Einführung in die romanische Sprachwissenschaft [5th, revised edition] 9783110310696

Aktualisierte Neuauflage This book provides a detailed introduction to Romance linguistics, giving valuable informatio

163 64 12MB

German Pages 204 Year 2013

Report DMCA / Copyright

DOWNLOAD FILE

Polecaj historie

Einführung in die romanische Sprachwissenschaft [5th, revised edition]
 9783110310696

Table of contents :
1. Erste Unterrichtseinheit
1.1 Einführung in die Einführung
1.2 Phonetik
1.3 Die Ausgliederung der romanischen Sprachen
2. Zweite Unterrichtseinheit
2.1 Geschichte der romanischen Sprachwissenschaft
2.2 Sprachwandel
2.3 Die Herausbildung romanischer Kultursprachen
3. Dritte Unterrichtseinheit
3.1 Typen wissenschaftlicher Publikationen
3.2 Etymologie und Wortgeschichte
3.3 Sprachskizze 1: Latein
4. Vierte Unterrichtseinheit
4.1 Literatursuche I: konventionell
4.2 Sprachgeographie
4.3 Sprachskizze 2: Rumänisch
5. Fünfte Unterrichtseinheit
5.1 Literatursuche II: elektronisch
5.2 Semiotik
5.3 Sprachskizze 3: Italienisch
6. Sechste Unterrichtseinheit
6.1 Abfassen einer Arbeit
6.2 Phonologie
6.3 Sprachskizze 4: Sardisch
7. Siebte Unterrichtseinheit
7.1 Zitat und Plagiat
7.2 Orthographie
7.3 Sprachskizze 5: Rätoromanisch
8. Achte Unterrichtseinheit
8.1 Fachsprache der Linguistik
8.2 Morphologie
8.3 Sprachskizze 6: Französisch
9. Neunte Unterrichtseinheit
9.1 Theorien, Hypothesen, Definitionen
9.2 Syntax
9.3 Sprachskizze 7: Okzitanisch
10. Zehnte Unterrichtseinheit
10.1 Wörterbücher I: Allgemeines/Einsprachige Wörterbücher
10.2 Semantik
10.3 Sprachskizze 8: Katalanisch
11. Elfte Unterrichtseinheit
11.1 Wörterbücher II: Zweisprachige Wörterbücher
11.2 Pragmatik
11.3 Sprachskizze 9: Spanisch
12. Zwölfte Unterrichtseinheit
12.1 Grammatiken
12.2 Textlinguistik
12.3 Sprachskizze 10: Portugiesisch
13. Dreizehnte Unterrichtseinheit
13.1 Korpora
13.2 Zweitspracherwerb
13.3 Sprachskizze 11: Kreolsprachen (am Beispiel Papiamentu)
14. Bibliographie
15. Sachindex

Citation preview

Romanistische Arbeitshefte

33

Herausgegeben von Volker Noll und Georgia Veldre-Gerner

Wolfgang Pöckl, Franz Rainer, Bernhard Pöll

Einführung in die romanische Sprachwissenschaft 5., aktualisierte Auflage

De Gruyter

Zu diesem Band ist eine Audio-CD mit Sprachproben erhältlich, die von den Autoren zum Selbstkostenpreis bezogen werden kann. Eine Kontaktadresse kann beim Verlag erfragt werden. Wir danken unseren Sprechern und Übersetzern: Dumitru Viezuianu (Rumänisch) Chiara Gerini (Italienisch) Cosimo Bitta (Sardisch) Margareth Lardschneider McLean (Ladinisch) Christian Ollivier (Französisch) Robert Lafont (Okzitanisch) Ramón Torra (Katalanisch) Pilar Cabañas (Spanisch) Eduardo Alvelos (Portugiesisch) Geraldo de Freitas† (Portugiesisch-Brasilianisch) Bernardino von Baars sowie einer anonymen Sprecherin (Papiamentu) (Die Sardisch-, Okzitanisch- und Papiamentuaufnahmen mussten auf dem Korrespondenzweg beschafft werden und haben deshalb leider nicht Studioqualität.) Alle im Text angegebenen Internet-Seiten waren Anfang Dezember 2012 aktiv.

ISBN 978-3-11-031013-9 e-ISBN 978-3-11-031069-6 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. © 2013 Walter de Gruyter GmbH, Berlin/Boston Gesamtherstellung: Hubert & Co. GmbH & Co. KG, Göttingen ∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com

Inhaltsverzeichnis

1. 1.1 1.2 1.3

Erste Unterrichtseinheit . . . . . . . . . . . Einführung in die Einführung . . . . . . . . . Phonetik . . . . . . . . . . . . . . . . . . . . Die Ausgliederung der romanischen Sprachen .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

1 1 5 14

2. 2.1 2.2 2.3

Zweite Unterrichtseinheit . . . . . . . . . . . Geschichte der romanischen Sprachwissenschaft Sprachwandel . . . . . . . . . . . . . . . . . . Die Herausbildung romanischer Kultursprachen

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

19 19 24 27

3. 3.1 3.2 3.3

Dritte Unterrichtseinheit . . . . . . . Typen wissenschaftlicher Publikationen Etymologie und Wortgeschichte . . . . Sprachskizze 1: Latein . . . . . . . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

35 35 38 44

4. 4.1 4.2 4.3

Vierte Unterrichtseinheit . . . Literatursuche I: konventionell . Sprachgeographie . . . . . . . Sprachskizze 2: Rumänisch . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

51 51 53 58

5. 5.1 5.2 5.3

Fünfte Unterrichtseinheit . Literatursuche II: elektronisch Semiotik . . . . . . . . . . . Sprachskizze 3: Italienisch . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

67 67 69 73

6. 6.1 6.2 6.3

Sechste Unterrichtseinheit Abfassen einer Arbeit . . . Phonologie . . . . . . . . . Sprachskizze 4: Sardisch . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

79 79 82 86

7. 7.1 7.2 7.3

Siebte Unterrichtseinheit . . . Zitat und Plagiat . . . . . . . . Orthographie . . . . . . . . . . Sprachskizze 5: Rätoromanisch

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

91 91 94 98

8. 8.1 8.2 8.3

Achte Unterrichtseinheit . Fachsprache der Linguistik . Morphologie . . . . . . . . Sprachskizze 6: Französisch

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

105 105 108 113

. . . .

. . . .

. . . .

VI 9.  9.2 9.3

Neunte Unterrichtseinheit . . . . . 7KHRULHQ+\SRWKHVHQ'H¿QLWLRQHQ . Syntax . . . . . . . . . . . . . . . . Sprachskizze 7: Okzitanisch . . . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

119 119 124 128

10. 10.1 10.2 10.3

Zehnte Unterrichtseinheit . . . . . . . . . . . . . . . . Wörterbücher I: Allgemeines/Einsprachige Wörterbücher Semantik . . . . . . . . . . . . . . . . . . . . . . . . . . Sprachskizze 8: Katalanisch . . . . . . . . . . . . . . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

133 133 136 141

11. 11.1 11.2 11.3

Elfte Unterrichtseinheit . . . . . . . . . . . . Wörterbücher II: Zweisprachige Wörterbücher Pragmatik . . . . . . . . . . . . . . . . . . . . Sprachskizze 9: Spanisch . . . . . . . . . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

147 147 150 153

12. 12.1 12.2 12.3

Zwölfte Unterrichtseinheit . . Grammatiken . . . . . . . . . . Textlinguistik . . . . . . . . . . Sprachskizze 10: Portugiesisch

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

161 161 164 167

13. 13.1 13.2 13.3

Dreizehnte Unterrichtseinheit . . . . . . . . . . . . . . Korpora . . . . . . . . . . . . . . . . . . . . . . . . . . . Zweitspracherwerb . . . . . . . . . . . . . . . . . . . . . Sprachskizze 11: Kreolsprachen (am Beispiel Papiamentu)

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

173 173 178 182

14.

Bibliographie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185

15.

Sachindex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .

. . . .



(UVWH8QWHUULFKWVHLQKHLW



(LQIKUXQJLQGLH(LQIKUXQJ



9RUEHPHUNXQJ]XU$XIODJH

6HLWGHPHUVWHQ(UVFKHLQHQGLHVHV$UEHLWVKHIWVVLQG-DKUHYHUJDQJHQ1DFKGHPVLFKGLH 9HUIDVVHU LQ GHU ]ZHLWHQ $XIODJH GDUDXI EHVFKUlQNW KDWWHQ 'UXFNIHKOHU DXV]XPHU]HQ HUIROJWHQLQGHUGULWWHQQHXEHDUEHLWHWHQ$XIODJH  HLQH$NWXDOLVLHUXQJXQGEHKXWVDPH (UZHLWHUXQJ GHU ,QKDOWH ,Q GHU YLHUWHQ XQG GHU QXQ YRUOLHJHQGHQ IQIWHQ $XIODJH ZXUGHQ QXUNOHLQH9HUlQGHUXQJHQ SXQNWXHOOH(UJlQ]XQJHQXQG.RUUHNWXUHQNOHLQHUHU)HKOHU E]Z ELEOLRJUDSKLVFKH $NWXDOLVLHUXQJHQ YRUJHQRPPHQ :HQQ VHLW GHU GULWWHQ $XIODJH GUHL $XWRUHQYHUDQWZRUWOLFK]HLFKQHQVRKDWGLHVVHLQHQ*UXQGGDULQGDVVGLHEHLGHQ9HUIDVVHU GHV XUVSUQJOLFKHQ 7H[WV LQ LKUHU JHJHQZlUWLJHQ EHUXIOLFKHQ 7lWLJNHLW NHLQH 0|JOLFKNHLW PHKU KDEHQ GDV +HIW LQ LKUHQ /HKUYHUDQVWDOWXQJHQ HLQ]XVHW]HQ XQG 1HXHUXQJHQ ]X HUSUREHQ ZHVKDOE VLH HV IU VLQQYROO KLHOWHQ LQ GLH QHXH )DVVXQJ NULWLVFKH hEHUOHJXQJHQ XQGNRQNUHWH8QWHUULFKWVHUIDKUXQJHQHLQHVMQJHUHQ.ROOHJHQHLQIOLH‰HQ]XODVVHQ 'DV *UXQGNRQ]HSW GLHVHV $UEHLWVKHIWHV LVW VHLW GHU HUVWHQ $XIODJH XQYHUlQGHUW JH EOLHEHQ ,P :LVVHQ XP GDV JHQHUHOO HKHU NQDSSH 6WXQGHQEXGJHW IU /HKUYHUDQVWDOWXQJHQ PLW SURSlGHXWLVFKHP &KDUDNWHU ZXUGH DQ GHP =LHO IHVWJHKDOWHQ SUDNWLVFKH )HUWLJNHLWHQ WKHRUHWLVFKPHWKRGLVFKH*UXQGODJHQXQGHQ]\NORSlGLVFKH,QIRUPDWLRQSDUDOOHODXV]XEDXHQ (UZDUWXQJVJHPl‰]HLJWHVLFKGDVVLQGHUHUVWHQ5XEULN±$UEHLWVWHFKQLNXQG+LOIVPLWWHO± GLH JU|‰WHQ (LQJULIIH YRU]XQHKPHQ ZDUHQ GHQQ GLH %HQW]XQJ HOHNWURQLVFKHU 0HGLHQ LVW PLWWOHUZHLOH HLQH 6HOEVWYHUVWlQGOLFKNHLW JHZRUGHQ ,P/LQJXLVWLN%ORFN NDP HV XQVGDUDXI DQ HLQH P|JOLFKVW EUHLWH 3DOHWWH GHU VSUDFKZLVVHQVFKDIWOLFKHQ 7HLOGLV]LSOLQHQ YRU]XVWHOOHQ XQG QHXHUH (QWZLFNOXQJHQ GLH LQ GHQ OHW]WHQ EHLGHQ -DKU]HKQWHQ HLQ HUNHQQEDUHV 3URILO JHZRQQHQKDEHQ]XLQWHJULHUHQ 'HU .DQRQ GHU YHUVFKLHGHQHQ =ZHLJH GHU /LQJXLVWLN VFKHLQW LQ GHU MQJHUHQ 9HUJDQ JHQKHLWMHGRFKUHODWLYVWDELOJHEOLHEHQ]XVHLQZHVKDOEVLFKLQ7LWHOQXQG$EIROJHGHU.D SLWHO ZHQLJ JHlQGHUW KDW :HQQ PDQ GLH DNWXHOOHQ *UR‰SURMHNWH GHU 6SUDFKZLVVHQVFKDIW EHWUDFKWHWVRVFKHLQWGHU]HLWHKHUGDV%HGUIQLVYRU]XKHUUVFKHQGDV(UUHLFKWHLQXPIDQJ UHLFKHQ1DFKVFKODJHXQGhEHUEOLFNVZHUNHQ]XVDPPHOQXQGYHUIJEDU]XKDOWHQ %HL GHU 9RUVWHOOXQJ GHU HLQ]HOQHQ URPDQLVFKHQ 6SUDFKHQ LP MHZHLOV GULWWHQ $EVFKQLWW ZXUGH HLQHUVHLWV GHU ]XQHKPHQGHQ %HGHXWXQJ GHU DX‰HUHXURSlLVFKHQ 5RPDQLWlW XQG DQ GHUHUVHLWVGHQVLFKHWDEOLHUHQGHQ.OHLQXQG0LQGHUKHLWHQVSUDFKHQVWlUNHU5HFKQXQJJHWUD JHQ 'LH 6SUDFKVNL]]HQ ZXUGHQ MHZHLOV XP HLQ OLQJXLVWLVFKHV 7KHPD HUJlQ]W GHVVHQ %H KDQGOXQJ VLFKEHLGHU EHWUHIIHQGHQ 6SUDFKH DQERW$XIGHQGXUFKGLHGD]XJHK|ULJH$XGLR &'YHUPLWWHOWHQDNXVWLVFKHQ(LQGUXFNVROOWHQDFK0|JOLFKNHLWQLFKWYHU]LFKWHWZHUGHQ

 

%HQXW]HUSURILO

2EZRKO LQ MQJVWHU =HLW ]DKOUHLFKH %HLWUlJH ]XU *HVFKLFKWH GHV )DFKV 5RPDQLVWLN XQG VHLQHU /HKUH YHU|IIHQWOLFKW ZRUGHQ VLQG KDW VLFK XQVHUHV :LVVHQV QLHPDQG PLW GHU )UDJH EHIDVVW ZLH VLFK GLH *UR‰PHLVWHU GHU 'LV]LSOLQ HUVWVHPHVWULJH 5RPDQLVWHQ YRUJHVWHOOW KDEHQZHOFKH.HQQWQLVVHVLHEHLGLHVHQDOVVHOEVWYHUVWlQGOLFKYRUDXVVHW]WHQZRIUVLHLKUH $XIPHUNVDPNHLW UHNODPLHUWHQ ZHOFKH /HUQ]LHOH VLH IU XQDEGLQJEDU KLHOWHQ ZHOFKH 5DW VFKOlJH VLH ]X JHEHQ ZXVVWHQ :HQQ PDQ LP 9HUWUDXHQ DXI /HKUHUIDKUXQJ XQG SlGDJR JLVFKHV)HLQJHIKOGHURSLQLRQOHDGHUVDQQLPPWGDVVLKUHDOV(LQIKUXQJGHNODULHUWHQ:HU NH WDWVlFKOLFK HLQPDO GHQ %HGUIQLVVHQ YRQ $QIlQJHUQ XQG GHQ $QIRUGHUXQJHQ GHU /HKUH HQWVSURFKHQ KDEHQ VR PVVHQ ZLU RKQH DOOH 6HQWLPHQWDOLWlW NRQVWDWLHUHQ GDVV GLH 6FKXOH KHXWHGLHGXUFKVFKQLWWOLFKHQ0DWXUDQWHQ$ELWXULHQWHQQLFKWDXIMHQHU6WXIHGHV:LVVHQVHQW OlVVWDXIGHUVLHGLHVH%FKHULQ(PSIDQJQHKPHQP|FKWHQ 'HQQ PLW 6HOEVWYHUVWlQGOLFKNHLW ZXUGH HLQH JUQGOLFKH $XVELOGXQJ LQ GHQ NODVVLVFKHQ 6SUDFKHQ YRUDXVJHVHW]W ]XPLQGHVW IU GDV NODVVLVFKH  /DWHLQ ZXUGH DXI HLQH JXW HQW ZLFNHOWH/HVHIHUWLJNHLWJHEDXW0LWWOHUZHLOHDEHUVWHKHQZLUYRUHLQHUYHUlQGHUWHQ6LWXDWLRQ (LQ EHWUlFKWOLFKHU 3UR]HQWVDW] GHU 6WXGLHUHQGHQ KDW EHL 6WXGLHQEHJLQQ QLFKW QXU NHLQHUOHL (UIDKUXQJPLW$OWJULHFKLVFKVRQGHUQDXFKNHLQH/DWHLQNHQQWQLVVH(EHQVRZHQLJNDQQHU ZDUWHW ZHUGHQGDVVDOOH6WXGLHUHQGHQGHU5RPDQLVWLN±LP(LQNODQJPLWHLQHUIUKHUJO WLJHQ+LHUDUFKLHGHU6SUDFKHQ±)UDQ]|VLVFKEHKHUUVFKHQQRFKGDVVVLHVLFKPLWGHU$EVLFKW WUDJHQHVMH]XOHUQHQ'LH$XIVSOLWWHUXQJLQHLQ]HOQH6WXGLHQ]ZHLJHKDWGD]XJHIKUWGDVV HVÄUHLQH³,WDOLDQLVWHQ+LVSDQLVWHQXVZJLEW/lQJVWELOGHQGLHVH]XVDPPHQJHQRPPHQGLH 0HKUKHLW JHJHQEHU GHQ )UDQ]|VLVWHQ RGHU )UDQNRURPDQLVWHQ 'DUDXV HUJLEW VLFK DOV HUVWH .RQVHTXHQ] GDVV LQ GLHVHU (LQIKUXQJ LQ GLH URPDQLVFKH 6SUDFKZLVVHQVFKDIW SDUD GR[HUZHLVHQXU9RUNHQQWQLVVHDXV'HXWVFKXQG«(QJOLVFKYRUDXVJHVHW]WZHUGHQ$XIGDV 'HXWVFKHYHUPXWOLFK0XWWHUVSUDFKHGHUPHLVWHQ/HVHUZLUGVRZRKOLP7H[WDOVDXFKLQGHQ hEXQJHQYRUDOOHPGRUW]XUFNJHJULIIHQZRHVDXIGDVÄ6SUDFKJHIKO³DQNRPPW 'LHQRFKYRUQLFKWDOO]XODQJHU=HLWDOV(UUXQJHQVFKDIWJHSULHVHQH]XQHKPHQGH9HUWUHL EXQJ GHU *UDPPDWLN DXV GHP .ODVVHQ]LPPHU ]XJXQVWHQ YRQ EHWRQW ÄNRPPXQLNDWLYHP³ 6SUDFKXQWHUULFKW VRZLH GLH 7DWVDFKH GDVV VLFK GLH 6WXGLHUHQGHQ GHU 5RPDQLVWLN LPPHU KlXILJHUDXV$EJlQJHUQYRQEHUXIVRULHQWLHUWHQ6FKXOW\SHQUHNUXWLHUHQIKUWHQIHUQHUGD]X GDVVGLHJUDPPDWLVFKH0LWJLIWQLFKWPHKUGLHIUKHUHU-DKUHLVW)ROJOLFKZLUGKLHUEHUGLH ODWHLQLVFKHQ1DPHQGHU:RUWDUWHQKLQDXVNDXPHLQVFKOlJLJHV9RUZLVVHQYRUDXVJHVHW]W



9RP6LQQHLQHUJHVDPWURPDQLVFKHQ3HUVSHNWLYH

)UGLH9HUIDVVHUYRQ(LQIKUXQJHQVWDQGHVODQJHDX‰HU=ZHLIHOGDVVMHGHU5RPDQLVWVLFK HLQHQ VROLGHQ hEHUEOLFN EHU GDV JHVDPWH )DFKJHELHW YHUVFKDIIHQ VROOWH 6RODQJH VLFK GLH URPDQLVFKH6SUDFKZLVVHQVFKDIWDXIGLH%HVFKUHLEXQJGHU$XIVSOLWWHUXQJGHV/DWHLQVLQGLH YHUVFKLHGHQHQURPDQLVFKHQ6SUDFKHQXQG'LDOHNWHEHVFKUlQNWHPXVVWHGHUJHVDPWURPDQL VFKH$QVDW]DOVVHOEVWYHUVWlQGOLFKHUVFKHLQHQXQGEHGXUIWHNHLQHUEHVRQGHUHQ/HJLWLPDWLRQ





8QWHUGHVVHQ KDW VLFK GDV %LOG YRQ GHQ $XIJDEHQ GHU 6SUDFKZLVVHQVFKDIW JHlQGHUW (LQHUVHLWV YHUODJHUWH VLFK GHU 6FKZHUSXQNW GHV )DFKV LP /DXIH GHU HUVWHQ +lOIWH GHV  -DKUKXQGHUWVYRQGHUDXVVFKOLH‰OLFKKLVWRULVFKHQ%HWUDFKWXQJVZHLVH]XHLQHP]XQHKPHQGHQ 6WXGLXP YRQ 6SUDFKVWUXNWXUHQ ZDV ZLHGHUXP ]X HLQHU VWlUNHUHQ %HWRQXQJ GHU HLQ]HO VSUDFKOLFKHQ3HUVSHNWLYHIKUWH$QGHUHUVHLWVZXUGHGLHVH3HUVSHNWLYHDXFKGXUFKGHQDXV GHU 9HU]ZHLJXQJ GHU 6SUDFKZLVVHQVFKDIW LQ YLHOH 6XEGLV]LSOLQHQ HUZDFKVHQGHQ 6SH]LDOL VLHUXQJVGUXFN JHI|UGHUW $XI LQVWLWXWLRQHOOHU (EHQH VSLHJHOW VLFK GLHVH 9HUlQGHUXQJ GDULQ ZLGHU GDVV GLH HLQ]HOQHQ URPDQLVWLVFKHQ 6WXGLHQ]ZHLJH LPPHU PHKU YRQHLQDQGHU LVROLHUW EHWULHEHQZHUGHQ*HVDPWURPDQLVFKH/HKUYHUDQVWDOWXQJHQRGHUVROFKHGLH]XPLQGHVWPHKU DOVHLQHURPDQLVFKH6SUDFKHEHWUHIIHQZHUGHQ]XVHKHQGVVHOWHQHURGHUDXFKPLW%HGDXHUQ DOVHWDWEHGLQJWH1RWO|VXQJHQEHNODJW 9RU GLHVHP +LQWHUJUXQG EHGDUI GHU JHVDPWURPDQLVFKH $QVDW] HLQHU QHXHQ 5HFKWIHUWL JXQJ (V NDQQ QDWUOLFK QLFKW GDUXP JHKHQHLQYHUDOWHWHV6WXGLHQPRGHOONULWLNORVZLHGHU DXIOHEHQ]XODVVHQ'DVVLHKWPDQDXFKVFKRQGDUDQGDVVKLVWRULVFKXQGVWUXNWXUHOODXVJH ULFKWHWH 6SUDFKZLVVHQVFKDIW LQ GLHVHP +HIW LQ JOHLFKHU *HZLFKWXQJ YRUNRPPHQ 8QVHU +DXSWDUJXPHQW LVW GHU DOOJHPHLQELOGHQGH $VSHNW HLQHU JHVDPWURPDQLVFKHQ 3HUVSHNWLYH 6WXGLHUHQGH GHU 5RPDQLVWLNVROOWHQHLQHQ%OLFNEHUGHQ=DXQGHVHLJHQHQ6WXGLHQ]ZHLJV DXI GLH IDV]LQLHUHQGH 9LHOIDOW GHU 5RPDQLD ZHUIHQ ZREHL VLH DP %HLVSLHO DQGHUHU URPD QLVFKHU6SUDFKHQDXFKYLHOOHUQHQZHUGHQZDVDXIGDVHLJHQH6WXGLHQIDFKEHUWUDJEDULVW 'DHVVLFKLPHUVWHQ6HPHVWHURKQHKLQLPPHUQXUXPHLQH(LQIKUXQJLQGLH*UXQG]JHGHU 6SUDFKZLVVHQVFKDIWKDQGHOQNDQQVHLHVQXQLQIUDQ]|VLVFKHPLWDOLHQLVFKHPRGHUDQGHUHP *HZDQGH NDQQ HLQH JHVDPWURPDQLVFKH (LQIKUXQJ DXFK ]XU 9HUPHLGXQJ YRQ 5HGXQGDQ] LP/HKUDQJHERWEHLWUDJHQ 'HU HLQ]HOVSUDFKHQEHUJUHLIHQGH =XJDQJ ]XP MHZHLOLJHQ 6SH]LDOJHELHW HUODXEW DXFK HLQH EHVVHUH (LQRUGQXQJ GHV HLJHQHQ 6WXGLHQIDFKV XQG VHLQHU *HJHQVWlQGH LQ GDV EUHLWH 6SHNWUXP GHU :LVVHQVFKDIWHQ YRQ GHQ 6SUDFKHQ XQG .XOWXUHQ (LQH $QHNGRWH GLH LP SROLWLVFKHQ'LVNXUVGHUOHW]WHQ-DKUHYLHOIDFKEHPKWZXUGHNDQQDXFKGDVGLHVHP$UEHLWV KHIW ]XJUXQGH OLHJHQGH .RQ]HSW LOOXVWULHUHQ (LQ PLWWHODOWHUOLFKHU 5HLVHQGHU NRPPW DQ HLQHP %DXSODW] YRUEHL Ä:DV PDFKVW GX GD"³ IUDJW HU HLQHQ $UEHLWHU Ä,FK KDXH GLHVHQ 6WHLQ VR ]XUHFKW GDVV HU JHQDX DXI GHQ DQGHUHQ KLHU SDVVW³ 'HU 5HLVHQGH VWHOOW GLHVHOEH )UDJH HLQHP DQGHUHQ $UEHLWHU Ä,FK EDXH HLQH .DWKHGUDOH³ DQWZRUWHW GLHVHU QLFKW RKQH 6WRO]'LHXQYHUPHLGOLFKH6SH]LDOLVLHUXQJPXVVQLFKWLP:LGHUVSUXFK]XP9HUVWlQGQLVGHV *HVDPWNRPSOH[HVVWHKHQ



$QPHUNXQJHQ]XU%HQXW]XQJGHV$UEHLWVKHIWHV

$QGHUVDOVPDQFKHlOWHUHQ(LQIKUXQJHQYHUVWHKWVLFKGLHVHV+HIWQLFKWDOV9RUEHUHLWXQJDXI ZLVVHQVFKDIWOLFKH 7lWLJNHLW LP HQJHUHQ :RUWVLQQ GD GLHV ZHJHQ GHU %HUXIVDEVLFKWHQ GHU EHUZLHJHQGHQ0HKU]DKOXQVHUHU6WXGLHUHQGHQXQDQJHPHVVHQXQGZHJHQGHU.RPSOH[LWlW GHUPRGHUQHQ6SUDFKZLVVHQVFKDIW]XDPELWLRQLHUWZlUH9LHOPHKUJHKWHVXQVGDUXP9HU VWlQGQLV IU VSUDFKZLVVHQVFKDIWOLFKH )UDJHQ ]X ZHFNHQ XQG DXI GLH /HNWUH HLQIDFKHUHU

 )DFKOLWHUDWXU YRU]XEHUHLWHQ 1LFKW ZHQLJH (LQIKUXQJHQ VFKHLQHQ GLH 6WXGLHUHQGHQ QDFK GHP(EHQELOGLKUHU$XWRUHQIRUPHQ]XZROOHQ'DJHJHQZDUHQZLUEHVWUHEWXQVJHJHQEHU GHQ YHUVFKLHGHQHQ /HKUPHLQXQJHQ P|JOLFKVW QHXWUDO ]X YHUKDOWHQ XQG XQVDXIHLQVSUDFK ZLVVHQVFKDIWOLFKURPDQLVWLVFKHV*UXQGZLVVHQ]XNRQ]HQWULHUHQGDVEHUGLHYHUVFKLHGHQHQ 5LFKWXQJHQ KLQZHJ NRQVHQVIlKLJ LVW XQG LQ QHXHUHQ )DFKWH[WHQ JUXQGVlW]OLFK DOV EHNDQQW YRUDXVJHVHW]W]XZHUGHQSIOHJW(VYHUVWHKWVLFKYRQVHOEVWGDVVLQ$QEHWUDFKWGHU6WRIIIOOH XQGGHVEHVFKUlQNWHQ5DXPVPDQFKHVYHUHLQIDFKWGDUJHVWHOOWZHUGHQPXVVWH %HL GHU $EIDVVXQJ GHU $UEHLW ZXUGH DXI HLQH SURJUHVVLYH (LQIKUXQJ GHV )DFKYRND EXODUVE]ZZLVVHQVEHVRQGHUVJHDFKWHWGDPLWHLQ]HOQH$EVFKQLWWHDXFKDOV9RUEHUHLWXQJ DXIGLH/HKUYHUDQVWDOWXQJGXUFKJHDUEHLWHWZHUGHQN|QQHQZRGXUFKGLHVHVHOEVWEHL%HGDUI WHLOZHLVHIUGLH%HVSUHFKXQJGHU$XIJDEHQXQGIUGLH9HUWLHIXQJGHV6WRIIHVIUHLJHKDOWHQ ZHUGHQ NDQQ $XFK EHL GHU $XVZDKO GHU /HNWUHDXIJDEHQ KDEHQ ZLU LQGHU5HJHOQXUDXI VROFKH 7H[WH ]XUFNJHJULIIHQ GLH QLFKW WKHRUHWLVFKH .HQQWQLVVH RGHU )DFKWHUPLQL YRUDXV VHW]HQZHOFKHHUVW]XHLQHPVSlWHUHQ=HLWSXQNWHLQJHIKUWZHUGHQ 'LH /LWHUDWXUDQJDEHQ HPSIHKOHQ GHP LQWHUHVVLHUWHQ /HVHU ZHLWHUIKUHQGH/LWHUDWXUGLH XQV EULJHQV VHOEVW YLHOIDFK DOV ,QVSLUDWLRQVTXHOOH JHGLHQW KDW'LH$XIJDEHQVLQGZHVHQW OLFKHU %HVWDQGWHLO XQVHUHV .RQ]HSWV 6LH GLHQHQ ]XU)HVWLJXQJGHV6WRIIVXQG(UZHLWHUXQJ GHV+RUL]RQWVGHU$QUHJXQJ]XPHLJHQVWlQGLJHQ'HQNHQXQGGHU*HZ|KQXQJDQGDV/HVHQ YRQHLQIDFKHQ)DFKWH[WHQVRZLHQDWUOLFKDOV*UXQGODJHIUGDVZLVVHQVFKDIWOLFKH*HVSUlFK LQQHUXQGDX‰HUKDOEGHU/HKUYHUDQVWDOWXQJ



/LWHUDWXU

'DKPHQHWDO +J   



$XIJDEHQ

$QPHUNXQJ]XGHQ$XIJDEHQ*HKHQ6LHLPPHUJHQDXDXIGLHMHZHLOLJH)UDJHHLQGKEHKDQGHOQ 6LH DOOH UHOHYDQWHQ $VSHNWH DEHU DXFK QXU GLHVH %HL /HNWUH$XIJDEHQ HPSILHKOW HV VLFK LP $OOJHPHLQHQ ]XHUVW GHQ 7H[W DOV JDQ]HQ ]X OHVHQ XQG HUVW LP $QVFKOXVV GDUDQ GLH $QWZRUWHQ ]X IRUPXOLHUHQ 6FKUHLEHQ 6LH =XVDPPHQIDVVXQJHQ ELWWH LPPHU LQ JDQ]HQ 6lW]HQ XQG LQ NRUUHNWHP 'HXWVFK   9HUJOHLFKHQ 6LH HLQ URPDQLVWLVFKHV /HKUYHUDQVWDOWXQJVYHU]HLFKQLV GHU -DKUKXQGHUWZHQGH PLW HLQHPDXVGHQIQI]LJHU-DKUHQXQGLKUHPDNWXHOOHQ:HOFKH8QWHUVFKLHGHLQGHQ,QKDOWHQVWHO OHQ6LHIHVW">+LQZHLVH]XP$XIILQGHQVROFKHU9HU]HLFKQLVVHJLEWGHU/HKUYHUDQVWDOWXQJVOHLWHU@  6XFKHQ 6LH PLW +LOIH GHV .DWDORJV ,KUHU ,QVWLWXWV8QLYHUVLWlWVELEOLRWKHN GHQ 6WDQGRUW GHV /H[LNRQV GHU URPDQLVWLVFKHQ /LQJXLVWLN /5/  0DFKHQ 6LH HLQ ,QYHQWDU DOOHU LQ GLHVHU %LEOLR WKHNYRUKDQGHQHQ%lQGHGHU5HLKH+DQGEFKHU]XU6SUDFKXQG.RPPXQLNDWLRQVZLVVHQVFKDIW +6.  





 9HUJOHLFKHQ 6LH GDV ,QKDOWVYHU]HLFKQLV GHV HUVWHQ %DQGHV YRQ *XVWDY *U|EHUV *UXQGULVV GHU URPDQLVFKHQ 3KLORORJLH *U|EHU ± 3KRWRPHFKDQLVFKHU 1DFKGUXFN %HUOLQ GH *UX\WHU   PLW GHP GHV /5/ 9HUVXFKHQ 6LH 8QWHUVFKLHGH LQ GHU WKHPDWLVFKHQ *HZLFKWXQJ ]X HUNHQQHQ



3KRQHWLN



'DVLQWHUQDWLRQDOHSKRQHWLVFKH$OSKDEHW

6R ZLH GLH 3K\VLNHU HLQ 8UPHWHU EUDXFKHQ XP LKUH 0HVVXQJHQ DXIHLQDQGHU EH]LHKHQ ]X N|QQHQHUZLHVVLFKLPDXVJHKHQGHQ-DKUKXQGHUWDXFKIUGLH6SUDFKZLVVHQVFKDIWOHUHLQ VWDQGDUGLVLHUWHV Ä/DXWPD‰³ DOV QRWZHQGLJ 8P GLH EHUHLQ]HOVSUDFKOLFKH 9HUJOHLFKEDUNHLW ]XJHZlKUOHLVWHQZXUGHYRQHLQHULQWHUQDWLRQDOHQ9HUHLQLJXQJGHU$VVRFLDWLRQ3KRQpWLTXH ,QWHUQDWLRQDOH HLQ 6\VWHP YRQ 6\PEROHQ HUDUEHLWHW PLW GHP SULQ]LSLHOO DOOH LQ PHQVFK OLFKHQ6SUDFKHQYRUNRPPHQGHQ/DXWHHUIDVVWZHUGHQN|QQHQZDVQDWUOLFKLPPHUZLHGHU HLQH $QSDVVXQJ DQ GHQ QHXHVWHQ .HQQWQLVVWDQG HUIRUGHUOLFK PDFKW 'DV ,QWHUQDWLRQDOH 3KRQHWLVFKH $OSKDEHW DEJHNU]W ,3$ RGHU $3,  EHQW]W YRUZLHJHQG ODWHLQLVFKH XQG JULHFKLVFKH %XFKVWDEHQ VRZLH HLQLJH =XVDW]]HLFKHQ ]% Ä  ³ QDFK HLQHP 9RNDO ]XU $Q JDEHGHU9RNDOOlQJHRGHUGHQNOHLQHQKRFKJHVWHOOWHQ6WULFK]XU.HQQ]HLFKQXQJGHUEHWRQ WHQ 6LOEH ]% >DOID EHW@ 'LH :LHGHUJDEH HLQHU /DXWIROJH GXUFK =HLFKHQ HLQHV SKRQHWL VFKHQ$OSKDEHWVQHQQWPDQSKRQHWLVFKH7UDQVNULSWLRQ'LHVHVWHKWLPPHU]ZLVFKHQHFNL JHQ.ODPPHUQ6LHNDQQLQ$EKlQJLJNHLWYRPDQJHVWUHEWHQ=ZHFNPHKURGHUZHQLJHUJH QDXVHLQWHFKQLVFKVSULFKWPDQYRQEUHLWHURGHUHQJHU7UDQVNULSWLRQ6FKHPDXQGVR ZLH7DEHOOHXQGEHVFKUlQNHQVLFKDXIMHQH6\PEROHGHV$3,=HLFKHQVDW]HVGLHIUGLH URPDQLVFKHQ6WDQGDUGVSUDFKHQ6SDQLVFK)UDQ]|VLVFK,WDOLHQLVFK3RUWXJLHVLVFKXQG5XPl QLVFK VRZLH IU GDV 'HXWVFKH YRQ %HGHXWXQJ VLQG (V VHL KLHU DXFK QRFK GDUDXI KLQJH ZLHVHQ GDVV QHEHQ GHP $3,6\VWHP QRFK YLHOH DQGHUH 7UDQVNULSWLRQVV\VWHPH H[LVWLHUHQ GLHYRUDOOHPIUGLDOHNWRORJLVFKH=ZHFNHJHVFKDIIHQZXUGHQ



$UWLNXODWRULVFKH3KRQHWLN

6SUDFKODXWH NDQQ PDQ QDFK YHUVFKLHGHQHQ *HVLFKWVSXQNWHQ EHVFKUHLEHQ 'LH DNXVWLVFKH 3KRQHWLN]%EHWUDFKWHWVLHDOV6FKDOOZHOOHQ+LHUZROOHQZLUVLHKLQJHJHQXQWHUGHP*H VLFKWVSXQNW LKUHU +HUYRUEULQJXQJ EHVFKUHLEHQ HLQ *HELHW GHP VLFK GLH DUWLNXODWRULVFKH 3KRQHWLNZLGPHW    

  'HU6SUHFKWUDNW (QWZLFNOXQJVJHVFKLFKWOLFK EHWUDFKWHW KDEHQ GLH $UWLNXODWLRQVRUJDQH HUVW VHNXQGlU GLH )XQNWLRQYRQ6SUHFKZHUN]HXJHQEHUQRPPHQ6FKHPD]HLJWZHOFKH6WHOOHQGHV6SUHFK WUDNWHV IU GLH /DXWHU]HXJXQJ EHVRQGHUH %HGHXWXQJ KDEHQ ,Q GHU 3KRQHWLN KHL‰HQ GLHVH 6WHOOHQ$UWLNXODWLRQVRUWH'LH%H]HLFKQXQJHQGDIUVLQGPHLVWGHXWVFKGLHGHQHLQ]HOQHQ $UWLNXODWLRQVRUWHQ ]XJHRUGQHWHQ $GMHNWLYH LQ .ODPPHUQ  VLQG MHGRFK LPPHU ODWHLQLVFKH )UHPGZ|UWHU

 6FKHPD6SUHFKWUDNW QDFK0DQJROG>@ 

 

1DVHQUDXP QDVDO 





0XQGUDXP RUDO  

5DFKHQUDXP SKDU\QJDO  

/LSSHQ ODELDO  

=lKQH GHQWDO  

$OYHROHQ DOYHRODU  

3DODWXPKDUWHU*DXPHQ  SDODWDO  

9HOXP*DXPHQVHJHO  YHODU  

=lSIFKHQ XYXODU  

=XQJHQVSLW]H DSLNDO  

=XQJHQUFNHQ GRUVDO  

6WLPPElQGHUULW]HQ  JORWWDO  

.HKONRSI ODU\QJDO 



 9RNDOH %HL GHU %HVFKUHLEXQJ XQG .ODVVLILNDWLRQ GHU 9RNDOH VSLHOHQ GLH LP YRUKHUJHKHQGHQ $E VFKQLWW HLQJHIKUWHQ )DFKDXVGUFNH IU $UWLNXODWLRQVRUWH HLQH XQWHUJHRUGQHWH 5ROOH 'LHV KlQJW GDPLW ]XVDPPHQ GDVV 9RNDOH /DXWH VLQG EHL GHUHQ%LOGXQJGLH/XIWRKQHZHVHQW OLFKH %HKLQGHUXQJ GXUFK GHQ 0XQGUDXP XQG 1DVHQUDXP  DXVVWU|PHQ NDQQ ZlKUHQG GLH





DQJHIKUWHQ$UWLNXODWLRQVRUWHJHUDGHMHQH6WHOOHQGHV6SUHFKWUDNWVVLQGDQGHQHQHVEHLGHU %LOGXQJYRQ.RQVRQDQWHQ]X%HKLQGHUXQJHQIUGHQ/XIWVWURPXQGVRPLW]X*HUlXVFKELO GXQJHQ NRPPW )U GLH %HVFKUHLEXQJ GHU 9RNDOH VLQG KLQJHJHQ DQGHUH DUWLNXODWRULVFKH (LJHQVFKDIWHQ YRQ %HGHXWXQJ 0DQ SIOHJW GLH 9RNDOH GXUFK GDV VRJ 9RNDOGUHLHFN YJO 6FKHPD   GDU]XVWHOOHQ GDV DOV /lQJVVFKQLWW GXUFK GHQ 0XQGUDXP ]X VHKHQ LVW 'LH 3RVLWLRQ DXI GHU Ä$EV]LVVH³ ]HLJW DQ RE HLQ 9RNDO YRUQH ]HQWUDO RGHU KLQWHQ JHELOGHW ZLUG MHQH DXI GHU Ä2UGLQDWH³ KLQJHJHQ GHQ gIIQXQJVJUDG 'D]X NRPPHQ QRFK ]ZHL (LJHQVFKDIWHQGLHLQHLQHU]ZHLGLPHQVLRQDOHQ'DUVWHOOXQJQLFKWDGlTXDWGDUJHVWHOOWZHUGHQ N|QQHQGLH5XQGXQJXQGGLH1DVDOLWlW  6FKHPD    YRUQH   ]HQWUDO  KLQWHQ ±JHUXQGHWJHUXQGHW 







±JHUXQGHWJHUXQGHW



,





 JHVFKORVVHQL 

\







Hs        ( r :   2        Ž RIIHQ      D $

X R



 %HLJHUXQGHWHQ9RNDOHQVLQGGLH/LSSHQZLHGHU1DPHVFKRQVDJWJHUXQGHWEHLGHQEUL JHQ JHVSUHL]W ,P 9RNDOGUHLHFN VLQG GLH JHUXQGHWHQ 9RNDOH UHFKWV QHEHQ GHQ HQW VSUHFKHQGHQ QLFKWJHUXQGHWHQ 9RNDOHQ HLQJH]HLFKQHW %HL GHQ 1DVDOYRNDOHQ LVW GDV *DX PHQVHJHO DEJHVHQNW VRGDVV GLH /XIW DXFK GXUFK GLH 1DVH HQWZHLFKHQ NDQQ 6LH VLQG LQ 6FKHPDQLFKWHLQJH]HLFKQHW,QGHU$3,7UDQVNULSWLRQZLUG1DVDOLHUXQJGXUFKHLQH7LOGH  EHUGHPHQWVSUHFKHQGHQ2UDOYRNDOV\PEROLVLHUW +DOEYRNDOH DXFK +DOENRQVRQDQWHQ RGHU *OHLWODXWH JHQDQQW  VWHKHQ DUWLNXODWRULVFK ]ZLVFKHQ9RNDOHQXQG.RQVRQDQWHQ%VS>M@IU]KLHU>Z@IU]RXL>~@IU]KXLW+DOEYR NDOHN|QQHQLP*HJHQVDW]]X9ROOYRNDOHQNHLQH6LOEHELOGHQ 'LSKWKRQJH VLQG NRQWLQXLHUOLFK DUWLNXOLHUWH 9RNDOYHUELQGXQJHQ HWZD GLH 9HUELQGXQJ (X LQ GW (XUR LQ PHKUHUHQ URPDQLVFKHQ 6SUDFKHQ KLQJHJHQ ZLUG GLHVHOEH %XFKVWDEHQ YHUELQGXQJ]ZHLVLOELJJHVSURFKHQ :HOFKH9HUELQGXQJHQLQZHOFKHU6SUDFKHDOVÄHFKWH³ 'LSKWKRQJH]XEH]HLFKQHQVLQGLVWRIWXPVWULWWHQ8QWHUGHQURPDQLVFKHQ6SUDFKHQVLQGGDV 5XPlQLVFKHXQGGDV3RUWXJLHVLVFKHVHKUGLSKWKRQJUHLFK 7DEHOOHHQWKlOWIUMHGHQ9RNDOGHV'HXWVFKHQXQGGHUKLHUEHUFNVLFKWLJWHQIQIUR PDQLVFKHQ6SUDFKHQMHHLQ%HLVSLHO YRU]XJVZHLVHDXVGHQ7H[WHQGHU6SUDFKSUREHQ VR IHUQGHU9RNDOLQGHUEHWUHIIHQGHQ6SUDFKHH[LVWLHUW

 

 7DEHOOH

 9RNDO >L@ >,@ >n@ >\@ >H@ >H@ >s@ >(@ >(@ >r@ >r@ >D@ >$@ >$@ >,@ >½@ >Ž@ >Ž@ >X@ >é@ >X@ >R@ >2@ >2@ >~@ >Z@ >M@

3W HPLJUDU  ILP   PHVPD VRPHQWH  WHUUD    FLGDGH   VHQKRU XWLOL]DU DWLQMD Vm GR  FRQIXQGLU WRGR KRPHP HQFRQWUDU  FRQVWUXLU RULHQWH

6S KLMR     HUD       OXJDU       XQD   FRPR    IXHJR RULHQWH

)U] LOV   XQH  pWDEOLU  IHX WHUUH GHVVHLQ OHXU XQ SODFH EkWLVVDLW ODQJXH  OH   WRXW   PRWV FRPPH PRQGH FXLVRQV VR\RQV 2ULHQW

,W FLWWj     LQYHFH   WHUUD    FDPELR       ELWXPH   ORUR FRVD   TXHVWR RULHQWH

5XP úL     QHDP       ĠDUă   vQ OLPEă   WXUQ   RSUL    RDPHQLL LDWă

'W VFKLHOW VFKLOW  :VWH ZVVWH /HEHQ  K|FKVW HFKW  0|UWHO  DOW    LKQHQ   IOXFKW )OXFKW  JUR‰ GRUW    /LOLH

$QP ,P 6SDQLVFKHQ XQG 5XPlQLVFKHQ ZR GLH 0HUNPDOH >RIIHQ@ XQG >JHVFKORVVHQ@ NHLQH EH GHXWXQJVXQWHUVFKHLGHQGH)XQNWLRQKDEHQZXUGHGLHJHVFKORVVHQH9DULDQWHDOV9HUWUHWHUHLQJHWUDJHQ %HLHQWVSUHFKHQGHU/DXWXPJHEXQJNDQQMHGRFKUHODWLYRIIHQH$XVVSUDFKHGLH5HJHOVHLQ

 .RQVRQDQWHQ )UHLQHDGlTXDWH.ODVVLILNDWLRQGHU.RQVRQDQWHQQDFKDUWLNXODWRULVFKHQ*HVLFKWVSXQNWHQ EHQ|WLJHQ ZLU QHEHQ GHQ $UWLNXODWLRQVRUWHQ DXFK QRFK $QJDEHQ ]XU $UWLNXODWLRQVDUW ZRPLWGLH:LUNXQJE]Z%HKDQGOXQJGHV/XIWVWURPVEHLP6SUHFKHQJHPHLQWLVW+LHUPV VHQZLUXQVZLHGHUPLWHLQLJHQ)DFKDXVGUFNHQYHUWUDXWPDFKHQ1DFKGHU$UWLNXODWLRQVDUW XQWHUVFKHLGHQZLU D 9HUVFKOXVVODXWH DXFK2NNOXVLYH3ORVLYH0XWDH6J0XWD GHU





/XIWVWURP ZLUG NXU] JHVWDXW XQG GDQQ ÄH[SORVLRQVDUWLJ³ JHO|VW E  5HLEHODXWH DXFK )ULNDWLYH6SLUDQWHQ GHU/XIWVWURPZLUGGXUFKHLQH(QJHJHIKUW F $IIULNDWHQ 6JGLH $IIULNDWD$IIULNDWH  9HUVFKOXVVODXWH PLW IROJHQGHQ 5HLEHODXWHQ G  1DVDOH LP *HJHQ VDW] ]X GHQ 1DVDOYRNDOHQ ZHUGHQ GLH .RQVRQDQWHQ XQWHU YROOVWlQGLJHP 9HUVFKOXVV GHV 0XQGUDXPVJHELOGHW H /LTXLGHQ 6JGHU/LTXLG 2EHUEHJULIIIU/DWHUDOH .RQVRQDQ WHQ EHL GHQHQ GLH /XIW VHLWOLFK DXVVWU|PW  XQG 9LEUDQWHQ .RQVRQDQWHQ GLH GXUFK HLQH 9LEUDWLRQYRQ=XQJHQVSLW]HRGHU=lSIFKHQHQWVWHKHQDXFK7ULOO $OV)ODS HQJOWRIODS ÃVFKODJHQµ  RGHU 7DS  HQJO WR WDS ÃNORSIHQµ  EH]HLFKQHW PDQ HLQHQ .RQVRQDQWHQ GHU GXUFKHLQHLQPDOLJHV6FKODJHQGHU=XQJHQVSLW]HHQWVWHKW 6FKOLH‰OLFKEHQ|WLJHQZLUQRFKGLH8QWHUVFKHLGXQJVWLPPKDIWVWLPPORV%HLGHU$UWL NXODWLRQVWLPPKDIWHU.RQVRQDQWHQVFKZLQJHQGLH6WLPPElQGHUZDVVLFK±OHLFKWQDFKYROO ]LHKEDU±GXUFKHLQH9LEUDWLRQGHV.HKONRSIVEHPHUNEDUPDFKW 6FKHPD  LVW HLQH .ODVVLILNDWLRQ GHU ZLFKWLJVWHQ URPDQLVFKHQ .RQVRQDQWHQ QDFK DUWL NXODWRULVFKHQ*HVLFKWVSXQNWHQZREHLLP6LQQHHLQHUEUHLWHUHQ7UDQVNULSWLRQNOHLQHUHQGHQ $UWLNXODWLRQVRUWEHWUHIIHQGHQ8QWHUVFKLHGHQ]ZLVFKHQGHQHLQ]HOQHQ6SUDFKHQQLFKW5HFK QXQJJHWUDJHQZLUG

 6FKHPD





ELODELDO

ODELR GHQWDO GHQWDO  VWK VWO VWK VWO VWK VWO 9HUVFKOXVVODXWH E S   G W %  5HLEHODXWH Y I ' 4 ] V $IIULNDWHQ    SI G] WV 0  1DVDOH P    /LTXLGH/DWHUDOH       /LTXLGH9LEUDQWHQ       7ULOOV  7DSV)ODSV      

DOYHRODU

SDODWDO

VWK VWO VWK    -   M   G-  Q  i O  U   ?





YHODU

VWO  6 ö W6   

 1 O 

   







XYXODU

JORWWDO

VWK VWO VWK VWO VWK VWO " J N    9 [ „   K    5  

   

   

   







 'LH%H]HLFKQXQJGHU.RQVRQDQWHQHUIROJWGXUFKHLQH$QJDEH]XU6WLPPEHWHLOLJXQJ VWLPP KDIW RGHU VWLPPORV  JHIROJW YRQ HLQHU .RPELQDWLRQ HLQHV 6XEVWDQWLYV IU GLH $UWLNX ODWLRQVDUWXQGHLQHVRGHUPHKUHUHU$GMHNWLYHIUGHQGLH$UWLNXODWLRQVRUW H 6RLVW>S@]% HLQ VWLPPORVHU ELODELDOHU GK PLW +LOIH EHLGHU /LSSHQ JHELOGHWHU 9HUVFKOXVVODXW >Y@ HLQ VWLPPKDIWHUODELRGHQWDOHUGKPLW+LOIHYRQ8QWHUOLSSHXQGREHUHQ6FKQHLGH]lKQHQJH ELOGHWHU5HLEHODXWXVZ 7DEHOOH  HQWKlOW IU MHGHQ .RQVRQDQWHQ GHV 'HXWVFKHQ XQG GHU IQI EHUFNVLFKWLJWHQ URPDQLVFKHQ6SUDFKHQMHHLQ%HLVSLHO   

 'LHVHU /DXW ZLUG RIW DOV $SSUR[LPDQW NODVVLIL]LHUW ZHLO ZLH EHL GHQ 9RNDOHQ  GHU /XIWVWURP UHODWLYXQJHKLQGHUWGHQ6SUHFKWUDNWYHUOlVVW YJO7DEHOOH 

 7DEHOOH  .RQVRQDQW >E@ >S@ >G@ >W@ >J@ >N@ >"@ >%@ >Y@ >I@ >'@ >]@ >4@ >V@ >-@ >6@ >c@ >9@ >[@ >K@ >SI@ >G]@ >WV@ >G-@ >W6@ >P@ >0@ >Q@ >@ >1@ >O@ >O@ >i@ >5@ >„@ >U@ >?@      

3W EHWXPH SDODYUD GR WHUUD OtQJXD FRLVD  KDELWDQWH KDYLD IRJR WRGD FRLVD  6HQKRU OLQJXDJHP DSHQDV  IRJR        PHVPD  ~QLFD 6HQKRU EULQFDU OtQJXD WDO  WHUUD   SHGUD      

6S EHW~Q SDODEUD GH WLHUUD OHQJXD FRQ  SXHEOR  IXHJR WRGD  PH]FOD VREUH    IXHJR KLMR      PXFKR PLVPD LQIOXMR QDGD FRPSDxHUR QLQJXQR OHQJXD  OODPDU   WLHUUD SLHGUD      

)U] ELWXPH SHXSOH GH WHUUH ODQJXH FRQIRQGUH   YRLU IHX  IDLVRQV  VHUYLU ODQJDJH ERXFKH          PRQGH  QRP 6HLJQHXU  ODQJXH   WHUUH WHUUH        

,W ELWXPH SULPD GLUH WHUUD OLQJXD IXRFR   YHGHUH IXRFR  SDHVH  6LJQRUH  VFHQGLDPR      ]HUR ]LR UHJLRQH FLWWj PDWWRQH LQYHFH QRPH FDPSDJQD OLQJXD OLQJXD  JOL   WHUUD UHJLRQH      

5XP OLPEă SăPvQW 'RPQXO WRW JvQG FDUH   YUHPH IRF  ]LGL  VPRDOă DMXQJH úL    KDLGHP   IDĠă ILORORJLH FHU PDL  QHDP   OLPEă      RUDú      

'W ELV 3HFK GHU 7XUP JDQ] NOHLQ DEHU  :HOW 9RON  VDJHQ  XQV  6WHLQ 3HFK  VSUDFK KDEHQ .RSI  6SLW]H  0DWVFK 0|UWHO $QIDQJ QLFKW  'LQJ /DQG   URWZDUWHQ ZDUWHQ URWZDUWHQ URWZDUWHQ      







.RQWUDVWLYH3KRQHWLN

 9RPDXVOlQGLVFKHQ$N]HQW ,Q $EVFKQLWW  KDEHQ ZLU DOOH /DXWH NHQQHQJHOHUQW GLH IU GLH %HVFKUHLEXQJ GHU JU|‰HUHQ URPDQLVFKHQ 6SUDFKHQ XQG GHV 'HXWVFKHQ YRQ %HGHXWXQJ VLQG (LQ JXWHU 7HLO GDYRQ HLJQHW DOOHQ IQI E]Z VHFKV 6SUDFKHQ DQGHUH ZLHGHUXP KDEHQ HLQH EHVFKUlQNWHUH 9HUEUHLWXQJ'DV(UOHUQHQMHQHU/DXWHGLHGLHHLJHQH0XWWHUVSUDFKHQLFKWNHQQWJHK|UW]X GHQ HUVWHQ +LQGHUQLVVHQ EHLP )UHPGVSUDFKHQHUZHUE =X GHQ HUIDKUXQJVJHPl‰ VFKZHU ]X QHKPHQGHQ+UGHQJHK|UHQIU'HXWVFKVSUDFKLJHGDVHQJOLVFKHWK >4@E]Z>'@ IU)UDQ ]RVHQGHUVRJLFK/DXW >c@ IU,WDOLHQHUXQVHUHJHUXQGHWHQ9RNDOH>\@XQG|>s@E]Z >r@ IU 6SDQLHU GLH 8QWHUVFKHLGXQJ YRQ NXU]HQ XQG ODQJHQ 9RNDOHQ $EHU VHOEVW MHQH /DXWHGLHLQ]ZHLRGHUPHKUHUHQ6SUDFKHQH[LVWLHUHQVLQGPHLVWQLFKWJDQ]LGHQWLVFKZLH GLH9HUZHQGXQJHLQXQGGHVVHOEHQ6\PEROVJODXEHQPDFKHQN|QQWH6RKDWHWZDGDV>5@LQ IU]WHUUHHLQHQHWZDVDQGHUHQ.ODQJDOVGDV>5@LQSRUWWHUUD'HUJHQDXHSKRQHWLVFKH:HUW HLQHVMHGHQ$3,6\PEROVNDQQDOVRYRQ6SUDFKH]X6SUDFKHYHUVFKLHGHQVHLQ *HOLQJWHVHLQHP$XVOlQGHUQLFKWVLFKGDV/DXWV\VWHPGHU)UHPGVSUDFKHÄSHUIHNW³DQ ]XHLJQHQVRVDJWPDQHUKDEHHLQHQ$N]HQW%HLGHQLQGHU0XWWHUVSUDFKHQLFKWH[LVWLHUHQ GHQ /DXWHQ ZHLFKW ZHU GLH +UGH QLFKW QHKPHQ NDQQ PHLVW DXI GLHMHQLJHQ /DXWH GHU 0XWWHUVSUDFKH DXV GLH GHQ IUHPGVSUDFKOLFKHQ DP 1lFKVWHQ NRPPHQ 6R VDJHQ PDQFKH 'HXWVFKH >VL1N@ RGHU >IL1N@ VWDWW >4L1N@ )UDQ]RVHQ >L6@ VWDWW >Lo@ ,WDOLHQHU >PLGH@ VWDWW >P\G:@ XQG GDV 'HXWVFK YRQ 6SDQLHUQ NOLQJW RIW ZLH PRQRWRQHV *HUDWWHU ZHLO VLH DOOH 9RNDOH NXU] VSUHFKHQ $XVVSUDFKHPlQJHO GLHVHV 7\SV VLQG VR DXIIlOOLJ GDVV VLH GHP 6SUHFKHUPHLVWEHZXVVWVLQG,KUH1LFKWhEHUZLQGXQJLVWXQJHQJHQGHP7UDLQLQJSV\FKL VFKHQ+HPPXQJHQLQJDQ]VHOWHQHQ)lOOHQDXFKSK\VLRORJLVFKHQ)DNWRUHQ]X]XVFKUHLEHQ $EZHLFKXQJHQ LQ GHU )HLQSKRQHWLN KLQJHJHQ ZHUGHQ GHP 6SUHFKHU RIW JDU QLFKW EHZXVVW XQGEOHLEHQVRPLWXQNRUULJLHUW$OV0XWWHUVSUDFKOHUKDWPDQIUGLHVH$EZHLFKXQJHQXQG P|JHQVLHDXFKQRFKVRJHULQJIJLJVHLQHLQIHLQHV2KUGDVGHQ)UHPGHQXQEDUPKHU]LJDOV VROFKHQLGHQWLIL]LHUWDXFKZHQQGHUSKRQHWLVFKQLFKW*HVFKXOWHLP$OOJHPHLQHQQLFKWLQGHU /DJHLVWDQ]XJHEHQZRULQGHUÄ$N]HQW³EHVWHKW )U 6WXGLHUHQGH HLQHU )UHPGVSUDFKH HUJLEW VLFK DXV GHP *HVDJWHQ GLH XQDEGLQJEDUH 1RWZHQGLJNHLW JOHLFK]X%HJLQQGHV6WXGLXPVHLQHQHLQVFKOlJLJHQ3KRQHWLNNXUV]XEHVX FKHQVRIHUQGLHVQLFKWRKQHKLQLP6WXGLHQSODQYRUJHVHKHQLVW'LHIROJHQGHQ+LQZHLVH]X HLQLJHQ +DXSWXQWHUVFKLHGHQ ]ZLVFKHQ GHP 'HXWVFKHQ XQG GHQ URPDQLVFKHQ 6SUDFKHQ YHUP|JHQHLQHQVROFKHQ.XUVNHLQHVZHJV]XHUVHW]HQ

'HXWVFKYV5RPDQLVFKHLQLJH8QWHUVFKLHGH 6SUDFKHQXQWHUVFKHLGHQVLFKQLFKWQXUKLQVLFKWOLFKLKUHV/DXWLQYHQWDUVXQGGHU)HLQSKRQHWLN GHUHLQ]HOQHQ/DXWHVRQGHUQDXFK LQ%H]XJDXIGLH3KRQRWDNWLNGKGLH]XOlVVLJHQ/DXW YHUELQGXQJHQXQGGLH3URVRGLHGK$N]HQW KLHULQGHU%HGHXWXQJYRQÃ%HWRQXQJµ XQG

 ,QWRQDWLRQ 6SUHFKPHORGLH :DVGDV/DXWLQYHQWDUEHWULIIWVRNDQQDXVNRQWUDVWLYHU6LFKW YRU DOOHP DXI GLH :LFKWLJNHLW GHU 8QWHUVFKHLGXQJ YRQ VWLPPKDIWHQ XQG VWLPPORVHQ .RQ VRQDQWHQ LQ GHQ URPDQLVFKHQ 6SUDFKHQ QLFKW JHQXJ KLQJHZLHVHQ ZHUGHQ 'LH 8UVDFKH IU GLH 6FKZLHULJNHLWHQ GLH 'HXWVFKVSUDFKLJH LQ GLHVHP %HUHLFK KDEHQ OLHJW DXI GHU +DQG 0DQFKH GHU VWLPPKDIWHQ .RQVRQDQWHQ H[LVWLHUHQ LP 'HXWVFKHQ EHUKDXSW QLFKW XQG GLH MHQLJHQGLHH[LVWLHUHQZHUGHQPHLVWQLFKWVRVWLPPKDIWDUWLNXOLHUWZLHLQGHQURPDQLVFKHQ 6SUDFKHQYRUDOOHPDQEHVWLPPWHQ6WHOOHQHLQHV:RUWHV VX ,Q7DEHOOHVLQGGLHZLFK WLJVWHQ.RQVRQDQWHQSDDUHDQJHIKUWGLHVLFKQXULQGHU6WLPPKDIWLJNHLWXQWHUVFKHLGHQ'LH %HLVSLHOHVLQGZRQLFKWDQGHUVDQJHJHEHQIUDQ]|VLVFK

 7DEHOOH

  >S@ >E@ >W@ >G@ >N@ >J@ >V@ >]@ >6@ >-@ >I@ >Y@ >WV@ >G]@ >W6@ >G-@

$QODXW SDV>SD@ EDV>ED@ WKp>WH@ Gp>GH@ TXDL>NH@ JDL>JH@ VHO>V(O@ ]qOH>](O@ FKDTXH>6DN@ -DFTXHV>-DN@ IHU>I(5@ YHU>Y(5@ LW]LR>WVLR@ LW]XO>G]XOX@ LW&LQD>W6LQD@ LW*LQD>G-LQD@

,QODXW SpSp>SHSH@ EpEp>EHEH@ JUDWLQ>J5DW(@ JUDGLQ>J5DG(@ FDFD>NDND@ JDJD>JDJD@ FDVVHU>NDVH@ FDVHU>ND]H@ URFKHU>526H@ 5RJHU>52-H@ EXIIHW>E\I(@ EXYDLW>E\Y(@ LWVHQ]D>V(QWVD@ LWSUDQ]R>S?DQG]R@ LWFDFLR>NDW6R@ LWDJLR>DG-R@

$XVODXW SRPSH>S2S@ ERPEH>E2E@ KRQWH>2W@ RQGH>2G@ EDF>EDN@ EDJXH>EDJ@ IHVVH>I(V@ IH]>I(]@ KDQFKH>$6@ DQJH>$-@ YLI>YLI@ YLYH>YLY@ IULW]>I5LWV@  PDWFK>PDW6@ EDGJH>EDG-@

 (LQZHLWHUHU*UXQGGDIUGDVVXQVGLH$XVVSUDFKHGHUPHLVWHQURPDQLVFKHQ6SUDFKHQÄZHL FKHU³YRUNRPPWDOVGLHGHXWVFKHOLHJWGDULQGDVVLP'HXWVFKHQXQGJDQ]EHVRQGHUVLQGHQ QRUGGHXWVFKHQ 9DULHWlWHQ VWLPPORVH 9HUVFKOXVVODXWH DVSLULHUW GK PLW QDFKIROJHQGHP +DXFKODXW WUDQVNULELHUW DOV KRFKJHVWHOOWHV K  JHVSURFKHQ ZHUGHQ 7DO ZLUG >WKDO@ DXVJH VSURFKHQ.LOR>NKLOR@'HQURPDQLVFKHQ6WDQGDUGVSUDFKHQLVWGLHVH$VSLUDWLRQIUHPG (LQHDQGHUH(LJHQKHLWGHV'HXWVFKHQGLHPDQXQEHGLQJWXQWHUGUFNHQPXVVZHQQPDQ HLQH URPDQLVFKH 6SUDFKH VSULFKW LVW GHU VRJ .QDFNODXW DXFK *ORWWLVVFKODJ Xl WUDQV NULELHUW DOV >"@  'DUXQWHU YHUVWHKW PDQ HLQHQ .HKONRSIYHUVFKOXVV GHU VLFK LP 'HXWVFKHQ DXWRPDWLVFKDP%HJLQQYRNDOLVFKDQODXWHQGHU6LOEHQHLQVWHOOW(ULVWPLWGDUDQ6FKXOGGDVV GDV'HXWVFKHDXIURPDQLVFKH2KUHQHLQHQÄDEJHKDFNWHQ³(LQGUXFNPDFKW'LH:LFKWLJNHLW GHU8QWHUGUFNXQJYRQ$VSLUDWLRQXQG.QDFNODXWNDQQPDQJXWGXUFKHLQHQ9HUJOHLFKGHU $XVVSUDFKHYRQGW7KHDWHUPLWLWVSSWWHDWURE]ZIU]WKpkWUHYHUDQVFKDXOLFKHQ 





6SUDFKHQXQWHUVFKHLGHQVLFKDEHUZLHJHVDJWQLFKWQXULP/DXWLQYHQWDUVRQGHUQDXFK KLQVLFKWOLFKGHUP|JOLFKHQ/DXWYHUELQGXQJHQ6RKDEHQ]%VRZRKOGDV'HXWVFKHDOVDXFK GLHURPDQLVFKHQ6SUDFKHQGLH/DXWH>N@XQG>Q@DEHUQXUGDV'HXWVFKHHUODXEW:|UWHUGLH PLWNQEHJLQQHQ'LHVLVWGHU*UXQGZDUXP]%EHLGHU(QWOHKQXQJYRQ/DQGVNQHFKWGLH .RQVRQDQWHQYHUELQGXQJ >NQ@ GXUFK HLQHQ9RNDOÄDXIJHEURFKHQ³ZXUGHLWODQ]LFKHQHFFR IU]ODQVTXHQHW (LQHSKRQRWDNWLVFKH(LJHQKHLWGHV'HXWVFKHQGLHVLFKEHLP(UOHUQHQURPDQLVFKHU6SUD FKHQVW|UHQGEHPHUNEDUPDFKWLVWGLHVRJ$XVODXWYHUKlUWXQJ'DPLWLVWJHPHLQWGDVVLP :RUWDXVODXW QXU VWLPPORVH .RQVRQDQWHQ YRUNRPPHQ YJO 5DG >5DW@ YV 5DGHV >5DG:V@ JLE >JLS@YVJHEHQ>JHE:Q@XVZ$XIJUXQGGLHVHU(LJHQVFKDIWLKUHU0XWWHUVSUDFKHKDEHQ 'HXWVFKVSUDFKLJHGLH7HQGHQ]DXFKLQGHU)UHPGVSUDFKHDOOH(QGNRQVRQDQWHQVWLPPORV]X VSUHFKHQ 'LHV LVW EHVRQGHUV LP )UDQ]|VLVFKHQ ]X YHUPHLGHQ GD GRUW GLH 8QWHUVFKHLGXQJ YRQ VWLPPKDIWHQ XQG VWLPPORVHQ .RQVRQDQWHQ LP $XVODXW KlXILJ VRJDU JUDPPDWLNDOLVFKH )XQNWLRQKDWQlPOLFK)HPLQLQXPXQG0DVNXOLQXP]XXQWHUVFKHLGHQVSRUWLI P >VS25WLI@ YVVSRUWLYH I >VS25WLY@XVZ ,P VGGHXWVFKHQ 5DXP JLEW HV ]XGHP HLQH $UW Ä$QODXWHUZHLFKXQJ³ S XQG W ZHUGHQ WHQGHQ]LHOOVWLPPKDIWJHVSURFKHQ6RNOLQJWGHU$QODXWYRQ3DWHURIWIDVWZLHGHUYRQ%HUJ GHU YRQ 7RUI IDVW ZLH GHU YRQ 'RUI 'DKHU PVVHQ 6SUHFKHU GLHVHU 5HJLRQHQ EHVRQGHUV GDUDXIDFKWHQIU]SRQWÃ%UFNHµQLFKWZLHERQÃJXWµ]XVSUHFKHQLWEDVWDÃJHQXJµQLFKWZLH GWLW3DVWDÃ7HLJZDUHQµXVZ=XEHDFKWHQVLQGDXFKMHQHVWLPPKDIWHQ.RQVRQDQWHQGLHLP 'HXWVFKHQQLFKWHLQPDOLP,QODXWHLQH(QWVSUHFKXQJKDEHQ]%GDV>-@YRQIU]UDJHÃ:XWµ 'DV3URGXNWHLQHUhEHUWUDJXQJ WHFKQLVFKHLQHV7UDQVIHUV GLHVHV7\SVDXVHLQHU6SUD FKH PHLVW GHU 0XWWHUVSUDFKH LQ HLQH DQGHUH QHQQW PDQ ,QWHUIHUHQ] ,QWHUIHUHQ]HQ VLQG QDWUOLFKQLFKWDXIGHQSKRQHWLVFKHQ%HUHLFKEHVFKUlQNWVRQGHUQHUJHEHQVLFKDXIIDVWDOOHQ (EHQHQHLQHU6SUDFKH YJO 



/LWHUDWXU

KWWSVFULSWVVLORUJ &XQKD&LQWUD  .DS   /LFKHP   0DQJROG   0HLVHQEXUJ6HOLJ  1DYDUUR+DHQVFK/HFKQHU  3RPSLQR0DUVFKDOO  



$XIJDEHQ

 /HUQHQ6LHGHQLQGLHVHP$EVFKQLWWHLQJHIKUWHQSKRQHWLVFKHQ)DFKZRUWVFKDW]VRZLHGLH$3, 6\PEROHXQGYROO]LHKHQ6LHLQWURVSHNWLYGLHDUWLNXODWRULVFKHQ(LJHQVFKDIWHQGHUHLQ]HOQHQ/DXWH QDFK  hEHQ6LHGLH$XVVSUDFKHGHU:|UWHUYRQ7DEHOOH%HLGHQVWLPPKDIWHQ.RQVRQDQWHQPVVHQ 6LHZHQQ6LHHLQHQ)LQJHUDXIGHQ.HKONRSIOHJHQHLQGHXWOLFKHV9LEULHUHQVSUHQ

  

 'LHVH+RPHSDJHELHWHWHLQHNRVWHQORVH'RZQORDG0|JOLFKNHLWIU,3$)RQWV 3&XQG0DF 

  7UDQVNULELHUHQ 6LH GLH IROJHQGHQ GHXWVFKHQ :|UWHU QDFK GHU /DXWXQJ GLH 6LH HLQHP 'HXWVFK OHUQHUDOV0RGHOOYRUJHEHQZUGHQ .RQVXOWLHUHQ6LHLP=ZHLIHOVIDOOGHQ$XVVSUDFKH'XGHQ  .DPPNDPgVH.|QLJZQVFKW6DPW6LHEEXFKW%XFKW/DSSDOLHVSLHOW7RG7RSI'DFK  6SUHFKHQ6LHGLHIROJHQGHQGHXWVFKHQ:|UWHUPLWXQGRKQH$VSLUDWLRQXPVLFKGHUHQ([LVWHQ] EHZXVVW]XPDFKHQ7DWNKO3DWH7HLFK.LQQ3HWHU7HH  6SUHFKHQ 6LH GLH IROJHQGHQ GW :|UWHU PLW XQG RKQH .QDFNODXW XP VLFK GHVVHQ ([LVWHQ] EHZXVVW]XPDFKHQDEHULVW(VHO8IHURKQHhEXQJ  'DV L LQ GW +LW NOLQJW ÄKHOOHU³ DOV MHQHV LQ HQJO KLW 9HUVXFKHQ 6LH GLHVH DNXVWLVFKLP SUHVVLRQLVWLVFKH%HVFKUHLEXQJDQKDQGGHV9RNDOGUHLHFNVDUWLNXODWRULVFKXP]XIRUPXOLHUHQ



'LH$XVJOLHGHUXQJGHUURPDQLVFKHQ6SUDFKHQ



/DWHLQ9RP6WDGWGLDOHNW]XU:HOWVSUDFKH

'HUSROLWLVFKH$XIVWLHJ5RPV]XUJU|‰WHQ0LOLWlUPDFKWGHV$OWHUWXPVYHUlQGHUWHLQQHUKDOE ZHQLJHU-DKUKXQGHUWHDXFKGLH6SUDFKHQODQGVFKDIW(XURSDVHQWVFKHLGHQG9RU-DKUHQ ZDU /DWHLQ NDXP PHKU DOV HLQ 6WDGWGLDOHNW 8P &KULVWL *HEXUW JHK|UWHQ GDQQ ]ZDU VFKRQ YLHOH *HELHWH 0LWWHO XQG 6GZHVWHXURSDV ]XP 5|PLVFKHQ 5HLFK DEHU GLH LQ (XURSD DP ZHLWHVWHQ YHUEUHLWHWH 6SUDFKH E]Z 6SUDFKIDPLOLH ZDU GDV .HOWLVFKH GDV KHXWH QXU PHKU HLQH5DQGH[LVWHQ]DXIGHQ%ULWLVFKHQ,QVHOQXQGLQ)UDQNUHLFK %UHWDJQH IKUW'XUFKGLH (UREHUXQJHQ5RPVZXUGHGDV/DWHLQLVFKHDXIGLH,QVHOQGHVZHVWOLFKHQ0LWWHOPHHUV 6L]L OLHQ6DUGLQLHQXQG.RUVLNDY&KU DXIGLH,EHULVFKH+DOELQVHO JHJHQ(QGHGHV -DKUKXQGHUWVY&KU QDFK*DOOLHQ Y&KU (QJODQG Q&KU VRZLH0LWWHOXQG 6GRVWHXURSD 'DNLHQ  Q &KU  JHEUDFKW ,Q YLHOHQ *HELHWHQ KDW VLFK GDV /DWHLQ QDFK HLQHU 3KDVH GHU =ZHLVSUDFKLJNHLW GXUFKJHVHW]W XQG ELV KHXWH HUKDOWHQ GLH URPDQLVFKHQ 6SUDFKHQVLQGMDQLFKWVDQGHUHVDOVGDVYRQ*HQHUDWLRQ]X*HQHUDWLRQZHLWHUJHJHEHQHJH VSURFKHQH/DWHLQ*HELHWHPLWVHLWGHUU|PLVFKHQ(UREHUXQJQLHXQWHUEURFKHQHU5RPDQLWlW IDVVW PDQ DOV 5RPDQLD FRQWLQXD ]XVDPPHQ ,P *HJHQVDW] GD]X VWHKW GLH5RPDQLDVXE PHUVD GLH XQWHUJHJDQJHQH 5RPDQLD LQ GHU GDV /DWHLQ YRQ DQGHUHQ 6SUDFKHQ YHUGUlQJW ZXUGH ]%1RUGDIULND5KHLQODQG%ULWDQQLHQYJO.DUWH 'LHLQGHU1HX]HLWLQGHU)RO JH GHU (QWGHFNXQJVIDKUWHQ HLQJHULFKWHWHQ .RORQLHQ LQ GHQHQ VLFK URPDQLVFKH 6SUDFKHQ IHVWJHVHW]WKDEHQQHQQWPDQ5RPDQLDQRYDQHXH5RPDQLD



6XEVWUDW

'LHERGHQVWlQGLJHQ6SUDFKHQGLHGXUFKGLH6SUDFKHGHU(UREHUHUEHUODJHUWXQGYHUGUlQJW ZHUGHQYHUVFKZLQGHQLQGHQVHOWHQVWHQ)lOOHQRKQH6SXUHQ]XKLQWHUODVVHQ6SUDFKZHFKVHO XQG =ZHLVSUDFKLJNHLW KDEHQ UHJHOPl‰LJ DXFK 9HUlQGHUXQJHQ GHU GRPLQLHUHQGHQ 6SUDFKH GXUFKVROFKHDOV6XEVWUDWHEH]HLFKQHWH6SUDFKHQ]XU)ROJH(LQHUGHU*UQGHZDUXPVLFK





GDV/DWHLQLQGHQYHUVFKLHGHQHQ7HLOHQGHV,PSHULXPVDXVHLQDQGHUHQWZLFNHOWKDWHLQ3UR ]HVVGHQPDQ$XVJOLHGHUXQJRGHU'LIIHUHQ]LHUXQJQHQQWOLHJWLQGHU7DWVDFKHGDVVGDV /DWHLQDXIYHUVFKLHGHQH6XEVWUDWVSUDFKHQWUDI (LQHGHUKHXWHEOLFKHQ*UREJOLHGHUXQJHQGHUHXURSlLVFKHQ5RPDQLDEHUXKWDXI1DPHQ ZLFKWLJHU6XEVWUDWVSUDFK JUXSS HQ =XU ,EHURURPDQLD ]lKOW PDQ 3RUWXJLHVLVFK 6SDQLVFK XQG .DWDODQLVFK /DQJH JODXEWH PDQ DQ HLQ HLQKHLWOLFKHV 6XEVWUDW ,EHULVFK LQ GHP PDQ GHQ GLUHNWHQ 9RUOlXIHU GHV %DV NLVFKHQVDK+HXWHZHL‰PDQGDVVGLH9HUKlOWQLVVHYLHONRPSOH[HUZDUHQ$PZLFKWLJVWHQ ZDUHQ ,EHULVFK XQG %DVNLVFK QLFKWLQGRHXURSlLVFKH 6SUDFKHQ  VRZLH .HOWLEHULVFK HLQH NHOWLVFKH 6SUDFKH LP=HQWUDOUDXPGHU,EHULVFKHQ+DOELQVHO,P:HVWHQVLHGHOWHGHUNHOWL VFKH6WDPPGHU/XVLWDQLHUGDKHUGHU1DPH/XVLWDQLVWLNIU3RUWXJLHVLVFKH3KLORORJLH ,Q GHU *DOORURPDQLD VSULFKW PDQ )UDQ]|VLVFK XQG 2N]LWDQLVFK ,P DQWLNHQ *DOOLHQ VSUDFKPDQYRUZLHJHQGNHOWLVFKH'LDOHNWH$XIJUXQGVHLQHUbKQOLFKNHLWPLWGHP2N]LWDQL VFKHQ XDLP:RUWVFKDW] ZLUGGDV.DWDODQLVFKHDXFKRIWGHU*DOORURPDQLD]XJHRUGQHW 'DV /DWHLQLVFKH ZDU HLQH LWDOLVFKH 6SUDFKH ZLH 2VNLVFK 6GLWDOLHQ  XQG 8PEULVFK 0LWWHOLWDOLHQ ]ZHL6XEVWUDWVSUDFKHQGLHIUHLQ]HOQH%HVRQGHUKHLWHQLWDOLHQLVFKHU'LDOHN WH YHUDQWZRUWOLFK JHPDFKW ZHUGHQ =XU ,WDORURPDQLD ]lKOW PDQ GLH 0HKU]DKO GHU URPD QLVFKHQ 'LDOHNWH GLH VLFK DXI GHP 7HUULWRULXP GHV KHXWLJHQ ,WDOLHQ DXV GHP /DWHLQ HQW ZLFNHOWKDEHQDXFKVROFKHRKQHLWDOLVFKHV6XEVWUDWZLHGDV6L]LOLDQLVFKHRGHUGLHREHULWD OLHQLVFKHQ'LDOHNWH 'LH5lWHUGHUHQ6SUDFKHZDKUVFKHLQOLFKPLWMHQHUGHU(WUXVNHULQ=XVDPPHQKDQJVWHKW ILQGHQ VLFK LQ GHU %H]HLFKQXQJ 5lWRURPDQLD ZLHGHU GLH KHXWH GUHL NOHLQH JHRJUDSKLVFK YRQHLQDQGHUJHWUHQQWH6SUDFKJHELHWH]XVDPPHQIDVVW 'HU'DNRURPDQLDJHK|UWGDV5XPlQLVFKHDQ'HU1DPHOHLWHWVLFKYRQGHQ'DNHUQDE DOOHUGLQJVKHUUVFKWEHUGDVJHZLVVQLFKWHLQKHLWOLFKH6XEVWUDWDXIGHP%DONDQXQGLP.DU SDWHQUDXPJUR‰H8QVLFKHUKHLW



6XSHUVWUDW

:RVLFKGDV/DWHLQLVFKH]XHUVWDOV9HUZDOWXQJVXQG9HUNHKUVVSUDFKHVFKOLH‰OLFKDOV0XW WHUVSUDFKH GXUFKVHW]WH YHUOLHI GLH ZHLWHUH (QWZLFNOXQJ QLFKW LPPHU XQJHVW|UW %HVRQGHUV LQ GHU =HLW GHU 9|ONHUZDQGHUXQJ GLH LQ GHQ URPDQLVFKHQ 6SUDFKHQ EH]HLFKQHQGHUZHLVH %DUEDUHQHLQIDOOJHQDQQWZLUGZXUGHU|PLVFKHV7HUULWRULXPYRQDQGHUVVSUDFKLJHQ9|ONHU VFKDIWHQEHGURKWXQGHUREHUW'DV3UHVWLJHGHV/DWHLQVDOV.XOWXUVSUDFKHIKUWHMHGRFKGD ]XGDVVGLH(UREHUHUDQVWDWWLKUHHLJHQH6SUDFKHGXUFK]XVHW]HQRIWGLHODWHLQLVFKH6SUDFKH DQQDKPHQ 'LH DXIJHJHEHQH 6SUDFKH HLQHV(UREHUHUYRONHVKHL‰W6XSHUVWUDW'HVVHQ:LU NXQJDXIGLHÄVLHJUHLFKH³6SUDFKHGHVXQWHUZRUIHQHQ9RONHVVWHOOWHLQHQZHLWHUHQ)DNWRUIU GLH'LIIHUHQ]LHUXQJGHV/DWHLQVGDU 'LHZLFKWLJVWHQ6XSHUVWUDWHLQGHU5RPDQLDVLQGGDV)UlQNLVFKHLQGHUQ|UGOLFKHQ*DOOR URPDQLDDEGHP-DKUKXQGHUWGDV$UDELVFKHDXIGHU,EHULVFKHQ+DOELQVHOXQGLQ6L]LOLHQ DEGHP-DKUKXQGHUWVRZLHGDV6ODZLVFKHLQGHU'DNRURPDQLDDEGHP-DKUKXQGHUW

 

$GVWUDW

+DQGHOV XQG .XOWXUEH]LHKXQJHQ ]LHKHQ HEHQIDOOV VSUDFKOLFKH %HHLQIOXVVXQJHQ QDFK VLFK ZREHL VLFK GDV *HIlOOH YRQ GHU SUHVWLJHK|KHUHQ ]XU ZHQLJHU DQJHVHKHQHQ RGHU DXVJHELO GHWHQ6SUDFKHLQGHU5HJHOGHXWOLFKDQGHU=DKOGHU(QWOHKQXQJHQDEOHVHQOlVVW'LHVH$UW YRQ 6SUDFKNRQWDNW YHUOlXIW RKQH 6SUDFKZHFKVHO $GVWUDW XQG (PSIlQJHUVSUDFKH N|QQHQ LQLKUHPDQJHVWDPPWHQ9HUEUHLWXQJVJHELHWDOVHLJHQVWlQGLJH6SUDFKHQHUKDOWHQEOHLEHQ ,P 6SlWPLWWHODOWHU XQG LQ GHU =HLW GHV +XPDQLVPXV VSLHOWH IU DOOH URPDQLVFKHQ 6SUD FKHQ±GLH'DNRURPDQLDDXVJHQRPPHQ±GDV/DWHLQDOV.XOWXUDGVWUDWHLQHEHGHXWHQGH5RO OHYRUDOOHPEHLGHU(QWZLFNOXQJHLQHVIDFKVSUDFKOLFKHQ:RUWVFKDW]HV,PXQG-DKU KXQGHUWZDU)UDQ]|VLVFKDXIJUXQGVHLQHV6WDWXVDOV'LSORPDWHQXQG.RQYHUVDWLRQVVSUDFKH HXURSDZHLW ZLFKWLJVWHV $GVWUDW ,Q XQVHUHU =HLW NRPPW GLHVHU 7LWHO HLQGHXWLJ GHP $QJOR DPHULNDQLVFKHQ]X



2VWXQG:HVWURPDQLD

6SUDFKZDQGHO HLQH QDWUOLFKH (UVFKHLQXQJ DOOHU OHEHQGHQ 6SUDFKHQ NDQQ VLFK DXFK RKQH $QVWR‰ÄYRQDX‰HQ³ZLHZLULKQLQGHQYRUDQJHJDQJHQHQ$EVFKQLWWHQNHQQHQJHOHUQWKDEHQ YROO]LHKHQ :lKUHQGYLHOH9HUlQGHUXQJHQGDVJHVSURFKHQH/DWHLQGHVJHVDPWHQ5|PLVFKHQ5HLFKV JOHLFKHUPD‰HQHUIDVVWHQVSDOWHWHQ]ZHLDQGHUHUHODWLYDOWH)lOOHÄLQWHUQHQ³6SUDFKZDQGHOV GDV,PSHULXPLQ]ZHL%O|FNHGDVLHVLFKMHZHLOVQXULQHLQHPGHUEHLGHQ7HLOHYROO]RJHQ :DKUVFKHLQOLFKXPGDV-DKUKXQGHUWQDFK&KULVWXVZXUGHQQ|UGOLFKXQGZHVWOLFKGHU /LQLH/D6SH]LD5LPLQLODWSWN]ZLVFKHQ9RNDOHQ E]ZQDFKHLQHP9RNDOXQGYRUHLQHP ORGHUU ]XEGJ%HLVSLHOH  ODW SJ VS LW UXP &$35$ 0 Ã=LHJHµ FDEUD FDEUD FDSUD FDSUă 527$ 0 Ã5DGµ URGD UXHGD UXRWD URDWă )2&8 0 Ã)HXHUµ IRJR IXHJR IXRFR IRF $QPHUNXQJ 'HU $XVJDQJVSXQNW IU GLH URPDQLVFKHQ 6XEVWDQWLYH LVW LP $OOJHPHLQHQ QLFKW GHU 1RPLQDWLYGHUHQWVSUHFKHQGHQODWHLQLVFKHQ6XEVWDQWLYHVRQGHUQGHUVRJFDVXVREOLTXXVZRUXQWHU PDQ HLQHQ )DOO GHV 9XOJlUODWHLQV YHUVWHKW LQ GHP PHKUHUH )lOOH GHV NODVVLVFKHQ /DWHLQV ]XVDP PHQJHIORVVHQ VLQG ,Q XQVHUHQ %HLVSLHOHQ KDW GHU 2EOLTXXV GLH )RUP HLQHV $NNXVDWLYV RKQH P GDKHUGLH.ODPPHUQ 

 'HQURPDQLVFKHQ6SUDFKUDXPQ|UGOLFKXQGZHVWOLFKGHU/LQLH/D6SH]LD5LPLQLQHQQWPDQ :HVWURPDQLDGHQVGOLFKXQG|VWOLFKGDYRQJHOHJHQHQ2VWURPDQLD 1XU LQ GHU 2VWURPDQLD YROO]RJ VLFK GHU ]ZHLWH DQJHVSURFKHQH /DXWZDQGHO 6FKRQ LQ lOWHVWHUODWHLQLVFKHU=HLWEHVWDQGGLH7HQGHQ]DXVODXWHQGHVVYRUNRQVRQDQWLVFKHP$QODXW GHV)ROJHZRUWVQLFKW]XVSUHFKHQZLHXQV,QVFKULIWHQ]HLJHQ'LHVH(QWZLFNOXQJZXUGHLQ





NODVVLVFKHU=HLWUFNJlQJLJJHPDFKWMHGRFKQXULQGHQJHELOGHWHUHQ6FKLFKWHQGHU%HY|O NHUXQJ'LHKHXWLJHQRVWURPDQLVFKHQ6FKULIWVSUDFKHQ,WDOLHQLVFKXQG5XPlQLVFK]HLJHQGLH )ROJHQGLHVHV6FKZXQGV  ODW    SJ   VS   LW   UXP 

'250,6ÃGXVFKOlIVWµ 0$*,6ÃPHKUDEHUµ

GRUPHV PDLV 

 

GXHUPHV PiVPDV

 

GRUPL PD 

 

GRUPL PDL

  (LQH /DXWHQWZLFNOXQJ GLH XUVSUQJOLFK DQ HLQH VR]LDOH 6FKLFKW JHEXQGHQ ZDU ELOGHW VLFK KHXWHDOVRJHRJUDSKLVFKDE'HQ*UXQGGDIUVLHKWPDQLQGHUVR]LRORJLVFKHQ9HUVFKLHGHQ KHLWGHU7UlJHUGHU5RPDQLWlWLQGHU2VWXQGLQGHU:HVWURPDQLD,Q'DNLHQZDUHQYRUZLH JHQG 6ROGDWHQ DQ GHU 9HUEUHLWXQJ GHV /DWHLQLVFKHQ EHWHLOLJW ZlKUHQG GLH 5RPDQLVLHUXQJ GHU,EHURXQG*DOORURPDQLDYRQVWlGWLVFKHQ=HQWUHQPLWUHJHPNXOWXUHOOHQ/HEHQDXVJLQJ  .DUWH(XURSlLVFKH5RPDQLD                    /(*(1'(6WDDWVJUHQ]HQ6SUDFKJUHQ]HQ 9HUEUHLWXQJGHV/DWHLQV LP-KQ&KU QDFK:DUWEXUJ>@  *UHQ]H2VW:HVWURPDQLD 

 

 

/LWHUDWXU

.RQW]L  :DUWEXUJ  



$XIJDEHQ

 :REHILQGHWVLFKGDVJU|‰WH]XVDPPHQKlQJHQGH*HELHWGHU5RPDQLDQRYDXQGZHOFKH6SUDFKHQ ZHUGHQGRUWJHVSURFKHQ"  )ROJHQGHGHXWVFKH:|UWHUVLQG(QWOHKQXQJHQDXVIUKHPODWHLQLVFKHQ$GVWUDW0DXHU)HQVWHU =LHJHO.DON0|UWHO.HOOHU3IODVWHU6WUD‰H:HLQ(VVLJ.HOWHU3UHVVH7ULFKWHU:DVKDEHQ GLH*HUPDQHQYRQGHQ5|PHUQJHOHUQW"  :HOFKHV3KlQRPHQGRNXPHQWLHUHQGLHEHLGHQ,QVFKULIWIUDJPHQWHRSWLPXVRPQLXPXQGRPQLEX SULQFHSV NODVVODWRPQLEXVSULQFHSV "  9RQGHQIROJHQGHQ'UHLHUJUXSSHQLVWGLHHUVWH)RUPMHZHLOVODWHLQLVFKGLHEHLGHQDQGHUHQLWD OLHQLVFK E]Z VSDQLVFK 2UGQHQ 6LH GLH )RUPHQ GHQ EHWUHIIHQGHQ 6SUDFKHQ ]X 6$3(5(VDSHUH VDEHU 6(&858 0 VHJXURVLFXUR &$17$6FDQWLFDQWDV &$7(1$ 0 FDGHQDFDWHQD $&878 0  DJXGRDFXWR087$5(PXGDUPXWDUH                  



=ZHLWH8QWHUULFKWVHLQKHLW



*HVFKLFKWHGHUURPDQLVFKHQ6SUDFKZLVVHQVFKDIW



3KDVH9RUJHVFKLFKWH

.HLQH :LVVHQVFKDIW HQWVWHKW LQ HLQHP HLQ]LJHQ $XJHQEOLFN DXV GHP 1LFKWV DXFK ZHQQ YHUHLQIDFKHQG KHUDXVUDJHQGH /HLVWXQJHQ DOV 8UVSUXQJ HLQHU 'LV]LSOLQ DQJHVHKHQ ZHUGHQ 'DVVHOEHJLOWEULJHQVIUMHGHQ3DUDGLJPHQZHFKVHOGKIUMHGHQWLHIJUHLIHQGHQ:DQGHO LQGHU+HUDQJHKHQVZHLVHDQGLH*HJHQVWlQGHGHU)RUVFKXQJ'DKHUKDWDXFKGLHURPDQLVFKH 6SUDFKZLVVHQVFKDIWGLHVLFKQDFKDOOJHPHLQDN]HSWLHUWHU$XIIDVVXQJLP]ZHLWHQ9LHUWHOGHV -DKUKXQGHUWVNRQVWLWXLHUWHHLQHODQJHXQGPLWYLHOHQEHNDQQWHQ1DPHQEHVWFNWH9RU E]Z)UKJHVFKLFKWH $OVlOWHVWH=HXJHQGHU%HVFKlIWLJXQJPLWÄURPDQLVWLVFKHQ³7KHPHQJHOWHQ7UDNWDWHEHU GLHDOWRN]LWDQLVFKH LQlOWHUHU7HUPLQRORJLHDOWSURYHQ]DOLVFKH 'LFKWHUVSUDFKHDXVGHUHUV WHQ+lOIWHGHV-DKUKXQGHUWV6LHZXUGHQJHVFKULHEHQDXV±EHUHFKWLJWHU±6RUJHEHUGHQ 1LHGHUJDQJGHUJHSIOHJWHQ/LWHUDWXUVSUDFKHGHU7UREDGRUV VREH]HLFKQHWHQVLFKGLHDOWRN ]LWDQLVFKHQ0LQQHVlQJHULP'HXWVFKHQLVWGLHIUDQ]|VLVLHUWH)RUP7URXEDGRXUEOLFK 2E ZRKOVLHVLFKVHKUGHXWOLFKDQGDV9RUELOGGHUODWHLQLVFKHQ6FKXOJUDPPDWLNDQOHKQWHQJLQJ HVGDULQQLFKWXPHLQHV\VWHPDWLVFKH%HVFKUHLEXQJGHV6SUDFKJHEUDXFKVDOVRQLFKWXPHLQH *UDPPDWLN LP PRGHUQHQ 6LQQ VRQGHUQ HKHU XP HLQH $QOHLWXQJ ]XP 9HUIDVVHQ YRQ *H GLFKWHQ0LWWHGHV-DKUKXQGHUWVVFKULHEGHU8QLYHUVDOJHOHKUWH/HRQ%DWWLVWD$OEHUWLHLQ NOHLQHVLWDOLHQLVFKHV:HUNPLWlKQOLFKHU=LHOVHW]XQJ GDVHUVWLP-DKUKXQGHUWJHGUXFNW ZXUGH  'LH HUVWH HLJHQWOLFKH *UDPPDWLN HLQHU URPDQLVFKHQ 6SUDFKH YHUIDVVWH GHU $QGD OXVLHU $QWRQLR GH 1HEULMD 6HLQH*UDPiWLFDFDVWHOODQD  HQWVWDQGXDPLWGHP=LHO GHP.DVWLOLVFKHQGHQ:HJ]XU:HOWVSUDFKH]XHEQHQ 'DV HUVWH :HUN LQ GHP URPDQLVFKH 6SUDFKHQ DXFK XQWHU KLVWRULVFKHP %OLFNZLQNHO EHWUDFKWHWZHUGHQLVW'DQWHV XQYROOHQGHWH $EKDQGOXQJ'HYXOJDULHORTXHQWLD GW hEHUGDV'LFKWHQLQGHU0XWWHUVSUDFKH $XIGHU6XFKHQDFKHLQHUJHHLJQHWHQLWDOLHQLVFKHQ 'LFKWHUVSUDFKH VFKQLWW 'DQWH DXFK GDV 7KHPD GHV JHPHLQVDPHQ 8UVSUXQJV XQG GHU 9HU ZDQGWVFKDIWGHULKPEHNDQQWHQURPDQLVFKHQ6SUDFKHQDQ ,Q GHU 5HQDLVVDQFH UFNHQ GLH JUR‰HQ URPDQLVFKHQ6SUDFKHQLQ3RVLWLRQHQHLQGLHLP 0LWWHODOWHUGHP/DWHLQYRUEHKDOWHQZDUHQ ]%3ROLWLN'LSORPDWLH:LVVHQVFKDIWHQ 'DPLW YHUEXQGHQLVWDXFKHLQ,QWHUHVVHDQGHU*HVFKLFKWH$OOHUGLQJVZHUGHQLQGHPSDWULRWLVFKHQ %HPKHQYRQ*HOHKUWHQGLH9RU]JHGHUMHZHLOVHLJHQHQ6SUDFKHQDFK]XZHLVHQYLHOHKDOW ORVH%HKDXSWXQJHQDXIJHVWHOOW1HEHQDXVPRGHUQHU6LFKWUHFKWDEHQWHXHUOLFKHQ7KHVHQILQ GHQVLFKDEHULPPHUZLHGHUDXFKJHJHQVWDQGVDGlTXDWH%HPHUNXQJHQGLHIUHLOLFK|IWHUGHU ,QWXLWLRQDOVV\VWHPDWLVFKHU1DFKIRUVFKXQJHQWVSULQJHQ

 8PMHGRFKDOV:LVVHQVFKDIWDQHUNDQQW]XZHUGHQEUDXFKWHLQ)DFKQDFKKHXWLJHP9HU VWlQGQLVHUVWHQVHLQHPHWKRGLVFKH*UXQGODJHGLHVLHEHUEOR‰H*HOHKUVDPNHLWKLQDXVKHEW XQG ]ZHLWHQV HLQH )RUP LQVWLWXWLRQHOOHU 9HUDQNHUXQJ ]% HLQHQ IHVWHQ 3ODW] LP )lFKHU NDQRQ GHU +RFKVFKXOHQ 'LHVH .ULWHULHQ EHJDQQ GLH 5RPDQLVWLN HUVW LP /DXIH GHU HUVWHQ +lOIWHGHV-DKUKXQGHUWV]XHUIOOHQ:HQQ,WDOLHQLVFK6SDQLVFK)UDQ]|VLVFKGDYRULP /HKUSURJUDPP YRQ 8QLYHUVLWlWHQ DXIVFKHLQHQ KDQGHOW HV VLFK QXU XP YRQ VRJHQDQQWHQ 6SUDFKPHLVWHUQHUWHLOWHQ6SUDFKXQWHUULFKWQLFKWXP6SUDFKZLVVHQVFKDIW



3KDVH%HJUQGXQJGHU5RPDQLVWLN

'LH(KUHGLH5RPDQLVWLNDXIHLQZLVVHQVFKDIWOLFKHV)XQGDPHQWJHVWHOOW]XKDEHQJHEKUW GHP DE  LQ %RQQ *HUPDQLVWLN XQG 5RPDQLVWLN OHKUHQGHQ 3URIHVVRU )ULHGULFK 'LH] 8QWHU GHP (LQIOXVV GHU URPDQWLVFKHQ %HJHLVWHUXQJ IUGDV0LWWHODOWHUEHVFKlIWLJWHHUVLFK ]XQlFKVW PLW GHU /\ULN GHU lOWHVWHQ URPDQLVFKHQ /LWHUDWXUVSUDFKH /HEHQ XQG :HUNH GHU 7URXEDGRXUV   EHYRU HU VLFK DQJHUHJW GXUFK -DNRE *ULPPV 'HXWVFKH *UDPPDWLN VSUDFKZLVVHQVFKDIWOLFKHQ $UEHLWHQ ]XZDQGWH ,Q GHQ -DKUHQ ± HUVFKLHQ GLH *UDP PDWLNGHUURPDQLVFKHQ6SUDFKHQVHLQ(W\PRORJLVFKHV:|UWHUEXFKGHUURPDQLVFKHQ 6SUDFKHQ :lKUHQG ZLU KHXWH JHZRKQW VLQG /LWHUDWXU XQG 6SUDFKZLVVHQVFKDIW DOV JHWUHQQWH )lFKHU DQ]XVHKHQ ELOGHWHQ IUKHU EHLGH GDGXUFK HLQH UHODWLY RUJDQLVFKH (LQKHLW GDVV GLH GDPDOV YRUKHUUVFKHQGH %HVFKlIWLJXQJ PLW 7H[WHQ YHUJDQJHQHU 6SUDFK]XVWlQGH $OWVSD QLVFK 0LWWHOIUDQ]|VLVFK XVZ  VSUDFKJHVFKLFKWOLFKH .HQQWQLVVH YRUDXVVHW]WH GLH LKUHUVHLWV ZLHGHUQXUDXIGHU*UXQGODJHDOWHU7H[WH]XJHZLQQHQZDUHQ'LHNRPELQLHUWH$QZHQGXQJ YRQ/LWHUDWXUXQG6SUDFKZLVVHQVFKDIWDXI7H[WHQHQQWPDQ3KLORORJLH'LHVH%H]HLFKQXQJ ILQGHWVLFKQRFKKHXWHLP1DPHQYRQ=HLWVFKULIWHQRGHU,QVWLWXWHQE]Z6HPLQDUHQZRHU DEHU PHLVW DOV hEHUEHJULII IU GLH EHLGHQ 2ULHQWLHUXQJHQ YHUZHQGHW ZLUG RKQH GDVV LKUH JHJHQVHLWLJH,QWHJUDWLRQQRFKPLWJHGDFKWZ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hEHU]HX JXQJGDVVVLFK6SUDFKZDQGHOQLFKWZLOONUOLFKVRQGHUQ]LHPOLFKUHJHOKDIWYROO]LHKW+DXSW DQOLHJHQGHV:LVVHQVFKDIWOHUVPXVVWHHVDOVRVHLQÄ5HJHOQ³]XHQWGHFNHQXQG]XEHVFKUHL EHQ QDFK GHQHQ GLH 9HUlQGHUXQJHQ YRU VLFK JHKHQ 'DEHL LVW GLH )RUGHUXQJ QDFK 5HJHO KDIWLJNHLWGDVHLJHQWOLFK1HXHXQG:HVHQWOLFKHZlKUHQGREHUIOlFKOLFKHbKQOLFKNHLWDOVRIW QXU ]XIDOOVEHGLQJW HUNDQQW ZXUGH VR NDQQ PDQ ]HLJHQ GDVV GW KDEHQ PLW ODW FDSHUH ÃIDQJHQµ YHUZDQGW LVW GDJHJHQ QLFKW PLW ODW KDEHUH ÃKDEHQµ ZLH PDQ VSRQWDQ DQQHKPHQ ZUGH





'HU 5RPDQLVW KDW EHL GLHVHU $XIJDEH JHJHQEHU VHLQHQ JHUPDQLVWLVFKHQ RGHU VODZLVWL VFKHQ.ROOHJHQGHQZHVHQWOLFKHQ9RUWHLOGDVVGLH$XVJDQJVVSUDFKHGHUURPDQLVFKHQ6SUD FKHQ QlPOLFK GDV /DWHLQ DX‰HURUGHQWOLFK JXW GRNXPHQWLHUW LVW ZlKUHQG GDV Ä8UJHUPD QLVFKH³ RGHU Ä8UVODZLVFKH³ QLFKW GXUFK 7H[WH EHNDQQW VLQG XQG QXU GXUFK 9HUJOHLFK YHU ZDQGWHU )RUPHQ LQ YHUVFKLHGHQHQ VSlWHUHQ GRNXPHQWLHUWHQ JHUPDQLVFKHQ VODZLVFKHQ  6SUDFKHQUHNRQVWUXLHUWZHUGHQN|QQHQ



3KDVH-XQJJUDPPDWLVFKH6SUDFKZLVVHQVFKDIW

'LH ]ZHLWH +lOIWH GHV  -DKUKXQGHUWV ZDU JHSUlJW YRQ HLQHU PlFKWLJHQ $XIZHUWXQJ GHU 1DWXUZLVVHQVFKDIWHQZDVVLFKDXIJHLVWHVJHVFKLFKWOLFKHU(EHQHLQGHU6WU|PXQJGHV3RVLWL YLVPXVQLHGHUVFKOXJ9RUGLHVHP+LQWHUJUXQGLVWGHU9HUVXFKHLQLJHUMXQJHUKLVWRULVFKYHU JOHLFKHQGHU 6SUDFKZLVVHQVFKDIWOHU LQ GHQ DFKW]LJHU -DKUHQ GHV  -DKUKXQGHUWV ]X YHU VWHKHQGLH6SUDFKZLVVHQVFKDIWGDGXUFKLQGHQ5DQJHLQHUÄH[DNWHQ³:LVVHQVFKDIW]XHUKH EHQ GDVV PDQ GHQ LP 6SUDFKZDQGHO IHVWVWHOOEDUHQ 5HJHOPl‰LJNHLWHQ VSH]LHOO MHQHQ ODXW OLFKHU1DWXUGHQ6WDWXVYRQ1DWXUJHVHW]HQ]XVFKULHEZHOFKHEHNDQQWOLFKGXUFKGLH(LJHQ VFKDIWGHU$XVQDKPVORVLJNHLWJHNHQQ]HLFKQHWVLQG YJO 'LHVH6SUDFKZLVVHQVFKDIWOHU ZXUGHQYRQLKUHQ*HJQHUQVS|WWLVFK-XQJJUDPPDWLNHUJHWDXIWHLQ1DPHGHQGLH%HWURI IHQHQ VHOEVWEHZXVVW DXIJULIIHQ 'HP MXQJJUDPPDWLVFKHQ $QVDW] GHU LQ GHU KLVWRULVFKHQ 6SUDFKZLVVHQVFKDIW ELV ZHLW LQV  -DKUKXQGHUW KLQHLQ WRQDQJHEHQG ZDU YHUGDQNHQ ZLU JUR‰H 0DWHULDOVDPPOXQJHQ XQG V\VWHPDWLVLHUXQJHQ 'HU EHGHXWHQGVWH 9HUWUHWHU GLHVHU 5LFKWXQJLQGHU5RPDQLVWLNZDU:LOKHOP0H\HU/ENH6HLQH+DXSWZHUNHVLQGHLQH*UDP PDWLN GHU URPDQLVFKHQ 6SUDFKHQ ±  XQG HLQ 5RPDQLVFKHV HW\PRORJLVFKHV :|UWHUEXFK $XIO±DEJHNU]W5(:  *HJHQGLHMXQJJUDPPDWLVFKHQ$QVFKDXXQJHQZXUGHQYRQYHUVFKLHGHQHQ6HLWHQXQGDXV YHUVFKLHGHQHQ*UQGHQ(LQZlQGHHUKREHQ'HUEHGHXWHQGVWH]HLWJHQ|VVLVFKH.ULWLNHUZDU ]ZHLIHOORV +XJR 6FKXFKDUGW GHU EHVRQGHUV KHUYRUKRE GDVV 6SUDFKHQ GDV (UJHEQLV XQDE OlVVLJHU6SUDFKPLVFKXQJVHLHQ=ZHLDQGHUHDQWLMXQJJUDPPDWLVFKH6WU|PXQJHQZHUGHQLQ XQGEHVSURFKHQ



3KDVH,GHDOLVWLVFKH6SUDFKZLVVHQVFKDIW

:LOKHOPYRQ+XPEROGWGHUJUR‰H.XOWXUSKLORVRSKGHU*RHWKH]HLWVDKLP6SUHFKHQHLQHQ 6SLHJHOGHVPHQVFKOLFKHQ*HLVWHV'HU:RUWIKUHUGHUGHXWVFKHQLGHDOLVWLVFKHQ6SUDFKZLV VHQVFKDIW .DUO 9RVVOHU NQSIWH DQ GLHVHQ *HGDQNHQ DQ XQG ZROOWH LQ SROHPLVFKHP *HJHQVDW]]XGHQMXQJJUDPPDWLVFKHQÄ/DXWVFKLHEHUQ³GHU6SUDFKZLVVHQVFKDIWLKUHÄJHLVWL JH³ 'LPHQVLRQ ]XUFNJHZLQQHQ (U EHWRQWH GLH 5ROOH GHV NUHDWLYHQ ,QGLYLGXXPV IU GHQ 6SUDFKZDQGHO XQG JODXEWH DQ HLQH LQQLJH :HFKVHOZLUNXQJ ]ZLVFKHQ GHU :HVHQVDUW GHU 6SUHFKHUHLQHU6SUDFKHHLQHUVHLWVXQGLKUHPJUDPPDWLVFKHQ%DXXQGLKUHU(QWZLFNOXQJDQ GHUHUVHLWV6REUDFKWHHUHWZDGLH$XVELOGXQJHLQHV7HLOXQJVDUWLNHOVLP)UDQ]|VLVFKHQGHV

 6SlWPLWWHODOWHUVPLWGHPUHFKQHULVFKHQ*HLVWGHU)UDQ]RVHQGHUIUKEUJHUOLFKHQ(SRFKHLQ 9HUELQGXQJ :lKUHQG GLH MXQJJUDPPDWLVFKSRVLWLYLVWLVFKH 6SUDFKZLVVHQVFKDIW EHL XQEHGHXWHQGHUHQ 9HUWUHWHUQOHLFKW]XUJHLVWORVHQ)DNWHQKXEHUHLYHUNRPPHQNRQQWHOLH‰VLFKGLHLGHDOLVWLVFKH *HJHQVWU|PXQJ]XKDOWORVHQ6SHNXODWLRQHQEHUGHQ1DWLRQDOFKDUDNWHUYHUOHLWHQXQGLQVEH VRQGHUH LP 'ULWWHQ 5HLFK DOV LGHRORJLVFKHV ,QVWUXPHQW PLVVEUDXFKHQ ZRGXUFK GLHVHU $Q VDW]QDFKGHILQLWLYGLVNUHGLWLHUWZDU



3KDVH6WUXNWXUDOLVWLVFKH6SUDFKZLVVHQVFKDIW

6RODQJH 6SUDFKZLVVHQVFKDIW VRYLHO EHGHXWHWH ZLH KLVWRULVFKH 6SUDFKZLVVHQVFKDIWDOVRELV LQ GLH HUVWHQ -DKU]HKQWH GHV  -DKUKXQGHUWV KDWWH GLH 5RPDQLVWLNQHEHQGHU,QGRJHUPD QLVWLN HLQH JHZLVVH 9RUGHQNHUUROOH 6HLWGHP MHGRFK ZHUGHQ GLH JUR‰HQ PHWKRGLVFKHQ 1HXHUXQJHQZHLWJHKHQGYRQDX‰HQQlPOLFKYRQGHU$OOJHPHLQHQ6SUDFKZLVVHQVFKDIW GHV QLFKW GHXWVFKVSUDFKLJHQ 5DXPV  DQ GLH 'LV]LSOLQ KHUDQJHWUDJHQ XQG IDFKLQWHUQ DQJHSDVVW RGHUZHLWHUHQWZLFNHOW $OV HLQVFKQHLGHQGVWHV (UHLJQLV LQ GHU *HVFKLFKWH GHU 6SUDFKZLVVHQVFKDIW LQ XQVHUHP -DKUKXQGHUW HUZLHV VLFK UFNEOLFNHQG GLH SRVWXPH 9HU|IIHQWOLFKXQJ GHV &RXUV GH OLQ JXLVWLTXHJpQpUDOH GW*UXQGIUDJHQGHUDOOJHPHLQHQ6SUDFKZLVVHQVFKDIW GHV*HQ IHU ,QGRJHUPDQLVWHQ )HUGLQDQG GH 6DXVVXUH *HJHQ GLH MXQJJUDPPDWLVFKH (LQVFKUlQNXQJ YRQ6SUDFKZLVVHQVFKDIWDXI6SUDFKJHVFKLFKWHVHW]WH6DXVVXUHGLH)RUGHUXQJ6SUDFKHDXFK DOV HLQ LQ VLFK VWUXNWXULHUWHV *HIJH YRQ /DXWHQ :|UWHUQ HWF ]X VWXGLHUHQ %HL GLHVHU 3HUVSHNWLYH VWDQG QLFKW PHKU LP 9RUGHUJUXQG ZLH VLFK HLQ]HOQH VSUDFKOLFKH 3KlQRPHQH KLVWRULVFKHQWZLFNHOWKDEHQVRQGHUQZLHVLHLQHLQHUEHVWLPPWHQ3KDVHGHU(QWZLFNOXQJ]X VDPPHQZLUNHQ 'HU GLDFKURQHQ GK KLVWRULVFKHQ  6SUDFKEHWUDFKWXQJ VWHOOWH HU HLQH V\Q FKURQHHQWJHJHQGLHHLQH6SUDFKHDOV6\VWHPYRQ%H]LHKXQJHQ]ZLVFKHQVSUDFKOLFKHQ(OH PHQWHQ]XHLQHPJHJHEHQHQ=HLWSXQNW]XYHUVWHKHQXQG]XHUIDVVHQYHUVXFKW $OOHVSUDFKZLVVHQVFKDIWOLFKHQ6FKXOHQGLHVLFKLQGHUHLQHQRGHUDQGHUHQ:HLVHDXIGH 6DXVVXUH EHUXIHQ IDVVW PDQ XQWHU GHP 6DPPHOQDPHQ 6WUXNWXUDOLVPXV ]XVDPPHQ 8P GLHVHQHXHQ5LFKWXQJHQYRQGHUKHUN|PPOLFKHQKLVWRULVFKHQ6SUDFKZLVVHQVFKDIWDXFKWHU PLQRORJLVFKDE]XVHW]HQZXUGHQVLHLPGHXWVFKHQ6SUDFKUDXP]XQlFKVWRIWPLWGHP%HJULII /LQJXLVWLN DEJHKREHQ 1DFKGHP KHXWH GDV ]ZLVFKHQ GHQ EHLGHQ /DJHUQ ELVZHLOHQ VHKU KHIWLJH .RQNXUUHQ]GHQNHQ HLQHU KDUPRQLVFKHUHQ .RH[LVWHQ] 3ODW] JHPDFKW KDW ZHUGHQ DXFK GLH EHLGHQ %H]HLFKQXQJHQ /LQJXLVWLN XQG 6SUDFKZLVVHQVFKDIW ZHLWJHKHQG JOHLFKEH GHXWHQGYHUZHQGHW ,KUH %OWH]HLW KDWWH GLH VWUXNWXUDOLVWLVFKH 6SUDFKZLVVHQVFKDIW ELV (QGH GHU VHFK]LJHU -DKUH GHV  -DKUKXQGHUWV $EHU DXFK KHXWH JLEW HV QRFK EHGHXWHQGH /LQJXLVWHQ GLH GDV (UEH)HUGLQDQGGH6DXVVXUHVEHZDKUHQXQGDP3RVWXODWGHU6\VWHPKDIWLJNHLWVSUDFKOLFKHU (UVFKHLQXQJHQIHVWKDOWHQRKQHGDEHLGLH(UNHQQWQLVVHQHXHUHU6WU|PXQJHQ]XLJQRULHUHQ





  3KDVH'LH*HQHUDWLYH*UDPPDWLN (LQH ]ZHLWH EHGHXWHQGH1HXRULHQWLHUXQJLQGHU $OOJHPHLQHQ 6SUDFKZLVVHQVFKDIWGHV -DKUKXQGHUWV GLH DOOHUGLQJV LQ GHU 5RPDQLVWLN DQIDQJV VHKU ]XUFNKDOWHQG DXIJHQRPPHQ ZXUGH HUIROJWH (QGH GHU HU -DKUH GXUFK GHQ 86$PHULNDQHU 1RDP &KRPVN\ 6HLQ $QVDW] ILJXULHUW XQWHU GHP (WLNHWW *HQHUDWLYH 7UDQVIRUPDWLRQV *UDPPDWLN +DXSW PHUNPDOHGLHVHU5LFKWXQJVLQG D 6lW]HXQGLKUH6WUXNWXUZHUGHQDOV]HQWUDOH(LQKHLWGHU OLQJXLVWLVFKHQ $QDO\VH EHWUDFKWHW E  PDQ EHPKW VLFK XP HLQH EHVRQGHUV H[SOL]LWH %H VFKUHLEXQJ VSUDFKOLFKHU 3KlQRPHQH XQG F  KRIIW DOOHQ 0HQVFKHQ DQJHERUHQH (LJHQ VFKDIWHQDXI]XGHFNHQGLHGHQ(UZHUEVRZLHGDV)XQNWLRQLHUHQYRQ6SUDFKHHUNOlUHQKHOIHQ bX‰HUHV 0HUNPDO GHU *HQHUDWLYHQ *UDPPDWLN XQG GHU YRQ LKU DXV ZHLWHUHQWZLFNHOWHQ *UDPPDWLNPRGHOOHLVWHLQHVWDUNH)RUPDOLVLHUXQJXQGHLQHNRQVHTXHQWH.RQ]HQWUDWLRQDXI GLH 6WUXNWXUHQ VSUDFKOLFKHU bX‰HUXQJHQ YLHOIDFK XQWHU 9HUQDFKOlVVLJXQJ GHU VLWXDWLYHQ .RQWH[WH 



3KDVH'LH6LWXDWLRQKHXWH

'LH*HJHQZDUWZLGHUVHW]WVLFKHUIDKUXQJVJHPl‰JHQHUHOOHLQHU]XYHUOlVVLJHQZLVVHQVFKDIWV JHVFKLFKWOLFKHQ%HVFKUHLEXQJXQG%HZHUWXQJZHLOGHU]HLWJHQ|VVLVFKH%HWUDFKWHUGHQ(LQ GUXFN HLQHU VFKZHU HQWZLUUEDUHQ 9LHOIDOW KDW 'LH 6SUDFKZLVVHQVFKDIW ELOGHW KLHULQ NHLQH $XVQDKPH:HQQPDQMHGRFKGLH(QWZLFNOXQJHQGHUOHW]WHQ-DKU]HKQWHGXUFKHLQHJHPHLQ VDPH7HQGHQ]NHQQ]HLFKQHQZLOOVREHVWHKWVLHZRKOGDULQGDVV]XQHKPHQG XQGELVZHLOHQ DXVVFKOLH‰OLFK GLHJHVHOOVFKDIWOLFKH'LPHQVLRQYRQ6SUDFKHXQG6SUHFKHQLP=HQWUXPGHV ,QWHUHVVHV VWHKW 6SUHFKHQ XQG 6FKUHLEHQ JHVFKLHKW LPPHU LQ VR]LDOHQ .RQWH[WHQ $XI GHU %DVLV GLHVHU hEHU]HXJXQJ NRQVWLWXLHUW VLFK GLH 6R]LROLQJXLVWLN GHU LQ GLHVHP /HKUZHUN QLFKW HLQ EHVRQGHUHV .DSLWHO JHZLGPHW ZXUGH GLH DEHU LQ )RUP YRQ IU VLH FKDUDNWHULVWL VFKHQ (LQ]HODVSHNWHQ YRU DOOHP LQ GHQ 6SUDFKVNL]]HQ EHU DOOH .DSLWHO YHUVWUHXW EHUFN VLFKWLJW ZLUG 'DVV 6SUHFKHQ QLFKW QXU HLQ $NWLYLHUHQ YRQ JUDPPDWLVFKHQ 5HJHOQ LVW VRQGHUQ HLQH )RUP GHV VR]LDOHQ +DQGHOQV KDW GLH YRQ GHU 6R]LROLQJXLVWLN QLFKW LPPHU VWUHQJ DE]XJUHQ]HQGH  3UDJPDOLQJXLVWLN E]Z 3UDJPDWLN LQ GHQ 0LWWHOSXQNW LKUHU )RU VFKXQJ JHVWHOOW $XI GLH XP  DXVJHUXIHQH ÄSUDJPDWLVFKH :HQGH³ GK GLH $ENHKU YRQGHUHLQVHLWLJHQ$QDO\VHDEVWUDNWHU6WUXNWXUHQ]XJXQVWHQGHU(LQEHWWXQJGHU6SUDFKHXQG GHV6SUHFKHQVLQGDVJHVHOOVFKDIWOLFKH8PIHOGIROJWHLQGHQHU-DKUHQGLHÄNRJQLWLYH :HQGH³ 'LH NRJQLWLYH /LQJXLVWLN EHPKW VLFK XP GLH (UIRUVFKXQJ GHU PHQWDOHQ 6WUXN WXUHQ3UR]HVVHXQG6WUDWHJLHQGLHGHP0HQVFKHQGDV9HUVWHKHQXQG6SHLFKHUQYRQ,QIRU PDWLRQHQ VRZLH HIIL]LHQWHV .RPPXQL]LHUHQ HUP|JOLFKHQ (LQH lKQOLFKH =LHOVHW]XQJ YHU IROJHQ GLH 3V\FKR XQG 1HXUROLQJXLVWLN GLH QLFKW QXU YRQ /LQJXLVWHQ VRQGHUQ DXFK YRQ NRJQLWLYHQ3V\FKRORJHQPLWGHQLKUH'LV]LSOLQNHQQ]HLFKQHQGHQH[SHULPHQWHOOHQ0HWKRGHQ EHWULHEHQZHUGHQ

 

/LWHUDWXU

$OEUHFKW   $UHQV ð  &KULVWPDQQ   &KULVWPDQQ   &KULVWPDQQ +DXVPDQQ  +DXVPDQQ  /5/,6FKZDU]  7DPiV  



$XIJDEHQ

 :HOFKHV VLQG GLH (QWVSUHFKXQJHQ YRQ VSUDFKOLFK VSUDFKZLVVHQVFKDIWOLFK XQG OLQJXLVWLVFK LQ ,KUHUURPDQLVFKHQ6SUDFKH"  (UPLWWHOQ6LHVHLWZDQQHVDQ,KUHU8QLYHUVLWlWHLQURPDQLVWLVFKHV,QVWLWXW6HPLQDUJLEWZHOFKH %H]HLFKQXQJHQ HV LP /DXIH GHU =HLW IKUWH XQG RE HV VFKRQ YRU GHVVHQ (LQULFKWXQJ )UHPG VSUDFKHQXQWHUULFKWJDE>/LWHUDWXUIDOOVYRUKDQGHQLVWYRP/HKUYHUDQVWDOWXQJVOHLWHUDQ]XJHEHQ@  /HVHQ 6LH LQ *DXJHU2HVWHUUHLFKHU:LQGLVFK   GHQ $EVFKQLWW EHU 'DQWH ±  XQG VNL]]LHUHQ6LH'DQWHV9RUVWHOOXQJHLQHULWDOLHQLVFKHQ'LFKWHUVSUDFKH  /HVHQ6LHGHQ$EVFKQLWWEHU1HEULMDV*UDPPDWLNLQ.LQGOHUV/LWHUDWXUOH[LNRQXQGEHDQWZRUWHQ 6LHIROJHQGH)UDJHQ D :HOFKHQ=ZHFNYHUIROJWH1HEULMDPLWVHLQHP:HUN" E :LHVDKHUGDV 9HUKlOWQLVYRQ.DVWLOLVFK 6SDQLVFK XQG/DWHLQ"   LVW HLQ EHGHXWHQGHV -DKU LQ GHU *HVFKLFKWH 6SDQLHQV :HOFKH SROLWLVFKHQ XQG NXOWXUHOOHQ (UHLJQLVVHIDOOHQLQGLHVHV-DKU"  /HVHQ6LHLQ/5/, ± GHQ$EVFKQLWWEHU)UDQoRLV5D\QRXDUGXQGILQGHQ6LHKHUDXV D  ZHOFKH:LVVHQVFKDIWXP9RUELOGFKDUDNWHUIUDQGHUHKDWXQGZDUXP E ZHOFKH6WHOOXQJ 5D\QRXDUG LQ GHU +HUDXVELOGXQJ GHU URPDQLVFKHQ 6SUDFKHQ GHP $OWRN]LWDQLVFKHQ ]XVFKUHLEW F ZLHHUGLH6SUDFKHQQHQQWGLHZLUKHXWHDOVÄURPDQLVFK³EH]HLFKQHQ  /HVHQ6LH+DXVPDQQ ± .DSLWHO,Ä5RPDQLVWLNXQWHUP+DNHQNUHX]³ XQGYHUVXFKHQ 6LH ]X VNL]]LHUHQ D ZDVQDFK*U|EHUGDV)DFKXQGVHLQH%HVRQGHUKHLWDXVPDFKW E ZHOFKH $N]HQWH/HR6SLW]HULQ/HKUHXQG)RUVFKXQJVHW]WH F ZDV)UDQNUHLFKNXQGHLVWXQGZHOFKHGUHL )RUPHQ +DXVPDQQ XQWHUVFKHLGHW G  ZHOFKH .RQVHTXHQ]HQ GDV JHEURFKHQH 9HUKlOWQLV GHU JUR‰HQ5RPDQLVWHQGHUHU-DKUH]XU6R]LRORJLHKDWWH  /HVHQ 6LH % ( 9LGRV +DQGEXFK GHU URPDQLVFKHQ 6SUDFKZLVVHQVFKDIW 0QFKHQ  I :LHZLUGGRUWGLH(QWVWHKXQJGHV7HLOXQJVDUWLNHOVEHJUQGHW"



6SUDFKZDQGHO

6SUDFKZDQGHOZLUGLQYLHOHQVSUDFKZLVVHQVFKDIWOLFKHQ:HUNHQVHKUYHUHLQIDFKWGXUFKHLQ 6FKHPDGHU)RUP$!% OLHVÄ$ZLUG]X%³ GDUJHVWHOOWÄODW>IO@ZLUGLP,WDOLHQLVFKHQ]X >IM@ YJO )/25( 0 !ILRUH ³XVZ(LQHGHUDUWYHUNU]WH'DUVWHOOXQJVZHLVHLVWLQPDQFKHQ .RQWH[WHQJHZLVVOHJLWLPRGHUDXV3ODW]JUQGHQVRJDUXQYHUPHLGOLFKLQ:LUNOLFKNHLWYHU ELUJWVLFKKLQWHUHLQHPVROFKHQ6FKHPDMHGRFKPHLVWHLQVHKUNRPSOH[HU9RUJDQJGHQPDQ LQGUHL3KDVHQHLQWHLOHQNDQQ,QQRYDWLRQ'LIIXVLRQXQG5HVXOWDW







,QQRYDWLRQXQG'LIIXVLRQ

%HL GHU ,QQRYDWLRQ JHKW HV XP GLH )UDJH ZLH % EHUKDXSW HQWVWHKW ]% GXUFK :RUWELO GXQJ VHPDQWLVFKHQ :DQGHO SKRQHWLVFKH (URVLRQ XVZ  'DV (UJHEQLV GHU ,QQRYDWLRQ LVW QLFKW GDVV $ SO|W]OLFK GXUFK % HUVHW]W ZLUG VRQGHUQ GDVV QHEHQ $ QXQ DXFK % H[LVWLHUW PHLVW DOV VWLOLVWLVFK PDUNLHUWH 9DULDQWH $ XQG % NRQNXUULHUHQ PHLVW EHU HLQHQ OlQJHUHQ =HLWUDXPELVVLFKVFKOLH‰OLFKHLQHGHUEHLGHQ)RUPHQGXUFKVHW]WXQGGLHDQGHUHYHUGUlQJW 6R NRQQWH ]% GHU $XWRU GLHVHU =HLOHQ VHLW GHQ QHXQ]LJHU -DKUHQ GHV  -DKUKXQGHUWV LQ :LHQEHREDFKWHQZLHVLFKGDVLQWHQVLYLHUHQGH3UlIL[XUGDVLP+RFKGHXWVFKHQDXIHLQLJH ZHQLJH$GMHNWLYHZLHXUDOWRGHUXUJHPWOLFKEHVFKUlQNWLVWEHLVHLQHQ.LQGHUQXQGGHUHQ $OWHUVJHQRVVHQ ]XP 8QLYHUVDOLQWHQVLILNDWRU ZDQGHOWH XQG VR GLH 6WHOOH YRQ VHKU RGHU HPSKDWLVFKHUHQ*UDGDGYHUELHQZLHLUUVLQQLJYROOXlHLQQDKP %H]JOLFK GHU ]ZHLWHQ 3KDVH MHQHU GHU 'LIIXVLRQ LVW HV YRQ 9RUWHLO ]ZHL $UWHQ DQD O\WLVFKDXVHLQDQGHU]XKDOWHQGLH'LIIXVLRQYRQ%LQQHUKDOEGHV6SUDFKV\VWHPVXQGMHQHLQ QHUKDOE GHU 6SUDFKJHPHLQVFKDIW %HL GHU 'LIIXVLRQ LQQHUKDOE GHV 6SUDFKV\VWHPV JHKW HV GDUXP]XEHVFKUHLEHQZLHVLFK%YRPHUVWHQVSUDFKOLFKHQ.RQWH[WLQGHPHVDXIWDXFKWDXI DQGHUH.RQWH[WHDXVGHKQW,P)DOOYRQXUNRQQWHPDQ]%EHREDFKWHQZLHGDV3UlIL[]X HUVW DXI ZHLWHUH $GMHNWLYH DXVJHGHKQW ZXUGH GLH HV LQ GHU 6WDQGDUGVSUDFKH QLFKW GXOGHQ ZUGHQXUJUR‰XUVFK|QXUVFKQHOOXUODQJZHLOLJXUYLHOXVZhEHUDGMHNWLYLVFKJHEUDXFKWH 3DUWL]LSLHQZLHXUYHUVFKQXSIWJHODQJWHGDV3UlIL[GDQQDXFKYRUYHUEDOJHEUDXFKWH3DUWL]L SLHQ ZR HV LQ HLQ $GYHUE XPJHGHXWHW ZHUGHQ NRQQWH GDV KDW PLU XU JHWDXJW  ZDV LKP VFKOLH‰OLFKGHQ:HJ]XUHLQGHXWLJDGYHUELHOOHQ9HUZHQGXQJHU|IIQHWH GDVWDXJWPLUXU  'LH)UDJHQDFKGHU'LIIXVLRQLQQHUKDOEGHU6SUDFKJHPHLQVFKDIWLVWLP:HVHQWOLFKHQHLQ VR]LRORJLVFKHV3UREOHP0DQYHUVXFKWLP(LQ]HOIDOOIHVW]XVWHOOHQZHUGHU,QLWLDWRUHLQHU,Q QRYDWLRQZDUXQGDXIZHOFKHQ:HJHQGLHVHGDQQDXIZHLWHUH7HLOHGHU6SUDFKJHPHLQVFKDIW XQG VFKOLH‰OLFK HYHQWXHOODXFKDXIGLHJHVDPWH6SUDFKJHPHLQVFKDIWDXVJHGHKQWZXUGH,P )DOOH YRQ XU LVW GLH ,QQRYDWLRQ RIIHQNXQGLJ YRQ .LQGHUQ DXVJHJDQJHQ XQG ELV KHXWH DXI .LQGHU XQG -XJHQGOLFKH EHVFKUlQNW JHEOLHEHQ 9RQ (UZDFKVHQHQ ZLUG GLHVHV QHXH XU K|FKVWHQVVFKHU]KDIWLQGHQ0XQGJHQRPPHQGDLKQHQGLHJUXSSHQVSUDFKOLFKH0DUNLHUXQJ QRFK NODU EHZXVVW LVW 1HEHQ GLHVHU JUXSSHQVSUDFKOLFKHQ %HVFKUlQNWKHLW XQWHUOLHJW GLHVHU *HEUDXFK YRQ XU DXFK JHRJUDSKLVFKHQ %HVFKUlQNXQJHQ DX‰HUKDOE YRQ :LHQ VFKHLQW HU QLFKWEOLFK]XVHLQ2EHUVLFKOHW]WOLFKZHLWHUDXVGHKQHQZLUGXPYLHOOHLFKWHLQPDOZLH VHKU ]XP XQLYHUVHOOHQ *UDGDGYHUE ]X ZHUGHQ RGHU RE HU GDV 6FKLFNVDOVRYLHOHUDQGHUHU HPSKDWLVFKHU *UDGDGYHUELHQ WHLOHQ XQG ZLHGHU YHUVFKZLQGHQ ZLUG NDQQ PDQ QLFKW PLW 6LFKHUKHLWSURJQRVWL]LHUHQ =DKOUHLFKH8QWHUVXFKXQJHQVROFKHUVR]LDOHU'LIIXVLRQVSUR]HVVHKDEHQHUJHEHQGDVVVLH ELV]XHLQHPJHZLVVHQ*UDGDOOJHPHLQHQ3ULQ]LSLHQJHKRUFKHQ0DQKDWEHLVSLHOVZHLVHZLH GHUKROW IHVWJHVWHOOW GDVV LQ GHQ KHXWLJHQ ZHVWOLFKHQ *HVHOOVFKDIWHQ 0lGFKHQ XQG )UDXHQ VWlUNHUGD]XWHQGLHUHQDOV0lQQHUSUHVWLJHWUlFKWLJHUHVSUDFKOLFKH(LJHQKHLWHQDQ]XQHKPHQ 'D VLH GLHVH DXFK DQ GLH .LQGHU ZHLWHUJHEHQ OHLVWHQ VLH DXI GLHVH :HLVH HLQHQ QLFKW XQEHWUlFKWOLFKHQ %HLWUDJ ]XU 'XUFKVHW]XQJ VWDQGDUGVSUDFKOLFKHU 1RUPHQ 0lQQOLFKH -X JHQGOLFKHXQG0lQQHUKLQJHJHQIDYRULVLHUHQ|IWHUYRQGHU1RUPDEZHLFKHQGH(LJHQKHLWHQ

 'LDOHNWH 0LQGHUKHLWHQVSUDFKHQ RGHU 6XEVWDQGDUGYDULHWlWHQ KDEHQ GDKHU RIW PHKU PlQQOL FKH DOV ZHLEOLFKH 6SUHFKHU 6ROFKH 9HUDOOJHPHLQHUXQJHQ VLQG MHGRFK ]HLWXQGRUWVJHEXQ GHQ 6R ZDUHQ YRU -DKU]HKQWHQ RIW QRFK GLH )UDXHQ GLH EHOLHEWHVWHQ ,QIRUPDQWHQGHU'LD OHNWRORJHQZHLOVLHZHQLJHUPRELOZDUHQXQGVRGHQ2UWVGLDOHNWRIWUHLQHUEHZDKUWKDWWHQ



/DXWZDQGHO

,Q GHU *HVFKLFKWH GHU URPDQLVFKHQ 6SUDFKZLVVHQVFKDIW KDW YRU DOOHP GLH 'LIIXVLRQ YRQ ODXWOLFKHQ,QQRYDWLRQHQLP6SUDFKV\VWHPJUR‰HV,QWHUHVVHHUUHJW,QMXQJJUDPPDWLVFKHU=HLW JLQJ PDQ GDYRQ DXV GDVV /DXWZDQGHO UHLQ SKRQHWLVFK EHGLQJW VHL XQG LQ DOOHQ LQ )UDJH NRPPHQGHQ)lOOHZLUNH /DXWJHVHW] $XVQDKPHQYRQGLHVHP3ULQ]LSZDUHQGXUFKGDV=X VDPPHQZLUNHQPLWDQGHUHQ/DXWJHVHW]HQGXUFK$QDORJLHRGHU(QWOHKQXQJ]XHUNOlUHQ,P )ROJHQGHQ EHVFKUlQNHQ ZLU XQV DXI GLH OHW]WHQ EHLGHQ $VSHNWH XQG LOOXVWULHUHQ VLH ± LQ YHUJU|EHUQGHU'DUVWHOOXQJ±DQKDQGGHU(QWZLFNOXQJYRQODW$LP)UDQ]|VLVFKHQ /DW$LQRIIHQHUGKLQHLQHUDXI9RNDOHQGHQGHQ6LOEHZXUGHLP)UDQ]|VLVFKHQ]XH ZHQQ GLH 6LOEH EHWRQW ZDU EOLHE KLQJHJHQ HUKDOWHQ ZHQQGLH6LOEHXQEHWRQWZDUXQGYRU GHP+DXSWDN]HQWODJRGHUJHVFKORVVHQZDUGKDXIHLQHQ.RQVRQDQWHQHQGHWHYOW 1È9( Ã6FKLIIµ!IU]QHIÃ.LUFKHQVFKLIIµYOW 35$78Ã:LHVHµ!IU]SUpYOW 1È68Ã1DVHµ!IU]QH] HWFYVYOW$%e5(ÃKDEHQµ!DYRLUYOW6$3e5(ÃZLVVHQµ!VDYRLUYOW)$5Ë1$Ã0HKOµ!IDULQH 0LWGHP%HJULIIGHU$QDORJLHZRUXQWHUPDQLQGLHVHP=XVDPPHQKDQJGLH%HHLQIOXV VXQJ GHU /DXWXQJ HLQHV :RUWHV GXUFK HLQ VLQQYHUZDQGWHV :RUW YHUVWHKW OlVVW VLFK HLQ *HJHQEHLVSLHO JHJHQ GDV HEHQ EHVFKULHEHQH /DXWJHVHW] OHLFKW HQWVFKlUIHQ ODW OiYDV ÃGX ZlVFKVWµXQGODYiWLVÃLKUZlVFKWµHQWVSUHFKHQLP)UDQ]|VLVFKHQ WX ODYHVXQG YRXV ODYH] 9RQ GLHVHQ EHLGHQ )RUPHQ HQWVSULFKW QXU ODYH] GHP /DXWJHVHW] QLFKW MHGRFK ODYHV GDV HLJHQWOLFKOqYHVODXWHQPVVWH1DFKMXQJJUDPPDWLVFKHU$UJXPHQWDWLRQNDQQPDQGDVGXUFK GLH(LQZLUNXQJYRQ9HUEIRUPHQZLHODYRQVODYHUODYH]XVZHUNOlUHQ 'HQQRFKH[LVWLHUHQÄ*HJHQEHLVSLHOH³ODW &$1'(/È%580Ã/HXFKWHUµIU]FDQGpODEUH 3È3$ Ã3DSVWµIU]SDSH 67È786Ã6WDDWµIU]pWDW 5(*È/,6ÃN|QLJOLFKµIU]UR\DOXVZ 'DUDXIZUGHHLQ-XQJJUDPPDWLNHUDQWZRUWHQGDVVGLHVH:|UWHUQLFKWXQXQWHUEURFKHQLP 0XQGH GHV 9RONHV ZHLWHUJHOHEW KlWWHQ NHLQH VRJ (UEZ|UWHU VHLHQ VRQGHUQLUJHQGZDQQ QDFKGHPGDV/DXWJHVHW]È!HHUORVFKHQZDUDXVGHP/DWHLQLVFKHQHQWOHKQWZRUGHQVLQG $QDORJLHXQG(QWOHKQXQJGUIHQDEHUQLFKW]XÄ$XVUHGHQ³YHUNRPPHQVRQGHUQPVVHQ DQGHUZHLWLJJHVWW]WZHUGHQEHLPDQDORJLVFKHQ$XVJOHLFKGHU9HUEDOIRUPHQNDQQPDQDXI GLH +lXILJNHLW GLHVHV 3KlQRPHQV EHL YHUVFKLHGHQHQ 9HUEHQ YHUZHLVHQ XQG LP NRQNUHWHQ )DOO YRQ OqYHV LVW GLHVH )RUP VRJDU LP $OWIUDQ]|VLVFKHQ EHOHJW 'LH (QWOHKQXQJ DXV GHP /DWHLQLVFKHQ LVW GDQQ SODXVLEHO ZHQQ HV VLFK XP :|UWHU KDQGHOW GLH GHU .LUFKHQ E]Z 5HFKWVVSUDFKH DQJHK|UHQ 6ROFKH LQ GHU *HVFKLFKWH GHU URPDQLVFKHQ 6SUDFKHQ EULJHQV UHFKWKlXILJH(QWOHKQXQJHQDXVGHP/DWHLQQHQQWPDQ%XFKZ|UWHU 6R IUXFKWEDU GLH $QQDKPH YRQ /DXWJHVHW]HQ ZDU HLQLJH GHU GDPLW YHUEXQGHQHQ *UXQGDQQDKPHQVLQGKHXWHZLGHUOHJW/DXWZDQGHOLVWQLFKWQXUSKRQHWLVFKEHGLQJWGHQQHV N|QQHQ DXFK )DNWRUHQ DXV DQGHUHQ %HUHLFKHQ GHU *UDPPDWLN HLQH 5ROOH VSLHOHQ )HUQHU





PVVHQQLFKWDOOH:|UWHUYRQHLQHP/DXWJHVHW]EHWURIIHQVHLQHVNRPPWYRUGDVVQXUGLH KlXILJVWHQ :|UWHU YRQ HLQHP EHVWLPPWHQ /DXWZDQGHOSUR]HVV HUIDVVW ZHUGHQ XQG VFKOLH‰OLFKJLEWHVDXFK)lOOHYRQVSRUDGLVFKHU'LIIXVLRQYRQHLQHP:RUW]XPQlFKVWHQ



/LWHUDWXU

$LWFKLVRQ  .HOOHU   

$XIJDEHQ

 6HLWJHUDXPHU=HLWLVWLPJHVFKULHEHQHQ'HXWVFKGLHYHUPHKUWH9HUZHQGXQJÄJHVFKOHFKWVQHXWUD OHU³ %H]HLFKQXQJHQ YRQ %HUXIHQ XQG VR]LDOHQ 5ROOHQ ]X EHREDFKWHQ .RQVXPHQW,QQHQ 3UR IHVVRU,QQHQ6WXGHQW,QQHQXVZ  D :RQDKPGLHVHU6SUDFKZDQGHOSUR]HVVVHLQHQ$XVJDQJ" E  %HVFKUHLEHQ 6LH GLH DXJHQEOLFNOLFKH 'LIIXVLRQ LQ GHU 6SUDFKJHPHLQVFKDIW F  6XFKHQ 6LH LQ HLQHQ%HZHLVGDIUGDVVGDV0DVNXOLQXPLP'HXWVFKHQJHQHULVFKH)XQNWLRQKDEHQNDQQ GKDXFKDXI)UDXHQEH]RJHQZLUG G +DWGLHVHU6SUDFKZDQGHO=XNXQIW"6ROOHUHLQHKDEHQ"  'LHIROJHQGHQ7\SHQYRQ/DXWZDQGHOJHK|UHQ]XGHQLQGHQURPDQLVFKHQ6SUDFKHQKlXILJVWHQ $VVLPLODWLRQ'LVVLPLODWLRQ6RQRULVLHUXQJ1DVDOLHUXQJ3DODWDOLVLHUXQJ'LSKWKRQJLHUXQJ =HQWUDOLVLHUXQJ 9RNDODEVFKZlFKXQJ $SKlUHVH$SRNRSH(SHQWKHVH0HWDWKHVH5KRWD ]LVPXV 6XFKHQ 6LH LQ HLQHP VSUDFKZLVVHQVFKDIWOLFKHQ /H[LNRQ 'HILQLWLRQHQ GLHVHU 3UR]HVVH XQG HQWVFKHLGHQ 6LH ZHOFKHP GLH IROJHQGHQ 9HUlQGHUXQJHQ ]X]XRUGQHQ VLQG D  YOW )$&78 ÃJHPDFKWµ ! LW IDWWR E  YOW $5%25( Ã%DXPµ ! VS iUERO F  YOW &$(/8 ! UXP FHU G  YOW 3$/8'( Ã6XPSIµ ! WRVN SDGXOH H  YOW %218 ÃJXWµ ! LW EXRQR I  YOW $025( Ã/LHEHµ ! VS DPRU J  YOW $878018 ! UXP WRDPQă K  YOW &$0 ( 5$ Ã=LPPHUµ ! IU] FKDPEUH L  YOW &(178 ! LW FHQWR M  YOW %218 ! IU] ERQ >E2@ N  YOW $&8 Ã1DGHOµ ! LW DJR O  YOW )$%$ Ã6DXERKQHµ!DIU]IHYH>I(Y:@   6LQG :|UWHU GHV IROJHQGHQ 7\SV DOV $XVQDKPHQ ]X GHP LQ  EHVFKULHEHQHQ/DXWJHVHW]]X EHWUDFKWHQ"IU]GUDSYOW '5È338Ã7XFKµYDFKH 9È&&$Ã.XKµJUDV*5È668ÃGLFNµSDV 3È668Ã6FKULWWµDUPHÈ50$Ã:DIIHµSDUW3È57(Ã7HLOµ"   'LH(UNOlUXQJGHU+lXILJNHLWEHVWLPPWHU/DXWHQWZLFNOXQJHQLVWPHLVWVFKZLHULJXQGVHW]WVROLGH .HQQWQLVVHLQGHUDOOJHPHLQHQ3KRQHWLNYRUDXV'DVIROJHQGH3UREOHP 3DODWDOLVLHUXQJ N|QQHQ 6LH DEHU ZDKUVFKHLQOLFK DXFK PLW GHP SKRQHWLVFKHQ 5VW]HXJ O|VHQ GDV 6LH LQ  HUZRUEHQ KDEHQ:DUXPWULWWGHU:DQGHO>N@!>W6@VRKlXILJYRULXQGHDXIQLHDEHUYRUXXQGR"$OV 6XEW\SZHOFKHUDQGHUHQ/DXWYHUlQGHUXQJN|QQWHPDQDOVRGLH3DODWDOLVLHUXQJDQVHKHQ"



'LH+HUDXVELOGXQJURPDQLVFKHU.XOWXUVSUDFKHQ



'HU9HUOXVWGHU0LWWH

0LW GHP =XVDPPHQEUXFK GHV :HVWU|PLVFKHQ 5HLFKHV   YHUORUHQ GLH U|PLVFKHQ 3UR YLQ]HQHQGJOWLJLKUH0HWURSROHGLHVWHWVDXFKHLQHQ)DNWRUVSUDFKOLFKHU9HUHLQKHLWOLFKXQJ

 GDUJHVWHOOWKDWWH'LHVHU9HUOXVWGHVYHUHLQKHLWOLFKHQGHQ=HQWUXPVI|UGHUWHGLHVSUDFKOLFKH 'LIIHUHQ]LHUXQJ GLH GXUFK GLH $XVELOGXQJ NOHLQHUHU SROLWLVFKHU (LQKHLWHQ XQG GLH EHGHX WHQGHQ %HY|ONHUXQJVXPVFKLFKWXQJHQ LP =XJH GHU 9|ONHUZDQGHUXQJ ZHVHQWOLFK YHUVWlUNW ZXUGH6R]HUILHOGDV6SUHFKODWHLQLQ]DKOUHLFKH'LDOHNWHGHUHQJHJHQVHLWLJH9HUVWlQGOLFK NHLW±VRGUIHQZLUDQQHKPHQ±VFKRQEDOG]XVFKZLQGHQEHJDQQ $OV6FKULIWVSUDFKHDEHUZXUGHDXIURPDQLVFKHP7HUULWRULXPELVLQV+RFKPLWWHODOWHUIDVW DXVVFKOLH‰OLFK/DWHLQYHUZHQGHW$XFKGLHZHQLJHUJHELOGHWHQ6SUHFKHUYHUORUHQZHJHQVHL QHV*HEUDXFKVDOV.XOWVSUDFKHQLHJDQ]GHQ.RQWDNWPLWGHP/DWHLQLVFKHQ$OOHUGLQJVZDU GLHVHV/DWHLQKLQVLFKWOLFKGHU$XVVSUDFKHGHV:RUWVFKDW]HVXQGVRJDUGHU*UDPPDWLNGHQ MHZHLOLJHQ ORNDOHQ 'LDOHNWHQ DQJHSDVVW ZRUGHQ VRGDVV DXFK DXI GHU VFKULIWVSUDFKOLFKHQ (EHQHHLQHJHZLVVH'LDOHNWDOLVLHUXQJHLQJHWUHWHQZDU:HQQLP-DKUKXQGHUWVHOEVWHLQIU VHLQH =HLW VHKU JHELOGHWHU &KURQLVW GLH .DVXV GXUFKHLQDQGHUEUDFKWH %VS D )UDQFRUXP FHWHUDVTXH JHQWHV  ZLH ZLUG GDQQ ZRKO GHU HLQIDFKH 0|QFK RGHU /DQGSIDUUHU /DWHLQ JH VSURFKHQXQGJHVFKULHEHQKDEHQ



'LHÄ.DUROLQJLVFKH5HQDLVVDQFH³

,Q GLHVH KLVWRULVFK JHZDFKVHQH 6LWXDWLRQ JULII LQ GHU *DOORURPDQLD .DUO GHU *UR‰H ±   GXUFK HLQH %LOGXQJVUHIRUP HLQ GLH GLH $ENHKU YRQGLHVHPÄ.RPSURPLVVODWHLQ³XQG HLQH%HVLQQXQJDXIGDVNODVVLVFKH/DWHLQGHU$QWLNHIRUGHUWH(VLVWNHLQ=XIDOOGDVVHLQH VROFKH 5HIRUP ]XHUVW LP )UDQNHQUHLFK JHWURIIHQ ZXUGH GLH (QWIHUQXQJ GHU 9RONVVSUDFKH YRPÄUHLQHQ³/DWHLQZDUGRUWDXIJUXQGGHU6SUDFKHQWZLFNOXQJDPJU|‰WHQ0LWGHU5FN NHKU]XPNODVVLVFKHQ/DWHLQYHUVFKlUIWHVLFKGLH.OXIW]ZLVFKHQGHU.DQ]OHLXQG.XOWVSUD FKHHLQHUVHLWVXQGGHUURPDQLVFKHQ$OOWDJVVSUDFKHDQGHUHUVHLWVZHLWHU/DWHLQNRQQWHQDFK GLHVHU0D‰QDKPHQLFKWPHKUDOVJHKREHQH9DULDQWHGHUHLJHQHQ8PJDQJVVSUDFKHHPSIXQ GHQZHUGHQVRQGHUQZDUHLQH)UHPGVSUDFKHJHZRUGHQ $OV QDWUOLFKH )ROJH GLHVHU 6LWXDWLRQ UHJLVWULHUHQ ZLULQGHU Q|UGOLFKHQ *DOORURPDQLD GLHJU|‰WH'LFKWHIUKHUYRONVVSUDFKOLFKHU7H[WH,QDQGHUHQURPDQLVFKHQ*HELHWHQGDXHUWH HVQRFK-DKUKXQGHUWHELVVLFKHLQlKQOLFKHV6SUDFKEHZXVVWVHLQKHUDXVELOGHWH



'LHHUVWHQURPDQLVFKHQ7H[WH

'LHIUKHVWHQYRONVVSUDFKOLFKHQ=HXJQLVVHVLQGEHUZLHJHQG*HEUDXFKVWH[WH 3ULYDW 9HU WUlJH3UHGLJWYRUODJHQ*ORVVHQ GK(UNOlUXQJHQYRQQLFKWPHKUYHUVWDQGHQHQ:|UWHUQLQ ODWHLQLVFKHQ+DQGVFKULIWHQGHV0LWWHODOWHUVRGHULQHLJHQHQ*ORVVDUHQ ,QWHUOLQHDUYHUVLR QHQ GK :RUWIU:RUWhEHUVHW]XQJHQ  6LH VLQG LP $OOJHPHLQHQ ZHQQ QLFKW ]XIlOOLJ GDQQ ZRKO HKHU ZHJHQ LKUHU 1W]OLFKNHLW DOV ZHJHQ LKUHV $QVHKHQV HUKDOWHQ JHEOLHEHQ 6HOEVWYRONVVSUDFKOLFKH/LWHUDWXUGHV+RFKPLWWHODOWHUVJHQRVVRIIHQVLFKWOLFKQXUUHODWLYZH QLJ3UHVWLJHGHU&DQWDUGHPLR&LG (QGH-K HWZDGDVHLQ]LJHEHUOLHIHUWHVSDQLVFKH +HOGHQHSRVLVWQXULQHLQHU$EVFKULIWYRP$QIDQJGHV-DKUKXQGHUWVDXIXQVJHNRPPHQ





ZREHLQRFKGD]XGDVHUVWHXQG]ZHLLQQHUH%OlWWHUIHKOHQ0DQPXVVDOOHUGLQJVEHGHQNHQ GDVV DXFK XPIDQJUHLFKH 7H[WH PQGOLFK WUDGLHUW ZXUGHQ XQG GDVV GLH 6FKULIWOLFKNHLW HLQ 0RQRSROGHV.OHUXVGDUVWHOOWHZRGXUFKJHLVWOLFKH7H[WHPHKU&KDQFHQKDWWHQDOVZHOWOLFKH VFKULIWOLFKIHVWJHKDOWHQ]XZHUGHQ 'LH SKLORORJLVFKHQ .RPPHQWDUH ]X GHQ lOWHVWHQ URPDQLVFKHQ 7H[WHQ YHUVXFKHQ GHQ (QWVWHKXQJVUDXPE]ZGLH+HUNXQIWGHV$XWRUVP|JOLFKVWJHQDXHLQ]XJUHQ]HQ'LHVLVWMH GRFK PHLVW VFKZLHULJ GD ZLU QXULQGHQVHOWHQVWHQ)lOOHQ$XWRJUDSKHQEHVLW]HQXQGEHLP $EVFKUHLEHQ OHLFKW bQGHUXQJHQ YRUJHNRPPHQ VHLQ N|QQHQ ZHQQ ]% GHU 'LDOHNW HLQHV .RSLVWHQYRQGHPGHV$XWRUVDEZLFK$XFKSDVVLHUWHHVRIWGDVV6FKUHLEHUHLQURPDQLVFKHV :RUW LP :LVVHQ XP GHVVHQ 8UVSUXQJ DQ GLH )RUP GHV ODWHLQLVFKHQ 8UVSUXQJVZRUWHV DQ JOLFKHQ



'HUODQJH:HJ]XU6WDQGDUGVSUDFKHPRGHUQHU3UlJXQJ

'HQZDKUVFKHLQOLFKZLFKWLJVWHQ)DNWRUIUGLH(QWVWHKXQJYRQEHUUHJLRQDOHQYRONVVSUDFK OLFKHQ 6SUDFKIRUPHQ VWHOOWH GLH /LWHUDWXU GDU 'LH 'LFKWXQJ GHV +RFKPLWWHODOWHUV EDVLHUWH IDVW EHUDOO DXI UHJLRQDO EHJUHQ]WHQ 6SUDFKIRUPHQ $XFK ZHQQ ZLU YRQ ÄDOWIUDQ]|VLVFKHU³ /LWHUDWXUVSUHFKHQGUIHQZLUGDEHLQLFKWDQHLQHHLQKHLWOLFKHDOWIUDQ]|VLVFKH6SUDFKHGHQ NHQYLHOPHKUVLQGGLH:HUNHGLHXQWHUGLHVHP(WLNHWWJHEQGHOWZHUGHQLQYHUVFKLHGHQHQ QRUGIUDQ]|VLVFKHQ'LDOHNWHQYHUIDVVW$QGLHVHP6DFKYHUKDOWLVWVHKUJXW]XHUNHQQHQGDVV GLH 'LDOHNWH JHZ|KQOLFK KLVWRULVFK lOWHU VLQG DOV GLH VLFK ODQJVDP DXI LKUHU *UXQGODJH NRQVWLWXLHUHQGH6WDQGDUGVSUDFKH:HQQGLH'LFKWHUVSUDFKHGHUDOWRN]LWDQLVFKHQ7UREDGRU O\ULN (QGH  ELV  -K  DOV $XVQDKPH HUVFKHLQW ZHLO VLH XQV YRQ $QIDQJ DQ DOV JH IHVWLJWH EHUGLDOHNWDOH 6SUDFKIRUP HQWJHJHQWULWW GLH VRJDU YRQ 0LQQHVlQJHUQ YHUZHQGHW ZXUGH GHUHQ 0XWWHUVSUDFKH NHLQ DOWRN]LWDQLVFKHU 'LDOHNW ZDU  KlQJW GDV ZDKUVFKHLQOLFK GDPLW]XVDPPHQGDVVXQVGLH9RUVWXIHQGHV9HUHLQKHLWOLFKXQJVSUR]HVVHVQLFKWEHUOLHIHUW VLQG$XFKGLHDOWRN]LWDQLVFKH.DQ]OHLVSUDFKHZDUEULJHQVNDXPZHQLJHUKRPRJHQ )UEHUUHJLRQDOH$XVJOHLFKVVSUDFKHQKDWVLFKGHU%HJULII.RLQpHLQJHEUJHUWGHUXU VSUQJOLFK QXU GLH DXV GHQ DOWJULHFKLVFKHQ 'LDOHNWHQ HQWVWDQGHQH .RPSURPLVVIRUP EH ]HLFKQHW 'LH +HUDXVELOGXQJ GHU PHLVWHQ URPDQLVFKHQ 6FKULIWVSUDFKHQ IlOOW LQV 6SlWPLWWHODOWHU YJO7DEHOOH 0LW$XVQDKPHGHV2N]LWDQLVFKHQXQGGHV,WDOLHQLVFKHQEHLGHPNXOWXUHOOH )DNWRUHQHLQHQPD‰JHEOLFKHQ(LQIOXVVKDWWHQVSLHOWHQEHLGLHVHP3UR]HVVSROLWLVFKH)DNWR UHQ JHZ|KQOLFK GLH EHGHXWHQGVWH 5ROOH GHU 'LDOHNW GHV 0DFKW]HQWUXPV ZXUGH LP $OOJH PHLQHQ]XU*UXQGODJHGHU6FKULIWVSUDFKH ,Q HLQHU ]ZHLWHQ .RQVROLGLHUXQJVSKDVH GLH IU GLH PHLVWHQ URPDQLVFKHQ 6SUDFKHQ PLW GHP+XPDQLVPXV]XVDPPHQILHOZXUGHGHUEHUUHJLRQDOH6SUDFKJHEUDXFKGXUFK*UDPPD WLNHQXQG:|UWHUEFKHUPHKURGHUZHQLJHUHUIROJUHLFKIL[LHUW'HUZLFKWLJVWH$QVWR‰GD]X JLQJYRP%XFKGUXFNDXV 'DV0RGHOOEHLDOOGLHVHQÄ)L[LHUXQJHQ³ZDUGDV/DWHLQLVFKH1LFKWQXUGLH7UDGLWLRQHQ GHUODWHLQLVFKHQ*UDPPDWLNVFKUHLEXQJZXUGHQPHLVWVWUHQJNRSLHUW ZHVKDOEHV]%]LHP

 OLFKODQJHGDXHUWHELVLQURPDQLVFKHQ*UDPPDWLNHQGHU$UWLNHOVHLQHQIHVWHQ3ODW]EHNDP  DXFK GLH ,GHDOYRUVWHOOXQJ YRQ GHU 8QYHUlQGHUOLFKNHLW GHV /DWHLQV EWH JUR‰H )DV]LQDWLRQ DXV 'D 6SUDFKZDQGHO DEHU HWZDV 8QLYHUVHOOHV LVW GULIWHQ GLH IHVWJHVFKULHEHQH 1RUP XQG GHU WDWVlFKOLFKH 6SUDFKJHEUDXFK DE GHP 0RPHQW GHU )HVWVFKUHLEXQJ VFKRQ ZLHGHU DXVHLQDQGHU  7DEHOOH  -K 3J 6S .DW )U] 2N] ,W 











675$66%85*(5

,1'29,1(//2 9(521(6(

(,'( (8/$/,$6(48(1=





*/26$6



(0,/,$1(16(6





-$5&+$6







752





%$





'256

/(2'(*$5/,(' 

$/(;,86/,('





6$&+7(;7(

&$17$5 '( 0,2



&,'



/DEJHN/(,@

 6SDQLVFK 

&2520,1$6-RDQ3$6&8$/-RVp$  'LFFLRQDULRFUtWLFRHWLPROyJLFRFDVWHOODQRHKLVSiQLFR 0DGULG*UHGRV>DEJHN'&(&+@ &2520,1$6-RDQ  %UHYHGLFFLRQDULRHWLPROyJLFRGHODOHQJXDFDVWHOODQD0DGULG*UHGRV



/LWHUDWXU

%ODQN  -lQLFNH  0DONLHO  3ILVWHU  6FKPLWW  



$XIJDEHQ

 9RQGHQLQEHVFKULHEHQHQ0HFKDQLVPHQGHV%HGHXWXQJVZDQGHOVVLQGGLH0RWLYHGHV%H GHXWXQJVZDQGHOV]XXQWHUVFKHLGHQ(XSKHPLVPXVgNRQRPLH([SUHVVLYLWlWRl VFKODJHQ6LH GLH%HGHXWXQJGLHVHU)DFKDXVGUFNHQDFKIDOOVVLH,KQHQQLFKWJHOlXILJVLQG :HOFKH0HFKD QLVPHQ XQG ± VRIHUQ HUVLFKWOLFK ± ZHOFKH 0RWLYH GHV OH[LNDOLVFKHQ :DQGHOV OLHJHQ YRU LQ D  IU]FKRXFURXWHÃ6DXHUNUDXWµ E IU]$UJRWFDIHWLqUHÃ.DIIHHNDQQHµ!Ã.RSIµ F LWFDVLQRÃ%RU GHOOµ!Ã/lUPµ G IU]FKHIÃ.RSIµ!Ã&KHIµ H IU]GLVSDUDvWUHÃYHUVFKZLQGHQµ!ÃVWHUEHQµ I  IU]EDLVHUÃNVVHQµ!ÃGHQ/LHEHVDNWYROO]LHKHQµ J PIU]JUXHÃ.UDQLFKµ!Ã3URVWLWXLHUWHµ K  YOW 3(//,6Ã7LHUKDXWµ!Ã0HQVFKHQKDXWµ L IU]JDXFKHÃOLQNVµ!ÃXQJHVFKLFNWµ M YOW +,%(518 ÃZLQWHUOLFKµ ! Ã:LQWHUµ N  IU] MRXU RXYUDEOH Ã:HUNWDJµ ! Ã7DJ DQ GHP GLH *HVFKlIWH RIIHQ KDEHQµ O IU]EOpÃ.RUQµ!Ã:HL]HQµ P IU]SDLQÃ%URWµ!Ã1DKUXQJµ  'LH LQ  EHVFKULHEHQHQ 0HFKDQLVPHQ GHV %HGHXWXQJVZDQGHOV VLQG QDWUOLFK DXFK KHXWH QRFKDNWLY6XFKHQ6LHIUGLHHLQ]HOQHQ0HFKDQLVPHQUH]HQWH%HLVSLHOH  ,QGHU/LWHUDWXUZHUGHQ)lOOHYRQ%HGHXWXQJVZDQGHOZLHGLHIROJHQGHQRIWDOV%HGHXWXQJVYHU VFKOHFKWHUXQJE]ZYHUEHVVHUXQJEH]HLFKQHW D ODW 75,3$/,80 HLQ)ROWHUJHUlW !IU]WUDYDLO Ã$UEHLWµ E VSlWODW &$1&(//$5,86Ã7UVWHKHUµ!IU]FKDQFHOLHUÃ.DQ]OHUµGW.DQ]OHU F ODW &$37,986ÃJHIDQJHQµ!IU]FKpWLIÃNUlQNOLFKDUPVHOLJµ G ILOOHGHPDXYDLVHYLH!ILOOHÃ3URVWLWX LHUWHµ HLJHQWO Ã0lGFKHQµ  %ODQN  ±  PHLQW %HGHXWXQJVYHUVFKOHFKWHUXQJ XQG YHUEHVVHUXQJ VHLHQ NHLQH HLJHQHQ 0HFKDQLVPHQ GHV %HGHXWXQJVZDQGHOV VRQGHUQ OLH‰HQ VLFK DXIGLHLQHUZlKQWHQ7\SHQ]XUFNIKUHQ:HOFKHVLQGHVLQGHQ%HLVSLHOHQ D ± G "  )ROJHQGH IUDQ]|VLVFKH :RUWSDDUH JHKHQ DXI GDV JOHLFKH ODWHLQLVFKH 6XEVWDQWLY ]XUFN 6XFKHQ 6LH QDFK GHU 8UVDFKH GHU XQWHUVFKLHGOLFKHQ (QWZLFNOXQJ FRSDLQFRPSDJQRQ SkWUHSDVWHXU RQKRPPHPDLUHPDMHXU

  $XV ZHOFKHQ GHU IROJHQGHQ ODWHLQLVFKHQ :|UWHU KDEHQ VLFK LQ ,KUHU URPDQLVFKHQ 6SUDFKH 'X EOHWWHQHQWZLFNHOW"FDXVDLQWHJUXEODVSKHPDUHUDGLXVFXEDUHGLUHFWXVDUWLFXOXV  /HVHQ6LHLQ-lQLFNH ± GLH=XVDPPHQIDVVXQJGHU.RQWURYHUVHXPGLH(W\PRORJLH YRQIU]DXQHÃ(UOHµ:LHODXWHWH--XGVLQJHQL|VH+\SRWKHVHXQGZDUXPLVWVLHOHW]WOLFKQLFKW KDOWEDU"  )DVVHQ6LH/GWNH ,II ]XU%HGHXWXQJVHQWZLFNOXQJNRQNUHW!DEVWUDNWLP%HUHLFKGHU 9HUEHQGHV'HQNHQV]XVDPPHQ  &KDUDNWHULVLHUHQ6LHQDFK%HW]IROJHQGH:|UWHU D :RFKHQHQGH+DOELQVHO+RFKVFKXOH/RJ JLDIHVFK6QGH6HHOH3IDO] E &RPSXWHU5HFKQHUÃ&RPSXWHUµIU]ORJLFLHOÃ6RIWZDUHµVS HVFiQHUÃ6FDQQHUµVSUDWyQÃ&RPSXWHU0DXVµVSFRSLDUÃNRSLHUHQµ DOV&RPSXWHU7HUPLQXV  LWLQWHUIDFFLDÃ6FKQLWWVWHOOHµGW6FKQLWWVWHOOH



6SUDFKVNL]]H/DWHLQ



.ODVVLVFKHVYV9XOJlUODWHLQ

:HQQZLUVDJHQGDVVGLHURPDQLVFKHQ6SUDFKHQYRP/DWHLQDEVWDPPHQJLOWHVLP$XJH]X EHKDOWHQ GDVV GDPLW QLFKW GLH HLQHP lX‰HUVW HOLWlUHQ.XQVWLGHDOYHUSIOLFKWHWH6SUDFKHXQ VHUHU ODWHLQLVFKHQ 6FKXODXWRUHQ JHPHLQW LVW $XFK GDV /DWHLQ ZDU YRU ]ZHLWDXVHQG -DKUHQ HLQH OHEHQGH 6SUDFKH PLW YHUVFKLHGHQHQ JHRJUDSKLVFKHQ XQG VR]LDOHQ $XVSUlJXQJHQ GHU OXNDQLVFKH%DXHUVSUDFKDQGHUVDOVGHU6WDGWU|PHUGLH6NODYLQDQGHUVDOVGLH$ULVWRNUDWLQ 6HOEVW&LFHURYHUZHQGHWHLQVHLQHQSULYDWHQ%ULHIHQHLQHYLHOZHQLJHUQRUPJHUHFKWH6SUD FKH DOV LQ VHLQHQ JHVFKOLIIHQHQ 5HGHQ $OO MHQH )RUPHQ GHV /DWHLQV GLH QLFKW GHP OLWH UDULVFKHQ ,GHDOW\S HQWVSUHFKHQ IDVVW PDQ XQWHU GHP %HJULII 9XOJlUODWHLQ ]X ODW YXOJXV Ã9RONµ ]XVDPPHQXQGGLHVHV9XOJlUODWHLQLVWHVKDXSWVlFKOLFKGDVDOV*UXQGODJHIUGLH $XVELOGXQJ GHU URPDQLVFKHQ 6SUDFKHQ DQ]XVHKHQ LVW 'LHV LVW QLFKW ZHLWHU YHUZXQGHUOLFK ZHQQ PDQ EHGHQNW GDVV PLW GHP =XVDPPHQEUXFK GHV :HVWU|PLVFKHQ 5HLFKHV GDV %LO GXQJVZHVHQ XQG GDPLW GLH 3IOHJH GHU NXOWLYLHUWHQ /LWHUDWXUVSUDFKH ZHLWJHKHQG ]XP (UOLH JHQNDPHQ,P=XJHGHU9|ONHUZDQGHUXQJEHUQDKPHQ.XOWXUHQGLH+HUUVFKDIWGLHJDQ] RGHUEHUZLHJHQGDXI0QGOLFKNHLWEHUXKWHQXQGQLFKWDXIJHVFKULHEHQHQ7H[WHQ hEHU GDV 9XOJlUODWHLQ VLQG ZLU UHODWLY JXW XQWHUULFKWHW *UDPPDWLNHU WDGHOQ ÄIDOVFKH³ )RUPHQ±XQGEHOHJHQGDPLWIUXQVGHUHQ([LVWHQ]7KHDWHUGLFKWHU6DWLULNHUDOOHQYRUDQ DEHU GHU 5RPDQDXWRU 3HWURQLXV VHW]HQ GDV 0LWWHO GHU GLUHNWHQ 3HUVRQHQFKDUDNWHULVWLN HLQ XQGODVVHQLKUH)LJXUHQÄDXWKHQWLVFK³VSUHFKHQ9LHOHÄ)HKOHU³YRQ)DFKVFKULIWVWHOOHUQVLQG DXI HLQH IHKOHQGH RGHU PDQJHOKDIWH JUDPPDWLVFKUKHWRULVFKH $XVELOGXQJ ]XUFN]XIKUHQ GHU JUR‰H %DXPHLVWHU 9LWUXY HWZD VFKUHLEW HQWVFKXOGLJHQG 1RQ SRWHVW HVVH DUFKLWHFWXV JUDPPDWLFXV Ã(LQ $UFKLWHNW NDQQ NHLQ *UDPPDWLNHU VHLQµ $OV ZDKUH )XQGJUXEH YRONV WPOLFKHQ 6SUDFKJHEUDXFKV HUZHLVHQ VLFK VFKOLH‰OLFK *UDELQVFKULIWHQ )OXFKWDIHOQ GK DQ GLH$GUHVVHYRQ5DFKHJRWWKHLWHQJHULFKWHWH9HUZQVFKXQJHQYRQ)HLQGHQRGHU.RQNXUUHQ WHQ  RGHU *UDIILWL :DQGLQVFKULIWHQ E]Z NULW]HOHLHQ  VSH]LHOO GLH YRQ 3RPSHL 1LFKW ]X





YHUJHVVHQ VLQG DXFK GLH ÄFKULVWOLFKHQ³ 7H[WH GD LKUH 9HUIDVVHU PHLVW GHQ XQWHUHQ 9RONV VFKLFKWHQHQWVWDPPWHQXQGRIWQLFKW/DWHLQDOV0XWWHUVSUDFKHKDWWHQ 'LH LQ VROFKHQ 4XHOOHQ EHUOLHIHUWHQ YRP NODVVLVFKHQ /DWHLQ DEZHLFKHQGHQ )RUPHQ GUIHQ QDWUOLFK QLFKW LPPHU IU EDUH 0Q]H JHQRPPHQ ZHUGHQ VRQGHUQ EHGUIHQ GHU SKLORORJLVFKHQ ,QWHUSUHWDWLRQ +lXILJ HWZD EHJHJQHW PDQ +\SHUNRUUHNWLVPHQ GK XQ NRUUHNWHQ)RUPHQGLHHLQHUYHUXQJOFNWHQ$QSDVVXQJDQHLQHQLFKWYROOEHKHUUVFKWHKRFK VSUDFKOLFKH1RUPHQWVSULQJHQ'HU9HUIDVVHUGHUIROJHQGHQ,QVFKULIWZXVVWHRIIHQVLFKWOLFK GDVV LQGHU8PJDQJVVSUDFKHRIWHLQ QYRUVDXVJHODVVHQZXUGH YJOODW 0(16$Ã7LVFKµ! YOW0(6$VRKHXWHDXFKVSDQLVFKSRUWXJLHVLVFK GDKHUWHQGLHUWHUGD]XEHLP6FKUHLEHQHLQ Q DXFK GRUW HLQ]XVHW]HQ ZR NHLQHV KLQJHK|UW ZLH LQ IRUPRQVXV 2PQLD IRUPRQVLV FXSLR GRQDUHSXHOOLVÃ$OOHVZLOOLFKGHQVFK|QHQ0lGFKHQJHEHQµ



'HU7XUPEDX]X%DEHO/DWHLQLVFK

'HU IROJHQGH ODWHLQLVFKH 7H[W GLH (SLVRGH YRP 7XUPEDX ]X %DEHO DXV GHP $OWHQ 7HVWD PHQW *HQHVLV VWDPPWDXVGHUXPHQWVWDQGHQHQ%LEHOEHUVHW]XQJGHVKHLOLJHQ +LHURQ\PXVGHUVRJHQDQQWHQ9XOJDWD'HU6FKXW]SDWURQGHUhEHUVHW]HUYHUIJWHEHUHLQH SURIXQGHJUDPPDWLVFKUKHWRULVFKH$XVELOGXQJXQGVFKULHEHLQNRUUHNWHVDEHUQLFKWNXQVW YROOVWLOLVLHUWHV/DWHLQ'HUODWHLQLVFKH7H[WZLUGYRQHLQHUGHXWVFKHQ,QWHUOLQHDUYHUVLRQXQG HLQHUUHJXOlUHQhEHUVHW]XQJ =ULFK9HUODJGHU=UFKHU%LEHO EHJOHLWHW'LH)lOOH GHU6XEVWDQWLYHXQG$GMHNWLYHZHUGHQGXUFKLKUH$QIDQJVEXFKVWDEHQDQJH]HLJW YJO   (UDWDXWHPWHUUDODELLXQLXVHWVHUPRQXPHRUXQGHP (VZDUDEHU(UGH1/LSSH*HLQH*XQG5HGHZHLVHQ*JOHLFKH* &XPTXHSURILFLVFHUHQWXUGHRULHQWHLQYHQHUXQWFDPSXPLQWHUUD $OVXQGVLHEUDFKHQDXIYRQ2ULHQW$EOVLHIDQGHQ)HOG$NLQ/DQG$EO 6HQQDDUHWKDELWDYHUXQWLQHR'L[LWTXHDOWHUDGSUR[LPXPVXXP 6LQHDUXQGVLHZRKQWHQLQLKP6DJWHXQGHLQHU1]XQlFKVWHU$NVHLQ$N 9HQLWHIDFLDPXVODWHUHVHWFRTXDPXVHRVLJQL .RPPWPDFKHQZLU=LHJHO$NXQGEUHQQHQZLUVLH)HXHU$EO +DEXHUXQWTXHODWHUHVSURVD[LVHWELWXPHQSURFDHPHQWR 6LHKDWWHQXQG=LHJHO$NVWDWW6WHLQH$EOXQG7HHU$NVWDWW0|UWHO$EO (WGL[HUXQW9HQLWHIDFLDPXVQRELVFLYLWDWHPHWWXUULPFXLXVFXOPHQ 8QGVLHVDJWHQ.RPPWPDFKHQZLUXQV6WDGW$NXQG7XUP$NGHVVHQ6SLW]H1 SHUWLQJDWDGFDHOXPHWFHOHEUHPXVQRPHQQRVWUXPDQWHTXDP UHLFKH]X+LPPHO$NXQGIHLHUQZLU1DPH$NXQVHU$NEHYRU GLYLGDPXULQXQLYHUVDVWHUUDV ZLUZHUGHQ]HUVWUHXWEHUDOOH$N/lQGHU$N 'HVFHQGLWDXWHP'RPLQXVXWYLGHUHWFLYLWDWHPHWWXUULP 6WLHJKHUDEDEHU+HUU1GDPLWHUVlKH6WDGW$NXQG7XUP$N TXDPDHGLILFDEDQWILOLL$GDPHWGL[LW(FFHXQXVHVWSRSXOXV

 GHQVLHEDXWHQ6|KQH1$GDP*XQGHUVDJWH6HKWHLQVLVW9RON1 HWXQXPODELXPRPQLEXVFRHSHUXQWTXHKRFIDFHUHQHF XQGHLQH1/LSSH1DOOHQVLHKDEHQEHJRQQHQXQGGDVPDFKHQXQGQLFKW GHVLVWHQWDFRJLWDWLRQLEXVVXLVGRQHFHDVRSHUHFRPSOHDQW VLHZHUGHQDXIK|UHQPLW9RUKDEHQ$EOLKUH$EELVGLHVH:HUN$EVLHYROOHQGHQ .RQM  9HQLWHLJLWXUGHVFHQGDPXVHWFRQIXQGDPXVLELOLQJXDPHRUXP .RPPWDOVRVWHLJHQZLUKLQDEXQGYHUZLUUHQZLUGRUW6SUDFKH$NLKUH 8WQRQDXGLDWXQXVTXLVTXHYRFHPSUR[LPLVXL$WTXHLWDGLYLVLW 'DPLWQLFKWK|UHLUJHQGHLQHU6WLPPH$N1lFKVWHU*VHLQ*8QGVRYHUWHLOWH HRV'RPLQXVH[LOORORFRLQXQLYHUVDVWHUUDVHWFHVVDYHUXQW VLH+HUU1YRQMHQHU$EO2UW$EOEHUDOOH$N/lQGHU$NXQGVLHK|UWHQDXI DHGLILFDUHFLYLWDWHP(WLGFLUFRYRFDWXPHVWQRPHQHLXV%DEHO EDXHQ6WDGW$N8QGGDKHUJHQDQQW1ZXUGH1DPH1VHLQ%DEHO TXLDLELFRQIXVXPHVWODELXPXQLYHUVDHWHUUDHHWLQGHGLVSHUVLWHRV GDGRUWYHUZLUUWZXUGH/LSSH1JDQ]H*(UGH*XQGYRQGRUW]HUVWUHXWHVLH 'RPLQXVVXSHUIDFLHPFXQFWDUXPUHJLRQXP +HUU1EHU2EHUIOlFKH$NDOOH**HJHQGHQ*  (V KDWWH DEHU DOOH :HOW HLQHUOHL 6SUDFKH XQG HLQHUOHL :RUWH $OV VLH QXQ LP 2VWHQ DXI EUDFKHQ IDQGHQ VLH HLQH (EHQH LP /DQGH 6LQHDU XQG VLH OLH‰HQ VLFK GRUWQLHGHU8QGVLH VSUDFKHQXQWHUHLQDQGHU:RKODQODVVWXQV=LHJHOVWUHLFKHQXQGKDUWEUHQQHQ8QGHVGLHQWH LKQHQ GHU =LHJHO DOV 6WHLQ XQG GHU $VSKDOW GLHQWH LKQHQ DOV 0|UWHO 8QG VLH VSUDFKHQ :RKODQODVVWXQVHLQH6WDGWEDXHQXQGHLQHQ7XUPGHVVHQ6SLW]HELVLQGHQ+LPPHOUHLFKW VR ZROOHQ ZLU XQV HLQ 'HQNPDO VFKDIIHQ GDPLW ZLU XQV QLFKW EHU GLH JDQ]H (UGH ]HU VWUHXHQ 'D IXKU GHU +HUU KHUQLHGHU XP GLH 6WDGW ]X EHVHKHQ XQG GHQ 7XUP GHQ GLH 0HQVFKHQNLQGHU JHEDXW KDWWHQ 8QG GHU +HUU VSUDFK 6LHKH VLH VLQG HLQ 9RON XQG KDEHQ DOOHHLQH6SUDFKH8QGGLHVLVWHUVWGHU$QIDQJLKUHV7XQVQXQPHKUZLUGLKQHQQLFKWVPHKU XQP|JOLFKVHLQZDVLPPHUVLHVLFKYRUQHKPHQ:RKODQODVVWXQVKLQDEIDKUHQXQGGDVHOEVW LKUH6SUDFKHYHUZLUUHQGDVVNHLQHUPHKUGHVDQGHUQ6SUDFKHYHUVWHKH$OVR]HUVWUHXWHVLH GHU+HUUYRQGRUWEHUGLHJDQ]H(UGHXQGVLHOLH‰HQDEGLH6WDGW]XEDXHQ'DKHUKHL‰WLKU 1DPH%DEHOZHLOGHU+HUUGDVHOEVWGLH6SUDFKHDOOHU:HOWYHUZLUUWXQGVLHYRQGRUWEHU GLHJDQ]H(UGH]HUVWUHXWKDW



=XU$XVVSUDFKHGHV/DWHLQV

'DV /DWHLQ LVW XQV QXU LQ VFKULIWOLFKHQ 'RNXPHQWHQ EHUOLHIHUW ,Q GHQ HLQ]HOQHQ 6SUDFK JHPHLQVFKDIWHQ PLW ODWHLQLVFKHP %LOGXQJVKLQWHUJUXQG KDEHQ VLFK XQWHUVFKLHGOLFKH $XV VSUDFKHWUDGLWLRQHQKHUDXVJHELOGHWGLHDOOHYRQGHUWDWVlFKOLFKHQ$XVVSUDFKHGHV/DWHLQVLP $OWHUWXP PHKU RGHU ZHQLJHU ZHLW HQWIHUQW VLQG /DW XQXV HWZD GDV DQQlKHUQG VR DXVJH VSURFKHQZXUGHZLHLQGHUKHXWLJHQGHXWVFKHQ$XVVSUDFKHODXWHWLQ)UDQNUHLFK>\Q\V@XQG LQ(QJODQGJDU>MXQ:V@





(V LVW GHU 6SUDFKIRUVFKXQJ MHGRFK JHOXQJHQ GLH WDWVlFKOLFKH $XVVSUDFKH GHV /DWHLQV ZHLWJHKHQG ]X UHNRQVWUXLHUHQ 'HU EHGHXWHQGVWH 8QWHUVFKLHG ]ZLVFKHQ GHU GHXWVFKHQ XQG GHUDXWKHQWLVFKHQ$XVVSUDFKHGHV/DWHLQVEHWULIIWGLH/lQJHGHU9RNDOHGLH9RNDOTXDQWL WlW'HQIQIODWHLQLVFKHQ%XFKVWDEHQDHLRXHQWVSUHFKHQQlPOLFK]HKQYHUVFKLHGHQH /DXWHGDMHGHU9RNDOODQJRGHUNXU]VHLQNDQQ6RKHL‰WPDOXVPLWNXU]HPD ZLHLQKDW  ÃE|VHµ PDOXV PLW ODQJHP D ZLH LQ 7DJ  KLQJHJHQ Ã$SIHOEDXPµ ,Q VSUDFKZLVVHQVFKDIW OLFKHQ 7H[WHQ ZLUG /lQJH RIW GXUFK HLQHQ %DONHQ Ɨ XVZ  JHNHQQ]HLFKQHW .U]H GXUFK HLQHQ+DOENUHLV ăXVZ RGHUJDUQLFKW'LH%HUFNVLFKWLJXQJGHU9RNDOTXDQWLWlWDXIGLH LP/DWHLQXQWHUULFKWJHZ|KQOLFKXQG]X8QUHFKWQLFKWYLHO:HUWJHOHJWZLUGLVWIUGDV6WX GLXP GHU ODWHLQLVFKHQ 6SUDFKH XQG ]ZDU VRZRKO GHU *UDPPDWLN GHU 0HWULN DOV DXFK GHU 6SUDFKJHVFKLFKWHYRQJU|‰WHU%HGHXWXQJ ,P 9XOJlUODWHLQ ZXUGH GLHVHV 9RNDOV\VWHP UDGLNDO XPJHVWDOWHW PDQ VSULFKW DXFK YRQ 4XDQWLWlWHQNROODSV $XVGHQIQIODQJHQXQGIQINXU]HQ9RNDOHQGHVNODVVLVFKHQ/DWHLQV ZXUGHLQZHLWHQ*HELHWHQGHV5|PLVFKHQ5HLFKHVHLQ6\VWHPYRQVLHEHQ9RNDOHQGLHVLFK QLFKWPHKUGXUFKGLH/lQJHVRQGHUQQXUPHKUGXUFKGHQgIIQXQJVJUDGXQWHUVFKLHGHQ  .ODVVLVFKHV/DWHLQ ƯƱƝƟƗăǂǀǎnj     









9XOJlUODWHLQ >L@>H@>(@>D@>2@>R@>X@

 'LH9RNDOYHUELQGXQJHQDXXQGDHVLQGLPNODVVLVFKHQ/DWHLQDOV'LSKWKRQJH]XOHVHQ$X ZXUGH LP 9XOJlUODWHLQ ZHLWHU *HELHWH ]XP 0RQRSKWKRQJ ÃHLQ /DXWµ  >2@ DH ]X >(@ NOW $8580Ã*ROGµ!YOW>2UX@NOW&$(/80Ã+LPPHOµ!YOW>N(OX@ .RQVRQDQWHQN|QQHQLP/DWHLQLVFKHQHEHQIDOOVODQJRGHUNXU]VHLQ'DEHLZLUG4XDQ WLWlW GXUFK 'RSSHOVFKUHLEXQJ JHNHQQ]HLFKQHW :lKUHQG LP 'HXWVFKHQ GLH 'RSSHOVFKUHL EXQJYRQ.RQVRQDQWHQQXU]XU$Q]HLJHGHU.U]HGHVYRUKHUJHKHQGHQ9RNDOVGLHQW GDVO YRQ:DOOLVWQLFKWOlQJHUDOVGDVYRQ:DO VLQGODWHLQLVFKH'RSSHONRQVRQDQWHQWDWVlFKOLFK ÄGRSSHOW³ GKODQJ ODWEHOOXP]%LVW]XVSUHFKHQZLHLWDOLHQLVFKEHOOR 'HU%XFKVWDEHF!VWHKWLPPHUIU>N@&LFHURKLH‰.LNHURQLFKW7VLWVHUR'LHV]HLJW VLFKQRFK]%LQGW.HOOHUGDVHLQHVHKUIUKH(QWOHKQXQJYRQODWFHOODULXPLVWRGHULP :RUW.LFKHUHUEVHDXVODWFLFHU PLWGHPVSlWHUHQHUNOlUHQGHQ=XVDW](UEVH  $XVODXWHQGHVPZXUGHDXFKLQGHU+RFKVSUDFKHQLFKWJHVSURFKHQZLHZLUXDDXVGHU 0HWULN ZLVVHQ ZR DXI P HQGHQGH :|UWHU EHKDQGHOW ZHUGHQ ZLH VROFKH GLH DXI 9RNDO DXVJHKHQ(LQVLVWLPPHUVWLPPORVGDVULVWDSLNDO 'HU :RUWDN]HQW IlOOW LP /DWHLQLVFKHQ LQ PHKUVLOELJHQ :|UWHUQ DXI GLH YRUOHW]WH 6LOEH ZHQQGLHVHÄVFKZHU´LVWKLQJHJHQDXIGLHGULWWOHW]WHZHQQGLHYRUOHW]WHÄOHLFKW´LVW/HLFKW LVWHLQH6LOEHZHQQVLHDXINXU]HQ9RNDOHQGHW ]%SXLQSRSǎOXV VFKZHUZHQQVLHDXI /DQJYRNDO RGHU .RQVRQDQW HQGHW ]% WX LQ ELWnjPHQ RGHU PHQ LQ FDHPHQWXP  $XI GHU GULWWOHW]WHQ6LOEHEHWRQWH:|UWHUYHUORUHQLP9XOJlUODWHLQKlXILJGHQ9RNDOGHUYRUOHW]WHQ  



 %XFKVWDEHQ VFKUHLEW PDQ EOLFKHUZHLVH LQ 6SLW]NODPPHUQ ZHQQ PDQ KHUYRUKHEHQZLOOGDVVHV DXIGLH6FKUHLEXQJDQNRPPW

 6LOEHFiOLGXVÃZDUPµHWZDZXUGH]XFDOGXV(LQH9RNDOWLOJXQJGLHVHV7\SVKHL‰W6\QNRSH %HWRQXQJDXIGHUHUVWHQ6LOEHLP*HJHQVDW]]XPPXVLNDOLVFKHQ)DFKDXVGUXFN 



=XU*UDPPDWLNGHV/DWHLQV

=X GHQ &KDUDNWHULVWLND GHV /DWHLQV EHVRQGHUV LP 9HUJOHLFK ]X GHQ KHXWLJHQURPDQLVFKHQ 6SUDFKHQ PLW $XVQDKPH GHV 5XPlQLVFKHQ  JHK|UW GDVV 6XEVWDQWLYH XQG $GMHNWLYH LQ $EKlQJLJNHLWYRQLKUHU5ROOHLP6DW]YHUVFKLHGHQH(QGXQJHQHUKDOWHQPVVHQ,QXQVHUHP 7H[W HWZD HUVFKHLQW GDV :RUW IU Ã(UGHµ LQ GHQ GUHL )RUPHQ WHUUD WHUUDH XQGWHUUDV'LH ODWHLQLVFKHQ 6XEVWDQWLY XQG $GMHNWLYHQGXQJHQ GUFNHQ ]XJOHLFK GLH JUDPPDWLNDOLVFKHQ .DWHJRULHQ 1XPHUXV GK =DKO  .DVXV )DOO 3O .DVXV  XQG *HQXV *HVFKOHFKW 3O *HQHUD DXV'LH.DWHJRULH1XPHUXV]HUIlOOWLP/DWHLQLVFKHQLQ6LQJXODUXQG3OXUDOEHL GHU .DWHJRULH .DVXV ZHUGHQ WUDGLWLRQHOO VHFKV )lOOH XQWHUVFKLHGHQ 1RPLQDWLY *HQLWLY VHOWHQHU*HQHWLY 'DWLYXQG$NNXVDWLYVSLHOHQLP:HVHQWOLFKHQGLHVHOEHQ5ROOHQZLHLP 'HXWVFKHQ GHU HUVWH ]ZHLWH GULWWH XQG YLHUWH )DOO 'HU 9RNDWLY LVW GHU.DVXVGHU$QUHGH ]%GRPLQHÃ+HUUµ1RPLQDWLYGRPLQXV 'HU$EODWLYVFKOLH‰OLFKKDWPHLVWGLH)XQNWLRQ GLH LP 'HXWVFKHQ GLH 3UlSRVLWLRQHQ PLW XQG GXUFK HUIOOHQ ]% LJQL ÃPLW E]Z GXUFK )HXHUµ 1RPLQDWLY LJQLV  7HUUD XQG GRPLQXV KDEHQ IROJHQGH ]Z|OI 1XPHUXV.DVXV )RUPHQ   6LQJXODU  3OXUDO   6LQJXODU  3OXUDO  1 WHUUD  WHUUDH   GRPLQXV  GRPLQƯ * WHUUDH  WHUUƗUXP   GRPLQƯ  GRPLQǀUXP ' WHUUDH  WHUUƯV    GRPLQǀ  GRPLQƯV $N WHUUDP  WHUUƗV   GRPLQXP  GRPLQǀV 9 WHUUD  WHUUDH   GRPLQH  GRPLQƯ $EO WHUUƗ  WHUUƯV    GRPLQǀ  GRPLQƯV   'LH*HVDPWKHLWGHU1XPHUXV.DVXV)RUPHQHLQHV:RUWHVQHQQWPDQ'HNOLQDWLRQ



/LWHUDWXU

$OOHQ  +HUPDQ  -DQVRQ  0DURX]HDX  0OOHU/DQFp  



$XIJDEHQ

 )DVVHQ 6LH GLH .DSLWHO D  Ä*HVFKLFKWH GHV /DWHLQV´ XQG E  Ä'DV /HEHQ GHV/DWHLQV´>QXUIU /DWHLQNXQGLJH@LQ0DURX]HDX  ]XVDPPHQ





 (UPLWWHOQ6LHPLW+LOIHHLQHVJXWHQODWHLQLVFKHQ:|UWHUEXFKVGLH4XDQWLWlWGHUKHUYRUJHKREHQHQ 9RNDOH IROJHQGHU :|UWHU XQVHUHV 7H[WHV SUR[LPXV ELWXPHQSRSXOXVIDFHUHLJLWXUGRPLQXV %HVWLPPHQ6LHGDQQQDFKGHULQDQJHJHEHQHQ5HJHOGHQ$N]HQWGHUIROJHQGHQ:|UWHUGHV 7H[WHV GLH 6LOEHQWUHQQXQJ IXQNWLRQLHUW ZLH LP 'HXWVFKHQ  HRUXQGHP SURILFLVFHUHQWXU SUR[LPXPELWXPHQFDHPHQWRXQLYHUVDVSRSXOXVIDFHUHGHVLVWHQWLJLWXUGRPLQXV  ,QGHUVRJHQDQQWHQ$SSHQGL[3URELDXVGHP-KQ&KUVWHOOWHLQDQRQ\PHU*UDPPDWLNHU NRUUHNWH DXV VHLQHU 6LFKW WDGHOQVZHUWHQ )RUPHQ JHJHQEHU *HEHQ 6LH DQ XP ZHOFKH YXOJlU ODWHLQLVFKHQ (QWZLFNOXQJHQ HV VLFK LQ GHQ IROJHQGHQ %HLVSLHOHQ KDQGHOW D  VSHFXOXP QRQ VSHFOXPÃ6SLHJHOµ E ROLPQRQROLÃHLQVWµ F DXULVQRQRULFODÃ2KUµ LFODLVWHLQH'LPLQXWLY HQGXQJ  G RFFDVLRQRQRFFDQVLRÃ*HOHJHQKHLWµ  'LH $SSHQGL[ 3UREL YJO $XIJDEH   HQWKlOW XD IROJHQGH 9RUVFKULIWHQ LQ GHQHQ V\QNRSLHUWH YXOJlUODWHLQLVFKH)RUPHQJHWDGHOWZHUGHQVSHFXOXPQRQVSHFOXPÃ6SLHJHOµYHWXOXVQRQYHFOXV ÃDOWµ RFXOXV QRQ RFOXV Ã$XJHµ YLULGLV QRQ YLUGLV ÃJUQµ 6FKODJHQ 6LH LQ HLQHP GHXWVFK LWDOLHQLVFKHQ:|UWHUEXFKGLHHQWVSUHFKHQGHQLWDOLHQLVFKHQ:|UWHUQDFKXQGHQWVFKHLGHQ6LHRE GLHVHGLHNODVVLVFKHQRGHUGLHYXOJlUODWHLQLVFKHQ)RUPHQIRUWVHW]HQ  %HVWLPPWH 3UlSRVLWLRQHQ UHJLHUHQ GK YHUODQJHQ 6XEVWDQWLY 5HNWLRQ  LP /DWHLQLVFKHQ EH VWLPPWH .DVXV (UPLWWHOQ 6LH DQ +DQG XQVHUHV 7H[WHV ZHOFKH .DVXV ODW LQ UHJLHUW +lQJW GLH :DKOGHV.DVXVPLWGHU%HGHXWXQJ]XVDPPHQ"*LEWHVHLQH3DUDOOHOH]XUGHXWVFKHQ3UlSRVLWLRQ LQ"  'DV /DWHLQLVFKH NHQQW NHLQHQ $UWLNHO %HVWLPPWKHLW XQG 8QEHVWLPPWKHLW VLQG GDKHU QXU XQWHU %HUFNVLFKWLJXQJGHV.RQWH[WVIHVWVWHOOEDU,QXQVHUHP7H[W]%LVWFLYLWDWHPHLQPDOEHVWLPPW XQG HLQPDO XQEHVWLPPW :LH VLQG QDFK /DXVEHUJ  †   GLH $UWLNHO GHU URPDQLVFKHQ 6SUDFKHQHQWVWDQGHQ"  6FKODJHQ6LHLQHLQHPVSUDFKZLVVHQVFKDIWOLFKHQ/H[LNRQQDFKZDVPDQXQWHUDQDO\WLVFKHPXQG V\QWKHWLVFKHP 6SUDFKEDX YHUVWHKW XQG VXFKHQ 6LH LQ GHU hEHUVHW]XQJ GHV 7XUPEDX7H[WHV LQ ,KUH URPDQLVFKH 6SUDFKH %HLVSLHOH GLH GHQ :DQGHO YRQ GHU V\QWKHWLVFKHQ ]XU DQDO\WLVFKHQ .RQVWUXNWLRQEHOHJHQ  ,QIRUPLHUHQ 6LH VLFK LQ /DXVEHUJ   GDUEHU ZLH VLFK )XWXU XQG .RPSDUDWLRQ GK 6WHLJHUXQJ  YRP /DWHLQLVFKHQ ]XP 5RPDQLVFKHQ HQWZLFNHOW KDEHQ XQG FKDUDNWHULVLHUHQ 6LH GHUHQ(QWZLFNOXQJPLWGHQ%HJULIIHQV\QWKHWLVFKXQGDQDO\WLVFK  6WHOOHQ6LHPLW+LOIHHLQHU*UDPPDWLNIHVWZHOFKHV\QWKHWLVFKHQ.RPSDUDWLYHLQ,KUHUURPDQL VFKHQ6SUDFKHEHUOHEWKDEHQ:DUXPJHUDGHGLHVH"



9LHUWH8QWHUULFKWVHLQKHLW



/LWHUDWXUVXFKH,NRQYHQWLRQHOO



(UVWH6FKULWWH

:HU VLFK EHU GLH ZLFKWLJVWH /LWHUDWXU ]X HLQHP EHVWLPPWHQ 7KHPD VHLQHV )DFKJHELHWHV LQIRUPLHUHQ ZLOO WXWJXWGDUDQ]XHLQHPGHUJUXQGOHJHQGHQ+DQGEFKHUIUGLHMHZHLOLJH 'LV]LSOLQ ]X JUHLIHQ )U GLH 5RPDQLVWLN OLHJW LQ )RUP GHV /H[LNRQV GHU URPDQLVWLVFKHQ /LQJXLVWLN %GH HLQ1DFKVFKODJHZHUNYRUGDV]XGHQ]HQWUDOHQ*HELHWHQGHU URPDQLVFKHQ 6SUDFKZLVVHQVFKDIW E]Z ]X GHQ URPDQLVFKHQ (LQ]HOVSUDFKHQ JUXQGOHJHQGH  VDFKOLFKH XQG ELEOLRJUDSKLVFKH ,QIRUPDWLRQHQ OLHIHUW  'DV XQV\VWHPDWLVFKH %LEOLRJUDSKLH UHQDOVRGDV$XVZHUWHQGHU/LWHUDWXUYHU]HLFKQLVVHEHUHLWVDOVZLFKWLJHUNDQQWHU)DFKOLWHUD WXU ELUJW DOOHUGLQJV GLH *HIDKU GDVV QHXHUH XQG ZLFKWLJH $XIVlW]H RGHU 0RQRJUDSKLHQ EHUVHKHQZHUGHQ'HU]ZHLWH6FKULWWPXVVDOVRDXIMHGHQ)DOOGDULQEHVWHKHQGLHHLQVFKOl JLJHQ %LEOLRJUDSKLHQ GK 3XEOLNDWLRQVYHU]HLFKQLVVH ]X NRQVXOWLHUHQ 'HU VDFKNXQGLJH 8PJDQJPLWGLHVHQ,QIRUPDWLRQVPLWWHOQPXVVYRPHUVWHQ6HPHVWHUDQJHOHUQWXQGWUDLQLHUW ZHUGHQ'XUFKGLHURXWLQLHUWH%HQW]XQJYRQ%LEOLRJUDSKLHQNDQQPDQLP/DXIHGHV6WX GLXPVYLHO=HLWVSDUHQ %LEOLRJUDSKLHQN|QQHQQDFKGHQYHUVFKLHGHQVWHQ%HGUIQLVVHQXQG*HVLFKWVSXQNWHQHU VWHOOWVHLQ'LHZHVHQWOLFKVWHQGLHVHU*HVLFKWVSXQNWHVLQG  D GLHWKHPDWLVFKH%UHLWH$OOJHPHLQELEOLRJUDSKLHQHUIDVVHQGDVJDQ]H6FKULIWWXPHLQHVEH VWLPPWHQ=HLWUDXPVZlKUHQG)DFKELEOLRJUDSKLHQVLFKZLHGHU1DPHVFKRQVDJWDXIHLQ )DFK EHVFKUlQNHQ XQG 7HLO XQG 6RQGHUELEOLRJUDSKLHQ QXU 7HLOEHUHLFKH HLQHV )DFKV HUIDVVHQ E GLH EHUFNVLFKWLJWHQ 3XEOLNDWLRQVW\SHQ 6SUDFKUlXPH HWF XPIDVVHQGH %LEOLRJUDSKLHQ PDFKHQKLHUNHLQH(LQVFKUlQNXQJHQZlKUHQG$XVZDKOELEOLRJUDSKLHQ]%QXU'LVVHUWD WLRQHQQXU6FKZHL]HU3XEOLNDWLRQHQXVZHUIDVVHQN|QQHQ F GLH(UVFKHLQXQJVZHLVHSHULRGLVFKH%LEOLRJUDSKLHQHUVFKHLQHQLQUHJHOPl‰LJHQ$EVWlQ GHQZlKUHQGUHWURVSHNWLYHRGHUDEJHVFKORVVHQH%LEOLRJUDSKLHQGDVLQQHUKDOEHLQHVEH VWLPPWHQ =HLWUDXPV HUVFKLHQHQH 6FKULIWWXP DXIOLVWHQ 'LH ZLFKWLJVWHQ SHULRGLVFKHQ %LEOLRJUDSKLHQ IU GLH URPDQLVFKH 6SUDFKZLVVHQVFKDIW ZHUGHQ LQ +LOOHQ5KHLQEDFK  XQG  YRUJHVWHOOW

  

 =XP7HLOVSLHJHOQGLH$UWLNHODXFKLQGHQ]XOHW]WHUVFKLHQHQHQ%lQGHQOHLGHUGHQ)RUVFKXQJV VWDQGYRQ0LWWHGHUHU-DKUHZLGHU

 G GLH 3XEOLNDWLRQVIRUP VHOEVWVWlQGLJH %LEOLRJUDSKLHQ HUVFKHLQHQ DOV %FKHU RGHU +HIWH ZlKUHQGXQVHOEVWVWlQGLJH%LEOLRJUDSKLHQQXU7HLOHYRQ3XEOLNDWLRQHQELOGHQ H GHU$XIEDX%LEOLRJUDSKLHQN|QQHQQDFK6DFKJHELHWHQFKURQRORJLVFKRGHUDOSKDEHWLVFK QDFK$XWRUHQQDPHQJHRUGQHWVHLQ$XFKHLQH.RPELQDWLRQGLHVHU.ULWHULHQLVWP|JOLFK I  GLH=XVDW]LQIRUPDWLRQHQZlKUHQGGLHPHLVWHQ%LEOLRJUDSKLHQQXUELEOLRJUDSKLVFKH$Q JDEHQ ELHWHQ HQWKDOWHQ UlVRQLHUHQGH RGHU NRPPHQWLHUWH %LEOLRJUDSKLHQ NXU]H LQKDOW OLFKH&KDUDNWHULVLHUXQJHQGHUDXIJHIKUWHQ7LWHO)UGDV,WDOLHQLVFKHVHLEHVRQGHUVDXI GLH GUHL IROJHQGHQ NRPPHQWLHUWHQ %LEOLRJUDSKLHQ KLQJHZLHVHQ *DPEDUDUD 'DQLHOH 5DPDW3DROR +J   'LHFLDQQLGLOLQJXLVWLFDLWDOLDQD ± 5RP%XO ]RQL &RUWHOD]]R 0LFKHOH0LRQL $OEHUWR +J    /D OLQJXLVWLFD LWDOLDQD GHJOL DQQL ± 5RP %XO]RQL /DYLQLR &ULVWLQD   /D OLQJXLVWLFD LWDOLDQD DOOH VRJOLH GHO  ± H ROWUH  5RPD %XO]RQL 1HXHUH VSDQLVFKH )DFKOLWHUDWXU HUIDVVW %iH] 6DQ -RVp 9DOHULR HW DO   %LEOLRJUDItD GH OLQJtVWLFD JHQHUDO \ HVSDxROD ± %GH$OFDOiGH+HQDUHV8QLYHUVLGDG  $XV*UQGHQGHU3ODW]HUVSDUQLVZLUGLQ%LEOLRJUDSKLHQVHKUYLHODEJHNU]WXQGPLW6LJOHQ JHDUEHLWHW'DKHULVWHVZLFKWLJVLFKHLQHQhEHUEOLFNEHUGLHYHUZHQGHWHQ.U]HOGLHLQ WHUQHQ4XHUYHUZHLVHGLHYHUVFKLHGHQHQ5HJLVWHU ]%9HUIDVVHU5H]HQVHQWHQRGHU6WLFK ZRUWYHU]HLFKQLV XQGJHJHEHQHQIDOOVGHQ6\VWHPVFKOVVHO]XYHUVFKDIIHQ'LH)RUPGHUELE OLRJUDSKLVFKHQ$QJDEHQLVWQLFKWLQDOOHQ%LEOLRJUDSKLHQLGHQWLVFKGRFKGDV*UXQGPXVWHU GHFNWVLFKPLWMHQHUGHU$QJDEHQLQ$EVFKQLWW



%LEOLRWKHNVHLQULFKWXQJHQ

'HU :HJ YRQ GHU ELEOLRJUDSKLVFKHQ $QJDEH ]XU /LWHUDWXU VHOEVW IKUW JHZ|KQOLFK EHU .DWDORJH 'HU 1RPLQDONDWDORJ YHU]HLFKQHW GLH 1DPHQ YRQ 9HUIDVVHUQ XQG +HUDXVJHEHUQ GHULQGHUEHWUHIIHQGHQ%LEOLRWKHNYRUKDQGHQHQ%FKHU$XWRUHQXQVHOEVWVWlQGLJHU/LWHUDWXU VLQG QRUPDOHUZHLVH QLFKW RGHU QLFKW V\VWHPDWLVFK DXIJHQRPPHQ hEHU YRUKDQGHQH =HLW VFKULIWHQXQWHUULFKWHWPHLVWHLQVHSDUDWHV9HU]HLFKQLV'D%LEOLRJUDSKLHQHUIDKUXQJVJHPl‰ NHLQHVZHJVYROOVWlQGLJVLQGNDQQPDQEHUGHQLQYLHOHQZLVVHQVFKDIWOLFKHQ%LEOLRWKHNHQ JHIKUWHQ6DFKNDWDORJZHLWHUHVHOEVWVWlQGLJH/LWHUDWXUDXVILQGLJPDFKHQLQGHPPDQVLFK MH QDFK GHVVHQ $QODJH XQWHU HLQHP EHVWLPPWHQ 6FKODJZRUW RGHU XQWHU GHP EHWUHIIHQGHQ 6DFKJHELHWLQIRUPLHUW=XU$XIILQGXQJGHVJHVXFKWHQ7LWHOVEHQ|WLJWPDQGLHVRJ6LJQDWXU GLHHQWZHGHUDXIGHU.DUWHLNDUWHVWHKWRGHUEHUHLQ7HUPLQDOHUXLHUWZHUGHQNDQQZHQQHV HLQ HOHNWURQLVFKHU .DWDORJ YJO   LVW ,Q )UHLKDQGELEOLRWKHNHQ KDW GHU /HVHU XQPLWWHO EDUHQ=XJDQJ]XGHQ%HVWlQGHQXQGPXVVGDKHUGDVGHQ6LJQDWXUHQ]XJUXQGHOLHJHQGH2UG QXQJVSULQ]LSNHQQHQ,Q%LEOLRWKHNHQRKQHGLUHNWHQ=XJULIIGHV%HQW]HUVZHUGHQ%FKHU GXUFK$XVIOOHQHLQHV/HLKVFKHLQVRGHUGXUFK(LQJDEHGHU6LJQDWXUEHUGDV7HUPLQDOHQW OHKQW





)U 3URVHPLQDU XQG 6HPLQDUDUEHLWHQ ZLUG PDQ LQ GHU 5HJHO PLW GHU DP 2UW YRUKDQ GHQHQ /LWHUDWXU GDV $XVODQJHQ ILQGHQ N|QQHQ )U XPIDQJUHLFKHUH $UEHLWHQ VROOWH PDQ MHGRFKZHQQQ|WLJGLH)HUQOHLKHLQ$QVSUXFKQHKPHQ



$XIJDEHQ

 )HUWLJHQ 6LH HLQHQ 3ODQ ,KUHU ,QVWLWXWV)DFKELEOLRWKHN DQ XQG PDUNLHUHQ 6LH GLH IU 6LH EHVRQGHUVZLFKWLJHQ6WDQGRUWH  :HOFKHV VLQG QDFK +LOOHQ5KHLQEDFK   E]Z   GLH ZLFKWLJVWHQ SHULRGLVFKHQ %LEOLR JUDSKLHQ IU ,KUH URPDQLVFKH 6SUDFKH" :HOFKH VLQG LQ ,KUHU ,QVWLWXWV)DFKELEOLRWKHN YRU KDQGHQ":HOFKHLQGHU8QLYHUVLWlWVELEOLRWKHN"  :HOFKH%HUHLFKHGHU6SUDFKXQG/LWHUDWXUZLVVHQVFKDIWGHFNWGLH5RPDQLVFKH%LEOLRJUDSKLHDE" :HOFKHUXPIDVVHQGH7HLOEHUHLFKLVWDXVJHVSDUW":DUXP"  &KDUDNWHULVLHUHQ 6LH GLH IROJHQGHQ %LEOLRJUDSKLHQ QDFK GHQ LQ  DQJHIKUWHQ *HVLFKWV SXQNWHQ D  7KH G?ROR@  RGHU DQ HLQH ÄIUHPGH³7RFKWHU >ILOMR@ GHQNW 6FKOLH‰OLFKPVVHQGLH(QTXrWHXUHLQGHQQRWZHQGLJHQ$XIQDKPHWHFKQLNHQXQWHUZLHVHQ ZHUGHQ'LH$XVZDKOGHU,QIRUPDQWHQ *HZlKUVSHUVRQHQ ZLUGQRUPDOHUZHLVHQLFKWGHP =XIDOOEHUODVVHQ/lQJHUH$EZHVHQKHLWDXVGHU*HJHQGVSUDFKOLFKLQKRPRJHQH)DPLOLHQ YHUKlOWQLVVH EHUXIOLFK HUIRUGHUOLFKHU *HEUDXFK GHU 6WDQGDUGVSUDFKH Xl VLQG NHLQH JQVWLJHQ9RUDXVVHW]XQJHQIUHLQHVLFKHUH%HKHUUVFKXQJGHUORNDOHQ0XQGDUW 'HU*UDGGHU$XWKHQWL]LWlWGHU'DWHQKlQJWDXFKYRQGHU$UWXQG:HLVHDEZLHGLHVH GHP,QIRUPDQWHQÄHQWORFNW³ZHUGHQ$PJQVWLJVWHQZlUHQDWUOLFKGLHWHLOQHKPHQGH%H REDFKWXQJEHLGHUPDQZDUWHWELVGLHJHVXFKWH)RUPYRP,QIRUPDQWHQLQHLQHUQDWUOLFKHQ 6SUHFKVLWXDWLRQ YRQ VHOEVW JHlX‰HUW ZLUG 'LHVHV 9HUIDKUHQ YHUELHWHW VLFK DOOHUGLQJV DXV





|NRQRPLVFKHQ *UQGHQ %HL HLQHP NRQNUHWHQ 'LQJ NDQQ PDQ GLHVHV WDWVlFKOLFK RGHU LQ )RUP HLQHU $EELOGXQJ YRU]HLJHQXQGIUDJHQZLHÄGDV³LP'LDOHNWKHL‰H9RP(QTXrWHXU ZLUG GDEHL HLQ VROLGHV :LVVHQ XP GLH UHJLRQDOH 6DFKNXOWXU HUZDUWHW 'HUHQ (LQEH]LHKXQJ HUIROJWHHUVWPDOVNRQVHTXHQWLP6SUDFKXQG6DFKDWODV,WDOLHQVXQGGHU6GVFKZHL] $,6  YRQ .DUO -DEHUJ XQG -DNRE -XG 9HUJOHLFKVZHLVH IHKOHUI|UGHUQG LVW GDJHJHQ GLH YRQ (GPRQWGHP(QTXrWHXUGHV$/)YHUZHQGHWHhEHUVHW]XQJVPHWKRGHEHLGHUHLQVWDQGDUG VSUDFKOLFKHV:RUWYRP,QIRUPDQWHQLQGLH2UWVPXQGDUWEHUVHW]WZHUGHQVROO'HQQ(UKH EXQJHQ IU VSlWHU HQWVWDQGHQH 5HJLRQDODWODQWHQ KDEHQ JH]HLJW GDVV GDV KRFKVSUDFKOLFKH :RUW YHUVFKLHGHQWOLFK QXU DQ GLH GLDOHNWDOH 3KRQHWLN DQJHSDVVW ZRUGHQ ZDU DXI DORXHWWH Ã/HUFKHµ HWZD UHDJLHUWHQ JDVNRJQLVFKH 6SUHFKHU PLW >DOXHWR@ ZlKUHQG GDV ERGHQVWlQGLJH :RUW>ODX]HWR@LVW ,Q %H]XJ DXI GDV 7UDQVNULSWLRQVV\VWHP KDW GHU 'LDOHNWRORJH JHZ|KQOLFK HLQHQ KRKHQ %HGDUI DQ ODXWOLFKHU 'LIIHUHQ]LHUXQJ ZRIU GDV $3,6\VWHP LP $OOJHPHLQHQ QLFKW DXV UHLFKW,QGHUURPDQLVFKHQ6SUDFKJHRJUDSKLHJLEWHVGDKHUYHUVFKLHGHQH6\VWHPHEHUGLH VLFKGHU%HQXW]HUYRUGHU.RQVXOWLHUXQJGHU$WODQWHQLQIRUPLHUHQVROOWH



:DV.DUWHQDXVVDJHQ

'LHORKQHQGVWH7lWLJNHLWIUGHQ6SUDFKJHRJUDSKHQEHVWHKWLQGHU,QWHUSUHWDWLRQGHUIHUWLJHQ .DUWHQZREHLWUDGLWLRQHOO]ZHL(UNHQQWQLV]LHOHLP9RUGHUJUXQGVWHKHQQlPOLFKGLH)UDJH QDFKGHQ'LDOHNWJUHQ]HQXQGGLH,QWHUSUHWDWLRQGHUUlXPOLFKHQ9HUWHLOXQJDOV(UJHEQLVGHU 6SUDFKXQG.XOWXU *HVFKLFKWH 'LHXUVSUQJOLFKH(UZDUWXQJGDVVVLFKDXVGHQ6SUDFKDWODQWHQ'LDOHNWJUHQ]HQSUDNWLVFK YRQVHOEVWDE]HLFKQHQZUGHQKDWVLFKDOV,OOXVLRQKHUDXVJHVWHOOW.DXP]ZHLOH[LNDOLVFKH 7\SHQKDEHQJHQDXGLHVHOEH9HUWHLOXQJXQGVHOEVWKLQVLFKWOLFKHLQHVEHVWLPPWHQODXWOLFKHQ 8QWHUVFKLHGVYHUOlXIWGLH,VRJORVVHGK*UHQ]HE]Z7UHQQOLQLHPHLVWYRQ:RUW]X:RUW YHUVFKLHGHQ'LHGHXWVFKH,VRJORVVH>N@YV>o[@HWZDKDWEHLLFKHLQHQDQGHUHQ9HUODXIDOV EHLVLFKRGHUPDFKHQ YJO.|QLJ :HQQPDQMHGRFKHLQHJUR‰H$Q]DKO YRQ ,VRJORVVHQ EHUFNVLFKWLJW NDQQ PDQ DQ EHVWLPPWHQ 6WHOOHQ %QGHOXQJHQ EHREDFKWHQ GLHGHPLQWXLWLYHQ%HJULIIGHU'LDOHNWJUHQ]HHQWVSUHFKHQ)UGDV=XJHK|ULJNHLWVJHIKOGHU 6SUHFKHUVSLHOHQQHEHQREMHNWLYHQVSUDFKOLFKHQ8QWHUVFKLHGHQIUHLOLFKDXFKNXOWXUHOOHXQG SROLWLVFKH)DNWRUHQHLQHEHGHXWHQGH5ROOH 'LH 7DWVDFKH GDVV GLH ,VRJORVVHQ HLQ XQG GHVVHOEHQ /DXWZDQGHOV YRQ :RUW ]X :RUW HLQH YHUVFKLHGHQH 9HUWHLOXQJ KDEHQ LVW RIW DOV :LGHUOHJXQJ GHU 7KHVH YRQ GHU $XVQDKPVORVLJNHLW GHU /DXWJHVHW]H DQJHVHKHQ ZRUGHQ 'LHVHU 7KHVH ]XIROJH VROOWH HLQ /DXWJHVHW]MDLQQHUKDOEHLQHUEHVWLPPWHQ=RQHDXIDOOHHLQVFKOlJLJHQ:|UWHUJOHLFKHUPD‰HQ ]XWUHIIHQ'HU(LQZDQGLVWMHGRFKGDQQQLFKWJHUHFKWIHUWLJWZHQQJH]HLJWZHUGHQNDQQGDVV GLH9HUWHLOXQJGHU:|UWHUGDV(UJHEQLVYRQ(QWOHKQXQJLVW,QGHU7DWLVWHVHLQJlQJLJHV 3KlQRPHQGDVVGLH)RUPGHVSROLWLVFKHQDGPLQLVWUDWLYHQNXOWXUHOOHQRGHUUHOLJL|VHQ=HQ WUXPV VLFK YRUZLHJHQG ZHJHQ VHLQHV K|KHUHQ 3UHVWLJHV  DXI GDV XPOLHJHQGH *HELHW

 DXVEUHLWHW $XFK NDQQ PDQ DQ 6SUDFKNDUWHQ RIW DEOHVHQ ZLH HWZD 9HUNHKUVZHJH GLH$XV EUHLWXQJEHJQVWLJHQZlKUHQG)OVVHRGHU*HELUJV]JHPDQFKPDO+HPPQLVVHGDUVWHOOHQ 'LH 0|JOLFKNHLWHQ GHU JHVFKLFKWOLFKHQ (UNOlUXQJ GHU UlXPOLFKHQ 9HUWHLOXQJ YRQ 6SUDFKIRUPHQVROOHQKLHUQXUDQGUHLNODVVLVFKHQ%HLVSLHOHQGHPRQVWULHUWZHUGHQ 'LH.DUWH]XP%HJULIIÃ6WXWHµ YJO5RKOIVE]Z:ROI ]HLJWLQGHU *DOORURPDQLD HLQHQ GRSSHOWHQ 9HUGUlQJXQJVSUR]HVV 'LH lOWHVWH )RUP QlPOLFK HTXD LVW QXUPHKULQ5HOLNWHQYRUKDQGHQXQG]ZDUDP5DQGGHV6SUDFKJHELHWVE]ZLQ5FN]XJV JHELHWHQ,P1RUGHQWUDWLPIUKHQ0LWWHODOWHULXPHQWXPDOVHUIROJUHLFKHU.RQNXUUHQWDXI YRQ6GHQKHUGUDQJFDEDOODYRU                       .DUWH%,(1( .DUWH+$+1 LQGHU*DOORURPDQLD LQ6GZHVWIUDQNUHLFK .DUWHQDXV:ROI>X@   .DUWH]HLJWGLH9HUWHLOXQJGHU:|UWHUIUÃ%LHQHµLQGHU*DOORURPDQLD'HU*UXQGGDIU ZDUXP GLH 1DFKIROJHU YRQ YOW DSH QXU PHKU HLQH 5DQGH[LVWHQ] IKUHQ ZLUG LP $OOJH PHLQHQGDULQJHVHKHQGDVVGLHVH]X>D@E]Z>H@UHGX]LHUWZRUGHQZDUHQXQGVRPLWSKRQH WLVFK Ä]X VFKZDFK³ JHZHVHQ VHLHQ 'LHVH SKRQHWLVFKH 6FKZlFKH VHL DXI HLQH GHU YLHU IRO JHQGHQ$UWHQÄUHSDULHUW³ZRUGHQ D GXUFKGLH9HUVWlUNXQJGHV:RUWN|USHUVPLWWHOVHLQHV 6XIIL[HV DSH ! DSLWWD ! DYHWWH E  GXUFK (QWOHKQXQJ HLQHV ÄNUlIWLJHUHQ³ :RUWHV IU] DEHLOOHDXVRN]DEHOKDGDVVHLQHUVHLWVDXIGLHODWHLQLVFKH'LPLQXWLYELOGXQJDSLFXOD]XUFN





JHKW F GXUFKGLH(LQIKUXQJHLQHUQHXHQ%H]HLFKQXQJPRXFKHjPLHOÃ+RQLJIOLHJHµ G  GXUFKGLHhEHUWUDJXQJGHV:RUWHVHVVDLPÃ6FKZDUPµDXIGLHHLQ]HOQH%LHQH ,Q GHU *DVFRJQH HQWZLFNHOWH VLFK OO ]X W $XI GLHVH :HLVH ILHOHQ GLH (UJHEQLVVH YRQ FDWWXV Ã.DW]Hµ XQG JDOOXV Ã+DKQµ ]X HLQHU )RUP >JDW@ ]XVDPPHQ 'LHVH VW|UHQGH +RPR SKRQLH *OHLFKNODQJDXFKKRPRSKRQLHJrQDQWHRGHUKRPRSKRQLHIkFKHXVHJHQDQQW ZXUGH EHVHLWLJW LQGHP PDQ IU GHQ +DKQ QHXH %H]HLFKQXQJHQ HLQIKUWH SRXW Ã.FNHQµ KD]k Ã)DVDQµXQGELJXqÃ9LNDUµ YJO.DUWH bKQOLFKHUVHW]WHPDQLQMHQHQVSDQLVFKVSUDFKLJHQ *HELHWHQLQGHQHQ>4@XQG>V@]XVDPPHQILHOHQGKLQ$QGDOXVLHQXQG/DWHLQDPHULNDGDV 9HUEFRFHUÃNRFKHQµ HXURSlLVFKH1RUPDXVVSUDFKH>NR4H?@ GXUFKFRFLQDUGDHVGRUWPLW FRVHUÃQlKHQµKRPRSKRQJHZRUGHQZDU

 :DVEHLP,QWHUSUHWLHUHQVSUDFKJHRJUDSKLVFKHU'DWHQ]XEHGHQNHQLVW 6FKRQ ]XU =HLW GHU HUVWHQ V\VWHPDWLVFKHQ (QTXrWHQ ZDU NODU GDVV HV GLH HLQVSUDFKLJGLD OHNWDOH .RPPXQLNDWLRQVJHPHLQVFKDIW DXFK LQ GHQ DEJHOHJHQVWHQ *HELUJVWlOHUQ QLFKW PHKU JDEXQGYHUPXWOLFKQLHZLUNOLFKJHJHEHQKDW1RFKYRUGHP(UVFKHLQHQGHV$/)KDWWHGHU IUDQ]|VLVFKH 'LDOHNWRORJH 3LHUUH 5RXVVHORW EHREDFKWHW GDVV VHOEVW EHL (UKHEXQJHQ LQQHU KDOEHLQHU)DPLOLHEHDFKWOLFKH'LYHUJHQ]HQ]XWDJHWUHWHQXQGGDVVGDV6SUDFKYHUKDOWHQYRQ GHU*HQHUDWLRQXQGYRP*HVFKOHFKWGHU6SUHFKHUYRP7KHPDYRP.RPPXQLNDWLRQVSDUW QHU HWF DEKlQJLJ LVW 'LH 9lWHU GHV $,6 .DUO -DEHUJ XQG -DNRE -XG ZDUHQ VLFK GHU 7DW VDFKH ZRKO EHZXVVW GDVV HLQ 6SUDFKDWODV NHLQH ,GHDO RGHU 'XUFKVFKQLWWVIRUPHQ VRQGHUQ 0RPHQWDXIQDKPHQDEELOGHWGLHXQWHUDQGHUHQ%HGLQJXQJHQDXFKHWZDVDQGHUVKlWWHQDXV IDOOHQN|QQHQ 'HU $QVDW] YRQ 5RXVVHORW GHU GLH LQQHUH+HWHURJHQLWlWYRQ2UWVPXQGDUWHQDQYLVLHUWH VHW]WHVLFKLQGHUVHLWGHQVHFK]LJHU-DKUHQGHV-DKUKXQGHUWVYHUEUHLWHWHQ8QWHUVXFKXQJ YRQ6WDGWPXQGDUWHQIRUWEHLZHOFKHUPHKUGLHVR]LDOHDOVGLHUlXPOLFKH'LIIHUHQ]LHUXQJLP 9RUGHUJUXQG VWHKW 0DQ VSULFKW KLHU DXFK YRQ YHUWLNDOHU 'LDOHNWRORJLH %HL QHXHUHQ 6SUDFKDWODVSURMHNWHQ±YDLQGHU1HXHQ5RPDQLD±ZLUGHEHQIDOOVYHUVXFKWQLFKWQXUGHU 9DULDWLRQ LP 5DXP 5HFKQXQJ ]X WUDJHQ VRQGHUQ DXFK VR]LDOH XQG VLWXDWLRQVVSH]LILVFKH )DNWRUHQ]XEHUFNVLFKWLJHQ 'LHJHROLQJXLVWLVFKHRGHUKRUL]RQWDOH'LDOHNWRORJLHWHQGLHUWKHXWHGD]XQLFKWHLQ]HOQH 3KlQRPHQH ]X SULYLOHJLHUHQ XQG ]X .ULWHULHQ IU 'LDOHNWJUHQ]HQ ]X HUKHEHQ VRQGHUQ JU|‰HUH 'DWHQPHQJHQ ]XVDPPHQ]XIDVVHQ XQG DXI GHU *UXQGODJH DJJUHJLHUWHU 'DWHQ $E VWlQGH ]ZLVFKHQ 0HVVSXQNWHQ ]X HUPLWWHOQ 'LH (UJHEQLVVH ZHUGHQ JUDSKLVFK PHLVW QLFKW PHKU ZLH LQ IUKHUHQ =HLWHQ DOV RIW VFKZHU LQWHUSUHWLHUEDUHV ,VRJORVVHQJHZLUU SUlVHQWLHUW 'LH'LDOHNWRPHWULH 'LDOHNWJHRJUDSKLHQXPHULVFKH7D[RQRPLH HWZDDUEHLWHWPLWGLI IHUHQ]LHUWHLQJHIlUEWHQ.DUWHQZREHLGLH)DUEW|QHGHU0HVVSXQNW)HOGHU YJO.DUWHELQ  VSUDFKOLFKH1lKH(QWIHUQXQJVLJQDOLVLHUHQ$XIGLHVH:HLVHELOGHQVLFKbKQOLFKNHLW XQG 'LVWDQ] IDUEOLFK DE 6WDWW VWDUUHU 'LDOHNWJUHQ]HQ NDQQ PDQ QXQ ± ZDV ZHVHQWOLFK UHDOLWlWVQlKHULVW±ZHLFKHUHRGHUVFKURIIHUHhEHUJlQJHHUNHQQHQ

 

/LWHUDWXU

&RVHULX  5RKOIV  :ROI  



$XIJDEHQ

 hEHUSUIHQ 6LH DQKDQG GHU hEHUVLFKW LQ :ROI  II  ZHOFKH 6SUDFKDWODQWHQ IU ,KUHQ 6SUDFKEHUHLFKDQ,KUHP,QVWLWXWJUHLIEDUVLQG1RWLHUHQ6LHVLFK7LWHOXQG6LJQDWXU  /HVHQ 6LH LQ :ROI   GDV .DSLWHO EHU GLH Ä5DXPQRUPHQ³ GHU VRJ 1HROLQJXLVWLN XQG ZHQGHQ6LHGDV*HOHVHQHDXIGHQ)DOOÃ6WXWHµDQ  :HOFKH.ULWLNSXQNWHDQGHUUDXPOLQJXLVWLVFKHQ/HKUHIKUW:ROIDQ":DUXPNDQQPDQGLH1RU PHQQLFKWÄPHFKDQLVFK³DQZHQGHQ"  /HVHQ 6LH &RVHULX  $EVFKQ   :HOFKH EHGHXWVDPHQ (UNHQQWQLVVH YHUGDQNW PDQ GHU 6SUDFKJHRJUDSKLHODXW&RVHULX"  /HVHQ 6LH LQ :LQNHOPDQQ/DXVEHUJ   GHQ $EVFKQLWW  XQG EHDQWZRUWHQ 6LH GLH IROJHQGHQ)UDJHQ D ,QZHOFKHP=HLWUDXPZXUGHQGLH$UEHLWHQDP$/',UHDOLVLHUW" E :DQQ ZXUGHGLH(QWTXrWHGXUFKJHIKUW" F :HOFKHVSUDFKOLFKHQ(EHQHQGHFNWGLHVHU6SUDFKDWODVDE" G  :DV ZDUHQ GLH .ULWHULHQ IU GLH $XVZDKO GHU ,QIRUPDQWHQJUXSSHQ" G  :DV LVW HLQ Ä6SUHFKHQGHU6SUDFKDWODV³"  6W|UHQGH+RPRSKRQLHQZHUGHQRIWÄUHSDULHUW³:DUXPZXUGHQGLHLQHUZlKQWHQ%HLVSLHOH DOVVW|UHQGHPSIXQGHQZlKUHQGVLFK]%IUDQ]|VLVFKH6SUHFKHUQLFKWDQGHU+RPRSKRQLHYRQ FRQWH Ã(U]lKOXQJµ FRPSWH Ã5HFKQXQJµ XQG FRPWH Ã*UDIµ XQG VSDQLVFKH QLFKW DQ GHU YRQ YDFD Ã.XKµXQGEDFDÃ*HSlFNVWUlJHUµVWR‰HQ"



6SUDFKVNL]]H5XPlQLVFK



([WHUQH6SUDFKJHVFKLFKWH

9RP5XPlQLVFKHQJLEWHVZLHZLULQJHVHKHQKDEHQHUVWVHKUVSlWQlPOLFKVHLWGHP  -DKUKXQGHUW VFKULIWOLFKH=HXJQLVVH'LHODQJH=HLW]ZLVFKHQGHP5FN]XJGHU5|PHU DXVGHU3URYLQ]'DNLHQXQWHU$XUHOLDQ Q&KU XQGGLHVHQHUVWHQ=HXJQLVVHQZLUGQXU GXUFK VHKU VSRUDGLVFKH +LQZHLVH DXI HLQH URPDQLVFKH %HY|ONHUXQJ LP %DONDQUDXP EHU EUFNW 6SlWDQWLNH *HVFKLFKWVVFKUHLEHU 7RSRQ\PH 2UWVQDPHQ  $QWKURSRQ\PH 3HUVR QHQQDPHQ  XQG (LQ]HOZ|UWHU LQ DQGHUVVSUDFKLJHQ 8UNXQGHQ JHEHQ QXU VHKU XQYHUOlVVOLFK $XVNXQIWEHUGLH*HVWDOWGHURVWHXURSlLVFKHQ5RPDQLWlWLP0LWWHODOWHU 'LHVHP 0DQJHO DQ 'RNXPHQWHQ LVW DXFK GHU ELV KHXWH DQGDXHUQGH 6WUHLW XP GLH 8U KHLPDWGHU5XPlQHQE]Z:DODFKHQZLHVLHELVLQV-DKUKXQGHUWKLH‰HQ]X]XVFKUHLEHQ 6WDUNH QDWLRQDOLVWLVFKH ,QWHUHVVHQ EHKLQGHUQ )RUVFKXQJ XQG ZLVVHQVFKDIWOLFKH 'LVNXVVLRQ KLHUEHVRQGHUVQDFKKDOWLJ'LHYRQVWDDWOLFKHU6HLWHIDYRULVLHUWH9HUVLRQLVWXQWHUGHP1D





PHQ.RQWLQXLWlWVWKHVHEHNDQQWXQGEHVDJWGDVVVLFKGLH5RPDQLWlWLQGHU+DXSW]RQHLKUHU KHXWLJHQ 9HUEUHLWXQJ GK Q|UGOLFK GHU XQWHUHQ 'RQDX VHLW GHU U|PLVFKHQ (UREHUXQJ  Q &KU  EUXFKORV HQWZLFNHOW KDEH 'HU  HUVFKLHQHQH UXPlQLVFKH 6SUDFKDWODV VWW]W GLHVH $QQDKPH GXUFK :RUWNDUWHQ GLH DOWH VRQVW YHUORUHQ JHJDQJHQH :|UWHU LP 5DXP6LHEHQEUJHQDOVHUKDOWHQDXVZHLVHQ                       

.DUWH9HUEUHLWXQJGHV5XPlQLVFKHQ DXV6FKURHGHU>@    'LHHQWJHJHQJHVHW]WH$QQDKPHJHKWYRQHLQHUYROOVWlQGLJHQ5lXPXQJ'DNLHQVLP-DKU KXQGHUW XQG HLQHU VSlWHU YRP 6GHQ KHU HUIROJWHQ :LHGHUEHVLHGOXQJ DXV )U GLHVH $XI IDVVXQJVSUHFKHQDQGHUHhEHUOHJXQJHQ D GDV)HKOHQDOWHUURPDQLVFKHU2UWVQDPHQQ|UG OLFKGHU'RQDX E GLHUHODWLYJUR‰HGLDOHNWDOH(LQKHLWOLFKNHLWGHV'DNRUXPlQLVFKHQGHV +DXSWGLDOHNWV GHV 5XPlQLVFKHQ YJO .DUWH $XVVSUDFKJHRJUDSKLVFKHU6LFKWNDQQPDQ DXI HLQHQ UHJHOPl‰LJ DXIWUHWHQGHQ =XVDPPHQKDQJ YRQ JUR‰HU 2UWVIHVWLJNHLW XQG VWDUNHU GLDOHNWDOHU=HUNOIWXQJE]ZXPJHNHKUWYRQJUR‰IOlFKLJHU(LQZDQGHUXQJXQGUHODWLYHUGLD OHNWDOHU +RPRJHQLWlW YHUZHLVHQ YJOGLH9HUKlOWQLVVHDXIGHU,EHULVFKHQ+DOELQVHOXQGLQ /DWHLQDPHULND (QWVFKlUIWZHUGHQNDQQGLHVHV$UJXPHQWGXUFKGHQ+LQZHLVDXIGLHQRPD GLVFKH/HEHQVZHLVHGHU5RPDQHQGLHLQHLQHPDOWHQJULHFKLVFKHQ7H[WÄ:DQGHUZDODFKHQ³

 XQGLQHLQHUVHUELVFKHQ8UNXQGHNMHODWRUL YRQUXPFăOăWRULÃ:DQGHUHUµ JHQDQQWZHUGHQ 'XUFKGLH7UDQVKXPDQ]ZHUGHQORNDOH(LJHQKHLWHQOHLFKWDXVJHJOLFKHQRGHUEHUKDXSWDP (QWVWHKHQJHKLQGHUW F HLQH5HLKHYRQ(LJHQWPOLFKNHLWHQLQGHUJUDPPDWLVFKHQ6WUXNWXU XQGLP:RUWVFKDW]GLHPLWKRKHU:DKUVFKHLQOLFKNHLWLQWHQVLYHPXQGVLFKEHUHLQHOlQJHUH =HLWVSDQQH HUVWUHFNHQGHP 6SUDFKNRQWDNW PLW GHP %XOJDULVFKHQ XQG $OEDQLVFKHQ GDV QLH GLH'RQDXEHUVFKULWW]X]XVFKUHLEHQVLQG'LHVH0HUNPDOHVSUDFKOLFKHQ$XVWDXVFKVWUHWHQ VR NRQ]HQWULHUW DXI GDVV PDQ DXV $QODVV LKUHU %HVFKUHLEXQJ GHQ %HJULII 6SUDFKEXQG SUlJWH YJO   G  GLH KHXWLJH 9HUWHLOXQJ UXPlQLVFKHU 'LDOHNWH GLH VHLW GHP ± -DKUKXQGHUW YRP 'DNRUXPlQLVFKHQ JHWUHQQW VLQG XQG MHW]W 6SUDFKLQVHOQ LQ 0D]HGRQLHQ 6HUELHQ.URDWLHQ%XOJDULHQ$OEDQLHQXQG*ULHFKHQODQGELOGHQ 9RQQHXWUDOHU6HLWHZLUGKHXWHZHLWJHKHQGHLQH.RPSURPLVVIRUPHOYHUWUHWHQ.RQWLQXL WlWXQG(LQZDQGHUXQJVFKOLH‰HQHLQDQGHUMDQLFKWDXV



0ROGDXLVFK OLPEDPROGRYHQHDVFă ±HLQHQHXH6SUDFKH"

'LH SROLWLVFK HU]ZXQJHQH 5FNVLFKWQDKPH UXPlQLVFKHU 6SUDFKZLVVHQVFKDIWOHU JHJHQEHU VRZMHWLVFKHQ$QLPRVLWlWHQJLQJELV(QGHGHUDFKW]LJHU-DKUHGHVYHUJDQJHQHQ-DKUKXQGHUWV VRZHLWGDVVDXI.DUWHQGLHGLH9HUEUHLWXQJGHV 'DNR 5XPlQLVFKHQDEELOGHWHQGHU3UXWK QLFKW QXU DOV 6WDDWV VRQGHUQ DXFK DOV 6SUDFKJUHQ]H DXVJHZLHVHQ ZDU REZRKO HWZD ]ZHL 'ULWWHOGHU%HY|ONHUXQJGHU5HSXEOLN0ROGDX IUKHU%HVVDUDELHQKHXWHDXFK0ROGDZLHQ  5XPlQLVFKDOV0XWWHUVSUDFKHKDEHQ YJO.DUWH  'LH YRP UXVVLVFKHQ 3DUWHLFKHI XQG VSlWHUHQ 6WDDWVREHUKDXSW 0LKDLO *RUEDWVFKRZ HLQ JHOHLWHWH 7DXZHWWHUSROLWLN HUP|JOLFKWH LQ 0ROGDZLHQ HLQH 'HEDWWH EHU GLH NXOWXUHOOH XQG VSUDFKOLFKH,GHQWLWlWGHU%HZRKQHUGLHGD]XIKUWHGDVVGHU2EHUVWH6RZMHWGHU0ROGDXL VFKHQ8QLRQVUHSXEOLNDP$XJXVWGDV5XPlQLVFKH]XU/DQGHVVSUDFKHHUKRE'LH VHV *HVHW] IKUWH ]X VHKU NRPSOH[HQ LGHRORJLVFKHQ $XVHLQDQGHUVHW]XQJHQ XQG ]RJ HLQH 5HLKHSUDNWLVFKHU3UREOHPHQDFKVLFK 8PVWULWWHQ LVW VFKRQ GHU 1DPH GHU 6SUDFKH *ORWWRQ\PH KDEHQ PHLVW HLQHQ KRKHQ 6\PEROZHUW'LSORPDWLVFKIHLHUWPDQGHQ-DKUHVWDJGHV*HVHW]HVEHVFKOXVVHVDOV]LXDOLPELL QRDVWUH Ã7DJXQVHUHU6SUDFKHµ DEHUGLH$QVLFKWGDUEHUREGLH6SUDFKHQXQ5XPlQLVFK RGHU0ROGDXLVFKKHL‰HQVROOVSDOWHWGLH6SUHFKHU,P.RQIOLNWXPGLH6FKULIW±0ROGDXLVFK ZXUGH LQ GHQ DQGHUWKDOE -DKUKXQGHUWHQ XQWHU RVWVODZLVFKHU 'RPLQDQ] DEZHFKVHOQG N\ULO OLVFK XQG ODWHLQLVFK JHVFKULHEHQ ± VFKHLQHQ VLFK PLWWOHUZHLOH GLH %HIUZRUWHU GHV ODWHLQL VFKHQ $OSKDEHWV HQGJOWLJ GXUFKJHVHW]W ]X KDEHQ ZHQQJOHLFK LP $OOWDJ GLHVHU 5HJHOXQJ QRFKQLFKWJHQHUHOO5HFKQXQJJHWUDJHQZLUG (WZDV YHUHLQIDFKW ODVVHQ VLFK GUHL 3DUWHLHQ XQWHUVFKHLGHQ (LQH *UXSSH SURSDJLHUW GLH NRQVHTXHQWHVSUDFKOLFKNXOWXUHOOH2ULHQWLHUXQJDQ5XPlQLHQ PLWGHP=LHOHLQHV$QVFKOXV VHV DQ GHQ .DUSDWHQVWDDW  HLQH ]ZHLWH SOlGLHUW IU HLQHQXQDEKlQJLJHQ.XUV'LHXPLKUH SULYLOHJLHUWH/DJHJHEUDFKWHQ5XVVLVFKVSUHFKHUZLHGHUXPDUJXPHQWLHUHQGDVVQXU5XVVLVFK GDVHLQLJHQGHVSUDFKOLFKH%DQGDOOHU(WKQLHQ QHEHQ5XVVHQOHEHQLQGHUNOHLQHQ5HSXEOLN YRU DOOHP 8NUDLQHU XQG *DJDXVHQ  VHLQ N|QQH 'LH $EZHUWXQJ GHV 5XVVLVFKHQ ZDU DXFK





$QODVV IU HLQ SROLWLVFKHV $EHQWHXHU GDV LQ GHU $EVSDOWXQJ 7UDQVQLVWULHQV 1LVWUX  'QMHVWU JLSIHOWH'HUY|ONHUUHFKWOLFKH6WDWXVGHUÄ5HSXEOLN'QMHVWU³ +DXSWVWDGW7LUDVSRO  LVWGHU]HLWPDQJHOVLQWHUQDWLRQDOHU$QHUNHQQXQJXQJHNOlUW :LH EHLYLHOHQ0LQGHUKHLWHQVSUDFKHQGLHGXUFKHLQHQSXQNWXHOOHQSROLWLVFKHQ$NWPLW QHXHQ)XQNWLRQHQDXVJHVWDWWHWZHUGHQ]HLJWVLFKDXFKDP0ROGDXLVFKHQGDVVGLHVHU6FKULWW QXU VFKZHU JHOLQJW ZHQQ GLH )DNWRUHQ 6WDWXV XQG 3UHVWLJH QLFKW V\PPHWULVFK HQWZLFNHOW VLQG0D‰QDKPHQZLHGLH(UNOlUXQJ]XU6WDDWVVSUDFKHEHGHXWHQHLQHEHDFKWOLFKH(UK|KXQJ GHV 6WDWXV 6WDWXVSODQXQJ  GLH DEHU QXU GDQQ GLH HUKRIIWHQ .RQVHTXHQ]HQKDWZHQQGLH 6SUDFKHDXFKWDWVlFKOLFKVRZHLWDXVJHEDXWLVWZLUG .RUSXVSODQXQJ GDVVVLHLQGLHZLFK WLJHQ'RPlQHQHLQUFNHQNDQQGKZHQQUHSUlVHQWDWLYH7H[WVRUWHQ ZLH6FKXOEFKHU)RU PXODUH IU GHQ $PWVYHUNHKU HLQVSUDFKLJH 7DJHV]HLWXQJHQ  H[LVWLHUHQ $X‰HUGHP PVVHQ GLH 6SUHFKHU HLQ SRVLWLYHV 9HUKlOWQLV ]X LKUHU 6SUDFKH KDEHQ E]Z DXIEDXHQ ,QGHV PLVVW PDQ GDV 0ROGDXLVFKH KlXILJ EHVRQGHUV XQWHU GHP *HVLFKWVSXQNW Ä5HLQKHLW³  DP 5XPl QLVFKHQ XQG WHQGLHUW GD]X GLH UXVVLVFKHQ (LQIOVVH DOV $Q]HLFKHQ YRQ 6SUDFKYHUIDOO XQG 0LQGHUZHUWLJNHLW]XNULWLVLHUHQ'DVVGDV3UHVWLJHHLQHUDOVGHIL]LWlUHUOHEWHQ6SUDFKHQDWXU JHPl‰QLFKWEHVRQGHUVKRFKVHLQNDQQYHUVWHKWVLFKYRQVHOEVW



5XPlQLVFKDOV0LWJOLHGGHV%DONDQVSUDFKEXQGHV

$OEDQLVFK%XOJDULVFKXQG5XPlQLVFKELOGHQGHQÄKDUWHQ.HUQ³HLQHV9HUEDQGHVYRQ6SUD FKHQPLWHLQHUDXIIDOOHQGKRKHQ$Q]DKODQJHPHLQVDPHQ6WUXNWXUHLJHQVFKDIWHQGHUHQ$XV ELOGXQJHLQHQOlQJHUHQ6SUDFKNRQWDNWYRUDXVVHW]W%HGLQJXQJIUGLHVLQQYROOH9HUZHQGXQJ GHV%HJULIIV6SUDFKEXQGLVWGDEHLGDVVGLHEHWUHIIHQGHQ(LJHQVFKDIWHQQLFKWRKQHGLHVDXV GHUÄ(UEPDVVH³DOOHUEHWHLOLJWHQ6SUDFKHQDEOHLWEDUVLQG =XGHQEHNDQQWHVWHQ(UVFKHLQXQJHQGLHGLHJHQDQQWHQ6SUDFKHQYHUELQGHQJHK|UHQ  y y y

y y y

y

GLH([LVWHQ]YRQ]HQWUDOHQ9RNDOHQ DXFKLQEHWRQWHU6WHOOXQJJHVFKULHEHQăvk  LP 9RNDOV\VWHP VSLHOHQ 8QWHUVFKLHGH ODQJNXU] JHVFKORVVHQRIIHQ RUDOQDVDO NHLQH 5ROOH GHU EHVWLPPWH $UWLNHO ZLUG QDFKJHVWHOOW XQG DQ GDV 6XEVWDQWLY RGHU $GMHNWLY  DJJOX WLQLHUW ÄDQJHNOHEW³  ]%GRPQÃ+HUUµoGRPQXOÃGHU+HUUµSUHVHQWXOGLFĠLRQDUÃGDV YRUOLHJHQGH:|UWHUEXFKµ  *HQLWLYXQG'DWLYKDEHQHLQHJHPHLQVDPH)RUP HVJLEWHLQHQIRUPDOYRP1RPLQDWLYXQWHUVFKLHGHQHQ9RNDWLY ]%GRPQXOH]XGRPQ  GHU ,QILQLWLYJHEUDXFK LVW H[WUHP VWDUN HLQJHVFKUlQNW IU GLHVH (UVFKHLQXQJZLUGDOOJH PHLQGDV1HXJULHFKLVFKHYHUDQWZRUWOLFKJHPDFKW]%ÃLFKZLOOVLQJHQµ ÃLFKZLOOGDVV LFKVLQJHµYUHDXVăFvQW  GLH %LOGXQJ GHU =DKOZ|UWHU YRQ  ELV  QDFK GHP VODZLVFKHQ  0XVWHU XQVSUH]HFH Z|UWOLFKÃHLQV XQ DXI VSUH ]HKQ ]HFH µ

 

'HU:RUWVFKDW]GHV5XPlQLVFKHQ

'DVV GDV 5XPlQLVFKH HLQH URPDQLVFKH 6SUDFKH LVW JDOW ZHGHU VHLW MHKHU DOV XQEHVWULWWHQ QRFK ZXUGH GLHV YRQ RIIL]LHOOHU 6HLWH LPPHU JHUQ JHK|UW 1DFK GHP =ZHLWHQ :HOWNULHJ ZXUGH ]ZHL -DKU]HKQWH ODQJ GLH $QQlKHUXQJ DQ GLH VODZLVFKHQ 6SUDFKHQ SURJUDPPDWLVFK XQWHUVWW]W (UVW QDFK HLQHP 5HJLPHZHFKVHO ZXUGH GLH %HWRQXQJ GHU 5RPDQLWlW ZLHGHU JHVHOOVFKDIWVIlKLJ'HQUXPlQLVFKHQ6SUDFKKLVWRULNHUQZXUGHGXUFKVROFKHELVZHLOHQUHFKW DEUXSWHQ.XUVZHFKVHOJUR‰HV$QSDVVXQJVYHUP|JHQDEYHUODQJW :HQQ ZLU EHL GHU )HVWVWHOOXQJ GHU JHQHWLVFKHQ 9HUZDQGWVFKDIW GLH JUDPPDWLNDOLVFKHQ )RUPHQ]XJUXQGHOHJHQVRPXVVGDV5XPlQLVFKHRKQH'LVNXVVLRQGHQURPDQLVFKHQ6SUD FKHQ]XJHRUGQHWZHUGHQ:HQLJHUNODUZlUHGLH6LWXDWLRQMHGRFKZHQQZLUXQVGDEHLDXI GHQ :RUWVFKDW] VWW]HQ ZROOWHQ +LHU ZUGH GDV (UJHEQLV VHKU GDYRQ DEKlQJHQ ZDV ZLU ]lKOHQ'DGHUUXPlQLVFKH:RUWVFKDW]LP-DKUKXQGHUWVWDUNODWLQLVLHUWXQGVHLWGHP -DKUKXQGHUWXP]DKOUHLFKH/HKQZ|UWHUDXVGHP)UDQ]|VLVFKHQEHUHLFKHUWZRUGHQLVWZUGH GLH $XV]lKOXQJ HLQHV PRGHUQHQ =HLWXQJVWH[WHV DQGHUH (UJHEQLVVH OLHIHUQ DOV GLH HLQHV 9RONVEXFKVDXVGHP-DKUKXQGHUW*HQDXVRZUGHGDV(UJHEQLVYHUVFKLHGHQDXVIDOOHQMH QDFKGHP RE ZLU W\SHV RGHU WRNHQV ]lKOHQ 8QWHU WRNHQ YHUVWHKW PDQ LQ GHU 6SUDFKZLV VHQVFKDIWMHGHVHLQ]HOQH9RUNRPPHQHLQHV(OHPHQWVXQWHUW\SHGDV(OHPHQWDOVDEVWUDNWH (LQKHLW6RHQWKlOWGHUYRUDQJHJDQJHQH6DW]GDV:RUWXQWHUHLQPDOZHQQPDQW\SHV]lKOW MHGRFK ]ZHLPDO ZHQQ PDQ WRNHQV ]lKOW ,Q %H]XJ DXI GDV 5XPlQLVFKH ZUGH GHU URPDQLVFKH $QWHLO VWDUN DQVWHLJHQ ZHQQ PDQ QDFK WRNHQV ]lKOWH GD JHUDGH GLH KlXILJHQ ÄNOHLQHQ³:|UWHUZLH$UWLNHOXQG3URQRPLQDURPDQLVFKVLQG (LQH$XVZHUWXQJGHU6XEVWDQWLYH9HUEHQXQG,QWHUMHNWLRQHQGHV7XUPEDX7H[WHVQDFK GHU W\SH=lKOZHLVH YHUPLWWHOW HLQHQ JXWHQ (LQGUXFN YRP 0LVFKFKDUDNWHU GHV UXPlQLVFKHQ :RUWVFKDW]HV  8UVSUXQJGHU:|UWHUGHV7XUPEDX7H[WV  ODW FHUFHWDWHGRPQIDLPăIDĠăIRFILXOLPEăORFRP 3ORDPHQL  SăPvQWSLDWUăUăVăULWúHVĠDUăDMXQJHDPHVWHFDDSXFDDUGH GHVFăOHFDIDFHvQFHWDvQĠHOHJHQXPLSXUFHGHYHGHD]LFH 

VODZ  XQJDU  JULHFK  GW  WUN  "

JUDLVPRDOăYDUYvUIYUHPHJăVLvPSUăúWLDRSULSRJRUv]LGL $EOHLWXQJYRQ]LG  JvQGQHDPRUDú FăUăPLGăIRORVL $EOHLWXQJYRQIRORV  WXUQ KDLGH P  LDWă







'HU7XUPEDX]X%DEHO5XPlQLVFK

ÌQYUHPHDDFHHDHUDvQWRWSăPvQWXORVLQJXUăOLPEăúLXQVLQJXU ,Q=HLWGLHMHQHZDUDXIJDQ](UGHGLHHLQHHLQ]LJH6SUDFKHXQGHLQHHLQ]LJH JUDLODWRĠL3XUFH]vQGGHODUăVăULWRDPHQLLDXJăVLW 5HGHZHLVHEHLDOOHQ$XIEUHFKHQGYRQ2VWHQ0HQVFKHQGLHKDEHQJHIXQGHQ vQĠDUD6HQDDUXQúHVúLDXGHVFăOHFDWDFROR$SRLDX]LV LP/DQG6HQDDUHLQH(EHQHXQGKDEHQVLFKQLHGHUJHODVVHQGRUW'DQQKDWJHVDJW XQXOFăWUHDOWXOÄ+DLGHPVăIDFHPFăUăPL]LúLVăOHDUGHP HLQGHU]XDQGHUGHU$XIGDVVZLUPDFKHQ=LHJHOXQGGDVVVLHZLUEUHQQHQ FXIRF³ùLDXIRORVLWFăUăPLGDvQORFGHSLDWUăLDUVPRDOD PLW)HXHU8QGVLHKDEHQYHUZHQGHW=LHJHOGHQDQVWDWWYRQ6WHLQXQG3HFKGDV vQORFGHYDUùLDX]LVLDUăúL+DLGHPVăQHIDFHPXQ DQVWDWWYRQ.DON8QGVLHKDEHQJHVDJWZLHGHUXP$XIGDVVXQVZLUPDFKHQHLQH RUDúúLXQWXUQDOFăUXLYvUIVăDMXQJăODFHUúLVăQH 6WDGWXQGHLQHQ7XUPGHVVHQ6SLW]HGDVVDQVWR‰HDQ+LPPHOXQGGDVVXQV IDFHPIDLPăvQDLQWHGHDQHvPSUăúWLDSHIDĠDDWRWSăPvQWXO³ ZLUPDFKHQ5XKPEHYRUXQV]HUVWUHXHQEHU$QWOLW]GDVYRQJDQ]H(UGHGLH $WXQFLVDSRJRUvW'RPQXOVăYDGăFHWDWHDúLWXUQXO 'DLVWKHUDEJHVWLHJHQ+HUUGHUGDVVHUVHKH%XUJGLHXQG7XUPGHU SHFDUHO]LGHDXILLLRDPHQLORUùLD]LV'RPQXOÄ,DWăWRĠL ZHOFKHQEDXWHQ.LQGHU0HQVFKHQGHU*8QGKDWJHVDJW+HUUGHU6LHKDOOH VvQWGHXQQHDPúLROLPEăDXúLLDWăFHVDXDSX VLQGYRQHLQ9RONXQGHLQH6SUDFKHVLHKDEHQXQGVLHKZDVVLHKDEHQEH FDWVăIDFăúLQXVHYRURSULGHODFHHDFHúLDX JRQQHQGDVVVLHWXQXQGQLFKWVLHZHUGHQDEODVVHQYRQGHPZDVVLFKVLHKDEHQ SXVvQJvQGVăIDFă+DLGHPGDUVăQHSRJRUvPúLVă JHVHW]WLQ*HGDQNHGDVVVLHWXQ$XIDEHUGDVVZLUVWHLJHQKLQDEXQGGDVV DPHVWHFăPOLPELOHORUFDVăQXVHPDLvQĠHOHDJăXQXOFXDOWXO³ ZLUYHUZLUUHQ6SUDFKHQGLHLKUHGDPLWQLFKWVLFKPHKUYHUVWHKHHLQGHUPLWDQGHUGHU ùLLDvPSUăúWLDW'RPQXOGHDFRORvQWRWSăPvQWXOúLDX 8QGVLHKDW]HUVWUHXW+HUUGHUYRQGRUWLQJDQ]H(UGHGLHXQGVLHKDEHQ vQFHWDWGHDPDL]LGLFHWDWHDúLWXUQXO'HDFHHDVDQXPLW DXIJHK|UWPLWZHLWHUEDXHQ%XUJGLHXQG7XUPGHQ'HVKDOEVLFKKDWJHQDQQW FHWDWHDDFHHD%DELORQSHQWUXFăDFRORDDPHVWHFDW'RPQXOOLPELOHD %XUJGLHMHQH%DEHOZHLOGRUWKDWYHUZLUUW+HUUGHU6SUDFKHQGLHYRQ WRWSăPvQWXOúLGHDFRORLDvPSUăúWLDW'RPQXOSHWRDWă JDQ]H(UGHGLHXQGYRQGRUWVLHKDW]HUVWUHXW+HUUGHUEHUJDQ]HV IDĠDSăPvQWXOXL $QWOLW]GDV(UGHGHU*   %LEOLDVDX6IvQWD6FULSWXUă%XNDUHVW6RFLHWDWH%LEOLFăR-

 >,QY?HPHDDW6HHDMH?D,QWRWS:P,QWXORVLQJX?:OLPE:6LXQVLQJX?J?DMODWRWVLSX?W6H],QG GHOD?:V:?LWZDPHQLDRJ:VLW,QWVD?D6HQDD?XQ6HV6LDRGHVN:OHNDWDNRORDSRMDR]LV XQXON:W?HDOWXOKDMGHV:IDW6HPN:?:PL]L6LV:OHD?GHPNXIRN6LDRIRORVLWN:?:PLGD,Q ORNGHSMDW?:MD?VPZDOD,QORNGHYD?6LDR]LVMD?:6LKDMGHVԥQHIDW6HPXQR?D66LXQ WX?QDON:?XMY,?IV:D-XQJ:ODW6H?6LV:QHIDW6HPIDMP:,QDMQWHGHDQH,PS?:6WMDSH IDWVDDWRWS:P,QWXODWXQW6LVDSRJR?,WGRPQXOV:YDG:W6HWDWHD6LWX?QXOSHND?HO]LGHDR ILL ZDPHQLOR? 6L D ]LV GRPQXO MDW: WRWVL V,QW GH XQ QHDP 6L R OLPE: DR 6L MDW: W6H VDR DSXNDWV:IDN:6LQXVHYR?RS?LGHODW6HHDW6H6LDRSXV,QJ,QGV:IDN:KDMGHPGD?V: QHSRJR?,P6LV:DPHVWHN:POLPELOHOR?NDV:QXVԥPDM,QWVHOHDJ:XQXONXDOWXO@



/LWHUDWXU

/5/,,,6FKDOOHU  6FKURHGHU  



$XIJDEHQ

 'HU 7XUPEDX7H[W HQWKlOW DOOH HLQIDFKHQ 9RNDOH GHV 5XPlQLVFKHQ 6WHOOHQ 6LH VLH ]XVDPPHQ XQG]HLFKQHQ6LHGDV9RNDOGUHLHFNGHV5XPlQLVFKHQ RKQH+DOEYRNDOHXQG'LSKWKRQJH   6XFKHQ 6LH LP 7H[W HLQ %HLVSLHO IU GHQ LP 9HUJOHLFK ]X DQGHUHQ URPDQLVFKHQ 6SUDFKHQ XQG ]XP'HXWVFKHQUHGX]LHUWHQ,QILQLWLYJHEUDXFKGHV5XPlQLVFKHQ  D (LQUXPlQLVFKHV/DXWJHVHW]EHVDJWGDVVLQWHUYRNDOLVFKHV>O@]X>?@ZLUGYOW6,1*8/8!UXP VLQJXU &2(/8 ! FHU XVZ 1LFKW GDYRQ HUJULIIHQ ZXUGHQ VODZLVFKH /HKQZ|UWHU ERDOă Ã.UDQN KHLWµ  EROL  VPRDOă Ã3HFKµ  VPROD  XVZ :DV OlVVW VLFK DXV GLHVHU %HREDFKWXQJ IU GLH ]HLWOLFKH(UVWUHFNXQJGHV/DXWJHVHW]HVVFKOLH‰HQ" E ,QZHOFKHU5HLKHQIROJHPVVHQGLHVHUVRJ 5KRWD]LVPXVXQGGLH$SRNRSHDXIJHWUHWHQVHLQ":DUXP" 5FNVFKOVVHGLHVHU$UWQHQQWPDQ LQGHUKLVWRULVFKHQ6SUDFKZLVVHQVFKDIWUHODWLYH/DXWFKURQRORJLH   (LQDQGHUHV/DXWJHVHW]EHVDJWGDVVPLWHEHJLQQHQGHODWHLQLVFKH:|UWHULP5XPlQLVFKHQHLQHQ KDOEYRNDOLVFKHQ>M@9RUVFKODJEHNRPPHQODW (;,5(ÃKLQDXVJHKHQµ!UXPLHúL (48$Ã6WXWHµ! LDSă +(5%$ Ã*UDVµ ! LDUEă +(5, ÃJHVWHUQµ ! LHUL XVZ EHL HLQLJHQ :|UWHUQ ZLUG GLHVHU 9RU VFKODJ QLFKW JHVFKULHEHQ  'HQQRFK HQWKlOW HLQ PRGHUQHV UXPlQLVFKHV :|UWHUEXFK ]DKOUHLFKH :|UWHUGLHPLWHDQIDQJHQHFKLSDMHFODWDQWHFUDQHSXL]DHWDQúH[SORDWDHSRFăHWHUQXVZ :RUDXILVWGLHVHU6DFKYHUKDOW]XUFN]XIKUHQ"  /HVHQ6LH6FKDOOHU ± XQGDUEHLWHQ6LHKHUDXV D ZLH7UXEHW]NR\6SUDFKIDPLOLHXQG 6SUDFKEXQGXQWHUVFKHLGHW E ZLHPDQGLHVHQ%HJULIIHQGLH%HJULIIHJHQHWLVFKXQGW\SRORJLVFK ]XRUGQHQ NDQQ XQG F  ZLH VLFK GLH 'HILQLWLRQHQ YRQ 6SUDFKEXQG LQ 6FKDOOHU XQG %X‰PDQQ YRQHLQDQGHUXQWHUVFKHLGHQ  /HVHQ6LH'XPEUDYD  XQGEHDQWZRUWHQ6LHIROJHQGH)UDJHQ D :HOFKHlX‰HUHQ=HLFKHQ HLQHU $QQlKHUXQJ DQ 5XPlQLHQ ZXUGHQ LQ 0ROGDZLHQ DE  JHVHW]W" E  :HOFKH (LQVWHO OXQJHQ KDEHQ VLFK EH]JOLFK 6SUDFKH XQG ,GHQWLWlW KHUDXVJHELOGHW" F  0LW ZHOFKHQ Ä0\WKHQ³ VWW] W HQGLH.RQIOLNWSDUWHLHQLKUHMHZHLOLJHQ3RVLWLRQHQ" 





 9HUVXFKHQ 6LH LP ,QWHUQHW (UNXQGLJXQJHQ EHU GHQ DNWXHOOHQ 6WDQG GHU 6SUDFKSROLWLN LQ GHU 5HSXEOLN0ROGDX HLQVFKOLH‰OLFK7UDQVQLVWULHQ HLQ]X]LHKHQ9HUJOHLFKHQ6LHVLHPLWMHQHQGLH 6LHLQ:RFKHOH  ILQGHQ  1LFKWQXUGLH9HUZHQGXQJHLQHUEHVWLPPWHQ6FKULIWNDQQLGHRORJLVFKHU.RQIOLNWVWRIIVHLQDXFK IU 5HFKWVFKUHLEUHJHOQ NDQQ GLHV ]XWUHIIHQ /HVHQ 6LH LQ 6FKO|VVHU   GDV .DSLWHO ]XU UX PlQLVFKHQ 2UWKRJUDSKLH ±  XQG ]HLFKQHQ 6LH GDV ZHFKVHOYROOH 6FKLFNVDO YRQ k XQG v QDFK



)QIWH8QWHUULFKWVHLQKHLW



/LWHUDWXUVXFKH,,HOHNWURQLVFK



hEHUEOLFN

:lKUHQGGLH/LWHUDWXUVXFKHELVYRUZHQLJHQ-DKUHQIDVWDXVVFKOLH‰OLFK3DSLHUJHVWW]WZDU VLQGPLWGHUUDVDQWHQ(QWZLFNOXQJGHU,QIRUPDWLRQVWHFKQRORJLHQZHLWHUH0|JOLFKNHLWHQHQW VWDQGHQ(VKDQGHOWVLFKGDEHLZRKOJHPHUNWXP]XVlW]OLFKH$QJHERWHGLHPLWWHOIULVWLJGLHLQ EHVFKULHEHQHQ%LEOLRJUDSKLHQQLFKWHUVHW]HQZHUGHQ:LUN|QQHQJUREGUHLXQWHUVFKLHG OLFKH6XFKPHGLHQXQWHUVFKHLGHQ  D (OHNWURQLVFKH .DWDORJH IDVW DOOH .DWDORJH ZLVVHQVFKDIWOLFKHU %LEOLRWKHNHQ VLQG KHXWH ]XPLQGHVWWHLOZHLVHGLJLWDOLVLHUWGKGLH6XFKHHUIROJWQLFKW QXU LP.DUWHLNDVWHQVRQ GHUQ DXFK DP7HUPLQDO8QLYHUVLWlWVELEOLRWKHNHQVLQGXQWHUHLQDQGHUYLHOIDFKYHUQHW]W VRGDVVPDQDXFK=XJDQJ]X.DWDORJHQDQGHUHU%LEOLRWKHNHQHUKDOWHQNDQQHLQHQQW] OLFKHQ$XVJDQJVSXQNWIUGLH6XFKHLQYHUVFKLHGHQHQDXFKDXVOlQGLVFKHQ%LEOLRWKHNV NDWDORJHQ ELOGHW GHU .DUOVUXKHU 9LUWXHOOH .DWDORJ KWWSZZZXENDXQLNDUOVUXKH GHNYNKWPO 9RQGDDXVNDQQPDQ]%LQGHQZLFKWLJVWHQZLVVHQVFKDIWOLFKHQ%LEOLR WKHNHQ LP GHXWVFKVSUDFKLJHQ 5DXP LQ YHUVFKLHGHQHQ 1DWLRQDOELEOLRWKHNHQ DXFK URPDQLVFKHU/lQGHU LQGHU=HLWVFKULIWHQGDWHQEDQN ='%LH6WDQGRUWYHU]HLFKQLVDOOHU )DFK]HLWVFKULIWHQLQ'HXWVFKODQG RGHULQ%XFKKDQGHOVYHU]HLFKQLVVHQ ]%KWWSZZZ EXFKKDQGHOGH UHFKHUFKLHUHQ'HU8PJDQJPLWHOHNWURQLVFKHQ.DWDORJHQLVWXPYLHOHV EHTXHPHUDOVGLH6XFKHLP.DUWHLNDVWHQHUIRUGHUWDEHUHLQLJHVDQ(UIDKUXQJXPJH]LHOW VXFKHQ]XN|QQHQ   E (OHNWURQLVFKH'DWHQWUlJHUPLWELEOLRJUDSKLVFKHQ5HVVRXUFHQ YRUDOOHP&'520 9RQ GHQ IU GLH URPDQLVFKH 6SUDFKZLVVHQVFKDIW UHOHYDQWHQ %LEOLRJUDSKLHQ VLQG ELVODQJ GLH %LEOLRJUDSKLH GHU 0/$ XQG GLH 5RPDQLVFKH %LEOLRJUDSKLH DXI &'520 HUKlOWOLFK =XJDQJ ]X ELEOLRJUDSKLVFKHQ &'520V ELHWHQ LQ GHU 5HJHO GLH 8QLYHUVLWlWVELEOLR WKHNHQHQWZHGHUYRU2UWRGHUVRJDUYRP3&]X+DXVH,QIRUPLHUHQ6LHVLFKJOHLFK]X %HJLQQ ,KUHV 6WXGLXPV EHU GLH $QJHERWH DQ ,KUHP 8QLYHUVLWlWVVWDQGRUW (PSIHKOHQV ZHUW VLQG DXFK (LQIKUXQJVNXUVH LQ GLH %LEOLRWKHNVEHQW]XQJ GLH DQ YLHOHQ 8QLYHUVL WlWHQDQJHERWHQZHUGHQ   F ,QWHUQHW'DHVLOOXVRULVFKLVWIUGLHVHQ%HUHLFKDXFKQXUHLQHDQQlKHUQGYROOVWlQGLJH $XIOLVWXQJGHUQW]OLFKHQ$QELHWHUELEOLRJUDSKLVFKHU5HVVRXUFHQ]XJHEHQEHVFKUlQNHQ ZLU XQV DXI HLQLJH EHZlKUWH $GUHVVHQ GLH DOV $XVJDQJVSXQNW IUHLJHQH(UNXQGXQJHQ LP:::GLHQHQN|QQHQ

 (LQH EHVRQGHUV ZLFKWLJH (LQVWLHJVVHLWH LVW KWWSZZZURPDQLVWLNGH 'HXWVFKVSUDFKLJH 5RPDQLVWLNLP,QWHUQHW 'RUWILQGHWPDQQLFKWQXU,QWHUQHW$GUHVVHQYRQ%LEOLRWKHNHQ VRQGHUQDXFK/LQNV]XU:::9LUWXDO/LEUDU\ KWWSYOLERUJ E]Z]X7KH/LQJXLVW¶V /LVW KWWSOLQJXLVWOLVWRUJVS*HW:5/LVWLQJVFIP":5$EEUHY %LEV  YRQ ZR DXV PDQ ]DKOUHLFKH VSUDFKZLVVHQVFKDIWOLFKH 6SH]LDOELEOLRJUDSKLHQ DQVWHXHUQ NDQQ 'DV 3RUWDO &5/1 (OHFWURQLF %LEOLRJUDSKLHV KWWSZZZFVGOWDPXHGXaFUOQ  GHU 7H[DV 8QLYHU VLW\ ELHWHW QDFK GHQ YHUVFKLHGHQHQ URPDQLVFKHQ 6SUDFKHQ JHRUGQHWH $XVZDKOELEOLR JUDSKLHQ =HLWUlXPH ± XQG ±  1W]OLFK LVW DXFK GLH +RPHSDJH GHU 'VVHOGRUIHU 8QLYHUVLWlWV XQG /DQGHVELEOLRWKHN XD PLW HLQHP 9HU]HLFKQLV YRQ )DFK]HLWVFKULIWHQ LP ,QWHUQHW KWWSZZZXOEKKXGHUHFKHUFKLHUHQHOHNWURQLVFKH]HLW VFKULIWHQKWPO  VRZLH KWWSZZZXQLNLHOGHXEIDFKIDHFKHUJHLVWVSUDFKBOLW5RPDQLV WLNLQGH[KWPO 8% .LHO 2ULHQWLHUXQJVKLOIHQ 5RPDQLVWLN  -6725 -RXUQDO 6725DJH KWWSZZZMVWRURUJ  HLQ GLJLWDOHV =HLWVFKULIWHQDUFKLY HUP|JOLFKW GDV +HUXQWHUODGHQ HLQHU 9LHO]DKO YRQ lOWHUHQ  =HLWVFKULIWHQDUWLNHOQ (LQH ZDKUH )XQGJUXEH IU ELEOLR JUDSKLVFKH /LQNV ]X YHUVFKLHGHQVWHQ 7KHPHQEHUHLFKHQ GHU DOOJHPHLQHQ XQG DXFK URPDQLVFKHQ 6SUDFKZLVVHQVFKDIWELHWHWGDV,QVWLWXWIU'HXWVFKH6SUDFKHLQ0DQQKHLP KWWSZZZLGVPDQQKHLPGHTXHOOHQELEOLRKWPO  (LQH QW]OLFKH XQG VHKU XPIDQJ UHLFKH6SH]LDOELEOLRJUDSKLHLVWGLH*|',66'DWHQEDQN *|WWLQJHU'RNXPHQWDWLRQVXQG ,QIRUPDWLRQVV\VWHP ]X 6SUDFKHUZHUE XQG 6SUDFKYHUPLWWOXQJ 6FKZHUSXQNW URPDQLVFKH 6SUDFKHQKWWSZZZJRHGLVVGHYX 



/LWHUDWXU

*DEULHOHWDO  /XVWLJ7LHGHPDQQ  



$XIJDEHQ

 .RPSOHWWLHUHQ 6LH GLH DXIJUXQG GHU $XIJDEH  .DS   HUVWHOOWH %LEOLRJUDSKLH GXUFK HLQH 6XFKHLP,QWHUQHW  6XFKHQ 6LH LQ ,KUHU ,QVWLWXWV)DFKELEOLRWKHN MH IQI VSDQLVFKH LWDOLHQLVFKH XQG IUDQ]|VLVFKH 0RQRJUDSKLHQPLWOLQJXLVWLVFKHU7KHPDWLNGLHVHLWHUVFKLHQHQVLQGXQGEHUSUIHQ6LHRE VLH LQ GHU %LEOLRJUDSKLH GHU 0/$ HUIDVVW ZXUGHQ :RUDXI PVVHQ 6LH DFKWHQ ZHQQ 6LH 'DWHQVlW]HDXVGLHVHU%LEOLRJUDSKLHGLUHNWDP&RPSXWHUEHUQHKPHQ"  .RQVXOWLHUHQ 6LH HLQ %XFKKDQGHOVYHU]HLFKQLV ]% KWWSZZZEXFKNDWDORJGH  XQG ILQGHQ 6LH KHUDXV D REHVHLQDNWXHOOHVhEHUEOLFNVZHUN]XUVSDQLVFKHQ6SUDFKJHVFKLFKWHJLEW E REHLQH QHXHUH(LQIKUXQJLQGLHLWDOLHQLVFKH3KRQHWLNXQG3KRQRORJLHHUVFKLHQHQLVW F ZHOFKHDNWXHO OHUHQ(LQIKUXQJHQLQGLHIUDQ]|VLVFKH6SUDFKJHVFKLFKWHDXIGHP0DUNWVLQG G ZHOFKH*UDP PDWLNHQ GHV 3RUWXJLHVLVFKHQ LP +DQGHO HUKlOWOLFK VLQG :DV NRVWHQ GLH YRQ ,KQHQ JHIXQGHQHQ %FKHU" 







6HPLRWLN

6HLWGHUDQWLNHQ3KLORVRSKLHZHUGHQ:|UWHUDOV6SUDFK]HLFKHQYHUVWDQGHQ'DQHEHQJLEWHV MHGRFKQRFKHLQH5HLKHYRQQLFKWVSUDFKOLFKHQ=HLFKHQ'HQJHU|WHWHQ+DOVLQWHUSUHWLHUWGHU $U]W DOV =HLFKHQ YRQ $QJLQD GHQ %0: NDXIW VLFK MHPDQG YLHOOHLFKW DOV =HLFKHQ VHLQHV :RKOVWDQGV 1LFNHQ JLOW EHL XQV DOV =HLFKHQ GHU =XVWLPPXQJ XVZ 'LH :LVVHQVFKDIW GLH VLFKPLWGHQ=HLFKHQDOOJHPHLQEHVFKlIWLJWKHL‰W6HPLRWLN



'LH1DWXUGHV=HLFKHQV

6HLWGHU6FKRODVWLNZLUGGLH1DWXUGHV=HLFKHQVJHUQPLWGHP6DW]DOLTXLGVWDWSURDOLTXR ÃHWZDV VWHKW IU HWZDV DQGHUHV µ FKDUDNWHULVLHUW DOOHUGLQJV NRQQWH PDQ VLFK ELV KHXWH VSH]LHOOZDVGDVVSUDFKOLFKH=HLFKHQEHWULIIWQLFKWZLUNOLFKGDUDXIHLQLJHQZDVGDVDOLTXLG XQGGDVDOLTXRVLQGXQGZLHGLHPHWDSKRULVFKH5HGHZHLVHVWDWSUR]XLQWHUSUHWLHUHQLVW« )UPDQFKHVWHKWHLQ=HLFKHQIUHLQHQ*HJHQVWDQGIUDQGHUHHLQ$XVGUXFNIUHLQHQ %HJULIIIUZLHGHUDQGHUHHLQ$XVGUXFNIUHLQHQ*HJHQVWDQGYHUPLWWHOVHLQHV%HJULIIVXP QXUHLQLJH$QWZRUWHQ]XQHQQHQ/HW]WHUH$XIIDVVXQJLVWEHVRQGHUVYHUEUHLWHWXQGZLUGRIW LQ)RUPGHVVRJVHPLRWLVFKHQ'UHLHFNVGDUJHVWHOOW YJOD 'DEHLEH]HLFKQHWGDVVLJQDQV GLH/DXWYRUVWHOOXQJEHL6DXVVXUHVLJQLILDQW YHUPLWWHOVGHVVLJQDWXP GHU%HGHXWXQJEHL 6DXVVXUHVLJQLILp GDVGHQRWDWXP GDVZDVEH]HLFKQHWZLUGPHLVW'HQRWDWRGHU5HIHUHQW JHQDQQW 0DQFKPDOZLUG YJOE GDV'UHLHFN]XHLQHP)QIHFNDXVJHEDXWLQGHPHLQHU VHLWV ]XU UHLQ PHQWDOHQ /DXWYRUVWHOOXQJ QRFK GLH WDWVlFKOLFK JHlX‰HUWH /DXWIROJH QRPHQ  KLQ]XJHIJWXQGDQGHUHUVHLWVÄLP.RSI³QRFK]ZLVFKHQGHULPHQJHUHQ6LQQHHLQ]HOVSUDFK OLFKHQ %HGHXWXQJ VLJQDWXP  XQG HLQHU VSUDFKXQDEKlQJLJHQ 'LQJ 9RUVWHOOXQJ GHVLJQD WXP  XQWHUVFKLHGHQ ZLUG 'DV GHVLJQDWXP YRQ 9RJHO ZlUHGHPQDFKGLH9RJHOYRUVWHOOXQJ GLHLQPLU]%EHLP6FKOLH‰HQGHU$XJHQHQWVWHKWGDVVLJQDWXPYRQ9RJHOKLQJHJHQHLQH DEVWUDNWHUH%HGHXWXQJHLQH$UW0LQLPDOGHILQLWLRQGHU$UWÃ]ZHLEHLQLJHVJHILHGHUWHV7LHUµ 'LH PHLVWHQ VHPDQWLVFKHQ 7KHRULHQ XQWHUVFKHLGHQ LQ GHU HLQHQ RGHU DQGHUHQ :HLVH ]ZL VFKHQ VLJQDWXP XQG GHVLJQDWXP ZREHL OHW]WHUHV DXFK KlXILJ DOV %HJULII .RQ]HSW QDFK HQJO FRQFHSW  'LQJYRUVWHOOXQJ :HOWZLVVHQ RGHU HQ]\NORSlGLVFKHV :LVVHQ EH]HLFKQHW ZLUG

 D  VLJQDWXP    VLJQDQV±±±±!GHQRWDWXP            

E  



  

VLJQDQV   _    QRPHQ±±±±!

  

VLJQDWXP GHVLJQDWXP _ GHQRWDWXP

 'LHVHV 'UHLHFN E]Z )QIHFN VWHOOW VFKHPDWLVFK GHQ 3UR]HVV GHV %H]HLFKQHQV GLH VRJ 6HPLRVH GDU ZlKUHQG GDV HLJHQWOLFKH =HLFKHQ QXU DXV VLJQDQV XQG VLJQDWXP EHVWHKW EHLGHV PHQWDOH (QWLWlWHQ 'LH VWULFKOLHUWH /LQLH VROO DQGHXWHQGDVV]ZLVFKHQVLJQDQVE]Z

 QRPHQ XQG GHQRWDWXP NHLQH GLUHNWH VRQGHUQ QXU HLQH GXUFK VLJQDWXP XQG GHVLJQDWXP  YHUPLWWHOWH5HODWLRQEHVWHKW 0DQFKH 6HPLRWLNHU KDOWHQ GLHVH $XIIDVVXQJHQ VSUDFKOLFKHU =HLFKHQ DOV IHVWHU 9HUELQ GXQJ YRQ /DXW XQG %HGHXWXQJVYRUVWHOOXQJ DOOHUGLQJV IU JUXQGVlW]OLFK YHUIHKOW XQG GHIL QLHUHQGLH%HGHXWXQJHLQHVVSUDFKOLFKHQ=HLFKHQVVWDWWGHVVHQPLW:LWWJHQVWHLQDOVGHVVHQ *HEUDXFKLQGHU6SUDFKHGKDOVMHQH.RQYHQWLRQGLHGLH9HUZHQGXQJGHV=HLFKHQVLQ HLQHUEHVWLPPWHQ6SUDFKJHPHLQVFKDIWUHJHOW'LHVH7KHRULHIUDJWQLFKWLQHUVWHU/LQLHQDFK GHP9HUKlOWQLVGHU:|UWHU]XU:HOWRGHU]XNRJQLWLYHQ(LQKHLWHQZLHGHPVLJQDWXPRGHU GHP GHVLJQDWXP VRQGHUQ GDQDFK ZLH VLH .RPPXQLNDWLRQ HUP|JOLFKHQ 8QG GLHV WXQ VLH QLFKWLQGHPVLHÄIUHWZDVVWHKHQ³VRQGHUQLQGHPVLHGHP,QWHUSUHWHQHUODXEHQ6FKOVVH ]X ]LHKHQ DXIJUXQG GHV JHPHLQVDPHQ :LVVHQV XP GLH 9HUZHQGXQJ GHU :|UWHU 'LH 9HU ZHQGXQJ YRQ DEHU LQ 'X ELVW DEHU JUR‰]JLJ HUODXEW PLU ]% ]X VFKOLH‰HQ GDVV IU PHLQHQ *HVSUlFKVSDUWQHU PHLQH *UR‰]JLJNHLW LUJHQGZLH EHUUDVFKHQG LVW GD LFK GLH *HEUDXFKVUHJHO YRQ DEHU NHQQH GLH HEHQ EHVDJW GDVV GLHVHV LQ HLQHP .RQWH[W ZLH GHP HUZlKQWHQGLH)XQNWLRQKDWhEHUUDVFKXQJ]XVLJQDOLVLHUHQXQGQLFKWHWZDZHLOGDV:RUW HLQHEHVWLPPWH9RUVWHOOXQJLQPLUKHUYRUUXIW*HEUDXFKVWKHRUHWLNHUOHXJQHQDEHUQDWUOLFK QLFKW GDVV EHL PDQFKHQ :|UWHUQ HWZD 8UODXE RGHU 6WLHUNDPSI DXFK ELOGOLFKH 9RUVWHO OXQJHQ HYR]LHUW ZHUGHQ GRFK ZHUGHQ GLHVH QLFKW PLW GHU %HGHXWXQJ GHU :|UWHU JOHLFK JHVHW]W



7\SHQYRQ=HLFKHQ

6R XQWHUVFKLHGOLFK DXFK GLH =HLFKHQDXIIDVVXQJHQ VHLQ P|JHQ EHU GLH 7DWVDFKH GDVV HV GUHLYHUVFKLHGHQH7\SHQYRQ=HLFKHQJLEWVFKHLQWHLQUHODWLYEUHLWHU.RQVHQV]XKHUUVFKHQ ZHQQJOHLFK GLH 'HILQLWLRQHQ GHU GUHL 7\SHQ DXFK QLFKW LPPHU LGHQWLVFK VLQG 'LHVH GUHL =HLFKHQW\SHQ ZHUGHQ 6\PSWRP DXFK ,QGH[ QDFK 3HLUFH  ,NRQ XQG 6\PERO JHQDQQW (LQ 6\PSWRP ZHLVW DXI HWZDV NDXVDO PLW LKP 9HUEXQGHQHV KLQ HWZD (LWHUSXQNWH DXI GHQ 0DQGHOQ DXI $QJLQD 5DXFK DXI )HXHU *lKQHQ DXI 6DXHUVWRIIPDQJHO ,P *HJHQVDW] ]X HLQHP 6\PSWRP LVW HLQ ,NRQ HLQ EHZXVVW HLQJHVHW]WHV =HLFKHQ GDV DXIJUXQG LUJHQGHLQHU bKQOLFKNHLW RGHU DOOJHPHLQHU JHVDJW HLQHU QDKHOLHJHQGHQ $VVR]LDWLRQ ]ZLVFKHQ GHP =HL FKHQXQGGHPLQWHQGLHUWHQ'LQJRGHU6DFKYHUKDOWGLHJHZQVFKWH,QWHUSUHWDWLRQDXVO|VW$OV ]% HLQ 0HQVFK HUVWPDOV DXIGLH,GHHYHUILHO*lKQHQEHZXVVWXQGDOVEHZXVVWHV*lKQHQ HUNHQQEDU]XLPLWLHUHQXPGDPLWVHLQH/DQJHZHLOH]XEHNXQGHQYHUZHQGHWHHUHLQLNRQL VFKHV =HLFKHQ ]ZLVFKHQ GHP *lKQHQ XQG GHP LPLWLHUWHQ *lKQHQ EHVWHKW HLQH bKQOLFK NHLWVUHODWLRQ  ,Q GHP 0D‰H LQ GHP GLHVHV 9HUKDOWHQ YRQ DQGHUHQEHUQRPPHQZLUGXQG VLFKLQHLQHU*HPHLQVFKDIWHWDEOLHUWZLUGGDUDXVHLQ6\PEROHLQNRQYHQWLRQHOOHV=HLFKHQ ]X GHVVHQ ,QWHUSUHWDWLRQ QXU PHKU DXI GDV :LVVHQ XP GLH .RQYHQWLRQ ]XUFNJHJULIIHQ ZHUGHQ PXVV XQG QLFKW PHKU ZLH EHLP HUVWHQ $XIWUHWHQ DXI NRPSOH[H ,QIHUHQ]HQ GK   

 .RQYHQWLRQ KHL‰W KLHU QLFKW H[SOL]LWH hEHUHLQNXQIW VRQGHUQ EH]LHKW VLFK OHGLJOLFK DXI JHWHLOWHV :LVVHQEHUGLH9HUZHQGXQJYRQ=HLFKHQ





6FKOVVH $OOHUGLQJV EOHLEW GLHVHV NRQYHQWLRQHOOH =HLFKHQ PRWLYLHUW VHLQ 8UVSUXQJ LVW ZHLWHUKLQ QDFKYROO]LHKEDU LP *HJHQVDW] HWZD ]XP 1LFNHQ GDV KHXWH HLQ XQPRWLYLHUWHV =HLFKHQLVW $XFKLQGHU6SUDFKHJLEWHVDOOHGUHL7\SHQYRQ=HLFKHQ'HU$N]HQWHLQHU3HUVRQYHUUlW PHLVW XQJHZROOW GLH UHJLRQDOH RGHU VR]LDOH +HUNXQIW 6\PSWRP  NUHDWLYH 0HWDSKHUQ VLQG W\SLVFKH ,NRQH ]X GHUHQ ,QWHUSUHWDWLRQ DXI ,QIHUHQ]HQ DXI GHU %DVLV XQVHUHV :HOWZLVVHQV ]XUFNJHJULIIHQZHUGHQPXVVGLHPHLVWHQVSUDFKOLFKHQ=HLFKHQVLQGMHGRFK6\PEROHGK LKUH 9HUZHQGXQJ LVW GXUFK .RQYHQWLRQ JHUHJHOW 6HOEVW XUVSUQJOLFK LNRQLVFKH XQG VRPLW PRWLYLHUWH=HLFKHQWHQGLHUHQGD]X]X6\PEROHQ]XZHUGHQ.XFNXFNHWZDZDUXUVSUQJOLFK HLQ ,NRQ HLQH ,PLWDWLRQ GHV /DXWV GHV EH]HLFKQHWHQ 9RJHOV ]XU %H]HLFKQXQJ GHV 9RJHOV VHOEVW LVW KHXWH DEHU HLQ 6\PERO GK HLQ NRQYHQWLRQHOOHU $XVGUXFN 'LHV ]HLJW DXFK HLQ 9HUJOHLFKPLWDQGHUHQ6SUDFKHQLQGHQHQGHU$XVGUXFN]ZDUHEHQIDOOVQRFKNODUGXUFKGHQ FKDUDNWHULVWLVFKHQ /DXW GHV 9RJHOV PRWLYLHUW LVW DEHU MHZHLOV HLQH OHLFKW DQGHUH ODXWOLFKH *HVWDOWKDWIU]FRXFRXLWFXFXORVSFXFOLOORXVZ'DQDFKGHU.RQYHQWLRQDOLVLHUXQJEHL GHU,QWHUSUHWDWLRQQXUPHKUDXIGLH*HEUDXFKVUHJHO]XUFNJHJULIIHQZHUGHQPXVVNRPPWHV DOV)ROJHKlXILJ]XHLQHU'HPRWLYLHUXQJZLHGLHV]%EHLGW*DXFKGHPDOWHQ:RUWIU Ã.XFNXFNµ JHVFKHKHQ LVW GDV ZRKO XUVSUQJOLFK HEHQIDOOV ODXWPDOHULVFK ZDU DEHU LQ GHU )RUP*DXFKQLFKWPHKUDQGHQ6FKUHLGHV.XFNXFNVHULQQHUW



1RQYHUEDOH.RPPXQLNDWLRQ

9RQ GHQPDQQLJIDOWLJHQ)RUPHQQRQYHUEDOHU.RPPXQLNDWLRQZROOHQZLUQXUNXU]]ZHL =HLFKHQV\VWHPH KHUDXVJUHLIHQ GLH HQJ PLW GHP HLJHQWOLFKHQ VSUDFKOLFKHQ =HLFKHQV\VWHP ]XVDPPHQZLUNHQ 'DZlUH]XP(LQHQGLH'LVWDQ]]ZLVFKHQGHQ.RPPXQLNDWLRQVWHLOQHKPHUQZHOFKHYRQ GHU VRJ 3UR[HPLN VWXGLHUW ZLUG 'LH 3ODW]LHUXQJ GHU *HVSUlFKVWHLOQHKPHU KDW LQ YLHOHQ )lOOHQHLQHQNODUHUNHQQEDUHQ=HLFKHQFKDUDNWHUHWZDGLH6LW]RUGQXQJEHLHLQHU.RQIHUHQ] RGHUDXFKEHL7LVFK:HQLJHUEHZXVVWLVWXQVGLH=HLFKHQKDIWLJNHLWGHV$EVWDQGV]XP*H VSUlFKVSDUWQHULQGHUDOOWl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

 :HLWHUVEHUPLWWHOQDXFK.|USHUKDOWXQJXQGNRQWDNW*HVWLN0LPLN%OLFNH7RQIDOOXQG DQGHUH QLFKWVSUDFKOLFKH /DXWlX‰HUXQJHQ ZLH /DFKHQ RGHU 5lXVSHUQ ZLFKWLJH ,QIRUPDWLR QHQ$XFKGLHVH=HLFKHQV\VWHPHVLQG]XPLQGHVWWHLOZHLVHNXOWXUVSH]LILVFK6FKHPD]HLJW ]% HLQH *HVWH QlPOLFK GDV $XI XQG $EEHZHJHQ GHU VLFK PLW GHQ 6SLW]HQ EHUKUHQGHQ )LQJHU GLH QDFK GHP *HVWHQDWODV YRQ 0RUULV   DXI GDV LWDOLHQLVFKH 6WDDWVJHELHW EH VFKUlQNW LVW 'DV =XUFNZHUIHQ GHV .RSIHV ZLHGHUXP GDV GHU 0LWWHOHXURSlHU DP HKHVWHQ DOVHLQHDIILUPDWLYHGKEHMDKHQGH*HVWHLQWHUSUHWLHUHQZUGHVWHKWEHNDQQWOLFKLQ*ULH FKHQODQG XQG LQ GHU 7UNHL IU GLH 1HJDWLRQ 9HUQHLQXQJ  1DFK 0RUULV LVW GLHVH *HVWH DXFKLQ6GLWDOLHQKHLPLVFK YJO.DUWH ZDVHUDOV(UEHGHU0DJQD*UDHFLDHUNOlUW                



6FKHPD7KH+DQG3XUVH QDFK0RUULV>@  

.DUWH7KH&KLQ)OLFN DXV0RUULV>@ 



/LWHUDWXU

+DOO  .HOOHU  0RUULV  9ROOL  



$XIJDEHQ

 +lXILJZHUGHQLP$QVFKOXVVDQ6DXVVXUHXQPRWLYLHUWH=HLFKHQ DUELWUlUJHQDQQW1DFK.HOOHU  ±  LVW GLH *OHLFKVHW]XQJ YRQ 8QPRWLYLHUWKHLW XQG $UELWUDULWlW MHGRFK HLQH bTXL YRNDWLRQ:LHH[SOL]LHUW.HOOHUGDV9HUKlOWQLVGHU$XVGUFNHNRQYHQWLRQHOODUELWUlUXQG XQ PRWLYLHUW" 

 'LH%HGHXWXQJYLHOHU:|UWHUOHUQWGDV.LQGLQGHPPDQLKPGDVHQWVSUHFKHQGH'HQRWDW]HLJW D :LHOHUQWHVGDV:RUW+H[H" E 1HQQHQ6LHIQIZHLWHUHVSUDFKOLFKH=HLFKHQRKQH'HQRWDW





 *HEHQ6LHIROJHQGHQ)LJXUHQHLQHQWUHIIHQGHQ1DPHQLQHLQHU3KDQWDVLHVSUDFKH>'DV(UJHEQLV ZLUGLQGHU/HKUYHUDQVWDOWXQJEHVSURFKHQ@

   6FKUHLEHQ6LHP|JOLFKVWVSRQWDQDOOH$VVR]LDWLRQHQDXIGLH,KQHQ]XGHQ:|UWHUQ8UODXEXQG )HULHQ HLQIDOOHQ 9HUVXFKHQ 6LH LQ HLQHP ]ZHLWHQ 6FKULWW ]X HQWVFKHLGHQ ZHOFKH GLHVHU $VVR ]LDWLRQHQ GHP VLJQDWXP 0LQLPDOGHILQLWLRQ  XQG ZHOFKH GHP GHVLJQDWXP :HOWZLVVHQ HQ]\ NORSlGLVFKH,QIRUPDWLRQ ]X]XUHFKQHQVLQG:LHVHKHQGLHHQWVSUHFKHQGHQ9HUKlOWQLVVHLQ,KUHU URPDQLVFKHQ6SUDFKHDXV">'LH5HVXOWDWHZHUGHQLQGHU/HKUYHUDQVWDOWXQJEHVSURFKHQ@  /HVHQ 6LH 3HWHU %LFKVHOV *HVFKLFKWH Ä(LQ 7LVFK LVW HLQ 7LVFK³ LQ .LQGHUJHVFKLFKWHQ 1HXZLHG%HUOLQ/XFKWHUKDQG :DUXPHQGHWGLH*HVFKLFKWHÄWUDXULJ³"  /HVHQ 6LH GHQ $QIDQJ GHV .DSLWHOV 35,0$ 3IHUGHHSLVRGH  YRQ 8PEHUWR (FRV 5RPDQ 'HU 1DPH GHU 5RVH D  'DQN ZHOFKHU =HLFKHQ HUVFKOLH‰W :LOOLDP GLH 5LFKWXQJ LQ GHU GDV 3IHUG HQWZLFKHQ LVW" :DUXP ZHL‰ HU GDVV HV HLQ ZHUWYROOHV 3IHUG LVW" :LH NRPPW :LOOLDP DXI GLH ,GHHGDV3IHUGKDEHHLQHQVFKPDOHQ.RSIJUR‰H$XJHQXQGGHQ1DPHQ%UXQHOOR" E :HOFKHQ GHUGUHL7\SHQVLQGGLH=HLFKHQ]X]XRUGQHQ"  *HVHOOVFKDIWOLFKH5HJHOQZLHGLHLQDQJHVSURFKHQHQ'LVWDQ]UHJHOQZHUGHQHLQHPPHLVWHQV HUVW EHZXVVW ZHQQ VLH EHUWUHWHQ XQG VDQNWLRQLHUW  ZHUGHQ %HVFKUHLEHQ 6LH GUHL IU XQVHUHQ .XOWXUNUHLVJOWLJH'LVWDQ]UHJHOQXQGJHEHQ6LHMHZHLOVHLQH6LWXDWLRQDQLQGHUVLHEHUWUHWHQ XQGVDQNWLRQLHUW ZHUGHQ  %HVFKUHLEHQ 6LH GUHL XQWHUHLQDQGHU P|JOLFKVW YHUVFKLHGHQH 6LWXDWLRQHQ LQ GHQHQ MHPDQG DXI QLFKWVSUDFKOLFKH :HLVH EHOHLGLJW ZLUG XQG HUOlXWHUQ 6LH ZHOFKH +|IOLFKNHLWVUHJHO GDEHLEHU WUHWHQZLUG  :HOFKHQLFKWVSUDFKOLFKHQ=HLFKHQ YRP.VVHQDXIGHQ0XQGELV]XPEHLOlXILJHQ+HEHQGHU +DQG  ZHUGHQ EHL XQV LQ ZHOFKHU 6LWXDWLRQ DOV *UX‰ YHUZHQGHW" 6WHOOHQ 6LH GLH (UJHEQLVVH LQ )RUP HLQHU .UHX]NODVVLILNDWLRQ ]ZLVFKHQ GHQ HLQ]HOQHQ =HLFKHQ XQG GHQ UHOHYDQWHQ VLWXDWLR QHOOHQ )DNWRUHQ GDU +DEHQ PDQFKH GLHVHU =HLFKHQ LQ HLQHP DQGHUHQ .XOWXUNUHLV DQGHUH $Q ZHQGXQJVEHGLQJXQJHQ"  D  Ä)HLQH /HXWH NRPPHQ ]X VSlW³ VDJW GHU .RQVXO LQ GHQ %XGGHQEURRNV *HEHQ 6LH GUHL 3QNWOLFKNHLWVUHJHOQ XQVHUHV .XOWXUNUHLVHV DQ XQG LOOXVWULHUHQ 6LH VLH DQKDQG YRQ NRQNUHWHQ 6LWXDWLRQHQLQGHQHQGHUHQ1LFKW(LQKDOWXQJ]X5HDNWLRQHQIKUW E :HOFKH%HGHXWXQJHUKlOW HLQ 7HOHIRQDQUXI DOOHLQ GXUFK GLH 7DWVDFKH GDVV HU XP K K K « K JHWlWLJW ZLUG" ,VW GLH %HGHXWXQJQXUYRQGHU7DJHV]HLWRGHUDXFKYRQDQGHUHQ)DNWRUHQDEKlQJLJ"



6SUDFKVNL]]H,WDOLHQLVFK



6WDQGDUGVSUDFKHXQG'LDOHNWH

,Q NDXP HLQHP DQGHUHQ *HELHW GHU 5RPDQLD KDW VLFK GDV 9XOJlUODWHLQ LQ VR YLHOH XQG VR VWDUNYRQHLQDQGHUYHUVFKLHGHQH'LDOHNWHDXIJHVSDOWHQZLHDXIGHU$SHQQLQHQKDOELQVHOZDV

 JHZLVVDXFKDXIGLHVSlWHSROLWLVFKH(LQLJXQJGHVKHXWLJHQLWDOLHQLVFKHQ6WDDWVJHELHWHV]X UFN]XIKUHQLVW,QGHULWDOLHQLVFKHQ'LDOHNWRORJLHSIOHJWPDQGUHL+DXSWGLDOHNWJHELHWH]X XQWHUVFKHLGHQYRQGHQHQMHGHVLQVLFKDOOHUGLQJVZLHGHUVWDUN]HUVSOLWWHUWLVWGDVQRUGGDV PLWWHOXQGGDVVGLWDOLHQLVFKH'LH*UHQ]H]ZLVFKHQGHQQRUGXQGGHQPLWWHOLWDOLHQLVFKHQ 'LDOHNWHQ YHUOlXIW XQJHIlKU HQWODQJ GHV $SHQQLQHQNDPPHV /LQLH /D 6SH]LD5LPLQL YJO   XQG LVW VHKU DXVJHSUlJW'LH*UHQ]H]ZLVFKHQGHQPLWWHOXQGGHQVGLWDOLHQLVFKHQ 'LDOHNWHQYHUOlXIWJUREHQWODQJHLQHU/LQLHGLHYRQ5RPQDFK$QFRQD HWZDVVGOLFKYRQ 5LPLQL JHOHJHQ  IKUW .RUVLND GDV VHLW  SROLWLVFK ]X )UDQNUHLFK JHK|UW LVW DXV GLD OHNWRORJLVFKHU6LFKWGHPPLWWHOLWDOLHQLVFKHQ*HELHW]X]XUHFKQHQ 'LH LWDOLHQLVFKH 6FKULIWVSUDFKH EDVLHUW LP :HVHQWOLFKHQ DXI GHP 'LDOHNW YRQ )ORUHQ] ZDV OHW]WOLFK GHP HQRUPHQ 3UHVWLJH GHU GUHL DXV GHU 7RVNDQD VWDPPHQGHQ'LFKWHU'DQWH 3HWUDUFDXQG%RFFDFFLR]X]XVFKUHLEHQLVW,P*HJHQVDW]]XP)UDQ]|VLVFKHQZDUGLH:DKO GHVWRVNDQLVFKHQ'LDOHNWV]XU6WDQGDUGVSUDFKHDOVRQLFKWSROLWLVFKVRQGHUQZHVHQWOLFKNXO WXUHOO EHGLQJW 'LH 9RUKHUUVFKDIW GHV 7RVNDQLVFKHQ LVW QLFKW VRIRUW DOOVHLWVDN]HSWLHUWZRU GHQVRQGHUQPXVVWHLQHLQHPODQJHQ5LQJHQ EHNDQQWDOVTXHVWLRQHGHOODOLQJXD HUZRUEHQ XQG YHUWHLGLJW ZHUGHQ +HXWH LVW GLH LWDOLHQLVFKH 6WDQGDUGVSUDFKH ]ZDU QRFK LPPHU YRQ DOOHQ'LDOHNWHQGHP)ORUHQWLVFKHQDPQlFKVWHQGRFKLVWVLHLP/DXIHGHU=HLWDXFKPLW(OH PHQWHQDXVDQGHUHQLWDOLHQLVFKHQ'LDOHNWHQXQGIUHPGHQ6SUDFKHQDQJHUHLFKHUWZRUGHQ



=XU$XVVSUDFKHGHULWDOLHQLVFKHQ6WDQGDUGVSUDFKH

,Q GLHVHP $EVFKQLWW ZROOHQ ZLU XQV GDPLW EHJQJHQ HLQLJH (LJHQKHLWHQ GHU LWDOLHQLVFKHQ $XVVSUDFKHXQG6FKULIWGDU]X]XOHJHQGLHDXFKIUGHQ1LFKW,WDOLDQLVWHQYRQ,QWHUHVVHVHLQ N|QQHQ(UZlKQWVHLQRFKGDVVYRQVHLWHQDXFKJHELOGHWHU1LFKW7RVNDQHUZHQLJ1HLJXQJ EHVWHKWVLFKGHUKLHUSUlVHQWLHUWHQKRFKLWDOLHQLVFKHQ1RUP]XEHIOHL‰LJHQ ,P %HUHLFK GHV .RQVRQDQWLVPXV VLQG EHVRQGHUV GLH YLHOHQ LQ GHU 1RUPDXVVSUDFKH ± QLFKWDOOHUGLQJVLQ1RUGLWDOLHQ±GHXWOLFKODQJDUWLNXOLHUWHQ'RSSHONRQVRQDQWHQE]Z*H PLQDWHQ 6J*HPLQDWD KHUYRU]XKHEHQ1DFKEHVWLPPWHQ:|UWHUQZLH]%GHU3UlSRVL WLRQDÃLQQDFKµ ODW$' ZHUGHQDXFKHLQIDFKH$QIDQJVNRQVRQDQWHQGRSSHOWJHVSURFKHQ 'HU*UXQGGDIULVWKLVWRULVFKJHVHKHQHLQ$VVLPLODWLRQVSUR]HVVVRZLHDXVYOW $'5,3$5( ÃDQV8IHUJHODQJHQµ ]X 5,3$Ã8IHUµ LWDUULYDUHÃDQNRPPHQµZXUGHVRZXUGHDXVYOW $' 520$ÃLQQDFK5RPµWRVN>DUURPD@ JHVFKULHEHQD5RPD  %H]JOLFKGHU6FKUHLEXQJGHU.RQVRQDQWHQVLQGIROJHQGH%HVRQGHUKHLWHQKHUYRUKHEHQV ZHUWJQ!VWHKWIU>@ %VSJQRFFKL JO L !IU>i@ %VSDJOLR>DiiR@Ã.QREODXFKµ>i@ ]ZLVFKHQ9RNDOHQLVWLPPHUODQJHEHQVR>@XQG>6@ GLHOHLFKWYHUZLUUHQGHQ6FKUHLEXQJHQ YRQ>N@>W6@>J@>G-@XQG>6@VLQGHWZDVYHUHLQIDFKWLQ7DEHOOHGDUJHVWHOOWZRPDQVHKHQ NDQQ GDVV K! LPPHU XQG L! PDQFKPDO QXU GLDNULWLVFKH )XQNWLRQ KDEHQ YJO   'DPLW LVW JHPHLQW GDVV VLH NHLQHQ HLJHQHQ /DXWZHUW KDEHQ VRQGHUQ QXU ]XU %HVWLPPXQJ GHV JHQDXHQ /DXWZHUWV HLQHV DQGHUHQ %XFKVWDEHQ GLHQHQ 6SDOWH]HLJWGLH6FKUHLEXQJHQ YRUD!R!XQGX!6SDOWH,,MHQHYRUH!XQGL! 





7DEHOOH    , %VS   ,, %VS   FK! FKLÃZHUµ >N@ F! FDSRÃ.RSIµ >W6@ FL! FLDRÃWVFKDXµ  F! FLWWjÃ6WDGWµ >J@ J! JDOORÃ+DKQµ  JK! JKHWWRÃ*HWWRµ >G-@ JL! JLDOORÃJHOEµ  J! JLURÃ'UHKXQJXlµ >6@ VFL!VFLDOOHÃ6FKDOµ  VF! VFLÃ6NLµ >VN@ VF! VFDQGDORÃ6NDQGDOµ VFK!VFKHU]RÃ6FKHU]µ  'LH9RNDOTXDQWLWlWLVWLP'HXWVFKHQXQGLP,WDOLHQLVFKHQYHUVFKLHGHQJHUHJHOW,WDOLHQLVFKH 9RNDOHVLQGQXULQEHWRQWHQRIIHQHQQLFKWDP:RUWHQGHEHILQGOLFKHQ6LOEHQODQJ]XVSUH FKHQGDVHUVWHD!YRQFDVDLVWIROJOLFKODQJ]XVSUHFKHQGLHYRQFDVVDXQGFLWWjKLQJHJHQ VLQGNXU] +LQVLFKWOLFK GHU 9RNDOTXDOLWlW VHL KHUYRUJHKREHQ GDVV EHWRQWHV H! XQG R! HLQH RI IHQH XQG HLQH JHVFKORVVHQH $XVVSUDFKH KDEHQ N|QQHQ ,KUH 9HUWHLOXQJ LVW UHJLRQDO VHKU XQWHUVFKLHGOLFKVRVSULFKWPDQLQ)ORUHQ]EHQHÃJXWµRIIHQLQ0DLODQGJHVFKORVVHQ'HXW VFKH 0XWWHUVSUDFKOHU PVVHQ GDUDXI DFKWHQ GDVV GHU gIIQXQJVJUDG GLHVHU EHLGHQ 9RNDOH QLFKWSKRQRWDNWLVFKJHVWHXHUWLVWZLHGLHVLP'HXWVFKHQWHLOZHLVHGHU)DOOLVWZlKUHQG]% LP 'HXWVFKHQ R! YRU >U@  .RQVRQDQW LPPHU RIIHQ JHVSURFKHQ ZLUG %VS 'RUQ .RUE +RUW XVZ  NDQQ HV LP,WDOLHQLVFKHQLQGHUVHOEHQ8PJHEXQJHQWZHGHURIIHQ %VSFRUQR >N2?QR@Ã+RUQµ RGHUJHVFKORVVHQ %VSJLRUQR>G-R?QR@Ã7DJµ VHLQ



'HU7XUPEDX]X%DEHO,WDOLHQLVFK

2UWXWWDODWHUUDIXXQODEEURVRORHJHVWDXJXDOL(DYYHQQHQHOORURYDJDUHGDOODSDUWH G¶2ULHQWHFKHJOLXRPLQLWURYDURQRXQDSLDQXUDQHOSDHVHGL6LQ¶DUHYLVLVWDELOLURQR( VL GLVVHUR O¶XQ O¶DOWUR Ä2UV )DFFLDPRFL GHL PDWWRQL H SRL FXRFLDPROL DO IXRFR³ ,O PDWWRQH VHUYu ORUR LQYHFH GHOOD SLHWUD H LO ELWXPH LQYHFH GHOOD PDOWD 3RL HVVL GLVVHUR Ä2UV&RVWUXLDPRDQRVWURYDQWDJJLRXQDFLWWjFRQXQDWRUUHODFXLFLPDVLDQHLFLHOLH IDFFLDPRFLXQQRPHSHUQRQHVVHUGLVSHUVLVXOODVXSHUILFLHGLWXWWDODWHUUD³ 0D -DKZHK GLVFHVH SHU YHGHUH OD FLWWj FRQ OD WRUUH FKH VWDYDQ FRVWUXHQGR L ILJOL GHOO¶XRPR(-DKZHKGLVVHÄ(FFRFK¶HVVLVRQRXQVROSRSRORHXQODEEURVRORqSHUWXWWL ORURTXHVWRqLOORURLQL]LDUHQHOOHLQWUDSUHVHRUPDLWXWWRFLzFKHKDQQRPHGLWDWRGLIDUH QRQ VDUj ORUR LPSRVVLELOH 2UV 'LVFHQGLDPR H FRQIRQGLDPR ODJJL LO ORUR ODEEUR GL JXLVDFKHHVVLQRQFRPSUHQGDQRSLLOODEEURO¶XQRGHOO¶DOWUR³ 

  

 ,Q9HUELQGXQJPLWGHP+DOEYRNDO>Z@HUVFKHLQW>N@DOVT!TXHVWRÃGLHVHUµXVZ  6HOWHQHUDXFKFL!FLHOR>W6(OR@



 (-DKZHKGLOjOLGLVSHUVHVXOODVXSHUILFLHGLWXWWDODWHUUDHGHVVLFHVVDURQRGLFRVWUXLUH ODFLWWj3HUTXHVWRLOVXRQRPHIXGHWWR%DEHOHSHUFKqFROj-DKZHKPHVFROzLOODEEURGL WXWWDODWHUUDHGLOj-DKZHKOLGLVSHUVHVXOODVXSHUILFLHGLWXWWDODWHUUD  /DVDFUD%LEELD7XULQ5RP0DULHWWL  >R? WXWWD OD W(UD IX XQ ODEE?R VROR H GG-(VWD XJZDOL H DYY(QQH QHO OR?R YDJD?H GDOOD SD?WH G R?M(QWH NH iiL Z2PLQL WURYD?RQR XQD SMDQX?D QHO SDH]H GH VLQD? H YYL VL VWDELOL?RQRHVVLGLVVH?ROXQODOW?RR?VXIDWW6DPRW6LGHLPDWWRQLHSS2LNZ2W6DPROLDO IZ2NR LO PDWWRQH VH?YL OOR?R L0YHW6H GHOOD SM(W?D H LO ELWXPH L0YHW6H GHOOD PDOWD S2L HVVLGLVVH?RR?VXNRVW?XMDPRDQQ2VW?RYDQWDGG-RXQDW6LWWDNNRQXQDWRUHODNXLW6LPD VLD QHL W6(OL H IIDWW6DPRW6L XQ QRPH SHU QRQ (VVH? GLVS(?VL VXOOD VXSH?ILW6H GL WXWWD OD W(UDPDMDZ(GGL66HVHSH?YHGH?HODW6LWWDNNRQODWRUHNHVWDYDQNRVW?Z(QGRLILiiLGHOO Z2PR H MDZ( GGLVVH (NNR N HVVL VRQR XP S2SROR H XQ ODEE?R VROR ( SSH? WXWWL OR?R NZHVWR(LOOR?RLQLWVMD?HQHOOHLQW?DS?HVHR?PDLWXWWRW62NNHDQQRPHGLWDWRGLID?HQRQ VD?DOOR?RLPSRVVLELOHR?VXGL66HQGMDPRHNNR0IRQGMDPRODGG-XLOOR?RODEE?RGLJZL]D NHHVVLQRQNRPS?(QGDQRSMXLOODEE?ROXQRGHOODOW?R@



/LWHUDWXU

/HSVFK\/HSVFK\  /5/,90LFKHO  5HXWQHU6FKZDU]H  



$XIJDEHQ

 'LH GHXWVFKH PXVLNDOLVFKH 7HUPLQRORJLH LVW YROOHU ,WDOLDQLVPHQ 7UDQVNULELHUHQ 6LH GLH IROJHQ GHQ$XVGUFNH DOV+LOIHZHUGHQRIIHQHVHXQGRHQWJHJHQGHU2UWKRJUDSKLHGXUFKHLQHQ*UDYLV C XQGJHVFKORVVHQHVGXUFKHLQHQ$NXW  JHNHQQ]HLFKQHWVFKUHLEHQ6LHXQEHWRQWH9RNDOHJH VFKORVVHQ  DFFHOHUDQGR $GDJLR DJLWDWR $USpJJLR D WqPSR &DSULFFLR FKLDUDPpQWH FUH VFqQGR FRQ IXzFR WqPSR JLXVWR ,PEUzJOLR /DUJKpWWR OHJJ L qUR 3DVWLFFLR SLDQJqQGR 6FKqU]RVFLzOWRVWDFFDWR6WDJLyQHYLYDFH  D =HLFKQHQ6LHDXIHLQHU,WDOLHQNDUWHGHQ$SHQQLQGLH6WlGWH)ORUHQ]/D6SH]LD5LPLQLXQG $QFRQDVRZLHGLH/LQLHQ/D6SH]LD5LPLQLXQG5RP$QFRQDHLQ E :HOFKHVSUDFKOLFKHQ0LQ GHUKHLWHQJLEWHVQDFK:DQGUXV]ND Ä'LHDEJHVFKQLWWHQHQ=XQJHQ³ LQ,WDOLHQ"=HLFK QHQ6LHGLHVHDXIHLQHU,WDOLHQNDUWHHLQXQGJHEHQ6LHXQJHIlKUH6SUHFKHU]DKOHQDQ  /HVHQ6LHGHQ7XUPEDX7H[WQDFKGHU7UDQVNULSWLRQ6FKODJHQ6LHLP=ZHLIHOVIDOOGLH%HWRQXQJ LQHLQHP:|UWHUEXFKQDFK$FKWHQ6LHDXIGLH9RNDOTXDQWLWlW  6FKODJHQ6LHGLHLWDOLHQLVFKHQ:|UWHUGHV7XUPEDX7H[WHVGLH6LHQLFKWYHUVWHKHQLQHLQHPLWD OLHQLVFKGHXWVFKHQ:|UWHUEXFKQDFK  D :DQQHUIROJWHGLHSROLWLVFKH(LQLJXQJ,WDOLHQV" E :DQQOHEWHQ'DQWH3HWUDUFDXQG%RFFDF FLR":HOFKHVVLQGLKUH+DXSWZHUNH"  $XFKHLQHLWDOLHQLVFKH6SHLVHRGHU(LVNDUWHELHWHW*HOHJHQKHLWGDVHUOHUQWHSKRQHWLVFKH:LVVHQ





XP]XVHW]HQ 7UDQVNULELHUHQ 6LH YJO GLH (UOlXWHUXQJHQ XQWHU   VWUDFFLDWqOOD QRFFLzOD YDQLJOLDFLRFFRODWDIXQJKLTXDWWURVWDJLyQLSURVFLXWWRIRUPDJJLRSDQHHFRSqUWR QDFKH> ODW (7@ ZLUG YHUGRSSHOW  SDJOLD H ILqQR PR]]DUHOOD DFFLXJKH FLSyOOD FDUFLzIL SL]]D FDUSDFFLR  :HLWHUHIDVWXQEHJUHQ]WHhEXQJVP|JOLFKNHLWHQELHWHQLWDOLHQLVFKH2UWV0DUNHQ9RUXQG)D PLOLHQQDPHQ 7UDQVNULELHUHQ 6LH YJO GLH (UOlXWHUXQJHQ XQWHU  $OJKpUR&DJOLDUL9HQq]LD 3HUXJLD *qQRYD 6LFLOLD 3XJOLD /H 0DUFKH $OWR $GLJH 6DQ *LPLJQDQR /LJQDQR &KLFFR 6FLUzFFR/DPERUJKLQL/DQFLD%RFFDFFLR3DOD]]R&KLJL*LDQIUDQFR*UDPVFL$JQHOOL6FLD VFLD



6HFKVWH8QWHUULFKWVHLQKHLW



$EIDVVHQHLQHU$UEHLW



$EVWHFNHQGHV7KHPDV

:HQQ6LHLQHLQHU/HKUYHUDQVWDOWXQJHLQSUl]LVHDXVIRUPXOLHUWHV7KHPDJHVWHOOWEHNRPPHQ N|QQHQ6LHQDFKEHZlKUWHP0XVWHUDQGLH$UEHLWJHKHQ-HQDFK9HUWUDXWKHLWPLWGHP*H JHQVWDQG ZHUGHQ 6LH ]XHUVW PLW +LOIH YRQ :LNLSHGLD (Q]\NORSlGLHQ 6DFKZ|UWHUEFKHUQ +DQGEFKHUQXlHLQHQhEHUEOLFNEHUGLH3UREOHPODJHJHZLQQHQRGHUEHLDXVUHLFKHQGHP 9RUZLVVHQ JOHLFK PLW GHU SODQPl‰LJHQ /LWHUDWXUVXFKH EHJLQQHQ :HQQ 6LH DEHU HLQ XP IDQJUHLFKHUHV9RUKDEHQHWZDHLQH'LSORP0DVWHUDUEHLWRGHUHLQH'LVVHUWDWLRQLQ$QJULII QHKPHQVROOWHQ6LHEHUHLWVYRUGHU7KHPHQDEVSUDFKHPLWGHP%HWUHXHU]XYHUOlVVLJH9RU VWHOOXQJHQ YRQ 8PIDQJ =XJlQJOLFKNHLW $NWXDOLWlW XVZ GHU YRUKDQGHQHQ /LWHUDWXU VRZLH YRQRIIHQHQ)UDJHQDXIGHP*HELHWXQGQLFKW]XOHW]WYRQHLJHQHQ)RUVFKXQJVP|JOLFKNHLWHQ ]%$XVODQGVVWLSHQGLXP EHVLW]HQXPVSlWHUHQ(QWWlXVFKXQJHQYRU]XEHXJHQXQGXP,KU )RUVFKXQJV]LHOYRQ$QIDQJDQUHODWLYVFKDUIHLQJUHQ]HQ]XN|QQHQ +DEHQ6LH/LWHUDWXUDQJDEHQJHVDPPHOWJHKHQ6LHQLFKWZDKOORVDQGLH/HNWUH*LEWHV HLQHQ)RUVFKXQJVEHULFKWVRZHUGHQ6LHJQVWLJHUZHLVHPLWGLHVHPEHJLQQHQ$XV*UQGHQ GHU$UEHLWVHUVSDUQLVHPSILHKOWHVVLFKPHLVWHQVQHXHUHU/LWHUDWXULQGHU5HLKXQJGHQ9RU ]XJ]XJHEHQZHLOVLHHYHQWXHOOVFKRQHLQHhEHUVLFKWEHUGLH*HVFKLFKWHGHU$QVLFKWHQ]X ,KUHP 7KHPD HQWKlOW -HGH ZLVVHQVFKDIWOLFKH 3XEOLNDWLRQ VROOWH LP 3ULQ]LS MD RIIHQOHJHQ ZDV PDQ ]XP EHWUHIIHQGHQ 3UREOHP ZHL‰ E]Z ]X ZLVVHQ JODXEW ZRUEHU PDQ GLVNXWLHUW XQGZDVGDV1HXHDQGHUHLJHQHQ$QVLFKWLVW



([]HUSLHUHQ

'LH $UW XQG :HLVH DXI ZHOFKH PDQ *HOHVHQHV IU VLFK IHVWKlOW ZLUG YRQ $EVLFKW 'DXHU XQG8PIDQJGHU$UEHLWDEKlQJHQ(LQ3DWHQWUH]HSWJLEWHVQLFKWGRFKN|QQHQHLQLJH+LQ ZHLVHYRQDOOJHPHLQHU*OWLJNHLWJHJHEHQZHUGHQ 'LHVLFKHUOLFKXQJHHLJQHWVWH0HWKRGHLVWGDV([]HUSLHUHQYRQ/LWHUDWXU]%GLUHNWLQHLQ +HIW6LHZHUGHQGLH,QIRUPDWLRQHQQLHPHKULQGLHVHU5HLKHQIROJHEHQ|WLJHQXQGVLHVLQG EHLGLHVHP9HUIDKUHQDXFKVFKOHFKWPLW$XVNQIWHQDXVDQGHUHQ4XHOOHQNRPELQLHUEDU$OV ,OOXVLRQ SIOHJW VLFK DXFK GLH =XYHUVLFKW KHUDXV]XVWHOOHQ GDV 3UlSDULHUHQ YRQ 3KRWRNRSLHQ PLW /HXFKWVWLIW HQWKHEH HLQHQ GHU 0KHQ GHV ([]HUSLHUHQV (LQH IOH[LEOH $UW GHV .RQVHU YLHUHQVYRQ,QIRUPDWLRQVWHOOWGHU=HWWHONDVWHQGDU'LHVRDXIJH]HLFKQHWHQ'DWHQVLQGEH ZHJOLFK XQG OHLFKW LQ QHXH .RQWH[WH ]X LQWHJULHUHQ VLH VLQG EHL %HGDUI ZLHGHUYHUZHUWEDU

 XQG DXVEDXIlKLJ 'LHVHOEH )OH[LELOLWlW HUP|JOLFKW DXFK HLQ 1RWHERRN LQ ZHOFKHV 6LH GLH ([]HUSWHGLUHNWHLQJHEHQXQGKHUQDFKQDFK%HOLHEHQNRPELQLHUHQN|QQHQ$XFKHLQH.RP ELQDWLRQ GLHVHU YHUVFKLHGHQHQ 7HFKQLNHQ NDQQ ]ZHFNGLHQOLFK VHLQ HWZD 3KRWRNRSLHQ IU ODQJH]HQWUDOH7H[WVWHOOHQXQG([]HUSWH±PDQXHOOHRGHUHOHNWURQLVFKH±IUGHQ5HVW 1RWLHUHQ6LHVLFK]XGHQ([]HUSWHQLPPHUJHQDXGLH4XHOOHQ'LH6RUJIDOWEHLP([]HU SLHUHQORKQWVLFKEHLGHU+HUVWHOOXQJ,KUHUVFKULIWOLFKHQ$UEHLWZHLO6LHNHLQH=HLWPHKUPLW GHP6XFKHQYRQELEOLRJUDSKLVFKHQ$QJDEHQYHUJHXGHQPVVHQ :HQQ6LHJDQ]H)RUPXOLHUXQJHQDXVGHU/LWHUDWXUZLHGHU]XYHUZHQGHQJHGHQNHQDFK WHQ 6LH DXI K|FKVWH 3Ul]LVLRQ :LVVHQVFKDIWOLFKH 7H[WH JHOWHQ DOV JHLVWLJHV (LJHQWXP XQG GUIHQQLFKWQDFKHLJHQHP%HGDUIXPJHIRUPWRGHUDXVGHU(ULQQHUXQJ]LWLHUWZHUGHQ YJO GD]X QlKHU   :HQQ 6LH EHL Z|UWOLFKHU :LHGHUJDEH HWZDV (QWEHKUOLFKHV ZHJODVVHQ LVW GLHVLPPHU]XNHQQ]HLFKQHQ±JHZ|KQOLFKGXUFKGUHL3XQNWH]ZLVFKHQHFNLJHQ.ODPPHUQ >«@



'HU$XIEDXGHU$UEHLW

1DFK$EVFKOXVVGHU/LWHUDWXUVXFKHXQGGHV([]HUSLHUHQVPXVVGHU$XIEDXGHU$UEHLWNRQ ]LSLHUWZHUGHQ'LHVHUVROODXIMHGHQ)DOOZLGHUVSUXFKVIUHLVHLQXQGVLFKHLQHULQQHUHQ/RJLN IJHQ VHL HV GDVV PDQ YRP $OOJHPHLQHQ ]XP %HVRQGHUHQ YRP )UKHUHQ ]XP 6SlWHUHQ YRQGHU7KHVHEHUGLH$QWLWKHVH]XU6\QWKHVHYRQGHU(LQOHLWXQJEHUGHQ+DXSWWHLO]XP 6FKOXVVRlIRUWVFKUHLWHW$OV2UGQXQJVVFKHPDELHWHWVLFKLQYLHOHQ)lOOHQGLHDXFKYRQXQV YHUZHQGHWH 'H]LPDONODVVLILNDWLRQ DQ EHL GHU $EVFKQLWWH PLW GHQVHOEHQ 'H]LPDOVWHOOHQ GHQVHOEHQORJLVFKHQ6WDWXVLP*HVDPWDXIEDXLQQHKDEHQPVVHQ



bX‰HUH)RUP

)UGLHIRUPDOH*HVWDOWXQJYRQZLVVHQVFKDIWOLFKHQ7H[WHQJLEWHVNHLQHEHU]HLWOLFKHQ1RU PHQ VRQGHUQ DOOHQIDOOV IDFK RGHU LQVWLWXWVVSH]LILVFKH 7UDGLWLRQHQ EHU GLH 6LH VLFK YRU ,QDQJULIIQDKPH,KUHUHUVWHQ$UEHLWLQIRUPLHUHQVROOWHQ5LFKWOLQLHQN|QQHQ6LHGHQYHUVFKLH GHQHQ PHWKRGRORJLVFKHQ $EVFKQLWWHQ GLHVHU (LQIKUXQJ RGHU GHU DQJHJHEHQHQ /LWHUDWXU HQWQHKPHQ +DEHQ 6LH HLQHQ 7H[W IU HLQH 3XEOLNDWLRQ DXV]XULFKWHQ VR PVVHQ 6LH VLFK RKQHGLHVJHQDXGHQEHLPMHZHLOLJHQ9HUODJEOLFKHQ9RUVFKULIWHQXQWHUZHUIHQ *UXQGUHJHOPXVVVHLQGDVVHLQH$UEHLWIHKOHUORVDEJHJHEHQZLUG.RQWUROOLHUHQ6LHGLH 5HFKWVFKUHLEXQJ PLW HLQHP .RUUHNWXUSURJUDPP XQG ELWWHQ 6LH MHPDQG GHQ 7H[W YRU GHU $EJDEH DXI 9HUVWlQGOLFKNHLW XQG VWLOLVWLVFKH $GlTXDWKHLW ]X SUIHQ 'DV HLQPDO JHZlKOWH =LWLHUYHUIDKUHQ LVW LP JHVDPWHQ 7H[W EHL]XEHKDOWHQ ZREHL PDQ YRQ YRUQKHUHLQ EHUOHJHQ ZLUGRE)X‰QRWHQRGHUGDVLQGHU/LQJXLVWLNEOLFKHUHVRJÄDPHULNDQLVFKH³6\VWHPGKLQ GHQ 7H[W LQWHJULHUWH /LWHUDWXUDQJDEHQ YRP 7\S QDFK 0H\HU    DUEHLWVWHFKQLVFK JQVWLJHUVLQG$XFKLPDPHULNDQLVFKHQ6\VWHPN|QQHQQDWUOLFK)X‰QRWHQIULQKDOWOLFKH (UJlQ]XQJHQYHUZHQGHWZHUGHQ





1HEHQGHUVFKRQLQYHUPHUNWHQ1RWDWLRQVNRQYHQWLRQIU(W\PRORJLHQVHLDXIHLQH DQGHUHVSH]LHOOGLH/LQJXLVWLNEHWUHIIHQGHJUDSKLVFKH5HJHOXQJKLQJHZLHVHQ:lKUHQGVLFK GLHPHLVWHQ:LVVHQVFKDIWHQGHU6SUDFKHEHGLHQHQXPEHUGLHDX‰HUVSUDFKOLFKH:LUNOLFK NHLW]XVSUHFKHQLVWIUGLH6SUDFKZLVVHQVFKDIWOHUGLH6SUDFKHKlXILJ]XJOHLFK.RPPXQL NDWLRQVPLWWHO XQG 2EMHNW GHU )RUVFKXQJ 7HFKQLVFK VSULFKW PDQ YRQ 0HWDVSUDFKH XQG 2EMHNWVSUDFKH 6R NDQQ LFK LQ GHU 0HWDVSUDFKH 'HXWVFK HLQH $UEHLW EHU GLH 2EMHNW VSUDFKH)UDQ]|VLVFKVFKUHLEHQHVNDQQDEHUDXFKHLQHHLQ]LJH6SUDFKHLQHLQXQGGHUVHOEHQ $UEHLW EHLGH )XQNWLRQHQ LQQHKDEHQ 8P 2EMHNW XQG 0HWDVSUDFKH LQ ZLVVHQVFKDIWOLFKHQ 3XEOLNDWLRQHQ VDXEHU DXVHLQDQGHU]XKDOWHQ KDW VLFK GLH .RQYHQWLRQ HWDEOLHUW HUVWHUH JUD SKLVFK]XNHQQ]HLFKQHQQRUPDOHUZHLVHGXUFK.XUVLYGUXFN%VS:RUWHVLQGKLHUIHKODP 3ODW]YV:RUWHLVWKLHUIHKODP3ODW]'DVNXUVLYH:RUWHGHV]ZHLWHQ6DW]HVKHL‰WVRYLHOZLH ÄGDV:RUW:RUWH³ZDVMDDXFKLQGHU)RUPGHV9HUEVVHLQHQ1LHGHUVFKODJILQGHW



/LWHUDWXU

%QWLQJ%LWWHUOLFK3RVSLHFK  *HUVWHQEHUJ  



$XIJDEHQ

 6XFKHQ6LHHLQHDXIVFKOXVVUHLFKHKLHUDUFKLVFKH$QRUGQXQJIUGLHIROJHQGHQ%HJULIIHXQGVWHO OHQ 6LH GLHVH PLWWHOV 'H]LPDONODVVLILNDWLRQ GDU D  $OEDQLVFK %UHWRQLVFK 'lQLVFK 'HXWVFK (QJOLVFK )LQQLVFK )UDQ]|VLVFK *HUPDQLVFK *ULHFKLVFK ,QGRJHUPDQLVFK,WDOLHQLVFK,WDOLVFK .HOWLVFK /DWHLQLVFK 2VNLVFK 3RUWXJLHVLVFK 6DUGLVFK 8QJDULVFK :DOLVLVFK E  $VWHURLGH (UGH+LPPHOVN|USHU.RPHWHQ0HUNXU0HWHRUH0RQGH1RYDH3ODQHWHQ6FKZDU]H/|FKHU 6RQQHQ6WHUQH6XSHUQRYDH9HQXV:HL‰H=ZHUJH  :RULQEHVWHKWVSUDFKZLVVHQVFKDIWOLFKJHVHKHQGLH3RLQWHGHUIROJHQGHQ7H[WH D Ä(VJLEWQXU HLQHQ2UWDXIGHU:HOW³VDJWHGHUEHUKPWHIUDQ]|VLVFKH/H[LNRJUDSK3LHUUH/DURXVVHÄZRPDQ Y|OOLJVLFKHUVHLQNDQQ/LHEH7UHXH5HLFKWXPXQG*HVXQGKHLW]XILQGHQLP:|UWHUEXFK³ E  5XIWGHU.XFNXFNYRU3ILQJVWHQRGHUQDFK3ILQJVWHQ"±:HGHUQRFKHUUXIW.XFNXFN  (UNOlUHQ6LHGLH$N]HSWDELOLWlWVXQWHUVFKLHGH]ZLVFKHQIROJHQGHQEHLGHQ6DW]SDDUHQXQGEULQJHQ 6LH VLH LQ HLQH VSUDFKZLVVHQVFKDIWOLFKHQ .RQYHQWLRQHQ HQWVSUHFKHQGH )RUP D  3IHUG LVW HLQ 6XEVWDQWLY 3IHUGLVWHLQ+XIWLHU E  'DV3IHUGLVWHLQ6XEVWDQWLY'DV3IHUGLVWHLQ+XIWLHU  8QWHUVWUHLFKHQ 6LH LQ IROJHQGHP 7H[W GLH REMHNWVSUDFKOLFKHQ 7HLOH E]Z VHW]HQ 6LH VLH NXUVLY 6SUDFKOLFKHU7RWDOLWDULVPXVGHUEHUVROFKHQ$QJHEHUMDUJRQKLQDXVHLQHEHWUlFKWOLFKH:LUNXQJ EHLGHU(U]HXJXQJYRQ.RQIRUPLVPXVDXVJHEWKDW XQGHVQRFKKHXWHWXW ]HLJWVLFKLPZLU XQGXQVHU6WLOPLWGHPGHU5HGQHUGHP+|UHUHLQHXQGLVNXWLHUWHXQGXQGLVNXWDEOH*HPHLQVDP NHLW VXJJHULHUW ,Q +LWOHUV *DUQLVRQVNLUFKHQUHGH HQWODUYWVLFKGLHVHV0LWWHOVHOEVWLQGHPRIIHQ EOHLEWZHQGHQQGDVXQVHULQXQVHU*ODXEHQXQGXQVHUH.XOWXUXQVHUH(KUHXQGXQVHUH)UHLKHLW GLHHV>QlPOLFKGDV9RON@LQVHLQHWUHXH9HUZDKUXQJQHKPHQVROOHZLUNOLFKPHLQW+LHUZLHDQ GHUVZR ZHQQ VSUDFKOLFKH 0\WKLVLHUXQJ HLQHV 9RONVEHJULIIV GHU VLFK PLW GHP GXUFKDXV PLW 9RON LGHQWLIL]LHUWHQ  :LU QLFKW PHKU GHFNW VRQGHUQ LKP ZLH HLQ VHOEVWlQGLJHV :HVHQ JHJHQ EHUJHVWHOOWZLUG ]%:LUJODXEHQDQGLH.UDIWXQVHUHUHLJHQHQ1DWLRQ  3YRQ3ROHQ] 

  :HQQ6LHXQWHU6FKUHLEEORFNDGHQOHLGHQOHVHQ6LH]XU6HOEVWWKHUDSLHGHQHLQVFKOlJLJHQ([NXUV YRQ*DEULHOD5XKPDQQLQ%QWLQJ%LWWHUOLFK3RVSLHFK  .DS



3KRQRORJLH



'HU3KRQHPEHJULII

,Q  ZXUGH GDV SKRQHWLVFKH 6\VWHP GHV 'HXWVFKHQ XQG PHKUHUHU URPDQLVFKHU 6SUDFKHQ DOVHLQ,QYHQWDUYRQÄ/DXWHQ³GDUJHVWHOOWGHQHQMHZHLOVHLQ$3,6\PERO]XJHRUGQHWZXUGH 'LHVPDJGHQ(LQGUXFNHUZHFNWKDEHQHVJHEHHLQHEHJUHQ]WH0HQJHYRQZRKOXQWHUVFKLH GHQHQ /DXWHQ DXV GHU MHGH 6SUDFKH HLQH EHVWLPPWH $XVZDKO WULIIW 'LHVHU (LQGUXFN WUJW MHGRFK GHQQ LQ :LUNOLFKNHLW JOHLFKW ZLH PDQ PLWKLOIH DNXVWLVFKHU0HVVLQVWUXPHQWHOHLFKW QDFKZHLVHQNDQQNHLQ/DXWGHPDQGHUHQGDV>D@HLQHV0DQQHVLVWSK\VLNDOLVFKDQGHUVDOV GDVHLQHU)UDXGDVHLQHV(UZDFKVHQHQDQGHUVDOVGDVHLQHV.LQGHVGDVHLQHV%D\HUQDQGHUV DOVGDVHLQHVgVWHUUHLFKHUVHLQVFKQHOOJHVSURFKHQHVDQGHUVDOVHLQODQJVDPJHVSURFKHQHV GDVYRQNDPDQGHUVDOVGDVYRQNDKOMDVHOEVWGDV>D@YRQNDKOLQ]ZHLYHUVFKLHGHQHQbX‰H UXQJHQ HLQ XQG GHVVHOEHQ 6SUHFKHUV YDULLHUW 0HLVWHQV QHKPHQ ZLU VROFKH 8QWHUVFKLHGH QLFKWZDKUVRQGHUQK|UHQEHUDOOHLQIDFK>D@GDHV]XXQVHUHUELRORJLVFKHQ*UXQGDXVVWDW WXQJJHK|UWbKQOLFKNHLWHQHUNHQQHQXQGVRGLHXQHQGOLFKH9LHOIDOWDXIEHUVFKDXEDUH(LQ KHLWHQUHGX]LHUHQ]XN|QQHQ 'LH 3KRQHWLN LVW JURE JHVSURFKHQ MHQH :LVVHQVFKDIW GLH VLFK PLW 6SUDFKODXWHQ DXV DNXVWLVFKHU XQG SK\VLRORJLVFKHU 6LFKW EHIDVVW 'LH $XIJDEH GHU 3KRQRORJLH KLQJHJHQ EH VWHKW GDULQ ]X XQWHUVXFKHQ ZLH GHU 5HGXNWLRQVSUR]HVV GHV XQHQGOLFK 9LHOIlOWLJHQ DXI ZH QLJH(LQKHLWHQYRQVWDWWHQJHKWXQGZLHGLHVH(LQKHLWHQDXVVHKHQ'HU)DFKDXVGUXFNIUHLQH VROFKH(LQKHLWODXWHW3KRQHP3KRQHPHVLQGDEVWUDNWH(LQKHLWHQGKVLHVLQGLP*HJHQVDW] ]XGHQNRQNUHWHQ/DXWHQGLHDXFK3KRQHJHQDQQWZHUGHQQLFKWGLUHNWEHREDFKWEDUDXFK QLFKWDXVVSUHFKEDU'LH$QQDKPHVROFKHUDEVWUDNWHU(LQKHLWHQLVWLQVRIHUQJHUHFKWIHUWLJWDOV VLH XQV HUODXEHQ GDV )XQNWLRQLHUHQ YRQ /DXWV\VWHPHQ PHQVFKOLFKHU 6SUDFKHQ EHVVHU ]X YHUVWHKHQ 1DFK ZHOFKHQ .ULWHULHQ ZHUGHQ QXQ /DXWH ]X 3KRQHPHQ ]XVDPPHQJHIDVVW" 'LH JlQ JLJVWH$QWZRUWDXIGLHVH)UDJHODXWHWGDVVHLQ/DXWRGHUJHQDXHUHLQ%QGHOYRQ/DXWHQ HLQ3KRQHPGDUVWHOOWZHQQHUHV]XHLQHPDQGHUHQLQ.RQWUDVWVWHKHQNDQQGKZHQQHVLQ GHUEHWUHIIHQGHQ6SUDFKH]XPLQGHVWHLQ:RUWSDDUPLWXQWHUVFKLHGOLFKHQ%HGHXWXQJHQJLEW GDVVLFKQXUGXUFKGLH3UlVHQ]GHULQ)UDJHVWHKHQGHQ/DXWHDQHLQHUEHVWLPPWHQ6WHOOHGHU :|UWHU XQWHUVFKHLGHW ,Q 7DEHOOH  YRQ KDEHQZLUVFKRQHLQH5HLKHVROFKHU0LQL PDOSDDUH NHQQHQJHOHUQW VLH ]HLJHQ GDVV GLH HQWVSUHFKHQGHQ .RQVRQDQWHQ GLH VLFK QXU EH]JOLFKGHV0HUNPDOVGHU6WLPPKDIWLJNHLWXQWHUVFKHLGHQNRQWUDVWLYXQGVRPLW3KRQHPH GHV)UDQ]|VLVFKHQE]Z,WDOLHQLVFKHQVLQG







'HU$OORSKRQEHJULII

%HWUDFKWHWPDQHLQHQ/DXWQLFKWDQVLFKDOV3KRQVRQGHUQDOVHLQHGHU5HDOLVLHUXQJVP|J OLFKNHLWHQHLQHV3KRQHPVVSULFKWPDQYRQHLQHP$OORSKRQGLHVHV3KRQHPV6RVLQG]% DOOH HLQJDQJV DQJHVSURFKHQHQ 9DULDQWHQ YRQ >D@ $OORSKRQH GHV HLQHQ GHXWVFKHQ 3KRQHPV D 3KRQHPHVFKUHLEWPDQ]ZLVFKHQ6FKUlJVWULFKHQ )UGLH5HDOLVLHUXQJHLQHVEHVWLPPWHQ $OORSKRQVN|QQHQVHKUXQWHUVFKLHGOLFKH*UQGHHLQH5ROOHVSLHOHQXDGLH%HVFKDIIHQKHLW GHV6SUHFKWUDNWVGLHVR]LDOHRGHUUHJLRQDOH+HUNXQIWGHV6SUHFKHUVGDV6SUHFKWHPSRRGHU GLHEHQDFKEDUWHQ/DXWH 5HJLRQDOXQGVR]LDOEHGLQJWH$OORSKRQHHUODXEHQHVPHLVWEHVVHUDOVDQGHUH,QGLNDWRUHQ ZLHHWZDGLH.OHLGXQJ +HUNXQIWXQGVR]LDOHQ6WDWXVHLQHU3HUVRQ]XEHVWLPPHQ:lKUHQG ]%LP'HXWVFKHQGLH5HDOLVLHUXQJGHVUDOV=XQJHQVSLW]HQE]Z=lSIFKHQUYRQ6SUHFKHU ]X 6SUHFKHU ]X YDULLHUHQ VFKHLQW VLQG LP )UDQ]|VLVFKHQ XQG ,WDOLHQLVFKHQ GLHVH EHLGHQ 5HDOLVLHUXQJVZHLVHQ NODUH ,QGLNDWRUHQ ,Q )UDQNUHLFK JLOW GDV =lSIFKHQU DOV 1RUP GDV =XQJHQVSLW]HQUKLQJHJHQYHUUlWGHQ3URYLQ]OHUZREHLGHUDEZHUWHQGH%HLJHVFKPDFNGLH VHV :RUWHV QLFKW GLH (LQVWHOOXQJ GHU 9HUIDVVHU VRQGHUQ GHU =lSIFKHQU)UDQ]RVHQ ZLGHU VSLHJHOW,Q,WDOLHQKLQJHJHQZLUGGDVUYRQIDVWGHUJHVDPWHQ%HY|ONHUXQJJHUROOWZDVDOV 1RUPDXVVSUDFKHJLOWZlKUHQGGDV=lSIFKHQU LWÄHUUHPRVFLD³ DOVUHJLRQDORGHUVQRELV WLVFKHLQ]XVWXIHQLVW .HLQHYHUJOHLFKEDUH,QGLNDWRUIXQNWLRQKDEHQKLQJHJHQ$OORSKRQHGLHGXUFKGLHEHQDFK EDUWHQ /DXWH EHGLQJW VLQG VRIHUQ GLHVH %HGLQJXQJHQ IU DOOH 6SUHFKHU JOHLFK VLQG(LQLJH GHU LQ  DXIJHOLVWHWHQ /DXWH VLQG $OORSKRQH GLHVHV 7\SV 6R NRPPW GHU ODELRGHQWDOH 1DVDO>0@QXUYRU>I@YRUGHUYHODUH1DVDO>1@QXUYRUGHQYHODUHQ9HUVFKOXVVODXWHQ>N@XQG >J@ DXVJHQRPPHQ VLQG )UHPG XQG /HKQZ|UWHU  8QG GLH VWLPPKDIWHQ 9DULDQWHQ YRQ 4 XQGVGHV6SDQLVFKHQHUVFKHLQHQQXUYRUVWLPPKDIWHQ.RQVRQDQWHQ



'LVWLQNWLYH0HUNPDOH

'LH $UW XQG :HLVH ZLH GLH /DXWH LQ 7DEHOOH  XQG  YRQ  DQJHRUGQHW ZXUGHQ OlVVW VFKRQ HUNHQQHQ GDVV PDQFKH PHKU PLWHLQDQGHU JHPHLQVDP KDEHQ DOV DQGHUH 6R XQWHU VFKHLGHWVLFKHLQH5HLKHYRQ/DXWHQ]%QXULQHLQHP0HUNPDOQlPOLFKGHU6WLPPKDIWLJ NHLW6ROFKH0HUNPDOHKHL‰HQWHFKQLVFKGLVWLQNWLYH0HUNPDOH'LH1RWZHQGLJNHLWGLHVHV %HJULIIVVWHKWLQGHU3KRQRORJLHDX‰HU6WUHLWGLVNXWLHUWZLUGDOOHUGLQJVZHOFKHGLVWLQNWLYHQ 0HUNPDOH PDQ XQWHUVFKHLGHQ VROO ZLH PDQ VLH GHILQLHUHQ VROO DNXVWLVFK RGHU DUWLNXODWR ULVFK" RELKUH=DKOHQGOLFKLVWXVZ+LHUVHLQXUGDUDXIKLQJHZLHVHQGDVVGDVDXIDUWLNX ODWRULVFKHQ 0HUNPDOHQ DXIJHEDXWH 6\VWHP YRQ 7DEHOOH  LQ  QXU HLQHV YRQ PHKUHUHQ P|JOLFKHQLVW :RIUVLQGGLVWLQNWLYH0HUNPDOHQXQHLJHQWOLFKJXW"%HWUDFKWHQZLU]%IROJHQGHQXQV VFKRQEHNDQQWHQ/DXWZDQGHOODWSZXUGHLQLQWHUYRNDOLVFKHU6WHOOXQJLQGHU:HVWURPDQLD ]XEW]XGN]XJ:HQQXQVHUHSKRQRORJLVFKH6SUDFKHGHQ%HJULIIGHV3KRQHPV DOVNOHLQVWH(LQKHLWKlWWHVRZlUHQZLUJH]ZXQJHQGLHGUHL(QWZLFNOXQJHQVRGDU]XVWHOOHQ

 ZLHLPRELJHQ6DW]QlPOLFKDOVGUHLY|OOLJ]XVDPPHQKDQJORVH(UVFKHLQXQJHQ2IIHQVLFKW OLFKKDEHQDEHUDOOHGUHLHWZDVJHPHLQVDPXQGGLHVH*HPHLQVDPNHLWN|QQHQZLUPLW+LOIH GHU GLVWLQNWLYHQ 0HUNPDOH HLQIDFK XQG HOHJDQW DXVGUFNHQ VWLPPORVH ODWHLQLVFKH 9HU VFKOXVVODXWH ZXUGHQ LQWHUYRNDOLVFK VWLPPKDIW LQ :LUNOLFKNHLW OLH‰H VLFK GHU /DXWZDQGHO QRFKDOOJHPHLQHUIRUPXOLHUHQ 'DVVXQVGHU%HJULIIGLVWLQNWLYHV0HUNPDOE]ZHLQNRQNUH WHV6\VWHPYRQGLVWLQNWLYHQ0HUNPDOHQHUODXEW9HUDOOJHPHLQHUXQJHQGLHVHU$UWDXI]XVWHO OHQXQGVRPLW(LQVLFKWLQGDV)XQNWLRQLHUHQPHQVFKOLFKHU6SUDFKH]XJHZLQQHQVSULFKWIU GHVVHQZLVVHQVFKDIWOLFKH)UXFKWEDUNHLW$EHUQLFKWQXUEHLGHU(UNOlUXQJYRQ/DXWZDQGHO DXFKIUGDV9HUVWlQGQLVGHVV\QFKURQHQ)XQNWLRQLHUHQVYRQ/DXWV\VWHPHQVLQGGLVWLQNWLYH 0HUNPDOHXQHQWEHKUOLFK



3KRQRORJLVFKH5HJHOQ

:HUGDV/DXWV\VWHPHLQHU6SUDFKHVWXGLHUWVWHOOWEDOGIHVWGDVV]ZLVFKHQSKRQRORJLVFKHQ (LQKHLWHQHLQHV:RUWHVRGHUHLQHU:RUWJUXSSH$EKlQJLJNHLWHQEHVWHKHQN|QQHQGLHQLFKW ]XIlOOLJ VLQG 6ROFKH $EKlQJLJNHLWHQ HUIDVVW PDQ LQ GHU SKRQRORJLVFKHQ /LWHUDWXU KlXILJ GXUFK SKRQRORJLVFKH 5HJHOQ 'LH JHQDXH 1DWXU VROFKHU 5HJHOQ LVW XPVWULWWHQ YJO DXFK  GRFKNDQQPDQYHUHLQIDFKHQGVDJHQGDVVVLHIROJHQGH)RUPKDEHQ$!%;BVWLPPKDIW@ZLUG]X>±VWLPPKDIW@DP 6LOEHQHQGH V\PEROLVLHUWGLH6LOEHQJUHQ]H $XFKKLHU]HLJWVLFKZLHGHUGLHZLVVHQVFKDIW OLFKH)UXFKWEDUNHLWGHVGLVWLQNWLYHQ0HUNPDOV>VWLPPKDIW@XQGGDPLWLQGLUHNWGHV%HJULIIV GLVWLQNWLYHV 0HUNPDO VHOEVW RKQH HV N|QQWH GLH GHXWVFKH $XVODXWYHUKlUWXQJ QLFKW DOV HLQ KHLWOLFKHU 3UR]HVV IRUPXOLHUW ZHUGHQ VRQGHUQ PVVWH LQ PHKUHUH ]XVDPPHQKDQJORVH 3UR ]HVVHDXIJHVSDOWHQZHUGHQ E!SBG!WBXl  'LH GHXWVFKH $XVODXWYHUKlUWXQJ LVW UHLQ SKRQRORJLVFK EHGLQJW ÄDP 6LOEHQHQGH³  XQG DXVQDKPVORV JOWLJ 5HJHOQ GLHVHV 7\SV ZHUGHQ YRQ DOOHQ 3KRQRORJHQ DOV ÄSV\FKRORJLVFK UHDO³ DN]HSWLHUW GK PDQ QLPPW DQ GDVV VLH HLQHQ LP 6SUHFKHU UHDO DEODXIHQGHQ 3UR]HVV ZLHGHUJHEHQ(VJLEWMHGRFKDXFKZHQLJHUUHJHOPl‰LJH/DXWNRUUHVSRQGHQ]HQXQGEHUGH UHQ6WDWXVDOV5HJHOQPLWSV\FKRORJLVFKHU5HDOLWlWKHUUVFKWNHLQH(LQLJNHLW(VKDQGHOWVLFK GDEHL XP /DXWYHUlQGHUXQJHQ GLH QXU LQ PDQFKHQ :|UWHUQ XQGRGHU LQ *HJHQZDUW YRQ EHVWLPPWHQ(QGXQJHQ]XEHREDFKWHQVLQG(LQW\SLVFKHV%HLVSLHOZlUHGHU:HFKVHOYRQHX °]XR2LQGHQIUDQ]|VLVFKHQ:|UWHUQXQWHU E   D YDSHXUÃ'XQVWµ E  YDSRUHX[ÃGXQVWLJµ  ODEHXUÃ$UEHLWµ  ODERULHX[ÃDUEHLWVDPµ  F FKDOHXUÃ:lUPHµ G  FKDOHXUHX[ÃZDUPµ  YDOHXUÃ0XWµ  YDOHXUHX[ÃPXWLJµ





'LHVHU:HFKVHOYRQHX]XRLVWQLFKWSKRQRORJLVFKVRQGHUQGXUFKGLH(QGXQJ L HX[EH GLQJW$QGHQ3DDUHQYRQ F XQG G VLHKWPDQDX‰HUGHPGDVVQLFKWDOOHDXIHXUHQGHQGHQ XQG PLW  L HX[ DEJHOHLWHWHQ 6XEVWDQWLYH GLHVHQ :DQGHO PLWPDFKHQ /DXWNRUUHVSRQGHQ]HQ GLHVHU $UW ZXUGHQ XQG ZHUGHQ  LQ GHU JHQHUDWLYHQ 3KRQRORJLH ]7 DXFK GXUFK SKRQROR JLVFKH5HJHOQEHVFKULHEHQZlKUHQGVLHQDFKDQGHUHQ3KRQRORJHQLQGLH=XVWlQGLJNHLWGHU 0RUSKRORJLH YJO RGHUHLQHU=ZLWWHUGLV]LSOLQQDPHQV0RUSKRQRORJLHIDOOHQ/HW]WHUH LVW GDQQ IU QLFKWDXWRPDWLVFKH /DXWYHUlQGHUXQJHQ ]XVWlQGLJ GLH LQ =XVDPPHQKDQJ PLW PRUSKRORJLVFKHQ2SHUDWLRQHQDXIWUHWHQ



1HXHVWH(QWZLFNOXQJHQ

'LH ELVKHULJHQ $XVIKUXQJHQ ]XU 3KRQRORJLH VSLHJHOWHQ LP :HVHQWOLFKHQ GLH 6LFKWZHLVH GHV6WUXNWXUDOLVPXV 0LQLPDOSDDUPHWKRGH XQGGHV*HQHUDWLYLVPXV %HJULIIGHUSKRQRORJL VFKHQ5HJHO ZLGHU6HLWGHQHU-DKUHQKDWXQWHUGHP1DPHQ2SWLPDOLWlWVWKHRULHLQ GHU3KRQRORJLHHLQHQHXH.RQ]HSWLRQSKRQRORJLVFKHU6\VWHPHJUR‰HQ:LGHUKDOOJHIXQGHQ LQGHUYRQ5HJHOQLP6LQQHYRQ2SHUDWLRQHQGLHHLQHQ,QSXWLQHLQHPEHVWLPPWHQ.RQWH[W LQ HLQHQ 2XWSXW XPZDQGHOQ JDQ] DEJHVHKHQ ZLUG 9LHOPHKU ZLUG GDV SKRQRORJLVFKH 6\ VWHPHLQHU6SUDFKHDOVHLQHVSUDFKVSH]LILVFKH$QRUGQXQJ HQJOUDQNLQJ YRQXQLYHUVHOOHQ %HVFKUlQNXQJHQ HQJO FRQVWUDLQWV  EHWUDFKWHW 6HKHQ ZLU XQV GHQ 8QWHUVFKLHG ]X HLQHU %HVFKUHLEXQJ PLWWHOV 5HJHOQ NXU] DP %HLVSLHO GHU LQ  EHVFKULHEHQHQ GHXWVFKH $XV ODXWYHUKlUWXQJDQ$XVRSWLPDOLWlWVWKHRUHWLVFKHU6LFKWZUGHPDQVDJHQLP'HXWVFKHQGR PLQLHUH GLH %HVFKUlQNXQJ GLH VWLPPORVH 9HUVFKOXVVODXWH DP 6LOEHQHQGH IRUGHUW MHQH DOOJHPHLQH%HVFKUlQNXQJGLHIRUGHUWGDVVGHU,QSXWQDFK0|JOLFKNHLWXQYHUlQGHUWEOHLEHQ VROOWHZlKUHQGGLH$QRUGQXQJE]ZGDV'RPLQDQ]YHUKlOWQLVGLHVHUEHLGHQ%HVFKUlQNXQJHQ LQ 6SUDFKHQ ZLH GHP )UDQ]|VLVFKHQ RGHU (QJOLVFKHQ XPJHNHKUW VHL 'XUFK GLH EHVDJWH $QRUGQXQJ LP 'HXWVFKHQ ZLUG >JLS@ DOV RSWLPDOH )RUP DXVJHZLHVHQ REZRKO >JLE@ PLW >JHE:Q@EHVVHUEHUHLQVWLPPHQZUGH'LHVHDP2XWSXWRULHQWLHUWH%HVFKUHLEXQJVZHLVHLVW LQ]ZLVFKHQDXFKEHUHLWVDXIDQGHUH*HELHWHGHU6SUDFKHZLHGLH0RUSKRORJLHRGHUGLH6\Q WD[EHUWUDJHQZRUGHQ



/LWHUDWXU

0HLVHQEXUJ6HOLJ  5RFD-RKQVRQ  6FKPLG  



$XIJDEHQ

 /HVHQ6LH:RGH ± EHUÄNDWHJRULHOOH6FKDOOZDKUQHKPXQJ³XQGEHDQWZRUWHQ6LH IROJHQGH)UDJHQ D :DVYHUVWHKWPDQXQWHUÄNDWHJRULHOOHU6FKDOOZDKUQHKPXQJ³" E :LHNDQQ PDQQDFKZHLVHQGDVVYRQ(UZDFKVHQHQ/DXWHNDWHJRULHOOZDKUJHQRPPHQZHUGHQ" F :LHNDQQ PDQ QDFKZHLVHQ GDVV YRQ (PEU\RQHQ /DXWH NDWHJRULHOO ZDKUJHQRPPHQ ZHUGHQ" G  :DUXP

 PXVV NDWHJRULHOOH :DKUQHKPXQJ JHQHWLVFK YRUJHJHEHQ VHLQ" H  :HOFKH 6FKDOOXQWHUVFKLHGH N|QQHQ .LQGHU EHL %HJLQQ GHV 6SUDFKHUZHUEV ZDKUQHKPHQ" I  :DUXP ILQGHW VLFK GLHVH $XI JDEHLP.DSLWHOEHU3KRQRORJLH"  :LHODVVHQVLFKGLHEHLGHQ(QWZLFNOXQJHQODWN!LWW6 YJOYOWN(OX!LWFLHOR XQGODWJ !LWG- YJOYOW*(/8Ã)URVWµ!LWJHOR PLWKLOIHYRQGLVWLQNWLYHQ0HUNPDOHQDXIHLQHQ1HQQHU EULQJHQ"  *HEHQ6LHHLQZHLWHUHV$UJXPHQWIUGLHZLVVHQVFKDIWOLFKH)UXFKWEDUNHLWGHV0HUNPDOV>VWLPP KDIW@  ,P6DUGLVFKHQZLUGLQEHVWLPPWHQ.RQWH[WHQDXVODXWHQGHVV]X?)RUPXOLHUHQ6LHDXIJUXQG XQVHUHV7H[WHVGLHHQWVSUHFKHQGHQSKRQRORJLVFKHQ5HJHOQ GLHMHZHLOLJHÄ$XVJDQJVIRUP³N|Q QHQ6LHGHU2UWKRJUDSKLHHQWQHKPHQ   'LH ÄSV\FKRORJLVFKH 5HDOLWlW³ GHU GHXWVFKH $XVODXWYHUKlUWXQJ ]HLJW VLFK XD DXFK GDUDQ GDVV (QWOHKQXQJHQ DXV DQGHUHQ 6SUDFKHQ GLH LQ GHU 8UVSUXQJVVSUDFKH HLQHQ VWLPPKDIWHQ .RQVR QDQWHQ LP $XVODXW KDEHQ GLHVHU XQWHUZRUIHQ ZHUGHQ 6XFKHQ 6LH GUHL (QWOHKQXQJHQ DXV GHP (QJOLVFKHQDQGHQHQPDQGLHVEHREDFKWHQNDQQ  )RUPXOLHUHQ6LHGDVZDVZLULQEHUGLH5HDOLVLHUXQJYRQLWDOLHQLVFKHQ9RNDOHQJHVDJWKD EHQPLWGHQLQGLHVHP$EVFKQLWWHLQJHIKUWHQ%HJULIIHQ



6SUDFKVNL]]H6DUGLVFK



([WHUQH6SUDFKJHVFKLFKWH

6SXUHQGHUYRUODWHLQLVFKHQ6SUDFKHQ6DUGLQLHQVILQGHQVLFKLP:HVHQWOLFKHQQXULQ7RSR Q\PHQ HLQHP DOOJHPHLQ VHKU NRQVHUYDWLYHQ 7HLO GHV :RUWVFKDW]HV $XIJUXQG GHU IUKHQ 5RPDQLVLHUXQJ XQG GHU UHODWLYHQ ,VROLHUWKHLW YRU DOOHP GHV JHELUJLJHQ =HQWUXPV GHU ,QVHO KDW GDV 6DUGLVFKH HLQLJH DUFKDLVFKH =JH GHV /DWHLQV EHZDKUW GLH LP 5HVW GHU 5RPDQLD ZHLWJHKHQG XQWHUJHJDQJHQ VLQG 'LHVH 1lKH GHU NRQVHUYDWLYHQ VDUGLVFKHQ 'LDOHNWH ]XP /DWHLQGLHVFKRQYRQ'DQWHKHUYRUJHKREHQZXUGHNRPPW]%LP6SULFKZRUWGRPXPLQRUH FRUHPDQQXÃ.OHLQHV+DXVJUR‰HV+HU]µ]XP$XVGUXFN 1DFKGHP=XVDPPHQEUXFKGHV:HVWU|PLVFKHQ5HLFKHVZXUGHGLH,QVHO2SIHUYHUVFKLH GHQHUIUHPGHU0lFKWHQlPOLFKQDFKHLQDQGHUGHU%\]DQWLQHUGHU$UDEHUGHU*HQXHVHQGHU 3LVDQHUGHU$UDJRQHVHQGHU6SDQLHUGHUgVWHUUHLFKHUXQGGHU3LHPRQWHVHQ6HLWLVW 6DUGLQLHQ7HLOGHVLWDOLHQLVFKHQ6WDDWHV9RQDOOGLHVHQ)UHPGKHUUVFKDIWHQKDWWHGLHNDWDOD QLVFKDUDJRQHVLVFKH -DKUKXQGHUW GLHPLW$EVWDQGJU|‰WHQVSUDFKOLFKHQ$XVZLUNXQ JHQ6RKDWPDQEHUNDWDODQLVFKH/HKQZ|UWHULP6DUGLVFKHQJH]lKOWhEULJHQVJLEW HV KHXWH QRFK LQ $OJKHUR NDW /¶$OJXHU >ODO JH@  LQ 1RUGZHVWVDUGLQLHQ HLQH NDWDODQLVFKH 6SUDFKLQVHOPLWFD6SUHFKHUQ'HPNDWDODQLVFKHQ6XSHUVWUDWHLQIOXVVYHUJOHLFKEDULVW OHGLJOLFKGHULQGHQOHW]WHQ-DKU]HKQWHQYRP+RFKLWDOLHQLVFKHQGHU6SUDFKHGHU6FKXOHXQG GHU0HGLHQDXVJHKHQGH'UXFNGHUIUGHQ:HLWHUEHVWDQGGHVGLDOHNWDOVWDUN]HUVSOLWWHUWHQ 6DUGLVFKHQ EHGURKOLFK ZHUGHQ NDQQ :lKUHQG GDV 6DUGLVFKH DXI GHP /DQG XQG LP IDPL





OLlUHQ%HUHLFKZHLWHUKLQVWDUNYHUDQNHUWLVWQLPPWLQGHQ6WlGWHQGDV,WDOLHQLVFKH]XVHKHQGV EHUKDQG$X‰HUGXUFK6FKXOHXQG0HGLHQZXUGHGLHVHU3UR]HVVLQGHQOHW]WHQ-DKU]HKQWHQ GXUFK ,QGXVWULDOLVLHUXQJ XQG /DQGIOXFKW VWDUN JHI|UGHUW (LQH VROFKH XQJOHLFKH 9HUWHLOXQJ ]ZHLHU6SUDFKHQZREHLHLQHLQGHQ|IIHQWOLFKHQ%HUHLFKHQYRUKHUUVFKWZlKUHQGGLHDQGHUH DXIGHQSULYDWHQ*HEUDXFKEHVFKUlQNWLVWQHQQWPDQLQGHU6R]LROLQJXLVWLN'LJORVVLH



'LHGLDOHNWDOH*OLHGHUXQJ

'DV 6DUGLVFKH LVW GLDOHNWDO VWDUN ]HUNOIWHW HLQ 8PVWDQG GHU IU GLH 6FKDIIXQJ HLQHU JH PHLQVDPHQ 6FKULIWVSUDFKH VHKU KLQGHUOLFK ZDU ,P $OOJHPHLQHQ XQWHUVFKHLGHW PDQ GUHL +DXSWGLDOHNWJHELHWHGHQ1RUGHQGDV=HQWUXPXQGGHQ6GHQ YJO.DUWHD 'HU]HQWUDOH 'LDOHNW GDV /RJXGRUHVLVFKH LVW ODXWOLFK NRQVHUYDWLY XQG EHZDKUWDXFKHLQH5HLKHODWHLQL VFKHU:|UWHUGLHVLFKLP1RUGHQXQG6GHQXQWHUVWlUNHUHPWRVNDQLVFKHQ(LQIOXVVQLFKWHU KDOWHQKDEHQ                        .DUWHD.DUWHE  6DUGLQLHQ  'LDOHNWDOH*OLHGHUXQJPLW7KLHVVHQ*HRPHWULH   QDFK3XQNWHQGHV$,6    

 'HU%HJULII'LJORVVLHZLUGDEHUQLFKWQXULQGLHVHU%HGHXWXQJYHUZHQGHW

 =X GHQ DUFKDLVFKHQ =JHQ GHV 'LDOHNWV YRQ 1XRUR MHQHP ]HQWUDOHQ'LDOHNWGHUXQVHUHP 7H[W]XJUXQGHOLHJWJHK|UHQ]% D GLH(UKDOWXQJYRQODW>N@YRUHXQGLIDFKLPPXV,QI IDFKHUH  ODW )$&(5( >IDNH?H@ FRFKLPPXORV ,QI FRFKHUH  ODW &248(5( FKHOX  ODW &$(/80 XD E  HLQH YRQ MHQHU $XVSUlJXQJ GHV 4XDQWLWlWHQNROODSVHV ZLH VLH DXI 6  EHVFKULHEHQZXUGHXQWHUVFKLHGOLFKH(QWZLFNOXQJGHU9RNDOHVRXQWHUVFKHLGHWGDV1XRUH VLVFKHWXUUH ODW 7Ǎ55( 0 XQGVROX ODW 6ƿ/8 0 ZlKUHQGǎXQGǀLP9XOJlUODWHLQ ZHLWHU *HELHWH GHU 5RPDQLD ]X >R@ ]XVDPPHQILHOHQ YJO LW WRUUH VROH F  GLH JXWH (UKDOWXQJGHU$XVODXWNRQVRQDQWHQYJOQXPHQ ODW120(1 YVLWQRPHXVZ



5HWURIOH[0HWDSKRQLH3DUDJRJH

'HP YRUU|PLVFKHQ 6XEVWUDW ZLUG GHU DXV ODW OO HQWZLFNHOWH UHWURIOH[H E]Z NDNXPLQDOH /DXW >e@ ]XJHUHFKQHW YJO LP 7H[WELGGDDXVODW 9,//$ 0 5HWURIOH[H/DXWHZHUGHQPLW ]XUFNJHERJHQHU ODW UHWURIOH[XV  =XQJHQVSLW]H ODW FDFXPHQ  JHVSURFKHQ 8QWHU 0HWD SKRQLHYHUVWHKWPDQLQ%H]XJDXIGDV6DUGLVFKHGDV3KlQRPHQGDVVHXQGRYRUDXVODXWHQ GHQ JHVFKORVVHQHQ 9RNDOHQ JHVFKORVVHQ YRU RIIHQHQ KLQJHJHQ RIIHQ DXVJHVSURFKHQ ZHU GHQ >ERQX@ YV >E2QD@ 0LW 3DUDJRJHEH]HLFKQHWPDQGDV3KlQRPHQGDVVEHLNRQVRQDQ WLVFKDXVODXWHQGHQ:|UWHUQHLQH.RSLHGHVOHW]WHQ9RNDOVDQJHKlQJWZLUG>SD?D3XOD]D@ ODW3$5$%2/$6



'HU7XUPEDX]X%DEHO6DUGLVFK

'HUIROJHQGH7H[WLVWLP'LDOHNWYRQ1XRURDEJHIDVVW0LW$XVQDKPHGHVVFKRQHUZlKQWHQ UHWURIOH[HQ >e@ EHQ|WLJHQ ZLU QXU EHUHLWV EHNDQQWH $3,6\PEROH +LQJHZLHVHQ VHL GDUDXI GDVVGDV>4@PLWHLQHPOHLFKWHQW9RUVFKODJJHVSURFKHQZLUG  7DQGRWRWWXVDWHUUDIDYHGGDEDWVDPDWHVVLOLPEDHXVDEDWVDVPDWHVVLV 'DPDOVJDQ]HGLH(UGHVSUDFKGLHVHOEH6SUDFKHXQGJHEUDXFKWHGLHVHOEHQ SDUDJXODV)LWFDSLWDXFKLHPLJUDQGHGDH2ULHQWHDLDQDFFDWWDXXQXSUDQX :|UWHU(VLVWJHVFKHKHQGDVVDXIEUHFKHQGYRQ2VWHQVLHKDEHQJHIXQGHQHLQH(EHQH LQVRV]DVVRVGH6HQQDDULQXEHDLDQGH]LVXGHLVWDUH(V¶DLDQ LQGLH*HJHQGYRQ6HQQDDUZRVLHKDEHQEHVFKORVVHQ]XEOHLEHQ8QGVLFKVLHKDEHQ QDXGDHSDUHLQSDUHÄ)RU]DIDFKLPPXVQDUREDµHPDWWRQHVHFRFKLPPXORV JHVDJW]XHLQDQGHU/RVPDFKHQZLUHLQ=HXJDXV=LHJHOXQGEUHQQHQZLUVLH DIRFX³(DLDQXVDXPDWWRQHVLQFDPELXGHVDSUHGDHFDWUDPX DXI)HXHU8QGVLHKDEHQYHUZHQGHW=LHJHOVWDWWGHU6WHLQXQG7HHU LQFDPELXGHVDFDUFKLQD(DLDQQDXÄ&RUD]]XIUDYLFDPPXVXQDELGGDH VWDWWGHU0|UWHO8QGVLHKDEHQJHVDJW/RVEDXHQZLUHLQH6WDGWXQG XQDWXUUHFKLQVDSXQWDILQDVDFKHOX)UDYLFDPPXQRVJRLXQXVLQ]DOHFKLQRLV HLQ7XUPPLWGLH6SLW]HELV]X+LPPHO%DXHQZLUXQVVRHLQ=HLFKHQGDVVZLU





VHPPXVDXQLRVFDVLQRQRDPPXVDEHQQHUHLUIDJKLQDRVLQWRWWXVDWHUUD³ VLQGJHHLQWGHQQVRQVWZLUZHUGHQZHUGHQ]HUVWUHXWEHUJDQ]HGLH(UGH 0DVX6HJQRUHIDODQGHDEtHUHVDELGGDHVDWXUUHFKLVRVIL]RVGHVRV $EHUGHU+HUUKHUDEVWHLJHQG]XVHKHQGLH6WDGWXQGGHU7XUPGHQGLH6|KQHYRQGLH RPLQHVILQIDFKHQGHDLDWQDXÄ%uLVVRVVXQXQXSRSXORVROXHIDYHGGDQ 0HQVFKHQZDUHQEDXHQGKDWJHVDJW6LHKGLHVHVLQGHLQ9RONHLQ]LJHVXQGVSUHFKHQ WRWWXVVDPDWHVVLOLPEDFXVWXHVWVXSULQ]LSLXGHVXIDFKHUHLVVRUR1XGGDORVDW DOOHGLHVHOEH6SUDFKHGDVLVWGHU$QIDQJYRQGDV7XQLKU1LFKWVVLHKDW DLVWRUUDUHGDHIDFKHUHWRWWXVXFKLOLVDWDDU]LDUHDFRQFD(WDQGR ]XDEEULQJHQYRQWXQDOOHVGDVZDVLKQHQZLUGNRPPHQLQ.RSI8QGDOVR IDODPPXVHSURSULXLQFXHFKHFXIIXQGLPPXVVDOLPEDLVVRURDPDQHUDFKL VWHLJHQZLUKLQDEXQGHEHQGRUWYHUZLUUHQZLUGLH6SUDFKHLKUHGDPLW QRQVLFXPSUHQGDQSUXVV¶XQXFKLQV¶DWWHUX³(JDLVX6HJQRUHGDHFXH QLFKWVLFKVLHYHUVWHKHQPHKUGHUHLQHPLWGHUDQGHUH8QGVRGHU+HUUYRQGRUW ORVDLDWLUIDJKLQDRVLQWRWWXVDWHUUDHLVVRVDLDQDUULPDXGHIUDYLFDUHFXVVD VLHKDW]HUVWUHXWEHUJDQ]HGLH(UGHXQGGLHVHKDEHQDXIJHK|UW]XEDXHQGLHVH ELGGDFKLSURFXVWXPRWLYXDLDWSLFFDXVXQXPHQGH%DEHOHFDLQLEHVX6HJQRUH 6WDGWGLHDXVGLHVHU*UXQGKDWEHNRPPHQGHU1DPHYRQ%DEHOGHQQGRUWGHU+HUU DLDWFXIIXVXVDOLPEDGHWRWWXVRVRPLQHVGHVDWHUUDHGDHFXHFKHORVDLDW KDWYHUZLUUWGLH6SUDFKHYRQDOOHGLH0HQVFKHQYRQGLH(UGHXQGYRQGRUWVLHKDW PDQGDRVLUIDJKLQDQGHORVLIIDWWXGHVXPXQGX JHVFKLFNW]HUVWUHXHQGVLHLQKHUXPGLH:HOW ,QV6DUGLVFKHEHUVHW]WYRQ&RVLPR%LWWD   >WDQGR WRWWX VD W(UD YD‰HeeD‰DV VD PDWHVVL OLPED H X]D‰DV VD? PDWHVVLV SD?D3XOD]D ILN NDSLWDX NL HPLJ?DQGH 'D R?M(QWH DMDQ DNNDWWDX XQX S?DQX LV VR? G]DVVRU 'H =(QQD? LQ X‰H DMDQGH4L]X'HLVWD?HHVVDMDQDQDX'DHSD?LPSD?HI2?4DIDNLPPX?QDU2EDHPDWW2QH]HN NRNLPPXOR]DIIRNXHDMDQX]DXPDWW2QH]HL1NDPEMX'HVDS?(GDHNNDW?DPXL1NDPEMX'H VDJD?NLQDHDMDQDQDXNR?DGG]XI?DYLNDPPX]XQD‰LeeDHXQDWXUHNLVVDSXQWDYLQD]DN NHOXI?DYLNDPPXQX?JRMXQX]LQG]DOHNDQRL]HPPX]DXQLR]RND]LQ2QRDPPX]D‰(QQH?H L?IDJLQDR]LQWRWWX]DW(UDPD]X]H2?HIDODQGDELH]D‰LeeDHVVDWXUHNL]RUILG]R?'H]R] RPLQH? ILQ IDN(QGH DMDQ QDX EL LVVRV VXQ XQX SRSXOX ]ROX HI IDYHeeDQD WRWWXV VD PDWHVVL OLPEDNXVWXHVVXS?LQ4LSMX'HVXYDNH?LVV2?RQXeeDOR]DWDLVWR?D?H'DHYDNHVWRWWXVXNLOL] DWDD?4MD?HDNN21NDHWWDQGRIDODPPX]XHSS?RS?MXL1NXHNHNXIIXQGLPXVVDOLPEDLVV2?R DPPDQ(UDNLQXQNXPS?(QGDQS?X]X]XQXNLVVDWWH?X@



/LWHUDWXU

KWWSZZZOLQJURPIXEHUOLQGH6DUGLVFKKWP /5/ ,9 $UW ± 0HQVFKLQJ   :DJQHU  

 

$XIJDEHQ

 /HVHQ6LHGHQ$UWLNHOYRQ(%ODVFR)HUUHUEHUGDV6DUGLVFKHLQ-DQLFK*UHXOH  XQGEH DQWZRUWHQ6LHIROJHQGH)UDJHQ D :HOFKHVLVWGHUDXJHQEOLFNOLFKHUHFKWOLFKH6WDWXVGHV6DUGL VFKHQ" E :LHVWHKWHVXPGLH%HPKXQJHQXPHLQHHLQKHLWOLFKH1RUP"  /HVHQ6LHGHQ7XUPEDX7H[WDXVJHKHQGYRQGHUSKRQHWLVFKHQ7UDQVNULSWLRQ  D  :LH lX‰HUW VLFK 'DQWH LQ 'H YXOJDUL HORTXHQWLD , EHU GHQ DUFKDLVFKHQ &KDUDNWHU GHV 6DUGLVFKHQ" E :RLQGHU5RPDQLDJLEWHVODXW5(:HUEZ|UWOLFKH1DFKIROJHUYRQODW 0$*186 XQG '2086" F  hEHUVHW]HQ 6LHGDVLQHUZlKQWHVDUGLVFKH6SULFKZRUW:RUWIU:RUWLQV /DWHLQLVFKHXQGLQ,KUHURPDQLVFKH6SUDFKH  (UPLWWHOQ 6LH XQWHU (LQVDW] GHU LQ  DEJHELOGHWHQ VWXPPHQ .DUWHQ 6DUGLQLHQV PLW HLQJH ]HLFKQHWHU7KLHVVHQ*HRPHWULH]XGHQDXI6DUGLQLHQHUKREHQHQ$,63XQNWHQ GLH$UHDOHGHU (UKDOWXQJYRQODW>N@YRUHXQGLDQKDQGGHU$,6.DUWHQ XQG9HUVXFKHQ6LHGLHVH$UHDOH]XHLQHPÄ*HELUJH³]XVDPPHQ]X]LHKHQLQGHP6LHGLH MHQLJHQLQGHQHQODW>N@|IWHUHUKDOWHQLVWGXQNOHUVFKUDIILHUHQDOVMHQHLQGHQHQHVZHQLJHURIW HUKDOWHQLVW:RLQGLHVHU%HUJODQGVFKDIWOLHJW1XRUR"  D :RKHUNRPPWGHUVDUGLVFKH$UWLNHOVX":RJLEWHVLQGHU5RPDQLDQRFKHLQHQ$UWLNHOPLW GHPVHOEHQ(W\PRQ"  6\VWHPDWLVLHUHQ 6LH GLH SKRQHWLVFKHQ %HGLQJXQJHQ IU GDV $XIWUHWHQ SDUDJRJLVFKHU 9RNDOH LP 6DUGLVFKHQDQKDQGGHV7XUPEDX7H[WHV  6\VWHPDWLVLHUHQ 6LH GLH LP 7XUPEDX7H[W ]X EHREDFKWHQGHQ $VVLPLODWLRQVSUR]HVVH :HOFKHU /DXW ZLUG LQ ZHOFKHU 8PJHEXQJ DVVLPLOLHUW" 'LH 2UWKRJUDSKLH JLEW ,KQHQ GLH ÄHLJHQWOLFKHQ³ )RUPHQDQ   :LHKHL‰HQGLHIROJHQGHQ$UWHQYRQ/DXWZDQGHO D YOW 3/$18!VDUGSUDQXYOW 3/86!VDUG SUXV E ODW67$5(!VDUGLVWDUH F ODW3(75$!VDUGSUHGDODW)$%5,&$5(!VDUGIUDYLFDUH"  /HVHQ 6LH 0HQVFKLQJ  ±  XQG EHDQWZRUWHQ 6LH IROJHQGH )UDJHQ D  0LW ZHOFKHU )UHPGKHUUVFKDIWKDWGLHWRVNDQLVFKH%HHLQIOXVVXQJGHUVGOLFKHQVDUGLVFKHQ'LDOHNWH &DPSLGD QHVLVFK ]XWXQ" E :HOFKH6SXUHQKLQWHUOLH‰GLHJHQXHVLVFKH)UHPGKHUUVFKDIW"



6LHEWH8QWHUULFKWVHLQKHLW



=LWDWXQG3ODJLDW



(LJHQHVXQG)UHPGHV

)RUVFKXQJEHGLQJWHLQHQVWlQGLJHQ*HGDQNHQDXVWDXVFK'HUHLQ]HOQH:LVVHQVFKDIWOHULVWLQ IRUWZlKUHQGHU $XVHLQDQGHUVHW]XQJ PLW GHQ ,GHHQ DQGHUHU EHJULIIHQ VHL HV GDVV HU VLH DOV *UXQGODJH IU VHLQH HLJHQH $UEHLW EHUQLPPW VLH HUJlQ]W VLH NULWLVLHUW VLH YHUZLUIW RGHU GXUFKEHVVHUH]XHUVHW]HQVXFKW8PLQGLHVHPGDXHUQGHQ*HEHQXQG1HKPHQGLHhEHUVLFKW EHU GLH 8UKHEHUVFKDIW GHU HLQ]HOQHQ JHGDQNOLFKHQ /HLVWXQJHQ QLFKW ]XYHUOLHUHQKDWVLFK GLHZLVVHQVFKDIWOLFKH:HOWHLQHQ9HUKDOWHQVNRGH[DXIHUOHJWGHUJHZlKUOHLVWHQVROOGDVVLQ MHGHU9HU|IIHQWOLFKXQJHUVLFKWOLFKZLUGZHOFKH,GHHQYRP9HUIDVVHUVWDPPHQXQGZHOFKH IUHPGHVJHLVWLJHV(LJHQWXPGDUVWHOOHQ9HUZLVFKWMHPDQGLQXQODXWHUHU:HLVHGLHVH*UHQ]H ]ZLVFKHQ(LJHQHPXQG)UHPGHPPDFKWHUVLFKGHV3ODJLDWVGKGHVJHLVWLJHQ'LHEVWDKOV VFKXOGLJ ZDV IU GHQ :LVVHQVFKDIWOHU ]XPLQGHVW lX‰HUVW SHLQOLFK LVW XQG IU 'LSORPLHUWH XQG3URPRYLHUWHLPPHUKLQ]XU$EHUNHQQXQJGHVDNDGHPLVFKHQ7LWHOVIKUHQNDQQ %HLZLVVHQVFKDIWOLFKHQ$UEHLWHQXQWHUKDOEGHV'LVVHUWDWLRQVQLYHDXVVSH]LHOOEHL3URVH PLQDUXQG6HPLQDUDUEHLWHQLVWJHZ|KQOLFKNHLQH2ULJLQDOLWlWLP6LQQHQHXHUZLVVHQVFKDIW OLFKHU(UNHQQWQLVVHJHIRUGHUW,QLKQHQEUDXFKHQ6WXGLHUHQGHPHLVWQXUQDFK]XZHLVHQGDVV VLHLQGHU/DJHVLQG)DFKOLWHUDWXU]XILQGHQ]XYHUVWHKHQNULWLVFK]XYHUJOHLFKHQXQGGLH JHZRQQHQHQ (LQVLFKWHQ LQ V\QWKHWLVFKHU XQG YHUVWlQGOLFKHU )RUP LKUHP 3XEOLNXP PHLVW 0LWVWXGHQWHQXQGHLQHP9HUDQVWDOWXQJVOHLWHUQDKH]XEULQJHQ2EZRKOEHL3URVHPLQDUXQG 6HPLQDUDUEHLWHQDOVRVFKRQYRQGHU*DWWXQJKHUNDXPQHXHZLVVHQVFKDIWOLFKH(UNHQQWQLVVH ]X HUZDUWHQ VLQG LVW GHQQRFK SHLQOLFKVW DXI GLH GXUFKJHKHQGH 8QWHUVFKHLGXQJ YRQ )UHP GHP XQG (LJHQHP ]X DFKWHQ 'LHV KDW XD GLH .RQVHTXHQ] GDVV VFKRQ LQ GHU 9RUEHUHL WXQJVSKDVHGHU$UEHLWQlPOLFKEHLP([]HUSLHUHQGDUDXI%HGDFKW]XQHKPHQLVW,PIROJHQ GHQ$EVFKQLWWVROOHQHLQLJHZHVHQWOLFKH5HJHOQGHU.XQVWGHV=LWLHUHQVYRUJHIKUWZHUGHQ

=LWLHUUHJHOQ 'HU $QVFKDXOLFKNHLW KDOEHU VROOHQ GLH =LWLHUUHJHOQ DQKDQG HLQHV NRQNUHWHQ %HLVSLHOV HQW ZLFNHOW ZHUGHQ $XVJDQJVSXQNW VHL HLQH 3DVVDJH EHU GHQ 8UVSUXQJ GHU 6SUDFKH DXV /HQQHEHUJ ±  $OOH5DVVHQVFKHLQHQGDVVHOEHELRORJLVFKH3RWHQWLDOIUGLH(QWZLFNOXQJYRQ.XOWXUXQGGHQ(U ZHUEYRQ6SUDFKH]XEHVLW]HQ:LUPVVHQGDKHUDQQHKPHQGD‰GLH(UHLJQLVVHLQGHU(YROXWLRQ GLH GLH (QWZLFNOXQJ YRQ .XOWXU XQG 6SUDFKH EHJQVWLJHQ DXI GHQ JHPHLQVDPHQ 9RUIDKU DOOHU

 QHX]HLWOLFKHQ5DVVHQ]XUFNJHKHQ'DVZUGHEHGHXWHQGD‰GDV$OWHUGHU6SUDFKHQLFKWZHQLJHU DOVHWZDELV-DKUHEHWUlJW'LHVH+\SRWKHVHLVWQLFKWQXUDXV*UQGHQUDVVLVFKHU (YLGHQ]SODXVLEHOGLHPLWGHQ)RVVLOLHQGLHVHU3HULRGHYHUEXQGHQHQ.XOWXUHQOHJHQ=HXJQLVYRQ GHU (QWZLFNOXQJ HLQHV DQGHUHQ V\PEROLVFKHQ 0HGLXPV DOV GHU 6SUDFKH DE GHU ]HLFKQHULVFKHQ 'DUVWHOOXQJ'LH+|KOHQ]HLFKQXQJHQMHQHU=HLWVLQGDX‰HURUGHQWOLFKJHVFKLFNWXQGZDVEHGHXW VDPHULVWVLHVLQGKRFKVWLOLVLHUWXQGLQHLQHPJHZLVVHQ6LQQHDEVWUDNW'DKHULVWHVZDKUVFKHLQ OLFK GDVV GLH NRJQLWLYHQ 3UR]HVVHGHV&UR0DJQRQHLQH$Q]DKOYRQ0HUNPDOHQDXIZHLVHQGLH PLWVROFKHQGHVQHX]HLWOLFKHQ0HQVFKHQEHUHLQVWLPPWHQ'LH0|JOLFKNHLWGD‰GLH6SUDFKHHLQ QRFK ZHLW K|KHUHV $OWHU KDW VFKHLQW QLFKW DXVJHVFKORVVHQ ]X VHLQ (LQH $XWRULWlW &RRQ   KDW GLH +\SRWKHVH DXIJHVWHOOW GLH 5DVVHQ KlWWHQ YHUVFKLHGHQH 9RUIDKUHQ GLHELV]XP$XVWUDOR SLWKHFXV ]XUFNJHKHQ 0D\U   KDW GDUJHOHJW GD‰ GLHVH 7KHVH NHLQHVZHJV EHZLHVHQ DEHU DXFK QLFKW Y|OOLJ XQGHQNEDU LVW :lUH VLH ULFKWLJ VR N|QQWH HV VHLW HLQHU KDOEHQ 0LOOLRQ -DKUHQ 6SUDFKH RGHU LKUH 9RUDXVVHW]XQJHQ JHEHQ (LQH DQGHUH WKHRUHWLVFKH 0|JOLFKNHLW ZlUH GD‰ GLH ELRORJLVFKH0DWUL[IU6SUDFKHVHKUDOWLVWDEHUGLHIUKHVWHQ)RVVLO0HQVFKHQVLHQRFKQLFKWYROO ÄDXVQXW]WHQ³>«@6ROFKH(UZlJXQJHQLQEH]XJDXIGLHQHX]HLWOLFKHQ5DVVHQOHJHQDOVRHLQH=HLW IHVW YRQ GHU ZLU YHUQQIWLJHUZHLVH DQQHKPHQ N|QQHQ LQ LKU KDEH HV 6SUDFKH JHJHEHQ 'RFK HUP|JOLFKHQVLHXQVQLFKWGHQ=HLWSXQNWLKUHV$XIWUHWHQVQRFKQlKHU]XEHVWLPPHQ

'HU ZLFKWLJVWH XQG ]XJOHLFK DXFK KHLNHOVWH 3XQNW EHWULIIW GLH hEHUQDKPH YRQ IUHPGHQ ,GHHQ'LH:LFKWLJNHLWHUJLEWVLFKHLQIDFKGDUDXVGDVV:LVVHQVFKDIWHLQH$UW,GHHQZHWWEH ZHUELVW'DV+HLNOHDQGHU6DFKHLVWGDVVHVLQYLHOHQ)lOOHQVFKZHULVW]XHQWVFKHLGHQRE HLQHEHVWLPPWH,GHH QRFK (LJHQWXPHLQHVEHVWLPPWHQ:LVVHQVFKDIWOHUVRGHUDEHU EHUHLWV  $OOJHPHLQJXWLVW,QOHW]WHUHP)DOOLVWHVQLFKWQRWZHQGLJGLH+HUNXQIWGHU,GHHDXVHLQHU EHVWLPPWHQ9RUODJHDQ]X]HLJHQMDHVNDQQVRJDUVW|UHQGRGHUOlFKHUOLFKZLUNHQ VRHWZD ZHQQHVLQHLQHUVRZMHWLVFKHQ3XEOLNDWLRQHLQOHLWHQGKHL‰WÄ9,/HQLQVDJWGDVVGLH6SUD FKH GDVZLFKWLJVWH.RPPXQLNDWLRQVPLWWHOGHV0HQVFKHQLVW³ (LQJXWHV%HLVSLHOIUHLQH ,GHHGLH]XPLQGHVWLP.UHLVHGHU/HVHUDQGLHVLFK/HQQHEHUJV%XFKULFKWHW$OOJHPHLQJXW LVW ZlUH GHU $QIDQJVVDW] LQ RELJHP =LWDW 1LHPDQG ZUGH /HQQHEHUJ GHV 3ODJLDWV EH ]LFKWLJHQZROOHQZHLOHUNHLQH4XHOOHQDQJLEWREZRKOGLH(LQVLFKWQDWUOLFKQLFKWYRQLKP VWDPPW=XU9RUVLFKWNDQQPDQGHQ$OOJHPHLQJXW&KDUDNWHUHLQHU,GHHLPPHUPLW)ORVNHOQ ZLH EHNDQQWOLFK HV ZLUG DOOJHPHLQ DQJHQRPPHQ GDVV « Xl XQ]ZHLGHXWLJ ]X HUNHQQHQ JHEHQ'LH%HZHUWXQJZDV$OOJHPHLQJXWLVWXQGZDVQLFKWVHW]WRIWHLQHJXWH.HQQWQLVGHV EHWUHIIHQGHQ )DFKJHELHWHV YRUDXV )U 6WXGLHUHQGH JHOWH GHU *UXQGVDW] GDVV VLH OLHEHU ]XYLHODOV]XZHQLJ]LWLHUHQVROOWHQ +DWPDQHQWVFKLHGHQGDVVGLH4XHOOHHLQHUEHVWLPPWHQ,GHH]LWLHUHQVZHUWLVWVRVWHKHQ HLQHPPHKUHUH:HJHGHUIRUPDOHQ5HDOLVLHUXQJRIIHQ ,VW GLH ,GHH YRP (UILQGHU VHOEVW NXU] XQGRGHU WUHIIHQG GDUJHVWHOOW ZRUGHQ VR LVW HLQ Z|UWOLFKHV=LWDWZRKODPDQJHEUDFKWHVWHQ'HU]LWLHUWH3DVVXVVWHKWGDQQ]ZLVFKHQ$QIK UXQJV]HLFKHQ ZLH ZHLWHU REHQ GDV =LWDW DXV GHP VRZMHWLVFKHQ /HKUEXFK EHL JU|‰HUHU /lQJH ZLUG HU JHZ|KQOLFK HLQJHUFNW ZLH GDV RELJH /HQQHEHUJ=LWDW 'LH $QJDEH GHU 4XHOOHHUIROJWHQWZHGHUZLHREHQLP7H[WRGHULQHLQHU)X‰QRWH   

 'LHVHV=LWDWHQWKlOWVHLQHUVHLWVHLQ=LWDWDXVHLQHP:HUN/HQLQVGDVYRPKLHUEHZXVVWDQRQ\P JHODVVHQHQ $XWRU NXUVLY JHVHW]W ZRUGHQ LVW 'LHV LVW DOOHUGLQJV XQEOLFK =LWDWH LQ =LWDWHQ VHW]W PDQPHLVWLQHLQIDFKH$QIKUXQJV]HLFKHQ





0DQ NDQQ HLQH IUHPGH ,GHH DEHU DXFK GXUFK HLQH 3DUDSKUDVH ZLHGHUJHEHQ $XFK LQ GLHVHP)DOOZLUGGLH4XHOOHHQWZHGHUVRZLHYRQ/HQQHEHUJLQGHU3DUDSKUDVHVHOEVWDQJH IKUW RGHU DEHU LQ HLQHU )X‰QRWH GLH PHLVW GXUFK YJO GK YHUJOHLFKH  E]Z FI GK ODW FRQIHUÃYHUJOHLFKHµ HLQJHOHLWHWZLUG(QWVFKHLGHWPDQVLFKIUHLQH3DUDSKUDVHLVWYRUDOOHP GDUDXI ]X DFKWHQ GDVV PDQ HLJHQH :RUWH YHUZHQGHW YRQ GHQ XQYHU]LFKWEDUHQ )DFKDXV GUFNHQHLQPDODEJHVHKHQ'LHVVHW]WYRUDXVGDVVPDQVLFKYRP:RUWODXWGHU9RUODJHO| VHQ XQG VLH LQ HLJHQHQ :RUWHQ ZLHGHUJHEHQ NDQQ )ROJHQGH 3DUDSKUDVH ZUGH DXIJUXQG GLHVHU5HJHOLPPHUQRFKHLQ3ODJLDWGDUVWHOOHQ /HQQHEHUJ  VFKUHLEWGLH+|KOHQ]HLFKQXQJHQGHV8UPHQVFKHQVHLHQlX‰HUVWJHVFKLFNW XQGLQHLQHPJHZLVVHQ6LQQHDEVWUDNWZDVHVZDKUVFKHLQOLFKPDFKHGDVVGLHNRJQLWLYHQ3UR]HVVH GHV&UR0DJQRQZHLWJHKHQGPLWGHQHQGHVQHX]HLWOLFKHQ0HQVFKHQEHUHLQVWLPPWHQ

$XFK HLQH (UVHW]XQJPDQFKHU:|UWHUGXUFKEHGHXWXQJVJOHLFKHRGHUlKQOLFKH$XVGUFNH DOVR HWZD YRQ NRJQLWLYH 3UR]HVVH GXUFK 'HQNSUR]HVVH ZUGH GLH 6DFKH QLFKW EHVVHU PD FKHQ'HQQHLQHZHLWHUH5HJHOZLOOGDVVDXFKGHU6DW]EDXHLQHLJHQHUVHLQVROOWH(LQHDOOHQ $QVSUFKHQJHQJHQGH3DUDSKUDVHN|QQWHDOVR]%IROJHQGHUPD‰HQDXVVHKHQ 'LH VLFK LQ GHQ +|KOHQ]HLFKQXQJHQ PDQLIHVWLHUHQGH *HVFKLFNOLFKNHLW XQG GHUHQ $EVWUDNWKHLW VSUHFKHQ QDFK /HQQHEHUJ    IU HLQH JUR‰H NRJQLWLYH bKQOLFKNHLW ]ZLVFKHQ GHP &UR 0DJQRQXQGGHPQHX]HLWOLFKHQ0HQVFKHQ

'LHVH 3DUDSKUDVH KDW PLW GHP 2ULJLQDO QXU HLQLJH XQHQWEHKUOLFKH $XVGUFNH ZLH +|KOHQ ]HLFKQXQJNRJQLWLYXDJHPHLQVDPXQGEHZDKUWGHQQRFKGDV:HVHQWOLFKHYRQ/HQQHEHUJV ,GHH 6FKOLH‰OLFK VHL QRFK GDUDXI YHUZLHVHQ GDVV GLHVHOEHQ 5HJHOQ ]X EHDFKWHQ VLQG ZHQQ HLQHIUHPGVSUDFKOLFKH4XHOOHSDUDSKUDVLHUHQGLQGHU0XWWHUVSUDFKHZLHGHUJHJHEHQZLUG

$XIJDEHQ  6NL]]LHUHQ6LHGLH+HUDXVELOGXQJGHU$XIIDVVXQJYRPJHLVWLJHQ(LJHQWXPDQKDQGGHU,QIRUPD WLRQHQHLQHU(Q]\NORSlGLHRGHUHLQVFKOlJLJHU)DFKOLWHUDWXU  ,Q ZHOFKHQ GHU IROJHQGHQ )lOOH OLHJW QDFK XQVHUHQ VWULNWHQ 5HJHOQ HLQ 3ODJLDW YRU LQ ZHOFKHQ QLFKW":DUXP" D $OOH5DVVHQVFKHLQHQGDVVHOEHELRORJLVFKH3RWHQWLDOIUGLH(QWZLFNOXQJYRQ .XOWXUHQXQGGHQ(UZHUEYRQ6SUDFKH]XEHVLW]HQ E /HQQHEHUJ  PHLQWGDVVDOOH 5DVVHQGDVVHOEHELRORJLVFKH3RWHQWLDOIUGLH(QWZLFNXQJYRQ.XOWXUXQGGHQ(UZHUEYRQ6SUD FKH EHVLW]HQ F  1DFK /HQQHEHUJ    EHVLW]HQ DOOH 5DVVHQ GDVVHOEH ELRORJLVFKH 3RWHQWLDO IU .XOWXUHQWZLFNOXQJ XQG 6SUDFKHUZHUE G  :HQQ DOOH 5DVVHQ JOHLFKHUPD‰HQ EHIlKLJW VLQG .XOWXU ]X HQWZLFNHOQ XQG 6SUDFKH ]X HUZHUEHQ VR IROJW GDUDXV ZLH /HQQHEHUJ  IHVWVWHOOWÄGDVVGLH(UHLJQLVVHLQGHU(YROXWLRQGLHGLH(QWZLFNOXQJYRQ.XOWXUXQG 6SUDFKHEHJQVWLJHQDXIHLQHQJHPHLQVDPHQ9RUIDKUDOOHUQHX]HLWOLFKHQ5DVVHQ]XUFNJHKHQ³ H  'DV $OWHU GHU 6SUDFKH EHWUlJW PLQGHVWHQV  -DKUH HYHQWXHOO DEHU VRJDU HLQH KDOEH 0LOOLRQ -DKUH I  1DFK &RRQ   VWDPPHQ QLFKW DOOH 5DVVHQ YRQ HLQHP JHPHLQVDPHQ 9RUIDKU DE J  (V ZlUH QDFK /HQQHEHUJ    DXFK GHQNEDU GDVV GLH ELRORJLVFKHQ

 9RUDXVVHW]XQJHQIU6SUDFKHVHKUDOWVLQGMHGRFKGLHlOWHVWHQXQVEHNDQQWHQ0HQVFKHQVLHQLFKW YROO QXW]WHQ K  &RRQV +\SRWKHVH ZXUGH YRQ 0D\U   DOV ÄNHLQHVZHJV EHZLHVHQ³ DEHU DXFKÄQLFKWY|OOLJXQGHQNEDU³HLQJHVFKlW]W  'LH6SHNXODWLRQHQXP8UVSUXQJXQG$OWHUGHUPHQVFKOLFKHQ6SUDFKHVLQGVHLWGHP(UVFKHLQHQ YRQ /HQQHEHUJV %XFK ZHLWHUJHJDQJHQ /HVHQ 6LH &DYDOOL6IRU]D    XQG YHUJOHLFKHQ 6LHGHVVHQ$XIIDVVXQJPLWGHPYRQ/HQQHEHUJZLHGHUJHJHEHQHQ)RUVFKXQJVVWDQG6WHOOHQ6LHLQ HLQHP NXU]HQ NRKlUHQWHQ 7H[W hEHUHLQVWLPPXQJHQ XQG 8QWHUVFKLHGH XQWHU %HDFKWXQJ GHU LQ DQJHJHEHQHQ=LWLHUUHJHOQGDU  (QGHGHUHU-DKUHZXUGHYRQ*HQHWLNHUQGDVIUGHQ6SUDFKHUZHUEEHGHXWHQGH*HQ)2;3 HQWGHFNW 6XFKHQ 6LH LP ,QWHUQHW RGHU DQGHUVZR  VDFKGLHQOLFKH ,QIRUPDWLRQHQ (UJHEHQ VLFK GDGXUFKJHJHQEHU/HQQHEHUJXQG&DYDOOL6IRU]D YJO$XIJDEH QHXH(UNHQQWQLVVH"



2UWKRJUDSKLH



(QWVWHKXQJXQG(QWZLFNOXQJYRQ6FKULIWV\VWHPHQ

'LH(QWZLFNOXQJYRQ6FKULIWV\VWHPHQLVWHLQHGLUHNWH)ROJHGHU]XQHKPHQGHQ.RPSOH[LWlW GHV PHQVFKOLFKHQ 6R]LDOYHUKDOWHQV 0LW GHP $XINRPPHQ YRQ 9RUUDWVZLUWVFKDIW IUKHQ )RUPHQGHU$UEHLWVWHLOXQJVRZLHGHU(QWVWHKXQJJU|‰HUHUWHUULWRULDOHU9HUElQGHUHLFKWGDV *HGlFKWQLV DOV 6SHLFKHUIRUP QLFKW PHKU DXV 'HU 0HQVFK EHJLQQW ]X ÄVFKUHLEHQ³ 'DEHL JHKHQ DOOH 6FKULIWV\VWHPH OHW]WOLFK DXI HLQH ELOGHUVFKULIWOLFKH 9RUVWXIH ]XUFN LQ GHU GDV PLW]XWHLOHQGH:RUWHLQIDFKGXUFKHLQVRJ,GHRJUDPPGKHLQ%LOGGHVYRQLKP%H]HLFK QHWHQGDUJHVWHOOWZLUG,QHLQHU%LOGHUVFKULIWN|QQWHPDQHWZDGW0DQQGXUFKHLQ6WULFK PlQQFKHQZLHGHUJHEHQXQGGW6FKDIWGXUFKGDV%LOGHLQHV6FKDIWV'DVLFK%LOGHUVFKULIWHQ MHGRFKQLFKW]XU'DUVWHOOXQJYRQ8QDQVFKDXOLFKHPHLJQHQEHVWHKWGHUQlFKVWH6FKULWWPHLVW GDULQ YRUKDQGHQH%LOGHUWHLOZHLVHDXFKDOV6\PEROHIUGLH/DXWJHVWDOWGHUYRQLKQHQUH SUlVHQWLHUWHQ:|UWHUHLQ]XVHW]HQ6RN|QQWHQZLU]%XQVHU6WULFKPlQQFKHQDXFKDOV6\P EROIUGLH/DXWIROJH>PDQ@YHUZHQGHQZDVXQVHUODXEHQZUGHDXFKGDVXQDQVFKDXOLFKH 3URQRPHQ PDQZLHGHU]XJHEHQXQGGHQJH]HLFKQHWHQ6FKDIWDOV6\PEROIUGLH/DXWIROJH >6DIW@ ZRPLW ZLU GDQQ DXFK GLH 9HUEIRUP VFKDIIW RGHU GLH 1DFKVLOEH VFKDIW YHUVFKULIWHQ N|QQWHQ 0LW GLHVHU 3KRQHWLVLHUXQJ LVW HLQ HQWVFKHLGHQGHU 6FKULWW JHWDQ ,Q ZHLWHUHU )ROJH HQW ZLFNHOQVLFKKlXILJ6LOEHQVFKULIWHQGDVVLQG6FKULIWV\VWHPHGLHIUMHGH6LOEHHLQHLJHQHV 6\PEROEHVLW]HQ6RN|QQWHPDQVLOEHQVFKULIWOLFKPLW+LOIHXQVHUHUEHLGHQ/DXWV\PEROHGDV :RUW0DQQVFKDIWDOV.RPELQDWLRQHLQHV6WULFKPlQQFKHQVXQGHLQHV%LOGHVIUHLQHQ6FKDIW ZLHGHUJHEHQ(LQHLQVFKOlJLJHVUHDOHV%HLVSLHOZlUHGLHMDSDQLVFKH6FKULIWHLQ$EOHJHUGHU FKLQHVLVFKHQ 6FKULIWGLHHEHQIDOOVHLQH0LVFKXQJDXVDEVWUDNWHU%LOGHUVFKULIW 'DUVWHOOXQJ GHV VLJQLILp GXUFK HLQ ,GHRJUDPP  XQG HLQHU 6LOEHQVFKULIW 'DUVWHOOXQJ GHV VLJQLILDQW  LVW $XFKGLH+LHURJO\SKHQVFKULIWGHUDOWHQbJ\SWHUIXQNWLRQLHUWHQDFKGLHVHP.RPELQDWLRQV SULQ]LS:LFKWLJIUGHQDEHQGOlQGLVFKHQ.XOWXUNUHLVZDUGLH(QWZLFNOXQJGHU.RQVRQDQ





WHQVFKULIWGXUFKGLH3K|QL]LHU6LHKDWWHQIUMHGHQ.RQVRQDQWHQHLQHLJHQHV6\PEROGLH 9HUQDFKOlVVLJXQJ GHU 9RNDOH HUNOlUW VLFK GDGXUFK GDVV GDV 3K|QL]LVFKH HLQH VHPLWLVFKH 6SUDFKH ZDU XQG LQ GLHVHU 6SUDFKIDPLOLH GDV .RQVRQDQWHQJHUVW HLQHV :RUWHV 7UlJHU GHU :RUWEHGHXWXQJLVW$XFKGLHPRGHUQHDUDELVFKH6FKULIWLVWYRP3ULQ]LSKHUQRFKHLQH.RQ VRQDQWHQVFKULIWEHLGHUQXUODQJH9RNDOHJHVFKULHEHQZHUGHQ±NXU]H9RNDOHN|QQHQ]ZDU QRWLHUWZHUGHQGLHVJHVFKLHKWDEHUDX‰HULP.RUDQXQGEHLP(UOHUQHQGHV$UDELVFKHQDOV )UHPGVSUDFKHNDXP %HL GHU hEHUWUDJXQJ GHU SK|QL]LVFKHQ 6FKULIW DXI GDV YRNDOUHLFKH *ULHFKLVFKH HUZLHV VLFKGLH%HVFKUlQNXQJDXI.RQVRQDQWHQDOVXQ]XUHLFKHQGZHVKDOEPDQVLHXP9RNDOV\P EROHHUJlQ]WH'DPLWZDUGLH$OSKDEHWVFKULIWJHERUHQ$OOHQDFKIROJHQGHQ6FKULIWHQ±HJDO ZHOFKH/HWWHUQVLHYHUZHQGHQ±VLQGOHW]WOLFKQXU$QSDVVXQJHQGHVJULHFKLVFKHQ0RGHOOV $QSDVVXQJHQVLQGLPPHUZLHGHUQRWZHQGLJGDVLFKMDGLH/DXWLQYHQWDUHYHUVFKLHGHQHU 6SUDFKHQQLFKWGHFNHQPVVHQ'LHURPDQLVFKHQ6SUDFKHQ]%NHQQHQ/DXWHGLHGHP/D WHLQLVFKHQIUHPGZDUHQXQGIUGLHHVIROJOLFKLPODWHLQLVFKHQ$OSKDEHWNHLQH%XFKVWDEHQ JHEHQNRQQWH,QVROFKHQ)lOOHQKDEHQVLFKGLHMHQLJHQGLHGLHURPDQLVFKHQ6SUDFKHQ]XHUVW YHUVFKULIWHWHQ GDPLW EHKROIHQ GLH QHXHQ /DXWH GXUFK .RPELQDWLRQHQ YRQ ODWHLQLVFKHQ %XFKVWDEHQ RGHU DXFK GXUFK GLH 9HUZHQGXQJ YRQ GLDNULWLVFKHQ =HLFKHQ DXFK 'LDNUL WLND ]XV\PEROLVLHUHQ5RPDQLVFKH/DXWHGLHGHP/DWHLQXQEHNDQQWZDUHQVLQG]%>6@ XQG>@7DEHOOH]HLJWGLH/|VXQJHQHLQLJHUKHXWLJHUURPDQLVFKHU2UWKRJUDSKLHQ

 7DEHOOH

  >6@ >@



UXP ú! ±

LW VF L ! JQ!

IU] FK! JQ!

RN] FK! QK!

NDW [! Q\!

VS ± x!

SJ FK![! QK!

'DV9HUKlOWQLVYRQ/DXWXQG6FKULIW

,Q HLQHP LGHDOHQ 6FKULIWV\VWHP VROOWH MHGHP /DXW JHQDX HLQ %XFKVWDEH XQG MHGHP %XFK VWDEHQJHQDXHLQ/DXWHQWVSUHFKHQ(LQVROFKHVLGHDOHV6FKULIWV\VWHPKDEHQZLUEHUHLWVNHQ QHQJHOHUQW GDV LQWHUQDWLRQDOH SKRQHWLVFKH $OSKDEHW 'LH 2UWKRJUDSKLHQ GHU HXURSlLVFKHQ .XOWXUVSUDFKHQZHLFKHQMHGRFKDOOHPHKURGHUZHQLJHUVWDUNYRQGLHVHP,GHDODE±VLHN|Q QHQ QXU EHGLQJW DOV SKRQRJUDSKLVFK DQJHVHKHQ ZHUGHQ VR KDW PDQ JH]lKOW GDVV LP ,WD OLHQLVFKHQ GXUFKVFKQLWWOLFK  LP 'HXWVFKHQ  LP (QJOLVFKHQ  XQG LP )UDQ]|VL VFKHQ JDU  %XFKVWDEHQ EHQ|WLJW ZHUGHQ XP  /DXWH ]X VFKUHLEHQ :RULQ OLHJW GLH 8UVDFKHIUGLHVHV$XVHLQDQGHUNODIIHQYRQ/DXWXQG6FKULIW":LUZROOHQGLHVHU)UDJHDP %HLVSLHOGHV)UDQ]|VLVFKHQQDFKJHKHQ $OVGDV)UDQ]|VLVFKH]XHUVWYHUVFKULIWHWZXUGHVWLPPWHQ/DXWXQG6FKULIW]LHPOLFKJXW EHUHLQZHQQPDQYRQGHQREHQHUZlKQWHQ%XFKVWDEHQNRPELQDWLRQHQDEVLHKW(LQ*UXQG GDIUGDVVGLH.OXIW]ZLVFKHQ/DXWXQG6FKULIWKHXWHEHWUlFKWOLFKLVWOLHJWGDULQGDVVVLFK GDV IUDQ]|VLVFKH /DXWV\VWHP LP YHUJDQJHQHQ -DKUWDXVHQG VWDUN JHZDQGHOW KDW ZlKUHQG

 PDQDXVZHOFKHQ0RWLYHQDXFKLPPHUDQGHUHLQPDOHLQJHIKUWHQ6FKUHLEXQJLP*UR‰HQ XQG *DQ]HQ IHVWJHKDOWHQ KDW 'LHVHV $XVHLQDQGHUGULIWHQ ZLUG JHUQ DP %HLVSLHO GHV IUDQ ]|VLVFKHQ:RUWHVIUÃ.|QLJµGHPRQVWULHUW

 7DEHOOH

  -KGW -KGW -KGW -KGW

$XVVSUDFKH >UHM@ >U2M@ >UZ(@ >5ZD@

6FKUHLEXQJ UHL URL URL URL

 :LHPDQ7DEHOOHHQWQHKPHQNDQQULFKWHWHVLFKEHLGHUHUVWHQ9HUVFKULIWXQJGLH6FKUHL EXQJQDFKGHU$XVVSUDFKH$OVVLFKGLH$XVVSUDFKHYRQ>UHM@]X>U2M@ZDQGHOWHZXUGHGLH VHU:DQGHOQRFKGXUFKGLH$QSDVVXQJGHU6FKUHLEXQJPLWJHPDFKW6HLWGHP-DKUKXQ GHUWMHGRFKLVWGLH6FKUHLEXQJYRQURLVWDELOZlKUHQGGLH/DXWXQJQRFK]ZHLZHVHQWOLFKH 9HUlQGHUXQJHQGXUFKJHPDFKWKDW 'DQHEHQ JLEW HV QRFK HLQHQ ]ZHLWHQ ZHVHQWOLFKHQ *UXQG IU GLH .OXIW ]ZLVFKHQ /DXW XQG6FKULIWLP)UDQ]|VLVFKHQ XQGDXFKLQDQGHUHQURPDQLVFKHQ6SUDFKHQ 0LWGHP$XI NRPPHQGHV+XPDQLVPXVZXUGHPDQVLFKGHUODWHLQLVFKHQ+HUNXQIWGHUPHLVWHQIUDQ]|VL VFKHQ:|UWHUZLHGHUVWlUNHUEHZXVVWXQGYHUVXFKWHGLHVGDGXUFKGHXWOLFKHUKHUYRUWUHWHQ]X ODVVHQ GDVV PDQ %XFKVWDEHQ GHV ODWHLQLVFKHQ (W\PRQV LQ GHU 6FKULIW ZLHGHU HLQIKUWH 7DEHOOHYHUDQVFKDXOLFKWGLHVHQ9RUJDQJGXUFKHLQH.RQWUDVWLHUXQJYRQODWHLQLVFKHQDOW IUDQ]|VLVFKHQXQGQHXIUDQ]|VLVFKHQ6FKUHLEZHLVHQ

 7DEHOOH

 /DW DOWIU] QHXIU] PRG$XVVSUDFKH

FRUSXV FRUV FRUSV >N25@

WHPSXV WHQV WHPSV >WD@

VHSWHP VHW VHSW >V(W@

YLOOD YLOH YLOOH >YLO@

KHUED HUEH KHUEH >(5E@

 'DEHL KDWWHQ GLHVH ODWLQLVLHUHQGHQ 6FKUHLEXQJHQ DOOHUGLQJV PHLVW NHLQHQ (LQIOXVV DXI GLH $XVVSUDFKH =XU =HLW GHV +XPDQLVPXV VFKULHE PDQ EULJHQV DXFK QXLFW VWDWW QXLW LQ $Q OHKQXQJDQODW12&7(0IDLFWVWDWWIDLWLQ$QOHKQXQJDQODW)$&780HWFGRFKNRQQWHQVLFK GLHVH 6FKUHLEZHLVHQ DXI GLH 'DXHU QLFKW KDOWHQ =7 ZDUHQ VLH DXFK HW\PRORJLVFK XQ NRUUHNW]%VoDYRLUIUVDYRLUGDVDXIODW6$3(5(XQGQLFKWDXI6&,5(]XUFNJHKW





'DLP/DXIHGHUIUDQ]|VLVFKHQ6SUDFKJHVFKLFKWHYLHOHJUDPPDWLNDOLVFKH(QGXQJHQYHU VWXPPWVLQGDEHULQGHU6FKULIWEHLEHKDOWHQZXUGHQIKUWHGLHVGD]XGDVVPDQVLFKZHQQ PDQ )UDQ]|VLVFK NRUUHNW VFKUHLEHQ ZLOO QLFKW QXU DXI GDV 2KU YHUODVVHQ GDUI VRQGHUQ LQ YLHOHQ)lOOHQDXFKJUDPPDWLNDOLVFKH,QIRUPDWLRQHQEHUFNVLFKWLJHQPXVV>S25W@HWZDNDQQ SRUWHSRUWHVRGHUSRUWHQWJHVFKULHEHQZHUGHQMHQDFK.RQWH[WLQGHU%HGHXWXQJÃ7UµLVW DXVVFKODJJHEHQGRE6LQJXODURGHU3OXUDOYRUOLHJW ODSRUWHÃGLH7UµYVOHVSRUWHVÃGLH7 UHQµ LQGHU%HGHXWXQJÃWUDJHQµNRPPWHVDXIGLH3HUVRQDQMHLOSRUWHÃLFKWUDJHHUWUlJWµ WXSRUWHVÃGXWUlJVWµLOVSRUWHQWÃVLHWUDJHQµ$QJHVLFKWVVROFKHU.RPSOH[LWlWQLPPWHVQLFKW :XQGHUGDVVQXUZHQLJH)UDQ]RVHQ]XHLQHUYROONRPPHQHQ%HKHUUVFKXQJLKUHU2UWKRJUD SKLHJHODQJHQ 0DQPDJVLFKIUDJHQZDUXPDQHLQHPVRNRPSOL]LHUWHQ6\VWHPIHVWJHKDOWHQZLUGXQG 5HFKWVFKUHLEUHIRUPHQZLH]%MHQHYRQVLFKNDXPGXUFKVHW]HQNRQQWHQ'LH*UQGH KLHUIU VLQG PDQQLJIDOWLJ (UVWHQV ZlUHHVLPPHQVWHXHUGDPDQYLHOH%FKHUXQGDQGHUH 7H[WHQHXGUXFNHQPVVWH=ZHLWHQVZUGHGLH/LWHUDWXUYHUJDQJHQHU=HLWHQQRFKVFKZHUHU ]XJlQJOLFKDOVVLHHVRKQHKLQVFKRQLVW'ULWWHQVPVVWHQDOOMHQHGLHGLH6FKXODXVELOGXQJ DEJHVFKORVVHQKDEHQXPOHUQHQ8QGVFKOLH‰OLFKLVWHLQH%HKHUUVFKXQJDOOHU6FKLNDQHQGHU 5HFKWVFKUHLEXQJ IU YLHOH GHU ,QGLNDWRU IU %LOGXQJ VFKOHFKWKLQ ZHVKDOE HLQH UDGLNDOHUH 8PNUHPSHOXQJbQJVWHGHV1LHGHUJDQJVGHUQDWLRQDOHQ.XOWXUZDFKUXIW9RQPDQFKHQIUDQ ]|VLVFKHQ Ä/LQNHQ³ ZLUG RIW DXFK GHU 9HUGDFKW JHlX‰HUW ÄGDV %UJHUWXP³ YHUWHLGLJH GLH 2UWKRJUDSKLHVRKDUWQlFNLJZHLOVLHHLQHZLOONRPPHQH%LOGXQJVEDUULHUHGDUVWHOOH



/LWHUDWXU

)HOL[EHUJHU%HUVFKLQ  )|OGHV3DSS  .|QLJ  0HLVHQEXUJ  



$XIJDEHQ

 =lKOHQ6LHDQKDQGGHU7H[WHGHV7XUPEDXV]X%DEHODXVZLHYLHOH%XFKVWDEHQGDV5XPlQLVFKH GDV6SDQLVFKHXQGGDV3RUWXJLHVLVFKHMHZHLOVIU/DXWHEUDXFKHQ  :HOFKH%XFKVWDEHQNRPELQDWLRQHQPLWGHP:HUWHLQHV/DXWHVNHQQW,KUHURPDQLVFKH6SUDFKH"  :HOFKHGLDNULWLVFKHQ=HLFKHQNHQQWGLH2UWKRJUDSKLH,KUHUURPDQLVFKHQ6SUDFKH"  ,Q GLHVHP $EVFKQLWW ZDU LPPHU YRQ /DXWHQ GLH 5HGH ,Q  KDEHQ ZLU JHVHKHQ GDVV GLH PRGHUQH6SUDFKZLVVHQVFKDIW3KRQHPHXQG3KRQH$OORSKRQHXQWHUVFKHLGHW:HOFKHQGLHVHU(LQ KHLWHQHQWVSUHFKHQQXQ%XFKVWDEHQ"%HJUQGHQ6LH,KUH$QWZRUW  1DFKGHUMQJVWHQ5HIRUPGHUGHXWVFKHQ2UWKRJUDSKLHJHOWHQIUGLH6FKUHLEXQJVV!E]Z‰! IROJHQGH5HJHOQ,VWGHUYRUDXVJHKHQGH9RNDONXU]PXVVVV!JHVFKULHEHQZHUGHQ ]%)DVV ODVVHQNHVVHWF EHLYRUDXVJHKHQGHPODQJHQ9RNDOE]Z'LSKWKRQJLVW‰!]XVFKUHLEHQ ]% IX‰HQ )X‰ KHL‰  :LUG GXUFK GLHVH 5HIRUP GLH GHXWVFKH 5HFKWVFKUHLEXQJ SKRQRJUDSKLVFKHU" %HJUQGHQ6LH,KUH$QWZRUW





6SUDFKVNL]]H5lWRURPDQLVFK



hEHUGLH%HGHXWXQJGHU1DPHQYRQ6SUDFKHQ

(UVW LP OHW]WHQ 'ULWWHO GHV  -DKUKXQGHUWV ZXUGH GLH W\SRORJLVFKH =XVDPPHQJHK|ULJNHLW GUHLHUKHXWHYRQHLQDQGHUJHWUHQQWHUDP1RUGUDQGGHU,WDORURPDQLDOLHJHQGHU6SUDFKJHELHWH HUNDQQW YJO.DUWH (VKDQGHOWVLFKXPGDV5lWRURPDQLVFKHE]Z%QGQHUURPDQLVFKH 6HOEVWEH]HLFKQXQJ URPRQWVFKUXPDQWVFK  ODW 520$1,&(  LQ GHU 6FKZHL] GDV YRQ FD  6SUHFKHUQ YRUQHKPOLFK LQ *UDXEQGHQ JHVSURFKHQ ZLUG GDV /DGLQLVFKH ODGLQ  ODW /$7,18 0 LQGHQ6GWLUROHU7lOHUQXPGDV6HOODPDVVLYPLWFD6SUHFKHUQXQG GDV )ULDXOLVFKH E]Z )ULXODQLVFKH IXUODQ  LQ 1RUGRVWLWDOLHQ PLW FD  6SUHFKHUQ =XU (UNHQQXQJ GHU *HPHLQVDPNHLWHQ GLHVHU 6SUDFKODQGVFKDIWHQ EHGXUIWH HV XPIDVVHQGHU GLDOHNWRORJLVFKHU (UIDKUXQJ GHQQ GLH $QJHK|ULJHQ GHU 6SUDFKJUXSSHQ VHOEVW ZDUHQ VLFK DXIJUXQG GHV )HKOHQV MHGZHGHQ HLQLJNHLWVVWLIWHQGHQ )DNWRUV GHU 9HUZDQGWVFKDIW NDXP EH ZXVVW6HLW.DUOGHP*UR‰HQJHK|UHQGLHGUHL*HELHWHQLFKWPHKU]XUJOHLFKHQSROLWLVFKHQ (LQKHLW 'LH WHUULWRULDOH $XIO|VXQJ HUIROJWH DE GHP  -DKUKXQGHUW DOV GLH %DLHUQ QDFK 6GHQ YRUVWLH‰HQ XQG VR GDV ZHVWOLFKH YRP ]HQWUDOHQ 6SUDFKJHELHW DEWUHQQWHQ =ZLVFKHQ GDVKHXWLJH/DGLQLVFKXQG)ULDXOLVFKVFKREVLFKKLQJHJHQYRQ6GHQKHUGDV9HQH]LDQLVFKH QRUGLWDOLHQLVFKHU'LDOHNW  'HULWDOLHQLVFKH6SUDFKZLVVHQVFKDIWOHU*UD]LDGLR,VDLD$VFROLJDEGHP:HUNLQGHPHU  DOVHUVWHUGLHGUHL0XQGDUWJUXSSHQDXIGHU%DVLVVSUDFKOLFKHU0HUNPDOHDOVHLJHQHQ URPDQLVFKHQ 6SUDFKW\S HUNDQQWHGHQ7LWHOÄ6DJJLODGLQL³6HLWGHPLVWLQGHULWDOLHQLVFKHQ 7UDGLWLRQ GLH %H]HLFKQXQJ ODGLQR DXFK DOV hEHUEHJULII EOLFK ,P GHXWVFKHQ 6SUDFKUDXP GDJHJHQ ZXUGH GXUFK GLH Ä5lWRURPDQLVFKH *UDPPDWLN³   GHV 7LUROHUV 7KHRGRU *DUWQHUHLQDQGHUHU6DPPHOQDPHEOLFK%HLGH1DPHQVLQGSUREOHPDWLVFKZHLOVLHVRZRKO GDV *DQ]H DOV DXFK HLQHQ 7HLO GDYRQ EH]HLFKQHQ ,Q VSUDFKZLVVHQVFKDIWOLFKHQ $UEHLWHQ ILQGHW PDQ GDKHU PDQFKPDO DXFK GLH QHXWUDOHQ %H]HLFKQXQJHQ :HVW =HQWUDO XQG 2VW ODGLQLVFKE]ZUlWRURPDQLVFK 'LH$XIGHFNXQJGHU=XVDPPHQJHK|ULJNHLWGLHVHUGUHL6SUDFKJHELHWHZXUGHNHLQHVZHJV EHUDOOPLW$QHUNHQQXQJUHJLVWULHUW%HVRQGHUVYRQ6HLWHQGHULWDOLHQLVFKHQÄ1DWLRQDOSKLOR ORJLH³ZXUGHGHUHQVSUDFKOLFKH(LJHQVWlQGLJNHLWEHVWULWWHQ2IIL]LHOOJDOWHQVLHDOVQRUGLWD OLHQLVFKH 'LDOHNWH XQG HV ZXUGH DOOHV XQWHUQRPPHQ XP GDV RKQHKLQ QXU VFKZDFK DXV JHSUlJWH =XVDPPHQJHK|ULJNHLWVJHIKO GHU YHUVFKLHGHQHQ 6SUDFKJHPHLQVFKDIWHQ QLFKW ]X VWlUNHQ'LH$QHUNHQQXQJGHV5lWRURPDQLVFKHQDOVYLHUWH/DQGHVVSUDFKHGXUFKGLH6FKZHL ]HU%XQGHVYHUIDVVXQJDXVGHP-DKUHEHUXKWHQLFKWDXIHLQHU,QLWLDWLYHGHU5RPDQHQ VRQGHUQ ZDU HLQH 3UlYHQWLYPD‰QDKPH GHU (LGJHQRVVHQVFKDIW JHJHQ (LQYHUOHLEXQJVJHOVWH 0XVVROLQLV GHVVHQ SROLWLVFKHV 3URJUDPP GLH $QQH[LRQ ÄXQHUO|VWHU³ *HELHWH GK DOV LWDOLHQLVFKVSUDFKLJ DQJHVHKHQHU 7HUULWRULHQ DX‰HUKDOE ,WDOLHQV EHLQKDOWHWH 'LH 5RPDQHQ VHOEVW ZDUHQ LQ GLHVHU =HLW QLFKW ZHQLJHU DOV GLH -DKU]HKQWH ]XYRU PLW 'LVNXVVLRQHQ EHU 'HWDLOVGHU6SUDFKXQGYRUDOOHP2UWKRJUDSKLHQRUPLHUXQJEHVFKlIWLJW  





                .DUWH5lWRURPDQLVFK  %QGQHUURPDQLVFK/DGLQLVFK)ULDXOLVFK 



3UREOHPHGHV6SUDFKDXVEDXV

 %QGQHUURPDQLVFK 6HLWGHUIUKHQ1HX]HLWIHKOWHVQLFKWDQ%HOHJHQDXVGHQHQHUNHQQEDULVWGDVVGLH%QG QHUURPDQHQ LKUH VSUDFKOLFKH XQG HWKQLVFKH (LJHQVWlQGLJNHLW JHJHQEHU GHQ LWDOLHQLVFKHQ 1DFKEDUQ JHZDKUW ZLVVHQ ZROOHQ 'DV LP /DXIH GHV  -DKUKXQGHUWV LPPHU EHGURKOLFKHU ZHUGHQGHhEHUJHZLFKWGHV'HXWVFKHQYHUDQODVVWHDXFKQDPKDIWH3HUV|QOLFKNHLWHQGHVNXO WXUHOOHQ /HEHQV GLH 5RPDQHQ ]XU (LQKHLWXQG/R\DOLWlWJHJHQEHULKUHU6SUDFKHDXI]XUX IHQ(VELOGHWHQVLFK2UJDQLVDWLRQHQ]XU(UKDOWXQJGHV5lWRURPDQLVFKHQDXFKHLQ'DFKYHU EDQGGHUUHJLRQDOHQ6SUDFKYHUHLQHZXUGHJHJUQGHW /LD5XPDQWVFKD/LJLD5RPRQWVFKD± GLH XQHLQKHLWOLFKH 1DPHQVIRUP LVW V\PSWRPDWLVFK  'RFK DXFK GLHVHU NRQQWH QLFKW GHQ 9HU]LFKWDXIGLHVHLWGHU5HIRUPDWLRQV]HLWNRQIHVVLRQQHOOJHVSDOWHQHQ6FKULIWWUDGLWLRQHQ]X *XQVWHQHLQHUHLQKHLWOLFKHQ2UWKRJUDSKLHGXUFKVHW]HQ'DNHLQHGHU9DULHWlWHQHLQHQGHXWOL FKHQNXOWXUHOOHQ9RUUDQJKDWWHXQG&KXUGDVDOVZLUWVFKDIWOLFKJHLVWLJHV=HQWUXPKlWWHDQ HUNDQQWZHUGHQN|QQHQVFKRQZHLWJHKHQGJHUPDQLVLHUWZDUVWDQGHQHLQDQGHUGLH3DUWHLHQ LQHLQHPÄ2UWKRJUDSKLHNULHJ³]LHPOLFKZHQLJNRPSURPLVVEHUHLWJHJHQEHU$X‰HUEHUGLH 5HFKWVFKUHLEXQJ GLH LPPHU GHQ .HUQ GHU $XVHLQDQGHUVHW]XQJHQ ELOGHWH ZXUGH XQWHU GHU 3DUROHGHUÄ5HLQKHLW³DXFKEHUDQGHUH$VSHNWHZLHGLH=XODVVXQJYRQ(QWOHKQXQJHQGLVNX WLHUW PHLVWDXVGHP,WDOLHQLVFKHQ±]%RJQLYVWXRW±XQG'HXWVFKHQ±]%]XJYVWUHQ 

 (UVWGLH3HUVSHNWLYHHLQHVGUDVWLVFKHQ5FNJDQJVGHU5lWRURPDQLVFKVSUHFKHU±DOOH5l WRURPDQHQ VLQG ]ZHLVSUDFKLJ ±KDWLQMQJHUHU=HLW]XUhEHUZLQGXQJGHUÄ.LUFKWXUPSROL WLN³ JHIKUW $QIDQJ GHU HU -DKUH ZXUGH GHU 'HXWVFKVFKZHL]HU 5RPDQLVW +HLQULFK 6FKPLGYRQGHU/LD5XPDQWVFKDGDPLWEHDXIWUDJWHLQHGLH'LDOHNWHEHUGDFKHQGH6FKULIW VSUDFKH .RLQp ]XHQWZLFNHOQ'LHVHVVRJ5XPDQWVFK*ULVFKXQHLQH.RPSURPLVVYDULHWlW DQGHUDOOHJUR‰HQ'LDOHNWH$QWHLOKDEHQKDWVLFKPLWWOHUZHLOHJXWEHZlKUW6FKRQEHYRUGDV 5lWRURPDQLVFKH GHQ $PWVVSUDFKHQVWDWXV HUKDOWHQ KDWWH 1RYHOOHQ GHU 6FKZHL]HU %XQGHV YHUIDVVXQJ YRQ  E]Z   ZXUGH 5XPDQWVFK *ULVFKXQ QLFKW QXU LQ *UDXEQGHQ VRQGHUQDXFKYRP%XQGLP6FKULIWYHUNHKUPLWGHQ5lWRURPDQHQYHUZHQGHW

 /DGLQLVFK 'LH6LWXDWLRQGHV/DGLQLVFKHQJOHLFKWDXIGHQHUVWHQ%OLFNMHQHUGHV%QGQHUURPDQLVFKHQ DOOHUGLQJV KDEHQ GLH 'LDOHNWH GHU IQI 7lOHU *DGHUWDO *U|GQHUWDO )DVVDWDO %XFKHQVWHLQ $PSH]]R HLQHNU]HUH6FKULIWWUDGLWLRQ±GDVHUVWHODGLQLVFKH=HXJQLVVWDPPWDXVGHP-DKUH XQGELVLQV-DKUKXQGHUWEOHLEHQVFKULIWOLFKH'RNXPHQWHDXI/DGLQLVFKVHOWHQ$OV $PWVXQG8QWHUULFKWVVSUDFKHLVW/DGLQLVFKQXULQGHQ3URYLQ]HQ%R]HQXQG7ULHQWUHFKW OLFK JXW JHVFKW]W *DGHUWDO *U|GQHUWDO VHLW  )DVVDWDO VHLW   ZlKUHQG GLH 3URYLQ]%HOOXQRLKUHVSUDFKOLFKHQ0LQGHUKHLWHQLQ%XFKHQVWHLQXQG$PSH]]RNDXPI|UGHUW 'LH /DGLQHU VLQG GXUFKZHJV PHKUVSUDFKLJ LP *DGHU XQG *U|GQHUWDO GUHLVSUDFKLJ /DGL QLVFK'HXWVFK,WDOLHQLVFK LQGHQEULJHQ7lOHUQ]ZHLVSUDFKLJ /DGLQLVFK,WDOLHQLVFK :LH LQ*UDXEQGHQLVWDXFKLQ/DGLQLHQGDV)HKOHQHLQHUHLQLJHQGHQ.RLQpGLHJU|‰WH*HIDKUIU GDV)RUWEHVWHKHQGHU6SUDFKH$QJHVLFKWVGHUSRVLWLYHQ(UIDKUXQJHQLQ*UDXEQGHQKDEHQ GLHODGLQLVFKHQ.XOWXULQVWLWXWH+HLQULFK6FKPLGDXFKPLWGHU6FKDIIXQJHLQHUJHPHLQVDPHQ 6FKULIWVSUDFKHIUGDV'RORPLWHQODGLQLVFKHEHDXIWUDJW2EGHPVHLWSURSDJLHUWHQ/D GLQGRORPLWDQHLQlKQOLFKHU(UIROJ]X7HLOZLUGZLHGHP5XPDQWVFK*ULVFKXQEOHLEWDE]X ZDUWHQ

 )ULXODQLVFK 1DFK 6DUGLVFK LVW )ULXODQLVFKGLH]ZHLWJU|‰WHDXWRFKWKRQH0LQGHUKHLWHQVSUDFKHLQ,WDOLHQ 7URW]GHUYHUJOHLFKVZHLVHKRKHQ6SUHFKHU]DKOHLQHUELVLQV-DKUKXQGHUW]XUFNUHLFKHQ GHQ 6FKULIWWUDGLWLRQ XQG QHXHUGLQJV HLQHU JHZLVVHQ UHFKWOLFKHQ $QHUNHQQXQJ 5HJLRQDOJH VHW] /HJJH GL WXWHOD GHO IULXODQR   VWHOOW GDV )ULXODQLVFKH NHLQH VHUL|VH .RQNXUUHQ] ]XP ,WDOLHQLVFKHQ GDUGDVDOOHRIIL]LHOOHQ'RPlQHQEHVHW]W,PPQGOLFKHQ*HEUDXFKGHV )ULXODQLVFKHQ JLEW HV HLQ GHXWOLFKHV 6WDGW/DQG XQG 6R]LDOJHIlOOH *HVFKULHEHQHV )ULXOD QLVFKIUGDVPHKUHUH2UWKRJUDSKLHYRUVFKOlJHH[LVWLHUHQLVWHLQ OLWHUDULVFKHV (OLWHQSKlQR PHQ 'HQQRFK LVW HLQ VSUDFKOLFKHV XQG NXOWXUHOOHV (LJHQEHZXVVWVHLQ LQ GHU %HY|ONHUXQJ ZHLW YHUEUHLWHW 'LH ,QWHUHVVHQ GHV )ULXODQLVFKHQ ZHUGHQ KDXSWVlFKOLFK YRQ GHU  JH JUQGHWHQ6RFLHWj)LORORJLFD)ULXODQD6RFLHWkW)LORORJMFKH)XUODQHYHUWUHWHQ







'HU7XUPEDX]X%DEHO/DGLQLVFK *U|GQHU'LDOHNW 

'HUIROJHQGHODGLQLVFKH7H[WLVWLP'LDOHNWGHV*U|GQHUWDOV 6GWLURO YHUIDVVW'LH2UWKR JUDSKLHJLEWGLH$XVVSUDFKH]LHPOLFKJHQDXZLHGHU s!VWHKWIU>Ž@H!WZIU>:@ 'LH 9HUELQGXQJHQsX!XH!LH!XQGsL!VLQGDOVIDOOHQGH'LSKWKRQJH]XOHVHQGKDOV 'LSKWKRQJHPLW$QIDQJVEHWRQXQJLs!DOVVWHLJHQGHU'LSKWKRQJGKDOV'LSKWKRQJPLW (QGEHWRQXQJ>O@VWHKWIUVLOELVFKHV>O@

 6sXUDGXWDODWLsUDIzYHOPpXQDQDUXMQHGD\ODPHGHPDSDUROHV'RFKH $XIJDQ]HGLH(UGHHVJDEQXUHLQH6SUDFKHXQGGLHVHOEHQ:|UWHU1DFKGHP LRYDODVFLjO¶2ULsQWDLJLDWjQDSODQDGXUDWOUDLRQGH VLHKDWWHQYHUODVVHQGHU2VWHQVLHKDEHQJHIXQGHQHLQH(EHQHLQGHU*HJHQGYRQ 6HQDDU\VHjODVFLjVsXUDPDO(5E@ XQG 9DXJHODV >YR-OD@ GLH %DVLV IU GLH IUDQ]|VLVFKH 6WDQGDUGVSUDFKH DXI GHQ ÄERQ XVDJH³ Z|UWO ÄJXWHQ *HEUDXFK³  GHU VLFK DP 6SUDFKJH EUDXFKGHV+RIHVXQGGHUÄJXWHQ$XWRUHQ³RULHQWLHUWHXQGLQ=ZHLIHOVIlOOHQYRQ*UDPPDWL NHUQ IHVWJHOHJW ZXUGH WHLOV GXUFK VHKU HLJHQZLOOLJH XQG VSLW]ILQGLJH 1RUPHQ GLH RIW ELV KHXWH*OWLJNHLWKDEHQ 'LHEHWUlFKWOLFKH6WDELOLWlWGHU1RUPHQVHLWGHP-DKUKXQGHUWLVWZHLWJHKHQGDXIGDV JUR‰H 3UHVWLJH GHU .ODVVLNHU XQG GLH LQ )UDQNUHLFK HQJDJLHUWHU DOV DQGHUVZR EHWULHEHQH 6SUDFKSIOHJH]XUFN]XIKUHQDQGHUDXFKGHU6WDDWJUR‰HQ$QWHLOQDKPXQGQLPPW ZXUGH YRQ .DUGLQDO 5LFKHOLHX >5L6:OMs@ GLH QDFK GHP 9RUELOG GHU )ORUHQWLQHU $FFDGHPLD GHOOD &UXVFD HQWVWDQGHQH $FDGpPLH )UDQoDLVH ]XU RIIL]LHOOHQ 6SUDFKSIOHJHLQVWLWXWLRQ HUKR EHQ,POHW]WHQ-DKUKXQGHUWZXUGHQQRFK]DKOUHLFKHZHLWHUH|IIHQWOLFKHRGHUKDOE|IIHQWOLFKH (LQULFKWXQJHQJHVFKDIIHQGLHGLHÄ(LQKHLWXQG5HLQKHLW³GHUIUDQ]|VLVFKHQ6SUDFKHJDUDQ WLHUHQ VROOHQ %HVRQGHUH $XIPHUNVDPNHLW ZLUGLQGHU*HJHQZDUWGHQ)DFKVSUDFKHQ]XWHLO ZHLOVLHDOVIUDQJORDPHULNDQLVFKHQ(LQIOXVVEHVRQGHUVDQIlOOLJJHOWHQ6HLWZHUGHQ YRQPLQLVWHULHOOHQ.RPPLVVLRQHQ/LVWHQYRQ:|UWHUQHUDUEHLWHWXQGLP*HVHW]EODWWYHU|I IHQWOLFKW GLH ]% LQ $XIVFKULIWHQ LQ =HLWXQJHQ RGHU LP )HUQVHKHQ REOLJDWRULVFK DQ GLH 6WHOOHELVKHUEOLFKHU$QJOL]LVPHQ]XWUHWHQKDEHQHWZDSDOPDUqV>SDOPD5(V@DQGLH6WHOOH YRQKLWSDUDGH>LWSD5DG@,P-DKUHWUDWDX‰HUGHPHLQ*HVHW] /RL7RXERQ>OZDWXE2@  LQ .UDIW GDV GLH DXVVFKOLH‰OLFKH 9HUZHQGXQJ GHV )UDQ]|VLVFKHQ XD LQ $UEHLWVYHUWUlJHQ RGHU%HGLHQXQJVDQOHLWXQJHQYRUVFKUHLEW 'DVWUDGLWLRQHOOJUR‰H,QWHUHVVHYLHOHU)UDQ]RVHQDQLKUHU6SUDFKH]HLJWVLFKDX‰HULQGHQ HQRUPHQ $XIODJHQ YRQ :|UWHUEFKHUQ DXFK LQ GHU 7DWVDFKH GDVV MlKUOLFK VWDWWILQGHQGH 5HFKWVFKUHLEZHWWEHZHUEH &KDPSLRQQDWV G¶RUWKRJUDSKH  EHL GHU EUHLWHQ %HY|ONHUXQJ JUR‰HQ$QNODQJILQGHQ







)UDQ]|VLVFKLQGHU:HOW

:LH(QJOLVFK6SDQLVFKXQG3RUWXJLHVLVFKZLUGDXFK)UDQ]|VLVFKDXIPHKUHUHQ.RQWLQHQWHQ JHVSURFKHQ,Q(XURSDGDUIPDQQHEHQGHQFD0LR)UDQ]RVHQGLHUXQG0LRIUDQNR SKRQHQ 6FKZHL]HU VRZLH GLH HWZD  0LR %HOJLHU LQ :DOORQLHQ XQG %UVVHO  QLFKW YHU JHVVHQGLH)UDQ]|VLVFKDOV0XWWHUVSUDFKHKDEHQ $OV(UJHEQLVGHUNRORQLDOHQ([SDQVLRQ)UDQNUHLFKVXQG%HOJLHQVLVW)UDQ]|VLVFKKHXWH QRFKLQYLHOHQVFKZDU]DIULNDQLVFKHQ6WDDWHQRIIL]LHOOE]ZNRRIIL]LHOOGK$PWVVSUDFKHQH EHQ HLQHU HLQKHLPLVFKHQ 6SUDFKH E]Z (QJOLVFK  XQG EHVHW]W GRUW YRU DOOHP GLH K|KHUHQ 'RPlQHQ 3ROLWLNLQWHUQDWLRQDOH:LUWVFKDIWVEH]LHKXQJHQ:LVVHQVFKDIWXVZ ZlKUHQGLP LQIRUPHOOHQ%HUHLFKPHLVWHLQKHLPLVFKH6SUDFKHQGRPLQLHUHQ7\SLVFKIUYLHOHGHUPXOWL HWKQLVFKHQ 6WDDWHQ $IULNDV LVW IHUQHU GLH DOWHUQLHUHQGH 9HUZHQGXQJ HLQHU HLQKHLPLVFKHQ 6SUDFKHXQGGHV)UDQ]|VLVFKHQ &RGHVZLWFKLQJIU]DOWHUQDQFHFRGLTXH ,P6HQHJDO PLW :RORI DOV GRPLQDQWHU HLQKHLPLVFKHU 6SUDFKH  ZHUGHQ ]% KlXILJ LQ LQIRUPHOOHQ *H VSUlFKVVLWXDWLRQHQ LQQHUKDOE HLQHV 6DW]HV OH[LNDOLVFKH (OHPHQWH DXV GHQ EHLGHQ 6SUDFKHQ VSRQWDQNRPELQLHUW ,QGHQ6WDDWHQGHV0DJKUHE 0DURNNR7XQHVLHQ$OJHULHQ KDW)UDQ]|VLVFKHLQHZLFK WLJH)XQNWLRQDOV.XOWXUVSUDFKH$XIGHPDPHULNDQLVFKHQ.RQWLQHQWKDWWH)UDQNUHLFKVHLQH .RORQLHQ EHUHLWV LP -DKUH  YHUORUHQ ± )UDQ]|VLVFK LVW GHQQRFK KHXWH HLQH GHU EHLGHQ RIIL]LHOOHQ6SUDFKHQ.DQDGDVXQGZLUGLQGHUVHLWIRUPDOUHFKWOLFKZLHGHUHLQVSUDFKLJ IUDQNRSKRQHQ3URYLQ]4XpEHFYRQHWZD0LR0HQVFKHQJHVSURFKHQ $OOH9DULHWlWHQGHV)UDQ]|VLVFKHQDX‰HUKDOE)UDQNUHLFKV]HLFKQHQVLFKGXUFKEHVRQGHUH 0HUNPDOH DXV DP DXIIlOOLJVWHQ VLQG GLH %HVRQGHUKHLWHQYRUDOOHPLQGHU$XVVSUDFKHXQG LP:RUWVFKDW]'D]XQXUHLQ%VS:lKUHQG)UDQ]RVHQGDV+DQG\JHPHLQKLQSRUWDEOHQHQ QHQ VSUHFKHQ %HOJLHU KlXILJHU YRQ *60 >-H(V(P@ RGHU NXU] * >-H@ 6FKZHL]HU )UDQNR SKRQH VDJHQ DXFK QDWHO XQG LQ GHQ IUDQ]|VLVFKVSUDFKLJHQ 7HLOHQ .DQDGDV NRPPXQL]LHUW PDQPLW+LOIHHLQHVFHOOXODLUH



'HU7XUPEDX]X%DEHO)UDQ]|VLVFK

7RXWH OD WHUUH DYDLW XQH VHXOH ODQJXH HW OHV PrPHV PRWV &RPPH LOV pWDLHQW SDUWLV GH O¶RULHQWLOVWURXYqUHQWXQHSODLQHDXSD\VGH6FKLQHDUHWLOV\KDELWqUHQW,OVVHGLUHQWO¶XQ j O¶DXWUH $OORQV IDLVRQV GHV EULTXHV HW FXLVRQVOHV DX IHX (W OD EULTXH OHXU VHUYLW GH SLHUUHHWOHELWXPHOHXUVHUYLWGHFLPHQW,OVGLUHQWHQFRUH$OORQVEkWLVVRQVQRXVXQHYLOOH HWXQHWRXUGRQWOHVRPPHWWRXFKHDXFLHOHWIDLVRQVQRXVXQQRPDILQTXHQRXVQHVR\RQV SDVGLVSHUVpVVXUODIDFHGHWRXWHODWHUUH /¶eWHUQHOGHVFHQGLWSRXUYRLUODYLOOHHWODWRXUTXHEkWLVVDLHQWOHVILOVGHVKRPPHV(W O¶eWHUQHOGLW9RLFLLOVIRUPHQWXQVHXOSHXSOHHWRQWWRXVXQHPrPHODQJXHHWF¶HVWOjFH TX¶LOV RQW HQWUHSULV PDLQWHQDQW ULHQ QH OHV HPSrFKHUDLW GH IDLUH WRXW FH TX¶LOV DXUDLHQW SURMHWp$OORQVGHVFHQGRQVHWOjFRQIRQGRQVOHXUODQJDJHDILQTX¶LOVQ¶HQWHQGHQWSOXVOD ODQJXHOHVXQVGHVDXWUHV

 (WO¶eWHUQHOOHVGLVSHUVDORLQGHOjVXUODIDFHGHWRXWHODWHUUHHWLOVFHVVqUHQWGHEkWLU OD YLOOH &¶HVW SRXUTXRL RQ O¶DSSHOD GX QRP GH %DEHO FDU F¶HVW GH Oj TXH O¶eWHUQHO FRQIRQGLWOHODQJDJHGHWRXWHODWHUUHHWOHVGLVSHUVDVXUODIDFHGHWRXWHODWHUUH  /D6DLQWH%LEOH1RXYHOOHpGG¶DSUqVODWUDGXFWLRQGH/RXLV6HJRQG /RQGRQ%LEOH6RFLHW\R-

 >WXW:ODW(5DY(W\Q:VrOO$JHOHP(P:PRN2PLO]HW(SD5WLG:O25M$LOWUXY(5W\Q:SO(QR SHLG:6LQHD5HLO]LDELW(5LOV:GL5OrQDORW5DOR I:]R GHE5LNHN~L]R OH]RIsHODE5LN Or5V(5YLG:SM(5HO:ELW\POr5V(5YLG:VLP$ LOGL5W$N25DOR E$WLVR QX]\Q:YLO:H\Q: WX5GRO:V2P(WX6RVM(OHI:]RQXrQRDI(N:QXQ:VZDMRSDGLVS(5VHV\5ODIDVG:WXW:OD W(5 O HW(5Q(O GHV$GL SX5 YZD5 OD YLO H OD WX5 N: E$WLV( OH IL] GH] 2P H O HW(5Q(O GL YZDVL LO I25P:Wr VrOSrSO:HR WXV\Q:P(P:O$J:HVHODV:NLO]RW$W5:S5LP(WQ$ 5M( Q:OH] $S(6:5(G:I(5WXVNLO]2U(SU2-:WHDORGHV$GRHODNRIRGROr5O$JD-DI(NLOQ$W$G:SO\OD O$JOH]rGH]RW5:@



/LWHUDWXU

%HUVFKLQ)HOL[EHUJHU*RHEO   .ROERRP.RWVFKL5HLFKHO +J    3|OO   



$XIJDEHQ

 /HVHQ6LH0OOHU ± XQGEHDQWZRUWHQ6LHIROJHQGH)UDJHQ D :LHYLHOHXQGZHOFKH 6SUDFKHQ ZHUGHQ DXI IUDQ]|VLVFKHP 6WDDWVJHELHW RKQH hEHUVHHEHVLW]XQJHQ  JHVSURFKHQ" E  :DV EHGHXWHW GHU 7HUPLQXV )UDQNRSKRQLH F  ,Q ZHOFKHQ 'RPlQHQ NRQQWH XQG NDQQ VLFK GDV )UDQ]|VLVFKH DOV ÄIXQNWLRQDOH :HOWVSUDFKH³ EHKDXSWHQ" :HOFKH 9HUVFKLHEXQJHQ HUJDEHQ VLFK YRP]XP-DKUKXQGHUW"  /HVHQ 6LH GHQ $UWLNHO YRQ - 7UDEDQW LQ .RWVFKL.ROERRP5HLFKHO  ±  XQG EH DQWZRUWHQ6LHGLHIROJHQGHQ)UDJHQ D :DUXPVLQG6SUDFKHQQLFKWDQVLFKNXOWXUHOOEHGHXWHQG" E  :DQQ ZDUHQ GLH ZLFKWLJVWHQ (SRFKHQ GHU LQWHUQDWLRQDOHQ *HOWXQJ GHV )UDQ]|VLVFKHQ" F  :DUXP EHQW]W /HLEQL] GDV )UDQ]|VLVFKH" G  :LH VFKlW]W GHU $XWRU GLH %HGHXWXQJ GHV )UDQ ]|VLVFKHQDOV)UHPGVSUDFKHLQDQGHUHQURPDQLVFKHQ/lQGHUQHLQ" H :HOFKH)XQNWLRQNDQQGDV )UDQ]|VLVFKH LQ GHQ PXOWLHWKQLVFKHQ 6WDDWHQ 6FKZDU]DIULNDV HLQQHKPHQ" I  :RULQ EHVWHKWGLH VRJÄFULVHGXIUDQoDLV³"  ,Q GHU IUDQ]|VLVFKHQ 7UDQVNULSWLRQ GHV 7XUPEDX7H[WHV VLQG GLH HLQ]HOQHQ :|UWHU ZLH LQ GHQ DQGHUHQ 7UDQVNULSWLRQHQ GXUFK /HHU]HLFKHQ YRQHLQDQGHU JHWUHQQW ZRUGHQ REZRKO GLHV LQ GHU IUDQ]|VLVFKHQ 3KRQHWLN3KRQRORJLH NDXP EOLFK LVW D  /HVHQ 6LH .OHLQ  ±  XQG EHJUQGHQ6LHZDUXPXQVHUH9RUJDQJVZHLVHJHUDGHIUGDV)UDQ]|VLVFKHSUREOHPDWLVFKLVW E  :HOFKH ÄPRWV SKRQpWLTXHV³ E]Z ÄJURXSHV U\WKPLTXHV³ PDFKW XQVHU 6SUHFKHU" .HQQ]HLFKQHQ 6LHGLHVHLQGHU$UWYRQ.OHLQ F 9RUZHOFKHQ.RQVRQDQWHQZHUGHQQDFK.OHLQ ± 





ZHOFKH9RNDOHODQJJHVSURFKHQ" G :HOFKH%HGHXWXQJKDEHQGLHÄJURXSHVU\WKPLTXHV³IUGLH 9RNDOOlQJH" H  7UDJHQ 6LH GLH 4XDQWLWlW GHU 9RNDOH GHU OHW]WHQ 6LOEH DOOHU ÄJURXSHV U\WKPLTXHV³HLQXQGEHUSUIHQ6LHDQKDQGGLHVHU'DWHQ.OHLQV5HJHOQ  'HU EHVWLPPWH $UWLNHO GHV 3OXUDOV OHV HUVFKHLQW LP 7H[W LQ ]ZHL 9DULDQWHQ >OH]@ XQG >OH@ (UVWHOOHQ 6LH HLQH /LVWH DOOHU 9RUNRPPHQ XQGYHUVXFKHQ6LH]XHUJUQGHQZLHGLH9HUWHLOXQJ GHUEHLGHQ9DULDQWHQJHUHJHOWLVW  6FKODJHQ 6LH LQ HLQHP ]ZHLVSUDFKLJHQ :|UWHUEXFK MHQH :|UWHU GHV 7XUPEDX7H[WHV QDFK GLH ,KQHQQLFKWJHOlXILJVLQG  6NL]]LHUHQ 6LH GLH *HVFKLFKWH GHU $FDGpPLH )UDQoDLVH E]Z GHU $FFDGHPLD GHOOD &UXVFD E]Z GHU5HDO$FDGHPLD(VSDxROD  /HVHQ 6LH *HFNHOHU'LHWULFK  ±  XQG EHDQWZRUWHQ 6LH IROJHQGH )UDJHQ D  :DV YHUVWHKWPDQXQWHUÄIUDQJODLV³" E :LHYLHOH$QJOL]LVPHQJLEWHVLPIUDQ]|VLVFKHQ*HPHLQZRUW VFKDW]",QZHOFKHQ6DFKJHELHWHQJLEWHVGLHPHLVWHQHQJOLVFKHQ(QWOHKQXQJHQ" F 'LH$XWRUHQ XQWHUVFKHLGHQYHUVFKLHGHQH)RUPHQYRQ$QJOL]LVPHQ.DWHJRULVLHUHQ6LHGLHIROJHQGHQ%HLVSLH OH XQG YHUZHQGHQ 6LH DXFK GLH .ODVVLIL]LHUXQJ OW 6FKHPD  6  LQWHUYLHZ GHVLJQ IRRWLQJ DPDWHXULVPHUHGLQJRWHUHODWLRQVSXEOLTXHVUDLOHQWUHYXH  'LH IROJHQGHQ :|UWHU XQG $XVGUFNH VLQG LQ 4XpEHF .DQDGD  JHEUlXFKOLFKH $QJOL]LVPHQ FHQWUH G¶DFKDWV DQQRQFHV FODVVpHV WDSLV PXU j PXU EXUHDXFKHI OXPLqUHV .RQWH[W 6WUD‰HQYHUNHKU  9HUVXFKHQ 6LH KHUDXV]XILQGHQ ZHOFKH :|UWHU GHU 6SHQGHUVSUDFKH GDKLQWHU VWHFNHQXQGZLHPDQGHQVHOEHQ6DFKYHUKDOWLQ)UDQNUHLFKDXVGUFNHQZUGH



1HXQWH8QWHUULFKWVHLQKHLW



7KHRULHQ+\SRWKHVHQ'HILQLWLRQHQ



7KHRULHQXQG+\SRWKHVHQ

'DV =LHO GHU :LVVHQVFKDIW EHVWHKW JDQ] DOOJHPHLQ JHVSURFKHQ GDULQ (LQVLFKWHQ LQ GDV )XQNWLRQLHUHQGHU:HOW]XJHZLQQHQXQGGLHVH(LQVLFKWHQLQHLQHU]XPLQGHVW)DFKNROOHJHQ QDFKYROO]LHKEDUHQ :HLVH ]X IRUPXOLHUHQ 6ROFKH )RUPXOLHUXQJHQ YRQ ZLVVHQVFKDIWOLFKHQ (LQVLFKWHQ ZHUGHQ +\SRWKHVHQ JHQDQQW GD EHU LKUH *OWLJNHLW QLH OHW]WH *HZLVVKHLW HU ]LHOW ZHUGHQ NDQQ %LOGHQ PHKUHUH VROFKH +\SRWKHVHQ HLQ PHKU RGHU ZHQLJHU NRKlUHQWHV *DQ]HV VSULFKW PDQ YRQ 7KHRULHQ %HLVSLHOH IU ZLVVHQVFKDIWOLFKH +\SRWKHVHQ DXV GHP %HUHLFKGHU6SUDFKZLVVHQVFKDIWZlUHQHWZDGLHIROJHQGHQ D $OOHURPDQLVFKHQ6SUDFKHQ VWDPPHQ YRP /DWHLQLVFKHQ DE E  ,Q =HLWHQ JUR‰HU VR]LDOHU 8PZlO]XQJHQ ZDQGHOQ VLFK 6SUDFKHQ VFKQHOOHU DOV LQ =HLWHQ VR]LDOHU 6WDELOLWlW F  VS PXVOR Ã2EHUVFKHQNHOµ JHKW DXI ODW 086&8/8 0 Ã0XVNHOµ]XUFN G 'HU(LQVDW]HLQHV6SUDFKODERUVKDWNHLQHQQHQQHQV ZHUWHQ (LQIOXVV DXI GHQ (UIROJ YRQ )UHPGVSUDFKHQOHUQHUQ H  'LH 9HUEHQ GHV 0HLQHQV UHJLHUHQ LP )UDQ]|VLVFKHQ GHQ ,QGLNDWLY LP ,WDOLHQLVFKHQ KLQJHJHQ GHQ .RQMXQNWLY I  -HGHVILQLWH9HUEGHV'HXWVFKHQPXVVPLWGHP6XEMHNWLQ3HUVRQXQG=DKOEHUHLQVWLPPHQ XVZ :LH PDQ VLHKW N|QQHQ +\SRWKHVHQ HLQHQ VHKU XQWHUVFKLHGOLFKHQ $EVWUDNWLRQV XQG .RPSOH[LWlWVJUDG DXIZHLVHQ $OOHQ HUZlKQWHQ +\SRWKHVHQ LVW MHGRFK JHPHLQVDP GDVV VLH LP 3ULQ]LS EHUSUIEDU XQG VRPLW SRWHQWLHOO IDOVLIL]LHUEDU GK DOV IDOVFK HUZHLVEDU VLQG PLW DQGHUHQ :RUWHQ GDVV VLH HLQHQ HPSLULVFKHQ *HKDOW KDEHQ +\SRWKHVH D  KDW DOOHU GLQJV QXU HPSLULVFKHQ *HKDOW ZHQQ PDQ QLFKW GHQ %HJULII ÃURPDQLVFKH 6SUDFKHµ DOV Ã6SUDFKHGLHYRP/DWHLQLVFKHQDEVWDPPWµGHILQLHUWLQGLHVHP)DOOZUGHHVVLFKXPHLQH 7DXWRORJLHKDQGHOQGKHLQHQ6DW]GHUVFKRQDOOHLQDXIJUXQGVHLQHUORJLVFKHQ)RUPZDKU LVW HUJLEW GRFK HLQH HQWVSUHFKHQGH (UVHW]XQJ GHQ 6DW] Ä$OOH 6SUDFKHQ GLH YRP /DWHLQL VFKHQDEVWDPPHQVWDPPHQYRP/DWHLQLVFKHQDE³.HLQHQHPSLULVFKHQ*HKDOWKDWDXFK]% GLH $XVVDJH Ä'DV 6SDQLVFKH LVW HLQH VFK|QHUH 6SUDFKH DOV GDV .DWDODQLVFKH³ DOOHUGLQJV QLFKW ZHLO VLH WDXWRORJLVFK ZlUH VRQGHUQ ZHLO GLH (LQVFKlW]XQJ GHU 6FK|QKHLW YRQ 6SUD FKHQLQGLYLGXHOOVWDUNYDULLHUW$EHUHVJHQJWGLHVH$XVVDJHLQ+LQEOLFNDXIHLQH*UXSSH YRQ3HUVRQHQ]XUHODWLYLHUHQ HWZDÄ'LH0HKUKHLWGHU.DVWLOLHUILQGHWGDVVGDV6SDQLVFKH HLQHVFK|QHUH6SUDFKHDOVGDV.DWDODQLVFKHVHL³ XPVLHLQHLQHEHUSUIEDUHZLVVHQVFKDIW OLFKH +\SRWKHVH ]X YHUZDQGHOQ 1LFKW WDXWRORJLVFK XQG IDOVLIL]LHUEDU ]X VHLQ VLQG ]ZDU QRWZHQGLJH DEHU NHLQH KLQUHLFKHQGHQ %HGLQJXQJHQ IULQWHUHVVDQWHZLVVHQVFKDIWOLFKH+\ SRWKHVHQ LKUHPSLULVFKHU*HKDOWPXVV]XGHPLQLUJHQGHLQHU:HLVHQLFKWWULYLDOVHLQGK HWZDV EHKDXSWHQ ZDV VHOEVW IU )DFKOHXWH GHV EHWUHIIHQGHQ *HELHWV QHX XQG QLFKW VHOEVW YHUVWlQGOLFKLVW

 

'HILQLWLRQHQ

'HUJHQDXHHPSLULVFKH*HKDOWHLQLJHUGHULQ]LWLHUWHQ+\SRWKHVHQKlQJWGDYRQDEZLH GLHGDULQYRUNRPPHQGHQ%HJULIIHGHILQLHUWZHUGHQ:lKUHQGZLUXQVEHLGHU,QWHUSUHWDWLRQ YRQÄ=HLWHQVR]LDOHU8PZlO]XQJE]Z6WDELOLWlW³LQ E Ä(UIROJ³XQGÄQHQQHQVZHUW³LQ G  RGHUÄ9HUEHQGHV0HLQHQV³LQ H QRFKZHLWJHKHQGDXIXQVHU6SUDFKJHIKOYHUODVVHQN|Q QHQGDHVVLFKXPJHPHLQVSUDFKOLFKH$XVGUFNHKDQGHOWHQWKlOW+\SRWKHVH I QLFKWZHQL JHUDOVVHFKVVSUDFKZLVVHQVFKDIWOLFKH)DFKDXVGUFNH DXFKWHUPLQLWHFKQLFLJHQDQQW6LQ JXODUWHUPLQXVWHFKQLFXV ILQLW9HUE6XEMHNW3HUVRQ=DKOXQGEHUHLQVWLPPHQ(LQLJH GLHVHU VHFKV %HJULIIH ZLH ]% 3HUVRQ =DKO RGHU EHUHLQVWLPPHQ VLQG ]ZDU DXFK LQ GHU *HPHLQVSUDFKHEOLFKKDEHQGRUWDEHUHLQHDQGHUH%HGHXWXQJ=XU9HUPHLGXQJYRQ0LVV YHUVWlQGQLVVHQ ]LHKW PDQ HV LQ )DFKNUHLVHQ GDKHU DXFK PDQFKPDO YRU GLH PHKUGHXWLJHQ $XVGUFNH GHU *HPHLQVSUDFKH GXUFK HLQGHXWLJH )DFKDXVGUFNH ]X HUVHW]HQ HWZD =DKO GXUFK1XPHUXVRGHUEHUHLQVWLPPHQGXUFKNRQJUXLHUHQ GD]XJHK|ULJHV6XEVWDQWLY.RQ JUXHQ]  )DFKDXVGUFNH VROOWHQ QDFK HLQHU ZHLW YHUEUHLWHWHQ $XIIDVVXQJ ZRKOGHILQLHUW VHLQ *H UDGHEHLGHQ]HQWUDOHQ$XVGUFNHQHLQHU'LV]LSOLQHWZD6SUDFKH:RUW6DW]*UDPPDWLN 6WLO%HGHXWXQJ'LDOHNW7H[WXlLP%HUHLFKGHU6SUDFKZLVVHQVFKDIWLVWGLHVDOOHUGLQJVRIW QXUVFKZHUP|JOLFKXQGLQYLHOHQ.RQWH[WHQDXFKJDUQLFKWQ|WLJ:HQQGLHJHQDXH'HIL QLWLRQ HLQHV VROFKHQ $XVGUXFNV LP $UJXPHQWDWLRQV]XVDPPHQKDQJ QLFKW ZHVHQWOLFK LVW VROOWH VLH JHWURVW XQWHUEOHLEHQ :R HLQ )DFKDXVGUXFN MHGRFK HLQHU JHQDXHUHQ (UOlXWHUXQJ EHGDUIVHLHVGDVVHUQHXHLQJHIKUWRGHUQHXGHILQLHUWZLUGRGHUDEHU]ZDUJXWHWDEOLHUWXQG HLQGHXWLJGHILQLHUWDEHUGHP$GUHVVDWHQNUHLVYHUPXWOLFKXQEHNDQQWLVWGDVWHKHQPHKUHUH 9HUIDKUHQ]XU9HUIJXQJ *DQ]DOOJHPHLQEHVWHKHQ'HILQLWLRQHQDXV]ZHL7HLOHQGLHPDQWHFKQLVFKDOV'HILQLHQ GXP ODW ÃGDV ]X 'HILQLHUHQGHµ  XQG 'HILQLHQV ODW ÃGDV 'HILQLHUHQGHµ  EH]HLFKQHW 'DV 'HILQLHQGXPLVWGHU]XGHILQLHUHQGH$XVGUXFN ]%9RJHO GDV'HILQLHQVGLH%HVFKUHLEXQJ GHU %HGHXWXQJ GLHVHV $XVGUXFNV Ã]ZHLEHLQLJHV JHILHGHUWHV 7LHUµ  *HVFKLHKW GLH %H VFKUHLEXQJ GHU %HGHXWXQJ ZLHLQXQVHUHP9RJHO%HLVSLHOGXUFKGLH$QJDEHGHUZHVHQWOL FKHQ0HUNPDOHKHL‰WVLHLQWHQVLRQDOJHVFKLHKWVLHKLQJHJHQGXUFK$XI]lKOXQJGHU(OH PHQWHDXIGLHGHU$XVGUXFNDQJHZDQGWZHUGHQNDQQKHL‰WVLHH[WHQVLRQDO(LQHH[WHQVLR QDOH'HILQLWLRQYRQÄURPDQLVFKH6SUDFKH³N|QQWHHWZDODXWHQ^5XPlQLVFK,WDOLHQLVFK« 3RUWXJLHVLVFK` :HQQ ZLU GHU +\SRWKHVH D  LQ  GLHVH H[WHQVLRQDOH 'HILQLWLRQ ]XJUXQ GHOHJHQK|UWVLHDXIWDXWRORJLVFK]XVHLQ(LQHZHLWHUH$OWHUQDWLYH]XULQWHQVLRQDOHQ'HIL QLWLRQVWHOOWGLHVRJHQDQQWHRSHUDWLRQDOH'HILQLWLRQGDUGLHHEHQIDOOVNHLQH%HGHXWXQJVEH VFKUHLEXQJLVWVRQGHUQHLQ9HUIDKUHQGDVHVHLQHPHUODXEWIHVW]XVWHOOHQREHLQEHVWLPPWHV (OHPHQW XQWHU GHQ ]X GHILQLHUHQGHQ $XVGUXFN IlOOWRGHUQLFKW=%N|QQWHQZLU(UIROJLQ +\SRWKHVH G GXUFKGLH$Q]DKOGHUYRQHLQHP6SUDFKOHUQHUEHLHLQHPEHVWLPPWHQ6SUDFK WHVW HUUHLFKWHQ 3XQNWH RGHU GXUFK VHLQH 6SUDFKQRWH RSHUDWLRQDOLVLHUHQ ([WHQVLRQDOH XQG   

 9RP ORJLVFKHQ %HJULII ,QWHQVLRQ Ã%HGHXWXQJ¶ *HJHQEHJULII ]X ([WHQVLRQ Ã0HQJH GHU 5HIH UHQWHQ¶1LFKW]XYHUZHFKVHOQPLW,QWHQWLRQÃ$EVLFKW¶LQWHQWLRQDOÃDEVLFKWOLFK¶





RSHUDWLRQDOH'HILQLWLRQHQVLQGVWUHQJJHQRPPHQJDUNHLQH'HILQLWLRQHQLP6LQQHYRQ%H GHXWXQJVEHVFKUHLEXQJHQ HUZHLVHQ VLFK LQ YLHOHQ )lOOHQ MHGRFK DOV QW]OLFKH ,QVWUXPHQWH XP GLH LQWHUVXEMHNWLYH 1DFKYROO]LHKEDUNHLW XQG GLH hEHUSUIEDUNHLW HLQHU ZLVVHQVFKDIWOL FKHQ+\SRWKHVH]XJHZlKUOHLVWHQ



*WHNULWHULHQIU'HILQLWLRQHQ

(LQHJXWH'HILQLWLRQVROOWHHLQHU5HLKHYRQ%HGLQJXQJHQJHQJHQ6LHVROOWH]%ZHGHU]X ZHLW QRFK ]X HQJ VHLQ 0DQ QHQQW HLQH'HILQLWLRQ]XZHLWZHQQVLHPHKUHLQVFKOLH‰WDOV GHU ]X GHILQLHUHQGH $XVGUXFN EH]HLFKQHW E]Z EH]HLFKQHQ VROO HUIDVVW VLH KLQJHJHQ QLFKW DOOHVKHL‰WVLH]XHQJ(LQH'HILQLWLRQYRQ$GMHNWLYDOV:RUWGDVHLQH(LJHQVFKDIWEH]HLFK QHW YJOGW(LJHQVFKDIWVZRUW ZlUH]%]XJOHLFK]XZHLWXQG]XHQJGHQQHVJLEWHLQHU VHLWV 1LFKW$GMHNWLYH GLH (LJHQVFKDIWHQ EH]HLFKQHQ YJO +lUWH ODW $/%Ɯ5( ÃZHL‰ VHLQµ XVZ XQGDQGHUHUVHLWVDXFK$GMHNWLYHGLHNHLQH(LJHQVFKDIWEH]HLFKQHQ ]%KLHVLJKHX WLJ Xl  (LQH 'HILQLWLRQ VROOWH ZHLWHUV QLFKW ]LUNXOlU VHLQ GK QLFKW LP 'HILQLHQV GDV 'HILQLHQGXP VHOEVWHQWKDOWHQVHLHVXQPLWWHOEDURGHULQHLQHU ZHLWHUHQ'HILQLWLRQGLH]XU 'HILQLWLRQ YRQ %HJULIIHQ GHV 'HILQLHQV Q|WLJ VLQG 6R VROOWH PDQ QLFKW ZLH PDQFKH GHXW VFKH:|UWHUEFKHU'LDOHNWDOVÃ0XQGDUWµXQGJOHLFK]HLWLJ0XQGDUWDOVÃ'LDOHNWµGHILQLHUHQ 'DV 'HILQLHQV VROOWH ZHLWHUV QXU NODUH $XVGUFNH HQWKDOWHQ GD VRQVW GLH LQWHUVXEMHNWLYH 1DFKYROO]LHKEDUNHLWQLFKWJHZlKUOHLVWHWLVW'LHIROJHQGH'HILQLWLRQYRQ.RPSRVLWXPHWZD HQWVSULFKWGLHVHU)RUGHUXQJQLFKWGDVLHGHQXQNODUHQ$XVGUXFNHLQKHLWOLFKHV%LOGHQWKlOW Ä(LQ.RPSRVLWXPLVWHLQH9HUELQGXQJYRQ]ZHLDXFKXQDEKlQJLJYRUNRPPHQGHQ:|UWHUQ GLHLP*HLVWHGHV6SUHFKHUVHLQHLQKHLWOLFKHV%LOGKHUYRUUXIHQ³6FKOLH‰OLFKVROOWHGDV'HIL QLHQVQXU%HJULIIHHQWKDOWHQGLHDOVEHNDQQWYRUDXVJHVHW]WZHUGHQN|QQHQ'DYLHOH)DFK DXVGUFNHQXUPLWKLOIHZHLWHUHU)DFKDXVGUFNHSUlJQDQWGHILQLHUEDUVLQGLVWGLHVH±GLGDN WLVFKH±)RUGHUXQJQLFKWLPPHU]XHUIOOHQ'LH'HILQLWLRQYRQILQLWH9HUEIRUPLQ%X‰PDQQ  HWZDODXWHWIROJHQGHUPD‰HQÄ+LQVLFKWOLFKPLQGHVWHQVHLQHUGHUYHUEDOHQ.DWHJRULHQ JHNHQQ]HLFKQHW GDKHU ªEHJUHQ]WH©  9HUEIRUP ,P 'W EHWULIIW GLHV ĺ3HUVRQĺ1XPHUXV ĺ7HPSXVĺ0RGXVĺ*HQXVYHUEL>«@³'LH3IHLOHNHQQ]HLFKQHQGDEHL)DFKDXVGUFNH GLH DQ GHQ HQWVSUHFKHQGHQ 6WHOOHQ GHV /H[LNRQV LKUHUVHLWV GHILQLHUW ZHUGHQ 'DV 1DFK VFKODJHQ HLQHV )DFKDXVGUXFNVLQHLQHP)DFKOH[LNRQZLUGIUGHQ$QIlQJHUGDKHURIW]XP %HJLQQ HLQHU 2G\VVHH GXUFK GDV KDOEH /H[LNRQ]XPDOYLHOH$XWRUHQYRQ/H[LNRQDUWLNHOQ OHLGHUGDVOHW]WJHQDQQWH*WHNULWHULXPQLFKWEHDFKWHQ



/H[LNRJUDSKLVFKHYVZLVVHQVFKDIWOLFKH'HILQLWLRQHQ

/H[LNRJUDSKLVFKH'HILQLWLRQHQVROOWHQEHVFKUHLEHQZLH:|UWHULQHLQHUEHVWLPPWHQ6SUDFK JHPHLQVFKDIW WDWVlFKOLFK JHEUDXFKW ZHUGHQ 6LHN|QQHQVRPLWULFKWLJRGHUIDOVFKVHLQ%HL ZLVVHQVFKDIWOLFKHQ 'HILQLWLRQHQ VLHKW GLH 6DFKH JUXQGOHJHQG DQGHUV DXV 6LH ZHUGHQQLFKW QXUYHUZHQGHWXPHLQHQHWDEOLHUWHQ6SUDFKJHEUDXFK]XEHVFKUHLEHQRGHUDQ]XJHEHQZHO

 FKHU YRQ PHKUHUHQ NRQNXUULHUHQGHQ 9HUZHQGXQJHQ JHIROJW ZLUG VRQGHUQ YRU DOOHP DXFK XPGLH%HGHXWXQJHLQHVQHXHLQJHIKUWHQ$XVGUXFNV]XHUOlXWHUQRGHUDQ]XJHEHQGDVVXQG ZLH HLQ YHUZHQGHWHU $XVGUXFN YRP KHUN|PPOLFKHQ *HEUDXFK DEZHLFKW 'LHVH )XQNWLRQ ZLVVHQVFKDIWOLFKHU'HILQLWLRQHQHUJLEWVLFKDXVGHU1DWXUZLVVHQVFKDIWOLFKHU)RUVFKXQJGLH LQ LKUHP 6WUHEHQ QDFK QHXHQ (LQVLFKWHQ LQ GLH :LUNOLFKNHLW LPPHU QHXH .DWHJRULHQ E]Z %HJULIIH HUVLQQW $Q GLH 'HILQLWLRQHQ VROFKHU %HJULIIH VWHOOW PDQ LP *HJHQVDW] ]X OH[L NRJUDSKLVFKHQ'HILQLWLRQHQQLFKWGHQ$QVSUXFKULFKWLJVHLQ]XPVVHQGHQQPDQNDQQVLH MD PLW NHLQHP H[LVWLHUHQGHQ 6SUDFKJHEUDXFK YHUJOHLFKHQ YLHOPHKU VROOWHQ VLH ZLVVHQ VFKDIWOLFKIUXFKWEDUVHLQGKGDV)RUPXOLHUHQYRQLQWHUHVVDQWHQ+\SRWKHVHQXQG7KHRULHQ XQWHUVWW]HQ ,P %HUHLFK GHU &KHPLH KDW VLFK ]% GHU %HJULII 3KORJLVWRQ DOV XQIUXFKWEDU HUZLHVHQXQGDXFKHLQSK\VLNDOLVFKHU%HJULIIZLH$WRPKDWQXUGLH=HLWHQEHUGDXHUWZHLO HU LP =XJH QHXHU (UNHQQWQLVVH LPPHU ZLHGHU XPGHILQLHUW ZXUGH )U GLH 6SUDFKZLV VHQVFKDIWJLOWJHQDXGDVVHOEH6HOEVWVRDOWHLQJHVHVVHQH%HJULIIHZLH6XEMHNW3UlGLNDWRGHU VRJDU :RUW ZHUGHQ PLW GHP :DQGHO GHU +\SRWKHVHQ XQG 7KHRULHQ LPPHU ZLHGHU QHX GHILQLHUWPDQFKPDOVRJDUJlQ]OLFKYHUZRUIHQ $EHU VHKHQ ZLU XQV GLHVHV =XVDPPHQVSLHO YRQ 'HILQLWLRQHQ XQG +\SRWKHVHQ DP %HL VSLHO GHU +\SRWKHVH I  LQ  HLQPDO QlKHU DQ GLH KLHU GHU %HTXHPOLFKNHLW KDOEHU QRFK HLQPDOZLHGHUKROWZHUGHQVROO  I -HGHVILQLWH9HUEGHV'HXWVFKHQPXVVPLWGHP6XEMHNWLQ3HUVRQXQG=DKO EHUHLQVWLPPHQ  'HU JHQDXH HPSLULVFKH *HKDOW GLHVHU +\SRWKHVH LVW XD YRQ GHU 'HILQLWLRQ YRQ 6XEMHNW DEKlQJLJ9HUVXFKHQZLUHVHLQPDOPLWIROJHQGHQGUHL'HILQLWLRQVYRUVFKOlJHQ    ÃMHQHV6DW]JOLHGGDVGXUFK:HURGHUZDV"HUIUDJWZHUGHQNDQQµ   ÃMHQHV6DW]JOLHGGDVGHQ$XVIKUHQGHQHLQHU+DQGOXQJEH]HLFKQHWµ   ÃMHQHV6DW]JOLHGGDVLP1RPLQDWLYVWHKWµ  $OV7HVWZROOHQZLUGLHIROJHQGHQGUHLGHXWVFKHQ6lW]HYHUZHQGHQ    'HU%DXHUPHONWGLH.KH   'LH.KHZHUGHQYRP%DXHUQJHPRONHQ   (VLVWNDOWKLHU  :HQQZLUGHU+\SRWKHVH I 'HILQLWLRQ  ]XJUXQGHOHJHQVRZLUGGXUFKGLHVHGLHhEHUHLQ VWLPPXQJYRQ(VXQGLVWLQ  QLFKWHUNOlUWGD(VQLFKWGXUFK:HURGHUZDV"HUIUDJEDULVW

:HU RGHU ZDV LVW KLHU NDOW" ± (V /HJHQ ZLU   ]XJUXQGH VR ZLUG ZHGHU GLH hEHUHLQ VWLPPXQJ ]ZLVFKHQ 'LH.KHXQGZHUGHQLQ  QRFKMHQH]ZLVFKHQ(VXQGLVWLQ  HU NOlUWGHQQZHGHUEH]HLFKQHW'LH.KH$XVIKUHQGHHLQHU+DQGOXQJQRFKJLOWGLHVIU(V ,Q9HUELQGXQJPLW'HILQLWLRQ  KLQJHJHQZLUGGLH]XEHREDFKWHQGHhEHUHLQVWLPPXQJLQ DOOHQGUHL7HVW6lW]HQHUNOlUW6RZRKO'HU%DXHUDOVDXFK'LH.KHXQG(VVWHKHQLP1R





PLQDWLY :HQQ ZLU I  DOV HLQH OLQJXLVWLVFK LQWHUHVVDQWH +\SRWKHVH EHU GDV'HXWVFKHEHL EHKDOWHQ ZROOHQ VR IROJW GDUDXV GDVV   GLH DGlTXDWHVWH 'HILQLWLRQ GDUVWHOOW 'LHVHV (U JHEQLVNDQQVLFKDEHUQDWUOLFKGXUFKGLH%HUFNVLFKWLJXQJYRQZHLWHUHQ'DWHQXQG)DNWHQ DOVUHYLVLRQVEHGUIWLJHUZHLVHQ



/LWHUDWXU

6HLIIHUW5DGQLW]N\  



$XIJDEHQ

 )ROJHQGH +\SRWKHVH ZDU LQ GHQ IQI]LJHU -DKUHQ VHKU EHOLHEW Ä/DQJXDJHV FDQ YDU\ LQ LQILQLWH DQGXQSUHGLFWDEOHZD\V³+DWVLHHPSLULVFKHQ*HKDOWGKLVWVLHIDOVLIL]LHUEDU"  9HUVXFKHQ 6LH HLQH RSHUDWLRQDOH 'HILQLWLRQ YRQ 6XEVWDQWLY DXI]XVWHOOHQ XQG WHVWHQ 6LH VLH DQ ]HKQXQWHUHLQDQGHUP|JOLFKVWYHUVFKLHGHQHQ6XEVWDQWLYHQ9HUJOHLFKHQ6LHGLH(UJHEQLVVHLQGHU /HKUYHUDQVWDOWXQJPLWMHQHQLKUHU.RPPLOLWRQHQ  *HQXV YHUEL ZLUG LQ %X‰PDQQ  IROJHQGHUPD‰HQGHILQLHUWÄ*UDPPDWLVFKH.DWHJRULHGHV 9HUEV GLH LQ ĺ1RPLQDWLYVSUDFKHQ DXV ĺ$NWLY ĺ3DVVLY XQG GHP QXULQZHQLJHQ6SUDFKHQ YRUKDQGHQHQ ĺ0HGLXPEHVWHKW³+DQGHOWHVVLFKGDEHLXPHLQHLQWHQVLRQDOHH[WHQVLRQDOHRGHU RSHUDWLRQDOH'HILQLWLRQ"  :HOFKH )HKOHU HQWKDOWHQ GLH IROJHQGHQ 'HILQLWLRQHQ" :DUXP" D  (LQ 6XEVWDQWLY LVWHLQ:RUW GDVHLQHQ*HJHQVWDQGEH]HLFKQHW E (LQ6DW]JOLHGLVWHWZDVGDV]XVDPPHQPLWDQGHUHQ6DW] JOLHGHUQHLQHQ6DW]HUJLEW F 8QWHU6XEMHNWYHUVWHKWPDQGDV]HQWUDOH6DW]JOLHGHLQHV6DW]HV G  8QWHU$GMHNWLYYHUVWHKWPDQHLQ:RUWGDVPLWGHP6XEVWDQWLYDXIGDVHVVLFKEH]LHKWLQ*H VFKOHFKW=DKOXQG)DOOEHUHLQVWLPPW  'HILQLWLRQHQ VLQG QLFKW LPPHU UHLQ EHVFKUHLEHQG ,Q GHU SROLWLVFKLGHRORJLVFKHQ $XVHLQDQGHU VHW]XQJGHU3URSDJDQGDXQGGHU:HUEXQJZHUGHQ]X=ZHFNHQGHU0DQLSXODWLRQRIW6XJJHVWLY GHILQLWLRQHQ DXFKSHUVXDVLYH'HILQLWLRQHQJHQDQQW HLQJHVHW]W6FKODJHQ6LHGHQ%HJULIILQHL QHP SKLORVRSKLVFKHQ )DFKOH[LNRQQDFKXQGHUOlXWHUQ6LHLKQDQKDQGHLQLJHUDXVJHZlKOWHU%HL VSLHOH  8QWHU([SOLNDWLRQYHUVWHKWPDQLQGHU3KLORVRSKLHGDV(UVHW]HQHLQHV%HJULIIVGXUFKHLQHQlKQ OLFKHQ IU HLQHQ EHVWLPPWHQ WKHRUHWLVFKHQ =ZHFN MHGRFK IUXFKWEDUHUHQ %HJULII /HVHQ 6LH GHQ $UWLNHO([SOLNDWLRQLQ6HLIIHUW5DGQLW]N\  XQGEHDQWZRUWHQ6LHIROJHQGH)UDJHQ D :LH VLHKWGHU$XWRU QDFK.DUO3RSSHU GDV9HUKlOWQLVYRQ7KHRULHHQWZLFNOXQJXQG([SOLNDWLRQ 'H ILQLWLRQ " E  :HOFKH YLHU 6WXIHQ NHQQ]HLFKQHQ GHQ3UR]HVVGHU([SOLNDWLRQ" F :LHEHZHUWHW PDQGHQ(UIROJHLQHU([SOLNDWLRQ",OOXVWULHUHQ6LHGLHVDQKDQGGHU([SOLNDWLRQYRQ)LVFKGXUFK 3LVFLVLQGHU=RRORJLH G :LHVFKlW]WGHU$XWRUGLH5ROOHGHU3Ul]LVLRQYRQ([SOLNDWD'HILQL WLRQHQHLQ"  /HVHQ6LH0XJGDQ+-  Ä:DVLVWHLJHQWOLFKHLQ0RUSKHP"³,Q=HLWVFKULIWIU3KRQHWLN 6SUDFKZLVVHQVFKDIWXQG.RPPXQLNDWLRQVIRUVFKXQJ±6HLQH'DUVWHOOXQJGHU*HVFKLFKWH GHV %HJULIIV 0RUSKHP NDQQ DOV W\SLVFK IU YLHOH VSUDFKZLVVHQVFKDIWOLFKH %HJULIIH JHOWHQ :LH EHXUWHLOW0XJGDQGLH)UDJHGLHGHQ7LWHOVHLQHV$XIVDW]HVELOGHW"





6\QWD[



'HILQLWLRQ VSUREOHPH YRQ6\QWD[XQG6DW]

0LW 6\QWD[ EH]HLFKQHW PDQ]XPHLQHQGLH6DW]VWUXNWXUXQG]XPDQGHUHQMHQHV7HLOJHELHW GHU6SUDFKZLVVHQVFKDIWGDVVLFKPLWGHQ5HJHOQXQG*HVHW]Pl‰LJNHLWHQEHVFKlIWLJWQDFK GHQHQ:|UWHU]XJU|‰HUHQ*HIJHQNRPELQLHUWZHUGHQ'LHPHLVWHQ%HJULIIHXQG.DWHJR ULHQ GLH ZLU DXV GHU 6FKXOJUDPPDWLN NHQQHQ VLQG YRQ DQWLNHQ *UDPPDWLNHUQ HQWZLFNHOW ZRUGHQ 'DV JLOW LQVEHVRQGHUH IU GLH :RUWDUWHQ 'LH %H]HLFKQXQJHQ IU (LQKHLWHQ GHU 6DW]DQDO\VH 6XEMHNW 3UlGLNDW $WWULEXW  VWDPPHQ DXV GHP 0LWWHODOWHU ,Q GHU PRGHUQHQ 6SUDFKZLVVHQVFKDIW VLQG GLHVH .RQ]HSWH XQG (LQWHLOXQJHQ QXU EHJUHQ]W EUDXFKEDU DEHU VFKZHUGXUFKQHXHDE]XO|VHQQLFKWQXUZHLOQHXH%HJULIIOLFKNHLWHQLQHLQHPVRHOHPHQWDUHQ %HUHLFKGHU6SUDFKEHVFKUHLEXQJYRQYRUQKHUHLQDXIZHQLJ$N]HSWDQ]VWR‰HQVRQGHUQDXFK ZHLO VLH EHVWHQIDOOV YRQ HLQHP JDQ] EHVWLPPWHQ %OLFNZLQNHO DXV HLQ EUDXFKEDUHU (UVDW] VLQGDEHUGLHDOWKHUJHEUDFKWHQ7HUPLQLQLFKWJHQHUHOODEO|VHQN|QQHQ 'LH *UXQGHLQKHLW GHU 6\QWD[ GHU 6DW] ZLGHUVHW]W VLFK RIIHQEDU EHVRQGHUV KDUWQlFNLJ HLQHUNRQVHQVIlKLJHQ'HILQLWLRQ$QGHUHUVHLWVPHLQHQZLULQWXLWLYJXWEHXUWHLOHQ]XN|QQHQ ZDVHLQ6DW]LVWXQGZDVQLFKW:HQQZLUXQVGLHLP/DXIGHU*HVFKLFKWHYRUJHVFKODJHQHQ %HJULIIVEHVWLPPXQJHQDQVHKHQIlOOWDXIGDVVGLHVHYRQJDQ]XQWHUVFKLHGOLFKHQ6WDQGSXQN WHQ DXV IRUPXOLHUWZXUGHQ:HUGHU/RJLNQDKHVWHKWVHW]W8UWHLOXQG6DW]JOHLFKSV\FKR ORJLVLHUHQGH$QVlW]HVHKHQLP6DW]GHQ$XVGUXFNHLQHU]XVDPPHQKlQJHQGHQ9RUVWHOOXQJ 6HPDQWLNHU VSUHFKHQ YRQ 6LQQHLQKHLWHQ GHU 5HGH ZHU YRUUDQJLJ DXI GLH .RQVWUXNWLRQ DFKWHW YHUODQJW GDVV GHU 6DW] HLQH JUDPPDWLVFK VHOEVWVWlQGLJHbX‰HUXQJGDUVWHOOHQPXVV :LUKDOWHQXQVLP)ROJHQGHQDQGLH]XOHW]WVNL]]LHUWH3RVLWLRQZHLOVLHIRUPDODPSUDNWL NDEHOVWHQLVW



'LH%HVWDQGWHLOHGHV6DW]HV

6HLW XQVHUHU HUVWHQ %HUKUXQJ PLW GHU 6FKXOJUDPPDWLN ZLVVHQ ZLU GDVV HLQ JUDPPDWLVFK YROOVWlQGLJHU 6DW] PLQGHVWHQV DXV 6XEMHNW XQG 3UlGLNDW EHVWHKHQ PXVV 9RP 'HXWVFKHQ RGHU (QJOLVFKHQ DXV EHWUDFKWHW VFKHLQW HV GDKHU ]ZLQJHQG GDVV HLQ 6DW] ZHQLJVWHQV ]ZHL :|UWHU XPIDVVW ]% 'X VFKOlIVW  'LHVHU *UXQGVDW] JLOW LQ GHQ PHLVWHQ URPDQLVFKHQ 6SUDFKHQ DOOHUGLQJV VFKRQ QLFKW PHKU GD GRUW GLH 3HUVRQ LP .RQMXJDWLRQVPRUSKHP DXVJHGUFNWVHLQNDQQ LWUXPGRUPLVSGXHUPHVSJGRUPHV  :LH VWHOOHQ ZLU QXQ IHVW DXV ZHOFKHQ (OHPHQWHQ VLFK HLQ JHJHEHQHU 6DW] ]XVDPPHQ VHW]W"$XVGHU6FKXOHNHQQHQZLUYRUDOOHPGLH7HFKQLNGHU6HJPHQWLHUXQJPLW+LOIHYRQ )UDJHQ ,Q HLQHP 6DW] ZLH 'LH UHLVHOXVWLJH *UR‰PXWWHU VFKHQNWH LKUHP VLHEHQMlKULJHQ (QNHO]XP*HEXUWVWDJHLQ9LGHREHUGDV/HEHQLQGHU6DKDUDHUPLWWHOQZLUDOVHUVWHVGDV 9HUEGHQQHLQHLQIDFKHU6DW]KDWLPPHUQXUHLQNRQMXJLHUWHV9HUE VRIHUQHVVLFKQLFKWXP JOHLFKJHRUGQHWH9HUEHQKDQGHOW'HU+DVHOlXIWXQGOlXIWXQGOlXIW'HUGXUFKVFKQLWWOLFKH 'HXWVFKHLVVW]XYLHOXQGEHZHJWVLFK]XZHQLJ 'DQDFKHUXLHUHQZLUQDFKEHZlKUWHP0XV





WHU GDV 6XEMHNW XQG KDEHQ VR GHQ 6DW] LQ HLQH 9HUEDOJUXSSH XQG HLQH 1RPLQDOJUXSSH DXFK SKUDVH RGHU V\QWDJPD  ]HUOHJW 'LH 9HUEDOJUXSSH JOLHGHUW VLFK LQ ZHLWHUH .RQ VWLWXHQWHQ GLHPDQEOLFKHUZHLVH]ZLVFKHQHFNLJH.ODPPHUQVHW]W>HLQ9LGHR«@>LKUHP « (QNHO@  9RQ >HLQ 9LGHR@ ZLHGHUXP LVW GLH 3UlSRVLWLRQDOSKUDVH >EHU GDV /HEHQ@ DEKlQJLJ GLH LKUHUVHLWV >LQ GHU 6DKDUD@ GRPLQLHUW 6ROFKH KLHUDUFKLVFKHQ $EKlQJLJNHLWHQ N|QQHQLQ)RUPYRQ6WUXNWXUElXPHQJUDSKLVFKYHUDQVFKDXOLFKWZHUGHQ YJOGD]X E LQ  RGHU GDV 'LDJUDPP LQ %X‰PDQQ    8P ]X SUIHQ ZHOFKH (OHPHQWH ]X HLQHP6\QWDJPDJHK|UHQKDWPDQYHUVFKLHGHQHJUDPPDWLVFKH0DQLSXODWLRQHQYRUJHVFKOD JHQ ]% GLH 6XEVWLWXWLRQVSUREH 'LH *UR‰PXWWHU NDQQ PDQ HUVHW]HQ GXUFK HLQH DQGHUH 1RPLQDOJUXSSH ]% GLH DOWH 'DPH  RGHU GXUFK GDV 3HUVRQDOSURQRPHQ VLH DEHU QLFKW GXUFKHLQ9HUERGHUHLQH3UlSRVLWLRQDOSKUDVH $OOH(OHPHQWHGLHGLH*UR‰PXWWHUHUVHW]HQ N|QQHQVWHKHQLQHLQHUSDUDGLJPDWLVFKHQ5HODWLRQ (LQ ZHLWHUHV 9HUIDKUHQ EHVWHKW LQ GHU %HREDFKWXQJ GHU YRP 6XEMHNW JHVWHXHUWHQ  .RQJUXHQ]6XEMHNWXQG9HUEPVVHQLQ%H]XJDXI1XPHUXVXQG3HUVRQEHUHLQVWLPPHQ 'DV 9HUE WUlXPVW YHUODQJW DOV 6XEMHNW GDV 3URQRPHQ GHU  3HUVRQ 6LQJXODU %HL GHU (UPLWWOXQJ GHU .RQJUXHQ] HUIRUVFKHQ ZLU GLH V\QWDJPDWLVFKH %H]LHKXQJ ]ZLVFKHQ 6DW] WHLOHQ KLHULQWHUHVVLHUWQLFKWZHOFKHV(OHPHQWZHOFKHVDQGHUHYHUWUHWHQNDQQVRQGHUQZDV ZRPLW NRPELQLHUW ZHUGHQ NDQQ  'DEHL DOOHUGLQJV JLEW HV 6RQGHUIlOOH 'DV 6XEMHNW NDQQ HLQH1RPLQDOSKUDVHLP6LQJXODUVHLQDEHUVLQQJHPl‰HLQHQ3OXUDOEH]HLFKQHQZDVGD]X IKUWGDVVGDV9HUEYRQGHQ6SUHFKHUQJHUQLQGHQ3OXUDOJHVHW]WZLUG ]%'LH6WDWLVWLN ]HLJW GDVVGLH0HKUKHLWGHU6WXGLHUHQGHQNHLQHQ/DWHLQXQWHUULFKWPHKUJHQRVVHQKDEHQ  'LHVRJHQDQQWHFRQVWUXFWLRDGVHQVXPNDQQDOVRGLHIRUPDOH.RQJUXHQ]UHJHODXIKHEHQ



9DOHQ]$UJXPHQWVWUXNWXU

,Q GHU DXI GHQ IUDQ]|VLVFKHQ 6ODZLVWHQ /XFLHQ 7HVQLqUH >W(QM(5@ ]XUFNJHKHQGHQ 'HSHQ GHQ]JUDPPDWLN VWHKW GDV IOHNWLHUWH 9HUE LP =HQWUXP GHV 6DW]HV ZHLO HV GHQ LQ HLQLJHQ *UDPPDWLNPRGHOOHQDXFK$UJXPHQWVWUXNWXUJHQDQQWHQ .RQVWUXNWLRQVSODQYRUJLEW-HGHV 9HUE YHUODQJW HLQH JDQ] EHVWLPPWH $Q]DKO XQG EHVWLPPWH 7\SHQ YRQ Ä0LWVSLHOHUQ³ GLH WHFKQLVFKMHQDFK6FKXOH$NWDQWHQRGHU$UJXPHQWHKHL‰HQ =DKOXQG$UWGHU$NWDQWHQ VLQGZHLWJHKHQGYRQGHU%HGHXWXQJGHV9HUEVGHWHUPLQLHUW6FKQDUFKHQHWZDHUIRUGHUWQXU HLQ $JHQV GK MHPDQGHQ GHU GLH YRP 9HUE EH]HLFKQHWH 7lWLJNHLW DXVIKUW  VFKHQNHQ GDUEHU KLQDXV QRFK GLH ,QIRUPDWLRQ ZDV ZHP JHVFKHQNW ZLUG ,Q $QOHKQXQJ DQ GDV EHNDQQWH$WRPPRGHOOYRQ1LHOV%RKUVSULFKWPDQYRQHLQ]ZHLGUHLZHUWLJHQ9HUEHQ 1HEHQ GHQ REOLJDWRULVFKHQ $NWDQWHQ NDQQ MHGHU 6DW] QDWUOLFK QRFK EHOLHELJ YLHOH IUHLH $QJDEHQ HQWKDOWHQ DXFK =LUNXPVWDQWHQ JHQDQQW ]% =HLW 2UWV 8PVWDQGVEHVWLP PXQJHQ 1LFKWLPPHULVWGLH*UHQ]H]ZLVFKHQXQYHU]LFKWEDUHQ$NWDQWHQXQGIDNXOWDWLYHQ =LUNXPVWDQWHQ JDQ] VWULNW ]X ]LHKHQ 'D VFKHQNHQ LP *HJHQVDW] ]X JHEHQ  HLQHQ $QODVV VXJJHULHUW N|QQWH PDQ DXFK GLH $XIIDVVXQJ YHUWUHWHQ GLH 3UlSRVLWLRQDOSKUDVH ]XP *HEXUWVWDJVHLHEHQIDOOVQRWZHQGLJZHLOPDQEHLVFKHQNHQPHLVWDXFKÄZDUXP]XZHOFKHP $QODVV³IUDJHQZUGH

 :lKUHQGGLH9DOHQ]GKGLH=DKOXQG$UWGHU0LWVSLHOHUYRQGHU6HPDQWLNGHV9HUEV EHVWLPPW ZLUG LVW GLH JHQDXH )RUP GHU V\QWDNWLVFKHQ 5HDOLVLHUXQJ ZHQLJHU NRQNUHW YRU JHJHEHQVLHLVWVFKRQLQQHUKDOEHLQHU6SUDFKHQLFKWLPPHUÄNRQVHTXHQW³ YJOLFKKHOIHLKP YVLFKXQWHUVWW]HLKQ XQGGLIIHULHUWYLHOIDFKYRQHLQHU6SUDFKH]XUDQGHUHQ YJO$XIJDEH   $XV GLHVHU%HREDFKWXQJLVWDXIMHGHQ)DOOGHU6FKOXVV]X]LHKHQGDVVEHLP(UOHUQHQ HLQHU)UHPGVSUDFKHQHEHQGHU%HGHXWXQJGHU9HUEHQLPPHUDXFKGHUHQ.RQVWUXNWLRQVSODQ PLWJHOHUQW ZHUGHQ PXVV )U GLH JUR‰HQ URPDQLVFKHQ 6SUDFKHQ JLEW HV VSH]LHOOH 9DOHQ] Z|UWHUEFKHU %OXPHQWKDO5RYHUH   %XVVH   %XVVH'XERVW   (QJHO HW DO  5DOO5DOO=RULOOD  



:RUWVWHOOXQJ

'LH5HLKHQIROJHGHU6DW]JOLHGHULVWLQGHQ6SUDFKHQGHU:HOWYHUVFKLHGHQXQGDXFKXQWHU VFKLHGOLFK VWUHQJ JHUHJHOW 6SUDFKHQ PLW HLQHU VWDUN DXVJHELOGHWHQ )OH[LRQ HUODXEHQ JH Z|KQOLFKHLQHIUHLHUH:RUWVWHOOXQJDOVIOH[LRQVDUPH6SUDFKHQ ,P /DWHLQLVFKHQ KHUUVFKW EHNDQQWOLFK JUR‰H )OH[LELOLWlW GDV )UDQ]|VLVFKH RGHU GDV (QJOLVFKH KDEHQ GDJHJHQ YLHO VWUHQJHUH 9RUVFKULIWHQ 'HXWVFK RGHU 6SDQLVFK OLHJHQ ]ZL VFKHQ GHQ ([WUHPHQ :HQQ PDQ GLH ÄQRUPDOH³ XQPDUNLHUWH :RUWVWHOOXQJ HLQHU 6SUDFKH IHVWVWHOOHQZLOOKlOWPDQVLFKDQGHQQHXWUDOHQ'HNODUDWLYVDW] $XVVDJHVDW] 'LHVHUKDWLP /DWHLQLVFKHQ GLH )RUP 629 GK 6XEMHNW ± 2EMHNW ± 9HUE 3HWUXV ,XOLDP DPDW  LQ GHQ PRGHUQHQ URPDQLVFKHQ 6SUDFKHQ 692 YJO 3LHUUH DLPH -XOLH  :LH PDQ DQ GHU (QW ZLFNOXQJ YRP /DWHLQLVFKHQ ]X GHQ URPDQLVFKHQ 6SUDFKHQ VLHKW N|QQHQ VLFK DXFK IXQGD PHQWDOH :RUWVWHOOXQJVUHJHOQ LP /DXI YRQ JU|‰HUHQ =HLWUlXPHQ lQGHUQ ,Q 3KUDVHRORJLV PHQ GK 5HGHZHQGXQJHQ  ZLHGHUXP N|QQHQ JHOHJHQWOLFK lOWHUH 6SUDFKVWDGLHQ HUKDOWHQ EOHLEHQ YJO IU] VDQV FRXS IpULU RGHU LO JqOH j SLHUUH IHQGUH ZR GLH :RUWVWHOOXQJ 29 HUKDOWHQJHEOLHEHQLVW  'DV'HXWVFKHNDQQPDQQXUPLW$EVWULFKHQ]XGHQ6926SUDFKHQ]lKOHQGHQQKHXWH JLOW GDVV GDV 9HUE LP +DXSWVDW] LPPHU DQ ]ZHLWHU 6WHOOH LP 1HEHQVDW] VWHWV DP 6FKOXVV VWHKW LP 0LWWHOKRFKGHXWVFKHQ NRQQWH DXFK LP +DXSWVDW] GDV 9HUE DP (QGH VWHKHQ ]% 'HUNQLFYRQ,UODQGH]XRVvQHPZvEHVSUDFK.XGUXQY  'LH:RUWVWHOOXQJVWHOOWHLQZLFKWLJHV)RUVFKXQJVJHELHWGHU6SUDFKW\SRORJLHGDUHLQHU 'LV]LSOLQ GLH 6SUDFKHQ QLFKW QDFK LKUHU YHUZDQGWVFKDIWOLFKHQ =XVDPPHQJHK|ULJNHLW VRQ GHUQQDFKVWUXNWXUHOOHQbKQOLFKNHLWHQJUXSSLHUW



/LWHUDWXU

ÈJHO   %QWLQJ%HUJHQKROW]  ñ  *DEULHO0OOHU   0OOHU5LHPHU  







$XIJDEHQ

 :LH KHL‰W :RUWDUWHQ LQ ,KUHU URPDQLVFKHQ 6SUDFKH" (UPLWWHOQ 6LH GHQ 8UVSUXQJ GHV URPD QLVFKHQ$XVGUXFNV  )LQGHQ 6LH KHUDXV LQ ZHOFKHQ URPDQLVFKHQ 6SUDFKHQ GDV 6XEMHNWVSURQRPHQ REOLJDWRULVFK LVW :HOFKH)XQNWLRQKDWHVLQGHQDQGHUHQURPDQLVFKHQ6SUDFKHQ"  'LVNXWLHUHQ6LHGLH6DW]ZHUWLJNHLWYRQbX‰HUXQJHQZLH D +LOIH E $FKZLUNOLFK" F 1HLQ QRFKQLH DOV$QWZRUWDXIHLQH)UDJH   :LHEUDXFKEDULVWGLHRSHUDWLRQDOH'HILQLWLRQÄ(LQ6DW]LVWZDV]ZLVFKHQ]ZHL3XQNWHQVWHKW³"  %HVWLPPHQ 6LH LP 6DW] 'LH UHLVHOXVWLJH *UR‰PXWWHU« IU MHGHV :RUW D  :RUWDUW XQG E  GLH )XQNWLRQ LP 6DW] 5HGX]LHUHQ 6LHGLHbX‰HUXQJDXIGHQ.HUQVDW]XQG]HLFKQHQ6LHIUGLHVHQ HLQHQ6WUXNWXUEDXPQDFKGHP0XVWHULQ%X‰PDQQ    :HOFKH V\QWDNWLVFKHQ XQG VHPDQWLVFKHQ (LJHQVFKDIWHQ PVVHQ GLH (OHPHQWH DXIZHLVHQ GLH LQ XQVHUHP%HLVSLHOVDW]DQGLH6WHOOHYRQ'LHUHLVHOXVWLJH*UR‰PXWWHUWUHWHQN|QQHQ"  'HU6DW]6RJHZLQQWMHGHU5DXPDXVHLQHU0|EHOZHUEXQJLVWEHZXVVWGRSSHOGHXWLJ:DVHUJLEW GLH $QDO\VH ZHQQ ZLU MHGHU 5DXP HLQPDO DOV HLQH 3KUDVH LQWHUSUHWLHUHQ XQG HLQPDO DXV ]ZHL 3KUDVHQEHVWHKHQODVVHQ"  =HLJHQ 6LH GXUFK JUDPPDWLNDOLVFKH 0DQLSXODWLRQHQ ZLH 3HUPXWDWLRQ .RPPXWDWLRQ )UDJHQ (UZHLWHUXQJHQHWFZHOFKHGHUIROJHQGHQ.ODPPHUDXVGUFNH6\QWDJPHQVLQGXQGZHOFKHQLFKW D >'LHPHLVWHQ6WXGLHUHQGHQ@ZRKQHQLQ+HLPHQ E >'LHPHLVWHQ6WXGLHUHQGHQZRKQHQ@LQ+HLPHQ F 'LHPHLVWHQ6WXGLHUHQGHQZRKQHQ>LQ+HLPHQ@ G 'LHPHLVWHQ6WXGLHUHQGHQ>ZRKQHQLQ+HLPHQ@ H 'LHPHLVWHQ6WXGLHUHQGHQ>ZRKQHQLQ@+HLPHQ

   

 6FKODJHQ 6LH LQ %X‰PDQQ   GLH %HGHXWXQJ IROJHQGHU )DFKDXVGUFNH IU 6DW]W\SHQ QDFK VRIHUQ6LH,KQHQQLFKWYHUWUDXWVLQGXQGELOGHQ6LH]XMHGHP6DW]W\SHLQURPDQLVFKHVRGHUHLQ GHXWVFKHV %HLVSLHO $GYHUELDOVDW] $GYHUVDWLYVDW] )LQDOVDW] .DXVDOVDW] .RQGLWLRQDOVDW] .RQVHNXWLYVDW] .RQ]HVVLYVDW] /RNDOVDW] 2EMHNWVDW] 5HODWLYVDW] 6XEMHNWVDW] 7HPSRUDO VDW]  9DOHQ]XQWHUVFKLHGH ]ZLVFKHQ 6SUDFKHQ VLQG KlXILJ $QODVV IU ,QWHUIHUHQ]HQ %HVFKUHLEHQ 6LH GLH9DOHQ]GHUIROJHQGHQGHXWVFKHQXQGURPDQLVFKHQ9HUEHQP|JOLFKVWGHWDLOOLHUW*HVWDOWHQ6LH GLH.RQWUDVWLHUXQJVRGDVVGLH8QWHUVFKLHGHOHLFKWHUIDVVWZHUGHQN|QQHQ        

GW      

     

lQGHUQ  JHQLH‰HQ  IUDJHQ  DQWZRUWHQ  VLFKHULQQHUQ  VSLHOHQ  KHOIHQ 

      

URP      

FKDQJHUFDPELDUFDPELDU MRXLUJRGHUHJR]DU GHPDQGHUGRPDQGDUHSUHJXQWDU UpSRQGUHULVSRQGHUHFRQWHVWDU VHUDSSHOHUULFRUGDUVLUHFRUGDU MRXHUJLRFDUHMXJDU DLGHUDLXWDUHD\XGDU

 /DVVHQ 6LH LP 6DW] Ä'LH 6WDWLVWLN ]HLJW GDVV «³ DXV  GDV +LOIVYHUE YRQ  ,QIRUPDQWHQ YHUVFKLHGHQHQ$OWHUV*HVFKOHFKWVXQG%LOGXQJVQLYHDXVHUJlQ]HQ1RWLHUHQ6LHGLH$QWZRUWXQG GLH HUZlKQWHQ ]XVlW]OLFKHQ ,QIRUPDWLRQHQ 6WHOOHQ 6LH LQGHU/HKUYHUDQVWDOWXQJGXUFK$XVZHU

 WXQJDOOHUHLQJHKROWHQ,QIRUPDWLRQHQIHVWREGLH9DULDEOHQHLQHQ(LQIOXVVDXIGDV$QWZRUWYHU KDOWHQKDEHQ



6SUDFKVNL]]H2N]LWDQLVFK



([WHUQH6SUDFKJHVFKLFKWH

'LH5|PHUWHLOWHQ*DOOLHQHWZDHQWODQJGHU)OVVH/RLUHXQG5K{QH YJO.DUWH LQ]ZHL .LUFKHQSURYLQ]HQ 'LH 'L|]HVH $TXLWDQLHQ HQWVSUDFK DQQlKHUQG GHP 9HUEUHLWXQJVJHELHW GHV$OWRN]LWDQLVFKHQGHUHUVWHQEHGHXWHQGHQURPDQLVFKHQ/LWHUDWXUVSUDFKH 'LHIUDQ]|VLVFKH6SUDFKSROLWLNKDWVHLWGHQ$OELJHQVHUNULHJHQ$QIDQJGHV-DKUKXQ GHUWVNRQVHTXHQW]XP%HGHXWXQJVVFKZXQGGLHVHUJU|‰WHQ.RQNXUUHQ]VSUDFKHDXIIUDQ]|VL VFKHP6WDDWVJHELHWEHLJHWUDJHQ*HRJUDSKLVFKEHWUDFKWHWKDWVLFKGLH*UHQ]H]ZLVFKHQGHQ EHLGHQKDXSWVlFKOLFKHQ6SUDFK]RQHQGHU*DOORURPDQLDGHUODQJXHG¶RF RN]RFÃMDµODW +2&  XQG GHU ODQJXH G¶RwO  QHXIU] RXL ÃMDµ  +2& ,//(  YRP 0LWWHODOWHU ELV KHXWH EH VRQGHUV LP :HVWHQ ]X 8QJXQVWHQ GHV 2N]LWDQLVFKHQ YRQ GHU /RLUHPQGXQJ ]XU *LURQGH YHUVFKREHQ 9RU DOOHP DEHU E‰WH GDV 2N]LWDQLVFKH LP /DXIH GHU =HLW DOOH RIIL]LHOOHQ )XQNWLRQHQHLQXQGHQWEHKUWIROJOLFK±WURW]HLQHUOLWHUDULVFKHQ5HQDLVVDQFHLQGHU]ZHLWHQ +lOIWHGHV-DKUKXQGHUWV±HLQHUDOOJHPHLQDQHUNDQQWHQXQGYHUZHQGHWHQ6FKULIWVSUDFKH 'DV6SUDFKJHELHWOl‰WVLFKLQVHFKV'LDOHNW]RQHQJOLHGHUQ YJO.DUWH $PÄHLJHQZLO OLJVWHQ³ YHUKlOW VLFK GDV *DVNRJQLVFKH GHP QDFK GHP .ULWHULXP GHV LQQHUOLQJXLVWLVFKHQ $EVWDQGV YRQ GHQ DQGHUHQ RN]LWDQLVFKHQ 'LDOHNWHQ JHOHJHQWOLFK GHU 6WDWXV HLQHU HLJHQHQ 6SUDFKH HLQJHUlXPW ZRUGHQ LVW 'DV /DQJXHGRNLVFKH LVW GLH NRQVHUYDWLYVWH 0XQGDUW XQG ZLUGGHVKDOEYRQHLQHP7HLOGHU2N]LWDQLVWHQDOV*UXQGODJHHLQHURN]LWDQLVFKHQ6WDQGDUG VSUDFKH IDYRULVLHUW 3URYHQ]DOLVFK KHL‰W GHU VG|VWOLFKH 'LDOHNW (V HPSILHKOW VLFK GDKHU GLHVHQ 1DPHQ DOOHQIDOOV QRFK IU GLH PLWWHODOWHUOLFKH .RLQp QLFKW DEHU DOV 6DPPHO EH]HLFKQXQJIUGDVJHVDPWHRN]LWDQLVFKH*HELHWYRQKHXWH]XYHUZHQGHQ =ZLVFKHQ ODQJXH G¶RF XQG ODQJXH G¶RwO VWHKW GDV )UDQNRSURYHQ]DOLVFKH GHP HLQ EH VRQGHUHV 6XEVWUDW GDV %XUJXQGLVFKH  ]XJHVFKULHEHQ XQG GHVKDOE YRQ GHU 'LDOHNWRORJLH VHLW*,$VFROL HLQHJHZLVVH(LJHQVWlQGLJNHLW]XHUNDQQWZLUG'LH6SUHFKHUVHOEVWKDEHQ DEHU NHLQ VSUDFKOLFKHV %HZXVVWVHLQ LKUHU =XVDPPHQJHK|ULJNHLWHQWZLFNHOW)UDQNRSURYHQ ]DOLVFKZDUDXFKQLH$PWVVSUDFKH



(LQNRPSOH[HU)DOOYRQ'LJORVVLH

,PRN]LWDQLVFKHQ6SUDFKJHELHWNRH[LVWLHUHQPLQGHVWHQVGUHLIRUPDOXQGVLWXDWLRQVVSH]LILVFK YRQHLQDQGHU]XVFKHLGHQGH6SUDFKIRUPHQ 





,P RIIL]LHOOHQ %HUHLFK GRPLQLHUW GDV 6WDQGDUGIUDQ]|VLVFKH GDV DOOHQ IUDQ]|VLVFKHQ 6WDDWVEUJHUQGXUFK6FKXOH3UHVVH)HUQVHKHQXVZYHUPLWWHOWZLUG y :HQLJHUIRUPHOOH6SUHFKVLWXDWLRQHQZLHHLQ9HUNDXIVJHVSUlFKRGHUHLQH*HPHLQGHUDWV VLW]XQJLQHLQHP'RUIHUODXEHQGHQ*HEUDXFKGHVPLWPDUNDQWHPVGIUDQ]|VLVFKHQ$N ]HQW JHVSURFKHQHQ )UDQ]|VLVFK GHV VRJ IUDQFLWDQ HLQHU .UHX]XQJ DXV IUDQoDLV XQG RFFLWDQ +DXSWFKDUDNWHULVWLNDGHVVGIUDQ]|VLVFKHQ$N]HQWVVLQGGLH%HLEHKDOWXQJGHV HPXHWE]ZFDGXFDQYLHOHQ6WHOOHQZRHVLP6WDQGDUGIUDQ]|VLVFKHQDXVIlOOW ]%ZLUG SHWLWH ILOOH ÃNOHLQHV 0lGFKHQµ >S:WLW: ILM:@ JHVSURFKHQ XQG QLFKW >SWLW ILM@  GLH VFKZl FKHUH9RNDOQDVDOLHUXQJEHL(UKDOWGHV1DVDONRQVRQDQWHQ>S(1@VWDWW>S(@IUSDLQÃ%URWµ  VRZLHGDV5ROOHQGHVUGDVDOOHUGLQJVLQ6GIUDQNUHLFKQLFKWEHUDOOYHUEUHLWHWLVWXQG DQGHUHUVHLWVDXFKLQDQGHUHQ7HLOHQGHUIUDQ]|VLVFKHQ3URYLQ]YRUNRPPW y :HLWJHKHQGDXIGHQSULYDWHQ%HUHLFKEHVFKUlQNWEOHLEWGHUMHZHLOLJHRN]LWDQLVFKH'LD OHNW(UZLUGKHXWHYRQGHQPHLVWHQ.LQGHUQZHQQEHUKDXSWQLFKWDOVHLJHQWOLFKH0XW WHUVSUDFKH HUOHUQW VRQGHUQ HUVW DOV *UXSSHQVSUDFKH ]% LQ -XJHQGFOXEV RGHU DP $U EHLWVSODW]               y

.DUWH'L|]HVDQJUHQ]H *DOORURPDQLD-KQ&KU 

.DUWH2N]LWDQLVFK 9HUEUHLWXQJXQG*OLHGHUXQJ QDFK.UHPQLW]>@ 

 6\PSDWKLVDQWHQ GHV 2N]LWDQLVFKHQ GLH GHVVHQ$XVEDXHQJDJLHUWEHWUHLEHQVHKHQVLFKYRU ]ZHL $XIJDEHQ JHVWHOOW =XP HLQHQ VLQG GLH 'RPlQHQ IU GDV 2N]LWDQLVFKH ]X HUZHLWHUQ GDPLW VLFK GHU $QUHL] ]XU (UOHUQXQJ HUK|KW XQG HLQH VR]LDOH $XIZHUWXQJ HLQWUHWHQ NDQQ ]XP DQGHUHQ LVW GLH 6FKDIIXQJ HLQHU EHUUHJLRQDOHQ XQG DOOJHPHLQ DN]HSWLHUWHQ 6WDQGDUG VSUDFKH XQXPJlQJOLFK ZHQQ HLQ SDQRN]LWDQLVFKHV =XVDPPHQJHK|ULJNHLWVJHIKO HUZDFKHQ VROOGDVUHJLRQDOH(PSILQGVDPNHLWHQXQG(LJHQEU|WHOHLHQ]XUFNGUlQJW:UGHGLHVHV=LHO HUUHLFKW VR ZUGH VLFK ]ZLVFKHQ GDV 6WDQGDUGIUDQ]|VLVFKH XQG GDV IUDQFLWDQ HLQH YLHUWH 6SUDFKHEHQHHLQVFKLHEHQGLHPDQDOVÄRN]LWDQLVFKH+RFKVSUDFKH³EH]HLFKQHQN|QQWH

 

'HU7XUPEDX]X%DEHO2N]LWDQLVFK

/DWHUURG¶DTXpXWqPVQRXQDYLpTX¶XQROHQJRVXVOLERXFR(TXDQGOLJqQWSDUWLJXqURQ GyXOHYDQWWURXYqURQXQRSODQRHQWHUURGH6HQQDDUHL¶DELWqURQ(VHGLJXqURQGHO¶XQj ¶DXWUHÄ9HQqVIDVHQGHSDWzXHFRXVHQOqLDXILz³(¶P¶DFzVHVHUYLJXqURQGHSDWzXDX OLz GH SqLUR H GH ELWXPH SqU PRXUWLp ( GLJXqURQ Ä9HQqV IDVHQQRXV XQR YLOR HP¶XQR WRXUUH TXH VRXQ FUHVWHQ WRTXH ORX FqX H UHQGHQ QRVWH QRXP FHOqEUH DYDQV GH QRXV HVSDUSDLDGLQVO¶XQLYHUV³ 0DLORX6HJQRXUGHVFHQGHJXqSqUYqLUHODYLORHODWRXUUHTXHEDVWLVVLHQOLILpXG$GDP ( GLJXq Ä9DTXL XQ VRXOHW SRSOH H TXH Q¶DQ TX¶XQ SDUOD DQ FRXPHQoD GH IDLUH DFz H QRXQDXUDQG¶DXWURSHQVDGRG¶DTXLTXHO¶DJRQDFDED=yXGHVFHQGHQHFRXQIRXQGHQLpVD OHQJRSqUTXHV¶HQWqQGRQSOXVO¶XQO¶DXWUH³ ( G¶DTXpX ELDLV ORX 6HJQRXU OL GLYLVq OLV HVFDPSLKDQW G¶DTXL SqU WyXWL OL WHUUDLUH H FHVVqURQ GH EDVWL VD YLOR 9DTXL SHUTXp O¶DQ QRXPDGR %DEqO SHUoRTX¶DTXL Lp IXJXq FRXQIRXQGX ORX SDUOD GH O¶XQLYHUV H TXH G¶DTXL ORX 6HJQRXU OL GLVSHUVq VXEUH OD IjFL GH WyXWLOLFRXQWUDGR /DJHQpVLWUDGXFKRHQSURYHQoDX hEHUVYRQ)0LVWUDO 3DULV&KDPSLRQ 

>ODWH?RGDN(XW(1QXQDYMHN\QRO(1J:V\OLEXNRHNDQOLG-(QSD?WLJ(?}QGRXOHYD1 WUXY(?} \QR SODQR(Q WH?R GH 6HQDD? H L DELW(?} H VH GLJ(?}Q GH O \Q D O DXW?H YHQ(V ID](Q GH SDW2X H NX](QO(M 2X IMR H PDNR VH VHUYLJ(?}Q GH SDW2X 2X OMR GH S(M?: H GH ELW\PHS(?PX?WMHHGLJ(?}YHQ(VID](QQX]\QRYLOR(P\QRWX?HNHVX1N?HVW(QWRNHOX VHXH?HQG(QQRVGHQXQVHO(E?HDYDQGHQX]HVSD?SDMDGLQO\QLY(? 0DMOXVHX?GHV(QGHJHS(?Y(M?HODYLORHODWX?HNHEDVWLVM(QOLIMXG$GDPHGLJH YDNL \Q VXOH S2SOH H NH QD1 N\P SD?OD D1 NXP(QVD GH IDM? DNR H QXQ DX?DQ G DXW?R S(QVDGRGDNLNHODJ21DNDED]2XGHV(QG(1HNXQIXQG(MM(VDO(1J:S(?NHV(QW(QG}SO\O \QODXW?H@



/LWHUDWXU

&LFKRQ  (VFKPDQQ  .UHPQLW]  /5/9$UW±



$XIJDEHQ

 :HOFKH5ROOHVSLHOWH)UpGpULF0LVWUDOIUGLH5HQDLVVDQFHGHV2N]LWDQLVFKHQ":HOFKHP'LDOHNW VLQGVHLQH7H[WH]X]XRUGQHQ"  /HVHQ 6LH (VFKPDQQ   XQG EHDQWZRUWHQ 6LH IROJHQGH )UDJHQ D  :HOFKHU URPDQLVFKHQ 6SUDFKHVWHKWGDV2N]LWDQLVFKHVRQDKHGDVVJHJHQVHLWLJH9HUVWlQGOLFKNHLWYRUDXVJHVHW]WZHUGHQ NDQQ" E  :HOFKHV LVW GDV +DXSWSUREOHP EHL GHP 9HUVXFK GHU 6FKDIIXQJ HLQHU JHVDPWRN]LWD QLVFKHQ 2UWKRJUDSKLH" F  :HU VFKUHLEW KHXWH ZDQQ ZR XQG IU ZHQ RN]LWDQLVFK" G  :HOFKH 9HUELQGXQJHQEHVWHKHQ]ZLVFKHQGHUVSUDFKOLFKHQXQGGHUZLUWVFKDIWOLFKHQ6LWXDWLRQ6GIUDQN UHLFKV"





 'LH=DKOGHU2N]LWDQLVFKVSUHFKHUZLUGDXI0LRELV0LRJHVFKlW]W:DUXPVFKZDQNHQGLH 6FKlW]XQJHQVRVWDUN"  /HVHQ6LH.DSLP/5/9 Ä2N]LWDQLVFK6R]LROLQJXLVWLN³ XQGEHDQWZRUWHQ6LHIROJHQGH )UDJHQ D :DUXPLVWHVZLFKWLJHLQHQEHUJUHLIHQGHQ1DPHQIUGLHYHUVFKLHGHQHQ9DULHWlWHQ ]XKDEHQ" E :HOFKH(UHLJQLVVHGHUIUDQ]|VLVFKHQ*HVFKLFKWHKDEHQGD]XJHIKUWGDVVGLHRN ]LWDQLVFKHQ9DULHWlWHQ]XSDWRLVGHJUDGLHUWZXUGHQ" F ,QZLHIHUQVHKHQ6R]LROLQJXLVWHQLQGHU GLJORVVLVFKHQ6LWXDWLRQHLQH*HIDKUIUVSUDFKOLFKNXOWXUHOOH,GHQWLWlW" G :DUXPVLQG)UDJHE| JHQ ]XP 6SUDFKYHUKDOWHQ NHLQ YHUOlVVOLFKHV ,QVWUXPHQW ]XU (UKHEXQJ GHU WDWVlFKOLFKHQ 6LWXD WLRQ" H :DVYHUVWHKWPDQXQWHUSULPlUHQVHNXQGlUHQ6SUHFKHUQ" I :DUXPVLQGGLH]ZLVFKHQ )UDQ]|VLVFK XQG 2N]LWDQLVFK DXIWUHWHQGHQ ,QWHUIHUHQ]HQ QLFKW V\PPHWULVFK" J  :HOFKH GHPR JUDSKLVFKHQ %HZHJXQJHQ VFKZlFKHQ GDV 2N]LWDQLVFKH" K  :DV NDQQ UHLQ V\PEROLVFKHU *H EUDXFK GHV 2N]LWDQLVFKHQ EHZLUNHQ" L  :LH LVW GHU 2N]LWDQLVPXV SROLWLVFK HLQ]XRUGQHQ XQG ZHOFKH=LHOHYHUIROJWHU" M :RWULIIWPDQKHXWH2N]LWDQLVFKLP|IIHQWOLFKHQ5DXPDQ":DUXP LVWGLH3UlVHQ]LQYHUVFKLHGHQHQ'RPlQHQRIWZHGHUQDFKKDOWLJQRFKNRQVWDQW"



=HKQWH8QWHUULFKWVHLQKHLW

 :|UWHUEFKHU,$OOJHPHLQHV(LQVSUDFKLJH:|UWHUEFKHU  $UWHQYRQ:|UWHUEFKHUQ :|UWHUEFKHU WHLOW PDQ HQWZHGHU QDFK LKUHP ,QKDOW E]Z GHU $UW ZLH VLH LKQ GDUELHWHQ  RGHUQDFKLKUHU=LHOJUXSSHHLQ*HPl‰HUVWHUHU.ODVVLILNDWLRQNDQQPDQ]XQlFKVW]ZLVFKHQ HLQVSUDFKLJHQXQG]ZHLRGHUPHKUVSUDFKLJHQ:|UWHUEFKHUQXQWHUVFKHLGHQVRGDQQ±]% EHL GHQ HLQVSUDFKLJHQ :|UWHUEFKHUQ ± ]ZLVFKHQ VROFKHQGLHDXVV\QFKURQHU3HUVSHNWLYH GHQ JHVDPWHQ :RUWVFKDW] HLQHU 6SUDFKH EHVFKUHLEHQ 'HILQLWLRQVZ|UWHUEFKHU  XQG VRO FKHQ GLH QXU KLVWRULVFKH XQGRGHU HW\PRORJLVFKH ,QIRUPDWLRQHQ ]X GHQ :|UWHUQ HLQHU 6SUDFKHOLHIHUQ KLVWRULVFKHE]ZHW\PRORJLVFKH:|UWHUEFKHUYJO 'DQHEHQJLEW HV DXFK :|UWHUEFKHU GLH LKUH (LQWUlJH QDFK GHU +lXILJNHLW DQRUGQHQ )UHTXHQ]Z|U WHUEFKHU LKU6FKZHUJHZLFKWDXIGLH%HVFKUHLEXQJGHUOH[LNDOLVFKHQ8PJHEXQJHQOHJHQ .ROORNDWLRQVZ|UWHUEFKHU .RQWH[WZ|UWHUEFKHU  RGHU IDFKVSUDFKOLFKHQ :RUWVFKDW] EHVFKUHLEHQ )DFKZ|UWHUEFKHU WHUPLQRORJLVFKH :|UWHUEFKHU YJO   'HU ]ZHL WHQ.ODVVLILNDWLRQIROJHQGNDQQPDQXD]ZLVFKHQ:|UWHUEFKHUQIU0XWWHUVSUDFKOHUXQG )UHPGVSUDFKHQOHUQHU /HUQHUZ|UWHUEFKHU RGHU]ZLVFKHQ:|UWHUEFKHUQIU(UZDFKVH QHXQG:|UWHUEFKHUQIU.LQGHUXVZXQWHUVFKHLGHQ $XVGHUVFKXOLVFKHQ3UD[LVVLQG6WXGLHQDQIlQJHUQLP$OOJHPHLQHQQXU]ZHL7\SHQYRQ :|UWHUEFKHUQ YHUWUDXW GDV ]ZHLVSUDFKLJH hEHUVHW]XQJV :|UWHUEXFK XQG GDV HLQVSUD FKLJH'HILQLWLRQVZ|UWHUEXFK'DEHLZHUGHQHUIDKUXQJVJHPl‰DXFKGLHVH7\SHQLP+LQEOLFN DXI LKUH /HLVWXQJVIlKLJNHLW XQG LKUHQ 1XW]HQ IU GHQ 6SUDFKOHUQHU QLFKW ULFKWLJ EHXUWHLOW 9RU DOOHP LQ GDV ]ZHLVSUDFKLJH :|UWHUEXFK ZHUGHQ RIW ]X JUR‰H +RIIQXQJHQ JHVHW]W ZlKUHQGGDVHLQVSUDFKLJH:|UWHUEXFKVHOWHQYROOJHQXW]WZLUG'LHGHP%HQXW]HULQGLHVHP :|UWHUEXFKW\SGDUJHERWHQHQ,QIRUPDWLRQHQVLQGYRUDOOHPEHLGHUHLJHQHQ7H[WSURGXNWLRQ XQG EHLP hEHUVHW]HQ LQ GLH )UHPGVSUDFKH YRQ NDXP ]X EHUVFKlW]HQGHU %HGHXWXQJ 'HVKDOE VROO LQ  DQKDQG HLQHV %HLVSLHOV JH]HLJW ZHUGHQ ZHOFKH )OOH YRQ ,QIRUPD WLRQHQ PDQ HLQHP JXWHQ HLQVSUDFKLJHQ :|UWHUEXFK HQWQHKPHQ NDQQ 'HQ /HLVWXQJHQ GHV ]ZHLVSUDFKLJHQ:|UWHUEXFKVLVWGDV.DSLWHOJHZLGPHW

 'LH0LNURVWUXNWXU $OV%HLVSLHOGLHQHGHU$UWLNHOPHQVRQJHDXVGHP1RXYHDX3HWLW5REHUW  HLQHPGHU UHQRPPLHUWHVWHQIUDQ]|VLVFKHQ:|UWHUEFKHU 

            

   'LHVHU$UWLNHOHQWKlOWIROJHQGH$QJDEHQ  PHQVRQJH    GDV/HPPD DXFK/HPPD]HLFKHQJHQDQQW  >P$V2-@     GLHSKRQHWLVFKH7UDQVNULSWLRQ /DXWVFKULIW  QP JUDPPDWLVFKH ,QIRUPDWLRQHQ KLHU ]X :RUWDUW XQG *HQXV   GHQ(UVWEHOHJ ODWSRSRPHQWLRQLFD GXEDVODWPHQWLUH   GDV LPNRQNUHWHQ)DOOUHNRQVWUXLHUWH (W\PRQ Š     *OLHGHUXQJVVLJQDOH ŸFRQWUHYpULWp«   +LQZHLVHDXIEHGHXWXQJVlKQOLFKH:|UWHU *URV«PHQVRQJH   W\SLVFKH9HUELQGXQJHQVRJ.ROORNDWLRQHQXQG 9HUZHQGXQJVEHLVSLHOH ©/HERQKHXU«ª   =LWDWHDXV:HUNHQYRQIUDQ]6FKULIWVWHOOHUQ IDP     HLQHQ+LQZHLVDXIHLQHQVLWXDWLRQVVSH]LILVFKHQ *HEUDXFK Y[     HLQH]HLWOLFKH&KDUDNWHULVLHUXQJ YLHX[  35296RQJHV«   HLQ6SULFKZRUWLQGHPGDV/HPPDYRUNRPPW ’&21759pULWp« HLQHQ+LQZHLVDXI:|UWHUPLWJHJHQVlW]OLFKHU%HGHX WXQJ VRJ$QWRQ\PHYJO 

 $ENU]XQJHQXQG6\PEROHGLHVHU$UWILQGHQVLFKLQGHQPHLVWHQ:|UWHUEFKHUQ'DQXUHLQ 7HLOGDYRQXQPLWWHOEDUYHUVWlQGOLFKLVWHPSILHKOWHVVLFKHLQJXWHV:|UWHUEXFKDQ]XVFKDI IHQ XQG VLFK GXUFK GLH /HNWUH GHV 9RUVSDQQV XQG UHJHOPl‰LJHV .RQVXOWLHUHQ LQ GHVVHQ 6\VWHPHLQ]XDUEHLWHQ :|UWHUEFKHUN|QQHQVLFKEHWUlFKWOLFKLQLKUHP8PIDQJXQWHUVFKHLGHQEHLP.DXIHLQHV *HEUDXFKVZ|UWHUEXFKV VROOWH PDQ YRU DOOHP DXI GLH 5HLFKKDOWLJNHLW GHU 0LNURVWUXNWXU





$XIEDX GHU HLQ]HOQHQ $UWLNHO  :HUW OHJHQ $EHU DXFK DXI HLQH XPIDQJUHLFKH 0DNUR VWUXNWXU 0HQJHXQG$QRUGQXQJGHUHQWKDOWHQHQ/HPPDWD LVW]XDFKWHQGDPDQIUMHQH VSUDFKOLFKHQ $NWLYLWlWHQ PLW GHQHQ PDQ LP 6WXGLXPXQGVSlWHULP%HUXINRQIURQWLHUWLVW PLWGHQNOHLQHUHQHLQVSUDFKLJHQ:|UWHUEFKHUQ ZHQLJHUDOV±(LQWUlJH RIWQLFKW GDV$XVODQJHQILQGHW :HVHQWOLFKH8QWHUVFKLHGHJLEWHVDXFKLP%HUHLFKGHUVRJ0DUNLHUXQJHQGLHXDGHU GLDSKDVLVFKHQ VLWXDWLRQV UHJLVWHUVSH]LILVFKHQ  GLDVWUDWLVFKHQ VR]LRNXOWXUHOOHQ JUXS SHQVSH]LILVFKHQ  XQG GLDWRSLVFKHQ UlXPOLFKHQ  9DULDWLRQ 5HFKQXQJ WUDJHQ VROOHQ VHOEVW HLQXQGGLHVHOEH$QJDEHHWZDIDPRGHUSRSNDQQHLQHXQWHUVFKLHGOLFKH%HGHXWXQJKDEHQ GD LKUH 9HUZHQGXQJ LP DOOJHPHLQHQ QLFKW REMHNWLY IXQGLHUW LVW VRQGHUQ GHU VXEMHNWLYHQ (LQVFKlW]XQJ GHV /H[LNRJUDSKHQ GK GHV 9HUIDVVHUV GHV :|UWHUEXFKV XQWHUOLHJW 'LH 2SSRVLWLRQJHVSURFKHQYVJHVFKULHEHQZLUGLQGHU5HJHOGHUVLWXDWLRQVVSH]LILVFKHQ9DULD WLRQ XQWHUJHRUGQHW 'DEHL LVW MHGRFK ]X EHGHQNHQ GDVV :|UWHU RGHU $XVGUFNH GLH GLVWDQ]VSUDFKOLFK DOV VDORSS IDP SRS  JHOWHQ QlKHVSUDFKOLFK GXUFKDXV QHXWUDO VHLQ N|QQHQ =XU*UXQGDXVVWDWWXQJHLQHVJXWHQHLQVSUDFKLJHQ:|UWHUEXFKVJHK|UHQ  D JUDPPDWLNDOLVFKH $QJDEHQ *HQXV 3OXUDO .RQMXJDWLRQ Xl EHVRQGHUV EHL 8QUHJHO Pl‰LJNHLW  E $QJDEHQ]X*HEUDXFKVEHVFKUlQNXQJHQ 0DUNLHUXQJHQ HWZDUHJLRQDOHU ]%%HOJLTXH 3HU~ WRVF XVZ  VFKLFKWHQVSH]LILVFKHU %VSIDPSRSYXOJDUJ IDFKVSUDFKOLFKHU PpGLQIRUPDVWURQHWF RGHU]HLWOLFKHU $UFKDLVPXVYV1HRORJLVPXV 1DWXU F PDQFKPDODXFKZHLWHUH$QJDEHQ]%]XU)UHTXHQ]GHU:|UWHU]XGHUHQ6\QRQ\PHQ GK EHGHXWXQJVJOHLFKHQ E]Z lKQOLFKHQ :|UWHUQ YJO .DS   $QWRQ\PHQ XQG +RPRQ\PHQ GK IRUPJOHLFKHQ DEHU EHGHXWXQJVYHUVFKLHGHQHQ :|UWHUQ %VS GW .LHIHU 

 :HOFKHV:|UWHUEXFKIUGHQMHZHLOLJHQ%HQXW]HUGDVULFKWLJHLVWOlVVWVLFKQXUYRQ)DOO]X )DOO HQWVFKHLGHQ IU ZHLW IRUWJHVFKULWWHQH)UHPGVSUDFKHQOHUQHUHPSIHKOHQZLUJDQ]DOOJH PHLQ ]XU %HQW]XQJ XQG JHJHEHQHQIDOOV DXFK ]XU $QVFKDIIXQJ  GLH IROJHQGHQ HLQVSUD FKLJHQ:|UWHUEFKHU

 )UDQ]|VLVFK  /H 1RXYHDX 3HWLW 5REHUW 'LFWLRQQDLUH DOSKDEpWLTXH HW DQDORJLTXH GH OD ODQJXH IUDQoDLVH  X| 3DULV/H5REHUW

 ,WDOLHQLVFK  ',6&±'L]LRQDULRLWDOLDQR6DEDWLQL&ROHWWL  )LUHQ]H*LXQWL



 6SDQLVFK  'LFFLRQDULR6DODPDQFDGHODOHQJXDHVSDxROD  0DGULG6DQWLOODQD8QLYHUVLGDGGH6DODPDQFD 6(&20DQXHO$1'5e62OLPSLD5$026*DELQR   'LFFLRQDULRGHOHVSDxRODFWXDOHGLFLyQ DFWXDOL]DGDYROV0DGULG$JXLODU

 3RUWXJLHVLVFK  )(55(,5$ $XUpOLR %XDUTXH GH +RODQGD   $XUpOLR VpFXOR ;;, 5LR GH -DQHLUR (G 1RYD )URQWHLUD 'LFLRQiULR+RXDLVVGDOtQJXDSRUWXJXHVD  5LRGH-DQHLUR(G2EMHWLYD 'LFLRQiULR GD OtQJXD SRUWXJXHVD FRQWHPSRUkQHD GD $FDGHPLD GDV &LrQFLDV GH /LVERD    YROV/LVERD9HUER

 5XPlQLVFK  $FDGHPLD5RPkQă,QVWLWXWXOGH/LQJYLVWLFDÄ,RUJX,RUGDQ³  'LFĠLRQDUXOH[SOLFDWLYDOOLPELL URPkQH '(; %XFXUHúWL8QLYHUV(QFLFORSHGLF

 /LWHUDWXU +DXVPDQQ  

 $XIJDEHQ VLHKH.DS

 6HPDQWLN  'LH%HGHXWXQJYRQ%HGHXWXQJ 'LH 6HPDQWLN LVW MHQHU =ZHLJ GHU 6SUDFKZLVVHQVFKDIW GHU VLFK PLW GHU %HGHXWXQJ YRQ VSUDFKOLFKHQ (LQKHLWHQ MHJOLFKHQ 8PIDQJV EHVFKlIWLJW ,P HQJHUHQ 6LQQ YHUVWHKW PDQ GD UXQWHU GLH/HKUHYRQGHU%HGHXWXQJGHU:|UWHUPHLQWDOVR:RUWVHPDQWLNE]ZOH[LNDOL VFKH6HPDQWLN LP8QWHUVFKLHG]%]XU6DW]VHPDQWLN  3KLORVRSKHQ3V\FKRORJHQXQG/LQJXLVWHQKDEHQHLQH9LHO]DKOYRQ7KHRULHQ]XP:HVHQ YRQ%HGHXWXQJYRUJHVFKODJHQHLQHGLHVHU7KHRULHQEHVDJW]%GDVVGLH%HGHXWXQJLGHQ WLVFKLVWPLWGHPGHQRWDWXP 5HIHUHQW ±HLQH6LFKWGLHEHL1DPHQ3URQRPHQ/RNDODGYHU





ELHQXl]ZLQJHQGLVW 5HIHUHQ]WKHRULHGHU%HGHXWXQJ HLQHDQGHUHJHKWGDYRQDXVGDVV %HGHXWXQJEHUGLH:DKUKHLWHLQHUJHWURIIHQHQ$XVVDJH]XGHILQLHUHQVHL*HPl‰GHULQ YRUJHVWHOOWHQUHSUlVHQWDWLRQLVWLVFKHQ$XIIDVVXQJZLHGHUXPZLUG%HGHXWXQJDOVMHQHPHQWDOH (QWLWlWEHVWLPPWGLH]ZLVFKHQVLJQDQV VLJQLILDQW XQGGHQRWDWXPYHUPLWWHOW$XIGLH*H EUDXFKVWKHRULH GHU %HGHXWXQJ ZDUHQ ZLU ZHJHQ GHU (UNOlUXQJVVFKZlFKH UHSUlVHQWDWLR QLVWLVFKHU$XIIDVVXQJHQLP=XVDPPHQKDQJPLWDEVWUDNWHQ:|UWHUQJHVWR‰HQ YJO  (LQHGHUDPZHLWHVWHQYHUEUHLWHWHQ%HGHXWXQJVDXIIDVVXQJHQEHUXKWDXIGHP3ULQ]LSGHU $ULVWRWHOLVFKHQ /RJLN GD GLH .DWHJRULVLHUXQJ YRQ 9RJHO GXUFK (LQRUGQXQJ LQ GLH QlFKVW K|KHUH .ODVVH VRJ JHQXV SUR[LPXP KLHU 7LHU  XQG XQWHU $QJDEH GHU VSH]LILVFKHQ 0HUNPDOH VRJ GLIIHUHQWLD VSHFLILFD KLHU KDW ]ZHL %HLQH JHIOJHOW  HUIROJW NDQQ VHLQH %HGHXWXQJDOV6XPPHEHVWLPPWHUVHPDQWLVFKHU0HUNPDOH DXFK6HPH YHUVWDQGHQZHU GHQ>7LHU@>KDW]ZHL%HLQH@>JHIOJHOW@'HU0HUNPDOVEHJULIIVWHOOWGDEHLHLQHJHGDQNOLFKH $QOHLKHEHLGHU3KRQRORJLHGDUVRZLH]%ELPSKRQRORJLVFKHQ6\VWHPGHV6SDQLVFKHQ GXUFKGLH0HUNPDOH>3ORVLY@XQG>±1DVDO@YRQPJHVFKLHGHQLVWZlUH9RJHOGXUFKGDV 0HUNPDO >JHIOJHOW@ YRQ 6FKLPSDQVH >KDW $UPH@ DEJHJUHQ]W 2EZRKO GLH 0HUNPDOV VHPDQWLN EHL PDQFKHQ :|UWHUQ ]X HLQLJHUPD‰HQ SODXVLEOHQ 'HILQLWLRQHQ IKUW LVW HV LQ YLHOHQ)lOOHQPHKURGHUZHQLJHUXQP|JOLFKZHVHQWOLFKHXQGXQZHVHQWOLFKH(LJHQVFKDIWHQ ]XXQWHUVFKHLGHQ*HK|UW]XGHQZHVHQWOLFKHQ(LJHQVFKDIWHQ VHPDQWLVFKHQ0HUNPDOHQ  YRQ 9RJHO QLFKW DXFK >NDQQ IOLHJHQ@" %HL JHQDXHUHP +LQVHKHQ ZLUG PDQ GLHVH )UDJHPLW QHLQ EHDQWZRUWHQ PVVHQ GHQQ DXFK GHU 3LQJXLQ XQG GHU 6WUDX‰ VLQG 9|JHO REZRKO VLH IOXJXQIlKLJVLQG$OOHUGLQJVGHQNWNDXPMHPDQGDQHLQHQ6WUDX‰ZHQQHUGDV:RUW9RJHO K|UWXQGYLHOH0HQVFKHQ]|JHUQVRJDUGHQ3LQJXLQDOV9RJHO]XNDWHJRULVLHUHQ 'LHVLVWGHU$XVJDQJVSXQNWGHUVRJ3URWRW\SHQVHPDQWLNVLHEHVDJWGDVV%HGHXWXQJHQ XP3URWRW\SHQKHUXPRUJDQLVLHUWVLQGHVJLEWVR]XVDJHQHLQHQSURWRW\SLVFKHQ9RJHOVDJHQ ZLUGHQ6SDW]DQGHPDQGHUH7LHUHDXILKUH9RJHOKDIWLJNHLWKLQJHPHVVHQZUGHQ6RZlUH GLH7DXEHPHKU9RJHODOVGLH(QWHGLH(QWHPHKUDOVGHU3IDXXQGGHU3IDXPHKUDOVGHU 3LQJXLQ'LH0LWJOLHGHUHLQHUSURWRW\SLVFKVWUXNWXULHUWHQ.DWHJRULHZHUGHQQLFKWGXUFKHLQ IU DOOH JHOWHQGHV 0HUNPDOVVHW ]XVDPPHQJHKDOWHQ ± VLH VLQG QXU GXUFK EHVWLPPWH 0HUN PDOHXQWHUHLQDQGHUYHUEXQGHQlKQOLFKGHQ0LWJOLHGHUQHLQHU)DPLOLH GDKHUDXFKGHUYRQ /XGZLJ :LWWJHQVWHLQ JHSUlJWH $XVGUXFN )DPLOLHQlKQOLFKNHLW  'LH (QWH VFKZLPPW GDV YHUELQGHWVLHPLWGHP3LQJXLQGHUZLHGHUXPNDQQQLFKWIOLHJHQZDVDXFKDXIGHQ6WUDX‰ ]XWULIIWGLH$PVHOVLQJWGDVJLOWQLFKWIUGDV+XKQGDIUKDEHQEHLGH±ZLHGHU6WUDX‰XQG GLH (QWH ± )OJHO XVI 'LH $QQDKPH YRQ 0HUNPDOHQ ZLGHUVSULFKW QLFKW JUXQGVlW]OLFK GHU %HKDXSWXQJ YRQ 3URWRW\SHQ ZHQQ PDQ DN]HSWLHUW GDVV QLFKW DOOH 0HUNPDOH GHQVHOEHQ 6WDWXV KDEHQ QLFKW KLQUHLFKHQG VHLQ PVVHQ  XQG (OHPHQWH GHV HQ]\NORSlGLVFKHQ RGHU :HOWZLVVHQV ]% GDV :LVVHQ GDVV 9|JHO QRUPDOHUZHLVH IOLHJHQ N|QQHQ  DOV 0HUNPDOH ]XJHODVVHQZHUGHQ $EVFKOLH‰HQG VHL QRFK DXI GLH ZHLW YHUEUHLWHWH 8QWHUVFKHLGXQJ YRQ GHQRWDWLYHU XQG NRQQRWDWLYHU %HGHXWXQJ KLQJHZLHVHQ 8QWHU 'HQRWDWLRQ YHUVWHKW PDQ LQ GLHVHP =XVDP PHQKDQJ MHQH ]HQWUDOHQ %HGHXWXQJVNRPSRQHQWHQ GLH HLQHP GLH ,GHQWLIL]LHUXQJ GHV 5H IHUHQWHQ HUODXEHQ ZlKUHQG PLW .RQQRWDWLRQ HYHQWXHOO YRUKDQGHQH EHULQGLYLGXHOOH HPR WLRQDOH 1XDQFHQ EH]HLFKQHW ZHUGHQ 0LWEUJHU LQ GHQ QHXHQ %XQGHVOlQGHUQ XQG 2VVL

 KDEHQQDFKGLHVHU7HUPLQRORJLHGLHVHOEH'HQRWDWLRQDEHUXQWHUVFKLHGOLFKH.RQQRWDWLRQHQ HEHQVR$PHULNDQHUXQG$PL3ROHXQG3RODFN 1RUG 'HXWVFKHUXQG3LHINHgVWHUUHLFKHU XQGgVL

 6HPDQWLVFKH%H]LHKXQJHQ 'HU :RUWVFKDW] HLQHU 6SUDFKH LVW QLFKW HLQH $QVDPPOXQJLVROLHUWHU:|UWHUYLHOPHKUVLQG GLHVHGXUFKHLQGLFKWHV1HW]YRQ%H]LHKXQJHQPLWHLQDQGHUYHUNQSIW 0DQFKH GLHVHU %H]LHKXQJHQ VLQG V\QWDJPDWLVFKHU $UW GK VLH EHWUHIIHQGLH.RPELQD WLRQVP|JOLFKNHLWHQYRQ:|UWHUQ6RVDJWPDQ]%HLQH8KUUHSDULHUHQDEHUHLQHQ)HKOHU ZLHGHUJXWPDFKHQQLFKWMHGRFK HLQH8KUZLHGHUJXWPDFKHQE]Z"HLQHQ)HKOHUUHSDULHUHQ REZRKO EHLGH 9HUEHQ LP .HUQ HLQH lKQOLFKH %HGHXWXQJ KDEHQ ,Q ([WUHPIlOOHQ YHUELQGHW VLFKHLQ:RUWQXUPLWVHKUZHQLJHQ:|UWHUQRGHUJDUQXUPLWHLQHPHLQ]LJHQHWZDEHOOHQ QXU PLW +XQG RGHU )XFKV  XQG UDQ]LJ W\SLVFKHUZHLVH QXU PLW %XWWHU 'XUFKEULFKW PDQ VROFKH6HOHNWLRQVEHVFKUlQNXQJHQGLHLPhEULJHQYLHOIDFKDXFKGHQLQHUZlKQWHQ .ROORNDWLRQHQ]XJUXQGHOLHJHQHQWVWHKHQHQWZHGHULQDN]HSWDEOHbX‰HUXQJHQRGHUX8EH VRQGHUVH[SUHVVLYH0HWDSKHUQ ]%LP*HGlFKWQLVEOlWWHUQ  (EHQVR ZLFKWLJ VLQG GLH SDUDGLJPDWLVFKHQ %H]LHKXQJHQ GK %H]LHKXQJHQ ]ZLVFKHQ :|UWHUQGLHLP3ULQ]LSGLHVHOEH6WHOOHLP6DW]HLQQHKPHQN|QQHQ 9RQ GHU 6DFKH KHU ]XVDPPHQJHK|ULJH :|UWHU VLQG LQ )RUP YRQ VRJ :RUWIHOGHUQ RUJDQLVLHUW ,P 'HXWVFKHQ ZLUG EHLVSLHOVZHLVH GHU =HLWUDXP YRQ K ELV K GXUFK GLH 6XEVWDQWLYH0RUJHQ9RUPLWWDJ0LWWDJ1DFKPLWWDJ$EHQGXQG1DFKWDEJHGHFNWZlKUHQG HWZDLP6SDQLVFKHQHLQHDQGHUH6WUXNWXULHUXQJDQ]XWUHIIHQLVW :|UWHU PLW IDVW  GHUVHOEHQ %HGHXWXQJ QHQQW PDQ 6\QRQ\PH 'HU =XVDW] IDVW LVW GHVKDOE Q|WLJ ZHLO HV QXU VHKU ZHQLJH :|UWHU E]Z :RUWSDDUH JLEW GLH GLH JOHLFKH 'H QRWDWLRQ.RQQRWDWLRQXQG'LVWULEXWLRQDXIZHLVHQ(LQW\SLVFKHV%HLVSLHOYRQ4XDVL6\QR Q\PLHLVWGDV3DDU8QWHUVFKLHG'LIIHUHQ] (LQHJUR‰H5ROOHVSLHOHQEHLGHU2UJDQLVDWLRQGHV:RUWVFKDW]HVYHUVFKLHGHQH$UWHQYRQ *HJHQVDW]GLHPDQRIWXQWHUGHU%H]HLFKQXQJ$QWRQ\PLH]XVDPPHQIDVVW.RPSOHPHQWD ULWlWEH]HLFKQHWGHQEHVRQGHUHQ8PVWDQGGDVVVLFK]ZHL:|UWHUJHJHQVHLWLJDXVVFKOLH‰HQ ]%$XVOlQGHU,QOlQGHU EH]RJHQDXIHLQHQEHVWLPPWHQ6WDDW LVWMHPDQG,QOlQGHUGDQQLVW HUQLFKW$XVOlQGHUXQGLVWMHPDQGQLFKW$XVOlQGHUGDQQLVWHU,QOlQGHU,QNRPSDWLELOLWlW E]ZNRQWUlUH$QWRQ\PLHOLHJWYRUZHQQHLQHGLHVHU6FKOXVVIROJHUXQJHQQLFKWJLOWJUR‰ LPSOL]LHUW]ZDUQLFKWNOHLQQLFKWJUR‰EHGHXWHWDEHUQLFKWXQEHGLQJWNOHLQ'HU6DW]+DQV LVW]ZDUQLFKWJUR‰DEHUDXFKQLFKWNOHLQLVWJDQ]QDWUOLFKZlKUHQG+DQVLVW]ZDUQLFKW ,QOlQGHUDEHUDXFKQLFKW$XVOlQGHUZLGHUVSUFKOLFKLVW%HLLQNRPSDWLEOHQSRODUHQ:|U WHUQ ZLH JUR‰NOHLQ RGHU DOWMXQJ LVW PHLVW HLQ 3RO XQPDUNLHUW 1RUPDOHUZHLVH IUDJW PDQ HLQ.LQGÄ:LHJUR‰ELVWGX"³XQGÄ:LHDOWELVWGX"³DEHUQLFKWÄ:LHNOHLQELVWGX"³E]Z Ä:LH MXQJ ELVW GX"³ :lKUHQG :|UWHU LQ ,QNRPSDWLELOLWlWVUHODWLRQHQ PRGLIL]LHUW ZHUGHQ N|QQHQ ]% GXUFK .RPSDUDWLRQ JU|‰HU NOHLQHU  JLOW GLHV IU NRPSOHPHQWlUH :|UWHU LQ DOOWDJVVSUDFKOLFKHU9HUZHQGXQJQLFKW ]% WRWHU OHEHQGLJHU EDUWORVHU 





6FKOLH‰OLFKLVWQRFKGLHZLFKWLJH%H]LHKXQJGHU+\SRQ\PLH]XQHQQHQZRPLWPDQGDV Ä(QWKDOWHQVHLQ³ HLQHU %HGHXWXQJ LQ HLQHU DQGHUHQ EH]HLFKQHW =% VLQG 5RVH 7XOSH XQG 9HLOFKHQ +\SRQ\PH YRQ %OXPH 3IHUG 0DXV XQG .URNRGLO +\SRQ\PH YRQ 7LHU ,Q GHU %HJULIIOLFKNHLW GHU 0HUNPDOVVHPDQWLN DXVJHGUFNW GDV +\SRQ\P KDW PHKU VHPDQWLVFKH 0HUNPDOHXQGGDPLWHLQHJU|‰HUH,QWHQVLRQGDV+\SHURQ\P 2EHUEHJULII ZHQLJHUVHPDQ WLVFKH0HUNPDOHGDIUHLQHJU|‰HUH([WHQVLRQ YJO 

 :RUWVFKDW]XQG:LUNOLFKNHLW 'LH VWUXNWXUDOLVWLVFKH 6SUDFKZLVVHQVFKDIW KDW PLW 5HFKW GDUDXI KLQJHZLHVHQ GDVV GHU :RUWVFKDW] HLQHU 6SUDFKH QLFKW HLQIDFK HLQH (LQV]XHLQV$EELOGXQJ GHU :LUNOLFKNHLW VRQGHUQELV]XHLQHPJHZLVVHQ*UDGGDV3URGXNWGHU2UJDQLVDWLRQGHU:LUNOLFKNHLWGXUFK GHQ0HQVFKHQLVW6HOEVW]ZLVFKHQXQVHUHQQDKYHUZDQGWHQHXURSlLVFKHQ6SUDFKHQJLEWHV ]DKOUHLFKH8QWHUVFKLHGHLQGHUOH[LNDOLVFKHQ2UJDQLVDWLRQGHU:LUNOLFKNHLW6RHQWVSUHFKHQ XQVHUHP :RUW +DDU LP )UDQ]|VLVFKHQ GLH :|UWHU SRLO XQG FKHYHX YRQ GHQHQ GDV HUVWH .|USHUKDDUHYRQ0HQVFKXQG7LHUGDV]ZHLWHQXUGDV.RSIKDDUGHV0HQVFKHQEH]HLFKQHW ,P 6SDQLVFKHQ XQG )UDQ]|VLVFKHQ KDW GDV GHXWVFKH :RUW 6WUD‰H MH ]ZHL (QWVSUHFKXQJHQ FDOOHUXH IU GLH 6WUD‰H LQ EHZRKQWHP *HELHW XQG FDUUHWHUDURXWH IU GLH hEHU /DQG VWUD‰H8QGGHPGW6FKDOHHQWVSUHFKHQLP,WDOLHQLVFKHQXDJXVFLR (LHU1VVHXl XQG EXFFLD bSIHO %LUQHQ Xl  0DQ VLHKW KLHU GHXWOLFK ZLH LQ YHUVFKLHGHQHQ 6SUDFKHQ JDQ] XQWHUVFKLHGOLFK(OHPHQWHGHVVSUDFKOLFKHQXQGGHV:HOWZLVVHQVPLWHLQHP:RUWYHUEXQGHQ VLQG bKQOLFKH )lOOH YRQ XQWHUVFKLHGOLFKHU 2UJDQLVDWLRQ GHU :LUNOLFKNHLW KDEHQ DXFK JUDPPDWLVFKH )ROJHQ IU GW VHLQ PXVV PDQ LP 6SDQLVFKHQ XQG 3RUWXJLHVLVFKHQ LQ $E KlQJLJNHLW YRQ HLQHU 6HULH YRQ )DNWRUHQ HQWZHGHU VHU RGHU HVWDU ZlKOHQ $QLWD LVW ]RUQLJ NDQQ LQV 6SDQLVFKH PLW $QLWD HV LUDVFLEOH &KDUDNWHUHLJHQVFKDIW  RGHU PLW $QLWD HVWi HQRMDGD =XVWDQG ]XEHUVHW]HQVHLQ%HLP(UOHUQHQHLQHVIUHPGHQ:RUWVFKDW]HVNDQQPDQ VLFK IROJOLFK QLFKW DXI GDV /HUQHQ YRQ IUHPGHQ Ä1DPHQ³ IU YHUWUDXWH %HGHXWXQJHQ EH VFKUlQNHQYLHOPHKUPXVVPDQIU]DKOUHLFKH:|UWHUGHU)UHPGVSUDFKHDXFKHLQHYRQGHU 0XWWHUVSUDFKHDEZHLFKHQGH%HGHXWXQJOHUQHQ $OVXQKDOWEDUKDWVLFKGLH+\SRWKHVHPDQFKHU6WUXNWXUDOLVWHQHUZLHVHQ6SUDFKHQN|QQ WHQ VLFK LQ GHU 2UJDQLVDWLRQ GHU :LUNOLFKNHLW EHOLHELJ XQWHUVFKHLGHQ 2EZRKO GLH )UHLKHLW EHVWHKW GLH :DOH GHQ )LVFKHQ ]X]XRUGQHQ IDVVW NHLQH 6SUDFKH +XQGH %OHLVWLIWVSLW]HU .QLHVFKHLEHQ XQG :DVVHUIlOOH ]X HLQHU /DXW%HGHXWXQJVHLQKHLW ]XVDPPHQ :LH ZLU GLH :HOWNDWHJRULVLHUHQLVWRIIHQVLFKWOLFKXQDEKlQJLJYRQGHU6SUDFKH]XP7HLOELRORJLVFKXQG ]XP 7HLO NXOWXUHOO EHGLQJW 'HP HQWVSULFKWDXFKGLH(UIDKUXQJGDVVGHU*UXQGZRUWVFKDW] HLQHU)UHPGVSUDFKHLQJUREHQ=JHQPLWGHPGHU0XWWHUVSUDFKHEHUHLQVWLPPW 6HLW ODQJHP NRQWURYHUV GLVNXWLHUW ZLUG GLH )UDJH RE XQG LQZLHZHLW GLH MHZHLOLJH 6SUDFKHGDV'HQNHQLKUHU6SUHFKHUEHHLQIOXVVW/DQJHWHQGLHUWHPDQGD]XGLHVHQ(LQIOXVV EHU]XEHZHUWHQ +XPEROGW 6DSLU :KRUI $OV*HJHQUHDNWLRQZXUGHGDQQEHUKDXSWMHJ OLFKHU(LQIOXVVLQ)UDJHJHVWHOOW'XUFKVRUJIlOWLJH8QWHUVXFKXQJHQLVWHVLQGHUOHW]WHQ=HLW JHOXQJHQ IU HLQLJH NRQNUHWH )lOOH HLQHQ (LQIOXVV GHU 6SUDFKH DXI GDV 'HQNHQ QDFK]X

 ZHLVHQ 6R O|VHQ 3UREDQGHQ JHZLVVH $XIJDEHQ QDFKZHLVOLFK DQGHUV MH QDFKGHP RE LKUH 0XWWHUVSUDFKH2UWVDQJDEHQGXUFKGLHUHODWLYHQ%HJULIIHÃOLQNVµXQGÃUHFKWVµDXVGUFNWRGHU QXU DEVROXWH 2UWVDQJDEHQ NHQQW ZLH ÃEHUJZlUWVµ Ã|VWOLFKµ XVZ $XFK GLH 0HPRULVLHUXQJ YRQ(UHLJQLVVHQZLUGGXUFKGLHVHQVSUDFKOLFKHQ8QWHUVFKLHGQDFKZHLVOLFKEHHLQIOXVVW 

 /H[LNDOLVLHUXQJXQG,GLRPDWLN 8P HLQHQ 6DW] HLQ 6\QWDJPD RGHU HLQ PRUSKRORJLVFK NRPSOH[HV :RUW LQWHUSUHWLHUHQ ]X N|QQHQ PXVV PDQ QHEHQ GHU %HGHXWXQJ GHU GDULQ HQWKDOWHQHQ HLQIDFKHQ :|UWHU DXFKGLH .RQVWLWXHQWHQVWUXNWXU VRZLH GLH UHOHYDQWHQ ,QWHUSUHWDWLRQVUHJHOQ NHQQHQ 0DQFKPDO PXVV ]XU $XIO|VXQJ YHUEOHLEHQGHU 0HKUGHXWLJNHLWHQ DXFK QRFK DXI XQVHU :HOWZLVVHQ ]XUFN JHJULIIHQZHUGHQ8P]%3ODVWLNPOOWRQQHGLH%HGHXWXQJÃ7RQQHIU0OOGHUDXV3ODVWLN EHVWHKWµ]XZHLVHQ]XN|QQHQPVVHQZLUGLH%HGHXWXQJYRQ3ODVWLN0OOXQG7RQQHNHQ QHQ XQG ZLVVHQ GDVV HLQH P|JOLFKH .RQVWLWXHQWHQVWUXNWXU >>$%@ &@ LVW XQG GDVV LQ GHXW VFKHQ1RPLQDONRPSRVLWDGLHUHFKWHXQPLWWHOEDUH.RQVWLWXHQWHEHVWLPPHQGLVW'LH%HGHX WXQJVEHVWDQGWHLOH ÃIUµ XQG ÃDXVµ HUKDOWHQ ZLU GXUFK 5FNJULII DXI XQVHU :LVVHQ XP GHQ 5HIHUHQWHQ'DVV7RQQHQHKHUQLFKWDXV3ODVWLNPOOVRQGHUQIU3ODVWLNPOOVLQGLVWNHLQ VSUDFKVSH]LILVFKHVJUDPPDWLNDOLVFKHV:LVVHQ 'DV KLHU JHVFKLOGHUWH ,QWHUSUHWDWLRQVYHUIDKUHQ JLOW IU GLH SURGXNWLYH 9HUZHQGXQJ YRQ 6SUDFKH 'DQHEHQ H[LVWLHUHQ MHGRFK LQ MHGHU 6SUDFKH ]DKOUHLFKH 6lW]H 6\QWDJPHQ XQG PRUSKRORJLVFK NRPSOH[H :|UWHU GHUHQ %HGHXWXQJ QLFKW PHKU  UHJHOPl‰LJ DXV GHQ %H VWDQGWHLOHQ DXIJHEDXW ZHUGHQ NDQQ 'DV VRJ .RPSRVLWLRQDOLWlWVSULQ]LS GHP]XIROJH GLH %HGHXWXQJHLQHUbX‰HUXQJDOVHLQH)XQNWLRQGHU%HGHXWXQJLKUHU.RPSRQHQWHQDQJHVHKHQ ZHUGHQ PXVV LVW DX‰HU .UDIW JHVHW]W 0DQ QHQQW VROFKH :|UWHU OH[LNDOLVLHUW 6\QWDJPHQ XQG 6lW]H LGLRPDWLVFK (LQ %HLVSLHO IU HLQ OH[LNDOLVLHUWHV GHXWVFKHV1RPLQDONRPSRVLWXP ZlUH %DKQKRI GDV NHLQHQ +RI PHKU EH]HLFKQHW HLQ %HLVSLHO IU HLQH LGLRPDWLVFKH :HQ GXQJ QXU %DKQKRI YHUVWHKHQ ÃQLFKWV YHUVWHKHQµ /H[LNDOLVLHUWH :|UWHU XQG LGLRPDWLVFKH :HQGXQJHQVLQGPHLVWDXFKVSUDFKVSH]LILVFKXQGVRPLWQLFKW:RUWIU:RUWEHUVHW]EDUHV VHLGHQQHVKDQGHOWVLFKXP(QWOHKQXQJHQ ]%GHQ+RIPDFKHQYRQIU]IDLUHODFRXU 'LH VHPDQWLVFKH(LQKHLWYRQLGLRPDWLVFKHQ:HQGXQJHQKDWRIWDXFK]XU)ROJHGDVVVLHQLFKWDOO GHQ JUDPPDWLNDOLVFKHQ 0DQLSXODWLRQHQ XQWHU]RJHQ ZHUGHQ N|QQHQ GLH HQWVSUHFKHQGH QLFKWLGLRPDWLVFKH 6lW]H6\QWDJPHQ HUODXEHQ YJO GHU $QWUDJ"+RI GHU LKU JHPDFKW ZXUGHGLH$QWUlJH +|IHGLHLKUJHPDFKWZXUGHQ 

 /LWHUDWXU %ODQN  /\RQV  3|OO   





 $XIJDEHQ  9HUVXFKHQ 6LH LQ WDEHOODULVFKHU )RUP GLH IROJHQGHQ 9HUEHQ PLW+LOIH VHPDQWLVFKHU 0HUNPDOH ]X GHILQLHUHQ W|WHQ VFKODFKWHQ N|SIHQ IVLOLHUHQ KLQULFKWHQ HUVFKLH‰HQ QLHGHUVFKLH‰HQ PDVVDNULHUHQDEPXUNVHQ  (V JLEW %HJULIIH IU GLH HV LQ EHVWLPPWHQ 6SUDFKHQ QRFK  NHLQH XVXHOOHQ :|UWHU JLEW 6R LVW PDQ LP 'HXWVFKHQ ZHQQ PDQ QLFKW PHKU KXQJULJ LVW VDWW DEHU ZDV LVW PDQ ZHQQ PDQQLFKW PHKUGXUVWLJLVW"6XFKHQ6LHGUHLZHLWHUHYHUJOHLFKEDUH%HLVSLHOH  6DPPHOQ 6LH  GHXWVFKH 9HUEHQ IU 7LHUODXWH XQG VFKODJHQ 6LH LQ JXWHQ ]ZHL XQG HLQ VSUDFKLJHQ:|UWHUEFKHUQGLHbTXLYDOHQWHLQ,KUHUURPDQLVFKHQ6SUDFKHQDFK6LQGGLH6HOHN WLRQVEHVFKUlQNXQJHQGLHVHOEHQ"  D :ROLHJHQGLH*UHQ]HQGHUHLQ]HOQHQ:|UWHUGHVLQDQJHIKUWHQ:RUWIHOGHV" E :LH LVW GHUVHOEH =HLWUDXP LQ ,KUHU URPDQLVFKHQ 6SUDFKH RUJDQLVLHUW" *LEW HV 8QWHUVFKLHGH ]XP 'HXWVFKHQ" F :LHODXWHQGLHHQWVSUHFKHQGHQ*UX‰IRUPHOQ"*LEWHVKLHU8QWHUVFKLHGH"  7HLOHQ6LHGLHIROJHQGHQODQGZLUWVFKDIWOLFKHQ3URGXNWHLQ2EVWXQG*HPVH*XUNHQ.UELVVH $UWLVFKRFNHQ 6SLQDW .DUWRIIHO =ZLHEHO .QREODXFK 6SDUJHO 7RPDWHQ 0HORQHQ (UGEHHUHQ bSIHO %LUQHQ D  ,VW GLH =XRUGQXQJ LPPHU HLQGHXWLJ" E  1DFK ZHOFKHQ .ULWHULHQ ÄVHPDQ WLVFKHQ0HUNPDOHQ6HPHQ³ HUIROJWGLH=XRUGQXQJ"  (UVWHOOHQ 6LH HLQH /LVWH YRQ GHXWVFKHQ .RPSRVLWD PLW 8KU XQG 6WDOO DOV ]ZHLWHU .RQVWLWXHQWH hEHUVHW]HQ 6LH GLHVH GDQQ LQ ,KUH URPDQLVFKH 6SUDFKH *LEW HV IU GLHVH bTXLYDOHQWH LQ ,KUHU URPDQLVFKHQ6SUDFKHHLQHQ2EHUEHJULII"  D :RULQEHVWHKWGHU8QWHUVFKLHG]ZLVFKHQIU]PDLVRQXQGLPPHXEOHLWJHODWRXQGJKLDFFLR VRZLH VS SH] XQG SHVFDGR" 6XFKHQ 6LH GUHLZHLWHUH%HLVSLHOHDXV,KUHUURPDQLVFKHQ6SUDFKH ZR HLQHP GHXWVFKHQ :RUW ]ZHL RGHU PHKUHUH :|UWHU ,KUHU URPDQLVFKHQ 6SUDFKH HQWVSUHFKHQ E  (UVWHOOHQ 6LH HLQH P|JOLFKVW XPIDQJUHLFKH /LVWH YRQ 9HUZHQGXQJHQ YRQ IU] FRXS E]Z LW FROSRE]ZVSJROSHXQGEHUVHW]HQ6LHVLHLQV'HXWVFKH:LHYLHOH(QWVSUHFKXQJHQJLEWHV"  :HOFKH %HGHXWXQJ HQ  N|QQWH GDV .RPSRVLWXP 3ODVWLNPOOWRQQH KDEHQ ZHQQ VLH LKP GLH .RQVWLWXHQWHQVWUXNWXU>>$>%&@@]XZHLVHQ"  .RQVXOWLHUHQ6LHHLQH*UDPPDWLNGHV3RUWXJLHVLVFKHQ ]%+XQGHUWPDUN6DQWRV0DUWLQV  XQGILQGHQ6LHKHUDXVZDVGHU8QWHUVFKLHG]ZLVFKHQ2PXURHVWiDOWRXQG2PXURpDOWRLVW



6SUDFKVNL]]H.DWDODQLVFK

 ([WHUQH6SUDFKJHVFKLFKWHXQGKHXWLJH6LWXDWLRQ ,P 6SlWPLWWHODOWHU ZDU GDV .DWDODQLVFKH HLQH DQJHVHKHQH /LWHUDWXU XQG 1DWLRQDOVSUDFKH GLH ZLU ZLU LQ  JHVHKHQ KDEHQ LP =XJHGHU([SDQVLRQGHV.|QLJUHLFKHV$UDJyQLP 0LWWHOPHHUEHGHXWHQGHVSUDFKOLFKH6SXUHQKLQWHUOLH‰:lKUHQGLQ.DWDORQLHQLQGHU'LFK WXQJQRFKELVLQV-DKUKXQGHUW2N]LWDQLVFKYHUZHQGHWZXUGHZDUHQGHP.DWDODQLVFKHQ GXUFK5DPyQ/OXOO >iXi@FD± DOVHUVWHUURPDQLVFKHU6SUDFKHGLH'RPlQHQ GHU3KLORVRSKLHXQGGHU:LVVHQVFKDIWHU|IIQHWZRUGHQ

 1DFKGHU+HLUDWYRQ)HUGLQDQGYRQ$UDJyQPLW,VDEHOODYRQ.DVWLOLHQLP-DKUHEH JDQQGHUNDWDODQLVFKH$GHO]XP.DVWLOLVFKHQEHU]XZHFKVHOQZRPLWHLQ3UR]HVVHLQJHOHL WHW ZXUGH GHU GHQ 9HUZHQGXQJVEHUHLFK GHV .DWDODQLVFKHQ VWlQGLJ HLQVFKUlQNWH XQG VFKOLH‰OLFK ]XU KHXWLJHQ 'LJORVVLHVLWXDWLRQ IKUWH 6HKU QHJDWLY ZLUNWH VLFK GLH ]HQWUDOLV WLVFKUHSUHVVLYH 6SUDFK 3ROLWLNGHU%RXUERQHQLP-DKUKXQGHUWDXVGLHGDUDXI]XUFN ]XIKUHQ ZDU GDVV GLH.DWDODQHQLP6SDQLVFKHQ(UEIROJHNULHJDXI6HLWHQGHU+DEVEXUJHU JHNlPSIWKDWWHQ ,QGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVDOVGDV.DWDODQLVFKHDXVDOOHQEHGHXWHQGHUHQ 'RPlQHQ YHUGUlQJW XQG DQ HLQHP KLVWRULVFKHQ 7LHISXQNW DQJHODQJW ZDU IRUPLHUWH VLFK DOOHUGLQJVHLQH*HJHQEHZHJXQJGLHVRJ5HQDL[HQoD >U:Q: 6(QV:@ $QIlQJOLFKKDQGHOWHHV VLFK XP HLQH OLWHUDULVFKH %HZHJXQJ GLH DQ GLH JUR‰H DOWNDWDODQLVFKH 7UDGLWLRQ DQNQSIHQ ZROOWH GRFK QDKP VLH LP /DXIH GHV -DKUKXQGHUWV LPPHU VWlUNHU DXFK QDWLRQDOLVWLVFKH XQG SROLWLVFKH=JHDQ 'LH $XVJDQJVVLWXDWLRQIUHLQH5HYLWDOLVLHUXQJGHV.DWDODQLVFKHQZDULP9HUJOHLFK]X MHQHU GHV *DOLFLVFKHQ YJO   XP YLHOHV JQVWLJHU =ZDU KDWWHQ GLH SROLWLVFKHQ XQG VR]LRNXOWXUHOOHQ (OLWHQ $GHO 6FKULIWVWHOOHU  LKUH 6SUDFKH LQ GHU =HLW GHU VRJ 'HFDGqQFLD >G:N: '(QVL½@ ± -K  DXIJHJHEHQ GRFK GLH EUJHUOLFKHQ 6FKLFKWHQ XQG GLH .LUFKH EOLHEHQGHP.DWDODQLVFKHQWUHXVRGDVVHVHLQUHODWLYKRKHV6R]LDOSUHVWLJHEHVD‰XQGEHVLW]W ZDV IU 0LQGHUKHLWHQVSUDFKHQ ]LHPOLFK HLQ]LJDUWLJ LVW  =X %HJLQQ GHV  -DKUKXQGHUWV NRQQWHQ GDQQ HUVWH SROLWLVFKH (UIROJH HUUHLFKW ZHUGHQ XQG XQWHU GHU 9RONVIURQWUHJLHUXQJ GHUGUHL‰LJHU-DKUHHUODQJWHGDV.DWDODQLVFKHVRJDUGHQ6WDWXVHLQHUNRRIIL]LHOOHQ6SUDFKHLQ .DWDORQLHQ:DVGLH6WDQGDUGLVLHUXQJDQJHKWZDUHQLQGHQHUXQGHU-DKUHQYRQ 3RPSHX )DEUD WUDJIlKLJH IU DOOH .DWDODQLVFKVSUDFKLJHQ DN]HSWDEOH RUWKRJUDSKLVFKH XQG JUDPPDWLNDOLVFKH1RUPHQJHVFKDIIHQZRUGHQGLHQRFKKHXWH%HVWDQGKDEHQ 'HU HLQVHW]HQGH VSUDFKOLFKNXOWXUHOOH $XIVFKZXQJ ZDU MHGRFK YRQ NXU]HU 'DXHU GHQQ QDFK GHP 6LHJ )UDQFRV LP 6SDQLVFKHQ %UJHUNULHJ ±  ZXUGH GHU |IIHQWOLFKH *H EUDXFKGHV.DWDODQLVFKHQXQWHU6WUDIHJHVWHOOW'LHVHUHSUHVVLYH6SUDFKSROLWLNORFNHUWHVLFK HUVWHWZDVLQGHQHU-DKUHQDOV)UDQFRQDFKGHU$XVVFKDOWXQJVHLQHU*HJQHUXQGGHU $QHUNHQQXQJGXUFKGLH86$VHLQH0DFKWJHIHVWLJWKDWWH'HQQRFKEOLHEGDV.DWDODQLVFKH ELV]XP(QGHGHU'LNWDWXU  HLQHXQWHUGUFNWH6SUDFKH ,P =XJH GHU PLW GHU 'HPRNUDWLVLHUXQJ 6SDQLHQV HLQVHW]HQGHQ (QWZLFNOXQJHQ KLQ ]X HLQHUJU|‰HUHQ$XWRQRPLHGHUHLQ]HOQHQ5HJLRQHQ FRPXQLGDGHVDXWyQRPDV HUODQJWHGDV .DWDODQLVFKH LP -DKUH  ZLHGHU GHQ 6WDWXV HLQHU RIIL]LHOOHQ 6SUDFKH LQ 6SDQLHQ 6HLW GLHVHU=HLWZHUGHQJUR‰H$QVWUHQJXQJHQXQWHUQRPPHQGDV.DWDODQLVFKH]XHLQHUYROOIXQN WLRQVWFKWLJHQ PRGHUQHQ 6SUDFKH DXV]XEDXHQ $XI %DVLV GHV $XWRQRPLHVWDWXWV YRQ  XQGGHU/OHLGHQRUPDOLW]DFLyOLQJtVWLFD 6SUDFKQRUPDOLVLHUXQJVJHVHW]YRQDOV/OHL GH SROtWLFD OLQJtVWLFD  QHX JHIDVVW  ZLUG HV LQ DOOH K|KHUHQ 'RPlQHQ ZLH 6FKXOH 0HGLHQ:LVVHQVFKDIW|IIHQWOLFKH9HUZDOWXQJXVZHLQJHIKUW'DV+DXSWSUREOHPEHLGLH VHP 5HNDWDODQLVLHUXQJVSUR]HVV VWHOOHQ GLH ]DKOUHLFKHQ YRUQHKPOLFKDQGDOXVLVFKHQ$UEHLWV PLJUDQWHQ GDU GLH LQ GHQ ,QGXVWULHJHELHWHQ HLQHQ QLFKW XQEHWUlFKWOLFKHQ $QWHLO GHU %HY|ONHUXQJDXVPDFKHQ'DGDV.DWDODQLVFKHLQ.DWDORQLHQMHGRFKGLH6SUDFKHGHVVR]LD OHQ$XIVWLHJVLVWGUIWHHVODQJIULVWLJZRKODXFKJHOLQJHQXQWHUGLHVHP%HY|ONHUXQJVDQWHLO





HLQHQ NDVWLOLVFKNDWDODQLVFKHQ %LOLQJXLVPXV GK HLQH HLQLJHUPD‰HQ DXVJHZRJHQH =ZHL VSUDFKLJNHLWKHUEHL]XIKUHQ %HVRQGHUV JHULQJ LVW GLH $Q]DKO GHU .DWDODQLVFKVSUHFKHQGHQ GLH LQVJHVDPW DXI FD  0LR]XVFKlW]HQLVWLQGHQ9RURUWHQYRQ%DUFHORQDXQGLQ9DOHQFLD ]7ZHLWXQWHU  ZRQRFKHUVFKZHUHQGKLQ]XNRPPWGDVVPDQDXVSROLWLVFKHQ*UQGHQQLFKWYRQ.DWDORQLHQ YHUHLQQDKPWZHUGHQZLOO8PVLFKYRQ%DUFHORQDDE]XVHW]HQVSUHFKHQPDQFKH9DOHQFLDQHU DXFKYRQHLQHUOOHQJXDYDOHQFLDQDREZRKOGLHVSUDFKOLFKHQ9DULHWlWHQYRQ%DUFHORQDXQG 9DOHQFLD QXU JHULQJIJLJH VWUXNWXUHOOH 8QWHUVFKLHGH DXIZHLVHQ $XVVSUDFKH ]7 9HUEDO PRUSKRORJLH  'HU )DOO GHV 9DOHQFLDQLVFKHQ LVW HLQ 0XVWHUEHLVSLHO IU HLQH IDVW QXU SROL WLVFKLGHRORJLVFKEHGLQJWH9HUZHQGXQJGHV%HJULIIV6SUDFKH



'HU7XUPEDX]X%DEHO.DWDODQLVFK

7RWDODWHUUDHUDG¶XQDVRODOOHQJXDLG¶XQHVPDWHL[HVSDUDXOHV4XDQHOVKRPHVHPLJUDUHQ FDS D 2ULHQW WUREDUHQ XQD SODQXUD D OD WHUUD GH 6HQDDU L V¶KL HVWDEOLUHQ $OHVKRUHV HV GLJXHUHQHOVXQVDOVDOWUHV$XIHPPDRQVLFRJXHPORVDOIRF(OVPDRQVHOVVHUYLUHQGH SHGUDLHOEHWXPGHPRUWHU'HVSUpVGLJXHUHQ$XEDVWLPQRVXQDFLXWDWLXQDWRUUHHOFLP GHODTXDOWRTXLHOFHOLIHPQRVXQQRPSHUTXqQRVLJXHPGLVSHUVDWVSHUWRWDODWHUUD -DKYHKEDL[jSHUYHXUHODFLXWDWLODWRUUHTXHHOVILOOVGHO¶KRPHHVWDEHQFRQVWUXLQW, -DKYHKGLJXp9HWDTXtTXHWRWVSOHJDWVIDQXQVROSREOHLWHQHQXQVROSDUODULDL[zpVHO FRPHQoDPHQWGHOTXHIDUDQHQHQGDYDQWMDQRV¶HVWDUDQGHIHUFDSSURMHFWHTXHLPDJLQLQ $QHPEDL[HPLFRQIRQJXHPDOOtPDWHL[HOVHXSDUODUSHUTXqQRV¶HQWHQJXLQHQWUHHOOV -DKYHK HOV GLVSHUVj G¶DTXHOO LQGUHW SHU WRWD OD WHUUD L FHVVDUHQ GH FRQVWUXLUODFLXWDW 3HU DL[z V¶DQRPHQD %DEHO SHUTXq pV DOOt TXH -DKYHK YD FRQIRQGUH HO SDUODU GH WRWD OD WHUUDLpVG¶DOOtTXH-DKYHKHOVHVFDPSjSHUWRWDODVXSHUItFLHGHODWHUUD

 %LEOLD%DUFHORQD(G$OSKD

 'DV >O@ ZLUG LQ GHQ PHLVWHQ )lOOHQ DOV YHODUHV >O@ JHVSURFKHQ 'D GLH 9HUWHLOXQJ GHU $OORSKRQH >O@ XQG >O@ LQ XQVHUHU 7RQEDQGDXIQDKPH QLFKW V\VWHPDWLVLHUEDU LVW XQG GLH $Q JDEHQLQGHU/LWHUDWXUZLGHUVSUFKOLFKVLQGVFKUHLEHQZLUGXUFKJHKHQG>O@

 >WRW: O: W(U: H?: G XQ:V2O:iH1JZ:LGXQ:VP:WH6:VS:?DXO:VNZDQ:OV2P:V:PLJ?D?:Q NDS:X?LHQWUX%D?:QXQ:SO:QX?:DO:W(U:G:6HQDD?LVL:VWD%OL?:QDO:V2?:V:VGLJH?:Q:OV XQV:OVDOW?:VDXIHPP:RQVLNXJHPOXV:OI2N:OVP:RQV:OVV:UYL?:QG:SHG?:L:OE:WXQ G:PX?WHG:VS?HVGLJH?:QDXE:VWLPQXVXQ:VMXWDWLXQ:WRU::OVLPG:O:NZDOW2NL:OV(OL IHPQXVXQQ2PS:?N(QXVLJHPGLVS:?VDWVS:?WRW:O:W(U: M:%(E:6DS:?EHX?:O:VMXWDWLO:WRU:N::OVILiVG:O2P::VWD%:QNXQVW?XLQLM:%(GLJ(E(W :NLN:WRWVSO:JDWVIDQXQVROS2EEO:LWHQ:QXQVROS:?ODL:62HV:ONXP:QV:PHQG:ON: I:?DQ:Q:QG:%DQMDQXV:VW:?DQG:IHNDSS?XMHNW:N:LP:-LQLQ:QHPE:6HPLNX1IX1JHP :iLP:WH6:OVHXS:UODS:?N(QXV:QWH1JLQ:QW?:(iV@

  /LWHUDWXU .XKQ  /HEVDQIW  /GWNH  5|QWJHQ      $XIJDEHQ  'LH 6WHOOXQJGHV.DWDODQLVFKHQLQQHUKDOEGHUURPDQLVFKHQ6SUDFKHQLVWQRFKKHXWHXPVWULWWHQ PDQFKH VHKHQ JU|‰HUH $IILQLWlWHQ ]XP *DOORURPDQLVFKHQ VSH]LHOO ]XP 2N]LWDQLVFKHQ DQGHUH ]XP ,EHURURPDQLVFKHQ ,Q GHU 7DW KDW GDV .DWDODQLVFKH PLW EHLGHQ*HPHLQVDPNHLWHQZHVKDOE PDQPDQFKPDODXFKYRQHLQHU%UFNHQVSUDFKHVSULFKW D 6XFKHQ6LHLP7XUPEDX7H[WGUHL :|UWHU GLH GDV .DWDODQLVFKH PLW GHP )UDQ]|VLVFKHQ JHPHLQ KDW XQG GLH GDV 6SDQLVFKH QLFKW NHQQW VRZLH HLQH JUDPPDWLVFKH %HVRQGHUKHLW GLH .DWDODQLVFK XQG )UDQ]|VLVFK NHQQHQ LP 6SDQLVFKHQ DEHU QLFKW H[LVWLHUW  E  9HUYROOVWlQGLJHQ 6LH PLW +LOIH HLQHV ]ZHLVSUDFKLJHQ :|UWHUEXFKVGLHIROJHQGHQ5HLKHQ IU]VHL]H±VSGLHFLVHLV±NDW««««« IU]SHWLW±VSSHTXHxR±NDW««««« IU]PDQJHU±VSFRPHU±NDW«««««

IU]HQFRUH±VSWRGDYtD±NDW««««« IU]QXLW±VSQRFKH±NDW««««« 

  9HUJOHLFKHQ6LHGLHIROJHQGHQ:RUWSDDUH FLXWDW>VMX WDW@Ã6WDGWµ SOD> SOD@ÃHEHQµ SHGUD> S(G?:@ WHUUD> W(U:@ QRP> Q2P@ WRUUH> WRU:@ 

FLXWDGi>VMXW: GD@ÃVWlGWLVFKµ SODQXUD>SO: QX?:@ SHGUHWD>S: G?HW:@Ã6WHLQFKHQµ WHUUyV>W: URV@ÃLUGHQµ DQRPHQDU>:QXP: QD@ WRUUHWD>WX UHW:@Ã7UPFKHQµ

0DQ VLHKW GDVV VLFK GHU 9RNDO GHU %DVLV LQ GHU $EOHLWXQJ lQGHUW %HDQWZRUWHQ 6LH QXQ GLH IROJHQGHQ)UDJHQ D :HOFKH9RNDOYHUlQGHUXQJHQVLQG]XEHREDFKWHQ" E :DVLVWGHUDOOGLH VHQ 9HUlQGHUXQJHQ JHPHLQVDPH DXVO|VHQGH )DNWRU" F  :LH QHQQW PDQ HLQH VROFKH 9HUlQ GHUXQJ" G .DQQPDQGLHYLHOHQ=HQWUDOYRNDOH >:@DXFK6FKZDJHQDQQW GHU7UDQVNULSWLRQGHV 7XUPEDX7H[WHVDOV3URGXNWGLHVHVSKRQRORJLVFKHQ3UR]HVVHVDQVHKHQ"  $X‰HULQ.DWDORQLHQXQG9DOHQFLDVSULFKWPDQDXFKDXIGHQ%DOHDUHQXQGLQGHUIUDQ]|VLVFKHQ 5HJLRQ 5RXVVLOORQ NDW 5RVVHOOy  .DWDODQLVFK /HVHQ 6LH /GWNH  ±  ]XU GLDOHN WDOHQ *OLHGHUXQJ GHV .DWDODQLVFKHQ XQG EHDQWZRUWHQ 6LH IROJHQGH )UDJHQ D  ,VW GDV NDWDOD QLVFKH 6SUDFKJHELHW GLDOHNWDO VWDUN ]HUNOIWHW" E  :HOFKH EHLGHQ +DXSWGLDOHNWH ZHUGHQ XQWHU VFKLHGHQ" F :HOFKHPGHUEHLGHQ+DXSWGLDOHNWHJHK|UWXQVHU6SUHFKHUDQ":RUDQHUNHQQHQ6LH GLHV" G  :DUXP XQWHUVFKHLGHW VLFK GDV 5RVVHOORQHVLVFKH UHODWLY VWDUN YRQ GHQ EULJHQ NDWD ODQLVFKHQ'LDOHNWHQ"  D 'DV.DWDODQLVFKHKDWZLH]%DXFKGDV3RUWXJLHVLVFKHHLQYHODUHV>O@GKHLQ>O@EHLGHP GHUKLQWHUH7HLOGHV=XQJHQUFNHQVJHJHQGDV9HOXPDQJHKREHQZLUG.HQQHQ6LHDQGHUH6SUD FKHQ XQG 'LDOHNWH GLHHLQVROFKHV>O@KDEHQ" E /HVHQ6LHGHQ7XUPEDX7H[WDXVJHKHQGYRQ GHU7UDQVNULSWLRQ  7UDQVNULELHUHQ 6LH XQWHU =XKLOIHQDKPH GHV 7H[WHV XQG GHU $XIQDKPH GHQ OHW]WHQ $EVDW] GHV 7XUPEDX7H[WHV





 /HVHQ6LHGHQ$UWLNHOGHU6SDQLVFKHQ9HUIDVVXQJYRQ 7H[WXDLQ%HUVFKLQHWDO   XQG YHUJOHLFKHQ 6LH LKQ PLW GHP $UWLNHO  GHU /OHL GH SROtWLFD OLQJtVWLFD   KWWSZZZJHQFDWFDWSRUWDOVLWH/OHQJFDW"QHZ/DQJ HVB(6/LQNÄ/HJLVODFLyQOLQJtVWLFD³  .|QQHQ 6LH HLQHQ :LGHUVSUXFK ]ZLVFKHQ GHP ,QKDOW GLHVHV $UWLNHOV XQG GHQ VSUDFKHQUHFKWOL FKHQ%HVWLPPXQJHQGHU6SDQLVFKHQ9HUIDVVXQJDXVPDFKHQ"  /HVHQ 6LH /HEVDQIW  ±  XQG EHDQWZRUWHQ 6LH GLH IROJHQGHQ )UDJHQ D  :DV YHUVWHKW PDQ XQWHU ÄVXSUDGLDOHNWDOHU .RGLILNDWLRQ³" E  :HOFKH LVW GLH ZLFKWLJVWH VSUDFK SIOHJHULVFKH ,QVWLWXWLRQ LQ .DWDORQLHQ" F :DVYHUVWHKWPDQLQGHUNDWDODQLVFKHQ1RUPGLVNXV VLRQ XQWHU FDWDOj OLJKW XQG FDWDOj KHDY\" G  )U ZHOFKH 'RPlQH Q  LVW GDV &HQWUH GH 7HUPLQRORJLD&DWDODQD 7HUPFDW ]XVWlQGLJ" H :LHVFKlW]HQ6LHGLH0|JOLFKNHLWHQHLQHLQH 6SUDFKHZLHGDV.DWDODQLVFKHLQGLHVH%HUHLFKHHLQ]XIKUHQ"





(OIWH8QWHUULFKWVHLQKHLW

 :|UWHUEFKHU,,]ZHLVSUDFKLJH:|UWHUEFKHU  9RP*ORVVDU]XP:|UWHUEXFK 'DV]ZHLVSUDFKLJH:|UWHUEXFKLVWGHUlOWHVWH:|UWHUEXFKW\SXVLQGHU5RPDQLDHLQLJHGHU IUKHVWHQ 7H[WH GHU URPDQLVFKHQ 6SUDFKHQ YJO   ± GLH *ORVVDUH ± VLQG 9RUIRUPHQ ZHLO LQ LKQHQ XQEHNDQQWH E]Z QLFKW PHKU YHUVWDQGHQH ODWHLQLVFKH :|UWHU LQ GHU 9RONV VSUDFKHHUNOlUWZXUGHQ'LHHUVWHQ]ZHLVSUDFKLJHQ:|UWHUEFKHULPPRGHUQHQ9HUVWlQGQLV WDXFKHQ MHGRFK HUVW LP  XQG  -DKUKXQGHUW DXI XQG KDEHQ ]XQlFKVW /DWHLQ DOV $XV JDQJVVSUDFKHXQGGLHMHZHLOLJH9RONVVSUDFKHDOV=LHOVSUDFKH

 7\SRORJLH]ZHLVSUDFKLJHU:|UWHUEFKHU %HLHLQHPJHJHEHQHQ6SUDFKHQSDDU±]%'HXWVFK6SDQLVFK±N|QQHQMHQDFKGHU0XWWHU VSUDFKHGHV%HQW]HUVXQGQDFKGHUVSUDFKOLFKHQ$XIJDEHGLHPLWGHP:|UWHUEXFKEHZlO WLJWZHUGHQVROOLQGHU7KHRULHYLHU7\SHQXQWHUVFKLHGHQZHUGHQ

 D GDV +LQEHUVHW]XQJVZ|UWHUEXFK DXFK DNWLYHV :|UWHUEXFK  IU *HUPDQRSKRQH 'HXWVFKo6SDQLVFK  E GDV +HUEHUVHW]XQJVZ|UWHUEXFK DXFK SDVVLYHV :|UWHUEXFK  IU +LVSDQRSKRQH 'HXWVFKo6SDQLVFK  F GDV+HUEHUVHW]XQJVZ|UWHUEXFKIU*HUPDQRSKRQH 6SDQLVFKo'HXWVFK  G GDV+LQEHUVHW]XQJVZ|UWHUEXFKIU+LVSDQRSKRQH 6SDQLVFKo'HXWVFK 

 $XIJUXQGGHV.RPSHWHQ]JHIlOOHV]ZLVFKHQ0XWWHUXQG)UHPGVSUDFKHPVVWH±REZRKOGLH JOHLFKH hEHUVHW]XQJVULFKWXQJ YRUOLHJW ± HLQ GHXWVFKVSDQLVFKHV :|UWHUEXFK MH QDFK GHU 0XWWHUVSUDFKH GHV %HQW]HUV DQGHUV NRQ]LSLHUW VHLQ GHU 'HXWVFKVSUDFKLJH GHU LQV 6SD QLVFKHEHUVHW]WEUDXFKWPHKU,QIRUPDWLRQEHUGDV6SDQLVFKHGHU6SDQLVFKVSUDFKLJHGHU LQV 'HXWVFKH EHUVHW]W EUDXFKW PHKU ,QIRUPDWLRQ ]XP 'HXWVFKHQ ,Q GHU 3UD[LV UHGX]LHUW VLFK GLHVH 7\SRORJLH LQ GHU 5HJHO DXI ]ZHL )RUPHQ GLH DOOH YLHU REHQ EHVFKULHEHQHQ )XQNWLRQHQHUIOOHQVROOHQGDVVHOEHGHXWVFKVSDQLVFKHRGHUVSDQLVFKGHXWVFKH:|UWHUEXFK ZLUG LQ GHU 5HJHO YRQ $QJHK|ULJHQ GHU EHLGHQ 6SUDFKJUXSSHQ IU 6SUDFKSURGXNWLRQ IUHPGVSUDFKOLFKH 7H[WSURGXNWLRQ hEHUVHW]HQ LQ GLH )UHPGVSUDFKH  XQG 6SUDFKUH]HSWLRQ 9HUVWHKHQYRQIUHPGVSUDFKOLFKHQ7H[WHQXQGHYHQWXHOOhEHUVHW]HQLQGLH0XWWHUVSUDFKH  YHUZHQGHW

 'LH 6WlUNHQ GHU ]ZHLVSUDFKLJHQ :|UWHUEFKHU OLHJHQ HKHU LQ GHU SDVVLYHQ )XQNWLRQ GHQQ VLH HUP|JOLFKHQ JH]LHOWHV XQG UDVFKHV 1DFKVFKODJHQ YRQ XQEHNDQQWHQ IUHPGVSUDFK OLFKHQ :|UWHUQ )U GLH DNWLYH )XQNWLRQ WDXJHQ GLH H[LVWLHUHQGHQ ]ZHLVSUDFKLJHQ :|UWHU EFKHUKLQJHJHQQXUEHVFKUlQNW,P([WUHPIDOOZHUGHQGHP%HQW]HURKQH]XVlW]OLFKH,Q IRUPDWLRQPHKUHUHbTXLYDOHQWHDQJHERWHQEHUGHUHQ(LJQXQJIUHLQHQEHVWLPPWHQ.RQ WH[WHUZHJHQVHLQHUHLQJHVFKUlQNWHQIUHPGVSUDFKOLFKHQ.RPSHWHQ]QLFKWHQWVFKHLGHQNDQQ ,PPHU ZLHGHU NDQQ PDQ EHREDFKWHQ ZLH /HUQHU HLQIDFK GDV HUVWEHVWH bTXLYDOHQW IU HLQ EHVWLPPWHV PXWWHUVSUDFKOLFKHV :RUW DXVZlKOHQ RKQH LKU (UJHEQLV LP :|UWHUEXFK GHU DQGHUHQ 5LFKWXQJ E]Z LP HLQVSUDFKLJHQ :|UWHUEXFK ]X EHUSUIHQ 'LH ]ZHLVSUDFKLJHQ :|UWHUEFKHU YHUVXFKHQ GHP DE]XKHOIHQ LQGHP VLH 9HUZHQGXQJVNRQWH[WH IU GLH ]LHO VSUDFKOLFKHQbTXLYDOHQWHDQJHEHQXQGGDUDXIKLQZHLVHQGDVVDXVJDQJVVSUDFKOLFKH:|UWHU PHKUHUH %HGHXWXQJHQ PLW MH XQWHUVFKLHGOLFKHQ bTXLYDOHQWHQ KDEHQ N|QQHQ 9JO GHQ IROJHQGHQ$UWLNHODXVGHP3RQV*OREDOZ|UWHUEXFK'HXWVFK6SDQLVFK    JHVHW]OLFKDGMOHJDO UHFKWPl‰LJ OHJtWL PRaHU)HLHUWDJILHVWDRILFLDOaH5HJHOXQ JHQ%HVWLPPXQJHQUHJODPHQWRVQRUPDV OHJDOHV

 'XUFK GLH $QJDEH HLQHV 6\QRQ\PV YRQ JHVHW]OLFK ZLUG KLHU IU GHQ GHXWVFKVSUDFKLJHQ %HQW]HU NODU JHPDFKW GDVV HU IU VHLQH hEHUVHW]XQJ QLFKW XQWHUVFKLHGVORV ]X OHJDO RGHU OHJtWLPRJUHLIHQGDUI'LHKLHUIHWWJHGUXFNWHQ.ROORNDWLRQHQGLHQHQHEHQIDOOV]XU7H[WSUR GXNWLRQ LQ GHU )UHPGVSUDFKH GHV 'HXWVFKVSUDFKLJHQ GHU VSDQLVFKVSUDFKLJH %HQW]HU GHU GDV :|UWHUEXFK ]XP /|VHQ YRQ 7H[WYHUVWlQGQLVSUREOHPHQ EHQW]W EUDXFKW VLH KLQJHJHQ QLFKWXQEHGLQJWGDHUVLHSUREOHPORVHUVFKOLH‰HQNDQQ 

 (QWVSUHFKXQJ±hEHUVHW]XQJ±bTXLYDOHQW 'LH $QQDKPH GDVV ]ZHLVSUDFKLJH :|UWHUEFKHU GLH hEHUVHW]XQJ GHU /HPPDWD ELHWHQ JHK|UW ]X GHQ JUR‰HQ ,UUWPHUQ LP =XVDPPHQKDQJ PLW GLHVHP :|UWHUEXFKW\S ,Q :LUN OLFKNHLW LVW GHU 6WDWXV GHU GDUJHERWHQHQ bTXLYDOHQWH UHFKW XQWHUVFKLHGOLFK 'LHV ]HLJW HLQ %OLFNLQPHKUHUH]ZHLVSUDFKLJH:|UWHUEFKHUGHV6SUDFKHQSDDUV'HXWVFK6SDQLVFK



 DQVWDQGVKDOEHU =XNXQIWVPXVLN 6FKPHU]HQVJHOG

 

3RQV*OREDOZ|UWHU EXFK SRUGHFHQFLDSRU GHFRUR XWRStD>HVRVRQ@ FDVWLOORVHQHODLUH LQGHPQL]DFLyQSRU GDxRSHUVRQDO

/DQJHQVFKHLGW 6ODEê*URVVPDQQ 0LOOHQQLXPZ|UWHUEXFK SDUDJXDUGDUHOGHFRUR SDUDFRPSODFHUDDOJ SDUDJXDUGDUHOGHFRUR P~VLFDGHOIXWXUR P~VLFDGHOSRUYHQLU LQGHPQL]DFLyQSRU GDxRSHUVRQDO

LQGHPQL]DFLyQSRU GDxRSHUVRQDO





:LHPDQVLHKWJLEWHV]%IUDQVWDQGVKDOEHUXQG=XNXQIWVPXVLNQLFKWGDVULFKWLJHbTXL YDOHQWGLH:|UWHUEFKHUELHWHQVSDQLVFKH8PVFKUHLEXQJHQGHUGHXWVFKHQ%HJULIIHDQZLH PDQ GLHVH LP (LQ]HOIDOO GDQQ ZLUNOLFK EHUVHW]W KlQJW YRP .RQWH[W DE $X‰HUGHP VLQG DXFK QRFK DQGHUH LQ GHQ :|UWHUEFKHUQ QLFKW YHU]HLFKQHWH hEHUVHW]XQJHQ GHQNEDU %HL 6FKPHU]HQVJHOGSUlVHQWLHUWVLFKGLH6DFKHDQGHUV'DHVVLFKXPHLQHQMXULVWLVFKHQ)DFKEH JULIIKDQGHOWLVWHVQLFKWHUVWDXQOLFKGDVVGLH(UJHEQLVVHLGHQWLVFKDXVIDOOHQGHP7HUPLQXV LP'HXWVFKHQVWHKWHLQ7HUPLQXVLP6SDQLVFKHQJHJHQEHU )DVVHQ ZLU ]XVDPPHQ =ZHLVSUDFKLJH :|UWHUEFKHU ELHWHQ LQ GHU 5HJHO PHKUHUH P|JOLFKH hEHUVHW]XQJHQ GHU DXVJDQJVVSUDFKOLFKHQ /HPPDWDDQ-HK|KHUGLH6SUDFKNRP SHWHQ]GHV%HQW]HUVGHVWRJU|‰HUGLH&KDQFHGDVVGDV]XPMHZHLOLJHQ.RQWH[WSDVVHQGH bTXLYDOHQWDXVJHZlKOWZLUG $QJHVLFKWVGHU)OOHDXIGHP0DUNWEHILQGOLFKHUEUDXFKEDUHU:|UWHUEFKHUEHUXKWXQ VHUH (PSIHKOXQJ JH]ZXQJHQHUPD‰HQ QLFKW QXU DXI 4XDOLWlWVNULWHULHQ LQVEHVRQGHUH GHU 8PIDQJ GHU 0DNURVWUXNWXU EHLP ]ZHLVSUDFKLJHQ SDVVLYHQ :|UWHUEXFK  VRQGHUQ VSLHJHOW DXFKSHUV|QOLFKH9RUOLHEHQZLGHU(LQLJHGHUJHQDQQWHQ:|UWHUEFKHUVLQGDXFKLQHOHNWUR QLVFKHU)RUP±LP,QWHUQHWRGHUDOV&'±YHUIJEDU

 )UDQ]|VLVFK  *5$33,13LHUUH  'LFWLRQQDLUHJpQpUDOIUDQoDLVDOOHPDQGDOOHPDQGIUDQoDLV3DULV/DURXVVH

 ,WDOLHQLVFK  5(,1,1*(5 $QWRQ&,&2,5$ )DEUL]LR HW DO   /DQJHQVFKHLGWV +DQGZ|UWHUEXFK ,WDOLHQLVFK 'HXWVFK'HXWVFK,WDOLHQLVFK%HUOLQ/HLS]LJ/DQJHQVFKHLGW

 6SDQLVFK  6/$%é 5XGROI -*52660$11 5XGROI,//,* &DUORV   :|UWHUEXFK GHU VSDQLVFKHQ XQG GHXWVFKHQ6SUDFKH%GH/HLS]LJ:LHVEDGHQ7DXFKQLW]%UDQGVWlWWHU 3RQV*OREDOZ|UWHUEXFK  'HXWVFK6SDQLVFK6SDQLVFK'HXWVFK%GH6WXWWJDUWHWF.OHWW

 3RUWXJLHVLVFK  +2(31(5 /XW].2//(57 &257(6 $QD 0DULD   /DQJHQVFKHLGWV 7DVFKHQZ|UWHUEXFK 3RU WXJLHVLVFK'HXWVFK'HXWVFK3RUWXJLHVLVFK%HUOLQ/HLS]LJ/DQJHQVFKHLGW 'LFLRQiULRGH$OHPmR3RUWXJXrVH3RUWXJXrV$OHPmR  3RUWR3RUWR(GLWRUD

 5XPlQLVFK  ,/,(6&8 0DULD520$1 $OH[DQGUX   :|UWHUEXFK 5XPlQLVFK'HXWVFK 'HXWVFK5XPlQLVFK /HLS]LJ9HUODJ(Q]\NORSlGLH 7,.7,1 +DULWRQ ±  5XPlQLVFKGHXWVFKHV :|UWHUEXFK  EHUDUEHLWHWH XQG HUJlQ]WH $XIODJHYRQ3DXO0LURQ%GH:LHVEDGHQ+DUUDVVRZLW]

  /LWHUDWXU +DXVPDQQ  +DXVPDQQ:HUQHU  

 $XIJDEHQ  /HVHQ 6LH +DXVPDQQ   XQG VXFKHQ 6LH LQ GHU ,QVWLWLWXWV)DFKELEOLRWKHN ]X GHQ DXIJH ]lKOWHQ 7\SHQ YRQ :|UWHUEFKHUQ GDV MHZHLOV P|JOLFKVW EHVWH ([HPSODU IU ,KUH URPDQLVFKH 6SUDFKH /HJHQ 6LH GHU/LVWHGDVIROJHQGH2UGQXQJVSULQ]LS]XJUXQGH7\SGHV:|UWHUEXFKV± 1DPHGHV9HUIDVVHUV±7LWHO±6LJQDWXU%HGHQNHQ6LHEHLGHU*HVWDOWXQJGLHVHUhEHUVLFKWGDVV 6LHJHUDGHHLQHLQGLYLGXHOOH$UEHLWVXQWHUODJHVHOEVW]XVDPPHQVWHOOHQDXIGLH6LHZlKUHQG,KUHV JHVDPWHQ6WXGLXPV]XUFNJUHLIHQZHUGHQ  D 6XFKHQ6LHMHGUHL%HLVSLHOHYRQ6\QRQ\PHQ$QWRQ\PHQXQG+RPRQ\PHQDXV,KUHUURPD QLVFKHQ6SUDFKH E $XVZHOFKHQJULHFKLVFKHQ(OHPHQWHQEHVWHKHQGLHGUHLLQ D DQJHIKUWHQ )DFKDXVGUFNH"  )UDJHQ6LH]HKQ3HUVRQHQZLHVLHGLHIROJHQGHQ6\QWDJPHQVSRQWDQIRUWVHW]HQZUGHQDXIGHP 6WDQGSXQNW « HLQ VDWWVDP « EHU 6WRFNXQG«HLQOXNUDWLYHV«HUIDVVWHVLFKHLQ«HLQ GHQNEDU « VLFK QLFKW PLW VROFKHQ .OHLQLJNHLWHQ « NHLQH .RPSURPLVVH « VLFK DXI HLQ *HVFKlIW « GLH 9RUUlWH JHKHQ « %HL ZHOFKHQ :HQGXQJHQ HUJHEHQ VLFK GLH JU|‰WHQ hEHU HLQVWLPPXQJHQ":RUDXIOlVVWGLHVVFKOLH‰HQ"  /HVHQ 6LH GLH (LQOHLWXQJ YRQ ) - +DXVPDQQ ]X /DQJHQVFKHLGWV .RQWH[WZ|UWHUEXFK )UDQ]| VLVFK'HXWVFK%HUOLQ0QFKHQXQGEHDQWZRUWHQ6LHGLHIROJHQGHQ)UDJHQ D :LHIUHLLVW GHU :RUWJHEUDXFK" E  :DUXP LVW GDV :|UWHUEXFK QDFK 6XEVWDQWLYHQ DQJHRUGQHW" F  :DV XQWHUVFKHLGHW.ROORNDWLRQHQYRQ5HGHZHQGXQJHQ"  /HVHQ 6LH $OEUHFKW -|UQ   Ä6\QWDJPDWLN LP :|UWHUEXFK³ ,Q )RUVWQHU 0 +J  )HVWJDEH IU +DQV5XGROI 6LQJHU )UDQNIXUW%HUQ1HZ XH@XQG>LH@ F %HZDKUXQJE]Z$XIJDEHGHU2SSRVLWLRQY±E 'D]XPVVHQ6LHGLH.DUWHQDEXHOR  $9,1/8 FDEDOOR &$%$//8 FXHUR  &15,8   GLHQWH  ''17(  GHV $/3, $WODV OLQJtVWLFR GH OD 3HQtQVXOD ,EpULFD  NRQVXOWLHUHQ +LQZHLV 'LH $XIJDEH GHU 2SSRVLWLRQ Y±E NRUUHOLHUW PLW GHU IULNDWLYHQ 5HDOL VLHUXQJGHVODWLQWHUYRNDOLVFKHQ%  



'UHL]HKQWH8QWHUULFKWVHLQKHLW



.RUSRUD

 .RUSXVOLQJXLVWLN 'HP 6SUDFKZLVVHQVFKDIWOHU VWHKHQ JUXQGVlW]OLFK VHKU XQWHUVFKLHGOLFKH 'DWHQW\SHQ ]XU 9HUIJXQJ XP 6SUDFKVWUXNWXU XQG 6SUDFKJHEUDXFK ]X XQWHUVXFKHQ (LQ 0XWWHUVSUDFKOHU HWZD NDQQ VHLQ Ä6SUDFKJHIKO³ GXUFK ,QWURVSHNWLRQ EHIUDJHQ 'DV 6SUDFKJHIKO HUODXEW ]% HLQHP NRPSHWHQWHQ 6SUHFKHU GHV 'HXWVFKHQ ]X HQWVFKHLGHQ GDVV GHU 6DW] 'LHVH %lXPHVLQGIDOOEDUNHLQP|JOLFKHUGHXWVFKHU6DW]LVW'DVVHOEH6SUDFKJHIKOZLUGGHQVHKU lKQOLFKHQ 6DW] 'LHVH %lXPH VLQG IlOOEDU KLQJHJHQ DN]HSWDEHO ILQGHQ REZRKO IlOOEDU JH QDXVR ZHQLJ ZLH IDOOEDU HLQ EOLFKHV :RUW GHV 'HXWVFKHQ LVW 'DV XQWHUVFKLHGOLFKH8UWHLO NDQQGDKHUQLFKWDXIGHP%HNDQQWKHLWVJUDGGHUEHLGHQ:|UWHUEHUXKHQVRQGHUQPXVVDXI GDV :LVVHQ GLHVHU 6SUHFKHU EHU GHQ *HEUDXFK GHV 6XIIL[HV EDU ]XUFNJHIKUW ZHUGHQ 6ROFKH $N]HSWDELOLWlWVXUWHLOH VLQG YRQ XQVFKlW]EDUHP :HUW IU GLH VSUDFKZLVVHQVFKDIWOL FKH)RUVFKXQJVSH]LHOOZHLOVLHDXFK$XVVDJHQEHU1LFKW0|JOLFKHVHUP|JOLFKHQ'DQH EHQKDWGLHLQWURVSHNWLYH0HWKRGHDEHUDXFKHLQLJHJUDYLHUHQGH1DFKWHLOHVLHVWHKWQXUGHP 0XWWHUVSUDFKOHURIIHQ GHU1LFKW0XWWHUVSUDFKOHUNDQQQDWUOLFK0XWWHUVSUDFKOHUEHIUDJHQ  NDQQOHLFKWGXUFKGDV(UNHQQWQLV]LHOEHHLQIOXVVWZHUGHQ PDQILQGHWHLQHQ6DW]DN]HSWDEOHU ZHQQ GLHV GLHHLJHQH7KHRULHEHVWlWLJW HUIDVVWQLFKWGLHJDQ]H9DULDELOLWlWGHV6SUDFKJH EUDXFKVLQHLQHU6SUDFKJHPHLQVFKDIWXQGLVWQLFKWDXIYHUJDQJHQH6SUDFKVWDGLHQDQZHQGEDU 'DKHUVWW]HQVLFK6SUDFKZLVVHQVFKDIWOHUDXFKKlXILJHUDXIHIIHNWLYJHWlWLJWHVSUDFKOLFKH bX‰HUXQJHQ:HQQHLQH6DPPOXQJVROFKHUbX‰HUXQJHQ±ZRUXQWHUPDQLQGHU6SUDFKZLV VHQVFKDIWDXFK7H[WHYHUVWHKW±V\VWHPDWLVFKHQ&KDUDNWHUKDWVSULFKWPDQYRQHLQHP&RU SXV 3O&RUSRUD RGHUHLQJHGHXWVFKW.RUSXV 3O.RUSRUD (LQDOWHV.RUSXVGDVIUGLH (UIRUVFKXQJ GHV 9XOJlUODWHLQV ZLFKWLJ ZDU XQG LVW LVW HWZD GDV &,/ GDV &RUSXV LQVFULSWLRQXPODWLQDUXPGLH6DPPOXQJODWHLQLVFKHU,QVFKULIWHQ'D6WHLQPHW]HZHQLJJH ELOGHWH /HXWH ZDUHQ HQWKDOWHQ ,QVFKULIWHQ YLHOH YRONVVSUDFKOLFKH =JH XQG GLH ]7 EH VWLPPEDUH UlXPOLFKH XQG ]HLWOLFKH 9HUWHLOXQJ GHU ,QVFKULIWHQ OlVVW PDQFKPDO ZHUWYROOH $XIVFKOVVHEHUGLHUlXPOLFKHXQG]HLWOLFKH9HUWHLOXQJGHUGDULQHQWKDOWHQHQYRONVVSUDFK OLFKHQ3KlQRPHQH]X'XUFKGLHDOOJHPHLQH9HUIJEDUNHLWYRQ&RPSXWHUQXQGGLHHQRUPH 6WHLJHUXQJ YRQ GHUHQ /HLVWXQJVIlKLJNHLW VSH]LHOO VHLW GHQ DFKW]LJHU -DKUHQ GHV  -DKU KXQGHUWV KDW GLH 9HUZHQGXQJ YRQ .RUSRUD LQ GHU OLQJXLVWLVFKHQ )RUVFKXQJ HLQHQ JUR‰HQ $XIVFKZXQJ HUOHEW $OV 6DPPHOQDPH IU DOOH NRUSXVEDVLHUWHQ OLQJXLVWLVFKHQ $NWLYLWlWHQ   

 .RUSXVEDVLHUWH 8QWHUVXFKXQJHQ JDE HV QDWUOLFK DXFK VFKRQ YRU GHP &RPSXWHU]HLWDOWHU 'XUFK GHQ&RPSXWHULVWHVQXUZHVHQWOLFKHLQIDFKHUJHZRUGHQJUR‰H.RUSRUDV\VWHPDWLVFKHU]XXQWHU VXFKHQ

 KDWVLFKGHU$XVGUXFN.RUSXVOLQJXLVWLNHWDEOLHUW,QGHU)ROJHVROONXU]EHVFKULHEHQZHU GHQZLH.RUSRUDLQGHUOLQJXLVWLVFKHQ)RUVFKXQJKHXWHHLQJHVHW]WZHUGHQ $P QW]OLFKVWHQ VLQG NRUSXVEDVLHUWH 8QWHUVXFKXQJHQ IU GDV 6WXGLXP GHV 6SUDFKJH EUDXFKV$QVWDWWQXU]XIUDJHQREHLQ:RUWE]ZHLQHEHVWLPPWHVSUDFKOLFKH6WUXNWXUP|J OLFKLVWXQWHUVXFKWPDQZLHRIWGLHVHVLP.RUSXVE]ZLQYHUVFKLHGHQHQ7HLONRUSRUDYRU NRPPW (LQH DXI GLH 6SUDFKVWUXNWXU NRQ]HQWULHUWH 8QWHUVXFKXQJ GHV 3DVVLYVDW]HV ZLUG ]%EHVFKUHLEHQZLHXQGPLWZHOFKHQ9HUEHQGLHVHULQHLQHUEHVWLPPWHQ6SUDFKHJHELOGHW ZLUGZlKUHQGHLQHDXIGHQ6SUDFKJHEUDXFKNRQ]HQWULHUWH NRUSXVOLQJXLVWLVFKH 8QWHUVX FKXQJ]%GHU)UDJHQDFKJHKHQZLUGLQZHOFKHQ7H[WVRUWHQ3DVVLYVlW]HPLWZHOFKHU+lX ILJNHLWYRUNRPPHQRGHUREVLFKLP/DXIHGHU=HLW9HUVFKLHEXQJHQLQGHU$QZHQGXQJVKlX ILJNHLWHUJHEHQKDEHQ,QHLQHP]ZHLWHQ6FKULWWZLUGGDQQRIWXQWHUVXFKWREDQGHUH3KlQR PHQHHLQHlKQOLFKH9HUWHLOXQJDXIZHLVHQ'DEHLNDQQHVVLFKXPDQGHUHVSUDFKOLFKH3KlQR PHQH ZLH 6DW]PXVWHU 7H[WVRUWHQ XVZ RGHU DEHU XP DX‰HUVSUDFKOLFKH )DNWRUHQ ZLH +HU NXQIW *HVFKOHFKW XVZ GHU 6SUHFKHU6FKUHLEHU RGHU .RPPXQLNDWLRQV]LHO KDQGHOQ 'LH ,Q %H]XJ6HW]XQJGHUNRQVWDWLHUWHQ+lXILJNHLWVYHUWHLOXQJHQQLPPWGDEHLPHLVWGLH)RUPHLQHU IXQNWLRQDOHQ(UNOlUXQJDQHLQHVROFKHYHUVXFKWGDV9RUKDQGHQVHLQYRQ:RUW6WUXNWXU$ GDPLW ]X HUNOlUHQ RGHU ZHQLJHU SUlWHQWL|V JHVDJW ]XPRWLYLHUHQGDVV$]XU5HDOLVLHUXQJ GHU)XQNWLRQ%GLHQW(LQ9HUJOHLFKYRQ'LDORJHQXQGZLVVHQVFKDIWOLFKHQ7H[WHQHWZDHU JLEW GDVV OHW]WHUH ZHVHQWOLFK PHKU 3DVVLYVlW]H HQWKDOWHQ 'LHVHU 8PVWDQG ZLUG IXQNWLRQDO HUNOlUW LQGHP PDQ GDUDXI KLQZHLVW GDVV 3DVVLYVlW]H HUODXEHQ GHQ +DQGHOQGHQ DXV]X EOHQGHQ XQG GLH $XVEOHQGXQJ GHV +DQGHOQGHQ GK GHV )RUVFKHUV IU ZLVVHQVFKDIWOLFKH 7H[WH EHVRQGHUV DQJHPHVVHQ LVW ,Q GHU )ROJH ZROOHQ ZLU DQKDQG YRQ HLQLJHQ %HLVSLHOHQ YHUDQVFKDXOLFKHQ ]X ZHOFKHU $UW YRQ VSUDFKZLVVHQVFKDIWOLFKHQ 8QWHUVXFKXQJHQ .RUSRUD KHXWHXDHLQJHVHW]WZHUGHQN|QQHQ *DQ]RIIHQVLFKWOLFKLVWGHU1XW]HQYRQ.RUSRUDIUGLH/H[LNRORJLHXQG/H[LNRJUDSKLH 6RJHQDQQWH.RQNRUGDQ]SURJUDPPHHUODXEHQVFKQHOODOOH9RUNRPPHQHLQHV:RUWHVE]Z HLQHU:RUWIRUPLQHLQHP.RUSXV]XVDPPHQ]XVWHOOHQXQGPLWHLQHPPLQLPDOHQ.RQWH[WLQ /LVWHQIRUPDXV]XGUXFNHQ'DPLWNDQQPDQ$QWZRUWHQDXIIUGHQ/H[LNRJUDSKHQZLFKWLJH )UDJHQ ZLH GLH IROJHQGHQ HUKDOWHQ :LH KlXILJ LVW GDVEHVDJWH:RUW":LHKlXILJVLQGGLH HLQ]HOQHQ9HUZHQGXQJHQHLQHVEHVWLPPWHQ:RUWHV"0LWZHOFKHQDQGHUHQ:|UWHUQWULWWGDV :RUW EHVRQGHUV KlXILJ JHPHLQVDP DXI" 'XUFK JHWUHQQWH $XVZHUWXQJ YHUVFKLHGHQHU .RU SRUD RGHU 7HLONRUSRUD NDQQ PDQ ZHLWHUV X8 HLQH $QWZRUW DXI GLH )UDJH HUKDOWHQ LQ ZHOFKHQ7H[WVRUWHQHLQEHVWLPPWHV:RUWE]ZHLQHEHVWLPPWH9HUZHQGXQJEHVRQGHUVKlX ILJYRUNRPPWRGHUZLHVLFKVHLQH*HEUDXFKVKlXILJNHLWLQ$EKlQJLJNHLWYRQ7H[WVRUWHQLP /DXIHGHU=HLWHQWZLFNHOWKDW$OOGLHVH,QIRUPDWLRQHQVLQGQDWUOLFKDXFKEHLGHU%HVFKUHL EXQJGHU%HGHXWXQJHQXQGGHV9DOHQ]YHUKDOWHQVHLQHV:RUWHVHLQHJUR‰H+LOIH .RUSXVXQWHUVXFKXQJHQHUODXEHQDXFKGLH8QWHUVFKLHGHLP*HEUDXFKYRQDXIGHQHUVWHQ %OLFNV\QRQ\PHQ:|UWHUQZLHHQJOVPDOOXQGOLWWOHSUl]LVHKHUDXV]XDUEHLWHQ.RQNRUGDQ] SURJUDPPHVWW]HQVLFKEHLLKUHU6XFKHOHGLJOLFKDXIGLH)RUPXQGVLQGQLFKWLQGHU/DJH IRUPJOHLFKH :|UWHU E]Z :RUWIRUPHQ PLW XQWHUVFKLHGOLFKHU %HGHXWXQJ DXVHLQDQGHU]XKDO WHQ 6LHZHUGHQGDKHUGDVIUDQ]|VLVFKH6XEVWDQWLYFKDVVHXQGGLH9HUEIRUP LO FKDVVHLQ HLQHU HLQ]LJHQ /LVWH YHUHLQHQ ZDV HLQH KlQGLVFKH 1DFKEHDUEHLWXQJ GHU /LVWH QRWZHQGLJ





PDFKW:LOOPDQGLHVYHUPHLGHQVRPXVVPDQHLQDQQRWLHUWHV.RUSXV HQJOWDJJHGFRU SXV  YHUZHQGHQ GK HLQ .RUSXV LQ GHP GLH HLQ]HOQHQ :|UWHU HLQHQ +LQZHLV DXI LKUH :RUWDUWRGHUDXFKQRFKZHLWHUHJUDPPDWLNDOLVFKH.DWHJRULHQHQWKDOWHQ HWZDFKDVVH1YV FKDVVH9  7HFKQLVFK VFKZLHULJHU ]X EHZHUNVWHOOLJHQ VLQG 8QWHUVXFKXQJHQ REHUKDOE GHU :RUW HEHQHGD.RQNRUGDQ]SURJUDPPHQXU)RUPHQQLFKWDEHUJUDPPDWLNDOLVFKH6WUXNWXUHQHU NHQQHQ N|QQHQ ,Q VROFKHQ )lOOHQ LVW HV PHLVW QRWZHQGLJ HLJHQH &RPSXWHUSURJUDPPH ]X VFKUHLEHQ XP GLH HQWVSUHFKHQGHQ 6WUXNWXUHQ ILQGHQ ]X N|QQHQ 'HU 1XW]HQ YRQ .RUSXV XQWHUVXFKXQJHQLP%HUHLFKGHU*UDPPDWLNEHVWHKWYRUDOOHPGDULQGDVVPDQGLH+lXILJNHLW YRQJUDPPDWLNDOLVFKHQ6WUXNWXUHQLQ$EKlQJLJNHLWYRQ7H[WVRUWHQEHVWLPPHQXQGVRGHUHQ HIIHNWLYHQ*HEUDXFKSUl]LVHUEHVFKUHLEHQNDQQDOVGLHVLQWURVSHNWLYRGHUGXUFK%HIUDJXQJ YRQ 0XWWHUVSUDFKOHUQ P|JOLFK ZlUH 6R NDQQ PDQ ]% DXI GLHVH :HLVH GDV JHQDXH 9HU KlOWQLVYRQ$NWLYXQG3DVVLYVlW]HQRGHUYRQYHUEDOHQXQGQRPLQDOHQ$XVGUXFNVIRUPHQLQ YHUVFKLHGHQHQ 7H[WVRUWHQ HUPLWWHOQ 6ROFKH $QJDEHQ EHU GHQ HIIHNWLYHQ *HEUDXFK VLQG DXFK IU GHQ6SUDFKXQWHUULFKWYRQJUR‰HP,QWHUHVVHGDHVIUHLQHQ6SUDFKOHUQHUMDQLFKW QXUGDUXPJHKW6WUXNWXUHQ]XPHLVWHUQVRQGHUQDXFKGDUXPGLHVHVLWXDWLRQVJHUHFKWHLQ]X VHW]HQ 6FKOLH‰OLFK N|QQHQ .RUSXVXQWHUVXFKXQJHQ DXFK IUXFKWEULQJHQG ]XU &KDUDNWHULVLHUXQJ YRQ 7H[WHQ XQG 7H[WVRUWHQ E]Z 'LVNXUVHQ HLQJHVHW]W ZHUGHQ 'LHVH )RUVFKXQJVULFKWXQJ KHL‰W'LVNXUVDQDO\VH YJOGLHhEHUVLFKWLQ6FKLIIULQHWDO 'LVNXUVDQDO\WLVFKH8Q WHUVXFKXQJHQ PVVHQ QLFKW XQEHGLQJW PLW NRUSXVOLQJXLVWLVFKHQ 0LWWHOQ XQG TXDQWLWDWLYHQ 0HWKRGHQ DUEHLWHQ GRFK HUODXEW GHU (LQVDW] YRQ .RUSRUD XQG &RPSXWHUQ %HUHFKQXQJHQ GLHLQGLHVHU.RPSOH[LWlWEHLKlQGLVFKHU$XV]lKOXQJQXUVFKZHUP|JOLFKZlUHQ(VJHKWEHL VROFKHQ8QWHUVXFKXQJHQGDUXPIUEHVWLPPWH7H[WH7H[WVRUWHQRGHU'LVNXUVIRUPHQW\SL VFKH 0HUNPDOH E]Z 0HUNPDOEQGHO ]X HUXLHUHQ ZDV QDWUOLFK LPPHU GHQ 9HUJOHLFK PLW DQGHUHQ7H[WHQ7H[WVRUWHQRGHU'LVNXUVIRUPHQLPSOL]LHUW'LH$XVVDJHNUDIWGHU5HVXOWDWH VWHLJWPLWGHU$Q]DKOGHU]XJUXQGHJHOHJWHQ7H[WHXQGGHUDQDO\VLHUWHQ9DULDEOHQ6RNDQQ PDQDXIGLHVH:HLVHHWZDIHVWVWHOOHQGDVVDNDGHPLVFKH7H[WHVLFKJHJHQEHU(U]lKOXQJHQ RGHUXPJDQJVVSUDFKOLFKHQ'LDORJHQGXUFKHLQHQEHWUlFKWOLFKK|KHUHQ3UR]HQWVDW]YRQ6XE VWDQWLYHQ 1RPLQDOLVLHUXQJHQ 3DVVLY .DXVDO XQG 5HODWLYVlW]HQ HLQH GHXWOLFK JU|‰HUH 6DW]OlQJHXVZXQGJOHLFK]HLWLJGXUFKHLQHQEHWUlFKWOLFKQLHGULJHUHQ3UR]HQWVDW]YRQ,PSH UDWLYHQ)UDJHVlW]HQ3HUVRQDOSURQRPLQDGHU3HUVRQXVZDXV]HLFKQHQ'XUFKVWDWLVWLVFKH 7HFKQLNHQ LVW HV P|JOLFK %QGHO YRQ 0HUNPDOHQ ]X LGHQWLIL]LHUHQ GLH GD]X WHQGLHUHQ JHPHLQVDP LQ 7H[WVRUWHQ DXI]XWUHWHQ ,Q HLQHP ZHLWHUHQ 6FKULWW LVW HV PHLVW XQVFKZHU P|JOLFK GLH IHVWJHVWHOOWHQ 0HUNPDOVEQGHO IXQNWLRQDO ]X HUNOlUHQ GK GXUFK GHQ =ZHFN XQGGLHVSH]LILVFKHQ$QZHQGXQJVEHGLQJXQJHQGHUMHZHLOLJHQ7H[WVRUWH]XPRWLYLHUHQ'LH $QDO\VHQ ODVVHQ VLFK QDWUOLFK EHOLHELJ YHUIHLQHUQ LQGHP PDQ ]% 7H[WH YHUVFKLHGHQHU ZLVVHQVFKDIWOLFKHU'LV]LSOLQHQPLWHLQDQGHUYHUJOHLFKWRGHUDEHUEHVWLPPWH7HLOHYRQ7H[WHQ ZLH (LQOHLWXQJ RGHU +DXSWWHLO 1DWUOLFK ZLUG PDQ ]% LQ HLQHP JHVFKLFKWVZLVVHQVFKDIW  



 'LH $QQRWLHUXQJ YRQ .RUSRUD JHVFKLHKW GXUFK HLJHQH &RPSXWHUSURJUDPPH GLH QRUPDOHUZHLVH EHUGHU:|UWHUULFKWLJDQDO\VLHUHQ

 OLFKHQ7H[WHLQHQDQGHUHQ7HPSXVJHEUDXFKIHVWVWHOOHQDOVLQHLQHP$UWLNHODXVGHP*HELHW GHU &KHPLH =X GHQ HUVWHQ $QZHQGXQJHQ GHV &RPSXWHUV LP %HUHLFK GHU 'LVNXUVDQDO\VH JHK|UWHQ EULJHQV OLWHUDWXUZLVVHQVFKDIWOLFKH $UEHLWHQ ]XP 6WLO HLQ]HOQHU $XWRUHQ VSH]LHOO PLWGHU$EVLFKWGLH=XVFKUHLEXQJDQRQ\PHU:HUNHDXIHLQHVLFKHUHUH%DVLV]XVWHOOHQ $OOHDQJHVSURFKHQHQOLQJXLVWLVFKHQ$QDO\VHQOLH‰HQVLFKLP*UXQGHDXFKRKQHGHQ(LQ VDW]YRQ&RPSXWHUQGXUFKIKUHQXQGLQGHU7DWZXUGHQYLHOHGHU)UDJHQMDDXFKLQIUKHUHU =HLWGXUFKDXVJHGHKQWHKlQGLVFKH$XV]lKOXQJHQEHDUEHLWHW'HU0HKUZHUWGHQGLH.RUSXV OLQJXLVWLNJHEUDFKWKDWEHVWHKWDOVRZHQLJHULQJUXQGOHJHQGQHXHQ(LQVLFKWHQDOVYLHOPHKU LQHLQHUJU|‰HUHQ3Ul]LVLRQGHU%HVFKUHLEXQJHQXQGKlXILJLQHLQHUEHWUlFKWOLFKHQ=HLWXQG $UEHLWVHUVSDUQLV 'LH %HDQWZRUWXQJ PDQFKHU )UDJHQ LVW DOOHUGLQJV ZLUNOLFK HUVW GXUFK GLH 9HUIJEDUNHLWHOHNWURQLVFKHU.RUSRUDP|JOLFKJHZRUGHQGDRKQHGLHVHGHU$UEHLWVDXIZDQG HLQIDFK]XJUR‰JHZHVHQZlUH

 5RPDQLVFKH.RUSRUD (OHNWURQLVFKH .RUSRUD ZHUGHQ LQ GHU URPDQLVWLVFKHQ )RUVFKXQJ EHUHLWV VHLW HLQLJHQ -DKU ]HKQWHQYHUZHQGHWGXUFKGLHIOlFKHQGHFNHQGH9HUEUHLWXQJGHV3&VXQGDQGHUHUHOHNWURQL VFKHU+LOIVPLWWHOKDWLKU(LQVDW]MHGRFKZLHVFKRQHUZlKQWVHLWGHQDFKW]LJHU-DKUHQHQRUP ]XJHQRPPHQXQGZLUGHVLQ=XNXQIWZRKOQRFKZHLWHUWXQ (VNDQQKLHUQLFKWGDUXPJHKHQDOOHURPDQLVFKHQ.RUSRUDDXI]XOLVWHQRGHUJDUHLQ]HOQ ]X EHVSUHFKHQ )U HLQHQ HUVWHQ =XJDQJ VHL GHU /HVHU DXI *DEULHO HW DO   RGHU DXI KWWSZZZVIEXQLWXHELQJHQGHFFRUSOLQJKWPOYHUZLHVHQ 1HEHQGHQ]DKOUHLFKHQ.RUSRUDGLHVSH]LHOOIUEHVWLPPWHOLQJXLVWLVFKH)UDJHVWHOOXQJHQ ]XVDPPHQJHVWHOOWZXUGHQVLQGIUGHQ/LQJXLVWHQDEHUDXFK.RUSRUDYRQ,QWHUHVVHGHUHQ SULPlUH =LHOVHW]XQJ QLFKW OLQJXLVWLVFKHU 1DWXU LVW 'DUXQWHU IDOOHQ HWZD YLD ,QWHUQHW RGHU GXUFKFGURPV]XJlQJOLFKH6DPPOXQJHQOLWHUDULVFKHU7H[WHZLH)5$17(;7IUGDV)UDQ ]|VLVFKH/,= /HWWHUDWXUD,WDOLDQD=DQLFKHOOL IUGDV,WDOLHQLVFKHRGHU&25'(XQG&5($ IU GDV 6SDQLVFKH ]X ILQGHQ XQWHU KWWSZZZUDHHV  :HLWHUV HUVFKHLQHQ VHLW EHU HLQHP -DKU]HKQW DXFK YRQ PHKUHUHQ =HLWXQJHQ MlKUOLFK FGURPV PLW DOOHQ SXEOL]LHUWHQ 7H[WHQ 'LHVHLQHUVWHU/LQLHIU-RXUQDOLVWHQNRQ]LSLHUWHQ.RUSRUDELHWHQGHQ9RUWHLOGHU$NWXDOLWlW GHU 7H[WH VLQG DOOHUGLQJV OHLGHU PHLVW PLW HLQHU IU OLQJXLVWLVFKH =ZHFNH QXU EHGLQJW EUDXFKEDUHQ6RIWZDUHDXVJHVWDWWHW

  

 'HU$XIZDQGEHLGHU(UVWHOOXQJHLQHV.RUSXVLVWQDWUOLFKEHWUlFKWOLFKVSH]LHOOEHL.RUSRUDJH VSURFKHQHU6SUDFKH'LH$UEHLWVHUVSDUQLVJLOWKLHUPHLVWQXUIUMHQHGLHLQGHUJOFNOLFKHQ/DJH VLQGYRQDQGHUHQHUVWHOOWH.RUSRUDEHQXW]HQ]XN|QQHQ   $OVHUVWHU(LQVWLHJHPSILHKOWVLFK6WHLQ  IUHLQHYHUWLHIWH%HVFKlIWLJXQJVSH]LHOOZDVGLH JHVSURFKHQH6SUDFKHEHWULIIW3XVFK5DLEOH  (VKDQGHOWVLFKGDEHLXP%HLWUlJHGHU)UHL EXUJHU$UEHLWVWDJXQJ]XU5RPDQLVWLVFKHQ.RUSXVOLQJXLVWLN'LH]ZHLWH$UEHLWVWDJXQJIDQG VWDWW XQG ZDU GHP 7KHPD Ä.RUSRUD XQG +LVWRULVFKH 6SUDFKZLVVHQVFKDIW³ JHZLGPHW 3XVFK .DEDWHN5DLEOH 





$XFK GDV ,QWHUQHW ZXUGH QLFKW DOV 7H[WNRUSXV IU /LQJXLVWHQ NRQ]LSLHUW NDQQ DEHU DOV VROFKHVEHWUDFKWHWXQGEHQXW]WZHUGHQ6XFKPDVFKLQHQIXQNWLRQLHUHQlKQOLFKZLH.RQNRU GDQ]SURJUDPPH VLH VXFKHQ :RUWIRUPHQ ]HLJHQ GHUHQ )UHTXHQ] LP .RUSXV DQ HUVWHOOHQ DEHUOHLGHUNHLQH/LVWHQYRQ:|UWHUQPLW.RQWH[WHQ'LHVHPXVVPDQVLFKYLHOPHKUGXUFK GDV+HUXQWHUODGHQGHUHLQ]HOQHQ'DWHLHQXQGGDV6XFKHQGHU:|UWHULP7H[WVHOEVWHUVWHO OHQ VRIHUQ PDQ QLFKW =XJDQJ ]X HLQHP HLJHQV IU GLHVHQ =ZHFN NRQ]LSLHUWHQ 3URJUDPP KDW 

 /LWHUDWXU %LEHU&RQUDG5HSSHQ  *DEULHOHWDO  

 $XIJDEHQ  /HVHQ6LH*DEULHOHWDO ± XQGIDVVHQ6LHLQZHQLJHQ6lW]HQ]XVDPPHQZRULQGLH $XWRUHQ0|JOLFKNHLWHQXQG*UHQ]HQGHUHOHNWURQLVFKHQ.RUSXVDQDO\VHVHKHQ  :HJHQ VHLQHULPPHQVHQ$XVPD‰HLVWGDV,QWHUQHWVSH]LHOOEHLVHOWHQHQ:|UWHUQXQG1HRORJLV PHQ KHUN|PPOLFKHQ .RUSRUD EHUOHJHQ 5XIHQ 6LH IQI VHOWHQH :|UWHUE]Z1HRORJLVPHQDXV ,KUHP*HGlFKWQLVDEXQGEHUSUIHQ6LHREGLHVHLQKHUN|PPOLFKHQ:|UWHUEFKHUQYHU]HLFKQHW XQG LP ,QWHUQHW GRNXPHQWLHUW VLQG (UP|JOLFKHQ GLH ,QWHUQHW9RUNRPPHQ HLQH SUl]LVHUH %H VFKUHLEXQJ"  6XFKPDVFKLQHQHUP|JOLFKHQDXFKGLH6XFKHQDFK:RUWYHUELQGXQJHQ EHL*RRJOHHWZDPVVHQ GLHVHLQ$QIKUXQJV]HLFKHQJHVHW]WZHUGHQDOVR]%M¶DLPDUFKp 'DGXUFKNDQQPDQGDV,Q WHUQHWDXFKDOV+LOIVPLWWHOEHLGHU/|VXQJYRQVSUDFKOLFKHQ=ZHLIHOVIlOOHQ±DOVR]%]XU6HOEVW NRUUHNWXU±YHUZHQGHQ:HQQ6LH]%QLFKWZLVVHQREIU]PDUFKHUGDV+LOIV]HLWZRUWrWUHRGHU DYRLUYHUODQJWVRN|QQHQ6LHGXUFK(LQJDEHGHU6HTXHQ]HQMHVXLVPDUFKpXQGM¶DLPDUFKp OHLFKW KHUDXVILQGHQ ZHOFKHV GLH ULFKWLJH /|VXQJLVWhEHUSUIHQ6LHQDFKGLHVHU0HWKRGHIQI =ZHLIHOVIlOOH,KUHU0XWWHURGHU)UHPGVSUDFKH,VW,QWHUQHWLQDOOHQ)lOOHQJOHLFKKLOIUHLFK"  'DV ,QWHUQHW HUP|JOLFKW LQ EHVFKHLGHQHP $XVPD‰ VRJDU VSUDFKJHRJUDSKLVFKH 5HFKHUFKHQ GD YLHOH7H[WHGXUFKGLH/lQGHUNHQQXQJJHRJUDSKLVFK]XRUGHQEDUVLQG:HQQ6LHEHL*RRJOHQH EHQGHPJHVXFKWHQ:RUW ]%QRQDQWH DXFKQRFKGLH/lQGHUNHQQXQJ ]%VLWHEH HLQJHEHQ VRVXFKWGDV3URJUDPPQXULQ7H[WHQPLWGHUMHZHLOLJHQ/lQGHUNHQQXQJ$XIGLHVH:HLVHNDQQ PDQ]%IHVWVWHOOHQREEHVWLPPWH:|UWHUDXIEHVWLPPWH/lQGHUEHVFKUlQNWVLQGRGHUIUGLHVH EHVRQGHUVW\SLVFKVLQG8QWHUVXFKHQ6LHQDFKGLHVHU0HWKRGHGLHJHRJUDSKLVFKH9HUWHLOXQJYRQ GHU-RJKXUWGLH-RJKXUWXQGGDV-RJKXUWVRZLHHLQLJHlKQOLFKH%HLVSLHOHDXVGHP'HXWVFKHQ RGHU ,KUHU URPDQLVFKHQ 6SUDFKH (LQLJH /lQGHUNHQQXQJHQ $UJHQWLQLHQ  DU %HOJLHQ  EH 'HXWVFKODQG GH)UDQNUHLFK IU.DQDGD FD0H[LNR P[gVWHUUHLFK DW6FKZHL] FK 6SDQLHQ HV 



 =ZHLWVSUDFKHUZHUE 9RQGHQYLHOHQ7HLOJHELHWHQGHU6SUDFKZLVVHQVFKDIWLVWMHQHVEHUGHQ=ZHLWVSUDFKHUZHUE IU NQIWLJH /HKUHU DEHU DXFK IU /HUQHU YLHOOHLFKW GDV ZLFKWLJVWH XQG LQWHUHVVDQWHVWH (V NDQQ KLHU QDWUOLFK QXU LQ VHLQHQ *UXQG]JHQ DQJHULVVHQ ZHUGHQ XQG VROOWH LP /DXIH GHV 6WXGLXPVDXIMHGHQ)DOOZHLWHUYHUWLHIWZHUGHQ

 )RUPHQGHV6SUDFKHUZHUEV ,P $OOJHPHLQHQ XQWHUVFKHLGHW PDQ GUHL 6SLHODUWHQ GHV 6SUDFKHUZHUEV (UVW XQG =ZHLW VSUDFKHUZHUE VRZLH LQQHUKDOE YRQ OHW]WHUHP XQJHVWHXHUWHQ RGHU QDWUOLFKHQ ]% LP )DOOHHLQHV*DVWDUEHLWHUVDP%DX XQGJHVWHXHUWHQ ]%LP)DOOHHLQHV6FKOHUVLP)UHPG VSUDFKHQXQWHUULFKW  'LH %HGLQJXQJHQ GHV 6SUDFKHQOHUQHQV VLQG LQ GLHVHQ GUHL )lOOHQ VR XQWHUVFKLHGOLFKGDVVHVDXIMHGHQ)DOODQJHEUDFKWLVWVLHJHWUHQQW]XXQWHUVXFKHQ'LHHUVWH 6SUDFKH±LQGHU)DFKOLWHUDWXURIW/JHQDQQW±HUOHUQWPDQLPPHUDOV.OHLQNLQGGLH]ZHLWH 6SUDFKH±DXFK/JHQDQQW±KlXILJHUVWLQGHU6FKXOHRGHULP(UZDFKVHQHQDOWHU//HUQHU VLQGGDKHUPHLVWNRJQLWLYUHLIHUXQGEHVLW]HQVFKRQVR]LDOH.RPSHWHQ]VRZLHHLQPHKURGHU ZHQLJHU XPIDVVHQGHV :HOWZLVVHQ %HLP (UOHUQHQ GHU ]ZHLWHQ 6SUDFKH EHKHUUVFKW GHU /HUQHU DX‰HUGHP EHUHLWV HLQH 6SUDFKH ZDV QLFKW RKQH (LQIOXVV DXI GHQ (UZHUEVSUR]HVV EOHLEW 6WDUNH 8QWHUVFKLHGH EHVWHKHQ DXFK LQ GHQ lX‰HUHQ %HGLQJXQJHQ ,P )DOOH GHV JH VWHXHUWHQ6SUDFKHUZHUEV]%KDWGHU/HUQHUZHVHQWOLFKZHQLJHU=HLW]XP/HUQHQ]XU9HU IJXQJXQGGDV/HUQHQILQGHWQLFKWLQHLQHUQDWUOLFKHQ8PJHEXQJVRQGHUQLQQHUKDOEHLQHU /HUQJUXSSHVWDWWZRGHU,QSXWLQHLQHUZHLWJHKHQGGXUFK/HKUPDWHULDOLHQYRUVWUXNWXULHUWHQ :HLVHGDUJHERWHQZLUGGLHVLFKYRQGHU,QWHUDNWLRQLP)DPLOLHQYHUEDQGZHVHQWOLFKXQWHU VFKHLGHW $OOHLQ DXV GHQ JHQDQQWHQ *UQGHQ LVW ]X HUZDUWHQ GDVV GHU =ZHLWVSUDFKHUZHUE ]7DQGHUVYHUOlXIWDOVGHU(UVWVSUDFKHUZHUE

 8QLYHUVDOJUDPPDWLNYVDOOJHPHLQH/HUQPHFKDQLVPHQ ,Q GHU (UVWVSUDFKHUZHUEVIRUVFKXQJ JLEW HV KHXWH ]ZHL JUR‰H /DJHU )U GLH 9HUWUHWHU GHU *HQHUDWLYHQ *UDPPDWLN KDW HLQ 1HXJHERUHQHV HLQH VSH]LILVFK PHQVFKOLFKH DQJHERUHQH 6SUDFKHUZHUEVIlKLJNHLWGLHDOVVRJ8QLYHUVDOJUDPPDWLN DEJHNU]W8* IHVWOHJWZLHGLH *UDPPDWLN HLQHU QDWUOLFKHQ 6SUDFKH EHVFKDIIHQVHLQNDQQGHU6SUDFKHUZHUEEHVWHKHDXI ZHLWH 6WUHFNHQGDULQKHUDXV]XILQGHQZHOFKHGHULQGHU8QLYHUVDOJUDPPDWLNYRUJHVHKHQHQ 2SWLRQHQLQGHUMHZHLOLJHQVSUDFKOLFKHQ8PJHEXQJYRUKDQGHQVLQGXQGZHOFKHQLFKW$OV VWlUNVWHV$UJXPHQWIULKUH3RVLWLRQIKUHQGLH*HQHUDWLYLVWHQLQV7UHIIHQGDVVHLQHVROFKH 6LFKWGHV(UVWVSUDFKHUZHUEVHUNOlUHZHVKDOEDOOH.LQGHULQVRNXU]HU=HLWMHGH6SUDFKHGHU :HOWOHUQHQN|QQHQ'LH*HJHQSRVLWLRQEHVDJWGDVV6SUDFKHUZHUEDXIGLHVHOEHQNRJQLWLYHQ )lKLJNHLWHQ ]XUFNJUHLIH PLW GHQHQ .LQGHU DXFK YLHOH DQGHUH 3UREOHPH O|VHQ XQG VRPLW GLH $QQDKPH HLQHU DQJHERUHQHQ 8QLYHUVDOJUDPPDWLN HQWEHKUOLFK VHL 2EZRKO GHU 6WUHLW





]ZLVFKHQGLHVHQEHLGHQ*UXQGSRVLWLRQHQELVKHXWHQLFKWHQWVFKLHGHQLVWLVWHUDXFKLQGLH =ZHLWVSUDFKHUZHUEVIRUVFKXQJ KLQHLQJHWUDJHQ ZRUGHQ 'RUW JHKW HV XQWHU JHQHUDWLYLVWLVFK RULHQWLHUWHQ/LQJXLVWHQXPGLH)UDJHREGHU=ZHLWVSUDFKHUZHUEHEHQIDOOVQRFKGXUFKGLUHN WHQ =XJULII DXI GLH 8QLYHUVDOJUDPPWLNJHVFKLHKWRGHUDEHULQHLQHUYRP(UVWVSUDFKHUZHUE JUXQGVlW]OLFKYHUVFKLHGHQHQ)RUP'LH)UDJHLVWELVKHXWHQRFKZHLWHUYRQHLQHUHQGJOWL JHQ.OlUXQJHQWIHUQWDOVLQ%H]XJDXIGHQ(UVWVSUDFKHUZHUEXQGHVPDQJHOWDXFKQLFKWDQ .RPSURPLVVSRVLWLRQHQ GLH DOOJHPHLQHQ /HUQPHFKDQLVPHQ ]XPLQGHVW HLQHQ JU|‰HUHQ $Q WHLO]XELOOLJHQDOVLP(UVWVSUDFKHUZHUE

 'HU(LQIOXVVGHU(UVWDXIGLH=ZHLWVSUDFKH (LQZHLWHUHVJUR‰HV7KHPDGHU=ZHLWVSUDFKHUZHUEVIRUVFKXQJGDVZLUVFKRQLQ.DS DQJHGHXWHWKDEHQLVWVHLWMHKHUGHU(LQIOXVVGHU(UVWVSUDFKHDXIGLH=ZHLWVSUDFKH±LQGHU )RUVFKXQJ7UDQVIHUJHQDQQW,QGHU)UKSKDVHGHU=ZHLWVSUDFKHUZHUEVIRUVFKXQJ±DOVRFD 0LWWHGHV-DKUKXQGHUWV±JLQJPDQYRQGHU+\SRWKHVHDXVGDVVLQ(UVWXQG=ZHLWVSUD FKH LGHQWLVFKH :|UWHU XQG 5HJHOQ OHLFKW ]X OHUQHQ VHLHQ SRVLWLYHU 7UDQVIHU  ZlKUHQG XQWHUVFKLHGOLFKH :|UWHU XQG 5HJHOQ 6FKZLHULJNHLWHQ EHUHLWHWHQ XQG ]X )HKOHUQ IKUWHQ QHJDWLYHU7UDQVIHURGHU,QWHUIHUHQ] 'LHVHDXIGHQHUVWHQ%OLFNYLHOOHLFKWHLQOHXFKWHQGH +\SRWKHVHZLUGDEHUHLQLJHQ)DNWHQQLFKWJHUHFKW=%NDQQPDQEHREDFKWHQGDVV)HKOHU KlXILJHU DXIWUHWHQ ZHQQ / XQG/E]JOHLQHV:RUWVRGHUHLQHU5HJHO]ZDUXQWHUVFKLHG OLFK DEHU GRFK lKQOLFK VLQG PDQ VSULFKW GDQQ YRQ IDOVFKHQ )UHXQGHQ  DOV ZHQQ EHLGH JDQ]XQWHUVFKLHGOLFKVLQG$XFKJLEWHV)HKOHUGLHQLFKWGXUFK,QWHUIHUHQ]VRQGHUQGXUFK IDOVFKH $QDORJLHQ LQQHUKDOE GHU =ZHLWVSUDFKH ]X HUNOlUHQ VLQG ]% FKLOGV VWDWW FKLOGUHQ  RGHU DEHU ZHGHU DXI GLH / QRFK DXI GLH / ]XUFNJHIKUW ZHUGHQ N|QQHQ 0DQJHOKDIWHV :LVVHQ XP GLH 5HJHOQ GHU / LVW HLQH KlXILJHUH 8UVDFKH YRQ )HKOHUQ DOV ,QWHUIHUHQ] $OV .RQVHTXHQ] DXV GLHVHQ (UNHQQWQLVVHQ ZXUGH GHU %HJULII /HUQHUVSUDFKH HQJO LQWHUODQ JXDJH HLQJHIKUWXPVLFKDXIMHQHhEHUJDQJVVSUDFKV\VWHPH]XEH]LHKHQGLH/HUQHUEHLP (UZHUE DOV VXN]HVVLYH $QQlKHUXQJHQ DQ GLH =ZHLWVSUDFKH DXIEDXHQ (LQH /HUQHUVSUDFKH ZHLVW ]7 YRQ (UVW XQG =ZHLWVSUDFKH YHUVFKLHGHQH (LJHQVFKDIWHQ DXI GLH DX‰HU GXUFK ,QWHUIHUHQ]DXFKGXUFKIDOVFKH$QDORJLHQGXUFKHLJHQH5HJHOELOGXQJGHV/HUQHUVRGHUDEHU DXFKGXUFKPDQJHOKDIWHQ,QSXW /HKUPDWHULDOLHQ/HKUHU ]XVWDQGHNRPPHQN|QQHQ%OHLEW HLQ/HUQHU±XQGEHLGHQPHLVWHQHUZDFKVHQHQ/HUQHUQJHVFKLHKWGLHVLQPHKURGHUZHQLJHU VWDUNHP$XVPD‰±GDXHUKDIWDXIHLQHPGLHVHU'XUFKJDQJVVWDGLHQKlQJHQRKQHGLH=ZHLW VSUDFKHMHPDOVÄSHUIHNW³]XHUOHUQHQVSULFKWPDQYRQ)RVVLOLVLHUXQJ   

 'LHPHLVWHQYRQ,KQHQHUZHUEHQE]ZVWXGLHUHQLP$XJHQEOLFNHLQHURPDQLVFKH6SUDFKHQLFKWDOV =ZHLWVSUDFKHVRQGHUQEHUHLWV]XPLQGHVWDOVGULWWH)UHPGVSUDFKH PDQVSULFKWDXFKYRQ7HUWLlU VSUDFKH  'LH HUVWH )UHPGVSUDFKH LVW LP GHXWVFKHQ 6SUDFKUDXP QRUPDOHUZHLVH GDV (QJOLVFKH KlXILJ JHIROJW YRQ /DWHLQ XQG HUVW GDQQ YRQ HLQHU RGHU PHKUHUHQ URPDQLVFKHQ 6SUDFKHQ 'LH +DXSWTXHOOHIU,QWHUIHUHQ]HQVWHOOWGDKHURIWGDV(QJOLVFKHE]ZGLH]XOHW]WJHOHUQWHURPDQLVFKH 6SUDFKH GDU =XJOHLFK HUOHLFKWHUW GLHVH 6LWXDWLRQ DEHU DXFK GHQ 6SUDFKHUZHUE VWDUN YRU DOOHP DXIJUXQGGHUJUR‰HQbKQOLFKNHLWHQLP:RUWVFKDW]

  $OWHUXQG(UIROJEHLP6SUDFKHUZHUE 9LHOH)RUVFKHUKDEHQYHUVXFKWKHUDXV]XILQGHQZDUXPPDQFKH/HUQHUHLQH=ZHLWVSUDFKHRIW DXFKLQIRUWJHVFKULWWHQHP$OWHUQRFKTXDVLPXWWHUVSUDFKOLFKHUOHUQHQZlKUHQGDQGHUHPHKU RGHU ZHQLJHU VWDUNH )RUPHQ GHU )RVVLOLVLHUXQJ DXIZHLVHQ 1DFK HLQHU ZHLW YHUEUHLWHWHQ $XIIDVVXQJLVWGDV$OWHULQGHPPLWGHP(UZHUEGHU]ZHLWHQ6SUDFKHEHJRQQHQZLUGYRQ ]HQWUDOHU%HGHXWXQJ0DQFKHJODXEHQVRJDUDQGLH([LVWHQ]HLQHVÄNULWLVFKHQ$OWHUV³MHQ VHLWV GHVVHQ NHLQ TXDVL PXWWHUVSUDFKOLFKHU =ZHLWVSUDFKHUZHUE PHKU P|JOLFK VHL MH QDFK )RUVFKHUOLHJWGLHVHNULWLVFKH3KDVH]ZLVFKHQGHP$OWHUYRQ-DKUHQXQGGHU3XEHUWlW 'LH 5HDOLWlWVFKHLQWHWZDVGLIIHUHQ]LHUWHU]XVHLQ6RKDWPDQIHVWJHVWHOOWGDVV(UZDFKVHQHXQG VSH]LHOO -XJHQGOLFKH HLQH ]ZHLWH 6SUDFKH ± YRU DOOHP DP $QIDQJ ± VFKQHOOHU OHUQHQ DOV .OHLQ .LQGHU OHW]WHUH DOOHUGLQJV DXI ODQJH 6LFKW ]X HLQHU EHVVHUHQ %HKHUUVFKXQJ GHU 6SUDFKH JHODQJHQ 5HODWLY XQXPVWULWWHQ LVW DXFK GDVV VLFK GHU IUKH %HJLQQ EHVRQGHUVLP %HUHLFKGHU$XVVSUDFKHJQVWLJDXVZLUNW(LQDQGHUHVLQWHUHVVDQWHV)RUVFKXQJVHUJHEQLVEH VDJWGDVVGXUFKOlQJHUHQ6SUDFKNRQWDNW ]%HLQHQ$XVODQGVDXIHQWKDOW VLFK]ZDUPHLVWGLH NRPPXQLNDWLYHQ )lKLJNHLWHQ YHUEHVVHUQ DEHU QLFKW XQEHGLQJW GLH JUDPPDWLNDOLVFKH .RU UHNWKHLW :LH PDQ VLHKW EHWULIIW GHU (LQIOXVV GHV $OWHUV YHUVFKLHGHQH $VSHNWH GHU ]LHO VSUDFKOLFKHQ.RPSHWHQ]DOVRLQXQWHUVFKLHGOLFKHU:HLVH $XFK ZHQQ GHU (LQIOXVV GHU 9DULDEOH $OWHU DOV JHVLFKHUW JHOWHQ NDQQ KHL‰W GLHV QLFKW XQEHGLQJWGDVVGDV$OWHUDQXQGIUVLFKGLHEHREDFKWHWHQ8QWHUVFKLHGHHUNOlUWHLJHQWOLFK YHUDQWZRUWOLFK NDQQ DXFK HLQ )DNWRU VHLQ GHU PLW GHP $OWHU NRYDULLHUW HWZD GLH 3HUV|Q OLFKNHLWVHQWZLFNOXQJ(UZDFKVHQHKDEHQPHLVWJU|‰HUH+HPPXQJHQDOV.LQGHUZDVVLH]% GDUDQKLQGHUQN|QQWHGLHIUHPGH$XVVSUDFKHJHWUHXQDFK]XDKPHQXQGVWHKHQDQGHUHQ.XO WXUHQZHQLJHURIIHQJHJHQEHU)UGLH/HVHULQQHQXQG/HVHUGLHVHU(LQIKUXQJLVWHVMHGHQ IDOOVEHUXKLJHQG]XHUIDKUHQGDVV(UZDFKVHQHQLFKWJUXQGVlW]OLFKDOVJHKDQGLFDSWH6SUDFK OHUQHUDQ]XVHKHQVLQG6ROOWHQ6LHNHLQHTXDVLPXWWHUVSUDFKOLFKH.RPSHWHQ]LQ,KUHU)UHPG VSUDFKHE]ZLKUHQ)UHPGVSUDFKHQHUUHLFKHQVRN|QQHQ6LHVLFKQDFKGHPKHXWLJHQ6WDQG GHU)RUVFKXQJQLFKWHLQIDFKDXIGLHhEHUVFKUHLWXQJGHVNULWLVFKHQ$OWHUVEHUXIHQ«  :HLWHUH(LQIOXVVIDNWRUHQ 1HEHQGHP$OWHULVWLQGHU)RUVFKXQJDXFKHLQH5HLKHZHLWHUHU)DNWRUHQPLWGHP6SUDFK OHUQHUIROJ NRUUHOLHUW ZRUGHQ (V VFKHLQW NHLQHQ GLUHNWHQ =XVDPPHQKDQJ ]ZLVFKHQ /HUQHU IROJ XQG DOOJHPHLQHU ,QWHOOLJHQ] ]X JHEHQ DX‰HU YLHOOHLFKW EHL VWDUN NRJQLWLY RULHQWLHUWHU 8QWHUULFKWVJHVWDOWXQJ 'HP JHPHLQVSUDFKOLFKHQ %HJULII GHU Ä6SUDFKEHJDEXQJ³ VFKHLQW HL QHUVHLWVWDWVlFKOLFKHLQHLQGLYLGXHOOXQWHUVFKLHGOLFKH6SUDFKYHUDUEHLWXQJVNDSD]LWlWGLHVLFK LQ %HKHUUVFKXQJ GHU 0XWWHUVSUDFKH YHUEDOHU ,QWHOOLJHQ] XQG *HGlFKWQLV PDQLIHVWLHUW ]X HQWVSUHFKHQ DQGHUHUVHLWV IOLH‰HQ LQ GLHVHQ YRUZLVVHQVFKDIWOLFKHQ %HJULII DXFK HLQH 5HLKH ZHLWHUHU NRJQLWLYHU XQG DIIHNWLYHU )DNWRUHQ HLQ ZHOFKH GLH )RUVFKXQJ ]X WUHQQHQ EHPKW LVW6RVFKHLQWHVLQGLYLGXHOOH8QWHUVFKLHGHLQGHU)lKLJNHLW]XJHEHQPLWGHU=LHOVSUDFKH DOV GHNRQWH[WXDOLVLHUWHP 6\VWHP XP]XJHKHQ ZDV EHVRQGHUV IU GHQ JHVWHXHUWHQ 6SUDFK





HUZHUE LQ VFKXOLVFKHU 8PJHEXQJ YRQ %HODQJ ZHUGHQ NDQQ :DV GLH 0RWLYDWLRQ EHWULIIW XQWHUVFKHLGHW PDQ LQ GHU /LWHUDWXU QRUPDOHUZHLVHHLQHÄLQWHJUDWLYH³YRQHLQHUÄLQVWUXPHQ WHOOHQ³ ,P HUVWHQ )DOO OHUQW PDQ HLQH 6SUDFKH DXV GHP %HGUIQLV KHUDXV VLFK LQ HLQH 6SUDFKJHPHLQVFKDIW]XLQWHJULHUHQLP]ZHLWHQDXVPHKUSUDNWLVFKHQ(UZlJXQJHQ ]%XP GLH %HUXIVDXVVLFKWHQ ]X YHUEHVVHUQ  :HOFKH GHU EHLGHQ 0RWLYDWLRQVDUWHQ GHP /HUQHUIROJ ]XWUlJOLFKHULVWKlQJWYRQ]DKOUHLFKHQ)DNWRUHQDE:LFKWLJLVWDXFK]XEHWRQHQGDVVQLFKW QXUGLH0RWLYDWLRQGHQ/HUQHUIROJVWHLJHUWVRQGHUQXPJHNHKUWDXFKGHU/HUQHUIROJGLH0R WLYDWLRQ(EHQVRYLHOJHVWDOWLJLVWDXFKGHU=XVDPPHQKDQJ]ZLVFKHQGHU(LQVWHOOXQJ]XGHQ 6SUHFKHUQ GHU =LHOVSUDFKH XQGGHP/HUQHUIROJ$XFKKLHUN|QQHQLP3ULQ]LS(LQIOVVHLQ EHLGH 5LFKWXQJHQ JHKHQ 6FKOLH‰OLFK KDEHQ DXFK 3HUV|QOLFKNHLWVIDNWRUHQ ZLH ,QWUR XQG ([WURYHUWLHUWKHLW VRZLH bQJVWOLFKNHLW DOV'HWHUPLQDQWHQGHV/HUQHUIROJVYLHOZLVVHQVFKDIW OLFKH %HDFKWXQJ JHIXQGHQ RKQH GDVV DOOHUGLQJV NODUH(LQIOVVHIHVWJHVWHOOWZRUGHQZlUHQ :DVGDVVFKXOLVFKH)UHPGVSUDFKHQOHUQHQEHWULIIWNRUUHOLHUWGHU(UIROJVWDUNSRVLWLYPLWGHP %LOGXQJVQLYHDX GHU (OWHUQ ZDV DOOHUGLQJV LQ XQVHUHP 6FKXOV\VWHP IU VFKXOLVFKHQ (UIROJ DOOJHPHLQJLOW

 /LWHUDWXU %DXVFK&KULVW.UXPP  %XWWDURQL +J   (GPRQGVRQ+RXVH  

 $XIJDEHQ  /HVHQ 6LH (GPRQGVRQ+RXVH  ±  XQG EHDQWZRUWHQ 6LH IROJHQGH )UDJHQ D  :D UXP LVW GLH +\SRWKHVH 6SUDFKOHUQHUIROJ VHL HLQH GLUHNWH .RQVHTXHQ] GHU 0HQJH GHV ,QSXWV QLFKWKDOWEDU" E :HOFKHVVLQGGLHZHVHQWOLFKHQ=JHYRQ.UDVKHQV,QSXW+\SRWKHVH" F :HO FKHVPHWKRGRORJLVFKH0DQNRPDFKHQGLH$XWRUHQJHOWHQG"  /HVHQ6LH(GPRQGVRQ+RXVH ± XQGEHDQWZRUWHQ6LHIROJHQGH)UDJHQ D :RULQ EHVWHKWQDFK.UDVKHQGHU8QWHUVFKLHG]ZLVFKHQÄ(UZHUEHQ³XQGÄ/HUQHQ³" E :HOFKH)XQNWLRQ KDW GDV *HOHUQWH LQ VHLQHP 0RGHOO" F  :HOFKHQ (LQZDQG IRUPXOLHUHQ GLH $XWRUHQ JHJHQ GLH 0RQLWRU+\SRWKHVH" G  :LH EHZHUWHQ VLH GLH GLGDNWLVFKHQ )RUGHUXQJHQ GLH DXV .UDVKHQV 7KHRULH DEJHOHLWHW ZXUGHQ" H  :HOFKH 9RUJDQJVZHLVH HPSIHKOHQ GLH$XWRUHQVHOEVWE]JOLP SOL]LWHPXQGH[SOL]LWHP6SUDFKZLVVHQ"  )UDXHQJHOWHQODQGOlXILJDOVVSUDFKEHJDEWHUDOV0lQQHUXQGGHU$QWHLOZHLEOLFKHU6WXGLHUHQGHU LQ,KUHU/HKUYHUDQVWDOWXQJVFKHLQWGLHVH7KHVH]XEHVWlWLJHQ/HVHQ6LHGHQ$UWLNHOÄ)UHPGVSUD FKHQ ± 0lGFKHQVDFKH" *HVFKOHFKWVVSH]LILVFKH $VSHNWH GHV )UHPGVSUDFKHQHUZHUEV LQ GHU 6FKXOH³ YRQ .HWWHPDQQ HW DO LQ 0RGHUQH 6SUDFKHQ     ± XQG IDVVHQ 6LH GHQ 6WDQGGHU)RUVFKXQJ]XGLHVHU)UDJH]XVDPPHQ  /HVHQ 6LH GHQ $XIVDW] Ä)UHPGVSUDFKHQXQWHUULFKW IU )RUWJHVFKULWWHQH (LQ hEHUEOLFN³ YRQ 3 3RUWPDQQ LQ %XOOHWLQ 6XLVVH GH /LQJXLVWLTXH $SSOLTXpH    ± XQG DQDO\VLHUHQ 6LH DQKDQGVHLQHU3DUDPHWHUZHOFKHU7\SYRQ)RUWJHVFKULWWHQHUP6LHVLQG%HVFKUHLEHQ6LHP|J OLFKVW GHWDLOOLHUW ,KUH 6WlUNHQ XQG 6FKZlFKHQXQGGLHVLFKGDUDXVHUJHEHQGHQ%HGUIQLVVHKLQ VLFKWOLFKGHVZHLWHUHQ6SUDFKHUZHUEVE]ZXQWHUULFKWV

  (LQEHVRQGHUVDXJHQIlOOLJHV%HLVSLHOIUIDOVFKH)UHXQGHLVWGDV:RUWSDDUGW7VFKDXLWFLDRGD HUVWHUHVQXU]XULQIRUPHOOHQ9HUDEVFKLHGXQJGLHQWOHW]WHUHVMHGRFKDXFK]XU%HJU‰XQJ6XFKHQ 6LHZHLWHUHIQIIDOVFKH)UHXQGHXQGHUNOlUHQ6LHGLH%HGHXWXQJVXQWHUVFKLHGHRGHUXQWHUVFKLHG OLFKHQ9HUZHQGXQJVNRQWH[WH (VJLEWDXFKVSH]LHOOH:|UWHUEFKHUIUIDOVFKH)UHXQGH 

 6SUDFKVNL]]H.UHROVSUDFKHQ DP%HLVSLHO3DSLDPHQWX   3LGJLQVXQG.UHROVSUDFKHQ (UVWLQOHW]WHU=HLWEHVFKlIWLJWVLFKGLH6SUDFKZLVVHQVFKDIWYHUVWlUNWPLW6SUDFKHQGLHQLFKW ± ZLH GLH ELVKHU EHKDQGHOWHQ ± EHU HLQH KLVWRULVFK XQG NXOWXUHOO JHIHVWLJWH ,GHQWLWlW E]Z .RQWLQXLWlW YHUIJHQ VRQGHUQ DXV VSH]LILVFKHQ .RPPXQLNDWLRQVEHGUIQLVVHQ HQWVWDQGHQ VLQG XQG GHUHQ XUVSUQJOLFKH  5ROOH DOV +LOIVVSUDFKHQ HEHQVR ZLH LKUH VWUXNWXUHOOH (LQ IDFKKHLW XQG LKU DXIIDOOHQGHU 0LVFKFKDUDNWHU MHGHU )RUP VR]LDOHU $QHUNHQQXQJ LP :HJH VWDQG 'DVlOWHVWHEHOHJWH%HLVSLHOVWHOOWGLHLP+RFKPLWWHODOWHU]ZLVFKHQ5RPDQHQ*ULHFKHQ $UDEHUQXQG7UNHQHQWZLFNHOWHOLQJXDIUDQFDGDUGLHLP|VWOLFKHQXQGVGOLFKHQ0LWWHO PHHUUDXPDOV+DQGHOVVSUDFKHGLHQWH'HUEHNDQQWHVWH)DOOLVWGDV]ZLVFKHQ(QJOlQGHUQXQG &KLQHVHQYHUZHQGHWH3LGJLQ YHUEDOOKRUQWDXVHQJOEXVLQHVV %HLGH%H]HLFKQXQJHQVWHKHQ KHXWHEULJHQVDXFKDOV*DWWXQJVQDPHQIUQDWUOLFKHZLHNQVWOLFKH+LOIVVSUDFKHQ 3LGJLQVELOGHWHQVLFKW\SLVFKHUZHLVHLQYLHOVSUDFKLJHQ*HVHOOVFKDIWHQPLWVWDUNHPVR]LD OHQ *HIlOOH KHUDXV LQ GHQHQ GLH VR]LDO EHQDFKWHLOLJWH %HY|ONHUXQJVJUXSSH ]DKOHQPl‰LJ EHUOHJHQ DEHU VSUDFKOLFK KHWHURJHQ ZDU ZLH GDV LQ GHQ VR JHQDQQWHQ 3ODQWDJHQJHVHOO VFKDIWHQGHU)DOOZDU:HLWHUH)DNWRUHQGLHGLH$XVELOGXQJHLQHV3LGJLQVEHJQVWLJHQVLQG JHRJUDSKLVFKH ,VRODWLRQ XQJHVWHXHUWHU 6SUDFKHUZHUE XQG HLQ JHULQJHU %HGDUI DQ 6FKULIW OLFKNHLW :HUGHQ 3LGJLQV ]XU 0XWWHUVSUDFKH VR QHQQW PDQ VLH .UHROVSUDFKHQ 0LW LKQHQ EH VFKlIWLJW VLFK GHU UHODWLY MXQJH )RUVFKXQJV]ZHLJ GHU .UHROLVWLN 'XUFK GHQ (LQVDW] LQ PHKUHUHQ 'RPlQHQ ZHUGHQ .UHROVSUDFKHQ ]XPLQGHVW OH[LNDOLVFK PHLVW HUKHEOLFK DQJH UHLFKHUW

 ([WHUQH6SUDFKJHVFKLFKWHGHV3DSLDPHQWX ,P9HUJOHLFK]XDQGHUHQ.UHROVSUDFKHQLVWGDV3DSLDPHQWXDXIJUXQGVHLQHUKHXWLJHQJHVHOO VFKDIWOLFKHQ 3RVLWLRQ HLQ 6RQGHUIDOO =ZDU KDW GDV 1LHGHUOlQGLVFKH DXI GHQ .DULELNLQVHOQ &XUDoDR $UXED XQG %RQDLUH GHQ 5DQJ GHU RIIL]LHOOHQ 6SUDFKH LQQH GRFK IXQJLHUW 3DSLD PHQWX GDQN VHLQHU 9HUZHQGXQJ LQ 3UHVVH 5XQGIXQN XQG /LWHUDWXU GH IDFWR DOV 1DWLRQDO VSUDFKH 





'LH,QVHOJUXSSHEOLFNWDXIHLQHEHZHJWH*HVFKLFKWH]XUFN6LHZXUGHYRQGHQ6SDQLHUQ HQWGHFNWXQGRIIL]LHOOLQ%HVLW]JHQRPPHQDEHURKQHQHQQHQVZHUWH*HJHQZHKU DQGLH+ROOlQGHUDEJHWUHWHQGLHQDFKGHUYROOVWlQGLJHQ(PLJUDWLRQGHU,QGLRVXQG6SDQLHU QDFK9HQH]XHOD&XUDoDR]XP6WW]SXQNWGHV6NODYHQKDQGHOVDXVEDXWHQ8PGLH0LWWHGHV  -DKUKXQGHUWV HUIROJWH HLQ JU|‰HUHU =X]XJ YRQ VSDQLVFKHQ XQG SRUWXJLHVLVFKHQ -XGHQ (LQHZHLWHUH6WlUNXQJGHV6SDQLVFKHQDXIGHP$UFKLSHOZXUGHGXUFKVSDQLVFKH0LVVLRQDUH DEFDXQGGXUFK(LQZDQGHUXQJDXV/lQGHUQ6GDPHULNDVLP-DKUKXQGHUWEHZLUNW

 :HVHQV]JHGHV3DSLDPHQWX 'HU FKDUDNWHULVWLVFKH :HVHQV]XJ YRQ .UHROVSUDFKHQ LVW LKUH UHODWLYH JUDPPDWLVFKH (LQ IDFKKHLW .UHROVSUDFKHQ VLQG DXFK 0LVFKVSUDFKHQ ZDV LQ PHKU RGHUPLQGHUJUR‰HP$XV PD‰ZRKOIUDOOHQDWUOLFKHQ6SUDFKHQJLOWEHLGHQ.UHROVSUDFKHQDEHULQJDQ]DXIIlOOLJHU :HLVH]X7DJHWULWW 'DV3DSLDPHQWXEHUXKWQDFKKHUN|PPOLFKHU$XIIDVVXQJDXIHLQHUDIURSRUWXJLHVLVFKHQ *UXQGODJH ]X GHU VWDUNH VSDQLVFKH XQG QLHGHUOlQGLVFKH %HLPLVFKXQJHQ NRPPHQ 'LH QHXHUH(QWZLFNOXQJLVWGXUFKHLQHVWDUNH+LVSDQLVLHUXQJJHNHQQ]HLFKQHWGKHLQH$QJOHL FKXQJYRQ:RUWVFKDW]3KRQHWLNXQGVRJDU*UDPPDWLNDQGDVPRGHUQH6SDQLVFK 'DV DIULNDQLVFKH (OHPHQW LP 3DSLDPHQWX ZLUG PLW QXU ±  YHUDQVFKODJW ZDV QLFKW ]XOHW]WDXIGLHJUR‰H9HUVFKLHGHQKHLWGHU6SUDFKHQGHUVFKZDU]HQ6NODYHQ]XUFN]XIKUHQ VHLQGUIWH'DV1LHGHUOlQGLVFKHKDWHWZDGHV:RUWVFKDW]HVEHLJHVWHXHUW YJOLP7H[W ]%NOHQNX GHULEHURURPDQLVFKH$QWHLOKLQJHJHQEHOlXIWVLFKDXIZREHLHVZHJHQ GHUJUR‰HQbKQOLFKNHLWYRQ6SDQLVFKXQG3RUWXJLHVLVFKRIWVFKZHU]XVDJHQLVWDXIZHOFKH GHUEHLGHQ6SUDFKHQHLQEHVWLPPWHV3DSLDPHQWXZRUW]XUFNJHKW

 'HU7XUPEDX]X%DEHO3DSLDPHQWX 'HP7H[WZXUGHEHZXVVWNHLQH,QWHUOLQHDUYHUVLRQEHLJHIJWXPGHQ/HKUYHUDQVWDOWXQJVWHLO QHKPHUQGLH0|JOLFKNHLW]XJHEHQHLQHLKQHQXQEHNDQQWH6SUDFKH]XÄHQW]LIIHUQ³)ROJHQ GH+LQZHLVHP|JHQJHQJHQ9HUEHQHUVFKHLQHQLQXQYHUlQGHUOLFKHU)RUP7HPSXV0RGXV XQG$VSHNWZHUGHQGXUFK3DUWLNHOQPDUNLHUWOR )XWXUWD 3UlVHQVD 9HUJDQJHQKHLW SHUIHNWLY WDEDWD  9HUJDQJHQKHLW LPSHUIHNWLY ODJD  +RUWDWLY $XIIRUGHUXQJVIRUP  XD 'HU3OXUDOYRQ6XEVWDQWLYHQZLUGGXUFKGDV0RUSKHPQDQDIULNDQLVFKHQ8UVSUXQJVJHNHQQ ]HLFKQHWGDVDXFKDOV3HUVRQDOXQG3RVVHVVLYSURQRPHQGHUGULWWHQ3HUVRQIXQJLHUW:HQQ GLH0HKU]DKOEHUHLWVGXUFKHLQDQGHUHV:RUWGHU1RPLQDOSKUDVHLPSOL]LHUWZLUGNDQQQDQ XQWHUEOHLEHQ  'HQHWHPSXHLWXUKHQGHWDEDWDSDSLDHPHVXQOHQJD2UDQDQWDEDWDEDLGHQGLUHNVKRQ RVWQDQDKDQmXQVDEDQDGHQHSDLV6LQHDUNDPLQGDQDQDNHGDELED8QGLDQDQDELVD RWURÄ%DQWUDKDNOHQNXLKzUQDQDQERQ³1DQDX]DHNOHQNXQDQSDEOzNLLEUHXSDSHJD

 HEOzNLQDQQDRWUR'HVSXHVQDQDELVDÄ%DQODQWDXQVLXGDWNXXQWRUHQNXWD\HJDWHQD VKHOX$VLQ¶HLQRVORELUDIDPRVRLQRVORQRKDxDQRVSODPiULEDKHQWHUPXQGX³ 2UD 6(f25 D EDKD SD PLUD H VWDW NX H WRUHQ NX H KHQGHQDQ WDEDWD WUDKDQGR ( D SHQVDÄ:DNHKHQGHQDQDNLWD~QSXHEORLQDQWXUWDSDSLDHPHVXQOHQJD(VDNLWDGMLVH NXPLQVDPHQWX GL ORNH QDQ NH ORJUD $ZRUy QDGD ULED PXQGR OR QR WD LPSRVLEHO SD QDQ /DJD1RVEDKDDQWRLEUXDQDQOHQJD\DQDQQRWDNRPSURQGpRWURPDV³$VLQD6(f25D KDVL NX QDQ D SODPD ULED KHQWHU PXQGX 1DQ PHVWHU D ODJD WUDKDPHQWX GL H VWDW SDUD (LQDQ6(f25DEUXDOHQJDGLKHQWHUKXPDQLGDW)RUGLHLQDQ(,DSRQHQDQSODPDULED KHQWHUPXQGX3HVHLHVLXGDW\DPD%iEHO hEHUVHW]WYRQ%HUQDUGLQRYDQ%DDUV

 /LWHUDWXU +ROP.UDPHU  /5/9,,$UW±6WHLQ  

 $XIJDEHQ  /HVHQ6LHGHQ$EVFKQLWWYRQ6WHLQ  XQG]HLFKQHQ6LHDXIHLQHU:HOWNDUWHGLHGRUWDXI JHIKUWHQ.UHROVSUDFKHQPLWURPDQLVFKHU%DVLVHLQ  (UPLWWHOQ6LHGLH(W\PRORJLHYRQSDSLDPHQWX  9HUVXFKHQ6LHGHQ7H[WVRZHLWDOVP|JOLFK]XHQW]LIIHUQXQGGLH+HUNXQIWGHUHLQ]HOQHQ:|UWHU KHUDXV]XILQGHQ



%LEOLRJUDSKLH

È*(/9LOPRV  9DOHQ]WKHRULH7ELQJHQ1DUU $,7&+,621 -RDQ   /DQJXDJH &KDQJH SURJUHVV RU GHFD\" 6HFRQG (GLWLRQ &DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV $/%5(&+7 -|UQ   (XURSlLVFKHU 6WUXNWXUDOLVPXV  Y|OOLJ EHUDUE XQG HUZ $XIO 7ELQJHQHWF)UDQFNH 87%  $//(1 :LOOLDP 6   9R[ /DWLQD $ *XLGH WR WKH 3URQXQFLDWLRQ RI &ODVVLFDO /DWLQ &DPEULGJH8QLYHUVLW\3UHVV $WODVOLQJtVWLFRGHOD3HQtQVXOD,EpULFD9RO)RQpWLFD0DGULG&RQVHMR6XSHULRUGH ,QYHVWLJDFLRQHV&LHQWtILFDV $5(16 +DQV    6SUDFKZLVVHQVFKDIW 'HU *DQJ LKUHU (QWZLFNOXQJ YRQ GHU $QWLNHELV]XU*HJHQZDUW)UHLEXUJ0QFKHQ$OEHU %$86&+ .DUO5LFKDUG&+5,67 +HUEHUW.5800 +DQV-UJHQ +J    +DQGEXFK )UHPGVSUDFKHQXQWHUULFKW$XIODJH7ELQJHQ%DVHO)UDQFNH %$;7(5$ODQ1  Ä3RUWXJXHVHDVDSOXULFHQWULFODQJXDJH³,Q&O\QH0LFKDHO +J  3OXULFHQWULF /DQJXDJHV 'LIIHULQJ 1RUPV LQ 'LIIHUHQW 1DWLRQV %HUOLQ1HZ