RGUtJXH]± 

 

 0DQN|QQWHEH]JOLFKGHUGLDWRSLVFKHQ'LYHUVLIL]LHUXQJDXFKYRQ%DVLOHNW KDEODVSRSXODUHV SULPlUH XQG VHNXQGlUH 'LDOHNWH  0HVROHNW UHJLRQDO JHIlUEWHV 6SDQLVFK WHUWLlUHU 'LDOHNW  XQG$NUROHNW KDEODFXOWD6WDQGDUGVSDQLVFK VSUHFKHQ 3|OO±    *HOHJHQWOLFK LVW Ã*DOLFLHQ¶¶JDOLFLVFK¶ DXFK DOV Ã*DOL]LHQ¶ E]Z ÃJDOL]LVFK¶ ]X ILQGHQ DEHU GDQQEHVWHKWGLH9HUZHFKVOXQJVJHIDKUPLWGHUJOHLFKQDPLJHQ5HJLRQLQGHUKHXWLJHQ8NUDLQH E]Z 3ROHQ HKHPDOLJHV .|QLJUHLFK *DOL]LHQ XQG /RGRPHULHQ ODW *DOLFLD HW /RGRPHULD  ZHOFKHV LQ GHU )ROJH ]X 3ROHQ JHK|UWH XQG DE  DOV .URQODQG ]XU  .X. 0RQDUFKLH +DXSWVWDGW /HPEHUJ ODW HEHQ DXFK *DOLFLD  'DV *DOLFLVFKH 6SDQLHQV ZLUG GHVKDOE DXFK PDQFKPDOPLWGHP%HJULIIÃ*DOHJLVFK¶EHOHJW   =X HLQHU 'LVNXVVLRQ EH]JOLFK GHU P|JOLFKHQ .DWHJRULVLHUXQJ GHV *DOLFLVFKHQ DOV 6SUDFKH RGHU'LDOHNWFI1RDFN  





,P *HJHQVDW] ]XP $VWXULDQLVFKHQ RGHU $UDJRQHVLVFKHQ KDW GDV *DOLFLVFKH GHPQDFK HLQH ]LHPOLFK JHIHVWLJWH 3RVLWLRQ ZHQQ GLHVH DXFK QLFKW JDQ] VR VWDUN LVW ZLH EHLP .DWDODQLVFKHQ  ZREHL HV GXUFK GLH MDKUKXQGHUWHODQJH 8QWHUGUFNXQJ ]XOHW]W )UDQFR 'LNWDWXU LPPHUQRFKYRUZLHJHQGGLH6SUDFKHLVWGLHPDQ]X+DXVHLQGHU)DPLOLHXQG XQWHU)UHXQGHQSIOHJWXQGQLFKWVRVHKULP|IIHQWOLFKHQ/HEHQXQG%HUXI ,QQHUKDOE 3RUWXJDOV NDQQ PDQ JURE ]ZHL JU|‰HUH *HELHWH PLW UHJLRQDOHU 6SH]LILN XQWHUVFKHLGHQ ZHVKDOE PDQ HLQHUVHLWV YRQ GHQ Q|UGOLFKHQ 'LDOHNWHQ GLDOHWRV SRUWX JXHVHVVHWHQWULRQDLV XQGGHQ]HQWUDOVGOLFKHQ'LDOHNWHQ GLDOHWRVSRUWXJXHVHVFHQWUR PHULGLRQDLV VSULFKWGHUHQ6XEYDULHWlWHQLQGHU5HJHOQDFK/DQGVFKDIWHQJHJOLHGHUWVLQG ]% 1RUGHQ PLQKRWR WUDQVPRQWDQR =HQWUXP X 6GHQ EHLUmR ULEDWHMDQR HVWUH PHQKRDOWRDOHQWHMDQREDL[RDOHQWHMDQRDOJDUYLR +LQ]XNRPPHQGLH9DULHWlWHQ GHU HEHQIDOOV ]X 3RUWXJDO JHK|UHQGHQ ,QVHOJUXSSHQ GHU $]RUHQ DoRULDQR  XQG 0DGHLUDV PDGHLUHQVH  (LQ 6RQGHUIDOO LVW GDV LP lX‰HUVWHQ 1RUGRVWHQ 3RUWXJDOV JHVSURFKHQH 0LUDQGHVLVFKH PLUDQGrV GDVDOVHLQHDVWXUOHRQHVLVFKH9DULHWlWPLWSRUWXJLHVLVFKHP (LQIOXVV EHVFKULHEHQ ZHUGHQ NDQQ XQG GDV LQ]ZLVFKHQ PLWXQWHU DXFK DOV HLQH HLJHQ VWlQGLJH6SUDFKHDQJHVHKHQZLUG 'LH SRUWXJLHVLVFKH 1DWLRQDOVSUDFKH EDVLHUW ZHLWJHKHQG DXI GHU VGOLFKHQ 9DULDQWH GHV3RUWXJLHVLVFKHQPLWGHQ=HQWUHQ/LVVDERQXQG&RLPEUDXQGKDWVLFKZDKUVFKHLQOLFK VFKRQLP-KKHUDXVJHELOGHW'LHVHIUKH+HUDXVELOGXQJHLQHU1RUPVSUDFKHN|QQWH HLQ *UXQG IU GLH IODFKH GLDWRSLVFKH 'LIIHUHQ]LHUXQJ LP *HJHQVDW] ]XP 6SDQLVFKHQ VHLQ (QWODQJGHUVSDQLVFKSRUWXJLHVLVFKHQ*UHQ]HGLHVHLW-DKUKXQGHUWHQUHODWLYVWDELOLVW XQG QXU YRQ NOHLQHUHQ 9HUVFKLHEXQJHQ EHWURIIHQ ZDU VLQG QLFKWVGHVWRZHQLJHU HLQLJH 6SUDFKHQNODYHQ HQWVWDQGHQ GD HEHQ GLH 6SUDFKJUHQ]H QLFKW KXQGHUWSUR]HQWLJ PLW GHU GHU]HLWLJHQ SROLWLVFKHQ *UHQ]H EHUHLQVWLPPW 0DQ VSULFKW KLHUEHL YRQ JUHQ]EHU VFKUHLWHQGHQ9DULHWlWHQ YDULHGDGHVIURQWHLULoDV ]XGHQHQQHEHQGHP0LUDQGHVLVFKHQ GLH 9DULHWlW GHU SRUWXJLHVLVFKHQ *UHQ]VWDGW %DUUDQFRV EDUUDQTXHQKR  GDV 2OLYHQ]D 3RUWXJLHVLVFKH SRUWXJXrVGH 2OLYHQoD GLH 9DULHWlW YRQ ;iOLPD IDOD GH ;iOLPD XQG HLQLJH 6SUDFKLQVHOQ LQ GHU VSDQLVFKHQ 5HJLRQ ([WUHPDGXUD &HGLOOR +HUUHUD GH $OFiQWDUD9DOHQFLDGH$OFiQWDUD ]lKOHQ 6RZRKOLP6SDQLVFKHQDOVDXFKLP3RUWXJLHVLVFKHQVLQGGLHJU|‰HUHQ'LDOHNWJHELHWH LQNOHLQHUHGLDWRSLVFKDEJUHQ]EDUH=RQHQXQWHUWHLOEDU ]%DQGDOX]RFFLGHQWDODQGDOX] RULHQWDORGHUDOWRPLQKRWREDL[RPLQKRWR RIWPDOVELV KLQ]XVHKUORNDOHQ9DULHWlWHQ GHQVRJHQDQQWHQKDEODVE]ZIDODUHV ]%IDODUGH%UDJDRGHUKDEODGH*UDQDGD  FI .U|OOE±:ROO(QGUXVFKDW6FKPLGW5DGHIHOGW± 5DGDW]7RUUHQW/HQ]HQ±± 

 

      

,QUHIRUPLHUWHU2UWKRJUDSKLHGLDOHWRV =X0HUNPDOHQGHV0DGHLUHQVLVFKHQXQGGHV$]RULDQLVFKHQFI0DWHXV   =XP0LUDQGHVLVFKHQFIDXFKGLHDNWXHOOH6WXGLHYRQ0HUODQ   =XU )DOD GH ;iOLPD FI GLH 6WXGLH YRQ *DUJDOOR *LO   ]XU 9DULHWlW YRQ +HUUHUD GH $OFiQWDUDFI9LOKHQD  XQG]X2OLYHQoDFI&DUGRVR  





%HLP (UOHUQHQ GHV 6SDQLVFKHQ RGHU 3RUWXJLHVLVFKHQ HUJLEW VLFK EHL GHU :DKO GHV DGlTXDWHQ $XVGUXFNHV LQ HLQHP EHVWLPPWHQ bX‰HUXQJVNRQWH[W PHLVW ]XQlFKVW GDV 3UREOHPGDVVGHU/HUQHUDXIJUXQGGHVDQJHVSURFKHQHQ3OXUL]HQWULVPXVODXW:|UWHUEXFK ZRP|JOLFK PHKUHUH VWDQGDUGVSUDFKOLFKH /H[HPH ]XU 9HUIJXQJ KDW )U GDV 3RUWX JLHVLVFKHVWHOOWVLFKLQGHU5HJHONRQNUHWGLH)UDJHREHLQ:RUWDXVHXURSlLVFKHU6LFKW DOV %UDVLOLDQLVPXV EUDVLOHLULVPR  HLQ]XVWXIHQ LVW GK RE KLHU HLQH ZHLWJHKHQGH RGHU DXVVFKOLH‰OLFKH9HUZHQGXQJGHUEHWUHIIHQGHQOH[LNDOLVFKHQ(LQKHLWLQ%UDVLOLHQYRUOLHJW ZDVEHLHLQHU(LQEHWWXQJLQHLQHQHXURSlLVFKHQ.RQWH[W]X9HUVWlQGQLVVFKZLHULJNHLWHQ RGHU]XPLQGHVW]X%HIUHPGHQIKUHQZUGH ]%%3DoRXJXHYV(3WDOKRÃ0HW]JHUHL¶ ± (3 DoRXJXH Ã6FKODFKWKDXV¶ %3 ELFKD Ã+RPRVH[XHOOHU¶ YV (3 HVWDU QD ELFKD Ã6FKODQJHVWHKHQ¶  1ROO  :lKUHQG LP OXVRSKRQHQ %HUHLFK LQ GLHVHU +LQVLFKW LQ HUVWHU /LQLH QXU DXI GLH 2SSRVLWLRQ(3YV%3]XDFKWHQLVWVLQGGLH/HUQHUGHV6SDQLVFKHQRIWPLWHLQHUQRFK JU|‰HUHQ$XVZDKODQQRUPJHUHFKWHQ$XVGUFNHQNRQIURQWLHUW'DYLHOH:|UWHUGLHLP HXURSlLVFKHQ 6SDQLVFK QLFKW RGHU LQ DQGHUHU %HGHXWXQJ H[LVWLHUHQ LQ ZHLWHQ 7HLOHQ +LVSDQRDPHULNDV LQ JOHLFKHU :HLVH YHUZHQGHW ZHUGHQ JLEW HV GXUFKDXV DXFK GLH 2SSRVLWLRQ ]ZLVFKHQ HLQHP $PHULNDQLVPXV DPHULFDQLVPR  XQG GHU HXURSlLVFKHQ (QWVSUHFKXQJ SHQLQVXODULVPR  2IW VLQG DOOHUGLQJV /H[HPH DXI JHZLVVH *HELHWH 6G XQG 0LWWHODPHULNDV EHVFKUlQNW 'DEHL NDQQ PDQ MHGRFK ]XPLQGHVW HLQLJH UHJLRQDOH *UR‰UlXPH DXVPDFKHQ LQ GHQHQ HV GH]LGLHUWH OH[LNDOLVFKH *HPHLQVDPNHLWHQ JLEW .DULELN0H[LNR0LWWHODPHULND$QGHQJHELHW/D3ODWD5DXP&KLOH1LFKWVHOWHQVLQG DOOHUGLQJV :|UWHU DXFK QXU DXI HLQ EHVWLPPWHV /DQG EHVFKUlQNW XQG JHOHJHQWOLFK QDWUOLFK DXFK QXU DXI HLQH QRFK NOHLQUlXPLJHUH 5HJLRQ ]% .XED 3XHUWR 5LFR $QGHQJHELHWYRQ3HUX  6RZRKOGHU6SUHFKHUGHV6SDQLVFKHQDOVDXFKGHUGHV3RUWXJLHVLVFKHQXQGGDVJLOW IUQDWLYHVSHDNHUVZLHIU1LFKW0XWWHUVSUDFKOHUPXVVVLFKGHPQDFKEHZXVVWVHLQLQ ZHOFKHP.RQWH[WHUVLFKEHZHJWXPDGlTXDWNRPPXQL]LHUHQ]XN|QQHQ'DEHLN|QQHQ SULQ]LSLHOO]ZHL7\SHQYRQ0LVVYHUVWlQGQLVVHQDXIWUHWHQ D  UHJLRQDO YHUVFKLHGHQH :|UWHU PLW JOHLFKHU %HGHXWXQJ ]% Ã$YRFDGR¶ ZLUG LQ 6SDQLHQ GHU .DULELN 0H[LNR .ROXPELHQ XQG 9HQH]XHOD GXUFK GDV /H[HP DJXDFDWH DXVJHGUFNW LQ 3HUX &KLOH $UJHQWLQLHQ XQG 8UXJXD\ GXUFK SDOWD Ã.XJHOVFKUHLEHU¶ HQWVSULFKW LQ 6SDQLHQ GHU .DULELN .ROXPELHQ XQG 9HQH]XHOD EROtJUDIRLQ0H[LNRSOXPDDWyPLFDLQ3HUXODSLFHURLQ&KLOHOiSL]GHSDVWDXQGLQ $UJHQWLQLHQ XQG 8UXJXD\ ELURPH ,P 3RUWXJLHVLVFKHQ JlEH HV LQ GLHVHU +LQVLFKW

 

 'DVJlQJLJH%HLVSLHOELFKDPXVVKHXW]XWDJHLQVRIHUQUHYLGLHUWZHUGHQDOVLQ]ZLVFKHQGXUFK GHQ LQQHUSRUWXJLHVLVFKHQ 6SUDFKNRQWDNW LP (3 GLH %HGHXWXQJ Ã+RPRVH[XHOOHU¶ HEHQIDOOV JHOlXILJLVW   'LH JHQDQQWHQ *UR‰UlXPH GHFNHQ VLFK LQ GHU 5HJHO PLW GHP 9HUEUHLWXQJVJHELHW VXSUD UHJLRQDOHU LQGLJHQHU 6SUDFKHQ ]% 0D\D 1DKXD 1iKXDWO  &DULEH $UDZDN $LPDUD 0DSXFKH7XSt*XDUDQt4XHFKXD&KLEFKD  ]XHLQHU'LVNXVVLRQGLHVHUXQGZHLWHUHU7KHVHQ FI1ROO± 





EHLVSLHOVZHLVH GLH 2SSRVLWLRQ HOp F WULFR (3  YV ERQGH %3  Ã6WUD‰HQEDKQ¶  FRPERLR (3 YVWUHP %3  Ã=XJ¶ RGHUTXLRVTXH (3 YVEDQFD GHMRUQDO  %3  Ã.LRVN¶  E  :|UWHU GLH IRUPDO JOHLFK VLQG DEHU UHJLRQDO HLQH XQWHUVFKLHGOLFKH %HGHXWXQJ KDEHQ]%KDWSDUDUVHLPDPHULNDQLVFKHQ6SDQLVFKGLH%HGHXWXQJÃDXIVWHKHQ¶LP HXURSlLVFKHQ KLQJHJHQ ÃVWHKHQEOHLEHQ¶ ,P 3RUWXJLHVLVFKHQ EHGHXWHW ]% FRVWXPH Ã%UDXFK6LWWH*HZRKQKHLW¶LPEUDVLOLDQLVFKHQ3RUWXJLHVLVFK]XVlW]OLFKDXFKQRFK Ã.RVWP $Q]XJ¶ GK KLHUZLUG HLQH ZHLWHUH 7HLOEHGHXWXQJ DNWXDOLVLHUW GLH HV LP (3QLFKWJLEW %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU±  $XIGHU(EHQHGHU'LDOHNWHJLOWHV]ZLVFKHQ:|UWHUQ]XXQWHUVFKHLGHQGLHQXULQHLQHU EHVWLPPWHQGLDWRSLVFKHQ9DULHWlWYRUNRPPHQXQGVROFKHQGLHLP/DXIHGHU=HLWLQGLH 6WDQGDUGVSUDFKH DXIJHUFNW VLQG 6R NDQQ PDQ EHLVSLHOVZHLVH LQ GHU VSDQLVFKHQ 6WDQ GDUGVSUDFKH ]ZLVFKHQ /HRQLVPHQ VS QDOJD IHR WRMLQR FRQJULR  $UDJRQLVPHQ VS SUHQGD SOHLWD FD]DWD IXHOODU  XQG $QGDOXVLVPHQ VS MDFD MDOHDU MDPHOJR MROJRULR MXHUJD XQWHUVFKHLGHQ *HFNHOHU  ,P 3RUWXJLHVLVFKHQ VLQG GLH GLDWRSLVFKHQ 8QWHUVFKLHGH VHKU JHULQJ VR GDVV GHU 1DFKZHLVHLQHV'LDOHNWLVPXVLQGHU6WDQGDUGVSUDFKHXPVRVFKZHUHUIlOOW 'D GDV 'LDV\VWHP GHU 6SUDFKH SULQ]LSLHOO HLQ GXUFKOlVVLJHV 6\VWHP LVW NDQQ HV LPPHU ZLHGHU]X9HUVFKLHEXQJHQNRPPHQGKHLQ]XQlFKVWDOV$PHULNDQLVPXVRGHU 'LDOHNWLVPXV PDUNLHUWHV :RUW NDQQ LQ GLH HXURSlLVFKH 6WDQGDUGVSUDFKH DXIJHQRPPHQ ZHUGHQ XQG VLFK YRQ GRUW DXV ZHLWHU YHUEUHLWHQ ]% N|QQWH HLQ DXV HLQHU LQGLJHQHQ 6SUDFKHEHUQRPPHQHV:RUWGDV]XQlFKVWQXULQ+LVSDQRDPHULNDJHEUlXFKOLFKLVWLQ GHQ HXURSlLVFKHQ 6WDQGDUG GHV .DVWLOLVFKHQ NRPPHQ XQG YRQ GRUW DXV DXFK LQ GLH DQGHUHQ VSDQLVFKHQ 9DULHWlWHQ GHU ,EHULVFKHQ +DOELQVHO JHODQJHQ DOVR EHU GLH 6WDQGDUGVSUDFKH EHLVSLHOVZHLVH 7HLO GHV DQGDOXVLVFKHQ RGHU OHRQHVLVFKHQ /H[LNRQV ZHUGHQ 8PJHNHKUW N|QQWH DXFK HLQ DXV GHP /HRQHVLVFKHQ VWDPPHQGHV :RUW LQ GLH HXURSlLVFKHKDEODFXOWDEHUQRPPHQZHUGHQXQGVLFKGDQQDXFKLQGHQDPHULNDQLVFKHQ 5HJLRQHQ YHUEUHLWHQ RGHU DEHU HLQ LQ +LVSDQRDPHULND EOLFKHV :RUW JHKW GLUHNW DXI HLQHQ GLDOHNWDOHQ $XVGUXFN ]XUFN ]% $6 FDUR]R Ã2EVWNHUQ¶ XUVSUQJOLFK DXV GHP /HRQHVLVFKHQ  )U GHQ /HUQHU GHV 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ VWHOOW VLFK GLH )UDJH QDFK GHU GLDOHNWDOHQ 0DUNLHUWKHLW HKHU VHOWHQHU XQG ZHQQ GDQQ LQ HLQHU PQGOLFKHQ 6SUHFK VLWXDWLRQZRHVSULQ]LSLHOO]XlKQOLFKHQ0LVVYHUVWlQGQLVVHQNRPPHQNDQQZLHEHLGHQ DPHULNDQLVFKHQXQGHXURSlLVFKHQ9DULHWlWHQ$XIJUXQGHLQHUQLFKWDOO]XVWULNWHQ1RUP ]% LP *HJHQVDW] ]XP )UDQ]|VLVFKHQ  XQG HLQHU IU GHQ *UR‰WHLO GHV /DQGHV QLFKW EHUPl‰LJ DXVJHSUlJWHQ GLDOHNWDOHQ *OLHGHUXQJ ]% LP *HJHQVDW] ]XP ,WDOLHQLVFKHQ 

 

 =X HLQHU NXU]HQ WDEHOODULVFKHQ hEHUVLFKW YRQ UHJLRQDO XQWHUVFKLHGOLFKHQ :|UWHUQ PLW GHU JOHLFKHQ %HGHXWXQJ LP 6SDQLVFKHQ FI %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  ±   XQG ]X HLQHU *HJHQEHUVWHOOXQJ YRQ EUDVLOLDQLVFKHQ XQG SRUWXJLHVLVFKHQ /H[HPHQ FI 1ROO ± 





UHGX]LHUW VLFK GLH$XIJDEH IU GHQ /HUQHQGHQ GHV3RUWXJLHVLVFKHQ XQG GHV6SDQLVFKHQ LP :HVHQWOLFKHQ GDUDXI VHLQH $XIPHUNVDPNHLW GDUDXI ]X ULFKWHQ RE HLQ EHVWLPPWHV :RUW]XPHXURSlLVFKHQ6WDQGDUGJHK|UWRGHUW\SLVFKIUHLQHDPHULNDQLVFKH9DULHWlWLVW hEHUVFKQHLGXQJHQ VLQG GDEHL QDWUOLFK QLFKW DXVJHVFKORVVHQ +LQ]X NRPPHQ HLQLJH HEHQIDOOV ]X EHUFNVLFKWLJHQGH &KDUDNWHULVWLND DXV GHQ %HUHLFKHQ 3KRQRORJLH XQG 0RUSKRV\QWD[ ]% 6SDQLVFK VHVHR 7HPSXVJHEUDXFK $QUHGHIRUPHQ 3RUWXJLHVLVFK $IIULNDWHQ6LELODQWHQ$UWLNHOJHEUDXFK6WHOOXQJGHU3URQRPLQD$QUHGHIRUPHQ  ,Q GHU IROJHQGHQ 7DEHOOH VHL QRFK HLQPDO HLQH hEHUVLFKW EHU GLH JUR‰UlXPLJHQ GLDWRSLVFKHQ9DULHWlWHQGHUEHLGHQ:HOWVSUDFKHQJHJHEHQ'DV*DOLFLVFKHZXUGHLQGHU 0LWWHSRVLWLRQLHUWGDHVVRZRKO$QWHLODP3RUWXJLHVLVFKHQDOVDXFKDP6SDQLVFKHQKDW JHQDXVRZLHGDV0LUDQGHVLVFKHDP3RUWXJLHVLVFKHQXQG/HRQHVLVFKHQ  7DEHOOH'LDWRSLVFKH0DUNLHUXQJHQ 'LDWRSLVFKH0DUNLHUXQJHQ 6SDQLVFK FDVWHOODQR 

*DOLFLVFK JDOHJR 

3RUWXJLHVLVFK SRUWXJXrV 

0LUDQGHVLVFK PLUDQGrV       

GLDOHWRVFHQWURPHULGLRQDLV PDGHLUHQVH DoRULDQR YDULHGDGHVIURQWHLULoDV  

HVSDxROFDVWHOODQRGH« 3HUX&KLOH$UJHQWLQLHQ (FXDGRU.XEDHWF 

$PHULND 

SRUWXJXrVGR%UDVLO

HVSDxROFDVWHOODQRGH« bTXDWRULDO*XLQHD6DKDUD 

$IULND 

HVSDxROFDVWHOODQRGH« 3KLOLSSLQHQ,VUDHO 

$VLHQ 

OHRQpV DVWXULDQR DUDJRQpV DQGDOX] H[WUHPHxR PXUFLDQR FDQDULR

GLDOHWRVVHWHQWULRQDLV

SRUWXJXrVGH 0RVDPELN$QJROD.DS 9HUGH*XLQHD%LVVDXHWF  SRUWXJXrVGH *RD2VW7LPRU0DFDX 

 ,Q PDQFKHQ 'DUVWHOOXQJHQ ZHUGHQ DOV HLJHQWOLFKH 'LDOHNWH GHV 3RUWXJLHVLVFKHQ GDV PLUDQGrV GDV JXDGUDPLOrV XQG GDV EDUUDQTXHQKR SRVWXOLHUW ZlKUHQG DOOH DQGHUHQ

  

 =XGHQ$QUHGHIRUPHQFI$UGHQ    0HLVWHQV ZLUG GDV *XDGUDPLOHVLVFKH 9DULHWlW GHU 2UWVFKDIW *XDGUDPLO  MHGRFK PLW GHP 6HQGLQHVLVFKHQ 9DULHWlW YRQ 6HQGLP  DOV 6XEYDULHWlW GHV 0LUDQGHVLVFKHQ JHIKUW XQG GLH





9DULHWlWHQ QXU DOV IDODUHV 0XQGDUWHQ  EH]HLFKQHW ZHUGHQ ,Q ZLHGHUXP DQGHUHU .ODV VLILNDWLRQ ZLUG HLQH 'UHLWHLOXQJ LQ GLDOHWRV JDOHJRV GLDOHWRV SRUWXJXHVHV VHWHQWULRQDLV XQGGLDOHWRVSRUWXJXHVHVFHQWURPHULGLRQDLVIDYRULVLHUW 'LH PDQJHOQGH $XVSUlJXQJ XQG 'LVWLQNWLYLWlW GHU UHJLRQDOHQ SRUWXJLHVLVFKHQ 9DULHWlWHQKDWLPPHUZLHGHU]XQHXHQ.DWHJRULVLHUXQJHQJHIKUW'HUHUVWH9HUVXFK]XU *OLHGHUXQJGHU'LDOHNWODQGVFKDIW3RUWXJDOVJLQJYRQ/HLWHGH9DVFRQFHORVDXVGHU YLHU *UR‰UlXPH XQWHUVFKHLGHW GLDOHWR GH HQWUH 'RXUR H 0LQKR GLDOHWR GH 7UiVRV 0RQWHVFRGLDOHWRVUDLDQRV *XDGUDPLO5LRQRU0LUDQGD GLDOHWRGDV%HLUDVGLDOHWR PHULGLRQDO VRZLH GLH NOHLQUlXPLJHQ 6RQGHUJHELHWH /LVERD 3RQWH GH 6RU$YL] XQG 2OLYHQoD .DUWHDEJHGUXFNWLQ%ROpR6LOYDDQKlQJHQG 'LHGDUDXIIROJHQGH .ODVVLILNDWLRQJHKWDXIGLH8QWHUVXFKXQJHQYRQ%ROpRYRQ]XUFNXQGZXUGHPLW 6LOYD ]XHUVW  LQ HLQHU QHXHQ DUHDOOLQJXLVWLVFKHQ .DUWH XPJHVHW]W DEJHGUXFNW LQ %ROpR6LOYDDQKlQJHQG 'RUWXQWHUVFKHLGHQ%ROpR6LOYDJUREGLH YLHU'LD OHNWH JXDGUDPLOrV ULRQRUrV PLUDQGrV XQG EDUUDQTXHQKR VRZLH VHFKV YHUVFKLHGHQH IDODUHVXQG]ZDUIDODUPLQKRWRIDODUWUDQVPRQWDQRIDODUEHLUmRIDODUGR%DL[R9RXJD H 0RQGHJR IDODU GH &DVWHOR %UDQFR H 3RUWDOHJUH XQG IDODU PHULGLRQDO (LQ ZHLWHUHU 9HUVXFKGLHGLDWRSLVFKHQ9DULHWlWHQ]XRUGQHQJLQJGDQQYRQ&LQWUD ±.DUWH   DXV GHU HEHQIDOOV HLQH .DUWH HQWZDUI ,Q GLHVHU 'DUVWHOOXQJ ZLUG *DOLFLHQ PLW HLQEH]RJHQ VR GDVV VLFK GUHL *UR‰UlXPH HUJHEHQ GLDOHWRV JDOHJRV JDOHJR RFLGHQWDO JDOHJR RULHQWDO  GLDOHWRV SRUWXJXHVHV VHWHQWULRQDLV GLDOHWRV WUDQVPRQWDQRV H DOWR PLQKRWRV GLDOHWRV EDL[RPLQKRWRVGXULHQVHVEHLU}HV  GLDOHWRV SRUWXJXHVHV FHQWUR PHULGLRQDLV GLDOHWRV GR FHQWUROLWRUDO GLDOHWRV GR FHQWURLQWHULRU H GR VXO  9i]TXH] &XHVWD/X]  ±  XQWHUVFKHLGHQ LQ LKUHU .ODVVLILNDWLRQ QXU QRFK YDJH GLH GUHL 5HJLRQHQ 1RUWH 0LQKR 'RXUR 7UiVRV0RQWHV  &HQWUR %HLUDV  6XO (VWUHPDGXUD 5LEDWHMR $OJDUYH  ZREHL GDV =HQWUXP DOV hEHUJDQJV]RQH SRVWXOLHUW ZLUG DX‰HUGHP YHU]LFKWHQ VLH DXI QlKHUH .ULWHULHQ XQG HLQH GD]XJHK|ULJH .DUWH .U|OO E ±   QLPPW GLHVH lOWHUHQ 'DUVWHOOXQJHQ ZLHGHU DXI XQG VWHOOW VLH DQKDQG HLQ]HOQHU .ULWHULHQ JHJHQEHU ,Q HLQHP hEHUEOLFN RKQH .DUWH XQG ZHLWHUH 8QWHUWHLOXQJVPHUN PDOH  NRPPHQ (QGUXVFKDW6FKPLGW5DGHIHOGW    ]X IROJHQGHU *OLHGHUXQJ GLDOHWRV JDOHJRV GLDOHWRV SRUWXJXHVHV VHWHQWULRQDLV GLDOHWRV SRUWXJXHVHV FHQWUR PHULGLRQDLVPDGHLUHQVHDoRULDQRPLUDQGrVYDULHGDGHVIURQWHLULoDV /HW]WOLFK EOHLEHQ GLH (LQWHLOXQJHQ HLQH )UDJH GHV 9HUODXIV GHU ,VRJORVVHQ GHV OLQJXLVWLVFKHQ $EVWDQGHV KLVWRULVFK JHZDFKVHQHU VR]LRNXOWXUHOOHU *HJHEHQKHLWHQ XQG GHU 6SUHFKHUHLQVWHOOXQJ ]X 'LDOHNW XQG +RFKVSUDFKH ,Q GLHVHP 6LQQ VLQG MH QDFK *HZLFKWXQJLPPHUYRQHLQDQGHUDEZHLFKHQGHGLDWRSLVFKH*OLHGHUXQJHQP|JOLFKJHUDGH LP 3RUWXJLHVLVFKHQ ZR GLH KLVWRULVFK JHZDFKVHQHQ 6SUDFKODQGVFKDIWHQ QLFKW VR NODU

 9DULHWlW GHV VSDQLVFKHQ *UHQ]RUWHV %DUUDQFRV EDUUDQTXHQKR  XQWHU GLH YDULHGDGHV IURQWHLULoDVVXEVXPLHUW   )U GDV %3 NDQQ PDQ GLDOHNWDO IROJHQGH (LQWHLOXQJ YRUQHKPHQ YD HQWVSUHFKHQG GHU 5HDOLVLHUXQJ GHV YRUWRQLJHQ H XQG R  Q|UGOLFKH *UXSSH DPD]{QLFR QRUGHVWLQR EDLDQR VGOLFKH*UXSSHPLQHLURIOXPLQHQVHVXOLVWD FI1ROO±%RUQ.DUWH 





YHUWHLOW VLQG ZLH LQ 6SDQLHQ DX‰HU *DOLFLHQ YV 3RUWXJDO  XQG GLH GLDOHWRVIDODUHV VLFK QXUUHODWLYZHQLJYRQHLQDQGHUXQWHUVFKHLGHQ .U|OOE  ÄePDLVIiFLOSHUJXQWDUHPIUDQFrVRXHPLWDOLDQROLWHUiULRVFRPRVHGL]GHWHUPLQDGDIUDVHQR ÃSDWRLV¶ORFDOGRTXHID]HULGrQWLFDSHUJXQWDQXPSDtVFRPRRQRVVRHPTXHRLQYHVWLJDGRUH R LQIRUPDGRU FRP H[FHSomR GH SRXFRV GLDOHFWRV FDUDFWHUtVWLFRV  IDODP VXEVWDQFLDOPHQWH D PHVPDOtQJXD³ %ROpR 

)RUVFKXQJVGHVLGHUDWH HUJHEHQ VLFK YRU DOOHP EH]JOLFK GHU VSDQLVFKHQ XQG SRUWX JLHVLVFKHQ9DULHWlWHQLQ$IULNDDEHUDXFKLQ%UDVLOLHQXQGGHPKLVSDQRSKRQHQ/DWHLQ DPHULND VLQG GLH GLDWRSLVFKHQ XQG GLDVWUDWLVFKGLDSKDVLVFKHQ  %HVRQGHUKHLWHQ QRFK QLFKWDOO]XXPIDVVHQGXQWHUVXFKWZRUGHQ   

 'LHGLDVWUDWLVFKH9DULDWLRQ 'LH GLDVWUDWLVFKH (EHQH GHU 6SUDFKH UHIHULHUW DXI GLH VR]LRNXOWXUHOOH =XJHK|ULJNHLW GHU 6SUHFKHU 8UVSUQJOLFK DOV 6SUDFKUHJLVWHU HLQHU EHVWLPPWHQ JHVHOOVFKDIWOLFKHQ 6FKLFKW $UEHLWHUVFKLFKW %UJHUWXP $GHO.OHUXV XSSHU FODVV PLGGOH FODVV ZRUNLQJ FODVV .DVWHQV\VWHP HWF  LQWHUSUHWLHUW LVW HV LQ KHXWLJHQ PRGHUQHQ *HVHOOVFKDIWHQ RIW VLQQ YROOHUYRQ*UXSSHQVSUDFKHQ]XVSUHFKHQ(LQ6SUHFKHULVWGHPHQWVSUHFKHQGPHLVW7HLO YHUVFKLHGHQHU VR]LDOHU *UXSSHQ PLW EHVWLPPWHQ VSUDFKOLFKHQ 0HUNPDOHQ 'LH NODV VLVFKHQ 'RPlQHQ DXV GHU 6R]LRORJLH LQ GHQHQ GDV ,QGLYLGXXP DQ GHU *HVHOOVFKDIW SDUWL]LSLHUW QlPOLFK )DPLOLH 6FKXOH .LUFKH $UEHLW XQG 1DFKEDUVFKDIW VRZLH X8 0LOLWlU 8QLYHUVLWlW  NDQQ KHXW]XWDJH QRFK GXUFK GHQ %HUHLFK )UHL]HLW 6SRUW +REE\  HUJlQ]W ZHUGHQ =XVlW]OLFK VLQG DXFK 3DUDPHWHU ZLH $OWHU VR]LDOH +HUNXQIW %LOGXQJVJUDGVLQQYROOZREHLHVVHOEVWYHUVWlQGOLFKDXFK]XhEHUVFKQHLGXQJHQNRPPHQ NDQQ 'XUFK GLH YHUVFKLHGHQHQ VR]LDOHQ *UXSSHQ HQWVWHKHQ EHVWLPPWH GLDVWUDWLVFK PDUNLHUWH 9DULHWlWHQ RGHU DXFK 6R]LROHNWH -DUJRQV *UXSSHQ E]Z 6RQGHUVSUDFKHQ GHUHQ EHVRQGHUH &KDUDNWHULVWLN VLFK LQ EHUZLHJHQGHU )RUP GXUFK HLQ VSH]LILVFKHV /H[LNRQDXV]HLFKQHW ,QGLHVHU+LQVLFKWVSULFKW PDQGHPQDFKYRQ-XJHQGVSUDFKH SWJ OLQJXDJHP GRV DGROHVFHQWHV  6WXGHQWHQVSUDFKH SWJ JtULD GRV HVWXGDQWHV  6ROGDWHQ VSUDFKH VSDUJRWPLOLWDU =XFKWKDXVMDUJRQ VSMHUJDGHODGHOLQFXHQFLD RGHUYRQGHU 6SUDFKH VR]LDOHU 5DQGJUXSSHQ SWJOLQJXDJHP GRVPDUJLQDLV JtULDV GDV VXEFXOWXUDV  ]X GHU DXFK GLH 'URJHQV]HQH JHK|UW ,Q PDQFKHQ %HUHLFKHQ LVW GDEHL GLH *UHQ]H ]ZLVFKHQ HLQHU *UXSSHQVSUDFKH DOV HLQHP EHVWLPPWHQ -DUJRQ VS MHUJD MHULJRQ]D DUJRWJHUPDQtDMiFDUDMDFDUDQGLQDOHQJXDMHMHUJDOGLDOHFWRVRFLDOSWJJtULDMDUJmR FDOmR GLDOHWR VRFLDO  XQG HLQHU WHFKQLVFKHQ )DFKVSUDFKH IOLH‰HQG ZLH ]% EHL GHU 6RQGHUVSUDFKH GHV 6WLHUNDPSIHV VS DUJRW WDXULQR  RGHU GHV 6SRUWHV VS DUJRW GHO GHSRUWH  .U|OO D ±  QHQQW IU GDV3RUWXJLHVLVFKH IROJHQGH VR]LDOH*UXSSHQGLH W\SLVFKHUZHLVH LQ HLQHU 6RQGHUVSUDFKH NRPPXQL]LHUHQ ODGU}HV JDWXQRV PHOLDQWHV





EXUO}HV PHQGLJRV EDWRWHLURV YDJDEXQGRV FRQWUDEDQGLVWDV HVWXGDQWHV FLJDQRV /HW]WHUH VSUHFKHQ HLJHQWOLFK HLQH HLJHQH LQGRJHUPDQLVFKH 6SUDFKH 5RPDQL  GRFK LVW LKUH URPDQLVFKH 8PJDQJVVSUDFKH PLW (QWOHKQXQJHQ DQJHUHLFKHUW 0DQFKH GDYRQ JHODQJHQHQWODQJGHU9DULHWlWHQNHWWHYRQGHU6RQGHUVSUDFKHGHUÄ=LJHXQHU³E]ZHLJHQ WOLFK5RPD Ä=LJHXQHUVSUDFKH³RIWSHMRUDWLYXQGPLW*DXQHUVSUDFKHJOHLFKJHVHW]W LQGLH DOOJHPHLQH8PJDQJVVSUDFKHZLH]%SWJJDMRJDMD 'LHVH YRQ .U|OO DXIJHOLVWHWH (LQWHLOXQJ YRQ *UXSSHQ GLH JU|‰WHQWHLOV GHP NULPLQHOOHQ 0LOLHX HQWVWDPPHQ VFKHLQW HKHU YHUDOWHW ]X VHLQ XQG DXV KHXWLJHU 6LFKW IUDJOLFKLQVEHVRQGHUHLQVSUDFKOLFKHU+LQVLFKWGDNDXPGDYRQDXV]XJHKHQLVWGDVVHV ]X MHGHU GLHVHU 6RQGHUJUXSSHQ HLQH HLJHQH VSUDFKOLFKH 9DULHWlW JHEHQ ZUGH 5HDOLV WLVFKHUHUVFKHLQWHVKLHUYRQHLQHP/H[LNRQGHU'HOLQTXHQ]DXV]XJHKHQZLH(QGUXVFKDW 6FKPLGW5DGHIHOGW    HV DXIIKUHQ ZREHL GDV GRUW SDUDOOHO DXIJHIKUWH /H[LNRQGHU'URJHQV]HQHZRKOHKHUDOV7HLOGHUÃ'HOLQTXHQ]¶]XVHKHQZlUH %HNDQQWH *UXSSHQVSUDFKHQ GLH VRZRKO GLDWRSLVFK DOV DXFK GLDVWUDWLVFK PDUNLHUW VLQG XQG ]XP 6XEVWDQGDUGJHK|UHQVLQGGDVOXQIDUGRHLQHVSDxROSRSXODUYRQ%XHQRV$LUHVXQGGDV FKHOLGLH-XJHQGVSUDFKHYRQ0DGULGGLHLP=XJHGHUPRYLGDPDGULOHxDLQGHQ-DKUHQ QDFK GHU )UDQFR'LNWDWXU HU HU  HQWVWDQGHQ LVW VRZLH GLH OHQJXDMH SDVRWD GHUHQ (QWVWHKXQJ HEHQIDOOV LQ GLHVH =HLW IlOOW SDVRWDV VLQG LQ GLHVHP =XVDPPHQKDQJ Ã$XVVWHLJHU¶ Ã3XQNV¶ KHXW]XWDJH DOOHUGLQJV ZLUG PLW SDVRWD HKHU DOOJHPHLQ HLQH ÃGHVLQWHUHVVLHUWH3HUVRQ¶EH]HLFKQHWFISDVRWLVPR  FI5RGUtJXH]*RQ]iOH] 5RJJHQEXFN%DOOHUR  'LH %HVWLPPXQJ GLHVHU 9DULHWlWHQ LVW RIW QLFKW HLQIDFK ZLH GLH *HVFKLFKWH GHV OXQIDUGR]HLJW'DVOXQIDUGRWDXFKW]XQlFKVWDOV8QWHUVFKLFKWHQXQG*DXQHUVSUDFKHLQ %XHQRV$LUHVDXI FDDE0LWWHGHV-K XQGZLUGLQ=XVDPPHQKDQJPLWLWDOLHQLVFKHQ (LQZDQGHUHUQ HYWO DXI ORPEDUGR ]XUFNJHKHQG  JHEUDFKW +HXW]XWDJH LVW HV LQ HUVWHU /LQLH DOV HLQ VSH]LILVFKHU 6XEVWDQGDUG GHU 6WDGW E]Z GHU 5HJLRQ ]X VHKHQ DUJRW SRUWHxRDUJRWULRSODWHQVH XQGLVWQLFKWPHKULPNULPLQHOOHQ0LOLHXYHUDQNHUW1HXHVWH 7HQGHQ]HQ LQ GHU 9HUEUHLWXQJ GLHVHU 9DULHWlW GHXWHQ MHGRFK GDUDXI KLQ GDVV VLFK GDV OXQIDUGR ]X HLQHP DUJRW QDFLRQDO DXVGHKQW 'DV ]XJUXQGH OLHJHQGH /H[LNRQ LVW GDEHL lX‰HUVW KHWHURJHQ XQG ZHLVW ]DKOUHLFKH (QWOHKQXQJHQ DXI LQ HUVWHU /LQLH ,WDOLDQLVPHQ DEHUDXFK$QJOL]LVPHQ*DOOL]LVPHQ/XVLWDQLVPHQ%UDVLOLDQLVPHQ+LVSDQLVPHQ*DOH JLVPHQVRZLH(QWOHKQXQJHQDXVGHP4XHFKXDGHP0DSXFKHXQGGHPFRFROLFKH %HW] ±6FKODDN±  'LH GLDWRSLVFKH XQG GLDVWUDWLVFKH (EHQH LVW LQ YLHOHQ )lOOHQ HQJ PLWHLQDQGHU YHUIORFKWHQ 6R HQWKlOW EHLVSLHOVZHLVH GLH 8PJDQJVVSUDFKH $QGDOXVLHQV VRZRKO HLQLJH JLWDQLVPRVDOVDXFK$XVGUFNHDXVGHP%HUHLFKGHVIODPHQFR'LHVHZDQGHUQJHOHJHQ WOLFKHQWODQJGHU9DULHWlWHQNHWWHDOVGLDWRSLVFKRGHUGLDVWUDWLVFKPDUNLHUWH7HUPLQLLQGLH DOOJHPHLQH8PJDQJVVSUDFKHGHV.DVWLOLVFKHQJHQDXVRZLHPDQFKHLQDQGHUHV'LDOHNW ZRUW GHV $QGDOXVLVFKHQ ,Q GHU )ROJH IlOOW HV RIW VFKZHU HLQ EHVWLPPWHV :RUW ULFKWLJ ]X]XRUGQHQ N|QQWH HV GRFK GLH .HQQ]HLFKQXQJ DQGDOX] IODPHQFR RGHU JLWDQR WUDJHQ %HW] 





:HLWHUH UHJLRQDOH MHUJDV GHV 6SDQLVFKHQ ZlUHQ ]% OHSHUDMH 0H[LNR XP   SDFKXFR 6GZHVWHQ GHU 86$ HU -DKUH  FRED %ROLYLHQ  RGHU FRFROLFKH LWDOLH QLVFKH (LQZDQGHUHU $UJHQWLQLHQV  %HW]  ± 6iQFKH] 0LUHW    %HLGHUDUWLJHQ*UXSSHQVSUDFKHQE]ZLQVEHVRQGHUHEHLGHP3KlQRPHQÃ-XJHQGVSUDFKH¶ VWHOOW VLFK JHQHUHOO GLH )UDJH RE HV VLFK KLHUEHL QLFKW YRUUDQJLJ QXU XP HLQLJH OH[L NDOLVFKH6SH]LILNDKDQGHOWRGHUREGRFKGLH6SUDFKHDXIDOOHQ(EHQHQEHWURIIHQLVWXQG GDPLWYRQHLQHUVHOEVWlQGLJHQ9DULHWlWLQQHUKDOEGHV'LDV\VWHPVDXV]XJHKHQLVW 'LHGLDVWUDWLVFKQLHGULJVWH6FKLFKWGHV6SUDFKJHEUDXFKVZLUGLP3RUWXJLHVLVFKHQRIW DXFK FDOmR YRQ VS FDOy ÃVSDQLVFKH =LJHXQHUVSUDFKH¶ E]Z FDOp Ã=LJHXQHU¶  JHQDQQW 8UVSUQJOLFKHLQHVSH]LILVFKH6RQGHUVSUDFKHQlPOLFKGLHGHU=LJHXQHUXQGEHVWLPPWHU %HUXIVJUXSSHQ ZXUGH VLH VSlWHU DOOJHPHLQ ]XU 6SUDFKH GHU *DXQHU JDQ] lKQOLFK GHP IUDQ]|VLVFKHQ DUJRW +HXW]XWDJH ZLUG PLW FDOmR JHQHUHOO GLH QLHGULJVWH 6WXIH GHU PQGOLFKHQ.RPPXQLNDWLRQEH]HLFKQHWPHLQWDEHUQDFKZLHYRUDXFKGLH6SUDFKHGHV NULPLQHOOHQ 0LOLHXV RGHU NDQQ PLW QHJDWLYHU .RQQRWDWLRQ DXFK DXI *UXSSHQVSUDFKHQ DQJHZHQGHW ZHUGHQ ]% SWJ FDOmR GRV PpGLFRV FDOmR GRV MRUQDOLVWDV  0HUNPDOH GLHVHU6RQGHUVSUDFKHVLQGRIW7DEXEUFKH LP%HUHLFK6H[XDOLWlW%ODVSKHPLH DQGHUHU VHLWV GLH (UVFKDIIXQJ QHXHU (XSKHPLVPHQ VRZLH HLQ XQWHU 8PVWlQGHQ K|KHUHU $QWHLO YRQ (QWOHKQXQJHQ $QJOL]LVPHQ *DOOL]LVPHQ  GLH PLWXQWHU ZHQLJHU LQWHJULHUW VLQG 'D]X NRPPW RIW HLQ NU\SWLVFKHV XQG OXGLVFKKXPRULVWLVFKHV (OHPHQW VRZLH LP )DOOH HLQHV)DFKMDUJRQVHLQH9LHO]DKOYRQWHFKQLVFKHQ$XVGUFNHQ ,P6SDQLVFKHQKLQJHJHQZLUGPLWFDOyQDFKZLHYRULQHUVWHU/LQLHDXIGLH6SUDFKH GHU=LJHXQHUUHIHULHUW$EHUZLHLQ3RUWXJDOEHJDQQLQ6SDQLHQGLHJHUPDQtDDEGHP -K ]DKOUHLFKH JLWDQLVPRV DXI]XQHKPHQ DOVR :|UWHU DXV GHP URPDQt E]Z KLVSDQR URPDQtVRGDVVHVDXFKKLHUPLWXQWHU]XUHLQHU*OHLFKVHW]XQJYRQ*DXQHUVSUDFKH MHUJD GH OD GHOLQFXHQFLD  XQG =LJHXQHUVSUDFKH NRPPW RIW DXFK PLW GHU GLDWRSLVFKHQ 9HU RUWXQJLQ$QGDOXVLHQVRGDVVGLHEHJULIIOLFKH5HIHUHQ]DXIJHVHOOVFKDIWOLFKH0LOLHXVXQG GHUHQJUXSSHQVSUDFKOLFKH$XVSUlJXQJVLFKLPPHUZLHGHUEHUVFKQHLGHQ FDOyDQGDOX] IODPHQFR JLWDQR  9RQ ZLVVHQVFKDIWOLFKHU 6HLWH JDE HV  GHVKDOE YHUVFKLHGHQH 9RU VFKOlJH ]XU WHUPLQRORJLVFKHQ 'LIIHUHQ]LHUXQJ ]% DUJRWOHQJXDMH MHUJDO DOOJ 6XE VWDQGDUG YVFDOy =LJHXQHUVSUDFKH YVJHUPDQtD *DXQHUVSUDFKH RGHUFDOp =LJHXQHU VSUDFKH  YV FDOy *DXQHUVSUDFKH  %RUHW]N\   6iQFKH] 0LUHW  ±   :lKUHQGLP3RUWXJLHVLVFKHQDOVRPLWFDOmRVRZRKOGLH6SUDFKHGHU=LJHXQHU 5RPD  DOVDXFKGHUDOOJHPHLQH6XEVWDQGDUGRGHUHLQIDFKVSUDFKOLFKHU-DUJRQEH]HLFKQHWZHUGHQ NDQQ EOHLEW GDV VSDQLVFKH bTXLYDOHQW FDOy ZHLWJHKHQG DXI GLH Ã=LJHXQHUVSUDFKH¶ EHVFKUlQNW =XU %H]HLFKQXQJ YRQ *UXSSHQ RGHU 6RQGHUVSUDFKHQ DXFK UHJLRQDOHU 3UlJXQJUHNXUULHUWPDQLP6SDQLVFKHQDXIGHQ%HJULIIMHUJD :DV GDV 6SDQLVFKH DQEHODQJW VR VFKHLQW HV DXFK GDVV VLFK PHKU 6RQGHUVSUDFKHQ KHUDXVJHELOGHW KDEHQ DOV LP 3RUWXJLHVLVFKHQ ZDV PLWXQWHU DXFK GHU JU|‰HUHQ JHR JUDSKLVFKHQ9HUWHLOXQJGHU6SUDFKHJHVFKXOGHWLVWXQGDQGHUHUVHLWVZRP|JOLFKPLWGHQ





QRFK]XEHZlOWLJHQGHQ8QWHUVXFKXQJHQLQGLHVHU+LQVLFKWLP3RUWXJLHVLVFKHQ YRUDOOHP LP%3 ]XVDPPHQKlQJW 1HEHQGHQ*UXSSHQVSUDFKHQJLEWHVDEHUGXUFKDXVQRFKHLQHQQLFKWLPPHUZLUNOLFK SUl]LVH ]X EHVWLPPHQGHQ DOOJHPHLQHQ 6XEVWDQGDUG GK HLQH VR]LDO QLHGULJ PDUNLHUWH 6SUHFKZHLVH LP *HJHQVDW] ]XU JHKREHQHQ .RPPXQLNDWLRQ E]Z GHP 6WDQGDUG :LH DXFKIUGLH'LDWRSLNJLOWHVGDEHL]XEHDFKWHQGDVVHLQHGLDVWUDWLVFKH0DUNLHUXQJIU GHQJHVDPWHQ%HUHLFKGHU6SUDFKHJLOWDOVRQLFKWQXUIUGDV/H[LNRQVRQGHUQDXFKIU GLH 3KRQRORJLH XQG GLH 0RUSKRV\QWD[ $P HLQIDFKVWHQ OlVVW VLFK GLH 0DUNLHUWKHLW MHGRFK]ZHLIHOORVDQKDQGYRQOH[LNDOLVFKHQ%HLVSLHOHQGDUVWHOOHQ 'LH (LQRUGQXQJ GHV PLW GHQ GLDV\VWHPDWLVFKHQ 0DUNHUQ JHNHQQ]HLFKQHWHQ 6SUDFK UHJLVWHUV LVW GDEHL PHKU DOV SUREOHPDWLVFK GD GLH *UHQ]HQ IOLH‰HQG VLQG XQG ]ZDU LP +LQEOLFN DXI GLH 'LDWRSLN ZLH DXFK EH]JOLFK GHU 'LDSKDVLN ,P 6SDQLVFKHQ NDQQ EHLVSLHOVZHLVHHLQH.HQQ]HLFKQXQJZLHSURYLQFLDQRRGHUU~VWLFRVRZRKOGLDWRSLVFKLP 6LQQH HLQHU UHJLRQDOVSUDFKOLFKHQ 9HUDQNHUXQJ DOV DXFK GLDVWUDWLVFK LP 6LQQH HLQHU VR]LROHNWDO QLHGULJ VWHKHQGHQ 9DULHWlW YHUVWDQGHQ ZHUGHQ 'LH (WLNHWWLHUXQJ HLQHU 6SUHFKZHLVHPLWYXOJDUZLHGHUXPNDQQGLDVWUDWLVFKJHQDXVRZLHGLDSKDVLVFKDXIJHIDVVW ZHUGHQ XQG DXFK LQQHUKDOE HLQHV HLQLJHUPD‰HQ XPULVVHQHQ GLDVWUDWLVFKHQ .RQWLQXXPV LVWHVVFKZLHULJ0DUNHUZLHSOHEH\RLQFXOWRSRSXODUXQGYXOJDULQHLQH+LHUDUFKLH]X EULQJHQ =XGHP LVW LPPHU DXFK YRQ HLQHU P|JOLFKHQ :DQGHUXQJ GHU :|UWHU HQWODQJ GHU 9DULHWlWHQNHWWH DXV]XJHKHQ 'DEHL NDQQ HLQ VSUDFKOLFKHV (OHPHQW QLFKW QXU YRQ HLQHU GLDVWUDWLVFKQLHGULJPDUNLHUWHQ9DULHWlWLQHLQHK|KHUHRGHULQGHQDOOJHPHLQFRGHSDUOp DXIUFNHQVRQGHUQVLFKDXFKGLDWRSLVFKYHUODJHUQ6RVLQGHLQLJH/H[HPHGHU8PJDQJV VSUDFKH $VWXULHQV [tULJD  GLH ]7 DXI EDVNLVFKHV $GVWUDW ]XUFNJHKHQ LQ GDV MHUJD 9RNDEXODU 0H[LNRV HLQJHJDQJHQ ]% PH[VS PRUUDQFKR ÃMXQJHU 7DVFKHQGLHE¶ ! [LUDVWPRUUDQFKXÃNO-XQJH¶!EDVNPRUURVNRÃMXQJHU.HUO¶  FI .RFK2HVWHUUHLFKHU  ± %HW]  ± .U|OO D ± 3|OO  ± (QGUXVFKDW6FKPLGW5DGHIHOGW±  )ROJHQGH 7DEHOOH VHL DOV 9HUVXFK DQ]XVHKHQ GLH YHUVFKLHGHQHQ %H]HLFKQXQJHQ ]XU &KDUDNWHULVLHUXQJGHUGLDVWUDWLVFKHQ(EHQHQGHV3RUWXJLHVLVFKHQXQG6SDQLVFKHQLQHLQH YRUVLFKWLJH5HODWLRQ]XVHW]HQ          





7DEHOOH'LDVWUDWLVFKH0DUNLHUXQJHQ 'LDVWUDWLVFKH0DUNLHUXQJHQ 6SDQLVFK KDEODFXOWD JHKREHQHU6WDQGDUG  6WDQGDUG SRSXODUSOHEH\RLQFXOWR YXOJDU

3RUWXJLHVLVFK SRUWXJXrVFXOWR JHKREHQHU6WDQGDUG  6WDQGDUG SRSXODU YXOJDUEDL[R

 %H]JOLFKHLQHUGLDVWUDWLVFKHQ0DUNLHUWKHLWLP3RUWXJLHVLVFKHQVHLHQKLHUH[HPSODULVFK HLQLJH 0HUNPDOH GHV 6XEVWDQGDUGV DQJHVSURFKHQ ,P %HUHLFK GHU 0RUSKRORJLH ZlUH GLHVEH]JOLFKHLQHDEZHLFKHQGH3OXUDOHQGXQJEHL6XEVWDQWLYHQIHVW]XVWHOOHQ ]%mR! }HV FULVW}HV LUP}HV  RGHU DXFK QLFKW 1RUP JHUHFKWH DQDORJLVFKH 9HUEDOIRUPHQ LP SUHWpULWR SHUIHLWR VLPSOHV ]% FDEHU ! FXEH VDEHU ! VXEH WUD]HU ! WUX[H  XQG LP .RQMXQNWLY3UlVHQV ]%GDU!GHLD  (LQ3KlQRPHQGHU0RUSKRV\QWD[QlPOLFKGHU*HEUDXFKYRQDJHQWH FI.DS  DQVWHOOHYRQQyV]HLJWVHKUJXWGLH9HUVFKUlQNXQJHQGHUGLDV\VWHPDWLVFKHQ(EHQHQGHQQ GLHVH.RQVWUXNWLRQZXUGHLQ3RUWXJDOXUVSUQJOLFKDPHKHVWHQYRQGHQHVWUDWRVVRFLDLV LQIHULRUHV EHQXW]W RKQH .RQNRUGDQ] D JHQWH FDQWDPRV  GLDVWUDWLVFK  LVW DEHU LQ ]ZLVFKHQ DXFK LQ HLQHU OLQJXDJHP IDPLOLDU GLDSKDVLVFK  GHU PLWWOHUHQ RGHU REHUHQ *HVHOOVFKDIWVVFKLFKW YHUDQNHUW PLW .RQNRUGDQ] D JHQWH FDQWD  ,Q %UDVLOLHQ GLD WRSLVFK LVWGLHVH.RQVWUXNWLRQLQGHUJHVSURFKHQHQ6SUDFKHQRFKJHOlXILJHUGDPLWHLQ .HQQ]HLFKHQ GHU DOOJHPHLQHQ 1lKHVSUDFKH OLQJXDJHP FRORTXLDO  XQG QLFKW ZHLWHU PDUNLHUW FI +ROWXV  ± :H\GW  ± 1HYHV  ± (OL]DLQFtQ±5HLFK±  ,P 6SDQLVFKHQ JLEW HV HEHQIDOOV HLQLJH 1RUPDEZHLFKXQJHQ GLH GLDSKDVLVFKGLD VWUDWLVFK DOV PDUNLHUW JHOWHQ N|QQHQ ZLH EHLVSLHOVZHLVH GLH 9HUZHQGXQJ YRQ SD DQ 6WHOOHYRQSDUDVSH]LILVFKH9HUEDOIRUPHQ ]%FRQGXFtDQVWDWWFRQGXMHDQGDUDDQVWDWW DQGXYLHUD REWHQLPRV DQVWDWW REWXYLPRV SUHYH\HQGR DQVWDWW SUHYLHQGR RGHU GHVKDFHUtD DQVWDWWGHVKDUtD RGHU3KlQRPHQHLP%HUHLFKGHV3URQRPLQDOJHEUDXFKV OHtVPRGHFRVD ODtVPRORtVPRFI.DS  FI:HVFK±    

 

 +ROWXV    XQWHUVFKHLGHW IU GDV 3RUWXJLHVLVFKH HLQIDFK GUHL VR]LDOH 6FKLFKWHQ PLW LKUHQMHZHLOLJHQ5HJLVWHUQQlPOLFKHVWUDWRVRFLDODOWRHVWUDWRVRFLDOPpGLRXQGHVWUDWRVRFLDO EDL[R   =XU2SSRVLWLRQ1lKHVSUDFKHYV'LVWDQ]VSUDFKHFI.RFK2HVWHUUHLFKHU ± 





 'LHGLDSKDVLVFKH9DULDWLRQ 'LH GLDSKDVLVFKH 9DULDWLRQ LQQHUKDOE HLQHU 6SUDFKHEH]LHKW VLFK DXI GLH YHUVFKLHGHQHQ VWLOLVWLVFKHQ $XVSUlJXQJHQ GLH MH QDFK .RPPXQLNDWLRQVVLWXDWLRQ DXIWUHWHQ N|QQHQ 'DEHLVSLHOWQHEHQGHUNRQNUHWHQ6LWXDWLRQVHOEVWXQGGHUHQ$QODVVYRUDOOHPGLH$UWGHU .RPPXQLNDWLRQVSDUWQHUHLQHHQWVFKHLGHQGH5ROOH'LHVHZLHGHUXPN|QQHQGXUFK3DUD PHWHUZLH$OWHU*HVFKOHFKW+HUNXQIWVR]LRNXOWXUHOOH9HUDQNHUXQJRGHU%LOGXQJVJUDG FKDUDNWHULVLHUWZHUGHQZDVZLHDQGHQEHUHLWVHUZlKQWHQ.ULWHULHQHUVLFKWOLFKDXIGLH GLDVWUDWLVFKH(EHQHGHU6SUDFKHYHUZHLVWGLHPLWGHUGLDSKDVLVFKHQHQJYHUVFKUlQNWLVW 'LHV ]HLJW VLFK XQWHU DQGHUHP DQ GHQ hEHUVFKQHLGXQJHQ GHU GLDV\VWHPDWLVFKHQ 0DU NLHUXQJHQGLH]XU.HQQ]HLFKQXQJGHUHQWVSUHFKHQGHQ9DULHWlWHQKHUDQJH]RJHQZHUGHQ 'LH :DKO GHV 5HJLVWHUV RGHU GHU 6WLOHEHQH KlQJW DEHU DXFK YRQ GHP JHZlKOWHQ 7KHPD DE EHU GDV *HVSUlFKVWHLOQHKPHU NRPPXQL]LHUHQ ZROOHQ (LQ |IIHQWOLFKHU $Q ODVVEULQJWLQGHU5HJHOHLQK|KHUHV6WLOQLYHDXPLWVLFKDOVSULYDWH*HVSUlFKHVRIHUQGLH EHWHLOLJWHQ6SUHFKHULQGHU/DJHVLQGKLHUEHL]XYDULLHUHQ6SUHFKHUQGLHQRUPDOHUZHLVH LQHLQHPJHKREHQHUHQ5HJLVWHUNRPPXQL]LHUHQIlOOWHVLQGHU5HJHOOHLFKWHULKU1LYHDX QDFK XQWHQ DE]XVHQNHQ DOV VROFKHQ GLH HV JHZRKQW VLQG LQ HLQHU GLDSKDVLVFK QLHGULJ PDUNLHUWHQ6SUDFKYDULHWlW]XDJLHUHQXQGDXVHLQHPEHVWLPPWHQ*UXQGYHUVXFKHQVLFK HLQHVK|KHUHQ5HJLVWHUV]XEHGLHQHQ'DEHLLVWDOOHUGLQJV]XEHDFKWHQGDVVJHUDGHGHU 6XEVWDQGDUGPLWVHLQHQYLHOHQ7HLOEHUHLFKHQNHLQHVZHJVMHGHP]XJlQJOLFKLVW]XPDOHU LP *HJHQVDW] ]XP JHKREHQHQ 6WLO QLFKW IL[LHUW XQG GDPLW QLFKW LQVWLWXWLRQHOO HUOHUQEDU LVW 'LH LQ GHU 7DEHOOH GDUJHVWHOOWHQ KLHUDUFKLVFKHQ $EVWXIXQJHQ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQVLQGQLFKWVRNODUDEJUHQ]EDUZLHHVGLHhEHUVLFKWVXJJHULHUW:DVPDQ MHGRFK]ZHLIHOORVIHVWVWHOOHQNDQQLVWGDVVHV LQEHLGHQ6SUDFKHQHLQHQ6WDQGDUGJLEW XQG ]ZDU VRZRKO IU GHQ PQGOLFKHQ *HEUDXFK DOV DXFK IU GLH VFKULIWOLFKH .RP PXQLNDWLRQ ZREHL OHW]WHUH LQ LKUHU $XVSUlJXQJ DOV'LVWDQ]VSUDFKHQDWXUJHPl‰ VWUHQJ HUHQ5HJHOQXQG1RUPHQXQWHUOLHJWDOVGLHPQGOLFKH1lKHVSUDFKH:HLWHUKLQNDQQPDQ HLQH 5HJLVWHUHEHQH DQVLHGHOQ GLH EHU GHU *HEUDXFKVQRUP HLQHV HVSDxRO HVWiQGDU QRUPDO E]ZHLQHVSRUWXJXrVQmRPDUFDGR E]ZGHUOtQJXDSDGUmR OLHJWXQGHLQHQ GDQQQlKHU]XGHILQLHUHQGHQMHZHLOLJHQ6XEVWDQGDUG6SlWHVWHQVKLHUZLUGHVVFKZLHULJ ZHLWHU]XGLIIHUHQ]LHUHQXQGGLH*UHQ]HQ]ZLVFKHQGHQHLQ]HOQHQGLDSKDVLVFKHQ(EHQHQ YHUVFKZLPPHQ'HUhEHUJDQJYRQHLQHUQHXWUDOHQXQPDUNLHUWHQ1RUPVSUDFKH]XHLQHU 8PJDQJVVSUDFKH EHU HLQHQ IDPLOLlUHQ *HVSUlFKVVWLO ELV KLQ ]X SRSXOlUHU RGHU VRJDU YXOJlUHU$XVGUXFNVZHLVHLVWIOLH‰HQGVRGDVVHLQHHLQGHXWLJH$EJUHQ]XQJQLFKWZLUNOLFK P|JOLFK LVW 3ULQ]LSLHOO LVW DEHU GDYRQ DXV]XJHKHQ GDVV GDV 6SDQLVFKH XQG GDV 3RUWX JLHVLVFKH LQ LKUHU GLDSKDVLVFKHQ 9DULDWLRQ lKQOLFK JHJOLHGHUW VLQG ZREHL JHUDGH LP HXURSlLVFKHQ3RUWXJLHVLVFK±JDQ]DQGHUVDOVLPEUDVLOLDQLVFKHQ3RUWXJLHVLVFK±GLHGLD SKDVLVFKHQXQGGLDVWUDWLVFKHQ8QWHUVFKLHGHHKHUVFKZDFKDXVJHSUlJWVLQG Ä8PD GHVFULomR VLVWHPiWLFD H FRPSOHWD GDV SDUWLFXODULGDGHV OLQJXtVWLFDV GH FDGD XPD GDV YDULHGDGHVGRGLDVLVWHPD±WDOFRPRH[LVWHSRUH[HPSORSDUDRIUDQFrVIDODGRSDUDRLWDOLDQR



 G¶XVRFRPXQHSDUDRVFRPSRQHQWHVVRFLROHFWDLVGLDVWUiWLFRVGRURPHQRRX HPPDLVPRGHVWD DPSOLWXGH SDUDDVYDULHGDGHVDFWXDLVGRHVSDQKRO±QmRSDUHFHVHUSRVVtYHOSDUDRSRUWXJXrV SRU GRLV PRWLYRV DFWXDOPHQWH  3RU XP ODGR R HVWXGR DFWXDO GD LQYHVWLJDomR VREUH DV YDULHGDGHV GR SRUWXJXrV QmR R SHUPLWH H SRU RXWUR SRVVLYHOPHQWH HP FRQVHTXrQFLD GR SULPHLUR  D GLIHUHQoD >VLF@ HQWUH DV GLYHUVDV YDULHGDGHV GR GLDVLVWHPD SRUWXJXrV QmR VmR SURQXQFLDGDVFRPRDVGDVRXWUDVOtQJXDVURPkQLFDV>«@³ +ROWXV± 

-HGRFKVLQGDXFKLP6SDQLVFKHQGLH8QWHUVFKLHGHQLFKWJDQ]VRGLVWLQNWLYZLHHVXQWHQ VWHKHQGH7DEHOOHVXJJHULHUW Ä/D OHQJXD HVWiQGDU VH GLIHUHQFLD VXVWDQFLDOPHQWH GH ORV GLDOHFWRV HQ HO VHQWLGR JHRJUiILFR GHO WpUPLQR  SHUR HQ IHQyPHQRV SRFR UHOHYDQWHV OLQJtVWLFDPHQWH GH ODV YDULHGDGHV GLDVWUiWLFDV\GLDIiVLFDV³ +HUQiQGH] 

$EDG1HERW  EHLVSLHOVZHLVHWULIIWJDQ]DOOJHPHLQEHLGHQYDULHGDGHVVRFLR FXOWXUDOHV QXU GLH 8QWHUVFKHLGXQJ ]ZLVFKHQ FXOWR YV FRORTXLDOIDPLOLDU YV SRSXODU YXOJDU )UGHQ/HUQHUGHUHLQHQRGHUDQGHUHQ6SUDFKHLVWGHPQDFKLQHUVWHU/LQLHJHQHUHOO GDUDXI ]X DFKWHQ LQ ZHOFKHU 6SUHFKVLWXDWLRQ HU PLW ZHP EHU ZDV NRPPXQL]LHUW XQG GDVVHUVHLQHQ6WLOHQWVSUHFKHQGDQSDVVW,QGHU3UD[LVEHGHXWHWGLHVYRUDOOHPGDVVPDQ GLHGLDSKDVLVFKPDUNLHUWHQ/H[HPH±XQGGDVJLOWIUGLHGHV6XEVWDQGDUGVJHQDXVRZLH IU GLH GHU JHKREHQHQ $XVGUXFNVZHLVH ± HQWVSUHFKHQG DEVSHLFKHUQ XQG QXU XQWHU EHVWLPPWHQ 8PVWlQGHQ DNWXDOLVLHUHQ VROOWH 'LHV LVW QDWUOLFK DXFK EHL VSH]LILVFKHQ V\QWDNWLVFKHQ.RQVWUXNWLRQHQRGHUODXWOLFKHQ5HDOLVLHUXQJHQGHU)DOO  7DEHOOH'LDSKDVLVFKH0DUNLHUXQJHQ 'LDSKDVLVFKH0DUNLHUXQJHQ 6SDQLVFK FXOWRIRUPDOOLWHUDULRHVPHUDGR QRUPDGHXVR KDELWXDOLQIRUPDOGHVFXLGDGR IDPLOLDUFRORTXLDO SRSXODU YXOJDU

3RUWXJLHVLVFK FXOWRFXLGDGRFXOWLYDGR QRUPDGHXVR FRPPXQFRUUHQWHXVXDO FRORTXLDOIDPLOLDU SRSXODU YXOJDUEDL[RREVFHQR

 =XOHW]W VHL QRFKPDOV DXI GHQ =XVDPPHQKDQJ ]ZLVFKHQ GHQ HLQ]HOQHQ (EHQHQ GHU 6SUDFKH KLQJHZLHVHQ 'DEHL LVW GDYRQ DXV]XJHKHQ GDVV HLQH GLDWRSLVFKH 0DUNLHUWKHLW DXFKDOVGLDVWUDWLVFKHLQJHVWXIWZHUGHQNDQQXQGHLQHGLDVWUDWLVFKHDOVGLDSKDVLVFKQLFKW MHGRFK XPJHNHKUW :HQQ 6SUHFKHU GLH HLQHP VR]LRNXOWXUHOO JHKREHQHQ 0LOLHX ]X]X UHFKQHQ VLQG XQG GHUHQ 6SUHFKZHLVH GHPQDFK DOV GLDVWUDWLVFK KRFK HLQ]XVWXIHQ LVW GLDVWUDWLVFK QLHGULJ PDUNLHUWH $XVGUFNH YHUZHQGHQ VR KDW GDV (LQIOXVV DXI GHQ 6WLO LKUHU bX‰HUXQJ GLDSKDVLVFKH 'LPHQVLRQ  *HQDXVR N|QQHQ VWDUN UHJLRQDO NRQQRWLHUWH





$XVGUFNH DOV GLDVWUDWLVFK QLHGULJ PDUNLHUW HPSIXQGHQ ZHUGHQ ,P =XJH GHV 6SUDFK ZDQGHOV LVW HV GDEHL P|JOLFK GDVV EHVWLPPWH 0HUNPDOH GHU 6SUDFKH ODXWOLFKHU PRUSKRV\QWDNWLVFKHURGHUOH[LNDOLVFKHU1DWXUHQWODQJGHU9DULHWlWHQNHWWH 5HLKHQIROJH GLDWRSLVFK GLDVWUDWLVFK GLDSKDVLVFK 6WDQGDUG  DXIUFNHQ XQG VRPLW PLW GHU =HLW HLQH DQGHUH.RQQRWDWLRQRGHU0DUNLHUWKHLWHUKDOWHQE]ZXQWHU8PVWlQGHQJDQ]LPQHXWUDOHQ 6SUDFKJHEUDXFKDXIJHKHQ'LHVHV3ULQ]LSGHU,QWHUDNWLRQGHUYHUVFKLHGHQHQ(EHQHQGHU 6SUDFKH IXQNWLRQLHUW LP 3RUWXJLHVLVFKHQ JHQDXVR ZLH LP 6SDQLVFKHQ 'DEHL LVW DOOHU GLQJV]XEHDFKWHQGDVVGLH1DWLRQDOVSUDFKHQPLWHLJHQHU1RUPDOVRGDVEUDVLOLDQLVFKH 3RUWXJLHVLVFK HLQHUVHLWV XQG GLH NDVWLOLVFKHQ 6WDDWVVSUDFKHQ +LVSDQRDPHULNDV DQGHUHU VHLWVHLQMHHLJHQHV'LDV\VWHPGHU6SUDFKHKDEHQPLWHLJHQHU'LDWRSLN'LDVWUDWLNXQG 'LDSKDVLN VRZLH HLQHU PHKU RGHU PLQGHU YRP HXURSlLVFKHQ 6WDQGDUG DEZHLFKHQGHQ 1RUP 'D MHGRFK GLH 6SUDFKH HLQ RIIHQHV 6\VWHP GDUVWHOOW GDV EHVWlQGLJ 9HUlQGHUXQJHQ XQWHUOLHJW 6SUDFKZDQGHO XQGGHU$EVWDQG]ZLVFKHQGHQHLQ]HOQHQ$XVSUlJXQJHQQLFKW VR JUR‰ LVW JLEW HV DXFK HLQHQ VWlQGLJHQ$XVWDXVFK HLQH LPPHUZlKUHQGH JHJHQVHLWLJH %HHLQIOXVVXQJ 'LHVH NDQQ QRUPDWLY VHLQ ]% GDV $ENRPPHQ ]XU 5HJHOXQJ HLQHU HLQKHLWOLFKHQ RUWKRJUDSKLVFKHQ 1RUP ]ZLVFKHQ3RUWXJDO %UDVLOLHQ 2VW7LPRU XQG GHQ 3$/236WDDWHQ 3DtVHV$IULFDQRVGH/tQJXD2ILFLDO3RUWXJXHVD RGHUXQJHVWHXHUWZLH LP )DOOH GHU hEHUQDKPH KLVSDQRDPHULNDQLVFKHU 6XEVWDQGDUGHOHPHQWH LQ GDV HXUR SlLVFKH6SDQLVFK'LHVHU$XVWDXVFKVHW]WQDWUOLFKHLQHVXSUDUHJLRQDOH.RPPXQLNDWLRQ YRUDXVZDVGXUFK0LJUDWLRQ (PLJUDWLRQ,PPLJUDWLRQVDLVRQDOH0LJUDWLRQZLH$UEHLW RGHU8UODXE XQGKHXW]XWDJHYRUDOOHPGXUFKGLHPRGHUQHQQLFKWRUWVJHEXQGHQHQ.RP PXQLNDWLRQVP|JOLFKNHLWHQ %FKHU=HLWXQJHQ=HLWVFKULIWHQ,QWHUQHW.LQR)HUQVHKHQ  JHZlKUOHLVWHWLVW FI.RFK2HVWHUUHLFKHU±3|OO±(QGUXVFKDW 6FKPLGW5DGHIHOGW±    

 :HLWHUHGLDV\VWHPDWLVFKH.ULWHULHQ (UJlQ]HQG ]X GHU ELVKHULJHQ GLDV\VWHPDWLVFKHQ *OLHGHUXQJ GHU 6SUDFKH LQ HLQH GLD WRSLVFKH GLDVWUDWLVFKH XQG GLDSKDVLVFKH (EHQH LVW GHU EHUHLWV HUZlKQWH $VSHNW GHU 0HGLDOLWlW ]X EHUFNVLFKWLJHQ 'D GLH $UW GHU .RPPXQLNDWLRQ PLW YRQ LKUHU )RUP EHVWLPPWZLUGLVW]ZLVFKHQ0QGOLFKNHLWXQG6FKULIWOLFKNHLW]XXQWHUVFKHLGHQGDGLHV DXFK XQZHLJHUOLFK $XVZLUNXQJHQ DXI GDV YHUZHQGHWH 5HJLVWHU KDW 8P GLHVH $E KlQJLJNHLW WKHRUHWLVFK P|JOLFKVW SUl]LVH ]X HUIDVVHQ XQWHUVFKHLGHW PDQ ]ZLVFKHQ 0HGLXP SKRQLVFKJHVSURFKHQ YV JUDSKLVFKJHVFKULHEHQ  XQG .RQ]HSWLRQ VSUHFK VSUDFKOLFK2UDOLWlWYVVFKULIWVSUDFKOLFK6NULSWXUDOLWlW 'LH3DUDPHWHULQWHUDJLHUHQGDEHL GKPDQNDQQHLQHVFKULIWVSUDFKOLFKH.RQ]HSWLRQDXFKPQGOLFKlX‰HUQ ]%IRUPHOOH 5HGH 9RUOHVHQ  XQG HLQH VSUHFKVSUDFKOLFKH YHUVFKULIWHQ ]% *HULFKWVSURWRNROO OLQ





JXLVWLVFKHV .RUSXV ,QWHUQHW )RUXP &KDW )DFHERRN (0DLO  606  :lKUHQG GLH )UDJH GHV 0HGLXPV HLQHU bX‰HUXQJ HLQH JHJHQVHLWLJH $XVVFKOXVVEH]LHKXQJ LVW HQWZHGHU JHVSURFKHQ RGHU JHVFKULHEHQ  JLOW IU GLH .RQ]HSWLRQ HLQH JUDGXHOOH $E VWXIXQJ ]ZLVFKHQ HLQHU 1lKHVSUDFKH XQG HLQHU 'LVWDQ]VSUDFKH DEKlQJLJ YRQ GHQ JHJHEHQHQ .RPPXQLNDWLRQVEHGLQJXQJHQ ]% gIIHQWOLFKNHLW YV 3ULYDWKHLW *UDG GHU (PRWLRQDOLWlW*UDGGHUSK\VLVFKHQ'LVWDQ] XQGGHQDQJHZDQGWHQ9HUVSUDFKOLFKXQJV VWUDWHJLHQ ]%*UDGGHV3ODQXQJVDXIZDQGHV 'DVJHVSURFKHQH6SDQLVFKLVWEHLVSLHOV ZHLVH GXUFK 5FNYHUVLFKHUXQJVVLJQDOH XQG 7DJ4XHVWLRQV ZLH QR VDEHV PLUD WH HQWHUDVWHXQG$QUHGHIRUPHQZLHPLMLWDRGHUYLHMDJHNHQQ]HLFKQHW*HQHUHOOJHK|UHQ]X GHQ3KlQRPHQHQGHU0QGOLFKNHLWDXFK)HKOVWDUWVLQGHU.RPPXQLNDWLRQ6HOEVWNRUUHN WXUHQ 6DW]DEEUFKH +HVLWDWLRQVSKlQRPHQH hEHUEUFNXQJVSKlQRPHQH *OLHGHUXQJV VLJQDOH EHUZLHJHQG SDUDWDNWLVFKHU 6DW]EDX 3DVVHSDUWRXW:|UWHU JHULQJH ,QIRUPD WLRQVGLFKWH6SUHFKSDXVHQXQG.RQJUXHQ]VFKZlFKHQ ,QKRIIHQ± )UGDV 3RUWXJLHVLVFKH VLQG GLHVEH]JOLFK QDWUOLFK lTXLYDOHQWH 3KlQRPHQH DQ]XVHW]HQ FI 6FRWWL5RVLQ±  $XVGLHVHQhEHUOHJXQJHQKHUDXVHUJHEHQVLFKW\SLVFKH0HUNPDOHHLQHUPQGOLFKHQ XQG VFKULIWOLFKHQ .RPPXQLNDWLRQ VR GDVV PDQ DXFK HLQH ]XVlW]OLFKH 'LPHQVLRQ GHU 6SUDFKH SRVWXOLHUHQ NDQQ QlPOLFK GLH GLDPHVLVFKH VHOWHQ GLDPHVLVFK YV GLDNRQ]HS WLRQHOO +LHUEHLEH]LHKWPDQVLFKDXIXQLYHUVHOOH0HUNPDOHHLQHUJHVSURFKHQHQ1lKH VSUDFKH E]Z HLQHU VFKULIWOLFKHQ 'LVWDQ]VSUDFKH 'LHV lX‰HUW VLFK GDQQ LQ GHU PQG OLFKHQ1lKHVSUDFKH]%GXUFKJHULQJHQ3ODQXQJVDXIZDQGJUR‰H6SRQWDQHLWlWUHDOLVLHUW GXUFK :LHGHUKROXQJHQ 6DW]DEEUFKH YHUPHKUWH SDUDWDNWLVFKH .RQVWUXNWLRQHQ XQG GLH :DKOHLQHVHQWVSUHFKHQGHQLQIRUPHOOHUHQ9RNDEXODUVDOVLQHLQHUYHUJOHLFKEDUHQQRUP JHUHFKWHQQHXWUDOHQVFKULIWVSUDFKOLFKHQ6LWXDWLRQ .RFK2HVWHUUHLFKHU±  *HQHUHOOVHLQRFKPDOVGDUDXIKLQJHZLHVHQYRUDOOHPDXFKLQ%H]XJDXIGLH:DKOGHV DGlTXDWHQ 9RNDEXODUV GDVV HLQ DOV GLDSKDVLVFK QHXWUDO ]X EHZHUWHQGHU $XVGUXFN GHU JHVSURFKHQHQ6SUDFKHXQWHU8PVWlQGHQLQGHUJHVFKULHEHQHQ6SUDFKHHLQHPHWZDVQLHG ULJHUHQ 1LYHDX ]X]XRUGQHQ LVW GK GLH GLDV\VWHPDWLVFK MHZHLOLJH QHXWUDOH 1RUP IU PQGOLFKHXQGVFKULIWOLFKH.RPPXQLNDWLRQLVWDOVOHLFKWYHUVHW]W]XYHUVWHKHQXQGQLFKW XQEHGLQJWGHFNXQJVJOHLFK ,P HXURSlLVFKHQ 3RUWXJLHVLVFKHQ LVW GHU 8QWHUVFKLHG ]ZLVFKHQ OtQJXD HVFULWD XQG OtQJXDIDODGDQLFKWVRVWDUNZLHLP6SDQLVFKHQRGHUJDULP)UDQ]|VLVFKHQ FRGHpFULWYV FRGHSDUOp $QGHUVDOVLQ3RUWXJDOZRGHU8QWHUVFKLHG]ZLVFKHQGHUOtQJXDIDODGDXQG

 

 +LHUEHL LVW ]X EHDFKWHQ GDVV HV VLFK LQ GHQ KLHU HUZlKQWHQ 7HLOEHUHLFKHQ GHU ,QWHUQHW NRPPXQLNDWLRQ XQG EHL 606  XP VWDUN QlKHVSUDFKOLFKH 0LWWHLOXQJHQ KDQGHOQ NDQQ DEHU QLFKWPXVVGKPDQILQGHWDEKlQJLJYRQ.RPPXQLNDWLRQVSDUWQHUXQGGHU.RPPXQLNDWLRQV VLWXDWLRQDOOHQlKHXQGGLVWDQ]VSUDFKOLFKHQ=ZLVFKHQVWXIHQ   =XP 6SDQQXQJVIHOG ]ZLVFKHQ 0QGOLFKNHLW XQG 6FKULIWOLFKNHLW LP 3RUWXJLHVLVFKHQ FI GLH 6WXGLHYRQ0HLVQLW]HU  ]XU0QGOLFKNHLWLQ%UDVLOLHQ$UGHQ  XQGDOOJHPHLQ]XP JHVSURFKHQHQ3RUWXJLHVLVFK%UDXHU)LJXHLUHGR     'LHVH 'LIIHUHQ]LHUXQJ ILQGHW VLFK EHLVSLHOVZHLVH EHL (QGUXVFKDW6FKPLGW5DGHIHOGW   





GHU OtQJXD HVFULWD NDXP ]X HUIDVVHQ LVW ELV DXI GLH XQLYHUVHOO JOWLJHQ 0HUNPDOH GHU 1lKHVSUDFKH  ZHLFKW GDV JHVSURFKHQH %3 GRFK HUKHEOLFK YRQ GHU VFKULIWVSUDFKOLFKHQ 1RUP DE FI 6FRWWL5RVLQ  ±  :DV GLH1RUP GHU JHVFKULHEHQHQ 'LVWDQ] VSUDFKHDQJHKWVRXQWHUVFKHLGHWVLFKGDVEUDVLOLDQLVFKH3RUWXJLHVLVFKQXUZHQLJYRQGHU 1RUP GHV HXURSlLVFKHQ ZREHL YRU DOOHP LQ MQJVWHU =HLW %HPKXQJHQ YRUDQJHWULHEHQ ZHUGHQ GDV EUDVLOLDQLVFKH 3RUWXJLHVLVFK DOV HLJHQH 1RUP ]X HWDEOLHUHQ FI ]% GLH EUDVLOLDQLVFKH*UDPPDWLNYRQ&DVWLOKR  1HEHQ GHP %HJULII GHU 'LDPHVLN GLDPHVLVFKH 'LPHQVLRQ GHU 6SUDFKH  GHU GLH VSUDFKOLFKHQ 3KlQRPHQH YRQ 0QGOLFKNHLW YV 6FKULIWOLFKNHLW PHGLDO XQG NRQ]HS WLRQHOO  XPIDVVW NDPHQ LQ GHU VSUDFKZLVVHQVFKDIWOLFKHQ )RUVFKXQJ ZHLWHUH ÄGLD³%H JULIIH DXI 6R ZXUGHQ ]XQlFKVW DXVJHKHQG YRP %HUHLFK GHU /H[LNRJUDSKLH ]XVlW]OLFKH %H]HLFKQXQJHQ ]XU V\VWHPDWLVFKHQ %HVFKUHLEXQJ IU GLDV\VWHPDWLVFKH 0DUNLHUXQJHQ JHVFKDIIHQ ZDV VFKOLH‰OLFK GD]X IKUWH GDVV GLHVH %HJULIIH PLWXQWHU DXFK IU GLH DOOJHPHLQH OLQJXLVWLVFKH %HWUDFKWXQJ 9HUZHQGXQJ IDQGHQ 'DEHL JHKW HV XP HLQH *OLHGHUXQJ GHV /H[LNRQV QLFKW QXU XQWHU GHP $VSHNW GHU 'LDWRSLN 'LDVWUDWLN XQG 'LDSKDVLN VRQGHUQ DXFK QDFK .ULWHULHQ ZLH GHP $OWHU GHU OH[LNDOLVFKHQ (LQKHLWHQ $UFKDLVPHQYV1HRORJLVPHQ GKGHUGLDFKURQLVFKHQ6FKLFKWXQJGHV:RUWVFKDW]HV YRU DOOHP DEHU ]XQlFKVW XP GLH YHUVFKLHGHQHQ )DFKVSUDFKHQ ZDV PDQ DOV GLD WHFKQLVFKHQ $VSHNW GHU 6SUDFKH EH]HLFKQHW 'LHVHU %HUHLFK XPIDVVW QHEHQ GHQ DOWKHU JHEUDFKWHQ 6RQGHUVSUDFKHQ GHU HLQ]HOQHQ %HUXIVJUXSSHQ ]% +DQGZHUNHU %DXHUQ  KHXWH YRU DOOHP GLH VWDUN LQWHUQDWLRQDOLVLHUWHQ :LVVHQVFKDIWHQ XQG WlJOLFKHQ /HEHQV EHUHLFKH :LUWVFKDIW 3ROLWLN 5HFKW 0XVLN 6SRUW 7HFKQLN 0HGL]LQ  -H QDFK JHVHOO VFKDIWOLFKHPRGHULQGLYLGXHOOHP%LOGXQJVVWDQGN|QQHQGDEHLDOVGLDWHFKQLVFKPDUNLHUWH /H[HPHLQGLH$OOJHPHLQVSUDFKHDXIUFNHQ'DV)DFKYRNDEXODUGHUHLQ]HOQHQ:LVVHQ VFKDIWHQ ZLUG GDEHL YRU DOOHP GXUFK ,QWHUQDWLRQDOLVPHQ JHSUlJW PHLVW JULHFKLVFK ODWHLQLVFKH:RUWSUlJXQJHQRGHU$QJOL]LVPHQGLHLQYLHOHQ6SUDFKHQ(XURSDV]XILQGHQ VLQG'DV6SDQLVFKHXQG3RUWXJLHVLVFKHXQWHUVFKHLGHQVLFKGDEHLDOV6SUDFKHQGHVVHOEHQ .XOWXUUDXPVNDXPYRQHLQDQGHU ]%ILQGHQVLFKLQEHLGHQ]DKOUHLFKH*DOOL]LVPHQXQG .XOWLVPHQ  :HLWHUH 'LPHQVLRQHQ GHU 6SUDFKH N|QQHQ PLW GHQ HQWVSUHFKHQGHQ %HJULIIHQ DXV GHPÄGLD³,QYHQWDUDOVGLDIUHTXHQWGLDIUHTXHQWDWLY +lXILJNHLW)UHTXHQ] GLDHYDOXDWLY GLDNRQQRWDWLY .RQQRWDWLRQ6WLO GLDQRUPDWLYGLDSODQHULVFK 1RUP6SUDFKSROLWLN GLD WH[WXHOO 7H[WVRUWHQ'LVNXUVW\SHQ GLDVLWXDWLY .RPPXQLNDWLRQVVLWXDWLRQ GLDLQWHJUDWLY )UHPGZ|UWHU;HQLVPHQ  GLDVH[XHOO *HVFKOHFKWGHU 6SUHFKHU  GLDJHQHUDWLRQHOO $OWHU GHU 6SUHFKHU  EH]HLFKQHW ZHUGHQ %HL GHU hEHUVWUDSD]LHUXQJ GLHVHU %HJULIIVUHLKH VWHOOW VLFK MHGRFK GLH )UDJH LQZLHZHLW KLHUEHL QRFK VLQQYROO DEJUHQ]EDUH 0HUNPDOH ]X NRQVWDWLHUHQ VLQG XQG RE HV VLFK GDEHL ZLUNOLFK XP HLQ]HOQH 6SUDFKYDULHWlWHQ KDQGHOW PLW$EZHLFKXQJHQLQ3KRQRORJLH0RUSKRV\QWD[XQGLP/H[LNRQ RGHUHKHUXPHLQLJH ZHQLJH VSUDFKOLFKH (LQ]HOSKlQRPHQH GLH IU HLQHQ EHVWLPPWHQ .RQWH[W W\SLVFK VLQG

 

 =X GHQ 1HRORJLVPHQ XQG (QWOHKQXQJHQ LP 3RUWXJLHVLVFKHQ FI )UHLWDV5DPLOR6RDOKHLUR  XQG)UHLWDV5DPLOR$ULP  





9LHOHV ZlUH DXFK XQWHU GHP $VSHNW GHU *UXSSHQ XQG 6RQGHUVSUDFKHQ ]X EHKDQGHOQ DOVRGHUGLDVWUDWLVFKHQ'LPHQVLRQGHU6SUDFKH)UGLH/H[LNRJUDSKLHKLQJHJHQPLWLKUHU SUD[LVRULHQWLHUWHQ=LHOVHW]XQJHLQHUVLQQYROOHQ*HVWDOWXQJYRQ:|UWHUEFKHUQXQGGHUHQ RSWLPDOHU %HQXW]EDUNHLW XQWHUOLHJHQ GHUDUWLJH (LQWHLOXQJVNULWHULHQ HLQHP JDQ] DQGHUHQ %HXUWHLOXQJVPD‰VWDE %HVRQGHUH8QWHUVFKLHGHIUGDVVSDQLVFKHXQGSRUWXJLHVLVFKH/H[LNRQVLQGLQGLHVHU %H]LHKXQJ QLFKW DXV]XPDFKHQ VR GDVV IU GHQ /HUQHQGHQ YRU DOOHP GLH ULFKWLJH :DKO HLQHV MH QDFK .RPPXQLNDWLRQVVLWXDWLRQ DGlTXDWHQ $XVGUXFNHV ]XP 3UREOHP ZHUGHQ NDQQZHQQPDQVLFKQLFKWGHUMHZHLOLJVSH]LILVFKHQ0DUNLHUWKHLWEHZXVVWLVW )DOOVLP :|UWHUEXFK HQWVSUHFKHQG JHNHQQ]HLFKQHW VROOWH PDQ GHVKDOE GLH GLDV\VWHPDWLVFKHQ 0DUNLHUXQJHQ LPPHU PLWOHUQHQ ZHQQ GLH )RUP RGHU GHU ,QKDOW GHV /H[HPV GLHV QLFKW VFKRQQDKHOHJW %H]JOLFK QLFKW VWDQGDUGJHSUlJWHU 3KlQRPHQH DXV DQGHUHQ %HUHLFKHQ GHU 6SUDFKH 3KRQRORJLH 0RUSKRORJLH 6\QWD[  LVW GLH (UNHQQXQJ LKUHU 0DUNLHUWKHLW GXUFK GHQ /HUQHQGHQHUKHEOLFKVFKZLHULJHUGDVLHPHLVWQLFKWVRHLQGHXWLJLQYHQWDULVLHUWVLQGZLH LP )DOOH GHV /H[LNRQV FI .RFK2HVWHUUHLFKHU  ± 3|OO  ± (QGUXVFKDW6FKPLGW5DGHIHOGW± 

$XIJDEHQ  :DV YHUVWHKW PDQ XQWHU GHU $UFKLWHNWXU GHU 6SUDFKH QDFK &RVHULX ]% .RFK2HVWHUUHLFKHU    %HXUWHLOHQ6LHGLH)UDJHQDFKGHU+HUDXVELOGXQJHLQHUHLJHQHQ1RUPLQ%UDVLOLHQ ]%1ROO %RUQ   5HFKHUFKLHUHQ 6LH :|UWHUEFKHU ]XP 6XEVWDQGDUG XQG EHUSUIHQ 6LH DQKDQG HLQLJHU 6WLFKSUREHQREGLHVH/H[HPHDXFKLQGLHDOOJHPHLQHQ:|UWHUEFKHUDXIJHQRPPHQZXUGHQ  9HUJOHLFKHQ 6LH GLH VSUDFKOLFKHQ 0HUNPDOH GHU -XJHQGVSUDFKH LP 6SDQLVFKHQ XQG 3RUWX JLHVLVFKHQ ]%5HFWRU5RGUtJXH]*RQ]iOH]6FKPLGW5DGHIHOGW   9HUJOHLFKHQ6LHGLH9HUVFKUlQNXQJHQGHUGLDSKDVLVFKHQXQGGLDVWUDWLVFKHQ(EHQHGHU6SUDFKH LQHLQHUDQGHUHQURPDQLVFKHQ6SUDFKH ]%,WDOLHQLVFK)UDQ]|VLVFK   /DVVHQVLFKGLH6SUDFKYDULHWlWHQLQHLQHUPRGHUQHQ0HJDFLW\ QRFKPLWGHPKHUN|PPOLFKHQ 0RGHOOGHU'LDV\VWHPDWLNEHVFKUHLEHQ ]%3ORRJ5HLFK "

        



 6SUDFKJHVFKLFKWH  ([WHUQH6SUDFKJHVFKLFKWH  'LH+HUDXVELOGXQJGHV.DVWLOLVFKHQXQGGHV3RUWXJLHVLVFKHQ 'DV 6SDQLVFKH XQG GDV 3RUWXJLHVLVFKH JLQJHQ DXV GHP /DWHLQ KHUYRU GDV VHLW GHU (UREHUXQJ GHU ,EHULVFKHQ +DOELQVHO GXUFK GLH 5|PHU DE  Y &KU DXI IDVW GHP JHVDPWHQ*HELHW9HUEUHLWXQJJHIXQGHQKDWWH$OVHLQ]LJHYRUU|PLVFKH6SUDFKHEOLHEGDV QLFKWLQGRHXURSlLVFKH%DVNLVFKHUKDOWHQGDVZHQQDXFKDXIHLQHPNOHLQHUHQ*HELHWDOV IUKHUELVKHXWHJHVSURFKHQZLUG $XVJDQJVSXQNWHIUGDV6SDQLVFKHXQGGDV3RUWXJLHVLVFKHZDUHQ]ZHLXUVSUQJOLFK UHODWLY NOHLQH 6SUDFKJHELHWH LP 1RUGHQ GHU +DOELQVHO GDV .DVWLOLVFKH VGZHVWOLFK GHU 3\UHQlHQ XQG GDV *DOLFLVFKH LP lX‰HUVWHQ 1RUGZHVWHQ EHLGH QDFK GHU MHZHLOLJHQ 5HJLRQ .DVWLOLHQ XQG *DOLFLHQ EHQDQQW $QGHUV DOV GDV LQ GHP *HELHW ]ZLVFKHQ *DOLFLHQ XQG .DVWLOLHQ JHVSURFKHQH $VWXU/HRQHVLVFKH VRZLH GDV |VWOLFK .DVWLOLHQV YHUEUHLWHWH $UDJRQHVLVFK NRQQWHQ VLFK .DVWLOLVFK XQG *DOLFLVFK LP =XJH GHU 5HFRQ TXLVWD VX  LQ JUR‰HP 8PIDQJ QDFK 6GHQ DXVEUHLWHQ ZDV LQ JHULQJHUHP 0D‰H DXFK IU GDV .DWDODQLVFKH DQ GHU |VWOLFKHQ 0LWWHOPHHUNVWH JLOW 'DV .DVWLOLVFKH VS FDVWHOODQR SWJ FDVWHOKDQR  ZXUGH DE GHP  -K DOV 1DWLRQDOVSUDFKH 6SDQLHQV ]XQHKPHQGDXFKDOVHVSDxROEH]HLFKQHWDOOHUGLQJV]XQlFKVWZHQLJHULQ6SDQLHQVHOEVW DOVLP$XVODQGDEJHVHKHQYRQ3RUWXJDOZRVLFKHVSDQKRODQVWHOOHYRQFDVWHOKDQRHUVW UHODWLYVSlWGXUFKVHW]WH $QGHUV VWHOOW VLFK GLH %H]LHKXQJ ]ZLVFKHQ *DOLFLVFK VS JDOOHJR SWJ JDOHJR  XQG 3RUWXJLHVLVFK VSSRUWXJXpVSWJSRUWXJXrV GDU'XUFKGLH(WDEOLHUXQJGHV.|QLJUHLFKV 3RUWXJDO VX HQWVWDQGHLQHSROLWLVFKH*UHQ]H]ZLVFKHQGHP1RUGHQGHV6SUDFKJHELHWV GHULPVSDQLVFKHQ.|QLJUHLFKDXIJLQJXQGGHPVGOLFKHUHQ7HLOLQGHP3RUWXJLHVLVFK ]XU 1DWLRQDOVSUDFKH ZXUGH )U GLH =HLW ELV HWZD  VSULFKW PDQ QRFK YRQ HLQHP JHPHLQVDPHQ*DOLFLVFK3RUWXJLHVLVFKGDQDFKWUHQQWPDQ]ZLVFKHQGHU1DWLRQDOVSUDFKH 3RUWXJLHVLVFK PLW HLQHP QHXHQ SROLWLVFKHQ XQG NXOWXUHOOHQ =HQWUXP LP 6GHQ XQG *DOLFLVFKGDV]XQHKPHQGYRP.DVWLOLVFKHQEHUGDFKWZXUGH ]XUKHXWLJHQ6LWXDWLRQFI .DS  'LH)UDJHZDQQZLHXQGZDUXPVLFKDXVGHP]XQlFKVWPHKURGHUZHQLJHUKRPR JHQHQ9XOJlUODWHLQ FI&DQR$JXLODU± GHXWOLFKXQWHUVFKLHGOLFKH9DULHWlWHQ

 

 3RUWXJLHVLVFKH $XWRUHQ GHV  -DKUKXQGHUWV YHUVWDQGHQ HVSDQKRO QRFK LP PLWWHODOWHUOLFKHQ 6LQQQlPOLFKDXIGLHJHVDPWH,EHULVFKH+DOELQVHOEH]RJHQ FI6FKlIHU3ULH‰D  FI.DS     =XU(QWVWHKXQJVJHVFKLFKWHGHV%HJULIIHVFI/GWNH ± ]XU%H]LHKXQJ]ZLVFKHQ JHVSURFKHQHP XQG JHVFKULHEHQHP /DWHLQ LP IUKHQ 0LWWHODOWHU :ULJKW   ]XU





HQWZLFNHOWHQ LVW LQ GHU 9HUJDQJHQKHLW IU GLH ,EHURURPDQLD XPIDVVHQG GLVNXWLHUW ZRU GHQ)ROJHQGH)DNWRUHQZXUGHQVRZRKOIUGLH/DXWXQJDOVDXFKIUGHQ:RUWVFKDW]LQ %HWUDFKW JH]RJHQ8QWHUVFKLHGH LQ =HLWSXQNW XQG,QWHQVLWlW GHU 5RPDQLVLHUXQJ'DV NDVWLOLVFKH *HELHW ZXUGH VSlWHU XQG ZHQLJHU LQWHQVLY URPDQLVLHUW DOV GLH DQGHUHQ 5HJLRQHQDXFKDOVGLHEHQDFKEDUWH3URYLQ]*DOODHFLD FI/OHDO± 8QWHU VFKLHGOLFKH5RPDQLVLHUXQJVVWU|PHHLQHUVHLWV YRQGHUVGOLFKHQ3URYLQ]%DHWLFDDXVLQ QRUGZHVWOLFKH5LFKWXQJDQGHUHUVHLWVYRP(EUREHFNHQ 7DUUDFRQHQVLV DXVQDFK:HVWHQ 'DEHL ZHUGHQ YHUVFKLHGHQH )RUPHQ GHV /DWHLQV DQJHVHW]W GLH DXI XQWHUVFKLHGOLFKH .XOWXU XQGRGHU UHJLRQDOH +HUNXQIW GHU 6LHGOHU VRZLH DXI GLH $UW XQG :HLVH GHU 5RPDQLVLHUXQJ ]XUFNJHIKUW ZHUGHQ 'DV *DOLFLVFKH ZlUH GDQDFK DXV GHP DUFKDLVFKHUHQ NXOWLYLHUWHUHQ /DWHLQ GHU %DHWLFD KHUYRUJHJDQJHQ ZlKUHQG LQ .DVWLOLHQ DXFK GLH YRONVWPOLFKHUH LQQRYDWLYHUH 9DULHWlW GHU 7DUUDFRQHQVLV (LQIOXVV DXVJHEW KlWWH 5RGUtJXH]3DQWRMD  ± %ROOpH1HXPDQQ+RO]VFKXK  ±  8QWHUVFKLHGOLFKH6XEVWUDWHE]Z$GVWUDWH FIGD]XLP'HWDLO .DS 6RZRKOIU GDV.DVWLOLVFKHDOVDXFKIUGDV*DOLFLVFKHZLUGHLQNHOWLEHULVFKHV6XEVWUDWDQJHVHW]WIU GDV.DVWLOLVFKHGLVNXWLHUWPDQDEHUDXFKHLQHQP|JOLFKHQ(LQIOXVVSUlLQGRHXURSlLVFKHU 6SUDFKHQ YRU DOOHP GHV %DVNLVFKHQ 7DWVlFKOLFK LVW EHU GLH YRUU|PLVFKH 6SUDFK VLWXDWLRQ LQ .DQWDEULHQ VHKU ZHQLJ EHNDQQW VR GDVV VROFKH .RQWDNWH VFKZHU QDFK ]XZHLVHQVLQG'LHKlXILJNHOWLVFKHP(LQIOXVV]XJHVFKULHEHQHQ/DXWHQWZLFNOXQJHQZLH GLH ZHVWURPDQLVFKH 6RQRULVLHUXQJ RGHU GLH 3DODWDOLVLHUXQJ YRQ ODW >NW@ ZHUGHQ MHGHQ IDOOV YRQ EHLGHQ 6SUDFKHQ JHWHLOW %ROOpH1HXPDQQ+RO]VFKXK  ±  :DVGHQ (LQIOXVV GHV %DVNLVFKHQ DQJHKW 6XEVWUDW XQG $GVWUDWZLUNXQJ VLQG KLHU VFKZHU ]X XQWHUVFKHLGHQ VRKlOWHUVLFKDXFKLP.DVWLOLVFKHQZDVGHQ:RUWVFKDW]DQJHKWVHKULQ *UHQ]HQ %ROOpH1HXPDQQ+RO]VFKXK  ±  XQG LVW EH]JOLFK GHU NDVWLOLVFKHQ /DXWHQWZLFNOXQJ YRUDOOHPI!KFI.DS XPVWULWWHQ $XFKZHQQHVSODXVLEHOHUVFKHLQWGDVVGDV/DWHLQGHU,EHULVFKHQ+DOELQVHO]XU=HLW GHV5|PLVFKHQ5HLFKVUHJLRQDOQLFKWY|OOLJKRPRJHQJHZHVHQVHLQNDQQEHVWHKWKHXWH GRFK ZHLWJHKHQGHU .RQVHQV GDKLQJHKHQG GDVV VLFK ZHVHQWOLFKH 9HUlQGHUXQJHQ HUVW QDFK GHP =XVDPPHQEUXFK GHV :HVWU|PLVFKHQ 5HLFKV  Q &KU  YROO]RJHQ KDEHQ DOVGLH]XYRUGXUFKGLH0RELOLWlWLQQHUKDOEGHV,PSHULXPVJHJHEHQHQ$XVJOHLFKVWHQGHQ ]HQ ZHLWJHKHQG ]XP (UOLHJHQ NDPHQ XQG QHXH SROLWLVFKH *OLHGHUXQJHQ (QWVWHKXQJ QHXHU 5HLFKH  .RQWDNWVLWXDWLRQHQ XQG %HY|ONHUXQJVYHUVFKLHEXQJHQ UHJLRQDOH 6RQGHU HQWZLFNOXQJHQEHJQVWLJWHQ FI+HUEHUV±6FK|QWDJ±  ,Q GHU 9|ONHUZDQGHUXQJV]HLW NDPHQ GLH %HZRKQHU GHU ,EHULVFKHQ +DOELQVHO PLW YHUVFKLHGHQHQ JHUPDQLVFKHQ 9|ONHUQ LQ .RQWDNW =X QHQQHQ ZlUHQ KLHU YRU DOOHP GLH 6XHEHQGHUHQ.|QLJUHLFK]ZLVFKHQXQGLP1RUGZHVWHQGHU+DOELQVHO +DXSW

 )RUVFKXQJVODJH FI .LHVOHU  ±  HLQ]HOQH ZLFKWLJH 6WXGLHQ VLQG DX‰HUGHP +HUPDQ  &RVHULX  XQG:ULJKW     =X GHQ 6XEVWUDWVSUDFKHQ FI (FKHQLTXH (OL]RQGR   (FKHQLTXH (OL]RQGR0DUWtQH] $OFDOGH   %HOWUiQ /ORULV   &RUUHD   XQG %Oi]TXH]   =XU 0LJUDWLRQ YRP$OWHUWXPELV]XP0LWWHODOWHUFI6FK|QWDJ  





VWDGW%UDJD EHVWDQGXQGGLH:HVWJRWHQGLHDEIDVWGLHJHVDPWH,EHULVFKH+DOELQVHO LQ %HVLW] QDKPHQ XQG HLQ 5HLFK PLW GHU +DXSWVWDGW 7ROHGR JUQGHWHQ 9RQ GHU JHR JUDSKLVFKHQ 9HUWHLOXQJ KHU N|QQWH PDQ WKHRUHWLVFK PLW HLQHP VSH]LHOOHQ (LQIOXVV GHV 6XHELVFKHQDXIGDV*DOLFLVFKHUHFKQHQPXVVGRFKIDVW]ZHL-DKUKXQGHUWHODQJ]ZLVFKHQ GHQ 6XHEHQ XQG GHU GRUWLJHQ ODWHLQLVFK VSUHFKHQGHQ %HY|ONHUXQJ .RQWDNW EHVWDQGHQ KDEHQGRFKJLEWHVGDIUNHLQHHLQGHXWLJHQ%HOHJH FI6LOYD1HWRFI.DS   'LH 3UlVHQ] GHU :HVWJRWHQ ZUGH LKUHP +HUUVFKDIWVJHELHW JHPl‰ VSUDFKOLFKH 5HIOH[H DXI IDVW GHU JDQ]HQ +DOELQVHO HUZDUWHQ ODVVHQ 7DWVlFKOLFK JLEW HV VRZRKO LP 6SDQLVFKHQDOVDXFKLP3RUWXJLHVLVFKHQHLQH5HLKHYRQHLQGHXWLJHQ*HUPDQLVPHQGRFK LVW LP (LQ]HOIDOO RIW QLFKW VLFKHU ]X HQWVFKHLGHQ RE VLH DXI GLUHNWHQ .RQWDNW PLW GHQ *RWHQ GLH EHL LKUHU $QNXQIW DXI GHU ,EHULVFKHQ +DOELQVHO VFKRQ VWDUN URPDQLVLHUW JHZHVHQVHLQGUIWHQ]XUFN]XIKUHQVLQGRGHUREVLHHLQHQGHUDQGHUHQ(LQJDQJVZHJH IU*HUPDQLVPHQ YRUDOOHPDOOJHPHLQH9HUEUHLWXQJLP9XOJlUODWHLQJDOORURPDQLVFKH 9HUPLWWOXQJ  JHQRPPHQ KDEHQ %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  ±  'HUHQWVSUHFKHQGH:RUWEHVWDQGMHGHQIDOOVLVWLQEHLGHQ6SUDFKHQVHKUlKQOLFK FI.DS       0XVOLPLVFKH+HUUVFKDIWXQG5HFRQTXLVWD ,P -DKUH  EHJDQQ XQWHU 7ƗULT LEQ =L\ƗG ±  1DPHQVJHEHU YRQ *LEUDOWDU 'MDEDO 7ƗULT  GLH LVODPLVFKH (UREHUXQJ 'HU :HVWJRWHQN|QLJ 5RGHULFK 5RGULJR ±  ZXUGH EHVLHJW GLH ,EHULVFKH +DOELQVHO LQ QXU GUHL -DKUHQ IDVW YROOVWlQGLJ HUREHUW 'RFK EHUHLWV  EHJDQQ LQ GHQ NDQWDEULVFKHQ %HUJHQ PLW GHU P\WKLVFKHQ 6FKODFKW YRQ &RYDGRQJD XQWHU GHP ZHVWJRWLVFKHQ $GOLJHQ 3HODJLXV 3HOD\R3HOiJLR ± GHUGDVDVWXULVFKH.|QLJUHLFKEHJUQGHWHGLHVRJHQDQQWH5HFRQTXLVWD$XV GHP.|QLJUHLFK/HyQGDVGDVDVWXULVFKHDEO|VWHVSDOWHWHVLFKLP-KLP6GZHVWHQ GLH*UDIVFKDIW3RUWXFDOHDEXPLP6GRVWHQGLH*UDIVFKDIW.DVWLOLHQEHQDQQWQDFK

 

 'HU 1DPH 3RUWXJDO JHKW DXI GLH NOHLQH U|PLVFKH $QVLHGOXQJ &DOH PLW ZDKUVFKHLQOLFK NHOWLVFKHP8UVSUXQJDQGHU0QGXQJGHV'RXUR'XHUR KHXWH9LOD1RYDGH*DLD ]XUFN,Q GHQDQWLNHQ4XHOOHQLVW&DOHQXUDOV6WDWLRQGHV,WLQHUDULXP$QWRQLQL &DOHP GXUFK HLQH XQVLFKHUH 6WHOOH EHL 6DOOXVW +LVW IUDJP ,,,  &DOHV  VRZLH GXUFK (UZlKQXQJ EHL +\GDWLXV %LVFKRI YRQ $TXDH )ODYLDH JHVW  &KURQ † DG ORFXP TXL 3RUWXPFDOHP DSSHODWXU†3RUWXFDOH†3RUWXPFDOHFDVWUXP EHUOLHIHUW,QVXHELVFKHU=HLWDE(QGH GHV-KJDEHVRIIHQVLFKWOLFK]ZHL+DIHQRUWHDP'RXURQlPOLFK3RUWXFDOH$QWLTXXPE]Z 3RUWXFDOH FDVWUXP DQWLTXXP KHXWH 9LOD 1RYD GH *DLD  XQG 3RUWXFDOH 1RYXP E]Z 3RUWXFDOH FDVWUXP QRYXP KHXWH SWJ 3RUWRVS 2SRUWR  %HOHJH IU GLH U|PLVFKH 3UlVHQ] HUJDEHQ VLFK HUVW GXUFK *UDEXQJHQ DP &DVWHOR GH *DLD 9LOD 1RYD GH *DLD  LQ GHQ -DKUHQ  )XQG HLQHU U|PLVFKHQ ,QVFKULIW YRQ JULHFKLVFKHQ 0Q]HQ  XQG  -K Y &KU  XQG SXQLVFKHU .HUDPLN DXV GHP ± -K Y &KU  ± XQG YRU DOOHP ± U|PLVFKH0DXHUUHVWH-KY&KU±-KQ&KU RKQHGDVVGHVKDOEGHULQGHU$QWLNHZRKO





LKUHQ ]DKOUHLFKHQ %XUJHQ FDVWLOORV  GLH XQWHU )HUGLQDQG , GHP *UR‰HQ ±  ]XP .|QLJUHLFK DXIVWLHJ   XQG QDFK YHUVFKLHGHQHQ 3KDVHQ GHU 3HUVRQDOXQLRQ VFKOLH‰OLFKXQWHU)HUGLQDQG,,, ± GDVDOWH5HLFK$VWXULHQ±/HyQYHUHLQQDKP HQNRQQWH 8P  EHUJDE $OIRQV 9, YRQ .DVWLOLHQ GLH *UDIVFKDIW 3RUWXFDOH VHLQHP 6FKZLHJHUVRKQ+HLQULFKYRQ%XUJXQGGHUDOVIUlQNLVFKHU.UHX]IDKUHUDQGHU(UREHUXQJ 7ROHGRV WHLOJHQRPPHQ KDWWH  HUNOlUWH VLFK GHVVHQ 6RKQ $IRQVR +HQULTXHV ]XP .|QLJ YRQ 3RUWXJDO $QHUNHQQXQJ GXUFK .DVWLOLHQ  GXUFK GHQ 3DSVW   FI %HUQHFNHU3LHWVFKPDQQ    %HLGH .|QLJUHLFKH 3RUWXJDO XQG .DVWLOLHQ/HyQ NRQQWHQ LKU *HELHW XQWHU =XUFNGUlQJXQJ GHU $UDEHU ]XQHKPHQG HUZHLWHUQ )U 3RUWXJDOZDUGLH5HFRQTXLVWDPLWGHU(UREHUXQJGHU6WDGW)DURDEJHVFKORVVHQIU .DVWLOLHQ LP :HVHQWOLFKHQ PLW GHU 6FKODFKW YRQ /DV 1DYDV GH 7RORVD   XQG GHU (UREHUXQJYRQ6HYLOOD  'DVLVODPLVFKH5HLFK $O$QGDOXV EHVFKUlQNWHVLFKQXQ DXI GDV VHLW  YRQ GHU DUDELVFKHQ '\QDVWLH GHU 1DVULGHQ EHKHUUVFKWH .|QLJUHLFK *UDQDGDGDVHUVWYRQGHQ&KULVWHQHUREHUWZHUGHQVROOWH FI%RVVRQJ±  ±  %HL GHU :LHGHUHUREHUXQJ GHV LVODPLVFKHQ 6GHQV KDWWH GDV .|QLJUHLFK .DVWLOLHQ/HyQGHQJU|‰WHQ/DQGJHZLQQ]XYHU]HLFKQHQ:lKUHQG3RUWXJDOQXULQHLQHP 6WUHLIHQ HWZD YRQ GHU %UHLWH GHV HKHPDOLJHQ .|QLJUHLFKV *DOLFLHQ QDFK 6GHQ H[SDQGLHUWHXQGIUGDV.|QLJUHLFK$UDJyQQDFKGHU(UREHUXQJYRQ0XUFLD  GHU ZHLWHUH:HJQDFK6GHQDEJHVFKQLWWHQZDUNRQQWH.DVWLOLHQ/HyQGDVJHVDPWH*HELHW ]ZLVFKHQ3RUWXJDOXQG$UDJyQE]ZGHU0LWWHOPHHUNVWHHLQQHKPHQ'HU([SDQVLRQGHU 5HLFKH 3RUWXJDO .DVWLOLHQ/HyQ XQG $UDJyQ HQWVSUDFK ZHLWJHKHQG DXFK GLH LKUHU 6SUDFKHQ3RUWXJLHVLVFK.DVWLOLVFKXQG.DWDODQLVFK'DV/HRQHVLVFKHGDVVLFK]XQlFKVW DXFKQRFKQDFK6GHQKDWWHYHUEUHLWHQN|QQHQPXVVWHGDQQDOOHUGLQJVGHP.DVWLOLVFKHQ ZHLFKHQ FI GLH .DUWHQ EHL &DQR$JXLODU   XQG   0LWGHU 5HFRQTXLVWD YHU VFKZDQGHQ DXFK QDFK XQG QDFK GLH PR]DUDELVFK JHQDQQWHQ URPDQLVFKHQ 9DULHWlWHQ $UL]DVFKOlJWGDIUGHQ$XVGUXFNURPDQDQGDOXVtYRUGHUVLFKHLQGHXWLJDXI GLH 6SUDFKH XQG QLFKW DXFK DXI $EVWDPPXQJ RGHU 5HOLJLRQ EH]LHKW JlQJLJ LVW LP 6SDQLVFKHQ DXFK URPDQFH DQGDOXVt  GLH VLFK SDUDOOHO ]X GHQ Q|UGOLFKHQ 9DULHWlWHQ LP LVODPLVFKHQ5HLFKHQWZLFNHOWKDWWHQ ,Q $O$QGDOXV ZDU ]XQlFKVW QHEHQ GHP $UDELVFKHQ GHU (UREHUHU GDV 3URWR  5RPDQLVFKH ZHLWHU JHVSURFKHQ ZRUGHQ $OV 6FKULIWVSUDFKHQ IXQJLHUWHQ DX‰HU GHP /DWHLQ GHU &KULVWHQ GLH LKUH 5HOLJLRQ DQIDQJV ZHLWHU DXVEHQ NRQQWHQ GDV $UDELVFKH VRZLH GDV +HEUlLVFKH GHU MGLVFKHQ %HY|ONHUXQJVJUXSSH DOV 6SUHFKVSUDFKH ZDU

 DOV 3RUWXV &DOH 3RUWXV &DOLV RGHU 3RUWXV DG &DOHP EH]HLFKQHWH 2UW JDQ] HLQGHXWLJ ]X]XRUGQHQZlUH FI&DUYDOKR±$ODUFmR±    5DPLUR ,, ±  YHUKHLUDWHWH VHLQH 7RFKWHU XQG 7KURQHUELQ 3HWURQLOOD PLW 5DLPXQG %HUHQJDU ,9 ±  GHP *UDIHQ YRQ %DUFHORQD 6HLW GLHVHU +HLUDW LP -DKUH  ZDUHQGDV.|QLJUHLFK$UDJyQXQGGLH*UDIVFKDIW%DUFHORQDXQWHUGHUVRJHQDQQWHQ.URQHYRQ $UDJyQLQ3HUVRQDOXQLRQYHUEXQGHQXQG]ZDUXQWHU:DKUXQJGHUMHZHLOLJHQ6HOEVWlQGLJNHLW FI+HUEHUV 6SUDFKOLFKJHVHKHQGRPLQLHUWHLQGLHVHP5HLFKGDV.DWDODQLVFKH





+HEUlLVFK DOOHUGLQJV QLFKW PHKU LQ *HEUDXFK hEHU GLH PR]DUDELVFKH 6SUDFKH LVW PDQJHOV 4XHOOHQ ZHQLJ EHNDQQW 'LH ZHQLJHQ EHUOLHIHUWHQ 7H[WH ± YRU DOOHP GLH VR JHQDQQWHQ MDUFKDV SWJ FDUMDV DXFK NKDUMDV DUDE K੠DUЗDV  URPDQLVFKH 6FKOXVV VWURSKHQEHLGHUDUDELVFKHQXQGKHEUlLVFKHQ*HGLFKWVIRUPGHUPXZDããDK̙ƗW FI3RXQWDLQ  ±  ± ODVVHQ RIW YLHO 5DXP IU XQWHUVFKLHGOLFKH ,QWHUSUHWDWLRQHQ GD VLH PLW DUDELVFKHQ E]Z KHEUlLVFKHQ %XFKVWDEHQ JHVFKULHEHQ VLQG XQG GLH JUDSKLVFKH 5H SUlVHQWDWLRQGHU9RNDOHGDKHUVWDUNHLQJHVFKUlQNWLVW$UDELVFKZXUGHLQ6SDQLHQQRFK EHUGDV(QGHGHU5HFRQTXLVWDKLQDXVJHVSURFKHQ FI6DOYDGRU3ODQV XQG ]ZDUYRQ]XPLQGHVWHLQHP7HLOGHU0XGpMDUHVGHUMHQLJHQ0RVOHPVGLHDQGHUVDOVGLH -XGHQQDFK%HHQGLJXQJGHU5HFRQTXLVWDDXFKRKQH.RQYHUVLRQ]XP&KULVWHQWXPQRFK LP/DQGEOHLEHQGXUIWHQELVDXFKVLH±YHUWULHEHQZXUGHQ %RVVRQJ±   'LH LQ DUDELVFKHU 6FKULIW YHUIDVVWHQ URPDQLVFKHQ 7H[WH EH]HLFKQHW PDQ DOV $OMDPLDGRWH[WH /LWHUDWXU GHU 0RULVNHQà ]ZDQJV JHWDXIWH 0RVOHPV VS PRULVFRV SWJ PRXULVFRV  6LH VLQG KDXSWVlFKOLFK DXV 6SDQLHQ EHUOLHIHUW LQ EHVFKHLGHQHP 8PIDQJ DXFKDXV3RUWXJDO ,QHLFKHQ±  'DV$UDELVFKHKLQWHUOLH‰LQGHQ6SUDFKHQGHU,EHULVFKHQ+DOELQVHOPHKU6SXUHQDOV GLH JHUPDQLVFKHQ ,GLRPH ZHQQ DXFK YHUPXWOLFK DXVVFKOLH‰OLFK LP :RUWVFKDW] E]Z PDUJLQDO LQ GHU :RUWELOGXQJ 6SUDFKNRQWDNWVLWXDWLRQHQ HUJDEHQ VLFK LP 9HUODXI GHU 5HFRQTXLVWD]XHUVWGXUFKGLH)OXFKWYRQ0R]DUDEHUQDXV$O$QGDOXVLQGLHEHUHLWVYRQ GHQ &KULVWHQ HUREHUWHQ XQG WHLOZHLVH HQWY|ONHUWHQ HKHPDOLJHQ *UHQ]JHELHWH VS UHSREODFLyQSWJ UHSRYRDPHQWR  GDQQ GXUFK GDV =XVDPPHQOHEHQ YRQ &KULVWHQ 0RV OHPVXQG-XGHQ VSFRQYLYHQFLDSWJFRQYLYrQFLD LQGHQQHXHUREHUWHQ*HELHWHQZHLWHU LP6GHQZR0RVOHPVXQG-XGHQ]XQlFKVW%OHLEHUHFKWHLQJHUlXPWZXUGH(LQHGULWWH (QWOHKQXQJVVLWXDWLRQ HUJDE VLFK GXUFK VFKULIWOLFKH 9HUPLWWOXQJ YRUUDQJLJ GXUFK hEHU VHW]XQJHQ DUDELVFKHU 7H[WH FI &RUULHQWH &yUGRED    :HVHQWOLFKH 8QWHU

 



 :DV GLH -XGHQ EHWULIIW VR ZXUGHQ VLH PLW GHP HQGJOWLJHQ (QGH GHU 5HFRQTXLVWD  GHV /DQGHV YHUZLHVHQ VRIHUQVLH QLFKW EHUHLW ZDUHQ ]XP &KULVWHQWXP ]X NRQYHUWLHUHQ (LQ 7HLO YRQ LKQHQ HPLJULHUWH ]XQlFKVW QDFK 3RUWXJDO ZR VLH DOOHUGLQJV DXI GLH 'DXHU DXFK QLFKW XQEHKHOOLJW OHEHQ NRQQWHQ 9HUWUHLEXQJVHGLNW  =ZDQJVWDXIH   ,Q EHLGHQ /lQGHUQ YRU DOOHP LQ 3RUWXJDO HQWVWDQG GDGXUFK HLQ .U\SWRMXGHQWXP 'LHVH VRJHQDQQWHQ 0DUUDQHQ VSSWJ PDUUDQRV  E]Z FRQYHUVRV ZDQGHUWHQ LQ GHU )ROJH]HLW XD QDFK $PVWHUGDP +DPEXUJ XQG /RQGRQ DXV FI %RVVRQJ  ±  6LH EHKLHOWHQ ]XQlFKVW HLQ GHP 6WDQGDUG QDKHV 6SDQLVFK XQG 3RUWXJLHVLVFK EHL XQG QDKPHQ GDQQ UHODWLY EDOG GLH MHZHLOLJH 8PJHEXQJVVSUDFKH DQ 'LH -XGHQ GLH EHUHLWV  6SDQLHQ YHUODVVHQ KDWWHQ IDQGHQ YRU DOOHPLQ1RUGDIULNDXQGLP2VPDQLVFKHQ5HLFK([LO,QGLHVHQ*HELHWHQHQWZLFNHOWHVLFKHLQH KHXWH DOV -XGHQVSDQLVFK EH]HLFKQHWH $XVJOHLFKVYDULHWlW DXI %DVLV GHV VSlWPLWWHODOWHUOLFKHQ .DVWLOLVFK PLW (LQIOVVHQ GHV /HRQHVLVFKHQ $UDJRQHVLVFKHQ XQG ]XQHKPHQG GHU XP JHEHQGHQ6SUDFKHQYRUDOOHPGHV7UNLVFKHQ%LV]XP%HJLQQGHV-DKUKXQGHUWVZDUGDV -XGHQVSDQLVFKH DXI GHP %DONDQ QRFK ZHLW YHUEUHLWHW JHULHW DEHU DOV 0LQGHUKHLWHQVSUDFKH ]XQHKPHQGGXUFKGLHMHZHLOLJHQ1DWLRQDOVSUDFKHQLQ%HGUlQJQLV,P:HOWNULHJILHOHQGDQQ YLHOH 6HSKDUGHQ GHQ 9HUEUHFKHQ GHU 1DWLRQDOVR]LDOLVWHQ ]XP 2SIHU +HXWH JLEW HV QXU QRFK ZHQLJHXQGJHQHUHOO]ZHLVSUDFKLJH6SUHFKHUGLHPHLVWHQLQ,VUDHO /OHDO± 





VFKLHGHLQGHU$XIQDKPHYRQ$UDELVPHQODVVHQVLFK]ZLVFKHQGHP6SDQLVFKHQXQGGHP 3RUWXJLHVLVFKHQQLFKWIHVWVWHOOHQ FI.DS  :DV GLH )RUP GHV LQ GHQ HUREHUWHQ *HELHWHQ YHUEUHLWHWHQ .DVWLOLVFK XQG 3RUWX JLHVLVFK EHWULIIW VR JHKW PDQ LQ EHLGHQ )lOOHQ GDYRQ DXV GDVV EHLP 9RUGULQJHQ QDFK 6GHQ $XJOHLFKVYDULHWlWHQ HQWVWDQGHQ LQ GHQHQ UHJLRQDOH 8QWHUVFKLHGH GLH 5ROOH GHV 0R]DUDELVFKHQ ZLUG KLHUEHL XQWHUVFKLHGOLFK EHXUWHLOW  QLYHOOLHUW ZXUGHQ XQG GLH VLFK HQWVSUHFKHQG YRQ GHQ 9DULHWlWHQ GHU MHZHLOLJHQ 8UVSUXQJVUHJLRQHQ DOVR *DOLFLHQ XQG $OW .DVWLOLHQ DEKREHQ ,Q 3RUWXJDO HUJDE VLFK ZHJHQ GHU SROLWLVFKHQ $EWUHQQXQJ *DOLFLHQV GDUDXV NHLQH .RQIURQWDWLRQ ZlKUHQG LQ .DVWLOLHQ LP  -DKUKXQGHUW HLQ *HJHQVDW] ]ZLVFKHQ GHU DOWNDVWLOLVFKHQ 1RUP YRQ %XUJRV XQG GHU QHXNDVWLOLVFKHQ GHU N|QLJOLFKHQ 5HVLGHQ]VWDGW 7ROHGR EHVWDQG GHU ]XU =HLW $OIRQV GHV :HLVHQ LQ GHU 6FKULIWVSUDFKH GXUFK HLQH $XVJOHLFKVIRUP QRUPD QLYHODGRUD FI /OHDO    DXI]XKHEHQ YHUVXFKW ZXUGH 'RFK EOLHE GDV $OWNDVWLOLVFKH SUlJHQG IU GLH ZHLWHUH (QWZLFNOXQJ GHV .DVWLOLVFKHQ ZR]X GLH HQGJOWLJH 9HUOHJXQJ GHV .|QLJVKRIV QDFK 0DGULG  XQWHU 3KLOLSS ,,  PLW HLQHP PDVVLYHQ =X]XJ DXV GHP DOWNDVWLOLVFKHQ 5DXP HQWVFKHLGHQG EHLJHWUDJHQ KDEHQ GUIWH %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  'DJHJHQLVWGHUSRUWXJLHVLVFKH6WDQGDUG OtQJXDSDGUmR HLQGHXWLJVGOLFK JHSUlJW GHQQ GLH N|QLJOLFKH 5HVLGHQ] XQG GDPLW GDV NXOWXUHOOH =HQWUXP KDWWH VLFK LP =XJHGHU5HFRQTXLVWDYRQ3RUWR -K ]XQlFKVWQDFK&RLPEUD -K XQGGDQQ ZHLWHU QDFK /LVVDERQ  XQWHU $OIRQV ,,, ±  YHUODJHUW VR GDVV GLH 6WDQGDUGVSUDFKHODXW/OHDO  XQWHUVWDUNHPPR]DUDELVFKHQ(LQIOXVVLP5DXP &RLPEUD±/LVVDERQHQWVWDQG 6LOYD2VyULR± $QGHUVDOVEHLP.DVWLOLVFKHQ EWHGLHQ|UGOLFKH8UVSUXQJVUHJLRQZRKONHLQHQ(LQIOXVVPHKUDXV (LQ ZHLWHUHU 8QWHUVFKLHG ]ZLVFKHQ GHQ EHLGHQ 6SUDFKJHELHWHQ QDFK GHP (QGH GHU 5HFRQTXLVWDEHVWHKWGDULQGDVVGDVSRUWXJLHVLVFKH7HUULWRULXPQDFKGHU9HUWUHLEXQJGHU $UDEHUE]ZGHUVSUDFKOLFKHQ$VVLPLODWLRQGHU0XGpMDUHVDOVVSUDFKOLFKKRPRJHQJHOWHQ NDQQ DXFK HLQH .RQNXUUHQ] ]X DQGHUHQ URPDQLVFKHQ 9DULHWlWHQ EHVWDQG QLFKW ,Q 6SDQLHQZDUQLFKWQXUGXUFKGDV.|QLJUHLFKYRQ*UDQDGDGDV$UDELVFKHOlQJHUSUlVHQW VRQGHUQ LP 1RUGHQ KDWWHQ VLFK DXFK YHUVFKLHGHQH DQGHUH 9DULHWlWHQ HUKDOWHQ SULPlUH 'LDOHNWH GHV .DVWLOLVFKHQ ZLH $VWXU/HRQHVLVFK XQG $UDJRQHVLVFK VRZLH .DWDODQLVFK *DOLFLVFKXQG%DVNLVFK GLHQXQ]XQHKPHQGYRP.DVWLOLVFKHQEHUGDFKWZXUGHQ     'LHHUVWHQVFKULIWOLFKHQ7H[WH :lKUHQG HV LP IUKHQ 0LWWHODOWHU LQ $O$QGDOXV GUHL 6FKULIWVSUDFKHQ JDE ZXUGH LP FKULVWOLFKHQ 1RUGHQ DXVVFKOLH‰OLFK /DWHLQ JHVFKULHEHQ DXFK QRFK ]X HLQHP =HLWSXQNW DOV VLFK EHUHLWV GHXWOLFKH 8QWHUVFKLHGH ]ZLVFKHQ GHP /DWHLQ XQG GHU JHVSURFKHQHQ 9RONVVSUDFKH KHUDXVJHELOGHW KDEHQ PVVHQ +LQZHLVH GDUDXI ILQGHQ VLFK VHLW GHP  -DKUKXQGHUWLQ)RUPYRQJUDSKLVFKHQXQGJUDPPDWLVFKHQ$EZHLFKXQJHQLQODWHLQLVFKHQ





7H[WHQ YRUUDQJLJ 8UNXQGHQ /OHDO    0DQ VSULFKW KLHU YRQ URPDQFH SULPLWLYR RGHU SURWRURPDQFH LP 3RUWXJLHVLVFKHQ DXFK YRQ SHUtRGR SURWRKLVWyULFR 6LOYD2VyULR±  0LW/OHDONDQQPDQGLHVHQ=HLWUDXPQRFKHLQPDOXQWHUJOLHGHUQLQHLQHIUKH3KDVH PLWHLQHPGLDWRSLVFKQRFKQLFKWNODUGLIIHUHQ]LHUWHQ5RPDQLVFK URPDQFHSULPLWLYRGH +LVSDQLD/OHDO±FI%XVWRV7RYDU± XQGHLQHMQJHUH 3HULRGH  -DKUKXQGHUW  PLW EHUHLWV HLQGHXWLJHQ HLQ]HOVSUDFKOLFKHQ 0HUNPDOHQ ]% FDVWHOODQR SULPLWLYR /OHDO  ±  =X GHQ 7H[WHQ GHV URPDQFH SULPLWLYR GH +LVSDQLDUHFKQHW/OHDO ± DX‰HU8UNXQGHQDXFKGLHEHLGHQEHUOLHIHUWHQ *ORVVDUH GLH QDFK LKUHQ NO|VWHUOLFKHQ )XQGRUWHQ EHQDQQWHQ *ORVDV HPLOLDQHQVHV 6DQ 0LOOiQGHOD&RJROOD5LRMDFD+lOIWH-K XQG*ORVDVVLOHQVHV 6DQWR'RPLQJRGH 6LORV%XUJRVFD+lOIWH-K FI%XVWRV7RYDU± =XGLHVHU*UXSSH NDQQ PDQ DXFK 7H[WH ZLH GLH 1RGLFLD GH NHVRV YRQ FD  .RVWHQDXIVWHOOXQJ HLQHV 0|QFKHVDXVGHP.ORVWHU/RV6DQWRV-XVWR\3DVWRU/HyQ VRZLHGLHFDLQ$UDJyQ HQWVWDQGHQH1RWDULDWVXUNXQGH3DUWLFLJRQTXHIHFL6HQLJRU6DQJR*DUFHFH %XVWRV7RYDU  ]lKOHQ$QGHUH7H[WHGHV-DKUKXQGHUWVGLHPDQFKPDOLQGLHVHP.RQWH[W JHQDQQWZHUGHQGLH+RPLOLHVG¶2UJDQ\j .DWDORQLHQ(QGH-K GLHPR]DUDELVFKHQ MDUFKDV VR  GHU )XHUR GH $YLOpV $VWXULHQ FD   VRZLH GLH UHOLJL|VHQ 7H[WH 'LVSXWDGHODOPD\HOFXHUSRXQG$XWRGHORV5H\HV0DJRVEHLGHQHQXQWHUVFKLHGOLFK VWDUNDXVJHSUlJWHUHJLRQDOH0HUNPDOHHUNHQQEDUVLQGIDOOHQGDJHJHQQLFKWPHKULQGLH YRQ/OHDOGHILQLHUWH.DWHJRULH )U GDV FDVWHOODQR SULPLWLYR IKUW /OHDO  ±  HLQLJH 7H[WEHLVSLHOH DXV 8UNXQGHQGHV-DKUKXQGHUWVDQ:lKUHQGPDQ7H[WHQGLHVHV7\SVEHLGHQHQZHLWHU KLQGLVNXWLHUWZLUGREHVVLFKHKHUXPHLQIHKOHUKDIWHV/DWHLQRGHUXPHLQ5RPDQLVFK LP ODWHLQLVFKHQ *HZDQG KDQGHOW DQVRQVWHQ ZHQLJ $XIPHUNVDPNHLW JHZLGPHW KDW XQG VLH LQ GHQ VSDQLVFKHQ 6SUDFKJHVFKLFKWHQ K|FKVWHQV DP 5DQGH HUZlKQW ZHUGHQ ZXUGH GHQ LQ *DOLFLHQ XQG 1RUGSRUWXJDO HQWVWDQGHQHQ (QWVSUHFKXQJHQ PDQ N|QQWH KLHU DQDORJYRQWH[WRVJDODLFRVSULPLWLYRVUHGHQ LQGHQOHW]WHQ-DKU]HKQWHQHLQEHDFKWOLFKHV DXFK |IIHQWOLFKHV ,QWHUHVVH ]XWHLO GD PDQ DQGHUH .ULWHULHQ DOV HWZD /OHDO ]XJUXQGH OHJHQG XQWHU GHQMHQLJHQ 'RNXPHQWHQ GLH UHODWLY VWDUN URPDQLVFK JHSUlJW VLQG HLQHQ lOWHVWHQ SRUWXJLHVLVFKHQ 7H[W KRIIWH EHVWLPPHQ ]X N|QQHQ 8P GLHVHV 3UlGLNDW NRQ NXUULHUHQLQ]ZLVFKHQYRUDOOHPGLH1RWtFLDGH)LDGRUHV  GHUHQ(QWGHFNXQJE]Z (GLWLRQDXFKPHGLDOKRKH:HOOHQVFKOXJXQGGHU3DFWRGH*RPHV3DLVH5DPLUR3DLV ±  ,Q GHU VSDQLVFKHQ 0HGLlYLVWLN VFKHLQW GDJHJHQ GLH 6XFKH QDFK lOWHVWHQ 7H[WHQNDXPHLQH5ROOH]XVSLHOHQ 8QXPVWULWWHQ NDVWLOLVFKH XQG JDOLFLVFKSRUWXJLHVLVFKH 7H[WH OLHJHQ DXV GHP IUKHQ  -DKUKXQGHUW YRU )U GDV 3RUWXJLHVLVFKH VLQG GLHV GDV 7HVWDPHQWR GH ' $IRQVR ,,

 

 =XU QRFK QLFKW DEJHVFKORVVHQHQ 'LVNXVVLRQ XP GLH lOWHVWHQ SRUWXJLHVLVFKHQ 'RNXPHQWH FI DXFKGDVDNWXHOOH3URMHNW2ULJHQVGR3RUWXJXrV'LJLWDOL]DomR(GLomRH(VWXGR/LQJXtVWLFR GH 'RFXPHQWRV GRV 6pFXORV ,;±; ,QWHUQHW  VRZLH GLH 3XEOLNDWLRQHQ YRQ (PLOLDQR   6RXWR&DER  XQG0DUWLQV  





  XQG GLH 1RWtFLD GH WRUWR ±  IU GDV 6SDQLVFKH ZLUG JHOHJHQWOLFK GHU 9HUWUDJYRQ&DEUHURV  JHQDQQW FI%ROOpH1HXPDQQ+RO]VFKXK VRZLH DXFK GHU &DQWDU GH 0tR &LG GHU ]ZDU DOOHU :DKUVFKHLQOLFKNHLW QDFK XP  HQWVWDQGHQ LVW FI %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU    YRQ GHP DEHU NHLQH ]HLWJHQ|VVLVFKH +DQGVFKULIW EHNDQQW LVW GDV HLQ]LJH EHUOLHIHUWH 0DQXVNULSW GHV &LG ZLUG PHLVW DXI GDV  -DKUKXQGHUW GDWLHUW REZRKO HV DXFK $UJXPHQWH IU HLQHQ IUKHUHQ (QWVWHKXQJV]HLWSXQNW JLEW FI GLH 'LVNXVVLRQ EHL 5LDxR 5RGUtJXH]*XWLpUUH] $MD  ±  'LH HEHQIDOOV XP  HQWVWDQGHQHQ HUVWHQ JDOLFLVFKHQ &DQWLJDV ZHUGHQLP$OOJHPHLQHQQLFKW]XGHQIUKHQ7H[WHQGHV3RUWXJLHVLVFKHQJHUHFKQHWHEHQ DXV GHP *UXQG GDVV VLH HUVW LQ MQJHUHQ 6DPPOXQJHQ FDQFLRQHLURV  YRQ GHQHQ GLH HUVWH DXV GHP VSlWHQ  -DKUKXQGHUW VWDPPW VFKULIWOLFK IHVWJHKDOWHQ ZXUGHQ (V LVW LQWHUHVVDQW ]X VHKHQ GDVV EHL UHFKW lKQOLFKHU 7H[WODJH XQG hEHUOLHIHUXQJVVLWXDWLRQ GLH VSDQLVFKH XQG GLH SRUWXJLHVLVFKH 0HGLlYLVWLN GHXWOLFK XQWHUVFKLHGOLFKH (LQRUGQXQJHQ YRUQHKPHQ +LQVLFKWOLFK GHU OLWHUDULVFKHQ *DWWXQJHQ YHUKDOWHQ VLFK GDV 6SDQLVFKH XQG GDV 3RUWXJLHVLVFKH]XQlFKVWLQJHZLVVHU:HLVHNRPSOHPHQWlU'LHEHUOLHIHUWH+HOGHQHSLN± HV KDQGHOW VLFK LQ HUVWHU /LQLH XP GHQ&DQWDUGH 0tR &LG ± LVW LQ NDVWLOLVFKHU 6SUDFKH YHUIDVVWGLHK|ILVFKH/\ULN FDQWLJDVGHDPRUFDQWLJDVGHDPLJRFDQWLJDVGHHVFiUQLR H PDOGL]HU FI 0HVVQHU0OOHU    LQ JDOLFLVFKSRUWXJLHVLVFKHU XQG ]ZDU DXFK DX‰HUKDOE GHV JDOLFLVFKHQ 6SUDFKJHELHWV VR VLQG ]% GLH DP +RI GHV NDVWLOLVFKHQ .|QLJV $OIRQV GHV :HLVHQ VX  HQWVWDQGHQHQ WHLOZHLVH LKP VHOEVW ]XJHVFKULHEHQHQ &DQWLJDVGH6DQWD0DULDDXI*DOLFLVFKYHUIDVVW(LQHNDVWLOLVFKVSUDFKLJH/\ULNKLQJHJHQ IHKOWYRUHUVW FI7LHW] (LQVSH]LILVFKNDVWLOLVFKHV*HQUHLVWGLH0LWWHGHV -DKUKXQGHUWVHQWVWDQGHQHJHLVWOLFKH'LFKWXQJGHVPHVWHUGHFOHUHFtD FI7LHW]±  GDJHJHQVFKOlJWVLFKGHUK|ILVFKH5RPDQIUDQ]|VLVFKHU3URYHQLHQ]DE(QGHGHV -DKUKXQGHUWV LQ SRUWXJLHVLVFKHQ hEHUVHW]XQJHQ QLHGHU 6DUDLYD/RSHV R- ±  0DQ NDQQ DOVR IU GLHVH =HLW PLW HLQHU JHZLVVHQ %HUHFKWLJXQJ QRFK YRQ HLQHU JHPHLQVDPHQ OLWHUDWXUD SHQLQVXODU DXVJHKHQ EHL GHU GHQ YHUVFKLHGHQHQ *HQUHV YHUVFKLHGHQH6SUDFKHQ]XJHRUGQHWZDUHQ FI6DUDLYD/RSHVR-±  'LH6DFKSURVDKLQJHJHQHQWZLFNHOWHVLFKYRQ$QIDQJDQSDUDOOHODXI.DVWLOLVFKXQG 3RUWXJLHVLVFK ZREHL MHZHLOV GHU .|QLJVKRI HLQH PD‰JHEOLFKH 5ROOH VSLHOWH 6R HQW VWDQGHQ DP +RI GHV NDVWLOLVFKHQ .|QLJV $OIRQV ; $OIRQV GHU :HLVH$OIRQVR ; HO 6DELR$IRQVR ; R 6iELR ±  DXI GHVVHQ 9HUDQODVVXQJ ]7 DXFK XQWHU VHLQHU

 

 %LVYRUHLQLJHU=HLWJLQJPDQPLW0HQpQGH]3LGDOYRQHLQHPIUKHUHQ(QWVWHKXQJV]HLWSXQNW FDDXV=XU'LVNXVVLRQXPGLH'DWLHUXQJFI7LHW]     'LH &DQWLJDV VLQG ]XPLQGHVW ]7 YRQ GHU RN]LWDQLVFKHQ 7UREDGRUGLFKWXQJ EHHLQIOXVVW GHU &LG YRQ GHQ IUDQ]|VLVFKHQ &KDQVRQV GH JHVWH ZREHL GLH JHQDXHQ 8PVWlQGH GLHVHU %H]LHKXQJHQ ZHLWHUKLQ GLVNXWLHUW ZHUGHQ FI :LHJPDQQ  ±  'HU PHVWHU GH FOHUHFtD GHU YRP PHVWHU GH MXJODUtD 6SLHOPDQQQVGLFKWXQJ  XQWHUVFKLHGHQ ZLUG JHKW HEHQIDOOVDXIIUDQ]|VLVFKHVRZLHPLWWHOODWHLQLVFKH4XHOOHQ]XUFN 7LHW] $OOJHPHLQ ]XU IUKHQ VSDQLVFKHQ /LWHUDWXU FI ]% 7LHW]  ±  ]XU SRUWXJLHVLVFKHQ 6LHSPDQQ ± 





0LWZLUNXQJMXULVWLVFKHXQGKLVWRULRJUDSKLVFKH7H[WHDXI.DVWLOLVFK XD6LHWH3DUWLGDV *HVHW]HVVDPPOXQJ 3ULPHUD&UyQLFD*HQHUDO *HVFKLFKWVZHUN /LEURGHODV&UX]HV /LEUR GHO 6DEHU GH $VWURQRPtD /DSLGDULR  ZREHL GLH 7lWLJNHLW GHU VR JHQDQQWHQ hEHUVHW]HUVFKXOH YRQ 7ROHGR HLQH ZLFKWLJH 5ROOH VSLHOWH $P DOIRQVLQLVFKHQ +RI LQ 7ROHGR HQWZLFNHOWHQ VLFK DXFK GLH 1RUPHQ IU GDV FDVWHOODQR GUHFKR GLH EHUHLWV HUZlKQWH$XVJOHLFKVYDULHWlW'HQ]DKOUHLFKHUZHUGHQGHQ7H[W]HXJQLVVHQGLHGDV9RU UFNHQ GHU 9RONVVSUDFKH LQ ]XYRU GHP /DWHLQ YRUEHKDOWHQH 'LVNXUVWUDGLWLRQHQ ZLGHU VSLHJHOQ KDW PDQ YHUVXFKW YHUVFKLHGHQH 9HUVFKULIWXQJV9HUVFKULIWOLFKXQJVWUDGLWLRQHQ VFULSWDH ]X]XRUGQHQ (LQH lKQOLFKH5ROOH ZLH $OIRQV LQ .DVWLOLHQ VSLHOWH LQ 3RUWXJDO HWZDV VSlWHU GHVVHQ (QNHO .|QLJ ''LQLV ± GW 'LRQ\VLXV GHU /DQGZLUW  'HP 9RUELOG VHLQHV *UR‰YDWHUV IROJHQG VFKXI HU HEHQIDOOV HLQ 8PIHOG LQ GHP ]DKOUHLFKH 3URVDWH[WH LQ SRUWXJLHVLVFKHU 6SUDFKH XD &UyQLFD GH 9LQWH 5HLV 9DULDQWH $PSOLDGD GD &UyQLFD *HUDO GH (VSDQKD /LYUR G¶$OYHLWDULD 3ULPH\UD 3DUWLGD FI 6FK|QWDJ  ± 6FK|QWDJ LP 'UXFN  HQWVWHKHQ NRQQWHQ (LQH (QWVSUHFKXQJ ]XP FDVWHOODQR GUHFKR HQWVWDQGDP+RILQ/LVVDERQDOOHUGLQJVQLFKWZDVZRKOXDGDUDXI]XUFN]XIKUHQLVW GDVV HLQH $XVJOHLFKVQRUP DQJHVLFKWV GHU EHUHLWV HUZlKQWHQ +RPRJHQLWlW GHV 3RUWX JLHVLVFKHQNDXPHLQ'HVLGHUDWGDUVWHOOWH 6RZRKO EHL GHQ IUKHQ VSDQLVFKHQ DOV DXFK EHL GHQ SRUWXJLHVLVFKHQ 3URVDWH[WHQ KDQGHOW HV VLFK ZLH EHUHLWV DQJHGHXWHW VHKU KlXILJ XP hEHUVHW]XQJHQ E]Z $GDSWD WLRQHQ IUHPGVSUDFKLJHU 7H[WH 'DEHL VSLHOW GDV /DWHLQLVFKH IU EHLGH 6SUDFKHQ HLQH ZLFKWLJH 5ROOH ZRJHJHQ DUDELVFKH $XVJDQJVWH[WH LP 3RUWXJLHVLVFKHQ DQGHUV DOV LP .DVWLOLVFKHQNDXPQDFK]XZHLVHQVLQG$QGHUHUVHLWVZXUGHGRUWYLHOIDFKDXINDVWLOLVFKH 9RUODJHQ]XUFNJHJULIIHQ FI6FKlIHU3ULH‰(QGUXVFKDW6FK|QWDJ±  $E ZDQQ GLH LEHURURPDQLVFKHQ 9DULHWlWHQ KLHU VSH]LHOO GDV .DVWLOLVFKH XQG GDV *DOLFLVFK3RUWXJLHVLVFKHDOVGLVWLQNWH9DULHWlWHQZDKUJHQRPPHQXQGEHQDQQWZXUGHQ LVWQLFKWJHQDX]XEHVWLPPHQ(LQHUYHUEUHLWHWHQ$QQDKPH]XIROJHZXUGHQ]XQlFKVWDOOH YRONVVSUDFKOLFKHQ 9DULHWlWHQ DOV URPDQFH EH]HLFKQHW ZREHL GLH $EJUHQ]XQJ YRP /DWHLQDOVZLFKWLJHUHUDFKWHWZXUGHDOVGLH]ZLVFKHQYHUVFKLHGHQHQURPDQLVFKHQ9DULH WlWHQEHU=ZLVFKHQVWXIHQZLHURPDQFHFDVWHOODQRKlWWHQVLFKGDQQGLH6SUDFKEH]HLFK

 

 =XU 6SUDFKDXIIDVVXQJ $OIRQV¶ GHV :HLVHQ FI 1LHGHUHKH   XQG )HUQiQGH]2UGyxH]  VRZLH]XGHQVSUDFKOLFKHQ,PSOLNDWLRQHQGHU5HFKWVNRGLILNDWLRQHQ.DEDWHN  XQG 6FK|QWDJ E    =XURUWRJUDItDDOIRQVtFIEHLVSLHOVZHLVH0HQpQGH]3LGDO ±    =X GHQ VFULSWDH FI 0RQMRXU   XQG 0HW]HOWLQ D E  ]XU 8QWHUVFKHLGXQJ ]ZLVFKHQ 9HUVFKULIWXQJ PHGLDO  XQG 9HUVFKULIWOLFKXQJ NRQ]HSWLRQHOO  FI 2HVWHUUHLFKHU  ]XU*HVFKLFKWHYRQ0QGOLFKNHLWXQG6FKULIWOLFKNHLWFI6FKOLHEHQ/DQJH     'DV ' VWHKW IU 'RP  ODW '20,186  XQG LVW JHQHUHOO 1DPHQV]XVDW] EHL 0LWJOLHGHUQ GHU SRUWXJLHVLVFKHQ.|QLJVIDPLOLHFI.DS   =X 'LRQ\VLXV XQG VHLQHP DOIRQVLQLVFKHQ (UEH LQ SROLWLVFKHU NXOWXUHOOHU XQG VSUDFKOLFKHU +LQVLFKW FI $FNHUOLQG   ]X HLQ]HOQHQ VSUDFKOLFKHQ $XVZLUNXQJHQ LQ GHQ MXULVWLVFKHQ 'RNXPHQWHQFI6FK|QWDJ ± 





QXQJHQFDVWHOODQRSRUWXJXrVHWFHQWZLFNHOW FI$ORQVR± $OOHUGLQJVVLQG OHQJXDMH FDVWHOODQR XQG OHQJXD FDVWHOODQD EHUHLWV EHL $OIRQV GHP :HLVHQ EHOHJW =XU *HVFKLFKWH GHU 6SUDFKEH]HLFKQXQJ SRUWXJXrV JLEW HV ELVKHU ZHQLJ (UNHQQWQLVVH FI 6FKlIHU3ULH‰ D ±  :DV GLH VSUDFKOLFKHQ 6WUXNWXUHQ GHV .DVWLOLVFKHQ XQG 3RUWXJLHVLVFKHQ DQJHKW VR VLQG GLHVH LP 0LWWHODOWHU MHZHLOV UHODWLY VWDELO VR GDVV ]X GLHVHU =HLW NHLQH 7HQGHQ]HQ ]XU ZHLWHUHQ $XVHLQDQGHUHQWZLFNOXQJ IHVW]XVWHOOHQ VLQG $XFK IU HLQH %HHLQIOXVVXQJ GHV 3RUWXJLHVLVFKHQ GXUFK GDV .DVWLOLVFKH RGHU HYHQWXHOO XPJHNHKUWVFKHLQWHVNHLQH$QKDOWVSXQNWH]XJHEHQ 'DJHJHQ XQWHUODJHQ EHLGH 6SUDFKHQ LP 0LWWHODOWHU GHP (LQIOXVV GHV *DOOR URPDQLVFKHQ'LH.RQWDNWHPLWGHP )UDQ]|VLVFKHQXQG2N]LWDQLVFKHQNDPHQDXIYLHO IlOWLJH :HLVH ]XVWDQGH ]% -DNREVZHJ &OXQLD]HQVLVFKH 5HIRUP G\QDVWLVFKH %H ]LHKXQJHQ PDQ EHDFKWH DXFK GLH VWDUNH 3UlVHQ] GHU IUDQ]|VLVFKHQ /LWHUDWXU  XQG N|QQWHQDX‰HUDXIGHQ:RUWVFKDW] FI.DS LP6SDQLVFKHQDXFK(LQIOXVVDXIGLH /DXWXQJJHKDEWKDEHQ FI%ROOpH1HXPDQQ+RO]VFKXK  

   'HU%HJLQQGHUPDULWLPHQ([SDQVLRQLP-DKUKXQGHUW 'DVVIUGLH3RUWXJLHVHQQDFK$EVFKOXVVGHU5HFRQTXLVWDNHLQZHLWHUHU/DQGJHZLQQDXI GHU+DOELQVHOPHKUP|JOLFKZDUNDQQDOVHLQHUGHU*UQGHIUGHQPLOLWlULVFKHQ$QJULII DXI GLH QRUGDIULNDQLVFKH 6WDGW &HXWD   EHWUDFKWHW ZHUGHQ GHU GHQ %HJLQQ GHU DX‰HUHXURSlLVFKHQ PDULWLPHQ ([SDQVLRQ YRQ GHU ,EHULVFKHQ +DOELQVHO DXV PDUNLHUW $QJHUHJW GXUFK GHQ SRUWXJLHVLVFKHQ ,QIDQWHQ +HLQULFK GHQ 6HHIDKUHU SWJ ,QIDQWH ' +HQULTXH± XQGPLWGHUYRUUDQJLJHQ$EVLFKWQHXH+DQGHOVZHJH±YRUDOOHP GHQ6HHZHJQDFK,QGLHQ±]XHUVFKOLH‰HQIDQGHQQXQ(QWGHFNXQJVIDKUWHQDQGHUZHVW DIULNDQLVFKHQ.VWHVWDWWXQGLQZHQLJHQ-DKU]HKQWHQNRQQWHQSRUWXJLHVLVFKH6HHIDKUHU *HELHWH LQ $IULND $VLHQ XQG $PHULND  $]RUHQ  .DS GHU *XWHQ +RIIQXQJ ,QGLHQ%UDVLOLHQ LQ%HVLW]QHKPHQ'LH6SDQLHUKLQJHJHQZDUHQDQGHUVDOV GLH ,WDOLHQHU ELV ]XP (QGH GHV  -DKUKXQGHUWV QLFKW DQ (QWGHFNXQJVUHLVHQ EHWHLOLJW %HUQHFNHU    ZXUGHQ DEHU QDFK GHU (QWGHFNXQJ $PHULNDV  GXUFK GHQ *HQXHVHQ &KULVWRSK &ROXPEXV GHVVHQ ([SHGLWLRQ LP $XIWUDJ GHU VSDQLVFKHQ .|QLJH HUIROJWHVFKQHOO]XHLQHUZLFKWLJHQ.RQNXUUHQ]IUGLHGDPDOVGRPLQLHUHQGH6HHPDFKW 3RUWXJDO

 

 (LQH IUKH ([SDQVLRQVSKDVH LP 0LWWHOPHHU JDE HV EHUHLWV ]XYRU GXUFK GDV .|QLJUHLFK $UDJyQ±(UREHUXQJGHU%DOHDUHQ6L]LOLHQ±$WKHQXQG1HRSDWUDV  6DUGLQLHQ 8QWHU $OIRQV 9 ±  HUUHLFKWH GDV DUDJRQHVLVFKH 0LWWHOPHHU LPSHULXPPLWGHU(UREHUXQJGHV.|QLJUHLFKHV1HDSHO  VFKOLH‰OLFKVHLQHQ+|KHSXQNW





6FKRQ  ZXUGH LP 9HUWUDJ YRQ 7RUGHVLOODV LP 9HUWUDJ YRQ 6DUDJRVVD  OHLFKW PRGLIL]LHUW GLH$XIWHLOXQJGHUEHUVHHLVFKHQ,QWHUHVVHQVVSKlUH]ZLVFKHQ6SDQLHQXQG 3RUWXJDOIHVWJHOHJW3RUWXJDOHUKLHOW$IULNDXQG$VLHQ]XJHVSURFKHQ6SDQLHQ$PHULND ZREHL HV 3RUWXJDO DOOHUGLQJV JHODQJ DXFK GHQ ± HUVW VSlWHU RIIL]LHOO HQWGHFNWHQ ± |VW OLFKHQ 7HLO GHV DPHULNDQLVFKHQ .RQWLQHQWV XQG GDPLW GDV VSlWHUH %UDVLOLHQ ]X VHLQHP %HUHLFKUHFKQHQ]XGUIHQ*HPl‰GLHVHU$XIWHLOXQJHWDEOLHUWHQVLFKLQ$PHULNDEHLGH 6SUDFKHQZlKUHQGDQGHQDIULNDQLVFKHQ.VWHQXQGLPDVLDWLVFKHQ5DXPLQHUVWHU/LQLH GDV3RUWXJLHVLVFKHSUlVHQWZDU9RQ:HVWDIULNDDXVYHUEUHLWHWHQVLFKPLWGHP]XQlFKVW YRQGHQ3RUWXJLHVHQGRPLQLHUWHQ6NODYHQKDQGHODXFK.UHROVSUDFKHQDXISRUWXJLHVLVFKHU %DVLV FI%DUWHQV±XQG.DS  ,QEHLGHQ6SUDFKHQIKUWHGHU.RQWDNWPLWGHU%HY|ONHUXQJGHUHUREHUWHQ*HELHWH]X OH[LNDOLVFKHQ(QWOHKQXQJHQZREHLHUZDUWXQJVJHPl‰LP6SDQLVFKHQLQDOOHUHUVWHU/LQLH ,QGLDQLVPHQ ]X YHU]HLFKQHQ VLQG LP 3RUWXJLHVLVFKHQ DX‰HUGHP :|UWHU DIULNDQLVFKHQ XQG DVLDWLVFKHQ 8UVSUXQJV (LQ 7HLO GLHVHU :|UWHU ZXUGH DXFK LQ DQGHUH HXURSlLVFKH 6SUDFKHQYHUPLWWHOW FI.DS      6SDQLVFKXQG3RUWXJLHVLVFK]X%HJLQQGHU1HX]HLW ,QGHQZHQLJHQ-DKU]HKQWHQ]ZLVFKHQ'DWXPGHU9HUHLQLJXQJGHUEHLGHQ.|QLJ UHLFKH .DVWLOLHQ/HyQ XQG $UDJyQ QDFK GHU +HLUDW YRQ ,VDEHOOD YRQ .DVWLOLHQ XQG )HUGLQDQGYRQ$UDJyQ  GHQ.DWKROLVFKHQ.|QLJHQXQGDOVGHUVGOLFKGHU 3\UHQlHQ JHOHJHQH 7HLO GHV .|QLJUHLFKV 1DYDUUD LQ GDV .|QLJUHLFK .DVWLOLHQ$UDJyQ LQNRUSRULHUW ZXUGH KDWWH VLFK GLH SROLWLVFKH /DQGNDUWH GHU ,EHULVFKHQ +DOELQVHO HQWVFKHLGHQG YHUlQGHUW 6WDWW IQI .|QLJUHLFKHQ 3RUWXJDO .DVWLOLHQ/HyQ $UDJyQ 1DYDUUD XQG *UDQDGD  JDE HV QXQ QXU QRFK ]ZHL 6WDDWHQ 3RUWXJDO XQG .DVWLOLHQ $UDJyQGDVGHQHUKHEOLFKJU|‰HUHQ7HLOGHU+DOELQVHOHLQQDKP,QGHU)ROJH]HLWZXUGH GLH%H]HLFKQXQJÃ6SDQLHQ¶ +LVSDQLD(VSDxD(VSDJQHHWF GLH]XYRUDXIGLHJHVDPWH ,EHULVFKH +DOELQVHO UHIHULHUW KDWWH LP $OOJHPHLQHQ 3RUWXJDO LVW KLHU ]XQlFKVW DXV JHQRPPHQFI.DS QXUQRFKIUGDV.|QLJUHLFK.DVWLOLHQ$UDJyQYHUZHQGHW 'LH PDULWLPH ([SDQVLRQ WUXJ QLFKW QXU ]X HLQHP ZHQQ DXFK UHODWLY NXU]]HLWLJHQ ZLUWVFKDIWOLFKHQ$XIVFKZXQJEHLVRQGHUQDXFKGD]XGDVVEHLGH/lQGHU]X%HJLQQGHV  -DKUKXQGHUW HLQH ELV GDKLQ XQJHNDQQWH %HDFKWXQJ LP HXURSlLVFKHQ $XVODQG HUIXKUHQ'LHVJLOWIU3RUWXJDOYRUDOOHPIUGLH5HJLHUXQJV]HLW.|QLJ(PDQXHOV, ' 0DQXHO ±  HLQH (SRFKH GLH ELVZHLOHQ DOV %HJLQQ HLQHV SRUWXJLHVLVFKHQ *ROGHQHQ =HLWDOWHUV 6pFXOR GH 2XUR VX  EHWUDFKWHW ZLUG FI %HUQHFNHU3LHWVFKPDQQ    6SDQLHQ JHODQJWH DXI GHQ +|KHSXQNW VHLQHU 0DFKW XQG LQWHUQDWLRQDOHQ

 

 %HUHLWVZXUGHLP9HUWUDJYRQ$OFDoRYDVGLH(LQIOXVVVSKlUHLQ$IULNDIHVWJHOHJWZRUGHQ .DVWLOLHQ EHNDP GLH .DQDUHQ ]XJHVSURFKHQ 3RUWXJDO 0DGHLUD GLH $]RUHQ XQG DOOH (QW GHFNXQJHQVGOLFKGHV.DS%RMDGRU +DQGHOVZHJQDFK,QGLHQ 





%HGHXWXQJ QDFKGHP GHU +DEVEXUJHU .DUO YRQ *HQW  DOV .DUO , &DUORV ,  GLH 7KURQIROJH EHUQRPPHQ KDWWH XQG  ]XP .DLVHU GHV +HLOLJHQ 5|PLVFKHQ 5HLFKV 'HXWVFKHU 1DWLRQ JHZlKOW ZRUGHQ ZDU %HUQHFNHU    $OV .DLVHU ZDU .DUO +HUUVFKHU EHU ZHLWH 7HLOH (XURSDV DOV VSDQLVFKHU .|QLJ JOHLFK]HLWLJ DXFK EHU GLH HUREHUWHQ DPHULNDQLVFKHQ *HELHWH XQG GDPLW EHU ÄHLQ 5HLFK LQ GHP GLH 6RQQH QLFKW XQWHUJHKW³ :DV GDV 9HUKlOWQLV 6SDQLHQV XQG 3RUWXJDOV ]XHLQDQGHU LQ GLHVHU =HLW DQJHKW VR VXFKWH 3RUWXJDO GDV VLFK LQ GHU 6FKODFKW YRQ $OMXEDUURWD JHJHQ 6SDQLHQ   DOV VHOEVWVWlQGLJH 1DWLRQ EHKDXSWHW KDWWH XQWHU ' 0DQXHO PDQJHOV DQGHUHU %QGQLV RSWLRQHQ HLQH $QQlKHUXQJ DQ GDV 1DFKEDUODQG GLH VLFK DXFK LQ GHU +HLUDWVSROLWLN lX‰HUWH %HUQHFNHU 3LHWVFKPDQQ    8QWHU .DUOV 6RKQ 3KLOLSS ZXUGHQ GLH EHLGHQ /lQGHU QDFK GHP 7RG GHV SRUWXJLHVLVFKHQ 7KURQHUEHQ 6HEDVWLDQ 6HEDVWLmR  VFKOLH‰OLFK  LQ 3HUVRQDOXQLRQ ELV   YHUHLQLJW FI 0HVVQHU0OOHU  ± %HUQHFNHU3LHWVFKPDQQ±%HUQHFNHU3LHWVFKPDQQ±  %HLGH/lQGHUHUOHEWHQ$QIDQJGHV-DKUKXQGHUWVHLQHEOKHQGH5HQDLVVDQFHNXOWXU 'DEHL ZDU GHU LWDOLHQLVFKH (LQIOXVV GHVVHQ 9HUEUHLWXQJ DXI GHU ,EHULVFKHQ +DOELQVHO GXUFKGHQDUDJRQHVLVFKHQ+RILQ1HDSHOEHJQVWLJWZXUGHLQEHLGHQ/lQGHUQZLUNVDP LQ3RUWXJDOZXUGHGLH5HQDLVVDQFHNXOWXUDX‰HUGHPVSH]LHOOGXUFKGLH(QWGHFNXQJVUHLVHQ JHSUlJW 0DQXHOLVPRFI%HUQHFNHU3LHWVFKPDQQ 'LH=HLWHWZDDE0LWWHGHV -DKUKXQGHUWVELVFDJLOWVSlWHUDOVGDV*ROGHQH=HLWDOWHU6SDQLHQV 6LJOR V GH 2UR  YRU DOOHP LQ %H]XJ DXI GLH UHLFKH OLWHUDULVFKH 3URGXNWLRQ ]% 0LJXHO GH &HUYDQWHV ± /RSH GH 9HJD ± 7LUVR GH 0ROLQD ± XQG3HGUR&DOGHUyQGHOD%DUFD± ,Q3RUWXJDOOLHJWGHU6FKZHUSXQNWIUKHU ]% *LO 9LFHQWH ±FD  /XtV GH &DP}HV FD ±FD   GHQ JUR‰HQ VSDQLVFKHQ'UDPDWLNHUQGHV-DKUKXQGHUWVVWHKHQNHLQHHEHQEUWLJHQSRUWXJLHVLVFKHQ $XWRUHQPHKUJHJHQEHU

 

 .DUO GHU LQ *HQW JHERUHQ ZXUGH XQG LP .ORVWHU 6DQ *HUyQLPR GH «@( PDQLIHVWR KH TXH FRPR HQWUH WRGDV DV QDo}HV TXH QR PXQGR KD QHQKXPD VH DORQJRX WDQWRGHVXDWHUUDQDWXUDOFRPRDQDomR3RUWXJXHVDSRLVVHQGRGRXOWLPRRFFLGHQWH  GHUUDGHLUD SDUWH GR PXQGR RQGH FRPR 3OLQLR GL]  RV HOHPHQWRV GD WHUUD DJRD DDU ID]HPVXDGHPDUFDomRSHQHWUDUmRWXGRRTXHRPDU2FHDQR FHUFD FRPVLJROHYDUmR VXD OLQJRD $ TXDO WDP SXUDPHQWH VH IDOOD HP PXLWDV FLGDGHV GH $IULFD TXH DR QRVVR MXJR VmR VXEMHFWDV FRPR QR PHVPR 3RUWXJDO  HP PXLWDV SURYLQFLDV GD (WKLRSLD GD 3HUVLD GD,QGLDRQGHWHPRVFLGDGHV FRORQLDV>«@³ /HmR± 

 

 'LH 2ULJLQDOJUDSKLH ZXUGH EHLEHKDOWHQ DEJHVHKHQ GDYRQ GDVV KHXWH XQEOLFKH .RPEL QDWLRQHQ YRQ %XFKVWDEH  7LOGH DXIJHO|VW XQGX XQG Y GHU KHXWLJHQ 9HUZHQGXQJ DQJHSDVVW ZXUGHQ





 'LH(QWZLFNOXQJDE0LWWHGHV-DKUKXQGHUWV 0LWGHP(QGHGHU3HUVRQDOXQLRQQDKPGHUNXOWXUHOOHXQGVSUDFKOLFKH(LQIOXVV6SDQLHQV DXI3RUWXJDOVWDUNDEXQGDXFKLPHXURSlLVFKHQ.RQWH[WYHUORU6SDQLHQGDVVHLW(QGH GHU 5HJLHUXQJV]HLW .DUOV 9   DEJHVHKHQ YRP .RORQLDOUHLFK ZLHGHU HLQ DXI GLH ,EHULVFKH +DOELQVHO EHVFKUlQNWHV .|QLJUHLFK ZDU DQ %HGHXWXQJ 6RZRKO 6SDQLHQ DOV DXFK 3RUWXJDO RULHQWLHUWHQ VLFK VSlWHVWHQV DE (QGH GHV  -DKUKXQGHUWV LQ NXOWXUHOOHU +LQVLFKW ZLHGHU YHUVWlUNW DQ )UDQNUHLFK 'LH IUDQ]|VLVFKH $XINOlUXQJ ZXUGH WURW] =HQVXULQ6SDQLHQXQG3RUWXJDOJOHLFKHUPD‰HQUH]LSLHUWE]ZVWLH‰DXFKDXI$EOHKQXQJ 3ROLWLVFKULFKWHWHVLFK3RUWXJDOGDVQRFKHLQPDOHLQHVSDQLVFKH,QYDVLRQDEZHKUWH DQ*UR‰EULWDQQLHQ 0HWKXHQYHUWUDJ DXVZlKUHQGLQ6SDQLHQGHU%RXUERQH 3KLOLSS 9 ±  DXI GHQ 7KURQ JHODQJWH 1DFK YHUEUHLWHWHU $QVLFKW WUXJ GLHVHU '\QDVWLHZHFKVHO PD‰JHEOLFK ]XU hEHUQDKPH YRQ *DOOL]LVPHQ LQV 6SDQLVFKH EHL GRFK LVW LQ GHP SROLWLVFK Y|OOLJ DQGHUV DXVJHULFKWHWHQ 3RUWXJDO ]X GLHVHU =HLW ± VR ZLH LQVJHVDPW LQ (XURSD ± HLQH HEHQVR JUR‰H %HUHLWVFKDIW ]XU (QWOHKQXQJ DXV GHP )UDQ ]|VLVFKHQ ]X HUNHQQHQ ,Q EHLGHQ /lQGHUQ JDE HV YRU DOOHP DE %HJLQQ GHV  -DKUKXQGHUWV.ULWLNDPIUDQ]|VLVFKHQ(LQIOXVV $QVRQVWHQ ODVVHQ VLFK KLQVLFKWOLFK GHU 6SUDFKH YRU DOOHP LQ 6SDQLHQ LP  -DKUKXQGHUW %HPKXQJHQ ]XU LQVWLWXWLRQHOOHQ 6WDQGDUGLVLHUXQJ XQG 1RUPLHUXQJ HUNHQQHQZXUGHQDFKGHP9RUELOGGHU$FDGpPLH)UDQoDLVHLQ0DGULGGLH5HDO $FDGHPLD (VSDxROD JHJUQGHW GHU HLQH ZHVHQWOLFKH 5ROOH GDEHL ]XNDP 1RFK LP  -DKUKXQGHUW HUVFKLHQHQ GDV 'LFFLRQDULR GH $XWRULGDGHV ±  GLH 2UWRJUDItD   XQG GLH *UDPiWLFD GH OD OHQJXD FDVWHOODQD   GLH ELV KHXWH LQ HQWVSUHFKHQGDNWXDOLVLHUWHU$XIODJHQRUPJHEHQGH:LUNXQJKDEHQ QDFKGHU'HYLVHGHU $NDGHPLH /LPSLD ILMD \ GD HVSOHQGRU  'DJHJHQ NRQQWH GLH  LQ /LVVDERQ JHJUQGHWH $FDGHPLD 5HDO GDV 6FLHQFLDV KHXWH $FDGHPLD GDV &LrQFLDV GH /LVERD  NHLQHQRUPDWLYH:LUNXQJHQWIDOWHQ]XPDOGDVYROOVWlQGLJH:|UWHUEXFKGHU$NDGHPLH GDV 'LFLRQiULR GD OtQJXD SRUWXJXHVD FRQWHPSRUkQHD HUVW  HUVFKLHQ XQG HLQH *UDPPDWLN ELV KHXWH DXI VLFK ZDUWHQ OlVVW ,Q 6SDQLHQ JLQJ PLW GHU 1RUPLHUXQJ XQG GHP 3UHVWLJHJHZLQQ GHV 6WDQGDUGV YRQ 0DGULG HLQH ZHLWHUH 0DUJLQDOLVLHUXQJ GHU 'LDOHNWH XQG GHU 5HJLRQDOVSUDFKHQ HLQKHU XQG GLH HKHPDOLJH :LVVHQVFKDIWVVSUDFKH /DWHLQ ZXUGH HEHQIDOOV ± XQG GLHV JLOW DXFK IU GDV 3RUWXJLHVLVFKH ± DXI ZHQLJH XQL

 

 'LH$OOLDQ]3RUWXJDOVPLW (QJODQGJHKWEHUHLWVDXIHLQ$ENRPPHQ YRQ]XUFNXQGLVW HLQHGHUlOWHVWHQXQGNRQVWDQWHVWHQ%QGQLVVHLQ(XURSDHUQHXHUWPLWPHKUHUHQ9HUWUlJHQLQ GHU=HLW]ZLVFKHQXQG   &I GD]X EHLVSLHOVZHLVH GLH 3ROHPLN LQ HLQHU SRUWXJLHVLVFKHQ =HLWXQJ /LVVDERQ  YRQ  *XHUUD jV SDODYUDV DIUDQFHVDGDV %RLVYHUW ± ±  RGHU GLH NULWLVFKHQ %HPHUNXQJHQ YRQ %HQLWR -HUyQLPR )HLMyR ±  XQG $QWRQLR GH &DSPDQ\ ±   GLH GLH SXUH]D GHV 6SDQLVFKHQ GXUFK GLH ]DKOUHLFKHQ *DOOL]LVPHQ LQ *HIDKU VDKHQ %ROOpH1HXPDQQ+RO]VFKXK    'DV'LFLRQiULRGD$FDGHPLD5HDOGDV&LrQFLDVYRQEOLHEHLQElQGLJXQG]ZDUQXUYRQ $ELVD]XUUDU 9HUGHOKR 





YHUVLWlUH %HUHLFKH ]XUFNJHGUlQJW +HUQiQGH]*RQ]iOH] :HVFK 0DUWtQH] *RQ]iOH]7RUUHV 0RQWHV    ,Q EHLGHQ /lQGHUQ ZXUGH GLH 1DWLRQDO VSUDFKHLP-DKUKXQGHUWRIIL]LHOO]XP8QWHUULFKWVIDFK FI6FKlIHU±  'LH QDSROHRQLVFKH bUD YHUOLHI LQ EHLGHQ /lQGHUQ LQVRIHUQ XQWHUVFKLHGOLFK DOV 6SDQLHQ ]ZLVFKHQ  XQG  YRQ HLQHP %UXGHU 1DSROHRQV -RVHSK %RQDSDUWH UHJLHUW ZXUGH %HUQHFNHU  ±  ZlKUHQG 3RUWXJDO VLFK PLW HQJOLVFKHU +LOIH VFKQHOO YRQ GHU IUDQ]|VLVFKHQ %HVHW]XQJ EHIUHLHQ NRQQWH 5HJLHUW ZXUGH GDV /DQG ]ZLVFKHQXQGYRQ5LRGH-DQHLURDXVZRKLQVLFKGHUSRUWXJLHVLVFKH3ULQ] UHJHQW XQG VSlWHUH .|QLJ -RKDQQ ,9 YRU GHQQDSROHRQLVFKHQ7UXSSHQ JHIOFKWHW KDWWH %HUQHFNHU3LHWVFKPDQQ± 'LH(QWZLFNOXQJGHUEHLGHQ/lQGHULPZHLWHUHQ VRZLHLP-DKUKXQGHUWYHUOLHILQYLHOHU+LQVLFKWSDUDOOHO'DVOLEHUDOH%UJHUWXP HUVWDUNWH XQG HV NDP ]X PHKUHUHQ 8PVWU]HQ GLH VSlWHU DXFK YRQ GHQ XQWHUHQ %H Y|ONHUXQJVVFKLFKWHQJHWUDJHQZXUGHQ 6SDQLHQ.DUOLVWHQNULHJH± ±  ± (UVWH 5HSXEOLN ± =ZHLWH 5HSXEOLN ± 6SDQLVFKHU %UJHUNULHJ ± 3RUWXJDO     (UVWH 5HSXEOLN ±  ZDV DP 9RUDEHQG GHV  :HOWNULHJHV LQ 'LNWDWXUHQ PQGHWH )UDQFLVFR )UDQFR ± $QWyQLR GH 2OLYHLUD 6DOD]DU ± =ZHLWH 5HSXEOLN(VWDGR 1RYR ±  ZRUDXV 3RUWXJDO DOV 'ULWWH 5HSXEOLN  Ä1HONHQUHYROXWLRQ³  KHUYRUJLQJ XQG 6SDQLHQ DOV SDUODPHQWDULVFKH 0RQDUFKLH DE  -XDQ &DUORV ,  %HUQHFNHU3LHWVFKPDQQ±  6SUDFKJHVFKLFKWOLFKEHGHXWVDPLVWGHUDOOPlKOLFKH9HUOXVWGHUEHLGHQ.RORQLDOUHLFKH XQG GLH (PDQ]LSDWLRQ GHU QHX HQWVWDQGHQHQ 6WDDWHQ GLH OHW]WHQGOLFK EH]JOLFK GHU 6SUDFKQRUP ]X HLQHP 3OXUL]HQWULVPXV JHIKUW KDW FI .DS  XQG   )U GLH VSDQLVFKH 6SUDFKODQGVFKDIW LVW ZHLWHUKLQ YRQ %HGHXWXQJ GDVV GLH VHLW %HJLQQ GHU 1HX]HLWYRP.DVWLOLVFKHQEHUGDFKWHQ5HJLRQDOVSUDFKHQLP-DKUKXQGHUWZLHGHULQV %HZXVVWVHLQGHUgIIHQWOLFKNHLWJHUFNWZXUGHQ ,Q .DWDORQLHQ OLH‰ PDQ EHUHLWV  GLH 7UDGLWLRQ GHV 'LFKWHUZHWWVWUHLWV -RFV )ORUDOV  ZLHGHUDXIOHEHQ SUlJHQGH )LJXUHQ GHU 5HQDL[HQoD ZDUHQ GHU 'LFKWHU -DFLQW 9HUGDJXHU ±  VRZLH GHU *UDPPDWLNHU XQG 6SUDFKUHIRUPHU 3RPSHX )DEUD ±  GHU LQ =XVDPPHQDUEHLW PLW GHP  JHJUQGHWHQ ,QVWLWXW G¶(VWXGLV &DWDODQV GLH 1RUPHV 2UWRJUjILTXHV   HUDUEHLWH ,Q *DOLFLHQ ZDU GLH 'LFKWHULQ 5RVDOtDGH&DVWUR ± GLH*DOLRQVILJXUGHV5H[XUGLPHQWRGLHPLWGHQ&DQWDUHV *DOHJRV   GDV HUVWH JDQ] DXI *DOLFLVFK YHUIDVVWH :HUN GLHVHU (SRFKH YHU |IIHQWOLFKWH 'HU IUKH EDVNLVFKH1DWLRQDOLVPXV 3L]NXQGHD  KDWWH VHLQHQEHUKPWHVWHQ 9HUWUHWHU LQ GHP -RXUQDOLVWHQ 'LFKWHU XQG $JLWDWRU 6DELQR $UDQD *RLUL ±  GHU VHOEVW HLJHQWOLFK NDVWLOLVFK JHSUlJW ZDU *XJHQEHUJHU  ±  'LH %HVWUHEXQJHQ GHU 5HJLRQDOVSUDFKHQ QDFK PHKU $XWRQRPLH ZDUHQ DOOHUGLQJV HUVW QDFK GHP (QGH GHU )UDQFRbUD HUIROJUHLFK LQ GHU HLQH EHVRQGHUV UHSUHVVLYH 0LQGHUKHLWHQ VSUDFKSROLWLN YHUIROJW ZRUGHQ ZDU =XU KHXWLJHQ 6LWXDWLRQ GHU VSDQLVFKHQ 5HJLRQDO VSUDFKHQFI.DS]XP3RUWXJLHVLVFKHQZRZLHVLFKDXVGHU*HVFKLFKWHHUJLEWQXU DQVDW]ZHLVH HLQH 0LQGHUKHLWHQVSUDFKVLWXDWLRQ EHVWHKW FI .DS  ]XP 0LUDQ





GHVLVFKHQ %HLGHQ6SUDFKHQJHPHLQLVWGLHLPPHUVWlUNHUH$EO|VXQJGHV)UDQ]|VLVFKHQ DOV *HEHU XQG 9HUPLWWOHUVSUDFKH YRQ (QWOHKQXQJHQ GXUFK GDV (QJOLVFKH FI .DS    

 ,QWHUQH6SUDFKJHVFKLFKWH +LQVLFKWOLFKGHU*HPHLQVDPNHLWHQXQG8QWHUVFKLHGHLQGHU(QWZLFNOXQJGHUEHLGHQDXV GHP 9XOJlUODWHLQ GHU ,EHULVFKHQ +DOELQVHO KHUYRUJHJDQJHQHQ 9DULHWlWHQ PXVV YRUDE ]ZLVFKHQ /DXWXQJ XQG 0RUSKRV\QWD[ XQWHUVFKLHGHQ ZHUGHQ (UVWHUH ]HLJW YRQ GHQ HUVWHQ EHUOLHIHUWHQ 7H[WHQ DQ GHXWOLFKH 'LYHUJHQ]HQ REZRKO VLFK EHLGH 6SUDFKHQ QDWUOLFK JUXQGVlW]OLFK QRFK lKQOLFKHU VLQG DOV KHXWH  OHW]WHUH OlVVW LP 0LWWHODOWHU HUKHEOLFKPHKU*HPHLQVDPNHLWHQDOV8QWHUVFKLHGHHUNHQQHQZREHLGLHIHVW]XVWHOOHQGHQ 'LYHUJHQ]HQHWZDLQGHU1RPLQDOXQG9HUEDOIOH[LRQPHLVWLQ9HUELQGXQJPLWGHQVSH ]LILVFKHQ /DXWHQWZLFNOXQJHQ VWHKHQ 6RQVWLJH PRUSKRV\QWDNWLVFKH 8QWHUVFKLHGH VLQG JU|‰WHQWHLOVGDV5HVXOWDWMQJHUHU(QWZLFNOXQJHQ %HL GHU 5HNRQVWUXNWLRQ YRQ KLVWRULVFKHP /DXWVWDQG XQG /DXWHQWZLFNOXQJHQ JLEW HV GLYHUVH'LVNXVVLRQVSXQNWHDXFKXQGJHUDGHEHLGHQMQJHUHQ(QWZLFNOXQJHQZRPDQ ]ZDU DXI JHVFKULHEHQH 7H[WH ]XUFNJUHLIHQ NDQQ GLH XQVLFKHUH %H]LHKXQJ ]ZLVFKHQ 6FKUHLEXQJ XQG /DXWXQJ MHGRFK HLQLJHQ 6SLHOUDXP IU ,QWHUSUHWDWLRQHQ OlVVW )U GDV 3RUWXJLHVLVFKHNRPPWKLQ]XGDVVGLH)RUVFKXQJVODJHRIWHKHUGUIWLJLVW     3KRQRORJLH +XEHU  IDVVWGLH8QWHUVFKLHGHGLHVLFKLQGHU(QWZLFNOXQJDXVGHP9XOJlU ODWHLQLVFKHQ ]XP PLWWHODOWHUOLFKHQ 6SDQLVFK XQG 3RUWXJLHVLVFK HUJHEHQ KDEHQ LQ HLQHU 7DEHOOH ]XVDPPHQ GLH KLHU IRUPDO XQG LQKDOWOLFK XQYHUlQGHUW ZLHGHUJHJHEHQ ZLUG DEJHVHKHQGDYRQGDVVGLH5HLKHQIROJH3RUWXJLHVLVFK±6SDQLVFKXPJHVWHOOWZXUGH          





7DEHOOH/DXWHQWZLFNOXQJYRP/DWHLQ]XP6SDQLVFKHQE]Z3RUWXJLHVLVFKHQ /DWHLQ

6SDQLVFK

3RUWXJLHVLVFK



DULR

HUR

HLUR

DXDX

R

RX

DO.RQVRQDQW DSL

R HS

RX DLE

Č

LH

H

ǂ

XH

R

Q

Q

‘

O

O

‘

FOSOIO

OO

FK

FW

FK

LW

QQ

x

Q

OO

OO SWJOK 

O

SULPDULX!SULPHUR±SULPHLUR DXUX!RUR±RXUR VDSXLW!VRSH±VRXEH KDEXLW!RYH KXYH ±RXYH VDOWR!VRWR±VRXWR VDSLDW!VHSD±VDLED FDHOX!FLHOR±FpX WHQHW!WLHQH±WHP HTXD!\HJXD±pJXD ERQX!EXHQR±ERP FRUSX!FXHUSR±FRUSR ERQD!EXHQD±ERD WHQHUH!WHQHU±WHU FDHOX!FLHOR±FpX VDOLUH!VDOLU±VDLU FODPDUH!OODPDU±FKDPDU SODQX!OODQR±FKmR IODPPD!OODPD±FKDPD IDFWX!KHFKR±IHLWR SHFWX!SHFKR±SHLWR QRFWH!QRFKH±QRLWH DQQX!DxR±DQR SDQQX!SDxR±SDQR FDEDOOX!FDEDOOR±FDYDOR JDOOX!JDOOR±JDOR

 =XP $XVIDOO YRQ Q LP 3RUWXJLHVLVFKHQ GHU ODXW :LOOLDPV  ±  LP  -DKUKXQGHUW VWDWWIDQG LVW ]X HUJlQ]HQ GDVV GLHVHV Q QLFKW GDJHJHQ LQODXWHQGHV P ZLH ]% EHL IXPDU  ]XYRU GLH 1DVDOLHUXQJ GHV YRUDQJHKHQGHQ 9RNDOV YHUXUVDFKW KDWWH +XEHU    LP *DOLFLVFKHQ EOLHE GLHVH 1DVDOLHUXQJ QLFKW HUKDOWHQ FI /OHDO    'DGXUFK ZDUHQ lKQOLFK ZLH GXUFK GHQ $XVIDOO GHV O +LDWJUXSSHQ HQW VWDQGHQGLHLP$OWSRUWXJLHVLVFKHQRIIHQEDUQRFKGXUFKJHKHQGDOVVROFKHYRUOLHJHQ ]% DSWJNJXYODW XQXNODW Nj186QSWJXP>NJ@RGHUDSWJYƭRYODW YLQXNODW 9Ʈ180 QSWJYLQKR> YL‫ص‬X@ ]XU:HLWHUHQWZLFNOXQJGLHVHU*UXSSHQVX  2ELP$OWSRUWXJLHVLVFKHQEHUHLWVVWDWWGHP]XHUZDUWHQGHQDXVODXWHQGHQR YODWR NODWǎ EHLGHQ0DVNXOLQDGHUR'HNOLQDWLRQ ]%VSKLMRSWJILOKRYODW ILOMXNODW DNN )Ʈ/,80KHXWLJH$XVVSUDFKHLP6SDQLVFKHQ> L[R@LP3RUWXJLHVLVFKHQ> ILुX@ RGHU





DXFK EHL GHU 9HUEDOHQGXQJ GHU 3V6J,QG3UlV R YODW FDQWR NODW &$17ƿ QVS > NDQWR@QSWJ> NmQWX@ HLQXYRUODJVRZLHHVLPMQJHUHQ3RUWXJLHVLVFKGHU)DOOLVWLVW ELVKHXWHQLFKWHLQGHXWLJJHNOlUW,QGHQQHXHUHQ$UEHLWHQ /DXVEHUJ,± 9i]TXH] &XHVWD/X]  , ± 6LOYD 1HWR  ±  EHVWHKW .RQVHQV GDUEHU GDVV GLH PLWWHODOWHUOLFKH $XVVSUDFKH GLHVHU (QGXQJHQ GLH JUDSKLVFK EHU ZLHJHQGDOVR!UHSUlVHQWLHUWVLQGZLHLQGHQ1DFKEDUYDULHWlWHQ>R@ZDU'LH+HEXQJ ]X >X@ VHL HUVW VSlWHU HUIROJW ODXW 6LOYD    ELV ]XP  -DKUKXQGHUW 7H\VVLHU ±,,, ]LHKWDXIJUXQGPHWDVSUDFKOLFKHU,QIRUPDWLRQHQGHQ6FKOXVVGDVV GLH $XVVSUDFKH >R@ LP 3RUWXJLHVLVFKHQ ELV LQV-DKUKXQGHUW EOLFKJHZHVHQ VHL%HL HLQHU VR VSlWHQ 'DWLHUXQJ ZlUH DOOHUGLQJV ]X HUNOlUHQ ZDUXP DXFK LQ %UDVLOLHQ GLH $XVVSUDFKH>X@YRUOLHJW 'DJHJHQJHKHQ+XEHU  XQG:LOOLDPV ± GDYRQDXVGDVVGHU :DQGHO YRQ >R@ ]X >X@ LQ GHU 6LQJXODUHQGXQJ GHU PDVNXOLQHQ 1RPLQD XQG LQ GHU 3V6JGHV,QG3UlVEHUHLWVLP0LWWHODOWHUVWDWWIDQGODXW:LOOLDPVLP-DKUKXQGHUW 'LHVHV>X@KDEHGDQQGLHIUGDV3RUWXJLHVLVFKHFKDUDNWHULVWLVFKHQ8PODXWSUR]HVVH ÄX 8PODXW³ FI .DS   DXVJHO|VW GLH YRQ GHQ 9HUWUHWHUQ GHU HUVWHUHQ 7KHVH GDUDXI ]XUFNJHIKUWZHUGHQGDVVEHLGHU(QGXQJGHV$NNXVDWLYVGHUPDVNR'HNOLQDWLRQLP 9XOJlUODWHLQ HLQLJHU *HELHWH GHU 5RPDQLD VR LQ 6GLWDOLHQ VRZLH LP 1RUGZHVWHQ GHU ,EHULVFKHQ+DOELQVHOGDVXUVSUQJOLFKHODW ǍRIIHQEDU QRFKUHODWLYODQJDOV>X@DUWLNX OLHUWZRUGHQVHLXQGQLFKWZLHLQDOOHQDQGHUHQ.RQWH[WHQDXFKEHLGHQXUVSUQJOLFKHQ 1HXWUDGHUR'HNOLQDWLRQDOV>R@ FI/DXVEHUJ,±  'LH$QVHW]XQJHLQHVXVWDWWHLQHVRIUGLHYODW)RUPHQGHV0DVN6JZLHVLHKLHU LP 7H[W YRUJHQRPPHQ ZLUG HQWVSULFKW GHU 5HNRQVWUXNWLRQ /DXVEHUJV QDFK GHU GLHVHV >X@ ]XQlFKVW DXFK LP 9XOJlUODWHLQ .DVWLOLHQV YRUODJ )ROJW PDQ +XEHU XQG :LOOLDPV PVVWH IU GLH JHPHLQVDPH VSDQLVFKSRUWXJLHVLVFKH %DVLV HLQ YODW >R@ ]XJUXQGHJHOHJW ZHUGHQ 'LH KLHU DXIJHIKUWHQ 8QWHUVFKLHGH ]ZLVFKHQ GHQ EHLGHQ 6SUDFKHQ VLQG ]7 GDUDXI ]XUFN]XIKUHQGDVVEHUHLWVYRQGHUYODW$XVJDQJVEDVLVDXVGLYHUJHQWH(QWZLFNOXQJHQ VWDWWIDQGHQ VR EHL QQ XQG OO GLH LP 6SDQLVFKHQ SDODWDOLVLHUW LP 3RUWXJLHVLVFKHQ HQWJHPLQLHUW ZXUGHQ XQG EHL LQWHUYRNDOLVFKHP O XQG Q  ,Q DQGHUHQ )lOOHQ LVW HLQH ]XQlFKVWJHPHLQVDPH(QWZLFNOXQJLQYHUVFKLHGHQHQ6WDGLHQHUKDOWHQJHEOLHEHQ EHLFO SO IO ZR GDV LP 6SDQLVFKHQ YRUOLHJHQGH >ु@ LP 3RUWXJLHVLVFKHQ ]X >߿@ ZHLWHUHQW ZLFNHOWZXUGHRGHUEHLFWZRGDV3RUWXJLHVLVFKHPLW>MW@GHQlOWHUHQ6WDQGEHZDKUW VRZLHLQGHQ)lOOHQEHLGHQHQHLQ]XQlFKVWHQWVWDQGHQHVHLXQGRXLP6SDQLVFKHQIUK PRQRSKWKRQJLHUWZXUGHQ  ,P .DVWLOLVFKHQ ZHUGHQ >ɬ@ XQG >͑@ LQ GHU 7RQVLOEH XQG ]ZDU DQGHUV DOV LP )UDQ]|VLVFKHQXQG,WDOLHQLVFKHQDXFKLQJHVFKORVVHQHU6LOEH JUXQGVlW]OLFK]X>ZH@XQG >MH@ GLSKWKRQJLHUW VRIHUQ GHU RIIHQH 9RNDO QLFKW YRUKHU GXUFK SDODWDOHQ (LQIOXVV

 

 =XP (LQIOXVV GHV -RW VS O@ XQG >Q@ IKUWHQ GD]X GDVV LQ GHU PRGHUQHQ 6SUDFKVWXIH GLH JOHLFKHQ /DXWH LQ YHUVFKLHGHQHQ HW\PRORJLVFKHQ .RQWH[WHQ YRUNRPPHQ 6R HQWVWDQG LQ EHLGHQ 6SUDFKHQHLQSDODWDOHU1DVDO>‫@ص‬MHGRFKXQWHUXQWHUVFKLHGOLFKHQ9RUDXVVHW]XQJHQZDV GD]XIKUWGDVVLQ:RUWSDDUHQHLQHP>‫@ص‬LP6SDQLVFKHQHLQ>Q@LP3RUWXJLHVLVFKHQHQW VSUHFKHQNDQQ±XQGJHQDXXPJHNHKUW  7DEHOOH3DODWDOH1DVDOH 6SDQLVFK

3RUWXJLHVLVFK

SDxRFDxD>‫@ص‬ FDPLQRGLQHUR>Q@

SDQRFDQD>Q@ FDPLQKRGLQKHLUR>‫@ص‬



 

 (LQH GHWDLOOLHUWH 'DUVWHOOXQJ PLW XPIDVVHQGHQ /LWHUDWXUDQJDEHQ ILQGHW VLFK EHL 6LOYD 1HWR ± FI/OR\G ± 





,P6SDQLVFKHQJHKWGDV>‫@ص‬DXIJHPLQLHUWHVODW>Q@]XUFN]%VSSDxRFDxD YODW

SDQQXNODW 3$1186YODW FDQQDNODW &$11$ GDVLP3RUWXJLHVLVFKHQHLQIDFKHV>Q@ HUJLEW SWJ SDQR FDQD  ,Q VS FDPLQR XQG GLQHUR LVW YODW LQWHUYRNDOLVFKHV Q YODW

FDPPtQX DXVGHP.HOWLVFKHQ YODW GLQiUMXNODW 'Ɯ1Ɩ5,86 HUKDOWHQJHEOLHEHQLP 3RUWXJLHVLVFKHQLVWHVQDFKGHVVHQ$XVIDOO]XU(QWVWHKXQJHLQHV>‫@ص‬JHNRPPHQ VX  bKQOLFKHVLVWEHL>ु@GDVDOOHUGLQJVLP6SDQLVFKHQKHXWHLQGHQPHLVWHQ9DULHWlWHQ DX‰HU ]% LQ 7HLOHQ 6SDQLHQV YRU DOOHP LP 1RUGHQ XQG HLQLJHQ =RQHQ LQ +LVSDQR DPHULND  ]X >M@ JHZRUGHQ LVW \HtVPR  ]X EHREDFKWHQ ]X HLQHU JHQDXHUHQ $XI VFKOVVHOXQJ FI .DS   >ु@ LVW LQ EHLGHQ 6SUDFKHQ NRPSOHPHQWlU YHUWHLOW ,P 6SDQLVFKHQ HQWVWDQG HLQ >ु@ DXV JHPLQLHUWHP >O@ GDV LP 3RUWXJLHVLVFKHQ RKQH 3DOD WDOLVLHUXQJ]X>O@YHUHLQIDFKWZXUGH +XEHU VRZLHDXV>SO@>NO@XQG>IO@GDV VLFKLP3RUWXJLHVLVFKHQEHU>߿@]X>ߑ@HQWZLFNHOWH VR 'DVSRUWXJLHVLVFKH>ु@GHVVHQ ODWHUDOH$XVVSUDFKHHUKDOWHQLVWHQWVWDQGKLQJHJHQDXVYODW>OM@GDVLP.DVWLOLVFKHQ]X >ও@ZXUGH 3HQQ\ XQGVFKOLH‰OLFKEHU>ȉ@]X>[@  7DEHOOH(QWZLFNOXQJGHU/DWHUDONRQVRQDQWHQ 6SDQLVFK

3RUWXJLHVLVFK

JDOOR>ु@ !>M@  KLMR>[@ OORUDU>ु@ !>M@ 

JDOR>O@ ILOKR>ु@ FKRUDU>ߑ@

 6HLW GHP $XVJDQJ GHV 0LWWHODOWHUV YROO]RJHQ VLFK HLQLJH ZHLWHUH QLFKW LPPHU VLFKHU GDWLHUEDUH(QWZLFNOXQJHQGLHGDV6SDQLVFKHXQG3RUWXJLHVLVFKHYRQHLQDQGHUHQWIHUQWHQ 6FKRQ VHLW GHP IUKHQ 0LWWHODOWHU KDW VLFK ZRKO SDUWLHOO LP .DVWLOLVFKHQ GDV DQ ODXWHQGH I YRU 9RNDOHQ XQG M ]X >K@ HQWZLFNHOW ZREHL GLH *UDSKLH I! ]XQlFKVW IRUWJHIKUWZXUGH/DXW3HQQ\  ODJVFKRQLP/DWHLQLVFKHQGLHELODELDOH $XVVSUDFKH>ij@IUIYRUXQGHVELOGHWHVLFKIROJHQGH'LVWULEXWLRQKHUDXVGLHFDELV]XP -KVWDELOZDU>ं@YRU>Z@]%PXHUWH>ਥंZH4WH@>K@YRUDOOHQ9RNDOHQXQG>M@]% IRUQR>ਥKR4QR@>ij@YRU4]%IULR>ਥij4LR@'LHYRQ3HQQ\SRVWXOLHUWHQ$OORSKRQH>ं@ XQG >ij@ VROOHQ GDQQ LP VSlWHQ $OWVSDQLVFK ]X >I@ ]XVDPPHQJHIDOOHQ VHLQ HYWO XQWHU (LQIOXVV YRQ 6SUHFKHUQ GHV )UDQ]|VLVFKHQ XQG 2N]LWDQLVFKHQ GLH GLHVH SKRQHWLVFKHQ 9DULDQWHQQLFKWDUWLNXOLHUHQNRQQWHQ 'DV>K@EHJDQQ]XQlFKVWLQ$OWNDVWLOLHQDEGHP  -K JDQ] DXV]XIDOOHQ %ROOpH1HXPDQQ+RO]VFKXK  ±  VR GDVV KHXWH HLQHP SWJ ILOKD IDULQKD IRUQR PLW DQODXWHQGHP >I@ HLQ VS KLMD > L[D@ KDULQD >D ȍLQD@ KRUQR> RȍQR@JHJHQEHUVWHKHQ 'LH*UQGHIUGLH(QWZLFNOXQJI!K!‘VLQGQLFKWXQXPVWULWWHQ0HQpQGH]3LGDO ±† GHUVLFKGLHVHP3UREOHPLQVHLQHQ2UtJHQHVDXVIKUOLFKZLGPHW JHKW YRQ $XVVSUDFKHYDULDQWHQ DXV >I@ YV >K@  GLH EHU PHKUHUH -DKUKXQGHUWH SDUDOOHO H[LVWLHUW KlWWHQ DEKlQJLJ YRQ GLDWRSLVFKHQ XQG GLDVWUDWLVFKHQGLDSKDVLVFKHQ )DNWRUHQ >I@ ZlUH LQ GLHVHP )DOO GLH NRQVHUYDWLYH SUHVWLJHUHLFKHUH 9DULDQWH JHZHVHQ  ZDV





LQVRIHUQSODXVLEHOLVWDOVMDDXFKQRFKKHXWLJH9DULHWlWHQ ZLH]%GDV/HRQHVLVFKH GLH /DXWXQJ >I@ HUKDOWHQ KDEHQ :HLWHUKLQ JHKW HU GDYRQ DXV GDVV LQ *HJHQGHQ GLH ]XP NDQWDEULVFKEDVNLVFKHQ6SUDFKUDXPJHK|UHQ E]ZEHQDFKEDUWVLQG VFKRQLP=XJHGHU 5RPDQLVLHUXQJ E]Z /DWLQLVLHUXQJ GHU /DXW >I@ GXUFK >K@ HUVHW]W ZXUGH GD HUVWHUHU LP %DVNLVFKHQ XUVSUQJOLFK QLFKW H[LVWLHUWH 3DUDOOHOH ]XP *DVNRJQLVFKHQ GDV HEHQIDOOV LQLWLDOHV >K@ DXIZHLVW  %HL :|UWHUQ GLH GHP ELOGXQJVVSUDFKOLFKHQ(LQIOXVV XQWHUODJHQ YRUDOOHPDXVGHPNLUFKOLFKHQ%HUHLFKEOLHEDPHKHVWHQGDV>I@HUKDOWHQ ]%IHIHULD ILHVWD  =X HLQHU DXVIKUOLFKHQ *HJHQEHUVWHOOXQJ YRQ 0HQpQGH] 3LGDO XQG 3HQQ\ FI /DQJ  ±  PLW HLQHU .DUWH ]XU 'LVWULEXWLRQ >I@ YV >K@ DXI GHU ,EHULVFKHQ +DOELQVHO (UKDOW YRQ >I@ DXFK LP .DWDODQLVFKHQ XQG 3RUWXJLHVLVFKHQ  VRZLH ]ZHL .DUWHQEHL0HQpQGH]3LGDO $QKDQJ  /OR\G ± VLHKWVRZRKOGLH$QQDKPHHLQHVELODELDOHQ)ULNDWLYV>ij@GHU ODXW3HQQ\EHUHLWVDOV9DULDQWHLP/DWHLQLVFKHQYRUJHOHJHQKDEHQVROONULWLVFKDOVDXFK GHQEDVNLVFKHQ(LQIOXVVGDHVHLQHUVHLWV]ZHLIHOKDIWVHLGDVVGLH%DVNLVFKVSUHFKHUNHLQ >I@DXVVSUHFKHQNRQQWHQXQGVHOEVWZHQQREVLHGDQQGLHVHVGXUFKGHQ/DXW>K@HUVHW]W KlWWHQ 3RXQWDLQ   VXJJHULHUW KLHU >E@ ]% NODW ',Ɯ6  )Ɯ67$ ! EDVN EHVWD  DQGHUHUVHLWV KDW GDV 1DYDUUHVLVFKH GDV HEHQIDOOV HLQHP VWDUNHQ EDVNLVFKHQ (LQIOXVV DXVJHVHW]W ZDU GDV LQLWLDOH >I@ EHLEHKDOWHQ JHQDXVR ZLH GDV EHQDFKEDUWH $UD JRQHVLVFKH =XGHPKDWGLH(QWZLFNOXQJI!KDXFKLQDQGHUHQ5HJLRQHQGHU5RPDQLD VWDWWJHIXQGHQ ZR EDVNLVFKHV 6XEVWUDW E]Z $GVWUDW DXVJHVFKORVVHQ ZHUGHQ NDQQ ]% .DODEULHQ0ROGDZLHQ6DUGLQLHQ /OR\GEULQJW]XVlW]OLFKDXFKQRFKLQWHUQH*UQGHLQV 6SLHO >I@ LVW LP IUKURPDQLVFKHQ 3KRQHPV\VWHP HLQ LVROLHUWHU /DXW RKQH VWLPPKDIWHQ *HJHQSDUW ZHLVWDEHUDXVGUFNOLFKGDUDXIKLQGDVVVLFKGLHYHUVFKLHGHQHQ(UNOlUXQJV DQVlW]H EDVNLVFKHU (LQIOXVV (UKDOW YRQ >I@ LQ YHUVFKLHGHQHQ 6FKLFKWHQ XQG 5HJLRQHQ LQWHUQH(QWZLFNOXQJ QLFKWJHJHQVHLWLJDXVVFKOLH‰HQVRQGHUQLQHLQHDGlTXDWH5HODWLRQ JHEUDFKWZHUGHQPVVHQ $XI HLQ ZDKUVFKHLQOLFKHV 1HEHQHLQDQGHU YRQ >I@ XQG >K@ ZHLVW DXFK %ODNH  ± KLQGHUDQKDQGGHU*UDSKLHLQGHQ6NULSWDH]XGHP6FKOXVVNRPPWGDVVII! LPPHU GLH $XVVSUDFKH >I@ PHLQW ]% IIHFKD IIHEUHUR DOIIRQVR IID]HU  K! ]XQlFKVW >K@VSlWHUGDQQ>‘@XQGI!VRZRKO>I@DOVDXFK>K@ VSlWHU>‘@ ZLGHUVSLHJHOQNDQQ :DVGLH2SSRVLWLRQLP6SDQLVFKHQ]ZLVFKHQɕ ODW>Z@Y! XQGELP$QODXW DQJHKWVRLVWVLHELV(QGHGHV-KVQHXWUDOLVLHUWLP-KGDQQDXFKLP,QODXWGLH ]ZLVFKHQ ɕ  ODW >E@ XQG >Z@  XQG E  YODW >S@  3HQQ\     LP 3RUWXJLHVLVFKHQKLQJHJHQ±]XPLQGHVWLPVGOLFKHQ6SUDFKJHELHWXQGGDPLWLP6WDQGDUG FI7H\VVLHU±,,, ±ZLUGLQEHLGHQ3RVLWLRQHQZHLWHU]ZLVFKHQYXQG E >E@ RGHU >ɕ@  XQWHUVFKLHGHQ $QGHUV DOV LP 6SDQLVFKHQ HQWVSULFKW DOVR LP 3RUWX JLHVLVFKHQ HLQHP JUDSKLVFKHQ Y! GLH /DXWXQJ >Y@ ZlKUHQG LP 6SDQLVFKHQ ZLH LQ YLYLUMHQDFKODXWOLFKHU8PJHEXQJHLQ>E@RGHU>ɕ@YRUOLHJW   





7DEHOOH'LH(QWZLFNOXQJGHULQWHUYRNDOLVFKHQ/DELDONRQVRQDQWHQ /DWHLQ

6SDQLVFK

3RUWXJLHVLVFK

YLɕtUHYL‰pҕUHNODW9Ʈ9(5(

DɕpҕUHNODW+$%Ɯ5(

VDSpҕUHNODW6$3(5(

>EL ɕL‫@ޞ‬YLYLU! >D ɕH‫@ޞ‬KDEHU! >VD ɕH‫@ޞ‬VDEHU!

>YL YH‫@ޞ‬YLYHU! >Ļ YH‫@ޞ‬KDYHU! >VĻ ‰H‫@ޞ‬VDEHU!

 ,P 3RUWXJLHVLVFKHQ HQWZLFNHOQ VLFK GLH GXUFK GHQ $XVIDOO GHV LQWHUYRNDOLVFKHQ Q HQW VWDQGHQHQ +LDWJUXSSHQ DXI YHUVFKLHGHQH :HLVH ZHLWHU (V N|QQHQ 1DVDOGLSKWKRQJH HQWVWHKHQGXUFK.RQWUDNWLRQDXFK1DVDOYRNDOHHVNDQQHLQHGDXHUKDIWH(QWQDVDOLHUXQJ HUIROJHQ RGHU HLQ QHXHU 1DVDONRQVRQDQW HLQJHVFKREHQ ZHUGHQ 'LHVH (QWZLFNOXQJHQ VLQGVR7H\VVLHU ,,, LQGHPPHLVWHQ)lOOHQLP-KDEJHVFKORVVHQ  7DEHOOH'LH(QWZLFNOXQJGHVLQWHUYRNDOLVFKHQQ /DWHLQ

6SDQLVFK

VDQXNODW6Ɩ186

SRQҽғUHNODW3ƿ1(5(

ODQDNODW/Ɩ1$

OXQDNODW/Nj1$

XQDNODWNj1$

YLQRNODW9Ʈ180

VDQR SRQHU ODQD OXQD XQD YLQR

3RUWXJLHVLVFK VmR S{U DSWJS}HU  Om>Om@ DSWJOmD  OXD> OXĻ@ DSWJONJD  XPD> ࠩPĻ@ DSWJ K NJD  YLQKR> YL‫ص‬X@YƭX FI7H\VVLHU±,,, 

%HLGHQGXUFK$XVIDOOYRQOVRZLHYRQG GDVDQGHUVDOVQXQGODXFKLP6SDQLVFKHQ HQWILHO EHGLQJWHQ+LDWJUXSSHQZLUGlKQOLFKYHUIDKUHQ  7DEHOOH'LH(QWZLFNOXQJYRQ+LDWJUXSSHQ /DWHLQ YODW FRO‫ڶ‬ʩUH NODW&2/25ƿ5,6 YODW F̯OXNODW&$(/80 YODW VHG̣ʩUHNODW6('Ɯ5(

6SDQLVFK

3RUWXJLHVLVFK

FRORU

FRU

FLHOR VHU DVSVHHU 

FpX VHU DSWJVHHU 

 %HLGHQ*UXSSHQHDXQGHRHUIROJWHGLH+LDWWLOJXQJLP 3RUWXJLHVLVFKHQJHQHUHOOGXUFK (LQIJXQJ HLQHV M 7H\VVLHU   ,,,  ]XIROJH VHLW GHP  -K 6R ODXWHQ GLH

 

 /DXW 7H\VVLHU   ,,,  VHW]WH VLFK ]XPLQGHVW GHU *UDSKLH ]XIROJH GLH )RUP XPD HUVWLP-KGXUFK





(QWVSUHFKXQJHQ]XVSOOHQRFDQGHODXQGFUHRLP3RUWXJLHVLVFKHQKHXWHFKHLRFDQGHLD XQGFUHLR (EHQIDOOV DXI GDV  -K GDWLHUW ZLUG GHU =XVDPPHQIDOO GHU SRUWXJLHVLVFKHQ1DVDO YRNDOH >m@ XQG >}@ LP $XVODXW PLW GHP 1DVDOGLSKWKRQJ >Ļ੻Z@ mR!  YODW DQX  FI :LOOLDPV±XQG6LOYD2VyULR   7DEHOOH1DVDOYRNDOHLP3RUWXJLHVLVFKHQ /DWHLQ

$OWSRUWXJLHVLVFK

3RUWXJLHVLVFK

YODW SDQHNODW3Ɩ1,6 YODW UDWLRQHNODW5$7,ƿ YODW PDQRNODW0$186

DSWJSm DSWJUD]} DSWJPmR ]XQlFKVW+LDW 

QSWJSmR QSWJUD]mR QSWJPmR 'LSKWKRQJ>Ļ੻Z@

 :LH LP .DSLWHO  ]X VHKHQ VHLQ ZLUG KDW GLHVH (QWZLFNOXQJ $XVZLUNXQJHQ DXI GLH 1RPLQDOPRUSKRORJLH (LQ ZHLWHUHU PDUNDQWHU 8QWHUVFKLHG ]HLJW VLFK EHL GHU (QWZLFNOXQJ GHU 6LELODQWHQ 'HUHQ%HVWDQGZDULP0LWWHODOWHULQEHLGHQ6SUDFKHQQRFKZHLWJHKHQGLGHQWLVFK(VJDE HLQH VWLPPORVH XQG HLQH VWLPPKDIWH SUlGRUVRGHQWDOH $IIULNDWH >WV@ XQG >G]@  GLH DSLNRDOYHRODUHQ )ULNDWLYH>Vʢ@XQG>]ʢ@XQGGLHSUlSDODWDOHQ)ULNDWLYH>ߑ@XQG>ও@VRZLH HLQH VWLPPORVH SUlSDODWDOH $IIULNDWH >߿@ 'LHVH /DXWH JHKHQ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ]7DXIGLHJOHLFKHODWHLQLVFKH*UXQGODJH]XUFNXQGNRPPHQGDQQLQ :|UWHUQ PLW GHU JOHLFKHQ (W\PRORJLH YRU VX  ]7 VLQG VLH DEHU DXFK GDV (UJHEQLV HLQ]HOVSUDFKOLFKHU(QWZLFNOXQJHQ6RLVW]%LP.DVWLOLVFKHQHLQ>ও@QLFKWQXUGXUFKGLH 3DODWDOLVLHUXQJ$VVLELOLHUXQJYRQ>J@YRUSDODWDOHQ9RNDOHQHQWVWDQGHQVRZLHHVDXFK LP 3RUWXJLHVLVFKHQ GHU )DOO LVW VRQGHUQ DXFK DXV O  3DODWDO LQ .RQWH[WHQ ZR LP 3RUWXJLHVLVFKHQHLQ>ु@YRUOLHJW ]%SWJILOKDDVSILMD>ও@QVSKLMD>[@ 'DV>߿@LVW JUXQGVlW]OLFK XQWHUVFKLHGOLFKHQ 8UVSUXQJV LQ EHLGHQ 6SUDFKHQ ,P 6SDQLVFKHQ JHKW HV DXI9RNDOM]XUFN ]%QRFKHYODW Q‫ۃ‬MWH Q‫ۃ‬FWHNODW 12; 12&7,6SWJQRLWH 

 

 (V JLEW KLHU OHLGHU YLHOH YHUVFKLHGHQH 1RWDWLRQHQ ZREHL QLFKW QXU GLH 9LHO]DKO GHU YHU ZHQGHWHQGLDNULWLVFKHQ=HLFKHQYHUZLUUHQGLVW ]%>úVɯVʒĞ@>]ʐĪ]ʒĨ@ VRQGHUQYRUDOOHP GHU8PVWDQGGDVVGLHKLVSDQLVWLVFKHQ$XWRUHQQRUPDOHUZHLVHGLHSUlGRUVRGHQWDOHQSUlGRUVR DOYHRODUHQ /DXWH PDUNLHUHQ GLH OXVLWDQLVWLVFKHQ KLQJHJHQ GLH DSLNRDOYHRODUHQ 6R ODXWHW GDV 3DDUSDoRSDVVRQDFKGHU(QWDIIUL]LHUXQJLP$OWVSDQLVFKHQE]Z$OWSRUWXJLHVLVFKHQEHLVSLHOV ZHLVH QDFK GHU HQJO 9HUVLRQ YRQ 3HQQ\     > SDVʒR@> SDVR@ QDFK 1HXPDQQ +RO]VFKXK    > SDúR@> SDVR@ JHQDXVR ZLH QDFK GHU VS 9HUVLRQ YRQ 3HQQ\   KLQJHJHQQDFK7H\VVLHU  XQGQDFK0RQMRXU  > SDVR@> SDĞR@ /OR\G ± DOOHUGLQJVQRWLHUWDXFK> SDVR@> SDĞR@XQG/DSHVD  > SDVR@ > SDVɯR@ /DSHVDPDUNLHUWDXFKGLHDQGHUHQ6LELODQWHQPLW'LDNULWLNDdž>WV@ã>ߑ@]ɪ>G]@å >ও@ :LUKDEHQKLHUGLH1RWDWLRQVZHLVHQDFK$3,EHUQRPPHQGLHVLFKEHLVSLHOVZHLVHDXFK EHL .XEDUWK    ILQGHW GK GLH DSLNRDOYHRODUHQ )ULNDWLYH ZHUGHQ DOV >Vʢ@ E]Z >]ʢ@ QRWLHUW GLH SUlGRUVRGHQWDOHQ DOV >Vʒ@ E]Z >]ʒ@ IHKOHQ GLH VXENULWLVFKHQ =HLFKHQ LVW GLHV LP 6LQQHHLQHUZHLWHUHQ7UDQVNULSWLRQQLFKWQlKHUEHVWLPPW





LP 3RUWXJLHVLVFKHQ DXI GLHDQODXWHQGHQ .RQVRQDQWHQJUXSSHQ >SO@ >NO@ XQG >IO@ GLH LP 6SDQLVFKHQDOV>ु@HUVFKHLQHQVSOORUDUYVSWJFKRUDU DSWJ>߿R ‫ޞ‬D‫@ޞ‬KHXWH>ߑX ‫ޞ‬D‫@ޞ‬ YODW SORUiUH NODW 3/ƿ5Ɩ5(  VS OODPDU YV SWJ FKDPDU  YODW FODPiUH NODW &/Ɩ0Ɩ5(  ,P ,QODXW YHUKlOW HV VLFK PLW GHU *UXSSH FO JHQDX DQGHUVKHUXP LQGHP LP $OW  6SDQLVFKHQ >ও@ YRUOLHJW LP 3RUWXJLHVLVFKHQ GDJHJHQ >ु@ YODW ‫ۃ‬FOX NODW 2&8/86 !VSRMR> RওR@!> R[R@VXYODW ‫ۃ‬FOX!SWJROKR> RुX@ 'DVSRUWXJLHVLVFKH>߿@ZXUGH]XHLQHPQLFKWJHQDX]XEHVWLPPHQGHQ=HLWSXQNW FI +XEHU:LOOLDPVXQG7H\VVLHU±,,, LP6WDQGDUG]X >ߑ@XQGILHOVRPLWGHPlOWHUHQ>ߑ@ ZLHEHLEDL[RYODW EDVVMXDVSED[RQVSEDMR  ]XVDPPHQ,QQRUGSRUWXJLHVLVFKHQ9DULHWlWHQKDWVLFKGLH$IIULNDWHWHLOZHLVHJHKDOWHQ 'DVVS>߿@KDWVHLQH/DXWXQJJHQHUHOOQLFKWYHUlQGHUW :DVGLHGHQWDOHQ$IIULNDWHQEHWULIIWVRJHKWPDQLP3RUWXJLHVLVFKHQYRQHLQHUVHKU IUKHQ(QWDIIUL]LHUXQJDXV ODXW+XEHULP-K:LOOLDPVVHW]W IU GDV $OWSRUWXJLHVLVFKH EHUHLWV >Vʒ@ XQG >]ʒ@ DQ  ,P 6SDQLVFKHQ KDW VLFK3HQQ\   ]XIROJHGLH(QWDIIUL]LHUXQJHUVWLP-KGXUFKJHVHW]WIUGDV$OWVSDQLVFKH JLOWDOVRZRKOQRFKGLH$XVVSUDFKH>WV@XQG>G]@,QGL]GDIUN|QQWHGLH%HZDKUXQJGHU $IIULNDWH>G]@LP-XGHQVSDQLVFKHQGHV%DONDQV.OHLQDVLHQVXQG1RUGDIULNDVVHLQ ]% RQG]LGRG]L GLHVH$QQDKPHLVWMHGRFKXPVWULWWHQ %UXQQHU  %HL GHP VWLPPKDIWHQ 3UlSDODWDO NDQQ LQ EHLGHQ9DULHWlWHQ QLFKW VLFKHU HQWVFKLHGHQ ZHUGHQ RE HLQ )ULNDWLY >ও@ RGHU HLQH $IIULNDWH >ˎ@ DXVJHVSURFKHQ ZXUGH FI 3HQQ\ +XEHUXQG:LOOLDPV 'HUJHPHLQVDPH6LELODQ WHQEHVWDQGVLHKWDOVR]XQlFKVWIROJHQGHUPD‰HQDXV  7DEHOOH'LH(QWZLFNOXQJGHU6LELODQWHQ3URWRVSDQLVFK3URWRSRUWXJLHVLVFK 3URWRVSDQLVFK3URWRSRUWXJLHVLVFK SUlGRUVRGHQWDOH SUlGRUVRDOYHRODUH $IIULNDWHQ VWLPPORV VWLPPKDIW >WVʒ@ >G]ʒ@

DSLNRDOYHRODUH )ULNDWLYH VWLPPORV >Vʢ@

SUlSDODWDOHSRVWDOYHRODUH )ULNDWLYH$IIULNDWHQ

VWLPPKDIW VWLPPORV >]ʢ@ >ߑ@

VWLPPKDIW > G ও@

VWLPPORV >߿@

 'LH (QWDIIUL]LHUXQJ YRQ >WV@ >G]@ XQG P|JOLFKHUZHLVH >ˎ@ ILQGHW ZHQQ DXFK ]X YHUVFKLHGHQHQ =HLWSXQNWHQ OHW]WOLFK EHUDOO VWDWW ,Q GHU ZHLWHUHQ (QWZLFNOXQJ WUHQQW VLFKGDQQDEHUGDV3RUWXJLHVLVFKHYRP6SDQLVFKHQZREHLGRUWQRFK]ZLVFKHQ*HELHWHQ RKQHXQGPLWVHVHR VX XQWHUVFKLHGHQZHUGHQPXVV $XVVFKODJJHEHQG IU GLH $XVHLQDQGHUHQWZLFNOXQJ VLQG ]ZHL XQWHUVFKLHGOLFKH 9HU HLQIDFKXQJVSUR]HVVH,P1RUGHQGHU,EHULVFKHQ+DOELQVHOILQGHWELV]XP-K 3HQQ\     HLQH (QWVRQRULVLHUXQJ GHU VWLPPKDIWHQ 6LELODQWHQ VWDWW GLH ]X HLQHU 5HGXNWLRQDXIGUHL)ULNDWLYH>Vʒ@>Vʢ@XQG>ߑ@QHEHQGHPVWDELOHQ>߿@IKUW:RKOZHJHQ GHUHQJHQDUWLNXODWRULVFKHQ1DFKEDUVFKDIWXQGGHUGDPLWYHUEXQGHQHQ9HUZHFKVOXQJV





JHIDKUYHUODJHUWVLFKGDQQELVHWZD0LWWHGHV-KVGLH$UWLNXODWLRQGHV>Vʒ@QDFKYRUQ !>ș@ GLHGHV>ߑ@QDFKKLQWHQ !>[@ ZRPLWGHUKHXWLJH6WDQGHUUHLFKWLVW  7DEHOOH'LH(QWZLFNOXQJGHU6LELODQWHQ,EHULVFKH+DOELQVHO 1RUGHQ  ,EHULVFKH+DOELQVHO 1RUGHQ  SUlGRUVRGHQWDOH SUlGRUVRDOYHRODUH $IIULNDWHQ)ULNDWLYH! LQWHUGHQWDOHU)ULNDWLY VWLPPORV VWLPPKDIW >WVʒ@!>Vʒ@ >G]ʒ@!>]ʒ@ F!o! ]! FDoD ID]HU

DSLNRDOYHRODUH )ULNDWLYH VWLPPORV >Vʢ@ V! VV! SDVVR

VWLPPKDIW >]ʢ@ V! FDVD

SUlSDODWDOH SRVWDOYHRODUH)ULNDWLYH !YHODUHU)ULNDWLY

SUl SDODWDOH $IIULNDWH

VWLPPORV >ߑ@ [! ED[R

VWLPPORV >߿@ FK! QRFKH

VWLPPKDIW >ও@ J!M! JHQWH

>Vʒ@F!]!

>Vʢ@V!

>ߑ@[!J!M!

>ș@F!]! *UDSKLHYRQGHUODXWO 8PJHEXQJDEKlQJLJ  FD]DKDFHU

>Vʢ@V! SDVRFDVD

>[@J!M! *UDSKLHYRQGHUODXWO 8PJHEXQJDEKlQJLJ  EDMRJHQWH

>߿@ FK! QRFKH >߿@ FK! QRFKH

 ,PVGOLFKHQ7HLOGHU,EHULVFKHQ+DOELQVHOPXVVVFKRQYRUKHU FI/DQJ HLQ DQGHUHU 9HUHLQIDFKXQJVSUR]HVV VWDWWJHIXQGHQ KDEHQ +LHU ILHOHQ MHZHLOV GLH EHLGHQ VWLPPORVHQXQGVWLPPKDIWHQV GLHGHQWDOHQN|QQWHQ]XGLHVHP=HLWSXQNWWHLOZHLVHDXFK QRFK$IIULNDWHQJHZHVHQVHLQFI3HQQ\ ]XSUlGRUVRGHQWDOHP>Vʒ@XQG >]ʒ@ ]XVDPPHQ 'LHVHU 6WDQG OLHJW ELV KHXWH LP VGOLFKHQ 7HLO GHV SRUWXJLHVLVFKHQ 6SUDFKJHELHWV XQG GDPLW LP 6WDQGDUG YRU ZlKUHQG GHU 1RUGHQ GDV DSLNRDOYHRODUH NDVWLOLVFKH >Vʢ@EHZDKUWKDW LQ3RUWXJDODXFKVEHLUmRJHQDQQW     

 

 'LH7DWVDFKHGDVVGLH$UWLNXODWLRQ>ߑ@]X%HJLQQGHV-K]XPLQGHVWWHLOZHLVHQRFKLQ*H EUDXFK ZDU OlVVW VLFK JXW DQ GHQ $GDSWLRQHQ GHV 1DPHQV GHV 5RPDQKHOGHQV 'RQ 4XLMRWH EHOHJHQ FIIU]'RQ4XLFKRWWHLW'RQ&KLVFLRWWRGKGDPDOVVS>NLਥߑRWH@KHXWH>NLਥ[RWH@ FI3HQQ\    =XGHU'LVNXVVLRQXPGLHP|JOLFKHQ*UQGHZDUXPVLFKHLQHUVHLWVHLQSRUWXJLHVLVFKHUVHVHR XQGDQGHUHUVHLWVHLQDQGDOXVLVFKHUVHVHRHQWZLFNHOWHFI%UXQQHU ± 





7DEHOOH'LH(QWZLFNOXQJGHU6LELODQWHQ,EHULVFKH+DOELQVHO 6GHQ  ,EHULVFKH+DOELQVHO 6GHQ  SUlGRUVRGHQWDOH SUlGRUVRDOYHRODUH )ULNDWLYH VWLPPORV  >Vʒ@ >]ʒ@ F!o! ]! FDoD ID]HU >Vʒ@ F!o! V!VV! FDoD SDVVR

>]ʒ@ ]! V! ID]HU FDVD

DSLNRDOYHRODUH)ULNDWLYH

SUlSDODWDOHSRVWDOYHRODUH )ULNDWLYH

VWLPPORV >Vʢ@ V!VV! SDVVR

 >]ʢ@ V! FDVD

VWLPPORV >ߑ@ [! EDL[R

VWLPPKDIW >ও@ J!M! JHQWH

SUl SDODWDOH $IIULNDWH $IIULNDWH >߿@ FK! FKRUDU





>ߑ@ [! EDL[R FK! FKRUDU

>ও@ J!M! JHQWH

>߿@ FK! FKRUDU

 'HUVHOEH3UR]HVV IDQG LP 6GHQ DXFK |VWOLFK GHV SRUWXJLHVLVFKHQ 6SUDFKJHELHWV 7HLOH $QGDOXVLHQVXQG GHU([WUHPDGXUD  VRZLH DXI GHQ .DQDUHQ VWDWW ZR DEHU DQVFKOLH‰HQG ]XVlW]OLFK ZLH LP 1RUGHQ GLH VWLPPKDIWHQ 6LELODQWHQ PLW GHQ VWLPPORVHQ ]XVDPPHQ ILHOHQ 'LHV IKUWH ]X GHU KHXWH LQ GLHVHQ *HELHWHQ VRZLH LP JHVDPWHQ KLVSDQR DPHULNDQLVFKHQ 5DXP YRUOLHJHQGHQ 6LWXDWLRQ VHVHR  ZREHL GHU 'HQWDO LQ HLQLJHQ *HELHWHQ$QGDOXVLHQVDOV>ș@UHDOLVLHUWZLUG FHFHR   7DEHOOH'LH(QWZLFNOXQJGHU6LELODQWHQ(UJHEQLVLQ7HLOHQ$QGDOXVLHQVÃVHVHR¶ (UJHEQLVLQ7HLOHQ$QGDOXVLHQV VHVHR  SUlGRUVRGHQWDOH SUlGRUVRDOYHRODUH $IIULNDWH)ULNDWLYH VWLPPORV VWLPPKDIW >WVʒ@!>Vʒ@ >G]ʒ@!>]ʒ@ >Vʒ@ >]ʒ@ >Vʒ@ 

DSLNRDOYHRODUH)ULNDWLYH

SUlSDODWDOHSRVWDOYHRODUH )ULNDWLYH!YHODUHU)ULNDWLY

VWLPPORV >Vʢ@  

VWLPPORV >ߑ@ >ߑ@ >ߑ@!>[@

VWLPPKDIW >]ʢ@  

VWLPPKDIW >ও@ >ও@ 

 

 

 =XU9HUWHLOXQJYRQVHVHRXQGFHFHRLQ$QGDOXVLHQVRZLHGHQYHUVFKLHGHQHQV5HDOLVLHUXQJHQ DXIGHU,EHULVFKHQ+DOELQVHOFIGLH.DUWHEHL/DQJ  =XU'LVNXVVLRQXPGLH(QW VWHKXQJGHVFHFHR YRURGHUQDFKGHPVHVHR E]Z]XGHQHUVWHQ,QGL]LHQIUGHVVHQ([LVWHQ] FI$UL]D ± 





7DEHOOH'LH(QWZLFNOXQJGHU6LELODQWHQ(UJHEQLVLQ7HLOHQ$QGDOXVLHQVÃFHFHR¶ (UJHEQLVLQ7HLOHQ$QGDOXVLHQV FHFHR  SUlGRUVRGHQWDOH SUlGRUVRDOYHRODUH $IIULNDWH)ULNDWLYH! LQWHUGHQWDOHU)ULNDWLY VWLPPORV VWLPPKDIW >WVʒ@!>Vʒ@ >G]ʒ@!>]ʒ@ >Vʒ@ >]ʒ@ >Vʒ@  >ș@ 

DSLNRDOYHRODUH)ULNDWLYH

SUlSDODWDOHSRVWDOYHRODUH )ULNDWLYH!YHODUHU)ULNDWLY

VWLPPORV >Vʢ@   

VWLPPORV >ߑ@ >ߑ@ >ߑ@!>[@ >[@

VWLPPKDIW >]ʢ@   

VWLPPKDIW >ও@ >ও@  

 'LH6FKUHLEXQJLP3RUWXJLHVLVFKHQRULHQWLHUWVLFKZHLWHUKLQDPDOWHQ/DXWVWDQGYRUGHP =XVDPPHQIDOO GHU EHLGHQ V 7URW] JOHLFKHU $XVVSUDFKH VFKUHLEW PDQ ELV KHXWH SDoR

3DODVW  XQG SDVVR EHLGHV > SDVX@  VRZLH ID]HU XQG FDVD EHLGHV PLW >]@  >ߑ@ NDQQ JUDSKLVFKGXUFK[!RGHUFK!UHSUlVHQWLHUWVHLQ VR ,P6SDQLVFKHQZXUGHGDJHJHQ HLQH$QSDVVXQJDQGLH Q|UGOLFKH /DXWXQJYROO]RJHQ>ș@ZLUGMHQDFKODXWOLFKHU8P JHEXQJ DOVR YRU SDODWDOHP RGHU YHODUHP 9RNDO PLW F! RGHU ]! ZLHGHUJHJHEHQ KDFHU DVS ID]HU FD]D DVS FDoD  >V@ JUXQGVlW]OLFK PLW V! SDVR DVS SDVVR FDVD DVS FDVD  'LH LP 3RUWXJLHVLVFKHQ ELV KHXWH EOLFKHQ 6FKUHLEXQJHQ o! XQG VV! ZXUGHQLP6SDQLVFKHQDOVRDXIJHJHEHQ,QGHQVHVHR*HELHWHQGHVVSDQLVFKHQ6SUDFK UDXPV OLHJW EH]JOLFK GHU JUDSKLVFKHQ :LHGHUJDEH GHV >V@ HLQH GHP 3RUWXJLHVLVFKHQ YHUJOHLFKEDUH 6LWXDWLRQ YRU -H QDFK (W\PRORJLH E]Z QRUGVSDQLVFKHU /DXWXQJ  NDQQ GHP /DXW>V@HLQV!RGHUDEHUHLQF!RGHU]!HQWVSUHFKHQFDVDFD]DKDFHU:DV GHQ YHODU JHZRUGHQHQ )ULNDWLY >[@ DQJHKW VR ZLUG HU LP KHXWLJHQ 6SDQLVFK QRUPDOHU ZHLVH GXUFK J! YRU 3DODWDOHQ  RGHU M! YRU 9HODUHQ  ZLHGHUJHJHEHQ JHQWH MXJDU 'LH DOWH 6FKUHLEXQJ [! KDW VLFK QRFK LP (LJHQQDPHQ 0p[LFR DEHU DGM PHMLFDQR QHEHQPH[LFDQR HUKDOWHQ ,P 6SDQLVFKHQ LVW GHU XP  HUUHLFKWH /DXWVWDQG ZHLWJHKHQG VWDELO JHEOLHEHQ ]XPLQGHVW ZDV GHQ NDVWLOLVFKHQ 6WDQGDUG DQJHKW ,Q GHQ VGOLFKHQ 9DULHWlWHQ HVSDxRO PHULGLRQDO KDEHQVLFKQRFKEHVRQGHUH(QWZLFNOXQJHQHUJHEHQE]ZHWDEOLHUWGLHDXFK LQ+LVSDQRDPHULNDYHUEUHLWHWVLQG FI%ROOpH1HXPDQQ+RO]VFKXK XQGYRQ GHQHQ ]ZHL QlPOLFK GLH $XVVSUDFKH GHV >ु@ DOV >M@ \HtVPR  XQG GLH $EVFKZlFKXQJ E]Z GDV 9HUVWXPPHQ YRQ LQ XQG DXVODXWHQGHP G LQ]ZLVFKHQ QLFKW PHKU UHJLRQDO

 



 1LFKW]XYHUZHFKVHOQLVWGHU%HJULIIFHFHRLQHLQHPKLVWRULVFKHQ.RQWH[WGHUGDQQYHUZHQGHW ZLUG ZHQQ PDQ GLH GDPDOV ODXWOLFKH ,QQRYDWLRQ GHU 'LIIHUHQ]LHUXQJ YRQ >6@ XQG >Vʢ@ PHLQW DOVR GLH KHXWLJH 6WDQGDUGXQWHUVFKHLGXQJ GLH LP  -K GLH YHUVFKLHGHQHQ V9DULDQWHQ DEO|VWHXQGHEHQQLFKWGDVKHXWLJH3KlQRPHQGHU5HDOLVLHUXQJYRQ>6@ZRLP6WDQGDUG>V@ EOLFKZlUH PRGHUQHUFHFHR 





PDUNLHUWVLQGVRQGHUQKHXW]XWDJHGLHDPPHLVWHQ YHUEUHLWHWHQ$XVVSUDFKHYDULDQWHQLP HXURSlLVFKHQ6SDQLVFKGDUVWHOOHQ ,PHXURSlLVFKHQ3RUWXJLHVLVFK GDV%3GDVVHLWKHUODXWOLFKHLQHHLJHQH(QWZLFNOXQJ QDKP VHL KLHU DX‰HU $FKW JHODVVHQ  KDEHQ VLFK LQ GHU 1HX]HLW QRFK HLQLJH 9HU lQGHUXQJHQYROO]RJHQ 7H\VVLHU ±,,, QHQQWIROJHQGH(UVFKHLQXQJHQ$EGHP-KLVWGLH 0RQRSKWKRQJLHUXQJ YRQ >RZ@ ]X >R@ EHOHJW 'DPLW LVW YHUVSlWHW GHU VSDQLVFKH 6WDQG HUUHLFKWRXURZLUGQXQ> R‫ޞ‬X@DXVJHVSURFKHQ VS> R‫ޞ‬R@RUR! 'LH*UDSKLHRX!EOLHE LP3RUWXJLHVLVFKHQHUKDOWHQ $XFK GLH (QWDIIUL]LHUXQJ YRQ >߿@ ]X >ߑ@ ZLUG YRQ 7H\VVLHU DXI GDV  -K GDWLHUW N|QQWHMHGRFKLP6GHQDXFKVFKRQGHXWOLFKIUKHUVWDWWJHIXQGHQKDEHQ VR $EGHP  -K LVW GDV VRJHQDQQWH FKLDPHQWR RGHU FKLDGR  GLH $XVVSUDFKH YRQ >V@ DOV >ߑ@ LP 6LOEHQ XQG :RUWDXVODXW QDFKJHZLHVHQ HLQH HYWO IUKHUH 'DWLHUXQJ  -K  JHUlW LQ .RQIOLNW PLW GHU 7DWVDFKH GDVV LQ ZHLWHQ 7HLOHQ %UDVLOLHQV GLHVHV 3KlQRPHQ QLFKW DXIWULWW FI%UXQQHU±  ,Q GLHVHU =HLW ILQGHQ VLFK DXFK HUVWPDOV +LQZHLVH IU GLH $EVFKZlFKXQJ GHU XQEHWRQWHQ 9RNDOH >H@ XQG >R@ VRZRKO LP 9RUWRQ DOV DXFK LP $XVODXW ]X >L@>ԥ@ E]Z >X@'HUR!JHVFKULHEHQH$XVODXWN|QQWHDOOHUGLQJVQDFKDQGHUHU0HLQXQJ VR VFKRQ LP0LWWHODOWHUDOV>X@DUWLNXOLHUWZRUGHQVHLQ VR 2KQHDXIGLHVHQNRPSOH[HQ*HJHQ VWDQGQlKHUHLQJHKHQ]XN|QQHQVHLIHVWJHKDOWHQGDVVLPKHXWLJHQ(3XQEHWRQWHVHDOV >ԥ@ R DOV >X@ XQG D DOV >Ļ@ DUWLNXOLHUW ZLUG ZlKUHQG LP 6SDQLVFKHQ GLH XUVSUQJOLFKHQ 9RNDOHHUKDOWHQVLQG 9RQ GHQ VRQVWLJHQ EHL 7H\VVLHU DQJHIKUWHQ 9HUlQGHUXQJHQ LVW LP 6SUDFKYHUJOHLFK YRUDOOHPGLH$XVVSUDFKHGHVXUVSUQJOLFKHQ>U@YRQ%HGHXWXQJ6RZRKOLP6SDQLVFKHQ DOV DXFK LP 3RUWXJLHVLVFKHQ EHVWDQG YRQ $QIDQJ DQ LQ LQWHUYRNDOLVFKHU 3RVLWLRQ HLQH 2SSRVLWLRQ]ZLVFKHQHLQIDFKHPXQGPHKUIDFKJHUROOWHPDSLNDOHQU FDURYVFDUUR LP DEVROXWHQ XQG UHODWLYHQ $QODXW ODJ LPPHU >U@ YRU LP $XVODXW LPPHU >‫ @ޞ‬:lKUHQG LP 6SDQLVFKHQKLHUNHLQH9HUlQGHUXQJIHVW]XVWHOOHQLVWZXUGHLP3RUWXJLHVLVFKHQVHLWGHP -K 7H\VVLHU,,, YRQ /LVVDERQDXVJHKHQGGDV>U@]XQHKPHQGGXUFK HLQHQ XYXODUHQ )ULNDWLY >‫ @ޣ‬HUVHW]W 'LHVHU /DXW VWHKW DUWLNXODWRULVFK GHP VS >[@ QDKH WDXFKWDEHULQY|OOLJDQGHUHQ.RQWH[WHQDXI FI.DS 6RVLQGVLFK]%GLHEHLGHQ DXI ODW 5866(86 ]XUFNJHKHQGHQ :|UWHU VS URMR XQG SWJ UR[R PLW %HGHXWXQJV YHUlQGHUXQJ YRQ URW  ]X YLROHWW  JUDSKLVFK VHKU lKQOLFK XQG DXFK GLH PLWWHODOWHUOLFKH $XVVSUDFKHGUIWHIDVWLGHQWLVFKJHZHVHQVHLQGRFKVWHKHQVLFKLQGHU/DXWXQJKHXWHVS > UR[R@ XQG SWJ > ‫ޣ‬RߑX@ JHJHQEHU GK GDV YHODUH XQG GDV GHQWDOH E]Z SDODWDOH

 

 =XPFKLDPHQWRLQ%UDVLOLHQVLHKH1ROO ± GHUDXFKHLQHJHQDXH.DUWHPLWGHUVHKU NRPSOH[HQ 'LVWULEXWLRQ GLHVHV3KlQRPHQV ELHWHW   (LQH =RQH PLW JHQHUHOOHPFKLDPHQWR LVWEHLVSLHOVZHLVHGHU*UR‰UDXPYRQ5LRGH-DQHLURZlKUHQGDQVRQVWHQLP6GHQGHV/DQGHV QXU>V@XQG>]@XQWHUVFKLHGHQZHUGHQ,P1RUGHQZLHGHUXPVLQG>V@XQG>ߑ@MHQDFK3RVLWLRQ LP:RUWXQGODXWOLFKHU8PJHEXQJRIWIUHLHRGHUNRPELQDWRULVFKH9DULDQWHQ





(OHPHQW VLQG YHUWDXVFKW %HL GHQ 6SUHFKHUQ GHU MHZHLOV DQGHUHQ 6SUDFKH NDQQ GLHV ]X 9HUZLUUXQJIKUHQ  7DEHOOH'LH(QWZLFNOXQJYRQODWÃUXVVHXV¶ 

6SDQLVFK

3RUWXJLHVLVFK

YODW 0LWWHODOWHU -K DE-K

UӑVVMX > URߑR@ > UR[R@ 

UӑVVMX > URߑR@RGHU> URߑX@ > URߑX@ > ‫ޣ‬RߑX@

 $QGHUV DOV GLH PRUSKRV\QWDNWLVFKHQ 8QWHUVFKLHGH FI .DS   KDEHQ VLFK GLH ODXW OLFKHQ'LYHUJHQ]HQ]ZLVFKHQ6SDQLVFKXQG3RUWXJLHVLVFK]XYHUVFKLHGHQHQ=HLWSXQNWHQ HUJHEHQ]XQlFKVWLQGHU3HULRGHGHU+HUDXVELOGXQJGDQQLP-KYRUDOOHPGXUFKGLH $XVHLQDQGHUHQWZLFNOXQJ GHU 6LELODQWHQ XQG VFKOLH‰OLFK GXUFK GLH ,QQRYDWLRQHQ GHV 3RUWXJLHVLVFKHQDEHWZDGHP-K 9RNDODEVFKZlFKXQJ3DODWDOLVLHUXQJGHUGHQWDOHQ )ULNDWLYH LP 6LOEHQDXVODXW >U@ ! >‫  @ޣ‬:DV GHQ 9HUJOHLFK GHV KHXWLJHQ 9RNDOLVPXV DQJHKWVRLVWHULP(6DQGHUVDOVLP(3VWDELOVWDWWGHVVHQEHVWHKWGRUWHLQH7HQGHQ]]XU .RQVRQDQWHQDEVFKZlFKXQJ ,Q $PHULND NRPPHQ ]ZDU DXFK EHLGH 3KlQRPHQH YRU GRFK LQ DQGHUHU 9HUWHLOXQJ 9RNDODEVFKZlFKXQJ NHQQ]HLFKQHW GLH KLVSDQRSKRQHQ WLHUUDVDOWDV 1ROO GDJHJHQLVWGHU9RNDOLVPXVLP%3VWDELO 7H\VVLHU ±1ROOFI.DS ZDVDXFKIUGLHVSDQLVFKHQWLHUUDVEDMDVJLOW ZRZLHGHUXP.RQVRQDQWHQDEVFKZlFKXQJ UHODMDPLHQWR ]XYHU]HLFKQHQLVW     0RUSKRV\QWD[ $QGHUV DOV LQ GHU 3KRQRORJLH KDEHQ VLFK LQ GHU 0RUSKRV\QWD[ GLH 8QWHUVFKLHGH ]ZLVFKHQGHQEHLGHQ6SUDFKHQJU|‰WHQWHLOVHUVWQDFKGHP0LWWHODOWHUHUJHEHQ0RUSKR V\QWDNWLVFKH8QWHUVFKLHGH]ZLVFKHQ$OWVSDQLVFKXQG$OWSRUWXJLHVLVFKGLHQLFKWGLUHNWLQ 9HUELQGXQJPLWGHQHLQ]HOVSUDFKOLFKHQ/DXWZDQGHOSUR]HVVHQVWHKHQ ]%GLH)RUPGHU $UWLNHORGHUGLH3OXUDOXQG)HPLQLQELOGXQJLP3RUWXJLHVLVFKHQ FI7H\VVLHU±  ,,,  VLQG LQ GHU lOWHVWHQ 6SUDFKVWXIH NDXP DXV]XPDFKHQ 'HU %HVWDQG DQ 7HPSRUDXQG0RGLXQGGHUHQ*HEUDXFKVWLPPWEHUHLQLQGHUQRFKZHQLJUHJXOLHUWHQ 9HUEDOIOH[LRQKDEHQVLFKDOOHUGLQJVYRUDOOHPGXUFKXQWHUVFKLHGOLFKH$QDORJLHSUR]HVVH 'LIIHUHQ]HQHUJHEHQYRQGHQHQGHUDXIIlOOLJVWHZRKOGLH*HQHUDOLVLHUXQJGHU(QGXQJ±R IUGLH3V6JDXFKGHUVWDUNHQ3HUIHNWDLP6SDQLVFKHQLVW FI.DS  $OVHLJHQWOLFKVWUXNWXUHOOH8QWHUVFKLHGHVLQGGHUOHtVPR GHSHUVRQD DOVVSDQLVFKHV XQG GHU IOHNWLHUWH ,QILQLWLY DOV SRUWXJLHVLVFKHV 6SH]LILNXP ]X HUZlKQHQ %HLGH VLQGELV





KHXWHHUKDOWHQXQGEHLGHRKQH(QWVSUHFKXQJLQGHUMHZHLOVDQGHUHQ6SUDFKH FI   9HUJOHLFKW PDQ GLH MQJHUHQ 9HUlQGHUXQJHQ LQ EHLGHQ 6SUDFKHQ KLHU DQKDQG GHU /LVWHQ EHL %ROOpH1HXPDQQ+RO]VFKXK  ± XQG 7H\VVLHU  ± ,,,  VR NDQQ PDQ IHVWVWHOOHQ GDVV HV QXU UHODWLY ZHQLJH JLEW GLH VLFK SDUDOOHO LQ EHLGHQ 6SUDFKHQ YROO]RJHQ KDEHQ'D]X JHK|UW GHU $XVIDOO GHV G LQ GHU 9HUEHQGXQJ GHU3V3OGLHDXIGDV-KGDWLHUWZLUG=XGLHVHU=HLWZLUGLQEHLGHQ6SUDFKHQGLH ELVGDKLQYDULDQWHQUHLFKH9HUEDOPRUSKRORJLHZHLWJHKHQGIL[LHUW'LHLQPLWWHODOWHUOLFKHQ 7H[WHQ]XILQGHQGH9HUZHQGXQJYRQVHUQHEHQKDEHUKDYHUE]ZSWJWHUDOV+LOIVYHUE ]XU %LOGXQJ ]XVDPPHQJHVHW]WHU 7HPSRUD JHUlW DX‰HU *HEUDXFK HEHQVR GLH 9HUZHQ GXQJGHU$GYHUELHQ VS\ SWJ L  ODW ,%,  XQG VS HQG H  SWJ HQGH  ODW ,1'(  FI 3HQQ\XQG+XEHU ,P=XJHGLHVHU(QWZLFNOXQJYHUOLHUW KDEHUKDYHUVHLQH)XQNWLRQDOV9ROOYHUE 'LYHUJHQWH (QWZLFNOXQJHQ ODVVHQ VLFK GDJHJHQ LQ IROJHQGHQ )lOOHQ IHVWVWHOOHQ ,P )DOO GHU 3RVVHVVLYNRQVWUXNWLRQHQ ZLUG HEHQIDOOV LP  -K LP 6SDQLVFKHQ GLH 9HUZHQGXQJ GHV $UWLNHOV DXIJHJHEHQ LP 3RUWXJLHVLVFKHQ GDJHJHQ GLH GHU XQEHWRQWHQ IHPLQLQHQ )RUPHQ PD WD VD FI +XEHU    'DPLW LVW GHU PRGHUQH =XVWDQG HUUHLFKW FI.DS %HLGH6SUDFKHQHQWZLFNHOQHLQQHXHV6\VWHPGHU$QUHGHIRUPHQ PLWXQWHUVFKLHGOLFKHQ5HVXOWDWHQ FI.DS :DVGDV9HUEDOV\VWHPEHWULIIWVRZLUG GHU .RQM)XW LP 6SDQLVFKHQ VHLW GHP  -K LPPHU XQJHEUlXFKOLFKHU ZlKUHQG HU LP 3RUWXJLHVLVFKHQ OHEHQGLJ EOHLEW FI .DS   $E GHP  -K ZHUGHQ GLH UD )RUPHQLP6SDQLVFKHQQXUQRFKLQGHU)XQNWLRQHLQHV.RQM,PSYHUZHQGHWLP3RUWX JLHVLVFKHQ GDJHJHQ ± YRUUDQJLJ ± ZHLWHUKLQ DOV 3OXVTXDPSHUIHNW 'LH 0HVRNOLVH YRQ 3URQRPHQEHL)XWXUXQG.RQGLWLRQDOLVWDEHWZDGLHVHU=HLWLP6SDQLVFKHQDQGHUVDOVLP 3RUWXJLHVLVFKHQ QLFKW PHKU P|JOLFK GLH 9HUVFKPHO]XQJHQ YRQ 9HUEIRUPHQ XQG NOLWLVFKHQ 3URQRPHQ ]% VS KDFHOOR IU KDFHUOR  ZHUGHQ LP 6SDQLVFKHQ ]XQHKPHQG YHUPLHGHQZlKUHQGHVLP3RUWXJLHVLVFKHQQRFKKHXWHID]rORKHL‰W,P3RUWXJLHVLVFKHQ EHJLQQWVLFKWHUJHJHQEHUKDYHUDOV+LOIVYHUE IUGLH ]XVDPPHQJHVHW]WHQ9HUJDQJHQ KHLWVWHPSRUD GXUFK]XVHW]HQ LP 6SDQLVFKHQ EOHLEW KDEHU RKQH .RQNXUUHQ] ]XU VSH]L ILVFKHQ%HGHXWXQJGHVSWJSUHWpULWRSHUIHLWRFRPSRVWRFI.DS  $OV3URQRPHQGHUXQG3V3OHWDEOLHUHQVLFKLP6SQRVRWURVXQGYRVRWURVVWDWW QRV XQG YRV GLH LP 3RUWXJLHVLVFKHQ HUKDOWHQ EOHLEHQ %HL GHQ NOLWLVFKHQ 2EMHNW SURQRPLQDGHUHQ6WHOOXQJLP$OWVSDQLVFKHQQRFKVHKUlKQOLFKGHUSRUWXJLHVLVFKHQZDU YHUIHVWLJW VLFK GLH 3URNOLVH EHL ILQLWHQ 9HUEIRUPHQ ZlKUHQG LP (3 MH QDFK 3RVLWLRQ (QNOLVHRGHU3URNOLVHYRUOLHJWZREHLYRUOlXILJQRFKHLQHJHZLVVH)UHLKHLWJHJHEHQLVW ,P  -K QLPPW GHU *HEUDXFK GHV SUlSRVLWLRQDOHQ $NNXVDWLYV LP 3RUWXJLHVLVFKHQ LPPHUPHKUDEXQGLVWKHXWHJDQ]DQGHUVDOVLP6SDQLVFKHQLQGHQPHLVWHQ.RQWH[WHQ DXVJHVFKORVVHQ VX  6HLW GHP  -K VLQG LP 6SDQLVFKHQ VR %ROOpH1HXPDQQ+RO]VFKXK  ±   NDXP QRFK VSUDFKLQWHUQH (QWZLFNOXQJHQ ]X YHU]HLFKQHQ 'DV 3RUWXJLHVLVFKH KDW VHLQHÄNODVVLVFKH³)RUPEHUHLWVXPHUUHLFKW FI7H\VVLHU±,,, XQG





HUOHEW LQ GHU )ROJH]HLW QDFK 7H\VVLHU   ,,,  PLW HLQHP 6FKZHUSXQNW XP  QXU QRFK UHODWLY JHULQJH 9HUlQGHUXQJHQ GLH IDVW DXVVFKOLH‰OLFK DXI GLH JH VSURFKHQH 6SUDFKH EHVFKUlQNW VLQG ]% GLH 9HUZHQGXQJ GHU 7HPSRUD EHWUHIIHQG  'LH 6FKULIWQRUP EHZDKUW WDWVlFKOLFK VHKU ZHLWJHKHQG GLH 6WUXNWXUHQ GHU OtQJXD GH &DP}HV 'LHPRUSKRV\QWDNWLVFKHQ8QWHUVFKLHGHGLHVLFKKHXWH]ZLVFKHQGHP6SDQLVFKHQXQG 3RUWXJLHVLVFKHQ IHVWVWHOOHQ ODVVHQ KDEHQ VLFK DOVR IDVW DXVVFKOLH‰OLFK LP  XQG  -DKUKXQGHUWHUJHEHQXQG]ZDULQHUVWHU/LQLHGDGXUFKGDVVGDV6SDQLVFKHLQGHQ6LJORV GH 2UR QRFK HLQLJH WLHIJUHLIHQGH 9HUlQGHUXQJHQ GXUFKJHPDFKW KDW GLH HV YRQ GHU PLWWHODOWHUOLFKHQ)RUP XQGGDPLWDXFKYRP3RUWXJLHVLVFKHQ ZHLWHUHQWIHUQWHQXQGGLH GDV 3RUWXJLHVLVFKH QLFKW PHKU HUJULIIHQ 'LHV LVW LQVRIHUQ QLFKW VHOEVWYHUVWlQGOLFK DOV JHUDGH IU GLHVHQ =HLWUDXP LQ GHQ DXFK GLH 3HUVRQDOXQLRQ ]ZLVFKHQ 6SDQLHQ XQG 3RUWXJDO ± IlOOWLQWHQVLYVWHU6SUDFKNRQWDNWDQJHQRPPHQZHUGHQPXVV 'LH JHQDXHQ=XVDPPHQKlQJHZlUHQKLHUQRFK]XHUIRUVFKHQ   

 7H[WEHLVSLHOH hEHUVHW]XQJVYHUJOHLFK$OWVSDQLVFK±$OWSRUWXJLHVLVFK (LQH*HJHQEHUVWHOOXQJGHV$OWVSDQLVFKHQXQGGHV$OWSRUWXJLHVLVFKHQVROODQKDQGHLQHV $XV]XJHV GHU 6LHWH 3DUWLGDV6HWH 3DUWLGDV YRUJHQRPPHQ ZHUGH VR GDVV *HPHLQ VDPNHLWHQ XQG 8QWHUVFKLHGH EHLGHU 6SUDFKHQ LQ GLHVHU 3KDVH DXJHQVFKHLQOLFK ZHUGHQ DEHU DXFK GLH LQQHUKDOE HLQHU 6FKUHLEWUDGLWLRQ EHVWHKHQGH 9DULDWLRQ GD ]XU GDPDOLJHQ =HLW 1XW]HQ XQG =ZHFNJHEXQGHQKHLW HLQHU hEHUVHW]XQJ LP 9RUGHUJXQG VWDQGHQ XQG QLFKWHLQHHWZDLJHSKLORORJLVFKH7H[WWUHXH 'LH *HVHW]HVVDPPOXQJ GHU 6LHWH 3DUWLGDV EHJRQQHQ XQWHU $OIRQV ; GHP :HLVHQ VWHOOW HLQH XPIDVVHQGH .RGLILNDWLRQ ZHOWOLFKHU XQG NOHULNDOHU 6DFKYHUKDOWH GDU GHUHQ 5H]HSWLRQQRFKPHKUHUH-DKUKXQGHUWHODQJDQKLHOW,QGHU)ROJH]HLWZXUGHQGLH3DUWLGDV HUZHLWHUW XQG XQWHUODJHQ LPPHU ZLHGHU 9HUlQGHUXQJHQ 'DUEHUKLQDXV ZXUGHQ DXFK hEHUVHW]XQJHQ LQV .DWDODQLVFKH XQG 3RUWXJLHVLVFKH DQJHIHUWLJW ZDV HEHQIDOOV ]X HLQHU JUR‰HQ 9HUEUHLWXQJ EHLWUXJ DEHU DXFK ]X HLQHU 9LHO]DKO DQ DEJHZDQGHOWHQ 9HUVLRQHQ ZLHPDQEHLVSLHOVZHLVHDQGHU$QRUGQXQJGHU*HVHW]HHUNHQQHQNDQQ FI.DS   

 

 (LQH $XVQDKPH VWHOOW EHL GHU 9HUEDOIOH[LRQ GLH (UVHW]XQJ GHU 3V3O FDQWiLV  GXUFK GLH 3V3O GDU YRFrV  FDQWDP 'LH 3V3O ZLUG KHXWH DXFK LQ GHU SRUWXJLHVLVFKHQ 6FKULIW VSUDFKHQXUQRFKDUFKDLVLHUHQGYHUZHQGHW FI.DS $XFKGDVDPHULNDQLVFKH6SDQLVFK KDW GLH )RUPHQ GHU 3V3O DXIJHJHEHQ LP HXURSlLVFKHQ 6SDQLVFK VLQG VLH MHGRFK QRFK OHEHQGLJ



 7LWXOR;;,,, /H\,,D 4XpFRVDHVSURFXUDFLyQHTXiOHVODGHXHQGDUHDTXLpQ 3URFXUDFLyQHVGHUHFKRGHGHVSHVDVSRUDFRPHUTXHGHXHQGDUDORVSUHODGRVGHODV HJOHVLDVHGHORVRWURVORJDUHVTXHXLVLWDUHQ(HVWDVSURFXUDFLRQHVGHXHQGDUGHFDGD XQD HJOHVLD R PRQDVWHULR R RWUR ORJDU GDTXHOORV TXH KDQ GHUHFKR GH VHHU XLVLWDGRV 3HURVLDOJXQDVHJOLVLDVIXHVVHQWDQSREUHVTXHQRSXGLHVVHQFRPSOLUFDGDXQDGHOODV SRU Vt D GDU OD SURFXUDFLyQ GHXHQ WDQWDV DOOHJDU HQ XQR TXH OR SXHGDQ ID]HU VLQ DJUDXDPLHQWR(GHXHQGDUODSURFXUDFLyQHQFDGDRELVSDGRDVXRELVSRRDOTXHpO HQXLDUHTXHXLVLWHHQVRORJDU(RWURVVtGHXHQGDUSURFXUDFLRQHVDORVDUoLGLDQRVHQ VXV DUoLGLDQDGJRV H D ORV DUoLSUHVWHV HQ VXV DUoLVSUHVWDGJRV SHUR HVWR VH GHXHUi HQWHQGHUGHORVORJDUHVyORKDQGHFRVWXPEUH(DXQGHXHQGDUSURFXUDFLRQHVDFDGD DUoRELVSRHQVXSURXLQFLDFXDQGRDFDHFLHUHTXHD\DGHXLVLWDUSRUQHJOLJHQFLDGHORV RELVSRV3HURHVWRVHHQWLHQGHGDTXHOORVRELVSDGRVyVRQQHJOLJHQWHVORVSUHODGRVHQ FDVWLJDUVXVSXHEORVHHQRUGHQDUODVHJOHVLDV(RWURVVtODVGHXHQGDUDORVOHJ DG RV HDORVPHVVDJHURVGHO3DSDVHJXQGTXHOHVpOPDQGDUHSRUVXFDUWD ]LWQDFK$ULDV %RQHW   7LWROR;;9 /H\SULPH\UD 4XHFRXVDKHSURFXUDo}HTXDHVDGHXͅGDUHDTXͅ 3UHFXUDo} KH GH GHUH\WR GH GHVSHVVDV SHUD FRPHU TXH GHXHQ GDU DRV SUHODGRV GDV HLJUHLDVHGRVRXWURVORJDUHVTXHYLVVLWDUӁ(HVWDVSURFXUDoRHQVGHXӁGDUGHFDGDKNJD H\JUHLD RX PRHVWH\UR RX RXWUR ORJDU TXH DP GHUH\WR GH VHHU YLVVLWDGRV 3HUR VVH DOJNJDVMJUHLDVIRVVHPWmSREUHVTXHQ}SRGHVVHPFRQSULUFDGDKNJDGHOODVSHUVVLSHUD GDUSURFXUDo}GHXӁWmWDVGHFKHJDUHQKNJXTXHRSRVVDPID]HUVVHPRXWRUJDPӁWR( GHXӁ D GDU D SURFXUDo} HQ FDGD ELVSDGR D VVHX ELVSR RX DDTXHO TXH HO HQXLDU TXH YLVVLWH HQ VVHX ORJR VH R ELVSR Q} SRGHU K\ K\U SRU TXH VHLD HQEDUJDGR SHU DOJNJD UUD]} GHUH\WD ( RXWURVV\ GHXӁ GDU SURFXUDo}HV DRV DUoHGLDJRRV >HQ@ VVHXV DUFHGLDJDGRV 3HUR HVWR VVH GHXH HQWHQGHU GRV ORJDUHV KX DP GDP  GH FXVWRPH ( DLQGDGHXӁGDUDVSURFXUDo}HVDFDGDDUFHELVSRHQVVDSURXLQoLDTXDQGRDFDHoHUTXH DLm GH XLVLWDU SHU QHJOLJHQoD GRV ELVSRV 3HUR HVWR VH HQWHQGH GDTXHOOHV ELVSRV TXH VRP QHJOLJHQWHV RX RV SUHODGRV HQ FDVWLJDU VVHXV SRERRV H RUGLQKDU DV H\JUHLDV 2XWURVV\GHXӁDGDUDRV>OHJDGRV@HDRVPHVVHJXH\URVGRSDSDVVHJXQGRTXHOK\VHO PDQGDUSHUVDFDUWD ]LWQDFK)HUUHLUD±   







6SUDFKYHUJOHLFK3RUWXJLHVLVFK±6SDQLVFKLQGHUIUKHQ1HX]HLW 'HU IROJHQGH 'LDORJ ]ZLVFKHQ HLQHP 6SDQLHU )DOHQFLR  XQG HLQHP 3RUWXJLHVHQ 3HWURQLR LQ PRGHUQHU(3*UDSKLH3HWUyQLR LQ %33HWU{QLR  VWDPPW DXV GHP  LQ /LVVDERQHUVFKLHQHQHQ%XFK5HJUDVTXHHQVLQDPDPDQHLUDGHHVFUHYHUHRUWKRJUDKLD GD OLQJXD SRUWXJXHVD FRPKXP GLDORJR TXHDGLDQWH VH VHJXH HP GHIHQVDP GDPHVPD OLQJXD YRQ 3HUR GH 0DJDOKmHV GH RGHU H  *kQGDYR DXFK *DQGDYR  'LH 2ULJLQDO JUDSKLH ZXUGH PLW JHULQJHQ bQGHUXQJHQ WHLOZHLVH $XIO|VXQJ GHU 7LOGH DOV Q RGHU P :RUWWUHQQXQJ EHLEHKDOWHQGHU.XUVLYGUXFNHUJlQ]W  )DOHQFLR&DVWHOKDQR >«@DJRUDRVTXLHURSURXDUHQFRPRODQXHVWUDOHQJXDHVPDVSURSLQTXDDOODWLP>VLF@ TXH OD YXHVWUD FRQ DOJXQRV YRFDEXORV TXH DTXL RIIHUHFHUp FRQXLHQH D VDEHU 'H]LV KRQWHP QRV KD\HU HO ODWLQ KHUL >@±>@ 'H]LV HQJHQKR QRV LQJHQLR HO ODWLQ LQJHQLR 'H]LV GRUHV QRV GRORUHV 'H]LV FRUHV QRV FRORUHV 'H]LV FDOPDV QRV FDORUHV HO ODWLQ FDORUHV 'H]LV SDL[}HV QRV SDVVLRQHV HO ODWLQ SDVVLRQHV 'H]LV SHVVRD QRV SHUVRQD HO ODWLQ SHUVRQD (QILP >VLF@ RWURV PXFKRV YRFDEXORV KD HQ QXHVWUD OHQJXD TXH GLIIHUHQ PX\ SRFR R TXDVL QDGD GH OD ODWLQD GH ORV TXDOHV OD YXHVWUDHVPX\UHPRWDFRPRHQHVWRVRVWHQJRPRVWUDGR>«@  3HWURQLR3RUWXJXHV >@DLQGDYRVSURXDUH\TXHDQRVVDKHPDLVFKHJDGDDRODWLPTXHDYRVVDFRPRVH SRGH YHU HP RXWURV PXLWRV YRFDEXORV QRVVRV GH TXH D YRVVD WDPEHP VH GHVXLD DOJXQVGHOOHVVmRHVWHVTXHVHVHJXHP9RVGL]HLVOHQJXDQRVOLQJXDRODWLPOLQJXD 'L]HLV SOXPD QRV SHQQD R ODWLP SHQQD 'L]HLV WHPSUDQR QRV FHGR R ODWLP FLWR 'L]HLVOH[RVQRVORQJHRODWLPORQJH'L]HLVDxRVQRVDQQRVRODWLPDQQRV'L]HLV GDxR QRV GDPQR >PRGSRUW GDQR@ R ODWLP GDPQR )LQDOPHQWH TXH VH TXDQWRV PH RFFRUHPYRVTXLVHVVHDTXLGL]HUVHULDFRXVDLQILQLWDGHQXQTXDDFDEDUSRUTXH FRPR GLJR DPD\RUSDUWHGRVYRFDEXORVSURQXQFLDHVFRPDVSLUDo}HVSRURQGHILFDYRVVD OLQJXDPXLWRPDLVUHPRWD GHVXLDGDGRODWLPTXHDQRVVD VHQmRYHGHRQHVWHV TXHDJRUDYRVGLUH\9RVGL]HLVKHPEUDQRVIHPLD>PRGSWJIrPHD@RODWLPIHPLQD 'L]HLVKLHUURQRVIHUURRODWLPIHUUR'L]HLVKLHOQRVIHORODWLPIHO'L]HLVKDGR QRVIDGRRODWLPIDWR'L]HLVKXLUQRVIXJLURODWLPIXJHUH'L]HLVKD]HUQRVID]HU RODWLPIDFHUH>@±>@ >3RUTXH@ DOHP GH DV DVSLUDoRHV TXH YVDLV YRV FRUURPSHUHP FRPR MD GLVVH  D VHPHOKDQoDTXHDYRVVDOLQJXDSRGLDWHUFRPD/DWLQDWHQGHVQHOODPXLWDVV\OODEDV TXHVHGREUmRSHUGXDVOHWUDVYRJDHVTXHRODWLPQHPQyVQXQTXDYVDPRVFRPRKH WLHUUDVXHUWHPXHUWHIXHUWHOXHQJRFLHUWR RXWURVLQILQLWRVYRFDEXORVQRVTXDHV D QRVVD VHJXH R ODWLP  QmR GHVFUHSD GHOOH FRXVD DOJXPD  D YRVVD WRWDOPHQWH SDUHFHTXHQHOOHVVHHVPHURXHPVHGHVXLDUGHOOHFRPRVHGHVWDPDQHLUDILFDVVHPDLV SHUIHFWD>@ *kQGDYR± 





$XIJDEHQ  6WHOOHQ 6LH GLH YHUEDOPRUSKRORJLVFKHQ 8QWHUVFKLHGH LP REHQ DQJHIKUWHQ 7H[WYHUJOHLFK ]X GHQ6LHWH3DUWLGDVKHUDXV  =HLJHQ 6LH DQKDQG YRQ IQI ÃKDOEJHOHKUWHQ¶ :|UWHUQ GHV .DVWLOLVFKHQ3RUWXJLHVLVFKHQ GHUHQ ÄHLJHQWOLFKH³ODXWJHVFKLFKWOLFKH(QWZLFNOXQJDXI ]%3HQQ\7H\VVLHU   ,QIRUPLHUHQ 6LH VLFK EHU GLH VSUDFKJHVFKLFKWOLFKH %HGHXWXQJ $OIRQV GHV :HLVHQ ]% 1LHGHUHKH DXFKIU3RUWXJDO ]%.DEDWHN   (UDUEHLWHQ 6LH MH ]HKQ /H[HPH GHV PLWWHODOWHUOLFKHQ :RUWVFKDW]HV GLH LQ GHQ KHXWLJHQ 6SUDFKHQ 6SDQLVFK XQG 3RUWXJLHVLVFK QLFKW PHKU 7HLO GHV /H[LNRQV VLQG ]% DXV &DQFLRQHLUR(O&LG   9HUJOHLFKHQ6LHGLHDOWVSDQLVFKXQGGLHDOWSRUWXJLHVLVFKH6LWXDWLRQLQ%H]XJDXIGLHKHXWLJHQ $OORSKRQHGHVELODELDOHQ3KRQHPVE ]%%DUERVDF/DQJ3HQQ\.XEDUWK    :HOFKH GHU LQ GHP 'LDORJDXV]XJ YRQ 3HUR GH 0DJDOKmHV GH *kQGDYR DXIJHIKUWHQ 'LYHUJHQ]HQ N|QQHQ PLW GHQ LQ .DS  JHQDQQWHQ XQWHUVFKLHGOLFKHQ /DXWHQWZLFNOXQJHQ HUNOlUW ZHUGHQ" :DV OlVVW VLFK DXI GHP 7H[WDXVVFKQLWW KLQVLFKWOLFK GHV HSRFKHQVSH]LILVFKHQ 6SUDFKEHZXVVWVHLQV GD]X]%%DKQHU± HUVFKOLH‰HQ"

                        



 'LH3KRQHPV\VWHPH 'LHIROJHQGHhEHUVLFKW]XP9RNDOXQG.RQVRQDQWHQV\VWHPGHV6SDQLVFKHQXQG3RUWX JLHVLVFKHQ VROO XQG NDQQ NHLQHVZHJV HLQH H[KDXVWLYH %HVFKUHLEXQJ GHV MHZHLOLJHQ 3KRQHPLQYHQWDUV VHLQ VRQGHUQ EHVFKUlQNW VLFK LP :HVHQWOLFKHQ DXI GLH +HUDXVDUEHL WXQJGHU8QWHUVFKLHGH%HLGHU'DUVWHOOXQJGHUFKDUDNWHULVWLVFKVWHQSKRQRORJLVFKHQDEHU DXFKSKRQHWLVFKHQ0HUNPDOHVROOHQWVSUHFKHQGGHUJHVDPWHQ$XVULFKWXQJGLHMHZHLOLJH HXURSlLVFKH6WDQGDUGYDULHWlWLQGHQ9RUGHUJUXQGJHUFNWZHUGHQRKQHGDVVHVGDEHLDQ +LQZHLVHQ ]X EHNDQQWHQ 3KlQRPHQHQ DX‰HUHXURSlLVFKHU LQVEHVRQGHUH DPHULNDQLVFKHU 3URYHQLHQ]PDQJHOQZLUG   

 'LH9RNDOV\VWHPH  'DVVSDQLVFKH9RNDOV\VWHP %HL GHU NRQWUDVWLYHQ %HWUDFKWXQJ GHU VSDQLVFKHQ XQG SRUWXJLHVLVFKHQ 9RNDOH ]HLJW HV VLFKGDVVWURW]GHUHQJHQJHQHDORJLVFKHQXQGW\SRORJLVFKHQ9HUZDQGWVFKDIWLQGLHVHP %HUHLFKHUKHEOLFKH8QWHUVFKLHGHIHVW]XVWHOOHQVLQG 'DV VSDQLVFKH 9RNDOV\VWHP VWHOOW VLFK GDEHL DOV lX‰HUVW UHGX]LHUW GDU XQG ]ZDU VRZRKOLP9HUJOHLFK]XP3RUWXJLHVLVFKHQDOVDXFK]XP/DWHLQLVFKHQ  7DEHOOH'DVVSDQLVFKH9RNDOV\VWHP gIIQXQJVJUDG $UWLNXODWLRQVRUW

SDODWDO

JHVFKORVVHQ

L

PLWWHO

H

RIIHQ



]HQWUDO

YHODU



X



D

R 

 ,P 6SDQLVFKHQ JLEWHV IQI9RNDOSKRQHPH GLH PDQQDFK$UWLNXODWLRQVRUW SDODWDO DP KDUWHQ*DXPHQ±SDODWXP]HQWUDO0LWWHOVWHOOXQJYHODUDPZHLFKHQ*DXPHQ±YHOXP  XQG$UWLNXODWLRQVDUWE]ZgIIQXQJVJUDG JHVFKORVVHQYVRIIHQYVPLWWHO XQWHUVFKHLGHW XRDHXQGL FI+LGDOJR1DYDUUR4XLOLV0HUtQ%HUVFKLQ)HUQiQGH] 6HYLOOD)HOL[EHUJHU±%ODVHU 





$XVHLQHU9LHO]DKOYRQODXWOLFKHQ5HDOLVLHUXQJHQGHU6SUHFKHUZHUGHQGLH3KRQHPHPLW +LOIHVWUXNWXUDOLVWLVFKHU$EVWUDNWLRQ .RPPXWDWLRQVSUREH HUPLWWHOW'DEHLHUJHEHQVLFK IU GDV VSDQLVFKH 9RNDOV\VWHP EHLVSLHOKDIW IROJHQGH 0LQLPDOSDDUNRPELQDWLRQHQ GLH HLQH$XIWHLOXQJLQGLHEHUHLWVJHQDQQWHQIQI9RNDOSKRQHPHUHFKWIHUWLJHQSLVR±SHVR± SXVR ± SRVR ± SDVR :HLWHUH KlXILJHU YRUNRPPHQGHQ $XVVSUDFKHWHQGHQ]HQ DOVR 9DULDQWHQ GLH QLFKW QXU LQGLYLGXHOOHU 1DWXU VLQG VRQGHUQ 7HLO HLQHU GLDV\VWHPDWLVFK YHURUWEDUHQ*UXSSHZHUGHQDOVNRPELQDWRULVFKH9DULDQWHQ $OORSKRQH HLQJHVWXIW'LH SKRQHWLVFKH 5HDOLVLHUXQJ GHU HLQ]HOQHQ 9RNDOH ZLUG EHL H L R X PHLVWHQV DOV *HJHQVDW]]ZLVFKHQRIIHQYVJHVFKORVVHQFKDUDNWHULVLHUW ]%SHUURYVSHFKRULFRYV FKLFR JRUUD YV ERGD OXMR YV WXER  ZlKUHQG EHL D HLQH YHODUH XQG HLQH SDODWDOH 9DULDQWHDQJHVHW]WZLUG ]%EDMRYVFDOOH  'LH2SSRVLWLRQÃJHVFKORVVHQYVRIIHQ¶LVWEHLGHQSKRQHWLVFKHQ9DULDQWHQYRQLXQG X DOV EHVRQGHUV JHULQJ DQ]XVHW]HQ 1DYDUUR 7RPiV+DHQVFK/HFKQHU    'LH XUVSUQJOLFK VFKRQ YRQ 1DYDUUR 7RPiV    $XIO   DQJHQRPPHQHQ 'LVWULEXWLRQVNULWHULHQIURIIHQHXQGJHVFKORVVHQH9RNDOHZHUGHQLQ]ZLVFKHQDXIJUXQG GHU PDQJHOQGHU *HVHW]Pl‰LJNHLW LKUHV $XIWUHWHQV XQG HLQHV HLJHQWOLFK VHKU JHULQJHQ 8QWHUVFKLHGHV LP gIIQXQJVJUDG GHU VSDQLVFKHQ 9RNDOH QLFKW PHKU LQ GLHVHU )RUP DXIUHFKWHUKDOWHQ %ODVHU±  +LQ]X NRPPW QRFK EHL DOOHQ 9RNDOHQ GDV 3KlQRPHQ GHU UHODMDFLyQ Ã9RNDO HUVFKODIIXQJ¶ GKGHU$EEDXGHU.ODQJIDUEHLQVEHVRQGHUHEHLVFKQHOOHP6SUHFKHQDP :RUWHQGH ZREHL GLH 9HUVFKOHLIXQJ QLFKW VRZHLW JHKW ZLH EHLVSLHOVZHLVH LP )UDQ ]|VLVFKHQ HPXHW RGHULP3RUWXJLHVLVFKHQ VX  FI1DYDUUR7RPiV+DHQVFK/HFKQHU   1DYDUUR 7RPiV  ± %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  ±%ODVHU±  *HVFKORVVHQHV>H@XQG>R@NRPPHQEHLGHQXULQRIIHQHU6LOEHYRU ]%WHPHWRPR  'LHRIIHQHQ9DULDQWHQGLHVHU9RNDOHDOVR>͑@XQG>ɬ@WUHWHQLQJHVFKORVVHQHU6LOEHDXI ]%YHUGHFRVWD YRU[VRZLHYRUXQGQDFKUDXI ]%TXHMD±KRMDJXHUUD±WRUUH  'LHVHRIIHQHQ$OORSKRQHVLQGDX‰HUGHPDXFKEHLIDOOHQGHQ'LSKWKRQJHQ]XEHREDFKWHQ ]%SHLQH±ERLQD   $Q GLHVHU 6WHOOH VROO H[NXUVRULVFK GDV 3UREOHP GHU 'HILQLWLRQ YRQ 'LSKWKRQJHQ DQJHVSURFKHQ ZHUGHQ GD GLHVH LQ GHU /LWHUDWXU QLFKW LPPHU HLQKHLWOLFK EHKDQGHOW ZHUGHQ 6R NDQQ ODXW %X‰PDQQ    HLQ 'LSKWKRQJ DOOJHPHLQ DOV HLQH Ä9RNDOIROJHPLW*OHLWEHZHJXQJGHU$UWLNXODWLRQVRUJDQH>GHILQLHUWZHUGHQ@VRGDVVVLFK DXGLWLY ]ZHL /DXWSKDVHQ XQWHUVFKHLGHQ ODVVHQ ]% >DH@ XQG >Dɬ@ LQ GW >ਥপDHQEDɬP@ (LQEDXP³RGHUPLW3RPSLQR0DUVKDOO  DQGHUVDXVJHGUFNWÄ$OV'LSKWKRQJH ZHUGHQ GLH YRNRLGHQ 6LOEHQNHUQH EH]HLFKQHW GLH DXGLWLY QLFKW GXUFK HLQH JOHLFK EOHLEHQGH VRQGHUQHEHQ JHUDGH GXUFK HLQH VLFK lQGHUQGH 9RNDOTXDOLWlW JHNHQQ]HLFKQHW VLQG³ 'LH ZHLWHUH 'LIIHUHQ]LHUXQJ GHU 'LSKWKRQJH NDQQ QDFK YHUVFKLHGHQHQ .ULWHULHQ HU IROJHQ





Ä,VWGHUgIIQXQJVJUDGLQGHU]ZHLWHQ3KDVHHLQHV'LSKWKRQJVJU|‰HUDOVLQGHUHUVWHQVRKHL‰W HU ÃIDOOHQG¶ DQGHUQIDOOV ÃVWHLJHQG¶ YJO VWHLJHQGHV >Dɬ@ LQ GW%DX PLW IDOOHQGHP >RD@ LQ IU] ERLV Ã:DOG¶ ,Q DQGHUHU 7HUPLQRORJLH KHL‰W HLQ 'LSKWKRQJ ÃIDOOHQG¶ ZHQQ VHLQH HUVWH 3KDVH PLW VWlUNHUHP 'UXFN GHU SXOPRQDOHQ /XIW JHELOGHW ZLUG DOV GLH ]ZHLWH DQGHUQIDOOV KHL‰W HU ÃVWHLJHQG¶³ %X‰PDQQ 

3RPSLQR0DUVKDOO    UHNXUULHUW DXI GLH HUVWH YRQ %X‰PDQQ DQJHIKUWH 'HILQLWLRQPLWGHP.ULWHULXPGHVgIIQXQJVJUDGHVXQGIKUWDX‰HUGHPQRFKHLQHGULWWH $UWYRQ'LSKWKRQJHQHLQ Ä7HUPLQRORJLVFK XQWHUVFKHLGHW PDQ ]ZLVFKHQ GHQ VFKRQ JHQDQQWHQ VFKOLH‰HQGHQVWHLJHQGHQ 'LSKWKRQJHQ GLH PLW HLQHU $UWLNXODWLRQVEHZHJXQJ ]X JHVFKORVVHQHUHQ GK PLW K|KHUHU =XQJHQODJH YHUEXQGHQHQ9RNDOHQJHELOGHWZHUGHQ|IIQHQGHQIDOOHQGHQ'LSKWKRQJHQGHQHQ GLHHQWJHJHQJHVHW]WH$UWLNXODWLRQVEHZHJXQJHQWVSULFKW ]%LP%DLULVFKHQ>OԌ ੠DS@OLHE>Jࡱ ੠DW@ JXW  VRZLH GHQ ]HQWUDOLVLHUHQGHQ 'LSKWKRQJHQ PLW HLQHU $UWLNXODWLRQVEHZHJXQJ KLQ ]X ]HQWUDOHQ9RNDOHQ>«@ YJO]%>Xm@8KU>«@ ³

,QGHU ,EHUR 5RPDQLVWLNLVWHVKLQJHJHQ8VXVGDVVPDQHLQHQ'LSKWKRQJYHUHLQIDFK HQG GHILQLHUW DOV .RPELQDWLRQ DXV 9RNDO  +DOEYRNDO+DOENRQVRQDQW ]% %HUVFKLQ )HUQiQGH]6HYLOOD)HOL[EHUJHU    'XIWHU   KLQJHJHQ VLHKW GDV .ULWHULXP SULQ]LSLHOO LP gIIQXQJVJUDG MHGRFK HQWJHJHQ GHU REHQ DXIJHIKUWHQ HKHU JHUPD QLVWLVFKHQ 7UDGLWLRQ PLW XPJHNHKUWHU =XRUGQXQJ GK ÃVWHLJHQG¶ HQWVSULFKW JU|‰HUHP gIIQXQJVJUDGQLFKWÃVFKOLH‰HQG¶  Ä%HLGHQ'LSKWKRQJHQXQWHUVFKHLGHWPDQVWHLJHQGHXQGIDOOHQGH6WHLJHQGH'LSKWKRQJH VS GLSWRQJRV FUHFLHQWHV  ]HLFKQHQ VLFK DUWLNXODWRULVFK GXUFK HLQH =XQDKPH GHV gIIQXQJVJUDGHV YRP HUVWHQ ]XP ]ZHLWHQ 9RNDOVHJPHQW DXV ZRGXUFK DXFK GLH SHU]LSLHUWH 6FKDOOIOOH EH]LHKXQJVZHLVH GLH SKRQRORJLVFKH 6RQRULWlW ZlKUHQG GHU $UWLNXODWLRQ GHV 'LSKWKRQJV ]XQHKPHQ )U IDOOHQGH 'LSKWKRQJH VS GLSWRQJRV GHFUHFLHQWHV  JLOW GDV 8PJHNHKUWH $OOH VHFKVP|JOLFKHQ9RNDOYHUELQGXQJHQNRPPHQEHLVWHLJHQGHQ'LSKWKRQJHQYRU LHLDLR XHXDXR ZREHLXRMHGRFKVHOWHQLVW$XFKEHLGHQIDOOHQGHQ'LSKWKRQJHQWUHWHQIQI GHU VHFKV P|JOLFKHQ 9HUELQGXQJHQ KlXILJHU DXI HL DL RL HX DX  ZlKUHQG RX PDUJLQDOEOHLEW>«@3KRQHWLVFKWHQGLHUHQEHLGHQVWHLJHQGHQXQGIDOOHQGHQ'LSKWKRQJHQGLH KRKHQ 9RNDOVHJPHQWH ]XU 5HDOLVLHUXQJ DOV *OHLWODXW RGHU $SSUR[LPDQW VR GDVV LQ YLHOHQ VWlUNHU SKRQHWLVFK DXVJHULFKWHWHQ 7UDQVNULSWLRQHQ DXFK >M@ XQG >Z@ VWDWW >Lʗ@ XQG >Xʗ@ ]XU 1RWDWLRQGHV/DXWZHUWHVGHU]ZHLWHQ6HJPHQWHYRQVSSLHQVRXQGSXHGRYHUZHQGHWZHUGHQ³ 'XIWHU 

%HL GHQ 'LSKWKRQJHQ XQWHUVFKHLGHW PDQ DOVR IU GDV 6SDQLVFKH ]ZLVFKHQ VWHLJHQGHQ >ZD@ ± DJXD >ZH@ ± &XHQFD >ZR@ ± DQWLJXR >MD@ ± GHPRFUDFLD >MH@ ± WLHPSR  XQG IDOOHQGHQ >DZ@±FDXVD>HZ@±(XURSD>MR@±UDGLR>DM@±DLUH>HM@±VHLV>RM@±VR\  'HU IDOOHQGH 'LSKWKRQJ >RZ@ WULWW QXU LQ )UHPGZ|UWHUQ DXI EHLVSLHOVZHLVH LQ GHP NDWDODQLVFKHQ/HKQZRUWERXRGHUDEHULQVDW]SKRQHWLVFKHQ9HUVFKOHLIXQJHQ]%ORXVy ±>OɬZ VR@ %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  1LFKW LPPHU NDQQ PDQ MHGRFK HLQGHXWLJ IHVWOHJHQ RE ]ZHL DXIHLQDQGHUIROJHQGH 9RNDOHDOV'LSKWKRQJUHDOLVLHUWZHUGHQRGHUDOV]ZHLXQWHUVFKLHGOLFKH/DXWHLQYHUVFKLH GHQHQ6LOEHQ 6R LVW ZLH LQGHQ%HLVSLHOHQ YRQ YLXGD XQG KXLGD >MX@ YV >LX@ >ZL@ YV





>XL@  GHU *HEUDXFK PDQFKPDO VFKZDQNHQG ZlKUHQG EHL /DWLQLVPHQ PHLVW NHLQH GLSKWKRQJLVFKH$XVVSUDFKH]XJHODVVHQZLUG]%DIHFWXRVRGLDEOR 'DV6SDQLVFKHNHQQWQLFKWQXU'LSKWKRQJHVRQGHUQDXFK7ULSKWKRQJHQlPOLFK>MDM@ ± GHVSUHFLiLV >MHM@ ± GHVSUHFLpLV >ZDM@ ± FRQWLQXiLV >ZHM@ ± FRQWLQXpLV 7ULSKWKRQJH EHVWHKHQ GDEHL ZLH DQ GHQ %HLVSLHOHQ HUVLFKWOLFK LPPHU DXV GHU .RPELQDWLRQ Ã+DOE YRNDO9RNDO+DOEYRNDO¶ 2E QXQ EHLP $XIHLQDQGHUWUHIIHQ YRQ PHKUHUHQ 9RNDOHQ HLQ 'LSKWKRQJ RGHU HLQ 7ULSKWKRQJ UHDOLVLHUW ZLUG KlQJW QHEHQ GHQ EHUHLWV JHQDQQWHQ %HVFKUlQNXQJVNULWHULHQ DXFKYRQGHU6SUHFKJHVFKZLQGLJNHLW $OOHJURYV/HQWRIRUPHQ DELQVEHVRQGHUHGDQQ ZHQQ GLH 9RNDODNNXPXODWLRQ EHU GLH :RUWJUHQ]H KLQDXVJHKW ]% >MDZ@ ± MXVWLFLD KXPDQD  FI 4XLOLV)HUQiQGH]  ± %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU ±%ODVHU±  ,P6SDQLVFKHQJLEWHVDXFKQLFKWVLOEHQELOGHQGH+DOEYRNDOHE]Z+DOENRQVRQDQWHQ DOV9DULDQWHQ]XLXQGXGKMHQDFKGHPREGDVYRNDOLVFKHRGHUGDVNRQVRQDQWLVFKH (OHPHQWVWlUNHULQGHQ9RUGHUJUXQGUFNWGLIIHUHQ]LHUWPDQDXFKLQGHU1RWDWLRQVZHLVH >L੓@>X੓@YV>M@>Z@ ]%DLUH> DLʗ‫ޞ‬H@DXOD> DXʗOD@YVSLHGUD> SMH&‫ޞ‬D@FXDWUR> NZDW‫ޞ‬R@  /DPtTXL]%ODVHU  ,Q GHU 5HJHO HUIDKUHQ GLH 9DULDQWHQ NHLQH SKRQRORJLVFKH :HUWXQJ GD LQ lKQOLFKHU 8PJHEXQJDXFK>L@E]Z>X@UHDOLVLHUWZHUGHQ(LQ$UJXPHQWIUGHQ3KRQHPVWDWXVYRQ >M@ZlUHMHGRFKGLHH[LVWLHUHQGH2SSRVLWLRQ]XDQGHUHQ.RQVRQDQWHQZLH>”@]%FD\y YVFDOOy 'LHWULFK*HFNHOHU      'DVSRUWXJLHVLVFKH9RNDOV\VWHP 'DV 3RUWXJLHVLVFKH ZHLVW HLQ EUHLWHU JHIlFKHUWHV 9RNDOV\VWHP DXI PLW 3KRQHP RSSRVLWLRQHQ GLH HV LP 6SDQLVFKHQ QLFKW JLEW 'DV ,QYHQWDU EHVWHKW GDEHL DXV DFKW EHGHXWXQJVXQWHUVFKHLGHQGHQ 3KRQHPHQ GLH PLW GHQ HQWVSUHFKHQGHQ 0LQLPDOSDDUHQ EHOHJWZHUGHQN|QQHQLHİDmɬRX%HLVSLHOHIU2SSRVLWLRQHQGLHLP 6SDQLVFKHQ QLFKW GLVWLQNWLY VLQG VRQGHUQ GHQ IUHLHQ RGHU NRPELQDWRULVFKHQ 9DULDQWHQ ]X]XUHFKQHQ VLQG ZlUHQ Sr Ã%XFKWVWDEH S¶ YV Sp Ã)X‰¶ H YV İ  DPiPRV ÃZLU

 

 'LH DQJHVSURFKHQHQ /DXWH VLQG DUWLNXODWRULVFK LQVRIHUQ GHQ 9RNDOHQ ]X]XRUGQHQ DOV GLH DXVVWU|PHQGH /XIW DXI NHLQ +LQGHUQLV VW|‰W ZLH HV EHL GHQ .RQVRQDQWHQ GHU )DOO LVW $QGHUHUVHLWV VLQG VLH DEHU DXFK QLFKW VLOEHQELOGHQG ZDV DOV *UXQGHLJHQVFKDIW YRQ 9RNDOHQ DQJHVHKHQ ZLUG  =X HLQHU SRVLWLRQHOOHQ 'LVWULEXWLRQ GHU +DOEYRNDOH+DOENRQVRQDQWHQ VLHKH 4XLOLV    XQG 6SLFKHU6ZHHQH\3HOD\R &RXWLxR    GLH ]ZHL 3KRQHPH PLW MH GUHL$OORSKRQHQDQQHKPHQL >L@>M@>L™@ X >X@>Z@>X™@ $OOJHPHLQ]XGLHVHU'LVNXVVLRQ VLHKHDXFK%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  





OLHEWHQ¶YVDPDPRVÃZLUOLHEHQ¶ DYVm DYyÃ*UR‰PXWWHU¶YVDY{Ã*UR‰YDWHU¶ ɬ YVR  %DUERVD   7DEHOOH'DVSRUWXJLHVLVFKH9RNDOV\VWHP gIIQXQJVJUDG $UWLNXODWLRQVRUW

SDODWDO

JHVFKORVVHQ

L

KDOEJHVFKORVVHQ

H

]HQWUDO 

RIIHQ

İ 

X R

m KDOERIIHQ

YHODU

D

ɬ 

 (LQ SUlJQDQWHV 3KlQRPHQ GHV HXURSlLVFKHQ 3RUWXJLHVLVFK LVW GLH 5HGXNWLRQ GHU 2UDOYRNDOH>H@>D@XQG>R@LQXQEHWRQWHU6WHOOXQJ]X>ԥ@>Ó@>m@XQG>X@'LHVH5HGXNWLRQ NRPPWVRZRKOLP9RUWRQ ]%SHJDU>Sԥ ࣢D‫@ޞ‬SDJDU>Sm ࣢D‫@ޞ‬PRUDU>PX ‫ޞ‬D‫ @ޞ‬DOVDXFK LP 1DFKWRQ DOVR DXFK LP DEVROXWHQ$XVODXW YRU ]%SDUWH > SD‫ޞ‬Wԥ@ MXUD >

JDWX@ ,P9RUWRQVLQGMHGRFKYRQGLHVHU5HJHODXVJHQRPPHQ9RNDOHYRUYHODUHPO .RQVRQDQW ]%VDOWDU 9RNDOHYRUHLQHP.RQVRQDQWHQQH[XVEHLJHOHKUWHQ:|UWHUQ ]% DVSHFWR KRVSLWDO  9RNDOH GLH GXUFK .RQWUDNWLRQ HQWVWDQGHQ VLQG ]% SWJ SDGHLURDSJ SDDGHLUR XQG9RNDOHLQ.RPSRVLWDRGHUDEJHOHLWHWHQ%LOGXQJHQ ]% VR]LQKRSHUILGDPHQWH  FI7H\VVLHU±1ROO  :lKUHQG0DWHXV$QGUDGH  GLH5HGXNWLRQYRQ>H@QXUPLW>Ó@ZLHGHUJHEHQXQG &XQKD&LQWUD  QXUPLW>ԥ@XQWHUVFKHLGHQ.UHQQ0HQGHV  EHLGH /DXWH XQG JHEHQ GDEHL IROJHQGH 'LVWULEXWLRQ DQ >ԥ@ ZLUG LQ HLQVLOELJHQ :|UWHUQ UHDOLVLHUW ]% GH TXH PH  LP ,QILQLWLY 3UlVHQV ]% VHFDU  XQG LQ GHQ )RUPHQ GHV ,QGLNDWLY3UlVHQV ]%VHFDPRV VRZLH]ZLVFKHQEHVWLPPWHQ.RQVRQDQWHQ SUIUTX UIOVJ]%VXSHULRUIHULGDTXHULGDIHOL]VHJXLGRKLHUVHKUDEJHVFKZlFKW>ԥ@ ,P XQEHWRQWHQ$XVODXWZLUGHEHQIDOOV>ԥ@DUWLNXOLHUWRGHUGDVHIlOOWJDQ]DXV ]%HVWXGDQWH RQGH 'DV9HUKDOWHQGHVSRUWXJLHVLVFKHQ6FKZD/DXWHV]HLJWJHZLVVH3DUDOOHOHQ]XGHP GHVIUDQ]|VLVFKHQ

 

 'LH2SSRVLWLRQDYVmLVWLQ3RUWXJDOJHQHUHOOQXUVFKZDFKDXVJHODVWHW&IGD]XDXFKGLH $QDO\VH YRQ %DUERVD  ±  QDFK 6LOEHQVWUXNWXU XQG %HWRQXQJ GLH ]HLJW GDVV LQ GHQPHLVWHQ.RQWH[WHQHLQ$UFKLSKRQHP$DQ]XVHW]HQLVW,Q%UDVLOLHQLVWGLHVH2SSRVLWLRQ NRPSOHWWDXIJHKREHQGK(3DPiPRVYVDPDPRVIlOOW]XDPDPRV %3 ]XVDPPHQVRGDVV LP%3GHQEHLGHQ9DULDQWHQ>D@YV>m@QXUGHU6WDWXVYRQ$OORSKRQHQ]XNRPPW 1ROO ± 



 Ä'LH 5HDOLVLHUXQJ YRQ ILQDOHP H LP (3 LVW lKQOLFK NRPSOH[ ZLH GLH %HKDQGOXQJ GHV H LQVWDEOH H FDGXF  LP PRGHUQHQ )UDQ]|VLVFKHQ GLH 9HUKlOWQLVVH LP (3 VLQG DOOHUGLQJV LP 8QWHUVFKLHG ]XP )UDQ]|VLVFKHQ LQ LKUHU 9LHOVFKLFKWLJNHLW QRFK QLFKW EHVFKULHEHQ ZRUGHQ³ %DUPH 

'HU/DXW>Ó@KLQJHJHQZLUGEHLHLP$QODXWYRU>5@RGHU>ԥ@ DOV DXFK >Ó@ ILQGHW PDQ EHL XQEH WRQWHPHYRU9RNDO ]%WHDWURUHDO XQGEHLXQEHWRQWHPHLQDQODXWHQGHU6LOEH DX‰HU YRU>5@RGHU>M@XQG>Z@ ]%SDLSDX GLHDEHULPPHUDOV+DOEYRNDOH *OHLWODXWH JOLGHV JHZHUWHWZHUGHQ FI.DS  (LQHQEHVRQGHUHV&KDUDNWHULVWLNXP GHV 3RUWXJLHVLVFKHQVLQG GLH]DKOUHLFKHQ1DVDO YRNDOH 'D VLH MHGRFK DEKlQJLJ YRQ LKUHU ODXWOLFKHQ 8PJHEXQJ UHDOLVLHUW ZHUGHQ XQG QLFKW EHGHXWXQJVGLIIHUHQ]LHUHQG VLQG ZLUG LKQHQ LQ GHU 5HJHO NHLQ 3KRQHPVWDWXV ]X HUNDQQWVRQGHUQVLHZHUGHQDOV9DULDQWHQJHIKUW]%SLQWR>ƭ@WHPSR>Ӂ@FDPSR>m @ SRQWR >}@ PXQGR >NJ@ ,P 6SDQLVFKHQ NDQQ HV XQWHU 8PVWlQGHQ YRU DOOHP EHL QDFKOlVVLJHU $XVVSUDFKH HEHQIDOOV ]XU 5HDOLVLHUXQJ YRQ 1DVDOYRNDOHQ NRPPHQ YRU 1DVDONRQVRQDQWHQ GLHVHVLQGMHGRFKVFKZlFKHUQDVDOLHUWDOVLP3RUWXJLHVLVFKHQ LQ$3, MHGRFKXQWHUVFKLHGVORVGDUJHVWHOOW]%VSVRxDU>V} ‫ص‬D‫ @ޞ‬ 'LIIHUHQ]LHUWHU LVW LP 3RUWXJLHVLVFKHQ DXFK GDV 6\VWHP GHU 'LSKWKRQJH XQG 7ULSK WKRQJHGLHVLFKDXVGHPJU|‰HUHQ9RNDOLQYHQWDUXQGGHUVWlUNHUDXVJHSUlJWHQ1DVDOLWlW HUJHEHQ VWHLJHQGH 2UDOGLSKWKRQJH KLDWR >MD@ SLDQR >Mm@ TXLHWR >Mİ@ YLROD >Mɬ@ PLROR >MR@ JpPHR >MX@ TXDWUR >ZD@ DJXDUHOD >Zm@ PRHGD >Zm@ PRHU >ZH@ TXRWD >Zɬ@ DTXRVR>ZR@WUDQTXLOR>ZL@ VWHLJHQGH1DVDOGLSKWKRQJH TXDQGR>Zm @DJXHQWDU>ZӁ@ ILDQGR >Mm @ UXLP >Zƭ@  IDOOHQGH2UDOGLSKWKRQJH SDL >DM@ VHL >mM@SDSpLV >İM@ ERL >RM@ GRL>ɬM@UXLYR>XM@PDX>DZ@FpX>İZ@PHX>HZ@YLX>LZ@ IDOOHQGH1DVDOGLSKWKRQJH SmR >m Z@ EHP >m M@ S}H >}M@ PXLWR >NJM@  VRZLH 2UDO XQG 1DVDOWULSKWKRQJH VDJXmR >ZmZ@VDJ}HV>Z}M@ %HLGHU1RWDWLRQGHU1DVDOGLSKWKRQJHZHUGHQPLWXQWHUDXFKGLH *OHLWODXWH DOV QDVDOLHUW GDUJHVWHOOW DOVR ]% LUPmR >m੻Z੻@ RGHU KRPHP >m੻M੻@ FI %DUURVR  ± 0DWHXV$QGUDGH  ± ± 0DWHXV)DOp)UHLWDV 

 

 'LHVHZHUGHQPLWXQWHUDXFKDOV>Lʗ@XQG>Xʗ@QRWLHUWZREHLZLUKLHUIUGDV3RUWXJLHVLVFKHGHU 1RWDWLRQ>M@XQG>Z@IROJHQ   6WHOOYHUWUHWHQG IU GLH KHXWH JlQJLJHUH 0HLQXQJ GDVV GLH 1DVDOYRNDOH LP 3RUWXJLHVLVFKHQ NHLQHQ 3KRQHPVWDWXV KDEHQ VHL KLHU 0DWHXV$QGUDGH    ]LWLHUW Ä:H DVVXPH WKDW XQGHUO\LQJO\WKHUHDUHQRQDVDOYRZHOVLQ3RUWXJXHVH$WWKHXQGHUO\LQJOHYHOZHZLOOWUHDW WKHP DV VHTXHQFHV RI RUDO YRZHO SOXV QDVDO VHJPHQW³ &I GD]X DXFK %DUERVD D   XQG(QGUXVFKDW6FKPLGW5DGHIHOGW ±  %HL.UHQQ0HQGHV  ZHUGHQKLQJHJHQIROJHQGHÄ1DVDOYRNDO3KRQHPH³DXIJHIKUW >ƭ@>Ӂ@>m @>}@XQG>NJ@EHL%DUERVD  KLQJHJHQ>ƭ@>Ӂ@>İ @>Į @>}@>n @>NJ@XQGEHL 0RXWLQKR  ZLHGHUXP>ƭ@>Ӂ@>m @>}@XQG>NJ@=XHLQHUGLHVEH]JOLFKHQ'LVNXVVLRQ VLHKHDXFK%DUERVD ± XQG5DPRV  





±(QGUXVFKDW6FKPLGW5DGHIHOGW±.XEDUWK =XP3KlQR PHQGHU9RNDOKDUPRQLHLP3RUWXJLHVLVFKHQFI.DSXQG     5HJLRQDOH6SH]LILND =LHKW PDQ UHJLRQDOH %HVRQGHUKHLWHQ IU GDV 6SDQLVFKH LQ %HWUDFKW VR LVW GDV (6 EHWUHIIHQG IU GDV 9RNDOV\VWHP YRU DOOHP GLH JXW GRNXPHQWLHUWH DQGDOXVLVFKH 9DULHWlW YRQ ,QWHUHVVH )U GDV 2VWDQGDOXVLVFKH DQGDOX] RULHQWDO  VLQG VHLQH RIIHQHQ 9RNDOH FKDUDNWHULVWLVFK GLH ]XVlW]OLFK ]X GHQ JHVFKORVVHQHQ YRUNRPPHQ ,Q ZRUWDXVODXWHQGHU 3RVLWLRQ EHZLUNW GDV DXVJHIDOOHQH V HLQH gIIQXQJ GHV GDQQ LP $XVODXW VWHKHQGHQ 9RNDOV 3OXUDO9HUEDOIOH[LRQ  ]% WRUR > WRUR@ YV WRURV > WɬUɬ@ 9RNDOKDUPRQLH  DPD >DPD@ YV DPDV >DPı@ 1XU KLHU LVW GHU gIIQXQJVJUDG SKRQRORJLVFK GLVWLQNWLY $OV NRPELQDWRULVFKH9DULDQWHQNRPPHQGLHRIIHQHQ9RNDOHDXFKQDFK>K@EHLIROJHQGHPV UOM\XQG]YRU]%LVOD> ӘKOD@RGHUSHUOD> S͑KOD@$XIJUXQGGHU3RVLWLRQVEHVFKUlQ NXQJHQ XQG UHJLRQDOHQ 6FKZDQNXQJHQ LVW GLH )UDJH QDFK GHP 3KRQHPVWDWXV GHU HLQ]HOQHQ/DXWHXPVWULWWHQVRGDVVVFKRQYHUVFKLHGHQH9RNDOV\VWHPHSRVWXOLHUWZXUGHQ FI 0RQGpMDU  ±  E]Z HLQ HLJHQHV LQ $EUHGH JHVWHOOW ZXUGH ,P :HVW DQGDOXVLVFKHQ DQGDOX] RFFLGHQWDO  ZLUG ZLH LP 2VWDQGDOXVLVFKHQ GDV DXVODXWHQGH V DVSLULHUW RGHU IlOOW PHLVWHQV JDQ] DXV ZREHL GHU 9RNDO QLFKW JH|IIQHW ZLUG VRQGHUQ HQWZHGHUHLQHPLWWOHUH6WHOOXQJHLQQLPPWRGHUPLWXQWHUDXFKJHVFKORVVHQVHLQNDQQVR GDVV GHU 3OXUDO QXU GXUFK GHQ .RQWH[W GHXWOLFK ZLUG DOVR ]% QLxRV ! QLxRK ! QLx‫ۃ‬ $QGDOXFtDRULHQWDO YVQLxRV!QLxRK!QLxR $QGDOXFtDRFFLGHQWDO ,QHLQHP*HELHW DP6FKQLWWSXQNWGHU3URYLQ]HQ6HYLOOD0iODJDXQG&yUGREDJLEWHVGDV3KlQRPHQGDVV DXVODXWHQGHV DV ]X HK ZLUG ]% FDVD ! FDVHK  ZREHL GDV H UHODWLY RIIHQ LVW $QGD OXVLHQ LVW LQ GLHVHU +LQVLFKW DOVR VHKU KHWHURJHQ 0RQGpMDU  ± -LPpQH] )HUQiQGH]±6LQQHU±  FIDXFKGLH.DUWHEHL-LPpQH])HUQiQGH]   (LQ %HLVSLHO IU HLQH DQGHUH $EZHLFKXQJ LP *HEUDXFK GHU 9RNDOH ZlUH GLH YRQ 6SUHFKHUQGHV4XHFKXDXQG$\PDUDDXVJHKHQGH7HQGHQ]]XU5HGX]LHUXQJGHV9RNDO SDUDGLJPDV GD GLHVH 6SUDFKHQ HLQ ,QYHQWDU YRQ QXU GUHL 9RNDOHQ DXIZHLVHQ ,P 6SD QLVFKHQ GHU $QGHQUHJLRQ WLHUUDV DOWDV  LVW GDKHU PLW GLHVEH]JOLFKHQ ,QWHUIHUHQ]HQ ]X UHFKQHQZREHLXQEHWRQWHV>H@PLW>L@XQG>X@ PLW >R@DOWHUQLHUWVRGDVVEHLHLQHP7HLO GHU 6SUHFKHU GLHVH 2SSRVLWLRQHQ QLFKW DXIUHFKWHUKDOWHQ ZHUGHQ ]% SHGLU >SL &L4@ VXVSLUR >VRV SLUR@  'LHVH DEZHLFKHQGH $XVVSUDFKH LVW DOOHUGLQJV VR]LDO PDUNLHUW ,Q DQGHUHQ5HJLRQHQ +LVSDQRDPHULNDV ]% 0H[LNR3XHUWR 5LFR &RVWD 5LFD  ZLHGHUXP NRPPW HV JHOHJHQWOLFK lKQOLFK ZLH LP 3RUWXJLHVLVFKHQ ]XU +HEXQJ GHV DXVODXWHQGHQ >R@]X>X@ ]%SRFR> SRNX@ XQGGHVDXVODXWHQGHQ>H@]X>L@ ]%OHFKH> OH߿L@  FI1ROO





 ± %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  ± +XDOGH  ±  5HJLRQDOH8QWHUVFKLHGHLQGHUODXWOLFKHQ5HDOLVLHUXQJVLQGDXFKLP3RUWXJLHVLVFKHQ ]XILQGHQ%HLVSLHOKDIWVHLKLHUGDV9HUKDOWHQGHUXQEHWRQWHQ9RNDOHKHUDXVJHJULIIHQGLH LQ%UDVLOLHQDEZHLFKHQGYRPHXURSlLVFKHQ6WDQGDUGDXVJHVSURFKHQZHUGHQ Ä6R NHHSLQJ >D@ DSDUW LW PD\ EH VDLG WKDW WKH GLVWLQFWLRQ EHWZHHQ ORZ DQG PLG YRZHOV LV QHXWUDOL]HGLQXQVWUHVVHGSRVLWLRQLQERWKYDULHWLHVWKH\DUHUHDOL]HGDVPLGLQ%3DQGDVKLJK LQ(3RQO\>L@DQG>X@DUHIRXQGLQZRUGILQDOSRVLWLRQLQ%3³ 0DWHXV$QGUDGH 

:lKUHQG LP HXURSlLVFKHQ 3RUWXJLHVLVFK H LQ XQEHWRQWHU 6WHOOXQJ VRZRKO LP 9RUWRQ DOVDXFKLP$XVODXWDOV>ԥ@RGHU>Ó@DXVJHVSURFKHQZLUG FI.DS XQGRLPPHU DOV >X@ ]% IRUoDU >IX‫ ޞ‬VD4@  LVW LP EUDVLOLDQLVFKHQ3RUWXJLHVLVFK GLH 5HDOLVLHUXQJ YRQ GHU YRU E]Z QDFKWRQLJHQ 6WHOOXQJ DEKlQJLJ GK H ZLUG LP 6GHQ DOV >H@ XQG LP 1RUGHQ DOV >İ@ DUWLNXOLHUW ]% VHODU >VH OD‫ @ޞ‬E]Z >Vİ OD‫  @ޞ‬QDFKWRQLJ ZLUG H DOV >L@ UHDOLVLHUW ]%VHOH> VİOL@ $QDORJZLUGRLP6GHQYRUWRQLJDOV>R@XQGLP1RUGHQDOV >ɬ@DUWLNXOLHUW ]%IRUoDU>IR‫ ޞ‬VD‫>@ޞ‬Iɬ‫ ޞ‬VD‫ @ޞ‬ZlKUHQGGLHQDFKWRQLJH$XVVSUDFKH>X@LVW ]%IRUoR> Iɬ‫ޞ‬VX@ ,P%3LVWGLHODXWOLFKH8QWHUVFKHLGXQJYRQ>m@XQG>D@GLHLP(3 EHGHXWXQJVGLIIHUHQ]LHUHQGLVWQXUDOORSKRQLVFK FI3DOPD&DHWDQR0D\U3ODFK\3WDFHN ±1ROO±0DWHXV$QGUDGH±  (QWVSUHFKHQG GHQ DXIJH]HLJWHQ 8QWHUVFKLHGHQ LP 9RNDOLVPXV GHU LP 3RUWX JLHVLVFKHQ YLHOIlOWLJHU XQG NRPSOH[HU LVW DOV LP 6SDQLVFKHQ KDEHQ /XVRSKRQH LQ GHU 5HJHOZHQLJHU3UREOHPHEHLGHU(UOHUQXQJGHV6SDQLVFKHQDOVGLHVXPJHNHKUWGHU)DOO LVW   

 'LH.RQVRQDQWHQV\VWHPH 'LH 8QWHUVFKLHGH LP VSDQLVFKHQ XQG SRUWXJLHVLVFKHQ ,QYHQWDU GHU NRQVRQDQWLVFKHQ 3KRQHPHEHWUHIIHQKDXSWVlFKOLFKGLH)ULNDWLYHXQG/LTXLGH(LQLJH/DXWHVLQGEHVRQGHUV FKDUDNWHULVWLVFK IU GLH MHZHLOLJH 6SUDFKH ,P VSDQLVFKHQ 6WDQGDUG VLQG GLHV KDXSWVlFKOLFKGHU,QWHUGHQWDO>6@GDVYRUKHUUVFKHQGHVWLPPORVHDSLNRDOYHRODUH>Vʢ@GHU EHVRQGHUV VWDUN DUWLNXOLHUWH 9LEUDQW >U@ GLH $IIULNDWH >߿@ XQG GHU IULNDWLYH 5DFKHQODXW >[@ZlKUHQGLP3RUWXJLHVLVFKHQGLHSUlSDODWDOHQ)ULNDWLYH>5@XQG>ও@VRZLHGHUYHODUH /DWHUDO>á@XQGGHULQ]ZLVFKHQZHLWYHUEUHLWHWHXYXODUH)ULNDWLY>޶@DXIIlOOLJVLQG

 

 7URW] GHU QDWUOLFK YRUNRPPHQGHQ 9DULDWLRQHQ LP JHVDPWHQ 9HUEUHLWXQJVJHELHW GHV 6SD QLVFKHQ LVW GDV 9RNDOV\VWHP LP 9HUJOHLFK PLW DQGHUHQ 6SUDFKHQ UHODWLY VWDELO Ä9RZHO TXDOLWLHVDUHUHPDUNDEOHVWDEOHDPRQJ6SDQLVKGLDOHFWV>«@7KLVLVQRGRXEWLQSDUWGXHWRWKH VLPSOLFLW\DQGV\PPHWU\RIWKHV\VWHP³ +XDOGH    =XU lOWHUHQ NRQWUDVWLYHQ )RUVFKXQJ FI ]% GLH 'DUVWHOOXQJ YRQ 1DVFHQWHV   LQV EHVRQGHUH GLH .DSLWHO ]XP 9RFDOLVPR 1DVFHQWHV  ±  XQG ]XP &RQVRQDQWLVPR 1DVFHQWHV± 

  

















>0@













Õ

”



߿









Q

O

‫ޞ‬











>Q૧@































>/@















P













$IIULNDWH

1DVDOH

/DWHUDOH

PXOWLSHO

$SSUR[LPDQWHQ

9LEUDQWHQ



>ट@

>࣢@

[

բ



>]ʢ@

V૩





>&@

6



I

>$@



)ULNDWLYH

HLQIDFK





J

N









G

W









E

S

2NNOXVLYH











>Z@







>M@





U











































±



±



±



±



±



XYXODU

±

YHODU



SDODWDO

±

DOYHRODU



GHQWDO

±

LQWHUGHQWDO

ODELRGHQWDO

ELODELDO

6WLPPEHWHLOLJXQJ



7DEHOOH'DVVSDQLVFKH.RQVRQDQWHQV\VWHP



 



$SSUR[LPDQWHQ

PXOWLSHO











>Z@







>M@





U































>‫@ޣ‬











‫ޞ‬

























>‫@ג‬



”



O



















/DWHUDOH







>0@



Õ



Q















P



1DVDOH



































$IIULNDWH



>޶@



>࣢@



&@



Y

I

>$@



)ULNDWLYH

9LEUDQWHQ





J

N









G

W









E

S

2NNOXVLYH

HLQIDFK



±



±



±



±



±



±

XYXODU



YHODU

±

SDODWDO



DOYHRODU

±

GHQWDO

6WLPPEHWHLOLJXQJ

LQWHUGHQWDO

ODELRGHQWDO

ELODELDO

 



7DEHOOH'DVSRUWXJLHVLVFKH.RQVRQDQWHQV\VWHP









 2NNOXVLYH %H]JOLFK GHU 9HUVFKOXVVODXWH 2NNOXVLYH  LVW IU EHLGH 6SUDFKHQ HLQH ZHLWJHKHQGH hEHUHLQVWLPPXQJLQGHU$UWLNXODWLRQ]XNRQVWDWLHUHQGKGLHEHLGHQ5HLKHQGHUVWLPP ORVHQ XQG VWLPPKDIWHQ /DXWH DOVR >S@ >W@ >N@ XQG >E@>G@ >J@ ZHUGHQ LQ HWZD JOHLFK DXVJHVSURFKHQ XQG VLQG DX‰HUGHP SKRQRORJLVFK GLVWLQNWLY 'LH 6SLUDQWLVLHUXQJ GHU EHUHLWV VWLPPKDIWHQ 9HUVFKOXVVODXWH >E@ >G@ >J@ ]X >$@ >&@ >࣢@ LQ LQWHUYRNDOLVFKHU 6WHOOXQJ $OORSKRQH  LVW LQ EHLGHQ 6SUDFKHQ ]X EHREDFKWHQ ZREHL GLH ,QWHQVLWlW GHU 6SLUDQWLVLHUXQJ LP 6SDQLVFKHQ JU|‰HU LVW (QWVSUHFKHQG GLHVHU 9HUWHLOXQJ HUJHEHQ VLH EHLVSLHOVZHLVH IU GDV 3KRQHP E ]ZHL ]XJHRUGQHWH $OORSKRQH QlPOLFK >E@ XQG >ɕ@ +LGDOJR 1DYDUUR4XLOLV 0HUtQ  ±  'LH VSDQLVFKHQ 2NNOXVLYH LP :RUW LQQHUHQ YRU .RQVRQDQW N|QQHQ JHOHJHQWOLFK LQ LKUHU SKRQHWLVFKHQ 5HDOLVLHUXQJ JH VFKZlFKW ZHUGHQ ]% DWODV > D&ODV@ DFWRU >D࣢ Wɬ4@  RGHU JDQ] VFKZLQGHQ ]% GRFWRU >GR Wɬ4@ ,POHW]WJHQDQQWHQ%HLVSLHOQlKHUWVLFKGDV6SDQLVFKHLQGHU$XVVSUDFKHVRPLW GHP3RUWXJLHVLVFKHQDQ FISWJGRXWRU>GR WR4@  FI1DYDUUR7RPiV+DHQVFK/HFKQHU ±%DUERVD±4XLOLV±±(QGUXVFKDW6FKPLGW 5DGHIHOGW±%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU%ODVHU       )ULNDWLYH %HLGHQ)ULNDWLYHQEHVWHKHQZHVHQWOLFKH8QWHUVFKLHGHXQG]ZDUVRZRKOLQSKRQHWLVFKHU DOV DXFK LQ SKRQRORJLVFKHU +LQVLFKW :HLWJHKHQGH hEHUHLQVWLPPXQJ NDQQ PDQ LQ GHU $XVVSUDFKH GHV 3KRQHPV I NRQVWDWLHUHQ GRFK GLH :HUWLJNHLW LP SKRQRORJLVFKHQ 6\VWHPLVWQLFKWLGHQWLVFKGDLP3RUWXJLHVLVFKHQHLQH2SSRVLWLRQVWLPPORV YVVWLPP KDIW H[LVWLHUW I YV Y ]% HVWDID YV HVWDYD  GLH HV LP 6SDQLVFKHQ QLFKW JLEW 'LH DOORSKRQH9DULDQWH]XEQlPOLFK>ɕ@LVWLQEHLGHQ6SUDFKHQSUlVHQWXQGWULWWYRUDOOHP LQWHUYRNDOLVFK DXFK ZRUWEHUJUHLIHQG  XQG YRU ‫ ޞ‬DXI ]% VSSWJ ORER DEULU /HW]WOLFK ZLUG LQ EHLGHQ 6SUDFKHQ >E@QXU ZRUWLQLWLDO QDFK3DXVH QLFKW LQWHUYRNDOLVFK  XQGDP6LOEHQEHJLQQ QLFKWLQWHUYRNDOLVFK UHDOLVLHUW (LQH0LQLPDOSDDUNRPELQDWLRQGLHQXUGDV3RUWXJLHVLVFKHNHQQWLVWGLHGHU3KRQHPH V XQG ] ]% FDoD YV FDVD  'DV KHXWLJH 6SDQLVFK KLQJHJHQ ZHLVW >]@ QXU DOV DOORSKRQH9DULDQWHDXV YRUVWLPPKDIWHP.RQVRQDQWDOV9DULDWLRQYRQV]%UDVJR  GDGHU)RNXVDXIGHUSKRQRORJLVFKHQ2SSRVLWLRQVYV6OLHJW ]%FDVDYVFD]D 'DV V ZLUG LP NDVWLOLVFKHQ 6SDQLVFK QRUPDOHUZHLVH DSLNRDOYHRODU UHDOLVLHUW >Vʢ@ >Ğ@  LP

 

 1DFK KRPRUJDQHP .RQVRQDQW ZLUG MHGRFK >E@ DUWLNXOLHUW ]% $OKDPEUD >D ODPEUD@ %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU 





3RUWXJLHVLVFKHQ KLQJHJHQ SUlGRUVRGHQWDOSUlGRUVRDOYHRODU >Vʒ@ ZLH LP DPHULNDQLVFKHQ 6SDQLVFKXQGLQ7HLOHQ$QGDOXVLHQV  %HLGHQ 6SUDFKHQ LVW GDJHJHQ ZLHGHU JHPHLQVDP GDVV VLH DOV $OORSKRQH ]X G GHQ /DXW >&@ EHVLW]HQ GHU LQWHUYRNDOLVFK XQG YRU 4 UHDOLVLHUW ZLUG ZlKUHQG >G@ QXU LP DEVROXWHQ$QODXWXQGQDFKQXQGOYRUNRPPW ]%VSSWJGDUFRQGHEDOGHYVODGR DGUHQDOLQD  FI &DUWDJHQD  ± 4XLOLV  ± (QGUXVFKDW6FKPLGW 5DGHIHOGW)1  (LQH%HVRQGHUKHLWGHV6SDQLVFKHQLVWGDV3KRQHP[ ]%PDMRUHORM PLWVHLQHQLQ .DVWLOLHQ IUHLHQ $OORSKRQHQ GHP VWLPPORVHQ YHODUHQ 5HLEHODXW >[@ XQG GHP VWLPP ORVHQXYXODUHQ>:@VRZLHGHPLP6GHQDXIWUHWHQGHQ>K@ .XEDUWK  1DYDUUR 7RPiV+DHQVFK/HFKQHU    SUl]LVLHUHQ GD]X GDVV GLH $XVVSUDFKH YRQ>[@YRUDRXHKHUXYXODUVHLYRUHLSRVWSDODWDOXQGDQVRQVWHQYHODU VLHKH GD]X DXFK GLH hEHUVLFKW EHL &DQHOODGD.XKOPDQQ 0DGVHQ    =X GHQ SKRQH WLVFKHQ 9DULDQWHQ >[@ YV >:@ YV >K@ LQ YHUVFKLHGHQ GLDWRSLVFKHQ 9DULHWlWHQ GHV 6SD QLVFKHQ FI +DPPRQG  ±  ,P FKLOHQLVFKHQ 6SDQLVFK JLEW HV QRFK GLH 9DULDQWH>o@GLHYRU9RUGHU]XQJHQYRNDOHQDXIWULWW]%PXMHU>PX oHU@ .XEDUWK  (LQ3KRQHP[JLEWHVLP3RUWXJLHVLVFKHQ]ZDUQLFKWGRFKGLH/DXWH>[@>:@XQG >K@ WUHWHQ YRU DOOHP LP EUDVLOLDQLVFKHQ 3RUWXJLHVLVFK DOV DOORSKRQLVFKH 9DULDQWHQ GHU 3KRQHPHUXQG‫ޞ‬DXI VX  FI1ROO =XPXYXODUHQ)ULNDWLY>޶@LP(3FI .DS (LQH ZHLWHUH %HVRQGHUKHLW GHV 6SDQLVFKHQ LVW GHU VWLPPKDIWH SDODWDOH )ULNDWLY բ ]%\D GHULPZHVHQWOLFKHQ]ZHL9DULDQWHQDXIZHLVWQlPOLFK>բ@XQG>Gբ@GLHQXU EHGLQJW NRPSOHPHQWlU YHUWHLOW VLQG ZREHL WHQGHQ]LHOO >Gȣ@ QDFK 3DXVH 1DVDO RGHU /DWHUDO YRUNRPPW ]% VS FRQ\XJDO >NRQGբX ࣢DO@  ZlKUHQG >բ@ LQ DOOHQ DQGHUHQ ODXW OLFKHQ8PJHEXQJHQ ]%VSPD\R> PDբR@  .XEDUWK± =XPGDPLW]X VDPPHQKlQJHQGHQ3UREOHPGHUSKRQRORJLVFKHQ:HUWXQJGHV*OHLWODXWHV>M@FI.XEDUWK ± GHUIROJHQGHNRPSOHPHQWlUH9HUWHLOXQJIUGLHYHUZDQGWHQ /DXWH>Gբ@ >բ@ >M@ XQG >L@ DQJLEW >Gբ@ ]ZLVFKHQ 3DXVH XQG 9RNDO ]% \D >GբD@ KLHOR >ਥGբHOR@ VRZLH]ZLVFKHQKHWHURV\OODELVFKHP1DVDO/DWHUDOXQG9RNDO]%HQ\HVDU>HQGբHਥVD‫ @ޞ‬ >բ@ LQWHUYRNDOLVFK ]% PD\R >ਥPDբR@ OH\HV >ਥOHբHV@  >M@ ]ZLVFKHQ LVRV\OODELVFKHP .RQVRQDQW XQG 9RNDO ]% SLH >SMH@ WHQLHQWH >WHਥQMHQ૧WH@ VRZLH ]ZLVFKHQ 9RNDO XQG KHWHURV\OODELVFKHQ.RQVRQDQW3DXVH]%DLUH>ਥDM‫ޞ‬H@OH\>OHM@ >L@ LP6LOEHQJLSIHOXQG EHWRQW DXFK YRU 9RNDO ]% PLV >PLV@ PtR >ਥPLR@  ,P 3RUWXJLHVLVFKHQ LVW GHU SKRQR ORJLVFKH6WDWXVGHV$SSUR[LPDQWHQ>M@]ZDUDXFKXPVWULWWHQ ]XU'LVNXVVLRQFI%DUERVD ± HVZHUGHQDEHUZHQLJHU=ZLVFKHQVWXIHQDQJHQRPPHQ>M@>Lʗ@>L@'LH 1XDQFHQ LQ HLQHP .RQWLQXXP ]ZLVFKHQ +DOENRQVRQDQW XQG .RQVRQDQW GUIWHQ DOOHU GLQJV UHDOLWHU VFKZHU IHVW]XVWHOOHQ VHLQ GK GHU 8QWHUVFKLHG ]ZLVFKHQ VS PD\RU

  

 2IWDXFKDOV>\@QRWLHUWLQVEHVRQGHUHLQGHQVSDQLVFKHQ+DQGEFKHUQ  &IDX‰HUGHPGLHGLHVEH]JOLFKHQ$XVIKUXQJHQEHL1DYDUUR7RPiV+DHQVFK/HFKQHU  ± $ODUFRV/ORUDFK ± XQG%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  GRUWGLH1RWDWLRQ>ऱ@>\@>M@>Lʗ@>L@ 





>PD բɬ4@ XQG SWJ PDLRU >Pm Mɬ4@ LVW PLQLPDO ZHQQ HU QLFKW VRZLHVR HLQHU XQWHU VFKLHGOLFKHQ1RWDWLRQVWUDGLWLRQJHVFKXOGHWLVW (LQH 9DULDQWH ]X GHP YHODUHQ 2NNOXVLY >J@ LVW GHU )ULNDWLY >࣢@ GHU ZLH DQGHUH $OORSKRQH DXFK LQ DOOHQ 3RVLWLRQHQ DX‰HU GHP DEVROXWHQ $QODXW XQG DX‰HU QDFK KRPRUJDQHP .RQVRQDQW ]% WDQJR > WDƾJR@ FI %HUVFKLQ)HUQiQGH]6HYLOOD )HOL[EHUJHU UHDOLVLHUWZLUG ]%VSSWJODJRDPDUJR (LQHSKRQRORJLVFKH 2SSRVLWLRQYRQ6LELODQWHQGLHHVQXULP3RUWXJLHVLVFKHQJLEWLVWGDVVWLPPKDIWH0@YRU GHQ YHODUHQ2NNOXVLYHQ >N@XQG >J@]% SWJEULQFDUPDQJD VS FRQFOXLU WDQJR(LQ ZHLWHUHU(IIHNWGHUVLFKDXIGLH$UWLNXODWLRQGHV3KRQHPVQDXVZLUNWZLUGGXUFKGHQ ODELRGHQWDOHQ.RQVRQDQWHQ>I@DXVJHO|VW'LHVHV3KlQRPHQWULWWQXU LP6SDQLVFKHQDXI ]%FRQIXVR>NR/ IXVR@ GDLP3RUWXJLHVLVFKHQLQGLHVHP)DOOGLHYRNDOH1DVDOLHUXQJ GHQ .RQVRQDQWHQ āEHUGHFNW³ ]% FRQIXVR >N} IX]X@  (EHQIDOOV QXU LP 6SDQLVFKHQ DQ]XWUHIIHQ LVW GLH DXI GHP JOHLFKHQ 3ULQ]LS EHUXKHQGH 5HDOLVLHUXQJ YRQ Q YRU GHP LQWHUGHQWDOHQ.RQVRQDQWHQ>6@]%PDQ]DQD>PDP B6DQD@ PLWOHLFKWHU1DVDOLHUXQJGHV 9RNDOV  'LH 'HQWDOLVLHUXQJ GHV 1DVDONRQVRQDQWHQ GXUFK UHJUHVVLYH $VVLPLODWLRQ LVW ZLHGHUXP EHLGHQ 6SUDFKHQ JHPHLQVDP VR GDVV EHLVSLHOVZHLVH VSSWJ PRQWDU DOV >Qʒ@ UHDOLVLHUWZLUGDOVRVS>PɬQʒ WD‫@ޞ‬XQGSWJ>P}Qʒ WD‫ @ޞ‬FI4XLOLV.UHQQ0HQGHV   +RUD  ± 4XLOLV   %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU ±      /DWHUDOH 'LH /DWHUDOH LP 3RUWXJLHVLVFKHQ ELOGHQ HLQ DEJHVWXIWHV 'UHLHUVFKHPD >O@ DOYHRODU >”@ SDODWDO >á@ YHODU  ZREHL ZLH LP 6SDQLVFKHQ QXU GLH DOYHRODUSDODWDOH 2SSRVLWLRQ SKRQHPDWLVFKLVWZDVIROJHQGH0LQLPDOSDDUHHUJLEW]%VSSWJFDODYVVSFDOODSWJ FDOKD )U EHLGH 6SUDFKHQ JLOW GDVV O XQG ” QXU LQWHUYRNDOLVFK XQG LP DEVROXWHQ $QODXW YRUNRPPHQ N|QQHQ ]% SWJ OKH VS OODQD SWJ PDOKD VS PDOOD VSSWJ ODELROiELRVSSWJDOD ,P6LOEHQDXVODXWXQGLPDEVROXWHQ$XVODXWYRU.RQVRQDQWJLOW IU GDV 6SDQLVFKH GLH 5HDOLVLHUXQJ >O@ XQG IU GDV 3RUWXJLHVLVFKH >á@ FI GDUN O LP (QJOLVFKHQRGHUOLP5LSXDULVFKHQ ZHOFKHVDOORSKRQ]XOLVW ]%VSFDOGR> NDOGR@ FDO>NDO@SWJFDOGR> NDáGX@FDO>NDá@  FI1DYDUUR7RPiV±.UHQQ0HQGHV +RUD =XP3KlQRPHQGHV\HtVPRFI.DS     9LEUDQWHQ :DV VFKOLH‰OLFK GLH 9LEUDQWHQ DQJHKW VR VLQG KLHU EHLGH 6SUDFKHQ SKRQRORJLVFK SDUDOOHOVWUXNWXULHUWGKHVEHVWHKWGLHEHGHXWXQJVXQWHUVFKHLGHQGH2SSRVLWLRQ]ZLVFKHQ 4XQGUDOVRGHPDSLNRDOYHRODUDUWLNXOLHUWHQHLQIDFKHQJHVFKODJHQHQ/DXW HQJOWDS IODSSWJWHSHIOHSHYLEUDQWHVLPSOHVSYLEUDQWHVLPSOH XQGGHPPHKUIDFKJHUROOWHP >U@ HQJOWULOOSWJYLEUDQWHP~OWLSODVSYLEUDQWHP~OWLSOH ]%VSSHURYVSHUURRGHU

 

 ,Q$QOHKQXQJDQGLHEOLFKH1RWDWLRQGHU$3,YHUZHQGHQZLUGKLHUIUGLH7UDQVNULSWLRQGHV HLQIDFKHQ 9LEUDQWHQ GDV 6\PERO >4@ XQG IU GHQ PXOWLSOHQ 9LEUDQWHQ GDV 6\PERO >U@ ,Q URPDQLVWLVFKHQ+DQGEFKHUQYHUEUHLWHWLVWVRQVWDXFKGLH1RWDWLRQ>UU@RGHU>Uઓ@IU$3,>4@





VSSWJFDURYVFDUUR VS> ND4R@YV> NDUR@SWJ> ND4X@YV> NDUX@> ND‫ޣ‬X@ :LHDQGHQ %HLVSLHOHQ HUVLFKWOLFK NRQNXUULHUHQ EHLGH 3KRQHPH LP LQWHUYRNDOLVFKHQ %HUHLFK DP :RUWDQIDQJXQGLQEHVWLPPWHQ3RVLWLRQHQLP6LOEHQDQODXWZLUGMHGRFKQXU>U@UHDOLVLHUW ]%VSSWJURVDKRQUD ZlKUHQGDP:RUWHQGHQXU>4@YRUNRPPHQNDQQ ]%VSSWJ PDU $QGHUH/DXWXPJHEXQJHQZHUGHQHEHQIDOOVGXUFKGHQHLQIDFKHQ9LEUDQWHQDEJH GHFNW ]% VSSWJ SDUDU QRUWH DWULEXWR  'LH SKRQHWLVFKH 5HDOLVLHUXQJ LVW LQ EHLGHQ 6SUDFKHQQLFKWXQEHGLQJWVRGHFNXQJVJOHLFKZLHGLHSKRQRORJLVFKH'LVWULEXWLRQ6RLVW GLH$UWLNXODWLRQGHVPXOWLSOHQULP6SDQLVFKHQPLWXQWHUQRFKVWlUNHUDXVJHSUlJWDOVLP 3RUWXJLHVLVFKHQ =XQJHQVSLW]HQ>U@ GDV DOOHUGLQJV LP (3 QLFKW PHKU YRQ GHU 0HKUKHLW GHU6SUHFKHUUHDOLVLHUWZLUG,QJUR‰HQ7HLOHQGHV6SUDFKJHELHWHVZXUGHHVYRQ/LVVDERQ DXVJHKHQGGXUFKHLQXYXODUHVUHUVHW]WGDVDOV9LEUDQW>‫@ޣ‬RGHUDOV)ULNDWLY>޶@RGHU>:@ FI.DS  FI.UHQQ0HQGHV0DWHXV±%DUERVD± &DQHOODGD.XKOPDQQ0DGVHQ0DWHXV$QGUDGH±+DOO ±      5HJLRQDOH6SH]LILND (UJlQ]HQGVROOQXQQRFKDXIHLQLJHUHJLRQDOH%HVRQGHUKHLWHQKLQJHZLHVHQZHUGHQGLH YRU DOOHP GLH DPHULNDQLVFKHQ 9DULDQWHQ GHU MHZHLOLJHQ 6SUDFKH EHWUHIIHQ RKQH GDVV GDPLWLQVEHVRQGHUHEHLP6SDQLVFKHQGLHQDWLRQDOHQXQGUHJLRQDOHQ%HVRQGHUKHLWHQDE JHGHFNWZHUGHQN|QQWHQ'DHLQLJH3KlQRPHQHLKUHQ$XVJDQJVSXQNWLPHQWVSUHFKHQGHQ HXURSlLVFKHQ'LDV\VWHP KDEHQ LVW GLH NXU]H =XVDPPHQVFKDX DXFK LQ GLHVHP 5DKPHQ GXUFKDXVVLQQYROO $EZHLFKXQJHQVLQGYRUDOOHPLP%HUHLFKGHU)ULNDWLYH ]XEHREDFKWHQ6RJLOWZLH REHQDXIJH]HLJWLPNDVWLOLVFKHQ6WDQGDUG HVSDxROVHSWHQWULRQDO GLH3KRQHPRSSRVLWLRQ VYV6'DVDOVFHFHREHNDQQWH3KlQRPHQDOVRGLH1HXWUDOLVDWLRQGLHVHU2SSRVLWLRQ ]X6ILQGHWVLFKYRUDOOHPLQ6GDQGDOXVLHQ 3URYLQ]&iGL]3URYLQ]6HYLOODDX‰HUKDOE GHU 6WlGWH XQG XP +XHOYD XQG 0iODJD VRZLH LQ $OPHUtD  'DV 3HQGDQW ]XP FHFHR QlPOLFK GHU VHVHR DOVR GLH 1HXWUDOLVDWLRQ GHU 6WDQGDUGGLIIHUHQ]LHUXQJ ]X V KDW VLFK DX‰HU LQ HLQLJHQ *HELHWHQ $QGDOXVLHQV LQ 7HLOHQ GHU ([WUHPDGXUD GHU 3URYLQ]HQ $OLFDQWH XQG 0XUFLD VRZLH DXI GHQ .DQDULVFKHQ ,QVHOQ LQ IDVW JDQ] 0LWWHO XQG 6GDPHULNDGXUFKJHVHW]W$X‰HUGHPLVWHUEHLPDQFKHQ6SDQLVFKVSUHFKHUQ.DWDORQLHQV ]X EHREDFKWHQ ZlKUHQG HU LP %DVNHQODQG ZR HV LQ GHU 8QWHUVFKLFKW SDUWLHOO HKHPDOV HLQHQDSLNDOHQVHVHRJDEKHXWHZRKOHKHUQLFKWPHKUIHVW]XVWHOOHQLVW FI6LQQHU ±  $QGDOXVLHQ LVW LQ GLHVHU +LQVLFKW HLQ VHKU NRPSOH[HV *HELOGH YRQ NOHLQUlXPLJHQ *HELHWHQ PLW UHLQHP FHFHR UHLQHPVHVHR XQG GHU NDVWLOLVFKHQ 6WDQGDUGGLIIHUHQ]LHUXQJ

 

 1ROO  NRQVWDWLHUWHLQHYRQ/LVVDERQDXVJHKHQGH9HUEUHLWXQJYRQ>‫@ޣ‬RGHU>[@





]ZLVFKHQ>V@XQG>6@ZREHLKLHUQHEHQGLHGLDWRSLVFKH9DULDWLRQDXFKHLQHGLDVWUDWLVFK GLDSKDVLVFKHWULWWYRUDOOHPLQGHQJU|‰HUHQ6WlGWHQ'DEHLJLOWGHUVHVHRWUDGLWLRQHOODOV SUHVWLJHUHLFKHU .HQQ]HLFKHQGHV6WDGWGLDOHNWHVYRQ6HYLOOD DOVGHUOlQGOLFKNRQQRWLHUWH FHFHRZHQQQLFKWLQIRUPHOOHQ6LWXDWLRQHQPDQFKHURUWVGHU6WDQGDUGGLIIHUHQ]LHUXQJGHU 9RU]XJHLQJHUlXPWZLUG %UXQQHU±.XEDUWK±  :DV GLH 5HDOLVLHUXQJ GHV V/DXWHV DQJHKW VR JLEW HV HLQH hEHUHLQVWLPPXQJ LQ GHU SUlGRUVRDOYHRODUHQ E]Z SUlGRUVRGHQWDOHQ $XVVSUDFKH >Vʒ@ ]ZLVFKHQ GHQ VSDQLVFKHQ VHVHR*HELHWHQXQGGHP3RUWXJLHVLVFKHQZlKUHQGDQVRQVWHQDOVRDXFKLPVSDQLVFKHQ 6WDQGDUGDSLNRDOYHRODUHV>Vʢ@DUWLNXOLHUWZLUG FI4XLOLV±1ROO± %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  'LH SKRQHWLVFKH 9DULDWLRQVEUHLWH LQ 5HJLVWHU XQG 5HJLRQ GHV VSDQLVFKHQ 6LELODQWHQ VVWHOOWVLFKEHLJHQDXHUHU$QDO\VHMHGRFKQRFKNRPSOH[HUGDUXQGLVWEHLVSLHOKDIWIU GLH )OH[LELOLWlW GHU 6SUDFKH LQ GHU 5HDOLVLHUXQJ YRQ /DXWHQ 3KRQHWLN  XQG GHU QRW ZHQGLJHQV\VWHPDWLVFKHQ$EVWUDNWLRQ 3KRQRORJLH VRZLHIUGLHUHJLRQDOH9LHOIDOWGLH VLFKQLFKWDXI(XURSDYV$PHULNDUHGX]LHUHQOlVVW Ä(OIRQHPDIULFDWLYROLQJXRDOYHRODUVRUGRV RUWV! SXHGHDSDUHFHUHQFXDOTXLHUSRVLFLyQ GHODFDGHQDKDEODGD(QHVSDxROVHSURGXFHQYDULDVDUWLFXODFLRQHVGHHVWHIRQHPD>«@/DV PiVH[WHQWLGDVVRQODVDSLFRDOYHRODUFRQHOiSLFHGHODOHQJXDFRQWUDORVDOYHRORV\ODOHQJXD HQIRUPDFyQFDYDODSUHGRUVRDOYHRODUFRQHOSUHGRUVRGHODOHQJXDFRQWUDORVDOYHRORV\OD OHQJXDHQIRUPDFRQYH[DODFRURQDOFX\DFRQVWULFFLyQVHIRUPDHQWUHHOiSLFHGHODOHQJXDHQ SRVLFLyQSODQD\SRU~OWLPRODSUHGRUVRGHQWRDOYHRODUDUWLFXODFLyQHQODTXHHOSUHGRUVRGHOD OHQJXDVHDSR\DHQODEDVHGHORVLQFLVLYRVVXSHULRUHV&DGDXQDGHHVWDVYDULDQWHVSULQFLSDOHV SUHVHQWD XQD H[WHQVLyQ JHRJUiILFD GLVWLQWD WDQWR HQ (VSDxD FRPR HQ +LVSDQRDPpULFD³ +LGDOJR1DYDUUR4XLOLV0HUtQ 

$XIGHUDQGHUHQ6HLWHLVWGDV%3PLWVHLQHUW\SLVFKHQ5HDOLVLHUXQJYRQ>V@XQG>]@DP 6LOEHQHQGH RGHU :RUWHQGH GHP 6SDQLVFKHQ QlKHU DOV GDV HXURSlLVFKH 6WDQGDUGSRUWX JLHVLVFKZHOFKHVLQGLHVHQ)lOOHQGLHSUlSDODWDOHQ/DXWHUHDOLVLHUHQZUGH]%EDUFRV %3> ED4NXV@VS> ED4NRV@(3> ED4NX5@ RGHUPHVPR %3> PH]PX@VS> PL]PR@(3 > PHV@UHJLRQDOJHVFKZlFKWZHUGHQRGHUVRJDUDXVIDOOHQ ]%$QGDOXVLHQFI.DS  (LQ LP 6SDQLVFKHQ VHKU YHUEUHLWHWHV VSUDFKOLFKHV 3KlQRPHQ LVW GHU VRJHQDQQWH \HtVPR>ȣ@GHUYRUDOOHPZHQQDXFKQLFKWIOlFKHQGHFNHQGLQ,EHURDPHULND DXFK=RQHQ PLW OOHtVPR >”@ åHtVPR >5@  DEHU DXFK LQ 6SDQLHQ ]X EHREDFKWHQ LVW .DVWLOLVFKHU6WDQGDUG 1RUP LVWGLH2SSRVLWLRQȣYV” OOHtVPR MHGRFKZLUGGLHVHLQ

 

 ,Q  7HLOHQ 6GDPHULNDV NDQQ DXFK HLQH DSLNRGHQWDOH $XVVSUDFKH GHV V YHU]HLFKQHW ZHUGHQ 1DYDUUR7RPiV+DHQVFK/HFKQHU 1ROO  YHUZHLVWQRFKDXIGLHNRURQDOH 9DULDQWH >Vɬ@ GLH SDUWLHOO LQ HLQLJHQ 5HJLRQHQ 0LWWHODPHULNDV LP 1RUGHQ 9HQH]XHODV LQ %ROLYLHQXQG$UJHQWLQLHQYRUNRPPW   =X GHQ 'LDOHNWPHUNPDOHQ GHV HXURSlLVFKHQ 3RUWXJLHVLVFK VLHKH 0DWHXV)DOp)UHLWDV  ±  LQNO GHU GRUW DEJHGUXFNWHQ .DUWH PLW GHQ GLDOHWRV SRUWXJXHVHV VHWHQWULRQDLV XQG FHQWURPHULGLRQDLV





JUR‰HQ 7HLOHQ GHU KLVSDQRSKRQHQ :HOW $QGDOXVLHQ +LVSDQRDPHULND DX‰HU LQ GHQ |VWOLFKHQ $QGHQ YRQ 3HUX 7HLOHQ %ROLYLHQV XQG 3DUDJXD\V  QHXWUDOLVLHUW VR GDVV DXV VFKOLH‰OLFK>ȣ@DUWLNXOLHUWZLUGZRGXUFKDXFKGDV3KRQHPLQYHQWDUHQWVSUHFKHQGUHGX]LHUW ZLUG $XFK LQ 6SDQLHQ LVW GLHVHV3KlQRPHQ LQ]ZLVFKHQ VR ZHLW YHUEUHLWHW GDVV HVYRQ GHQ 6SUHFKHUQ NDXP QRFK QHJDWLY EHXUWHLOW ZLUG 'LH $XVVSUDFKH >”@ LVW LQ]ZLVFKHQ VHOWHQ JHZRUGHQ DX‰HU ]% EHL GHQ 6SDQLVFKVSUHFKHUQLQ .DWDORQLHQ FI 6LQQHU   XQG ]7 LP 6GRVWHQ 6SDQLHQV  DXFK ZHQQ JHOHJHQWOLFK VFKXOVSUDFKOLFK GLH 2SSRVLWLRQȣYV”QDFKZLHYRUJHOHKUWZLUGXQGHVQRFK6SUHFKHUJLEWGLHVLH YRU DOOHP LQJHKREHQHU6SUHFKVLWXDWLRQDXIUHFKWHUKDOWHQ .XEDUWK ± EHVFKUHLEWQDFKDNWXHOOHQ6WXGLHQGLH6LWXDWLRQGHUJHVWDOW GDVV GDV HKHPDOV GLDWRSLVFK $QGDOXVLHQ  XQG GLDVWUDWLVFK 6XEVWDQGDUG HVSDxRO SRSXODU PDUNLHUWH3KlQRPHQLQ]ZLVFKHQOlQJVWLQGHU+DXSWVWDGWDQJHNRPPHQVHLXQG GLHVHYROOVWlQGLJ]XHLQHU\HtVWD=RQHJHZRUGHQVHL6FKRQLQGHQHU-DKUHQKlWWHQ QXUQRFK$NDGHPLHPLWJOLHGHUGDV”DXIUHFKWHUKDOWHQ'HQ\HtVPRK|UHPDQVRJDU]7 DXFKLQQ|UGOLFKHUHQ5HJLRQHQZLHGHPDOWNDVWLOLVFKHQ%XUJRV/OHtVWD6SUHFKHUILQGHW PDQ KLQJHJHQ QRFK LP 8PODQG YRQ 0DGULG VRZLH LQ GHQ Q|UGOLFKHQ 3URYLQ]HQ GHU ,EHULVFKHQ +DOELQVHO DXFK GDV 3KRQHP ȣ GHV \HtVPR KDW GLH $OORSKRQH >ȣ@ XQG >Gբ@  VR  (LQ ZHLWHUHV UHJLRQDO DXIWUHWHQGHV 3KlQRPHQ GHV 6SDQLVFKHQ LVW GHU åHtVPR YRU DOOHPLQ$UJHQWLQLHQXQG8UXJXD\ GHU]XU)ROJHKDWGDVV]%GLH2SSRVLWLRQLQFDOOy YV FD\y DOV >ND բ@LQGHU3URYLQ]6DQWLDJRGH(VWHUR $UJHQWLQLHQ XQG>”@YV>Gբ@ 1ROO 





ZREHLGHU$XVIDOOGHVUPLWXQWHUGXUFKHLQHgIIQXQJGHV9RNDOVNRPSHQVLHUWZLUG ]% KDEODU>Dਥ‰ODʊ@PXMHU>PXਥ[İ@DQVWDWW>PXਥ[H‫  @ޞ‬1ROO%ODVHU  %HL GHWDLOOLHUWHU GLDWRSLVFKHU XQG GLDVWUDWLVFKHU $XIJOLHGHUXQJ GHV SRUWXJLHVFKHQ U HUJHEHQ VLFK QLFKW ZHQLJHU DOV VLHEHQ $UWLNXODWLRQVDUWHQ GLH DQKDQG HLQHU DXV]XJV ZHLVHQ $XIOLVWXQJ YRQ 6LOYD    DXIJH]HLJW ZHUGHQ VROO GHU DX‰HU GHP HXUR SlLVFKHQ3RUWXJLHVLVFKH[HPSODULVFKGUHLEUDVLOLDQLVFKH6SUDFKUHJLRQHQKHUDXVJUHLIW  7DEHOOH9DULDQWHQGHVULP3RUWXJLHVLVFKHQ %HLVSLHO

3RUWXJDO

5LRGH-DQHLUR

%HOR+RUL]RQWH

&DLSLUD

FDURSUDWR FDUURUXD PDU FRUGD

>4@ >U@>‫@ޣ‬ >4@ >4@

>4@ >[@ >[@ >࣢@

>4@ >K@ >K@ >Ë@

>4@ >‫@ޣ‬ >ˆ@ >ˆ@

 &KDUDNWHULVWLVFK IU GDV %3 LVW LQ HUVWHU /LQLH GLH ZHLWHUH 9HODULVLHUXQJ GHV DSLNR DOYHRODUHQ>4@XQG]ZDUVRZRKOLQWHUYRNDOLVFKXQGLP$QODXW >U@!>[@!>K@ DOVDXFK LQDQGHUHU6WHOOXQJ >4@!>[@!>࣢@  1ROO  $EHU DXFK LQ GHQ DPHULNDQLVFKHQ 9DULHWlWHQ GHV 6SDQLVFKHQ JLEW HV ZHLWHUH DOOR SKRQH5HDOLVLHUXQJHQGHVJUDSKLVFKHQU!UU!E]ZYRQ6WDQGDUGNDVWLOLVFK>4@>U@1ROO ± XQG%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU ± IKUHQGD]X IROJHQGH 3KlQRPHQH DQ 3XQNWXHOO LQ YHUVFKLHGHQ *HJHQGHQ 6G XQG 0LWWHODPHULNDV ]% 0H[LNR (FXDGRU 3HUX &RVWD 5LFD &KLOH 3DUDJXD\ 7HLOHQ $UJHQWLQLHQV DX‰HU KDOE GHU /D3ODWD5HJLRQ  VRZLH LQ HLQLJHQ 'LDOHNW]RQHQ 6SDQLHQV NRPPW HV ]XU $VVLELOLHUXQJ YRQ >U@ ]% FDUUR > ND R߿R@  ,Q 3XHUWR 5LFR NDQQ DX‰HUGHP HLQH 9HODUL VLHUXQJYRQ>U@EHREDFKWHQZHUGHQGLHHLQHSKRQHWLVFKH5HDOLVLHUXQJYRQ>‫@ޣ‬RGHU>[@ ]XU)ROJHKDW,QDQGHUHQ5HJLRQHQGHVJOHLFKHV/DQGHVVRZLHLQ7HLOHQ*XDWHPDODVXQG 0H[LNRV H[LVWLHUW DXFK GLH UHWURIOH[H 9DULDQWH >ˆ@ GLH LQ GHU 9HUELQGXQJ WU DXIWULWW ]%WUHV>WˆHV@  %HL GHQ 2NNOXVLYHQ JLEW HV LP 6SDQLVFKHQ YRU DOOHP LP %HUHLFK GHU IULNDWLYHQ $OORSKRQH GLH LQ LQWHUYRNDOLVFKHU 3RVLWLRQ DXIWUHWHQ VWDUNH 7HQGHQ]HQ ]X ZHLWHUHU $EVFKZlFKXQJ EHLP G ELV KLQ ]XU (OLVLRQ ]% EHER > EHɕR@ GHGR > GH&R@ EXVFDGR

 

 &IGD]XDXFKGLHEHL+RUD  DXIJH]HLJWHQ$OORSKRQH  6LOYD  QRWLHUWLQGLHVHP)DOOSULQ]LSLHOO>T@ZDVLQGHUKLHUEHQXW]WHQ1RWDWLRQVZHLVH >‫ @ޣ‬HQWVSULFKW 'LH $XVVSUDFKHYDULDQWH >U@ GHV (3 LVW EHL 6LOYD QLFKW EHUFNVLFKWLJW =XU 9DULDWLRQGHU9LEUDQWHQLP(3FI0DWHXV5RGULJXHV     'LHVH9DULDQWHZLUGDXFKDOVUFDLSLUDEH]HLFKQHWXQGlKQHOWGHPDPHULNDQLVFKHQUHWURIOH[HQ U JHVSURFKHQ ZLUG HV YRU DOOHP LP 6GHQ GHU 3URYLQ] 6mR 3DXORV DEHU DXFK LQ GHU 6WDGW VHOEVW 1ROO  





>EXV NDR@ PDJR > PD࣢R@  'LHVH (QWZLFNOXQJ LVW LP HXURSlLVFKHQ 5DXP YRU DOOHP LQ $QGDOXVLHQXQGDXIGHQ.DQDUHQ]XEHREDFKWHQ'DV3RUWXJLHVLVFKHJHKWGLHVEH]JOLFK QLFKWVRZHLWHVEOHLEWEHLGHQ$OORSKRQHQ>ɕ@>&@XQG>࣢@,QGHQEUDVLOLDQLVFKHQ9DULH WlWHQ EOHLEHQ KLQJHJHQ GLH VWLPPKDIWHQ 2NNOXVLYH >E@ >G@ >J@LQWHUYRNDOLVFK PHLVWHQV HUKDOWHQ 1ROO%ODVHU  %HLGHUODXWOLFKHQ5HDOLVLHUXQJGHV3KRQHPVGLQ:RUWHQGVWHOOXQJJLEWHVLP6SD QLVFKHQ ]XVlW]OLFK QRFK GLH 9DULDQWH HLQHU VSLUDQWLVLHUWHQ hEHUJDQJVVWXIH GK IU GLH $XVVSUDFKH YRQ EHLVSLHOVZHLVH 0DGULG N|QQHQ IROJHQGH GLDV\VWHPDWLVFK XQWHUVFKLHG OLFK PDUNLHUWH $UWLNXODWLRQVDUWHQ YHU]HLFKQHW ZHUGHQ >PD &4L&@ >PD &4L&@ >PD &4L6@ >PD &4L6@XQG>PD &4L@ %ODVHU    

 6DW]SKRQHWLNXQG6XSUDVHJPHQWDOLD (LQH %HVRQGHUKHLW GHV3RUWXJLHVLVFKHQ EHWULIIW GHQ %HUHLFK GHU6DW]SKRQHWLN :LH EHL VSLHOVZHLVH DXFK LP )UDQ]|VLVFKHQ VLQG LP 3RUWXJLHVLVFKHQ DXI GHU (EHQH GHV 6DW]HV E]ZEHLbX‰HUXQJHQGLHEHUHLQ:RUWKLQDXVJHKHQVRJHQDQQWH6DQGKL5HJHOQZLUN VDP (V KDQGHOW VLFK GDEHLXP HLQH ODXWOLFKH $QJOHLFKXQJ $VVLPLODWLRQ  YRQ :|UWHUQ E]Z YRQ 0RUSKHPHQ GLH LQ GHU OLQHDUHQ $EIROJH LP =XJH HLQHU bX‰HUXQJ DXIHLQ DQGHUWUHIIHQ H[WHUQHV6DQGKL 'LHVHVKHUN|PPOLFKHDOVOLJDomR IU]OLDLVRQGW/LJD WXU EH]HLFKQHWH3KlQRPHQXPIDVVWIROJHQGH$XVVSUDFKHUHJHOQ   

  

)ROJW DXI ZRUWDXVODXWHQGHV >5@ HLQ YRNDOLQLWLDOHV :RUW VR ZLUG GHU /DXW LQ GLHVHU 3RVLWLRQ]X>]@ ]%RVDPLJRV  7ULIIW DXVODXWHQGHV >5@ DXI HLQHQ VWLPPKDIWHQ .RQVRQDQWHQ LP QlFKVWHQ :RUW VR HUIROJWHLQH6RQRULVLHUXQJ]X>E@ >G@ >J@ LQWHU YRNDOLVFK VR ZHUGHQ VLH ZLH DXFK LQ ZRUWLQWHUQHU LQWHUYRNDOLVFKHU 6WHOOXQJ HEHQ IDOOVIULNDWLY ]%REDUURDGiOLDDJDUUDID  8QEHWRQWH9RNDOHLP$XVODXWZHUGHQKlXILJHOLGLHUWZHQQGDVQlFKVWH:RUWZLHGHU PLW9RNDOEHJLQQW ]%HOHp  (OLGLHUWZHUGHQDXFK9RNDOHGLHVLFKVDW]EHUJUHLIHQGLQLQWHUYRNDOLVFKHU6WHOOXQJ EHILQGHQ ]%'LJDDYHUGDGH  5HDOLVLHUXQJYRQDXVODXWHQGHP1DVDONRQVRQDQWEHLIROJHQGHP.RQVRQDQW ]%XP SDtV  FI1RJXHLUD±.UHQQ0HQGHV±3DOPD&DHWDQR0D\U 3ODFK\3WDFHN(QGUXVFKDW6FKPLGW5DGHIHOGW 



 

 )U GDV KLVSDQRDPHULNDQLVFKH 6SDQLVFK VWHOOW 1ROO    DXFK QRFK HLQH 9DULDQWH PLW DXVODXWHQGHP>W@IHVW ]%EHLYHUGDG ZHOFKHVDOVHPSKDWLVFKDXIJHIDVVWZLUG





'DV6SDQLVFKHNHQQWZLHGDV3RUWXJLHVLVFKHDXFKYHUVFKLHGHQH$UWHQGHU9HUVFKOHLIXQJ DOVR 5HGXNWLRQ RGHU JDU (OLVLRQ YRQ /DXWHQ LQVEHVRQGHUH DP :RUWHQGH GLH EHL VFKQHOOHP XQG ZHQLJ GHXWOLFKHP 6SUHFKHQ DXIWUHWHQ 'HVJOHLFKHQ JLEW HV EHLP $XI HLQDQGHUWUHIIHQYRQ:|UWHUQSKRQHWLVFKH9HUlQGHUXQJHQ ZLHLP3RUWXJLHVLVFKHQ ]% HVH YLQR > ɕLQR@ HVH GHGR > &H&R@ RGHU HVH JDWR DQVWDWW > ELQR@ > GH&R@ > JDWR@  RKQH GDVV MHGRFK GDEHL HLQ 6DQGKL5HJHOZHUN ZLH LP 3RUWXJLHVLVFKHQ ]X HUVWHOOHQ ZlUH FI 4XLOLV±%HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU  9RNDONRQWUDNWLRQHQEHUGLH:RUWJUHQ]HQKLQZHJZLHLQSWJ'LJDDYHUGDGHJLEW HVLP6SDQLVFKHQHEHQIDOOV'DEHLNDQQHVYRQHLQHPHKHUIOLH‰HQGHQhEHUJDQJ RKQH 3DXVH  ]% WLHQH ੠p[LWR  ELV KLQ ]XU 6\QDO|SKHQ VS VLQDOHIDV  NRPPHQ ]% OOHJD ੠D $ ੠ IULFD]XOOHJ>D@IULFD  .XEDUWK±  ,P %HUHLFK GHU VXSUDVHJPHQWDOHQ 3KRQHWLN YHUKDOWHQ VLFK GDV 6SDQLVFKH XQG GDV 3RUWXJLHVLVFKHVHKUlKQOLFK%HLGH6SUDFKHQWUDJHQLKUHQ:RUWDN]HQWEHYRU]XJWDXIGHU YRUOHW]WHQ6LOEHGHU3DHQXOWLPD 1DFKGHU$XV]lKOXQJYRQ'HODWWUH ± VLQG±GHVVSDQLVFKHQ:RUW VFKDW]HV GHU ]ZHL ELV YLHUVLOELJHQ :|UWHU 3DUR[\WRQD DOOH DQGHUHQ YHUWHLOHQ VLFK DXI 2[\WRQD :RUWDN]HQWDXIGHUOHW]WHQ6LOEHGHU8OWLPD XQG3URSDUR[\WRQD :RUWDN]HQW DXIGHUYRUYRUOHW]WHQ6LOEHGHU$QWHSDHQXOWLPD (QGUXVFKDW6FKPLGW5DGHIHOGW   QHKPHQGLHVEH]JOLFKHLQHVHKUlKQOLFKH9HUWHLOXQJIUGDV3RUWXJLHVLVFKHDQ'LH $N]HQWXLHUXQJ HLQHV :RUWHV KlQJW JHQHUHOO YRQ GHU 7RQK|KH GHU ,QWHQVLWlW XQG GHU 4XDQWLWlW 'DXHU GHV$N]HQWHVDE (LQH ZHLWHUH ZLFKWLJH SURVRGLVFKH *OLHGHUXQJ HLQHU bX‰HUXQJ HUIROJW GXUFK GHQ 6DW]DN]HQWGKGLHP|JOLFKH+HUYRUKHEXQJEHVWLPPWHU6DW]HOHPHQWHGXUFKQDFKGUFN OLFKH %HWRQXQJ 7KHPD5KHPD*OLHGHUXQJ  'LH $UW HLQHV 6DW]HV DOVR VRZRKO VHLQ $XIEDX SDUDWDNWLVFKH E]Z K\SRWDNWLVFKH *OLHGHUXQJ NXU] ODQJ HWF  DOV DXFK VHLQH )XQNWLRQ $XVVDJHVDW] )UDJHVDW] $XVUXIHVDW] $XIIRUGHUXQJVVDW]  VLQG PLW EHVWLPP WHQ ,QWRQDWLRQVPXVWHUQ 6DW]PHORGLH  YHUNQSIW 0LW +LOIH GHU ,QWRQDWLRQ VWHLJHQG IDOOHQG JOHLFKEOHLEHQG  ODVVHQ VLFK DEHU DXFK *HIKOVlX‰HUXQJHQ ZLH =ZHLIHO bUJHU )UHXGH hEHUUDVFKXQJ RGHU $QJVW DXVGUFNHQ ZREHL VLH LP 6SDQLVFKHQ XQG 3RUWX JLHVLVFKHQ QLFKW ZLH LQ GHQ VRJHQDQQWHQ 7RQVSUDFKHQ ]% 0DQGDULQ 7KDL 6FKZH GLVFK SKRQRORJLVFKUHOHYDQWLVW 4XLOLV ± OLVWHWGLH,QWRQDWLRQEHWUHIIHQG8QWHUVFKLHGH]ZLVFKHQGHP 6SDQLVFKHQ XQG GHP3RUWXJLHVLVFKHQ DXI GDUXQWHU HLQDQGHUHV ,QWRQDWLRQVPXVWHU EHLP $XVVDJHVDW] ZHOFKHV EHLP 6SDQLVFKHQ GXUFK HLQ VWlUNHUHV $EIDOOHQ DP (QGH GHU(LQ KHLW JHNHQQ]HLFKQHW LVW XQG EHLP $XVUXIHVDW] GHU LP 3RUWXJLHVLVFKHQ YHUJOHLFKVZHLVH ZHQLJHUVFKQHOOXQGPLW9HU]|JHUXQJDEIlOOW =XP %HUHLFK GHU 6XSUDVHJPHQWDOLD LVW VFKOLH‰OLFK QRFK GLH 3DXVHQVWUXNWXU 3DXVH -XQNWLRQ  ]X UHFKQHQ GXUFK GLH HLQH bX‰HUXQJ HQWVSUHFKHQG VLQQVWLIWHQG JHJOLHGHUW ZLUG XQG GLH DXFK EHGHXWXQJVGLIIHUHQ]LHUHQG VHLQ NDQQ ]% VS \ UHVSRQVDEOH YV

 

 %HLHLQHU9RNDONRQWUDNWLRQLP:RUWLQQHUQVSULFKWPDQYRQ6\QlUHVH]%VSOHHU>OH‫@ޞ‬DQVWDWW QRUPDOHUZHLVHPLW+LDW>OHਥH‫@ޞ‬





LUUHVSRQVDEOHRGHU1RYDPRVDWUDEDMDUYV1RYDPRVDWUDEDMDU VRGDVVVLFK8QWHU VFKLHGH LQ EHLGHQ 6SUDFKHQ VFKRQ DXIJUXQG GHU YHUVFKLHGHQHQ VHPDQWLVFKHQ XQG SKR QHWLVFKHQ (LQKHLWHQ HUJHEHQ FI 1DYDUUR 7RPiV+DHQVFK/HFKQHU  ± ± &DQHOODGD.XKOPDQQ0DGVHQ±0DWHXV±4XLOLV ±%DUERVDE±%UDXHU)LJXHLUHGR±%HUVFKLQ)HUQiQGH] 6HYLOOD)HOL[EHUJHU±%ODVHU±    

 2UWKRJUDSKLH (LQH *HJHQEHUVWHOOXQJ GHV 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ EH]JOLFK GHU MHZHLOLJHQ *UDSKHP3KRQHP XQG 3KRQHP*UDSKHP%H]LHKXQJ ]HLJW EHL EHLGHQ 6SUDFKHQ HLQH UHODWLY KRKH 'HFNXQJVJOHLFKKHLW ,P 9HUJOHLFK ]X DQGHUHQ 6SUDFKHQ ZLH ]% GHP (QJOLVFKHQ RGHU )UDQ]|VLVFKHQ NRPPHQ GLHVH EHLGHQ URPDQLVFKHQ 6SUDFKHQ LQV EHVRQGHUHGDV6SDQLVFKHHLQHUSKRQHPLVFKHQ6FKULIW ]%,3$$3, VHKUYLHOQlKHUXQG HUIOOHQ LQ JHZLVVHP 8PIDQJ GLH DOOJHPHLQH )RUGHUXQJ GDVV HLQ /DXW HLQHP VFKULIW OLFKHQ=HLFKHQHQWVSUHFKHQVROOWH 9HUJOHLFKW PDQ GDV 6SDQLVFKH XQG GDV 3RUWXJLHVLVFKH KLQVLFKWOLFK LKUHV MHZHLOLJHQ *UDSKHPLQYHQWDUVVR]HLJHQVLFKQXU8QWHUVFKLHGHLQ%H]XJDXIGLH'LJUDSKHXQGGLH *UDSKHPH PLW 'LDNULWLND 1HEHQ GHP DXFK LP 'HXWVFKHQ JOWLJHQ ODWHLQLVFKHQ $OSKDEHW EHVWHKHQG DXV  %XFKVWDEHQ E]Z (LQ]HOJUDSKHPHQ JLEW HV IROJHQGH 6SH]LILND 



LP 6SDQLVFKHQ 'LJUDSKH FK! JX! OO! TX! UU! *UDSKH PLW 'LDNULWLND x! 7LOGH ! 7UHPD ZREHLYRUGHU5HIRUP VX DOVOHWUDVLPHQJHUHQ6LQQH QXU FK! OO! XQG x! ]lKOWHQ VR GDVV GDV VSDQLVFKH $OSKDEHW IUKHU DXV LQVJHVDPW%XFKVWDEHQEHVWDQG VHLWVLQGHVFK!OO!VLQGHLQJHUHLKW  N! XQG Z! NRPPHQ QXU LQ )UHPGZ|UWHUQ YRU ]% NDNL ZLQGVXUI  :HL‰NRSI   LP3RUWXJLHVLVFKHQ'LJUDSKHFK!JX!OK!PP! VHOWHQ]%FRPXPPHQWH  QK!QQ! VHOWHQ]%FRQQRVFR TX!UU!VV!*UDSKHPLW'LDNULWLNDm! }! ! YRU GHU 2UWKRJDSKLHUHIRUP LP %3  VRZLH o! HV ZHUGHQ VHLW GHP

 

 =XU9HUWLHIXQJDNWXHOOHU)RUVFKXQJVWKHPDWLNHQLQGHUVSDQLVFKHQ3KRQRORJLHFIXDGLH6DP PHOElQGHYRQ*LO )HUQiQGH]  XQG0DUWtQH]*LO&ROLQD  IUGDV3RUWXJLHVLVFKH FIXD)URWD  XQG*LDQJROD  VRZLHGLHGRUWDXIJHIKUWH/LWHUDWXU=XU3URVRGLH LP6SH]LHOOHQFI]%4XLOLV  XQG%DUERVD E    +LHUEHL KDQGHOW VLFK DOOHUGLQJV SULQ]LSLHOO QXU XP HLQH YRQ YLHOHQ )XQNWLRQHQ HLQHV 6FKULIWV\VWHPVGHQQHVJLOWVRZRKOGLH3URGX]HQWHQZLHDXFKGLH5H]LSLHQWHQ%HGUIQLVVH]X HUIOOHQ XQG LP 6LQQH HLQHV NROOHNWLYHQ *HGlFKWQLVVHV DXFK NRQVHUYDWRULVFKH $XIJDEHQ ]X EHUQHKPHQ GK DOWH 7H[WH GXUFK 1LFKW9HUlQGHUXQJ GHU 6FKULIW P|JOLFKVW ODQJH OHVEDU ]X KDOWHQ



 $FRUGR2UWRJUiILFRGD/tQJXD3RUWXJXHVD  EOLFKHUZHLVH%XFKVWDEHQGHV $OSKDEHWV DQJHQRPPHQ GD QXQ GLH QXU LQ )UHPGZ|UWHUQ YRUNRPPHQGHQ %XFKVWDEHQ N! Z! XQG \! ]% NHWFKXS \RJD ZDJQHULDQR  GD]XJHUHFKQHW ZHUGHQ'LHSRUWXJLHVLVFKHQ(QWVSUHFKXQJHQ]XVSFK!OO!XQGx!QlPOLFK FK!OK!XQGQK!]lKOWHQQLHDOVHLJHQH%XFKVWDEHQLP:|UWHUEXFKVRQGHUQVLH VLQG XQWHU F! O! XQG Q! HLQJHRUGQHW VR ZLH HV LQ]ZLVFKHQ IU GDV 6SDQLVFKH EOLFKLVW

'LH DNWXHOOH 5HFKWVFKUHLEXQJ GHV 6SDQLVFKHQ VWW]W VLFK LP :HVHQWOLFKHQ DXI GLH 2UWRJUDItD GH OD OHQJXD HVSDxROD 2/(  GLH XQWHU 0LWDUEHLW GHU  $NDGHPLHQ GHU KLVSDQRSKRQHQ/lQGHULP-DKUYHU|IIHQWOLFKWXQGQRFKPDOVOHLFKWUHIRUPLHUW ZXUGH $QNHQEDXHU  'HU JHVDPWH 7H[W GHU OHW]WHQ 2UWKRJUDSKLHUHIRUP XQG GLH HLQ]HOQHQ 1HXHUXQJHQ EH]JOLFK GHU DNWXHOO JOWLJHQ 6FKUHLEZHLVH VLQG LP hEHUEOLFN DXFK DXI GHU :HEVHLWH GHU5HDO$FDGHPLD(VSDxRODXQWHU2UWRJUDItDGHODOHQJXDHVSDxROD RQOLQH=XJULIIDP  KWWSZZZUDHHV  QDFK]XOHVHQ (LQ 1RYXP ZlUH EHLVSLHOVZHLVH GDVV GLH 'HPRQVWUDWLYSURQRPHQ ]XU 8QWHUVFKHLGXQJ YRQ GHQ 'HPRQVWUDWLYEHJOHLWHUQ NHLQHQ $N]HQW PHKU HUKDOWHQ ]% HVWH HV WRQWR YRUKHU pVWH HV WRQWR YV HVWH OLEUR  GLH (OL PLQLHUXQJGHV$N]HQWVEHLHLQVLOELJHQ:|UWHUQPLW'LSKWKRQJRGHU7ULSKWKRQJ ]%ILH JXLRQ OLDLV WUXKDQ  VRZLH GLH JUDSKLVFKH ,QWHJUDWLRQ YRQ HLQLJHQ )UHPGZ|UWHUQ ]% EDOpVWDWWEDOOHWSiGHOVWDWWSDGGOHFXyUXPVWDWWTXRUXP  'LH DNWXHOOH SRUWXJLHVLVFKH 2UWKRJUDSKLH EHUXKW DXI GHP  JHVFKORVVHQHQ $ENRPPHQ $FRUGR2UWRJUiILFRGD/tQJXD3RUWXJXHVD ZHOFKHVLQ3RUWXJDOXQG LQ%UDVLOLHQUDWLIL]LHUWZXUGHZR]XHVXQGHLQ3URWRFROR0RGLILFDWLYR DR$FRUGR2UWRJUiILFRXQGHLQ6HJXQGR3URWRFROR0RGLILFDWLYRDR$FRUGR2UWRJUiILFR JDEGLHVLFKMHGRFKQXUDXIGDV'DWXPXQGGLH0RGDOLWlWHQGHV,QNUDIWWUHWHQVEH]RJHQ %UDVLOLHQVHW]WHGLHhEHUHLQNXQIWEHUHLWVDPXP3RUWXJDOHUVWDP'LH VRQVWLJHQ 6WDDWHQ GHU &RPXQLGDGH GRV 3DtVHV GH /tQJXD 3RUWXJXHVD &3/3  KDEHQ HEHQIDOOV]XJHVWLPPWGLH5HIRUP]XEHUQHKPHQXQGGHUJU|‰WH7HLOGHU/lQGHUKDWGLH hEHUHLQNXQIW EHUHLWV XPJHVHW]W 9RQ GHU 2UWKRJUDSKLHUHIRUP EHWURIIHQ VLQG FD  0LOOLRQHQ0HQVFKHQLQGHQ&3/3/lQGHUQ FI.HPPOHU 'DVMDKUHODQJH5LQJHQ XPHLQH(LQLJXQJLVWGDEHLLPPHUYRUGHP+LQWHUJUXQG]XVHKHQGDVVOHW]WOLFKQXUPD[ ± GHV MHZHLOLJHQ :RUWVFKDW]HV EHWURIIHQ VLQG =X GHQ ZLFKWLJHQ bQGHUXQJHQ

 

 'LH $XVVSUDFKH YRQ Z! LVW EHL GHXWVFKHQ /HKQZ|UWHUQ ZLH ZDJQHULDQR RGHU ZHUWKHULDQR >Y@EHLHQJOLVFKHQ(QWOHKQXQJHQZLHZHVWHUQZLQGVXUIRGHUZRUNVKRS>Z@\!ZLUGDOV>L@ DUWLNXOLHUW XQG N! DOV >N@ )UHPGZ|UWHU PLW GLHVHQ *UDSKHPHQ ZHUGHQ MHGRFK DXFK KlXILJ JUDSKLVFK DQ GLH SRUWXJLHVLVFKH $XVVSUDFKH DGDSWLHUW ]% 1RYD,RUTXH LDWH IDTXLU FI .UHQQ0HQGHV    =XGHQYROOVWlQGLJHQ7H[WHQGHV2UWKRJUDSKLH$ENRPPHQFI$FRUGR2UWRJUiILFRGD/tQJXD 3RUWXJXHVD   RQOLQH=XJULIIDPKWWSZZZSULEHUDPSWGRFV$F2UWRJ SGI VRZLHGHQhEHUEOLFN]XGHQYHUVFKLHGHQhEHUHLQNQIWHQVHLWLP3RUWDOGD/tQJXD





JHK|UW GHU $XVIDOO YRQ VWXPPHQ .RQVRQDQWHQ ZLH VLH ELVKHU LP HXURSlLVFKHQ 3RUWXJLHVLVFK EOLFK ZDUHQ ]% FRQWUDWR VWDWW FRQWUDFWR  XQG GHU :HJIDOO GHV 7UHPD DXI GHP X! ZLH HV ELV ]XU 5HIRUP LQ %UDVLOLHQ 8VXV ZDU ]% OLQJXtVWLFD VWDWW OLQJtVWLFD  'LH$N]HQWVHW]XQJHUIROJWLP6SDQLVFKHQDXVVFKOLH‰OLFKPLW+LOIHGHV$NXWVGHUPLW DOOHQ 9RNDOHQ NRPELQLHUEDU LVW ]% pO Pt FRPSUy iQLPR I~QHEUH  %HL HLQLJHQ HLQVLOELJHQ :|UWHUQ KDW GHU $N]HQW UHLQ EHGHXWXQJVGLIIHUHQ]LHUHQGH )XQNWLRQ ]% pO YV HO  EHL PHKUVLOELJHQ ZLUG HLQH YRQ GHU DOOJHPHLQHQ %HWRQXQJVUHJHO DEZHLFKHQGH :RUWDN]HQWXLHUXQJDQJH]HLJW ]%FDQWRYVFDQWyWHUPLQRYVWpUPLQRYVWHUPLQy ,P 3RUWXJLHVLVFKHQEHUZLHJW]ZDUDXFKGHU$NXW ]%ViEDGRPpGLFRyFXORUHDOtVWLFR Do~FDU DEHUHVILQGHQDXFKGHU=LUNXPIOH[ ]%DUJrQWHRF{QVXOFkQIRUD XQGVHOWHQ GHU *UDYLV ]% j  9HUZHQGXQJ ZREHL HLQ RIIHQHU 7RQYRNDO GXUFK DFHQWR DJXGR PDUNLHUW ZLUG XQG HLQ JHVFKORVVHQHU GXUFK GHQ DFHQWR FLUFXQIOH[R 'HU *UDYLV ]HLJW KHXW]XWDJH QXU QRFK HLQH 9RNDONRQWUDNWLRQ DQ ]% DD  j DDTXHOD  jTXHOD  :HL‰NRSI±±%ODVHU±  $QVRQVWHQVLQGGLH3ULQ]LSLHQGHU$N]HQWVHW]XQJLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQ UHFKW lKQOLFK $OOHUGLQJV ILQGHQ VLFK 8QWHUVFKLHGH EHL 'LSKWKRQJHQ E]Z +LDWJUXSSHQ ]%VS0DUtDYVSWJ0DULDVS0DULRYVSWJ0iULREHLMHZHLOVJOHLFKHU%HWRQXQJ  ,QEHLGHQ6SUDFKHQJLEWHVHLQLJH$EZHLFKXQJHQYRQGHUJUXQGVlW]OLFKHQ3KRQHP *UDSKHP(QWVSUHFKXQJ%HL GHQ9RNDOHQ LVW GDV 6SDQLVFKH KLQVLFKWOLFK GHU*UDSKHPH D! H! XQG R! HLQHLQGHXWLJ E]Z PRQRYDOHQW $XV GHU 3KRQHP*UDSKHP3HU VSHNWLYH VLQG GLH 3KRQHPH D H XQG R DOV PRQRJUDSKHPDWLVFK HLQ]XRUGQHQ ]% DPDU ORER SHUGHU  (LQH $EZHLFKXQJ JLEW HV EHL GHP 3KRQHP L ZHOFKHV SRO\ JUDSKHPDWLVFKLVWXQG]ZDUGDGXUFKGDVVVRZRKOGDV*UDSKHPL! ]%OLEUR DOVDXFK GDV*UDSKHP\! ]%VR\ IUGLHVH$XVVSUDFKHVWHKHQNDQQ VRIHUQPDQKLHU>L@XQG >M@ DOV $OORSKRQ YRQ L ZHUWHW FI .DS   $XV GHU 6LFKW GHU *UDSKHP3KRQHP %H]LHKXQJZLHGHUXPLVW]ZDUGDVL!HLQHLQGHXWLJMHGRFKGDV\!SRO\SKRQHPDWLVFK LP6LQQHGHUSKRQRORJLVFKHQ5HSUlVHQWDWLRQYRQLXQGȣ ]%\ÃXQG¶YVD\HU 'DV VSDQLVFKH 3KRQHP X PLW GHQ $OORSKRQHQ >X@ XQG >Z@ ZLUG SULQ]LSLHOO GXUFK GDV *UDSKHP X! GDUJHVWHOOW QXU EHL GHP 'LJUDSKHQ JX! YRU H XQG L ZLUG GDV 7UHPD YHUZHQGHW XP DUWLNXOLHUWHV X >Z@ YRP UHLQ JUDSKLVFKHQ X! ]X XQWHUVFKHLGHQ %ODVHU ±  ]%JXHUUDYVFLJHxDJXLxRYVSLQJLQR  +LHULVWGDV6SDQLVFKHPLWGHPEUDVLOLDQLVFKHQ3RUWXJLHVLVFKELV]XUDNWXHOOHQ5HFKW VFKUHLEUHIRUP NRQIRUP JHZHVHQ ZlKUHQG GDV HXURSlLVFKH 3RUWXJLHVLVFK GLHVH 8QWHU VFKHLGXQJDXFKYRUGHPQHXHQ2UWKRJUDSKLHDENRPPHQQLFKWPDFKWH$NWXHOOJLOWDOVR IU(3%3GLH6FKUHLEZHLVHRKQH7UHPD]%OLQJXtVWLFR

 3RUWXJXHVD RQOLQH =XJULII DP  KWWSZZZSRUWDOGDOLQJXDSRUWXJXHVDRUJ"DFWLRQ DFRUGR    =X VSH]LILVFKHQ $VSHNWHQ GHU VSDQLVFKHQ  2UWKRJUDSKLH FI EHLVSLHOVZHLVH 7HVFKQHU   0RUHQR  $QNHQEDXHU  ]XP3RUWXJLHVLVFKHQFI9HORVR  .HPPOHU   *RQoDOYHV  





,P3RUWXJLHVLVFKHQLVWGLH3KRQHP*UDSKHP%H]LHKXQJDXIJUXQGGHUJU|‰HUHQ$Q]DKO YRQ 9RNDOSKRQHPHQ NRPSOH[HU EHL %HUFNVLFKWLJXQJ GHU *UDSKHP/DXW%H]LHKXQJ HUJLEW VLFK HLQH QRFK YLHOVFKLFKWLJHUH 5HODWLRQ ]ZLVFKHQ 6FKUHLEXQJ XQG /DXWXQJ +HUYRU]XKHEHQ JHJHQEHU GHP 6SDQLVFKHQ LVW GDEHL EHVRQGHUV GLH DEZHLFKHQGH $XV VSUDFKHLQXQEHWRQWHU6WHOOXQJGLHVLFKLQGHU*UDSKLHQLFKWQLHGHUVFKOlJWD!DOV>m@ R!DOV>X@XQGH!DOV>ԥ@RGHU>Ó@ FI.DSGRUWDXFK%HLVSLHOH  'LH *UDSKHPNRPELQDWLRQ RX! ZLUG LP 3RUWXJLHVLVFKHQ ]XPHLVW DOV >R@ DXVJH VSURFKHQ ]%ORXUR =XU6FKUHLEXQJGHU1DVDOYRNDOHVLHKHXQWHQ FIDXFK.DS  'LH1DVDOGLSKWKRQJHXQGWULSKWKRQJHZHUGHQHEHQIDOOVHQWZHGHUGXUFK'LDNULWLNDRGHU GXUFKGLH9HUELQGXQJPLW1DVDONRQVRQDQWHQDQJH]HLJW ]%PmHOLP}HVEHP  .UHQQ 0HQGHV±0RXWLQKR±  %H]JOLFK GHV .RQVRQDQWHQV\VWHPV JLEW HV HEHQIDOOV HLQLJH 8QWHUVFKLHGH GLH GLH 5HODWLRQ]ZLVFKHQRUWKRJUDSKLVFKHU'DUVWHOOXQJXQGSKRQRORJLVFKHUSKRQHWLVFKHU5HDOL VLHUXQJEHWUHIIHQ 'DV6SDQLVFKHXQGGDV3RUWXJLHVLVFKHYHUKDOWHQVLFKKLQVLFKWOLFKGHU3KRQHPHSI W XQG G ZHLWJHKHQG LGHQWLVFK GD GLHVH PRQRJUDSKHPDWLVFK LPPHU GXUFK S! W! G! I! ZLHGHUJHJHEHQ ZHUGHQ XQG GLHVH *UDSKHPH PRQRSKRQHPDWLVFK ]X ZHUWHQ VLQG 'LH /DXWH VSSWJ >U@ XQG SWJ >‫ @ޣ‬N|QQHQ MH QDFK .RQWH[W PRQR RGHU GLJUDSKHPDWLVFK ZLHGHUJHJHEHQ ZHUGHQ GHU /DXW VSSWJ >4@ LVW KLQJHJHQ PRQR JUDSKHPDWLVFK ]XP 3UREOHP GHU U/DXWH FI .DS    *HPHLQVDQ LVW EHLGHQ 6SUDFKHQ GDVV K! >‘@  QLFKW DXVJHVSURFKHQ ZLUG 8QWHUVFKLHGH ILQGHQ VLFK LQ IROJHQGHQ3XQNWHQ 'HU /DXW >E@ LVW LP 6WDQGDUGSRUWXJLHVLVFKHQ HLQHLQGHXWLJ GHP *UDSKHP E! ]X]X RUGQHQ LP 6SDQLVFKHQ DOOHUGLQJV GXUFK GUHL *UDSKHPH QlPOLFK E! Y! XQG Z! UHSUlVHQWLHUW ]% EHELGD YLGD ZiWHU  'LH 6FKUHLEXQJ Y! HQWVSULFKW GDJHJHQ LP 3RUWXJLHVLVFKHQGHP/DXWY! ]%VSYLGD>E@YVSWJYLGD>Y@  )UGLH$XVVSUDFKHGHVVWLPPORVHQ2NNOXVLYV>N@JLOWLQEHLGHQ6SUDFKHQGLH5HJHO F!YRUDRXXQGTX!YRUHLXQGIUGDVVWLPPKDIWH>J@DQDORJJ!YRUDRXXQG JX!YRUHL'HU'LSKWKRQJ>NZ@ZLUGKLQJHJHQLP3RUWXJLHVLVFKHQLPPHUGXUFKTX! XQG LP 6SDQLVFKHQ GXUFK FX!  UHSUlVHQWLHUW ]% VS FXDQGR YV SWJ TXDQGR  =XP *HEUDXFK YRQ J! E]Z JX! VLHKH REHQ *HVFKULHEHQHV J! YRU H L ZLUG LP 6SDQLVFKHQ DOV >[@ DXVJHVSURFKHQ XQG LP 3RUWXJLHVLVFKHQ DOV >V@ ]%PDVVDFDoD  *HVFKULHEHQHV[!LVWLP6SDQLVFKHQMHQDFK3RVLWLRQXQWHUVFKLHGOLFK]XUHDOLVLHUHQ ,P $QODXW ZLUG LQ GHU 5HJHO >V@ DUWLNXOLHUW ]% [LOyIRQR  LP $XVODXW >NV@ E]Z >࣢V@ ]% IpQL[  LP ,QODXW YDULLHUW GLH $XVVSUDFKH LQ $EKlQJLJNHLW YRQ GHU ODXWOLFKHQ 8PJHEXQJ :HQQ [! LQWHUYRNDOLVFK DXIWULWW VR LVW GLH 5HDOLVLHUXQJ PHLVW >NV@>࣢V@ ]%WD[L HVNDQQDEHUDXFKJHOHJHQWOLFKPLW>V@ZLHGHUJHJHEHQZHUGHQ ]%H[DFWR  $XVQDKPH VLQG GDEHL HLQLJH 7RSRQ\PH EHL GHQHQ >[@ JHVSURFKHQ ZLUG ]% 0p[LFR 7H[DV 2D[DFD  FI .DS   9RU .RQVRQDQW LVW GLH $XVVSUDFKH XUVSUQJOLFK >NV@ KHXWHDEHUEOLFKHUZHLVH>V@ ]%H[SOLFDU  %ODVHU±  ,P 3RUWXJLHVLVFKHQ NDQQ GDV *UDSKHP [! QRFK PHKU XQWHUVFKLHGOLFKH /DXWH UHSUlVHQWLHUHQ=XQlFKVWHLQPDOVWHKW[!ZLHLPPLWWHODOWHUOLFKHQ6SDQLVFKXQG3RUWX JLHVLVFKIUGHQSUlSDODWDOHQ )ULNDWLY>5@]%EDL[RGHL[DU,Q .XOWLVPHQZLUG ZLHLP 6SDQLVFKHQ [! HQWZHGHU DOV V/DXW RGHU DOV >NV@ ]% Wi[L Wy[LFR D[LRPD  DXV JHVSURFKHQDOOHUGLQJVPLWQLFKWLPPHULGHQWLVFKHU'LVWULEXWLRQ,P3RUWXJLHVLVFKHQJLEW HVGLH9HUWHLOXQJ>]@ EHLH[!9RNDO ZLH]%H[LVWrQFLD>Ó]@XQGLQWHUYRNDOLVFK>V@ ]%Pi[LPR 'LH*UDSKHPYHUELQGXQJH[!.RQVRQDQWZLUGHQWZHGHUDOV>Ó5@ ]% H[FHSomR  RGHU DOV >HL5@>HL]@ QXU EHL GHP 3UlIL[ H[ ÃHKHPDOLJ¶ ]% H[PLQLVWUR  DUWLNXOLHUW 8QWHUVFKLHGOLFK LVW LQ EHLGHQ 6SUDFKHQ DXFK GLH 5HDOLVLHUXQJ YRQ FK! GDV SRUWXJLHVLVFKDOV>5@ ]%FKXYD DXV]XVSUHFKHQLVWXQGVSDQLVFKDOV>߿@ ]%FKRFRODWH  'LH/DXWH>”@XQG>Õ@ZHUGHQMHZHLOVGXUFKSWJOK! ]%ILOKR VSOO! ]%FDOOH  XQGSWJQK! ]%QLQKR VSx! ]%QLxR ZLHGHUJHJHEHQ %HL GHQ 1DVDONRQVRQDQWHQ KHUUVFKW LP 6SDQLVFKHQ HLQ ZHLWJHKHQG PRQRYDOHQWHV 9HUKlOWQLV YRU XQG ]ZDU VRZRKO LQ GHU 3KRQHP*UDSKHP DOV DXFK LQ GHU *UDSKHP 3KRQHP5HODWLRQ,P3RUWXJLHVLVFKHQHQWVSUHFKHQVLFKQ!P!XQGQPZHQQ NHLQ 9RNDO YRUDXVJHKW ]% SWJ FDUQH DOPD  ,Q DOOHQ DQGHUHQ )lOOHQ ]HLJW HLQ P! E]Z Q! HLQH 1DVDOLHUXQJ GHV YRUDQJHKHQGHQ 9RNDOV DQ ZREHL GHU IROJHQGH 1DVDO NRQVRQDQWQLFKW]ZDQJVOlXILJYHUVFKZLQGHQPX‰ ]%EHLQ!P!LQWHUYRNDOLVFK  FI .DS   ,P 6LOEHQDXVODXW LVW GHU .RQVRQDQW QRUPDOHUZHLVH QLFKW PHKU K|UEDU VRQGHUQ ]HLJW QXU GLH 1DVDOLHUXQJ GHV 9RNDOV DQ GLH DXFK GXUFK HLQH 7LOGH DXI GHP 9RNDO GDUJHVWHOOW ZHUGHQ NDQQ DOOHUGLQJV LP PRGHUQHQ 3RUWXJLHVLVFK QXU EHL D ]% VRPOHQoROm  ]XU*UDSKHPDWLNGHV6SXQG3WJDOOJHPHLQFI.UHQQ0HQGHV±

 

%HL VDW]SKRQHWLVFKHQ 5HDOLVLHUXQJHQ NDQQ HV $EZHLFKXQJHQ JHEHQ ]% XQ ERPER >XP

ERPER@ 4XLOLV =XDOOHQDQGHUHQ)lOOHQZLHFRQIXVR>NR/ IXVR@ FI.DS 





0RXWLQKR±0DVLS±&KDFyQ%HUUXJD±%ODVHU ±  (LQHQRFKDEVFKOLH‰HQG]XHUZlKQHQGH%HVRQGHUKHLWEHWULIIWGLH=HLFKHQVHW]XQJLP 6SDQLVFKHQGLHDX‰HUGHPEOLFKHQ,QYHQWDUYRQ3XQNW.RPPD'RSSHOSXQNWXQG$Q IKUXQJV]HLFKHQ REOLJDWRULVFK JHGRSSHOWH )UDJH XQG $XVUXIH]HLFKHQ EHLQKDOWHW ]% ¢4Xp"RGHU£(VWXGLDPiV  %HUVFKLQ)HUQiQGH]6HYLOOD)HOL[EHUJHU± 

$XIJDEHQ  9HUJOHLFKHQ6LHGLH5HJHOXQJHQ]XU$XVVSUDFKHYRQJUDSKLVFK[!LP6SDQLVFKHQEHL%ODVHU  PLWDQGHUHQ+DQGEFKHUQ]XU3KRQRORJLH  *OHLFKHQ6LHGLHSKRQHWLVFKHQ9DULDQWHQGLHEHL6LOYD  LQGHQhEHUEOLFNVWDEHOOHQDQJH JHEHQVLQGPLW+DQGEFKHUQ]XPHXURSlLVFKHQ3RUWXJLHVLVFKDEXQGDUEHLWHQ6LHGLH8QWHU VFKLHGHKHUDXV HYWOXQWHU=XKLOIHQDKPHYRQ1ROO   $UEHLWHQ 6LH KHUDXV ZHOFKH /DXWH GLDV\VWHPDWLVFK VWDELO VLQG XQG LQ ZHOFKHQ %HUHLFKHQ HV EHVRQGHUV YLHOH $EZHLFKXQJHQ JLEW ± HUVW EHL GHQ 9RNDOHQ GDQQ EHL GHQ .RQVRQDQWHQ 6SDQLVFK±3RUWXJLHVLVFK   6WHOOHQ6LHDXVGHUDQJHJHEHQHQ/LWHUDWXUGLHYHUVFKLHGHQHQ6WDQGSXQNWH]XUSKRQRORJLVFKHQ 5HOHYDQ]GHU1DVDOYRNDOHLP3RUWXJLHVLVFKHQJHJHQEHU LPhEHUEOLFN]%5DPRV   0DFKHQ 6LH VLFK EHU GLH LQ GHU +LVSDQLVWLN YHUZHQGHWHQ SKRQHWLVFKHQ 1RWDWLRQVV\VWHPH NXQGLJ XQG DUEHLWHQ 6LH GLH 8QWHUVFKLHGH LP 9HUJOHLFK ]XP $3,,3$6\VWHP KHUDXV ]% /DSHVD.XEDUWK   9HUVXFKHQ 6LH HLQLJH GHU SUDNWLVFKHQ $XIJDEHQ LQ GHQ hEXQJVEFKHUQ YRQ %RUUHJR 1LHWR*yPH]$VHQFLR  XQG0DVLS  XQGEHZHUWHQ6LHGHUHQGLGDNWLVFKHQ1XW]HQ







0RUSKRV\QWD[

 6XEVWDQWLYH  1XPHUXV 'LH8QWHUVFKHLGXQJLQ6LQJXODUXQG3OXUDOIRUPHQHUIROJWLQEHLGHQ6SUDFKHQQDFKGHP JOHLFKHQ3ULQ]LSDOOHUGLQJVVLQGGLH$EOHLWXQJVUHJHOQLP3RUWXJLHVLVFKHQDXIJUXQGGHU VSH]LILVFKHQ/DXWHQWZLFNOXQJHQNRPSOH[HUDOVLP6SDQLVFKHQ 6XEVWDQWLYH N|QQHQ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ YRNDOLVFK RGHU NRQVRQDQ WLVFK DXVODXWHQ ,Q GHU HUVWHQ *UXSSH ILQGHQ VLFK :|UWHU GHU ODW D XQG R'HNOLQDWLRQ VRZLHGLH:|UWHUDXVGHUNRQVRQDQWLVFKHQ'HNOLQDWLRQGLHGDVDXVODXWHQGHHEHZDKUW KDEHQ ]% VSSWJ FDVD JDWR SDUWH  LQ GHU ]ZHLWHQ *UXSSH GLH :|UWHU GHU NRQ VRQDQWLVFKHQ'HNOLQDWLRQGLHGDVHYHUORUHQKDEHQ ]%VSSWJPDU 'LHHUVWH*UXSSH ELOGHW GHQ 3OXUDO DXI V GLH ]ZHLWH QRUPDOHUZHLVH DXI HV ZREHL ZLH LQ GHU JHVDPWHQ 5RPDQLD GLH )RUPHQ GHV ODWHLQLVFKHQ $NNXVDWLY 3OXUDO IRUWJHVHW]W ZHUGHQ $X‰HU GHQ 3OXUDODOORPRUSKHQ V XQG HV JLEW HV LQ EHLGHQ 6SUDFKHQ DX‰HUGHP HLQ 1XOODOORPRUSK FI 6FKSDN'ROW   /GWNH E  6FKSDN'ROW    QlPOLFK EHL HLQHP7HLOGHU:|UWHUGHU]ZHLWHQ*UXSSHGLHLP6LQJXODUDXIVHQGHQ(VKDQGHOWVLFK GDEHL KDXSWVlFKOLFK XP 3DUR[\WRQD XQG 3URSDUR[\WRQD EHL GHQ :|UWHUQ PLW (QG EHWRQXQJ ZLUG GHU 3OXUDO YRQ ZHQLJHQ $XVQDKPHQ DEJHVHKHQ DXI HV JHELOGHW ]% VSSWJ HO SDtVR SDtV ± ORV SDtVHVRV SDtVHV 'LH 6XEVWDQWLYH DXI V EHL GHQHQ GLH %HWRQXQJQLFKWDXIGHU$XVODXWVLOEHOLHJWXQGGLHGHQ3OXUDOPLW1XOODOORPRUSKELOGHQ VLQGKlXILJ*Ul]LVPHQ ]%VSSWJDWODV RGHUVRQVWLJH(QWOHKQXQJHQ ]%SWJDOIHUHV  DU DOIƗULV VS DOIpUH] DOIpUHFHV SWJ SLUHV Ã8QWHUWDVVH¶  PDODLLVFK SLULQV  GD GLH HUEZ|UWOLFKH (QWZLFNOXQJ DXV GHP /DWHLQLVFKHQ QXU VHKU VHOWHQ ]X GLHVHP 5HVXOWDW JHIKUWKDW)HVW]XVWHOOHQLVWQRFKHLQ8QWHUVFKLHGEHLGHQ*Ul]LVPHQGHUHQ(W\PDDXI LV HQGHQ 'DV 6SDQLVFKH IKUW GLH JULHFKLVFKH (QGXQJ IRUW XQG ELOGHW GHQ 3OXUDO PLW 1XOODOORPRUSK VSODODVFULVLVHOORVDQiOLVLVHWF LP3RUWXJLHVLVFKHQGDJHJHQKDEHQ GLH HQWVSUHFKHQGHQ :|UWHU GLH YHUPXWOLFK DXV GHP )UDQ]|VLVFKHQ EHUQRPPHQH  (QGXQJ H SWJ FULVH DQiOLVH  XQG HQWVSUHFKHQG HLQHQ V3OXUDO SWJ DV FULVHV DV DQiOLVHV  8QWHUVFKLHGOLFKLQEHLGHQ6SUDFKHQLVWDXFKGLH3OXUDOELOGXQJEHLGHQ6XEVWDQWLYHQ GLH DXI RUDOHQ  'LSKWKRQJ DXVJHKHQ ,P 6SDQLVFKHQ ODXWHW KLHU GLH 3OXUDOHQGXQJ HV GHU DXVODXWHQGH +DOEYRNDO ZLUG DOVR DOV .RQVRQDQW JHZHUWHW  LP 3RUWXJLHVLVFKHQ GDJHJHQVVSUH\UH\HV±SWJUHLUHLV 'LH 1RPLQDOIOH[LRQ LP 6SDQLVFKHQ LVW LQ KRKHP 0D‰H UHJHOPl‰LJ ,P 3RUWX JLHVLVFKHQGDJHJHQKDEHQGLH1DVDOJUXSSHQGHU$XVIDOOYRQLQWHUYRNDOLVFKHPOXQGGHU (UKDOW GHV YODW X GHU (QGXQJ GHV $NNXVDWLY 6LQJXODU ]X EHVRQGHUHQ (QWZLFNOXQJHQ JHIKUW





6R N|QQHQ GLH DXI mR DXVODXWHQGHQ 6XEVWDQWLYH GHQ 3OXUDO DXI }HV mHV RGHU mRV ELOGHQZDVVLFKGDGXUFKHUNOlUWGDVVGLHDOWSRUWXJLHVLVFKHQ1DVDOYRNDOH>m@XQG>}@LP $XVODXW >DQ@XQG>RQ@LQGHQVSDQLVFKHQ(QWVSUHFKXQJHQ LQGHU]ZHLWHQ+lOIWHGHV -DKUKXQGHUWV PLW GHP 1DVDOGLSKWKRQJ mR >Ļ੻Z@  YODW DQX  ]XVDPPHQJHIDOOHQ VLQG FI:LOOLDPV±XQG6LOYD2VyULR 'DLP6SDQLVFKHQNHLQH1D VDOLHUXQJVWDWWIDQGYHUKDOWHQVLFKGRUWGLH:|UWHUDXIyQDQE]ZiQXQGDQREHLGHU 3OXUDOELOGXQJY|OOLJUHJHOPl‰LJ  7DEHOOH3OXUDOELOGXQJEHL1DVDOHQGXQJHQ 3RUWXJLHVLVFK 6LQJXODU UD]mR  UDWLRQH!DSWJ>UD ]}@  SmR  SDQH!DSWJ>Sm@  PmR  PDQX 

6SDQLVFK 3OXUDO UD]}HV  UDWLRQHV  SmHV  SDQHV  PmRV  PDQRV 

6LQJXODU UD]yQ

3OXUDO UD]RQHV

SDQ

SDQHV

PDQR

PDQRV

 0DQNDQQDOVRDXVGHU3OXUDOIRUPGHV6SDQLVFKHQGLHGHV3RUWXJLHVLVFKHQDEOHLWHQXQG XPJHNHKUW %HLP 6LQJXODU KLQJHJHQ OlVVW GLH SRUWXJLHVLVFKH /DXWXQJ mR NHLQHQ HLQ GHXWLJHQ5FNVFKOXVVDXIGLHVSDQLVFKH(QWVSUHFKXQJ]X %HL GHQ DXI 1DVDOYRNDO HQGHQGHQ SRUWXJLHVLVFKHQ 6XEVWDQWLYHQ JLEW HV QRFK HLQH JUDSKLVFKH %HVRQGHUKHLW ]X EHUFNVLFKWLJHQ 'DV P! GHU 6LQJXODUIRUPHQ DXI HP! LP!RP!XP! ]%SWJEHPILPWRPDWXP ZLUGLP3OXUDO]XQ!EHQVILQV WRQV DWXQV  EHL GHU 6FKUHLEZHLVH PLW 7LOGH m!  ZLUG HLQIDFK GDV V DQJHKlQJW SWJ PDom±PDomV$XVJHVSURFKHQZLUGLQEHLGHQ)lOOHQGHU1DVDOYRNDOE]ZGLSKWKRQJ >ߑ@>PĻ VĻ੻ߑ@>EĻ੻Mߑ@)UGLHVSDQLVFKHQ(QWVSUHFKXQJHQPDQ]DQDVXQGELHQHVJHOWHQGLH EOLFKHQ5HJHOQ %HLGHQDXIODXVODXWHQGHQ6XEVWDQWLYHQLVWGLHVHVOLP3OXUDOGDLQLQWHUYRNDOLVFKHU 3RVLWLRQVWHKHQGHQWIDOOHQVRGDVVOHW]WHQGOLFK'LSKWKRQJH E]ZEHLEHWRQWHPLOHLQL  HQWVWDQGHQVLQGSWJFDSLWDO±FDSLWDLVKRWHO±KRWpLVIyVVLO±IyVVHLVEDUULO±EDUULV FI 6LOYD±  (LQH$XVVSUDFKHEHVRQGHUKHLWGLHVLFKJUDSKLVFKQLFKWQLHGHUVFKOlJWOLHJWLP3RUWX JLHVLVFKHQEHLHLQHU5HLKHYRQDXIRDXVODXWHQGHQ6XEVWDQWLYHQYRUGLHHLQXUVSUQJ OLFKRIIHQHVR YODW‫ ۃ‬LQGHU7RQVLOEHKDEHQ'LHVHVZLUGLQGHQ6LQJXODUIRUPHQDOV>R@ DXVJHVSURFKHQLQGHQ3OXUDOIRUPHQDOV>ɬ@   





7DEHOOH'LH(QWZLFNOXQJYRQODWǍLQGHU$XVODXWVLOEH /DWHLQ

9XOJlUODWHLQ

3RUWXJLHVLVFK

6SDQLVFK

325&80 $NN6J 

S‫ۃ‬UFX!

> SR‫ޞ‬NX@ SRUFR > Sɬ‫ޞ‬NXȉ@ SRUFRV > NɬOX@ FROR > NɬOXȉ@ FRORV

> SZH‫ޞ‬NR@ SXHUFR > SZH‫ޞ‬NRV@ SXHUFRV > NZHुR@ FXHOOR > NZHुRV@ FXHOORV

YRQ325&86 0DVN  325&ƿ6

$NN3O  &2//80 1HXWU  1RP$NN6J  &2//$ 1RP$NN3O 

S‫ۃ‬UFRV!

F‫ۃ‬OOR!

FROORV!

 'LH6FKOLH‰XQJGHV7RQYRNDOVJHKWRIIHQEDUDXIGLH8PODXWZLUNXQJHLQHVDXVODXWHQGHQ X ]XUFN GDV VR /DXVEHUJ  ,   LQ GHU$NNXVDWLYHQGXQJ GHU PDVNXOLQHQ R 'HNOLQDWLRQ ODW 325&80  VWDWW GHV QDFK GHP 4XDQWLWlWHQNROODSV ]X HUZDUWHQGHQ R YRUODJXQGGDVYLHOOHLFKWYRQGHU1RPLQDWLYHQGXQJIUGLH/DXVEHUJYODWXVVWDWWRV DQVHW]W ODW 325&86 EHUWUDJHQZXUGH)UGLHVH,QWHUSUHWDWLRQVSULFKWXQWHUDQGHUHP GDVV GLH 0HWDSKRQLH EHL GHQ XUVSUQJOLFKHQ 1HXWUD GHU R'HNOLQDWLRQ ZLH EHL ODW &2//80VR QLFKWHLQJHWUHWHQLVW1DFK/DXVEHUJ , ODJGLHVHV>X@]XQlFKVW DXFK LP 9XOJlUODWHLQ .DVWLOLHQV YRU XQG N|QQWH GRUW IU GLH 'LSKWKRQJLHUXQJ YHUDQW ZRUWOLFKVHLQ FI.DS VHLDEHUIUKHUDOVLP:HVWHQQDFK>R@DXVJHJOLFKHQZRUGHQ ,QVJHVDPWLVWEHLGHU3OXUDOELOGXQJ]XEHDFKWHQGDVVGLHODXWOLFKHhEHUHLQVWLPPXQJ ]ZLVFKHQGHQEHLGHQ6SUDFKHQHUKHEOLFKJHULQJHULVWDOVGLHJUDSKLVFKH'XUFKGLH$XV VSUDFKHGHVVLPYRUNRQVRQDQWLVFKHQ6LOEHQXQG:RUWDXVODXWDOV>ߑ@]XVlW]OLFK]XGHQ 9RNDOYHUlQGHUXQJHQLQGHU$XVODXWVLOEH >D@!>Ļ@>R@!>X@>H@!>ԥ@ HQWIHUQWVLFKGDV 3RUWXJLHVLVFKHZHLWHUDOVGDV6SDQLVFKHYRP/DWHLQLVFKHQXQGDXFKYRQGHUJUDSKLVFKHQ 5HSUlVHQWDWLRQ6RVLQG]%GLH3OXUDOIRUPHQYRQJDWRFDVDXQGPDULQEHLGHQ6SUD FKHQ JUDSKLVFK LGHQWLVFK JDWRV FDVDV XQG PDUHV  GRFK VWHKW LQ GHU $XVVSUDFKH GHP VSDQLVFKHQ > JDWRV@ > NDVDV@ XQG > PD‫ޞ‬HV@ HLQ SRUWXJLHVLVFKHV > JDWXߑ@ > ND]Ļߑ@ XQG > PD‫ޞ‬ԥߑ@JHJHQEHU (VJLEWLQEHLGHQ6SUDFKHQEHLGHU3OXUDOELOGXQJHLQH5HLKHYRQ6RQGHUIlOOHQGLHLQ GHQ MHZHLOLJHQ *UDPPDWLNHQ DXIJHIKUW VLQG ]%*5$( ,± †  &XQKD&LQWUD±    

 

 +LHU HUJLEW VLFK HLQ IDOVFKHU )UHXQG QlPOLFK VS FXHOOR > NZHुR@ Ã+DOV¶ YV SWJ FRHOKR > NZHुX@Ã.DQLQFKHQ¶KLQJHJHQVSFRQHMRÃ.DQLQFKHQ¶SWJFRORÃ+DOV¶





 *HQXV 6XEVWDQWLYHLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQN|QQHQPDVNXOLQRGHUIHPLQLQVHLQ:LH DOOJHPHLQ LQ GHQ URPDQLVFKHQ 6SUDFKHQ LVW GDV 1HXWUXP ELV DXI HLQLJH 5HVWH YHUORUHQ JHJDQJHQ GLH :|UWHU PLW QHXWUDOHP *HQXV ZXUGHQ HQWZHGHU LQ GLH .ODVVH GHU 0DV NXOLQD ]% NODW 9Ʈ180 YODW YLQX ! VS HO  YLQR SWJ R  YLQKR RGHU NODW 7(0386 YODW WHPSX ! VS HO  WLHPSR SWJ R  WHPSR  RGHU QDFK GHP 3OXUDO DXI D LQ GLH GHU )HPLQLQD ]%NODW )2/,80YODW IROMD!VSKRMDSWJIROKD LQWHJULHUW'LH(QGXQJD GHU IHPLQLQHQ D'HNOLQDWLRQ ZXUGH VSlWHU YD EHL 3HUVRQHQEH]HLFKQXQJHQ DXFK DXI 6XEVWDQWLYH EHUWUDJHQ GLH XUVSUQJOLFK IU 0DVNXOLQXP XQG )HPLQLQXP HLQH HLQ]LJH )RUPKDWWHQ ÄHLQHQGLJ³ 'LHVJHVFKDKLQGHQYHUVFKLHGHQHQURPDQLVFKHQ6SUDFKHQLQ XQWHUVFKLHGOLFKHP$XVPD‰XQG]XXQWHUVFKLHGOLFKHQ=HLWSXQNWHQQRFKLQMQJVWHU=HLW KDEHQ VLFK KLHU GXUFK GLH (LQIKUXQJ QHXHU IHPLQLQHU %HUXIVEH]HLFKQXQJHQ ,QQR YDWLRQHQHUJHEHQ,PIUKHQ$OWVSDQLVFKHQNRQQWH]%VHxRU  VHQM͕ਸUHODW 6(1,25  DX‰HU Ã+HUU¶ DXFK Ã+HUULQ¶EHGHXWHQ 3HQQ\     IU SWJ VHQKRUJLOW GLHVELVLQV-K FI6LOYD± 'DQHEHQH[LVWLHUWHQDEHUDXFKVFKRQIUKGLH DQDORJLVFKHQ )RUPHQ VHxRUDVHQKRUD GLH VLFK VFKOLH‰OLFK GXUFKJHVHW]W KDEHQ ,P PRGHUQHQ 6SDQLVFK XQG 3RUWXJLHVLVFK KHUUVFKW KLQVLFKWOLFK GLHVHU $QDORJLHELOGXQJHQ HLQHKRKHhEHUHLQVWLPPXQJ %HL GHQ :RUWSDDUHQ PLW HLQHU PDVNXOLQHQ XQG HLQHU IHPLQLQHQ )RUP ZLUG DOVR GDV )HPLQLQXP QRUPDOHUZHLVH DXI D JHELOGHW ZlKUHQG GDV 0DVNXOLQXP HQWZHGHU DXI R RGHU DXI .RQVRQDQW HQGHQ NDQQ VS DOXPQR DOXPQD SURIHVRU SURIHVRUD SWJ DOXQR DOXQD SURIHVVRU SURIHVVRUD  (V JLEW DX‰HUGHP LQ EHLGHQ 6SUDFKHQ QRFK HLQH 5HLKH DQGHUHU $EOHLWXQJVVXIIL[H IU IHPLQLQH 3HUVRQHQEH]HLFKQXQJHQ HV V D LQD HWF  FI GD]X*5$( ,±†M±x XQG&XQKD&LQWUD ±  :DVGLH8QWHUVFKLHGH]ZLVFKHQ6SDQLVFKXQG3RUWXJLHVLVFKEHLGHU$EOHLWXQJDXID DQJHKW VR VLQG LQ HUVWHU /LQLH ZLHGHUXP GLH :|UWHU PLW 1DVDO LQ GHU $XVODXWVLOEH EH WURIIHQ%HLGHQVSDQLVFKHQ0DVNXOLQDDXIyQ YODW ͕QH XQGDQR YODW DQX  IROJW GLH )HPLQLQELOGXQJ GHQ DOOJHPHLQHQ $EOHLWXQJVUHJHOQ EHL GHQ SRUWXJLHVLVFKHQ (QWVSUHFKXQJHQ LVW GLH %H]LHKXQJ ]ZLVFKHQ PDVNXOLQHU XQG IHPLQLQHU )RUP NRPSOL ]LHUWHUbKQOLFKZLHEHLGHU3OXUDOELOGXQJVWHKHQDXFKKLHUHLQHUJHQHUDOLVLHUWHQPDVNX OLQHQ(QGXQJmRYHUVFKLHGHQHIHPLQLQHJHJHQEHU*HKWmRDXI DQX]XUFNKDWGDV )HPLQLQXP QRUPDOHUZHLVH m GDV QDFK 1DVDOLHUXQJ 9HUOXVW GHV Q DSWJ mD  XQG %HVHLWLJXQJ GHV +LDWV UHJXOlU DXV DQD HQWVWDQGHQ LVW +XEHU    %HL ͕QD ]X PDVN ͕QHKDWVLFKGXUFKUHJXOlUH(QWZLFNOXQJRDHUJHEHQ 1DVDOLHUXQJ9HUOXVWGHV Q (QWQDVDOLHUXQJ FI +XEHU     GLH /DXWXQJ RQD LVW P|JOLFKHUZHLVH DXI NDVWLOLVFKHQ(LQIOXVV]XUFN]XIKUHQ    





7DEHOOH'LH(QWZLFNOXQJYRQYODWDQXDQDRપQHRપQD 9ODW 6XIIL[

DQX

DQD

ӑQH

ӑQD

9ODW

6S PDVN

3WJ PDVN

9ODW

6S IHP

3WJ IHP

JHUPDQX

KHUPDQR

LUPmR

JHUPDQD

KHUPDQD

LUPm

 SDWUӑQH

SDWUyQ

SDWUmR

SDWUӑQD

SDWURQD

SDWURD

VROLWDULӑQH

VROWHUyQ

VROWHLUmR

VROLWDULӑQD

VROWHURQD

VROWHLURQD

 (EHQIDOOV ZLH EHL GHU 6LQJXODU3OXUDO2SSRVLWLRQ EHVWHKW DXFK EHL GHQ ]ZHLJHVFKOHFKW OLFKHQ :RUWSDDUHQ LP 3RUWXJLHVLVFKHQ WHLOZHLVH 9DULDQ] KLQVLFKWOLFK GHV gIIQXQJV JUDGHV GHV 7RQYRNDOV R :LHGHUXP ZXUGH GDV RIIHQH ‫ ۃ‬GHV 9ODW LQ GHQ PDVNXOLQHQ )RUPHQGXUFKGHQDXVODXWHQGHQ+RFK]XQJHQYRNDOX]XJHVFKORVVHQHP>R@XPJHODXWHW ZlKUHQGHVEHLGHQDXIDDXVODXWHQGHQIHPLQLQHQ(QWVSUHFKXQJHQRIIHQEOLHE6RHUJLEW VLFKDXVYODW V‫ۃ‬FUX!SWJVRJURPLW>R@DXVYODW V‫ۃ‬FUD!SWJVRJUDPLW>ɬ@LP3OXUDO OLHJWEHLEHLGHQ*HQHUDGLHRIIHQH4XDOLWlWYRU,P6SDQLVFKHQHUIROJWHLQEHLGHQ)lOOHQ 'LSKWKRQJLHUXQJGHV‫ ۃ‬VSVXHJURVXHJUD  (LQH 5HLKH YRQ HW\PRORJLVFK YHUZDQGWHQ :|UWHUQ KDW LP 6SDQLVFKHQ XQG 3RUWX JLHVLVFKHQXQWHUVFKLHGOLFKHV*HQXV FI9i]TXH]&XHVWD,,± 'LH6XEVWDQ WLYHPLWGHPDXVGHP)UDQ]|VLVFKHQ DJH HQWOHKQWHQ6XIIL[VSDMHSWJDJHPVLQGLP 6SDQLVFKHQ JHQHUHOO PDVNXOLQ LP 3RUWXJLHVLVFKHQ GDJHJHQ EHUHLWV LP 0LWWHODOWHU IHPLQLQ JHZRUGHQ FI 6LOYD    6R VWHKHQ VLFK ]% VS HO YLDMH HO JDUDMH HO SDLVDMHXQGSWJDYLDJHPDJDUDJHPDSDLVDJHPJHJHQEHU(LQLJHZHLWHUH:|UWHUPLW XQWHUVFKLHGOLFKHP*HQXVVLQG  7DEHOOH/H[HPHPLWXQWHUVFKLHGOLFKHP*HQXVLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQ 6SDQLVFK

3RUWXJLHVLVFK

HODQiOLVLV HOiUERO HOFRORU ODFRVWXPEUH HOGRORU HOHTXLSR ODOHFKH ODPLHO

DDQiOLVH DiUYRUH DFRU RFRVWXPH DGRU DHTXLSDHTXLSH ROHLWH RPHO

 

 )U GHQ 6FKZXQG GHV DQODXWHQGHQ J ZHUGHQ XQWHUVFKLHGOLFKH (UNOlUXQJHQ JHJHEHQ YJO 3HQQ\ ± XQG+XEHU     %LV]XPHVSDxROFOiVLFRZDUFRORUIHPLQLQ FI'3' 

  6SDQLVFK

3RUWXJLHVLVFK

ODQDUL] HORUGHQ Ã2UGQXQJ5HLKHQIROJH¶VRQVWIHP  HORULJHQ ODSURWHVWD HOSXHQWH ODULVD ODVDO ODVDQJUH

RQDUL] DRUGHP LQDOOHQ%HGHXWXQJHQIHP  DRULJHP RSURWHVWR DSRQWH RULVR RVDO RVDQJXH

 'LH*UQGHIUGLHVH'LYHUJHQ]HQVLQGXQWHUVFKLHGOLFK,Q]ZHL )lOOHQ ODW /$& 0(/  KDQGHOWHVVLFKHW\PRORJLVFKXP1HXWUDGLHRIIHQVLFKWOLFKLQXQWHUVFKLHGOLFKH.ODVVHQ EHUJHJDQJHQ VLQG ,Q DQGHUHQ )lOOHQ IDQG HQWZHGHU LP 6SDQLVFKHQ RGHU LP 3RUWX JLHVLVFKHQLP/DXIHGHU6SUDFKJHVFKLFKWHHLQ*HQXVZHFKVHOVWDWWGHUVLFKLP(LQ]HOIDOO QLFKW LPPHU EHJUQGHQ OlVVW ]XP 3WJ FI GD]X *RXYHLD   %HL SURWHVWDSURWHVWR ULVDULVRXQGVRQULVDVRQULVRKDQGHOWHVVLFKXPXQWHUVFKLHGOLFKHGHYHUEDOH$EOHLWXQJHQ 'LH 0|JOLFKNHLW GHU UHJUHVVLYHQ 'HULYDWLRQ RGHU 1XOOVXIILJLHUXQJ QDFK 6FKSDN'ROW    EHVWHKW LQ EHLGHQ 6SUDFKHQ ]XP 3WJ FI &XQKD&LQWUD    ZREHL MHZHLOV GLH (QGYRNDOH R D XQG H P|JOLFK VLQG RKQH GDVV GDEHL HLQGHXWLJH VHPDQ WLVFKH8QWHUVFKLHGHHUNHQQEDUZlUHQ/DXW6FKSDN'ROW  VLQGGLH$EOHLWXQJHQ DXIRXQGHLP6SDQLVFKHQDPSURGXNWLYVWHQGRFKOLHJWJHUDGHEHLGHQGUHLEHL'XDUWH    DQJHIKUWHQ )RUPHQ SURWHVWD ULVD XQG VRQULVD LP 6SDQLVFKHQ D YRU LP 3RUWXJLHVLVFKHQGDJHJHQR SURWHVWRULVRVRUULVR  8QWHUVFKLHGOLFKHV *HQXV LQ GHQ EHLGHQ 6SUDFKHQ KDEHQ ZHLWHUKLQ GLH 1DPHQ GHU %XFKVWDEHQ ]%VSODDYVSWJRD    

 $GMHNWLYH 6RZRKO LP 6SDQLVFKHQ DOV DXFK LP 3RUWXJLHVLVFKHQ ZLUG GLH DXV GHP /DWHLQLVFKHQ EHUQRPPHQH 8QWHUVFKHLGXQJ ]ZLVFKHQ HLQ XQG PHKUHQGLJHQ $GMHNWLYHQ SULQ]LSLHOO IRUWJHVHW]W %HL GHQ ]ZHLHQGLJHQ JHKW GLH PDVNXOLQH )RUP DXI R DXV ODW R'HNOLQD WLRQ  GLH IHPLQLQH DXI D D'HNOLQDWLRQ  ]% VSSWJ ODUJR ± ODUJD 3HU $QDORJLH KDEHQ DXFK HLQH 5HLKH YRQ :|UWHUQ GLH LP /DWHLQLVFKHQ GHU NRQVRQDQWLVFKHQ 'HNOLQDWLRQDQJHK|UWHQGLHD(QGXQJIUGLHIHPLQHQ)RUPHQEHUQRPPHQ FI.DS

  

 5HJLRQDODXFKLQ6SDQLHQVRZLH+LVSDQRDPHULNDODSXHQWHFI1ROO    :DV GLH 6HPDQWLN EHWULIIW VR KDQGHOW HV VLFK KLHU XP IDOVFKH )UHXQGH FI .DS   'LH SULPlUH%HGHXWXQJYRQVSODUJRLVWÃODQJ¶GLHYRQSWJODUJRÃEUHLW¶'DVJOHLFKHJLOWIUGDV ZHLWHUXQWHQDXIJHIKUWH%HLVSLHOVSSROWUyQÃIDXO¶XQGSWJSROWUmRÃIHLJH¶





  VR GDVV HLQHP D LP )HPLQLQXP VWDWW HLQHP R LP 0DVNXOLQXP DXFK HLQ .RQVRQDQW JHJHQEHUVWHKHQ NDQQ VR ]% EHL VS IUDQFpV IUDQFHVD ± SWJ IUDQFrV IUDQFHVD NODWƜ16,6YODW ́VH RGHUVSWUDEDMDGRUWUDEDMDGRUD±SWJWUDEDOKDGRU WUDEDOKDGRUD NODW 25 ƿ5,6 YODW ͕UH  'LHVH $QDORJLHELOGXQJHQ VLQG LQ EHLGHQ 6SUDFKHQZLHGHUXPQLFKWGXUFKJHKHQGHUIROJW±:|UWHUZLH]%IHOL]IiFLORGHUSRSXODU VLQGHLQHQGLJJHEOLHEHQ±XQGZLHEHLGHQEHWURIIHQHQ6XEVWDQWLYHQQLFKW]XPJOHLFKHQ =HLWSXQNW 6RZRKO LP $OWVSDQLVFKHQ FI 3HQQ\     DOV DXFK LP $OW SRUWXJLHVLVFKHQ FI +XEHU    VLQG GLH DQDORJLVFKHQ )RUPHQ LQ GHQ IUKHQ 7H[WHQ QRFK VSRUDGLVFK XQG VHW]HQ VLFK HUVW LQ GHU IUKHQ 1HX]HLW HQGJOWLJ GXUFK +LQVLFKWOLFK GHU 3OXUDO XQG )HPLQLQELOGXQJ JLOW JUXQGVlW]OLFK GDV REHQ IU GLH 6XEVWDQWLYH *HVDJWH 'LH 3OXUDOELOGXQJ HUIROJW GXUFK $QIJHQ YRQ V E]Z HV MH QDFKGHP RE GHU $XVODXW LP 6LQJXODU YRNDOLVFK RGHU NRQVRQDQWLVFK LVW 'LH IHPLQLQHQ )RUPHQVLQGGXUFKDPDUNLHUW/DXWHWGLH(QGXQJGHV0DVN6JLP3RUWXJLHVLVFKHQmR NDQQGHU3OXUDODXImRV SWJVmRVmRVVSVDQRVDQRV }HV SWJSROWUmRSROWU}HVVS SROWUyQ SROWURQHV  RGHU mHV SWJ DOHPmR DOHPmHV VS DOHPiQ DOHPDQHV  JHELOGHW ZHUGHQ'LHIHPLQLQH(QWVSUHFKXQJ]XmRODXWHWm SWJVmRVmDOHPmRDOHPm RGHU RDRQD SWJEHLUmREHLURDSROWUmRSROWURQD  %HL GHQ $GMHNWLYHQ PLW HW\PRORJLVFKHP RIIHQHQ >ɬ@ HUIROJW LP 3RUWXJLHVLVFKHQ LP 0DVN6J ZLHGHUXP HLQH +HEXQJ ]X JHVFKORVVHQHP >R@ ZlKUHQG GDV R VRZRKO LP 0DVN3O DOV DXFK LP )HP6J XQG3O RIIHQ EOHLEW >ਥQRYX@ >ਥQɬYĻ@ >ਥQɬYXߑ@ >ਥQɬYĻߑ@ 'LHVHU 0HFKDQLVPXV KDW VLFK DXFK DXI HLQLJH $GMHNWLYH EHUWUDJHQ GLH HLQ JHVFKORVVHQHVRLQGHU7RQVLOEHKDWWHQ+LHUEOHLEWGDVRQXULP0DVN6JJHVFKORVVHQ LQ GHQ DQGHUHQ )RUPHQ |IIQHW HV VLFK ]X >ɬ@ ZLH EHL IRUPRVR >IX‫ޞ‬ਥPRVX@ >IX‫ޞ‬ਥPɬVĻ@ >IX‫ޞ‬ਥPɬVXߑ@ >IX‫ޞ‬ਥPɬVĻߑ@ ,P 6SDQLVFKHQ VLQG KLHU NHLQH $XIIlOOLJNHLWHQ IHVW]XVWHOOHQ 7RQYRNDO KHUPRVR E]ZGLSKWKRQJ QXHYR EOHLEHQXQYHUlQGHUW $OV %HVRQGHUKHLW LVW ]X YHUPHUNHQ GDVV HV LP 3RUWXJLHVLVFKHQ DQGHUV DOV LP 6SD QLVFKHQEHLGHQPDVNXOLQHQ)RUPHQNHLQHVWHOOXQJVEHGLQJWHQ9DULDQWHQGHV7\SVEXHQR ± EXHQ PDOR ± PDO JUDQGH ± JUDQ SULPHUR ± SULPHU HWF JLEW 'LH )RUPHQ ODXWHQ LPPHUJOHLFKERPPDXJUDQGHSULPHLURHWF 'LH .RPSDUDWLYH ZHUGHQ JUXQGVlW]OLFK LQ EHLGHQ 6SUDFKHQ DXI GLH JOHLFKH :HLVH JHELOGHWQlPOLFKPLWPiVE]ZPDLV NODW 0$*,6 'DQHEHQKDEHQVLFKYHUVFKLHGHQH V\QWKHWLVFKH.RPSDUDWLYHHUKDOWHQYRQGHQHQGLHPHLVWHQDEHUDQDO\WLVFKH.RQNXUUHQ] IRUPHQ KDEHQ ]% NODW Ʈ1)(5,25 VSSWJ LQIHULRU YV VS PiV EDMRSWJ PDLV EDL[R  9HUELQGOLFK LVW GLH V\QWKHWLVFKH )RUP QXU EHL VS EXHQRSWJ ERP VS PHMRUSWJ PHOKRU EHLVSPDORSWJPDX VSSHRUSWJSLRU XQG±QXULP3RUWXJLHVLVFKHQ±EHL JUDQGH PDLRU ZRLP6SDQLVFKHQGLH)RUPHQPiVJUDQGHXQGPD\RUQHEHQHLQDQGHU VWHKHQSWJ PDLVJUDQGHHQWVSULFKWDOVRQLFKWGHU1RUP 

 

 ,QEHVWLPPWHQ.RQWH[WHQ LP6LQQHYRQÃERQGDGRVR¶XQGÃJXVWRVR¶ LVWDXFKPiVEXHQRE]Z PiVPDORP|JOLFK FI'3' 

 

6XFDVDHVPiVJUDQGHTXHODPtD $VXDFDVDpPDLRU GR TXHDPLQKD $OV 9HUJOHLFKVSDUWLNHO NRPPW LP 3RUWXJLHVLVFKHQ GR TXH QHEHQ TXH DXFK LQ GHQ .RQWH[WHQYRULQGHQHQLP6SDQLVFKHQQXUTXHEOLFKLVWQlPOLFKYRUQRPLQDOHQDG YHUELDOHQXQGSUlSRVLWLRQDOHQ$XVGUFNHQ FI5HXPXWK:LQNHOPDQQ† XQG+XQGHUWPDUN6DQWRV0DUWLQV 'LH.RQVWUXNWLRQPLWGRTXHLVWLP3RUWX JLHVLVFKHQVHKUJlQJLJ   

 $UWLNHO  'HILQLWHU$UWLNHO )RUP 'HU GHILQLWH $UWLNHO HQWZLFNHOWH VLFK LQ EHLGHQ 6SUDFKHQ DXV GHQ )RUPHQ GHV ODWHL QLVFKHQ'HPRQVWUDWLYXPVLOOHGRFKLVWGLHJHPHLQVDPH+HUNXQIWGHUKHXWLJHQ)RUPHQ DXIJUXQGXQWHUVFKLHGOLFKHU/DXWHQWZLFNOXQJHQQLFKWPHKURKQH:HLWHUHV]XHUNHQQHQ  7DEHOOH'LH(QWZLFNOXQJGHV$UWLNHOV 

/DWHLQ

6SDQLVFK





6LQJXODU

3OXUDO

6LQJXODU

3OXUDO

HO

ORV

R>X@

RV>Xߑ@

ODHO

ODV

D>Ļ@

DV>Ļߑ@

OR

‡

‡

‡

PDVNXOLQ IHPLQLQ QHXWUXP

NODW,//80,//ƿ6 YODW ҽOOX ҽOORV NODW,//$0,//Ɩ6 YODW ҽOOD ҽOODV NODW,//8' YODW ҽOOR

3RUWXJLHVLVFK

 $XIJUXQG GHU YRUWRQLJHQ 6WHOOXQJ JLQJ GHU $QODXW GHU LOOH)RUPHQ GHU LP lOWHVWHQ .DVWLOLVFKQRFKEHOHJWLVWYHUORUHQDX‰HULP6SDQLVFKHQEHLGHPPDVNXOLQHQ6LQJXODU HO GLH9DULDQWHHOOPLW>ु@ZLUGLP0LWWHOVSDQLVFKHQDXIJHJHEHQFI%ROOpH1HXPDQQ +RO]VFKXK    EHL GHP VWDWWGHVVHQ GHU $XVODXWYRNDO DXVILHO 'LH )RUP ́OOD ZXUGHYRU.RQVRQDQW]XOD YODW HOOiPXOLHUH!VSODPXMHU YRU9RNDOGDJHJHQ]XHO XPGDV$XIHLQDQGHUWUHIIHQ]ZHLHU9RNDOH]XYHUPHLGHQ]%EHLYODW ́OODDJXD!QVS HO DJXD 6HLW GHP  -K VWHKW IHP HO QXU QRFK YRU EHWRQWHP D LQ GHQ DQGHUHQ .RQWH[WHQZXUGHHVGXUFKODHUVHW]WODDPLJDODREUD 3HQQ\± 





'DV6SDQLVFKHKDWQHEHQGHQPDVNXOLQHQXQGIHPLQLQHQ)RUPHQHLQHQHXWUDOH)RUPGHV $UWLNHOVKHUDXVJHELOGHW ]XU*UDPPDWLNDOLVLHUXQJFI6WDUN3RPLQR EHLGHUZLHLQ GHQVRQVWLJHQ)RUPHQGHV3DUDGLJPDVGLH]ZHLWH6LOEHYRQYODW ́OOX KLHUNODW ,//8'  IRUWJHVHW]WZXUGH6LHVWHKWYRUVXEVWDQWLYLHUWHQ$GMHNWLYHQ3DUWL]LSLHQHWF FI*5$(  , ± † D± M  XQG EHVLW]W NHLQH IRUPDOH (QWVSUHFKXQJ LP 3RUWXJLHVLVFKHQ GD GRUW GLH (QWZLFNOXQJ YRQ YODW HOOy DXVJHKHQG LQ JOHLFKHU :HLVH ZLH EHLP PDVNXOLQHQ $UWLNHO YHUOLHI GHU LP 3RUWXJLHVLVFKHQ LQGHQEHWUHIIHQGHQ .RQ WH[WHQVWHKW ORLPSRUWDQWHYVRLPSRUWDQWH ORSULPHURYVRSULPHLUR /RRKQH%HJOHLWHUIXQNWLRQNRPPWLQYHUVFKLHGHQHQ:HQGXQJHQ 3KUDVHRVFKDEORQHQFI 3DOP YRUGLHLP3RUWXJLHVLVFKHQXQWHUVFKLHGOLFKH(QWVSUHFKXQJHQKDEHQ FI 5HXPXWK:LQNHOPDQQ† ]%  7DEHOOH'HU*HEUDXFKGHVQHXWUDOHQ$UWLNHOVORLP6SDQLVFKHQ 6SDQLVFK

3RUWXJLHVLVFK

/RGHWXKHUPDQRQRPHH[WUDxD XQSDUWLGRGHI~WEROGHORPiVDEXUULGR TXH KHYLVWRTXHVHSXHGDLPDJLQDU 

$TXLORGRWHXLUPmRQmRPHDGPLUD XPMRJRGHIXWHEROGRPDLVDERUUHFLGRTXHMi YLTXHVHSRVVDLPDJLQDU 7HPGHTXHVHWHUHPFRQWDTXDQWRFRPRp IHOL] +iTXHYHURTXmRIHOL]p &RPRDWXDQDPRUDGDQRLYDpVLPSiWLFD 4XHVLPSiWLFDTXHpDWXDQDPRUDGD

+D\TXHYHUORIHOL]TXHHV

£/RVLPSiWLFDTXHHVWXQRYLD

 'LH OORVHQ )RUPHQ LP 3RUWXJLHVLVFKHQ VLQG GDGXUFK ]X HUNOlUHQ GDVV GHU EOLFKH $XVIDOO GHV LQWHUYRNDOLVFKHQ >O@ QLFKW QXU LQQHUKDOE HLQHV :RUWHV VRQGHUQ DXFK LQ :RUWJUXSSHQ VWDWWILQGHQ NRQQWH EHLVSLHOVZHLVH LQ .RQVWUXNWLRQHQ ZLH YHMRORV OLYURV RGHU WRGDOD FDVD :LOOLDPV    XQG LQ GHQ KlXILJHQ )JXQJHQ PLW GHQ 3Ul SRVLWLRQHQGHXQGDGLHIU+XEHU  GLHHLQ]LJH*UXQGODJHGDUVWHOOHQ  7DEHOOH'LH(QWZLFNOXQJGHUNRQWUDKLHUWHQ)RUPHQDXV3UlSRVLWLRQ$UWLNHO, 9XOJlUODWHLQ

3RUWXJLHVLVFK

9XOJlUODWHLQ

3RUWXJLHVLVFK

GHҽOOX ! GHR 

DGҽOOX

!GR !DR

GHҽOOD

DGҽOOD !DD 

!GD !D

 6ROFKH DXV 3UlSRVLWLRQ XQG $UWLNHO NRQWUDKLHUWHQ )RUPHQ JLEW HV LP 6SDQLVFKHQ ± EHL (UKDOWGHV>O@±QXUIUGLH3UlSRVLWLRQHQDXQGGHEHLP0DVN6JDOGHO,P)DOOHYRQ

 

SWJSHORSHODLVWGDVOHUKDOWHQGDHVLQGHP]XJUXQGHOLHJHQGHQ SRUORQLFKWLQWHU YRNDOLVFKVWDQG6WDWWGHVVHQZXUGHKLHUGDVUO]XOODVVLPLOLHUWXQGGDQQYHUHLQIDFKW +XEHU   7DEHOOH'LH(QWZLFNOXQJGHUNRQWUDKLHUWHQ)RUPHQDXV3UlSRVLWLRQ$UWLNHO,, 

PDVNVJ

PDVNSO

 D$UW GH$UW

VS DO GHO

SWJ DR GR

VS >DORV@ >GHORV@

HQHP$UW

>HQHO@

QR

>HQORV@

SRU$UW

>SRUHO@

SHOR

>SRUORV@

IHP SWJ DRV GRV QRV  HPRV  SHORV

VS >DOD V @ >GHOD V @

SWJ j V >D@>Dߑ@ GD V 

>HQOD V @

QD V 

>SRUOD V @ SHOD V 

 'LHVRHQWVWDQGHQHQ'LYHUJHQ]HQ]ZLVFKHQGHQEHLGHQ6SUDFKHQN|QQHQYRUDOOHPYRP 6SDQLVFKHQ DXV XQG YRU DOOHP LQ VFKULIWOLFKHQ 7H[WHQ ]X 9HUZHFKVOXQJHQ IKUHQ 'HU SRUWXJLHVLVFKH$UWLNHORLVWKRPRJUDSK ZHQQDXFKQLFKWKRPRSKRQ PLWGHUVSDQLVFKHQ .RQMXQNWLRQ R ÃRGHU¶ SWJ RX >R@  GHU IHPLQLQH $UWLNHO D LVW KRPRJUDSK PLW GHU VSDQLVFKHQ 3UlSRVLWLRQ D GLH HV DOOHUGLQJV LP 3RUWXJLHVLVFKHQ DOV +RPRQ\P ]XP IHPLQLQHQ$UWLNHOHEHQIDOOVJLEW 9RP6SDQLVFKHQKHUIHKOLQWHUSUHWLHUWZHUGHQN|QQHQDX‰HUGHPSWJQR KRPRJUDSK PLW VS QR ÃQHLQ QLFKW¶ SWJ QmR  QRV VS QRV 2EMHNWSURQRPHQ 3V3O VR DXFK LP 3WJ XQGGRV VSGRVÃ]ZHL¶SWJGRLV 'LH9HUZHFKVOXQJVJHIDKUEHVWHKWYRUDOOHPLQ GHUJHVFKULHEHQHQ9DULHWlWLQGHUJHVSURFKHQHQ6SUDFKHXQWHUVFKHLGHQVLFKVS>QR@XQG SWJ>QX@VS>QRV@XQGSWJ>QXߑ@VRZLH>GRV@YV>GXߑ@HUNHQQEDUYRQHLQDQGHU $OV %HVRQGHUKHLW GHV 3RUWXJLHVLVFKHQ LVW QRFK ]X YHUPHUNHQ GDVV GDV :RUW UHL Ã.|QLJ¶DX‰HUPLWGHU)RUPRDXFKPLWHOXQG%LQGHVWULFKVWHKHQNDQQHOUHL' 'RP ODW'20,186 'XDUWH(VKDQGHOWVLFKKLHURIIHQEDUXPHLQHQ.DVWLOLDQLVPXVGHUVLFK LVROLHUWHUKDOWHQKDW :LOOLDPV     *HEUDXFK (LQDXIIDOOHQGHU8QWHUVFKLHGLP*HEUDXFKGHVGHILQLWHQ$UWLNHOVEHVWHKWEHLGHQ(LJHQ QDPHQ9RUQDPHQZHUGHQLP(3UHJHOPl‰LJPLWGHILQLWHP$UWLNHOYHUZHQGHWZlKUHQG GLHV LP 6SDQLVFKHQ VHOWHQ YRUNRPPW XQG GRUW GLDVWUDWLVFK E]Z GLDSKDVLVFK RGHU DXFK GLDWRSLVFKPDUNLHUWLVW9i]TXH]&XHVWD/X] ,, VSUHFKHQIUGDV6SDQLVFKH YRQ HLQHP YXOJDULVPR (LQHP VSDQLVFKHQ 0DUtD KD OOHJDGR VWHKW DOVR LP 3RUWX JLHVLVFKHQQRUPDOHUZHLVH$0DULDFKHJRXJHJHQEHU





:DV GHQ $UWLNHOJHEUDXFK EHL JHRJUDSKLVFKHQ %H]HLFKQXQJHQ DQJHKW VR JLEW HV LQ EHLGHQ 6SUDFKHQ ZLH LP 'HXWVFKHQ MHZHLOV 1DPHQ PLW XQG RKQH $UWLNHO ZREHL LP 3RUWXJLHVLVFKHQ GLH $UWLNHOYHUZHQGXQJ EHL /lQGHUQDPHQ KlXILJHU LVW XQG LQ GHQ *UDPPDWLNHQ EOLFKHUZHLVH DOV 1RUP JLOW ZlKUHQG LQ VSDQLVFKHQ *UDPPDWLNHQ GLH )RUPHQ PLW $UWLNHO DOV $EZHLFKXQJHQ DXIJHIKUW ZHUGHQ %HL 6WlGWHQDPHQ VWHKW GHU $UWLNHOMHZHLOVQXULQHLQLJHQZHQLJHQ)lOOHQIUGLH1DPHQGHU .RQWLQHQWHJLOWGDVV VLH LP 6SDQLVFKHQ RKQH DEJHVHKHQ YRQ OD $QWiUWLGD  LP 3RUWXJLHVLVFKHQ PLW $UWLNHO JHEUDXFKWZHUGHQ +LQVLFKWOLFKGHU/lQGHUQDPHQIlOOWDXIGDVVLP6SDQLVFKHQZRGLHDUWLNHOORVH)RUP DOV1RUPJLOWJHUDGHGLH1DPHQYLHOHUKLVSDQRDPHULNDQLVFKHU/lQGHUPLW$UWLNHOVWHKHQ HO 3HU~ HO (FXDGRU OD $UJHQWLQD HWF FI 5HXPXWK:LQNHOPDQQ   †   ZlKUHQGLP3RUWXJLHVLVFKHQGLH%H]HLFKQXQJHQGHUOXVRSKRQHQ/lQGHU3RUWXJDO&DER 9HUGH$QJROD0RoDPELTXH6mR7RPpH3UtQFLSHXQG7LPRU QLFKWDEHUR%UDVLOXQGD *XLQp%LVVDX DUWLNHOORVYHUZHQGHWZHUGHQXQGVRPLWMHZHLOVDOV$XVQDKPHQJHOWHQ    ,QGHILQLWHU$UWLNHO 'HULQGHILQLWH$UWLNHOKDWVLFKDXVGHPODW=DKOZRUWNj186Nj1$HQWZLFNHOW'LH)RUPHQ LP 6SDQLVFKHQ XQ XQRV XQD XQDV  XQG 3RUWXJLHVLVFKHQ XP XQV XPD XPDV  XQWHUVFKHLGHQVLFKYRUDOOHPKLQVLFKWOLFKGHU1DVDOLHUXQJGLHLP3RUWXJLHVLVFKHQ]XGHQ )RUPHQXP>NJ@ NJX XQX XQG> NJPĻ@ NJD XQDFI+XEHU JHIKUWKDW 'HU $XVIDOO GHV R EHLP 0DVN6J LP 6SDQLVFKHQ NDQQ DQGHUV DOV LP 3RUWXJLHVLVFKHQ QLFKWGXUFK.RQWUDNWLRQHUNOlUWZHUGHQVRQGHUQZLUGZLHEHLSULPHUVDQ ]XVDQWR HWF DXIGLH6WHOOXQJLP9RUWRQ]XUFNJHIKUW FI3HQQ\XQG  ,P)HP6JZLUGLP6SDQLVFKHQZLHEHLPGHILQLWHQ$UWLNHOGDVDYRU6XEVWDQWLYHQGLH PLWEHWRQWHPDDQODXWHQHOLGLHUWVSXQiUHD I $XFKLP3RUWXJLHVLVFKHQHUIROJWHLQH (OLVLRQGHVDXVODXWHQGHQ>Ļ@YRQXPDGLHVLFKDEHUJUDSKLVFKQLFKWQLHGHUVFKOlJWXPD iUHD>NJP DUMĻ@ ,Q9HUELQGXQJPLWGHQ3UlSRVLWLRQHQGHXQGHPJLEWHVLP3RUWXJLHVLVFKHQZLHEHLP GHILQLWHQ$UWLNHONRQWUDKLHUWH)RUPHQGLHGDV6SDQLVFKHKLHUQLFKWNHQQW  7DEHOOH.RQWUDKLHUWH)RUPHQGHVXQEHVWLPPWHQ$UWLNHOVLP3RUWXJLHVLVFKHQ 6SDQLVFK

3RUWXJLHVLVFK

>GHXQGHXQD@ >HQXQHQXQD@

GXPGXPDHWF QXPQXPDHWF

 'DQHEHQVLQGDEHUDXFKXQYHUEXQGHQHVGHXPHPXPDHWFP|JOLFK

 

 =DKOZ|UWHU +LQVLFKWOLFK GHU 0RUSKRORJLH GHU =DKOZ|UWHU LVW ]XEHPHUNHQ GDVV GDV3RUWXJLHVLVFKH QXUHLQHHLQ]LJHPDVNXOLQH)RUPIUÃHLQV¶NHQQWXPZlKUHQGLP6SDQLVFKHQQHEHQGHU 9ROOIRUP XQR HLQH DSRNRSLHUWH )RUP XQ YRU PDVNXOLQHQ 6XEVWDQWLYHQ  H[LVWLHUW FI .DS ,QEHLGHQ6SUDFKHQZLUGEHLÃHLQV¶]ZLVFKHQ0DVNXOLQXPXQG)HPLQLQXP XQWHUVFKLHGHQ VSSWJ XQ R  ± XQD XP ± XPD %HL Ã]ZHL¶ KLQJHJHQ LVW GLH *HQXV GLIIHUHQ]LHUXQJDXIGDV3RUWXJLHVLVFKHEHVFKUlQNW  7DEHOOH=DKOZ|UWHU 

6SDQLVFK

 ÃHLQV¶ Ã]ZHL¶

PDVN XQKRPEUH GRVKRPEUHV

3RUWXJLHVLVFK IHP XQDPXMHU GRVPXMHUHV

PDVN XPKRPHP GRLVKRPHQV

IHP XPDPXOKHU GXDVPXOKHUHV

 $QVRQVWHQLVWGDV:RUWPDWHULDOLGHQWLVFKXQGGLH=XVDPPHQVHW]XQJGHU=DKOHQDE HUIROJWQDFKVHKUlKQOLFKHQ3ULQ]LSLHQELVKLQ]XULGHQWLVFKHQ9HUWHLOXQJYRQVSFLHQ FLHQWRXQGSWJFHPFHQWR$OOHUGLQJVIHKOWLP6SDQLVFKHQ]7GLH.RQMXQNWLRQ\ZR LP3RUWXJLHVLVFKHQHVWHKWQlPOLFKEHL(LQHUQXQG=HKQHUQQDFK+XQGHUWHUQLVWLP 6SDQLVFKHQFLHQWRXQRLP3RUWXJLHVLVFKHQFHQWRHXPGLH-DKUHV]DKOZLUGVSPLO QRYHFLHQWRVQRYHQWD\QXHYHSWJPLOQRYHFHQWRVHQRYHQWDHQRYHDXVJHVSURFKHQ   

 'HPRQVWUDWLYD  $GMHNWLYLVFKH)RUPHQ %HLGH 6SUDFKHQ KDEHQ HLQ GUHLJOLHGULJHV 6\VWHP YRQ 'HPRQVWUDWLYD 'DEHL ZLUG WUDGLWLRQHOOHVWH ODW ,67( GHU3HUVRQHVHHVVH ODW ,36( GHUXQGDTXHO ODW ,//( GHU3HUVRQ]XJHRUGQHW (LQ YHUJOHLFKEDUHV 6\VWHP EHVWDQG DXFK LP NODVVLVFKHQ /DWHLQ ZR GLH GUHL 3RVLWLRQHQ YRQ +,& ,67( XQG ,//( HLQJHQRPPHQ ZXUGHQ 5XEHQEDXHU+RIPDQQ  ±  $XI GHU ,EHULVFKHQ +DOELQVHO EOHLEW GLHVHV DOVR DQGHUV DOV HWZD LP )UDQ]|VLVFKHQ JUXQGVlW]OLFK HUKDOWHQ DOOHUGLQJV PLW YHUlQGHUWHP :RUWPDWHULDO /DWHL QLVFK +,&VHW]WVLFKQLFKWIRUW ,67(UFNWLQGLHHUVWH3RVLWLRQGLH]ZHLWHZLUGYRQ)RUW VHW]XQJHQ YRQ ODW ,36( ÃVHOEH U ¶  HLQJHQRPPHQ ,Q GHU GULWWHQ 3RVLWLRQ EOHLEW ,//( HUKDOWHQZLUGDEHUPLW DFFXGHULEHURURPDQLVFKHQ9DULDQWHYRQODW (&&( ÃGDVLHKH GD¶ YHUVWlUNW





:LHGLH3RVVHVVLYDXQGGLH,QGHILQLWDN|QQHQGLH'HPRQVWUDWLYDLQDGMHNWLYLVFKHURGHU VXEVWDQWLYLVFKHU)XQNWLRQ 3URQRPHQ YRUNRPPHQ %HL GHQ DGMHNWLYLVFKHQ LVW ]X EHDFKWHQ GDVV EHL HVWH XQG HVHHVVH GLH )RUPHQ GHV 0DVN3OLP6SDQLVFKHQDXIRVLP3RUWXJLHVLVFKHQDXIHVHQGHQHVWRVYVHVWHVHVRV YVHVVHV(LJHQWOLFKZlUHGLHVHVRLQEHLGHQ6SUDFKHQLQDOOHQ)RUPHQGHVPDVNXOLQHQ 3DUDGLJPDV]XHUZDUWHQGHQQHVPVVWHYODW ́VWX ́VWRV]XJUXQGHOLHJHQ$XVQLFKW JHQDXJHNOlUWHQ*UQGHQ FI3HQQ\ KDWKLHUHLQH(UVHW]XQJGXUFK GLH H(QGXQJ ZRKO QDFK GHP 3HUVRQDOSURQRPHQ HOHOH  YODW ́OOH NODW ,//( QVPDVN  VWDWWJHIXQGHQ GLH LP 3RUWXJLHVLVFKHQ NRQVHTXHQWHU GXUFKJHIKUW ZXUGH DOV LP6SDQLVFKHQVRGDVVDXFKEHLSWJDTXHOHGHU3O0DVNDXIHVDXVJHKW DTXHOHV LP 6SDQLVFKHQGDJHJHQRKQHDQDORJLVFKHQ$XVJOHLFKDXIRV DTXHOORV  'LHIHPLQLQHQ)RUPHQVLQGLQEHLGHQ6SUDFKHQPRUSKRORJLVFKLGHQWLVFKXQGZHLVHQ QXU GLH DXFK EHL GHQ 0DVNXOLQD DQ]XWUHIIHQGHQ 8QWHUVFKLHGH DXI GLH DXI GLYHUJHQWH /DXWHQWZLFNOXQJHQ ]% DTXHOOD V  YV DTXHOD V  E]Z *UDSKLHWUDGLWLRQHQ ]% HVD V  YVHVVD V ]XUFN]XIKUHQVLQG =XU $XVVSUDFKH GHU SRUWXJLHVLVFKHQ )RUPHQ LVW QRFK DQ]XPHUNHQ GDVV KLHU ZLHGHUXP9RNDOKDUPRQLHIHVW]XVWHOOHQLVWDOOHUGLQJVLQHWZDVDQGHUHU:HLVHDOVEHLGHQ 6XEVWDQWLYHQ XQG $GMHNWLYHQ GHQQ 0DVN6J XQG 3O KDEHQ GLH JOHLFKH 4XDOLWlW GHV 7RQYRNDOVHVWHV> HߑWԥ@> HߑWԥߑ@YVHVWDV> ͑ߑWĻ@> ͑ߑWĻߑ@HQWVSUHFKHQGHVVHHVVDXQG DTXHOHDTXHOD +LHUKDWNHLQH+HEXQJHLQHV>͑@GXUFKDXVODXWHQGHVXVWDWWJHIXQGHQGD LP9XOJlUODWHLQLVFKHQLQDOOHQGUHL)lOOHQHLQJHVFKORVVHQHV́YRUOLHJW9LHOPHKUKDQGHOW HV VLFK XP HLQH MQJHUH DQDORJLVFKH (QWZLFNOXQJ FI GD]X +XEHU   XQG 9i]TXH]&XHVWD/X],  :LH EHLP LQGHILQLWHQ $UWLNHO JLEW HV DXFK EHL GHQ 'HPRQVWUDWLYEHJOHLWHUQ LP 3WJ NRQWUDKLHUWH )RUPHQ PLW GH XQG HP ]% GHVWH QHEHQ GH HVWH  QDTXHOD QHEHQ HP DTXHOD  $TXHOH ZLUG LQ 9HUELQGXQJ PLW GHU 3UlSRVLWLRQ D ]X jTXHOH $XVVSUDFKH >D NHOԥ@YV>Ļ NHOԥ@HQWVSUHFKHQGDTXHOD>Ļ N͑‫ג‬Ļ@YV>D N͑‫ג‬Ļ@          

  7DEHOOH$GMHNWLYLVFKH'HPRQVWUDWLYD

6SDQLVFK 6LQJXODU 0DVNXOLQ HVWH HVH DTXHO

3OXUDO )HPLQLQ HVWD HVD DTXHOOD

0DVNXOLQ HVWRV HVRV DTXHOORV

)HPLQLQ HVWDV HVDV DTXHOODV

3RUWXJLHVLVFK 6LQJXODU 0DVNXOLQ HVWH HVVH DTXHOH

3OXUDO )HPLQLQ HVWD HVVD DTXHOD

0DVNXOLQ HVWHV HVVHV DTXHOHV

)HPLQLQ HVWDV HVVDV DTXHODV

   6XEVWDQWLYLVFKH)RUPHQ 'DV ,QYHQWDU GHU 'HPRQVWUDWLYD LQ VXEVWDQWLYLVFKHU )XQNWLRQ HQWVSULFKW JUXQGVlW]OLFK GHP LQ DGMHNWLYLVFKHU GRFK JLEW HV LQ EHLGHQ 6SUDFKHQ DX‰HU GHQ PDVNXOLQHQ XQG IHPLQLQHQ)RUPHQ]XVlW]OLFKHQHXWUDOH)RUPHQ ÃGLHVHV KLHUGD ¶VSHVWRHVRDTXHOOR SWJ LVWR LVVR DTXLOR GLH JHQDXHQ 8PVWlQGH GHU (QWZLFNOXQJ GHV 7RQYRNDOV LP 3RUWXJLHVLVFKHQ ]X L VLQG XQJHNOlUW FI :LOOLDPV   XQG 9i]TXH] &XHVWD/X] ,±  :DV GLH *UDSKLH DQJHKW VR WUXJHQ YRU GHU OHW]WHQ 5HFKWVFKUHLEUHIRUP GLH PDV NXOLQHQ XQG IHPLQLQHQ )RUPHQ LP 6SDQLVFKHQ LQ VXEVWDQWLYLVFKHU 9HUZHQGXQJ HLQHQ JUDSKLVFKHQ $N]HQW ¢4Xp OLEUR SUHILHUHV" ± 3UHILHUR pVH KHXWH 3UHILHUR HVH  ,P 3RUWXJLHVLVFKHQ ZXUGHQ GLH EHLGHQ )RUPHQ QLH JUDSKLVFK XQWHUVFKLHGHQ 4XH OLYUR SUHIHUHV"±3UHILURHVVH   

 3RVVHVVLYD %HLGHQ3RVVHVVLYDYHUKlOWHVVLFK±PDQNDQQVFKRQVDJHQDXVQDKPVZHLVH±VRGDVV GLH6LWXDWLRQLP6SDQLVFKHQNRPSOL]LHUWHULVWDOVLP3RUWXJLHVLVFKHQ,P3RUWXJLHVLVFKHQ JLEWHVQXUHLQH)RUPHQUHLKHZlKUHQGVLFKLP6SDQLVFKHQYROOH EHWRQWH XQGYHUNU]WH XQEHWRQWH  )RUPHQ JHJHQEHUVWHKHQ 'LHV LVW QLFKW ZLH ]% LP )UDQ]|VLVFKHQ GDV 5HVXOWDW]ZHLHUXQWHUVFKLHGOLFKHU(QWZLFNOXQJHQDXVGHP/DWHLQLQEHWRQWHUXQGXQEH WRQWHU3RVLWLRQVRQGHUQHUJLEWVLFKDXVHLQHU.U]XQJGHU/DQJIRUPHQLP$OWVSDQLVFKHQ





LQ GHU 3RVLWLRQ YRU GHP 6XEVWDQWLY 3HQQ\  ±   (LQH VROFKH (QW ZLFNOXQJKDWLP3RUWXJLHVLVFKHQQXUEHLGHQIHPLQLQHQ)RUPHQVWDWWJHIXQGHQ FI+XEHU    XQG VLFK QLFKW LQV PRGHUQH 3RUWXJLHVLVFK IRUWJHVHW]W 7H\VVLHU   ,,,   7DEHOOH3RVVHVVLYD 6SDQLVFK XQEHWRQW PDVN PL V  WX V  VX V  QXHVWUR V  YXHVWUR V  VX V 

3RUWXJLHVLVFK IHP

QXHVWUD V  YXHVWUD V 

EHWRQW PDVN PtR V  WX\R V  VX\R V  QXHVWUR V  YXHVWUR V  VX\R V 

IHP PtD V  WX\D V  VX\D V  QXHVWUD V  YXHVWUD V  VX\D V 

 PDVN PHX V  WHX V  VHX V  QRVVR V  YRVVR V  VHX V 

 IHP PLQKD V  WXD V  VXD V  QRVVD V  YRVVD V  VXD V 

 ,P 3RUWXJLHVLVFKHQ ZHUGHQGLH JOHLFKHQ )RUPHQ LQ DGMHNWLYLVFKHU XQG VXEVWDQWLYLVFKHU )XQNWLRQYHUZHQGHW2PHXOLYURpLQWHUHVVDQWH&RPRpRVHX" ,P6SDQLVFKHQNDQQVXEVWDQWLYLVFKQXUGLHEHWRQWH)RUPVWHKHQ ZREHLGLH)RUPHQ GHU  XQG  3O VRZLHVR KRPRQ\P PLW GHQ EHWRQWHQ VLQG  DGMHNWLYLVFK VLQG EHLGH P|JOLFK 'LH 9HUWHLOXQJ GHU )RUPHQ LVW VR GDVV GLH .XU]IRUPHQ YRU GHP 6XEVWDQWLY VWHKHQ PLDPLJDVXVDOXPQRV GLH/DQJIRUPHQMHGRFK±LQEHVWLPPWHQV\QWDNWLVFKHQ .RQWH[WHQ±GDKLQWHU XQDDPLJDPtDDOJXQRVDOXPQRVVX\RV ,P3RUWXJLHVLVFKHQNDQQ GLH HLQ]LJH )RUP MH QDFK .RQWH[W VRZRKO YRU DOV DXFK QDFK GHP 6XEVWDQWLY VWHKHQ D PLQKDDPLJD±XPDDPLJDPLQKDRVVHXVDOXQRV±DOJXQVDOXQRVVHXV *UXQGVlW]OLFK NDQQLP3RUWXJLHVLVFKHQDQGHUVDOVLPKHXWLJHQ6SDQLVFKGHUYRUDQJHVWHOOWH3RVVHVVLY EHJOHLWHUVRZRKOPLWDOVDXFKRKQH$UWLNHOVWHKHQ FI.DS ,P(3LVWDQGHUVDOV LP%3GLH.RQVWUXNWLRQPLW$UWLNHODOOHUGLQJVGLHZHLWDXVEOLFKHUH ,Q EHLGHQ 6SUDFKHQ EHVWHKW GLH 0|JOLFKNHLW GLH %HVLW]DQ]HLJH GXUFK HLQH QDFK JHVWHOOWH 3UlSRVLWLRQDOJUXSSH DXV]XGUFNHQ E]Z ]X SUl]LVLHUHQ ,P 6SDQLVFKHQ NDQQ GDEHLGDV6XEVWDQWLYYRP3RVVHVVLYSURQRPHQRGHUYRPGHILQLWHQ$UWLNHOEHJOHLWHWVHLQ ]% KH HQFRQWUDGR VXOD OODYH GH pO 5HXPXWK:LQNHOPDQQ  ± †   LP 3RUWXJLHVLVFKHQVWHKWJHQHUHOOGHU$UWLNHO FI*lUWQHU 'LH3RVVHVVLYEHJOHLWHU GHU3VN|QQHQVLFKJUXQGVlW]OLFKVRZRKODXIGLHDQJHVSURFKHQH3HUVRQDOVDXFKDXI HLQH GULWWH EH]LHKHQ 'LHV JLOW YRU DOOHP IU GLH *HELHWH LQ GHQHQ GLH 3V3O DX‰HU *HEUDXFKJHNRPPHQ LVW XQG ZR GDKHUGLH 7HQGHQ] EHVWHKW GLH3RVVHVVLYEHJOHLWHUDXI GHQ HUVWHUHQ .RQWH[W ]X EHVFKUlQNHQ XQG EHL %H]XJ DXI GULWWH 3HUVRQHQ GLH 3Ul SRVLWLRQDOJUXSSHQ ]X YHUZHQGHQ GLH ]XGHP HLQH 1XPHUXV XQG *HQXVXQWHUVFKHLGXQJ HUP|JOLFKHQ FI*5$(,†I  

 

 ,QGHILQLWD 0DQNDQQIUEHLGH6SUDFKHQEHLGHQ,QGHILQLWDHLQHUVHLWVHLQH8QWHUVFKHLGXQJ]ZLVFKHQ YDULDEOHQXQGLQYDULDEOHQ)RUPHQDQGHUHUVHLWV]ZLVFKHQVXEVWDQWLYLVFKXQGDGMHNWLYLVFK JHEUDXFKWHQYRUQHKPHQ'LH*UXSSHQEHUVFKQHLGHQVLFK %HLGHQ,QGHILQLWDGLHVRZRKODGMHNWLYLVFKDOVDXFKVXEVWDQWLYLVFKJHEUDXFKWZHUGHQ FI5HXPXWK:LQNHOPDQQ±† LVWGDV:RUWPDWHULDOLQEHLGHQ6SUDFKHQ JUXQGVlW]OLFK GDVVHOEH XQG GLH )RUPHQ YRQ GHU MHZHLOV DQGHUHQ 6SUDFKH KHU OHLFKW ]X LGHQWLIL]LHUHQVSSWJDOJXQR±DOJXP ODW $/,48,6Nj186 QLQJXQR±QHQKXP ODW 1(& Nj186  RWUR ± RXWUR  ODW $/7(5  SRFR ± SRXFR  ODW 3$8&86 ÃNOHLQ¶ LP 3O ÃZHQLJH¶  HWF :LH EHLP LQGHILQLWHQ $UWLNHO IHKOW EHL SWJ DOJXP DOJXQV XQG QHQKXP QHQKXQVGDVRZDVHEHQIDOOVDXI1DVDOLVLHUXQJXQG.RQWUDNWLRQ]XUFN]XIKUHQLVW FI .DS   GLH HQWVSUHFKHQGHQ )HPLQLQD ODXWHQ DOJXPD V  XQG QHQKXPD V  'HP VXEVWDQWLYLVFK YHUZHQGHWHQ VS FXDOTXLHUD FXDO  3V.RQM3UlV YRQ TXHUHU  HQW VSULFKWHLQSWJTXDOTXHURKQHDLP6SDQLVFKHQILQGHWVLFKGLH)RUPFXDOTXLHUQXULQ DGMHNWLYLVFKHU9HUZHQGXQJYRUGHP6XEVWDQWLY%HLRWURRXWURLVW]XEHDFKWHQGDVVHV LP 6SDQLVFKHQ DQGHUV DOV LP 3RUWXJLHVLVFKHQ QLH PLW GHP LQGHILQLWHQ $UWLNHO VWHKW FI 'XDUWH VS4XLHURRWURWUDEDMR±SWJ4XHUR XP RXWURWUDEDOKR 8QWHUVFKLHGHLP)RUPHQEHVWDQGILQGHQVLFKEHLGHQQXUVXEVWDQWLYLVFKYHUZHQGHWHQ ,QGHILQLWDVSQDGLHlOWHUH)RUPQDGLÃQLHPDQG¶JHKWDXIODW +202 1Ɩ786ÃJHERUHQHU 0HQVFK ¶]XUFNGLH(QGXQJLLVWHQWZHGHUXQWHUGHP(LQIOXVVYRQODW48ƮHQWVWDQGHQ FI3HQQ\ RGHUHVOLHJWGHUODW3OXUDO1Ɩ7Ʈ]XJUXQGH FI'5$( ,,   'DV JOHLFKEHGHXWHQGH SWJ QLQJXpP KLQJHJHQ LVW LQ $QDORJLH ]X DOJXpP  YODW DOLTXHP VS DOJXLHQ  DXV YODW QHFTXHP HQWVWDQGHQ $OJR ÃHWZDV¶  ODW $/,482' H[LVWLHUW]ZDULQEHLGHQ6SUDFKHQVWHKWDEHULPHXURSlLVFKHQ3RUWXJLHVLVFKLQ .RQNXUUHQ] ]X DOJXPD FRLVD TXDOTXHU FRLVD VRZLH XPD FRLVD GLH VWDUN OH[LNDOLVLHUW VLQG 3HUGHVWH DOJXPD FRLVD" HQWVSULFKW GW Ã+DVW GX HWZDV >XQG QLFKW ÃLUJHQGHLQH 6DFKH¶@YHUORUHQ"¶3RUWXJLHVLVFKDOJRUHFKQHW+XQGHUWPDUN6DQWRV0DUWLQV   LP (3  GHU JHKREHQHQ 6SUDFKH ]X ,P 6SDQLVFKHQ GDJHJHQ LVW ¢+DV SHUGLGR DOJR" XQPDUNLHUW 3RUWXJLHVLVFK RXWUHP ÃMHPDQG DQGHUV¶ (QGXQJ LQ $QDORJLH DQ TXHP DOJXpP QLQJXpP KDWNHLQHGLUHNWH(QWVSUHFKXQJLPKHXWLJHQ6SDQLVFKZRHVGXUFKRWURRGHU RWUDSHUVRQDZLHGHUJHJHEHQZLUG'HV:HLWHUHQLVWDXIGDVDXVVFKOLH‰OLFKVXEVWDQWLYLVFK JHEUDXFKWH WXGR ÃDOOHV¶ LP 3RUWXJLHVLVFKHQ KLQ]XZHLVHQ GHVVHQ 7RQYRNDO GXUFK GDV X LP $XVODXW YODW W͕WX  YRQ >R@ ]X >X@ JHKREHQ ZXUGH ZlKUHQG GLH DGMHNWLYLVFKHQ )RUPHQ GLHVH (QWZLFNOXQJ QLFKW GXUFKJHPDFKW KDEHQ FI +XEHU   :LOOLDPV

 

 ,P$VSZDUDOJXQ R DXFKQRFKGLHVXEVWDQWLYLVFKH)RUP ÃMHPDQG¶ ZXUGHDEHUVHLWGHP -KYRQDOJXLHQYHUGUlQJW   ,P$OWVSDQLVFKHQJDEHVQRFKGLHGHPSWJRXWUHPHQWVSUHFKHQGH)RUPRWULHQ QHEHQRWULXQG RWULHFI3HQQ\ GLHVLFKDEHUQLFKWIRUWVHW]WH





  XQG 9i]TXH] &XHVWD/X]  ,   'LH HQWVSUHFKHQGH VSDQLVFKH )RUP ODXWHWWRGR   

 ,QWHUURJDWLYD 'HU :RUWEHVWDQG LVW VRZRKO EHL GHQ VXEVWDQWLYLVFK DOV DXFK EHL GHQ DGMHNWLYLVFK JHEUDXFKWHQ ,QWHUURJDWLYD LGHQWLVFK VSSWJ FXiO ± TXDO  ODW 48Ɩ/,6  ÃZHOFKHU¶ TXLpQ±TXHP ODWDNN 48(0 ÃZHU¶FXiQWR±TXDQWRÃZLHYLHO¶ ODW 48$17ƿ TXp ± TXH ÃZDV¶  ODW 48,'  3WJ TXHP EHVLW]W DQGHUV DOV VS TXLpQ NHLQH 3OXUDOIRUP ,P 3RUWXJLHVLVFKHQ ZLUG VWDWW TXH VHKU KlXILJ R TXH PLW YRUDQJHVWHOOWHP PDVNXOLQHQ $UWLNHOYHUZHQGHW VS¢4XpTXLHUHVVHUFXDQGRVHDVJUDQGH" SWJ2TXHTXHUHVVHUTXDQGRIRUHVJUDQGH" 6HKUIUHTXHQWXQGVWDUNJUDPPDWLNDOLVLHUWLVWLP3RUWXJLHVLVFKHQGLH8PVFKUHLEXQJPLWp TXHGLHDQGLHIUDQ]|VLVFKHHVWFHTXH8PVFKUHLEXQJHULQQHUWXQGLP6SDQLVFKHQQLFKW EOLFKLVW FI*lUWQHU± 2TXHpTXHTXHUHVVHUTXDQGRIRUHVJUDQGH" 'LH ,QWHUURJDWLYD KDEHQ DEJHVHKHQ YRQ VSFX\R ± SWJFXMR  ODW &Nj,86  ÃGHVVHQ¶ GLH JOHLFKHQ )RUPHQ ZLH GLH 5HODWLYSURQRPHQ FI .DS   'DEHL ZLUG LP 6SD QLVFKHQ ZLHGHUXP HLQH JUDSKLVFKH 8QWHUVFKHLGXQJ YRUJHQRPPHQ $OV ,QWHUURJDWLYD WUDJHQ GLH )RUPHQ HLQHQ $N]HQW DOV 5HODWLYSURQRPHQ QLFKW (LQH VROFKH 8QWHUVFKHL GXQJ IHKOW LP 3RUWXJLHVLVFKHQ 4XH VFKUHLEW VLFK DOOHUGLQJV PLW =LUNXPIOH[ ZHQQ HV DOOHLQ RGHU DP 6DW]HQGH VWHKW 2 TXr" Ã:DV"¶ 'LHV JLOW DXFK IU SWJ SRUTXHSRUTXr ZREHL HUVWHUH )RUP KRPRQ\P PLW GHU .RQMXQNWLRQ SRUTXH ÃZHLO¶ LVW ,P 6SDQLVFKHQ VLQG ,QWHUURJDWLYXP XQG .RQMXQNWLRQ GDJHJHQ VRZRKO ODXWOLFK DOV DXFK JUDSKLVFK XQWHUVFKLHGHQVSSRUTXHÃZHLO¶ ZLHLP3WJ DEHUSRUTXpÃZDUXP¶$XIIlOOLJLVWGDVV LP 3RUWXJLHVLVFKHQ GDV LQWHUURJDWLYH TXH PLW $UWLNHO YHUZHQGHW ZLUG LP 6SDQLVFKHQ GDJHJHQTXHLQVHLQHU)XQNWLRQDOV5HODWLYSURQRPHQZREHLGLHMHZHLOVDQGHUH9HUZHQ GXQJDXVJHVFKORVVHQLVW  7DEHOOH'HU*HEUDXFKYRQTXH 6SDQLVFK

3RUWXJLHVLVFK

¢4XpGLFHV" HODVXQWRGHOTXHKHKDEODGR

2TXH pTXH GL]HV" RDVVXQWRGHTXHIDOHL

 %HLGHQ,QWHUURJDWLYDGYHUELHQGHUHQ%HVWDQGLQEHLGHQ6SUDFKHQHEHQIDOOVZHLWJHKHQG EHUHLQVWLPPW LVW DXI GLH XQWHUVFKLHGOLFKHQ (QWVSUHFKXQJHQ ]XÃZR¶ XQG ÃZRKHU¶KLQ ]XZHLVHQ

  7DEHOOH'LH9HUVSUDFKOLFKXQJYRQÃZR¶XQGÃZRKHU¶ 

6SDQLVFK

3RUWXJLHVLVFK

ÃZR¶ ÃZRKHU¶

¢'yQGHYLYHV" ¢'HGyQGHYLHQHV"

2QGHYLYHV" 'RQGHYHQV"

 ,Q EHLGHQ 6SUDFKHQ KDW HLQH (UVHW]XQJ GHV ODW 8%Ʈ GDV LP $OWVSDQLVFKHQ XQG $OW SRUWXJLHVLVFKHQ QRFK DOV R E]Z X YRUNRPPW GXUFK RQGH ODW 81'(  PLW GHU XU VSUQJOLFKHQLP0LWWHODOWHUQRFKSUlVHQWHQ%HGHXWXQJÃZRKHU¶VWDWWJHIXQGHQ:lKUHQG LP3RUWXJLHVLVFKHQGLHVHV6WDGLXPHUKDOWHQLVWXQGGRQGHHQWVSUHFKHQGÃYRQZRZRKHU¶ EHGHXWHW LVW GHU 3UR]HVV LP 6SDQLVFKHQ HLQ ZHLWHUHV 0DO YROO]RJHQ ZRUGHQ VR GDVV GyQGHKHXWHGLH%HGHXWXQJÃZR¶KDWXQGÃZRKHU¶GXUFKGHGyQGHDXVJHGUFNWZLUG   

 3HUVRQDOSURQRPHQ  6XEMHNWSURQRPHQ *UXQGVlW]OLFK JHOWHQ IU GHQ *HEUDXFK GHV 6XEMHNWSURQRPHQV LP 6SDQLVFKHQ lKQOLFKH %HGLQJXQJHQ ZLH LP 3RUWXJLHVLVFKHQ ,Q EHLGHQ 6SUDFKHQ VLQG DQGHUV DOV LP )UDQ ]|VLVFKHQ RGHU DXFK LP 'HXWVFKHQ XQG (QJOLVFKHQ  6XEMHNWSURQRPHQ QLFKW REOL JDWRULVFK ILQLWH 9HUEIRUPHQ N|QQHQ DXFK RKQH H[SOL]LWHV 6XEMHNW HLQHQ 6DW] ELOGHQ  VRQGHUQ ZHUGHQ QXU LQ EHVWLPPWHQ .RQWH[WHQ YHUZHQGHW QDFK WUDGLWLRQHOOHU $QVLFKW GDQQZHQQ(PSKDVHRGHU.RQWUDVWDXVJHGUFNWZHUGHQVROOHQ,P3RUWXJLHVLVFKHQJLOW GLHVDOOHUGLQJVZRKOJHPHUNWQXUIUGLHHXURSlLVFKH9DULHWlW 'LH URPDQLVFKHQ 6XEMHNWSURQRPHQ GHU  XQG  3HUVRQ VLQG DXV GHQ ODWHLQLVFKHQ 3HUVRQDOSURQRPHQ KHUYRUJHJDQJHQ ,Q GHU  3HUVRQ OLHJW ZLH EHLP GHILQLWHQ $UWLNHO GDV'HPRQVWUDWLYXPODW ,//(]XJUXQGHGRFKKLHULP1RPLQDWLYZDVGLH)RUPHQGHU 3V6J VS pO SWJ HOH GLH QLFKW ZLH GHU $UWLNHO DXI GHQ 2EOLTXXV YODW ́O O R NODW ,//80 VRQGHUQ DXI HLQ YODW ́ O OH NODW ,//( ]XUFNJHKHQ HUNOlUW 'DVV 3HUVRQDO SURQRPHQXQG$UWLNHOLP0DVN6JLP6SDQLVFKHQWURW]GHPJOHLFKODXWHQ LPPRGHUQHQ 6SDQLVFKDOOHUGLQJVJUDSKLVFKXQWHUVFKLHGHQZHUGHQLQGHPGDV3URQRPHQHLQHQ$N]HQW HUKlOW  LVW GHP 8PVWDQG JHVFKXOGHW GDVV EHLP $UWLNHO GDV HKHPDOV YRUKDQGHQH R DXVJHIDOOHQLVW FI.DS %HLGHQ3OXUDOIRUPHQVLQGXQWHUVFKLHGOLFKH$QDORJLHQ

 

 Ä'DV EUDVLOLDQLVFKH 3RUWXJLHVLVFK KDW LP 8QWHUVFKLHG ]XP HXURSlLVFKHQ 3RUWXJLHVLVFK  ZHLWJHKHQG GHQ 6WDWXV HLQHU 1XOO6XEMHNW6SUDFKH YHUORUHQ XQG VLFK DOV .RUUROODU LQ GLHVHU (QWZLFNOXQJ ]X HLQHU HKHU ULJLGHQ GHP )UDQ]|VLVFKHQ lKQOLFKHQ 6926SUDFKH HQWZLFNHOW >«@³ 0H\HU+HUPDQQ   FI %DUPH  ±  'LH %HPHUNXQJ YRQ 'XDUWH  Ä/RVKDEODQWHVGHSRUWXJXpVVXHOHQXWLOL]DUORVSURQRPEUHVVXMHWRPXFKRPiVTXH ORVKDEODQWHVGHHVSDxRO³WULIIWDOVRQLFKWDXIGDV(3]X





HLQJHWUHWHQ ,P 6SDQLVFKHQ ZXUGH EHLHOORV GLH (QGXQJ GHV $NN3O EHUQRPPHQ ZLH VLH LQ GHQ VRQVWLJHQ QRPLQDOHQ )RUPHQ YRUODJ FI 3HQQ\     3RUWX JLHVLVFKHOHVLVWGDJHJHQLQ$QDORJLHDQGHQ6LQJXODUXPJHIRUPWZRUGHQ 'HU DXIIlOOLJVWH 8QWHUVFKLHG LP KHXWLJHQ ,QYHQWDU GHU 6XEMHNWSURQRPHQ ILQGHW VLFK EHL GHU  XQG  3V3O ZR GDV 6SDQLVFKH VHLW GHP (QGH GHV 0LWWHODOWHUV FI 3HQQ\     GLH DXV GHP /DWHLQLVFKHQ EHUQRPPHQHQ )RUPHQ QRV XQG YRV PLW RWURVHUZHLWHUWKDW±ODXW3HQQ\  GHVKDOEZHLOYRV]ZLVFKHQ]HLWOLFK ]XU ]XQlFKVW K|IOLFKHQ $QUHGH DQ HLQH HLQ]HOQH 3HUVRQ JHZRUGHQ ZDU LQ +LVSDQR DPHULNDLVWYRVUHJLRQDODOV$QUHGHIRUPHUKDOWHQJHEOLHEHQ YRVHR FI1ROO±  ZlKUHQGVLHLP3RUWXJLHVLVFKHQDOVHLQIDFKH)RUPHQHUKDOWHQEOLHEHQ  7DEHOOH'LH6XEMHNWSURQRPLQD /DWHLQ

6SDQLVFK

3RUWXJLHVLVFK

NODW(*ƿYODW HR NODW7Nj NODW,//(,//$YODW ҽO O H

ҽO O D NODW1ƿ6 NODW9ƿ6 NODW,//ƿ6,//Ɩ6YODW

ҽO O RV ҽO O DV

\R W~

HX WX

pOHOOD

HOHHOD

QRVRWURVQRVRWUDV YRVRWURVYRVRWUDV

QyV YyV 

HOORVHOODV

HOHVHODV

 +LQVLFKWOLFK GHV *HEUDXFKV GHU  3V3O OlVVW VLFK IHVWVWHOOHQ GDVV YyV LP 3RUWX JLHVLVFKHQ DQGHUV DOV YRVRWURV LP HXURSlLVFKHQ 6SDQLVFK QXU QRFK LQ PDUJLQDOHQ .RQWH[WHQYHUZHQGHWXQGLP1RUPDOIDOOGXUFKYRFrV E]ZHLQHQRPLQDOH$QUHGHIRUP  3V3OE]ZGXUFKGLHDOOHLQLJH9HUEIRUPGHU3V3OHUVHW]WZLUG FI+XQGHUWPDUN 6DQWRV0DUWLQV 6WDWWQyVZLUGLQGHU3V3OQlKHVSUDFKOLFKDXFKDJHQWH 3V6JJHEUDXFKW LELG ,P%3LVWGLHVXQPDUNLHUWQlKHVSUDFKOLFKXQGVHKUIUHTXHQW LP(3KLQJHJHQZHQLJHUEOLFKXQGGHXWOLFKPDUNLHUW %HL GHQ $QUHGHIRUPHQ ]HLJHQ VLFK EHUKDXSW JUXQGOHJHQGH 8QWHUVFKLHGH ]ZLVFKHQ GHQ EHLGHQ 6SUDFKHQ VRZLH DXFK ]ZLVFKHQ GHQ YHUVFKLHGHQHQ GLDWRSLVFKHQ 9DULHWlWHQ GHUVHOEHQ6SUDFKHGLHVHZHUGHQLQ.DSJHVRQGHUWEHKDQGHOW 

 

 'HU$N]HQWGLHQWGHUJUDSKLVFKHQ8QWHUVFKHLGXQJYRP2EMHNWSURQRPHQXQGGHP$PDOJDP QRV HPRV ,QGHU$XVVSUDFKHOLHJWHLQHUVHLWVEHLP6XEMHNWSURQRPHQ>Qɬߑ@DQGHUHUVHLWV EHLP2EMHNWSURQRPHQXQGGHP$PDOJDP>QXߑ@YRU   ,PDPHULNDQLVFKHQ6SDQLVFK VRZLHLPZHVWOLFKHQ$QGDOXVLHQXQGSDUWLHOODXIGHQ.DQDUHQ  LVW DQDORJ ]XP 3RUWXJLHVLVFKHQ YRVRWURV GXUFK XVWHGHV   3V3O HUVHW]W ZRUGHQ *5$( ,†T 

 

2EMHNWSURQRPHQ 6RZRKOLP6SDQLVFKHQDOVDXFKLP3RUWXJLHVLVFKHQWUHWHQ2EMHNWSURQRPHQLQEHWRQWHU XQG XQEHWRQWHU )RUP DXI 'LH EHWRQWHQ )RUPHQ VWHKHQ QDFK 3UlSRVLWLRQHQ GLH XQEH WRQWHQLQDOOHQDQGHUHQ.RQWH[WHQ%HLGHQXQEHWRQWHQ)RUPHQHUIROJWLQGHU3V6J XQG 3V3O HLQH 'LIIHUHQ]LHUXQJ KLQVLFKWOLFK LKUHU )XQNWLRQ DOV LQGLUHNWHV RGHU GLUHNWHV 2EMHNW 'DWLYXQG$NNXVDWLY  :DV GLH EHWRQWHQ )RUPHQ DQJHKW VR LVW LQ EHLGHQ 6SUDFKHQ GLH 3V6J XQG3O LQ QLFKW UHIOH[LYHU 9HUZHQGXQJ PLW GHQ 6XEMHNWSURQRPHQ LGHQWLVFK VS SDUD pOHOORV HOOD V YVSWJSDUDHOH V HOD V VSSDUDQRVRWURVYRVRWURVYVSWJSDUDQyVYyV'LH 3V6JODXWHWVSPtSWJPLP>Pƭ@ ODW0,+, GLH3VVSSWJWL ODW7,%, GLH 3VUHIOH[LYVSVtSWJVL ODW 6,%,  FI.DS 'LHXQHW\PRORJLVFKH1DVDOLHUXQJ LQ GHU  3V LP 3RUWXJLHVLVFKHQ HUIROJWH ZDKUVFKHLQOLFK XQWHU GHP (LQIOXVV GHV DQ ODXWHQGHQ1DVDONRQVRQDQWHQ 'LH XQEHWRQWHQ )RUPHQ EHL GHQHQ QLFKW QDFK GLUHNWHP XQG LQGLUHNWHP 2EMHNW XQWHUVFKLHGHQ ZLUG VLQG GLH GHU  XQG  3V6J XQG 3O 'RUW KDEHQ GLH ODWHLQLVFKHQ $NNXVDWLYIRUPHQ 0Ɯ 7Ɯ 1ƿ6 XQG 9ƿ6 DXFK GLH )XQNWLRQ GHU 'DWLYIRPHQ 0,+, 7,%, 6,%,1ƿ%,6XQG9ƿ%,6EHUQRPPHQ6LHZHUGHQLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQIDVW XQYHUlQGHUW IRUWJHVHW]W DEJHVHKHQ GDYRQ GDVV LP 6SDQLVFKHQ LQ GHU  3V3O GDV DQODXWHQGH Y >E@ >ɕ@  LP VSlWHQ $OWVSDQLVFK YHUORUHQ JHJDQJHQ LVW FI 3HQQ\     (V HUJLEW VLFK DOVR GLH )RUP VS RV ÃHXFK¶ GLH KRPRJUDSK PLW SWJ RV 3V3O0DVN GLU2EM  VRZLH DXFK PLW GHP SRUWXJLHVLVFKHQ PDVNXOLQHQ 3OXUDODUWLNHO LVW VS 1R RV YHR Ã,FK VHKH HXFK QLFKW¶ SWJ 1mR RV YHMR Ã,FK VHKH VLH QLFKW¶ ,Q GHU $QUHGH OLHJW KLHU ± DXV =XIDOO ± SDUWLHOO GLH JOHLFKH %HGHXWXQJ YRU GD LP 3RUWX JLHVLVFKHQLP3OXUDORKQHKLQGLH3VYHUZHQGHWZLUG FI.DS XQGGHVKDOE1mR RV YHMR HEHQIDOOV Ã,FK VHKH HXFK QLFKW¶ KHL‰HQ NDQQ DOOHUGLQJV QXU DXI PDVNXOLQH *UXSSHQ EH]RJHQ  REZRKO HLQH DQGHUH )RUP XQG (QWZLFNOXQJ ]XJUXQGH OLHJW 'RFK JUXQGVlW]OLFKN|QQHQKLHUYRQEHLGHQ6SUDFKHQDXV0LVVYHUVWlQGQLVVHDXIWUHWHQ ,Q GHU  3HUVRQ 6J XQG 3O ZLUG DX‰HU EHLP 5HIOH[LYXP VSSWJ VH  ODW 6Ɯ  ]ZLVFKHQ'DWLYXQG$NNXVDWLYE]ZLQGLUHNWHPXQGGLUHNWHP2EMHNWXQWHUVFKLHGHQ'LH )RUPHQGHVLQGLUHNWHQ2EMHNWV YRPODW'DWLYDEJHOHLWHW ODXWHQVSOH V SWJOKH V ± ODW ,//Ʈ 6 'LH)RUPHQGHVGLUHNWHQ2EMHNWSURQRPHQVGHU3VVLQGYRQGHQXQWHQ JHQDQQWHQ$XVQDKPHQDEJHVHKHQLP3RUWXJLHVLVFKHQLGHQWLVFKPLWGHQHQGHVGHILQLWHQ $UWLNHOVRDRVDVIUGDV6SDQLVFKHJLOWGLHVIUDOOHDX‰HUGHP0DVN6J $UWLNHOHO YV3URQRPHQOR  ,Q EHLGHQ 6SUDFKHQ N|QQHQ ± ZHQQ DXFK LQ VHKU XQWHUVFKLHGOLFKHU 9HUWHLOXQJ FI .DS   ± GLH .OLWLND YRU GHU 9HUEIRUP VWHKHQ SURNOLWLVFK  RGHU GDKLQWHU HQ NOLWLVFK  ,P 6SDQLVFKHQ ODXWHQ GLH )RUPHQ LQ EHLGHQ 6WHOOXQJHQ JOHLFK ,P 3RUWX JLHVLVFKHQ GDJHJHQ ULFKWHW VLFK LQ HQNOLWLVFKHU 3RVLWLRQ GLH )RUP GHU GLUHNWHQ 2EMHNW

 

 ,QGHU$XVVSUDFKHGHUHW\PRORJLVFKXQGJUDSKLVFKLGHQWLVFKHQ)RUPHQEHVWHKHQKHXWHDOOHU GLQJVGHXWOLFKH8QWHUVFKLHGHVS>PH@>WH@YVSWJ>Pԥ@>Wԥ@VS>QRV@YVSWJ>QXߑ@





SURQRPHQ QDFK GHP $XVODXW GHU 9HUEIRUP (QGHW GLHVH DXI 1DVDO IROJHQ GLH $OOR PRUSKH QR V  QD V  HQGHW VLH DXI U V RGHU ] GLH $OORPRUSKH OR V  OD V  ZREHL GHU $XVODXWNRQVRQDQW GHV 9HUEV HQWIlOOW ,Q EHLGHQ )lOOHQ HUNOlUW VLFK GLH EHVRQGHUH (QW ZLFNOXQJGDGXUFKGDVVGDVO ]XQlFKVW HUKDOWHQEOLHEZHLOHVDQGHUVDOVEHLYRNDOLVFK DXVODXWHQGHQ9HUEIRUPHQQLFKWLQLQWHUYRNDOLVFKHU3RVLWLRQVWDQG,PHUVWHUHQ)DOOJLQJ HVGDQQGXUFKSURJUHVVLYH$VVLPLODWLRQYHUORUHQ YODW FODPDQ W  ́O OX!SWJFKDPDP QR FI +XEHU  ±  LQ OHW]WHUHP YODW FODPDU ́O OX ! FKDPiOR PLW UHJUHVVLYHU $VVLPLODWLRQ GHV U FI +XEHU    LVW HV ELV KHXWH HUKDOWHQ 0DQ YHUJOHLFKHIROJHQGH)RUPHQ  7DEHOOH'LHNOLWLVFKHQ2EMHNWSURQRPHQ, 6SDQLVFK \R OROODPR \R QROROODPR HOORV OROODPDQ HOORV QROROODPDQ \R YR\DOODPDUOR \R ORYR\DOODPDU \R QRYR\DOODPDUOR \R QRORYR\DOODPDU

3RUWXJLHVLVFKHQNOLWLVFK

3RUWXJLHVLVFKSURNOLWLVFK

HX FKDPRR

HX QmRRFKDPR

HOHV FKDPDPQR

HOHV QmRRFKDPDP

HX YRXFKDPiOR

HX QmRYRXFKDPiOR

 $XIIlOOLJ VLQG GLH 8QWHUVFKLHGH DXFK EHL GHU .RPELQDWLRQ YRQ 'DWLY XQG $NNXVDWLY IRUPHQ ,P 6SDQLVFKHQ ZHUGHQ LQGLUHNWH XQG GLUHNWH )RUPHQ XQYHUEXQGHQ KLQWHU HLQDQGHUJHVWHOOWZREHLLQGHU3V6JXQG3OGDVOHGXUFKHLQVHHUVHW]WZXUGH GD]X 3HQQ\     GDV YRP 3RUWXJLHVLVFKHQ DXV VRZRKO PLW GHP 5HIOH[LY SURQRPHQVHDOVDXFKPLWGHU.RQMXQNWLRQVH VSVLÃZHQQ¶ YHUZHFKVHOWZHUGHQNDQQ $QGHUHUVHLWVVLQGGLHLP3RUWXJLHVLVFKHQHQWVWDQGHQHQNRQWUDKLHUWHQ)RUPHQ YODW PH ́O OX! PHR!PRYODW ́OOL ́O OXODW ,//Ʈ,//80! ुHOX! ुHX!OKRFI:LOOLDPV  YRP6SDQLVFKHQKHUQLFKWRKQH:HLWHUHVDEOHLWEDU        

  7DEHOOH'LHNOLWLVFKHQ2EMHNWSURQRPHQ,, 6SDQLVFK

3RUWXJLHVLVFK HQNOLWLVFK

QR PHOR ODORV ODV GLR QR WHOR ODORV ODV GLR QR VHOR ODORV ODV GLR QR QRVOR ODORV ODV GLR QR RVOR ODORV ODV GLR QR VHOR ODORV ODV GLR

GHXPR PDPRV PDV  GHXWR WDWRV WDV  GHXOKR OKDOKRV OKDV  GHXQROR QROD QRORVQRODV  >GHXYROR YROD YRORVYRODV @ GHXOKRV OKDOKRV OKDV 

3RUWXJLHVLVFK SURNOLWLVFK QmRPRGHX QmRWRGHX QmROKRGHX QmRQRORGHX >QmRYRORGHX@ QmROKRVGHX

 ÃHUVLHKDWHVPLU QLFKW JHJHEHQ¶ ÃKDWHVGLU QLFKW  JHJHEHQ¶ ÃKDWHVLKPLKU QLFKW JHJHEHQ¶ ÃKDWHVXQV QLFKW  JHJHEHQ¶ ÃKDWHVHXFK QLFKW  JHJHEHQ¶ ÃKDWHVLKQHQ QLFKW  JHJHEHQ¶

   $QUHGHIRUPHQ %HLGH6SUDFKHQKDEHQ]XQlFKVWGDVODWHLQLVFKHWXEHUQRPPHQVRZLHGLHVSlWODWHLQLVFKH 9HUZHQGXQJ GHV 3OXUDOV YRV DOV 'LVWDQ]IRUP LP 6LQJXODU ZREHL YRV GLH 3OXUDO EHGHXWXQJ 1lKH XQG 'LVWDQ]  HEHQIDOOV EHLEHKLHOW YHUJOHLFKEDU GHP IU] YRXV  'DV VRZRKOLQDOWVSDQLVFKHQDOVDXFKDOWSRUWXJLHVLVFKHQ7H[WHQDOV'LVWDQ]IRUPYHUZHQGHWH YRV ZXUGH PLW GHU =HLW ]XU YHUWUDXWHQ $QUHGHIRUP XQG LQ GHU 1HX]HLW YRQ QRPLQDOHQ $XVGUFNHQ DEJHO|VW GLH ]XQlFKVW ZLHGHUXP HLQH K|IOLFKH 'LVWDQ] DXVGUFNHQ VROOWHQ FI 3HQQ\  ±   9RQ GLHVHQ VHW]WH VLFK LQ EHLGHQ 6SUDFKHQ HLQH (QWVSUHFKXQJ ]X GW Ã(XHU *QDGHQ¶ GXUFK QlPOLFK VS YXHVWUD PHUFHG GDV ]X XVWHG YHUNU]WZXUGHXQGSWJYRVVDPHUFrZRUDXVVLFKXDGLH )RUPYRFrHQWZLFNHOWH ,P 6SDQLVFKHQ LVW XVWHG ELV KHXWH 'LVWDQ]IRUP JHEOLHEHQ ,P $6 DOOHUGLQJV KDW GHU 3OXUDO XVWHGHVGLH)RUPYRVRWURVHUVHW]W WUDWDPLHQWRXQLILFDGR VRGDVVLQGHU3V3ONHLQH 8QWHUVFKHLGXQJ]ZLVFKHQ1lKHXQG'LVWDQ]JHPDFKWZLUG ,QHLQLJHQ*HELHWHQ+LVSDQRDPHULNDVZLUGVWDWWGHUYHUWUDXWHQ$QUHGHLP6LQJXODUW~ GLHHKHPDOLJH'LVWDQ]IRUPYRVYHUZHQGHWPDQVSULFKWKLHUYRQYRVHR9HUEXQGHQZLUG YRVPLWHLQHU9HUEIRUPGLHVLFKZLHGLH3V3ODXVGHUDVS)RUPFDQWDGHVHQWZLFNHOW KDWDOOHUGLQJVPLW0RQRSKWKRQJLHUXQJ6RHQWVSULFKWHLQHPWXFDQWDVLQWXWHR*HELHWHQ LQYRVHR*HELHWHQYRVFDQWiV GDQHEHQDXFKYRVFDQWiLVVRZLHGLH3V6JFDQWDV ,P (6 LVW FDQWiLV PLW YRVRWURV VWDWW YRV  ZHLWHUKLQ 3V3O ZlKUHQG LQ GHQ*HELHWHQPLW WUDWDPLHQWRXQLILFDGRGLH3OXUDODQUHGHLQGHU3V3OHUIROJWXVWHGHVFDQWDQ9HUEUHLWHW LVWGHUYRVHRVFKZHUSXQNWPl‰LJLQGHQWLHUUDVEDMDV





Ä'HU YRVHR H[LVWLHUW LQ GLYHUVHQ 9DULDQWHQ LQ JDQ] +LVSDQRDPHULND YRU DOOHP LQ GHQ 7LHIHQHEHQHQXQGDQGHQ0HHUHVNVWHQ,QGHQ+RFKOlQGHUQZDUJHQHUHOOGHU(LQIOXVVYRQ.6 VWlUNHUGRUWKDWVLFKGLH)RUPWX>VLF@IUGLHQHXWUDOIDPLOLlUH$QUHGHJHKDOWHQ'LHVR]LDOH $N]HSWDQ]GHVYRVHRLVWMHQDFK5HJLRQXQWHUVFKLHGOLFK,QYLHOHQ/lQGHUQJLOWHUDOVUXVWLNDO ELV YXOJlU XQG ZLUG LQ GHU /LWHUDWXU YHUPLHGHQ ,Q GHQ /lQGHUQ DP 5LR GH OD 3ODWD LVW GLHV DQGHUV YRU DOOHP LQ $UJHQWLQLHQ JHK|UW GHU YRVHR XQWUHQQEDU ]X QDWLRQDOHQ 6SUDFKIRUP HU ZLUG PDQFKPDO JHUDGH]X DOV DOV 6\PERO GHU DUJHQWLQLVFKHQ ,GHQWLWlW LQWHUSUHWLHUW³ %RVVRQJ D 

$XFK LP 3RUWXJLHVLVFKHQ LVW YRV 3V3O  DX‰HU *HEUDXFK JHUDWHQ 'LH $QUHGH ZLUG DQDORJ]XP$6GXUFKYRFrV3V3OHUVHW]W$QGHUVDOVVSXVWHGEOLHESWJYRFrNHLQH 'LVWDQ]DQUHGHIRUP VRQGHUQ ZXUGH LQ GLHVHU )XQNWLRQ HLQ ZHLWHUHV 0DO GXUFK QHXH QRPLQDOH)RUPHQHUVHW]WYRQGHQHQRVHQKRUDVHQKRUDJUDPPDWLNDOLVLHUWZXUGHQ (VEHVWHKWDOVRKHXWHLPHXURSlLVFKHQ6SDQLVFKHLQH'LIIHUHQ]LHUXQJ]ZLVFKHQGHP LQIRUPHOOHQW~XQGGHPIRUPHOOHQXVWHGLPHXURSlLVFKHQ3RUWXJLHVLVFKYRUDE]ZLVFKHQ WXYRFrXQGRVHQKRUDVHQKRUD7DWVlFKOLFKLVWMHGRFKGDV6\VWHPGHUSRUWXJLHVLVFKHQ $QUHGHIRUPHQYLHOGLIIHUHQ]LHUWHU FI6WUREHO±  (LQHVHKUZLFKWLJH5ROOHVSLHOHQQlPOLFKLP(3GLHQRPLQDOHQ$QUHGHIRUPHQ ]XP %3FI+HDG GLHLP 6SDQLVFKHQZLHDXFKLP'HXWVFKHQRGHU)UDQ]|VLVFKHQQXU PDUJLQDO YRUNRPPHQ 'DEHL NDQQ ZLH JHVDJW QXU R VHQKRUD VHQKRUD DOV JUDPPDWL NDOLVLHUWJHOWHQDQVRQVWHQKDQGHOWHVVLFKXPHLQHRIIHQH.ODVVHYRQ9RUQDPHQ1DFK QDPHQ 7LWHOQ %HUXIV XQG 9HUZDQGWVFKDIWVEH]HLFKQXQJHQ HWF ]% D 'RQD 0DULD R GRXWRU D FROHJD D WLD /HW]WHUH HXURSD SRUWXJLHVLVFKH (LJHQDUW NDQQ EHL +LVSDQR SKRQHQ ]X HEHQVROFKHU 9HUZLUUXQJ IKUHQ ZLH EHL *HUPDQRSKRQHQ $ FROHJD Mi DOPRoRX"NDQQVLFK]ZDUJUXQGVlW]OLFKDXIHLQHQLFKWDQZHVHQGHGULWWH3HUVRQEH]LHKHQ LVWDEHUDXFKGLH$QUHGHDQHLQHDQZHVHQGH]ZHLWH3HUVRQ KLHUDOVRHLQH.ROOHJLQ XQG HQWVSULFKWHLQHPVSDQLVFKHQ¢ 7~ \DKDVDOPRU]DGR"E]Z¢ 8VWHG \DKDDOPRU]DGR" XQGGHP'HXWVFKHQ+DVWGX+DEHQ6LHVFKRQ]X0LWWDJJHJHVVHQ" 'LH 8QWHUVFKHLGXQJ ]ZLVFKHQ 1lKH XQG'LVWDQ] NDQQEHL GLHVHP 6\VWHP YRQ GHQ P|JOLFKHQ $QUHGHQ WX YRFr XQG R VHQKRUD VHQKRUD DOVR DEJHVHKHQ  QXU DXI OH[L NDOLVFKHU(EHQH]XP$XVGUXFNJHEUDFKWZHUGHQ]%$0DULDD'RQD0DULDR&DUORVR VHQKRU*RPHVDGRXWRUDRVHQKRUHQJHQKHLURDPmHRWLRTXHUXPFDIp",P3OXUDO$V PHQLQDVRV FROHJDV TXHUHPXP FDIp"1DFKQDPHQ 7LWHO RGHU1DPHQVHUJlQ]XQJHQZLH GRQD VHQKRU VHQKRUD GUFNHQ QDWUOLFK HLQH JU|‰HUH 'LVWDQ] DXV DOV GHU DOOHLQLJH 9RUQDPH  

 

 (V JLEW HLQH )OOH YRQ /LWHUDWXU ]X GLHVHP 7KHPD FI ]% IU GDV 3RUWXJLHVLVFKH GLH HQW VSUHFKHQGHQ$QJDEHQEHL-RKQHQ ± XQGGLH6WXGLHYRQ0HUODQ LP'UXFN IU GDV6SDQLVFKHGHQ6DPPHOEDQGYRQ+XPPHO.OXJH9i]TXH]/DVORS     )RUPDO YHUJOHLFKEDU VLQG LP 'HXWVFKHQ .RQVWUXNWLRQHQ GHV 7\SV +DW GLH 'DPH QRFK HLQHQ :XQVFK"LP6SDQLVFKHQ¢'HVHDDOJRPiVODVHxRUD"GLHDOOHUGLQJVDXIPDUJLQDOH.RQWH[WH EHVFKUlQNWVLQG FI-RKQHQ 

  7DEHOOH'LH$QUHGHLP3RUWXJLHVLVFKHQ 3RUWXJLHVLVFK $QUHGH  D0DULD R3DXOR

D'RQD0DULD RVHQKRU3DXOR

DVHQKRUD'RQD0DULD RVHQKRU*RPHV

DGRXWRUD0DULD RGRXWRU*RPHV

 $XFK EHL$QUHGHVlW]HQ JLOW GDVV ±HEHQVR ZLH LP 6SDQLVFKHQ ± HLQ H[SOL]LWHV 6XEMHNW KlXILJIHKOW-iDOPRoDVWH"-iDOPRoRX" (VLVWLP3RUWXJLHVLVFKHQDQGHUVDOVLP6SDQLVFKHQXQEOLFKZHLEOLFKH3HUVRQHQPLW VHQKRUD)DPLOLHQQDPH]XEH]HLFKQHQ$XFKLP|IIHQWOLFKHQ/HEHQZLUGYRU]XJVZHLVH GHU 9RUQDPH NRPELQLHUW PLW VHQKRUD  'RQD RGHU HLQHP 7LWHO YHUZHQGHW ]% D SURIHVVRUD '  )LORPHQD ZlKUHQG PDQ LP 6SDQLVFKHQ OD SURIHVRUD *yPH] VDJHQ ZUGH 0DQEHDFKWHGDVVHVVLFKEHLGHQ3HUVRQHQEH]HLFKQXQJHQLP3RUWXJLHVLVFKHQQLFKW XPHLJHQWOLFKH9RNDWLYHKDQGHOW ZLHLQGHUVSDQLVFKHQ)DVVXQJGHVIROJHQGHQ6DW]HV  VRQGHUQGDVVVLHDOV6XEMHNWGHV6DW]HVIXQJLHUHQ Ä$OLHVWmRRVOLYURV$0DULDSRGHLUEXVFDURVHX ¶$OOtHVWiQORVOLEURV3XHGHVLUDEXVFDUHOWX\R0DUtD¶´ 9i]TXH]&XHVWD/X],, 

9RP9RNDWLYXQWHUVFKHLGHQVLHVLFKDXFKGXUFKGLH9HUZHQGXQJGHVGHILQLWHQ$UWLNHOV $X‰HUGHP ZLUG GLH YRNDWLYLVFKH $QUHGH LP 3RUWXJLHVLVFKHQ VHKU KlXILJ PLW HLQHP YRUDQJHVWHOOWHQ y >ɬ@ QLFKW ZLH GHU PDVNXOLQH $UWLNHO >X@  PDUNLHUW y 0DULD y VU 'RXWRU FI+XQGHUWPDUN6DQWRV0DUWLQV  1HEHQ GLHVHQ QRPLQDOHQ )RUPHQ NRPPHQ DEHU ZLH JHVDJW DXFK WX  3V6J ]ZLVFKHQYHUWUDXWHQ3HUVRQHQVRZLHYRFr3V6JYRU'HU*HEUDXFKYRQWXLVWVFKRQ DOOHLQ ZHJHQ GHU .RQNXUUHQ] ]X GHQ QRPLQDOHQ )RUPHQ XQG ]X YRFr UHODWLY HLQ JHVFKUlQNW'DVVSDQLVFKHW~KLQJHJHQVWHKWQXULQ.RQNXUUHQ]]XXVWHGXQGKDWGDEHLLQ GHQOHW]WHQ-DKU]HKQWHQQRFKVWDUNDQ%RGHQJHZRQQHQVRGDVVHVKHXWHDQGHUVDOVGW GXRGHUIUDQ]|VLVFKWXEHLVSLHOVZHLVHDXFKDOV±QLFKWPDUNLHUWH±$QUHGHIRUP]ZLVFKHQ HLQDQGHU XQEHNDQQWHQ (UZDFKVHQHQ YHUZHQGHW ZLUG %RVVRQJ D   LP %DVNHQODQGZRKOQRFKKlXILJHUDOVLQGHQDQGHUHQ5HJLRQHQ6SDQLHQV *5$(, †O (LQGHUDUWLJHU*HEUDXFKYRQSWJWXLVWXQEOLFK 'HU 6WDWXV YRQYRFr LP (3LVW EHVRQGHUV VFKZHU]X EHVWLPPHQ FI +DPPHUPOOHU   (V NDQQ LQ EHVWLPPWHQ *UXSSHQ ]% XQWHU 6WXGHQWHQ DOV UH]LSURNH $QUHGH GLHQHQ ZRHVLQ.RQNXUUHQ]]XWXVRZLHGHQQRPLQDOHQ$QUHGHQVWHKW ZREHLVLFKGHU *HEUDXFKDXVEUHLWHW -RKQHQ ZDVKlXILJPLWGHPYRUDOOHPGXUFKWHOHQRYHODV YHUPLWWHOWHP EUDVLOLDQLVFKHQ (LQIOXVV LQ =XVDPPHQKDQJ JHEUDFKW ZLUG GRFK ZLUG HV WUDGLWLRQHOODXFKLQQLFKWUH]LSURNHQ$QUHGHYHUKlOWQLVVHQIUGHQKLHUDUFKLVFKQLHGULJHU VWHKHQGHQ *HVSUlFKVSDUWQHU YHUZHQGHW FI +XQGHUWPDUN6DQWRV 0DUWLQV    ZHVZHJHQDXVOlQGLVFKHQ6SUHFKHUQELVZHLOHQ]XU9RUVLFKWJHUDWHQZLUGÄ9RFrZLUGQLH DOV $QUHGH DQ HLQH lOWHUH RGHU VR]LDO K|KHU VWHKHQGH E]Z YRUJHVHW]WH 3HUVRQ YHU





ZHQGHW³ *lUWQHU 'HU3OXUDOYRFrVKLQJHJHQLVWDXFKLQ3RUWXJDOXQPDUNLHUW FI.DS XQGHUVHW]WJHQHUHOOGLHYHUDOWHWH$QUHGHYyV $QGHUV DOV VS 'RQ DEJHNU]W '  GDV VLFK YRQ HLQHP 1DPHQV]XVDW] IU KRFK JHVWHOOWH 3HUV|QOLFKNHLWHQ ]X HLQHU DOOJHPHLQHQ 5HVSHNWVDQUHGH HQWZLFNHOW KDW '5$(    LVW SWJ 'RP '  ZHLWHUKLQ IU GLH $QJHK|ULJHQ GHV +RFKDGHOV XQG GHQ UDQJKRKHQ.OHUXVUHVHUYLHUW'LH1DPHQGHU.|QLJHVWHKHQLPPHUPLWÃ'¶''XDUWH ' -RmR 9 HWF 'DJHJHQ ZLUG GLH IHPLQLQH )RUP 'RQD '  LP 3RUWXJLHVLVFKHQ KHXWH XPIDVVHQG XQG IU )UDXHQ DOOHU VR]LDOHQ 6FKLFKWHQ YHUZHQGHW ZlKUHQG VLFK VS 'RxD 'D'xD ZLHVHLQHPDVNXOLQH(QWVSUHFKXQJ'RQDXI3HUVRQHQEH]LHKWGLHDOVVR]LDO K|KHU VWHKHQG EHWUDFKWHW ZHUGHQ E]Z JDQ] DOOJHPHLQ HLQH VHKU UHVSHNWYROOH $QUHGH YHUGLHQHQ ]%'RQ)UDQFLVFR'RxD0DUtD 1LFKWVHOWHQZLUGLP6SDQLVFKHQ'RQXQG 'RxDDXFKPLWGLPLQXWLYHQRGHUK\SRNRULVWLVFKHQ1DPHQVIRUPHQJHEUDXFKW ]%'RxD 0DQROLWD'RQ3DFR XQG]ZDU]XP$XVGUXFNYRQ=XQHLJXQJXQG9HUWUDXWKHLWE]ZLQ LQIRUPHOOHU6LWXDWLRQ *5$(,H  +LQ]XZHLVHQLVWQRFKDXIGLH9HUZHQGXQJGHVEHWRQWHQ5HIOH[LYSURQRPHQVVLQDFK 3UlSRVLWLRQHQ Ä&KHJRX XPD FDUWD SDUD VL SDUD R 6U SDUD D VHQKRUD SDUD YRFr ³ +XQGHUWPDUN6DQWRV0DUWLQV DXFKLQGHUYHUEXQGHQHQ)RUPFRQVLJRZLHEHL 4XHULD IDODU FRQVLJR %RVVRQJ D  ,P 6SDQLVFKHQ LVW HLQH GHUDUWLJH(UVHW]XQJ YRQXVWHGQLFKWP|JOLFK£+DOOHJDGRXQDFDUWDSDUDXVWHG4XHUtDKDEODUFRQXVWHG   

 5HODWLYSURQRPHQ 'HU %HVWDQG DQ 5HODWLYSURQRPHQ ZHLWJHKHQG LGHQWLVFK PLW GHP GHU ,QWHUURJDWLYD FI .DS VRZLHDXFKLKU*HEUDXFKZHLVHQZLHGHUXPJUR‰H*HPHLQVDPNHLWHQDXI(LQ 8QWHUVFKLHG ]ZLVFKHQ GHQ EHLGHQ 6SUDFKHQ EHVWHKW GDULQ GDVV HV LP 3RUWXJLHVLVFKHQ NHLQH(QWVSUHFKXQJ]XHOTXHODTXHJLEWGDVLP6SDQLVFKHQYRUDOOHPQDFKHLQVLOELJHQ 3UlSRVLWLRQHQ9HUZHQGXQJILQGHW,QGLHVHU)XQNWLRQVWHKWLP3RUWXJLHVLVFKHQEHL3HU VRQHQQRUPDOHUZHLVHTXHPRGHU±HKHUGLVWDQ]VSUDFKOLFK±RDTXDOEHLQLFKWPHQVFK OLFKHQ%H]XJVZ|UWHUQTXH4XLHQXQGHOODFXDOVLQGDXFKLP6SDQLVFKHQP|JOLFK3WJ TXHPKDWDQGHUVDOVVSTXLHQNHLQH3OXUDOIRUP        

  7DEHOOH'HU*HEUDXFKGHU5HODWLYSURQRPLQD 6SDQLVFK

3RUWXJLHVLVFK

ORVHVWXGLDQWHVFRQORVTXHKDEODPRV



ORVHVWXGLDQWHVFRQTXLHQHVKDEODPRV

RVHVWXGDQWHVFRPTXHPIDOiPRV

ORVHVWXGLDQWHVFRQORVFXDOHVKDEODPRV

RVHVWXGDQWHVFRPRVTXDLVIDOiPRV

ORVDVXQWRVGHORVTXHKDEODPRV

RVDVVXQWRVGHTXHIDOiPRV

 $XVVFKOLH‰OLFKDOV5HODWLYSURQRPHQGLHQHQFX\R±FXMR FI.DS GDVDOOHUGLQJVLQ EHLGHQ6SUDFKHQDXIGHQ'LVWDQ]EHUHLFKEHVFKUlQNWLVW   

 9HUE 'HU%HVWDQGDQ7HPSRUDXQG0RGL ,Q GLDFKURQLVFKHU 3HUVSHNWLYH LVW ]XQlFKVW ]ZLVFKHQ GHQ DXV GHP /DWHLQLVFKHQ ZHLWHU JHIKUWHQ V\QWKHWLVFKHQ )RUPHQ XQG GHQ DQDO\WLVFKHQ 1HXELOGXQJHQ ]X XQWHUVFKHLGHQ ,Q EHLGHQ )lOOHQ LVW GLH (QWZLFNOXQJ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ ELV ]XP 0LWWHODOWHUSDUDOOHOYHUODXIHQ'DQDFKKDEHQVLFKHLQLJH8QWHUVFKLHGHHUJHEHQ,P3RUWX JLHVLVFKHQKDWVLFKEHLP]XVDPPHQJHVHW]WHQ3HUIHNWXQG3OXVTXDPSHUIHNWGLH)RUPPLW GHP+LOIVYHUEWHU ODW 7(1Ɯ5( DQVWHOOHYRQKDYHU ODW +$%Ɯ5( GXUFKJHVHW]W LP $OWSRUWXJLHVLVFKHQ XQG WHLOZHLVH GDUEHUKLQDXV NRH[LVWLHUHQ EHLGH )RUPHQ  ,P 6SD QLVFKHQ IDQG EHL GHU UD)RUP 7\SXV FDQWDUD  VSlWHU HLQ )XQNWLRQVZHFKVHO YRP 3OXVTXDPSHUIHNW ,QGLNDWLY ]XP .RQMXQNWLY ,PSHUIHNW VWDWW XQG GHU VR JHQDQQWH .RQ MXQNWLY)XWXUGHUGLH)RUPHQGHVODWHLQLVFKHQ)XWXU,,XQGGHVIRUPDOIDVWLGHQWLVFKHQ .RQMXQNWLY3HUIHNWIRUWVHW]WZXUGHYRQHLQLJHQ5HVWHQDEJHVHKHQDXIJHJHEHQ :DV GLH .ODVVLIL]LHUXQJ V\QWKHWLVFK YV DQDO\WLVFK DQJHKW VR VLQG GDV KHXWH V\Q WKHWLVFKH HLQIDFKH  )XWXU XQG GHU .RQGLWLRQDO KLVWRULVFK JHVHKHQ DQDO\WLVFKH )RUPHQ FDQWDUpFDQWDUHL  ODW &$17Ɩ5( +$%(ƿ E]Z FDQWDUtDFDQWDULD  ODW &$17Ɩ5( +$%Ɯ%$0 FI .DS   ZDV VLFK QRFK DQ GHU PHVRNOLWLVFKHQ 6WHOOXQJ GHU 3UR QRPLQDLPHXURSlLVFKHQ3RUWXJLHVLVFKHQHUNHQQHQOlVVW ]%SWJGDUOKRLDÃLFKZUGH HVLKPLKUJHEHQ¶ODW'$5(,//Ʈ,//80+$%Ɯ%$0 FI.DS VSVHORGDUtD 'LH 0HVRNOLVH ZDU DXFK LP $OWVSDQLVFKHQ EOLFK VRIHUQ PDQ KLHU DQJHVLFKWV GHU EOLFKHQ *HWUHQQWVFKUHLEXQJ DVS GDUJHOR KH QVS VH OR GDUp  EHUKDXSW YRQ Ä0HVR³NOLVH VSUHFKHQNDQQ6LHZXUGHDEHUELV]XP-K FI3HQQ\ GXUFKGLH 3URNOLVHHUVHW]WZLHHVDXFKLP%3GHU)DOOLVW





1LFKWXQSUREOHPDWLVFKLVWDXFKGLH8QWHUVFKHLGXQJ]ZLVFKHQDQDO\WLVFKHQ9HUEIRUPHQ XQG3HULSKUDVHQ2EHLQH)RUPLQGHQ*UDPPDWLNHQDOVDQDO\WLVFKH9HUEIRUPRGHUDOV 3HULSKUDVH NODVVLIL]LHUW ZLUG KlQJW YRQ YHUVFKLHGHQHQ )DNWRUHQ DE *UDG GHU *UDP PDWLNDOLVLHUXQJ *UDPPDWLNWUDGLWLRQ  ZHVKDOE GLH *UHQ]HQ IOLH‰HQG VLQG 6R ZLUG LQ GHQ .RQMXJDWLRQVWDEHOOHQ GHV 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ GDV VR JHQDQQWH V\Q WKHWLVFKH)XWXUL$DOVHLQ]LJH)RUPGHV)XWXUXPLPSHUIHFWXPDQJHIKUWZRJHJHQGLH )RUPHQPLWLU VSYR\DFDQWDUYVSWJYRXFDQWDU XQWHUGLH9HUEDOSHULSKUDVHQIDOOHQ 'LH IROJHQGHQ7HPSRUD XQG 0RGL VLQG GLH GLH EOLFKHUZHLVH LQ GHQ *UDPPDWLNHQ GHV 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ DXIJHIKUW ZHUGHQ H[HPSOLIL]LHUW MHZHLOV DQ GHU HUVWHQ 3HUVRQ GHV UHJHOPl‰LJHQ 9HUEV FDQWDU VRZLH GHV XQUHJHOPl‰LJHQ KDFHUID]HU +LQVLFKWOLFK GHU %HQHQQXQJ GHU 7HPSRUD XQG 0RGL JLEW HV HLQLJH 8QWHUVFKLHGH ]ZLVFKHQ GHQ EHLGHQ 6SUDFKHQ GRFK DXFK LQQHUKDOE GHUVHOEHQ 6SUDFKH YRU DOOHP LP 6SDQLVFKHQ ZR QHEHQ 9DULDQWHQ GHU WUDGLWLRQHOOHQ DXI GLH ODWHLQLVFKH *UDPPDWLN ]XUFNJHKHQGHQ7HUPLQRORJLHDXFKGLHYRQ$QGUpV%HOORHLQJHIKUWHQ$XVGUFNH 9HUEUHLWXQJ JHIXQGHQ KDEHQ FI 5RMR9HLJD  ,,   'LHVH ZHUGHQ LQ GHU IROJHQGHQ 7DEHOOH ZLH LQ GHU *5$(  , ]% ± †   ]XVDPPHQ PLW GHQ WUDGLWLRQHOOHQ7HUPLQLDQJHIKUW)UGDV3RUWXJLHVLVFKHZHUGHQGLH%H]HLFKQXQJHQYRQ &XQKD&LQWUD  EHUQRPPHQ  7DEHOOH)LQLWH9HUEIRUPHQ ,QGLNDWLY  )LQLWH)RUPHQ ,QGLNDWLY  

VS

SWJ

VS

SWJ

V\QWKHWLVFK 3UlVHQV 3UHVHQWH ,PSHUIHNW









FDQWR

FDQWR

KDJRKDFHV

IDoRID]HV

FDQWDED

FDQWDYD

KDFtD

ID]LD

FDQWp

FDQWHL

KLFH

IL]

3UHWpULWRLPSHUIHFWR&RSUHWpULWR 3UHWpULWRLPSHUIHLWR

(LQIDFKHV3HUIHNW 3UHWpULWRSHUIHFWRVLPSOH3UHWpULWR 3UHWpULWRSHUIHLWR

(LQIDFKHV3OXVTXDPSHUIHNW 3UHWpULWRPDLVTXHSHUIHLWR

±

FDQWDUD

FDQWDUp

FDQWDUHL

±

IL]HUD

)XWXU, )XWXUR )XWXURVLPSOH)XWXURGRSUHVHQWH

KDUp

IDUHL



 

 9HUEUHLWHW LVW DXFK GLH %H]HLFKQXQJ SUHWpULWR  LQGHILQLGR GLH DEHU LQ GHQ KHXWLJHQ *UDPPDWLNHQHKHUYHUPLHGHQZLUG

  )LQLWH)RUPHQ ,QGLNDWLY 

 DQDO\WLVFK =XVDPPHQJHVHW]WHV3HUIHNW

VS 

SWJ 

VS 

SWJ 

3UHWpULWRSHUIHFWRFRPSXHVWR $QWHSUHVHQWH 3UHWpULWRSHUIHLWRFRPSRVWR

KH FDQWDGR

WHQKR FDQWDGR

KH KHFKR

WHQKR IHLWR

KDEtD FDQWDGR

WLQKD FDQWDGR

KDEtDKHFKR

WLQKD IHLWR

3OXVTXDPSHUIHNW 3UHWpULWR SOXVFXDPSHUIHFWR$QWHFRSUHWpULWR 3UHWpULWRPDLVTXHSHUIHLWR FRPSRVWR

3UHWpULWRDQWHULRU 3UHWpULWRDQWHULRU$QWHSUHWpULWR

)XWXU,, )XWXURFRPSXHVWR$QWHIXWXUR )XWXURGRSUHVHQWHFRPSRVWR

KXEH FDQWDGR

KDEUp FDQWDGR

±

WHUHL FDQWDGR

KXEH KHFKR

KDEUpKHFKR

±

WHUHL IHLWR

  7DEHOOH)LQLWH9HUEIRUPHQ .RQMXQNWLY 

)LQLWH)RUPHQ .RQMXQNWLY 



VS

SWJ

VS

SWJ

V\QWKHWLVFK 3UlVHQV 3UHVHQWH ,PSHUIHNW









FDQWH

FDQWH

KDJD

IDoD

FDQWDUD FDQWDVH 

FDQWDVVH

KLFLHUD KLFLHVH 

IL]HVVH

FDQWDUH 

FDQWDU

KLFLHUH 

IL]HU

3UHWpULWRLPSHUIHFWR3UHWpULWR 3UHWpULWRLPSHUIHLWR

)XWXU )XWXURVLPSOH)XWXUR )XWXUR

        



 )LQLWH)RUPHQ .RQMXQNWLY 



VS

SWJ

VS

SWJ

DQDO\WLVFK









KD\D FDQWDGR

WHQKD FDQWDGR

KD\D KHFKR

WHQKD IHLWR

KXELHUD KXELHVH  FDQWDGR

WLYHVVH FDQWDGR

KXELHUD KXELHVH  KHFKR

WLYHVVHIHLWR

KXELHUH FDQWDGR 

WLYHU FDQWDGR

KXELHUH KHFKR 

WLYHU IHLWR

3HUIHNW 3UHWpULWRSHUIHFWR FRPSXHVWR$QWHSUHVHQWH 3UHWpULWRSHUIHLWR

3OXVTXDPSHUIHNW 3UHWpULWR SOXVFXDPSHUIHFWR$QWHSUHWpULWR 3UHWpULWRPDLVTXHSHUIHLWR

)XWXU,, )XWXURFRPSXHVWR$QWHIXWXUR )XWXURFRPSRVWR

  7DEHOOH)LQLWH9HUEIRUPHQ .RQGLWLRQDO 

)LQLWH)RUPHQ .RQGLWLRQDO 

 .RQGLWLRQDO,

VS

SWJ

VS

SWJ

&RQGLFLRQDOVLPSOH3RVSUHWpULWR )XWXURGRSUHWpULWR

FDQWDUtD

FDQWDULD

KDUtD

IDULD

KDEUtD FDQWDGR

WHULD FDQWDGR

KDEUtD KHFKR

WHULD IHLWR

.RQGLWLRQDO,, &RQGLFLRQDO FRPSXHVWR$QWHSRVSUHWpULWR )XWXURGRSUHWpULWRFRPSRVWR

 ,PSHUDWLY %HLP EHMDKWHQ ,PSHUDWLY ZHUGHQ LQ GHU 3V6J XQG 3O GLH ODWHLQLVFKHQ ,PSHUDWLY IRUPHQIRUWJHIKUWZREHLLP3RUWXJLHVLVFKHQGLH3V3OQXUQRFKPDUJLQDOYRUNRPPW VS £FDQWDG ± SWJ FDQWDL HUVHW]W GXUFK .RQM3UlVFDQWHP ÃVLQJW¶ ,Q DOOHQ DQGHUHQ .RQWH[WHQ DOVR LQ DOOHQ 3HUVRQHQ DX‰HU GHU  3V6J XQG LP HXURSlLVFKHQ 6SDQLVFK DXFK GHU 3V 3OXUDO VRZLH JUXQGVlW]OLFK EHL 9HUQHLQXQJ ZHUGHQ GLH )RUPHQ GHV .RQMXQNWLY3UlVHQVYHUZHQGHW'LH3V3OLVWODXW+XQGHUWPDUN6DQWRV0DUWLQV    LP 3RUWXJLHVLVFKHQ DXI GLH 'LVWDQ]VSUDFKH EHVFKUlQNW (UVDW] GXUFK 8PVFKUHL EXQJHQ 'LHVJLOWWHQGHQ]LHOODXFKIUGDV6SDQLVFKH ]%£YDPRVDHPSH]DUDQVWHOOH YRQ£HPSHFHPRV  FI5HXPXWK:LQNHOPDQQ† 

  

 7UDGLWLRQHOOZLUGKLHUDXFKGHU7HUPLQXVIXWXURSHUIHFWRYHUZHQGHW  'HU .RQGLWLRQDO ZLUG LQ GHQ DXI 6SDQLVFK XQG 3RUWXJLHVLVFK YHUIDVVWHQ *UDPPDWLNHQ PHLVW QLFKWDOVHLJHQHU0RGXVJHUHFKQHWVRQGHUQDOV]XP,QGLNDWLYJHK|ULJ

  7DEHOOH,QILQLWH9HUEIRUPHQ ,QILQLWH)RUPHQ 

VS

SWJ

VS

SWJ

FDQWDGR

FDQWDGR

KHFKR

IHLWR

FDQWDQGR

FDQWDQGR

KDFLHQGR

ID]HQGR

FDQWDU

FDQWDU

KDFHU

ID]HU

3DUWL]LS3HUIHNW 3DUWLFLSLR 3DUWLFtSLR

*HUXQGLXP *HUXQGLR *HU~QGLR

,QILQLWLY ,QILQLWLYR ,QILQLWLYRLPSHVVRDO

 'HU VRJHQDQQWH SHUV|QOLFKH RGHU IOHNWLHUWH ,QILQLWLY GHV 3RUWXJLHVLVFKHQ ZLUG LQ GHQ *UDPPDWLNHQ XQWHU GHQ LQILQLWHQ )RUPHQ DXIJHIKUW REZRKO HU GHUHQ JUXQGOHJHQGHV 0HUNPDO GLH 3HUVRQ QLFKW ]X NHQQ]HLFKQHQ QLFKW WHLOW 9RP V\QWDNWLVFKHQ 9HUKDOWHQ MHGRFKLVWHUGHQLQILQLWHQ)RUPHQ]X]XUHFKQHQLQGHPHUDX‰HULQHOOLSWLVFKHQbX‰HU XQJHQQXU]XVDPPHQPLWHLQHPNRQMXJLHUWHQ9HUEHUVFKHLQHQNDQQ ]XU)RUPHQELOGXQJ VX     )RUPHQELOGXQJ .RQMXJDWLRQVNODVVHQ ,Q EHLGHQ 6SUDFKHQ ZHUGHQ GUHL .RQMXJDWLRQVNODVVHQ XQWHUVFKLHGHQ PLW GHQ ,QILQLWLY HQGXQJHQDXIDUHUXQGLU'LH,QILQLWLYHGHU.RQMXJDWLRQVNODVVHGHV/DWHLQLVFKHQ ƞ5(  VLQG DQGHUV DOV LP )UDQ]|VLVFKHQ ,WDOLHQLVFKHQ XQG DXFK LP .DWDODQLVFKHQ ZHGHU LP 6SDQLVFKHQ QRFK LP 3RUWXJLHVLVFKHQ HUKDOWHQ JHEOLHEHQ 'LH HQWVSUHFKHQGHQ 9HUEHQVLQGLP3RUWXJLHVLVFKHQEOLFKHUZHLVHLQGLH.ODVVH ODWƜ5( EHUJHJDQJHQ LP6SDQLVFKHQWHLOZHLVHDXFKLQGLH.ODVVH ODWƮ5( 'DUDXVHUJHEHQVLFK'LIIHUHQ ]HQ ZLH VS YLYLU YV SWJ YLYHU  ODW 9Ʈ9ƞ5(  RGHU VS GHFLU YV SWJ GL]HU  ODW 'Ʈ&ƞ5(  (LQHQ 6RQGHUIDOO VWHOOW LP 3RUWXJLHVLVFKHQ GDV 9HUE S{U ODW 3ƿ1ƞ5(  PLW VHLQHQ SUlIL[DOHQ$EOHLWXQJHQ FRPSRUGLVSRUHWF GDU'LHVH9HUEHQZHUGHQGHUHU.ODVVH ]XJHUHFKQHW'HUDEZHLFKHQGH,QILQLWLYS{UHUNOlUWVLFK HUQHXWGXUFKGLH1DVDOLVLHUXQJ

 

 +LHUEHLLVW]XEHDFKWHQGDVVDOOH$EOHLWXQJHQYRQS{UDQGHUVDOVGDV6LPSOH[NHLQHQ$N]HQW WUDJHQ ]%GLVSRU 





GHV7RQYRNDOVGHP$XVIDOOGHVLQWHUYRNDOLVFKHQQYRQYODW SRQ̣ʩU H PLWDQVFKOLH‰HQ GHU(QWQDVDOLHUXQJ SRHU XQG.RQWUDNWLRQ FI+XEHU  ,QVJHVDPW DEHU ZLUNHQ VLFK GLH 1DVDOLHUXQJ XQG GHUO6FKZXQG LP 3RUWXJLHVLVFKHQ EHL GHU 9HUEDOIOH[LRQ ZHQLJHU DXV DOV EHL GHU 1RPLQDOIOH[LRQ 8QWHUVFKLHGH ]ZLVFKHQ GHQ EHLGHQ 6SUDFKHQ HUJHEHQ VLFK KLHU HKHU GXUFK XQWHUVFKLHGOLFKH $QDORJLHELOGXQJHQ VRZLHGXUFK'LSKWKRQJLHUXQJLP6SDQLVFKHQXQG9RNDOKDUPRQLHLP3RUWXJLHVLVFKHQ    %HPHUNXQJHQ]XU9HUEDOIOH[LRQ (VZHUGHQLP)ROJHQGHQQXUHLQLJHDXVJHZlKOWH%HUHLFKHEHKDQGHOWLQGHQHQDXIIlOOLJH V\VWHPDWLVFKH 8QWHUVFKLHGH KLQVLFKWOLFK GHU )RUPHQELOGXQJ ]ZLVFKHQ GHQ EHLGHQ 6SUDFKHQIHVWVWHOOEDUVLQG    3UlVHQV 'LH)RUPHQGHV,QGXQG.RQM3UlVZHLVHQZDVGLH(QGXQJHQDQJHKWJUR‰H*HPHLQ VDPNHLWHQ XQG DXFK JUR‰H 1lKH ]XP /DWHLQ DXI 8QWHUVFKLHGH HUJHEHQ VLFK DOOHUGLQJV LP9RNDOLVPXVGHV9HUEVWDPPHV  7DEHOOH'LH(QWZLFNOXQJGHU9HUEIRUPHQLP3UlVHQV ,QGLNDWLY 3UlVHQV  SUREDUYODW SUREiUH NODW352%Ɩ5(

   

TXHUHUYODW TXDHUҽʩUH NODW48$(5ċ5(

VS

SWJ

YODW

VS

SWJ

YODW

SUXHER SUXHEDV SUXHED SUREDPRV SUREiLV SUXHEDQ

SURYR SURYDV SURYD SURYDPRV SURYiLV  SURYDP

SU‫ۃ‬ʩER

SU‫ۃ‬ʩEDV

SU‫ۃ‬ʩEDW

SUREiPRV

SUREiWHV

SU‫ۃ‬ʩEDQW

TXLHUR TXLHUHV TXLHUH TXHUHPRV TXHUpLV TXLHUHQ

TXHUR TXHUHV TXHU TXHUHPRV TXHUHLV  TXHUHP

TXDHUR

TXDHUHV

TXDHUHW

TXDHUҽɩPRV

TXDHUҽɩWHV

TXDHUHQW

  ,QGLNDWLY 3UlVHQV 

GRUPLUYODWGRUPtUH NODW'250Ʈ5(

VS

SWJ

YODW

GXHUPR GXHUPHV GXHUPH GRUPLPRV GRUPtV GXHUPHQ

GXUPR GRUPHV GRUPH GRUPLPRV GRUPLV GRUPHP

G‫ۃ‬UP M R

G‫ۃ‬UPHV

G‫ۃ‬UPHW

GRUPtPRV

GRUPtWHV

GRUPHQW

 :LH PDQ DQ GHQ KLHU JHZlKOWHQ %HLVSLHOHQ VHKHQ NDQQ IKUWH LP 6SDQLVFKHQ GHU 8PVWDQG GDVV GLH 'LSKWKRQJLHUXQJ YRQ >͑@ XQG >ɬ@ QXU LQ EHWRQWHU 6LOEH HUIROJWH ]X 6WDPPDEVWXIXQJLP3UlVHQVSDUDGLJPDXQG]ZDUGXUFKJHKHQGEHL9HUEHQGHUXQG .RQMXJDWLRQGLHLP9ODWGHQ7RQYRNDO̯RGHU‫ۃ‬KDWWHQ VLHJHOWHQLQGHQ*UDPPDWLNHQ DOV XQUHJHOPl‰LJ  DEHU SHU $QDORJLH DXFK EHL HLQHU 5HLKH VROFKHU EHL GHQHQ JHVFKORVVHQHV >H@ RGHU >R@ YRUODJ ]% VS QHYDU  YODW QHYiUH NODW 1,1*(5( VS PRVWUDUYODW PRVWUiUHNODW 0ƿ1675Ɩ5(  =DXQHU± ,QDQGHUHQ)lOOHQ EOLHEHQ ́ XQG ͕ ZLH HLJHQWOLFK ]X HUZDUWHQ DXFK LQ GHQ EHWRQWHQ )RUPHQ PRQR SKWKRQJLVFK ]%VSSRQHUVRRGHUVSOOHJDUYODW SOHFiUHNODW3/,&Ɩ5(ÃIDOWHQ¶  VRGDVVNHLQH6WDPPDEVWXIXQJDXIWULWW(VJLEWKHXWHDOVRLP6SDQLVFKHQ9HUEHQPLWH XQGRDOV7RQYRNDOHGHV6WDPPHVEHLGHQHQLQGHQVWDPPEHWRQWHQ)RUPGHV,QGXQG .RQM3UlV'LSKWKRQJHYRUOLHJHQXQGVROFKHEHLGHQHQGDVQLFKWGHU)DOOLVW $XFK LP 3RUWXJLHVLVFKHQ NDQQ GHU :HFKVHO YRQ VWDPP XQG HQGXQJVEHWRQWHQ )RUPHQHLQH9DULDWLRQGHV7RQYRNDOVEHGLQJHQ*UXQGVlW]OLFK $XVQDKPHQVLQG)lOOH LQGHQHQGHU7RQYRNDO(UJHEQLVHLQHU.RQWUDNWLRQQDFK.RQVRQDQWHQDXVIDOOLVW]%EHL SUHJDU  YODW SUHHJDU NODW 35$(',&Ɩ5( 7H\VVLHU    HQWVSULFKW HLQHP EHWRQWHQ>D@LQRIIHQHU6LOEHHLQXQEHWRQWHV>Ļ@HLQHP>R@XQG>ɬ@HLQ>X@XQGHLQHP>H@ XQG>͑@HLQ>ԥ@LQXQEHWRQWHU6LOEHSWJIDOR> IDOX@±IDODPRV>IĻ OĻPXߑ@SURYR> S‫ޞ‬ɬYX@ ±SURYDPRV>S‫ޞ‬X YĻPXߑ@GHYR> GHYX@±GHYHPRV>Gԥ YHPXߑ@ 'LHVH9DULDWLRQZLUGJUDSKLVFKQLFKWZLHGHUJHJHEHQ,QGHQVWDPPEHWRQWHQ)RUPHQ GHV 3UlVHQVSDUDGLJPDV GHU SWJ 9HUEHQ DXI DU VLQG H XQG R LPPHU RIIHQ DXFK ZHQQ YODẂXQG͕]XJUXQGHOLHJHQ ,Q GHU  .RQMXJDWLRQ VLQG LP 6SDQLVFKHQ NHLQH %HVRQGHUKHLWHQ ]X YHUPHUNHQ ,P 3RUWXJLHVLVFKHQ JLOW ZLHGHUXP GDVV LQ EHWRQWHU 6LOEH EHL H XQG R GHU 4XDQWLWlWHQ XQWHUVFKLHG DXIJHKREHQ ZXUGH 8QDEKlQJLJ YRQ GHU (W\PRORJLH OLHJW LQ GHU  XQG 3V6J,QG3UlV GLH MHZHLOV RIIHQH 4XDOLWlW YRU LQ GHU 3V6J GDJHJHQ GLH JH VFKORVVHQH ]% SWJ PRYR > PRYX@ PRYHV > PɬYԥߑ@ ODW 029Ɯ5( 7RQYRNDO YODW ‫ ۃ‬





SWJ FRVR > NR]X@ FRVHV > Nɬ]ԥߑ@ 7RQYRNDO YODW ͕ ODW &ƿ168,6  'HU *UXQG IU GLH JHVFKORVVHQH 4XDOLWlW GHU 7RQYRNDOH LQ GHU 3V LVW XQNODU :HQQ PDQ QLFKW ZLH :LOOLDPV  DQQLPPWGDVVGDVDXVODXWHQGHRLP-KEHUHLWVXJHZHVHQVHL XQGGHQ7RQYRNDOXPJHODXWHWKDEHPXVVPDQDQHLQH+HEXQJGXUFKHLQQDFKIROJHQGHV M FINODW 029(ƿYODW P‫ۃ‬YMR GHQNHQ FI6FKUU± ZREHLDOOHUGLQJVGDV XQWHUVFKLHGOLFKH9HUKDOWHQGHU9HUEHQGHUXQGGHU.RQMXJDWLRQ]XNOlUHQZlUH ,QGHU*UDSKLHILQGHWGLHVHU4XDOLWLWlWHQXQWHUVFKLHGNHLQHQ1LHGHUVFKODJ ,QGHU.RQMXJDWLRQZLUNWVLFKLQEHLGHQ6SUDFKHQGHU(LQIOXVVGHVMLQGHU3V6J ]% YODW V̯UYMR NODW 6(59,ƿ YODW G‫ۃ‬UPMR NODW '250,ƿ  PHWDSKRQLVFK DXV XQG EHGLQJWHLQH+HEXQJYRQ́XQG̯]XLVRZLHYRQ͕XQG‫]ۃ‬XX,P3RUWXJLHVLVFKHQVLQG GLHVH9HUKlOWQLVVHQRFKHUNHQQEDUXQGDXFKJUDSKLVFKUHSUlVHQWLHUWLP6SDQLVFKHQKDW ]7 HLQ $XVJOHLFK QDFK GHU  3V VWDWWJHIXQGHQ ]% EHL VS VHUYLU SHGLU UHFLELU FXEULU  ]7 QDFK GHQ GLSKWKRQJLHUWHQ )RUPHQ GHV 3DUDGLJPDV ]% EHL VS VHQWLU PHQWLUGRUPLU (VVWHKHQVLFKDOVRKHXWHEHLVSLHOVZHLVHJHJHQEHU  7DEHOOH'LH9HUEIRUPHQYRQVHUYLUXQGGRUPLULP3UlVHQV VHUYLU ,QGLNDWLY3UlVHQV 

GRUPLU ,QGLNDWLY3UlVHQV 

VS

SWJ

VS

SWJ

VLUYR VLUYHV VLUYH VHUYLPRV VHUYtV VLUYHQ

VLUYR VHUYHV VHUYH VHUYLPRV VHUYLV  VHUYHP

GXHUPR GXHUPHV GXHUPH GRUPLPRV GRUPtV GXHUPHQ

GXUPR>X@ ZHJHQ8PODXW  GRUPHV>ɬ@ GRUPH>ɬ@ GRUPLPRV>X@ ZHJHQ9RUWRQ  GRUPLV >X@ ZHJHQ9RUWRQ  GRUPHP>ɬ@

 'DVMGDVGLH9HUlQGHUXQJHQLQGHU3V,QG3UlVPDQFKHU9HUEHQLQGX]LHUWHZDUDXFK LQ GHQ 3DUDGLJPHQ GHV .RQMXQNWLYV ZLUNVDP VRIHUQ NHLQ DQDORJLVFKHU $XVJOHLFK VWDWWIDQG )UGDV9XOJlUODWHLQLVFKHVLQG)RUPHQZLHYODW V̯UYMDWNODW 6(59,$7 YRQ 6(59Ʈ5(  DQ]XVHW]HQ ZDV HUNOlUW ZHVKDOE LP 3WJ EHL8PODXW LQ GHU 3V6J,QG3UlV DXFKGHU.RQMXQNWLYGLHVHQ9RNDOLVPXVKDW HX GXUPR TXH  WX GXUPDV HX VLUYR TXH  WX  VLUYDV HWF 'DV JOHLFKH3ULQ]LS OLHJW DXFK EHL HLQLJHQ 9HUEHQ YRU EHL GHQHQ GDVMNHLQHQE]ZQLFKWQXU8PODXWVRQGHUQ9HUlQGHUXQJHQLP.RQVRQDQWLVPXVEHZLUNW KDW ]% WHUS{U HX  WHQKR SRQKR TXH  HX  WHQKD SRQKDHWF ,P 6SDQLVFKHQ IDQG YHUPXWOLFK ]XQlFKVW HLQH YHUJOHLFKEDUH (QWZLFNOXQJ VWDWW FI 3HQQ\    GRFKOLHJHQVFKRQLP$OWVSDQLVFKHQGLHDQDORJLVFKHQ)RUPHQPLWJ WHQJR SRQJR YRU'LHVHVJJHKWDXIGLH3V6JYRQ9HUEHQ]XUFNGHUHQ6WDPPLP9ODWDXI NRGHU.RQV>J@HQGHWH YODW GLFǀ!VSGLJRGDJHJHQGLFHVHWFPLWDVS>WV@ YODW

 

 1HXH8QWHUVXFKXQJHQOLHJHQ]XGLHVHP3UREOHPEHUHLFKOHLGHUQLFKWYRU

 

VSDUJR ! DVS HVSDUJR QVS DQDORJLVFK HVSDU]R  XQG ZXUGH ]7 HUVW DP (QGH GHU DOWVSDQLVFKHQ =HLW DXI HLQH 5HLKH DQGHUHU 9HUEHQ EHUWUDJHQ 3HQQ\  ±  'DVJLVWDOVRZHGHUEHLWHQHUXQGSRQHUQRFKEHLVSLHOVZHLVHEHLKDFHURtU XQG FDHU HW\PRORJLVFK XQG IHKOW LP 3RUWXJLHVLVFKHQ ZR GLHVH $QDORJLH QLFKW HLQ JHWUHWHQ LVW 6SH]LILVFK VSDQLVFK LVW GLH $OWHUQDQ] EHL GHU *UXSSH GHU 9HUEHQ GHUHQ ,QILQLWLYDXIDFHUHFHURFHURGHUXFLUDXVJHKW6LHELOGHQGLH3V,QGXQGGHQ.RQM PLW]F+LHUOLHJWDOOHUGLQJVNHLQM(LQIOXVVYRUVRQGHUQGLHMHQDFKODXWOLFKHP.RQWH[W XQWHUVFKLHGOLFKH(QWZLFNOXQJGHUODW*UXSSHVNGLHDQGHUVDOVLP3RUWXJLHVLVFKHQYRU R XQG D HUKDOWHQ EOLHE YRU3DODWDOHQ GDJHJHQ ]X >WV@ XQGVFKOLH‰OLFK]X >‫ @ۏ‬ZXUGH FI 3HQQ\     'LH SRUWXJLHVLVFKH )RUP SRVVR JHKW DXI ODW 326680 ]XUFN GHU .RQM SRVVD HWF ODXW :LOOLDPV    DXI ODW 3266,0 GDV GLH .RQ MXQNWLYHQGXQJHQGHU.RQMXJDWLRQEHUQDKP6SSXHGRLVWGDJHJHQUHJHOPl‰LJ YODW

S‫ۃ‬W M R YRP ,QILQLWLY YODW SRẂʩUH NODW 3266( FI 3HQQ\     (V IROJWHLQH$XVZDKOYRQ9HUEHQEHLGHQHQLQPLQGHVWHQVHLQHU6SUDFKHEHLGHU3V6J ,QG3UlV XQG GHP .RQM3UlV GHU 6WDPP HLQH DQGHUH )RUP KDW DOV LQ GHQ VRQVWLJHQ )RUPHQGHV,QG3UlV  7DEHOOH8QWHUVFKLHGOLFKH.RQMXJDWLRQVW\SHQLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQLP,QGLNDWLY XQG.RQMXQNWLY3UlVHQV 6SDQLVFK

,QILQLWLY

3V6J ,QG3UlV

3RUWXJLHVLVFK 3V6J .RQM3UlV

,QILQLWLY

3V6J ,QG3UlV

DEZHLFKHQGHU6WDPPDXVODXWLP6SDQLVFKHQ±LP3RUWXJLHVLVFKHQUHJHOPl‰LJ FDHU FDLJR FDLJD FDLU FDLR FRQGXFLU FRQGX]FR FRQGX]FD FRQGX]LU FRQGX]R FRQRFHU FRQR]FR FRQR]FD FRQKHFHU FRQKHoR QDFHU QD]FR QD]FD QDVFHU QDVoR RIUHFHU RIUH]FR RIUH]FD RIHUHFHU RIHUHoR VDOLU VDOJR VDOJD VDLU VDLR DEZHLFKHQGHU6WDPPDXVODXWLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQ KDFHU KDJR KDJD ID]HU IDoR RtU RLJR RLJD RXYLU RXoR SRQHU SRQJR SRQJD S{U SRQKR WHQHU WHQJR WHQJD WHU WHQKR YDOHU YDOJR YDOJD YDOHU YDOKR YHQLU YHQJR YHQJD YLU YHQKR



3V6J .RQM3UlV FDLD FRQGX]D FRQKHoD QDVoD RIHUHoD VDLD IDoD RXoD SRQKD WHQKD YDOKD YHQKD



 3RUWXJLHVLVFK

6SDQLVFK

,QILQLWLY

3V6J ,QG3UlV

3V6J .RQM3UlV

,QILQLWLY

3V6J ,QG3UlV

DEZHLFKHQGHU6WDPPDXVODXWLP3RUWXJLHVLVFKHQ±LP6SDQLVFKHQUHJHOPl‰LJ SHUGHU SLHUGR SLHUGD SHUGHU SHUFR SRGHU SXHGR SXHGD SRGHU SRVVR YHU YHR YHD YHU YHMR

3V6J .RQM3UlV

SHUFD SRVVD YHMD

 8QUHJHOPl‰LJH 3UlVHQVIRUPHQ KDEHQ DXFK GLH 9HUEHQ VHU HVWDU KDEHUKDYHU LU XQG GDU ZREHL GLH 8QWHUVFKLHGH ]ZLVFKHQ GHQ 6SUDFKHQ LP ,QGLNDWLY JHULQJ VLQG =X HUZlKQHQZlUHGLH3V3UlVYRQVHUGLHLP6SDQLVFKHQ WX HUHVLP3RUWXJLHVLVFKHQ GDJHJHQpVODXWHW6SHUHVJHKW]XUFNDXIYODW HʐUHVNODW (5,6GLH3V6J)XWXUYRQ HVVH UH  GLH 'LSKWKRQJLHUXQJ XQWHUEOHLEW YHUPXWOLFK ZHJHQ XQEHWRQWHU 6WHOOXQJ FI 3HQQ\ SWJpVGDJHJHQDXINODW (63V6J3UlVYRQNODW (66( E]Z YODW HVVHUH,QGHU3VVWHKHQVLFKVSHVXQGSWJpJHJHQEHU%HLVHUHVWDU LUXQGGDUKDWGDV6SDQLVFKHLQGHU3VR\>RM@GDV3RUWXJLHVLVFKHRX>R@VSVR\ HVWR\YR\GR\YVSWJVRXHVWRXYRXGRX%HLKDEHUKDYHULVW]XEHPHUNHQGDVVHV QXULP6SDQLVFKHQPLWKD\HLQHVSH]LHOOHEHWRQWH)RUPIUGLH%HGHXWXQJÃHVJLEW¶JLEW LQ GHU )XQNWLRQ DOV +LOIVYHUE ODXWHW GLH )RUP KD ,P 3RUWXJLHVLVFKHQ VWHKW Ki LQ DOOHQ .RQWH[WHQ ZREHL HV DOV +LOIVYHUE VRZLHVR QXU HLQH PDUJLQDOH 5ROOH VSLHOW  (V KHL‰W DOVRLP6SDQLVFKHQ]%+D\PXFKRVUDWRQHVLP3RUWXJLHVLVFKHQ+iPXLWRVUDWRV ,P.RQMXQNWLYZHLVHQGLH)RUPHQVSVHDXQGSWJVHMD YODW V́GMDNODW6('($0 YRQ 6('Ɯ5( ÃVLW]HQ¶  YRQ VHU VRZLH VS KD\D XQG SWJ KDMD  YODW DEMD NODW +$%($0 QXUJHULQJH8QWHUVFKLHGHDOV5HVXOWDWHYHUVFKLHGHQHU/DXWHQWZLFNOXQJHQDXI %HLHVWDUXQGLUZHLFKHQGLH)RUPHQGHXWOLFKYRQHLQDQGHUDEXQGVLQGYRQGHUMHZHLOV DQGHUHQ6SUDFKHKHUNDXPLGHQWLIL]LHUEDU'HU.RQM3UlVYRQHVWDUODXWHWLP6SDQLVFKHQ HVWp YODW HVWp NODW 67(0  LP 3RUWXJLHVLVFKHQ HVWHMD LQ $QDORJLH ]X VHMD GLH DSWJ )RUP ODXWHWH QRFK HVWp :LOOLDPV    ,P .RQM3UlV YRQ LU LVW HV GDV 3RUWXJLHVLVFKH GDV GLH ODWHLQLVFKHQ )RUPHQ 9Ɩ'$0 9Ɩ'Ɩ6 HWF GLUHNW IRUWVHW]W TXH

 

 'LH 9HUEIRUP SWJ p GW ÃLVW¶ZLUG LQ lOWHUHQ 7H[WHQ EOLFKHUZHLVH PLW XQHW\PRORJLVFKHP K JHVFKULHEHQ KH! XP VLH YRQ GHU .RQMXQNWLRQ H GW ÃXQG¶ ]X XQWHUVFKHLGHQ 'DPLW LVW VLH KRPRJUDSKPLWGHU3V6JGHVVSDQLVFKHQ+LOIVYHUEVKDEHUZDV]X9HUZHFKVOXQJHQIKUHQ NDQQ   'LH+HUNXQIWGHV\LQGLHVHQ)RUPHQLVWQLFKWHLQGHXWLJJHNOlUW9LHOOHLFKWKDQGHOWHVVLFKZLH EHL KD\ DQJHQRPPHQ ZLUG XP GDV $GYHUE DVS \ ÃGRUW¶  ODW ,%,  GDV DQJHIJW ZXUGH 3HQQ\    'LHYODW9HUEHQ HVVHUHÃVHLQ¶XQG VHǴਸUHÃVLW]HQ¶VLQGLP6SDQLVFKHQXQG3RUWXJLHVLVFKHQ LQHLQHPHLQ]LJHQ9HUEVHU DVSDSWJVHHU ÃVHLQ¶]XVDPPHQJHIDOOHQ'LH%HGHXWXQJÃVLW]HQ¶ ZLUGLQEHLGHQ6SUDFKHQGXUFKHVWDUVHQWDGRDXVJHGUFNW

 

HX YiTXH WX YiVHWF  ZlKUHQGGLHVSDQLVFKH(QWVSUHFKXQJHQLQ$QDORJLHDQ)RU PHQZLHKD\DHQWVWDQGHQVLQG 3HQQ\     (LQIDFKHV3HUIHNW ,Q EHLGHQ 6SUDFKHQ OlVVW VLFK ZLH LP /DWHLQLVFKHQ XQG LQ GHQ DQGHUHQ URPDQLVFKHQ 6SUDFKHQ EHLP V\QWKHWLVFKHQ 3HUIHNW GDV DXI GDV ODWHLQLVFKH 3UlWHULWXP 3HUIHFWXP 7\SXV &$17Ɩ9Ʈ )Ɯ&Ʈ  ]XUFNJHKW ]ZLVFKHQ VFKZDFKHU UHJHOPl‰LJHU  XQG VWDUNHU XQUHJHOPl‰LJHU  3HUIHNWELOGXQJ XQWHUVFKHLGHQ 6FKZDFKH 3HUIHNWH NDPHQ LP /DWHLQ LVFKHQLQGHUXQG.RQMXJDWLRQYRUGHU7\SXV 'Ɯ/Ɯ9ƮGHU.RQMXJDWLRQZXUGH MHGRFK LP 5RPDQLVFKHQ QLFKW ZHLWHUJHIKUW /DXVEHUJ    'LH UHJHOPl‰LJHQ 3HUIHNWH GHU 9HUEHQ DXI HU LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ ZHUGHQ DXI GDV VR JHQDQQWHGHʐGL3HUIHNWGDVDXVODWHLQLVFKHQUHGXSOL]LHUHQGHQ)RUPHQGHV7\SV 9Ɯ1','Ʈ HQWVWDQGHQLVW /DXVEHUJ ]XUFNJHIKUW 'LH %LOGXQJ GHU VFKZDFKHQ 3HUIHNWIRUPHQ YHUOlXIW LP 6SDQLVFKHQ XQG 3RUWX JLHVLVFKHQVHKUlKQOLFK%HLGH6SUDFKHQHQWIHUQHQVLFKZHQLJYRP9XOJlUODWHLQLVFKHQ  7DEHOOH'LH(QWZLFNOXQJGHUVWDUNHQ3HUIHNWIRUPHQ ODW NODW&$17Ɩ9Ʈ YODW FDQWDL NODW&$17Ɩ9,67Ʈ YODW FDQWDVWL NODW&$17Ɩ9,7 YODW FDQWiXW NODW&$17Ɩ9,086 YODW FDQWiPRV NODW&$17Ɩ9,67, YODW FDQWDVWHV

VS FDQWp FDQWDVWH FDQWy FDQWDPRV FDQWDVWHLV

NODW&$17Ɩ9(5817 FDQWDURQ YODW FDQWDURQW

    

SWJ

ODW

NODW'250Ʈ9Ʈ YODW GRUPt NODW'250Ʈ9,67Ʈ FDQWDVWH YODW GRUPLVWL NODW'250Ʈ9,7 FDQWRX YODW GRUPtXW NODW'250Ʈ9,086 FDQWiPRV YODW GRUPtPRV NODW'250Ʈ9,67,6 FDQWDVWH  YODW GRUPHVWHV NODW FDQWDUDP '250Ʈ9Ɯ5817 YODW GRUPtURQW FDQWHL

VS

SWJ

GRUPt

GRUPL

GRUPLVWH

GRUPLVWH

GXUPLy

GRUPLX

GRUPLPRV

GRUPLPRV

GRUPLVWHLV GRUPLVWH 

GXUPLHURQ GRUPLUDP



 VS

SWJ

YHQGt

YHQGL

YHQGLVWH

YHQGHVWH

NODW9Ɯ1',',7 YODW YHQGҽʩLW

YHQGLy

YHQGHX DQDORJ]XUGHQ DQGHUHQ.ODVVHQFI /DXVEHUJ 

NODW9Ɯ1',',086 YODWYHQGHPRV

YHQGLPRV (QGXQJLPRVSHU $QDORJLHFI/DXVEHUJ  

YHQGHPRV

YHQGLVWHLV

YHQGHVWHV 

YHQGLHURQ

YHQGHUDP

ODW

NODW9Ɯ1','Ʈ YODW YHQGpૢGL! YHQGҽʩL NODW9Ɯ1',',67Ʈ YODW YHQGHVWL

NODW9Ɯ1',',67,6 YODW YHQGHVWHV NODW9Ɯ1','Ɯ5817 YODW YHQGpૢURQW

 =XNRQVWDWLHUHQLVWLP6SDQLVFKHQGLHDQDORJLVFKH(QGXQJHLVGHU3V3OLQDOOHQGUHL .RQMXJDWLRQHQ,P$OWVSDQLVFKHQODJKLHUQRFKFDQWDVWHVGRUPLVWHVGXUPLVWHVYHQGLVWHV YRU %HL GHU 3V6J3HUI GHU 9HUEHQ DXI LU KDW VLFK LP 6SDQLVFKHQ GHU $N]HQW YHU VFKREHQDXVHLQHPIDOOHQGHQ'LSKWKRQJLVWHLQVWHLJHQGHUJHZRUGHQ'LH9HUEHQDXIHU KDEHQVLFKDQGLHDXILUDQJHSDVVW VSYHQGLVWHYHQGLPRVHWF LP3RUWXJLHVLVFKHQVLQG GDJHJHQ GLH XUVSUQJOLFKHQ (QGXQJHQ SWJ YHQGHVWH YHQGHPRV  HUKDOWHQ 'HU 'LSK WKRQJLHLQGHU3V3OJHKWQDFK/DXVEHUJ  QRFKDXIGDVXUVSUQJOLFKRIIHQH Hʐ ]XUFNGDVLP3RUWXJLHVLVFKHQJHVFKORVVHQZXUGH SWJYHQGHUDPXQGDXFKYHQGHVWH KDEHQ>H@  'HU:HFKVHOGHV6WDPPYRNDOVYRQR]XXNRPPWLP6SDQLVFKHQQXUEHLGHQEHLGHQ 9HUEHQGRUPLUXQGPRULUYRUZRVLFKGLHYRUMHQWVWDQGHQHQ)RUPHQPLWXGXUFKJHVHW]W KDEHQ 3HQQ\  $OVVWDUNZHUGHQGLH3HUIHNWELOGXQJHQEH]HLFKQHWGLH]XPLQGHVWLQHLQLJHQ)RUPHQ GHV 3DUDGLJPDV VWDPPEHWRQW VLQG 6LH JHKHQ DXI ODWHLQLVFKH )RUPHQ ]XUFN GLH SHU 5HGXSOLNDWLRQ PLW VL PLW $EODXW VRZLH PLW XL JHELOGHW ZXUGHQ FI 5XEHQEDXHU +RIPDQQ    'LH 'HWDLOV GHU MHZHLOLJHQ (QWZLFNOXQJHQ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQGDU]XVWHOOHQLVWKLHUQLFKW P|JOLFK(V VROOQXUDQHLQHP%HLVSLHO ODW )Ɯ&,$EODXWSHUIHNWYRQ )$&(5( JH]HLJWZHUGHQZHOFKHJUXQGVlW]OLFKHQ8QWHUVFKLHGH EHVWHKHQE]ZEHVWHKHQN|QQHQ     

  7DEHOOH'LH(QWZLFNOXQJYRQODW)Ɯ&ƮDOV%HLVSLHOIUHLQVWDUNHV3HUIHNW /DWHLQ

6SDQLVFK

3RUWXJLHVLVFK

NODW)Ɯ&ƮYODW IҽFL NODW)Ɯ&,67ƮYODW IHFҽVWL NODW)Ɯ&,7YODW IHFHW NODW)Ɯ&,086YODW IHFtPRV NODW)Ɯ&,67,6YODW IHFҽVWHV NODW)Ɯ&Ɯ5817YODWIHFҽURQW

KLFH KLFLVWH KL]R KLFLPRV KLFLVWHLV KLFLHURQ

IL] IL]HVWH>IL ]͑ߑWԥ@ IH] IL]HPRV>IL ]͑PXߑ@ IL]HVWHV>IL ]͑ߑW̸ߑ@ IL]HUDP>IL ]͑‫ޞ‬Ļ੻Z@

 ,Q EHLGHQ 6SUDFKHQ EHGLQJWH GDV DXVODXWHQGH L GHU  XQG 3V6J GDVV GDV ́ GHV 6WDPPHV ]X L JHVFKORVVHQ ZXUGH ,P 6SDQLVFKHQ ZXUGH GLHVHV L DXI GHQ JHVDPWHQ 6WDPP EHUWUDJHQ ZlKUHQG LP 3RUWXJLHVLVFKHQ LQ GHU 3V6J LQ GHU NHLQH 8PODXW EHGLQJXQJHQ EHVWDQGHQ GDV H HUKDOWHQ ZXUGH (V JLEW LP 3RUWXJLHVLVFKHQ ZHLWHUH 3HUIHNWHEHLGHQHQVLFKGLHXQG3V6JGXUFKGHQ7RQYRNDOXQWHUVFKHLGHQSWJ HX  IXL± HOHHOD IRLYRQVHUXQGLU HX WLYH± HOHHOD WHYHYRQWHU HX SXGH± HOHHOD  S{GHYRQSRGHU HX SXV± HOHHOD S{VYRQS{U,QDQGHUHQ)lOOHQ ]%SWJGLVVHYRQ GL]HUXQGTXLVYRQTXHUHU VLQGGLH)RUPHQGHUXQG3VLGHQWLVFKGLVVHZHJHQGHV 7RQYRNDOVLTXLVZHJHQDQDORJLVFKHQ$XVJOHLFKV FI:LOOLDPV  ,P 6SDQLVFKHQ ZXUGH LQ $QDORJLH DQ GLH (QGXQJ GHU VFKZDFKHQ 9HUEHQ LQ GHU 3V6JHLQRDQJHIJW'LHVJLOWIUDOOHVWDUNHQ9HUEHQDX‰HUVHUXQGLUEHLGHQHQGLH 3VIXHODXWHW]%VS pOHOOD WXYRYRQWHQHU SWJWHYH SXGRYRQSRGHU SWJS{GH  SXVR YRQ SRQHU SWJ S{V  VXSR YRQ VDEHU SWJ VRXEH  KXER YRQ KDEHU SWJ KRXYH  GLMRYRQGHFLU SWJGLVVH TXLVRYRQTXHUHU SWJTXLV  =X GHQ(QGXQJHQ LVW QRFK ]X EHPHUNHQ GDVV GDV H LQ GHQ SRUWXJLHVLVFKHQ )RUPHQ GHU3V6JXQGGHVJHVDPWHQ3OXUDOVHLQRIIHQHV>͑@LVWDQGHUVDOVEHLGHQVFKZDFKHQ 9HUEHQZRHV>H@DXVJHVSURFKHQZLUGSWJFRPHVWH>NX PHߑWԥ@YVIL]HVWH>IL ]͑ߑWԥ@HWF /DXVEHUJ    IKUW GLHV HEHQVR ZLH GLH 'LSKWKRQJLHUXQJ LQ GHU 3V3O LP 6SDQLVFKHQGLHHEHQIDOOVHLQ>͑@YRUDXVVHW]WDXIGHQ(LQIOXVVGHVGHʐGL3HUIHNWV]XUFN :LOOLDPV    GDJHJHQ VLHKW GLH gIIQXQJ GXUFK GLH $N]HQWYHUODJHUXQJ DXI GLH 3DHQXOWLPD YODW IpFHUXQW! IHFpUXQW EHLGHUNXU]HVČ]XRIIHQHPHʐZXUGHEHGLQJW (V NDQQ IHVWJHKDOWHQ ZHUGHQ GDVV VLFK LP 6SDQLVFKHQ GXUFK GLH HUZlKQWHQ $QD ORJLHHUVFKHLQXQJHQHLQHJU|‰HUH5HJHOPl‰LJNHLWPLWZHQLJHUDPELJXHQ)RUPHQHUJHEHQ KDWDOVLP3RUWXJLHVLVFKHQ*HUDGHEHLGHQIUHTXHQWHQXQUHJHOPl‰LJHQ9HUEHQVLQGGLH )RUPHQGHV3HUIHNWVRIWQLFKWYRQGHUMHZHLOVDQGHUHQ6SUDFKHKHUHUVFKOLH‰EDU ]%VS WXYRYVSWJWHYH     





'HU.RQMXQNWLY)XWXU 'LH)RUPHQGHVVRJHQDQQWHQ.RQM)XWJHKHQDXI]ZHLXUVSUQJOLFKYHUVFKLHGHQH3DUD GLJPHQ ]XUFN QlPOLFK GDV GHV ODWHLQLVFKHQ )XWXUXP H[DFWXP )XWXU ,,  7\SXV $0Ɩ9(5ƿXQGGDVGHV.RQMXQNWLYV3HUIHNW ODW$0Ɩ9(5,0 GLHLP/DWHLQLVFKHQDEJH VHKHQ YRQ GHU 3V6J3UlV IRUPHQJOHLFK ZDUHQ ODW $0Ɩ9(5,6 $0Ɩ9(5,7 HWF  /DXVEHUJ    ,P 9XOJlUODWHLQLVFKHQ VLQG GLH EHLGHQ .DWHJRULHQ ]XVDPPHQ JHIDOOHQ'LH)RUPHQLP3RUWXJLHVLVFKHQZHUGHQYRQGHU3V3OGHV3HUIHNWVRKQHGLH (QGXQJDPDEJHOHLWHW'LHVH$XVJDQJVIRUPLVWEHLGHQUHJHOPl‰LJHQ9HUEHQLGHQWLVFK PLW GHP ,QILQLWLY ZHVKDOE VLFK )RUPHQJOHLFKKHLW PLW GHP IOHNWLHUWHQ ,QILQLWLY HUJLEW %HL GHQ XQUHJHOPl‰LJHQ 9HUEHQ %HLVSLHO SWJ ID]HU VS KDFHU  XQWHUVFKHLGHQ VLFK KLQJHJHQGLHEHLGHQ3DUDGLJPHQ ]XUZHLWHUHQ(QWZLFNOXQJXQGKHXWLJHQ9HUZHQGXQJ FI.DS   7DEHOOH'LH(QWZLFNOXQJYRQODW&$17Ɩ5(XQG)$&(5(LP.RQMXQNWLY)XWXU /DWHLQ

6SDQLVFK

3RUWXJLHVLVFK

NODW&$17Ɩ9(5ƿ&$17Ɩ9(5,0YODW

FDQWiURHP NODW&$17Ɩ9(5,6YODW FDQWiUHV NODW&$17Ɩ9(5,7YODW FDQWiUHW NODW&$17Ɩ9(5,086YODW FDQWiUHPRV NODW&$17Ɩ9(5,7,6YODW FDQWiUHWHV NODW&$17Ɩ9(5,17YODW FDQWiUHQW

FDQWDUH

FDQWDU

FDQWDUHV FDQWDUH FDQWiUHPRV FDQWDUHLV FDQWDUHQ

FDQWDUHV FDQWDU FDQWDUPRV FDQWDUGHV  FDQWDUHP

/DWHLQ

6SDQLVFK

3RUWXJLHVLVFK

KLFLHUH

IL]HU>IL ]͑‫@ޞ‬

KLFLHUHV KLFLHUH KLFLpUHPRV KLFLHUHLV KLFLHUHQ

IL]HUHV IL]HU IL]HUPRV IL]HUGHV IL]HUHP



NODW)Ɯ&(5ƿ)Ɯ&(5,0YODW IHFpʐURHP ]XU4XDOLWlWGHVHFI  NODW)Ɯ&(5,6YODW IHFpʐUHV NODW)Ɯ&(5,7YODW IHFpʐUHW NODW)Ɯ&(5,086YODW IHFpʐUHPRV NODW)Ɯ&(5,7,6YODW IHFpʐUHWHV NODW)Ɯ&(5,17YODW IHFpʐUHQW

     

 

'HUIOHNWLHUWH,QILQLWLYLP3RUWXJLHVLVFKHQ 'HU IOHNWLHUWH ,QILQLWLY JLOW DOV EHVRQGHUHV &KDUDNWHULVWLNXP GHV 3RUWXJLHVLVFKHQ 7DW VlFKOLFKNRPPWHULQGHQDQGHUHQURPDQLVFKHQ6WDQGDUGVSUDFKHQDXFKLQDOWHQ7H[WHQ QLFKWYRUDOOHUGLQJV LPEHQDFKEDUWHQ*DOLFLVFKHQXQG$OWOHRQHVLVFKHQVRZLHLQ9DULH WlWHQ GHV 6DUGLVFKHQ XQG LP $OW1HDSROLWDQLVFKHQ 6FKXOWH    :DV VHLQH +HUNXQIWEHWULIIWVRVLQGGLH0HLQXQJHQELVKHXWHJHWHLOW(LQHU$QQDKPH]XIROJHZHU GHQGLH)RUPHQGHVODWHLQLVFKHQ.RQM,PS7\SXV $0Ɩ5(0IRUWJHVHW]W ]%/DXVEHUJ   :LUHEDFN    DOWHUQDWLY ZLUG HLQH hEHUWUDJXQJ GHU (QGXQJHQ GHV .RQM)XW7\SXV $0Ɩ9(5ƿ$0Ɩ9(5,0DXFKDXIGLH,QILQLWLYHGHUVWDUNHQ9HUEHQDOV *UXQGODJH DQJHQRPPHQ FI 6FKXOWH   ]XU 'LVNXVVLRQ DXFK :LOOLDPV  ± ,QEHLGHQ)lOOHQHUJLEWVLFKIROJHQGHIRUPDOH5HNRQVWUXNWLRQ  7DEHOOH'LH(QWZLFNOXQJGHVIOHNWLHUWHQ,QILQLWLYVLP3RUWXJLHVLVFKHQ /DWHLQ

3RUWXJLHVLVFK

 YODW FDQWiUH FDQWiUR

FDQWDU

YODW FDQWiUHV YODW FDQWiUH W 

FDQWDUHV FDQWDU

/DWHLQ

3RUWXJLHVLVFK

YODW FDQWiUHPRV NODW&$17Ɩ5Ɯ086 ]XU$N]HQWYHUVFKLHEXQJFI :LOOLDPV  YODW FDQWiUHWHV YODW FDQWiUHQW

FDQWDUPRV

FDQWDUGHV FDQWDUHP

 'LH)RUPHQGHVIOHNWLHUWHQ,QILQLWLYVVLQGIROJOLFKEHLGHQUHJHOPl‰LJHQ9HUEHQJOHLFK ODXWHQGPLWGHQHQGHV.RQM)XWZDVGDEHLGHLQlKQOLFKHQ.RQWH[WHQYRUNRPPHQ]X 8QNODUKHLWHQIKUHQNDQQ%HLGHQ9HUEHQPLWVWDUNHP3HUIHNWODVVHQVLFKGLH)RUPHQ GDJHJHQDXVHLQDQGHUKDOWHQ  7DEHOOH'HUIOHNWLHUWH,QILQLWLYLP3RUWXJLHVLVFKHQ 3RUWXJLHVLVFK )OHNWLHUWHU,QILQLWLY SDUD HX  SDUD WX  SDUD HOHHOD  SDUD QyV  SDUD YyV  SDUD HOHVHODV 

FDQWDU FDQWDUHV FDQWDU FDQWDUPRV FDQWDUGHV FDQWDUHP

ID]HU ID]HUHV ID]HU ID]HUPRV ID]HUGHV ID]HUHP



 .RQMXQNWLY)XWXU

VH HX  VH WX  VH HOHHOD  VH QyV  VH YyV  VH HOHVHODV 

FDQWDU FDQWDUHV FDQWDU FDQWDUPRV FDQWDUGHV FDQWDUHP

IL]HU IL]HUHV IL]HU IL]HUPRV IL]HUGHV IL]HUHP

 =XU W\SRORJLVFKHQ (LQRUGQXQJ GHV IOHNWLHUWHQ ,QILQLWLYV FI .|UQHU   ]XU 9HU ZHQGXQJFI.DS    'HU*HEUDXFKGHU7HPSRUDXQG0RGL 'DVHLQIDFKHXQG]XVDPPHQJHVHW]WH3HUIHNW 'DV]XVDPPHQJHVHW]WH3HUIHNWZLUGLP3RUWXJLHVLVFKHQQLFKWQXUDQGHUVJHELOGHWDOVLP 6SDQLVFKHQ XQGGHQPHLVWHQDQGHUHQURPDQLVFKHQ6SUDFKHQ QlPOLFKPLWGHP+LOIV YHUE WHU DQVWHOOH YRQ KDYHU VRQGHUQ HV XQWHUVFKHLGHW VLFK DXFK KLQVLFKWOLFK GHV *H EUDXFKV,Q$QOHKQXQJDQGLH3HUIHNWW\SHQYRQ&RPULH  ODVVHQVLFKIROJHQGH .RQWH[WHXQWHUVFKHLGHQLQGHQHQLQHLQHUGHUEHLGHQ6SUDFKHQ±LQLKUHQHXURSlLVFKHQ 6WDQGDUGYDULHWlWHQ±HLQ]XVDPPHQJHVHW]WHV3HUIHNWYHUZHQGHWZLUG  7DEHOOH'HU*HEUDXFKGHV]XDPPHQJHVHW]WHQ3HUIHNWV .RQWH[W

UHVXOWDWLY

KRGHUQLDO SHUIHFWRI UHFHQWSDVW 

6SDQLVFK

3RUWXJLHVLVFK



33& 0DUtDKDOOHJDGR 33& +HYLVWRDWX KHUPDQRHVWD PDxDQD

336 $0DULDFKHJRX 336 9LRWHXLUPmRHVWD PDQKm

Ã0DULDLVW JHUDGH  DQJHNRPPHQ¶ Ã,FKKDEHKHXWH PRUJHQGHLQHQ %UXGHUJHVHKHQ¶

 

 =XU (QWVWHKXQJ GHV URPDQLVFKHQ XQG VSH]LILVFK VSDQLVFKHQ 3HUIHNWV FI ]% -DFRE   6TXDUWLQL  'HWJHV  XQG6TXDUWLQL%HUWLQHWWR     ,PVSDQLVFKHQ6SUDFKJHELHWJLEWHVEHLP*HEUDXFKGHUEHLGHQ3HUIHNWHJUR‰HJHRJUDSKLVFKH 8QWHUVFKLHGH ,Q HLQLJHQ DPHULNDQLVFKHQ 9DULHWlWHQ 1ROO  ±  OLHJW HLQH lKQOLFKH 9HUWHLOXQJ YRQ 336 XQG 33& ZLH LP 3RUWXJLHVLVFKHQ YRU =ZLVFKHQ (3 XQG %3 VLQG LP 7HPSXVJHEUDXFKNHLQHDXIIlOOLJHQ8QWHUVFKLHGHIHVW]XVWHOOHQ

  .RQWH[W

H[SHULHQWLHOO

SHUVLVWHQW LPSHUIHNWLY SHUIHFW RISHUVLVWDQW VLWXDWLRQ 

6SDQLVFK

3RUWXJLHVLVFK



33& +HYLYLGRGRVDxRV HQ)UDQFLD 3UlVHQV 9HUODXIVIRUP  (VWR\WUDEDMDQGR PXFKR~OWLPDPHQWH

336 9LYLGRLVDQRVQD )UDQoD 33& 7HQKRWUDEDOKDGR PXLWRXOWLPDPHQWH

Ã,FKKDEH]ZHL-DKUH LQ)UDQNUHLFK JHOHEW¶ Ã,FKDUEHLWHYLHOLQ OHW]WHU=HLW¶

 :LHPDQVLHKWYHUKDOWHQVLFKGLHEHLGHQ6SUDFKHQJUXQGVlW]OLFKNRPSOHPHQWlU5HVXO WDWLYHV H[SHULHQWLHOOHV XQG KRGHUQLDOHV VX  3HUIHNW DOV RQRPDVLRORJLVFKH .RQ]HSWH  VLQGLP6SDQLVFKHQDPHKHVWHQGXUFK33& SUHWpULWRSHUIHFWRFRPSXHVWR UHSUlVHQWLHUW ZRJHJHQ GLHVHU *HEUDXFK LP 3RUWXJLHVLVFKHQ DXVJHVFKORVVHQ LVW 'RUW PXVV LQ GLHVHQ .RQWH[WHQ336 SUHWpULWRSHUIHLWRVLPSOHV VWHKHQDXFKEHLP$XVGUXFNHLQHV5HVXOWDWV E]ZZHQQGLH+DQGOXQJJHUDGHLP0RPHQWDEJHVFKORVVHQLVW -RmRWHPFKHJDGRLVW NHLQHP|JOLFKH(QWVSUHFKXQJIU-XDQKDOOHJDGR$QGHUHUVHLWVLVWGLH9HUZHQGXQJDOV SHUIHFWRISHUVLVWDQWVLWXDWLRQGLHIUGDVSRUWXJLHVLVFKH33&W\SLVFKLVW *lUWQHU  +XQGHUWPDUN6DQWRV 0DUWLQV  ±  EHLP VSDQLVFKHQ 33& QXU EHGLQJW P|JOLFK XQG ZLHGHUXP DXFK YDULHWlWHQDEKlQJLJ 'LH *5$(  , ± † R QHQQWHLQH5HLKHYRQ%HLVSLHOHQDXVGHPDPHULNDQLVFKHQ6SDQLVFKEHLGHQHQGLH +DQGOXQJ E]Z GHU =XVWDQG ]XP 6SUHFK]HLWSXQNW QRFK IRUWEHVWHKW $Vt KD VLGR KDVWD DKRUDÃ6RLVWHVELVMHW]W JHZHVHQ ¶¢&yPRKDVHVWDGR"Ã:LHJHKWHVGLU"¶DOV*UX‰ IRUPHOLQ0H[LNR ,PHXURSlLVFKHQ6SDQLVFKMHGRFKLVWGLHVH9HUZHQGXQJVZHLVHZHQLJ DXVJHSUlJW 'HU *HEUDXFK GHV SRUWXJLHVLVFKHQ 33& ]HLJW RIIHQVLFKWOLFKH *HPHLQVDPNHLWHQ PLW GHPGHVHQJOLVFKHQSUHVHQWSHUIHFW ,KDYHOLYHG XQGGHVSUHVHQWSHUIHFWFRQWLQXRXV , KDYH EHHQ ZRUNLQJ  EHL GHP &RPULH    HLQH .RPELQDWLRQ YRQ SHUIHNWLVFKHP XQGSURJUHVVLYHP$VSHNWVLHKWZRIUHUDXFKGDVSRUWXJLHVLVFKH%HLVSLHOWHQKRHVWDGR WUDEDOKDQGR (3WHQKRHVWDGRDWUDEDOKDU DQIKUW'RFKDXFKRKQH9HUODXIVSHULSKUDVH KDWGDV33&LP3RUWXJLHVLVFKHQHLQHHLQGHXWLJH]XVlW]OLFKHDVSHNWXHOOH0DUNLHUXQJGLH DOOHUGLQJV XQVHUHU $QVLFKW QDFK PLW ÃLPSHUIHNWLY¶ DOVR GXUDWLYLWHUDWLY EHVVHU ]X FKD UDNWHULVLHUHQ LVW DOV PLW ÃSURJUHVVLY¶ (LQ ÃLPSHUIHNWLYHV 3HUIHNW¶ LVW ZLH &RPULH EH PHUNWNHLQ:LGHUVSUXFK Ä7KH SHUIHFW OLQNV D SUHVHQW VWDWH WR D SDVW VLWXDWLRQ ZKHWKHU WKLV SDVW VLWXDWLRQ ZDV DQ LQGLYLGXDO HYHQW RU D VWDWH RU D SURFHVV QRW \HW FRPSOHWHG VR WKDW WKHUH LV QRWKLQJ LQ WKH GHILQLWLRQ RI WKH SHUIHFW WR SUHFOXGH FRPELQDWLRQ ZLWK WKH LPSHUIHFWLYH RU SURJUHVVLYH³ &RPULH 

 

 =XPSRUWXJLHVLVFKHQ33&FIGLH6WXGLHQYRQ&DPSRV DE 





:LH XQG ZDQQ GLH EHVRQGHUH %HGHXWXQJ GHV SRUWXJLHVLVFKHQ 33& HQWVWDQGHQ LVW ZLUG VHLW ODQJHP GLVNXWLHUW RKQH GDVV HLQ HLQGHXWLJHV (UJHEQLV HU]LHOW ZRUGHQ ZlUH (V LVW QLFKW HQGJOWLJ ]X HQWVFKHLGHQ RE HV VLFK ZLH YRQ $ODUFRV /ORUDFK    XQG +DUULV    DQJHQRPPHQ EHL GHU VSH]LILVFKHQ %HGHXWXQJ GHV SRUWXJLHVLVFKHQ 33& XP HLQHQ $UFKDLVPXV KDQGHOW GK GDVV GDV 3RUWXJLHVLVFKH HLQ lOWHUHV (QWZLFN OXQJVVWDGLXP ]ZLVFKHQ UHVXOWDWLYHU XQG SHUIHNWLVFKHU %HGHXWXQJGDV DXFK GLH DQGHUHQ URPDQLVFKHQ6SUDFKHQLQYRUOLWHUDULVFKHU=HLWGXUFKODXIHQKlWWHQEHZDKUWKDWRGHURE GDV 3RUWXJLHVLVFKH VSlWHU HLQHQ 6RQGHUZHJ HLQJHVFKODJHQ KDW /HW]WHUH $QQDKPH ZLUG YRQ 6TXDUWLQL XQG %HUWLQHWWR 6TXDUWLQL  6TXDUWLQL%HUWLQHWWR   VRZLH YRQ :LJJHU    YHUWUHWHQ $XFK GLH 0HLQXQJHQ GDUEHU ZHOFKH 5ROOH WHU  ODW 7(1Ɯ5(XUVSUQJOLFKÃKDOWHQ¶ DOV+LOIVYHUEVSLHOWVLQGJHWHLOW=ZDUVFKHLQWHVDXIGHQ HUVWHQ %OLFN VXJJHVWLY GDVV GLH LPSHUIHNWLYH %HGHXWXQJ GXUFK HLQ +LOIVYHUE WHU GDV ZHQQ DXFK QLFKW PHKU GLH %HGHXWXQJ ÃKDOWHQ¶ VR GRFK HYHQWXHOO HLQH VWlUNHU VWDWLVFKH %HGHXWXQJ DOV KDYHU KDWWH GLHVH (QWZLFNOXQJ YHUXUVDFKW KDEHQ N|QQWH FI :LJJHU  'RFKZHLVW6TXDUWLQL ±± ]XUHFKWGDUDXIKLQGDVVEHL GHQ +$%Ɯ5(3HUIHNWHQ LP PH[LNDQLVFKHQ 6SDQLVFK VR  XQG LP 6L]LOLDQLVFKHQ HLQH YHUJOHLFKEDUH %HGHXWXQJ YRUOLHJW GLH 9HUZHQGXQJ YRQ WHU DOVR NHLQH QRWZHQGLJH %H GLQJXQJ IU GLH +HUDXVELOGXQJ HLQHV LPSHUIHNWLYHQ 3HUIHNWV GDUVWHOOW :HLWJHKHQGHU .RQVHQV EHVWHKW KHXWH GDUEHU GDVV GLH IUKHU YHUEUHLWHWH $QQDKPHQ GHU VSH]LILVFKH *HEUDXFKVHLHUVWLP-KDXIJHNRPPHQLFKWKDOWEDULVWVRQGHUQGDVVVSlWHVWHQVLP -KGHUKHXWLJHEHUHLWVEOLFKZDU :DV GLH WHPSRUDOH 9HUZHQGXQJ GHV 33& LP 6SDQLVFKHQ DQJHKW VR LVW GLH $E JUHQ]XQJ YRP 336 LQ .RQWH[WHQ GHU QDKHQ 9HUJDQJHQKHLW HLQ KlXILJ GLVNXWLHUWHV 7KHPD'LHQDKH9HUJDQJHQKHLW UHFHQWSDVW NDQQIUGLHHXURSlLVFKH6WDQGDUGYDULHWlW SUl]LVHUDOVKRGHUQLDOH9HUJDQJHQKHLWEHVFKULHEHQZHUGHQ'DPLWLVWJHPHLQWGDVVGLH EHVSURFKHQH +DQGOXQJ LP $OOJHPHLQHQ DP 7DJ GHU bX‰HUXQJ VWDWWJHIXQGHQ KDEHQ PXVV'LHVWULIIWDXIGLHWHPSRUDOH9HUZHQGXQJGHVSHUIHFWRFRPSXHVWRLPHXURSlLVFKHQ 6SDQLVFK QDFK $XVZHLV YHUVFKLHGHQHU 6WXGLHQ FI %HUVFKLQ  .HPSDV   LQ KRKHP0D‰H]X(VKDWVLFKDOVRDQGHUVDOV]%LP)UDQ]|VLVFKHQNHLQHSUlKRGHUQLDOH 9HUZHQGXQJGHU]XVDPPHQJHVHW]WHQ)RUPHWDEOLHUW(LQ6DW]ZLH$\HUKHLGRDYHUDPL DEXHOD .HPSDV ZXUGHYRQ,QIRUPDQWHQDXV0DGULGXQG=DUDJR]DPLWJUR‰HU hEHUHLQVWLPPXQJ DOV LQNRUUHNW TXDOLIL]LHUW 'DVV DXVJHUHFKQHW LQ 6DQWLDJR GH &RPSRVWHOD ZR PDQ ZHJHQ GHV P|JOLFKHQ (LQIOXVVHV GHV *DOLFLVFKHQ HUVW UHFKW HLQ IDFKHV 3HUIHNW HUZDUWHQ ZUGH GLH 0HKUKHLW GHU %HIUDJWHQ GDV ]XVDPPHQJHVHW]WH 3HUIHNWLQGLHVHP6DW]IUNRUUHNWKlOWNDQQQXUDOV+\SHUNRUUHNWXUJHZHUWHWZHUGHQ ,Q GHQ PHLVWHQ DPHULNDQLVFKHQ 9DULHWlWHQ ZLUG DXFK LQ KRGHUQLDOHQ .RQWH[WHQ GDV HLQIDFKH 3HUIHNW YHUZHQGHW *5$(  , ± † D  ,QVRIHUQ VWHKW GHU *HEUDXFKLPPH[LNDQLVFKHQ6SDQLVFKGHPLP3RUWXJLHVLVFKHQHUKHEOLFKQlKHUDOVGHP LQ0DGULG

 

 'DDXFKGDV*DOLFLVFKHHLQLPSHUIHNWLYHVWHQHUH3HUIHNWKDWNlPHDXFKHLQGHXWOLFKIUKHUHU =HLWSXQNWIUGLH+HUDXVELOGXQJLQ%HWUDFKW

 

.RQMXQNWLYXQG.RQGLWLRQDO (LQH$XVHLQDQGHUHQWZLFNOXQJGHUEHLGHQ6SUDFKHQKDWVLFKLP%HUHLFKGHU.RQMXQNWLY XQG .RQGLWLRQDOIRUPHQ YRU DOOHP GXUFK ]ZHL 9HUlQGHUXQJHQ LP 6SDQLVFKHQ HUJHEHQ QlPOLFK GXUFK GHQ ZHLWJHKHQGHQ :HJIDOO GHV .RQM)XW XQG GHQ )XQNWLRQVZDQGHO GHU UD)RUPHQ,QEHLGHQ6SUDFKHQLVW]XGHPHLQ(LQGULQJHQGHU,PSHUIHNWIRUPHQLQGLHVHQ %HUHLFK IHVW]XVWHOOHQ DOOHUGLQJV LQ XQWHUVFKLHGOLFKHP $XVPD‰ ,P (3 ZLUG QlKH VSUDFKOLFK LQ DOOHQ .RQWH[WHQ GHU .RQGLWLRQDO GXUFK GDV ,PSHUIHNW HUVHW]W ,P 6SD QLVFKHQ LVW GLHV QXU JHOHJHQWOLFK GHU )DOO ZREHL HV VFKZLHULJ LVW GLH NRQWH[WXHOOHQ GLDSKDVLVFKHQ XQG HYHQWXHOO GLDWRSLVFKHQ %HGLQJXQJHQ JHQDXHU ]X EHVWLPPHQ FI 5RMR9HLJD  ,,   bKQOLFKHV JLOW IU GLH 9HUZHQGXQJ GHU UD)RUPHQ LQ .RQGLWLRQDO.RQWH[WHQ *5$(  ,  † F XQG  † P  GLH LP 3RUWXJLHVLVFKHQ QDWUOLFK QLFKW ]X EHREDFKWHQ LVW *UXQGVlW]OLFKH hEHUHLQVWLPPXQJ ]ZLVFKHQGHQEHLGHQ6SUDFKHQEHVWHKWEH]JOLFKGHV0RGXVLPNRQMXQNWLYLVFKHQ+DXSW XQG1HEHQVDW]LQGHPEULJHQVGHUVRJHQDQQWH.RQMXQNWLY)XWXUQLFKWDXIWDXFKW VX  6FKHPDWLVFK ODVVHQ VLFK GLH KHXWH ]X UHJLVWULHUHQGHQ $EZHLFKXQJHQ LQ HWZD IROJHQ GHUPD‰HQGDUVWHOOHQ  7DEHOOH'HU*HEUDXFKGHV.RQMXQNWLYXQG.RQGLWLRQDO 6SDQLVFK KLFLHUH KDJD KLFLHUH >KDFH@

  KDJD

KD\DKHFKR KLFLHVH KLFLHUD KDUtD KLFLHUD  KDFtD

.RQWH[W QDFK5HODWLYDGYHUELHQ LQEHGLQJHQGHQ 5HODWLYVlW]HQ 3URWDVLV5HDOLV QDFKFXDQGRTXDQGR YHUQHLQWHU,PSHUDWLY ,PSHUDWLYEHLXVWHGYRFrHWF NRQMXQNWLYLVFKHU+DXSW XQG1HEHQVDW] *HJHQZDUW E]Z=XNXQIW  NRQMXQNWLYLVFKHU 1HEHQVDW] UHVXOWDWLY  NRQMXQNWLYLVFKHU 1HEHQVDW] 9HUJDQJHQKHLW  3URWDVLV3RWHQWLDOLV $SRGRVLV3RWHQWLDOLV $WWHQXDWLRQ

3RUWXJLHVLVFK

 IL]HU

 IDoD 

WHQKDIHLWR  IL]HVVH IDULD ID]LD



 6SDQLVFK

 KXELHVHKHFKR KXELHUDKHFKR

KXELHUDKHFKR KDEUtDKHFKR KDEtDKHFKR

3RUWXJLHVLVFK

.RQWH[W

3URWDVLV,UUHDOLV

NRQMXQNWLYLVFKHU 1HEHQVDW] 9RUYHUJDQJHQKHLW 

$SRGRVLV,UUHDOLV

 WLYHVVHIHLWR

WHULDIHLWR WLQKDIHLWR

 7DEHOOH%HLVSLHOH]XP*HEUDXFKGHV.RQMXQNWLYXQG.RQGLWLRQDO



6SDQLVFK

3RUWXJLHVLVFK



+D]ORFRPRTXLHUDV 4XLHUHFDVDUVHFRQXQDPXMHUTXHWHQJD GLQHUR 6LYLHQHVSRGHPRVVDOLUMXQWRV &XDQGRYHQJDVHPSH]DUHPRVDFRFLQDU 1RORGLJDV6LpQWHVHSRUIDYRU 4XLHURTXHORKDJDV 1RFUHRTXHORKD\DKHFKR 4XHUtDTXHORKLFLHUDKLFLHVH 6LWXYLHUDWXYLHVHGLQHURPH FRPSUDUtDFRPSUDEDXQDFDVD 6LWXYLHUDWXYLHVHGLQHURPH FRPSUDUtDFRPSUDEDXQDFDVD 4XHUUtDTXHUtDTXLVLHUDSUHJXQWDUDOJR 6LKXELHUDKXELHVHWHQLGRGLQHURPH KDEUtDKXELHUDKDEtDFRPSUDGRXQDFDVD 1RFUHtTXHORKXELHUDKXELHVHKHFKR 6LKXELHUDKXELHVHWHQLGRGLQHURPH KDEUtDKXELHUDKDEtDFRPSUDGRXQDFDVD

)D]FRPRTXLVHUHV 4XHUFDVDUFRPXPDPXOKHUTXHWLYHU GLQKHLUR 6HYLHUHVSRGHPRVVDLUMXQWRV 4XDQGRYLHUHVFRPHoDPRVDFR]LQKDU 1mRRGLJDV6HQWHVHSRUIDYRU 4XHURTXHRIDoDV 1mRFUHLRTXHRWHQKDIHLWR 4XHULDTXHRIL]HVVH 6HWLYHVVHGLQKHLUR FRPSUDULDFRPSUDYDXPDFDVD 6HWLYHVVHGLQKHLUR FRPSUDULDFRPSUDYDXPDFDVD 4XHUULDTXHULDSHUJXQWDUDOJXPDFRLVD 6HWLYHVVHWLGRGLQKHLURWHULDWLQKD FRPSUDGRXPDFDVD 1mRFULTXHRWLYHVVHIHLWR 6HWLYHVVHWLGRGLQKHLURWHULDWLQKD FRPSUDGRXPDFDVD



     













  .RQMXQNWLY)XWXU 'LHVRZRKOLQVSDQLVFKHQDOVDXFKLQSRUWXJLHVLVFKHQ*UDPPDWLNHQEOLFKH(LQRUGQXQJ GHU )RUPHQ GHV 7\SV KLFLHUHIL]HU FI .DS   LQ GLH .DWHJRULH .RQMXQNWLY LVW LQVRIHUQQLFKWJDQ]XQSUREOHPDWLVFKDOVVLHJHUDGHQLFKWLQGHQW\SLVFKHQ.RQMXQNWLY

 

NRQWH[WHQ YHUZHQGHW ZHUGHQ FI 6FKlIHU  'RUW VWHKHQ ZLH KLHU LQ  XQG LQEHLGHQ6SUDFKHQ.RQM3UlV.RQM3HUI.RQM,PSHUIXQG.RQM3OTSHUI :lKUHQG GHU .RQMXQNWLY )XWXU LP 3RUWXJLHVLVFKHQ VRZRKO LQ 3RUWXJDO DOV DXFK LQ %UDVLOLHQ Y|OOLJ OHEHQGLJ LVW ZXUGH HU LP 6SDQLVFKHQ VHLW GHP (QGH GHV 0LWWHODOWHUV ]XQHKPHQG GXUFK DQGHUH )RUPHQ PHLVW .RQM3UlV LP UHDOHQ %HGLQJXQJVVDW] MHGRFK ,QG3UlVFI6DW]FI5RMR9HLJD,, HUVHW]W,QIRUPHOKDIWHQ:HQGXQJHQ VRZLH JHOHJHQWOLFK LQ GHU 5HFKWVVSUDFKH NDQQ LP 6S DXFK KHXWH QRFK GHU .RQM)XW YHUZHQGHWZHUGHQ  7DEHOOH'HU*HEUDXFKGHV.RQMXQNWLY)XWXULP6SDQLVFKHQ 5HOLNWH  6SDQLVFK 6HDFRPRVHD 6HDFRPRIXHUH 4XHGDUiQSURKLELGDVODVSUiFWLFDVGHSUHFLRV TXHWXYLHUHQSRUREMHWRDVHJXUDUD GHWHUPLQDGRVXVXDULRVXQDSRVLFLyQ SULYLOHJLDGD *5$(,†I 

3RUWXJLHVLVFK 6HMDFRPRIRU )LFDUmRSURKLELGDVDVSUiWLFDVTXHWLYHUHP SRUREMHWRDVVHJXUDUDGHWHUPLQDGRVXVXiULRV XPDSRVLomRSULYLOHJLDGD

 ,P 3RUWXJLHVLVFKHQ ZLUG GXUFK GLH 9HUZHQGXQJ GHV .RQM)XW LP %HGLQJXQJVVDW] DXVJHGUFNWGDVVGLH(UIOOXQJGHU%HGLQJXQJLQGHU=XNXQIWOLHJWVRZLHLP]ZHLWHQ 6DW] GHU IROJHQGHQ 7DEHOOH Ä:HQQ GX GDQQ  KLHU ZRKQVW«³ LQ GHQ DQGHUHQ )lOOHQ VWHKWGHU,QG3UlV,P6SDQLVFKHQNDQQZLHDXFKLQGHQDQGHUHQURPDQLVFKHQ6SUDFKHQ RGHULP'HXWVFKHQGLHVH'LIIHUHQ]LHUXQJQLFKW PHKU YRUJHQRPPHQZHUGHQ  7DEHOOH'HU*HEUDXFKGHV.RQMXQNWLY)XWXU .RQGLWLRQDOXQG7HPSRUDOVlW]H , 6SDQLVFK

3RUWXJLHVLVFK

6LYLYHVDTXtSXHGRDFRPSDxDUWH 6LYLYHVDTXtYR\DWHPRVWUDUWRGR

6HYLYHVDTXLSRVVRDFRPSDQKDUWH 6HYLYHUHVDTXLYRXPRVWUDUWHWXGR

 ,Q7HPSRUDOVlW]HQPLWFXDQGRTXDQGROlVVWVLFKGDJHJHQLQEHLGHQ6SUDFKHQGXUFKGLH 0RGXVVHW]XQJ ,QGRGHU.RQM3UlVXQG.RQM)XW HLQH]XNQIWLJH+DQGOXQJYRQHLQHU JHZRKQKHLWVPl‰LJHQ XQWHUVFKHLGHQ à LPPHU  ZHQQ LFK KHLPNRPPH¶ YV ÃZHQQ LFK GDQQ KHLPNRPPH¶    





7DEHOOH'HU*HEUDXFKGHV.RQMXQNWLY)XWXU .RQGLWLRQDOXQG7HPSRUDOVlW]H ,, 6SDQLVFK

3RUWXJLHVLVFK

&XDQGROOHJRDFDVDQRKDJRDEVROXWDPHQWH QDGD &XDQGROOHJXHDFDVDYR\DLQWHQWDUOR

4XDQGRFKHJRDFDVDQmRIDoRDEVROXWDPHQWH QDGD 4XDQGRFKHJDUDFDVDYRXWHQWDU



 'LH)RUPHQDXIUDXQGDXIVH 'LH)RUPHQGHV7\SXVFDQWDUDGLHLQEHLGHQ6SUDFKHQIDVWLGHQWLVFKVLQGJHKHQDXIGLH GHVODWHLQLVFKHQ,QGLNDWLY3OXVTXDPSHUIHNW ODW &$17Ɩ9(5$0 ]XUFN'LH%HGHXWXQJ 9RUYHUJDQJHQKHLWLVWLP$OWVSDQLVFKHQXQG$OWSRUWXJLHVLVFKHQGLHEOLFKHGRFKJLEWHV LQ EHLGHQ 6SUDFKHQ DXFK EHUHLWV %HOHJH IU GLH 9HUZHQGXQJ LQ GHU $SRGRVLV GHV %HGLQJXQJVVDW]HV PLW SRWHQWLDOHU %HGHXWXQJ 'LHVHU *HEUDXFK GHKQWH VLFK LP 6SD QLVFKHQLP6LJORGH2URDXFKDXIGLH3URWDVLVDXVXQGLVWVR'LHWULFK  ÄYRP  -DKUKXQGHUW DQ VR ZHLW YHUDOOJHPHLQHUW GDVV GLH UD)RUP DOV bTXLYDOHQW IU GHQ .RQMXQNWLY ,PSHUIHNW LQ DOOHQ VHLQHQ 9HUZHQGXQJVZHLVHQ JHOWHQ NDQQ³ ,P 3RUWX JLHVLVFKHQ IDQG GLHVH (QWZLFNOXQJ QLFKW RGHU QXU LQ JHULQJHP 8PIDQJ VWDWW GK GLH )XQNWLRQ HLQHV ,QGLNDWLY 3OXVTXDPSHUIHNW EOLHE ELV KHXWH HUKDOWHQ ]XPLQGHVW LQ GHU 'LVWDQ]VSUDFKH  XQG GLH EOLFKH )RUP GHU .RQM,PS LVW GLH DXI VH 'LH UD)RUPHQ WDXFKHQ DOVR LP KHXWLJHQ 6SDQLVFK XQG 3RUWXJLHVLVFK PHLVW LQ Y|OOLJ YHUVFKLHGHQHQ .RQWH[WHQDXIXQGZHUGHQHQWVSUHFKHQGXQWHUVFKLHGOLFKNODVVLIL]LHUWLP6SDQLVFKHQDOV .RQMXQNWLY,PSHUIHNW LQ .RQNXUUHQ]]XGHQVH)RUPHQGHV7\SVFDQWDVH LP3RUWX JLHVLVFKHQ DOV 3OXVTXDPSHUIHNW ,QGLNDWLY XQG IROJOLFK LQ .RQNXUUHQ] ]XP ]XVDPPHQ JHVHW]WHQ 3OXVTXDPSHUIHNW WLQKD FDQWDGR  'LH V\QWKHWLVFKH )RUP LVW ZLH JHVDJW ZHLWJHKHQG DXI GLH SRUWXJLHVLVFKH 'LVWDQ]VSUDFKH EHVFKUlQNW ,P 6SDQLVFKHQ NDP GLH 9HUZHQGXQJ GHU UD)RUP PLW LQGLNDWLYLVFKHU %HGHXWXQJ LQ GHQ 6LJORV GH 2UR DX‰HU *HEUDXFKZXUGHDEHUVSlWHUZLHGHULQGLH/LWHUDWXUVSUDFKHEHUQRPPHQXQGILQGHWVLFK DXFKLQKHXWLJHQMRXUQDOLVWLVFKHQXQGHVVD\LVWLVFKHQ7H[WHQ 5RMR9HLJD,  ,P3RUWXJLHVLVFKHQZXUGHQP|JOLFKHUZHLVHXQWHUNDVWLOLVFKHP(LQIOXVVGLHUD)RUPHQ LQ IUKHUHQ-DKUKXQGHUWHQ DXFK LQ GHU )XQNWLRQ HLQHV .RQMXQNWLY ,PSHUIHNW YHUZHQGHW FI'LDV±† KHXWHJLOWGLHVHU*HEUDXFKDOVYHUDOWHWDEJHVHKHQYRQ HLQLJHQ IHVWVWHKHQGHQ :HQGXQJHQ PHOKRU IRUDà HV ZlUH EHVVHU JHZHVHQ ¶ WRPDUD TXH TXHPPHGHUDÃZHQQLFKGRFK¶  +XQGHUWPDUN6DQWRV0DUWLQV 'LH VH)RUP LVW IROJOLFK LP KHXWLJHQ 3RUWXJLHVLVFK DQGHUV DOV LP 6SDQLVFKHQ GLH SURWR W\SLVFKH )RUP GHV .RQM,PS ,P 6SDQLVFKHQ EHVWHKW LQ GLHVHP .RQWH[W HLQH 7HQGHQ] ]XUDOOHLQLJHQ9HUZHQGXQJGHUUD)RUP FI5RMR9HLJD,    

 

'DVHLQIDFKHXQG]XVDPPHQJHVHW]WH)XWXU ,Q GHQ .RQMXJDWLRQVWDEHOOHQ GHU VSDQLVFKHQ XQG SRUWXJLHVLVFKHQ *UDPPDWLNHQ ZLUG WUDGLWLRQHOODOVHLQ]LJHV)XWXU, IXWXUXPLPSHUIHFWXP GDVVRJHQDQQWHV\QWKHWLVFKHRGHU HLQIDFKH )XWXU GHV 7\SV FDQWDUpFDQWDUHL DQJHVHW]W 'LH )RUPHQ JHKHQ DXI HLQH ODW .RQVWUXNWLRQ PLW ,QILQLWLY XQG GHP ,QG 3UlV YRQ +$%Ɯ5( ]XUFN &$17Ɩ5( +$%(ƿ &$17Ɩ5(+$%Ɯ6 HWFXQGVLQGLQZHLWHQ7HLOHQGHU5RPDQLDYHUEUHLWHW +LQVLFKWOLFKGHV*UDPPDWLNDOLVLHUXQJVSUR]HVVHVGHU]XUIXWXULVFKHQ%HGHXWXQJJH IKUWKDWEHVWHKWLQGHU/LWHUDWXUZHLWJHKHQG.RQVHQVGDUEHUGDVVGLH$XVJDQJVIRUP &$17Ɩ5( +$%(ƿ XUVSUQJOLFK HLQH REOLJDWLYH %HGHXWXQJ KDWWH ÃLFK KDEH ]X VLQJHQ¶ ÃLFKPXVVVLQJHQ¶ DXVGHUVLFKELV]XP(LQVHW]HQGHUURPDQLVFKHQhEHUOLHIHUXQJHLQH QDFK]HLWLJHHQWZLFNHOWH ,P 3RUWXJLHVLVFKHQ LVW GLHVHU *UDPPDWLNDOLVLHUXQJV E]Z 5HDQDO\VHSUR]HVV ELV KHXWHQLFKWYROOVWlQGLJDEJHVFKORVVHQGHQQHVN|QQHQZLHDXFKQRFKLP$OWVSDQLVFKHQ 3URQRPHQ]ZLVFKHQ,QILQLWLYXQG(QGXQJJHVWHOOWZHUGHQZHVZHJHQHVDXFKQLFKWJDQ] ]XWUHIIHQGLVWKLHUYRQHLQHPV\QWKHWLVFKHQ)XWXU]XVSUHFKHQ  

3WJGDUOKRHLÃ,FKZHUGHHVLKPJHEHQ¶ $VSGDUJHORKHQVSVHORGDUp /DWHLQLVFKH5HNRQVWUXNWLRQ'$5(,//ƿ,//80+$%(ƿ

:DV GHQ*HEUDXFK LQ GHQEHLGHQ 6SUDFKHQ DQJHKW VR VWLPPHQ GLH %HVFKUHLEXQJHQ LQ GHQ*UDPPDWLNHQLP:HVHQWOLFKHQEHUHLQ'DVHLQIDFKH)XWXUGLHQWSURWRW\SLVFKGHP $XVGUXFNGHU1DFK]HLWLJNHLWDOVZHLWHUH9HUZHQGXQJVZHLVHQZHUGHQGHU$XVGUXFNGHU :DKUVFKHLQOLFKNHLW IXWXURGHSUREDELOLGDGGHFRQMHWXUDHWF VRZLHHLQHLPSHUDWLYLVFKH )XQNWLRQ IXWXUR GH PDQGDWR HWF  JHQDQQW FI *5$(  ,  G±I &XQKD&LQWUD±  $OOHUGLQJV ZHLVHQ GLH SRUWXJLHVLVFKHQ *UDPPDWLNHQ EHUHLQVWLPPHQG GDUDXI KLQ GDVV GDV )XWXU LQ GHU JHVSURFKHQHQ 6SUDFKH SUl]LVHU ZlUH LQ GHU 1lKHVSUDFKH  VHKU VHOWHQ9HUZHQGXQJILQGHWHVZHUGHGXUFK3UlVHQVRGHU3HULSKUDVHQ VX HUVHW]WZRPLW EULJHQV DXFK GLH .RQWH[WH IU GLH PHVRNOLWLVFKHQ 3URQRPHQ HQWIDOOHQ 'LH KlXILJH 9HUZHQGXQJYRQ3HULSKUDVHQDQVWHOOHGHVHLQIDFKHQ)XWXUVZLUGDXFKIUGDV6SDQLVFKH LQVEHVRQGHUH GDV DPHULNDQLVFKH UHJLVWULHUW GRFK VFKHLQW GDV Up)XWXU LP 6SDQLVFKHQ LQVJHVDPWOHEHQGLJHU]XVHLQDOVLP3RUWXJLHVLVFKHQ'LHVJLOWDXFKRGHUJHUDGHIUGLH HSLVWHPLVFKH9HUZHQGXQJGLHLP3RUWXJLHVLVFKHQRIIHQEDUDXFKLQGHU'LVWDQ]VSUDFKH DXI HLQLJH ZHQLJH 9HUEHQ DQ HUVWHU 6WHOOH VHU EHVFKUlQNW LVW (LQHP 6DW] ZLH /XLV WUDEDMDUiDKRUDHQODHPSUHVDGHVXSDGUH *5$(0DQXDO†D NDQQ

  

 =XDOWHUQDWLYHQ(UNOlUXQJHQFI6FKlIHU3ULH‰ ±   1DFK %\EHH ]% %\EHH3HUNLQV3DJOLXFD  ±  KDQGHOW HV VLFK EHL GHU LPSHUD WLYLVFKHQ 9HUZHQGXQJ XP VSUHFKHURULHQWLHUWH 0RGDOLWlW EHLP IXWXUR GH SUREDELOLGDG XP HSLVWHPLVFKH=XP6SDQLVFKHQFI6FKlIHU3ULH‰± 





LP 3RUWXJLHVLVFKHQ ZRKO XQWHU NHLQHQ 8PVWlQGHQ HLQ /XtV WUDEDOKDUi DJRUD QD HPSUHVDGRVHXSDLHQWVSUHFKHQ 9RQGHQ3HULSKUDVHQGLH]XP$XVGUXFNGHU1DFK]HLWLJNHLWGLHQHQQHKPHQGLHPLW LUJHELOGHWHQ VSLUDKDFHUSWJLUID]HUPDQEHDFKWHGDVVLP6SDQGHUVDOVLP3WJ XQGDXFKLP )UDQ]|VLVFKHQGHU,QILQLWLY PLWGHU3UlSRVLWLRQDDQJHVFKORVVHQZLUG GLH ZLFKWLJVWH3RVLWLRQHLQ6LHKDEHQVLFKHUVWLQGHU1HX]HLWKHUDXVJHELOGHWXQGZHUGHQ LQ GHQ *UDPPDWLNHQ RIW QLFKW DOV HLJHQWOLFKH )XWXUIRUPHQ NODVVLIL]LHUW VRQGHUQ DOV 3HULSKUDVHQ PLW EHLVSLHOVZHLVH LQWHQWLRQDOHU RGHU LQJUHVVLYHU %HGHXWXQJ 'LH *5$(  ,,  † F  UHFKQHW VS LU D  ,QI ]X GHQ 3HULSKUDVHQ ÄHQ ODV TXH SUH GRPLQDQ ORV UDVJRV WHPSRUDOHV³ GLH *5$( 0DQXDO   † F  ]X GHQ SHUtIUDVLVWHPSRDVSHFWXDOHVhEHUGLH8QWHUVFKLHGHLP*HEUDXFKLP9HUJOHLFKPLWGHP HLQIDFKHQ)XWXULVWZDVGDV6SDQLVFKHDQJHKWVFKRQYLHOGLVNXWLHUWZRUGHQ FI6FKlIHU 3ULH‰  ±  .RQVHQV EHVWHKW KLQVLFKWOLFK GHU GLDWRSLVFKHQ 9DULDWLRQ ± GLH 3HULSKUDVH LVW LP $6 QRFK ZHLWHU YHUEUHLWHW DOV LP (6 ± XQG DXFK KLQVLFKWOLFK GHU 'LDSKDVLN± GLH3HULSKUDVHJLOW DOV VWlUNHU QlKHVSUDFKOLFK %H]JOLFKGHU VHPDQWLVFKHQ 8QWHUVFKLHGH ZHUGHQ GHU LU3HULSKUDVH (LJHQVFKDIWHQ ZLH *HJHQZDUWVEH]XJ RGHU ,QWHQWLRQDOLWlW ]XJHVFKULHEHQ GLH MHGRFK QLFKW DOV VWULNWH .ULWHULHQ JHOWHQ N|QQHQ :DV GLHPRGDOH9HUZHQGXQJDQJHKWVRLVWGHUHSLVWHPLVFKH*HEUDXFKEHLGHULU3HULSKUDVH K|FKVWHQVLQ$QVlW]HQ]XEHREDFKWHQGHUVSUHFKHURULHQWLHUWHGDJHJHQP|JOLFK (LQH ZHLWHUH 3HULSKUDVH GLH LQ EHLGHQ 6SUDFKHQ ]XP $XVGUXFN GHU 1DFK]HLWLJNHLW GLHQHQNDQQKDWVLFKZLHGDVVRJHQDQQWHV\QWKHWLVFKH)XWXUDXVGHU.RPELQDWLRQYRQ +$%Ɯ5( XQG GHP ,QILQLWLY GHV 9ROOYHUEV HQWZLFNHOW DOOHUGLQJV LQ DQGHUHU )RUP $XV +$%(ƿ '( &$17Ɩ5( HQWVWDQGHQ VS KH GH FDQWDU XQG SWJ KHLGHFDQWDU %HL GLHVHQ 3HULSKUDVHQLVWDQGHUVDOVEHLPHLQIDFKHQ)XWXUGLHREOLJDWLYH GHRQWLVFKHQDFK%\EHH DJHQVRULHQWLHUWH  %HGHXWXQJ DEKlQJLJ YRQ .RQWH[W 6DW]W\S XQG DXFK GHU JUDP PDWLVFKHQ3HUVRQQRFKSUlVHQW FI6FKlIHU3ULH‰± 6SKHGHFDQWDUZDU DOV )XWXUSHULSKUDVH LQ GHQ 7H[WHQ GHV 6LJOR GH 2UR VHKU YHUEUHLWHW +HXWH LVW HV ODXW *5$(  ,, ± †   FKDUDNWHULVWLVFK IU GDV DPHULNDQLVFKH 6SDQLVFK ZlKUHQGHVLP(6VHOWHQYHUZHQGHWZLUG FI*yPH]7RUUHJR ,P(3LVWKHL GHFDQWDU LQ IXWXULVFKHU %HGHXWXQJ ZHLWHUKLQ JHEUlXFKOLFK FI +XQGHUWPDUN6DQWRV 0DUWLQV  ±  ZREHL 'HWDLOV ]X )UHTXHQ]'LDSKDVLN XQG'LDWRSLN HUPLWWHOW ZHUGHQ PVVWHQ ,P %3 ILQGHW GLH 3HULSKUDVH PLW KDYHU GH QRUPDOHUZHLVH ZHGHU LQ REOLJDWLYHUQRFKLQIXWXULVFKHU%HGHXWXQJ9HUZHQGXQJ 

 

 'LH (QWZLFNOXQJ YRQ )XWXUIRUPHQ DXV .RQVWUXNWLRQHQ PLW %HZHJXQJVYHUEHQ ÃJHKHQ¶ RGHU ÃNRPPHQ¶ LVWHLQZHOWZHLWVHKUYHUEUHLWHWHU*UDPPDWLNDOLVLHUXQJVSIDG FI]%8OWDQ   'LH JHQDXHQ 8PVWlQGH GHU +HUDXVELOGXQJ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ ZlUHQ QRFK]XNOlUHQ   =XVRQVWLJHQPRGDOHQ)XQNWLRQHQGHUVSDQLVFKHQLU3HULSKUDVHFI6FKlIHU3ULH‰ ±  =XUSRUWXJLHVLVFKHQLU3HULSKUDVHIHKOHQGLHVEH]JOLFKGHWDLOOLHUWHUH,QIRUPDWLRQHQ 

 

9HUEDOSHULSKUDVHQ %HLGH6SUDFKHQKDEHQHLQHQJUR‰HQ%HVWDQGDQPRGDOHQXQGDVSHNWXHOOHQ3HULSKUDVHQ FI GD]X IU GDV 6SDQLVFKH *DUFtD )HUQiQGH]&DUUDVFR *XWLpUUH]  IU GDV SRUWX JLHVLVFKH 6FKHPDQQ6FKHPDQQ'LDV   GLH VLFK QXU WHLOZHLVH HQWVSUHFKHQ 2KQH KLHUHLQHQXPIDVVHQGHQ9HUJOHLFKYRUQHKPHQ]XN|QQHQVHLDXIHLQLJHRIIHQVLFKWOLFKH 8QWHUVFKLHGHKLQJHZLHVHQ  9HUODXIVSHULSKUDVHPLWHVWDU'LHLQEHLGHQ6SUDFKHQVHKUYHUEUHLWHWH9HUODXIVSHULSKUDVH ZLUG LP 6SDQLVFKHQ PLW *HUXQGLXP JHELOGHW VS HVWR\ WUDEDMDQGR  LP HXURSlLVFKHQ 3RUWXJLHVLVFKGDJHJHQPLWD,QILQLWLY SWJHVWRXDWUDEDOKDU (VKDQGHOWVLFKLP(3 XPHLQH,QQRYDWLRQGLHLQGHU%LOGXQJGHPLP'HXWVFKHQUHJLRQDOYHUEUHLWHWHQLFKELQ DP RGHU EHLP$UEHLWHQ HQWVSULFKW 'LH IUKHU ZLH LP 6SDQLVFKHQ EOLFKH .RQVWUXNWLRQ PLW *HUXQGLXP SWJ HVWRX WUDEDOKDQGR  KDW VLFK LP EUDVLOLDQLVFKHQ 3RUWXJLHVLVFK HU KDOWHQLVWDEHULP(3XQJHEUlXFKOLFKJHZRUGHQ  6RQVWLJH DVSHNWXHOOH 3HULSKUDVHQ /H[LNDOLVFKH 8QWHUVFKLHGH OLHJHQ EHL VS VHJXLUSWJ FRQWLQXDU ÃHWZDVZHLWHU KLQ WXQ¶ XQGVSYROYHUSWJYROWDUWRUQDUÃHWZDVZLHGHUWXQ¶ YRU  7DEHOOH$VSHNWXHOOH9HUEDOSHULSKUDVHQ 6SDQLVFK

3RUWXJLHVLVFK

6LJXHWUDEDMDQGRHQODHPSUHVD (OHTXLSRYROYLyDJDQDU

&RQWLQXDDWUDEDOKDUQDHPSUHVD $HTXLSDYROWRXWRUQRXDJDQKDU

 0RGDOH3HULSKUDVHQ'HPVSWHQHUTXHHQWVSUHFKHQLP3RUWXJLHVLVFKHQGLH3HULSKUDVHQ WHU TXH XQG WHU GH GLH V\QRQ\P YHUZHQGHW ZHUGHQ (LQH 8QWHUVFKHLGXQJ ]ZLVFKHQ GHEHU XQG GHEHU GH ± HUVWHUHV GLHQW ]XP $XVGUXFN HLQHU 9HUSIOLFKWXQJ OHW]WHUHV HLQHU 9HUPXWXQJ ± ZLUG LP 3RUWXJLHVLVFKHQ QDFK GHU 6WDQGDUGJUDPPDWLN QLFKW JHPDFKW QlKHVSUDFKOLFKLVWDOOHUGLQJVDXFK'HYHGHHVWDUHPFDVDP|JOLFK  7DEHOOH0RGDOH9HUEDOSHULSKUDVHQ 6SDQLVFK

3RUWXJLHVLVFK

'HEHSDJDUVXVGHXGDV 'HEHGHHVWDUHQFDVD

'HYHSDJDUDVVXDVGtYLGDV 'HYHHVWDUHPFDVD

 3WJILFDUDOV3HULSKUDVHXQG.RSXODYHUE,P3RUWXJLHVLVFKHQKDWVLFKGDV9HUEILFDU]X HLQHU .RQNXUUHQ] ]X HVWDU DOV 3HULSKUDVHYHUE VRZLH ]X HVWDU XQG WHLOZHLVH VHU LQ .R SXODIXQNWLRQHQWZLFNHOW)LFDUEHGHXWHWXUVSUQJOLFKÃEOHLEHQ¶ ILFDDTXLÃHUVLHHVEOHLEW





KLHU¶VSVHTXHGDDTXt DX‰HUGHPÃZHUGHQ¶ ILFRXGRHQWHÃHUVLHZXUGHNUDQN¶VSVH SXVRHQIHUPRD KDWDEHULQ]ZLVFKHQLQYLHOHQ)lOOHQHLQIDFKGLH%HGHXWXQJÃVHLQVLFK EHILQGHQ¶0DQPVVWHDOVR GHQ%HUHLFKGHULP6SDQLVFKHQVHUXQGHVWDUXPIDVVW LP 3RUWXJLHVLVFKHQHLJHQWOLFK]ZLVFKHQVHUHVWDUXQGILFDUDXIWHLOHQZDVDOOHUGLQJVLQGHQ *UDPPDWLNHQ QRUPDOHUZHLVH QLFKW JHVFKLHKW $OV .RSXODYHUE NDQQ ILFDU GLH )XQNWLRQ YRQHVWDUEHUQHKPHQDOV9ROOYHUELQGHU%HGHXWXQJÃVLFKEHILQGHQ¶GLHYRQVHU  7DEHOOH'HU*HEUDXFKYRQSWJILFDU 6SDQLVFK (VWiWUDEDMDQGR (VWiWULVWH /DHVWDFLyQHVWiFHUFDGHOFHQWUR

3RUWXJLHVLVFK (3  (VWiDWUDEDOKDU )LFDDWUDEDOKDU (VWiWULVWH )LFDWULVWH $HVWDomRpSHUWRGRFHQWUR $HVWDomRILFDSHUWRGRFHQWUR

 =XGHQ)XWXUSHULSKUDVHQXQGLKUHQ9HUZHQGXQJVZHLVHQFI.DS     %HPHUNXQJHQ]XU6\QWD[ 3UlSRVLWLRQDOHU$NNXVDWLY 6FKRQVHLWIUKHVWHU=HLWEHVWHKWLQGHQLEHURURPDQLVFKHQ9DULHWlWHQGLH0|JOLFKNHLW HLQ GLUHNWHV 2EMHNW PLW GHU 3UlSRVLWLRQ D  ODW $'  ]X PDUNLHUHQ VR GDVV HV IRUPDO HLQHP LQGLUHNWHQ 2EMHNWV HQWVSULFKW 3HQQ\  ±   IKUW GLHV DXI GLH UHODWLY IUHLH 6DW]JOLHGVWHOOXQJ LP $OWVSDQLVFKHQ ]XUFN GLH ]X 8QNODUKHLWHQ IKUHQ NRQQWHXQGGLHVYRUDOOHPZHQQHVVLFKVRZRKOEHLP6XEMHNWDOVDXFKEHLP2EMHNWXP 3HUVRQHQKDQGHOWH (QGHGHV6LJORGH2URVR3HQQ\  ZDUGHUSUlSRVLWLRQDOH$NNX VDWLYLP6SDQLVFKHQGDQQEHLSHUV|QOLFKHQ2EMHNWHQREOLJDWRULVFK ]XSUl]LVLHUHQZlUH EHLGHILQLWHQSHUV|QOLFKHQ2EMHNWHQVX 'LH%HVFKUHLEXQJVHLQHV*HEUDXFKVLQHLQHU VSDQLVFKHQ*UDPPDWLNGHVIUKHQ-DKUKXQGHUWVOlVVWVLFKJUXQGVlW]OLFKDXFKDXIGLH KHXWLJH6SUDFKHDQZHQGHQ

 

 /DXW %RVVRQJ D   LVW HLQ SUlSRVLWLRQDOHU $NNXVDWLY EHUHLWV LP 0R]DUDELVFKHQ PLW PLEL(QWVSUHFKXQJ]XVSPtXQGSWJPLP EHOHJW

  Ä(QFRVDVDQLPDGDVSRUODPD\RUSDUWHVHSRQHODSUHSRVLFLyQFRPRVLUYRD3HGURHQFRVD VLQ DOPD HVWiQ VLQ HOOD FRPR DPR OD YHUGDG OHR ORV OLEURV³ -LPpQH] 3DWyQ  DSXG 5DPDMR&DxR 

%RVVRQJ D EHWUDFKWHWGHQSUlSRVLWLRQDOHQ$NNXVDWLYDOVHLQH$XVSUlJXQJGHU YRQLKPVRJHQDQQWHQGLIIHUHQWLHOOHQ2EMHNWPDUNLHUXQJ '20 GLHLQlKQOLFKHU)RUP LQ YHUVFKLHGHQHQ QLFKW YHUZDQGWHQ 6SUDFKHQ YRUNRPPW 1DFK GHP $EEDX GHU .DVXV IOH[LRQ KDEH VLFK LQ PDQFKHQ URPDQLVFKHQ 9DULHWlWHQ HLQ QHXHV 6\VWHP HQWZLFNHOW LQ GHP W\SLVFKH 6XEMHNWH PLW GHQ .HQQ]HLFKHQ ÃPHQVFKOLFK¶ XQG ÃGHILQLW¶  ZHQQ VLH LQ 2EMHNWIXQNWLRQYRUNDPHQPLWGHPDGHVLQGLUHNWHQ2EMHNWV LP5XPlQLVFKHQPLWGHU 3UlSRVLWLRQSH]XP9HUJOHLFK]ZLVFKHQ6SDQLVFKXQG5XPlQLVFKFI6WDUN  PDU NLHUWZXUGHQ Ä2EMHNWH ZHUGHQ GLIIHUHQ]LHUW QDFK EHVWLPPWHQ VHPDQWLVFKHQ .ULWHULHQ GLH DXI GHU XQLYHUVDOHQ %HOHEWKHLWVVNDOD HLQHUVHLWV GHU 'HILQLWKHLW DQGHUHUVHLWV EHUXKHQ ,P 6SDQLVFKHQ PXVV HV KHL‰HQ YHR D -XDQ ÄLFK VHKH +DQV³ GHQQ GHU (LJHQQDPH -XDQ >E]Z GHVVHQ 5HIHUHQW@LVWEHOHEWPHQVFKOLFKXQGDXWRPDWLVFKGHILQLWKLQJHJHQKHL‰WHVYHRXQDFDVDÄLFK VHKHHLQ+DXV³GHQQÄHLQ+DXV³LVWXQEHOHEWXQGLQGHILQLW³ %RVVRQJD 

'LH9HUZHQGXQJGHU3UlSRVLWLRQLVWDOVRKHXWHLP6SDQLVFKHQREOLJDWRULVFKEHLGHILQLWHQ 2EMHNWHQ DXFK EHWRQWHQ 3URQRPHQ ZLH EHL QR KH YLVWR D QDGLH  GLH DXI EHVWLPPWH 3HUVRQHQ UHIHULHUHQ DOVR QDFK %RVVRQJ JDQ] REHQ DXI GHU %HOHEWKHLWV XQG 'HILQLW KHLWVVNDODVWHKHQ1LFKWGHILQLWH2EMHNWHPLWPHQVFKOLFKHP5HIHUHQWHQZHUGHQGDJHJHQ RKQHDNRQVWUXLHUW%HLVS%XVFRXQPpGLFRYV%XVFRDXQPpGLFR]%OLHJWGHU8QWHU VFKLHG GDULQ GDVV LP HUVWHQ )DOO HLQ EHOLHELJHU LP ]ZHLWHQ )DOO HLQ EHVWLPPWHU $U]W JHVXFKW ZLUG %RVVRQJ D ±  'HU *HEUDXFK KDW VLFK LP /DXIH GHU =HLW ]7 DXFKDXI$EVWUDNWDDXVJHGHKQW *5$(,,±†U±S  ,P KHXWLJHQ 3RUWXJLHVLVFK VSLHOW GHU SUlSRVLWLRQDOH $NNXVDWLY QXU HLQH PDUJLQDOH 5ROOH$X‰HUPLWGHQEHWRQWHQ3HUVRQDOSURQRPHQPLWTXHPDPERVWRGRVRVGRLVWUrV HWF VRZLH EHL XP DR RXWUR XQG LQ HLQLJHQ )lOOHQ ]XU 9HUPHLGXQJ V\QWDNWLVFKHU $PELJXLWlWHQ +XQGHUWPDUN6DQWRV 0DUWLQV  ± *lUWQHU  ±  VWHKWGDVGLUHNWH2EMHNWDXFKZHQQHVVLFKDXIEHVWLPPWH3HUVRQHQEH]LHKWRKQHDSWJ 9HMRRVPHXVILOKRVYVVS9HRDPLVKLMRV'LH9HUZHQGXQJGHU3UlSRVLWLRQEHL9HUEHQ GHV *HIKOVDXVGUXFNV YRU DOOHP DPDU XQG YRU DOOHP LQ .RPELQDWLRQ PLW 'HXV ZLUG XQWHUVFKLHGOLFK EHZHUWHW /DXW &XQKD&LQWUD    NRPPW GHU SUlSRVLWLRQDOH $NNXVDWLY DOOJHPHLQ EHL ÄYHUERV TXH H[SULPHP VHQWLPHQWRV³ YRU ODXW *lUWQHU    XQG %RVVRQJ D   VWHKW 'HXV DOV GLUHNWHV 2EMHNW LPPHU PLW D +XQGHUW PDUN6DQWRV 0DUWLQV    RUGQHW GLHVH 9HUZHQGXQJ GHU /LWHUDWXU XQG VSH]LHOO GHU %LEHOVSUDFKH ]X 0DWHXV%ULWR'XDUWH)DULD    VSUHFKHQ LP =XVDPPHQ KDQJPLWDPDUD'HXVYRQÄFHUWDVH[SUHVV}HVIHLWDV³'HU*HEUDXFKLVWDOVRVHPDQWLVFK VWDUNUHVWULQJLHUWDQGHUHUVHLWVGLDSKDVLVFKPDUNLHUW ,P $OWSRUWXJLHVLVFKHQ ZDU GLH 9HUZHQGXQJ GHV SUlSRVLWLRQDOHQ $NNXVDWLYV DXI lKQOLFKH .RQWH[WH EHVFKUlQNW ZLH LP KHXWLJHQ 3RUWXJLHVLVFK GK VHLQH 9HUZHQGXQJ V\QWDNWLVFKPRWLYLHUW$EGHP-DKUKXQGHUWOlVVWVLFKGDQQHLQGHP6SDQLVFKHQXQG





IROJOLFK GHP 3ULQ]LS GHU '20 HQWVSUHFKHQGHU *HEUDXFK IHVWVWHOOHQ ]XQlFKVW DXV VFKOLH‰OLFK EHL 'HXV DE  DXFK EHL3HUVRQHQEH]HLFKQXQJHQ 'HOLOOH    2E GLHVH 9HUZHQGXQJ GLH LQ GHQ 7H[WHQ GHV  -DKUKXQGHUWV LKUHQ +|KHSXQNW HUUHLFKWH XQG LP  -K UHODWLY VFKQHOO ZLHGHU ]XUFNJLQJ DX‰HUKDOE EHVWLPPWHU 7H[WVRUWHQ EHUKDXSWHWDEOLHUWZDUPXVVGDKLQJHVWHOOWEOHLEHQ$XIMHGHQ)DOOZDU]X%HJLQQGHV -DKUKXQGHUWVLQHWZDGHUKHXWLJH=XVWDQGHUUHLFKW(VNDQQDOVRIUGLH9HUZHQGXQJ LQ V\QWDNWLVFK DPELJXHQ .RQWH[WHQ VRZLH EHL GHQ EHWRQWHQ 3HUVRQDOSURQRPHQ .RQWL QXLWlW VHLW GHP $OWSRUWXJLHVLVFKHQ DQJHQRPPHQ ZHUGHQ FI +XEHU   ]X GHQ 3URQRPHQ  ZRJHJHQ GLH 9HUZHQGXQJ PLW *HIKOVYHUEHQ XQG EHL 'HXV DOV HLQ 5HOLNW GHV]ZLVFKHQGHPXQG-KYHUEUHLWHWHQ*HEUDXFKVJHVHKHQZHUGHQPXVV (VEHVWHKWGHPQDFKKHXWHHLQV\VWHPDWLVFKHU8QWHUVFKLHG]ZLVFKHQGHQEHLGHQ6SUD FKHQ LQVRIHUQ DOV LP 6SDQLVFKHQ GLUHNWH 2EMHNWH PLW EHVWLPPWHP SHUV|QOLFKHQ 5H IHUHQWHQ REOLJDWRULVFK PLW D PDUNLHUW ZHUGHQ ZlKUHQG GLHV LP 3RUWXJLHVLVFKHQ QXU LQ VHKU ZHQLJHQ $XVQDKPHIlOOHQ JHVFKLHKW %HL (LJHQQDPHQ LP )HPLQLQXP HUJLEW VLFK EULJHQV GXUFK GHQ $UWLNHOJHEUDXFK LP 3RUWXJLHVLVFKHQ HLQH ]XIlOOLJH REHUIOlFKOLFKH hEHUHLQVWLPPXQJ 9HRD0DUtD±9HMRD0DULD GDGLHVSDQLVFKH3UlSRVLWLRQDXQGGHU SRUWXJLHVLVFKHIHPLQLQH$UWLNHOKRPRQ\PVLQG ,Q 9HUELQGXQJ PLW GHP SUlSRVLWLRQDOHQ $NNXVDWLY LVW DXFK GLH 9HUZHQGXQJ YRQ OH DQVWHOOHYRQOROD OHtVPR LP6SDQLVFKHQ FI.DS ]XVHKHQ    'LH6WHOOXQJGHUNOLWLVFKHQ2EMHNWSURQRPHQ %HL GHU 6WHOOXQJ GHU XQEHWRQWHQ 2EMHNWSURQRPHQ .OLWLND  EHZDKUW GDV (3 HLQ (QW ZLFNOXQJVVWDGLXPZLHZLUHVLQVHKUlKQOLFKHU)RUPQRFKLP$OWVSDQLVFKHQILQGHQ'DV 3URQRPHQVWHKWMHQDFKV\QWDNWLVFKHPE]ZSURVRGLVFKHP.RQWH[WHQWZHGHUSURNOLWLVFK RGHUHQNOLWLVFKLQ5HODWLRQ]XU9HUEIRUP ,P6SDQLVFKHQZXUGHGLHSURNOLWLVFKH6WHOOXQJGLHDXFKLQGHQDQGHUHQURPDQLVFKHQ 6SUDFKHQGLH1RUPLVWLP6LJORGH2URYHUDOOJHPHLQHUW FI3HQQ\  DX‰HU EHLP ,PSHUDWLY GiVHOR  VRZLH EHLP ,QILQLWLY GiUVHOR  XQG EHLP *HUXQGLXP GiQGRVHOR  HQWVSUHFKHQG LP 3RUWXJLHVLVFKHQ GiOKR GDUOKR XQG GDQGROKR %HL ,QILQLWLYXQG*HUXQGLXPNRPPWDOOHUGLQJVLQEHLGHQ6SUDFKHQLQEHVWLPPWHQ.RQWH[WHQ DXFK GLH SURNOLWLVFKH 6WHOOXQJ YRU FI 5HXPXWK:LQNHOPDQQ  ± ††   XQG+XQGHUWPDUN6DQWRV 0DUWLQV  ±  0DQ EHDFKWHGLH XQWHUVFKLHGOLFKH

 

 $XIIDOOHQGLVWMHGHQIDOOVGLHVHKUXQWHUVFKLHGOLFKH)UHTXHQ]EHLYHUVFKLHGHQHQ$XWRUHQ6RLVW ]% LP  -K LQ GHQ 7H[WHQ YRQ -RmR GH %DUURV GHU SUlSRVLWLRQDOH $NNXVDWLY EHL (LJHQ QDPHQ KlXILJ ZlKUHQG &DP}HV XQG 0HQGHV 3LQWR LKQ Y|OOLJ YHUPHLGHQ (LQ lKQOLFKHU %H IXQGOLHJWIUGDV-KYRU1XULP-KDXIGHP+|KHSXQNWGHVVSDQLVFKHQ(LQIOXVVHV ZLUGGHUSUlSRVLWLRQDOH$NNXVDWLY]LHPOLFKIOlFKHQGHFNHQGYHUZHQGHW(VOLHJWQDKHKLHUDQ HLQH%HHLQIOXVVXQJGXUFKGDV6SDQLVFKH]XGHQNHQ FI'HOLOOHXQG6FKlIHU3ULH‰ 

 

6FKUHLEXQJEHLGHQHQNOLWLVFKHQ)RUPHQ,P6SDQLVFKHQZHUGHQGLH3URQRPHQGLUHNWDQ GLH9HUEIRUPDQJHKlQJW:HQQVLFKGDGXUFKHLQH)RUPPLWGHU%HWRQXQJDXIGHUGULWW RGHUYLHUWOHW]WHQ6LOEH SDODEUDHVGU~MXODE]ZVREUHVGU~MXOD HUJLEWPXVVGHQ$N]HQW UHJHOQ]XIROJHGLHVH6LOEHPLWHLQHP$NXWPDUNLHUWZHUGHQ,P3RUWXJLHVLVFKHQEHGLQJW GHU %LQGHVWULFK GDVV 9HUE XQG 3URQRPHQ JUDSKLVFK DOV JHWUHQQWH :|UWHU EHKDQGHOW ZHUGHQZRPLWVLFKHLQHVSH]LHOOH$N]HQWVHW]XQJHUEULJW ,QDOOHQDQGHUHQDOVGHQELVKHUJHQDQQWHQ.RQWH[WHQVWHKHQDOVRLP6SDQLVFKHQGLH 2EMHNWSURQRPHQSURNOLWLVFK,P(3GDJHJHQJLOWDOV1RUPGLHHQNOLWLVFKH6WHOOXQJYRQ GHUHVDOOHUGLQJVHLQH5HLKHYRQ$XVQDKPHQJLEW ]X%3YV(3FI.DS  (QNOLVH OLHJW LP HLQIDFKHQ $XVVDJHVDW] YRU DX‰HU ZHQQ GDV 6XEMHNW HLQ ,QGHILQLW SURQRPHQLVW   7DEHOOH'HU*HEUDXFKGHUNOLWLVFKHQ2EMHNWSURQRPLQD, 6SDQLVFK

3RUWXJLHVLVFK

(ODOXPQROHGLRHOOLEUR 6HORGLR

2DOXQRGHXOKHROLYUR 'HXOKR

 'LHZLFKWLJVWHQ.RQWH[WHIUGLHSURNOLWLVFKH6WHOOXQJVLQGYHUQHLQWH6lW]H1HEHQVlW]H )UDJH XQG $XVUXIHVlW]H GLH PLW HLQHP )UDJHZRUW HLQJHOHLWHW ZHUGHQ XQG 6lW]H PLW HLQHP,QGHILQLWSURQRPHQDOV6XEMHNW$X‰HUGHPEHGLQJHQHLQLJH$GYHUELHQ3URNOLVH  7DEHOOH'HU*HEUDXFKGHUNOLWLVFKHQ2EMHNWSURQRPLQD,, 6SDQLVFK

3RUWXJLHVLVFK

1ROHGLRHOGLQHUR ¢3RUTXpOHKDGDGRHOGLQHUR" &UHRTXHOHGLRHOGLQHUR 1DGLHQRVD\XGy ¢7RGDYtDVHDFXHUGDGHHVRVEXHQRV WLHPSRV"

1mROKHGHXRGLQKHLUR 3RUTXrOKHGHXRGLQKHLUR" &UHLRTXHOKHGHXRGLQKHLUR 1LQJXpPQRVDMXGRX $LQGDVHOHPEUDGHVVHVERQVWHPSRV"

 ,P HXURSlLVFKHQ 3RUWXJLHVLVFK NRPPW EHL )XWXU XQG .RQGLWLRQDO DX‰HUGHP GLH VR JHQDQQWH PHVRNOLWLVFKH 6WHOOXQJ YRU ,Q HLQHP V\QWDNWLVFKHQ .RQWH[W LQ GHP (QNOLVH YRUOLHJHQPVVWHZLUGGLH9HUEIRUPLQ,QILQLWLYXQG(QGXQJDXIJHWHLOWXQGGDV2EMHNW SURQRPHQ E]Z GLH SURQRPLQD ]ZLVFKHQ GHQ ,QILQLWLY XQG GLH (QGXQJ JHVWHOOW *UD SKLVFK ZLUG GLHVHU (LQVFKXE PLW %LQGHVWULFKHQ PDUNLHUW +XQGHUWPDUN6DQWRV 0DUWLQV   'LH 0HVRNOLVH LVW ZHLWJHKHQG DXI GLH 'LVWDQ] E]Z JHVFKULHEHQH 6SUDFKH EHVFKUlQNW ZDV VLFK VFKRQ DXV GHU JUXQGVlW]OLFK VHOWHQHQ 9HUZHQGXQJ YRQ )XWXU XQG .RQGLWLRQDOLQGHU1lKHVSUDFKHHUJLEW 





7DEHOOH'HU*HEUDXFKGHUNOLWLVFKHQ2EMHNWSURQRPLQD,,, 6SDQLVFK

3RUWXJLHVLVFK

QR VHORGDUp QR VHORGDUtD

GDUOKRHL DEHUQmROKRGDUHL  GDUOKRLD DEHUQmROKRGDULD 

 'LHVH PRUSKRV\QWDNWLVFKH %HVRQGHUKHLW GLH DXFKGDV$OWVSDQLVFKHQRFK NHQQW HUNOlUW VLFKGDGXUFKGDVV)XWXUXQG.RQGLWLRQDOLKUHP8UVSUXQJJHPl‰DOVDQDO\WLVFKH)RUPHQ E]Z3HULSKUDVHQEHVWHKHQGDXVGHP,QILQLWLYGHV9ROOYHUEVXQGHLQHUILQLWHQ)RUPYRQ KDEHUKDYHU EHKDQGHOW ZHUGHQ ZREHL GLH 3URQRPHQ DQ GHQ ,QILQLWLY WUHWHQ ]% DVS GDUJHORKHIUQVSVHORGDUpÃLFKZHUGHHVLKPJHEHQ¶ 3HQQ\  FI .DS     /HtVPRODtVPRXQGORtVPR :lKUHQG LP 3RUWXJLHVLVFKHQ GLH XQEHWRQWHQ 3URQRPHQ GHV GLUHNWHQ XQG LQGLUHNWHQ 2EMHNWV NODU DXVHLQDQGHUJHKDOWHQ ZHUGHQ NRPPW HV LP 6SDQLVFKHQ XQWHU EHVWLPPWHQ 8PVWlQGHQ]XU(UVHW]XQJGHVGLUHNWHQ2EMHNWSURQRPHQVGXUFKGDVLQGLUHNWH OHIUOR OD XQGXPJHNHKUW ORODIUOH ,PHUVWHUHQ)DOOVSULFKWPDQYRQOHtVPRLPOHW]WHUHQ YRQORtVPRE]ZODtVPR:HLWHUKLQXQWHUVFKHLGHWPDQEHLPOHtVPR]ZLVFKHQGHPOHtVPR GHSHUVRQDEHLGHPGDV2EMHNWSURQRPHQIUHLQH3HUVRQVWHKWXQGGHPOHtVPRGHFRVD (UVWHUHUNDQQQDFKGHP*HQXVGHV%H]XJVZRUWVQRFKHLQPDOXQWHUWHLOWZHUGHQLQPDV NXOLQXQGIHPLQLQ DPDVNXOLQHUOHtVPRGHSHUVRQDYHRDPLDPLJR±OHYHRVWDWWORYHR EIHPLQLQHUOHtVPRGHSHUVRQDYHRDPLDPLJD±OHYHRVWDWWODYHR FOHtVPRGHFRVDYHRDPLFRFKH±OHYHRVWDWWORYHR 'LH GUHL 7\SHQ XQWHUVFKHLGHQ VLFK KLQVLFKWOLFK LKUHU UHJLRQDOHQ 9HUEUHLWXQJ VRZLH EH]JOLFK LKUHU GLDVWUDWLVFKHQGLDSKDVLVFKHQ 0DUNLHUXQJ $P ZHLWHVWHQ YHUEUHLWHW XQG DPEHVWHQDN]HSWLHUWLVWGHU7\SDGHUVFKRQVHLWGHP0LWWHODOWHUEHOHJWLVW FI3HQQ\ ± LP6LJORGH2URGLH1RUPZDU *5$(,†K  XQG DXFK KHXWH LQ GHU 6FKULIWVSUDFKH YHUZHQGHW ZLUG 6HLQ *HEUDXFK LVW DN]HSWLHUW JHRJUDSKLVFK DOOHUGLQJV ZHLWJHKHQG DXI GDV HXURSlLVFKH 6SDQLVFK VSH]LHOO LQ VHLQHQ Q|UGOLFKHQ9DULHWlWHQEHVFKUlQNW'DJHJHQJHOWHQGHUIHPLQLQHOHtVPRGHSHUVRQDXQG GHUOHtVPRGHFRVDLP$OOJHPHLQHQDOVLQNRUUHNW %HLPODtVPRNDQQPDQZLHGHUXP]ZLVFKHQHLQHPODtVPRGHSHUVRQD GR\HOOLEURDPL DPLJD ± OD GR\ HO OLEUR VWDWW OH GR\  XQG VHOWHQHUHP ODtVPR GH FRVD XQWHUVFKHLGHQ 2EZRKO HUVWHUHU LQ 0DGULG XQG HLQLJHQ *HELHWHQ LP 1RUGHQ 6SDQLHQV DXFK LQ GHU JHKREHQHQ6SUDFKHYHUEUHLWHWLVWUlWGLH5$(YRQVHLQHU9HUZHQGXQJDE *5$(

 

†G 'HUORtVPR GR\HOOLEURDPLDPLJR±ORGR\HOOLEURVWDWWOHGR\ LVWLP KHXWLJHQ 6SDQLVFK VHOWHQ XQG ZLUG DOV IXHUWHPHQWH GHVSUHVWLJLDGR *5$(   †N HUDFKWHW 'LH LQ GHQ EHVFKULHEHQHQ .RQVWUXNWLRQHQ HUNHQQEDUH 7HQGHQ] ]XU $XIJDEH GHU .DVXVXQWHUVFKHLGXQJ]XJXQVWHQHLQHU*HQXVXQWHUVFKHLGXQJLVWLP3RUWXJLHVLVFKHQQLFKW HUNHQQEDUGKHLQH.RQVWUXNWLRQZLHSWJ 1mROKHYLDQDORJ]XVS1ROHYL QHEHQ1R OROD YL  LVW GRUW JUXQGVlW]OLFK QLFKW P|JOLFK HEHQVR ZHQLJ ZLH GLH (UVHW]XQJ YRQ LQGLUHNWHQ2EMHNWSURQRPHQGXUFKGLUHNWH'DGHUOHtVPRLP6SDQLVFKHQQXUHLQH9DUL DQWHGDUVWHOOWGLH1RUPDEHUGLHJOHLFKH9HUWHLOXQJYRQGLUHNWHQXQGLQGLUHNWHQ2EMHNW SURQRPHQZLHLP3RUWXJLHVLVFKHQYRUVLHKWHUJHEHQVLFKYRP3RUWXJLHVLVFKHQKHUNHLQH 3UREOHPH ZHQQ DEJHVHKHQ YRQ XQWHUVFKLHGOLFKHU 5HNWLRQ EHL HLQ]HOQHQ 9HUEHQ  GLH HW\PRORJLVFK HQWVSUHFKHQGHQ )RUPHQ YHUZHQGHW ZHUGHQ 'DJHJHQ N|QQWHQ VSDQLVFKH OHtVPR6SUHFKHU 6FKZLHULJNHLWHQ KDEHQ GLH VWULNWH 8QWHUVFKHLGXQJ LP 3RUWXJLHVLVFKHQ QDFK]XYROO]LHKHQ

   5HGXQGDQWH2EMHNWSURQRPHQ ,Q EHLGHQ 6SUDFKHQ EHVWHKW GLH 0|JOLFKNHLW GDV 2EMHNW HLQHV 6DW]HV GRSSHOW DXV]X GUFNHQ HLQPDO GXUFK HLQHQ VHOEVWlQGLJHQ QRPLQDOHQ $XVGUXFN XQG HLQPDO GXUFK HLQ NOLWLVFKHV3URQRPHQ%HL/LQNVYHUVHW]XQJGHVGLUHNWHQRGHULQGLUHNWHQ2EMHNWVJLOWIU EHLGH 6SUDFKHQ GDVV GDV QRPLQDOH RGHU SURQRPLQDOH 2EMHNW GXUFK HLQ NOLWLVFKHV 3UR QRPHQZLHGHUDXIJHQRPPHQZLUG *5$(,,†H*lUWQHU   7DEHOOH3URQRPLQDOH:LHGHUDXIQDKPHEHL/LQNVYHUVHW]XQJ 6SDQLVFK

3RUWXJLHVLVFK 'LUHNWHV2EMHNW

/DFDUWDODKHOHtGRHVWDPDxDQD $WXKHUPDQROROHKHYLVWRHQODFDOOH $PtQRPHKDHQFRQWUDGR

$FDUWDOLDHVWDPDQKm 2WHXLUPmRYLRQDUXD $PLPQmRPHHQFRQWURX

,QGLUHNWHV2EMHNW $ORVDOXPQRVQROHVLQWHUHVDHODVXQWR $PLQRPHJXVWD

$RVDOXQRVQmROKHVLQWHUHVVDRDVVXQWR $PLPQmRPHDJUDGD

 'LH /LQNVYHUVHW]XQJ VFKHLQW LP 6SDQLVFKHQ HLQ JlQJLJHUHV 9HUIDKUHQ DOV LP 3RUWX JLHVLVFKHQ]XVHLQZREHLDOOHUGLQJVQLFKWOHLFKW]XHQWVFKHLGHQLVWXQWHUZHOFKHQ8P VWlQGHQGRUWGLHXQPDUNLHUWH:RUWIROJH SWJ/LDFDUWDHVWDPDQKm9LRWHXLUPmRQD





UXDXQG2DVVXQWRQmRLQWHUHVVDDRVDOXQRV YRUJH]RJHQZLUG'LH/LQNVYHUVHW]XQJPLW 2EMHNWYHUGRSSOXQJ ZLUG QDFK $XVNXQIW HLQLJHU SRUWXJLHVLVFKHU 0XWWHUVSUDFKOHU WHQ GHQ]LHOO DOV HKHU GLVWDQ]VSUDFKOLFK MHGHQIDOOV DOV ZHQLJHU QDWUOLFK HPSIXQGHQ DOV GLH 6926WHOOXQJ ,P3RUWXJLHVLVFKHQVWHKWEHLPGLUHNWHQ2EMHNWGLH3UlSRVLWLRQQXUZHQQHVVLFKXP HLQ EHWRQWHV 3URQRPHQ KDQGHOW ,P 6SDQLVFKHQ ZHUGHQ DX‰HUGHP DOOH YRUDQJHVWHOOWHQ GLUHNWHQ 2EMHNWH PLW D HLQJHOHLWHW FI .DS   ZHQQ VLH VLFK DXI 3HUVRQHQ EH ]LHKHQ $XFK EHL %HLEHKDOWXQJ GHU 6 92$EIROJH DOVR RKQH /LQNVYHUVHW]XQJ ZLUG LP 6SDQLVFKHQ KlXILJ GDV 2EMHNW GXUFK HLQ NOLWLVFKHV 3URQRPHQ YRUZHJJHQRPPHQ GD]X DXVIKUOLFK%HOORUR 'LHVHV9HUIDKUHQLVWLP3RUWXJLHVLVFKHQY|OOLJXQEOLFK  7DEHOOH2EMHNWPDUNLHUXQJ,, 6SDQLVFK

3RUWXJLHVLVFK

/ROHYHRDWXSURIHVRUWRGRVORVGtDV (ODVXQWRQROHVLQWHUHVDDORVDOXPQRV /HKDVKDEODGRDPLKLMR

9HMRRWHXSURIHVVRUWRGRVRVGLDV 2DVVXQWRQmRLQWHUHVVDDRVDOXQRV )DODVWHDRPHXILOKR



  ,QILQLWLYNRQVWUXNWLRQHQPLWSHUV|QOLFKHP6XEMHNW (LQH3HUVRQDOLVLHUXQJE]Z)LQLWLVLHUXQJGHV,QILQLWLYVGXUFK3URQRPHQRGHU6XEVWDQWLY JUXSSHQNRPPWLQYHUVFKLHGHQHQURPDQLVFKHQ6SUDFKHQYRUVRLP6SDQLVFKHQ3RUWX JLHVLVFKHQ XQG .DWDODQLVFKHQ VRZLH LQ lOWHUHQ 6WXIHQ GHV )UDQ]|VLVFKHQ XQG ,WDOLH QLVFKHQ .|UQHU± ,P3RUWXJLHVLVFKHQOLHJWQXQGHUVSH]LHOOH)DOOYRUGDVV GLHVH3HUVRQDOLVLHUXQJ]XVlW]OLFKGXUFKHLQH)OH[LRQVHQGXQJLPIROJHQGHQ%HLVSLHOGDV HP IU GLH 3V3O DXVJHGUFNW ZHUGHQ NDQQ DX‰HU LQ GHU  XQG 3V6J ZR GLH )RUPHQJOHLFKODXWHQGPLWGHPXQIOHNWLHUWHQ,QILQLWLYVLQG     

 

 'LHV ZlUH LQVRIHUQ HUNOlUXQJVEHGUIWLJ DOV GDV 9HUIDKUHQ JHQHUHOO DOV W\SLVFK IU GLH JH VSURFKHQH 6SUDFKH DQJHVHKHQ ZLUG FI 'XIWHU6WDUN   GLH HLQHQ GLHVEH]JOLFKHQ 9HUJOHLFK ]ZLVFKHQ 6SDQLVFK XQG ,WDOLHQLVFK YRUQHKPHQ  *HQDXHUH 8QWHUVXFKXQJHQ ]XP 3RUWXJLHVLVFKHQZlUHQHLQ'HVLGHUDW

  7DEHOOH,QILQLWLYNRQVWUXNWLRQHQXQG6XEMHNWPDUNLHUXQJ, 6SDQLVFK

3RUWXJLHVLVFK

$OOOHJDUORVLQYLWDGRVOORYtD

$RFKHJDUHPRVFRQYLGDGRVFKRYLD

 +DQGHOWHVVLFKEHLGHP6XEMHNWGHU,QILQLWLYNRQVWUXNWLRQXPHLQ3URQRPHQlQGHUWVLFK LP6SDQLVFKHQQRUPDOHUZHLVHQLFKWVDQGLHVHU6WUXNWXU,P3RUWXJLHVLVFKHQUHLFKWGD JHJHQ LQ GHU 3V6J XQG LP 3OXUDO GLH )OH[LRQVHQGXQJ DXV XP GLH 3HUVRQ ]X PDU NLHUHQ  7DEHOOH,QILQLWLYNRQVWUXNWLRQHQXQG6XEMHNWPDUNLHUXQJ,, 6SDQLVFK

3RUWXJLHVLVFK

$OOOHJDUQRVRWURVOORYtD

$RFKHJDUPRVFKRYLD

 ,QGHUXQG3V6JVWHKWDXFKLP3RUWXJLHVLVFKHQGDV3URQRPHQDEHUYRUGHP,QILQL WLY  7DEHOOH,QILQLWLYNRQVWUXNWLRQHQXQG6XEMHNWPDUNLHUXQJ,,, 6SDQLVFK

3RUWXJLHVLVFK

$OOOHJDUHOODOORYtD

$RHODFKHJDUFKRYLD

 ,P 6SDQLVFKHQ LVW GLH 0|JOLFKNHLW VROFKHU SHUVRQDOLVLHUWHU .RQVWUXNWLRQHQ YHUJOLFKHQ PLW GHP 3RUWXJLHVLVFKHQ DOOHUGLQJV HLQJHVFKUlQNW XQG LP hEULJHQ UHJLRQDO XQWHU VFKLHGOLFK YHUEUHLWHW FI ]% *5$( 0DQXDO   G  XQG XQWHUVFKLHGOLFK DN]HSWLHUW :DV GLH .RQWH[WH IU GLH 9HUZHQGXQJ GHV IOHNWLHUWHQ ,QILQLWLYV LP 3RUWXJLHVLVFKHQ DQJHKW VR KHUUVFKW LQ GHU /LWHUDWXU HLQH HUVWDXQOLFKH 8QHLQLJNHLW GHUHQ 8UVDFKH YRQ &XQKD&LQWUDLQGHUJUR‰HQVWLOLVWLVFKHQ9DULDWLRQJHVHKHQZLUG Ä1XPHURVDVWrPVLGRDVUHJUDVSURSRVWDVSHORVJUDPiWLFRVSDUDRULHQWDUFRPSUHFLVmRRXVR VHOHFWLYR GDV GXDV IRUPDV 4XDVH WRGDV SRUpP VXEPHWLGDV D XP H[DPH PDLV DFXUDGR UHYHODUDPVHLQVXILFLHQWHVRXLUUHDLV³ &XQKD&LQWUD 

'HQQRFK NDQQ PDQ ]XPLQGHVW HLQLJH .RQWH[WH EHVWLPPHQ LQ GHQHQ GLH 9HUZHQGXQJ GHVIOHNWLHUWHQ,QILQLWLYVP|JOLFK]7QDFKPDQFKHU$QVLFKWDXFKREOLJDWRULVFKLVW$OV

 

 'LH9RUDQVWHOOXQJGHV3URQRPHQVNRPPWDOOJHPHLQLPNDULELVFKHQ6SDQLVFKYRU DQWHVGH\R GHFLUSDUD\ROHYDQWDUPHHWF*5$(,,G&iOODWHSDUD\RRtUHOUXtGR*5$( ,,G %HLVLQLVWVLHOW6FKXOWH  LQVJHVDPWZHLWYHUEUHLWHWEHLDQGHUHQ 3UlSRVLWLRQHQ QLFKW DXVJHVFKORVVHQ =XP *HEUDXFK GHU 6XEMHNWSURQRPLQD LP NDULELVFKHQ 6SDQLVFKFI*XWLpUUH]0DWp  





HLQH *UXSSH ODVVHQ VLFK ]XQlFKVW GLH .RQVWUXNWLRQHQ PLW 3UlSRVLWLRQ LGHQWLIL]LHUHQ GXUFK GLH YHUVFKLHGHQH 6LQQUHODWLRQHQ DXVJHGUFNW ZHUGHQ VR ZLH LQ GHQ IROJHQGHQ %HLVSLHOVlW]HQGLH]7OHLFKWYHUlQGHUWYRQ9i]TXH]&XHVWD/X] ,,±  XQG+XQGHUWPDUN6DQWRV0DUWLQV ± EHUQRPPHQZXUGHQ  7DEHOOH,QILQLWLYNRQVWUXNWLRQHQXQG6XEMHNWPDUNLHUXQJ,9 6SDQLVFK

3RUWXJLHVLVFK WHPSRUDO

$QWHVGHTXHVDOLpUDPRV\DORKDEtDYLVWR\R

$QWHVGHVDLUPRVMiRWLQKDYLVWR

$OOOHJDUQRVRWURVDODSOD\DHPSH]yD OORYHU

$RFKHJDUPRVjSUDLDFRPHoRXDFKRYHU NDXVDO

1RVDOLHURQSRUTXHKDEtDQFHQDGRWDUGH

1mRVDLUDPSRUWHUHPMDQWDGRWDUGH

6HFDOOySRUTXHQROHFUHtDQ

&DORXVHSRUQmRQHOHDFUHGLWDUHP

3RUKDEODUWDQEDMRQRWHR\HQ

3RUIDODUHVWmREDL[RQmRWHRXYHP NRQGLWLRQDO

6LFRQWLQ~DVDVt¢TXHKDUiV" (QFDVRGHWHQHUYRVRWURVUD]yQRVSHGLUp GLVFXOSDV

$FRQWLQXDUHVDVVLPTXHIDUiV" 1RFDVRGHYRFrVWHUHPUD]mRSHoROKHV GHVFXOSD ILQDO

7HORGLJRSDUDTXHORVHSDV

'LJRWRSDUDRVDEHUHV FI9i]TXH]&XHVWD/X], 

 ,P6SDQLVFKHQVLQGDOVRYHUVFKLHGHQH(QWVSUHFKXQJHQ]XPIOHNWLHUWHQ,QILQLWLYP|JOLFK :HQQGLH=XVDPPHQKlQJHHLQGHXWLJVLQGNDQQZLHLQ3RUKDEODUWDQEDMRQRWHR\HQ HLQHLQIDFKHU,QILQLWLYVWHKHQDXFKZHQQHV]ZHLYHUVFKLHGHQH6XEMHNWHJLEW,QDQGHUHQ )lOOHQNDQQGLH'LVDPELJXLHUXQJGXUFKGLH3HUVRQDOLVLHUXQJGHV,QILQLWLYVHUIROJHQ'LH *5$(0DQXDO †D VSULFKWGDEHLYRQHLQHPVXMHWRH[SUHVRZLHLQ$O OOHJDU QRVRWURV D OD SOD\D HPSH]y D OORYHU $QVRQVWHQ EHVWHKW GLH 0|JOLFKNHLW HLQHU 8PVFKUHLEXQJ PLW HLQHP 1HEHQVDW]GLH DXFK LP3RUWXJLHVLVFKHQ P|JOLFK LVW XQG ODXW 6FKXOWH    VRJDU LQ PDQFKHQ .RQWH[WHQ KlXILJHU JHQXW]W ZLUG DOV GLH .RQ

 

 (LQH GHWDLOOLHUWH %HVFKUHLEXQJ GLHVHU ÄYDOHQ]XQDEKlQJLJHQ DGYHUELDOHQ ,QILQLWLYNRQVWUXN WLRQHQ³ILQGHWVLFKEHL*lUWQHU ±    'LH .RPELQDWLRQD,QILQGLHVHU )XQNWLRQZDUODXW*5$( ,,E LPHVSDxRO FOiVLFR VHKU YHUEUHLWHW XQG ILQGHW VLFK KHXWH QRFK LQ UHJLRQDOHQ 9DULHWlWHQ GHV HXURSlLVFKHQ 6SDQLVFK

 

VWUXNWLRQ PLW GHP IOHNWLHUWHQ ,QILQLWLY 1XU LQ $GYHUELDOVlW]HQ EHVRQGHUV PLW DQWHV SDUDDSHVDUGHSRLVXQGVHPLVWODXW6FKXOWH  GLH,QILQLWLYNRQVWUXNWLRQGLH HUVWH:DKO 5HODWLY KRFK VLQG GLH $QWHLOH GHU ,QILQLWLYNRQVWUXNWLRQ DXFK QRFK QDFK XQSHUV|Q OLFKHQ$XVGUFNHQ 6FKXOWH   7DEHOOH,QILQLWLYNRQVWUXNWLRQHQXQG6XEMHNWPDUNLHUXQJ9 6SDQLVFK

3RUWXJLHVLVFK

4XpOiVWLPDSHQDTXHJDQHVWDQSRFR (VQHFHVDULRTXHQRFRQIXQGDVHQSRUWXJXpVOD FFRQOD]

eSHQDJDQKDUHVWmRSRXFR eQHFHVViULRQmRFRQIXQGLUHVHPSRUWXJXrV RFHR]

 $X‰HUGHP ZLUG GHU IOHNWLHUWH ,QILQLWLY LQ )UDJH XQG $XVUXIHVlW]HQ YHUZHQGHW RKQH GDVVHUYRQHLQHPEHUJHRUGQHWHQ$XVGUXFNDEKlQJLJZlUHÄFRVDPX\IUHFXHQWHHQODV H[SUHVLRQHVGHDVRPEUR\HQODVIUDVHVLUyQLFDV³ 9i]TXH]&XHVWD/X],,   7DEHOOH,QILQLWLYNRQVWUXNWLRQHQXQG6XEMHNWPDUNLHUXQJ9, 6SDQLVFK

3RUWXJLHVLVFK

£4XHVHKD\DQPXHUWRWDQWRVKRPEUHVGHYDORU \TXHpOFRQWLQ~HHQHVWHPXQGR ¢7~DSUREDUHOH[DPHQ"'HMDTXHPHUtD

7HUHPPRUULGRWDQWRVKRPHQVGHYDORUH HOHFRQWLQXDUQHVWHPXQGR 7XSDVVDUHVQRH[DPH"'HL[DPHULU

 :DV GLH *HVFKLFKWH GHU SHUV|QOLFKHQ ,QILQLWLYNRQVWUXNWLRQHQ LQ GHQ EHLGHQ 6SUDFKHQ DQJHKWVRODVVHQVLFKODXW6FKXOWH  NHLQHJUXQGOHJHQGHQ8QWHUVFKLHGHIHVW VWHOOHQ GRFK VHL GHU SHUV|QOLFKH ,QILQLWLY E]Z LQ 6FKXOWHV 7HUPLQRORJLH GHU RYHUW VXEMHFWLQILQLWLYH 26, LQYLHOHQ.RQWH[WHQLP3RUWXJLHVLVFKHQIUKHUEHOHJWDOVLP6SD QLVFKHQXQGLQGHUKHXWLJHQ6SUDFKHKlXILJHU    5HIOH[LYNRQVWUXNWLRQHQ :lKUHQG VLFK KLQVLFKWOLFK GHU 5HIOH[LYNRQVWUXNWLRQHQ PLW GLUHNWHP 2EMHNW 7\SXV ODYDUVHODYDUVH HQFRQWUDUVHHQFRQWUDUVH UHIOH[LYH E]Z UH]LSURNH %HGHXWXQJ  NHLQH V\VWHPDWLVFKHQ 8QWHUVFKLHGH IHVWVWHOOHQ ODVVHQ ]HLJHQ VLFK DXIIlOOLJH 'LYHUJHQ]HQ EHL GHQVRJHQDQQWHQ3VHXGRUHIOH[LYDGHUHQ*HEUDXFKLP6SDQLVFKHQlX‰HUVWYHUEUHLWHWLP 3RUWXJLHVLVFKHQ GDJHJHQ VR JXW ZLH QLFKW QDFK]XZHLVHQ LVW FI 9i]TXH] &XHVWD/X] ,, ÄRUDFLRQHVUHIOH[LYDVLQGLUHFWDV³XQG2VWKXV  LQ$EJUHQ]XQJYRP HWKLVFKHQ'DWLYGHUDXFKLP3RUWXJLHVLVFKHQH[LVWLHUW 3VHXGRUHIOH[LYH.RQVWUXNWLRQHQ





LP6SDQLVFKHQNRPPHQVRZRKOPLWLQWUDQVLWLYHQ9HUEHQZLHVSVDOLUDOVDXFKPLWWUDQ VLWLYHQZLHVSFRPHUDSUHQGHUYRUEHYRU]XJWHVHPDQWLVFKH%HUHLFKHVLQG%HZHJXQJ 1DKUXQJVDXIQDKPH XQG JHLVWLJH :DKUQHKPXQJ 'LHVH .RQVWUXNWLRQHQ JHOWHQ ]7 DOV PDUNLHUW ZHVZHJHQ DXFK YRQ HLQHP ÄGLDVWUDWLVFKGLDSKDVLVFKHQ VH³ JHVSURFKHQ ZLUG 2HVWHUUHLFKHU   7DEHOOH5HIOH[LYNRQVWUXNWLRQHQ, 6SDQLVFK 6DOtGHODHVFXHOD 0HVDOtGHODHVFXHOD +HDSUHQGLGRODOHFFLyQ 0HKHDSUHQGLGRODOHFFLyQ +HEHELGRXQDFHUYH]D 0HKHEHELGRXQDFHUYH]D

3RUWXJLHVLVFK 6DLGDHVFROD $SUHQGLDOHomR %HELXPDFHUYHMD

 8QSHUV|QOLFKH5HIOH[LYNRQVWUXNWLRQHQ RUDFLRQHVLPSHUVRQDOHVUHIOHMDV*5$(0DQXDO †D&XQKD&LQWUD JLEWHVLQEHLGHQ6SUDFKHQ VS6HYLYH ELHQDTXt±SWJ9LYHVHEHPDTXL $XVJHVFKORVVHQLVWLP3RUWXJLHVLVFKHQDEHUGLHLP 6SDQLVFKHQ YHUEUHLWHWH .RQVWUXNWLRQ PLW HLQHP LQGLUHNWHQ 2EMHNWSURQRPHQ LQ .RPEL QDWLRQPLWHLQHPUHIOH[LYHQVH  7DEHOOH5HIOH[LYNRQVWUXNWLRQHQ,, 6SDQLVFK 6HOHFD\yODWD]D $OJRVHPHKDSHUGLGR

3RUWXJLHVLVFK &DLXOKHDFKiYHQD 'HL[RXFDLUDFKiYHQD 3HUGLDOJXPDFRLVD

 %HL GHQ EOLFKHUZHLVH DOV 3DVVLY NODVVLIL]LHUWHQ UHIOH[LYHQ .RQVWUXNWLRQHQ ]HLJHQ GLH EHLGHQ6SUDFKHQZLHGHUXPJUXQGVlW]OLFKhEHUHLQVWLPPXQJ  7DEHOOH5HIOH[LYNRQVWUXNWLRQHQ,,, 6SDQLVFK

3RUWXJLHVLVFK

6HYHQGHQELFLFOHWDV

9HQGHPVHELFLFOHWDV

 'LHVH9HUZHQGXQJVZHLVHLVWEHUHLWVLP0LWWHODOWHUEHOHJWGLHXQSHUV|QOLFKHQ.RQVWUXN WLRQHQVLQGMQJHU FI/DSHVD†XQG0HQGLNRHW[HD 

 

'LH%HMDKXQJLP3RUWXJLHVLVFKHQ  'DV3RUWXJLHVLVFKHQLPPWXQWHUGHQURPDQLVFKHQ6SUDFKHQLQ%H]XJDXIGLHEHMDKHQGH $QWZRUWHLQH6RQGHUVWHOOXQJHLQ2EZRKOHVHLQH(QWVSUHFKXQJ]XVSVtIURXLGWMD HWFJLEWQlPOLFKGDVGHPVSVtYHUZDQGWHSWJVLP ODW 6Ʈ& EHVWHKWGLHYHUEUHLWHWVWH )RUP GHU %HMDKXQJ LQ GHU :LHGHUKROXQJ GHV 9HUEV E]Z +LOIV E]Z 3HULSKUDVHYHUEV RGHUGHV$GYHUEVGHV)UDJHVDW]HV  7DEHOOH'LH)RUPHQGHU%HMDKXQJ, 6SDQLVFK

3RUWXJLHVLVFK

¢4XLHUHVLUFRQPLJR"±6t ¢9DVDSDJDU"±6t ¢I@ ! >K@ ! >‡@ LQ $UL]D 0DQXHO6DOYDGRU $QWRQLR9LXGDV $QWRQLR +UVJ  $FWDV GHO , FRQJUHVR LQWHUQDFLRQDO GH KLVWRULDGHODOHQJXDHVSDxROD&iFHUHVGHPDU]R±GHDEULOGH0DGULG$UFR %ODVHU-XWWD ð 3KRQHWLNXQG3KRQRORJLHGHV6SDQLVFKHQ(LQHV\QFKURQLVFKH(LQIKUXQJ 7ELQJHQ1LHPH\HU 5RPDQLVWLVFKH$UEHLWVKHIWH >@ %Oi]TXH] -RVp 0DULD   (O 0HGLWHUUiQHR +LVWRULD DUTXHRORJtD UHOLJLyQ DUWH 0DGULG &iWHGUD %OXPEHUJ 0HFKWKLOG   'LH LJQRULHUWH :HOWVSUDFKH ]XU *HVFKLFKWH XQG 6LWXDWLRQ GHV 3RUWXJLHVLVFKHQLQ*XJHQEHUJHU(YD%OXPEHUJ0HFKWKLOG +UVJ 9LHOVSUDFKLJHV(XURSD =XU 6LWXDWLRQ GHU UHJLRQDOHQ 6SUDFKHQ YRQ GHU ,EHULVFKHQ +DOELQVHO ELV ]XP .DXNDVXV )UDQNIXUWD0/DQJ gVWHUUHLFKHV'HXWVFK6SUDFKHGHU*HJHQZDUW ± %|FNPDQQ3DXO.OXJH*HUKDUG +UVJ   6FKLOOHUV:HUNH1DWLRQDODXVJDEH%DQG'RQ .DUORV (UVWDXVJDEH  7KDOLD)UDJPHQWH ± :HLPDU +HUPDQQ %|KODXV 1DFKIROJHU %RLVYHUW*HRUJHV ± *XHUUDjVSDODYUDVDIUDQFHVDGDV8QHSROpPLTXHOLQJXLVWLTXH GDQVODSUHVVHOLVERQQDLVHHQRFWREUHLQ%(3%± %ROpR0DQXHOGH3DLYD6LOYD0DULD+HOHQD6DQWRV  2³PDSDGRVGLDOHFWRVHIDODUHVGH 3RUWXJDOFRQWLQHQWDO´LQ(VWXGRVGHOLQJXtVWLFDSRUWXJXHVDHURPkQLFD9RO,'LDOHFWRORJLDH KLVWyULDGDOtQJXD7RPR,&RLPEUD8QLYHUVLGDGHGH&RLPEUD± $FWD8QLYHUVLWDWLV &RLPEULJHQVLV  %ROOpH $QQHJUHW1HXPDQQ+RO]VFKXK ,QJULG   6SDQLVFKH 6SUDFKJHVFKLFKWH 6WXWWJDUW .OHWW %RUHW]N\ 1RUEHUW   5RPDQLVFK=LJHXQHULVFKH ,QWHUIHUHQ]HQ ]XP &DOy  LQ (UIXUW -UJHQ-H‰LQJ %HQHGLNW3HUO 0DWWKLDV +UVJ  3ULQ]LSLHQ GHV 6SUDFKZDQGHOV , 9RUEHUHLWXQJ %HLWUlJH ]XP /HLS]LJHU 6\PSRVLXP GHV 3URMHNWV Ä3ULQ]LSLHQ GHV 6SUDFKZDQGHOV³ 35235,16  YRP ± DQ GHU 8QLYHUVLWlW /HLS]LJ %RFKXP %URFNPH\HU %RFKXP±(VVHQHU%HLWUlJH]XU6SUDFKZDQGHOIRUVFKXQJ  %RUQ -RDFKLP   /HRQHVLVFK XQG ([WUHPHxR LQ +ROWXV *QWHU0HW]HOWLQ 0LFKDHO6FKPLWW &KULVWLDQ +UVJ  /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN /5/  %DQG 9, $UDJRQHVLVFK1DYDUUHVLVFK 6SDQLVFK $VWXULDQLVFK/HRQHVLVFK 7ELQJHQ 1LHPH\HU ± %RUQ -RDFKLP   0F:RUOG(QJOLVK XQG 0F:RUOG&XOWXUH LP 0HUFRVXO LQ %LHUEDFK 0HFKWKLOG*HPPLQJHQ %DUEDUD YRQ +UVJ  .XOWXUHOOH XQG VSUDFKOLFKH (QWOHKQXQJ 'LH $VVLPLOLHUXQJ GHV )UHPGHQ $NWHQ GHU JOHLFKQDPLJHQ 6HNWLRQ GHV ;;9 'HXWVFKHQ 5RPDQLVWHQWDJHV LP 5DKPHQ YRQ 5RPDQLD , LQ -HQD YRP ± %RQQ 5RPDQLVWLVFKHU9HUODJ $EKDQGOXQJHQ]X6SUDFKHQXQG/LWHUDWXU  %RUQ -RDFKLP   ([WHUQH 6SUDFKJHVFKLFKWH GHV 3RUWXJLHVLVFKHQ LQ %UDVLOLHQ LQ (UQVW *HUKDUG*OH‰JHQ 0DUWLQ'LHWULFK6FKPLWW &KULVWLDQ6FKZHLFNDUG :ROIJDQJ +UVJ 

  5RPDQLVFKH6SUDFKJHVFKLFKWH(LQLQWHUQDWLRQDOHV+DQGEXFK]XU*HVFKLFKWHGHUURPDQLVFKHQ 6SUDFKHQ %HUOLQ1HZ @ %RUUHJR 1LHWR -XOLR*yPH] $VHQFLR -RVp -   3UiFWLFDV GH IRQpWLFD \ IRQRORJtD 6DODPDQFD(GLFLRQHV8QLYHUVLGDGGH6DODPDQFD %RVVRQJ*HRUJ  'DVPDXULVFKH6SDQLHQ*HVFKLFKWHXQG.XOWXU0QFKHQ&+%HFN %RVVRQJ*HRUJ D 'LHURPDQLVFKHQ6SUDFKHQ(LQHYHUJOHLFKHQGH(LQIKUXQJ+DPEXUJ %XVNH %RVVRQJ*HRUJ E 'LH6HSKDUGHQ*HVFKLFKWHXQG.XOWXUGHUVSDQLVFKHQ-XGHQ0QFKHQ &+%HFN %UDVHOPDQQ 3HWUD   +XPDQLVWLVFKH *UDPPDWLN XQG 9RONVVSUDFKH =XU Ä*UDPiWLFD GH OD OHQJXDFDVWHOODQD³YRQ$QWRQLRGH1HEULMD'VVHOGRUI'URVWH 6WXGLDKXPDQLRUD  %UDVHOPDQQ 3HWUD+LQJHU %DUEDUD   6SUDFK HQ SROLWLN XQG 6SUDFKSIOHJH LQ 6SDQLHQ LQ 2KQKHLVHU ,QJHERUJ.LHQSRLQWHU 0DQIUHG.DOE +HOPXW +UVJ  6SUDFKHQ LQ (XURSD 6SUDFKVLWXDWLRQ XQG 6SUDFKSROLWLN LQ HXURSlLVFKHQ /lQGHUQ ,QQVEXFN ,QVWLWXW IU 6SUDFKZLVVHQVFKDIW GHU 8QLYHUVLWlW ,QQVEUXFN  ,QQVEUXFNHU %HLWUlJH ]XU .XOWXU ZLVVHQVFKDIW ± %UDXHU)LJXHLUHGR0DULDGH)iWLPD9LHJDV  *HVSURFKHQHV3RUWXJLHVLVFK)UDQNIXUWD0 7HR)HUUHUGH0HVTXLWD 7)0  %UXQQHU &DUROLQH   'LH 6LELODQWHQ LP 3RUWXJLHVLVFKHQ XQG 6SDQLVFKHQ ± HLQ KLVWRULVFK NRPSDUDWLYHU hEHUEOLFN LQ $QQHWWH (QGUXVFKDW5ROI .HPPOHU +UVJ  3RUWXJLHVLVFKH 6SUDFKZLVVHQVFKDIWWUDGLWLRQHOO±PRGHUQ±LQQRYDWLY7ELQJHQ&DOHSLQXV± %XJXHxR )pOL[   2V GLFLRQiULRV GH IDOVRV DPLJRV QR %UDVLO LQ /XVRUDPD ±   ± %X‰PDQQ+DGXPRG ð  +UVJ /H[LNRQGHU6SUDFKZLVVHQVFKDIW6WXWWJDUW.U|QHU %XVWRV 7RYDU -RVp -HV~V GH ð  /D HVFLVLyQ ODWtQURPDQFH (O QDFLPLHQWR GH ODV OHQJXDV URPDQFHV (O FDVWHOODQR LQ &DQR $JXLODU 5DIDHO FRRUG  +LVWRULD GH OD OHQJXD HVSDxROD %DUFHORQD$ULHO±>@ %\EHH -RDQ /3HUNLQV 5HYHUH3DJOLXFD :LOOLDP   7KH (YROXWLRQ RI *UDPPDU 7HQVH $VSHFWV DQG 0RGDOLW\ LQ WKH /DQJXDJHV RI WKH :RUOG &KLFDJR/RQGRQ 8QLYHUVLW\ RI &KLFDJR3UHVV &DHWDQR -RVp $ 3DOPD0D\U -RKDQQHV -3ODFK\ 5HQDWH3WDFHN )UDQ]   *UDPPDWLN 3RUWXJLHVLVFK0QFKHQ0D[+XHEHU &DPSRV0DULD+HQULTXHWD&RVWD D 3UHWpULWRSHUIHLWRVLPSOHV3UHWpULWRSHUIHLWRFRPSRVWR XPD RSRVLomR WHPSRUDO H DVSHFWXDO LQ &DPSRV 0DULD +HQULTXHWD &RVWD +UVJ  7HPSR $VSHFWRH0RGDOLGDGH(VWXGRVGH/LQJXtVWLFD3RUWXJXHVD3RUWR3RUWR(GLWRUD &ROHFomR /LQJXtVWLFD ± &DPSRV0DULD+HQULTXHWD&RVWD E 3UHWpULWRSHUIHLWRFRPSRVWRXPWHPSRSUHVHQWH"LQ &DPSRV 0DULD +HQULTXHWD &RVWD +UVJ  7HPSR $VSHFWR H 0RGDOLGDGH (VWXGRV GH /LQJXtVWLFD3RUWXJXHVD3RUWR3RUWR(GLWRUD &ROHFomR/LQJXtVWLFD ± &DPSRV 0DULD +HQULTXHWD &RVWD F  3DUD D FDUDFWHUL]DomR GR PDUFDGRU PRGDO GHYHU LQ &DPSRV 0DULD +HQULTXHWD &RVWD +UVJ  7HPSR $VSHFWR H 0RGDOLGDGH (VWXGRV GH /LQJXtVWLFD3RUWXJXHVD3RUWR3RUWR(GLWRUD &ROHFomR/LQJXtVWLFD ±





&DQHOODGD 0DULD -RVHID.XKOPDQQ 0DGVHQ -RKQ   3URQXQFLDFLyQ GHO HVSDxRO OHQJXD KDEODGD\OLWHUDULD0DGULG&DVWDOLD &DQR$JXLODU5DIDHO  (OHVSDxRODWUDYpVGHORVWLHPSRV0DGULG$UFR &DQR *RQ]iOH] $QD 0DUtD    $UDJRQHVLVFK1DYDUUHVLVFK ([WHUQH XQG LQWHUQH 6SUDFK JHVFKLFKWH LQ +ROWXV *QWHU0HW]HOWLQ 0LFKDHO6FKPLWW &KULVWLDQ +UVJ  /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN /5/  %DQG 9, $UDJRQHVLVFK1DYDUUHVLVFK 6SDQLVFK $VWXULDQLVFK/HRQHVLVFK7ELQJHQ1LHPH\HU± &DUGRVR -RmR 1XQR 3 &RUUrD   6RFLROLQJXtVWLFD HVFRODU (VWXGR DYDOLDWLYR GDV DWLWXGHV OLQJXtVWLFDV GH FRPPXQLGDGHVHVFRODUHV IURQWHLULoDV LQ &DUUDVFR *RQ]iOH] -XDQ 09LXGDV &DPDUDVD $QWRQLR +UVJ  $FWDV GHO &RQJUHVR ,QWHUQDFLRQDO OXVRHVSDxRO GH OHQJXD \ FXOWXUD HQ OD IURQWHUD &iFHUHV  DO  GH GLFLHPEUH GH   &iFHUHV 8QLYHUVLGDG GH ([WUHPDGXUD± &DUGRVR 6LPmR   *UDPDWLFDO ±  /tQJXD SRUWXJXHVD ± $XWRUHV SRUWXJXHVHV &RPSLODomRHRUJDQL]DomRGH6&3RUWR)DFXOGDGHGH/HWUDV &DULWD0DULDGH/RXUGHV  +HWHURVVHPkQWLFRV±KHWHURVHPiQWLFRVÄIDOVRVDPLJRV³HQWUHR SRUWXJXrVHRHVSDQKRO/LVERD,QVWLWXWRGH,QRYDomR(GXFDFLRQDO &DUWDJHQD1HOVRQ  3KRQHWLNXQG3KRQRORJLHLQ&DUWDJHQD1HOVRQ*DXJHU+DQV0DUWLQ 9HUJOHLFKHQGH *UDPPDWLN 6SDQLVFK'HXWVFK 7HLO  0DQQKHLP:LHQ=ULFK 'XGHQYHUODJ ± &DUYDOKR -RmR 6RDUHV   $V FUyQLFDV DQWHULRUHV j &UyQLFD *HUDO GH (VSDQKD GH  LQ /\RQGH&DVWUR)UDQFLVFR HG +LVWyULDGDOLWHUDWXUDSRUWXJXHVD YROXPHV 9RO/LVERD $OID± &DVWLOKR $WDOLED 7HL[HLUD GH   1RYD JUDPiWLFD GR SRUWXJXrV EUDVLOHLUR 6mR 3DXOR &RQWH[WR &DVWUR,YR  &XUVRGHKLVWyULDGDOtQJXDSRUWXJXHVD/LVERD8QLYHUVLGDGH$EHUWD &DVWUR ,YR ð  ,QWURGXomR j KLVWyULD GR SRUWXJXrV *HRJUDILD GD OtQJXD 3RUWXJXrV DQWLJR /LVERD&ROLEUL &KDFyQ %HUUXJD 7HXGLVHOR   2UWRJUDItD QRUPDWLYD GHO HVSDxRO 9RO , 0DGULG 8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD &XDGHUQRVGHOD81(' >@ &KULVWO -RDFKLP   ,QWHUQH 6SUDFKJHVFKLFKWH GHV 6SDQLVFKHQ DX‰HUKDOE (XURSDV  :RUWVFKDW] XQG :RUWELOGXQJ LQ (UQVW *HUKDUG*OH‰JHQ 0DUWLQ'LHWULFK6FKPLWW &KULVWLDQ6FKZHLFNDUG:ROIJDQJ +UVJ 5RPDQLVFKH6SUDFKJHVFKLFKWH(LQLQWHUQDWLRQDOHV +DQGEXFK ]XU *HVFKLFKWH GHU URPDQLVFKHQ 6SUDFKHQ %HUOLQ1HZ @ &RHOLQ5REHUWR  )DOVRVDPLJRVHVWUXWXUDLVHQWUHRSRUWXJXrVHRFDVWHOKDQRLQ,DQXDU ± &RPULH%HUQDUG  $VSHFW&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV &RUEHOOD 'tD] 'RORUHV0HGLQD /ySH] -DYLHU   (O FRQWDFWR GHO SRUWXJXpV \ HO HVSDxROHQ &DQDULDV HVWDGR GH OD FXHVWLyQ LQ &DUUDVFR *RQ]iOH] -XDQ 09LXGDV &DPDUDVD $QWRQLR +UVJ  $FWDV GHO &RQJUHVR ,QWHUQDFLRQDO OXVRHVSDxRO GH OHQJXD \ FXOWXUD HQ OD IURQWHUD &iFHUHVDOGHGLFLHPEUHGH &iFHUHV8QLYHUVLGDGGH([WUHPDGXUD± &RURPLQDV -RDQ   'LFFLRQDULR FUtWLFR HWLPROyJLFR FDVWHOODQR H KLVSiQLFR FRQ OD FRODERUDFLyQGH-RVp$3DVFXDO 9RO,,,0DGULG*UHGRV %LEOLRWHFD5RPiQLFD+LVSiQLFD 9'LFFLRQDULRV 

  &RUUHD -RVp $QWRQLR ð  (OHPHQWRV QR LQGRHXURSHRV H LQGRHXURSHRV HQ OD KLVWRULD OLQJtVWLFD KLVSiQLFD LQ &DQR $JXLODU 5DIDHO FRRUG  +LVWRULD GH OD OHQJXD HVSDxROD %DUFHORQD$ULHO±>@ &RUULHQWH &yUGRED )HGHULFR   (O iUDEH HQ OD 3HQtQVXOD ,EpULFD LQ &DQR $JXLODU 5DIDHO FRRUG +LVWRULDGHODOHQJXDHVSDxROD%DUFHORQD$ULHO±>@ &RVHULX (XJHQLR   /DWHLQLVFK5RPDQLVFK 9RUOHVXQJHQ XQG $EKDQGOXQJHQ ]XP VRJHQDQQWHQ9XOJlUODWHLQXQG]XU(QWVWHKXQJGHUURPDQLVFKHQ6SUDFKHQ7ELQJHQ1DUU &XQKD &HOVR&LQWUD /XtV ) /LQGOH\   1RYD JUDPiWLFD GR SRUWXJXrV FRQWHPSRUkQHR /LVERD6iGD&RVWD>@ 'DYLHV 0DUN   $ )UHTXHQF\ 'LFWLRQDU\ RI 6SDQLVK &RUH 9RFDEXODU\ IRU /HDUQHUV 1HZ +DELOLWDWLRQVVFKULIW@ -DFREV %DUW   7KH 8SSHU *XLQHD 2ULJLQV RI 3DSLDPHQWX /LQJXLVWLF DQG +LVWRULFDO (YLGHQFHLQ'LDFKURQLFD± -LPpQH])HUQiQGH]5DIDHO  (ODQGDOX]0DGULG$UFR &XDGHUQRVGH/HQJXD(VSDxROD  -RKQHQ 7KRPDV   =XU $QUHGH LP 'HXWVFKHQ XQG 3RUWXJLHVLVFKHQ LQ 6FKPLGW5DGHIHOGW -UJHQ +UVJ  3RUWXJLHVLVFK NRQWUDVWLY JHVHKHQ XQG $QJOL]LVPHQ ZHOWZHLW )UDQNIXUW DP 0DLQ%HUOLQ%HUQ%UX[HOOHV1HZ@.UHIHOG7KRPDV  0HWKRGLVFKH*UXQGIUDJHQGHU6WUDWDIRUVFKXQJLQ (UQVW*HUKDUG*OH‰JHQ0DUWLQ'LHWULFK6FKPLWW&KULVWLDQ6FKZHLFNDUG:ROIJDQJ +UVJ  5RPDQLVFKH6SUDFKJHVFKLFKWH(LQLQWHUQDWLRQDOHV+DQGEXFK]XU*HVFKLFKWHGHUURPDQLVFKHQ 6SUDFKHQ %HUOLQ1HZ 'LVVHUWDWLRQ@

  .U|OO +HLQ] D  3RUWXJLHVLVFK 6RQGHUVSUDFKHQ LQ +ROWXV *QWHU0HW]HOWLQ 0LFKDHO6FKPLWW &KULVWLDQ +UVJ  /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN /5/  %DQG 9,*DOHJLVFK3RUWXJLHVLVFK7ELQJHQ1LHPH\HU± .U|OO +HLQ] E  3RUWXJLHVLVFK 'LDOHNWH XQG UHJLRQDOH 9DULDQWHQ LQ 3RUWXJDO LQ +ROWXV *QWHU0HW]HOWLQ0LFKDHO6FKPLWW&KULVWLDQ +UVJ /H[LNRQGHU5RPDQLVWLVFKHQ/LQJXLVWLN /5/ %DQG9,*DOHJLVFK3RUWXJLHVLVFK7ELQJHQ1LHPH\HU± .XEDUWK+XJR  'DVODWHLQDPHULNDQLVFKH6SDQLVFK(LQ3DQRUDPD0QFKHQ+XHEHU .XEDUWK+XJR  6SDQLVFKH3KRQHWLNXQG3KRQRORJLH6HJPHQWH±6LOEHQ±6DW]PHORGLHQ )UDQNIXUWD0/DQJ .KQHO+HOPXW  .OHLQHV:|UWHUEXFKGHUIDX[DPLV'HXWVFK±)UDQ]|VLVFK)UDQ]|VLVFK± 'HXWVFK/HLS]LJ9HUODJ(Q]\NORSlGLH .XSVFK/RHVHUHLW6LJULG  ,QWHUIHUHQ]LQGHUhEHUVHW]XQJ&DVSDUWLFXOLHUGHO¶HVSDJQROHW GX SRUWXJDLV LQ .LWWHO +DUDOG)UDQN $UPLQ 3DXO*UHLQHU 1RUEHUW+HUPDQV 7KHR.ROOHU :HUQHU/DPEHUW -RVp3DXO )ULW] +UVJ  hEHUVHW]XQJ (LQ ,QWHUQDWLRQDOHV +DQGEXFK ]XU hEHUVHW]XQJVIRUVFKXQJ  7HLOEDQG %HUOLQ1HZ @ 2HVWHUUHLFKHU :XOI   6H LP 6SDQLVFKHQ 3VHXGRUHIOH[LYLWlW 'LDWKHVH XQG 3URWRW\SLNDOLWlW YRQVHPDQWLVFKHQ5ROOHQLQ5RPDQLVWLVFKHV-DKUEXFK± 2HVWHUUHLFKHU :XOI   9HUVFKULIWXQJ XQG 9HUVFKULIWOLFKXQJ LP .RQWH[W PHGLDOHU XQG NRQ]HSWLRQHOOHU 6FKULIWOLFKNHLW LQ 6FKDHIHU 8UVXOD +UVJ  6FKULIWOLFKNHLW LP IUKHQ 0LWWHODOWHU7ELQJHQ1DUU 6FULSW2UDOLD ± 2HVWHUUHLFKHU :XOI   3OXUL]HQWULVFKH 6SUDFKNXOWXU ± GHU 9DULHWlWHQUDXP GHV 6SDQLVFKHQ LQ5RPDQLVWLVFKHV-DKUEXFK± 2/( 5HDO$FDGHPLD(VSDxROD +UVJ   2UWRJUDItDGHODOHQJXDHVSDxROD0DGULG5HDO $FDGHPLD(VSDxROD$VRFLDFLyQGHODV$FDGHPLDVGHOD/HQJXD(VSDxROD(VSDVD 2UWL] /ySH] /XLV $/DFRUWH 0DQXHO HGV    &RQWDFWRV \ FRQWH[WRV OLQJtVWLFRV (O HVSDxRO HQ ORV (VWDGRV 8QLGRV \ HQ FRQWDFWR FRQ RWUDV OHQJXDV )UDQNIXUW D00DGULG 9HUYXHUW,EHURDPHULFDQD /LQJtVWLFD,EHURDPHULFDQDQ  2VVHQNRS &KULVWLQD   'LH 9HUEUHLWXQJ GHV 6SDQLVFKHQ LQ GHU :HOW LQ %RUQ -RDFKLP)ROJHU 5REHUW/DIHUO &KULVWRSKHU )3|OO %HUQKDUG +UVJ  +DQGEXFK 6SDQLVFK 6SUDFKH /LWHUDWXU .XOWXU*HVFKLFKWHLQ6SDQLHQXQG+LVSDQRDPHULND )U6WXGLXP /HKUH 3UD[LV%HUOLQ6FKPLGW±





2VWKXV 'LHWPDU   (WKLVFKH 'DWLYH XQG 3VHXGR5HIOH[LYD LP 3RUWXJLHVLVFKHQ (LQH NRQWUDVWLYH %HWUDFKWXQJ ]XP 6SDQLVFKHQ XQG )UDQ]|VLVFKHQ LQ (QGUXVFKDW $QQHWWH .HPPOHU 5ROI6FKlIHU3ULH‰ %DUEDUD +UVJ  *UDPPDWLVFKH 6WUXNWXUHQ GHV HXURSlLVFKHQ 3RUWXJLHVLVFK7ELQJHQ&DOHSLQXV± 2XU\6WpSKDQH  /HIUDQoDLVGDQVODSpQLQVXOH,EpULTXHGX0R\HQÆJHDX;,;HVLqFOHLQ +RULRW%ULJLWWH +UVJ /HIUDQoDLVDLOOHXUVHWWRXMRXUV3ODFHHIRQFWLRQGXIUDQoDLVGDQVOHV DXWUHVODQJXHV$FWHVGXFROORTXHLQWHUQDWLRQDOWHQXjO¶XQLYHUVLWp/\RQ,,, HWPDL  /\RQ8QLYHUVLWp/\RQ,,,-HDQ0RXOLQ 3DOP&KULVWLQD  3KUDVHRORJLH(LQH(LQIKUXQJ7ELQJHQ1DUU 1DUU6WXGLHQEFKHU  3DOPD &DHWDQR -RVp $0D\U -RKDQQHV -3ODFK\ 5HQDWH3WDFHN )UDQ]   *UDPPDWLN 3RUWXJLHVLVFK0QFKHQ0D[+XHEHU 3DWWHUVRQ :LOOLDP8UUXWLEpKHLW\ +HFWRU   7KH /H[LFDO 6WUXFWXUH RI 6SDQLVK 7KH +DJXH3DULV0RXWRQ -DQXD/LQJXDUXP6HULHV3UDFWLFD  3HQQ\ 5DOSK ð  *UDPiWLFD KLVWyULFD GHO HVSDxRO %DUFHORQD $ULHO >@ >2ULJLQDO $ +LVWRU\RIWKH6SDQLVK/DQJXDJH&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVVð@ 3pUH] %RX]D -RVp $   (O *DOOHJR 0QFKHQ1HZFDVWOH /,1&20  /DQJXDJHV RI WKH :RUOG0DWHULDOV  3HUO 0DWWKLDV'|OO &RUQHOLD'\UED %HUQG(QGUXVFKDW $QQHWWH*lUWQHU (EHUKDUG+XQGW &KULVWLQH+XW.DULQ/HLVWH'RULV7KLHOH3HWUD  3RUWXJLHVLVFKXQG&ULRXORLQ$IULND *HVFKLFKWH±*UDPPDWLN±/H[LN±6SUDFKHQWZLFNOXQJ%RFKXP%URFNPH\HU %RFKXP± (VVHQHU%HLWUlJH]XU6SUDFKZDQGHOIRUVFKXQJ;;9  3ORRJ .DWMD5HLFK 8OL   8UEDQH 3UR]HVVH 0LJUDWLRQ XQG 9DULDWLRQ LQ /LPD 6mR 3DXOR XQG $ELGMDQ LQ .UHIHOG 7KRPDV +UVJ  0RGHOODQGR OR VSD]LR LQ SURVSHWWLYD OLQJXLVWLFD )UDQNIXUW D0%HUOLQ%UX[HOOHV1HZ @ 4XLOLV $QWRQLR)HUQiQGH] -RVHSK $   &XUVR GH IRQpWLFD \ IRQRORJtD HVSDxRODV SDUD HVWXGLDQWHV DQJORDPHULFDQRV 0DGULG &RQVHMR 6XSHULRU GH ,QYHVWLJDFLRQHV &LHQWtILFDV ,QVWLWXWRÃ0LJXHOGH&HUYDQWHV¶ &ROOHFWDQHD3KRQHWLFD,, >@ 5DGDW]+DQV,QJR7RUUHQW/HQ]HQ$LQD  ,EHULDSRO\JORWWD=HLWJHQ|VVLVFKH*HGLFKWHXQG .XU]SURVDLQGHQ6SUDFKHQGHU,EHULVFKHQ+DOELQVHO0LWGHXWVFKHUhEHUVHW]XQJ7LW]/HQ]HQ 6SUDFKHQLQ)RUVFKXQJXQG/HKUH  5DPDMR &DxR $QWRQLR   /DV JUDPiWLFDV GH OD OHQJXD FDVWHOODQD GHVGH 1HEULMD D &RUUHDV 6DODPDQFD8QLYHUVLGDGGH6DODPDQFD 5DPRV $GULDQD   (VWXGLR FRPSDUDWLYR HQWUH ORV VLVWHPDV IRQROyJLFR \ IRQpWLFR GHO SRUWJXpV GHO %UDVLO  \ GHO HVSDxRO LQ $OEDOi 0DUtD -RVp RUJ  )LORORJtD \ OLQJtVWLFD (VWXGLRV RIUHFLGRV D $QWRQLR 4XLOLV 9RO  0DGULG &RQVHMR 6XSHULRU GH ,QYHVWLJDFLRQHV &LHQWtILFDV8QLYHUVLGDG 1DFLRQDO GH (GXFDFLyQ D 'LVWDQFLD8QLYHUVLGDG GH 9DOODGROLG ±  5HFWRU0RQLFD  $IDODGRVMRYHQV3HWUySROLV9R]HV 5HLFK 8OL   6SHFLILFDOO\ %UD]LOLDQ 3URQRXQV LQ +HXVLQJHU .ODXV YRQ.DLVHU *HRUJ $ +UVJ  3URFHHGLQJV RI WKH :RUNVVKRS Ä6HPDQWLF DQG 6\QWDFWLF $VSHFWV RI 6SHFLILFLW\ LQ 5RPDQFH /DQJXDJHV³ $UEHLWVSDSLHU  )DFKEHUHLFK 6SUDFKZLVVHQVFKDIW .RQVWDQ] 8QLYHUVLWlW.RQVWDQ]± 5HXPXWK:ROIJDQJ:LQNHOPDQQ2WWR  3UDNWLVFKH*UDPPDWLNGHUVSDQLVFKHQ6SUDFKH 1HXEHDUEHLWXQJ:LOKHOPVIHOG(JHUW>@ 5LDxR5RGUtJXH]7LPRWHR*XWLpUUH]$MD0DUtDGHO&DUPHQ  (OFDQWDUGHPtR&LG,(O PDQXVFULWRGHO&DQWDU%XUJRV3XEOLFDFLRQHVGHOD'LSXWDFLyQ3URYLQFLDOGH%XUJRVRQOLQH =XJULII DP  KWWSGHVFDUJDVFHUYDQWHVYLUWXDOFRPVHUYOHW6LUYH2EUDVFLG SGI"LQFU  5RGUtJXH]*RQ]iOH])pOL[ +UVJ   (OOHQJXDMHGHORVMyYHQHV%DUFHORQD$ULHO $ULHO VRFLDO  5RGUtJXH]3DQWRMD0LJXHO  (OODWtQKDEODGRHQ+LVSDQLDKDVWDHOV9LQ&DQR$JXLODU 5DIDHO FRRUG +LVWRULDGHODOHQJXDHVSDxROD%DUFHORQD$ULHO±>@ 5RGUtJXH] 6HJXUD 'HOLD   3DQRUDPD GHO DQJOLFLVPR HQ HVSDxRO SUHVHQFLD \ XVR HQ ORV PHGLRV$OPHUtD8QLYHUVLGDGGH$OPHUtD &ROHFFLyQ/LWHUDWXUD\/LQJtVWLFD  5RGUtJXH] *RQ]iOH] )pOL[   $SXQWHV VREUH OH[LFRJUDItD GHO DUJRW HVSDxRO LQ 5HYLVWD HVSDxRODGHOLQJtVWLFD 56(/ ± 5RJJHQEXFN6LPRQH%DOOHUR9LFHQWH  ,QWURGXFFLyQDODOLQJtVWLFDVLQFUyQLFD7ELQJHQ 1DUU 1DUU6WXGLHQEFKHU  5RMR *XLOOHUPR9HLJD $OH[DQGUH   (O WLHPSR YHUEDO /RV WLHPSRV VLPSOHV LQ %RVTXH ,JQDFLR'HPRQWH9LROHWD +UVJ *UDPiWLFDGHVFULSWLYDGHODOHQJXDHVSDxROD%GH%DQG 0DGULG(VSDVD&DOSH± 5XEHQEDXHU +DQV+RIPDQQ -RKDQQ %DSWLVW   /DWHLQLVFKH *UDPPDWLN %DPEHUJ %XFKQHU0QFKHQ/LQGDXHU2OGHQERXUJ>@ 6iQFKH]0DUtD)  &ODVLILFDFLyQ\DQiOLVLVGHSUpVWDPRVGHOLQJOpVHQODSUHQVDGH(VSDxD \0p[LFR/HZLVWRQ 1HZ@ 8OWDQ5XVVHOO  7KH1DWXUHRI)XWXUH7HQVHVLQ*UHHQEHUJ-RVHSK+ +UVJ 8QLYHUVDOV RI+XPDQ/DQJXDJH9RO,,,6WDQIRUG6WDQIRUG8QLYHUVLW\3UHVV± 9i]TXH] &XHVWD 3LODU R-  $ OtQJXD H D FXOWXUD SRUWXJXHVDV QR WHPSR GRV )LOLSHV 0HP 0DUWLQV(XURSD$PpULFD 9i]TXH] &XHVWD 3LODU/X] 0DULD $OEHUWLQD 0HQGHV GD ñ  *UDPiWLFD SRUWXJXHVD WHUFHUD HGLFLyQ FRUUHJLGD \ DXPHQWDGD SRU 3LODU 9i]TXH] &XHVWD   %GH 0DGULG *UHGRV  %LEOLRWHFD5RPiQLFD+LVSiQLFD,,,0DQXDOHV >0DGULG5LFDUGR$JXLOHUD@ 9i]TXH]&XHVWD3LODU/X]0DULD$OEHUWLQD0HQGHVGD ð *UDPiWLFDGDOtQJXDSRUWXJXHVD 7UDGXomRGH$QD0DULD%ULWRH*DEULHODGH0DWRV /LVERD/H[LV (GLoRHV >@ 9HORVR -RmR   'D LQIOXrQFLD GR FRQKHFLPHQWR RUWRJUiILFR VREUH R FRQKHFLPHQWR IRQROyJLFR (VWXGR ORQJLWXGLQDO GH XP JUXSR GH FULDQoDV IDODQWHV QDWLYDV GR SRUWXJXrV 0QFKHQ/,1&20 9HUGHOKR 7HOPR   3RUWXJLHVLVFK /H[LNRJUDSKLH LQ +ROWXV *QWHU0HW]HOWLQ 0LFKDHO6FKPLWW &KULVWLDQ +UVJ  /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN /5/  %DQG 9,*DOHJLVFK3RUWXJLHVLVFK7ELQJHQ1LHPH\HU± 9LOHOD0iULR  (VWXGRVGHOH[LFRORJLDGRSRUWXJXrV&RLPEUD/LYUDULD$OPHGLQD 9LOKHQD 0DULD GD &RQFHLomR   +HUUHUD GH $OFiQWDUD 8P IDODU HP YLDV GH H[WLQomR LQ &DUUDVFR *RQ]iOH] -XDQ 09LXGDV &DPDUDVD $QWRQLR +UVJ  $FWDV GHO &RQJUHVR ,QWHUQDFLRQDOOXVRHVSDxROGHOHQJXD\FXOWXUDHQODIURQWHUD &iFHUHVDOGHGLFLHPEUHGH  &iFHUHV8QLYHUVLGDGGH([WUHPDGXUD±





:DJQHU 1RUEHUW   'LH 3HUVRQHQQDPHQ DOV 6SUDFKGHQNPlOHU GHU LEHULVFKHQ 6XHEHQ LQ .ROOHU (UZLQ/DLWHQEHUJHU +XJR +UVJ  6XHYRV ± 6FKZDEHQ 'DV .|QLJUHLFK GHU 6XHEHQ DXIGHU,EHULVFKHQ+DOELQVHO ± ,QWHUGLV]LSOLQlUHV.ROORTXLXP%UDJD7ELQJHQ 1DUU 7ELQJHU%HLWUlJH]XU/LQJXLVWLN ± :DQGUXV]ND0DULR  Ä)DOVFKH)UHXQGH³(LQOLQJXLVWLVFKHV3UREOHPXQGVHLQH/|VXQJLQ /DLWHQEHUJHU +XJR +UVJ  )HVWJDEH IU -XOLXV :LOKHOP ]XP  *HEXUWVWDJ :LHVEDGHQ 6WHLQHU =HLWVFKULIWIU)UDQ]|VLVFKH6SUDFKHXQG/LWHUDWXU%HLKHIWH1HXH)ROJH ± :HLQULFK +DUDOG   'DV VSDQLVFKH 6SUDFKEHZXVVWVHLQ LP 6LJOR GH 2UR LQ %DDGHU +RUVW/RRV (ULFK +UVJ  6SDQLVFKH /LWHUDWXU LP *ROGHQHQ =HLWDOWHU )ULW] 6FKDON ]XP  *HEXUWVWDJ)UDQNIXUWD0.ORVWHUPDQQ± :HLQULFK +DUDOG   $QHNGRWLVFKHV ]XU VSDQLVFKHQ 6SUDFKJHVFKLFKWH LP 6LJOR GH 2UR LQ ,]]R+HUEHUW- +UVJ ,WDOLFDQG5RPDQFH/LQJXLVWLF6WXGLHVLQ+RQRXURI(UQVW3XOJUDP $PVWHUGDP %HQMDPLQV ±  $PVWHUGDP 6WXGLHV LQ WKH 7KHRU\ DQG +LVWRU\ RI /LQJXLVWLF6FLHQFH6HULHV,9&XUUHQW,VVXHVLQ/LQJXLVWLF7KHRU\  :HL‰NRSI 5DOI   6\VWHP XQG (QWZLFNOXQJ GHU VSDQLVFKHQ 2UWKRJUDSKLH :LOKHOPVIHOG (JHUW 3UR/LQJXD  :HVFK $QGUHDV   ([WHUQH 6SUDFKJHVFKLFKWH GHV 3RUWXJLHVLVFKHQ LQ (UQVW *HUKDUG *OH‰JHQ 0DUWLQ'LHWULFK6FKPLWW &KULVWLDQ6FKZHLFNDUG :ROIJDQJ +UVJ  5RPDQLVFKH 6SUDFKJHVFKLFKWH (LQ LQWHUQDWLRQDOHV +DQGEXFK ]XU *HVFKLFKWH GHU URPDQLVFKHQ 6SUDFKHQ %HUOLQ1HZ