Ins Wort gesetzt, ins Bild gesetzt: Gender in Wissenschaft, Kunst und Literatur [1. Aufl.] 9783839405956

Feminismus, Post-Feminismus, Gender Studies, Queer Studies - »Geschlecht« und »Sexuelle Orientierung« sind Kategorien, d

143 38 3MB

German Pages 310 Year 2015

Report DMCA / Copyright

DOWNLOAD FILE

Polecaj historie

Ins Wort gesetzt, ins Bild gesetzt: Gender in Wissenschaft, Kunst und Literatur [1. Aufl.]
 9783839405956

Table of contents :
Inhalt
VORWORT
GENDER ALS KATEGORIE IN DER WISSENSCHAFT
Unterschiede machen Über die verborgene Macht alltäglicher Praktiken
Unterscheidungsgewohnheiten, Unterscheidungsstrukturen – literarisch und philosophisch reflektiert
Geschlecht – Erfahrung – Osteuropa: Geschlechtergeschichte mit „Osteuropa“ im Fokus (19 und 20 Jahrhundert)
Gender Studies und Queer Studies: Neuere Entwicklungen in der Literatur- und Kulturwissenschaft
Das Geschlecht der Dinge Strategien der Sichtbarmachung in der materiellen Kultur
GENDER IM BILD
Hinter den Spiegeln Anna Al’ cuks Figuren des Gesetzes als Testfall der feministischen Kunstgeschichte
Kann ich, bitte, ein feedback bekommen? – Zu alten und neuen Lagen von Gender/Film
War Herakles ein Mann? Bemerkungen zum Stand der literaturwissenschaftlichen Men’s Studies
(VON) FRAUEN ERZÄHLEN
Scham in den Romanen Jane Austens, oder: Wie die Gender Studies auf den Affekt gekommen sind
Gender und Ethnizität in der amerikanischen Literatur des 19 Jahrhunderts
Schwesternmord: Poetik, Politik und Gender in der polnischen Romantik
Nur eine Muse? Die jiddische Schriftstellerin Debora Vogel und Bruno Schulz
Weibliche Leichen und die Geburt der Gemeinschaft bei Ivo Andric
Über die Autorinnen

Citation preview

Ingrid Hotz-Davies, Schamma Schahadat (Hg.) Ins Wort gesetzt, ins Bild gesetzt

Ingrid Hotz-Davies, Schamma Schahadat (Hg.)

Ins Wort gesetzt, ins Bild gesetzt Gender in Wissenschaft, Kunst und Literatur

Gedruckt mit freundlicher Unterstützung des Universitätsbunds Tübingen, der Gleichstellungskommission der Neuphilologischen Fakultät der Universität Tübingen und des Zonta Club Tübingen

Bibliografische Information der Deutschen Bibliothek Die Deutsche Bibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.ddb.de abrufbar.

© 2007 transcript Verlag, Bielefeld Die Verwertung der Texte und Bilder ist ohne Zustimmung des Verlages urheberrechtswidrig und strafbar. Das gilt auch für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und für die Verarbeitung mit elektronischen Systemen. Umschlaggestaltung & Innenlayout: Kordula Röckenhaus, Bielefeld Lektorat & Satz: Schamma Schahadat und Erik Martin Druck: Majuskel Medienproduktion GmbH, Wetzlar ISBN 978-3-89942-595-6 Gedruckt auf alterungsbeständigem Papier mit chlorfrei gebleichtem Zellstoff. Besuchen Sie uns im Internet: http://www.transcript-verlag.de Bitte fordern Sie unser Gesamtverzeichnis und andere Broschüren an unter: [email protected]

Inhalt VORWORT INGRID HOTZ-DAVIES/SCHAMMA SCHAHADAT

7

GENDER ALS KATEGORIE IN DER WISSENSCHAFT Unterschiede machen. Über die verborgene Macht alltäglicher Praktiken REGINE GILDEMEISTER

15

Unterscheidungsgewohnheiten, Unterscheidungsstrukturen – literarisch und philosophisch reflektiert KATRIN WILLE

32

Geschlecht – Erfahrung – Osteuropa: Geschlechtergeschichte mit „Osteuropa“ im Fokus (19. und 20. Jahrhundert) NATALI STEGMANN

56

Gender Studies und Queer Studies: Neuere Entwicklungen in der Literatur- und Kulturwissenschaft EVELINE KILIAN

79

Das Geschlecht der Dinge. Strategien der Sichtbarmachung in der materiellen Kultur GUDRUN MARLENE KÖNIG

99

GENDER IM BILD Hinter den Spiegeln. Anna Al’þuks Figuren des Gesetzes als Testfall der feministischen Kunstgeschichte ANTONIA NAPP

119

Kann ich, bitte, ein feedback bekommen? – Zu alten und neuen Lagen von Gender/Film CHRISTIANE KÖNIG

133

War Herakles ein Mann? Bemerkungen zum Stand der literaturwissenschaftlichen Men’s Studies DOROTHEE KIMMICH

160

(VON) FRAUEN ERZÄHLEN Scham in den Romanen Jane Austens, oder: Wie die Gender Studies auf den Affekt gekommen sind INGRID HOTZ-DAVIES

181

Gender und Ethnizität in der amerikanischen Literatur des 19. Jahrhunderts ISABELL KLAIBER

207

Schwesternmord: Poetik, Politik und Gender in der polnischen Romantik SCHAMMA SCHAHADAT

234

Nur eine Muse? Die jiddische Schriftstellerin Debora Vogel und Bruno Schulz ANNETTE WERBERGER

257

Weibliche Leichen und die Geburt der Gemeinschaft bei Ivo Andriü MIRANDA JAKIŠA

287

Über die Autorinnen

305



                             !

 "##$     %    & '    "###(       %         ' )'* +  &, "##$(    

                  %.:   ;  +                   :*         ',&? ' @    +  ;   = ;  . @      ;    * ;

 ;        '. >       Q *    *   '  X   + %;Y ?'     . Q     ;.;   (: @   +       > +



       



  '        .]    F  ;    ^#  _# X           *    * +   ;'       + ''     .@ +  F  '    )  [*?   @     Y    ` a."    [  b     ; Y >*  cY >;     ]_"^%         *   + '._#X ;3@DVVLQJ DV D PDQ³   PDFKW HV *ROGEHUJ ]XQHKPHQG XQP|JOLFK VLFK DOV NRQWLQXLHUOLFKHV XQG NRKlUHQWHV 6XEMHNW ZDKU]XQHKPHQ XQG GDVLVWIUVLHJOHLFKEHGHXWHQGPLW6HOEVWYHUOXVWXQGPLWGHU5HGXNWLRQ LKUHUVHLQHU 3HUVRQ DXI HLQHQ 3XQNW LQ GHU *HJHQZDUW DEJHVFKQLWWHQ YRQ GHU 9HUJDQJHQKHLW XQG YRQ HLQHU OHEEDUHQ =XNXQIW 'LHVH (UIDK UXQJHQ PDFKHQ LKUXPVRGHXWOLFKHUGDVVLKUH *HVFKOHFKWVLGHQWLWlW VLFK QLFKWPLWGHQ.DWHJRULHQ0DQQRGHU)UDXHUIDVVHQOlVVWXQGGDVVVLHGHQ %HUHLFK ]ZLVFKHQ GHQ *HVFKOHFKWHUQ IU VLFK DXVORWHQ PXVV XP VLFK GHP]XQlKHUQZDVVLHDOVLKUÄUHDOPH³  EH]HLFKQHW)ROJOLFKVHW]W VLHGLH+RUPRQHZLHGHUDEXQGPDFKWVRGLHSK\VLVFKHQ9HUlQGHUXQJHQ ]XP 7HLO ZLHGHU UFNJlQJLJ 'DPLW UFNW VLH LQ HLQH 7UDQVJHQGHU 3RVLWLRQ GLH GHU ELQlUHQ *HVFKOHFKWHURUGQXQJ GH]LGLHUW HQWJHJHQJH VHW]WLVWXQGGLHVHQDFKKDOWLJLQ)UDJHVWHOOW *ROGEHUJV 2SWLRQ IU HLQH 7UDQVJHQGHU,GHQWLWlW KlQJW PD‰JHEOLFK PLW LKUHP .|USHUEHZXVVWVHLQ ]XVDPPHQ GDV LKU ZlKUHQG GHU =HLW GHV SDVVLQJ]XQHKPHQG]XHQWJOHLWHQGURKW 



 $XV*UQGHQGHU/HVEDUNHLWGHV7H[WHVZHUGHLFKDXFKLPIROJHQGHQGDV ZHLEOLFKH3HUVRQDOSURQRPHQYHUZHQGHQREZRKOGDV7UDQVJHQGHU6XEMHNW QLFKWHLQGHXWLJNDWHJRULVLHUEDULVW  Ä,IHHOOLNHDJKRVW>@/LNH,¶YHEHHQEXULHGDOLYH$VIDUDVWKHZRUOG¶V FRQFHUQHG , ZDV ERUQ WKH GD\ , EHJDQ WR SDVV , KDYH QR SDVW QR ORYHG RQHVQRPHPRULHVQRPH³    )HLQEHUJ UHNODPLHUW GLHVHQ %HJULII DQ DQGHUHU 6WHOOH ]XU %HVFKUHLEXQJ LKUHUHLJHQHQ,GHQWLWlWGLHVLHIROJHQGHUPD‰HQGHILQLHUWÄ,DPWUDQVJHQGH UHG,ZDVERUQIHPDOHEXWP\PDVFXOLQHJHQGHUH[SUHVVLRQLVVHHQDVPD OH >@ ,W¶V WKH VRFLDO FRQWUDGLFWLRQ EHWZHHQ WKH WZR WKDW GHILQHV PH³  





*(1'(5678',(681'48((5678',(6

Ä,IRXJKWORQJDQGKDUGWREHLQFOXGHGDVZRPDQDPRQJZRPHQEXW,DOZD\V IHOWVRH[FOXGHGE\P\GLIIHUHQFHV,KDGQ¶WMXVWEHOLHYHGWKDWSDVVLQJZRXOG KLGH PH , KRSHG WKDW LW ZRXOG DOORZ PH WR H[SUHVV WKH SDUW RI P\VHOI WKDW GLGQ¶W VHHP WR EH ZRPDQ , GLGQ¶W JHW WR H[SORUH EHLQJ D KHVKH WKRXJK , VLPSO\EHFDPHDKH±DPDQZLWKRXWDSDVW³   

'HIDFWRYHUVSHUUWGDVSDVVLQJGHQ=XJDQJ]XZLFKWLJHQ6HLQVEHUHLFKHQ YHUKLQGHUWHLQZLUNOLFKHV,QYROYLHUWVHLQPLWVLFKVHOEVWXQGPLWDQGHUHQ GDV ZDV *HVD /LQGHPDQQ GDV ÄOHLEOLFKH 6HOEVWJHIKO³ /LQGHPDQQ  QHQQWHVXQWHUELQGHWGHQN|USHUOLFKHQXQGVHHOLVFKHQ.RQWDNW PLWGHQ0LWPHQVFKHQGHUGDV,FKVHLQHUVHOEVWYHUVLFKHUWXQGEULQJWVR GDV 6HOEVW ODQJVDP ]XP 9HUVFKZLQGHQ Ä7KH ORQHOLQHVV EHFDPH PRUH DQGPRUHXQEHDUDEOH,DFKHGWREHWRXFKHG,IHDUHG,ZDVGLVDSSHDULQJ DQG,¶GFHDVHWRH[LVWLIVRPHRQHGLGQ¶WWRXFKPH³  'LH5FNNHKU ]X LKUHP JHVFKOHFKWOLFK DPELYDOHQWHQ 6HOEVW HU|IIQHW ]XPLQGHVW GLH 0|JOLFKNHLWGLHHLJHQH,GHQWLWlWNODUHU]XXPUHL‰HQXQG]XHUIRUVFKHQ ÄWRILQGRXWZKR,ZDVWRGHILQHP\VHOI³  ,GHQWLWlWYHUELQGHWVLFK KLHU PLW HLQHU LQGLYLGXHOOHQ XQG GDPLW XQYHUZHFKVHOEDUHQ /HEHQVJH VFKLFKWHVLHEHVWLPPWVLFKDXVGHU*HVDPWKHLWGHUGXUFKODXIHQHQ(UIDK UXQJHQGLHJHZLVVHUPD‰HQLQHLQHP.|USHUXQG*HVFKOHFKWVJHGlFKWQLV ODWHQWSUlVHQWEOHLEHQ (LQHHQWVFKHLGHQGH6WlUNXQJHUIlKUWGDVHLJHQH.|USHUJHIKOLQGHU SULYDWHQ 6SlUH XQG LQ 6LWXDWLRQHQ HPRWLRQDOHU ,QWHQVLWlW ,Q GLHVHP =XVDPPHQKDQJ LVW 0LQQLH %UXFH 3UDWWV 6+H DXV GHP -DKUH  HLQ DXIVFKOXVVUHLFKHU 7H[W GHQQ HU WKHPDWLVLHUW GLH LQWLPH %H]LHKXQJ PLW HLQHU 7UDQVJHQGHU3HUVRQ DXV GHU 3HUVSHNWLYH HLQHU IHPPH 'DV :RKO EHILQGHQ GHU 7UDQVJHQGHU3HUVRQ LQ GLHVHU %H]LHKXQJ XQG ]ZDU YRU DOOHPGDVN|USHUOLFKH:RKOVHLQUHVXOWLHUWDXVGHP%HJHKUHQGHUIHPPH GDVVLFKJHUDGHDXIGLH*HVFKOHFKWVDPELYDOHQ]DXIGDV6RZRKODOVDXFK LKUHV*HJHQEHUVJUQGHW  Ä,WHOOP\ZRPDQIULHQGWKDW\RXDUHHQFKDQWHGZLWKPHLQDZD\,GRQ¶WXQ GHUVWDQGWKDW\RXVD\RYHUDQGRYHUÃ@ 6KHLVH[DVSHUDWHGWKDW,PLVVWKHREYLRXVÃ>@\RXGHVLUHKHUEHFDXVHVKHLV ERWK$QGKRZRIWHQKDVVKHIRXQGVRPHRQHZKRUHDOO\ZDQWVWRWRXFKKROG OLH GRZQ ZLWK ERWK DW RQFH"µ >@ DV ZH OLH GRZQ WRJHWKHU QDNHG , VD\ ZLWK IHDUOHVV FDUHVV WKDW , ORYH WKH PDQ , DP XQGUHVVLQJ DQG , DOVR NQRZ WKDW D ZRPDQOLHVEHVLGHPH³ 3UDWWI 

 (VJHKWDOVRJDQ]RIIHQVLFKWOLFKQLFKWQXUGDUXPGDVVVLFKGDVHLQ]HOQH 6XEMHNW LQ HLQHP EUHLWHQ 6SHNWUXP P|JOLFKHU *HVFKOHFKWVEHVWLPPXQ JHQ IUHL VLWXLHUHQ XQG VHLQ %HJHKUHQ DUWLNXOLHUHQ NDQQ VRQGHUQ DXFK GDUXPGDVVVHLQHVSH]LHOOH.RQILJXUDWLRQYRQHLQHP*HJHQEHUEHJHKUW



(9(/,1(.,/,$1

ZLUG,QGLHVHU.RQVWHOODWLRQZLUG6H[XDOLWlW]XHLQHP2UWDQGHPGDV OHLEOLFKH*HVFKOHFKWVHPSILQGHQUHVWUXNWXULHUWZHUGHQNDQQDQGHPGHU .|USHU]ZLVFKHQGHQ*HVFKOHFKWHUQLQVHLQHULQGHILQLWHQ*HVWDOWLQVHLQ 5HFKWJHVHW]WZLUGXQGGDPLWDXFKIUGLH7UDQVJHQGHU3HUVRQVHOEVW]X HLQHUÃOHLEKDIWLJHQµ5HDOLWlWZHUGHQNDQQ 'HU *HJHQVDW] ]X 0RUULV¶ &RQXQGUXP LVW GHXWOLFK JHZRUGHQ ,Q )HLQEHUJV5RPDQZLUGGLH*HVFKOHFKWHUELQDULWlWQLFKWJHVWW]WVRQGHUQ XQWHUPLQLHUW7URW]GHUXQHLQGHXWLJHQ*HVFKOHFKWVNDWHJRULVLHUXQJELHWHW GLH 7UDQVJHQGHU3RVLWLRQ IU GLH 3URWDJRQLVWLQ YRQ 6WRQH %XWFK %OXHV MHGRFK HLQH UHODWLY VWDELOH ,GHQWLWlWVNDWHJRULH LQ GHU VLH VLFK GDXHUKDIW HLQULFKWHQ NDQQ 'HU QlFKVWH ORJLVFKH 6FKULWW ZlUH QXQ DXFK GLH IHVWH =XVFKUHLEXQJ HLQHU ZLH DXFK LPPHU JHDUWHWHQ *HVFKOHFKWVIRUPDWLRQ DXI]XO|VHQ$Q]HLFKHQGDIUILQGHQVLFKEHUHLWVLQGHQYRQ3UDWWLQ6+H HQWZRUIHQHQ 9LVLRQHQ LQ GHQHQ VLFK (LQGHXWLJNHLW LQ VFKLOOHUQGH 9LHO GHXWLJNHLWYHUZDQGHOW

 Ä+RZ PDQ\ ZD\V DUH WKHUH WR KDYH WKH VH[ RI JLUO ER\ PDQ ZRPDQ" +RZ PDQ\ ZD\V DUH WKHUH WR KDYH JHQGHU ± IURP PDVFXOLQH WR DQGURJ\QRXV WR IHPLQLQH" ,V WKHUH D FRQQHFWLRQ EHWZHHQ WKH VH[XDOLWLHV RI OHVELDQ ELVH[XDO KHWHURVH[XDOEHWZHHQGHVLUHDQGOLEHUDWLRQ">@7KHSDWKGLYLGHVDQGGLYLGHV DJDLQ LQ PDQ\ GLUHFWLRQV >@ +RZ PDQ\ ZD\V FDQ WKH ERG\¶V VH[ YDU\ E\ FKURPRVRPHV KRUPRQHV JHQLWDOV" +RZ PDQ\ ZD\V FDQ JHQGHU H[SUHVVLRQ PXOWLSO\>@":KDWLV\RXUGUHDPRIZKR\RXZDQWWREH"³ 3UDWW  

.DWH%RUQVWHLQ*HQGHU2XWODZ2Q0HQ:RPHQDQGWKH 5HVWRI8V    'LH EHL 3UDWW VLFK DE]HLFKQHQGH 'LYHUVLIL]LHUXQJ ZLUG LQ %RUQVWHLQV *HQGHU 2XWODZ QRFK NRQVHTXHQWHU YHUIROJW 'LH YRQ %RUQVWHLQ YRUJH IKUWHQ *HVFKOHFKWVIRUPDWLRQHQ ODVVHQ VLFK HEHQIDOOV PLW GHP %HJULII WUDQVJHQGHUHUIDVVHQIUGHQVLHGLHIROJHQGHVHKUZHLWJHIDVVWH'HILQL WLRQDQIKUW  Ä, WKLQN LW¶V WLPH IRU WUDQVJHQGHUHG SHRSOH WR FRPH WRJHWKHU XQGHU RXU RZQ EDQQHU D EDQQHU WKDW ZRXOG LQFOXGH DQ\RQH ZKR FDUHV WR DGPLW WKHLU RZQ JHQGHUDPELJXLWLHVDEDQQHUWKDWLQFOXGHVDOOVH[XDOLWLHVUDFHVDQGHWKQLFLWLHV UHOLJLRQVDJHVFODVVHVDQGVWDWHVRIERG\DEDQQHURIWKH7KLUG³   

'LHVHV3ULQ]LSGHU*UHQ]EHUVFKUHLWXQJVFKOlJWVLFKDXFKLQGHU6WUXNWXU GHV 7H[WHV QLHGHU GHU JDQ] DQGHUV DOV 0RUULV¶ &RQXQGUXP DXI VWULQ JHQWH DXI FORVXUH DQJHOHJWH (U]lKOPXVWHU YHU]LFKWHW XQG GHU JDWWXQJV 

 'LH IROJHQGHQ 6HLWHQDQJDEHQ LQ .ODPPHUQ EH]LHKHQ VLFK DXI %RUQVWHLQ  





*(1'(5678',(681'48((5678',(6

Pl‰LJ QLFKW HLQGHXWLJ HLQ]XRUGQHQ LVW %HL *HQGHU 2XWODZ KDQGHOW HV VLFKXPHLQH$UW&ROODJHHLQH)RUPGHV6FKUHLEHQVGLH%RUQVWHLQVHOEVW ÄD WUDQVJHQGHUHG VW\OH³   QHQQW 'HU 7H[W EHVWHKW DXV HLQHU =XVDP PHQVFKDXYRQDXWRELRJUDSKLVFKHQ'HWDLOV,QIRUPDWLRQHQ]X7UDQVVH[X DOLWlW XQG WUDQVJHQGHU 5HIOH[LRQHQ EHU GHQ 6WDWXV YRQ *HVFKOHFKW LQ XQVHUHU *HVHOOVFKDIW =LWDWHQ %RQPRWV XQG DQGHUHQ 9HUVDW]VWFNHQ VRZLHHLQHP7KHDWHUVWFN +LGGHQ$*HQGHU  (LQH lKQOLFKH )OH[LELOLWlW ]HLJW VLFK DXFK LQ GHU JHVFKOHFKWOLFKHQ 0DUNLHUXQJGHU$XWRULQ%RUQVWHLQLVWHLQHSRVWRSHUDWLYH0DQQ]X)UDX 7UDQVVH[XHOOH 6LH EHVFKUHLEW VLFK JOHLFK ]X %HJLQQ DOV WUDQVVH[XHOOH /HVEH GHUHQ 3DUWQHULQ VLFK JHUDGH HLQHP *HVFKOHFKWVZHFKVHO XQWHU ]LHKW XQG VLH SODW]LHUW VLFK MHQVHLWV DOOHU JlQJLJHQ .ODVVLILNDWLRQHQ Ä, LGHQWLI\ DV QHLWKHU PDOH QRU IHPDOH DQG QRZ WKDW P\ ORYHU LV JRLQJ WKURXJKKLVJHQGHUFKDQJHLWWXUQVRXW,¶PQHLWKHUVWUDLJKWQRUJD\³   %RUQVWHLQ SRVLWLRQLHUW VLFK ÄDORQJ WKH ERUGHUV RI WKH JHQGHU IURQWLHU³   XQG GDV EHGHXWHW DP 5DQGH GHU NXOWXUHOOHQ *HVFKOHFKWHURUGQXQJ HLQHP 2UW YRQ GHP DXV GLHVH 2UGQXQJ DP EHVWHQ NULWLVFK EHOHXFKWHW XQGGHNRQVWUXLHUWZHUGHQNDQQÄ)RUPHWKHLQEHWZHHQSODFHLWVHOIZDV WKHWUXWK,ZDVPDGHDZDUHRIWKHH[LVWHQFHRIDSODFHWKDWOLHVRXWVLGH WKHERUGHUVRIZKDW¶VFXOWXUDOO\DFFHSWDEOH³  ÄRXWVLGHRIWKHVRFLDOO\ VDQFWLRQHGJHQGHUV\VWHP³   'LHVHU GULWWH 5DXP LVW DEHU NHLQHVZHJV JHQDX GHILQLHUW XQG LVW LQ GLHVHP6LQQHDXFKNHLQHIHVWH,GHQWLWlWVNDWHJRULHVRQGHUQHLQHIOH[LEOH Ä7KHFRQFHSWRIWKHÃWKLUGLVWKHFRQFHSWRIWKHRXWODZZKRVXEVFULEHV WRDG\QDPLFRIFKDQJHRXWVLGHDQ\JLYHQGLFKRWRP\³  'DPLWOlVVW %RUQVWHLQ QLFKW QXU GLH 5HLIL]LHUXQJ GHU *HVFKOHFKWHUELQDULWlW ZLH VLH VLFKLQ&RQXQGUXPPDQLIHVWLHUWZHLW]XUFNVLHJHKWDXFKEHUGLHYRQ )HLQEHUJ HQWZLFNHOWH .RQ]HSWLRQ YRQ WUDQVJHQGHU DOV UHODWLY VWDELOH ,GHQWLWlWVNDWHJRULHKLQDXV'DVLQ*HQGHU2XWODZSUlVHQWLHUWH,GHQWLWlWV NRQ]HSWLVWVWDUNIOH[LELOLVLHUWXQGVWlQGLJRIIHQIUQHXH5HPRGHOOLHUXQ JHQ GLH DOV NQVWOHULVFKHU $XVGUXFN GHV 6HOEVW JHVHKHQ ZHUGHQ ÄP\ LGHQWLW\ EHFRPHV P\ ERG\ ZKLFK EHFRPHV P\ IDVKLRQ ZKLFK EHFRPHV P\ZULWLQJVW\OH7KHQ,SHUIRUPZKDW,¶YHZULWWHQLQDQHIIRUWWRLQWH JUDWHP\OLIHDQGWKDWEHFRPHVP\LGHQWLW\DIWHUDIDVKLRQ³  'LHVH ,GHQWLWlW LVW GHILQLHUW GXUFK SHUPDQHQWH 9HUlQGHUXQJ LQ -XGLWK %XWOHUV )RUPXOLHUXQJOLHJWKLHUÄDSXUVXLWRILGHQWLW\DVDWUDQVIRUPDWLYHH[HUFL VH³ %XWOHU YRU ,GHQWLWlWZLUGLQ*HQGHU2XWODZGXUFKDXVPLW*HVFKOHFKWNRUUHOLHUW DEHU%RUQVWHLQV.RQ]HSWYRQ *HVFKOHFKWV ,GHQWLWlWLVWQLFKWHVVHQWLDOLV WLVFKVRQGHUQNRQVWUXNWLYLVWLVFK6LHPDUNLHUWGLHVH8QWHUVFKHLGXQJPLW GHQ%HJULIIHQEHLQJDQLGHQWLW\XQGKDYLQJDQLGHQWLW\ 



(9(/,1(.,/,$1

Ä, OLYH P\ OLIH DV D ZRPDQ LQ P\ GD\WRGD\ ZDONLQJ DURXQG EXW ,¶P QRW XQGHUDQ\LOOXVLRQWKDW,DPDZRPDQ>«@,W¶VWKHGLIIHUHQFHEHWZHHQEHLQJ DQLGHQWLW\DQGKDYLQJDQLGHQWLW\³   

*HQGHU LVW DOVR ÄH[SUHVVLRQ RI LGHQWLW\³   GLHVH ,GHQWLWlW NDQQ DEHU YLHOH VHOEVWJHZlKOWH )RUPHQ DQQHKPHQ ,Q %RUQVWHLQV 8QLYHUVXP JLEW HVQLFKWQXU]ZHLVRQGHUQÄDOLPLWOHVVQXPEHURIJHQGHUV³  %RUQ VWHLQ QHQQW ]ZHL )RUPHQ YRQ 7UDQVJUHVVLRQ GHU *HVFKOHFKWHUJUHQ]HQ *HVFKOHFKWVDPELJXLWlWGKHLQH3RVLWLRQLHUXQJDX‰HUKDOEGHUEHVWHKHQ GHQ%LQDULWlWXQG)OXLGLWlWGKSHUPDQHQWH*HVFKOHFKWVPXWDWLRQ  Ä,IDPELJXLW\LVDUHIXVDOWRIDOOZLWKLQDSUHVFULEHGJHQGHUFRGHWKHQIOXLGLW\ LVWKHUHIXVDOWRUHPDLQRQHJHQGHURUDQRWKHU*HQGHUIOXLGLW\LVWKHDELOLW\WR IUHHO\DQGNQRZLQJO\EHFRPHRQHRUPDQ\RIDOLPLWOHVVQXPEHURIJHQGHUV IRUDQ\OHQJWKRIWLPHDWDQ\UDWHRIFKDQJH³ I  

%RUQVWHLQ HQWZLUIW LQ *HQGHU 2XWODZ HLQH VROFKH 9LVLRQ SHUPDQHQWHU *HVFKOHFKWV.DWHJRULHQXQG,GHQWLWlWVPHWDPRUSKRVHQ  *LUO" ,W¶VDQLGHQWLW\,DPZRUNLQJP\ZD\RXWRI $QGE\WKHWLPHWKHQH[WVHYHQ\HDUVKDYHFRPHDQGJRQH 0\JLUOVNLQZLOOEHO\LQJEHKLQGPHLQWKHGHVHUW 5LJKWQH[WWRP\OHVELDQVNLQ 5LJKWQH[WWRP\PDQVNLQ 5LJKWQH[WWRP\ER\VNLQ %\WKHWLPHWKHQH[WVHYHQ\HDUVKDYHFRPHDQGJRQH ,¶OOEHWKHRQHWKHGLFWLRQDU\KDVWURXEOHQDPLQJ   

'DPLWEHVFKUHLEWVLHHLQHVLFKLPPHUZLHGHUZDQGHOQGH,GHQWLWlWVSRVLWL RQGLHVLFKVFKOLH‰OLFKLQ%HUHLFKHEHZHJWGLHQLFKWPHKUPLWGHQKHU N|PPOLFKHQ .DWHJRULHQ HLQKROEDU VLQG GLH VLFK EXFKVWlEOLFK LQ GHQ =ZLVFKHQUlXPHQGHV5HSUlVHQWLHUEDUHQ 'H/DXUHWLVI EHILQ GHQ   $XVEOLFN  %HWUDFKWHWPDQGLHEHVSURFKHQHQ7H[WHQRFKHLQPDOLQGHU=XVDPPHQ VFKDX OlVVW VLFK HUVWHQV HLQH %HZHJXQJ YRQ HLQHU DQ GHU NXOWXUHOOHQ =ZHLJHVFKOHFKWOLFKNHLW RULHQWLHUWHQ HVVHQWLDOLVWLVFKHQ .RQ]HSWLRQ YRQ *HVFKOHFKWVLGHQWLWlW KLQ ]X WUDQVJHQGHU.RQILJXUDWLRQHQ GLH GLHVHV 3ULQ]LS DXINQGLJHQ EHREDFKWHQ =ZHLWHQV ]HLJW VLFK HLQH VXN]HVVLYH '\QDPLVLHUXQJ GHV ,GHQWLWlWVNRQ]HSWV GDV VLFK VFKOLH‰OLFK QLFKW PHKU 



*(1'(5678',(681'48((5678',(6

DP .ULWHULXP GHU 6WDELOLWlW RULHQWLHUW %RUQVWHLQV *HQGHU 2XWODZ LVW GDEHL QXU HLQ %HLVSLHO DXV HLQHU 5HLKH YRQ lKQOLFK JHODJHUWHQ ([SHUL PHQWHQ GLH YRU DOOHP LQ GHU ]HLWJHQ|VVLVFKHQ 6XENXOWXU DQJHVLHGHOW VLQG6ROFKHDOWHUQDWLYHQ*HVFKOHFKWV LGHQWLWlWV HQWZUIHZHUGHQ]%LQ GHQ )LOPGRNXPHQWDWLRQHQ *HQGHUQDXWV   YRQ 0RQLND 7UHXW RGHU 9HQXV%R\]  YRQ*DEULHO%DXUSRUWUlWLHUWRGHULQGHQ$UEHLWHQGHV LQ]ZLVFKHQ UHFKW EHNDQQWHQ DPHULNDQLVFKHQ ÃJHVFKOHFKWVYDULLHUHQGHQµ JHQGHUYDULDQW  3HUIRUPDQFH.QVWOHUV 'HO /D*UDFH 9ROFDQR GHVVHQ )RWREDQG6XEOLPH0XWDWLRQV  GLH7KHPDWLNIOXLGHU*HVFKOHFKWHU JUHQ]HQXQG6H[XDOLWlWHQLQ6]HQHVHW]W'DV9RUZRUWPDUNLHUWGLH5D GLNDOLWlWVHLQHU3RVLWLRQ  Ä,¶YHSRVVHVVHGDQGEHHQSRVVHVVHGE\DPXOWLWXGHRIQDPHVERGLHVDQGLGHQ WLWLHVLQP\IRUW\RGG\HDUV&KDQJHPXWDWLRQDQGPLJUDWLRQDUHDVQDWXUDOWR PHDVVWD\LQJWKHVDPHPLJKWEHWR\RX,FDOO RUKDYHFDOOHG P\VHOID*HQ GHU7HUURULVWDQ,QWHUQDWLRQDO0XWDWLRQDQG,QWHUVH[E\'HVLJQDVPXFKDVWR VLJQLI\WKDW,DPWKHDUFKLWHFWRIP\RZQGHVWLQ\DVWRPDNHDSROLWLFDOSRLQW, UHIXWHWKHSDWKRORJL]HGVWDWXVJLYHQWRWKRVHRIXVZKRFDQ¶WRUZRQ¶WFRQIRUP WRWKHELQDU\JHQGHUV\VWHPWKDWLVWKHVRRQWREHDQWLTXDWHGQRWLRQWKDWWKHUH DUHRQO\WZRJHQGHUVPDOHDQGIHPDOH,UHIXVHWKHFRQFHSWRIWKHERG\EHDX WLIXO WKDW WKHUH LV RQO\ RQH DFFHSWDEOH ERG\ W\SH 0XWDWLRQV FRPH LQ PDQ\ IRUPV«³ 9ROFDQR 

 0DQNDQQQDWUOLFKGLH)UDJHQDFKGHUDOOWDJVZHOWOLFKHQ3UDNWLNDELOLWlW VROFKHU 7UDQVIRUPDWLRQVVNULSWH VWHOOHQ 6R LVW HV ]% DXIIlOOLJ GDVV %RUQVWHLQV*HQGHU2XWODZGLH)UDJHGHU/HLEOLFKNHLWXQGGHUSRWHQ]LHOO LGHQWLWlWVVWLIWHQGHQ5ROOHGHV.|USHUVDXVVSDUW]XJXQVWHQHLQHU3ULRULVLH UXQJ GHV $VSHNWV GHU 3HUIRUPDQ] XQG GHU YLHOVHLWLJHQ 'DUVWHOOXQJVIRU PHQ YRQ *HVFKOHFKW (EHQVR IDOOHQ GLH HWZD LQ )HLQEHUJV 6WRQH %XWFK %OXHV HLQGUFNOLFK WKHPDWLVLHUWHQ *HIDKUHQ IU GDV QLFKW JHVFKOHFKWV NRQIRUPH ,QGLYLGXXP LQ )RUP YRQ %HQDFKWHLOLJXQJHQXQG hEHUJULIIHQ QLFKW ZHLWHU LQV *HZLFKW 'LHVH 'LVNUHSDQ]HQ VROOWHQ DOOHUGLQJV QLFKW ZHLWHU LUULWLHUHQ 1HEHQ GHU ]ZHLIHOVRKQH QRWZHQGLJHQ 5HIOH[LRQ EHU GLHDOOWDJVZHOWOLFKHQ6FKZLHULJNHLWHQPLWGHQHQVLFK7UDQVJHQGHU6XE MHNWHNRQIURQWLHUWVHKHQVFKHLQWPLUQRFKHLQDQGHUHU*HVLFKWVSXQNWYRQ %HGHXWXQJ%HL%RUQVWHLQV7H[WXQGGHQLP$XVEOLFNJHQDQQWHQ([SH ULPHQWHQ KDQGHOW HV VLFK LQ HUVWHU /LQLH XP OLWHUDULVFKHNQVWOHULVFKH 3URGXNWH XQG KLHU NRPPW GLH )XQNWLRQ GHU .XQVW ]XP 7UDJHQ HLQHQ YLUWXHOOHQ (UIDKUXQJVUDXP EHUHLW]XVWHOOHQ HLQHQ ,PDJLQDWLRQVUDXP LQ GHPQHXH:LUNOLFKNHLWVHQWZUIHDXVJHWHVWHWZHUGHQN|QQHQ'D]XPV VHQ VLH DEHU EHU EHVWHKHQGH :LUNOLFKNHLWHQ KLQDXVJHKHQ .XQVW ZLUNW JHZLVVHUPD‰HQ DOV 0RWRU GHV ([]HVVLYHQ DOV $QWULHE IU GDV ZDV GLH 3DUDPHWHU GHU /HEHQVZHOW EHUVWHLJW RGHU ]XPLQGHVW DQ LKUH lX‰HUVWHQ



(9(/,1(.,/,$1

*UHQ]HQ WUHLEW 6R VWHOOW VLH HLQH NODUH +HUDXVIRUGHUXQJ DQ XQVHUH DOO WDJVZHOWOLFKHQ9RUVWHOOXQJHQYRQ*HVFKOHFKWXQG6H[XDOLWlWGDU8QGLQ GLHVHP6LQQHLVWVLHDXFKHPLQHQWSROLWLVFK ,P %HUHLFK JHVHOOVFKDIWOLFKHU 9HUKDQGOXQJVSUR]HVVH PDQLIHVWLHUW VLFKGLHVHUSROLWLVFKH,PSXOVLQGHU7UDQVJHQGHU%HZHJXQJGLHVLFKYRU DOOHPLQGHQ86$HWDEOLHUWKDWXQGGLHIUGLH5HFKWHXQGJHJHQ'LVNUL PLQLHUXQJYRQ7UDQVJHQGHU3HUVRQHQHLQWULWWIUGDVZDVLP$QVFKOXVV DQ:RPHQ¶V/LEHUDWLRQÄWUDQVJHQGHUOLEHUDWLRQ³ )HLQEHUJL[ JH QDQQW ZLUG 'LH ([LVWHQ] GLHVHU %HZHJXQJ EHZHLVW GDVV SROLWLVFKH +DQGOXQJVIlKLJNHLW QLFKW ]ZLQJHQG HLQH VWDELOH ,GHQWLWlWVNRQVWUXNWLRQ YRUDXVVHW]W2IIHQVLFKWOLFKUHLFKWHLQVWUDWHJLVFKHLQJHVHW]WHULGHQWLWlWV SROLWLVFKHU *HVWXV GHU GXUFK GLH .DWHJRULH WUDQVJHQGHU ]XP $XVGUXFN JHEUDFKWZLUG,QQHUKDOEGLHVHU.DWHJRULHPVVHQGLH=XRUGQXQJHQDEHU NHLQHVZHJVIL[LHUWVHLQZLHZLUDQGHQ%HLVSLHOHQJHVHKHQKDEHQ $XI GHU (EHQH GHU 7KHRULH VWHKW WUDQVJHQGHU IU HLQH XPIDVVHQGH 5HYLVLRQGHUJHVHOOVFKDIWOLFKNXOWXUHOOHQ*HVFKOHFKWHURUGQXQJ,QSROLWL VFKHU+LQVLFKWMHGRFKKDQGHOWHVVLFKXPGLH9HUWUHWXQJGHU%HODQJHHL QHUEHVWLPPWHQ,QWHUHVVHQJUXSSH'LHVLPSOL]LHUWGDVVHVLPJHQGHUUH OHYDQWHQ %HUHLFK YHUVFKLHGHQH ,QWHUHVVHQJUXSSHQ JHEHQ NDQQ GLH DXI XQWHUVFKLHGOLFKH JHVHOOVFKDIWOLFKH %HQDFKWHLOLJXQJVV]HQDULHQ DQWZRUWHQ ]%)UDXHQ/HVEHQ6FKZXOH XQGGLHQLFKW]ZLQJHQGGHUVHOEHQWKHR UHWLVFKHQ%DVLVYHUSIOLFKWHWVLQG'DUDXVZLHGHUXPOlVVWVLFKHLQHZHLWH UH6FKOXVVIROJHUXQJDEOHLWHQWUDQVJHQGHUPDJ]ZDUKLVWRULVFKEHWUDFK WHW GDV MQJVWH XQG GDPLW QHXHVWH .RQ]HSW VHLQ HV NDQQ XQG GDUI DEHU QLFKWDXWRPDWLVFKIUKHUH.RQ]HSWHHUVHW]HQGLHQDFKZLHYRUQRWZHQ GLJ VLQG XP MH QDFK .RQWH[W VSH]LILVFKH 3KlQRPHQH LP 6LQQH HLQHU SROLWLVFKHQ,QWHUYHQWLRQDQDO\VLHUHQXQGEHZHUWHQ]XN|QQHQ   /LWHUDWXU  %RUQVWHLQ.DWH  *HQGHU2XWODZ2Q0HQ:RPHQDQGWKH5HVW RI8V>@1HZ@ EHUV 8OULFK 5DXOII XQG :DOWHU 6HLWWHU )UDQNfurt/ 0DLQ )RXFDXOW 0LFKHO   'LH 2UGQXQJ GHV 'LVNXUVHV >@ EHUV :DOWHU6HLWWHU)UDQNIXUW0DLQ *HQGHUQDXWV5HJLVVHXULQ0RQLND7UHXW '  *LOGHPHLVWHU 5HJLQH:HWWHUHU $QJHOLND   Ä:LH *HVFKOHFKWHU JHPDFKW ZHUGHQ 'LH VR]LDOH .RQVWUXNWLRQ GHU =ZHLJHVFKOHFKWOLFK NHLW XQG LKUH 5HLIL]LHUXQJ LQ GHU )UDXHQIRUVFKXQJ³ ,Q 7UDGLWLR QHQ%UFKH (QWZLFNOXQJHQ IHPLQLVWLVFKHU 7KHRULH KJY *XGUXQ $[HOL.QDSS$QJHOLND:HWWHUHU)UHLEXUJ6 +DOEHUVWDP-XGLWK  )HPDOH0DVFXOLQLW\'XUKDP/RQGRQ +DUN6DELQH  Ä4XHHU6WXGLHV³,Q*HQGHU#:LVVHQ(LQ+DQG EXFKGHU*HQGHU7KHRULHQKJY&KULVWLQDYRQ%UDXQ,QJH6WHSKDQ .|OQHWDO6 .LOLDQ (YHOLQH   Ä7UDQVJHQGHU)RUPDWLRQHQ LQ GHU /LWHUDWXU *HVFKOHFKWHUGLVNXUV,GHQWLWlWXQG.|USHUHUIDKUXQJ³,Q'LH3KLOR VRSKLQ6 .LOLDQ(YHOLQH  *HVFKOHFKW6YHUNHKUW7KHRUHWLVFKHXQGOLWHUDUL VFKH3HUVSHNWLYHQGHVJHQGHUEHQGLQJ.|QLJVWHLQ .LOLDQ (YHOLQH D  Ä&RQFHSWV RI 7UDQV *HQGHU LQ /LWHUDU\ 6WXG LHV³ ,Q 1HJRWLDWLQJ 6SDFH IRU *HQGHU 6WXGLHV )UDPHZRUNV DQG $SSOLFDWLRQVKJYg]HQ2GD÷$OH[3HUVKDL)UDQNIXUW0DLQ6  .LOLDQ(YHOLQH E Ä)URP*HQGHUWR7UDQVJHQGHU7KHRUHWLFDODQG /LWHUDU\ 3HUVSHFWLYHV³ ,Q $QJOLVWHQWDJ  $DFKHQ 3URFHHGLQJV KJY/LOR0|VVQHU&KULVWD06FKPLGW7ULHU6 .LOLDQ (YHOLQH   Ä*HQGHU XQG 7UDQVJHQGHU LQ GHU /LWHUDWXUZLV VHQVFKDIW³,Q&UHDWLQJWKH&KDQJH%HLWUlJH]X7KHRULH 3UD[LV YRQ)UDXHQI|UGHUXQG*OHLFKEHKDQGOXQJVPD‰QDKPHQLP.XOWXUEH UHLFKKJY6DELQH%HQ]HU:LHQ6 /LQGHPDQQ*HVD  'DVSDUDGR[H*HVFKOHFKW7UDQVVH[XDOLWlWLP 6SDQQXQJVIHOGYRQ.|USHU/HLEXQG*HIKO)UDQNIXUW0DLQ 0RUULV-DQ  &RQXQGUXP>@/RQGRQ 3UDWW0LQQLH%UXFH  6+H,WKDFD



(9(/,1(.,/,$1

5LFK$GULHQQH  Ä&RPSXOVRU\+HWHURVH[XDOLW\DQG/HVELDQ([LV WHQFH³ >@ ,Q GLHV %ORRG %UHDG DQG 3RHWU\ 6HOHFWHG 3URVH >@/RQGRQ6 5XELQ *D\OH   Ä7KH 7UDIILF LQ :RPHQ 1RWHV RQ WKH Ã3ROLWLFDO (FRQRP\µ RI 6H[³ ,Q 7RZDUG DQ $QWKURSRORJ\ RI :RPHQ KJY 5D\QD55HLWHU1HZ@,Q&RPLQJWR7HUPV)HPLQLVP7KHRU\3ROLWLFVKJY (OL]DEHWK:HHG1HZ@GHQ+HUNXOHV >@LQ:HLEHUNOHLGHUQDP5RFNHQVSLQQHQGGDU'HU+HOGGHUVHLQH/DXIEDKQ QXQYROOHQGHWKDWWHPXVVWHYRUVHLQHU9HUJRWWXQJQRFKGDV/RVGHU6WHUEOLFK NHLWHPSILQGHQXQGVRWLHIYRQVHLQHU*U|‰HVLQNHQDOVKRFKHUJHVWLHJHQZDU³ 0RULW]%G  

0RULW] EHWRQW GLH $QDORJLH ]XP /HEHQVODXI &KULVWL )U LKQ LVW +HUD NOHV¶ /RV GHU 6WHUEOLFKNHLW DOOHUGLQJV QLFKW LP 9HUEUHQQHQ GHV /HLEHV DXI GHP 6FKHLWHUKDXIHQ V\PEROLVLHUW VRQGHUQ RIIHQEDU HKHU DEJHELOGHW LPV\PEROLVFKHQÃ9HUOXVWµGHVPlQQOLFKHQ.|USHUVGXUFK.OHLGHUWDXVFK )U0RULW]LVWKLHUNHLQH/HLGHQVFKDIW]XVHKHQVRQGHUQQXU/HLGHQGDV VLFKLP*UXQGHHUVWGXUFKHLQHHQGJOWLJH%HIUHLXQJYRP.|USHUOLFKHQ EHUKDXSW O|VHQ OlVVW 'HU *HOHKUWH .DUO :LOKHOP 5DPOHU VWHOOW LQ VHL QHP P\WKRORJLVFKHQ +DQGEXFK +HUDNOHV IDVW ]XU VHOEHQ =HLW DOV GHQ Ä*RWW GHU 6WlUNH GHU 7DSIHUNHLW GHU PlQQOLFKHQ 7XJHQG³ 5DPOHU I YRU.RPPHQWDUORVXQGQFKWHUQUHIHULHUWHUGLH2PSKDOH *HVFKLFKWHGHV+HOGHQ2PSKDOH  ÄEHGLHQWHVLFKGHU*HZDOWGLHHULKUIUH\ZLOOLJEHUVHLQH3HUVRQJHJHEHQKDW WH VR ZRKO GD‰ VLH LKQ VRJDU YHUPRFKWH LKUH .OHLGHU DQ]X]LHKHQ XQG LKUH

 

'2527+((.,00,&+

6SLQGHO LQ GLH +DQG ]X QHKPHQ LQGHVVHQ VLH VLFK PLW VHLQHU /|ZHQKDXW EH GHFNWHXQGVHLQH.HXOHHUJULII³ 5DPOHU  

$OOGHP XQWHU]LHKW VLFK +HUDNOHV QDFK 5DPOHU IUHLZLOOLJ XQG ]XGHP LVW VHLQH ÃPDvWUHVVHµ DXFK VFKODX XQG JHVFKLFNW VR GDVV GLH 8QWHUZHUIXQJ XQWHUVLHJDUQLFKWQRWZHQGLJDOV6FKPDFK]XYHUVWHKHQVHL 'LHVH ,QWHUSUHWDWLRQ VFKHLQW VLFK HLQHU (LQVFKlW]XQJ ]X YHUGDQNHQ ZLH PDQ VLH VFKRQ LQ 3LHUUH %D\OHV 'LFWLRQQDLUH KLVWRULTXH HW FULWLTXH QDFKOHVHQ NDQQ %D\OH DWWHVWLHUW +HUDNOHV QLFKW RKQH 6\PSDWKLH HLQH JHZLVVH ÄLQFOLQDWLRQ DX YLQ HW DX[ IHPPHV³ %D\OH    'DV HL JHQWOLFK +HOGHQ XQG 9RUELOGKDIWH GHU )LJXU VHL DEHU GDVV HU YHUVXFKW KDEHÄPDvWUHGHVHVSDVVLRQV³]XZHUGHQ(VKDQGHOWVLFKKLHUQLFKWXP HLQHGHUFKULVWOLFKHQ3DVVLRQDQDORJH3UIXQJVRQGHUQYLHOPHKUXPGHQ 7\SXVGHUDXINOlUHULVFKHQ6HOEVWEHUZLQGXQJXQG6HOEVWHU]LHKXQJ'HU /HEHQVZHJGHV+HUDNOHVZLUG]XPW\SLVFKHQ%LOGXQJVJDQJGHVPRGHU QHQ 0DQQHV VWLOLVLHUW 'LH hEHUZLQGXQJ GHU /HLGHQVFKDIWOLFKNHLW GHU 7ULHEKDIWLJNHLWHEHQGHUHLJHQHQÃ1DWXUµVWHKWGDEHLDQHUVWHU6WHOOH 'DPLWLVWGDV(UIROJVPRGHOOÃ+HUDNOHVµLQVHLQHQ*UXQG]JHQVNL] ]LHUW6HOEVWEHUZLQGXQJVWDWW(UO|VXQJ1LFKWGLHN|USHUOLFKHQ$WWULEXWH XQGVHLQH+HOGHQWDWHQDOOHLQVRQGHUQJHUDGHGHU8PJDQJPLWGHQ*H IlKUGXQJHQ GLH HLQH VROFKH 1DWXU DXFKGDUVWHOOWLVWRIIHQEDUGDVZLUN OLFK hEHU]HXJHQGH *HIlKUGXQJHQ GK GLH LQWULQVLVFKHQ VLQG GDEHL LQ HUVWHU /LQLH GLH 1HLJXQJ ]XP 5DXVFK ]XP :DKQ XQG GLH ]X )UDXHQ ]XP(URV(VVLQG0RPHQWHGHV6HOEVWYHUOXVWVHLQHU)RUPGHUOXVWYRO OHQ(QWJUHQ]XQJRGHU*UHQ]EHUVFKUHLWXQJVLHJHOWHQDOVHEHQVRJHIlKU OLFKZLHDWWUDNWLYPVVHQJHQRVVHQRGHUGXUFKOHEWDEHUHEHQDXFKJH PHLVWHUWZHUGHQN|QQHQ'LHVHV0RGHOOZLUGLQGHU/LWHUDWXUJHVFKLFKWH DXVIKUOLFKGLVNXWLHUW:LUEHJHJQHQLKPLQGHQYHUVFKLHGHQVWHQ9DULDQ WHQ LQVEHVRQGHUH LP PRGHUQHQ (QWZLFNOXQJV 5RPDQ DEHU DXFK LP 'UDPD $OV SDUDGLJPDWLVFK NDQQ KLHU *RHWKHV )DXVW JHQDQQW ZHUGHQ (LQH OLWHUDWXUJHVFKLFKWOLFKH 9HUZDQGWVFKDIW GHU EHLGHQ *HVWDOWHQ OlVVW VLFKVFKRQEHL&KULVWRSK0DUWLQ:LHODQGV+HUNXOHV)LJXUQDFK]HLFKQHQ YJO:LHODQG  

 :REHL GLH HWZDV XQEHIULHGLJHQGH +DUPORVLJNHLW GHV :LHODQGVFKHQ 6LQJ VSLHOV QLFKW HUVW KHXWH ]X PLVVIDOOHQ VFKHLQW 6FKRQ *RHWKH KDW :LHODQG ]LHPOLFKGHUE±HVZDULKPVSlWHUSHLQOLFK±YHUVSRWWHWREVHLQHVEOXWDU PHQ +HUNXOHV 'HQ DUPHQ :LHODQG OlVVW HU ]XU 6WUDIH ± *|WWHU +HOGHQ XQG:LHODQG(LQH)DUFHKHL‰WGHU7H[W±LP+DGHVHLQHPÄJRHWKHVFKHQ³ +HUNXOHV EHJHJQHQ 'HU PDFKW ÄGHQ :HLEHUQ VR YLHO .LQGHU DOV VLH EH JHKUWHQDXFKZRKOXQJHEHWHQ³ *RHWKH 





:$5+(5$./(6(,10$11"

:LHODQGV MXQJHU +HUNXOHV LVW VLFK GHU $WWUDNWLRQ XQG *HIDKU YRQ Ä$PRUV.HWWHQ³EHZXVVWXQGHVZLUGVFKQHOOGHXWOLFKZLHVHKU+HUDNOHV GHP DEHQGOlQGLVFKHQ +HOGHQ GHU 6HOEVWHQW]ZHLXQJ XQG 6HOEVWVHW]XQJ *RHWKHV )DXVW JOHLFKW ,P (LQJDQJVPRQRORJ GHV 6LQJVSLHOV KHL‰W HV Ä:HU ELQ LFK"³ ± Ä'LHVH *OXWK  ,Q PHLQHP %XVHQ GLHVH 8QJHGXOG  1DFK7KDWHQGLHVHVXQDXIKDOWVDPH 6WUHEHQ  1DFK HLQHP XQEHNDQQWHQ =LHO³ :LHODQG VRIUDJWVLFKKLHUHLQ+HUDNOHVGHUZLH+HLQ ULFK )DXVW HLQH 1HLJXQJ ]XU 6LQQOLFKNHLW NHQQW YJO :LHODQG   (UEHILQGHWVLFKDPEHUKPWHQ6FKHLGHZHJHZRVFKRQLP-DKU KXQGHUWY&KUGHU6RSKLVW3URGLNRV+HUDNOHV LPDJLQLHUWH HLQH 6]HQH GLHGDQQLPFKULVWOLFKHQ(U]lKOXQG%LOGKDXVKDOWJUR‰HQ(UIROJKDWWH 'LH(QWVFKHLGXQJIlOOWLKPVFKZHUÄ=ZHL6HHOHQ±DFKLFKIKO¶HV]X JHZL‰±%HNlPSIHQVLFKLQPHLQHU%UXVW0LWJOHLFKHU.UDIW³ :LH ODQG    'LH .RQWDPLQDWLRQ YRQ DQWLNHP +HUDNOHV &KULVWXV XQG)DXVWLVWVLJQLILNDQWZREHLGLH,GHHGHV/HLGHQVZHJVGHU(UO|VXQJ XQG6HOEVWEHUZLQGXQJQLFKWQXUHLQH&KULVWLDQLVLHUXQJXQGHLQH0RUD OLVLHUXQJVRQGHUQDXFKHLQH3V\FKRORJLVLHUXQJHUIDKUHQKDW'LHVHVV\Q NUHWLVWLVFKH*HELOGH±DXV+HUDNOHV&KULVWXVXQG)DXVW±HQWKlOWZLFKWL JH*UXQG]JHGHVDEHQGOlQGLVFKHQDXINOlUHULVFKHQLGHDOLVWLVFKHQ6XE MHNWPRGHOOVVFKOHFKWKLQGDVLVWQLFKW]XEHUVHKHQ:DVDOOHUGLQJVQLFKW JOHLFKDXIIlOOWLVWGLH7DWVFKHGDVVHVVLFKXPHLQDXVVFKOLH‰OLFKPlQQ OLFK NRQQRWLHUWHV 0RGHOO KDQGHOW (V LVW IU )UDXHQ QLFKW QXU ]XIlOOLJ E]ZKLVWRULVFK]XGLHVHP=HLWSXQNWQLFKWYRUJHVHKHQVRQGHUQHVOlVVW VLFK JUXQGVlW]OLFK QLFKW DOVR ]X NHLQHP =HLWSXQNW EHUWUDJHQ ZHLO HV 

 $EHU DXFK LP -DKUKXQGHUW GHU $XINOlUXQJ LVW GLHVH ,QWHUSUHWDWLRQ +HUD NOHV¶ DOV ÃMXQJHU +HOGµ QLFKW GLH HLQ]LJH 'LH 2PSKDOH(SLVRGH OLH‰ VLFK VFKOLH‰OLFK ZXQGHUEDU DOV $QODVV ]XU 0RGH XQG =HLWNULWLN YHUZHQGHQ +HUDNOHV VSLHOW GDEHL QXU QRFK GLH 5ROOH HLQHV YHU]lUWHOWHQ 5RNRNR /LHEKDEHUVÄ(LQ+HOG±GLH6SLQGHOLQGHU+DQG'UHKWGXUFKXQGGXUFK YHUPDU]LSDQW'HQ.UHXVHOHLQHV0lGFKHQV³ 6FKXOG LVWDOOHUGLQJV QLFKW PDQJHOQGH6HOEVWGLV]LSOLQVRQGHUQHLQDOOPlFKWLJHUNOHLQHU'lPRQÄ6HLQ 'HQNHQZDUQXU2PSKDOH1XU2PSKDOHVHLQ6SUHFKHQ(UVFKOXFK]WH XQGHPSILQGHOWH$OVKlWW¶HU6HLWHQVWHFKHQ7LHIVWDNLPLQQHUVWHQ*H KHJ'HV+HU]HQV$PRUZLHGHU6SHFN,QHLQHPJXWHQ.Q|GHO³ .ROOHU  $XVGHPJDQ]HQ.HUOLVWHLQNQRFKHQORVHU.Q|GHOJHZRUGHQ GHUKLOIORV]ZDUQLFKW1HPHVLVRGHU+HUDDEHUGDIU$PRUDXVJHOLHIHUWLVW +HUDNOHV¶)URQGLHQVWHVLQGDPVDQWXQGYLHOOHLFKWSLNDQWPLWGHU.DSLWX ODWLRQYRU$PRUV:DIIHQGDUINRNHWWJHVFKHU]WZHUGHQ  'LH KLHUDXV HQWVWDQGHQH 7UDGLWLRQVOLQLH OLH‰ VLFK LP &KULVWHQWXP PLW GHU =ZHLZHJHOHKUH NRPELQLHUHQ XQG YHUVFKDIIWH VR +HUDNOHV DOV 9RUELOG IU GLHULFKWLJH:DKOQLFKWQXULP5DKPHQKHOOHQLVWLVFKHU0RUDOSKLORVRSKLH YDLQGHU6WRDVRQGHUQDXFKLQGHUFKULVWOLFKHQ(WKLNHLQHJUR‰H3RSXOD ULWlW  'LHbKQOLFKNHLWPLWGHPEHUKPWHQ)DXVW0RQRORJEHWRQWDXFK:6RNHO LQVHLQHP9RUZRUW]X6FKRQGRUII KLHUI 

 

'2527+((.,00,&+

NRQVWLWXWLY GLH (LQYHUOHLEXQJ hEHUZLQGXQJ 9HUZDQGOXQJ .RORQLVLH UXQJXQG%HKHUUVFKXQJGHV:HLEOLFKHQPLWHLQVFKOLH‰W  'DV-DKUKXQGHUW-RKDQQ-DFRE%DFKRIHQ XQG-XOHV0LFKHOHW  )U GDV  -DKUKXQGHUW ZHUGHQ KLHU QLFKW LQ HUVWHU /LQLH OLWHUDULVFKH 4XHOOHQJHQDQQW±GLHHVDXFKJLEW±VRQGHUQYLHOPHKU]ZHLKLVWRULVFKH E]Z KLVWRULRJUDSKLVFKH 'LH %HLVSLHOH VLQG EHVRQGHUV DXVVDJHNUlIWLJ ZHLO KLHU GHXWOLFK ZLUG ZLH LGHDOLVWLVFKH *HVFKLFKWVSKLORVRSKLH 0\ WKRV5H]HSWLRQ /LWHUDWXU XQG HLQ HQWVSUHFKHQGHV 0lQQOLFKNHLWVPRGHOO HLQH SDVVJHQDXH 6\QWKHVH HLQ K|FKVW HUIROJUHLFKHV LGHRORJLVFKHV *H VDPWNRQ]HSWHUJHEHQ(VKDQGHOWVLFKXPGLH.RQJUXHQ]YRQYHUVFKLH GHQHQ 'LVNXUVHQ GLH LQ YHUVFKLHGHQHQ :LVVHQVJHELHWHQ HLQ EHUHLQ VWLPPHQGHV0RGHOODQELHWHQXQGVLFKGDKHUJHJHQVHLWLJEHVWlWLJHQXQG EHVWlUNHQ.XOWXUJHVFKLFKWHZXUGHQDFKGHPJOHLFKHQ0XVWHUJHGDFKW 

 :LHGHXWOLFKGLHVDXFKVFKRQLQGHU]HLWJHQ|VVLVFKHQ'LVNXVVLRQJHZHVHQ LVW]HLJWHLQ*HGLFKWYRQ)ULHGULFK+|OGHUOLQGDVVLFK]ZLVFKHQ+|OGHU OLQVhEHUVHW]XQJHQYRQ2YLGV+HURLGHQEHIDQG DQJHVSURFKHQZLUG+HU NXOHVEHUHLWVLQGHQ*HGLFKWHQ'DV6FKLFNVDOXQG'HP*HQLXVGHU.KQ KHLW KLHUZLUGH[SOL]LWIRUPXOLHUWLQZHOFKHU:HLVHHVVLFKXPHLQH)UDJH GHUPlQQOLFKHQ6XEMHNWNRQVWLWXWLRQKDQGHOW  Ä'DQNPHLQ+HUNXOHVGHQ.QDEHQ +DVW]XP0DQQHGXJHPDFKW 5HLIELQLFK]XP.|QLJVVLW]H 8QGPLUEUHFKHQVWDUNXQGJUR‰ 7DWHQZLH.URQRV%OLW]H $XVGHU-XJHQG:RONHORV³ +|OGHUOLQ   +HUNXOHV ZLUG DSRVWURSKLHUW DOV SHUV|QOLFKHU +HOIHU GHU DXV HLQHP .LQG HLQHQ (UZDFKVHQHQ PDFKW (U LVW GHU)KUHU ]XU UHLIHQ 0lQQOLFKNHLW GHU GHPÄ9DWHUORVHQ³GHQULFKWLJHQ:HJZHLVW(LQHHQWKXVLDVWLVFKH,GHQWLIL NDWLRQ PLW GHP *RWW GHU GLH ,QLWLDWLRQ ]X JUR‰HQ 7DWHQ XQG J|WWOLFKHP /HEHQLP2O\PSJDUDQWLHUHQVROO=LHOLVWNHLQJHULQJHUHVDOVGLHÄ8QVWHUE OLFKNHLW³+HUNXOHVDOV*RWWXQG0HQVFKHQVRKQLVWGHU+HOIHUGHQVLFKGHU VWHUEOLFKH 6HOEVWKHOIHU VHOEVWEHZXVVW ± Ä>@ NUDIW GHV HLJHQHQ 6WUHEHQV  %OLFNW XQG ZXFKV LFK KLPPHODQ³ ± ZlKOW 6SlWHU EHNRPPW +HUDNOHV EHL +|OGHUOLQ DOV 0LWWOHU ÃVRWHUµ XQG +HLODQG HLQH KHUDXVUDJHQGH %HGHXWXQJ LQ GHU V\QNUHWLVWLVFKHQ =XVDPPHQVFKDX PLW &KULVWXV XQG 'LRQ\VRV 'LH 6SDQQXQJ]ZLVFKHQ0HQVFKXQG*RWW]ZLVFKHQ6FKLFNVDOXQG+XPDQLWlW ]ZLVFKHQ:HOWXQG*HLVW]ZLVFKHQ6LQQHQOXVW7DWHQGUDQJ9HUJHLVWLJXQJ XQG$SRWKHRVHZLUGKLHUQLFKW]XJXQVWHQGHUHLQHQRGHUGHUDQGHUHQ6HLWH DXIJHO|VW'LH.RPSOH[LWlWGHUP\WKLVFKHQ*HVWDOWLVWQLFKWUHGX]LHUWVRQ GHUQ YLHOPHKU DOV 6LJQDWXU DEHQGOlQGLVFKHU .XOWXUJHVFKLFKWH XQG GDPLW HEHQ]XJOHLFKDOV0RGHOOHLQHUJHOXQJHQHQ0lQQHUELRJUDSKLHJHOHVHQXQG HQWIDOWHW  (VJLEWDOOHUGLQJVDXFKDQGHUH9HUVLRQHQGLHP|JOLFKHUZHLVHVFKRQ0LWWH GHV-DKUKXQGHUWVDXIHLQH7UDGLWLRQVOLQLHKLQZHLVHQGLHVLFKGDQQHUVW





:$5+(5$./(6(,10$11"

XQG JHVFKULHEHQ ZLH /LWHUDWXUJHVFKLFKWH ZLH *HVFKLFKWH EHUKDXSW 6XEMHNWNRQVWLWXWLRQ OLH‰ VLFK DXI GLHVHOEH :HLVH NRQVWUXLHUHQ GLH 0\ WKRORJLH VROOWH HV EHVWlWLJHQ XQG GLH *HVFKLFKWV 3KLORVRSKLH GLH =X NXQIW GHV 0RGHOOV JDUDQWLHUHQ 'DV GLDOHNWLVFKH 0RGHOO HLQHU 6HW]XQJ GHUGLH(QWIUHPGXQJGLH2EMHNWLYLHUXQJGLH3UIXQJIROJWGLHGDQQ]X HLQHU6\QWKHVHHLQHU:DQGOXQJGHP)RUWVFKULWWRGHUGHP(UIROJIKUW ZDUHLQ3DVVHSDUWRXWGDVZLHGHUXPMHGHQGHUHLQ]HOQHQ'LVNXUVHVWlUNWH ±ELVGLHVH.RQVWUXNWLRQPLW(LQVHW]HQGHU0RGHUQHDXVHLQDQGHUEULFKW =ZHL %HLVSLHOH VROOHQ JHQDQQW ZHUGHQ -XOHV 0LFKHOHW XQG -RKDQQ -DNRE %DFKRIHQ %HL 0LFKHOHW LVW +HUDNOHV GHU %UXGHU GHV $SROOR XQG ÄOHKpURVG¶2FFLGHQWTXHSHUVHFXWHO¶RULHQWDO%DFFKXVOHIpPLQLQOHIX ULHX[³ 0LFKHOHW +HUDNOHVLVWGHUJUR‰H$UEHLWHUGHUJHJHQ GHQ2ULHQWGLH)UDXHQXQGGHQ:DKQDQWULWW(UZLUGGDPLWGHU5HSUl VHQWDQW GHU ÄJUDQGHXU GH O¶KRPPH³ GK HLQHU VSH]LILVFK RN]LGHQWDOHQ PHQVFKOLFKPlQQOLFKHQ:UGHGLHJHUDGHQLFKWPHKUZLHEHL]%0R ULW]XQGDXFKEHL6FKLOOHUYRQGHU/HLEOLFKNHLWDEVWUDKLHUW.|USHUOLFKH 

JHJHQ(QGHGHV-DKUKXQGHUWVXQGLQGHU0RGHUQHGXUFKVHW]HQZLUG(LQH GHULQWHUHVVDQWHVWHQ9HUDUEHLWXQJHQGLHVHU$UWEHJHJQHWLQ*RWWIULHG.HO OHUV 3DQNUD] GHU 6FKPROOHU YJO .HOOHU    .HOOHU EHVFKUHLEW KLHU HLQH VHLQHU YLHOHQ JHVFKHLWHUWHQ PlQQOLFKHQ 6R]LDOLVDWLRQVJHVFKLFK WHQ 'HU 6HOGZ\OHU -XQJH UHLVW DXV 7URW] LQ GLH :HOW NRPPW DOV 6ROGDW QDFK,QGLHQXQGZLUGGRUWYRQGHUVFK|QHQXQGYHUZ|KQWHQ7RFKWHUVHLQHV 9RUJHVHW]HQ]XP1DUUHQJHKDOWHQ6LHEULQJWLKPGDV/HVHQYRQ/LWHUDWXU EHLHUYHUZHFKVHOWSURPSWGLHOLWHUDULVFKHQ/LHEHVJHVFKLFKWHQPLWGHU5H DOLWlWXQGZLUGVHOEVWYHUVWlQGOLFKYRQ/\GLDVRKHL‰WGLH6FK|QHYHUODFKW 6HOEVWEHUZLQGXQJVHLQHUWURW]LJHQ1DWXUJHOLQJWLKPHUVWDQJHVLFKWVHLQHV :VWHQO|ZHQ*HOlXWHUWKHLPJHNHKUWVWHKWLKPGRUWDEHUNHLQHVZHJVGLH +HOGHQYHUHKUXQJEHYRU0XWWHUXQG6FKZHVWHUVFKODIHQEHLVHLQHQ$EHQ WHXHUJHVFKLFKWHQ HLQ (LQH +HUDNOHVYHUVLRQ GLH GHP JDU QLFKW XQV\PSD WKLVFKHQ3URWDJRQLVWHQQLFKWHLQPDOGLH5ROOHGHVHUIROJUHLFKHQ(U]lKOHUV GHUHLJHQHQ$EHQWHXHUJHVFKLFKWHQ]XJHVWHKW'DVVROGDWLVFKH+HOGHQOHEHQ VFKHLWHUW HEHQVR ZLH GDV .RQ]HSW GHV $EHQWHXUHUV XQG GDV GHV $XWRUV (LQ]LJEULJEOHLEWLQ.HOOHUV*HVFKLFKWHQLPPHUQXUGDV0RGHOOGHVÃ)D PLOLHQYDWHUVµDXFKQLFKWJDQ]RKQH,URQLHDOOHUGLQJV YJO'LHPL‰EUDXFK WHQ/LHEHVEULHIH.HOOHURGHUDXFK+DGODXEDXVGHQ=UL FKHU1RYHOOHQ.HOOHUE   9JO]XGLHVHP$VSHNWDXFK)'UUHQPDWW+HUNXOHVXQGGHU6WDOOGHV$X JLDV YJO 'UUHQPDWW    XQG +HLQHU 0OOHU =HPHQW YJO 0OOHU (LQPDOYHUVDJWGHUIDXOXQGLPSRWHQWJHZRUGHQH +HUDNOHV DQJHVLFKWV GHV 0LVWEHUJHV DOV $UEHLWHU XQG HLQPDO ZLUG HU DOV GHU HLQIDFKH Ä3UROHWDULHU³ XQG 'UHFNDUEHLWHU XP GHQ 5XKP VHLQHU /HL VWXQJJHEUDFKW9RP3DWKRVGHU$UEHLWLVWQXUQRFK6DWLUHXQG6DUNDVPXV EULJJHEOLHEHQ  9JO6FKLOOHUV*HGLFKW'DV5HLFKGHU6FKDWWHQ  LQGHP+HUNXOHVDOV hEHUZLQGHUDOOHV0HQVFKOLFKHQÄGHV,UGLVFKHQHQWNOHLGHW³]LWLHUWZLUG± XQGGDEHLLVWGHUSDQWDJUXHOLVFKH6lXIHUGHUKHOOHQLVWLVFKHQ$QWLNHNDXP ZLHGHU]XHUNHQQHQ YJO6FKLOOHUKLHU= 

 

'2527+((.,00,&+

$UEHLW 6HOEVWEHUZLQGXQJ GLH (UDUEHLWXQJ GHV ,FK XQG GHU :HOW ZLUG ]XP,GHDOIDOOGHV0HQVFKHQGDVKHL‰WGHV0DQQHV ,QlKQOLFKHU:HLVHZLUG+HUDNOHVDXFKEHL%DFKRIHQ]XU6\PEROJH VWDOW VSH]LILVFK ZHVWOLFKHU .XOWXU GHU GHQ GHNDGHQWHQ XQG YRQ )UDXHQ UHSUlVHQWLHUWHQ2VWHQ]XEHVLHJHQKDWÄ+HUDNOHVGHV:HLEHV%HVLHJHU IlOOW YRQ :HLEHUKDQG XP DOVGDQQ DXI 2HWDV +|KHQ GXUFK GLH )HXHU IODPPHYRQGHV6WRIIHV6FKODFNHQJHUHLQLJW]XU9HUHZLJXQJ]XJHODQ JHQ³ %DFKRIHQ  %G    (U YHUOlVVW GLH :HOW VHLQHU 0XWWHU $ONPHQHXQGJHKWLQV5HLFKGHV9DWHUVHLQÄ'LH+HUVWHOOXQJGHV9DWHU UHFKWVLVWJOHLFKEHGHXWHQGPLWGHP6LHJHGHVJHLVWLJHQ/LFKWSULQ]LSV«³ %DFKRIHQ  %G    'DPLW HQWKlOW GLH +HUDNOHVJHVFKLFKWH LQ QXFHGDV3ULQ]LSGHU:HOWJHVFKLFKWHÄ6LHLVWDOVRGDVVWRIIOLFKHZHLEOL FKH GLHVHU GDV XQN|USHUOLFKH KLPPOLVFKH /LFKWSULQ]LS +HUUVFKWH HUVW MHQHVVRREVLHJWMHW]WGLHVHVXQGGDVNRVPLVFKH*HVHW]LVWLQGHU8Q WHUZHUIXQJ GHV :HLEHV XQWHU GHQ 0DQQ DXI (UGHQ ]XU 9HUZLUNOLFKXQJ JHODQJW³ %DFKRIHQ%G 'LH:HOWJHVFKLFKWHGLHHXURSlL VFKH .XOWXU XQG GHU 0DQQ DOV VROFKHU VLQG QDFK GHP JOHLFKHQ 0RGHOO YHUIDVVW'DV:HLEOLFKHGHU2ULHQWGDV3DUDGLHVXQGGLH/XVWVLQGGDV ZDVHVLQGLHVHP3UR]HVVGHU9HUYROONRPPQXQJ]XEHVLHJHQ]XYHUDU EHLWHQXQG]XEHUZLQGHQJLOW 'DV GLDOHNWLVFKH 0RGHOO ZLUNW ZDVVHUGLFKW (V KlOW ODQJH XQG JXW $EHUHVKDWVHLQH)HKOHUXQG5LVVHJHZLVVHUPD‰HQVFKRQVHOEVWPLWHLQ JHEDXWXQGJHUDGHGLHMHQLJHQGLHHVPLWEHVRQGHUHPUKHWRULVFKHP$XI ZDQGYHUWHLGLJHQHUNHQQHQDXFKVFKRQGLH5LVLNHQ'HUPlQQOLFKH+HOG ±GHUÄXQYHUV|KQOLFKH*HJQHUGHU:HLEHUKHUUVFKDIW³±EHNlPSIWPLWGHU 6LQQOLFKNHLWDXFKHLQHQ7HLOGHU.XOWXUVHOEVWGHQQVR%DFKRIHQV)RU PXOLHUXQJ GLH +HUUVFKDIW GHV :HLEOLFKHQ YHUPDJ ÄGLH 0HQVFKKHLW ]XU +HUYRUEULQJXQJGHUYHUJHLVWLJWHQ1DWXULGHHLQ3RHVLHXQG3ODVWLN]XEH IlKLJHQXQGVLHVHOEVWGHU9HUZLUNOLFKXQJGHVK|FKVWHQ6FK|QKHLWVLGHDOV ]XQlKHUQ³VLHKDWÄ*ODQ]XQG3UDFKWGHV/HEHQVEHI|UGHUW³$X‰HUGHP KDWVLHGHQ7RGEHVLHJWÄ.HLQH,GHHYRQ.DPSIYRQ6HOEVWEHVLHJXQJ YRQ 5HXH XQG %X‰H VW|UW GLH +DUPRQLH GLHVHV VLQQOLFKEHUVLQQOLFKHQ )UDXHQOHEHQV.HLQH.OXIW|IIQHWVLFK]ZLVFKHQ'LHVVHLWVXQG-HQVHLWV³ DOOH%DFKRIHQ%G .DPSI5HXHXQG%X‰H6HOEVW EHVLHJXQJ(VVLQGGLH.RQVWLWXHQWHQGHV0\WKRVE]ZVHLQHU$GDSWLR QHQ XQG JHUDGH LKU )HKOHQ ZLUG KLHU DOV *DUDQW ZHLEOLFKHQ *OFNV JH QDQQW%DFKRIHQHUNHQQWGLH6FKZlFKHVHLQHU$UJXPHQWDWLRQXQGZHL‰ VLHQXUPLWGHP9HUZHLVDXIGLHÃ/RJLNGHU*HVFKLFKWHµ±YHUPHLQWOLFK± ]XUHWWHQ    



:$5+(5$./(6(,10$11"

'DV-DKUKXQGHUW)UDQN:HGHNLQGXQG3HWHU:HLVV  'LHVHÃ/RJLNGHU*HVFKLFKWHµKDW1LHW]VFKHEHJUDEHQXQGPLWLKUVWLUEW QLFKWQXU*RWW:DV1LHW]VFKHQLFKWHU|UWHUW±XQGDXFKVHLQ1DFKIROJHU 0LFKHO)RXFDXOWLP$EJHVDQJDXIGDVLGHDOLVWLVFKH6XEMHNWDXIIlOOLJXQ SUl]LVHIRUPXOLHUW±LVWGLH7DWVDFKHGDVVPLWGLHVHPKLVWRULVFKHQ3DUD GLJPDDXFKHLQELVGDKLQXQJHKHXHUHUIROJUHLFKHV0lQQOLFKNHLWVPRGHOO XQGHEHQQLFKW6XEMHNWPRGHOOLPDOOJHPHLQHQ6LQQHGDV=HLWOLFKHVHJ QHW'DV:HLEOLFKH1DWUOLFKH6LQQOLFKH3RHWLVFKHDOVQXUQRWZHQGLJHU =ZLVFKHQVFKULWW LQ GHU GLDOHNWLVFKHQ 6HOEVWNRQVWLWXWLRQ GHV PlQQOLFKHQ 6XEMHNWV E]Z GHU HXURSlLVFKHQ =LYLOLVDWLRQ EHU]HXJW QLFKW PHKU DP DOOHUZHQLJVWHQ GLH 0lQQHU VHOEVW GLH SO|W]OLFK LQ DOOHQ 5RPDQHQ 1R YHOOHQXQG'UDPHQDEHUDXFKLPWlJOLFKHQ/HEHQXQGLQGHQ3UD[HQGHU 3V\FKRWKHUDSHXWHQ VLFK GLHVHU =XPXWXQJ HUZHKUHQ 6LH ZHUGHQ NUDQN ÃQHXUDVWKHQLVFKµ EOHLEHQ RKQH 1DFKZXFKV RKQH (UIROJ ZLH +DQQR %XGGHQEURRNXQG0DOWH/DXULGV%ULJJHYHUOLHEHQVLFKLQ.QDEHQVWDWW LQ)UDXHQZLH*XVWDY$VFKHQEDFKXQGVHKHQVLFKOHW]WHQGOLFKVHOEVWDOV 2SIHUGLHVHUKHUDNOHLVFKHQ'LDOHNWLN )UDQN:HGHNLQGV+HUDNOHVXQJHOLHEWXQGYHUUDWHQJOHLFKWLQQLFKWV PHKUHLQHP6LHJHU$OOHLQYRQ2PSKDOHGLHHLQHZLFKWLJH5ROOHVSLHOW VFKHLQWHUXPVHLQHUVHOEVWZLOOHQJHOLHEW]XZHUGHQXQGGLHVLVWIULKQ XP YLHOHV DWWUDNWLYHU DOV GLH DQGDXHUQGH +HOGHQYHUHKUXQJ GHU HU VLFK DXVJHVHW]WVLHKWGHUHUPLVVWUDXWXQGGLHLKQLVROLHUW:HGHNLQGV+HUD NOHVHUNHQQWVLFKLQ2PSKDOH±GLHVHLQH.OHLGHUWUlJW±VHOEVWXQGEH JHJQHW]XVHLQHPHLJHQHQ(UVWDXQHQQLFKWGHPWXPEHQ+HOGHQVRQGHUQ HLQHPVFK|QHQ0HQVFKHQ'LH:HLEOLFKNHLWGHV0DQQHVLVWNHLQSHLQOL FKHV=ZLVFKHQVSLHOPHKUVRQGHUQVLHIKUWDP(QGH]XU(UO|VXQJ±]X HLQHU(UO|VXQJGLHGLHYRP0lQQOLFKNHLWVP\WKRVVHOEVWLVW YJO:HGH NLQG  :LHLQ]XQHKPHQGHP0D‰HLQGHU/LWHUDWXUGHV-DKUKXQGHUWVGLH Ã0lQQOLFKNHLWµGHV+HUDNOHV±RGHUZDVGDIUJHKDOWHQZLUG±GHUH[SOL ]LWHQ.ULWLNDXVJHVHW]WLVWE]ZGLHVH.ULWLNVHOEVWQDFKGHP0XVWHUHLQHU Ã'HNRQVWUXNWLRQµ]XHLQHP7KHPDGHV7H[WHVZHUGHQNDQQ]HLJWEHVRQ GHUV GHXWOLFK 3HWHU :HLVV¶ bVWKHWLN GHV :LGHUVWDQGV 'LH GUHL MXQJHQ 0LWJOLHGHU HLQHU DQWLIDVFKLVWLVFKHQ :LGHUVWDQGVJUXSSH LP %HUOLQ GHV -DKUHV  LQWHUSUHWLHUHQ GHQ )ULHV GHV 3HUJDPRQDOWDUV +HUDNOHV JLOW ]XQlFKVW DOV 3HUVRQLILNDWLRQ SUROHWDULVFKHU $UEHLW XQG GHV :LGHUVWDQGV JHJHQ DXWRULWlUH XQG IDVFKLVWLVFKH *HZDOWKHUUVFKDIW YJO :HLVV  %G  II  (LQH QHXHUOLFKH %HVFKlIWLJXQJ PLW GHQ %LOGHUQ HUJLEW DO OHUGLQJVIUGLHMXQJHQ.RPPXQLVWHQHLQHDQGHUH3HUVSHNWLYH+HUDNOHV ZLUGQXQDOV2SIHUVHLQHUHLJHQHQ5DWLRQDOLWlWEHVFKULHEHQVHLQH7DWHQ ZHUGHQÄDOV$XVGUXFNYRQ0DFKWSKDQWDVLHQLQWHUSUHWLHUWLQGHQHQVLFK  

'2527+((.,00,&+

GRFK QXU HLQH SULQ]LSLHOOH 8QWHUOHJHQKHLW XQG 6FKZlFKH PDQLIHVWLHUH³ +XEHU    %HL GLHVHU JHZLVVHUPD‰HQ GHQ %DFKRIHQVFKHQ =ZHLIHO QDFKVWHOOHQGHQ 5HOHNWUH VFKHLQW GDV +HOGHQWXP QXU QRFK GLH 6LJQDWXU HLQHU YHUGUlQJWHQ YHUJHZDOWLJWHQ XQG DXVJHVFKORVVHQHQ :HOW ]X VHLQ GLH HLQHU 0lQQOLFKNHLWVSKDQWDVLH E]Z HLQHU HQWVSUHFKHQGHQ ,GHRORJLHYRQ=LYLOLVDWLRQ5DWLRQDOLWlWXQG$XINOlUXQJ]XP2SIHUILHO :DVEHL%DFKRIHQ±ZRKOPDOJUpOXL±DQJHGHXWHWZXUGHZLUGKLHU]XU H[SOL]LWHQ .ULWLN DQ HLQHP 0RGHOO GDV JDQ] RIIHQVLFKWOLFK DXVJHGLHQW KDW   'DV(QGH  Ä)XUFKWEDUHVKDWGLH0HQVFKKHLWVLFKDQWXQPVVHQELVGDV6HOEVWGHU LGHQWLVFKH ]ZHFNJHULFKWHWH PlQQOLFKH &KDUDNWHU GHV 0HQVFKHQ JH VFKDIIHQZDUXQGHWZDVGDYRQZLUGQRFKLQMHGHU.LQGKHLWZLHGHUKROW³ $GRUQR+RUNKHLPHU    6R GHXWOLFK LVW GLH .ULWLN LQ +RUNKHL PHUV XQG $GRUQRV 'LDOHNWLN GHU $XINOlUXQJ IRUPXOLHUW 'DVV HV KLHU JDQ] H[SOL]LW XP PlQQOLFKH 6R]LDOLVDWLRQ JHKW ZLUG PHLVW EHUOHVHQ +RUNKHLPHU XQG $GRUQR VWHOOHQ KLHU EHUHLWV  LPSOL]LW GHQ =XVDP PHQKDQJ]ZLVFKHQLGHDOLVWLVFKHP9HUQXQIWGLVNXUVVLPSOL]LVWLVFKHU*H VFKLFKWVSKLORVRSKLH XQG KHUN|PPOLFKHQ KHURLVFKHQ 0lQQOLFKNHLWVPR GHOOHQKHU'LH.ULWLNLVWGDEHLQLFKWQXUHLQHDQGHU*HZDOWGLH0lQQHU GLHLQHLQHPVROFKHQ0RGHOOVR]LDOLVLHUWZHUGHQVHOEVWDXVEHQVRQGHUQ YLHOPHKUHLQH.ULWLNDQGHU*HZDOWGLHGHQ0lQQHUQLQHLQHPVROFKHQ 0RGHOO GHU 6HOEVWNRQVWLWXWLRQ TXD KHURLVFKHU 6HOEVWEHUZLQGXQJ ]XJH IJWZLUG $OVDXIVFKOXVVUHLFKKDWVLFKGLH*HVFKLFKWHGHV+HUDNOHVP\WKRVDOVR GHVKDOE HUZLHVHQ ZHLO VLH JHUDGH QLFKW HLQ ]HLWORVHV 6WHUHRW\S PlQQOL FKHQ +HOGHQWXPV EHVFKUHLEW 9LHOPHKU HLJQHW VLFK +HUDNOHV GD]X ]X ]HLJHQ GDVV 0lQQOLFKNHLWVPRGHOOH JHNRSSHOW VLQG DQ KLVWRULVFKH :LV VHQVRUGQXQJHQ XQG DQ JHVHOOVFKDIWOLFKH 3UDNWLNHQ 'DV LGHDOLVWLVFKH 6XEMHNWPRGHOOLVWHLQDXVVFKOLH‰OLFKPlQQOLFKHV(VILQGHWHLQP\WKROR JLVFKHV0XVWHULQ+HUDNOHVLQGHP]XPJUR‰HQ6HOEVWEHUZLQGHUVWLOL VLHUWHQ ]XP 6LHJHU EHU GLH LQQHUH XQG lX‰HUH 1DWXU GHV 0DQQHV JH 

 1LFKW]X8QUHFKWYHUZHLVW$QGUHDV+XEHULQVHLQHU,QWHUSUHWDWLRQDXIGLH 'LDOHNWLNGHU$XINOlUXQJYRQ$GRUQR+RUNKHLPHUbKQOLFKZLHEHL'U UHQPDWW YHUOLHUW +HUDNOHV PLW VHLQHP +HOGHQWXP DXFK VHLQH VH[XHOOH 3R WHQ]'LH5DFKHGHU)UDXVLQGVlPWOLFKH*HVFKOHFKWVNUDQNKHLWHQGHV2UL HQWV YJO :HLVV    6R SKDQWDVLHUW VLFK GHU MlKULJH +HLOPDQQ GLH 6WUDIH IU VHLQ HKHPDOLJHV ,GRO ]XVDPPHQ GDV GLH 0HQVFKKHLW GLH )UDXHQGLH*HUHFKWLJNHLWXQGVLFKVHOEVWYHUUDWHQKDW





:$5+(5$./(6(,10$11"

PDFKWHQ DQWLNHQ +HURV 'LHVHV 0RGHOO HQWZLFNHOW GXUFK GLH HLQPDOLJH .RQJUXHQ] YRQ *HVFKLFKWVSKLORVRSKLH .XOWXUEHJULII ,PSHULDOLVPXV 0lQQOLFKNHLWVPRGHOOXQGURPDQWLVFKHUbVWKHWLNLP-DKUKXQGHUWHLQH 6\QHUJLH GLH DX‰HURUGHQWOLFK HUIROJUHLFK LVW 'HU LQ GLHVHU 'LDOHNWLN LPPHU VFKRQ LPSOL]LHUWH 9HUOXVW LVW JHZLVVHUPD‰HQ GHU 0\WKRV VHOEVW (V LVW GHU 5HVW GHU EULJ EOHLEW XQG QLFKW YHUVFKZLQGHQ ZLOO 'LH PR GHUQH/LWHUDWXULVWHLQH/HVDUWGHU*HVFKLFKWHGLHVHVUHEHOOLVFKHQ5HVWV 



/LWHUDWXU  $GRUQR 7KHRGRU :+RUNKHLPHU 0D[   'LDOHNWLN GHU $XINOl UXQJ3KLORVRSKLVFKH)UDJPHQWH)UDQNIXUW0DLQ %DFKRIHQ-RKDQQ-DNRE  *HVDPPHOWH:HUNH%GXQGKJY .DUO0HXOL%DVHO>KLHULQ'DV0XWWHUUHFKW(LQH8QWHUVXFKXQJEHU GLH *\QDLNRNUDWLH GHU DOWHQ :HOW QDFK LKUHU UHOLJL|VHQ XQG UHFKWOL FKHQ1DWXU@ %D\OH 3LHUUH   'LFWLRQQDLUH KLVWRULTXH HW FULWLTXH 5HSULQW GHU $XVJDEH3DULV *HQI %HQWKLHQ&ODXGLD6WHSKDQ,QJH +J   0lQQOLFKNHLWDOV0DVNH UDGH.XOWXUHOOH,QV]HQLHUXQJHQYRP0LWWHODOWHUELV]XU*HJHQZDUW .|OQHWDO %OXPDXHU $OR\V >%-0 .ROOHU@   +HUNXOHV WUDYHVWLHUW LQ  % FKHUQ)UDQNIXUW0DLQHWDO %RVVH +DQV.LQJ 9HUD +J    0lQQOLFKNHLWVHQWZUIH :DQG OXQJHQXQG:LGHUVWlQGHLP*HVFKOHFKWHUYHUKlOWQLV)UDQNIXUW0DLQ HWDO %URG+DUU\ +J   7KH0DNLQJRI0DVFXOLQLWLHV7KH1HZ0HQ¶V 6WXGLHV/RQGRQHWDO %URPPHU)UDQN  +HUDNOHV'DUPVWDGW %UQGHO +HLGUXQ+XUUHOPDQQ .ODXV   .RQNXUUHQ] .DUULHUH .ROODSV 0lQQHUIRUVFKXQJ XQG GHU $EVFKLHG YRP 0\WKRV 0DQQ 6WXWWJDUWHWDO 'UUHQPDWW )ULHGULFK   :HUNH %G  KJY )UDQ] -RVHI *|UW] =ULFK>KLHULQ+HUNXOHVXQGGHU6WDOOGHV$XJLDV@ (UKDUW:DOWHU+HUUPDQQ%ULWWD  :DQQLVWHLQ0DQQHLQ0DQQ" 6WXWWJDUW:HLPDU (UKDUW :DOWHU   Ä0lQQOLFKNHLW DOV .DWHJRULH GHU SRVWPRGHUQHQ .RQGLWLRQ³,Q5lXPHGHUOLWHUDULVFKHQ3RVWPRGHUQH*HQGHU3HU IRUPDWLYLWlW*OREDOLVLHUXQJKJY3DXO0LFKDHO/W]HOHU7ELQJHQ 6

 

'2527+((.,00,&+

*LOPRUH 'DYLG '   0\WKRV 0DQQ 5ROOHQ 5LWXDOH /HLWELOGHU 0QFKHQ=ULFK *RHWKH -RKDQQ :ROIJDQJ   *RHWKHV :HUNH %G  KJY (ULFK 7UXQ]+DPEXUJ>KLHULQ*|WWHU+HOGHQXQG:LHODQG(LQH)DUFH@ +DFNV 3HWHU   Ä2PSKDOH 2SHU LQ GUHL $NWHQ³ ,Q GHUV 2SHU %HUOLQ:HLPDU6 +HUWHU +   Ä(IIHPLQDWXV³ ,Q 5HDOOH[LNRQ IU $QWLNH XQG &KUL VWHQWXP %HJU YRQ )UDQ] -RVHSK '|OJHU %G  6WXWWJDUW 6S   +|OGHUOLQ )ULHGULFK   6lPWOLFKH :HUNH XQG %ULHIH %G  KJY -RFKHQ6FKPLGW)UDQNIXUW0DLQ>KLHULQ$Q+HUNXOHV@ +XEHU$QGUHDV  Ä+HUDNOHV9DULDWLRQHQ$UEHLWDP0\WKRVLQGHU ÃbVWKHWLNGHU:LGHUVWDQGVµYRQ3HWHU:HLVV³,Q+HUDNOHV+HUNXOHV %G  KJY 5DOSK .UD\6WHSKDQ 2HWWHUPDQQ )UDQNIXUW0DLQ 6 +XQJHU+HUEHUW  Ä+HUDNOHV³,QGHUV/H[LNRQGHUJULHFKLVFKHQ XQGU|PLVFKHQ0\WKRORJLH0LW+LQZHLVHQDXIGDV)RUWZLUNHQDQWL NHU 6WRIIH XQG 0RWLYH LQ GHU ELOGHQGHQ .XQVW /LWHUDWXU XQG 0XVLN GHV$EHQGODQGHVELV]XU*HJHQZDUW:LHQ6 .DQH 0LFKDHO   0RGHUQ 0HQ 0DSSLQJ 0DVFXOLQLW\ LQ (QJOLVK DQG*HUPDQ/LWHUDWXUH/RQGRQ1HZKLHULQ 3DQNUD] GHU 6FKPROOHU 'LH PL‰EUDXFKWHQ /LHEHVEULHIH@ .HOOHU *RWWIULHG E  6lPWOLFKH :HUNH %G  KJY 7KRPDV %| QLQJ)UDQNIXUW0DLQ>KLHULQ+DGODXE@ 0LFKHOHW -XOHV   %LEOHGHO¶+XPDQLWp8QHDQQpHGX&ROOqJHGH )UDQFH3DULV 0RULW].DUO3KLOLSS  :HUNHLQ%lQGHQ%GKJY+RUVW*Q WKHU)UDQNIXUW0DLQ>KLHULQ*|WWHUOHKUH@ 0OOHU +HLQHU   :HUNH %G  KJY )UDQN +|UQLQJN )UDQN IXUW0DLQ>KLHULQ=HPHQW@ 0XUSK\3HWHU) +J   )LFWLRQVRI0DVFXOLQLW\&URVVLQJ&XOWX UHV&URVVLQJ6H[XDOLWLHV1HZKLHULQ'DV5HLFKGHU6FKDWWHQ@





:$5+(5$./(6(,10$11"

6FKLVVOHU +DQQD   Ä0lQQHUVWXGLHQ LQ GHQ 86$³ ,Q *HVFKLFKWH XQG*HVHOOVFKDIW1U6 6FKRQGRUII-RDFKLP +J   +HUDNOHV0QFKHQ:LHQ 5DQNH*UDYHV5REHUWYRQ  *ULHFKLVFKH0\WKRORJLH4XHOOHQXQG 'HXWXQJ+DPEXUJ :DOWHU :LOOL   Ä0lQQHU HQWGHFNHQ LKU *HVFKOHFKW =X ,QKDOWHQ =LHOHQ )UDJHQ XQG 0RWLYHQ YRQ .ULWLVFKHU 0lQQHUIRUVFKXQJ³ ,Q .ULWLVFKH0lQQHUIRUVFKXQJ1HXH$QVlW]HLQGHU*HVFKOHFKWHUWKHR ULHKJY%DX6WHLQH0lQQHU%HUOLQ+DPEXUJ6 :DOWHU :LOOL   Ä*HQGHU *HVFKOHFKW XQG 0lQQHUIRUVFKXQJ³ ,Q *HQGHU6WXGLHQ(LQH(LQIKUXQJKJY&KULVWDYRQ%UDXQ,QJH6WH SKDQ6WXWWJDUW:HLPDU6 :HGHNLQG )UDQN   :HUNH KJY +DQV-RFKHQ ,UPHU 'DUPVWDGW >%GKLHULQ+HUDNOHV@ :HLVV3HWHU  bVWKHWLNGHV:LGHUVWDQGV)UDQNIXUW0DLQ :LHODQG&KULVWRSK0DUWLQ  6lPPWOLFKH:HUNH%G7HLOEDQG  KJY +DPEXUJHU 6WLIWXQJ ]XU )|UGHUXQJ YRQ :LVVHQVFKDIW XQG .XOWXU+DPEXUJ>KLHULQ'LH:DKOGHV+HUNXOHV@ :ROII /XW]:HUQHU +J    0DQQV%LOGHU 9RQ 0lQQHUQ 0Q FKHQ

 



9 21  ) 5$8(1(5=b+/(1 

 

  



6FKDPLQGHQ5RPDQHQ-DQH$XVWHQVRGHU :LHGLH*HQGHU6WXGLHVDXIGHQ$IIHNW JHNRPPHQVLQG ,1*5,'+27='$9,(6

:HQQ PDQ EHU GDV Ã*HVFKOHFKWµ KHXWH HWZDV ]X ZLVVHQ JODXEW GDQQ GDV GDVV HV DOV 5HVXOWDW XQG ,QKDOW HLQHV 6\VWHPV YRQ *UHQ]]LHKXQJV SUR]HVVHQYRQ$XVVFKOXVVXQG(LQVFKOXVVYHUIDKUHQYHUVWDQGHQZHUGHQ PXVV:LUVSUHFKHQDOVRYRQGHQ0HFKDQLVPHQXQGGHU0DFKWGHU0H FKDQLVPHQ PLW GHQHQ ÃW\SLVFKHVµ 9HUKDOWHQ KHUJHVWHOOW ÃW\SLVFKHµ %LO GHULP6\PEROIXQGXVYRQ.XOWXUHQJHQHULHUWZHUGHQ+LHUEHLNDQQPDQ HLQHUVHLWVQDFKGHP:DVGHU8QWHUVFKHLGXQJIUDJHQZDVDOVRGLHNRQ NUHWHQ ,QKDOWH GLHVHU 6WHUHRW\SLVLHUXQJHQ VLQG 6ROFKH )RUVFKXQJHQ KDEHQ LKUH %HUHFKWLJXQJ ZHQQ HV GDUXP JHKW HLQH %HVWDQGVDXIQDKPH EHU GLH JHQDXH %HVFKDIIHQKHLW HLQHV LGHRORJLVFKHQ )HOGV ]X PDFKHQ 9RU GHP +LQWHUJUXQG GHU GHU]HLWLJHQ WKHRUHWLVFKHQ (QWZLFNOXQJHQ HPSILHKOW HV VLFK MHGRFK GLH 0HFKDQLVPHQ GHU *UHQ]]LHKXQJ VHOEVW LQ GHQ%OLFN]XQHKPHQ:HUWULIIWGLHVH8QWHUVFKHLGXQJHQEHUZHQZLH ZHUGHQVLH]HPHQWLHUWXQGYRUDOOHP:LHZHUGHQVLHHLQJHIRUGHUWXQG ZDUXPXQWHUZHUIHQZLUXQVLKQHQVRJDU]XXQVHUHPHLJHQHQ1DFKWHLO" %HJLQQHQZLUPLWHLQHP%HLVSLHOYRQ6DQGUD/HH%DUWN\GDVYLHOH /HVHULQQHQ±XQGXQWHUEHVWLPPWHQ8PVWlQGHQDXFK/HVHU±VRIRUWDXV GHPHLJHQHQ.|USHUJHGlFKWQLVZLHGHUHUNHQQHQZHUGHQ

 Ä,W LV D ILQH VSULQJ GD\ DQG ZLWK DQ XWWHU ODFN RI VHOIFRQVFLRXVQHVV , DP ERXQFLQJGRZQWKHVWUHHW6XGGHQO\,KHDUPHQ¶VYRLFHV&DWFDOOVDQGZKLVWOHV ILOOWKHDLU7KHVHQRLVHVDUHFOHDUO\VH[XDOLQLQWHQWDQGWKH\DUHPHDQWIRUPH WKH\ FRPH IURP DFURVV WKH VWUHHW , IUHH]H $V 6DUWUH ZRXOG VD\ , KDYH EHHQ



,1*5,'+27='$9,(6



SHWULILHG E\ WKH JD]H RI WKH 2WKHU 0\ IDFH IOXVKHV DQG P\ PRWLRQV EHFRPH VWLII DQG VHOIFRQVFLRXV 7KH ERG\ ZKLFK RQO\ D PRPHQW EHIRUH , LQKDELWHG ZLWK VXFK HDVH QRZ IORRGV P\ FRQVFLRXVQHVV , KDYH EHHQ PDGH DQ REMHFW :KLOHLWLVWUXHWKDWIRUWKHVHPHQ,DPQRWKLQJEXWOHWXVVD\ÃDQLFHSLHFHRI DVVµWKHUHLVPRUHLQYROYHGLQWKLVHQFRXQWHU>«@,PXVWEHPDGHWRNQRZWKDW ,DPDÃQLFHSLHFHRIDVVµ,PXVWEHPDGHWRVHHP\VHOIDVWKH\VHHPH>«@ OLNHEHLQJPDGHWRDSRORJL]HLWLVKXPLOLDWLQJ>«@:KDW,GHVFULEHVHHPVOHVV WKHVSRQWDQHRXVH[SUHVVLRQRIDKHDOWK\HURWLFLVPWKDQDULWXDORIVXEMXJDWLRQ³ %DUWN\  

:DV %DUWN\ KLHU EHVFKUHLEW LVW LP *UXQGH QLFKWV 1HXHV 'LH IHP LQLVWLVFKH .ULWLN KDW VFKRQ ODQJH GDUDXI KLQJHZLHVHQ GDVV )UDXHQ LQ EHVRQGHUHU:HLVHGHU%HVFKlPXQJDXVJHVHW]WVLQGXQGGDVVGLHVV\VWH PLVFKHQ&KDUDNWHUKDW ]XVDPPHQIDVVHQGYJO/HKWLQHQ :LHYRQ %DUWN\ YHUPXWHW KDQGHOW HV VLFK XP HLQH 3ODW]]XZHLVXQJ XP HLQHQ LGHRORJLVFKHQ$SSHOO'LH6FKDPVRUJWGDIUGDVVGLHVHU$SSHOOLQDOOHU )UHXQGVFKDIWQDWUOLFKDXFKZHKWXW'LH)UDXKDWQXQHLQH5HLKHYRQ 2SWLRQHQ ZLH VLH VLFK YHUKDOWHQ NDQQ GLH VLH MHGRFK DOOH ZHLWHUKLQ JHVFKOHFKWVVSH]LILVFKYHURUWHQZHUGHQDOV6FKODPSHYHUWURFNQHWH-XQJ IHU (PDQ]H WROOHV :HLE XQG VR ZHLWHU 6RIHUQ VLH DOVR GLH $QUXIXQJ JHK|UW KDW LVW VLH LQ HLQHP 6SLHO JHIDQJHQ GDV VLH QLFKW QLFKW VSLHOHQ NDQQ]XPDOLKU.|USHUVLHMDEHUHLWVDQGDV6SLHOYHUUDWHQKDWDOVHUPLW 6FKDPUHDJLHUWH 7UDGLWLRQHOOKDWGLHIHPLQLVWLVFKH.ULWLN±XQGLQEHVWLPPWHQ)lOOHQ LQ]ZLVFKHQ DXFK GLH 5HFKWVSUHFKXQJ ± GLHVH )RUPHQ GHU 3ODW]]XZHL VXQJ YRQ GHU 6HLWH GHUMHQLJHQ DXV JHGDFKW GLH VLH YRUQHKPHQ 0DQ EH]HLFKQHWGDVDOVVH[XHOOH%HOlVWLJXQJXQGIRUGHUWGDVVHVXQWHUEOHLEHQ VROO'LH6]HQHLVWDEHUDXFKHLQH6FKXOEHLVSLHOIUGLH*UXQGNRQVWHOOD WLRQHQ GHU VR]LDOHQ 2UGQXQJ VHOEVW QLFKW VR VHKU LQ GHU NRQNUHWHQ *H JHQEHUVWHOOXQJ GHU 6SLHOHU GLH JHQDX VR JXW DQGHUV VHLQ N|QQWH VRQ GHUQ LQ GHU 6WUXNWXU GHVVHQ ZLH GDV 6XEMHNW LQ JHVHOOVFKDIWOLFKHQ 3UR ]HVVHQKHUJHVWHOOWZLUG+LHUEHLNDQQPDQGLHVHV6SLHODEHUDXFKYRQGHU 6HLWHGHU)UDXDXVGHQNHQXQGIUDJHQZDUXPLKU.|USHUVLHHLJHQWOLFKLQ GLH 8QWHUZHUIXQJ KLQHLQ YHUUDWHQ KDW :LH NDQQ HV SDVVLHUHQ GDVV VLH ]XU .RPSOL]LQ ZLUG JHQDX GRUW ZR VLH SHLQOLFK EHUKUW LVW" 0HLQH +\SRWKHVHLVWGDVVZLULQGHQ$UEHLWHQHLQLJHUGHUHUGLHVHLWEHU]HKQ -DKUHQ DQ GHU YRUGHUVWHQ /LQLH GHV 1DFKGHQNHQV EHU JHQGHU VWHKHQ HLQH8PRULHQWLHUXQJIHVWVWHOOHQN|QQHQGLHJHQDXLQGLH5LFKWXQJGLH VHU)UDJHIKUW

 

6&+$0,1'(1520$1(1-$1($867(16

:LHZLUGGDV6XEMHNW]XP6XEMHNWRGHU -XGLWK%XWOHUV9HU]ZHLIOXQJ  ,Q %DUWN\V %HLVSLHO NDQQ PDQ GDV VHKHQ ZDV /RXLV $OWKXVVHU   VHKU HLQIOXVVUHLFK DOV Ã,QWHUSHOODWLRQµ EH]HLFKQHW KDW 1DFK $OWKXVVHU VLQGHVGLHLGHRORJLVFKHQ6WDDWVDSSDUDWHDOVRGLH%LOGXQJVLQVWLWXWHGLH 5HOLJLRQGLH)DPLOLHHWFGLHHLQ6XEMHNWHUVFKDIIHQLQGHPVLHHVÃLQ WHUSHOOLHUHQµÃDQUXIHQµ,QVHLQHP%HLVSLHOLVWGDVHWZDGHU3ROL]LVWGHU PLFK UXIW Ä+H 'X³ ,QGHP LFK PLFK XPGUHKH HUNHQQH LFK GLH 0DFKW GLHVHU,QVWLWXWLRQDQPLFK]XNRQVWLWXLHUHQ,P*HJHQ]XJZHUGHLFK]XP 6XEMHNWXQG]XP8QWHUZRUIHQHQGLHVHU,QVWLWXWLRQ$OWKXVVHUV+\SRWKH VH ZXUGH DXV YHUVFKLHGHQHQ 5LFKWXQJHQ NULWLVLHUW $OV $OOHJRULH GHU 6XEMHNWZHUGXQJ DEHU EOHLEW VLH ZLH -XGLWK %XWOHU EHPHUNW KDW XQEH VFKDGHW %XWOHU %XWOHUV7KHRULHIX‰WGDKHUDXI]ZHL*UXQG DQQDKPHQGLHLPPHUZLHGHUQHXDQJHGDFKWZHUGHQHLQPDOGHU9RUVWHO OXQJ GDVV GLH V\PEROLVFKH 2UGQXQJ 6XEMHNWH LQWHUSHOOLHUW XQG ]XP DQGHUHQ GDVV GLH 6XEMHNWH GDUDXI PLW 3HUIRUPDQ]HQ UHDJLHUHQ GLH JH VFKOHFKWVVSH]LILVFK GHWHUPLQLHUW VLQG ,Q LKUHQ IUKHUHQ :HUNHQ ULFKWHW %XWOHULKUH$XJHQPHUNYRUDOOHPGDUDXI]XHUJUQGHQZHOFKH)RUPHQ GHU 3HUIRUPDQ] P|JOLFK VLQG RKQH GDVV 0HQVFKHQ LKUH ,QWHOOLJLELOLWlW YHUOLHUHQ ,KUH QHXHUHQ $UEHLWHQ KLQJHJHQ YHUVFKLHEHQ GLHVHQ $N]HQW HWZDV1XQLQWHUHVVLHUWVLHHLQHUVHLWVGLH)UDJHREHLQ6SUHFKDNWVSH]L ILVFK GLH %HOHLGLJXQJ WDWVlFKOLFK GDV 6XEMHNW DP 2UW GHU %HOHLGLJXQJ KHUVWHOOW E $QGHUHUVHLWV D VWHOOWVLHQXQGLH)UDJHXPGLHHV KLHU JHKW :LH NRPPW HV GDVV GDV 6XEMHNW VLFK ÃXPGUHKWµ ZHQQ HV DQJHUXIHQZLUG"*LEWHVHWZDVLQXQVGDVXQVGD]X]ZLQJWXQVÃXP]X GUHKHQµGDVDOVRGHP6XEMHNWYRUDQJHKW"+LHUEHLEHVWHKW%XWOHULPPHU ZLHGHU GDUDXI GDVV ZLU XQV ÃXPGUHKHQµ ZHLO ZLU GD]X YRUGLVSRQLHUW VLQG  Ä6XEMHFWLRQFRQVLVWVSUHFLVHO\LQWKLVIXQGDPHQWDOGHSHQGHQF\RQDGLVFRXUVH ZH QHYHU FKRVH EXW WKDW SDUDGR[LFDOO\ LQLWLDWHV DQG VXVWDLQV RXU DJHQF\ Ã6XEMHFWLRQµVLJQLILHVWKHSURFHVVRIEHFRPLQJVXERUGLQDWHGE\SRZHUDVZHOO DVWKHSURFHVVRIEHFRPLQJDVXEMHFW:KHWKHUE\LQWHUSHOODWLRQLQ$OWKXVVHU¶V

  'LH)UDJHZLH%HOHLGLJXQJXQG%HVFKlPXQJGLHMHQLJHQIRUPWGLHLKQHQ V\VWHPDWLVFKDXVJHVHW]WVLQGKDWDXFK7KHRUHWLNHU]XU3V\FKRORJLHDQGH UHU6XEMHNWLYLWlWHQGLHVLFKLP=XVWDQGGHU8QWHUZHUIXQJIRUPLHUHQPV VHQ EHVFKlIWLJW =XP .RPSOH[ Ã5DVVH5DVVLVPXVµ V ]% GLH JUXQGOH JHQGHQ $UEHLWHQ YRQ )UDQ] )DQRQ EHV 3HDX QRLUH PDVTXHV EODQFV GW HEHQVRZLHGLH%HLWUlJHLQ$QGHUVHQ&ROOLQV  ]X +RPRVH[XDOLWlW+RPRSKRELH V (ULERQ   ,Q GHU =XVDPPHQVFKDX YRQEODFNXQGTXHHUV%RQG6WRFNWRQ   



,1*5,'+27='$9,(6



VHQVH RU E\ GLVFXUVLYH SURGXFWLYLW\ LQ )RXFDXOW¶V WKH VXEMHFW LV LQLWLDWHG WKURXJKDSULPDU\VXEPLVVLRQWRSRZHU³ %XWOHUD 

Ä6XEMHFWLRQ³ PXVV DOVR YHUVWDQGHQ ZHUGHQ DOV GLH XQDXIO|VOLFKH 9HU VFKPHO]XQJYRQ6XEMHNWZHUGXQJXQG8QWHUZHUIXQJZREHLZLUVHOEVWHV VLQGGLHVLFKXQWHUZHUIHQQRFKEHYRUZLUXQWHUZRUIHQZHUGHQ'LHVKDW ]XQlFKVWQLFKWVPLWGHP*HVFKOHFKW]XWXQ(VLVWDEHUHLQH+\SRWKHVH GLHYRUGLH)UDJHGHV*HVFKOHFKWV]XUFNJHKWXPYRQGRUWDXVGLH)UDJH ]X HUP|JOLFKHQ ZDUXP ZLU ± DXFK DOV )UDXHQ DOV +RPRVH[XHOOH DOV Ã6FKZDU]HµDOVÃ$XVOlQGHUµ HWF ±XQVLQWHUSHOOLHUHQODVVHQYRQ=XRUG QXQJHQGLHXQVVFKDGHQ :LHDOVRPXVVPDQVLFKGDVYRUVWHOOHQ"%XWOHUJHKWGDYRQDXVGDVV ZLU DIIHNWLY DQ GLH 0DFKW JHEXQGHQ VLQG ZHLO ZLU XQV DOV .LQGHU LQ $EKlQJLJNHLW EHILQGHQ 'DV KHL‰W *HQDXZLHGDV6XEMHNWGDVYRUGHU ,QWHUSHOODWLRQQLFKWH[LVWLHUWVLQGZLUDEKlQJLJQRFKEHYRUZLUJHERUHQ VLQG XQG ZHUGHQ XQV GDQQ ZHQQ ZLU JHERUHQ VLQG LQ GHU DIIHNWLYHQ %LQGXQJ DQ GDV ZRYRQ ZLU DEKlQJLJ VLQG ]X Ã6XEMHNWHQµ HQWZLFNHOQ 'LH(UIDKUXQJGHU$EKlQJLJNHLWXQGGDPLWGHU8QWHUZHUIXQJNRQVWLWX LHUW PLFK DOVR DOV MHPDQGHQ GHU VLFK XQWHUZHUIHQ ZLOO XQG ]ZDU ÃPLW /HLGHQVFKDIWµ PLW SDVVLRQDWH DWWDFKPHQW 'DPLW ZLU MHGRFK 6XEMHNWH ZHUGHQ N|QQHQ GLH YRQ VLFK HLQHQ *UDG DQ $XWRQRPLH SRVWXOLHUHQ N|QQHQ ZLUG JHQDX GLHVH 6WUXNWXU ULJRURV YHUGUlQJW XQVLFKWEDU JH PDFKWREZRKOVLHXQVHLQ/HEHQODQJYHUZXQGEDUIUGLH6XERUGLQDWLRQ PDFKW³QRVXEMHFWHPHUJHVZLWKRXWDSDVVLRQDWHDWWDFKPHQWWRWKRVHRQ ZKRP KH RU VKH LV IXQGDPHQWDOO\ GHSHQGHQW >«@ WKH IRUPDWLRQ RI SUL PDU\SDVVLRQLQGHSHQGHQF\UHQGHUVWKHFKLOGYXOQHUDEOHWRVXERUGLQD WLRQ DQG H[SORLWDWLRQ >«@ WKLV VLWXDWLRQ RI SULPDU\ GHSHQGHQF\ FRQGL WLRQVWKHSROLWLFDOIRUPDWLRQDQGUHJXODWLRQRIVXEMHFWVDQGEHFRPHVWKH PHDQV RI WKHLU VXEMHFWLRQ³ %XWOHU D   'LH *HJHQNUDIW JHJHQ GLHVHQ 0HFKDQLVPXV ± GHQQ HLQH VROFKH .UDIW PXVV HV JHEHQ GD ZLU VRQVW EHZHJXQJVXQIlKLJ ZlUHQ ± LVW EHL %XWOHU GDV %HJHKUHQ GHVLUH Ã'HVLUHµ YHUOHLWHW XQV GD]X GHU 8QWHUZHUIXQJ HQWNRPPHQ ]X ZROOHQ JOHLFK]HLWLJZlUHHLQ6XEMHNWRKQH8QWHUZHUIXQJQLFKWGHQNEDU,QGLH VHU3DUDGR[LHHQWZLFNHOWVLFKQDFK%XWOHUGDV6XEMHNWDOVULVNDQWHU%D ODQFHDNW]ZLVFKHQGHUDIIHNWLYHU%LQGXQJDQGLH8QWHUZHUIXQJXQGGHQ ]HQWULIXJDOHQ.UlIWHQGHV%HJHKUHQV %HL%XWOHUELQLFKDOVRGHQHQGLHPLFKYRQGHUDQGHUHQ6WUD‰HQVHLWH KHULQWHUSHOOLHUHQVFKRQDXVJHOLHIHUWQRFKEHYRULFKHLQHQ)X‰DXIGLH 6WUD‰H JHVHW]W KDEH ZHLO LFK PLFK LKQHQ VHOEVW DXVJHOLHIHUW KDEH ZHLO LFK PLFK DIIHNWLY VFKRQ LP YRUDXV DQ VLH JHEXQGHQ KDEH %XWOHU EH ]HLFKQHWGDVQLFKW]X8QUHFKWDOV7HXIHOVNUHLV %XWOHUD +LHU EHL±XQGGDVLVWHLQHIROJHQVFKZHUH$XVODVVXQJ±ÃYHUJLVVWµGLHVH6WX GLH MHGRFK UHFKW VFKQHOO LKUHQ HLJHQHQ $QVDW]SXQNW LQ GHQ DIIHNWLYHQ  

6&+$0,1'(1520$1(1-$1($867(16

%LQGXQJHQ LQ HLQHU $QKlXIXQJ GHU LPPHU JOHLFKHQ OHW]WOLFK XQEHDQW ZRUWHWHQ)UDJHGLHGLHYROOH:XFKWGHU%XWOHUVFKHQ6NHSVLVXQGZUGH LFKVDJHQ9HU]ZHLIOXQJWUlJW  Ä,QSDUWLFXODUKRZDUHZHWRDFFRXQWIRUWKHGHVLUHIRUWKHQRUPDQGIRUVXE MHFWLRQPRUHJHQHUDOO\LQWHUPVRIDSULRUGHVLUHIRUVRFLDOH[LVWHQFHDGHVLUH H[SORLWHG E\ UHJXODWRU\ SRZHU" >«@ +RZ LV LW WKDW WKH VXEMHFW LV WKH NLQG RI EHLQJZKRFDQEHH[SORLWHGZKRLVE\YLUWXHRULWVRZQIRUPDWLRQYXOQHUDEOH WRVXEMXJDWLRQ"%RXQGWRVHHNUHFRJQLWLRQRILWVRZQH[LVWHQFHLQFDWHJRULHV WHUPVDQGQDPHVWKDWDUHQRWRILWVRZQPDNLQJWKHVXEMHFWVHHNVWKHVLJQRI LWV RZQ H[LVWHQFH RXWVLGH LWVHOI LQ D GLVFRXUVH WKDW LV DW RQFH GRPLQDQW DQG LQGLIIHUHQW >«@ ,Q RWKHU ZRUGV ZLWKLQ VXEMHFWLRQ WKH SULFH RI H[LVWHQFH LV VXERUGLQDWLRQ³ %XWOHUDPHLQH+HUYRUKHEXQJHQ  

%XWOHUNDQQDOV/|VXQJNDXPPHKUDQELHWHQDOVNOHLQHUH6FKOXSIO|FKHU XQG%UFKHLQGHU.RKlUHQ]GHV6\VWHPVÄ,IWKHVXEMHFWLVQHLWKHUIXOO\ GHWHUPLQHG E\ SRZHU QRU IXOO\ GHWHUPLQLQJ RI SRZHU >«@ WKH VXEMHFW H[FHHGV WKH ORJLF RI QRQFRQWUDGLFWLRQ LV DQ H[FUHVFHQFH RI ORJLF DV LW ZHUH³ %XWOHU D   $OV P|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hEHUUDVFKXQJGDVVHVGLH6FKDPLVWGLHLQKRKHP0D‰GDIU YHUDQWZRUWOLFKLVWGDVV0HQVFKHQLQWHUSHOOLHUEDUVLQGRGHUULFKWLJHUGLH 6FKDP XQG GDV %HJHKUHQ GLH ZLH ZLU VHKHQ ZHUGHQ ]XVDPPHQJHK| UHQ (LQH P|JOLFKH $QWZRUW DXI %XWOHUV LQVLVWLHUHQGHV KRZ LV LW WKDW" +RZFDQZHDFFRXQWIRU"ZlUHDOVRGLH6FKDP8QGKLHUGHXWHW%XWOHU QLFKW ]XOHW]W LQ LKUHU ,QWXLWLRQ YRQ HLQHP 6XEMHNW GDV GLH /RJLN GHV :LGHUVSUXFKVEHUVWHLJWGDVHLQH:XFKHUXQJLQQHUKDOEGHU/RJLNLVWLQ HLQH 5LFKWXQJ GLH HLQH ELVODQJ QXU DQJHGDFKWH 1HXDXVULFKWXQJ GHU *HQGHU6WXGLHV]XZHUGHQYHUVSULFKW   (YH.RVRIVN\6HGJZLFNXQGGHU:HUWGHU7H[WXU  +LHUORKQWVLFKHLQ%OLFN]XHLQHUDQGHUHQJUR‰HQÄ4XHHQRI4XHHU³]X (YH.RVRIVN\6HGJZLFNGLHDXIHLQHPY|OOLJDQGHUHQ:HJLQGHQOHW] WHQ -DKUHQ JHQDX DP JOHLFKHQ 3XQNW DQJHNRPPHQ LVW GLH DEHU HLQHQ 



,1*5,'+27='$9,(6



JDQ]DQGHUHQWKHRUHWLVFKHQXQGNULWLVFKHQ:HJHLQVFKOlJW:DVIUVLH ZLFKWLJLVWLVWGDV+HWHURJHQHGDV.RQWLQJHQWHGLHVSH]LILVFKH7H[WXU HLQHV 3KlQRPHQV UlXPOLFK HKHU DOV NDXVDO JHGDFKWH 9HUKlOWQLVVH GHU 7DVWVLQQHKHUDOVGHU*HVLFKWVVLQQWRXFKLQJHKHUDOVVHHLQJ6LHYHUWULWW HLQH0HWKRGHGHV/RVVFKWWHOQVGHV$XINQSIHQVÄWKHDUWRIORRVLQJ³ 6HGJZLFN :LHVLHLQ7RXFKLQJ)HHOLQJVDJWHQWZLFNHOWVLHÄD SURMHFW WR H[SORUH SURPLVLQJ WRROV DQG WHFKQLTXHV IRU QRQGXDOLVWLF WKRXJKW DQG SHGDJRJ\³ 6HGJZLFN    HLQH 7KHRULHELOGXQJ GHU KHXULVWLVFKHQ :HUN]HXJH GHU 3UD[LV GHV ÃXQGRLQJµ :LFKWLJH :|UWHU IUVLHVLQGEHVLGHHKHUDOVDERYHEHORZRGHUEH\RQGXQGLPPHUZLH GHUHLQ:RUWGDVEHL%XWOHUXQGHQNEDUZlUHQRQFH±GDV(LQVWZHLOLJH GDV9RUOlXILJHGDVIUGHQ0RPHQW$QJHQRPPHQH7D[RQRPLHQGLH QRQFHVLQGJHEHQQLFKWYRUV\VWHPLVFK]XVHLQIL[LHUWRGHUJDUÃZDKUµ (VVLQGGLHYLHOHQ7KHRULHQGHV$XJHQEOLFNVGLHZLUWlJOLFKHWDEOLHUHQ XPXQVLP5HDOHQ]XRULHQWLHUHQ6HGJZLFNZLOOGDKHUZLVVHQZDVGLH NRQNUHWHDIIHNWLYH%HVFKDIIHQKHLWXQGGLHNRQNUHWHDIIHNWLYH+HUDXVIRU GHUXQJXQG,QYHVWLWLRQYRQ.XQVWZHUNHQLVW6LHZLOOGLHVEHVFKUHLEHQ ZHLO VLFK GLH 7H[WXU HLQHU 6DFKH GHU 2UGQXQJ GHU 6WUXNWXU ]XPLQGHVW WHLOZHLVHHQW]LHKW  Ä7H[WXUHLQVKRUWFRPSULVHVDQDUUD\RISHUFHSWXDOGDWDWKDWLQFOXGHVUHSHWL WLRQEXWZKRVHGHJUHHRIRUJDQL]DWLRQKRYHUVMXVWEHORZWKHOHYHORIVKDSHRU VWUXFWXUH >@ ,I WH[WXUH DQG DIIHFW WRXFKLQJ DQG IHHOLQJ VHHP WR EHORQJ WR JHWKHU >«@ ZKDW WKH\ KDYH LQ FRPPRQ LV WKDW >«@ ERWK DUH LUUHGXFLEO\ SKH

  0DQ ZUGH VLFK IU 6HGJZLFN HLQH EHVVHUH 5H]HSWLRQ LQ 'HXWVFKODQG ZQVFKHQ%LVKHUVLQGLKUH:HUNHMHGRFKQRFKQLFKWHLQPDOEHUVHW]WHLQ 6NDQGDOGHUVHOEVWVFKRQ6WRIIIUHLQH8QWHUVXFKXQJZlUH  6R SUlVHQWLHUW XQV HLQ $XIVDW] LQ 7RXFKLQJ )HHOLQJ HLQ ZDKUHV )HVW GHV XQGRLQJ GHU $XVWLQVFKHQ XQG %XWOHUVFKHQ  6SUHFKDNWWKHRULH LQGHP GHQ SHUIRUPDWLYHQ bX‰HUXQJHQ ± GLH QLFKW ]XIlOOLJ JHUQH PLW GHP KHWHURQRU PDWLYHQ %HLVSLHO GHU (KHVFKOLH‰XQJ LOOXVWULHUW ZHUGHQ ± ÄSHULSHUIRUPDWL YH³bX‰HUXQJHQ]XU6HLWHJHVWHOOWZHUGHQGLHNHLQHQDQGHUHQ=ZHFNKD EHQDOVLQGHUÃ1DFKEDUVFKDIWµ YLFLQLW\ GHU6SUHFKDNWHGHUHQ3HUIRUPDWL YLWlW ]X WRUSHGLHUHQ ÄWR GLVLQWHUSHOODWH³Ã ÃHQWLQWHUSHOOLHUHQµ 6HGJZLFN    +LHUEHL LVW QRQFH ± lKQOLFK ZLH GDV DXV GHU KRPRSKREHQ %HOHLGLJXQJ HQWZHQGHWHXQGSRVLWLYEHVHW]WHTXHHU±NHLQHÃXQVFKXOGLJH¶9RNDEHO'DV 2[IRUG (QJOLVK 'LFWLRQDU\ JLEW DQ IRU WKH QRQFH ³IRU D SDUWLFXODU SXU SRVHRQSXUSRVHH[SUHVVO\IRULWVRZQVDNHIRUWKHSDUWLFXODURFFDVLRQ IRU WKH WLPH EHLQJ WHPSRUDULO\³ 'DQHEHQ MHGRFK DXFK GHQ 6ODQJJH EUDXFK ÄD VH[XDO GHYLDQW D SHUVRQ FRQYLFWHG RI D VH[XDO RIIHQFH HVS FKLOGDEXVH³  %HVRQGHUVHLQGUXFNVYROOKLHULKUH/HNWUHGHU7H[WLOVNXOSWXUHQYRQ-XGLWK 6FRWWYRQGHQHQHLQHDXFKGHQ(LQEDQGGHV%XFKHV]LHUW 6HGJZLFN    

6&+$0,1'(1520$1(1-$1($867(16

QRPHQRORJLFDO 7R GHVFULEH WKHP SULPDULO\ LQ WHUPV RI VWUXFWXUH LV DOZD\V D TXDOLWDWLYH PLVUHSUHVHQWDWLRQ $WWHQGLQJ WR SV\FKRORJ\ DQG PDWHULDOLW\ DW WKH OHYHORIDIIHFWDQGWH[WXUHLVDOVRWRHQWHUDFRQFHSWXDOUHDOPWKDWLVQRWVKDSHG E\ ODFN RU E\ FRPPRQVHQVLFDO GXDOLWLHV RI VXEMHFW YHUVXV REMHFW³ 6HGJZLFN XQG  

,FKZHUGHKLHUGHQYLHOHQXQGEHUUDVFKHQGHQ:HQGXQJHQXQG(LQVLFK WHQ GLH ZLU GHP :HUN 6HGJZLFNV YHUGDQNHQ GHU UHLFKHQ 7H[WXU LKUHV 2HXYUHV QLFKW JHUHFKW ZHUGHQ N|QQHQ ,FK ZHUGH PLFK LP )ROJHQGHQ DXI6HGJZLFNXQG6FKDPEHJUHQ]HQGHQQIDVWDOOHLKUHUVSlWHUHQ$UEHL WHQ VLQG XQWHU GHP VWDUNHQ (LQIOXVV YRQ 6LOYDQ 7RPNLQV HQWVWDQGHQ HLQHPLQQRYDWLYHQ3V\FKRORJHQGHU$IIHNWH6HGJZLFNKDWHQWVFKHLGHQG GD]XEHLJHWUDJHQGDVVHUZLHGHUDXIGLH/DQGNDUWHGHUEHDFKWHWHQ7KHR UHWLNHU JHVHW]W ZXUGH 6HGJZLFN)UDQN   ,FK ZHUGH IU MHW]W QXU YRUDXVVFKLFNHQZDUXP6HGJZLFNLP%HUHLFKGHU6FKDPVRZLFKWLJLVW 'LH6FKDPLVWQlPOLFKIUVLHQLFKWGDVZDVGLHWUDGLWLRQHOOHQ7KHRULHQ DXV GHP %HUHLFK GHU 3V\FKRDQDO\VH XQG GHU 6HOEVWKLOIHEHZHJXQJHQ LQ LKUVHKHQHLQHSRVLWLYH.UDIWGHU6HOEVWUHJXOLHUXQJRGHUXPJHNHKUWHLQ YDJHDQVW|‰LJHU6W|UDIIHNWLP3URMHNWGHU6HOEVWZHUGXQJ)U6HGJZLFN LVW6FKDPYLHOPHKUHLQ$IIHNWGHULQVHLQHU7H[WXUHLQHXQJHKHXUH9LHO IDOWYRQ(IIHNWHQXQG0DQLIHVWDWLRQHQKHUYRUEULQJWGLHVLFKDOOHHQWOD GHQ HQWODQJ GHU *UHQ]H ]ZLVFKHQ 0HQVFKHQ ]ZLVFKHQ 0HQVFK XQG *HVHOOVFKDIWVRJDU]ZLVFKHQYHUVFKLHGHQHQ6FKLFKWXQJHQGHVHLQ]HOQHQ 0HQVFKHQ XQG GLH GDKHU GLH YROOH .ODYLDWXU GHVVHQ ELHWHQ ZDV 6HGJ ZLFNDOVQRQFH(IIHNWHEH]HLFKQHW   Ä7KHPRVWPHUFXULDORIHPRWLRQV³  :DVDOVRLVWGLHWUDGLWLRQHOOH9RUVWHOOXQJGHVVHQZDVGLH6FKDPLVWXQG WXW"6LHLVWHLQHPRWLRQDOHVXQGSK\VLRORJLVFKHV3KlQRPHQIUGDVGLH 3V\FKRORJHQUHFKWVSH]LILVFKH6\PSWRPHHWDEOLHUWKDEHQGHQDEJHZHQ GHWHQ %OLFN (UU|WHQ HLQH .|USHUKDOWXQJ GLH VXJJHULHUW HLQ 0HQVFK ZROOH VLFK YHUVWHFNHQ LQ GHQ VSULFKZ|UWOLFKHQ %RGHQ YHUVLQNHQ 'LH 6FKDP IROJW DXI HLQ VFKPHU]KDIW HPSIXQGHQHV (UOHEQLV GHU ([SRQLHUW KHLWGHU6LFKWEDUPDFKXQJYRQHWZDVGDVGHURGHUGLH%HWURIIHQHDOVHLQ =HLFKHQ GHV 9HUVDJHQV HPSILQGHW 6LH LVW DQVWHFNHQG =HXJH YRQ 6FKDPHUOHEQLVVHQDQGHUHU]XZHUGHQNDQQLP%HWUDFKWHU6FKDPDXVO| VHQXQG]ZDULQJHQDXGHPVHOEHQ*UDGZLHLPHLJHQWOLFKHQ6XEMHNWGHU %HVFKlPXQJ (V LVW VRJDU P|JOLFK VLFK IU DQGHUH DQ LKUHU 6WHOOH ]X VFKlPHQ 'LH 6FKDP LVW LQ OHW]WHU =HLW ]X HLQHP ZLFKWLJHQ 7KHPD IU 3V\FKRORJHQ JHZRUGHQ )U VLH LVW GLH 6FKDP HLQH SO|W]OLFKH (UQLHGUL 



,1*5,'+27='$9,(6



JXQJGHV6HOEVWZHUWJHIKOVEHLGHUHLQ6XEMHNWDXIVFKPHU]OLFKH:HLVH HUNHQQW GDVV GLH $QIRUGHUXQJHQ GHV ,FK,GHDOV E]Z GHV hEHU,FKV MH QDFK7HUPLQRORJLHQLFKWHLQJHO|VWZXUGHQ'DPLWIJWGLH6FKDPGHP 6XEMHNWLPPHUHLQHDNXWHXQGVFKPHU]KDIWHQDU]LVVWLVFKH9HUOHW]XQJ]X 'DEHLLVWGLH6FKDPHLQLQKlUHQWVR]LDOHU$IIHNWGHUVLFKJHQDXDQGHU *UHQ]H]ZLVFKHQGHULQGLYLGXHOOHQ3V\FKHXQGGHQDQGHUHQGHU*HVHOO VFKDIWGHQ,QVWLWXWLRQHQMDGHUV\PEROLVFKHQ2UGQXQJVHOEVWHQWOlGW,Q GHU 7DW LVW HV LQ HUKHEOLFKHP 0D‰ GLH 6FKDP GLH XQV DOV VR]LDOLVLHUWH /HEHZHVHQ HUVFKDIIW GHQQ VLH LVW HLQ 0HFKDQLVPXV EHU GHQ VLFK GLH V\PEROLVFKH XQG VR]LDOH 2UGQXQJ QLFKW QXU LQ XQVHUH *HGDQNHQ HLQ VFKUHLEW VRQGHUQ JHUDGH]X LQ XQVHUH .|USHU GLH HUEHEHQ XQG HUU|WHQ QDFKLKUHP'LNWDW:HQQZLUDOVR±XQGKLHUEHILQGHQZLUXQVJHQDXEHL %XWOHUV hEHUOHJXQJHQ ± GXUFK GLH 6FKDP LQWHUSHOOLHUEDU ZHUGHQ GDQQ VRUJWVLHDXFKGDIUGDVVZLU]X6XEMHNWHQZHUGHQ'LH6FKDPLVWGDKHU QLFKW QXU HLQ 0HFKDQLVPXV GHU 8QWHUGUFNXQJ 6LH LVW DXFK GDV ZDV /pRQ:XUPVHULQYLHOOHLFKWDOO]XSDVWRUDOHU)ULHGIHUWLJNHLWHLQHQÄJXDU GLDQ³ HLQHQ Ã+WHUµ GHV ,FK JHQDQQW KDW (LQ Ä+WHU³ YLHOOHLFKW DEHU RIWDXFKHLQ$XIVHKHUGHQPDQVLFKQLFKWVHOEVWDXVJHVXFKWKDW (LQHJHZLVVH GLV]LSOLQEHGLQJWH" %OLQGKHLWJHJHQEHUGHP=ZDQJV FKDUDNWHUGHU6FKDPLVWGHQPHLVWHQSV\FKRDQDO\WLVFKHQ$QVlW]HQHLJHQ VR GDVV GLHVH VLFK VFKZHU WXQ ZHUGHQ GHP VHKU DOOWlJOLFKHQ  )DOO 5HFKQXQJ]XWUDJHQGHQ%DUWN\EHVFKULHEHQKDW$XVLKUHU6LFKWPVVWH PDQYLHOOHLFKWGLH)UDXLQ%HKDQGOXQJVFKLFNHQ9LHOOHLFKWKDWVLHHLQH QDU]LVVWLVFKH6W|UXQJGLHVLHGD]XWUHLEWVLFK$QHUNHQQXQJLQGHQ$X JHQDQRQ\PHUXQGLKUDQVRQVWHQVRJDUZLGHUZlUWLJHU0lQQHU]XHUVHK QHQ" 0DQ PXVV HLQHU $UEHLW ZLH GHU YRQ +LOJH /DQGZHHU   VHKU GDQNEDU VHLQ GDVV VLH QLFKW XQWHUVFKOlJW LQ ZHOFKHP *UDG PDQ GHU 6FKDPDXFKJHJHQGHQHLJHQHQ:LOOHQDXIJHOLHIHUWLVW   =HQWUDO IU GLH SV\FKRDQDO\WLVFKH $XVULFKWXQJ ZXUGH :XUPVHU   )U (LQIKUXQJHQ ]XU 6FKDP LQ YHUVFKLHGHQHQ 'LV]LSOLQHQ V /DQVN\   XQG *LOEHUW$QGUHZV   )U VSH]LILVFK OLWHUDWXUZLVVHQVFKDIW OLFKH$XVHLQDQGHUVHW]XQJHQV$GDPVRQ&ODUN  6WXGLHQ]XHLQ]HO QHQ $XWRUHQ VLQG VHOWHQ GRFK DXFK KLHU JLEW HV HLQLJH %HLWUlJH ]% AGDPVRQ  )HUQLH  RGHU0DUWLQVHQ    6 6HLGOHU   GHU DOOHUGLQJV GLHVH 0HFKDQLVPHQ HKHU DOV ]ZLVFKHQ PHQVFKOLFKH DXIIDVVW RKQH GDEHL GHQ =ZDQJVFKDUDNWHU GHU VR]LDOHQ XQG V\PEROLVFKHQ2UGQXQJ]XEHUFNVLFKWLJHQ  :XUPVHU    ,QVJHVDPWVLQGGLH6R]LRORJLHXQGGLH3KLORVRSKLHKLHUSUREOHPEHZXVVWHU ,QGHU3KLORVRSKLHZDUHQEHVRQGHUV6DUWUHVhEHUOHJXQJHQ  ZHJZHL VHQGGLH]%DXFKEHL6HLGOHU  IUHLQHJHZLVVHÄ6R]LRORJLVLHUXQJ³ GHU 3V\FKRORJLH VRUJHQ ,Q GHU 6R]LRORJLH ZlUH *RIIPDQ   ]X QHQ QHQ GHU VLFK PLW GHQ SV\FKRORJLVFKHQ (IIHNWHQ YRQ VR]LDOHQ ,QWHUDNWLR QHQEHVRQGHUVGHPVR]LDOHQ6WLJPDEHIDVVW  

6&+$0,1'(1520$1(1-$1($867(16

Ä6FKDP OlVVW VLFK GDGXUFK FKDUDNWHULVLHUHQ GDVV PDQ PLW GHP 6FKDPJHIKO VHOEVW±DOOHLQGDGXUFKGDVVPDQHVKDW±DQHUNHQQWVLFKLPZHLWHVWHQ6LQQH IDOVFKYHUKDOWHQ]XKDEHQ0DQKDWJHJHQHLQH1RUPYHUVWR‰HQGHUPDQVLFK QLFKWHQW]LHKHQNDQQ'DVKHL‰WQLFKWGDVVPDQGLHVH1RUPDXFKLQWHOOHNWXHOO DQHUNHQQHQ PXVV >«@ 'LHVHV 3KlQRPHQ ZLUG YRQ +HUPDQQ 6FKPLW] DOV Ã1|WLJXQJµ GHU 6FKDP EH]HLFKQHW ZHLO VLH LP *HIKO RGHU PLW GHP *HIKO HLQH Ã=XVWLPPXQJµ HU]ZLQJW >«@ Ã=XVWLPPXQJµ >«@ NDQQ DOOWDJVVSUDFKOLFK OHLFKWDOVHLQH>«@%HMDKXQJGXUFKGLHVLFKVFKlPHQGH3HUVRQPLVVYHUVWDQGHQ ZHUGHQ ZDV RIIHQVLFKWOLFK DEHU JHUDGH QLFKW LQ DOOHQ 6FKDPVLWXDWLRQHQ GHU )DOOLVWEHLVSLHOVZHLVHQLFKWEHL9HUVW|‰HQJHJHQPDQFKH.RQYHQWLRQHQGLH PDQ GHP ,QKDOW QDFK QLFKW DQHUNHQQW DEHU GHQQRFK XP EHVWLPPWHU VR]LDOHU =XJHK|ULJNHLWHQZLOOHQEHIROJHQP|FKWH³ /DQGZHHU  

+LHUDOVRZLUGGLH6FKDPDOV1|WLJXQJYHUVWDQGHQDEHULPPHUQRFKDOV 1|WLJXQJ IU GLH PDQ VLFK VHOEVW HPSILQGOLFK JHPDFKW KDW ZHLO PDQ ]%HLQHXQHUZQVFKWH1RUPÃQXUµLQWHOOHNWXHOOKLQWHUVLFKJHEUDFKWKDW RGHU DEHU GLHVH 1RUP ÄXP EHVWLPPWHU VR]LDOHU =XJHK|ULJNHLWHQ ZLOOHQ EHIROJHQP|FKWH³:HOFKHÄEHVWLPPWHQ³=XJHK|ULJNHLWHQ":LHP|FK WH" /DQGZHHU ZLOO IU GDV 6XEMHNW GHU 6FKDP HLQH JDQ] HUKHEOLFKH (L JHQYHUDQWZRUWOLFKNHLWUHWWHQHLQ0RGHOOGDVVHKUJXWIXQNWLRQLHUWZHQQ HV]XP%HLVSLHOGDUXPJHKWGDVVVLFKMHPDQGIUGDVVFKOHFKWSROLHUWH 7DIHOVLOEHU EHLP %HVXFK GHU 6FKZLHJHUHOWHUQ VFKlPW REZRKO HU GRFK VRQVWGHP=XVWDQGGHV(VVEHVWHFNVJOHLFKJOWLJJHJHQEHUVWHKW)UGHQ (PRWLRQVFRFNWDLO GHQ PDQ IU %DUWN\V %HLVSLHO HUVFKOLH‰HQ PXVV VFKHLQWGDVDEHUQLFKWKLQUHLFKHQGZDVZlUHGHQQGLH1RUPJHJHQGLH GLH 6SD]LHUJlQJHULQ YHUVWR‰HQ KlWWH ZLH KlWWH VLH VLFK ÄLP ZHLWHVWHQ 6LQQH IDOVFK YHUKDOWHQ³" +LHU LVW GLH ÄEHVWLPPWH =XJHK|ULJNHLW³ GLH PDQ QLFKW DXIJHEHQ NDQQ XQG GLH DXI GHP 6SLHO VWHKW VLFKHU JHUDGH QLFKW HLQH ÃEHVWLPPWHµ VRQGHUQ VHKU ZHLW ]X IDVVHQ DOV GLH =XJHK|ULJ NHLW]XUPHQVFKOLFKHQ6SH]LHVXQG]ZDUDOVYROOZHUWLJHV0LWJOLHGGLHVHU 6SH]LHV'LH(SLVRGHVWHOOWJHQDXGLHVH=XJHK|ULJNHLWLQ)UDJH,QVRIHUQ GLHVH)UDX]XU*UXSSHGHUYROOZHUWLJHQ0HQVFKHQJHK|UHQZLOOLVWVLH DOVR EHVFKlPEDU XQG PDQ PXVV VFKRQ %XWOHUV ZHQLJHU YHUV|KQOLFKH 9DULDQWHGHU,QWHUSHOODWLRQDQVHW]HQXPGHPJHUHFKW]XZHUGHQ $EHULVWGLH6FKDPZLUNOLFKQXUHLQ$IIHNWGHUGD]XGDLVWXQVGD]X ]X EULQJHQ GDVV ZLU GLH ,QWHUSHOODWLRQHQ GHQHQ ZLU DXVJHVHW]W VLQG DQQHKPHQ" 6HGJZLFN XQG LKU .ROOHJH $GDP )UDQN MHGHQIDOOV ZROOWHQ   6 KLHU]X HWZD /DQGZHHUV $XVHLQDQGHUVHW]XQJ PLW GHU ÃIDOVFKHQ 6FKDP¶ DP %HLVSLHO GHU +RPRVH[XDOLWlW /DQGZHHU    6LH RUGQHW GLH 6FKDPHUOHEQLVVH +RPRVH[XHOOHU GHUHQ HLJHQHU +RPRSKRELH RGHU HLQHP ÄUHLQHQ .RQIRUPLVPXV*HIKO³ ]X )U HLQH 'DUVWHOOXQJ GLH SODXVLEOHU GHQ =XVDPPHQKDQJ YRQ %HOHLGLJXQJ XQG %HVFKlPEDUNHLW LOOXVWULHUW V EULERQ   



,1*5,'+27='$9,(6



VLFKKLHUYRQQLFKWEHU]HXJHQODVVHQXQGPDFKWHQVLFKDXIHLQH6XFKH EHLGHUVLHDXI6LOYDQ7RPNLQVVWLH‰HQGHUVHLWGHQIUKHQHU-DKUHQ VHLQH YLHU PDVVLYHQ %lQGH $IIHFW ,PDJHU\ &RQVFLRXVQHVV YRUJHOHJW KDW ,FK ZLOO QLFKW ]X 7RPNLQV 6WDQGLQJLQQHUKDOE GHU 3V\FKRORJLH VSHNXOLHUHQ,FKGHQNHDEHUGDVVZLUP|JOLFKHUZHLVHYRUHLQHUNOHLQH UHQ7RPNLQV¶VFKHQ:HQGHLQGHQ*HQGHU6WXGLHVVWHKHQN|QQWHQZHQQ HV QDFK 6HGJZLFN JLQJH ZlUHQ ZLU VFKRQ GD $XI MHGHQ )DOO DEHU VWHKHQ ZLU PLWWHQ LQ HLQHU $IIHNWHQ:HQGH LQ XQVHUHU 'LV]LSOLQ GLH XQVHUH 0DWHULDOLHQ XQG GDV ZDV ZLU PLW LKQHQ DQIDQJHQ GHXWOLFK QHX VLWXLHUHQ ZUGH )ROJHQGHV KDEHQ 6HGJZLFN XQG )UDQN EHL 7RPNLQV JHIXQGHQ  Ä:H JRW RXU ILUVW WDVWH RI 6LOYDQ 7RPNLQV ZKHQ ZH ZHUH ORRNLQJ IRU VRPH XVDEOH LGHDV RQ WKH WRSLF RI VKDPH ,Q D VRGGHQ ODQGVFDSH RI PRUDOLVWLF RU PDXGOLQ LGpHV UHoXHV DERXW ZKDW LV WR WKH FRQWUDU\ WKH PRVW PHUFXULDO RI HPRWLRQV7RPNLQV¶VIRUPXODWLRQVVWDUWOH>«@WKHÃVWUDQJHµQHVVRI7RPNLQV¶V DFFRXQW DOVR VHHPHG QLFHO\ GLIIHUHQW IURP WKH HQJXOILQJ QHDUHVFKDWRORJLFDO SDWKRVVXUURXQGLQJVKDPHLQWKHSRSXODUGLVFRXUVHZKHUHLWLVFXUUHQWO\PRVW H[WHQVLYHO\GLVFXVVHG³ 6HGJZLFN)UDQN  

:DVDOVRVDJW7RPNLQVGDV6HGJZLFNVRVHKUEHHLQGUXFNW")ULKQZlUH GLH3ROL]LVWHQ9HUVLRQGHU6FKDP,QWHUSHOODWLRQQLFKWEHIULHGLJHQGGHQQ VLHNDQQQLFKWHUNOlUHQZDUXPZLUXQVGHU6FKDPGLHMDVRVFKPHU]OLFK LVW GDVV GLH 3V\FKRORJHQ YRQ HLQHP WR[LVFKHQ $IIHNW VSUHFKHQ EHU KDXSW DXVVHW]HQ :DUXP WXQ ZLU QLFKW HLQIDFK ZDV XQVHUH ,FK,GHDOH XQVYRUJHEHQ"6FKOLH‰OLFKVHW]WGLH6FKDPYRUDOOHPGDQQHLQZHQQXQV HWZDVQLFKWJHOXQJHQLVWYRQGHPZLUGDFKWHQGDVVHVXQVKlWWHJHOLQ JHQPVVHQ7RPNLQV¶'DUVWHOOXQJGHU$IIHNWHGLHDQJHVLHGHOWLVW]ZL VFKHQ QHXURORJLVFKHQ XQG SV\FKRDQDO\WLVFKHQ 0RGHOOHQ LVW GDKHU DQ GHUVSHUVSHNWLYLHUWQlPOLFKYRP$IIHNWKDXVKDOWGHV6XEMHNWVDXV 7RPNLQV PDFKWH EHL VHLQHQ 9HUVXFKHQ HLQH LQWHUHVVDQWH %HREDFK WXQJGLHVHLWKHUYRQYHUVFKLHGHQHQDQGHUHQ3V\FKRORJHQEHVWlWLJWZXU GH 6FKRUH GDVV%DE\VLP$OWHUYRQFD0RQDWHQEHJLQQHQGLH N|USHUOLFKHQ 6\PSWRPH GHU 6FKDP ]X ]HLJHQ REZRKO VLH LQ NHLQHU   )U XQV KLHU UHOHYDQW 7RPNLQV   )U HLQH $XVZDKO V 7RPNLQV DXQGE  :XUPVHU   MHGHQIDOOV HUZlKQW LKQ PLW NHLQHP :RUW %HL 6HLGOHU  KLQJHJHQNRPPW7RPNLQVHLQHZLFKWLJH)XQNWLRQ]X  ,QQHUKDOEGHU3V\FKRORJLHLVW'RQDOG/1DWKDQVRQHLQGH]LGLHUWHU1DFK IROJHUYRQ7RPNLQV 1DWKDQVRQ (UVLHKWHEHQIDOOVGLH$QIlQJHHL QHUÃ7RPNLQV¶VFKH:HQGH¶GLHGDVÃK\GUDXOLVFKHµ0RGHOOGHU3V\FKHGDV YRQ)UHXGHQWZRUIHQZXUGHGXUFKHLQV\VWHPWKHRUHWLVFKHVHUVHW]HQZLUG 1DWKDQVRQ $UEHLWHQZLHHWZD6WRFNWRQ  GLH6HGJZLFNIRO JHQVLQGEHUHLWVVWDUNYRQ7RPNLQVEHHLQIOXVVW  

6&+$0,1'(1520$1(1-$1($867(16

:HLVHEHU6FKDPLQKDOWHZLHZLUVLHNHQQHQYHUIJHQN|QQHQ%HYRU HV DOVR LUJHQGZHOFKH 6FKDPLQKDOWH JLEW JLEW HV GLH 6\PSWRPH GHU 6FKDP RGHU 'HU $IIHNW GHQ ZLU DOV 6FKDP EH]HLFKQHQ JHKW VHLQHQ ,QKDOWHQ XQG 2EMHNWHQ YRUDXV 'D GLH %DE\V GLHVH 6\PSWRPH GDQQ ]HLJWHQ ZHQQ VLH VLFK LQWHQVLY IU LKUH 8PZHOW LQWHUHVVLHUWHQ VFKORVV 7RPNLQVGDVVGLH6FKDPLP7DQGHPDXIWULWWPLWHLQHPDQGHUHQ$IIHNW GHP,QWHUHVVH6HLQHJDQ]H$IIHNWWKHRULHLVWDXIJHEDXWDXI$IIHNWSDDUHQ GLHVLFKJHJHQVHLWLJUHGX]LHUHQ)UGLH6FKDPKHL‰WGDV6FKDPLVWGLH XQYROOVWlQGLJH5HGXNWLRQHLQHV$IIHNWVGHUMHQDFK,QWHQVLWlW,QWHUHVVH )UHXGHRGHUIUHXGLJH(UUHJXQJKHL‰WZlKUHQGGDV,QWHUHVVHGLH5HGXN WLRQGHV$IIHNWV6FKDPVHLQNDQQ$PEHVWHQLOOXVWULHUHQOlVVWVLFKGDV PLW HLQHP VHLQHU HLJHQHQ %HLVSLHOH ,FK JODXEH LFK HUNHQQH MHPDQGHQ DXIGHU6WUD‰HXQGJHKHIUHXGLJDXIGLH3HUVRQ]X=XVSlWHUNHQQHLFK GDVVLFKJHUDGHHLQHQ)UHPGHQDQOlFKOH,FKZHUGHURWVHQNHGHQ.RSI PXUPOH HWZDV YRQ Ä9HUZHFKVOXQJ³ ZLOO VFKQHOO YHUVFKZLQGHQ .XU] ,FK ]HLJH DOOH 6\PSWRPH GHU 6FKDP REZRKO LFK QLFKWV DQ VLFK Ã)DO VFKHVµJHPDFKWKDEH(LQ$IIHNWGHVIUHXGLJHQ,QWHUHVVHVGDVDPÃIUHP GHQµ 2UW IHKOSODW]LHUW ZDU ZLUG LP %UXFKWHLO HLQHU 6HNXQGH UHGX]LHUW RKQH MHGRFK Y|OOLJ LQ HLQHQ =XVWDQG GHU *OHLFKJOWLJNHLW EHUIKUW ]X ZHUGHQ 'LH *UXQGNRQVWHOODWLRQ GLH ]XQlFKVW IHUQ YRQ DOOHQ LGHRORJL VFKHQ ,QKDOWHQ 6FKDP DXVO|VW LVW DOVR QLFKW HLQH 6LWXDWLRQ GHU PRUDOL VFKHQ %HVWUDIXQJ VRQGHUQ GLH HLQHV XQJHVFKW]WHQ =XVDPPHQWUHIIHQV PLWGHP)UHPGHQ  Ä6XFKDEDUULHU>WRLQWHUHVW@PLJKWEHEHFDXVHRQHLVVXGGHQO\ORRNHGDWE\RQH ZKRLVVWUDQJHRUEHFDXVHRQHZLVKHVWRORRNDWDQGFRPPXQHZLWKDQRWKHU SHUVRQEXWVXGGHQO\FDQQRWEHFDXVHKHLVVWUDQJHRURQHH[SHFWHGKLPWREH IDPLOLDUEXWKHVXGGHQO\DSSHDUVXQIDPLOLDURURQHVWDUWHGWRVPLOHEXWIRXQG RQHZDVVPLOLQJDWDVWUDQJHU³ 7RPNLQV  

,QLKUHU$XVULFKWXQJVLQGEHL7RPNLQVGLH$IIHNWH±XQGPLWLKQHQGLH 6FKDP±DQNHLQ2EMHNWJHEXQGHQ6LHVLQG0RWLYDWLRQVYHUVWlUNHURKQH GLH NHLQ /HEHQ GHQNEDU ZlUH 2KQH $IIHNW NlPHQ ZLU PRUJHQV QLFKW DXVGHP%HWWDXVGHP+DXVLQHLQH%LEOLRWKHNLQHLQH6LWXDWLRQLQGHU ZLUYLHOOHLFKWGLHVHV%XFKRGHUGLHVHQ$XIVDW]OHVHQZUGHQ 

Ä$IIHFW VD\V 7RPNLQV PDNHV JRRG WKLQJV EHWWHU DQG EDG WKLQJV ZRUVH LW PDNHVXVFDUHDERXWGLIIHUHQWNLQGVRIWKLQJVLQGLIIHUHQWZD\V>«@7RPNLQV DVNVXVWRXQGHUVWDQGWKDW>«@QRWKLQJFDQEHLPSRUWDQWRUXUJHQWXQOHVVLWLV   )U .XU]IDVVXQJHQ YRQ 7RPNLQV 0RGHOO GHU $IIHNWH XQG GHU 6FKDP V 6HGZLFN  XQG1DWKDQVRQ   



,1*5,'+27='$9,(6



DPSOLILHG E\ DIIHFW 7KHUH LV QR REOLJDWRU\ OLQN EHWZHHQ DQ\ DIIHFW DQG DQ\ WULJJHULQJVRXUFH³ 1DWKDQVRQ  

$XVGHU.RPSOH[LWlWXQG2IIHQKHLWGHU6WLPXOLXQGXQVHUHU5HDNWLRQHQ DXI VLH HUNOlUW VLFK ZLH HLQ HLQ]HOQHU XQG LP *UXQGH HLQIDFKHU $IIHNW ZLH GLH 6FKDP HLQH JHUDGH]X 6FKZLQGHO HUUHJHQGH 9LHO]DKO YRQ (U VFKHLQXQJHQYRQÄ7H[WXUHQ³SURGX]LHUHQNDQQ  Ä>«@WKLVFRPELQDWLRQRIVWLPXOXVDQGLQQDWHDIIHFWPHFKDQLVPPXVWSURGXFH WKHZLGHYDULHW\RIUHVSRQVHVZHNQRZDV>«@WKHÃVKDPHIDPLO\RIHPRWLRQVµ 7KH PHPEHUV RI WKLV IDPLO\ LQFOXGH HPEDUUDVVPHQW KXPLOLDWLRQ PRUWLILFD WLRQVKDPHWKHH[SHULHQFHRIEHLQJSXWGRZQRUWUHDWHGZLWKFRQWHPSW>«@ GHIHUHQFHDZHPDVRFKLVPVDGLVPQDUFLVVLVPJXLOWDQGPDQ\RIWKHFOLQLFDO FRQGLWLRQVOXPSHGWRJHWKHUDVÃGHSUHVVLRQµ(DFKRIWKHPZLOOWXUQRXWWREHD VSHFLILF FRDVVHPEO\ ZLWKLQ ZKLFK WKH LQQDWH DIIHFW 7RPNLQV FDOOV VKDPH KXPLOLDWLRQ LV WULJJHUHG E\ RQH RU PRUH VRXUFHV DQG OLQNHG ZLWK YDULRXV V\ VWHPVRIUHVSRQVH$OORIWKHPDUHVKDPH³ 1DWKDQVRQ  

(V LVW GLHVHU $IIHNW GHU VR]LDO HLQJHVFKULHEHQ XQG EHUVFKULHEHQ PLW ,QKDOWHQJHIOOWZLUG,QKDOWHGLH]ZDUNXOWXUHOOEHUIRUPWDEHULQVLFK VHOEVWEHOLHELJVLQG(ULPSOL]LHUW±XQGGDVLVWDX‰HURUGHQWOLFKZLFKWLJ± GDVVLFKXPEHUKDXSW6FKDPHPSILQGHQ]XN|QQHQHUVWHLQPDOHWZDV ZROOHQ HWZDV EHJHKUHQ PXVV ,Q GHU *OHLFKJOWLJNHLW JLEW HV NHLQH 6FKDP 'LH 6FKDP YHUOLHUW GDKHU DXFK GDV 2EMHNW GHV %HJHKUHQV QLH Y|OOLJ DXV GHP %OLFN VHOEVW GDQQ QLFKW ZHQQ GDV 6XEMHNW VLFK YRP 2EMHNWGHV%HJHKUHQVLQ6FKDPDE]XZHQGHQVFKHLQWÄVKDPHLVFKDUDF WHUL]HG E\ LWV IDLOXUH HYHU WR UHQRXQFH LWV REMHFW FDWKH[LV³ 6HGJ ZLFN)UDQN  :LHVHKUQXQMHPDQGYRQ6FKDPEHVWLPPWZLUGKlQJWEHL7RPNLQV GDYRQDEZHOFKHQ7\SÃ6FKDPWKHRULHµHUKDW±HLQHZHDNVKDPHWKHR U\RGHU HLQH VWURQJ VKDPH WKHRU\ (LQH Ã7KHRULHµ LVW LQ GLHVHP =XVDP PHQKDQJ GHU )LOWHU PLW GHP LFK PHLQ HLJHQHV 9HUKDOWHQ XQG GDV GHU DQGHUHQ GDUDXI KLQ DESUIH RE KLHU $QODVV ]XU 6FKDP EHVWHKW 'DV KHL‰W-HIHLQPDVFKLJHUPHLQ)LOWHUMHJU|‰HUPHLQH$QWHQQHQLP$XI VSUHQYRQ6FKDPDQOlVVHQGHVWRVWlUNHUPHLQH6FKDPWKHRULHMHZHQL JHU LFK DOV VFKDPZUGLJ KHUDXVILOWHUH GHVWR VFKZlFKHU PHLQH 6FKDP WKHRULH'LHVH$QWHQQHLVWGUDXIKLQDXVJHULFKWHWP|JOLFKH6FKDPDQOlV VH JDU QLFKW HUVW DXINRPPHQ ]X ODVVHQ -H ZHQLJHU LFK JHOHUQW KDEH 6FKDP ]X HUWUDJHQ  GK MH WR[LVFKHU 6FKDP IU PLFK LVW GHVWR VWlUNHU ZLUG GLH 9HUVXFKXQJ VHLQ HLQ LPPHU JU|‰HUHV 7HUUDLQ P|JOLFKHU 6FKDPDQOlVVHDE]XWDVWHQ3DUDGR[HUZHLVHZLUGMHGRFKJHUDGHGLHVWURQJ VKDPHWKHRU\GDIUVRUJHQGDVVIUPLFKGHU6FKDPGLHLFKVRGULQJHQG YHUPHLGHQZLOONHLQ(QGHVHLQZLUG(QWJHJHQGHUVRQVWLJHQZHUWHQGHQ  

6&+$0,1'(1520$1(1-$1($867(16

=XRUGQXQJLVWKLHUZHDNVLFKHUEHVVHUDOVVWURQJ'LHVLVWXPVRZLFKWL JHU DOV IU 7RPNLQV QHJDWLYH $IIHNWH QLFKW YHUPHLGEDU VLQG ,Q GHU :HOW GLH XQV DXV VHLQHQ :HUNHQ HQWJHJHQNRPPW VLQG VFKPHU]OLFKH (UIDKUXQJHQGHU(UQLHGULJXQJGHU=XUFNVHW]XQJGHU9HUDFKWXQJGHU )UXVWUDWLRQ GHU %HOHLGLJXQJ GHU %HVFKlPXQJ DOOWlJOLFKH (UHLJQLVVH -HGHV %HJHKUHQ MHGHV :ROOHQ MHGH %HJHJQXQJ PLW HLQHP $QGHUHQ MHGHV *HVSUlFK PLW HLQHP .ROOHJHQ NDQQ PLFK GHU 6FKDP NXU]]HLWLJ  DXVOLHIHUQ XQG HV OLHJW DQ GHQ 6FKDPWKHRULHQ DOVR GHQ 6FKDPXP JDQJVWHFKQLNHQ  GHV (LQ]HOQHQ RE GDUDXV HLQH SV\FKRORJLVFKH .DWD VWURSKHHUZDFKVHQNDQQ :LUKDEHQHVDOVREHLGHU6FKDPPLWHLQHUDX‰HURUGHQWOLFKYDULDEOHQ *U|‰H]XWXQGLHZHLWGDYRQHQWIHUQWLVWHLQIDFKHLQHELQlUH$QRUGQXQJ GHVDQDXVGHVMDQHLQ]XVHLQ9DULDEHOLVW]XQlFKVWHLQPDOGDV2EMHNW GHU 6FKDP XQG GDPLW GHV %HJHKUHQV  XQG KLHU NDQQ PDQ GDQQ DXFK VHKHQZDUXPHLQHTXHHUWKHRU\GDUDQ,QWHUHVVHKDEHQN|QQWH  Ä$ UHDGHU ZKR XQGHUJRHV WKH IRXU YROXPHV RI 7RPNLQV¶V $IIHFW ,PDJHU\ &RQVFLRXVQHVVIHHOVWKHDOFKHP\RIWKHFRQWLQJHQWLQYROYHLWVHOIVRLQWLPDWHO\ ZLWK LGHQWLW\ WKDW 7RPNLQV FRPHV WR VHHP WKH SV\FKRORJLVW RQH ZRXOG PRVW OLNHWRUHDGIDFHjIDFHZLWK3URXVW>«@(YHQUDUHU>«@LVWKHSODLQDEVHQFH QRWRQO\RIKRPRSKRELDEXWRIDQ\KLQWRIDKHWHURVH[LVWWHOHRORJ\>«@7RP NLQV¶VUHVLVWDQFHWRKHWHURVH[LVWWHOHRORJLHVLVIRXQGHGRQWKHPRVWEDVLFWHUPV RI KLV XQGHUVWDQGLQJ RI DIIHFW >«@ ÃDQ\ DIIHFW PD\ KDYH DQ\ ÃREMHFWµµ >«@ 7RPNLQV¶VWKHRU\UDPLILHVWRZDUGDPDQ\YDOXHG>«@XQGHUVWDQGLQJRIDIIHFW³ 6HGJZLFN)UDQNXQG  

:HQQGDV2EMHNWVHOEVWYDULDEHOLVWGDQQLVWGLH6SH]LILNHLQHU5HDNWLRQ DXI HLQHQ LPPHU JOHLFKHQ 6WLPXOXV HEHQIDOOV YDULDEHO (LQ GXUFKVFKOD JHQGHV %HLVSLHO GLHVHV ÄPDQ\YDOXHG XQGHUVWDQGLQJ RI DIIHFW³ LVW HLQ 9HUVXFKGHQ7RPNLQVEHVFKUHLEW%HLGLHVHP9HUVXFKVROOWHQ6WLPXOXV 5HDNWLRQHQ JHPHVVHQ ZHUGHQ LQGHP GHQ 9HUVXFKVSHUVRQHQ OHLFKWH (OHNWURVFKRFNVYHUVHW]WZXUGHQZREHL7RPNLQVMHGRFKQLFKWGHQ/HKU ZHUW GLHVHU 7HFKQLN EHIRUVFKWH VRQGHUQ QRWLHUWH ZLH GLH %HWURIIHQHQ GDV (UOHEQLV VFKLOGHUWHQ +LHU UHLFKHQ GLH bX‰HUXQJHQ YRQ Ä)HHOV OLNH ZKHQ3DSDVSDQNHG>PH@³]XÄ7KLVH[SHULPHQWLVVWXSLG³]XÄ2K/RUG ,¶P IDOOLQJ DVOHHS³ 6HGJZLFN XQG )UDQN VSUHFKHQ ]X UHFKW YRQ HLQHP ÄFLUFXV RI DIIHFWLYH UHVSRQVHV WR WKH DSSDUHQWO\ VHOILGHQWLFDO VWLPXOXV³ 6HGJZLFN$GDP $EHUQLFKWQXUGLH2EMHNWHGHU$IIHNWHXQG GLHVSH]LILVFKHQ5HDNWLRQHQVLQGYDULDEHODXFKGLH(PSIlQJOLFKNHLWIU EHVWLPPWH6WLPXOLXQGGDPLWIUGDV$XVELOGHQEHVWLPPWHU$IIHNWVWUXN WXUHQ LVW lX‰HUVW YDULDEHO DEKlQJLJ GDYRQ ZLH VWURQJE]Z ZHDN GLH   6KLHU]X7RPNLQV   



,1*5,'+27='$9,(6



HQWVSUHFKHQGH $IIHNWWKHRULH LVW EHU GLH HLQ ,QGLYLGXXP YHUIJW :LH VWURQJRGHUZHDNGDEHLXQVHUH7KHRULHQVLQGZLUGLQHUKHEOLFKHP0D‰H DXFKGDYRQDEKlQJHQZLHV\VWHPDWLVFKZLUGHU6FKDPDXVJHVHW]WVLQG ZLH KDELWXHOO ZLU XQV PLW LKU DXVHLQDQGHUVHW]HQ PVVHQ )U 6HGJZLFN LVWDXIMHGHQ)DOONODUGDVVGLH6FKDPDOV:HUN]HXJGHU,QWHUSUHWDWLRQ ]X(LQVLFKWHQIKUHQNDQQGLHMHQVHLWVGHU3LHWlWHQUHGXNWLYHU7KHRULHQ OLHJHQGDVVTXHHUGXUFKHLQHVSH]LHOOH5HODWLRQ]XGHQXQNDONXOLHUEDUHQ (IIHNWHQGHU6FKDPGHILQLHUWZHUGHQNDQQ  ÄTXHHUSHUIRUPDWLYLW\LVWKHQDPHRIDVWUDWHJ\IRUWKHSURGXFWLRQRIPHDQLQJ DQG EHLQJ LQ UHODWLRQ WR WKH DIIHFW VKDPH DQG WR WKH ODWHU DQG UHODWHG IDFW RI VWLJPD >«@ WR YLHZ SHUIRUPDWLYLW\ LQ WHUPV RI KDELWXDO VKDPH DQG LWV WUDQV IRUPDWLRQV RSHQV D ORW RI QHZ GRRUV IRU WKLQNLQJ DERXW LGHQWLW\ SROLWLFV ,W VHHPVYHU\OLNHO\WKDWWKHVWUXFWXULQJRIDVVRFLDWLRQVDQGDWWDFKPHQWVDURXQG WKH DIIHFW VKDPH LV DPRQJ WKH PRVW WHOOLQJ GLIIHUHQWLDOV DPRQJ FXOWXUHV DQG WLPHV >«@ 6KDPH >«@ LV QRW D GLVFUHWH LQWUDSV\FKLF VWUXFWXUH EXW D NLQG RI IUHHUDGLFDOWKDW LQGLIIHUHQWSHRSOHDQGDOVRLQGLIIHUHQWFXOWXUHV DWWDFKHVWR DQG SHUPDQHQWO\ LQWHQVLILHV RU DOWHUV WKH PHDQLQJ RI ± RI DOPRVW DQ\WKLQJ D ]RQHRIWKHERG\DVHQVRU\V\VWHPDSURKLELWHGRULQGHHGDSHUPLWWHGEHKDY LRXU DQRWKHU DIIHFW VXFK DV DQJHU RU DURXVDO D QDPHG LGHQWLW\ D VFULSW IRU LQWHUSUHWLQJ RWKHU SHRSOH¶V EHKDYLRXU WRZDUGV RQHVHOI³ 6HGJZLFN     

0DQ VLHKW DOVR GDVV DXFK 6HGJZLFN VHKU ZRKO EHUHLW LVW GLH 6FKDP SRVLWLY]XEHZHUWHQXQGVLHDOVZLFKWLJHVKHXULVWLVFKHVXQGLQWHUSUHWDWL YHV:HUN]HXJ]XVHKHQ$OOHUGLQJVJHVFKLHKWGLHVQXQPHKUQLFKWZHLO VLHGLH6FKDPIUGLHÃ+WHULQµGHV6HOEVWKlOWHLQHLQKlUHQWQRUPDIILU PLHUHQGH,QVWDQ]DOVRVRQGHUQZHLOVLHLQLKUHEHQGDV*HJHQWHLOVLHKW ÄWKH PRVW PHUFXULDO RI HPRWLRQV³ QLFKW ZHLO GLH 6FKDP GLH Ã1RUPµ HU]ZLQJWVRQGHUQZHLOVLHVLFKLKUTXHFNVLOEHUDUWLJDXFKHQW]LHKHQRGHU XQYRUKHUJHVHKHQH (IIHNWH DXI GHU (EHQH GHU 7H[WXU SURGX]LHUHQ NDQQ 'D6HGJZLFNGLH6FKDPIUHLQH]XWLHIVWNUHDWLYH(PRWLRQKlOWGLHHEHQ QLFKW QXU 1RUPNRQIRUPLWlW SURGX]LHUHQNDQQVRQGHUQDXFKORNDOHXQG VRJDU V\VWHPLVFKH 8QWHUZDQGHUXQJHQ GHU 1RUP KDW VLH ZHQLJ IU GLH 6FKDPORVLJNHLWEULJ+LHULQVLHKWVLHVLFKLP(LQODQJPLWGHQWUDGLWLR QHOOHUHQ'DUVWHOOXQJHQGHU6FKDPGLHEHUGLH6FKDPORVLJNHLW]XPHLVW ZHQLJ *XWHV ]X VDJHQ KDEHQ 8QG LQ GHU 7DW HLQH $EVFKDIIXQJ GHU 6FKDP LVW XQGHQNEDU XQG GLH 'LVNXVVLRQ GDUEHU RE VLH ZQVFKHQV ZHUW ZlUH KLQIlOOLJ  'HQQRFK P|FKWH LFK GULQJHQG GDIU SOlGLHUHQ GDVV HLQH $XVHLQDQGHUVHW]XQJ PLW GHU 6FKDP DXFK GLH 7HFKQLNHQ LQ %HWUDFKW ]LHKHQ PXVV GLH GDUDXI DE]LHOHQ GLH ,QWHUSHOODWLRQ GXUFK GLH 6FKDP]XXQWHUEUHFKHQ'HQQZDVSDVVLHUWZHQQLFKGDV%HJHKUHQGDV PLFKLQPHLQHQHLJHQHQN|USHUOLFKHQ5HDNWLRQHQGHU6FKDPXQWHUZLUIW  

6&+$0,1'(1520$1(1-$1($867(16

EHVWlWLJHQ P|FKWH PLFK QLFKW GXUFK GLH 6FKDP GD]X EULQJHQ ODVVHQ P|FKWH PLFK DE]XZHQGHQ" ,FK EUDXFKH NDXP DXV]XIKUHQ GDVV IU MHQHYRQXQVGLHVLFKLQGHQXQEHZRKQEDUHQ2UWGHU6FKDPKLQHLQVWLJ PDWLVLHUWILQGHQGDV0DQDJHPHQWGHU6FKDPHLQHEHUOHEHQVQRWZHQGL JH$QJHOHJHQKHLWLVW'LHVHXQEHZRKQEDUH5HJLRQGHU6FKDPEHZRKQ EDU ]X PDFKHQ LVW HLQ 6RQGHUIDOO GHU 3HUIRUPDWLYLWlW (V ZLUG VLFK XP SHUIRUPDWLYH$NWHKDQGHOQGLHVWDUNHQ9HUZHUIXQJHQXQWHUZRUIHQVLQG GXUFK GHQ 'UXFN JHJHQ GHQ VLH VLFK DUWLNXOLHUHQ 0DQ PXVV KLHU PLW YHUVWHOOWHQ 6WLPPHQ UHFKQHQ PLW RIIHQVLFKWOLFK ÃXQDXWKHQWLVFKHQµ 3HU IRUPDQ]HQ 'LVWDQ]VLJQDOHQ ,URQLHQ XQG 6HOEVWLURQLHQ DEHU DXFK PLW HLQHUEHUVWHLJHUWHQ(QHUJLHGLHLQGLH3HUIRUPDQ]LQYHVWLHUWZLUGZHQQ GDV 6XEMHNW YHUVXFKW GLH HLJHQHQ 6FKDPLPSXOVH ]X EHUOLVWHQ ZRKO ZLVVHQGXQGDPHLJHQHQ.|USHUVSUHQGGDVVVLHGDVLQG(VKDQGHOWHV VLFK KLHU XP SHUIRUPDWLYH $NWH GLH YRQ VLFK VHOEVW ZLVVHQ GDVV VLH QLFKW ÃDXWKHQWLVFKµ VLQG 'DV PDJ DXFK GHU *UXQG GDIU VHLQ ZDUXP VLFK YLHOH 7KHRULHQ EHVRQGHUV SV\FKRDQDO\WLVFKH PLW GHU 6FKDPORVLJ NHLWVFKZHUWXQ'DEHLLVWGLH6FKDPORVLJNHLWYRQK|FKVWHP:HUWZHLO VLH GLH LGHRORJLVFKHQ +LQGHUQLVVH VLFKWEDU PDFKW JHJHQ GLH VLH VLFK DUWLNXOLHUHQ PXVV ,Q HLQHU OLWHUDULVFKHQ )LJXU ZLUG GLH 6FKDPORVLJNHLW XQVGHQ=HXJHQLKUHU$UWLNXOLHUXQJGDVDOV,GHRORJLHVLFKWEDUPDFKHQ ZDVZLUVRQVWHLQIDFKXQGEHTXHPIUÃZDKUµRGHUÃULFKWLJµRGHUÃQDWU OLFKµKDOWHQ'HU6FKDPORVH]ZLQJWPLFKGD]XGHQ2UWGHQLFKLGHROR JLVFK JHUDGH VFKHLQEDU VLFKHU EHZRKQH ]X EHVFKUHLEHQ LKQ ]X EHQHQ QHQ 'LH 6FKDPORVHQ NHKUHQ GHQ %OLFN XP XQG LQWHUSHOOLHUHQ XQV ± LQ 6HGJZLFNV 9RNDEXODU N|QQWH PDQ VDJHQ GLH 6FKDPORVLJNHLW LVW HLQH 7HFKQLNGHUÃGLVLQWHUSHOODWLRQµGHUÃ(QW,QWHUSHOODWLRQµ 'DEHL LVW DXFK GLH 6FKDPORVLJNHLW QLFKW Y|OOLJ RKQH 7UDGLWLRQ XQG *HVFKLFKWH 7DWVlFKOLFK JLEW HV EHUHLWV LQ GHU $QWLNH HLQH 3KLORVRSKLH GHU6FKDPORVLJNHLWGLH3KLORVRSKLHGHU=\QLNHU'LHVHVHOEVWHUQDQQWHQ Ã+XQGHµ ZDUHQ ZLH %UDFKW %UDQKDP EHPHUNW QLFKW QXU EHUKPW IU LKUH SURYRNDQWHQ bX‰HUXQJHQ VRQGHUQ YRU DOOHP DXFK GDIU GDVV VLH GLH ZLFKWLJHQ 6FKDPJHERWH GHU JULHFKLVFKHQ *HVHOOVFKDIW V\VWHPDWLVFK XQGGHPRQVWUDWLYDX‰HU.UDIWVHW]WHQLQGHPVLH|IIHQWOLFKÃZLH+XQGHµ OHEWHQÃVFKDPORVJOHLFKJOWLJµJHJHQEHUDXFKGHQDPPHLVWHQDEJHVL FKHUWHQVR]LDOHQ1RUPHQ %UDQKDP (LQLJHLKUHU=HLWJHQRV VHQQDQQWHQVLHZDKQVLQQLJ7DWVlFKOLFKDEHUEHQXW]WHQVLHGLH6FKDPOR VLJNHLW DOV :HUN]HXJ PLW GHVVHQ +LOIH VLH YHUVXFKWHQ LKUH 8PZHOW ]X LQWHUSHOOLHUHQXQG]ZDUDXVHLQHU3RVLWLRQGHUH[WUHPHQ0DFKWORVLJNHLW ,Q PDQFKPDO XQWHUVFKZHOOLJHQ 7UDGLHUXQJHQ XQG :DQGOXQJHQ JLQJ   :XUPVHU  VLHKWLQGHU6FKDPORVLJNHLWOHGLJOLFKHLQHSDWKRORJLVFKH XQGJOREDOH*HIKOVYHUZHLJHUXQJ 



,1*5,'+27='$9,(6



GLHVH3KLORVRSKLHXQGLKU$QJHERWDQSUDJPDWLVFKHQ0RGHOOHQGHU3UR YRNDWLRQQLHJDQ]YHUORUHQ   -DQH$XVWHQXQGGLH,QWHUSHOODWLRQHQGHU6FKDP  ,FKZHUGHQXQGHUEHL%XWOHUDQJHGHXWHWHQXQGEHL6HGJZLFNGXUFKJH IKUWHQWKHRUHWLVFKHQ1HXDXVULFKWXQJIROJHQXQGIUDJHQ:DVNDQQXQV HLQH %HVFKlIWLJXQJ PLW GHU 6FKDP HEHQVR ZLH PLW GHU 6FKDPORVLJNHLW IU GLH /LWHUDWXUZLVVHQVFKDIW EULQJHQ XQG VSH]LILVFK IU HLQH /LWHUDWXU ZLVVHQVFKDIW GHU *HQGHU 6WXGLHV" %HGHQNW PDQ GLH (LJHQVFKDIWHQ GHU 6FKDPVRLVWVLHHLQIUGLH/LWHUDWXUH[WUHPSURGXNWLYHU$IIHNW6LHLVW DQVWHFNHQG GK VLH OlVVW VLFK LQ JUR‰HU ,QWHQVLWlW DXI DQGHUH 6XEMHNWH EHUWUDJHQVLHLVWLP=HQWUXPGHU3UR]HVVHDQJHVLHGHOWPLWGHQHQ.XO WXUHQ LKUH LGHRORJLVFKHQ ,QKDOWH LQ GLH 6XEMHNWH HLQVFKUHLEHQ VLH LVW LQ GHQPHLVWHQ.XOWXUHQLQKRKHP0D‰HXQGJOHLFK]HLWLJLQJUR‰HU9DULHWlW JHVFKOHFKWHUGLIIHUHQ]LHUHQG DQJHOHJW VLH OHEW DQ GHU 6FKQLWWVWHOOH ]ZL VFKHQ GHQ ,QGLYLGXHQ ]ZLVFKHQ GHQ )LJXUHQ LQ GHQ OLWHUDULVFKHQ :HU NHQDEHUDXFK]ZLVFKHQLKQHQXQGLKUHQ/HVHUQ'LH6FKDPLVWGHU$I IHNWGXUFKGHQGLH/LWHUDWXULKUH/HVHUJHUDGH]XDXIGHU(EHQHGHUN|U SHUOLFKHQ5HDNWLRQHQPDQLSXOLHUHQNDQQ,Q$QEHWUDFKWGLHVHUIDV]LQLH UHQGHQ (LJHQVFKDIWHQ LVW HV HLQ 5lWVHO ZDUXP GLH 6FKDP XQG LKU *H EUDXFK LQ OLWHUDULVFKHQ :HUNHQ ELVKHU NDXP HUIRUVFKW LVW 'DEHL OLH‰H VLFK GLH /LWHUDWXUJHVFKLFKWH QHX GHQNHQ XQWHU GHU hEHUVFKULIW GHU 6FKDPLKUHU$XVGLIIHUHQ]LHUXQJHQLKUHU6WLPPXQJHQXQG)DUEHQLKUHU 9HUPHLGXQJVVWUDWHJLHQ LKUHU ,QWHUSHOODWLRQVPDFKW (V ZlUH GLHV QRW ZHQGLJHUZHLVH HLQH /LWHUDWXUJHVFKLFKWH GLH QLFKW XPKLQ N|QQWH ZDKU ]XQHKPHQ GDVV GDV JHVDPWH VH[JHQGHU6\VWHP QLFKW QXU HLQ $VSHNW GHU6FKDPVRQGHUQDXFKGHU/LWHUDWXULVW±HLQH(LQVLFKWGLHEHLZHL WHPQLFKWEHLDOOHQDQJHNRPPHQLVW +LHUEHL NDQQ PDQ GDYRQ DXVJHKHQ GDVV GLH (IIHNWH GHU 6FKDP HL QHUVHLWVJXWYRUKHUVHKEDUVHLQZHUGHQ YHUJHVVHQZLUQLFKWDOV,QWHUSHO ODWLRQVPLWWHOLVWGLH6FKDPVHKUHIIHNWLYLP+HUVWHOOHQYRQIDVWXQKLQWHU JHKEDUHQ 5HDNWLRQHQ  GDVV HV DEHU DQGHUHUVHLWV ]X XQYRUKHUJHVHKHQHQ 3DUWHLQDKPHQ VHLWHQV GHU )LJXUHQRGHUGHU/HVHUNRPPHQNDQQ*HQH UHOOMHGRFKNDQQPDQHUZDUWHQGDVV:HUNHGLHXQVLQGLH%HVFKlPXQJ XQG6FKDPYRQ)LJXUHQKLQHLQ]LHKHQGLHDOVRLKUH%RWVFKDIWHQPLWGHU 6FKDPLQGHUJOHLFKHQ5LFKWXQJPLWGHU6FKDPHQNRGLHUHQWHQGHQ]LHOO GLH,GHRORJLHQGLHGLHVH6FKDPPRWLYLHUHQXQVLFKWEDUPDFKHQÃQDWU   )U GDV UHFKW DEHQWHXUOLFKHQ hEHUOHEHQ GLHVHU 7UDGLWLRQ ELV LQ GLH )UKH 1HX]HLWV5REHUW    

6&+$0,1'(1520$1(1-$1($867(16

OLFKµHUVFKHLQHQODVVHQZHUGHQ(VEHVWHKWDOVRGLH*HIDKUGDVVZLUDOV /HVHU XQV PLW GHU HQWVSUHFKHQGHQ )LJXU ]XVDPPHQ LP *ULII GHU 3HLQ OLFKNHLWZLQGHQZHUGHQRKQHXQVJHQDX]XIUDJHQZDUXPZLUXQVGHQQ MHW]WJHUDGHVFKlPHQXQGREZLUGDVEHUKDXSWZROOHQ6FKDPORVH)LJX UHQ KLQJHJHQ ZHUGHQ XQV EHIUDJHQ ZDUXP ZLU GHQNHQ GDVV PDQ VLFK MHW]W VFKlPHQ VROOWH VLH ZHUGHQ XQV ]ZLQJHQ XQVHUH DQVRQVWHQ XQEH IUDJWHQ$QQDKPHQ]X]XJHEHQ]XEHQHQQHQ $OV7HVWIDOOHLJQHWVLFKKLHUHLQ*HQUHGDVLQGHUHQJOLVFKHQ/LWHUD WXUDEGHU0LWWHGHV-DKUKXQGHUWV.RQMXQNWXUKDWGLHQRYHORIFRQ GXFW(LQ*HQUHDOVRGDVVLFKVSH]LILVFKGHU'DUVWHOOXQJXQGGHULGHROR JLVFKHQ(LQIRUGHUXQJYRQ%HQLPPUHJHOQIUMXQJH)UDXHQZLGPHW-DQH $XVWHQV5RPDQHJHK|UHQ]XGLHVHU7UDGLWLRQ%HYRUZLUDEHU]X$XVWHQ NRPPHQQRFKHLQH%HPHUNXQJYRUZHJ6FKDPORVH)LJXUHQKDEHQHLQH HLJHQH*HVFKLFKWHGLHPDQEHUGLHJHVDPWH/LWHUDWXUJHVFKLFKWHYHUIRO JHQNDQQ'LHVH*HVFKLFKWHZHUGHLFKMHW]WQLFKWDXIIlFKHUQGDPLWZLU XQVDEHURULHQWLHUHQN|QQHQPXVVLFKVLHGRFK]XPLQGHVWDQVNL]]LHUHQ ,P-DKUKXQGHUWVHW]WHLQQLHGDJHZHVHQHU%RRPDQ%HQLPPOLWHUDWXU HLQ EHL GHU VLFK GLH DXIVWUHEHQGH 0LWWHOVFKLFKW LKUH +DQGOXQJVDQZHL VXQJHQ KROW XQG LQ GLH VLH LKUH HLJHQHQ :HUWH DXFK GLUHNW HLQVFKUHLEW 'LH 7HQGHQ] OlXIW GDKLQ GDVV GDV %HQHKPHQ DOVR PDQQHUV  LPPHU PHKU]XPPRUDOLVFKHQ0D‰VWDEZLUGLQGHUJULIILJHQ)RUPXOLHUXQJYRQ -HQQ\'DYLGVRQÄPDQQHUVUHIOHFWPRUDOREMHFWLYHV³ VDXFK 6 9RUGLHVHP+LQWHUJUXQGLQGHPHLQHY|OOLJH9HULQQHUOLFKXQJ YRQ 0DQLHUHQ DOV 0RUDOLQGLNDWRUHQ HUVWUHEHQVZHUW HUVFKHLQW YHU VFKZLQGHQ)LJXUHQIDVWY|OOLJGLHHVLPXQG-DKUKXQGHUWKlXILJ JDEGLH6FKDPORVHQGLH]%LP7KHDWHU6KDNHVSHDUHVXQGVHLQHU=HLW JHQRVVHQ DQ GLH 5DPSH WUHWHQ GUIHQ XQG LKUHP MHZHLOLJHQ &UHGR GHU 6FKDPORVLJNHLW$XVGUXFNYHUOHLKHQN|QQHQ6LHÃYHUVFKZLQGHQµLQGHP   %LVKHULJH $UEHLWHQ ]XU 6FKDP LQ GHU /LWHUDWXU WHQGLHUHQ GD]X GLHVH (U ZDUWXQJ ]X EHVWlWLJHQ LQGHP VLH KlXILJ QXU VFKZHU GDUEHU KLQDXVNRP PHQ DXI]X]HLJHQ ZLH JXW HLQ VSH]LILVFKHU $XWRU GLH KHLOVDPHQ $VSHNWH GHU 6FKDP GDUJHVWHOOW KDW %HVRQGHUV GHXWOLFK )HUQLH   ]X 6KDNH VSHDUH GHU GLH 6KDNHVSHDUHVFKHQ 6FKDPSURWRNROOH DQ NHLQHU 6WHOOH LQ =ZHLIHO ]LHKW $EHU DXFK $UEHLWHQ ]XU 6FKDP EHL -DQH $XVWHQ JHKHQ VR YRUV]%(GZDUGV  +LUVFK  6FKRUHU  'DJHJHQDEHU +H\GW6WHYHQVRQ   GLH HKHU GLH 6FKDPORVLJNHLWHQ $XVWHQV KHUDXV VWHOOW±XQGGDPLWHLQHÃDQGHUHµ$XVWHQSURGX]LHUW  1HEHQ 'DYLGVRQV 6WXGLH ]XU NRQWURYHUVHQ PDQQHUVPRUDOV'HEDWWH V DXFKLKUDXVJH]HLFKQHWHV.DSLWHO]X$XVWHQV0DQVILHOG3DUNDOVHLQÄPRVW IXOO\ HODERUDWHG DUJXPHQW IRU K\SRFULV\³    V DXFK %U\VRQ  IUGHQhEHUJDQJYRP]XP-DKUKXQGHUW:LFKWLJVWHU9RU GHQNHU GLHVHU 8QWHUVXFKXQJHQ EOHLEW (OLDV   =XU $QJHPHVVHQKHLW YRQ (OLDV¶ 'DUVWHOOXQJ XQG DOV =XVDPPHQIDVVXQJ GHU (OLDV'HEDWWH V /DQGZHHU   



,1*5,'+27='$9,(6



6LQQGDVVVLHLKUHHLJHQH3RVLWLRQQLFKWPHKUDOVHLQH3URYRNDWLRQGHU 6FKDPORVLJNHLW DUWLNXOLHUHQ N|QQHQ VRQGHUQ QXQ HLQIDFK LQ GHU )UDJH YRQ VRZRKO %HQHKPHQ PDQQHUV  DOV DXFK 0RUDO PRUDOV  DOV XQZLV VHQGSUlVHQWLHUWZHUGHQ7DWVlFKOLFKVLQGVLHLQGHP0D‰HGLVNUHGLWLHUW LQGHPVLHVLFKLKUHVHLJHQHQ)HKOYHUKDOWHQVQLFKWEHZXVVWVLQG$XVGHQ 6FKDPORVHQGHU5HQDLVVDQFHZHUGHQGLH9XOJlUHQGHV-DKUKXQGHUWV GLHLP9HUODXIGHV-DKUKXQGHUWVLKUHUVHLWVLPPHUZHLWHULQGHQ8Q WHUJUXQG JHGUlQJW ZHUGHQ ,Q GHQ QRYHOV RI FRQGXFWVLQG GLH 9XOJlUHQ MHGRFK DOOJHJHQZlUWLJ DOV )ROLHQ YRU GHQHQ GDV 9HUKDOWHQ GHU MHZHLOL JHQ+HOGLQQHQXQG+HOGHQEHXUWHLOWZHUGHQVROO,QLKUHU)XQNWLRQVLQG VLH GHQ 6FKDPORVHQ lKQOLFK GHQQ ZlKUHQG VLH GLH /HVHU QLFKW GLUHNW LQWHUSHOOLHUHQ N|QQHQ GD]X IHKOW LKQHQ MHW]W GLH 5KHWRULN GLH GLUHNWH $QUHGH  VR HU|IIQHQ VLH GRFK GLH 0|JOLFKNHLW GDVV PDQ GLH :HOW PLW LKQHQOLHVWXQGQLFKWZLHYRP7H[WVHOEVWYRUJHVHKHQJHJHQVLH 1HKPHQZLUGDV%HLVSLHOYRQ-DQH$XVWHQV3ULGHDQG3UHMXGLFHDXV GHP -DKUH  'HU 5RPDQ KDQGHOW GDYRQ ZLH (OL]DEHWK %HQQHW 7RFKWHUDXVQLFKWVRJXWHP+DXVHVLFK±IDVWRKQHHV]XEHPHUNHQ±LQ GHQVR]LDOZHLWEHULKUVWHKHQGHQ0U'DUF\YHUOLHEWDEHUGHQ*UR‰WHLO GHV 5RPDQV GDPLW YHUEULQJW DOOH QHJDWLYHQ 6HLWHQ DQ LKP ]X UHJLVWULH UHQXPVLFKVRYRUDXVHLOHQGJHJHQVHLQH*HULQJVFKlW]XQJ]XVFKW]HQ 'HU 5RPDQ HQWIDOWHW VHLQH 6SDQQXQJ LQ GHP 6SLHO ]ZLVFKHQ GHP ZDV (OL]DEHWK XQG 'DUF\ YRQ VLFK VHOEVW XQG YRQHLQDQGHU ZLVVHQ ZDV GLH (U]lKOLQVWDQ] ÃZHL‰µ XQG OHW]WOLFK ZDV ZLU HUUDWHQ N|QQHQ ZHQQ ZLU DOOH 3HUVSHNWLYHQ ]XVDPPHQIKUHQ 'LH +DQGOXQJ VHOEVW KLHU ZLH LQ MHGHPDQGHUHQ$XVWHQ5RPDQZLUGIUGLH+HOGLQYRUDQJHWULHEHQGXUFK HLQH 5HLKH YRQ LQWHQVLYHQ 6FKDPHUOHEQLVVHQ ,Q GHU 7DW PDQ NDQQ VD JHQ GDVV GLH 0DFKW GLH GLHVH +HOGLQQHQ GLV]LSOLQLHUW ± GLHVH 7H[ WHZHUGHQDXFKDOVIUDXHQGLV]LSOLQLHUHQGH5RPDQHEH]HLFKQHW 6FKDEHUW  ±GLH6FKDPLVWGLHVLHDP(QGHLQGLH.QLH]ZLQJWGKGLHVLH ]ZLQJW VLFK VHOEVW ]X HUNHQQHQ DOV MHPDQG GLH LKUH )lKLJNHLWHQ LKUH VR]LDOH6WHOOXQJLKU:LVVHQYRQGHU:HOWEHUVFKlW]WKDW±VHKUVFKOHFKW EHL)UDXHQZHQQVLHVLFKKHUDXVQHKPHQHLQXQJHOHLWHWHV8UWHLO]XIlO OHQEHVRQGHUVEHUGLHMHQLJHQGHQHQVLHXQWHUVWHOOWVLQG'HU,QKDOWGHU 6FKDP LQ 3ULGH DQG 3UHMXGLFH LVW GLH 7DWVDFKH GDVV (OL]DEHWK VLFK IHKOJHOHLWHW YRQ LKUHP Ä9RUXUWHLO³ ]X HLQHU Y|OOLJHQ )HKOHLQVFKlW]XQJ GHU 9HUKlOWQLVVH YHUOHLWHQ OLH‰ XQG GDEHL GLH IDOVFKHQ 0HQVFKHQ EHOHL GLJWGLHIDOVFKHQEHZXQGHUWKDW0DQN|QQWHVDJHQGDVVLKU%HJHKUHQ (OL]DEHWK JOHLFK ]ZHLPDO LQ GLH ,UUH JHIKUW KDW HLQPDO LQGHP HV LKU GHQÃULFKWLJHQµ%OLFNDXI'DUF\GHUQDWUOLFKRIIHQVLFKWOLFKGHU+DXSW SUHLVDXIGHP+HLUDWVPDUNWXQGGDKHULQGHU/RJLNGHV5RPDQVDXFKGHU DWWUDNWLYVWH0DQQLP%DOOVDDOLVWYHUVWHOOWKDWXQGZHLWHULQGHPHVVLH

 

6&+$0,1'(1520$1(1-$1($867(16

EHLQDKH LQ GLH $UPH GHV VNUXSHOORVHQ :LFNKDP JHWULHEHQ KlWWH 'HU 0RPHQWGHU(UNHQQWQLVLVWZLHVRRIWHLQ0RPHQWGHU6FKDP  Ä6KH JUHZ DEVROXWHO\ DVKDPHG RI KHUVHOI ± 2I QHLWKHU 'DUF\ QRU :LFNKDP FRXOG VKH WKLQN ZLWKRXW IHHOLQJ WKDW VKH KDG EHHQ EOLQG SDUWLDO SUHMXGLFHG DEVXUGÃ+RZGHVSLFDEO\,KDYHDFWHGµVKHFULHG±Ã,ZKRKDYHSULGHGP\VHOI RQ P\ GLVFHUQPHQW ± , ZKR KDYH YDOXHG P\VHOI RQ P\ DELOLWLHV ZKR KDYH RIWHQGLVGDLQHGWKHJHQHURXVFDQGRXURIP\VLVWHUDQGJUDWLILHGP\YDQLW\LQ XVHOHVVRUEODPHDEOHGLVWUXVW±+RZKXPLOLDWLQJLVWKLVGLVFRYHU\±«@ 7LOO WKLV PRPHQW , QHYHU NQHZ P\VHOIµ³ $XVWHQ   

:DV DOVR KDW GLH +HOGLQ JHOHUQW" 'DVV VLH VLFK LQ =XNXQIW EHVVHU QLFKW DXI LKU 8UWHLO YHUODVVHQ VROOWH XQG GDVV HV PLW LKUHQ )lKLJNHLWHQ QLFKW DOO]X ZHLW KHU LVW GDVV VLH VLFK OLHEHU LKUH VDQIWH XQG ODQJZHLOLJH  6FKZHVWHU-DQH]XP9RUELOGQHKPHQVROOWH'DEHLVLQG$XVWHQV5RPDQH QLFKW GDUDXI DQJHOHJW LKUH +HOGLQQHQ LQ HLQ QLFKW PHKU EHUOHEEDUHV 6FKDPHUOHEQLV]XWUHLEHQ,P*HJHQWHLO,QLKUHP$QOLHJHQGLH,QWHUSHO ODWLRQHQGHU6FKDPDOVKHLOVDP]XEHVWlWLJHQGHPRQVWULHUHQGLH5RPD QHZLHPDQVROFKH(UOHEQLVVHEHUOHEWLQGHPPDQÃHLQIDFKµVHLQH/HN WLRQ OHUQW :LH GLH (U]lKOHULQ YRQ 1RUWKDQJHU $EEH\   EHU HLQH DQGHUH+HOGLQVFKUHLEWGLHVLFKXQVlJOLFKEODPLHUWKDWÄ+HUPLQGPDGH XS>«@DQGKHUUHVROXWLRQIRUPHGRIDOZD\VMXGJLQJDQGDFWLQJLQIXWX UH ZLWK WKH JUHDWHVW JRRG VHQVH VKH KDG QRWKLQJ WR GR EXW WR IRUJLYH KHUVHOI³ $XVWHQ ,PZHLWHUHQZLUGJHUDGHGLH$QHUNHQQXQJ GHUHLJHQHQ)HKOEDUNHLWGLH*UXQGODJHDXIGHUGDV$XVWHQVFKH0RGHOO HLQHU FRPSDQLRQDWH PDUULDJHDXIJHEDXW LVW PDO DOV JHJHQVHLWLJH (U NHQQWQLV ZLH LQ 3ULGH DQG 3UHMXGLFH PDO PLW GHXWOLFKHP 0RUDOYRU VSUXQJ GHV (KHPDQQV ZLH LQ 1RUWKDQJHU $EEH\ ZR GHU ]XNQIWLJH (KHPDQQ ]XP (U]LHKHU VHLQHU %UDXW ZLUG 'DPLW ZlUHQ ZLU JHQDX EHL HLQHU SUlVNULSWLYHQ 1XW]XQJ GHU 6FKDP GLH LQ LKU GLH Ã+WHULQµGHV ,FK VLHKW GLH DEHU DXFK GLH 1RUPHQ GLH GXUFK VLH HLQJHIRUGHUW ZHUGHQ WUDQVSDUHQW GK XQVLFKWEDU PDFKW'DEHL ODVVHQ VLFK SDUDOOHO ]X GLHVHQ GLV]LSOLQLHUHQGHQ 0DNURVWUXNWXUHQ GHU (U]lKOXQJ LQ GHQ 0LNURVWUXNWX UHQ ± PDQ N|QQWH VDJHQ GHQ 7H[WXUHQ ± DXFK 9HUZHUIXQJHQ DXVPD FKHQ GLH ZHLWHUH (LQEOLFNH HUP|JOLFKHQ LQ GLH NRPSOL]LHUWH ,QWHUHV VLHUWKHLWGHU6FKDP ,P IROJHQGHQ $XVVFKQLWW HUOHEHQ ZLU (OL]DEHWK DXI HLQHU 3DUW\ EHL GHU0U'DUF\DXFKDQZHVHQGLVW,KUH0XWWHUKDWVLFKJHUDGHODXWVWDUN GDUEHU YHUEUHLWHW ZDV IU HLQH JXWH 3DUWLH LKUH 7RFKWHU -DQH PDFKHQ ZLUG ZHQQ VLH GHQ HEHQIDOOV DQZHVHQGHQ %LQJOH\ KHLUDWHQ ZLUG GHU DOOHUGLQJV QRFK QLFKW HLQPDO XP LKUH +DQG DQJHKDOWHQ KDW (OL]DEHWK





,1*5,'+27='$9,(6



YHUVXFKWYHU]ZHLIHOWLKUH0XWWHUGD]X]XEULQJHQGLH6WLPPH]XGlPS IHQ  Ä(OL]DEHWKEOXVKHGDQGEOXVKHGDJDLQZLWKVKDPHDQGYH[DWLRQ6KHFRXOGQRW KHOSIUHTXHQWO\JODQFLQJKHUH\HDW0U'DUF\WKRXJKHYHU\JODQFHFRQYLQFHG KHU RI ZKDW VKH GUHDGHG >«@ ZKHQ VXSSHU ZDV RYHU VLQJLQJ ZDV WDONHG RI DQGVKHKDGWKHPRUWLILFDWLRQRIVHHLQJ>KHUVLVWHU@0DU\DIWHUYHU\OLWWOHHQ WUHDW\SUHSDULQJWRREOLJHWKHFRPSDQ\%\PDQ\VLJQLILFDQWORRNVDQGVLOHQW HQWUHDWLHVGLGVKHHQGHDYRXUWRSUHYHQWVXFKDSURRIRIFRPSODLVDQFH±EXWLQ YDLQ0DU\ZRXOGQRWXQGHUVWDQGWKHPVXFKDQRSSRUWXQLW\RIH[KLELWLQJZDV GHOLJKWIXOWRKHUDQGVKHEHJDQKHUVRQJ(OL]DEHWK¶VH\HVZHUHIL[HGRQKHU ZLWKPRVWSDLQIXOVHQVDWLRQV>«@0DU\RQUHFHLYLQJDPRQJVWWKHWKDQNVRI WKH WDEOH WKH KLQW RI D KRSH WKDW VKH PLJKW EH SUHYDLOHG RQ WR IDYRXU WKHP DJDLQDIWHUWKHSDXVHRIKDOIDPLQXWHEHJDQDQRWKHU0DU\¶VSRZHUVZHUHE\ QR PHDQV ILWWHG IRU VXFK D GLVSOD\ KHU YRLFH ZDV ZHDN DQG KHU PDQQHU DI IHFWHG±(OL]DEHWKZDVLQDJRQLHV6KHORRNHGDW-DQHWRVHHKRZVKHERUHLW EXW-DQHZDVYHU\FRPSRVHGO\WDONLQJWR%LQJOH\6KHORRNHG>«@DW'DUF\ ZKRFRQWLQXHGKRZHYHULPSHQHWUDEO\JUDYH6KHORRNHGDWKHUIDWKHU>«@+H WRRNWKHKLQWDQGZKHQ0DU\KDGILQLVKHGKHUVHFRQGVRQJVDLGDORXG³7KDW ZLOO GR H[WUHPHO\ ZHOO FKLOG «@ 7KHLU UHFHSWLRQIURP 0U %HQQHW >«@ ZDV QRW TXLWH VR FRUGLDO>«@7KHHDV\DVVXUDQFHRIWKH\RXQJFRXSOHLQGHHGZDVHQRXJKWR SURYRNH KLP (OL]DEHWK ZDV GLVJXVWHG DQG HYHQ 0LVV %HQQHW ZDV VKRFNHG /\GLD ZDV /\GLD VWLOO XQWDPHG XQDEDVKHG ZLOG QRLV\ DQG IHDUOHVV 6KH WXUQHG IURP VLVWHU WR VLVWHU GHPDQGLQJ WKHLU FRQJUDWXODWLRQV >«@ (OL]DEHWK >«@ VDW GRZQ >«@ 6KH EOXVKHG DQG -DQH EOXVKHG EXW WKH FKHHNV RI WKH WZR ZKRFDXVHGWKHLUFRQIXVLRQVXIIHUHGQRYDULDWLRQRIFRORXU>«@³*RRGJUD FLRXVZKHQ,ZHQWDZD\,DPVXUH,KDGQRPRUHLGHDRIEHLQJPDUULHGWLOO, FDPHEDFNDJDLQWKRXJK,WKRXJKWLWZRXOGEHYHU\JRRGIXQLI,ZDV³>VDLG /\GLD@ +HU IDWKHU OLIWHG XS KLV H\HV -DQH ZDV GLVWUHVVHG (OL]DEHWK ORRNHG H[SUHVVLYHO\ DW /\GLD EXW VKH ZKR QHYHU KHDUG QRU VDZ DQ\ WKLQJ RI ZKLFK VKHFKRVHWREHLQVHQVLEOHJDLO\FRQWLQXHG³2KPDPPDGRWKHSHRSOHKHUH DERXWVNQRZ,DPPDUULHGWRGD\">«@³(OL]DEHWKFRXOGEHDULWQRORQJHU6KH JRWXSDQGUDQRXWRIWKHURRP³ $XVWHQ  

(VLVWOHLFKW]XVHKHQZDV/\GLDXQVXQGGHQ5RPDQILJXUHQKLHUDQWXW (OL]DEHWK XQG LKUH )DPLOLH PVVWHQ XP /\GLD XQG :LFNKDP DXV LKUHU XQYHUVFKlPWHQ *OHLFKPXW ]X VFKWWHOQ LKUH HLJHQH 3RVLWLRQ EHNHQQHQ XQGEH]HLFKQHQGHUZHLVHWXQVLHGDVQLFKW±QLFKWQXUXPGHQ]HUEUHFK OLFKZLHGHUKHUJHVWHOOWHQ)DPLOLHQIULHGHQQLFKW]XJHIlKUGHQVRQGHUQVR PXVVPDQDQQHKPHQZHLODXFKGDV%HQHQQHQGHV6FKDPLQKDOWVVHOEVW EHVFKlPHQGZlUH'DGLHVHLQ5RPDQGHVDXVJHKHQGHQ-DKUKXQGHUWV LVWNDQQ/\GLDQLFKWDQGLH5DPSHWUHWHQXQGLKUH)DPLOLHGLUHNWDXIIRU GHUQ VLFK ]X DUWLNXOLHUHQ 7DWVlFKOLFK NDQQ PDQ DQ NHLQHU 6WHOOH QDFK ZHLVHQ RE VLH HLQIDFK ]X GXPP LVW ]X ZLVVHQ GDVV VLH VLFK IDVW VHOEVW UXLQLHUWKDWRGHUREVLHLP*HJHQWHLOZHLWHUKLQ]XLKUHP9HUKDOWHQVWHKW XQG XQV KLHU HLQH VFKDPORVH $XIIKUXQJ OLHIHUW GLH VLFK GHU 6FKDP DNWLY YHUZHLJHUW ,Q MHGHP )DOO VLQG ZLU HV GLH JH]ZXQJHQ VLQG GLH 3RVLWLRQGHU1RUPH[SOL]LW]XPDFKHQZHQQZLUQLFKWZLH(OL]DEHWKDXV GHP=LPPHUODXIHQP|FKWHQ8QGJDQ]XQDWWUDNWLYVLQGGLH(LJHQVFKDI WHQMDQLFKWPLWGHQHQVLFK/\GLDQDFK6HLWHQVFKPHU]OLFKVWHUSHLQ OLFKHU %HJHJQXQJHQ LP 5RPDQ GHU :HOW VWHOOW XQWDPHG XQDEDVKHG ZLOGQRLV\DQGIHDUOHVV  





,1*5,'+27='$9,(6



/LWHUDWXU  $GDPVRQ-RVHSK  0HOYLOOH6KDPHDQGWKH(YLO(\H1HZ@+DUPRQGVZRUWK $XVWHQ-DQH  1RUWKDQJHU$EEH\>@+DUPRQGVZRUWK %DUWN\6DQGUD/HH   )HPLQLQLW\DQG'RPLQDWLRQ6WXGLHVLQWKH 3KHQRPHQRORJ\RI2SSUHVVLRQ1HZ@  

'LH )HVWVWHOOXQJ GDVV GLH /HEHQVZLUNOLFKNHLW XQG 0DFKWVWUXNWXUHQ LP /HEHQ HLQHU )UDX GHU ZHL‰HQ 0LWWHOVFKLFKW VLFK JUXQGOHJHQG YRQ GHU HLQHUVFKZDU]HQ)DEULNDUEHLWHULQXQWHUVFKLHGHQ XQGLPPHUQRFKXQWHU VFKHLGHQ  ZDUI HLQ NULWLVFKHV /LFKW DXI GLH JHVDPWH )HPLQLVPXVIRU VFKXQJPLWLKUHP6FKZHUSXQNWDXIZHL‰HQ)UDXHQGHU0LWWHOVFKLFKW,Q 5HDNWLRQGDUDXIUFNWHQLQGHQOHW]WHQ]ZDQ]LJ-DKUHQGLHZHLWHUHQ'L PHQVLRQHQÃJHVHOOVFKDIWOLFKH.ODVVHµXQGÃ(WKQL]LWlWµRGHUÃ5DVVHQ]XJH K|ULJNHLWµNXU]GLH7ULDVUDFHFODVVDQGJHQGHULQV=HQWUXPGHUDPH ULNDQLVFKHQ*HQGHU6WXGLHV   (WKQLVFKH0LQGHUKHLWHQLQGHQ86$  0LW $XVQDKPH GHU 1DWLYH $PHULFDQV ZDUHQ DOOH 0LQGHUKHLWHQJUXSSHQ ]XYHUVFKLHGHQHQ=HLWSXQNWHQYRQDX‰HUKDOE IUHLZLOOLJRGHUXQIUHLZLOO LJ  LQ GDV *HELHW GHU KHXWLJHQ 9HUHLQLJWHQ 6WDDWHQ JHNRPPHQ 'DEHL PDFKWHQ GLH HLQ]HOQHQ 0LQGHUKHLWHQ GLH XQWHUVFKLHGOLFKVWHQ (UIDKUXQ JHQ +LHU VHLHQ QXU ]ZHL %HLVSLHOH JHQDQQW 'LH 9HUVFKOHSSXQJ YRQ $IULNDQHUQQDFK1RUGDPHULNDEHJDQQLPIUKHQ-DKUKXQGHUW -DPHV WRZQ   ZR VLH ]XQlFKVW LQ 6NODYHUHL JHKDOWHQ GDQQ GHXWOLFK EH QDFKWHLOLJWXQGHUVWLP=XJHGHU%UJHUUHFKWVEHZHJXQJGHUHUXQG HU-DKUHZHL‰HQ%UJHUQJHVHW]OLFKJOHLFKJHVWHOOWZXUGHQ(LQZDQGH UHU DXV $VLHQ KLQJHJHQ NDPHQ HUVW LQ GHU ]ZHLWHQ +lOIWH GHV  -DKU KXQGHUWV LQ GHQ :HVWHQ XQG 1RUGZHVWHQ GHU 86$ XP DOV ELOOLJH $U EHLWVNUlIWHEHLP(LVHQEDKQEDXLKU*OFN]XYHUVXFKHQ'DGLH(UIDKUXQ 



,6$%(//./$,%(5

JHQ YHUVFKLHGHQHU 0LQGHUKHLWHQJUXSSHQ VLFK ELV KHXWH HNODWDQW XQWHU VFKHLGHQ EHUZLHJHQ QDFK 0HLQXQJ YLHOHU 0LQGHUKHLWHQIRUVFKHU GLH 8QWHUVFKLHGHJHJHQEHUGHQ*HPHLQVDPNHLWHQ'HPHQWVSUHFKHQGILQGHW ]XU]HLWHLQHLPPHUJU|‰HUH$XVGLIIHUHQ]LHUXQJGHU0LQRULW\6WXGLHVDQ DPHULNDQLVFKHQ 8QLYHUVLWlWHQ VWDWW 'LH YRUOLHJHQGH 'DUVWHOOXQJ IDVVW GDV7KHPD(WKQL]LWlWLQGHQ86$GHV-DKUKXQGHUWVJOHLFKVDPJOREDO XQG UHFKWIHUWLJW VLFK OHW]WOLFK QXU DXV GHU %HWRQXQJ GHU JHPHLQVDPHQ (UIDKUXQJ GHU 0LQGHUKHLWHQ YRQ NXOWXUHOO ZLH SROLWLVFK GRPLQDQWHQ $QJORDPHULNDQHUQXQWHUGUFNWZRUGHQ]XVHLQ ,PDPHULNDQLVFKHQ6SUDFKJHEUDXFKZLUGLQ%H]XJDXIGLHJHQDQQWHQ 0LQGHUKHLWHQJUXSSHQ RIW YRQ ÄUDFLDO PLQRULWLHV³ JHVSURFKHQ ZREHL Ä5DVVH³HLQNXOWXUHOOHV.RQVWUXNWPHLQW$OVÄHWKQLVFKH0LQGHUKHLWHQ³ LPHQJHUHQ6LQQZHUGHQLQGHUDPHULNDQLVFKHQ/LWHUDWXUZLVVHQVFKDIWRIW QXU (LQZDQGHUHU DXV GHP *UR‰UDXP (XURSDV EH]HLFKQHW 6HLW GHQ HU-DKUHQZLUGGHU%HJULIIHWKQLFLW\DEHUDXFKDOVhEHUEHJULIIYHU ZHQGHW YJO6ROORUVII (LQHHWKQLVFKH*UXSSHLQGLHVHP6LQQ GHILQLHUWVLFK]XQlFKVWGXUFKNXOWXUHOOH7UDGLWLRQHQ5HOLJLRQXQG6SUD FKHGDUEHUKLQDXVVSLHOWDEHUDXFKLKUH(UIDKUXQJGHVZHL‰HQ5DVVLV 

 'XUFKGLH]XQHKPHQGH=DKOYRQPL[HGPDUULDJHVGLHVLFKVHLWYHU GRSSHOWKDEHQ YJO+HDOH\ VFKHLQWHLQHNODUH7UHQQXQJLQYHU VFKLHGHQH0LQGHUKHLWHQJUXSSLHUXQJHQLPPHUVFKZLHULJHUGDGLH=DKOXQ WHUVFKLHGOLFKHU *UXSSLHUXQJHQ HQWJHJHQ GHU PHOWLQJ SRW7KHVH VRJDU ]X QLPPW  'DEHLVLQGGLHVHUDFLDOPLQRULWLHV]XPHLQHQGXUFKLKUHJHPHLQVDPH(U IDKUXQJGHVZHL‰HQ5DVVLVPXVJHSUlJW]XPDQGHUQZHLOVLHVLFKLPÄ5DV VHQGLVNXUV³GHV-DKUKXQGHUWVGXUFKPHKURGHUZHQLJHUVLFKWEDUHSK\ VLVFKH0HUNPDOHZLHGLH+DXWIDUEHYRQGHU1RUPGHUHXURSlLVFKVWlPPL JHQZHL‰HQ%HY|ONHUXQJXQWHUVFKHLGHQ  'LHVH(LQZDQGHUHUNDPHQLQJUR‰HU=DKO]ZLVFKHQHWZDXQGLQ GLH 86$ XQG JHK|UWHQ PHLVW GHU VR JHQDQQWHQ FDXFDVLDQ UDFH DQ 'DEHL GHILQLHUHQ VLFK GLH HLQ]HOQHQ ÄHWKQLVFKHQ³ *UXSSHQ ZLH ,UHQ ,WDOLHQHU oGHU UXVVLVFKH -XGHQ QLFKW EHU ÃELRORJLVFKHµ VRQGHUQ EHU NXOWXUHOOH 0HUNPDOHZLH5HOLJLRQ:HUWHNDQRQ7UDGLWLRQHQXVZXQGWUDWHQSKDVHQ ZHLVHXQWHUHLQDQGHULQHUELWWHUWH.RQNXUUHQ]  'XUFKGDVVRJHVFKDIIHQH%HZXVVWVHLQZHUGHQVHLWHWZDGHU-DKUWDXVHQG ZHQGHQXQPHKUDXFKGLHZHL‰HQ$QJORDPHULNDQHUDOVHLQHZHLWHUHHWKQL VFKH ,GHQWLWlW QHEHQ GHQ ÃNODVVLVFKHQµ HWKQLVFKHQ 0LQGHUKHLWHQ ZLVVHQ VFKDIWOLFK XQWHUVXFKW ,Q GLHVHQ ZKLWHQHVV VWXGLHV JHKW HV XP GLH VR]LDOH XQGKLVWRULVFKH.RQVWUXLHUWKHLWYRQÄ:HL‰VHLQ³XQGGLH)UDJHDXIZHOFKH :HLVHGLHVH0HUNPDOH]XU1RUPHUKREHQZXUGHQXQGQRFKZHUGHQ YJO '\HU  %KDWWDFKDU\\D  I  'D VLFK GLH SULYLOHJLHUWH 3RVLWLRQ GHU:HL‰HQLQGHU86DPHULNDQLVFKHQ.XOWXUVWUXNWXUHOOJUXQGOHJHQGYRQ GHU ÃNODVVLVFKHUµ 0LQGHUKHLWHQ XQWHUVFKHLGHW GURKW GLH GRPLQDQWH .XOWXU DXIGLHVH:HLVHZLHGHULQV=HQWUXPGHVZLVVHQVFKDIWOLFKHQ,QWHUHVVHV]X UFNHQXQGVRLQHLQHU$UW*HJHQDQJULIIGHQ0LQRULW\6WXGLHVGHQHUVWLQ

 

*(1'(581'(7+1,=,7b7

PXV HLQH 5ROOH 'HU %HJULII (WKQL]LWlW ZLUG LP )ROJHQGHQ LQ GLHVHP 6LQQ DOV hEHUEHJULII YHUZHQGHW XQG $IULFDQ $PHULFDQV 1DWLYH $PHUL FDQVVRZLH0H[LFDQ$PHULFDQVDOVHWKQLVFKH0LQGHUKHLWHQEH]HLFKQHW ,P-DKUKXQGHUWDOOHUGLQJVVSUDFKPDQYRQÄ5DVVH³LPHVVHQWLD OLVWLVFKHQ6LQQ'LHÄ5DVVHQ]XJHK|ULJNHLW³VWW]WHVLFKGDEHLDXIYHUHUE EDUHELRORJLVFKH0HUNPDOHZLHHWZDGLH+DXWIDUEHGLHPLWFKDUDNWHUOL FKHQ XQG QDWLRQDOHQ (LJHQVFKDIWHQ NRUUHOLHUW ZXUGHQ (QWVSUHFKHQG ZXUGHLP-DKUKXQGHUWYRQGHUÄ1HJURUDFH³HEHQVRJHVSURFKHQZLH YRQ GHU Ä$QJOR6D[RQ UDFH³ RGHU GHU ÄLULVFKHQ 5DVVH³ 7DWVlFKOLFK LVW GLH.DWHJRULHÄ5DVVH³DEHUQLFKWDOVHVVHQWLDOLVWLVFKHELRORJLVFKH*HJH EHQKHLW]XYHUVWHKHQVRQGHUQDOVHLQNXOWXUHOOHVKLVWRULVFKZDQGHOEDUHV .RQVWUXNW YJO6WDQOH\*DWHV>@ 'LHNXOWX UHOOH%HVWLPPWKHLWYRQÄUDVVLVFKHU³,GHQWLWlWOlVVWVLFKJXWDQGHU'HILQL WLRQYRQÄVFKZDU]³LP-DKUKXQGHUWHUOlXWHUQ$XVVFKODJJHEHQGZDU KLHU RE PDQ DIULNDQLVFKH 9RUIDKUHQ KDWWH (V JDOW DOV ÄVFKZDU]³ ZHU DXFKQXUHLQHQHLQ]LJHQ7URSIHQÄVFKZDU]HQ%OXWV³LQVLFKWUXJZDVJH JHEHQHQIDOOV EHU PHKUHUH *HQHUDWLRQHQ ]XUFNYHUIROJW ZXUGH JDQ] JOHLFK ZLH KHOO GLH +DXW GHU EHWUHIIHQGHQ 3HUVRQ ZDU 'DV .LQG HLQHV ZHL‰HQ 0DQQHV XQG HLQHU VFKZDU]HQ )UDX RGHU XPJHNHKUW ZDU LPPHU ÄVFKZDU]³+LHUZLUGRIIHQVLFKWOLFKZLHZLOONUOLFKGLH5DVVHQLGHRORJLH GLHÄ5DVVHQ]XJHK|ULJNHLW³GHILQLHUW±GHQQGLHVHOLH‰HVLFKJHQDXVRJXW XPJHNHKUW GHILQLHUHQ VR GDVV GDV .LQG HLQHU JHPLVFKWHQ %H]LHKXQJ LPPHU DOV ÄZHL‰³ JLOW 0LW :DKQHHPD /XELDQR OlVVW VLFK GDKHU VDJHQ ÄUDFH FDQ VLPSO\ EH WKRXJKW RI DV DQ\ JURXS RI SHRSOH JHQHUDOO\ EH OLHYHG WR EH DQG JHQHUDOO\ DFFHSWHG DV D UDFH LQ DQ\ JLYHQ DUHQD RI HWKQLFFRPSHWLWLRQ³ /XELDQR  $QJORDPHULNDQHUVHW]WHQVLFKVHOEVWDOV1RUPDEVROXW±MHGH$EZHL FKXQJJDOWLKQHQDOVPLQGHUZHUWLJ YJO+HDOH\ 'LHDQJHE OLFKH 0LQGHUZHUWLJNHLW HWKQLVFKHU %HY|ONHUXQJVJUXSSHQ JHJHQEHU GHU ZHL‰HQ .XOWXU HUVWUHFNWH VLFK DXI DOOH /HEHQVEHUHLFKH JDQ] JOHLFK RE LQWHOOHNWXHOO PRUDOLVFK RGHU SROLWLVFK 'LHVH ELRORJLVFKH 'HWHUPLQLHUW KHLWSRVLWLRQLHUWHVLHDP5DQGE]ZDPXQWHUHQ(QGHGHUDPHULNDQLVFKHQ *HVHOOVFKDIW (LQ NXOWXUHOOHU $XIVWLHJ GHU 0LQGHUKHLWHQ NRQQWH DXV GHU 6LFKW YRQ $QJORDPHULNDQHUQ QXU GXUFK GHUHQ $QJOHLFKXQJ DQ GLH ZHL ‰HQNXOWXUHOOHQXQGPRUDOLVFKHQ1RUPHQHUIROJHQ6LHVROOWHQ]XGLHVHP 

GHQYHUJDQJHQHQGUHL-DKU]HKQWHQLPDNDGHPLVFKHQ%HUHLFKPKVDPJH ZRQQHQHQ%RGHQZLHGHUVWUHLWLJ]XPDFKHQ  9RUGLHVHP+LQWHUJUXQGZLUGYHUVWlQGOLFKZDUXPLQGHQDPHULNDQLVFKHQ &XOWXUDO6WXGLHVGHU%HJULIIÄUDFH³GHUKLHUKLVWRULVFKZHLWZHQLJHUEHODV WHWLVWDOVLPGHXWVFKVSUDFKLJHQ5DXPLQHLQ]HOQHQ0LQGHUKHLWHQGLV]LSOL QHQHWZDGHQ$IULFDQ$PHULFDQ6WXGLHVDXFKKHXWHQRFKYHUZHQGHWZLUG GDGXUFKEOHLEWGLHSUlJHQGH(UIDKUXQJGHV5DVVLVPXVVWHWVLP%OLFNIHOG





,6$%(//./$,%(5

=ZHFNGHP9RUELOGGHUZHL‰HQ$PHULNDQHUQDFKHLIHUQ'D$QJORDPH ULNDQHU (WKQL]LWlW MHGRFK IU ELRORJLVFK EHVWLPPW KLHOWHQ JODXEWHQ VLH QLFKWGDVVGLHHWKQLVFKHQ%HY|ONHUXQJHQDOOHLQGXUFKJXWHQ:LOOHQXQG $QVWUHQJXQJ LKUH Ä0LQGHUZHUWLJNHLW³ EHUZLQGHQ N|QQWHQ :HL‰H EH ]ZHLIHOWHQ GDKHU JHQHUHOO GDVV GLH $QJHK|ULJHQ YRQ 0LQGHUKHLWHQ MH PDOVGDVNXOWXUHOOH1LYHDXGHU$QJORDPHULNDQHUZUGHQHUUHLFKHQN|Q QHQ ± HLQH *OHLFKVWHOOXQJ ZDU GDKHU ZHLWJHKHQG DXVJHVFKORVVHQ :LH NRPPWLP-DKUKXQGHUWKLHUQXQGLH.DWHJRULH*HQGHULQV6SLHO"   =XU6FKQLWWVWHOOH(WKQL]LWlW±*HQGHU  (VLVWKLQUHLFKHQGEHNDQQWGDVVGLH)UDX]XPDOLP-DKUKXQGHUWLP KLHUDUFKLVFKHQ*HVFKOHFKWHUYHUKlOWQLVGHP0DQQXQWHUJHRUGQHWLVW'HU *HGDQNHOLHJWGDKHUQDKHGLH)UDXHLQHUHWKQLVFKHQ0LQGHUKHLWQXQLQ HLQHU GRSSHOW EHQDFKWHLOLJWHQ 3RVLWLRQ ]X VHKHQ QlPOLFK ]XP HLQHQ JHJHQEHU GHP 0DQQ XQG ]XP DQGHUQ JHJHQEHU ZHL‰HQ $QJORDPHUL NDQHUQ ,Q GHQ 0LQRULW\ 6WXGLHV GHU HU -DKUH VSUDFK PDQ GHVKDOE YRQGHUÄGRSSHOWHQ8QWHUGUFNXQJ³GHU)UDXHQDXV0LQGHUKHLWHQ (V KDW VLFK MHGRFK KHUDXVJHVWHOOW GDVV GLH EHLGHQ 0DFKWNRPSOH[H (WKQL]LWlW XQG *HQGHU QLFKW HLQIDFK DGGLHUW XQG EHUHLQDQGHU JHOHJW ZHUGHQ N|QQHQ 'LH 9RUVWHOOXQJ HLQHU ELQlUHQ 6WUXNWXU YRQ 8QWHU GUFNHUYV8QWHUGUFNWHPNDQQGLHNRPSOH[HQ0DFKWYHUKlOWQLVVHQLFKW DGlTXDW DEELOGHQ YJO *HGDORI  I  6HLW GHQ HU -DKUHQ ZHUGHQ GDKHU IOH[LEOHUH WKHRUHWLVFKH 0RGHOOH HQWZRUIHQ XP GLH DPEL YDOHQWH =ZLVFKHQSRVLWLRQ GHU )UDXHQ DXV HWKQLVFKHQ 0LQGHUKHLWHQ ]X IDVVHQ LQGHP GDV 6XEMHNW DOV 6FKQLWWSXQNW PHKUHUHU .XOWXUIHOGHU ZLH (WKQL]LWlW:HLEOLFKNHLWE]Z*HQGHU.ODVVHQ]XJHK|ULJNHLWXQGKLVWRUL VFKH%H]JHYHUVWDQGHQZLUG VLHKH$EE 0LW0LFKHO)RXFDXOWVRIIH QHPXQGG\QDPLVFKHP.RQ]HSWYRQ0DFKWXQG0DFKWYHUKlOWQLVVHQDOV SURGXNWLYHV DQGDXHUQG ZLUNVDPHV XQG YLHOVHLWLJHV 6SDQQXQJVIHOG ODV VHQ VLFK GLH 0DFKWEH]LHKXQJHQ LQQHUKDOE XQG ]ZLVFKHQ GHQ HLQ]HOQHQ 

 *HJHQEHUGLHVHPIUDJZUGLJHQ$VVLPLODWLRQV]LHOHQWZLFNHOWHQHWKQLVFKH 0LQGHUKHLWHQ DOWHUQDWLYH 6WUDWHJLHQ XP LKUHQ NXOWXUHOOHQ 6WDWXV DXI ]XZHUWHQ 1DFK GHP (QGH GHV $PHULNDQLVFKHQ %UJHUNULHJV  GHU GHQ 6NODYHQ GLH )UHLKHLW EUDFKWH HQWZLFNHOWHQ $IURDPHULNDQHU ]% GDV .RQ]HSWGHVVRJHQDQQWHQUDFLDOXSOLIW=LHOZDUGHULQWHOOHNWXHOOHNXOWX UHOOH XQG SROLWLVFKH $XIVWLHJ DOOHU $IURDPHULNDQHU VRZLH GLH 5HVSHNWLH UXQJLKUHUHWKQLVFKHQ,GHQWLWlWDOVJOHLFKZHUWLJQHEHQGHUGHU$QJORDPHUL NDQHU9RUELOGIXQNWLRQKDWWHKLHUEHLQLFKWGLHZHL‰H0LWWHOVFKLFKWVRQGHUQ HLQHEODFNHOLWHGLHDXIDOOHQJHVHOOVFKDIWOLFKHQ(EHQHQXP*OHLFKVWHOOXQJ NlPSIWH+LHUIUPXVVWHQYRUDOOHPGLH%HQDFKWHLOLJXQJHQGLH$IURDPHUL NDQHUQHQWVWDQGHQZDUHQHWZDLQGHU%LOGXQJZHWWJHPDFKWZHUGHQ

 

*(1'(581'(7+1,=,7b7

'LVNXUVHQ E]Z 3DUWHLHQ  DOV YLHOVFKLFKWLJ XQWHUHLQDQGHU YHUVFKUlQNW XQGLQWHUGHSHQGHQWEHVFKUHLEHQ YJO)HOOQHUII@  9RU DOOHP GHU GH]HQWULHUWH NRQVWUXNWLYLVWLVFKH 6XEMHNWEHJULII GURKWH GLH SROLWLVFKH.DWHJRULHÃ)UDXHLQHUHWKQLVFKHQ0LQGHUKHLW¶LQ)UDJH]XVWHOOHQ XQG VRPLW GHQ SROLWLVFKHQ %HPKXQJHQ GHU LGHQWLW\ SROLWLFV XP JHVHOO VFKDIWOLFKH *OHLFKVWHOOXQJ GHQ %RGHQ ]X HQW]LHKHQ YJO KRRNV >@  +HXWHMHGRFKILQGHWHLQHgIIQXQJJHJHQEHUQLFKWHVVHQWLD OLVWLVFKHQ GK LQVWDELOHQ XQG NRQVWUXNWLYLVWLVFKHQ ,GHQWLWlWVNRQ]HSWHQ VWDWW  *ORULD$Q]DOG~DVSULFKWYRQGHQÄERUGHUODQGV³$XGUH/RUGHYRPÄKRXVH RIGLIIHUHQFH³ YJO6WDQOH\I 





,6$%(//./$,%(5

*HQGHU JHVHOOVFKDIWOLFKH .ODVVH XQG 6H[XDOLWlW XQG ZLUG GXUFK VLH EH VWLPPW=XJOHLFKLVWHVLQVHLQHQ9HUKDOWHQVZHLVHQDEHUDXFK$NWHXULQ GHP HV GLH (WKQL]LWlWV XQG *HQGHU.DWHJRULHQ SHUIRUPDWLY  LPPHU ZLHGHU QHX UHSURGX]LHUW )RXFDXOWV hEHUOHJXQJHQ DOV $XVJDQJVSXQNW QHKPHQG EHVFKUHLEW -XGLWK %XWOHU GLH 6XEMHNWZHUGXQJ VXEMHFWLYDWLRQ  GDKHUDXFKDOVGRSSHOWH%HZHJXQJYRQ$NWLRQXQG)UHPGEHVWLPPXQJ :lKUHQG)UDXHQHWKQLVFKHU0LQGHUKHLWHQDXVLKUHUNXOWXUHOOHQ=ZL VFKHQSRVLWLRQ KHXWH PLW 6WRO] LKUH VSH]LILVFKH ,GHQWLWlW DEOHLWHQ OlVVW VLFK GLHVHV .RQ]HSW QXU VFKZHU DXI GLH /LWHUDWXU GHV  -DKUKXQGHUWV EHUWUDJHQZHLOGRUWPHLVWYHUVXFKWZLUGHEHQGLHVH=ZLVFKHQSRVLWLRQ ]XEHUZLQGHQ9RQJUR‰HU%HGHXWXQJIUGLH0LQGHUKHLWHQOLWHUDWXUGHV -DKUKXQGHUWVLVWDEHUGLH)UDJHDXIZHOFKH:HLVH)UDXHQDOV$XWR ULQQHQ RGHU 3URWDJRQLVWLQQHQ DQ GHU $XIUHFKWHUKDOWXQJ E]Z 9HUlQGH UXQJGHUNRPSOH[HQ0DFKWEH]LHKXQJHQLP(WKQL]LWlWVGLVNXUVVHOEVWEH WHLOLJWVLQG-HGHGHU%HWHLOLJWHQDXFKGLH$QJHK|ULJHQGHUXQWHUGUFN WHQ0LQGHUKHLWHQUHSURGX]LHUWGLH.DWHJRULHQGHU*HQGHURGHUDXFKGHU HWKQLVFKHQ,GHRORJLHXQGVRPLWGLHNXOWXUHOOHQ+LHUDUFKLHQLPPHUZLH GHUVHOEVWPLWLQGHPVLHHLQHGHUEHUHLWVHWDEOLHUWHQ.DWHJRULHQÃDXIUXIWµ 'DV NXOWXUHOOH 6\VWHP EOHLEW XQKLQWHUJHKEDU VR GDVV OLWHUDULVFKHU ZLH DXFKDX‰HUOLWHUDULVFKHU:LGHUVWDQGJHJHQGLHGRPLQDQWH.XOWXULGHRORJLH QLFKW DOV VLPSOH $ENHKU YRQ HEHQ GLHVHU ,GHRORJLH HUIROJHQ NDQQ 'LH .ULWLNHUIROJWYLHOPHKUDXVGHU%HIDQJHQKHLWLQGHQ6WUXNWXUHQÃYRQLQ QHQµ(LQHW\SLVFKH(UPlFKWLJXQJVVWUDWHJLHLVWGDKHUGLH8PXQG1HX LQWHUSUHWDWLRQ HWDEOLHUWHU *HQGHU.DWHJRULHQ E]Z GHU OLWHUDULVFKH (QW ZXUI DOWHUQDWLYHU *HQGHU XQG ,GHQWLWlWVPRGHOOH 'DEHL GDUI MHGRFK GLH EOR‰H 1HJLHUXQJ HLQHU UDVVLVWLVFKHQ .DWHJRULH QLFKW EHUHLWV DOV ZLUNVD PHU :LGHUVWDQG PLVVYHUVWDQGHQ ZHUGHQ $XFK GLH VLPSOH 1DFKDK PXQJ DQHUNDQQWHU ÃZHL‰HUµ .DWHJRULHQ EULQJW NHLQH HFKWH $XIZHUWXQJ GHU 0LQGHUKHLW GHQQ GLHV ZlUH OHGLJOLFK HLQH HUQHXWH 8QWHUZHUIXQJ XQWHU GDV 'LNWDW GHU GRPLQDQWHQ .XOWXU 'LH HWDEOLHUWH .DWHJRULH PXVV YLHOPHKU JUXQGOHJHQG LQ HWZDV (LJHQHV XPJHZDQGHOW ZHUGHQ XP EH 

 +HQU\ /RXLV *DWHV -U ]% ZDUQW Ä:KHUH OLHV WKH OLEHUDWLRQ LQ UHYLVLRQ WKH LGHRORJLFDO LQWHJULW\ RI GHILQLQJ IUHHGRP LQ WKH PRGHV DQG IRUPV RI GLIIHUHQFH>«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«@³ *DWHV>@ 

 

*(1'(581'(7+1,=,7b7

IUHLHQG]XZLUNHQ-HQDFKGHPZLHPLWGHQNXOWXUHOOHQ1RUPHQOLWHUD ULVFKXPJHJDQJHQZLUGNDQQGDV0HGLXP/LWHUDWXUGDEHLLQGHQ'LHQVW GHUKHUUVFKHQGHQ.XOWXULGHRORJLHJHVWHOOWRGHU]XGHUHQ,QIUDJHVWHOOXQJ LQVWUXPHQWDOLVLHUW ZHUGHQ (V ZLUG VLFK LP )ROJHQGHQ LQ GHQ OLWHUDUL VFKHQ %HLVSLHOHQ ]HLJHQ GDVV :LGHUVWDQG JHJHQ 6WLJPDWLVLHUXQJ XQG 8QWHUGUFNXQJ DXI GLHVH :HLVH DXFK LQ GHU 6SUDFKH GHU GRPLQDQWHQ .XOWXUHPDQ]LSDWRULVFKZLUNHQNDQQ $EJHVHKHQ YRQ VROFK VWUDWHJLVFKHQ hEHUOHJXQJHQ ZDU HWKQLVFKHQ 0LQGHUKHLWHQ GHU =XJDQJ ]XP HQJOLVFKVSUDFKLJHQ /LWHUDWXUPDUNW HU VFKZHUW GD LKQHQ GLH ZHL‰H .XOWXUSROLWLN GLH Q|WLJH %LOGXQJ YHUVDJWH XQG LKQHQ GLH 8QWHUVWW]XQJ GXUFK 9HUOHJHU RGHU GDV 3XEOLNXP IHKOWH YJO'DYLV 2IWPDOVILQGHQVLFKlOWHUH7H[WHLQGHQHLJHQHQ 6SUDFKHQGHUEHWUHIIHQGHQ0LQGHUKHLWHQHWZDGHU+LVSDQLFVRGHULQGLD QLVFKHU 1DWLRQHQ LQ PQGOLFKHU hEHUOLHIHUXQJ %LV ]XU 0LWWH GHV  -DKUKXQGHUWV PDFKHQ KLVWRULVFKH XQG ELRJUDSKLVFKH %HULFKWH ZLH ]XP %HLVSLHO VODYH QDUUDWLYHV GLH (U]lKOXQJHQ HQWIORKHQHU 6NODYHQ GHQ +DXSWWHLO GHU HQJOLVFKVSUDFKLJHQ 0LQGHUKHLWHQOLWHUDWXU YRQ 0lQQHUQ ZLHYRQ)UDXHQDXV(UVWLQGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVILQ 

 'LHVHV 9HUIDKUHQ IXQJLHUW DOV (UPlFKWLJXQJVVWUDWHJLH GLH OHW]WOLFK ]X HLQHULUJHQGZLHÄDXWKHQWLVFKHQ³6WLPPHIKUHQVROOGLHVLFKEHZXVVWGHU 6SUDFKHXQGNRQYHQWLRQHOOHQ6WLPPHGHUGRPLQDQWHQ.XOWXUHQW]LHKWE]Z VLFKVWUDWHJLVFKJHJHQVLHULFKWHW YJO$Q]DOG~D   *HUDGHLQGLHVHU5HSURGXNWLRQGHU.DWHJRULHQOLHJW3RWHQWLDO]XU$EZHL FKXQJ ]XU 9HUlQGHUXQJ GHU .DWHJRULHQ 'DV 'LVNXUVIHOG GHV SOXUDOLVWL VFKHQ%HZXVVWVHLQV PXOWLSOHFRQVFLRXVQHVV LVWVRPLWDXFKGHU2UWZRDXV GHPVSDQQXQJVUHLFKHQ=XVDPPHQWUHIIHQGHU'LVNXUVHQHXHK\EULGH,GHQ WLWlWHQ HQWVWHKHQ N|QQHQ RKQH GDVV GLH HLQ]HOQHQ .RPSRQHQWHQ GDGXUFK LKUH$PELYDOHQ]YHUO|UHQ YJO$Q]DOG~D>@ :lKUHQGDO OHUGLQJV EHL -XGLWK %XWOHU QRUPDEZHLFKHQGH 3HUIRUPDQ]HQ HKHU GHP %H UHLFK GHV 8QWHUEHZXVVWHQ HQWVSULQJHQ VHW]W ]XP %HLVSLHO *ORULD $Q]DO G~DV.RQ]HSWHLQHVZLGHUVWlQGLJHQPXOWLSOHQ%HZXVVWVHLQVHLQUHODWLYDX WRQRPHV 6XEMHNW YRUDXV GDV PLW GHQ NXOWXUHOOHQ .DWHJRULHQ XQG 'LVNXU VHQ JH]LHOW ]X MRQJOLHUHQ YHUPDJ 'RFK GLHV VFKHLQW PLU HKHU HLQH )UDJH GHU6FKZHUSXQNWVHW]XQJ]XVHLQGDIU$Q]DOG~DZLHIU%XWOHUGDV3R WHQWLDOIUGLHEHZXVVWHQRGHUXQEHZXVVWHQ$EZHLFKXQJHQXQG1HXLQWHU SUHWDWLRQHQGXUFKGDV6XEMHNWLP6FKQLWWIHOGGHU'LVNXUVHOLHJW  1DFK KHXWLJHP :LVVHQVVWDQG VWDPPHQ GLH HUVWH .XU]JHVFKLFKWH XQG GHU HUVWH5RPDQYRQDIURDPHULNDQLVFKHQ)UDXHQDXVGHP-DKU 7KH7ZR 2IIHUV YRQ )UDQFHV +DUSHU 2XU 1LJ YRQ +DUULHW :LOOVRQ  GHU HUVWH RoPDQ HLQHU 0H[LNDQLVFK$PHULNDQHULQ YRQ  :KR :RXOG +DYH 7KRXJKW ,W" YRQ 5XL] GH %XUWRQ  GLH HUVWHQ ILNWLRQDOHQ (U]lKOWH[WH YRQ $VLDWLVFK$PHULNDQHULQQQHQ DXV GHQ HUQ YRQ GHQ (DWRQ 6FKZHV WHUQ ZlKUHQGEHLGHQLQGLDQLVFKHQ6FKULIWVWHOOHULQQHQGLHVFKRQIUKDX WRELRJUDSKLVFKH %HULFKWH YHUIDVVWHQ GLH RIW QLFKW HLQGHXWLJH =XRUGQXQJ GHU7H[WH]X0\WKHQRGHU)LNWLRQLPZHVWOLFKHQ6LQQHHLQH]HLWOLFKH3RVL WLRQLHUXQJHUVFKZHUHQ





,6$%(//./$,%(5

GHQVLFKYHUVWlUNWDXFKEHOOHWULVWLVFKOLWHUDULVFKH7H[WHYRQ)UDXHQHWKQL VFKHU*UXSSHQ+LQ]XNRPPWGDVVKHXWHLPPHUQRFKQXUHLQ%UXFKWHLO GHU0LQGHUKHLWHQOLWHUDWXUYRQ)UDXHQGHV-DKUKXQGHUWVEHUKDXSWEH NDQQWLVWXQGDXFKKHXWHQRFK7H[WHZLHGHUHQWGHFNWZHUGHQ 'LHPHLVWHQGLHVHU7H[WHEH]LHKHQVLFKDXIGLHIUGLHZHL‰H0LWWHO VFKLFKW XQG GHQ )UDXHQURPDQ GHV  -DKUKXQGHUWV JHOWHQGHQ *HQGHU .RQ]HSWH 'LHVH *HQGHU,GHRORJLH ± HV VLQG GLH EHNDQQWHQ *HJHQVDW] SDDUH ± VHL KLHU NXU] VNL]]LHUW 'HU 0DQQ ]HLFKQHW VLFK GXUFK 7DWNUDIW )KUXQJVTXDOLWlWHQ .DPSIJHLVW LQ GHU $XVHLQDQGHUVHW]XQJ PLW HLQHU IHLQGOLFKHQ:HOWHLQHQVFKDUIHQ,QWHOOHNWJHSDDUWPLWN|USHUOLFKHU6WlU NH VRZLH GXUFK HLQH JHZLVVH $QIlOOLJNHLW JHJHQEHU PRUDOLVFKHQ $Q IHFKWXQJHQ DXV 'LH N|USHUOLFK VFKZlFKHUH )UDX KLQJHJHQ HUIOOW LKUH (KHIUDXHQ XQG 0XWWHUUROOH LQ VWLOOHU XQG GHPWLJHU 6HOEVWDXIRSIHUXQJ LKU +DQGHOQ ZLUG JHOHQNW GXUFK LKU *HIKO XQG HLQH LQVWLQNWLYH 1lFK VWHQOLHEH XQG GDQN LKUHU PRUDOLVFKHQ 5HLQKHLW NDQQ VLH DXI GHQ 0DQQ HLQHQPRUDOLVFKOlXWHUQGHQ(LQIOXVVQHKPHQ'LHVHNODUH7UHQQXQJGHU /HEHQVEHUHLFKHXQGDXIJDEHQZXUGHLQGHP6FKODJZRUWVHSDUDWHVSKH UHV ]XVDPPHQJHIDVVW 'DV ,GHDOELOG GHU WUXH ZRPDQ DOV ,QEHJULII YRQ Ã:HLEOLFKNHLWµ YHUHLQLJWH DOOH KLHU JHQDQQWHQ ÃIHPLQLQHQµ 0HUNPDOH LQ VLFKXQGEHKHUUVFKWHGDVZHL‰H:HLEOLFKNHLWVELOGLQGHQ86$YRQGHQ HUQELVLQGLHHUXQGHU,QGHU)UDXHQOLWHUDWXUYRQ0LQGHU KHLWHQKLQJHJHQEOLHEGLHVHV.RQ]HSWELV]XU-DKUKXQGHUWZHQGHSUlVHQW DOOHUGLQJV±GLHVZLUGQRFK]X]HLJHQVHLQ±ZHQLJHUDOVXQDQJHIRFKWH QHV *HQGHU,GHDO GHQQ DOV %H]XJVJU|‰H XQG )ROLH IU VSH]LILVFK HWKQL VFKH,QWHUSUHWDWLRQHQ 'DV,GHDOELOGGHU)UDXGHV-DKUKXQGHUWVZDUÄZHL‰³GHILQLHUWXQG GH IDFWR DXFK QXU LQ GHU ZHL‰HQ 0LWWHOVFKLFKW OHEEDU VR GDVV ZHGHU ZHL‰H )UDXHQ DXV lUPHUHQ *HVHOOVFKDIWVVFKLFKWHQ QRFK )UDXHQ HWKQL VFKHU 0LQGHUKHLWHQ WUXH ZRPHQ VHLQ NRQQWHQ $IURDPHULNDQHULQQHQ LQ GHQ 1RUGVWDDWHQ EHLVSLHOVZHLVH NRQQWHQ EHL ZHLWHP QLFKW VR YLHO =HLW XQG0KHDXIGLH+DXVKDOWVIKUXQJLQLKUHUHLJHQHQ)DPLOLHYHUZHQGHQ GDVLH.UDIWXQG=HLWIULKUHQ'LHQVWLQZHL‰HQ3ULYDWKDXVKDOWHQEHQ| WLJWHQ YJO7DWH 1RFKXQP|JOLFKHUZDUGLHVIUHLQH6NODYLQ GDVLHPHLVWHEHQVRZLHGLHPlQQOLFKHQ6NODYHQYRQ6RQQHQDXIJDQJELV XQWHUJDQJ DXI GHP )HOG N|USHUOLFKH 6FKZHUVWDUEHLW YHUULFKWHWH HEG  

 ,Q GHQ OHW]WHQ -DKUHQ ZXUGH LQ GHQ *HQGHU 6WXGLHV DOOHUGLQJV EHZLHVHQ GDVVGLHXQWHUVFKLHGOLFKHQ/HEHQVEHUHLFKHZHL‰HU)UDXHQYRUDOOHPLQGHU ]ZHLWHQ+lOIWHGHV-DKUKXQGHUWWDWVlFKOLFKZHLWDXVGXUFKOlVVLJHUZDU HQDOVODQJHYHUPXWHW YJO'DYLGVRQ(OEHUW =XGLHVHU=HLW JHZDQQDOOHUGLQJVDXFKGDVDOWHUQDWLYH:HLEOLFKNHLWVNRQ]HSWGHUQHZZR PDQDQ(LQIOXVVGLHHLQZHLWJHKHQGVHOEVWEHVWLPPWHV/HEHQIKUWHXQG ]XPLQGHVWELV]XU+HLUDWHLQHEHUXIOLFKH/DXIEDKQIUVLFKDQVWUHEWH

 

*(1'(581'(7+1,=,7b7

+LQ]XNDPGLHIXQGDPHQWDOH$EKlQJLJNHLWDOOHU6NODYHQYRQGHQ6NOD YHQKDOWHUQ VR GDVV QLFKW QXU GHU 6NODYLQ LKUH Ã)HPLQLQLWlWµ VRQGHUQ DXFKGHP6NODYHQMHJOLFKHÃ0DVNXOLQLWlWµYHUVDJWEOLHE YJO7DWH  'DUEHUKLQDXVZXUGHLQVODYHQDUUDWLYHVEHVFKULHEHQZLHPlQQOL FKH 6NODYHQ 1lKDUEHLWHQ YHUULFKWHWHQ .LQGHU EHWUHXWHQ XQG NRFKWHQ YJO7DWH $XIJUXQGGLHVHU/HEHQVXPVWlQGHJDOWGLHNXOWXUHO OH *HQGHU'LIIHUHQ] GLH IU )UDXHQ GHU ZHL‰HQ 0LWWHOVFKLFKW HLQH IDVW XQEHUZLQGOLFKH*UHQ]HGDUVWHOOWHIU$IURDPHULNDQHULQQHQLQJHULQJH UHP 0D‰ YJO 7DWH    'HQQRFK ZDU GDV 3DWULDUFKDW DXFK KLHU ZLUNVDP GHQQ HLQH VFKZDU]H )UDX JHZDQQ GXUFK LKUH |NRQRPLVFKH 5ROOH DOV $UEHLWVNUDIW QLFKW ]XJOHLFK DXFK JHVHOOVFKDIWOLFKH $XWRQRPLH JHJHQEHUGHP0DQQ YJO7DWH  1LFKWVGHVWRWURW] ZXUGHQ GLH )UDXHQ XQG 0lQQHU  HWKQLVFKHU 0LQ GHUKHLWHQYRQGHUZHL‰HQ0LWWHOVFKLFKWDQZHL‰HQ0D‰VWlEHQJHPHVVHQ XQG IU PLQGHUZHUWLJ EHIXQGHQ ,KU VFKHLQEDUHV 'HIL]LW JHJHQEHU GHU NXOWXUHOOHQ,NRQHGHUWUXH ZRPDQ ZLHVGHQ:HJZLH)UDXHQDXV0LQ GHUKHLWHQ IU VLFK VHOEVW PHKU $QVHKHQ XQG 5HVSHNWDELOLWlW EHDQVSUX FKHQ NRQQWHQ QlPOLFK GXUFK GHQ 6HOEVWHQWZXUI DOV 9DULDQWHQ GHU WUXH ZRPHQLQGHU/LWHUDWXU'LHHWKQLVFKH)UDXHQOLWHUDWXUZHLVWGDKHUELV]XU -DKUKXQGHUWZHQGHKlXILJWUXHZRPHQDOV+HOGLQQHQDXI'DEHLKDQGHOW HVVLFKDEHUNHLQHVZHJVXPGLHSOXPSH1DFKDKPXQJGHVHWDEOLHUWHQXQG DOV H[NOXVLY YHUVWDQGHQHQ ZHL‰HQ 0LWWHOVFKLFKWLGHDOV YRQ Ã:HLEOLFK NHLWµ 9LHOPHKU ZXUGHQ *HQUHNRQYHQWLRQHQ XQG )LJXUHQW\SHQ LP .RQ WH[W GHU EHWUHIIHQGHQ (WKQL]LWlW QHX JHVWDOWHW $XI GLHVH :HLVH NRQQWH GLH .OXIW GHU VFKHLQEDU HVVHQWLHOOHQ $QGHUVDUWLJNHLW RWKHUQHVV  EHU ZXQGHQ ZHUGHQ XQG GLH VR JHVFKDIIHQHQ DOWHUQDWLYHQ 9HUVLRQHQ YRQ Ã:HLEOLFKNHLWµ LQ HLQ 6SHNWUXP OHJLWLPHU 9DULDQWHQ HQWZHGHU YHUVFKLH GHQHUHWKQLVFKHU,GHQWLWlWHQRGHUWUDQVHWKQLVFKHU9DULDQWHQYRQÃ:HLE OLFKNHLWµHLQJHRUGQHWZHUGHQ hEHU GLH HLJHQWOLFKHQ *HQGHU5ROOHQ KLQDXV XQWHUWHLOWH GHU ZHL‰H 5DVVLVPXV GLH HLQ]HOQHQ HWKQLVFKHQ %HY|ONHUXQJVJUXSSHQ GHU 86$ QDFK *HQGHU.DWHJRULHQ 'DQDFK NDP GHQ $QJORDPHULNDQHUQ GLH ÃPlQQOLFKHµ GHQ HWKQLVFKHQ 0LQGHUKHLWHQ GLH ÃZHLEOLFKHµ 5ROOH ]X 6R VFKULHEPDQ$IURDPHULNDQHUQEHLGHU*HVFKOHFKWHUJHJHQEHUGHUÄKDUG DQG GRPLQDQW $QJOR6D[RQ UDFH³ 6WRZH 87& Y[LL  NLQGOLFKH XQG ÃIHPLQLQHµ (LJHQVFKDIWHQ ZLH 1DLYLWlW 3DVVLYLWlW XQG HLQH EHVRQGHUH (PSIlQJOLFKNHLWIUGLHFKULVWOLFKH(UO|VXQJVERWVFKDIWLP-HQVHLWV]X 

 6HOEVWGLH$EROLWLRQLVWLQ+DUULHW%HHFKHU6WRZHSURSDJLHUWGLHVHV6WHUHR W\S YRQ $IURDPHULNDQHUQ LQ LKUHP 5RPDQ 8QFOH 7RP¶V &DELQ 87&  Ä7KH$IULFDQ>LV@QDWXUDOO\SDWLHQWWLPLGDQGXQHQWHUSULVLQJ³ÄKRPHORY LQJDQGDIIHFWLRQDWH³ 87& HU]HLFKQHVLFKDXVGXUFKÄJHQWOHQHVV³ ÄORZO\GRFLOLW\RIKHDUW³Ä>KLV@DSWLWXGHWRUHSRVHRQDVXSHULRUPLQG³VR





,6$%(//./$,%(5

*HJHQGLHVH3RVLWLRQDUJXPHQWLHUWHQHLQLJH$EROLWLRQLVWHQGHV1RUGHQV GLH VLFK SROLWLVFK IU GLH $EVFKDIIXQJ GHU 6NODYHUHL LQ GHQ 6GVWDDWHQ HLQVHW]WHQLQGHPVLHGHQ6NODYHQHLQH6HHOH]XJHVWDQGHQ'LHVFKZDU ]HQ 6NODYHQ VHLHQ ZLH XQUHLIH XQG PRUDOLVFK ZLH FKDUDNWHUOLFK QRFK QLFKWYROOHQWZLFNHOWH:HL‰H9RUELOGEOLHEDXFKKLHUGLHZHL‰H1RUP   6WHUHRW\SHQLP6FKQLWWSXQNWYRQ*HQGHUXQG (WKQL]LWlWGUHLOLWHUDULVFKH%HLVSLHOH  'LH)RUVFKXQJKDWGLH]HQWUDOH%HGHXWXQJGHVWUXHZRPDQ,GHDOVLQQHU KDOEGHUZHL‰HQ/LWHUDWXU]ZDULQGHQOHW]WHQ-DKUHQUHODWLYLHUWHLQ%OLFN LQGLH0LQGHUKHLWHQOLWHUDWXUGHV-DKUKXQGHUWV]HLJWMHGRFKGDVVGLHVH ZHL‰H *HQGHU.DWHJRULH LPPHU ZLHGHU IU GLH 6WlUNXQJ VRZRKO GHU HWKQLVFKHQ DOV DXFK GHU *HQGHU3RVLWLRQ YRQ )UDXHQ DXV 0LQGHUKHLWHQ LQVWUXPHQWDOLVLHUWZXUGH'DEHL]HLFKQHQVLFKGUHLHUOHL6WUDWHJLHQDEGLH LP)ROJHQGHQMHZHLOVDQHLQHP7H[WEHLVSLHOYHUDQVFKDXOLFKWZHUGHQVRO OHQ (LQH 0|JOLFKNHLW LVW GLH GDVV HWKQLVFKH )LJXUHQ ÃZHL‰Hµ *HQGHU .DWHJRULHQEHUQHKPHQXQGDXIGLHVH:HLVHHLQHNXOWXUHOOH$XIZHUWXQJ HUIDKUHQ /HW]WOLFK JHEHQ GLHVH )LJXUHQ GDEHL MHGRFK LKUH HLJHQH HWKQL VFKH,GHQWLWlWDXI'LHVH6WUDWHJLHYHUIROJW+DUULHW%HHFKHU6WRZHLQGHU 'DUVWHOOXQJ GHU VFKZDU]HQ )LJXUHQ LKUHV 5RPDQV 8QFOH 7RP¶V &DELQ   ,Q )UDQFHV (: +DUSHUV 5RPDQ ,ROD /HUR\   KLQJHJHQ JUHLIHQGLHDIURDPHULNDQLVFKHQ)LJXUHQ]ZDUHEHQIDOOVÃZHL‰Hµ*HQGHU .DWHJRULHQ DXI LQWHUSUHWLHUHQ XQG JHVWDOWHQ GLHVH MHGRFK QHX LP 6LQQH GHUHLJHQHQHWKQLVFKHQ,GHQWLWlW'DVKHL‰WGLHVH)LJXUHQKDOWHQOHW]WOLFK DQ LKUHU HLJHQHQ HWKQLVFKHQ ,GHQWLWlW IHVW XQG VWlUNHQ VLH ZlKUHQG GHU $XVVFKOLH‰OLFKNHLWVDQVSUXFK GHU ÃZHL‰HQµ.DWHJRULHQJHVFKZlFKWZLUG (LQHGULWWH9DULDQWHILQGHWVLFKLQ5RPDQHQZLH]%:KR:RXOG+DYH 7KRXJKW ,W"   YRQ 0DUtD $PSDUR 5XL] GH %XUWRQ +LHU EHUQHK PHQ HWKQLVFKH )LJXUHQ HEHQIDOOV ÃZHL‰Hµ *HQGHU.DWHJRULHQ ]HLJHQ DEHU GDVV GLHVH QLFKW ELRORJLVFK DQ GLH ÄDQJORDPHULNDQLVFKH 5DVVH³ JHEXQGHQVLQGVRQGHUQYLHOPHKUXQLYHUVHOOH:HUWHGDUVWHOOHQ'DGXUFK ZHUGHQGLHHVVHQWLDOLVWLVFKHQ$UJXPHQWHIUGLH3ULYLOHJLHQGHU:HL‰HQ  ZLH Ä>KLV@ FKLOGOLNH VLPSOLFLW\ RI DIIHFWLRQ³   =XJOHLFK JDOWHQ 6FKZDU]H DEHU DXFK DOV YRQ 1DWXU DXV IDXO GXPP XQG OVWHUQ VRZLH DOV HPRWLRQDOQDKH]XHPSILQGXQJVORV YJO87&I ,QGHP5RPDQ8Q FOH7RP¶V&DELQlX‰HUWVLFKGLH6NODYHQKDOWHULQ0DU\6W&ODLUHZLHIROJW Ä>«@WKH\>LHWKHVODYHV@DUHVREDGVRGHFHLWIXOVROD]\³ 87& ± Ä0DPP\FRXOGQ¶WKDYHWKHIHHOLQJVWKDW,VKRXOG,W¶VDGLIIHUHQWWKLQJDO WRJHWKHU±RIFRXUVHLWLV>«@$QGMXVWDVLI0DPP\FRXOGORYHKHUOLWWOH GLUW\EDELHVDV,ORYH>P\GDXJKWHU@(YD³ 87& 

 

GENDER UND ETHNIZITÄT

geschwächt. Die eigene ethnische Identität hingegen wird deutlich aufgewertet. Wie bereits angedeutet, geht es in den literarischen Entwürfen alternativer ethnischer und Gender-Identitäten weniger um ein pluralistisches Ethnizitätsbewusstsein (multiple consciousness) als vielmehr um das literarische Experiment, mehrere ethnische Kulturen in eine alternative, aber homogene Identität zu integrieren.

Ersetzung der ethnischen Identität durch whiteness Harriet Beecher Stowe versucht in ihrem Bestsellerroman Uncle Tom’s Cabin; Or, Life among the Lowly von 1852 die moralische Gleichwertigkeit der Sklaven nachzuweisen, wenn sie sie in ‚weißen‘ Kategorien darstellt. In Stowes Augen sollten Afroamerikaner sich unter weißer Anleitung und mit Hilfe des christlichen Glaubens langfristig bis zum moralischen Niveau der Weißen weiterentwickeln:18 „Africa […] began the race of civilization and human progress in the dim, gray dawn of early time, but […], for centuries, has lain bound and bleeding at the foot of civilized and Christianized humanity, imploring compassion in vain. / But the heart of the dominant race, who have been her conquerors, her hard masters, has at length been turned towards her in mercy“ (UTC: xvii).

So sehr Stowe die Sklaverei anprangert und wohlmeinend nur ‚das Beste‘ für die Sklaven im Süden im Blick hat, so wenig geht es ihr um eine Wertschätzung der Afroamerikaner an sich oder ihrer Kultur. Anders als in der Erzählliteratur ihrer Zeit wendet Stowe die weiße Gender-Kategorie der true woman nicht nur auf die sehr hellhäutige Mulattin an (die es mit Eliza Harris in Stowes Roman auch gibt), sondern auch auf Afroamerikaner dunkler Hautschattierungen.19 Entgegen der gängigen lite18 Stowe sah die Zukunft der Afroamerikaner jedoch nicht in den USA, sondern in Afrika, wo sie „an enlightened and Christianized community“ bilden sollten, in der „laws, language and literature [are] drawn from among us [Anglo-Americans]“ (UTC: xviii). 19 Die schwarze Südstaatenbevölkerung bestand Mitte des 19. Jahrhunderts zu einem beträchtlichen Teil aus Mulatten. Viele entstammten den Vergewaltigungen von Sklavinnen durch ihre Besitzer. Die Mulattin, die zum literarischen Repertoire der Zeit gehörte, diente weißen Lesern als Identifikationsfigur, wobei zusätzlich zur hellen Hautfarbe noch die charakterliche Aufwertung durch die Darstellung der Figur in weißen Kategorien hinzukam. Um die Jahrhundertmitte wurden Mulattinnen meist als äußerst ‚weiblich‘ dargestellt. Hieraus ergab sich ihre Tragik: Die reine Seele ei-

219

,6$%(//./$,%(5

UDULVFKHQ 6WHUHRW\SLVLHUXQJ GHU GXQNHOKlXWLJHQ $IURDPHULNDQHULQ DOV IDXOXQEHKHUUVFKWYXOJlUXQJHELOGHWXQGYRP6H[XDOWULHEJHOHLWHWVWHOOW 6WRZH GXQNHOKlXWLJH 6NODYLQQHQ LQ LKUHU WXJHQGKDIWHQ XQG KlXVOLFK IDPLOLlUHQÃ:HLEOLFKNHLWµDOVGHQZHL‰HQ/HVHULQQHQSRWHQWLHOOHEHQEU WLJ GDU XQG ZLUEW EHL GLHVHQ XP ,GHQWLILNDWLRQ XQG 0LWJHIKO 6R ZLUG HWZD7RPV)UDX&KORHDOVJXWHU(QJHOLQ7RPV+WWHGDUJHVWHOOWPLWDOO GHQÃIHPLQLQHQµ(LJHQVFKDIWHQGLHHLQHIUVRUJOLFKH(KHIUDXXQG0XWWHU QDFK ZHL‰HQ 0LWWHOVFKLFKWYRUVWHOOXQJHQ DXVPDFKHQ hEHU PHKUHUH 6HL WHQ ZHUGHQ LKUH KlXVOLFKHQ KDXVKlOWHULVFKHQ XQG PWWHUOLFKHQ 7DOHQWH JHVFKLOGHUWYRQLKUHP2UGQXQJVVLQQLKUHPJHVFKPDFNYROOHQ$UUDQJH PHQW GHV VSlUOLFKHQ 0RELOLDUV EHU GDV JHVWlUNWH .RSIWXFK GHQ .UlX WHU 2EVW XQG VRJDU %OXPHQJDUWHQ ELV ]X LKUHQ DX‰HURUGHQWOLFKHQ .RFKNQVWHQ GLH LQ )RUP HLQ]HOQ EHVFKULHEHQHU *HULFKWH DXVIKUOLFK JHSULHVHQZHUGHQ YJO87& +LHUEHLVSLHOWHVNHLQH5ROOHZLH XQUHDOLVWLVFK HV LVW GDVV GLH 6NODYLQ &KORH IU GLHVH .RFKNQVWH HLQH UHLFKJHIOOWH9RUUDWVNDPPHUEUlXFKWH(VJHKWYLHOPHKUGDUXP&KORHV Ã:HLEOLFKNHLWµ QDFK 0D‰VWlEHQ GHU ZHL‰HQ 0LWWHOVFKLFKW XQWHU %HZHLV ]XVWHOOHQGHQQQXUEHUGLHVHV,GHQWLILNDWLRQVDQJHERWN|QQHQGLHZHL ‰HQ /HVHULQQHQ GHU 0LWWHOVFKLFKW YRQ GHU 8QPHQVFKOLFKNHLW GHU 6NOD YHUHLEHU]HXJWZHUGHQ'DEHLVWHOOW6WRZHGDV6\VWHPDOVPDUNWZLUW VFKDIWOLFK XQG VRPLW ÃPDVNXOLQµ JHSUlJW GDU ZlKUHQG VLH DOV SUREDWHV *HJHQPLWWHOÃIHPLQLQHµ1lFKVWHQOLHEHDQELHWHW YJO'RQRYDQ   'LHVH NXOWXUHOOH Ã$XIZHUWXQJµ &KORHV KLQGHUW 6WRZH DEHU NHLQHV ZHJVDQDQGHUZHLWLJUDVVLVWLVFKHQ'DUVWHOOXQJHQZLH]%GHQVWHUHRW\ SHQ )LJXUHQ 7RSV\ EHL GHQ 6W &ODLUHV RGHU DXFK 6DP $QG\ DXI GHU 6KHOE\3ODQWDJHGLHXQYHUlQGHUWGHP5HSHUWRLUHGHUUDVVLVWLVFKHQPLQ VWUHOVKRZVHQWVWDPPHQ YJO@ 6áRZDFNL  

 ,Q HLQHP %ULHI DQ $GDP 3RWRFNL VFKUHLEW .UDVLĔVNL Ä'LH :DKUKHLW JH Pl‰GHUHUVLFKGLH9RUVHKXQJLPPHUZHLWHU]HLJWVLQGGLH/RJLNGHU*H VFKLFKWH³ Ä3UDZDSRGáXJNWyU\FKWD2SDWU]QRĞüFRUD]GDOHMVLĊREMDZLD ORJLNąVąKLVWRULL³]LWQDFK-DQLRQ;/,,,   (LQ LPPHU ZLHGHU ]LWLHUWHU 6DW] GHU (LQEOLFN LQ GHQ 'LFKWHU:HWWVWUHLW ]ZLVFKHQ 6áRZDFNL XQG 0LFNLHZLF] JLEW ILQGHW VLFK LQ HLQHP %ULHI 6áRZDFNLVDQVHLQH0XWWHUYRP6HSWHPEHU>@-HGHQ]3RODNyZ PyZLá PL ]GDQLH MDNLH GDá 0LFNLHZLF] R PRLFK GZX WRPLNDFK SRZLHG]LDá ĪH PRMD SRH]MD MHVW ĞOLF]QD ĪH MHVW WR JPDFK SLĊNQą DUFKLWHNWXUąVWDZLRQ\MDNZ]QLRVá\NRĞFLyá²DOHZNRĞFLHOH%RJDQLHPD 3UDZGD ĪH ĞOLF]QH L SRHW\F]QH ]GDQLH"³ 6áRZDFNL   Ä(LQHU GHU 3ROHQJDEPLUGDV8UWHLOZLHGHUGDV0LFNLHZLF]EHUPHLQHEHLGHQ%lQG FKHQJHlX‰HUWKDW«(UVDJWHPHLQH3RHVLHVHLEH]DXEHUQGVLHVHLHLQLQ VFK|QHU$UFKLWHNWXUDXVJHIKUWHV*HElXGHHLQHUHUKDEHQHQ.LUFKHJOHLFK ±DOOHLQLQGHU.LUFKHJHEHHVNHLQHQ*RWW«(LQHHQW]FNHQGHXQGSRHWL VFKH0HLQXQJQLFKWZDKU"³6áRZDFNLR-GWYRQ5RVZLWKD0DWZLQ %XVFKPDQQ   'LHVHV0RWWRLVWHLQ$XWR]LWDWDXVGHU9HUVHU]lKOXQJ/DPEUR  

 

6&+$00$6&+$+$'$7

'HQQLFKZHUGHVLQJHQXQGELV]XP(QGHVWUHEHQ 'DV)HXHUEHOHEHQZHQQHVLP)QNFKHQLVW 6RXPZLFNHOWGHUbJ\SWHULQHLQHP%ODWWDXV$ORH 'DVYHUZHONWH+HU]GHV7RWHQ $XIHLQ%ODWWVFKUHLEWHUGLH:RUWHGHU$XIHUVWHKXQJ 2EZRKOGDV+HU]LQGLHVHP%ODWWQLFKWOHEHQGLJZLUG 6RQGHUQHZLJYRUGHU9HUZHVXQJEHZDKUWZLUG =X6WDXEQLFKW]HUIlOOW«>«@ 

'HU 7H[W GHV 'LFKWHUV LVW ZLH GDV lJ\SWLVFKH %ODWW GLH $XIJDEH GHV 'LFKWHUV OLHJW QLFKW LQ GHU +DQGOXQJ VRQGHUQ LP :RUW 0LWKLOIH GHV :RUWHVUHWWHWHUGDV9RONYRUGHP9HUJHVVHQ*HJHQ0LFNLHZLF]V:RUW DOV 7DW VHW]W 6áRZDFNL GDV :RUW DOV (ULQQHUXQJ :lKUHQG 0LFNLHZLF] GHP'LFKWHUHLQHPHVVLDQLVWLVFKH$XIJDEH]XVFKUHLEWXQG.UDVLĔVNLLKQ LQHLQHQJ|WWOLFKHQ3ODQHLQELQGHWZHLVW6áRZDFNLLKPKLHUHLQHQHLJH QHQlVWKHWLVFKHQ5DXP]XDXVGHPHUQLFKWLQGHQ*DQJGHU*HVFKLFKWH HLQJUHLIHQNDQQ )UDXHQ VSLHOHQ VRZRKO EHL 0LFNLHZLF] DOV DXFK EHL .UDVLĔVNL HLQH HKHUXQWHUJHRUGQHWH5ROOHVLHKDEHQNHLQHWUDJHQGH)XQNWLRQLQGHU*H VWDOWXQJ GHU *HVFKLFKWH ,Q GHU $KQIHLHU WDXFKW HLQH (YD)LJXU DXI GLH VDQIWH(ZDGLHGLH'HPXWYHUN|USHUWIXQJLHUW]XQlFKVWDOV.RQWUDVWIL JXU]XGHPVLFKJHJHQ*RWWDXIOHKQHQGHQ.RQUDG(ZDLVWHLQH0DULHQ ILJXUGLH]XJOHLFKDXFK3RORQLDXQG&KULVWXVLVW .ĊSLĔVNL  XQG HUVW QDFKGHP .RQUDGV $XIVWDQG JHJHQ *RWW VFKHLWHUW XQG HU GHQ :HJ GHU 'HPXW ZlKOW ZHUGHQ (ZD XQG .RQUDG JOHLFKJHVHW]W :LH .RQUDGWUlJWDXFK(ZDGLH9LVLRQYRQ3ROHQDOV&KULVWXVGHU9|ONHULQ VLFK(ZDKDWHLQHQ7UDXPGHUPLWHLQHUP\VWLVFKHQ+RFK]HLW]ZLVFKHQ (ZD3RORQLD&KULVWXVXQG.RQUDGHQGHWVRGDVVHLQHKHLOHJDQ]H)LJXU HQWVWHKW ,Q GLHVHU P\VWLVFKHQ +RFK]HLW YHUVFKPHO]HQ .RQUDG (ZD &KULVWXVXQG3ROHQ]XHLQHUHLQKHLWOLFKHQ)LJXUDWLRQHLQHVJDQ]HQ3ROHQ .RQUDGXQGDOWHUQDWLY(ZDDOV3RORQLDXQG&KULVWXVXPIDVVHQ+LPPHO XQG(UGHGDV0lQQOLFKHXQGGDV:HLEOLFKH±0LFNLHZLF]V(ZDLVWNHL QH(YDGLHVLFKYRQGHU6FKODQJHYHUIKUHQOlVVW6WDWWGHVVHQZLUGLQ LKUGLHDQGURJ\QH1DWXU&KULVWLUHDNWLYLHUWLQGHPVLHQLFKWQXU.RQUDGV 'RSSHOJlQJHULQ LVW VRQGHUQ DXFK DOV %UDXW &KULVWL XQG .RQUDGV3R OHQV DXIWULWWZDVDXFKHLQDQGURJ\QHV%LOGGHU1DWLRQQDFKVLFK]LHKW GHQQPLW(ZDXQG.RQUDGHUODQJWDXFK3ROHQPlQQOLFKHXQGZHLEOLFKH =JH 

 ,QJORW  9,,,  VFKUHLEW EHU GLH VFK|SIHULVFKHQ .UlIWH GHV GLFKWHUL VFKHQ:RUWHVEHL6áRZDFNL ± P ( DEHU LVW GLHVHV :RUW NHLQHVZHJV PD JLVFKRGHUSHUIRUPDWLYVRQGHUQEOHLEW=HLFKHQlVWKHWLVFK





6&+:(67(51025'

,QGHU8QJ|WWOLFKHQ.RP|GLHYHUN|USHUW0DULDGLH(KHIUDXGHVJRWW ORVHQ3URWDJRQLVWHQGLHJ|WWOLFKHJHLVWLJH6HLWHGHU:HOW±LKUH VFK|QH  6HHOH YHUOlVVW LKUHQ .|USHU JHKW LQ GHQ +LPPHO HLQ XQG GD LKU 6RKQ 2UFLRDOVDXVHUZlKOWHVHQJHOVJOHLFKHV.LQGNRQ]LSLHUWLVWHUVFKHLQWVLH DOVHLQH)LJXUDWLRQGHU0XWWHU*RWWHV6RZRKOEHL0LFNLHZLF]DOVDXFK EHL .UDVLĔVNLIXQJLHUWGLH)UDXDOV3URMHNWLRQVIOlFKHIUGLHKHLOH6HLWH GHU :HOW GLH MHQVHLWV GHU ÃUHDOHQµ :HOW PlQQOLFKHQ .DPSIV XQG /HLGV DQJHVLHGHOWLVW $QGHUVEHL6áRZDFNL±ZlKUHQG.RUGLDQHLQÃ0lQQHU'UDPDµLVW LQ GHP)UDXHQNDXPYRUNRPPHQKDWHUDXFKHLQH5HLKHYRQ'UDPHQPLW ZHLEOLFKHQ 3URWDJRQLVWLQQHQ JHVFKULHEHQ ,Q GLHVHQ 'UDPHQ ±%DOODG\ QD/LOOD:HQHGD'HUVLOEHUQH7UDXPGHU6DORPHD 6HQVUHEUQ\6DOR PHL ±VLQG)DPLOLHQGUDPHQPLWSROLWLVFKHQ'UDPHQJHNRSSHOW,Q%DO ODG\QD VLQG )UDJHQ GHU bVWKHWLN GHU 0DFKW XQG GHV *HVFKOHFKWV DXIV HQJVWHPLWHLQDQGHUYHUNQRWHW'HQ5DKPHQIUGLH+DQGOXQJELOGHWGLH :LHGHUJXWPDFKXQJ JHWDQHQ 8QUHFKWV JHSDDUW PLW GHP 0\WKRV GHU 6WDDWHQELOGXQJXQGGDVJDQ]HZLUGGXUFKNUHX]WYRQHLQHUPlUFKHQKDI WHQ +DQGOXQJ :DVVHUJHLVWHU JUHLIHQLQ GLH KLVWRULVFKP\WKLVFKHQ (UHL JQLVVHHLQXQGHU]HXJHQGXUFKLKUH(LQPLVFKXQJHLQH7UDJ|GLHGLHPLW GHP 7RG IDVW DOOHU )LJXUHQ HQGHW 'LHVH 7KHPDWLN HQWZLFNHOW VLFK ZLH IROJW'HUMXQJH$GOLJH.LUNRUZLOOGHPXQUHFKWPl‰LJDEJHVHW]WHQ.| QLJ3RSLyO,,,KHOIHQZLHGHUDQGLH0DFKW]XJHODQJHQJHKWDEHUYRUKHU DXI%UDXWVFKDX'DEHLWULIIWHUDXIGLHEHLGHQ6FKZHVWHUQ$OLQDXQG%DO ODG\QDGHU:DVVHUJHLVW,VNRUNDGHUGHQ$XIWUDJKDWLQ.LUNRU/LHEH]X HLQHP 0lGFKHQ DXV GHP 9RON ]X HUZHFNHQ ZHL‰ QLFKW LQ ZHOFKH GHU EHLGHQ6FKZHVWHUQ.LUNRUVLFKYHUOLHEHQVROOVRGDVV.LUNRUVLFKLQEHL GH YHUOLHEW ± GLHVHU )HKOHU GHQ GLH 0lUFKHQILJXU 9HUN|USHUXQJ GHV SKDQWDVWLVFKHQILNWLRQDOHQ(OHPHQWVPDFKWIKUWLPZHLWHUHQ]XPWUD JLVFKHQ 9HUODXI GHV 'UDPDV (V NRPPW ]X HLQHP /LHEHVZHWWEHZHUE 'LH6FKZHVWHUGLHGLHPHLVWHQ%HHUHQVDPPHOWVROO%UDXWZHUGHQ,P :DOGHUVWLFKW%DOODG\QD$OLQDXPLKUGHQYROOHQ%HHUHQNRUE]XUDXEHQ .LUNRUXQGLKUHU0XWWHUHU]lKOWVLH$OLQDVHLPLWHLQHP*HOLHEWHQJHIOR KHQ .LUNRU KHLUDWHW GDUDXIKLQ %DOODG\QD (V IROJW HLQ XQHUELWWOLFKHU 0DFKWNDPSI LP 9HUODXIH GHVVHQ %DOODG\QD ± HLQH ÄYHUVFKREHQH /DG\ 0DFEHWK³ ZLH *HUPDQ 5LW] VFKUHLEW    ± LPPHU PHKU 0HQ VFKHQ LQ LKUHU 8PJHEXQJ W|WHW XQWHU DQGHUHP DXFK HLQHQ HKUJHL]LJHQ /LHEKDEHUGHUHLQHQ7HLOGHU0DFKWHUVWUHEWXQGVLHLVW6FKXOGDP7RG LKUHV0DQQHV.LUNRUXQGLKUHU0XWWHU=XP6FKOXVVZLUG%DOODG\QDLP =XJHSRHWLVFKHU*HUHFKWLJNHLWYRP%OLW]JHWURIIHQ 

 

6&+$00$6&+$+$'$7

%DOODG\QDLP5DXPGHU6FKZHVWHUQWH[WH  Ä0LWGHQ9lWHUQLVWDOOHVHLQIDFKHUPLQGHVWHQVZDVGLH/LWHUDWXUEHWULIIW 6LH VWHKHQ IU GDV *HVHW] YHUN|USHUQ GDV *HVHW] VHL HV GDV JHOWHQGH oGHUGDVEHUKROWH³VFKUHLEW3HWHUYRQ0DWWLQVHLQHP%XFK9HUNRPPHQH 6|KQHPL‰UDWHQH7|FKWHU)DPLOLHQGHVDVWHULQGHU/LWHUDWXU YRQ0DWW  1LFKWQXUPLWGHQ9lWHUQVRVFKHLQWHVDXFKPLWGHQ6|K QHQ LVW HV ÄHLQIDFKHU³ LQ GHU /LWHUDWXU ZHQQ .RQIOLNWH DOV 0RWRU GHU +DQGOXQJDXIWUHWHQ9lWHUZHUGHQJHW|WHW gGLSXV 6|KQHZHUGHQJHW| WHW $EUDKDP GHU ,VDDN RSIHUQ ZLOO RGHU DXFK GHU 2SIHUWRG &KULVWL  %UGHUW|WHQHLQDQGHU .DLQXQG$EHO 1DWUOLFKNRPPHQDXFK)UDXHQ ]X6FKDGHQVREHLP*DWWHQPRUGEHLGHPVRZRKOGHU0DQQGDV2SIHU VHLQNDQQ +DPOHW ZLHDXFKGLH)UDX 2WKHOOR RGHUEHLP0XWWHUPRUG (OHNWUD 'HU.LQGVPRUG 0HGHD LVWHLQHZHLWHUH9DULDQWHGLHVLFKLQ /pYL6WUDXVV¶ 0RGHOO YRQ ÄXQWHUEHZHUWHWHQ 9HUZDQGWVFKDIWVEH]LHKXQ JHQ³ /pYL6WUDXVV HLQJOLHGHUQOLH‰H(LQH)LJXUMHGRFKLVWLQ GHU OLWHUDULVFKHQ 9HUZDQGWVFKDIWVPRUGPDVFKLQH WDEX GLH 6FKZHVWHU 6FKZHVWHUQPRUGHVLQGDOVRLQVRIHUQVLJQLILNDQWDOVHVIUVLHNHLQJUDQG UpFLWNHLQHJUR‰H(U]lKOXQJJLEWLQGLHVLHVLFKHLQVFKUHLEHQ 'HU 3URWRW\S GHU 6FKZHVWHU LVW LQ GHU )LJXU GHU $QWLJRQH DQJHOHJW $QWLJRQH LVW 6FKZHVWHU XQG ]ZDU 6FKZHVWHU LKUHV %UXGHUV 3RO\QHLNHV GHQVLH±JHJHQGDV*HVHW]YHUVWR‰HQG±EHJUlEWXQGVLHLVW7HLOHLQHV 6FKZHVWHUQSDDUV6LHLVW6FKZHVWHUYRQ,VPHQHGHUVDQIWHQXQGJHKRU VDPHQ GLH VLFK GHP :LOOHQ GHV 2QNHOV EHXJW 'LH )LJXU GHU $QWLJRQH KDWLQGHU3KLORVRSKLH.DUULHUHJHPDFKWVLHHUVFKHLQWZLHLQGHUMQJ VWHQ 'HXWXQJ YRQ -XGLWK %XWOHU DOV Ä$OOHJRULH IU GLH .ULVH GHU 9HU ZDQGWVFKDIW³ %XWOHU    $QWLJRQH GLH 6FKZHVWHU KDQGHOW DXV /LHEH/pYL6WUDXVVVLHKW$QWLJRQH)LJXUGHU9HUZDQGWVFKDIWLP.RQ IOLNW ]ZLVFKHQ āEHUEHZHUWHWHQ 9HUZDQGWVFKDIWVEH]LHKXQJHQ³ ± LKUH EHUGDV*HVHW]KLQDXVJHKHQGH/LHEH]X3RO\QHLNHV±XQGÄXQWHUEHZHU WHWHQ 9HUZDQGWVFKDIWVEH]LHKXQJHQ³ ± GLH $EOHKQXQJ GHV YlWHUOLFKHQ *HVHW]HV YHUN|USHUW LP 2QNHO %XWOHU XQWHU]LHKW +HJHOV $QWLJRQH ,QWHUSUHWDWLRQ DXV GHU 3KlQRPHQRORJLH HLQHU IHPLQLVWLVFKHQ $QDO\VH 

 %XWOHUYHUZHLVWGDUDXIGDVV$QWLJRQHLQGHU3KlQRPHQRORJLH]ZDUQXULQ HLQHP1HEHQVDW]JHQDQQWZLUG LQGHP$EVFKQLWWÄ'LHVLWWOLFKH+DQGOXQJ 'DV PHQVFKOLFKH XQG J|WWOLFKH :LVVHQ GLH 6FKXOG XQG GDV 6FKLFNVDO³ KHL‰W HV Ä$EHU GDV VLWWOLFKH %HZX‰WVHLQ LVW YROOVWlQGLJHU VHLQH 6FKXOG UHLQHUZHQQHVGDV*HVHW]XQGGLH0DFKWYRUKHUNHQQWGHUHVJHJHQEHU WULWWVLHIU*HZDOWXQG8QUHFKWIUHLQHVLWWOLFKH=XIlOOLJNHLWQLPPWXQG ZLVVHQWOLFK ZLH $QWLJRQH GDV 9HUEUHFKHQ EHJHKW³ +HJHO   +HUYRUKHEXQJ LP 2ULJLQDO  GDVV $QWLJRQH DEHU ÄGXUFKJlQJLJ DOV 9RU RGHU 8UELOG GHU +HJHOVFKHQ 'DUVWHOOXQJ³ GLHQW %XWOHU    ± $Q DQGHUHU 6WHOOH YHUZHLVW %XWOHU DXI HLQHQ $XIVDW] YRQ 0DUWLQ 'RQRXJKR





6&+:(67(51025'

LQGHP VLH GDV 3DUDGR[ KHUDXVDUEHLWHW GDV +HJHO EUDXFKW XP $QWLJRQH VFKXOGLJ ]X VSUHFKHQ (LQHUVHLWV VROO $QWLJRQH LKUH 6FKXOG |IIHQWOLFK HLQJHVWHKHQ DQGHUHUVHLWV LVW VLH HLQ ÄYRUSROLWLVFKHV 6XEMHNW³ %XWOHU I GDVLP|IIHQWOLFKHQ5DXPNHLQH6WLPPHKDW'DGXUFKGDVV +HJHO $QWLJRQH DXI HLQH DOOJHPHLQH Ä:HLEOLFKNHLW³ UHGX]LHUW YHUOLHUW LKU7XQVHLQHQÄVNDQGDO|VHQ3ODW]LPSROLWLVFKHQ)HOGLQGHPVLHGDV3R OLWLVFKH]X3ULYDWHLJHQWXPXQG3XW]KHUDEVHW]W³  6NDQGDO|VLVWSROL WLVFKHV+DQGHOQHLQHU)UDXVREDOGPDQGLHVHVSROLWLVFKH+DQGHOQHQWSR OLWLVLHUWHVLQGHQ%HUHLFKGHV3ULYDWHQ]XUFNKROWZLUGLKPGHU6WDFKHO GHV6NDQGDORQVJHQRPPHQ*HQDXXPGLHVHV6NDQGDORQGHVSROLWLVFKHQ +DQGHOQV GHU )UDX ZLUG HV LP ZHLWHUHQ LP =XVDPPHQKDQJ PLW 6áR ZDFNLV'UDPD%DOODG\QDJHKHQ :DV DOVR JHVFKLHKW LQ HLQHU )LJXUDWLRQ LQ GHU GDV PlQQOLFKH (OH PHQW OHGLJOLFK DOV 3ULQ] XQG SURVSHNWLYHU (KHPDQQ DXIWULWW XQG GLH 6FKZHVWHUQ XQWHU VLFK VLQG" Ä'LH -QJVWH LVW GLH $OOHUVFK|QVWH³ ± XQG QDWUOLFK DXFK GLH %HVWH VR VLHKW HV DXV LP HU]lKOHULVFKHQ 5DXP GHV 0lUFKHQV 5DDEH :lKUHQGGLH/LWHUDWXUGDV6FKZHVWHUQSDDU DOV 3HUVRQLILNDWLRQ GHU +DUPRQLH HQWZLUIW ILQGHW HV VLFK LP 0lUFKHQ YRQ$QIDQJDQDOV)LJXUDWLRQGHV.RQIOLNWVPlUFKHQKDIWH6FKZHVWHUQ NRQVWHOODWLRQHQ VLQG DQWDJRQLVWLVFK NRQVWUXLHUW JXW YV E|VH VFK|Q YV KlVVOLFK IOHL‰LJ YV IDXO KHOO YV GXQNHO HWF (V VLQG ]ZHL RGHU GUHL 6FKZHVWHUQ ZREHL GLH MQJVWH 6FKZHVWHU GDV 2SIHU GHU lOWHUHQ LVW GLH 0XWWHULVW±XQGGDVPRWLYLHUWGLH2SIHUUROOHGHUMQJHUHQ6FKZHVWHU±LQ GHU5HJHOGLHE|VH6WLHIPXWWHU6LQGHV]ZHL6FKZHVWHUQVRLVWGLHHLQH GXQNHO GLH DQGHUH KHOO XQG GLH GXQNOH LVW GHPHQWVSUHFKHQG E|VH GLH KHOOHLVWJXW±ZLHLQGHP0lUFKHQYRQ*ROGPDULHXQG3HFKPDULH%DO ODG\QD XQG LKUH 6FKZHVWHU $OLQD VLQG QDFK JHQDX GLHVHP 0XVWHU JH ]HLFKQHW  7D]DODEDVWUyZ±DWD]DĞUyĪDQD 7DPDSRGU]ĊVąZĊJOH±WDILMRáNL



Ä7KH:RPDQLQ:KLWH2QWKH5HFHSWLRQRI+HJHO¶V$QWLJRQH³ZRGLHVHU *RHWKHV =ZHLIHO GDUEHU HLQEULQJW ÄRE GLH 6SDQQXQJ ]ZLVFKHQ )DPLOLH XQG6WDDWEHUKDXSWLP0LWWHOSXQNWGHV6WFNHVVWHKW³ %XWOHU   (VJLEWHLQLJHZHQLJH0lUFKHQLQGHQHQGLH6FKZHVWHUQHLQH(LQKHLWELO GHQGHU$UWLNHO]XP7KHPDÄ6FKZHVWHUQ³LQGHU(Q]\NORSlGLHGHV0lU FKHQV QHQQW KLHU ]XP %HLVSLHO 'LH VFK|QH XQG GLH KlVVOLFKH 6FKZHVWHU oGHU0lGFKHQXQG%lU %RWWLJKHLPHU $XIIlOOLJLVWKLHUGDVV GDVKDUPRQLVFKH6FKZHVWHUQELOGLP0lUFKHQLP-DKUKXQGHUWKlXILJHU LVWDOV]XDQGHUHQ=HLWHQ  ZDVGLH9HUPXWXQJ]XOlVVWGDVVURPDQWL VFKH/LHEHVXQG)UHXQGVFKDIWVHQWZUIHLQGLHVH%LOGHUPLWHLQJHKHQ  *HQDQQWVHLHQKLHUH[HPSODULVFK$VFKHQSXWWHO*ROGPDULHXQG3HFKPDULH DXV)UDX+ROOH(LQlXJOHLQ=ZHLlXJOHLQ'UHLlXJOHLQ

 

6&+$00$6&+$+$'$7

7DMDNR]áRWHQD]RU]\DQLRáNL $WD]DĞMDNRQRFELDáDQDGUDQNLHP $NW,6]HQH   'LHVHLVWDODEDVWHUQXQGMHQHLVWURVLJ 'LHVHKDWXQWHUGHQ:LPSHUQ.RKOHQXQGMHQH9HLOFKHQ 'LHVHLVWZLHJROGHQH3XWWHQDXIGHU0RUJHQU|WH 8QGMHQHLVWZLHHLQH1DFKWZHL‰DP0RUJHQ 

%DOODG\QD ZHLVW VRZRKO PlUFKHQKDIWH DOV DXFK OLWHUDULVFKH (OHPHQWH DXI VR GDVV ]ZHL YHUVFKLHGHQH *HQUHV LQHLQDQGHUJUHLIHQ 'DV 6FKZH VWHUQPXVWHU MHGRFK RULHQWLHUW VLFK DQ GHQ 6WUXNWXUHOHPHQWHQ GHV 0lU FKHQV $OOHUGLQJV VLQG GLHVH EHUHLWV LQ ]ZHL OLWHUDULVFKH 3UlWH[WH HLQJH JDQJHQGLHVLFKLQ%DOODG\QDILQGHQLQ6KDNHVSHDUHV.LQJ/HDUXQGLQ HLQH%DOODGHGHVSROQLVFKHQ'LFKWHUV$OHNVDQGHU&KRGĨNR'LH%HHUHQ 0DOLQ\  ,Q EHLGHQ 7H[WHQ ILQGHQ VLFK NRQIOLNWKDIWH 6FKZHVWHUQ EH]LHKXQJHQ ZREHL GLH OLWHUDULVFKHQ 7H[WH YRQ GHQ 6FKZHVWHUQSDDUHQ LP0lUFKHQLQVSLULHUWVLQGDXFKLQ.LQJ/HDULVWGLH-QJVWHGLH$OOHU EHVWHXQGGLH*XWH 'HU%H]XJ]X.LQJ/HDUZLUGLQ%DOODG\QDH[SOL]LWKHUJHVWHOOW.LU NRUGHUDXI%UDXWVXFKHLVWIUDJW%DOODG\QDXQG$OLQDÄ:HUYRQHXFK 0lGFKHQ:LUGPLFKQDFKGHU+RFK]HLWPHKUOLHEHQ"³ Ä.WyUDĪ]ZDV G]LHZLFH%ĊG]LHPLĊZLĊFHMNRFKDáDSRĞOXELH"³  $NW,6]HQH9HUV  6áRZDFNL    ,Q .LQJ /HDU KHL‰W GLH )UDJH Ä7HOO PH P\ GDXJKWHUV >«@ :KLFK RI \RX VKDOO ZH VD\ GRWK ORYH XV PRVW >«@"³ .LQJ/HDU,6KDNHVSHDUHI %HLGHGHU]XNQIWLJH %UlXWLJDPEHL6áRZDFNLXQGGHU9DWHUEHL6KDNHVSHDUHIUDJHQGDQDFK ZHUVLHLQGHU=XNXQIWPHKUOLHEHQZLUGGKGHU/LHEHVEHZHLVZLUG]X QlFKVW LQ :RUWHQ QLFKW LQ 7DWHQ HLQJHIRUGHUW ± /LHEH XQG 9HUZDQGW VFKDIW ZHUGHQ QXU JHVDJW QLFKW DEHU JHWDQ (V LVW JHQDX GLHVHU %UXFK ]ZLVFKHQ 6DJHQ XQG 7XQ GHU LQ EHLGHQ )lOOHQ GLH .DWDVWURSKH KHUEHL IKUHQ ZLUG 'HQQ JHUDGH GLHMHQLJH GLH DP ZHQLJVWHQ VDJW OLHEW DP PHLVWHQ$OV.LQJ/HDUVLFKDQ&RUGHOLDZHQGHWPLWGHQ:RUWHQÄ:KDW FDQ\RXVD\WRGUDZ$WKLUGPRUHRSXOHQWWKDQ\RXUVLVWHUV"6SHDN³   =LWQDFKGHU$XVJDEH6áRZDFNL    %ULJLWWH6FKXOW]H  KDWGLH%H]LHKXQJ]ZLVFKHQ%DOODG\QDXQG0DOL Q\ %HHUHQ VHKUGHWDLOOLHUWXQWHUVXFKWVLHQHQQWQRFK]ZHLZHLWHUH3UlWH[ WHIU6áRZDFNLV'UDPD 0LFNLHZLF]V%DOODGHQ'DV0lGFKHQDXVĝZLWHĨ ĝZLWH]LDĔND  XQG 'LH /LOLHQ /LOMH  GLH MHGRFK IU GDV 7KHPD 6FKZH VWHUQPRUGZHQLJHUUHOHYDQWVLQG$XI6OLHIHUWVLHHLQHGHWDLOOLHUWH,Q KDOWVDQJDEHYRQ'LH%HHUHQ±&KRGĨNRV%DOODGHLVW]ZDUHLQH.XQVWEDO ODGHGDGLHVHDEHUZLH6FKXOW]HVFKUHLEWÄGHU±LPSROQLVFKHQJDUQLFKW E]Z IDVW JDU QLFKW YRUKDQGHQHQ ± 9RONVEDOODGH VHKU QDKH NRPPW³ 6FKXOW]H VWHKWGHU3UlWH[WZLH%DOODG\QDVHOEVWDP6FKQLWW SXQNW]ZLVFKHQ9RONVNXQVWXQGOLWHUDULVFKHU*DWWXQJ





6&+:(67(51025'

DQWZRUWHW GLHVH Ä1RWKLQJ P\ /RUG³ ,   6KDNHVSDHUH  I  bKQOLFK YHUZHLJHUW $OLQD DXI .LUNRUV )UDJH ZHU LKQ GHQQ DP PHLVWHQ OLHEHQ ZUGH HLQH NRQNUHWH $QWZRUW Ä,FK ZHUGH GLFK OLHEHQ XQGGLUWUHXVHLQ³ Ä.RFKDüLE\üZLHUQą³  ,6áRZDFNL  ZRKLQJHJHQ%DOODG\QDlKQOLFKZLH&RUGHOLDV6FKZHVWHUQ*RQHULO XQG5HJDQHLQZRUWUHLFKHV3KDQWDVLHELOG]HLFKQHW'LH8QVDJEDUNHLWGHU /LHEH]HLFKQHWGLHÃJXWH6FKZHVWHUµDXVQLFKW(PRWLRQHQNQGLJWVLHDQ VRQGHUQ7DWHQ /HDU YHUVSULFKW GHU 7RFKWHU GLH LKQ DP PHLVWHQ OLHEW GHQ JU|‰WHQ 7HLOVHLQHV5HLFKHVGDVHUXQNOXJHUZHLVHDXIWHLOWEHYRUGLH/LHEHGLH JHVDJWZXUGHDXFKJHWDQZLUG.LUNRUYHUVSULFKWGLH(KHGLHZLHGHUXP 0DFKW YHUKHL‰W ,Q EHLGHQ 7H[WHQ ZLUG JHPRUGHW VREDOG GLH JXWH 6FKZHVWHU KDQGHOW ± &RUGHOLD NRPPW LKUHP 9DWHU LP .ULHJ ]X +LOIH $OLQDVDPPHOWDOV/LHEHVEHZHLV%HHUHQ,Q.LQJ/HDUKDW(GPXQGGHU %|VHZLFKWGHQEHLGHQE|VHQ6FKZHVWHUQ*RQHULOXQG5HJDQGLH/LHEH YHUVSURFKHQXQGGLH6FKZHVWHUQVWUHLWHQVLFKXPGLHVH/LHEH$XV(L IHUVXFKW YHUJLIWHW *RQHULO 5HJDQ XQG W|WHW VLFK QDFKGHP (GPXQG LP .DPSI IlOOW VHOEVW ,P 7RG ZHUGHQ GLH GUHL %|VHQ ± 5HJDQ *RQHULO XQG(GPXQG±PLWHLQDQGHUYHUHLQWGHUVWHUEHQGH(GPXQGVDJWÄ,ZDV FRQWUDFWHGWRWKHPERWKDOOWKUHHQRZPDUU\LQDQLQVWDQW³ 9  6KDNHVSHDUH    ,Q .LQJ /HDU VWLUEW HLQH E|VH 6FKZHVWHU GXUFKGLHDQGHUHE|VH6FKZHVWHU&RUGHOLDGLHJXWH6FKZHVWHUZLUGDXI %HIHKOLKUHV)HLQGHV(GPXQGKLQJHULFKWHW $OHNVDQGHU&KRGĨNRV%DOODGH'LH%HHUHQ 0DOLQ\ LVWGHUDQGHUHOL WHUDULVFKH 3UlWH[W GHU HLQHQ 6FKZHVWHUQPRUG YRUJLEW ,Q GHU %DOODGH NRPPW HLQ OLWDXLVFKHU $GOLJHU ]XU 0XWWHU ]ZHLHU VFK|QHU 7|FKWHU XQG ELWWHW VLH LKP HLQH GHU EHLGHQ ]X HPSIHKOHQ $XFK KLHU VROO GLHMHQLJH GLH GLH PHLVWHQ %HHUHQ VDPPHOW VHLQH %UDXW ZHUGHQ 'LH lOWHUH NHKUW PLW HLQHP 0DO DXI GHU 6WLUQ ]XUFN XQG VDJW GLH MQJHUH ZUGH QLFKW PHKU NRPPHQ 'LH 6FKZHVWHUQP|UGHULQ ZLUG PLW GHP $GOLJHQ JOFN OLFK HUVW QDFK YLHOHQ -DKUHQ ZLUG VLH DQ LKUH 7DW HULQQHUW XQG IlOOW WRW XP(VJLEWHLQHJDQ]H5HLKHYRQ3DUDOOHOHQ]ZLVFKHQGHQ7H[WHQGDV %HHUHQVDPPHOQ GDV 0DO DXI GHU 6WLUQ GHU 0|UGHULQ GLH HPRWLRQDOH .lOWH GHUVHOEHQ V GD]X DXFK 6FKXOW]H    'LH HQWVFKHLGHQGH 9HUVFKLHEXQJ LP 3RVWWH[W OLHJW GDULQ GDVV HUVWHQV GHU 6FKZHVWHUQPRUG DXI GHU %KQH JH]HLJW ZLUG XQG HU ]ZHLWHQV SROLWLVFK NRQWH[WXDOLVLHUW ZLUG]XP%HVWDQGWHLOHLQHVKLVWRULRP\WKLVFKHQ1DUUDWLYVDYDQFLHUW'HU 

 Ä5HJDQ6LFN2VLFN*RQHULO,IQRW,¶OOQH¶HYWUXVWPHGLFLQH³ 9 6KDNHVSDHUH   Ä*HQWOHPDQ >«@ 2 VKH¶V GHDG $OEDQ\:KRGHDG"6SHDNPDQ *HQWOH PDQ@³ *U]\EHN   (VLVWYRUODQJHU=HLWSDVVLHUWVHLWLVWYLHO=HLWYHUJDQJHQK|UWHLFKLKUH 9RUOHVXQJHQGRFKQXUELV(QGHQXUHLQLJH0RQDWHODQJDEHUVLHKDEHQ HLQHQVRJHZDOWLJHQ(LQGUXFNDXIPLFKJHPDFKWZLHLFKLKQLQGHQMLGGLVFKHQ OLWHUDULVFKHQ =LUNHOQ GLH LFK LQ :DUVFKDX EHVXFKWH QLH HUIDKUHQ KDEH (V ZDUHQ9RUOHVXQJHQHLQHUVHKULQWHOOLJHQWHQ3HUVRQGLHPLWGHUSROQLVFKHQXQG QLFKWQXUPLWGHUSROQLVFKHQ/LWHUDWXUYHUWUDXWZDUGLHHVYHUVWDQGGLHMLGGL VFKH/LWHUDWXULQGLHEUHLWHOLWHUDULVFKH/DQGVFKDIW(XURSDVGLHVHU=HLWHLQ]X



 :HQQQLFKWDQGHUVDQJHJHEHQVWDPPHQGLHhEHUVHW]XQJHQYRQPLU





185(,1(086("',(6&+5,)767(//(5,1'(%25$92*(/

IJHQ,FKHULQQHUHPLFKQLFKWPHKUDQGLH'HWDLOVHULQQHUHPLFKDEHUDQHLQH DX‰HURUGHQWOLFKH(UIDKUXQJ>@

,FK P|FKWH QRFK HLQPDO DXI GLHVH GUHL (ULQQHUXQJHQ ]XUFNNRPPHQ ]XQlFKVW DEHU HLQLJH NRQNUHWH )DNWHQ XQG 'DWHQ ]XVDPPHQWUDJHQ XP ZHQLJVWHQVHLQLJHIHVWH$QKDOWVSXQNWH]X9RJHOV/HEHQ]XJHEHQ'LHV ZlUH PLU XQP|JOLFK RKQH HLQHQ  LQ GHU MLGGLVFKHQ =HLWVFKULIW 'L JROGHQHNH\WHUVFKLHQHQHQ%HULFKWXQG(VVD\YRQ5DFKHO$XHUEDFKGLH HEHQIDOOVGLH)UHXQGVFKDIWPLW%UXQR6FKXO]KHUYRUKHEW0LWLKUHU+LOIH XQGHLQLJHQZHQLJHQDQGHUHQ4XHOOHQOlVVWVLFKHLQXQJHIlKUHV%LOGYRP /HEHQ'HERUD9RJHOVVNL]]LHUHQ 'HERUD9RJHOZXUGHXPGDV-DKU DQGHUH'DWHQVSUHFKHQYRQ  RGHU   LQ GHP JDOL]LVFKHQ 6KWHWO %XUVKW\Q LQ GHU 1lKH YRQ /HPEHUJ /YLY KHXWH:HVWXNUDLQHJHERUHQ'LH0XWWHULVWGLH6FKZH VWHUGHV5DEELQHUV0DUFXV(KUHQSUHLV  'HU9DWHUHLQ+H EUDLVWLVW%HDPWHULQGHUMGLVFKHQ*HPHLQGH/HPEHUJVXQG/HLWHUGHV |UWOLFKHQ :DLVHQKDXVHV :lKUHQG GHV  :HOWNULHJV IOLHKW GLH )DPLOLH QDFK:LHQ1DFKGHU5FNNHKUPDFKW9RJHOLKUH0DWXUDDP*\PQDVL XP LQ /HPEHUJ 'DQDFK VWXGLHUW VLH 3KLORVRSKLH XQG 3V\FKRORJLH (V IROJHQHUVWHVFKULIWVWHOOHULVFKH9HUVXFKHDXI'HXWVFKGDQQZHFKVHOWVLH ]XP -LGGLVFKHQ 1DFKGHP VLH LKUH 'RNWRUDUEHLW EHU GLH bVWKHWLN +H JHOV (VWHW\ND+HJOD YHUWHLGLJWKDWIlKUWVLHIUHLQLJH=HLWLQV$XVODQG 6WRFNKROP %HUOLQ XQG 3DULV  ZRYRQ HLQLJH LKUHU *HGLFKWH ]HXJHQ 1DFKLKUHU5FNNHKUDUEHLWHWVLHDOV3V\FKRORJLHOHKUHULQDP/HPEHUJHU +HEUlLVFKHQ/HKUHUVHPLQDUXQGYHU|IIHQWOLFKWHUVWHMLGGLVFKH*HGLFKWH KHLUDWHWVLHGHQ/HPEHUJHU$UFKLWHNWHQXQG,QJHQLHXU%DUHQEOWK 6LHKDEHQHLQHQJHPHLQVDPHQ6RKQ $Q]HOP$QWVKHO 9RQ JLEW VLH GLH /HPEHUJHU OLWHUDULVFKH MLGGLVFKH =HLWVFKULIW 7VXVKWH\HU &XV]WDMHU PLWKHUDXVZREHLVLHVLFKYRUDOOHPIUGLH9HU|IIHQWOLFKXQJ YRQ%LOGHUQXQG=HLFKQXQJHQHLQVHW]W$XFKZHQQ7VXVKWH\HUQDFKGHU GULWWHQ 1XPPHU LKU (UVFKHLQHQ HLQVWHOOW HUKlOW GLH =HLWVFKULIW VRJDU HLQLJH $XIPHUNVDPNHLW DXV GHP $XVODQG ]% DXV GHQ 9HUHLQLJWHQ 

 9JO$XHUEDFK  5DFKHO$XHUEDFK  VWXGLHUWH]XVDPPHQ PLW 9RJHO DQ GHU /HPEHUJHU 8QLYHUVLWlW VLH ZXUGHQ HQJH )UHXQGLQQHQ 5DFKHO$XHUEDFKLVWVHOEVW3XEOL]LVWLQXQG&KURQLVWLQ6LHEHUOHEWH.ULHJ XQG6KRDKDXIGHUVRJHQDQQWHQÄDULVFKHQ6HLWH³LQ:DUVFKDX6LHDUEHLWH WHPLW(PDQXHO5LQJHOEOXP  DP$UFKLYGHV:DUVFKDXHU*KHW WRV1DFKGHP.ULHJDUEHLWHWVLHEHLGHU+LVWRULVFKHQ.RPPLVVLRQLQ:DU VFKDXXQGGDQQLQ@(UNQLIIVHLQH$XJHQ]XOHJWH]ZHL)LQJHUDQGLH6WLUQXQGGLH6FKODXKHLW VHLQHV%OLFNVZXUGHGLUHNWXQKHLPOLFK(UERKUWHVLFKPLWGLHVHU6FKODXKHLWLQ VHLQH *HVSUlFKVSDUWHULQQHQ YHUJHZDOWLJWH PLW GHP =\QLVPXV GLHVHV %OLFNV GLHVFKDPKDIWHVWHQLQWLPVWHQ5HVHUYHQLQLKQHQXQGHUUHLFKWHGLH(QWIOLHKHQ GHQ LQ LKUHP WLHIVWHQ 6FKOXSIZLQNHO GUFNWH VLH DQ GLH :DQG XQG NUDXOWH NUDW]WH PLW VHLQHP LURQLVFKHQ )LQJHU VR ODQJH ELV HU VLFK ]X DXIEOLW]HQGHP 9HUVWlQGQLVXQG/DFKHQGXUFKJHNLW]HOWKDWWH³ 6FKXO]I  

$XFK ZHQQ GHU 9DWHU GLH LURQLVFKH JHEURFKHQH 3RVLWLRQ HLQHV PlQQOL FKHQ 'HPLXUJHQ HLQQLPPW XQG GDV +DXVPlGFKHQ $GHOD GHP 7UHLEHQ GHV 0DQQHV LPPHU ZLHGHU HLQ (QGH VHW]W VR LVW GRFK GLH QDUUDWLYH 6WUXNWXU NODU XQG HLQGHXWLJ 'HU 0DQQ LVW VFKDIIHQGHU 6FK|SIHU GHU ]XGHPQRFKGLH5HIOH[LRQXQG,QWHUSUHWDWLRQGLHVHU6FK|SIXQJEHLVWHX HUW GLH )UDX LVW KLQJHJHQ JHIRUPWH 0DWHULH 'LH *HVWH GHV SKDOOLVFKHQ )LQJHUV LPLWLHUW GHQ *HVFKOHFKWVYHUNHKU VLHKH DXFK /DFKPDQQ   ,QGLHVHU6]HQHILQGHQVLFK)UDXHQGLHEHL6FKXO]HLQHIDVWDQGUR J\QH0lGFKHQZHLEOLFKNHLWYHUN|USHUQGLHYRP0DQQJHIRUPWZLUG(V VLQG3XSSHQ)UDXHQGLHGHP(U]lKOHU]XIROJHQLFKWZLVVHQZDUXPVLH GLHVH )RUP EHVLW]HQ RGHU ZDV LKUH $Q]LHKXQJVNUDIW DXVPDFKW $EHU HV JLEW QRFK HLQH DQGHUH :HLEOLFKNHLWLQ 6FKXO]¶ .RVPRV =XP HLQHQ GLH EHGURKOLFKH $GHOD GLH PLW HLQHP :LQN LKUHV IHWLVFKLHUWHQ )X‰HV RGHU LKUHV)LQJHUVGLHGHOLULHUHQGHQ7UDNWDWHGHV9DWHUVEHHQGHW]XPDQGH UHQ 7DQWH $JDWD GLH )UDX GHV ÄJHVFKOHFKWORVHQ³ 2QNHOV 0DUHN HLQ $EELOGGHUIUXFKWEDUHQÄNUDQNKDIWHQ³:HLEOLFKNHLWLQVHLQHQ(U]lKOXQ JHQ  Ä6SRGĞFLDQ\SRGQLRVáDVLĊFLRWND$JDWDZLHONDLEXMQDRPLĊVLHRNUąJá\PL ELDá\P FĊWNRZDQ\P UXGą UG]ą SLHJyZ >@ %\áD WR SáRGQRĞü QLHPDO VDPR UyGF]DNRELHFRĞüSR]EDZLRQDKDPXOFyZLFKRUREOLZLHZ\EXMDáD =GDZDáRVLĊĪHVDPDURPDWPĊVNL]DSDFKG\PXW\WRQLRZHJRGRZFLSNDZD OHUVNLPyJáGDüLPSXOVWHM]DRJQLRQHMNRELHFRĞFLGRUR]SXVWQHJRG]LHZLUyG]W ZD>@%\áRFRĞWUDJLF]QHJRZWHMSáRGQRĞFLQLHFKOXMQHMLQLHXPLDUNRZDQHM E\áDQĊG]DNUHDWXU\ZDOF]ąFHMQDJUDQLF\QLFRĞFLLĞPLHUFLE\áMDNLĞKHURL]P NRELHFRĞFL WULXPIXMąFHM XURG]DMQRĞFLą QDZHW QDG NDOHFWZHP QDWXU\ QDG LQVXIILFMHQFMąPĊĪF]\]Q\³ 6FKXO]I   9RQ LKUHP 6LW] DQ GHU :DQG HUKRE VLFK 7DQWH $JDWD JUR‰ XQG SSLJ YROO UXQGHQ XQG ZHL‰HQ )OHLVFKHV GDV YRP URWHQ 5RVW GHU 6RPPHUVSURVVHQ EH

 

$11(77(:(5%(5*(5

NOHFNVWZDU >@(VZDUHLQHVFKLHUVHOEVWJHElUHQGH)UXFKWEDUNHLWHLQH:HLE OLFKNHLWOHGLJDOOHU=JHOXQG+HPPXQJHQXQGNUDQNKDIWZXFKHUQG (V VFKLHQ DOV RE VFKRQ GDV $URPD GHU 0lQQOLFKNHLW GHU 'XIW GHV 7DEDN UDXFKV RGHU HLQ +HUUHQZLW] GLHVHU HQWIODPPWHQ :HLEOLFKNHLW GHQ ,PSXOV ]X ZROOVWLJHU -XQJIHUQ]HXJXQJ JHEHQ N|QQWH >@ (V ZDU HWZDV 7UDJLVFKHV DQ GLHVHU XQVDXEHUHQ XQG PD‰ORVHQ )UXFKWEDUNHLW HV ZDU GLH 1RW GHU NlPSIHQ GHQ.UHDWXUDP5DQGHGHV1LFKWVXQGGHV7RGHVHVZDUHLQH$UW+HURLVPXV GHU :HLEOLFKNHLW GLH YRU *HElUIUHXGLJNHLW VRJDU EHU GLH .USSHOKDIWLJNHLW GHU1DWXUXQGEHUGLH8Q]XOlQJOLFKNHLWHQGHV0DQQHVWULXPSKLHUWH D   

'DVHLJHQWOLFK6SDQQHQGHLVWGDVVVHLQHLJHQHV6FKUHLEHQGLHZHLEOLFKH )UXFKWEDUNHLW KLHU QDFKDKPW VLH JDU HLQKROHQ ZLOO 'LH ZHLEOLFKH )UXFKWEDUNHLW LVW GDV YHUVWHFNWH DEJHZHUWHWH OHEHQGLJH 9RUELOG IU GDV HLJHQH LQV 3KDQWDVWLVFKH ZXFKHUQGH 6FKUHLEHQ 6FKXO] LQV]HQLHUW GDV 0WWHUOLFK:HLEOLFKH DOV HWZDV %HGURKOLFKHV XQG ]XJOHLFK NRQNXUULHUW VHLQH 6FKUHLEZHLVH PLW GLHVHU SSLJHQ )UXFKWEDUNHLW GLH GDV DQGHUH *HVFKOHFKW JDU QLFKW PHKU EHQ|WLJW 6HLQH 7H[WH VLQG HEHQVR DXWRQRP XQGXQDEKlQJLJZLH7DQWH$JDWDV)UXFKWEDUNHLWGLHVFKRQHLQ+HUUHQ ZLW]HQWIODPPHQNDQQ9LHOOHLFKWVFKOLH‰WHUDXFKGHVZHJHQ,QWHUWH[WXD OLWlWPLW'HERUD9RJHOV7H[WHQNDWHJRULVFKDXV0XVHQVLQGLQXQVHUHP 9HUVWlQGQLVYRQ/LWHUDWXUDN]HSWLHUW$QDORJLHQXQG'LDORJQXUEHGLQJW 'HERUD6FKXO]LVWHLQHUGLDORJLVFKHQ3RHWLNJHJHQEHUVHKUYLHODXIJH VFKORVVHQHUGDV]HLJWVLFKVFKRQDQ3DUDWH[WHQXQG=LWDWHQ6R]LWLHUWVLH LQLKUHQ*HGLFKWHQ%UHFKWV'UHLJURVFKHQRSHURGHUZLGPHWQLFKWZHQLJH *HGLFKWH EHIUHXQGHWHQ .QVWOHUQ 6FKXO] KDW ZDKUVFKHLQOLFK LQ VHLQHP %ULHIZHFKVHOGDYRQSURILWLHUW6LHLPDJLQLHUWLQGHPREHQVFKRQ]LWLHU WHQ %ULHI GHVZHJHQ QLFKW ]XIlOOLJ HLQ /HVHQ XQG HLQH 6XFKH ]X ]ZHLW HLQHÃJHPHLQVDPH6XFKHµXQGHLQÃJHPHLQVDPHV/HVHQµÄ,FKNRPPH]X 'HLQHPOHW]WHQ%ULHI,FKZUGHLKQPLW'LUVRJHUQH=HLOHIU=HLOH± LP*HVSUlFKGXUFKJHKHQ³ 6FKXO]    'DV0RWLYGHV0DQQHTXLQV 



Ä6LHZDUVRERGHQORVRKQH3KDQWDVLHGDVV XQVHUH(LQELOGXQJDQLKUXQHUVFK|SIOLFKZXUGH³ 5DLQHU05LONH3XSSHQ  

%HL 6FKXO] EHJLQQW GHU VFKRQ HUZlKQWH XQG ]LWLHUWH 7UDNDW EHU GLH 0DQQHTXLQVYRQQRFKJDQ]UHDOLVWLVFKPLWGHP+LQHLQWUDJHQHLQHU 6FKQHLGHUSXSSHLQGLH6FKQHLGHUVWXEHHLQH'DPHÄDXV:HUJXQG/HLQ ZDQG GLH HLQH VFKZDU]H K|O]HUQH .XJHO DQVWHOOH HLQHV .RSIHV KDWWH³ 



185(,1(086("',(6&+5,)767(//(5,1'(%25$92*(/

6FKXO]D .XU]GDUDXIZLUGGLHVH)LJXULQHLQHVH[XHOOH3ROD ULVLHUXQJ YRQ 8QWHUGUFNXQJ XQG 0DFKW JH]ZXQJHQ GLH PDQ RIW EHL 6FKXO]ILQGHQNDQQ(UEH]HLFKQHWVLHDOV0RORFKGHUVRXQHUELWWOLFKLVW ÄZLHQXUZHLEOLFKH0RORFKHXQHUELWWOLFKVHLQN|QQHQ³ HEG 'LHPHLVW ZHLEOLFKH .OHLGHUSXSSH LVW EHL LKP DXIV (QJVWH PLW VHLQHQ XQG DOOJH PHLQHQ 9RUVWHOOXQJ YRQ :HLEOLFKNHLW PLW PlQQOLFKHP %HJHKUHQ XQG GHU(QWJUHQ]XQJYRQ6H[XDOLWlWYHUNQSIW'LH3XSSHEHVWHKWDEHUDXFK DXVWRWHU0DWHULHGLHDXIGHQ0HQVFKHQ]XUFNZLUNW6FKXO]¶0HQVFKHQ ZLUNHQGDQQSO|W]OLFKJHQDXVRPDVFKLQHQKDIWZLHVHLQH3XSSHQOHEHQ GLJ ZLUNHQ 3ROGD XQG 3DXOLQD ZHUGHQ VR EHLP 7UDNWDW GHV 9DWHUV DOV ÄUHJXQJVORV³ EH]HLFKQHW DEHU DXFK GHU 9DWHU VHOEVW OlXIW QDFK $GHODV (LQVFKUHLWHQ ZLH HLQ $XWRPDW +LHUZLUG ZHFKVHOVHLWLJ GHU 0HQVFK DOV 3XSSH XQG GLH 3XSSH DOV 0HQVFK JH]HLJW ZREHL GLH Ä%HZHLVIKUXQJ³ DXFKEHL6FKXO]ÄEHYRU]XJWLP=HLFKHQGHVZHLEOLFKHQ.|USHUV³YRUJH IKUW ZLUG 0OOHU7DPP    'HERUD 9RJHO YHU|IIHQWOLFKW LP VHOEHQ -DKU  LKUHQ *HGLFKWEDQG 0DQHNLQHQ 0DQQHTXLQV  LQ GHP PDQHLQJOHLFKQDPLJHV*HGLFKWILQGHQNDQQ

 0DQHNLQHQ  'UH\ODONHVNH\OHNKGLNHIXQUR]HSRU]HOH\ 6KPH\NKOHQXQWHUJOR]VKH\EQIDUOR\UQ 9LWUR\HULNEOHNKYROWJHVKPH\NKOWYLSDSLU  +R\EQR\IH\QUR]QRUHP +R\EQR\IGHPWVYH\WQUR]QRUP +R\EQR\IGHQHUVKWQRUHP« 3UH]HQWLUQEORHUR\VKJGLNHNOH\GHU +H\\RUL]GHUEOHNROLULQPRGH«>«@ )RJHO   0DQQHTXLQV  'UHL3XSSHQUXQGDXVURVD3RU]HOODQ /lFKHOQYHUORUHQXQWHU*ODVVFKHLEHQ :LHWUDXULJHV%OHFKZLH3DSLHUOlFKHOQZUGH  +HEHQHLQHQURVD$UPKRFK +HEHQGHQ]ZHLWHQURVD$UPKRFK +HEHQGHQHUVWHQ$UP 3UlVHQWLHUHQEODXH5VFKHQNOHLGHU 'LHVHV-DKULVW%ODXLQ0RGH>«@ 

%HLLKUVWHOOWGLH6FKDXIHQVWHUSXSSHGHXWOLFKHUGHQ=XVDPPHQKDQJYRQ :HLEOLFKNHLWXQG:DUHDXVZREHL6FKDXIHQVWHUGDEHL]X(UVDW]PXVHHQ  

$11(77(:(5%(5*(5

XQG]X$XVVWHOOXQJVRUWHQZHUGHQ'LHJHVFKOHFKWOLFKH3RODULVLHUXQJWULWW LP9HUJOHLFK]X6FKXO]GHXWOLFK]XUFN9RJHONULWLVLHUWGDPLWQDWUOLFK GLH*HEUDXFKVNXOWXUGLHVHULHOOH+HUVWHOOXQJYRQ:DUHQDOVHLQHQ:D UHQNUHLVODXILQGLHVFKOLH‰OLFKDXFK*HIKOHXQG(PRWLRQHQHLQEH]RJHQ ZHUGHQ LQVRIHUQ VLH HEHQIDOOV YRUJHIHUWLJW XQG DEUXIEDU ZHUGHQ (V LVW DEHU NHLQH YHUQLFKWHQGH .ULWLN GHV ÄGHNRUDWLYHQ XQG NRQVXPWLYHQ /H EHQVYHUVWlQGQLVVHV³ ZLHVLHHVQHQQW VRQGHUQHKHUHLQHQFKWHUQHXQG LURQLVFKH  Ä'RDIUR\HQNRSPLWDWURSQSRUWVHOH\HQHPWUR\HURGHUDWURSQIUHNKHUWVHW VR\JHQNH\W YL R\I EDVKWHOXQJ DOWVGLQN 9H\WHU JHNXPHQ D ODONH PLW D KDOE JHPDNKWHUPHODQNKROLHYRVPHQNRQ]LQLVKWQHKPHQWVXHUQVWD]R\XP]LNKHU L]]LLQ]LNKD]R\QLVKWDQWVKORVQWVLRQWXQIXQJOLNGLPDVNHWVLJRUR\VVKSLOQ DVWVHQHIXQWUR\HULNH\WLQDOH\NKWQEODVURVDNOH\G"³ )RJHO   +LHUHLQ)UDXHQNRSIPLWHLQZHQLJSRU]HOODQHU7UDXHURGHUHLQZHQLJIUHFKHU 6FKDPORVLJNHLWDOOHVZLHDXI%HVWHOOXQJ:HLWHUKLQHLQH3XSSHPLWKDOEIHUWL JHU0HODQFKROLHGLHPDQQLFKWDOO]XHUQVWQHKPHQGDUIVRXQVLFKHULVWVLHPLW VLFKVRXQHQWVFKORVVHQREVLHGLH0DVNHGHV*OFNVDXIVHW]HQRGHUJDUHLQH 6]HQHGHU7UDXULJNHLWLQHLQHPEODVVURVD.OHLGVSLHOHQVROO 

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ą0RQWDĪH:DUVKH )RUPDQ )ULHGD5DLFXV (WKHO HW DO +J    )RXQG 7UHDVXUHV 6WRULHVE\@ 6DG MH SODNDOD L QDJODV PROLOD%RJDGDXEUDQLL]DNORQLVYHåHQHQHVUHüQHGUXJHLPXþHQLFH³ $QGULü FI   6LHGDFKWHDQ0DUDXQGLKU6FKLFNVDOXQGMHQHVNOHLQH:HVHQGDVRKQH1D PHQXQG.UHX]LP*DUWHQGHU3DPXNRYLüVEHJUDEHQZDU>@-HW]WZHLQWHVLH XQGEHWHWHODXW]X*RWWHUP|JHDOOH)UDXHQDQGHUH8QJOFNOLFKHXQG0lUW\ UHULQQHQYHUWHLGLJHQXQGEHVFKW]HQ 



 'LH (U]lKOXQJ 0DUD PLORVQLFD VSLHOW GDEHL DXI GHQ VHUELVFKHQ 'HVSRWHQ *HRUJ%UDQNRYLüDQGHUVHLQH7RFKWHU0DUD6XOWDQ0XUDG,,JDE ZLH HV KLVWRULRJUDSKLVFK KHL‰W XP GHVVHQ *XQVW ]X HUNDXIHQ 9JO GD]X 0D]RZHU  

 

0,5$1'$-$.,â$

+DWWHLFK]XYRUGLHÃ$QGHUVDUWLJNHLWµGHU)UDXHQILJXUHQDOV=HLFKHQERV QLVFKHU LQWHUQHU 8QWHUVFKLHGOLFKNHLW JHOHVHQ VR KDW VLFK JH]HLJW GDVV GDVÃ$QGHUHµVLFKZHGHUDOV.ROOHNWLYRSIHUHOLPLQLHUHQOlVVWQRFKGDVV HVWDWVlFKOLFK8UVDFKHERVQLVFKHQhEHOVLVW'LH$QGHUVDUWLJNHLWEOHLEW 'HU:XQVFKQDFKGHPZHLEOLFKHQ2SIHUZLHGHUXPGHUKLQWHUGHQ(LQ VWHOOXQJHQ GHU 6WDGWNROOHNWLYH LQ GHQ (U]lKOXQJHQ YHUERUJHQ LVW VWHKW DXFKIUGHQ:XQVFKQDFK:LHGHUKHUVWHOOXQJYRQ*HVHW]HQXQG.RQWL QXLWlW(OLVDEHWK%URQIHQ]HLJWDQ&DUPHQDXIGDVVGHU0RUGDQGHU*H OLHEWHQHWZDV'DXHUKDIWHVVFKDIIWGDVGXUFKGLH)UDXXQGGHUHQ(URWLN DOV$XIO|VXQJYRQ6HOEVWJUHQ]HQEHGURKWZDU

 Ä$OV VWDUUH /HLFKH NDQQ GLH *HOLHEWH LQ GDV UHJORVH YHUVWHLQHUWH 5HLFK GHU (ZLJNHLW EHUVHW]W ZHUGHQ 'LH WRWH *HOLHEWH ZLUG QLFKW lOWHU YHUlQGHUW VLFK QLFKW LVW QLFKW PHKU XQWUHX $OV HZLJHV :HVHQ LVW GLH WRWH *HOLHEWH HLQ]LJHU %HVLW]GHV/LHEKDEHUV³ %URQIHQ  

,QGHQKLHUDXVJHZlKOWHQ(U]lKOXQJHQEHUQLPPWGLH*HPHLQVFKDIWGLH 5ROOH GHV HLIHUVFKWLJHQ /LHEKDEHUV GHU GLH XQNRQWUROOLHUEDUH )UDX ]XU 5XKH EULQJHQ ZLOO 'DV 'DXHUKDIWHGHU WRWHQ ZHLEOLFKHQ )LJXU LVW GDQQ EHU LKUH *HPHLQVFKDIW UFNEHVWlWLJHQGH :LUNXQJ KLQDXV GLH VWDWLVFKH 0DQLIHVWDWLRQ GHU VWlQGLJHQ $QGHUVKHLW GHU %HZHJOLFKNHLW 9HUlQGHU OLFKNHLWXQG'LIIHUHQ]LQHLQHP%LOG $QGULüV(U]lKOXQJHQYRQWRWHQ)UDXHQNRVWHQHQWVSUHFKHQGGDV%LOG GHU EHZHJXQJVORVHQ *HW|WHWHQ DXV 6HLQH (U]lKOXQJHQ Ã]HLJHQµ 7RWHQ %LOGHU GHU HLQJHWUHWHQHQ 5XKH 'LH XQVWHWH $QLND LVW HQGOLFK IULHGOLFK XQGUHJXQJVORV

 Ä1D]HPOMLMHOHåDR$QLNLQOHã3RWSXQRRGHYHQDVDPRMRMQDJUXGLPDUDVNL QXWDMDþHUPDLSRFHSDQDNRãXOMDNDRGDMHSRJLQXODEH]ERUEHLEH]VDPUWQLK PXNDL]JOHGDODMHMRãYHüDQHJRRELþQRLELODMHVYXGDQDSRGXQDGXãHNOXNX L QD MDVWXFLPD SULVORQMHQLP X]D ]LG , FYHW MRM MH ELR X NRVL .UY MH RVWDOD X QMRM³ $QGULüDI   $XIGHP%RGHQODJ$QLNDV/HLFKH9ROOVWlQGLJDQJH]RJHQQXUEHUGHU%UXVW LVW GLH :HVWH DXIJHWUHQQW XQG GDV +HPG ]HUULVVHQ DOV ZlUH VLH RKQH .DPSI XQG RKQH 7RGHVTXDOHQ JHVWRUEHQ VLH VDK QRFK JU|‰HU DXV DOV JHZ|KQOLFK ±XQGVLHZDUEHUDOODXIGHP%RGHQDXIGHQ6LW]PDWUDW]HQXQGGHQ.LVVHQ GLHDQGLH:DQGJHOHKQWZDUHQ6RJDUHLQH%OXPHKDWWHVLHLP+DDU'DV%OXW ZDULQLKUJHEOLHEHQ 

$XFK GLH VFK|QH *HIDQJHQH LP .lILJ KDW DXIJHK|UW LKUHQ ]XYRU DOV DX‰HURUGHQWOLFKEHZHJOLFKGDUJHVWHOOWHQ.|USHUXQUXKLJDXIXQGDEJH KHQ]XODVVHQXQGVLFK]XZLQGHQ 

 

,92$1'5,û6:(,%/,&+(/(,&+(1

Ä0OLWDYR L RSXãWHQR WHOR MH VDG YLVLOR EH] SRNUHWD .DG MH MHGDQ RG GYRMLFH þXYDUDSURãDRWXGDLEDFLRUDYQRGXãDQSRJOHGQDNDYH]VD]DSUHSDãüHQMHPMH SULPHWLRYHOLNRWHOROHSHURELQMHREHãHQRQLVNRVDJODYRPXNOHãWHQRPL]PH ÿXåLRND³ $QGULü   .UDIWORV XQG VFKODII KLQJ GHU .|USHU MHW]W EHZHJXQJVORV GD $OV HLQHU GHU EHLGHQ :lUWHU YRUEHLNDP XQG HLQHQ JOHLFKJOWLJHQ %OLFN LQ GHQ .lILJ ZDUI EHPHUNWHHUPLW(QWVHW]HQGHQJUR‰HQ.|USHUGHUVFK|QHQ6NODYLQWLHIDXIJH KlQJWGHQ.RSI]ZLVFKHQGLH*LWWHUVWlEHJHNOHPPW 

'DV URWKDDULJH Ã*HVSHQVWµ 5LIND GDV VLFK EDUIX‰ QXU PLW HLQHP +HPG EHNOHLGHWLQV:DVVHUGHU'ULQDVWU]WZLUGDOV:DVVHUOHLFKHLP%LOGHLQ JHIDQJHQ

 Ä2NRQMHVHUDãLULNRãXOMD-HGDQþDVRVWDGHQHSRPLþQDDRQGDMHULMHNDX]HQD PDWLFX L SRQHVH >@ $ VXWUDGDQ QDÿRãH OHã X MHGQRM ]DWRFL PHÿX NODGDPD 5LEHMHEMHKXQDþHOH³ $QGULüE   'DV +HPG EUHLWHWH VLFK XP VLH KHUXP DXV (LQHQ $XJHQEOLFN YHUKDUUWH VLH EHZHJXQJVORVGDQQQDKPGHU)OXVVVLHDXIXQGWUXJVLHGDYRQ>@$PQlFK VWHQ 0RUJHQ IDQGHQ VLH GLH /HLFKH LQ HLQHP 1HEHQDUP ]ZLVFKHQ 7UHLEJXW 'LH)LVFKHKDWWHQVLHEHUHLWVDQJHQDJW 

0DUD VWLUEW HLQHQ OHLVHQ XQVFKHLQEDUHQ 7RG GHU PLW GHU %HVFKUHLEXQJ LKUHVIULVFKHQ*UDEKJHOVLQGHUODXWORVHQ6RPPHUKLW]H%RVQLHQVHQGHW  ÄâHVWRJDGDQDSUHGYHþHL]GDKQX0DUDEH]ULMHþLLEH]PROLWYH6DKUDQLOLVXMH VXWUDGDQ X JUREOMX QD &DULQL >@ 0RPFL VX SRUDYQDOL JURE GMHYRMNH VX ãDSXWDOHPROLWYHJOHGDMXüLUDVLMDQRXVYRMHVNORSOMHQHUXNHLOLXVYMHåX]HPOMX 0DULMDQMHSRELRNUVWLVMHRSRUHGQMHJD0DORSRGDOMHVMHGLODMH-HODSRJOHG MRMMHELRXSHUHQXKXPNXSUHGQMRPWDNRRãWURNDRGDJOHGDQHãWRXGDOMLQL >@.UDMJUREDNRMLMHELRYHüXOMHWQRMVMHQLRVWDOLVXVDPR-HODL0DULMDQ³ $QGULüFI   $PVHFKVWHQ7DJDEHQGVKDXFKWH0DUDRKQH:RUWHXQGRKQH*HEHWLKU/HEHQ DXV6LHEHJUXEHQVLHDPQlFKVWHQ0RUJHQDXIGHP&DULQD)ULHGKRI>@'LH MXQJHQ0lQQHUJOlWWHWHQGDV*UDEGLHMXQJHQ)UDXHQIOVWHUWHQ*HEHWHZlK UHQG VLH ]HUVWUHXW YRQ LKUHQ JHIDOWHWHQ +lQGHQ ]XU IULVFK DXIJHZKOWHQ (UGH EOLFNWHQ0DULMDQVFKOXJGDV.UHX]HLQXQGVHW]WHVLFKGDQHEHQ(WZDVZHLWHU VD‰-HODLKU%OLFNZDUVRVFKDUIDXIGHQ*UDEKJHOYRULKUJHULFKWHWDOVEOLFN WHVLHDXIHWZDVLQGHU)HUQH>@1HEHQGHP*UDEGDVEHUHLWVLPVRPPHUOL FKHQ6FKDWWHQODJEOLHEHQQXU-HODXQG0DULMDQ 

'DV=XU5XKH*HEUDFKWHXQG%HZHJXQJVORVHGDVGLHÃ%LOGHUµGHUWRWHQ )UDXHQLQ$XVGUFNHQZLHÄEH]SRNUHWD³ RKQH%HZHJXQJ ÄQHSRPLþ  

0,5$1'$-$.,â$

QD³ EHZHJXQJVORV  XQG ÄEH] ULMHþL³ RKQH :RUWH  HYR]LHUHQ LVW EHU GLH:LHGHUKHUVWHOOXQJEHUWUHWHQHU2UGQXQJHQKLQDXVGLHVWDWLVFKH0D QLIHVWDWLRQ GHU VWlQGLJHQ $QGHUVKHLW GHU %HZHJOLFKNHLW 9HUlQGHUOLFK NHLW XQG 'LIIHUHQ] :HQQJOHLFK GLH OLWHUDULVFKHQ 7RWHQ%LOGHU HLQH VFKHLQEDUH$UUHWLHUXQJGHUNXOWXUHOOHQ%HZHJOLFKNHLWXQGGHVVWlQGLJHQ EHGURKOLFKHQ:DQGHOVYHUVSUHFKHQ±GDVVGLHMXQJHQ)UDXHQRSIHUGDIU VWHKHQ]HLJWVLFKLQGHU%HWRQXQJLKUHUVWlQGLJHQ(QWZLFNOXQJXQGSX EHUWlUHQ9HUlQGHUXQJ±HQGHQGLH(U]lKOXQJHQQLFKWPLWGHP7RGGHU Ã2SIHUµ 6R ZLH GLH )UDXHQILJXUHQ DOV (U]lKODQOlVVH *HVFKLFKWHQ PRWL YLHUHQGHUHQVFKHLQEDUHU0LWWHOSXQNWVLHVLQGVRWXWLKU9HUVFKZLQGHQ GHP(U]lKOHQNHLQHQ$EEUXFK 'LH)UDXHQILJXUHQVLQGEHL$QGULüVRPLWQLFKWOHGLJOLFKNRPSHQVLH UHQGH 7UlJHU GHU JHVHOOVFKDIWOLFKHQ 3UREOHPH VLH VWHKHQ LQ LKUHP (LQ IOXVVXQGLQGHUQDFKLKUHP7RGHZlKUHQGHQZHLWHUHQ9HUlQGHUOLFKNHLW GHU :HOW DXFK IU GLH 8QP|JOLFKNHLW GHU NXOWXUHOOHQ %HUXKLJXQJ 'LH 8PVWlQGHGHU.XOWXUlQGHUQVLFKQLFKWGLH5HSUlVHQWDQWLQQHQGHU.XO WXUEOHLEHQZLHGLHVHXQNRQWUROOLHUEDU'LH*HVHW]HGHVNXOWXUHOOHQ:DQ GHOV LQ %RVQLHQ EHVRQGHUV DXVJHSUlJW VFKHLQHQ LQ )RUP GHU HU]lKOWHQ )UDXHQVFKLFNVDOHHLQXQKLQWHUJHKEDUHV)DNWXP]XVHLQ6RZLHSXEHUWLH UHQGH 0lGFKHQ VLFK ZDQGHOQ GDEHL DEHU LQ $QGULüV %HVFKUHLEXQJ EH GHXWHQGVFK|QHUZHUGHQVRZlFKVWDXFK%RVQLHQDQVHLQHP6WDWXVGHV VWlQGLJHQhEHUJDQJVVXJJHULHUHQGLH(U]lKOXQJHQ 1LFKWGLHYRQ$QLNDYHUWUHWHQH$QGHUVKHLWGHVJHVFKOHFKWVQRQNRQ IRUPHQ 9HUKDOWHQV DOV VLPSOH (QWVSUHFKXQJ GHU LQWHUQHQ $QGHUVKHLW %RVQLHQV  VROOWH OHGLJOLFK EHVHLWLJW ZHUGHQ 9LHOPHKU ZLOO GLH *HPHLQ VFKDIWGLH%HZHJOLFKNHLWXQG9HUlQGHUOLFKNHLWLKUHU:HOWXQWHU.RQWURO OHEULQJHQGLHVLFKDXVGHP6\QNUHWLVPXVPLWVSHLVW1LFKWQXU$QLND DXFK 0DUD 5LIND XQG GLH 6NODYLQ N|QQHQ DOV ,QEHJULIIH GHU EHGURKOL FKHQ9HUlQGHUXQJJHOHVHQZHUGHQGLHVLFKQDFKLKUHU%HVHLWLJXQJYHU VWlUNW *HPHLQVFKDIWHQVRGHU.RQVHQVDNWXHOOHU)RUVFKXQJVEHLWUlJHVLQG YRUJHVWHOOWHXQGGLVNXUVLYHUVFKDIIHQH*HPHLQVFKDIWHQ$QGULüV(U]lK OXQJHQYRQWRWHQ)UDXHQVLQGZLHLFKKLHU]HLJHQZROOWHJHPHLQVFKDIWV VWLIWHQGH(U]lKOXQJHQ6LHHUVFKDIIHQLP(U]lKOHQ*HPHLQVFKDIWVWUDIHQ GDEHLMHGRFK]XJOHLFK+RPRJHQLVLHUXQJVYHUVXFKH-HGHU9HUVXFKUHGX ]LHUHQGHU9HUHLQKHLWOLFKXQJUHVXOWLHUWLP5FNVFKODJGHU.XOWXUGLHYRQ GHQ)UDXHQILJXUHQUHSUlVHQWLHUWZLUG.XOWXULVW%HZHJXQJXQGDQDORJ LVW(U]lKOHQEHL$QGULüNXOWXUHOOHV)RUWOHEHQ:HQQ,YR$QGULüV)UDXHQ ILJXUHQ QDFK GHP 7RGH ZHLWHUKLQ 7UlJHULQQHQ GHU EHXQUXKLJHQGHQ %H   %HQHGLFW $QGHUVRQV   %HJULII GHU ÄLPDJLQHG FRPPXQLWLHV³ VWHKW SURJUDPPDWLVFK IU GLHVH (LQVLFKW GHU )RUVFKXQJ ]XU *HPHLQVFKDIWVVWLI WXQJ

 

,92$1'5,û6:(,%/,&+(/(,&+(1

ZHJOLFKNHLW GHU .XOWXU EOHLEHQ GHUHQ 8QUXKH QLFKW JHEUHPVW VRQGHUQ HQGJOWLJHQWIHVVHOWZLUGOHJWGLHVGLH.RQVWUXLHUWKHLWXQG3HUIRUPDWLYL WlW PHQVFKOLFKHU *HPHLQVFKDIWVHQWZUIH RIIHQ 9RQ GHU DQGHUHQ 6HLWH EHWUDFKWHW RIIHQEDUW VLFK GDULQ DXFK GLH .RQVWUXLHUWKHLW VHLQHU JHQGHU .RQVWUXNWLRQHQ 'DV 6LFKWEDUPDFKHQ GHV 3ULQ]LSV Ä7RWH )UDXHQ VWHKHQ IUNRPPHQWLHUHQ%RVQLHQ³GDVVLFKLQGHU:LHGHUKROXQJGHV3ULQ]LSV LQYHUVFKLHGHQHQ(U]lKOXQJHQRIIHQEDUWVWHOOWJHQGHULQGHQ7H[WHQDOV NRQVWUXLHUWH.DWHJRULH]XU6FKDX $XVGLHVHU3HUVSHNWLYHQHXJHOHVHQHUVFKHLQW$QGULüV(U]lKOHQRIW DOV PLVRJ\Q LQWHUSUHWLHUW ZHQLJHU DOV SODW]ZHLVHQGH PlQQOLFKH *HVWH GHQQDOV(LQVLFKWLQGHQJHVFKDIIHQHQ&KDUDNWHUVHLQHVWH[WXHOOHQ%RVQL HQV:lKUHQG.XOWXULP7H[WSURGX]LHUWZLUGXQGDOV$UWHIDNWHUVFKHLQW HQWEO|‰WVLFKDXFKGLH*HPHLQVFKDIWVUHSUlVHQWDQ]GHU)UDXHQILJXUHQDOV (LQVDW] YRQ JHQGHU.RQVWUXNWLRQHQ GLH LKUHQ .XQVWFKDUDNWHU QLFKW YHUEHUJHQ   /LWHUDWXU  $QGHUVRQ %HQHGLFW   ,PDJLQHG &RPPXQLWLHV 5HIOHFWLRQV RQ WKH 2ULJLQDQG6SUHDGRI1DWLRQDOLVP$XIODJH/RQGRQ1HZ