Mehrsprachigkeit im Mittelalter: Kulturelle, literarische, sprachliche und didaktische Konstellationen in europäischer Perspektive. Mit Fallstudien zu den "Disticha Catonis" 3110254808, 9783110254808, 9783110254815

Kommunikation und literarische Produktion des Mittelalters waren Bestandteil einer komplexen sprachlichen Situation. Lat

1,402 36 51MB

German, English Pages 446 [450] Year 2011

Report DMCA / Copyright

DOWNLOAD FILE

Polecaj historie

Mehrsprachigkeit im Mittelalter: Kulturelle, literarische, sprachliche und didaktische Konstellationen in europäischer Perspektive. Mit Fallstudien zu den "Disticha Catonis"
 3110254808, 9783110254808, 9783110254815

Table of contents :
Vorwort v
I. Mehrsprachigkeit im europäischen Kontext
Christine Putzo / Mehrsprachigkeit im europäischen Kontext. Zu einem vernachlässigten Forschungsfeld interdisziplinärer Mediävistik 3
Gernot Rudolf Wieland / Bilingual Education in Anglo-Saxon England. Alfred to Æthelweard 35
Tony Hunt / The Languages of Medieval England 59
Wolfgang Haubrichs / Vom 'pêle-mêle' zum 'vis-à-vis'. Sprachinseln, Bilingualität und Sprachgrenzen zwischen Maas und Rhein in Mittelalter und Neuzeit 69
Eckhard Meineke / Textgebundene Formen der lateinisch-deutschen Zweisprachigkeit im frühen Mittelalter 109
Klaus Grubmüller / Über die Bedingungen volkssprachlicher Traditionsbildung im lateinisch dominierten Mittelalter 147
II. Mehrsprachigkeit im didaktischen Kontext. Fallstudien zu den 'Disticha Catonis'
Michael Baldzuhn / Einleitung 161
Thomas Ehlen / Sprache – Diskurs – Text. Überlegungen zu den kommunikativen Rahmenbedingungen mittelalterlicher Zweisprachigkeit für das Verhältnis von Latein und Deutsch 169
Thomas Ehlen / Didaxe, kulturelles Prestige und funktionale Zweisprachigkeit. Lateinisch-deutsche 'Cato'-Handschriften als Beispiel für lateinischsprachige Hermeneutik und volkssprachliche Aneignung antiker Bildung im späteren Mittelalter 211
Guntram Haag / Illokution und Adressatenorientierung in der Zwettler 'Gesamtübersetzung' der 'Disticha Catonis'. Funktionale und sprachliche Einflussfaktoren 269
Guntram Haag / Strukturen des Handelns und Wissens in der Melker 'Rumpfbearbeitung' der 'Disticha Catonis' 291
Carola Redzich / 'Hos rhythmos edidimusque novos'. Sebastian Brants Ausgabe der 'Disticha Catonis' von 1498 und die gedruckte oberdeutsche 'Gesamtübersetzung' am Beispiel einer Baseler Ausgabe Michael Furters (um 1495) 315
Václav Bok / Zu einer tschechischen Übersetzung der 'Disticha Catonis' aus dem Jahre 1518 349
André Drewelowski / Die lateinisch-polnisch-deutschen Ausgaben der 'Disticha Catonis' aus dem 16. Jahrhundert, gedruckt in Krakau bei Hieronymus Vietor und Mathias Wirzbięta 363
Register 409

Citation preview

Mehrsprachigkeit im Mittelalter

Mehrsprachigkeit im Mittelalter Kulturelle, literarische, sprachliche und didaktische Konstellationen in europäischer Perspektive Mit Fallstudien zu den ›Disticha Catonis‹

Herausgegeben von

Michael Baldzuhn und Christine Putzo

De Gruyter

ISBN 978-3-11-025480-8 e-ISBN 978-978-3-11-025481-5 Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar.

© 2011 Walter de Gruyter GmbH & Co. KG, Berlin/New York Gesamtherstellung: Hubert & Co. GmbH & Co. KG, Göttingen

∞ Gedruckt auf säurefreiem Papier Printed in Germany www.degruyter.com



9RUZRUW 0LW ¿0HKUVSUDFKLJNHLW LP 0LWWHODOWHU¾ LVW HLQHU GHU NRQWLQXLHUOLFKHQ 6FKZHUSXQNWH GHU ZLVVHQVFKDIWOLFKHQ $UEHLW 1LNRODXV +HQNHOV EHQDQQW 'HU YRUOLHJHQGH %DQG YHUVDPPHOW %HLWUlJH GLH DXI VHLQH ,QLWLDWLYH KLQ RGHUXQWHUVHLQHU/HLWXQJHQWVWDQGHQVLQG9RPELV-XQLIDQG LQ +DPEXUJ HLQH LQWHUQDWLRQDOH 7DJXQJ EHU ¿0XOWLOLQJXDOLVP IURP D +LVWRULFDO3HUVSHFWLYH)XQFWLRQDODQG6WUXFWXUDO$VSHFWV¾VWDWWGHUHQ(U JHEQLVVH GLH HUVWH 6HNWLRQ GLHVHV %DQGHV SUlVHQWLHUW 'LH ]ZHLWH 6HNWLRQ XPIDVVW$XIVlW]HGLHDXVGHU$UEHLWHLQHVYRQ1LNRODXV+HQ NHO JHOHLWHWHQ 7HLOSURMHNWV GHV 6RQGHUIRUVFKXQJVEHUHLFKV  ª0HKUVSUD FKLJNHLW©KHUYRUJHJDQJHQVLQGRGHULQVHLQHP8PIHOGHQWVWDQGHQ  8QVHU 'DQN JLOW GHU 'HXWVFKHQ )RUVFKXQJVJHPHLQVFKDIW IU GLH )L QDQ]LHUXQJ GHU 7DJXQJ XQG GHP +DXV :DOWHU GH *UX\WHU QDPHQWOLFK +HLNR +DUWPDQQ XQG %LUJLWWD =HOOHU IU LKUH NRPSHWHQWH YHUOHJHULVFKH %HWUHXXQJ1LFKW]XOHW]WJHEKUWXQVHU'DQNGHQ%HLWUlJHUQIULKUH*H GXOG 6LH ]DKOW VLFK DXV GHQQ QXQ KDEHQ ZLU *HOHJHQKHLW GLHVHV %XFK 1LNRODXV+HQNHO]XVHLQHP*HEXUWVWDJ]XZLGPHQ   +DPEXUJLP)UKMDKU 0LFKDHO%DOG]XKQ&KULVWLQH3XW]R 



,QKDOW 9RUZRUW                                                         9 ,

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W

&+5,67,1(387=2  0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W=XHLQHP YHUQDFKOlVVLJWHQ)RUVFKXQJVIHOGLQWHUGLV]LSOLQlUHU 0HGLlYLVWLN                                                  *(512758'2/):,(/$1'  %LOLQJXDO(GXFDWLRQLQ$QJOR6D[RQ(QJODQG                                         $OIUHGWRWKHOZHDUG 721@6]XU%HJULIIVHQWZLFNOXQJ*(25* .5(01,7='LJORVVLH² 3RO\JORVVLH,Q6R]LROLQJXLVWLN(LQLQWHUQDWLRQDOHV+DQGEXFK]XU:LVVHQVFKDIWYRQ6SUD FKHXQG*HVHOOVFKDIWYROOVWlQGLJQHXEHDUEHLWHWHXQGHUZHLWHUWH$XIODJH+JYRQ8/ 5,&+$0021>XD@%HUOLQ1HZ+DQGEFKHU]XU6SUDFKXQG.RPPX QLNDWLRQVZLVVHQVFKDIW @ 7HLOEG >@ 6  ,PSOL]LHUW LVW ]XGHP VWHWV GLH ª¿ZHLWH¾ 'HILQLWLRQ© GLH 0HKUVSUDFKLJNHLW LP DOOJHPHLQHQ 6LQQH ªXQDEKlQJLJ YRQ GHU 6\PPHWULHGHU6SUDFKNRPSHWHQ]YRQGHQ(UZHUEVPRGDOLWlWHQXQGYRQGHU'LVWDQ]]ZL VFKHQ GHQ EHWHLOLJWHQ 6SUDFKHQ© ² DOVR LP 6LQQH MHGZHGHU 6SUDFKNRQWDNWVLWXDWLRQ ² YHU VWHKW *(25*(6 /h', 0HKUVSUDFKLJNHLW ,Q .RQWDNWOLQJXLVWLN (LQ LQWHUQDWLRQDOHV +DQGEXFK ]HLWJHQ|VVLVFKHU )RUVFKXQJ +J YRQ +$16 *2(%/ >XD@ %HUOLQ 1HZ +DQGEFKHU ]XU 6SUDFK XQG .RPPXQLNDWLRQVZLVVHQVFKDIW @ 7HLOEG >@6KLHU6 



&+5,67,1(387=2

1DWLRQDOVWDDWHQ XQG GHU GDPLW YHUEXQGHQHQ VSUDFKOLFKHQ 1RUPLHUXQJHQ HUOHEWHZDU0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ0LWWHODOWHUVHOEVWYHUVWlQG OLFKH *HJHEHQKHLW XQG PLW 6SUDFKHUIDKUXQJ DOV VROFKHU XQPLWWHOEDU ]X PHLVWZRKOXQUHIOHNWLHUWYHUEXQGHQ  =XJUXQGH OLHJW HLQ %QGHO YRQ )DNWRUHQ 'HP JUXQGOHJHQGHQ XQG NXOWXUKLVWRULVFKEHGHXWHQGVWHQJLOWGHUYRQ+(1.(/XQG3$/0(5HGLHUWH 6DPPHOEDQG 'LH SUlJHQGH 5ROOH GHV /DWHLQLVFKHQ IU GLH (QWZLFNOXQJ GHUZHVWHXURSlLVFKHQ9RONVVSUDFKHQLVWNDXP]XEHUVFKlW]HQ'LHVEH WULIIW HLQHUVHLWV GHQ HQWVFKHLGHQGHQ 6FKULWW LKUHU MHZHLOLJHQ 9HUVFKULIWOL FKXQJ HLQ 3UR]HVV GHU EHUDOO DP 0XVWHU XQG LQ 1DFKELOGXQJ GHV /DWHLQLVFKHQ JHVFKDK DQGHUHUVHLWV GHQ LQVWLWXWLRQHOOHQ .RQWH[W 7UlJHU MHGHU )RUP YRQ /LWHUDUL]LWlW ZDUHQ YRP (LQVHW]HQ GHU YRONVVSUDFKLJHQ hEHUOLHIHUXQJHQELV ]XP%HJLQQ GHV 6SlWPLWWHODOWHUV.LUFKH XQG.OHUXV DQGHUHQU|PLVFKDQWLNE]ZSDWULVWLVFK²ODWHLQLVFK²JHSUlJWHQJHLVWLJHQ 5DKPHQ6FKULIWOLFKNHLWXQGLKUH.RQVHUYLHUXQJJHEXQGHQZDUHQ9RONV BBBBBBBBBBBBB  'D]XGLHEHL+$5$/' +$$50$116SUDFKHQDOPDQDFK=DKOHQXQG)DNWHQ]XDOOHQ6SUD FKHQ GHU :HOW )UDQNIXUW0  6 EHVRQGHUV 6 JHVDPPHOWHQ =DKOHQ XQG'DWHQ  9JO HWZD .$5/ /$1*26&+ 0LWWHOODWHLQ XQG (XURSD )KUXQJ LQ GLH +DXSWOLWHUDWXU GHV 0LWWHODOWHUV'DUPVWDGW&+5,67,$1 6&+0,77/DWHLQXQGZHVWHXURSlLVFKH6SUDFKHQ ,Q6SUDFKJHVFKLFKWH(LQ+DQGEXFK]XU*HVFKLFKWHGHUGHXWVFKHQ6SUDFKHXQGLKUHU(U IRUVFKXQJ+JYRQ:(51(5 %(6&+>XD@YROOVWlQGLJQHXEHDUEHLWHWHXQGHUZHLWHUWH $XIODJH%HUOLQ1HZZLH $QP@ EHUHLWV JHVDPPHOWHQ $QJDEHQ GLH  QRFK DQQlKHUQGH 9ROOVWlQGLJNHLW HU]LHOHQ NRQQWHQ ZHUGHQ GDEHLPLW ZHQLJHQ $XV QDKPHQQLFKWZLHGHUKROWMHGRFKVWHWVUHIHUHQ]LHUW  3HUVRQLIL]LHUW EHL /$1*26&+ ª,Q GHU *HVFKLFKWH GHU HXURSlLVFKHQ .XOWXU OHLVWHWH GDV 0LWWHOODWHLQ]ZHLJHZDOWLJH$XIJDEHQHVEDXWHGLH%XFKOLWHUDWXUGHV0LWWHODOWHUVDOVGHVVHQ HUVWHXQGKDXSWVlFKOLFKHDXIXQGDXV]XPDQGHUQHU]RJHVGLHHLJHQWOLFKQXUIUPQGOL FKHQ *HEUDXFK JHHLJQHWHQ 0XWWHUVSUDFKHQ ]XU %XFKIlKLJNHLW© /$1*26&+ 0LWWHOODWHLQ XQG(XURSD>ZLH$QP@6   'LH )RUVFKXQJVDQJDEHQ ]X GLHVHP 7KHPHQNRPSOH[ EHL +(1.(/ 3$/0(5 /DWHLQ XQG 9RONVVSUDFKH >ZLH $QP@ 6 $QP VHLWKHU HWZD *(25*( +$5',1 %52:1 /DWLQ :ULWLQJDQGWKH2OG(QJOLVK9HUQDFXODU,Q6FKULIWOLFKNHLWLPIUKHQ0LWWHODOWHU+JYRQ 8568/$ 6&+$()(5 7ELQJHQ  6FULSW2UDOLD   6 9HUVFKULIWXQJ XQG 9HU VFKULIWOLFKXQJ$VSHNWHGHV0HGLHQZHFKVHOVLQYHUVFKLHGHQHQ.XOWXUHQXQG(SRFKHQ+J YRQ &+5,67,1( (+/(5 XQG 8568/$ 6&+$()(5 7ELQJHQ  6FULSW2UDOLD   KLHU EHVRQGHUV GLH %HLWUlJH YRQ :2/)*$1* 5$,%/( 'LH $QIlQJH GHU YRONVVSUDFKOLFKHQ

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



VSUDFKLJH7H[WXDOLWlWWUDWVRLQXQPLWWHOEDUHQ=XVDPPHQKDQJPLWODWHLQL VFKHU %LOGXQJVWUDGLWLRQ ODWHLQLVFKHQ :LVVHQVVWUXNWXUHQ XQG HLQHP ODWHL QLVFKDGPLQLVWULHUWHQ9HUPLWWOXQJVV\VWHP²HLQHP+LQWHUJUXQGYRUGHP VLH VLFK DXV GHU 3HUVSHNWLYH QHX]HLWOLFKHU :LVVHQVFKDIWHQ DEKHEHQ PDJ YRQGHPVLHVLFKDEHUMDKUKXQGHUWHODQJQLFKWLQWHQWLRQDOHPDQ]LSLHUWHXQG PHWKRGLVFK QXU PLW %HGDFKW ]X WUHQQHQ LVW +8*2 .8+1 IDVVWH GLHVH 'LPHQVLRQLHUXQJPLW%OLFNDXIGLHGHXWVFKH6FKULIWSURGXNWLRQXQWHUGHP %HJULIIHLQHUªYRONVVFKULIWVSUDFKOLFKHQ=ZLVFKHQNXOWXU© ª-HGHUGHXWVFKH6FKULIWWH[WGHV0LWWHODOWHUV>«@LVW>«@VFKRQYRP6FKUHLEHQKHU HLQ 9HUPLWWOXQJVSURGXNW ]ZLVFKHQ PQGOLFK YRONVVSUDFKOLFKHU /DLHQ XQG VFKULIWOLFKODWHLQLVFKHU.OHULNHUNXOWXU©

.DXP HLQ %HUHLFK GHV OLWHUDWXU XQG VSUDFKZLVVHQVFKDIWOLFKHQ =XJULIIV EOHLEW YRQ GLHVHU .RQWDNWVLWXDWLRQ XQEHHLQIOXVVW $OV 3URWRW\S VFKULIWOL

BBBBBBBBBBBBB 6FKULIWNXOWXU LQ GHU 5RPDQLD ² RGHU 'LH (UREHUXQJ NRQ]HSWLRQHOOHU 5lXPH 6 XQG&+5,67,1( (+/(59HUVFKULIWXQJLQGHQDOWHQJOLVFKHQ8UNXQGHQ6 0$1 )5(' *h17(5 6&+2/= 'LH (QWVWHKXQJ YRONVVSUDFKOLFKHU 6FKULIWNXOWXU LQ :HVWHXURSD ,Q6FKULIWXQG6FKULIWOLFKNHLW(LQLQWHUGLV]LSOLQlUHV+DQGEXFKLQWHUQDWLRQDOHU)RUVFKXQJ +JYRQ+$57087 *h17+(5XQG2772 /8':,*%HUOLQ1HZXD@%HUOLQ 1HZ XD@%HUOLQ1HZXD@%HUOLQ1HZZLH $QP@ EHVRQGHUV 6=XU LQ GLHVHP =HLWUDXP XQNODUHQ $EJUHQ]XQJ GHU 6SUDFKVWXIHQ VRZLH ]XP 9HUKlOWQLVYRQ SURWRURPDQLVFKHP 9XOJlUODWHLQ XQG NODVVLVFKHP /DWHLQ ]XVDPPHQIDVVHQG $518/) 67()(1(//, 'LH ODWHLQLVFKH %DVLV GHU URPDQLVFKHQ 6SUDFKHQ,Q(5167>XD@5RPDQLVFKH6SUDFKJHVFKLFKWH>ZLH$QP@7HLOEG   6EHV6IXQGI0,&+(/ %$11,$5''pOLPLQDWLRQWHPSRUHOOHHQWUHOH ODWLQHWOHVODQJXHVURPDQHV(EG6YJOIHUQHUGLHXPIlQJOLFKHQ'DUVWHOOXQJHQ EHL 3(7(5 6727= +DQGEXFK ]XU ODWHLQLVFKHQ 6SUDFKH GHV 0LWWHODOWHUV  %GH 0QFKHQ  +DQGEXFK GHU $OWHUWXPVZLVVHQVFKDIWHQ   %G   6  5(,1+$5' .,(6/(5 (LQIKUXQJ LQ GLH 3UREOHPDWLN GHV 9XOJlUODWHLQV 7ELQJHQ  5RPDQLVWLVFKH $UEHLWVKHIWH   6 =XU ZLFKWLJHQ )UDJH GHV 9HUKlOWQLVVHV YRQ 6FKULIWODWHLQ XQG ZHVWIUlQNLVFKURPDQLVFKHU JHVSURFKHQHU 6SUDFKH (5167 +(//*$5'7 =XU0HKUVSUDFKLJNHLWLP.DUROLQJHUUHLFK%HPHUNXQJHQDXV$QOD‰YRQ5RVDPRQG0F.LW WHULFNV %XFK ¿7KH &DUROLQJLDQV DQG WKH :ULWWHQ :RUG¾ ,Q %HLWUlJH ]XU *HVFKLFKWH GHU GHXWVFKHQ6SUDFKHXQG/LWHUDWXU  6  *5(*2592*763,5$'LHODWHLQLVFKH6FKULIWNXOWXUGHU$QWLNH,Q6FKULIWXQG6FKULIWOLFK NHLW >ZLH $QP@ 7HLOEG   6 EHVRQGHUV 6I 1,.2/$86 +(1.(/ /DWHLQLVFK'HXWVFK ,Q %(6&+ >XD@ 6SUDFKJHVFKLFKWH >ZLH $QP@ 7HLOEG    6KLHU6  )U GLH URPDQLVFKHQ 6SUDFKHQ YJO +(,15,&+ /$86%(5* 5RPDQLVFKH 6SUDFKZLVVHQ VFKDIW%G)RUPHQOHKUH$XIO%HUOLQ$XFKIUGLHJHUPDQLVFKHQ6SUDFKHQVLQG PRUSKRORJLVFKH YJO HWZD ' *$5ZLH $QP@6PLW$QPXQWHUGHQVHLWKHUHUVFKLHQHQHQ%HLWUlJHQVHLGHULQWHUGLV ]LSOLQlUH6DPPHOEDQG7KH0LGGOH$JHV+JYRQ$/$67$,5 0,11,6XQG,$1 -2+1621 &DPEULGJH >XD@  7KH &DPEULGJH +LVWRU\ RI /LWHUDU\ &ULWLFLVP   KHUYRUJHKREHQ 9JOGDULQEHVRQGHUV0$57,1,59,1('$9,'7+20621*UDPPDWLFDDQG/LWHUDU\7KHRU\ 6 PLW+LQZHLVHQDXFKDXIGHQVHOWHQHUHQ)DOOYRONVVSUDFKLJYHUIDVVWHUDXIGDV/D WHLQLVFKH EH]RJHQHU *UDPPDWLNHQ 6I  -- 0853+XD@ /DWLQ &RPPHQWDU\ 7UDGLWLRQ DQG 9HUQDFXODU /LWHUDWXUH ,Q 0,11,6 -2+1621 7KH 0LGGOH $JHV >ZLH $QP@ 6 'HQ EHVRQGHUHQ 6WDWXV YRONVVSUDFKLJHU%HLWUlJH]XGLHVHPODWHLQLVFKHQ'LVNXUVXQWHUVXFKWIUGDVHQJOLVFKH0LW WHODOWHUMHW]W$/$67$,5-0,11,67UDQVODWLRQVRI$XWKRULW\LQ0HGLHYDO(QJOLVK/LWHUDWXUH 9DOXLQJWKH9HUQDFXODU&DPEULGJH  =XGLHVHUYRQ)5,('5,&+ 2+/ZLH$QP@ 6 PLW $QP PLW 1HQQXQJ DXVJHZlKOWHU %HLWUlJH ]XVDPPHQIDVVHQG XQG *UHQ]HQ DXI]HLJHQG&+5,67(/ 0(,(5=ZLVFKHQKLVWRULVFKHU6HPLRWLNXQGSKLORORJLVFKHU.RPSD UDWLVWLN)ULHGULFK2KO\V:HUNXQG:LUNXQJ,Q'DV0LWWHODOWHUXQGGLH*HUPDQLVWHQ=XU QHXHUHQ 0HWKRGHQJHVFKLFKWH GHU *HUPDQLVFKHQ 3KLORORJLH )UHLEXUJHU &ROORTXLXP  +J YRQ (&.$57 &215$' /87= )UHLEXUJ6FKZHL]  6FULQLXP )ULEXUJHQVH  68QWHUGHQMQJHUHQ3XEOLNDWLRQHQVHL2+/7HLODEVFKQLWW GHV $UWLNHOV@ 0$5&$(,/.2 $5,6 >XD@ hEHUVHW]HU hEHU VHW]XQJHQ ,Q /H[LNRQ GHV 0LWWHODOWHUV 0QFKHQ =ULFK  %G   6SKLHU6S6S  +(/(1 9$//60HGLFDODQG6FLHQWLILF7H[WVLQ7UDQVODWLRQLQ0HGLHYDO(XURSH,QhEHU VHW]XQJ (LQ LQWHUQDWLRQDOHV +DQGEXFK ]XU hEHUVHW]XQJVIRUVFKXQJ +J YRQ +$5$/' .,77(/>XD@%HUOLQ1HZXD@ +DQGEXFKGHU/LWHUD WXUZLVVHQVFKDIW  8QWHU GHQ LQ GHQ OHW]WHQ ]ZHL -DKU]HKQWHQ HUVFKLHQHQHQ /LWHUDWXUJH VFKLFKWHQVLQGHLQ]HOQHEHPHUNHQVZHUWH$XVQDKPHQ]XQHQQHQGLHGLHODWHLQLVFKVSUDFKL JH/LWHUDWXUSURGXNWLRQDEVFKQLWWVZHLVHRGHUGXUFKJHKHQGDOVJOHLFKEHUHFKWLJWH*U|‰HHLQ EH]LHKHQ6LFKHUQLFKW]XIlOOLJVLQGGLHV/LWHUDWXUJHVFKLFKWHQDXFKYHUQDNXODUPHKUVSUDFKL JHU 5lXPH ² ZLH HWZD )5,76 9$1 2267520 6WHPPHQ RS VFKULIW *HVFKLHGHQLV YDQ GH 1HGHUODQGVH OLWHUDWXXU YDQDI KHW EHJLQ WRW  $PVWHUGDP  ² RGHU PLW UHJLRQDOHU QLFKWVSUDFKOLFKHU*HJHQVWDQGVEHVWLPPXQJZLHHWZD)5,7= 3(7(5 .1$33'LH/LWHUDWXU GHV)UKXQG+RFKPLWWHODOWHUVLQGHQ%LVWPHUQ3DVVDX6DO]EXUJ%UL[HQXQG7ULHQWYRQ GHQ$QIlQJHQELV]XP-DKUH*UD]'(56'LH/LWHUDWXUGHV6SlWPLWWHODOWHUVLQ GHQ /lQGHUQ gVWHUUHLFK 6WHLHUPDUN .lUQWHQ 6DO]EXUJ XQG 7LURO YRQ  ELV  %GH*UD] *HVFKLFKWHGHU/LWHUDWXULQgVWHUUHLFKYRQGHQ$QIlQJHQELV]XU *HJHQZDUW +J YRQ +(5%(57 =,(0$11   XQG   ,Q HLQH DQGHUH ZLVVHQVFKDIWV LGHRORJLVFKH 7UDGLWLRQ RUGQHW VLFK GLH QRFK LP -DKUKXQGHUW HUVFKLHQHQH ªDOOJHPHLQH© /LWHUDWXUJHVFKLFKWH$/)5(' (%(57VGLHODWHLQLVFKHXQGYRONVVSUDFKLJH/LWHUDWXUGHVIU KHQ0LWWHODOWHUVDOVª2UJDQLVPXV©HLQHU:HOWOLWHUDWXULP6LQQH*RHWKHVJHPHLQVDPEHKDQ GHOW $OOJHPHLQH *HVFKLFKWH GHU /LWHUDWXU GHV 0LWWHODOWHUV LP $EHQGODQGH %G  *HVFKLFKWH GHU FKULVWOLFKODWHLQLVFKHQ /LWHUDWXU 9RQ LKUHQ $QIlQJHQ ELV ]XP =HLWDOWHU .DUOVGHV*UR‰HQ/HLS]LJ%G'LH/DWHLQLVFKH/LWHUDWXUYRP=HLWDOWHU.DUOVGHV *UR‰HQ ELV ]XP 7RGH .DUOVGHV .DKOHQ /HLS]LJ  %G'LH QDWLRQDOHQ /LWHUDWXUHQ YRQ LKUHQ $QIlQJHQ XQG GLH /DWHLQLVFKH /LWHUDWXU YRP 7RGH .DUOV GHV .DKOHQ ELV ]XP %HJLQQ GHV HOIWHQ -DKUKXQGHUWV /HLS]LJ  =XP NRQ]HSWLRQHOOHQ 3UREOHP GHU ODWHL

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



:HLWDXV EHVVHU ² YRQ GHQ KLHU XPULVVHQHQ7KHPHQIHOGHUQ VLFKHUOLFK DP EHVWHQ²XQWHUVXFKWVLQG6LWXDWLRQHQGHUJH]LHOWHQ=XVDPPHQIKUXQJYRQ /DWHLQXQG9RONVVSUDFKH RGHUDXFKPHKUHUHU9RONVVSUDFKHQ 'HU7UDQV IHU ]ZLVFKHQ ]ZHL RGHU PHKUHUHQ 6SUDFKHQ LVW HLQH NXOWXUHOOH .RQVWDQWH GHVHXURSlLVFKHQ0LWWHODOWHUV(UEHJLQQWDXIHLQIDFKVWHU(EHQHPLWGHU DQGHUVVSUDFKLJHQ ,QWHUOLQHDU RGHU 0DUJLQDOJORVVLHUXQJ HLQHV IUHPGVSUD FKLJHQ ]XPHLVW ODWHLQLVFKHQ 7H[WHV PLW GHP IXQNWLRQDOHQ =LHO GHU 9HU VWlQGQLVVLFKHUXQJRGHUPLWGHU(UDUEHLWXQJ]ZHLVSUDFKLJHU*ORVVDUHXQG BBBBBBBBBBBBB QLVFKYRONVVSUDFKLJHQ /LWHUDWXUJHVFKLFKWH /$1*26&+V 0LWWHOODWHLQ >ZLH $QP@ YJO EH UHLWV+(1.(/3$/0(5/DWHLQXQG9RONVVSUDFKH>ZLH$QP@6$QP²=XP3UR EOHP YJO PHWKRGRORJLVFK ULFKWXQJZHLVHQG MHW]W GHQ $XIVDW] . /$86 *58%0h//(5V LP YRUOLHJHQGHQ%DQG GD]XDXFKQDFKIROJHQG   =XP7KHPHQIHOGPLWWHODOWHUOLFKHUhEHUVHW]XQJYJO+(1.(/ 3$/0(5/DWHLQXQG9RONV VSUDFKH>ZLH$QP@6PLWXPIDVVHQGHQ$QJDEHQ]XU)RUVFKXQJ)UGLHVHLWKHUL JH(QWZLFNOXQJVHLVWHOOYHUWUHWHQGQXUDXIGLHZLFKWLJVWHQ%HLWUlJHYHUZLHVHQLQVEHVRQGHUH DXIGLHMHQLJHQGHU6HNWLRQªhEHUVHW]XQJLQXQG]ZLVFKHQGHQ.XOWXUHQ(XURSlLVFKHV0LW WHODOWHU© LQ hEHUVHW]XQJ (LQ LQWHUQDWLRQDOHV +DQGEXFK ]XU hEHUVHW]XQJVIRUVFKXQJ +J YRQ +$5$/' .,77(/ >XD@ %HUOLQ 1HZ XD@ hEHUVHW]HUhEHUVHW]XQJHQ>ZLH$QP@+$16 - 9(50((5'DVhEHUVHW]HQLP0LWWHO DOWHU XQG-DKUKXQGHUW %GH+HLGHOEHUJ 7H[W&RQ7H[W5HLKH:LVVHQVFKDIW  hEHUVHW]HQLP0LWWHODOWHU&DPEULGJHU.ROORTXLXP+JYRQ-2$&+,0 +(,1=/( / 3(7(5 -2+1621XQG*,6(/$ 92//0$11352)(%HUOLQ :ROIUDP6WXGLHQ  :(51(5 .2//(5 hEHUVHW]XQJHQ LQV 'HXWVFKH XQG LKUH %HGHXWXQJ IU GLH GHXWVFKH 6SUDFKJHVFKLFKWH ,Q %(6&+ >XD@ 6SUDFKJHVFKLFKWH >ZLH $QP@ 7HLOEG   6 1,.2/$86 +(1.(/ hEHUVHW]HQ LP 0LWWHODOWHU .RQVWLWXHQWHQ VSUDFKOLFKHQ 7UDQVIHUV $GUHVVDWHQ ² =LHOH ² *DWWXQJVJHEXQGHQKHLW ,Q *HVFKLFKWH GHU hEHUVHW]XQJ %HLWUlJH ]XU QHX]HLWOLFKHQ PLWWHODOWHUOLFKHQ XQG DQWLNHQ hEHUVHW]XQJ +J YRQ %2*'$1 .297XD@%HUOLQ1HZZLH $QP@ %G   6 ELEOLRJUDSKLVFKH$QJDEHQ IHUQHUGLHHLQVFKOlJLJHQ6DPPHOElQGH0LWWHODOWHU OLFKHYRONVVSUDFKLJH*ORVVHQ,QWHUQDWLRQDOH)DFKNRQIHUHQ]DP=HQWUXPIU0LWWHODOWHUVWX GLHQ GHU 2WWR)ULHGULFK8QLYHUVLWlW %DPEHUJ  ELV  $XJXVW  +J YRQ 52/) %(5*0$11 (/9,5$ */$6(5 XQG &/$8',1( 028/,1)$1.+b1(/ +HLGHOEHUJ 



&+5,67,1(387=2

9RNDEXODUH =XVDPPHQKlQJHQGH hEHUVHW]XQJHQ YRQ 7H[WHQ DXV GHP /DWHLQLVFKHQLQHLQH9RONVVSUDFKHJHK|UHQVFKRQYRQGHUGXUFKGLH.DUR OLQJLVFKH 5HIRUP YRUJHVFKULHEHQHQ YRONVVSUDFKOLFKHQ *ODXEHQVYHUPLWW OXQJKHU]XPNOHULNDOHQ$OOWDJXQGELOGHQGHQ*UR‰WHLODXFKGHUGDYRQ QLFKWHUIDVVWHQHXURSlLVFKHQ/LWHUDWXUHQGHVIUKHQ0LWWHODOWHUV'DUEHU KLQDXVVLQGVLHLQQDKH]XDOOHQ%HUHLFKHQGHUPLWWHODOWHUOLFKHQ6FKULIWOLWHUD WXUGDVJDQ]H0LWWHODOWHUKLQGXUFKYHUWUHWHQLQGHU%LEHOEHUVHW]XQJ XQG GDPLWYHUEXQGHQGHU%LEHOGLFKWXQJ GHUHQ*UXQGODJHLPPHUGLHODWHL QLVFKH9XOJDWIDVVXQJZDULQGHUUHOLJL|VHQXQGSKLORVRSKLVFKHQ/LWH UDWXU LQ GHU /HJHQGHQOLWHUDWXU GHU )DEHOGLFKWXQJ GHU )DFKOLWHUDWXU BBBBBBBBBBBBB *HUPDQLVWLVFKH%LEOLRWKHN 'LHDOWKRFKGHXWVFKHXQGDOWVlFKVLVFKH*ORVVRJUDSKLH(LQ +DQGEXFK +J YRQ 52/) %(5*0$11 XQG 67()$1,( 675,&.(5  %GH %HUOLQ 1HZ ZLH $QP@ 6 PLW $QP YJO DXFK-2&+(1 63/(77*(57 .5(87=(5*ORVVHQXQG*ORVVDUH,Q5HDOOH[LNRQGHUJHU PDQLVFKHQ$OWHUWXPVNXQGH>ZLH$QP@%G  6  9JO :2/)*$1* +$8%5,&+6 'LH $QIlQJH 9HUVXFKH YRONVVSUDFKLJHU 6FKULIWOLFKNHLW LP IUKHQ0LWWHODOWHU FD GXUFKJHVHKHQH$XIODJH7ELQJHQ *HVFKLFK WHGHUGHXWVFKHQ/LWHUDWXUYRQGHQ$QIlQJHQELV]XP%HJLQQGHU1HX]HLW+JYRQ-2$ &+,0 +(,1=/( ,  6 1,.2/$86 +(1.(/ /LWXUJLH XQG /DWHLQVFKXOH LP 6SlWPLWWHODOWHU(LQHGHXWVFKHhEHUVHW]XQJGHV&DQRQPLVVDHGXUFKGHQ)UDQ]LVNDQHU0L FKDHO3IROOLQJHU FD LQ&OPDOV%HLVSLHOHLQHU5H]HSWLRQGHUODWHLQLVFKHQ/LWXU JLH ,Q $UFKLY IU /LWXUJLHZLVVHQVFKDIW    6  EHVRQGHUV 6 '(56 hEHUVHW]HQLP0LWWHODOWHU>ZLH$QP@6I²=XU5HIRUPV\QRGHLQ&ORYHVKRH(QJ ODQG XQWHU(U]ELVFKRI &XWKEHUW YRQ &DQWHUEXU\ LP -DKU  YJO+(1.(/ /LWXUJLH XQG /DWHLQVFKXOHLP6SlWPLWWHODOWHU>VR@6$QP  $5,6>XD@hEHUVHW]HUhEHUVHW]XQJHQ>ZLH$QP@6SII  9JO+(15,.( /b+1(0$11+\VWRULD-XGLWK'HXWVFKH-XGLWKGLFKWXQJHQYRPELV]XP -DKUKXQGHUW%HUOLQ1HZZLH $QP@ 6I PLW $QP 67()$1 621'(5(**(5 *HVFKLFKWH GHXWVFKVSUDFKLJHU %LEHOEHUVHW]XQJHQ LQ *UXQG] JHQ,Q%(6&+>XD@6SUDFKJHVFKLFKWH>ZLH$QP@7HLOEG  6%5,$1 085'2&+  7KH 0HGLHYDO 3RSXODU %LEOH ([SDQVLRQV RI *HQHVLV LQ WKH 0LGGOH $JHV &DPEULGJH&$52/$ 5('=,&+$SRFDO\SVLV-RDQQLVWRWKDEHWVDFUDPHQWDTXRWYHUED6WXGL HQ]X6SUDFKHhEHUOLHIHUXQJXQG5H]HSWLRQKRFKGHXWVFKHU$SRNDO\SVHEHUVHW]XQJHQGHV VSlWHQ 0LWWHODOWHUV %HUOLQ 1HZ XD@hEHUVHW]XQJ>ZLH$QP@7HLOEG  6  9JOHWZD]XUNRQWLQXLHUOLFKHQhEHUVHW]XQJWUDGLWLRQYRQ%RHWKLXV·¿&RQVRODWLR3KLORVRSKL DH¾ LQ GLH ZHVWHXURSlLVFKHQ 9RONVVSUDFKHQ VHLW GHP IUKHQ 0LWWHODOWHU */XD@hEHUVHW]XQJ>ZLH $QP@7HLOEG  6]XU²EHUGDV/DWHLQLVFKHYHUPLWWHOWHQ²5H]HS WLRQGHUDULVWRWHOLVFKHQ6FKULIWHQ&+$5/(6 %851(77$ULVWRWOHLQ7UDQVODWLRQLQ0HGLHYDO (XURSH(EG6  9JO HWZD (',7+ )(,671(5 %DXVWHLQH ]X HLQHU hEHUVHW]XQJVW\SRORJLH LP %H]XJVV\VWHP YRQ 5H]HSWLRQV XQG )XQNWLRQVJHVFKLFKWH GHU PLWWHODOWHUOLFKHQ +HLOLJHQOHJHQGH ,Q +(,1=/( -2+1621 92//0$11352)( hEHUVHW]HQ >ZLH $QP@ 6

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



GHU &KURQLVWLN GHU GLGDNWLVFKHQ /LWHUDWXU GHU 6FKXOOLWHUDWXU GHU JHLVWOLFKHQ/LHGO\ULNXQG²YRUDOOHPLQ)UDQNUHLFK²DXFKLP%HUHLFKGHU K|ILVFKHQ (U]lKOOLWHUDWXU GHV KRKHQ 0LWWHODOWHUV +LHU LVW GLH 5H]HSWLRQ ODWHLQLVFKHU7H[WH GHU $QWLNH DE GHU ]ZHLWHQ +lOIWH GHV -DKUKXQGHUWV LPIUDQ]|VLVFKHQ5DXPHLQHUGHUZLFKWLJHQ,PSXOVHIUGLH(QWZLFNOXQJ HLQHU QHXHQ K|ILVFKHQ .XOWXU XQG /LWHUDWXU $GDSWLHUW ² GHU %HJULII GHU hEHUVHW]XQJPXVVKLHUZHLWJHIDVVWZHUGHQ²ZHUGHQ2YLGV¿0HWDPRU BBBBBBBBBBBBB (*25'21 :+$7/(XD@hEHUVHW]XQJ>ZLH$QP@7HLOEG  6  9JO *(5' ',&.( ./$86 *58%0h//(5 'LH )DEHOQ GHV 0LWWHODOWHUV XQG GHU IUKHQ 1HX]HLW (LQ .DWDORJ GHU GHXWVFKHQ 9HUVLRQHQ XQG LKUHU ODWHLQLVFKHQ (QWVSUHFKXQJHQ 0QFKHQ 0QVWHUVFKH0LWWHODOWHU6FKULIWHQ   9JO+(1.(/ 3$/0(5/DWHLQXQG9RONVVSUDFKH>ZLH$QP@6PLW$QPVHLWKHU HWZD%(51+$5' 6&+1(//hEHUVHW]XQJHQLQGHU)DFKOLWHUDWXU=XP¿bOWHUHQGHXWVFKHQ 0DFHU¾,Q +(,1=/(-2+162192//0$11352)(hEHUVHW]HQ>ZLH$QP@6 9$//60HGLFDODQG6FLHQWLILF7H[WV>ZLH$QP@EHVRQGHUV6I  9JO635$1'(/=ZHLVSUDFKLJH*HVFKLFKWVVFKUHLEXQJ>ZLH$QP@$5,6>XD@hEHUVHW ]HUhEHUVHW]XQJHQ>ZLH$QP@6S  9JO HWZD 1,.2/$86 +(1.(/ 7LVFK]XFKW XQG .LQGHUOHKUH XP  (LQH XQEHNDQQWH GHXWVFKHhEHUVHW]XQJYRQ¿'HIDFHWLDPHQVDH¾GHV*LRYDQQL6XOSL]LR9HURODQR -RKDQQHV 6XOSLWLXV9HUXODQXV ,Q=LYLOLVDWLRQVSUR]HVVH=X(U]LHKXQJVVFKULIWHQLQGHU9RUPRGHUQH +J YRQ 5h',*(5 6&+1(// .|OQ >XD@  6  '(56 :DV VROO GHU 0HQVFK WXQ"/LWHUDULVFKH9HUPLWWOXQJYRQ/HEHQVQRUPHQ]ZLVFKHQ/DWHLQXQG9RONVVSUDFKHXQG GLH¿'LVWLFKD&DWRQLV¾,Q/LWHUDWXUXQG:DQGPDOHUHL,,.RQYHQWLRQDOLWlWXQG.RQYHUVDWL RQ%XUJGRUIHU&ROORTXLXP+JYRQ(&.$57&215$'/87=-2+$11$7+$/,XQG 5(1e:(7=(/7ELQJHQ69JODXFK6HNWLRQ,,GLHVHV%DQGHV]XGHQYRONV VSUDFKLJHQhEHUVHW]XQJHQGHUODWHLQLVFKHQ¿'LVWLFKD&DWRQLV¾  1,.2/$86 +(1.(/ 'HXWVFKH hEHUVHW]XQJHQ ODWHLQLVFKHU 6FKXOWH[WH ,KUH 9HUEUHLWXQJ XQG)XQNWLRQLP0LWWHODOWHUXQGLQGHUIUKHQ1HX]HLW0LWHLQHP9HU]HLFKQLVGHU7H[WH 0QFKHQ  0QFKHQHU7H[WH XQG 8QWHUVXFKXQJHQ ]XUGHXWVFKHQ/LWHUDWXUGHV 0LW WHODOWHUV 0,&+$(/ %$/'=8+16FKXOEFKHULP7ULYLXPGHV0LWWHODOWHUVXQGGHU)U KHQ 1HX]HLW 'LH 9HUVFKULIWOLFKXQJ YRQ 8QWHUULFKW LQ GHU 7H[W XQG hEHUOLHIHUXQJVJH VFKLFKWH GHU ¿)DEXODH¾ $YLDQV XQG GHU GHXWVFKHQ ¿'LVWLFKD &DWRQLV¾  %GH %HUOLQ 1HZ @ %G 6$XFKGLH¿'LVWLFKD&DWRQLV¾VLQG6FKXOWH[WYJOREHQ$QPE]Z6HNWLRQ,, GLHVHV%DQGHV  9JOHWZD*h17+(5 %b517+$/(5hEHUVHW]HQLPGHXWVFKHQ6SlWPLWWHODOWHU'HU0|QFK YRQ 6DO]EXUJ +HLQULFK /DXIHQEHUJ XQG 2VZDOG YRQ :RONHQVWHLQ DOV hEHUVHW]HU ODWHLQL VFKHU +\PQHQ XQG 6HTXHQ]HQ *|SSLQJHQ  *|SSLQJHU $UEHLWHQ ]XU *HUPDQLVWLN    3$8/ &+$9ZLH$QP@6S9(50((5'DVhEHUVHW]HQLP 0LWWHODOWHU>ZLH$QP@%G'DVDUDELVFKODWHLQLVFKH0LWWHODOWHU&+$5/(6 %851(77 7UDQVODWLRQ IURP $UDELF LQWR /DWLQ LQ WKH 0LGGOH $JHV ,Q .,77(/ >XD@ hEHUVHW]XQJ >ZLH$QP@6

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



]LILNHQMHHLQ]HOQ]XHUIUDJHQVLQG6LHUHLFKHQYRQGHUREHQEHUHLWVJH QDQQWHQ3UD[LVGHU*ORVVLHUXQJEHUGLHJOHLFK]HLWLJHhEHUOLHIHUXQJHLQHV ODWHLQLVFKHQ 2ULJLQDOWH[WHV XQG VHLQHU LQ XQWUHQQEDUHP =XVDPPHQKDQJ GDPLWEHJULIIHQHQYRONVVSUDFKLJHQhEHUVHW]XQJ²GLHVJLOWIUQDKH]XDOOH 3URVDWH[WH GHV $OWKRFKGHXWVFKHQ ² GHQ JH]LHOWHQ VWLOLVWLVFKIXQNWLRQDO GHWHUPLQLHUWHQ (LQVDW] YRQ &RGH6ZLWFKLQJ ELV KLQ ]XU ªVNULSWXUDOH>Q@ 3UlVHQWDWLR>Q@YRQ=ZHLVSUDFKLJNHLW©LP/D\RXWGHU+DQGVFKULIWHQVHLWH ,QXQYHUPLWWHOWHU6LFKWEDUNHLW]HLJHQELOLQJXDOH(QVHPEOHVDXIGLHVH:HLVH H[SOL]LW GLH 'RSSHOSUlVHQ]]ZHLHU 6SUDFKHQ DXI GLHGHQ ]XYRU EHVFKULH EHQHQ.RQWDNWVLWXDWLRQHQLQQLFKWJHULQJHUHP0D‰HZHQQJOHLFK]XPHLVW LPSOL]LW]XJUXQGHOLHJW ,, :LH GLH 1HX]HLW NDQQWH DXFK GDV 0LWWHODOWHU NHLQH ODWHLQLVFKHQ 0XWWHU VSUDFKOHU 'HU (UZHUE GHV /DWHLQLVFKHQ JHVFKDK LQ GHU 6FKXOH DQ GLH 6WUXNWXUHQGHV/DWHLQLVFKHQEDQGHQVLFKGRUWJOHLFK]HLWLJGLH9HUPLWWOXQJ XQGGHU(UZHUEYRQ/HVHXQG6FKUHLEIlKLJNHLWDOVVROFKHU6FKRQGXUFK GLHVH3UlJXQJNDQQª6SUDFKH©YRQPLWWHODOWHUOLFKHQOLWWHUDWLQLFKWDQGHUVDOV ² PLQGHVWHQV ² ]ZHLGLPHQVLRQDO ZDKUJHQRPPHQ ZRUGHQ VHLQ 9HUVWlUNW XQGDOVSULQ]LSLHOOHHUNHQQEDUZLUGGLHVHPHQWDOH9RUEHGLQJXQJGXUFKGLH QLFKW QXU  IU JDQ] :HVWHXURSD JHOWHQGH 3OXUDOLWlW DXFK GHU 9RONVVSUD FKHQ GLH IU GHQ PLWWHODOWHUOLFKHQ (LQ]HOVSUHFKHU DOOWlJOLFKH (UIDKUXQJ ZDU $XI GHXWVFKHP *HELHW EHWULIIW GLHV DP HLQVFKQHLGHQGVWHQ GDV 1H BBBBBBBBBBBBB  +(1.(/ 3$/0(5/DWHLQXQG9RONVVSUDFKH>ZLH$QP@6IPLW$QPVHLWKHU GLHhEHUVLFKWEHL6727=+DQGEXFK>ZLH$QP@%G  6VRZLH IUGDV )UKPLWWHODOWHU  GHU HLQVFKOlJLJH 6DPPHOEDQG %(5*0$11 9RONVVSUDFKLJODWHLQLVFKH 0LVFKWH[WHXQG7H[WHQVHPEOHV>ZLH$QP@YJOIHUQHU+(15,.( /b+1(0$115HLP SURVD XQG 0LVFKVSUDFKH EHL :LOOLUDP YRQ (EHUVEHUJ 0LW HLQHU NRPPHQWLHUWHQ $XVJDEH XQG hEHUVHW]XQJ VHLQHU ¿$XUHOLXV9LWD¾ ,Q 'HXWVFKH 7H[WH GHU 6DOLHU]HLW ² 1HXDQIlQJH XQG.RQWLQXLWlWHQLP-DKUKXQGHUW+JYRQ67(3+$10h//(5XQG-(166&+1(,'(5 0QFKHQ 0LWWHODOWHU6WXGLHQ 6',(60LVFKWH[WXQG=ZHLVSUDFKLJNHLW 'LHODWHLQLVFKQLHGHUGHXWVFKH7H[WSURGXNWLRQGHU0HGLQJHU2UDWLRQDOLHQ,Q9RQ)UDXHQ KDQG 0LWWHODOWHUOLFKH &RGLFHV DXV GHP 1RQQHQNORVWHU 0HGLQJHQ7DJXQJVEDQG ]XU $XV VWHOOXQJLQGHU6WDDWVXQG8QLYHUVLWlWVELEOLRWKHN+DPEXUJ+JYRQ+$16:$/7(5 6725.+DPEXUJ>LQ'UXFNYRUEHUHLWXQJ@9JODXFKGHQ%HLWUDJYRQ(&.+$5'0(,1(.( LQGLHVHP%DQG  9JOHWZD/b+1(0$115HLPSURVDXQG0LVFKVSUDFKH>ZLH$QP@  1,.2/$86 +(1.(/6\QRSWLVFKH.RSUlVHQ]]ZHLVSUDFKLJHU7H[WHQVHPEOHVLPGHXWVFKHQ 0LWWHODOWHU hEHUOHJXQJHQ ]X )XQNWLRQ XQG *HEUDXFK ,Q %(5*0$11 9RONVVSUDFKLJ ODWHLQLVFKH0LVFKWH[WHXQG7H[WHQVHPEOHV>ZLH$QP@6KLHU6  =XU*UHQ]VWHOOXQJGHVSURWRURPDQLVFKHQ9XOJlUODWHLQVYJOREHQ$QP  =XUDQGHUVJHODJHUWHQ6LWXDWLRQLQ*UR‰EULWDQQLHQVHLWGHP-DKUKXQGHUWYJOGHQ%HLWUDJ YRQ*(512758'2/):,(/$1'LPYRUOLHJHQGHQ%DQG



&+5,67,1(387=2

EHQHLQDQGHUGHV+RFKGHXWVFKHQXQGGHV1LHGHUGHXWVFKHQGDQHEHQGLH JHUPDQLVFKURPDQLVFKHQ .RQWDNW]RQHQ HQWODQJ GHU :HVWJUHQ]HQ GHQ QLHGHUGHXWVFKVNDQGLQDYLVFKHQ .RQWDNW HQWODQJ GHU Q|UGOLFKHQ 6SUDFK JUHQ]H XQG LP KDQVLVFKHQ +DQGHOVUDXP GHQ MLGGLVFKGHXWVFKHQ .RQ WDNW XQG DXFK GLH MLGGLVFKHQ 9DULHWlWHQ DE GHP -DKUKXQGHUW GLH JHUPDQLVFKVODZLVFKHQ6SUDFKNRQWDNWHLP=XJHGHUGHXWVFKHQ2VWNRORQL VDWLRQ1LFKW]XOHW]WDEHUVLQGDXFKGLH%LQQHQYDULHWlWHQGHV+RFKGHXW BBBBBBBBBBBBB  ',(7(5 *(8(1,&+6R]LRNXOWXUHOOH9RUDXVVHW]XQJHQ6SUDFKUDXPXQG'LDJOLHGHUXQJGHV $OWKRFKGHXWVFKHQ ,Q %(6&+ >XD@ 6SUDFKJHVFKLFKWH >ZLH $QP@ 7HLOEG   67+20$6 ./(,16R]LRNXOWXUHOOH9RUDXVVHW]XQJHQXQG6SUDFKUDXPGHV$OW QLHGHUGHXWVFKHQ $OWVlFKVLVFKHQ (EG68568/$ 5$87(1%(5*6R]LRNXOWX UHOOH 9RUDXVVHW]XQJHQ XQG 6SUDFKUDXP GHV 0LWWHOKRFKGHXWVFKHQ (EG 6 52%(57 3(7(566R]LRNXOWXUHOOH9RUDXVVHW]XQJHQXQG6SUDFKUDXPGHV0LWWHOQLHGHUGHXW VFKHQ (EG 6 +(/087 */h&. 'HXWVFK DOV )UHPGVSUDFKH LQ (XURSD YRP 0LWWHODOWHUELV]XU%DURFN]HLW%HUOLQ1HZ+HOVLQJIRUV@   +g'(56SUDFKDXVEDX>ZLH$QP@6  '29,' .$7= =XU 'LDOHNWRORJLH GHV -LGGLVFKHQ ,Q 'LDOHNWRORJLH (LQ +DQGEXFK ]XU GHXWVFKHQ XQG DOOJHPHLQHQ 'LDOHNWIRUVFKXQJ +J YRQ :(51(5 %(6&+ >XD@ %HUOLQ 1HZ ZLH$QP@6  'LH 6ODZHQ LQ'HXWVFKODQG*HVFKLFKWHXQG.XOWXUGHU VODZLVFKHQ 6WlPPH ZHVWOLFK YRQ 2GHU XQG 1HL‰H YRP  ELV  -DKUKXQGHUW (LQ +DQGEXFK 1HXEHDUEHLWXQJ +J YRQ -2$&+,0 +(550$11 %HUOLQ  9HU|IIHQWOLFKXQJHQ GHV=HQWUDOLQVWLWXWV IU $OWH *H VFKLFKWHXQG$UFKlRORJLHGHU$NDGHPLHGHU:LVVHQVFKDIWHQGHU''5 6YJO DXFK 6 XQG 6 5$87(1%(5* 6R]LRNXOWXUHOOH 9RUDXVVHW]XQJHQ >ZLH $QP@ 6I +(/087 */h&. 0LWWHODOWHUOLFKH =HXJQLVVH IU GHQ (UZHUE GHV 'HXWVFKHQDOV)UHPGVSUDFKH,Q'LH9RONVVSUDFKHQDOV/HUQJHJHQVWDQGLP0LWWHODOWHUXQG LQ GHU IUKHQ 1HX]HLW $NWHQ GHV %DPEHUJHU 6\PSRVLRQV DP  XQG  0DL  +J

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



VFKHQ XQG GHV 1LHGHUGHXWVFKHQ ]X QHQQHQ 6LH XQWHUVFKLHGHQ VLFK ]ZDU QLFKWVRHUKHEOLFKGDVVLKUH6SUHFKHUVLFKXQWHUHLQDQGHUQLFKWSULQ]LSLHOO YHUVWDQGHQKlWWHQPVVHQDEHUDOVGLVWLQNWH5HJLROHNWHZDKUJHQRPPHQ ZRUGHQXQG9HUVW|‰HJHJHQGLHMHZHLOLJHQ*UDPPDWLNHQDOVVW|UHQGHPS IXQGHQZRUGHQVHLQ²ZLHHWZDGLHJH]LHOWHQ$XVJOHLFKVEHVWUHEXQJHQKLQ ]XHLQHUKRFKGHXWVFKHQª/LWHUDWXUVSUDFKH©XPGHXWOLFK]HLJHQ$XI UHDOH .RPPXQLNDWLRQVSUREOHPH LQ SKRQHWLVFKHU XQG OH[LNDOLVFKHU 6LFKW ZHLVHQ4XHOOHQEHOHJHGLDOHNWDOH*ORVVLHUXQJHQGHXWVFKHU+DQGVFKULIWHQ LQGHU)RUPHLQHVEHUJHVFKULHEHQHQYHOhEHUVHW]XQJ XQGGHXWVFK GHXWVFKH *ORVVDUH DOV %HLJDEHQ YRQ GHXWVFKHQ 'UXFNHQ QRFK GHV -DKUKXQGHUWV BBBBBBBBBBBBB YRQ +* %HUOLQ XQG 1HZ /@LQJXHKRPLQXPYDULDQWXUXWOLQJXD6LFXORUXPFXP$SXOLV$SXORUXPFXP5RPDQLV5R PDQRUXP FXP 6SROHWDQLV KRUXP FXP 7XVFLV 7XVFRUXP FXP ,DQXHQVLEXV ,DQXHQVLXP FXP 6DUGLVQHFQRQ&DODEURUXPFXP$QFRQLWDQLVKRUXPFXP5RPDQGLROLV5RPDQGLRORUXPFXP /RPEDUGLV/RPEDUGRUXPFXP7ULYLVLDQLVHW9HQHWLVKRUXPFXP$TXLOHJLHQVLEXVHWLVWRUXP FXP%XFK,@hEHUVYRQ)5$1&,6 &+(1(9$/0LWHL QHU(LQOHLWXQJYRQ58(', ,0%$&+XQG,5Ë1( 526,(5&$7$&+XQGHLQHP.RPPHQWDU YRQ 5, XQG 7,=,$1$ 68$5(=1$1, +DPEXUJ  'DQWH $OLJKLHUL 3KLORVRSKLVFKH :HUNH3KLORVRSKLVFKH%LEOLRWKHN 6 ,[   1LFKW ZHQLJHU V\PSWRPDWLVFK 'LH HUVWH 'UXFNDXVJDEH YRQ ¿'H YXOJDUL HORTXHQWLD¾ HU VFKLHQ  LQ GHU 9RONVVSUDFKH QlPOLFK LQ GHU LWDOLHQLVFKHQ hEHUVHW]XQJ *LDQ *LRUJLR 7ULVVLQRV 'DQWH $OLJKLHUL 'H YXOJDUL HORTXHQWLD 0LW GHU LWDOLHQLVFKHQ hEHUVHW]XQJ YRQ *LDQ*LRUJLR7ULVVLQR  'HXWVFKHhEHUVHW]XQJYRQ0,&+$(/ )5,1*6XQG-2+$1

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



,,, 'LHPLWWHODOWHUOLFKH:DKUQHKPXQJYRQ6SUDFKHPXVVVR]HLJWHQGLHYRU DQJHKHQGHQ $EVFKQLWWH SHU VH PLW 0XOWLOLQJXDOLWlW YHUEXQGHQ JHZHVHQ VHLQHUVWHQVLP6LQQHHLQHUJOHLFK]HLWLJHQ3UlVHQ]PHKUHUHUJHVSURFKHQHU XQGJHVFKULHEHQHU6SUDFKHQ]ZHLWHQVLP6LQQHGHUSULQ]LSLHOOHQ(LQEHW WXQJYRQ6FKULIWOLFKNHLWXQG%LOGXQJVNXOWXULQHLQHDQGHUVVSUDFKLJH7UDGL WLRQGULWWHQVLP6LQQHGHULQWHOOHNWXHOOPHQWDOHQ$EELOGXQJGHV$EVWUDN WXPVª6SUDFKH©DXIHLQH6SUDFKHGLHQLHPDOV0XWWHUVSUDFKHZDU'LHVR EHGLQJWH (UIDVVXQJ GHU 9LHOKHLW XQG 9HUVFKLHGHQKHLW GHV 3KlQRPHQV ª6SUDFKH©GUIWHLP%HUHLFKGHV,PSOL]LWHQXQG9RUEHZXVVWHQ]XYHURUWHQ VHLQ :HOFKH $XVZLUNXQJHQ HLQH QHXURORJLVFKH 3UlGHWHUPLQLHUXQJ GLHVHU $UWIUGLH²YRQªELOLQJXDOEUDLQV©JHWUDJHQHQ²7H[WNXOWXUHQGHV0LWWHO DOWHUVKDWWHGDVKHL‰WEHUGLHUHNRQVWUXLHUEDUHQNXOWXUKLVWRULVFKHQ*H JHEHQKHLWHQ KLQDXV LVW KLVWRULVFK QXU ]X HUDKQHQ 6LFKHU DEHU JLOW :HU VLFKPLW¿0HKUVSUDFKLJNHLWLP0LWWHODOWHU¾EHVFKlIWLJWGHUXQWHUVXFKWNHL QHQ 6RQGHUIDOO XQG NHLQHQ )DOO YRQ RE PDUNLHUWHU RGHU XQPDUNLHUWHU  BBBBBBBBBBBBB 1(6 .5$0(56WXWWJDUW 5RPDQLVFKH6SUDFKHQXQGLKUH'LGDNWLN =XPVSUDFK SKLORVRSKLVFKHQ.RQWH[W-h5*(1 75$%$17(XURSlLVFKHV6SUDFKGHQNHQ9RQ3ODWRQELV :LWWJHQVWHLQ0QFKHQ6EHVRQGHUV6I  $QKDQG QHXUROLQJXLVWLVFKHU 6WXGLHQ DQ *HJHQZDUWVVSUHFKHUQ YJO HWZD 0$57,1 / $/ %(57/25$,1( . 2%/(57KH%LOLQJXDO%UDLQ1HXURSV\FKRORJLFDODQG1HXUROLQJXLVWLF $VSHFWVRI%LOLQJXDOLVP1HZXD@6 +J %LOLQJXDO0LQGV(PR WLRQDO([SHULHQFH([SUHVVLRQDQG5HSUHVHQWDWLRQ&OHYHGRQ>XD@ +J 7KH%LOLQ JXDO 0HQWDO /H[LFRQ ,QWHUGLVFLSOLQDU\ $SSURDFKHV %ULVWRO >XD@  $XVJHKHQG YRQ HLQ]HOVSUDFKVSH]LILVFKHQ 'LIIHUHQ]HQ LQ GHU NRQ]HSWXHOOHQ 5HSUlVHQWDWLRQ JUXQGOHJHQGHU $EVWUDNWD]XU9HUVWlQGLJXQJEHU(UOHEHQXQG(UIDKUXQJZHLVW3$9/(1.2²DXIOLQJXLVWL VFKHU0LNURHEHQH²QDFKZLHELOLQJXDOH6SUHFKHUGDV=XVDPPHQVSLHOGLHVHUGLIIHULHUHQGHQ PHQWDOHQ+LQWHUJUQGHLPSDUDOOHOHQ5FNJULIIGDUDXIEHZlOWLJHQRGHUDXFKNUHDWLYQXW]HQ *HJHQVWDQG LKUHU 8QWHUVXFKXQJHQ VLQG PLW .RQ]HSWHQZLH ª5DXP©ª=HLW© ª%HZHJXQJ© ª)DUEH© ª2EMHNWH XQG 6XEVWDQ]HQ© ª(PRWLRQ© ª3HUVRQDOLWlW© YJO %LOLQJXDOLVP DQG 7KRXJKW >VR@  JHUDGH VROFKH GLH ² DXI NXOWXUZLVVHQVFKDIWOLFKHU 0DNURHEHQH ² LP 0LW WHOSXQNW DXFK OLWHUDWXU XQG NXOWXUWKHRUHWLVFKHU =XJULIIH DXI GLH PLWWHODOWHUOLFKH /LWHUDWXU VWHKHQRGHUVWDQGHQ



&+5,67,1(387=2

'LIIHUHQ] VRQGHUQ HLQH DOOJHJHQZlUWLJH NXOWXUHOOH .RQVWDQWH XQG QLFKW ]XOHW]W DXFK HLQHQ %HVWDQGWHLO KLVWRULVFKHU $OOWDJVUHDOLWlW 0XOWLOLQJXDOH .RQVWHOODWLRQHQ VLQG QLFKW $EZHLFKXQJ YRP YHUPHLQWOLFKHQ 1RUPDOIDOO GHU (LQVSUDFKLJNHLW GHU JHGDQNOLFK PRGHUQHQ HXURSlLVFKHQ 'HQNWUDGL WLRQHQ JHVFKXOGHW LVW VRQGHUQ $XVGUXFN HLQHV ZHVHQWOLFKHQ YLHOOHLFKW GHV ZHVHQWOLFKVWHQ %HVWDQGWHLOV YRUPRGHUQHU 6SUDFKHUIDKUXQJ +LHU QLFKWHWZDLQGHUWDWVlFKOLFKHQ([LVWHQ]XQG9HUEUHLWXQJYRQ0HKUVSUD FKLJNHLWOLHJWGHU8QWHUVFKLHG]X1HX]HLWXQG0RGHUQH8PHVDXIGHQ 3XQNW]XEULQJHQ:HU6SUDFKHQXQGVSUDFKOLFKH*HELOGHGHV0LWWHODOWHUV EHUKDXSWXQWHUVXFKWGHUYHURUWHWVLFK²LPSOL]LWRGHUH[SOL]LW²LPPHULP =XVDPPHQKDQJHLQHVGXUFKVHLQHQPHKUVSUDFKLJHQ&KDUDNWHUZHVHQWOLFK EHVWLPPWHQNXOWXUHOOHQ1HW]HVXQGGDPLW²UHIOHNWLHUWRGHUXQUHIOHNWLHUW² LP7KHPHQIHOG¿0HKUVSUDFKLJNHLW¾  =X GLIIHUHQ]LHUHQ XQG JHJHQEHU GHQ %HVFKUHLEXQJVNDWHJRULHQ JH JHQZDUWVVSUDFKOLFK RULHQWLHUWHU PRGHUQHU /LQJXLVWLNHQ ]X SUl]LVLHUHQ LVW HLQVROFKHU8ELTXLWlWVDQVSUXFKGXUFKGLH7\SRORJLVLHUXQJGHUGDPLWXP IDVVWHQ)RUPHQYRQ0XOWLOLQJXDOLWlW*HJHQEHUHLQHUYROOVWlQGLJHQ7\SR ORJLH GLH )DNWRUHQ ZLH GLH =DKO GDV UlXPOLFKJHRJUDSKLVFKH 9HUKlOWQLV XQG YRU DOOHP GLH IXQNWLRQDOHQ %LQGXQJHQ GHU NRH[LVWLHUHQGHQ (LQ]HO VSUDFKHQPLW8QWHUVFKHLGXQJHQZLHGHU]ZLVFKHQ3ULPlUXQG6HNXQGlU VSUDFKOLFKNHLW ]ZLVFKHQ XQPLWWHOEDUHP XQG YHUPLWWHOWHP 6SUDFKNRQWDNW ]ZLVFKHQ LQGLYLGXHOOHU RGHU JHVHOOVFKDIWOLFKHU E]Z JUXSSHQVSH]LILVFKHU BBBBBBBBBBBBB  =X GHQ +LQWHUJUQGHQ ]XVDPPHQIDVVHQG /h', 0HKUVSUDFKLJNHLW >ZLH $QP@ 6I JUXQGOHJHQG$512 %2567'HU7XUPEDXYRQ%DEHO*HVFKLFKWHGHU0HLQXQJHQEHU8U VSUXQJXQG9LHOIDOWGHU6SUDFKHQXQG9|ONHU%GH6WXWWJDUW  'DV LVW $QVlW]HQ PHWKRGLVFK HQWJHJHQ]XKDOWHQ GLH QDFK *UQGHQ GDIU VXFKHQ GDVV 6SUDFKHQYLHOIDOWXQG6SUDFKGLIIHUHQ]HQLQPLWWHODOWHUOLFKHQ4XHOOHQNDXPWKHPDWLVLHUWZHU GHQ²VRGHU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OOH YRQ 0DWHULDO EHU 6SUDFKNRQWDNWHLQ(XURSDELVLQV-DKUKXQGHUWELHWHWDXVGHU3HUVSHNWLYHGHVJH]LHOWHQ (UZHUEVHLQHU9RONVVSUDFKH*/h&.'HXWVFKDOV)UHPGVSUDFKH>ZLH$QP@YJODXFK GHQ6DPPHOEDQG*/h&.'LH9RONVVSUDFKHQDOV/HUQJHJHQVWDQG>ZLH$QP@VRZLHPLW %OLFN DXI GHXWVFKIUDQ]|VLVFKH.RQWDNWH 0$57,1$ %$&.(6 )UHPGH +LVWRULHQ 8QWHUVX FKXQJHQ ]XU hEHUOLHIHUXQJV XQG 5H]HSWLRQVJHVFKLFKWH IUDQ]|VLVFKHU (U]lKOVWRIIH LP GHXWVFKHQ6SlWPLWWHODOWHU7ELQJHQ +HUPDHD1) 6  $XFKIUGLH*HJHQZDUWJLOWª1LFKW(LQVSUDFKLJNHLWVRQGHUQ0HKUVSUDFKLJNHLWVWHOOWGHQ 1RUPDOIDOOGDU(LQVSUDFKLJNHLWLVWHLQNXOWXUEHGLQJWHU*UHQ]IDOOYRQ0HKUVSUDFKLJNHLWXQG =ZHLVSUDFKLJNHLW HLQH 6SLHODUW GHU OHW]WHUHQ© /h', 0HKUVSUDFKLJNHLW >ZLH $QP@ 6 'HU]HLWVLQGPHKUDOVGHU:HOWEHY|ONHUXQJPHKUVSUDFKLJE]ZHUOHEHQ0HKU VSUDFKLJNHLWDOV%HVWDQGWHLOGHVWlJOLFKHQ/HEHQV /h',6 

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



0HKUVSUDFKLJNHLW]ZLVFKHQSDUWLHOOHUXQGYROOHU]ZLVFKHQDNWLYHUOHUQWHU XQG GXUFK ,PPHUVLRQ SDVVLY HUZRUEHQHU 6SUDFKNRPSHWHQ] XQG QLFKW ]XOHW]W]ZLVFKHQPHGLDOHQ6SH]LILNHQXQGKLVWRULVFKHQ6WXIXQJHQNRPEL QLHUHQ PVVWH VHLHQ LP IROJHQGHQ QXU YLHU V\VWHPDWLVFKH .DWHJRULHQ PLWWHODOWHUOLFKHU0XOWLOLQJXDOLWlWEHQDQQWGLHGLHJUXQGOHJHQGHQ.RQWDNW IHOGHUYHUHLQIDFKHQGDEVWHFNHQVROOHQ=X*UXQGHOLHJHQGLHSRODUHQ*H JHQVlW]H]ZLVFKHQGHQ9RONVVSUDFKHQDXIGHUHLQHQXQGGHU%LOGXQJVVSUD FKH /DWHLQ DXI GHU DQGHUHQ 6HLWH VRZLH ]ZLVFKHQ JHVFKULHEHQHU XQG JH VSURFKHQHU6SUDFKH  'HU DQ GLH JHOHKUWH 6FKULIWOLFKNHLW JHEXQGHQH .RQWDNW YRQ /DWHLQ XQG 9RONVVSUDFKH Q  *HPHLQW VLQG DOOH )RUPHQ GHV =XVDPPHQZLUNHQV RGHUGHU.RH[LVWHQ]EHLGHU6SUDFKHQE]Z6SUDFKW\SHQ3URGX]HQWHQXQG 5H]LSLHQWHQVLQGELVLQV+RFKPLWWHODOWHUGLH*UXSSHGHUOLWWHUDWLGLH.RQ WDNWVLWXDWLRQ LVW GXUFK GLH EHUOLHIHUWHQ 4XHOOHQ GRNXPHQWLHUW ,Q GLHVH .DWHJRULH IDOOHQ GLH YRUDQJHKHQG JHQDQQWHQ JXW HUIRUVFKWHQ 7KHPHQ NRPSOH[HYRONVVSUDFKLJH7H[WHLPLQVWLWXWLRQHOOHQXQGLQWHOOHNWXHOOHQ%H ]XJVUDKPHQ ODWHLQLVFKHU %LOGXQJVWUDGLWLRQ GDV 6WXGLXP GHU U|PLVFKHQ .ODVVLNHU LQ GHQ /DWHLQVFKXOHQ hEHUVHW]XQJHQ DXV GHP /DWHLQLVFKHQ LQ HLQH9RONVVSUDFKHRGHUXPJHNHKUWGLHJHPHLQVDPHhEHUOLHIHUXQJODWHLQL VFKHUXQGYRONVVSUDFKLJHU7H[WHRGHUYRONVVSUDFKLJODWHLQLVFKH0LVFKWH[ WH  .RQWDNWHYRQ/DWHLQXQG9RONVVSUDFKH Q LPPQGOLFKHQ%HUHLFK DOVR LQ GHU YHUORUHQHQ JHVSURFKHQHQ 6SUDFKH GHV 0LWWHODOWHUV (LQ OLWHUD WXUZLVVHQVFKDIWOLFKHV RGHU OLQJXLVWLVFKHV 8QWHUVXFKXQJVIHOG HU|IIQHW VLFK KLHUNDXPHUVFKOLH‰EDULVWVHLQH([LVWHQ]DEHUDXVLQGLUHNWHQ=HXJQLVVHQ ²HWZD4XHOOHQEHULFKWHQ²RGHUEHUEHNDQQWHKLVWRULVFKH5DKPHQEHGLQ JXQJHQ'LH.RQWDNWVLWXDWLRQGLHJUXQGVlW]OLFKLPPHUVFKRQGDQQDQ]X BBBBBBBBBBBBB  7\SRORJLVLHUXQJVNULWHULHQ DXV JHJHQZDUWVOLQJXLVWLVFKHU 6LFKW VWHOOW /h', 0HKUVSUDFKLJNHLW >ZLH$QP@6I]XVDPPHQ  9JOREHQ6  =XPPHWKRGLVFKHQ3UREOHPHWZD8/5,.( %2'(0$11./$86 *58%0h//(56FKULIWOL FKH $QOHLWXQJ ]X PQGOLFKHU .RPPXQLNDWLRQ 'LH 6FKOHUJHVSUlFKVEFKOHLQ GHV VSlWHQ 0LWWHODOWHUV,Q3UDJPDWLVFKH6FKULIWOLFKNHLWLP0LWWHODOWHU(UVFKHLQXQJVIRUPHQXQG(QW ZLFNOXQJVVWXIHQ +J YRQ +$*(1 .(//(5 .* XQG 1,.2/$86 67$8%$&+ 0QFKHQ  0QVWHUVFKH0LWWHODOWHU6FKULIWHQ 63(7(59210226'LH.XQVWGHU $QWZRUW ([HPSOD XQG GLFWD LP ODWHLQLVFKHQ 0LWWHODOWHU ,Q '(56 *HVDPPHOWH 6WXGLHQ ]XP0LWWHODOWHU%G5KHWRULN.RPPXQLNDWLRQXQG0HGLDOLWlW+JYRQ*(57 0(/9,/ /(%HUOLQ>]XHUVW@6KLHU6 ª6LQGPLWWHODOWHUOLFKH6SUHFKDNWHUH NRQVWUXLHUEDU"© YJOLQGHVDXFK0,&+$(/ 5,&+7(56SUDFKHXQG*HVHOOVFKDIWLP0LWWHO DOWHU 8QWHUVXFKXQJHQ ]XU PQGOLFKHQ .RPPXQLNDWLRQ LQ (QJODQG YRQ GHU 0LWWH GHV HOIWHQ ELV ]XP %HJLQQ GHV YLHU]HKQWHQ -DKUKXQGHUWV 6WXWWJDUW  0RQRJUDSKLHQ ]XU *HVFKLFKWHGHV0LWWHODOWHUV *H]LHOWZlKOW'(56.RPPXQLNDWLRQVSUREOHPHLPODWHL QLVFKHQ0LWWHODOWHU,Q6WXGLHVLQ0HGLHYDO/DQJXDJH>ZLH$QP@6>]XHUVW@ %HLVSLHOHGHV.RQWDNWVYRQ/DWHLQXQG9RONVVSUDFKHLPPQGOLFKHQ%HUHLFK]XP*HJHQ VWDQGYJOEHUGLHLPIROJHQGHQJHQDQQWHQKLQDXVGLHGRUWJHVDPPHOWHQ4XHOOHQEHOHJH



&+5,67,1(387=2

VHW]HQ LVW ZHQQ PQGOLFKH 9HUZHQGXQJ GHV /DWHLQLVFKHQ JUHLIEDU ZLUG LVW QLFKW DXI GLH *UXSSH GHU 6FKULIWJHOHKUWHQ EHVFKUlQNW 'HQNEDUH 'R PlQHQ VLQG HWZD *HULFKWVYHUKDQGOXQJHQ .RQ]LOLHQ LQWHUQDWLRQDOH 'LSORPDWLH +DQGHOVEHJHJQXQJHQ GLH .RPPXQLNDWLRQ LQQHUKDOE GHU KLHUDUFKLVFKHQ .LUFKHQRUJDQLVDWLRQ GLH 5H]HSWLRQ GHU ODWHLQLVFKHQ /L WXUJLHGXUFK/DLHQ²HLQHUVHLWVRKQH9HUVWlQGQLVGHV:RUWODXWVDQGHUHU VHLWV LQ hEHUVHW]XQJHQ ªLP %HUHLFK VSRQWDQHU 0QGOLFKNHLW© ² YRONV VSUDFKLJH SDUDOLWXUJLVFKH 7H[WH DOV (UZHLWHUXQJ GHU ODWHLQLVFKHQ /LWXU JLHODWHLQLVFKHRGHU]ZHLVSUDFKLJH3UHGLJWHQIU/DLHQ]ZHLVSUDFKLJH BBBBBBBBBBBBB  $Q HLQHP VSlWPLWWHODOWHUOLFKHQ %HLVSLHO GHQ GUHLVSUDFKLJ ODWHLQLVFKGHXWVFKIUDQ]|VLVFK  JHIKUWHQ9HUKDQGOXQJHQLP%HUQHU-HW]HUSUR]HVVQDFKGHQ3UR]HVVDNWHQDXVIKUOLFKDQD O\VLHUWEHL.$7+5,175(0387=:HOFKH6SUDFKHVSULFKWGLH-XQJIUDX0DULD"6SUDFKJUHQ ]HQXQG6SUHFKNHQQWQLVVHLPEHUQLVFKHQ-HW]HUKDQGHO  ,Q6FKZHL]HULVFKH=V IU*HVFKLFKWH  6  9JOHWZD-2+$11(6 +(/05$7+ .RPPXQLNDWLRQDXIGHQVSlWPLWWHODOWHUOLFKHQ.RQ]LOL HQ ,Q 'LH %HGHXWXQJ GHU .RPPXQLNDWLRQ IU :LUWVFKDIW XQG *HVHOOVFKDIW +J YRQ +$16 32+/ 6WXWWJDUW  5HIHUDWH GHU $UEHLWVWDJXQJ GHU *HVHOOVFKDIW IU 6R]LDO XQG :LUWVFKDIWVJHVFKLFKWH   6 %(=1(5 5KHWRULVFKH XQG VWLOLVWLVFKH 3UD[LV >ZLH $QP@6  9JOHWZD3$8/ &+5,6723+(56(17KH6SRNHQ:RUGLQ,QWHUQDWLRQDO&RQWDFWVLQ&DUR OLQJLDQ (XURSH ,Q 1RUWK :HVWHUQ (XURSHDQ /DQJXDJH (YROXWLRQ    6 EHUDQJHOVlFKVLVFKDOWQLHGHUGHXWVFKGlQLVFKURPDQLVFKH.RQWDNWHZlKUHQGHLQHU%HJHJ QXQJ2WWRVGHV*UR‰HQPLW/XGZLJ,9YRQ)UDQNUHLFKLQ9LVpDQGHU0HXVH   9JO GHQ6DPPHOEDQG /DQJXDJH&RQWDFW7KURXJK7UDGHLQWKH/DWH0LGGOH$JHV0LGGOH /RZ *HUPDQ DQG 2WKHU 1RUWK (XURSHDQ /DQJXDJHV +J YRQ / $85$ :5,*+7 (5167 +c.21-$+5%HUOLQ1HZZLH$QP@6²'DVVPDQVLFKGHU:LUNPDFKWDXFKXQYHUVWDQGHQHUODWHL QLVFKHU6SUDFKHEHULKUHEOR‰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QFKHQ 0QFKHQHU7H[WHXQG8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUGHV0LWWHO DOWHUV 6XQG/b+1(0$110LVFKWH[WXQG=ZHLVSUDFKLJNHLW>ZLH$QP@  6,(*)5,(' :(1=(/ 0DFDURQLF 6HUPRQV %LOLQJXDOLVP DQG 3UHDFKLQJ LQ /DWH0HGLHYDO (QJODQG$QQ$UERU$0DFDURQLF6HUPRQ&ROOHFWLRQIURP/DWH0HGLHYDO(QJODQG 2[IRUG06%RGOH\+JYRQ3$75,&. - +251(57RURQWR 6WXGLHVDQG7H[WV

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



JHLVWOLFKH 6SLHOH LQ GHU 6LWXDWLRQ LKUHU $XIIKUXQJ GLH NRUUHVSRQGLH UHQGHQ$XI]HLFKQXQJHQKLQJHJHQIDOOHQLQ.DWHJRULH GLHJHVSURFKHQH 9RONVVSUDFKH XQG GDV JHVSURFKHQH /DWHLQ LQ GHU /DWHLQVFKXOH RGHU PQGOLFKH'LVSXWDWLRQHQLP8QLYHUVLWlWVEHWULHE(LQH=ZLVFKHQVWHOOXQJ QLPPWGLH*DWWXQJGHUª6FKOHUJHVSUlFKVEFKOHLQ©GHVVSlWHQ0LWWHODOWHUV HLQ LQ GHQHQ /DWHLQVFKOHUQ ODWHLQLVFKH 5HGHDQOHLWXQJHQ IU GHQ $OOWDJ HWZDLP*HVSUlFKPLWGHP/HKUHUJHERWHQZHUGHQ,P*UHQ]EHUHLFK YRQ 0QGOLFKNHLW XQG 6FKULIWOLFKNHLW OLHJW DXFK GHU IU GDV 5HFKWVZHVHQ JHOHJHQWOLFK GRNXPHQWLHUWH )DOO ODWHLQLVFKHU $XI]HLFKQXQJ HLQHV YRONV VSUDFKLJHQ PQGOLFK YRUJHWUDJHQHQ 7H[WHV VRZLH XPJHNHKUW GHU YRONV VSUDFKLJH9RUWUDJQDFKODWHLQLVFKHPVFKULIWOLFKHQ.RQ]HSW  6FKULIWJHEXQGHQHRGHUYHUVFKULIWHWH.RQWDNWHPHKUHUHU9RONVVSUD FKHQ(KHUHLQHQ6RQGHUIDOOELOGHWKLHUGLH6SUDFKVLWXDWLRQ*UR‰EULWDQQL HQV GDV GDV JDQ]H 0LWWHODOWHU KLQGXUFK HLQH NRQWLQXLHUOLFKH YHUEXQGHQH 6FKULIWWUDGLWLRQ ]ZHLHU 9RONVVSUDFKHQ QHEHQ GHP /DWHLQLVFKHQ  EHVLW]W GLH VLFK DXFK DXI GDV 9HUZDOWXQJVVFKULIWWXP HUVWUHFNW 7\SLVFK LVW GD BBBBBBBBBBBBB  )5$1&2 025(1=21,/HVSUpGLFDWHXUVHWOHXUVODQJXHVjODILQGX0R\HQÇJH,Q 9210226=ZLVFKHQ%DEHOXQG3ILQJVWHQ>ZLH$QP@6  .$36=ZHLVSUDFKLJNHLW>ZLH$QP@EHVRQGHUV6  =X GLHVHP 3UREOHPNRPSOH[ JUXQGOHJHQG +(1.(/ 'HXWVFKH hEHUVHW]XQJHQ >ZLH $QP@6]XP9HUKlOWQLVYRQ0QGOLFKNHLWXQG6FKULIWOLFKNHLWLP6FKXOXQWHU ULFKWMHW]W%$/'=8+16FKXOEFKHULP7ULYLXP>ZLH$QP@9JODXFK+(1.(/3$/ 0(5 /DWHLQ XQG 9RONVVSUDFKH >ZLH $QP@ 6I PLW $QP IHUQHU ,50*$5' :(,7+$6(=XU*HVFKLFKWHGHUJHVSURFKHQHQGHXWVFKHQ6SUDFKH%GH7ELQJHQ KLHU %G 6 VRZLH 7+20$6 (+/(1 6SUDFKH ² 'LVNXUV ² 7H[W LP YRUOLHJHQGHQ %DQG 6I PLW $QP ² 6NHSWLVFK ]XU )UDJH HLQHV JHVSURFKHQHQ /DWHLQV 7+20$6 +$ZLH$QP@%G  6 ª/DWHLQDOVJHVSURFKHQH6SUDFKH©   9JO'LVSXWDWLR)RUP)XQNWLRQXQG:LUNXQJHLQHV/HLWPHGLXPVXQLYHUVLWlUHU :LVVHQVNXOWXU+JYRQ0$5,21 *,1'+$57XQG8568/$ .81'(57 %HUOLQ1HZZLH $QP @ 6 =LWDW 6  %HOHJH DXVGHP%HUHLFKGHU YRONV VSUDFKLJHQ9DULHWlWHQ)UDQNUHLFKVILQGHQVLFKEHL/(%6$1)7'LHHLJHQHXQGGLHIUHPGHQ 6SUDFKHQ >ZLH $QP@ 6I %HOHJH DXV GHP %HUHLFK GHU GHXWVFKHQ 9DULHWlWHQ EHL 6&+1(//9RP1LFKWXQG0LVVYHUVWHKHQ>ZLH$QP@6IHLQHZDKUH0DWHULDOIOOH WUlJW%2567'HU7XUPEDXYRQ%DEHO>ZLH$QP@SDVVLP]XVDPPHQ'DWHQDXVGHP )HOG IUDQ]|VLVFKGHXWVFKHU .RQWDNWH VDPPHOW XQG DQDO\VLHUW %$&.(6 )UHPGH +LVWRULHQ >ZLH$QP@6=XP6RQGHUIDOOYHUQDNXODUHU6SUDFKNRQWDNWHEHL)HUQUHLVHQHWZD

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



VFKHQ 0LWWHOQ GDEHL XQJOHLFK VFKZHUHU ]X EHOHJHQ *H]LHOWH =XJULIIH HU ODXEWMHGRFKGLH7RSRQ\PIRUVFKXQJGLHDQKDQGGHV/DXWVWDQGHVVFKULIW OLFKEH]HXJWHU2UWVQDPHQKLVWRULVFKH6SUDFKVLWXDWLRQHQXQG6SUDFKLQWHU IHUHQ]HQUHNRQVWUXLHUHQNDQQ,QGLUHNWH%HOHJHELHWHQGDQHEHQ)lOOHZLH GLHLQGHQ¿.DVVHOHU*HVSUlFKHQ¾XQGGHQ¿3DULVHU*HVSUlFKHQ¾HUKDOWHQHQ DOWKRFKGHXWVFK ODWHLQLVFKHQ  0XVWHUVlW]H )ROJW PDQ GHU 'HXWXQJ QDFK GHU HV VLFK XP .RQYHUVDWLRQVDQOHLWXQJHQ IU 5HLVHQGH DXV GHP URPDQL VFKHQ 6SUDFKJHELHW KDQGHOW EH]HXJHQ VLH XQDEKlQJLJ GDYRQ RE PDQ GLHYXOJlUODWHLQLVFKHQ3DUWLHQDOV=HXJQLVVHJHVSURFKHQHU6SUDFKHRGHUDOV 5FNJULII DXI GLH OLQJXD IUDQFD YHUVWHKW ² IU OHW]WHUHV VSULFKW GHU =XVDW] LWDORURPDQLVFKHU/HPPDWDLQGHQ¿.DVVHOHU*ORVVHQ¾²LQHUVWHU/LQLHGHQ .RQWDNW]ZHLHUJHVSURFKHQHU6SUDFKHQXQGQXULQ]ZHLWHUGHQGHXWVFK ODWHLQLVFKHQ.RQWDNWGHU6FKULIWIRUPGLHVLHYHUPLWWHOW-QJHUH%HLVSLHOH lKQOLFKHQ 7\SV VLQG HWZD GDV 6SUDFKOHKUEXFK *HRUJV YRQ 1UQEHUJ   GDV ODWHLQLVFKLWDOLHQLVFKWVFKHFKLVFKGHXWVFKH ¿9RFDEXODULXP 4XDGULOLQJXH¾ -RKDQQV YRQ 0RVEDFK QDFK   RGHU $GDPV YRQ 5RWWZHLOGHXWVFKLWDOLHQLVFKHU6SUDFKIKUHU¿,QWURLWRHSRUWD¾  XQG GHVVHQYLHOIlOWLJH$GDSWDWLRQHQDXFKLQDQGHUHQHXURSlLVFKHQ6SUDFKHQ BBBBBBBBBBBBB LP 5DKPHQ GHU FKULVWOLFKHQ 0LVVLRQ RGHU DXI .UHX]]JHQ YJO ]XOHW]W .$ZLH$QP@ %G6  9JOGHQ%HLWUDJYRQ:2/)*$1* +$8%5,&+6LPYRUOLHJHQGHQ%DQG GD]XDXFKQDFKIRO JHQG  GHU ]ZHLVSUDFKLJ JHUPDQLVFKURPDQLVFKH 6SUDFKLQVHOQ GHV IUKHQ 0LWWHODOWHUV DQ KDQG YRQ 7RSRQ\PDQDO\VHQ QDFKZHLVHQ NDQQ VRZLH GLH XPIlQJOLFKHQ /LWHUDWXUKLQZHLVH HEG  67()$1621'(5(**(55HIOH[HJHVSURFKHQHU6SUDFKHLQGHUDOWKRFKGHXWVFKHQ/LWHUDWXU ,Q)UKPLWWHODOWHUOLFKH6WXGLHQ  6+(//*$5'70HKUVSUDFKLJNHLW>ZLH $QP @ 6 YJO PLW $XIDUEHLWXQJ ZHLWHUHU /LWHUDWXU IHUQHU GHQ %HLWUDJ YRQ (&. +$5' 0(,1(.( LP YRUOLHJHQGHQ %DQG GRUW 6I VRZLH */h&. 0LWWHODOWHUOLFKH =HXJQLVVH>ZLH$QP@6  (LQ )UDQNH LQ 9HQHGLJ 'DV 6SUDFKOHKUEXFK GHV *HRUJ YRQ 1UQEHUJ   XQG VHLQH )ROJHQ+JYRQ+(/087*/h&.XQG%(77,1$025&,1(.:LHVEDGHQ )HPGVSUD FKHQLQ*HVFKLFKWHXQG*HJHQZDUW   9JO +(/087 */h&. >XD@ 'HXWVFKH 6SUDFKEFKHU LQ %|KPHQ XQG 0lKUHQ YRP -DKUKXQGHUW ELV  (LQH WHLONRPPHQWLHUWH %LEOLRJUDSKLH %HUOLQ 1HZ ZLH$QP@6I$1'5e '5(:(/2:6.ZLH$QP@69JOREHQ6  9JO PLW %H]XJ DXI GLH 5RPDQLVWLN DXV OLQJXLVWLVFKHU 3HUVSHNWLYH VR DXFK )5$1.-2% 0HKUVSUDFKLJNHLW>ZLH$QP@DQGHUVDN]HQWXLHUWGLHOLWHUDWXUXQGNXOWXUZLVVHQVFKDIWOL FKHQ 3OlGR\HUV YRQ +(1'5,. %,586 0HGLlYLVWLVFKH .RPSDUDWLVWLN ² ªXQP|JOLFK DEHU GDQNEDU©" ,Q 0HGLlYLVWLVFKH .RPSDUDWLVWLN )HVWVFKULIW IU )UDQ] -RVHI :RUVWEURFN ]XP *HEXUWVWDJ+JYRQ:2/)*$1* +$506>XD@6WXWWJDUW/HLS]LJ6XQG )5,7=3(7(5.1$330HGLlYLVWLVFKH.RPSDUDWLVWLN(LQ3OlGR\HU,Q-EIULQWHUQDWLRQD OH*HUPDQLVWLN  6  +(1.(/3$/0(5/DWHLQXQG9RONVVSUDFKH>ZLH$QP@

0HKUVSUDFKLJNHLWLPHXURSlLVFKHQ.RQWH[W



ULXPVELOGXQJ GXUFK GLH /LQJXLVWLNHQ GHU *HJHQZDUWVVSUDFKHQ hEHU JUHLIHQGH GK WH[WSKLORORJLVFKH OLWHUDWXUZLVVHQVFKDIWOLFKH XQG OLQJXLVWL VFKH .RPSHWHQ] YHUHLQLJHQGH LQWHUGLV]LSOLQlU YHUQHW]WH 8QWHUVXFKXQ JHQ GLH VLFK EHUGLHV QLFKW DXI HLQHQ GHU EHQDQQWHQ7\SHQ EHVFKUlQ NHQ DEHU VWHKHQ DXV 0LWWHODOWHUOLFKH 0HKUVSUDFKLJNHLW DOV VWUXNWXUHOOHV 3KlQRPHQ LVW ]XP HLJHQWOLFKHQ VHOEVW]ZHFNOLFKHQ (UNHQQWQLVLQWHUHVVH GHUPHGLlYLVWLVFKHQ'LV]LSOLQHQELVKHUQLFKWDYDQFLHUW  'HU YRUOLHJHQGH $XIVDW]EDQG WULWW LQVRIHUQ LQ HLQH V\PSWRPDWLVFKH /FNH GLH YRQ EHUHLWV YRUOLHJHQGHQ RGHU LQ 9RUEHUHLWXQJ EHILQGOLFKHQ 6DPPOXQJHQ]X¿0HKUVSUDFKLJNHLWLQGHU$QWLNH¾XQG¿0HKUVSUDFKLJNHLWLQ GHU 5HQDLVVDQFH¾ XPUDKPW ZLUG RKQH VLH LQGHV DXFK QXU DQQlKHUQG VFKOLH‰HQ ]X N|QQHQ 'DV 'HVLGHUDW HLQHU WKHPDWLVFK IRNXVVLHUHQGHQ KLVWRULVFK GLIIHUHQ]LHUHQGHQ (UIDVVXQJ PLWWHODOWHUOLFKHU0HKUVSUDFKLJNHLW GLH HLQ )RUVFKXQJVIHOG UHJHOUHFKW EHJUQGHQ ZUGH NDQQ DXFK GLH IRO JHQGH EHUJUHLIHQG DQJHOHJWH 6HNWLRQ QLFKW HLQO|VHQ 6LH YHUPDJ LKP GXUFKHLQH$XVZDKOYRQ(LQ]HOEHLWUlJHQDQJOLVWLVFKHUURPDQLVWLVFKHUXQG JHUPDQLVWLVFKHUOLQJXLVWLVFKZLHOLWHUDWXUZLVVHQVFKDIWOLFKYRUJHKHQGHU%HL WUlJH]XXQWHUVFKLHGOLFKHQ7KHPHQIHOGHUQXQG0HWKRGHQOHGLJOLFKDVSHNW KDIW]XEHJHJQHQ  'HU EHVRQGHUHQ KLVWRULVFKOLQJXLVWLVFKHQ 6LWXDWLRQ *UR‰EULWDQQLHQV JHOWHQ GLH %HLWUlJH *(5127 58'2/) :,(/$1'V XQG 721XD@ .RQWDNWOLQJXLVWLN >ZLH $QP@XQG$0021>XD@6R]LROLQJXLVWLN>ZLH$QP@9HUZLHVHQVHLIHUQHUDXIGLHHLQ VFKOlJLJHQ 3URMHNWH GHV VHLW  EHVWHKHQGHQ 6RQGHUIRUVFKXQJVEHUHLFKV  ª0HKUVSUD FKLJNHLW© DQ GHU 8QLYHUVLWlW +DPEXUJ KWWSZZZXQLKDPEXUJGHVIE PLW 3XEOLNDWLRQVYHU]HLFKQLV  VRZLH GHV (8JHI|UGHUWHQ )RUVFKXQJVYHUEXQGHV ª'ZLH$QP@6I  /h', 0$7+ZLH$QP@0HKUVSUDFKLJ NHLWLQGHU5HQDLVVDQFH+JYRQ&+5,67,$1( 0$$66XQG$11(77 92/0(5+HLGHOEHUJ  *HUPDQLVFK5RPDQLVFKH 0RQDWVVFKULIW %HLKHIWH   PLW EHUZLHJHQG LWDOLDQLVWL VFKHQ%HLWUlJHQ YJODXFK/DWHLQXQG1DWLRQDOVSUDFKHLQGHU5HQDLVVDQFH9RUWUlJHGHV :ROIHQEWWHOHU6\PSRVLRQVLQGHU+HU]RJ$XJXVW%LEOLRWKHN:ROIHQEWWHOYRPELV 6HSWHPEHU+JYRQ%2'2 *87+0h//(5:LHVEDGHQ :ROIHQEWWHOHU$E KDQGOXQJHQ ]XU 5HQDLVVDQFHIRUVFKXQJ  VRZLH DXVEOLFNKDIW 0HKUVSUDFKLJNHLW LQ GHU GHXWVFKHQ$XINOlUXQJ9RUWUlJHGHUVHFKVWHQ-DKUHVWDJXQJGHU'HXWVFKHQ*HVHOOVFKDIWIU GLH(UIRUVFKXQJGHVDFKW]HKQWHQ-DKUKXQGHUWVYRP1RYHPEHULQGHU+HU]RJ $XJXVW %LEOLRWKHN LQ :ROIHQEWWHO +J YRQ ',(7(5 .,03(/ +DPEXUJ  6WXGLHQ ]XP DFKW]HKQWHQ -DKUKXQGHUW   ² (LQ YRQ .(,7+ %86%«@WRVHHNWKHHYLGHQFHIRUWKLVFRQWDFW >EHWZHHQ$QJOR6D[RQVDQG&HOWV@LQWKH(QJOLVKODQJXDJHLQYHVWLJDWLRQ\LHOGVYHU\PHDJHU UHVXOWV 6XFK HYLGHQFH DV WKHUH LV VXUYLYHV FKLHIO\ LQ SODFHQDPHV >«@ 2XWVLGH RI SODFH QDPHVKRZHYHUWKHLQIOXHQFHRI&HOWLFXSRQWKH(QJOLVKODQJXDJHLVDOPRVWQHJOLJLEOH©  %$8*+ &$%/( $ +LVWRU\ >DV QRWH @ S  ª>,@Q WKH 6FDQGLQDYLDQ LQIOXHQFH RQ WKH (QJOLVKODQJXDJHZHKDYHWRGRZLWKWKHLQWLPDWHPLQJOLQJRIWZRWRQJXHV7KHUHVXOWVDUH MXVWZKDWZHVKRXOGH[SHFWZKHQWZRUDWKHUVLPLODUODQJXDJHVDUHVSRNHQIRUXSZDUGVRI WZRFHQWXULHVLQWKHVDPHDUHD©



*(512758'2/):,(/$1'

:KDWDERXWWKHODQJXDJHZKLFKDFFRUGLQJWR%HGHZDVFRPPRQWR WKHPDOO"/DWLQFOHDUO\ZDVDODQJXDJHQRWVSRNHQRUXQGHUVWRRGE\SHDV DQWV PHUFKDQWV DQG PRVW QREOHV /DWLQ ZDV WKH ODQJXDJH RI WKH FOHUJ\ DQGZDVRULJLQDOO\EURXJKWWR(QJODQGE\5RPDQDQG,ULVKPLVVLRQDULHV 8QOLNHDQ\RIWKHRWKHUODQJXDJHV/DWLQZDVQRWDOLYLQJODQJXDJHWREH OHDUQHGDWRQH·VPRWKHU·VNQHHV$VWKHODQJXDJHRIUHOLJLRQKRZHYHULW GLGKDYHDSURIRXQGLQIOXHQFHRQWKH$QJOR6D[RQVDWOHDVWLQWHUPVRI YRFDEXODU\,QWKLVSDSHU,ZRXOGOLNHWRFRQFHQWUDWHRQWKHZD\WKH$Q JOR6D[RQVUHJDUGHG/DWLQOHDUQHGLWDQGHYHQWXDOO\LQWHJUDWHGSDUWVRILW LQWRWKHLURZQODQJXDJH7KRXJKWKH$QJOR6D[RQVKDGPDVWHUHG/DWLQDV HDUO\DVWKHVHYHQWKFHQWXU\IRUWKLVSDSHU,VKDOOOLPLWP\VHOIWRWKHWLPH RI$OIUHGWRWKHOZHDUGWKDWLVURXJKO\WRWKHFHQWXU\IURPDERXWWR WKH 7KLVWRSLFKDVEHHQGLVFXVVHGSUHYLRXVO\RQFHLQE\'$ %8/ /28*+DQGDVHFRQGWLPHLQE\0 /$3,'*(7KHSUHVHQWSDSHU FRXOG QRW KDYH EHHQ ZULWWHQ ZLWKRXW WKH SLRQHHULQJ ZRUN RI WKHVH WZR HPLQHQWVFKRODUV%8//28*+·VSDSHUZKLOHVWLOOYHU\XVHIXOLVVRPHZKDW GDWHGLQWKDWLPSRUWDQWVWXGLHVRQWKHUHLJQRI$WKHOVWDQZHUHQRWDYDLO DEOHWRKLP\HW/$3,'*(·VDUWLFOHSUHVHQWVDYHULWDEOHFRUQXFRSLDRILQ IRUPDWLRQWKHSUHVHQWHVVD\GLIIHUVIURPKLVLQWKHLQWHUSUHWDWLRQRIVRPH RIWKHGDWDDQGDJUHDWHUHPSKDVLVRQWKHELOLQJXDOHGXFDWLRQRIWKH$Q JOR6D[RQV $FFRUGLQJWR$OIUHG·VELRJUDSKHU$VVHUWKHNLQJZDVPRVWLQWHUHVWHG LQ HGXFDWLRQ HYHQ ZKHQ KHZDV VWLOO D FKLOG +LV PRWKHU VXSSRVHGO\ RQH GD\ VKRZHG KLP DQG KLV EURWKHUV D ERRN RI (QJOLVK SRHWU\ FDUPLQD VD[RQLFDLQ$VVHU·V/DWLQ DQGVDLGª,VKDOOJLYHWKLVERRNWRZKLFKHYHURQH RI\RXFDQOHDUQLWWKHIDVWHVW©$OIUHGWRRNWKHERRNWRKLVWHDFKHUDQG OHDUQW LW PDJLVWUXP DGLLW HW OHJLW  1HHGOHVV WR VD\ $OIUHG ZRQ WKH FRQWHVW DQGUHFHLYHGWKHERRNZKLFKKHOGDVSHFLDODWWUDFWLRQIRUKLPEHFDXVHRI WKHEHDXW\RILWVLQLWLDOOHWWHU7KHVWRU\LVKLJKO\SUREOHPDWLFDOIRUVHYHUDO UHDVRQV WKHOZXOI UHPDUULHG LQ  ZKLFK PHDQV WKDW $OIUHG·V PRWKHU BBBBBBBBBBBBB  7KH(GXFDWLRQDO7UDGLWLRQLQ(QJODQGIURP$OIUHGWR$HOIULF7HDFKLQJ8WULXVTXH/LQJXDH ,Q/D6FXRODQHOO·2FFLGHQWH/DWLQRGHOO·$OWR0HGLRHYR$SULOH9RO6SROHWR  6HWWLPDQHGL6WXGLRGHO&HQWUR,WDOLDQRGL6WXGLVXOO·$OWR0HGLRHYR SS  0,&+$(/ /$3,'*(6FKRROV/HDUQLQJDQG/LWHUDWXUHLQ7HQWK&HQWXU\(QJODQG,Q,' $QJOR/DWLQ/LWHUDWXUH/RQGRQ5LR*UDQGHSS  7KHVHDUH0,&+$(/ /$3,'*(6RPH/DWLQ3RHPVDV(YLGHQFHIRUWKH5HLJQRI$WKHOVWDQ ,Q,'$QJOR/DWLQ/LWHUDWXUH>DVQRWH@SSDQG6,021 .(«@>:@KHQKHZDVROGHU>«@KHKDGWKH WHDFKHUVDQGVFULEHV>«@EXWKHZDVXQDEOHWRVWXG\©:KRWKHQZDVWKH PDJLVWHUZKRP$OIUHGDSSURDFKHGDWWKHWHQGHUDJHRIVL[RU\RXQJHU"2U GR ZH KDYH WR GDWH WKH HYHQW ODWHU ZKHQ $OIUHG ZDV DERXW WZHOYH \HDUV ROG"%\WKDWWLPHKRZHYHUKLVPRWKHUZDVGHDGDQGWKHRQO\ªPRWKHU© ZKR FRXOG KDYH RIIHUHG WKH ERRN ZRXOG KDYH EHHQ -XGLWK GDXJKWHU RI &KDUOHVWKH%DOG,QKRZHYHUVKHQRORQJHUZDV$OIUHG·VVWHSPRWKHU EHFDXVH DIWHU KDYLQJ EHHQ KLV VLVWHULQODZ IURP  WR  VKH KDG UH WXUQHG WR WKH FRQWLQHQW (YHQ LI ZH FDQQRW DFFHSW $VVHU·V VWRU\ RI WKH FRQWHVWOLWHUDOO\LWQRQHWKHOHVVVKRZVWKDWDOHJHQGKDGJURZQXSDURXQG $OIUHGDVRQHZKRZDVLQWHUHVWHGLQERRNVLQUHDGLQJDQGLQYHUQDFXODU SRHWU\,QOHJHQGDWOHDVWKHFDQWKXVEHVKRZQWREHLQWHUHVWHGLQWKH2OG (QJOLVKVLGHRIELOLQJXDOHGXFDWLRQIURPKLVHDUOLHVW\RXWKRQZDUG $VVHU DOVR UHSRUWV WKDW $OIUHG OHDUQHG WKH ª¿GDLO\ URXQG¾ WKDW LV WKH VHUYLFHVRIWKHKRXUVDQGWKHQFHUWDLQSVDOPVDQGPDQ\SUD\HUVWKHVHKH FROOHFWHGLQDVLQJOHERRNZKLFKKHNHSWE\KLPGD\DQGQLJKW©8QIRU WXQDWHO\WKHELRJUDSKHUGRHVQRWVWDWHH[DFWO\ZKHQWKLVKDGKDSSHQHG QRU GRHV KH PHQWLRQ WKH ODQJXDJH RI WKH VHUYLFHV SVDOPV DQG SUD\HUV 7KH FOHUJ\ ZRXOG KDYH XVHG /DWLQ IRU WKHVH DQG WKXV LW LV SRVVLEOH WKDW $OIUHG OHDUQHG /DWLQ ªLQ KLV \RXWK©%XW HYHQ LI $OIUHG OHDUQHG RQO\ 2OG (QJOLVKWUDQVODWLRQVRIWKHVHUYLFHVSVDOPVDQGSUD\HUVWKHUHSRUWLVVWLOO LPSRUWDQWEHFDXVHLQOHDUQLQJWKHP$OIUHGZDVPDGHDZDUHRI/DWLQDVWKH ªRWKHU© ODQJXDJH (YHQWXDOO\ LQ WKH \HDU  ZKHQ $OIUHG ZDV  \HDUV ROG KH GLG OHDUQ WR ªUHDG DQG WR WUDQVODWH© /DWLQ WKURXJK GLYLQH LQVSLUD WLRQ 7KLV DFFRXQW WRR VHHPV WR EHORQJ PRUH WR WKH UHDOP RI OHJHQG BBBBBBBBBBBBB  2QDFULWLTXHRIWKLVVWRU\LQ$VVHUVHH$/)5('360DVQRWH@SFKDSWHU  ,QFKDSWHU$VVHUPHQWLRQVªLQKLV\RXWK©.(DVQRWH@SFKDSWHUVI



*(512758'2/):,(/$1'

WKDQ RI UHDOLW\ EXW WKH OHJHQG VKRZV D NLQJ NHHQ RQ OHDUQLQJ FDUPLQD VD[RQLFDRQFROOHFWLQJERRNVDQGRQUHDGLQJDQGWUDQVODWLQJ/DWLQ/HJHQG VKRZVXVDNLQJZKRHPEUDFHGELOLQJXDOLVPDQGªWKURXJKGLYLQHLQVSLUD WLRQ©PDVWHUHGLW )RUWXQDWHO\ ZH GR QRW KDYH WR UHO\ RQ OHJHQG DORQH WR GHPRQVWUDWH WKDW$OIUHGFRQVLGHUHGELOLQJXDOLVPDZRUWK\JRDOERWKIRUKLPVHOIDQGKLV QDWLRQVLQFHZHKDYHKLVRZQZRUGVRQWKLVVXEMHFW,QWKH3UHIDFHWRKLV WUDQVODWLRQ RI *UHJRU\ WKH *UHDW·V ¿&XUD 3DVWRUDOLV¾ $OIUHG ODPHQWV WKH GHFOLQHRIOHDUQLQJLQ(QJODQGDQGRXWOLQHVDSURJUDPPHRIUHIRUP+HUH LVWKHUHOHYDQWTXRWDWLRQ )RUé\ PH é\QFé EHWUH JLI LRZ VZ  é\QFé é W ZH HDF VXP  EHF éD éH QLHGEHéHDUIRVWD VLHQ HDOOXPPRQQXPWRZLRWRQQHé WZHéDRQé WJHéLRGHZHQGHQéHZHHDOOHJHFQDZDQP JHQ  JHGRQVZ ZHVZLéHHDéHPDJRQPLG*RGHVIXOWXPHJLIZHéDVWLOQHVVHKDEEDéé W>WH@HDOOVLR JLRJXééHQXLVRQ$QJHOF\QQHIULRUDPRQQDéDUDéHéDVSHGDK EEHQé WKLHé PEHIHRODQ P JHQVLHQWROLRUQXQJDRéI VWHéDKZLOHéHKLHWRQDQUHRéHUUHQRWHQHP JHQRééRQHILUVWéH KLH ZHO FXQQHQ (QJOLVF JHZULW DU GDQ O UH PRQ VLééDQ IXUéXU RQ / GHQJHéLRGH éD éH PRQ IXUéRUO UDQZLOOH WRKLHUDQKDGHGRQZLOOH ª7KHUHIRUHLWVHHPVEHWWHUWRPHLILWVHHPVVRWR\RXDVZHOOWKDWZHDOVRWUDQV ODWHVRPHERRNVZKLFKDUHPRVWQHFHVVDU\IRUDOOPHQWRNQRZLQWRWKHODQJXDJH ZKLFKZHDOOFDQXQGHUVWDQGDQGWKDWZHEULQJLWDERXWDVZHHDVLO\FDQGRZLWK *RG·V KHOS LI ZH KDYH SHDFH WKDW DOO WKH FKLOGUHQ RI IUHH PHQ ZKR DUH QRZ LQ (QJODQG ZKR KDYH WKH PHDQV WR DSSO\ WKHPVHOYHV WR LW EH UHTXLUHG WR JR WR VFKRRODVORQJDVWKH\DUHQRWFDSDEOHRIDQ\RWKHUHPSOR\PHQWDQGUHPDLQWKHUH XQWLOWKH\FDQUHDG(QJOLVKWH[WVZLWKRXWGLIILFXOW\/DWLQFDQDIWHUZDUGVEHWDXJKW WRWKRVHZKRPRQHZLVKHVWRWHDFKIXUWKHUDQGZKRPRQHZLVKHVWRDGYDQFHWR KLJKHURUGHUV©

%LOLQJXDOLVP LV SURJUDPPHG LQWR ERWK VWHSV RI WKLV UHIRUP 7KH ERRNV ªZKLFKDUHPRVWQHFHVVDU\IRUDOOPHQWRNQRZ©DUHWUDQVODWHGIURP/DWLQ LQWR2OG(QJOLVK,QWKHILUVWVWHSWKHFKLOGUHQRIIUHHPHQDUHWROHDUQWR UHDG (QJOLVKVRWKDW WKH\ FDQ EHQHILWIURP WKHVH WUDQVODWLRQV DQG KHQFH IURP WKH OHDUQLQJ WKDW SUHYLRXVO\ KDG EHHQ DYDLODEOH RQO\ WR WKRVH ZKR NQHZ/DWLQ7KLVVWHSRQHPLJKWFDOOªPRQROLQJXDOELOLQJXDOLVP©ZKLFKLV WKH FRPPXQLFDWLRQ RI D IRUHLJQ FXOWXUH·V HVVHQFH LQ RQH·V RZQ ODQJXDJH KHUH WKH HVVHQFH RI WKH &KULVWLDQ /DWLQ FXOWXUH FRPPXQLFDWHG LQ 2OG (QJOLVK  ,Q WKH VHFRQG VWHS /DWLQ LV WR EH WDXJKW WR WKRVH ªZKRP RQH ZLVKHV WR WHDFK IXUWKHU© ZKLFK SUHVXPDEO\ PHDQV WR WKRVH ZKR VKRZ VSHFLDO DSWLWXGH DQG ZKR GHVLUH DQ HFFOHVLDVWLFDO FDUHHU %\ FUHDWLQJ WKLV VHFRQG VWHS $OIUHG HQVXUHV WKDW IXWXUH JHQHUDWLRQV ZLOO KDYH PHQ DQG ZRPHQFDSDEOHRIWUDQVODWLQJ/DWLQLQWR2OG(QJOLVKDQGKHQFHLQFUHDVLQJ WKH DYHUDJH IUHH $QJOR6D[RQ·V NQRZOHGJH RI /DWLQ &KULVWLDQ FXOWXUH ,Q KLV SURJUDPPH WKHQ $OIUHG SURSRVHV ªPRQROLQJXDO ELOLQJXDOLVP© IRU BBBBBBBBBBBBB  .LQJ $OIUHG·V :HVW 6D[RQ 9HUVLRQ RI *UHJRU\·V 3DVWRUDO &DUH (G E\ +(15DVQRWH@SFKDSWHU  *UHJRU\·V3DVWRUDO&DUH>DVQRWH@S

%LOLQJXDO(GXFDWLRQLQ$QJOR6D[RQ(QJODQG



KDYHLQYROYHGWKHXVHRI2OG(QJOLVK,PLJKWDGGWKDWWKHSUHVHQFHRI PXOWLOLQJXDO VFKRODUV DW $OIUHG·V FRXUW FUHDWHG RSSRUWXQLWLHV IRU $QJOR 6D[RQ QREOHV WR EHFRPH SURILFLHQW LQ RWKHU ODQJXDJHV DQG , VXVSHFW DW OHDVWVRPHRIWKHPWRRNDGYDQWDJHRIWKHVHRSSRUWXQLWLHV $VWKH3UHIDFHWRWKHWUDQVODWLRQRIWKH¿&XUD3DVWRUDOLV¾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·VH[DPSOHDOVROHDUQHGWRUHDG/DWLQ8QGHU $OIUHGLWZDVELOLQJXDOLVPIRUDIHZEXWDFFHVVWR/DWLQ&KULVWLDQFXOWXUH IRU PDQ\ ,Q KLV HGXFDWLRQDO UHIRUP $OIUHG RULHQWHG KLPVHOI RQ &KDUOH PDJQH·V HIIRUW WR UHYLYH OHDUQLQJ ,Q WKH ¿$GPRQLWLR JHQHUDOLV¾ &KDUOH PDJQHKDGVWLSXODWHGWKDWWKHFOHUJ\ ªDVVRFLDWHWRWKHPVHOYHVQRWRQO\FKLOGUHQRIVHUYLOHFRQGLWLRQEXWDOVRWKHVRQV RIIUHHPHQ$QGOHWVFKRROVIRUWHDFKLQJER\VWKHSVDOPVWKHQRWDVLQJLQJFRP SXWDWLRQ DQG JUDPPDU EH FUHDWHG LQ HYHU\ PRQDVWHU\ DQG HSLVFRSDO UHVLGHQFH $QGFRUUHFWFDWKROLFERRNVSURSHUO\>«@$QGGRQRWDOORZ\RXUER\VWRFRUUXSW WKHPHLWKHULQUHDGLQJRULQFRS\LQJ©

&OHDUO\ WKHUH LV DQ RYHUODS EHWZHHQ WKH WZR SURJUDPVVLQFH ERWK $OIUHG DQG &KDUOHPDJQH ZLVK WR HVWDEOLVK VFKRROV DQG PDNH WKHP DYDLODEOH FRPSXOVRU\ LQ $OIUHG·V FDVH  WR WKH VRQV RI IUHH PHQ 7KH GLIIHUHQFH KRZHYHUFRQVLVWVLQWKHIDFWWKDW&KDUOHPDJQH·VHGXFDWLRQDOV\VWHPWDNHV /DWLQHGXFDWLRQDVLWVJRDODQGLJQRUHVWKHYHUQDFXODUZKLOH$OIUHG·VILUVW DLP LV WR KDYH HYHU\RQH UHDG WKH YHUQDFXODU DQG OLPLWV/DWLQ WRVSHFLDOO\ WDOHQWHG VWXGHQWV 7KLV GLIIHUHQFH LQ RIILFLDO SROLF\ LV LQ P\ RSLQLRQ GL BBBBBBBBBBBBB  .(«@>ZDV@DW DOOWLPHVIRVWHUHGDWWKHUR\DOFRXUWXQGHUWKHVROLFLWRXVFDUHRIWXWRUVDQG QXUVHV© ZKLFK EHJV WKH TXHVWLRQ ZKHWKHU (GZDUG GLG UHFHLYH WKH VDPH FDUHIXOHGXFDWLRQDVKLV\RXQJHUEURWKHU/$3,'*(KDVFROOHFWHGWKHHYL GHQFHIRUWKHOLWHUDU\RXWSXWGXULQJ(GZDUG·VUHLJQDQGMXGJHGLWFRPSH WHQW2OG(QJOLVKWUDQVODWLRQVPDGHGXULQJ$OIUHG·VWLPHFRQWLQXHGWREH FRSLHG 2OG (QJOLVK HQWULHV FRQWLQXHG WR EH PDGH LQ WKH ¿$QJOR6D[RQ &KURQLFOH¾ /DWLQ PDQXVFULSWV ZHUH ZULWWHQ DQG VRPH/DWLQ SRHPV ZHUH FRPSRVHG&OHDUO\ELOLQJXDOHGXFDWLRQZDVQRWLJQRUHGEXWDWWKHVDPH WLPHQRUHDOSURJUHVVZDVPDGHHLWKHU:KHUHRQHLVWHPSWHGWRDVNDUH BBBBBBBBBBBBB  2Q 2OG +LJK *HUPDQ OLWHUDWXUH VHH *867$9 (+5,60$11 *HVFKLFKWH GHU GHXWVFKHQ /LWHUDWXU ELV ]XP $XVJDQJ GHV 0LWWHODOWHUV (UVWHU7HLO 'LH DOWKRFKGHXWVFKH /LWHUDWXU  $XIODJH 0QFKHQ  +DQGEXFK GHV GHXWVFKHQ 8QWHUULFKWV DQ +|KHUHQ 6FKXOHQ   5HSULQW0QFKHQDQG:2/)*$1* +$8%5,&+6'LH$QIlQJH9HUVXFKHYRONVVSUD FKLJHU 6FKULIWOLFKNHLW LP IUKHQ 0LWWHODOWHU FD    GXUFKJHVHKHQH $XIODJH 7ELQJHQ *HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXUYRQGHQ$QIlQJHQELV]XP%HJLQQGHU 1HX]HLW+JYRQ-2$&+,0+(,1=/(,   .(DV QRWH @ SS  7KH UHFHQW ERRN (G ZDUGWKH(OGHU(GE\1,&+2/$6-+,*+$0DQG'$9,'++,///RQGRQ1HZ DVQRWH@S  .(DVQRWH@  7KHVH DUH /RQGRQ %ULWLVK /LEUDU\ 06 &RWWRQ 7LEHULXV $ LL /RQGRQ /DPEHWK 3DODFH /LEUDU\06/RQGRQ%ULWLVK/LEUDU\06&RWWRQ&ODXGLXV%Y/RQGRQ%ULWLVK/L EUDU\065R\DO$[YLLLDQG/RQGRQ%ULWLVK/LEUDU\06&RWWRQ2WKR%L[  &DPEULGJH&RUSXV&KULVWL&ROOHJH/LEUDU\06  &REXUJ/DQGHVELEOLRWKHN0V/RQGRQ%ULWLVK/LEUDU\06&RWWRQ*DOED$[YLLL  /RQGRQ%ULWLVK/LEUDU\065R\DO%YLL



*(512758'2/):,(/$1'

HOVWDQ7KHLPSUHVVLRQJDLQHGIURPWKHPDQXVFULSWVLVLQWHQVLILHGE\WKH SRHPV DGGUHVVHG WR RU ZULWWHQ DERXW $WKHOVWDQ/$3,'*( DVVRFLDWHV DOO RI WKHP ZLWK QRQ$QJOR6D[RQV VSHFLILFDOO\ ZLWK -RKQ WKH 2OG 6D[RQ ZKR LV VDLG WR KDYH SHQQHG WKH SRHP LQ SUDLVH RI $WKHOVWDQ VRPH WLPH EHWZHHQ  DQG  ZLWK 3HWHU ªRI FRQWLQHQWDO RULJLQ© ZKR LV VXV SHFWHG DVWKH DXWKRURI ¿&DUWD GLULJH JUHVVXV¾ DQG ZLWK WKH DQRQ\PRXV FRQWLQHQWDO VFULEH RI WKH SRHP ¿5H[ SLXV éHOVWDQ¾ ZKR SRVVLEO\ LV LWV DXWKRU DV ZHOO ,Q DQRWKHU DUWLFOH /$3,'*( PHQWLRQV DQ DQRQ\PRXV %UHWRQPRQNWKH,ULVKPDQ0DHO%ULJWHWKH,ULVKPDQ'XE,QQVHDQG,V UDHO WKH *UDPPDULDQ SRVVLEO\ DOVR D %UHWRQ  DV EHLQJ SUHVHQW DW $WKHO VWDQ·V FRXUW 7KH SUHVHQFH RI VRPH RI WKHVH IRUHLJQHUV UHVWV RQ FRQMHFWXUH EXW HYHQ VR WKHUH FDQ EH QR GRXEW WKDW $WKHOVWDQ OLNH KLV JUDQGIDWKHUOLNHGWRVXUURXQGKLPVHOIZLWKIRUHLJQVFKRODUV :KDWLPSDFWGLGWKHVHIRUHLJQVFKRODUVKDYH"7KH\GLGQRWFRQWLQXH WKH WUDQVODWLRQ SURMHFW ZKLFK $OIUHG KDG LQLWLDWHG QRU DVLGH IURP D IHZ SRHPV GLG WKH\ ZULWH PXFK /DWLQ OLWHUDWXUH 7KHLU LQIOXHQFH VHHPV WR VXUIDFHKRZHYHULQWKHFKDQJHGVW\OHRIWKHFKDUWHUVLVVXHGXQGHU$WKHO VWDQ:KHUHDVWKRVHZULWWHQXQGHU$OIUHGDQG(GZDUGXVHGDSODLQVW\OH WKRVHLVVXHGGXULQJ$WKHOVWDQ·VUHLJQDUHFRPSRVHGLQDVW\OHZKLFK/$ 3,'*( FDOOV ªKHUPHQHXWLF© 7KH KHUPHQHXWLF VW\OH LV FKDUDFWHUL]HG E\ D SUHGLOHFWLRQ IRU ORQJ VHQWHQFHV UHSHWLWLYHQHVV FRPSOLFDWHG V\QWD[ DQG ªXQXVXDORIWHQYHU\DUFDQHDQGDSSDUHQWO\OHDUQHGYRFDEXODU\©GUDZQWR D ODUJH H[WHQW IURP WKH ¿+HUPHQHXPDWD¾ ZKLFK DUH /DWLQ*UHHN DQG *UHHN/DWLQYRFDEXODU\OLVWV7KHKHUPHQHXWLFVW\OHKDGEHHQSUDFWLFHG LQ,UHODQGE\&ROXPEDQXVDQGWKHDXWKRU V RIWKH¿+LVSHULFD)DPLQD¾LQ %ULWDLQ LW LV DSSDUHQW LQ *LOGDV LQ (QJODQG WKH ILUVW SUDFWLWLRQHU RI WKDW VW\OHZDV$OGKHOP FD ,ULVKPLVVLRQDULHVDVZHOODV$QJOR6D[RQ PLVVLRQDULHV WUDLQHG LQ ,UHODQG WRRN WKH VW\OH WR WKH FRQWLQHQW ZKHUH LW FRQWLQXHGWREHZULWWHQZHOOLQWRWKHHOHYHQWKFHQWXU\+HUHLVDQH[DPSOH IURPDFKDUWHULVVXHGXQGHU$WKHOVWDQ HJR $íHOVWDQXV QRGDQWH 'HL JUDFLD EDVLOHRV $QJORUXP HW HTXH WRFLXV %ULWDQQLH RUELV 'HLFR ODUXPTXHI\ORVDWTXHFXUDQFXOXVHRUXPQRQLQQRFHQWHUGLXLQDPDPRQLFLRQHPREDXGLHQVSDU WHPUXULVSURSULLLXULVPHLGLFLRQHVXEDFWDPLQIHUXRUHDPRULVLOOLXVTXLGL[LWª'DWHHWGDELWXU XRELV©OLEHQVSHUSHWXDOLOLEHUWDWHWULEXHQGRFRQGRQR&KULVWLFROLVXLUJLQLEXVHWDUHPDWULV,HVXP BBBBBBBBBBBBB  /$3,'*(3RHPVDV(YLGHQFH>DVQRWH@SS  /$3,'*(3RHPVDV(YLGHQFH>DVQRWH@S  /$3,'*(3RHPVDV(YLGHQFH>DVQRWH@SS  /$3,'*(6FKRROV/HDUQLQJDQG/LWHUDWXUH>DVQRWH@SSIDQG0,&+$(/ /$3,'*( ,VUDHO WKH *UDPPDULDQ LQ $QJOR6D[RQ (QJODQG ,Q $QJOR/DWLQ /LWHUDWXUH >DV QRWH @ SS  2QWKHGHILQLWLRQRIWKHWHUPVHH0,&+$(/ /$3,'*(7KH+HUPHQHXWLF6W\OHLQ7HQWK &HQWXU\ $QJOR/DWLQ /LWHUDWXUH ,Q ,' $QJOR/DWLQ /LWHUDWXUH  >DV QRWH @ SSKHUHS

%LOLQJXDO(GXFDWLRQLQ$QJOR6D[RQ(QJODQG



VHUXLHQWLEXVLQORFRFHOHEULDW6FKDIWHVELULELVVH[PDQHQFLXPLQORFRTXLXXOJDULGLFWLRQHHWDS SHOODWLXDUHODFLRQHQXQFXSDWXUDG7HUHQWDPVHXVXSUDGL[LPXVHDWLQXVXWVDQFWLVFRQDPLQLEXV PHOOLWDDVVLVWHQWLQDRUDPLQDFDWHUXDWLPLPSRUWXQLLVSUHFLEXVSHUSHWUDWDFULPLQDDOWLWKURQXPDU FKRQWHPXHQLDPLPSHWUHQW>«@RPQLPRGRLQWHUGLFDPXVLWDXWKHFQRVWUDGRQDFLRLQVHPSLWHUQR JUDSKLRFXPVLJQDFXORVDQFWHFUXFLVFRQILUPDWDVLW

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·V SUR JUDPPHRI/DWLQHGXFDWLRQVHHPVWRKDYHFRQWLQXHGXQGHU$WKHOVWDQWKH KHUPHQHXWLF/DWLQLW\LQYRJXHLQ$WKHOVWDQ·VWLPHZDVRSSRVHGWR$OIUHG·V GHVLUHWRPDNHWKHZRUNVRI/DWLQ&KULVWLDQFXOWXUHDYDLODEOHWRHYHU\IUHH PDQ/DWLQKDGUHDFKHGDSLQQDFOHRIVRUWVEXWRQO\YHU\IHZFRXOGYHQ WXUHLQWRLWVUDUHILHGDWPRVSKHUH 'HVSLWHWKHIDFWWKDW/DWLQHGXFDWLRQXQGHU$WKHOVWDQVHHPVWRKDYH EHFRPHHOLWLVWHGXFDWLRQLQ2OG(QJOLVKZDVQRWLJQRUHG4XLWHWKHFRQ WUDU\7KHHQWULHVLQWKH¿$QJOR6D[RQ&KURQLFOH¾GXULQJ$WKHOVWDQ·VUHLJQ DUH RXU EHVW HYLGHQFH WKDW VFKRODUV FRQWLQXHG WR EH WUDLQHG WR UHDG DQG ZULWH2OG(QJOLVK7KHHQWU\IRUWKH\HDUVKRZVXVHYHQPRUH7KLVLV WKH\HDULQZKLFK$WKHOVWDQDFKLHYHGDYLFWRU\RYHUWKHFRPELQHGIRUFHV RI WKH 6FRWV WKH 'XEOLQ 9LNLQJV DQG WKH 6WUDWKFO\GH :HOVK DW %UXQDQ EXUK :KHUHDV DOO HQWULHV XS WR  DUH ZULWWHQ LQ SURVH WKH YLFWRU\ RI %UXQDQEXUKLVFHOHEUDWHGLQ2OG(QJOLVKYHUVHWKLVLVWKHILUVWWLPHYHUVH DSSHDUVLQWKH¿$QJOR6D[RQ&KURQLFOH¾$QDUJXPHQWFDQEHPDGHIRUWKH FKURQLFOHU HPSOR\LQJVXLWDEO\ HOHYDWHG ODQJXDJH LQ RUGHU WR FHOHEUDWH WKH HQRUPLW\RIWKHYLFWRU\7RDODUJHH[WHQWWKLVLVFHUWDLQO\WUXH1RQHWKH OHVVLWFDQQRWHVFDSHQRWLFHWKDWWKH¿$QJOR6D[RQ&KURQLFOH¾UHDFKHVIRUD PRUH HOHYDWHG ODQJXDJH LQ 2OG (QJOLVK DW WKH VDPH WLPH DV WKH FKDUWHUV BBBBBBBBBBBBB  &KDUWHUV RI 6KDIWHVEXU\ $EEH\ (G E\ 686$1 ( .(//DV QRWH @ SS  )RU DQ HGLWLRQ VHH )ULWKHJRGL PRQDFKL %UHXLORTXLXP 9LWDH %HDWL :LOIUHGL HW :XOIVWDQL &DQWRULV1DUUDWLR0HWULFDGH6DQFWR6ZLWKXQR(GE\$/,67$,5 &$03%(//=ULFK 7KHVDXUXV0XQGL>@ SS  6DQFWL'XQVWDQL9LWD$XFWRUH%,Q0HPRULDOVRI6DLQW'XQVWDQ$UFKELVKRSRI&DQWHU EXU\ (G E\ :,//,$0 678%%6 /RQGRQ  SS  2Q 'XQVWDQ JHQHUDOO\ VHH 6W'XQVWDQ +LV /LIH7LPHV DQG &XOW(G E\ 1,*(/ 5$06$DVQRWH@SS'$9,' $ 75277(51RWDV (FFHQWULFDVLW/RRNV$QJOR)UHQFKDQG)UHQFK)UHQFK,Q)RUXPIRU0RGHUQ/DQJXDJH 6WXGLHV  SS

7KH/DQJXDJHVRI0HGLHYDO(QJODQG



H[LVWHQFHRIIXQFWLRQDOELOLQJXDOLVPWULOLQJXDOLVPWKDWLVWRVD\WKHH[LV WHQFHRIODQJXDJHFKRLFHDFFRUGLQJWRWKHOLQJXLVWLFGRPDLQVLQTXHVWLRQ 2I FRXUVH WKH FRQFXUUHQFH RI WKUHH ODQJXDJHV LV LQHYLWDEO\ VXEMHFWHG WR FHUWDLQUHVWULFWLRQV)RUH[DPSOHWKHJHRJUDSKLFDOGLVWULEXWLRQRI$QJOR 1RUPDQ VHHPV WR KDYH EHHQ IDLUO\ OLPLWHG VRXWKHDVW (QJODQG DQG WKH +RPH&RXQWLHVZRXOGEHDUHDVRQDEOHJXHVVDWLWVPDLQFHQWUHRIFRQFHQ WUDWLRQ/LWWOHVXUYLYLQJPDWHULDOLVORFDOLVDEOHEH\RQGWKH6RXWK0LGODQGV DQGVLQFH$QJOR1RUPDQZDVODUJHO\DODQJXDJHRISUHVWLJHWKHUHVHHPVWR KDYHEHHQOLWWOHUHJLRQDOYDULDWLRQ%XWWKLVLVZKHUHFRPSLODWRU\PDQX VFULSWVLQZKLFKDWOHDVWRQHRIWKHODQJXDJHVXVHGLVORFDOLVDEOHPD\EHRI VHUYLFH 7KXV IRU H[DPSOH LQ D ELOLQJXDO PHGLFDO UHFHSWDULXP &DPEULGJH &RUSXV&KULVWL&ROOHJH06 ZKLFK,HGLWHGP\FROODERUDWRU3URIHV VRU 0,&+$(/ %(16.,1 ORFDOLVHG WKH (QJOLVK UHFHLSWV WR DQ DUHD DERXW IRXUPLOHVQRUWKRI(O\ (DVW$QJOLD 7KHDSSHDUDQFHRIRQHODQJXDJHLQ WKH FRPSDQ\ RI WH[WV LQ RWKHU ODQJXDJHV DOZD\V GHVHUYHV FDUHIXO DVVHVV PHQW 7R FRQFOXGH WKLV VHFWLRQ LW VKRXOG EH QRWHG WKDW $QJOR1RUPDQ DOVRKDVWKUHHRWKHULPSRUWDQWSRLQWVRIFRQWDFWRXWVLGHWKH%ULWLVK,VOHV 3LFDUG\ :HVWHUQ )UHQFK GLDOHFWV SDUWLFXODUO\ 0DQFKH DQG 0DLQHHW /RLUH DQG*DVFRQ\ ZKHUHLWZDVLQXVHIRUDSHULRGRIVRPHWKUHHKXQ GUHG\HDUVRI(QJOLVKRFFXSDWLRQ DVZHOODVORFDOL]HGRQHV ZLWKLQWKH%ULWLVK,VOHVQDPHO\,ULVKDQG:HOVK,Q6FRWODQGDFFRUGLQJ WR *:6 %$552: WKH $QJOR1RUPDQ VHWWOHPHQW ªJUHDWO\ UHLQIRUFHG BBBBBBBBBBBBB  6HH :,//,$0 527+:(// /DQJXDJH DQG *RYHUQPHQW LQ 0HGLHYDO (QJODQG ,Q =V IU IUDQ]|VLVFKH6SUDFKHXQG/LWHUDWXU  SS  7KUHH 5HFHSWDULDIURP 0HGLHYDO(QJODQG 7KH /DQJXDJHV RI 0HGLFLQH LQ WKH )RXUWHHQWK &HQWXU\(GE\721HW DO@  SS  7KHUHOHYDQWDUWLFOHVDUH&+$5/(6 - %$,/(DV



721DVQRWH@ SS,'0DFDURQLF:ULWLQJLQD/RQGRQ$UFKLYH,Q+LVWRU\RI(QJ OLVKHV 1HZ 0HWKRGV DQG ,QWHUSUHWDWLRQV LQ +LVWRULFDO /LQJXLVWLFV (G E\ 0$77, 5,66$ 1(1>HWDO@%HUOLQ1HZW@ 'LH/DXWYHUVFKLHEXQJYRQ>W@!>WV@ JHVFKULHEHQ]W]! LP$QODXW XQGLP,QODXWQDFK.RQVRQDQWHQHUIDVVWHDXFKIUKLQGLHJHUPDQLVFKHQ 6SUDFKHQLQWHJULHUWHODWHLQLVFKH/HKQZ|UWHUZLHHWZD  ODWHLQLVFK WēJXOXP ! DOWKRFKGHXWVFK ]HDJDO ]LDJDO ! QHXKRFKGHXWVFK =LHJHOHLQ:RUWGDVDXFKGLHDOWKRFKGHXWVFKH'LSKWKRQJLHUXQJYRQ >ē@!>HDLDLH@ -DKUKXQGHUW DXIZHLVW YJOREHQ1U  ,Q GHQ IUK JHUPDQLVLHUWHQ ELV DXI ZHQLJH .DVWHOOH XQG FLYLWDWHV EHUHLWV VSlWDQWLN YRQ 5RPDQHQ ZHLWJHKHQG HQWOHHUWHQ RIIHQHQ 6LHGOXQJVODQG VFKDIWHQ DP 0LWWHOUKHLQ XQG LP (OVDVV YROO]LHKW VLFK GLHVHU /DXWZDQGHO DXFKDQGHQEHUQRPPHQHQ.RQWLQXLWlWVQDPHQ]%EHL  =DEHUQ IUDQ]|VLVFK6DYHUQH)%DV5KLQ E]Z5KHLQ]DEHUQ '5KHLQ ODQG3IDO]/DQGNUHLV*HUPHUVKHLP ODWHLQLVFK DG 7DEHUQDVª]XGHQ *DVWKlXVHUQ© 'DJHJHQEOHLEWLP6DDU0RVHO5DXPGDV>W@VWHWVHUKDOWHQDXFKLQDQGHUHQ 6WHOOXQJHQLP:RUW YJO1UXQG   7DZpUQ '/DQGNUHLV7ULHU D7DEHUQD  0RQWHQDFK ) 0RVHOOH .DQWRQ 6LHUFN  D  0RQWHQDFK  JDOORUR PDQLVFK0RQWDQDFXP]XP3HUVRQHQQDPHQ0RQWDQXV 'LH.DUWHGHPRQVWULHUWGLHVH(UKDOWXQJJUR‰UlXPLJXQG]HLJWGDVVVLH VRZRKO GDV JHUPDQRSKRQH /RWKULQJHQ DOV DXFK /X[HPEXUJ XQG GLH DQ VFKOLH‰HQGH0RVHOURPDQLDELV.REOHQ]EHWULIIWMDLQHLQHP)DOO )LQWKHQ D)XQGHQHG )XQWDQēWXPª4XHOOH© LVWVRJDULQGHU8PJHEXQJYRQ 0DLQ] GHU DOWHQ +DXSWVWDGW GHU 3URYLQ] *HUPDQLD 3ULPD >W@ HUKDOWHQ 1DWUOLFK HUUHLFKW VLH DXFK VSlWH YRU DOOHP DJUDULVFKH XQG RLQRORJLVFKH /HKQZ|UWHU GHV 5DXPHV YRU DOOHP GHU 0RVHOURPDQLD ]% GLH $EOHL BBBBBBBBBBBBB VFKULIWHQ +HLGHOEHUJ  6WXGLHQ ]XU DOWJHUPDQLVFKHQ 1DPHQNXQGH ,  6 EHVRQGHUV6  +$8%5,&+6/DXWYHUVFKLHEXQJ>ZLH$QP@6  %8&+0h//(53)$))6LHGOXQJVQDPHQ>ZLH$QP@6I1U  9JO +$8%5,&+6 3),67(5 5RPDQLD ² *HUPDQLD >ZLH $QP @ 6  .DUWH  bOWHUH 9HUVLRQHQGLHVHU.DUWHVLQGGDPLWEHUKROW  ./(,%(53),67(5$VSHNWH>ZLH$QP@6  9JO]XGLHVHQYRUDOOHP58'2/)32675RPDQLVFKH(QWOHKQXQJHQLQGHQZHVWPLWWHOGHXW VFKHQ0XQGDUWHQ'LDWRSLVFKHGLDFKURQHXQGGLDVWUDWLVFKH8QWHUVXFKXQJHQ]XUVSUDFKOL FKHQ ,QWHUIHUHQ] DP %HLVSLHOGHV ODQGZLUWVFKDIWOLFKHQ 6DFKZRUWVFKDW]HV :LHVEDGHQ  0DLQ]HU6WXGLHQ]XU6SUDFKXQG9RONVIRUVFKXQJ '(56*DOORURPDQLVFKH5HOLNWZRUW DUHDOH XQG *UHQ]HQWOHKQXQJHQ LP 3IlO]LVFKHQ ,Q 6SUDFKH /LWHUDWXU .XOWXU 6WXGLHQ ]X LKUHU *HVFKLFKWH LP GHXWVFKHQ 6GHQ XQG :HVWHQ :ROIJDQJ .OHLEHU ]X VHLQHP *H



:2/)*$1*+$8%5,&+6

WXQJ SODQWDULX ª1HXSIODQ]XQJ YRU DOOHP EHL :HLQ© ]X ODWHLQLVFK SODQWDUH ªSIODQ]HQ©PLWHUKDOWHQHP>W@LQSODQWHUSOHQWHUJHJHQEHU|VWOLFKXQGQ|UG OLFKDQVFKOLH‰HQGHPYHUVFKREHQHPSOHQWVHUPLW>WV@ZLHGLHV:2/)*$1* ./(,%(5 GHVVHQ .DUWLHUXQJ .DUWH   KLHU EHUQRPPHQ ZXUGH HLQ GUXFNVYROODQUHLFKHP0DWHULDOGHPRQVWULHUWKDW ,P*HJHQVDW]]XUXQWHUEOLHEHQHQ>W@9HUVFKLHEXQJLVWGLHHWZDVVSlWHU -DKUKXQGHUW  DQ]XVHW]HQGH 9HUVFKLHEXQJ >N@ ! >Ʒ@ JHVFKULHEHQ KK FK! LP,QXQG$XVODXWQDFK9RNDOZLHEHLGHQJHUPDQLVFKHQ(UEZ|U WHUQGXUFKJHIKUW²YJO]%  JHUPDQLVFK PDNR²Q HQJOLVFK WR PDNH  ! DOWKRFKGHXWVFK PDKKR²Q ! QHXKRFKGHXWVFK PDFKHQ LQ GHQ 2UWVQDPHQ GHV 6DDU0RVHO5DXPV VWHWVGXUFKJHIKUW YJO]%REHQ1U QDWUOLFKDXFKLQGHQ VSlWHQUHJLRQDOHQ/HKQZ|UWHUQZLHHWZDLQ  ODWHLQLVFKPDFHULDª0DXHU(LQIULHGXQJ©!QHXKRFKGHXWVFK GLDOHNWDO  0DFKHU DXFK LQ 2UWVQDPHQ ZLH *UHYHQPDFKHU .RHQLJVPDFKHU $XHUVPD FKHUXVZ  'LHV LVW QXQ HLQ LQWHUHVVDQWHU %HIXQG GHU ZHLWHUH 3HUVSHNWLYHQ HU|IIQHW (U EHVDJW GDVV GLH,QWHJUDWLRQ GHU URPDQLVFK NRQWLQXLHUWHQ 1DPHQ XQG GHU VLH EHUOLHIHUQGHQ URPDQLVFKHQ %HY|ONHUXQJ LP  -DKUKXQGHUW IHK OHQGH >W@9HUVFKLHEXQJ  QRFK QLFKW RGHU NDXP  EHJRQQHQ KDWWH GDVV HU GDJHJHQ ]XPLQGHVW DP (QGH GHV  -DKUKXQGHUWV >N@9HUVFKLHEXQJ  LP YROOHQ)OXVVZDU²HLQLJHZHQLJHQRFK]XEHVSUHFKHQGH5HJLRQHQDXVJH QRPPHQ'LH>N@9HUVFKLHEXQJVHW]WHLQ]XPLQGHVWELVLQGHQ$QIDQJGHV -DKUKXQGHUWV HUKDOWHQHV URPDQLVFKHV >N@ JHVFKULHEHQ F!  YRUDXV *OHLFK]HLWLJ DEHU ]HLJHQ GLH QRFK ELV LQV  -DKUKXQGHUW EHUOLHIHUWHQ JHQXLQ URPDQLVFKHQ 2UWVQDPHQIRUPHQ ZLH 0HGRODJR 1U   (SXHJR 1U HWFGLHURPDQLVFKH6RQRULVLHUXQJXQGGDPLWGLH.RQWLQXLWlWDXFK URPDQLVFKHU 6SUDFKH LQ GLHVHP 5DXP :LU KDEHQ DOVR IU GLH =HLW GHV XQG-DKUKXQGHUWV XQGRIWGDUEHUKLQDXV YRQHLQHP1HEHQHLQDQGHU XQG SrOHPrOH GHU JDOORURPDQLVFKHQ XQG GHU IUlQNLVFKHQ 6SUDFKHQ YRQ HLQHPVSUDFKOLFKHQ0LVFKUDXPHLQHPELOLQJXDOHQ,QWHUIHUHQ]UDXPDXV]X JHKHQ BBBBBBBBBBBBB EXUWVWDJ JHZLGPHW +J YRQ $/%5(&+7 *5(8/( XQG 8:( 58%(5* 6WXWWJDUW  6  ./(,%(5'DVPRVHOURPDQLVFKH6XEVWUDW>ZLH$QP@6I'DV6DDUEUFNHU)OXUQD PHQSURMHNWKDW²YRUDOOHPGXUFKGLH%HPKXQJHQYRQ$QGUHDV6FKRUU²LQ]ZLVFKHQZHL WHUHSOHQWHU%HOHJHGLUHNWDQVFKOLH‰HQGLPJHUPDQRSKRQHQ/RWKULQJHQQDFKZHLVHQN|QQHQ 9JO +$8%5,&+6 3),67(5 5RPDQLD ² *HUPDQLD >ZLH $QP @ 6  PLW .DUWHQ  XQG  %8&+0h//(5+$8%5,&+663$1*1DPHQNRQWLQXLWlW>ZLH$QP@61U +$8%5,&+6/DXWYHUVFKLHEXQJ>ZLH$QP@6+$8%5,&+63),67(55RPDQLD² *HUPDQLD>ZLH$QP@6

9RPSrOHPrOH]XPYLVjYLV



:LHZLUXQVGDVNRQNUHWYRU]XVWHOOHQKDEHQOlVVWVLFKXQWHUJQVWLJHQ hEHUOLHIHUXQJVEHGLQJXQJHQ GRUW ZR KLVWRULVFKH 6FKULIW]HXJQLVVH YRU DO OHP8UNXQGHQELVLQV-DKUKXQGHUW]XUFNUHLFKHQGHXWOLFK]HLJHQ'LHV LVW P|JOLFK DXI GHU *UXQGODJH GHV ¿&RGH[ WUDGLWLRQXP¾ GHV LP -DKU KXQGHUW YRQ EHGHXWHQGHQ $GHOVIDPLOLHQ GHV VGDXVWUDVLVFKHQ 5DXPHV GHQ*XQGRLQHQ:XOIRDOGHQXQG&KURGRLQHQJHJUQGHWHQLP6SH\ HUJDX JHOHJHQHQ .ORVWHUV :LVVHPERXUJ:HL‰HQEXUJ ) %DV5KLQ  XQG ]ZDU IU GHQ REHUHQ 6DDUJDX XP GDV ORWKULQJLVFKH 6DUUHERXUJ XQG GHQ ZHVWOLFKDQJUHQ]HQGHQ6HLOOHJDX'RUWOlVVWVLFKGDV1HEHQHLQDQGHUYRQ URPDQLVFKHQXQGIUlQNLVFKHQ2UWVQDPHQIRUPHQLQ1DPHQSDDUHQ ]% +LOEHVKHLP.DQWRQ)pQpWUDQJH)LQVWLQJHQD+LOERGLDJD-DKU KXQGHUW +LOERGLQJHQ QHEHQ /L[KHLP  GDV 1HEHQHLQDQGHU YRQ URPDQL VFKHQ XQG IUlQNLVFKHQ 6LHGOXQJVQDPHQ DXI HQJVWHP 5DXP 'RPIHVVHO D'RQQHEDVVHO 'RPQR%DVRORªEHLPKHLOLJHQ%DVROXV©QHEHQ'LHPH ULQJHQD$G'RPQR*HRUJLRQHEHQ*|UOLQJHQD*HUEDOGLQJHQ BBBBBBBBBBBBB  9JO +$57087 (%/,1* 3URVRSRJUDSKLH GHU $PWVWUlJHU GHV 0HURZLQJHUUHLFKHV YRQ &KORWKDU,,  ELV.DUO0DUWHOO  0QFKHQ %HLKHIWHGHU)UDQFLD 1U :2/)*$1*+$8%5,&+66LHGOXQJVQDPHQXQGIUKH5DXPRUJDQLVD WLRQLPREHUHQ6DDUJDX2UWVQDPHQODQGVFKDIWHQLQ/RWKULQJHQXQGLP(OVD‰XQGGLH:HL ‰HQEXUJHU *UQGHUVLSSHQ , ,Q =ZLVFKHQ GHQ 6SUDFKHQ >ZLH $QP@ 6  KLHU 6  (%/,1* 3URVRSRJUDSKLH >ZLH $QP @ 1U I +$8%5,&+6 6LHGOXQJVQDPHQ >ZLH $QP@6I  +$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@6'(56'LH7KROH\HU$EWVOLVWHQ>ZLH $QP@6  9JO.$5/ */g&.1(5$1721 '2//7UDGLWLRQHV:L]HQEXUJHQVHV'LH8UNXQGHQGHV.OR VWHUV:HLVVHQEXUJ'DUPVWDGW+$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@ 6 I PLW /LWHUDWXU  &+5,6723+ '(77( /LEHU 3RVVHVVLRQXP :L]HQEXUJHQVLV 0DLQ]  4XHOOHQ XQG $EKDQGOXQJHQ ]XU PLWWHOUKHLQLVFKHQ .LUFKHQJHVFKLFKWH   6  'LH QHXHUH /LWHUDWXU ]X.ORVWHU :HL‰HQEXUJ EHVFKlIWLJWVLFK GXUFKZHJPLW (LQ]HOIUDJHQ 9JO 8:( /8':,* :HL‰HQEXUJ ,Q /H[LNRQ GHV 0LWWHODOWHUV 0QFKHQ =ULFK  %G  6S  9JO JUXQGVlW]OLFK ]X 1DPHQSDDUHQ +$8%5,&+6 :DUQGWNRUULGRU >ZLH $QP @ 6  1U0$5,$%(66(1DPHQSDDUHDQGHU6SUDFKJUHQ]H(LQHODXWFKURQRORJLVFKH8QWHU VXFKXQJ ]X ]ZHLVSUDFKLJHQ 2UWVQDPHQ LP 1RUGHQXQG 6GHQGHUGHXWVFKIUDQ]|VLVFKHQ 6SUDFKJUHQ]H7ELQJHQ %HLKHIWH]XU=VIUURPDQLVFKH3KLORORJLH 0$57,1$ 3,7=*HQXLQHhEHUVHW]XQJVSDDUHSULPlUHU6LHGOXQJVQDPHQDQGHUORWKULQJLVFKHQ6SUDFK JUHQ]H hEHUOHJXQJHQ ]X LKUHP VSUDFK XQG VLHGOXQJVJHVFKLFKWOLFKHQ $XVVDJHZHUW ,Q 2QRPD    6  0$57,1$ 3,7= ,Q SDJR $OEHQVH$OEHFKRZD 2QRPDVWL VFKH5HIOH[HIUKPLWWHODOWHUOLFKHU0LVFKVLHGOXQJYRQ)UDQNHQXQG5RPDQHQLPKHXWHUR PDQRSKRQHQ/RWKULQJHQ,Q2UWVQDPHQXQG6LHGOXQJVJHVFKLFKWH$NWHQGHV6\PSRVLXPV LQ :LHQ YRP  6HSWHPEHU  +J YRQ 3(7(5 (5167 >XD@ +HLGHOEHUJ  6  %8&+0h//(53)$))6LHGOXQJVQDPHQ>ZLH$QP@61U  +$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@6  */g&.1(5'2//7UDGLWLRQHV:L]HQEXUJHQVHV>ZLH$QP@1U9JOGD]X +$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@6



:2/)*$1*+$8%5,&+6

PLW JHUPDQLVFKHP LQJDV6XIIL[ ]XP 3HUVRQHQQDPHQ *HUEDOG  GLH ([L VWHQ] YRQ PHURZLQJLVFKHQ 6LHGOXQJVQDPHQ PLW JHUPDQLVFKHQ 3HUVRQHQ QDPHQ LP URPDQLVFKHQ 2EOLTXXV ]% D  *DLURDOGR YLOOD  ]% PLW URPDQLVFKHU3RVWSRQLHUXQJGHV3HUVRQHQQDPHQV ]%DYLOODUH*XQ GRLQRQHEHQ*XQGRLQRYLOOD GLH([LVWHQ]YRQJHUPDQLVFKHQ6LHGOXQJVQD PHQ PLW URPDQLVFKHQ 3HUVRQHQQDPHQ ]% 5RPDQLQJD KHXWH 5RPpFRXUW *HPHLQGH $]RXGDQJH .DQWRQ 5pFKLFRXUW5L[LQJHQ  QHEHQ 6LHGOXQJV QDPHQ PLW JHUPDQLVFKHQ 3HUVRQHQQDPHQ XQG ZLHGHUXP GLH GLUHNWH XU NXQGOLFKH 1HQQXQJ YRQ 5RPDQHQ ]% D  XQG  3UHVHQWLQXV D 0DUWLQXVD%RQLIDWLXV GHXWOLFKEHREDFKWHQ YJO.DUWH  %HLP REHUHQ 6DDUJDX KDQGHOW HV VLFK XP HLQH IUXFKWEDUH 6LHGOXQJV ODQGVFKDIW 0XVFKHONDONERGHQ  XQG GDV 1HEHQHLQDQGHU YRQ 5RPDQHQ XQG )UDQNHQ HUNOlUW VLFK KLHU DXV GHU 7UlJHUVFKDIW GHU 6LHGOXQJ GXUFK IUlQNLVFKURPDQLVFKH 0LVFKIDPLOLHQ YHUPXWOLFK ELOLQJXDOHU 4XDOLWlW GLH ]%DXFKGDVVSlWDQWLNH1RWDULDWVDPWELVLQIUKNDUROLQJLVFKH=HLWZHLWHU BBBBBBBBBBBBB  9JO+$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@61U  */g&.1(5 '2// 7UDGLWLRQHV :L]HQEXUJHQVHV >ZLH $QP @ 1U  9JO +$8%5,&+6 6LHGOXQJVQDPHQ >ZLH $QP @ 6  0$57,1$ 3,7= 6LHGOXQJVQDPHQ DXI YLOODUH ZHLOHUYLOOHUV ]ZLVFKHQ0RVHO+XQVUFNXQG9RJHVHQ8QWHUVXFKXQJHQ]XHLQHPJHUPD QLVFKURPDQLVFKHQ 0LVFKW\SXV GHU MQJHUHQ 0HURZLQJHU XQG GHU .DUROLQJHU]HLW 6DDU EUFNHQ %HLWUlJH]XU6SUDFKHLP6DDU0RVHO5DXP 6',(61RXYHOOHV GRQQpHVSRXUO·DQWKURSRQ\PLHGHOD*DOORURPDQLD/HVWRSRQ\PHVPpURYLQJLHQVGXW\SH $YULFRXUW,Q5HYXHGHOLQJXLVWLTXHURPDQH  6  */g&.1(5 '2// 7UDGLWLRQHV :L]HQEXUJHQVHV >ZLH $QP @ 1U  XQG 1U  9JO +$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@63,7= 6LHGOXQJVQDPHQDXIYLOODUH>ZLH $QP@6I1U  +$8%5,&+6 6LHGOXQJVQDPHQ >ZLH $QP @ 6  1U  IHUQHU 0$57,1$ 3,7= 1D PHQELOGXQJ LQ ,QWHUIHUHQ]UlXPHQ 5RPDQLVFKH XQG ¿ZHVWIUlQNLVFKH¾ 3HUVRQHQQDPHQ LQ GHQlOWHVWHQ6FKLFKWHQIUlQNLVFKHU6LHGOXQJVQDPHQGHVORWKULQJLVFKHQ6SUDFKJUHQ]JHELHWV ,Q$FWDVGHO;;&RQJUHVR,QWHUQDFLRQDOGH&LHQFLDV2QRPiVWLFDV6DQWLDJRGH&RPSRVWH OD  6HWHPEUR  +J YRQ $1$ ,6$%(/ %28//Ð1 $*5(/2 &'520 &RUXxD 6  9JO+$8%5,&+66LHGOXQJVQDPHQ>ZLH$QP@6'(56'LH6SUDFKJHVWDOWGHU JHUPDQLVFKHQ 2UWVQDPHQEHUOLHIHUXQJ GHV  XQG  -DKUKXQGHUWV LP 6DDU0RVHO5DXP =XP2UWVQDPHQIRUPXODUGHUIUKHQ8UNXQGHQGHU.O|VWHU:HL‰HQEXUJ(FKWHUQDFKXQG 3UP,Q3KLORORJLHGHUlOWHVWHQ2UWVQDPHQEHUOLHIHUXQJ>ZLH$QP@6KLHU 6'(565RPDQHQDQ5KHLQXQG0RVHO>ZLH$QP@  =XU DUFKlRORJLVFKHQ %HXUWHLOXQJ GHU 9HUKlOWQLVVH YRQ 5RPDQHQ XQG )UDQNHQ LP 5DXP GHU3URYLQ]%HOJLFD3ULPDYJO)5$8.( 67(,1'LH%HY|ONHUXQJGHV6DDU0RVHO5DXPHV DPhEHUJDQJYRQGHU$QWLNH]XP0LWWHODOWHUhEHUOHJXQJHQ]XP.RQWLQXLWlWVSUREOHPDXV DUFKlRORJLVFKHU 6LFKW ,Q $UFKDHRORJLD 0RVHOODQD    6  ',(6 .XOWXUHOOH $XVJOHLFKVSUR]HVVH ]ZLVFKHQ )UDQNHQ XQG 5RPDQHQ LP -DKUKXQGHUW(LQH DUFKlRORJL VFKH 8QWHUVXFKXQJ ]X GHQ 9HUKDOWHQVZHLVHQ GHU %HVWDWWXQJVJHPHLQVFKDIW YRQ ‚5HQF\ 5HQ]LJ EHL $XGXQOH7LFKH LQ /RWKULQJHQ ,Q $NNXOWXUDWLRQ >ZLH $QP@ 6  IHUQHU+$/6$//6HWWOHPHQW>ZLH$QP@0$57,1$ 3,7=)5$8.( 67(,1*HQqVHOLQ JXLVWLTXH G·XQH UpJLRQ IURQWDOLqUH /HV HQYLURQV GH )RUEDFK HW GH 6DUUHJXHPLQHV ,Q /HV &DKLHUV/RUUDLQV  1U6

9RPSrOHPrOH]XPYLVjYLV



WUDGLHUWHQ%HLVFKOHFKWHUHU7H[WEHUOLHIHUXQJYHUPDJGRFKVLHGOXQJVJHR JUDSKLVFKH $QDO\VH GDV *HVFKHKHQ DQ GHU 5DQG]RQH YRQ IUXFKWEDUHQ *DXODQGVFKDIWHQXQGXQIUXFKWEDUHQ5HOLNWJHELHWHQDXI]XKHOOHQ,P5DXP 0HU]LJ ' 6DDUODQG  DQ GHU XQWHUHQ 6DDU EHJHJQHQ VLFK YRUJHUPDQLVFKH 6LHGOXQJVQDPHQ ZLH 0HU]LJ 0HWWODFK D  /RVPD :DKOHQ -DKUKXQ GHUW:DODªGLH5RPDQHQ© XQGIUlQNLVFKH6LHGOXQJVQDPHQDXIKHLPLQJHQ GRUI ZLH+DUOLQJHQ%HFNLQJHQ%DFKHLP%URWGRUI VRZRKODP)OXVVZLHDXFK LP 1RUGHQ LP +XQVUFNYRUODQG .DUWH  ]HLJW GHXWOLFK GDVV VLFK GLH IUlQNLVFKH 1HXVLHGOXQJ DXI GLH IUXFKWEDUH VRJHQDQQWH 0HUFKLQJHU 0X VFKHONDONSODWWH XQG GLH GLUHNW EHQDFKEDUWHQ %DFKWlOHU NRQ]HQWULHUW ZlK UHQGVLFKGLHYRUJHUPDQLVFKHQ1DPHQYRQGHQZLFKWLJHQGXUFK.LUFKHQ XQG.O|VWHUDXVJH]HLFKQHWHQDFXP6LHGOXQJHQ0HU]LJXQG0HWWODFKDEJH VHKHQLPXQIUXFKWEDUHQ:DOGODQGGHV9RUKXQVUFNVNRQVHUYLHUHQ 'LH DOWKRFKGHXWVFKH /DXWYHUVFKLHEXQJ >N@ ! >Ʒ@ NHQQW MHGRFK QRFK HLQHZHLWHUH,QWHUIHUHQ]PLWJDOORURPDQLVFKHP/DXWZDQGHOXQG]ZDUPLW GHU 3DODWDOLVLHUXQJYRQ>NHNL@ ! >WVHWVL@ GLHIU GHQ5DXPGHU%HOJLFD 3ULPDZRKOLQV-DKUKXQGHUW]XVHW]HQLVWXQGGXUFKGDV%HLVSLHO  ODWHLQLVFKFHQWXP!DOWIUDQ]|VLVFKWVHQW!IUDQ]|VLVFKFHQW LOOXVWULHUW ZHUGHQ NDQQ $XFK HLQH PLWWOHUH VHLW GHP  -DKUKXQGHUW DQ]XVHW]HQGH 6FKLFKW YRQ /HKQZ|UWHUQ ZHLVW GLHVHQ JDOORURPDQLVFKHQ /DXWZDQGHODXI]%  ODWHLQLVFK FHOOD ! GHXWVFK =HOOH DOWKRFKGHXWVFK ]HOOD ]! PLW GHP /DXWZHUW >WV@  LP *HJHQVDW] ]XP IUKHQ /HKQZRUW GHXWVFK .HO OHUODWHLQLVFKFHOODULXPLQGHP>N@HUKDOWHQEOLHE 5HJLRQDOH /HKQZ|UWHU GHV 6DDU0RVHO5DXPV ZHLVHQ QXQ LP *HJHQVDW] GD]X NODU GLH JDOORURPDQLVFKH $XVJDQJVEDVLV >N@ DXI YJO DXFK REHQ 1U   ODWHLQLVFKFLUFXOXVFLUFXV!GHXWVFK.LUNHOª.UHLV©LQGHP6LHGOXQJVQD PHQ.LUNHO '6DDUSIDO]NUHLV XQG*HZlVVHUQDPH.LUNHOEDFK 2UPHV KHLPHEG .LUFNHOW %UHQVFKHOEDFKHEG XQG.LUNHOEHUJ 6FKZDOEDFK BBBBBBBBBBBBB  %8&+0h//(5+$8%5,&+663$1*1DPHQNRQWLQXLWlW>ZLH$QP@6I  9JO 0$; 3),67(5 =XU &KURQRORJLH YRQ 3DODWDOLVLHUXQJVHUVFKHLQXQJHQ LQ GHU |VWOLFKHQ *DOORURPDQLD ,Q 5RPDQLD ,QJHQLRVD )HVWVFKULIW IU *HUROG +LOW\ ]XP *HEXUWVWDJ +JYRQ*(25*(6 /h',+$16 675,&.(5XQG-$.2% :h(67%HUQ>XD@6   %8&+0h//(5 +$8%5,&+6 63$1* 1DPHQNRQWLQXLWlW >ZLH $QP @ 6  1U  +$8%5,&+6 /DXWYHUVFKLHEXQJ LQ /RWKULQJHQ >ZLH $QP @ 6 +$8%5,&+63),6 7(5 5RPDQLD ² *HUPDQLD >ZLH $QP @ 6  :2/)*$1* ./(,%(5 $VSHNWH HLQHU QHXHQ 2WIULGHGLWLRQ (GLWLRQ XQG 6SUDFKJHVFKLFKWH  9RUWUDJ LQ 6DDUEUFNHQ  -DQXDU  >LP 'UXFN@ 9JO LQ =XNXQIW GLH LQ 9RUEHUHLWXQJ EHILQGOLFKH $UEHLW YRQ 0$57,1$ 3,7= XQG $1'5($6 6&+255 *DOORURPDQLVFKH 5HOLNWH LQ GHU 7RSRQRPDVWLN 2VWORWKULQ JHQVXQGGHV6DDUODQGHV,KU$XVVDJHZHUWIUHLQHLQWHUGLV]LSOLQlUH.RQWLQXLWlWVGLVNXVVLRQ



:2/)*$1*+$8%5,&+6

/DQGNUHLV 6DDUORXLV  IHUQHU XPELNLUJ ªULQJVXPKHU© EHLP VGUKHLQ IUlQNLVFKHQ$XWRU2WIULGYRQ:HL‰HQEXUJ    ODWHLQLVFKFRHPHWHULXP!GHXWVFK GLDOHNWDO .HUPHWHUª)ULHGKRI© ,Q GHU %HJHJQXQJ PLW URPDQLVFKHU 3DODWLVLHUXQJ HLQHUVHLWV XQG DOWKRFK GHXWVFKHU/DXWYHUVFKLHEXQJDQGHUHUVHLWVYHUKDOWHQVLFKGHU6GHQXQGGHU 1RUGHQ GHV 6DDU0RVHO5DXPV GXUFKDXV YHUVFKLHGHQ ,P 6GHQ ELV LQ GHQ0HW]HU5DXPVHW]HQGLHIUlQNLVFKHQ/DXWHQWZLFNOXQJHQEHLGHQ7R SRQ\PHQQRFKHUKDOWHQHVURPDQLVFKHV>N@YRUDXV]%LQ  7DUTXLPSRO )0RVHOOH.DQWRQ'LHX]H -DKUKXQGHUW'HFHPSDJL -DKUKXQGHUW 'HFHPSDJRV D  PLWWHOKRFKGHXWVFK 7DFKHPSDFK PLW )ULNDWLYH>Ʒ@ 'XUFKDXVDQGHUVQlPOLFKPLW5H]HSWLRQGHUURPDQLVFKHQ3DODWDOLVLHUXQJ JHVWDOWHQVLFKGLH'LQJHLP1RUGHQ /X[HPEXUJ+XQVUFN7ULHUHU0R VHOURPDQLD ]%LQ  DQWLNHU9LFXV5LFFLDFR EHL'DOKHLP/X[ DLQSDJR5L]RJRKHQVLD 5L]]LJRXLª5LW]LJDX©  =HUI ' /DQGNUHLV 7ULHU  D  'HFLPD D “  'H]]HPH  DG  GHFLPDP OHXJDP ª]XP]HKQWHQ0HLOHQVWHLQ© 'HU%HIXQGOlVVWVLFKQXUGDGXUFKHUNOlUHQGDVVGHU1RUGHQGLHDQ7ULHU DQJHOHKQWH0RVHOURPDQLDOlQJHUDXFKDQGHQ$X‰HQUlQGHUQLP/X[HP EXUJHU*XWODQGXQGLP+XQVUFNYRUODQGURPDQLVFKVSUDFKXQGGHVKDOE QRFK/DXWHQWZLFNOXQJHQGHV-DKUKXQGHUWVPLWPDFKWH (VODVVHQVLFKDOOHUGLQJVVRJDU/DXWHQWZLFNOXQJHQIDVVHQZHOFKHEHOH JHQGDVVLQQHUKDOEGHUURPDQLVFKHQ*HELHWHGLH,QWHJUDWLRQIHLQGLIIHUHQ ]LHUWYRUVLFKJLQJ6RLVWGLHJHVWDIIHOWHGLVSHUVH$XIO|VXQJ]XPLQGHVWGHU 0HW]HU 5RPDQLD DEHU DXFK JHZLVVHU 7HLOH GHU 0RVHOURPDQLD GXUFK GDV XQWHUVFKLHGOLFKH 9HUKDOWHQ EHL GHU ,QWHJUDWLRQ YRQ ODWHLQLVFK >Y@ LQ GLH JHUPDQLVFKHQ 6SUDFKHQ JHNHQQ]HLFKQHW 'LH lOWHUHQ /HKQZ|UWHU XQG 7RSRQ\PHHUVHW]HQODWHLQLVFKH>Y@DOVJHUPDQLVFKHVELODELDOHV>Z@]%LQ  ODWHLQLVFK YLQXP ! IUDQ]|VLVFK YLQ E]Z DOWKRFKGHXWVFK ZL²Q ! QHX KRFKGHXWVFK:HLQRGHU  6LHGOXQJVQDPH :RFKHUQ ' /DQGNUHLV 0HU]LJ  LP 4XHOOJHELHW GHV 0KOHQEDFKV D  :RFKHUD  JDOORURPDQLVFKHU *HZlVVHUQDPH

9RNDUDLQGRJHUPDQLVFK 8RNDUĆ -QJHUH /HKQZ|UWHU DE HWZD  HUVHW]HQ ODWHLQLVFK >Y@ GXUFK DOWKRFK GHXWVFK >I@ ZRIU 7ULHUHU 0Q]SUlJXQJ PLW GHU ,QVFKULIW 75()(5  BBBBBBBBBBBBB  +$8%5,&+6/DXWYHUVFKLHEXQJLQ/RWKULQJHQ>ZLH$QP@61U  +$8%5,&+63),67(55RPDQLD²*HUPDQLD>ZLH$QP@6  %8&+0h//(5+$8%5,&+663$1*1DPHQNRQWLQXLWlW>ZLH$QP@61U

9RPSrOHPrOH]XPYLVjYLV



7UHYHULV DXV GHP IUKHQ  -DKUKXQGHUW HLQHQ JXWHQ $QKDOWVSXQNW JLEW ]%  ODWHLQLVFK YHUVXV ! DOWKRFKGHXWVFK IHUV ! QHXKRFKGHXWVFK 9HUV ZR Y!QDWUOLFKGHQ/DXW>I@EH]HLFKQHW 6RJLEWHVDXFK7RSRQ\PHZHOFKHDOWHV>Y@PLW>I@VXEVWLWXLHUHQ]%  GHXWVFK 1LHGHU2EHU)LOOHQ IUDQ]|VLVFK %DVVH+DXWH9LJQHXOOHV ) 0RVHOOH .DQWRQ )DXOTXHPRQW  D  1LGUHYLOD D  9LOD D 2EHUYLOHQ KLHU MHZHLOV Y! PLW /DXWZHUW >I@  -DKUKXQGHUW 1\GHUI\OOHQODWHLQLVFK9LOOD  )HOOHULFK ' /DQGNUHLV 7ULHU  D  )lOVFKXQJ  -DKUKXQGHUW PLW %HZDKUXQJ HLQHU lOWHUHQ 2UWVQDPHQIRUP  9DOHULDFXP D  9HOUH FKHD)HOOHULFKJDOORURPDQLVFK9DOHULDFXP]XP3HUVRQHQQDPHQ 9DOHULXV  2FNIHQ '/DQGNUHLV7ULHU D2FDYDD2FNHIDJDOORURPD QLVFK2FDYDLQGRJHUPDQLVFKHU*HZlVVHUQDPH 2NDYĆ ]XLQGRJHU PDQLVFK RN~ªVFKQHOO©  +LHU]HLJWVLFKGDVVGLH5HJLRQHQXPGLHYRQ0HW]QDFK2VWHQIKUHQGHQ 6WUD‰HQDQGHUXQWHUHQ6DDUXQGYRUDOOHPGLHLQQHUH0RVHOURPDQLD]X PLQGHVWELVLQV-DKUKXQGHUW5RPDQLWlWEHZDKUWHQ %HLP]HQWUDOHQ2UWGHVLP+XQVUFNYRUODQGVLWXLHUWHQ5HOLNWJHELHWHV ª+RFKZDOGURPDQLD© OlVVWVLFKGLHVHOWHQHDEHUJHUDGHDXFKLP7ULHUHU 5DXPEHOHJWHURPDQLVFKH(QWZLFNOXQJYRQ>HX@!>DX@!>Ň@ ]%2FKDULXV IU GHQ 7ULHUHU +HLOLJHQ (XFKDULXV  GLH HUVW LQV  -DKUKXQGHUW ]X VHW]HQ LVWQDFKZHLVHQ BBBBBBBBBBBBB  9JO %8&+0h//(5 +$8%5,&+6 63$1* 1DPHQNRQWLQXLWlW >ZLH $QP @ 6  PLW $QP  6  PLW $QP  XQG 6  +$8%5,&+6 /DXWYHUVFKLHEXQJ LQ /RWKULQJHQ >ZLH$QP@6'(56*DOORURPDQLVFKH.RQWLQXLWlW>ZLH$QP@60$5 7,1$ 3,7==HQWUDOIUDQ]|VLVFKH1HXHUXQJVXQGQRUG|VWOLFKH%HKDUUXQJVUlXPH²5HIOH[H GHU %HJHJQXQJ YRQ IUlQNLVFKHU XQG URPDQLVFKHU 6SUDFKH XQG .XOWXU" ,Q $NNXOWXUDWLRQ >ZLH$QP@6  %8&+0h//(5+$8%5,&+663$1*1DPHQNRQWLQXLWlW>ZLH$QP@61UI  %8&+0h//(53)$))6LHGOXQJVQDPHQ>ZLH$QP@61U  $/%5(&+7 *5(8/(=XU6FKLFKWXQJGHU*HZlVVHUQDPHQLP0RVHOODQG,Q%HLWUlJH]XU 1DPHQIRUVFKXQJ 1)    6  KLHU 6 I %8&+0h//(5+$8%5,&+6 63$1*1DPHQNRQWLQXLWlW>ZLH$QP@61U  9JOGD]X%8&+0h//(5+$8%5,&+663$1*1DPHQNRQWLQXLWlW>ZLH$QP@6 ./(,%(53),67(5$VSHNWH>ZLH$QP@6I'DVHQWVSUHFKHQGH*HJHQVWFNLP 1RUGHQGHU0RVHOURPDQLDELOGHWGLH¿3UPHU5RPDQLD¾LQGHU(LIHO9JO+$8%5,&+63), 67(5'LH3UPHU5RPDQLD>ZLH$QP@  9JO%HLVSLHOH]XGLHVHP/DXWZDQGHOEHL%8&+0h//(5+$8%5,&+663$1*1DPHQNRQ WLQXLWlW >ZLH $QP @ 6 I 'LH %HOHJH OLH‰HQ VLFK KHXWH YHUPHKUHQ GDV 3KlQRPHQ KDUUWHLQHUSUl]LVHQ8QWHUVXFKXQJ



:2/)*$1*+$8%5,&+6

 7KROH\ '/DQGNUHLV6W:HQGHO D.RSLH-DKUKXQGHUW7HXOH JLR WDXOHJLXV WROHLR PLW DXV YHUVFKLHGHQHQ .RSLDOVFKLFKWHQ VWDPPHQ GHQ XQWHUVFKLHGOLFKHQ *UDSKLHQ HX! DX! R!  D  DG 7ROH LDP-DKUKXQGHUW7DEXOHLXP DEX!LVWYRONVHW\PRORJLVFKH6FKUHL EXQJIUURPDQLVFK>DX@ URPDQLVFK 7HXOHLXPPLWLQWHUYRNDOLVFKHP >J@6FKZXQG  JDOORURPDQLVFK WēJXOHLXP ª*HElXGH PLW =LHJHOGDFK© ]XODWHLQLVFKWēJXODª=LHJHO©  $QGHUH SKRQRORJLVFKH (LJHQKHLWHQ ]LHKHQ GHQ .UHLV QRFK HQJHU XP GLH 0RVHOURPDQLD 6R ILQGHW VLFK (UKDOWXQJ GHU URPDQLVFKHQ 3DHQXOWLPD VSlWHU RIW (QGEHWRQXQJ DQVWDWW JHUPDQLVFKHP ,QLWLDODN]HQW ]% :DGUtOO  9DGHUpOOD 7DZpUQ  7DEpUQD 2OpZLJ  2OtYLD 5LyO  5LJRG~OXP  QXU LQ HLQHP HQJHUHQ %H]LUN XP GLH 0RVHO XQG GLH XQWHUH 6DDU XQG LP +XQV UFNYRUODQGZLH:2/)*$1* ./(,%(5DQ6LHGOXQJVQDPHQXQGDXFKDQ UHLFKHP)OXUQDPHQPDWHULDO YJO.DUWH GHPRQVWULHUWH (EHQVRHQJDXIGLH0RVHOURPDQLDYRQ5HPLFKEHU7ULHUELV0D\HQ LVW HLQH ZHLWHUH SKRQHWLVFKH (LJHQKHLW ]XJHVFKQLWWHQ QlPOLFK GLH GXUFK GLH*UDSKLHN!DXVJHGUFNWH(UKDOWXQJGHUURPDQLVFKH7HQXHVLQHLQHU VHNXQGlUHQ6FKLFKWYRQ/HKQQDPHQQHEHQGHUREHQVNL]]LHUWHQSULPlUHQ GLH /DXWYHUVFKLHEXQJ >N@ ! >Ʒ@ DXVGUFNHQGHQ 6FKLFKW YRQ /HKQQDPHQ ZHOFKHGLHKHXWLJHQ2UWVQDPHQIRUPHQYROONRPPHQSUlJW  )HOOHULFK ' /DQGNUHLV 7ULHU  D  YHUIlOVFKW  -DKUKXQGHUW LQ 8HOUHFNH YJO1U  .DUWH  GHPRQVWULHUW GDPLW HUQHXW GLH ODQJDQGDXHUQGH 5RPDQLWlW GHV 7ULHUHU0RVHOUDXPHV 1RFKVSlWHUDQ]XVHW]HQ²ZRKOLQV-DKUKXQGHUW²LVWGLHRVWIUDQ ]|VLVFKHXQGPRVHOURPDQLVFKH3DODWDOLVLHUXQJYRQ>D@!>H@ZLHVLHHUQHXW :2/)*$1* ./(,%(5 DQ GHU GLIIHUHQ]LHUWHQ (QWZLFNOXQJ ]ZHLHU JDOOR URPDQLVFKHU /HKQZ|UWHU GLH PDVVHQKDIW LQ )OXUQDPHQ YHUEUHLWHW VLQG DXI]HLJWH  JDOORURPDQLVFK YDEHUR YJOIUDQ]|VLVFKZRsYUH ª6XPSIODQG©!PRVHO URPDQLVFK LQ )OXUQDPHQ  :DEHU :DYHU ]% D  :DYHUD  E]Z PLW3DODWDOLVLHUXQJ!)ēEHU ]%D)HEHUQ  BBBBBBBBBBBBB  :2/)*$1* +$8%5,&+6 0$; 3),67(5 7KROH\ 1DPH XQG *HVFKLFKWH ,Q 7KROH\HU %ULHI    6  %8&+0h//(5 +$8%5,&+6 63$1* 1DPHQNRQWLQXLWlW >ZLH $QP@61U  ./(,%(5'DVPRVHOURPDQLVFKH6XEVWUDW>ZLH$QP@6PLW.DUWHXQG  ./(,%(5 'DV PRVHOURPDQLVFKH 6XEVWUDW >ZLH $QP @ 6  %8&+0h//(5 3)$))6LHGOXQJVQDPHQ>ZLH$QP@6  ./(,%(5'DVPRVHOURPDQLVFKH6XEVWUDW>ZLH$QP@6PLW.DUWH./(,%(5 3),67(5$VSHNWH>ZLH$QP@66I

9RPSrOHPrOH]XPYLVjYLV



 JDOORURPDQLVFK QĆYDªIHXFKWH0XOGH©!PRVHOURPDQLVFK1ĆI ]%D 1D\YH E]Z1ēI ]%D1HXLP  .DUWHELOGHWGLH9HUWUHWXQJHQGHV6WDPPYRNDOVEHLGLHVHQEHLGHQ:|U WHUQLQQHUKDOEGHU0RVHOURPDQLDDE(V]HLJWVLFKGHXWOLFKGDVVGLHlOWHUH /DXWXQJLP:HVHQWOLFKHQDQGHUXQWHUVWHQ0RVHOXQGXPJHNHKUWLP:H VWHQDQGHUOX[HPEXUJLVFKHQ0RVHODQXQWHUHU6DDU.\OOXQG5XZHUHU KDOWHQEOLHE'LHVSlWH3DODWDOLVLHUXQJHUUHLFKWHYRUDOOHPQRFK5HJLRQHQ XP7ULHU%HUQNDVWHOXQGPRVHODEZlUWVELVHWZD.DUGHQ+LHUPVVHQZLU DOVRPLWURPDQLVFKHU6SUDFKHQRFKLPXQG-DKUKXQGHUWUHFKQHQ 'LHVH5HJLRQHQWVSULFKWXQJHIlKUGHQYRQ58'2/)3267HUDUEHLWHWHQ $UHDOHQ VWlUNVWHU 'LFKWH URPDQLVFKHU 5HOLNWZ|UWHU LP 0RVHOUDXP YJO .DUWH 'LHLQQHUHELVXPGLH-DKUWDXVHQGZHQGHQRFKSUlVHQWH0R VHOURPDQLDOlVVWVLFKDOVRPLWVRZRKOSKRQRORJLVFKHQDOVDXFKOH[LNRJUD SKLVFKHQ0LWWHOQGHXWOLFKQDFKZHLVHQ 0LWSKLORORJLVFKHP,QVWUXPHQWDULXPOlVVWVLFKDOVREHOHJHQGDVV|VW OLFKGHUXPHQGJOWLJIHVWXQGOLQHDUZHUGHQGHQJHUPDQLVFKURPDQL VFKHQ VSlWHU GHXWVFKIUDQ]|VLVFKHQ 6SUDFKJUHQ]H EHU ODQJH -DKUKXQ GHUWH VHLW HWZD GHP  -DKUKXQGHUW HLQH ELOLQJXDOH 0LVFKVLWXDWLRQ KHUU VFKWHGLHVLFKLP-DKUKXQGHUWLQDOOPlKOLFKVLFKYHUHQJHQGHRGHUJDU DEVWHUEHQGH6SUDFKLQVHOQDXIO|VWH/DQJH=HLWKDWWHPDQJHJODXEWDXIGHU ZHVWOLFKHQ6HLWHGHU6SUDFKJUHQ]HHEHQIDOOVPLWJUR‰HQ6WUHLIHQELOLQJXDOHU *HELHWH XQG PLW DXVJHGHKQWHQ JHUPDQLVFKIUlQNLVFKHQ 6SUDFKLQVHOQ UHFKQHQ]XGUIHQRGHUJDUPLWHLQHUJUR‰IOlFKLJHQ)UDQNLVLHUXQJELVDQ GLH 6HLQH XQG GDUEHU KLQDXV ELV DQ GLH /RLUH 'LHVH $QVlW]H VLQG PLW IUDJZUGLJHQ 0HWKRGHQ XQG XQJHQJHQGHU %HOHJODJH YHUIROJW ZRUGHQ XQG KHXWH DXIJHJHEHQ 8QEHVWULWWHQ LVW MHGRFK GDVV GLH )UDQNHQ HLQHQ EHGHXWHQGHQ (LQIOXVV DXI GLH IUDQ]|VLVFKH 6SUDFKH DXVJHEW KDEHQ ZLH VLFKDXFKDQGHUKRKHQ=DKOGHUJHUPDQLVFKHQ/HKQZ|UWHUGLHGDV)UDQ BBBBBBBBBBBBB  32675RPDQLVFKH(QWOHKQXQJHQ>ZLH$QP@6PLW.DUWH  (5167 *$0,//6&+(**5RPDQLD *HUPDQLFD6SUDFKXQG6LHGOXQJVJHVFKLFKWHGHU*HU PDQHQDXIGHP%RGHQGHVDOWHQ5|PHUUHLFKHV%G=XGHQlOWHVWHQ%HUKUXQJHQ]ZL VFKHQ 5|PHUQ XQG *HUPDQHQ 'LH )UDQNHQ %HUOLQ   $XIODJH %HUOLQ 1HZ XD@5H JHQVEXUJ  5HJHQVEXUJHU 6WXGLHQ ]XU 1DPHQIRUVFKXQJ   6 0$57,1$ 3,7='LHJHZDOWVDPH*HUPDQLVLHUXQJORWKULQJLVFKHU2UWVXQG)OXUQDPHQXQWHUGHP+D NHQNUHX]  ,Q1DPHQXQGLKU.RQIOLNWSRWHQWLDO>VR@6



.DUWH

:2/)*$1*+$8%5,&+6

9RPSrOHPrOH]XPYLVjYLV                

.DUWH 'LHJHUPDQLVFKURPDQLVFKH6SUDFKJUHQ]H LP:HVWHQ





:2/)*$1*+$8%5,&+6

.DUWH 5RPDQLVFKHXQGJHUPDQLVFKH6LHGOXQJVQDPHQLP%HUHLFKGHUGHXWVFKIUDQ]|VLVFKHQ 6SUDFKJUHQ]HGHV0RVHOUDXPHV

9RPSrOHPrOH]XPYLVjYLV



.DUWH 6LHGOXQJVXQG*HZlVVHUQDPHQQLFKWJHUPDQLVFKHU3UlJXQJLP6DDUUDXP QDFK%8&+0h//(5+$8%5,&+663$1*1DPHQNRQWLQXLWlW>ZLH$QP@6 



:2/)*$1*+$8%5,&+6

.DUWH 'LH L DFXP1DPHQLP%HUHLFKGHUU|PLVFKHQ3URYLQ]%HOJLFD3ULPD QDFK%8&+0h//(53)$))6LHGOXQJVQDPHQ>ZLH$QP@)DOWNDUWH 

9RPSrOHPrOH]XPYLVjYLV

.DUWH 9RUJHUP>W@LP5DXP]ZLVFKHQ0RVHOXQG5KHLQ





:2/)*$1*+$8%5,&+6

.DUWH QDFK./(,%(5'DVPRVHOURPDQLVFKH6XEVWUDW>ZLH$QP@6.DUWH 

9RPSrOHPrOH]XPYLVjYLV

.DUWH





:2/)*$1*+$8%5,&+6

.DUWH 'LH 9HUWHLOXQJ GHU 6LHGOXQJVQDPHQW\SHQ LP %HUHLFK GHU 0HUFKLQJHU 0XVFKHONDON SODWWH QDFK%8&+0h//(5 +$8%5,&+6 63$1* 1DPHQNRQWLQXLWlW >ZLH $QP@ 6 

9RPSrOHPrOH]XPYLVjYLV

.DUWH QDFK./(,%(5'DVPRVHOURPDQLVFKH6XEVWUDW>ZLH$QP@6.DUWH 





:2/)*$1*+$8%5,&+6

.DUWH (UKDOWHQHV >N@ EHLP 2UWVQDPHQ6XIIL[  L DFXP LP 0RVHOUDXP PDUNLHUW PLW VFKZDU]HP3XQNW  QDFK%8&+0h//(53)$))6LHGOXQJVQDPHQ>ZLH$QP@ 

9RPSrOHPrOH]XPYLVjYLV

.DUWH QDFK./(,%(5'DVPRVHOURPDQLVFKH6XEVWUDW>ZLH$QP@6 





:2/)*$1*+$8%5,&+6

.DUWH QDFK32675RPDQLVFKH(QWOHKQXQJHQ>ZLH$QP@.DUWH 

9RPSrOHPrOH]XPYLVjYLV

.DUWH *HUPDQLVFKH2UWVQDPHQLQGHU7ULHUHU7HUUD*DOOLFD





:2/)*$1*+$8%5,&+6

.DUWH *HUPDQLVFKH2UWVXQG*HZlVVHUQDPHQLP9HUGXQRLV

9RPSrOHPrOH]XPYLVjYLV



.DUWH *HRJUDSKLHGHU/RWKULQJHU*HVWH ¿*DULQOH/RKHUDLQ¾XQG$QIDQJYRQ¿*HUEHUWGH 0HW]¾ 8P]HLFKQXQJHLQHV$XVVFKQLWWHVDXVGHU.DUWHEHL*/(,&+'HUODQGVFKDIW OLFKH&KDUDNWHU>ZLH$QP@



(&.+$5'0(,1(.( 7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ =ZHLVSUDFKLJNHLWLPIUKHQ0LWWHODOWHU 'LHVHU $XIVDW] EHKDQGHOW GDV 9HUKlOWQLV YRQ DOWKRFKGHXWVFKHQ XQG DOW VlFKVLVFKHQ7H[WHQGHVIUKHQ0LWWHODOWHUV]XLKUHQQDFKJHZLHVHQHQRGHU P|JOLFKHQODWHLQLVFKHQ9RUODJHQE]ZJHKWEHUKDXSWGHU)UDJHGHV9HU KlOWQLVVHVYRQ/DWHLQXQG'HXWVFKQDFK(UVROODOV(UJHEQLVHLQH7\SROR JLH GHU 5HODWLRQHQ HUEULQJHQ GLH ]ZLVFKHQ ODWHLQLVFKHQ XQG GHXWVFKHQ 7H[WHQEHVWHKHQ$XIGLHYRONVVSUDFKLJHQ*ORVVHQNDQQLQGLHVHP5DK PHQQLFKWHLQJHJDQJHQZHUGHQ $XVGHU5ROOHDOV6SUDFKHGHUHLQIDFKHQ/HXWHLVWGDV'HXWVFKHXQWHU DQGHUHPGHVKDOEKHUDXVJHZDFKVHQZHLOHVVLFKDQGHQ NODVVLVFKHQ6SUD FKHQYRUDOOHPGHP/DWHLQJHVFKXOWKDW'LHVHU3UR]HVVLVWZHLWJHKHQG ZLH GHU 6SUDFKZDQGHO LQ EHVWLPPWHQ 7HLOEHUHLFKHQ EHUKDXSW (UJHEQLV YRQ %HVWUHEXQJHQ GHUHQ =ZHFN DXI HWZDV DQGHUHV JHULFKWHW ZDU EHL VSLHOVZHLVH GLH &KULVWLDQLVLHUXQJ GHU JHUPDQLVFKVSUDFKLJHQ %HY|ONHUXQJ LP.DUROLQJHUUHLFK$EHUJHQDXVRZLHHV.(//(5 EHVFKUHLEWHUZXFKVHQ DXV GLHVHQ 3URMHNWHQ XQG DQGHUHQ DOV 1HEHQSURGXNW GLH VSUDFKNXOWLYLH UHQGHQ6FKEHGHV'HXWVFKHQ6LHVLQGZHGHUILQDOQRFKNDXVDOYHUVWHK EDU 6LH VLQG (UJHEQLVVH GHU 7lWLJNHLW GHU ªXQVLFKWEDUHQ +DQG© ZLVVHQ BBBBBBBBBBBBB  +LHU]X (&.+$5' 0(,1(.( -8',7+ 6&+:(5'7 (LQIKUXQJ LQ GDV $OWKRFKGHXWVFKH 3DGHUERUQ >XD@  8QL7DVFKHQEFKHU   6  0LWWHODOWHUOLFKH YRONVVSUD FKLJH*ORVVHQ,QWHUQDWLRQDOH)DFKNRQIHUHQ]GHV=HQWUXPVIU0LWWHODOWHUVWXGLHQGHU2WWR )ULHGULFK8QLYHUVLWlW%DPEHUJELV$XJXVW+JYRQ52/) %(5*0$11(/9,5$ */$6(5XQG&/$8',1( 028/,1)$1.+b1(/+HLGHOEHUJ *HUPDQLVWLVFKH%LEOLR WKHN 3(7586 : 7$;'LHDOWKRFKGHXWVFKHQ¿&RQVRODWLR¾*ORVVHQLQGHU+DQGVFKULIW (LQVLHGHOQ*UXQGWH[WRGHU*ORVVHQJORVVLHUXQJ"(LQQHXHUV\VWHPDWLVFKHU$QVDW],Q 6SUDFKZLVVHQVFKDIW    6  XQG 6  +(,15,&+ 7,()(1%$&+ 'LH $QIlQJH GHU GHXWVFKHQ 6FKULIWOLFKNHLW LQ 5HJHQVEXUJ ,Q 5HJHQVEXUJHU 'HXWVFK =Z|OI KXQGHUW -DKUH 'HXWVFKVSUDFKLJNHLW LQ 5HJHQVEXUJ +J YRQ 686$11( 1b66/ )UDQN IXUW0 >XD@  5HJHQVEXUJHU %HLWUlJH ]XU GHXWVFKHQ 6SUDFK XQG /LWHUDWXUZLVVHQ VFKDIW %  6  'LH DOWKRFKGHXWVFKH XQG DOWVlFKVLVFKH *ORVVRJUDSKLH (LQ +DQG EXFK +J YRQ 52/) %(5*0$11 XQG 67()$1,( 675,&.(5  %GH %HUOLQ 1HZ ZLH$QP@6  'LHNOHLQHUHQDOWKRFKGHXWVFKHQ6SUDFKGHQNPlOHU>ZLH$QP@6

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



ZUGH 'HQQRFK VLQG GLH DOWKRFKGHXWVFKHQ 3DWHUQRVWHUEHUVHW]XQJHQ NHLQH 'XUFKVFKOlJH GHU ODWHLQLVFKHQ 9RUODJH 'DV ]HLJHQ EHUHLWV GLH DOW KRFKGHXWVFKHQ 3DWHUQRVWHUHLQJlQJH 'HP TXL HV LQ FDHOLV ZUGH EH]RJHQ DXI TXL HV DP HKHVWHQ HLQH hEHUVHW]XQJ ZLH LQ GHU .DWHFKLVPXVIDVVXQJ /XWKHUV HQWVSUHFKHQ GHU GX ELVW 'HP HQWVSUHFKHQ GLH DOWKRFKGHXWVFKHQ 9HUVLRQHQQLFKW(VKHL‰WWKXSLVWRGHUGHULVW'DEHLEHUVHW]W+DQGVFKULIW % GHV ¿)UHLVLQJHU 3DWHUQRVWHUV¾ ZRKO IHKOHUKDIW GLH hEHUVHW]XQJ ZLGHU VSULFKW GHU ]XQlFKVW JHlX‰HUWHQ $QUHGH 'DJHJHQ LVW HV QLFKW XQEHGLQJW ULFKWLJ KLHU IDOVFK GRUW ZHQQ GUHL 4XHOOHQ LQ FDHOLV PLW LQ KLPLOXP E]Z KLPLORP ZLHGHUJHEHQ GDV ¿6W*DOOHU 3DWHUQRVWHU¾ PLW LQ KLPLOH 0$66(5 VFKUHLEWGLHVPDQJHOQGHP9HUVWlQGQLVGHVhEHUVHW]HUV]X'RFKPDJGLH ELEOLVFKH9RUVWHOOXQJYRQPHKUHUHQ+LPPHOQLQGHUHQREHUVWHP*RWWLVW LQ DOWKRFKGHXWVFKHU =HLW NHLQH EHVRQGHUH 5ROOH PHKU JHVSLHOW KDEHQ :HQQQXQGHU3OXUDOPLWEHUVHW]WZXUGHNDQQGDVDXV(KUIXUFKWYRUGHP KHLOLJHQ 7H[W JHVFKHKHQ VHLQ 8PJHNHKUW PDJ GDQQ ZHQQ VLQJXODULVFK EHUVHW]WZLUGGLH$XIIDVVXQJYRQHLQHPHLQ]LJHQWKHRORJLVFKJHGHXWHWHQ +LPPHO ]XJUXQGHOLHJHQ VR GDVV 3OXUDO XQQ|WLJ ZlUH (LQH OHW]WH %HRE DFKWXQJ 'HU ¿:HL‰HQEXUJHU .DWHFKLVPXV¾ KDW QLFKW WKX ELVW LQ KLPLORP VRQGHUQWKXLQKLPLORPELVW+LHUZLUGHLQHª.ODPPHUVWUXNWXU©DXIJHEDXW ZLHVLHLQ)ROJH]HLWLQGHUGHXWVFKHQ6\QWD[JHVFKLFKWHDXIYLHOIlOWLJH:HLVH ZHLWHUHQWZLFNHOWZLUG:RQLFKW)HKOHUYRUOLHJW]HLJHQGLHhEHUVHW]XQJV SDVVDJHQGHPQDFKHLQHQ0LVFKEHIXQG'LH6\QWD[GHUhEHUVHW]XQJZLUG ]XP7HLOGHU9RUODJHDQJHSDVVW]XP7HLOQLFKW'LH:RUWIRUPGHU9RUOD JH ZLUG ]XP 7HLO DXIJHQRPPHQ ]XP 7HLO ² KLHU YHUPXWOLFK ZHJHQ GHU 3UREOHPDWLNGHVSOXUDOLVFKHQ+LPPHOV²GXUFKHLQHDQGHUHHUVHW]W 'LH(UNOlUXQJGHV%HIXQGHVHUJLEWVLFKQLFKWDXVGHPYRUGHUJUQGL JHQ6FKHPDWLVPXVPLWGHPIUKHUDOWKRFKGHXWVFKHhEHUVHW]XQJVWH[WHLQ ª6FKXEODGHQ© JHVWHFNW ZXUGHQ 'HUHQ $XIVFKULIWHQ VXJJHULHUWHQ HLQHQ $XIVWLHJYRQ3ULPLWLYLWlW]XSHUIHNWHUhEHUVHW]XQJ'HU%HIXQGLVWVDFK BBBBBBBBBBBBB  $&+,0 0$66(5 'LH DOWKRFKGHXWVFKHQ hEHUVHW]XQJHQ GHV 9DWHUXQVHUV ,Q %HLWUlJH ]XU *HVFKLFKWHGHUGHXWVFKHQ6SUDFKHXQG/LWHUDWXU 7ELQJHQ   6KLHU6  583(57 +2&++2/=(5 +LPPHO XQG +|OOH 2QRPDVLRORJLVFKH XQG VHPDVLRORJLVFKH 6WXGLHQ ]X GHQ -HQVHLWVEH]HLFKQXQJHQ LP $OWKRFKGHXWVFKHQ )UDQNIXUW0 >XD@  5HJHQVEXUJHU%HLWUlJH]XUGHXWVFKHQ6SUDFKXQG/LWHUDWXUZLVVHQVFKDIW% 6I  &+5,67$'h56&+(,'6\QWD[*UXQGODJHQXQG7KHRULHQ:LHVEDGHQ 6WXGLHQEFKHU ]XU/LQJXLVWLN 6  9JO ]XU .DWHJRULVLHUXQJ GHV 9HUKlOWQLVVHV YRQ /DWHLQ XQG 'HXWVFK HWZD DXFK 67()$1 621'(5(**(5/DWHLQXQG$OWKRFKGHXWVFK*UXQGVlW]OLFKHhEHUOHJXQJHQ]XLKUHP9HU KlOWQLV,Q9DULRUYPPYQHUDIORUYP/DWLQLWlWDOVSUlJHQGH.UDIWPLWWHODOWHUOLFKHU.XOWXU)HVW VFKULIWIU+DQV)+DHIHOH]XVHLQHP*HEXUWVWDJ+JYRQ$'2/) 5(,1/(/8':,* 6&+08**(XQG3(7(56727=6LJPDULQJHQ6KLHU6  9JO -g5* /,33(57 %HLWUlJH ]X 7HFKQLN XQG 6\QWD[ DOWKRFKGHXWVFKHU hEHUVHW]XQJHQ 8QWHU EHVRQGHUHU %HUFNVLFKWLJXQJ GHU ,VLGRUJUXSSH XQG GHV DOWKRFKGHXWVFKHQ 7DWLDQ 0QFKHQ 0HGLXP$HYXP 6



(&.+$5'0(,1(.(

JHUHFKW QXU DXIJUXQG GHV ,QKDOWV XQG GHU )XQNWLRQ GHV EHWUHIIHQGHQ 'HQNPDOV]XYHUVWHKHQ%HUHLWVLQGHU¿$GPRQLWLRJHQHUDOLV¾IRUGHUW.DUO GHU *UR‰H GLH 9HUEHVVHUXQJ GHU .OHULNHUELOGXQJ XQG GLH 8QWHUZHLVXQJ GHU /DLHQ LQ GHQ JUXQGOHJHQGHQ *HJHQVWlQGHQ GHV *ODXEHQV ,Q HLQHP 5HLFKVJHVHW] YRQ  ZLUG EHVWLPPW GDVV GDV FKULVWOLFKH 9RON *ODX EHQVEHNHQQWQLV XQG 9DWHUXQVHU DXVZHQGLJ NHQQHQPVVH'LH ¿$GPRQL WLR¾YHUODQJWYRQGHQ3ULHVWHUQGHV5HLFKVGDVVVLHGHQUHFKWHQ*ODXEHQ EHZDKUHQGDVVVLHGHQ7DXIRUGRNHQQHQXQGDQZHQGHQGDVVVLHGLH*H EHWHGHU0HVVHQLFKWQXUUH]LWLHUHQVRQGHUQDXFKYHUVWHKHQGLH3VDOPHQ ULFKWLJVLQJHQGDVVVLHGLH*ODXEHQVEHNHQQWQLVVHXQGGDV9DWHUXQVHUYHU VWHKHQXQGLKUHQ3IDUUNLQGHUQDXVOHJHQN|QQHQ%HLDOOHGHPLVWQLFKWGLH 5HGH GDYRQ GDVV FKULVWOLFKH OLWXUJLVFKH XQG NDWHFKHWLVFKH 7H[WH LQ GLH 9RONVVSUDFKHEHUVHW]WZHUGHQVROOHQ$EHUGLH)RUGHUXQJGLH*UXQGWH[ WHGHVFKULVWOLFKHQ*ODXEHQV]XYHUVWHKHQKDW]XYRONVVSUDFKOLFKHQ)RU PHQ GLHVHU 6WFNH JHIKUW (LQ HQWVFKHLGHQGHV +LQGHUQLV IU GLH YRONV VSUDFKLJH$XVEXQJGHV*ODXEHQVGHUHUVWQXULQ+HEUlLVFK*ULHFKLVFK XQG /DWHLQ SUDNWL]LHUW ZXUGH ZDU DXI GHU IUlQNLVFKHQ 5HLFKVV\QRGH )UDQNIXUW  PLW GHU %HVWLPPXQJ EHVHLWLJW ZRUGHQ GDVV *RWW LQ MHGHU 6SUDFKH DQJHEHWHW ZHUGHQ N|QQH 'LHVHU %HVFKOXVV ZLUG  YRQ GHQ JOHLFK]HLWLJHQ6\QRGHQYRQ7RXUV5HLPVXQG0DLQ]HUQHXWGLVNXWLHUW(U ZLUG LQ GLH %HVWLPPXQJ XPJHVHW]W GDVV GLH %LVFK|IH GLH 3UHGLJWHQ GHU 9lWHULQGHU9RONVVSUDFKHYRUWUDJHQVROOHQGDPLWVLHDOOHYHUVWHKHQN|QQ WHQ 'LH YRONVVSUDFKLJHQ .OHLQGHQNPlOHU GLH PLW GHU GXUFK .DUO GHQ *UR‰HQ JHI|UGHUWHQ 'XUFKVHW]XQJ GHV &KULVWHQWXPV LP )UDQNHQUHLFK LQ 9HUELQGXQJ JHEUDFKW ZHUGHQ N|QQHQ VLQG 3DWHUQRVWHU *ODXEHQVEH NHQQWQLVVH 7DXIJHO|EQLVVH GHU ¿:HL‰HQEXUJHU .DWHFKLVPXV¾ *HEHWH %HLFKWHQ 3UHGLJWHQ XQG GHU ¿$OWKRFKGHXWVFKH 3ULHVWHUHLG¾ 'LH 3ULHVWHU VROOWHQGDV3DWHUQRVWHUXQG&UHGRDOOHQLKQHQ$QYHUWUDXWHQHLQSUlJHQXQG HV VLFK YRQ GLHVHQ ZLHGHUJHEHQ ODVVHQ (LQH %HVWLPPXQJ GHU 0DLQ]HU BBBBBBBBBBBBB  ¿&DSLWXODUH 0LVVRUXP¾ .DSLWHO  V *867$9 (+5,60$11 *HVFKLFKWH GHU GHXWVFKHQ /LWHUDWXUELV]XP$XVJDQJGHV0LWWHODOWHUV7HLO'LHDOWKRFKGHXWVFKH/LWHUDWXU$XIOD JH0QFKHQ +DQGEXFKGHVGHXWVFKHQ8QWHUULFKWVDQ+|KHUHQ6FKXOHQ 5HSULQW 0QFKHQ6GRUW6IDXFKZHLWHUHHLQVFKOlJLJH%HVWLPPXQJHQ  :2/)*$1* +$8%5,&+6 'LH $QIlQJH 9HUVXFKH YRONVVSUDFKLJHU 6FKULIWOLFKNHLW LP IU KHQ 0LWWHODOWHU FD    GXUFKJHVHKHQH $XIODJH 7ELQJHQ *HVFKLFKWH GHUGHXWVFKHQ/LWHUDWXUYRQGHQ$QIlQJHQELV]XP%HJLQQGHU1HX]HLW+JYRQ-2$&+,0 +(,1=/( ,  6 I ',(7(5 .$576&+2.( *HVFKLFKWH GHU GHXWVFKHQ /LWHUDWXU LP IUKHQ0LWWHODOWHUDNWXDOLVLHUWH$XIODJH0QFKHQ *HVFKLFKWHGHUGHXWVFKHQ/LWH UDWXULP0LWWHODOWHUGWY 6I  .$576&+2.(*HVFKLFKWH>ZLH$QP@6  0(,1(.(6&+:(5'7(LQIKUXQJ>ZLH$QP@69JO621'(5(**(5/DWHLQ XQG$OWKRFKGHXWVFK>ZLH$QP@67,()(1%$&+'LH$QIlQJH>ZLH$QP@6I

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



6\QRGHYRQEHVDJWGDVVGHUMHQLJHGHUGD]XDQGHUVQLFKWLQGHU/DJH VHLGDV3DWHUQRVWHULQVHLQHU9RONVVSUDFKHOHUQHQVROOH 'DV 3UREOHP GHU hEHUWUDJXQJ GLHVHV KHLOLJVWHQ DOOHU 7H[WH EHVWHKW GDULQDEVROXWH7UHXH]XPODWHLQLVFKHQ9RUODJHWH[W]XZDKUHQXQGWURW] GHPGLHYRONVVSUDFKOLFKH9HUPLWWOXQJDQ LOOLWWHUDWL]XHUP|JOLFKHQ'DPLW KDEHQ GLH NXU]HQ 7H[WH HLQ DEVROXW DQVSUXFKVYROOHV hEHUVHW]XQJVSUR JUDPP ZHVKDOE VLH VLFK QLFKW PLW GHQ ,QWHUOLQHDUYHUVLRQHQ YHUJOHLFKHQ ODVVHQ 'LH 3DWHUQRVWHUhEHUVHW]XQJHQ ELQGHQ VLFK ]XJXQVWHQ GHU $QQl KHUXQJ DQ HLQH QRUPDOH DOWKRFKGHXWVFKH 6\QWD[ XQG ,GLRPDWLN QLFKW LQ VNODYLVFKHU :HLVH DQ :RUWIRUPHQ XQG :RUWVWHOOXQJ GHU 9RUODJHQ ZHQQ QXUGHUJHPHLQWH,QKDOWH[DNWZLHGHUJHJHEHQZLUG'LHVHUhEHUVHW]XQJV W\SXV VWUHEW GHPQDFK EHL JU|‰WP|JOLFKHU :DKUXQJ LQKDOWOLFKHU 7UHXH GHQQRFKHLQHQHLQHPMHGHQ*OlXELJHQYHUVWlQGOLFKHQYRUWUDJEDUHQ7H[W DQHUODXEWVLFKGDEHLDEHUWHLOZHLVHHQJHUH$QELQGXQJHQDQGLHODWHLQLVFKH 6\QWD[DOVHVQ|WLJZlUH'DVJLOWJHUDGHIUGLH$QUHGH)DWHUXQVHU²ª9D WHU XQVHU© 9LHOOHLFKW KDW GLHVH $QSDVVXQJ GHQ (LQGUXFN HLQHU JHZLVVHQ )HLHUOLFKNHLW YHUPLWWHOW .LUFKHQVSUDFKH QLFKW 6SUDFKH GHV $OOWDJV 'DV JLOWELVKHXWH0DQNDQQGLHVHQ%HIXQGDOVIUGHQJHVDPWHQ%HVWDQGGHU ªSDVWRUDOHQ .OHLQOLWHUDWXU© JOWLJ DQVHKHQ QHEHQ GHP 3DWHUQRVWHU GLH *ODXEHQVEHNHQQWQLVVH GLH 7DXIJHO|EQLVVH GHU ¿:HL‰HQEXUJHU .DWHFKLV PXV¾ GLH *HEHWH GLH %HLFKWHQ GLH 3UHGLJWHQ XQG GHU ¿$OWKRFKGHXWVFKH 3ULHVWHUHLG¾$OOHGLHVH7H[WHPXVVWHQGHQVLHVSUHFKHQGHQE]Z]XK|UHQ GHQ*OlXELJHQYHUVWlQGOLFKVHLQXQGHVLVWGDYRQDXV]XJHKHQGDVVVLHHV ZDUHQ ,QVRZHLW KDOWHQ VLFK GLH /DWLQLVPHQ LQ *UHQ]HQ JHUDGH EHL GHU %HLFKWH (WZDV VWlUNHU LVW GHU (LQIOXVV GHU 9RUODJH EHLP ¿$OWKRFK GHXWVFKHQ3ULHVWHUHLG¾]XVSUHQ 'D]LKGLUKROGSLQ 'D]LKGLUKROGSLQ1GHPRSLVFRSKHVRPLQRFKUHSKWLHQWLPLQRFKXQVWLVLQWVLPLQDQYXLO OXQ IUXPD IUXPPHQWL HQWL VFDGXQ YXHQWHQWL NDKRULFK HQWL NDKHQJLJ HQWL VWDWLJ LQ VLQHPR SLV  FRSKWXRPHVRLKPLWUHKWRDSKWHUFDQRQHVFDO  ª'DVV LFK GHU LFK 1 GHP %LVFKRI ]XU 7UHXH YHUSIOLFKWHW ELQ >LKP@ ZLH HV LQ PHLQHU .UDIW XQG LQ PHLQHP 9HUP|JHQ OLHJW YROO %HUHLWVFKDIW +HLO ZLUNH XQG

BBBBBBBBBBBBB  4XLYHURDOLWHUQRQSRWXHULWYHOLQVXDOLQJXDKRFGLVFDW0RQXPHQWD*HUPDQLDH+LVWRULFD&RQFLOLD DHYL.DUROLQL,+JYRQ$/%(57 :(50,1*+2))7HLO+DQQRYHU8QYHUlQGHUWHU 1DFKGUXFN+DQQRYHU6$&+,0 0$66(5¿:HL‰HQEXUJHU.DWHFKLVPXV¾,Q'LH GHXWVFKH/LWHUDWXUGHV0LWWHODOWHUV9HUIDVVHUOH[LNRQ>«@Y|OOLJQHXEHDUEHLWHWH$XIODJH >«@KJYRQ.857 58+>XD@%HUOLQ1HZZLH$QP@6



(&.+$5'0(,1(.(

6FKDGHQDEZHQGHJHKRUVDPHUJHEHQXQGLQVHLQHP$PWVEHUHLFKEHVWlQGLJVHL  ZLHHVQDFKGHP.LUFKHQUHFKWPHLQH3IOLFKWLVW© 

'HU¿$OWKRFKGHXWVFKH3ULHVWHUHLG¾LVWHLQ2ERHGLHQ]HLGGHQGHU]X2UGL QLHUHQGH EHL GHU 3ULHVWHUZHLKH GHP %LVFKRI OHLVWHWH 'HU U|PLVFKH 5LWXV NHQQW GLHVHV *HKRUVDPVYHUVSUHFKHQ QLFKW (UVW GDV LQ GHU $EWHL 6W$O EDQ0DLQ]NXU]QDFKGHU0LWWHGHV-DKUKXQGHUWVHQWVWDQGHQH¿3RQWLIL FDOH URPDQRJHUPDQLFXP¾ HQWKlOW HLQ VROFKHV *HO|EQLV 'HU ]X 2UGLQLH UHQGH YHUVSULFKW DOV 9RUEHUHLWXQJ DXI GLH HLJHQWOLFKH :HLKH JHKRUVDP XQGDQKlQJOLFK]XVHLQEHVWlQGLJLP%LVWXP]XYHUEOHLEHQXQGQDFKEHV WHP.|QQHQXQG9HUP|JHQ]XKDQGHOQ,P¿$OWKRFKGHXWVFKHQ3ULHVWHU HLG¾ VLQG GLH GHP ¿3RQWLILFDOH¾ HQWVSUHFKHQGHQ 3XQNWH DXIJHIKUW DOOHU GLQJVLQDQGHUHU5HLKHQIROJH'DPLWN|QQWHHUHLQHPQGOLFKH7UDGLWLRQ EH]HXJHQ GLHVH LVW DXFK LQ GLH MQJHUHQ 5LWXDOH HLQJHJDQJHQ 2KQH *H JHQVWFNLP¿3RQWLILFDOHURPDQRJHUPDQLFXP¾LVWGLH(LQJDQJVIRUPHOGD] LKGLUKROGSLQ6LHGUIWHPLWHLQHU*HElUGHGHU+DQGHUKHEXQJRGHU+DQG UHLFKXQJYHUEXQGHQJHZHVHQVHLQ$XIJUXQGGHU(LQJDQJVIRUPHOXQGGHU DOOLWHULHUHQGHQ %HWHXHUXQJVIRUPHOVRPLQRFKUHSKWLHQWLPLQRFKXQVWLVLQW ªZLH HVPHLQHP9HUP|JHQXQG:LVVHQHQWVSULFKW© KDWGHU¿3ULHVWHUHLG¾GHXWOL FKH *HPHLQVDPNHLWHQ PLW GHQ 7UHXHLGHQ GHU NDUROLQJLVFKHQ =HLW GHUHQ )RUPXODULQODWHLQLVFKHU6SUDFKHEHNDQQWLVW:HLWHUHVWDEUHLPHQGH:HQ GXQJHQZLHIUXPDIUXPPHQWL ª*XWHVWXHQG© XQGNDKRULFKHQWLNDKHQJLJ ªJH KRUVDP XQG HUJHEHQ©  ZHLVHQ DXI PQGOLFKH 7UDGLWLRQ KLQ 'DJHJHQ VWDPPWGLHQLFKWYRONVVSUDFKOLFKH.RQVWUXNWLRQPLWVvQ ªVHLQ© XQG3DUWL ]LS3UlVHQVVLPLQDQYXLOOXQIUXPDIUXPPHQWLHQWLVFDGXQYXHQWHQWLDXVGHP/D WHLQLVFKHQ (V YHUPLVFKHQ VLFK KLHU (OHPHQWH GHU YRONVVSUDFKOLFKHQ 5HFKWVSUD[LVPLWGHQHQHLQHUVFKULIWOLFKHQODWHLQLVFKHQ9RUODJH BBBBBBBBBBBBB  +2567 ',(7(5 6&+/266(5 $OWKRFKGHXWVFKH /LWHUDWXU 0LW DOWQLHGHUGHXWVFKHQ 7H[WEHL VSLHOHQ$XVZDKOPLWhEHUWUDJXQJHQXQG.RPPHQWDU%HUOLQ6  0QFKHQ %D\HULVFKH 6WDDWVELEOLRWKHN &OP %O Y $  )UHLVLQJ  -DKUKXQGHUW 0QFKHQ%D\HULVFKH 6WDDWVELEOLRWKHN &OP  %O Y %  )UHLVLQJ  -DKUKXQGHUW 'LHNOHLQHUHQDOWKRFKGHXWVFKHQ6SUDFKGHQNPlOHU>ZLH$QP@6I 58'2/) 6&+h7= (,&+(/ $OWKRFKGHXWVFKHV :|UWHUEXFK  $XIODJH EHUDUEHLWHW XQG XP GLH *ORVVHQ HU ZHLWHUW7ELQJHQ6587+ 6&+0,'7:,(*$1'¿3ULHVWHUHLG¾ DKG ,Q9HUIDV VHUOH[LNRQ >ZLH $QP @ %G    6S I ',(6 5HKW XQG HZD 'LH (SRFKH GHV $OWKRFKGHXWVFKHQLQLKUHU%HGHXWXQJIUGLH*HVFKLFKWHGHUGHXWVFKHQ5HFKWVVSUDFKH,Q $OWKRFKGHXWVFK +J YRQ 52/) %(5*0$11 +(,15,&+ 7,()(1%$&+ XQG /27+$5 92(7= +HLGHOEHUJ  %G  6 KLHU 6 I (+5,60$11 *HVFKLFKWH >ZLH $QP @ %G  6  67()$1 (6'(56 +(,.( -2+$11$ 0,(5$8 'HU DOWKRFK GHXWVFKH.OHULNHUHLG%LVFK|IOLFKH'L|]HVDQJHZDOWNLUFKOLFKHV%HQHIL]LDOZHVHQXQGYRONV VSUDFKOLFKH 5HFKWVSUD[LV LP IUKPLWWHODOWHUOLFKHQ %DLHUQ +DQQRYHU  0RQXPHQWD *HUPDQLDH+LVWRULFD6WXGLHQXQG7H[WH   -2+1 0 -((3 $OOLWHUDWLQJ ZRUGSDLUV LQ 2OG +LJK *HUPDQ %RFKXP  6WXGLHQ ]XU 3KUDVHRORJLHXQG3DU|PLRORJLH 6

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



+HULVWIRQPHQL 'DVV GLH 5HFKWVSUD[LV PQGOLFK ZDU 5HFKWVVlW]H YRUJHWUDJHQ ZHUGHQ PXVVWHQ OHKUW DXFK HLQH DQGHUH hEHUVHW]XQJ HLQHV 5HFKWVGHQNPDOV GLH DOV%UXFKVWFNHUKDOWHQHDOWKRFKGHXWVFKH¿/H[6DOLFD¾6LHVFKHLQWVRZRKO IUGDVVWLOOH/HVHQDOVDXFKIUGHQ9RUWUDJEHL*HULFKWEHVWLPPWJHZHVHQ ]XVHLQXQGGDYRQGUIWHLKUhEHUVHW]XQJVVWLOKHUUKUHQ'DQHEHQLVWMD YRQ HLQHP PQGOLFKHQ *HZRKQKHLWVUHFKW DXV]XJHKHQ (LQH hEHUVHW ]XQJZLHGLHGHU¿/H[6DOLFD¾LVWJHHLJQHWGLHYRONVVSUDFKOLFKH5HFKWVSUD[LV DXIJUXQGGHUVFKULIWOLFKHQ*UXQGODJH]XREMHNWLYLHUHQ 'DV DOWKRFKGHXWVFKH ¿/H[ 6DOLFD¾)UDJPHQW LVW HLQ 'RSSHOEODWW DOV 5HVW HLQHU ZDKUVFKHLQOLFK HLQVW HLQHQ HLJHQHQ &RGH[ IOOHQGHQ hEHUVHW ]XQJGHU¿/H[6DOLFD¾ 9LHUWHO-DKUKXQGHUW0DLQ]HU6FKUHLEVFKXOH (V HQWKlOW GHQ 6FKOXVV GHV 7LWHOYHU]HLFKQLVVHV GHQ HUVWHQ 7LWHO XQG GDV %UXFKVWFNGHV]ZHLWHQ'LHhEHUVHW]XQJLVWYLHOOHLFKWPLWGHPOLEHU7KHX WRQLFXV LGHQWLVFK GHU LP lOWHVWHQ %FKHUYHU]HLFKQLV GHV 7ULHUHU .ORVWHUV 6W0D[LPLQXPHUVFKHLQW'LHDOWKRFKGHXWVFKHhEHUVHW]XQJEH]LHKW VLFKDXIGLH5HGDNWLRQ.GHQ7LWHO7H[WYRQ'DV)UDJPHQW BBBBBBBBBBBBB  0(,1(.(6&+:(5'7(LQIKUXQJ>ZLH$QP@6  9JO ./$86 5,''(5 -h5*(1 :2/) hEHUVHW]HQ LP $OWKRFKGHXWVFKHQ 3RVLWLRQHQ XQG 3HUVSHNWLYHQ ,Q 7KHRGLVFD %HLWUlJH ]XU DOWKRFKGHXWVFKHQ XQG DOWQLHGHUGHXWVFKHQ 6SUD FKHXQG/LWHUDWXULQGHU.XOWXUGHVIUKHQ0LWWHODOWHUV(LQHLQWHUQDWLRQDOH)DFKWDJXQJLQ 6FK|QPKO EHL 3HQ]EHUJ YRP  ELV ]XP  0lU]  +J YRQ :2/)*$1* +$8 %5,&+6>XD@%HUOLQ1HZZLH$QP@6  7ULHU 6WDGWELEOLRWKHN 0DSSH ; 1U  'LH NOHLQHUHQ DOWKRFKGHXWVFKHQ 6SUDFKGHQNPlOHU >ZLH$QP@66&+h7=(,&+(/:|UWHUEXFK>ZLH$QP@6%(51+$5'%, 6&+2))3DOlRJUDSKLVFKH)UDJHQGHXWVFKHU'HQNPlOHUGHU.DUROLQJHU]HLW,Q%%0LWWHO DOWHUOLFKH 6WXGLHQ $XVJHZlKOWH $XIVlW]H ]XU 6FKULIWNXQGH XQG /LWHUDWXUJHVFKLFKWH 6WXWW JDUW%G6KLHU6+(,1= (1'(50$11=XU'DWLHUXQJGHVDOW KRFKGHXWVFKHQ7DWLDQ,Q9RQGHU3KLORORJLH]XU*UDPPDWLNWKHRULH3HWHU6XFKVODQG]XP *HEXUWVWDJ +J YRQ -26() %$ZLH$QP@%G6I*,8/,2 6,021(/6YV/)/D WUDGX]LRQHIUDPPHQWDULDLQDQWLFRDOWRWHGHVFRGHOOD/H[6DOLFDHODVXDEDVHODWLQD%RORJQD  %LEOLRWHFDGHO'LSDUWLPHQWRGL/LQJXHH/HWWHUDWXUH6WUDQLHUH0RGHUQHGHOO·8QLYHU VLWjGHJOL6WXGLGL%RORJQD hEHUVHW]XQJbOWHVWHGHXWVFKH'LFKWXQJXQG3URVD$XVJH ZlKOWH7H[WHDOWKRFKGHXWVFK²QHXKRFKGHXWVFK+JYRQ+(,1= 0(77.(/HLS]LJ 6 $OWKRFKGHXWVFKH /LWHUDWXU 0LW 3UREHQ DXV GHP $OWQLHGHUGHXWVFKHQ $XVJH ZlKOWH7H[WHPLWhEHUWUDJXQJHQXQG$QPHUNXQJHQ+JEHUVHW]WXQGPLW$QPHUNXQJHQ YHUVHKHQ YRQ +2567 ',(7(5 6&+/266(5 )UDQNIXUW0  )LVFKHU%FKHUHL   6



(&.+$5'0(,1(.(

EHUOLHIHUWGLHhEHUVFKULIWHQGHU7LWHOELVXQGGLHHUVWHQEHLGHQ7LWHO EHU GLH JHULFKWOLFKH 9RUODGXQJ XQG GHQ 6FKZHLQHGLHEVWDKO GLHVHQ ]XU +lOIWH'HU6SUDFKVWDQGHQWVSULFKWGHPIUKHQ-DKUKXQGHUW 'LHhEHUVHW]XQJGUIWHPLWGHQJHVHW]JHEHULVFKHQXQGDXIGLH9RONV VSUDFKH ]LHOHQGHQ %HPKXQJHQ .DUOV ]XVDPPHQKlQJHQ 6LH LVW IOVVLJ XQGHQWKlOW6WDEUHLPHHLQ6WLOGHQPDQDXFKIUGLHJHUPDQLVFKH5HFKWV VSUDFKH DQQLPPW 0HURZLQJLVFKH 5HFKWVZ|UWHU ZHUGHQ ]7 HUQHXHUW 'DV VFKZDFKH 9HUE PHQQHQ ªYRUODGHQ©  LVW DQ IUDQNRODWHLQLVFK PDQQLUH DQJHEXQGHQ 6DOIUlQNLVFK VXQQLV ZLUG GXUFK GDV VWDUNH )HPLQLQXP VXQQH ªJHULFKWOLFK DQHUNDQQWHU +LQGHUXQJVJUXQG©  DXIJHQRPPHQ $ORG LQ GHU hEHUVFKULIW'HDORGHYRQ7LWHOILQGHWVLFKDOVVWDUNHV1HXWUXPDO{G ª$O ORGIUHLHU%HVLW]+LQWHUODVVHQVFKDIW© LQGHUhEHUVHW]XQJ'DV'HQNPDO LVW KLQVLFKWOLFK hEHUVHW]XQJVNXQVW XQG HKHPDOLJHP 8PIDQJ GDV EHGHX WHQGVWH =HXJQLV GHU DOWKRFKGHXWVFKHQ 5HFKWVOLWHUDWXU 'HU )RNXV GHU hEHUVHW]XQJ LVW GHU ODWHLQLVFKH 9RUODJHVDW] GLHVHU ZLUG DOV JDQ]HU LQ DOW KRFKGHXWVFKHU 6\QWD[ EHUWUDJHQ :LHGHUJHJHEHQ ZLUG KLHU GLH hEHUVHW ]XQJGHVHUVWHQ7LWHOV ,+HULVWIRQPHQL >@6RKZHUVRDQĀUDQ]LĀLQJH JLPHQLWLQWLHUQLFLXPLWLEXLQLVXQQHQLKDEHWJHOWHVFLOOLQJD ;9>@ĀHUDQĀUDQJLPHQLWLEXHUQLFXLPLWLQWLVXQQHQLKDEHWVRVDPDJHOWHVRO;9 >@ ĀHUDQĀUDQPHQLWPLWXUFXQĀHRP]LVLQHPRKXXVHFXHPHLQWLĀDQQHJLEDQQLLQLHUĀRVLQDFXH QXQHUĀRVLQHURKLZRQRHWWHVKZHOLKHPRJLVDJHĀD]L]HPRJLFXQĀHZHRKHUJLPHQLWLVW>@LEX HULQFXQLQJHVĀHRQRVWHKDIWLVWĀDQQHQLPDJHULQLJLPHQHQ>@LEXHULQQDQĀHVJHZHVLQVL QHPRDUXQWHLVWĀDQQHPDJHULQLPHQHQVRVRL]KHHUREDQDJLVFULEDQLVW ª,=XHUVWGLH9RUODGXQJEHWUHIIHQG   :HQQ MHPDQG HLQHQ DQGHUQ YRU *HULFKW OlGW XQG GLHVHU QLFKW HUVFKHLQW VROO GHU *HODGHQH ZHQQ LKQ NHLQ +LQGHUXQJVJUXQG ]XUFNKlOW  6FKLOOLQJH EH]DK OHQ  :HUHLQHQDQGHUQYRUOlGWVROOZHQQHU VHOEVW QLFKWHUVFKHLQWXQGNHL QHQ+LQGHUXQJVJUXQGKDWHEHQIDOOV6FKLOOLQJHEH]DKOHQ  :HUHLQHQDQGHUQ YRUODGHQ ZLOO VROO PLW =HXJHQ ]X VHLQHP +DXV JHKHQ XQG GDQQ LKQ RGHU VHLQH )UDX YRU *HULFKW IRUGHUQ RGHU LUJHQGHLQHP VHLQHU $QJHK|ULJHQ DXIWUDJHQ LKP PLW]XWHLOHQZLHVRHUYRUJHODGHQLVW  :HQQMHQHU DEHU GXUFKHLQH'LHQVWOHL VWXQJIUGHQ.|QLJYHUKLQGHUWLVWGDQQNDQQHULKQQLFKWYRUODGHQ  :HQQMH QHU VHLQHQ $XIWUDJ LQQHUKDOE GHU *DXJUHQ]HQ DXVIKUW GDQQ NDQQ HU LKQ  YRUODGHQZLHHVKLHUREHQJHVFKULHEHQVWHKW© 

WXDPHHVGD]TKXDGYYL]]DJR 'HQ ELVKHU YRUJHVWHOOWHQ hEHUVHW]XQJVW\SHQ LVW JHPHLQVDP GDVV HLQ YRONVVSUDFKLJHU 7H[W HU]LHOW ZHUGHQ VROOWH GHU WURW] JHQDXHU :LHGHUJDEH BBBBBBBBBBBBB  6&+/266(5$OWKRFKGHXWVFKH/LWHUDWXU>ZLH$QP@6I

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



GHU 9RUODJH DXFK DOV DOWKRFKGHXWVFKHU 7H[W HLQH HLJHQVWlQGLJH ([LVWHQ] KDEHQNRQQWHZREHLHVGDUDXIDQNRPPWGDVVHUDXFKIU/DLHQYHUVWHK EDUXQG]XP7HLOYRUWUDJEDULVW'LHEHLGHQIROJHQGHQ7\SHQGLHQHQGHP 9HUVWlQGQLVGHVODWHLQLVFKHQ7H[WHVVLQGDEHULVROLHUWQLFKWDOVYRONVVSUD FKLJH 7H[WH H[LVWHQ]IlKLJ 'DUXP ZlUHQ VLH DXFK QLFKW ]XP 9RUWUDJ JH HLJQHWHVVLQG/HVHXQG9HUVWHKHQVKLOIHQ,PHUVWHQ)DOOKDQGHOWHVVLFK QLFKW HLQPDO XP HLQHQ 7H[W DXFK QLFKW XP HLQ *HVDPW YRQ 6lW]HQ :RUWJORVVHQ VLQG NHLQH 7H[WH 'LHVHU 7\SXV ZLUG ,QWHUOLQHDUYHUVLRQ JH QDQQW 'DV EHNDQQWHVWH %HLVSLHO GDIU LVW GLH DOWKRFKGHXWVFKH hEHUVHW ]XQJ GHU ¿5HJHO¾ GHV %HQHGLNW 'LH YRQ %HQHGLNW YRQ 1XUVLD YHUIDVVWH ¿5HJHO¾ZDU*UXQGDXVVWDWWXQJDOOHU%HQHGLNWLQHUNO|VWHU 'HU &RGH[  GHU 6WLIWVELEOLRWKHN 6W*DOOHQ HQWKlOW DOV +DXSW BBBBBBBBBBBBB  /,33(57%HLWUlJH>ZLH$QP@6  9JO 1,.2/$86 +(1.(/ 'LH DOWKRFKGHXWVFKHQ ,QWHUOLQHDUYHUVLRQHQ =XP VSUDFK XQG OLWHUDUKLVWRULVFKHQ =HXJQLVZHUW HLQHU 4XHOOHQJUXSSH ,Q hEHUVHW]HQ LP 0LWWHODOWHU &DP EULGJHU .ROORTXLXP  +J YRQ -2$&+,0 +(,1=/( >XD@ %HUOLQ  :ROIUDP 6WXGLHQ 6  0(,1(.(6&+:(5'7(LQIKUXQJ>ZLH$QP@6  'LH %HQHGLNWXVUHJHO ODWHLQLVFKGHXWVFK +J LP $XIWUDJ GHU 6DO]EXUJHU bEWHNRQIHUHQ] %HXURQ  'LH ODWHLQLVFKDOWKRFKGHXWVFKH %HQHGLNWLQHUUHJHO 6WLIWVELEOLRWKHN 6W *DOOHQ &RG+JYRQ$&+,0 0$66(5*|WWLQJHQ 6WXGLHQ]XP$OWKRFKGHXWVFKHQ  .857 58+ ¿%HQHGLNWLQHUUHJHO¾ GHXWVFK  , =XU ¿5HJXOD %HQHGLFWL¾ ,Q 9HUIDVVHUOH[LNRQ >ZLH$QP@%G  6S  67()$1 621'(5(**(5¿%HQHGLNWLQHUUHJHO¾ GHXWVFK ,,¿$OWKRFKGHXWVFKH%HQHGLNWLQHU UHJHO¾ ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S  '(56 $OWKRFK GHXWVFKLQ6W*DOOHQ(UJHEQLVVHXQG3UREOHPHGHUDOWKRFKGHXWVFKHQ6SUDFKEHUOLHIHUXQJ LQ6W*DOOHQYRPELVLQV-DKUKXQGHUW6W*DOOHQ6LJPDULQJHQ %LEOLRWKHFD6DQ JDOOHQVLV 6 (+5,60$11*HVFKLFKWH>ZLH$QP@%G6I6FKULIWWDIHOQ ]XPDOWKRFKGHXWVFKHQ/HVHEXFK+JXQGHUOlXWHUWYRQ+$116 ),6&+(57ELQJHQ 6 I$EELOGXQJ621'(5(**(5 $OWKRFKGHXWVFKLQ6W*DOOHQ>VR@66FKULIWWD IHOQ >VR@ 6  %HQHGLNWXVUHJHO >ZLH $QP @ QDFK 6  hEHUVHW]XQJ .DSLWHO  6&+/266(5 $OWKRFKGHXWVFKH /LWHUDWXU >ZLH $QP @ 6  DXV .DSLWHO  $OWKRFK GHXWVFKH /LWHUDWXU >ZLH $QP @ 6 I $&+,0 0$66(5 .RPPHQWDU ]XU ODWHLQLVFK DOWKRFKGHXWVFKHQ%HQHGLNWLQHUUHJHOGHV&RGGHU6WLIWVELEOLRWKHN6W*DOOHQ8QWHUVX FKXQJHQ 3KLORORJLVFKH $QPHUNXQJHQ 6WHOOHQQDFKZHLV 5HJLVWHU XQG $QKDQJ *|WWLQJHQ  6WXGLHQ ]XP $OWKRFKGHXWVFKHQ   1,.2/$86 +(1.(/ 6\QRSWLVFKH .RSUlVHQ] ]ZHLVSUDFKLJHU 7H[WHQVHPEOHV LP GHXWVFKHQ 0LWWHODOWHU hEHUOHJXQJHQ ]X )XQNWLRQ XQG *HEUDXFK ,Q 9RONVVSUDFKLJODWHLQLVFKH 0LVFKWH[WH XQG 7H[WHQVHPEOHV LQ GHU DOWKRFK GHXWVFKHQ DOWVlFKVLVFKHQ XQG DOWHQJOLVFKHQ hEHUOLHIHUXQJ 0HGLlYLVWLVFKHV .ROORTXLXP GHV =HQWUXPV IU 0LWWHODOWHUVWXGLHQ GHU 2WWR)ULHGULFK8QLYHUVLWlW %DPEHUJ DP  XQG 1RYHPEHU+JYRQ52/) %(5*0$11+HLGHOEHUJ *HUPDQLVWLVFKH%LEOLR WKHN   6  KLHU 6 I $&+,0 0$66(5 =ZHLVSUDFKLJH $XVJDEHQ ,Q %(5*0$11 9RONVVSUDFKLJODWHLQLVFKH 0LVFKWH[WH XQG 7H[WHQVHPEOHV VR  6  KLHU 6  $&+,00$66(5'HU*ORVVDWRUGHUODWHLQLVFKDOWKRFKGHXWVFKHQ%HQHGLNWLQHUUHJHO,Q(QW VWHKXQJGHV'HXWVFKHQ)HVWVFKULIWIU+HLQULFK7LHIHQEDFK+JYRQ$/%5(&+7*5(8/( (&.+$5' 0(,1(.(XQG&+5,67,$1( 7+,00$%5(ZLH$QP@ KDQGVFKULIWHQJHWUHX   'LH6W*DOOHU+DQGVFKULIWHQZHUGHQQDFK6HLWHQQLFKWQDFK%OlWWHUQJH]lKOW  %HQHGLNWXVUHJHO>ZLH$QP@6I  'LH ODWHLQLVFKDOWKRFKGHXWVFKH %HQHGLNWLQHUUHJHO >ZLH $QP @ 6  $ENU]XQJHQ DXIJHO|VW  0(/&+,25 *2/'$67 $ODPDQQLFDUXP 5HUXP 6FULSWRUHV $OLTXRW 9HWXVWL )UDQNIXUW0 %G6  8/) :(66,1* ,QWHUSUHWDWLR .HURQLV LQ 5HJXODP 6DQFWL %HQHGLFWL hEHUOLHIHUXQJVJH VFKLFKWOLFKH 8QWHUVXFKXQJHQ ]X 0HOFKLRU *ROGDVWV (GLWLR SULQFHSV GHU ODWHLQLVFK DOWKRFKGHXWVFKHQ%HQHGLNWLQHUUHJHO*|WWLQJHQ 6WXGLHQ]XP$OWKRFKGHXWVFKHQ 

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



DQ GLH 5HLFKHQDX DOV (QWVWHKXQJVRUW JHGDFKW 'LHVH 9HUPXWXQJ HUJLEW VLFKDXVGHUOLWHUDWXUXQGNXOWXUJHVFKLFKWOLFKHQ%HGHXWXQJGHU5HLFKHQDX GRFK NDQQ GLH DOWKRFKGHXWVFKH 9HUVLRQ HEHQVR LQ 6W *DOOHQ HQWVWDQGHQ VHLQ6SUDFKOLFKJLEWHV9HUELQGXQJHQ]XGHQlOWHVWHQ6W*DOOHUDOWKRFK GHXWVFKHQ *ORVVHQ LP &RG  GHU 6WLIWVELEOLRWKHN DXV GHP (QGH GHV -DKUKXQGHUWV LQ GHP GLH 3DXOLQLVFKHQ %ULHIH JORVVLHUW ZHUGHQ 0$6 6(5 LVW MHGRFK GHU $QVLFKW GDVV GLH,QWHUOLQHDUYHUVLRQ7HLO HLQHV DXIGHU 5HLFKHQDX GXUFKJHIKUWHQ 9RUKDEHQV LVW DOVR HLQH GRUW ZDKUVFKHLQOLFK LP OHW]WHQ -DKU]HKQW GHV  -DKUKXQGHUWV YROOHQGHWH $UEHLW 'DV .ORVWHU 6W*DOOHQ KDEH GLH HQWVSUHFKHQGH 5HLFKHQDXHU +DQGVFKULIW DXVJHOLHKHQ XQGNRSLHUHQODVVHQ$XIMHGHQ)DOOLVWDEHUDXFKGLHEHUOLHIHUWHDOWKRFK GHXWVFKH,QWHUOLQHDUYHUVLRQHLQH$EVFKULIWZDVVLFKDQHLQHU5HLKHGDIU W\SLVFKHU)HKOHU]HLJW 'LH VFKHPDWLVFKH :RUWIRUPIU:RUWIRUPhEHUVHW]XQJ LVW YRP =ZHFNEHVWLPPWGHQRIWVFKZLHULJHQ7H[WGHU¿5HJHO¾EHVVHUYHUVWlQGOLFK ]X PDFKHQ 'LH ª=LHOVSUDFKH© LVW /DWHLQ (LQH .ULWLN DQ GLHVHU $UW GHU hEHUVHW]XQJ RGHU LKUH TXDOLWDWLYH 8QWHURUGQXQJ XQWHU hEHUWUDJXQJHQ GHUHQ*HVLFKWVNUHLVJDQ]H6\QWDJPHQ6lW]HRGHUGHU7H[WVLQGLVWXQEH UHFKWLJW*HOHJHQWOLFK]HLJHQVLFKEHLGHUEHUOLHIHUWHQhEHUVHW]XQJDXFK 0LVVYHUVWlQGQLVVH 6R VFKHLQW GHU DXI GDV HLQ]HOQH :RUW JHULFKWHWH %OLFN GHV hEHUVHW]HUV HKHU DOV EHL VDW]EH]RJHQHQ hEHUVHW]XQJHQ GD]X ]X IK UHQ GDVV GLH .RQWH[WEHGHXWXQJ GHV /HPPDV QLFKW HUNDQQW ZLUG XQG VR HLQH 9RNDEHOEHUVHW]XQJ HQWVWHKW 'LH $XVVDJHNUDIW GHV YRQ /,33(57 DQJHIKUWHQ%HLVSLHOVEHLGHPFRQWHQGHUHGXUFKIOv]]DQQLFKWHQWVSUHFKHQG GHUJHPHLQWHQ%HGHXWXQJªVWUHLWHQ©EHUVHW]WZHUGHVRQGHUQYRNDEHOPl ‰LJDOVªVLFKEHPKHQ©N|QQWHDOOHUGLQJVEH]ZHLIHOWZHUGHQ(LQHVROFKH $XVVDJHVHW]WHLQH*HZLVVKHLWEHUGLH%HGHXWXQJVP|JOLFKNHLWHQDOWKRFK GHXWVFKHU /H[HPH YRUDXV GLH HUVW DQKDQG GHU LQVJHVDPW DXIZHLVEDUHQ hEHUOLHIHUXQJVYHUKlOWQLVVH IHVW]XVWHOOHQ ZlUHQ 'DV LP +LQEOLFN DXI GLH ªKRUL]RQWDOH© V\QWDJPDWLVFKH 5HLKXQJ HLQHV 7H[WHV ªYHUWLNDOH© :RUWIU :RUW3ULQ]LSEHLPhEHUVHW]HQZLUGEULJHQVEHLGHUhEHUWUDJXQJGHU%L EHO]LWDWH]XJXQVWHQHLQHUIUHLHUHQhEHUVHW]XQJYHUODVVHQGDV]HLJWEHUHLWV ZDV P|JOLFK JHZHVHQ ZlUH ZHQQ GLH HQWVSUHFKHQGH $EVLFKW YRUJHOHJHQ KlWWH,Q(LQ]HOIlOOHQN|QQWHQVRJDU6WDEUHLPVWLOLVLHUXQJHQYRUJHQRPPHQ BBBBBBBBBBBBB  3(7(5 2&+6(1%(,1 'LH %LEHO LP PLWWHODOWHUOLFKHQ %HQHGLNWLQHUNORVWHU 6W *DOOHQ ,Q 32 &XOWXUD 6DQJDOOHQVLV *HVDPPHOWH $XIVlW]H ]X VHLQHP  *HEXUWVWDJ +J YRQ (516775(03>XD@6W*DOOHQ 0RQDVWHULXP6DQFWL*DOOL 6KLHU6  5HJXOD %HQHGLFWL GHV &RG  GHU 6WLIWVELEOLRWKHN 6W *DOOHQ 'LH .RUUHNWXUYRUODJH GHU ODWHLQLVFKDOWKRFKGHXWVFKHQ %HQHGLNWLQHUUHJHO +J YRQ $&+,0 0$66(5 *|WWLQJHQ  6WXGLHQ]XP$OWKRFKGHXWVFKHQ 6'LHODWHLQLVFKDOWKRFKGHXWVFKH%HQHGLNWLQHUUH JHO>ZLH$QP@6  /,33(57%HLWUlJH>ZLH$QP@6  9JO6&+h7=(,&+(/:|UWHUEXFK>ZLH$QP@6



(&.+$5'0(,1(.(

ZRUGHQ VHLQ 6R ODXWHW EHLVSLHOVZHLVH GLH DOWKRFKGHXWVFKH hEHUVHW]XQJ HLQHV=LWDWVDXV3VDOPLP3URORJLQTXLUHSDFHPHWSHUVHTXHUHHDP ªVXFKH GHQ)ULHGHQXQGMDJHLKPQDFK© VXDKKLIULGXLQGLNHIROJHGHQ 'HP HQJHQ :RUWEH]XJ GHU ,QWHUOLQHDUYHUVLRQ P|FKWH PDQ HQWVSUH FKHQGGHQ9HUKlOWQLVVHQEHLGHQ(LQ]HOJORVVLHUXQJHQDXFKHLQHYHUVWlUNWH PRUSKRORJLVFKH %H]XJQDKPH DXI GDV EHUVHW]WH ODWHLQLVFKH :RUW ]X VFKUHLEHQ+LHUWUHWHQDQGHUVJHVDJWHKHU/HKQELOGXQJHQDXIZHOFKHGLH PRUSKRORJLVFKH6WUXNWXUGHV9RUODJHZRUWHVDOV'XUFKVFKODJDXIQHKPHQ VR EHLVSLHOVZHLVH IRUDVFDXZXQJD ª8PVLFKW©  ]X SURYLGHQWLD 'LHVH %H]XJ QDKPHJHK|UW]XP3UR]HVVGHV$XVEDXVGHVDOWKRFKGHXWVFKHQ:RUWVFKDW ]HVGHUVLFKLP=XJHGHUIUKPLWWHODOWHUOLFKHQNO|VWHUOLFKHQ%LOGXQJVDUEHLW VR]XVDJHQ DP ODWHLQLVFKHQ :RUWVFKDW] VFKXOW $OOHUGLQJV VLQG %LOGXQJHQ ZLHGLHJHQDQQWHGLHLQQHUKDOEGHV:RUWVFKDW]HVGHU¿%HQHGLNWLQHUUHJHO¾ DXFKQLFKWGLH+DXSWUROOHVSLHOHQNHLQH.XQVWSURGXNWHGLHPDQQXUDXV $QODVVGHU*ORVVLHUXQJJHELOGHWKlWWHXQGGLHDQVRQVWHQLP$OWKRFKGHXW VFKHQQLFKWYRUVWHOOEDUXQGYHUZHQGEDUJHZHVHQZlUHQ9LHOPHKULVWZLH EHL KHXWLJHQ 1HXELOGXQJHQ JUXQGVlW]OLFK GDYRQ DXV]XJHKHQ GDVV QXU GDVMHQLJH VSUDFKZLUNOLFK ZLUG XQG GDQQ VHOEVWYHUVWlQGOLFK DXFK %HGHX WXQJWUlJWZDVLP6\VWHPGHU:RUWELOGXQJEHUHLWVDQJHOHJWLVW XXDQWDVFDOFQLXXHL]XXD]GXRWVLQKpUUR 1HEHQ GHP ¿(YDQJHOLHQEXFK¾ 2WIULGV XQG GHP :HUN 1RWNHUV YRQ 6W*DOOHQLVWGHUDOWKRFKGHXWVFKH¿7DWLDQ¾HLQHGHUJUR‰HQ7H[WTXHOOHQGHV $OWKRFKGHXWVFKHQ 'HU DOWKRFKGHXWVFKH ¿7DWLDQ¾ LVW GLH hEHUVHW]XQJ BBBBBBBBBBBBB  9JO DXFK 67()$1 621'(5(**(5 )UKH(UVFKHLQXQJVIRUPHQGLFKWHULVFKHU 6SUDFKH LP $OWKRFKGHXWVFKHQ ,Q 7\SRORJLD /LWWHUDUXP )HVWVFKULIW IU 0D[ :HKUOL +J YRQ 676 $/2,6 0 +$$6XQG+$5$/' %85*(5=ULFK)UHLEXUJ%U6KLHU6I '(56 $OWKRFKGHXWVFKDOV $QIDQJGHXWVFKHU 6SUDFKNXOWXU )UHLEXUJ6FKZHL]  9RU WUlJHGHU:ROIJDQJ6WDPPOHU*DVWSURIHVVXUIU*HUPDQLVFKH3KLORORJLH 6'(56 'HXWVFKH 6SUDFKH XQG /LWHUDWXU LQ 6DQNW *DOOHQ ,Q 'LH .XOWXUGHU $EWHL 6DQNW *DOOHQ +J YRQ :(51(5 92*/(5  GXUFKJHVHKHQH $XIODJH =ULFK  6  KLHU 6I  :(51(5 %(7='HXWVFKXQG/DWHLQLVFK'LH/HKQELOGXQJHQGHUDOWKRFKGHXWVFKHQ%HQH GLNWLQHUUHJHO%RQQ  6&+h7=(,&+(/:|UWHUEXFK>ZLH$QP@6PRUSKRORJLVFKHLJHQWOLFKª 9RUVFKDX XQJ©  +(/087 ,%$&+=X:RUWVFKDW]XQG%HJULIIVZHOWGHUDOWKRFKGHXWVFKHQ%HQHGLNWLQHUUHJHO ,Q%HLWUlJH]XU*HVFKLFKWHGHUGHXWVFKHQ6SUDFKHXQG/LWHUDWXU +DOOH   6 >@    6  >@    6  >@    6  >@   6>@  3(7(5 *$1=06-XQLXVXQGGLHDOWKRFKGHXWVFKH7DWLDQEHUVHW]XQJ,Q%HLWUlJH]XU *HVFKLFKWHGHUGHXWVFKHQ6SUDFKHXQG/LWHUDWXU 7ELQJHQ   6:(51(5 6&+5g'(5 .RQWLQXLWlW RGHU 'LVNRQWLQXLWlW LQ GHU )UKJHVFKLFKWH GHUGHXWVFKHQ /LWHUD

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



GHU (YDQJHOLHQKDUPRQLH GHV 6\UHUV 7DWLDQ (LQH (YDQJHOLHQKDUPRQLH LVW GHU =XVDPPHQVFKQLWW DXV DOOHQ (YDQJHOLHQ GDUXP DXFK 'LDWHVVDURQ BBBBBBBBBBBBB WXU" =X *HUKDUG 0HL‰EXUJHU *UXQGODJHQ ]XP 9HUVWlQGQLV GHU GHXWVFKHQ 0|QFKVGLFK WXQJLPXQG-DKUKXQGHUW,Q=VIUGHXWVFKHV$OWHUWXPXQGGHXWVFKH/LWHUDWXU  6:,/+(/0 :,660$11=XPDOWKRFKGHXWVFKHQ7DWLDQ,Q,QGRJHUPD QLFD )HVWVFKULIW IU :ROIJDQJ.UDXVH ]XP *HEXUWVWDJH DP  6HSWHPEHU  YRQ )DFKJHQRVVHQ XQG )UHXQGHQ GDUJHEUDFKW +HLGHOEHUJ  6  $1721 %$80 67$5.'LH9RUODJHGHVDOWKRFKGHXWVFKHQ7DWLDQ+JEHUDUEHLWHWPLW9RUZRUWXQG$Q PHUNXQJHQ YHUVHKHQ YRQ -2+$11(6 5$7+2)(5 .|OQ *UD]  1LHGHUGHXWVFKH 6WXGLHQ  0$5*27 6&+0,'7=XGHQRULHQWDOLVFKHQ(LQIOVVHQDXIGLHGHXWVFKH/LWHUD WXU GHV 0LWWHODOWHUV ,Q =V IUGHXWVFKH 3KLORORJLH    6  KLHU 6  ',(6 =XPDOWKRFKGHXWVFKHQ7DWLDQ)RUVFKXQJVODJH,Q&ROORTXLD*HUPDQLFD  6 -2+$11(65$7+2)(59RUKDEHQHLQHUQHXHQ7DWLDQ$XVJDEH,Q%HLWUlJH]XU*HVFKLFK WHGHUGHXWVFKHQ6SUDFKHXQG/LWHUDWXU 7ELQJHQ   6'(56=XU+HLPDW IUDJH GHV $OWKRFKGHXWVFKHQ 7DWLDQ 'DV 9RWXP GHU +DQGVFKULIWHQ ,Q $,21 ,VWLWXWR 8QLYHUVLWDULR2ULHQWDOH$QQDOL6H]LRQH*HUPDQLFD  6'(56¿7DWLDQ¾XQG )XOGD'LH6W*DOOHU+DQGVFKULIWXQGGHU9LFWRU&RGH[,Q=HLWHQXQG)RUPHQLQ6SUD FKH XQG 'LFKWXQJ )HVWVFKULIW IU )ULW] 7VFKLUFK ]XP  *HEXUWVWDJ +J YRQ .$5/ +(,1= 6&+,50(5XQG%(51+$5' 62:,16.,.|OQ:LHQ6'(56'LH (LQZLUNXQJ GHV )XOGLVFKHQ (YDQJHOLHQWH[WHV DXI GHQ DOWKRFKGHXWVFKHQ ¿7DWLDQ¾ $ENHKU YRQ GHU 0HWKRGH GHU 'LDWHVVDURQIRUVFKXQJ ,Q /LWHUDWXU XQG 6SUDFKH LP HXURSlLVFKHQ 0LWWHODOWHU)HVWVFKULIWIU.DUO/DQJRVFK]XP*HEXUWVWDJ+JYRQ$/) g11(5)256 -5XQG)5,7= :$*1(5'DUPVWDGW6'(560V-XQLXVXQGGLHYHU VFKROOHQH 7DWLDQ+V % 3UlOLPLQDULHQ ]XU hEHUOLHIHUXQJVJHVFKLFKWH GHV DOWKRFKGHXWVFKHQ 7DWLDQ ,Q %HLWUlJH ]XU *HVFKLFKWH GHU GHXWVFKHQ 6SUDFKH XQG /LWHUDWXU 7ELQJHQ     6  '(56 =XP DOWKRFKGHXWVFKHQ 7DWLDQ" 0DUJLQDOLHQ ]X HLQHP ¿)RU VFKXQJVEHULFKW¾,Q&ROORTXLD*HUPDQLFD  6(&.+$5' 0(,1(.()XOGD XQG GHU DOWKRFKGHXWVFKH7DWLDQ ,Q .ORVWHU )XOGD LQ GHU :HOW GHU.DUROLQJHU XQG 2WWR QHQ +J YRQ *$1*2/) 6&+5,03) )UDQNIXUW0  )XOGDHU 6WXGLHQ   6  7+20$6 ./(,1=XU+HUNXQIWYRQ7DWLDQγXQG]XP6FKUHLEHUhEHUVHW]HU3UREOHPGHU ODWHLQLVFKDOWKRFKGHXWVFKHQ 7DWLDQELOLQJXH ,Q 6SUDFKJHVFKLFKWH ² 'LDOHNWRORJLH ² 2QR PDVWLN ² 9RONVNXQGH %HLWUlJH ]XP .ROORTXLXPDP 'H]HPEHU DQ GHU-RKDQ QHV*XWHQEHUJ8QLYHUVLWlW 0DLQ] :ROIJDQJ .OHLEHU ]XP  *HEXUWVWDJ +J YRQ 58'2/) %(17=,1*(5'$0$5,6 1h%/,1*XQG58'2/) 67())(166WXWWJDUW =V IU 'LDOHNWRORJLH XQG/LQJXLVWLN%HLKHIW   6  .$5(1 .21ZLH$QP@6²%5,$1 085'2&++UDEDQXV0DXUXV,Q*HUPDQ :ULWHUV >VR@ 6  ² 'DWLHUXQJ GHU DOWKRFKGHXWVFKHQ hEHUVHW]XQJ +(,1= (1'(5 0$11 8QWHUVXFKXQJHQ ]XU 6SUDFKH XQG ]XP :RUWVFKDW] GHV DOWKRFKGHXWVFKHQ 7DWLDQ 3KLO 'LVV -HQD  6  '(56 'DWLHUXQJ >ZLH $QP @ 6  YJO +(,1= 0(77.(=XP:RUWVFKDW]YRQ7DWLDQγ,Q-EGHV9HUHLQVIUQLHGHUGHXWVFKH6SUDFKIRU VFKXQJ  6',(7(5 *(8(1,&+'LH3HUVRQHQQDPHQGHU.ORVWHUJHPHLQ VFKDIWYRQ)XOGDLPIUKHUHQ0LWWHODOWHU0QFKHQ 0QVWHUVFKH0LWWHODOWHU6FKULIWHQ   6  .RUUHNWXUYRUODJHQ +(55$' 63,//,1* 'DV )XOGDHU 6NULSWRULXP ]XU =HLW



(&.+$5'0(,1(.(

ªGXUFKYLHU© JHQDQQW7DWLDQZDUDOV6FKOHU-XVWLQVLQ5RP]XP&KULV WHQWXPJHNRPPHQXQGKDWWHGLH(YDQJHOLHQKDUPRQLHXPDXI6\ ULVFKYHUIDVVW%LVFKRI9LFWRUYRQ&DSXD ‚ IDQGHLQHODWHLQLVFKH)DV VXQJGHU(YDQJHOLHQKDUPRQLHDXIXQGUHYLGLHUWHVLHFDDQKDQGGHU 9XOJDWD6HLQHU%HDUEHLWXQJJDE9LFWRUHLQH9RUUHGHEHLVRGDQQ.DQRQ WDIHOQ 5HJLVWHU GHU 3DUDOOHOVWHOOHQ LQ GHQ YLHU (YDQJHOLHQ  .DSLWHOEHU VFKULIWHQXQG]XP'LDWHVVDURQWH[WDP5DQGGHV7H[WHVVWHKHQGH.RQNRU GDQ]HQ PLW 1DFKZHLV GHU +HUNXQIW GHV EHQXW]WHQ 7H[WHV XQG ZHLWHUHQ 3DUDOOHOVWHOOHQ 'LH 2ULJLQDOKDQGVFKULIW PLW GHP YRQ 9LFWRU UHYLGLHUWHQ ODWHLQLVFKHQ 7H[W LVW GHU &RGH[ )XOGHQVLV 6LJOH )  'LHVH NRVWEDUH BBBBBBBBBBBBB GHV+UDEDQXV0DXUXV,Q+UDEDQXV0DXUXV/HKUHU$EWXQG%LVFKRI+JYRQ5 $ZLH $QP @ +(1.(/ .RSUlVHQ] >ZLH $QP @ 6 I -h5* )/(,6&+(5 52/$1' +,17(5+g/=/ 0,&+$(/ 62/) =XP 4XHOOHQZHUW GHV DOWKRFK GHXWVFKHQ7DWLDQIUGLH6\QWD[IRUVFKXQJhEHUOHJXQJHQDXIGHU%DVLVYRQ:RUWVWHOOXQJV SKlQRPHQHQ ,Q =V IU JHUPDQLVWLVFKH /LQJXLVWLN    6  +$16 8/5,&+ 6&+0,' =X GHQ .RUUHNWXUHQ LP DOWKRFKGHXWVFKHQ ¿7DWLDQ¾ &RG GHU 6WLIWVELEOLRWKHN 6W*DOOHQ  ,Q 6WUXNWXUHQ XQG )XQNWLRQHQ LQ *HJHQZDUW XQG *HVFKLFKWH )HVWVFKULIW IU )UDQ]6LPPOHU]XP*HEXUWVWDJ+JYRQ&/$8',$ :,&+5(,)%HUOLQ6 )5$1= 6,00/(50HWKRGLVFKH*UXQGODJHQ]XU(UPLWWOXQJYRQ*HVDPWVDW]VWUXNWXUHQLK UHU7HLOVDW]DQ]DKOXQGLKUHQ$EKlQJLJNHLWVEH]LHKXQJHQLQGHUODWHLQLVFKDOWKRFKGHXWVFKHQ 7DWLDQELOLQJXH,Q(QWVWHKXQJGHV'HXWVFKHQ>ZLH$QP@6  0(,1(.(6&+:(5'7(LQIKUXQJ>ZLH$QP@6  :$/7(5 +(166 =XU 4XHOOHQIUDJH LP +HOLDQG XQG DOWKRFKGHXWVFKHQ 7DWLDQ ,Q 'HU +HOLDQG +J YRQ -h5*(1 (,&++2)) XQG ,50(1*$5' 5$8&+ 'DUPVWDGW  :HJH GHU)RUVFKXQJ 6KLHU6  :,1)5,(' +$00 'LDWHVVDURQ ,Q /H[LNRQ IU 7KHRORJLH XQG .LUFKH %HJUQGHW YRQ 0,&+$(/ %8&+%(5*(5  Y|OOLJ QHX EHDUEHLWHWH $XIODJH KJ YRQ :$/7(5 .$63(5 )UHLEXUJ%U>XD@%G  6SI  (+5,60$11*HVFKLFKWH>ZLH$QP@%G6I  *(25* %$(6(&.('LHhEHUOLHIHUXQJGHVDOWKRFKGHXWVFKHQ7DWLDQ+DOOH6 +DOOL VFKH0RQRJUDSKLHQ 6  9JO *,//(6 48,63(/ 7DWLDQ DQG WKH *RVSHO RI 7KRPDV 6WXGLHV LQ WKH +LVWRU\ RI WKH :HVWHUQ'LDWHVVDURQ/HLGHQ6

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



+DQGVFKULIWKDWWHGHUDQJHOVlFKVLVFKH0LVVLRQDU:LQIULWK %RQLIDWLXV PLW LQGDVYRQLKPJHJUQGHWH.ORVWHU)XOGDJHEUDFKW 'LH+DQGVFKULIW6W*DOOHQ6WLIWVELEOLRWKHNELHWHWGHQ7H[WDXIMH GHU6HLWHLQ]ZHL.ROXPQHQOLQNVGHUODWHLQLVFKH7H[WUHFKWVGHUDOWKRFK GHXWVFKH 'LH $XVJDEH YRQ 6,(9(56 LVW MHW]W GXUFK GLH ]HLOHQJHWUHXH (GLWLRQYRQ0$66(5HUVHW]W'LH+DQGVFKULIWZXUGHLQ)XOGDJHVFKULH EHQXQG]ZDULP]ZHLWHQ9LHUWHOGHV-DKUKXQGHUWV'LH$QDO\VHGHU KDQGVFKULIWOLFKHQ hEHUOLHIHUXQJ YRU DOOHP GHU HXVHELDQLVFKHQ &DQRQHV GHU5DQGNRQNRUGDQ]HQXQGGHUWH[WLPPDQHQWHQ(YDQJHOLHQVLJOHQHUZHLVW GDVV GLHVH XQPLWWHOEDU DXV GHP &RGH[ )XOGHQVLV EHUQRPPHQ ZXUGHQ %HL GHU $EVFKULIW GHV ODWHLQLVFKHQ 7HLOV ZXUGH JUXQGVlW]OLFK GDV LVW GLH HQWVFKHLGHQGH (UNHQQWQLV DXFK IU GDV 9HUVWlQGQLV GHU 6WUXNWXU GHU DOW KRFKGHXWVFKHQ hEHUVHW]XQJ VRJDU HLQH ,GHQWLWlW PLW GHU =HLOHQIOOXQJ GHV &RGH[ )XOGHQVLV DQJHVWUHEW 'DV ]HLJHQ GDV JHVDPWH NRGLNRORJLVFKH 3URJUDPPXQGGLH)OOXQJGHUHLQ]HOQHQ=HLOHGHUODWHLQLVFKHQ.ROXPQH 'DUDXV HUJLEW VLFK GDVV GHU 7H[W GHV &RGH[ )XOGHQVLV YHUEHVVHUW GXUFK DXV )XOGDHU (YDQJHOLDUHQ EH]RJHQH 7H[WlQGHUXQJHQ XQG 7H[WHUJlQ]XQ JHQXQPLWWHOEDUEHLGHU$EVFKULIWYRUODJ'LHVH]HQWUDOH(UNHQQWQLVZXU GHLQGHUQHXHVWHQ)RUVFKXQJZLHGHUYHUXQNODUW 'LH HUKDOWHQH +DQGVFKULIW GHU %LOLQJXH 6LJOH *  LVW VR JHVFKULHEHQ ZRUGHQ GDVV ]XQlFKVW HLQH =HLOH ODWHLQLVFKHQ 7H[WHV LQ GLH OLQNH 6SDOWH XQGXQPLWWHOEDUDQVFKOLH‰HQGGHUJHQDXHQWVSUHFKHQGH7HLOGHUDOWKRFK GHXWVFKHQ hEHUVHW]XQJ LQ GLH UHFKWH 6SDOWH HLQJHWUDJHQ ZXUGH $XIIDO OHQG VLQG GLH ]DKOUHLFKHQ :RUWWLOJXQJHQ DP =HLOHQHQGH GHU ODWHLQLVFKHQ 6SDOWH 6LH VLQG GDGXUFK EHGLQJW GDVV GLH DOWKRFKGHXWVFKH hEHUVHW]XQJ IUGLHGHP&RGH[)XOGHQVLVHQWVSUHFKHQGHODWHLQLVFKH=HLOHQIOOXQJDXI LKUHUGHUUHFKWHQ6SDOWH]XYLHO3ODW]HUIRUGHUWKlWWH'DUXPPXVVWHJH JHQ GDV HLJHQWOLFKH NRGLNRORJLVFKH 3URJUDPP GHU %LOLQJXH ]XZHLOHQ GLH ODWHLQLVFKH6SDOWHJHJHQEHUGHU:RUWDQ]DKOGHV&RGH[)XOGHQVLVJHNU]W BBBBBBBBBBBBB  $XVJDEH &RGH[ )XOGHQVLV 1RYXP WHVWDPHQWXP /DWLQH LQWHUSUHWH +LHURQ\PR H[ PDQX VFULSWR 9LFWRULV &DSXDQL HGLGLW SUROHJRPHQLV LQWURGX[LW FRPPHQWDULLV DGRUQDYLW (51(6 7865$1.(0DUEXUJLHW/LSVLDH  $EELOGXQJ 621'(5(**(5 $OWKRFKGHXWVFK LQ 6W*DOOHQ >ZLH $QP @ 6  +$8 %5,&+6'LH$QIlQJH>ZLH$QP@$EELOGXQJ  7DWLDQ /DWHLQLVFK XQG DOWGHXWVFKPLW DXVIKUOLFKHP *ORVVDU KJ YRQ ( '8$5' 6,(9(56 3DGHUERUQQHXEHDUEHLWHWH$XVJDEH %LEOLRWKHNGHUlOWHVWHQGHXWVFKHQ/LWWH UDWXU'HQNPlOHU 8QYHUlQGHUWHU1DFKGUXFN3DGHUERUQ  'LH ODWHLQLVFKDOWKRFKGHXWVFKH 7DWLDQELOLQJXH 6WLIWVELEOLRWKHN 6W*DOOHQ &RG  8QWHU 0LWDUEHLWYRQ(/,6$%(7+ '( )(/,3-$8'KJYRQ$&+,0 0$66(5 *|WWLQJHQ 6WX GLHQ]XP$OWKRFKGHXWVFKHQ   %,6&+2)))UDJHQ>ZLH$P@6I  6R EHL ./(,1 +HUNXQIW >ZLH $QP @ 6  GHU GLH =HLOHQIOOXQJ PLW GHQ 6FKUHLEHUQ XQGLKUHUMHZHLOV]XQHKPHQGHQ5RXWLQHYHUELQGHQP|FKWH9JODXFKHEG6I  ./(,1+HUNXQIW>ZLH$QP@6



(&.+$5'0(,1(.(

ZHUGHQ'LHVH]XQlFKVWEHJDQJHQHQª)HKOHU©XQGGHUHQVRIRUWLJH.RUUHN WXUVSUHFKHQGDIUGDVVGLH6W*DOOHU+DQGVFKULIWGDVHUVWH([HPSODUGHU ODWHLQLVFKDOWKRFKGHXWVFKHQ %LOLQJXH LQ GLHVHU *HVWDOW GK PLW VSDOWHQ ZHLVHDQJHRUGQHWHPODWHLQLVFKHQXQGDOWKRFKGHXWVFKHQ7H[WLVW9RUGHU 6W*DOOHU+DQGVFKULIWGUIWHQXUHLQ.RQ]HSW 6LJOH. EHVWDQGHQKDEHQ ,QGLHVHP6LQQHLVWGLH6W*DOOHU+DQGVFKULIWGDVª2ULJLQDO©DEHUQDWU OLFK$EVFKULIWDXVGHP.RQ]HSW 'LH $QWHLOH GHU YHUVFKLHGHQHQ 6FKUHLEHU GLHVHV ª2ULJLQDOV© GHFNHQ VLFKVLFKHUOLFKQLFKWJUXQGVlW]OLFKPLWGHQ$QWHLOHQGHUhEHUVHW]HULQGHP YRUDXVOLHJHQGHQ.RQ]HSWDEHUHVLVWQLFKWDXVJHVFKORVVHQGDVVHLQHRGHU PHKUHUHGHU6FKUHLEHUSHUV|QOLFKNHLWHQDXFKDOVhEHUVHW]HULQ)UDJHNRP PHQ$XIIlOOLJLVWGLH%HREDFKWXQJGDVVVLFKYRQVLHEHQ6FKUHLEHUJUHQ ]HQ LQ GHU6W*DOOHU %LOLQJXH * YLHU JHQDX RGHU LQ HWZD PLW YRQ MHZHLOV PHKUHUHQ )RUVFKHUQ YHUPXWHWHQ *UHQ]HQ YRQ hEHUVHW]XQJVDEVFKQLWWHQ GHFNHQhEHUGLHVKDWWHEHUHLWV6,(9(56GDUDXIKLQJHZLHVHQGDVVHUVWDXQ OLFKYLHOHGHUELVODQJYHUPXWHWHQhEHUVHW]XQJVDEVFKQLWWVJUHQ]HQPLW6HL WHQDQIlQJHQ GHU +DQGVFKULIW * ]XVDPPHQIDOOHQ ,QVRZHLW GUIWH HV P|JOLFKVHLQGDVVVLFKHLQLJHGHUhEHUVHW]HUGHV.RQ]HSWV.DXFKDQGHU 5HLQVFKULIW* EHWHLOLJWHQ 'DEHL N|QQHQ VLH PVVHQ DEHU QLFKW GLH JOHL FKHQ$EVFKQLWWHJHVFKULHEHQKDEHQGLHVLHDXFKLQGHU.RQ]HSWYRUODJH. EHUVHW]W KDWWHQ 'D ZlKUHQG GHU $EVFKULIW DXIJUXQG GHV QLFKW LPPHU DXVUHLFKHQGHQ3ODW]HVIUHLQHGHU9RUODJHHQWVSUHFKHQGHODWHLQLVFKHXQG DOWKRFKGHXWVFKH .ROXPQH DXFK PLWXQWHU YRQ )DOO ]X )DOO QHXH hEHUVHW ]XQJVHQWVFKHLGXQJHQ ]X IlOOHQ ZDUHQ VLQG GLH $EVFKUHLEHU VLFKHU DXFK EHUVHW]XQJVNRPSHWHQWJHZHVHQ 'LH DOWKRFKGHXWVFKH hEHUVHW]XQJ EHUXKW XQPLWWHOEDU DXI GHU LQ GHU EHVFKULHEHQHQ :HLVH DXV ) KHUJHVWHOOWHQ 5HGDNWLRQ EHU GHUHQ *HVWDOW YHUVFKLHGHQH$XIIDVVXQJHQEHVWHKHQZREHLHVKLHUQLFKWXP'LQJHGHV *ODXEHQV JHKW VRQGHUQ XP +\SRWKHVHQ GLH GHP .RQ]HSW XQG GHU 6WUXNWXUHLQHVVROFKHQ8QWHUQHKPHQVLQ$QEHWUDFKWGHUGDPDOLJHQ0|J OLFKNHLWHQ DQJHPHVVHQ VLQG 'LH hEHUVHW]XQJ LQ GDV $OWKRFKGHXWVFKH ZXUGHYLHOOHLFKWQLFKWDQGHPNRVWEDUHQ&RGH[)XOGHQVLVYRUJHQRPPHQ VRQGHUQDXVGLHVHPPDJGHUODWHLQLVFKH7H[WDEJHVFKULHEHQJHEHVVHUWXQG HUJlQ]W ZRUGHQ VHLQ 'LHVHV .RQ]HSW ZXUGH ZDKUVFKHLQOLFK DXI EOR‰HQ BBBBBBBBBBBBB  5$7+2)(5(LQZLUNXQJ>ZLH$QP@6'(56+HLPDWIUDJH>ZLH$QP@6 $&+,0 0$66(5'LHODWHLQLVFKDOWKRFKGHXWVFKH7DWLDQELOLQJXHGHV&RG6DQJ*|WWLQ JHQ  1DFKULFKWHQ GHU $NDGHPLH GHU :LVVHQVFKDIWHQ LQ *|WWLQJHQ , 3KLORORJLVFK KLVWRULVFKH.ODVVH 6./(,1+HUNXQIW>ZLH$QP@6  ./(,1+HUNXQIW>ZLH$QP@6I  ./(,1+HUNXQIW>ZLH$QP@6  0(,1(.()XOGD>ZLH$QP@6I./(,1+HUNXQIW>ZLH$QP@6  ./(,1+HUNXQIW>ZLH$QP@6I  ./(,1+HUNXQIW>ZLH$QP@6

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



%OlWWHUQDOOHQIDOOV/DJHQQLHGHUJHVFKULHEHQ'DEHLLVWHKHUXQZDKUVFKHLQ OLFKGDVVGLHHLQ]HOQHQ7H[W]HLOHQPHKUDOVMHQHYLHURGHUIQI:|UWHUHQW KLHOWHQ GLH LP &RGH[ )XOGHQVLV DXIJUXQG GHU UDXPJUHLIHQGHQ 8Q]LDO VFKULIW EOLFKHUZHLVH SUR =HLOH DXIWUHWHQ (EHQVRZHQLJ LVW DQ]XQHKPHQ GDVVGLHhEHUVHW]XQJLQGHP.RQ]HSWDOVª,QWHUOLQHDUYHUVLRQ©YRUJHQRP PHQ GK MHZHLOV EHU GLH ODWHLQLVFKHQ 7H[W]HLOHQ JHVFKULHEHQ ZXUGH 'HQQKLHUZLUGQLFKWZLHEHLGHQHLJHQWOLFKHQ,QWHUOLQHDUYHUVLRQHQ:RUW IRUPIU:RUWIRUPGHVODWHLQLVFKHQ7H[WHVLQGHUODWHLQLVFKHQ5HLKHQIROJH EHUVHW]W VRQGHUQ GLH %H]XJVHLQKHLW GHU DOWKRFKGHXWVFKHQ hEHUVHW]XQJ LVWJHQDXGDVZDVLQGHUMHZHLOLJHQODWHLQLVFKHQ=HLOHLQVJHVDPWVWHKW'HU DOWKRFKGHXWVFKH7HLOKDWHLQHDXIGLHODWHLQLVFKH=HLOHXQGQXUGLHVHEH]R JHQHGLHQHQGH)XQNWLRQ'DGXUFKHUJLEWVLFKHLQV\QWDNWLVFKHU.RPSUR PLVV'LH6WUXNWXUHQHLQHUJHQXLQDOWKRFKGHXWVFKHQ6\QWD[]HLJHQVLFKVR ZHLWZLHHVGHUODWHLQLVFKHV\QWDNWLVFKH=HLOHQDEVFKQLWW]XOlVVW9HUHLQ ]HOWHWZDEHLGHUhEHUVHW]XQJZ|UWOLFKHU5HGHILQGHQVLFKVRJDU$QNOlQ JH DQ GLH 6WDEUHLPWHFKQLN 6WDWW HLQHU ODWHLQLVFKH XQG DOWKRFKGHXWVFKH $QWHLOH LQ HLQHU HLQ]LJHQ +DQGVFKULIW YHUHLQLJHQGHQ .RQ]HSWYRUODJH KDW 0$66(5DQ]ZHLJHWUHQQWH1LHGHUVFKULIWHQJHGDFKW:DFKVWDIHONRQ]HS WHGLHJXW]XGHULQlOWHUHU)RUVFKXQJDQJHQRPPHQHQDEHUOHEHQVSUDN WLVFK NDXP YRUVWHOOEDUHQ KRKHQ $Q]DKO YHUVFKLHGHQHU hEHUVHW]HU VWLP PHQZUGHQGUIWHQXQZDKUVFKHLQOLFKVHLQ :LH LPPHU GDV .RQ]HSW . PDWHULDOLWHU DXVJHVHKHQ KDW (V LVW NDXP YRUVWHOOEDU GDVV HV HLQH :RUWIRUPIU:RUWIRUPhEHUVHW]XQJ ZDU GLH GDQQHUVWYRQGHQ6FKUHLEHUQGHU5HLQVFKULIWLQHLQH]HLOHQEH]RJHQHDOW KRFKGHXWVFKHXQGODWHLQLVFKH6\QWD[PLVFKHQGH*HVWDOWJHEUDFKWZRUGHQ ZlUH 9LHOPHKU ZLUG EHUHLWV LQ GHP .RQ]HSW . ]HLOHQEH]RJHQ EHUVHW]W ZRUGHQVHLQ'HQhEHUVHW]HUQPXVVLP*HJHQVDW]]XU$XIIDVVXQJ0$6  6(5V NODUJHZHVHQVHLQZDVGDV3URJUDPPGHU%LOLQJXHZDU$QGHUQIDOOV BBBBBBBBBBBBB  'LHEHLGHQ9HUPXWXQJHQEHL5$7+2)(5(LQZLUNXQJ>ZLH$QP@6  $&+,0 0$66(5 6\QWD[SUREOHPH LP DOWKRFKGHXWVFKHQ 7DWLDQ ,Q 6HPDQWLN GHU V\QWDNWL VFKHQ %H]LHKXQJHQ $NWHQ GHV 3DULVHU .ROORTXLXPV ]XU (UIRUVFKXQJ GHV $OWKRFKGHXW VFKHQ+JYRQZLH$QP@6I  0$66(5 7DWLDQELOLQJXH >ZLH $QP @ 6  '(56 ¿7DWLDQ¾ ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP@%G  6SKLHU6S'(566\QWD[SUREOHPH>ZLH$QP@ 6  0,&+$(/ )/g(5 $OWrU XXvQ LQ QLXXHQ EHOJLQ 6WXGLHQ ]XU 2[IRUGHU ODWHLQLVFKDOWKRFKGHXW VFKHQ7DWLDQDEVFKULIW*|WWLQJHQ 6WXGLHQ]XP$OWKRFKGHXWVFKHQ 6  ./(,1+HUNXQIW>ZLH$QP@6  0$66(56\QWD[SUREOHPH>ZLH$QP@6



(&.+$5'0(,1(.(

ZlUH GHQ 6FKUHLEHUQ GHV 7H[WHV HLQH DX‰HURUGHQWOLFKH GHU 0KH GHU hEHUVHW]XQJ JOHLFKNRPPHQGH $UEHLW GHU $QSDVVXQJ GHU DOWKRFKGHXW VFKHQhEHUVHW]XQJDQGLHODWHLQLVFKH=HLOHDXIJHEUGHWZRUGHQGLHLQGHU HUVWHQ5HLQVFKULIWZLHVLHGLH6W*DOOHU+DQGVFKULIWGDUVWHOOWDXFKLKUH 6SXUHQ KLQWHUODVVHQ KlWWH 'LH $EVFKUHLEHU GHU %LOLQJXH * GUIWHQ YLHO PHKUQXUGRUWJHQ|WLJWJHZHVHQVHLQHLQ]XJUHLIHQZRGLH:RUWPHQJHGHU .RQ]HSW]HLOHDXIJUXQGGHUOlQJHUHQDOWKRFKGHXWVFKHQhEHUVHW]XQJQLFKW LQGHUUHFKWHQIUGDV$OWKRFKGHXWVFKHYRUJHVHKHQHQ.ROXPQHGHU%LOLQ JXH * XQWHU]XEULQJHQ ZDU $XV GHU =HLOHQEH]RJHQKHLW GHU DOWKRFKGHXW VFKHQ hEHUVHW]XQJ IROJW GDVV DXFK GLH V\QWDNWLVFKHQ (LQKHLWHQ GLHVHU hEHUVHW]XQJ MHZHLOV YRQ GHU ODWHLQLVFKHQ 9RUODJH]HLOH DEKlQJHQ JHQDX GDVXQGQLFKWVDQGHUHVZLUGEH]ZHFNW*HUDGHGLHPHFKDQLVFKHQ:LHGHU JDEHQ ODWHLQLVFKHU .RQVWUXNWLRQHQ LP )DOO GHV $EODWLYXV DEVROXWXV XQG GHV 3DUWLFLSLXP FRQLXQFWXP VLQG QXU GXUFK GLH =HLOHQEH]RJHQKHLW GHU hEHUVHW]XQJ HUNOlUEDU HLQH :LHGHUJDEH PLW QRWZHQGLJHUZHLVH XPIlQJOL FKHUHQGHXWVFKHQ1HEHQVlW]HQKlWWHGLHH[DNWH=HLOHQHQWVSUHFKXQJ]ZL VFKHQ ODWHLQLVFKHP XQG DOWKRFKGHXWVFKHP 7H[W XQP|JOLFK JHPDFKW 6RODQJH DXIJUXQG GHU YRQ GHU +DQGVFKULIW DEVWUDKLHUHQGHQ 7H[WDQRUG QXQJLQGHQlOWHUHQ$XVJDEHQGHV¿7DWLDQ¾GLHKLQWHUGHUhEHUVHW]XQJVWH KHQGH$EVLFKWQLFKWGHXWOLFKZHUGHQNRQQWHPXVVWHGLH¿7DWLDQ¾hEHUVHW ]XQJDOVHLQHLQPDOªEHVVHU©HLQPDOªVFKOHFKWHU©EHUVHW]WHVXQPRWLYLHU WHVXQGXQV\VWHPDWLVFKHV*HPLVFKODWHLQLVFKHUXQGDOWKRFKGHXWVFKHQV\Q WDNWLVFKHU.RQVWUXNWLRQHQHUVFKHLQHQ )U GLHVH =HLOHQEH]RJHQKHLW VHL KLHU HLQ EHNDQQWHV %HLVSLHOH YRUJH IKUW 6R HQWVSULFKW GHP ODWHLQLVFKHQ 9RUODJHVDW],DP QRQ GLFR YRV VHUYRV TXLD VHUYXV QHVFLW TXLG IDFLDW GRPLQXV HLXV ª,FK QHQQH HXFK QXQ QLFKW PHKU .QHFKWH GHQQ GHU .QHFKW ZHL‰ QLFKW ZDV VHLQ +HUU WXW©  GLH hEHUVHW ]XQJ,KQLTXLGXtXLXVFDOFDXXDQWDVFDOFQLXXHL]XXD]GXRWVLQKpUUR ¿7DWLDQ¾ >6,(9(56 ZLH$QP @]X-RKDQQHV 'DLQGHU ¿7DWLDQ¾hEHUVHW]XQJLQVJHVDPWHLQHGHXWOLFKHUNHQQEDUH$EVLFKWEHVWHKW GDV ILQLWH 9HUE LP 1HEHQVDW] DQV 6DW]HQGH ]X VWHOOHQ ZLH GDV DXFK LP JHJHQZlUWLJHQ 'HXWVFK GHU )DOO LVW V hEHUVHW]XQJ  ZUGH GHVKDOE GLH ]LWLHUWH 6WHOOH XQWHU GHU 5XEULN ¿NHLQH (QGVWHOOXQJ GHV ILQLWHQ 9HUEV LP 1HEHQVDW]¾ UHJLVWULHUW ZHUGHQ GDV LVW DXFK QRFK HLQLJH DQGHUH 0DOH LP ¿7DWLDQ¾ EHOHJW (LQ *UXQGIU GLHVH ZHFKVHOQGH 6WHOOXQJ GHV 9HUEV ZLUG DEHU XQPLWWHOEDU NODU ZHQQ GHU7H[WKDQGVFKULIWHQJHWUHX ZLHGHUJHJHEHQ ZLUG BBBBBBBBBBBBB  0$66(56\QWD[SUREOHPH>ZLH$QP@6  9JO/,33(57%HLWUlJH>ZLH$QP@6  0$66(56\QWD[SUREOHPH>ZLH$QP@6I

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW

LDPQRQGLFRXRVVHUXRV TXLDVHUXXVQHVFLWTXLGIDFLDW GRPLQXVHLXV



LKQLTXLGXtXLXVFDOFD XXDQWDVFDOFQLXXHL]XXD]GXRW VLQKpUUR

'HU (LQWUDJ GHV ODWHLQLVFKHQ 1HEHQVDW]HV TXLG IDFLDW GRPLQXV HLXV LVW DXI ]ZHL=HLOHQYHUWHLOWIDFLDWVWHKWDP(QGHGHU]ZHLWHQXQGGRPLQXVHLXVDXI GHUGULWWHQ*HPl‰GHP3ULQ]LSGHU¿7DWLDQ¾hEHUVHW]XQJPXVVGHULQGHU UHFKWHQ7H[WVSDOWHVWHKHQGHDOWKRFKGHXWVFKH7H[WGHPODWHLQLVFKHQJHQDX HQWVSUHFKHQ 'HVKDOE PXVV PLW GHP ODWHLQLVFKHQ TXLG  IDFLDW LQ GHU JOHL FKHQ=HLOHGDVDOWKRFKGHXWVFKH XXD] GXRWNRUUHVSRQGLHUHQXQGHQWVSUH FKHQG DXI GHU QlFKVWHQ =HLOH PLW GHP ODWHLQLVFKHQ GRPLQXV HLXV GDV DOWKRFKGHXWVFKHVLQKpUUR'HUhEHUVHW]HUE]Z6FKUHLEHUKDWWHNHLQHDQGH UH :DKO 9HUlQGHUXQJHQ LQ GHU :RUWVWHOOXQJ EHLP DOWKRFKGHXWVFKHQ 7H[W JHJHQEHU GHP ODWHLQLVFKHQ N|QQHQ LPPHU GDQQ QLFKW YRUJHQRP PHQZHUGHQZHQQGHUJHJHEHQHQIDOOVXP]XVWHOOHQGH7H[WEHUGLH=HLOH KLQDXV DXI GLH IROJHQGH =HLOH DXVJUHLIW *lQ]OLFK LUULJ LVW LQ GLHVHP =X VDPPHQKDQJ GLH $QVLFKW GHU lOWHUHQ )RUVFKXQJ GDVV GHU ªSULPLWLYH 6WDQGSXQNW GHU ,QWHUOLQHDUYHUVLRQHQ >«@ QRFK QLFKW DXIJHJHEHQ© VHL $XFKQHXHUH)RUVFKXQJZROOWHGHQ¿7DWLDQ¾QRFKDOVHLQHLQWHUOLQHDUDUWLJH hEHUVHW]XQJ VHKHQ ,Q :LUNOLFKNHLW LVW GLHVH $UW GHU hEHUVHW]XQJ HLQ KRFKDUWLIL]LHOOHU 'UDKWVHLODNW ]ZLVFKHQ DOWKRFKGHXWVFKHU XQG ODWHLQLVFKHU 6\QWD[LP5DKPHQGHUYRUJHJHEHQHQ.RQ]HSWLRQ +HDUTXKLGLWXPELGKHDEDXKQXQJDGKHURGKULRKHLGHRJRWHV 

3DWHW XHWHULV_WHVWDPHQWLDSLFLEXV_SDWUHPHWILOLXPHWVSLULWXP_VDQFWXPHVVHGHXP $UDXJLWLVWLQGKHVDOGLQ_XXL]VVRGHVERRKKXPGKD]VIDWHU_HQGLVXQXHQGLKHLODFJKHLVW  JRW_VLL>¿,VLGRU¾.DSLWHO,9HUVWHU6DW]@  BBBBBBBBBBBBB  0$66(56\QWD[SUREOHPH>ZLH$QP@6  (+5,60$11*HVFKLFKWH>ZLH$QP@%G6YJO /,33(57%HLWUlJH>ZLH$QP @6  67()$1 621'(5(**(5$OWKRFKGHXWVFKH6SUDFKHXQG/LWHUDWXU(LQH(LQIKUXQJLQGDV lOWHVWH 'HXWVFK 'DUVWHOOXQJ XQG *UDPPDWLN  GXUFKJHVHKHQH XQG HUZHLWHUWH $XIODJH %HUOLQ 1HZ ZLH$QP@6/,33(57%HLWUlJH>ZLH$QP@6I6I  3DWHDW+V  'HUDOWKRFKGHXWVFKH,VLGRU1DFKGHU3DULVHU+DQGVFKULIWXQGGHQ0RQVHHU)UDJPHQWHQ QHXKJYRQ+$16 (**(56 7ELQJHQ $OWGHXWVFKH7H[WELEOLRWKHN 6I'HU DOWKRFKGHXWVFKH ,VLGRU )DFVLPLOH$XVJDEH GHV 3DULVHU &RGH[ QHEVW FULWLVFKHP 7H[WH GHU 3DULVHU XQG 0RQVHHU%UXFKVWFNH0LW (LQOHLWXQJ JUDPPDWLVFKHU'DUVWHOOXQJ XQG HLQHP DXVIKUOLFKHQ *ORVVDU KJ YRQ *(25*( $ +(1&+ 6WUD‰EXUJ  4XHOOHQ XQG )RU VFKXQJHQ]XU6SUDFKXQG&XOWXUJHVFKLFKWHGHU*HUPDQLVFKHQ9|ONHU 6



(&.+$5'0(,1(.(

ª,QGHQ%FKHUQGHV$OWHQ7HVWDPHQWVZLUGJHRIIHQEDUWGDVV9DWHU6RKQXQG  +HLOLJHU*HLVW*RWWVLQG© 

'DVVGLH4XDOLWlWGHUhEHUVHW]XQJHQQLFKWLP/DXIHGHUDOWKRFKGHXWVFKHQ =HLW]XQLPPWVRQGHUQGLH$UWGHUhEHUVHW]XQJDQGHPPLWLKUYHUIROJWHQ =ZHFN]XPHVVHQLVW]HLJWEHNDQQWOLFKHLQIUKHVDEHUEHUVHW]XQJVWHFK QLVFKEHPHUNHQVZHUWHV'HQNPDOGHUDOWKRFKGHXWVFKH¿,VLGRU¾'HU)R NXV GLHVHU hEHUVHW]XQJ LVW GHU JDQ]H ODWHLQLVFKH 9RUODJHVDW] XQG GLHVHU ZLUGLQHLQHUNRPSOHWWYRONVVSUDFKLJHQ6\QWD[EHUWUDJHQ'HUODWHLQLVFK DOWKRFKGHXWVFKH7UDNWDW,VLGRUV¿'HILGHFDWKROLFDH[YHWHULHWQRYRWHVWD PHQWRFRQWUD,XGDHRV¾GHU]XVDPPHQPLWHLQLJHQDQGHUHQYRONVVSUDFKL JHQ 6WFNHQ GDUXQWHU HLQH 0DWWKlXVhEHUVHW]XQJ EHUOLHIHUW LVW ZXUGH RIIHQEDUZHJHQVHLQHU%HGHXWXQJLQGHU$XVHLQDQGHUVHW]XQJPLWGHU/HK UH GHU ZHVWJRWLVFKVSDQLVFKHQ $GRSWLDQLVWHQ GLH -HVXV &KULVWXV VHLQHU PHQVFKOLFKHQ1DWXUQDFKDOV$GRSWLYVRKQ*RWWHVDXIIDVVWHQEHUVHW]W +LHUªKDQGHOWHHVVLFKQLFKWXPEOR‰HV7KHRORJHQJH]lQNVRQGHUQHVJLQJ XP GLH *RWWKHLW &KULVWL XQG GDPLW XP HLQH ([LVWHQ]IUDJH DXFK GHV 5HL FKHVGDVYRP*RWWHVVRKQEHVFKW]WXQGHUKDOWHQZXUGH©'HVKDOEZXU GH GLH $XVHLQDQGHUVHW]XQJ PLW GHP $GRSWLDQLVPXV YRQ K|FKVWHU 6WHOOH JHIKUW(UZDUDXIHLQHU6\QRGHLQ5HJHQVEXUJXQGDXIGHU)UDQNIXU WHU 6\QRGH  GLVNXWLHUW XQG YHUZRUIHQ ZRUGHQ $ONXLQ KDW VLFK LQ VHLQHQ6FKULIWHQLPPHUZLHGHUPLWGHU7ULQLWlWEHVFKlIWLJWXQGLP6RP PHU RGHU" LQGHU$DFKHQHU'LVSXWDWLRQPLWHLQHPGHU+DXSW YHUWUHWHU GHV $GRSWLDQLVPXV GHP VSDQLVFKHQ %LVFKRI )HOL[ YRQ 8UJHO GHQDWKDQDVLDQLVFKHQ6WDQGSXQNWGHUIUlQNLVFKHQ5HLFKVNLUFKHYHUWUHWHQ BBBBBBBBBBBBB  6&+/266(5$OWKRFKGHXWVFKH/LWHUDWXU>ZLH$QP@6  0(,1(.( 6&+:(5'7 (LQIKUXQJ >ZLH $QP @ 6  /,33(57 %HLWUlJH >ZLH $QP @ 6  +(/*( (,/(56 'LH 6DW]V\QWD[ GHU DOWKRFKGHXWVFKHQ ,VLGRUEHUVHW ]XQJLP9HUJOHLFK]XUODWHLQLVFKHQ9RUODJH,Q(QWVWHKXQJGHV'HXWVFKHQ>ZLH$QP@ 6(/.( .527=$XIGHQ6SXUHQGHVDOWKRFKGHXWVFKHQ,VLGRU6WXGLHQ]XU3DULVHU +DQGVFKULIW GHQ 0RQVHHU )UDJPHQWHQ XQG ]XP &RGH[ -XQLXV  0LW HLQHU 1HXHGLWLRQ GHV*ORVVDUV-F+HLGHOEHUJ %HLWUlJH]XUlOWHUHQ/LWHUDWXUJHVFKLFKWH (/.( .527= +HDUVDJHWIRQDJRWVSHOOH=XUlX‰HUHQXQGLQQHUHQ.RKlUHQ]HLQHUODWHLQLVFKGHXWVFKHQ6DP PHOKDQGVFKULIW,Q%(5*0$119RONVVSUDFKLJODWHLQLVFKH0LVFKWH[WHXQG7H[WHQVHPEOHV >ZLH$QP@6  3DULV %LEOLRWKqTXH1DWLRQDOH 0V ODW  NXU] QDFK  $EELOGXQJ 6FKULIWWDIHOQ >ZLH $QP@6  (*21%26+2)/XGZLJGHU)URPPH'DUPVWDGW6  %26+2)/XGZLJGHU)URPPH>ZLH$QP@6I  9JO$OFXLQRIZLH$QP@6  +$8%5,&+6'LH$QIlQJH>ZLH$QP@6  /,33(57%HLWUlJH>ZLH$QP@6  &251(/,$ %(575$08QWHUVXFKXQJHQ]XU(LQZLUNXQJGHU¿(W\PRORJLHQ¾GHV,VLGRUYRQ 6HYLOODDXIGLHDOWKRFKGHXWVFKHhEHUVHW]XQJGHV7UDNWDWV¿'HILGHFDWKROLFDH[YHWHULHWQR YRWHVWDPHQWRFRQWUDLXGDHRV¾3KLO'LVV0QFKHQ



(&.+$5'0(,1(.(

9HUlQGHUXQJHQ VLQG ]XJOHLFK TXDOLWDWLYH 9HUlQGHUXQJHQ 6R KHL‰W HV LP ODWHLQLVFKHQ7H[W7DOLLJLWXUDXFWRULWDWHDQWHRPQLDVęFXODILOLXVDSDWUHJHQLWXV HVVH GHFODUDWXU >«@ 'HP VWHKW DXI GHU DOWKRFKGHXWVFKHQ 6HLWH JHJHQEHU 0LWVRPLKKLOHVKęUGXRPHVXUFKXQGLQLVWQXVRRIIHQOLLKKRDUPDULWGKD]VFKULVWJRWHV VXQX ęU DOOHP XXHUDOGLP IRQD IDWHU XXDUG FKLERUDQ 6WDWW GDV 9RUODJHZRUW ILOLXV QXU PLW VXQX ]X EHUVHW]HQ VWHKW LQ GHU DOWKRFKGHXWVFKHQ %HDUEHLWXQJ FKULVWJRWHVVXQX'DHVXPGLH)UDJHJHKWREYRQ-HVXV&KULVWXVGLHYROOH *RWWHVVRKQVFKDIWDXVJHVDJWZHUGHQNDQQRGHURE&KULVWXVQXUDXIJUXQG HLJHQHUVLWWOLFKHU9ROONRPPHQKHLWYRQ*RWWDGRSWLHUWZRUGHQLVWOlVVWGHU hEHUVHW]HUNHLQHQ=ZHLIHOGDUDQEHVWHKHQZHUGHUILOLXVLVWGHUYRQGHP 9DWHUJH]HXJWLVW'LHDGRSWLDQLVFKHOQWHUSUHWDWLRQGHU,VLGRUVWHOOHOLH‰HDOV 0|JOLFKNHLW GLH /HVDUW ]X GDVV HV ]ZDU HLQHQ YRQ *RWW JH]HXJWHQ 6RKQ JHEH 'DV DEHU VHL GHU ORJRV QLFKW -HVXV &KULVWXV 'LH DOWKRFKGHXWVFKH hEHUWUDJXQJVFKOLH‰W HLQH VROFKH ,QWHUSUHWDWLRQ DXV LQGHP VLH DXVGUFN OLFK&KULVWXVGLH*RWWHVVRKQVFKDIW]XVSULFKWXQGGHQLP7H[WJHQDQQWHQ ILOLXV PLW &KULVWXV JOHLFKVHW]W 'LH YHUGHXWOLFKHQGHQ XQG EHNUlIWLJHQGHQ =XVlW]HDXIDOWKRFKGHXWVFKHU6HLWHODVVHQGLH)ROJHUXQJ]XGDVVGHU7H[W ]XP9RUWUDJEHVWLPPWZDU0|JOLFKHUZHLVHELHWHWGLHhEHUVHW]XQJDXFK HLQ VSUHFKUK\WKPLVFKHV *UXQGPXVWHU GLH %HYRU]XJXQJ IQIJOLHGULJHU 6lW]H ]XDIODVJXQXXLQHVGHRXXU]LDQD]LULEDQQH ,,SXWGLJODV,,,VLSOXVQHFHVVDULXPHVWPXUUDVXOIIRUSLSHUXVSODQWDJLQHVWXRVVDELQDLQ FHQVXP WXRV IHQXJOXV SLSDR] DEVLQWLD DQWRU ,, VWDXSSR LQ XQR GLH ;/ GLHV LHLXQHW TXRG QXOOXVTXRGLQHDGHPGLHDGTXHVLWXPVLWQRQPDQGXFDWQHTXHELEDWQRQSDQHPQRQDTXD QRQOHJXPLQXPQRQFDUQHPQRQRFXORVODXHWLQHDGHPGLHDGTXHVLWXPFXOOHQWUXPQRQPDQGX  FDW,,,QRFWHVWHW  ª)ODVFKHQZHQQPHKUQRWZHQGLJLVW0\UUKH6FKZHIHO3IHIIHU]ZHL>$UWHQ@ :HJHULFK:DFKROGHU]ZHL>$UWHQ@5lXFKHUZHUN)HQFKHO%HLIX‰:HUPXW$Q GRUQ%HFKHUDQHLQHP7DJH7DJHHQWKDOWHHUVLFKGHU6SHLVHVRGD‰HUGDV ZDVDPVHOEHQ7DJHHUZRUEHQLVWZHGHUHVVHQRFKWULQNHNHLQ%URWNHLQ:DVVHU NHLQH+OVHQIUFKWHNHLQ)OHLVFK(UVROOVLFKQLFKWGLH$XJHQZDVFKHQDPVHO  EHQ7DJHHUZRUEHQHQ.RULDQGHUVROOHUQLFKWHVVHQ1lFKWHEOHLEHHVVWHKHQ©  BBBBBBBBBBBBB  'HUDOWKRFKGHXWVFKH,VLGRUQDFKGHU3DULVHU+DQGVFKULIW>ZLH$QP@,,6  +$16 8/5,&+ 6&+0,' $QWLDGRSWLDQLVFKH $UJXPHQWDWLRQ LP DKG ,VLGRU" ,Q =V IU GHXWVFKHV$OWHUWXPXQGGHXWVFKH/LWHUDWXU  6KLHU6  /,33(57%HLWUlJH>ZLH$QP@6IPLWZHLWHUHU/LWHUDWXU  /,33(57%HLWUlJH>ZLH$QP@6  'LHNOHLQHUHQDOWKRFKGHXWVFKHQ6SUDFKGHQNPlOHU>ZLH$QP@6  bOWHVWHGHXWVFKH'LFKWXQJ>ZLH$QP@6

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



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ª0\UUKH:DFKROGHU:HLKUDXFKGHUURWH3IHIIHU:HLKUDXFKGHUZHLFKH PLOGH  :HUPXW $QGRUQ 6FKZHIHO )HQFKHO %HLIX‰ %UHLWZHJHULFK :HJHULFK %LQJHO NUDXW ]ZHL )ODVFKHQ :HLQ GLH :U]HQ VLQG KLQHLQ]XUHLEHQ MHGH HLQ]HOQ XQG GDQQJLH‰HPDQ]XVDPPHQXQGODVVH>HV@GUHL1lFKWH JlUHQXQG>HV@GDQQWULQ NHQ HLQHQ %HFKHU DP 0RUJHQ ZHQQ HV GDV )LHEHU  LKQ EHIlOOW GHQ ]ZHLWHQ LQ GHU1DFKWZHQQHULQV%HWWJHKW9LHU]LJ1lFKWH $EHQGH HQWKDOWHHUVLFKGHV DP 9RUWDJH %HVFKDIIWHQ RGHU =XEHUHLWHWHQ  VR GD‰ HU QLFKW %URW QLFKW :HLQ QLFKWLUJHQGHWZDVYRQGHPZDVDP9RUWDJHEHVFKDIIWLVW>DXFK@QLFKW:DVVHU]X VLFKQHKPHGDVPDQDPVHOEHQ7DJHJHKROWKDWHUVROOVLFKQLFKWGDULQZDVFKHQ >XQG@QLFKWGDULQEDGHQHUVROONHLQHQ.RULDQGHUHVVHQNHLQ(LGDVDP9RUWDJH JHOHJWLVW(UEOHLEHQLFKWDOOHLQQLFKWDP7DJQLFKWLQGHU1DFKWHUVFKODIHQLFKW DOOHLQ HU VROO QLFKWV WXQ DX‰HU GD‰ HV GHU VLHKW GHU LKP GDV *HWUlQN JLEW XQG LPPHU>DXILKQ@DXIJHSD‰WKDW=XHUVWWXHPDQGDYRQ>QXU@LQH L Q H )ODVFKH>XQG JHEUDXFKHVLH@VRODQJHVLHUHLFKW:HQQHV GDV)LHEHU >LKQ@GDQQ QRFKEHIlOOW ZHQQ VLH QDKH]X DXVJHWUXQNHQ LVW GDQQ ODVVH PDQ GLH ]ZHLWH )ODVFKH YROO Jl  UHQ© 

'LH¿%DVOHU5H]HSWH¾JHK|UHQ]XGHQYRQPHKUHUHQGHXWVFKDQJHOVlFKVL VFKHQ +lQGHQ DXV GHP  -DKUKXQGHUW KHUUKUHQGHQ =XVlW]HQ DP 6FKOXVV HLQHV GHXWVFKDQJHOVlFKVLVFKHQ ,VLGRU&RGH[ ¿'H QDWXUD UHUXP¾ -DKUKXQGHUW  DXV )XOGD 'LHVHU LVW XQPLWWHOEDU YRQ HLQHU IXOGLVFKHQ +DQGVFKULIW HQJOLVFKHU +HUNXQIW DEKlQJLJ VR GDVV VHLQH (QWVWHKXQJ LQ )XOGDIHVWVWHKHQGUIWH BBBBBBBBBBBBB  'LHNOHLQHUHQDOWKRFKGHXWVFKHQ6SUDFKGHQNPlOHU>ZLH$QP@6  bOWHVWHGHXWVFKH'LFKWXQJ>ZLH$QP@6  &RG ) ,,, D %O U GHU gIIHQWOLFKHQ %LEOLRWKHN GHU 8QLYHUVLWlW %DVHO 'LH NOHLQHUHQ DOWKRFKGHXWVFKHQ 6SUDFKGHQNPlOHU >ZLH $QP @ 6  6&+h7=(,&+(/ :|UWHUEXFK >ZLH$QP@6 +$16+8*2 67(,1+2))¿%DVOHU5H]HSWH¾,Q9HUIDVVHUOH[LNRQ>ZLH $QP @ %G    6S I .$576&+2.( *HVFKLFKWH >ZLH $QP @ 6 I 0(,1(.( 6&+:(5'7 (LQIKUXQJ >ZLH $QP @ 6  %,6&+2)) )UDJHQ >ZLH $QP @ 6  %(51+$5' %,6&+2)).DWDORJ GHUIHVWOlQGLVFKHQ +DQGVFKULIWHQGHV QHXQWHQ -DKUKXQGHUWV PLW $XVQDKPHGHU ZLVLJRWLVFKHQ  7HLO , $DFKHQ ELV /DPEDFK :LHVEDGHQ 6(+5,60$11*HVFKLFKWH>ZLH$QP@%G6I52%(571('20$HQ WLGDQQHJHR]H]LVDPDQH'LHDOWKRFKGHXWVFKH)DVVXQJGHV(UVWHQ%DVOHU5H]HSWV %5,E ,Q 'LH6SUDFKH  6hEHUVHW]XQJbOWHVWHGHXWVFKH'LFKWXQJ>ZLH$QP@ 6$EELOGXQJ'LHlOWHVWHQGHXWVFKHQ6SUDFK'HQNPlOHU,Q/LFKWGUXFNHQKJYRQ 0$*'$(11(&&(586)UDQNIXUW07DIHO



(&.+$5'0(,1(.(

'DV HUVWH GHUEHLGHQ5H]HSWH OLHJW LQ HLQHU ODWHLQLVFKHQ XQG DOWKRFK GHXWVFKHQ)DVVXQJYRU(VKDQGHOWZRKOYRQGHU=XEHUHLWXQJHLQHV)LH EHUPLWWHOV RGHU 0LWWHOV JHJHQ (SLOHSVLH JHJHQEHU GHU ODWHLQLVFKHQ )DV VXQJLVWGLHRVWIUlQNLVFKEDLULVFKH1DFKELOGXQJPHKUDOVGRSSHOWVRODQJ 'DV ]ZHLWH NU]HUH XQG KLHU QLFKW ZLHGHUJHJHEHQH 5H]HSWXXLGKDU FDQFXU VWHOOW GLH =XEHUHLWXQJ HLQHV 0LWWHOV JHJHQ +DXWJHVFKZUH GDU hEHUVHW ]XQJVWHFKQLVFK JHVHKHQ LVW GLH YRONVVSUDFKLJH )DVVXQJ GHV HUVWHQ %DVOHU 5H]HSWVHLQHIUHLH%HDUEHLWXQJGHU9RUODJH6WDWWGHUNQDSSHQ$XI]lKOXQ JHQ XQG $QZHLVXQJHQ GLHVHU 9RUODJH ELHWHW VLH HLQHQ DXVIKUOLFKHQ $Q ZHLVXQJVWH[W LQ JHQXLQ DOWKRFKGHXWVFKHU 6\QWD[ +LHU OLHJW GHPQDFK JHJHQEHUGHQELVKHUYRUJHVWHOOWHQhEHUVHW]XQJHQHLQHQHXH4XDOLWlWYRU 'LH ELVKHULJHQ %H]XJVJU|‰HQ ZDUHQ GDV HLQ]HOQH :RUW GLH ODWHLQLVFKH +DOE]HLOH RGHU GHU 6DW] +LHU DEHU LVW GLH hEHUVHW]XQJ DXI GHQ JOHLFKHQ 6LQQGHV7H[WHVEH]RJHQ'DPLWLVWEHUHLWV]XU=HLW.DUOVGHV*UR‰HQGLH IUHLHVWHGHUGHQNEDUHQhEHUVHW]XQJVVWXIHQHUUHLFKW$OOHUGLQJVIDOOHQQLFKW QXUEHVWLPPWH'LQJHGLHLQGHUODWHLQLVFKHQ)DVVXQJJHQDQQWZHUGHQLQ GHUGHXWVFKHQZHJ(VZHUGHQDXFK$QJDEHQSUl]LVLHUWGLHLQGHUODWHLQL VFKHQ)DVVXQJXQVSH]LILVFKJHPDFKWZHUGHQ6RVSULFKWHWZDGLH9RUODJH YRQª]ZHL$UWHQYRQ5lXFKHUZHUN©LQGHUDOWKRFKGHXWVFKHQ)DVVXQJDEHU ZHUGHQ GLH JHPHLQWHQ $UWHQ DOV VROFKH JHQDQQWURWHUXQG ZHL‰HU :HLK UDXFK8QGVFKOLH‰OLFKLVWGLHDOWKRFKGHXWVFKH)DVVXQJDXFKVDFKOLFKDXV IKUOLFKHU +DEHVFRUQHPLQURVVD  *XHOLFKHODQGHFX>P@HQJHUL>GHVW@GHTXDSDWULD ª$XVZHOFKHP/DQGNRPPW  ,KU"© (JXDVPHUQJHQHIUDQFLDL>GHVW@LQIUDQFLDIXL  ª,FKZDULQ)UDQ]LHQ©   OX]]LOL>GHVW@SDUX>P@  (UURHJXLOOHWUHQFKHQL>GHVW@HJRXRORELEHUH  +D  EHVFRUQHPLQURVVDL>GHVW@DEHVDQQRQD>P@DGHTXRV 

BBBBBBBBBBBBB  :2/)*$1* +$8%5,&+6 0$; 3),67(5 ª,Q )UDQFLD IXL© 6WXGLHQ ]X GHQ URPDQLVFK JHUPDQLVFKHQ,QWHUIHUHQ]HQXQG]XU*UXQGVSUDFKHGHUDOWKRFKGHXWVFKHQ¿3DULVHU $OWGHXW VFKHQ  *HVSUlFKH¾ QHEVW HLQHU (GLWLRQ GHV 7H[WHV 0DLQ] 6WXWWJDUW  $NDGHPLH GHU :LVVHQVFKDIWHQXQGGHU/LWHUDWXU$EKDQGOXQJHQGHUJHLVWHVXQGVR]LDOZLVVHQVFKDIWOLFKHQ .ODVVH 6  +$8%5,&+63),67(5ª,Q)UDQFLDIXL©>ZLH$QP@6

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



'LH¿3DULVHU*HVSUlFKH¾VLQG=HXJQLVVHGHVWlJOLFKHQ/HEHQV6LHEHVWH KHQ DXVHLQHPDOWKRFKGHXWVFKODWHLQLVFKHQ9RNDEXODUGHU.|USHUWHLOH VR%DUWEDUED DXVELOLQJXHQ0XVWHUVlW]HQXQG5HGHZHQGXQJHQIUDXI 5HLVHQDXIWUHWHQGH6LWXDWLRQHQHWZD*XHOLFKHODQGHFXPHQJHULGHVWGHTXD SDWULD ª$XV ZHOFKHP /DQG NRPPW ,KU"©  ( JXDV PHU L!QJHQH IUDQFLDLG HVWLQ IUDQFLD IXL ª,FK ZDU LQ )UDQ]LHQ©  +LHUEHL ELOGHQ GLH DOWKRFKGHXW VFKHQ:|UWHUXQG:HQGXQJHQLP*HJHQVDW]]XGHQVRQVWLJHQ]ZHLVSUD FKLJHQ'HQNPlOHUQLQGHQHQGDV'HXWVFKHGHP/DWHLQLVFKHQGLHQWGHQ *UXQGWH[WDQGHQVLFKEHUJHVFKULHEHQRGHUPLWL LGHVWªGDVKHL‰W©  DQJHVFKORVVHQ GLH YXOJlUODWHLQLVFKURPDQLVFKH hEHUVHW]XQJ E]Z (UNOl UXQJDQVFKOLH‰W9RP$OWKRFKGHXWVFKHQDXVZLUGVR]XVDJHQLQGDV/DWHL QLVFKHª]XUFNJORVVLHUW©'D]XNRPPHQ $XV]JHDXVGHPDOWKRFK GHXWVFKHQ¿7DWLDQ¾VRZLH GUHL0XVWHUVlW]HLQGHQ¿7DWLDQ¾$XV]JHQGLH QLFKW]XU¿7DWLDQ¾hEHUOLHIHUXQJJHK|UHQHWZDWUHQFKWXEURWKHU ª7ULQNGX %UXGHU©  (VJLEWNHLQHGXUFKJHKHQGH*HVSUlFKVIKUXQJDEHU7KHPHQNRPSOH [HLQGHQHQGLHDOOWlJOLFKHQ)UDJHQDXI5HLVHQXQGLQVEHVRQGHUHGLH,QWH UHVVHQ YRQ .ULHJVOHXWHQ DGOLJHQ +HUUHQ XQG 'LHQHUQ ]XP $XVGUXFN NRPPHQ 7HLOH GHU5VWXQJ %HXUWHLOXQJ GHU 9DVDOOHQ QDFK 4XDOLWlW XQG 7DSIHUNHLW 9HUVRUJHQ GHU 3IHUGH %HNDQQWVFKDIW XQG .RQYHUVDWLRQ PLW )UHPGHQhEHUQDFKWXQJLP+DXVGHV*UDIHQ%HZLUWXQJPLW:HLQHURWL VFKH 'LHQVWOHLVWXQJ 6FKLPSIZRUWH XQG *UREKHLWHQ ZHUGHQ QLFKW DXVJH VSDUW'LHVHV5HLVHKDQGEXFKZDURIIHQEDUIUHLQHQ5RPDQHQEHVWLPPW GHU JHQ|WLJW ZDU VLFK IU 5HLVHQ LQ GDV DOWKRFKGHXWVFKH 6SUDFKJHELHW EUXFKVWFNKDIWH 6SUDFKNHQQWQLVVH DQ]XHLJQHQ 'XUFK GLH WHLOZHLVH EHDU EHLWHWHQ$XV]JHDXVGHU¿7DWLDQ¾hEHUVHW]XQJZXUGHYHUVXFKWGHQ:RUW VFKDW]]XHUZHLWHUQ 'HQNEDU LVW GDVV GLH hEHUOLHIHUXQJ DXFK GDV%HVWUHEHQ QDFK )|UGH UXQJ GHU 6SUDFKNRPSHWHQ] DXVGUFNW (V JLEW 5RPDQHQ DXV GHP :HVW BBBBBBBBBBBBB  5RP%LEOLRWHFD$SRVWROLFD9DWLFDQD5HJODW%OYXQG3DULV%LEOLRWKqTXH1DWLR QDOH0VODW%OUYUYU²'LHDOWKRFKGHXWVFKHQ*ORVVHQ*HVDPPHOWXQG EHDUEHLWHWYRQ(/,$667(,10(ZLH$QP@6I%,6&+2)) )UDJHQ >ZLH $QP @ 6  :2/)*$1* +$8%5,&+6 3DULVHU *HVSUlFKH ,Q 'LH DOW KRFKGHXWVFKH XQG DOWVlFKVLVFKH *ORVVRJUDSKLH >ZLH $QP @ %G 6  +$16 8/5,&+ 6&+0,''LH3DULVHU7DWLDQ=LWDWH(GLWLRQ$QDO\VHQhEHUOHJXQJHQ,Q(QWVWH KXQJ GHV'HXWVFKHQ >ZLH $QP @ 6  hEHUVHW]XQJ bOWHVWHGHXWVFKH 'LFKWXQJ >ZLH$QP@6I>DXV]XJVZHLVH@ 6&+/266(5$OWKRFKGHXWVFKH/LWHUDWXU>ZLH$QP @6I 3KUDVH -2+$11(6 $ +8,60$1'LH3DULVHU*HVSUlFKH,Q5KHLQL VFKH9LHUWHOMDKUVEOlWWHU  6  621'(5(**(5/DWHLQXQG$OWKRFKGHXWVFK>ZLH$QP@6



(&.+$5'0(,1(.(

IUDQNHQUHLFKGLHVLFKDQDOWKRFKGHXWVFKHQ2UWHQDXIKLHOWHQXQGGRUW$OW KRFKGHXWVFKOHUQWHQZREHLGLH$NWLYLWlWHQGHV/XSXVYRQ)HUULqUHV $EW  ELV QDFK   KHUYRU]XKHEHQ VLQG 'HVVHQ %H]LHKXQJHQ ]X 2VW IUDQNHQ OLHIHQ EHU GLH ORWKULQJLVFKHQ .O|VWHU 6W0D[LPLQ LQ 7ULHU XQG 3UP LQ GHU (LIHO ,P EULJHQ N|QQWHQ GLH :RUWIRUPHQELOGXQJ XQG GHU 6DW]EDX GHU ¿3DULVHU *HVSUlFKH¾ ]HLJHQ GDVV KLHU HLQ OHUQHUVSUDFKOLFKHV $OWKRFKGHXWVFKYRUOLHJWIDOOVQLFKWGLH$EZHLFKXQJHQYRPVRQVWEHU OLHIHUWHQ$OWKRFKGHXWVFKHQGXUFKURPDQLVFKH,QWHUIHUHQ]HU]HXJWH(LJHQ KHLWHQ GHV :HVWIUlQNLVFKHQ VLQG )U GLHVH $XIIDVVXQJ VSULFKW GDVV HV VLFK EHL GHP 5HGDNWRU GHU ¿7DWLDQ¾$XV]JH XQG GHU ¿3DULVHU *HVSUlFKH¾ XP HLQHQ NRPSHWHQWHQ 6SUHFKHU GHV $OWKRFKGHXWVFKHQ KDQGHOW ZHLO GLH WHLOZHLVH YRUJHQRPPHQH 8PIRUPXOLHUXQJ GHU ¿7DWLDQ¾6lW]H UHJHOJHUHFKW LVW%HLGH$XIIDVVXQJHQODVVHQVLFKYHUHLQEDUHQ +rUURPvQG€EHVX{KWRVWPLKLQSDVVLRQH 'LH XPIDQJUHLFKVWH 7H[WEHUOLHIHUXQJ GHV $OWKRFKGHXWVFKHQ LVW DXV GHU )HGHU1RWNHUVYRQ6W*DOOHQHUKDOWHQ1RWNHUZDU/HKUHU PDJLVWHU DQ BBBBBBBBBBBBB  %5,$1085'2&+/XSXVRI)HUULqUHV,Q*HUPDQ:ULWHUV>ZLH$QP@6  (&.+$5' 0(,1(.( $OWKRFKGHXWVFKH 3URVDV\QWD[ XQG GLH 3DULVHU *HVSUlFKH ,Q $OW KRFKGHXWVFK 6\QWD[ XQG6HPDQWLN$NWHQ GHV /\RQQHU.ROORTXLXPV ]XU 6\QWD[ XQG 6H PDQWLNGHV$OWKRFKGHXWVFKHQ 0lU] +JYRQZLH $QP @ 6  67()$1 621'(5(**(5 1RWNHU ,,, YRQ 6W *DOOHQ ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S  KLHU6S0(,1(.(6&+:(5'7(LQIKUXQJ>ZLH$QP@6$XVJD EHQJHVFKLFKWH (5167 +(//*$5'7 1RWNHU 7HXWRQLFXV hEHUOHJXQJHQ ]XP 6WDQG GHU )RUVFKXQJ ,Q %HLWUlJH ]XU *HVFKLFKWH GHU GHXWVFKHQ 6SUDFKH XQG /LWHUDWXU 7ELQJHQ    6XQG  6$XVJDEHQ'LH6FKULIWHQ1RWNHUVXQG VHLQHU 6FKXOH +J YRQ 3$8/ 3,3(5 )UHLEXUJ%U /HLS]LJ  *HUPDQLVFKHU %FKHU VFKDW]   1RWNHUV GHV 'HXWVFKHQ :HUNH QDFK GHQ +DQGVFKULIWHQ QHX KJ YRQ ( ' :$5' + 6(+57 XQG 7$%GXQGLP1DFKGUXFNGHU$XIODJH+DOOH6@'LH:HUNH 1RWNHUVGHV'HXWVFKHQ1HXH$XVJDEH%HJRQQHQYRQ(':$5' + 6(+57XQG7$ZLH$QP@ 6   +(//*$5'71RWNHUVGHV'HXWVFKHQ%ULHI>ZLH$QP@6  (GLWLRQ 1RWNHU GHU 'HXWVFKH 'LH NOHLQHUHQ 6FKULIWHQ +J YRQ -$0(6 & .,1* XQG 3(7586 : 7$; 7ELQJHQ  'LH :HUNH 1RWNHUV GHV 'HXWVFKHQ 1HXH $XVJDEH %G $OWGHXWVFKH 7H[WELEOLRWKHN   6 I $EELOGXQJ HEG 6  +(//*$5'7 1RWNHUV GHV 'HXWVFKHQ %ULHI >ZLH $QP @ 6 I YJO 621'(5(**(5 $OWKRFK GHXWVFK LQ 6W*DOOHQ >ZLH $QP @ 6  .$576&+2.( *HVFKLFKWH >ZLH $QP @ 6hEHUVHW]XQJ(+5,60$11*HVFKLFKWH>ZLH$QP@%G6I  $11$ $ *527$168WUDTXHOLQJXD/DWHLQXQG'HXWVFKXQWHUULFKWLQ1RWNHUV6W*DOOHQ" ,Q7KHRGLVFD>ZLH$QP@6KLHU6



(&.+$5'0(,1(.(

7H[WH,Q%H]XJDXIGLHVHLQGLHhEHUVHW]XQJHLQJHDUEHLWHWHQ(UNOlUXQJHQ VWHKW1RWNHULQGHU%LOGXQJVWUDGLWLRQVHLQHU=HLW6HOEVWQHQQWHULP%ULHI DOV $XWRULWlWHQ $ULVWRWHOHV&LFHUR XQG $XJXVWLQXV ZHQQ HV GDUXP JHKW GDV V\OORJLVWLVFKILJUOLFKRGHU UKHWRULVFK $XVJHGUFNWH ]X HUKHOOHQ 8Q JHQDQQWEOHLEHQZHLWHUH$XWRUHQZLH&DVVLRGRU$XIJUXQGLKUHU=LHOVHW ]XQJHQWKDOWHQGLH:HUNH1RWNHUVQLFKWQXUGLHDOWKRFKGHXWVFKHhEHUVHW ]XQJXQG.RPPHQWLHUXQJVRQGHUQ DXFKGLH9RUODJH6DW]IU6DW]E]Z RIW 6DW]WHLO IU 6DW]WHLO 'HU *UXQGWH[W ZLUG KlXILJ GHU =LHOVSUDFKH $OW KRFKGHXWVFKJHPl‰YHUHLQIDFKWXQGXPJHVWHOOW =LHO GHU %HPKXQJHQ 1RWNHUV LVW GDV 9HUVWlQGQLV GHU NLUFKOLFKHQ 6FKULIWHQ6LHYRUDOOHPVROOHQJHOHVHQXQGLQWHUSUHWLHUWZHUGHQ,KUHP 9HUVWlQGQLV GLHQHQ DEHU DXFK GLH 6FKXODXWRUHQ GLH %HVFKlIWLJXQJ PLW LKQHQ I|UGHUW GLH 6SUDFKNRPSHWHQ] $X‰HUGHP LVW 1RWNHUV :HUN DXFK GHQ VLHEHQ IUHLHQ .QVWHQ YHUSIOLFKWHW GHQ VLHEHQ DXV GHP $OWHUWXP VWDPPHQGHQ:LVVHQVFKDIWVJHELHWHQGHV7ULYLXPV *UDPPDWLN'LDOHNWLN GDV KHL‰W 3KLORVRSKLH XQG 5KHWRULN  XQG GHV 4XDGULYLXPV $ULWKPHWLN 0XVLN*HRPHWULHXQG$VWURQRPLH 'LHVHZDUHQ]XQlFKVWDXFKQLFKWV DQGHUHV DOV ª'LHQHULQQHQ© GHU 7KHRORJLH 'DV LVW DXFK GLH $XIIDVVXQJ 1RWNHUV ZlKUHQG +XJR RIIHQEDU YHUODQJW KDWWH GDVV 1RWNHU GLH VHSWHP DUWHVQLFKWDOV3URSlGHXWLNEHWUHLEHQVROOHVRQGHUQDOV*HJHQVWDQGZLVVHQ VFKDIWOLFKHU %HVFKlIWLJXQJ 6FKOLH‰OLFK KDW 1RWNHU GLFKWHULVFKH 7H[WH EHUVHW]WZR]XHULQGHU.ORVWHUVFKXOHDXIJHIRUGHUWZRUGHQZDU,QVHL QHQ hEHUVHW]XQJHQ JLEW 1RWNHU DXFK +LQZHLVH DXI GLH 6SUHFKZHLVH 9RQ GHQ DOWKRFKGHXWVFKHQ :HUNHQ VLQG QXU %RHWKLXV· ¿'H FRQVRODWLRQH SKLORVRSKLDH¾GLH¿.DWHJRULHQ¾XQGGLH¿+HUPHQHXWLN¾GHV$ULVWRWHOHVGLH 6FKULIW ¿'H V\OORJLVPLV¾ GLH 6FKULIW ¿'H PXVLFD¾ 0DUWLDQXV· &DSHOOD ¿'H QXSWLLV 3KLORORJLDH HW 0HUFXULL¾ VRZLH GLH %HDUEHLWXQJ GHV 3VDOWHUV HUKDO WHQ 'LH NRPPHQWLHUWH hEHUVHW]XQJ GHV 3VDOWHUV LQ GHUHQ $QKDQJ GLH hEHUVHW]XQJGHUDOWXQGQHXWHVWDPHQWOLFKHQ&DQWLFDXQGNDWHFKHWLVFKHQ 6WFNH VWHKHQ 3DWHUQRVWHU 6\PEROXP $SRVWROLFXP DWKDQDVLDQLVFKHV BBBBBBBBBBBBB  *(5+$57/2+6(7LWXOL3VDOPRUXP'LHhEHUVFKULIWHQLQ1RWNHUV3VDOWHUXQGLKUH(UOlX WHUXQJHQ,Q$OWKRFKGHXWVFK>ZLH$QP@%G6  67()$1621'(5(**(51RWNHUGHU'HXWVFKHDOV0HLVWHUHLQHUYRONVVSUDFKOLFKHQ6WLOLVWLN 0LW GUHL $EELOGXQJHQ ,Q $OWKRFKGHXWVFK >ZLH $QP@ %G  6  KLHU 6    9JO3(7(52&+6(1%(,1/HKUHQXQG/HUQHQLPPLWWHODOWHUOLFKHQ*DOOXVNORVWHU,Q32 &XOWXUD6DQJDOOHQVLV>ZLH$QP@6  -26() '2/&+ 4XDGULYLXP ,Q +LVWRULVFKHV :|UWHUEXFK GHU 3KLORVRSKLH +J YRQ -2$ &+,0 5,77(5XQG.$5/)5,(' *5h1'(5%DVHO%G  6S -$.2%+-6&+1(,'(57ULYLXP(EG%G  6S  (+5,60$11 *HVFKLFKWH >ZLH $QP @ %G  6  GD]X .$576&+2.( *HVFKLFKWH >ZLH$QP@6I*527$168WUDTXHOLQJXD>ZLH$QP@66

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



*ODXEHQVEHNHQQWQLV  OLHJW LQ ]ZHL )DVVXQJHQ YRU (V KDQGHOW VLFK   XPGHQ7H[W1RWNHUVGHUYRUHQWVWDQGHQVHLQGUIWH XPGHQVR JHQDQQWHQ¿:LHQHU1RWNHU¾'DVLVWHLQHEDLULVFKHLQGHU.RPPHQWLHUXQJ JHVWUDIIWH%HDUEHLWXQJGLHQRFKLP-DKUKXQGHUWZRKOLP.ORVWHU:HV VREUXQQHQWVWDQGLQLKUHUhEHUOLHIHUXQJIHKOHQGLH3VDOPHQ'LH HLQ]LJHYROOVWlQGLJH7H[WJUXQGODJHGHU)DVVXQJLVWGLH6W*DOOHU+DQG VFKULIW 6LJOH5 6LHNRPPWDXV(LQVLHGHOQXQGLVWXPGLH0LWWHGHV -DKUKXQGHUWV ZDKUVFKHLQOLFK DXFK GRUW JHVFKULHEHQZRUGHQ VHLW GHP -DKUKXQGHUWLVWVLHLQ6W*DOOHQ,QKDOWOLFKLVWVLHYRQHLQHUYHUORUHQHQ +DQGVFKULIW6 0LWWH-DKUKXQGHUW DEKlQJLJEHUGLHYLHOH=HXJQLVVH EHULFKWHQ XQG DXV GHU FD  =LWDWH LQ +DQGVFKULIWHQXQG 'UXFNHQ GHV -DKUKXQGHUWVYRUOLHJHQ)HUQHULVWGLH6W*DOOHU)DVVXQJGHV1RWNHU VFKHQ 3VDOWHUV LQ  )UDJPHQWHQ EHUOLHIHUW GLH PHLVW LQ GDV -DKU KXQGHUW ]XUFNUHLFKHQ 'HU ¿:LHQHU 1RWNHU¾ KHL‰W VR DXIJUXQG VHLQHU hEHUOLHIHUXQJ LQ GHU +DQGVFKULIW :LHQ gVWHUUHLFKLVFKH 1DWLRQDOELEOLR WKHN&RG -DKUKXQGHUW %HVWLPPWH)UDJPHQWHYRQ1RWNHUV 3VDOWHU GUIHQ JOHLFKIDOOV DOV =HXJQLVVH HLQHU WHLOZHLVHQ 8PDUEHLWXQJ GHV :HUNHV DQJHVHKHQ ZHUGHQ 'LH +DQGVFKULIWHQODJH GHU hEHUOLHIHUXQJ 1RWNHUVGHXWHWEHUHLWVDQGDVVGLH3VDOWHUEHDUEHLWXQJGLHJU|‰WH1DFKZLU NXQJ JHKDEW KDW $OV 5H]HSWLRQ OlVVW VLFK DXFK GLH DOWKRFKGHXWVFKH *ORVVLHUXQJDQVHKHQGLH1RWNHUVhEHUVHW]XQJXQG.RPPHQWLHUXQJGHU 3VDOPHQ LP  -DKUKXQGHUW HUIDKUHQ KDW $XFK KLHU LVW GHU &RGH[  +DQGVFKULIW5 GHU6W*DOOHU6WLIWVELEOLRWKHNGLH*UXQGODJHGHUhEHUOLH IHUXQJ'LH6W*DOOHU3VDOWHUJORVVLHUXQJLVWLQWHUOLQHDUXPIDVVWRIWJDQ]H 6lW]HXQGEHUOLHIHUWHWZD:RUWIRUPHQ1DFK3VDOPWUHWHQQXU QRFKVSRUDGLVFK*ORVVHQDXIhEHUVHW]WZHUGHQYRQ1RWNHUODWHLQLVFKEH ODVVHQH:|UWHUXQG6\QWDJPHQVRZLHGLHPHLVWQHXWHVWDPHQWOLFKHQ%LEHO ]LWDWH'DEHL]HLJWVLFKHLQHLQWHQVLYH%HVFKlIWLJXQJPLWGHP$XVJDQJV BBBBBBBBBBBBB  (+5,60$11*HVFKLFKWH>ZLH$QP@%G6I  $EELOGXQJ 2&+6(1%(,1 'LH %LEHO >ZLH $QP @ 6  621'(5(**(5 $OWKRFK GHXWVFKLQ6W*DOOHQ>ZLH$QP@66$16(/06$/=(5,OOXVWULHUWH*HVFKLFK WHGHU'HXWVFKHQ/LWHUDWXUYRQGHQlOWHVWHQ=HLWHQELV]XU*HJHQZDUWQHXEHDUEHLWHWH $XIODJH%G5HJHQVEXUJ%HLODJH>PLWIDOVFKHU6LJQDWXUDQJDEH@XQG6  hEHUVLFKW1RWNHUGHU'HXWVFKH'HU3VDOWHU3VDOP+JYRQ3(7586 : 7$;7 ELQJHQ 'LH:HUNH1RWNHUVGHV'HXWVFKHQ1HXH$XVJDEH%G$OWGHXWVFKH7H[W ELEOLRWKHN 6;9,;,;1RWNHUGHU'HXWVFKH'HU3VDOWHU3VDOPGLH&DQWLFD XQGGLHNDWHFKHWLVFKHQ7H[WH+JYRQ3(7586 : 7$;7ELQJHQ 'LH:HUNH1RW NHUVGHV'HXWVFKHQ1HXH$XVJDEH%G$OWGHXWVFKH7H[WELEOLRWKHN 6I  $EELOGXQJ6$/=(5*HVFKLFKWH>ZLH$QP@6  =XUJHVDPWHQhEHUOLHIHUXQJ621'(5(**(51RWNHU,,,>ZLH$QP@6S  621'(5(**(51RWNHU,,,>ZLH$QP@6S  621'(5(**(5 $OWKRFKGHXWVFK LQ 6W *DOOHQ >ZLH $QP @ 6  (+5,60$11 *HVFKLFKWH>ZLH$QP@%G6  $EELOGXQJ621'(5(**(5$OWKRFKGHXWVFKLQ6W*DOOHQ>ZLH$QP@6



(&.+$5'0(,1(.(

WH[WHLQPDOJHJHEHQHhEHUVHW]XQJHQZHUGHQQLHPHFKDQLVFKEHLEHKDOWHQ VRQGHUQ DEJHZDQGHOW XQG GLIIHUHQ]LHUW 'HU 6SUDFKVWDQG LVW VRZHLW PDQ GDV GXUFK GHQ )LOWHU GHU VSlWHUHQ hEHUOLHIHUXQJ EHXUWHLOHQ NDQQ HWZDV MQJHUDOVGHU1RWNHUVDEHUHEHQIDOOVDOHPDQQLVFK'DV$N]HQWXLHUXQJV V\VWHP1RWNHUVLVWRIIHQEDULQHLQHUIUHLHUHQ)RUPEHUQRPPHQZRUGHQ (VZLUGDPHKHVWHQDQGHQDXFKVRQVWDOV*ORVVHQDXI]HLFKQHUEHNDQQWHQ (NNHKDUG ,9 DOV *ORVVDWRU JHGDFKW (V VSULFKW HLQLJHV GDIU GDVV GLH +DQGVFKULIW5GLH$EVFKULIWGHV+DQGH[HPSODUV(NNHKDUGV,9YRQ1RW NHUV3VDOWHUEHDUEHLWXQJLVWLQGHUDXFKGLH(LQOHLWXQJ]XGHQ6WXIHQSVDO PHQ 3VDOP  QLFKWYRQ 1RWNHU VRQGHUQ YRQ(NNHKDUG,9YHU IDVVWZXUGH (V ZXUGH EHUHLWV DXVJHIKUW GDVV GLH :HUNH 1RWNHUV DXIJUXQG LKUHU =LHOVHW]XQJQLFKWQXUGLHDOWKRFKGHXWVFKHhEHUVHW]XQJXQG.RPPHQWLH UXQJ HQWKDOWHQ VRQGHUQ DXFK GLH 9RUODJH 6DW] IU 6DW] E]Z RIW 6DW]WHLO IU 6DW]WHLO 'HU *UXQGWH[W ZLUG KlXILJ GHU =LHOVSUDFKH $OWKRFKGHXWVFK JHPl‰YHUHLQIDFKWXQGXPJHVWHOOW'LH.RPPHQWLHUXQJHUIROJWDXIJUXQG YRQ $XWRULWlWHQ ZLH $XJXVWLQXV XQG &DVVLRGRU 'LHVH YROONRPPHQ HLQ VLFKWLJHYRP=ZHFNVHLQHU$UEHLWHQKHUEHVWLPPWH9RUJHKHQVZHLVHOlVVW VLFKDQMHGHUEHOLHELJHQ6WHOOHVHLQHV:HUNHVGHPRQVWULHUHQ 'HU ELEOLVFKH 3VDOP  SUHLVW GLH $OOZLVVHQKHLW $OOJHJHQZDUW XQG $OOPDFKW*RWWHVXPGDUDQGLH%LWWHGHV%HWHUVXP+LOIHJHJHQVHLQHJRWW ORVHQ )HLQGH ]X NQSIHQ 'HQ .LUFKHQYlWHUQ +LODULXV $XJXVWLQXV XQG &DVVLRGRU ]XIROJH ZLUG GHU 3VDOP YRQ &KULVWXV JHVSURFKHQ 'DQHEHQ H[LVWLHUWH HLQH SRSXOlUH OLWWHUDOH *HEHWVQXW]XQJ GLH LKUHQ $XVJDQJ YRP *HGHQNHQ DQ GHQ 0HQVFKHQ GHU LQ DOOHQ 'LQJHQ LQ GHU +DQG *RWWHV VWHKWQLPPW ,QILQHP'DYLGSVDOPXV'RPLQHSUREDVWLPHHWFRJQRYLVWLPHWXFRJQRYLVWLVHVVLRQHP  PHDP HW VXUUHFWLRQHP PHDP  LQWHOOH[LVWL FRJLWDWLRQHV PHDV GH ORQJH  ª=XP (QGH HLQ 3VDOP 'DYLGV +HUU GX HUIRUVFKVW PLFK XQG NHQQVW PLFK ,FK VLW]H RGHU VWHKH DXIVRZHL‰WGXHVGXYHUVWHKVWPHLQH*HGDQNHQYRQIHUQH©  6HFYQGYP$YJYVWLQYP&KULVWYVDGSDWUHPGHVHLSVRORTYLWYU'RPLQHSUREDVWLPHHWFRJQR XVWLPH+rUURPvQG€EHVX{KWRVWPLKLQSDVVLRQHXQGHEHFKDQG{VWPLK'D]FKvWWkWHGD] PLKiQGHUHEHFKpQQHQW7XFRJQRXLVWLVHVVLRQHPPHDPHWUHVXUUHFWLRQHPPHDP'XEHFKiQG{VW PLQQtGHUVt]]HQLQW{GHXQGHPvQ€IVWkQQDKW{GH$YWH[SHUVRQDVYLFRUSRULVORTYLWYU'€ EHFKiQG{VWPvQDQtGHULLQSęQLWHQWLDG{LKLQpOOHQGHXXDVXQGHPvQD€ILUUtKWHGDGRLKFKDP BBBBBBBBBBBBB  621'(5(**(5 1RWNHU ,,, >ZLH $QP @ 6S  (+5,60$11 *HVFKLFKWH >ZLH $QP@%G6  3(7586 : 7$;:HUKDWGLH(LQOHLWXQJ]XGHQ6WXIHQSVDOPHQLQ1RWNHUV3VDOWHUYHUID‰W" ,Q$OWKRFKGHXWVFK>ZLH$QP@%G6KLHU6IXQGSDVVLP  %LEOLD VDFUD LX[WD YXOJDWDP YHUVLRQHP $GLXYDQWLEXV >«@ UHFHQVXLW >«@ 52%(5786 :( %(5 (GLWLRQHP TXDUWDP HPHQGDWDP >«@ SUDHSDUDYLW 52*(5 *5ZLH$QP@6  92/.(5 6&+8336WXGLHQ]X:LOOLUDPYRQ(EHUVEHUJ%HUQ0QFKHQ %LEOLRWKHFD *HUPDQLFD   ]XP +RKHQ /LHG EHVRQGHUV 6 .857 *b571(5 :LOOLUDP YRQ (EHUVEHUJ26%,Q9HUIDVVHUOH[LNRQ>ZLH$QP@%G  6S +$8 %5,&+6'LH$QIlQJH>ZLH$QP@60(,1(.( 6&+:(5'7(LQIKUXQJ>ZLH $QP@6%5,$1 085'2&+:LOOLUDPRI(EHUVEHUJ,Q*HUPDQ:ULWHUV>ZLH $QP@6 0$; 0$1,7,86*HVFKLFKWHGHUODWHLQLVFKHQ/LWHUDWXUGHV0LWWHODO



(&.+$5'0(,1(.(

DP UHLFKVWHQ EHUOLHIHUWH YRONVVSUDFKLJH :HUN GHV IUKHQ 0LWWHODOWHUV hEHU+DQGVFKULIWHQXQGPHKUHUH%HDUEHLWXQJHQEH]HXJHQHLQHELVLQ GDVVSlWH0LWWHODOWHUDQGDXHUQGH5H]HSWLRQIUGDV$OWKRFKGHXWVFKHVLQG QXUZHQLJHDEHUDXWRUQDKH+DQGVFKULIWHQUHOHYDQW'DV+RKH/LHG6DOR PRVZDULP5DKPHQGHU6FKXOHQDFKHLQHU(PSIHKOXQJGHV+LHURQ\PXV GDV OHW]WH ]X EHKDQGHOQGH %XFK GHVVHQ /HNWUH HUVW GDQQ VWDWWKDIW ZDU ZHQQVLFKGLH6FKOHUEHUHLWVPLWGHU%LEHOH[HJHVHYHUWUDXWJHPDFKWKDW WHQ'DV/LHGGHU/LHGHULVWKLVWRULVFKHLQH6DPPOXQJVSlWMGLVFKHU/LH EHV XQG +RFK]HLWVOLHGHU GLH QXU GHVKDOE LQ GLH %LEHO DXIJHQRPPHQ ZXUGHZHLO6DORPRDOVLKU$XWRUJDOW(LQZ|UWOLFKHV9HUVWHKHQGHV+R KHQ/LHGHVZDUEHLGHQ.LUFKHQYlWHUQXQGGHQJHLVWOLFKHQ5H]LSLHQWHQGHV )UKPLWWHODOWHUVDXVJHVFKORVVHQYLHOPHKUKDWWHVHLWGHUFKULVWOLFKHQ)UK ]HLW HLQH DOOHJRULVFKH $XVOHJXQJ GDV /LHG DOV HLQ JHLVWLJHV +RFK]HLWVOLHG EHUGLH+RFK]HLW&KULVWLXQGGHU.LUFKHDXIJHIDVVW,PJHLVWOLFKHQDOOH JRULVFKHQ 6LQQ VDQJHQ LP :HFKVHO PLWHLQDQGHU GHU JHOLHEWH %UlXWLJDP &KULVWXVGLHJHOLHEWH%UDXW.LUFKHXQGGLHZHJHQLKUHU8QWUHXHYHUODVVHQH XQGYHUVWR‰HQH6\QDJRJHDOV6LQQELOGGHV-XGHQWXPV :LOOLUDPV +RKHOLHGSDUDSKUDVH KDW DOV 0LWWHOSXQNW GHQ %LEHOWH[W GLH VHU HUVFKHLQW LQ GHU GUHLVSDOWLJ DQJHOHJWHQ 6HLWH DOV PLWWOHUH .ROXPQH LQ XQJOHLFK JU|‰HUHU 6FKULIW DOV GDV hEULJH ,Q GHQ EHLGHQ 6HLWHQVSDOWHQ VWHKHQGLHEHLGHQ.RPPHQWDUHOLQNVGHUODWHLQLVFKHUHFKWVGHUGHXWVFKH ,Q DOOHQ GUHL 6SDOWHQ VLQG GLH ,QLWLDOHQ V\QFKURQ DXI JOHLFKHU +|KH JH VHW]WVRGDVVGLH9HUELQGXQJYRQMHZHLOLJHP+RKHOLHGSDVVXVXQGODWHLQL VFKHPE]ZDOWKRFKGHXWVFKHP.RPPHQWDUDXIGHQHUVWHQ%OLFNGHXWOLFK ZLUG'HUODWHLQLVFKH.RPPHQWDULQGHUOLQNHQ.ROXPQHEHJLQQW]XGHP MHZHLOLJHQ 3DVVXV GHV +RKHQ /LHGHV PLW HLQHU +H[DPHWHUSDUDSKUDVH GHV %LEHOWH[WHVDOVRHLQHP6WFN%LEHOGLFKWXQJ'DUDXIIROJWXQPLWWHOEDUGHU JOHLFKIDOOV LQ +H[DPHWHUQ DEJHIDVVWH DOOHJRULVFKH .RPPHQWDU ]X GHP EHWUHIIHQGHQ3DVVXV,QGHUUHFKWHQ6SDOWHPLWGHPGHXWVFKHQ7H[WVWHKW BBBBBBBBBBBBB WHUV 0QFKHQ  +DQGEXFK GHU $OWHUWXPVZLVVHQVFKDIW   1DFKGUXFN 0Q FKHQ%G6 .$576&+2.(*HVFKLFKWH>ZLH$QP@6 1,(/6 %2+1(57 =XU 7H[WNULWLN YRQ :LOOLUDPV .RPPHQWDU GHV +RKHQ /LHGHV 0LW EH VRQGHUHU%HUFNVLFKWLJXQJGHU$XWRUYDULDQWHQ7ELQJHQ 7H[WHXQG7H[WJHVFKLFKWH   +(1.(/ .RSUlVHQ] >ZLH $QP @ 6  +(15,.( /b+1(0$11 5HLPSURVD XQG 0LVFKVSUDFKH EHL :LOOLUDP YRQ (EHUVEHUJ 0LW HLQHU NRPPHQWLHUWHQ $XVJDEH XQG hEHUVHW]XQJ VHLQHU ¿$XUHOLXV9LWD¾ ,Q 'HXWVFKH 7H[WH GHU 6DOLHU]HLW ² 1HXDQIlQJH XQG .RQWLQXLWlWHQ LP  -DKUKXQGHUW +J YRQ 67(3+$1 0h//(5 XQG -(16 6&+1(,'(5 0QFKHQ 0LWWHODOWHU6WXGLHQ 6  +$8%5,&+6'LH$QIlQJH>ZLH$QP@6  $EELOGXQJ 6$/=(5 *HVFKLFKWH >ZLH $QP @ %HLODJH  (5,&+ 3(7=(7 2772 */$81,1*'HXWVFKH6FKULIWWDIHOQGHV,;ELV;9,-DKUKXQGHUWVDXV+DQGVFKULIWHQGHU %D\HULVFKHQ6WDDWVELEOLRWKHN0QFKHQ+LOGHVKHLP1HZ1DFKGUXFNGHU$XV JDEHQ0QFKHQ/HLS]LJ@7DIHO;9 +$8%5,&+6'LH$QIlQJH>ZLH$QP@ $EELOGXQJ

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



]XQlFKVWHLQHJHQDXH3URVDEHUVHW]XQJGHV%LEHOWH[WHV$QGLHVHVFKOLH‰W VLFK XQPLWWHOEDU GHU GHXWVFKH DOOHJRULVFKH .RPPHQWDU DQ ,Q GLHVHQ .RPPHQWDU VLQG DEHU QLFKW QXU GLH WKHRORJLVFKHQ /HLWEHJULIIH VRQGHUQ DXFKJHOlXILJH%LEHO]LWDWH]XPHLVWDXVGHQGDVNO|VWHUOLFKH2IIL]LXPSUl JHQGHQ 3VDOPHQ LQ ODWHLQLVFKHU 6SUDFKH V\QWDNWLVFK NRUUHNW HLQJHIJW 'DEHL LVW GHU GHXWVFKH .RPPHQWDU NHLQH hEHUVHW]XQJ GHV ODWHLQLVFKHQ 'HU 6LQQ LVW GHU JOHLFKH DEHU HU ZLUG PLW YHUVFKLHGHQHQ 0LWWHOQ DXVJH GUFNW 'LH 0LVFKVSUDFKH GHV GHXWVFKHQ .RPPHQWDUV LVW LQ GHU )RU VFKXQJYRU]XJVZHLVH7KHPDJHZHVHQGRFKKDWZRKOEHUHLWV6&+(5(5 GLHVH (UVFKHLQXQJ ]XWUHIIHQG HUNOlUW 'DQDFK KDQGHOW HV VLFK XP HLQ 3KlQRPHQGHV6R]LROHNWVGHQªJHPLVFKWHQ-DUJRQ©GHUJHLVWLJHQ(OLWHGLH :LOOLUDP ]X HLQHU /LWHUDWXUVSUDFKH HUKREHQ KDEH 'LH DOWKRFKGHXWVFK ODWHLQLVFKH0LVFKVSUDFKH1RWNHUVLVWKLHUIUZRKONHLQ9RUELOG'RFKLVW HV QLFKW XQP|JOLFK GDVV :LOOLUDP 1RWNHUV 6FKULIWHQ JHNDQQW KDW 'DIU VSULFKWEHVRQGHUVGDVVHU1RWNHUV$N]HQWXLHUXQJVUHJHOQIROJW'LH9RND OH GHU EHWRQWHQ 6LOEHQ ZHUGHQ GXUFK $N]HQWH VLFKWEDU JHPDFKW /lQJH RGHU .U]H GHV MHZHLOLJHQ *UXQGPRUSKHPYRNDOV ZLUG GXUFK GLH )RUP GHV$N]HQWVXQWHUVFKLHGHQ'LH6SUDFKH:LOOLUDPVLVWDXFKKLQVLFKWOLFK :RUWELOGXQJXQG:RUWZDKOXQWHUVXFKWZRUGHQ +DXSWTXHOOH :LOOLUDPV ZDU GHU +RKHOLHGNRPPHQWDU GHV +DLPR YRQ $X[HUUH XP $OV]XVlW]OLFKH4XHOOHNRPPWDQZHQLJHQ6WHOOHQGHU +RKHOLHGNRPPHQWDU $QJHORPV YRQ /X[HXLO   LQ %HWUDFKW 'HU )RUPQDFKJHK|UW:LOOLUDPV'RSSHONRPPHQWDULQGLH7UDGLWLRQGHURSHUD JHPLQDWD =ZLOOLQJVZHUNH  GDV VLQG LP 9HUEXQG YRQ 3RHVLH XQG 3URVD NRPSRQLHUWH:HUNH,QGLHVHU7UDGLWLRQVWHKHQXQWHUDQGHUHPGHUDOW FKULVWOLFKH %LEHOHSLNHU &DHOLXV 6HGXOLXV XP   GHU VHLQHP ¿&DUPHQ SDVFKDOH¾LQ+H[DPHWHUQHLQH3URVDDXIO|VXQJGDV¿2SXVSDVFKDOH¾IROJHQ OlVVWGLH$QJHOVDFKVHQ%HGD9HQHUDELOLV ‚ XQG$ONXLQ ‚ VRZLH GLHYRQLKQHQEHHLQIOXVVWHQ)XOGDHU6FKULIWVWHOOHUGHU.DUROLQJHU]HLW+UD EDQ XP XQG%UXQ&DQGLGXV XP 'LHGUHLVSDOWLJH$QODJHYRQ :LOOLUDPV :HUN VWHOOW NHLQHQ 9HUVXFK GDU GDV RSXVJHPLQDWXP ]X EHUELH WHQ VRQGHUQ LVW WHFKQLVFK GXUFK GHQ ]X HUNOlUHQGHQ %LEHOWH[W EHGLQJW 'LHVHULVWDOV*UXQGODJHLQGLH0LWWHJHVWHOOWXQGZLUGYRQEHLGHQ6HLWHQ BBBBBBBBBBBBB  9JO5,''(5:2/)hEHUVHW]HQ>ZLH$QP@6I  %(51+$5' *5$%0(ZLH$QP@6  $OWKRFKGHXWVFKH SRHWLVFKH 7H[WH $OWKRFKGHXWVFK1HXKRFKGHXWVFK $XVJHZlKOW EHU VHW]WXQG NRPPHQWLHUW YRQ .$5/ $ :,3) 6WXWWJDUW  5HFODPV 8QLYHUVDO%LEOLRWKHN  6  'LH&DPEULGJHU/LHGHU &DUPLQD&DQWDEULJHQVLD +JYRQ.$5/ 675(&.(5%HUOLQ 0RQXPHQWD*HUPDQLDH+LVWRULFD6FULSWRUHV   &DPEULGJH 8QLYHUVLW\ /LEUDU\ 06 *J   %O UY ² 'LH &DPEULGJHU /LHGHU >ZLH $QP @ 6  'LH NOHLQHUHQ DOWKRFKGHXWVFKHQ 6SUDFKGHQNPlOHU >ZLH $QP @ 6 6&+h7=(,&+(/ :|UWHUEXFK >ZLH $QP @ 6  '$9,' 5 0&/,172&. ¿'H +HLQULFR¾ ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S  - 6,'1(1) @   6  -(16 6&+1(,'(5 /DWHLQ XQG $OWKRFKGHXWVFK LQ GHU &DPEULGJHU /LHGHUVDPPOXQJ 'H +HLQULFR &OHULFXV HW 1RQQD ,Q %(5*0$11 9RONVVSUDFKLJODWHLQLVFKH 0LVFKWH[WH XQG 7H[WHQVHPEOHV>ZLH$QP@6$EELOGXQJ3(7=(7*/$81,1*6FKULIWWDIHOQ

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



VFKULIWOLFKH7H[WKDWDFKW$EVFKQLWWHZHOFKH6WURSKHQYRQMHGUHLELVYLHU 5HLPYHUVSDDUHQHUJHEHQ:LHLPHUZlKQWHQ6WFNGHU¿&DUPLQD&DQ WDEULJHQVLD¾ ¿.OHULNHU XQG 1RQQH¾ EHVWHKW MHGHU 9HUV DXV HLQHP ODWHLQL VFKHQ $QYHUV XQG HLQHP DOWKRFKGHXWVFKHQ $EYHUV GLH PLWHLQDQGHU LQ (QGUHLPELQGXQJ VWHKHQ QXU LQ = XQG = JUHLIHQ /DWHLQ XQG 'HXWVFKLQHLQDQGHUEHU'DV/LHGHU]lKOWQDFKHLQHPZRKOGHP0XVWHU GHUDPEURVLDQLVFKHQ+\PQHQQDFKJHELOGHWHQ(LQJDQJLQGHP-HVXV&KUL VWXVXP%HLVWDQGDQJHUXIHQZLUGHLQHEHUHLWVWRSLVFKJHZRUGHQH.RQWUD IDNWXU GHV DQWLNHQ 0XVHQDQUXIV YRQ HLQHP %D\HUQKHU]RJ +HLQULFK GHU GXUFKHLQHQ.DLVHU2WWRHKUHQYROOHPSIDQJHQZLUGZREHLGLHVHU]XJOHLFK HLQHQ ]ZHLWHQ +HLQULFK ZLOONRPPHQ KHL‰W YRQ LKUHP JHPHLQVDPHQ .LUFKJDQJ XQG GHU IKUHQGHQ XQG JHUHFKWHQ 5ROOH GLH +HLQULFK LP 5DW GHV.DLVHUVEHUQLPPWHWRPLVLWLOOLVRXXD]VRKHUWKDUKDIRGHSUDHWHUTXRGUH JDOHWKHVWKLU+HLQULKQLJHUDGH ªXQGEHUDQWZRUWHWHLKPDOOHVDX‰HUGHU.| QLJVZUGHZRQDFK+HLQULFK>DXFK@QLFKWYHUODQJWKDWWH©  $XIJUXQG VHLQHU =ZHLVSUDFKLJNHLW LVW GDV /LHG QXU IU HLQ JHOHKUWHV 3XEOLNXP YHUVWlQGOLFK ZHVKDOE DXFK DQ HLQH QDFKWUlJOLFK XPJHIRUPWH YRONVVSUDFKLJH 8UIDVVXQJ JHGDFKW ZRUGHQ LVW $XI MHGHQ )DOO ZLUG KLHU LQQHUKDOEXQGIUHLQHQJHOHKUWHQ.UHLVHLQXQJH]ZXQJHQHU8PJDQJPLW GHUGHXWVFKHQ6SUDFKHSUDNWL]LHUWGHUGDUDXIKLQGHXWHQN|QQWHGDVVGDV 'HXWVFKH QXQPHKU DOV OLWHUDWXUIlKLJHV 0HGLXP DQHUNDQQW XQG LQVRZHLW GHP /DWHLQLVFKHQ JOHLFKZHUWLJ ZDU 'DV *HGLFKW ZLUG ZHJHQ VHLQHU YRU ZLHJHQGZHVWPLWWHOGHXWVFKHQ6SUDFKHPHLVWLPQRUGUKHLQIUlQNLVFKHQ'LD OHNWUDXP DQJHVLHGHOW 'LH LQ LKP DXIWUHWHQGHQ 6D[RQLVPHQ LQVEHVRQGHUH GLHDOWVlFKVLVFKHQ3URQRPHQPLXQGJLLQGHQ*UX‰ZRUWHQ2WWRVN|QQHQ YRP 'LFKWHU DOV .HQQ]HLFKQXQJ GHU NDLVHUOLFKHQ 6SUHFKZHLVH HLQJHVHW]W ZRUGHQVHLQGRFKILQGHQVLFKDOWVlFKVLVFKH)RUPHQDXFKLQGHQHU]lKOHQ GHQ 7HLOHQ 9LHOOHLFKW KDW GHPQDFK HLQ QLHGHUGHXWVFKHU .RSLVW GHQ XU VSUQJOLFKQRUGUKHLQIUlQNLVFKHQ7H[WDEJHVFKULHEHQXQGWHLOZHLVHLQVHLQH 6SUDFKHXPJHVHW]W'HP*HGLFKWOLHJWP|JOLFKHUZHLVHHLQHODWHLQLVFKEDL ULVFKH8UIDVVXQJ]XJUXQGHZDV',775,&+DQKDQGGHU5HLPHQDFK]XZHL VHQYHUVXFKWH

BBBBBBBBBBBBB >ZLH$QP@6hEHUVHW]XQJ6&+/266(5$OWKRFKGHXWVFKH/LWHUDWXU>ZLH$QP@ 6 I $OWKRFKGHXWVFKH SRHWLVFKH 7H[WH >ZLH $QP @ 6 bOWHVWH GHXWVFKH 'LFKWXQJ>ZLH$QP@6  0$5,(/8,6( ',775,&+'H+HLQULFR,Q=VIUGHXWVFKHV$OWHUWXPXQGGHXWVFKH/LWH UDWXU  6



(&.+$5'0(,1(.(

7\SRORJLHGHUIUKPLWWHODOWHUOLFKHQODWHLQLVFKGHXWVFKHQ7H[WH )ROJHQGHhEHUVHW]XQJVW\SHQZXUGHQYRUJHVWHOOW 6DW]EH]RJHQHhEHUVHW]XQJPLWVWDUNHUV\QWDNWLVFKHU$QOHKQXQJDQ GLHDXWRULWDWLYHODWHLQLVFKH9RUODJHDEHUJOHLFK]HLWLJHU6SUHFKEDUNHLWGXUFK HLQHQ LOOLWWHUDWHQ /DLHQ E]Z 9RUWUDJEDUNHLW IU GLHVHQ 'LHVHU hEHUVHW ]XQJVVWLOJLOWIUSDVWRUDOHXQGNLUFKHQUHFKWOLFKH7H[WH 6DW]EH]RJHQHhEHUVHW]XQJRKQHV\QWDNWLVFKH$QOHKQXQJDQGLHOD WHLQLVFKH9RUODJHZHOFKHGLH9RUWUDJEDUNHLWHLQHVDXWRULWDWLYHQ7H[WHVIU XQG GLH 5H]HSWLRQ GXUFK HLQ LOOLWWHUDWHV 3XEOLNXP HUP|JOLFKW 'LHVHU 6WLO JLOWIUGLH¿/H[6DOLFD¾hEHUVHW]XQJ  ,QWHUOLQHDUH :RUWIU:RUWhEHUVHW]XQJ GLH DOV 9HUVWlQGQLVKLOIH IUGHQODWHLQLVFKHQ7H[WJHGDFKWLVWXQGNHLQHQHLJHQVWlQGLJYHUVWHKEDUHQ DOWKRFKGHXWVFKHQ7H[WHUJLEW2EZRKOGLHVHhEHUVHW]XQJVR]XVDJHQYHU WLNDORULHQWLHUWLVWXQGQLFKWKRUL]RQWDOVLQGJHOHJHQWOLFKGRFKHLQPDOKR UL]RQWDOH $XVJULIIH P|JOLFK 'LHVHU 0RGXV JLOW IU GLH DOWKRFKGHXWVFKH ¿%HQHGLNWLQHUUHJHO¾ (LQH$XVQDKPHGLHVLFKVSH]LHOOHQ%HGLQJXQJHQYHUGDQNWVWHOOWGHU ¿7DWLDQ¾GDU+LHULVWGHU)RNXVGHUDOV9HUVWlQGQLVKLOIHGLHQHQGHQhEHU VHW]XQJ QLFKW GDV :RUW RGHU GHU 6DW] VRQGHUQ JHQDX GLH =HLOH GHU DOV DOWHKUZUGLJHLQJHVFKlW]WHQ9RUODJH(VKDQGHOWVLFKXPHLQHIUGLH/HN WUHEHVWLPPWH$UEHLW  'HQ 7\SXV HLQHU VDW]EH]RJHQHQ hEHUVHW]XQJ PLW UHODWLYHU (LJHQ VWlQGLJNHLW YHUN|USHUW GLH DOWKRFKGHXWVFKH ¿,VLGRU¾hEHUVHW]XQJ (QW VFKHLGHQGLVWDEHUGLHRIWEHUVHKHQH(LJHQKHLWGDVVGHU¿,VLGRU¾hEHUVHW ]HUVHLQH9RUODJHQLFKWQXUZLHGHUJLEW9LHOPHKUZLUGGXUFKTXDQWLWDWLYH XQGTXDOLWDWLYH9HUlQGHUXQJHQJHJHQEHUGHU9RUODJHGHUDQWLDGRSWLDQLV WLVFKH 6WDQGSXQNW GHXWOLFKHU KHUDXVJHDUEHLWHW 'LH YHUGHXWOLFKHQGHQ XQG EHNUlIWLJHQGHQ=XVlW]HDXIGHXWVFKHU6HLWHODVVHQGLH)ROJHUXQJ]XGDVV GHU7H[W]XP9RUWUDJEHVWLPPWZDU 'LHIUHLHVWH$UWGHUhEHUVHW]XQJQlPOLFKGLHDXIGHQ7H[WDOVJDQ ]HQQLFKWDXIGLH$EIROJH6DW]IU6DW]EH]RJHQHOLHJWLQ*HVWDOWGHU¿%DV OHU5H]HSWH¾YRU'LHGHXWVFKH)DVVXQJEHUWULIIWGLH/lQJHGHUPLWEHUOLH IHUWHQODWHLQLVFKHQ)DVVXQJXPGDV'RSSHOWH)UHLOLFKLVWGDVGHXWVFKH5H ]HSWQLFKWQXUHLQHVWLOLVWLVFKDQGHUHhEHUVHW]XQJVRQGHUQDXFKHLQH%H DUEHLWXQJ GLH JHJHQEHU GHU 9RUODJH $XVODVVXQJHQ 3Ul]LVLHUXQJHQ XQG (UJlQ]XQJHQDXIZHLVW %HLGHQ¿3DULVHU*HVSUlFKHQ¾LVWGDV9HUKlOWQLVYRQ/DWHLQLVFKXQG 'HXWVFK LP 9HUJOHLFK ]X GHQ VRQVWLJHQ 7H[WHQ XPJHNHKUW 'DV /DWHLQL VFKHLVWhEHUVHW]XQJGHV'HXWVFKHQ'DVLVWVHOEVWYHUVWlQGOLFKGXUFKGLH

7H[WJHEXQGHQH)RUPHQGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW



7H[WVRUWHXQGGLHGLGDNWLVFKH$EVLFKWEHGLQJWNRQVWLWXLHUWDEHUMHGHQIDOOV HLQHQHLJHQVWlQGLJHQ7\SXVGHUODWHLQLVFKGHXWVFKHQ=ZHLVSUDFKLJNHLW 1LFKWHUVWEHL1RWNHULVWGHU7\SXVGHUNRPPHQWLHUHQGHQhEHUVHW ]XQJYHUWUHWHQVRQGHUQEHUHLWVPLWGHP¿:HL‰HQEXUJHU.DWHFKLVPXV¾JH JHEHQ 'HU VDW]EH]RJHQHQ hEHUVHW]XQJ GHV %H]XJVWH[WHV IROJW HLQH DXI GLHVHQ6DW]EH]RJHQHDOWKRFKGHXWVFKH(UOlXWHUXQJ6LHPDJZLHLP:HUN 1RWNHUV YRQ .RPPHQWDUOLWHUDWXU DEKlQJLJ VHLQ WUlJW DEHU GLHVHQ .RP PHQWDULQJHQXLQDOWKRFKGHXWVFKHU6\QWD[YRU 'LHDOWKRFKGHXWVFKH3DUDSKUDVHGHV+RKHQ/LHGHVGXUFK:LOOLUDP YRQ(EHUVEHUJEH]LHKWVLFK]ZDUDXIGHQ7H[WVLQQGHU9RUODJHLVWDEHULQ LKUHU 6WUXNWXU HLQH WH[WOLFK XQG V\QWDNWLVFK YROONRPPHQ HLJHQVWlQGLJH YRONVVSUDFKOLFKH$UEHLW'LHDOWKRFKGHXWVFKODWHLQLVFKH0LVFKVSUDFKHGHU 3DUDSKUDVHLVWHLQ$XVZHLVGHU.ORVWHUNXOWXUGHU=HLW  (LQ TXDOLWDWLY ZLHGHUXP DQGHUHV 9HUKlOWQLV YRQ /DWHLQ XQG 'HXWVFK]HLJW¿'H+HLQULFR¾+LHUJHKWHVQLFKWPHKUXP9RUODJHDXIGHU HLQHQ 6HLWH XQG XP *ORVVLHUXQJ hEHUVHW]XQJ (UOlXWHUXQJ .RPPHQWDU RGHU1DFKGLFKWXQJDXIGHUDQGHUHQVRQGHUQEHLGH7H[WDEVFKQLWWHODWHL QLVFKH XQG GHXWVFKH VLQG 7HLOH HLQHV HLQ]LJHQ IRUWODXIHQGHQ 7H[WHV ,Q VRZHLW ZHLVW KLHU GDV 'HXWVFKH GHQ JOHLFKHQ 6WDWXV ZLH GDV /DWHLQLVFKH DXIHLQ=XVWDQGZLHHUDXFKLQDQGHUHQXQGVSlWHUHQJHOHKUWHQ'LFKWXQ JHQDXIWULWW



./$86*58%0h//(5 hEHUGLH%HGLQJXQJHQYRONVVSUDFKOLFKHU7UDGLWLRQVELOGXQJ LPODWHLQLVFKGRPLQLHUWHQ0LWWHODOWHU  'DV3UREOHP ¿*HVFKLFKWH GHU GHXWVFKHQ /LWHUDWXU LP 0LWWHODOWHU¾ GDV LVW HLQ JHOlXILJHV 3URMHNWXQG ² PLW JHULQJHQ 9DULDQWHQ ]% ¿*HVFKLFKWH GHU DOWGHXWVFKHQ /LWHUDWXU¾¿*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXUYRPIUKHQ0LWWHODOWHUELV ]XP(QGHGHV-DKUKXQGHUWV¾²DXFKHLQJHOlXILJHUXQGY|OOLJXQDQVW| ‰LJHU7LWHO$EHUVHOEVWYHUVWlQGOLFKLVWGLHVHV3URMHNWQLFKW(VVHW]WJDQ] RKQHZHLWHUHVYRUDXVGDVVHVGHQ]XEHKDQGHOQGHQ*HJHQVWDQGJLEWRGHU JHQDXHUGDVVHULQGHU%HVFKUHLEXQJ]XNRQVWLWXLHUHQLVWQLFKWHWZDQXU DOV DEJUHQ]EDUH 0HQJH LP 0LWWHODOWHU HQWVWDQGHQHU :HUNH LQ GHXWVFKHU 6SUDFKHVRQGHUQDOVKLVWRULVFKHU=XVDPPHQKDQJ]ZLVFKHQLKQHQLP6LQ QHHWZDYRQ9RUDXVVHW]XQJHQGLHJHVFKDIIHQXQGZHLWHUJHIKUWZUGHQ YRQ (QWZUIHQ XQG $QWZRUWHQ GDUDXI UH]HSWLRQVlVWKHWLVFK JHVSURFKHQ YRQ (UZDUWXQJHQ GLH HUIOOW PRGLIL]LHUW RGHU HQWWlXVFKW ZUGHQ  YRQ *DWWXQJV]XVDPPHQKlQJHQ GLH VLFK LQ VROFKHQ 5HDNWLRQVPHFKDQLVPHQ KHUDXVELOGHWHQ YRQ H[SOL]LWHQ RGHU LPSOL]LWHQ%H]XJQDKPHQ YRQ 9RUOD JHQXQG4XHOOHQEH]LHKXQJHQ 'DVV HV HLQHQ VROFKHQ NRQWLQXLHUOLFKHQ KLVWRULVFKHQ =XVDPPHQKDQJ IU GLH GHXWVFKH /LWHUDWXU GHV 0LWWHODOWHUV QLFKW JLEW OLHJW DXI GHU +DQG ,FKJUHLIHHLQLJH3XQNWHKHUDXVGLHGDVLOOXVWULHUHQXQGNOHLGHVLHLQ)UD JHQ :DV KDEHQ GLH GHXWVFKVSUDFKLJHQ :HUNH GHV   XQG  -DKU KXQGHUWV PLW GHU GHXWVFKHQ /LWHUDWXU GHU VSlWHUHQ -DKUKXQGHUWH ]X WXQ" (VKDQGHOWVLFKEHLLKQHQ]XPDOOHUJU|‰WHQ7HLOXP]ZHFNJHEXQGHQH7H[ WHRGHUDXFKQXU:|UWHUXQG)ORVNHOQIUGHQ6FKXOXQWHUULFKWRGHUIUGLH NLUFKOLFKH.DWHFKHVHGLHLKUHQ=ZHFNLP9HUEUDXFKHUIOOHQ6LHZHUGHQ BBBBBBBBBBBBB

 'LHVHU$XIVDW]EDXWDXIGHP)RUVFKXQJVVWDQGYRQDXI(UKDWVLFKVHLWKHULP*UXQG VlW]OLFKHQQLFKWYHUlQGHUW  'D]XHWZD1,.2/$86 +(1.(/'LHDOWKRFKGHXWVFKHQ,QWHUOLQHDUYHUVLRQHQ=XPVSUDFK XQG OLWHUDUKLVWRULVFKHQ =HXJQLVZHUW HLQHU 4XHOOHQJUXSSH ,Q hEHUVHW]HQ LP 0LWWHODOWHU



./$86*58%0h//(5

DOOHQIDOOV LQ (LQ]HOIlOOHQ EHU OlQJHUH =HLW WUDGLHUW GLH 9HUVXFKH VLH RI IHQVLFKWOLFK LQ LQWXLWLYHU (UIOOXQJ GHV 3RVWXODWVª/LWHUDWXUJHVFKLFKWH©  LQ 7UDGLWLRQVVWUlQJH ]X EQGHOQ ZDUHQ QXU GRUW HUIROJUHLFK ]% EHL GHQ %HLFKWHQ ZRVLHPLW+LOIHYRQLQVWLWXWLRQHOOHQ9HUWHLOHUQ ]%GHU.LU FKH IUJOHLFKH9HUZHQGXQJVVLWXDWLRQHQQXW]EDUJHPDFKWZHUGHQNRQQ WHQ 9LHOHV GDJHJHQ EOHLEW JDQ] XQDEKlQJLJ YRQ GHU VSUDFKOLFKHQ XQG OLWHUDULVFKHQ4XDOLWlW ²KLVWRULVFKJHVHKHQ²(SLVRGHREHVVLFKXPGLH JUR‰HQ (U]lKOZHUNH KDQGHOW ZLH 2WIULGV YRQ :HL‰HQEXUJ ¿(YDQJHOLHQ EXFK¾XQGGHQDOWVlFKVLVFKHQ¿+HOLDQG¾RGHUXPVSUDFKVFK|SIHULVFKH([ SHULPHQWHZLHGLH:HUNHGHV,VLGRUhEHUVHW]HUVRGHUDXFKXP*DWWXQJV LQQRYDWLRQHQZLHGLH.RQWDPLQDWLRQODWHLQLVFKHU/DXGHVXQG²YLHOOHLFKW² JHUPDQLVFKHU 3UHLVOLHGHU LP ¿/XGZLJVOLHG¾ GDV ªK|ILVFKH .XQVWVWFN© ¿'H +HLQULFR¾ XQG VRJDU GLH VSRQWDQH $XI]HLFKQXQJ HLQHV +HOGHQOLHGHV ¿+LOGHEUDQGVOLHG¾ LPPHUVLQGGDVLVROLHUWJHEOLHEHQH(LQ]HOYHUVXFKHXQG IDVWLPPHUVLQGVLHGLUHNWEH]RJHQDXIHLQ]HOQH3RVLWLRQHQGHUODWHLQLVFKHQ /LWHUDWXU GLH %LEHO GLH JHOHKUWH 7UDNWDWOLWHUDWXU GDV KLVWRULVFKH /LHG  GHQHQ VLH IU GLHVHQ HLQHQ 3XQNW HLQ GHXWVFKHV bTXLYDOHQW DQ GLH 6HLWH VWHOOHQZROOHQ :DVKDWGLH/LWHUDWXUGHVXQGGHVIUKHQ-DKUKXQGHUWVPLW GHU GHU DQVFKOLH‰HQGHQ =HLW XQG GHU VSlWHUHQ -DKUKXQGHUWH JHPHLQVDP" :HUEH]|JHVLFKHWZDVSlWHUQRFKDXIGLH¿:LHQHU*HQHVLV¾RGHUDXIGLH *HGLFKWH GHU )UDX $YD RGHU DXI +HLQULFK YRQ 0HON":HU EHU GLH %H QW]XQJ DOV EOR‰HV 6WRIIUHVHUYRLU KLQDXV  DXFK QXU DXI GLH ¿.DLVHUFKUR QLN¾"6WLIWHWGHU¿.|QLJ5RWKHU¾7UDGLWLRQ",QZHOFKHU:HLVHWXQGDVVROFKH :HUNHGLHHLQH:LUNXQJVJHVFKLFKWHLQLWLLHUHQZLHGHU¿+HU]RJ(UQVW¾GHU ¿2VZDOG¾ /DPSUHFKWV ¿$OH[DQGHU¾ RGHU DXFK GDV ¿5RODQGVOLHG¾" ,Q GHQ VHOWHQVWHQ)lOOHQJUHLIHQVLHEHUVLFKKLQDXVVLHZHUGHQ¿ZHLWHUJHVFKULH BBBBBBBBBBBBB &DPEULGJHU.ROORTXLXP+JYRQ-2$&+,0 +(,1=/(/ 3(7(5 -2+1621XQG*, 6(/$92//0$11352)(%HUOLQ :ROIUDP6WXGLHQ 6&+5,6723+0b5= 9RQGHU,QWHUOLQHD]XU/LQHDhEHUOHJXQJHQ]XU7HOHRORJLHDOWKRFKGHXWVFKHQhEHUVHW]HQV ,QhEHUVHW]HQLP0LWWHODOWHU>VR@6  9JO:(51(5 6&+5g'(5*UHQ]HQXQG0|JOLFKNHLWHQHLQHUDOWKRFKGHXWVFKHQ/LWHUDWXU JHVFKLFKWH%HUOLQ 6LW]XQJVEHULFKWHGHU6lFKVLVFKHQ$NDGHPLHGHU:LVVHQVFKDIWHQ]X /HLS]LJ3KLORORJLVFKKLVWRULVFKH.ODVVH   +$16 (**(56'LHDOWGHXWVFKHQ%HLFKWHQ,Q%HLWUlJH]XU*HVFKLFKWHGHUGHXWVFKHQ 6SUDFKHXQG/LWHUDWXU +DOOH   6  6  6   9JO :2/)*$1* +$8%5,&+6 'LH $QIlQJH 9HUVXFKH YRONVVSUDFKLJHU 6FKULIWOLFKNHLW LP IUKHQ0LWWHODOWHU FD GXUFKJHVHKHQH$XIODJH7ELQJHQ *HVFKLFK WHGHUGHXWVFKHQ/LWHUDWXUYRQGHQ$QIlQJHQELV]XP%HJLQQGHU1HX]HLW+JYRQ-2$ &+,0+(,1=/(, 6  +$8%5,&+6'LH$QIlQJH>ZLH$QP@6  =XVDPPHQVWHOOXQJ EHL (%(5+$5' 1(//0$11 ¿.DLVHUFKURQLN¾ ,Q 'LH GHXWVFKH /LWHUD WXU GHV 0LWWHODOWHUV 9HUIDVVHUOH[LNRQ >«@  Y|OOLJ QHX EHDUEHLWHWH $XIODJH >«@ KJ YRQ .85758+>XD@%HUOLQ1HZXD@*|WWLQJHQ6  =XU+DQGVFKULIW./$86 *58%0h//(5'LH9RUDXHU+DQGVFKULIWXQGLKU¿$OH[DQGHU¾'LH NRGLNRORJLVFKHQ%HIXQGH%HVWDQGVDXIQDKPHXQG.ULWLN,Q$OH[DQGHUGLFKWXQJHQLP0LW WHODOWHU>ZLH$QP@6

hEHUGLH%HGLQJXQJHQYRONVVSUDFKOLFKHU7UDGLWLRQVELOGXQJ



GLH]XU=HLWGHU$XI]HLFKQXQJHQWVWHKWVLHLVWLQGHU5HJHOZRKOGLHGHU YRUKHUJHKHQGHQ*HQHUDWLRQ 'HU 9RUDXHU +DQGVFKULIW OLHJW DOVR HLQ GH]LGLHUWHV %HZXVVWVHLQ YRQ GHU (LJHQDUW GHXWVFKHU /LWHUDWXU HLQHV ]HLWOLFK EHJUHQ]WHQ $EVFKQLWWHV PDQN|QQWHVDJHQHLQHU(SRFKH]XJUXQGH6LHEH]HXJWGLH:DKUQHKPXQJ OLWHUDULVFKHU .RQWLQXLWlW :LH OlVVW VLFK GDV ² YRU GHP +LQWHUJUXQG GHV ELVKHU $XVJHIKUWHQ ² YHUVWHKHQ" $P HKHVWHQ DXV GHU 9HUELQGXQJ YRQ DGHOLJHP2ULHQWLHUXQJVEHGUIQLVXQGGHQNRPPXQLNDWLYHQ0|JOLFKNHLWHQ HLQHU 2UGHQVRUJDQLVDWLRQ (V VSULFKW YLHOHV GDIU GDVV 3URSVW %HUQ KDUG,YRQ9RUDXIUGLH+HUVWHOOXQJGHU+DQGVFKULIWYHUDQWZRUWOLFKZDU (UZDU]XJOHLFK6HNUHWlUXQG%HUDWHUGHVHUVWHQ+HU]RJVGHU6WHLHUPDUN 2WDNDUV,9 )U LKQ GHU  GLH +HUUVFKDIW DQJHWUHWHQ KDW N|QQWH VLH JHGDFKWJHZHVHQVHLQ]XJOHLFKLKUHP,QKDOWQDFKDOV GDQQQRWZHQGLJHU ZHLVHYRONVVSUDFKLJHV ,QVWUXPHQWGHU:HOWRULHQWLHUXQJZLHDOV5HSUlVHQ WDWLRQVJHJHQVWDQG%HUQKDUGVHOEVWVWHKWLQYLHOIDFKHQRUGHQVRUJDQLVDWRUL VFKHQ =XVDPPHQKlQJHQ HU NRPPW DXV GHP $XJXVWLQHUFKRUKHUUHQVWLIW 6HFNDX EHUKPW ZHJHQ VHLQHU ]HLWJHQ|VVLVFKHQ 0DOVFKXOH XQG LQ HLQ GLFKWHV NXOWXUHOOHV*HIOHFKWPLW GHP 6WLIW 6W)ORULDQ LQ 1LHGHU|VWHUUHLFK ZLH PLW GHP %LVWXP 6DO]EXUJ YHUZREHQ 'DPLW LVW HLQ NRPPXQLNDWLYHU =XVDPPHQKDQJDQJHGHXWHWGHUVRZRKOGLHPDWHULHOOHQ9RUDXVVHW]XQJHQ IUOLWHUDULVFKH$NWLYLWlWHQEHUHLWVWHOOWZLHDXFKGLH$XVELOGXQJHLQHVHQW VSUHFKHQGHQ%HZXVVWVHLQV]XOlVVW  ,QQHUOLWHUDULVFKH %H]XJQDKPHQ DOVR $QVSLHOXQJHQ 1DPHQV QHQQXQJHQ 3ROHPLNHQ OLWHUDULVFKH .DWDORJH WUHWHQ XQV ]XHUVW DP (QGH GHV  -DKUKXQGHUWV LP 0LQQHVDQJ XQG LP K|ILVFKHQ (SRV HQWJHJHQ 9RQ GD DQ UHDJLHUHQ YRONVVSUDFKLJH /LWHUDWHQ DXIHLQDQGHU QHKPHQ VLFK DOVRHUNHQQEDU]XU.HQQWQLV 'DEHLHUVFKHLQHQGLH$QVSLHOXQJHQLP0LQQHVDQJYRQDQGHUHU$UWDOV LQGHU(SLNZlKUHQGVLHVLFKGRUWYHUPLVFKHQPLWEHLVSLHOVZHLVHTXHOOHQ NULWLVFKHQ5HIOH[LRQHQGLHDXFKGLHODWHLQLVFKHXQGGLHIUDQ]|VLVFKH/LWH UDWXU HLQEH]LHKHQ DOVR PLWWHODOWHUOLFKH /LWHUDWXU LP JDQ]HQ EHWUHIIHQ EOHLEHQVLHKLHUJHZLVVHUPD‰HQLQGLHYRONVVSUDFKLJH9HUVWlQGLJXQJVVLWXD WLRQ HLQJHVFKORVVHQ GLH /\ULNHU EH]LHKHQ VLFK DXI LKUHVJOHLFKHQ :DOWKHU YRQ GHU 9RJHOZHLGH ]% DXI 5HLQPDU LQGHP HU LKQ ]LWLHUW SDURGLHUW EHWUDXHUW1LFKWLPPHUVLQGGLH%H]XJQDKPHQH[SOL]LWPDQFKPDOKDEHQ BBBBBBBBBBBBB  'LH'HWDLOVVLQGHUOlXWHUWLQ*58%0h//(5'LH9RUDXHU+DQGVFKULIWXQGLKU¿$OH[DQGHU¾ >ZLH$QP@  9JOGLHQW]OLFKH6DPPOXQJYRQ*h17+(5 6&+:(,./('LFKWHUEHU'LFKWHULQPLWWHO KRFKGHXWVFKHU/LWHUDWXU7ELQJHQ 'HXWVFKH7H[WH   .ULWLVFKH0XVWHUXQJGHU%H]XJQDKPHQEHL%85*+$57 :$&+,1*(56lQJHUNULHJ8QWHU VXFKXQJHQ ]XU 6SUXFKGLFKWXQJ GHV  -DKUKXQGHUWV 0QFKHQ  0QFKHQHU 7H[WH XQG8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUGHV0LWWHODOWHUV 6



./$86*58%0h//(5

VLHHUVWVSlWHUH6FKUHLEHUYHUPHUNW]%LQGHU¿*UR‰HQ+HLGHOEHUJHU/LH GHUKDQGVFKULIW¾PLWGHP+LQZHLVDXIHLQHQ7RQ5HLQPDUV 0) EHL :DOWKHUV/LHG,QGHPG{QH,FKZLUEHXPEDOOHVGD]HLQPDQ6ROFKH$Q VSLHOXQJHQEDXHQQLFKWDXI%LOGXQJVZLVVHQVRQGHUQVLQGDXI(QWVFKOVVH OXQJ DQJHOHJW GXUFK HLQ YHUVWlQGLJHV 3XEOLNXP HLQHV GDV DXFK GHQ DQGHUHQ6lQJHUNHQQWGKZRKOJHK|UWKDW'HUOLWHUDULVFKH=XVDPPHQ KDQJ GHU KLHU HQWVWHKW LVW HLQ VHKU NOHLQUlXPLJHU HV LVW GLH .RQWLQXLWlW GHU9RUWUDJVVLWXDWLRQGLHHLQHQ=LUNHOYRQ(LQJHZHLKWHQYRUDXVVHW]W(V LVWGXUFKDXVEHPHUNHQVZHUWGDVVVLHVLFKVSlWHUZHQQGLH*HGLFKWHQLH GHUJHVFKULHEHQ ZHUGHQ LQ GHU hEHUOLHIHUXQJ YRQ ZHQLJHQ $XVQDKPHQ DEJHVHKHQ VR  JDU QLFKWQLHGHUVFKODJHQ HV ZHUGHQ DOVR QLFKW HWZD GLH *HGLFKWH]XVDPPHQJHVWHOOWGLHVLFKDXIHLQDQGHUEH]LHKHQ 'LH.RQWLQXL WlWGHU/\ULNLVWDQGHQ=XVDPPHQKDQJGHU9RUWUDJVVLWXDWLRQJHEXQGHQ $QVSLHOXQJHQGLHDXI$XIO|VXQJDQJHZLHVHQVLQGJLEWHVJHZLVVDXFK LQ GHU (SLN 'LH YLHOEHVSURFKHQH SROHPLVFKH $XVHLQDQGHUVHW]XQJ ]ZL VFKHQ:ROIUDPYRQ(VFKHQEDFKXQG*RWIULGYRQ6WUD‰EXUJLVWGDIUHLQ SURPLQHQWHV %HLVSLHO $XFK VLH VHW]HQ DXI HLQHQ .UHLV YRQ YRUYHUVWlQ GLJWHQ+|UHUQDOOHUGLQJVEOHLEWGDV9HUVWlQGQLVQLFKWH[NOXVLYDQVLHJH EXQGHQ 'HQQ QHEHQ GHU DXIO|VXQJVEHGUIWLJHQ $QVSLHOXQJ ILQGHQ ZLU LFKJODXEHEHUZLHJHQGGLHH[SOL]LWHGDVKHL‰WPLWGHQQ|WLJHQ,QIRUPD WLRQHQ 1DPHQ7LWHOHWF XQWHUIWWHUWH(U|UWHUXQJGHU(LJHQDUWXQGGHU 9HUGLHQVWH YRQ 9RUJlQJHUQ XQG .ROOHJHQ LP YRONVVSUDFKLJHQ (U]lKOHQ LP/LWHUDWXUNDWDORJ*RWIULGVYRQ6WUD‰EXUJ 9 LP¿:LJDORLV¾ :LUQWVYRQ*UDIHQEHUJ 9 EHL5XGROIYRQ(PV¿$OH[DQGHU¾ 9² XQGEHLYLHOHQDQGHUHQ(UVWKLHUO|VWVLFKGDV%HZXVVW VHLQ YRQ OLWHUDULVFKHU .RQWLQXLWlW DXV GHU MHZHLOV HUQHXW KHU]XVWHOOHQGHQ 5lWVHOVLWXDWLRQ GHV 9RUWUDJVPRPHQWHV XQG LQ GHU $EO|VXQJ GDUDXV ZLUG GDV :HUN XQDEKlQJLJ YRQ VHLQHQ 5H]LSLHQWHQ HV ZLUG ]XP YHUIJEDUHQ %XFKXQGHUVWPLWGLHVHP6FKULWWZLUGGDQQDXFK.RQWLQXLWlW]XPHLJHQ VWlQGLJHQOLWHUDULVFKHQ7KHPD(VLVWGXUFKDXVEH]HLFKQHQGGDVVGLHVLQ HQJHP]HLWOLFKHP=XVDPPHQKDQJPLWGHU/|VXQJGHUGHXWVFKHQ(U]lKOOL WHUDWXU YRQIUHPGVSUDFKLJHQ 9RUODJHQVWHKW GHU ¿:LJDORLV¾ YLHOOHLFKW GHU ¿'DQLHO¾GHV6WULFNHUVXQGGLH¿&U{QH¾+HLQULFKVYRQGHP7UOLQJDQ]JH ZLVVEDXHQLKUH5RPDQHDXVGHQ0DWHULDOLHQGLHLQ]ZLVFKHQLQGHXWVFKHU 6SUDFKHYHUIJEDUVLQG BBBBBBBBBBBBB  9JO :DOWKHU YRQ GHU 9RJHOZHLGH/HLFK /LHGHU6DQJVSUFKH  Y|OOLJ QHX EHDUEHLWHWH $XIODJH GHU $XVJDEH .$5/ /$&+0$11V >«@ KJ YRQ &+5,6723+ &250($8 %HUOLQ 1HZZLH$QP@  9JO(&.$57 &215$' /87=6SLULWXDOLVIRUQLFDWLR+HLQULFK:LWWHQZLOHUVHLQH:HOWXQG VHLQ¿5LQJ¾6LJPDULQJHQ .RQVWDQ]HU*HVFKLFKWVXQG5HFKWVTXHOOHQ1)   1XU DOV HLQHV XQWHU YLHOHQ %HLVSLHOHQ QHQQH LFK GLH 6SUXFKVDPPOXQJ GHV (QJHOKDUW YRQ (EUDFK YJO 92/.(5 +21(0$11 (QJHOKDUW YRQ (EUDFK ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP@%G  6SI



./$86*58%0h//(5

EOHLEW QXU QRFK GLH +lXILJNHLW JDQ] DOOPlKOLFKQHKPHQ =LWDWH DXV GHXW VFKHQ6FKULIWHQ]XDEHUQLFKWZHLOHLQ.RQWLQXLWlWVEHZXVVWVHLQHQWVWQ GH VRQGHUQ ZHLO PHKU XQG PHKU SUHVWLJHKDOWLJH $XWRUHQ ]XU 9HUIJXQJ VWHKHQ (V LVW GLH XQPLWWHOEDUH 9HUELQGOLFKNHLW JHUDGH GHU JHLVWOLFKHQ /LWHUD WXU LKUH +HLOVUHOHYDQ] GLH LUJHQGHLQHU 9RUVWHOOXQJ YRQ 6SUDFKGRPlQHQ RGHUFKURQRORJLVFKHQ$EOlXIHQ GDPLWDXFKGHU(QWVWHKXQJHLQHV.RQWL QXLWlWVEHZXVVWVHLQV LP:HJHVWHKW)UGLH5LFKWLJNHLWHLQHV6DW]HVLVWHV QRFK HLQPDO LP 3ULQ]LS  JOHLFKJOWLJ ZDQQ RGHU LQ ZHOFKHU 6SUDFKH HU JHlX‰HUWZXUGH 'DVZLUGEHVRQGHUVGHXWOLFKEHLGHU¿*DWWXQJ¾GHU6FKZHVWHUQEFKHU GHQ$XI]HLFKQXQJHQJHLVWOLFKHU)UDXHQRGHU1RQQHQEHULKUHJHLVWOLFKHQ (UIDKUXQJHQ9LVLRQHQRGHU$XGLWLRQHQ6LHJOHLFKHQVLFKLQYLHOHPXQG GLHVHbKQOLFKNHLWHQJHKHQDXFKGXUFKDXVDXI5HGHWUDGLWLRQHQ]XUFNGLH KLHULQDOOHU5HJHOYRONVVSUDFKLJH7UDGLWLRQHQVLQG1XUVLHNQSIHQLKUHP *HVWXV QDFK QLFKW DQ VROFKH 7UDGLWLRQHQ DQ VRQGHUQ JUHLIHQ LQ HLQ VFKHLQEDU ]HLWORV EHUHLWVWHKHQGHV 5HSHUWRLUH DQ %LOGHUQ XQG 5HGHZHLVHQ GDVGLHDXWKHQWLVFKH$XVVDJHGHV(UIDKUHQHQHUP|JOLFKHQVROO.RQWLQXL WlWNDQQGRUWQLFKWHQWVWHKHQZRMHGHbX‰HUXQJXQPLWWHOEDU]X*RWWVHLQ ZLOO $OOHQIDOOVVHNXQGlUEDXWVLHVLFKDXIZHQQVROFKH'RNXPHQWHXQPLW WHOEDUHU *RWWHVHUIDKUXQJ LKUHUVHLWV ]XP ,QVWUXPHQW GHU JHLVWOLFKHQ (U OHXFKWXQJ ZHUGHQ VROOHQ HWZD ZHQQ +HLQULFK YRQ 1|UGOLQJHQ GDV ¿)OLH ‰HQGH/LFKWGHU*RWWKHLW¾GHU0DJGHEXUJHU%HJLQH0HFKWLOGGHQREHUUKHL QLVFKHQ*RWWHVIUHXQGHQLQDOHPDQQLVFKHU%HDUEHLWXQJ]XIKUW $XVEOLFN (LQH/LWHUDWXUVRZROOWHLFK]HLJHQGLHLKUHQ([LVWHQ]JUXQGQLFKWLQHLQHU LKU VSUDFKOLFK XQG LQVWLWXWLRQHOO ]XJHRUGQHWHQ 'HQNWUDGLWLRQ VRQGHUQ LQ 5HGHVLWXDWLRQHQKDWDXIGLHKLQ(OHPHQWHGLHVHULQHLQHUDQGHUHQ6SUDFKH GHP/DWHLQLVFKHQYHUZDOWHWHQ'HQNWUDGLWLRQLPPHUZLHGHUQHX]XJHULFK WHWZHUGHQVROOHQRGHULQGHQHQMHQVHLWVGLHVHU'HQNWUDGLWLRQVLWXDWLRQHOOH BBBBBBBBBBBBB  9JO]XOHW]W686$11(%h5./(/LWHUDWXULP.ORVWHU+LVWRULVFKH)XQNWLRQXQGUKHWRULVFKH /HJLWLPDWLRQ IUDXHQP\VWLVFKHU 7H[WH GHV  -DKUKXQGHUWV 7ELQJHQ %DVHO  %LEOLR WKHFD*HUPDQLFD   ,PPHU QRFK PD‰JHEOLFK 3+,/,33 675$8&+ 0DUJDUHWKD (EQHU XQG +HLQULFK YRQ 1|UG OLQJHQ (LQ %HLWUDJ ]XU *HVFKLFKWH GHU GHXWVFKHQ 0\VWLN )UHLEXUJ%U 7ELQJHQ  =XU +DQGVFKULIW +$16 1(80$11 0HFKWKLOG YRQ 0DJGHEXUJ ª'DV IOLH‰HQGH/LFKW GHU *RWWKHLW© 1DFK GHU (LQVLHGOHU+DQGVFKULIW LQ NULWLVFKHP 9HUJOHLFK PLW GHU JHVDPWHQ hEHUOLHIHUXQJ %G  0QFKHQ  0QFKHQHU 7H[WH XQG 8QWHUVXFKXQJHQ ]XU GHXW VFKHQ/LWHUDWXUGHV0LWWHODOWHUV 6

hEHUGLH%HGLQJXQJHQYRONVVSUDFKOLFKHU7UDGLWLRQVELOGXQJ



9RUJDEHQ ]X EHZlOWLJHQ VLQG EHGDUI ]XU $XVELOGXQJ YRQ .RQWLQXLWlW QHEHQ RGHU DXFK XQWHU GHP GRPLQDQWHQ DQGHUVVSUDFKLJHQ ODWHLQLVFKHQ  7UDGLWLRQVVWURP]XQlFKVWGHU$XVELOGXQJHLQHV%HZXVVWVHLQVLKUHUVHOEVW GDQQ GHU (WDEOLHUXQJ XQG LQVWLWXWLRQHOOHQ .RQVROLGLHUXQJ EHVWLPPWHU 5HGHVLWXDWLRQHQ$XIQlFKVWHU6WXIHEHGDUIVLHGHU/|VXQJGLHVHU5HGHVL WXDWLRQHQDXVLKUHUH[LVWHQWLHOOHQ9HUELQGOLFKNHLWDOVRLKUHU9HUVHOEVWlQGL JXQJ]X6SLHOVLWXDWLRQHQPLWHLQHPHLJHQHQ5HJHOV\VWHP 0LQQHVDQJ IU GLH 9HUNQSIEDUNHLW GHU VR HQWVWHKHQGHQ ¿7HLONRQWLQXLWlWHQ¾ DOVR IU GLH :DKUQHKPXQJHLQHVDOOHLQDXIGLH6SUDFKHJHJUQGHWHQ=XVDPPHQKDQJV DEHUYRUDOOHPGHU%HIUHLXQJDXVGHU)HVWVFKUHLEXQJDXI5HGHVLWXDWLRQHQ 'LHSULQ]LSLHOOH6LWXDWLRQVHQWKREHQKHLWGHU6FKULIWOLHIHUWHUVWGLH9RUDXV VHW]XQJ IU GLH (QWZLFNOXQJ HLQHV YRONVVSUDFKLJHQ .RQWLQXLWlWVEHZXVVW VHLQV 9ROOHQGV DQ LKU =LHO NRPPW GLHVH /RVO|VXQJ DXV GHU 6LWXDWLRQV ELQGXQJ HUVW PLW GHP %XFKGUXFN XQG VR NRPPW DXFK GLH $XVELOGXQJ HLQHV GHXWVFKVSUDFKLJHQ /LWHUDWXUEHZXVVWVHLQV HUVW LP  -DKUKXQGHUW PLW0DUWLQ2SLW]HQGJOWLJLQ*DQJ





 ,,  0HKUVSUDFKLJNHLWLPGLGDNWLVFKHQ.RQWH[W  )DOOVWXGLHQ]XGHQ¿'LVWLFKD&DWRQLV¾ 





0,&+$(/%$/'=8+1 (LQOHLWXQJ 'LH%HLWUlJHGHU]ZHLWHQ6HNWLRQGLHVHV%DQGHVVLQG²PLWHLQHU$XVQDK PH ² DXV GHU $UEHLW GHV YRQ  ')*JHI|UGHUWHQ YRQ 1,.2 /$86 +(1.(/ JHOHLWHWHQ 7HLOSURMHNWV $ ª'LGDNWLVFKH 'LVNXUVIRUPHQ ]ZLVFKHQ/DWHLQXQG9RONVVSUDFKH©LP+DPEXUJHU6RQGHUIRUVFKXQJVEH UHLFKª0HKUVSUDFKLJNHLW©HQWVWDQGHQ (LQH GHU ]HQWUDOHQ =LHOVHW]XQJHQ GHV 3URMHNWV ZDU HVDQ HLQHP DXV JHZLHVHQHQ6FKXOWH[WGHQVSlWDQWLNHQ¿'LVWLFKD&DWRQLV¾GLH)RUPHQ]X DQDO\VLHUHQLQGHQHQVLFKLP0LWWHODOWHUGLGDNWLVFKH8QWHUZHLVXQJYRONV VSUDFKLJHU$GUHVVDWHQDQKDQGHLQHVODWHLQLVFKHQ/HKUWH[WHVYRQDXWRULWDWL YHU *HOWXQJ YROO]LHKW $QDO\VHQ GLHVHU EHVRQGHUHQ NRPPXQLNDWLYHQ .RQVWHOODWLRQ²8QWHUZHLVXQJLQGHU9RONVVSUDFKHDXIODWHLQLVFKHP)XQ GDPHQW²VROOWHQGHU0HGLlYLVWLNUHSUlVHQWDWLYH(LQEOLFNHLQGHQJUXQGOH JHQGHQ :DQGHO LP 9HUKlOWQLV ]ZHLHU .XOWXUHQ HLQHU OLWWHUDWODWHLQLVFKHQ XQGHLQHULOOLWWHUDWYRONVSUDFKLJHQVSH]LHOODXIGHP*HELHWGHUOHKUKDIWHQ BBBBBBBBBBBBB  (UJlQ]HQGWULWWGHU$XIVDW]YRQ9É&/$9 %2.KLQ]X1LFKWDXIJHQRPPHQLVWDQGHUHUVHLWV HLQHIUGHQYRUOLHJHQGHQ%DQGDQJHNQGLJWH6WXGLH]XPGHXWVFKHQ¿&DWR¾PLWHLQHP9HU ]HLFKQLVDOOHUhEHUVHW]XQJHQXQGLKUHUhEHUOLHIHUXQJ,KQHUVHW]WHLQHDNWXHOOHUH3XEOLNDWL RQDXIGLHKLHUYHUZLHVHQVHL0,&+$(/ %$/'=8+16FKXOEFKHULP7ULYLXPGHV0LWWHO DOWHUV XQG GHU )UKHQ 1HX]HLW 'LH 9HUVFKULIWOLFKXQJ YRQ 8QWHUULFKW LQ GHU 7H[W XQG hEHUOLHIHUXQJVJHVFKLFKWHGHU¿)DEXODH¾$YLDQVXQGGHUGHXWVFKHQ¿'LVWLFKD&DWRQLV¾%GH %HUOLQ1HZ@ :HLWHUKLQLVWDXVGHP7HLOSURMHNWHLQH'DWHQEDQN]XPGHXWVFKHQ¿&DWR¾KHU YRUJHJDQJHQ0,&+$(/ %$/'=8+1¿'LVWLFKD&DWRQLV¾²'DWHQEDQNGHUGHXWVFKHQhEHU VHW]XQJHQ 1HW]DGUHVVHKWWSZZZXQLKDPEXUJGHGLVWLFKDFDWRQLV ²'LHIROJHQGHQ %HLWUlJHZXUGHQDEJHVFKORVVHQXQGNRQQWHQQXULQ(LQ]HOIlOOHQXPVHLWKHUHUVFKLH QHQH/LWHUDWXUHUJlQ]WZHUGHQ  ª'DV]HQWUDOH)RUVFKXQJVLQWHUHVVHGHV6RQGHUIRUVFKXQJVEHUHLFKV0HKUVSUDFKLJNHLWEHVWHKW VHLWVHLQHU(LQULFKWXQJLP-XOL LQGHU(UIDVVXQJ'RNXPHQWDWLRQ%HVFKUHLEXQJXQG $QDO\VHGHUVSUDFKOLFKHQ)RUPHQGHVPXOWLOLQJXDOHQ6SUDFKJHEUDXFKVXQGLQGHU3UIXQJ YRQ+\SRWKHVHQEHU)DNWRUHQGLHGHQPXOWLOLQJXDOHQ6SUDFKJHEUDXFKXQG6SUDFKHUZHUE VRZLH 6SUDFKZDQGHO LQ 6SUDFKNRQWDNWVLWXDWLRQHQ EHVWLPPHQ RGHU EHHLQIOXVVHQ© DXVGHP )RUVFKXQJVSURJUDPPGHV6)%KWWSZZZXQLKDPEXUJGHVIESURMHNWHKWPO   )UXQDEGLQJEDUHEHJULIIOLFKH'LIIHUHQ]LHUXQJHQYJO0,&+$(/%$/'=8+16FKRROERRNV ,Q +DQGERRN RI 0HGLHYDO 6WXGLHV 7HUPV ² 0HWKRGV ² 7UHQGV +J YRQ $/%5(&+7 &/$66(1%HUOLQ1HZ,0LWWHOODWHLQLVFKH/LWHUDWXU,,5RPDQL VFKH/LWHUDWXUHQ,,,'HXWVFKH/LWHUDWXU,90LWWHOQLHGHUOlQGLVFKH/LWHUDWXU9$OWQRUGL VFKH /LWHUDWXU 9, (QJOLVFKH /LWHUDWXU 9,, 6ODYLVFKH /LWHUDWXU 9,,, %\]DQWLQLVFKH /LWHUDWXU@ ,Q /H[LNRQ GHV 0LWWHODOWHUV 0QFKHQ =ULFK  %G    6S  9JOLPHLQ]HOQHQ%$/'=8+16FKXOEFKHULP7ULYLXP>ZLH$QP@%G6  9JO+(1.(/'HXWVFKHhEHUVHW]XQJHQ>ZLH$QP@6XQG6  9JO+(1.(/'HXWVFKHhEHUVHW]XQJHQ>ZLH$QP@6XQG6  9JO+(1.(/'HXWVFKH hEHUVHW]XQJHQ>ZLH$QP@6I 1RWNHU '$9,' $ :(//6 )DWKHUO\$GYLFH7KH3UHFHSWVRI¿*UHJRULXV¾0DUNHDQG*XUQHPDQ]DQGWKH6FKRRO7UD GLWLRQ RI WKH ¿'LVWLFKD &DWRQLV¾ :LWK D 1RWH RQ *ULPPHOVKDXVHQ·V ¿6LPSOLFLVVLPXV¾ ,Q

(LQOHLWXQJ



:HLWHUKLQ ZDU HV HLQ *UXQGDQOLHJHQ GHV 3URMHNWV GDV PHWKRGLVFKH ,Q VWUXPHQWDULXP GHU DQ YHUVFKLHGHQVWHQ .RQVWHOODWLRQHQ YRQ 0HKUVSUD FKLJNHLW DUEHLWHQGHQ 7HLOSURMHNWH GHV 6)% ]X VFKlUIHQ XQG ]X KLVWRULVLH UHQ =XP HLQHQ HUZLHV VLFK GDV DOV QRWZHQGLJ GRUW ZR ¿'LVNXUVH¾ LP OLQJXLVWLVFK YHUEUHLWHWHQ 6LQQH YRQ ¿*HVSUlFK¾ DQDO\VLHUW ZHUGHQ VROOWHQ +LHU ZDU IU GLH 0HWKRGHQ GLH VLFK DXV GHP OLQJXLVWLVFKHQ ,QWHUHVVH DQ .RQVWHOODWLRQHQUH]HQWHU0HKUVSUDFKLJNHLWDEOHLWHQXQG=HXJQLVVHJHVSUR FKHQHU6SUDFKHIULKUHHLJHQHQ$QDO\VH]ZHFNHVLFKEHUKDXSWHUVWGXUFK HLJHQH 7UDQVNULSWLRQHQ LQ GDV VFKULIWOLFKH 0HGLXP EHUIKUHQ PVVHQ NRQWUDVWLY GHUHQ JUXQGVlW]OLFK SUHNlUH hEHUWUDJEDUNHLW DXI 4XHOOHQNRQ VWHOODWLRQHQKHUDXV]XDUEHLWHQLQGHQHQDXVVFKOLH‰OLFKEHUHLWVGHNRQWH[WXD OLVLHUWHVFKULIWOLFKH=HXJQLVVHDXVKLVWRULVFKHU'LVWDQ]XQWHUVXFKWZHUGHQ N|QQHQ=XPDQGHUHQVROOWHGHU%HLWUDJGHV3URMHNWV]XP)RUVFKXQJV LQWHUHVVH GHV 6)% EHVRQGHUV LQ GHU gIIQXQJ DXI KLVWRULVFKH 0HKUVSUD FKLJNHLW OLHJHQ 6SH]LHOO LP %OLFN DXI GDV ODWHLQLVFKGHXWVFKH 0LWWHODOWHU VROOWHQ DP 8QWHUVXFKXQJVPDWHULDO .RQVHTXHQ]HQ UHIOHNWLHUW XQG LQ LKUHU 5HLFKZHLWHDXIJH]HLJWZHUGHQGLHDXVGHUSULQ]LSLHOOHQ8QJOHLFKZHUWLJNHLW YRQ /DWHLQ XQG 9RONVVSUDFKH UHVXOWLHUHQ 6WHOOW VLFK GRFK GLH SRVW IHVWXP ]ZHLIHOORV JHJHEHQH $EJUHQ]EDUNHLW GHU 6SUDFKHQ /DWHLQ XQG 'HXWVFK NRQVHTXHQW KLVWRULVLHUW DOVGDV *HJHQEHU YRQ QXU HLQHU 6SUDFKH /DWHLQ ]XHWZDVGDUGDV]XQlFKVWNHLQHVZHJVGHQ6WDWXVHLQHU6SUDFKHEHUKDXSW EHDQVSUXFKHQGDUIGHQHVHUVWLP/DXIHYRQ-DKUKXQGHUWHQLP=XJHGHV 6FKULIWZUGLJ:HUGHQV GHV 'HXWVFKHQ ² XQWHU DQGHUHP LQ GLGDNWLVFKHQ +DQGOXQJV]XVDPPHQKlQJHQ²DOOPlKOLFKJHZLQQW 6SH]LHOO DXV GLHVHU PHWKRGRORJLVFKHQ 6WR‰ULFKWXQJ HUNOlUHQ VLFK GLH $N]HQWVHW]XQJHQGHUHUVWHQYLHU%HLWUlJHGHU]ZHLWHQ6HNWLRQGHVYRUOLH JHQGHQ %DQGHV 7+20$6 (+/(1V HU|IIQHQGH ªhEHUOHJXQJHQ ]X GHQ NRPPXQLNDWLYHQ 5DKPHQEHGLQJXQJHQ PLWWHODOWHUOLFKHU =ZHLVSUDFKLJNHLW IU GDV 9HUKlOWQLV YRQ /DWHLQ XQG 'HXWVFK© SURJUDPPDWLVFK XQWHU GLH EHJULIIOLFKH 7ULDV YRQ 6SUDFKH 'LVNXUV XQG 7H[W JHVWHOOW HQWIDOWHQ LP $QVFKOXVVDQHLQHQNQDSSHQ$EULVVGHUEHUGLH-DKUKXQGHUWHZHFKVHOQ GHQ 5HODWLRQHQ YRQ /DWHLQ XQG 'HXWVFK LQ $QOHKQXQJ DQ )28&$8/7 BBBBBBBBBBBBB )UKPLWWHODOWHUOLFKH6WXGLHQ  6 +DUWPDQQ:ROIUDP*RWWIULHG +(1 .(/ *DWWXQJVIHOGHU >ZLH $QP @ 6  6DQJVSUXFKWUDGLWLRQ  .857 *b571(5 ¿%ROOVWDWWHUV 6SUXFKVDPPOXQJ¾ ,Q 'LH GHXWVFKH /LWHUDWXU GHV 0LWWHODOWHUV 9HUIDVVHUOH[L NRQ >«@  Y|OOLJ QHX EHDUEHLWHWH $XIODJH >«@ KJ YRQ . 857 58+ >XD@ %HUOLQ 1HZ LQJHZLVVHU +LQVLFKW@ ]ZHLWUDQJLJ ZHUGHQ© 6   YLHOPHKU GLH ª9HUVSUDFKOLFKXQJ JHOHKUWHU %LOGXQJ LP ODLHQVSUDFKOLFKHQ 'LVNXUV >«@ GDV 3XEOLNXP YRU DOOHPDXFKDXIGHU(EHQHGHV6SUDFKJHVWXVHUUHLFKHQ>VROO@© 6 3RLQ WLHUWHU IRUPXOLHUW 'HU 9HUZHQGXQJ GHXWVFKHU hEHUVHW]XQJHQ GHU ¿'LVWL FKD &DWRQLV¾ LP /DWHLQXQWHUULFKW ZDU HV ² PDJ GHU %OLFN GHV PRGHUQHQ %HWUDFKWHUV DXI GDV VFKHLQEDU VR HQJ DEJHVWLPPWH 1HEHQHLQDQGHU YRQ /DWHLQXQG'HXWVFKDXIGHUKDQGVFKULIWOLFKHQ6HLWHDXFKDQGHUHVVXJJHULH UHQ²ZHQLJHUZLFKWLJZ D V DOVYLHOPHKUG D V V JHOHKUWZXUGH 'HU ]ZHLWH %HLWUDJ (+/(1V ]X ª'LGD[H NXOWXUHOOHP 3UHVWLJH XQG IXQNWLRQDOHU=ZHLVSUDFKLJNHLW©JHKWGLHVHU9HUPXWXQJZHLWHUQDFKLQGHP HU GLH SRWHQWLHOOHQ )XQNWLRQHQ GHU ODWHLQLVFKHQ XQG GHXWVFKHQ 7H[WH ² )UHPGVSUDFKHQXQWHUULFKW9HUPLWWOXQJDQWLNHQ.XOWXUVXEVWUDWVXQGPRUD OLVFKH+DQGOXQJVXQWHUZHLVXQJ²]XQlFKVWDXIGLHYHUVFKLHGHQHQ)RUPHQ GHU 7H[WHUVFKOLH‰XQJ GHV ODWHLQLVFKHQ *UXQGWH[WHV LQ GHQ +DQGVFKULIWHQ EH]LHKW +LHU EOHLEHQ LQWHUOLQHDUH PDUJLQDOH XQG DXI GLH 6\QWD[HUVFKOLH ‰XQJ ]LHOHQGH *ORVVHQ XQG .RPPHQWDUH ZHLWKLQ 'RPlQH GHV /DWHLQL VFKHQGDVVLFKLQKRKHP0D‰HVHOEVWUHIHUHQWLHOOSUlVHQWLHUWXQGDP.RQ WDNW ]XU 9RONVVSUDFKH VHKU YLHO ZHQLJHU ,QWHUHVVH ]HLJW DOV DQ GHU 9HUPLWWOXQJHLQHUOLWWHUDWHQ,GHQWLWlWGHU7H[WEHQXW]HUGXUFK(LQEXQJLQ HLQHQOLWWHUDWHQ8PJDQJPLW7H[WHQ'LHNRQNUHWHQHLQ]HOQHQ+DQGOXQJV DQZHLVXQJHQGLHGHUODWHLQLVFKH*UXQGWH[WYHUPLWWHOWN|QQHQKLQWHUGLH VHV ,QWHUHVVH GXUFKDXV ]XUFNWUHWHQ $XI GHU DQGHUHQ 6HLWH NDQQ IU GLH GHXWVFKHQ7H[WHJH]HLJWZHUGHQGDVVLKUH)DNWXUDOV1LHGHUVFKODJOHGLJ OLFKHLQHUhEHUVHW]XQJVEHPKXQJGLHDQGHQODWHLQLVFKHQ7H[WKHUDQIK BBBBBBBBBBBBB  =DKOUHLFKH $EELOGXQJHQ DXV +DQGVFKULIWHQ XQG )UKGUXFNHQ VWHOOW GLH REHQ $QP JHQDQQWH'DWHQEDQNEHUHLW

(LQOHLWXQJ



UHQZLOOJDQ]XQ]XUHLFKHQGEHVFKULHEHQLVW6LHUXKHQYLHOPHKUZHVHQWOLFK LPPHUDXFK²VFKRQLP)RUPW\SXQGLQGHU6SUDFKJHVWDOW²DXIHLJHQHQ 'LVNXUVWUDGLWLRQHQ DXI ,P ([WUHPIDOO NDQQ VLFK HLQH HLQ]HOQH hEHUVHW ]XQJVIDVVXQJ GHXWOLFKEHVRQGHUVGLHVRJHQDQQWH¿5XPSIEHUVHW]XQJ¾ DXI GLHVHU *UXQGODJH VRJDU ZHLWJHKHQG YRP /DWHLQLVFKHQ O|VHQ 'RFK DXFK IUhEHUVHW]XQJHQGLHLQ]ZHLVSUDFKLJH(QVHPEOHVHLQJHEXQGHQEOHLEHQ KlOW(+/(1IHVWª(VVWHKHQVLFK>«@QLFKWHLQIDFKODWHLQLVFKHU7H[WXQG GHXWVFKH hEHUVHW]XQJ JHJHQEHU VRQGHUQ ]ZHL OLWHUDULVFKH XQG WH[WXHOOH 7UDGLWLRQHQGLH>«@HLQ(LJHQOHEHQIKUHQ© 6 $XIGLHGLGDNWLVFKH 8QWHUULFKWVNRPPXQLNDWLRQJHZHQGHWª>(@LQHGLUHNWHVSUDFKOLFKH5HODWLRQ GHVGHXWVFKHQ]XPODWHLQLVFKHQ7H[W>VWHKW@QLFKWLP=HQWUXPGHV,QWHU HVVHV© 6  /DWHLQ OlVVW VLFK PLW GHQ GHXWVFKHQ hEHUVHW]XQJHQ GHU ODWHLQLVFKHQ¿'LVWLFKD&DWRQLV¾DOVRQXUVHKUEHGLQJWOHUQHQ *HZLVVHUPD‰HQ GLHVHP (LJHQOHEHQ ]ZHLHU EHVRQGHUV SURPLQHQWHU hEHUVHW]XQJHQ ZHQGHQ VLFK GLH DQVFKOLH‰HQGHQ %HLWUlJH *8175$0 +$$*V]X6LHJHOWHQ]XPHLQHQ ª,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJ LQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾© GHPGHXWVFKHQ7H[WGHU=ZHWWOHU +DQGVFKULIW lOWHVWHU =HXJH IU HLQH ]ZHLVSUDFKLJ ODWHLQLVFKGHXWVFKH 7H[WGDUELHWXQJGLHGDQQVHLWGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVLP 8PIHOG GHV /DWHLQXQWHUULFKWV ]XP 1RUPDOIDOO DYDQFLHUW =XP DQGHUHQ ª6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾ GHU¿'LVWLFKD&DWRQLV¾© JHOWHQVLHGHP7H[WGHU¿5XPSIEHUVHW]XQJ¾²GLH +$$* LP $QVFKOXVV DQ =$72þ,/V (LQZlQGH JHJHQ =$51&.(V 7KHVH YRP K|KHUHQ $OWHU GHU ¿5XPSIEHUVHW]XQJ¾ DOV ¿5XPSIEHDUEHLWXQJ¾ EH ]HLFKQHW²LQGHU0HONHU+DQGVFKULIWGHPlOWHVWHQYROOVWlQGLJHQ7H[W ]HXJHQ GLHVHU EUHLW XQG UHJHOPl‰LJ RKQH GHQ ODWHLQLVFKHQ $XVJDQJVWH[W WUDGLHUWHQhEHUVHW]XQJ ,Q PLQXWL|VHP OLQJXLVWLVFKHQ =XJULII XQG PLW NULWLVFKHP 6HLWHQEOLFN DXI GLH 6NRSRVWKHRULH YRQ 5(,66 XQG 9(50((5 YHUPDJ +$$* IU GHQ =ZHWWOHU ¿&DWR¾ GHVVHQ ªYHUVWlUNWHV NRPPXQLNDWLYHV 3URILO© 6  JH JHQEHU GHP ODWHLQLVFKHQ 7H[W KHUDXV]XDUEHLWHQ 'DVV GLH DXVJHSUlJWHUH $GUHVVDWHQRULHQWLHUXQJGHVGHXWVFKHQ7H[WHVGLHLP$XVEDXGHVSHUVRQD OHQ %H]XJVIHOGHV VLFKWEDU ZLUG MHGRFK GLGDNWLVFK DEJHOHLWHW ZlUH GDIU ILQGHW+$$*NHLQH,QGL]LHQ'HU$XVEDXVHLYLHOPHKUª(IIHNWHLQHVNXO WXUVSH]LILVFKHQVSUDFKOLFKHQ+DELWXV>«@GHUGHQLQWHUDNWLYHQ&KDUDNWHU YRQ7H[WHQVWlUNHUEHWRQW© 6 6RDXJHQIlOOLJXQGNRQNUHWGHPPR GHUQHQ%HWUDFKWHUGDVODWHLQLVFKGHXWVFKH0LWHLQDQGHUXQG*HJHQEHULQ GHU =ZHWWOHU+DQGVFKULIW PLW LKUHQ ODWHLQLVFKHQ ¿'LVWLFKD¾ XQG LKUHU ¿*H VDPWEHUVHW]XQJ¾HUVFKHLQHQPDJ6HOEVWLQGLHVHU8U.RQVWHOODWLRQODWHL BBBBBBBBBBBBB  'LH 9HUKlOWQLVVH VLQG NRPSOL]LHUWHU DOV HV GLH WHUPLQRORJLVFKH $QWLWKHVH DE]XELOGHQ YHU PDJYJO%$/'=8+16FKXOEFKHULP7ULYLXP>ZLH$QP@%G6KLHUEH VRQGHUV6I



0,&+$(/%$/'=8+1

QLVFKGHXWVFKHU 8QWHUULFKWVVFKULIWOLFKNHLW HUZHLVW VLFK GLH $QQDKPH GXUFKJHKHQGHU $EOHLWEDUNHLW XQG IXQNWLRQDOHU %HVWLPPWKHLW GHU YRONV VSUDFKLJHQ7H[WDQWHLOHYRQLKUHPODWHLQLVFKHQ3HQGDQWKHUDOVIUDJZUGLJ ,QZHOFKHP0D‰HGHXWVFKHQhEHUVHW]XQJHQVFKRQYRQIUKDQ)UHL UlXPH ]XU 9HUIJXQJ VWHKHQ XQG GLHVH JHQXW]W ZHUGHQ ]HLJW GDQQ YRQ DQGHUHU6HLWHGHU]ZHLWHDP0HONHU7H[WDQVHW]HQGH%HLWUDJ+$$*V'LH VH DXFK LQ GHU VSlWHUHQ hEHUOLHIHUXQJ GXUFKZHJ RKQH GHQ ODWHLQLVFKHQ $XVJDQJVWH[WWUDGLHUWHhEHUVHW]XQJOlVVWGHXWOLFKGDVEHUGHQ$XVJDQJV WH[WKLQDXVZHLVHQGH%HPKHQHUNHQQHQ7H[WNRKlUHQ]GXUFK$XVODVVXQ JHQ XQG 8PVWHOOXQJHQ ]X VWHLJHUQ 'HU YRONVVSUDFKLJH ¿&DWR¾ SUlVHQWLHUW VLFKKLHUEHUGLHVPLWHLQHPHLJHQHQ3URORJGHUGDVEDVDOH$QOLHJHQXQ WHUZHLVHQG UDW XQG OHUH JHEHQ ]X ZROOHQ QRFK HLQPDO HLJHQV WKHPDWLVLHUW XQGGDPLWOHW]WOLFKZHLWHUJHKHQGªYHUVFKULIWOLFKW©DOVVHLQODWHLQLVFKHU$XV JDQJVSXQNW'DEHL GUIHQIUHLOLFK ² XP QXQ QLFKW DXIGLH HLQVHLWLJH $Q QDKPH ]X YHUIDOOHQ GHU YRONVVSUDFKLJH 7H[W VHL YRQ OLWWHUDWHU 6HLWH IXQNWLRQDOLVWLVFK DXI HLQHQ LOOLWWHUDWHQ $GUHVVDWHQNUHLV KLQ VSUDFKOLFK JH ]LHOWGXUFKJHVWDOWHWZRUGHQ²DXFKJHJHQOlXILJH3KlQRPHQHQLFKWEHUVH KHQ ZHUGHQ +$$* DUEHLWHW KHUDXV GDVV GLH VSUDFKOLFKHQ 0LWWHO IU XQWHUVFKLHGOLFKH$UWHQYRQ$XIIRUGHUXQJHQLPGHXWVFKHQ7H[WVLFKLQVJH VDPW DOV HLQ ªIXQNWLRQDOHV (LQHUOHL© 6  GDUVWHOOHQ² REVFKRQ IHLQHUH VSUDFKOLFKH$EVWXIXQJHQZLHHLQH*HJHQSUREHDP¿+HOPEUHFKW¾HUZHLVW GXUFKDXV]XU9HUIJXQJJHVWDQGHQKlWWHQ 1LFKW QXU LQ GHU FKURQRORJLVFKHQ $EIROJH GHU GHXWVFKHQ ¿&DWR¾ hEHUVHW]XQJHQVWHKWGHU%HLWUDJYRQ&$52/$ 5('=,&+IUHLQHQJUR‰HQ 6FKULWWQDFKYRUQ ª+RVUK\WKPRVHGLGLPXVTXHQRYRV6HEDVWLDQ%UDQWV$XVJD EHGHU¿'LVWLFKD&DWRQLV¾YRQXQGGLHJHGUXFNWHREHUGHXWVFKH¿*H VDPWEHUVHW]XQJ¾DP%HLVSLHOHLQHU%DVHOHU$XVJDEH0LFKDHO)XUWHUV>XP @©  0LW %UDQWV ¿&DWR¾ JHUlW GHU HUVWH QDPHQWOLFK EHNDQQWH GHXWVFKH hEHUVHW]HULQGHQ%OLFNGHVVHQ7H[WGDVJHGUXFNWH%XFKDQYLVLHUW²XQG ]XJOHLFK GHU ELV ]X 0DUWLQ 2SLW]· $XVJDEH YRQ  HUIROJUHLFKVWH GHU QLFKWLQGHU$QRQ\PLWlWYHUEOHLEHQGHQ,QZHOFKHP9HUKlOWQLVYRQ$XV JDQJVXQG=LHOVSUDFKHGLHVHU(UIROJJUQGHWZLUGHUVWPDOVDNULELVFKDXI JH]HLJWDEHUDXFKGDVVGHU(UIROJNHLQHVZHJVLQGHUVSUDFKOLFKHQhEHU VHW]XQJVOHLVWXQJ DOOHLQ XQG DOOHLQ LQ 1HXHUXQJHQ EHJUQGHW OLHJW 6R VFKOLH‰W GLH (UVWDXVJDEH LQ YLHOHQ /D\RXWGHWDLOV DQ KHUN|PPOLFKH 6FKXO DXVJDEHQDQKlOWDEHUXQWHUGHQGHXWVFKHQ¿&DWR¾'UXFNHQHUVWPDOVDXFK $XVJDQJVXQG=LHOVSUDFKHGHXWOLFKDXVHLQDQGHU'LHVJHVFKLHKWVHKUNRQ NUHW GXUFK GLH 9HUZHQGXQJ XQWHUVFKLHGOLFKHU 6FKULIWW\SHQ ]XGHP ªELOG OLFK© GXUFK GDV (LQWUHWHQ HLQHU hEHUVHW]HUSHUV|QOLFKNHLW LQ GLHVHQ =ZL VFKHQUDXP'HP'UXFNLVWHLQ$XWRUSRUWUDLW%UDQWVEHLJHJHEHQ([SOL]LW WULWW QXQ  HLQ hEHUVHW]HU DOV 9HUPLWWOHU DXI XQG EHUQLPPW IUVHLQ 3URGXNW QDPHQWOLFK 9HUDQWZRUWXQJ GLH 7lWLJNHLW GHV hEHUVHW]HQV HU

(LQOHLWXQJ



VFKHLQWDOVEHVRQGHUH/HLVWXQJYRQHLJHQHP:HUWZDKUQHKPEDU:R XQG QDFK ZHOFKHQ0D‰JDEHQ %UDQW GHQ 7H[W VHLQHU lOWHUHQ 9RUODJH GHV ¿8OPHU &DWR¾ DXIQLPPW YHUlQGHUW RGHU HUVHW]W HQWVSULFKW GDEHL LQ GHU 6XPPHGXUFKDXVGHPLQHLQHPODWHLQLVFKHQ:LGPXQJVJHGLFKWIRUPXOLHU WHQ$QVSUXFKGHVhEHUVHW]HUV'DV*HGLFKWVHOEVWKLQJHJHQPDUNLHUWHLQH ZHLWHUH NRQ]HSWLRQHOOH 9HUVFKULIWOLFKXQJVHWDSSH GHV +DQGHOQV LP PHKU VSUDFKLJHQ)HOG(VVWHLJHUW]XJOHLFKGLH:DKUQHKPEDUNHLWGHU9RONVVSUD FKHDOV6SUDFKHJHJHQEHUGHP/DWHLQLVFKHQ (LQHDQJHPHVVHQH*HVDPWEHZHUWXQJGHU/HLVWXQJ%UDQWVDOVhEHUVHW ]HU XQG GLGDNWLVFK VHQVLEOHU"  6FKXOEXFK$XWRU ZLUG VLFK IUHLOLFK QLFKW DOOHLQDXIGHQNRQ]HSWLRQHOOHQ=XVFKQLWWGHU(UVWDXVJDEHVWW]HQGUIHQ VRQGHUQ GDV *HVDPWFRUSXV DOOHU 'UXFNDXVJDEHQ GLHVHV ¿&DWR¾ EHUFN VLFKWLJHQ $XV GHP ,QWHUHVVH DQ KLVWRULVFKHU 0HKUVSUDFKLJNHLW KHUDXV PVVHQGDEHLMHQH$XVJDEHQEHVRQGHUH$XIPHUNVDPNHLWDXIVLFK]LHKHQ GLH *HUPDQLVWHQ HKHU DOV 5DQGHUVFKHLQXQJHQ ZDKUQHKPHQ 'UXFNH GLH GLHODWHLQLVFKHQ'LVWLFKHQPLWHLQHU]ZHLWHQYRONVVSUDFKLJHQhEHUVHW]XQJ QHEHQGHP'HXWVFKHQDXVVWDWWHQ(VNDQQMDIUGHQ9RUJDQJGHU3UHVWL JHVWHLJHUXQJHXURSlLVFKHU9RONVVSUDFKHQQHEHQGHP/DWHLQLVFKHQDOVHLQ ]LJHU ¿ULFKWLJHU¾ OLWWHUDWHU  6SUDFKH GHU OLWWHUDWL  QHEHQ GHQ 9RUJlQJHQ LKUHV 6FKULIW:UGLJ XQG LKUHV 'UXFN:UGLJ:HUGHQV QLFKW EHGHX WXQJVORVJHZHVHQVHLQGDVVGLH9RONVVSUDFKHQVLFKLQ]XQHKPHQGHU%UHLWH DXFKJHJHQVHLWLJDOV9RONVVSUDFKHQZDKU]XQHKPHQEHJLQQHQ'LH%HLWUlJH YRQ9É&/$9 %2.GHUGLH)DNWXUHLQHUJHPHLQVDPPLWGHQ¿'LVWLFKD&D WRQLV¾ XQG GHP %UDQW¿&DWR¾ LQ 1UQEHUJ JHGUXFNWHQ ªWVFKHFKLVFKHQ hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ DXV GHP -DKUH © HUVFKOLH‰W XQG YRQ$1'5e '5(:(/2:6.ZLH$QP@6EHVRQGHUV6XQG6  .XU] DXFK ',(70$5 -h5*(1 321(57 'HXWVFK XQG /DWHLQ LQ GHXWVFKHU /LWHUDWXU XQG *HVFKLFKWVVFKUHLEXQJ GHV 0LWWHODOWHUV 6WXWWJDUW >XD@  6WXGLHQ ]XU 3RHWLN XQG *HVFKLFKWHGHU/LWHUDWXU 6',(7(5 .$576&+2.(*HVFKLFKWHGHUGHXWVFKHQ /LWHUDWXULPIUKHQ0LWWHODOWHUDNWXDOLVLHUWH$XIO0QFKHQ *HVFKLFKWHGHUGHXW VFKHQ/LWHUDWXULP0LWWHODOWHUGWY 6



7+20$6(+/(1

GHV :HUNHV 1RWNHUV,,, HUKDOWHQ ,Q GHVVHQ =HQWUXP VWHKW GLH YRONV VSUDFKOLFKH $XIEHUHLWXQJ ODWHLQLVFKHU 7H[WH DXV GHU %LEHO GHU DQWLNHQ 3KLORVRSKLH XQG GHU DUWHV 0HLVW LVW GHU ODWHLQLVFKH 7H[W GHU $XVJDQJV SXQNWXQGZLUGGXUFKhEHUVHW]XQJHQ3DUDSKUDVHQXQG(UNOlUXQJHQXQ WHU GLGDNWLVFKHQ *HVLFKWVSXQNWHQ SUlSDULHUW (UVW DXV GHU =HLW QDFK GHU BBBBBBBBBBBBB  =X 1RWNHU OLHJW HLQH XPIDVVHQGH %LEOLRJUDSKLH YRU (9(/'LH :HUNH 1RWNHUV GHV 'HXWVFKHQ1HXH$XVJDEH%G$OWGHXWVFKH7H[WELEOLRWKHN@6KLHU6 hEHUVHW]XQJ7K( 'DV9HUVWlQGQLVGHUSURSlGHXWLVFKHQDUWHV/LWHUDWXUXQGGHUHLJHQW OLFK LP =HQWUXP VWHKHQGHQ JHLVWOLFKHQ %FKHU VROO GXUFK GLH hEHUVHW]XQJ LP 8QWHUULFKW JHI|UGHUW ZHUGHQ 9JO ]X 1RWNHUV %ULHI DXFK (5167 +(//*$5'7 1RWNHUV GHV 'HXW VFKHQ %ULHI DQ %LVFKRI +XJR YRQ 6LWWHQ ,Q %HIXQG XQG 'HXWXQJ =XP 9HUKlOWQLV YRQ (PSLULH XQG ,QWHUSUHWDWLRQ LQ 6SUDFK XQG /LWHUDWXUZLVVHQVFKDIW +DQV )URPP ]XP  0DL  YRQ VHLQHQ 6FKOHUQ +J YRQ ./$86 *58%0h//(5 >XD@ 7ELQJHQ  6  $XVQDKPHQ VLQG GLH $EKDQGOXQJ ¿'H PXVLFD¾ HGLHUW LQ 1RWNHU GHU 'HXWVFKH >ZLH $QP@6 XQGYLHOOHLFKWGLHNOHLQH¿$OWKRFKGHXWVFKH5KHWRULN¾HLQJHIJWLQGDV ]ZHLWH %XFK GHU hEHUVHW]XQJ YRQ %RHWKLXV· ¿'H FRQVRODWLRQH SKLORVRSKLDH¾ 1RWNHU GHU 'HXWVFKH%RHWKLXV ¿'HFRQVRODWLRQH SKLORVRSKLDH¾ +J YRQ 3(7586 : 7$; 7ELQJHQ >'LH:HUNH1RWNHUVGHV'HXWVFKHQ1HXH$XVJDEH%G$OWGHXWVFKH7H[W ELEOLRWKHN@%G6 GHUHQVSUDFKOLFKH*UXQGVWUXNWXUYRP'HXWVFKHQ QLFKW YRP /DWHLQLVFKHQ DXVJHKW =XU ¿$OWKRFKGHXWVFKHQ 5KHWRULN¾ XQG ]X ZHLWHUHQ DOW KRFKGHXWVFKHQ =XVlW]HQ YJO 67()$1 621'(5(**(5 5HFKWVVSUDFKH LQ 1RWNHUV GHV 'HXWVFKHQ5KHWRULN,Q6SUDFKHXQG5HFKW%HLWUlJH]XU.XOWXUJHVFKLFKWHGHV0LWWHODOWHUV )HVWVFKULIWIU5XWK6FKPLGW:LHJDQG]XP*HEXUWVWDJ+JYRQ.$5/ +$8&.>XD@ %HUOLQ1HZZLH$QP@6DOOJHPHLQ]X1RWNHUDXFKHEG6

6SUDFKH²'LVNXUV²7H[W



0LWWHGHV-DKUKXQGHUWVVLQGYHUPHKUW=HXJQLVVHHLQHUYRONVVSUDFKLJHQ /LWHUDWXUEHNDQQWGLHIRUPDOXQG]XQHKPHQGDXFKLQKDOWOLFKHLJHQVWlQGLJ VLQG,QGLHVHU=HLWEHJLQQWGLH6HOEVWlQGLJNHLWGHV'HXWVFKHQDOV6SUDFKH HLQHU/LWHUDWXUGLHHLJHQHQNXOWXUHOOHQ1RUPHQXQGVFKULIWOLFKHU.RQ]HS WLRQYHUSIOLFKWHWLVW 'LH$XVSUlJXQJHLJHQHUZHOWOLFKHU7KHPHQLPVHOEVWYHUVWlQGOLFKJH ZRUGHQHQFKULVWOLFKHQ.RQWH[WGLH(WDEOLHUXQJYRQOLWHUDULVFKHQ7H[WW\ SHQ ZLH GHP 9HUVURPDQ XQG GHU .DQ]RQHQVWURSKH XQWHU GHP (LQIOXVV GHUIUDQ]|VLVFKHQ/LWHUDWXUXQGGLH*HQHVHHLQHVODLHQOLWHUDULVFKHQ$XWRU EHZXVVWVHLQV KlQJHQ HQJ ]XVDPPHQ PLW GHP ]XQHKPHQGHQ SROLWLVFKHQ *HZLFKWGHUODLHQDGOLJHQ+|IHXQGGHU(QWZLFNOXQJHLQHUUHSUlVHQWDWLYHQ ODLHQDGOLJHQ (LJHQNXOWXU VHLW GHP  -DKUKXQGHUW =XQlFKVW QRFK GHXW OLFK YRQ UHOLJL|VGLGDNWLVFKHQ %HODQJHQ JHSUlJW YHUVFKLHEW VLFK GDV *H ZLFKWLQGHU]ZHLWHQ-DKUKXQGHUWKlOIWHDXIGLH'DUVWHOOXQJGHU(OHPHQWH GHV DGOLJHQ /HEHQV XQG ODLNDOHU 1RUPHQ 7KHPHQ ZHUGHQ GHU ULWWHUOLFKH .DPSIHQWZHGHULPFKULVWOLFKHQ'LHQVWGHV.UHX]IDKUHUVRGHUDOVVFKLFK WHQVSH]LILVFKHUULWXDOLVLHUWHU9HUJOHLFKXPGLHrUHGHV%HVVHUHQGLH2UJDQL VDWLRQ GHU KLHUDUFKLVFKHQ XQG VR]LDOHQ 9HUKlOWQLVVH QDFK GHQ 0D‰JDEHQ GHU FKULVWOLFKHQ 6WlQGHRUGQXQJ XQG GHV SUDJPDWLVFKHQ $XVJOHLFKV ]ZL VFKHQ =HQWUDOKHUUVFKDIW XQG 3DUWLNXODUJHZDOWHQ GLH LGHDOLVLHUHQGH ,QV]H QLHUXQJ GHV *HVFKOHFKWHUYHUKlOWQLVVHV XQG GHU $XVJOHLFK ]ZLVFKHQ GHQ (EHQHQGHV3HUV|QOLFKHQXQGGHVgIIHQWOLFKHQ,P/DXIHGLHVHU(QWZLFN OXQJZLUGVFKOLH‰OLFKGHU$QVSUXFKHUKREHQHLQHGHPJHLVWOLFKEXFKNXOWX UHOOHQ %HUHLFK JOHLFKZHUWLJH /DLHQNXOWXU DXV GHQ JHQDQQWHQ (OHPHQWHQ HQWZLFNHOW]XKDEHQZHOFKHGLH.RPSHWHQ]YHUOHLKWGLH:HOWDXVHLJHQHU 3HUVSHNWLYH ]X GHILQLHUHQ XQG GDV DXFK OHKUKDIW ZHLWHU]XJHEHQ 'LHVHU $QVSUXFKZLUGHUZHLWHUW6SUXFKGLFKWHUlX‰HUQVLFKVHLWGHP-DKUKXQ GHUW EHLVSLHOVZHLVH ]X GHQ DUWHV OLEHUDOHV XQG ]XP 7ULQLWlWVSDUDGR[RQ GLH HLQHQSHUGHILQLWLRQHP*HJHQVWDQGGHV%HUHLFKVODWHLQLVFKHU%XFKJHOHKUVDP NHLWGDVDQGHUHGHPUDWLRQDOHQ(UNOlUHQVHOEVWGHU)DFKWKHRORJHQHQW]R BBBBBBBBBBBBB  'HU%HJULIIª/DLH©ZLUGKLHUXQGLP)ROJHQGHQDOOJHPHLQYHUZHQGHW]XU%H]HLFKQXQJGHV VR]LDOHQ6WDWXVHLQHV0HQVFKHQRKQH3ULHVWHUZHLKHE]ZRKQH=XJHK|ULJNHLW]XHLQHP2U GHQ GKYDDOV*HJHQEHJULII]XFOHULFXV =XGHQZHVHQWOLFKNRPSOH[HUHQ,PSOLNDWLRQHQ YJOXQWHQ$QP  'D]XHLQHNQDSSHhEHUVLFKWEHL-2$&+,0 %80.(+|ILVFKH.XOWXU/LWHUDWXUXQG*HVHOO VFKDIWLPKRKHQ0LWWHODOWHU0QFKHQ GWY 6KLHUEHVRQGHUV6   +8*2 .8+1*DWWXQJVSUREOHPHGHUPLWWHOKRFKGHXWVFKHQ/LWHUDWXU,Q+ .'LFKWXQJ XQG:HOWLP0LWWHODOWHU6WXWWJDUW +..OHLQH6FKULIWHQ 6VSULFKWLQDQ GHUHP$UJXPHQWDWLRQV]XVDPPHQKDQJYRQHLQHUª¿ODWHLQLVFK¾OLWHUDULVFKH>Q6FKLFKW@DXFKLQ GHQ9RONVVSUDFKHQ©YJOHEG6DXFK6YJODXFK321(57'HXWVFKXQG/DWHLQ >ZLH$QP@6



7+20$6(+/(1

JHQ XQG LQ GHQ 6SUXFKVWURSKHQ KlXILJ $QODVV GHQ 8QVDJEDUNHLWVWRSRV DQ]XEULQJHQ 'LH%OWHGHUOLWHUDULVFKHQYRONVVSUDFKLJHQ3UHGLJWVHLWGHP-DKU KXQGHUWGXUFKGLH7lWLJNHLWGHU%HWWHORUGHQGDV$XINRPPHQP\VWLVFKHQ 6FKULIWWXPVJHLVWOLFKH3URVDXQGGLH(QWZLFNOXQJGHUª'HXWVFKHQ6FKROD VWLN© VLQG LP 5DKPHQ GHU JHQHUHOOHQ =XQDKPH JHLVWOLFKHU /LWHUDWXU GLH GHXWOLFKVWHQ+LQZHLVHDXIGLHYHUlQGHUWHQ3URSRUWLRQHQ]ZLVFKHQ/DWHLQ XQG9RONVVSUDFKHXQGLKUHQMHZHLOLJHQOLWHUDULVFKHQ)HOGHUQ'DV'HXW VFKHZLUGDOVJHHLJQHWEHWUDFKWHWUHOLJL|VH*HKDOWHLKUHWKHRORJLVFKH6\ VWHPDWLN LKUH QRUPDWLYH ZLH DIIHNWLYH 9HUPLWWOXQJ XQG LKU SHUV|QOLFKHV (UOHEHQ]XYHUVSUDFKOLFKHQ XDEHUGLH%LOGXQJYRQ$EVWUDNWEHJULIIHQ GLHPHWDSKRULVFKH(UIDVVXQJGHU7UDQV]HQGHQ]XQGGDVDOOHJRULVFKH6SUH FKHQYRPLQVHLQHU(LJHQWOLFKNHLW8QVDJEDUHQDEHUDXFKEHUGLH$XVELO BBBBBBBBBBBBB  'LH EHUOLHIHUWHQ 7H[WH VLQG PHLVW %HDUEHLWXQJHQ ODWHLQLVFKHU 3UHGLJWHQ XQG VWHOOHQ NRQ ]HSWLRQHOOVFKULIWOLFKH5HGDNWLRQHQGDUª'LHGHXWVFKH3UHGLJWGHV0LWWHODOWHUVLVWGXUFKZHJ OLWHUDULVFKH 3UHGLJWGDV KHL‰W /HVHSUHGLJW 3URGXNW VFKULIWVWHOOHULVFKHU7lWLJNHLW XQG QLFKW VFKULIWOLFKHU1LHGHUVFKODJJHKDOWHQHU3UHGLJWHQ© *(25* 67((5*HLVWOLFKH3URVD,Q'LH GHXWVFKH/LWHUDWXULPVSlWHQ0LWWHODOWHU=ZHLWHU7HLO5HLPSDDUJHGLFKWH'UD PD3URVD+JYRQ,1*(%25* */,(50QFKHQ>*HVFKLFKWHGHUGHXWVFKHQ/LWHUD WXU@6KLHU6 =XPJHOHKUWHQ=LHOSXEOLNXPGHXWVFKHU3UHGLJWHQ0HLVWHU (FNKDUWVYJO67((5HEG6I  =XP%HJULIIXQG]XP9HUKlOWQLVYRQª'HXWVFKHU6FKRODVWLN©XQGª'HXWVFKHU0\VWLN©YJO .857 58+ %RQDYHQWXUD GHXWVFK (LQ %HLWUDJ ]XU GHXWVFKHQ )UDQ]LVNDQHU0\VWLN XQG 6FKRODVWLN%HUQ %LEOLRWKHFD*HUPDQLFD EHVRQGHUV6  )U GHQ %HUHLFK GHU FKULVWOLFKHQ *UXQGJHEHWH ¿9DWHUXQVHU¾ ¿*ODXEHQVEHNHQQWQLV¾  XQG 6HJHQVIRUPHOQVRZLHIUGLH(QWZLFNOXQJHLQHVYRONVVSUDFKOLFKHQ*UXQGEHVWDQGHVDQ%H ]HLFKQXQJHQ YRQ ,QVWLWXWLRQHQ .LUFKH 0HVVH 2SIHU %X‰H 3ULHVWHU  OLHJHQGLH JUXQGOH JHQGHQ hEHUVHW]XQJV XQG 6SUDFKVFK|SIXQJVSUR]HVVH EHUHLWV LQ GHU .DUROLQJHU]HLW 9JO GD]X+$8%5,&+6$QIlQJH>ZLH$QP@6EHVRQGHUV6XQG:$/7(5 %/$1. 'HXWVFKH 6SUDFKJHVFKLFKWH XQG .LUFKHQJHVFKLFKWH ,Q 6SUDFKJHVFKLFKWH (LQ +DQGEXFK ]XU *HVFKLFKWHGHU GHXWVFKHQ 6SUDFKH XQG LKUHU (UIRUVFKXQJ +J YRQ :(5 1(5 %(6&+ >XD@  YROOVWlQGLJ QHX EHDUEHLWHWH XQG HUZHLWHUWH $XIO%HUOLQ 1HZ ZLH$QP@SDVVLP=XU6SUDFKHGHU0\VWLNHUXQGLKUHQ %HJULIIVSUlJXQJHQJLEWHVHLQH5HLKHPHLVWlOWHUHU$UEHLWHQPLWMHZHLOVUHLFKKDOWLJHP0DWH ULDOYJOHWZD*5(7(/h(56'LH6SUDFKHGHUGHXWVFKHQ0\VWLNGHV0LWWHODOWHUVLP:HUNH GHU 0HFKWKLOG YRQ 0DJGHEXUJ 0QFKHQ  %(112 6&+02/'7 'LH GHXWVFKH %H JULIIVVSUDFKH0HLVWHU(FNKDUWV6WXGLHQ]XUSKLORVRSKLVFKHQ7HUPLQRORJLHGHV0LWWHOKRFK GHXWVFKHQ+HLGHOEHUJ-26()48,170\VWLNXQG6SUDFKH,KU9HUKlOWQLV]XHLQDQGHU LQVEHVRQGHUHLQGHUVSHNXODWLYHQ0\VWLN0HLVWHU(FNHKDUWV,Q$OWGHXWVFKHXQGDOWQLHGHU OlQGLVFKH0\VWLN+JYRQ.857 58+ 'DUPVWDGW :HJHGHU)RUVFKXQJ 6  EHVRQGHUV 6 YJO DXFK GLH %HLVSLHOH EHL 67((5 *HLVWOLFKH 3URVD >ZLH $QP@6XQG6hEHUEOLFNXQG/LWHUDWXUKLQZHLVHEHL$/2,60+$$6 'HXWVFKH 0\VWLN ,Q 'LH GHXWVFKH /LWHUDWXU LP VSlWHQ 0LWWHODOWHU >ZLH $QP@ 6 XQG6YJODXFK',(7(5 :2/)/H[LNRORJLHGHV)UKQHXKRFKGHXWVFKHQ,Q 6SUDFKJHVFKLFKWH>ZLH$QP@7HLOEG  6KLHU6I(LQHWKHROR JLVFKRQWRORJLVFKH'DUVWHOOXQJGHV9HUKlOWQLVVHVYRQ0\VWLNXQG6SUDFKHELHWHW$/2,6 0 +$$6 6HUPR P\VWLFXV 6WXGLHQ ]XU 7KHRORJLH XQG 6SUDFKH GHU GHXWVFKHQ 0\VWLN )UHL EXUJ6FKZHL]  'RNLPLRQ   YD 6 XQG 6 58+ %RQDYHQWXUD GHXWVFK >ZLH $QP@ 6 ZHLVW QDFKGUFNOLFK DXI GHQ (LQIOXVV GHU ODWHLQLVFKHQ WKHRORJLVFKHQ7HUPLQRORJLHDXIGLH%LOGXQJYRONVVSUDFKOLFKHU%HJULIIHKLQ  9JOGD]X67((5*HLVWOLFKH3URVD>ZLH$QP@6XQG IUGLH/HJHQGHQVDPP OXQJ¿'HU+HLOLJHQ/HEHQ¾YRP(QGHGHV-DKUKXQGHUWV YJODXFKHEG6I  =XP KRKHQ %LOGXQJVQLYHDX EHL GHQ 'RPLQLNDQHULQQHQ 67((5 *HLVWOLFKH 3URVD >ZLH $QP@6IYJODXFK321(57'HXWVFKXQG/DWHLQ>ZLH$QP@6I



7+20$6(+/(1

hEHUWUDJXQJ LQ GLH =HLW XP RGHU QDFK  ]X VHW]HQ 'HVKDOE JHKHQ GLHVHhEHUOHJXQJHQYRQHLQHPQRFKZHLWJHKHQGGLFKRWRPLVFKHQ9HUKlOW QLV YRQ /DWHLQ XQG 'HXWVFK XQG GHU IXQNWLRQDOHQ 'LVWULEXWLRQ EHLGHU 6SUDFKHQDXV 'LVNXUVEHJULII 'HU'LVNXUVEHJULIIGHQLFKLP)ROJHQGHQYRUVFKODJHQP|FKWHLVWDXIGLH .RPPXQLNDWLRQEH]RJHQDEHUYRQGHU6SUHFKVLWXDWLRQLPHQJHUHQ6LQQH HQWEXQGHQ 'LVNXUV EH]HLFKQHW KLHU HLQ ZHLWJHKHQG LQVWLWXWLRQDOLVLHUWHV .RPPXQLNDWLRQVV\VWHP GDV EHU GLH NRQNUHWH )DFHWRIDFH,QWHUDNWLRQ ª.RSUlVHQ]© KLQDXVGLH6XPPHVSUDFKOLFKHU$NWHLKUHU$NWDQWHQXQWHU GHUHQ VR]LDOHQ XQG PDWHULDOHQ %HGLQJXQJHQ XPIDVVW (U HUVWUHFNW VLFK DXVGUFNOLFKJHUDGHDXFKDXIVFKULIWOLFKIL[LHUWH7H[WH6RZHLWVLFKVROFKH VSUDFKOLFKHQ $NWH DXI 7H[WH LQ KRFKJUDGLJ IRUPDOLVLHUWHU 6SUDFKH EH]LH KHQ²]XPDODXIVROFKHLQGHUOLWHUDULVFKJHSUlJWHQXQGHUOHUQWHQ6SUDFKH /DWHLQ²VLQGIRUPDOHXQGVSUDFKJHVWDOWHULVFKH.DWHJRULHQJHQHUHOOQLFKW GHVNULSWLYHRGHULP9HUKlOWQLV]XPVSUDFKOLFKHQ$NWDEJHOHLWHWHVHNXQGl BBBBBBBBBBBBB  0,&+(/ )28&$8/7 $UFKlRORJLH GHV :LVVHQV  $XIODJH )UDQNIXUW0 VXKUNDPS WDVFKHQEXFKZLVVHQVFKDIW >LQIUDQ]|VLVFKHU6SUDFKH]XHUVW@KLHU6IVLHKWGDV )HOGGHVGLVNXUVLYHQ(UHLJQLVVHVNRQVWLWXLHUWGXUFKGLHª*HVDPWKHLWDOOHUGLVNXUVLYHQ$XV VDJHQ pQRQFpV  REVLHJHVSURFKHQRGHUJHVFKULHEHQZRUGHQVLQGVSLHOWGDEHLNHLQH5ROOH  LQLKUHU'LVSHUVLRQYRQ(UHLJQLVVHQXQGLQGHU(LQGULQJOLFKNHLWGLHMHGHPHLJQHW©(UYHU JOHLFKWVHLQH0HWKRGLNPLWGHUOLQJXLVWLVFKHQ$QDO\VHXQGGLIIHUHQ]LHUWGLH8QWHUVXFKXQJV JHJHQVWlQGH ZLH IROJW 6SUDFKH ELOGH ªVWHWVHLQ 6\VWHP IU P|JOLFKH $XVVDJHQ HV LVWHLQH HQGOLFKH 0HQJH YRQ 5HJHOQ GLH HLQH XQHQGOLFKH =DKO YRQ 3HUIRUPDQ]HQ JHVWDWWHW 'DV )HOGGHUGLVNXUVLYHQ(UHLJQLVVHGDJHJHQLVWGLHVWHWVHQGOLFKHXQG]XU=HLWEHJUHQ]WH0HQ JH YRQ DOOHLQ GHQ OLQJXLVWLVFKHQ 6HTXHQ]HQ GLH IRUPXOLHUW ZRUGHQ VLQG© HEG 6 YJO DXFKHEG6I]XGHQ8QWHUVXFKXQJVIHOGHUQYRQ/LQJXLVWLN/RJLNXQG'LVNXUVDQDO\ VH  )28&$8/7 JUHQ]W VLFK YRQ HLQHU VWUXNWXUDOLVWLVFK JHSUlJWHQ 6SUDFKDQDO\VH DE ª'LH YRQGHU6SUDFKDQDO\VHKLQVLFKWOLFKHLQHVEHOLHELJHQGLVNXUVLYHQ)DNWXPVJHVWHOOWH)UDJHLVW VWHWVJHPl‰ZHOFKHQ5HJHOQLVWHLQHEHVWLPPWH$XVVDJHNRQVWUXLHUWZRUGHQXQGIROJOLFK JHPl‰ZHOFKHQ5HJHOQN|QQWHQlKQOLFKH$XVVDJHQNRQVWUXLHUWZHUGHQ"'LH%HVFKUHLEXQJ GHUGLVNXUVLYHQ(UHLJQLVVHVWHOOWHLQHY|OOLJDQGHUH)UDJHZLHNRPPWHVGD‰HLQHEHVWLPP WH$XVVDJHHUVFKLHQHQLVWXQGNHLQHDQGHUHDQLKUHU6WHOOH"© HEG6HEG6 ]XUª$XVVDJH©LKUHU6LWXLHUXQJLP)HOGGHU*HVDPWKHLWGHUDQGHUHQ$XVVDJHQLKUHP9HU KlOWQLV]Xª6DW]©XQGª3URSRVLWLRQ©HEG6]XU1LFKW,GHQWLWlWYRQ6XEMHNWGHU$XV VDJH XQG $XWRU GHU )RUPXOLHUXQJ YJO ]XVDPPHQIDVVHQG DXFK HEG 6  ² *HJHQVWDQGPHLQHU8QWHUVXFKXQJHQN|QQHQZHJHQGHU4XHOOHQODJHQXUVROFKHLQVWDOOLHU WHQ 'LVNXUVH VHLQ ZLU YHUIJHQ QLFKW EHU 4XHOOHQDOOWDJVVSUDFKOLFKHU RGHU QlKHVSUDFKOL FKHU .RPPXQLNDWLRQ OHW]WHUHU 7HUPLQXV QDFK 3(7(5 .2&+ :8/) g67(55(,&+(5 6SUDFKHGHU1lKH²6SUDFKHGHU'LVWDQ]0QGOLFKNHLWXQG6FKULIWOLFKNHLWLP6SDQQXQJV IHOGYRQ6SUDFKWKHRULHXQG6SUDFKJHVFKLFKWH,Q5RPDQLVWLVFKHV-E>@6  1LFKWLQWHQGLHUWLVWHLQH:LHGHUKHUVWHOOXQJZLVVHQVFKDIWOLFKHU7HOHRORJLHRGHUHLQH(UQHXH UXQJ YRQ 9RUVWHOOXQJHQ GHV )RUWVFKULWWHV GHV %HZXVVWVHLQV YJO GD]X )28&$8/7 HEG 6I

6SUDFKH²'LVNXUV²7H[W



UH (LQKHLWHQ VLH VWUXNWXULHUHQ YLHOPHKU GHQ 6SUDFKJHEUDXFK LP 6LQQH QRUPDWLYHU5HJHOQXQG0XVWHU'DVJLOWIUODWHLQLVFKH7H[WHZLHDXFKIU GHXWVFKH:HUNHLQ5HLPSDDUYHUVHQRGHUVWURSKLVFKHQ)RUPHQ 6WDWW GHU GLIIHUHQ]LHUWHQ 6SH]LDOGLVNXUVH GLH LP $QVFKOXVV DQ )28 &$8/7V'LVNXUVEHJULIIEHLGHU$QDO\VHQHX]HLWOLFKHU6\VWHPHDOV'LVNXUVH E]Z DOV GLH 2UWH GLVNXUVLYHU 3UD[LV JHVHW]W ZHUGHQ VROO KLHU HLQ ª'LV NXUV©]X*UXQGHJHOHJWZHUGHQGHUSHUGHILQLWLRQHPVWlUNHUDQGHU.RPPX QLNDWLRQ DXVJHULFKWHW LVW XQG DXI GHQ (OHPHQWHQ YRQ 6SUDFKH 6R]LDOLWlW XQG%LOGXQJVNRQWH[WEDVLHUW'LHJHPHLQVDPH(UIDKUXQJHLQHVEHVWLPP WHQ 7\SV YRQ ² HYWO DXFK DEVWUDNWHU ² 5lXPOLFKNHLW ]% ª.ORVWHU© ª+RI©ª6WDGW© GLH=XJHK|ULJNHLW]XHLQHP6R]LDOV\VWHP ]%ªIDPLOLD© ª.ORVWHUJHPHLQVFKDIW© ªVWlGWLVFKHV 3DWUL]LDW© E]Z ªDGOLJH 6WDGWKHUU

BBBBBBBBBBBBB  9RQ 1RUPDWLYLWlW LVW DXFK )28&$8/7V 9HUZHQGXQJ GHV *UDPPDWLNEHJULIIV LQ GHU ª$U FKlRORJLH GHV :LVVHQV© JHSUlJW YJO )28&$8/7 $UFKlRORJLH >ZLH $QP@ 6 *UDPPDWLNLVWIULKQHLQVSH]LILVFKHU'LVNXUVGHULQ%H]LHKXQJHQVWHKWPLWDQGHUHQ'LV NXUVHQ ]% PLW GHU 0DWKHVLV G L ªDOOJHPHLQH 2UGQXQJVZLVVHQVFKDIW© PLW GHU SKLORVR SKLVFKHQ $QDO\VH GHU 5HSUlVHQWDWLRQ XQG 7KHRULH GHU =HLFKHQ XQG GHU gNRQRPLH  XQG DQDORJHQ 5HJHOQ XQWHUOLHJW ZLH DQGHUH GLVNXUVLYH (OHPHQWH HEG 6  'HU 5DXP LQ GHP GLH *UDPPDWLN LKUHQ 2UW KDW ZLUG YRQ )28&$8/7 EHU GLH 6FKHPDWD $WWULEXWLRQ *OLHGHUXQJ%H]HLFKQXQJXQG$EOHLWXQJXQWHUVXFKWGLH$XVVDJHQ]XODVVHQEHUGLHMHZHL OLJHQ VSH]LILVFKHQ JUDPPDWLNDOLVFKHQ $QDO\VHIRUPHQGLH 'HILQLWLRQ GHV *OWLJNHLWVJHELH WHV XQG EHU GLH REHQ JHQDQQWHQ 5HODWLRQHQ ]X DQGHUHQ 'LVNXUVHQ ]X GHQ )HOGHUQ VSUDFKOLFKHU3KlQRPHQHGLHGHQ6FKHPDWDMHZHLOV]XJHK|UHQYJOHEG6=XU,QNRQ JUXHQ]GHUGLVNXUVLYHQª$XVVDJH© HLQHUª([LVWHQ]IXQNWLRQGLHGHQ=HLFKHQHLJHQLVW©XQG YRQ GHU DXV ZHLWHUH $QDO\VH P|JOLFK LVW YJO HEG 6  PLW 3URSRVLWLRQ 6DW] RGHU 6SUHFKDNWYJOHEG6  9JO)28&$8/7$UFKlRORJLH>ZLH$QP@6=XU8QWHUVFKHLGXQJYRQª'LVNXUV© XQGªGLVNXUVLYHU3UD[LV©YJODXFK-h5*(1 /,1.8568/$ /,1.+((5'LVNXUV,QWHUGLV NXUVXQG/LWHUDWXUDQDO\VH,Q/L/L=VIU/LWHUDWXUZLVVHQVFKDIWXQG/LQJXLVWLN   +HIW6KLHU6Iª¿'LVNXUV¾LVWVWHWVGLHVSUDFKOLFKVFKULIWOLFKH6HLWHHLQHU¿GLV NXUVLYHQ3UD[LV¾8QWHU¿GLVNXUVLYHU3UD[LV¾ZLUGGDEHLGDVJHVDPWH(QVHPEOHHLQHUVSH]LHO OHQ :LVVHQVSURGXNWLRQ YHUVWDQGHQ EHVWHKHQG DXV ,QVWLWXWLRQHQ 9HUIDKUHQ GHU :LVVHQV VDPPOXQJXQGYHUDUEHLWXQJDXWRULWDWLYHQ6SUHFKHUQE]Z$XWRUHQ5HJHOXQJHQGHU9HU VSUDFKOLFKXQJ9HUVFKULIWOLFKXQJ0HGLDOLVLHUXQJ©²=XUVSUDFKOLFKHQ'LPHQVLRQGHU$XV SUlJXQJQDWXUZLVVHQVFKDIWOLFKHU6SH]LDOGLVNXUVH XD]XUDXFKEHL)28&$8/7WKHPDWLVLHU WHQ 7D[RQRPLH /,11eV  YJO 8:( 3g5.6(1 'HXWVFKH 6SUDFKJHVFKLFKWH XQG GLH (QW ZLFNOXQJ GHU 1DWXUZLVVHQVFKDIWHQ $VSHNWH HLQHU *HVFKLFKWH GHU 1DWXUZLVVHQVFKDIWV VSUDFKH XQG LKUHU :HFKVHOEH]LHKXQJHQ ]XU *HPHLQVSUDFKH ,Q 6SUDFKJHVFKLFKWH >ZLH $QP@7HLOEG  6  'LHVHPHKUIDFKH%HGLQJWKHLWXQWHUVFKHLGHWGLHKLHUYRUJHVFKODJHQH$XIIDVVXQJYRQª'LV NXUV© DXFK YRQ GHP GXUFK 5DWLRQDOLWlW 5HIOH[LRQ XQG &KDQFHQJOHLFKKHLW DOOHU DQ GHU .RPPXQLNDWLRQ%HWHLOLJWHQJHSUlJWHQLGHDOW\SLVFKHQ'LVNXUVEHJULIIYRQ+$%(50$69JO GHQ $EVFKQLWW ª(UOlXWHUXQJHQ ]XU 'LVNXUVHWKLN© LQ -h5*(1 +$%(50$6 (UOlXWHUXQJHQ ]XU 'LVNXUVHWKLN )UDQNIXUW0  VXKUNDPS WDVFKHQEXFK ZLVVHQVFKDIW   6 EHVRQGHUV6I6XQG6I  ,QGLHVHQ%HUHLFKIlOOWDXFKGLH)XQNWLRQGHV0l]HQDWHQWXPV



7+20$6(+/(1

VFKDIW© XQG ª=QIWH© RGHU ª*LOGHQ©  XQG ]X HLQHP VSUDFKOLFK XQG ELO GXQJVVSH]LILVFK YRUGHILQLHUWHQ .RPSHWHQ]EHUHLFK ]% GLH YHUVFKLHGH QHQVLFKYHUlQGHUQGHQ)HOGHUGLHGXUFKGLH7HUPLQLFOHULFLXQGODLFLRGHU OLWWHUDWLXQGLOOLWWHUDWLDEJHGHFNWZHUGHQ ELHWHQVR]LDOHXQGPHQWDOH3DUD PHWHU DQ GHQHQ VLFK HLQH 'LVNXUVEHVFKUHLEXQJ RULHQWLHUHQ NDQQ ,Q GHQ %HUHLFKGHUDXIGLH%LOGXQJEH]RJHQHQ'HILQLWLRQIDOOHQDXFKGLHVSH]LIL VFKH'RPLQDQ]HLQHU6SUDFKHXQGGLHP|JOLFKHFKDUDNWHULVWLVFKH$QZHQ GXQJYRQ7H[WW\SHQ 'LH$XVEUHLWXQJGHU9RONVVSUDFKHVHLWGHP+RFKPLWWHODOWHUDXFKLP JHLVWOLFKHQ %HUHLFK GHU $QVSUXFK DXI HLJHQVWlQGLJHV WKHRORJLVFKHV 'HQ NHQXQGFKULVWOLFKHV+DQGHOQLQ/DLHQNUHLVHQGLH$XVSUlJXQJHLQHUDQGLH 9RONVVSUDFKHJHEXQGHQHQHLJHQZHUWLJHQ6FKULIWNXOWXUODWHLQLVFKH%LOGXQJ DXFKIU1LFKW.OHULNHUXQGGLH(QWVWHKXQJYRQVWlGWLVFKHQ6FKXOHQOLH ‰HQHVGDVVHLKLHUQXULQ3DUHQWKHVHYHUPHUNWHLJHQWOLFKQRWZHQGLJHU VFKHLQHQ ]XU 3Ul]LVLHUXQJ GHU %HJULIIVLQKDOWH YRQ FOHULFXV ODLFXV OLWWHUDWXV XQGLOOLWWHUDWXVGLH7KHPHQYRQ6SUDFKH%LOGXQJXQG6R]LDOLWlW]XHQW]HU UHQXQGGDV,QHLQDQGHUVSLHOHQGHUYHUVFKLHGHQHQ(EHQHQLQGHU'LDFKUR QLHZLHLQV\QFKURQHQ'LYHUVLILNDWLRQHQ]XEHVFKUHLEHQ'LHXUVSUQJOLFK LQ VLFK DQWLWKHWLVFKHQ %HJULIIVSDDUH OLWWHUDWXVLOOLWWHUDWXV XQG FOHULFXVODLFXV N|QQHQZHQQVLHDOVLKUHUVHLWVKLVWRULVFKXQGPHKUGHXWLJDXIJHIDVVWZHU BBBBBBBBBBBBB  =XU6FKULIWOLFKNHLW LQGHU VWlGWLVFKHQ 9HUZDOWXQJ XQG ]XU (QWZLFNOXQJVWlGWLVFKHU +LVWR ULRJUDSKLHYJONXU]321(57'HXWVFKXQG/DWHLQ>ZLH$QP@6(LQHH[HPSODUL VFKH )DOOXQWHUVXFKXQJ ]X GHQ FKURQLNDOLVFKHQ :HUNHQ YRQ )ULWVFKH &ORVHQHU XQG -DNRE 7ZLQJHULQ6WUD‰EXUJLQGHU]ZHLWHQ+lOIWHGHVXQGLPIUKHQ-DKUKXQGHUWELHWHW ./$86 .,5&+(57 6WlGWLVFKH *HVFKLFKWVVFKUHLEXQJ XQG 6FKXOOLWHUDWXU 5H]HSWLRQVJH VFKLFKWOLFKH6WXGLHQ]XP:HUNYRQ)ULWVFKH&ORVHQHUXQG-DNRE7ZLQJHUYRQ.|QLJVKR IHQ:LHVEDGHQ :LVVHQVOLWHUDWXULP0LWWHODOWHU YJOEHVRQGHUV6  9JO GD]X XQG ]XP IROJHQGHQ $EVDW] ² PLW $QJDEHQ ]XU ZLFKWLJVWHQ /LWHUDWXU ² 1,.2 /$86 +(1.(/ /LWWHUDWXV ² LOOLWWHUDWXV %LOGXQJVJHVFKLFKWOLFKH *UXQGYRUDXVVHW]XQJHQ EHL GHU (QWVWHKXQJ GHU K|ILVFKHQ (SLN LQ 'HXWVFKODQG ,Q %HJHJQXQJ PLW GHP ª)UHPGHQ© *UHQ]HQ²7UDGLWLRQHQ²9HUJOHLFKH+JYRQ(,-,5Ñ,:$6$.,%G6HNWLRQ(UIDKUH QH XQG LPDJLQLHUWH )UHPGH +J YRQ ZLH$QP@6I  9JOGLH$XVIKUXQJHQEHL)28&$8/7$UFKlRORJLH>ZLH$QP@6



7+20$6(+/(1

]LDOHU 6FKLFKWXQJ YRUQHKPHQ 'HU KLHU YHUZHQGHWH 'LVNXUVEHJULII LVW GDPLWZHLWHUJHIDVVWDOVGHU)28&$8/7VXQGYRUDOOHPVWlUNHUDP6SUDFK OLFK.RPPXQLNDWLYHQ RULHQWLHUW 'DV HUVFKHLQW DXV PHKUHUHQ *UQGHQ JHERWHQ (V JLEW LP +RFKPLWWHODOWHU HUVW LQ $QVlW]HQ GLH KRFKJUDGLJH $XVGLIIHUHQ]LHUXQJYRQ6SH]LDOGLV]LSOLQHQXQGNRPSHWHQ]HQGLHIUGLH )28&$8/7VFKH$QDO\VHGLHGLVNXUVLYH3UD[LVGHU1HX]HLWNHQQ]HLFKQHW :HQQDOVR6SH]LDOLVLHUXQJGLH'LVNXUVHGHU1HX]HLWYRQHLQDQGHUVFKHLGHW VR VROOHQ KLHU IU PLWWHODOWHUOLFKH .RPPXQLNDWLRQ VR]LDOH .RQWH[WH %LO GXQJVVWUXNWXUHQ XQG GLH YHUZHQGHWH 6SUDFKH DOV GLVWLQNWLY JHVHKHQ ZHU GHQ 6SUDFKNRPSHWHQ] XQG 6R]LDOVWUXNWXUHQ SUlJHQ ² DOV DOOJHPHLQH )DNWL]LWlWHQ²GLHHLQ]HOQHQ:LVVHQVEHUHLFKHVHKUVWDUN]XPDOXQWHUGHQ JHQHUHOOHQ 3UlPLVVHQ GHV &KULVWHQWXPV XQG GHU VWlQGLVFKKLHUDUFKLVFKHQ 2UGQXQJ GLH LQ YHUVFKLHGHQHQ $XVSUlJXQJHQ DOOH 'LVNXUVH EHUJUHLIW OHW]WOLFK DXFK GLH 2UJDQLVDWLRQ GHV 6WDGWSDWUL]LDWV XQG GHU =QIWH 'DV OlXIW YHUHLQIDFKHQG VFKHPDWLVFK YRU DOOHP DXI GLH 8QWHUVFKHLGXQJ YRQ GLVNXUVLYHQ3UD[HQZLHªODLHQDGOLJHU+RI©ªPRQDVWLVFKHU.OHUXV©ªJHLVWOL FKHU+RI©HYWOªODWHLQVSUDFKLJH+RFKVFKXOH©KLQDXV,QVLFKQHXHQWZLN NHOQGHQ6R]LDOXQG:LUWVFKDIWVIRUPHQZLHGHU6WDGWLVWGLH$XVGLIIHUHQ ]LHUXQJ YHUPXWOLFK ZHLWHU IRUWJHVFKULWWHQ 6FKRQ GLH ODWHLQLVFKVSUDFKLJHQ 'RPXQG3IDUUVFKXOHQELOGHQLP-DKUKXQGHUW]XQHKPHQG/HXWHDXV GLHQLFKWPHKUDXWRPDWLVFKLQGHU:HOWJHLVWOLFKNHLWDXIJHKHQVRQGHUQGLH /DXIEDKQYRQ9HUZDOWXQJVIDFKOHXWHQHLQVFKODJHQ:RHLQ=HQWUXPRGHU HLQHLQWHJULHUHQGH*UXQGVWUXNWXU ZLHDQGHUHQRUWV)UVW.ORVWHU%LVFKRI 2UGHQRGHUXQLYHUVLWDV IHKOHQRGHUYRQEHJUHQ]WHP(LQIOXVVVLQGXQGVLFK )RUPHQGHU5HJXOLHUXQJGHV=XVDPPHQOHEHQVHUVWVSH]LILVFKDXVIRUPHQ 3DWUL]LDW LQ QLFKWODQGHVKHUUOLFKHQ 6WlGWHQ 6HOEVWRUJDQLVDWLRQ LQ +DQGHO BBBBBBBBBBBBB  *HPHLQWVLQG]%'LVNXUVHGHU.OLQLNGHUgNRQRPLHGHU1DWXUJHVFKLFKWHGHU0DWKHPD WLNHWFGLHVLFKLP6SlWPLWWHODOWHUDXV]XGLIIHUHQ]LHUHQEHJLQQHQ-$1',5. 0h//(5*H GHFKWQXV/LWHUDWXUXQG+RIJHVHOOVFKDIWXP0D[LPLOLDQ,0QFKHQ )RUVFKXQJHQ]XU *HVFKLFKWHGHUlOWHUHQGHXWVFKHQ/LWHUDWXU 6VWHOOWQRFKIUGLH=HLWXPIHVW ª:DV VLFK LQ (LQ]HOIXQNWLRQHQ XQG WlWLJNHLWHQ ]X GLIIHUHQ]LHUHQ XQG DXVHLQDQGHU]XHQW ZLFNHOQEHJLQQWEHDQVSUXFKWGHUKXPDQLVWLVFKH*HOHKUWHXPQRFKDOVHLQ*DQ]HVLQ HLJHQHU3HUVRQ]XUHSUlVHQWLHUHQ>«@ 'HU$U]W+LVWRULNHU'LSORPDWXQGODQGHVIUVWOL FKH%HDPWH -RKDQQHV &XVSLQLDQ RGHU GHU 0DWKHPDWLNHU $VWURQRP*HRJUDSK +LVWRUL NHU XQG 3RHW  -RKDQQHV 6WDELXV VLQG >«@ %HLVSLHOH GLHVHV 7\SXV GHU QRFK QLFKW DXI EHVWLPPWH )DFKULFKWXQJHQ XQG :LVVHQVJHELHWH IHVWJHOHJW LVW GHU EHVRQGHUH 4XDOLILNDWLR QHQ HUVW LQGHQ YLHOIlOWLJHQ )XQNWLRQHQ DXVELOGHWGLH LKPGHUIUVWOLFKH +RI ]XZHLVWGHU YRUHUVWDOVGRFWXVIUDOOHV:L‰EDUH]XVWlQGLJLVWIUGHVVHQ6HOEVWYHUVWlQGQLVDEHUGLHRWLD OLWWHUDULDGHQK|FKVWHQ5DQJEHKDXSWHQ©9JODXFKGLH$XVIKUXQJHQ]X6WDELXVHEG6  'DEHL JLOWGDVVPDQ YRQ GHUDXVVFKOLH‰OLFKHQ 9HUZHQGXQJHLQHU 6SUDFKH QLFKW DXVJHKHQ NDQQZRKODEHUYRQGHUHQEHVWLPPHQGHU'RPLQDQ]  'D]X+(1.(/6FKXOWH[WH>ZLH$QP@6=XGHQ9HUKlOWQLVVHQXP]XEUJHU OLFKHQ)DFKOHXWHQXQG]XGHQ9HUVXFKHQQHXHGHQ%HGUIQLVVHQGHV.DLVHUKRIVHQWVSUH FKHQGH %LOGXQJVLQVWLWXWLRQHQ ]X HUULFKWHQ YJO 0h//(5 *HGHFKWQXV >ZLH $QP@ 6 

6SUDFKH²'LVNXUV²7H[W



XQG +DQGZHUN  LVW GLH 6SH]LDOLVLHUXQJ YHUPXWOLFK EHUHLWV JUXQGVlW]OLFK DQJHOHJW'LHVWlGWLVFKHQWHXWVFKHQ6FKXOHQGHV-DKUKXQGHUWVVLQGVRPLW QLFKWPHKU7HLOHLQHV'LVNXUVHVª6WDGWEUJHUWXP©VRQGHUQSDUWL]LSLHUHQ ZLHPLQLPDODXFKLPPHUDQ6SH]LDOGLVNXUVHQZLHªgNRQRPLH©XQGª9HU ZDOWXQJ©LQGHPVLH]7DXINRPPHU]LHOOHU%DVLVHOHPHQWDUH.RPSHWHQ ]HQ ZLH /HVHQ 6FKUHLEHQ XQG 5HFKQHQ WHLOZHLVH SUD[LVRULHQWLHUW DQ +DQGZHUNHUXQG.DXIOHXWHYHUPLWWHOQ .HLQHUGHUJHQDQQWHQ'LVNXUVHLVWYHUPXWOLFKLQVLFKZLUNOLFKHLQVSUD FKLJ DPHKHVWHQGHUGHVªODLHQDGOLJHQ+RIHV©XQGGLHVSH]LDOLVLHUWHQ'LV NXUVH LQ VSlWPLWWHODOWHUOLFKHQ 6WlGWHQ  (V LVW GDYRQ DXV]XJHKHQ GDVV YRONVVSUDFKOLFK VFKUHLEHQGH XQGYRUWUDJHQGH $XWRUHQ LQ GHU 5HJHO ODWHL QLVFKDXVJHELOGHWZDUHQ'LH6SUDFKZDKOLVWHQJYHUNQSIWPLWEHVWLPP WHQ %HUHLFKHQ LQ GHQHQ HLQH 6SUDFKH ELQGHQG JHERWHQ HUODXEW QLFKW JHERWHQRGHUQLFKWHUODXEWLVW6RZLUGGHU*HEUDXFKGHU9RONVVSUDFKHLP 8PIHOGYRQ6FKXOH8QLYHUVLWlWXQG%XUVHRGHULP.ORVWHU]XJXQVWHQGHV (UZHUEVYRQ/DWHLQNRPSHWHQ]UHJXOLHUWJHUDGHDXFKDX‰HUKDOEGHV/HKU EHWULHEVZDVQLFKWKHL‰WGDVVGDV'HXWVFKHQLFKWLQGHU6FKXOH]XUGLGDN WLVFKHQ 9HUPLWWOXQJ HLQJHVHW]W ZRUGHQ ZlUH 'K ]XJOHLFK GDVV GLH :DKOHLQHU6SUDFKHQLFKWQXUGXUFKGLH.RPSHWHQ]EHVWLPPWZLUGVRQ GHUQ DXFK LQ $EKlQJLJNHLW YRQ GHU GLVNXUVLYHQ 3UD[LV VWHKW LQ GHU GLH .RPPXQLNDWLRQVWDWWILQGHW6SUDFKHGLVNXUVLYH3UD[LVXQG0HQWDOLWlWVWH KHQ LQ HLQHP VHKU HQJHQ 9HUKlOWQLV 'LH 1RUGKlXVHU 6FKXORUGQXQJ YRQ  ]HLJW GHXWOLFK GDVV GLH %HUHLFKH GHV .RPSHWHQ]HUZHUEV² KLHU GHU BBBBBBBBBBBBB  'D]X+$57087%/(80(5ª'HXWVFKH6FKXOPHLVWHU©XQGª'HXWVFKH6FKXOH©)RUVFKXQJV NULWLNXQG0DWHULDOLHQ,Q6FKXOOLWHUDWXULPVSlWHQ0LWWHODOWHU+JYRQ./$86 *58%0h/ /(50QFKHQ 0QVWHUVFKH0LWWHODOWHU6FKULIWHQ 6+(1.(/6FKXOWH[WH >ZLH$QP@6YJODXFK321(57'HXWVFKXQG/DWHLQ>ZLH$QP@6I  9JO XD %80.( +|ILVFKH .XOWXU >ZLH $QP@ 6 321(57 'HXWVFK XQG /DWHLQ >ZLH$QP@6  9JODOOJHPHLQ./$86*58%0h//(5'HU/HKUJDQJGHV7ULYLXPVXQGGLH5ROOHGHU9RONV VSUDFKHLPVSlWHQ0LWWHODOWHU,Q6WXGLHQ]XPVWlGWLVFKHQ%LOGXQJVZHVHQGHVVSlWHQ0LW WHODOWHUV XQG GHU IUKHQ 1HX]HLW %HULFKW EHU .ROORTXLHQ GHU .RPPLVVLRQ ]XU (UIRU VFKXQJGHU.XOWXUGHV6SlWPLWWHODOWHUVELV+JYRQ% (51' 02(//(5+$16 3$7=( XQG .$5/ 67$&.0$11 *|WWLQJHQ  $EKDQGOXQJHQ GHU $NDGHPLHGHU :LV VHQVFKDIWHQ LQ *|WWLQJHQ 3KLORORJLVFKKLVWRULVFKH .ODVVH )ROJH   6 KLHU 6]XU6FKXOSUD[LV+(1.(/6FKXOWH[WH>ZLH$QP@6]XPXQLYHUVLWl UHQ %HUHLFK -h5*(1 6&+,(:( 6SUDFKHQZHFKVHO ² )XQNWLRQVZDQGHO ² $XVWDXVFK GHU 'HQNVWLOH'LH8QLYHUVLWlW)UHLEXUJ]ZLVFKHQ/DWHLQXQG'HXWVFK7ELQJHQ 5HLKH *HUPDQLVWLVFKH /LQJXLVWLN   EHVRQGHUV 6 =XU 3UD[LV LQ HQJOLVFKHQ .O|VWHUQ GHV  XQG  -DKUKXQGHUWV GHQ *HEUDXFK GHV (QJOLVFKHQ ]XJXQVWHQ GHV /DWHLQLVFKHQ XQG )UDQ]|VLVFKHQ ]XUFN]XGUlQJHQ 7+20$6 (+/(1 9LVLRQ XQG 6FKULIW ²,QWHUHVVHQ 3UR]H‰XQG7\SLNGHU9HUVFKULIWOLFKXQJKRFKPLWWHODOWHUOLFKHU-HQVHLWVUHLVHQLQODWHLQLVFKHU 6SUDFKHDP%HLVSLHOGHU9LVLRPRQDFKLGH(\QVKDP,Q9LVLR(GPXQGLPRQDFKLGH(\QV KDP ,QWHUGLV]LSOLQlUH 6WXGLHQ ]XU PLWWHODOWHUOLFKHQ 9LVLRQVOLWHUDWXU +J YRQ 7+ ( -2 +$11(6 0$1*(, XQG(/,6$%(7+ 67(,17ELQJHQ 6FULSW2UDOLD 6 KLHU6



7+20$6(+/(1

6FKULIWOLFKNHLWLQGHXWVFKHU6SUDFKH²XQGGHUVR]LDOHQ5HJXODULHQ]XWUHQ QHQVLQG H

H

>«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«@

'DV *HERW ]XP 6FKUHLEXQWHUULFKW LP 'HXWVFKHQ XQG GDV 9HUERW YRONV VSUDFKOLFKHQ6SUHFKHQVDX‰HUKDOEGHU6FKXOHIROJHQKLHUGLUHNWDXIHLQDQ GHU 'LH .RPSHWHQ] LQ GHU 9RONVVSUDFKH ]X VFKUHLEHQ LVW HEHQVR HLQ /HUQ]LHO ZLH GLH P|JOLFKVW ZHLWJHKHQGH %HKHUUVFKXQJ GHU ODWHLQLVFKHQ 6SUDFKHXDGDGXUFKHUUHLFKWZHUGHQVROOGDVVGLH6FKOHUVLFKLP$OOWDJ LKUHUVWDWWGHU0XWWHUVSUDFKHEHGLHQHQ 'HULP=XVDPPHQKDQJPLWGHQKLHUDQJHVWHOOWHQhEHUOHJXQJHQ]XP PLWWHODOWHUOLFKHQ 'LVNXUV ]X *UXQGH JHOHJWH 7H[WEHJULII LVW YRQ GHU 6FKULIWOLFKNHLWHQWEXQGHQª7H[W©EH]HLFKQHWHLQV\QWDNWLVFKJUDPPDWLND OLVFK OH[LNDOLVFKRGHU SRHWRORJLVFK NRPSOH[ DQJHOHJWHVVSUDFKOLFKHV 3UR GXNW GDV HEHQVR VFKULIWOLFK IL[LHUW ZLH*HJHQVWDQG RUDO YROO]RJHQHU 3HU IRUPDQ]VHLQNDQQ'DEHLJLEWHVhEHUVFKQHLGXQJHQ]ZLVFKHQ6FKULIWOLFK NHLWXQG0QGOLFKNHLWEHVRQGHUVGHQ9RUWUDJDXI%DVLVHLQHUVFKULIWOLFKHQ *UXQGODJHGHUDEHURIIHQIUVSRQWDQH0RGLILNDWLRQHQLVW6LJQLILNDQWLVW EHLVSLHOVZHLVHDXFKGLH6LWXDWLRQGDVVHLQYRONVVSUDFKLJHURUDOHU7H[WOD WHLQLVFKYHUVFKULIWHWXQGDQVFKOLH‰HQGZLHGHUYRONVVSUDFKOLFKYRUJHWUDJHQ ZLUGRKQHGDVVHVHLQHYRONVVSUDFKLJH)L[LHUXQJJlEH ]%EHL5HFKWVWH[ WHQGLHHLQ+HUUVFKHUGHXWVFKYRUWUlJWGLHGHU6FKUHLEHUODWHLQLVFKIL[LHUW XQGGLHEHLP9RUWUDJVSRQWDQDXVGHP/DWHLQLVFKHQLQV'HXWVFKHEHU VHW]WZHUGHQRGHUEHLYRONVVSUDFKLJHQ3UHGLJWHQQDFKODWHLQLVFKHQ.RQ BBBBBBBBBBBBB  9RUXQGIUKUHIRUPDWRULVFKH6FKXORUGQXQJHQXQG6FKXOYHUWUlJHLQGHXWVFKHUXQGQLHGHU OlQGLVFKHU6SUDFKH+JYRQ-2+$11(6 0h//(5=VFKRSDX 6DPPOXQJVHOWHQ JHZRUGHQHU SlGDJRJLVFKHU 6FKULIWHQ IUKHUHU =HLWHQ   %G  6 (LQH lKQOLFKH =XVDPPHQVWHOOXQJ ELHWHW DXFKGLH2UGQXQJ IUGLH1UQEHUJHU/DWHLQVFKXOHQ YRQ  YJOHEG6  (LQ %HLVSLHO DXV GHP VSlWHQ -DKUKXQGHUW EHL %80.( +|ILVFKH .XOWXU >ZLH $QP@ 6 YJO DXFK 321(57 'HXWVFK XQG /DWHLQ >ZLH $QP@ 6 I XQG  'HXWVFKVSUDFKLJH8UNXQGHQVLQGHUVWDXVGHP]ZHLWHQ'ULWWHOGHV-DKUKXQGHUWVHUKDO WHQ YJO +(1.(/ 6FKXOWH[WH >ZLH$QP@ 6 YJODXFK./$86 *58%0h//(5 (OH PHQWH HLQHU OLWHUDULVFKHQ *HEUDXFKVVLWXDWLRQ =XU 5H]HSWLRQ GHU DHVRSLVFKHQ )DEHO LP -DKUKXQGHUW,Q:U]EXUJHU3URVDVWXGLHQ,,8QWHUVXFKXQJHQ]XU/LWHUDWXUXQG6SUD FKH GHV 0LWWHODOWHUV .XUW 5XK ]XP *HEXUWVWDJ+J YRQ 3(7(5 .(67,1* 0QFKHQ  0HGLXP$HYXP 6KLHU6EHUGLH6FKZLHULJNHLWHQGHUª9HUPLWW OXQJGHVLQGHU6FKXOHLQDXVVFKOLH‰OLFKODWHLQLVFKHU8PJHEXQJHUZRUEHQHQ:LVVHQVDQ/D WHLQXQNXQGLJH© DXI GHP ª¿5FNZHJ¾ LQ GLH 9RONVVSUDFKH© GXUFK GHQ 6HHOVRUJHU LQ VHLQHU ª3RVLWLRQ]ZLVFKHQ6FKXOHXQG6HHOVRUJH©&/$1&+ZLH$QP@6

6SUDFKH²'LVNXUV²7H[W



]HSWHQ  )U GLH PHLVWHQ PLWWHODOWHUOLFKHQ 7H[WH LQ GHU 9RONVVSUDFKH ]HLJWGLHhEHUOLHIHUXQJGDVVVLHLQLKUHP%HVWDQGQLFKWIHVWVLQGVRQGHUQ VLFK XQWHU GHQ %HGLQJXQJHQ GHV $EVFKUHLEHQV XQG P|JOLFKHUZHLVH DXFK GHU3HUIRUPDQ]YHUlQGHUQ'DVEHWULIIW]XPHLQHQGLHODXWOLFKH'LPHQVL RQ,P$EVFKUHLEHSUR]HVVZHUGHQXDGLDOHNWDOH9DULDWLRQHQXQGVSUDFK JHVFKLFKWOLFKH (QWZLFNOXQJHQ PDWHULDOLVLHUW =XP DQGHUHQ JLOW IU YLHOH 7H[WHGDVVVLHYRUDOOHPLPPQGOLFKHQ9RUWUDJLKUHQ2UWKDWWHQXQGIU YHUVFKLHGHQH9RUWUDJVVLWXDWLRQHQYHUVFKLHGHQDXIEHUHLWHWZXUGHQ'LHGD EHL DXIWUHWHQGHQ 9HUlQGHUXQJHQ EHWUHIIHQ QLFKW QXU GHQ LOORNXWLRQlUHQ VRQGHUQDXFKGHQSURSRVLWLRQDOHQ%HUHLFK(LQYRONVVSUDFKLJHUPLWWHODO WHUOLFKHU7H[WLVWLQGHU5HJHOHLQªRIIHQHU7H[W©'LHEUHLWHQ'LYHUJHQ]HQ YRU DOOHP LQ GHU hEHUOLHIHUXQJ YRQ .OHLQIRUPHQ ]% 0LQQHOLHG XQG 6DQJVSUXFK DEHUDXFK]%EHL(SHQZLHGHP¿1LEHOXQJHQOLHG¾GRNXPHQ WLHUHQ GLH :LUNXQJVPlFKWLJNHLW VROFKHU 9HUlQGHUXQJHQ ,QWHQGLHUW LVW QLFKWQXUªVSUHFKVLWXDWLRQVEHUGDXHUQGH6WDELOLWlW©ZHLOHVEHLPLWWHODO WHUOLFKHU 7H[WEHUOLHIHUXQJRIW QLFKW XP GLH :DKUXQJYRQ 6WDELOLWlW ]ZL VFKHQ]ZHL6SUHFKVLWXDWLRQHQJHKWVRQGHUQXPGLH1HXHLQVFKUHLEXQJDX WRULWDWLYOHJLWLPLHUWHQDEHUGXUFKDXVYHUlQGHUWHQ0DWHULDOVLQHLQHQP|J OLFKHUZHLVH Y|OOLJ YHUlQGHUWHQ .RQWH[W ZR HLQ GH IDFWR JHlQGHUWHU 7H[W XQWHUGHP1DPHQGHVVHOEHQ7H[WVHLQHDQGHUH)XQNWLRQHUKlOW/HJWPDQ GLH .DWHJRULHQ GHU IXQNWLRQDOHQ 3UDJPDWLN ]X *UXQGH KDQGHOW HV VLFK BBBBBBBBBBBBB ELHWHW%HLVSLHOHDXVGHP(QJODQGGHVXQG-DKUKXQGHUWV'RUWLVWGLH6LWXDWLRQLQVR IHUQDQGHUVDOVPLWGHP(QJOLVFKHQ/DWHLQLVFKHQXQG)UDQ]|VLVFKHQGUHL6SUDFKHQQHEHQ HLQDQGHU IXQJLHUHQ XQG GDV )UDQ]|VLVFKH DOV 6SUDFKH GHU 6FKULIWOLFKNHLW LP /DXIH GHV -DKUKXQGHUWVLQ8UNXQGHQGDV/DWHLQLVFKH]XQHKPHQGYHUGUlQJW  9JOGHQ$EVFKQLWWYRQ1,.2/$86 +(1.(//DWHLQLVFK'HXWVFK,Q6SUDFKJHVFKLFKWH >ZLH$QP@7HLOEG  6KLHU6I  (LQHQ $EULVV GD]X ELHWHW :(51(5 %(6&+ 'LDOHNW 6FKUHLEGLDOHNW 6FKULIWVSUDFKH 6WDQ GDUGVSUDFKH([HPSODULVFKH6NL]]HLKUHUKLVWRULVFKHQ$XVSUlJXQJLP'HXWVFKHQ,Q'LD OHNWRORJLH(LQ+DQGEXFK]XUGHXWVFKHQXQGDOOJHPHLQHQ'LDOHNWIRUVFKXQJ+JYRQ:% >XD@ %HUOLQ 1HZ =X GHQ GHXWVFKHQ &DWR XQG )DFHWXVEHDUEHLWXQJHQ 8QWHUVXFKXQJHQ XQG7H[WH@ %UQR  6SLV\ 0DVDU\ NRY\8QLYHUVLW\Y%UQĕ)LORVRILFNi)DNXOWD 6

6SUDFKH²'LVNXUV²7H[W



LGHQWLILNDWRULVFK YHUZHQGEDUHQ 6WRIINRPSOH[HV ZLH GHQ ª1LEHOXQJHQ© 6HOEVWZHQQVLFKGLHXQWHUVFKLHGOLFKHQ.RQWH[WHXQVHUHU.HQQWQLVHQW]LH KHQPXVVGDYRQDXVJHJDQJHQZHUGHQGDVVGLHhEHUOLHIHUXQJ$XVGUXFNV XQG$SSHOOIXQNWLRQGHV7H[WHVYHUlQGHUW ,P8QWHUVFKLHG]X)28&$8/7GHUª.RQWLQXLWlWHQ©LPKHUJHEUDFKWHQ 9HUVWlQGQLVGXUFK%H]LHKXQJHQ]ZLVFKHQ$XVVDJHQ*UXSSHQYRQ$XVVD JHQ XQG (UHLJQLVVHQ YRQ DQGHUHU 2UGQXQJ HUVHW]W XQG GHQ 5DXP IU WKHPDWLVFKHª.RQWLQXLWlWHQ©IU%HJULIIHXlDOVOHGLJOLFKLQGHUª3RVLWLYL WlW©GHV'LVNXUVHVJHJHEHQVLHKWZRVLHVLFKLP=XVDPPHQVSLHOGHU$XV VDJHQHQWIDOWHQN|QQHQQLFKWMHGRFKEHUGHQ'LVNXUVKLQDXVYRQWUDQV ]HQGHQWHU :LUNXQJVPlFKWLJNHLW VLQG P|FKWH LFK DXI JHZLVVH (OHPHQWH BBBBBBBBBBBBB  'LHEHLGHQIROJHQGHQWH[WXHOOHQ5HSUlVHQWDWLRQHQYRQ¿'LVWLFKD&DWRQLV¾,,]%VWHKHQ ZLHGHU.RQWH[W]HLJW YJOHWZD'LVWLFKD,,IXQG]XU%HDUEHLWXQJVSUD[LVGHU 6WXWWJDUWHU+DQGVFKULIWDOOJHPHLQ=$72þ,/&DWRD)DFHWXV>ZLH$QP@6 ]XPLQ GHVWLQPLWWHOEDUHUhEHUOLHIHUXQJVNRQWLQXLWlW]HLJHQDEHUPDUNDQWH0RGLILNDWLRQHQ/DQLKW HLQGLQJGD]GLUVLYUXPH2EH]GLUPLWVFKDGHQFKYPH(QWSKDFKGHUVHOGHQVWLUQHQKDUZDQGGX ZL]]HQ ZHLVW YRUYDU >VF YU ZkU@ =ZHWWO 6WLIWVELEOLRWKHN &RG  YJO =$72þ,/ 6  ² :HQQGLHUDLQGLQJHEHQLVW'DVODX‰YRQGLUF]ţNDLQHUIULVW*HOLFNRIWDLQHPF]ţVWDXW'DV GRFK LQ GDUQDXFK YHUODXW 6WXWWJDUW :UWWHPEHUJLVFKH /DQGHVELEOLRWKHN &RG SRHW HWSKLOƒYJO=$72þ,/6 'HULP=ZHWWOHU&RGH[LP9HUJOHLFK]XP/DWHLQLVFKHQ HLQJHVFKDOWHWH .RQGLWLRQDOVDW] LVW RKQH 3HQGDQW LQ GHU 6WXWWJDUWHU +DQGVFKULIW GDV LQ =ZHWWO WHLOZHLVH JHZDKUWH XQG YRQ GDKHU XQYHUVWlQGOLFKH  GHP ODWHLQLVFKHQ 7H[W HQW VWDPPHQGH%LOGYRQGHUJHORFNWHQ6WLUQGHUHQ.HKUVHLWHGHU.DKONRSILVWILQGHWVLFKLP 6WXWWJDUWHU7H[WDXIJHO|VWYUXP XDªI|UGHUOLFK©ªQW]OLFK©YJO0$77+,$6 /(;(50LW WHOKRFKGHXWVFKHV +DQGZ|UWHUEXFK =XJOHLFK DOV 6XSSOHPHQW XQG DOSKDEHWLVFKHU ,QGH[ ]XP0LWWHOKRFKGHXWVFKHQ:|UWHUEXFKYRQ%(1(&.(0h//(5=$51&.(/HLS]LJ 1DFKGUXFN6WXWWJDUW%G6S LVWLQKDOWOLFKHWZDVDQGHUHVDOVHEHQ XD ª]XVDJHQG©ªSDVVHQG©ªZLOONRPPHQ©YJO&+5,67$ %$8)(/'.OHLQHVIUKQHXKRFKGHXW VFKHV:|UWHUEXFK/H[LNDXV'LFKWXQJXQG)DFKOLWHUDWXUGHV)UKQHXKRFKGHXWVFKHQ7 ELQJHQ6 6HOEVWZHQQPDQYRQYHUJOHLFKEDUHQ7H[WIXQNWLRQHQXQGYRQHLQHP OHW]WOLFK QLFKW JUXQGVlW]OLFK JHlQGHUWHQ *HKDOW DXVJHKW lQGHUW VLFK LQ GHU hEHUOLHIHUXQJ VFKHLQEDUGLHNRPPXQLNDWLYH+DQGOXQJ'LH)RUGHUXQJDQHLQHUJHHLJQHWHQ6DFKHIHVW]X KDOWHQZLUGLP6WXWWJDUWHU&RGH[XQHLQJHVFKUlQNWHUKREHQLP=ZHWWOHUXQWHUGLH%HGLQ JXQJJHVWHOOWGDVVGLHVHPRPHQWDQ0KHRGHU6FKDGHQEHUHLWHWGLH0HWDSKHUDOV(OHPHQW GHVODWHLQLVFKHQ%LOGXQJVNRQWH[WHVZLUGLP=ZHWWOHQVLVYHUVXFKVZHLVHYHUPLWWHOWLP6WXWW JDUWHQVLVZLUGELOGORVGXUFKHLQHQ6SUXFKHLQH(UIDKUXQJRIIHULHUWGHU$SSHOODQGLH1W] OLFKNHLW VFKOLH‰OLFK OlVVW GLH .RQJUXHQ] ]ZLVFKHQ :HUW XQG 3HUVRQ ]XUFNWUHWHQ GLH GDV HEHQLP6WXWWJDUWHU&RGH[VXJJHULHUW'D]XGDVVHVLQGHQGHXWVFKHQ¿&DWR¾7H[WHQOHW]WOLFK YHUPXWOLFKQLFKWXPGLH9HUPLWWOXQJNRQNUHWHQ+DQGOXQJVZLVVHQVJHKWVRQGHUQXPGHQ 7UDQVIHUYRQ%LOGXQJVVXEVWUDW XQGGDVVYRQGDKHUGLHNRPPXQLNDWLYH+DQGOXQJLPHQW VFKHLGHQGHQ 3XQNW OHW]WOLFK JOHLFK LVW  YJO PHLQHQ %HLWUDJ ª'LGD[H NXOWXUHOOHV 3UHVWLJH XQG IXQNWLRQDOH =ZHLVSUDFKLJNHLW /DWHLQLVFKGHXWVFKH ¿&DWR¾+DQGVFKULIWHQ DOV %HLVSLHO IU ODWHLQLVFKVSUDFKLJH +HUPHQHXWLN XQG YRONVVSUDFKOLFKH $QHLJQXQJ DQWLNHU %LOGXQJ LP VSlWHUHQ0LWWHODOWHU©LQGLHVHP%DQG6  9JO )28&$8/7 $UFKlRORJLH >ZLH $QP@ 6I DXFK 6 PLW GHP %HLVSLHO ªNOLQL VFKHU'LVNXUV©  9JO)28&$8/7$UFKlRORJLH>ZLH$QP@6I]XU%HGLQJWKHLWXQG5HJHODEKlQJLJ NHLWYRQ.RQWLQXLWlWHQHEG6I



7+20$6(+/(1

GHUORQJXHGXUpHGLHDOV7H[WDOVSUlJHQGHU( L Q I O X V V LQGHU0 H Q W D  O L W l W HLQHVRGHUPHKUHUHU7HLOQHKPHURGHUDQGHUVLP'LVNXUVYHUWUHWHQ VLQGQLFKWYHU]LFKWHQ)28&$8/7EHVFKUlQNWVROFKHª.RQWLQXLWlWHQ©DXI GLH :HLWHUJDEH YRQ ª$XVVDJHQ© XQG VWHOOW LQV =HQWUXP VHLQHU $QDO\VH GHUHQQHXH2UJDQLVDWLRQ QHXH9HUNQSIXQJLPZHLWHVWHQ6LQQH LQHLQHP VSH]LILVFKHQ'LVNXUV(UVFKOLH‰WSV\FKRORJLVLHUHQGH'HXWXQJHQDXVGHU 'LVNXUVDQDO\VHGH]LGLHUWDXVLQGHPHUGDV)HOGGHU$XVVDJHQ.HUQJHJHQ VWDQG VHLQHU 8QWHUVXFKXQJHQ DOV GHQ 2UW GHV GLVNXUVLYHQ *HVFKHKHQV VHW]WRKQHGDVVGLHVHVDXI'HQNHQ3V\FKHRGHUGLHª6SKlUHGHUWUDQV]HQ GHQWDOHQ.RQVWLWXWLRQ©YHUZHLVH'DV6XEMHNWWULWWDOVKDQGHOQGH*U|‰H ZHLWJHKHQG]XUFN)28&$8/7VKXPDQLVPXVNULWLVFKHUPDQLVWJHQHLJW]X VDJHQ PHFKDQLVWLVFKHU $QVDW] LQ GHVVHQ =HQWUXP GLH 5HJHOQ GHU )XQN WLRQ YRQ =HLFKHQPHQJHQ XQG LKUH 7UDQVIRUPDWLRQ VWHKHQ LVW $XVGUXFN GHU $XVHLQDQGHUVHW]XQJ PLW WHOHRORJLVFKHU XQG VXEMHNW]HQWULHUWHU +LVWR ULRJUDSKLHXQGLGHDOLVWLVFKHQ.RQ]HSWHQYRQ:LUNOLFKNHLW,QGHUIUGH NRQVWUXNWLYLVWLVFKH $QVlW]H VLJQLILNDQWHQ :HLVH ZLUG GLH $XIKHEXQJ YRQ :LGHUVSUFKHQXQG$QWDJRQLVPHQLPLGHDOHQ(LQHQZLHVLHGLHZHVWOLFKH SKLORVRSKLVFKH7UDGLWLRQYRUJLEWYHUZHLJHUW)28&$8/7VWHOOWGDV&RJLWR HUNOlUWHUPD‰HQDX‰HUKDOEGHU$QDO\VHGHU$XVVDJHQ'DPHLQHV(UDFK WHQV DXFK HLQ IXQNWLRQDOLVWLVFKHV 6\VWHP LPPHU HLQ 6\VWHP LVW GHVVHQ BBBBBBBBBBBBB  'LHLQGLHVHP$EVDW]JHVSHUUWJHGUXFNWHQ(LQKHLWHQZHUGHQYRQ)28&$8/7HUNOlUWHUPD ‰HQDEJHO|VW  *58%0h//(5(OHPHQWH>ZLH$QP@6VSULFKWYRQGHUª$QZHQGXQJ©OLWHUDULVFKHU $XVVDJHPLWWHOGKYRQGHU$UWXQG:HLVHLQGHUªGLHOLWHUDULVFKH7UDGLWLRQLQGLH6LWXDWL RQLKUHVHUQHXWHQ*HEUDXFKVHLQJHEUDFKWZLUG©9RUDXVVHW]XQJVHLªOLWHUDULVFKH7H[WHDOV +DQGOXQJHQ]XEHJUHLIHQ©,P)DOOHGHU)DEHOJHZLQQHGLH7UDGLWLRQGHU7H[WHGXUFKGLH 9HUELQGXQJYRQODWHLQLVFKHU9RUODJHGHXWVFKHUhEHUVHW]XQJXQGPLWEHUOLHIHUWHP.RP PHQWDUGHUGLHLQWHQGLHUWH5H]HSWLRQYRUJLEWªHLQHQH[WUHPHQ*UDGDQ9HUELQGOLFKNHLWIU ¿OLWHUDULVFKH+DQGOXQJHQ¾LP0HGLXP©GLHVHVOLWHUDULVFKHQ7\SXV HEG6   $XVVDJH LVW NXU] DOV ª)XQNWLRQ GHU 5HDOLVLHUXQJGHU VSUDFKOLFKHQ ¿3HUIRUPDQ]¾© GHILQLHUW YJO)28&$8/7$UFKlRORJLH>ZLH$QP@6  9JOGD]X)28&$8/7$UFKlRORJLH>ZLH$QP@6PLWGHU$QJDEHYHUVFKLHGHQHU 2UJDQLVDWLRQVIRUPHQEHVRQGHUV6]XUª3UlVHQ]©  9JO)28&$8/7$UFKlRORJLH>ZLH$QP@6  6HLQHPHKUIDFKH:HQGXQJJHJHQªWUDQV]HQGHQWDOH6XEMHNWLYLWlW© YJO)28&$8/7$UFKlR ORJLH>ZLH$QP@6 JHJHQGLH5DWLRQDOLWlWDOVª¿WHORV¾GHU0HQVFKKHLW© HEG6  XQG GLH DXV GLHVHQ XQG lKQOLFKHQ 3UlPLVVHQ UHVXOWLHUHQGH ª7RWDOLVLHUXQJ© LQ GHU 6HW]XQJ HLQHUªNRQWLQXLHUOLFKH>Q@*HVFKLFKWH© YJOHEG6 EHQHQQWGLH.HUQSXQNWHVHLQHV3UR JUDPPV  9JO )28&$8/7 $UFKlRORJLH >ZLH $QP@ 6 'LH 6\VWHPDWLVLHUXQJ YRQ :LVVHQ LQ GHU 'LVNXUVDQDO\VH VFKOLH‰W ² LQ GH]LGLHUWHU :HQGXQJ JHJHQ GDV ZDV )28&$8/7 XQWHU ª,GHHQJHVFKLFKWH© ]XU 9HU]HLFKQXQJ GLHVHV %HJULIIHV YJO HEG 6  YHUVWHKW ² HEHQIDOOVGDV6XEMHNWZHLWJHKHQGDXVª$QVWDWWGHU$FKVH%HZXVVWVHLQ²(UNHQQWQLV²:LV VHQVFKDIW GLHYRP,QGH[GHU6XEMHNWLYLWlWQLFKWEHIUHLWZHUGHQNDQQ ]XIROJHQIROJWGLH $UFKlRORJLH>GLGLHGLVNXUVDQDO\WLVFKH0HWKRGH@GHU$FKVHGLVNXUVLYH3UD[LV²:LVVHQ² :LVVHQVFKDIW© HEG6 

6SUDFKH²'LVNXUV²7H[W



3UDJPHQLQGHQ0QGHUQXQG+lQGHQYRQ0HQVFKHQOLHJHQGLH]XJOHLFK 6XEMHNWXQG2EMHNWLKUHUVR]LDOHQ([LVWHQ]VLQGP|FKWHLFKGHQ$QWHLO GHQSV\FKLVFKH6WUXNWXUHQGHQ0 H Q W D O L W l W H Q UH]HSWLYZLHSURGXNWLY DP'LVNXUVKDEHQVWlUNHUKHUYRUKHEHQDOV)28&$8/7GHUGDV$XVVDJH IHOG GHV 'LVNXUVHV DOV ªDQRQ\PHV )HOG EHVFKUHLEW GHVVHQ .RQILJXUDWLRQ GHQP|JOLFKHQ3ODW]GHUVSUHFKHQGHQ6XEMHNWHGHILQLHUW©XQGGHUGDPLW PHLQHV(UDFKWHQVGHQ2EMHNWFKDUDNWHUGHVNRPPXQL]LHUHQGHQ0HQVFKHQ ]XHLQVHLWLJEHWRQW(VJHKWPLULP%HUHLFKYRQ:LVVHQXQG.RPPXQL NDWLRQ GDEHL QLFKW GDUXP ( Q W Z L F N O X Q J V NRQVWDQWHQ ]X LVROLHUHQ (V VROOHQYLHOPHKUWKHPDWLVFKHZLHUKHPDWLVFKH(OHPHQWHDOVDXVGHU7UDGLH UXQJ YHUIJEDU DQJHVHKHQ ZHUGHQ GLH GHQ MHZHLOLJHQ 'LVNXUV EHU GLH GDUDQ %HWHLOLJWHQ E H H L Q I O X V V H Q  XQG RKQH GLH QDPHQWOLFK RIIL]LHOOH  .RPPXQLNDWLRQLP0LWWHODOWHUQLFKWIXQNWLRQLHUHQNDQQ%HLDOOHP$E VWDQG]XU+\SRVWDVHGHV6XEMHNWVVLQGGLHVHPHLQHV(UDFKWHQV]XYHUVWH KHQ DOV DQ GHQ 0HQVFKHQ DOV VR]LDOHV XQG KHUPHQHXWLVFK WlWLJHV :HVHQ JHEXQGHQXQGVROOHQLQGLHVHP6LQQHKHUDXVJHVWHOOWZHUGHQ'DV6FKLFNVDO GHVGHQNHQGHQXQGKDQGHOQGHQ0HQVFKHQZLUGQLFKWGXUFKGLH3UlGHVWL QDWLRQGHV'LVNXUVHVHQWVFKLHGHQ ,P*HJHQVDW]]X)28&$8/7V7KHVHGDVVGLHbKQOLFKNHLWYRQ$XVVD JHQ QLFKW $XVGUXFN GHU ª8UVSUQJOLFKNHLW© HLQHU )RUPXOLHUXQJ LVW VRQ GHUQ GHU $QDORJLH GLH YRQ GHP GLVNXUVLYHQ )HOG KHUUKUW ZR PDQ VLH

BBBBBBBBBBBBB  =XUJUXQGVlW]OLFKGLDOHNWLVFKHQ$QODJHVR]LDOHU6\VWHPHYJO3(7(5 / %(5*(57+20$6 /8&.0$11 'LH JHVHOOVFKDIWOLFKH .RQVWUXNWLRQ GHU :LUNOLFKNHLW (LQH 7KHRULH GHU :LV VHQVVR]LRORJLH )UDQNIXUW0  )LVFKHU7DVFKHQEFKHU   /27+$5 .5$30$11 'LH,GHQWLWlWVSUREOHPDWLNQDFK(ULNVRQDXVHLQHULQWHUDNWLRQLVWLVFKHQ6LFKW,Q,GHQWLWlWV DUEHLW KHXWH .ODVVLVFKHXQG DNWXHOOH 3HUVSHNWLYHQGHU ,GHQWLWlWVIRUVFKXQJ +J YRQ +(, 1(5 .(833 XQG 5(1$7( +g)(5 )UDQNIXUW0  VXKUNDPS WDVFKHQEXFK ZLVVHQ VFKDIW 6  )28&$8/7$UFKlRORJLH>ZLH$QP@6  9JODXFK)28&$8/7$UFKlRORJLH>ZLH$QP@6]XPXQWHUVWHOOWHQ9HUKlOWQLVYRQ 6XEMHNW XQG :LVVHQ /,1. /,1.+((5 'LVNXUV,QWHUGLVNXV >ZLH $QP@ 6 EH VFKUHLEHQ+$%(50$6XQG)28&$8/7YHUJOHLFKHQGGDV3UREOHPVRª9HUHLQIDFKWN|QQWH PDQVDJHQ%HL+DEHUPDVNRQVWLWXLHUWGLH,QWHUVXEMHNWLYLWlWGHQ'LVNXUVEHL)RXFDXOWZLUG VLHDOVMHVSH]LILVFKKLVWRULVFKHDOOHUHUVWYRQ'LVNXUVHQNRQVWLWXLHUW©  9JODEHUDXFKGDVZDV)28&$8/7$UFKlRORJLH>ZLH$QP@6ª5HNXUUHQ]©QHQQW  0LW GHQ LP 9RUDQJHKHQGHQ EHQDQQWHQ $EJUHQ]XQJHQ ]7 LGHQWLVFK VLQG GLH 9RUZUIH GLH )28&$8/7 LP OHW]WHQ .DSLWHO GHU ª$UFKlRORJLH GHV :LVVHQV© VHLQHQ DGYRFDWXV GLDEROL YRUWUDJHQOlVVWXPDQVFKOLH‰HQGLQVHLQHP6LQQHULFKWLJ]XVWHOOHQ )28&$8/7$UFKlROR JLH >ZLH $QP@ 6  0HLQHV (UDFKWHQV YHUPDJ HU GLHVH (LQZlQGH ZHQLJVWHQV WHLOZHLVH QLFKW ]X HQWNUlIWHQ EHVRQGHUV KLQVLFKWOLFK GHU 3RVLWLRQ GHV 6XEMHNWV HEG 6  'XUFK GHVVHQ /RNDOLVLHUXQJ LQ YHUVFKLHGHQHQ 'LVNXUVHQ ZLUG GDV ª3UREOHP GHV 6XEMHNWV©VHKUZRKODXVJHVFKORVVHQZHQQHVNRQVHTXHQWDOV2EMHNWHUVFKHLQWGDVJHJHQ EHU:LVVHQXQG6R]LDOLWlWNHLQHLQGLYLGXHOOH.RPSHWHQ]EHVLW]W



7+20$6(+/(1

JHZDKUWVROODXFKLPWKHPDWLVFKHQ%HUHLFKVWlUNHUDXIHLQLQWHUVXEMHNWL YHV3ULQ]LSYRQ7UDGLHUXQJYHUZLHVHQZHUGHQ9RUDXINOlUHULVFKH:LVVHQ VFKDIWIX‰WLQGHU5HJHODXIGHP$XWRULWlWVSULQ]LSVHOEVWGRUWZRHVXP GLH $QHLJQXQJ YRQ :LVVHQJHKW GDV GHP HLJHQHQ 6\VWHP IUHPG LVW XQG GHXWHQG HLQJHVFKULHEHQ ZHUGHQ PXVV $XWRULWDWLY EHJUQGHWH LQ GHU 0HQWDOLWlW ZLUNVDPH 7UDGLHUXQJ XQG GDV 3ULQ]LS GHV ªRIIHQHQ 7H[WV© VFKOLH‰HQVLFKQLFKWDXV/lVVWPDQGLH%LEHOHLQPDODX‰HQYRUVLQGDXFK DXWRULWDWLYH$XVVDJHQLQLKUHP:RUWODXWQLFKWVDNURVDQNW:LFKWLJLVWGHU 7UDQVIHU GHVVHQ ZDV PDQ JHPl‰ YRUKHUUVFKHQGHU XQG HUZDUWEDUHU $Q VLFKWHLQHU$XWRULWlW]XVSULFKW'LH8Q]DKOSVHXGHSLJUDSKLVFKHU=XVFKUHL EXQJHQ JDQ]HU 7H[WH XQG GLH =XZHLVXQJ QLFKW YHULIL]LHUEDUHU =LWDWH DQ $XWRULWlWHQ]HLJHQGDVVGDV$XWRULWlWVSULQ]LSEHZXVVWRGHUPDQJHOVDQGH UHU ,QIRUPDWLRQ DQGHUH /HJLWLPLHUXQJVYHUIDKUHQ EHUGHFNW (V YHUVHOE VWlQGLJWVLFKDQGHP3XQNWZRPDQ]%PDQJHOVUHDOKLVWRULVFKHU7UDGL WLRQGLH9HUJDQJHQKHLWHLQHV.ORVWHUVRGHUHLQHU.LUFKHQVWLIWXQJPLWªJH IlOVFKWHQ© 8UNXQGHQ JUR‰HU +HUUVFKHU HLQLJH -DKUKXQGHUWH ]XUFNGD WLHUW )U ªRIIHQH 7H[WH© EH]LHKW VLFK GLHVHV LPPHQV NUDIWYROOH $XWRUL WlWVSULQ]LS PHLVW DXI GLH (LQ]HOEHUOLHIHUXQJ 'D WH[WNULWLVFKH hEHUSU IXQJGXUFKGHQPLWWHODOWHUOLFKHQ6FKUHLEHULQGHU5HJHOQLFKWRGHU]XPLQ GHVWQLFKWQDFKSKLORORJLVFKHQ*HVLFKWVSXQNWHQVWDWWILQGHW²GRUWZRYHU JOLFKHQZLUGYHUIlKUWPDQRIWVXPPLHUHQGRGHUEHXUWHLOWDXVHLJHQHU$Q VLFKWEH]LHKWVLFKDEHULQGHU5HJHOQLFKWDXIWH[WXHOOH(YLGHQ]HQ²YHU OlXIW GLH5H]HSWLRQYHUPXWOLFK VR GDVV PDQ HLQHU bX‰HUXQJ JODXEW ZHLO BBBBBBBBBBBBB  %HLVSLHOHVLQGXDGLH7KHPDWLVLHUXQJGHV(YROXWLRQVSULQ]LSVYRU'DUZLQRGHUNODVVLILND WRULVFKH6\VWHPHGHU1DWXUHUIRUVFKXQJEHL&XYLHU/LQQpXQG$ULVWRWHOHVYJO)28&$8/7 $UFKlRORJLH>ZLH$QP@6  0$57,1+(,'(**(5'LH=HLWGHV:HOWELOGHV,Q0++RO]ZHJH+JYRQ)5,('5,&+ :,/+(/0 921 +(550$11GXUFKJHVHKHQH$XIODJH)UDQNIXUW06 LQ HUVWHU $XIODJH  XUVSUQJOLFK 9RUWUDJ   GHU GLH PLWWHODOWHUOLFKH (UNHQQWQLV DXV :RUWXQG$XWRULWlWHQYRQGHUQHX]HLWOLFKHQDXVH[SHULPHQWHOOHP)RUVFKHQXQWHUVFKHLGHW VHW]W PHLQHV (UDFKWHQV GHQ 6WHOOHQZHUW GHV $XWRULWlWVSULQ]LSV LQ GHU LQVWLWXWLRQDOLVLHUWHQ :LVVHQVFKDIWGHU1HX]HLW]XQLHGULJDQ YJOHEG6I 9LHOOHLFKWOlVVWVLFKVHLQ+LQZHLV DXIGHQ9RUUDQJGHV9HUIDKUHQVYRUGHP6HLHQGHQLQGHULQVWLWXWLRQDOLVLHUWHQ:LVVHQVFKDIW DOVJHZLVVHV,QGL]DXFKIUGLH3UlYDOHQ]GHV$XWRULWDWLYHQGHXWHQ YJOHEG6 ,PhE ULJHQ ]HLJW +(,'(**(5 VHKU SODVWLVFK GLH ZHFKVHOVHLWLJH %HGLQJWKHLW YRQ 0HWKRGH XQG (UNHQQWQLVDXIGLHGLHQHX]HLWOLFKH1DWXUZLVVHQVFKDIWXQGGRUWYDGDV([SHULPHQWSUlJW YJOEHVRQGHUV6IXQG6   6RSURILWLHUHQGLHSVHXGHSLJUDSKHQ¿'LVWLFKD&DWRQLV¾LPGULWWHQQDFKFKULVWOLFKHQ-DKUKXQ GHUWYHUIDVVWVHLWGHP=HLWSXQNWLKUHU(QWVWHKXQJYRQGHUZRKOEHLQDKHVSULFKZ|UWOLFKHQ PRUDOLVFKHQ$XWRULWlWGHVU|PLVFKHQ.RQVXOV0DUFXV3RUFLXV&DWR&HQVRULXVGHUYRQ ELVYRU&KULVWXVOHEWH  8PIDVVHQGHV0DWHULDOILQGHWVLFKLQ)lOVFKXQJHQLP0LWWHODOWHU,QWHUQDWLRQDOHU.RQJUH‰ GHU0RQXPHQWD*HUPDQLDH+LVWRULFD0QFKHQ6HSWHPEHU+DQQRYHU  6FKULIWHQGHU0RQXPHQWD*HUPDQLDH+LVWRULFD 

6SUDFKH²'LVNXUV²7H[W



VLHHLQHU$XWRULWlW]XJHVFKULHEHQZLUGQLFKWVRGDVVPDQHLQH=XZHLVXQJ LQ)UDJHVWHOOWZHLOPDQVLHQLFKWXQWHUVXFKHQNDQQ %HGLQJXQJHQGHV'LVNXUVHV )28&$8/7 QHQQW IROJHQGH (LQKHLWHQ GLH LQ VHLQHU 7KHRULH GDV %H]LH KXQJVJHIOHFKWGHV'LVNXUVHVDXVPDFKHQ,QVWLWXWLRQHQ|NRQRPLVFKHXQG JHVHOOVFKDIWOLFKH 3UR]HVVH 9HUKDOWHQVIRUPHQ 1RUPV\VWHPH 7HFKQLNHQ .ODVVLILNDWLRQVW\SHQ XQG &KDUDNWHULVLHUXQJVZHLVHQ ,P )ROJHQGHQ ZLUG YHUVXFKWIUGLHKRFKPLWWHODOWHUOLFKHQ%HGLQJXQJHQHLQH*OLHGHUXQJYRU ]XOHJHQGLHVROFKH(LQKHLWHQ]7VWlUNHUVSH]LIL]LHUWXQG]XGHP(OHPHQ WH GHU /LWHUDWXU GLH IU )28&$8/7 HLQHQ 6SH]LDOGLVNXUV ELOGHW LQ GDV LQVWLWXWLRQHOOH6\VWHPLQWHJULHUW ]%KLQVLFKWOLFKGHU5HODWLRQYRQ6R]LDO VWUXNWXU XQG 7KHPHQZDKO  (LQ 'LVNXUV LP 6LQQH GHV REHQ VNL]]LHUWHQ LQVWLWXWLRQDOLVLHUWHQ PLWWHODOWHUOLFKHQ .RPPXQLNDWLRQVV\VWHPV LVW JHSUlJW GXUFKIROJHQGH%HGLQJXQJHQ 6 R ] L D O H  X Q G  N X O W X U H O O H  % H G L Q J X Q J H Q GKGLH=XJHK| ULJNHLW]XHLQHUEHVWLPPWHQ*UXSSHPLWHLQHPVSH]LILVFKHQVSUDFKOLFKHQ NXOWXUHOOHQXQGHYWOOLWHUDULVFKHQ6XEVWUDWNRQGLWLRQLHUHQ]XPLQGHVWWHLO ZHLVH%LOGXQJXQG6SUDFKNRPSHWHQ]IUGDV'HXWVFKHXQGRGHU/DWHLQL VFKH $XV GLHVHQ %HGLQJXQJHQ ZLUG GLH 6HOEVW ,GHQWLILNDWLRQ GHUMHQLJHQ DEJHOHLWHW GLH DP 'LVNXUV UHJHOPl‰LJ EHWHLOLJW VLQG ]% =XUHFKQXQJ LQ GLHK|ILVFKODLNDOH6SKlUHE]ZLQGLHJHLVWOLFKHYDPRQDVWLVFKH 'LHVH 'LIIHUHQ]LHUXQJ ELOGHW QXU VWUXNWXUHOO HLQH 'LFKRWRPLH LP 6LQQH HLQHU VR]LDOIXQNWLRQDOHQ'LJORVVLH,P$OOWDJVLQGGLH*UHQ]HQEHUVFKUHLWEDU ª%LOGXQJ© GLIIXQGLHUW ]ZLVFKHQ GLHVHQ %HUHLFKHQ GLH .RQVWLWXWLRQ HLQHU GH]LGLHUWODLNDOHQ/LWHUDWXULPGLH(QWZLFNOXQJGHU+RFKVFKXOHQXQG GLH NXOWXUHOOH 7lWLJNHLW QLFKWDGOLJHU %HY|ONHUXQJVJUXSSHQ VHLW GHP -DKUKXQGHUW YHUlQGHUQ GLH $QIRUGHUXQJHQ 'HU YRONVVSUDFKLJH 'LV NXUVHUKHEW$QVSUXFKDXI.RPSHWHQ]DXFKLPJHLVWOLFKHQ%HUHLFK WKHR ORJLVFKHXQGP\VWLVFKH/LWHUDWXU GHUJHLVWOLFKH'LVNXUVPXVVDXIGLHYHU lQGHUWHQ 3RVWXODWH VHLQHUVHLWV UHDJLHUHQ YHUVWlUNWHU %HGDUI ]% QDFK YRONVVSUDFKLJHU (UEDXXQJVOLWHUDWXU  $XFK LQ GHU ODLNDO JHSUlJWHQ 6SKlUH GHU6WlGWHHQWVWHKHQ²]XQlFKVWQRFKDXVVFKOLH‰OLFKYRP:HOWNOHUXVJHOHL BBBBBBBBBBBBB  )28&$8/7$UFKlRORJLH>ZLH$QP@6  $XIGLHLQGLHVHP=XVDPPHQKDQJLQWHUHVVDQWHª%HGHXWXQJGHUODWHLQLVFKHQ9LWHQOLWHUDWXU IU GDV DGOLJH 6HOEVWYHUVWlQGQLV >«@ LP =XVDPPHQKDQJ PLW GHP 7XJHQGDGHO© ZHLVW LP $QVFKOXVVDQ%25&.+(1.(/KLQ /LWWHUDWXV²LOOLWWHUDWXV>ZLH$QP@6I$QP  YJO .$5/ +(,1= %25&. $GHO 7XJHQG XQG *HEOW 7KHVHQ XQG %HREDFKWXQJHQ ]XU 9RUVWHOOXQJGHV7XJHQGDGHOVLQGHUGHXWVFKHQ/LWHUDWXUGHVXQG-DKUKXQGHUWV,Q %HLWUlJH ]XU *HVFKLFKWH GHU GHXWVFKHQ 6SUDFKH XQG /LWHUDWXU 7ELQJHQ     6



7+20$6(+/(1

WHWH ² ,QVWLWXWLRQHQ GHV %LOGXQJVZHVHQV GDV ODQJH =HLW DXVVFKOLH‰OLFK LQ +lQGHQGHUPRQDVWLVFKHQ*HLVWOLFKNHLWODJ1HXH6FKLFKWHQWUHWHQLQGHQ %HUHLFKHQ GHU /LWHUDWXU XQG %LOGXQJ LQ .RQNXUUHQ] ]XU DGOLJHQ 6SKlUH $GDSWDWLRQXQGIROJHQGHHLJHQVWlQGLJH$XVSUlJXQJYRQ/LWHUDWXUIRUPHQ ZLH]%GHU.XU]HSLNXQGGHU*QRPLN XQG]XU*HLVWOLFKNHLW YHUVFKlUI WHV,QVLVWLHUHQDXIGHU.RPSHWHQ]DXFKUHOLJL|VH,QKDOWHYRONVVSUDFKOLFK XQGPLWGLGDNWLVFKHU*UXQGKDOWXQJGDUVWHOOHQ]XN|QQHQ 0DQYHUJOHLFKH HWZDGLHIROJHQGHQ9HUVHDXVHLQHPGUHLVWURSKLJHQ6SUXFKJHGLFKWGDVLP &JPGHU%D\HULVFKHQ6WDDWVELEOLRWKHN0QFKHQ FDYHU PXWOLFKLQ1UQEHUJJHVFKULHEHQ GHP6DQJVSUXFKGLFKWHU+O]LQJ]XJH VFKULHEHQ ZLUG (LQH GHXWVFKH 3DWHUQRVWHU3DUDSKUDVH ZLUG GRUW IROJHQGHUPD‰HQOHJLWLPLHUW (LQSULHVWHUODWvQVSUHFKHQVRO HLQOHLPLWVvQHU]XQJHQ >«@ =ZHOISULHVWHUZvVXQGZROJHODUW PLWVQGHQXQYHUPHLOHW GLHKkQWGHQSDWHUQRVWHU]DUW LQDOOHVSUkFKHJHWHLOHW PvQVLOEUvQUvVYHUVFKULEHQZRO HLQLHFOvFKSULHVWHUELOOvFKVRO GLHOHLHQZvVOvFKOrUHQGD]SDWHUQRVWHUZRO

+LHU ZLUG GHU $QVSUXFK HUKREHQ GDVV GDV YRONVVSUDFKLJH *HEHW DOV GLH GHP /DLHQ DQJHPHVVHQH )RUP HEHQEUWLJ QHEHQ GHP ODWHLQLVFKHQ GHV *HLVWOLFKHQVWHKHQVROOZHLO&KULVWXVGXUFKGLH$XVVHQGXQJVHLQHU]Z|OI $SRVWHO GHU HUVWHQ FKULVWOLFKHQ SULHVWHU GLH MD LP 3ILQJVWHUHLJQLV JH]HLJW KDWWHQ GDVV VLH GXUFK GLH %HJQDGXQJ GHV +HLOLJHQ *HLVWHV DOOH 6SUDFKHQ VSUHFKHQ NRQQWHQ GLH 9HUEUHLWXQJ GHV 9DWHUXQVHU LQ DOOH ,GLRPH ]XP $XIWUDJ JHPDFKW KDWWH 'HU OHL GHU 1LFKW*HLVWOLFKH VWHKW PLW VHLQHU 9RONVVSUDFKH²XQGVRLVW]XVFKOLH‰HQPLWVHLQHU.RPSHWHQ]²JOHLFKEH UHFKWLJW QHEHQ GHP *HLVWOLFKHQ ZR HV XP GLH UHOLJL|VH 3DUlQHVH JHKW %HLGH ² HLQ LHFOvFK SULHVWHU EH]HLFKQHW GLH )HOGHU ODWHLQLVFKJHLVWOLFKHU XQG YRONVVSUDFKLJODLNDOHU'LGD[HXQGPDUNLHUWGXUFKGHQ%H]XJGHU$PWVEH ]HLFKQXQJDXIEHLGH]XJOHLFKGHQ$QVSUXFK²VROOHQGLHOHLHQEHOHKUHQDOVR GLH1LFKW.OHULNHUXQG1LFKW0|QFKHLQQHUKDOEGHUFKULVWOLFKHQ*HPHLQ BBBBBBBBBBBBB  9JO)5,('(56&+$1=(0HLVWHUOLHGHUKDQGVFKULIWHQ,Q'LHGHXWVFKH/LWHUDWXUGHV0LWWHO DOWHUV 9HUIDVVHUOH[LNRQ >«@  Y|OOLJ QHX EHDUEHLWHWH $XIODJH >«@ KJ YRQ .857 58+ >XD@%HUOLQ1HZZLH$QP@6I  ,FKEH]LHKHPLFKKLHUDXIGDVDQQHX]HLWOLFKHU/LWHUDWXUHQWZLFNHOWH0RGHOOGHVªLPSOL]LWHQ /HVHUV©YRQ:2/)*$1*,6(5'HU$NWGHV/HEHQV7KHRULHlVWKHWLVFKHU:LUNXQJ$XI ODJH0QFKHQ 8QL7DVFKHQEFKHU 6  9JO GD]X1,.2/$86 +(1.(/ 0LWWHODOWHUOLFKH hEHUVHW]XQJHQ ODWHLQLVFKHU 6FKXOWH[WH LQV 'HXWVFKH%HREDFKWXQJHQ]XP9HUKlOWQLVYRQ)RUPW\SXQG/HLVWXQJ,Q3RHVLHXQG*H EUDXFKVOLWHUDWXULPGHXWVFKHQ0LWWHODOWHU:U]EXUJHU.ROORTXLXP+JYRQ92/.(5 +21(0$11>XD@7ELQJHQ6KLHU6XQG6  )28&$8/7$UFKlRORJLH>ZLH$QP@6EHQHQQWHLQª)HOGGHU3UlVHQ]©ª>«@GDUXQ WHUPX‰PDQDOOHEHUHLWVZRDQGHUVIRUPXOLHUWHQ$XVVDJHQYHUVWHKHQGLHLQHLQHP'LVNXUV DOV DQHUNDQQWH :DKUKHLW DOV H[DNWH %HVFKUHLEXQJ DOV EHJUQGHWH hEHUOHJXQJ RGHU QRW ZHQGLJH $QQDKPH ZLHGHUDXIJHQRPPHQ ZHUGHQPDQ PX‰DXFK GLHGDUXQWHU YHUVWHKHQ GLHNULWLVLHUWGLVNXWLHUWXQGEHXUWHLOWZHUGHQZLHGLHGLH]XUFNJHZLHVHQRGHUDXVJHVFKORV



7+20$6(+/(1

PLHUWHQ6DFKIUDJHQ]%DXVGHU7KHRORJLHGHU(WKLNGHPª:LVVHQ©GHU ª$OWHQ© RGHU GHU 1DWXUNXQGOHU  XQG DXFK GHU 6SUDFKYHUPLWWOXQJ )28 &$8/7 NRQVWDWLHUW GLH 0|JOLFKNHLW GDVV HV VLFK EHL GHU hEHUVHW]XQJ XP HLQHQ 7UDQVIHU GHU ª$XVVDJH© KDQGOH QLFKW XP GLH )RUPXOLHUXQJ HLQHU QHXHQª$XVVDJH©(UVLHKW3KlQRPHQHGLHYRQGHU3RO\VHPLHDEKlQJLJ VLQG XQG GLH (QWGHFNXQJ YRQ DQGHUHP 6LQQ LQ HLQHU $XVVDJH JHVWDWWHQ IUVHNXQGlUDQJHJHQEHUGHPª$XVVDJHVRFNHO©GHUGLHª([LVWHQ]PRGDOL WlWGHUVSUDFKOLFKHQ3HUIRUPDQ]©VHL'HPJHJHQEHULVWEHLPKLHUDQJH VHW]WHQ 'LVNXUVEHJULII GDYRQ DXV]XJHKHQ GDVV GLH (LQJOLHGHUXQJ LQ HLQ DQGHUHV %H]XJVV\VWHP ]XPLQGHVW GDV YHUlQGHUW ZDV YRQ GHU $XVVDJH ZDKUJHQRPPHQ ZLUG YLHOOHLFKW HKHU DXV GHP )HOG GHU 0|JOLFKNHLWHQ HLQHU$XVVDJHHLQHYHUlQGHUWH:DKOWULIIW GDLKUH:LHGHUKROXQJLQHLQHP DQGHUHQ)HOGYRQVR]LDOHQ1RUPHQ,GHQWLWlWHQOLWHUDULVFKHQ(UZDUWXQJHQ HWFDXIGHU3URGX]HQWHQZLHYRUDOOHPGHU5H]LSLHQWHQVHLWHDXIGHU%H GHXWXQJVHEHQHZLUNVDPLVWXQGPLWDQGHUHQ$XVVDJHQNRUUHOLHUW 'LH$XVVDJHIXQNWLRQZLUNWVLFKDXIGLH)RUPDWLRQGHU%HJULIIHDXV 'DVOlVVWVLFKSDUDGLJPDWLVFKDXIGHU7HLOHEHQHGHU/H[LN]HLJHQEHVRQ GHUVEHLHWKLVFKHQXQGUHOLJL|VHQ6FKOVVHOEHJULIIHQ6RLVWEHLVSLHOVZHLVH ILGHVQLFKWLGHQWLVFKPLWWULXZHDPRUJHQDXVRZHQLJPLWPLQQHZLHFDULWDVPLW OLHEHOLHEHQLFKWPLWPLQQHXQGEHUHLWVLQGHU$QWLNH DPRUQLFKWPLWFDULWDV 'LHVH %HJULIIH VLQG MHZHLOV HLQJHEXQGHQ LQ 1RUPHQ XQG :HUWHV\VWHPH DOV$XVZHLVVR]LRNXOWXUHOOHU%HGLQJXQJHQGLHXDEHUGLHVH%HJULIIH DOV BBBBBBBBBBBBB VHQZHUGHQ©+LHUNRPPWYRUDOOHPDXFKGDV(OHPHQWGHVhEHUWULWWVYRQHLQHPLQGHQDQ GHUHQ'LVNXUVKLQ]X9RQGHUUH]HSWLYHQ6HLWHKHUQHQQW)28&$8/7HLQª)HOGGHU%HJOHLW XPVWlQGH© ªHV KDQGHOW VLFK GDEHL XP $XVVDJHQ GLH Y|OOLJ DQGHUH *HJHQVWDQGVEHUHLFKH EHWUHIIHQ XQG ]X Y|OOLJ DQGHUHQ 'LVNXUVW\SHQ JHK|UHQ GLH DEHU XQWHU GHQ XQWHUVXFKWHQ $XVVDJHQLQVRIHUQDNWLYZHUGHQDOVVLHDOVDQDORJH%HVWlWLJXQJGLHQHQRGHUDOVDOOJHPHLQHV 3ULQ]LSXQGDN]HSWLHUWH3UlPLVVHQIUHLQHhEHUOHJXQJRGHUDOV0RGHOOHGLHPDQDXIDQ GHUH ,QKDOWH EHUWUDJHQ NDQQ RGHUGD‰ VLH DOV K|KHUH ,QVWDQ] IXQJLHUHQ GHUPDQ ZHQLJ VWHQV EHVWLPPWH 6lW]H GLH PDQ EHNUlIWLJW NRQIURQWLHUHQ RGHU XQWHUZHUIHQ PX‰© HEG 6I  0HLQHV (UDFKWHQV PX‰ IU GLH KLHU ]XU 'LVNXVVLRQ VWHKHQGHQ 3UR]HVVH GDV 0R PHQWGHUHOHPHQWDUHQ$QHLJQXQJ VFGHU,QWHJUDWLRQLQGHQHLJHQHQ'LVNXUV VWlUNHUKHU YRUJHKREHQ ZHUGHQ DOV GDV 0HVVHQ DQ HLQHP OHW]WOLFK LPPHU DX‰HUKDOE OLHJHQGHQ *UDGPHVVHU  'HU]XJUXQGHOLHJHQGH%HJULIIªhEHUVHW]XQJ©IDVVWVFKULIWOLFKHZLHPQGOLFKH7UDQVODWLRQ HEHQVR LQ VLFK ZLH DXVJDQJVWH[WRULHQWLHUWHV XQG ]LHONXOWXURULHQWLHUWHV $UEHLWHQ >VF UHWUR VSHNWLYH XQG SURVSHNWLYH hEHUWUDJXQJ ]XU %HJULIIOLFKNHLW YJO +$16 - 9(50((5 'DV hEHUVHW]HQLP0LWWHODOWHU XQG-DKUKXQGHUW %G'HXWVFKDOV=LHOVSUDFKH+HL GHOEHUJ  7H[7FRQ7H[7 5HLKH :LVVHQVFKDIW   6 ]X SUDJPDWLVFKHQ *H VLFKWVSXQNWHQHEG6IPLWZHLWHUHU/LWHUDWXU@  9JO)28&$8/7$UFKlRORJLH>ZLH$QP@6I'LHª$XVVDJH©OlVVWVLFKYHUVWHKHQDOV GLHHLQHUª=HLFKHQPHQJHHLJHQHU([LVWHQ]PRGDOLWlW© HEG6 9JODXFKHEG6I ]XVDPPHQIDVVHQG]XUª$XVVDJH©  )28&$8/7$UFKlRORJLH>ZLH$QP@6  =X GHQ YLHU 5LFKWXQJHQ GHU GLVNXUVLYHQ )RUPDWLRQ YJO )28&$8/7 $UFKlRORJLH >ZLH $QP@6I

6SUDFKH²'LVNXUV²7H[W



(OHPHQWH VSUDFKOLFKHU 3HUIRUPDQ]HQ  NRPPXQLNDEHOZHUGHQ GLH (EHQH GHU 3HUVRQHQ XQG *RWWHVEH]LHKXQJ LQ GHU 7KHRORJLH ILGHV FDULWDV DPRU ]HLWZHLVHPLQQH GLH%H]LHKXQJHQGHUSROLWLVFKHQIDPLOLDE]ZHLQHUHQJHU JHIDVVWHQ SHUVRQDOHQ *HPHLQVFKDIW LP ZHOWOLFKHQ %HUHLFK WULXZH OLHEH  ULWXDOLVLHUWH 3HUVRQHQEH]LHKXQJHQ LQ ODLNDOHU gIIHQWOLFKNHLW PLQQH  HUR WLVFKDSSHWLWLYH5HODWLRQHQGLHQLFKWLQGDVLGHDOLVLHUWH:HUWHV\VWHPFKULVW OLFKHU/LHEHSDVVHQ DPRUPLQQH :LHGLH0HKUVFKLFKWLJNHLWGHU%HGHXWXQ JHQ NDQQ DXFK LKUH GLDFKURQLVFKH 9HUlQGHUEDUNHLW DOV $XVZHLV GHU 'LV NXUVDEKlQJLJNHLWJHZHUWHWZHUGHQ1HEHQGHPHWKLVFKEHGHQNOLFKHQDPRU GHU EHLVSLHOVZHLVH LQ 7HLOHQ GHU PLWWHODOWHUOLFKHQ 2YLG5H]HSWLRQ *HJHQ VWDQGGHU.ULWLNLVWJLEWHVDXFKGHQDPRUGHLPLQQHXUVSUQJOLFK%H ]HLFKQXQJIUGHQªKHOIHQGH>Q@HUEDUPHQGH>Q@VLQQ©XQGGLHªIUVRUJOLFKH OLHEH©XQGLPDOWKRFKGHXWVFKHQ¿7DWLDQ¾VRZLHEHL1RWNHUIUGLH/LHEH ]X*RWWYHUZHQGHWZLUGEHUGHQ8PZHJGHVKRFKK|ILVFKHQ'LVNXUVHV XQG GHU VSlWHUHQ /LWHUDWXU LP 6SlWPLWWHODOWHU ]XU %H]HLFKQXQJ GHV %HL VFKODIVVRGDVV%XFKGUXFNHULKQLP-DKUKXQGHUWEHL$XVJDEHQKRFK BBBBBBBBBBBBB  =XU9LHOVFKLFKWLJNHLWGLHVHV%HJULIIHVYJO/(;(5+DQGZ|UWHUEXFK>ZLH$QP@%G 6S  9JO XQWHU GHQ EHL :,/)5,(' 6752+ 2YLG LP 8UWHLO GHU 1DFKZHOW (LQH 7HVWLPRQLHQ VDPPOXQJ 'DUPVWDGW  >/LEHOOL @  JHVDPPHOWHQ =HXJQLVVHQ HWZD GLH 6WHOOXQJQDK PHQ GHV :LOKHOP YRQ 6W7KLHUU\ DXV GHP  -DKUKXQGHUW HEG 6I  RGHU DXV GHP ¿-QJHUHQ7LWXUHO¾GHV-DKUKXQGHUWV HEG6 =XUDPELYDOHQWHQ5H]HSWLRQGHU/LH EHVGLFKWXQJHQ 2YLGV YJO 5$/3+ - +(;7(5 2YLG DQG 0HGLHYDO 6FKRROLQJ 6WXGLHV LQ 0HGLHYDO6FKRRO&RPPHQWDULHVRQ2YLG·V¿$UV$PDWRULD¾¿(SLVWXODHH[3RQWR¾DQG¿(SLV WXODH +HURLGXP¾ 0QFKHQ  0QFKHQHU %HLWUlJH ]XU 0HGLlYLVWLN XQG 5HQDLVVDQFH )RUVFKXQJ 6  %HOHJH VHLW GHU .DUROLQJHU]HLW LP 0LWWHOODWHLQLVFKHQ :|UWHUEXFK 0LWWHOODWHLQLVFKHV :|U WHUEXFK ELV ]XP DXVJHKHQGHQ  -DKUKXQGHUW ,Q *HPHLQVFKDIW PLW GHQ $NDGHPLHQ GHU :LVVHQVFKDIWHQ]X*|WWLQJHQ+HLGHOEHUJ/HLS]LJ0DLQ]:LHQXQGGHU6FKZHL]HULVFKHQ *HLVWHVZLVVHQVFKDIWOLFKHQ *HVHOOVFKDIW KJ YRQ GHU %D\HULVFKHQ $NDGHPLH GHU :LVVHQ VFKDIWHQXQGGHU'HXWVFKHQ$NDGHPLHGHU:LVVHQVFKDIWHQGHU%HUOLQ%UDQGHQEXUJLVFKHQ $NDGHPLHGHU:LVVHQVFKDIWHQ%HJUQGHWYRQ3$8/ /(+0$11XQG-2+$11(6 67528; %GII0QFKHQII %G6SXQGLP'LFWLRQDU\RI0HGLHYDO/DWLQIURP %ULWLVK 6RXUFHV 3UHSDUHG E\ 521$/' ( /$7+$0 DQG '$9,' 5 +2:/(77 %G II /RQGRQII%G6  PLQQH ,Q 'HXWVFKHV :|UWHUEXFK YRQ -$&2% XQG :,/+(/0 *5,00 +J YRQ GHU $U EHLWVVWHOOH GHV 'HXWVFKHQ :|UWHUEXFKHV ]X %HUOLQ /HLS]LJ  %G    6SKLHU6S  9JO HWZD GHQ ¿$OWKRFKGHXWVFKHQ 7DWLDQ¾ ]X ,R  TXLD GLOHFWLRQHP GHL  QRQ KDEHWLV LQ XRELV  XXDQWD LU JRWHV PLQQD  QLKDEHW LQ tX 'LH ODWHLQLVFKDOWKRFKGHXWVFKH 7DWLDQELOLQJXH 6WLIWVELEOLRWKHN 6W *DOOHQ &RG 8QWHU 0LWDUEHLW YRQ (/,6$%(7+ '( )(/,3-$8' KJ YRQ $&+,0 0$66(5 *|WWLQJHQ  >6WXGLHQ ]XP $OWKRFKGHXWVFKHQ @ 6  =XP *HEUDXFK EHL 1RWNHU YJO ',(7/,1'( ./(,1 'HU FDULWDVPLQQD%HJULII LP 3VDOPHQ NRPPHQWDU1RWNHUVGHV'HXWVFKHQ(LQH:RUWXQWHUVXFKXQJDOV9HUVXFKHLQHU'DUVWHOOXQJ YRQ1RWNHUV6SUDFKH3KLO'LVV)UHLEXUJ%U6



7+20$6(+/(1

PLWWHODOWHUOLFKHU7H[WH .RQUDGYRQ:U]EXUJ+HLQULFK6HXVH GXUFKOLHEH HUVHW]HQ )UGLHHUKDOWHQHQ=HXJQLVVHJLOWLQVJHVDPWGDVVVLHVROFKH3UR]HVVH NDXP LVROLHUW ZLHGHUJHEHQVRQGHUQ LPPHU HLQ 3URGXNW ]HLJHQ GDV HLQHU 5HLKH YRQ 8PVFKUHLEXQJVSUR]HVVHQ XQWHUOHJHQ LVW HKH HV GHQ IL[LHUWHQ =XVWDQG GHV HLQ]HOQHQ 5H]HSWLRQV]HXJQLVVHV HUUHLFKWH ,QVJHVDPW JLOW IU GHQ7H[WGDVVHUGLHVSUDFKOLFKH'LPHQVLRQGHV%H]LHKXQJVJHIOHFKWHVGHU GLVNXUVLYHQ3UD[LVUHSUlVHQWLHUWXQGDOVVROFKHU)XQNWLRQVWUlJHULVW hEHUOHJXQJHQ]X)RUPXQGhEHUVHW]XQJ DP%HLVSLHOGHU¿'LVWLFKD&DWRQLV¾ -HQVHLWV YRQ )UDJHVWHOOXQJHQ EHLVSLHOVZHLVH ]XP 9HUKlOWQLV YRQ 2EHUIOl FKHQ XQG 7LHIHQVWUXNWXU XQG ]XU /RNDOLVLHUXQJ GHU VHPDQWLVFKHQ ,Q IRUPDWLRQHQ JLOW IU GLH KLHU ]XU 'LVNXVVLRQ VWHKHQGHQ ODWHLQLVFKHQ XQG GHXWVFKHQ7H[WH GDVV 5HJHOV\VWHPH ZLH GLH QRUPDWLYHODWHLQLVFKH 6FKXO JUDPPDWLN XQGRGHU GLH 1RUPHQ GHU 0HWULN XQG 5K\WKPLN VSUDFKSUl JHQGZLUNVDPVLQG'DVLVWEHGLQJWGXUFKLKUHQ(LQVDW]EHLP(UZHUEGHU 6FKULIWIlKLJNHLW EHU GLH 6FKULIWVSUDFKH /DWHLQXQG GXUFK GLH VWDUNH )RU PDOLVLHUXQJ GHU GHXWVFKHQ /LWHUDWXUVSUDFKH YRU DOOHP LP +RFKPLWWHODO WHU,P%HUHLFKGHU/H[LN]HLJWVLFKGDVVIUEHVWLPPWH:LVVHQVEHUHLFKH GLHODQJHQXULQODWHLQLVFKHQ'LVNXUVHQSUlVHQWZDUHQLP'HXWVFKHQHUVW HLQ9RNDEXODUJHVFKDIIHQZHUGHQPXVV BBBBBBBBBBBBB  1DFKZHLVHEHL*5,00'HXWVFKHV:|UWHUEXFK>ZLH$QP@%G6SKLHU EHVRQGHUV6SXQG6S  9JO GD]X )28&$8/7 $UFKlRORJLH >ZLH $QP@ 6 GHU GLH ª$EKlQJLJNHLWVW\SHQ© UKHWRULVFKHU6FKHPDWDLQGHQ%HUHLFKGHUª2UJDQLVDWLRQGHV)HOGHVGHU$XVVDJHQ©HLQRUG QHW/RJLVFKV\QWDNWLVFKH 5HODWLRQHQ LP %HUHLFKGHU %HJULIIH ELOGHQHLQIXQNWLRQDOHV (OH PHQWGHU.RPPXQLNDWLRQXQGVWLIWHQ2UGQXQJ  ./$86 *58%0h//(5'LH5HJHODOV.RPPHQWDU=XHLQHP6WUXNWXUPXVWHULQGHUIUKHQ 6SUXFKGLFKWXQJ ,Q :ROIUDP6WXGLHQ    6 DUEHLWHW QDFK 0HWKRGHQ GHU 7UDQVIRUPDWLRQVJUDPPDWLN NRQGLWLRQDOH *UXQGPXVWHU DOV SULQ]LSLHOOH 6WUXNWXUHQ LQ 6SU FKHQXQG6SULFKZ|UWHUQKHUDXV  /86,*1$1ZHLVWOHLGHURKQHGLUHNWH$QJDEHGHUPLWWHODOWHUOLFKHQ4XHOOHGDUDXIKLQGDVV LP PLWWHODOWHUOLFKHQ )UDQNUHLFK IU GDV /DWHLQLVFKH DQJHQRPPHQ ZXUGH HV ZHUGH GXUFK JUDPPDWLNDOLVFKH5HJHOQEHKHUUVFKWZlKUHQGGHP)UDQ]|VLVFKHQZLHGHQDQGHUHQ9RONV VSUDFKHQ DXFK GLHVH 5HJHOQ IHKOWHQ 0DQ HUOHUQH HV GXUFK GLH 1DFKDKPXQJ GHU 0XWWHU RGHU$PPH 6(5*( /86,*1$1:ULWWHQ)UHQFKDQG/DWLQDWWKH&RXUWRI)UDQFHDWWKH (QGRIWKH0LGGOH$JHV,Q7UDQVODWLRQWKHRU\DQG3UDFWLFHLQWKH0LGGOH$JHV+JYRQ -($1(77( %((5 .DODPD]RR0LFK  >6WXGLHV LQ 0HGLHYDO &XOWXUH @ 6 KLHU6GRUW9HUZHLVDXIVHLQHQHLJHQHQ>PLUQLFKWHUUHLFKEDUHQ@$XIVDW]/HIUDQoDLVHW OHODWLQGDQVOHPLOLHXGHO·pFROHjODILQGX0R\HQÇJH,Q3DUOXUH>@6 

6SUDFKH²'LVNXUV²7H[W



'LH ODWHLQLVFKH 6SUDFKH LVW QLH 0XWWHUVSUDFKH VRQGHUQ ZLUG LPPHU DQKDQGYRQ/LWHUDWXUHUOHUQWGLH]XGHPLQGHU5HJHOLQJHEXQGHQHU6SUD FKHYHUIDVVWLVW1HEHQGHQ3VDOWHUXQGDQGHUH%FKHUGHU%LEHO ]%GLH SURYHUELDOHQ WUHWHQOLWHUDULVFKH:HUNHGHU$QWLNHPHLVWUH]LSLHUWEHUGLH VSlWDQWLNHQ *UDPPDWLNHU YRU DOOHP GLH ¿$UV PLQRU¾ GHV 'RQDW .DQRQL VLHUWH 6FKXOVDPPOXQJHQ VSlWDQWLNHU XQG PLWWHODOWHUOLFKHU 7H[WH ZLH GLH DXFWRUHV VH[ ¿'LVWLFKD &DWRQLV¾ ¿(FORJD 7KHRGROL¾ $YLDQXV 0D[LPLDQXV &ODXGLDQXVXQG6WDWLXV VSlWHUGLHDXFWRUHVRFWR ¿'LVWLFKD&DWRQLV¾¿(FORJD 7KHRGROL¾¿)DFHWXV¾¿'HFRQWHPSWXPXQGL¾$ODQXVYRQ/LOOH¿/LEHUSDUD ERODUXP¾ 0DWWKlXV YRQ 9HQG{PH ¿7RELDV¾ $QRQ\PXV 1HYHOHWL ¿(VR SXV¾¿)ORUHWXV¾ XPIDVVHQDXVVFKOLH‰OLFK7H[WHLQ9HUVHQ0LWWHODOWHUOLFKH /DWHLQNRPSHWHQ] LVW GDKHU LPPHU .RPSHWHQ] GLH EHU GLH 5HJHOQ GHU IL[LHUWHQ*UDPPDWLNGHU0HWULN5K\WKPLNXQG²LQGHU5HJHOLPSOL]LW² GHUDQJHZDQGWHQ3RHWLNHUZRUEHQLVW )U PLWWHODOWHUOLFKHV hEHUVHW]HQ JLOW LQ 7HLOHQ HLQH 2ULHQWLHUXQJ DP $XVJDQJVWH[WQDPHQWOLFKLP%HUHLFKYRQ6\QWD[XQG/H[LN DOVRYRUDO OHPGDVhEHUVHW]HQYHUEXPGHYHUERGDVLQGHQPLWWHODOWHUOLFKHQXQGIUK QHX]HLWOLFKHQ hEHUVHW]XQJVWKHRULHQ GHP GHV VLQ JHJHQ DLP DQGHUQ VLQQH JHJHQEHUJHVWHOOWZLUG 'DVEHWULIIW]XQlFKVWGLHª+HLOLJHQ7H[WH©DOVR YRU DOOHP GLH %LEHO JLOW DEHU DXFK IU +LOIVEHUVHW]XQJHQ ]XP (UOHUQHQ GHU$XVJDQJVVSUDFKH ]%LQ,QWHUOLQHDUJORVVHQXQG0DUJLQDOLHQGLHDQ VFKOLH‰HQG QLFKW VHOWHQ EHU LKUHQ XUVSUQJOLFKHQ =ZHFN KLQDXV EHLP $EVFKUHLEHQ ZHLWHU WUDGLHUW ZHUGHQ  hEHUVHW]XQJHQ QLFKWILNWLRQDOHU 7H[WHGLHXP3Ul]LVLRQEHPKWVLQGXQG7HUPLQLQHXVFKDIIHQPVVHQ ZHLO GHU ]X EHKDQGHOQGH *HJHQVWDQG QRFK QLFKW LP YRONVVSUDFKOLFKHQ 'LVNXUV EHJULIIOLFK GHILQLHUW LVW YHUIROJHQ HLQH VROFKH 6WUDWHJLH ZHQLJ BBBBBBBBBBBBB  'D]X -$0(6 - 0853+ZLH$QP@7HLOEG  6  %(7=/HKQZ|UWHU>ZLH$QP@]HLJWDQDOWKRFKGHXWVFKHQ(QWOHKQXQJHQGLHYHUVFKLHGH QHQ:HJHDXIZLHFKULVWOLFKH9RUVWHOOXQJHQLQGHUGHXWVFKHQ6SUDFKHDXVJHGUFNWZHUGHQ N|QQHQQHEHQGLH$XVELOGXQJYRQ/HKQZ|UWHUQXQG/HKQSUlJXQJHQWULWWDXFKGDV3Kl QRPHQ GDVV LP 'HXWVFKHQ YRUKDQGHQH DOWH :|UWHU QHXH /HKQEHGHXWXQJHQ DQQHKPHQ %HLVSLHOHHEG6 %(7=QHQQWXQWHUGHQ.DWHJRULHQ]XU,GHQWLIL]LHUXQJHLQHU/HKQ



7+20$6(+/(1

VWHQV IU 7HLOEHUHLFKH ZLH GHQ GHU /H[LN LQGHP VLH ODWHLQLVFKH 7HUPLQL DXFK .RPSRVLWD DOV /HKQSUlJXQJHQ LQV 'HXWVFKH WUDQVSRQLHUHQ 'LH BBBBBBBBBBBBB ELOGXQJRGHU/HKQEHGHXWXQJXDª1HXHLQGHUHLJHQHQ6SUDFKHELVKHUQLFKWZRKODEHULQ GHUIUHPGHQ6SUDFKHLQHLQ:RUWJHID‰WH9RUVWHOOXQJ© HEG6 )UGLHIUKDOWKRFK GHXWVFKH =HLW 8QWHUVXFKXQJVJHJHQVWDQG VLQG GHU ¿$EURJDQV¾ XQG GLH ¿$OWKRFKGHXWVFKH %HQHGLNWLQHUUHJHO¾  JLOW GDVV FKULVWOLFKH .HUQEHJULIIH YRU DOOHP GXUFK VROFKH /HKQEHGHX WXQJHQZLHGHUJHJHEHQZHUGHQZlKUHQG/HKQZ|UWHUVHOWHQHUYRUNRPPHQ%(7=VLHKWGLH VHV3KlQRPHQLQ$EKlQJLJNHLWYRQ=ZHLVSUDFKLJNHLW XQGGDVKHL‰WZRKOYRUDOOHPDXFK YRQGHU.RPSHWHQ]]ZHLVSUDFKLJHUhEHUVHW]HUGLHLQGHU/DJHVLQG]XVDPPHQKlQJHQGH 7H[WHDXVGHP/DWHLQLVFKHQLQV'HXWVFKH]XEULQJHQ ª'D/HKQSUlJXQJHQ>LQQHUKDOEGH UHUGLH/HKQEHGHXWXQJHQHLQH8QWHUJUXSSHELOGHQ7K(@XQGLQVEHVRQGHUH/HKQELOGXQ JHQ YRQ HLQHU JHZLVVHQ =ZHLVSUDFKLJNHLW DEKlQJLJ VLQG ZLUG GHU $QWHLO GHU /HKQZ|UWHU XPVRJU|‰HUVHLQMHZHQLJHU=ZHLVSUDFKLJNHLWYRUNRPPW© HEG6   9JOHWZDhEHUVHW]XQJHQZLHGLHIROJHQGHQLQIOX[XV²HLQIOX‰ +HLQULFKYRQ0JHOQ6SUXFK 9XQG¿'HUPHLGHNUDQ]¾9 JHZHOFKHW²9HUEELOGXQJ]XTXDOLWDV )UDXHQORE ¿0DULHQOHLFK¾, NODUKHLWGHUQDWXUHQ²FHUWLWXGRQDWXUDH ¿'HUPHLGHNUDQ]¾9GD]X -2+$11(6 .,%(/.$GHUZDUHPHLVWHU'HQNVWLOHXQG%DXIRUPHQLQGHU'LFKWXQJ+HLQULFKV YRQ0JHOQ>3KLORORJLVFKH6WXGLHQXQG4XHOOHQ@%HUOLQ6 PDWHULHQIXQW²LQ YHQWLR ¿'HU PHLGH NUDQ]¾ 9 GD]X .,%(/.$ HEG 6  PLWWHOQHKWHU ² DHTXLQRFWLDOLV .RQUDG YRQ 0HJHQEHUJ ¿'LH 'HXWVFKH 6SKDHUD¾ GD]X .,%(/.$ HEG 6  QDFK LUHP PXJHQ ² LQTXDQWXP SRWHVW +HLQULFK YRQ 0JHOQ 6SUXFK  X| GD]X .,%(/.$ HEG 6I XQG 6  REHUKLPHO ² ILUPDPHQWXP 'HU .DQ]OHU GD]X -2+$11(6 6,(%(57 'LH $VWURQRPLHLQGHQ*HGLFKWHQGHV.DQ]OHUVXQG)UDXHQOREV,Q=VIUGHXWVFKHV$OWHUWXP XQG GHXWVFKH /LWHUDWXU  >@ 6 KLHU 6 YJO +RQRULXV $XJXVWRGXQHQVLV ¿'H LPDJLQHPXQGL¾,VXSHULXVFDHOXPGLFLWXUILUPDPHQWXP JHVDFKW DXFKVDFKHQVDFKH ²FDXVDWXP +HLQULFKYRQ0JHOQ6SUXFKX|GD]X.,%(/.$HEG6YJODXFK)UDXHQORE ¿.UHX]OHLFK¾   VHJHOVWHUQ ² QDXWLFD VWHOOD GD]X &+5,6723+ +8%(5 'LH $XIQDKPH XQG 9HUDUEHLWXQJGHV $ODQXV DE ,QVXOLVLQ PLWWHOKRFKGHXWVFKHQ 'LFKWXQJHQ 8QWHUVXFKXQJHQ ]X7KRPDVLQYRQ=HUNO UH*RWWIULHGYRQ6WUD‰EXUJ)UDXHQORE+HLQULFKYRQ1HXVWDGW +HLQULFKYRQ6W*DOOHQ+HLQULFKYRQ0JHOQXQG-RKDQQHVYRQ7HSO=ULFK0QFKHQ >0QFKHQHU7H[WHXQG8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUGHV0LWWHODOWHUV@ 6 VHOEVWHQGLNHLW²VXEVWDQWLD ¿'HUPHLGHNUDQ]¾9GD]X.,%(/.$HEG6 XQ JHVFKULEHQWDIHO²WDEXODUDVD GLLQWHOOHFWXVSRVVLELOLV+HLQULFKYRQ0JHOQ6SUXFKIGD]X .,%(/.$HEG6 HUVWHZHJHOLFKNHLW²SULPXPPRELOH ¿'HUPHLGHNUDQ]¾9GD]X., %(/.$ HEG 6  ² $XVJDEHQ GHU ]LWLHUWHQ 7H[WH )UDXHQORE +HLQULFK YRQ 0HLVVHQ  /HLFKV6DQJVSUFKH/LHGHU$XI*UXQGGHU9RUDUEHLWHQYRQ+(/087+ 7+20$6KJYRQ .$5/ 67$&.0$11 XQG .$5/ %(57$8 *|WWLQJHQ  $EKDQGOXQJHQ GHU $NDGHPLH GHU :LVVHQVFKDIWHQ LQ *|WWLQJHQ 3KLORORJLVFKKLVWRULVFKH .ODVVH  )ROJH I  'LH NOHLQHUHQ'LFKWXQJHQ+HLQULFKVYRQ0JHOQ$EWHLOXQJ'LH6SUXFKVDPPOXQJGHV*|W WLQJHU&RG3KLORV+JYRQ.$5/ 67$&.0$11%HUOLQ 'HXWVFKH7H[WHGHV0LW WHODOWHUV   %G  6I 'HU PHLGH NUDQ] +J YRQ :,//ZLH$QP@6  PLW *ORVVDU HEG 6 67((5 *HLVWOLFKH 3URVD >ZLH $QP@ 6 XQG %/$1. 6SUDFKJHVFKLFKWH >ZLH $QP@ 6I hEHUVHW]XQJHQ GHV -DKUKXQGHUWV IU JUDPPDWLNDOLVFKH %HJULIIH GHU ¿$UV PLQRU¾ GHV 'RQDW EHL *58%0h//(5 /HKUJDQJ >ZLH $QP@6XQG6

6SUDFKH²'LVNXUV²7H[W



hEHUQDKPHULFKWXQJ VROFKHU (QWOHKQXQJHQ GUIWH LQ GHU 5HJHO GLH YRP /DWHLQLVFKHQ LQV 'HXWVFKH VHLQ LQ GLH XPJHNHKUWH 5LFKWXQJ VLQG ]% %HJULIIH DXV GHP JHUPDQLVFKHQ 5HFKWV 9HUZDOWXQJV XQG 0LOLWlUZHVHQ JHJDQJHQ )U GHXWVFKH 8UNXQGHQ GLH VHLW GHP  -DKUKXQGHUW YRU KDQGHQVLQGKDW8568/$6&+8/=(LP9HUJOHLFKPLWODWHLQLVFKHQ3DUDOOHO XUNXQGHQKHUDXVJHVWHOOWGDVVLKUH6\QWD[ZHLWJHKHQGHLJHQVWlQGLJLVW +LQVLFKWOLFKGHU2ULHQWLHUXQJDQGHU=LHOVSUDFKHJLOWIUGLHKRFKPLW WHODOWHUOLFKH GHXWVFKH /LWHUDWXU hEHUVHW]XQJV ZLH 2ULJLQDOWH[WH  GDVV VWURSKLVFKH )RUPHQ RGHU GHU YLHUKHELJH 5HLPSDDUYHUV HLQ VSUDFKOLFKHV 5DVWHUGDUVWHOOHQLQGDVGLH]XEHUVHW]HQGHQ,QKDOWHKLQHLQWUDQVIRUPLHUW ZHUGHQN|QQHQ'HUJU|‰HUH7HLOGHUHUKDOWHQHQ7H[WHGHU=HLWELV]XP -DKUKXQGHUW ZXUGH XQWHU GHQ %HGLQJXQJHQ GHU 5HJXOLHUXQJ GXUFK 5K\WKPXV5HLPXQG9HUVNRPELQDWLRQSURGX]LHUWXQGDXFKSHUIRUPDWLY UHSURGX]LHUW 'LH hEHUVHW]HU XQG %HDUEHLWHU GHU ¿'LVWLFKD &DWRQLV¾ GLH HUVWHGHXWVFKH5HLPSDDUIDVVXQJHQWVWDQG0LWWHELV(QGHGHV-DKUKXQ GHUWV NRQQWHQVLFKDP5HLPSDDUYHUVDOVGHP1XNOHXVDXFKJQRPLVFKHU 'LFKWXQJHQ YRQ OHW]WOLFK XQWHUVFKLHGOLFKHU /lQJH  RULHQWLHUHQ EHLVSLHOV ZHLVHDQGHQ)UHLGDQNVSUFKHQDXVGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV GLHDXVGHU]ZHLELVYLHU]HLOLJHQ(LQKHLWYRQ5HLPSDDUYHUVHQ5HLPUHGHQ PLWDOOJHPHLQOHKUKDIWHQ,QKDOWHQDXVELOGHQGLHLKUHGLGDNWLVFKH1RUPDWL YLWlWDXVGHU$XWRULWlWYRQ%LEHORGHUNODVVLVFKHU$QWLNHEH]LHKHQ'LH ¿&DWR¾hEHUVHW]XQJHQ ZXUGHQ LKUHUVHLWV ]XP 0XVWHU IU GLH QDFKIRO JHQGH7UDGLWLRQGHUhEHUVHW]XQJVHQWHQ]HQKDIWHU7H[WHXQGZLUNWHQDXFK BBBBBBBBBBBBB  9JOGHQhEHUEOLFNPLW/LWHUDWXUDQJDEHQEHU7KHPHQEHUHLFKHXQG9HUEUHLWXQJVZHJHEHL 3$8/ *(5+$5' 6&+0,'7/DWHLQLVFKH(LQIOVVHDXIGLHGHXWVFKH6SUDFKH,Q0HGLWHUUD QH.XOWXUHQXQGLKUH$XVVWUDKOXQJDXIGDV'HXWVFKH)QI%HLWUlJH]XPDOWJULHFKLVFKOD WHLQLVFK LWDOLHQLVFK IUDQ]|VLVFK XQG DUDELVFKGHXWVFKHQ 6SUDFKNRQWDNW YRQ 2772 /(1'/( 3*6 0$; 3),67(5 %2'2 0h//(5 :$/7(5 0 0h//(5 0DUEXUJ  0DUEXUJHU6WXGLHQ]XU*HUPDQLVWLN 6  9JO NQDSS 321(57 'HXWVFK XQG /DWHLQ >ZLH $QP@ 6 +(1.(/ /DWHLQLVFK 'HXWVFK >ZLH $QP@ $EVFKQLWWH XQG  -2+$11(6 6&+1(,'(5 *HVHOOVFKDIWXQG 6SUDFKH LP 6SLHJHO GHV PLWWHOODWHLQLVFKHQ :RUWVFKDW]HV ,Q =XP 1DFKOHEHQ GHV /DWHLQL VFKHQLQGHU)HXGDOJHVHOOVFKDIW*|UOLW]HU(LUHQH7DJXQJ+JYRQ9(/-.2 *257$1XQG-6%HUOLQ 'HXWVFKH$NDGHPLHGHU:LVVHQVFKDIWHQ]X%HUOLQ6FKULI WHQGHU6HNWLRQIU$OWHUWXPVZLVVHQVFKDIWHQ %G6KLHU6  8568/$6&+8/=(/DWHLQLVFKGHXWVFKH3DUDOOHOXUNXQGHQGHV-DKUKXQGHUWV(LQ%HLWUDJ ]XU6\QWD[GHUGHXWVFKHQ8UNXQGHQVSUDFKH0QFKHQ 0HGLXP$HYXP   'DVZLUNWYDLP%HUHLFKGHU*QRPLNELVLQGLH1HX]HLWZHLWHU  =XUDQJHEOLFKHQhEHUVHW]XQJGXUFK1RWNHU,,,XPYJOGLHVNHSWLVFKHQ$XVIKUXQ JHQEHL+(1.(/6FKXOWH[WH>ZLH$QP@6I  'D]X+(1.(/6FKXOWH[WH>ZLH$QP@6IXQG6)5,('5,&+ 1(80$11)UHL GDQN,Q9HUIDVVHUOH[LNRQ>ZLH$QP@%G  6SKLHU6SI  )U GHQ KRFK XQG PLWWHOGHXWVFKHQ 6SUDFKUDXP PVVHQ ]XPLQGHVW ]ZHL XQWHUVFKLHGHQ ZHUGHQZHQQVLHDXFKLQGHUhEHUOLHIHUXQJLP6SlWPLWWHODOWHULQHLQDQGHUODXIHQGLHVRJH QDQQWH¿*HVDPWEHUVHW]XQJ¾XQGGHU¿6FKOHVLVFKH&DWR¾



7+20$6(+/(1

EHLGHUhEHUVHW]XQJLQKDOWOLFKDQGHUVJHODJHUWHU7H[WHZHLWHU$XIIlOOL JHUZHLVH EOHLEW GLH 9RONVVSUDFKOLFKNHLW VLHKW PDQ YRPhEHUJDQJ LQ GHQ 0HLVWHUJHVDQJXQGHYHQWXHOOLQGLH3DURGLHDEDXIGHQ²LQGHU7UDGLH UXQJ RIIHQHQ ² 3ULPlUWH[W GHU ¿'LVWLFKD &DWRQLV¾ EHVFKUlQNW 'LH .RP PHQWDUH 3KLOLSSYRQ%HUJDPRXQG5REHUWGH(XUHPRGLRGHUDQRQ\PH .RPPHQWDU ¿6XPPL 'HXV ODUJLWRU SUHPLL¾ GHU DQRQ\PH .RPPHQWDU ¿&LUFDLQLFLXP(WKLFH&DWKRQLV¾XQGZHLWHUH EOHLEHQIDVWDXVVFKOLH‰OLFKLP /DWHLQLVFKHQ EHKHLPDWHW ZHQQJOHLFK ]XU hEHUOLHIHUXQJ RIW QHEHQ GHQ ODWHLQLVFKHQ'LVWLFKHQDXFKGHUGHXWVFKH¿&DWR¾7H[WJHK|UW'LH0RUDO GHV$OOWlJOLFKHQLQGHU)RUPGHUODWHLQLVFKHQZLHYRONVVSUDFKOLFKHQ/HKU GLFKWXQJLVWLQ'LDFKURQLHXQGVR]LDOHU6WUDWRJUDSKLHXQLYHUVHOOYHUZHQG EDU GLH *DWWXQJ GHV .RPPHQWDUV KLQJHJHQ YHUEOHLEW LP %HUHLFK GHU ODWHLQNXQGLJHQ*HLVWOLFKNHLWGHU$NDGHPLHXQGVSlWHUGHUKXPDQLVWLVFKHQ *HOHKUVDPNHLW )U GHQ %HUHLFK VSlWPLWWHODOWHUOLFKHU *ORVVDULHQ KDW % 5, $1 0(55,/((6 GDUDXI KLQJHZLHVHQ GDVV LQ ODWHLQLVFKIUDQ]|VLVFKHQ ZLH IUDQ]|VLVFKODWHLQLVFKHQ/H[LNDPHWDVSUDFKOLFKHbX‰HUXQJHQLQGHU5HJHO ²ZHQQJOHLFKQLFKWLPPHU²LQODWHLQLVFKHU6SUDFKHJHPDFKWZHUGHQ(V VFKHLQWGDVV,QIRUPDWLRQHQGLHEHUGHQMHZHLOLJHQ%H]XJVWH[WKLQDXVJH KHQGHP/DWHLQLVFKHQDOVWHFKQLVFKHU6SH]LDOVSUDFKHEHUWUDJHQZHUGHQ GLH GHQ 'LVNXUV GHU K|KHU *HELOGHWHQ ]XVDPPHQKlOW XQG LKQ YRQ GHP GHU 9XOJlUVSUDFKH DEJUHQ]W LQ GHQ HEHQGLHVH *HELOGHWHQ H[ DXFWRULWDWH KLQHLQZLUNHQZROOHQ )RUPDOLVLHUWH'LNWLRQLVWGXUFKLKUH9HUZHQGXQJ]%LQGHU/LWXUJLH GHQ KHLOLJHQ 7H[WHQ XQG UHOLJL|VHQ 'LFKWXQJHQ LQ GHQ /HKUSDUDGLJPHQ GHU6FKXOHXQGLQGHU/LWHUDWXUGHUYHUVFKLHGHQHQ.XOWXU]HQWUHQHLQ]HQ BBBBBBBBBBBBB  'D]X+(1.(/6FKXOWH[WH>ZLH$QP@6  'LH YRQ )5,('5,&+ =$51&.( 'HU GHXWVFKH &DWR *HVFKLFKWH GHU GHXWVFKHQ hEHUVHW ]XQJHQ GHU LP 0LWWHODOWHUXQWHU GHP 1DPHQ &DWR EHNDQQWHQ'LVWLFKHQ ELV ]XU 9HUGUlQ JXQJGHUVHOEHQGXUFKGLHhEHUVHW]XQJ6HE%UDQWVDP(QGHGHV-DKUK/HLS]LJ 6 VRJHQDQQWHª3DURGLHGHV&DWR©LVWDOOHUGLQJVQDFK$'5,$$1 %((76 'H¿'LVWL FKD&DWRQLV¾LQKHW0LGGHOQHGHUODQVFK*URQLQJHQ>%LEOLRWKHHNYDQ0LGGHOQHGHUODQ VFKH/HWWHUNXQGH@6I XQG3(7(5 .(67,1* .HPQDWHU+DQV,Q9HUIDVVHUOH[L NRQ >ZLH $QP @ %G  >@ 6S KLHU 6SI  HKHU HLQH *HQUHSDURGLH GHU7LVFK]XFKWHQXQG$QVWDQGVUHJHOQDOVHLQHVSH]LILVFKH¿&DWR¾3DURGLH  hEHUHLQHHLQ]HOQHGHXWVFKHhEHUVHW]XQJGHV.RPPHQWDUV3KLOLSSVYRQ%HUJDPRLQ]ZHL 'UHVGHQHU+DQGVFKULIWHQLQIRUPLHUW*(5'%5,1.+863KLOLSSYRQ%HUJDPR2(6$,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S I ² =XP 3KlQRPHQ DXFK *58% 0h//(5(OHPHQWH>ZLH$QP@6  %5,$1 0(55,/((6 7UDQVODWLRQ DQG 'HILQLWLRQ LQ WKH 0HGLHYDO %LOLQJXDO 'LFWLRQDU\ ,Q 7UDQVODWLRQ7KHRU\>ZLH$QP@6KLHU66I6IXQG6I(U ZHLVW HEG 6 GDUDXI KLQ GDVV GHU .RPSLODWRU GHV ODWHLQLVFKIUDQ]|VLVFKHQ ¿$DOPD¾ *ORVVDULXPV LP -DKUKXQGHUWV EHL GHQ %HQXW]HUQ HLQH .RPSHWHQ] IU EHLGH 6SUDFKHQ YRUDXVVHW]WHGLHEHU0LQLPDONHQQWQLVVHKLQDXVJLQJ=XHLQHUIUDQ]|VLVFKHQDUWQRWDULHIU GLHN|QLJOLFKHQ1RWDUHPLWIUDQ]|VLVFKHQPHWDVSUDFKOLFKHQ$QJDEHQEHUODWHLQLVFKH3Kl QRPHQHYJO/86,*1$1:ULWWHQ)UHQFK>ZLH$QP@6I

6SUDFKH²'LVNXUV²7H[W



WUDOHV (OHPHQW PLWWHODOWHUOLFKHU 'LVNXUVH 'LH ([LVWHQ] YRQ hEHUOLHIH UXQJV]HXJHQ IUK XQG KRFKPLWWHODOWHUOLFKHU 6SUDFKH LVW LQVRZHLW DQ VLH JHEXQGHQDOVGLH.RPSHWHQ]GHV6FKUHLEHQV ZLHDXFKGHV/HVHQV EHU 7H[WHLQIRUPDOLVLHUWHU'LNWLRQJHZRQQHQZLUG 'LH %HIXQGH GLH VLFK EHL hEHUVHW]XQJVWH[WHQ LP 9HUJOHLFK PLW GHU 9RUODJHHUJHEHQVLQGRIWVHKUZHQLJDXVVDJHNUlIWLJKLQVLFKWOLFKGHUP|JOL FKHQ1DFKDKPXQJJUDPPDWLNDOLVFKHURGHUV\QWDNWLVFKHU6WUXNWXUHQ'DV 3UREOHPZLUGGXUFKGLHhEHUOLHIHUXQJLQGHUVLFKGHU=LHOWH[WXQWHUGHQ %HGLQJXQJHQGHU=LHOVSUDFKHVHOEVWlQGLJZHLWHUHQWZLFNHOWXQGGDPLWYRP $XVJDQJVWH[WHQWIHUQWQRFKYHUVWlUNW%HLVSH]LILVFKHQV\QWDNWLVFKHQ3Kl QRPHQHQLQPLWWHODOWHUOLFKHQGHXWVFKHQ7H[WHQVWHOOWVLFKKlXILJGLH)UDJH LQZLHZHLWVLHDXIJHOlXILJH6WUXNWXUHQGHV0LWWHORGHU)UKQHXKRFKGHXW VFKHQ ]XUFNJHKHQ RGHU 5HIOH[H GHV ODWHLQLVFKHQ $XVJDQJVWH[WHV ELOGHQ 2IW VFKHLQHQ EHVWLPPWH 6DFKYHUKDOWH GLH 9RUODJH ]X GLUHNW ZLHGHU]XJH EHQ )RUPDOH .DWHJRULHQ ZLH 9HUV XQG 5K\WKPXV RGHU VWUXNWXUHOOH (OH PHQWHZLHGLH*HJHQEHUVWHOOXQJYRQDOOJHPHLQHP6SUXFKXQGNRQNUHWHU +DQGOXQJVDQZHLVXQJ LQ GHQ ¿'LVWLFKD &DWRQLV¾ GLH GHQ hEHUVHW]HU XQG QDFK LKP GLH $EVFKUHLEHU XQG 5HGDNWRUHQ YRU GLH $XIJDEH VWHOOW ]ZHL $XVVDJHW\SHQ DXI HQJHP 5DXP LQ HLQH 5HODWLRQ ]X VHW]HQ I|UGHUQ DEHU ]% GHQ (LQVDW] EHVWLPPWHU ELQQHQVSUDFKOLFK JHJHEHQHU 0|JOLFKNHLWHQ LP%HUHLFKGHU6\QWD[GHU=LHOVSUDFKHGLHGHP/DWHLQLVFKHQlKQHOQRKQH GDVV VLH QRWZHQGLJHUZHLVH GLUHNW GHP $XVJDQJVWH[W DEJHVFKDXW VLQG 'DVVHLDQ]ZHL%HLVSLHOHQNXU]JH]HLJW 'LVWLFKRQ,ODXWHWLQHLQHU)DVVXQJGHU¿*HVDPWEHUVHW]XQJ¾ZLH IROJW :HUPLWUHGJOLVQHQNDQ 9QGGLUMPKHUW]HQLEHOVJDQ 6RGţGXMQJOLFKHUZL‰DOVR 6REHWUXLJWDLQOLVWGHQDQGHUQGR

'HU5HODWLYVDW]GHQGLH9HUVHXQGXPIDVVHQVWHKWKLHULQNRQGLWLRQD OHU )XQNWLRQ 'LHVHV 3KlQRPHQ LVW LP 0LWWHOKRFKGHXWVFKHQ QLFKW XQJH Z|KQOLFK XQG DXFK LP )UKQHXKRFKGHXWVFKHQ EHNDQQW 'LH SDUDOOHO BBBBBBBBBBBBB  'DVLVWDQGLHVHU6WHOOHQLFKWDOV$XVVDJHEHUGHUHQ2QWRJHQHVH]XYHUVWHKHQ  +LHUDXVGHP&RGSRHWHWSKLOƒGHU:UWWHPEHUJLVFKHQ/DQGHVELEOLRWKHN6WXWWJDUW JHVFKULHEHQYRQ-DFRE6WURPDLUDXV)LQQLQJHQEHL1HX8OPYJO&RGLFHVSRH WLFL HW SKLORORJLFL EHVFKULHEHQ YRQ :2/)*$1* ,57(1.$8) XQG ,1*(%25* .5(./(5 PLW9RUDUEHLWHQYRQ,62/'( '80.( :LHVEDGHQ 'LH+DQGVFKULIWHQGHU:UWWHP EHUJLVFKHQ/DQGHVELEOLRWKHN6WXWWJDUW, 6I  *HGUXFNWEHL=$72þ,/&DWRD)DFHWXV>ZLH$QP@6  9JO +(50$11 3$8/ 0LWWHOKRFKGHXWVFKH *UDPPDWLN  $XIODJH QHX EHDUEHLWHW YRQ 7+20$6 ./(,1 +$16-2$&+,0 62/06 XQG ./$86 3(7(5 :(*(5$ 7ELQJHQ  6DPPOXQJNXU]HU*UDPPDWLNHQJHUPDQLVFKHU'LDOHNWH$ †6PLW%HLVSLHOHQDXV GHU/LWHUDWXUGHVXQG-DKUKXQGHUWV6&+8/=(3DUDOOHOXUNXQGHQ>ZLH$QP@EH



7+20$6(+/(1

EHUOLHIHUWHODWHLQLVFKH7H[WIDVVXQJ GLHQLFKWYROOVWlQGLJPLWGHUEHUHLQ VWLPPHQPXVVGLHGHPXUVSUQJOLFKHQhEHUVHW]XQJVYRUJDQJ]X*UXQGH ODJ ODXWHW 4XLVLPXODWXHUELVQHFFRUGHHVWILGXVDPLFXV 7XTXRTXHIDFVLPLOHVLFDUVGHOXGLWXUDUWH ª:HU PLW VHLQHQ :RUWHQ WlXVFKW LVW DXFK LP +HU]HQ NHLQ WUHXHU )UHXQG 'X KDQGOHlKQOLFK²VRZLUG/LVWGXUFK/LVWKLQWHUJDQJHQ© 

+LHULVWYRQ]ZHLV\QWDNWLVFKQLFKWYHUEXQGHQHQ6lW]HQDXV]XJHKHQ'HU HUVWHIRUPXOLHUWHLQHDOOJHPHLQH:HLVKHLWGHU]ZHLWHJLEWHLQH+DQGOXQJV DQZHLVXQJGLHLQKDOWOLFKDEHUQLFKWV\QWDNWLVFKDXVGHPHUVWHQ6DW]KHU YRUJHKW'LHGHXWVFKH)DVVXQJVFKDIIWLQGHPVLHIUGLHHUVWH$XVVDJHGLH )RUPGHV5HODWLYVDW]HVZlKOWGHUGHU]ZHLWHQ$XVVDJHNRQGLWLRQDOYRUJH VFKDOWHWZLUGHLQHV\QWDNWLVFKH5HODWLRQ'LHSURQRPLQDOH(LQOHLWXQJGHV HUVWHQODWHLQLVFKHQ9HUVHV²GLHGHUGHXWVFKHQ.RQVWUXNWLRQlKQHOW²PDJ GLH:DKOGHV3URQRPHQVZHUEHHLQIOXVVWKDEHQGHU]ZHLWH7HLOGHVODWHLQL VFKHQ9HUVHVDOV+DXSWVDW]DXI]XIDVVHQLVWMHGRFKLQGHUGHXWVFKHQ)DV VXQJLQGHQ5HODWLYVDW]KLQHLQJH]RJHQVRGDVVGLH6WHOOHGHV+DXSWVDW]HV IUHLZLUG'DPLWLVWGLH0|JOLFKNHLWJHJHEHQGLHDOOJHPHLQH:HLVKHLWXQG GLH +DQGOXQJVDQZHLVXQJ DXFK V\QWDNWLVFK LQ HLQ :HQQGDQQ*HIJH ]X VHW]HQ 'LH 0|JOLFKNHLW GHV 'HXWVFKHQ HLQH NRQGLWLRQDOH 5HODWLRQ PLW +LOIHHLQHV5HODWLYVDW]HVDXV]XGUFNHQELOGHWGDQQGLHQHXHV\QWDNWLVFKH *UXQGVWUXNWXUDXV'LHbKQOLFKNHLWGHV(LQJDQJVLP'HXWVFKHQXQG/D WHLQLVFKHQ EHGHXWHW DOVR QLFKW XQEHGLQJW GDVV HLQH 2ULHQWLHUXQJ DQ GHU $XVJDQJVVSUDFKH]X*UXQGHOLHJW 'LVWLFKRQ,ODXWHWLQGHUVHOEHQ+DQGVFKULIWIROJHQGHUPD‰HQ :DQDLQJRW\PHULVWJHZHVHQ $OVZLUHVLQGHU>+VRQGHU@JHVFKULIWOHVHQ 'HQVROWGXHUHQPLWOXWUHPJPHW 9RUDOOHQGLQJHQGXUFKVHLQJHW

'DV9HUKlOWQLVGHU6lW]HLVWNRPSOH[$XVGHPHLQOHLWHQGHQ.DXVDOVDW] ZLUGGDV6XEMHNWJRWLPEHUJHRUGQHWHQ6DW]²QDFKHLQJHVFKREHQHP9HU BBBBBBBBBBBBB VSULFKWHEG6HLQ%HLVSLHOIUGLHVH.RQVWUXNWLRQPLWªYHUDOOJHPHLQHUQGHP5HODWLY VDW]© DXV GHP ¿0DLQ]HU /DQGIULHGHQ¾ YRQ  GLH GLVNXWLHUWH +DQGVFKULIW VWDPPW DXV GHP-DKUKXQGHUWZHLWHUH%HLVSLHOHHEG6I YJODXFKHEG6XQG6 6&+8/=(VSULFKWLQGLHVHP=XVDPPHQKDQJYRQªHLQHUVDW]I|UPLJHQ9DULDQWHGHV.D VXVSHQGHQV©=ZLVFKHQGHP/DWHLQLVFKHQXQG'HXWVFKHQKHUUVFKWHQ8QWHUVFKLHGHLQGHU $XVVDJHVWUXNWXUEHLVHPDQWLVFKHUbTXLYDOHQ] HEG6   9JO 52%(57 3(7(5 (%(57 >XD@ )UKQHXKRFKGHXWVFKH *UDPPDWLN 7ELQJHQ  6DPPOXQJNXU]HU*UDPPDWLNHQJHUPDQLVFKHU'LDOHNWH$ †6  6WXWWJDUW:UWWHPEHUJLVFKH/DQGHVELEOLRWKHN&RGSRHWHWSKLOƒ%OY  *HGUXFNWEHL=$72þ,/&DWRD)DFHWXV>ZLH$QP@6  =XU(LQOHLWXQJGHV.DXVDOVDW]HVPLWZDQGH QHXKRFKGHXWVFKªZHLO© YJO3$8/0LWWHOKRFK GHXWVFKH*UDPPDWLN>ZLH$QP@†6

6SUDFKH²'LVNXUV²7H[W



JOHLFKVVDW]²GXUFKYRUDQJHVWHOOWHV3URQRPHQEHL9HUE]ZHLWVWHOOXQJZLH GHU DXIJHQRPPHQ 'LHVH .RQVWUXNWLRQ LP 0LWWHOKRFKGHXWVFKHQ QLFKW XQJHZ|KQOLFKLVWLP6SlWPLWWHODOWHUVHOWHQJHZRUGHQ'LH(UVWVWHOOXQJGHV 2EMHNWSURQRPHQVLPEHUJHRUGQHWHQ6DW]LVWLPXQG-DKUKXQGHUW YRU DOOHP GDQQ JHOlXILJ ZHQQ HLQH 3UROHSVH YRUJHVFKDOWHW LVW K\SRWKH WLVFKHWZDª'HU!HLQH*RWWGHULPPHUJHZHVHQLVWGHQVROOVWGXHKUHQ «© QLFKWDEHUQDFKXQWHUJHRUGQHWHP6DW]'HUPLWEHUOLHIHUWHODWHLQL VFKH7H[WEHJLQQWPLWHLQHP.RQGLWLRQDOVDW] 6LGHXVHVWDQLPXVQRELVXWFDUPLQDGLFXQW KLFWLELSUHFLSXHVLWSXUDPHQWHFROHQGXV ª:HQQ*RWWIUXQVGLH6HHOHLVW>RGHUZHQQIUXQVGLH6HHOH*RWWLVW@ZLHHV GLH'LFKWXQJHQVDJHQGDQQLVWHU>RGHUVLH@YRUDOOHPDQGHUHQYRQ'LUPLWODXWH UHU*HVLQQXQJ]XYHUHKUHQ© 

'LHLQWHUSUHWDWLRFKULVWLDQDOlVVWHLQHHLQVFKUlQNHQGH)RUPXOLHUXQJ ª: H Q Q  *RWWIUXQVGLH6HHOHLVW«© QLFKW]XVRGDVVLPGHXWVFKHQ7H[WGLH NRQGLWLRQDOHGXUFKHLQHNDXVDOH(LQOHLWXQJHUVHW]WZLUG ª: H L O >GHU@HLQH *RWW«© 'LH+HUDXVVWHOOXQJGHV3URQRPHQVLPEHUJHRUGQHWHQ6DW] GLHLQODWHLQLVFKHU'LFKWXQJSUREOHPORVP|JOLFKLVWOLH‰HVLFKLPGHXW BBBBBBBBBBBBB  9JO(%(57)UKQHXKRFKGHXWVFKH*UDPPDWLN>ZLH$QP@†6I²'LH9HUZHQ GXQJ VROFKHU ª7KHPD.RQVWLWXHQWHQ© DX‰HUKDOE GHU 3UlGLNDWLRQ LVW DXFK LP /DWHLQLVFKHQ P|JOLFK ]X DXVJHNODPPHUWHQ 1RPLQDWLYJUXSSHQ YJO -2+$11 %$37,67 +2)0$11 /D WHLQLVFKH*UDPPDWLN%G/DWHLQLVFKH6\QWD[XQG6WLOLVWLN0LWGHPDOOJHPHLQHQ7HLOGHU /DWHLQLVFKHQ*UDPPDWLN1HXEHDUEHLWXQJYRQ$1721 6=$17ZLH$QP@%G 6SVYªHLQ]DKOZ© RGHUDOV$UWLNHOªHLQ©GHULP0LWWHOKRFKGHXWVFKHQHWZDV%H VWLPPWHV PHLQHQ NDQQ YJO ]X YHUVFKLHGHQHQ 0|JOLFKNHLWHQ 3$8/ 0LWWHOKRFKGHXWVFKH *UDPPDWLN >ZLH $QP@ † 6  ²=XP 'LVWLFKRQ , YJO DOOJHPHLQ 3$2/2 5226 6HQWHQ]DHSURYHUELRQHOO·DQWLFKLWjHL¿'LVWLFLGL&DWRQH¾,OWHVWRODWLQRHLYROJDUL]]DPHQWL LWDOLDQL &RQ XQ VFHOWD H WUDGX]LRQH GHOOH PDVVLPHH GHOOH IUDVL SURYHUELDOL ODWLQH FODVVLFKH SLLPSRUWDQWLRDQFRUDYLYHRJJLQHOPRQGRQHRODWLQR%UHVFLD6I9JODXFKGLH %HOHJHLQGHU¿'LVWLFKD&DWRQLV¾$XVJDEHYRQ%2$6>ZLH$QP@6I  (LQH&KULVWLDQLVLHUXQJVWHOOWDXFKGLHbQGHUXQJGHUKHLGQLVFKHQFDUPLQDLQGLHJHVFKULIWGK GLH%LEHOGDU  =XU (UVWVWHOOXQJ GHV 6XEMHNWHV YJO +2)0$11 6=$17ZLH $QP@ †  XQG 3,1.67(5 /DWHLQLVFKH 6\QWD[ >ZLH $QP@  ªGLH HUVWH 6WHOOHGHV6DW]HV²YRQ.RQQHNWRUHQXQG7KHPD.RQVWLWXHQWHQDEJHVHKHQ²>LVW@YRUDOOHP IU.RQVWLWXHQWHQPLWGHUSUDJPDWLVFKHQ)XQNWLRQ7RSLFYRUJHVHKHQ7RSLF.RQVWLWXHQ WHQVLQGRIWDEHUQLFKWHRLSVR6XEMHNWVNRQVWLWXHQWHQ)UGLHHUVWH6WHOOHNRPPHQIHUQHU .RQVWLWXHQWHQ LQ )UDJHGLH DOV NRQWUDVWLYHU )RNXVIXQJLHUHQ >«@© 6 GDV DQDSKRUL



7+20$6(+/(1

VFKHQ7H[WDOV1DFKDKPXQJGHUODWHLQLVFKHQ6WHOOXQJLQWHUSUHWLHUHQ'DV LVWDOOHUGLQJVQLFKW]XEHZHLVHQZHLOGLH0|JOLFKNHLWLQ%HWUDFKW]X]LHKHQ LVWGDVVGHU5HGDNWRURKQH5FNYHUJOHLFKPLWGHP/DWHLQLVFKHQOHGLJOLFK GLH HWZDV H[]HSWLRQHOO JHZRUGHQH (UVWVWHOOXQJ GHV 2EMHNWSURQRPHQV ZlKOW 'HU 5FNJULII DXI VSH]LILVFKH 0XVWHU GHU =LHOVSUDFKH ]HLJW ZLH GHU YRONVVSUDFKOLFKH'LVNXUVHLQHDXVGHP/DWHLQLVFKHQDGDSWLHUWH9RUODJHDOV IRUPDOHLJHQHQ7H[WDXVSUlJW6RGHPRQVWULHUWGDVHUVWH%HLVSLHOGDVVGDV 1HEHQHLQDQGHU]ZHLHUDXIHLQDQGHUEH]RJHQHULP/DWHLQLVFKHQDEHUXQDE KlQJLJHU6lW]HRIIHQEDUGLH1RWZHQGLJNHLWVXJJHULHUWVLHDXFKV\QWDNWLVFK ]XYHUNQSIHQ'LH)OH[LELOLWlWGHV'HXWVFKHQLQGHU(U]HXJXQJNRQGLWLR QDOHU 5HODWLRQHQ GLH LP /DWHLQLVFKHQ VR QLFKW JHJHEHQ LVW HUP|JOLFKW VRJDU SKlQRW\SLVFKH 3DUDOOHOHQ ]XP $XVJDQJVWH[W KLHU GLH /LQNVVWHOOXQJ GHV3URQRPHQV RKQHGDVVHVVLFKXPHLQH1DFKDKPXQJGHU6\QWD[GHV DXVJDQJVVSUDFKOLFKHQ 7H[WHV KDQGHOQ PXVV )U GDV ]ZHLWH %HLVSLHO OHJW GLH /LQNVVWHOOXQJ GHV H[SRQLHUWHQ 2EMHNWSURQRPHQV LP EHUJHRUGQHWHQ 6DW]GHQ6FKOXVVDXIGLHODWHLQLVFKH)DVVXQJYRUGHUJUQGLJQDKH]XJOHLFK DEHU EHVLW]W DXFKGDV'HXWVFKH YRUODJHQXQDEKlQJLJ GLHVH 0|JOLFKNHLW (VOLH‰HVLFKDXIGHU(EHQHGHV,QKDOWVDUJXPHQWLHUHQHWZDLQGHP6LQQH GDVV GLH (UVWVWHOOXQJ GHLNWLVFKHQ &KDUDNWHU KDEHQ VROO 'LH 0RGDONRQ VWUXNWLRQ GHV EHUJHRUGQHWHQ 6DW]HV LVW LP EULJHQ LP GHXWVFKHQ 7H[W GXUFKGLH9HUlQGHUXQJGHVYRUJHVFKDOWHWHQ1HEHQVDW]HVYRP.RQGLWLRQDO ]XU%HJUQGXQJGRSSHOWNDXVDOYHUDQNHUW0DQVROOLKQ*RWWHKUHQZHLO HUHZLJLVWZLHGLH6FKULIWHVVDJWXQGXPVHLQHU*XWKHLWZLOOHQGXUFKVHLQ JHWLVWGDEHLYHUPXWOLFKZHJHQGHV5HLPVRKQHODWHLQLVFKH9RUODJHLQGHQ YLHUWHQ 9HUV DXIJHQRPPHQ GD PLW OXWUHP JPHW ZDV GHXWOLFK GDV ODWHLQL BBBBBBBBBBBBB VFKH 3URQRPHQ KLF GUIWH OHJW PDQ GLH YRQ 3,1.67(5 HEG 6 JHJHEHQ 'HILQLWLRQHQ ]XJUXQGHKLHUª7RSLF©ZLHª)RNXV©VHLQª'LHVHULVWYRQGLU]XYHUHKUHQ XQGQLHPDQGDQ GHUV ©²'LH¿QRUPDOH¾ DEHUYRUDOOHPDXFKLQ9HUVGLFKWXQJQLFKWYHUELQGOLFKH :RUWVWHO OXQJ LP (LQIDFKVDW] LQ ODWHLQLVFKHU 3URVD ZlUH >6@23 YJO +2)0$11 6=$17ZLH $QP@ HU LVW PLW GHP 7H[W GHU +DQGVFKULIW 6WXWWJDUW:UWWHPEHUJLVFKH/DQGHVELEOLRWKHN&RGSRHWHWSKLOƒ%OYLGHQWLVFK DEJHVHKHQ YRP $XVIDOO YRQ HVW HLQHP LQGLYLGXHOOHQ )HKOHU GLHVHV &RGH[ QLFKW GHU YRQ LKPUHSUlVHQWLHUWHQ7H[WJUXSSH   9JOGD]X)28&$8/7$UFKlRORJLH>ZLH$QP@6



7+20$6(+/(1

JUQGXQJ XQG =LHOYRUJDEH ªZHLO =RUQ +DVV HU]HXJW© E]Z ªGDPLW (LQ WUDFKWGLH/LHEHQlKUW©  'LHhEHUVHW]XQJHQEHUWUDJHQGLHVH6WUXNWXULP*UR‰HQXQG*DQ]HQ LQV'HXWVFKH,QGHUlOWHVWHQHUKDOWHQHQ²XQGDXFKWH[WJHVFKLFKWOLFKUHOD WLYIUKHQ²+DQGVFKULIWGHU¿*HVDPWEHUVHW]XQJ¾GHU¿'LVWLFKD &DWRQLV¾ GHP&RGGHU=ZHWWOHU6WLIWVELEOLRWKHNDXVGHPIUKHQ-DKUKXQ GHUW LVW GLH ODWHLQLVFKH 6DW]VWUXNWXU EHLEHKDOWHQ GHU hEHUVHW]HU RGHU 5HGDNWRURULHQWLHUWVLFKV\QWDNWLVFKXQGLP)DOOHYRQJUDWLDYRUGHUJUQGLJ DXFK OH[LNRORJLVFK HUNHQQEDU DQ GHU 9RUODJH =7 GXUFK GHQ 5HLP EH GLQJW²XQGGDPLWHLQ$XVZHLVGHU)RUPDOLVLHUXQJGXUFKJHEXQGHQH6SUD FKH²ZHUGHQHLQLJH%HJULIIHHUVHW]WE]ZYHUWDXVFKW +DEH]RUQQHKHLQHYULVW 0LWGHPGLUJQDGHJHYţJHWLVW KD]JHELUWQLKWZDQG]RUQ 9ULXQWVFKDIWKDWGLPLQQHHUNRUQ

,PODWHLQLVFKHQ7H[WHU]HXJWGHU=RUQGHQ+DVVQLFKWXPJHNHKUWZREHL ]XPLQGHVW IU GDV 0LWWHOKRFKGHXWVFKH GLH %HJULIIH QLFKW RKQH ZHLWHUHV NRPSDWLEHOVLQGKD]LVWGLH*HVLQQXQJ]RUQHKHUGLH$UWLNXODWLRQE]ZGHU $IIHNW 'LH hEHUVHW]XQJ YRQ JUDWLD PLWJQDGH LQWHQVLYLHUW GLH KLHUDUFKL VFKH .RPSRQHQWH GLH LP ODWHLQLVFKHQ 'LVWLFKRQ LPSOL]LW DQJHOHJW LVW 'HU FKULVWOLFKH XQG JHVHOOVFKDIWOLFKH %HJULII GHU JQDGH YHUVWlUNW GLH LQ GHUJUDWLDDQJHOHJWH9RUVWHOOXQJYRQGHU5HODWLRQ]XHLQHP+|KHUJHVWHOO BBBBBBBBBBBBB  'DV9HUKlOWQLVGHU*UDPPDWLN]XDQGHUHQ6SH]LDOGLVNXUVHQ ]%VROFKHGHUªDOOJHPHLQHQ 2UGQXQJVZLVVHQVFKDIW©ZLHGLHNDUWHVLDQLVFKHXQGQDFKNDUWHVLDQLVFKH$OJHEUDGHUªSKLOR VRSKLVFKHQ $QDO\VH GHU 5HSUlVHQWDWLRQ XQG 7KHRULH GHU =HLFKHQ© GHU 1DWXUJHVFKLFKWH GHU3UREOHPHªGHU&KDUDNWHULVLHUXQJXQG7D[RQRPLH©GHUª$QDO\VHGHU5HLFKWPHU©XQG GHU3UREOHPHªGHUDUELWUlUHQ=HLFKHQYRQ0D‰XQG7DXVFK© XQWHUVXFKW)28&$8/7$U FKlRORJLH>ZLH$QP@6IHUIDVVWªDOOJHPHLQH*UDPPDWLN©ª1DWXUJHVFKLFKWH©XQG ª$QDO\VHGHU5HLFKWPHU© ZRKOgNRQRPLH DOVGUHLVHSDUDWH'LVNXUVHDXIGHUHQ9HUKlOW QLV DXI %DVLV GLVNXUVLYHU 5HJHOQ DOV $QDORJLH JHGHXWHW ZLUG HEG 6  ,FK P|FKWH LP 5DKPHQGHVKLHUDQJHVHW]WHQJUR‰UlXPLJHUHQ'LVNXUVEHJULIIHVGLH:LUNXQJGHU5HJHOQLQ GLHVHQ%HUHLFKHQHKHUDOVIXQNWLRQDO]ZLVFKHQGHQ(LQKHLWHQEH]HLFKQHQ²9JODXFKGLH $XVIKUXQJHQ EHL *58%0h//(5 5HJHO DOV .RPPHQWDU >ZLH $QP@ EHVRQGHUV 6 ]XGHQ7UDQVIRUPDWLRQHQNRQGLWLRQDOHU*UXQGVWUXNWXUHQ  'DVLVWLQGLHVHU+DQGVFKULIWQLFKWGLH5HJHO  =XU 'RSSHOIXQNWLRQ GHV 3URQRPHQV DOV %H]XJVZRUW XQG 5HODWLYXP RKQH :LHGHUKROXQJ YJO3$8/0LWWHOKRFKGHXWVFKH*UDPPDWLN>ZLH$QP@†6GLH.RQVWUXNWLRQHQW VSULFKWKLHUGHPYHUVFKUlQNWHQ5HODWLYVDW]GHVODWHLQLVFKHV$XVJDQJVWH[WHV  =$72þ,/&DWRD)DFHWXV>ZLH$QP@6  9JO/(;(5+DQGZ|UWHUEXFK>ZLH$QP@%G6SIXQG%G6SI  JUDWLDPHLQWGRUWYDGDVJXWH(LQYHUQHKPHQXQGIUHXQGVFKDIWOLFKH9HUKlOWQLVYJOJUDWLD ,Q7KHVDXUXVOLQJXDHODWLQDH(GLWXVDXFWRULWDWHHWFRQVLOLR$FDGHPLDUXPTXLQTXH*HUPD QLFDUXP>«@%GII/HLS]LJII%G  6SEHVRQGHUV,$G HEG6S   /(;(5+DQGZ|UWHUEXFK>ZLH$QP@6SQHQQWDXFKGLH%HGHXWXQJHQªUXKH©RGHU ªQHLJXQJ]XHWZDV©GLHDEHUKLHUPHLQHV(UDFKWHQV]XNXU]JUHLIHQ

6SUDFKH²'LVNXUV²7H[W



WHQ GHU HLQH JHZLVVH0DFKW EHU GHQ DQGHUHQ KDW 'DV ODWHLQLVFKH :RUW ZLUGGDEHLQLFKWLQVHLQHUVSlWDQWLNHQ%HGHXWXQJVRQGHUQLQVHLQHPPLW WHODOWHUOLFKFKULVWOLFKHQ .RQWH[W UH]LSLHUW 'LH LQ GHU KHLGQLVFKHQ /HKUH QHEHQGHU(EHQHGHV3ULYDWHQPLWHYR]LHUWH'LPHQVLRQ|IIHQWOLFKVR]LDOHU %H]LHKXQJHQZLUGEHLGHUhEHUVHW]XQJLQWHQVLYLHUW]XHLQHU$XVVDJHEHU GLH9RUVLFKWLQGHUKLHUDUFKLVFKVWUXNWXULHUWHQ*HVHOOVFKDIW'LHYULXQWVFKDIW LP OHW]WHQ 9HUV LVW QLFKW GLH QHXKRFKGHXWVFKH ª)UHXQGVFKDIW© DOVR HLQ %HJULII IU HLQH HPRWLRQDO VWUXNWXULHUWH %H]LHKXQJ VRQGHUQ $XVGUXFN HLQHU GXUFK 9HUELQGOLFKNHLW JHSUlJWHQ 6R]LDOEH]LHKXQJ GLH VLFK GLH PLQQHHUZlKOWKLHUYRUDOOHPDOVSDDULJHU*HJHQEHJULII]X KD]]XGHXWHQ QLFKWDOV$XVGUXFNIUª/LHEH©RGHUª=XQHLJXQJ© 'LH RIIHQHUH +LHUDUFKLVLHUXQJ GHU %H]LHKXQJHQ GLH LQ GHU =ZHWWOHU )DVVXQJ JHOHLVWHW ZLUG GHXWHW DQ GDVV VLFK QHEHQ GHU &KULVWLDQLVLHUXQJ DXFKGHU:HFKVHOGHV'LVNXUVHVDXIGHQ,QKDOWGHV7H[WHVDXVZLUNW'LH GLVNXUVVSH]LILVFKH /H[LN VHW]W KLQVLFKWOLFK GHU $XVVDJHZHUWH GHU %HJULIIH GLH$N]HQWHLQGHUhEHUVHW]XQJDQGHUV,PODWHLQLVFKHQ'LVWLFKRQLVWGDV 9HUKlOWQLV]ZLVFKHQGHU5HJXODWLRQGHUSHUV|QOLFKHQ9HUKlOWQLVVHXQGGHU |IIHQWOLFKHQ%HGHXWXQJQLFKWNODUGLIIHUHQ]LHUW'LH7H[WUH]HSWLRQLPPLW WHODOWHUOLFKODWHLQLVFKHQ 'LVNXUV KHEW GLH |IIHQWOLFKKLHUDUFKLVFKH 'LPHQ VLRQ KHUYRU ZDV VLFK DEHU DXI GHQ %HVWDQG GHV DXWRULWDWLYHQ ¿&DWR¾ *UXQGWH[WHV QLFKW DXVZLUNHQ NRQQWH 'LH =ZHWWOHU hEHUVHW]XQJVIDVVXQJ GHPRQVWULHUWKLQJHJHQGHQJHOHLVWHWHQ7UDQVIHULQGHPVLHGLH9HUKDOWHQV SUREOHPDWLNPLWGHP6FKOVVHOEHJULII JQDGHSRLQWLHUWIUGHQ%HUHLFKGHV 6R]LDOOHEHQV YRUIKUW 'LH +HUUVFKDIWVVWUXNWXUHQ GHU GLVNXUVLYHQ 3UD[LV YRONVVSUDFKLJHU gIIHQWOLFKNHLW GLH VLFK DXI GHU (EHQHGHU /H[LN PDQLIH BBBBBBBBBBBBB  9JO GLH %HOHJH EHL *5,00 'HXWVFKHV :|UWHUEXFK >ZLH $QP@ %G    VY ª)UHXQGVFKDIW© 6S I KLHU  ªYHUZDQGWVFKDIW EOXWVIUHXQGVFKDIW JHVFKOHFKW© HEG 6S  /(;(5 +DQGZ|UWHUEXFK >ZLH $QP@ %G  6S  JLEW GD]X OHLGHU QLFKWV KHU  ,P/DWHLQLVFKHQ²GLHHQWVSUHFKHQGHQODWHLQLVFKHQ&DWR9HUVHYHUZHQGHQGHQ%HJULIIDQ GLHVHU6WHOOHQLFKW²GHFNHQDPLFXVXQGDPLFLWLDMHQDFK.RQWH[WGLHSULYDWHZLHGLH|IIHQWOL FKH 'LPHQVLRQ DE YJO 7KHVDXUXV OLQJXDH ODWLQDH >ZLH $QP@ %G  6S  VY¿DPLFLWLD¾ª,GHSULYDWDVLQJXORUXPKRPLQXPFRQVXHWXGLQHHWFRQLXQFWLRQH©XQGª,, GH SXEOLFD SRSXORUXP UHJXP  FRQLXQFWLRQH VRFLHWDV FRQFRUGLD SD[ © 6S  VY ¿DPLFXV¾ ,, $ ª LQ YLWD SULYDWD © XQG ª SXEOLFH YHO LQ YLWD SXEOLFD © 9JO DXFK 6&+1(,'(5*HVHOOVFKDIW>ZLH$QP@6I  'HU.RPPHQWDU¿&LUFDLQLFLXP(WKLFH&DWKRQLV¾]XU6WHOOHHUNOlUW]X%HJLQQ,QKLMVYHUVLEXV &DWKRGRFHWFRQFRUGLDPREVHUXDUHHWRGLXPHXLWDUHGLFHQV)LOLGLOLJHQWHUFDXHDVQHUL[HULVVHZFRQWHQGDV FXPDOLTXRFXPTXRHVVRFLDWXVLQFDULWDWHYHODTXREHQHILFLXPHWJUDWLDPKDEHV>«@QDFKWKHRORJL VFKHQ$XVIKUXQJHQXQG=LWDWHQKHL‰WHVJHJHQ(QGH&RQFRUGLDHVWYLUWXVFRQFLXHVHWFRPSDWULR WDV HW DPLFRV LQ \GHPSWLWDWH >ZRKO ]X LGHQWLWDWH@ LQVWLWXWRUXP LXULV VSRQWDQHH HXLQFLHQV >«@ QDFK 6WXWWJDUW :UWWHPEHUJLVFKH/DQGHVELEOLRWKHN &RGSRHW HW SKLO ƒ %OYU HEG &RG+%;,,%OU0QFKHQ8QLYHUVLWlWVELEOLRWKHNƒ&RGPV%OU0Q FKHQ %D\HULVFKH 6WDDWVELEOLRWKHN &OP  %OYU  +LHU ZLUG GLH ª|IIHQWOLFKH© 'LPHQVLRQEHUGHXWOLFK



7+20$6(+/(1

VWLHUHQZHUGHQ]XP.RQWH[WGHU$XVVDJHXQGGHU]XHUZDUWHQGHQ5H]HS WLRQ $QGHUH hEHUVHW]XQJVVWXIHQ ]HLJHQ HLQHQ YHUJOHLFKEDUHQ %HIXQG 6R KHL‰W HV LQ GHU +DQGVFKULIW %HUOLQ 6WDDWVELEOLRWKHN ]X %HUOLQ ² 3UHX‰L VFKHU.XOWXUEHVLW]0VJHUPRFW :HUPLWGLUJHIUHZQGHWLVW PLWGHPNULJH]XNHLQHUIULVW F]RUQJURVVHQQH\GJHSLUW HLQWUHFKWLJNH\WG\OLEHQHUW

JUDWLDLVWPLWVHLQHUIUGDVFKULVWOLFKH0LWWHODOWHUYLHOOHLFKW]XIHUQOLHJHQ GHQ %HJULIIVQXDQFH YRQ ª(LQYHUQHKPHQ© XQG ªIUHXQGVFKDIWOLFKHP 9HU KlOWQLV©DXIJHJHEHQ]XJXQVWHQGHVJHIUHZQGHW GDVJOHLFKZRKOQLFKWNRQJUX HQWPLWGHPQHXKRFKGHXWVFKHQªEHIUHXQGHW©LVWVRQGHUQGLH9HUELQGOLFK NHLWGHU6R]LDOEH]LHKXQJEH]HLFKQHW ]RUQLVWZLHLPODWHLQLVFKHQ9HUV JUDPPDWLNDOLVFKHV6XEMHNWQH\G²LP6LQQHYRQªIHLQGVHOLJHJHVLQQXQJLP DOOJHPHLQHQ© XQG YRQ GDKHU PLW ODWHLQLVFK RGLXP ZLH PLW PLWWHOKRFK GHXWVFK KD] JXW NRPSDWLEHO ² 2EMHNW 'LH $N]HQWXLHUXQJ GHU KLHUDUFKL VFKHQ 6WUXNWXU DXI GHU,QKDOWVHEHQH ZLH VLH LQGHU =ZHWWOHU +DQGVFKULIW YRUJHQRPPHQZLUGLVWDXFKKLHUHUNHQQEDU 0DQ PXVV VLFK IU 7H[WH ZLH GLH ¿'LVWLFKD &DWRQLV¾ LQ LKUHU ODWHLQL VFKHQ)DVVXQJXQGGHQGHXWVFKHQhEHUVHW]XQJHQLQGLHVHP=XVDPPHQ KDQJYRU$XJHQKDOWHQGDVV6SUDFKHXQG7H[WW\SHQIXQNWLRQDOGLIIHUHQ ]LHUWHLQJHVHW]WZHUGHQ'LHQHQGHUODWHLQLVFKH*UXQGWH[WXQGVHLQH+LOIV WH[WH ODWHLQLVFKH,QWHUOLQHDUJORVVHQ ODWHLQLVFKH .RPPHQWDUH  GHP (UOHU QHQ GHU ODWHLQLVFKHQ 6SUDFKH GHU %HNDQQWPDFKXQJ PLW DOOJHPHLQHQ PRUDOLVFKHQ1RUPHQXQGGHU(U]HXJXQJHLQHVKHUPHQHXWLVFKHQ.RQWH[ WHVPXVVEHLGHQGHXWVFKHQhEHUVHW]XQJHQXQWHUVFKLHGHQZHUGHQ5HL QH +LOIVEHUVHW]XQJHQ LQ )RUP YRQ ,QWHUOLQHDUJORVVHQ GLH QXU GHU (U VFKOLH‰XQJGHVODWHLQLVFKHQ*UXQGWH[WHVGLHQHQRGHUhEHUWUDJXQJHQYRP YHUEXP GH YHUER7\SXV PVVHQ YRQ GHQ 5HLPSDDUEHUVHW]XQJHQ GLH YRU DOOHP DXI LQKDOWOLFKH (UVFKOLH‰XQJ XQG GHQ 7UDQVIHU NXOWXUHOOHQ *HKDOWV BBBBBBBBBBBBB  =LWLHUWQDFK=$72þ,/&DWRD)DFHWXV>ZLH$QP@6  9JOREHQ$QP  /(;(5+DQGZ|UWHUEXFK>ZLH$QP@%G6SI  'HQ6RQGHUIDOOGDVVHLQHª$XVVDJH©EHQXW]WZLUGXPLKUHJUDPPDWLNDOLVFKHRGHUUKHWRUL VFKH6WUXNWXU]XDQDO\VLHUHQNHQQWDXFK)28&$8/7 GHUYHUPXWOLFKZHQLJHUGLHª$XVVDJH© DOVLKUH)RUPXOLHUXQJPHLQW (UJHKWIUGLHVHQ)DOOQLFKWYRQHLQHU,GHQWLWlWGHU$XVVDJH LQ9RUODJHXQGhEHUVHW]XQJDXV $UFKlRORJLH>ZLH$QP@6 $OOHUGLQJVZlUHQDFK )28&$8/7GLHª*UDPPDWLN©HLQVHSDUDWHU'LVNXUV  9JOGD]XPHLQHQ$XIVDW]ª'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW /DWHLQLVFKGHXWVFKH¿&DWR¾+DQGVFKULIWHQDOV%HLVSLHOIUODWHLQLVFKVSUDFKLJH+HUPHQHXWLN XQGYRONVVSUDFKOLFKH$QHLJQXQJDQWLNHU%LOGXQJLPVSlWHUHQ0LWWHODOWHU©LPYRUOLHJHQGHQ %DQG

6SUDFKH²'LVNXUV²7H[W



DE]LHOHQ XQWHUVFKLHGHQ ZHUGHQ 'HU 7UDQVIHU VROFKHU NXOWXUJHVFKLFKWOL FKHQ ,QKDOWH LVW XQWHU GLHVHP $VSHNW QLFKW QXU ² XQG VWHOOHQZHLVH ZRKO QLFKWHLQPDOLQHUVWHU/LQLH²DXIGHUSURSRVLWLRQDOHQ(EHQHYRQ%HGHX WXQJ 'LH 9HUVSUDFKOLFKXQJ JHOHKUWHU %LOGXQJ LP ODLHQVSUDFKOLFKHQ 'LV NXUVVROOGDV3XEOLNXPYRUDOOHPDXFKDXIGHU(EHQHGHV6SUDFKJHVWXVHU UHLFKHQ XQGVR DQ GDV (LQYHUVWlQGQLV ]ZLVFKHQ 3URGX]HQWHQ E]Z 9RU WUDJHQGHQ XQG5H]LSLHQWHQDSSHOOLHUHQ,QJHZLVVHU+LQVLFKWZHUGHQDOVR 3URSRVLWLRQHQ]ZHLWUDQJLJZRHVKLQVLFKWOLFKGHUNRPPXQLNDWLYHQ)XQN WLRQYRUDOOHPXPGLH'HPRQVWUDWLRQYRQ.RPSHWHQ]XQGGHQ$SSHOODQ HLQJHPHLQVDPHVNXOWXUHOOHV%HZXVVWVHLQJHKW'DVLQVSlWPLWWHODOWHUOLFKHQ .RPPHQWDUKDQGVFKULIWHQ EHUOLHIHUWH7H[WNRQJORPHUDW YRQ ODWHLQLVFKHP *UXQGWH[WODWHLQLVFKHQ*ORVVHQODWHLQLVFKHP.RPPHQWDUXQGGHXWVFKHU 5HLPSDDUIDVVXQJYHUHLQLJWLQVLFKGLH(OHPHQWHIUHLQHVROFKHWH[WW\SHQ DEKlQJLJH IXQNWLRQDOH 'LIIHUHQ]LHUXQJ LQ /DWHLQGLGDNWLN KHUPHQHXWLVFKH (LQRUGQXQJ XQG 6WW]XQJ GHU $XWRULWlW GHV 7H[WSURGX]HQWHQ E]Z YRUWUlJHUV 6R VLQG GLH YHUVFKLHGHQHQ 0|JOLFKNHLWHQ GHQ ¿&DWR¾ LQ GHU .RPPXQLNDWLRQPLW6FKOHUQHLQ]XVHW]HQ]XP*HEUDXFKGXUFKGHQ/HK UHQGHQLQ6FKXOHRGHUDUWHV6WXGLXP]XVDPPHQJHIDVVW./$86 *58%0h/ /(5 KDW LP =XVDPPHQKDQJ GHU PLWWHODOWHUOLFKHQ )DEHOOLWHUDWXU DXI hEHUOLHIHUXQJVYHUElQGH YRQ ODWHLQLVFKHQ XQG GHXWVFKHQ 7H[WHQ VRZLH ODWHLQLVFKHQ .RPPHQWDUHQ KLQJHZLHVHQ :lKUHQG YRU GHP  -DKUKXQ GHUW LQ GHXWVFKVSUDFKLJHQ %LVSHO XQG 0lUHQKDQGVFKULIWHQ ªGLH 'RNX PHQWDWLRQ VSUDFKOLFKHU XQG OLWHUDULVFKHU 6HOEVWlQGLJNHLW GDV VSlWHUH =XVDPPHQZLUNHQYRQ/DWHLQXQG'HXWVFKQRFKQLFKW]XOlVVW©OLHJWVSl WHUGLHhEHUOLHIHUXQJYRUDOOHPLQ]ZHLVSUDFKLJHQ*HEUDXFKVKDQGVFKULIWHQ YRPªVFKXOLVFKHQ©7\SXVGLHHLQHIXQNWLRQDOH'LVWULEXWLRQGHUJHQDQQWHQ 7H[WW\SHQDXIZHLVHQ 6LQQNRQVWLWXWLRQXQG$XWRULWlW *58%0h//(5LQVHLQHU8QWHUVXFKXQJPLWWHODOWHUOLFKHU)DEHOQXQG+(1 .(/ LQ VHLQHQ 6WXGLHQ ]X PLWWHODOWHUOLFKHQ 6FKXOWH[WHQ OHJHQ QDKH GDVV +DQGVFKULIWHQ PLW hEHUVHW]XQJHQ XQG .RPPHQWDUHQ RIW GHQ ODWHLQLVFK JHELOGHWHQ9HUPLWWOHUQDOV)XQGXVGLHQWHQXPLQGHU9RONVVSUDFKHSUHGL JHQRGHUDQGHUH8QWHUZHLVXQJHQDQ=XK|UHUJHEHQ]XN|QQHQGLHQLFKW LQGHUODWHLQLVFKHQ%LOGXQJVZHOWDQ]XVLHGHOQVLQG+LHUZLUNHQGLHhEHU BBBBBBBBBBBBB  9JO*58%0h//(5(OHPHQWH>ZLH$QP@EHVRQGHUV6  9JO *58%0h//(5 (OHPHQWH >ZLH $QP@ 6 XQG +(1.(/ hEHUVHW]XQJHQ >ZLH $QP@ 6 ]XU 5H]HSWLRQ XQG hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ IU GLH 3UHGLJW DXFK 1,.2/$86 +(1.(/ %HLWUlJH ]XU hEHUOLHIHUXQJ GHU ¿'LVWLFKD &DWRQLV¾ LP 0LWWHODOWHU ,, ,Q=VIUGHXWVFKHV$OWHUWXPXQGGHXWVFKH/LWHUDWXU  6



7+20$6(+/(1

VHW]XQJHQ DQVFKHLQHQG LQ GLUHNWHP 7UDQVIHU DXI GHU LQKDOWOLFKPRUDOL VFKHQ (EHQH :HQQ VLFK GHU 3UHGLJHU GDQQ ]% DXI &DWR DOV $XWRULWlW EHUXIW ZLVVHQ VHLQH =XK|UHU LKQ GXUFK GDV *HZLFKW GHV 'LVNXUVHV GHU ODWHLQLVFKHQ7UDGLWLRQXQGLKUHU(OHPHQWH KLHUGHUDQWLNHQ7UDGLWLRQXQG GHU PRUDOLVFKHQ hEHUOHJHQKHLW  OHJLWLPLHUW $OOHUGLQJV IXQNWLRQLHUW GLHVHU 7UDQVIHUYRUDOOHPDXFKDXIGHU(EHQHGHV6SUDFKJHVWXV'LH0RUDOZLUG JHJHQEHU GHU $XWRULWlW GHV 9HUPLWWOHUV ]ZHLWUDQJLJ ZHLO YRU DOOHP HLQH 6SUHFK XQG 'DUVWHOOXQJVNRPSHWHQ] DXV GHP /DWHLQLVFKHQ LQV 'HXWVFKH WUDQVIHULHUWZLUG hEHUVSLW]W N|QQWH PDQ VDJHQ GDVV VLFK LP hEHUVHW]XQJVSUR]HVV GLH PRUDOLVFKH 6LQQNRQVWLWXWLRQ DOOHLQ LQQHUKDOE XQG PLW GHQ 0LWWHOQ GHU GHXWVFKHQ 6SUDFKH HUHLJQHW :LH DXV GHQ REHQ JH]HLJWHQ %HLVSLHOHQ KHU YRUJHKWZLUGLP)DOOHGHU)DVVXQJHQGHU¿*HVDPWEHUVHW]XQJ¾GLH%HGHX WXQJ EHL 6FKOVVHOEHJULIIHQ EHU GLH ² YRQ GHQ ODWHLQLVFKHQ $QDORJD RIW YHUVFKLHGHQH²6HPDQWLNGHUGHXWVFKHQ:|UWHUYROO]RJHQHEHQVRZLHGLH V\QWDNWLVFKH9HUNQSIXQJDXIGHUELQQHQVSUDFKOLFKHQ(EHQHNRQVWLWXLHUW ZLUG VHOEVWGDQQZHQQGDV/DWHLQLVFKHlKQOLFKHRGHUDQDORJH.RQVWUXN WLRQHQ YHUZHQGHW  0D‰JHEOLFK IU GLH 6LQQNRQVWLWXWLRQ VLQG GLH OH[LND OLVFK XQG V\QWDNWLVFK HYR]LHUWHQ .RQQRWDWH GHU HLQ]HOQHQ ² KLHU GHU GHXWVFKHQ ² 6SUDFKH $XI GLHVHU (EHQH ZLUNW GLH (LJHQVWlQGLJNHLW GHV 'LVNXUVHVGHUHLQH$UWIXQNWLRQDOHVNRPPXQLNDWLYHV0LNURV\VWHPELOGHW hEHUVHW]HQ DOV hEHUIKUHQ YRQ HLQHP KLHU GHP ODWHLQLVFKHQ  LQ HLQHQ DQGHUHQ KLHU GHQ YRONVVSUDFKOLFKHQ  'LVNXUV NDQQ DOVR LP ([WUHPIDOO EHGHXWHQ GDVV HLQ 7KHPHQJHUVW PLW HLQHP KRKHQ NXOWXUHOOHQ 3UHVWLJH ZHUWLQGHQ=LHOGLVNXUVEHUWUDJHQE]ZLQGLHVHQEHUQRPPHQXQGGRUW GHQ *HJHEHQKHLWHQ GHU VSUDFKOLFKHQ 3HUIRUPDQ]HQ DQJHSDVVW ZLUG GLH VLJQLILNDQW XQG VWHOOHQZHLVH VRJDU VSH]LILVFK IU GLH GRUWLJH GLVNXUVLYH 3UD[LVVLQG 'LH%HZHUWXQJGHVVHQZDVGHU.XOWXUWUDQVIHU]ZLVFKHQGHQ'LVNXU VHQOHLVWHWLVWYRQGHUMHZHLOLJHQ3HUVSHNWLYHGHV3URGX]HQWHQE]Z5H]L SLHQWHQ DEKlQJLJ 9HUHLQIDFKHQG DXI HLQH ELQRPLVFKH 6WUXNWXU UHGX]LHUW VWHOOWVLFKGDV9HUKlOWQLVLQHWZDZLHIROJWGDU OLWWHUDWNOHULNDOȺLOOLWWHUDWODLNDO,QWHQGLHUW VLQG DXI 3URGX]HQWHQ VHLWHGLH+HUVWHOOXQJYRQ$XWRULWlWXQGGDUDXIIX‰HQGGLH0RUDOGLGD[H EHLVSLHOVZHLVH EHU GLH 3UHGLJW 1RUPHQ XQG 9HUKDOWHQVPXVWHU ZHUGHQ EHUGLHVSUDFKOLFKH5HDOLVLHUXQJLQ$XIIRUGHUXQJXQGDOOJHPHLQHU:HLV BBBBBBBBBBBBB KLHU6=XU(QWZLFNOXQJGHU5ROOHYRQ*HELOGHWHQDQZHOWOLFKHQ+|IHQYJO %80.( +|ILVFKH .XOWXU >ZLH $QP@ 6 .8+1 *DWWXQJVSUREOHPH >ZLH $QP@6I  =X GHQ EHU GLHVH UHLQ VFKHPDWLVFKH 'DUVWHOOXQJ KLQDXV JHOWHQGHQ (LQVFKUlQNXQJHQ YJO REHQ$QP0HQVFKHQXQG*HVHOOVFKDIWHQVLQGLQGHU5HJHOIOH[LEOHUDOVZLVVHQVFKDIWOL FKH.RQVWUXNWLRQHQ

6SUDFKH²'LVNXUV²7H[W



KHLWYHUPLWWHOW,P)DOOHGHU3UHGLJWEOHLEHQGDEHLGLH:LVVHQVH[NOXVLYLWlW XQG GLH GDPLW YHUNQSIWH $XWRULWlW GHV 6SUHFKHUV JHEXQGHQ XD DQ GLH ODWHLQLVFKH 6SUDFKH ZHLWJHKHQG JHZDKUW 'HU 6FKXOXQWHUULFKW ELOGHW KLHU LQVRIHUQHLQHQ6RQGHUIDOODOVGLH+|UHUGXUFKGLH'LGD[H²YDGHUODWHL QLVFKHQ6SUDFKH²DQGHQ%HUHLFKOLWWHUDWNOHULNDOHU%LOGXQJKHUDQJHIKUW E]ZDXIODQJH6LFKWLQGLHVHQLQWHJULHUWZHUGHQ LOOLWWHUDWODLNDOȸOLWWHUDWNOHULNDO'LH(UZDUWXQJHQGHU5H]LSLHQWHQ VLQGYHUPXWOLFKLQVWlUNHUHP0D‰HVLWXDWLRQVDEKlQJLJDOVHVDXIGHU3UR GX]HQWHQVHLWH GHU )DOO LVW )U GLH +|UHU GHU 3UHGLJW ² GDV LVW GHU ZRKO HLQIDFKVWH7UDQVIHU²VWHKWGLHPRUDOLVFKUHOLJL|VH(UNHQQWQLVLP9RUGHU JUXQG .RPSOH[HU ZLUG GLH 6LWXDWLRQ ZHQQ GHU ODWHLQLVFKOLWWHUDWH 9HU PLWWOHU LQGDV ODLNDOH .RPPXQLNDWLRQVV\VWHP LQWHJULHUW LVW EHLVSLHOVZHLVH DOV.OHULNHURGHU9HUZDOWXQJVIDFKPDQQDP+RIGDHUGDQQGLH,QWHUHVVHQ ²DXFKGLHNRPPXQLNDWLYHQ²GHVODLNDOLOOLWWHUDWHQ'LVNXUVHVZDKUQLPPW ,Q GLHVHU )XQNWLRQ OHLVWHW HU GLH .XOWXUXQG :LVVHQVDQHLJQXQJ DXV GHP ODWHLQLVFKJHOHKUWHQ %HUHLFK LQ GLH 9RONVVSUDFKOLFKNHLW $Q GLHVHU 6WHOOH VWHKWYHUPXWOLFKDXFKHLQ7H[WZLHGLH¿*HVDPWEHUVHW]XQJ¾GHU¿'LVWLFKD &DWRQLV¾DXFKZHQQVLHYRUDOOHPLQ+DQGVFKULIWHQDXVGHP6FKXOEHUHLFK EHUOLHIHUWZLUG6LHUHSUlVHQWLHUWGHQJHOHLVWHWHQ7UDQVIHUUHSXWLHUWHQ%LO GXQJVJXWVLQGHQ HKHPDOV LOOLWWHUDWHQ'LVNXUV



7+20$6(+/(1 'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW /DWHLQLVFKGHXWVFKH¿&DWR¾+DQGVFKULIWHQDOV%HLVSLHOIU ODWHLQLVFKVSUDFKLJH+HUPHQHXWLNXQGYRONVVSUDFKOLFKH $QHLJQXQJDQWLNHU%LOGXQJLPVSlWHUHQ0LWWHODOWHU 'LH 6SUXFKVDPPOXQJ ¿'LVWLFKD &DWRQLV¾ HQWVWDQG LP GULWWHQ QDFKFKULVWOL FKHQ-DKUKXQGHUWXQGZXUGHDOV3VHXGHSLJUDSKGHPVLWWHQVWUHQJHQU|PL VFKHQ.RQVXO0DUFXV3RUFLXV&DWR&HQVRULXV]XJHVFKULHEHQGHUYRQ ELV  YRU &KULVWXV OHEWH 'DV :HUN GDV )JXQJHQ DXV VSUXFKKDIWHU :HQGXQJXQGGLUHNWHU$XIIRUGHUXQJLQKH[DPHWULVFKHQ'LVWLFKHQELHWHW ZXUGHEHUHLWVLQGHU6SlWDQWLNHRGHULQGHU.DUROLQJHU]HLWXPHLQH6DPP OXQJNXU]HUEUHYHVVHQWHQWLDHHUJlQ]WGLHLQVFKPXFNORVHVWHU)RUPNQDSSJH IDVVWHZHLWHUH5HJHOQLQ,PSHUDWLYHQ]X*HK|UEULQJHQ'LHHLQOHLWHQGH LQGHU,FK)RUPYHUIDVVWH¿(SLVWXOD¾HQWZLUIWGDV6]HQDULRGDVVGHU6SUH FKHU E]Z 6FKUHLEHU DOV HU VDK ZLH YLHOH 0HQVFKHQ YRQ GHQ :HJHQ GHU JXWHQ 6LWWHQ DEZLFKHQ EHVFKORVVHQ KDEH LKQHQ ]X KHOIHQ XQG VLFK XP LKUHQJXWHQ5XI]XNPPHUQGDPLWVLHUXKPUHLFKOHEHQXQG(KUHHUODQ JHQ N|QQWHQ $OV SULPlUHQ $GUHVVDWHQ VHLQHU GLGDNWLVFKHQ %HPKXQJHQ KDEHHUVLFKVRGLH¿(SLVWXOD¾VHLQHQILOLXVFDULVVLPXVGHQEHUDXVJHOLHEWHQ BBBBBBBBBBBBB  =XU=XVFKUHLEXQJDQ&DWR&HQVRULXVXQG]XGHQ'LVWLFKHQGLHWDWVlFKOLFKDXIGHQU|PL VFKHQ.RQVXO]XUFNJHKHQYJO3$2/2 52266HQWHQ]DHSURYHUELRQHOO·DQWLFKLWjHL¿'L VWLFLGL&DWRQH¾,OWHVWRODWLQRHLYROJDUL]]DPHQWLLWDOLDQL&RQXQVFHOWDHWUDGX]LRQHGHOOH PDVVLPHHGHOOHIUDVLSURYHUELDOLODWLQHFODVVLFKHSLLPSRUWDQWLRDQFRUDYLYHRJJLQHOPRQ GRQHRODWLQR%UHVFLDEHVRQGHUV6'LH¿'LVWLFKD&DWRQLV¾ZHUGHQLPIROJHQ GHQ ]LWLHUW QDFK 'LVWLFKD &DWRQLV 5HFHQVXLW HW DSSDUDWX FULWLFR LQVWUX[LW 0$5&86 %2$6 2SXV SRVW 0DUFL %RDV PRUWHP HGHQGXP FXUDYLW +(15,&86 -2+$11(6 %276&+8ZLH $QP@ 6



7+20$6(+/(1

6RKQDXVJHZlKOW'LHVH$GUHVVLHUXQJILQGHWVLFKOHGLJOLFKLQGHU¿(SLVWX OD¾ GHUHQ =XJHK|ULJNHLW ]XP 2ULJLQDOFRUSXV LP /DXIH GHU -DKUKXQGHUWH NRQWURYHUVGLVNXWLHUWZRUGHQLVW(VOlVVWVLFKGHPJHPl‰QLFKWPLWOHW]WHU 6LFKHUKHLW VDJHQ RE GLH .RPPXQLNDWLRQVVLWXDWLRQ 9DWHU6RKQ DOV GHUHQ WH[WXDOLVLHUWHQ $XVGUXFN PDQ GLH 6SUFKH -XVVLYH XQG 3URKLELWLYH GHU ¿'LVWLFKD¾ LQ ZHLWHQ 7HLOHQ GHU 7H[WUH]HSWLRQ VHLW GHP 0LWWHODOWHU DXIJH IDVVWKDWDXNWRULDOLQWHQGLHUWLVWRGHUREHVVLFKEHUHLWVXPHLQHQ5H]HS WLRQVDXVZHLVKDQGHOWREDOVRHLQ/HVHUGHU6SUXFKVDPPOXQJGLH¿(SLVWXOD¾ KLQ]XIJWH XQG VRPLW GHU $GUHVVDWHQRULHQWLHUXQJ DQ /HVHU E]Z +|UHU HLQHQILNWLRQDOHQVR]LDOHQXQGNRPPXQLNDWLYHQ5DKPHQYHUOLHK 'LH(LQOHLWXQJHQ]XGHQELEOLVFKHQ:HLVKHLWVEFKHUQ¿3URYHUELD¾XQG ¿(FFOHVLDVWLFXV¾ HQWZHUIHQ lKQOLFKH 6]HQDULHQ 0LW GHQ %FKHUQ ¿3URYHU ELD¾ ¿6SUFKH6DORPRV¾ ¿(FFOHVLDVWHV¾ ¿3UHGLJHU6DORPR¾E]Z¿.RKHOHW¾  ¿6DSLHQWLD¾ ¿:HLVKHLW¾  XQG ¿(FFOHVLDVWLFXV¾ ¿-HVXV 6LUDFK¾  VWDQGHQ GHP PLWWHODOWHUOLFKHQ &KULVWHQWXP ELEOLVFKH 6DPPOXQJHQ YRQ 6SUXFKZHLVKHL WHQ]XU9HUIJXQJGLHLQlKQOLFKHU:HLVHZLHGLH¿'LVWLFKD&DWRQLV¾RIWLQ ]ZHLJOLHGULJHU =XVDPPHQRUGQXQJ OHEHQVSUDNWLVFKH 5DWVFKOlJH ERWHQ $XFK LKUH GLGDNWLVFKH $XVULFKWXQJ LVW KlXILJQLFKW GH]LGLHUW DXI MGLVFKH BBBBBBBBBBBBB  =XU 9HUELQGXQJ YRQ /HKUKDIWLJNHLW XQG W\SLVLHUWHU .RPPXQLNDWLRQVVLWXDWLRQ /HKUHU 6FKOHU E]Z 9DWHU6RKQ GRUW GHPRQVWULHUW DQ lJ\SWLVFKHQ ª/HKUHQ©  YJO ./$86 .$1 =2* 6SUXFK ,Q 5HDOOH[LNRQ GHU GHXWVFKHQ /LWHUDWXUJHVFKLFKWH %HJUQGHW YRQ 3$8/ 0(5.(5 XQG :2/)*$1* 67$00/(5 +J YRQ :(51(5 .2+/6&+0,'7 >XD@ %HUOLQ %G  6KLHU6%5(1'$ % +26,1*7213URYHUE7UDQVOD WLRQDV/LQJXLVWLFDQG&XOWXUDO7UDQVIHULQ6RPH0LGGOH(QJOLVK9HUVLRQVRI2OG)UHQFK 5RPDQFH,Q7KH0HGLHYDO7UDQVODWRU7UDGXLUHDX0R\HQÇJH%G3URFHHGLQJVRIWKH ,QWHUQDWLRQDO&RQIHUHQFHRI&RQTXHV-XO\+JYRQ52*(5 (//,6XQG5(1e 7,;,(5 7XUQKRXW  6 YHUZHLVW DXFK PHKUIDFK DXI GLH .RPPXQLNDWLRQVVL WXDWLRQ ª=ZHLHUJHVSUlFK© DOV 5DKPHQ ]XU :LHGHUJDEH YRQ 3URYHUELHQ LQ HSLVFKHQ 'LFK WXQJHQ YJO HEG 6 6  6  XQG 6   9JO DXFK 1,.2/$86 +(1.(/ 'HXWVFKH hEHUVHW]XQJHQ ODWHLQLVFKHU 6FKXOWH[WH ,KUH 9HUEUHLWXQJ XQG )XQNWLRQ LP 0LW WHODOWHUXQGLQGHUIUKHQ1HX]HLW0LWHLQHP9HU]HLFKQLVGHU7H[WH0QFKHQ 0Q FKHQHU7H[WHXQG8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUGHV0LWWHODOWHUV 6VRZLH +$11(6 .b671(5 0LWWHODOWHUOLFKH /HKUJHVSUlFKH 7H[WOLQJXLVWLVFKH $QDO\VHQ 6WXGLHQ ]XUSRHWLVFKHQ)XQNWLRQXQGSlGDJRJLVFKHQ,QWHQWLRQ%HUOLQ 3KLORORJLVFKH6WXGLHQ XQG4XHOOHQ 6  %2$6 SOlGLHUWH DOOHUGLQJV QDFKGUFNOLFK IU GLH =XJHK|ULJNHLW ]XP 7H[W YRQ $QIDQJ DQ YJO 0$5&86 %2$6 'LH ¿(SLVWXOD¾ &DWRQLV $PVWHUGDP  9HUKDQGHOLQJHQ GHU .R QLQNOLMNH $NDGHPLH YDQ :HWHQVFKDSSHQ WH $PVWHUGDP $IGHHOLQJ /HWWHUNXQGH 1LHXZH 5HHNV EHVRQGHUV6 ]XUlOWHUHQ)RUVFKXQJYJOHEG6   =XGHQ7H[WYDULDQWHQYJO%2$6¿(SLVWXOD¾>ZLH$QP@EHVRQGHUV6  9RONVVSUDFKLJHPLWWHODOWHUOLFKH7H[WHGLHVLFKGHU9DWHU6RKQ)LNWLRQEHGLHQHQVLQGHWZD ¿$QGUHDV¾ XPYJO+$16)5,('5,&+526(1)(/'$QGUHDV,Q'LHGHXWVFKH/LWHUD WXU GHV 0LWWHODOWHUV 9HUIDVVHUOH[LNRQ >«@  Y|OOLJ QHX EHDUEHLWHWH $XIODJH >«@ KJ YRQ .857 58+>XD@%HUOLQ1HZ@6SI ¿:LQVEHFNH¾ XQG DQDORJGLH¿:LQVEHFNLQ¾PLWHLQHP0XWWHU7RFKWHU'LDORJ GDV¿0DORJUDQDWXP¾GHV*DOOXV YRQ.|QLJVDDO XPYJO%(51+$5' ' +$$*(*DOOXVYRQ.|QLJVVDDO,Q9HUIDV VHUOH[LNRQ>VR@%G>@6S 

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



RGHU²DXVGHU3HUVSHNWLYHPLWWHODOWHUOLFKHU5H]LSLHQWHQ²FKULVWOLFKHUHOL JLRQVHWKLVFKH%HODQJHDXVJHULFKWHWVRQGHUQYHUPLWWHOWHLQH0LVFKXQJYRQ OHEHQVZHOWOLFKHU 3UDJPDWLN XQG :HLVKHLWVJHVWXV 0DQ KlWWH DOVR EHL VSLHOVZHLVH LP VFKXOLVFKHQ (OHPHQWDUXQWHUULFKW ZR GHU ¿&DWR¾ DOV /HKU ZHUN IU ODWHLQLVFKH 6SUDFKH XQG 0RUDO VHLQHQ ]HQWUDOHQ 2UW LQ GHU PLWWHODOWHUOLFKHQ%LOGXQJVJHVFKLFKWHKDWWHGXUFKDXVDXFKDXIGLHHQWVSUH FKHQGHQ6DPPOXQJHQGHU9XOJDWD]XUFNJUHLIHQN|QQHQXQGGDPLWVRJDU HLQH*DUDQWLHIUGLHZHOWDQVFKDXOLFKH8QEHGHQNOLFKNHLWJHKDEWRGHU]X PLQGHVW GRFK GLH *HZlKUGDVV HVVLFK EHL DOOHQ :HLVKHLWHQ XP KHLOLJHQ 7H[WKDQGOH'HQQRFKZXUGHGHU¿&DWR¾QHEHQGHU¿$UVPLQRU¾GHV'RQDW ]XP]HQWUDOHQ3ULPlUOHKUEXFKGHV$EHQGODQGHV'DVPDJVHLQHQ*UXQG YLHOOHLFKWGDULQJHKDEWKDEHQGDVVGLHVSlWDQWLNHQ'LVWLFKHQHLQªEHVVHUHV© ² ZHLO LP DQWLNHQ 9HUVPD‰ YHUIDVVWHV ² /DWHLQ ERWHQ DOV GLH ODWHLQLVFKH %LEHO GLH VLFK SURJUDPPDWLVFK HLQHV HLQIDFKHQ 6SUDFKVWLOV EHGLHQW XQG DXFK EHL PLWWHODOWHUOLFKHQ XQG KXPDQLVWLVFKHQ /DWHLQHUQ JHOHJHQWOLFK LQ GHP 5XI VWDQG GLH ,GHDOH JHKREHQHU /DWLQLWlW JU|EOLFK ]X YHUQDFKOlVVL

BBBBBBBBBBBBB  'HQ JHQHUHOO XWLOLWDULVWLVFKHQ &KDUDNWHU YRQ 6SUXFK ZLH 3URYHUELXP EHWRQHQ .$1=2* 6SUXFK>ZLH$QP@6XQG*867$9 %(%(50(ZLH$QP@%G  6KLHU6.$1=2* QHQQW HEG GLH ªJHJHQOlXILJHQ 7HQGHQ]HQ GHV ,QVWDQ]HQEH]XJHV >«@ ]ZLVFKHQ GHU J|WWOL FKHQ$XWRULWlWGHU:HLVKHLW>«@XQGGHUPHQVFKOLFKHQ(UIDKUXQJ©LPDOWWHVWDPHQWOLFKHQ %XFKGHU¿3URYHUELD¾GLHDXIGDVXQWHUVFKLHGOLFKH$OWHUGHUGRUWYHUHLQLJWHQ6DPPOXQJHQ YHUZHLVHQ',(7(5 0(5=%$&+(50HLVWHUJHVDQJLQ1UQEHUJXP8QWHUVXFKXQJHQ ]X GHQ 7H[WHQ XQG 6DPPOXQJHQ GHV %HQHGLFW YRQ :DWW   1UQEHUJ  1UQEHUJHU :HUNVWFNH ]XU 6WDGW XQG /DQGHVJHVFKLFKWH   KLHU 6 ZHLVW GDUDXI KLQGDVVGDV²QDFK/XWKHUV%LEHOEHUVHW]XQJQLFKWNDQRQLVFKH²%XFK¿-HVXV6LUDFK¾XP EHLGHQ0HLVWHUVLQJHUQKRFKLP.XUVVWDQGª'LH+LQZHQGXQJ²KLHU%HQHGLFWVYRQ :DWW²]XP%XFK¿-HVXV6LUDFK¾ERWVLFKDQGHQQLQVHLQHU=ZLWWHUQDWXU9RUODJHVRZRKO IUJHLVWOLFKHDOVDXFKIUZHOWOLFKH/LHGHUVHLQ]XN|QQHQHQWVSUDFKHVJDQ]GHULP:HUN :DWWV HUNHQQEDUHQ 7HQGHQ] PRUDOGLGDNWLVFKHU $QJOHLFKXQJ YRQ JHLVWOLFKHP XQG ZHOWOL FKHP/LHG>«@'DVVGDV%XFKYRQGHQ0HLVWHUVLQJHUQXPJHVFKlW]WZXUGHLVWZRKO GHPYRUKHUUVFKHQGHQ,QWHUHVVH]XYHUGDQNHQ+DQGOXQJVVWUDWHJLHQXQG:HOWVLFKWVSULFK Z|UWOLFK]XHUIDVVHQ©  'DVV JHOHJHQWOLFK KLHU LP VWlGWLVFKHQ 0LOLHX  DXFK ELEOLVFKH 3URYHUELDO%FKHU LP (OH PHQWDUXQWHUULFKW YHUZHQGHW ZXUGHQ ]HLJW GLH 6FKXORUGQXQJ IU GLH 1UQEHUJHU /DWHLQ VFKXOHQYRQZRIUGLHPLWWHOQNQDEHQQHEHQGHQ¿'LVWLFKD&DWRQLV¾DXFKGLH¿6SUFKH 6DORPRV¾YRUJHVHKHQVLQG YJODXFKGDV=LWDWXQWHQ$QPDXVHLQHP.RPSHQGLXPGHV $XJVEXUJHU'UXFNHUV-RKDQQ%lPOHU =XU2UGQXQJIUGLH6FKXOHQLP1UQEHUJHU/DQG JHELHWGLH6HEDOG+H\GHQLP$XIWUDJGHV1UQEHUJHU5DWHVHUDUEHLWHWHYJO58'2/) (1'5(6'DV6FKXOZHVHQLQ)UDQNHQLPDXVJHKHQGHQ0LWWHODOWHU,Q6WXGLHQ]XPVWlGWL VFKHQ%LOGXQJVZHVHQGHVVSlWHQ0LWWHODOWHUVXQGGHUIUKHQ1HX]HLW%HULFKWEHU.ROOR TXLHQGHU.RPPLVVLRQ]XU(UIRUVFKXQJGHU.XOWXUGHV6SlWPLWWHODOWHUVELV+J YRQ%(51' 02(//(5 +$16 3$7=(XQG.$5/ 67$&.0$11*|WWLQJHQ $EKDQG OXQJHQGHU$NDGHPLHGHU:LVVHQVFKDIWHQLQ*|WWLQJHQ3KLORORJLVFKKLVWRULVFKH.ODVVH )ROJH 6KLHU6I



7+20$6(+/(1

JHQ:LFKWLJHULVWDEHUGDVVGHU¿&DWR¾ZLHPLWXQGQHEHQLKPGLH¿$UV PLQRU¾ GDV SURSlGHXWLVFKH )XQGDPHQW ELOGHW DXI GHP GLH QHEHQ GHP &KULVWHQWXP ]ZHLWH WUDJHQGH 6lXOH PLWWHODOWHUOLFKHU .XOWXU XQG %LOGXQJ UXKW'LH5H]HSWLRQGHUDQWLNHQU|PLVFKHQ/LWHUDWXULVW]ZDUZHJHQLKUHU SDJDQHQ(OHPHQWHXQGGHUORVHQ0RUDOHWZDGHU/LHEHVGLFKWXQJHQ2YLGV JHOHJHQWOLFK YRQ $UJZRKQEHJOHLWHW OHJLWLPLHUW DEHU GHQ PLWWHODOWHUOLFKHQ $QVSUXFKGLH1DFKIROJHGHUJUR‰HQ.XOWXUHQGHU$QWLNHDQJHWUHWHQXQG GHUHQ(UUXQJHQVFKDIWHQLQHLJHQHQ%HVLW]JHQRPPHQ]XKDEHQ'HUHUVWH JUR‰H PLWWHODOWHUOLFKH 9HUVXFK HLQHU %LOGXQJVUHIRUP XQWHU GHP 1DPHQ GHUNDUROLQJLVFKHQ5HQDLVVDQFHLQGLH*HVFKLFKWVVFKUHLEXQJHLQJHJDQJHQ LVWQLFKW]XOHW]WLP.RQWH[WGHV$QVSUXFKHV]XVHKHQGDVVLQGHU+HUU VFKDIW.DUOVGHV*UR‰HQGDV.DLVHUWXPGHUU|PLVFKHQ$QWLNHVHLQH)RUW VHW]XQJILQGHW WUDQVODWLRLPSHULL :HLOGDVPLWWHODOWHUOLFKH&KULVWHQWXPIU VLFKLQ$QVSUXFKQDKPLP9HUODXIGHU+HLOVJHVFKLFKWHGHUOHW]WOLFKHLQ]L JH ULFKWLJH 5DKPHQ ]X VHLQ XP GLH NXOWXUHOOHQ *WHU GHU $OWHQ DGlTXDW HLQ]XVHW]HQZLUGGLHVHV(UEHQXUXPVRZHUWYROOHUEHLQDKHZHUWYROOHUDOV HV LQ GHU $QWLNH VHOEVW JHZHVHQ VHLQ NRQQWH ZR PDQ ]ZDU GLHVH .XOWXU EHVD‰ DEHU *RWW QLFKW NDQQWH YRQ GHP DXFK GDV :LVVHQ GHU ª+HLGHQ© OHW]WOLFK DXVJLQJ $XJXVWLQ GHU EHUHLWV DOV 5KHWRULNOHKUHU LQ GHU DOWU|PL VFKHQ 7UDGLWLRQ LQ .DUWKDJR XQG 5RP WlWLJ JHZHVHQ ZDU EHYRU HU VLFK WDXIHQOLH‰KDWGLHVHQ9RUJDQJLQHLQELEOLVFKHV%LOGJHIDVVW1HEHQ GHQDUWHVOLEHUDOHVVLQGDXFKDOOJHPHLQTXDHGDPPRUXPSUDHFHSWDXWLOLVVLPDJH QDQQW :LVVHQVFKDIW XQG $OOWDJVPRUDO VROOHQ YRQ GHQ EHGHXWHQGHQ DQWL NHQ SKLORVRSKL 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b'/(V (LQVFKlW]XQJ GHV :HUNHV ª:DV DEHU SUlGHVWLQLHUWH GLH ¿'LVWLFKD &DWRQLV¾]XU$QIlQJHUOHNWUH"$X‰HULKUHUPHPRULHUEDUHQ.U]HGLHRIIHQEDUHLQZLFKWL JHU*HVLFKWVSXQNWZDUJDQ]JHZL‰QLFKWV,KUHVSUDFKOLFKH*HVWDOWLVWXQEHKROIHQELV]XU 2EVFXULWlW>«@XQGLKUJHGDQNOLFKHV3RWHQWLDODQVLFKVFKRQEHUDXVlUPOLFKHUVFKHLQWVR DOWNOXJXQGNLQGIHUQGD‰PDQVLFKGLH9HU]ZHLIOXQJGHU/HKUHU>«@OHLFKWYRUVWHOOHQNDQQ© ),'(/ 5b'/(¿'LVWLFKD&DWRQLV¾²HLQH6FKXOILEHOGHV$EHQGODQGV,Q'HUDOWVSUDFKOLFKH 8QWHUULFKW>@+HIW6KLHU6 

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



HVWHUXHUXQWHWTXRSHUXHUVHDWTXHLQLXULRVHDGREVHTXLDGDHPRQXPDEXWXQWXUFXPDEHRUXP PLVHUDVRFLHWDWHVHVHDQLPRVHSDUDWGHEHWDEHLVDXIHUUHFKULVWLDQXVDGXVXPLXVWXPSUDHGLFDQGL HXDQJHOLL 9HVWHP TXRTXH LOORUXP LG HVW KRPLQXP TXLGHP LQVWLWXWD VHG WDPHQ DFFRPRGDWD KXPDQDHVRFLHWDWLTXDLQKDFXLWDFDUHUHQRQSRVVXPXVDFFLSHUHDWTXHKDEHUHOLFXHULWLQXVXP FRQXHUWHQGDFKULVWLDQXP

'LH=XVFKUHLEXQJDQGHQVLWWHQVWUHQJHQlOWHUHQ&DWRGLHGHPPLWWHODOWHU OLFKHQ9HUODQJHQQDFKP|JOLFKVWZHLWLQGHU=HLW]XUFNUHLFKHQGHQ$XWR ULWlWHQ HQWJHJHQNDP PDJ HLQ hEULJHV JHWDQ KDEHQ XP GLH ¿'LVWLFKD &DWRQLV¾IUGHQ/HKUEHWULHE]XHPSIHKOHQ BBBBBBBBBBBBB  6DQFWL$YUHOLL$YJYVWLQL'HGRFWULQDFKULVWLDQD'HYHUDUHOLJLRQH&YUDHWVWYGLR,26(3+, 0$57,17XUQKRXW &RUSXVFKULVWLDQRUXP6HULHVODWLQD ,,;/    'LH'LVNXVVLRQXPGLH$XWKHQWL]LWlWGHU=XZHLVXQJGHV7H[WHVDQGHQlOWHUHQ&DWRZXUGH EHUHLWVLP0LWWHODOWHUJHIKUWYJOHWZDGHQEHL5,&+$5'+$=(/7217KH&KULVWLDQL]DWLRQ RI¿&DWR¾7KH¿'LVWLFKD&DWRQLV¾LQWKH/LJKWRI/DWH0HGLDHYDO&RPPHQWDULHV,Q0HGLDH YDO 6WXGLHV    6 KLHU 6 ]LWLHUWHQ .RPPHQWDU DXV GHU +DQGVFKULIW 2[IRUG%RGOHLDQ/LEUDU\06&DQRQ/DW&ODVV -DKUKXQGHUW bKQOLFKH'LVNXVVLR QHQGLHVLFKHEHQVRZLHGLHLP2[IRUGHU.RPPHQWDUYRUDOOHPDQGHQ/HEHQVGDWHQGHU LP3URORJ]XP]ZHLWHQ%XFKJHQDQQWHQ$XWRUHQIHVWPDFKHQILQGHQVLFKDXFKLQGHPZHL WHUXQWHQ]LWLHUWHQ.RPPHQWDU¿&LUFDLQLFLXP(WKLFH&DWKRQLV¾%HUHLWV5HPLJLXVYRQ$X [HUUHEHPHUNWHGDV3UREOHP6HGLVWLXVFDWKRQLVSHUVRQDLJQRUDWXU²OLFHWQRPHQVFLDWXU'XRVHQLP FDWKRQHVOHJLPXVIXLVVH²YQXPYWLFHQVHP²DEYWLFDFLYLWDWHDIIULFHYELPRUWXXVIXLW²FXPIXJHUHWLXOLXP FHVDUHP SHUDUHQDULDP VROLWXGLQHP $OWHUXP FHQVRULXP ² VHG QHXWHU LOORUXP IXLW LVWH FDWKR >«@ ]LWLHUW QDFK GHP 'UXFN GHU ODWHLQLVFKHQ ¿'LVWLFKD¾ PLWGHP.RPPHQWDU GHV 5REHUWXV GH (XUH PRGLRXQGGHUª3UDHDPEXOD©GHV5HPLJLXV.RQVWDQ]+HLQULFK-DQFD *HVDPWND WDORJ GHU :LHJHQGUXFNH +J YRQ GHU .RPPLVVLRQ IU GHQ *HVDPWNDWDORJ GHU :LHJHQ GUXFNH %G II /HLS]LJ II >QDFKVWHKHQG ]LWLHUW DOV *:@ 1U ([HPSODU GHU 8QLYHUVLWlWVELEOLRWKHN)UHLEXUJ,QN'YJODXFKGHQ$EGUXFNHLQHUNU]HUHQ7H[W IDVVXQJEHL0$; 0$1,7,865HPLJLXVVFKROLHQ,Q0QFKHQHU0XVHXPIU3KLORORJLHGHV 0LWWHODOWHUVXQGGHU5HQDLVVDQFH>@6KLHU6 6ROFKHKLVWRULVFK SKLORORJLVFKEDVLHUWHQ(U|UWHUXQJHQVLQGLQGHU5HJHO*HJHQVWDQGGHUODWHLQLVFKHQ.RP PHQWDUHHLQHUHSUlVHQWDWLYH(U|UWHUXQJELHWHWDXFKGHU¿'LDORJXVVXSHUDXFWRUHV¾GHV.RQ UDGYRQ+LUVDXDXVGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV $FFHVVXVDGDXFWRUHV%HUQDUG G·8WUHFKW&RQUDGG·+LUVDX'LDORJXVVXSHUDXFWRUHVeGLWLRQFULWLTXHHQWLqUHPHQWUHYXHHW DXJPHQWpHSDU52%(57 % & +8«@'LH=XVFKUHLEXQJDQ&LFHURILQGHWVLFKDXFKLQGHP EHL +$=(/721 VR  ]LWLHUWHQ .RPPHQWDU XQG QLPPW YHUPXWOLFK %H]XJ DXI &LFHUR (UZlKQXQJHQ QDFK GHU $UW .RQUDGV YRQ +LUVDX RGHU +XJRV YRQ 7ULPEHUJ ¿5HJLVWUXP¾ 9 YJO 'DV 5HJLVWUXP 0XOWRUXP $XFWRUXP GHV +XJR YRQ7ULPEHUJ 8QWHUVX FKXQJHQ XQG NRPPHQWLHUWH 7H[WDXVJDEH YRQ .$5/ /$1*26&+ %HUOLQ  >*HUPDQL VFKH 6WXGLHQ @ KLHU 6I  YLHOOHLFKW DXFK DXI GHQ $XWRU GHV ¿&DWR PDLRU GH VHQHFWXWH¾ZHQQJOHLFKGLHVHV:HUNLP+RFKPLWWHODOWHURIIHQEDUZHQLJYHUEUHLWHWZDUYJO /(,*+721 ' 5(ZLH $QP @ %G    6S (,.(/0$11 QHQQW GLHVH )RUP ª$XWRULWlWHQVSUXFK© YJO0$1)5(' (,.(/ 0$11 'DV 6SULFKZRUW LP 6DPPOXQJVNRQWH[W %HREDFKWXQJHQ ]XU hEHUOLHIHUXQJVZHLVH XQGNRQWH[WXHOOHQ(LQELQGXQJGHVGHXWVFKHQ6SULFKZRUWVLP0LWWHODOWHU,Q.OHLQVWIRUPHQ GHU /LWHUDWXU +J YRQ :$/7(5 +$8* XQG %85*+$57 :$&+,1*(5 7ELQJHQ  )RUWXQD YLWUHD   6 KLHU 6 ,P &RGH[  1RYL GHU +HU]RJ $XJXVW %L EOLRWKHN :ROIHQEWWHO GHP /HKUHUKDQGEXFK 3HWHUV YRQ =LUQ LVW HLQH VROFKH 9LHU]HLOHU 6DPPOXQJ XQPLWWHOEDU QDFK GHP ¿1LHGHUUKHLQLVFKHQ &DWR¾ EHUOLHIHUW GD]X +2/725) *b571(5 >VR@ ]XU+DQGVFKULIW+(1.(/6FKXOWH[WH>ZLH$QP@6IXQG'(56 3HWHUYRQ=LUQ,Q9HUIDVVHUOH[LNRQ>ZLH$QP@%G  6S  hEHUVLFKWHQ]XGHQYHUVFKLHGHQHQYXOJlUVSUDFKLJHQhEHUVHW]XQJHQELHWHQ,1*5,' $59, '(%5811(52Q6RPHRIWKH9HUQDFXODU7UDGLWLRQVRI&DWR·V¿'LVWLFKV¾,Q+HOHQ$GROI )HVWVFKULIW+JYRQ6+((0$=%8(+1(-$0(6/+2'*(XQG/8&,//(%3,1721HZ ZLH$QP@6SI%5811(57UDGLWLRQV>ZLH $QP@6  bOWHVWH EHNDQQWH GHXWVFKVSUDFKLJH ¿&DWR¾+DQGVFKULIW LVW GHU &RGH[  GHU 6WLIWVELEOLR WKHN=ZHWWODXVGHPIUKHQ-DKUKXQGHUWYJO&+$5/277( =,(*/(5=LVWHU]LHQVHUVWLIW =ZHWWO .DWDORJ GHU +DQGVFKULIWHQ GHV 0LWWHODOWHUV 7HLO  &RGH[  =ZHWWO  6'HU&RGH[GHU6WLIWVELEOLRWKHN0HONGHUGLHVHNXQGlUHVRJH QDQQWH¿5XPSIEHUVHW]XQJ¾EHUOLHIHUWXQGIUKHUDXIGLH=HLWXPGDWLHUWZXUGH YJO )5,('5,&+ =$51&.('HUGHXWVFKH&DWR*HVFKLFKWHGHUGHXWVFKHQhEHUVHW]XQJHQGHU LP0LWWHODOWHUXQWHUGHP1DPHQ&DWREHNDQQWHQ'LVWLFKHQELV]XU9HUGUlQJXQJGHUVHOEHQ GXUFKGLHhEHUVHW]XQJ6HE%UDQWVDP(QGHGHV-DKUK/HLS]LJ1DFKGUXFN2V QDEUFNKLHU63(7(5.(67,1*¿&DWR¾,Q9HUIDVVHUOH[LNRQ>ZLH$QP@%G >@ 6S  KLHU 6S   VWDPPW DXV GHU 0LWWH GHV  -DKUKXQGHUWV YJO +(1.(/ 6FKXOWH[WH >ZLH $QP@ 6 VRZLH GDV 2QOLQH,QYHQWDU GHU 0HONHU +DQG VFKULIWHQ YRQ &+5,67,1( */$661(5 XQWHU KWWSZZZRHDZDFDWNVEPPHONLQY KVVKWP   (GLHUWEHL/(232/'=$72þ,/&DWRD)DFHWXV3RMHGQiQtDWH[W\>=XGHQGHXWVFKHQ&DWR XQG )DFHWXVEHDUEHLWXQJHQ 8QWHUVXFKXQJHQ XQG 7H[WH@ %UQR  6SLV\ 0DVDU\NRY\ 8QLYHUVLW\Y%UQĕ)LORVRILFNi)DNXOWD 6 YJODXFKHEG6 YJODXFK '(56 'HU 1HXVRKOHU &DWR(LQ NULWLVFKHU%HLWUDJ ]XU (QWZLFNOXQJVJHVFKLFKWHGHU GHXW VFKHQ &DWREHDUEHLWXQJHQ %HUOLQ&KDUORWWHQEXUJ  6 'LH YRQ LKP KHUDXVJH

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



GHXWVFKH hEHUOLHIHUXQJ XQG 7H[WJHQHVH ELV ]XU 1HXEHUVHW]XQJ GXUFK 6HEDVWLDQ%UDQW(QGHGHV-DKUKXQGHUWV%HUKPWJHZRUGHQLVWHLQH 6WHOOH LQ HLQHP %ULHI GHQ 1RWNHU,,, YRQ 6W *DOOHQ GHU EHGHXWHQGVWH hEHUVHW]HUGHVIUKHQ-DKUKXQGHUWV]ZLVFKHQXQGDQGHQ %LVFKRI+XJRYRQ6LWWHQVFKULHEXQGGHUXDHLQ:HUNYHU]HLFKQLVHQWKlOW 'RUW JHKW HV XP hEHUVHW]XQJHQ GHU ¿%XFROLFD¾ 9HUJLOV GHU ¿$QGULD¾ GHV 7HUHQ] XQG GHV ¿&DWR¾ GLHVH hEHUVHW]XQJHQ VLQG MHGRFK QLFKW HUKDOWHQ 1,.2/$86 +(1.(/NRQQWHSODXVLEHOPDFKHQGDVVHVVLFKKLHUOHGLJOLFK XP$QUHJXQJHQKDQGHOWGLHDQ1RWNHUKHUDQJHWUDJHQZXUGHQDXFKGLHVH :HUNH IU GHQ 8QWHUULFKW PLW $QPHUNXQJHQ XQG +LOIVEHUVHW]XQJHQ ]X YHUVHKHQGDVVHUDEHUGLHVH7H[WHLQULFKWXQJHQQLFKWDXVJHIKUWKDW6R PLW VLQG GLH XPIlQJOLFKHQ GHXWVFKHQ &DWRhEHUVHW]XQJHQ HUVW LQ HLQHU BBBBBBBBBBBBB VWHOOWHQ3DUDOOHOHQ]XP7H[WGHU=ZHWWOHU+DQGVFKULIWN|QQHQDXI(LQIOVVHGLHVHUIUKHQ )DVVXQJ GHU ¿*HVDPWEHUVHW]XQJ¾ ]XUFNJHKHQ DOOHUGLQJV LVW LP (LQ]HOIDOO QLFKW DXV]X VFKOLH‰HQ GDVV ]ZHL hEHUVHW]HU EHL GHUVHOEHQ 3UREOHPVWHOOXQJ ]X lKQOLFKHQ (UJHEQLVVHQ NDPHQ]XYHUJOHLFKHQVLQGHWZD,FGDEDEDE EHLGHEH]LHKHQVLFKDXILQFHUWLVDOV ODWHLQLVFKHVbTXLYDOHQW ,,DE,9SUDHI,9DFG  'LH.RQWDPLQDWLRQGLHVHUEHLGHQhEHUVHW]XQJHQXQGZHLWHUHUVHNXQGlUHU5HGDNWLRQHQLVW LQ GHU VSlWPLWWHODOWHUOLFKHQ hEHUOLHIHUXQJ NDXP DXVHLQDQGHU ]X GLIIHUHQ]LHUHQ = $72þ,/ KDW IU GHQ VRJHQDQQWHQ ¿1HXVRKOHU &DWR¾ GK GLH )DVVXQJ GHU +DQGVFKULIW %UQR =HPVNi D XQLYHUVLWQt NQLKRYQD 5NSƒ %O UU DXV 1HXVRKO%DQVNi %\VWULFD YJO=$72þ,/1HXVRKOHU&DWR>ZLH$QP@6EHVRQGHUV6I GLH9RUOD JHQ XQWHUVXFKW YJO HEG 6  XQG GLH LKP EHNDQQWHQ +DQGVFKULIWHQ YHUJOLFKHQ ,Q lKQOLFKHU:HLVHZLHLP¿1HXVRKOHU&DWR¾]HLJWVLFKDXFKLQGHQ)DVVXQJHQGHU+DQGVFKULI WHQ :LHQ gVWHUUHLFKLVFKH 1DWLRQDOELEOLRWKHN &RG %O UU -DKUKXQGHUW  XQG *GDľVN%LEOLRWHND*GDľVND3ROVNLHM$NDGHPLL1DXN0V0DU4%OYY  -DKUKXQGHUW VRZLHLQGLYHUVHQ)UDJPHQWHQ YJO=$72þ,/&DWRD)DFHWXV>ZLH$QP@ 6 HLQH9HUELQGXQJ]ZLVFKHQ¿*HVDPWEHUVHW]XQJ¾XQG¿6FKOHVLVFKHP&DWR¾9HU JOHLFKEDUHV JLOW DXFK IUGLH +DQGVFKULIW 0LFKHOVWDGW 1LFRODXV0DW]%LEOLRWKHN.LUFKHQ ELEOLRWKHN&RG'%OUU :LHQHYHQWXHOODXFK)UHLEXUJ%U9LHUWHO-DKU KXQGHUW ]XU +DQGVFKULIW -2+$11(6 67$8% .857 +$16 67$8% 'LH PLWWHODOWHUOLFKHQ +DQGVFKULIWHQ GHU 1LFRODXV0DW]%LEOLRWKHN >.LUFKHQELEOLRWKHN@ LQ 0LFKHOVWDGW 0LFKHO VWDGW>5DWKDXVXQG0XVHXPVUHLKH@6 XQGIUGHQ&RGH[GHU8QL YHUVLWlWVELEOLRWKHN*UD]%OUY DXV6W/DPEUHFKW6WHLHUPDUN 'LH0LFKHO VWlGWHU +DQGVFKULIW GHPRQVWULHUW GLH 8QP|JOLFKNHLW $EVWDPPXQJVYHUKlOWQLVVH LP 6LQQH GHU UHNRQVWUXNWLYHQ 7H[WNULWLN SUl]LVH ]X EHVWLPPHQ DG RFXORV,Q GHU 5HJHO ² GXUFKDXV QLFKWLPPHU²VWHKWVLHGHQ+DQGVFKULIWHQ:LHQgVWHUUHLFKLVFKH1DWLRQDOELEOLRWKHN&RG XQG%HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ²3UHX‰LVFKHU.XOWXUEHVLW]0VJHUPRFW DPQlFKVWHQLKU3URORJVWHKWHUNHQQEDULQGHU7UDGLWLRQGHV¿6FKOHVLVFKHQ&DWR¾YHUPXW OLFKYHUPLWWHOWEHUHLQHQhEHUOLHIHUXQJVWUlJHUlKQOLFKGHU+DQGVFKULIW:LHQgVWHUUHLFKL VFKH1DWLRQDOELEOLRWKHN&RGDOOHGUHLJHQDQQWHQ+DQGVFKULIWHQELHWHQ7H[WGHUDXV ¿*HVDPWEHUVHW]XQJ¾ XQG ¿6FKOHVLVFKHP &DWR¾ NRQWDPLQLHUW LVW 'LH HUKDOWHQH hEHUOLHIH UXQJLVWIUHLQHJHQDXHUH'RNXPHQWDWLRQGHU9HUKlOWQLVVHLP-DKUKXQGHUW]XOFNHQ KDIW GLH )UDJH RE HLQH RGHU PHKUHUH 9RUODJHQ YHUZHQGHW ZXUGHQ XQG ZDV DXI GHQ $EVFKUHLEHUDOV5HGDNWRU]XUFNJHKWOlVVWVLFKQLFKWH[DNWEHDQWZRUWHQ,P9HUJOHLFKGHU +DQGVFKULIWHQ EHL =$72þ,/ VRZLH GHU QHX KLQ]XJHNRPPHQHQ hEHUOLHIHUXQJ OlVVW VLFK PHLQHV (UDFKWHQV KHUDXVVWHOOHQ GDVV =$72þ,/ GHQ (LQIOXVV GHV ¿6FKOHVLVFKHQ &DWR¾ LP -DKUKXQGHUW]XJHULQJYHUDQVFKODJW  +(1.(/6FKXOWH[WH>ZLH$QP@6I



7+20$6(+/(1

=HLWHQWVWDQGHQLQGHUGDV'HXWVFKHEHUHLWVHLQHHWDEOLHUWH/LWHUDWXUVSUD FKHZDUXQGhEHUVHW]XQJHQ]XOLH‰GLHHLQOLWHUDULVFKHV(LJHQOHEHQIKUHQ NRQQWHQ XQG QLFKW ZLH 1RWNHUVEHNDQQWH hEHUVHW]XQJHQ ZLVVHQVFKDIWOL FKHU 3URVDZHUNH LQVWUXPHQWD ZDUHQ XQG LKUH :LUNXQJ QXU LP %H]XJ DXI GHQODWHLQLVFKHQ$XVJDQJVWH[WHQWIDOWHWHQ'LH¿*HVDPWEHUVHW]XQJ¾GHV ¿&DWR¾ZLUGQLFKWJORVVLHUHQGRGHUHUNOlUHQG]XPODWHLQLVFKHQ7H[WDQJH IHUWLJW VRQGHUQ DOV 'LFKWXQJ LQ 5HLPSDDUYHUVHQ GLH MHZHLOV LQ 6WURSKHQ ]X]ZHLGHXWVFKHQ5HLPSDDUHQHLQODWHLQLVFKHV'LVWLFKRQZLHGHUJLEWXQG GLHRKQHGHQODWHLQLVFKHQ7H[WDOVOLWHUDULVFKHV:HUNUH]LSLHUEDULVW ,P9HUODXIGLHVHU$UEHLWP|FKWHLFKHLQLJH7KHVHQGLVNXWLHUHQXQGDP 0DWHULDO GDUVWHOOHQ GLH VLFK PLW GHP 9HUKlOWQLV YRQ 6SUDFKH 7H[WW\SHQ XQGVR]LDOHP8PIHOGGHUYHUVFKLHGHQHQ¿&DWR¾)DVVXQJHQXQGLKUHU0HWD WH[WHEHVFKlIWLJHQ$XVJDQJVSXQNWLVWGLHIROJHQGH*UXQGDQQDKPH'HU ODWHLQLVFKH¿&DWR¾HUIOOWDOVHLQHUGHU]HQWUDOHQ6FKXOWH[WHLP+RFKPLWWHO DOWHU YRU DOOHP GUHL )XQNWLRQHQ (U GLHQW GHU )UHPGVSUDFKHQGLGD[H LP /DWHLQXQWHUULFKW YHUPLWWHOW DQWLNHV .XOWXUVXEVWUDW LQ GHQ PRQDVWLVFK NOHULNDOHQ%HUHLFKXQGRIIHULHUWPRUDOLVFKH,QKDOWHGLHVLFKDXIGHU7H[W HEHQH DOV +DQGOXQJVDQZHLVXQJHQ XQG :HLVKHLWVOHKUHQ GDUELHWHQ LQ GHU 5H]HSWLRQMHGRFKPHLQHV(UDFKWHQVQXUEHGLQJWDOVKDQGOXQJVDQOHLWHQGHV :LVVHQDXIJHQRPPHQZHUGHQ BBBBBBBBBBBBB  'D]X +(1.(/ 6FKXOWH[WH >ZLH $QP@ 6 ,P =HQWUXP GHU hEHUVHW]XQJHQ 1RW NHUVVWHKWYRQ]ZHL$XVQDKPHQDEJHVHKHQGHUODWHLQLVFKH7H[WGHUEHUYRONVVSUDFKLJH +LOIVWH[WH HUVFKORVVHQ ZLUG 9RQ LKUHU $QODJH KHU DXV GHU 0XWWHUVSUDFKH NRQ]LSLHUW VLQG OHGLJOLFK GLH $EKDQGOXQJ ¿'H PXVLFD¾ XQG GLH NOHLQH LQ GLH hEHUVHW]XQJ GHU ¿&RQVRODWLR SKLORVRSKLDH¾ HLQJHIJWH ¿$OWKRFKGHXWVFKH 5KHWRULN¾ ² =X ¿&DWR¾hEHUVHW]XQJHQ LP  XQG  -DKUKXQGHUWGLH DXVVFKOLH‰OLFK JORVVLHUHQG RGHUDG OLWWHUDP EHUVHW]HQ YJO ZHLWHU XQWHQ6I  =XVROFKHQXQGZHLWHUHQIRUPDOHQ.RQYHQWLRQHQ]XU:LHGHUJDEHVSUXFKKDIWHU:HLVKHLWHQ YJODXFK.$1=2*6SUXFK>ZLH$QP@6  +LHUYHUZHQGHWLP6LQQHYRQ*e5$5' *(1(77(3DOLPSVHVWH'LH/LWHUDWXUDXI]ZHLWHU 6WXIH )UDQNIXUW0  HGLWLRQ VXKUNDPS   >]XHUVW IUDQ]|VLVFK @ 6 9RQ GHU'LVNXVVLRQGHU7H[WW\SHQKHUZUGHVLFKSULQ]LSLHOO*(1(77(V%HJULIIGHVª3DUDWH[ WHV©]XU%HVFKUHLEXQJGHUKLHU]XU'LVNXVVLRQVWHKHQGHQ.RPPHQWDUHXQG*ORVVHQDQELH WHQYJO*e5$5'*(1(77(3DUDWH[WH'DV%XFKYRP%HLZHUNGHV%XFKHV)UDQNIXUW0 1HZ ]XHUVW IUDQ]|VLVFK @  6 ]XP 9RUZRUW RGHU 6 ]X $QPHUNXQJHQ 'HP VWHKW LP :HJH GDVV IU *(1(77( 3DUDWH[WH DXFK DOORJUDSKH VWHWV ªGHILQLWLRQVJHPl‰ GHU $EVLFKW GHV $XWRUV© HQWVSUHFKHQ PVVHQ >YJO HEG 6I DXFK 6I@(VZlUHUHL]YROO*(1(77(V%HJULIIVLQYHQWDUPLWGHQ%HGLQJXQJHQGHVPLWWHODO WHUOLFKHQ ªRIIHQHQ© 7H[WV XQG GHQ LQWHUSUHWDWRULVFKHQ $QHLJQXQJVYHUIDKUHQ GHU =HLW ]X NRQIURQWLHUHQ 'DV .RQJORPHUDW DXV *UXQGWH[W XQG +LOIVWH[WHQ GDV HV ]X EHVFKUHLEHQ JLOWHQW]LHKWVLFKGHUQHX]HLWOLFKHQ.ODVVLILNDWLRQYRQ$XWRUXQGNULWLVFKHP.RPPHQWDWRU ZHLOGHUNRPPHQWLHUHQGH,QWHUSUHWMHGHU]HLWGLH0|JOLFKNHLWKDWYRQODWHQWHQ:DKUKHLWHQ LP *UXQGWH[W DXV]XJHKHQ GLH SUlVHQW XQG DXV GHU 7UDQV]HQGHQ] OHJLWLPLHUW VLQG VHOEVW GDQQZHQQGHU9HUIDVVHUVLFKLKUHUQLFKWEHZXVVWZDURGHUVLFKLKQHQYHUZHLJHUWH(VJLEW XQWHUGLHVHPKHUPHQHXWLVFKHQ$QVDW]NHLQHLQGLYLGXHOOH$XWRULQWHQWLRQZHLOHVNHLQHQXQ DEKlQJLJHQ $XWRU JHEHQ NDQQ'LHVH 'LPHQVLRQ LVW DOV OHLWHQGH 6WUXNWXU EHL GHU(LQRUG QXQJPLWWHODOWHUOLFKHUVHNXQGlUHU+LOIVWH[WHLPPHU]XEHUFNVLFKWLJHQ

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



'LHVH GUHL )XQNWLRQHQ GHV ODWHLQLVFKHQ *UXQGWH[WHV ZHUGHQ LQ GHQ +DQGVFKULIWHQ GXUFK YHUVFKLHGHQH ODWHLQLVFKH 7H[WW\SHQ ² *ORVVHQ .RPPHQWDUHXQG:RUWIROJHEH]LIIHUXQJ²LQXQWHUVFKLHGOLFKHU:HLVHXQ WHUVWW]W$XIGLHVHU(EHQHZHUGHQGLH0HWKRGHQPLWWHODOWHUOLFKHU3KLOR ORJLHXQG+HUPHQHXWLNZLUNVDP 'LH GHXWVFKHQ ¿&DWR¾hEHUVHW]XQJHQ RULHQWLHUHQ VLFK VSUDFKOLFK IRU PDO XQG LQKDOWOLFKNXOWXUHOO LQ GHU 5HJHO DQ GHU YRONVVSUDFKLJHQ OLWHUDUL VFKHQ 7UDGLWLRQ :lKUHQG GHU ODWHLQLVFKH 7H[W LQ GHQ hEHUOLHIHUXQJVWUl JHUQUHODWLYVWDELOEOHLEW]HLJHQGLHYHUVFKLHGHQHQ.RQNUHWLRQHQGLHGHXW VFKHQ)DVVXQJHQGHV¿&DWR¾MHZHLOVDOVªRIIHQHQ7H[W©GHUXQWHU%H]XJDXI GLHHLJHQHYRONVVSUDFKLJH7UDGLWLRQXQG7H[WJHVFKLFKWH²XQGQLFKWQRW ZHQGLJHUZHLVH XQWHU 5FNYHUJOHLFK PLW GHQ ODWHLQLVFKHQ ¿'LVWLFKD¾ ² PLW 5FNVLFKW DXI ª9HUEHVVHUXQJHQ© ª0RGHUQLVLHUXQJHQ© RGHU HLQ DQGHUHV =LHOSXEOLNXPYHUlQGHUWZLUG 'LH ]ZHLVSUDFKLJHQ ¿&DWR¾+DQGVFKULIWHQ UHSUlVHQWLHUHQ GHPQDFK HL QHQ GRSSHOWHQ .XOWXUWUDQVIHU 0LW GHQ ODWHLQLVFKHQ 7H[WW\SHQ ZLUG DXI PHKUHUHQ(EHQHQDQWLNH.XOWXULQGLHJHELOGHWHNOHULNDOH:HOWGHV0LWWHO DOWHUVEHUWUDJHQXQGDGXVXPPHOLRUHPDQJHHLJQHW'LHGHXWVFKHQhEHUVHW ]XQJHQ PDFKHQ GLHVHV %LOGXQJVJXW GDQQ LP VSlWHUHQ 0LWWHODOWHU IU GLH QHXHQWVWDQGHQH/DLHQNXOWXUYHUIJEDU ,FKYHUZHQGHLP)ROJHQGHQGLH%HJULIIHª6SUXFK©E]Zª'LNWXP©]XU %HVFKUHLEXQJGHVSDUDGLJPDWLVFKHQRGHUEHJUQGHQGHQ7HLOVHLQHV'LVWL FKRQV QLFKW GLH 7HUPLQL ª6SULFKZRUW© E]Z ª3URYHUELXP© 'LHVH (QW VFKHLGXQJ OLHJW GDULQ EHJUQGHW GDVV ]XPLQGHVW HLQLJH GHU KHUDQJH]RJH QHQ$UEHLWHQ]XU6SUXFKWKHRULHGHQELOGKDIWHQE]ZPHWDSKRULVFKHQ&KD UDNWHUDOVHOHPHQWDUIUGDV6SULFKZRUWHUDFKWHQGHULQGHQ¿'LVWLFKD&D WRQLV¾ ZHLWJHKHQG IHKOW YJO DEHU DXFK ,, ,,,9 ,9  )U GDV 'LNWXP LVW QDFK 52'(*(0 GHU &KDUDNWHU GHV 1RUPDWLYHQ GRPLQDQW GHUGHU)RUPHOKDIWLJNHLWLQJHEXQGHQHU6SUDFKHIDNXOWDWLY HUVSULFKWYRQ ªIRUPXOHVU\WKPpHV© 9LHOGLVNXWLHUWZXUGHGLH)UDJHLQZLHZHLW6SUFKH BBBBBBBBBBBBB  =XU'HILQLWLRQGHV6SUXFKVXQG]XVHLQHU²QDFKZLHYRUQLFKWSUl]LVHGHILQLHUWHQ²$E JUHQ]XQJYRP6SULFKZRUWYJO$1'5e -2//(6(LQIDFKH)RUPHQ/HJHQGH6DJH0\WKH 5lWVHO6SUXFK.DVXV0HPRUDELOH0lUFKHQ:LW]7ELQJHQ6EHVRQGHUV 6 .$1=2* 6SUXFK >ZLH $QP@ 6 %(%(50(ZLH $QP@ EHVRQGHUV 6 XQG 6  ) 52'(*(0 8Q SUREOqPH GH WHUPLQRORJLH /HV ORFXWLRQV VHQWHQFLHXVHV ,Q &DKLHUV GH O·,QVWLWXW GH /LQJXLVWLTXH    )DVF  6 =XP PLWWHODOWHUOLFKHQ 6SULFKZRUW LQ GHXWVFKHU 6SUDFKH DXFK 125%(57 + 2776SULFKZRUW6SULFKZRUWVDPPOXQJ,,,,Q/H[LNRQGHV0LWWHODOWHUV>ZLH$QP@%G    6S I (,.(/0$11 6SULFKZRUW >ZLH $QP@ YJO GLH EHL +26,1*721 3URYHUE 7UDQVODWLRQ >ZLH $QP@ EHVRQGHUV 6 $QP UHIHULHUWHQ 'HILQLWLRQHQ ]X ªSURYHUELXP©  9JO %(%(50(ZLH $QP@ 6 XQG YD 52'(*(0 8Q SUREOqPH >ZLH$QP@EHVRQGHUV6  52'(*(08QSUREOqPH>ZLH$QP@6



7+20$6(+/(1

E]Z 6SULFKZ|UWHU OHKUKDIW VLQG RGHU QLFKW 1DPHQWOLFK $1'5e -2//(6 YHUQHLQWGLH/HKUKDIWLJNHLWXQG0RUDOGHV6SUXFKHVGDGLHVHU(UIDKUXQJ HUIDVVHXQGDOVVROFKHUYRQUFNVFKDXHQGHU7HQGHQ]VHLDEVFKOLH‰HQGXQG UHVLJQLHUHQG $OOHV /HKUKDIWH KLQJHJHQ VHL ªHLQ $QIDQJ HWZDV ZRUDXI ZHLWHUJHEDXWZHUGHQVROO©,FKJHKHLP)ROJHQGHQGDYRQDXVGDVVGLH ª/HKUKDIWLJNHLW©GHU¿'LVWLFKD&DWRQLV¾YDGXUFKLKUHSHUIRUPDWLYH9HU ZHQGXQJ EHZLUNW ZLUG GK EHL GHQ KLHU GLVNXWLHUWHQ 7H[WHQ ]XPHLVW GXUFK LKUH 9HUZHQGXQJ LP /DWHLQXQWHUULFKW 'DV EHGLQJW HLQH 'LIIHUHQ ]LHUXQJGHVª/HKUKDIWHQ©LQGLHJHQDQQWHQ%HUHLFKHYRQ)UHPGVSUDFKHQ GLGDNWLN GLH 7H[WH ZLUNHQ DXI GHU UHLQ VSUDFKOLFKHQ (EHQH ]XU 'DUVWHO OXQJ YRQ OH[LNDOLVFKHQ JUDPPDWLNDOLVFKHQ RGHU V\QWDNWLVFKHQ 3KlQRPH QHQ GHU ]X HUOHUQHQGHQ )UHPGVSUDFKH  XQG LQKDOWOLFKHU /HKUH 0RUDOGL GD[HE]Z.XOWXUHUZHUE  /DWHLQLVFKGHXWVFKH+DQGVFKULIWHQXQGGLH /HLVWXQJHQGHUODWHLQLVFKHQ7H[WW\SHQ ,Q GHU VSlWPLWWHODOWHUOLFKHQ hEHUOLHIHUXQJ GHU ¿'LVWLFKD &DWRQLV¾ LVW HLQ +DQGVFKULIWHQW\S VHKU ZHLW YHUEUHLWHW GHU GHQ ODWHLQLVFKHQ RGHU ODWHLQL VFKHQ XQG GHXWVFKHQ ¿&DWR¾ PLW ,QWHUOLQHDU XQG 0DUJLQDOJORVVHQ VRZLH PLW HLQHP NRPPHQWLHUHQGHQ 7H[W YHUELQGHW +lXILJ KDQGHOW HV VLFK XP GHQ.RPPHQWDUGHV3KLOLSSYRQ%HUJDPRGHUHUJlQ]WGXUFKHLQHHLQOHL WHQGH(SLVWXODGHV5REHUWXVGH(XUHPRGLRGHQ7H[WGHU¿'LVWLFKD¾EHJOHL WHW (V VLQG QRFK ZHLWHUH .RPPHQWDUH EHNDQQW 'HU lOWHVWH EHNDQQWH VWDPPWEHUHLWVDXVGHU=HLWXPYRQGHP0|QFKXQG/HKUHULQ5HLPV XQG3DULV5HPLJLXVYRQ$X[HUUH:HLWHUHZXUGHQYHUIDVVWYRQ*LVDOEHUWXV GH %HUJDPR %/220),(/' 1U  HYHQWXHOO YRQ 5REHUW *URVVHWHVWH %/220),(/'1U RGHUVLQGDQRQ\PEHUOLHIHUWZLHGHU7H[WPLW GHP ,QFLSLW &LUFD LQLFLXP (WKLFH &DWKRQLV DVVXPLWXU WKH X PD QLFKW EHL %/220),(/' GHULQYLHU+DQGVFKULIWHQHUKDOWHQLVW6LHKWPDQYRQGHU BBBBBBBBBBBBB  9JO -2//(6 (LQIDFKH )RUPHQ >ZLH $QP@ 6 YRUVLFKWLJ DXFK %(%(50(ZLH$QP@6  1HEHQ GLH +DQGVFKULIW 0QFKHQ %D\HULVFKH 6WDDWVELEOLRWKHN &OP  YLHOOHLFKW DXV $QGHFKV XQG GLH +DQGVFKULIW 6WXWWJDUW :UWWHPEHUJLVFKH /DQGHVELEOLRWKHN &RG +% ;,,GLHLPVFKZlELVFKHQ%HQHGLNWLQHUNORVWHU:LEOLQJHQDXIEHZDKUWZXUGHWUHWHQGLH +DQGVFKULIW0QFKHQ8QLYHUVLWlWVELEOLRWKHNƒ&RGPVGHV8OPHU)UKKXPDQLVWHQ +DLQULFXV +XWHU GLHVH +DQGVFKULIW HQWVSULFKW QLFKW GHP 7\SXV GHU 6DPPOXQJ YRQ *H EUDXFKVWH[WHQ IU GHQ 6FKXOXQWHUULFKW  XQG GHU &RGH[ 6WXWWJDUW :UWWHPEHUJLVFKH /DQ GHVELEOLRWKHN&RGSRHWHWSKLOƒGHUYRQVHLQHP%HVLW]HU-DFRE6WURPDLUDXV)LQQLQ JHQ  DOV 6DPPHOKDQGVFKULIW PRUDOLVFKSlGDJRJLVFKHU 7H[WH DQJHOHJW ZXUGH XQG PLW([]HUSWHQDXVGHU¿+LVWRULDGHGXREXVDPDQWLEXV(XULDOLVHW/XFUHWLD¾GHV(QHD6LOYLR 3LFFRORPLQL XQG GHP %ULHIVWHOOHU GHV $JRVWLQR 'DWL DXFK KXPDQLVWLVFKH 7H[WH XPIDVVW 'DWLV¿,VDJRJXVOLEHOOXV¾JHKWLP-DKUKXQGHUWLQGHQ/HKUNDQRQGHU8QLYHUVLWlWHQHLQ 

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



$XVQDKPHHLQHUPLWWHOGHXWVFKHQhEHUVHW]XQJGHV.RPPHQWDUVGHV3KLO LSSYRQ%HUJDPRDEGLHXQLNDOLQ]ZHLXPIDQJUHLFKHQ&RGLFHVGHU6lFK VLVFKHQ/DQGHVELEOLRWKHNLQ'UHVGHQEHUOLHIHUWLVWEOHLEHQVROFKH.RP PHQWDUH ]XP ¿&DWR¾ GXUFK GDV JHVDPWH 0LWWHODOWHU KLQGXUFK GHU ODWHLQL VFKHQ 6SUDFKH YRUEHKDOWHQ 6LH HUNOlUHQ JUDPPDWLNDOLVFKH V\QWDNWLVFKH XQGOH[LNDOLVFKH6FKZLHULJNHLWHQGHV2ULJLQDOWH[WVXQGSDUDSKUDVLHUHQGLH 'LVWLFKHQDXIGLHVLHVLFKEH]LHKHQDXI6DW]HEHQHPHLVWVRJDUPHKUIDFK (V ILQGHQ VLFK :RUWHUNOlUXQJHQ ELV KLQ ]XU (W\PRORJLH (UOlXWHUXQJHQ ]XU:RUWELOGXQJ²]%]XU3UlILJLHUXQJ²XQG]XU)OH[LRQVRZLHOH[LNDOL VFKH9DULDQWHQ6RODXWHWGHU]ZHLWH7HLOGHV.RPPHQWDUV¿&LUFDLQLFLXP (WKLFH&DWKRQLV¾]XP'LVWLFKRQ,,, 6HJQLWLHPIXJLWRTXHXLWHLJQDXLDIHUWXU 1DPFXPDQLPXVODQJZHWFRQVXPLWLQHUFLDFRUSXV  BBBBBBBBBBBBB =XGHQJHQDQQWHQ+DQGVFKULIWHQYJO+(1.(/6FKXOWH[WH>ZLH$QP@6'(56 %HLWUlJH]XUhEHUOLHIHUXQJGHU¿'LVWLFKD&DWRQLV¾LQGHXWVFKHUhEHUVHW]XQJ ,, ,Q=VIU GHXWVFKHV $OWHUWXP XQG GHXWVFKH /LWHUDWXU    6 KLHU6 3$8/ -2$&+,062+1 )UKKXPDQLVPXV LQ 6FKZDEHQ ,Q 3- *HVDPPHOWH $XIVlW]H %HLWUlJH ]X 5HQDLVVDQFH +XPDQLVPXV XQG 5HIRUPDWLRQ ]XU +LVWRULRJUDSKLH XQG ]XP GHXWVFKHQ 6WDDWVJHGDQNHQ $XVJHZlKOW XQG HLQJHOHLWHW YRQ 127.(5 +$00(567(,1 $DOHQ  6 >]XHUVW @ ]XU $QWLNHUH]HSWLRQ LP GHXWVFKHQ )UKKXPDQLVPXV DXFK )5$1= -26() :2567%52&.=XU(LQEUJHUXQJDQWLNHU$XWRUHQLPGHXWVFKHQ+XPDQLV PXV,Q=VIUGHXWVFKHV$OWHUWXPXQGGHXWVFKH/LWHUDWXU  6KLHU6I ²(VVWHOOWVLFKGLH)UDJHREGLH$XIQDKPHGHUODWHLQLVFKGHXWVFKHQVFKRODVWLVFKDXIEHUHL WHWHQ¿'LVWLFKD&DWRQLV¾LQ7H[WVDPPOXQJHQYRQ+XPDQLVWHQQRFKPLWWHODOWHUOLFKH5H]HS WLRQ EH]HXJW RGHU RE PDQ VLH EHUHLWV DOV ªKXPDQLVWLVFKH© $QWLNHUH]HSWLRQ LQ $QVlW]HQ ZHUWHQ GDUI 'LH PLWWHODOWHUOLFKH $XIEHUHLWXQJ VSULFKW HKHU IU GLH HUVWH $QQDKPH 9JO DXFKGLHJHQHUHOOH6NHSVLVEHL./$86*58%0h//(5'HU/HKUJDQJGHV7ULYLXPVXQGGLH 5ROOHGHU9RONVVSUDFKHLPVSlWHQ0LWWHODOWHU,Q6WXGLHQ]XPVWlGWLVFKHQ%LOGXQJVZHVHQ >ZLH $QP@ 6 KLHU 6 XQG 6 ² 1XPPHUQGHU ZHLWHUHQ LP 7H[W JH QDQQWHQ .RPPHQWDUH QDFK 025721 : %/220),(/' ,QFLSLWV RI /DWLQ :RUNV RQ WKH 9LUWXHVDQG9LFHV$',QFOXGLQJD6HFWLRQRI,QFLSLWVRI:RUNVRQWKH3DWHU 1RVWHU&DPEULGJH0DVV 7KH0HGLDHYDO$FDGHP\RI$PHULFD3XEOLFDWLRQ   'UHVGHQ6lFKVLVFKH/DQGHVELEOLRWKHN+DQGVFKULIWHQ0XQG0YJO*(5' %5,1. +863KLOLSSYRQ%HUJDPR,Q9HUIDVVHUOH[LNRQ>ZLH$QP@%G  6SI  *58%0h//(5/HKUJDQJ>ZLH$QP@6]HLJWDP%HLVSLHOYRQ*ORVVLHUXQJHQ GHV  -DKUKXQGHUWV ]XU ¿$UV PLQRU¾ GHV 'RQDW ZHOFKH 6WXIHQ GHU H[SRVLWLR YRQ 7H[WHQ YRONVVSUDFKLJ GDUJHERWHQ ZHUGHQ (U ]LWLHUW LQ GLHVHP =XVDPPHQKDQJ DXV +XJRV YRQ 6W9LFWRU¿'LGDVFDOLFRQ¾ZRGUHLKLHUDUFKLVFKDXIHLQDQGHUDXIEDXHQGH6WXIHQGHUH[SRVLWLR XQWHUVFKLHGHQZHUGHQOLWWHUD FRQJUXDRUGLQDWLRGLFWLRQXPTXRGHWLDPFRQVWUXFWLRQHPYRFDPXV VHQ VXV IDFLOLVTXDHGDPHWDSHUWDVLJQLILFDWLR XQGVHQWHQWLD SURIXQGLRULQWHOOLJHQWLDTXDHQLVLH[SRVLWLRQHYHO LQWHUSUHWDWLRQH QRQ LQYHQLWXU  'LH YRQ *58%0h//(5 DQJHIKUWHQGHXWVFKHQ 7H[WH *ORVVLH UXQJHQ NOHLQWHLOLJ GHP ODWHLQLVFKHQ 7H[W IROJHQGH H[SRVLWLRQHV XQG DXFK GHXWVFKH =XVDP PHQIDVVXQJHQ XQWHU GHU 5XEULN 'HU VLQ  O|VHQ VLFK VlPWOLFK QLFKW YRP ODWHLQLVFKHQ *UXQGWH[WXQGVLQGRKQHGLHVHQQLFKWUH]LSLHUEDUªDXIGLHVHQWHQWLDPLWLKUHP$QVSUXFKDXI HLQHSURIXQGLRULQWHOOLJHQWLDZLUGYHU]LFKWHW© HEG6 'LHVHSURIXQGLRULQWHOOLJHQWLDZLUGLQ GHQKLHUGLVNXWLHUWHQ¿&DWR¾+DQGVFKULIWHQGXUFKGHQODWHLQLVFKHQ.RPPHQWDUHUP|JOLFKW  ,FKKDEHGHQ7HLOPLW7H[WSDUDSKUDVHQ,QKDOWVHUOlXWHUXQJHQXQG%HOHJHQDXV$XWRULWlWHQ KLHUIRUWJHODVVHQ YJOGD]XDEHUXQWHQ6GDV%HLVSLHO]X¿'LVWLFKD&DWRQLV¾,  'LH7H[WZLHGHUJDEHIROJWGHP&RGSRHWHWSKLOƒGHU:UWWHPEHUJLVFKHQ/DQGHVEL EOLRWKHN6WXWWJDUWGLHZHLWHUHQLQ$QPJHQDQQWHQ+DQGVFKULIWHQVLQGYHUJOLFKHQ



7+20$6(+/(1

>«@,WHPLQOLWWHUDSRQLWXU6HJQLFLHPIXJLWRYELQRWDTXRGVHJQLVLGHPHVWTXRGSLJHUHWGL FLWXU!VHJQLVTXDVLVLQHLJQHXHOTXDVLVHRUVXPDELJQHLGHVWDXLJRUHDQLPLHWLQJHQLLLQVHJQL FLDªVH©HQLPSURSRVLFLRLQVHSDUDELOLVHVWHWWDQWXPYDOHWLQFRPSRVLFLRQHTXDQWXPªVLQH©YQGH HFLDP FRPSRQLWXU VHGROXV TXDVL VLQH GROR HW VHFXUXV TXDVL VLQH FXUD ,WHP LQ OLWWHUD SRQLWXU LJQDXLD YEL QRWD TXRG JQDXXV LGHP HVW TXRG VROOHUV DSWXV SUXGHQV GRFWXV SURXLGXV LQGH LJQDXXVTXDVLQRQJQDXXVTXDVLLJQRUDQVLJQHPLGHVWLJQHDQLPLYDFXXVHWGLFLWXUHFLDPSLJHU DQLPRYQGHLJQDXLDTXDVLDQLPLSLJULFLD,WHPLQOLWWHUDSRQLWXULQHUVYELQRWDTXRGLQHUVLGHP HVWTXRGSLJHUXHOUHPLVVXVXHOVWXOWXVXHOVLQHDUWHDEªLQ©TXRGHVWªQRQ©HWªDUV©TXDVLVLQH DUWHYQGHKHFLQHUFLDLQHUFLHLGHVWVWXOWLFLDXHOSLJULFLD&RQVWUXHVXSHUWXIXJLWRVHJQLFLHPLGHVW RFLRUXPGHVLGHULXPXHOSLJULFLDPTXHVFLOLFHWVHJQLFLHVIHUWXULGHVWGLFLWXULJQDXLDLGHVWFRUUXSFLR VHZDFFLGLDVHZWULVWLFLDYLWHYQGHDFFLGLDGLFLWXUDEªDFFL©JUHFHTXRGHVWªWULVWH©ODWLQH'LFR LJLWXUTXRGGHXLWHVRFLDQDPFXPDQLPXVODQJZHWLGHVWGHILFLWKRFHVWQXOORVWXGLRH[HUFLWDWXU LQHUFLDLGHVWSLJULFLDFRQVXPLWLGHVWGHELOLWDWHWHQHUXDWFRUSXVQDPFXPYLGHVDOLTXHPSLJUXP FRUSRUHSRWHVHFLDPLOOXPLQWHOOLJHUHDQLPRHVVHVHJQHPHWLQILUPXP>«@

=XJOHLFKZLUGGXUFKVROFKH.RPPHQWDUHDXFKGLHLQKDOWOLFKH(EHQH]XP *HJHQVWDQGGLHGXUFKGLH*ORVVHQQLFKWRGHUGRFKQXUVHKUUXGLPHQWlU HUIDVVWZLUG'LHVHOLHIHUQ+LOIHQ]XU/H[LNXQG]XU6DW]EHGHXWXQJKHEHQ DEHU QLFKW DXI HLQH XPIDVVHQGHUH 9HUPLWWOXQJ YRQ ª6LQQ© DE 'LH .RP PHQWDUHIKUHQ$XWRULWlWHQDXV%LEHO3DWULVWLNRGHUPLWWHODOWHUOLFKHU:LV VHQVFKDIW DQ GLH VLFK ]XP 7KHPD JHlX‰HUW KDEHQ XQG EULQJHQ GLH HQWVSUHFKHQGHQ9HUVHDXVPLWWHODOWHUOLFKHQ1HXIDVVXQJHQXQG(UJlQ]XQ JHQ GHV ¿&DWR¾ HWZD DXV GHP ¿&DWR QRYXV¾ RGHU GHP ¿)DFHWXV &XP QLKLO XWLOLXV¾ 'LH LQKDOWOLFK YHUJOHLFKEDUHQ 3DUDOOHODXVVDJHQ DXV $XWRULWlWHQ EH]LH KHQVLFKDXIGLH0RUDOGLH7KHPDGHV7H[WHVLVW'DVKHL‰W]XQlFKVWGDVV $XVVDJHQZLH]%ª'XVROOVWQLFKWVSXEOLNPDFKHQZDV'HLQH*HIlKUWHQ EHVFKlPHQN|QQWHGDPLWQLFKWYLHOHGDVWDGHOQZDVDOOHLQ'LUPLVVIlOOW© ,,  RGHU ª'X VROOVW 'HLQHU )UDX QLFKW OHLFKWIHUWLJ JODXEHQ ZHQQ VLH VLFKEHL'LUEHU'HLQHQ.QHFKWEHNODJW²GHQQRIWKDVVWGLH)UDXGHQ GHQ GHU (KHPDQQ OLHEW© ,  DXI GLHVHP :HJH XQWHUVWULFKHQ XQG GHP MXQJHQ (OHYHQ PLW 1DFKGUXFN DQV +HU] JHOHJW ZHUGHQ 1DPHQWOLFK EHL GHPPLVRJ\QHQ'LVWLFKRQ,VWHOOWVLFKDEHUGLH)UDJHREHVVHLQHLQKDOW OLFKH :LUNXQJ DXI (OHPHQWDUVFKOHU DOV PRUDOLVFKHV $QZHQGHUZLVVHQ BBBBBBBBBBBBB  'D]XXQWHQ6  /DWHLQLVFKHU 7H[W 4XRG SXGHDW! VRFLRV! FHODUH PHPHQWR  QH SOXUHV FXOSHQW LG TXRG WLEL GLVSOLFHW XQL 'LH REHQ LP 7H[W VWHKHQGH ,QWHUSUHWDWLRQ GHV9HUVHVGLHVRFLRV DOV 2EMHNW ]X SXGHDW ]LHKW ZDU GLH LP 0LWWHODOWHU JHOlXILJH YJO GHQ .RPPHQWDU ¿&LUFD LQLFLXP (WKLFH &DWKRQLV¾KLHU]LWLHUWQDFKGHU+DQGVFKULIW6WXWWJDUW:UWWHPEHUJLVFKH/DQGHVELEOLRWKHN &RGSRHWHWSKLOƒ%OY,QKLMVYHUVLEXV&DWKRGRFHWXWWXUSLDXHOXLFLDDOLRUXPQRQSXEOLFH UHSUHKHQGDPXVVLQRELVVROLVQRWDVXQW>«@ QDFKPRGHUQHU$XIIDVVXQJLVWVRFLRV2EMHNW]XFHODUH YJOGHQ.RPPHQWDU]XU6WHOOHLQGHU$XVJDEHYRQ%2$6>ZLH$QP@6   /DWHLQLVFKHU7H[W1LOWHPHUHX[RULGHVHUXLVFUHGHTXHUHQWLVHPSHUHQLP>DQGHUH+DQGVFKULIWHQ HWHQLP@PXOLHUTXHPFRQLX[GLOLJLWRGLW

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



ILQGHQNRQQWHRGHUREGLH5H]HSWLRQDXIHLQHUDQGHUHQ(EHQHHUIROJWH 'LH ¿'LVWLFKD &DWRQLV¾ LQ LKUHU PLWWHODOWHUOLFKHQ $XIEHUHLWXQJ EHVLW]HQ XQWHUVFKLHGOLFKH KHUPHQHXWLVFKH XQG IXQNWLRQDOH 3RWHQWLDOH 1HEHQ GLH GLUHNWDQZHQGXQJVEH]RJHQHXQGIUGHQ6FKOHUDOV2ULHQWLHUXQJJHHLJQH WH/HLWOLQLHGLHLKQ]%]XU'LVNUHWLRQEHUGLH)HKOHUDQGHUHUDQKDOWHQ NDQQWULWWGLH5HSUlVHQWDWLRQYRQ(LQ]HOHOHPHQWHQGHUNXOWXUHOOHQ7UDGL WLRQ GHU $QWLNH ZLH GHV &KULVWHQWXPV HWZD GHU 0LVRJ\QLH $XFK GLHVH EHUQLPPWHLQHLQKDOWOLFKOHKUKDIWH5ROOHLP8QWHUULFKW]XPDOLPNO|VWHU OLFKHQ XQG DNDGHPLVFKHQ VSlWHVWHQV QDFK GHP /DWHUDQNRQ]LO   'HU=|OLEDWXQGGLH9HUKDOWHQVQRUPLHUXQJGHU²PlQQOLFKHQ²6WXGHQWHQ XQG ]XNQIWLJHQ .OHULNHU VLQG 6R]LDOLVLHUXQJV]LHO $OOHUGLQJV ODVVHQ VLFK VROFKH *UXQGHLQVWHOOXQJHQ QLFKW DXI %DVLV GHU LQKDOWOLFK NRQNUHWHQ DQ ZHQGXQJVEH]RJHQHQ 5H]HSWLRQ YRQ 6SUXFKZHLVKHLWHQ YHUPLWWHOQ ]XPDO LP (OHPHQWDUXQWHUULFKW EHL =HKQ RGHU =Z|OIMlKULJHQ XQG DQKDQG HLQHV 3DUDGLJPDV GDV IHUQ LKUHU /HEHQVZLUNOLFKNHLW OLHJW 'HU VR]LDOH .RQWH[W GHU(KHGHUGLH*UXQGODJHIUGDV]LWLHUWH'LVWLFKRQ,ELOGHWIHKOWEHL GHUPRQDVWLVFKDNDGHPLVFKHQ.OLHQWHOVRZHLWVLHHLQHJHLVWOLFKH/DXIEDKQ HLQVFKODJHQ VROOWH RKQHKLQ +LHU EHUZLHJW LQ GHU 9HUZHQGXQJ XQG 5H ]HSWLRQLQGHU6FKXOHSUDJPDWLVFKGLH9HUPLWWOXQJGHUNXOWXUHOOHQ7UDGLWL RQ XQG GHU VR]LRNXOWXUHOOHQ ,GHQWLWlW LP 9HUKlOWQLV ]XP NRQNUHWHQ $Q ZHQGXQJVZLVVHQ 'HU .RPPHQWDU ¿&LUFD LQLFLXP (WKLFH &DWKRQLV¾ IKUW DOV3DUDGLJPHQIUGDV'LVWLFKRQ,VLJQLILNDQWHUZHLVHGLH)UDXGHV3RWL SKDUXQG-RVHSKVRZLH3KDHGUDXQG+LSSRO\WDQ ,QKLMVXHUVLEXV&DWKRLQQXLWFDXWHODPFLUFDVHUXRVHWX[RUHPGLFHQV)LOLQRQVHPSHUFUHGDV X[RULDFFXVDQWLIDPXORVWHPHUHXHORGLRVHTXLDVHSHFRQWLQJLWTXRGX[RURGLWHWSHUVHTXLWXUID PXOXPTXHPPDULWXVGLOLJLWVLFXWIHFLWX[RU3KDUDRQLVTXH-RVHSKLQGHELWHDFFXVDXLW6LPLOL WHU3KHGUD,SROLWXPSUHYLJQXPVXXPDFFXVDXLWTXRGSDWHUFUHGHQVWHPHUHPLVLWILOLXPVXXPDG SHULFXOXPYELGLODFHUDWXVHVW>«@ BBBBBBBBBBBBB  8DDQGHU5ROOHGHUPLVRJ\QHQ9HUVHLP(OHPHQWDUXQWHUULFKWPDFKW5b'/(6FKXOILEHO >ZLH$QP@VHLQH3ROHPLNJHJHQGLH¿'LVWLFKD&DWRQLV¾DOVªMlPPHUOLFKHV0DFKZHUN>«@ DXI HLQH>P@ GHU YRUGHUVWHQ 3OlW]H GHU DEHQGOlQGLVFKHQ %LOGXQJVEHVWVHOOHUOLVWH© IHVW HEG 6   1HEHQGHPJHQDQQWHQ'LVWLFKRQ,YJODXFK,,,XQG,9  9JO*HQ  'LH 3DUDGLJPHQ YRQ 3KDHGUD XQG +LSSRO\W VRZLH YRQ -RVHSK XQG GHU )UDX GHV 3KDUDR ILQGHQ VLFK DXFK LQ GHU ¿(FORJD7KHRGXOL¾ 9 YJO DXFK +\JLQXV )DEXOD  GDV 9HUEODFHUDUHLQGLHVHP.RQWH[WEHL2YLG)DVW9,=XGLHVHQXQGZHLWHUHQ6WHOOHQYJO +$16921*(,6(1+LSSRO\WRV,,Q'HU.OHLQH3DXO\/H[LNRQGHU$QWLNH>«@+JYRQ .215$7 =,(*/(5 XQG :$/7+(5 6217+(,0(5 0QFKHQ  %G    6SIXQG6HYHQ9HUVLRQVRIWKH&DUROLQJLDQ3DVWRUDO+JYRQ52*(53+*5((1 5HDGLQJ6  =LWLHUW QDFK 6WXWWJDUW :UWWHPEHUJLVFKH /DQGHVELEOLRWKHN &RG SRHW HW SKLO ƒ  %OU



7+20$6(+/(1

%HLGH([HPSODKDEHQGLH9HUOHXPGXQJHLQHVXQVFKXOGLJHQ0DQQHVGXUFK HLQH )UDX XQWHU GHQ 3UlPLVVHQ DQYLVLHUWHQ DEHU YHUZHLJHUWHQ (KHEUXFKV DOV.HUQXQGUHNXUULHUHQLKUHUVHLWVEHUHLWVDXI6WHUHRW\SH*HQDXJHQRP PHQVLQGVLHDOV([HPSODIUGDV'LVWLFKRQ,HLJHQWOLFKXQJHHLJQHWGD GLH 0RWLYDWLRQ IU GDV YHUOHXPGHULVFKH +DQGHOQ GHU )UDX MHZHLOV JHUDGH QLFKWLP1HLGDXIGLH*XQVWOLHJWGLHGHU(KHPDQQGHP.QHFKWJHZlKUW VRQGHUQLQGHU5DFKHIUGLH]XUFNJHZLHVHQH:HUEXQJ'DVWHUWLXPFRPSD UDWLRQLV]ZLVFKHQGHP¿&DWR¾9HUVSDDUXQGGHQEHLGHQ(U]lKOVWRIIHQLVWGLH 0LVRJ\QLHDQVLFK'LHNXOWXUHOOH7UDGLWLRQLVWKLHULQKRKHP0D‰HVHOEVW UHIHUHQWLHOO,QGHP]LWLHUWHQ.RPPHQWDUZLUGHLQOLWHUDOHV1HW]ZHUNJHER WHQ GDV GHQ ]X NRPPHQWLHUHQGHQ 7H[W GHU ¿'LVWLFKD &DWRQLV¾ LQ GLH EHLGHQ]HQWUDOHQ4XHOOEHUHLFKH]HLWJHQ|VVLVFKHU%XFKNXOWXULQ%LEHOXQG DQWLNH0\WKRORJLHHLQELQGHWXQGDXVGLHVHQEHLGHQDXWRULWDWLYH%HOHJHIU GLH *OWLJNHLW GHV 'LVWLFKRQV EHUHLWKlOW %LOGXQJV]LHO LVW GLH OLWHUDULVFK IXQGLHUWH$NNXOWXULHUXQJLQHLQ6\VWHPYRQ6SUDFKH7H[WHQ7KHPHQXQG GHUHQVR]LDOHU5HSXWDWLRQGDVLQHUVWHU/LQLHVHOEVWEH]RJHQLVW'LH:DU QXQJYRUGHU9HUOHXPGXQJGXUFKGLH)UDX]LHOWLQGLHVHP.RQWH[WQLFKW SULPlUDXIHLQEHVWLPPWHV9HUKDOWHQLQGHU(KHDE RGHUDXIHLQHDQDORJ ]XLQWHUSUHWLHUHQGH6LWXDWLRQ VRQGHUQGLHQWGHU(WDEOLHUXQJGHV%HZXVVW VHLQV GDVV LP VR]LDOHQ 6\VWHP ]XPDO DXV GHU 3HUVSHNWLYH GHV .OHUXV )UDXHQJHQHUHOOHLQHXQWHUJHRUGQHWH5ROOHHLQQHKPHQXQGHLQHSRWHQWLHOOH *HIDKUIUGLHEHVRQGHUH6WHOOXQJGHV.OHULNHUVGDUVWHOOHQ6WHUHRW\SHZLH GDV GHV 0DQQHV DOV 2SIHU GHU )UDX ZLH HV GDV 'LVWLFKRQ , HYR]LHUW ELHWHQLQLKUHUYHUNU]HQGHQLP:HLVKHLWVJHVWXVH[DXFWRULWDWHYRUJHEUDFK WHQXQGPQHPRWHFKQLVFKLGHDOHQ)RUPHLQHQ:HJVROFKHXQVSH]LILVFKHQ *UXQGHLQVWHOOXQJHQ TXDVLQRUPDWLY HLQ]XSIODQ]HQ 6LH ELOGHQ MHGRFK LP KLHUDQJHQRPPHQHQ0LOLHXNHLQHNRQNUHWHXQGEHIROJEDUH+DQGOXQJVDQ ZHLVXQJ (V IJW VLFK LQ GLHVHV %LOG GDVV LQ GHQ GXUFK GLH $UEHLWHQ 0h//(5V ]XU 9HUIJXQJ VWHKHQGHQ GHXWVFKHQ XQG QLHGHUOlQGLVFKHQ 6FKXORUGQXQJHQGHVVSlWHQELVIUKHQ-DKUKXQGHUWV3UREOHPHGHV BBBBBBBBBBBBB  bKQOLFKH:HQGXQJHQHLQHPVWULNWHQ'XDOLVPXVYRQVFKOHFKWXQGJXWYHUSIOLFKWHWILQGHQ VLFK DXFK LQ GHQ DOWWHVWDPHQWOLFKHQ :HLVKHLWVEFKHUQ YJO HWZD 3URY      (FFOL    MHZHLOV PLW /REVSUFKHQ DXI GLH ªJXWH )UDX© NRQWUDVWLHUW QLFKWZHQLJHUVWHUHRW\SVLQG/REVSUFKHZLH3URYRGHU 9JODXFK(FFOL  ,P 6SlWPLWWHODOWHUXQGGHU IUKHQ1HX]HLW LVW GLH 0LVRJ\QLHDXFK (OHPHQWGHU VWlGWLVFK EUJHUOLFKHQ 5H]HSWLRQ GHU &DWR)LJXU LQ YRONVVSUDFKLJHQ 0HLVWHUOLHGHUQ EHVRQGHUV EHL +DQV 6DFKV  GLH VLFK DOOHUGLQJV QLFKW QXU DXI GLH SVHXGRFDWRQLVFKHQ ¿'LVWLFKD¾ VRQGHUQ DXFKDXIGLH0LWWHGHV-DKUKXQGHUWVEHUVHW]HQ9LWHQXQG$SRSKWKHJPDWDGHV3OXWDUFK XQG%RFFDFFLRV¿'HPXOLHULEXVFODULV¾VWW]W YJOHWZDGLH7H[WHPLWGHQ5601XPPHUQ ñ6 XQG ñ6 5HSHUWRULXP GHU 6DQJVSUFKH XQG 0HLVWHUOLHGHU GHV  ELV  -DKUKXQGHUWV +J YRQ +2567 %5811(5 XQG %85*+$57 :$&+,1*(5 >«@ 7ELQJHQ  XP]XSRVLWLYHU:HUWVFKlW]XQJ]XJHODQJHQPVVHQVLFK)UDXHQQLFKWVHOWHQ VHOEVWTXlOHULVFKHQ0DUW\ULHQXQWHU]LHKHQ YJO560ñ6 

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



*HVFKOHFKWHUYHUKlOWQLVVHV HKHU VHOWHQ NRQNUHW DQJHVSURFKHQ ZHUGHQ RE JOHLFKYRQLKUHU3UlVHQ]LQGHU0HQWDOLWlWDXVJHJDQJHQZHUGHQNDQQ 3UDJPDWLVFKH9HUZHQGXQJEHUGLH$XVELOGXQJHLQHUVROFKHQNOHULND OHQ,GHQWLWlWKLQDXVGUIWHQOLWHUDOH6\VWHPHZLHGDVJHQDQQWH%HLVSLHO]X ,YRUDOOHPVHNXQGlUGXUFKGHQ3UHGLJHUILQGHQGHUQLFKWVHLQHHLJHQH HWKLVFKH 6R]LDOLVDWLRQ GDUDXV QLPPW VRQGHUQ GDULQ HLQH )XQGJUXEH ]XU 9HUIJXQJ KDW DXV GHU HU 0DWHULDO IU VHLQH /HKUWlWLJNHLW VFK|SIW $Q GLHVHP 3XQNW HUIROJW GDQQ DXI DQGHUHU (EHQH HLQ 7UDQVIHU LQ GLH ODLNDO YRONVVSUDFKLJH .RPPXQLNDWLRQ XQG LQ GLH VR]LDOH :HOW DX‰HUKDOE GHU OLWWHUDWHQ*HLVWOLFKNHLW,QGLHVHUQHXHQ]XPOLWHUDOHQ'HXWXQJVDNWVHNXQ GlUHQ .RQWH[WXDOLVLHUXQJ GHU %HOHKUXQJ HLQHV HUZDFKVHQHQ /DLHQSXEOL NXPVNDQQGDQQDXFKGLHNRQNUHWH+DQGOXQJVDQZHLVXQJZLHGHUHLQH9HU RUWXQJILQGHQ (LQHYRQGHUNRQNUHWHQ+DQGOXQJVDQZHLVXQJVLFKHQWIHUQHQGH)XQN WLRQDOLVLHUXQJ EHGHXWHW DXI GHU 7H[WHEHQH GDVV VLFK GLH 7UDGLWLRQ GHV 7H[WW\SVDOVVROFKHDUWLNXOLHUW'HU.RPPHQWDULQGHUVFKRODVWLVFKHQ7UD GLWLRQLVWSHUVHHLQH7H[WDUWGLHPLW$XWRULWlWVEHOHJHQPLW6WHOOHQHUOlXWH UXQJHQXQGZHOWDQVFKDXOLFKHQ=XRUGQXQJHQRSHULHUW52'(*(0KDWIU GHQ%HUHLFKVSUXFKKDIWHU7H[WHJHQHUHOOGDUDXIKLQJHZLHVHQGDVVHWKLVFKH 9RUJDEHQ QXU GHU 6SH]LDOIDOO GHU 7H[WSUDJPDWLN VLQG ª(Q JURV RQ SHXW BBBBBBBBBBBBB  'LH +DXVRUGQXQJ IU GLH ]Z|OI &KRUVFKOHU LQ GHU 6SLWDOVFKXOH ]X 1UQEHUJ YRP -DKUH VFKUHLEWYRU$YFKVXHOOHQVLHQLKWUHGHQPLWGHQIUHPGHQPD\GHQGLHGDZD]]HUKROHQYRQGHP SUXQQHQZHGHULQGHPKRIIQRFKYQWHUGHPWRUYQGLQGHUNLUFKHQPLWGHQIUDZHQSLOGHQEH\QDFKW 9RU XQGIUKUHIRUPDWRULVFKH6FKXORUGQXQJHQXQG6FKXOYHUWUlJHLQGHXWVFKHUXQGQLHGHUOlQGL VFKHU6SUDFKH+JYRQ-2+$11(6 0h//(5=VFKRSDX>6DPPOXQJVHOWHQJH ZRUGHQHU SlGDJRJLVFKHU 6FKULIWHQ IUKHUHU =HLWHQ @ %G  6  1RFK LQGLUHNWHU IRUPXOLHUWGLH1|UGOLQJHU6FKXORUGQXQJYRQ(VVROOHDXFKVXPHUV]HLWGHQMXQJHQDXVYLO YUVDFKHQLQGHQQNDOWHQQZDVVHUQ]XEDGHQDEJHVWHOWZHUGHQ%H\RIIHQQWHQQW]HQUD\HQYQQGIXUOD\HQVRO OHQQGLHFDQWRUHVYQGORFDWHQDOVZRODOVGLHVFKXOHURQUHGOLFKYUVDFKHQNDLQVZHJVWDQQF]HQVLQJHQQRFK VSULQJHQ VRQQGHU GLH VHOEHQ ]HLW DXFKEH\ QHFKWOLFKHU ZHLO QLW KRIILHUHQ GDUIXU LQ EXFKHU VWXGLHUHQ OHVHQ RGHUVFKUHLEHQDOVGDQQMUKDQQGHOZROHUIRUGHUW 9RUXQGIUKUHIRUPDWRULVFKH6FKXORUGQXQJHQ >VR@%G6 *HOHJHQWOLFKZLUGDXIGLH*HVFKOHFKWHUWUHQQXQJLP8QWHUULFKWDEJH KREHQ6RYHUVSULFKW-DNREYRQ6FKRRQKRYHQDXV%UJJHVHLW6FKXOPHLVWHULQ$P VWHUGDP DOV GHU 5DW  HLQHU (LQJDEH VWDWWJLEW ,WHP GDW K\ JKHHQ PDHFKGHQ HQ VDO PRJKHQ KRXGHQRPPHGLHWHOHHUHQOHVHQVFULYHQHQGHUHNHQHQGDQPLWVGLHVHWWHQGHLQHHQDQGHUHFDPHUHGDQGDHU GHNQHFKWNHQVLQVLWWHQGDWRLFNGHNQHFKWNHQVHHQKDOIXUHYRHUGHPH\VNHQV·WVFKRHOHQFRHPHQVXOOHQHQGH HHQKDOIXUHYURHFKJKHUZHGHUYX\WJDHQYHOH[YHUVRWHZHWHQGDW]\DOW\WRSYHUVFKH\GHQW\GHQHQGHQ\HW WVDPHQ RS HHQ XUHHQ VXOOHQ WVFKRHOHQ FRRPHQ QRFKZHGHU YX\WJDHQ ª'HVJOGD‰HU NHLQH 0lGFKHQ VROOKDOWHQGUIHQXPGLH]XOHKUHQOHVHQVFKUHLEHQXQGUHFKQHQGHQQVRGD‰HUVLHVHW]W LQHLQDQGHUHV=LPPHUDOVGDVGDULQGLH.QDEHQVLW]HQ>XQG@GD‰DXFKGLH.QDEHQHLQH KDOEH 6WXQGH YRU GHQ 0lGFKHQ ]XU6FKXOH NRPPHQVROOHQ XQG HLQH KDOEH 6WXQGH IUKHU ZLHGHU KHUDXVJHKHQ RGHU XPJHNHKUW NXU] GD‰ VLH DOO]HLW ]X YHUVFKLHGHQHQ =HLWHQ XQG QLFKW]XVDPPHQ]XJOHLFKHU6WXQGHVROOHQ]XU6FKXOHNRPPHQQRFKZLHGHUKLQDXVJHKHQ© 9RUXQGIUKUHIRUPDWRULVFKH6FKXORUGQXQJHQ>VR@%G6XQG6 9JODXFK GLH9HUOHLKXQJGHU0lGFKHQVFKXOH]X0HPPLQJHQ  HEG6



7+20$6(+/(1

GLUH TX·LO V·DJLW G·XQH QRUPH VRFLRORJLTXH© 'DV EHGHXWHW LP )DOOH GHU ¿'LVWLFKD &DWRQLV¾ GDVV QLFKW QXU LP %HUHLFK GHV .RPPHQWDUV VRQGHUQ DXFK KLQVLFKWOLFK GHV*UXQGWH[WHV VHOEVW GLH 'LGD[H QLFKW QXU XQG QLFKW YRUDOOHPPRUDOLVFKHV$QZHQGXQJVZLVVHQHU|IIQHWVRQGHUQGLH9HUPLWW OXQJNXOWXUHOOHU1RUPHQOHLVWHWGLH(LQELQGXQJGHU6FKOHULQHLQJHVHOO VFKDIWOLFKHV 7HLO V\VWHP $Q GLHVHP 3XQNW NRPPHQ 6SUDFKXQWHUULFKW XQG9HUPLWWOXQJYRQ,QKDOWHQZLHGHU]XVDPPHQGDGLHVHNXOWXUHOOHQ(OH PHQWHRULJLQlUGHUODWHLQLVFKHQ6SUDFKHXQGGDPLWGHPOLWWHUDWNOHULNDOHQ %HUHLFK]XJHK|UHQZRVLHNRQWH[WXDOLVLHUWXQGHUNOlUWZHUGHQ 'LHVH 9HUELQGXQJ YRQ 7H[WW\SHQ 6SUDFKH XQG NXOWXUHOOHP 6XEVWUDW HUNOlUWDXFKZDUXPVROFKHªPLWWHODOWHUOLFKHQ©7H[WJHIJHDXV*UXQGWH[W *ORVVHQ.RPPHQWDU XQGGD]XDXFKhEHUVHW]XQJ MHQVHLWVDOOHUSlGDJR JLVFKHQ%HGUIQLVVHQRFKYRQ)UKKXPDQLVWHQZLH+HLQULFK+XWHULQLKUH 7H[WVDPPOXQJHQDEJHVFKULHEHQZHUGHQ'LH¿'LVWLFKD&DWRQLV¾LQJHOHKU WHU $XIEHUHLWXQJ KDEHQ HLQHQ NXOWXUHOOHQ :HUW LQ VLFK VHOEVW GK RKQH GDVV PDQ LKUH 'LUHNWLYHQ DOV $QZHQGHUZLVVHQ HLQVHW]HQ PVVWH ,KUH SVHXGHSLJUDSKH=XVFKUHLEXQJDQGHQlOWHUHQ&DWRXQGGDPLWGLH$ENXQIW DXVGHUDQWLNHQ:HOWVLQGJUXQGOHJHQGIUGLHVH(LQVFKlW]XQJGDVLHVLFK GHP YHUVWlUNWHQ ,QWHUHVVH DQ DQWLNHU /LWHUDWXU XQG %LOGXQJ SUREOHPORV HLQRUGQHQ&KULVWOLFKH,QWHUSUHWDPHQWHGLHQLFKWXQEHGLQJWLP*HJHQVDW] ]X KXPDQLVWLVFKHQ ,QWHUHVVHQ VWHKHQ PVVHQ YHUPLWWHOQ GDUEHU KLQDXV ]ZLVFKHQ:LGHUVWlQGLJHPXQGGHPHLJHQHQ:HUWHV\VWHP'LH*U|‰HGHU ª$OWHQ©DXVGHUKHLGQLVFKHQ$QWLNHYHUELQGHWVLFKPLWGHP:DKUKHLWVDQ VSUXFKGHUVSlWPLWWHODOWHUOLFKHQ*HJHQZDUWGLHDXFKLP+XPDQLVPXVLP FKULVWOLFKHQ.RQWH[WYHUEOHLEW $P 'LVWLFKRQ , VROO LP )ROJHQGHQ GHU 7\SXV GHU ]ZHLVSUDFKLJHQ 'DUELHWXQJLQ6FKXOKDQGVFKULIWHQGDUJHVWHOOWZHUGHQ$XVJDQJVSXQNWXQG =HQWUXPLVWGHUODWHLQLVFKH'RSSHOYHUV 4XLVLPXODWYHUELVQHFFRUGHHVWILGXVDPLFXV 7XTXRTXHIDFVLPLOHVLFDUVGHOXGLWXUDUWH>,@ BBBBBBBBBBBBB  52'(*(08QSUREOqPH>ZLH$QP@6  =XP OLWHUDULVFKUKHWRULVFKHQ 9HUVWlQGQLV GHV %HJULIIHV ª+XPDQLVPXV© YJO 3$8/ 26.$5 .5,67(//(5'LHKXPDQLVWLVFKH%HZHJXQJ,Q32.+XPDQLVPXVXQG5HQDLVVDQFH 'LH DQWLNHQ XQG PLWWHODOWHUOLFKHQ 4XHOOHQ +J YRQ (&.+$5' .(66/(5 0QFKHQ  +XPDQLVWLVFKH%LEOLRWKHN, EHVRQGHUV6XQG6  9JO ]X GHQ 6FKZLHULJNHLWHQ PLW GLHVHU 6WHOOH GLH EHL FKULVWOLFKHQ ,QWHUSUHWHQ DXIWUDWHQ +$=(/721&KULVWLDQL]DWLRQ>ZLH$QP@6I=XU5H]HSWLRQGHV'LVWLFKRQVLQGHU DOWQRUGLVFKHQ¿'LVWLFKD&DWRQLV¾%HDUEHLWXQJ¿+XJVYLQQVPiO¾XQGGHUGHU¿(GGD¾]XJHK|UL JHQ¿+iYDPiO¾XQGGHQKHUPHQHXWLVFKHQ3UREOHPHQYJO 921 6(('LVWLFKD&DWRQLV>ZLH $QP@ 6I 'HU ]ZHLWH 9HUV GHV 'LVWLFKRQV LVWLQ GHU hEHUOLHIHUXQJ HQWVWHOOW GLH YRQ %2$6>ZLH$QP@KHUJHVWHOOWH/HVDUWLVWVR5b'/(6FKXOILEHO>ZLH$QP@6$QP ªRKQH6LQQ©



'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



LGHVWQRQ



QHF

FRUGH

LGHVWILQJLW VHLUDWXP

VFLOLFHWVXLV







4XL VLPXODW

YHUELV

 

LGHVWHW



VLPLOLWHU

 

7X

TXRTXH

IDF

VLPLOH

VLF

LGHVW H[LVWLW

ILGHOLV



HVW

ILGXV

DPLFXV

LGHVWYLFLXP

LGHVW GHSHOOLWXU

LGHVWDUWLILFLRVD FRUUHFFLRQH



DUV





GHOXGLWXU DUWH

 (UELOGHWGHQ*UXQGWH[WVROOLQKDOWOLFKYHUPLWWHOWXQG]XU(LQEXQJGHU ODWHLQLVFKHQ6SUDFKHYHUZHQGHWZHUGHQ$XIGLHVHEHLGHQ=ZHFNHVLQGGLH EULJHQODWHLQLVFKHQ7H[WW\SHQGLHGHQ*UXQGWH[WEHJOHLWHQDXVJHULFKWHW ,Q GHP JHQDQQWHQ .RPPHQWDU ¿&LUFD LQLFLXP (WKLFH &DWKRQLV¾ ZLUG GDV 'LVWLFKRQ,ZLHIROJWGDUJHERWHQ :HUPLWUHGJOLVQHQNDQ 9QGGLULPKHUW]HQLEHOJDQ 6RGţGXMQJOLFKHUZL‰DOVR 6REHWUXLJWDLQOLVWGHQDQGHUQGR ,QKLLVYHUVLEXV.DWKR!GRFHWQRVTXDOLWHUPXQLULGHEHDPXVFRQWUDVLPXODWRUHV9QGHSUDH VHQVOLWHUDGXSOLFHPSRWHVWKDEHUHVHQVXP3ULPRVLF)LOLVLDOLTXLVFRUUH[HULWWHGHPDORRSHUH ILQJHQVVHLUDWXPYHUELVHWWDPHQFRUGHQRQLUDVFLWXUWDOLVHVWILGHOLVDPLFXV6LPLOLWHUWXFRUULJH LSVXPILQJHQGRWHLUDWXPFXPWDPHQQRQVLVHWVLFDUVGHOXGLWXUDUWHLGHVWYLFLXPGHSHOOLWXUDU WLILFLRVDFRUUHFWLRQH(WVHFXQGXPLVWDPVHQWHQFLDPSXQFWXVVHX!YLUJXODGHEHWSRQLSRVWFRUGH XWVLF4XLVLPXODWYHUELV!QHFFRUGHLGHVWTXLYHUELVVHILQJLWLUDWXPHWWDPHQLQFRUGHQRQ HVWLUDWXVLOOHHVWILGXVDPLFXV7XTXRTXHIDFVLPLOHHWFHWHUD(WLOODH[SRVLFLRHVWWKHRORJLFDOLV 1DPWKHRORJLDQXOOXPPDOXPSHUVZDGHW1DPGLFLWXUPDWKHLWRª'LOLJLWHLQLPLFRVYHVWURVHW EHQHIDFLWH KLMV TXL RGHUXQW YRV HW RUDWH SUR SHUVHTXHQWLEXV HW FDORPSQLDQWLEXV YRV© HWFHWHUD $OLWHUWDPHQVHQWHQFLDWXUOLWHUDVLFª)LOLVLDOLTXLVILQJLWVHHVVHDPLFXPWXXPWDPHQWHGLOL JHQVYHUELVHWQRQFRUGHHFLDPWXIDFVLPLOHLSVXPYHUELVGLOLJHQGRHWQRQFRUGH©TXDVLGLFHUHW ªTXLWHILFWHGLOLJLWHFLDPLSVXPILFWHGLOLJH©LX[WDLOOXGª5HVGDUHSURUHEXVSURYHUELVYHUED VROHPXV©(WDOLELª$QXOXVGHXLWURYLWUHRGHEHWXUDPLFR©(WVHFXQGXPKRFOLWHUDIDFLOLWHU FRQVWUXLWXUFLUFDOLWHUDP!1RWDTXRG!GLIIHUHQWLDHVWLQWHUVLPXORHWGLVVLPXORYQGH! YHUVXV ª4XRG QRQ VXP VLPXOR VHG GLVVLPXOR TXRG HJR VXP© ,WHP 1RXXV &DWKR ª/DXGDW BBBBBBBBBBBBB  'HU7H[WIROJWGHU+DQGVFKULIW6WXWWJDUW:UWWHPEHUJLVFKH/DQGHVELEOLRWKHN&RGSRHW HWSKLOƒ%OYU(UJlQ]XQJHQLQ.ODPPHUQQDFKGHP&RG+%;,,%OUY GHUVHOEHQ %LEOLRWKHN 'LH ,QWHUOLQHDUJORVVHQ ² GLH LP &RG +% ;,,  IHKOHQ ² IROJHQ HEHQIDOOVGHP&RGSRHWHWSKLOƒGLH*ORVVHQLPƒ&RGPVGHU8QLYHUVLWlWVEL EOLRWKHN0QFKHQ%OUVLQGVHKUlKQOLFK]XU*HVDPWEHUOLHIHUXQJYJOREHQ$QP  9JO -$.2% :(51(5 /DWHLQLVFKH 6SULFKZ|UWHU XQG 6LQQVSUFKH GHV 0LWWHODOWHUV $XV +DQGVFKULIWHQ JHVDPPHOW  EHUDUEHLWHWH $XIODJHYRQ 3(7(5 )/85ZLH$QP@1U$VRZLHª*ODV©,Q7KHVDXUXV 3URYHUELRUXP0HGLL$HYL/H[LNRQGHU6SULFKZ|UWHUGHVURPDQLVFKJHUPDQLVFKHQ0LWWHODO WHUV %HJUQGHW YRQ 6$08(/ 6,1*(5 +J YRP .XUDWRULXP 6LQJHU GHU 6FKZHL]HULVFKHQ $NDGHPLH GHU *HLVWHV XQG 6R]LDOZLVVHQVFKDIWHQ %HUOLQ 1HZ ZLH$QP@GD]XREHQ$QP

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



:HV]RUHQVWUDIIHWLQWUHZHUP\QQ ,VWWUHZUIUHZQGLQIURPGHQV\QQ 'DVWXHGXPLWVlPOLFK 6XHVVHOLHELQ]RUHQSLUJHWVLFK

'LHVH WKHRORJLVFKH 'HXWXQJ LQ GHU 9RONVVSUDFKH VWHKW DOOHUGLQJV XQWHU GHQ ELVODQJ EHUSUIWHQ hEHUOLHIHUXQJVWUlJHUQ DOOHLQH GD ZlKUHQG VRQVW GLH REHQ JHQDQQWH /HVDUW GHXWOLFK HUNHQQEDU LVW RGHU ]XPLQGHVW GXUFK VFKHLQW 'LH'LVNUHSDQ]LP'HXWXQJVDQJHERWGLHVLFKDQGLHVHU6WHOOHLQ]ZHL VSUDFKLJHQ +DQGVFKULIWHQ DXIWXW ZR GLH LP /DWHLQLVFKHQ IDYRULVLHUWH ² ZHQQ DXFK QLFKW DXVVFKOLH‰OLFK JHERWHQH ² FKULVWOLFKH 'HXWXQJ YRQ GHQ DP SDJDQHQ 6LQQ RULHQWLHUWHQ GHXWVFKHQ 5HLPSDDUYHUVHQ EHJOHLWHW ZLUG HUNOlUW VLFK DXV GHQ XQWHUVFKLHGOLFKHQ KHUPHQHXWLVFKHQ 3RWHQWLDOHQ GHU YHUZHQGHWHQ 6SUDFKHQ 7H[WW\SHQ XQG )RUPWUDGLWLRQHQ :lKUHQG GLH FKULVWOLFKODWHLQLVFKH .RPPHQWDUWUDGLWLRQ GHQ NODVVLVFKHQ 2UW OLHIHUW DQ GHPVLFKYHUERUJHQHU6LQQDXVEHLQDKHMHGHPZLHDXFKLPPHUJHDUWHWHQ 7H[W KHUDXVNULVWDOOLVLHUHQ OlVVW XQG GDV FKULVWOLFKH1RUPHQV\VWHP GLH OHL WHQGHQ.DWHJRULHQGDIUEHUHLWVWHOOWHUZHLVWVLFKGLHYRONVVSUDFKLJH5HLP SDDUGLFKWXQJ LQ GHU 5HJHO DOV RIIHQHU IU XQRUWKRGR[H ,QKDOWH 'HU ZHQLJHU LGHDOLVWLVFKH =XJULII GHQVLH KLHU PLW GHP *UXQGWH[W WHLOW ]HLJW GDVV GLH DOOWDJVZHOWOLFKH 3UDJPDWLN PLW ODLNDOHU (WKLN YHUHLQEDU LVW ZlK UHQGGDVWKHRORJLVFKH6\VWHPGHQNHQGLHVH3HUVSHNWLYHLQGHQ+LQWHUJUXQG VWHOOW1DPWKHRORJLDQXOOXPPDOXPSHUVZDGHW'LHVHHWKLVFKH'LIIHUHQ]LHUXQJ PDQLIHVWLHUWVLFKLQ6SUDFKHXQG7H[WW\SHQ +LOIHVWHOOXQJHQ LP %HUHLFK YRQ /H[LN XQG 6\QWD[ OHLVWHQ QHEHQ GHP .RPPHQWDUDXFKGLHODWHLQLVFKHQ*ORVVHQ6LHELHWHQLQWHUOLQHDUHLQJHWUD JHQ6\QRQ\PHYHUGHXWOLFKHQEHL6SHUUXQJHQXQG$XVNODPPHUXQJHQGLH %H]JHGHUHLQ]HOQHQ:|UWHUXQGHUJlQ]HQZHQQ]ZHL:|UWHUGXUFKGDV VHOEH$WWULEXWHUJlQ]WZHUGHQDQGHU]ZHLWHQ6WHOOHZLHGHUKROHQGGDV]X (UJlQ]HQGH'DDXFK%HJULIIHGHV(OHPHQWDUZRUWVFKDW]HVPLW6\QRQ\PHQ YHUVHKHQ ZHUGHQ VFKHLQW HV RIW QLFKW QXU VR ]X VHLQ GDVV XQEHNDQQWH :|UWHU GXUFK EHNDQQWH JORVVLHUW ZHUGHQ VRQGHUQ GDVV DXFK GLH *ORVVH VHOEVW ]XVDPPHQ PLW GHP JORVVLHUWHQ 7H[W *HJHQVWDQG GHU (UOlXWHUXQJ LVW6RZLUG]%TXRTXHGXUFKHWJORVVLHUWHVLVW]XYHUPXWHQGDVVEHLGLH VHQ DQ VLFK NDXP HUNOlUXQJVEHGUIWLJHQ :|UWHUQ DXI GHUHQ ZHLWJHKHQGH LQKDOWOLFKH .RQJUXHQ] XQG GHQ P|JOLFKHQ 8QWHUVFKLHG LQ GHU :RUWDUW KLQJHZLHVHQ ZHUGHQ N|QQWH ,P )DOOH YRQ VLF DUV GHOXGLWXU DUWH ]HLJW VLFK GDUEHUKLQDXVEHUHLWVLQGHU*ORVVHHLQGHXWHQGHV3RWHQWLDOGDVGDQQLP .RPPHQWDUDXIJHJULIIHQZLUG+LHUELHWHWGLH*ORVVLHUXQJ]ZDUHEHQIDOOV HLQH :RUWHUNOlUXQJ 'LHVH VHW]W MHGRFK GHQ FKULVWOLFKKHUPHQHXWLVFKHQ ,QWHUSUHWDWLRQVDNWYRUDXV



7+20$6(+/(1

=ZHL ZHLWHUH P|JOLFKH +LOIVPLWWHO DXV GHP %HUHLFK GHU ODWHLQLVFKHQ 7H[WDXIEHUHLWXQJ VLQG LQ GHP KLHU GLVNXWLHUWHQ %HLVSLHO QLFKW UHDOLVLHUW VROOHQDEHUNXU]HUZlKQWZHUGHQ'HP=ZHFNGHU.ODUVWHOOXQJYRQ%H] JHQ GLHQW RIW GLH %H]LIIHUXQJ GHU HLQ]HOQHQ :|UWHU QDFK GHU :RUWIROJH GHVRUGRQDWXUDOLV²GDGHUODWHLQLVFKH9HUVLQHUVWHU/LQLHGHQNRPSOH[HQ *HVHW]HQGHU0HWULNJHKRUFKHQPXVVLVWGLH:RUWVWHOOXQJXQWHUV\QWDNWL VFKHQ*HVLFKWVSXQNWHQUHODWLYEHOLHELJXQG]XPDOIU$QIlQJHULP/DWHL QLVFKHQ JHOHJHQWOLFK VFKZLHULJ ]X GXUFKVFKDXHQ ZHQQ]ZLVFKHQ 6XEMHNW XQG 9HUE YLHOH :|UWHU OLHJHQ GDV $GMHNWLY YRP %H]XJVZRUW JHWUHQQW HUVFKHLQWRGHUGDV3URQRPHQYRP1RPHQHEHQVRZHLWHQWIHUQWOLHJWZLH YRP3UlGLNDW'XUFKGLH%H]LIIHUXQJNDQQGHU/HVHURGHUGHU/HKUHUGHU VLFKLP8QWHUULFKWDQGHU+DQGVFKULIWRULHQWLHUWGLH6\QWD[HQWVSUHFKHQG GHU 5HLKXQJ YRQ XQDEKlQJLJHQ ]X DEKlQJLJHQ *OLHGHUQ HUIDVVHQ RGHU GDUVWHOOHQ 0DUJLQDOJORVVHQ ELHWHQ QHEHQ +LQZHLVHQ ]XU *UDPPDWLN :RUWELO GXQJXQG/H[LNDXFK3DUDSKUDVHQXQGDQDORJH:HQGXQJHQ'LH0DU JLQDOLHQLP.RPPHQWDU¿&LUFDLQLFLXP(WKLFH&DWKRQLV¾LQGHUhEHUOLHIH UXQJGHU+DQGVFKULIW6WXWWJDUW:UWWHPEHUJLVFKH/DQGHVELEOLRWKHN&RG +% ;,,  UHDOLVLHUW QXU IU GLH (LQOHLWXQJ ]ZHLPDO LP .RPPHQWDU ]X GHQ EUHYHV VHQWHQWLDH XQG JHOHJHQWOLFK ]ZLVFKHQ GHQ 'LVWLFKHQ ,,, XQG ,9 VLQG VWUXNWXULHUHQGH )LQGHKLOIHQ 6LH ZLHGHUKROHQ GLH LP 7H[W GLVNXWLHUWHQ%HJULIIHDOV6FKODJZRUWH 'LHJHQDQQWHQ(OHPHQWHJHK|UHQIDVWVlPWOLFKGHPODWHLQLVFKVSUDFKL JHQ 'LVNXUV DQ ZLH RKQHKLQ GHU %HUHLFK PHWDWH[WXHOOHU bX‰HUXQJHQ ² OlVVWPDQGHXWVFKH*ORVVHQDOV+LOIHQ]XU/H[LNXQG.RQVWUXNWLRQHLQPDO DX‰HQYRU²HLQH'RPlQHGHUODWHLQLVFKHQ6SUDFKH]XVHLQVFKHLQW]X BBBBBBBBBBBBB  'D]X +(1.(/ 6FKXOWH[WH >ZLH $QP@ 6 (V ZlUH LQWHUHVVDQW +DQGVFKULIWHQ DXVXQWHUVFKLHGOLFKHQ6SUDFKUlXPHQHWZDDXVGHPGHXWVFKHQ5DXPXQGGHU5RPDQLD]X YHUJOHLFKHQ RE (OHPHQWH GHU MHZHLOLJHQ YRONVVSUDFKLJHQ 6\QWD[(LQIOXVV QHKPHQ DXI GLH .RQVWUXNWLRQGHVRUGRQDWXUDOLV  %HLVSLHOH IU VROFKH (UNOlUXQJHQ ELHWHW GHU ]ZHLVSUDFKLJH ¿&DWR¾7H[W LQ GHU +DQGVFKULIW 0LFKHOVWDGW1LFRODXV0DW]%LEOLRWKHN.LUFKHQELEOLRWKHN&RG'%OUUIUGDV HUVWH%XFKGHU'LVWLFKHQ ELV, =ZHL0DUJLQDOJORVVHQILQGHQVLFKQRFK]X%HJLQQGHV GULWWHQ%XFKHVGDQQYHUOLH‰GHQ*ORVVDWRURIIHQEDUHQGJOWLJGLH.RPPHQWLHUOXVWQDFK GHPHUVFKRQGDV]ZHLWH%XFKDXVJHODVVHQKDWWH  (LQLJH ODWHLQLVFKH 0DUJLQDOJORVVHQ ]7 PLW GHXWVFKHQ ,QWHUSUHWDPHQWHQ GLH QHEHQ 9HU VWlQGQLVKLOIHQDXFKVROFKH(UJlQ]XQJHQELHWHQILQGHQVLFKLPHUVWHQ7HLOGHV.RPPHQ WDUV¿&LUFDLQLFLXP(WKLFH&DWKRQLV¾LQhEHUOLHIHUXQJGHU+DQGVFKULIW0QFKHQ8QLYHUVL WlWVELEOLRWKHNƒ&RG YDIUGLH¿(SLVWXOD¾GLHEUHYHVVHQWHQWLDHXQGGDVHUVWH%XFK GDVOHW]WHVRJORVVLHUWH'LVWLFKRQLVW,, 6RKHL‰WHVEHLVSLHOVZHLVH]X'LVWLFKRQ, 4XH FXOSDUHVROHVHDWXQHIHFHULVLSVH7XUSHHVWGRFWRULFXPFXOSDUHGDUJXLWLSVXP :HQQGHUDSWZUIIHO OHLW6RLVWGHQPQFKHQVSLOHUODXEW %OU   'LHª9HUVFKODJZRUWXQJ©HQGHWDXI%OUEDOGQDFKHLQLJHQ/HHUVHLWHQ %OUY XQG DQVFKOLH‰HQGHP:HFKVHOGHU+DQG  'D]X*58%0h//(5/HKUJDQJ>ZLH$QP@6

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



PLQGHVW LP %HUHLFK GHU KLHU GLVNXWLHUWHQ 6HNXQGlUWH[WH GLH VLFK DXI *UXQGWH[WHEH]LHKHQ'HU.RPPHQWDULVW]XGHPHLQIUGHQODWHLQLVFK OLWHUDOJHLVWOLFKHQ%HUHLFK JHUDGH]X VLJQLILNDQWHU 7H[WW\S GHU KLHU HEHQVR GHU (UNOlUXQJ JUDPPDWLNDOLVFKHU 3KlQRPHQH ZLH GHU LQKDOWOLFKHQ (U OlXWHUXQJRGHU1HXNRQWH[WXDOLVLHUXQJGLHQWZLHVLHVLFKLPREHQJHQDQQ WHQ %HLVSLHO GHU H[SRVLFLR WKHRORJLFDOLV EHLVSLHOKDIW ]HLJW 'LH ODWHLQLVFKHQ *ORVVHQPDUNLHUHQGDV%HPKHQ/H[LNHLQVSUDFKLJ]XYHUPLWWHOQ 'LH)UDJHZDVGLHODWHLQLVFKHQ7H[WW\SHQOHLVWHQPXVVDEHUDXFKIU GHQ*UXQGWH[WGLH¿'LVWLFKD¾VHOEVWDOVRJHVWHOOWZHUGHQ%HVFKUlQNWPDQ VLFK DXI GHQ %HUHLFK GHU 6FKXOH XQG DQGHUHU SDUlQHWLVFKHU 6LWXDWLRQHQ GHP +DQGVFKULIWHQ ZLH GLH JHQDQQWHQ LQ GHU 5HJHO HQWVWDPPHQ JLEW HV ]ZHL )HOGHU LQ GHQHQ VLH GLGDNWLVFK IXQNWLRQDOLVLHUW ZHUGHQ N|QQHQ 6LH YHUPLWWHOQPRUDOLVFKH(OHPHQWDUOHKUHQXQGGLHQHQDOV%HLVSLHOLQGHU9HU PLWWOXQJ YRQ *UDPPDWLN /H[LN XQG YLHOOHLFKW DXFK 0HWULN GHV /DWHLQL VFKHQ9RUDOOHPGLH)HLQKHLWHQLQGHUhEHUPLWWOXQJYRQ$XIIRUGHUXQJHQ XQG%HIHKOHQOLH‰HQVLFKYHUPXWOLFKWUHIIOLFKVWXGLHUHQ1HEHQGHQGLUHN WHQ,PSHUDWLY, )lOOH WUHWHQYRUDOOHPGLHVXEWLOHUHQ)RUPHQGHV:LO OHQVWUDQIHUV 8PVFKUHLEXQJHQ LQ GHU K|IOLFKHQ )RUP GHV 3URKLELWLYV PLW 0RGDOYHUEHQ 7\S 1ROL IDFHUH ² ª'X VROOVW QLFKW WXQ© Z|UWOLFK ª:ROOH QLFKWWXQ©)lOOHXQGHLQ6RQGHUIDOO RGHUQHJDWLYH+RUWDWLYHE]Z3UR KLELWLYHGHU$UW1HFUHGLGHULV )lOOH GHUDOOJHPHLQQRUPLHUHQGH,PSHUD WLY ,, 7\S ZLH , &XP IXHULV IHOL[ TXDH VXQW DGYHUVD FDYHWR  )lOOH  VFKOLH‰OLFKGLHVHU,PSHUDWLYLQGHUOH[LNDOLVFKJHVWW]WHQ)RUPPHPHQWR  )lOOH  'LHVH )RUPHQ GLUHNWHU :HQGXQJ QHKPHQ LQ DOOHU 5HJHO GHQ HU BBBBBBBBBBBBB  'LHVHV 3KlQRPHQ ZLUG DQKDQG YRQ 9RNDEXODULHQ WKHPDWLVLHUW EHL %5,$1 0(55,/((6 7UDQVODWLRQ DQG 'HILQLWLRQ LQ WKH 0HGLHYDO %LOLQJXDO 'LFWLRQDU\ ,Q 7UDQVODWLRQ 7KHRU\ DQG3UDFWLFHLQWKH0LGGOH$JHV+JYRQ-($1(77( %((5 .DODPD]RR0LFK 6WX GLHV LQ 0HGLHYDO &XOWXUH   6 ² 0DQPXVV ]ZLVFKHQHUNOlUHQGHQ=XVlW]HQ ]X 7H[WHQXQG3ULPlUWH[WHQHUNOlUHQGHU$UWWUHQQHQ]XPDOZHQQHVVLFKQLFKWXPhEHUOLHIH UXQJ KDQGHOW GLH DXV GHP 8PIHOG GHV /DWHLQXQWHUULFKWHV VWDPPW IU GLH PLWWHODOWHUOLFKH GHXWVFKH/LWHUDWXUKDW5(,))(167(,1GLHSULPlUWH[WXHOOHQbX‰HUXQJHQLQGHXWVFKHU6SUD FKHDXIJHDUEHLWHW,1*2 5(,))(167(,10HWDVSUDFKOLFKHbX‰HUXQJHQEHUGDV'HXWVFKH XQGVHLQH6XEV\VWHPHELVLQKLVWRULVFKHU6LFKW,Q6SUDFKJHVFKLFKWH(LQ+DQGEXFK ]XU *HVFKLFKWH GHUGHXWVFKHQ 6SUDFKH XQG LKUHU (UIRUVFKXQJ +J YRQ:(51(5 %(6&+ >XD@  YROOVWlQGLJ QHX EHDUEHLWHWH XQG HUZHLWHUWH $XIO %HUOLQ 1HZ 'HV 0LQQHVDQJV )UKOLQJ 8QWHU %HQXW]XQJ GHU $XVJDEHQ YRQ .$5/ /$&+0$11 XQG025,=+$837)5,('5,&+92*7XQG&$5/921.5$86EHDUEHLWHWYRQ+8*202 6(5 XQG +(/087 7(59225(1 %G  7H[WH  HUQHXW UHYLGLHUWH $XIODJH 0LW HLQHP $QKDQJ'DV%XGDSHVWHUXQG.UHPVPQVWHUHU)UDJPHQW6WXWWJDUW@ ²'LXVDHOGH GULQJHWYUGLHNXQVWGD]HOOHQJkWYLOGLFNHQkFKGHPUvFKHQ]DJHQLQVZDFKHUZkWHUVWWXPSVZHU JXRWYRUrUHQVSDUW]XKWGLXZHOOHWJUkZHQEDUWWULXZHPDFKHQWZHUGHQPDQXQGZvVHVFKRHQHYUkJH OLHEHPHLVWHUWZROGHQNRXIV{VFKHLGHWVFKDGHGLHPkJH 0) ²'HU$XVJOHLFKYRQ*RWWXQG :HOW YJODXFK+HUJHU9>0)@GHVVHQ6WURSKHQZHUGHQLQGLH-DKU]HKQWHXP JHVHW]W  :HOW]XZHQGXQJ XQG GHU *HZLQQ LUGLVFKHQ $QVHKHQV ZHUGHQ SRVWXOLHUW VLJQLIL NDQW LVWGDV EHJULIIOLFKH ,QYHQWDU WULXZHrUH]XKW VDHOGH GDVGLH(WKLNGLVNXVVLRQHQ LQ GHU K|ILVFKHQ/LWHUDWXUGHVVSlWHQXQGGHV-DKUKXQGHUWVSUlJW'LH-DKUH]ZLVFKHQGHQ +HUJHUXQG6SHUYRJHO6WURSKHQ]HLJHQLP%HUHLFKGHU/H[LNGHQhEHUJDQJLQGLHK|ILVFKH /LWHUDWXUVSUDFKH SDUDGLJPDWLVFK ² 9JO LQ GLHVHP =XVDPPHQKDQJ DXFK GLH :LHGHUJDEH GHV'LVWLFKRQV,,LQGHU+DQGVFKULIW=ZHWWO6WLIWVELEOLRWKHN&RG'LHLPODWHLQL VFKHQ7H[WEHUHLWVDQJHOHJWH3HUVRQLILNDWLRQ LQGXOJHWIRUWXQDPDOLV ZLUGLPGHXWVFKHQ7H[W ]XHLQHUGHUODWHLQLVFKHQ'LFKWXQJVWUDGLWLRQ]XJHK|ULJHQXQGIUGLHGHXWVFKVSUDFKLJH/L WHUDWXU GHV  XQG IUKHQ  -DKUKXQGHUWV ªPRGHUQHQ© $OOHJRULH DXVJHVWDOWHW9URY VHOGH VFKLFNHW YEHO ]Y 1DFK :2/)*$1* 67$00/(5 )UDX :HOW (LQH PLWWHODOWHUOLFKH $OOHJRULH )UHLEXUJ6FKZHL]  >)UHLEXUJHU 8QLYHUVLWlWVUHGHQ 1) @ 6  KDW $OEUHFKW YRQ -RKDQVGRUI GLH VDHOGH DOV ZHLEOLFKH 3HUVRQLILNDWLRQ ªLQ GLH K|ILVFKSRHWLVFKH 3KUDVHRORJLH HLQJHIKUW© 0)DOOHUGLQJVIHKOWGRUWGLH$WWULEXWLHUXQJYURXZH 'LH3HUVRQLILNDWLRQ GHU )RUWXQD QLPPW IU GLH PLWWHODOWHUOLFKH .XOWXUJHVFKLFKWH LKUHQ $XVJDQJ OHW]WOLFK YRQ %RHWKLXV=XP8PJDQJ1RWNHUVPLWGHP%RHWKLDQLVFKHQ.RQ]HSWXQGVHLQHP*HEUDXFK YRQ VkOGD YJO -(52/' & )5$.(6 7KH )DWH RI )RUWXQH LQ WKH (DUO\ 0LGGOH $JHV 7KH %RHWKLDQ7UDGLWLRQ/HLGHQ 6WXGLHQXQG7H[WH]XU*HLVWHVJHVFKLFKWHGHV0LWWHODOWHUV  6



7+20$6(+/(1

NRQQWHQ'LHVH.HQQWQLVVHNRQQWHQQRFKLQMHQHU=HLWQXULQNLUFKOLFKHQ RGHUNO|VWHUOLFKHQ6FKXOHQHUZRUEHQZHUGHQXQG6FKULIWNRPSHWHQ]EHU KDXSW ZDU LP (UZHUE DQ GLH ODWHLQLVFKH 6SUDFKH JHEXQGHQ .RQUDG GHU hEHUVHW]HU GHV ¿5RODQGVOLHGHV¾ XQG /DPSUHFKW GHU 9HUIDVVHU GHV HUVWHQ GHXWVFKHQ $OH[DQGHUURPDQV QDQQWHQ VLFK LQ LKUHQ (U]lKOHUUROOHQ QDFK GHU0LWWHGHV-DKUKXQGHUWVQRFKª3IDIIH©(LQVROFKHV,QVLVWLHUHQDXI NOHULNDOHU%LOGXQJXQJHDFKWHWGHU)UDJHREGHU%LOGXQJVZHJELV]XU:HL KHJHIKUWKDWWHRGHUQLFKWZLUGGHQ$XWRUHQGHUKRFKK|ILVFKHQ=HLW]X QHKPHQG IUHPG :lKUHQG+DUWPDQQ QRFK EHLGH6HLWHQ VHLQHU (U]lKOHU UROOHKHUYRUKHEWGDV5LWWHUWXPXQGGLH)lKLJNHLWGHV/HVHQVXQG6FKUHL EHQV XQG GDPLW GLH LP JHLVWOLFKHQ .RQWH[W HUZRUEHQH %LOGXQJ EHWRQW QDPHQWOLFK :ROIUDPYRQ (VFKHQEDFK SURJUDPPDWLVFKGLH 1LFKW]XJHK| ULJNHLW]XUNOHULNDOOLWHUDOHQ6SKlUH'DVOlVVWVLFKDOVSRHWRORJLVFKHbX ‰HUXQJYHUVWHKHQDOV$UWLNXODWLRQGHV6HOEVWEHZXVVWVHLQVHLQHVYRONVVSUD FKLJHQ'LFKWHUVLQODLNDOHP8PIHOGXQGPLWULWWHUOLFKHQ7KHPHQGHUXP EHUHLWVDXIHLQKDOEHV-DKUKXQGHUWGHU7UDGLWLRQHLQHUVFKULIWJHEXQ BBBBBBBBBBBBB  3IDIIH .RQUDG ¿5RODQGVOLHG¾ 9 +J YRQ &$5/ :(6/(  GXUFKJHVHKHQH $XIODJH EHVRUJW YRQ 3(7(5 :$31(:6., 7ELQJHQ  >$OWGHXWVFKH 7H[WELEOLRWKHN @  ¿9R UDXHU$OH[DQGHU¾9 LQ/DPSUHFKWV$OH[DQGHU>«@+JXQGHUNOlUWYRQ.$5/.,1=(/ +DOOH6>*HUPDQLVWLVFKH+DQGELEOLRWKHN@ YJO-2$&+,0 %80.(+|ILVFKH.XO WXU /LWHUDWXU XQG *HVHOOVFKDIW LP KRKHQ 0LWWHODOWHU 0QFKHQ  GWY   6I &+5,6723+ 0$&.(57 'LH$OH[DQGHUJHVFKLFKWHLQGHU9HUVLRQGHVª3IDIIHQ©/DPEUHFKW 'LHIUKPLWWHOKRFKGHXWVFKH%HDUEHLWXQJGHU$OH[DQGHUGLFKWXQJGHV$OEHULFKYRQ%LVLQ]R XQGGLH$QIlQJHZHOWOLFKHU6FKULIWHSLNLQGHXWVFKHU6SUDFKH0QFKHQ>%HLKHIWH]X 3RHWLFD @  EHWRQW GHQ ªOLWHUDWXUJHVFKLFKWOLFKHQ ,QQRYDWLRQVFKDUDNWHU© YRQ /DPSUHFKWV $OH[DQGHUURPDQ ª%LVODQJ JHK|UWHQ ZHOWOLFKH 'LFKWXQJ HLQHUVHLWV XQG GHXWVFKVSUDFKLJH 6FKULIWOLFKNHLW DQGHUHUVHLWV JHWUHQQWHQ 6SKlUHQ ]X GDV HLQH ZDU DQ GLH 0QGOLFKNHLW JH NRSSHOWGDVDQGHUHUHOLJL|VJHOHKUWHQ,QKDOWHQYRUEHKDOWHQ0LWGHP$OH[DQGHUOLHGZHUGHQ GLHVH2SSRVLWLRQHQDXIJHO|VW(LQOLWWHUDWHUSIDIIH²GDKHUGLHGHPRQVWUDWLYH6HOEVWQHQQXQJ ² JHVWDOWHW HLQHQ SURIDQHQ 6WRII XQG ZHQGHW VLFK ]XJOHLFK YRQ GHU ODWHLQLVFKHQ 7UDGLWLRQ KLQ ]XU YRONVVSUDFKLJHQ hEHUOLHIHUXQJ 'DPLW LVW GDV JHLVWOLFKH /LWHUDWXUPRQRSRO GXUFK EURFKHQXQGHLQ7H[WYRUJHVWHOOWGHUVLFKGHQELVKHULJHQ(LQRUGQXQJVNDWHJRULHQHQW]LHKW© HEG6YJODXFK6XQG6I   +DUWPDQQYRQ$XH¿'HU$UPH+HLQULFK¾9 +JYRQ+(50$113$8/QHXEHDUEHL WHWYRQ.857 *b571(5GXUFKJHVHKHQH$XIODJH7ELQJHQ>$OWGHXWVFKH7H[WEL EOLRWKHN @  +DUWPDQQ YRQ $XH ¿,ZHLQ¾ 9 7H[W GHU VLHEWHQ $XVJDEH YRQ * ( 25*)5,('5,&+%(1(&.( .$5/ /$&+0$11 XQG /8':,* :2/)) hEHUVHW]XQJ XQG $QPHUNXQJHQ YRQ 7+20$6 &5$0(5  GXUFKJHVHKHQH XQG HUJlQ]WH $XIODJH %HUOLQ 1HZ$OWGHXWVFKH 7H[WELEOLRWKHN @  9JO DXFK %80.( +|ILVFKH .XOWXU >ZLH $QP@ 6XQG+$11(6 .b671(5%(51' 6&+,52.LQHNDQQGHFKHLQHQEXRFKVWDS'kQHPHQW JHQXRJH LU XUKDS :ROIUDP YRQ (VFKHQEDFK XQG ªGLH %FKHU© ,Q$OV GDV ZLVVHQG GLH PHLVWHU ZRO%HLWUlJH ]XU'DUVWHOOXQJXQG 9HUPLWWOXQJ YRQ :LVVHQ LQ )DFKOLWHUDWXU XQG 'LFKWXQJ GHV0LWWHODOWHUVXQGGHUIUKHQ1HX]HLW:DOWHU%ODQN]XP*HEXUWVWDJ+JYRQ0$5 7,1(+5(1)(8&+7(5XQG7+20$6(+/(1)UDQNIXUW0>XD@6

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



GHQHQOLWHUDULVFKHQWZLFNHOWHQGHXWVFKVSUDFKLJHQ/LWHUDWXU]XUFNEOLFNHQ NDQQ GLH VLFK LP 8PIHOG GHU ODLHQDGOLJHQ 0DFKW]HQWUHQ HQWZLFNHOW YRONVVSUDFKLJRUDOH7UDGLWLRQHQPLWGHQ0|JOLFKNHLWHQVFKULIWOLFKHU'LFK WXQJ YHUNQSIW KDWWH XQG LQ .RQNXUUHQ] ]XU JHLVWOLFKHQ HKHU ODWHLQLVFK RULHQWLHUWHQ /LWHUDWXU JHWUHWHQ ZDU RKQH GLH VLFK ]XJOHLFK HLQH VROFKH YRONVVSUDFKLJH /LWHUDWXU HEHQVR ZHQLJ KlWWH HQWZLFNHOQ N|QQH ZLH RKQH GLHhEHUVHW]HU$XWRUHQXQGLKUHDP/DWHLQLVFKHQJHZRQQHQH%LOGXQJ  'LHVHV 1HEHQ XQG 0LWHLQDQGHU GHU EHLGHQ 'LVNXUVH LKUH hEHUVFKQHL GXQJHQ LQ GHU $XVELOGXQJ GHU OLWWHUDWHQ $XWRUHQ XQG LKUH SUDJPDWLVFKH 'LVWULEXWLRQ VLQG ]X EHDFKWHQ ZHQQ GDV 9HUKlOWQLV GHU ODWHLQLVFKHQ XQG GHXWVFKHQ)DVVXQJHQGHU¿'LVWLFKD&DWRQLV¾GLVNXWLHUWZLUG )DVWGLHJHVDPWHHSLVFKH/LWHUDWXUGHUIUKXQGKRFKK|ILVFKHQ=HLW LVW DEJHVHKHQ YRQ GHU 9HUVFKULIWOLFKXQJ KHOGHQHSLVFKHU 6WRIIH LQ ZHL WHVWHP 6LQQH hEHUVHW]XQJVOLWHUDWXU %HUHLWV GHU XP  HQWVWDQGHQH $OH[DQGHUURPDQGHV3IDIIHQ/DPSUHFKWRULHQWLHUWVLFKGDEHLDQGHUDNWX HOOHQIUDQ]|VLVFKHQ/LWHUDWXULQGHPHUVLFKQLFKWDXIHLQHGHUEHNDQQWHQ ODWHLQLVFKHQ 3URVHQ EH]LHKW VRQGHUQ DXI GHQ ¿5RPDQ G·$OH[DQGUH¾ GHV $OEHULFGH%LVLQ]R$XFK+HLQULFKYRQ9HOGHNHOHJWHVHLQHU¿(QHLW¾QLFKW 9HUJLOV(SRV]XJUXQGH²GDVHUJOHLFKZRKONDQQWHXQGQXW]WH²VRQGHUQ GHQIUDQ]|VLVFKHQ¿5RPDQG·(QHDV¾0LW$OH[DQGHUXQG$HQHDVVLQG]X JOHLFKEHUHLWV]ZHLGHU+DXSWSURWDJRQLVWHQJHQDQQWGLHGHQYRONVVSUDFKL JHQ PLWWHODOWHUOLFKHQ $QWLNHQURPDQ EHY|ONHUQ 'LH VLFK JHOHJHQWOLFK DUWLNXOLHUHQGH$PELYDOHQ]YRQ+RFKVFKlW]XQJGHU$QWLNHXQGFKULVWOLFK PRUDOLVFKHQ 9RUEHKDOWHQ ]HLJW VLFK YLHOOHLFKW NDXP LUJHQGZR VR GHXWOLFK ZLHLQGHQYLHOHQ$OH[DQGHUURPDQHQGLHVHLW/DPSUHFKWLQGHUGHXWVFKHQ 'LFKWXQJELVLQV-DKUKXQGHUWIROJHQZHUGHQ1HEHQGHPPDFKWYROOHQ BBBBBBBBBBBBB  9JODXFK+8*2 .8+1*DWWXQJVSUREOHPHGHUPLWWHOKRFKGHXWVFKHQ/LWHUDWXU,Q+. 'LFKWXQJXQG:HOWLP0LWWHODOWHU +..OHLQH6FKULIWHQ 6WXWWJDUW6KLHU 6  .b671(5 6&+,52. :ROIUDP YRQ (VFKHQEDFK >ZLH $QP@ 6I VWHOOHQ IHVW ª'LH QHXH ODLNDOYRONVVSUDFKOLFKVFKULIWOLFKH .XOWXU YHUVXFKW RIIHQEDUEHU GLH $GDSWDWLRQGHV EXRFK%HJULIIV DQ GHU DQHUNDQQWHQ 'LJQLWlW GHU NOHULNDOODWHLQLVFKVFKULIWOLFKHQ .XOWXU ]X SDUWL]LSLHUHQ +DUWPDQQ E]ZGXUFKGLH$EOHKQXQJGHVEXRFK%HJULIIVLKUH(LJHQVWlQGLJ NHLW]XEHWRQHQ :ROIUDP ©=XUVHKUNRPSOH[HQ)XQNWLRQYRQ¿3DU]LYDO¾YJO GLHVH6WXGLHSDVVLPEHVRQGHUV6  ,P *HJHQVDW] ]XU 0HLQXQJ ',(70$5 -h5*(1 321(57V 'HXWVFK XQG /DWHLQ LQ GHXW VFKHU /LWHUDWXU XQG *HVFKLFKWVVFKUHLEXQJ GHV 0LWWHODOWHUV 6WXWWJDUW >XD@  >6WXGLHQ ]XU3RHWLNXQG*HVFKLFKWHGHU/LWHUDWXU@KLHU6I KDQGHOWHVVLFKPHLQHV(UDFKWHQV EHL :ROIUDPV :HQGXQJ JHJHQ GLH ODWHLQLVFKH %XFKJHOHKUVDPNHLW JHUDGH QLFKW XP HLQHQ 5HNXUVDXIGDV,GHDOGHU0QGOLFKNHLWDOVGHQDGlTXDWHQ$XVGUXFNODLHQDGOLJHU'LFKWXQJ VRQGHUQ EHUHLWV XP HLQH %H]XJQDKPH DXI GLH YRONVVSUDFKLJH VFKULIWOLWHUDULVFKH 7UDGLWLRQ VHLW 0LWWH GHV -DKUKXQGHUWV 'LH ª0QGOLFKNHLW© EHVVHU GLH YRUJHEOLFKH 8QIlKLJNHLW ]XU6FKULIW VWHKWV\PEROLVFKHLQIUHLQHOLWHUDWXUVR]LRORJLVFKH:HQGXQJJHJHQGHQODWHLQL VFKHQ'LVNXUV6LH]LWLHUWHLQGLFKWXQJVJHVFKLFKWOLFKHV6WHUHRW\SXQGEH]LHKWVLFKQLFKWDXI GLH.RPSHWHQ]GHV9HUIDVVHUV



7+20$6(+/(1

XQG SUlFKWLJHQ ,GHDOKHUUVFKHU VWHKHQ GHU 9DWHUP|UGHU GHU PD‰ORVH (U REHUHUGHUEUXWDOHXQGMlK]RUQLJH'HVSRWXQGOHW]WOLFKVRJDUGHU+HUDXV IRUGHUHU*RWWHV²VlPWOLFK)DFHWWHQHLQHUDQWLNHQ)LJXULQPLWWHODOWHUOLFKHU 5H]HSWLRQ )RUPDO LVW ZLFKWLJ GDVV QHEHQ HLQ]HOQHQ :HUNHQ LQ VWURSKLVFKHQ )RUPHQ PLW /DQJ]HLOHQ ZLH GHP ¿1LEHOXQJHQOLHG¾ XQG :ROIUDPV YRQ (VFKHQEDFK ¿7LWXUHO¾ GHU YLHUKHELJH 5HLPSDDUYHUV ]XU YHUELQGOLFKHQ )RUPHSLVFKHUXQGOHKUKDIWHU*UR‰GLFKWXQJHQZLUG'LH)RUPGHUIRUW ODXIHQGHQ 9HUVH GK GHU 1LFKW=XVDPPHQRUGQXQJ ]X 6WURSKHQ LVW ZRKOMQJHUDOVGHUHQ=XVDPPHQRUGQXQJ]X6WURSKHQbOWHVWHUJUHLIEDUHU 7\SXVLVWGLH2WIULG6WURSKHHLQ3DDUELQQHQUHLPHQGHU/DQJ]HLOHQ]XMH ZHLOVDFKW,NWHQ2WIULGGHUVHLQ(YDQJHOLHQEXFK]ZLVFKHQXQG YROOHQGHWH KDW VHOEVW RIIHQEDU QLFKW XQPLWWHOEDU LQV 0LWWHOKRFKGHXWVFKH IRUWJHZLUNWREJOHLFKHUDOVª(UILQGHU©GHVSODQYROOHLQJHVHW]WHQ5HLPVLP 'HXWVFKHQJLOWXQGVHLQH6WURSKHEULFKWPDQGLH/DQJ]HLOHQLQGHU=lVXU PLWHLQHUYLHU]HLOLJHQ5HLPSDDUVWURSKHGHU=HLWQDFKPHKURGHUZH QLJHU LGHQWLVFK LVW .DGHQ]W\SHQ HLQPDO DX‰HQ YRU JHODVVHQ  (V JLEW RI IHQEDU]HLWJHQ|VVLVFKHXQGRGHUMQJHUH9HUVW\SHQYHUJOHLFKEDUHU$UWGLH SDUDOOHOH(QWZLFNOXQJHQ]HLJHQ8QWHUGHQZHQLJHQHUKDOWHQHQGHXWVFKHQ 'LFWDXQG6SULFKZ|UWHUQDXVGHPIUKHQE]ZGHPPLWWOHUHQ-DKU KXQGHUWHQWVSUHFKHQHLQLJHGLHVHP9HUVXQG6WURSKHQW\SXVGHUDXFKLP -DKUKXQGHUWEHLGHU¿*HVDPWEHUVHW]XQJ¾GHV¿&DWR¾HLQJHVHW]WZHUGHQ ZLUG 'LH lOWHVWHQ HUKDOWHQHQ 6DPPOXQJHQ GHXWVFKHU VSUXFKKDIWHU 7H[WH HQWVWDPPHQHLQHU6W*DOOHU7UDGLWLRQXQGILQGHQVLFKIDVWDXVVFKOLH‰OLFK LQ GHQ :HUNHQ 1RWNHUV ,,, ZLH RKQHKLQ GLH JHVDPWH GHXWVFKVSUDFKLJH 6SULFKZRUWWUDGLWLRQEHUOLHIHUXQJVWHFKQLVFKELVLQV-DKUKXQGHUWDQGLH ODWHLQLVFKHQ 3URYHUELHQVDPPOXQJHQ JHEXQGHQ EOHLEW 1HEHQ 9HUVHQ YRQGHXWOLFKSURYHUELDOHP&KDUDNWHUILQGHQVLFKLQ1RWNHUV/RJLNVFKULIW BBBBBBBBBBBBB  (VPXVV]ZLVFKHQGHQYHUVFKLHGHQHQ)RUPHQYRQOHKUKDIWHU'LFKWXQJLQGHUPLWWHODOWHUOL FKHQGHXWVFKHQ/LWHUDWXUXQWHUVFKLHGHQZHUGHQ]XPHLQHQ]ZLVFKHQVWURSKLVFKHQ)RUPHQ XQG5HLPSDDUHQ]XPDQGHUHQ]ZLVFKHQHKHUNU]HUHQ7H[WHQLQ5HLPSDDUHQZLHHWZDGHQ 5HLPUHGHQ)UHLGDQNVXQGLQ*UR‰IRUPJHSODQWHQ5HLPSDDUGLFKWXQJHQZLHGHP¿:HOVFKHQ *DVW¾7KRPDVLQV²321(57'HXWVFKXQG/DWHLQ>ZLH$QP@6IZHLVWGDUDXIKLQ GDVV LP  XQG IUKHQ  -DKUKXQGHUW )UDXHQ DGOLJHU $ENXQIWUHOLJL|VHUEDXOLFKH 7H[WH ]XQlFKVWQRFKªXQWHU9HUZHQGXQJK|ILVFKHU%LOGHUXQG)RUPHQ 5HLPSDDUGLFKWXQJ ©YHU IDVVHQEHYRUVLFKHLQHVHOEVWlQGLJHUHOLJL|VH3URVDHQWZLFNHOW  'D]X :(51(5 +2))0$11 $OWGHXWVFKH 0HWULN  EHUDUEHLWHWH XQG HUJlQ]WH $XIODJH 6WXWWJDUW 6DPPOXQJ0HW]OHU0 6I  hEHU GLH (QWVWHKXQJ ODWHLQLVFKHU 6SULFKZRUWVDPPOXQJHQ VHLW GHP  -DKUKXQGHUW VRZLH EHUGLHZHFKVHOVHLWLJHQhEHUVHW]XQJHQYRQODWHLQLVFKHQXQGGHXWVFKHQ6SULFKZ|UWHUQYJO %(%(50(ZLH $QP@ 6I VRZLH (,.(/0$11 6SULFKZRUW >ZLH $QP@  'D]X(,.(/0$116SULFKZRUW>ZLH$QP@6S

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



¿'H SDUWLEXV ORJLFDH¾ XQG LQ VHLQHU 6WLOILEHO GHU VRJHQDQQWHQ ¿6W *DOOHU 5KHWRULN¾DXFKVROFKHYRQZHQLJHUSURYHUELDOHU$UW$OOHGLHQHQLQGHQ DQVRQVWHQ ODWHLQLVFKHQ 7H[WHQ DOV %HLVSLHOH 'LH =XVDPPHQVWHOOXQJ LVW ]XIlOOLJ QLFKW V\VWHPDWLVFKXQG GLH 9HUVH VWHKHQ ZHQLJVWHQV WHLOZHLVH LQ HQJHP =XVDPPHQKDQJ PLW GHU ODWHLQLVFKHQ 6SUXFKWUDGLWLRQ (LQHU GHU 6SUFKH QXU HLQ 5HLPSDDU PLW ]ZHL PDO YLHU ,NWHQ E]Z HLQH JHUHLPWH /DQJ]HLOHPLWDFKW,NWHQELOGHQGVWDPPWDXVGHQ¿'LVWLFKD&DWRQLV¾ 9EHPDQDOOLXGvHUIXUWLQVDO QHKrLQVRKDUWRVRGHQPDQ>06' ZLH$QP ;;9,,1U@

+LHUVWHKW'LVWLFKRQ,9LP+LQWHUJUXQG &XPWLELSUDHSRQDVDQLPDOLDFXQFWDWLPHUH XQXPSUDHFLSLRKRPLQHPSOXVHVVHWLPHQGXP

'LHhEHUVHW]XQJHQWNOHLGHWGHQODWHLQLVFKHQ9HUVDOOHQ%HLZHUNVGDVGRUW DXI GLH GLGDNWLVFKH .RPPXQLNDWLRQVVLWXDWLRQ KLQZHLVW XQG ZDQGHOW GHQ 6DW] LQ HLQH $OOJHPHLQJOWLJNHLW KHLVFKHQGH :HQGXQJ LQ LPSHUVRQDOHU .RQVWUXNWLRQ XP 'LH DJLHUHQGHQ 3HUVRQHQ GLH LP ODWHLQLVFKHQ 7H[W GXUFK:HFKVHOYRQGHU]ZHLWHQLQGLHHUVWH3HUVRQGHXWOLFKPDUNLHUWXQG GXUFK9HUEHQGLH]XPHLQHQGHQ%HUHLFKGHU0HLQXQJVXQG:LOOOHQVELO GXQJEHWUHIIHQ]XPDQGHUHQGHQGHU+DQGOXQJVDQZHLVXQJLQLKUHUVR]LD OHQ 3RVLWLRQ EH]HLFKQHW VLQG ZHUGHQ DXI GHU GLUHNWHQ 7H[WHEHQH DXVJH EOHQGHW'DVNXU]H9HUVSDDU RGHUGLHDVVRQLHUHQGH/DQJ]HLOHZHQQPDQ DQGHUH 9HUVWKHRULHQ ]XJUXQGH OHJW  E|WH DXFK JDU QLFKW GHQ 5DXP DOOH (EHQHQ GHV ODWHLQLVFKHQ 'LVWLFKRQV ZLHGHU]XJHEHQ 9RQ GDKHU WULWW GHU &KDUDNWHUGHV$EJHOHLWHWVHLQVDXVHLQHUDQGHUVVSUDFKLJHQ9RUODJHGHXWOLFK ]XUFN ]XJXQVWHQ GHU (LJHQVWlQGLJNHLW DXI GHU IRUPDOHQ ZLH GHU $XV GUXFNVHEHQH:HQQPDQEHUKDXSWHLQHbX‰HUXQJ]XU5HODWLRQ]ZLVFKHQ GHQ 7H[WHQ PDFKHQ ZLOO GDQQ GLH GDVV GHU ODWHLQLVFKH 'RSSHOYHUV PLW HLQHP GHXWVFKHQ 9HUVSDDUE]Z HLQHU DVVRQLHUHQGHQ /DQJ]HLOH ZLHGHUJH JHEHQ ZLUG DOVR LQ .RQJUXHQ] KLQVLFKWOLFK GHU +DOE 9HUV]DKO 'LH VSlWHUH¿&DWR¾¿*HVDPWEHUVHW]XQJ¾ZLUGMHZHLOVGLHGRSSHOWH +DOE 9HUV]DKO ]XU:LHGHUJDEHHLQHVODWHLQLVFKHQ'LVWLFKRQVDXIZHQGHQ $XVGHP-DKUKXQGHUWVWDPPWHLQH:LHQHU+DQGVFKULIW gVWHUUHL FKLVFKH 1DWLRQDOELEOLRWKHN &RG   GLH LQ LKUHP KHXWLJHQ =XVWDQG QHEHQ HLQHP %LVFKRIVEULHI 9HUVHQ EHU (KHKLQGHUQLVVH HLQHU ODWHLQL

BBBBBBBBBBBBB  'HPKLHULQWHUHVVLHUHQGHQ)RUPW\SSDDULJJHUHLPWHU9HUVHHQWVSUHFKHQ'HQNPlOHUGHXW VFKHU3RHVLHXQG3URVDDXVGHPELV-DKUKXQGHUW+JYRQ.$5/ 0h//(1+2))XQG :,/+(/0 6&+(5(5  $XIODJH EHDUEHLWHW YRQ (/,$6 67(,10(06'@;;9,,XQG 3URYHUELHQEHL06';;9,, LVWGLH5HLPELQGXQJ]XPLQGHVWIU9ILQGHUYRUOLHJHQGHQhEHUOLHIHUXQJQLFKWQDFKYROO ]LHKEDU 06';;9,GDVHUVWHXQG]ZHLWHGHXWVFKVSUDFKLJH%HLVSLHOIRUPDOHQWVSUHFKHQG DXFKGHU¿6W*DOOHU6SRWWYHUV¾ 06';;9,,,E ZRKOYRP(QGHGHV-DKUKXQGHUWVGD]X 67()$1 621'(5(**(5 6W *DOOHU 6SRWWYHUVH ,Q 9HUIDVVHUOH[LNRQ >ZLH$QP @ %G   6S



7+20$6(+/(1

VFKHQ 0HWULN $OFXLQV ¿'LDOHFWLFD¾ 6DOOXVWV ¿%HOOXP &DWLOLQDULXP¾ XQG ¿-X JKXUWLQXP¾ VRZLH HLQHU :HOWNDUWH DXFK HLQHQ ODWHLQLVFKGHXWVFKHQ 9RFD EXODULXV ELHWHW hEHU GHU :HOWNDUWH LVW GHU IROJHQGH 6SUXFK HLQJHWUDJHQ GHULQ]ZHL5HLPYHUVSDDUHQGLH'LQJHLQVUHFKWH/LFKWUFNW $OGLXZHOWPLWJULPPHVWrW GHUGDUXQGLUPXR]LFJrW GHUPDJZROYHUZHUGHQ VLQrUHPXR]HUVWHUEHQ>06' ZLH$QP ;/,;@

'DV7KHPDª(KUYHUOXVWGXUFK0‰LJJDQJ©RGHUQHXWUDOHUXQGLQXPJH NHKUWHU $XVULFKWXQJ IRUPXOLHUW ª/HLVWXQJVHWKLN© LVW LQ GHQ 1RUPHQ GHV GHXWVFKHQ $GHOV EHVRQGHUV GHU 0LQLVWHULDOHQ VHLW GHP  -DKUKXQGHUW VHKUSUlVHQWXQGKDWVHLQHOLWHUDULVFKEHNDQQWHVWHXQGEHJULIIVSUlJHQGJH ZRUGHQH (LQ]HOGDUVWHOOXQJ LP ¿(UHF¾ +DUWPDQQV YRQ $XH HUIDKUHQ GHU VHLQHP3URWDJRQLVWHQ LQ 9IIGDVYHUOLJHQ GHQ5FN]XJ LQV HKHOLFKH 3ULYDWOHEHQ XQWHU 9HUQDFKOlVVLJXQJ GHU |IIHQWOLFKHQ 3IOLFKWHQ YRUZDUI 'LH9HUVHGHU:LHQHU+DQGVFKULIWVLQGlOWHUGHXWHQDEHULQHLQHlKQOLFKH 5LFKWXQJ)RUPDOLVWKLHUGHUYLHU]HLOLJHSDDUJHUHLPWH6SUXFKDXVJHELOGHW GHUQDFKHWZDEHLGHU¿*HVDPWEHUVHW]XQJ¾GHV¿&DWR¾DOV(LQKHLWIU GLH :LHGHUJDEH GHV HLQ]HOQHQ ODWHLQLVFKHQ 'LVWLFKRQV ]XJUXQGH JHOHJW ZLUG %HLGLHVHQlOWHUHQ%HLVSLHOHQKDQGHOWHVVLFKXPHLQ]HOQH6SUFKHGLH EHUVHW]WRGHUJHGLFKWHWZRUGHQVLQG6LHEHOHJHQGDVVHVPLWGHUYLHU]HL OLJHQ5HLPSDDUVWURSKHHLQHQ)RUPW\SXVJDEGHUGHUOLWHUDULVFKHQ%LOGXQJ YRQVROFKHQ:HLVKHLWVOHKUHQ]XJUXQGHJHOHJWZHUGHQNRQQWH/LWHUDULVFKH 3URMHNWH ZLH GLH ¿*HVDPWEHUVHW]XQJ¾ GHV ¿&DWR¾ YHUODQJHQ MHGRFK EHU GLHVHQ 7\SXV GHU0LNURVWUXNWXU KLQDXV DXFK GLH 0|JOLFKNHLW OLWHUDULVFKH *UR‰IRUPHQ]XELOGHQ$XFKKLHUKDWWH2WIULGEHUHLWVLP-DKUKXQGHUW LP %HUHLFK GHU (YDQJHOLHQKDUPRQLH %HGHXWHQGHV JHOHLVWHW ZDV DEHU LP OLWHUDULVFKHQ %HZXVVWVHLQ GHV  -DKUKXQGHUWV QLFKW PHKU SUlVHQW JHZH VHQLVW,QGHVVHQHUVWHU+lOIWHVLQGMHGRFKUHOLJL|VH'LFKWXQJHQLQ5HLP SDDUHQ E]Z UHLPHQGHQ /DQJ]HLOHQ  YRUKDQGHQ GHUHQ 9HUVH WKHPDWLVFK JHRUGQHWXQG]X*UXSSHQYHUVFKLHGHQHU/lQJHJHJOLHGHUWVLQG(VVHLDXI HLQH6SUXFKVDPPOXQJGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVKLQJHZLHVHQ GLHIROJWPDQGHQ/LWHUDWXUJHVFKLFKWHQIRUPDOHLQH6RQGHUVWHOOXQJXQWHU GHU ]HLWJHQ|VVLVFKHQ /LWHUDWXU HLQQLPPW ,Q HLQHU 9HUPLVFKXQJ JHLVWOL FKHUXQGZHOWOLFKHU7KHPHQHQWKDOWHQGLHVRJHQDQQWHQ¿,GVWHLQHU6SUFKH BBBBBBBBBBBBB  $QGHUH %HLVSLHOH GHV )RUPW\SV ILQGHQ VLFK DXFK LQ GHU +DQGVFKULIW & GHU =HQWUDOEL EOLRWKHN=ULFKGLHYRP(QGHGHV-DKUKXQGHUWVVWDPPWLP7H[WEHVWDQGDEHUlOWHULVW 'D]X*58%0h//(55HJHO>ZLH$QP@6I06';/,;XQGHQWVSUHFKHQGHP 7\SXVGHU5HLPSDDUVWURSKHPLWYLHU9HUVHQ  =X IUKHQ 'LFKWXQJHQ LQ IRUWODXIHQGHQ 5HLPSDDUHQ ¿9RP 5HFKWH¾ ¿+RFK]HLW¾  YJO )5,('5,&+ 0$85(5 /DQJ]HLOHQVWURSKHQ XQG IRUWODXIHQGH 5HLPSDDUH,Q 'HU 'HXWVFK XQWHUULFKW  +HIW6KLHU6I

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



GHU 9lWHU¾/HEHQVUHJHOQ LQ6SUXFKIRUP GLHVR OlVVWVLFK GLH 'DUELHWXQJ LQWHUSUHWLHUHQ ]7 LQ )RUP HLQHV HLQ]HOQHQ 5HLPYHUVSDDUHV E]Z HLQHU ELQQHQJHUHLPWHQ/DQJ]HLOHGDUJHERWHQZHUGHQHWZDLQGHU$UWDOVRZLH VLHGHUYRUKLQ]LWLHUWH¿&DWR¾'RSSHOYHUVDXVGHU¿6W*DOOHU5KHWRULN¾SUl VHQWLHUW'LH)RUPGHU6SUXFKVDPPOXQJLVWZLHHVVSlWHUDXFKEHLGHU ¿&DWR¾hEHUVHW]XQJ VHLQ ZLUG EHUHLWV HLQHU ODWHLQLVFKHQ 6DPPOXQJ KLHU GHQ ¿6HQWHQWLDH SDWUXP¾ DEJHZRQQHQ ,Q GHU GLGDNWLVFKHQ $XVULFKWXQJ WULWWWURW]GHU9RONVVSUDFKHQRFKGHUJHLVWOLFKHODWHLQLVFKGRPLQLHUWH'LV NXUVLQGHQ9RUGHUJUXQG'LHPRQDVWLVFKNOHULNDOH3URYHQLHQ]GHU9RUOD JH XQG GLH $XVULFKWXQJ DXI *HEHW XQG -HQVHLWV DXFK LQ GHU GHXWVFKHQ )DVVXQJ]HLJHQGDQQDXFKWURW]7KHPHQZLHGHP8PJDQJPLW/REGLH GXUFKDXV *HJHQVWDQG ZHOWOLFKHU 'LGD[H VHLQ N|QQHQ GDVV QLFKW GDV QHXHZHOWOLFKH1RUPHQV\VWHPGHQ5DKPHQELOGHWVRQGHUQKHUJHEUDFKWH JHLVWOLFKH (WKLN VHOEVW ZHQQ GHU 7H[W IU /DLHQNUHLVH EHUVHW]W ZXUGH )LUGUX]GUDNKHLWXQGHVODIPDFKLWGD]GXGD]JHEHWGLFNHODVW ,QGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVHQWZLFNHOWVLFKLPGHXWVFKHQ 6SUDFKUDXPHLQHXPIlQJOLFKHGLGDNWLVFKH/LWHUDWXUIU/DLHQLQGHU9RONV VSUDFKH'DEHLKDQGHOWHVVLFKPHLVWXP7H[WHGLHDOOJHPHLQH7XJHQGKDI WLJNHLWXQGHLQLP6LQQHGHUQHXHQWZLFNHOWHQ+RINXOWXUJHUHJHOWHV/HEHQ OHKUHQ DOVR GXUFKDXV SUDNWLVFKH 'LQJH ZLH GDV 9HUKDOWHQ EHL 7LVFK JH JHQEHU GHQ 'DPHQ RGHU LP $XVJOHLFK ]ZLVFKHQ :HOW XQG *RWW 'DV BBBBBBBBBBBBB  +LHUVWHOOWVLFKLPhEULJHQHLQ]HQWUDOHV3UREOHPGHQQGLHVWURSKLVFKH$QRUGQXQJLQGHQ PRGHUQHQ$XVJDEHQJHKWLQGHU5HJHODXIGLH+HUDXVJHEHU]XUFNXQGKDWLQGHQ+DQG VFKULIWHQRIWJHQXJNHLQH(QWVSUHFKXQJGDVJLOWKLHUXPVRPHKUDOVGLHGUHLElQGLJH$XV JDEHGHUª5HOLJL|VHQ'LFKWXQJHQGHVXQG-DKUKXQGHUWV©YRQ)5,('5,&+ 0$85(5 YHUDQVWDOWHWZXUGHGHPQDFKGUFNOLFKVWHQ9HUIHFKWHUGHU/DQJ]HLOH'LHUHOLJL|VHQ'LFK WXQJHQ GHV XQG  -DKUKXQGHUWV1DFK LKUHQ )RUPHQ EHVSURFKHQ XQG KJ YRQ )0 7ELQJHQ6HLQH$XIVSDOWXQJWKHPDWLVFK]XVDPPHQJHK|ULJHU:HQGXQJHQOlVVW VLFKDXVGHP&KDUDNWHUDEJHVFKORVVHQZLUNHQGHU3URYHUELDUHFKWIHUWLJHQLVWDEHUQLFKWXQ XPVWULWWHQYJO('*$5 3$33,GVWHLQHU6SUFKHGHU9lWHU,Q9HUIDVVHUOH[LNRQ>ZLH$QP @%G  6SI  'D]X',(7(5.$576&+2.(*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXULPIUKHQ0LWWHODOWHU DNWXDOLVLHUWH$XIO0QFKHQ *HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXULP0LWWHODOWHUGWY  6  9JO¿'LVWLFKD&DWRQLV¾,  1U HGLHUWEHL0$85(5>ZLH$QP@%G6   8/5,&+ 6&+,1'(/ 'LH DXFWRUHV LP 8QWHUULFKW GHXWVFKHU 6WDGWVFKXOHQ LP 6SlWPLWWHODOWHU XQG LQ GHU IUKHQ 1HX]HLW ,Q 6WXGLHQ ]XP VWlGWLVFKHQ %LOGXQJVZHVHQ >ZLH $QP@ 6KLHU6IKUWHLQHQ$FFHVVXV]XP¿)DFHWXV¾GHUKRFKPLWWHODOWHUOLFKHQ)RUW VFKUHLEXQJ GHU ¿'LVWLFKD &DWRQLV¾ DQ LQ GHP GDUDXI KLQJHZLHVHQ ZLUG GDVV GLHVHV :HUN ªIUVSH]LILVFKH/FNHQGHV&DWRHLQWUHWHQPVVHSUHFLSXHSURVWDWXHFFOHVLHHWPHQVHDOVREH ]JOLFKGHV9HUKDOWHQVLP*RWWHVGLHQVWXQGEHL7LVFK©'LHYRQ=$51&.('HUGHXWVFKH &DWR>ZLH$QP@6IXQG6EHVSURFKHQH)DVVXQJ¿8PRUGQXQJXQG,QWHU SRODWLRQ¾ GHU ¿5XPSIEHUVHW]XQJ¾VFKLHEW XD 7HLOH YRQ 7LVFK]XFKWHQ LQ GHQ ¿&DWR¾7H[W HLQ'HULQWHUSROLHUWH7H[WZDUVHKUYHUEUHLWHW1HEHQGHQEHL=$51&.(JHQDQQWHQ+DQG VFKULIWHQ 6WXWWJDUW:UWWHPEHUJLVFKH/DQGHVELEOLRWKHN&RGSRHWHWSKLOƒ>6LJOHV@



7+20$6(+/(1

/HEHQ GHV 0HQVFKHQ LQ GHU K|ILVFKHQ :HOW XQG GHU (UZHUE YRQ rUH LQ HLQHU ZHVHQWOLFK DXI gIIHQWOLFKNHLW XQG 5HSUlVHQWDWLRQ EDVLHUWHQ *HVHOO VFKDIWVLQG*HJHQVWDQGE]Z=LHOVROFKHU'LGD[H$OV*DWWXQJHQ]XUGL UHNWHQ hEHUPLWWOXQJ VROFKHU ,QKDOWH NULVWDOOLVLHUHQ VLFK YRU DOOHP GHU ª6SUXFK© HLQH GHU URPDQLVFKHQ .DQ]RQH DEJHZRQQHQH NRPSOH[H VWUR SKLVFKH )RUP XQG GDV NU]HUH 5HLPSDDUJHGLFKW KHUDXV )RUWODXIHQGH 5HLPSDDUH LQ GHU *UR‰IRUP GHV HSLVFKHQ /HKUJHGLFKWHV YHUZHQGHW LP -DKUKXQGHUWHLQ]LJ7KRPDVLQYRQ=HUNO UHGHUHWZDLQVHLQHP ¿:HOVFKHQ *DVW¾ LQ DQQlKHUQG  9HUVHQ DOOH %HUHLFKH K|ILVFK]LYLOL VLHUWHQ=XVDPPHQOHEHQVWKHPDWLVLHUW %HGHXWHQGVWHU XQG ZLUNXQJVPlFKWLJVWHU 9HUWUHWHU HLQHU *QRPLN GLH VLFKDQGHU.XU]IRUPGHV6SUXFKVDXVULFKWHWLVWGLH6DPPOXQJ¿%HVFKHL GHQKHLW¾ GKª:HLVKHLW©ª.OXJKHLW©HYWOGLVFUHWLRGKª8UWHLOVNUDIW© GLH VLFK VHLW HWZD  XQWHU GHP 1DPHQ ¿)UHLGDQN¾ HQWZLFNHOWH .HUQ GHU 'LFKWXQJHQLVWGHUYLHUWDNWLJH5HLPYHUVLQSDDULJHU=XVDPPHQRUGQXQJ GHU DOOHUGLQJV PHLVW ]X XQWHUVFKLHGOLFK ODQJHQ WKHPDWLVFK DXVJHULFKWHWHQ 5HLPUHGHQ JHEXQGHQ ZLUG GLH =XVDPPHQRUGQXQJ LVW LQ GHU hEHUOLHIH UXQJ VHKU GLYHUJHQW  $XFK EHL )UHLGDQN YHUPLVFKHQ VLFK JHLVWOLFKH XQG DOOJHPHLQOHEHQVZHOWOLFKH7KHPHQGLHSROLWLVFKH=HLWNODJHHLQHVGHUJUR ‰HQ7KHPHQGHUGHXWVFKHQ6SUXFKGLFKWXQJXPKlOWHEHQIDOOV(LQ ]XJ XQG VFKDIIW GDPLW HLQH .RQNUHWLRQ GLH GHQ 6SUFKHQ GLH GLH DOOJH PHLQH/HEHQVHUIDKUXQJWKHPDWLVLHUHQIHKOW 'LHJHQDQQWHQ'LFKWXQJHQ]HLJHQGLH0|JOLFKNHLWHQGLHGLH(QWZLFN OXQJGHV5HLPSDDUYHUVHVLPXQGIUKHQ-DKUKXQGHUWIRUPDODXFK BBBBBBBBBBBBB :HLPDU$QQD$PDOLD%LEOLRWKHN2>6LJOHW@%HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ²3UHX ‰LVFKHU.XOWXUEHVLW]0VJHUPTX>6LJOH;@)UDQNIXUW06WDGWXQG8QLYHUVLWlWV ELEOLRWKHN 0VJHUP RFW  >6LJOH GD]X GHUHQ 9RUODJH /RQGRQ %ULWLVK /LEUDU\ 06 $GG @ %HUOLQ 6WDDWVELEOLRWKHN ]X %HUOLQ ² 3UHX‰LVFKHU.XOWXUEHVLW] 0VJHUPTX  VLQG]XPLQGHVWIROJHQGH]XHUJlQ]HQ/RQGRQ%ULWLVK/LEUDU\06$GG YJO 52%(57 35,(%6&+'HXWVFKH+DQGVFKULIWHQLQ(QJODQG%G'DV%ULWLVK0XVHXP0LW HLQHP$QKDQJEHUGLH*XLOGKDOO%LEOLRWKHN(UODQJHQ6 XQG&KXU6WDDWV DUFKLY*UDXEQGHQ&RG%$XFKGHUIUKHVWHEHNDQQWHGHXWVFKVSUDFKLJH¿&DWR¾'UXFN YRQFLUFD²%DVHO0DUWLQ)ODFK*:1U EHQXW]WLP([HPSODUGHU%DGLVFKHQ /DQGHVELEOLRWKHN.DUOVUXKH$5+ ²ELHWHWHLQHQ7H[WGLHVHULQWHUSROLHUHQ GHQ)DVVXQJ,FKGDQNH0DLNH/LPSHUWGLHGHQ7H[WGDUDXIKLQXQWHUVXFKWKDW  (LQ IUKHV /HKUJHGLFKW LQ DVVRQLHUHQGHQ ]7 UHLPHQGHQ 9HUVHQ E]Z /DQJ]HLOHQ LVW GLH VRJHQDQQWH¿5LWWHUVLWWH¾ZRKOYRQHLQHP*HLVWOLFKHQDOV/HKUHIUHLQHQ5LWWHUYHUIDVVWXQG YLHOOHLFKW QRFK YRU  HQWVWDQGHQ HGLHUW YRQ +(50$11 0(1+$5'7 5LWWHUVLWWH (LQ UKHLQIUlQNLVFKHV /HKUJHGLFKW GHV  -DKUKXQGHUWV ,Q =V IU GHXWVFKHV $OWHUWXP XQG GHXWVFKH/LWHUDWXU>@6YJO:(51(5 6&+5g'(55LWWHUVLWWH,Q9HUIDV VHUOH[LNRQ>ZLH$QP@%G>@6SI   (,.(/0$11 6SULFKZRUW >ZLH $QP@ 6 VLHKW LQ GHU IRUPDOHQ *HVWDOWXQJ XD GXUFK GLH 9HUZHQGXQJ YRQ 5HLPSDDUYHUVHQ EHL )UHLGDQN GLH ªEHZXVVW YRUDQJHWULHEHQH (QWZLFNOXQJYRP6SULFKZRUW]XPVWLOLVWLVFKXPJHIRUPWHQ.XQVWVSUXFK©  =X GHQ 6SUHFKKDOWXQJHQ LP )UHLGDQN&RUSXV YJO ./$86 *58%0h//(5 )UHLGDQN ,Q .OHLQVWIRUPHQGHU/LWHUDWXU>ZLH$QP@6

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



GHU YRONVVSUDFKLJHQ /HKUGLFKWXQJ HU|IIQHW KDW (U YHUPDJ GLH NQDSSH ]ZHLRGHUYLHU]HLOLJH)RUPIUOlQJHUHNRKlUHQWHUHXQGV\VWHPDWLVFKHUH $XVVDJHQ DXV]XZHLWHQ 'LH ¿'LVWLFKD &DWRQLV¾ YLHOOHLFKW HWZD ]ZHL -DKU ]HKQWH QDFK GHU ¿%HVFKHLGHQKHLW¾ LQV 'HXWVFKH JHEUDFKW ]HLJHQ LQ GHU ¿*HVDPWEHUVHW]XQJ¾HLQHLP9HUJOHLFKHKHUNRQVHUYDWLYH)RUP'HU1X NOHXVYRQMHZHLOVYLHU5HLPSDDUYHUVHQGLHHLQHJHVFKORVVHQH9HUVJUXSSH RKQHLQKDOWOLFKH5HODWLRQ]XP9RUDQJHKHQGHQXQG)ROJHQGHQNRQVWLWXLH UHQEOHLEWHUKDOWHQ'LHVLVWQLFKW]XOHW]WEHGLQJWGXUFKGLH2ULHQWLHUXQJ DQGHUODWHLQLVFKHQ9RUODJHXQGGHUNODUHQWKHPDWLVFKHQXQGVWUXNWXUHOOHQ $EJUHQ]XQJ GHU HLQ]HOQHQ 6LQQVSUFKH LQ MHZHLOV HLQHP LVROLHUWHQ 'LVWL FKRQ GRUW 'LH ]ZHLVSUDFKLJHQ +DQGVFKULIWHQ GHU ¿*HVDPWEHUVHW]XQJ¾ ]HLJHQ GLHVH *UXQGVWUXNWXU VHKU GHXWOLFK LQGHP VLH RIW XQWHU 9HUZHQ GXQJ]ZHLHU6FKULIWW\SHQGLH]ZHL9HUVHGHVODWHLQLVFKHQ'LVWLFKRQVXQG GLHHQWVSUHFKHQGHQYLHU9HUVHGHUGHXWVFKHQhEHUVHW]XQJDEVDW]ZHLVH]X VDPPHQRUGQHQ DOVR GHQ (LQ]HOFKDUDNWHU MHGHV 6LQQVSUXFKHV DXFK JUD SKLVFKEHWRQHQ (LQH $XVQDKPH ELOGHW HLQ]LJ ² XQGVLJQLILNDQWHUZHLVH ² GLHlOWHVWHEHNDQQWH+DQGVFKULIWGHU&RGGHU6WLIWVELEOLRWKHN=ZHWWO DXV GHP IUKHQ  -DKUKXQGHUW ZR ODWHLQLVFKHU XQG GHXWVFKHU 7H[W LQ 6SDOWHQ QHEHQHLQDQGHU VWHKHQ 'LH ªOLWHUDULVFKHUH© ¿5XPSIEHUVHW]XQJ¾ GLH DXV GHU ¿*HVDPWEHUVHW]XQJ¾ KHUYRUJHJDQJHQ LVW HLQ]HOQH 'LVWLFKHQ GHVODWHLQLVFKHQ7H[WHVIRUWOlVVWTXDQWLWDWLY]ZLVFKHQ]ZHLXQGYLHU9HU VHQ IU GLH :LHGHUJDEH HLQHV ODWHLQLVFKHQ 'LVWLFKRQV VFKZDQNW WKHPD WLVFK RUGQHW XQG XPVWHOOW LVW PRGHUQHU 6LH JLEW GLH VWULNW DQ GHU )RUP RULHQWLHUWH6WUXNWXUXQGGDPLWDXFKGLHNRQVHTXHQWH*OLHGHUXQJ]X6WUR SKHQYRQYLHU9HUVHQGHU¿*HVDPWEHUVHW]XQJ¾DXIXQGELHWHWLKUHQQHX JHRUGQHWHQ,QKDOWLQIRUWODXIHQGHU'DUVWHOOXQJ'DVVGLH¿5XPSIEHUVHW ]XQJ¾ GHV ¿&DWR¾ PHLVW LP .RQWH[W UHLQ YRONVVSUDFKLJHU +DQGVFKULIWHQ EHUOLHIHUW LVW GHPRQVWULHUW GHUHQ =XJHK|ULJNHLW ]X HLQHP 'LVNXUV GHU BBBBBBBBBBBBB  'LH hEHUVHW]XQJVWHFKQLN HLQHQ ODWHLQLVFKHQ +H[DPHWHU GXUFK HLQ 5HLPSDDU ZLHGHU ]XJHEHQ ZLUG YHUPXWOLFK YRU DOOHP GXUFK GDV 0RGHOO GHU ]ZHLVSUDFKLJHQ ¿&DWR¾ +DQGVFKULIWHQLQGHU)ROJHTXDVLQRUPDWLYYJOGD]X1,.2/$86 +(1.(/0LWWHODOWHUOLFKH hEHUVHW]XQJHQ ODWHLQLVFKHU 6FKXOWH[WH LQV 'HXWVFKH %HREDFKWXQJHQ ]XP 9HUKlOWQLV YRQ )RUPW\SXQG/HLVWXQJ,Q3RHVLHXQG*HEUDXFKVOLWHUDWXULPGHXWVFKHQ0LWWHODOWHU:U] EXUJHU &ROORTXLXP  +J YRQ 92/.(5 +21(0$11 >XD@ 7ELQJHQ  6  KLHU 6I XQG 0$1)5(' (,.(/0$11 6SULFKZ|UWHUVDPPOXQJHQ GHXWVFKH  ,Q 9HUIDVVHUOH[LNRQ>ZLH$QP@%G  6SKLHU6SIYJODXFK(,.(/ 0$116SULFKZRUW>ZLH$QP@6I  $EELOGXQJEHL+(1.(/6FKXOWH[WH>ZLH$QP@6 $EE 9JOXQWHQ$QP  ,QGHQZHQLJHQYRQPLUDQKDQGYRQ0LNURILOPHQEHUSUIWHQ+DQGVFKULIWHQGHUYHUVFKLH GHQHQ )DVVXQJHQ GHU ¿5XPSIEHUVHW]XQJ¾ 0HON 6WLIWVELEOLRWKHN &RG 6WXWWJDUW :UWWHPEHUJLVFKH /DQGHVELEOLRWKHN &RG SRHW HW SKLO ƒ ,QQVEUXFN 8QLYHUVLWlWVEL EOLRWKHN&RG)UDQNIXUW06WDGWXQG8QLYHUVLWlWVELEOLRWKHN0VJHUPRFW ZLUG GHU7H[WDXFKIRUWODXIHQGLQ]ZHL6SDOWHQJHVFKULHEHQGKHVZLUGQLFKW]X(LQKHLWHQYRQ ]ZHLRGHUYLHU9HUVHQJHJOLHGHUW



7+20$6(+/(1

YRQGHUGHXWVFKHQ6SUDFKHGRPLQLHUWZLUGXQGVLFKYRQGHQODWHLQLVFKHQ 8UVSUQJHQVHLQHU/LWHUDWXUXQG%LOGXQJZHLWJHKHQGHPDQ]LSLHUWKDW)U GLHhEHUOLHIHUXQJPHLVWLQ.OHLQHSLN+DQGVFKULIWHQGUIWHGHUJHPHLQVD PH1HQQHUHEHQIDOOVLPJHUHLPWHQ9LHUKHEHUOLHJHQ'LH6WUXNWXUGHVJH PHLQVDPHQ )RUPW\SV VWLIWHW .RPSDWLELOLWlW $XI GHU GLGDNWLVFKHQ (EHQH LVW KHUYRU]XKHEHQ GDVV ]XPLQGHVW WHLOZHLVH GLH (QWZLFNOXQJ GHU .OHLQ HSLN DXI GLH 0RGHOOH ODWHLQLVFKHU ([HPSOD LQ ([HPSODVDPPOXQJHQ ]X UFNJHKWXQGVLFKLQGHXWVFKHQ7H[WIRUPHQZLHGHP%LVSHOGHU3DUDEHO XQG)DEHOGHUª5HGH©XQGGHP0lUHlX‰HUWGLHDOOHVDPWHLQHGLGDNWLVFKH $XVULFKWXQJ ]HLJHQ DXFK ZHQQ GLHVH UHLQ IRUPDO ZLUG XQG DXI GLH ([L VWHQ] GHV (SLP\WKLRQV EHVFKUlQNW EOHLEW ZLH EHL YLHOHQ 0lUHQ VHLW GHP -DKUKXQGHUW6RYHUVWDQGHQYHUELQGHWDOVRHLQHGLGDNWLVFKH*UXQGWHQ GHQ]ZHLWH7HLOHGHUHU]lKOHQGHQ.OHLQHSLNPLWGHUUHLQHQ/HKUGLFKWXQJ 9RONVVSUDFKLJH7H[WW\SHQXQGLKU9HUKlOWQLV ]XGHQODWHLQLVFKHQ¿'LVWLFKD¾ 9RONVVSUDFKLJHV WULWW OLWHUDUKLVWRULVFK ]XHUVW LQ )RUP YRQ ,QWHUOLQHDUJORV VHQDXIGLHGHU(UIDVVXQJGHVMHZHLOLJHQODWHLQLVFKHQ7H[WHVGLHQHQVRO OHQ XQG QLFKW V\QWDNWLVFKVWUXNWXULHUW ZHUGHQ 2IW VLQG VLH VHNXQGlU ]X ODWHLQLVFKHQ *ORVVLHUXQJHQ (LQ DQGHUHV 9HUIDKUHQ LVW GLH %HLJDEH HLQHU :RUWIU:RUWhEHUVHW]XQJGHUDXIJHO|VWHQ9HUVH%HLGH7H[WW\SHQGLH QLFKW RKQH GHQ ODWHLQLVFKHQ 7H[W UH]LSLHUW ZHUGHQ N|QQHQ VLQG IU GHQ ¿&DWR¾ EHOHJW MHGRFK QXU LQ VSlWHQ +DQGVFKULIWHQ (LQH &DWR+DQG VFKULIW GHV *ORVVHQW\SV OLHJW YRU LP &&  GHU 6WLIWVELEOLRWKHN .UHPV PQVWHUDXVGHU]ZHLWHQ+lOIWHGHV-DKUKXQGHUWV'LH%HLJDEHHLQHU :RUWIU:RUWhEHUVHW]XQJ GHU DXIJHO|VWHQ 9HUVH ]HLJW GHU &RGH[ 2HW WLQJHQ:DOOHUVWHLQ,,,TXDUWGHU8QLYHUVLWlWVELEOLRWKHN$XJVEXUJDXV GHP -DKU  +lXILJHU LVW LQ KRFK XQG VSlWPLWWHODOWHUOLFKHQ +DQG BBBBBBBBBBBBB  =XIlOOLJEHUOLHIHUWH=DXEHUXQG6HJHQVVSUFKHGLHHKHUGHURUDOHQ7UDGLWLRQ]XJHK|UHQ VLQGKLHUQLFKWEHUFNVLFKWLJW  =XU )XQNWLRQ VROFKHU *ORVVHQ DOOJHPHLQ 1,.2/$86 +(1.(/ 'LH DOWKRFKGHXWVFKHQ ,QWHUOLQHDUYHUVLRQHQ=XPVSUDFKXQGOLWHUDUKLVWRULVFKHQ=HXJQLVZHUWHLQHU4XHOOHQJUXS SH,Q:ROIUDP6WXGLHQ  6'(566FKXOWH[WH>ZLH$QP@6  +(1.(/ 6FKXOWH[WH >ZLH $QP@ 6 NHQQW :RUWIU:RUWhEHUVHW]XQJHQ VHLW GHP IUKHQ-DKUKXQGHUWHVKDQGOHVLFKEHLGHQEHNDQQWHQ7H[WHQMHGRFKPHLVWXPª=XIDOOV IXQGH VR GD‰ VLFK EHU GLH JHQHUHOOH ]HLWOLFKH XQG UHJLRQDOH 9HUEUHLWXQJ NHLQH VLFKHUHQ $XVVDJHQPDFKHQODVVHQ©  =XU)XQNWLRQEHVRQGHUVYRQ:RUWIU:RUWhEHUVHW]XQJHQYJO*58%0h//(5/HKUJDQJ >ZLH$QP@6  =XHLQHUZHLWHUHQ+DQGVFKULIWGLHVHV7\SVYJOXQWHQ$QP  =X GLHVHU +DQGVFKULIW +(1.(/ 6FKXOWH[WH >ZLH $QP@ 6 ]XP 7\SXV '(56 hEHUVHW]XQJHQ >ZLH $QP@ (LQH ZHLWHUH :RUWIU:RUWhEHUVHW]XQJ GHV ¿&DWR¾ OLHJW

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



VFKULIWHQ GLH %HLJDEH GHU GHXWVFKHQ &DWR5HLPSDDUEHUVHW]XQJ ]XP OD WHLQLVFK JORVVLHUWHQ XQG ODWHLQLVFK NRPPHQWLHUWHQ  *UXQGWH[W 'LH ]ZHL 9HUVHGHVODWHLQLVFKHQ'LVWLFKRQVHUKDOWHQGDEHLHLQ3HQGDQWLQYLHUYLHU KHELJHQ5HLPSDDUYHUVHQ'LHVHGHXWVFKHQ9HUVJUXSSHQGLHVLFKLQGHQOD WHLQLVFKHQ&DWR+DQGVFKULIWHQILQGHQJHKHQLPPHUDXIGLH¿*HVDPWEHU VHW]XQJ¾XQGRGHUGHQ¿6FKOHVLVFKHQ&DWR¾]XUFNQHEHQGHUVRJHQDQQWHQ ¿5XPSIEHUVHW]XQJ¾GLHEHLGHQ]HQWUDOHQ7H[WWUDGLWLRQHQGHUGHXWVFKVSUD FKLJHQ &DWR'LFKWXQJHQ LP 0LWWHODOWHU (V LVW QDKHOLHJHQG GDVV ]XU %H JOHLWXQJGHVYROOVWlQGLJHQODWHLQLVFKHQ7H[WHVDXIGLHEHLGHQYROOVWlQGLJHQ hEHUVHW]XQJHQ ]XUFNJHJULIIHQ ZXUGH 'LH ¿5XPSIEHUVHW]XQJ¾ ILQGHW VLFKRKQHODWHLQLVFKHV3HQGDQWLQ+DQGVFKULIWHQGLHEHLVSLHOVZHLVHGHXW VFKH.OHLQHSLNEHUOLHIHUQZRGLH7DWVDFKHGDVVQLFKWGHUJHVDPWH7H[W GHUODWHLQLVFKHQ9RUODJHZLHGHUJHJHEHQZXUGHRKQH%HODQJZDU6LHIKUW VRPLW HLQ DXJHQIlOOLJHUHV OLWHUDULVFKHV (LJHQOHEHQ DOV GLH ¿*HVDPWEHUVHW ]XQJ¾LP.RQWH[WODWHLQLVFKHU&DWR+DQGVFKULIWHQ )UDOOH)DVVXQJHQGHUGHXWVFKHQ*UR‰EHUVHW]XQJIUGHQ¿6FKOHVL VFKHQ &DWR¾ HEHQVR ZLH IU GLH ¿*HVDPWEHUVHW]XQJ¾ XQG GLH YRQ GLHVHU DEKlQJLJH¿5XPSIEHUVHW]XQJ¾JLOWGDVVVLHHLQHQªRIIHQHQ7H[W©ELOGHQ (VODVVHQVLFK]ZDU7UDGLHUXQJVZHJHQDFK]HLFKQHQXQGDXFK7H[WJUXSSHQ ELOGHQGLHHLQ]HOQHQ+DQGVFKULIWHQMHGRFK]HLJHQ7H[WH[HPSODUHGLHDXV YHUVFKLHGHQHQ9RUODJHQNRQWDPLQLHUWVLQGXQGYRQGHQ$EVFKUHLEHUQGHQ MHZHLOLJHQ SUDJPDWLVFKHQ XQG lVWKHWLVFKHQ %HGUIQLVVHQ DQJHSDVVW ZXU GHQ BBBBBBBBBBBBB YRULQGHU+DQGVFKULIW*GDľVN%LEOLRWHND*GDľVND3ROVNLHM$NDGHPLL1DXN0V0DU4 %OYY -DKUKXQGHUW ,P&OPGHU%D\HULVFKHQ6WDDWVELEOLRWKHN0Q FKHQ VLQG ]ZHL YHUVFKLHGHQH ¿&DWR¾hEHUVHW]XQJHQ ]XVDPPHQJHEXQGHQ ,P HUVWHQ 7HLO %OYY HWZD 0LWWH -DKUKXQGHUW  ILQGHQ VLFK GLH ODWHLQLVFKHQ 'LVWLFKHQ PLW GHXW VFKHQ*ORVVHQ LP ]ZHLWHQ 7HLO %O UY ZRKO QRFK (QGH -DKUKXQGHUW  OLHJWHLQH :RUWIU:RUWhEHUVHW]XQJ QHEVW ]XVlW]OLFKHU GHXWVFKHU 5HLPSDUDSKUDVH YRU ]X GLHVHU +DQGVFKULIW+(1.(/hEHUVHW]XQJHQ>ZLH$QP@6'(56 %HLWUlJH ,, >ZLH $QP@6I'(566FKXOWH[WH>ZLH$QP@6  9JOGLH%HIXQGHGLH1,.2/$86 +(1.(/%HLWUlJH]XUhEHUOLHIHUXQJGHU¿'LVWLFKD&DWR QLV¾ LQ GHXWVFKHU hEHUVHW]XQJ >,@ ,Q =V IU GHXWVFKHV $OWHUWXP XQG GHXWVFKH /LWHUDWXU   6KLHU6IUGLH)DVVXQJGHU¿*HVDPWEHUVHW]XQJ¾LP&OP  GHU %D\HULVFKHQ 6WDDWVELEOLRWKHN 0QFKHQ YRUOHJWH =$51&.( GHU GDYRQ DXVJLQJ GDVVGLH¿*HVDPWEHUVHW]XQJ¾HLQH$XIVFKZHPPXQJGHUVRJHQDQQWHQ¿5XPSIEHUVHW]XQJ¾ VHLQLPPWIUGLHOHW]WHUH]ZHLMHZHLOVQRFKPDOVXQWHUJOLHGHUWH+DXSWNODVVHQDQLQGHUVR JHQDQQWHQ ªMQJHUHQ )DPLOLH© NDQQ HU EHL GLHVHP 9HUIDKUHQ DP (QGH QXU QRFK HLQ]HOQH +DQGVFKULIWHQ KHUDXVVWHOOHQ YJO =$51&.( 'HU GHXWVFKH &DWR >ZLH $QP@ 6 KLQ]XWULWWQRFKGLH)DVVXQJ¿8PRUGQXQJXQG,QWHUSRODWLRQ¾YJOHEG6IXQG6 VRZLHREHQ$QP 'LH¿*HVDPWEHUVHW]XQJ¾WHLOWHULQGUHL+DXSWVWXIHQGHUHQOHW] WHLQ]ZHL+DQGVFKULIWHQ]HUIlOOWGLHªYROOVWlQGLJDXVHLQDQGHU]XKDOWHQ© =$51&.('HU GHXWVFKH&DWR>ZLH$QP@6 VLQG(LQHWZDVGLIIHUHQ]LHUWHUHV%LOGOlVVWVLFKDXVGHQ NQDSSHQ GHXWVFKVSUDFKLJHQ $XVIKUXQJHQ EHL =$72þ,/ &DWR D )DFHWXV >ZLH $QP@ 6JHZLQQHQGHUGLH.RQWDPLQDWLRQYHUVFKLHGHQHU7H[WHWKHPDWLVLHUW YJODEHU]X



7+20$6(+/(1

7URW] GLHVHU HUKHEOLFKHQ (LQVFKUlQNXQJHQ PXVV YRQ HLQHU OLWHUDUL VFKHQ 7UDGLHUXQJ GHU GHXWVFKHQ )DVVXQJHQ GHV ¿&DWR¾ DXVJHJDQJHQ ZHU GHQGKEHLDOOHU'LYHUVLIL]LHUXQJLP'HWDLOLVWGHQODWHLQLVFKHQ'LVWLFKHQ QLFKWMHZHLOVHLQH6SRQWDQEHUVHW]XQJLQYLHU5HLPSDDUYHUVHQEHLJHJHEHQ VRQGHUQZLUGHLQOLWHUDULVFKHU7H[W]LWLHUWGHULPHLQ]HOQHQ:RUWODXWYHU lQGHUW ZLUG VHL HV ZHLO GHU $EVFKUHLEHU5HGDNWRU LQKDOWOLFKH 8Q]XOlQJ OLFKNHLWHQRGHU9HUVWlQGQLVIHKOHUEHVHLWLJHQZLOORGHUHLQHDQGHUH9RUVWHO OXQJYRQHLQHPDGlTXDWHQ5HLPKDWVHLHVZHLOHU%HJULIIHRGHU:HQGXQ JHQHUVHW]WGLHLKPIRUPDOYHUDOWHWRGHUXQSDVVHQGHUVFKHLQHQRGHUZHLO HU PLW HLQHP ]ZHLWHQ YRONVVSUDFKLJHQ RGHU GHP ODWHLQLVFKHQ 7H[W YHU JOHLFKW XQG GLH LKPYRUOLHJHQGH :LHGHUJDEH XQ]XWUHIIHQG ILQGHW (V VWH KHQVLFKDOVRGDVPXVVLQGHU.RQVHTXHQ]KHUYRUJHKREHQZHUGHQQLFKW HLQIDFK ODWHLQLVFKHU 7H[W XQG GHXWVFKH hEHUVHW]XQJ JHJHQEHU VRQGHUQ ]ZHL OLWHUDULVFKH XQG WH[WXHOOH 7UDGLWLRQHQ GLH YRU DOOHP DXI 6HLWHQ GHV GHXWVFKHQ¿&DWR¾DXFKHLQ(LJHQOHEHQIKUHQ1DWUOLFKILQGHQVLFKYLHOH 6WHOOHQDQGHQHQLPGHXWVFKHQ7H[WGLHODWHLQLVFKH9RUODJHQLFKWQXULQ KDOWOLFK VRQGHUQ DXFK VSUDFKOLFK GXUFKVFKHLQW 'DV LVW DEHU GXUFKDXV QLFKWGLH5HJHO=XGHPLVWVFKRQEHLGHQXUVSUQJOLFKHQhEHUVHW]XQJHQ LQGLHNRQYHQWLRQDOLVLHUWHYRONVVSUDFKLJH)RUPGHU5HLPSDDUYHUVHEHLGHU ¿*HVDPWEHUVHW]XQJ¾YRQHLQHU]LHOVSUDFKOLFKHQ2ULHQWLHUXQJDXV]XJHKHQ 'HU ¿6FKOHVLVFKH &DWR¾ LVW LP 'HWDLO JHOHJHQWOLFK QlKHU DP ODWHLQLVFKHQ $XVJDQJVWH[WDOVGLH¿*HVDPWEHUVHW]XQJ¾'HQQRFKEHOHJWDXFKKLHUGLH :DKO GHV )RUPW\SV GHU 5HLPSDDUYHUVH GDVV GLH LQWHQGLHUWH WH[WXHOOH *UR‰VWUXNWXUGHUYRONVVSUDFKLJHQ/HKUGLFKWXQJDEJHZRQQHQLVW :DV OHLVWHW LQ HLQHP GRPLQDQW ODWHLQLVFK JHSUlJWHQ 8PIHOG ZLH GHP GHU REHQ GLVNXWLHUWHQ ]ZHLVSUDFKLJHQ +DQGVFKULIWHQ PLW *ORVVHQ XQG .RPPHQWDU²XQGªODWHLQLVFK©KHL‰WKLHUQLFKWQXUªODWHLQLVFKVSUDFKLJ© VRQGHUQEH]LHKWVLFKDXIGDV*HIJHYRQ6SUDFKH7H[WW\SHQVRZLHHWKL VFKHQ XQG NXOWXUHOOHQ 1RUPHQ GDV GHQ 'LVNXUV ZHVHQWOLFK SUlJW ² QXQ GLHEHLJHJHEHQHGHXWVFKHhEHUVHW]XQJ"'HUGHXWVFKH7H[WJHKRUFKWPHLVW VHLQHQHLJHQHQ5HJHOQLP%HUHLFKYRQ*UDPPDWLNXQG6\QWD[GKHUELH WHW VLFK DOV +LOIH ]XU 'DUVWHOOXQJ VROFKHU 3KlQRPHQH LP /DWHLQLVFKHQ QLFKW DQ 'D HV VR OHJW HV GHU .RQWH[W GHU +DQGVFKULIWHQ GHU ¿*HVDPW EHUVHW]XQJ¾QDKHLPPHUXPGLH9HUPLWWOXQJGHV/DWHLQLVFKHQGHQ.XO WXUWUDQVIHUXQGGLHhEHUPLWWOXQJPRUDOLVFKHU$XVVDJHQJHKWLVWGHUGHXW VFKH7H[WVHOEVWLQVHLQHQVSUDFKOLFKHQ(LJHQKHLWHQQLFKWLQWHUHVVDQW9HU PXWOLFKKlWWHQYLHOH/DWHLQGLGDNWLNHUVLFKVRJDUVFKZHUJHWDQLKUJUDPPD BBBBBBBBBBBBB GHQJHQHUHOOHQ3UREOHPHQVROFKHQ9HUIDKUHQVREHQ$QP 9JODXFK+(1.(/6FKXO WH[WH>ZLH$QP@6  9JOREHQ6

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



WLNDOLVFKHV.DWHJRULDOV\VWHPDXIHLQHQGHXWVFKHQ7H[WDQ]XZHQGHQ'LH ZHQLJHQVHNXQGlUHQ%HOHJHEHUGLHVFKXOLVFKH9HUZHQGXQJ]ZHLVSUDFKL JHUª&DWRQHV©VlPWOLFKDXVGHPIUKHQ-DKUKXQGHUWXQGGDPLWVSlWHU DOVGDVEULJHKLHUGLVNXWLHUWH0DWHULDO]HLJHQJHQDXGLHVHV3KlQRPHQDXI 'HQ LQWHUHVVDQWHQ %HOHJ ELHWHW GLH VHKU DXVIKUOLFKH XQG DPELWLRQLHUWH 1|UGOLQJHU6FKXORUGQXQJDXVGHP-DKUH'RUWKHL‰WHVEHUGLHGULW WHVHVVLRQ ZRKOª8QWHUULFKWVHLQKHLW© ZLHIROJW 'LHHUVWHQVWXQGVROOHDEHUDLQKDOEHUPDLVWHURGHUVRQQVWDLQZROEHULFKWHUVWXGHQWGLHNQDEHQ DQIDQJV]ZHQYHUVDXVGHP&DWKRQDXVZHQGLJDXVVSUHFKHQYQGGDUQDFKMPEXFKZLHMQHQGLH ]XDEHQWVGDUXRUIXUJHEHQZRUGHQVH\HQDXFKDOZHJHQGLHJHVFKLFNWHVWHQYHUWHXWVFKHQYQQGGLH UH\PHQ 6HEDVWLDQL %UDQQWV GDUXEHU YHUOHVHQ ODVVHQ YQQG GDUDXŰV PLW DLQHP QDPHQ >VF ª6XEVWDQWLY© 7K(@ RGHU ZRUWH >VF ª9HUE©@ MQ IHOOHQ YQQG YHUSLHJXQJHQ >VF ª)OH[LR QHQ©@MQDLQOLF]OHQPHUOLFKHQRGHUYLOIDOWLJHQ]DOOHQ]HLWWHQYQQGPDVVHQLQ]XVDPHQELQGXQ JHQYQQGYHUJOHLFKXQJHQDOZHJHQPLW JHZRQOLFKHPDQJHKHQFNWHPWHXWVFKLQ IHOOHQ]HLWWHQYQQG SHUVRQQHQRQYQGHUODVYEHQGDVVH\HQGLHYHUJUXQGWHQYQGQXF]OLFKHQFDVXDOLDYQQGWHPSRUD OLDYQQGGHUHUVWHLQJDQJODWHLQYQGWHXWVFKUHGHQQVYQQGVFKUHLEHQV

'LH5HLPSDDUYHUVEHUVHW]XQJ6HEDVWLDQ%UDQWVGLHEHL-RKDQQ%HUJ PDQQLQ%DVHOJHGUXFNWZLUGXQGKLHUGLH¿*HVDPWEHUVHW]XQJ¾IXQNWLR QDODEO|VWGLHQWLQGLHVHP=XVDPPHQKDQJGD]XGLH²LQKDOWOLFKH².RU UHNWKHLW HLQHU 3URVD hEHUVHW]XQJ GXUFK HLQHQ JHVFKLFNWHQ 6FKOHU ]X EHUSUIHQ 'LH DQVFKOLH‰HQGH )OH[LRQVEXQJ GLH DQ 6XEVWDQWLYHQ RGHU 9HUEHQ GXUFKJHIKUW ZLUG GLH VLFK LP JHZlKOWHQ ODWHLQLVFKHQ 'LVWLFKRQ ILQGHQVROOYRQGHQDQDORJHQ)OH[LRQVIRUPHQ]XPHQWVSUHFKHQGHQ:RUW LQJHZRQOLFKHPDQJHKHQFNWHPWHXWVFKEHJOHLWHWZHUGHQ+LHUJHKWHVQXUXPGDV /H[HP GDV XQDEKlQJLJ YRQ %UDQWV 9HUVEHUVHW]XQJ RGHU DOOHQIDOOV LQ ]XIlOOLJHU ZHLO YLHOOHLFKW XQYHUPHLGOLFKHU .RQJUXHQ]  GHP ODWHLQLVFKHQ %HLVSLHOZRUW KLQ]XJHIJW ZHUGHQ VROO ,Q GLHVHU UHODWLY VSlWHQ 6FKXORUG QXQJGDVLVWKLHUKLQ]X]XIJHQZLUGGHU8QWHUULFKW]XP6FKUHLEHUZHUELQ GHUGHXWVFKHQ6SUDFKHEHUHLWVDQGHXWVFKHQ3DUDGLJPHQGXUFKJHIKUWGLH MHGRFKYRQGHU9HUVEHUVHW]XQJXQDEKlQJLJVLQG 0DQPXVVVLFKYRU$XJHQKDOWHQGDVVODWHLQLVFKHUXQGGHXWVFKHU¿&D WR¾7H[W ]ZDU LQ GHQ +DQGVFKULIWHQ JHPHLQVDP EHUOLHIHUW VLQG DEHU LQ LKUHU 7UDQVPLVVLRQ XQWHUVFKLHGOLFKHQ 3DUDPHWHUQ XQWHUOLHJHQ ZDV PLW BBBBBBBBBBBBB  $OOHUGLQJV]LWLHUW 321(57'HXWVFKXQG/DWHLQ>ZLH$QP@6 QDFK0LWWHODOWHUOLFKH %LEOLRWKHNVNDWDORJH 'HXWVFKODQGV XQG GHU 6FKZHL] +J YRQ GHU %D\HULVFKHQ $NDGHPLH GHU:LVVHQVFKDIWHQ0QFKHQII%G>@1U6=I HLQHDQGHUVODX WHQGH6WHOOHDXVGHP5HLFKHQDXHU%LEOLRWKHNVNDWDORJEHUGLH]ZLVFKHQXQGDQJH IHUWLJWHQ%FKHU,Q;;,OLEHOORFRQWLQHQWXU;,,FDUPLQDWKHRGLVFDHOLQJXDHIRUPDWD,Q;;,,OLEHOOR KDEHQWXUGLYHUVLSDHQLWHQWLDUXPOLEULDGLYHUVLVGRFWRULEXVHGLWLHWFDUPLQDGLYHUVDDGGRFHQGXPWKHRGLVFDP OLQJXDPHWGHLQYHQWLRQHFRUSRULVVDQFWL%HQHGLFWLHWFDHWHUD  9RUXQGIUKUHIRUPDWRULVFKH6FKXORUGQXQJHQ>ZLH$QP@%G6]XU6WHOOHYJO +(1.(/6FKXOWH[WH>ZLH$QP@6  9JO*:1U  9JODXFKGLHXQWHQ6]LWLHUWH2UGQXQJGHU1UQEHUJHU/DWHLQVFKXOHQYRQ



7+20$6(+/(1

LKUHU MHZHLOLJHQ 3UDJPDWLN ]XVDPPHQKlQJW 'HU ODWHLQLVFKH ¿&DWR¾ LVW HLQ 7H[WGHULQGHQ%HUHLFKYRQ/DWHLQXQWHUULFKWYRQPRQDVWLVFKHUXQGXQL YHUVLWlUHU%LOGXQJVSlWHUDP5DQGHDXFKLQGHQGHUIUKKXPDQLVWLVFKHQ $QWLNHQUH]HSWLRQJHK|UWXQGVLFKVRPLWLPPHULQHLQHP'LVNXUVEHZHJW GHU VSUDFKOLFK YRQ GHU 'RPLQDQ] GHV /DWHLQLVFKHQ XQG LQKDOWOLFK YRU DOOHP YRQ GHU $XVULFKWXQJ DXI NOHULNDOH XQGRGHU DNDGHPLVFKH %LOGXQJ XQGGHUHQ9RUVWXIHQJHSUlJWLVW:LHLFKDQ6WLFKSUREHQEHUSUIWKDEH EOHLEWGHUODWHLQLVFKH*UXQGWH[WPLWGHQEHUOLHIHUXQJVEHGLQJWHQ0RGLIL NDWLRQHQXQGGHUEHUHLWVYRUHUIROJHQGHQ$XVGLIIHUHQ]LHUXQJGHUVR JHQDQQWHQ¿%DUEHULQLVFKHQ5H]HQVLRQ¾GLHHLQLJH=XVDW]YHUVHKDWXQGZH QLJHVXPVWHOOWLQVHLQHP*UXQGEHVWDQGUHODWLYVWDELOGKYHUlQGHUWVLFK ELV DXI .OHLQLJNHLWHQ ZHQLJ 'DV PDJ ]XP HLQHQ GDPLW ]X WXQ KDEHQ BBBBBBBBBBBBB  'LHlOWHVWHQLQGHU$XVJDEHYRQ%2$6>ZLH$QP@6/;JHQDQQWHQ+DQGVFKULIWHQPLW 6SXUHQ GHU %DUEHULQLVFKHQ 5H]HQVLRQ VWDPPHQ DXV GHP  -DKUKXQGHUW YJO 0$5&86 %2$66SXUHQGHUDX‰HUYXOJDWLVFKHQ5H]HQVLRQLQPLWWHODOWHUOLFKHQ&DWREHDUEHLWXQJHQ,Q 3KLORORJXV  >1)@   6 (LQH 7H[WXPVWHOOXQJ GHU %DUEHULQLVFKHQ 5H ]HQVLRQ GLH (LQIJXQJ YRQ 'LVWLFKRQ ,9 QDFK ,,, KDW LKUHQ 1LHGHUVFKODJ DXFK LQ GHQGHXWVFKHQ)DVVXQJHQ=ZHWWO6WLIWVELEOLRWKHN&RGXQG.UDNyZ%LEOLRWHFD-DJLHO ORľVND %HURO0VJHUPTX :LHQ gVWHUUHLFKLVFKH 1DWLRQDOELEOLRWKHN &RG  GRUWQDFK,,, %HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ²3UHX‰LVFKHU.XOWXUEHVLW]0VJHUP RFW QDFK,,, JHIXQGHQ0DQN|QQWHVSHNXOLHUHQGDVVDOVRGLH¿*HVDPWEHUVHW]XQJ¾ ²QLFKWMHGRFKGHU¿6FKOHVLVFKH&DWR¾ HLQ]LJHYROOVWlQGLJH+DQGVFKULIW/RQGRQ%ULWLVK/L EUDU\06$UXQGHO EHLGHP,9DP¿QRUPDOHQ¾2UWVWHKW²XUVSUQJOLFKDXIHLQHP 7H[WPLWGLHVHU0RGLILNDWLRQGHU%DUEHULQLVFKHQ5H]HQVLRQEHUXKWHZLHHVGLH+DQGVFKULI WHQ LQ =ZHWWO .UDNyZ XQG :LHQ =$72þ,/V ª*UXSSH ©  EHOHJHQ 6SlWHVWHQV PLW GHP hEHUJDQJ ]X GHU LP &RG SRHW HW SKLO ƒ  GHU :UWWHPEHUJLVFKHQ /DQGHVELEOLRWKHN 6WXWWJDUWXQGLKUHQ3DUDOOHOKDQGVFKULIWHQEHOHJWHQª*UXSSH© QDFK+(1.(/%HLWUlJH ,,  >ZLH $QP@ 6 ª)DVVXQJ $©  ZLUG GLHVH 8PVWHOOXQJ DXIJHKREHQ YLHOOHLFKW XQWHU 5FNYHUJOHLFK PLW HLQHU ODWHLQLVFKHQ 9XOJDWIDVVXQJ² %2$6 6SXUHQ >VR@ 6I ZHLVW GDUEHUKLQDXVGDUDXIKLQGDVVDFKWLQGHU=ZHWWOHU+DQGVFKULIWHLQJHVFKREHQH=XVDW]YHU VH GLH=$72þ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lKHU DQ GHQ PLWEHUOLHIHUWHQ ODWHLQLVFKHQ 9HUVHQ IU GLH DQGHUHQ 9HUVHGHXWHWVLFKGXUFKGLH6WHOOXQJXQGGXUFKGHQVFKDGHQE]ZGDVGDPQXPHLQHJU|‰HUH 1lKH]XGHQ9HUVHQ,,,EGHU%DUEHULQLVFKHQ5H]HQVLRQDQ  (VOLHJWLP6SlWPLWWHODOWHUYHUPXWOLFKHLQHJHRJUDSKLVFKH'LVWULEXWLRQYRUVRGDVVIUGLH KLHUGLVNXWLHUWHQPHLVWLPKRFKGHXWVFKHQ6SUDFKUDXPEHUOLHIHUWHQ7H[WHDXFKHLQHJHZLV VH.RLQHGHUODWHLQLVFKHQ)DVVXQJDQ]XQHKPHQLVW$XVGLHVHUJHRJUDSKLVFKHQ'LVWULEXWLRQ HUJHEHQVLFKDXFKGLH$EZHLFKXQJHQGHUODWHLQLVFKHQ7H[WEHUOLHIHUXQJLPKRFKGHXWVFKHQ 6SUDFKUDXPGHV-DKUKXQGHUWVLP9HUJOHLFK]XPYRQ%2$6 >ZLH$QP@UHNRQVWUXLHU

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



GDVVHUDOV]XEHKDQGHOQGHU*HJHQVWDQGGLHVSUDFKOLFKXQGPHWULVFKJHJH BBBBBBBBBBBBB WHQ 7H[W GHU VLFK YRQ GHU 9XOJDWNODVVH Ƙ RIW HQWIHUQW 'LH 7H[WIDVVXQJ GHU LQ 6GZHVW GHXWVFKODQGNRQ]HQWULHUWHQhEHUOLHIHUXQJJHKWLQGLH]ZHLVSUDFKLJHQ)UKGUXFNHGHVVSl WHQ-DKUKXQGHUWVHLQ=XYHUJOHLFKHQVLQGGLH,QNXQDEHOQYRQ-RKDQQXQG.RQUDG+LVW 6SH\HU FD  *: 1U  ([HPSODU GHU %D\HULVFKHQ 6WDDWVELEOLRWKHN 0QFKHQ ƒ ,QFVD XQG-RKDQQ%lPOHU$XJVEXUJ *:1U([HPSODUGHU1DWLRQDO /LEUDU\ RI 6FRWODQG (GLQEXUJK ,QF   =$72þ,/ 1HXVRKOHU &DWR >ZLH $QP@ 6 ]LHKW GLHGHXWVFKVSUDFKLJH)UKGUXFNEHUOLHIHUXQJGHU ¿*HVDPWEHUVHW]XQJ¾PLW GHQ+DQGVFKULIWHQGHU7H[WNODVVH$]XVDPPHQ QDPHQJHEHQGGHU&RGSRHWHWSKLOƒ GHU :UWWHPEHUJLVFKHQ /DQGHVELEOLRWKHN 6WXWWJDUW ZHLWHUH 7H[W]HXJHQ QDFK =$72þ,/ 0QFKHQ %D\HULVFKH 6WDDWVELEOLRWKHN &JP  :LHQ gVWHUUHLFKLVFKH 1DWLRQDOELEOLR WKHN &RG  +(1.(/ %HLWUlJH ,,  >ZLH $QP@ 6 HUJlQ]W GLH REHQ LQ $QPJHQDQQWHQ+DQGVFKULIWHQGLHDXFKGHQ.RPPHQWDU¿&LUFDLQLFLXP(WKLFH&DWKR QLV¾ HQWKDOWHQ  %HL GHQ +DQGVFKULIWHQ ZLH 'UXFNHQ EHUZLHJW QDFK 6FKZDEHQ ZHLVHQGH hEHUOLHIHUXQJ 'HWDLOVEHL=$72þ,/1HXVRKOHU&DWR>ZLH$QP@6'(56&DWR D )DFHWXV >ZLH $QP@ 6 +(1.(/ %HLWUlJH ,,  >ZLH $QP@ 6 '(56 6FKXOWH[WH >ZLH $QP@ 6  ,Q GLHVHV %LOG IJW VLFK HLQ GDVV QHEHQ GHP 6SH\HUHU 'UXFN GHU ]ZHLWH GHU IUKHVWHQ 7H[W]HXJHQ DXV $XJVEXUJ VWDPPW $XFK GHU ODWHLQLVFKH 7H[WGHQGLH$XVJDEHYRQ-RKDQQ%HUJPDQQ%DVHO]XVDPPHQPLWGHUhEHUVHW]XQJ 6HEDVWLDQ%UDQWVGUXFNW *:1U VWDPPWDXVGLHVHU7H[WWUDGLWLRQ'LHNRPSOL]LHUWH 5HLKXQJGHUEUHYHVVHQWHQWLDHHQWVSULFKWHEHQVRZLHGLH9HUWDXVFKXQJGHU'LVWLFKD,,,XQG GHQ'UXFNHQYRQ+LVWXQG%lPOHU²0LWHLQHP$QWHLOYRQHWZDYRONVVSUDFKLJHU /LWHUDWXUDQGHU*HVDPWSURGXNWLRQUDJW$XJVEXUJLPVSlWHQXQGIUKHQ-DKUKXQ GHUW DOV 'UXFNRUW IU GHXWVFKVSUDFKLJH 7H[WH KHUYRU EHL IDFKOLWHUDULVFKHQ 7H[WHQ LVW GLH SDUDOOHOH9HU|IIHQWOLFKXQJHLQHUGHXWVFKHQXQGHLQHUODWHLQLVFKHQ$XVJDEHFKDUDNWHULVWLVFK YJO+$16-g5* .h1$67*HWUXFNW ]X$XJVSXUJ%XFKGUXFNXQG%XFKKDQGHOLQ$XJVEXUJ ]ZLVFKHQ  XQG  7ELQJHQ  6WXGLD $XJXVWDQD   6I 6 XQG 6-RKDQQ%lPOHUGHU'UXFNHUGHV]ZHLVSUDFKLJHQ¿&DWR¾YRQZDU0LWJOLHG GHU YRQ .QDVW VNL]]LHUWHQ 'UXFNHU1HW]H YJO HEG 6  (U NRQQWH VHOEVW /DWHLQ YJOHEG6 XQGNRPSLOLHUWHHLQH¿&KURQLNYRQDOOHQ.DLVHUQ.|QLJHQXQG3lS VWHQ¾YJO.h1$67HEG6VRZLH)(5',1$1' *(/'1(5'LHGHXWVFKHQ,QNXQDEHO GUXFNHU (LQ +DQGEXFK GHU GHXWVFKHQ %XFKGUXFNHU GHV ;9 -DKUKXQGHUWV QDFK 'UXFNRUWHQ %G 'DV GHXWVFKH 6SUDFKJHELHW 6WXWWJDUW  6 ,Q VHLQHP 3UR JUDPPEHUZRJHQRIIHQEDUHUEDXOLFKHKLVWRULVFKHXQGQDWXUNXQGOLFKH7H[WHLQGHXWVFKHU 6SUDFKHYJO*(/'1(5HEGVRZLHGHQ&DWDORJXHRI%RRNV3ULQWHGLQWKH;9WK&HQWXU\ QRZLQWKH%ULWLVK0XVHXP3DUW,,*HUPDQ\(OWYLO²7ULHU3ULQWHGE\2UGHURIWKH7UXV WHHV/RQGRQ6'DQHEHQGUXFNWHHU]ZLVFKHQXQGDXFKª]DKO UHLFKH NLUFKOLFKH $PWVGUXFNH XQG HLQLJH /LWXUJLFD© .h1$67 HEG 6  6HLQ HUVWHU 'UXFN  ZDUHLQYHUPXWOLFKYRQ LKPVHOEVW]XVDPPHQJHVWHOOWHV.RPSHQGLXP JţWQF]OLFKOHUHYQGYQGHUZH\VXQJLQWHWVFKEHVFKULEHQDXV]GHQSDUDEROHQYQGEH\VSUFKHQ6DORPRQLV $XFKDXV].DWKRQH7XOLRYQGDXV]DQGHUQOHUHUQYQGSRHWHQJH]RJHQ'DULQQHDLQLXQJHUPHQVFKYQGHU ULFKWZUWZLHHUVLFKLQHUEHUNH\WYQGJţWHQV\WHQJHJHQJRWYQGGHPPHQVFKHQKDOWHQVRO=ţGHPHU VWHQ4XLGRSWLPXPHWSHVVLPXPVLWLQKRPLQHHWFHWHUDYJO,1*(/(,32/''DV9HUODJVSURJUDPP GHV $XJVEXUJHU 'UXFNHUV -RKDQQ %lPOHU =XP )XQNWLRQVW\S ª)UKH GHXWVFKVSUDFKLJH 'UXFNSURVD©,Q%LEOLRWKHNVIRUXP%D\HUQ  6KLHU6XQG6=X %lPOHUV]ZHLVSUDFKLJHQ'UXFNHQYJO6+(,/$('081'61HZ/LJKWRQ-RKDQQHV%lPOHU ,Q-RXUQDORIWKH3ULQWLQJ+LVWRULFDO6RFLHW\  6KLHU6IPLW$QP 'HU]ZHLVSUDFKLJH¿&DWR¾SDVVWLPhEULJHQHEHQVRJXWLQGDV3URJUDPPGHU%UGHU+LVWLQ 6SH\HUGLH]XYRUGHUVWª1DFKGUXFNHGHUJlQJLJHQODWHLQLVFKHQ/HKUEFKHUIUGHQ8QWHU ULFKWGHU/DWHLQVFKXOHQE]ZGHU$UWLVWHQIDNXOWlW©KHUJHVWHOOWKDEHQYJO+$57087 +$57 +$86(1 'DV HUVWH -DKUKXQGHUW GHV 6SH\HUHU %XFKGUXFNV ,Q 6SH\HUHU %XFKGUXFN LQ IQIKXQGHUW-DKUHQ6SH\HU6KLHU6I



7+20$6(+/(1

EHQH IL[H *U|‰H LVW GLH LP =HQWUXP VWHKW XQG GHU VLFK GDV EHJOHLWHQGH 0DWHULDO DQSDVVHQ PXVV =XP DQGHUHQ DEHU UHSUlVHQWLHUW JHUDGH HU GHQ ODWHLQLVFKOLWHUDOHQ 'LVNXUV ]XGHP PLW DQWLNHU 7UDGLWLRQ XQG GDPLW HLQ )HOGGDV²YRUGHU(LQIKUXQJGHU7H[WNULWLNLP+XPDQLVPXV²LQGHP $QVHKHQ VWHKW IRUPDO KRFK HQWZLFNHOW VSUDFKOLFK SHUIHNW XQG GLIIHUHQ ]LHUW ]X VHLQ XQG SHUVH /LWHUDUL]LWlW GDU]XVWHOOHQ DXWRULWDWLYH 6FKULIWOLFK NHLWGLHLP9HUJOHLFKPLWGHQQHXHQWZLFNHOWHQRIIHQHUHQ7H[WW\SHQYHU VFKULIWOLFKWHU9RONVVSUDFKHDOVIHVWDQJHVHKHQZLUG 'LHGHXWVFKH¿&DWR¾5HLPSDDUIDVVXQJJHKRUFKWVSUDFKOLFKXQGIRUPDO DXFK GDQQ HLQHP DQGHUHQ'LVNXUV ZHQQ VLH ]XVDPPHQ PLWGHP ODWHLQL VFKHQ7H[WEHUOLHIHUWLVW'LH9HUZHQGXQJGHUGHU9RONVVSUDFKH]XJHK| ULJHQ 5HLPSDDUIRUP EHGLQJW DQGHUH hEHUOLHIHUXQJVYHUIDKUHQ XQG :LU NXQJVPXVWHU:HQQVLHIUGLH/DWHLQ'LGD[HQXUHLQHJHULQJH5ROOHVSLH OHQNDQQEOHLEHQDOV+DXSWZLUNXQJVEHUHLFKH0RUDOXQWHUZHLVXQJXQG.XO WXUWUDQVIHUGLH9HUPLWWOXQJGHVHWKLVFKHQ,QKDOWVLQGHUhEHUWUDJXQJDXV GHP ODWHLQLVFKHQ 'LVNXUV LQ GHQ YRONVVSUDFKLJHQ 'LHVHU YD LQKDOWOLFK DXVJHULFKWHWHQ )XQNWLRQ HQWVSULFKW GLH 2IIHQKHLW GHV 7H[WHV GK VHLQH 9HUlQGHUEDUNHLWLPSUDJPDWLVFKHQ(LQ]HOIDOO 'HU LQKDOWVEH]RJHQH (LQVDW] ]ZHLVSUDFKLJHU ª&DWRQHV© LVW GXUFK GLH 2UGQXQJIUGLH1UQEHUJHU/DWHLQVFKXOHQDXVGHP-DKUEHOHJW,P =HQWUXPGHU$UEHLWPLWGHQGHXWVFKHQ9HUVHQVWHKWGLHPDLQXQJGHV/D WHLQLVFKHQQLFKWVHLQH*UDPPDWLNRGHU6\QWD[ =XPDQQGHUQVRVROOHQGLHPLWWHOQNQDEHQGLHGHQ'RQDWUHJHO$OOH[DQGHU>HW@FOHVHQOHU QHQ]XVDPHQLQDLQHQ]LUFNHOJHVDW]WYQQGLQHJHLQQlFKWPLWFUH\GHQDQHLQWDIHODLQODWHLQ QHPOLFKHLQODWHLQLVFKHUYHUŰVRGHUHLQVSUXFKHLQHUJDQW]HQRUDWLRQDOVDXŰVGHQVSUXFKHQ6D ORPRQLV&DWKRQLVRGHUGHUJOHLFKHQYQQGGDEH\]ZHQWHXWVFKYHUŰVJHUHYPWRGHUYQJHUHYPW JHPHŰVGHUODWHLQLVFKHQPDLQXQJRGHUHLQODWHLQLVFKHUYHUŰVPLW]ZD\HQWHXWVFKHQYRQGHPODWHLQ GDV GHQ LQ GHP GULWWHQ ]LUFNHO JHJHEHQ ZLUGW IXUJHVFKULEHQ ZHUGHQ GLHVHOEHQ ODWHLQ VROOHQ GLH NQDEHQGHVDEHQWVOHUQHQVHOEVDEVFKUHLEHQLUHQHOWHUQDQKH\PVDXIVDJHQYQQGGHVDQGHUQPRU JHQVLQGHUVFKXOYRQLQZLGHUYPEHUIUDJWYQGYHUKRUWZHUGHQPLWEHVLFKWLJXQJLUHUKDQQGVFKULIW GHUVHOEHQODWHLQYQQGDXFKPLWYQGHUULFKWXQJJWWHEXFKVWDEHQ]HPDFKHQYQQGEHGVODWHLQYQG WHZWVFKVFKUHLEHQ]HOHUQHQ

'LH GHXWVFKH hEHUVHW]XQJ GLHQW DOV 6WW]H ]XP (UIDVVHQ GHV 6LQQV GHU ODWHLQLVFKHQ 9HUVH $XVZHQGLJ JHOHUQW DEJHVFKULHEHQ XQG GHQ (OWHUQ BBBBBBBBBBBBB  $XIGDVª.XOWXUJHIlOOH]ZLVFKHQ$XVJDQJVXQG=LHOVSUDFKH©DXIGHUVSUDFKOLFKHQ(EHQH bVWKHWLNXQG.RPPXQLNDWLRQ DOV*U|‰HLQGHUhEHUVHW]XQJYRP/DWHLQLVFKHQLQV'HXW VFKHLP-DKUKXQGHUWZHLVWKLQ,1*2 5(,))(167(,1=XUhEHUVHW]XQJVWKHRULHGHV XQG -DKUKXQGHUWV ,Q )HVWVFKULIW IU 6LHJIULHG *URVVH ]XP  *HEXUWVWDJ +J YRQ :(51(5 %(6&+ >XD@ *|SSLQJHQ  *|SSLQJHU $UEHLWHQ ]XU *HUPDQLVWLN   6 KLHU 6I ]X GHQ XQWHUVFKLHGOLFKHQ )XQNWLRQVW\SHQ GHXWVFKHU XQG ODWHLQL VFKHU)UKGUXFNHYJO/(,32/'9HUODJVSURJUDPP>ZLH$QP@6I  9RUXQGIUKUHIRUPDWRULVFKH6FKXORUGQXQJHQ>ZLH$QP@%G6  9JO ]XU 6WHOOH +(1.(/ 6FKXOWH[WH >ZLH $QP@ 6I PLW ZHLWHUHQ 6WHOOHQ $XI GLH 9HUELQGXQJYRQGHXWVFKHQ¿&DWR¾9HUVHQPLWGHUODWHLQLVFKHQ$XVOHJXQJGHV(UDVPXVYRQ

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



DXIJHVDJWZHUGHQVROOHQGLHODWHLQLVFKHQ9HUVH$OOHUGLQJVGLHQWGHUGHXW VFKH7H[WKLHUDXFKEHUHLWVGD]XGLH6FKUHLEIlKLJNHLWLQGHU9RONVVSUDFKH ]XEHQhEHUGDV3URFHGHUHYHUODXWHWGDEHLQLFKWV.RQNUHWHV 'LH(QWZLFNOXQJGHUYROOVWlQGLJHQhEHUVHW]XQJHQ DP%HLVSLHOYRQ¿'LVWLFKD&DWRQLV¾, ,P )ROJHQGHQ VROO SDUDGLJPDWLVFK DP 'LVWLFKRQ , GDV 9HUKlOWQLV GHV ODWHLQLVFKHQ 7H[WHV ]X HLQLJHQ WH[WJHVFKLFKWOLFKHQ =HXJHQ GHU 5H]HSWLRQ YRQ ¿*HVDPWEHUVHW]XQJ¾ XQG ¿6FKOHVLVFKHP &DWR¾ JH]HLJW ZHUGHQ 'LH /HEHQVUHJHOHUPDKQW]XP0D‰KDOWHQPLWGHP6FKODIGHQQVRGDUIPDQ HLQ ZRKOEHNDQQWHV $QDORJRQ ]LWLHUHQ 0‰LJJDQJ LVW DOOHU /DVWHU $Q IDQJ 3OXVYLJLODVHPSHUQHVRPQRGHGLWXVHVWR QDPGLXWXUQDTXLHVYLWLLVDOLPHQWDPLQLVWUDW

'HUODWHLQLVFKH7H[WLVWLQDOOHQHLQJHVHKHQHQ7H[W]HXJHQLGHQWLVFK,FK JHKH EHL GHU GHXWVFKHQ hEHUVHW]XQJ YRU QDFK GHU +LHUDUFKLH GHU +DQG VFKULIWHQ LP YRQ =$72þ,/ DXIJHVWHOOWHQ 6WHPPD 'DV LVW KLHU QLFKW DOV TXDOLWDWLYH:HUWXQJGHU7H[W]HXJHQRGHUDOV9HUVXFK]XYHUVWHKHQHLQHQ ª8U&DWR©]XUHNRQVWUXLHUHQ'DV6WHPPDLVWDOV$UEHLWVVWUXNWXU]XJUXQGH JHOHJW XP DQKDQG GHU 9HUlQGHUXQJHQ ]ZLVFKHQ GHQ +DQGVFKULIWHQ XQG +DQGVFKULIWHQJUXSSHQ HLQHQ %OLFN LQ GLH :HUNVWDWW GHV 5HGDNWRUV ª$E BBBBBBBBBBBBB 5RWWHUGDP EHLGHU LQKDOWOLFKHQ (UIDVVXQJGHXWHWHLQH 6WHOOH DXV GHU 1|UGOLQJHU 6FKXORUG QXQJ YRQ  KLQ YJO 9RU XQG IUKUHIRUPDWRULVFKHQ 6FKXORUGQXQJHQ >ZLH $QP@ %G6'DV*HERWGLH6FKOHUODWHLQLVFKH&DWR9HUVHPLWMUHQJHSUOLFKHQYHUWHXWVFKXQJHQ DXVZHQGLJ OHUQHQ ]X ODVVHQ ILQGHW VLFK LQ GHU 2UGQXQJ IU GLH 1|UGOLQJHU /DWHLQVFKXOH YRQYJOHEG6  ,Q GHU %LEHO ZLUGGDV 7KHPD LQ 3URY  DQJHVSURFKHQ QROL GLOLJHUH VRPQXP QH WH HJHVWDV RSSULPDWDSHULRFXORVWXRVHWVDWXUDUHSDQLEXV  QHFLQGHQNULWLVFKHQ$XVJDEHQ]XQHPLW,PSHUDWLY,,YJO -2+$11 %$37,67 +2)0$11 /DWHLQLVFKH*UDPPDWLN%G/DWHLQLVFKH6\QWD[XQG6WLOLVWLN0LWGHPDOOJHPHLQHQ7HLO GHU /DWHLQLVFKHQ *UDPPDWLN 1HXEHDUEHLWXQJ YRQ $1721 6=$179HU|IIHQWOLFKXQJHQGHV,QVWLWXWVIU'HXWVFKH 6SUDFKHXQG/LWHUDWXU@%G6ILQGHWVLFKDXI%OUYHLQH*UDPPDWLNPLW([SOL FLW ([SOLFLW 5HJXOD SHU PDQXV 9OULFL SLVWULF]HU RUGLQLV GRPLQRUXP 7KHXWRQLFRUXP IUDWUXP KRVSLWDOLV VDQFWH0DULHLKHURVROLPLWDQL 0LFKHOVWDGW1LFRODXV0DW]%LEOLRWKHN.LUFKHQELEOLRWKHN&RG '  DXVGHP%HVLW] YRQ 1LFRODXV 0DW] GHU VLH YHUPXWOLFK YRU  LQ :LHQDQOHJWH YJO67$8% 67$8%+DQGVFKULIWHQ>ZLH$QP@6 %HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ ²3UHX‰LVFKHU.XOWXUEHVLW]0VJHUPRFW REHUGHXWVFK *UD]8QLYHUVLWlWVELEOLRWKHN &RG %HQHGLNWLQHUVWLIW 6W /DPEUHFKW 6WHLHUPDUN GHU 7H[W VWHKW GHP ¿6FKOHVLVFKHQ &DWR¾LQGLUHNWQDKHGDHUXDJHZLVVHbKQOLFKNHLWHQ]XP7H[WGHV%HUOLQHU0VJHUPRFW  DXIZHLVW  'LH +DQGVFKULIW:LHQ gVWHUUHLFKLVFKH 1DWLRQDOELEOLRWKHN &RG  GLH HEHQIDOOV (OHPHQWH GHV ¿6FKOHVLVFKHQ &DWR¾ DXIZHLVW LVW LQ 3UHX‰HQ JHVFKULHEHQ XQG VWDPPW YLHOOHLFKW DXV GHP 'HXWVFKHQ 2UGHQ YJO 0(1+$5'7 9HU]HLFKQLV VR  %G  6 =XP 9HUKlOWQLV YRQ /DWHLQ XQG 'HXWVFK LP 'HXWVFKHQ 2UGHQ YJO +(5%(57 *581'0$11 'HXWVFKHV 6FKULIWWXP LP 'HXWVFKHQ 2UGHQ ,Q + *$XVJHZlKOWH $XI VlW]H6WXWWJDUW 0RQXPHQWD*HUPDQLDH+LVWRULFD6FKULIWHQ %G6EH VRQGHUV6II  =XUVFKZlELVFKHQ'LSKWKRQJLHUXQJD]XDXE]ZR]XDRYJO52%(57 3(7(5 (%(57>XD@)UKQHXKRFKGHXWVFKH*UDPPDWLN7ELQJHQ 6DPPOXQJNXU]HU*UDP PDWLNHQJHUPDQLVFKHU'LDOHNWH$ †/



7+20$6(+/(1

IXQJLHUHQ:DKUVFKHLQOLFKXQWHU5HLP]ZDQJZLUGGHU6RKQDXIJHIRUGHUW GHP6FKODIQXUHLQHQPD‰YROODQJHPHVVHQHQ=HLWUDXP]XNRQ]HGLHUHQ 'DVODVWHULVWDXVGHP]ZHLWHQ9HUVSDDUYHUVFKZXQGHQ(UKDOWHQVLQG GLHWUDJNDLWXQGPLWLKU]XVDPPHQGHU5HLPDXIHLWLQ9HUJlQ]WGXUFK GDV DOOJHPHLQH SRVKHLW GL ª6FKOHFKWLJNHLW©  GHVVHQ ª8UVDFKH© VDFK  GLH 7UlJKHLW LVW 'LH GLFKWHULVFKH )RUPXQJ GHV ODWHLQLVFKHQ 7H[WHV GDV %LOG YRQGHU5XKHGLHGHP/DVWHU1DKUXQJELHWHWLVW]XJXQVWHQHLQHUVDFKOL FKHQ)RUPXOLHUXQJDXIJHJHEHQGLHGHQVLPSOHQ'UHLVFKULWW5XKH²7UlJ KHLW ² 6FKOHFKWLJNHLW ZDUQHQG YRU $XJHQ IKUW ,Q VLJQLILNDQWHP 8QWHU VFKLHG]XU+DQGVFKULIW&RGGHUgVWHUUHLFKLVFKHQ1DWLRQDOELEOLRWKHN :LHQLVWLP6WXWWJDUWHU$([HPSODUGHUODWHLQLVFKH7H[WQXUQRFKLQKDOW OLFKQLFKWPHKUVSUDFKOLFKSUlVHQW(LQ]LJGLH3URSRUWLRQGHVODWHLQL VFKHQ'LVWLFKRQVLVWIRUPDOQLFKWQXUJHZDKUWVRQGHUQZLHGHUKHUJHVWHOOW $OOHUGLQJVEHGXUIWHGHU5HGDNWRUGDIUQLFKWGHUODWHLQLVFKHQ9RUODJHLP GHXWVFKHQ 7H[W ELOGHW GLH *HJHQEHUVWHOOXQJ YRQ HUVWHP XQG ]ZHLWHP 5HLPSDDU PLW GLUHNWHU $XIIRUGHUXQJ XQG DOOJHPHLQHU 6SUXFKZHLVKHLW RIW HEHQVRGLH*UXQGVWUXNWXU (V VHLHQ QRFK ]ZHL %HLVSLHOH DXV GHU ZHLWHUHQ 7UDGLWLRQ QDFK $ JH ]HLJWGLHGDV)RUWOHEHQGLHVHU7H[WNODVVHLOOXVWULHUHQ 5HFKW HLJHQVWlQGLJ LP ]ZHLWHQ 9HUVSDDU ]HLJW VLFK GHU 5HGDNWRU GHU )DVVXQJLQGHU+DQGVFKULIW%HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ3UHX‰LVFKHU .XOWXUEHVLW]0VJHUPRFW -DKUKXQGHUW GLH=$72þ,/DOV=HX JHQHLQHUZHLWHUHQVLFKDXV$DEOHLWHQGHQ7H[WJUXSSHGUXFNW 'ZVROWQLFKVODIIHQDOF]XYLO JLEGHLQHPVORIIHLQPHVVLJF]LO YEULJVODIIHQJLEHWF]ZDU GDVPDQFKODVWHUQLPSWVHLQZDU

'HU5HGDNWRULVWDXJHQVFKHLQOLFKLP]ZHLWHQ7HLOXPHLQZHQLJGLFKWHUL VFKH )RUPXQJ EHPKW 'DV QHX EHPKWH ODVWHU ZLUG GXUFK 3HUVRQLIL]LH UXQJ ]XP DJLHUHQGHQ 6XEMHNW GDV GLH *HOHJHQKHLW GHQ 6RKQ VFKODIHQG YRU]XILQGHQLQEHOVWHU1LHGHUWUlFKWLJNHLWDXVQXW]HQZUGH (LQH DQGHUH ELVODQJ QLFKW KHUDQJH]RJHQH +DQGVFKULIW GHU &RG GHU8%*UD]LQGHQHU-DKUHQJHVFKULHEHQXQGDXVGHPVWHLULVFKHQ %HQHGLNWLQHUVWLIW6W/DPEUHFKWVWDPPHQG]HLJWGDJHJHQDQGLHVHU6WHOOH GHQ1RUPDOIDOOGHU6FKUHLEHUWlWLJNHLW BBBBBBBBBBBBB  ]LONDQQPLWWHOKRFKGHXWVFKQLFKWQXUIUGHQ(QGSXQNWHLQHU(UVWUHFNXQJVWHKHQVRQGHUQ DXFK IU GLH DEJHJUHQ]WH (UVWUHFNXQJ VHOEVW LQ 5DXP XQG =HLW YJO EHVRQGHUV *5,00 'HXWVFKHV:|UWHUEXFK>ZLH$QP@%G6S> ª=LHO,, ]HLWOLFK ©F@/(;(5 +DQGZ|UWHUEXFK>ZLH$QP@%G6SI  'LH+DQGVFKULIWZHLVW(OHPHQWHGHU$7UDGLWLRQVRZLHYRQ=$51&.(Vª*UXSSH©DXILQ GHUHQ =HQWUXP GHU &RG  GHU gVWHUUHLFKLVFKHQ 1DWLRQDOELEOLRWKHN :LHQ VWHKW DOOHU GLQJVUH]LSLHUWVLHGLHVH7UDGLWLRQQXUPLWWHOEDUHWZDEHUHLQHQ7H[W]HXJHQYHUJOHLFKEDU GHP%HUOLQHU0VJHUPRFW

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



ZDFKYQGVFKODIIQLFKW]ZYLO JLEGHLQHPVFKODIIPVVLJH]LOO ZDQQYLOVFKODIIHQPDFKWWUlJKD\W YQGLVWHLQVDFKYLODQGHUSRVKD\W

+LHUDUWLNXOLHUHQVLFKLP9HUJOHLFKPLWGHU6WXWWJDUWHU+DQGVFKULIWOHGLJ OLFK GLH 0LQLPDOYDULDQWHQ'LH $XIQDKPH YRQYQG VWDWW JHUQH LQ 9 YHU NRPSOL]LHUWGLH(UIDVVXQJGDVLFKHLQLQKDOWOLFKVLQQYROOHU6DW]QXUGDQQ HUJLEW ZHQQ GLH $GYHUELDOJUXSSH DP (QGH QXU DXIVFKODII EH]RJHQ ZLUG ZDFKDOVRHLQHQ(LQZRUWVDW]ELOGHWGHUGXUFKYQGPLWGHP)ROJHQGHQSDUD WDNWLVFKYHUNQSIWZLUG 6HKUHLJHQVWlQGLJLVWGHU7H[WGHU+DQGVFKULIW0LFKHOVWDGW1LFRODXV 0DW]%LEOLRWKHN.LUFKHQELEOLRWKHN &RG '  GLH RIIHQEDU DXFK DXI GHQ¿6FKOHVLVFKHQ&DWR¾]XUFNJUHLIWGHQ7H[WMHGRFKDPSOLIL]LHUW $XFKGHVWHUPHUVROWGXZDFKHQ]XDOOHUIULVW GDVGXGHPVFKO!RIIQLWJHIDQJHQJHEHQVLHVW :DQ\HGH]VFKORIIHVODQJHQUXR>+VZR@ GHQODVWHUQUDLFKHWQRUXQJ]X

1HEHQGHU+DQGVFKULIW&RGGHUgVWHUUHLFKLVFKHQ1DWLRQDOELEOLRWKHN :LHQ GLH HEHQIDOOV GLH 5H]HSWLRQ GHV ¿6FKOHVLVFKHQ &DWR¾ ]HLJW LVW GLHVH GLH HLQ]LJH GLH LP ]ZHLWHQ 9HUV HEHQIDOOV HLQHQ )LQDOLV DXVELOGHW $XFK VRQVW]HLJWVLHZLHGHU:LHQHU&RGH[HLQHGHXWOLFKH2ULHQWLHUXQJDPOD WHLQLVFKHQ$XVJDQJVWH[WUH]LSLHUWEHUGHQ¿6FKOHVLVFKHQ&DWR¾3OXVYLJLOD LVW GXUFK PHU VROWGX ZDFKHQ ZLHGHUJHJHEHQ ZREHL GHU ODWHLQLVFKH ,PSHUD WLY,GXUFKHLQ0RGDOYHUEYHUWUHWHQZLUG GDVGXGHPVFKORIIQLWJHIDQJHQJH EHQVLHVWDKPWVLFKWEDUGLHODWHLQLVFKH:HQGXQJQHVRPQRGHGLWXVHVWRQDFK GH GHUHKDWGLH%HGHXWXQJªLQMHPDQGHV*HZDOWEHUJHEHQDXVOLHIHUQSUHLVJH EHQ© ZHVZHJHQ PLW JHIDQJHQ JHEHQ GLH /H[LN GHU 9RUODJH GHXWOLFK HUIDVVW ZLUG GHXWHWGDEHLDEHUGDVQHGHVODWHLQLVFKHQ'LVWLFKRQVDOV.RQMXQNWL RQQLFKWDOV$GYHUE'HUGULWWH9HUVHUJlQ]WGLHTXLHVGLXWXUQDZRKODXV *UQGHQGHU)OOXQJGXUFKGDV*HQLWLY$WWULEXWVFKORIIHV,Q9VFKOLH‰ OLFKQLPPWGLH0LFKHOVWlGWHU+DQGVFKULIWDOVHLQ]LJHPLUELVODQJEHNDQQWH GHXWVFKH)DVVXQJGDVODWHLQLVFKH%LOGGHUDOLPHQWDGHUª1DKUXQJ©DXIGLH GHUEHUODQJH6FKODIGHQ/DVWHUQELHWHW 'DVKLHUSDUDGLJPDWLVFKYRUJHIKUWH0DWHULDO]HLJWGDVVLQGHU*HQH VH GHU ¿*HVDPWEHUVHW]XQJ¾ GHV GHXWVFKHQ ¿&DWR¾ 9HUlQGHUXQJHQ XQG 1HXIDVVXQJHQLKUHQ8UVSUXQJLQGHU5HJHODXVGHPVSUDFKOLFKHQ6XEVWUDW GHU 9RONVVSUDFKH QHKPHQ 'DV JLOW DXFK GRUW ZR (OHPHQWH GHU ODWHLQL VFKHQ 6\QWD[ VHNXQGlU EHU 9RUODJHQ ZLH GHQ GHXWVFKHQ ¿6FKOHVLVFKHQ BBBBBBBBBBBBB  (V VWHOOW VLFK GDUEHU KLQDXVGLH )UDJH REDXFK KLHUHLQH UHLKHQGH 9HUNQSIXQJ PLW GHP 9RUDQJHKHQGHQ KHUVWHOOHQ VROO RGHU LQ GLH .RPSDUDWLRQVJUXSSH JHK|UW YJO / (;(5 +DQGZ|UWHUEXFK>ZLH$QP@%G6SI  9JOREHQ6



7+20$6(+/(1

&DWR¾UH]LSLHUWZHUGHQ'DV0DUNXV=LWDWGDVVLFK]XHUVWLP¿6FKOHVLVFKHQ &DWR¾ ILQGHW LVW LQKDOWOLFK $XVZHLV GHU ODWHLQLVFKHQ 7UDGLWLRQ VSUDFKOLFK MHGRFK GHU =LHOVSUDFKH XQG GHU GLGDNWLVFKHQ .RPPXQLNDWLRQVVLWXDWLRQ GHU 9DWHU6RKQ%HOHKUXQJ DQJHSDVVW (LQ]LJ GLH :LHGHUJDEH GHV %LOGHV YRQGHQDOLPHQWDLPYLHUWHQ9HUVGHU0LFKHOVWlGWHU+DQGVFKULIWGHXWHWDXI HLQHQXQPLWWHOEDUHQ5FNYHUJOHLFKDQGHUODWHLQLVFKHQ)DVVXQJKLQ$OOHU GLQJVNDQQVLFKGLHVH$QQDKPHQXUDXIGDV)HKOHQHLQHUZHLWHUHQ+DQG VFKULIW VWW]HQ GLH GLHVHV 3KlQRPHQ DXIZLHVH (V LVW GXUFKDXV GHQNEDU GDVV1LFRODXV0DW]EHLP$QIHUWLJHQVHLQHU¿&DWR¾$EVFKULIWDXIHLQHXQV QLFKW EHNDQQWH GHXWVFKVSUDFKLJH 9RUODJH ]XUFNJUHLIHQ NRQQWH GLH GDV %LOG GHV ODWHLQLVFKHQ 7H[WHV DXIJHQRPPHQ KDWWH 'DPLW YHUVFK|EH VLFK GLH)UDJHQDFKGHU2ULHQWLHUXQJDQ=LHORGHU$XVJDQJVVSUDFKHJHZLVVHU PD‰HQ HLQH 7H[WJHQHUDWLRQ ZHLWHU QDFK KLQWHQ 'DV 6SLHO OLH‰H VLFK PLW DXVUHLFKHQGHU *HGXOG DG DEVXUGXP IKUHQ $XI %DVLV GHU hEHUOLHIHUXQJ OlVVWVLFKOHGLJOLFKIHVWKDOWHQGDVVGHU¿6FKOHVLVFKH&DWR¾LQGHP=XVWDQG ZLHLKQGDV06$UXQGHOGHU%ULWLVK/LEUDU\LQ/RQGRQEHUOLHIHUWDQ GLHVHU6WHOOHDXVJDQJVVSUDFKOLFKH(OHPHQWHDXIZHLVWGLHLQGLH]LHOVSUDFK OLFKH7H[WWUDGLWLRQHLQJHKHQXQGRIIHQEDUQLFKWDOV)UHPGN|USHUEHJULIIHQ ZHUGHQ6RJHVHKHQZHUGHQVLH(OHPHQWGHU=LHOVSUDFKH ([NXUV=XHLQHP'HWDLOGHU%HDUEHLWXQJVSUD[LV LP0LFKHOVWlGWHU7H[W]HXJHQ 'LHGHXWVFKH¿&DWR¾hEHUOLHIHUXQJLP&RG'GHU0LFKHOVWlGWHU1LFR ODXV0DW]%LEOLRWKHN VROO KLHU DXIJUXQG LKUHU VWHOOHQZHLVH VHKU HLJHQVWlQ GLJHQ%HDUEHLWXQJVSUD[LVXQGDXFKZHJHQGHUWH[WJHVFKLFKWOLFKSRO\YDOHQ WHQ 6WHOOXQJ QRFK IU ]ZHL DQGHUH 'LVWLFKHQ NXU] LQV /LFKW JHUFNW ZHUGHQ 6LH ELHWHW HLQHQ 7H[W GHU JHQHWLVFK (OHPHQWH GHV ¿6FKOHVLVFKHQ &DWR¾YHUPLWWHOWEHUHLQHEHUHLWVLKUHUVHLWVNRQWDPLQLHUWH4XHOOH lKQOLFK HWZD GHP &RG  GHU gVWHUUHLFKLVFKHQ 1DWLRQDOELEOLRWKHN :LHQ  XQG GHU0LVFKWH[WHYRQGHU$UWGHU+DQGVFKULIWHQ:LHQgVWHUUHLFKLVFKH1D WLRQDOELEOLRWKHN&RGXQG%HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ²3UHX ‰LVFKHU .XOWXUEHVLW] 0V JHUP RFW  YHUHLQW (U VWHKW DQ YLHOHQ 6WHOOHQ ² DXFK GHQ EHLGHQ LP )ROJHQGHQ GLVNXWLHUWHQ ² GHU JHQDQQWHQ %HUOLQHU+DQGVFKULIWVHKUQDKHGLHVHDEHUUHLFKWDQGHUHUVHLWVEHLZHLWHP QLFKWDXVXPDXVUHLFKHQGWH[WJHQHWLVFKYHUJOHLFKEDUHV0DWHULDO]XJHZLQ QHQ +LHU VROO DEHU NXU] GLH (LJHQVWlQGLJNHLW GHV %HDUEHLWHUV LP 0LWWHO

BBBBBBBBBBBBB  9JOGD]XREHQ$QP

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



SXQNW VWHKHQ 'DV 'LVWLFKRQ , ODXWHW LP 0LFKHOVWlGWHU 7H[W]HXJHQ ZLH IROJW 'XVROWVLQKHUWYQGOLQG $O‰VLFKGDQGLQVDFKILQG 'HUZLVVHZDQGHOWVLQVLWWHQYQGVLQG> VLQQHª*HVLQQXQJHQ©@ ,QPDQFKHUOD\]LWWHQZRORQILQG>ZRKO]XVLQGª6QGH©]XNRUULJLHUHQ@

,QGHUDQGLHVHU6WHOOHGHP0LFKHOVWlGWHU7H[W]XQlFKVWVWHKHQGHQVWHP PDWRORJLVFKZRKOIUKHUHQ%HUOLQHU+DQGVFKULIWKHL‰WHV 'RUQDFKVLFKKDQG\GLQJHGHLQ VROWXVWHWHXQGVHQIWHVHLQ DOVRPDJH\QZH\VHUPDQ S\OOLFKF]ZH\HUOH\VLWHQKDQ

'HU¿6FKOHVLVFKH&DWR¾ELHWHWIROJHQGHQ7H[W 'XVDOWVWHWHYQGHVHQIIWHOHELQ :\G\GLQJNNH\QGLUVWUH\ELQ :HQQH]FXF]HLWHQH\QZH\VHUPDQ 6H\QHVHWKHQDQHVXQGHZDQGLOQNDQ

:lKUHQG GLH %HUOLQHU +DQGVFKULIW GRUW 9  GHQ ¿6FKOHVLVFKHQ &DWR¾ 9  UHSUlVHQWLHUW GHU VHLQHUVHLWV QDKH DP ODWHLQLVFKHQ 7H[W GHU $ +DQGVFKULIWHQVWHKWZLUGGXUFKGDV0LFKHOVWlGWHUKHUWYQGOLQGGHU*HJHQ VDW]GHVODWHLQLVFKHQFRQVWDQVHWOHQLVLP6LQQHHLQHUDGYHUVDWLYHQ=XVSLW]XQJ QRFKIRUFLHUW'LHODWHLQLVFKH:HQGXQJXWUHVH[SRVWXODWLVWLQEHLGHQ+DQG VFKULIWHQ DXI lKQOLFKH :HLVH ZLHGHUJHJHEHQ EHLGH JHKHQ YHUPXWOLFK DXI GLH:HQGXQJGHV]ZHLWHQ9HUVHVLP¿6FKOHVLVFKHQ&DWR¾]XUFNGLHVLH UHLPWHFKQLVFKXQGOH[LNDOLVFKYHUHLQIDFKHQ 'LH :LHGHUJDEH GHV ]ZHLWHQ ODWHLQLVFKHQ 9HUVHV ZLUG YDULLHUW 'HU ¿6FKOHVLVFKH&DWR¾QLPPWLQGHU:HQGXQJDQHVXQGHGDVVLQHFULPLQHDXI'LH %HUOLQHU+DQGVFKULIWOlVVWGLHVHV(OHPHQWZHJIKUWDEHUPLWGHQF]ZH\HUOH\ VLWHQ HLQH .RQNUHWLRQ GHU 3KlQRW\SLN HLQ 'HU :DQGHO GHU (LQVWHOOXQJ ZLUGKLHUYHUlX‰HUOLFKWLP%LOGHLQHV0HQVFKHQGHUJHVWHUQQRFKHLQEH VWLPPWHV9HUKDOWHQE]ZHLQHhEHU]HXJXQJDQGHQ7DJOHJWHGDVHUKHXWH ]XJXQVWHQHLQHVDQGHUHQ$XIWUHWHQVE]ZHLQHVYHUlQGHUWHQ(LQWUHWHQVIU BBBBBBBBBBBBB  'DVODWHLQLVFKH'LVWLFKRQODXWHWLP$7H[W&RQVWDQVHWOHQLVXWUHVH[SRVWXODWHVWR7HPSRULEXV PRUHVVDSLHQVVLQHFULPLQHPXWDW  'DVDQGHUHVLFKP|JOLFKHUZHLVHDXIGUlQJHQGH5HLPZRUWª)LQWH©ZLUGHUVWLP-DKUKXQ GHUW DXV LWDO ILQWD LQV 'HXWVFKH HQWOHKQW YJO *5,00 'HXWVFKHV :|UWHUEXFK >ZLH $QP@%G6S  'HU7H[WGLHVHU+DQGVFKULIWNRPPWGHP¿6FKOHVLVFKHQ&DWR¾UHFKWQDKHDOOHUGLQJVVWHKHQ VLFK GLH 9HUVH I EHU 5HLP XQG 9RNDEXODU LQ DOOHQ 7H[WHQ VHLW GHP =ZHWWOHU &RG  YHUGlFKWLJ QDKH 0|JOLFKHUZHLVH VLQG KLHU ¿*HVDPWEHUVHW]XQJ¾ XQG ¿6FKOHVLVFKHU &DWR¾ VFKRQIUKNRQWDPLQLHUW  'RUW LVW GLH 5HGH YRP GLQJ ZlKUHQG GLH ¿*HVDPWEHUVHW]XQJ¾ GLH =HLW WKHPDWLVLHUW YJO =ZHWWO6WLIWVELEOLRWKHN&RGZLVVHPIWHKDEHVWHWLFKHLWDOVGLUGLY]HLWJHVHLW



7+20$6(+/(1

VHLQH hEHU]HXJXQJHQ DXIJHJHEHQ KDW 'DV F]ZH\HUOH\ LPSOL]LHUW GLH QDFK DX‰HQDOVDQIHFKWEDUHUVFKHLQHQGH$PELYDOHQ]VROFKHQ9HUKDOWHQVF]ZH\ HUOH\ VLWHQ P|JHQ PDQFKHPHUVFKHLQHQ DOV GDV)HKOHQ HLQHU YHUELQGOLFKHQ PRUDOLVFKHQhEHU]HXJXQJ 'HU0LFKHOVWlGWHU7H[WQLPPWLQZRORQ‚ILQG GDVLFK]XVLQGlQGHUQ P|FKWH GDVODWHLQLVFKHVLQHFULPLQHZLHGHUDXIXQGGDPLWDXFKGLHH[NXOSD WRULVFKH)HVWVWHOOXQJH[DXFWRULWDWH&DWRQLVGHU:DQGHOYRQ9HUKDOWHQXQG 0HLQXQJVHLEHLP:HLVHQQLFKW$XVZHLVIHKOHQGHUPRUDOLVFKHU%HVWlQGLJ NHLWVRQGHUQ$XVGUXFNVLWXDWLRQVJHUHFKWHQ+DQGHOQVXQGGDPLWGHUYHU EHVVHUWHQHWKLVFKHQ.RPSHWHQ]6SUDFKOLFKLQWHUHVVDQWHULVWGLH:HQGXQJ LQPDQFKHUOH\]LWWHQ6LHJHKWLQLKUHU(QWVWHKXQJYHUPXWOLFKGDUDXI]XUFN GDVV PDQFKHUOH\ JHJHQEHU F]ZH\HUOH\ HEHQVR GLH NODQJOLFKH 0DWUL[ EHZDKUW ZLH ]LWWHQ JHJHQEHU VLWHQ 'XUFK GLH YHUlQGHUQGH $XVGUXFNVZHLVH GHV 0LFKHOVWlGWHU %HDUEHLWHUV ZDU GHU 6LWWHQZDQGHO EHUHLWV LQ 9 LQ HLQHU RIIHQEDU ZLHGHU VWlUNHU DP ¿6FKOHVLVFKHQ &DWR¾ GRUW 9  RULHQWLHUWHQ :HQGXQJDEJHKDQGHOWZRUGHQ'LHEHLGHQ.ODQJIROJHQHUOH\XQGLWHQGHU %HUOLQHU +DQGVFKULIW ZDUHQ GDPLW VR]XVDJHQ LQKDOWOLFK XQG VHPDQWLVFK ªIUHL© JHZRUGHQ 'LH 1HXELOGXQJ PDQFKHUOH\ ]LWWHQ HUKlOW GDV IRUPDO VSUDFKOLFKH(OHPHQWGHUEHLGHQ5HLPHGDVGXUFKGLHYHUlQGHUWH/H[LNPLW DQGHUHP,QKDOWJHIOOWZLUG (LQ]ZHLWHV%HLVSLHOVROOGLHVH9RUJHKHQVZHLVHQRFKLOOXVWULHUHQ'DV 'LVWLFKRQ,LQGHU0LFKHOVWlGWHU+DQGVFKULIWJHKWHUNHQQEDUDXIHLQHQ 7H[W]XUFNGHUGHPGHU%HUOLQHU+DQGVFKULIWYHUJOHLFKEDULVW 0LFKHOVWDGW1LFRODXV0DW]%LEOLRWKHN&RG' 'XVROWQLWJHZL‰XHUKD\VHQGD]JODEPLU $LQGLQFNGD]YRQDQGHUQLVWXHUKD\VHQGLU GHUJODXEKRWDLQNRUF]HV]LO ZDQGYLOOXWJHUHGHQWYLO %HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ²3UHX‰LVFKHU.XOWXUEHVLW]0VJHUPRFW *HODXEHQLFKWIXUZDUZDVPDQGLU KDWYRUJHOREHWGDVLVWPHLQOHU WUHZKDWRIIWHNXUF]HVF]LO ZDQQYLOOHZWHUHGHQYLO

+LHURSHULHUW²LQYHUVFKLHGHQHP9RNDOLVPXV²GLH%HUOLQHU+DQGVFKULIW LQ 9I ]ZHLPDO PLW GHP 9HUEJHOREHQ QHXKRFKGHXWVFK ªHWZDV YHUVSUH FKHQ© 'HU0LFKHOVWlGWHU&RGH[HUVHW]WGDV:RUWLQEHLGHQ)lOOHQGXUFK XHUKD\VHQ'DVJHOREHQJHODXEHQLVWDOVVSUDFKOLFKIRUPDOHV(OHPHQWGDGXUFK IUHLJHZRUGHQ'HU%HDUEHLWHUNRQWH[WXDOLVLHUWHVQHXLQGHPHUGDV6XE BBBBBBBBBBBBB  =XGHQSRWHQWLHOOHQ9HUEUHLWXQJVJHELHWHQYRQDPLWWHOKRFKGHXWVFKRXYJO3$8/ 0LWWHOKRFKGHXWVFKH *UDPPDWLN >ZLH $QP@ †/  (%(57 )UKQHXKRFKGHXWVFKH *UDPPDWLN>ZLH$QP@†/

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



VWDQWLYJODXE]XP+RPRQ\PJHODXEHQ QHXKRFKGHXWVFKªJODXEHQ© HLQVHW]W 6RPLW EOHLEW GDV VRQDQWLVFKH (OHPHQW HUKDOWHQ DOOHUGLQJV LQ YHUlQGHUWHU 6WHOOXQJ ZlKUHQGGLH:RUWVHPDQWLNVLFKYHUlQGHUWKDW $Q GLHVHP NOHLQHQ 'HWDLO ZLUG GLH (LJHQG\QDPLN GHXWOLFK GHU GHU YRONVVSUDFKLJH7H[WQDFKGHPhEHUVHW]XQJVYRUJDQJXQWHUOLHJW,QEHLGHQ )lOOHQ GRNXPHQWLHUW GHU (UKDOW GHU .ODQJIROJHQ GDVV IRUPDOH (OHPHQWH GHV'HXWVFKHQLQGHU7H[WJHVFKLFKWHGHVGHXWVFKHQ¿&DWR¾HLQHWH[WJHVWDO WHULVFKH )XQNWLRQ MHQVHLWV GHV ODWHLQLVFKHQ 7H[WHV XQG DXFK MHQVHLWV GHV hEHUVHW]XQJVYRUJDQJHVEHUQHKPHQ6LHVLQGDXVGHQVSUDFKOLFKHQ0|J OLFKNHLWHQ GHV 'HXWVFKHQ JHZRQQHQ XQG VWHOOHQ HLQ (OHPHQW ELQQHQ VSUDFKOLFKHUOLWHUDULVFKHU*HVWDOWXQJGDU :DVOHLVWHWGHU7UDQVIHU" 'HU$QVDW]HLQHQ7H[WZLHGLH¿'LVWLFKD&DWRQLV¾YROOVWlQGLJXQGLQHLQHU )RUPGLHYRQGHUODWHLQLVFKHQ9RUODJHXQDEKlQJLJUH]LSLHUWZHUGHQNDQQ LQ GLH 9RONVVSUDFKH ]X EHUVHW]HQ ]HXJW EHUHLWV LP )DOOH GHU ¿*HVDPW EHUVHW]XQJ¾ YRQ HLQHP 9HUWUDXHQ LQ GLH /HLVWXQJVIlKLJNHLW GHV 'HXW VFKHQ GDV HUVW QDFK GHUHQ $XIZHLV GXUFK GLH K|ILVFKH (SLN XQG GLH YRUDQJHJDQJHQH5HLPSDDUOHKUGLFKWXQJP|JOLFKJHZRUGHQLVW$XFKZHQQ GHXWVFKHUXQGODWHLQLVFKHU7H[WSHUPDQHQWXQGPHLVWLQ6FKXOKDQGVFKULI WHQ]XVDPPHQEHUOLHIHUWVLQGZUGHGHUUHLQH6FKXOJHEUDXFKNHLQH OLWH UDULVFK  DXVJHIRUPWH hEHUVHW]XQJ YRP 7\SXV GHU ¿*HVDPWEHUVHW]XQJ¾ QDKH OHJHQ VRQGHUQ HLJHQWOLFK HKHU JORVVLHUHQGH (UOlXWHUXQJHQ RGHU GLH :RUWIU:RUWhEHUVHW]XQJHQ6ROFKH'DUVWHOOXQJVW\SHQHUKDOWHQVLFKLQ JHZLVVHU:HLVHLQHLQVSUDFKLJHU)RUPLPODWHLQLVFKHQ*ORVVLHUHQXQGLP VDW]XQGSKUDVHQEH]RJHQHQODWHLQLVFKHQ.RPPHQWDU 'LH¿*HVDPWEHUVHW]XQJ¾LVWHUVWGDQQP|JOLFKZHQQHLQUHLQYRONV VSUDFKLJHV 3XEOLNXP GHP HV QLFKW XP /DWHLQHUZHUE VRQGHUQ XP GLH $QHLJQXQJODWHLQLVFKHQ.XOWXUJXWHVJHKW]XPLQGHVWGHQNEDULVW'HUGHP GHXWVFKHQ 7H[W HLQJHVFKULHEHQH 5H]LSLHQW LVW VR SDUDGR[ GDV DQJHVLFKWV GHUPHLVW]ZHLVSUDFKLJHQhEHUOLHIHUXQJNOLQJHQPDJGHUQLFKWODWHLQNXQ GLJH/DLHGKLP-DKUKXQGHUWGHUODLHQDGOLJHK|ILVFKH+|UHUGHVVHQ NXOWXUHOOH $QHLJQXQJVZQVFKH VLFK DXFK DXI GLH VSlWDQWLNH (WKLN ULFKWH WHQRKQHGDVVHUGHVZHJHQ6FKUHLEHQXQG/HVHQRGHU/DWHLQOHUQHQZROO WH 'LH ODLNDOYRONVVSUDFKLJH /LWHUDWXU NRQVWLWXLHUW HLQ HPDQ]LSLHUWHV BBBBBBBBBBBBB  ,QWHUHVVDQW LVW GDVV LQ YLHO VSlWHUHU =HLW +HLQULFK 6WHLQK|ZHO VHLQH hEHUVHW]XQJHQ XD GDPLWEHJUQGHWGDVGLHWHXWVFKHQGHUODWLQHYQNQQHQGV|OOLFKHU>VFPRUDOLVFKHU7K(@JXWKH\W DXFKQLWZlUHQEHURXEHW 9RUUHGH]XUhEHUVHW]XQJGHV¿6SHFXOXPKXPDQDHYLWDH¾GHV5RGHUL FXVGH$UHYDORYROOHQGHWXQGJHGUXFNW GDPLWJHKWVHLQH$EOHKQXQJGHU 9HU



7+20$6(+/(1

6HOEVWEHZXVVWVHLQ GDV GHP NLUFKOLFKODWHLQLVFKHQ 'LVNXUV VHLQHQ $Q VSUXFKDXI$OOHLQEHVLW]DQGHU7UDGLWLRQVWUHLWLJPDFKW$OVhEHUVHW]XQJV 'LFKWXQJGLHXQWHUGHQ3UlPLVVHQHLQHUHLJHQHQ)RUPWUDGLWLRQXQGODLND OHU (WKLN HQWVWDQGHQ LVW ILQGHW GLH ¿*HVDPWEHUVHW]XQJ¾ GDQQ ZLHGHUXP (LQJDQJLQGLH+DQGVFKULIWHQGHU/DWHLQVFKXOH1LFKWDX‰HU$FKWODVVHQ GDUIPDQDOOHUGLQJVLQGLHVHP=XVDPPHQKDQJGDVVGLH9HUPLWWOHU'LFK WHUhEHUVHW]HU ZLH 6FKXOOHKUHU ]XPLQGHVW QRFK LP  -DKUKXQGHUW LKU :LVVHQDXVGHPODWHLQLVFKNLUFKOLFKHQ'LVNXUVEH]LHKHQ6LHYHUIJHQEHU GLH 6FKULIWIlKLJNHLW XQG =ZHLVSUDFKLJNHLW GLH GHQ ODLNDOHQ 5H]LSLHQWHQ IHKOHQ 'LH (PDQ]LSDWLRQ GHU HLQVSUDFKLJHQ /DLHQNXOWXU NDQQ VLFK DOVR QXU YROO]LHKHQ GXUFK GHQ :LVVHQVWUDQVIHU GHQ GLH 9HUPLWWOXQJVWlWLJNHLW OLWWHUDWHU FOHULFL OHLVWHW 1,.2/$86 +(1.(/ KDW GDUDXI KLQJHZLHVHQ GDVV QDPHQWOLFKGLH+DQGVFKULIWHQPLW]ZHLVSUDFKLJHUhEHUOLHIHUXQJXQGODWHL QLVFKVFKXOPl‰LJHU$XVVWDWWXQJLPNRQNUHWHQ)DOODQGHUhEHUJDQJVVWHOOH VWHKHQ ª'HU JHUHLPWH GHXWVFKH 7H[W N|QQWH >«@ HLQH 9HUPLWWOXQJVIXQNWLRQ JHKDEW KD EHQ ]ZLVFKHQ GHP H[NOXVLYHQ %LOGXQJVEHUHLFK GHU /DWHLQNXQGLJHQ GHU VLFK LQ GHU ODWHLQLVFKHQ $XVVWDWWXQJ GHU +DQGVFKULIW .RPPHQWDU *ORVVHQ  GRNXPHQ WLHUWXQGGHPDP:LVVHQLQWHUHVVLHUWHQ,OOLWWHUDWXV'XUFKGLH5HLPSDDUhEHUVHW ]XQJHQ N|QQHQ MHW]W WUDGLWLRQHOOH %LOGXQJVLQKDOWH GHU 6FKXOH GLH ELVODQJ QXU GHPMHQLJHQ ]XJlQJOLFK ZDUHQ GHU GDV /DWHLQLVFKH EHKHUUVFKWH QHXH :LUNXQJV NUHLVHILQGHQ©

'HUGHXWVFKH¿&DWR¾QLPPWVHLQHQVSUDFKOLFKHQXQGSRHWRORJLVFKHQ$XV JDQJVSXQNW QLFKW LQ GHU :HOW GHU ODWHLQLVFKHQ 'LVNXUVH VRQGHUQ LQ GHU YRONVVSUDFKLJHQ/LWHUDWXUGLHIUGHQKLHUUHOHYDQWHQ%HUHLFKLKUH$QIlQ JH LQ 6SUFKHQ XQG 3URYHUELHQ LQ 5HLPSDDUOHKUGLFKWXQJHQ JHLVWOLFKHQ .OHLQZHUNHQ XQG LQ GHQ (SHQEHUVHW]XQJHQ DXV GHP /DWHLQLVFKHQ XQG )UDQ]|VLVFKHQKDWWHXQGVLFKDQGHQOLWHUDULVFKHQ%HGUIQLVVHQGHV/DLHQ DGHOV XQG GHU VLFK QHX KHUDXVELOGHQGHQ 0LQLVWHULDOLWlW GHV  -DKUKXQ GHUWVRULHQWLHUWH1DWUOLFKEOHLEWGDV/DWHLQLVFKHHEHQVRZHQLJDXVJHEOHQ GHWZLHGLH5ROOHJHLVWOLFKJHELOGHWHU9HUIDVVHUhEHUVHW]HUQXUPXVVPDQ JHUDGHGHUHQ7lWLJNHLWVRDXIIDVVHQGDVVVLHLKUH.RPSHWHQ]QLFKWLQGHQ 'LHQVWGHV'LVNXUVHVVWHOOHQLQGHPVLHLKUH%LOGXQJHUKDOWHQKDEHQVRQ BBBBBBBBBBBBB EXPGHYHUERhEHUVHW]XQJ YRP 7\S GHU :HUNH GHV 1LNRODXV YRQ :\OH HLQKHU =LWDW XQG $QJDEHQQDFK-2$&+,062+1)UKXPDQLVPXV>ZLH$QP@6   ,PlOWHVWHQHUKDOWHQHQ7H[W]HXJHQGHU¿*HVDPWEHUVHW]XQJ¾ =ZHWWO6WLIWVELEOLRWKHN&RG  IHKOHQVFKXOPl‰LJH(OHPHQWH *ORVVHQ:RUWIROJHEH]LIIHUXQJRGHU.RPPHQWDUYJO +(1.(/6FKXOWH[WH>ZLH$QP@6 =XGHPVLQGODWHLQLVFKHUXQGGHXWVFKHU7H[W QLFKWMHZHLOVEORFNZHLVHIUMHGHV'LVWLFKRQXQWHUHLQDQGHUVRQGHUQIRUWODXIHQGLQ6SDOWHQ QHEHQHLQDQGHU DQJHRUGQHW hEHUGLH LQKDOWOLFKH .RQWH[WXDOLVLHUXQJGHU ¿'LVWLFKD &DWRQLV¾ LQGLHVHU+DQGVFKULIWOlVVWVLFKQLFKWVVDJHQZHLOGLH%OlWWHUELVGLHGHQ¿&DWR¾EHU OLHIHUQHLQHQHLJHQHQ7HLOELOGHQGHUHUVWVHNXQGlUPLW]ZHLZHLWHUHQ7HLOHQYHUHLQLJWZXU GHYJO=,(*/(5.DWDORJ>ZLH$QP@6  +(1.(/hEHUVHW]XQJHQ>ZLH$QP@6YJODXFK6

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



GHUQGHPYRONVVSUDFKLJHQ'LVNXUVJHPl‰GHVVHQVSUDFKOLFKHQ%HGLQJXQ JHQXQGVR]LDOHQ1RUPHQXQG(UZDUWXQJHQIUHPGHVNXOWXUHOOHV*XWHLQ VFKUHLEHQGDVVHLQHU$ENXQIWDXVGHUODWHLQLVFKHQ$QWLNH RGHULQDQGH UHP =XVDPPHQKDQJ GHP IUDQ]|VLVFKHQ $GHO  ZHJHQ KRKH 5HSXWDWLRQ JHQLH‰W %HL GHU ¿*HVDPWEHUVHW]XQJ¾ LQ JHPHLQVDPHU hEHUOLHIHUXQJ PLW GHP ODWHLQLVFKHQ¿&DWR¾DUWLNXOLHUWVLFKGDV9HUKlOWQLVGHU'LVNXUVHLQNRPSOH [HU :HLVH 'LH GHXWVFKHQ 9HUVH UHSUlVHQWLHUHQ GHQ JHOHLVWHWHQ 7UDQVIHU GLHhEHUWUDJXQJHLQHV7H[WHVPLWGHU$XWRULWlWXQGGHU5HSXWDWLRQDQWLNHU :HLVKHLW LQ GLH )RUPWUDGLWLRQ GHU =LHOVSUDFKH GLH HQJ YHUNQSIW LVW PLW GHU$XVELOGXQJODLNDOHU(WKLNXQG.XOWXULPKRFKGHXWVFKHQ6SUDFKUDXP GHV +RFKPLWWHODOWHUV 'LH 5HLPSDDUIRUP GLH GLH /LWHUDWXUIlKLJNHLW GHV YRONVVSUDFKLJHQ 'LVNXUVHV UHSUlVHQWLHUW ZLH GDQHEHQ QXU GLH DGDSWLHUWH .DQ]RQHQIRUP LQ 0LQQHOLHG XQG 6SUXFK KDW VLFK LP ¿&DWR¾ HLQ ZHLWHUHV 6WFN $QWLNH DQJHHLJQHW XQG GDULQ HLQ ZHLWHUHV 3ULYLOHJ GHV ODWHLQLVFK NOHULNDOHQ 'LVNXUVHV DXIJHEURFKHQ )U GLH hEHUOLHIHUXQJ LQ ]ZHLVSUD FKLJHQ +DQGVFKULIWHQ YRP EHVFKULHEHQHQ ªVFKXOLVFKHQ© 7\SXV EHGHXWHW GDV'LHEHLJHJHEHQHGHXWVFKH5HLPSDDUVWURSKHVROOGHQMHZHLOLJHQ,QKDOW LQ GHU VSH]LILVFKHQ )RUP YHUPLWWHOQ GLH GHP YRONVVSUDFKLJHQ 'LVNXUV HQWVSULFKW'XUFKGLH5HLPHXQGGLHOHLGOLFKUHJHOPl‰LJH,NWLHUXQJEHVLW]W VLH ]XGHP GHQ 9RUWHLO JXW PHPRULHUEDU ]X VHLQ .HLQH RGHU QXU HLQH JHULQJH 5ROOH VSLHOW VLH GDJHJHQ EHL GHU (UNOlUXQJ GHU 3KlQRPHQH GHU ODWHLQLVFKHQ6SUDFKHZLHVLHGLH*ORVVHQXQG²GRUWQXUHLQHYRQPHKUH UHQ )XQNWLRQHQ ² GHU .RPPHQWDU OHLVWHQ 'DPLW XQWHUVFKHLGHW VLFK GLH 5HLPSDDUIRUP VLJQLILNDQW YRQ lOWHUHQ 7\SHQ YRONVVSUDFKLJHU %HJOHLWWH[WH ]XP ODWHLQLVFKHQ ¿&DWR¾ DOVR YRQ GHQ ,QWHUOLQHDUJORVVHQ XQG DXFK YRQ GHQ²QXU VSlWPLWWHODOWHUOLFK EHUOLHIHUWHQ²:RUWIU:RUWhEHUVHW]XQ JHQGLHNHLQWH[WXHOOHV(LJHQOHEHQIKUHQVRQGHUQHLQHUHLQH$X[LOLDU BBBBBBBBBBBBB  =XU $QHLJQXQJVIXQNWLRQ PLWWHODOWHUOLFKHQ hEHUVHW]HQV ZLH hEHUVHW]HQV EHUKDXSW  YJO DXFK5(,))(167(,10HWDVSUDFKOLFKHbX‰HUXQJHQ>ZLH$QP@6  ,PODWHLQLVFKHQSRHWRORJLVFKHQ9HUVWlQGQLVELHWHWGHU9HUVLP9HUJOHLFK]XU3URVD9RUWHL OH GD HU GUHLHUOHL OHLVWHW E]Z GUHL .ULWHULHQ HUIOOW PHPRULD EUHYLWDV LXFXQGLWDV YJO GD]X 7+20$6 +$ZLH $QP@ 6 GUXFNW HLQH *HQUH3DURGLH DOV ª3DURGLHGHV&DWR©6LHZLUGLQGHQ+DQGVFKULIWHQ+DQV.HPQDWHUE]Z+DQV.UXJ]XJH VFKULHEHQ YJO 3(7(5 .(67,1* .HPQDWHU +DQV ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G>@6SVRZLH'(56.UXJ+DQV,Q9HUIDVVHUOH[LNRQ>ZLH$QP@ %G  >@ 6S   XQG LVW XD LP &RG 2  GHU $QQD $PDOLD%LEOLRWKHN LQ :HLPDUEHUOLHIHUWZRVLFKDXFKGLH¿5XPSIEHUVHW]XQJ¾GHV¿&DWR¾ILQGHW=XU.ULWLNDQ =$51&.(V HQJHU $QELQGXQJ DQ GHQ ¿&DWR¾ YJO .(67,1* .HPQDWHU VR  6S I VRZLH %((76 ¿'LVWLFKD &DWRQLV¾ >ZLH $QP@ 6I 9JO DXFK ',(7(5 +$50(1,1* 7LVFK]XFKWHQ,Q9HUIDVVHUOH[LNRQ>ZLH$QP@%G  6SKLHU6S



7+20$6(+/(1

'LH )UDJH QDFK GHP 9HUKlOWQLV YRQ ,QWHQWLRQDOLWlW XQG GHP ZDV GXUFKGLH]ZHLVSUDFKLJHQ+DQGVFKULIWHQZLUNOLFKHUUHLFKWZLUGLVWVFKZHU ]XEHDQWZRUWHQ6HLWHQVGHU.RPSLODWRUHQXQGGHU6FKUHLEHU5HGDNWRUHQ VFKHLQHQGLHhEHUOLHIHUXQJVWUlJHUDXIHLQH'LJORVVLHKLQDQJHOHJW]XVHLQ LQQHUKDOE GHUHU GDV /DWHLQLVFKH LP 9RUGHUJUXQG VWHKW VFKRQ GHVZHJHQ ZHLO PDQ GDYRQ DXVJHKHQ PXVV GDVV GHU 2UW GHU NRQNUHWHQ HLQ]HOQHQ +DQGVFKULIW LQ GHU 5HJHO LP /DWHLQXQWHUULFKW ODJ 'LH GHXWVFKH hEHUVHW ]XQJZLUGVLFKHUOLFKQLFKWEHVWlQGLJLQGHP%HZXVVWVHLQQHXDEJHVFKULH EHQ GDVV VLHGHQ%H]XJ ]XU /DLHQHWKLN KHUVWHOOW 9HUPXWOLFK YHUOlXIW GHU HLQ]HOQH NXOWXUHOOH 7UDQVIHUSUR]HVV HKHU LPSOL]LW 9RU DOOHP DXV GHU 'L VWDQ]YRQHWZD]ZHL-DKUKXQGHUWHQGLHGLHPHLVWHQGLHVHU+DQGVFKULIWHQ ]XP =HLWSXQNW GHU (QWVWHKXQJ GHU ¿&DWR¾¿*HVDPWEHUVHW]XQJ¾ KDEHQ PXVVPDQVLFK]XGHPYRU$XJHQKDOWHQGDVVVLFKGDV.XOWXUJHIlOOH/D WHLQ'HXWVFKDXVJHJOLFKHQKDWXQG]%GXUFKGLH3UHGLJWP\VWLVFKH7H[ WH GXUFK JHLVWOLFKH 'LFKWXQJ XQG GLH ª'HXWVFKH 6FKRODVWLN© GLH 9RONVVSUDFKH VHLW GHP VSlWHQ  -DKUKXQGHUW ]XQHKPHQG DXFK LQ GHQ JHLVWOLFKHQ%HUHLFKHLQJHGUXQJHQLVW$QGHU$XVEUHLWXQJKRFKVXEMHNWL YLVWLVFKHUQHXHU)RUPHQGHU5HOLJLRVLWlWZLHVLHGLH(UOHEQLVP\VWLNUHSUl VHQWLHUW VLQG QLFKW ]XOHW]W 0HQVFKHQ ² YRU DOOHP )UDXHQ ² EHWHLOLJW GLH BBBBBBBBBBBBB  =X GHQ hEHUVHW]XQJHQ XQG HLJHQVWlQGLJHQ GHXWVFKHQ IDFKWKHRORJLVFKHQ 6FKULIWHQ YJO 67((5*HLVWOLFKH3URVD>ZLH$QP@6EHJULIIVSUlJHQGVLQGGLHhEHUVHW]XQ JHQ GHU ¿6XPPD 7KHRORJLDH¾ GHV 7KRPDV YRQ $TXLQ XQG GHV ¿&RPSHQGLXP WKHRORJLFDH YHULWDWLV¾GHV +XJR 5LSHOLQ YRQ 6WUD‰EXUJ 67((5 ZHQGHW JHJHQ GLH )L[LHUXQJ DXI VROFKH WKHRUHWLVFKZLVVHQVFKDIWOLFKHQ:HUNHHLQª>«@ZHLWVWlUNHUDOVGLH:HUNHGHU+RFKVFKROD VWLNGLH6HQWHQ]HQGLH6XPPHQGLH4XlVWLRQHQGLH([SRVLWLRQHQZXUGHQGLH:HUNHGHU 3UDNWLVFKHQ 7KHRORJLH &RPSHQGLHQ $EEUHYLDWLRQHQ )ORULOHJLHQ 7DIHOQ .RPSLODWLRQHQ :HUNHDOVRZHOFKHGLHWKHRORJLVFKH/HKUHIUGHQXQPLWWHOEDUHQVHHOVRUJOLFKHQ*HEUDXFK DXIEHUHLWHQLQGLH9RONVVSUDFKHJH]RJHQ© HEG6 (UUHFKQHWDXFK*ORVVDULHQXQG WKHRORJLVFKQDWXUGHXWHQGH (Q]\NORSlGLHQ ¿/XFLGDULXV¾ .RQUDG YRQ 0HJHQEHUJ ¿%XFK YRQ GHQ QDWXUOHLFKHQ GLQJHQ¾  ]X GLHVHU *UXSSH ² /LWHUDWXUDQJDEHQ DXFK EHL 7+20$6 &5$0(5 *HVFKLFKWH GHU GHXWVFKHQ /LWHUDWXU LP VSlWHQ 0LWWHODOWHU  DNWXDOLVLHUWH $XIO 0QFKHQ *HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXULP0LWWHODOWHUGWY 6I  67((5*HLVWOLFKH3URVD>ZLH$QP@ZHLVWPHKUIDFKQDFKGUFNOLFKGDUDXIKLQGDVVGLH $QIHUWLJXQJ YRQ 3UHGLJWEFKHUQ WKHRORJLVFKHU )DFKOLWHUDWXU XQG )DFKYRNDEXODULHQ NHL QHVZHJVªHLQH3RSXODULVLHUXQJVFKRODVWLVFKHU7KHRORJLHIUGLH/DLHQZHOW©GDUVWHOOHQVRQ GHUQGDVVVROFKH:HUNHIU7KHRORJHQXQG6HHOVRUJHUYHUIDVVWE]ZEHUVHW]WZXUGHQ YJO HEG 6 6I 6I  'DUDXV OlVVW VLFK XPJHNHKUW VFKOLH‰HQ GDVV GLH GHXWVFKH 6SUDFKH VXN]HVVLYHHLQH 'LJQLWlW JHZRQQHQ KDW GLHVLH DOV JHHLJQHW HUVFKHLQHQ OLH‰ DXFK VROFKH,QKDOWH]XYHUVSUDFKOLFKHQGLHYRUKHUDXVVFKOLH‰OLFKODWHLQLVFKYHUEDOLVLHUEDUZDUHQ 'LHHPDQ]LSLHUWH9RONVVSUDFKHZLUNWDOVR]XUFNLQGHQ%HUHLFKDXVGHPVLHYRUKHULKUH 6FKULIWXQG/LWHUDWXUIlKLJNHLWJHZRQQHQKDW HLQHSUDJPDWLVFKH.RPSRQHQWHWULWWKLQ]X GHU 3ULHVWHU PXVVWH LQ VHLQHU $PWVDXVEXQJ ªVHLQH 7KHRORJLH DXFK PXWWHUVSUDFKOLFK YHU IJEDU©KDEHQYJOHEG6GDVGUIWHLQ*UXQG]JHQVFKRQYRUKHUIUGHQ3ULHVWHU JHJROWHQKDEHQYHUPXWOLFKVWHLJHQDEHULP-DKUKXQGHUWGLH$QVSUFKH 9JODXFKGLH $QJDEHQ 67((5V HEG 6I ]X 7H[WHQ LQ ODWHLQLVFKGHXWVFKHU 0LVFKVSUDFKH ZR GDV 'HXWVFKHQLFKWPHKU%HLZHUNVRQGHUQXQYHU]LFKWEDUHV(OHPHQW]XULQWHQGLHUWHQ'DUVWHO OXQJLVW

'LGD[HNXOWXUHOOHV3UHVWLJHXQGIXQNWLRQDOH=ZHLVSUDFKLJNHLW



DXV DGOLJHQ RGHU KRFK VWHKHQGHQ EUJHUOLFKHQ )DPLOLHQ NRPPHQ LQ GLH .O|VWHU GHU QHXHQ 2UGHQ ]% GHU 'RPLQLNDQHULQQHQ  HLQWUHWHQ XQG (OHPHQWHZLHGLHLQWHQVLYHXQGVHOEVWEHZXVVWHSHUVRQDOH*RWWHVELQGXQJ GLH GHP DOWHQ 0|QFKWXP IUHPG ZDU XQG VLFK XQWHU GHP (LQGUXFN GHU $XIZHUWXQJGHV6XEMHNWHVXQGVHLQHUSHUV|QOLFKHQ/HLVWXQJLQGHUODLNDOHQ (WKLN HUVW HQWZLFNHOQ PXVVWH LQ GLH JHLVWOLFKH 6SKlUH KLQHLQWUDJHQ 'LH 'LVNXUVH GHU (QWVWHKXQJV]HLW GHU ¿*HVDPWEHUVHW]XQJ¾ GHV ¿&DWR¾ VLQG ]ZDU QLFKW DX‰HU .UDIW JHVHW]W ZHUGHQ DEHU ]XP 6SlWPLWWHODOWHU KLQ ]X QHKPHQGGXUFKOlVVLJHU





7+20$6(+/(1





*8175$0+$$* ,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU =ZHWWOHU¿*HVDPWEHUVHW]XQJ¾ )XQNWLRQDOHXQGVSUDFKOLFKH(LQIOXVVIDNWRUHQ ,OORNXWLRQXQG $GU HVVDWHQRUL HQWL HUXQJLQGHU =ZHWWOHU¿*HVDP WE HUVHW]XQJ¾

5HJLRQDO EHJUHQ]WH *UXSSHQ JOHLFKDUWLJHU GHXWVFKHU hEHUVHW]XQJHQ GHU ¿'LVWLFKD &DWRQLV¾ VLQG MHZHLOV PXOWLIXQNWLRQDO JHQXW]W ZRUGHQ 'LHV EH GHXWHWJOHLFK]HLWLJGDVVMHGHGLHVHU7UDQVODWJUXSSHQVLFKIUHLQH9LHOIDOW YRQ =ZHFNHQ HLJQHQ PXVVWH :HUGHQ GLH hEHUVHW]XQJHQ GLHVHU =ZHFN YLHOIDOWJHUHFKWXQG²ZHQQMD²ZLH"'LHVHU)UDJHVROOH[HPSODULVFKDQ KDQGGHVlOWHVWHQYROOVWlQGLJHQ7H[W]HXJHQGHU¿*HVDPWEHUVHW]XQJ¾DOVR =ZHWWO6WLIWVELEOLRWKHN&RG%OUDYEQDFKJHJDQJHQZHUGHQ ,P=HQWUXPGHVODWHLQLVFKHQXQGGHXWVFKHQ¿&DWR¾VWHKWGHULQIRUPD WLYRSHUDWLYH=ZHFNQlPOLFK/HEHQVRULHQWLHUXQJXQG9HUKDOWHQVDQOHLWXQJ ]XYHUPLWWHOQ%HLVSLHOKDOEHUVHLHQKLHUGLHHUVWHQEHLGHQ'LVWLFKHQPLWGHU =ZHWWOHUhEHUVHW]XQJ]LWLHUW =ZHWWOHU+DQGVFKULIW 6ROPDQJRWHVGLQHUHZHVHQ DOVZLU]DQGHQEXFKHQOHVHQ 6RGLQHLPYOL]HFOLFKH VRZLUVWXVHOGHQULFKH

7H[WQDFK%2$6 6LGHXVHVWDQLPXVQRELVXWFDUPLQDGLFXQW

:DFKHJHUQHVODIQLKW]HXLO ZDQGVXHUXLOWDJHVVODIHQZLO 'HPLVWGDYRQQLFKWEHUHLW GHQODVWHUYQGHWUDJKHLW

3OXVYLJLODVHPSHUQHFVRPQRGHGLWXVHVWR

KLFWLELSUDHFLSXHVLWSXUDPHQWHFROHQGXV>,@

QDPGLXWXUQDTXLHVYLWLLVDOLPHQWDPLQLVWUDW>,@

'HU $GUHVVDW ZLUG LQ $XVJDQJVWH[W XQG hEHUVHW]XQJ GD]X DQJHKDOWHQ *RWW]XGLHQHQ , VRZLHPHKU]XZDFKHQXQGQLFKWLQGHQ7DJKLQHLQ ]XVFKODIHQ ,  BBBBBBBBBBBBB  'HU ODWHLQLVFKH 7H[W ZLUG ]LWLHUW QDFK 'LVWLFKD &DWRQLV 5HFHQVXLW HW DSSDUDWX FULWLFR LQ VWUX[LW0$5&86 %2$6$PVWHUGDPGHU=ZHWWOHU7H[WQDFK/(232/' =$72þ,/&D WRD)DFHWXV3RMHGQiQtDWH[W\>=XGHQGHXWVFKHQ&DWRXQG)DFHWXVEHDUEHLWXQJHQ8Q WHUVXFKXQJHQXQG7H[WH@%UQR 6SLV\0DVDU\NRY\8QLYHUVLW\Y%UQĕ)LORVRILFNi)D NXOWD 6



*8175$0+$$* 

%OHLEW GHU SULPlUH =ZHFN LP )DOOH GHV ¿&DWR¾ DOVR GHP $GUHVVDWHQ 9HUKDOWHQVPD[LPHQIUGDVNQIWLJH/HEHQ]XYHUPLWWHOQEHLPhEHUVHW ]HQ HUKDOWHQ VR LVW GLH hEHUVHW]XQJ QDFK GHU 6NRSRVWKHRULH YRQ +$16 9(50((5 XQG .$7+$5,1$ 5(,66 ªDGlTXDW© $EHU HLQH DOOHLQ DP YHU PHLQWOLFKHQ3ULPlUVNRSRVRULHQWLHUWHhEHUVHW]XQJVWKHRULHYHUGHFNWZHLWH UHP|JOLFKH(LQIOXVVIDNWRUHQDXIGDVhEHUVHW]HQ (UVWHQV VLQG GLH hEHUVHW]XQJHQ GXUFK )DNWRUHQ EHHLQIOXVVW GLH JDU QLFKWPLWGHPLQWHQGLHUWHQhEHUVHW]XQJV]ZHFN]XJUHLIHQVLQGMDGLHVHP XQWHU8PVWlQGHQVRJDUZLUNVDPHQWJHJHQVWHKHQ+LHUKHUJHK|UWLP)DOOH GHU¿&DWR¾hEHUVHW]XQJHQGDVVGLH7UDQVODWLRQYRQ0HWUXPXQG5HLPGHV JHUDGHDXFKGLGDNWLVFKHU/LWHUDWXUELV]XP-DKUKXQGHUWUHJHOPl‰LJ]X *UXQGH JHOHJWHQ YLHUKHELJHQ 5HLPSDDUYHUVHV EHHLQIOXVVW ZLUG 'LH $Q SDVVXQJ DQ GLH (UIRUGHUQLVVH GLHVHV 9HUVPD‰HV NRQQWH GHQ VSUDFKOLFKHQ 6SLHOUDXPEHLGHUhEHUVHW]XQJGHUHLQ]HOQHQODWHLQLVFKHQ$XIIRUGHUXQJHQ HLQHQJHQDOVRGHUP|JOLFKVWlTXLYDOHQWHQ:LHGHUJDEHHLQHU$XIIRUGHUXQJ GHV$XVJDQJVWH[WHVLP:HJHVWHKHQZHQQVLFKQlPOLFKNHLQH:HQGXQJHQ IDQGHQGLHVLFKVRZRKOLQ9HUVXQG5HLPHLQSDVVHQOLH‰HQDOVDXFKGD]X JHHLJQHW ZDUHQ GHQ LOORNXWLYHQ XQG SURSRVLWLRQDOHQ *HKDOW GHV ODWHLQL VFKHQ2ULJLQDOVP|JOLFKVWJHQDXZLHGHU]XJHEHQ$X‰HUGHPQHKPHQDXFK QRFK HLQ]HOVSUDFKOLFKH 5HVWULNWLRQHQ (LQIOXVV GLH HLQ HQJ DP 2ULJLQDO RULHQWLHUWHVhEHUVHW]HQHWZDGDGXUFKYHUKLQGHUQN|QQHQGDVV(LJHQKHL WHQGHV2ULJLQDOWH[WHVGHPPRUSKRORJLVFKV\QWDNWLVFKHQ6\VWHPGHU=LHO VSUDFKH QLFKW DQJHSDVVW ZHUGHQ N|QQHQ ]% .RQVWUXNWLRQHQ ZLH GHU ODWHLQLVFKH $EODWLYXV DEVROXWXV  RGHU PLW ]LHOVSUDFKOLFKHQ 3UlIHUHQ]HQ QLFKWLQ(LQNODQJ]XEULQJHQVLQG ]%QLHGULJH)UHTXHQ]YRQ3RVVHVVLY SURQRPLQDLP/DWHLQLVFKHQJHJHQEHUGHUHQ+lXILJNHLWLP'HXWVFKHQ  BBBBBBBBBBBBB  .$7+$5,1$ 5(,66 +$16 - 9(50((5*UXQGOHJXQJHLQHUDOOJHPHLQHQ7UDQVODWLRQVWKHR ULH  $XIO 7ELQJHQ  /LQJXLVWLVFKH $UEHLWHQ   6  ª$GlTXDWKHLW EHL GHU hEHUVHW]XQJHLQHV$XVJDQJVWH[WHV E]ZHOHPHQWV EH]HLFKQHGLH5HODWLRQ]ZLVFKHQ=LHO XQG$XVJDQJVWH[WEHLNRQVHTXHQWHU%HDFKWXQJHLQHV=ZHFNHV 6NRSRV GHQPDQPLWGHP 7UDQVODWLRQVSUR]H‰YHUIROJW©  9JO KLHU]X GHQ %HLWUDJ 7+20$6 (+/(1V ª6SUDFKH ² 'LVNXUV ² 7H[W hEHUOHJXQJHQ ]X GHQNRPPXQLNDWLYHQ5DKPHQEHGLQJXQJHQPLWWHODOWHUOLFKHU=ZHLVSUDFKLJNHLWIUGDV9HU KlOWQLVYRQ/DWHLQXQG'HXWVFK©LQGLHVHP%DQG6ª+LQVLFKWOLFKGHU2ULHQWLHUXQJDQ GHU=LHOVSUDFKHJLOWIUGLHKRFKPLWWHODOWHUOLFKHGHXWVFKH/LWHUDWXU hEHUVHW]XQJVZLH2UL JLQDOWH[WH  GDVV VWURSKLVFKH )RUPHQ RGHU GHU YLHUKHELJH 5HLPSDDUYHUV HLQ VSUDFKOLFKHV 5DVWHUGDUVWHOOHQLQGDVGLH]XEHUVHW]HQGHQ,QKDOWHKLQHLQWUDQVIRUPLHUWZHUGHQN|QQHQ 'HUJU|‰HUH7HLOGHUHUKDOWHQHQ7H[WHGHU=HLWELV]XP-DKUKXQGHUWZXUGHXQWHUGHQ %HGLQJXQJHQ GHU 5HJXOLHUXQJ GXUFK 5K\WKPXV 5HLP XQG 9HUVNRPELQDWLRQ SURGX]LHUW >«@'LHhEHUVHW]HUXQG%HDUEHLWHUGHU¿'LVWLFKD&DWRQLV¾>«@NRQQWHQVLFKDP5HLPSDDU YHUVDOVGHP1XNOHXVDXFKJQRPLVFKHU'LFKWXQJHQ>«@RULHQWLHUHQ©  :(51(5 .2//(5 hEHUVHW]XQJHQ LQV 'HXWVFKH XQG LKUH %HGHXWXQJ IU GLH GHXWVFKH 6SUDFKJHVFKLFKWH ,Q 6SUDFKJHVFKLFKWH (LQ +DQGEXFK ]XU *HVFKLFKWH GHU GHXWVFKHQ 6SUDFKHXQGLKUHU(UIRUVFKXQJ+JYRQ:(51(5 %(6&+>XD@YROOVWlQGLJQHXEHDU EHLWHWH XQG HUZHLWHUWH $XIO %HUOLQ 1HZ «@GD‰HLQ7H[WGHUVLFKGHUVSUDFKOLFKVWLOLVWLVFKHQ$XVGUXFNVPLWWHOHLQHUEH VWLPPWHQ$>XVJDQJVVSUDFKH@EHGLHQWLQHLQHQ7H[WEHUIKUWZLUGGHUVLFKGHU VSUDFKOLFKVWLOLVWLVFKHQ $XVGUXFNVPLWWHO GHU EHWUHIIHQGHQ =>LHOVSUDFKH@ EHGLHQHQ PX‰ %HL 1LFKWhEHUHLQVWLPPXQJ LQ 6WUXNWXU XQG *HEUDXFK ]ZLVFKHQ GHQ EHL GHQ 6SUDFKHQ NRPPHQ YHUVFKLHGHQH hEHUVHW]XQJVYHUIDKUHQ ]XU $QZHQGXQJ PLWGHQHQYHUVXFKWZLUGGLHVHPDQWLVFKHQXQGVWLOLVWLVFKHQ4XDOLWlWHQGHV$>XV JDQJVVSUDFKHQ@7H[WHV LQ GHU =>LHOVSUDFKH@ ZLHGHU]XJHEHQ 6SUDFKJHVFKLFKWOLFK LQWHUHVVDQW VLQG GLH hEHUVHW]XQJVIlOOH LQ GHQHQ (OHPHQWH XQG 6WUXNWXUHQ GHU $>XVJDQJVVSUDFKH@LQGHU=LHOVSUDFKHQDFKYROO]RJHQZHUGHQ©

DOVR ² LQ .2//(5V 7HUPLQRORJLH ² HLQH ªWUDQVIHULHUHQGH hEHUVHW]XQJ© YRUOLHJWEHLGHUGDV%HPKHQVLFKWEDUZLUGLP/DWHLQYRUJHJHEHQH(OH PHQWH²JHJHEHQHQIDOOVDXFKLP:LGHUVSUXFK]X6SUDFKV\VWHPXQGQRUP GHV'HXWVFKHQ²QDFK]XELOGHQ 'LH (LQIOXVVIDNWRUHQ PLW GHQHQ EHL GHQ ¿&DWR¾hEHUVHW]XQJHQ ]X UHFKQHQLVWVLQGIROJOLFKQLFKWXQEHGLQJW LP6LQQHYRQ5(,669(50((5  NRQWLQXLHUOLFK GXUFK HLQHQ EHUPlFKWLJHQ 3ULPlUVNRSRV KLHUDUFKLVLHUW VRQGHUQ PLW .2//(5  QXU WHLOV IXQNWLRQDO GDQQ DEHU SRWHQWLHOO KHWHUR JHQ WHLOV EHUKDXSW QLFKW IXQNWLRQDO VRQGHUQ VSUDFKLPPDQHQW ]X EH VFKUHLEHQ 'DPLWVWHOOWVLFKGLH)UDJHREXQGZLHGLHVHP|JOLFKHQ(LQIOXVVIDNWR UHQLQ7H[WHOHPHQWHQJUHLIEDUZHUGHQ=LHKWPDQDOOHP|JOLFKHQ(LQIOXVV IDNWRUHQ DXI GLH ¿&DWR¾hEHUVHW]XQJHQ LQ %HWUDFKW VR YHUVWHKW VLFK HLQH QXUSDUWLHOOH'LVWULEXWLRQYRQ]ZHFNVSH]LILVFKHQ7H[WHOHPHQWHQIDVWYRQ VHOEVW'DDEHUGLH]LWLHUWH6NRSRVWKHRULHYRQ5(,669(50((5YRQHLQHU

BBBBBBBBBBBBB .RPPXQLNDWLRQVZLVVHQVFKDIW 7HLOEG  6VSULFKWKLHUNRPSOHPHQWlU ]XU (EHQH GHV 6\VWHPV YRQ ª(UVFKHLQXQJHQ DXI GHU (EHQH GHU 1RUP GK VWLOLVWLVFKHU $UW© 6   (EG  (EG6  (EG6



*8175$0+$$* 

+LHUDUFKLHYRQ=ZHFNHQDXVJHKWDXIGLHVSUDFKOLFKH=HLFKHQ]XJHVFKQLW WHQVLQGYHUIHKOWVLHDOVRGLH¿&DWR¾hEHUVHW]XQJHQ (LQ]LJHV JHPHLQVDPHV .RQWLQXXP LP $XVJDQJVWH[W XQG GHQ XQWHU VFKLHGOLFKHQ hEHUVHW]XQJHQ LVW ZLH VFKRQ DXV GHQ REHQ ]LWLHUWHQ HUVWHQ 'LVWLFKHQGHXWOLFKJHZRUGHQLVWGHUGLUHNWLYHbX‰HUXQJVPRGXVPLWGHP HLQHVWDUNH$GUHVVDWHQRULHQWLHUXQJHLQKHUJHKWGD'LVWLFKRQIU'LVWLFKRQ LPPHU DXIV 1HXH GHU $GUHVVDW GHU $XIIRUGHUXQJHQ XQG QXU HU ² GXUFK HQWVSUHFKHQGH 9HUEDOIOH[LRQ VRZLH GXUFK 3URQRPLQD ² DQJHVSURFKHQ ZLUGWLEL , YLJLODHVWR , GLQH ,F ZLUVWX ,G ZDFKHVODI ,D  'LHVHV.RQWLQXXPGHU$XIIRUGHUXQJV+DQGOXQJHQXQGGHUGXUFKVLHEH GLQJWHQDXVJHSUlJWHQ$GUHVVDWHQRULHQWLHUXQJHLQWGLH7H[WHXQGPDFKWVLH VRYHUJOHLFKEDU'DUXPOlVVWVLFKGLHYHUJOHLFKHQGH$QDO\VHGHU:LUNVDP NHLW YRQ IXQNWLRQDOHQ XQG VSUDFKLPPDQHQWHQ (LQIOXVVIDNWRUHQ DXI GDV hEHUVHW]HQDQKDQGJHUDGHVROFKHUGHQYHUVFKLHGHQHQ7H[WHQHQWQRPPH QHQ VSUDFKOLFKHQ (OHPHQWH DP EHVWHQ GXUFKIKUHQ GLH $XVGUXFNVPLWWHO HEHQ GLHVHV YHUJOHLFKEDUHQ GLUHNWLYHQ bX‰HUXQJVPRGXV XQG GLHVHU YHU JOHLFKEDUHQ $GUHVVDWHQRULHQWLHUXQJVLQG'DPLW HUJLEWVLFK HLQ GRSSHOWHV (UNHQQWQLVLQWHUHVVH=XPHLQHQVROOGLH$XIIRUGHUXQJV+DQGOXQJXQGGLH $GUHVVDWHQRULHQWLHUXQJ JUXQGVlW]OLFK YHUJOHLFKHQG EHVFKULHEHQ ZHUGHQ =XP ]ZHLWHQ VROOGLH ZHLWHUJHKHQGH )UDJH QDFK GHP (LQIOXVVVSUDFKLP PDQHQWHUXQGIXQNWLRQDOHU)DNWRUHQDXIWH[WVSH]LILVFKH5HDOLVDWLRQHQGHU $XIIRUGHUXQJV+DQGOXQJXQGWH[WVSH]LILVFKH3URILOHGHU$GUHVVDWHQRULHQ WLHUXQJJHNOlUWZHUGHQ ,, ,PODWHLQLVFKHQ7H[WNRPPWZLHLQGHUGHXWVFKHQhEHUVHW]XQJUHJHOPl‰LJ PLQGHVWHQVHLQH$XIIRUGHUXQJYRUGLHGLUHNWDQHLQHQHLQ]HOQHQ$GUHVVD WHQJHULFKWHWLVW'LHLOORNXWLYH.UDIWHLQHU$XIIRUGHUXQJZLUGLPODWHLQL VFKHQ7H[WPLWIROJHQGHQVSUDFKOLFKHQ0LWWHOQLQGL]LHUW,PSHUDWLY,,, ]% 3OXV YLJLOD VHPSHU QHF VRPQR GHGLWXV HVWR ,   .RQMXQNWLY 3UlVHQV RGHU3HUIHNW]%1HFXUHVVLTXLVWDFLWRVHUPRQHORTXDWXU , 4XDHFXOSDUH VROHVHDWXQHIHFHULVLSVH , *HUXQGLYXP]%QRQWLELIRUWXQDHVWKRPL QLVVHGYLWDSHWHQGD ,9  VHOWHQ LPSOL]LW]%6LYLWDPLQVSLFLDVKRPL QXPVLGHQLTXHPRUHVFXPFXOSDQWDOLRVQHPRVLQHFULPLQHYLYLW ,  BBBBBBBBBBBBB  9JO5(,669(50((5*UXQGOHJXQJ>ZLH$QP@6ª'HU+DQGOXQJVVNRSRVLVWGHU +DQGOXQJVDUWEHUJHRUGQHW'DV¿:R]X¾EHVWLPPWREZDVXQGZLHJHKDQGHOWZLUG7UDQV ODWLRQLVW6RQGHUVRUWHLQWHUDNWLRQDOHQ+DQGHOQV'DQQJLOWDXFKIUGLH7UDQVODWLRQ(VLVW ZLFKWLJHUGDVVHLQJHJHEHQHU7UDQVODW LRQV ]ZHFNHUUHLFKWZLUGDOVGDVVHLQH7UDQVODWLRQLQ EHVWLPPWHU:HLVHGXUFKJHIKUWZLUG©

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾



52',(5,66(/$'$KDWª,PSHUDWLYHVDQGRWKHUGLUHFWLYHH[SUHVVLRQVLQ /DWLQ© DQ .RP|GLHQ YRQ 3ODXWXV DP %ULHIZHFKVHO &LFHURV XQG 3OLQLXV· PLW7UDMDQDOV9HUJOHLFKVZHUWDXFKDQ*HVHW]HVWH[WHQXQGLQVWUXLHUHQGHQ 7H[WHQXQWHUVXFKWGDEHLDEHUGLH¿'LVWLFKD&DWRQLV¾QLFKWEHUFNVLFKWLJW 'LH ,QGLNDWRUHQ HLQHU $XIIRUGHUXQJ ZHUGHQ QDFK 5,66(/$'$ XQWHU VFKLHGOLFKYHUZHQGHW =XP,PSHUDWLY,ª,WGRHVQRWKDYHDVSHFLILFVHPDQWLFYDOXH>«@QRU LVLWVXVHOLQNHGXSZLWKSDUWLFXODUFRQWH[WXDOHQYLURQPHQWV© =XP,PSHUDWLY,,ª7KHLPSHUDWLYH,,>«@LVPDLQO\XVHGZKHQWKHUH DOL]DWLRQ RIWKH DFWLRQ VSHFLILHG LV QRW SUHVHQWHG DV LPPHGLDWH EXW DVWD NLQJ SODFH ODWHU DQGRU XQGHU SDUWLFXODU FLUFXPVWDQFHV RQO\© 'DUDXV OHLWHWVLHDEª,WLVDYHU\VXLWDEOHGLUHFWLYHH[SUHVVLRQIRUPIRULQVWUXFWLR QDOWH[WVRUODZWH[WV©ZLHHWZDGLHVWDWLVWLVFKH(UKHEXQJ]X&DWRV¿'H DJUL FXOWXUD¾ JH]HLJW KDEH 'HU QLHGULJH $QWHLO GHV ,PSHUDWLYV ,, LQ GHQ ¿'LVWLFKD&DWRQLV¾DOVHLQHPGLGDNWLVFKHQ7H[WVWW]WLKUH%HREDFKWXQJHQ QLFKW$OOHUGLQJVYHUIJHLFKEHUNHLQHYHUOlVVOLFKHQ9HUJOHLFKVGDWHQDXV DQGHUHQGLGDNWLVFKHQRGHUQLFKWGLGDNWLVFKHQ7H[WHQGHUYHUPXWHWHQVSlW DQWLNHQ(QWVWHKXQJV]HLW,QGHPYRQ5,66(/$'$DXVJHZlKOWHQDOOHUGLQJV ]HLWOLFK GDQQ IUKHUHQ &RUSXV VLQG ]ZLVFKHQ YLHU XQG IQI 3UR]HQW GHU $XIIRUGHUXQJHQ PLW ,PSHUDWLY ,, LQGL]LHUW 6SH]LHOO WHPSRUDO GLVWLQNWLYH 0HUNPDOH GHV ,PSHUDWLYV ,, GLH 5,66(/$'$ GHQ YRQ LKU XQWHUVXFKWHQ 7H[WHQ HQWQLPPW VLQG LQ GHQ ¿'LVWLFKD &DWRQLV¾ QLFKW ]X EHREDFKWHQ 'DPLWEHVWlWLJWGLH9HUZHQGXQJGHV,PSHUDWLYV,,LQGHQ¿'LVWLFKD&DWR QLV¾ZDVEHL+2)0$116=$17«@ 'LH EHUHLWV LQ GHU IUKQDFKNODVVLVFKHQ =HLW HLQVHW]HQGH 9HUPHQJXQJGHUEHLGHQ)RUPHQIKUWUHFKWEDOG]XLKUHPY|OOLJXQWHUVFKLHGVOR VHQ*HEUDXFK© BBBBBBBBBBBBB  52',( 5,66(/$'$,PSHUDWLYHVDQG2WKHU'LUHFWLYH([SUHVVLRQVLQ/DWLQ$6WXG\LQWKH 3UDJPDWLFVRID'HDG/DQJXDJH$PVWHUGDP $PVWHUGDP6WXGLHVLQ&ODVVLFDO3KLOR ORJ\   (EG6  (EG6  (EG  -2+$11 %$37,67 +2)0$11 /DWHLQLVFKH *UDPPDWLN %G  /DWHLQLVFKH 6\QWD[ XQG 6WLOLVWLN0LWGHPDOOJHPHLQHQ7HLOGHU/DWHLQLVFKHQ*UDPPDWLN1HXEHDUEHLWXQJYRQ$1 721 6=$17ZLH$QP@6  ',(7(5 :81'(5/,&+ :DV VLQG $XIIRUGHUXQJVVlW]H" ,Q 3UDJPDWLN LQ GHU *UDPPDWLN +JYRQ*(5+$5' 67,&.(/'VVHOGRUI 6SUDFKHGHU*HJHQZDUW-EGHV,QVWL WXWVIU6SUDFKH 6KLHU6

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾



HYR]LHUWZLUGHWZDGXUFKSUDHFLSLR&XPWLELSURSRQDVDQLPDOLDFXQFWDWLPHUH XQXP SUDHFLSLR SOXV KRPLQHP HVVH WLPHQGXP ,9  'LH $XIIRUGHUXQJ ZLUG DXFK LP DEKlQJLJHQ $F, QRFKPDOV GXUFK *HUXQGLYXP VXEVLGLlU UHDOL VLHUW5,66(/$'$EHREDFKWHWGLHVDQLKUHP8QWHUVXFKXQJVFRUSXVVHOWHQ ª6XEVLGLDU\DFWVXVXDOO\DUHDVVHUWLYHVRUTXHVWLRQVQRWGLUHFWLYHV©$XFK LQGHQ¿'LVWLFKD&DWRQLV¾VLQGVXEVLGLlUH$XIIRUGHUXQJHQUDUHLQZHLWHUHV %HLVSLHOEHLGHPGLHVXEVLGLlUH$XIIRUGHUXQJLQHLQHPXQDEKlQJLJHQ6DW] EHLJHRUGQHWLVW)DFVXPSWXPSURSHUHFXPUHVGHVLGHUDWLSVDGDQGXPHWHQLPHVW DOLTXLGFXPWHPSXVSRVWXODWDXWUHV ,,  ,QGHQGHXWVFKHQhEHUVHW]XQJHQZLUGGLH$XIIRUGHUXQJPLW,PSHUD WLY PLW GHQ0RGDOYHUEHQ VROQ RGHUPH]HQ XQG JDQ]VHOWHQ LPSOL]LW UHDOL VLHUW 'LH JHWUHQQWH VSUDFKOLFKH 5HDOLVLHUXQJ GHU $XIIRUGHUXQJV+DQGOXQJ XQGGHU+DQGOXQJ]XGHUDXIJHIRUGHUWZLUGNRPPWLQGHU=ZHWWOHU¿*H VDPWEHUVHW]XQJ¾ GHXWOLFK VHOWHQHU DOV LP ODWHLQLVFKHQ 7H[W QlPOLFK LQ HWZDIQI3UR]HQWGHU$XIIRUGHUXQJHQJHJHQEHUDFKW]HKQ3UR]HQWLPOD WHLQLVFKHQ¿&DWR¾YRU'LHVOLHJWYLHOOHLFKWGDUDQGDVVYLHOHGHUDUWLJH,OOR NXWLRQVLQGLNDWRUHQ LP ODWHLQLVFKHQ 7H[W VFKRQ ]X NODVVLVFKHU =HLW NRQYHQWLRQDOLVLHUW VLQG XQG YRQ PLWWHODOWHUOLFKHQ hEHUVHW]HUQ ZRKO JDU QLFKW PHKU LQMHGHP)DOOLQLKUHU4XDOLWlWDOVNRJQLWLYHRGHUSHUIRUPDWLYH ,OORNXWLRQVLQGLNDWRUHQ ZDKUJHQRPPHQ ZRUGHQ VHLQ GUIWHQ 'HUDUWLJH .RQYHQWLRQDOLVLHUXQJ N|QQWH EHLVSLHOVZHLVH EHLP hEHUVHW]HQ YRQ , PHPHQWR  ,QILQLWLYNRQVWUXNWLRQ  ZDKUJHQRPPHQ XQG DOVR GHU =LHOVSUD FKH DGDSWLHUW EHLP hEHUVHW]HQ YRQ , IDF  .RQMXQNWLY  KLQJHJHQ QLFKW ZDKUJHQRPPHQ XQG GDKHU LQ GLH =LHOVSUDFKH WUDQVIHULHUW ZRUGHQ VHLQ   =ZHWWOHU+DQGVFKULIW 'LQHGLULPDQ]YGHKHLQHUVWXQW 'D]WX]HKDQWYLOOHYWHQFKXQW

7H[WQDFK%2$6 2IILFLXPDOWHULXVPXOWLVQDUUDUHPHPHQWR

BBBBBBBBBBBBB  'LHV ZLUG LQ GHU =ZHWWOHU hEHUVHW]XQJ QLFKW lTXLYDOHQW ZLHGHUJHJHEHQ GRUW KHL‰W HV ]X ,96RJHELHWHLFKGLUH'D]GXHLQHQPDQYRUFKWHVPH$XFKIUGDV/DWHLQLVFKHJLOWZDV :81'(5/,&+$XIIRUGHUXQJVVlW]H>ZLH$QP@6IUGDV'HXWVFKHIHVWVWHOOWª(LQ DEKlQJLJHU6DW]OlVVWHLQHQ,PSHUDWLYQLFKW]X©'DV'HXWVFKHDXFKGDV0LWWHOKRFKGHXW VFKH YHUIJW DEHU EHL EHUJHRUGQHWHP 3HUIRUPDWLY DXFK QLFKW EHU DOWHUQDWLYH GLUHNWLYH $XVGUXFNVPLWWHOZLHGDVODWHLQLVFKH*HUXQGLYXPHVGDUVWHOOW  5,66(/$'$,PSHUDWLYHV>ZLH$QP@6  %HLVSLHOHKLHU]XYJOXQWHQ,,IXQG,,  'LHIUGLH$QDO\VHZHVHQWOLFKHQ:|UWHUVLQGLPIROJHQGHQMHZHLOVGXUFK8QWHUVWUHLFKXQJ KHUYRUJHKREHQ ,Q $XVJDQJV XQG =LHOVSUDFKH EHUHLQVWLPPHQGH $GUHVVDWHQRULHQWLHUXQJ ZLUGGXUFKGRSSHOWHH[NOXVLY]LHOVSUDFKOLFKHGXUFKHLQIDFKH8QWHUVWUHLFKXQJDQJH]HLJW



*8175$0+$$* 

+DVWXDEHULPDQZROJHWDQ 'HVVDOWXYQJHULXUHWODQ

DWTXHTXDHFXPTXHDOLLVEHQHIHFHULVLSVHVLOHWR>,@

6RDQGLQHULXJHQWPDQLJYDOW YRQGLUDOWHQZLUWJH]DOW 6RWKYGD]GLUKHOIHGLWXJHQW 'LGYELJLQHLQGHULYJHQW

0XOWRUXPFXPIDFWDVHQH[HWGLFWDUHSUHQGDV IDFWLELVXFFXUUDQWLXYHQLVTXDHIHFHULVLSVH>,@

0LWGHPVNL]]LHUWHQ)RUPHQDUVHQDOZHUGHQLPODWHLQLVFKHQ7H[WXQGGHQ hEHUVHW]XQJHQ $XIIRUGHUXQJHQ JHPDFKW RKQH GDVV ZLH HUZlKQW IXQN WLRQDOH 'LIIHUHQ]LHUXQJHQ LKUHU $UWHQ LP ODWHLQLVFKHQ 7H[W JHVFKZHLJH GHQQLQGHUGHXWVFKHQhEHUVHW]XQJVLFKWEDUZUGHQ 'D LQGHVVHQ LQ GHQ HLQ]HOQHQ 'LVWLFKHQ QLFKW QXU $XIIRUGHUXQJHQ VWHKHQ VRQGHUQ GLHVH $XIIRUGHUXQJHQ EHLVSLHOVZHLVH DXFK QRFK PLW %H JUQGXQJHQ YHUNQSIW VLQG ZlUH HV VRODQJH QXU GLH $XIIRUGHUXQJHQ VHOEVWXQWHUVXFKWZRUGHQVLQGYRUVFKQHOO]XIROJHUQGLHVNHSWLVFKHQ9RU EHUOHJXQJHQ]XU$QZHQGXQJHLQHU6NRSRVWKHRULHDXIGLH¿&DWR¾hEHUVHW ]XQJHQ EHVWlWLJWHQ VLFK GD NHLQH IXQNWLRQVVSH]LILVFKHQ (OHPHQWH LQ GHQ hEHUVHW]XQJHQIHVWVWHOOEDUVHLHQ9RUKHULVW]XEHUSUIHQREVLFKIXQN WLRQVVSH]LILVFKH7H[WPHUNPDOHLQGHUWH[WXHOOHQ(LQEHWWXQJGHU$XIIRUGH UXQJHQJHQDXVRZHQLJIHVWVWHOOHQODVVHQ ,,, 'LH'LVWLFKHQJHEHQYHUNHWWHWH6SUHFKEHVVHU6FKUHLEKDQGOXQJHQHLQHV HQJDJLHUWHQ9DWHUVDQVHLQHQ6RKQZLHGHU'LHVHEHVWHKHQIUHLOLFKLQGHU 5HJHOQLFKWQXUDXVHLQHP$XIIRUGHUXQJVYHUVXFKVRQGHUQHQWKDOWHQDXFK ZDV 5(+%(,1 XQG (+/,&+ HLQH ª6ROOHQ%HJUQGXQJ© JHQDQQW KDEHQ XQG ]ZDU GXUFK NDXVDO EH]RJHQH (UIDKUXQJVVlW]H GXUFK $QJDEH GHV =ZHFNHVRGHUGHU)ROJHDXVGHPHLQJHIRUGHUWHQ9HUKDOWHQ]XPDQGHUHQ GLH 7KHPDWLVLHUXQJ VLWXDWLRQDOHU (UIDKUXQJVGRPlQHQ DXI ZHOFKH HLQH $XIIRUGHUXQJEH]RJHQZLUG(LQ%HLVSLHO =ZHWWOHU+DQGVFKULIW 'YVDOWHLQVFKOHLQHQGHPJHZHUQ 9RQGHPGXZLOWGHVJUR]HQJHUQ 0DQVDOPLWYXRJHQGLQJHQ 9ULXQW]YVDPQHEULQJHQ

7H[WQDFK%2$6 1HGXELWDFXPPDJQDSHWDVLPSHQGHUHSDUYD KLVHWHQLPUHEXVFRQLXQJLWJUDWLDFDURV>,@

BBBBBBBBBBBBB  'HU3URORJ]XPODWHLQLVFKHQ$XVJDQJVWH[WHQWKlOWGLH$QUHGHDQGHQ6RKQHEHQVRZLHGLH $XIIRUGHUXQJ]XU/HNWUH1XQFWHILOLFDULVVLPHGRFHER>«@,JLWXUSUDHFHSWDPHDLWDOHJLWRXWLQWHO OHJDV  .215$' (+/,&+-2&+(1 5(+%(,10XVWHUXQG,QVWLWXWLRQ8QWHUVXFKXQJHQ]XUVFKX OLVFKHQ.RPPXQLNDWLRQ7ELQJHQ .RPPXQLNDWLRQXQG,QVWLWXWLRQ 6

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾



'LH$XIIRUGHUXQJODXWHWLQ,1HGXELWD>«@LPSHQGHUHSDUYDZLHGHUJH JHEHQLVWVLHLQ,D6LHLVWLQ,GXUFKHLQH6LWXDWLRQVYRUJDEHHUZHL WHUW FXP PDJQD SHWDV 'LH GHXWVFKH hEHUVHW]XQJ SUlVHQWLHUW GLHVH 6LWXD WLRQVYRUJDEHLQGHP5HODWLYVDW]LQ,E'LH%HJUQGXQJIUGLH(UPDK QXQJ IROJW LQ , E]Z ,FG ZREHL LP 'HXWVFKHQ GHU .DXVDO NRQQHNWRUIHKOWXQGVRPLWGLHORJLVFKH9HUNQSIXQJHUVFKORVVHQZHUGHQ PXVV (+/,&+5(+%(,1 EHVFKUHLEHQ GLHVH $UW YRQ ª6ROOHQ%HJUQGXQJ© DOVP|JOLFKHV(OHPHQWGHU%HDUEHLWXQJGHV+DQGOXQJVPXVWHUVGHU$XIIRU GHUXQJNDQQGRFKLP$EODXIGHU0XVWHUEHDUEHLWXQJªHLQH6W|UXQJDXIWUH WHQGLHGHQ(LQVDW]GHV%HJUQGXQJVYHUIDKUHQVVLQQYROOPDFKW'HU+| UHUQLPPWGHQhEHUJDQJYRP6ROOHQ]XP:ROOHQQLFKWYRU©HWZDZHLOª+ GHU 0HLQXQJ LVW HU N|QQH ) >GLH +DQGOXQJ ]X GHU DXIJHIRUGHUW ZLUG *+@QLFKWWXQ©RGHUªQLFKWHLQVLHKWZDUXPZR]XZHVKDOEZLHVRXVZ HU ) WXQ VROO© (+/,&+5(+%(,1 IROJHUQ ª'DV %HJUQGXQJVPXVWHU RSHULHUWDOVRDXIGHU7UDQVIHUVWHOOHYRP6ROOHQ]XP:ROOHQ HQWVSUHFKHQG LVW EHLP 0VVHQ GLH %HJUQGXQJ KLQIlOOLJ © ,Q GHQ ¿'LVWLFKD &DWRQLV¾ XQGLKUHQhEHUVHW]XQJHQWULWWGLHVHV%HJUQGHQYRQ$XIIRUGHUXQJHQDQWL ]LSDWRULVFK DXI GHQQ HLQH 6W|UXQJ GHV +DQGOXQJVDEODXIV NDQQ JDU QLFKW YRUNRPPHQ GD GHU $GUHVVDW EHUKDXSW QLFKW LQWHU DNWLY ZLUG 'DVV HV DQGHUHUVHLWVEHUKDXSWDXIWULWWDOVRQLFKWDSULRULªKLQIlOOLJ©LVWTXDOLIL]LHUW GLH $XIIRUGHUXQJHQ DOV QLFKW VWULNW REOLJDWRULVFK 'DV $XWRULWlWVJHIlOOH ]ZLVFKHQGHPDXIIRUGHUQGHQ9DWHUXQGGHPDXIJHIRUGHUWHQ6RKQLVWDOVR ]ZDU HUKHEOLFK UHLFKW DEHU QLFKW VR ZHLW GDVV GHQ $XIIRUGHUXQJHQ GHU 6WDWXVYRQ%HIHKOHQ]XNlPH :LOOPDQGLHVHZLHGHUNHKUHQGHQ7\SHQYRQ(LQEHWWXQJHQGHU$SSHOOH GDUDXIKLQ XQWHUVXFKHQ RE VLFK LQ LKQHQ YLHOOHLFKW GRFK HLQH )XQNWLRQV VSH]LILN ]HLJW EUDXFKW HV GD]X YRUGHUKDQG JHHLJQHWH $QDO\VHNULWHULHQ ª*HHLJQHW©VLQGVLHVHOEVWRKQHXQLYHUVDOH$QZHQGEDUNHLWGDQQZHQQVLH HLQHQVSH]LILVFKHQ=XJULIIDXIGHQNRQNUHWHQ*HJHQVWDQGGLHVHU$QDO\VH HUODXEHQ 'LHVHU VSH]LILVFKH =XJULII LVW DXV GHU IXQNWLRQDOVSUDFKOLFKHQ *UXQGVWUXNWXU YRQ $XVJDQJVWH[W XQG 7UDQVODW ]X JHZLQQHQ 'D GLHVH *UXQGVWUXNWXULP)DOOHGHU¿'LVWLFKD&DWRQLV¾GLUHNWLYUHDOLVLHUWH2ULHQWLH UXQJVKLOIH IU GHQ $GUHVVDWHQ LQ ªVHLQHU© :HOW LVW ELHWHQ VLFK YRU DOOHP BBBBBBBBBBBBB  (EG6  (EG 6  9JO ]X GHQ ,QWHUUHODWLRQHQ EHL ª6ROOHQ©XQGª0VVHQ© LP +LQEOLFN DXI%H JUQGXQJHQGLHYHUJOHLFKHQGHQ'LDJUDPPHLQ.215$' (+/,&+-2&+(1 5(+%(,1(L QLJH ,QWHUUHODWLRQHQ YRQ 0RGDOYHUEHQ ,Q /LQJXLVWLVFKH 3UDJPDWLN +J YRQ ',(7(5 :81'(5/,&+  YHUEHVVHUWH $XIODJH :LHVEDGHQ  6FKZHUSXQNWH /LQJXLVWLN XQG .RPPXQLNDWLRQVZLVVHQVFKDIW 6KLHU6II  'LHZHQLJHQ)lOOHLQGHQHQNHLQHVROFKHª6ROOHQ%HJQGXQJ©DXIWULWWODVVHQNHLQHQK|KH UHQ*UDGDQ2EOLJDWLRQHUNHQQHQVRGDVVDOVRGXUFKGDVVSRUDGLVFKH)HKOHQYRQ%HJUQ GXQJHQNHLQHEHIHKOVDUWLJH6XENODVVHGHU$XIIRUGHUXQJHQLP¿&DWR¾NRQVWLWXLHUWZLUG



*8175$0+$$* 

]ZHL $QDO\VHNULWHULHQ DQ GHU GLUHNWH XQG GHU LQGLUHNWH $GUHVVDWHQEH]XJ GHU GXUFK %H]XJ DXI GDV 8PIHOG NRQVWLWXLHUW ZLUG LQ GHP GHU $GUHVVDW YRP6FKUHLEHUJHVHKHQZLUG0DQPXVVDOVRVRZRKOSUIHQ]XZHOFKHQ GULWWHQ 3HUVRQHQ SHUVRQDOHV 8PIHOG  GHU $GUHVVDW WH[WLQWHUQ LQ %H]LH KXQJ JHVHW]W ZLUG DOV DXFK RE VLFK 3UlPLVVHQ XQG $UJXPHQWH H[SOL]LW QXU DQHLQH6J SURQRPLQDOGXUFK)OH[LRQVVXIIL[ ULFKWHQZLHLQGHQ $XIIRUGHUXQJHQVHOEVW ,9 %HLGHU7H[WDXVZHUWXQJOLH‰HQVLFK5HIHUHQ]W\SHQEHREDFKWHQYRUDOOHP RE GLH GXUFK 1RPLQDO RGHU $GMHNWLYSKUDVHQ UHSUlVHQWLHUWHQ 3HUVRQHQ ]XP IDPLOLlUHQ RGHU IUHXQGVFKDIWOLFKHQ 8PIHOG ]XP JHVHOOVFKDIWOLFKHQ RGHU UHOLJL|VHQ 8PIHOG JHK|UHQ RE VLH GXUFK HLQH (LJHQVFKDIW EHQDQQW VLQGRGHUDOOJHPHLQEOHLEHQ %HLVSLHOIUªDOOJHPHLQ© =ZHWWOHU+DQGVFKULIW 6LFKYURZHW]YODQJHQLPDQ GHUPLWYQUHFKWHLFKWJHZDQ

7H[WQDFK%2$6 1HPRGLXJDXGHWTXLLXGLFHYLQFLWLQLTXR>,,@

%HLVSLHOIUHQJHV8PIHOG (QUXFKZD]GD]ZHLEJHVDJH 6YHQVLWXPSOLFKHFKODJH

1LOWHPHUHX[RULGHVHUYLVFUHGHTXHUHQWL>,@

%HLVSLHOIU*HVHOOVFKDIW 'HPOHUHUHVQLKWZRODQVWDW 7XWHUGD]HUYHUERWHQKDW

WXUSHHVWGRFWRULFXPFXOSDUHGDUJXDWLSVXP>,@

%HLVSLHOIUªZHUWHQG© 7XGHQJXWHQDOVRZRO 'D]GXQLKWZHUGHVWVFKDGHQYRO

VLFERQXVHVWRERQLVQHWHPDODGDPQDVHTXDQWXU>,@

BBBBBBBBBBBBB  'RUW ZLUG IUHLOLFK GLH SHUPDQHQWH $QUHGH HLQHV (LQ]HODGUHVVDWHQ YRUZLHJHQG GXUFK GHQ ,PSHUDWLYUHDOLVLHUW

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾



$EELOGXQJ'HP$GUHVVDWHQ]XJHZLHVHQHVSHUVRQDOHV8PIHOGLQGHQODWHLQL VFKHQ¿'LVWLFKD&DWRQLV¾XQGLQGHUhEHUVHW]XQJGHU=ZHWWOHU+DQGVFKULIW

(VLVWIHVW]XVWHOOHQGDVVLQVJHVDPWLPGHXWVFKHQ7H[WHLQXPIlQJOLFKHUHV SHUVRQDOHV %H]XJVIHOG GHV $GUHVVDWHQ DXIJHEDXW LVW :HQQ QXQ GLHVHU ªhEHUVFKXVV©EHLVSLHOVZHLVHGXUFKHLQIUHTXHQWHUHVUHOLJL|VHV8PIHOGYHU XUVDFKW ZlUH N|QQWH PDQXQWHUVXFKHQ RE GLH hEHUVHW]XQJ DXI GLH ]LHO VSUDFKOLFKHFKULVWOLFKH.XOWXUKLQNRQ]LSLHUWZDU$EHUGHUªhEHUVFKXVV© DQSHUVRQDOHU(LQELQGXQJGHV$GUHVVDWHQNRPPWJHUDGHGXUFKHLQQLFKW GLVWLQNWVRQGHUQVHKUDOOJHPHLQ]XVDPPHQJHVHW]WHV0HKUDQSHUVRQDOHP 8PIHOG]XVWDQGH'LHVHUXQVSH]LILVFKHªhEHUVFKXVV©OHLVWHWOHGLJOLFKHLQHQ LQGLUHNWYHUVWlUNWHQ%H]XJ]XP$GUHVVDWHQGHUVRUHLQTXDQWLWDWLYVWlUNHU LQVHLQHP8PIHOGHUIDVVWZLUG *OHLFKZRKOLVW]XSUIHQREZHQLJVWHQVGLHVHDXIHLQXQVSH]LILVFKHV SHUVRQDOHV 8PIHOG EHVFKUlQNWH ªEHUVFKVVLJH© $GUHVVDWHQRULHQWLHUXQJ VLFKYRU]XJVZHLVHHLQHUHLQ]HOQHQ)XQNWLRQ]XZHLVHQOlVVWVHLHVGHU9HU VWlUNXQJ GHU RSHUDWLYLQIRUPDWLYHQ 3ULPlUIXQNWLRQ VHL HV HLQHU GLGDNWL VFKHQ RGHU ]LHOVSUDFKOLFKNXOWXUHOOHQ )XQNWLRQ (LQH HLQJHKHQGH 8QWHU VXFKXQJGHUIUDJOLFKHQhEHUVHW]XQJVVWHOOHQ]HLJWDEHUGDVVGLH$QUHLFKH UXQJGHVSHUVRQDOHQ8PIHOGVVLFKQLFKWIXQNWLRQVVSH]LILVFKHUNOlUHQOlVVW ZHLOGLHP|JOLFKHQ*UQGHIUGHQ]XVlW]OLFKHQ$GUHVVDWHQEH]XJVHKUKH WHURJHQ ]XVDPPHQJHVHW]W ]X VHLQ VFKHLQHQ +LHU]X HLQLJH %HLVSLHOH LQ hEHUVLFKW   



*8175$0+$$* 

=ZHWWOHU+DQGVFKULIW :DFKHJHUQHVODIQLKW]HXLO ZDQGVXHUXLOWDJHVVODIHQZLO 'HPLVWGDYRQQLFKWEHUHLW GHQODVWHUYQGHWUDJKHLW

7H[WQDFK%2$6 3OXVYLJLODVHPSHUQHFVRPQRGHGLWXVHVWR QDPGLXWXUQDTXLHVYLWLLVDOLPHQWDPLQLVWUDW>,@

'LH]XVlW]OLFKH3HUVRQDOLVLHUXQJOlVVWVLFKQLFKW]ZLQJHQGGXUFKVSUDFKOL FKH(UIRUGHUQLVVHRGHUVROFKHYRQ0HWUXPXQG5HLPHUNOlUHQ$OOHQIDOOV NDQQ PDQ GHQ 7UDQVODWLRQVYRUJDQJ VHOEVW DOV %HJUQGXQJ LQ (UZlJXQJ ]LHKHQ:HQQGLHhEHUVHW]XQJGHU EHUGLHVKLHUDP$QIDQJVWHKHQGHQ  'RSSHODXIIRUGHUXQJ SULRULVLHUW ZXUGH GLH MD LQ GLHVHP )DOO PLW HLQHP 9LHUWHOGHVª9HUVUDXPHV©JHJHQEHUGHU+lOIWHLPODWHLQLVFKHQ7H[WDXV NRPPWZDUPHKU3ODW]IUGLH:LHGHUJDEHGHVNQDSSHQXQSHUV|QOLFKHQ ODWHLQLVFKHQ 'LNWXPV , GXUFK HLQHQ YHUDOOJHPHLQHUQGHQ 5HODWLYVDW] GHUGDQQLP5HODWLYSURQRPHQGLH3HUVRQDOLVLHUXQJPLWVLFKEULQJW=ZLQ JHQGZDUIUHLOLFKHLQVROFKHUVSUDFKOLFKPHWULVFKHU*UXQGIUGLH3HUVRQD OLVLHUXQJ JHZLVV QLFKW $QGHUHUVHLWV YHUVWlUNW GHU VXHU6DW] ,EG  DEHU DXFK ZHGHU GHQ GLUHNWLYHQ 'XNWXV QRFK LUJHQGHLQH GLGDNWLVFKH (LJQXQJ GHUhEHUVHW]XQJRGHUHLQH$XVULFKWXQJDQ6SH]LILNDGHU]LHOVSUDFKOLFKHQ .XOWXU.XU](VLVWZHGHUHLQ]ZLQJHQGHUVSUDFKOLFKPHWULVFKHUQRFKLU JHQGHLQIXQNWLRQVVSH]LILVFKHU*UXQGIUGLH3HUVRQDOLVLHUXQJLQGHUGHXW VFKHQhEHUVHW]XQJDXV]XPDFKHQ =ZHWWOHU+DQGVFKULIW 6YHVGXPXJHVWVFKDGHQKDQ 6LHUGLUOLSGXVROWLPODQ (WWHVYHQQHVDOPDQ]HUQ (WWHVYHQQHVLFK]RUQHVZHUQ

7H[WQDFK%2$6 4XDHQRFLWXUDWHQHVTXDPYLVVLQWFDUDUHOLQTXH XWLOLWDVRSLEXVSUDHSRQLWHPSRUHGHEHW>,@

$XFK LQ GLHVHP EHVRQGHUV NUDVVHQ )DOO YRQ 3HUVRQDOLVLHUXQJVEHUVFKXVV ZLUGPDQNHLQHHLQOHXFKWHQGHIXQNWLRQVVSH]LILVFKHRGHUVSUDFKOLFKHE]Z 0HWUXPXQG5HLPEHWUHIIHQGH%HJUQGXQJILQGHQN|QQHQ$QGHUVDOVLP YRULJHQ %HLVSLHO LVW DEHU DXFK GHU 7UDQVODWLRQVYRUJDQJ VHOEVW NHLQH HLQ OHXFKWHQGH(UNOlUXQJIUGLH$EZHLFKXQJHQGDKLHUNHLQ6DW]XQGNHLQH 3KUDVHGHVODWHLQLVFKHQ$XVJDQJVWH[WHVGLVSURSRUWLRQDOZLHGHUJHJHEHQLVW 'DVVHOEHJLOWIUGLHIROJHQGHQEHLGHQ%HLVSLHOH,XQG, =ZHWWOHU+DQGVFKULIW +DWGLULPDQJHKHL]HQLKW 'D]VDOWXJHZLVHQWKHL]HQQLKW :DQGPDQHJHUJHKHL]HWYLO 'HVHUGRFKQLFKWJHEHQZLO

7H[WQDFK%2$6 6SHPWLELSURPLVVLFHUWDPSURPLWWHUHQROL

'YVDOWHLQVFKOHLQHQGHPJHZHUQ 9RQGHPGXZLOWGHVJUR]HQJHUQ  

1HGXELWDFXPPDJQDSHWDVLPSHQGHUHSDUYD

UDUDILGHVLGHRHVWTXLDPXOWLPXOWDORFXQWXU>,@

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾

0DQVDOPLWYXRJHQGLQJHQ 9ULXQW]YVDPQHEULQJHQ



KLVHWHQLPUHEXVFRQLXQJLWJUDWLDFDURV>,@

$QGHUVLVWGLHDXVJHSUlJWHUH$GUHVVDWHQRULHQWLHUXQJLQ,]XEHZHUWHQ =ZHWWOHU+DQGVFKULIW 'YVDOWLQGHKHLQHU]LW ZLGHUGLFKVHOEHQKDEHQVWULW :DQGZL]]HJRWH]PLVVH]LPW 6ZHUZLGHUVLFKVHOEHQ]RUHQQLPW

7H[WQDFK%2$6 6SHUQHUHSXJQDQGRWLELWXFRQWUDULXVHVVH FRQYHQLHWQXOOLTXLVHFXPGLVVLGHWLSVH>,@

$XFK GLH (LQIJXQJ YRQ JRW ,F  OlVVW VLFK QLFKW ]ZLQJHQG GXUFK ]LHO VSUDFKOLFKHRGHUGLH9HUVJHVWDOWEHWUHIIHQGH5HVWULNWLRQHQHUNOlUHQ$EHU DQGHUVDOVLQGHQYRULJHQ%HLVSLHOHQN|QQWHPDQKLHUHLQHIXQNWLRQDOH%H JUQGXQJLQ%HWUDFKW]LHKHQQlPOLFKGLH2ULHQWLHUXQJDQGHU]LHOVSUDFKOL FKHQ .XOWXU LQGHP GHU IU /HKUWH[WH GHV GHXWVFKHQ 0LWWHODOWHUV KlXILJ ]HQWUDOHUHOLJL|VH6LQQKRUL]RQWGXUFKGHQ HLQHQ JRWHLQJHVSLHOWZLUG =ZHWWOHU+DQGVFKULIW 7YVWXGLQHPYULXQGHJXW 2EHUGLUOLKWHYEHOWXW 6RVFKYOGLJHQLFKWJRWHGDPLW 9HU]LFKQLFKWVRHUGLFKDEHUELW

7H[WQDFK%2$6 6LWLELSURPHULWLVQHPRUHVSRQGHWDPLFXV LQFXVDUHGHRVQROLVHGWHLSVHFRHUFH>,@

,QGLHVHP7H[WEHLVSLHOLVWJRWH ,F DQGHUVDOVLQGHU:LHGHUJDEHYRQ, JDU QLFKW QHX KLQ]XJHIJW ZRUGHQ VRQGHUQ QXU LQ GHQ 6LQJXODU JHVHW]W ZRUGHQ 'LH GDPLW EHZLUNWH 2ULHQWLHUXQJ DQ GHU PRQRWKHLVWLVFKHQ =LHO VSUDFKHQNXOWXU]HLJWDEHUGDVVGLH$QQDKPHHLQHV.XOWXUVNRSRVDOV(LQ IOXVVIDNWRU DXFK IU GLH ]XVlW]OLFKH 3HUVRQDOLVLHUXQJ LQ GHU :LHGHUJDEH YRQ,QLFKWYRQGHU+DQG]XZHLVHQLVW 'HUVXPPDULVFKHVWDWLVWLVFKHªhEHUVFKXVV©DQ3HUVRQDOEH]JHQLQGHU hEHUVHW]XQJ EULQJW QLFKW ]XP $XVGUXFN GDVV HV DXFK *HJHQEHLVSLHOH JLEW ZR LQ GHU GHXWVFKHQ :LHGHUJDEH HLQ 3HUVRQDOEH]XJ DXVIlOOW $EHU DXFK LQ GLHVHQ )lOOHQ NDQQ PDQ GLH )UDJH QDFK (LQIOXVVIDNWRUHQ VWHOOHQ QXUHEHQGDQQH[QHJDWLYR/DVVHQVLFKVSUDFKOLFKHPHWULVFKHGHQ5HLP EHWUHIIHQGHRGHUIXQNWLRQDOH*UQGHILQGHQZLHVRHLQEHVWLPPWHU3HUVR QDOEH]XJDXVIlOOW"$XFKKLHU]X]ZHL%HLVSLHOH =ZHWWOHU+DQGVFKULIW (QUXFKZD]GD]ZHLEJHVDJH 6YHQVLWXPSOLFKHFKODJH :HLEKD]]HQGLFNHHLQHQPDQ 'HPGHUZLUWZROJXWHVJDQ

7H[WQDFK%2$6 1LOWHPHUHX[RULGHVHUYLVFUHGHTXHUHQWL VHPSHUHQLPPXOLHUTXHPFRQLX[GLOLJLWRGLW>,@

'HU $XVIDOO YRQ VHUYLV ,  OlVVW VLFK QLFKW ]ZLQJHQG VSUDFKOLFK RGHU GXUFK 0HWUXP5HLP EHJUQGHQ (LQH 9HUVLRQ GLH NQHKWH HQWKlOW GUIWH HLQHP HLQLJHUPD‰HQ JHEWHQ 9HUVHVFKPLHG JHZLVV QLFKW VFKZHU JHIDOOHQ VHLQEHLVSLHOVZHLVHVYHQVLQDFKGHQNQHKWHQFKODJH(VZLUGVLFKDOVRHUQHXW XPHLQH$UWªFXOWXUDOILOWHU©KDQGHOQªZLWKZKLFKVKLIWVDQGFKDQJHVDORQJ



*8175$0+$$* 

YDULRXV SUDJPDWLF SDUDPHWHUV >«@ DUH FRQGXFWHG© +HUDXVJHILOWHUW LVW KLHUGLHDQWLNH9RUVWHOOXQJYRQGHQ]XUIDPLOLDJHK|ULJHQ6NODYHQ =ZHWWOHU+DQGVFKULIW 9OHXFKQLXZHPHUH :LVQLFKWHLQVDJHUH 6YLJHQVFKDGHWQLFKWHLQHQWDFK 9LOUHGHQZROJHVFKDGHQPDFK

7H[WQDFK%2$6 5XPRUHVIXJHQHLQFLSLDVQRYXVDXFWRUKDEHUL QDPQXOOLWDFXLVVHQRFHWQRFHWHVVHORFXWXP>,@

+LHU N|QQWH GLH :RUWUDXP UDXEHQGH 3ULRULVLHUXQJ GHU 1DFKELOGXQJ GHV &KLDVPXV LQ , HLQH 5ROOH JHVSLHOW KDEHQ 'LHV ZlUH GDQQ ,QGL] IU GHQ$QVSUXFKGHVhEHUVHW]HUVGHQODWHLQLVFKHQ6DW]EDXZHQLJVWHQVJHOH JHQWOLFK ]X,]XP%HLVSLHOVFKRQZLHGHUQLFKW DE]XELOGHQ'LH0R WLYDWLRQGD]XN|QQWHHQWZHGHUJHZHVHQVHLQGLH:LUNXQJGHV0HUNVDW]HV GHUGLH$XIIRUGHUXQJXQWHUPDXHUQVROOPLWUKHWRULVFKHQ0LWWHOQDXIUHFKW ]XHUKDOWHQ VR GDVV KLHU HLQ )DOO YRQ )XQNWLRQDOLVLHUXQJ GHV hEHUVHW]HQV ]XJXQVWHQ GHV GLUHNWLYHQ 3ULPlUVNRSRV YRUOlJH 9LHOOHLFKW JLQJ HV GHP hEHUVHW]HUDEHUDXFKGDUXPVSH]LHOODQHLQHUVROFKHQGXUFKGLH:RUWVWHO OXQJPDUNLHUWHQ6WHOOHHLQH(LJQXQJGHUhEHUVHW]XQJDOVGLGDNWLVFKH6WW ]H IU GHQ 8QWHUULFKW VLFKHU]XVWHOOHQ 'DQQ OlJH KLHU HLQ %HLVSLHO IU VSUDFKGLGDNWLVFKH)XQNWLRQDOLVLHUXQJGHVhEHUVHW]HQVYRU 'HU ZLFKWLJVWH )DNWRU VLQG ZRKO ² OHLGHU QLFKW LQ LKUHP YROOHQ $XV PD‰ ]X HUPHVVHQGH ² ]LHOVSUDFKOLFKH 5HVWULNWLRQHQ GXUFK GLH 9HUV|NR QRPLH XQG DXFK GXUFK 5HLP]ZDQJ GHU LQ GHQ RELJHQ %HLVSLHOHQ NHLQH (UZlKQXQJ IDQG  XQG QXU GLVNRQWLQXLHUOLFK XQWHUVFKLHGOLFKH IXQNWLRQDOH 0RWLYDWLRQHQ/HW]WOLFKOlVVWVLFKDOVRQLFKWYLHOPHKUDOVGLHVFKRQVWDWL VWLVFK IHVWJHVWHOOWH 7HQGHQ]]XU ]XVlW]OLFKHQ 3HUVRQDOLVLHUXQJ DQ XQG IU VLFKIHVWVWHOOHQGLHDEHUDXIMHGHQ)DOOGHQ=ZHFNGHU$SSHOOYHUPLWWOXQJ I|UGHUQNDQQZHLOGHU$GUHVVDWVRQDFKGUFNOLFKHULQGLH6LWXDWLRQJHVWHOOW ZLUGIUGLHGHU$SSHOOJLOW

BBBBBBBBBBBBB  -8/,$1( +286( 7UDQVODWLRQ 4XDOLW\ $VVHVVPHQW $ 0RGHO 5HYLVLWHG 7ELQJHQ  7ELQJHU%HLWUlJH]XU/LQJXLVWLN 6I

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾



9

$EELOGXQJ%HOHJGLFKWH]XU3HUVRQ6LQJXODULQGHQODWHLQLVFKHQ¿'LVWLFKD&DWRQLV¾LQGHU hEHUVHW]XQJGHU=ZHWWOHU+DQGVFKULIWXQGLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾

,Q5HFKQXQJJHVWHOOWLVWEHLGLHVHU²DXFKXPGLH%HIXQGHLQGHU0HONHU ¿5XPSIEHDUEHLWXQJ¾ HUJlQ]WHQ ² 6WDWLVWLN GLH 3HUVRQDOGHL[LV LQ 9HUEHQ XQG 3URQRPLQD ,P (UJHEQLV ]HLJW VLFK HLQ JHPHLQVDPHU 8QWHUVFKLHG EHLGHUGHXWVFKHU7H[W]HXJHQ]XPODWHLQLVFKHQ7H[WGDULQGDVVGHU$GUHV VDWKlXILJHUGLUHNWDQJHVSURFKHQZLUG'LHVJLOWDPPHLVWHQEHLGHU)RU PXOLHUXQJ YRQ 3UlPLVVHQ DXI GLH GHU $SSHOO EH]RJHQ LVW 'LH 0HONHU +DQGVFKULIWXQWHUVFKHLGHWVLFKEHUGLHVYRQGHU=ZHWWOHUGXUFKHLQHQ]X VlW]OLFKHQ3HUVRQDOLVLHUXQJVVFKXELQDUJXPHQWDWLYHQ(UIDKUXQJVVlW]HQ 6RPLW HUKHEW VLFK GLH )UDJH RE GLHVHU GXUFK $QUHGHIRUPHQ DXVJH SUlJWHUH$GUHVVDWHQEH]XJ DQGHUVDOVGHUGXUFKGDVSHUVRQDOH8PIHOGDXV JHO|VWH YJO REHQ  IXQNWLRQVVSH]LILVFK DXVJHULFKWHW LVW RE HU DOVR HWZD YRUZLHJHQGGLHLQIRUPDWLYRSHUDWLYH3ULPlUIXQNWLRQGHV7H[WHVYHUVWlUNW RGHUZRP|JOLFKGLGDNWLVFKRGHUNXOWXUHOODXIGLH=LHOVSUDFKHKLQIXQNWLR QDOLVLHUWLVWXQGREVRPLWGRFKHLQVWDUNHU(LQIOXVVYRQhEHUVHW]XQJVVNR SRLDXIGHQVSUDFKOLFKHQ%HIXQGGHV7UDQVODWHVZHQLJVWHQVXQWHUGHP$V SHNWGLUHNWHU$GUHVVDWHQRULHQWLHUXQJIHVW]XVWHOOHQLVW%HLGHU$QDO\VHGHU hEHUVHW]XQJVVWHOOHQZHOFKHGHQªhEHUVFKXVV©DQ$GUHVVDWHQRULHQWLHUXQJ DXVPDFKHQ ILQGHQ VLFK LQGHV QXU SDUWLHOO EHUKDXSW $QKDOWVSXQNWH IU BBBBBBBBBBBBB  0HON6WLIWVELEOLRWKHN&RGS



*8175$0+$$* 

GHVVHQ)XQNWLRQDOLVLHUXQJXQGGLHVH6WHOOHQZLHGHUXPVLQG]XKHWHURJHQ DOVGDVVVLHGLH$XVULFKWXQJDQHLQHUHLQ]HOQHQ)XQNWLRQQDKHOHJHQN|QQ WHQ+LHU]XQXQHLQLJH%HLVSLHOHDXV%XFK, =ZHWWOHU+DQGVFKULIW 6ROPDQJRWHVGLQHUHZHVHQ DQGHQEXFKHQOHVHQ 6RGLQHLPYOL]HFOLFKH VRZLUVWXVHOGHQULFKH

7H[WQDFK%2$6 6LGHXVHVWDQLPXVQRELVXWFDUPLQDGLFXQWDOVZLU] KLFWLELSUDHFLSXHVLWSXUDPHQWHFROHQGXV>,@

)U GHQ LQ GHU hEHUVHW]XQJ HUJlQ]WHQ DXI GHQ $GUHVVDWHQ EH]RJHQHQ )ROJHVDW]LVWQXU3ODW]ZHLO,LQQXUHLQHP9HUVZLHGHUJHJHEHQZLUG 'LHVZLHGHUXPLVWQXUP|JOLFKZHLOSXUDPHQWH , QLFKWEHUVHW]WZLUG 'HU hEHUVHW]HU KlWWH VLFK QXQ IUHLOLFK GDIU HQWVFKHLGHQ N|QQHQ GLHVH DGYHUELDOH %HVWLPPXQJ LQ ,G ªQDFK]XKROHQ© 'D HU HV QLFKW JHWDQ KDW ORKQWVLFKHLQHhEHUOHJXQJZDVLKQGD]XPRWLYLHUHQNRQQWHVWDWWGHVVHQ GHQ OHW]WHQ 9HUV PLW HLQHP LP 2ULJLQDO QLFKW DQJHOHJWHQ )ROJHVDW] ]X IOOHQ0LWLKPZLUGGLH$XIIRUGHUXQJGXUFKHLQH+HLOVSURJQRVHEHJUQ GHW VR GDVV PDQ IXQNWLRQVVSH]LILVFKH $XVULFKWXQJ DQ GHU UHOLJL|V RULHQ WLHUWHQ=LHONXOWXUDQQHKPHQNDQQ =ZHWWOHU+DQGVFKULIW :LOWXGHUOLXWHOHEHQEHVHKHQ 9QGLUVLWHVRPDJJHVFKHKHQ :DQGVLHLQDQGHUKRQHQ 6RYLQGHVWXQLPDQVFKRQHQ

7H[WQDFK%2$6 6LYLWDPLQVSLFLDVKRPLQXPVLGHQLTXHPRUHV FXPFXOSDQWDOLRVQHPRVLQHFULPLQHYLYLW>,@

)UGHQ]XVlW]OLFKHQ$GUHVVDWHQEH]XJLQYLQGHVWX ,G GUIWHVLFKVFKZHU OLFKHLQHEHVRQGHUHVSUDFKOLFKHRGHUIXQNWLRQDOH0RWLYDWLRQILQGHQODVVHQ 0DQNDQQQXUIHVWVWHOOHQGDVVVRGLH:HOWEHWUDFKWXQJDXVGHP%OLFNZLQ NHOGHV$GUHVVDWHQDXIUHFKWHUKDOWHQZLUGGLHLP$XVJDQJVWH[WQXULQ, JHJHEHQLVW =ZHWWOHU+DQGVFKULIW :LVVHPIWHKDEHVWHWLFKHLW DOVGLUGLY]HLWJHVHLW 6LQHVLWHZDQGHOWHLQPDQ DQHODVWHUVYHUH]FKDQ

7H[WQDFK%2$6 &OHPHQVHWFRQVWDQVXWUHVH[SRVWXODWHVWR WHPSRULEXVPRUHVVDSLHQVVLQHFULPLQHPXWDW>,@

'LH ]XVlW]OLFKH 9HUEDOIRUP KDEH ,D  LQ GHU  3HUVRQ 6LQJXODU ZLUG GXUFKGDV6XEVWDQWLYVWHWLFKHLW ,D DXVJHO|VW'HVVHQ:DKOVWDWWEHLVSLHOV ZHLVHGHV$GMHNWLYVVW WHN|QQWHVLFKDXVGHP5HLP]ZDQJ]XJHVHLW ,E  HUJHEHQ KDEHQ 'LHVHV :RUW ZLHGHUXP JHK|UW PLW GLU ,E  LQ GLHVHOEH 9HUEDOSKUDVH HLQHP 3URQRPHQ GDV GHQ EHUSHUV|QOLFKDEVWUDNWHQ (LQ VFKXE XW UHV H[SRVWXODW ,  SHUVRQDOLVLHUW 'LH 3HUVRQDOLVLHUXQJ KDW KLHU GLH VSH]LILVFKH )XQNWLRQ GHQ GLUHNWLYHQ 3ULPlUVNRSRV ]X YHUVWlUNHQ GHQQ VR ZLUG GHU $GUHVVDW GLUHNW PLW HLQHU ZHLWHUHQ IRUGHUQGHQHUPDK QHQGHQ,QVWDQ]NRQIURQWLHUW

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾

=ZHWWOHU+DQGVFKULIW 'LQHGLULPDQ]YGHKHLQHUVWXQW 'D]WX]HKDQWYLOOHYWHQFKXQW +DVWXDEHULPDQZROJHWDQ 'HVVDOWXYQJHULXUHWODQ



7H[WQDFK%2$6 2IILFLXPDOWHULXVPXOWLVQDUUDUHPHPHQWR DWTXHTXDHFXPTXHDOLLVEHQHIHFHULVLSVHVLOHWR>,@

,Q GLHVHP )DOO N|QQWH GHU ]XVlW]OLFKH $GUHVVDWHQEH]XJ GXUFK GLU ,D  GDULQEHJUQGHWOLHJHQGDVVHLQGHP:RUWRIILFLXP , KDOEZHJVlTXL YDOHQWHV 6XEVWDQWLY ZLH ]XP %HLVSLHOGLHQHVW QLFKW YHUVIOOHQG ZDU 1DFK GHP LQ , HLQ 2EMHNWVDW] YRUJHJHEHQ ZDU N|QQWH HV VLFK DQJHERWHQ KDEHQHLQHQZHLWHUHQYHUVIOOHQGHQ2EMHNWVDW]]XU:LHGHUJDEHYRQRIILFL XP , ]XELOGHQ'D]XEHGXUIWHHVIUHLOLFKHLQHU9HUEDOSKUDVHGHUHQ .RSI HLQ 9HUE GLHQHQ YJO,D VWDWW GHV 1RPHQVGLHQHVW ELOGHW 'LHVHV 9HUEZLHGHUXPYHUODQJWLP0LWWHOKRFKGHXWVFKHQLQGHU5HJHOHLQHHUJlQ ]HQGH1RPLQDOSKUDVHLPSHUV|QOLFKHQ'DWLY7UHIIHQGLHVHhEHUOHJXQJHQ ]XVRKDWPDQHVKLHUPLWHLQHUVWlUNHUHQ$GUHVVDWHQRULHQWLHUXQJ]XWXQ GLH VLFK DXVVFKOLH‰OLFK GHP V\QHUJHWLVFKHQ (LQIOXVV YRQ 0HWUXP XQG 6SUDFKHYHUGDQNW =ZHWWOHU+DQGVFKULIW 6YHUPLWUHGHVRVHUHQFKDQ YQGLQGHQKHU]HQGLUYEHOJDQ 'HPWKXGXDOVDP 6RWUXJHVWXLQDQVFKDP

7H[WQDFK%2$6 4XLVLPXODWYHUELVQHFFRUGHHVWILGXVDPLFXV WXTXLIDFVLPLOHVLFDUVGHOXGLWXUDUWH>,@

:HQQ ZLH EHL GHQ ¿&DWR¾hEHUVHW]XQJHQ EOLFK (QMDPEHPHQW PHLVW JHPLHGHQZLUGWHLOWVLFKHLQGXUFK.RQMXQNWRU]XVDPPHQJHKDOWHQHV1H EHQVDW]JHIJH IDVW ]ZDQJVOlXILJ VR DXI GDVV GLH EHLGHQ 1DFKIHOGHU XQG DOVR GLHILQLWHQ 9HUEIRUPHQ GLH5HLPVWHOOHQ DQ GHQ 9HUVHQGHQ EHVHW]HQ :HQQGLH:DKOGHU9HUEIRUPYEHOJDQ ,E PLWGHU5HLPILQGXQJ]XWXQ KDWWH ZDU GLH +LQ]XIJXQJ YRQGLU ,E  UHLQ VSUDFKOLFK EHGLQJW GHQQ DXFK GLHVHV 9HUE YJO GLQH LQ ,D  EUDXFKW HLQ SHUV|QOLFKHV 'DWLYNRP SOHPHQWZHQQNHLQVlFKOLFKHV$NNXVDWLYNRPSOHPHQW RGHUHLQlTXLYDOHQ WHU 2EMHNWVDW]  YRUKDQGHQ LVW (LQ VROFKHV VlFKOLFKHV $NNXVDWLYREMHNW KlWWHDEHUGLHODWHLQLVFKH:HQGXQJFRUGHHVWILGXVDPLFXV , YHUIHKOWGD GLHVH HLQH XQDXIULFKWLJH %H]LHKXQJ XQG QLFKW GHUHQ VDFKOLFKHQ $QODVV IRNXVVLHUW 'LH ]XVlW]OLFKH $QUHGH GXUFK WUXJHVWX ,G  N|QQWH GDPLW ]XVDP PHQKlQJHQ GDVV LQ GHU ODWHLQLVFKHQ 9RUJDEH GLH $XVVDJHVLF DUV GHOXGLWXU DUWH ,  LQ HLQHU :HLVH VHQWHQ]L|V YHUGLFKWHW LVW GLH VLFK QLFKW RKQH ZHLWHUHV PLW JOHLFKHU UKHWRULVFKHU (IIHNWLYLWlW UHSURGX]LHUHQ OLH‰ 'LH hEHUVHW]XQJLQ,FGNRPSHQVLHUWGLHVGXUFK/DXWPDOHUHLXQGVLFKHUWVR GLH GXUFK UKHWRULVFKH 0LWWHO JHVWHLJHUWH ª0HUN:UGLJNHLW© GHU $XVVDJH 6RLVWGLH:LUNXQJGHV5HLPVDPGXUFKGLH$OOLWHUDWLRQLQGHQYRUDQJH KHQGHQ/DXWHQDOVDQVFKJHVWHLJHUW YJO,FG ]XVlW]OLFKLVWPLWWKXGX



*8175$0+$$* 

,F XQGWUXJHVWX ,G JHZLVVHUPD‰HQHLQXQUHLPHU%LQQHQUHLPHLQJH EDXW7UXJHVWXLVWDOVRZRKOHLQ(UJHEQLVGHV6WUHEHQVGLH5KHWRUL]LWlWGHV $XVJDQJVWH[WHV ]X NRPSHQVLHUHQ 'D GLHVH LQ GHQ ¿'LVWLFKD &DWRQLV¾ GLH (LQGULQJOLFKNHLWGHVMHZHLOVJHlX‰HUWHQ$SSHOOVYHUVWlUNWYHUGDQNWVLFKGLH DXVJHSUlJWHUH $GUHVVDWHQRULHQWLHUXQJ KLHU OHW]WHQGOLFK GHP GLUHNWLYHQ 3ULPlUVNRSRV =ZHWWOHU+DQGVFKULIW 6LQWYQVHLQYQJHZLVVHVOHEHQ ,QJHZLVVHQVRUJHQLVWJHJHEHQ 6RVLGLUYRUHLQORQEHUHLW 6YHOKHVWDJHVGXOLGHVWDUHEHLW

7H[WQDFK%2$6 &XPGXELDLQFHUWLVYHUVHWXUYLWDSHULFOLV SUROXFURWLELSRQHGLHPTXLFXPTXHVHTXHWXU>,@

9RQ GHU 5DULWlW HLQHV SURQRPLQDOHQ $GUHVVDWHQEH]XJV GXUFK GLH  3HU VRQ3OXUDODEJHVHKHQGUIWHKLHUZLHEHLYEHOJDQLQ,EGLH9DOHQ]DXV VFKODJJHEHQG JHZHVHQ VHLQ 'HQQ JHEHQ YJO ,E  YHUODQJW HLQ SHUV|QOLFKHV'DWLYNRPSOHPHQW'DVVDEHUEHUKDXSWJHEHQJHZlKOWZXUGH OLHJW JHZLVV GDUDQ GDVV IU YHUVDUL YJO ,  JDU NHLQH KDELWXDOLVLHUWH hEHUVHW]XQJ ]X *HERWH VWDQG 2IIHQEDU ZXUGH GDQQ GLH :DKUXQJ GHU DXVJDQJVVSUDFKOLFKHQ6DW]VWUXNWXU¿6XEMXQNWRUVLQW ,D ZLHFXP ,   6XEMHNW YQJHZLVVHV OHEHQ ,D  ZLH GXELD YLWD ,   DGYHUELDOH %H VWLPPXQJLQJHZLVVHQVRUJHQ ,E ZLHLQFHUWLVSHULFOLV , ¾SULRULVLHUWXQG HLQ3UlGLNDWJHVXFKWGDVGLH3KUDVH6LQWHLQYQJHZLVVHVOHEHQLQJHZLVVHQVRUJHQ ,DE  VR NRPSOHWWLHUHQ NRQQWH GDVV DXFK QRFK HLQ 5HLP JHIXQGHQ ZXUGH 0LWGXOLGHVW ,G ZLUGGHU$XVVDJHVFKZHUSXQNWJHJHQEHUGHPOD WHLQLVFKHQ 2ULJLQDO YHUVFKREHQ :lKUHQG QlPOLFK GRUW GLHV YJO ,  GXUFK GHQ IROJHQGHQ YHUDOOJHPHLQHUQGHQ 5HODWLYVDW] IRUWJHIKUW ZLUG JUHLIW ,G DXFK GHQ *HGDQNHQ GHU VRUJHQ ,E  QRFKPDOV DXI 'DPLW ZLUGGHU$GUHVVDWJUQGOLFKHUPLWGHPYRUDXVJHVHW]WHQ3UREOHPNRQIURQ WLHUW IU GDV GLH $XIIRUGHUXQJ HLQH /|VXQJ ELHWHW 6R JHVHKHQ GLHQW GLH YHUVWlUNWH $GUHVVDWHQRULHQWLHUXQJ GD]X GLH GLUHNWLYH 3ULPlUIXQNWLRQ GHU 6WHOOH]XIXQGLHUHQ =ZHWWOHU+DQGVFKULIW %HKDOWPLWJHZDUKHLW 'D]GXJHZLQQHVWPLWDUEHLW 6ZHPVLQHDUEHLWFKYPW]YVFKDGHQ 'HQPY]GLDUPYWYEHUODGHQ

7H[WQDFK%2$6 &RQVHUYDSRWLXVTXDHVXQWLDPSDUWDODERUH FXPODERULQGDPQRHVWFUHVFLWPRUWDOLVHJHVWDV>,@

'HU ]XVlW]OLFKH $GUHVVDWHQEH]XJ LQ GX JHZLQQHVW ,E  ZLUG GXUFK GLH 9HUZDQGOXQJGHVDXVJDQJVVSUDFKOLFKHQ3DVVLYVVXQW>«@SDUWD , LQV $NWLY YHUXUVDFKW +LHU GUIWH HLQH ]LHOVSUDFKOLFKH V\QWDNWLVFKH 3UlIHUHQ]

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾



PD‰JHEOLFKVHLQGHQQLQGHUJHVDPWHQ=ZHWWOHUhEHUVHW]XQJILQGHQVLFK FDHLQ'ULWWHOZHQLJHU6lW]HLP3DVVLYDOVLPODWHLQLVFKHQ7H[W =ZHWWOHU+DQGVFKULIW 'YVDOWHWVYHQQHHUKDIWVLQ 6RZLUVWXOLHEGHQYULXQGHQGLQ 6RGXGDQQHZLUGHVWULFKH VREHWUDFKWH]YUXPHKOLFKH

7H[WQDFK%2$6 'DSVLOLVLQWHUGXPQRWLVHWFDUXVDPLFLV FXPIXHULVGDQGRVHPSHUWLELSUR[LPXVHVWR>,@

=XUGXUFKJlQJLJHQ+HUYRUKHEXQJ'DKLHUGLHGHXWVFKH:LHGHUJDEHVLFK VHKUZHLWYRQGHUODWHLQLVFKHQ9RUJDEHHQWIHUQWKDWOlVVWVLFKQLFKWUHFKW HQWVFKHLGHQZHOFKH9HUEIRUPHQGHU3HUVRQ6LQJXODUEHUKDXSWDOVGLH KLQ]XJHNRPPHQHQDQ]XVHKHQVLQG  'LHUHFKWIUHLH:LHGHUJDEHN|QQWHPLWGHUV\QWDNWLVFKHQ9RUJDEHLP /DWHLQ ]XVDPPHQKlQJHQ 'LH PDUNLHUWH 3RVLWLRQ GHU DXI IXHULV ,  EH]RJHQHQ $GMHNWLYH GDSVLOLV XQG FDUXV ,  QRFK YRU GHP 6XEMXQNWRU ZDU DXIJUXQG ]LHOVSUDFKOLFKHU 5HVWULNWLRQ QLFKW QDFK]XDKPHQ 2E VLH EHUKDXSWYRPhEHUVHW]HUYHUVWDQGHQZXUGHVHLGDKLQJHVWHOOW-HGHQIDOOV UHIOHNWLHUWGHUVWlUNHUH$GUHVVDWHQEH]XJGXUFK]XVlW]OLFKH9HUEIRUPHQGLH 8QP|JOLFKNHLW HLQHU lTXLYDOHQWHQ :LHGHUJDEH GHU ODWHLQLVFKHQ 6WUXNWXU (QWZHGHU PXVVWH GHU hEHUVHW]HU GHQ 6DW] XPVWHOOHQ XQG HLQHQ GXP , HQWVSUHFKHQGHQ6XEMXQNWRUDQGHQ6DW]DQIDQJVWHOOHQ²GDEHLJHKW DEHU GLH OHVHSUR]HVVXDOH3RLQWH GHV ODWHLQLVFKHQ 6DW]HVYHUORUHQ GDVV GLH %H]XJVSHUVRQGHU$GMHNWLYSKUDVHQHUVWVSlWLP9HUEVXIIL[ªHQWKOOW©ZLUG ²RGHUGHUhEHUVHW]HUYHU]LFKWHWHDXIHLQH8PVWHOOXQJGHVYRUJHJHEHQHQ 6DW]HVXQGYHUVXFKWHVLFKDQGHUOHVHSUR]HVVXDOHQ4XDOLWlWGHU9RUJDEH]X RULHQWLHUHQ 'LH OHW]WHUH 2SWLRQ VFKHLQW HU ZDKUJHQRPPHQ ]X KDEHQ ZREHLDEHUVHPDQWLVFKH8QJHUHLPWKHLWHQ]X%XFKHVFKOXJHQ 'HU9ROOVWlQGLJNHLWKDOEHUVHLHUZlKQWGDVVGHUJHJHQWHLOLJH)DOOGDVV DOVRHLQLPODWHLQLVFKHQ7H[WYRUKDQGHQHU$GUHVVDWHQEH]XJLQGHUhEHU VHW]XQJDXVIlOOWH[WUHPVHOWHQLVW'HQQRFKHLQ%HLVSLHO =ZHWWOHU+DQGVFKULIW 'HUNLQWKDWYQGDUPLVW 'HUVDOVLOHUHQHLQHQOLVW 'DPLWVLHUZHUEHQ GD]VLQLFKWYHUWHUEHQ

7H[WQDFK%2$6 &XPWLELVLQWQDWLQHFRSHVWXQFDUWLEXVLOORV LQVWUXHTXRSRVVLQWLQRSHPGHIHQGHUHYLWDP>,@

BBBBBBBBBBBBB  'LHhEHUVHW]XQJHQWKlOWPDO3DVVLYGHU$XVJDQJVWH[WPDO,P/DWHLQLVFKHQZXUGHGHU $EODWLYXVDEVROXWXVPLWJH]lKOWIHUQHUGDV*HUXQGLYXPGDQQZHQQHVNHLQ'DWLYNRPSOH PHQWDXIZHLVW,P'HXWVFKHQZXUGHQ.RQVWUXNWLRQHQPLWXQSHUV|QOLFKHPPDQHLQJHUHFK QHW



*8175$0+$$* 

9, %HWUDIHQ GLHVH 'DUOHJXQJHQ GLH +lXILJNHLW GHU $GUHVVLHUXQJ GXUFK 9HU EDOIRUPHQ XQG 3URQRPLQDVR YHUGLHQW QXQ QRFK GLH 3RVLWLRQLHUXQJ GHU $GUHVVLHUXQJ GXUFK 9HUEDOIRUPHQ LP 9HUV $XIPHUNVDPNHLW $XFK GLH :RUWVWHOOXQJ LP LPSHUDWLYLVFKHQ 6DW] NDQQ GLH ,QWHQVLWlW GHU $XIIRUGH UXQJHQVHOEVWXQGGDPLWGHQ$GUHVVDWHQEH]XJYHUVWlUNHQ:lKUHQGQlP OLFK LP/DWHLQ YRUGHU LPSHUDWLYLVFKHQ 9HUEDOSKUDVH GDV 9RUIHOGXQPDU NLHUWHUZHLVHEHVHW]WVHLQNDQQXQGLP¿&DWR¾DXFKUHODWLYKlXILJEHVHW]WLVW JLOW IU GLH PLWWHOKRFKGHXWVFKHQ 7UDQVODWH ZLH GDQQ DXFK IU GDV 1HX KRFKGHXWVFKHªGD‰HLQHSUlYHUEDOH.RQVWLWXHQWHQXUPDUNLHUWHUZHLVHDXI WUHWHQNDQQ©DOVRGLH,QLWLDOSRVLWLRQGHULPSHUDWLYLVFKHQ)RUPDQGHUVDOV LP KLHU YLHO YDULDEOHUHQ ODWHLQLVFKHQ $XVJDQJVWH[W VR VHKU YRUKHUUVFKW GDVV HLQH LQVLVWLHUHQGH 6WHUHRW\SLH GHV GLUHNWLYHQ bX‰HUXQJVPRGXV EH ZLUNWZLUG'LHVHULQLKUHP(IIHNWGHQ$GUHVVDWHQEH]XJQRFKZHLWHUKHU YRUWUHLEHQGHQ5HVWULNWLRQLQGHU:RUWVWHOOXQJPXVVVHKUVWDUNHU(LQIOXVV DXI GDV 7UDQVODW EHVFKHLQLJW ZHUGHQ GHQQ DQ GHU 9HUEHUVWVWHOOXQJ ZLUG IDVWHEHQVRKXQGHUWSUR]HQWLJZLHDQ5HLPXQG0HWUXPIHVWJHKDOWHQ=ZHL %HLVSLHOH YRQ YLHOHQ IU HLQH YRQ GHU ODWHLQLVFKHQ 9RUJDEH DEZHLFKHQGH ,QLWLDOSRVLWLRQGHV,PSHUDWLYV LQGHU:LHGHUJDEHGHU9HUVHXQWHUVWULFKHQ  =ZHWWOHU+DQGVFKULIW :DFKHJHUQHVODIQLKW]HXLO

7H[WQDFK%2$6 3OXVYLJLODVHPSHUQHFVRPQRGHGLWXVHVWR>,@

:LVVHPIWHKDEHVWHWLFKHLW DOVGLUGLY]HLWJHVHLW

&OHPHQVHWFRQVWDQVXWUHVH[SRVWXODWHVWR>,@

,QGHU=ZHWWOHUhEHUVHW]XQJJLEWHVQXUIROJHQGH)lOOHYRQ%HVHW]XQJGHV 9RUIHOGHV D REOLJDWRULVFK QDFK YRUDQJHVWHOOWHP WHPSRUDONRQGLWLRQDOHP 1HEHQVDW] GHLNWLVFK PLW VR %HOHJH  XQG DQGHUHQ 'HPRQVWUDWLYD GD]GHPGD  %HOHJH 1DFKVWHKHQGMHHLQ%HLVSLHOIUGLHVHVGHLNWLVFKEHVHW]WH9RUIHOG LQGHU:LHGHUJDEHXQWHUVWULFKHQ GDVIUHLOLFKGHQ,PSHUDWLYQXUXPHLQH 6LOEH LP 9HUV QDFK UHFKWV ªYHUVFKLHEW© DOVR GHP ª'LUHNWLYHQ6WDNNDWR© NDXPHWZDVYRQVHLQHP(IIHNWQLPPW =ZHWWOHU+DQGVFKULIW 6YHQQHGXJHZLQHVWJXW 6RZLVYRUYQJHOXNHEHKXW 'D]DQHJHQYQGGD]HQGH +DEHQGLNHPLVVHZHQGH ,VWGLUHLQGLQFKYQEHFKDQW 'D]VDJHLPQLKWGHUH]KDEHHUFKDQW

7H[WQDFK%2$6 &XPIXHULVIHOL[TXDHVXQWDGYHUVDFDYHWR QRQHRGHPFXUVXUHVSRQGHQWXOWLPDSULPLV>,@ ,JQRWXPWLELWXQROLSUDHSRQHUHQRWLV

BBBBBBBBBBBBB  125%(57)5,(6=XU6\QWD[GHV,PSHUDWLYVLP'HXWVFKHQ,Q=VIU6SUDFKZLVVHQVFKDIW   6KLHU6

,OORNXWLRQXQG$GUHVVDWHQRULHQWLHUXQJLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾

:DQQLPDQVJHULFKWHJDW YEHULKWZDQGGD]HUEHFKDQWKDW



FRJQLWDLXGLFLRFRQVWDQWLQFRJQLWDFDVX>,@

E $XVIOOXQJ GHV 9RUIHOGHV RKQH GHLNWLVFKH )XQNWLRQ  %HOHJH GK LQVJHVDPWXQWHU]HKQ3UR]HQWGHUYRUNRPPHQGHQ,PSHUDWLYHEHUKDXSW  $XFK KLHU]X ]ZHL %HLVSLHOH 9RUIHOG(OHPHQWH LQ GHU :LHGHUJDEH XQWHU VWULFKHQ  =ZHWWOHU+DQGVFKULIW 9LOVWLOOHVXLJHQGHGDJH 9QGPHUNHZD]LJOLJHUVDJH 'LOLYWHKHOHQYQGWYQFKYQW ,UVLWHPLWZRUWHQ]YDOOHUVWXQW

7H[WQDFK%2$6 3HUVSLFLWRFXQFWDWDFLWXVTXLGTXLVTXHORTXDWXU

9RQGHPJHODUWHQOHUQH /HUHGLYQFKXQVWLJHQJHUQH (]LVWUHFKWGD]PDQPHUH $OOHUJXWHQGLQJHOHUH

'LVFHVHGDGRFWLVLQGRFWRVLSVHGRFHWR

VHUPRKRPLQXPPRUHVHWFHODWHWLQGLFDWLGHP>,9@

SURSDJDQGDHWHQLPHVWUHUXPGRFWULQDERQDUXP>,9@

0DQ NDQQ VSHNXOLHUHQ ZLH HV LQ GLHVHQ EHLGHQ )lOOHQ ]XU 9RUVFKDOWXQJ GHUXQWHUVWULFKHQHQ(OHPHQWHJHNRPPHQVHLQPDJ,Q,9N|QQWHGHU 5HLP]ZDQJ DXVVFKODJJHEHQG JHZHVHQ VHLQ YRUDXVJHVHW]W GDVV VDJH ,9E  DOV ² XPVWDQGVORV KHUVWHOOEDUH ² hEHUVHW]XQJ IU ORTXDWXU ,9 ªJHVHW]W©ZDUXQGGDHVDOVILQLWHV9HUEHLQHV1HEHQVDW]HVIXQ JLHUWLQ(QGVWHOOXQJJHULHWVLFKGHUhEHUVHW]HUHLQHQVHPDQWLVFKKDOEZHJV lTXLYDOHQWHQ 5HLP GDUDXI PDFKHQ PXVVWH IDQG VLFK NHLQHU IU SHUVSLFLWR ,9 PRFKWHHVQDKHOLHJHQWDFLWXV ,9 LQGDJH ,9D ]XYHUED OLVLHUHQ ,Q ,9 KLQJHJHQ LVW JHUQH ,9E  QLFKW GXUFK GLH ODWHLQLVFKH 9RUJDEHPRWLYLHUWVFKRQJDUQLFKWLQGHUYRPhEHUVHW]HUJHZlKOWHQ3RVL WLRQDP9HUVHQGHVRGDVVDOVRGLH3RVLWLRQLHUXQJYRQOHUQH ,9D QLFKW PLW 5HLP]ZDQJ ]X EHJUQGHQ LVW 9LHOOHLFKW ZROOWH GHU hEHUVHW]HU GLH FKLDVWLVFKH 6WHOOXQJ GHU ,PSHUDWLYSRVLWLRQHQ LP ODWHLQLVFKHQ +H[DPHWHU DP$QIDQJGHUHUVWHQLPSHUDWLYLVFKHQ(LQKHLWXQGDP(QGHGHU]ZHLWHQ  QDFKDKPHQXQGHVJHODQJLKPQXUªVSLHJHOYHUNHKUW©0|JOLFKHUZHLVHZDU DEHUDXFKGLH%HWRQXQJGHU$XVVDJHDGRFWLV ,9 GXUFKVHG ,9  IU GHQ hEHUVHW]HU $QODVV ]X HLQHU lTXLYDOHQWHQ %HWRQXQJ GHU hEHUVHW ]XQJYRQGHPJHODUWHQ ,9D LQGHPHUVLHLQVPDUNLHUWH9RUIHOGSODW]LHUWH ,QVJHVDPWGDVVHLIHVWJHKDOWHQLVW,QLWLDOSRVLWLRQGHV,PSHUDWLYVRGHU VHLQH9HUVFKLHEXQJXPQXUHLQH6LOEHLP9HUVQDFKKLQWHQGXUFKGLH9RU VFKDOWXQJYRQ'HLNWLNDLQEHU3UR]HQWGHUYRUNRPPHQGHQLPSHUDWLYL VFKHQbX‰HUXQJHQIHVW]XVWHOOHQVRGDVVHLQHEHWRQWH$GUHVVLHUXQJGXUFK UHSHWLWLYH3RVLWLRQLHUXQJGHU,PSHUDWLYHJHJHEHQLVW )D]LW (LQH DXVJHSUlJWHUH $GUHVVDWHQRULHQWLHUXQJ EHZLUNHQ HLQHUVHLWV ]LHOVSUDFKOLFKH V\QWDNWLVFKH PHWULVFKH XQG GHQ 5HLP]ZDQJ EHWUHIIHQGH 5HVWULNWLRQHQ XQG 3UlIHUHQ]HQ $QGHUHUVHLWV OlVVW VLFK DEHU DXFK HLQH QLFKW GXUFK VSUDFKOLFKH )DNWRUHQ HU]ZXQJHQH 7HQGHQ] ]XU ]XVlW]OLFKHQ



*8175$0+$$* 

3HUVRQDOLVLHUXQJ IHVWVWHOOHQ GLH VLFK LQGHV NHLQHP HLQ]HOQHQ VSH]LILVFKHQ 6NRSRV]XRUGQHQOlVVWDEHUDXIMHGHQ)DOOGHQ=ZHFNGHU$SSHOOYHUPLWW OXQJI|UGHUQNDQQZHLOGHU$GUHVVDWVRQRFKQDFKGUFNOLFKHULP0LWWHO SXQNWVWHKW(LQH6WUDWHJLHVSH]LILVFKHUHXQGZRP|JOLFKYRQhEHUVHW]XQJ ]XhEHUVHW]XQJDQGHUHhEHUVHW]XQJVVNRSRLGXUFKNRQWLQXLHUOLFKH'LVWUL EXWLRQ GXUFKDXV SDUWLHOO YRUKDQGHQHU JHHLJQHWHU 7H[WPHUNPDOH LQ GHQ 9RUGHUJUXQG]XVSLHOHQLVWDOVRQLFKWIHVW]XVWHOOHQ'LHYRUOLHJHQGH)DOO VWXGLH]HLJWDOVRJHQDXMHQHQªRIIHQHQ©7H[WIUGHQVLFKDXFKUH]HSWLRQV VHLWLJ,QGL]LHQILQGHQ(LQYHUVWlUNWHVNRPPXQLNDWLYHV3URILONHQQ]HLFK QHWEHLGHGHXWVFKHQhEHUVHW]XQJHQ'LHVH9HUVWlUNXQJGHVNRPPXQLND WLYHQ3URILOVVFKHLQW(IIHNWHLQHVNXOWXUVSH]LILVFKHQVSUDFKOLFKHQ+DELWXV ]XVHLQGHUGHQLQWHUDNWLYHQ&KDUDNWHUYRQ7H[WHQVWlUNHUEHWRQWXQGLQ GHU0RGHOOELOGXQJGHU6NRSRVWKHRULHQLFKWHUIDVVWLVW  

BBBBBBBBBBBBB  9JO 0,&+$(/ %$/'=8+1 6FKXOEFKHU LP 7ULYLXP GHV 0LWWHODOWHUV XQG GHU )UKHQ 1HX]HLW'LH9HUVFKULIWOLFKXQJYRQ8QWHUULFKWLQGHU7H[WXQGhEHUOLHIHUXQJVJHVFKLFKWH GHU¿)DEXODH¾$YLDQVXQGGHUGHXWVFKHQ¿'LVWLFKD&DWRQLV¾%GH%HUOLQ1HZ@  %G 6  EHVRQGHUV6 ]XVDPPHQIDVVHQG]XGHQZHQLJEHUHFKHQEDUHQODLNDOHQ*HEUDXFKV NRQWH[WHQGHU¿5XPSIEHDUEHLWXQJ¾ XQG6 ]XU=ZHWWOHUhEHUVHW]XQJXQGLKUHP ([SHULPHQW ZLH .RQJORPHUDW&KDUDNWHU  YJO DXFK GLH ]XVDPPHQIDVVHQGHQ +LQZHLVH ]XP9HUKlOWQLVYRQ*HEUDXFKVUDXPXQG7H[WDQODJH hEHUVHW]XQJ HEG6 DXVJHKHQG YRQGHU¿hEHUVHW]XQJVIDVVXQJ$¾ ¿8OPHU&DWR¾ XQG6 LP%OLFNDXI3UlJXQJHQ GLHVHU5HODWLRQGXUFKGHQ7UDGLWLRQVKLQWHUJUXQGHLQVSUDFKLJODWHLQLVFKHU6FKXOOHNWUH 

 6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



*8175$0+$$* 6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU ¿5XPSIEHDUEHLWXQJ¾GHU¿'LVWLFKD&DWRQLV¾ 6SUDFKOLFKH+DQGOXQJVPXVWHU %HLGHQ¿'LVWLFKD&DWRQLV¾XQGLKUHQ]DKOUHLFKHQ YRP0LWWHODOWHUELVZHLW LQ GLH 1HX]HLW UHLFKHQGHQ  hEHUVHW]XQJHQ LVW HLQ =HUGHKQXQJVSUR]HVV PXOWLSOL]LHUW =XP HLQHQ YROO]LHKW HLQ $XWRU $XIIRUGHUXQJHQ YHUVWDQGHQ DOV ª7\SXV YRQ LOORNXWLYHQ $NWHQ GHQHQ JHPHLQVDP LVW GDVV GHU +|UHU GXUFK GLH VSUDFKO+DQGOXQJGHV6SUHFKHUV]XHLQHU+DQGOXQJ E]Z]XU9HUPHLGXQJHLQHU +DQGOXQJ  YHUDQODVVW ZHUGHQ VROO 'XUFK 5HVWULNWLRQHQ ]% GHV &KDUDNWHUV GHU +DQGOXQJ IUGHQ6SUHFKHUJQVWLJ %LWWH YVQHXWUDO $XIIRUGHUXQJDOOJ :LV VHQVWUDQVIHU Ⱥ )UDJH  RGHU ]% GHQ ZHFKVHOVHLWLJHQ 9HUSIOLFKWXQJVFKDUDNWHU GHU,QWHUDNWDQWHQ %HIHKOYV$>XIIRUGHUXQJ@DOOJHPHLQYV%LWWH HQWVWHKHQXQWHU VFKLHGO8QWHUJUXSSHQ©

'XUFK1LHGHUVFKULIWGHU$XIIRUGHUXQJHQYROO]LHKWVLFKLKUH9HUGDXHUXQJ DX‰HUGHP HUZHLWHUQ hEHUVHW]HU GLHVH 9HUGDXHUXQJ TXDOLWDWLY XQG $E VFKUHLEHUTXDQWLWDWLY'LH1LHGHUVFKULIWGHVODWHLQLVFKHQ2ULJLQDOVEHVWHKW DXVVFKOLH‰OLFKDXVHLQHPILQJLHUWHQ%ULHIWH[WZLHGLH$QUHGHHLQHV6RKQHV XQGGHU$XIUXI]XU/HNWUHLP3URORJ]HLJHQ1XQFWHILOLFDULVVLPHGRFHER >«@,JLWXUSUDHFHSWDPHDLWDOHJLWRXWLQWHOOHJDV%HUDWHQGHU6SUHFKHUXQG+| UHUVLQGDOVRQLFKWNRSUlVHQWVRPLWHUIROJWDXFKNHLQªWXUQWDNLQJ©VRQ BBBBBBBBBBBBB  9JO .215$' (+/,&+ )XQNWLRQDOSUDJPDWLVFKH .RPPXQLNDWLRQVDQDO\VH =LHOH XQG 9HUIDKUHQ ,Q 8QWHUVXFKXQJHQ ]XU.RPPXQLNDWLRQ ²(UJHEQLVVHXQG3HUVSHNWLYHQ+J YRQ :2/)',(75,&+ +$5781* %HUOLQ  /LQJXLVWLVFKH 6WXGLHQ 5HLKH $ $UEHLWVEH ULFKWH 6>KLHUEHQXW]WLP:LHGHUDEGUXFNLQ6SUDFKZLVVHQVFKDIW(LQ5HDGHU +J YRQ /8'*(5 +2))0$11  YHUEHVVHUWH $XIODJH %HUOLQ 1HZ ZLH



*8175$0+$$*

GHUQ DXVVFKOLH‰OLFK ª6SUHFKKDQGOXQJVYHUNHWWXQJ© $EVHQGHU 6  LVW HLQ 9DWHU $GUHVVDW +  VHLQ 6RKQ =ZHFN GHU $XIIRUGHUXQJHQ LVW HV HLQH YRUDXVJHVHW]WHK|UHUVHLWLJGHIL]LWlUH.RQVWHOODWLRQ]XEHVHLWLJHQ3UlPLVVH GHU 6FKUHLEKDQGOXQJHQ LVW HLQH :LVVHQVDV\PPHWULH 6 VHW]W HLQHQ hEHU VFKXVV DQ HLJHQHP :HOWZLVVHQ QLFKW QXU DEHU DXFK JHJHQEHU VHLQHP 6RKQ YRUDXV &XP DQLPDGYHUWHUHP TXDP SOXULPRV JUDYLWHU LQ YLD PRUXP HUUDUH VXFFXUUHQGXPRSLQLRQLHRUXPHWFRQVXOHQGXPIDPDHH[LVWLPDYL 6 ZHQGHWVLFK GLHVHPGDQQDEHUDOVH[NOXVLYHP$GUHVVDWHQ]X1XQFWH>«@GRFHERRKQH GDVV HLQH GHUDUWLJH $GYHUVLRQ GDQQ LP ZHLWHUHQ 7H[WYHUODXI QRFKPDOV GXUFK9RNDWLYHUQHXHUWZUGH6ZLOOGDV:LVVHQVGHIL]LWYRQ+EHKHEHQ LWD OHJLWR XW LQWHOOHJDV HEG  XQG VR VHLQH /HEHQVNRPSHWHQ] VWHLJHUQ GRFHER TXRSDFWRPRUHPDQLPLWXLFRPSRQDV HEG (LQHGHUDUWLJH.RQVWHOODWLRQLVWLQ GHU DQWLNHQ XQG PLWWHODOWHUOLFKHQ hEHUOLHIHUXQJ KlXILJHU YHUWUHWHQ XQG GUIWH DXI NRPPXQLNDWLYH XQG VR]LDOH 7LHIHQVWUXNWXUHQ UHNXUULHUHQ 'LH 9HUPLWWOXQJYRQ:HOWZLVVHQLVWLQGHU$QWLNHXQGLP0LWWHODOWHUZHQLJHU DOV GDQDFK DX‰HUIDPLOLlU LQVWLWXWLRQHOO JHEXQGHQ GHQQ ,QVWLWXWLRQHQ VLQG ªLQ (QWVWHKXQJ XQG $XVGLIIHUHQ]LHUXQJ DEKlQJLJ YRQ GHU KLVWRULVFKHQ (QWZLFNOXQJDUEHLWVWHLOLJHU3UR]HVVH©GHUHQYRUOlXILJHQ(QGSXQNWKHXW ]XWDJH GLH YLHOHQ $UWHQ YRQ %HUDWXQJVVWHOOHQ XQG YRQ 5DWJHEHUOLWHUDWXU GDUVWHOOHQ 'LHGHXWVFKHQhEHUVHW]XQJHQGHU¿'LVWLFKD&DWRQLV¾PDUNLHUHQGDEHL IUHLOLFKHLQH6FKZHOOHYRP+DQGHOQIDPLOLlUHU$JHQWHQPLWSDUDSURIHVVLR QHOOHP:LVVHQVYRUVSUXQJ LP9DWHU%ULHI ]XªLQGHU,QVWLWXWLRQ+DQGHOQ GHQ© 'LH hEHUVHW]XQJHQ ZHUGHQ QlPOLFK ]XP 7HLO YRQ VFKXOLVFKHQ BBBBBBBBBBBBB $QP@6ª2SXVHSLVWXODUHHVVHWDQWXPLQGLFDWWLWXOXVWRWLXVRSHULVLQ$>«@TXDSURS WHUHSLVWXODWLWXOXPSHFXOLDUHPLQKRFFRGLFHQXOOXPSUDHVHIHUW7LWXOXP¿HSLVWXODH¾HSLVWX ODRSHULSUDHPLVVDQXVTXDPKDEHW©  (+/,&+ >ZLH $QP @ 6 'HPQDFK ODVVHQ VLFK DXFK (OHPHQWH GHU 'HILQLWLRQ GHV $XIIRUGHUQVXQGVHLQHU8QWHUJUXSSHQQLFKWDSSOL]LHUHQGLHHLQªWXUQWDNLQJ©YRUDXVVHW]HQ VRHWZDZHQQ]XU$XIIRUGHUXQJVDUWGHV5DWVFKODJV*g7= +,1'(/$1* $XIIRUGHUQ'LH 8QWHUW\SHQGHV$XIIRUGHUQVXQGLKUHVSUDFKOLFKHQ5HDOLVLHUXQJVIRUPHQ*|SSLQJHQ >*|SSLQJHU$UEHLWHQ]XU*HUPDQLVWLN@6I EHPHUNWª%HLHLQHP5$7PXVV6S >«@ /|VXQJVVWUDWHJLHQ JHJHQHLQDQGHU DEZlJHQ N|QQHQXQG PX‰ LQ GHU/DJH VHLQ $UJX PHQWHIUXQGJHJHQGLHHLQ]HOQHQ+DQGOXQJVDOWHUQDWLYHQYRU]XEULQJHQ5$76&+/b*( GHV7\SV5$7N|QQHQDOVRQXULQQHUKDOEHLQHVXPIDQJUHLFKHQ%HUDWXQJVJHVSUlFKVJHlX ‰HUWXQGDXFKQXULP=XVDPPHQKDQJPLWGLHVHP'LDORJW\SVLQQYROOEHVFKULHEHQZHUGHQ©  %HLVSLHOH EHL +$11(6 .b671(5 0LWWHODOWHUOLFKH/HKUJHVSUlFKH 7H[WOLQJXLVWLVFKH $QDO\ VHQ 6WXGLHQ ]XU SRHWLVFKHQ )XQNWLRQ XQG SlGDJRJLVFKHQ ,QWHQWLRQ %HUOLQ 3KLORORJLVFKH 6WXGLHQXQG4XHOOHQ 6  -2&+(1 5(+%(,1$XVJHZlKOWH$VSHNWHGHU3UDJPDWLN,Q6R]LROLQJXLVWLN+JYRQ8/ 5,&+ $0021125%(57 ',770$5XQG./$86 - 0$77+(,(5%HUOLQ +DQG EFKHU ]XU 6SUDFK XQG .RPPXQLNDWLRQVZLVVHQVFKDIW   7HLOEG    6  >KLHU]LWLHUWQDFKGHP:LHGHUDEGUXFNLQ6SUDFKZLVVHQVFKDIW ZLH$QP 6KLHU 6@  (EG

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



$NWDQWHQ]X/HKU]ZHFNHQLPLQVWLWXWLRQHOOHQ=XVDPPHQKDQJGHV8QWHU ULFKWV JHEUDXFKW 'HU 9DWHU%ULHI ZLUG GDPLW DXI DQGHUH :HLVH ]ZHFNJH EXQGHQHU hEHUOLHIHUXQJVJHJHQVWDQG QlPOLFK LQ GHU VSUDFKGLGDNWLVFKHQ 1XW]XQJ ]XU 8QWHUULFKWXQJ LQ GHU OLQJXD IUDQFD 2E DXFK GHU ,QKDOW GHV ¿&DWR¾ EHVSURFKHQ ZXUGH DOVR GHU EULHILQWHUQH HU]LHKHULVFKH =ZHFN GHU 5DWHUWHLOXQJ XQG 8QWHUZHLVXQJ EHL GHU 5H]HSWLRQ DOV 6FKXOWH[W RGHU JDU EHUGLH6FKXOHKLQDXVDXIUHFKWHUKDOWHQZXUGHOlVVWVLFKQLFKWVDJHQ =ZLVFKHQ GHU ILNWLRQDOHQ (EHQH GHV 9DWHU%ULHIHV XQG GHU HPSLUL VFKHQ GHV *HEUDXFKV GLHVHV %ULHIHV DOV EHUOLHIHUXQJVZUGLJHU 6FKXOWH[W IU GHQ )UHPGVSUDFKHQXQWHUULFKW OLHJW LQ ]DKOUHLFKHQ hEHUVHW]XQJHQ DO OHUGLQJV QRFK HLQH GULWWH (EHQH GLH LP ODWHLQLVFKHQ $XVJDQJVWH[W QRFK IHKOW 3URORJH YRQ hEHUVHW]HUQ EHWRQHQ QRFKPDOV H[SOL]LW GHQ 1XW]ZHUW GHV 9DWHU%ULHIHV ]X MHQHU /HEHQVKLOIH GLH VFKRQ LP ODWHLQLVFKHQ 3URORJ DQJHNQGLJWZLUGDOVRGHQ1XW]ZHUWGHV)LNWLRQDOHQIUGLHOHEHQVZHOWOL FKH (PSLULH 6R KHL‰W HV HWZD LQ GHU ]XU 7UDQVODWJUXSSH GHV ODWHLQLVFK GHXWVFKHQ ¿1LHGHUUKHLQLVFKHQ&DWR¾JHK|UHQGHQ%HUOLQHU+DQGVFKULIW0V JHUPIRO &$WKRZDVH\QYURPHUPDQ 'LHVLFKGHUZLMVKHLWZDLOYHUVDQ -QGZDVF]R5RPHLQHUHQJURLV 0HUGRKLHVDFKGLHZHUHOWEORLV 9DQGHQGXLFKGLJ!HQVHGHQLQGYDQF]XLFKWHQ 'REHJXQGHKLHVHUHF]RVXLIWHQ>+VVXLFKWHQ@ 9PEH\QHQVRQGLHQKDGGHKLHGR 'HQOHLUGHKLHLQGVSUDFKDOVR>%OU@

.DQQ PDQ GLHVHQ 3DVVXV QRFK DOV IUHLH %HDUEHLWXQJ GHU 9RUUHGH &XP DQLPDGYHUWHUHP DXIIDVVHQ VR ELHWHQ DQGHUH 3URORJH HLQGHXWLJ ]XVlW]OLFKH 7KHPDWLVLHUXQJGHV1XW]ZHUWHVGHQGLHhEHUVHW]XQJDOV9HUKDOWHQVEHUD WXQJXQGOHKUHKDEHQNDQQXPGDQQHUVWDXVGUFNOLFK]XPODWHLQLVFKHQ 3URORJEHU]XOHLWHQ,QGHUREHUGHXWVFKHQ¿*HVDPWEHUVHW]XQJ¾QDFKGHP &RGODWGHU6WDGVELEOLRWHN*|WHERUJKHL‰WHV +«@QLFKWVLFKHUEHOHJHQZHQQJOHLFKVLHQLFKWJDQ]DXVJH VFKORVVHQZHUGHQVROOWH©



*8175$0+$$*

'HUGR.DWKRJHKHLVHQZDV 'HUGRZH\VHZDVYQGJHODUWZRO $OVRLVWGDVSXHFKOHLQZHLVKDLWYRO :HOLFKHPPDQQHLVWQRFKZHLVKDLWJDFK 'HUVROYROJHQGLVHPSXHFKOHLQQDFK +LHVWHWYLOPDQLJHJXHWHOHUH GDUDXVPDQOHUQW]XFKWYQGHUH :HUQDFKVHLQHUOHUHYHUW *DUYLOVFKDQGHQHUVLFKHUZHUW 'RGHUYRUJHQDQQWWXOLXV]XKHUF]HQQDP 'DVGLHOHZWOHEWHQYQWXJVDP 'DKXHEHUDQGDVSXHFKOHLQ 9QGVSUDFK&XPDQLPDGXHUWHUHP]XODWHLQ>%OUY@

)U GLH YRONVVSUDFKOLFKHQ hEHUVHW]XQJHQ GHV ODWHLQLVFKHQ 9DWHU%ULHIHV VLQGVRPLW]ZHL=ZHFNEHVWLPPXQJHQDQJHOHJW3URGX]HQWHQGHUhEHUVHW ]XQJHQSRVWXOLHUHQGHQ:HUWYRQGHUHQILNWLRQDOHP(QWZXUIDOV2ULHQWLH UXQJVKLOIHLPHPSLULVFKHQ/HEHQVNRQWH[WEHOLHELJHUSULYDWHU5H]LSLHQWHQ 5H]HSWLRQVVSXUHQEH]HXJHQLKUHQ:HUWDOVIUHPGVSUDFKHQGLGDNWLVFKH8Q WHUULFKWVKLOIH LP LQVWLWXWLRQHOOHQ VFKXOLVFKHQ .RQWH[W %HLGH )XQNWLRQHQ VLQGZHVHQWOLFKH)DNWRUHQIUGHQ/DQJ]HLW(UIROJGHV¿&DWR¾ 'LH6LFKWXQJGHU+DQGVFKULIWHQ]HLJWGDVVHVGLHVRJHQDQQWHQ*H VDPWEHUVHW]XQJHQ VLQG GLH LQVWLWXWLRQHOO ]X /HKU]ZHFNHQ JHEUDXFKW ZRUGHQVLQG,KUHKRKH9HUEUHLWXQJDXFKDOV'UXFNHEH]HXJWGLHV,QVWLWX WLRQDOLVLHUWHU*HEUDXFKI|UGHUWGLH5HSURGXNWLRQYRQ7H[W'LHVRJHQDQQ WH ¿5XPSIEHDUEHLWXQJ¾ KLQJHJHQ LVW QXU KDQGVFKULIWOLFK UHLFK EHUOLHIHUW 'LHVH 7DWVDFKH EH]HXJW HLQ DX‰HUVFKXOLVFKHV ,QWHUHVVH JHUDGH DQ GHU ¿5XPSIEHDUEHLWXQJ¾GHU¿'LVWLFKD&DWRQLV¾GLHGXUFKZHJRKQHGHQODWHLQL VFKHQ7H[WEHUOLHIHUWLVW &KDUDNWHULVWLVFK IU GLH ¿5XPSIEHDUEHLWXQJ¾ LVW HLQH 5HRUJDQLVDWLRQ GHV LP ODWHLQLVFKHQ 7H[W XQG GHQ *HVDPWEHUVHW]XQJHQ EHUOLHIHUWHQ 0DWHULDOV GXUFK 8PVWHOOXQJHQ $XVODVVXQJHQ XQG +LQ]XIJXQJHQ 9HU JOHLFKWPDQHWZDPLWGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾JHZLQQWGLH0HO NHU %HDUEHLWXQJ EHLVSLHOVZHLVH VSH]LHOO HLQHQ NRQWLQXLHUOLFKHUHQ $GUHVVD WHQEH]XJHWZDGXUFKGHQ$XVIDOOYRQQLFKWSHUVRQDOLVLHUWHQ9HUVHQGLHLQ GHU =ZHWWOHU+DQGVFKULIW YRUKDQGHQVLQG XQG JHQHUHOO PHKU OHVHSUR]HV VXDOH.RQWLQXLWlWGXUFKGLHSDUWLHOOH1HXRUJDQLVDWLRQGHU$EIROJHGHU'LV BBBBBBBBBBBBB  9JO'$9,' $ :(//6)DWKHUO\$GYLFH7KH3UHFHSWVRI¿*UHJRULXV¾0DUNHDQG*XUQH PDQ] DQG WKH 6FKRRO 7UDGLWLRQ RI WKH ¿'LVWLFKD &DWRQLV¾ :LWK D 1RWH RQ *ULPPHOV KDXVHQ·V¿6LPSOLFLVVLPXV¾,Q)UKPLWWHODOWHUOLFKH6WXGLHQ  6  9JO]XP)ROJHQGHQ0,&+$(/ %$/'=8+16FKXOEFKHULP7ULYLXPGHV0LWWHODOWHUVXQG GHU )UKHQ 1HX]HLW 'LH 9HUVFKULIWOLFKXQJ YRQ 8QWHUULFKW LQ GHU 7H[W XQG hEHUOLHIH UXQJVJHVFKLFKWHGHU¿)DEXODH¾$YLDQVXQGGHUGHXWVFKHQ¿'LVWLFKD&DWRQLV¾%GH%HUOLQ 1HZ@  %G6

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



WLFKHQ$OV%HLVSLHOVHLGDV'LVWLFKRQ,XQGVHLQMHZHLOLJHU.RQWH[WKHU DXVJHJULIIHQ 7H[WQDFK%2$6 6SHUQHUHSXJQDQGRWLELWXFRQWUDULXVHVVH FRQYHQLHWQXOOLTXLVHFXPGLVVLGHWLSVH>,@ &RQWUDYHUERVRVQROLFRQWHQGHUHYHUELV VHUPRGDWXUFXQFWLVDQLPLVDSLHQWLDSDXFLV>,@ 'LOLJHVLFDOLRVXWVLVWLELFDUXVDPLFXV VLFERQXVHVWRERQLVQHWHPDODGDPQDVHTXDQWXU>,@ 5XPRUHVIXJHQHLQFLSLDVQRYXVDXFWRUKDEHUL QDPQXOOLWDFXLVVHQRFHWQRFHWHVVHORFXWXP>,@ =ZHWWOHU+DQGVFKULIW 

0HONHU+DQGVFKULIW=$51&.(9 +HUYRUKHEXQJHQYRQPLU*+ 

>,DG@ 0DQHVWXLPDQLFKWYLO 'HUVLFKVHOEHQQLFKWPDQHQZLO 6LHUGLUOLHEVXD]HUWKXW 6RPDQHLQGRFKREL]VLJXW

)OLXFKQLZHPHUH ZLVQLFKWHLQVDJHUH 6ZHLJHQVFKDGHWNHLQHQWDN NODIIHQZROJHVFKDGHQPDN

>§,@

>,DG@ 'YVDOWPLWZRUWHQVWULWQLFKWKDQ PLWGHPGHUYLOZROUHGHQNDQQ ,JOLJHULVW]YGHUUHGHEHUHLW YQPDQLJHU]YGHUZHLVKHLW

'XVROWPLWHLQHPUHGHOLFKHQPDQ PLWZRUWHQNHLQHQVWUHLWKDQ >DXVJHIDOOHQ@ >DXVJHIDOOHQ@

>§,@

>,DG@ /DGLUGLDQGHUQVROLHEVLQ GD]GXQLKWYHUJHV]HVWGLQ

'YVROWRXFK]HNHLQHU]HLW ZLGHUGLFKVHOEHQKDEHQVWUHLW

>§,@

'HP'LVWLFKRQ,JHKWLQGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾ZLHLQGHU PLWEHUOLHIHUWHQODWHLQLVFKHQ9RUODJH,YRUDXV,VFKOLH‰WVLFKSDUDOOHO ]XU 9RUODJH DQ ,Q GHU 0HONHU ¿5XPSIEHDUEHLWXQJ¾ JHKW GHU :LHGHUJDEH YRQ , 9I  JDU QLFKW GLH :LHGHUJDEH YRQ , VRQGHUQ YRQ , 9  YRUDQ )RUWJHVHW]W ZLUG PLW GHP XUVSUQJOLFKHQ 'LVWLFKRQ , 9I  BBBBBBBBBBBBB  'HU =ZHWWOHU 7H[W QDFKVWHKHQG LPPHU ]LWLHUW QDFK /(232/' =$72þ,/ &DWR D )DFHWXV 3RMHGQiQt D WH[W\ >=X GHQ GHXWVFKHQ &DWR XQG )DFHWXVEHDUEHLWXQJHQ 8QWHUVXFKXQJHQ XQG7H[WH@%UQR 6SLV\0DVDU\NRY\8QLYHUVLW\Y%UQĕ)LORVRILFNi)DNXOWD 6 GHU0HONHU7H[WLPPHUQDFKGHU+DQGVFKULIW0HON6WLIWVELEOLRWKHN&RGS XQWHU$XIO|VXQJGHU$ENU]XQJHQXQGPLW9HUZHLVDXIGLH9HUV]lKOXQJYRQ)5,(' 5,&+=$51&.('HUGHXWVFKH&DWR*HVFKLFKWHGHUGHXWVFKHQhEHUVHW]XQJHQGHULP0LW WHODOWHUXQWHUGHP1DPHQ&DWREHNDQQWHQ'LVWLFKHQELV]XU9HUGUlQJXQJGHUVHOEHQGXUFK GLHhEHUVHW]XQJ6HE%UDQWVDP(QGHGHV-DKUK/HLS]LJ1DFKGUXFN2VQDEUFN 6



*8175$0+$$*

%H]HLFKQHQG IU GLH 6WUXNWXU GHV 7H[WHV GHU ¿5XPSIEHDUEHLWXQJ¾ LVW HUVWHQVGHU$XVIDOOGHUEHLGHQ9HUVH,FG$QVWHOOHGLHVHU9HUVHGLHLQ GHU=ZHWWOHU+DQGVFKULIWNHLQHQ$GUHVVDWHQEH]XJDXIZHLVHQVFKOLH‰WVLFK XQPLWWHOEDU GLH :LHGHUJDEH YRQ , PLW GHU QlFKVWHQ $QUHGH DQ 6R NRPPWHV]XUJUDGXHOODXVJHSUlJWHUHQ$GUHVVDWHQRULHQWLHUXQJYHUJOLFKHQ PLWGHU=ZHWWOHU¿*HVDPWEHUVHW]XQJ¾ (LQHDQGHUH6WUDWHJLHGXUFK5HGX]LHUXQJDXIHLQ5HLPSDDUYHUVWlUNWH SURSRVLWLRQDOH RGHU LOORNXWLYH .RKlUHQ] ]X HU]LHOHQ LVW HV GHQ ,QKDOW ]ZHLHU+H[DPHWHULQHLQHPHLQ]LJHQ5HLPSDDU]XVDPPHQ]XIDVVHQVRHW ZDLPIROJHQGHQ%HLVSLHOGDVJOHLFK]HLWLJDXFKIUJHOHJHQWOLFKH(UZHLWH UXQJHQGHU:LHGHUJDEHEHU]ZHL5HLPSDDUHKLQDXVH[HPSODULVFKLVW 7H[WQDFK%2$6 7HPSRUDORQJDWLELQROLSURPLWWHUHYLWDH TXRFXPTXHLQJUHGHULVVHTXLWXUPRUVFRUSRULVXPEUD>,9@ /LQTXHPHWXPOHWLQDPVWXOWXPHVWWHPSRUHLQRPQL GXPPRUWHPPHWXDVDPLWWHUHJDXGLDYLWDH>,,@ 0HONHU+DQGVFKULIW9 .HLQHQWURVWVROWXGLUJHEHQ GD]GXODQJHVXHOOHVWOHEHQ 0DQZHL]ZROGD]GHUWRWJHVFKLKW PDQZHL]DEVLQHU]XNXHQIWQLKW (UNXPSWJHVOLFKHQDOVHLQGLHS XQGVFKHLGHWOHLGHXQGOLHS 'RFKKDEHGXJXW]YXHUVLKW YXUKWHGHQWRGW]HVHUHQLKW

>9,@ >,9@

>,,@ >,,@

,QGHUHUZHLWHUWHQ:LHGHUJDEHYRQ,9ZLUGGLH%HGURKXQJGXUFKGHQ 7RGH[SDQGLHUW'DEHLEHJHJQHQLQGHQ9HUVHQI:HQGXQJHQGLHIDVW Z|UWOLFK EHL )UHLGDQN LQ HLQHU 9HUVJUXSSH ]XP 7RGHVWKHPD 9  JOHLFKHUZHLVHVFKRQHQWKDOWHQVLQG :LUQKDEHQQLKWJHZLVVHVPr ZDQGHQW{WGD]WXRWPLUZr LFKZHL]ZROGD]GHUW{WJHVFKLKW GHVW{GHV]vWHQZHL]LFKQLKW

BBBBBBBBBBBBB  *HJHQVWFN GD]X LVW GLH JOHLFKIDOOV PRGLIL]LHUHQGH ª9HUZHUWXQJ© GHV ¿&DWR¾ LQ DQGHUHQ 7H[WHQYJOKLHU]X:(//6>ZLH$QP@6ª3UHFHSWVWKHPVHOYHVFRPPRQSODFHFDQ EHUHIRUPXODWHGRPLWWHGDXJPHQWHGRUUHDUUDQJHGLQDOPRVWDQ\RUGHUDQGHDFKVXFFHV VLYHZRUNRIWKH¿&DWR¾W\SHLVDQLQYLWDWLRQWRVXFFHHGLQJZULWHUV>«@WRGRSUHFLVHO\WKDW© HEG 6  ª:KHQ VXFK SUHFHSWV UHDSSHDU LQ WKH FODVVLFDO 0LGGOH +LJK *HUPDQ ZRUNV WKHRUGHULQZKLFKWKH\DSSHDULVQRWGLSHQGHQWRQWKHWUDGLWLRQ©

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



'HPW{GHPDQHJHUZLQNHW GHUkQHGXUVWWULQNHW ¿%HVFKHLGHQKHLW¾9 

,, LVW GD]X WKHPDWLVFK SDVVHQG DEHU LQ DGYHUVDWLYHPORJLVFKHP %H]XJ 'LHVHQ KHEW GHU hEHUVHW]HU KHUYRU LQGHP HU GLH GDJHJHQ]XKDOWHQGHQ JDXGLD YLWDH ,,  XQPLWWHOEDU DQVFKOLH‰W 'D GLHV GLH QXQ YRUJH]RJHQH 3RLQWH YRQ ,, LVW GUIWHGHU hEHUVHW]HU GDYRQ DEJHVHKHQ KDEHQ GLHVH GXUFKHLQHOlQJHUHQDFKJHVFKREHQHQHJDWLYH8PIRUPXOLHUXQJ]XDQQXOOLH UHQ )XQNWLRQDOEHGHXWVDPHULVWLPYRUKHULJHQ%HLVSLHOGLHJHlQGHUWH$E IROJH GHU 'LVWLFKHQ (U]LHOW ZLUG GDGXUFK HLQH 9HUNQSIXQJ GHU EHLGHQ $QIlQJH PLW GX VROW 9   YHUVWlUNW GXUFK GHQ .RQQHNWRU RXFK 9  GHU LQ GHU =ZHWWOHU +DQGVFKULIW DQ JOHLFKHU 6WHOOH ZR GLH $Q NQSIXQJDQ,MDQLFKWJHJHEHQLVWIHKOW'LHGLUHNWQDFKHLQDQGHUZLH GHUJHJHEHQHQ'LVWLFKHQ,XQG,VLQGOH[LNDOLVFKGXUFKVWU H LW 9  YHUNQSIW'LH:LHGHUJDEHYRQ,LVWPLWGHUYRQ,VHPDQWLVFK OH[LNDOLVFKGXUFKNODIIHQ 9 UHGHOLFK 9 XVZYHUNQSIW $OOGLHVGLHQWGHU%LOGXQJWKHPDWLVFKJHVFKORVVHQHU9HUVJUXSSHQDXV GHQ HKHU ]XVDPPHQKDQJORV DXIHLQDQGHU IROJHQGHQ 'LVWLFKHQ GHV 2ULJL QDOVXQGLVWQXUYRUGHP+LQWHUJUXQGGHQNEDUGDVVGLHODWHLQLVFKH9RUOD JHQLFKWPHKUPLWEHUOLHIHUWZLUGXQGDOVRIUGLH6WUXNWXUGHU¿5XPSIEH DUEHLWXQJ¾ QLFKW PHKU YHUELQGOLFK LVW 'LH ¿5XPSIEHDUEHLWXQJ¾ HU]LHOW VR JHUDGH LP /RVO|VHQ YRQ GHU 6WUXNWXU GHV DXVJDQJVVSUDFKOLFKHQ 7H[WHV HLQHQ HQJHQ IXQNWLRQDOHQ%H]XJ ]X GLHVHP LQGHP VLHGLH SURSRVLWLRQDOH XQG LOORNXWLYH 6XEVWDQ] GHV ODWHLQLVFKHQ 2ULJLQDOV QDFKGUFNOLFKHU ]XP 9RUVFKHLQ EULQJW DOV GLHVHV 2ULJLQDO VHOEVW ,Q GHU ¿5XPSIEHDUEHLWXQJ¾ ZLUGJHQDXGHULP9DWHU%ULHIDQJHOHJWHXQGYRQhEHUVHW]HUQLQ3URORJHQ ]XVlW]OLFK WKHPDWLVLHUWH =ZHFN HLQHU LQKDOWOLFK NRKlUHQWHQ 5DWHUWHLOXQJ XQG 8QWHUZHLVXQJ DXIJHJULIIHQ GHU IU VFKXOLVFK YHUZHQGHWH *HVDPW EHUVHW]XQJHQQLFKWEHOHJWLVW 'LH ]ZHLHUOHL LOORNXWLYH $XVULFKWXQJ DXI 5DWHUWHLOXQJ HLQHUVHLWV XQG 8QWHUZHLVXQJ DQGHUHUVHLWV ZLUG LQ GHU lOWHVWHQ YROOVWlQGLJ HUKDOWHQHQ ¿5XPSIEHDUEHLWXQJ¾GHU6WLIWVELEOLRWKHN0HONZLH]XULQKDOWOLFKHQ9RUHLQ VWHOOXQJVFKRQLPhEHUVHW]HUSURORJDQJHNQGLJWGHUYRQGHU:LHGHUJDEH GHVODWHLQLVFKHQ3URORJHVGHXWOLFKDEJHVHW]WLVW :HUHQGLNYQGLJHUH JXWHUUHGHQLKWJHYHUH 6ZDVLGLKRUWHQVDJHQ YQGZROGHQVLGDU]YJHGDJHQ 2GHUDEHUWXJHQWOLFKHQ YRQGHQPHUHQVOLFKHQ BBBBBBBBBBBBB  )ULGDQNHV%HVFKHLGHQKHLW+JYRQ+(,15,&+ ( %(==(1%(5*(5+DOOH61DFK GUXFN$DOHQ



*8175$0+$$*

6RZROGHLFKLXQJHQOLXWHQ JHUQOHVHQXQGEHGLXWHQ 6FKRHQHOHUHXQGJXWHQUDW GLHLQYLOZHLVHUKHLGHQKDW 6LQHPVXQYXHUJHOHLW GXUFKZLW]HXQGGXUFKEHVFKHLGHQKHLW>9@ >«@ 6XVXLHQFHUDQYQGVSUDFK GRLFKJHQYJHOHXWHVDFK>9I@

'LH$QNQGLJXQJYRQOHUHXQGUDWEHWRQWVSH]LHOOIUGLH0HONHU¿5XPSI EHDUEHLWXQJ¾ ]ZHL XQWHUVFKLHGOLFKH =ZHFNH GHU ILNWLYHQ 6SUHFKKDQGOXQ JHQ GLH VFKRQ LP ODWHLQLVFKHQ 9DWHU%ULHI HQWIDOWHW VLQG DEHU GRUW QLFKW WHUPLQRORJLVFKDEJHJUHQ]WDQJHNQGLJWZHUGHQ=ZHFN'XUFKGLHJHlX ‰HUWHQ$XIIRUGHUXQJHQVROOHLQYRQ6YRUDXVJHVHW]WHV3UREOHP+·VLQGHV VHQ,QWHUHVVHEHVHLWLJWZHUGHQN|QQHQ1DFK+,1'(/$1*KDQGHOWHVVLFK GDQQXPHLQHQ5DWVFKODJ ª(LQH$XIIRUGHUXQJ$8)]XP;HQLVWHLQ5$76&+/$*ZHQQJLOW%6SKDW HLQSUDNWLVFKHV3UREOHP7%6SKDWNHLQXQPLWWHOEDUHVSHUV|QOLFKHV,QWHUHVVH DQGHU/|VXQJYRQ7%6SJODXEWGDVV;HQGLHEHVWH/|VXQJIU7GDUVWHOOW E]ZGDVV;HQHLQRSWLPDOHU%HLWUDJ]XU%HZlOWLJXQJYRQ7LVW%(VEOHLEW6S EHUODVVHQREHU$8)EHUFNVLFKWLJWRGHUQLFKW©

'LHVH'HILQLWLRQOlVVWVLFKDXIGHQ¿&DWR¾DQZHQGHQDOOHUGLQJVXQWHUGHP 9RUEHKDOW GDVV PLW GHU ² YRQ *$87+,(5 EHUQRPPHQHQ ²%H]HLFK QXQJ GHV 3UREOHPW\SV DOV ªSUDNWLVFK© UDGLNDOHU LQ XPIDVVHQGHP 6LQQH ªKDQGOXQJVEH]RJHQ©JHPHLQWLVWDOVGLHV+,1'(/$1*GXUFKGLH)RUPX OLHUXQJ QDKH OHJW PLW GHU HU HLQHQ VROFKHQ ª5DWVFKODJ© YRP ª7LSS© DE JUHQ]W ª%HL HLQHP 7,33 KDW 6S PHLVW QXU HLQ WHFKQLVFKHV 3UREOHP EHL HLQHP 5$7 N|QQHQ DXFK ]ZLVFKHQPHQVFKOLFKH XQG PRUDOLVFKH 3UREOHPH *HJHQVWDQG GHV 5$76&+/$*6VHLQ©

=XPDQGHUHQZLUGYRQ6DEHUKlXILJJDUNHLQ3UREOHP+·VSUlVXSSRQLHUW VRQGHUQVROO²=ZHFN²RKQHGHUDUWLJH9HUDQODVVXQJHLQH9HUKDOWHQVUH JHOLP,QWHUHVVHYRQ+DXVJHGUFNWZHUGHQ6ROFKH$XIIRUGHUXQJHQJHK| UHQPLW+,1'(/$1*]XGHQª$QOHLWXQJHQ© BBBBBBBBBBBBB  +,1'(/$1*$XIIRUGHUQ>ZLH$QP@6  9JO'$9,'3*$87+,(53UDFWLFDO5HDVRQLQJ7KH6WUXFWXUHDQG)RXQGDWLRQVRI3UXGHQ WLDO DQG 0RUDO $UJXPHQWV DQG WKHLU ([HPSOLILFDWLRQ LQ 'LVFRXUVH 2[IRUG  6  ª$ SUDFWLFDOSUREOHPLVDSUREOHP>«@ZKRVHILQDOVROXWLRQLVIRXQGRQO\LQGRLQJVRPHWKLQJ LQDFWLQJ3UDFWLFDOSUREOHPVPD\EHFRQWUDVWHGZLWKWKHRUHWLFDOSUREOHPVZKRVHVROXWLRQ LVIRXQGLQNQRZLQJVRPHWKLQJLQXQGHUVWDQGLQJ©,P¿&DWR¾ZLUGVROFKHV3UREOHPO|VXQJV :LVVHQ ]XVlW]OLFK ]X XQG LQ 9HUELQGXQJ PLW 5DWVFKOlJHQ ]XP VSUDFKOLFKHQ RGHU QLFKW VSUDFKOLFKHQ+DQGHOQYHUPLWWHOW  +,1'(/$1*$XIIRUGHUQ>ZLH$QP@6

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



ª$1/(,781*(1VLQG$XIIRUGHUXQJHQGXUFKGLH6S6SLQQHXH+DQGOXQJV ]XVDPPHQKlQJHHLQIKUWRGHUGXUFKGLHHU6SKLOIWVLFK>«@DGlTXDW]XYHUKDO WHQ©

XQG]ZDU]XP8QWHUPXVWHUGHUª8QWHUZHLVXQJHQ©GLH+,1'(/$1*YRQ ª,QVWUXNWLRQHQ©IROJHQGHUPD‰HQDEJUHQ]W ª:lKUHQGGDV=LHOHLQHU817(5:(,681*LP+DQGOXQJVW\S$GDULQEHVWHKW GDVV6SGLH5HJHOQGHV+DQGOXQJVPXVWHUVLQWHUQDOLVLHUWXQGVRHLQNRPSHWHQWHU $HU $XWRIDKUHU 7lQ]HU 6NLIDKUHU .ODYLHUVSLHOHU  ZLUG EHVWHKW GHU 6LQQ HLQHU ,QVWUXNWLRQOHGLJOLFKGDULQGDVVVLFK6SLQHLQHUJDQ]EHVWLPPWHQHLQPDOLJHQ6L WXDWLRQULFKWLJYHUKDOWHQNDQQ©

(LQ%HLVSLHOIUHLQYRUDXVJHVHW]WHV3UREOHPYRQ+ELHWHWHWZD'LVWLFKRQ ,XQGVHLQH:LHGHUJDEHQDFKGHU0HONHU+DQGVFKULIW (QUXFKHZDVGLQZLSVDJH VRVLYRQGHQNQHFKWHQNODJH :LEKD]]HQ!WGLFNHLQHQPDQ GHPGHUZLUWZROJXWHVJDQ>9@

:DV VROO GHU $GUHVVDW WXQ ZHQQ VHLQH )UDX VLFK EHU +DXVNQHFKWH EH NODJW"(LQHJHQDXHUH$XVIKUXQJN|QQWHDOWHUQDWLYH5HDNWLRQHQDEZlJHQ IHKOW DEHU VFKRQ DOOHLQ ZHLO GLH QRUPLHUWH 9HUVIRUP GDIU NHLQHQ 3ODW] ELHWHW6WDWWGHVVHQZLUGLQGHUZRKONU]HVWHQGHQNEDUHQ)RUP5DWHUWHLOW HQUXFKH,QGHU:LHGHUJDEHYRQ, 9 ZLUGZLHVFKRQLPODWHL QLVFKHQ2ULJLQDOHLQH$XIIRUGHUXQJJHlX‰HUW)OLXFKQLZHPHUHZLVQLKWHLQ VDJHUH(LQ3UREOHP+·VOHJW6GDEHLQLFKW]X*UXQGHXQGLVWHLQVROFKHV DXFKVFKZHUYRUVWHOOEDU %HLP%HUDWHQXQG8QWHUZHLVHQDNWXDOLVLHUW6KlXILJ:LVVHQVEHVWlQGH YRQ GHQHQ HU DQQLPPW GDVV VLH + IHKOHQ 0LW GLHVHQ :LVVHQVEHVWlQGHQ XQWHUPDXHUW6VHLQHQ5DWRGHUVHLQH8QWHUZHLVXQJ $OV %HLVSLHO NDQQ QRFKPDOV , ² QXQ LQ YROOVWlQGLJHU =LWLHUXQJ ² GLHQHQ'HUODWHLQLVFKH7H[WELHWHWKLHU 5XPRUHVIXJHQHLQFLSLDVQRYXVDXFWRUKDEHUL QDPQXOOLWDFXLVVHQRFHWQRFHWHVVHORFXWXP

=XGHXWVFK 9  )OLXFKQLZHPHUH ZLVQLFKWHLQVDJHUH 6ZHLJHQVFKDGHWNHLQHQWDN NODIIHQZROJHVFKDGHQPDN

'HU$XIUXI.ODWVFKXQG7UDWVFKZHGHU]XU.HQQWQLV]XQHKPHQQRFKJDU ZHLWHU]XWUDJHQ ZLUG GXUFK HLQH $VVHUWLRQ HUOlXWHUW GLH LQ GHU hEHUVHW ]XQJGXUFKSDUDOOHOHLPODWHLQLVFKHQ7H[WGXUFKFKLDVWLVFKH)JXQJVHQ BBBBBBBBBBBBB  (EG6  (EG6I



*8175$0+$$*

WHQ]L|VDXVJHIRUPWLVW6FKZHLJHQVFKDGHWQLHVFKZlW]HQNDQQVHKUZRKO VFKDGHQ+LHUVFKOLH‰W6(UIDKUXQJVZLVVHQRKQHNDXVDOH9HUNQSIXQJDQ GLH ]XYRU JHlX‰HUWHQ $XIIRUGHUXQJHQ DQ 'DVV HU GLHV WXW PDFKW QDFK .RQYHUVDWLRQVPD[LPHQ QXU 6LQQ ZHQQ HU PHLQW + ZLVVH GDUEHU QLFKW %HVFKHLG 3UlVXSSRVLWLRQNHLQ9RUZLVVHQ+·V RGHUPVVHGDUDQHULQQHUW ZHUGHQ 3UlVXSSRVLWLRQ YHUVFKWWHWHV 9RUZLVVHQ +·V  'DVV 6 GDEHL DXI :LVVHQVVWUXNWXULHUXQJYHU]LFKWHWLQGHPHUGLHVHQWHQ]L|VH$VVHUWLRQQLFKW GXUFK HLQH RSHUDWLYH 3UR]HGXU ZLH HWZD ZDQ DOV %HJUQGXQJ VSUDFKOLFK PDUNLHUW]HLJWGDVV6HLQ0XVWHUZLVVHQYRQ+YRUDXVVHW]WGDV+LQGLH /DJHYHUVHW]HQN|QQHQPXVVGLH$VVHUWLRQDOV%HJUQGXQJ]XEHZHUWHQ 'LHVHV 0XVWHUZLVVHQ ZLUG LP 9HUODXI GHU 6SUHFKKDQGOXQJVYHUNHWWXQJ GXUFK GLH YLHOHQ 6WHOOHQ HWDEOLHUW ZR %HJUQGXQJHQ IU 5DWVFKOlJH RGHU 8QWHUZHLVXQJHQH[SOL]LWDOVVROFKHPDUNLHUWZHUGHQ 6JUHLIWDEHUDXFKDXI:HOW:LVVHQ]XUFNYRQGHPHUDQ]XQHKPHQ VFKHLQWHVYRQYRUQKHUHLQPLW+]XWHLOHQ'LHVHVZLUGLQGHU5HJHOQLFKW ]XU%HJUQGXQJHLQJHVHW]WVRQGHUQGLHQWGD]XGXUFK'HL[LVGLH%H]XJV VLWXDWLRQ]XU6SUHFKKDQGOXQJVVLWXDWLRQ]XHWDEOLHUHQ,QGHU5HJHOIRUPX OLHUW6HLQHVROFKHLPDJLQlUH%H]XJVVLWXDWLRQLQGHU+VWHKHQN|QQWH6R KHL‰WHVHWZD]X,lKQOLFKGHUODWHLQLVFKHQ$XVJDQJVIDVVXQJ 7XVWXGLQHPYULXQGHJXW REHUGLUGHQQHYEHOWXW 6RVFKXOGLJHJRWPLWQLFKWH YHU]HLFKLQVRHUGLFKDEHUELWH>9@

'LHJHPHLQVDPHPHQWDOH6SUHFKKDQGOXQJVVLWXDWLRQLVWGLHOHLGYROOH(UIDK UXQJ GDVV HLQHP *XWHV PLW %|VHP YHUJROWHQ ZLUG 'LHVH ZLUG ² LQ GHU %HJULIIOLFKNHLWGHU/RJLNDXVJHGUFNW²DOVVLWXDWLYH3UlPLVVHYRUDQJHVWHOOW DXIGLHGDQQGLH0DKQXQJEH]RJHQZLUGLQVRHLQHP)DOOQLFKW*RWWGLH 6FKXOGIUGDV8QUHFKW]XJHEHQ =ZLVFKHQID]LW 'LH +DQGOXQJVPXVWHU LQ DXVJDQJV XQG ]LHOVSUDFKOL FKHP7H[WVWLPPHQJUXQGVlW]OLFKEHUHLQZHUGHQDEHULQGHU¿5XPSIEH DUEHLWXQJ¾LP3URORJ]XVlW]OLFKWKHPDWLVLHUW 6SUDFKOLFKH0LWWHO]XU5HDOLVLHUXQJYRQ 5DWVFKOlJHQXQG8QWHUZHLVXQJHQ ,PODWHLQLVFKHQ7H[WNRPPWZLHLQGHUGHXWVFKHQhEHUVHW]XQJUHJHOPl‰LJ PLQGHVWHQVHLQH$XIIRUGHUXQJYRUGLHGLUHNWDQHLQHQHLQ]HOQHQ$GUHVVD WHQJHULFKWHWLVW'LHLOORNXWLYH.UDIWHLQHU$XIIRUGHUXQJZLUGPLWIROJHQ GHQVSUDFKOLFKHQ0LWWHOQLQGL]LHUW,PSHUDWLY.RQMXQNWLYHLQH.RPELQD WLRQEHLGHU*HUXQGLYXPRGHU²VHOWHQ²LPSOL]LW'LHVH,QGLNDWRUHQVLQG DQGHUVDOVHV5,66(/$'$IUª,PSHUDWLYHVDQGRWKHUGLUHFWLYHH[SUHVVLRQV

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



LQ/DWLQ©DQ.RP|GLHQYRQ3ODXWXVDP%ULHIZHFKVHO&LFHURVXQG3OLQLXV· PLW 7UDMDQ DOV 9HUJOHLFKVZHUW DXFK DQ *HVHW]HVWH[WHQ XQG EHOHKUHQGHQ 7H[WHQ QDFKJHZLHVHQ KDW QLFKW IXQNWLRQDO GLIIHUHQ]LHUW VRQGHUQ IROJHQ QXUGHP3ULQ]LSGHU9DULDWLRQGDVWHLOZHLVHVLFKHUOLFKGXUFK9HUVXPIDQJ XQG0HWUXPHU]ZXQJHQLVW ,Q GHQ GHXWVFKHQ hEHUVHW]XQJHQ ILQGHQ VLFK DOV $XIIRUGHUXQJVIRU PHQHLQHUVHLWV,PSHUDWLYIRUPHQDQGHUHUVHLWVDEHUDXFK:HQGXQJHQLP $XVVDJHPRGXV GLH HLQH IOHNWLHUWH )RUP YRQ VROQ DXIZHLVHQ XQG VRPLW QDFK :81'(5/,&+ JDU ªQLFKW RKQH ZHLWHUHV DOV $XIIRUGHUXQJVVlW]H DQ ]XVSUHFKHQ© VLQG VRQGHUQ ªQXU ZHQQ GHU 5HGHKLQWHUJUXQG LP ZHVHQWOL FKHQ YRP MHZHLOLJHQ 6SUHFKHU NRQWUROOLHUW ZLUG© 'D GLHVH .RQWUROOH GXUFK GHQ 9DWHU JHJHEHQ LVW GHU VHLQH bX‰HUXQJHQ VFKRQ YRP +LQWHU JUXQGGHV3URORJVKHUDOVª1RUPVHW]XQJ2EOLJDWLRQVVHW]XQJ©LQWHUSUH WLHUEDU ZHUGHQ OlVVW ZLUG GXUFK VROFKH bX‰HUXQJHQ GHU GLUHNWLYH ,OORNX WLRQVW\SHWDEOLHUW(VHUKHEWVLFKDQJHVLFKWVGLHVHV%HIXQGHVGLH)UDJHRE VLFK HLQ GLIIHUHQ]LHUWHU *HEUDXFK GLHVHU VSUDFKOLFKHQ 0LWWHO IU XQWHU VFKLHGOLFKH $UWHQ YRQ $XIIRUGHUXQJ LQ GHQ hEHUVHW]XQJHQ IHVWVWHOOHQ OlVVW .$5,1 '21+$86(5 YHUZHLVW LQ LKUHU $UEHLW EHU GHQ ,PSHUDWLY LP 'HXWVFKHQDXI*UDPPDWLNHQGHUIUKHQ1HX]HLWLQGHQHQHLQHIXQNWLRQD OH'LIIHUHQ]LHUXQJGLHVHU$XVGUXFNVPLWWHOLPGLUHNWLYHQbX‰HUXQJVPRGXV EHKDXSWHWZLUG6RKHL‰WHVLQGHULQ/HLS]LJHUVFKLHQHQHQª*UDP PDWLFD *HUPDQLFDH /LQJXDH ([ RSWLPLV TXLEXVTXH $XFWRULEXV FROOHFWD© YRQ-2+$11(6&/$,86]XP ª,PSHUDWLYR 6LQJ 3ULPD FDUHW $PD /LHEH GX(U OLHEH 6FULEH 6FKUHLEH GXHU VFKUHLEH 3OXU /DVVHW XQV OLHEHQLKU OLHEHWVLH OLHEHQ /DVVHW XQV VFKUHL EHQVFKUHLEHW LKUVLH VFKUHLEHQ )XWXUR 6LQJ 3ULPD FDUHW $PDWR 'X VROW OLH EHQHU VRO OLHEHQ 6FULELWR 'X VROW VFKUHLEHQHU VRO VFKUHLEHQ 3OXU :LU VROOHQ

BBBBBBBBBBBBB  52',( 5,66(/$'$,PSHUDWLYHVDQG2WKHU'LUHFWLYH([SUHVVLRQVLQ/DWLQ$6WXG\LQWKH 3UDJPDWLFVRID'HDG/DQJXDJH$PVWHUGDP $PVWHUGDP6WXGLHVLQ&ODVVLFDO3KLORO RJ\   9JO*,6(/$ =,)2181>XD@*UDPPDWLNGHUGHXWVFKHQ6SUDFKH%HUOLQ1HZ«@ (UVSUDFK¿OLHEHUYDWHUPvQ VZvFXQGOkGLHUHGHVvQ GkPDFQLKWDQGHUVDQJHVFKHKHQ ZDQLFKZLOEHQDPHQEHVHKHQ ZLHH]Gk]HKRYHVPHFNH PLUVXOHQRXFKGvQHVHFNH QLPPHUUvWHQGHQNUDJHQ LFKVRORXFKGLU€IGvQHQZDJHQ QLPPHUPLVWJHYD]]HQ>«@ 'HUYDWHUVSUDFK¿EHOvSEvPLU LFKZHL]ZROH]ZLOJHEHQGLU GHUPHLHU5XRSUHKWVvQNLQW YLOVFKkIHVZvQHXQG]HKHQULQW DOWHUXQGHMXQJHU ]HKRYHKkVWXKXQJHU XQGPXRVWGDU]XRYLOKDUWHOLJHQ XQGDOOHUJQkGHQVvQYHU]LJHQ Q€YROJHPvQHUOrUH GHVKkVWXIUXPXQGrUH>«@ VXQGHVVZHULFKGLUEvJRW

GHUUHKWHQKRYHOLXWHVSRW ZLUGHVW€YLOOLHEHVNLQW G€VROWPLUYROJHQXQGHUZLQW¾ >«QHXHUOLFKH$QWZRUWGHV6RKQHV«@ (UVSUDFK¿VXQHLQHZvOHGDJH XQGYHUQLPZD]LFKGLUVDJH VZHUYROJHWJXRWHUOrUH GHUJHZLQQHWIUXPXQGrUH VZHOKNLQWVvQHVYDWHUUkW ]HDOOHQ]vWHQEHUJkW GD]VWkW]HMXQJHVWDQGHUVFKDPH XQGDQGHPVFKDGHQUHKWHDOVDPH>«@ G€VROWRXFKZROJHORXEHQGD] H]NOHLWGHKHLQJHE€UHQLKW VZD]GLUGk]HOHLGHJHVFKLKW XQGQ PHHLQUHKWHUKRYHPDQ GHPJHE€UHQVZD]HULHJHZDQ GHUJHGLQJHWGRFK]HMXQJHVWED] GDQQHG€Q€ZL]]HGD] QLPPVWG€LPHLQIXRWHU OLHEHUVXQYLOJXRWHU JHZLQQHWHUGvQREHUKDQW V{ELVWG€EUJHXQGHSKDQW IUDOOHGLHLPKDEHQJHQRPHQ HUOkWGLFKQLKW]HUHGHNRPHQ GLHSKHQQLJHDOOHVLQWJH]DOW ]HJRWHKkWHUVLFKYHUVDOW VOHKWHUGLFKDQGHPURXEH OLHEHUVXQJHORXEH PLUGLXP UHXQGEHOvS XQGQLPHLQrOLFKH]ZvS¾ (UVSUDFK¿9DWHUVZD]V{PLUJHVFKLKW LFKOk]HPvQHUYHUWHQLKW LFKPXR]EHQDPHQLQGLHEQH Q€KHL]DQGHUGvQHVQH GD]VLVLFKPLWGHPSKOXRJHPHQ>«@ YDWHUEDOGHvOH HQWZkOHGHKHLQHUZvOH JLSGHQPHLGHPEDOGHPLU LFKEHOvEHOHQJHUQLKWEvGLU¾

BBBBBBBBBBBBB  :HUQKHUGHU *DUWHQ UH +HOPEUHFKW +J YRQ )5,('5,&+ 3$1=(5 XQG.857 58+ 

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



$XIIRUGHUXQJHQ ªZHLVHQ© VR :81'(5/,&+ IU GDV 1HXKRFKGHXWVFKH ]ZDU DOOJHPHLQ ªDXI GLH XQPLWWHOEDUH =XNXQIW XQG EUDXFKHQ GDKHU NHLQH =HLWPDUNLHUXQJHQ© DEHU ªDQGHUHUVHLWV N|QQHQ ,PSHUDWLYVlW]H DEHU DXFK DQGHUH6lW]HRIWQRFK]XVlW]OLFKIU$XIIRUGHUXQJHQPDUNLHUWZHUGHQ©HV ªJHK|UHQGD]X(OHPHQWHGLHGLH6LWXDWLRQVDEKlQJLJNHLWKHUYRUKHEHQ]% =HLJHJHVWHQRGHUGHLNWLVFKH(OHPHQWH VRMHW]WQXQKLHU ©,QGHU]LWLHU WHQ3DVVDJHLVWGLH9HUWHLOXQJGLHVHUGHLNWLVFKHQ(OHPHQWHIUGLH.ODVVLIL ]LHUXQJYRQ$UWHQYRQ$XIIRUGHUXQJHQUHOHYDQW$XIIRUGHUXQJHQPLW,P SHUDWLY VLQG GDQQ JHJHEHQ ZHQQ DXI GLH ]HLWOLFKH RGHU UlXPOLFKH 2ULJR VHOEVW RGHU LQ LKUH XQPLWWHOEDUH ]HLWOLFKH RGHU UlXPOLFKH 1lKH JH]HLJW ZLUG 9HUV        I      

,PSHUDWLY HUZLQGH PHQ VZvFOkVvQ EHOvS YROJH GDJH YHUQLP JHORXEH XQGEHOvS QLP KHL] vOH HQWZkOH JLS

5DXPGHL[LVªKLHU©    EvPLU          

7HPSRUDOGHL[LVªMHW]W© Q€ Q€ GLH UHGH   Q€ HLQHZvOH GDV! ZD]LFKGLUVDJH  GLX P UH  XQG XQG Q€ EDOGH GHKHLQHUZvOH EDOGH

BBBBBBBBBBBBB $XIODJH EHVRUJW YRQ +$16-2$&+,0 =,(*/(5 7ELQJHQ  $OWGHXWVFKH 7H[WELEOLR WKHN   :81'(5/,&+>ZLH$QP@6  9JO .$5/ %h+/(5 6SUDFKWKHRULH 'LH 'DUVWHOOXQJVIXQNWLRQ GHU 6SUDFKH -HQD  1DFKGUXFN6WXWWJDUW 8QL7DVFKHQEFKHU 6ª9RQGHU2ULJRGHVDQVFKDX OLFKHQ+LHUDXVZHUGHQVSUDFKOLFKDOOHDQGHUHQ3RVLWLRQHQJH]HLJWYRQGHU2ULJR-HW]WDXV DOOHDQGHUHQ=HLWSXQNWH©  'DV:RUWGLH 9 LVWKLHUGHPRQVWUDWLYXQGYHUZHLVWDXIGLHXQPLWWHOEDUYRUDXIJHJDQ JHQHQbX‰HUXQJHQYJO%h+/(56SUDFKWKHRULH>ZLH$QP@6ª0DQZHLVWPLWGLH VHUXQGMHQHU>«@DXIVRHEHQLQGHU5HGH%HKDQGHOWHV]XUFNPDQZHLVWPLWGHU GHUMHQL JH XQGDQGHUHQ=HLJZ|UWHUQDXIVRIRUW]X%HKDQGHOQGHVYRUDXV'DVKHL‰WYRQDOWHUVKHU $QDSKRUD©  *HPHLQWLVWGDPLWªYRQMHW]WDQIUNXU]H=HLW©YJO9  'HU5HODWLYVDW]]HLJWDXIGLHXQPLWWHOEDUIROJHQGHQbX‰HUXQJHQ  9JO$QP



*8175$0+$$*

$XIIRUGHUXQJHQPLWGHUIOHNWLHUWHQ)RUPYRQVROQLQGHU]LWLHUWHQ3DVVDJH VLQGGDQQJHJHEHQZHQQLQ]HLWOLFKHRGHUUlXPOLFKH)HUQHYRQGHU2ULJR JH]HLJWZLUG 9HUV  I I 

$XIIRUGHUXQJ PLWVROQ VROW€KDEHQ VXOHQ VRO VROWJHORXEHQ

5DXPGHL[LV ªDQGHUVZR© Gk]HKRYH   GD]!VZD]Gk

7HPSRUDOGHL[LV ªDQGHUVZDQQ©  QLPPHU QLPPHU 

=XGHUOHW]WHQ%HOHJVWHOOHLVW]XEHDFKWHQGDVV]ZDU]XQlFKVWGD]DXIGLH XQPLWWHOEDUIROJHQGHQbX‰HUXQJHQ]HLJWGLHVHDEHULKUHUVHLWVGXUFKGkGLH )HUQHGHV+RIOHEHQVIRNXVVLHUHQ

BBBBBBBBBBBBB  'XUFK XQG 9  ZLUG GLH 1DKGHL[LV GHU bX‰HUXQJ JHORXEH PLU GLX P UH 9I  DXI UHFKWHUKDOWHQHEHQVRHLQ]ZHLWHV0DOLQ9  'LH ª0LWWHOKRFKGHXWVFKH *UDPPDWLN© >ZLH $QP @ EHPHUNW ]X )XWXUXPVFKUHLEXQJHQ GHV0LWWHOKRFKGHXWVFKHQª'HUMHZHLOLJH$QWHLOGHUPRGDOHQE]ZWHPSRUDOHQ%HGHXWXQJV NRPSRQHQWH LQ GLHVHQ SHULSKUDVWLVFKHQ %LOGXQJHQ VFKZDQNW YRQ )DOO ]X )DOO ,QQHUKDOE GHVVHOEHQ 7H[WHV N|QQHQ LQ NU]HVWHP $EVWDQG EHUZLHJHQG PRGDOH XQG EHUZLHJHQG WHPSRUDOH %HGHXWXQJ ZHFKVHOQ 'LH UHLQ WHPSRUDOH %HGHXWXQJ LVW YHUKlOWQLVPl‰LJ VHOWHQ XQGVSlW© †6 +LHULVWVXOHQ 9 ZLHGDQQDXFKVRO 9 SULPlUIXWXULVFKDEHU DXFK LPSOL]LW $XIIRUGHUXQJ GXUFK 1RUPVHW]XQJ2EOLJDWLRQVVHW]XQJ DOOHUGLQJV DXFK GLHV QXULQHLJHQWPOLFKYHUPLWWHOWHU:HLVH.215$' (+/,&+XQG-2&+(1 5(+%(,1 (LQLJH ,QWHUUHODWLRQHQ YRQ 0RGDOYHUEHQ ,Q /LQJXLVWLVFKH 3UDJPDWLN +J YRQ ',(7(5 :81 '(5/,&+YHUEHVVHUWH$XIODJH:LHVEDGHQ>6FKZHUSXQNWH/LQJXLVWLNXQG.RPPX QLNDWLRQVZLVVHQVFKDIW @ 6   YHUJOHLFKHQ GLH 9HUZHQGXQJ YRQ 0RGDOYHUEHQ LQ GHQXQWHUVFKLHGOLFKHQ3HUVRQDOIRUPHQXQGIKUHQ]XP9RUNRPPHQYRQªVROOHQ©LQGHU 3HUVRQDXVª,QGHU3HUVRQODVVHQVLFKJOHLFKIDOOV]ZHL)lOOHXQWHUVFKHLGHQGLHDEHUDQ GHUVDOVEHLGHU3HUVRQVLQG  (UVROOGHQ5DVHQPlKHQ,QGHU6LWXDWLRQ D ZLUG GLHVHU6DW]YRQGHP$NWDQWHQ[]XHLQHPhEHUPLWWOHU\JHVDJWGHUGLH$EVLFKWVHUNOlUXQJ YRQ[JHJHQEHU]GLHVHP]EHUEULQJHQVROO+LHULQOLHJWDOVR]XJOHLFKGHU$XIWUDJDQ \GD‰HU]PLWWHLOHQVROOGD‰]SWXQVROO,QGLHVHP)DOOVLQGDOVRQRWZHQGLJ$NWDQWHQ PLWHLQDQGHUYHUEXQGHQ(VJLEWDEHUGDUEHUKLQDXVQRFKGHQ)DOO E ZHQQQlPOLFKHLQ XQEHWHLOLJWHU'ULWWHU HLQHP DQGHUHQ8QEHWHLOLJWHQ EHULFKWHWGD‰ ] GHQ5DVHQ PlKHQ VROO GKGD‰[ EHU\RGHUGLUHNW ]VHLQH$EVLFKWPLWJHWHLOWKDWGD‰]SWXQVROO© 6  /lVVWGHU6RKQGHQ6lFNHQEHUGHQ9DWHUDXVULFKWHQGDVVVLHQLFKWPHKUDXIGHP6RKQ UHLWHQVROOHQ"%HULFKWHWGHU6RKQGHP9DWHUJDUGDVVHLQ'ULWWHUGLH6lFNHDXIJHIRUGHUWKDW QLFKWPHKUDXIGHP%XFNHOGHV6RKQHV]XUHLWHQ"%HLGHVLVWQDWUOLFKYRUGHUJUQGLJDEZH JLJ'LH%HVRQGHUKHLWLQXQVHUHP%HLVSLHOOLHJWGDULQGDVVHVVLFKXPHLQH9DULDQWHGHUHU VWHQ $OWHUQDWLYH KDQGHOW EHL GHU GLH 6lFNH DOV SRWHQWLHOOH +DQGOXQJVWUlJHU XQG GDPLW DOV ZLOOHQVIlKLJH (QWLWlWHQ DQJHVHW]W ZHUGHQ GHQHQ JHJHQEHU GLH bX‰HUXQJ HLQHV 6ROOHQV 6LQQ PDFKW 'D GHU 6RKQ YRUDXVVHW]HQ NDQQ GDVV GHU DOV hEHUPLWWOHU GHU $XIIRUGHUXQJ DQJHVSURFKHQH9DWHUVRJXWZLHHUVHOEVWZHL‰GDVVGLHVOHEHQVZHOWOLFKXQVLQQLJLVWNDQQ HU DXI GLHVH:HLVH GHQ GLUHNW DOV hEHUPLWWOHUDQJHUHGHWHQ 9DWHU LQGLUHNW ]XP $GUHVVDWHQ GHU$XIIRUGHUXQJVHOEVWPDFKHQQlPOLFKGDIU]XVRUJHQGDVVNHLQH6lFNHPHKUGHV6RK QHV5FNHQEHVFKZHUHQ   (LQH DOWHUQDWLYH (UNOlUXQJ GHU bX‰HUXQJ ZlUH HV VLH JDU QLFKW DOV $XIIRUGHUXQJ ªGXUFKJHKHQ©]XODVVHQVRQGHUQDOV$XVGUXFNHLQHU$EVLFKWVHUNOlUXQJ]XEHZHUWHQGDGHU ªhEHUJDQJYRP6ROOHQ]XP>«@:ROOHQ©GHQªhEHUWULWWLQGLH:HOWHLQHVDQGHUHQ$NWDQ WHQ© HEG6 KLHUQXUYRUWlXVFKW

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



(LQH 6WHOOH WDXFKW LQ GHU7DEHOOH QLFKW DXI QlPOLFK GHU 9HUV G€ VROW PLU YROJHQ XQG HUZLQW 'LHVH $XIIRUGHUXQJ NDQQ QXU DOV QDKGHLNWLVFK DXIJHIDVVWZHUGHQXQGZHLVWGHQQRFKYRUGHP]XHUZDUWHQGHQ,PSHUDWLY HLQH ZHLWHUH $XIIRUGHUXQJ PLW VROQ DXI +LHU LVW QXQ GLH EHUHLWV ]LWLHUWH (UNOlUXQJ LQ GHU ª0LWWHOKRFKGHXWVFKHQ *UDPPDWLN© ]X EHUFNVLFKWLJHQ ªGHU VWlUNHUH $XVGUXFN IU GLH LPSHUDWLYLVFKH 0RGDOLWlW LQ *HVWDOW GHU SHULSKUDVWLVFKHQ)RUP>JHKW@PHLVWYRUDQ© $OV (UJHEQLV GHU $QDO\VH GHV ¿+HOPEUHFKW¾$XV]XJV LVW IHVW]XKDOWHQ GDVVGLH(QWVFKHLGXQJIUHLQHGHU$XIIRUGHUXQJV2SWLRQHQ]XPLQGHVWLQ GHP YRUJHVWHOOWHQ $EVFKQLWW GHV ¿+HOPEUHFKW¾ DOV HLQHV PRQROLQJXDOHQ 7H[WHVDQGHUVDOVLQGHQ¿&DWR¾hEHUVHW]XQJHQIXQNWLRQDOEHVWLPPWLVW $XFKDXVGLHVHP5HVXOWDWHUJLEWVLFKZLHGHUHLQHQHXH)UDJHVWHOOXQJ ,VWGHU%HIXQGIUGLHGHXWVFKH¿&DWR¾%HDUEHLWXQJGDPLW]XHUNOlUHQGDVV DXFK LP ODWHLQLVFKHQ $XVJDQJVWH[W NHLQH IXQNWLRQDOH 'LIIHUHQ]LHUXQJ GHU $XVGUXFNVPLWWHO IU $XIIRUGHUXQJHQ YRUOLHJW XQG GLHVHU =XVWDQG EHLP hEHUVHW]HQHQWZHGHUZLOOHQWOLFKIUGLHGHXWVFKHhEHUVHW]XQJEHLEHKDOWHQ ZXUGHRGHUMHGHQIDOOVNHLQH9HUDQODVVXQJEHVWDQGVLFKEHLPhEHUVHW]HQ ]X HLQHU VROFKHQ IXQNWLRQDO GLIIHUHQ]LHUWHQ 9HUZHQGXQJ YRQ $XIIRUGH UXQJHQ DQLPLHUW ]X VHKHQ" 'LH $QWZRUW DXI GLHVH ZHLWHUJHKHQGH )UDJH NDQQOHW]WOLFKQXUVSHNXODWLYDXVIDOOHQ,PPHUKLQN|QQWHDXFKHLQDQGHUHU *UXQGIUGLHIXQNWLRQDOH8QGLIIHUHQ]LHUWKHLWGHU$XIIRUGHUXQJHQLQGHQ ¿&DWR¾hEHUVHW]XQJHQ YHUDQWZRUWOLFK VHLQ ,P ¿+HOPEUHFKW¾ KDEHQ ZLU HV PLW GHU ILNWLRQDOHQ .RQVWUXNWLRQ HLQHU PQGOLFKHQ ,QWHUDNWLRQ LQ HLQHU SODVWLVFKHQ.RPPXQLNDWLRQVVLWXDWLRQDOVRPLWGHU.RQVWUXNWLRQYRQ%H DUEHLWXQJHQXPIDVVHQGHU+DQGOXQJVPXVWHU]XWXQ'LH*HVWDOWXQJGLHVHU ,QWHUDNWLRQLVW]ZDUPHLOHQZHLWYRQ(PSLULHHQWIHUQWDEHUGRFKYLHOHKHU TXDVLHPSLULVFKDOVGLHhEHUVHW]XQJHQGHU¿'LVWLFKD&DWRQLV¾GLHLQDOOHU BBBBBBBBBBBBB  3$8/0LWWHOKRFKGHXWVFKH*UDPPDWLN>ZLH$QP@†6  5(+%(,1VHW]WLQGHQª9RUEHUOHJXQJHQ©VHLQHULPPHUQRFKJUXQGOHJHQGHQ'LVVHUWDWLRQ EHU NRPSOH[HV +DQGHOQ -2&+(1 5(+%(,1 .RPSOH[HV +DQGHOQ (OHPHQWH ]XU +DQGOXQJVWKHRULH GHU 6SUDFKH 6WXWWJDUW   IU HLQH IXQNWLRQDOSUDJPDWLVFKH $QDO\VH GLH %UDXFKEDUNHLW ªHPSLULHQDKHU MHGRFK NRQVWUXLHUWHU %HLVSLHOH© YRUDXV 6   XQG EHJUQGHW GLHV VR ª'DV XQWHUVXFKWH *HELHW YHU]ZHLJW VLFK GHUDUW GD‰ HLQH .OlUXQJ DP %HLVSLHO ]XQlFKVW HUIROJUHLFKHU LVW DOV GHU XQPLWWHOEDUH 6WXU]LQ GLH (PSLULH© HEG  (LQH $EVWUDKLHUXQJ YRQ GHU (PSLULH OHJLWLPLHUW VLFK GHPQDFK PLW GHU VR JHZRQQHQHQ 7UDQVSDUHQ] GHU $QDO\VH NRPSOH[HQ 6SUHFKKDQGHOQV 9RUDXVJHVHW]W LVW GDEHL GDVV GDV 9HUVWHKHQ GHU 5HJXODULWlWHQ YRQ 6SUHFKKDQGHOQ GXUFK GLH (YLGHQ] GHV 6LPSOLIL]LHUWHQ HUOHLFKWHUWZLUG   1XQ LVW IUHLOLFKGDV.RQVWUXLHUHQ TXDVLHPSLULVFKHU %HLVSLHOHYRQ 6SUHFKKDQGHOQ NHLQ H[NOXVLYZLVVHQVFKDIWOLFKDQDO\WLVFKHU9RUJDQJVRQGHUQSUlJWZHQQJOHLFKPLWDQGHUHU,Q WHQWLRQLQlKQOLFKHU:HLVHDXFKGLH3URGXNWLRQYLHOIlOWLJHUILNWLRQDOHU7H[WH8QYHUNHQQ EDU VLQG HWZD GHU ¿+HOPEUHFKW¾ XQG GHU ¿&DWR¾ VDPW VHLQHQ hEHUVHW]XQJHQ UHGXNWLRQLVWL VFKH .RQVWUXNWLRQHQ YRQ 6SUHFKKDQGHOQ 6LH XQWHUVFKHLGHQ VLFK IUHLOLFK JUDGXHOO LQ LKUHU 1lKH]XU(PSLULH'HU¿+HOPEUHFKW¾LVWLQK|KHUHP0D‰HTXDVLHPSLULVFKDOVHVGHU¿&DWR¾ JHPl‰VHLQHU$QODJHVHLQNDQQOHW]WHUHULVWMDQLFKWQXU²XQWHUDQGHUHP²ZLHGHU¿+HOP



*8175$0+$$*

5HJHO QXU HLQHQ ª0LQLPDOGXUFKODXI GXUFK GDV 0XVWHU© GHV $XIIRUGHUQV ELHWHQ VR GDVV ªOHGLJOLFK MHQH 0XVWHUSRVLWLRQHQ UHDOLVLHUW© VLQG ªGLH XQ DXIJHEEDU ]XU (UUHLFKXQJ GHV 0XVWHU]ZHFNV VLQG© 6R VWHKW LP ¿&DWR¾ HLQH8QWHUVFKHLGXQJ]ZLVFKHQ1DKXQG)HUQGHL[LVJDUQLFKW]X*HERWH GDHVLPPHUQXUXPGLHNRQ]HQWULHUWH9HUPLWWOXQJHLQHU0D[LPHQDFKGHU DQGHUHQ IU JHQHUHOO ]XNQIWLJH +DQGOXQJVUlXPH JHKW'HPQDFK N|QQWH HLQ IXQNWLRQDO GLIIHUHQ]LHUWHU GLUHNWLYHU bX‰HUXQJVPRGXV HLJHQWOLFK QXU $XIIRUGHUXQJHQ PLW VROQ RGHU PH]HQ XQG QLFKW ,PSHUDWLYH DXIZHLVHQ 'LHVH 2SWLRQ GUIWH IU GLH hEHUVHW]HU DXV PLQGHVWHQV ]ZHL *UQGHQ LQGLVNXWDEHOJHZHVHQVHLQ (UVWHQV'LH%HVFKUlQNXQJDXIVROFKH$XIIRUGHUXQJHQKlWWHDXI5H ]LSLHQWHQ PRQRWRQ ZLUNHQ PVVHQ XQG VRPLW GDV UKHWRULVFK EHJUQGHWH lVWKHWLVFKH 1LYHDX GHU 9HUKDOWHQVOHKUHQ EHHLQWUlFKWLJW 'LHV JLOW XPVR PHKUDOVLP'HXWVFKHQZRGLH,PSHUDWLYHYRUNRPPHQHLQHVWHUHRW\SH ,QLWLDOSRVLWLRQLHUXQJ ]X EHREDFKWHQ LVW :lKUHQG QlPOLFK LP /DWHLQ YRU GHU LPSHUDWLYLVFKHQ 9HUEDOSKUDVH GDV 9RUIHOG XQPDUNLHUWHUZHLVH EHVHW]W VHLQNDQQXQGLP¿&DWR¾DXFKUHODWLYKlXILJEHVHW]WLVWJLOWIUGLHPLWWHO KRFKGHXWVFKHQ7UDQVODWHZLHGDQQDXFKIUGDV1HXKRFKGHXWVFKHªGDVV HLQH SUlYHUEDOH .RQVWLWXHQWH QXU PDUNLHUWHUZHLVH DXIWUHWHQ NDQQ© DOVR GLH,QLWLDOSRVLWLRQGHULPSHUDWLYLVFKHQ)RUPDQGHUVDOVLPKLHUYLHOYDULDE OHUHQODWHLQLVFKHQ$XVJDQJVWH[WVRVHKUYRUKHUUVFKWGDVVHLQHLQVLVWLHUHQGH 6WHUHRW\SLHGHVGLUHNWLYHQbX‰HUXQJVPRGXVEHZLUNWZLUG'LHVHULQLKUHP (IIHNWGHQ$GUHVVDWHQEH]XJQRFKZHLWHUKHUYRUWUHLEHQGHQ5HVWULNWLRQLQ GHU :RUWVWHOOXQJPXVV VHKU VWDUNHU (LQIOXVV DXI GDV7UDQVODW EHVFKHLQLJW BBBBBBBBBBBBB EUHFKW¾ GXUFK 9HUVIRUP XQG 5HLP HPSLULHIHUQ VRQGHUQ DXFK GXUFK GHQ ULJLGHQ ªbX‰H UXQJV7DNW©LPPHUJOHLFKODQJHUXQGJOHLFKDUWLJHU(LQKHLWHQDXV9HUVXQGILNWLYHU6FKUHLE KDQGOXQJ 6R JHVHKHQ ELOGHQ EHLGH 7H[WH LQ XQWHUVFKLHGOLFKHU :HLVH 9ROO]XJVVWXIHQ YRQ 9RUYHUVWlQGQLVNRPSOH[HQ+DQGHOQVDELQGHPVLHXQWHUVFKLHGOLFKH*UDGHGHU$EVWUDKLH UXQJ YRP (PSLULVFKHQ H[HPSOLIL]LHUHQ VR ZLH GLHV DXFK LP ZLVVHQVFKDIWOLFKHQ 'LVNXUV GXUFK GHQ $EVWUDKLHUXQJVSUR]HVV HLQHU IXQNWLRQDOSUDJPDWLVFKHQ $QDO\VH HUIROJW (V PVVWH DOVR PLW +LOIH HLQHU IXQNWLRQDOSUDJPDWLVFKHQ $QDO\VH P|JOLFK VHLQ GHQ OLWHUDUL VFKHQ 9ROO]XJ YRQ 'LVWDQ]QDKPH ]XU (PSLULH GHU MHGHU )LNWLRQDOLVLHUXQJ LQQHZRKQW ]X HU PHVVHQ 'LH KHUPHQHXWLVFKH $XVJDQJVIUDJH XP GLHV ]X OHLVWHQ N|QQWH EHLVSLHOVZHLVH ODXWHQ %HL ZHOFKHP *UDG XQG ZHOFKHU $UW GHU $EVWUDKLHUXQJ YRP (PSLULVFKHQ HUZHLVW VLFK GLH $QDO\VH NRPSOH[HQ 6SUHFK6FKUHLEKDQGHOQV HLQHV JHJHEHQHQ ILNWLRQDOHQ 7H[WHV DOVDGlTXDW"2GHU:LHVLPSHOPXVVZLHNRPSOH[NDQQPDQILNWLYHV6SUHFK6FKUHLEKDQ GHOQ MHZHLOV DQDO\WLVFK HUVFKOLH‰HQ XP VHLQH .RQWXUHQ YROOVWlQGLJ VLFKWEDU ]X PDFKHQ" 2GHU LQ GHU %LOGOLFKNHLW GHU 3KRWRJUDSKLH JHVSURFKHQ %HL ZHOFKHU DQDO\WLVFKHQ 7LHIHQ VFKlUIHZLUGMHZHLOVGLH6FKDUI(LQVWHOOXQJGHU+DQGOXQJVNRQWXUHQHLQHVOLWHUDULVFKHQ7H[ WHV HUUHLFKW" 'LH IXQNWLRQDOSUDJPDWLVFKH 7H[WDQDO\VH PVVWH VR ]XP ,QGH[ GHU 5HODWLRQ ILNWLRQDOHU7H[WH]XUNRPPXQLNDWLYHQ(PSLULHXQGGDPLW]XHLQHP,QGH[HLQHU.RQVWLWX HQWHGHV)LNWLRQDOHQWDXJHQN|QQHQ  .215$'(+/,&+-2&+(15(+%(,10XVWHUXQG,QVWLWXWLRQ8QWHUVXFKXQJHQ]XUVFKXOL VFKHQ.RPPXQLNDWLRQ7ELQJHQ .RPPXQLNDWLRQXQG,QVWLWXWLRQ 6  125%(57)5,(6=XU6\QWD[GHV,PSHUDWLYVLP'HXWVFKHQ,Q=VIU6SUDFKZLVVHQVFKDIW   6KLHU6

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



ZHUGHQGHQQDQGHU9HUEHUVWVWHOOXQJZLUGIDVWHEHQVRKXQGHUWSUR]HQWLJ ZLHDQ5HLPXQG0HWUXPIHVWJHKDOWHQ=ZHL%HLVSLHOHYRQYLHOHQIUHLQH YRQGHUODWHLQLVFKHQ9RUJDEHDEZHLFKHQGH,QLWLDOSRVLWLRQGHV,PSHUDWLYV LQGHU:LHGHUJDEHGHU9HUVHXQWHUVWULFKHQ  0HONHU+DQGVFKULIW9 :DFKHWDJHVYQGVODIHGLQDFKW

%2$6, 3OXVYLJLODVHPSHUQHFVRPQRGHGLWXVHVWR

0HONHU+DQGVFKULIW9I (QUXFKHZDVGLQZLEVDJH VRVLYRQGHQNQHFKWHQNODJH

%2$6, 1LOWHPHUHX[RULGHVHUYLVFUHGHTXHUHQWL

,QGHU0HONHU%HDUEHLWXQJJLEWHVIROJHQGH)lOOHYRQ%HVHW]XQJGHV9RU IHOGHV D REOLJDWRULVFKQDFKYRUDQJHVWHOOWHPWHPSRUDONRQGLWLRQDOHP1HEHQVDW] GHLNWLVFKPLWVR %HOHJH XQGDQGHUHQ'HPRQVWUDWLYD GD]>PLW@GHPGD DFKW %HOHJH  1DFKVWHKHQG MH HLQ %HLVSLHO IU GLHVHV GHLNWLVFK EHVHW]WH 9RUIHOG LQGHU:LHGHUJDEHXQWHUVWULFKHQ GDVIUHLOLFKGHQ,PSHUDWLYQXU XPHLQH6LOEHLP9HUVQDFKUHFKWVªYHUVFKLHEW©DOVRGHPª$XIIRUGHUXQJV 6WDNNDWR©NDXPHWZDVYRQVHLQHP(IIHNWQLPPW 0HONHU+DQGVFKULIW9 :LUVWXJXWHVYEHUODGHQ VRKXWWHGLFKDOOH]LWYRUVFKDGHQ 'D]DQHJHQJHYQGGD]HQGH KDEHQWGLFNPLVVHZHQGH 0HONHU+DQGVFKULIW9I 6ZHOLFKGLQFGLULVWYQHUNDQW GD]VDJHGHQQLFKWGLVLQNXHQGHKDQW >NHLQHhEHUVHW]XQJ@ >NHLQHhEHUVHW]XQJ@

%2$6, &XPIXHULVIHOL[TXDHVXQWDGYHUVDFDYHWR QRQHRGHPFXUVXUHVSRQGHQWXOWLPDSULPLV %2$6, ,JQRWXPWLELWXQROLSUDHSRQHUHQRWLV  FRJQLWDLXGLFLRFRQVWDQWLQFRJQLWDFDVX

E  $XVIOOXQJ GHV 9RUIHOGHV RKQH GHLNWLVFKH )XQNWLRQ  %HOHJH GK LQVJHVDPWQXUJXWGHUYRUNRPPHQGHQ,PSHUDWLYHEHUKDXSW DXFK KLHU]X]ZHL%HLVSLHOH 9RUIHOG(OHPHQWHLQGHU:LHGHUJDEHXQWHUVWULFKHQ  0HONHU+DQGVFKULIW9I 'LQHQWRXJHQUDWGHQVDJH HLQHPJHVHOOHQGHULQYHUGDJH

%2$6,, &RQVLOLXPDUFDQXPWDFLWRFRPPLWWHVRGDOL

0HONHU+DQGVFKULIW9I 9RQGHPJHOHUWHQGXOHUHOHUQH YQGWXGD]YRQKHUW]HQJHUQH

%2$6,9 'LVFHVHGDGRFWLVLQGRFWRVLSVHGRFHWR

0DQ NDQQ VSHNXOLHUHQ ZLH HV LQ GLHVHQ EHLGHQ )lOOHQ ]XU 9RUVFKDOWXQJ GHU XQWHUVWULFKHQHQ (OHPHQWH JHNRPPHQ VHLQ PDJ ,Q ,, N|QQWH GHU 5HLP]ZDQJ DXVVFKODJJHEHQG JHZHVHQ VHLQ YRUDXVJHVHW]W GDVV VLFK IU WDFLWR ,, NHLQSDVVHQGHV$WWULEXWLQGHUhEHUVHW]XQJIDQGXQGHVDOVR



*8175$0+$$*

YHUEDOLVLHUW ZXUGH PXVVWH GLHVHV YHUGDJHQ YJO 9  GD HV DOV ILQLWHV 9HUEHLQHVQXQQRWZHQGLJHQ1HEHQVDW]HVIXQJLHUWHLQ(QGVWHOOXQJJHUD WHQVRGDVVVLFKGHUhEHUVHW]HUHLQHQVHPDQWLVFKKDOEZHJVlTXLYDOHQWHQ 5HLP GDUDXI PDFKHQ PXVVWH XQG GLHVHQ GXUFK OH[LNDOLVFKVHPDQWLVFK YHUDOOJHPHLQHUQGH 6XEVWLWXWLRQ GHV FRPPLWWH ,,  GXUFK VDJH 9  HU]LHOWHXPJHNHKUWNDQQDXFKVDJHIUFRPPLWWHªJHVHW]W©ZRUGHQVHLQZRU DXIKLQ GHU hEHUVHW]HU GLH 5HLPO|VXQJ PLW YHUGDJH 9  IDQG ZHOFKH GDQQHLQHQ1HEHQVDW]JHQHULHUWHGHVVHQ9HUEHQGVWHOOXQJLKUH3DUDOOHOHLP GDQQHEHQVRYHUVILQDOHQVDJHEHNDP ,Q,9KLQJHJHQLVWYRQKHUW]HQJHUQH 9 QLFKWGXUFKGLHODWHLQL VFKH9RUJDEHPRWLYLHUWVFKRQJDUQLFKWLQGHUYRPhEHUVHW]HUJHZlKOWHQ 3RVLWLRQ DP 9HUVHQGH VR GDVV DOVR GLH 3RVLWLRQLHUXQJ YRQ OHUQH 9  QLFKW PLW 5HLP]ZDQJ ]X EHJUQGHQ LVW 9LHOOHLFKW ZROOWH GHU hEHUVHW]HU GLHFKLDVWLVFKH6WHOOXQJGHU,PSHUDWLYSRVLWLRQHQLPODWHLQLVFKHQ+H[DPH WHU DP$QIDQJGHUHUVWHQLPSHUDWLYLVFKHQ(LQKHLWXQGDP(QGHGHU]ZHL WHQ QDFKDKPHQXQGHVJHODQJLKPQXUªVSLHJHOYHUNHKUW©0|JOLFKHUZHLVH ZDU DEHU DXFK GLH %HWRQXQJ GHU $XVVDJH D GRFWLV ,9  GXUFK VHG ,9  IU GHQ hEHUVHW]HU $QODVV ]X HLQHU lTXLYDOHQWHQ %HWRQXQJ GHU hEHUVHW]XQJ YRQ GHP JHOHUWHQ 9  LQGHP HU VLH LQV PDUNLHUWH 9RUIHOG SODW]LHUWH ,QVJHVDPWGDVVHLIHVWJHKDOWHQLVW,QLWLDOSRVLWLRQGHV,PSHUDWLYVRGHU VHLQH9HUVFKLHEXQJXPQXUHLQH6LOEHLP9HUVQDFKKLQWHQGXUFKGLH9RU VFKDOWXQJYRQ'HLNWLNDLQEHUGHUYRUNRPPHQGHQLPSHUDWLYLVFKHQ bX‰HUXQJHQIHVW]XVWHOOHQVRGDVVHLQHVWHUHRW\SUHSHWLWLYH3RVLWLRQLHUXQJ GHU,PSHUDWLYHJHJHEHQLVW =ZHLWHQV $XIIRUGHUXQJHQ PLW IOHNWLHUWHQ 0RGDOYHUEHQ VLQG LQ DOOHU 5HJHOHUKHEOLFKOlQJHUDOVVROFKHPLWPRUSKRORJLVFKHP,PSHUDWLYGLHMDLQ GHU 5HJHO RKQH 6XEMHNW XQG XQPDUNLHUW PLW GHU 6WDPPIRUP GHV 9HUEV DXVNRPPHQ+lWWHHLQhEHUVHW]HUQXUVROFKHODQJHQ$XIIRUGHUXQJHQYHU ZHQGHQZROOHQZlUHHU]ZDQJVOlXILJUHODWLYKlXILJPLWGHQHQJHQ*UHQ ]HQGHUREOLJDWRULVFKHQ5HLPSDDU6WUXNWXULQ.RQIOLNWJHNRPPHQZDVIU GHQ ¿+HOPEUHFKW¾ QLFKW HEHQVR JLOW GD KLHU ]ZDU DXFK YLHUWDNWLJH 5HLP SDDUYHUVH]XELOGHQZDUHQDEHURKQHGLHULJLGH]XVlW]OLFKH%HVFKUlQNXQJ MHZHLOVQDFK]ZHL5HLPSDDUHQHLQHEHVWLPPWHNRPSOH[HGLUHNWLYH6SUHFK KDQGOXQJDEJHVFKORVVHQKDEHQ]XPVVHQ0DQNDQQIUGLH0HONHU%HDU EHLWXQJVRJDUHLQHJHZLVVH7HQGHQ]IHVWVWHOOHQDXFKEHLGHU:DKOGHV,P SHUDWLYV P|JOLFKVWVLOEHQVSDUHQG ]XYHUIDKUHQ,QVJHVDPW IHKOW GDVH EHL IDVW GHU +lOIWH DOOHU ,PSHUDWLYIRUPHQ XQG LQ LPPHUKLQ IDVW  GLHVHU V\QNRSLHUWHQ)RUPHQKDQGHOWHVVLFKQLFKWXPVWDUNH9HUEHQEHLGHQHQ GLH H6\QNRSH RKQHKLQ UHJXOlU LVW VRQGHUQ XP VFKZDFKH 9HUEHQ ]% BBBBBBBBBBBBB  9JO3$8/0LWWHOKRFKGHXWVFKH*UDPPDWLN>ZLH$QP@†0I

6WUXNWXUHQGHV+DQGHOQVXQG:LVVHQVLQGHU0HONHU¿5XPSIEHDUEHLWXQJ¾



KHW 99 XQGQXULQHLQHP)DOOOLHJWGDEHLHLQH6\QNRSHYRU PLWGHUEHLVFKZDFKHQ9HUEHQRKQHKLQ]XUHFKQHQLVWQlPOLFKªQDFKO XQGU©GLHVLVWLQGHU)RUPJHU 9 GHU)DOO %HLGH%HJUQGXQJHQOHLWHQVLFKQDWUOLFKLQOHW]WHU.RQVHTXHQ]YRP ODWHLQLVFKHQ $XVJDQJVWH[W GHQ ¿'LVWLFKD &DWRQLV¾ KHU GHQQ GXUFK VLH LVW GLH ULJLGH 9HUV6SUHFKKDQGOXQJV(LQKHLW VFKRQ YRUJHJHEHQ XQG VLH VLQG ZRKOJHUDGHGHVZHJHQLKUHUVHLWVVFKRQZDVGDV)RUPHQDUVHQDOGHV$XI IRUGHUXQJVPRGXVDQJHKWYDULDEHOXQGQLFKWHWZDZLH]XHUZDUWHQZlUH DXI PRQRWRQH :LHGHUNHKU GHV IU JHQHUDOLVLHUHQGH XQG IXWXULVFKH $XI IRUGHUXQJHQ DQJHPHVVHQHQ ,PSHUDWLY ,, IL[LHUW 'LHVH EHLGHQ .RQGLWLR QLHUXQJHQ VFKRQ GHU ODWHLQLVFKHQ 7H[WJHVWDOW GLH 9HUV6SUHFKKDQGOXQJV (LQKHLW XQG GHU lVWKHWLVFKUKHWRULVFKH $QVSUXFK EHL GHU ¿)OOXQJ¾ GLHVHU (LQKHLWPLWZLUNVDPHQXQGDOVRYDULDEOHQVSUDFKOLFKHQ0LWWHOQVLQGOHW]W OLFK 5HIOH[H YRQ 1RUPHQ GLGDNWLVFKHU /LWHUDWXUJDWWXQJHQ GLH DXFK GLH hEHUVHW]XQJHQ GHWHUPLQLHUHQ :DV GHP 5|PHU VHLQ IU *QRPLN UKHWR ULVFKDGlTXDWHU'RSSHO+H[DPHWHUZDUGDVZDUGHPGHXWVFKHQhEHUVHW ]HU VHLQ 5HLPSDDUYHUV DXV YLHUKHELJHQ -DPEHQ (LQ IU WUDQVODWRULVFKH 0HKUVSUDFKLJNHLW W\SLVFKHV 3KlQRPHQ LVW DOVR GLH 6SH]LILN GHU ¿&DWR¾ hEHUVHW]XQJHQ QXU LQGLUHNWLQGHPQlPOLFKGHUGHXWVFKHhEHUVHW]HUDQ GHU SUlVNULSWLYHQ $XWRULWlW GHV ODWHLQLVFKHQ $XVJDQJVWH[WHV DXFK ZDV VHLQH 6WUXNWXU XQG *HVWDOW EHWUDI QLFKW RKQH ZHLWHUHV YRUEHLNDP DOVR JHZLVVHUPD‰HQDXFKGLHODWHLQLVFKHQ*DWWXQJVELQGXQJHQ]ZDUWUDQVIHULH UHQNRQQWHDEHUGDPLWHEHQDXFKSULQ]LSLHOODXIUHFKWHUKDOWHQPXVVWH )UGLH¿*HVDPWEHUVHW]XQJHQ¾JLOWGLHVYRUEHKDOWORVIUGLH¿5XPSI EHDUEHLWXQJHQ¾ QXU ]XP7HLO :lKUHQG VLFKQlPOLFK GLH 0HONHU ¿5XPSI EHDUEHLWXQJ¾ LQ GHU :DKO GHU $XVGUXFNVPLWWHO IU GHQ GLUHNWLYHQ 0RGXV LQQHUKDOE GHU 9HUV6SUHFKKDQGOXQJV(LQKHLWHQ YRQ GHU $XWRULWlW GHV ODWHLQLVFKHQ $XVJDQJVWH[WHV DEKlQJLJ ]HLJW LVW VLH ZDV GLH $QRUGQXQJ GLHVHU(LQKHLWHQDQEHODQJWUHODWLYXQDEKlQJLJ )D]LW'LH¿5XPSIEHDUEHLWXQJ¾LVWHLQHUVHLWVELVLQV'HWDLOGHUJHZlKO WHQ$XVGUXFNVPLWWHOIUGLHNRQVWLWXWLYHQVSUDFKOLFKHQ+DQGOXQJHQGXUFK *DWWXQJVQRUPHQ YRUJHSUlJW GHUHQ SULQ]LSLHOOH QXUPHKU GXUFK .XOWXU WUDQVIHU ]X DGDSWLHUHQGH *OWLJNHLW GXUFK GHQ DXWRULWDWLYHQ ODWHLQLVFKHQ $XVJDQJVWH[WYRUJHJHEHQLVW6LHLVWDEHUDQGHUHUVHLWVLP9HUJOHLFK]XGHQ LQVWLWXWLRQHOO YHUDQNHUWHQ GHXWVFKHQ ¿*HVDPWEHUVHW]XQJHQ¾ HLQH UHFKW IUHLH ª%HDUEHLWXQJ© GHV ODWHLQLVFKHQ $XVJDQJVWH[WHV ZRPLW QLFKW LPSOL ]LHUW ZLUG GDVV VLH LQ GLUHNWHU $XVHLQDQGHUVHW]XQJ PLW GLHVHP 2ULJLQDO HQWVWDQGHQZlUH ,QLKULVWGLH$EO|VXQJYRPQRUPDWLYHQ$QVSUXFKGHV ODWHLQLVFKHQ $XVJDQJVWH[WHV DOV LQVWLWXWLRQHOOHU $XWRULWlWHQVSUDFKH LQVR IHUQ P|JOLFK DOV KLHU GLH VSUDFKOLFKHQ +DQGOXQJHQ GHV $XVJDQJVWH[WHV BBBBBBBBBBBBB  9JOHEG†0



*8175$0+$$*

XQGLKUSURSRVLWLRQDOHU*HKDOWNRKlUHQWHUUHSUlVHQWLHUWZHUGHQDOVLQGLH VHP $XVJDQJVWH[W VHOEVW 'LH 9HUELQGOLFKNHLW GHU ODWHLQLVFKHQ 9RUODJH ZLUGLP)DOOHGHU¿&DWR¾5H]HSWLRQ]XHUVWLQGHUDX‰HULQVWLWXWLRQHOOHQ%HDU EHLWXQJ DEJHEDXW ZLU N|QQHQ KLHU DOVR HLQH DX‰HULQVWLWXWLRQHOOH 3ULPlU GRPlQHDXWRQRPHQYRONVVSUDFKLJHQ+DQGHOQVJUHLIHQ6RJHVHKHQLVWGLH %H]HLFKQXQJ¿5XPSIEHDUEHLWXQJ¾DOVZLVVHQVFKDIWOLFKHU7HUPLQXVXQDQJH PHVVHQ ZHLO GXUFK GHQ QRUPDWLYHQ $QVSUXFK GHU ODWHLQLVFKHQ 9RUODJH SHUVSHNWLYLHUWZHOFKHQGLHVH%HDUEHLWXQJJHUDGHWHLOZHLVHQHJLHUW



&$52/$5('=,&+ +RVUK\WKPRVHGLGLPXVTXHQRYRV 6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQXQGGLH JHGUXFNWHREHUGHXWVFKH¿*HVDPWEHUVHW]XQJ¾DP%HLVSLHO HLQHU%DVHOHU$XVJDEH0LFKDHO)XUWHUV XP  8QWHUGHQDQWLNHQXQGVSlWDQWLNHQ:HUNHQDQGHUHQ+HUDXVJDEH6HEDVWL DQ %UDQW DOV/HNWRUXQG%HUDWHU LQ%DVHO EHWHLOLJW ZDUILQGHQVLFK DXFK GLH¿'LVWLFKD&DWRQLV¾HLQHEHU-DKUKXQGHUWHYRUZLHJHQGLPPLWWHODOWHUOL FKHQ6FKXOEHWULHEJHEUDXFKWH6DPPOXQJKH[DPHWULVFKHU0RUDOVHQWHQ]HQ BBBBBBBBBBBBB  9JO 0$1)5(' /(00(5 6HEDVWLDQ %UDQW ,Q 'LH GHXWVFKH /LWHUDWXU GHV 0LWWHODOWHUV 9HUIDVVHUOH[LNRQ >«@  Y|OOLJ QHX EHDUEHLWHWH $XIODJH >«@ KJ YRQ .857 58+ >XD@ %HUOLQ 1HZ XD@ $UEHLWHQ]XUPLWWOHUHQGHXWVFKHQ/LWHUDWXUXQG6SUDFKH XQG-2$&+,0 .1$3( ',(7(5 :877.( 6HEDVWLDQ%UDQW%LEOLRJUDSKLH )RUVFKXQJVOLWHUDWXU YRQ  ELV7ELQJHQDXVIKUOLFKKDQGHOWEHU%UDQWVYLHOIlOWLJH+HUDXVJHEHUXQG$X WRUWlWLJNHLW LP 5DKPHQ VHLQHU XQLYHUVLWlUHQ XQG MXULVWLVFKHQ /DXIEDKQ -2$&+,0 .1$3( 'LFKWXQJ 5HFKW XQG )UHLKHLW 6WXGLHQ ]X /HEHQ XQG :HUN 6HEDVWLDQ %UDQWV  %DGHQ%DGHQ 6DHFXOD6SLULWDOLD   9JO 3(7(5 .(67,1* ¿&DWR¾ ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S 1,.2/$86 +(1.(/'HXWVFKHhEHUVHW]XQJHQODWHLQLVFKHU6FKXOWH[WH,KUH9HUEUHL WXQJ XQG )XQNWLRQ LP 0LWWHODOWHU XQG LQ GHU)UKHQ1HX]HLW 0LW HLQHP 9HU]HLFKQLVGHU 7H[WH0QFKHQ 0QFKHQHU7H[WHXQG8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXUGHV 0LWWHODOWHUV EHVRQGHUV6XQG6'(56%HLWUlJH]XUhEHUOLHIHUXQJGHU ¿'LVWLFKD&DWRQLV¾LQGHXWVFKHUhEHUVHW]XQJ>,@,Q=VIUGHXWVFKHV$OWHUWXPXQGGHXW VFKH/LWHUDWXU  6'(56%HLWUlJH]XUhEHUOLHIHUXQJGHU¿'LVWLFKD&D WRQLV¾LQGHXWVFKHUhEHUVHW]XQJ ,, ,Q=VIUGHXWVFKHV$OWHUWXPXQGGHXWVFKH/LWHUDWXU   6'(56'LVWLFKD&DWRQLV*DWWXQJVIHOGHUXQG(UVFKHLQXQJVIRUPHQ GHVJQRPLVFKHQ'LVNXUVHV]ZLVFKHQ/DWHLQXQG9RONVVSUDFKH,Q*DWWXQJHQPLWWHODOWHUOL FKHU 6FKULIWOLFKNHLW +J YRQ %$5%$5$ )5$1. 7+20$6 +$ZLH $QP @ 6  -h5*(1 6752+/0$11 5HLQHU GHU 'HXWVFKH ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S  6,/.( 80%$&+ 6HEDVWLDQ %UDQWV7LVFK]XFKW 7KHVPRSKDJLD (GLWLRQXQG:RUWLQGH[:LHVEDGHQ *UDWLD %DPEHUJHU6FKULIWHQ]XU5HQDLVVDQFHIRUVFKXQJ ,P-DKUHIROJWHGHU¿)DFHWXV&XP QLKLO XWLOLXV¾ NXU] ¿)DFHWXV¾  YJO 5h',*(5 6&+1(// ¿)DFHWXV¾ ,Q 9HUIDVVHUOH[LNRQ >ZLH $QP @ %G    6S  XQG +(1.(/ 6FKXOWH[WH >ZLH $QP @ 6  VFKOLH‰OLFKHLQ-DKUQDFKGHQ¿'LVWLFKD&DWRQLV¾HUVFKLHQGHUVRJHQDQQWH¿/LEHU)DFHWL 0RULEXV HW YLWDH¾ NXU] ¿0RUHWXV¾  YJO 6&+1(// ¿)DFHWXV¾ VR  6S I +(1.(/ 6FKXOWH[WH>ZLH$QP@6I$X‰HUGHPJDE%UDQWLQ6WUD‰EXUJGHQ¿)UHLGDQN¾LQHLQHU DQGDV¿1DUUHQVFKLII¾DQJHOHKQWHQ)RUPQHXKHUDXVYJO$'2/) 7,('*(6HEDVWLDQ %UDQWV)UHLGDQN%HDUEHLWXQJLQLKUHP9HUKlOWQLV]XP2ULJLQDO3KLO'LVV+DOOH6 /(00(56HEDVWLDQ%UDQW>ZLH$QP@6S  9JO +(1.(/ 6FKXOWH[WH >ZLH $QP @ 6  '(56 3ULQWHG 6FKRRO 7H[WV 7\SHV RI %LOLQJXDO3UHVHQWDWLRQLQ,QFXQDEXOD,Q5HQDLVVDQFH6WXGLHV  6=XP KDQGVFKULIWOLFKHQ 7UDGLWLRQVKLQWHUJUXQG YJO MHW]W 0,&+$(/ %$/'=8+1 6FKXOEFKHU LP 7ULYLXPGHV0LWWHODOWHUVXQGGHU)UKHQ1HX]HLW'LH9HUVFKULIWOLFKXQJYRQ8QWHUULFKWLQ GHU7H[WXQGhEHUOLHIHUXQJVJHVFKLFKWHGHU¿)DEXODH¾$YLDQVXQGGHUGHXWVFKHQ¿'LVWLFKD &DWRQLV¾ 4XHOOHQXQG)RUVFKXQJHQ]XU/LWHUDWXUXQG.XOWXUJHVFKLFKWH>@ %GH %HUOLQ1HZDQGVFKULIWHQ@ = = % JHPHLQVDP KDW© YJO +(1.(/ %HLWUlJH ,,  >ZLH $QP @ 6  'LH JHGUXFNWH ¿*HVDPWEHUVHW]XQJ¾GHU )DVVXQJ$HUZHLVWVLFKDQYLHOHQ6WHOOHQDOVNU]HQGH%HDUEHLWXQJGHUlOWHUHQ*HVDPWEHU VHW]XQJ ==% 6LHKH]XGHQYHUVFKLHGHQHQ)DVVXQJHQHEG  'LH HUVWH $XVJDEH GHU ¿*HVDPWEHUVHW]XQJ¾ HUVFKHLQW XP  EHL -RKDQQ XQG .RQUDG +LVW LQ 6SH\HU *HVDPWNDWDORJ GHU:LHJHQGUXFNH +J YRQ GHU.RPPLVVLRQ IUGHQ *H VDPWNDWDORJ GHU :LHJHQGUXFNH %G II /HLS]LJ II >QDFKVWHKHQG ]LWLHUW DOV *:@ 1U'LH'UXFNEHUOLHIHUXQJGHU]ZHLVSUDFKLJHQ¿&DWR¾$XVJDEHQLVWYROOVWlQGLJYHU ]HLFKQHW EHL )5$1=-26() :2567%52&. 'HXWVFKH $QWLNHUH]HSWLRQ  7HLO , 9HU]HLFKQLV GHU GHXWVFKHQ hEHUVHW]XQJHQ DQWLNHU $XWRUHQ 0LW HLQHU %LEOLRJUDSKLH GHU hEHUVHW]HU %RSSDUG DP 5KHLQ  9HU|IIHQWOLFKXQJHQ ]XU +XPDQLVPXVIRUVFKXQJ  

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



0LFKDHO)XUWHUVVLQG]ZLVFKHQXQGPLQGHVWHQVYLHU$XVJDEHQ GHU ¿*HVDPWEHUVHW]XQJ¾ QDFKZHLVEDU HLQ ,QGL] IU GLH NRQWLQXLHUOLFKH 1DFKIUDJHQDFK]ZHLVSUDFKLJHQ¿&DWR¾$XVJDEHQLP%DVHOHU5DXPEHUHLWV YRU GHP (UVFKHLQHQ YRQ %UDQWV )DVVXQJ 'HQQRFK HUVWDXQOLFK LVW GHU GXUFKVFKODJHQGH (UIROJ GHV %UDQWVFKHQ ¿&DWR¾ GHU LQ NU]HVWHU =HLW GLH YHUVFKLHGHQHQ)DVVXQJHQGHU¿*HVDPWEHUVHW]XQJ¾DXVGHU'UXFNEHUOLH IHUXQJ YHUGUlQJW $XFK 0LFKDHO )XUWHU GHU HUIROJUHLFKVWH %DVHOHU 'UXN NHUVWHOOWVHLQH3URGXNWLRQYRQ¿&DWR¾$XVJDEHQDXIGHQ'UXFNGHUQHXHQ )DVVXQJXP%HUHLWVXPHUVFKHLQWLQ)XUWHUV2IIL]LQHLQH]ZHLVSUD FKLJH$XVJDEHPLW%UDQWVhEHUVHW]XQJ GLHELVLQVJHVDPW$XIOD JHQHUUHLFKW (VVWHOOWVLFKGLH)UDJHZRULQGLHVHU(UIROJEHJUQGHWLVWGHQQ%UDQWV $XVJDEHLVWGXUFKDXVQLFKWLQMHGHU+LQVLFKWLQQRYDWLY9LHOPHKURULHQWLHUW HUVLFKGH]LGLHUWDQGHUlOWHUHQ¿*HVDPWEHUVHW]XQJ¾GLHGHXWOLFKH6SXUHQ LQ VHLQHU )DVVXQJ KLQWHUOlVVW (V LVW GDYRQ DXV]XJHKHQ GDVV %UDQW GHU BBBBBBBBBBBBB :2567%52&. XQWHUVFKHLGHW EHL GHQ JHGUXFNWHQ REHUGHXWVFKHQ ¿*HVDPWEHUVHW]XQJHQ¾ HLQHlOWHUH)DVVXQJ$GHUGLHPHLVWHQREHUGHXWVFKHQ'UXFNHIROJHQHLQHMQJHUH%HDUEHL WXQJYRQ$RKQHXQGHLQHMQJHUH%HDUEHLWXQJYRQ$PLW,QWHUOLQHDUJORVVHQXQGVFKOLH‰ OLFKGLH)DVVXQJYRQ6HEDVWLDQ%UDQW(UXQWHUVFKHLGHWQLFKW]ZLVFKHQGHUlOWHUHQ)DVVXQJ $XQGGHUPLW&DWRPRUDOLVVLPXVEHUVFKULHEHQHQ9HUVLRQGLHVHU7H[WIDVVXQJGLHLQJHZLV VHU:HLVHDXVGHUlOWHUHQREHUGHXWVFKHQhEHUOLHIHUXQJKHUDXVIlOOW ]XHUVWJHGUXFNWLQ /HLS]LJEHL.RQUDG.DFKHORIHQ*:1U QLFKW]XOHW]WDXIJUXQGLKUHVDEZHLFKHQGHQ 7LWHOV GHU IHKOHQGHQ JHUHLPWHQ 6FKOXVVYHUVH XQG GHU DQJHKlQJWHQ DEFHGDULVFKHQ ODWHLQL VFKHQ9HUVH 0HGLMYHUVXVSHULXYHQLEXVFRQIHFWL VRZLHLP+LQEOLFNDXILKUHQYRP+DXSWUH]HS WLRQVUDXP GHU ¿*HVDPWEHUVHW]XQJ¾ DEZHLFKHQGHQ 9HUEUHLWXQJVUDXP 'LH $XVJDEHQ HUVFKHLQHQ LQ /HLS]LJ *: 1U *: 1U  %DPEHUJ *: 1U   :LHQ *:1U XQG1UQEHUJ *:1U 9JODXFKGLHDXVIKUOLFKHUHQ%HVFKUHLEXQ JHQGHUHLQ]HOQHQ)DVVXQJHQEHL7+(2'25 %5h**(0$112772 %581.(1+DQGEXFK ]XU .LQGHU XQG -XJHQGOLWHUDWXU 9RP %HJLQQ GHV %XFKGUXFNV ELV  6WXWWJDUW  6S =XU *HVFKLFKWH GHV *HEUDXFKV GHU ¿'LVWLFKD¾ DOV 6FKXOEXFK VLHKH HEG 6S   9JOEHL:2567%52&.$QWLNHUH]HSWLRQ>ZLH$QP@GLH1XPPHUQ *:1U   *:1DFKWUDJ 1U    *: 1U    *: 1U   XQG  *: 1U   *:1UYJO:2567%52&.$QWLNHUH]HSWLRQ>ZLH$QP@1U  9JO%5h**(0$11%581.(1+DQGEXFK>ZLH$QP@6S  %HUHLWV/(232/' =$72þ,/ &DWR D )DFHWXV 3RMHGQiQt DWH[W\ >=XGHQ GHXWVFKHQ &DWR XQG )DFHWXVEHDUEHLWXQJHQ 8QWHUVXFKXQJHQ XQG 7H[WH@ %UQR  6SLV\ 0DVDU\NRY\ 8QLYHUVLW\Y%UQĕ)LORVRILFNi)DNXOWD EHPHUNWHGHQHQJHQ=XVDPPHQKDQJ]ZLVFKHQ %UDQWVhEHUVHW]XQJXQGlOWHUHQ)DVVXQJHQª,QPHLQHP$XIVDW]EHWLWHOW6HEDVWLDQD%UDQWD SőHNODG .DWRQRYëFK GLVWLFK 6HE %UDQWV &DWREHUVHW]XQJ  þDVRSLV SUR PRGHUQt ILORORJLL   DXFKDOV6RQGHUGUXFNYRQ6HLWHQLQ3UDJHUVFKLHQHQ NRQQWH LFK HLQZDQGIUHL QDFKZHLVHQ GDVV%UDQW GLH lOWHUHQJUXQGOHJHQGHQ DQRQ\PHQ %HDUEHLWXQ JHQJHNDQQWXQGVLHEHLVHLQHU8HEHUVHW]XQJHLIULJ]X5DWHJH]RJHQKDEHQPXVV6HLQH$E KlQJLJNHLWOlVVWVLFKPLWXQWHUELVLQVHLQ]HOQVWHYHUIROJHQ© 6 =$72þ,/NRQ]HQWULHUW VLFK LPJHQDQQWHQ %HLWUDJDXIGHQ1DFKZHLV GHUWH[WJHVFKLFKWOLFKHQ $EKlQJLJNHLWHQ YRQ GHUªhEHUVHW]XQJVIDVVXQJ©$ZREHLHUYRUDOOHP5HLPWHFKQLNXQGPHWULVFKHV*OHLFKPD‰ EHUFNVLFKWLJW



&$52/$5('=,&+

PLW GHP%DVHOHU 'UXFNHUEHWULHE EHVWHQV YHUWUDXW ZDU PLQGHVWHQV HLQH ZHQQQLFKWPHKUHUHGLHVHU$XVJDEHQNDQQWH,QZLHZHLWVLFK%UDQWDQGHU ¿*HVDPWEHUVHW]XQJ¾RULHQWLHUWXQGZRHUYRQLKUDEZHLFKWZLUGLPIRO JHQGHQPLWWHOVHLQHV9HUJOHLFKVVHLQHU$XVJDEHYRQPLWGHUlOWHUHQ ¿*HVDPWEHUVHW]XQJ¾ LQ HLQHU GHU %DVHOHU $XVJDEHQ 0LFKDHO )XUWHUV ]X ]HLJHQ VHLQ GLH VLFK DXIJUXQG GHU ]HLWOLFKHQ XQG UlXPOLFKHQ 1lKH LKUHU (QWVWHKXQJ XP  LQ %DVHO  DOV 9HUJOHLFKVREMHNWH EHVRQGHUV DQELHWHQZHQQDXFKQLFKWPLWOHW]WHU6LFKHUKHLW]XHUZHLVHQLVWRE%UDQW EHLVHLQHU$UEHLWHLQ%DVHOHU([HPSODURGHUHLQHVDXVHLQHUDQGHUHQ2IIL ]LQ YRUODJ ,P =HQWUXP GHU 8QWHUVXFKXQJ VWHKHQ ]ZHL %HUHLFKH ]XP HLQHQ /D\RXW XQG 3UlVHQWDWLRQ GHU ODWHLQLVFKGHXWVFKHQ 7H[WHQVHPEOHV XQG ]XP DQGHUHQ GLH W\SLVFKHQ hEHUVHW]XQJVYHUIDKUHQ LP IXQNWLRQDOHQ .RQWH[W'DUEHUKLQDXVLVWQDFK%UDQWV$QVSUXFKDQVHLQHhEHUVHW]XQJ ]XIUDJHQGHQHULQHLQHUODWHLQLVFKHQ9RUUHGH]XGHQ¿'LVWLFKD&DWRQLV¾ IRUPXOLHUW 6,/.( 80%$&+ VLHKW LQ LKUHU (LQOHLWXQJ ]XU (GLWLRQ GHU ¿7KHVPRSKDJLD¾ GLH ªIUHLHUH© hEHUWUDJXQJVZHLVH GLHVHV 7H[WHV DOV *H JHQVDW] ]X GHUMHQLJHQ GHU ¿'LVWLFKD &DWRQLV¾ ZHOFKH ªHLQHP hEHUVHW ]XQJVSULQ]LS>IROJW@GHVVHQ0D[LPHZRUWZ|UWOLFKH7UHXH]XU9RUODJHLVW© 6  6LH EULQJW GLH GLIIHULHUHQGHQ 9HUIDKUHQVZHLVHQ LP 8PJDQJ PLW GHPODWHLQLVFKHQ7H[WLQ=XVDPPHQKDQJPLWXQWHUVFKLHGOLFKHQ9HUZHQ GXQJVXQG5H]HSWLRQVZHLVHQLP8QWHUULFKW:lKUHQGGHP¿3KDJLIDFHWXV¾ LQ GLHVHU +LQVLFKW PHKU GLH )XQNWLRQ HLQHV HUZHLWHUQGHQ .RPPHQWDUV ]X]XNRPPHQ VFKHLQW EOHLEW GHU ¿&DWR¾ 80%$&+ ]XIROJH GXUFK VHLQHQ hEHUVHW]XQJVVWLODOV6FKXOWH[WLPHQJHUHQ6LQQHPDUNLHUW ª,QVRIHUQ GUIHQ GLH 0D‰VWlEH GLH DQ GLHVH hEHUVHW]XQJHQ KHUDQJHWUDJHQ ZHU GHQQLFKWGLHVHOEHQVHLQZLHIUVROFKHGLHPLWGHP$QVSUXFKEHKDIWHWVLQGGLH OLWHUDULVFKHQ%HGUIQLVVHLKUHU/HVHU]XEHIULHGLJHQ'LH4XDOLWlWYRQ6FKXOWH[W

BBBBBBBBBBBBB  9JO /(00(5 6HEDVWLDQ %UDQW >ZLH $QP @ 6S  ª%UDQW EHJDQQ VHLQH OLWHUDULVFKH $UEHLW DOV %HUDWHU &RUUHFWRU  GHU %DVHOHU 'UXFNHU 6LH EHVWDQG LQ GHU $XVZDKO GHU ]X GUXFNHQGHQ%FKHULQGHU:DKOGHU9RUODJHQGHU$EIDVVXQJYRQ9RUUHGHQ:LGPXQJV XQG(PSIHKOXQJVEHLWUlJHQ]7LQGHU$QQRWLHUXQJXQG.RPPHQWLHUXQJGHU0LWZLUNXQJ DQGHU,OOXVWULHUXQJGHUhEHUZDFKXQJGHU'UXFNHXD$XIGLHVH:HLVHVROO%HLQ'ULWWHO DOOHULPOHW]WHQ9LHUWHOGHV-KVLQ%DVHOJHGUXFNWHQ%FKHUEHWUHXWKDEHQ©  +HUDQJH]RJHQZXUGHGDV([HPSODUGHU%D\HULVFKHQ6WDDWVELEOLRWKHN0QFKHQƒ,QFVD  *: 1U   7H[WYHUJOHLFKH ]ZLVFKHQ GHQ HLQ]HOQHQ %DVHOHU $XVJDEHQ HUEULJHQ VLFKGDGLH¿*HVDPWEHUVHW]XQJ¾LP'UXFNLQVJHVDPWHLQHUHODWLYIHVWH7H[WWUDGLWLRQDXI ZHLVW 6WLFKSUREHQDUWLJH 9HUJOHLFKH ]ZLVFKHQ GHU YRUOLHJHQGHQ %DVHOHU $XVJDEH XQG GHQ $XVJDEHQ YRQ -RKDQQ XQG .RQUDG +LVW 6SH\HU  *: 1U   -RKDQQ %lPOHU $XJVEXUJ *:1U XQG-RKDQQ=DLQHU8OP *:1U EHVWlWLJHQ GLHVHQ%HIXQG  80%$&+7LVFK]XFKW>ZLH$QP@

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



EHUVHW]XQJHQEHPL‰WVLFKKLQJHJHQGDUDQREVLHLKUHU)XQNWLRQ6FKOVVHO]XP ODWHLQLVFKHQ2ULJLQDO]XVHLQJHUHFKWZHUGHQ©

8P%UDQWV$QVSUXFKLQGLHVHU5LFKWXQJ]XEHNUlIWLJHQYHUZHLVW80%$&+ DXIGLHODWHLQLVFKH9RUUHGH]XU¿0RUHWXV¾$XVJDEHYRQLQGHU%UDQW VHLQH 3ULQ]LSLHQ H[SOL]LHUH ª([ YHUER YHUEXP KDEH HU EHUVHW]HQ ZROOHQ© HEG6 'HU(UIROJYRQ%UDQWVhEHUVHW]XQJVFKHLQWLQGHVGDUDXIKLQ ]XGHXWHQGDVVGLHVHP|JOLFKHUZHLVHDXFKGD]XEHLWUXJªOLWHUDULVFK>H@%H GUIQLVVH GHU /HVHU ]X EHIULHGLJHQ© HEG VR  E]Z HLQ 3XEOLNXP DXFK MHQVHLWVGHU6FKXOH]XHUUHLFKHQZREHLLPVSlWHQ-DKUKXQGHUWLQGLHVHU +LQVLFKW JHQHUHOO NHLQH ]X VWUHQJH 7UHQQXQJ ]ZLVFKHQ OLWHUDULVFKHQ XQG *HEUDXFKVWH[WHQ DQJHVHW]W ZHUGHQ GDUI 'LH WUDGLWLRQHOOH )RUPHO GHV hEHUVHW]HQVH[YHUEXPYHUERGLH%UDQWDXFKLQGHU9RUUHGH]XGHQ¿'LVWL FKD&DWRQLV¾YHUZHQGHWZLUGNRQWH[WJHEXQGHQ]XEHWUDFKWHQVHLQXP]X SUIHQRE%UDQWV$QOLHJHQVLFKDXIGDVYRQ80%$&+NRQVWDWLHUWH,QWHU HVVH 8QWHUULFKWVPDWHULDO EHUHLW]XVWHOOHQ HEG 6   EHVFKUlQNW RGHU RE VLFKLP9RUZRUWHLQZHLWHUJHKHQGHU$QVSUXFKPDQLIHVWLHUWGHUHLQHªOLWH UDULVFKHPSKDWLVFKH©5H]HSWLRQVZHLVHYRQYRUQKHUHLQPLWHLQVFKOLH‰W , 'LH ]ZHLVSUDFKLJHQ 'UXFNDXVJDEHQ GHU ¿'LVWLFKD &DWRQLV¾ HUVFKHLQHQ WUDGLWLRQHOOLP4XDUWIRUPDWVLQGYRQJHULQJHP8PIDQJ ]ZLVFKHQXQG %OlWWHU XQGZHUGHQLQGHUhEHUOLHIHUXQJYLHOIDFKVHNXQGlUPLWDQGH UHQ 6FKXOWH[WGUXFNHQ ]XVDPPHQJHEXQGHQ %UDQWV $XVJDEH ZHLFKW LP )RUPDWQLFKWYRQGHQYRUJlQJLJHQ(GLWLRQHQDE$XFKLQGHU7H[WSUlVHQ WDWLRQ RULHQWLHUW HU VLFK DQ lOWHUHQ ]ZHLVSUDFKLJHQ ¿&DWR¾$XVJDEHQ ZLH )XUWHUV ]XP 9HUJOHLFK KHUDQJH]RJHQH $XVJDEH GHXWOLFK HUNHQQHQ OlVVW GLH LQ GHU 7H[WDQRUGQXQJ XQG GHU 'UXFNW\SHQYHUZHQGXQJ GHU %UDQW VFKHQ$XVJDEHVHKUlKQOLFKLVW/DWHLQLVFKHXQGGHXWVFKH7H[WWHLOHZHUGHQ DOWHUQLHUHQG JHERWHQ $XI HLQ ODWHLQLVFKHV 'LVWLFKRQ IROJHQ MH ]ZHL GHXW VFKH5HLPSDDUH'LH5HLPSDDUYHUVHZHUGHQGXUFK(LQUFNXQJHQYRQGHQ +H[DPHWHUQDEJHVHW]W%HL%UDQWZHUGHQGLHODWHLQLVFKHQXQGGHXWVFKHQ BBBBBBBBBBBBB  (EG 6  VLH DUJXPHQWLHUW KLHU JHJHQ lOWHUH )RUVFKXQJVSRVLWLRQHQ GLH hEHUVHW]XQJHQ JUXQGVlW]OLFK QLFKW QDFK LKUHU )XQNWLRQ EHXUWHLOHQ VRQGHUQ QDFK LKUHP OLWHUDULVFKHQ (L JHQZHUW,QVRIHUQLVWLKUHUDXIGHQNRQNUHWHQ5H]HSWLRQVNRQWH[WHLQVFKUlQNHQGHQ3HUVSHN WLYLHUXQJXQEHGLQJWEHL]XSIOLFKWHQ9JOHEG6  (LQJHUFNWHGHXWVFKH5HLPSDDUYHUVH FDFP KDEHQDXFKGLH$XVJDEHQYRQ-RKDQQXQG .RQUDG+LVW6SH\HU *:1U XQG-RKDQQ%lPOHU$XJVEXUJ *:1U   80%$&+ ZHLVW DXI YHUVFKLHGHQH 6WXGLHQKDQGVFKULIWHQ GHV ¿3KDJLIDFHWXV¾ XQG GHV ¿)UHLGDQN¾PLWJOHLFKHQ/D\RXWPHUNPDOHQKLQGHQHQLKUHV(UDFKWHQVªHLQH>PLWGHQ'UXN NHQ@ LGHQWLVFKH 9HUZHQGXQJVZHLVH ]XJHGDFKW© ZDU YJO 80%$&+ 7LVFK]XFKW >ZLH $QP @ 6 I (LQ XPJHNHKUWHV 'UXFNELOG GK HLQJHUFNWH +H[DPHWHU XQG GHXWVFKH 5HLP



&$52/$5('=,&+

3DVVDJHQ ]XVlW]OLFK GXUFK XQWHUVFKLHGOLFKH 'UXFNW\SHQ YRQHLQDQGHU DE JHKREHQ )XUWHUV $XVJDEH ELHWHW SUR 6HLWH GXUFKVFKQLWWOLFK VHFKV ODWHLQL VFKH 'LVWLFKHQ %UDQWV $XVJDEH QXU IQI ZRGXUFK GDV 'UXFNELOG LQVJHVDPW EHUVLFKWOLFKHU HUVFKHLQW 'LH ODWHLQLVFKHQ hEHUVFKULIWHQ GHU HLQ]HOQHQ%FKHU ]%3ULPXV/LEHU&DWKRQLV ZHUGHQEHL%UDQWZLHDXFKLQ )XUWHUV$XVJDEHLQJUR‰HUJRWLVFKHU7\SHJHVHW]WHEHQVRGLHHUVWH7H[W ]HLOH GHU (SLVWXOD &XP DQLPDGYHUWHUHP =ZHL ELV YLHU]HLOLJH VFKPXFNORVH /RPEDUGHQPDUNLHUHQGHQ%HJLQQGHUHLQ]HOQHQ%FKHU 'LH PHLVWHQ ]ZHLVSUDFKLJHQ $XVJDEHQ GHU ¿*HVDPWEHUVHW]XQJ¾ ]ZL VFKHQXQGVWHOOHQGHP7H[WDXIGHP7LWHOEODWWHLQHQVRJHQDQQ WHQ PDJLVWHUFXPGLVFLSXOR+RO]VFKQLWW YRUDQ ,QQHUKDOE GHU 'UXFNEHUOLH IHUXQJGHU¿*HVDPWEHUVHW]XQJ¾ODVVHQVLFKYHUVFKLHGHQH7\SHQGHV0R WLYV QDFKZHLVHQ %HL GHU KLHU ]XP 9HUJOHLFK KHUDQJH]RJHQHQ $XVJDEH YHUZHQGHW)XUWHUGDV0RWLYLQGHU)RUPGLHGHU%DVOHU'UXFNHU-RKDQQ $PHUEDFK ]XHUVW LQ HLQHP 'UXFN YRQ  HLQIKUW 'HU +RO]VFKQLWW ]HLJWHLQHQGHP%HWUDFKWHUDXIHLQHPHUK|KWHQWKURQDUWLJHQ6WXKOIURQWDO ]XJHZDQGWVLW]HQGHQ/HKUHUDQJHWDQPLWHLQHU.DSSHXQGHLQHPZHLWHQ BBBBBBBBBBBBB SDDUYHUVH LP QDFKJHVWHOOWHQ )OLH‰WH[W ZHLVW GLH $XVJDEH YRQ -RKDQQ =DLQHU 8OP  *:1U DXI9JO]XU7\SLNGHU6FKXOWH[WSUlVHQWDWLRQLP'UXFN+(1.(/3ULQWHG 6FKRRO7H[WV>ZLH$QP@  9JO]XU*HVFKLFKWHGHV0RWLYVXQGVHLQHU9HUZHQGXQJLPGHXWVFKHQ'UXFNEHWULHEJUXQG OHJHQG:,/+(/0 /8':,* 6&+5(,%(53$8/ +(,7='LHGHXWVFKHQ¿$FFLSLHV¾XQG0DJL VWHU &XP 'LVFLSXOLV+RO]VFKQLWWH DOV +LOIVPLWWHO ]XU ,QNXQDEHO%HVWLPPXQJ 6WUD‰EXUJ  6WXGLHQ]XUGHXWVFKHQ.XQVWJHVFKLFKWH 'DV0RWLYZHOFKHVYRUDOOHPLQ%H]XJ DXIGLH$Q]DKOGHUGDUJHVWHOOWHQ6FKOHUYDULLHUWLVWEHLHLQHUJUR‰HQ$Q]DKOYRQ'UXFNHQ ]XILQGHQXQWHUGHQHQGLHNODVVLVFKHQ6FKXOWH[WHLQVJHVDPWQXUHLQHNOHLQH*UXSSHDXVPD FKHQ'LH 9HUZHQGXQJ LP =XVDPPHQKDQJ PLW GHQ ¿&DWR¾'UXFNHQ ZHLVW GLHVH GHPQDFK ]ZDULPZHLWHVWHQ6LQQHDOV6FKXOE]ZOHKUKDIWH7H[WHDXVLVWMHGRFKNHLQDOOHLQIUGLH ¿&DWR¾hEHUOLHIHUXQJ W\SLVFKHV 0HUNPDO =XGHP ZHUGHQ LQ YHUVFKLHGHQHQ $XVJDEHQ GHU ¿'LVWLFKD &DWRQLV¾ DXFK DQGHUH 0RWLYH YHUZHQGHW ]% 0LFKDHO *UH\II 5HXWOLQJHQ  *:1U GHUHLQHQVWHUEHQGHQ&KULVWXVLP$UPHLQHV(U]HQJHOVDEELOGHWYJO$/ %(57 6&+5$00 'HU %LOGHUVFKPXFN GHU )UKGUXFNH /HLS]LJ  %G    1U  )XUWHUYHUZHQGHWIUHLQHVHLQHU$XVJDEHQXP *:1U HLQHQ7\SGHULQGHU *HVWDOWXQJDXIGHQ.|OQHU'UXFNHU+HLQULFK4XHQWHOO]XUFNJHKW=XVHKHQLVWHLQH6WXEH PLW]ZHL)HQVWHUQLQGHUHLQ/HKUHUDXIHLQHU%DQNVLW]WYRUVLFKHLQDXIJHVFKODJHQHV%XFK DXIHLQHP3XOW=ZHL6FKOHUGLH]X)‰HQGHV/HKUHUVDXIGHP)X‰ERGHQVLW]HQKDEHQ HEHQIDOOV%FKHULQLKUHQ+lQGHQLKUH*HVLFKWHUVLQGKDOEGHP/HKUHUKDOEGHP%HWUDFK WHU]XJHZDQGW6FKUlJEHULKUHQ.|SIHQLVWHLQ6SUXFKEDQG]XVHKHQZHOFKHVGHQ7H[W $FFLSLHV WDQWL GRFWRULV GRJPDWD VDQFWL WUlJW %HLGH $XVJDEHQ WUDJHQ EHU GHP +RO]VFKQLWW GLH hEHUVFKULIW&DWKR LQ ODWLQ XQG ]X WHWVFK 9JO 6&+5(,%(5 +(,7= +RO]VFKQLWWH >ZLH $QP @1UXQG1UVRZLH6'DVJOHLFKH0RWLYYHUZHQGHWDXFK-RKDQQ=DLQHU IU VHLQH  LQ 8OP HUVFKHLQHQGH ¿&DWR¾$XVJDEH *: 1U   :LH 6&+5(,%(5 +(,7=6QDFKZHLVHQZXUGHGHU+RO]VFKQLWWPLWGHU,QVFKULIWXUVSUQJOLFKIUHLQH YRQ+HLQULFK4XHQWHOOJHGUXFNWH$XVJDEH  GHU¿&RSXODWD¾GHV3HWUXV+LVSDQXVYHU ZHQGHW'HU7H[WGHU,QVFKULIWVWDPPWDXVGLHVHP:HUNXQGEH]HLFKQHWLQGLHVHP.RQ WH[W7KRPDVYRQ$TXLQ

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



*HZDQGLQGHU+DQGHLQ5XWHQEQGHO,KP]X)‰HQVLW]HQGUHL6FKOHU GLHLKPLKUH*HVLFKWHU]XZHQGHQ $XFK %UDQWV $XVJDEH LVW PLW HLQHP +RO]VFKQLWW YHUVHKHQ DOOHUGLQJV ILQGHQVLFKLQGHU:DKOGHV0RWLYVVRZLHLQGHUhEHUVFKULIWEHPHUNHQV ZHUWH 1HXHUXQJHQ 6WDWW GHV WUDGLWLRQHOOHQ /HKUHU6FKOHU0RWLYV ZLUG HLQH DQGlFKWLJ NQLHQGH EDUKlXSWLJH )LJXU GDUJHVWHOOW GLH GHQ %OLFN ]X HLQHP EHU LKU DQ HLQHP %DXP KlQJHQGHQ .UDQ] ULFKWHW ZRGXUFK GDV *HVLFKWLP3URILO]XVHKHQLVW,QEHLGHQ+lQGHQKlOWGLH)LJXUGLHPLW HLQHP *HZDQG PLW ZHLWHQbUPHOQ EHNOHLGHW LVW HLQHQ+XW GHQVLH ]XP =HLFKHQGHU(KUHUELHWXQJDEJHQRPPHQKDW,QGHU)HUQHVLQGGLH8PULV VH HLQHU 6WDGW DQJHGHXWHW ,P 9RUGHUJUXQG DQJHOHKQW DQ GHQ %DXP VWDPP ILQGHW VLFK GDV :DSSHQ GHU )DPLOLH %UDQW 'DV 0RWLY ZHOFKHV GHP7\SXVGHV6WLIWHUELOGHVlKQHOWZLUGDOV$XWRUSRUWUDLWHLQJHVHW]W'DVV KLHU6HEDVWLDQ%UDQWVHOEVWDEJHELOGHWLVWZLUGGXUFKGLHLQDX‰HUJHZ|KQ OLFK JUR‰HQ /HWWHUQ JHGUXFNWH hEHUVFKULIW EHNUlIWLJW &DWKR LQ ODWLQ GXUFK 6HEDVWLDQXP%UDQWJHWW]VFKHW'HU1DPHQLPPWGLHJDQ]HPLWWOHUH=HLOHGHU GUHL]HLOLJHQ hEHUVFKULIW HLQ GHU *UR‰GUXFN PDUNLHUW RSWLVFK GLH *OHLFK ZHUWLJNHLWGHVhEHUVHW]HUVPLWGHP$XWRU'DPLWZLUGGLHWUDGLWLRQHOOH $QRQ\PLWlWGHUlOWHUHQGHXWVFKHQhEHUVHW]XQJGLHGHQ%OLFNJDQ]DXIGLH $XWRULWlW GHV ]XPHLVW LP+RO]VFKQLWW YLVXHOO SUlVHQWHQ  ZHLVHQ 0HLVWHUV XQG /HKUHUV &DWR OHQNW DXIJHKREHQ 'LH )LJXU GHV /HKUHUV GLH LQ GHU lOWHUHQ hEHUOLHIHUXQJ DOV $XWRUILJXU GHP ]ZHLVSUDFKLJHQ 7H[WHQVHPEOH ]XJHRUGQHWZXUGHZLHHVDXFKGLHlOWHUHQhEHUVFKULIWHQW\SHQ+LHOHUWGHU ZLV &DWKR VLQHQ VXQ XQG &DWKR LQ ODWLQ YQG WWVFK QDKHOHJHQ ZLUG HUVHW]W GXUFK HLQHQ YLVXHOO SUlVHQWHQ YRP 5H]LSLHQWHQ DOV ]HLWJHQ|VVLVFKH 3HU V|QOLFKNHLWLGHQWLIL]LHUEDUHQ$XWRUXQGhEHUVHW]HUGHUQLFKW]XOHW]WDXI BBBBBBBBBBBBB  'LHVHU 7\S UHSUlVHQWLHUW GLH VRJHQDQQWH *RXGD*UXSSH EHQDQQW QDFK LKUHU +HUNXQIW  YJO6&+5(,%(5 +(,7=+RO]VFKQLWWH>ZLH$QP@1UXQG1UVRZLH6IXQG 6  'HU+RO]VFKQLWWLVWDEJHELOGHWEHL6HEDVWLDQ%UDQW.OHLQH7H[WH+JYRQ7+20$6 :,/ +(/0, 6WXWWJDUW %DG &DQQVWDWW  $UEHLWHQ XQG (GLWLRQHQ ]XU 0LWWOHUHQ 'HXWVFKHQ /LWHUDWXU1) %G6  'LH 3UlVHQ] GHV hEHUVHW]HUV %UDQW QHEHQ GHP $XWRU &DWR ZLUG ]XGHP KHUYRUJHKREHQ GXUFK GLH GUHLPDOLJH .RPELQDWLRQ GHV 1DPHQV &DWR PLW GHP 1DPHQ 6HEDVWLDQ %UDQW 1HEHQGHUEHUHLWVJHQDQQWHQhEHUVFKULIWILQGHWVLFKDXIGHU5FNVHLWHGHV7LWHOEODWWHVHLQH ODWHLQLVFKH 9RUUHGH LQ 'LVWLFKHQ PLW GHP 7LWHO $G &DWKRQLV OHFWRUHP 6HEDVWLDQXV %UDQW 'HU 1DPH %UDQWV LVW ² KLHU LQ NOHLQHUHU 7\SH ² XQWHU GLH EHLGHQ $QIDQJVZ|UWHU JHVHW]W $P (QGH GHV YLHUWHQ %XFKHV NRPPW QRFKPDOV 6%UDQW ]X VWHKHQ GLHVPDO LQ GHU JOHLFKHQ *U|‰HXQG7\SHZLH]X%HJLQQGHU1DPH&DWR  9JO ]% GLH $XVJDEHQ YRQ -RKDQQ XQG .RQUDG +LVW 6SH\HU XP  *: 1U   -RKDQQ %lPOHU $XJVEXUJ  *: 1U   0LFKDHO *UH\II 5HXWOLQJHQ  *: 1U XQG+HLQULFK.QREORFK]HU+HLGHOEHUJ *:1U   9JO GLH $XVJDEHQ YRQ 0LFKDHO *UH\II 5HXWOLQJHQ  *: 1U   -RKDQQ 6FK|QVSHUJHU$XJVEXUJ *:1U -RKDQQ=DLQHU8OP *:1U  VRZLHVlPWOLFKH$XVJDEHQYRQ0LFKDHO)XUWHULQ%DVHO YJO$QP 



&$52/$5('=,&+

JUXQG VHLQHU 9HUGLHQVWH DOV 8QLYHUVLWlWVOHKUHU LQ %DVHO SURPLQHQW LVW ,QGHPHLQ*HOHKUWHUQDPHQWOLFK9HUDQWZRUWXQJIUGLHª9HUGHXWVFKXQJ© GHU¿'LVWLFKD&DWRQLV¾EHUQLPPWGHUVHLQH.RPSHWHQ]LP8PJDQJPLW GHUODWHLQLVFKHQZLHGHUGHXWVFKHQ6SUDFKHDXFKDOVSRHWDEHUHLWVYLHOIDFK HUZLHVHQKDWZLUGGHUhEHUVHW]XQJLPSOL]LWHLQ(LJHQZHUW]XHUNDQQWGHU LKULP5DKPHQGHUlOWHUHQ$XVJDEHQQLFKW]XNDP%UDQWHUVHW]WGHQPDJL VWHU&DWRLQGHVQLFKWQXUDOV$XWRUVRQGHUQEHUQLPPWJOHLFK]HLWLJGHVVHQ 5ROOHDOVDXWRULWDWLYH0RUDOLQVWDQ]'DVVGLHVH5ROOHLKPDXFKYRQ=HLWJH QRVVHQ]XJHVSURFKHQZXUGHEHVWlWLJWGLHVHLQHP1DPHQYHUHLQ]HOWEHLJH JHEHQH$SSRVLWLRQURPDQLVVLPXVHWYHUXV&DWR ,, 'HU $XWRU GHPRQVWULHUW VHLQH .RPSHWHQ] LP 8PJDQJ PLW 6SUDFKH XQG 0HWULNGHU9RUODJHDXFKGDGXUFKGDVVHUVHLQHU]ZHLVSUDFKLJHQ$XVJDEH HLQH ODWHLQLVFKH LQ HOHJLVFKHQ 'LVWLFKHQ YHUIDVVWH 9RUUHGH PLW GHP 7LWHO $G&DWKRQLVOHFWRUHP6HEDVWLDQXV%UDQWYRUDQVWHOOW$P(QGHGHV¿&DWR¾IRO JHQ QRFKPDOV ]ZHL ODWHLQLVFKH 'LVWLFKHQ 'LH ODWHLQLVFKHQ 3DVVDJHQ HQW KDOWHQ +LQZHLVH DXI %UDQWV hEHUVHW]XQJVSULQ]LSLHQ DXI VHLQH .ULWLN DQ GHQ]ZHLVSUDFKLJHQ$XVJDEHQGHU¿*HVDPWEHUVHW]XQJ¾GLHHLQH1HXHGL WLRQ XQG EHUVHW]XQJ HUIRUGHUW E]Z UHFKWIHUWLJW VRZLH DXI GHQ KRKHQ 6WHOOHQZHUWGHQHUVHOEVWGHQ¿'LVWLFKD&DWRQLV¾DOV/HKUEXFKYRQ0RUDO XQG$QVWDQGLP.RQWH[WGHU6FKXOH]XHUNHQQW $VSLFHGLXLQXPSUDHFODULGRJPD&DWKRQLV 4XRSXHURVPRUHVFXPJUDYLWDWHGRFHW ,QVWUXLWLQIDQWHVPDWHUQRLQODFWHGHFRUHP KDXULUH PRUHVLQGROHP LQGHERQDP>9@ ª%HWUDFKWHGLHHKUZUGLJH/HKUHGHVEHUKPWHQ&DWRPLWGHUHUGLH-XQJHQPLW (UQVWGLHJXWHQ6LWWHQOHKUW(UXQWHUZHLVWGLH.LQGHU$QVWDQGXQG6LWWHQPLWGHU 0XWWHUPLOFKDXI]XVDXJHQXQGGDUDXILKUH QDWUOLFKHQJXWHQ$QODJHQ]XHQWZLN NHOQ©

'LH9RUUHGHEHJLQQWPLWGHUHLQGULQJOLFKHQGXUFKGHQ,PSHUDWLYPDUNLHU WHQ $XIIRUGHUXQJ DQ GHQ /HVHU GLH %HGHXWXQJ GHV IROJHQGHQ :HUNHV BBBBBBBBBBBBB  =XUJOHLFKHQ=HLWKDWWH%UDQWDQGHU%DVHOHU8QLYHUVLWlWQHEHQVHLQHU7lWLJNHLWDOV2UGLQD ULXVIUNDQRQLVFKHV5HFKWDXFKGLHQHXHLQJHULFKWHWH3RHWLN'R]HQWXULQQH2EGLHVDXFK QDFK  QRFK GHU )DOO ZDU JLOW DOV XQVLFKHU 6LHKH GD]X DXVIKUOLFK .1$3( 'LFKWXQJ >ZLH$QP@6  9JO ',(7(5 :877.( %UDQW 6HEDVWLDQ ,Q /H[LNRQ GHV 0LWWHODOWHUV 0QFKHQ =ULFK %G  6S  ,FK GDQNH +HUUQ 3URI 'U )LGHO 5lGOH *|WWLQJHQ  XQG )UDX &RULQQD.LOOHUPDQQ 0$ *|WWLQJHQ IUGLHLQVWUXNWLYHSKLORORJLVFKH8QWHUVWW]XQJEHLGHU(UVWHOOXQJGHUhEHUVHW ]XQJGHU9RUUHGH

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



ZDKU]XQHKPHQ,QWHQGLHUWVLQG]ZHLP|JOLFKH$UWHQGHU:DKUQHKPXQJ GLHGHV$XJHVXQGGLHGHV+HU]HQV%HLGHVLQGLP%HGHXWXQJVXPIDQJGHV 9HUEV DVSLFHUH HQWKDOWHQ GHQQ QHEHQ GHU *UXQGEHGHXWXQJ ªHUEOLFNHQ© ªHLQJHKHQG EHWUDFKWHQ© LVW DXFK GLH 9HUZHQGXQJVZHLVH ªEHKHU]LJHQ© ]X EHOHJHQ'DVV%UDQWHLQ9HUEPLWYLVXHOOHU%HGHXWXQJVNRPSRQHQWHDQGHQ $QIDQJVWHOOWVWDWW9HUEHQPLWGHU%HGHXWXQJªOHVHQ©ªK|UHQ©RGHUªHPS IDQJHQ© VFKHLQW QLFKW JDQ] ]XIlOOLJ GHQQ EHU GLH YLVXHOOH .RPSRQHQWH NDQQ GHU NRPSHWHQWH /HVHU HLQHQ %H]XJ ]X YRUJlQJLJHQ ]ZHLVSUDFKLJHQ ¿&DWR¾$XVJDEHQ KHUVWHOOHQZHOFKH GHQ YRQ %UDQW LQ GHQ 9HUVHQ ELV  YHUEDO DXIJHUXIHQHQ XQG DXVJHPDOWHQ 6FKXONRQWH[W YLVXHOO LQ GHQ MHZHLOV YRUDQJHVWHOOWHQ+RO]VFKQLWWHQYRU$XJHQIKUHQ'HUHUVWH7HLOGHU9RU UHGH HUVHW]W IXQNWLRQDO GHQ PDJLVWHUFXPGLVFLSXOR+RO]VFKQLWW JHQDXVR ZLH %UDQWV$XVJDEHGLH¿*HVDPWEHUVHW]XQJ¾HUVHW]W 'LH%HGHXWXQJGHU/HKUHGHV&DWKRSUDHFODUXVZHOFKH%UDQWDOVGLYLQXP GRJPDEH]HLFKQHW XQGVR YHUEDO LQ GHQ5DQJ HLQHV FKULVWOLFKHQ 6WDQGDUG ZHUNVHUKHEWLVWVRVXJJHULHUWHUGLHHUVWH)RUPPRUDOLVFKHU8QWHUZHL VXQJ PLW GHU VHKU MXQJH 0HQVFKHQ LQ ODFWH PDWHUQR  LQ %HUKUXQJ NRP PHQ 6R ZLH GLH 0XWWHUPLOFK GLH HUVWH IU GLH (QWZLFNOXQJ GHV 0HQ VFKHQ OHEHQVQRWZHQGLJH 1DKUXQJVTXHOOH GDUVWHOOW ELOGHQ GLH GXUFK GLH ¿'LVWLFKD&DWRQLV¾YHUPLWWHOWHQPRUDOLVFKHQ*UXQGVlW]HDOVJOHLFKVDPJHLV WLJH 0XWWHUPLOFK GLH *UXQGODJH IU GLH JHVDPWH FKDUDNWHUOLFKH (QWZLFN OXQJGHV.LQGHV1HEHQGHUOHLEOLFKHQ0XWWHUIXQJLHUWGHPQDFKLP/HEHQ GHV-XJHQGOLFKHQHLQHJHLVWLJHDOPDPDWHUDOV(U]LHKXQJVLQVWDQ]GLHGXUFK IRUWZlKUHQGH /HKUHQ VHLQHQ :HUGHJDQJ EHJOHLWHW GLH 6FKXOH ,Q GLHVHP .RQWH[WNRPPWGHP:HUNYRQMHKHUHLQHKHUDXVUDJHQGH6WHOOXQJLQGHU VLWWOLFKHQ(U]LHKXQJGHV0HQVFKHQ]X %HLGHQIROJHQGHQUH]HSWLRQVVWHXHUQGHQ$QZHLVXQJHQEHUQLPPWGHU $XWRUH[SOL]LWGLH5ROOHGHV3lGDJRJHQ BBBBBBBBBBBBB  'DVV%UDQWPLW(OHPHQWHQGHU3UlVHQWDWLRQGHU¿*HVDPWEHUVHW]XQJ¾LP'UXFNYHUWUDXWLVW XQGDXIGLHlOWHUH7UDGLWLRQH[SOL]LW%H]XJQLPPWZLUGKLHUHLQZHLWHUHV0DOGHXWOLFK'HU HUVWH9HUVGHU9RUUHGH$VSLFHGLXLQXPSUDHFODULGRJPD&DWKRQLVVWHOOWEHUGLH:RUWZDKOHLQHQ %H]XJ ]XP 6SUXFKEDQG GHV PDJLVWHUFXPGLVFLSXOR+RO]VFKQLWWHV GHV 4XHQWHOOVFKHQ 7\SXV KHU GHQ%UDQWDXV0LFKDHO)XUWHUV¿&DWR¾$XVJDEHXPNHQQW 'HUHEHQIDOOVKH[DPH WULVFKH9HUVODXWHWKLHUJDQ]lKQOLFK$FFLSLHVWDQWLGRFWRULVGRJPDWDVDQFWL%HLGH9HUVHEH]HLFK QHQ GDV :HUN DOV GRJPD LQ EHLGHQ ZLUG HLQH /HKUHUILJXU PLW GHQ HKUHQGHQ $GMHNWLYHQ VDQFWXVE]ZGLYLQXVJHVFKPFNWGHU$XWRUKLHUDOVWDQWXVGRUWDOVSUDHFODUXVKHUYRUJHKREHQ  )RUPXOLHUXQJHQZLHGRJPDWDVDQFWDGRJPDWDVDFUDGLYLQXPGRJPDILQGHQVLFKEHUZLHJHQGLQ FKULVWOLFKHU'LFKWXQJYJO2772 6&+80$11/DWHLQLVFKHV+H[DPHWHU/H[LNRQ'LFKWHUL VFKHV)RUPHOJXWYRQ(QQLXVELV]XP$UFKLSRHWD0QFKHQ 0RQXPHQWD*HUPDQLDH +LVWRULFD+LOIVPLWWHO 6  =XU)RUVFKXQJVGLVNXVVLRQXPGLH¿'LVWLFKD&DWRQLV¾DOVJHHLJQHWH.LQGHUOHKUHVLHKH+(1 .(/*DWWXQJVIHOGHU>ZLH$QP@6  'DVV DXFK %UDQWV hEHUWUDJXQJ LQ GLHVHP .RQWH[W 9HUZHQGXQJ IDQG EHOHJW +(1.(/ 6FKXOWH[WH>ZLH$QP@6



&$52/$5('=,&+

+XQFOHJHQRQSURSWHUYLPFDUPLQLVDPSODTXHYHUED 6HGGHFXVYQGHWLELSURGHDWDWTXHVDOXV 9WSRVWTXDPLQVWUXFWXVVLVPRULEXVLQGHSRHWDV 9LUJLOLXPDWTXHDOLRVKLVWRULFRVTXHOHJDV>9@ ª'LHVHQOLHVQLFKWZHJHQGHU $XVGUXFNV NUDIWGHU'LFKWXQJXQGGHUHUKDEHQHQ :RUWHVRQGHUQGDPLWGLU$QVWDQGXQG+HLOGDUDXVHUZDFKVHQVRGDVVGXQDFK GHPGXLQGHQJXWHQ6LWWHQXQWHUZLHVHQZRUGHQELVWDXIGLHVHU%DVLV9HUJLOXQG GLHDQGHUHQ'LFKWHUVRZLHGLH+LVWRULNHUOHVHQNDQQVW©

'HU1XW]HQGHU/HNWUHGHV¿&DWR¾GHULKUWUDGLWLRQHOO]XJHVFKULHEHQZLUG LVWYRUDOOHPHLQHQHUVWHQ(LQVWLHJLQGLHODWHLQLVFKH6SUDFKHXQG0HWULN ]XJHZlKUHQ'DUXPJHKWHV%UDQWKLHULQGHVQLFKW9LHOPHKUEHWRQWHUDQ GLHVHU6WHOOHGLHZHVHQWOLFKH5ROOHGHV¿&DWR¾LP+LQEOLFNDXIGLHFKDUDNWHU OLFKH (QWZLFNOXQJ GHV -XJHQGOLFKHQ $XV GHU /HNWUH HUZDFKHQ $QVWDQG XQG +HLO ,QWHUHVVDQW LVW GHU =XVDPPHQKDQJ GHQ %UDQW LP IROJHQGHQ KHUVWHOOW %HLGH 7XJHQGHQ HUDFKWHW HU QlPOLFK DOV QRWZHQGLJ IU MHGHV ZHLWHUH /LWHUDWXUVWXGLXP 6SUDFKOLFKH .RPSHWHQ] XQG PRUDOLVFKH .RP SHWHQ] VLQG GHPQDFK JOHLFKHUPD‰HQ DXV]XELOGHQ GHQQ QXU DXI GLHVHU %DVLVNDQQGLH/HNWUHODWHLQLVFKHU.ODVVLNHULKUHQ1XW]HQYROOHQWIDOWHQ GHU QLFKW ]XOHW]W LQ GHU IRUWJHVHW]WHQ 6HOEVWHU]LHKXQJ GHV 5H]LSLHQWHQ OLHJW ,P]ZHLWHQ7HLOGHU9RUUHGHZHQGHWVLFK%UDQWVHLQHPHLJHQHQ9HU GLHQVWXQG$QWHLODP1XW]HQGHUQHXHQ$XVJDEHGHU¿'LVWLFKD&DWRQLV¾]X (FFH&DWKRQLVHQLPYHUQDUXPFDUPLQDOLQJXD 9HUWLPXVKRVUK\WKPRVHGLGLPXVTXHQRXRV $FYHUEXPYHUERFXUDXLUHGGHUHTXDQWXP ,GUK\WKPXVWXOLW SUDHFLSLWDQWLVRSXV 1DPEHQHGXPSXHULVVWDWXLIDFHUHDWTXHLXXHQWDH $SSRVXLOHXLEXVYHUVLEXVHFFHPDQXP>9@ ª6LHKHZLUKDEHQ&DWRV'LFKWXQJLQGLH9RONVVSUDFKHEHUWUDJHQXQGGLHVHJH UHLPWHQ9HUVHQHXKHUDXVJHJHEHQ8QGLFKKDEHPLFKEHPKWMHZHLOVHLQ:RUW GXUFKHLQ:RUWZLHGHU]XJHEHQVRZHLWHVGDV9HUVPD‰HUODXEWHXQGVRZHLWHVLQ GHU(LOHP|JOLFKZDU'HQQGDLFKEHVFKORVVHQKDEHGHQ.QDEHQXQG-XJHQGOL BBBBBBBBBBBBB  %UDQWOHKQWVLFKPLWGLHVHQ$QZHLVXQJHQDQGLHSUDHIDWLRGHV]ZHLWHQ%XFKHVGHU¿'LVWLFKD &DWRQLV¾DQZRHVKHL‰W ,,SUDHI 7HOOXULVVLIRUWHYHOLVFRJQRVFHUHFXOWXV9LUJLOLXPOHJLWR TXLGVLPDJHQRVVHODERUDV+HUEDUXPYLUHV0DFHUWLELFDUPLQHGLFLW6LURPDQDFXSLVHWSXQLFDQRVFH UHEHOOD/XFDQXPTXHUDVTXLPDUWLVSURHOLDGLFLW*HERWHQZLUGKLHUHLQH$UW$XWRUHQNDWDORJ ZREHLIUGLHYHUVFKLHGHQHQ:LVVHQVJHELHWHMHZHLOVHLQKHUDXVUDJHQGHU$XWRU'LFKWHUPH WRQ\PLVFKIUVHLQ:HUNJHQDQQWZLUG9HUJLOVWHKWDXFKKLHUDQHUVWHU6WHOOHXQGDXFKKLHU ZHUGHQ/HVHQXQG/HUQHQDOV9RUDXVVHW]XQJIUGLH(UODQJXQJYRQ:HLVKHLWKHUYRUJHKR EHQ TXDH VLW VDSLHQWLD GLVFHOHJHQGR'LH 5ROOHQGLHHLQHUVHLWV GHU 9DWHU XQG DQGHUHUVHLWVGHU /HKUHU EHL GHU (U]LHKXQJ XQG %LOGXQJ GHV -XJHQGOLFKHQ DOV NRPSHWHQWH XQG YHUDQWZRU WXQJVYROOH 3lGDJRJHQ VSLHOHQ ZHUGHQ VROFKHUPD‰HQ ]X HLQHU 6\PELRVH YHUNQSIW ² HLQH 5ROOHZHOFKH6HEDVWLDQ%UDQWVHOEVWDXFKLQDQGHUHQ9RUUHGHQYRUDOOHPLQGHU9RUUHGH DQVHLQHQ6RKQ2QRIULXVGHPHUGLHhEHUVHW]XQJGHV¿0RUHWXV¾ZLGPHWJHUQHHLQQLPPW

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



FKHQ HLQH :RKOWDW ]X HUZHLVHQ KDEH LFK PLFK KLHU XP GLH +HUVWHOOXQJ OHLFKWHU JODWWHU9HUVHEHPKW©

%UDQWV%HPHUNXQJHUKDEHVLFKEHPKWOHLFKWH9HUVHKHU]XVWHOOHQLVWLQ HUVWHU/LQLHDXIGLH9HUVWlQGOLFKNHLWGHVGHXWVFKHQ7H[WHV]XEH]LHKHQ-H VLQQIlOOLJHU XQG HLQJlQJLJHU GLH )RUPXOLHUXQJHQ LQ HLQHP 9HUVWH[W VLQG GHVWREHVVHUSUlJWHUVLFKHLQGHVWRJU|‰HUHQ1XW]HQNDQQGHU5H]LSLHQW DXVLKP]LHKHQ'DVV%UDQWLPSOL]LW]XP9HUJOHLFKVHLQHUhEHUVHW]XQJPLW lOWHUHQ ¿&DWR¾$XVJDEHQ KHUDXVIRUGHUW ZLUG GXUFK GLH )RUPHO UK\WKPRV QRYRV ² GHQQ ZLUNOLFK QHX LVW ZHGHU GLH hEHUVHW]XQJ QRFK GLH )RUP LQ GHUVLHSUlVHQWLHUWZLUG²KHUYRUJHKREHQXQGGXUFKGDVWUDGLWLRQHOOH/D\ RXWXQWHUVWULFKHQ,QGHQ9HUVHQXQGHUOlXWHUW%UDQWVHLQHEHUVHW ]HULVFKHQ 3ULQ]LSLHQ 6HLQ =LHO LVW JU|‰WP|JOLFKH 1lKH XQG 7UDQVSDUHQ] GHU hEHUVHW]XQJ ]XU ODWHLQLVFKHQ 9RUODJH (U H[SOL]LHUW GLHV LQ HLQHU EHL +RUD] QDKH]X Z|UWOLFK YRUJHSUlJWHQ )RUPXOLHUXQJ ZRPLW HU DXI GHQ EHUKPWHQ XQG LP NODVVLVFKHQ XQG PLWWHODOWHUOLFKHQ EHUVHW]XQJV XQG OLWHUDWXUWKHRUHWLVFKHQ'LVNXUVLPPHUZLHGHUDNWXDOLVLHUWHQ7RSRVGHVILGXV LQWHUSUHV GHV WUHXHQ hEHUVHW]HUV DQVSLHOW +RUD] GHILQLHUW LP 5DKPHQ VHLQHU OLWHUDU XQG SURGXNWLRQVlVWKHWLVFKHQ hEHUOHJXQJHQ ]XP GLFKWH ULVFKNUHDWLYHQ 8PJDQJ PLW GHP 6WRII PDWHULD  QHF YHUER YHUEXP FXUDELV UHGGHUH ILGXV LQWHUSUHV ¿$UV SRHWLFD¾ 9I  7UHXHV hEHUVHW]HQ JHK|UW LQ GHQ%HUHLFKGHULPLWDWLRXQGZLUGQLFKWDOVNUHDWLYH(LJHQOHLVWXQJDQJHVH KHQ 'HU DOV *HPHLQJXW EHWUDFKWHWH 6WRII ZHUGH ZLH +RUD] DXVIKUW PLWWHOV GLHVHV 9RUJHKHQV QLFKW ]XP ª(LJHQWXP© GHV 'LFKWHUV 9LHOPHKU YHUKLQGHUH GDV 3ULQ]LS K|FKVWHU hEHUVHW]XQJVWUHXH GLH 6FKDIIXQJ QHXHU :HUNHQDFKGHQUKHWRULVFKHQ3ULQ]LSLHQLQYHQWLRHORFXWLRXQGGLVSRVLWLR)U %UDQW DEHU LVW LP IXQNWLRQDOHQ .RQWH[W GHU 6FKXOH P|JOLFKVW Z|UWOLFKHV hEHUVHW]HQ LP 6LQQH GHU .RQVHUYLHUXQJ GHV IU JXW EHIXQGHQHQ 6WRIIHV GDV DQJHVWUHEWH =LHO (U IRUPXOLHUW GHVKDOE HLQH EHGHXWHQGH (LQVFKUlQ NXQJYHUEXPYHUERFXUDYLUHGGHUHTXDQWXPLGUK\WKPXVWXOLW'LHVH(LQVFKUlQ NXQJ ² VRZHLW GDV 9HUVPD‰ GLHV HUODXEW ² IKUW GDV %HZXVVWVHLQ GHV $XWRUVIUGLH6FKZLHULJNHLWHQHLQHUDGlTXDWHQhEHUWUDJXQJPHWULVFKHULQ HQGJHUHLPWH9HUVHYRU$XJHQ'DEHLJHKWHVQLFKWLQHUVWHU/LQLHXPGLH LQ DQGHUHQ .RQWH[WHQ RIW EHVFKZRUHQH 0LQGHUZHUWLJNHLW GHU 9RONVVSUD FKHDOVhEHUVHW]XQJVVSUDFKHVRQGHUQYRUDOOHPXPGLHWHQGHQ]LHOOH,Q BBBBBBBBBBBBB  9JO]XP7RSRV:(51(5 6&+:$5='LH%HGHXWXQJGHVªILGXVLQWHUSUHV©IUGLHPLWWHODO WHUOLFKHhEHUVHW]XQJ,Q:66FKULIWHQ]XU%LEHOEHUVHW]XQJXQGPLWWHODOWHUOLFKHQhEHU VHW]XQJVWKHRULH+JYRQ+(,025(,1,7=(5+DPEXUJ 9HVWLJLD%LEOLDH 6  6LHKH ]XP 7KHPHQNRPSOH[ JUXQGOHJHQG 5,7$ &23(/$1' 5KHWRULF +HUPHQHXWLFV DQG 7UDQVODWLRQ LQ WKH 0LGGOH $JHV $FDGHPLF 7UDGLWLRQV DQG 9HUQDFXODU 7H[WV &DPEULGJH 6  'LH)RUPXOLHUXQJOLQJXDYHUQDUXPGUIWHKLHUZHUWIUHLLP6LQQHGHU%HGHXWXQJYRQYHUQDH  ª,QOlQGHU© ]X YHUVWHKHQ VHLQ XQG QLFKW LQ GHU QHJDWLYHQ %HGHXWXQJ ª6NODYHQ© YJO .$5/ (5167*(25*(6$XVIKUOLFKHV/DWHLQLVFK'HXWVFKHV+DQGZ|UWHUEXFK$XVGHQ4XHOOHQ



&$52/$5('=,&+

NRPSDWLELOLWlW]ZHLHUXQWHUVFKLHGOLFKHU9HUVV\VWHPH,PSOL]LWPDFKW%UDQW DXI GLH (LJHQG\QDPLN DXIPHUNVDP GLH GHU YRONVVSUDFKLJH 5HLPSDDUYHUV DOV IXQNWLRQDOHV bTXLYDOHQW PHWULVFKHU 9HUVH QRWZHQGLJ HQWZLFNHOW 6R OlVVWVLFKDXFKGHUWHLOVXQYHUPHLGOLFKHOH[LNDOLVFKHZLHVHPDQWLVFKHhEHU VFKXVVLQGHQGHXWVFKHQ9HUVHQEHJUQGHQ'LH4XDOLWlWGHUhEHUVHW]XQJ EHPLVVW VLFK GHPQDFK QLFKW DXVVFKOLH‰OLFK GDQDFK LQZLHZHLW VLH LKUHU +LOIVIXQNWLRQ DOV JUDPPDWLVFKHU XQG VHPDQWLVFKHU 6FKOVVHO ]XU ODWHLQL VFKHQ9RUODJHJHUHFKWZLUG6LHLVWYLHOPHKUDXFKGDUDQ]XPHVVHQLQZLH ZHLWVLHGLH.RPSHWHQ]GHV$XWRUVLQGHU*HVWDOWXQJGHUYRONVVSUDFKLJHQ 9HUVSDDUHXQDEKlQJLJYRQGHUODWHLQLVFKHQ6SUDFKHDXVZHLVW,QGHQ9HU VHQ  XQG  ELQGHW %UDQW VHLQHQ EHUVHW]HULVFKHQ $QVSUXFK ZLHGHU ]XUFNDQVHLQSlGDJRJLVFKHV$QOLHJHQGHQQZLHHUVDJWUHVXOWLHUHQVHLQH %HPKXQJHQXPOHLFKWHJXWYHUVWlQGOLFKH9HUVHDXVGHP(QWVFKOXVVGHU -XJHQG HWZDV *XWHV DQ GLH +DQG ]X JHEHQ 'LH 4XDOLWlW GHV G H X W  V F K H Q 7H[WHVEHJUQGHWGHPQDFKQLFKW]XOHW]WVHLQSlGDJRJLVFKHV3R WHQWLDO$EVFKOLH‰HQGEHXJW%UDQWHYHQWXHOOHU.ULWLNDQVHLQHU$UEHLWYRU LQGHPHUDXIGLH0KHKLQZHLVWGLHHUIUGLHhEHUVHW]XQJDXIJHZHQGHW KDEH $WTXHDOLTXHPLQWHQXLFRQWULXLPHVVHODERUHP 4XLWLELVLSODFHDWGLFPLKL7KDHGD9DOH>9I@ ª8QGLFKKDEHGRFKHLQLJH0KHDXIJHZHQGHWDXFKZHQQGLH(UQWHEHVFKHLGHQ LVWVDJHPLUPHLQH/LHEHREGXPLWGLHVHU$UEHLW]XIULHGHQELVWXQGOHEHZRKO©

'HU OHW]WH 9HUV HQWKlOW HLQH YHUVWHFNWH :LGPXQJ DQ7KDHGD (LQHQ +LQ ZHLV DXI GLH ,GHQWLWlW GHU VR $QJHVSURFKHQHQ JLEW HLQ %ULHI %UDQWV DQ VHLQHQ 6RKQ 2QRIULXV LQ GHP HU GLHVHQ DOV 7KHGLJHQH DQVSULFKW DOV ªGHQ YRQ GHU /LHEHQ JHERUHQHQ© ZRPLW LP .RQWH[W GHV %ULHIHV GLH 0XWWHU GHV 2QRIULXV %UDQWV (KHIUDX (OLVDEHWK %UJL JHPHLQW VHLQ GUIWH ,P .RQWH[W GHU 9RUUHGH GLH NHLQH 1DPHQ HQWKlOW LVW GLHVH :LGPXQJ DP EHVWHQ]XHUNOlUHQZHQQPDQVLHLP=XVDPPHQKDQJPLWGHULQGHQ9HU VHQ  XQG  DQJHGHXWHWHQ 5ROOH HLQHU ªGRSSHOWHQ 0XWWHUVFKDIW© EHL GHU (U]LHKXQJ GHU -XJHQG YHUVWHKW %UDQW ZLGPHW VHLQH $UEHLW VRZRKO GHU BBBBBBBBBBBBB ]XVDPPHQJHWUDJHQXQGPLWEHVRQGHUHU%H]XJQDKPHDXI6\QRQ\PLNXQG$QWLTXLWlWHQXQ WHU%HUFNVLFKWLJXQJGHUEHVWHQ+LOIVPLWWHO8QYHUlQGHUWHU1DFKGUXFNGHUYHUEHVVHUWHQ XQGYHUPHKUWHQ$XIOYRQ+(,15,&+ *(25*(6>+DQQRYHU XD @'DUPVWDGW %G6S  (LQ%ULHIYRP$XJXVWEHJLQQWIROJHQGHUPD‰HQ6HEDVWLDQXV%UDQW2QRSKULR7KHGLJH QHILOLRVXRVDOXWHP'LH6WHOOHEHUHLWHWGHU)RUVFKXQJHLQLJHV.RSI]HUEUHFKHQYJO: ,/+(/ 0,.OHLQH7H[WH>ZLH$QP@%G6GHUIU7KHGLJHQHªYRQ7KHWLVJHERUHQ© "  YRUVFKOlJW ZDV MHGRFK XQ]XWUHIIHQG LVW 'HU $NNXVDWLY 7KDLGD GHV JULHFKLVFKHQ 1DPHQV 7KlLVVFKHLGHWDOV0|JOLFKNHLWHEHQIDOOVDXVGDHUQLFKWLQGHQJUDPPDWLVFKHQ=XVDPPHQ KDQJ SDVVW )LGHO 5lGOH ZLHV PLFK EULHIOLFK DXI GLH PHWRQ\PLVFKH 9HUZHQGXQJ GHV 1R PHQVWDHGD ª%UDXWIDFNHO© EHL9HUJLOXQG2YLGLQGHU%HGHXWXQJª*HOLHEWH(KHIUDX©KLQ YJO*(25*(6+DQGZ|UWHUEXFK>ZLH$QP@%G6S

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



OHLEOLFKHQ 0XWWHU VHLQHV 6RKQHV DOV DXFK GHU 0XWWHU LP EHUWUDJHQHQ JHLVWLJHQ 6LQQH GHU 6FKXOH ZRGXUFK GHU WUDGLWLRQHOOH 5H]HSWLRQVNRQWH[W GHU¿'LVWLFKD&DWRQLV¾HLQZHLWHUHV0DOEHVWlWLJWZLUG ,P$QVFKOXVVDQGHQ7H[WGHU¿'LVWLFKD&DWRQLV¾IROJHQ]ZHLZHLWHUH YRQ%UDQWYHUIDVVWH'LVWLFKHQ ,DP&DWKRILQLVDGHVWWXXVLQJHQLRVHPDJLVWHU 4XLSXHURVPRUHVFXPJUDYLWDWHGRFHV 7HPXWLOXPSULXVHWPDQFXPVDQDXLPXVLVWR &RGLFHDSROOLQHDPFRQWXOLPXVYHORSHP ª-HW]WLVWGHLQ(QGHHUUHLFKWJHLVWUHLFKHU/HKUHU&DWRGHUGXGLH-XQJHQGLHJXWHQ 6LWWHQ PLW $QVWDQG OHKUVW 'LFK GHU GX IUKHU XQYROOVWlQGLJ XQG YHUVWPPHOW ZDUVWKDEHQZLUPLWGLHVHP%XFKJHKHLOWXQGJHZLVVHQKDIWGLH+LOIHGHV*RWWHV $SROORGDIUDXIJHZHQGHW©

%UDQW UXIW KLHU QRFKPDOV %HGHXWXQJ XQG )XQNWLRQ GHV ¿&DWR¾ DOV 6FKXO EXFKLQV*HGlFKWQLVZREHLHUGLH)RUPXOLHUXQJTXRSXHURVPRUHVFXPJUDYL WDWH GRFHW YRP %HJLQQ VHLQHU 9RUUHGH ZLHGHU DXIQLPPW PLW GHP NOHLQHQ 8QWHUVFKLHG GDVV HU KLHU QLFKW GHQ OHFWRU GLUHNW DQVSULFKW VRQGHUQ GHQ SHUVRQLIL]LHUWHQ 7H[W VHOEVW 'DVV GHU PDJLVWHU &DWR PHWRQ\PLVFK IU GDV ]ZHLVSUDFKLJH :HUNE]ZGDV%XFKVWHKWHUJLEWVLFKDXVGHQIROJHQGHQ 9HUVHQ LQ GHQHQ %UDQW LQ GHU %LOGOLFKNHLW YRQ .UDQNKHLW XQG +HLOXQJ PHWDSKRULVFK DXI GHQ PDQJHOKDIWHQ =XVWDQG GHV 7H[WHQVHPEOHV LQ GHU YRUJlQJLJHQhEHUOLHIHUXQJ SULXV VRZLHDXIVHLQHLJHQHV9HUGLHQVW VDQDYL PXVLVWR&RGLFH DQVSLHOW'DVlOWHUH7H[WHQVHPEOHHUZHLVWVLFKJHPHVVHQDQ %UDQWV$QVSUFKHQDQHLQHQ6FKXOWH[WLQPHKUIDFKHU+LQVLFKWDOVXQ]X OlQJOLFKLQ%H]XJDXIGLHNRUUHNWH:LHGHUJDEHGHUODWHLQLVFKHQ+H[DPH WHULQ%H]XJDXIGLH*HVWDOWXQJGHVDOVIXQNWLRQDOHVbTXLYDOHQWJHZlKOWHQ 5HLPSDDUYHUVHV VRZLH DXI GLH GDPLW YHUEXQGHQH :RKOIRUPXOLHUWKHLW GHU GHXWVFKHQ9HUVHGLHZLHGHUXPLQHQJHP=XVDPPHQKDQJPLWGHUPRUDO GLGDNWLVFKHQ/HLVWXQJVIlKLJNHLWGHV7H[WHVVWHKW'LHVHZLUGLPIROJHQGHQ XQWHU SKLORORJLVFKSRHWRORJLVFKHQ $VSHNWHQ LQ GHQ %OLFN JHQRPPHQ %HYRU GLH 8QYROONRPPHQKHLW GHV 0HQVFKHQ PLW +LOIH GHV 7H[WHV EH NlPSIW ZHUGHQ NDQQ PXVV GLH SKLORORJLVFKH 8QYROONRPPHQKHLW GHV :HUN]HXJV  GHV 7H[WHV  EHVHLWLJW ZHUGHQ 'LH +HLOXQJ E]Z 9HUYROO NRPPQXQJGLHVHV:HUN]HXJVZHOFKHVQXQZLHGHUVHLQHP$QVSUXFKXQG VHLQHU)XQNWLRQJHUHFKWZHUGHQNDQQVWHOOWHLQHQWVSUHFKHQGKRKHV9HU GLHQVWGDUGDVGHU$XWRUIUVLFKLQ$QVSUXFKQLPPW'LH$QVSLHOXQJDXI GLH +LOIH GXUFK $SROOR GHU DOV *RWW GHU +HLONXQVW XQG GHU 'LFKWNXQVW JOHLFKHUPD‰HQSURPLQHQWLVWEHGLHQWGDEHL]XPHLQHQGLHJHZlKOWH%LOG OLFKNHLWLQGHU7H[WNULWLNXQGNRPSHWHQWHVhEHUVHW]HQ]XP+HLOXQJVSUR ]HVVVWLOLVLHUWZHUGHQXQGXQWHUVWUHLFKWGHQ$QVSUXFKGHV$XWRUVDXIDUWLV WLVFKH.RPSHWHQ],QZLHZHLW%UDQWGLHLQGHQODWHLQLVFKHQ9HUVHQH[SOL ]LHUWHQ9RUJDEHQXQG$QVSUFKHXPVHW]WGKZHOFKH,QWHUSUHWDWLRQGHV



&$52/$5('=,&+

YHUEXP YHUER UHGGHUH LP +LQEOLFN DXI VHLQ EHUVHW]HULVFKHV 9RUJHKHQ *HO WXQJ KDW XQG ZDV HU LP NRQNUHWHQ (LQ]HOIDOO ]XU ª+HLOXQJ© GHV 7H[WHV XQWHUQLPPWZLUGLPIROJHQGHQDXIGHU%DVLVHLQHVH[HPSODULVFKGXUFKJH IKUWHQ7H[WYHUJOHLFKVYRQ%UDQWV¿&DWR¾PLW)XUWHUV)DVVXQJ]XHUPLWWHOQ VHLQ ,,, :LH6HEDVWLDQ%UDQWLQGHU9RUUHGHDQGHXWHWZHUGHQGLH0|JOLFKNHLWHQ bTXLYDOHQ] ]ZLVFKHQ HLQHU KH[DPHWULVFKHQ 9RUODJH XQG HLQHP HQGJH UHLPWHQ =LHOVSUDFKHQWH[W KHU]XVWHOOHQ GXUFK HLQH 5HLKH YRQ )DNWRUHQ EHJUHQ]W(QGUHLPXQG0HWULNGHV3DDUYHUVHVYHUOHLKHQMHGHPP|JOLFKHQ GHXWVFKHQ bTXLYDOHQW HLQ HLJHQHV VWUXNWXUHOOHV *HSUlJH ZHOFKHV PLW GHU VSH]LILVFKHQ0HWULNGHV+H[DPHWHUVQLFKWYHUJOHLFKEDULVW'LH)RUPQ| WLJW GHQ hEHUVHW]HU YLHOIDFK HWZDV LQKDOWOLFK *OHLFKHV DQGHUV E]Z PLW DQGHUHQ:RUWHQDXV]XGUFNHQDOVGLH9RUODJHXQGRSWLPDOH VWUXNWXUHOOH OH[LNDOLVFKHV\QWDJPDWLVFKH 7UDQVODWH]XJXQVWHQHLQHUGHP9HUVPD‰RGHU GHP5HLPDQJHSDVVWHQ/|VXQJDXI]XJHEHQ'LHGLFKWH6\QWD[GHVODWHLQL VFKHQ 9HUVHV WUDQVSRUWLHUW GDUEHU KLQDXV HLQH JU|‰HUH 0HQJH DQ ,QIRU PDWLRQHQ DOV GHU 5HLPSDDUYHUV GD GLH ODWHLQLVFKH 6SUDFKH VSH]LILVFKH 0|JOLFKNHLWHQGHU(U]HXJXQJV\QWDNWLVFKHU.RPSOH[LWlWDXIHQJHP5DXP ELHWHWZLHGHQ$EODWLYXVDEVROXWXVGHQ$F,VRZLHYHUVFKLHGHQH3DUWL]LSL DONRQVWUXNWLRQHQGLHLP'HXWVFKHQQLFKWLQJOHLFKHU:HLVHQDFK]XELOGHQ VLQGE]ZLQV\QWDNWLVFKHU+LQVLFKWZHVHQWOLFKXPIDQJUHLFKHUVLQG$XFK GLHUKHWRULVFKHQXQGVWLOLVWLVFKHQ(LJHQDUWHQZHOFKHGHQODWHLQLVFKHQ7H[W SUlJHQVLQGQLFKWLPPHURKQH(LQVFKUlQNXQJHQEHUWUDJEDU'LH$XIJD EH GHV hEHUVHW]HUV LVW HV GHPHQWVSUHFKHQG HLQH JUR‰H =DKO P|JOLFKHU 5HDOLVLHUXQJVSUlIHUHQ]HQ 3UlIHUHQ] GHU 6\QWD[ GHU /H[LN GHU 6HPDQWLN GHU6WLOLVWLN ]XHLQHPGHQVWUXNWXUHOOHQ0|JOLFKNHLWHQGHV3DDUYHUVHVJH UHFKWZHUGHQGHQbTXLYDOHQW]XKDUPRQLVLHUHQE]ZEHLGHU5HDOLVLHUXQJ HLQHUHOHYDQWH$XVZDKODXVGHQYHUVFKLHGHQHQ,QIRUPDWLRQVDQJHERWHQGHU 9RUODJH]XWUHIIHQ$XVGHU3HUVSHNWLYHGHVILGXVLQWHUSUHVEHGHXWHWGLHVLP +LQEOLFN DXI GLHEHVWP|JOLFKH 5HDOLVLHUXQJ GHV 9RUODJHQWH[WHV HEHQ MHQH (LQVFKUlQNXQJ GLH%UDQW VHOEVW LP 9RUZRUW IRUPXOLHUWTXDQWXP LG UK\WK PXV WXOLW $XV GHU 3HUVSHNWLYH GHV 'LFKWHUV EHVWHKW LQGHV ]XJOHLFK GLH BBBBBBBBBBBBB  =XP %HJULII GHU bTXLYDOHQ] XQG VHLQHU 3UREOHPDWLVLHUXQJ LQ GHU MQJHUHQ EHUVHW]XQJV ZLVVHQVFKDIWOLFKHQ)RUVFKXQJYJO:(51(5 .2//(5(LQIKUXQJLQGLHhEHUVHW]XQJVZLV VHQVFKDIWDNWXDOLVLHUWH$XIODJH+HLGHOEHUJ 8QL7DVFKHQEFKHU 6 ,FK YHUVWHKH XQWHU bTXLYDOHQ] KLHU DOOJHPHLQ GLH P|JOLFKH XQG YRQ HLQHU 6SUDFKJHPHLQ VFKDIWDOVDGlTXDWDN]HSWLHUWH$XVZDKOYRQ7UDQVODWHQEHLHLQHUhEHUVHW]XQJXQGGHPHQW VSUHFKHQG bTXLYDOHQW DOV HLQH DOV NRUUHNW XQG WUHIIHQG HPSIXQGHQH (QWVSUHFKXQJ GHV EHUVHW]WHQ/H[HPV6\QWDJPDVRGHU6DW]HVLQGHU=LHOVSUDFKH

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



&KDQFH ]XU NQVWOHULVFKHQ hEHUELHWXQJ E]Z TXDOLWDWLYHQ 9HUEHVVHUXQJ GHU9RUODJH )XUWHUV XQG %UDQWV ¿'LVWLFKD &DWRQLV¾ EHJLQQHQ PLW GHU ODWHLQLVFKHQ (SLVWXODRKQHHLQGHXWVFKHVJHUHLPWHV9RUZRUWYRUDQ]XVWHOOHQZLHHVLQ GHU KDQGVFKULIWOLFKHQ hEHUOLHIHUXQJ GHU lOWHVWHQ ¿*HVDPWEHUVHW]XQJ¾ JUHLIEDU ZLUG )XUWHUV $XVJDEH ELHWHW GLH EUHYHV VHQWHQWLDH LP IROJHQGHQ EUHYVHQW  LQ HLQHU JHJHQEHU GHU KDQGVFKULIWOLFKHQ hEHUOLHIHUXQJ EHDU EHLWHWHQ XQG JHNU]WHQ )DVVXQJ 'LHV JLOW VRZRKO IU GHQ ODWHLQLVFKHQ 7H[W DOV DXFK IU GLH hEHUVHW]XQJ 'LH )DVVXQJ GHU EUHYHV VHQWHQWLDH LQ %UDQWV$XVJDEHVWLPPWLQ%H]XJDXIGLH5HLKHQIROJHXQG$QRUGQXQJGHU 6HQWHQ]HQVRZLHGLH$Q]DKOGHUDOVbTXLYDOHQWHJHERWHQHQ5HLPSDDUHPLW )XUWHUV$XVJDEHEHUHLQ,QGHU5HJHOZHUGHQMH]ZHL0RQRVWLFKDGXUFK ]ZHL5HLPSDDUYHUVHHUVHW]W$XFKGLH5HLKHQIROJHGHU'LVWLFKHQLVWEHL %UDQWXQG)XUWHULGHQWLVFKELVDXIHLQH$XVQDKPH'LVWLFKRQ,9IHKOW LQ %UDQWV $XVJDEH,Q HLQ]HOQHQ )lOOHQ ZHLFKW%UDQW DXFK LQ GHU $Q]DKO GHU 5HLPSDDUYHUVH YRQGHU¿*HVDPWEHUVHW]XQJ¾ DE 6R EHUWUlJW HUGHQ HUVWHQ$EVFKQLWWGHU(SLVWXODLQVHFKV9HUVHQZlKUHQGGLH¿*HVDPWEHU VHW]XQJ¾KLHUDFKW9HUVHELHWHW'LVWLFKRQ,ZLUGEHL%UDQWGXUFKIQI 5HLPSDDUYHUVH LQ GHU ¿*HVDPWEHUVHW]XQJ¾ GXUFK GLH VWDQGDUGPl‰LJHQ YLHUEHUWUDJHQ)UGLHhEHUWUDJXQJGHV'LVWLFKRQV,,SUDHIIEHQ| WLJWHUJHJHQEHUVHFKV9HUVHQLQGHU¿*HVDPWEHUVHW]XQJ¾QXUYLHU9HUVH VX  'HU9HUJOHLFKYRQ)XUWHUVXQG%UDQWV)DVVXQJGHVODWHLQLVFKHQ7H[WHV HUJLEW EHU  NOHLQHUH $EZHLFKXQJHQ (V KDQGHOW VLFK EHUZLHJHQG XP XQWHUVFKLHGOLFKH/HVDUWHQHLQ]HOQHU:|UWHUGLHEHL)XUWHU ) KlXILJIHK OHUKDIWVLQGEHL%UDQW % DEHUNRUUHNWHUVFKHLQHQ6LHVLQGLPIROJHQGHQ LQ $XVZDKO GRNXPHQWLHUW =XP 9HUJOHLFK ZXUGHQ GLH HQWVSUHFKHQGHQ /HVDUWHQ GHU $XVJDEHQ YRQ -RKDQQ %lPOHU $  XQG -RKDQQ =DLQHU 8  HUJlQ]W BBBBBBBBBBBBB  =XP $XIEDX GHV 7H[WHV VRZLH ]XU 7H[WWUDGLWLRQ YJO %5h**(0$11 %581.(1 +DQG EXFK>ZLH$QP@6S  5HLKHQIROJH QDFK GHU =lKOXQJ EHL %2$6 'LVWLFKD &DWRQLV 5HFHQVXLW HW DSSDUDWX FULWLFR LQVWUX[LW0$5&86 %2$62SXVSRVW0DUFL%RDVPRUWHPHGHQGXPFXUDYLW+(15,&86 -2 +$11(6 %276&+8; 3DUFH PLQRUL QLFKW EHL %2$6@>;6ROXHOLEHQWHUQLFKWEHL%2$6@ III  (LQ 9HUJOHLFK PLW GHQ $XVJDEHQ YRQ -RKDQQ =DLQHU 8OP  *: 1U   XQG -R KDQQ%lPOHU$XJVEXUJ *:1U EHVWlWLJWWHQGHQ]LHOOGLHIHVWH7UDGLWLRQGLHVHU )DVVXQJGHUEUHYHVVHQWHQWLDHLP'UXFN  -HHLQPDODXIWUHWHQGH9DULDQWHQVLQGXQG  (EHQVRLQ*:1UXQG*:1U YJOREHQ$QP   9JO$QP



&$52/$5('=,&+

,)8HVWR%$HVVH,)8OHYLV%$OHQLV,)WHQHUH%$8WHPHUH, ) $ 8 UDUR % UDUD , ) $ 8 SHWDV % SHWLV , ) HWHP²LQ % $ 8 HWHQLP ,,SUDHI)QRVFH%QRVVH$8QRVFHUH,,)FRQWHQGHUH%$8FRQWHPQHUH,, )QROXLWTXDHGDP%QROLFXQFWDTXLGHP8QROLWXTXLGDP$QROLWXTXHGDP,,)YHQ X²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

1LFKWLQMHGHP)DOONDQQHLQGHXWLJHQWVFKLHGHQZHUGHQRE%UDQWDXIHLQH IHKOHUIUHLH9RUODJH]XUFNJUHLIHQNRQQWHRGHUHLJHQYHUDQWZRUWOLFKHPHQ GLHUWH=ZDUVLQGGLHEHL%UDQWEHUOLHIHUWHQNRUUHNWHQ/HVDUWHQJU|‰WHQ WHLOVLQGHQ]XP9HUJOHLFKKHUDQJH]RJHQHQ$XVJDEHQ]XEHOHJHQHLQ]HOQH 9DULDQWHQODVVHQVLFKLQGHVELVKHUQXU%UDQW]XZHLVHQ'LHHUVFKLH QHQH $XJVEXUJHU $XVJDEHYRQ -RKDQQ%lPOHU VWHKW LP +LQEOLFN DXIGLH )HKOHUTXRWH %UDQWV ODWHLQLVFKHP 7H[W QlKHU ZlKUHQG GLH VSlWHUH 8OPHU $XVJDEH ZHVHQWOLFK PHKU )HKOHU PLW )XUWHUV $XVJDEH JHPHLQVDP KDW %UDQWV .ULWLN DP VFKOHFKWHQ =XVWDQG GHV 7H[WHV PDJ VLFK GHPQDFK YRU DOOHP DXI GLH VSlWHUHQ $XVJDEHQ GHU ¿*HVDPWEHUVHW]XQJ¾ EH]LHKHQ GLH WHQGHQ]LHOO PHKU )HKOHU DXIZHLVHQ GD GHU 7H[W KLHU DXV *UQGHQ GHV JHVWHLJHUWHQ 3URGXNWLRQVWHPSRV ]XQHKPHQG XQJHSUIW EHUQRPPHQ ZXUGH 'HU9HUJOHLFKGHU$XVJDEHQHUJLEW]XGHPHLQH5HLKHYRQ9DULDQWHQ ZR]X DXFK 8QWHUVFKLHGH LQ GHU :RUWIROJH VRZLH $XVODVVXQJHQ E]Z (U JlQ]XQJHQHLQ]HOQHU:|UWHUE]Z6LOEHQ]XUHFKQHQVLQG%UDQWV9DULDQ WHQ ZHLFKHQ KLHU KlXILJHU YRQ DOOHQ 9HUWUHWHUQ GHU ¿*HVDPWEHUVHW]XQJ¾ DE EUHYVHQW  ) 8DG IRUXP % $ IRUR EUHYVHQW ; ) $ 8 SDUFH PLQRUL % PLQRUL SDUFH,)$8WLEL%WXWLEL,)8WLELGDW%$GDWWLEL,)LSVXP% 8$LGLSVXP,)$8WHLSVXP%WHLSVH,)$8QLPLXPEODQGR%EODQGR QLPLXP,)$8SRWHVW%SRVVLW,)$8WXWLEL%WLELWX,)SDUDWD %SDUWD$8SDUFD,)$8VLVQRWLVHWFDULV%QRWLVHWFDUXV,,)$8HVW UHJQR%UHJQRHVW,,)$8FDHOXP%FDHOXPTXH,,)8RPQLWHPSRUH%$WHP BBBBBBBBBBBBB  )HKOHULQ%UDQWV$XVJDEHGLHEHL)XUWHUQLFKWDXIWUHWHQVLQG,,%SHUPLQHW)HPLQHW ,9%TXDHVLULV)TXDHVLWLV,9%SODFLWXP)SODFLGXP  (LQH DXVIKUOLFKHUH 8QWHUVXFKXQJ KlWWH DXFK GLH VHSDUDWH hEHUOLHIHUXQJ GHV ODWHLQLVFKHQ 7H[WHV]XEHUFNVLFKWLJHQXP]XHUPLWWHOQRE%UDQWP|JOLFKHUZHLVHYHUVFKLHGHQH$XVJD EHQKHUDQ]RJ

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



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

%UDQW LVW EHPKW GLH +H[DPHWHU YRQ EHUIOVVLJHQ 6LOEHQ ]X EHIUHLHQ E]Z XP IHKOHQGH ]X HUJlQ]HQ XQG VR HLQ P|JOLFKVW JOHLFKPl‰LJHV 0H WUXP]XVFKDIIHQE]ZZLHGHUKHU]XVWHOOHQ9LHOHGHUDQJHIKUWHQ9DULDQ WHQVLQGDXIGLHVHV%HPKHQ]XUFN]XIKUHQ(LQ%HLVSLHO 1ROXLWTXHGDPUHIHUHQWLFUHGHUHVHPSUH ([LJXDHVWWULEXHQGDILGHVTXLDPXOWLPXOWDORTXXQWXU>),,@ 1ROLFXQFWDTXLGHPUHIHUHQWLFUHGHUHVHPSUH 1HFWULEXHQGDILGHVTXLDPXOWLPXOWDORTXXQWXU>%,,@

'DVV)XUWHUV$XVJDEHQRFKIHKOHUKDIWHULVWDOVGLHDQGHUHQ]XP9HUJOHLFK KHUDQJH]RJHQHQ9HUWUHWHUGHU¿*HVDPWEHUVHW]XQJ¾PDFKW%UDQWV8QWHU QHKPXQJXPVRYHUVWlQGOLFKHU'DVVVHLQH%HPHUNXQJHQDXIGDVJHVDPWH ]ZHLVSUDFKLJH7H[WHQVHPEOH]XEH]LHKHQVLQGZLUGDXFKGXUFKGHQ9HU JOHLFKYRQ%UDQWVhEHUVHW]XQJPLWGHPhEHUVHW]XQJVWH[WGHUlOWHUHQ¿*H VDPWEHUVHW]XQJ¾HYLGHQW6HLQH$UEHLWDQHLQHPQHXHQGHXWVFKHQ¿&DWR¾ EHUXKWQXU]XP7HLODXIHLQHUQHXHQhEHUVHW]XQJ%HLEHUHLQHP'ULWWHO GHU'LVWLFKHQEHJQJWHUVLFKPLWHLQHU%HDUEHLWXQJGHULQGHU¿*HVDPW EHUVHW]XQJ¾ EHUOLHIHUWHQ 5HLPSDDUYHUVH ,QVJHVDPW JUHLIW HU LQ EHU  )lOOHQDXIGHQ5HLPGHUlOWHUHQhEHUVHW]XQJ]XUFN'LHIROJHQGHQ%HL VSLHOH GRNXPHQWLHUHQ YHUVFKLHGHQH 6WXIHQ GHU UHGLJLHUHQGHQ $GDSWDWLRQ GHVGHXWVFKHQ7H[WHVGHU¿*HVDPWEHUVHW]XQJ¾    BBBBBBBBBBBBB  2IWYHUlQGHUW%UDQW]ZDUGHQ5HLPEHUQLPPWDEHUJUR‰H7HLOHGHVGXUFKGDVbTXLYDOHQW GHU ¿*HVDPWEHUVHW]XQJ¾ YRUJHJHEHQHQ :RUWPDWHULDOV ]% LQ EUHY VHQW    EUHY VHQW;,G,G,FG,DE,,G 9HUVJOlWWXQJ ,,FG,9FG,9,9FG ,9DE,9DE



&$52/$5('=,&+

D  hEHUQDKPHGHV5HLPSDDUVXQGUK\WKPLVFKH*OlWWXQJGHV9HUVPD‰HV  (LQH*UXQGWHQGHQ]YRQ%UDQWV%HDUEHLWXQJYRQ5HLPSDDUYHUVHQGHU¿*H VDPWEHUVHW]XQJ¾ ]HLJW VLFK LQ VHLQHQ %HPKXQJHQ HLQHQ GXUFKJHKHQG JOHLFKPl‰LJHQ YLHUKHELJHQ 5HLPSDDUYHUV MHZHLOV DFKW 6LOEHQ  KHU]XVWHO OHQ 7XWDPDJHHVWSXSSLVPRGLFRTXHIOXPLQHIHUWXU>,,@ )  (LQVFKLIIPHUHLQVLFKHUKHLWKDW GDVYIINOHLQHPZDVVHUJDW

% 0HUVLFKHUKHLWHLQVFKLIIOLQKDW GDVYIIH\PNOH\QHQZDVVHUJDW

'LHLQGHU¿*HVDPWEHUVHW]XQJ¾JHERWHQHQ9HUVHZHLVHQXQWHUVFKLHGOLFKH 6LOEHQ]DKOHQ DXI 'HU HUVWH 9HUV KDW DFKW XQG GHU ]ZHLWH VLHEHQ 6LOEHQ 'DV 9HUVPD‰ LVW GDGXUFK XQUHJHOPl‰LJ %UDQW IOOW GLH 6LOEHQ]DKO GHV ]ZHLWHQ9HUVHVGXUFK(UJlQ]XQJGHVXQEHVWLPPWHQ$UWLNHOVH\PDXIDFKW DXI,PHUVWHQ9HUVVWHOOWHUHLQ]HOQH:|UWHUXPZRGXUFKGLH+HEXQJHQ XQG6HQNXQJHQJHJHQEHUGHU¿*HVDPWEHUVHW]XQJ¾JOHLFKPl‰LJHUYHUWHLOW ZHUGHQ  E  hEHUQDKPH GHV 5HLPSDDUV XQG VHPDQWLVFKH 3Ul]LVLHUXQJ HLQ]HOQHU  bTXLYDOHQWH  0LW GHU *OlWWXQJ GHV YLHUKHELJHQ 9HUVHV JHKW DXFK GLH 3Ul]LVLHUXQJ HLQ ]HOQHUbTXLYDOHQWHHLQKHUZHQQ%UDQWHQWZHGHU/H[HPHDXVWDXVFKWRGHU GXUFK GLH (UJlQ]XQJ YRQ ]XVlW]OLFKHP :RUWPDWHULDO HLQ bTXLYDOHQW JH QDXHU DXI HLQH EHVWLPPWH %HGHXWXQJ ]XVSLW]W +LHU HLQ %HLVSLHO IU GHQ $XVWDXVFKHLQHVHLQ]HOQHQ:RUWHV 0XOWRUXPGLVFHH[HPSORTXHIDFWDVHTXDULV>,,,@ )  1\PDEYLOOH\WHQHEHQELOG ZDVGXWKXRQRGHUODVVHQZLOG

% /HUYRQYLOOWHQHEHQELOGW :DVGXWXRQRGHUORVVHQZLOGW

'LHHLQ]LJH9HUlQGHUXQJGLH%UDQWDP9HUVSDDUGHU¿*HVDPWEHUVHW]XQJ¾ YRUQLPPWLVWGHUSUl]LVLHUHQGH(UVDW]GHVYRUJHJHEHQHQbTXLYDOHQWVIU GLVFHUH :lKUHQG GLH ¿*HVDPWEHUVHW]XQJ¾ KLHU QHPHQ ELHWHW IRNXVVLHUW %UDQW LQ VHLQHU 9DULDQWH GLH *UXQGEHGHXWXQJ ªOHUQHQ© 'LH SDUDSKUDVLH UHQGHhEHUWUDJXQJGHV5HODWLYVDW]HV TXHIDFWDVHTXDULV ªZHOFKHQ7DWHQGX IROJHQZLOOVW© GLH]XPHLQHQGHPYLHUKHELJHQ9HUVJXWJHUHFKWZLUGXQG ]XP DQGHUHQ GXUFK GLH DGYHUVDWLYH )RUPHO ªWXQ RGHU ODVVHQ© JHJHQEHU BBBBBBBBBBBBB  'LHJOHLFKH7HQGHQ]]HLJWVLFKDXFKEHLGHU%HDUEHLWXQJGHU(SLVWXODLQ9EUHYVHQW ,DG,FG,DG,DE,,DE,,DE,,DE,,,FG,,,FG,,,FG ,9DE,9DE,9DE,9FG,9DE,9FG,9DE,9FG  9JOEUHYVHQW;,DG,,DE

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



GHU9RUODJH]XVlW]OLFKDQ(LQSUlJVDPNHLWJHZLQQWEHUQLPPWHUGDJHJHQ Z|UWOLFK  F  hEHUQDKPH GHV 5HLPSDDUV XQG HQJHUHU $QVFKOXVV DQ GLH ODWHLQLVFKH  6\QWD[  +lXILJEHUQLPPW%UDQW]ZDUGHQ5HLPGHU¿*HVDPWEHUVHW]XQJ¾ELHWHW DEHUHLQHhEHUVHW]XQJGLHHQJHUDQGHUODWHLQLVFKHQ6\QWD[RULHQWLHUWLVW 6LWWLELSUDHFLSXHTXRGSULPXPHVWFXUDVDOXWLV>,,@ )  'LHDFKWHGHUJHVXQWKHLW V\YRQHUVWHQGLUEHUHLW

% 'LUVLJ]XRPHUVWHQYRUY‰EHUHLW 'LHVRUJGLQVOLEVYQGJHVXQWKHLW

'LH ODWHLQLVFKH .RQVWUXNWLRQ GLH Z|UWOLFK EHUVHW]W HWZD ª'LU VHL YRU DOOHPGLH6RUJHXPGLH*HVXQGKHLWGDVZDVGDVHUVWHLVW©EHGHXWHWZLUGLQ GHU ¿*HVDPWEHUVHW]XQJ¾ V\QWDNWLVFK YHUHLQIDFKW LQGHP GHU 5HODWLYVDW] TXRG SULPXP HVW GXUFK GDV 3DUWL]LS EHUHLW HUVHW]W ZLUG %UDQW EHUQLPPW GLHVH /|VXQJ EHUWUlJW DEHU PLWWHOV GHU 'RSSHOXQJ GHU $GYHUELHQ ]XRP HUVWHQ YRU X‰ ]XVlW]OLFK GHQ VHPDQWLVFKHQ .HUQ GHV 5HODWLYVDW]HV SULPXP %UDQWGUHKWGLH9HUVHXPVRGDVVGLH5HLKHQIROJHGHUGHXWVFKHQ6\QWDJ PHQ QXQ JHQDX GHUMHQLJHQ GHU ODWHLQLVFKHQ 6\QWDJPHQ HQWVSULFKW 'DV PLWWHOKRFKGHXWVFKH bTXLYDOHQW DFKWH  $XIPHUNVDPNHLW  IU FXUD ZLUG GXUFKGDV6\QRQ\PVRUJHUVHW]W'DV*HQLWLYDWWULEXWVDOXWLVUHDOLVLHUW%UDQW GDEHLGRSSHOWZREHLHUGDV$EVWUDNWXPJHVXQWKHLWGXUFKGLHDGGLWLYH9HU NQSIXQJPLWGHP.RQNUHWXPOLEVHPDQWLVFKYHUHLQGHXWLJW   G  .RPSOHWWHhEHUQDKPHHLQHV5HLPSDDUHVDXVGHU¿*HVDPWEHUVHW]XQJ¾  %LVDXIGLH(UJlQ]XQJ]ZHLHU$GYHUELHQ JHZL‰XQGDOO]\W DXV*UQGHQGHU *OlWWXQJGHV9HUVPD‰HVEOHLEHQLPIROJHQGHQ%HLVSLHODOOHYLHU9HUVHGHU ¿*HVDPWEHUVHW]XQJ¾HUKDOWHQ 6LIDPDPVHUXDUHFXSLVGXPYLXLVKRQHVWDP )DFIXJLDVDQLPRTXHVXQWPDODJDXGLDYLWH>,9@ BBBBBBBBBBBBB  9JO]%DXFKEUHYVHQWXQG,DE,FG,DG,DE,,FG,,DE,,DE ,,DE'LHVJLOWDXFKIUVROFKH)lOOHEHLGHQHQ%UDQWQXUGHQ5HLPEHUQLPPWDEHUDXI GLHVHU %DVLV HLQH JDQ] QHXH hEHUVHW]XQJ ELHWHW YJO ,,DE ,,DE ,9DE ,9FG ,9FG hEHUHLQVWLPPXQJHQ LP 5HLP GLH HKHU ]XIlOOLJ VLQG ZHLVHQ GDJHJHQ DXI ,FG ,FG,FG,,FG,,FGVRZLH9I]X,,,SUDHII  9JO 0$77+,$6 /(;(5 0LWWHOKRFKGHXWVFKHV +DQGZ|UWHUEXFK =XJOHLFK DOV 6XSSOHPHQW XQG DOSKDEHWLVFKHU ,QGH[ ]XP 0LWWHOKRFKGHXWVFKHQ :|UWHUEXFK YRQ %(1(&.(0h/ /(5=$51&.( /HLS]LJ  1DFKGUXFN 6WXWWJDUW  %G  6S  EHUHLW PLW 'DWLYLQGHU%HGHXWXQJª]XU+DQG©



&$52/$5('=,&+

)  ZLOWXGDVGLUZHUGJHJHEHQ HLQHUOLFKZRUWLQGLQHPOHEHQ 6RVFKDIIGDVGLQJHPLHW YRUERVHQIUHXGHQV\EHKLHW

% :LOWXGDVGLUJHZL‰ZHUGJHEHQ (\QHUOLFKZRUWLQG\QHPOHEHQ 6RVFKDIIGDVDOO]\WG\QJHPXHW 9RUERHVHQIUHXGHQV\EHKXHW

(V KDQGHOW VLFK KLHU DOOHUGLQJV XP HLQH $XVQDKPH IU GLH %UDQW VHOEVW P|JOLFKHUZHLVHQLFKWGLH9HUDQWZRUWXQJWUlJW:LHEHUHLWVHUZlKQWIHKOW GDV QDFKIROJHQGH 'LVWLFKRQ ,9 JHJHQEHU )XUWHUV $XVJDEH 'DVV GLH YRUJlQJLJHQ YLHU 5HLPSDDUYHUVH EHL %UDQW DOV HLQ]LJH NRPSOHWW DXV GHU ¿*HVDPWEHUVHW]XQJ¾ EHUQRPPHQ ZXUGHQ N|QQWH GHPQDFK DXI HLQHQ WHFKQLVFK EHGLQJWHQ 7H[WYHUOXVW VFKOLH‰HQ ODVVHQ GHU HUVW EHLP 6HW]HQ HQWGHFNWXQGGXUFKGLHDXV=HLWJUQGHQQXUIOFKWLJEHUDUEHLWHWH3DVVDJH WHLOZHLVHHUVHW]WZXUGH'DV%HLVSLHOYHUPDJLQGHVGHQHQJHQ=XVDPPHQ KDQJ YRQ %UDQWV hEHUVHW]XQJ PLW GHU lOWHUHQ ¿*HVDPWEHUVHW]XQJ¾ ]X GRNXPHQWLHUHQ ,9 'LH ODWHLQLVFKH 6\QWD[ LVW VRZRKO IU %UDQWV hEHUDUEHLWXQJ GHU lOWHUHQ )DVVXQJDOVDXFKIUVHLQH1HXEHUVHW]XQJHQGLHSULPlUH2ULHQWLHUXQJV HEHQH (U UHDOLVLHUW ZHQQ P|JOLFK MHGHV HLQ]HOQH ODWHLQLVFKH 6\QWDJPD GHU9RUODJHVRGDVV1XOOVWHOOHQLQGHUhEHUVHW]XQJQXUYHUHLQ]HOWDXIWUH WHQ /X[XULDPIXJLWRVLPXO YLWDUHPHPHQWR &ULPHQDXDULWLDHQDPVXQWFRQWUDULDIDPH>,,@ )  'XVROWGHUYQNXVFKHHQWSHUHQ YQGGHUJ\WLNHLWQLWEHJHUHQ ZDQQYQNXVFKYQGJ\WLNHLW VHLQG]XRERVHPOREEHUHLW

% )OFKYQN‰KHLWJGHQFNGDUE\ 'DVGLUGHVJOLFK]XRIOLHKHQV\ 'HUJ\WWKHLWODVWHUGDQHVLVW :LGHUGLQO\PXRWHUHDOOHIULVW

,Q GHU ¿*HVDPWEHUVHW]XQJ¾ ZHUGHQ HLQ]HOQH 6\QWDJPHQ QLFKW RGHU QXU WHLOZHLVH EHUWUDJHQ VR GHU ,PSHUDWLY PHPHQWR YRQ GHP HLQ HUZHLWHUWHU ,QILQLWLYDEKlQJWGDV$GYHUEVLPXOXQGGDV$NNXVDWLYREMHNWFULPHQ%UDQW EHUWUlJWKLQJHJHQMHGHVHLQ]HOQH:RUWZREHLHUDXFKGLH5HLKHQIROJHGHU 6\QWDJPHQ ]X HUKDOWHQ YHUPDJ GLH LQ GLHVHP )DOO SULPlU QDFK UKHWRUL BBBBBBBBBBBBB  9JO]%GLH9HUVlTXLYDOHQWH]X,,,,,,,,,,,, ,,,,,,VRZLHGLH5HLPSDDUH,FG,FG,,FG,,DE,,FG$XIGLH0LWWHL OXQJZHLWHUHU%HOHJHZLUGYHU]LFKWHWGDVLFKGLH7HQGHQ]DXFKLPXQG%XFKGXUFK JlQJLJQDFKZHLVHQOlVVW  1LFKW LPPHU JHOLQJW HV MHGHV HLQ]HOQH :RUW LP 9HUVlTXLYDOHQW XQWHU]XEULQJHQ 8QEHU VHW]WLQQHUKDOEYRQYRUODJHQQDKHQbTXLYDOHQWHQEOHLEHQEHL%UDQW]%,FHUWDP,SR WLXV,,FRUSRULVXQG,,WHPSXV

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



VFKHQ3ULQ]LSLHQDQJHRUGQHWVLQG'DV(QMDPEHPHQWZHOFKHVGHQHUZHL WHUWHQ,QILQLWLYYLWDUHFULPHQDYDULWLDHLPODWHLQLVFKHQ9HUVKHUYRUKHEWYHU ELQGHW EHL %UDQW 9HUV  XQG  (U UHDOLVLHUW GHQ ,QILQLWLY DOV DEKlQJLJHQ 1HEHQVDW]PLWGDVXQGIOOWGDPLWHLQHQJDQ]HQ9HUV'DVODWHLQLVFKH$N NXVDWLYREMHNWZLUGLQGHUhEHUWUDJXQJ]XP6XEMHNWGHV1HEHQVDW]HVGHU SDUDOOHO]XPHUZHLWHUWHQ,QILQLWLYGHU9RUODJH]HLOHQEHUJUHLIHQGUHDOLVLHUW ZLUG'DVGHXWVFKHbTXLYDOHQW]XFULPHQEOHLEWVRDQGHUVHOEHQH[SRQLHU WHQ6WHOOHVWHKHQ 'LH7HQGHQ]GLHV\QWDNWLVFKHQ6WUXNWXUHQLQGHUhEHUWUDJXQJ]XHU KDOWHQ E]Z LQ GHU hEHUVHW]XQJ WUDQVSDUHQW ]X PDFKHQ XQG LQ HLQH JXW YHUVWlQGOLFKH)RUP]XEULQJHQ]HLJWVLFKDXFKLQGHUhEHUWUDJXQJGHULQ 3URVDYHUIDVVWHQ(SLVWXOD &XP DQLPDGYHUWHUHP TXDP SOXULPRV KRPLQHV JUDYLWHU HUUDUH LQ YLD PRUXP 6XFFXUHQGXP HW FRQVXOHQGXPHRUXPRSLQLRQLIRUHH[LVWLPDYLPD[LPHYWJORULRVHYLYHUHQWHWKRQRUHPFRQWLQJH UHQW

%UDQWVhEHUVHW]XQJGHU3DVVDJHODXWHW 1RFKGHPLFKHLJHQWOLFKQDPZDU 'DVYLOOWVZDHUOLFKLUUWHQJDU 9QGDEGHPZHJGHUVLWWHQJLQJHQ *GRFKWLFKKLOIIYQGUDWMQ]XREULQJHQ 9RUY‰GRPLWORHEOLFKVLHOHEWHQ 'DVVLHQRFKHUHYQGWXJHQGVWUHEWHQ

)U MHGHV HLQ]HOQH 6\QWDJPD ZLUG HLQ IXQNWLRQDOHV bTXLYDOHQW JHERWHQ ZREHL %UDQW SULQ]LSLHOO GLH )RUPXOLHUXQJ ]LHOVSUDFKOLFK NRKlUHQWHU 6DW] VWUXNWXUHQ EHU GLH ªDEVROXWH© 5HDOLVLHUXQJ GHU HLQ]HOQHQ ODWHLQLVFKHQ JUDPPDWLVFKHQ )RUP VWHOOW 'LH 9HUWHLOXQJ GHU +DXSW XQG 1HEHQVlW]H DXIGLH5HLPSDDUYHUVHHUOHLFKWHUWGLHhEHUVLFKWEHUGLH.RQVWUXNWLRQGHV NRPSOH[HQODWHLQLVFKHQ6DW]JHIJHVGDGLH9HUVHWHQGHQ]LHOOYROOVWlQGLJH V\QWDNWLVFKH XQGLQKDOWOLFKH (LQKHLWHQXPIDVVHQGLHGXUFKLKUH$QRUG QXQJ DXFK RSWLVFK YRQHLQDQGHU DEJHVHW]W VLQG 'DV SURPLQHQWH ,QLWLXP FXPDQLPDGYHUWHUHPYHUEOHLEWLQGHUhEHUVHW]XQJDQGHUVHOEHQH[SRQLHUWHQ 3RVLWLRQ'DVV\QWKHWLVFKJHELOGHWH3UlGLNDWDQLPDGYHUWHUHPZLUGGHQ0|J OLFKNHLWHQ GHU =LHOVSUDFKH HQWVSUHFKHQG ]XU 3HULSKUDVH DXIJHO|VW 'DV 9HUE DQLPDGYHUWHUH ZLUG GXUFK GDV bTXLYDOHQW ZDUQHPHQ ZLHGHUJHJHEHQ 'XUFK (UJlQ]XQJ GHV 0RGDODGYHUEV HLJHQWOLFK  DXVGUFNOLFK VSH]LHOO  ZLUGHLQH]XVlW]OLFKHTXDOLWDWLYH%HGHXWXQJVNRPSRQHQWHGHVEHJULIIOLFKHQ .HUQV LP6LQQHYRQªDXIPHUNVDPEHWUDFKWHQ© UHDOLVLHUW'DV$GYHUEKDW ]ZDUNHLQHOH[LNDOLVFKH(QWVSUHFKXQJLQQHUKDOEGHU9RUODJHWUDQVSRUWLHUW MHGRFK HLQ ]XVlW]OLFKHV VHPDQWLVFKHV 0HUNPDO GDV ]XP %HGHXWXQJVXP IDQJYRQDQLPDGYHUWHUHJHK|UW'HUQDFK9HUEHQGHU:DKUQHKPXQJP|JOL FKH $F, ZLUG LP IROJHQGHQ 9HUV DOV YROOVWlQGLJHU 1HEHQVDW] PLW GHU VXERUGLQLHUHQGHQ .RQMXQNWLRQ GDV UHDOLVLHUW 'LH VSH]LILVFKH %HGHXWXQJ



&$52/$5('=,&+

ªP|JOLFKVW YLHOH© GLH GHU 6XSHUODWLY SOXULPRV LQ VHLQHU 9HUELQGXQJ PLW TXDP KDW ZLUG EHL GHU hEHUWUDJXQJ EHUFNVLFKWLJW HV ZHUGHQ GHPQDFK QLFKWEHLGH:|UWHUHLQ]HOQEHUVHW]WZHGHUGLHPRGDOH.RPSRQHQWHYRQ TXDPQRFKHLQH)RUPGHV6XSHUODWLYVVRQGHUQPLWWHOVGHUSRVLWLYHQ)RUP GHV,QGHILQLWSURQRPHQVYLOLQV\QWDNWLVFKHU.RPELQDWLRQPLWGHU3DUWLNHO JDUDP(QGHGHV9HUVHV'HU5HDOLVLHUXQJGHVSUlSRVLWLRQDOHQ$XVGUXFNV LQYLDPRUXPZLGPHW%UDQWHLQHQZHLWHUHQYROOVWlQGLJHQ9HUVGHQHUV\Q WDNWLVFK DOV HUZHLWHUWHV 3UlGLNDW DQ GHQ YRUKHUJHKHQGHQ GDV6DW] DQ VFKOLH‰W 'XUFK GLH (LQIKUXQJ GHV ]ZHLWHQ 9HUEVJHQ HUJLEW VLFK JHJHQ EHU GHU 9RUODJH QXU HLQ JHULQJHU VHPDQWLVFKHU hEHUVFKXVV %HLGH GHXW VFKHQ 9HUEHQ IXQJLHUHQ DOV bTXLYDOHQWH IU HUUDUH LUUHQ WUDQVSRUWLHUW GLH *UXQGEHGHXWXQJDEGHPZHJJHQHLQH]XVlW]OLFKH%HGHXWXQJVNRPSRQHQWH ªYRP:HJDEZHLFKHQ©GLHLP/DWHLQLVFKHQLQGHU.RPELQDWLRQYRQHUUDUH PLW GHP $EODWLY YRQ YLD HQWKDOWHQ LVW (UUDUH ZLUG VR JHZLVVHUPD‰HQ ]ZHLIDFKEHUVHW]WXPP|JOLFKVWGHQJHVDPWHQVHPDQWLVFKHQ*HKDOWGHQ GDV9HUELQGLHVHP.RQWH[WKDW]XEHZDKUHQ9HUVHQWKlOWGDV+DXSW VDW]SUlGLNDWYRQGHPVRZRKOJUDPPDWLVFKDOVDXFKLQKDOWOLFKDOOHDQGHUHQ 6DW]JOLHGHUDEKlQJHQ'HU$F,VXFFXUUHQGXP>«@IRUHZLUGDOVHUZHLWHUWHU,Q ILQLWLYGLUHNWDQGDV3UlGLNDWJGRFKWLFKDQJHVFKORVVHQGLHNRPSOH[HODWHLQL VFKH 6\QWD[VWUXNWXU LQ GHU hEHUWUDJXQJ ZHVHQWOLFK YHUHLQIDFKW E]Z DQ ]LHOVSUDFKHQHLJHQHJUDPPDWLVFKH6WUXNWXUHQDQJHSDVVW'LHEHLGHQDNNX VDWLYLVFKHQ*HUXQGLYDZHUGHQQLFKWSUlGLNDWLYVRQGHUQDOV6XEVWDQWLYDE VWUDNWD UHDOLVLHUW ZREHL GXUFK GLH :DKO GHV DNWLYLVFKHQ ,QILQLWLYV EULQJHQ .DVXVNRQVWDQ]JHZDKUWZLUG'LHLPSUlGLNDWLYHQ*HEUDXFKGHVSDVVLYL VFKHQ *HUXQGLYXPV LPSOL]LHUWH %HGHXWXQJVNRPSRQHQWH GHU 1RWZHQGLJ NHLW ªHVPXVVJHKROIHQZHUGHQ© GLHLQGLHVHP)DOO]XVlW]OLFKGXUFKHLQH WHPSRUDOH .RPSRQHQWH )XWXU  EHVWLPPW LVW ZLUG GDEHL DEJHVFKZlFKW (LQH UHJHOUHFKWH 1XOOVWHOOH ZHLVW GLH hEHUWUDJXQJ HLQ]LJ LP +LQEOLFN DXI GDV'DWLYREMHNWHRUXPRSLQLRQLDXI6WDWWEHLGH:|UWHUHLQ]HOQ]XEHUVHW ]HQ ZHUGHQ VLH LP 3HUVRQDOSURQRPHQ LKQHQ ]XVDPPHQJH]RJHQ RSLQLRQL EOHLEW GHPQDFK XQEHUVHW]W 'LH GHQ IROJHQGHQ 1HEHQVDW] HLQOHLWHQGH .RQMXQNWLRQ XWGHUHQILQDOHU$VSHNWGXUFKGDV$GYHUEPD[LPHYHUVWlUNW BBBBBBBBBBBBB  9JO*(25*(6+DQGZ|UWHUEXFK>ZLH$QP@%G6S  'DV9HUIDKUHQGHU'RSSHOEHUVHW]XQJ]XUVHPDQWLVFKHQRGHUJUDPPDWLVFKHQ3Ul]LVLHUXQJ HLQ]HOQHU6\QWDJPHQKDWHLQHODQJHPLWWHODOWHUOLFKH7UDGLWLRQYJO+(5%(57 .5$80('LH *HUVRQhEHUVHW]XQJHQ *HLOHUV YRQ .D\VHUVEHUJ 6WXGLHQ ]XU GHXWVFKVSUDFKLJHQ *HUVRQ 5H]HSWLRQ0QFKHQ 0QFKHQHU7H[WHXQG8QWHUVXFKXQJHQ]XUGHXWVFKHQ/LWHUDWXU GHV 0LWWHODOWHUV   6  *(5+$5' %$8(5 6\QRQ\PH =ZLOOLQJVIRUPHQ PLW XQG XQGRGHUEHL-RKDQQHV*HLOHUYRQ.D\VHUVEHUJ,Q8IGHUPk]HSIDW)HVWVFKULIWIU:HUQHU +RIIPDQQ]XP*HEXUWVWDJ+JYRQ:$/75$8')5,76&+5g66/(5*|SSLQJHQ *|SSLQJHU$UEHLWHQ]XU*HUPDQLVWLN 6)5$1= 6,00/(5'RSSHOIRUPHQ LQGHUGHXWVFKVSUDFKLJHQ7UDGLWLRQGHU%HQHGLNWLQHUUHJHOYRPELV-DKUKXQGHUW9RU NRPPHQ )XQNWLRQ XQG 5HOHYDQ] IU GLH (QWVWHKXQJ GHU QHXKRFKGHXWVFKHQ 6FKULIWVSUD FKH,Q'DSKQLV  6

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



ZLUGZLUGPLWWHOVGHU)RUPXOLHUXQJ YRUX‰GRPLWIRUPDOlTXLYDOHQWUHDOL VLHUW 'LH :RUWIROJH GHV )LQDOVDW]HV PD[LPH XW JORULRVH YLYHUHQW EOHLEW KLHU YROOVWlQGLJHUKDOWHQ'LHOHW]WHODWHLQLVFKH3KUDVHELOGHWGLHHEHQIDOOVYRQ XW DEKlQJLJH (UZHLWHUXQJGHV 3UlGLNDWV HW KRQRUHP FRQWLQJHUHQW%UDQW UHDOL VLHUW GHQ EHLRUGQHQGHQ HW$QVFKOXVV QLFKW VRQGHUQ HUUHLFKW GXUFK GDV $XIJUHLIHQ GHU PRGDOHQ .RPSRQHQWH GHU .RQMXQNWLRQ XW HLQH VHPDQWL VFKH0RGLILNDWLRQGHU9RUODJHLQGHPGLH$UWXQG:HLVHGHVOREHQVZHU WHQ /HEHQV GXUFK GHQ 1HEHQVDW] VSH]LIL]LHUW ZLUG 'LH GRSSHOWH hEHUVHW]XQJ HUH XQG WXJHQW IU KRQRUHP HUJlQ]W GLHVH 6SH]LIL]LHUXQJ DE VFKOLH‰HQGXPHLQHQPRUDOLVFKHQ$VSHNWGHQGLH9RUODJHQLFKWELHWHW %UDQWYHUVWHKWZLHKLHUGHXWOLFKZLUGXQWHUYHUEXPQLFKWLQHUVWHU/LQLH HLQHLQ]HOQHV/H[HPVRQGHUQHLQHJOHLFKHUPD‰HQV\QWDNWLVFKXQGVHPDQ WLVFKGHILQLHUWHhEHUVHW]XQJVHLQKHLWGLHGXUFKDXVPHKUDOVHLQ:RUWE]Z PHKU RGHU ZHQLJHU :|UWHUXPIDVVHQ NDQQ DOVGDV HQWVSUHFKHQGH ODWHLQL VFKH6\QWDJPDXQGLQHLQLJHQ)lOOHQQDFKGHQ*HVHW]HQGHU=LHOVSUDFKH DXFKPXVV 7HPSXVELOGXQJ 'LH5HDOLVLHUXQJGHUV\QWDNWLVFKHQ6WUXNWX UHQGHV/DWHLQLVFKHQIROJWQLFKWGHP3ULQ]LSGHULPLWDWLRLQ)RUPªDEVROX WHU©E]ZIRUPDOJUDPPDWLVFKHU(QWVSUHFKXQJHQHVJHKWQLFKWSULPlU XPHLQH9HUPLWWOXQJODWHLQLVFKHU6\QWD[PLW+LOIHYRQª.RQWUDIDNWXUHQ© GLHGHP5HJHOV\VWHPGHV'HXWVFKHQQLFKWJHUHFKWZHUGHQ$OOHUGLQJVJLEW HVKLHUDXFK$XVQDKPHQLQ%UDQWVhEHUWUDJXQJGHQQVHLQHVWUHQJH2ULHQ WLHUXQJ DQ GHU ODWHLQLVFKHQ 6\QWD[ HUIRUGHUW LQ HLQLJHQ )lOOHQ HLQ KRKHV 0D‰DQ$UWLVWLNLP8PJDQJPLWGHU=LHOVSUDFKHXQGHU]HXJWGDEHLDXFK HLQH JHZLVVH P|JOLFKHUZHLVH GXUFKDXV EHDEVLFKWLJWH .QVWOLFKNHLW GHU )RUPXOLHUXQJHQ GLH GLH ¿*HVDPWEHUVHW]XQJ¾ GXUFKZHJ QLFKW DXIZHLVW $QYHUVFKLHGHQHQ6WHOOHQUHDOLVLHUW%UDQW]%HLQHQªGHXWVFKHQ©$F, 4XRGQRVWLIDFWXPKDXGUHFWXPQROLWRVLOHUH>,,,@ 1LWZHOOHVWODQJ]LWYHUVZLJHQKDQ:DVGXZHLVWQLWUHFKWVLQJHWDQ

'LH.RQ]HVVLRQHQDQGLHODWHLQLVFKH*UDPPDWLNWUDJHQQLFKW]XOHW]WGD]X EHL GDVV %UDQWV hEHUWUDJXQJ LQ VWLOLVWLVFKHU +LQVLFKW HODERULHUWHU E]Z ªODWHLQLVFKHU© HUVFKHLQW DOV GLH ¿*HVDPWEHUVHW]XQJ¾ ZLH GLH IROJHQGHQ %HLVSLHOHYHUGHXWOLFKHQ &XPODERULQGDPQRHVWFUHVFLWPRUWDOLVHJHVWDV>,@ )ZHPVLQDUEHLWNXPSW]XRVFKDGHQGHUZLUWPLWDUPXRWEHUODGHQ %6RDUEHLWLVWLQVFKDGHQVVWUR‰'RZDHFK‰WY‰G|WOLFKDUPXRWJUR‰ BBBBBBBBBBBBB  9JODXFK,DXQG,,E'LH5HDOLVLHUXQJHLQHVªGHXWVFKHQ©$F,LVW]X%UDQWV=HLWHQLQ GHUYRONVVSUDFKLJHQhEHUVHW]XQJVOLWHUDWXUQLFKWVHOWHQMHGRFKHKHULQ3URVDEHUVHW]XQJHQ EOLFK /DWLQLVPHQ LQ VSlWPLWWHODOWHUOLFKHQ hEHUVHW]XQJHQ VLQG JHQHUHOO KlXILJ ]% EHL 1LNODVYRQ:\OH VHLWGHP)UKKXPDQLVPXVPLWVWHLJHQGHU7HQGHQ]XQGYHUZHLVHQDXI YHUVFKLHGHQHDXFKWKHRUHWLVFKGLVNXWLHUWH%HPKXQJHQLP5DKPHQGHU6FKULIWVSUDFKH]X HLQHPHODERULHUWHQGHXWVFKHQ6WLO]XILQGHQ



&$52/$5('=,&+

4XRGSRWXSHFFDVLJQRVFHUHWXWLELQROL>,,@ )/D‰GLUODQJZHVHQOHLW6XQGHVWGXPLWWUXQFNHQKHLW %1LWZHOOHVWYEHUVHKHQGLU'DVGXVQGVWLQGULQFNHQVEHJLU

*UXQGVlW]OLFK VWUHEW %UDQW ]ZDU 9HUJOHLFKEDUNHLW GHV GHXWVFKHQ bTXLYD OHQWVPLWGHPODWHLQLVFKHQ6DW]JHIJHDQQLFKWDEHU5FNEHUVHW]EDUNHLW E]ZUHLQIRUPDOHbTXLYDOHQ]9LHOPHKU]HLJWVLFKVHLQ%HPKHQXPHLQH P|JOLFKVWDGlTXDWHhEHUWUDJXQJDXFKGHVVHPDQWLVFKHQ*HKDOWVGHU9RU ODJHPLWGHU7HQGHQ]DOOJHPHLQH$XVVDJHQLP'HXWVFKHQNRQWH[WEH]RJHQ ]XSUl]LVLHUHQXQG]XYHUHLQGHXWLJHQ (LQHQ JU|‰HUHQ 6SLHOUDXP IU VWLOLVWLVFKH XQG VHPDQWLVFKH (UZHLWH UXQJHQ ELHWHW GLH hEHUWUDJXQJ GHU EUHYHV VHQWHQWLDH GD GLH YLHUKHELJHQ 5HLPSDDUH PHKU :RUWPDWHULDO DXIQHKPHQ N|QQHQ E]Z PVVHQ DOV GLH 0RQRVWLFKDYRUJHEHQ=XGHPELHWHQGLHNXU]HQ6HQWHQ]HQQXUHLQHLQ]L JHVV\QWDNWLVFKHV0RGHOO HLQIDFKHU,PSHUDWLYVDW] ZHOFKHVLP'HXWVFKHQ XQWHUVFKLHGOLFK UHDOLVLHUW XQG PRGLIL]LHUW ZHUGHQ NDQQ 'LHVHU 6SLHOUDXP ZLUG JU|‰HU MH PHKU 9HUVH GDV GHXWVFKH bTXLYDOHQW XPIDVVW ,Q GLHVHU +LQVLFKWZHLVHQ%UDQWVXQG)XUWHUV)DVVXQJHQGHXWOLFKH8QWHUVFKLHGHDXI 'D]XHLQLJH%HLVSLHOH 'DWXPVHUYD$GIRUXPWHSDUD&RQLXJHPDPD&XPERQLVDPEXOD   >EUHYVHQW@ )  +DEGLQHQJHPDKHOOLHE 6XRFKGHQPDUFNWYQGIOHXFKGHQGLHE 0LWJXRWWHQOHXWHQJHHYQGOHE YQGEHKDOWZDVPDQGLUJHE

% %HKDOWZROZDVGLUJHVFKHQFNHWLVW 2XFK]XRGHPPDUFNWGLFKZLV‰NOLFKUVW +DEGLQJHPDKHOOLHEYQGZLUG :DQGHOPLWOWHQJXRWHUJEHUG



%UDQWRULHQWLHUWVLFKEHLGHUhEHUWUDJXQJYRQEUHYVHQWZLHGHUSULPlU DQ GHU ODWHLQLVFKHQ 6\QWD[ 'DV 3DUWL]LS 3HUIHNW 3DVVLY GDWXP ZLUG ]XP SDVVLYLVFKHQ5HODWLYVDW] DXIJHO|VW ZlKUHQG GLH ¿*HVDPWEHUVHW]XQJ¾ KLHU PLW+LOIHGHVXQSHUV|QOLFKHQ$XVGUXFNVPDQXPVFKUHLEW:lKUHQGGDUHLQ GHU¿*HVDPWEHUVHW]XQJ¾PLWGHU*UXQGEHGHXWXQJJHEHQEHUWUDJHQZLUG VHW]W %UDQW GDV +\SRQ\P VFKHQFNHQ DQ GLH 6WHOOH ZHOFKHV PHKU VHPDQWL VFKH0HUNPDOHXPIDVVWXQGLP*HJHQVDW]]XP+\SHURQ\PJHEHQGHXWOLFK SRVLWLY NRQQRWLHUW LVW :lKUHQG GLH XQVSH]LILVFKH )RUPXOLHUXQJ LQ GHU ¿*HVDPWEHUVHW]XQJ¾LQVHPDQWLVFKHU+LQVLFKWDXFKQHJDWLYH.RQQRWDWLR QHQ HLQVFKOLH‰W ª*LE QLFKWV KHU YRQ GHP ZDV GX HLQPDO EHNRPPHQ KDVW©  ZLUG GLH 6DW]EHGHXWXQJ EHL %UDQW LP 6LQQH YRQ ª+DE EHVRQGHUV JXWDFKWDXI*HVFKHQNH©SRVLWLYYHUHLQGHXWLJW BBBBBBBBBBBBB  %UDQWV$XVJDEHKDWDQGLHVHU6WHOOHGLH9DULDQWHIRURWHSDUDHVZlUHGHPQDFKHLQHhEHUVHW ]XQJ]XHUZDUWHQGLHGHU/HVDUW5HFKQXQJWUlJW6WDWWGHVSUlSRVLWLRQDOHQ$XVGUXFNVGHU GXUFKGLHDNNXVDWLYLVFKH3UlSRVLWLRQDGHLQH5LFKWXQJDQJLEWVWHKWKLHUGHU$EODWLYXVORFL GHUGHQ2UWVHOEVWPDUNLHUW%UDQWEHUVHW]WWURW]GHPQDFKGHU)DVVXQJGHU¿*HVDPWEHU VHW]XQJ¾DGIRUXP ]XRGHPPDUFNW

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



'LH¿*HVDPWEHUVHW]XQJ¾ELHWHWNHLQHYRUODJHQRULHQWLHUWHhEHUWUDJXQJ YRQEUHYVHQWVRQGHUQLVROLHUWGHQSUlSRVLWLRQDOHQ$XVGUXFNDGIRUXP XQGEHUWUl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EHUKLQDXVGHQHUVWHQ%HIHKO SUl]LVLHUWXQGHLQVFKUlQNWª6XFKGHQ0DUNWDXIDEHUKWHGLFKYRUGHP 'LHE© :lKUHQGGLH5HLKHQIROJHGHUODWHLQLVFKHQ6HQWHQ]HQLQGHU¿*HVDPW EHUVHW]XQJ¾ XPJHVWHOOW ZLUG EHKlOW %UDQW VLH EHL 6HLQH hEHUWUDJXQJ YRQEUHYVHQWEOHLEWJDQ]DQGHUYRUJHJHEHQHQ6\QWD[VRZLHDPOH[LND OLVFKHQ 0DWHULDO RULHQWLHUW (U UHDOLVLHUW VRZRKO GDV 5HIOH[LYSURQRPHQ VH DOVDXFKHLQH%HGHXWXQJVNRPSRQHQWHGHV9HUEVSDUDUH(UZlKOWGDVUHIOH [LYHVLFKUVWHQXQGIJWGXUFKGDV$GYHUEZL‰NOLFKGHUGHQRWDWLYHQ%HGHX WXQJHLQHPRGDOH.RPSRQHQWHKLQ]XGLHGHQVHPDQWLVFKHQ*HKDOWGHVLQ GHU ¿*HVDPWEHUVHW]XQJ¾ H[SOL]LHUWHQ ]ZHLWHQ %HIHKOV LQ V\QWDNWLVFK YHU NU]WHU )RUP ELHWHW 'LH V\QWDNWLVFKHQ 9RUJDEHQ GHU 9RUODJH ZHUGHQ DQQlKHUQG LQ (QWVSUHFKXQJHQ QDFKJHELOGHW GLH 6DW]EHGHXWXQJ ZLUG GDEHLGXUFKGLH(UJlQ]XQJGHV$GYHUEVEHUODJHUWYRQGHU.RQQRWDWLRQ ª/DVV GLFK QLFKW EHWUJHQ© $XFK %UDQWV hEHUVHW]XQJ YRQ DPEXODUH LQ EUHYVHQW  HUKlOW LP .HUQ GLH LQ GHU ¿*HVDPWEHUVHW]XQJ¾ UHDOLVLHUWH %HGHXWXQJVNRPSRQHQWH +LHU ZLUG DPEXOD GXUFK GLH 'RSSHOIRUP JH YQG OHE EHUWUDJHQ %UDQW EHUWUlJW DPEXOD GXUFK GDV 9HUE ZDQGHOQ ZHOFKHV DXFK LQ GHU 9HUZHQGXQJVZHLVH ªOHEHQ© ZLH LQ ª/HEHQVZDQGHO©  EHUOLH IHUW LVW 6R ZLUG GHU JHJHQEHU GHU 9RUODJH HUZHLWHUWH VHPDQWLVFKH *H KDOW GHU ¿*HVDPWEHUVHW]XQJ¾ EHL JOHLFK]HLWLJ HQJHUHP V\QWDNWLVFKHQ XQG OH[LNDOLVFKHQ %H]XJ ]XU 9RUODJH HUKDOWHQ ,Q GHU hEHUWUDJXQJ YRQ EUHY VHQWEHKlOW%UDQWHEHQIDOOVGHQ:RUWODXWGHU¿*HVDPWEHUVHW]XQJ¾EHL (LQ]LJGDV3UlGLNDWKDEOLHEZLUGXPHLQ]ZHLWHVPLWHUVWHUHPVHPDQWLVFK YHUZDQGWHV$GYHUEHUZHLWHUW/LHEXQGZLUG ªZHUW© ELOGHQHLQH=ZLOOLQJV IRUPHO GLH ]XP HLQHQ DOV UKHWRULVFKHU 6FKPXFN IXQJLHUW ]XP DQGHUHQ BBBBBBBBBBBBB  .RQVHTXHQWLVW%UDQWDOOHUGLQJVLQGLHVHU+LQVLFKWQLFKW%HLGHUhEHUVHW]XQJGHU6HQWHQ ]HQJUXSSH    XQG  YHUWDXVFKW HU DXV 5HLPJUQGHQ VHLQHUVHLWV GLH 5HLKHQIROJH ZlKUHQGGLHVHEHL)XUWHUEHLEHKDOWHQZLUG  9JO/(;(5+DQGZ|UWHUEXFK>ZLH$QP@%G6SXQG'HXWVFKHV:|UWHU EXFKYRQ-$&2%XQG:,/+(/0*5,00+JYRQGHU$UEHLWVVWHOOHGHV'HXWVFKHQ:|UWHU EXFKHV]X%HUOLQ/HLS]LJ%G  6S



&$52/$5('=,&+

GHQ %HGHXWXQJVXPIDQJ GHV 3UlGLNDWV JHJHQEHU GHU 9RUODJH XP HLQH VHPDQWLVFKH 1XDQFH ªKDOWH LQ (KUHQ©  HUZHLWHUW XQG ZLH JHZRKQW ]XU *OlWWXQJGHVYLHUKHELJHQ9HUVHVEHLWUlJW 9 %UDQW YHUPHLGHWGLH (LQIJXQJ YRQ3OXVWH[WHOHPHQWHQ GLH ZHGHU LQKDOW OLFKQRFKIRUPDOGHU9RUODJHHQWVSUHFKHQ=XU)OOXQJYRQEHUVFKVVL JHP9HUVVSLHOUDXPZHUGHQVHKUKlXILJHLQ]HOQH6LOEHQGXUFKPRGDOHXQG WHPSRUDOH $GYHUELHQ XQG 3DUWLNHOZ|UWHU DXIJHIOOW ZREHL GLH IROJHQGHQ DPKlXILJVWHQ]XEHOHJHQVLQGDOO]\WHLQLFKHIULVWWDJYQGQDFKWE\ZLOKLHLQ ]LWYLOOLFKW]XR]LWDOOIULVW$XFKSUlSRVLWLRQDOH2EMHNWHZLHP\WJDQW]HUVW\P RQNODJRQVQGPLWOHLGPLWQ\GWPLWUDFKPLWEHJLUYHUVWlUNHQHLQ]HOQH$XV GUFNH RKQH ]XVlW]OLFKH ,QIRUPDWLRQHQ HLQ]XIKUHQ (EHQIDOOV KlXILJ PDFKW%UDQW*HEUDXFKYRQ'RSSHOEHUVHW]XQJHQGLHHQWZHGHU6\QRQ\ PH RGHU ]ZHL YHUVFKLHGHQH VHPDQWLVFKH .RPSRQHQWHQ HLQHV 9RUODJHQ ZRUWHVYHUELQGHQN|QQHQ'LHIROJHQGHQ%HLVSLHOHVWDPPHQDXVGHPHUV WHQ%XFKGDV3KlQRPHQOlVVWVLFKDEHUGXUFKJlQJLJQDFKZHLVHQ ,GYUVDFKVSLV DOLPHQWD ,EZHVHQVLGW PRUHV ,DNULHJQRFKVWULW QROLFRQ WHQGHUH  ,E GLHQVW YQG ZROGDHW  RIILFLXP  ,E VZLJ  VDJ QW GDU YRQ  VLOHWR  ,F9V]JDQJYQGHQG XOWLPD  ,FKRIIQXQJ]XRYHUVLFKW VSHP ,GYQIDOGRW PRUWHP ,EJLEWRGHUVFKLFKW GDW ,EQDFNWYQGEORV] QXGXP ,EKDQW ZHUFNNXQVWHQ DUWLEXV ,GPLWGLHQVWEDUNHLWYQGIUQWOLFKJEHUGHQ REVHTXLR ,F JHE\UWYQGPHUW QXWULW 

+lXILJZHUGHQ9HUEHQQLFKWGXUFKIRUPDOH(QWVSUHFKXQJHQVRQGHUQ GXUFK V\QRQ\PH PHKUJOLHGULJH 3KUDVHQ UHDOLVLHUW GLH GHQ VHPDQWLVFKHQ .HUQ GHV MHZHLOLJHQ ODWHLQLVFKHQ 9HUEV DXI HLQ YRQ GLHVHP DEJHOHLWHWHV 6XEVWDQWLYDEVWUDNWXPEHUWUDJHQ]% ,FRGLW ZUIIWILQGVFKDIIWDQ,GFRHUFH LQ]ZDQJQLV]KDQ,EVLPXODWYHUELV  PLWJOL‰ZRUWGLUHUVFK\QGW,GODERUDV GXZXUGVWDUEHLWMQ,EYLQFHUHFXPSRVVLV VR GXP\WVLJNPDJVWPHLVWHUVLQ

1LFKW LPPHU JHOLQJW HV PLWWHOV GHU DQJHIKUWHQ 9HUIDKUHQVZHLVHQ GLH JHVDPWH 6LOEHQ]DKO ]X IOOHQ VR GDVV DXFK %UDQW LQ HLQLJHQ )lOOHQ DXI 3OXVWH[WHOHPHQWHDQJHZLHVHQLVW 7URFKROXGH$OHDPIXJH>EUHYVHQWI@ )  (UEHUQVFKLPSIILFKGLUYHUOLFK GHVZXUIIHOVVSLOGXGLFKYHU]LFK

% 6SLHOP\WGHPNORW]GDVLVWP\QURWW :UIIHOVSLHOEUHWIOFKZLHGHQGRWW

BBBBBBBBBBBBB  3OXVWH[WILQGHWVLFK]%LQEUHYVHQWXQGLQ,F,G,E



6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



'DVbTXLYDOHQWZHOFKHVGLH¿*HVDPWEHUVHW]XQJ¾IUEUHYVHQWELHWHW LQWHUSUHWLHUWWURFKXV ª5HLIHQ© DOVSDUVSURWRWRIUªMHGHVHUODXEWH6SLHO©,Q GHU hEHUWUDJXQJ ZLUG GHU7URSXV JHZLVVHUPD‰HQ XPNHKUW HUEHUQ VFKLPSII ªHKUEDUHV6SLHO© HUVHW]WDOVWRWXPGDV7HLO%UHYVHQWHQWKlOWHLQHSD UDOOHOH .RQVWUXNWLRQ GHV ZXUIIHOV VSLO HUVHW]W DOV *DQ]HV GDV HLQ]HOQH 7HLO DOHDP%UDQWEHKlOWGDVHUVWHSDUVSURWRWRLQGHUhEHUWUDJXQJEHLZREHLHU RIIHQVLFKWOLFK WURFKXV  ª5HLIHQ© PLW WUXQFXV  ª.ORW]© YHUZHFKVHOW 'HU IROJHQGH=XVDW]GDVLVWP\QURWWKDWNHLQH(QWVSUHFKXQJLQGHUODWHLQLVFKHQ 9RUODJH (U HQWKlOW ZHGHU 3Ul]LVLHUXQJHQ GHU 6DW]DXVVDJH QRFK 3OXVLQ IRUPDWLRQHQ VRQGHUQ EHUQLPPW HKHU GLH )XQNWLRQ HLQHV QRWDEHQH =HLFKHQVGHQQGLH)LJXUGHVUDWJHEHQGHQ9DWHUVLVWJHZLVVHUPD‰HQKLQWHU MHGHP6DW]GHU¿'LVWLFKD&DWRQLV¾YLUWXHOOSUlVHQWGHU=XVDW]N|QQWHKLQ WHU MHGHU HLQ]HOQHQ 6HQWHQ] VWHKHQ 6WDWW GHU V\QWDNWLVFKHQ .RQVWUXNWLRQ YRQVLFKYHU]LKHQPLWHLQHP*HQLWLYDWWULEXWZDKUW%UDQWLQGHUhEHUWUDJXQJ YRQDOHDP.DVXVNRQVWDQ](UEHUQLPPWDXVGHU¿*HVDPWEHUVHW]XQJ¾GDV 6XEVWDQWLYVSLOYHUZHQGHWHVLQGHVQLFKWDOVWRWXPSURSDUWHVRQGHUQLQQHU KDOEGHV]XVDPPHQJHVHW]WHQ.RQNUHWXPVVSLOEUHWZHOFKHVPLWGHPHUVWHQ $NNXVDWLYREMHNW ZUIIHO ]X HLQHU =ZLOOLQJVIRUPHO HUZHLWHUW ZLUG =XU )O OXQJGHV9HUVHVVWHKHQYLHUZHLWHUH6LOEHQDXVGLHLQGHU¿*HVDPWEHUVHW ]XQJ¾GDVUHIOH[LYH3UlGLNDWLQ.RPELQDWLRQPLWGHPV\QWDNWLVFKEHUIOV VLJHQ 3HUVRQDOSURQRPHQ GX HLQQLPPW %UDQW IOOW GHQ 6SLHOUDXP GXUFK (LQEHWWXQJ GHV WUDQVLWLYHQ 9HUEV IOLHKHQ LQ GHQ UHGHQVDUWOLFKHQ 9HUJOHLFK ZLH GHQ GRWW IOLHKHQ GHU GLH 6DW]DXVVDJH JHJHQEHU GHU 9RUODJH HPRWLRQDO YHUVWlUNW 'LH3OXVWH[WHOHPHQWHEOHLEHQEHL%UDQWMHZHLOVSUl]LVHDXIHLQHLQ]HO QHV 6\QWDJPD EH]RJHQ XQG ODVVHQ VLFK GHPHQWVSUHFKHQG LQQHUKDOE GHV 9HUVlTXLYDOHQWHVLVROLHUHQZLHDXFKGDVIROJHQGH%HLVSLHOGHPRQVWULHUW 1HFXUHVVLTXLVWDFLWRVHUPRQHORTXDWXU &RQVFLXVLSVHVLELGHVHSXWDWRPQLDGLFL>,@ )  /D‰GLFKP\JHQQLW]XRYLO RELHPDQWKHLPOLFKUHGHQZLOO ZHOFKHUPHQVFKLVWVHOEHUER‰ GHUILUFKWKHLPOLFKDIIWHUNR‰

% $FKWQLWRE\HPDQGKH\POLFKZRUW 5HGP\WH\PDQGHUQKLHYQGGRUW 'DQQZHUVLFKVHOEHUVFKXOGLJZHL‰ 'HUZDHQWPDQVDJHUVWDOGLHJHL‰

'LH ODWHLQLVFKH 6HQWHQ] EHLQKDOWHW GHQ DOOJHPHLQHQ 5DWVFKODJ VLFK QLFKW XP KHLPOLFKHV *HUHGH EHU 3HUVRQHQ ]X NPPHUQ GHQQ QXU GHUMHQLJH GHUVLFKGDUDQEHWHLOLJWPHLQWEHULKQVHOEVWZHUGHHEHQIDOOVKLQWHUYRU JHKDOWHQHU+DQGJHVSURFKHQ'LH¿*HVDPWEHUVHW]XQJ¾ELHWHWNHLQHZ|UW OLFKHhEHUWUDJXQJGHU3KUDVHªYHUVFKZLHJHQH5HGH©VRQGHUQYHUHLQIDFKW GLH 6\QWD[ E]Z KHEW GLH VHPDQWLVFKH 'RSSHOXQJ LQ VHUPRQH ORTXDWXU DXI LQGHP GDV $GMHNWLY WDFLWR DOV $GYHUE KHLPOLFK ]XP 3UlGLNDW JHVWHOOW ZLUG %UDQWEHUQLPPWGDV/H[HPKHLPOLFKDOV$GMHNWLYlTXLYDOHQWIUWDFLWRHUKlOW



&$52/$5('=,&+

LQGHVVRZRKOGLH=ZHLJOLHGULJNHLWGHVODWHLQLVFKHQ6\QWDJPDVDOVDXFKGLH UKHWRULVFKH 4XDOLWlW GHV $XVGUXFNV 'LH ¿*HVDPWEHUVHW]XQJ¾ IOOW GHQ HUVWHQ9HUVPLWGHUhEHUWUDJXQJGHV+DXSWVDW]HVQHFXUHVGHU1HEHQVDW] QLPPWGHQJHVDPWHQ]ZHLWHQ9HUVHLQ%UDQWYHUWHLOWGHQ]XU9HUIJXQJ VWHKHQGHQ5DXPDQGHUV(UYHUNU]WGLHhEHUWUDJXQJGHV+DXSWVDW]HVDXI GDV HUVWH 9HUVYLHUWHO XQG ]LHKW VlPWOLFKH 1HEHQVDW]JOLHGHU DXVVFKOLH‰OLFK GHV3UlGLNDWVHEHQIDOOVQRFKLQGHQHUVWHQ9HUV'HU]ZHLWH9HUVEHJLQQW XQPLWWHOEDUPLWGHP1HEHQVDW]SUlGLNDW%UDQWQXW]WEHLGHUhEHUWUDJXQJ GLHIUHLHQ9DOHQ]HQGHV9HUEVUHGHQ HWZDVPLWMHPDQGHPUHGHQ PLW WHOV GHU (UJlQ]XQJ GHV SUlSRVLWLRQDOHQ $XVGUXFNV PLW H\P DQGHUHQ 'DV HUVWH:RUWGHV]ZHLWHQ+H[DPHWHUVZLUG]XP5HODWLYVDW]HUZHLWHUWZREHL GDVZHUWQHXWUDOHFRQVFLXV ªEHZXVVWPLWZLVVHQG© KLHUZLHDXFKLQGHU¿*H VDPWEHUVHW]XQJ¾QHJDWLYNRQQRWLHUWEHUWUDJHQZLUG LP6LQQHYRQªVLFK VFKXOGLJZLVVHQ© 'HQDQVFKOLH‰HQGHQYRQSXWDWDEKlQJLJHQ$F,UHDOLVLHUW %UDQWGXUFKHLQHQXQSHUV|QOLFKHQ$XVGUXFN'DVQRFKYHUEOHLEHQGH$N NXVDWLYREMHNWRPQLDZLUGQXQGXUFKHLQHIUHLHSDUVSURWRWRhEHUWUDJXQJDP (QGHGHV9HUVHVHUVHW]WZREHLGLH3RVLWLRQLHUXQJGHVbTXLYDOHQWVGLHVHV DXFKRSWLVFKLVROLHUW'LHTXDOLWDWLYZHQLJVSH]LILVFKH$XVVDJHGHV,QGHIL QLWSURQRPHQV RPQLD  ªDOOHV 'HQNEDUH©  ZLUG GXUFK HLQHQ NRQNUHWHQ GH]LGLHUW QHJDWLYHQ (LQ]HOIDOO HUVHW]W HU VWDO GLH JHL‰ 'LH 6DW]DXVVDJH ZLUG GHPQDFK JHJHQEHU GHU 9RUODJH YHUHLQGHXWLJW XQG PLWWHOV HLQHVªDOOWlJOL FKHQ)DOOV©YHUDQVFKDXOLFKW 9, 'LH¿*HVDPWEHUVHW]XQJ¾IROJWVHOWHQJHQDXGHQIRUPDOHQE]ZJUDPPDWL VFKHQ9RUJDEHQGHU9RUODJH6LHELHWHWHKHUhEHUWUDJXQJHQDGVHQVXP6R ZLUG]%,,&RUSRULVDX[LOLXPPHGLFRFRPPLWWHILGHOLGXUFK7KXRHLQHPJHWUX ZHQ DUW]HW NXQGW  ZDQQ GX ZXUGHVW YQJHVXQGW UHDOLVLHUW ,QKDOWOLFK WULIIW GLHV GXUFKDXVGHQ.HUQGHU6HQWHQ]DEHUGHQIRUPDOHQ9RUJDEHQHQWVSULFKW GLH hEHUWUDJXQJ QXU WHLOZHLVH %UDQWV /|VXQJ ELHWHW HLQHQ .RPSURPLVV GHULQKDOWOLFKHZLHIRUPDOH.ULWHULHQJOHLFKHUPD‰HQYHUPLWWHOW'LHKLOIIGHV OLEVPDQOHJHQVRO$QHLQJHWUXZHQDUW]HWZROhEHUHLQ'ULWWHOGHULQGHU¿*H VDPWEHUVHW]XQJ¾ DOV bTXLYDOHQWH JHERWHQHQ 5HLPSDDUH VLQG QLFKW DOV hEHUVHW]XQJHQ LP HQJHUHQ 6LQQH VRQGHUQ HKHU DOV 3DUDSKUDVHQ ]X EH ]HLFKQHQ 'DV IROJHQGH %HLVSLHO DXV GHU SUDHIDWLR ]XP ]ZHLWHQ %XFK PDFKWGHQ8QWHUVFKLHG]X%UDQWV9HUIDKUHQEHVRQGHUVGHXWOLFK 6LURPDQDFXSLVHWSXQLFDQRVFHUHEHOOD /XFDQXPTXHUDVTXLPDUWLVSURHOLDGLFLW>,,SUDHII@ BBBBBBBBBBBBB  9JO]%GLH5HLPYHUVlTXLYDOHQWHYRQ,I,,IXQG

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ

)  ZLOWXDEHUKRUHQPHU ZLHHWZDQGLHURPHU ZLGHULUI\HQGVWULWWHQ VRKH\‰GLUOHVHQELWWHQ /XFDQXPGHUYRQULWWHUVFKDIIW ZROVFKUHLEHWYRQKHOGHVNUDIIW



% 2EGXEHJHUVWZLVVHQ]XR]\W 'HU5RPHUYQG&DUWKDJRVWU\W 6XRFK/XFDQXPGHUVH\WGDUYRQ :LHPDUV]XRVWULWWHQLVWJHZRQ

'LH¿*HVDPWEHUVHW]XQJ¾ELHWHWHLQHIUHLH3DUDSKUDVHPLWHLQHU5HLKH]X VlW]OLFKHU,QIRUPDWLRQHQ'LH]ZHLPDOLJH$XIIRUGHUXQJDQGHQ5H]LSLHQ WHQ]XK|UHQE]ZVLFKYRUOHVHQ]XODVVHQLPSOL]LHUWHLQHQ5H]HSWLRQVNRQ WH[W LQ GHP ODXWHV 9RUOHVHQ IU HLQ OHVHXQNXQGLJHV 3XEOLNXP EOLFK LVW 'LH 9RUODJH VHW]W GDJHJHQ VHOEVWlQGLJHV /HVHQ YRUDXV /XFDQXP TXDHUDV  'LH )RUPXOLHUXQJ URPDQD HW SXQLFD EHOOD GLH PHWRQ\PLVFK IU GLH 3XQL VFKHQ.ULHJHVWHKWZLUGLQGHU¿*HVDPWEHUVHW]XQJ¾YHUDOOJHPHLQHUQGLQ HLQH)RUPXOLHUXQJDXIJHO|VWGLHMHGHQ.ULHJGHU5|PHUJHJHQLKUH)HLQGH XPIDVVW'LHP\WKRORJLVFKH$QVSLHOXQJDXIGHQ.ULHJVJRWWLQPDUWLVSURHOLD ZLUG ]XJXQVWHQ HLQHU )RUPXOLHUXQJ DXIJHJHEHQ GLH 6FKOVVHOZ|UWHU HQW KlOWZHOFKHIUHLQPLWWHODOWHUOLFKHV3XEOLNXPHLQHQ.RQWH[WDXIUXIHQLQ GHP.DPSIXQG.ULHJLQYHUWUDXWHUHU)RUPXQG%LOGOLFKNHLWDOVGHUMHQL JHQGHUJULHFKLVFKHQ0\WKRORJLHEHJHJQHQGHQ.RQWH[WGHUPLWWHOKRFK GHXWVFKHQ(SLNDXVGHPGLH%HJULIIHULWWHUVFKDIIWXQGKHOGHVNUDIIWVWDPPHQ :lKUHQG GLH ¿*HVDPWEHUVHW]XQJ¾ KLHU GDV GHXWVFKH 9HUVlTXLYDOHQW XP ]ZHL9HUVHHUZHLWHUWKlOWVLFK%UDQWDQGLHEOLFKHQ]ZHL9HUVSDDUH6HLQH hEHUWUDJXQJ EOHLEW JDQ] GHP YRUJHJHEHQHQ 5HJLVWHU YHUSIOLFKWHW 'LH $GMHNWLYH URPDQD XQG SXQLFD ZHUGHQ DOV *HQLWLYDWWULEXWH ]X EHOOD EHUWUD JHQ ZREHL &DUWKDJR PHWRQ\PLVFK DOV SULPlUHU 6FKDXSODW] GHU SXQLVFKHQ .ULHJHHLQJHVHW]WZLUG(EHQIDOOVHUKDOWHQEOHLEWGLH3HUVRQLIL]LHUXQJGHV .ULHJHVLQ*HVWDOWGHV*RWWHV0DUV :HLWHU DOV ELVKHU JH]HLJW HQWIHUQW VLFK %UDQW YRQ GHU 9RUODJH ZHQQ HLQH DP :RUW RULHQWLHUWH hEHUWUDJXQJ QXU DXI .RVWHQ HLQHU VLQQYROOHQ 6DW]DXVVDJHP|JOLFKZlUH'DVVHUGDEHLDXFK.RPSURPLVVHHLQ]XJHKHQ EHUHLW LVW ZXUGH EHUHLWV HUOlXWHUW 2E HLQH Z|UWOLFKH hEHUWUDJXQJ LP MH VSH]LILVFKHQ)DOOVLQQYROOLVWRGHUQLFKWZLUG]XGHPQDFK0D‰VWlEHQHQW VFKLHGHQGLHYRP]HLWJHQ|VVLVFKHQ%HNDQQWKHLWVJUDGHLQ]HOQHU5HGHZHQ GXQJHQEHVWLPPWVLQG 5HPWLELTXDPQRVFLVDSWDPGLPLWWHUHQROL )URQWHFDSLOODWDSRVWKRFRFFDVLRFDOYDHVW>,,@ )  (LQGLQJGDVGLUHEHQLVW GDVOD‰YRQGLU]XRNHLQHUIULVW *OXFNRIIWHLQHP]XRVWDW GDVLQGRFKGDUQDFKYHUODW

% 9HUOR‰GDVGLQJ]XRGKHLQHUIU\VW 'DVGXZH\VWGDVGLUHEHQLVW 'DQJHOHJHQKHLWPLWORHFNHQYLO :XUWGDUQRFKRIIWNDOYQGHUZLOO



&$52/$5('=,&+

'LH¿*HVDPWEHUVHW]XQJ¾YHUHLQIDFKWGLHODWHLQLVFKH6\QWD[LQGHPVLHGDV 6\QWDJPD TXDP QRVFLV XQEHUVHW]W OlVVW GHQ GHXWVFKHQ 5HODWLYVDW] GHP QDFK QXU DXV GHP DWWULEXWLYHQ 3DUWL]LS DSWDP ELOGHW %UDQW IOOW LQ VHLQHU hEHUVHW]XQJ GLH HU VRQVW QDKH]X Z|UWOLFK EHUQLPPW GLH 1XOOVWHOOH GXUFKGLH3KUDVHGDVGXZH\VWDX‰HUGHPYHUWDXVFKWHUGLH5HLKHQIROJHGHU HUVWHQ EHLGHQ 9HUVH 'HU ]ZHLWH +H[DPHWHU WUDQVSRUWLHUW VHLQH $XVVDJH PHWDSKRULVFK(LQHZ|UWOLFKHhEHUVHW]XQJZLHVLH%UDQWKLHULPGHPRQ VWUDWLYHQ*HJHQVDW]]XUIUHLHQ3DUDSKUDVHGHU¿*HVDPWEHUVHW]XQJ¾ELHWHW VFKHLQWZHQLJ6LQQ]XHUJHEHQ Z|UWOLFKª'LHJQVWLJH*HOHJHQKHLWWUlJW DQGHU6WLUQ>]XHUVW@+DDUXQGLVWDP+LQWHUNRSI>VSlWHU@NDKO© 'HU7\S EHJHJQHWMHGRFKPLWHLQHUJHZLVVHQ5HJHOPl‰LJNHLWLQlOWHUHQhEHUVHW]XQ JHQ GHU ¿'LVWLFKD &DWRQLV¾ GLH GHPQDFK RIIHQVLFKWOLFKWUDGLWLRQVELOGHQGH :LUNXQJ]HLJHQLQGHPVLHHLQHODWHLQLVFKH6HQWHQ]LQGLUHNWHU/HKQEHU VHW]XQJ]XPLQGHVWLQGHUVFKULIWVSUDFKOLFKHQhEHUOLHIHUXQJDOVGHXWVFKHV 6SULFKZRUWHWDEOLHUHQ (LQHZ|UWOLFKHhEHUVHW]XQJLVWYRUDOOHPGDQQZHQLJVLQQYROOZHQQ GLH ODWHLQLVFKH 9RUODJH 6DW]DXVVDJHQ EHU )RUPHQ GHV XQHLJHQWOLFKHQ 6SUHFKHQV UHDOLVLHUW GK EHU UKHWRULVFKH )LJXUHQ XQG 7URSHQ E]Z ZHQQGLHODWHLQLVFKHQ6HQWHQ]HQHLQHQVSULFKZ|UWOLFKHQ&KDUDNWHUDXIZHL VHQ GHU QXU LQ GHU $XVJDQJVVSUDFKH ªIXQNWLRQLHUW© 'LH hEHUWUDJXQJ ODWHLQLVFKHU 0HWDSKHUQ HU|IIQHW DOOHUGLQJV DXFK 0|JOLFKNHLWHQ PLW YHU VFKLHGHQHQ %HGHXWXQJVHEHQHQ ]X VSLHOHQ *HUDGH GLH Z|UWOLFKH hEHUWUD JXQJ HLQHU 0HWDSKHU E]Z GDV ,JQRULHUHQ GHU PHWDSKRULVFKHQ 6SUHFK ZHLVHNDQQLQGHU=LHOVSUDFKHHLQHJlQ]OLFKYHUVFKLHGHQH$XVVDJHSURGX ]LHUHQ 4XRGWLELVRUVGHGHULWWDEXOLVVXSUHPDQRWDWR $XJHQGRLGVHUYDQHVLVTXHPIDPDORTXDWXU>,,,@ BBBBBBBBBBBBB  9JO 7KHVDXUXV 3URYHUELRUXP 0HGLL $HYL /H[LNRQ GHU 6SULFKZ|UWHU GHV URPDQLVFK JHUPDQLVFKHQ 0LWWHODOWHUV %HJUQGHW YRQ 6$08(/ 6,1*(5 +J YRP .XUDWRULXP 6LQJHU GHU 6FKZHL]HULVFKHQ $NDGHPLH GHU *HLVWHV XQG 6R]LDOZLVVHQVFKDIWHQ %HUOLQ 1HZ QDFKVWHKHQG]LWLHUWDOV730$@%G  6XQG%G  6 'LH6HQWHQ]ZLUGZLHGLH%HLVSLHOH]HLJHQRIWDXFKLPYRONVVSUDFKLJHQ.RQWH[WODWHL QLVFK ]LWLHUW 'LH DQJHIKUWHQ %HLVSLHOH IU Z|UWOLFKH hEHUWUDJXQJ VWDPPHQ VlPWOLFK DXV GHP %HUHLFK GHU ¿&DWR¾hEHUVHW]XQJHQ RVWPLWWHOGHXWVFKH XQG QLHGHUGHXWVFKH hEHUVHW ]XQJ   ,QHLQLJHQ)lOOHQZLUGGLH%LOGOLFKNHLWGHU9RUODJHLQDQGHUHV\QWDNWLVFKH=XVDPPHQKlQJH EHUWUDJHQYRUDOOHPGDQQZHQQLP'HXWVFKHQlKQOLFKH5HGHZHQGXQJHQXQG6HQWHQ]HQ JHEUlXFKOLFKVLQGVR]%,9'LPLVVRVDQLPRHWWDFLWRVYLWDUHPHPHQWR4XRGIOXPHQHVWSODFL GXP %UDQWSODFLWXP IRUVDQODWHWDOWLRUXQGD'LH¿*HVDPWEHUVHW]XQJ¾ELHWHW0HLGHLQYQJHPXWHQ PDQGHUWUXUHWYQGVFKZLJHQNDQQ6WLOOHZDVVHUKDEHQGLHIIHQJUXQWVSULFKWPDQ]XRDOOHUVWXQW 'HUUHGHQVDUWOLFKH&KDUDNWHUGHU6HQWHQ]ZLUGGXUFKGHQ=XVDW]VSULFKWPDQ]XDOOHUVWXQWEH WRQWYJO730$>ZLH$QP@%G  6%UDQWPDFKWGDUDXV*HGHQFN]XR IOLHKHQDOOHIULVW'HQVWLOOHQGHUVZDHUPXRWLJLVW:HOFKVZDVVHUVHQIIWLVWKDWJDURIIW(\QWLHIIHUQ JUXQGGDQQPDQYHUKRIIW

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ

)  6LFKLQGLQHPKHUW]HQHEHQ ZDVGLUJOXFNKDWJHJHEHQ %HKDOWYQGPHUGLQHQKRUW GDVGXQLWNRPPHVWLQHLQZRUW



% 6FKULEDQGLQWRIHOYQGKDEDFKW :DVGLQOHWVWJOFNGLUKDE]XREUDFKW 'DVVHOEPHUYQGEHKDOWGLQWDHVFK GDVPDQGDVPXOQLWPLWGLUZDHVFK

'LH )RUPXOLHUXQJ WDEXOLV QRWDWR ªVROOVW GX DXI 7DIHOQ VFKUHLEHQ©  ZLUG LQ GHU ¿*HVDPWEHUVHW]XQJ¾ DOV 0HWDSKHU DXIJHIDVVW LP 6LQQH YRQ ªEHKDOWH LP*HGlFKWQLV© XQGGXUFKHLQHVLQQJHPl‰H3DUDSKUDVHHUVHW]WGLHKHUW] PHWDSKRULVFK DOV 2UW GHU (ULQQHUXQJ DQ GDV LP /HEHQ HUIDKUHQH *XWH YHUZHQGHW,QGHQIROJHQGHQEHLGHQ9HUVHQZLUGGXUFKGLH9RUJDEHGHV ]ZHLWHQ+H[DPHWHUVGDV*XWQXQHLQGHXWLJPDWHULHOOGHILQLHUWVRGDVVLQ GHUhEHUWUDJXQJGHU$QVFKOXVVDQGLHPHWDSKRULVFKH(EHQHQLFKWJHOLQJW %UDQW EHUVHW]W GLH 3KUDVH GDJHJHQ Z|UWOLFK ZRGXUFK GLH 6DW]DXVVDJH HLQHQY|OOLJDQGHUHQ6FKZHUSXQNWHUKlOW ª6FKUHLEGLUDXIZLHYLHOGLUGHLQ OHW]WHU9HUGLHQVWHLQJHEUDFKWKDWXQGDUEHLWHGDPLW© 6RUVZLUGKLHULQGHU %HGHXWXQJ ª$QWHLO (UEWHLO %HVLW]© YHUVWDQGHQ GDV JHZlKOWH bTXLYDOHQW JOFNKLHUGHPQDFKLP*HJHQVDW]]XU¿*HVDPWEHUVHW]XQJ¾YRQYRUQKHU HLQ DOV 0HWDSKHU IU PDWHULHOOHV *XW YHUZHQGHW VR GDVV LKP DXFK HLQH VLQQYROOH LQKDOWOLFKH 9HUNQSIXQJ GHU EHLGHQ5HLPSDDUH JHOLQJW 'LH DE VFKOLH‰HQGH %HJUQGXQJ IU GLH 9RUWHLOH GHU 9HUPHKUXQJ PDWHULHOOHQ *XWHVQHVLVTXHPIDPDORTXDWXUKDWLQHWZDGLH%HGHXWXQJªGDPLWNHLQ*H UHGHEHUGLFKHQWVWHKW©,PFKULVWOLFKPRUDOLVFKHQ.RQWH[WYHUOLHUWGLHVH %HJUQGXQJ LKUH 6FKlUIH GD GLH 9HUQDFKOlVVLJXQJ LUGLVFKHQ %HVLW]HV DQ VLFK NHLQH 6QGH GDUVWHOOW XQG GHPQDFK DXFK NHLQHQ $QODVV IU *HUHGH JLEW :lKUHQG GLH ¿*HVDPWEHUVHW]XQJ¾ GLH %HJUQGXQJ VLQQJHPl‰ ZLH GHUJLEW YHUZHQGHW %UDQW VWDWW HLQHU Z|UWOLFKHQ hEHUWUDJXQJ HLQH YRONV VSUDFKLJH 5HGHZHQGXQJ GLH JHZLVVHUPD‰HQ HLQHQ GRSSHOWHQ %RGHQ KDW 6LHZHFNWDXIGHUOH[LNDOLVFKHQ(EHQH$VVR]LDWLRQHQ]XYHUZDQGWHQXP JDQJVVSUDFKOLFKHQ )RUPXOLHUXQJHQ ZLH ªVLFK GDV 0DXO ]HUUHL‰HQ© WUDQV SRUWLHUWMHGRFKHLQH]XVlW]OLFKHYRQGHU$XVVDJHGHUODWHLQLVFKHQ6HQWHQ] DEZHLFKHQGHSUDJPDWLVFKDXVJHULFKWHWH6FKOXVVIROJHUXQJPLWGHU%HGHX WXQJªGDPLWGXDP(QGHQLFKWOHHUDXVJHKVW©

BBBBBBBBBBBBB  9JO ]X GHQ YHUVFKLHGHQHQ 9HUZHQGXQJVZHLVHQ YRQ ªGDV 0DXO ZLVFKHQ© 730$ >ZLH $QP@%G  6(LQlKQOLFKHV9RUJHKHQYHUPLWWHOWDXFKGLH3RLQWHYRQ ,,,HWIUXVWUDWHPSWDWDUHOLQTXDV6WDWWZ|UWOLFKHUhEHUWUDJXQJ ªGXPX‰WGDV9HUVXFKWHYHU JHEOLFKVHLQODVVHQ© HUVHW]W%UDQWGLH6FKOXVVIROJHUXQJGXUFKGLHJHOlXILJH5HGHZHQGXQJ YQGPXHVWGHQVSRW]XPVFKDGHQKDQYJO730$>ZLH$QP@%G  6(LQH VSULFKZ|UWOLFKH /|VXQJ ELHWHW %UDQW DXFK ]X ,7XUSH HVW GRFWRUL FXP FXOSD UHGDUJXLW LSVXP %UDQW(VVWDWGHPOHUHUDQVFKDHQWOLFK:DQPDQVSULFKWDUW]WKHLOVHOEHUGLFK9JODXFK,9 ,QGXOJHUHJXODHQROLTXHYHQWULVDPLFDHVW%UDQW6RZRHOOHVWIUDHVVHUH\HQWSHUQ(\QYROOHUEXFKGHUEXR OHWJHUQ



&$52/$5('=,&+

9,, 'HU9HUJOHLFKYRQ6HEDVWLDQ%UDQWV9HUVEHUWUDJXQJGHU¿'LVWLFKD&DWR QLV¾PLWGHUlOWHUHQJHGUXFNWHQ¿*HVDPWEHUVHW]XQJ¾DP%HLVSLHOGHU%DVH OHU$XVJDEH0LFKDHO)XUWHUV XP NRQQWHGHXWOLFKPDFKHQZRXQG LQZHOFKHU:HLVH%UDQWPLWVHLQHU$XVJDEHDQGLH7UDGLWLRQGHULP'UXFN YHUEUHLWHWHQlOWHUHQ¿*HVDPWEHUVHW]XQJ¾DQNQSIWXQGZRHUHLJHQH:H JH JHKW %UDQW JHKW HV YRU DOOHP XP GLH +HUVWHOOXQJ IRUPDOVWUXNWXUHOOHU ZLH LQKDOWOLFKVHPDQWLVFKHU bTXLYDOHQ] ]XU ODWHLQLVFKHQ 9RUODJH 9RUJH IKUW ZXUGHQ YHUVFKLHGHQH 9HUIDKUHQVZHLVHQ PLW +LOIH GHUHU %UDQW YRQ GHU ¿*HVDPWEHUVHW]XQJ¾ YRUJHJHEHQH bTXLYDOHQWH SUl]LVLHUW YHUHLQGHX WLJWUK\WKPLVFKJOlWWHWXQGHQJHUDQGLHV\QWDNWLVFKHQ9RUJDEHQGHU9RU ODJH DQVFKOLH‰W =LHO GLHVHU%HDUEHLWXQJ LVW HV GLH LQ HLQHU DXI 9HUJOHLFK EDUNHLW DQJHOHJWHQ ]ZHLVSUDFKLJHQ 6FKXOWH[WDXVJDEH GHP =ZHFN QXU XQ ]XUHLFKHQGJHUHFKWZHUGHQGHQ)UHLKHLWHQGHUlOWHUHQ¿*HVDPWEHUVHW]XQJ¾ JHJHQEHU GHU 9RUODJH ]X EHVHLWLJHQ 'LH ¿*HVDPWEHUVHW]XQJ¾ ELHWHW EHUZLHJHQG IOFKWLJ DP,QKDOW GHU+H[DPHWHU RULHQWLHUWH 9HUVSDUDSKUD VHQ MHGRFK NHLQH DGlTXDWHQ hEHUVHW]XQJVJOHLFKXQJHQ XQG GLHVH KHU]X VWHOOHQLVW%UDQWVSULPlUHV$QOLHJHQ.RQVHTXHQWLVWHUYRUDOOHPEHLGHU P|JOLFKVW YROOVWlQGLJHQ 5HDOLVLHUXQJ GHU V\QWDNWLVFKHQ (LQKHLWHQ 6HLQH hEHUVHW]XQJ PDFKW GLH JUDPPDWLVFKHQ 6WUXNWXUHQ GHU 9RUODJH WUDQVSD UHQW RKQH HLQH VLQQYROOH XQG EHUZLHJHQG DXFK VLQQJHPl‰H )RUPXOLH UXQJ GHU GHXWVFKHQ bTXLYDOHQWH DXI]XJHEHQ %UDQW QXW]W GDEHL GHQ ]XU 9HUIJXQJ VWHKHQGHQ 6SLHOUDXP YRQ DFKW 6LOEHQ SUR 9HUV RSWLPDO DXV $XVJHVSURFKHQ KlXILJ YHUZHQGHW HU ]XU )OOXQJ YHUEOHLEHQGHU 6LOEHQ VRZLH]XUVHPDQWLVFKHQ3Ul]LVLHUXQJNRQQRWDWLYH$GYHUELHQXQGSUlSRVL WLRQDOH %HVWLPPXQJHQ PLW PRGDOHU RGHU WHPSRUDOHU %HGHXWXQJVNRPSR QHQWHGLHIOH[LEHOLQGLHV\QWDNWLVFKH*UXQGVWUXNWXUHLQ]XIJHQVLQG$XI WH[WIUHPGH(UJlQ]XQJHQE]ZDXI3OXVWH[WGHUQLFKWDXVGHPXQPLWWHOED UHQ %HGHXWXQJVXPIDQJ HLQ]HOQHU 6\QWDJPHQ GHU 9RUODJH DEJHOHLWHW ZHU GHQNDQQYHU]LFKWHWHUGDJHJHQZHLWJHKHQG'HUVHPDQWLVFKHhEHUVFKXVV GHQ%UDQWV9HUVlTXLYDOHQWHKlXILJDXIZHLVHQZLUGWHQGHQ]LHOOEHUYDULLH UHQGH :LHGHUKROXQJHQ LQ )RUP YRQ 'RSSHOEHUVHW]XQJHQ VRZLH EHU UKHWRULVFKH )LJXUHQ DXV GHP %HUHLFKGHU :RUWKlXIXQJ ZLH =ZLOOLQJVIRU PHOQ7DXWRORJLHQXQGDQGHUH)RUPHQGHU6\QRQ\PLH]XUSUl]LVLHUHQGHQ ([SOL]LHUXQJ SRWHQWLHOOHU %HGHXWXQJVVSLHOUlXPH ODWHLQLVFKHU /H[HPH HU ]HXJWZlKUHQGGLH¿*HVDPWEHUVHW]XQJ¾KlXILJYRUODJHQXQDEKlQJLJH=X VlW]H ELHWHW %UDQW EOHLEW PLW VHLQHU hEHUWUDJXQJ GHU 'LVWLFKHQ EHUZLH JHQGLPVHOEHQ5HJLVWHUGKVHLQHbTXLYDOHQWHVLQGJHJHQEHUGHU¿*H VDPWEHUVHW]XQJ¾ ªODWHLQLVFKHU© VLH ZHUGHQ GHU 9RUODJH VRZRKO LQ JUDP PDWLVFKHUDOVDXFKLQVWLOLVWLVFKHUE]ZUKHWRULVFKHU+LQVLFKWJHUHFKW'DU EHUKLQDXV]HLFKQHQVLHVLFKGXUFKHLQHQSHUV|QOLFKHUHQHPRWLRQDOLVLHU

6HEDVWLDQ%UDQWV$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ



WHQ 6WLO DXV GHU GHQ $XVVDJHQ GHU HLQ]HOQHQ 6HQWHQ]HQ DXFK JHJHQEHU GHU ODWHLQLVFKHQ 9RUODJH ]XVlW]OLFKHV *HZLFKW VRZLH HLQH HUK|KWH (LQ GULQJOLFKNHLW YHUOHLKW ,QVJHVDPW HQWVWHKW VR HLQ ]ZHLVSUDFKLJHV 7H[WHQ VHPEOHGHVVHQHLQ]HOQH3DVVDJHQIRUPDOZLHLQKDOWOLFKSUl]LVHLQHLQDQGHU JUHLIHQ 1HX JHJHQEHU GHQ YRUJlQJLJHQ ]ZHLVSUDFKLJHQ 'UXFNDXVJDEHQ LVWGDVJDQ]DXI6HEDVWLDQ%UDQWDOV$XWRUXQGhEHUVHW]HU]XJHVFKQLWWHQH .RQ]HSW GHU 7H[WSUlVHQWDWLRQ ZHOFKHV GLH $XWRULWlW GHV ¿&DWR¾ LQVHLQHU )XQNWLRQDOVSlGDJRJLVFKHV,QVWUXPHQWGXUFKGLH$XWRULWlWGHV]HLWJHQ|V VLVFKHQ/HKUHUVXQWHUVWW]WXQGEHVWlWLJW=LHOXQG)XQNWLRQGHU$XVJDEH LVWZLHEHLDOOHQDQGHUHQ]ZHLVSUDFKLJHQ¿&DWR¾$XVJDEHQGLH9HUPLWWOXQJ YRQ WHLOV SUDJPDWLVFK WHLOV PRUDOLVFKHWKLVFK RULHQWLHUWHU /HEHQVKLOIH GXUFKGLHYHUJOHLFKHQGH'LIIHUHQ]HQXQG*HPHLQVDPNHLWHQDXIGHFNHQGH XQG LQ GLHVHU +LQVLFKW 6SUDFK XQG *UDPPDWLNNHQQWQLVVH VRZLH PRUDOL VFKHV ª)LQJHUVSLW]HQJHIKO© I|UGHUQGH 5H]HSWLRQ GHV 7H[WHV 'LH DXIJH ]HLJWHQ 9HUIDKUHQ GHU 7H[WUHSURGXNWLRQ HUK|KHQ GDEHL QLFKW ]XOHW]W GLH RSWLPDOH 0HPRULHUEDUNHLW GLH GHP GHXWVFKHQ 3DDUYHUV LP .RQWH[W YRQ 6FKXOEHUVHW]XQJHQLPPHUZLHGHUEHVFKHLQLJWZLUG 0LW GHU (GLWLRQ XQG hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ ZlKOW %UDQW HLQHQ 7H[W GHU DOV3URWRW\S GHV PLWWHODOWHUOLFKHQ 6FKXOWH[WHVVFKOHFKWKLQ *HOWXQJEHDQVSUXFKHQNDQQGHVVHQ9HUEUHLWXQJXQG9HUIJEDUNHLWODQJ IULVWLJJHVLFKHUWLVWXQGPLWGHPMHGHUJHELOGHWH=HLWJHQRVVH%UDQWVDXIGLH HLQHRGHUDQGHUH$UWYHUWUDXWJHZHVHQVHLQGUIWH0HKUDOVDQGHUHQ7H[ WHQDXVGHP%HUHLFKYRQ6FKXOHXQG%LOGXQJGLH%UDQWPLWhEHUVHW]XQJ KHUDXVJLEW NRPPW GHQ ¿'LVWLFKD &DWRQLV¾ HLQH SURJUDPPDWLVFKH %HGHX WXQJLQQHUKDOEVHLQHV:HUNHV]XGLHLQJHZLVVHU:HLVHPLWGHU+HUDXVJD EH GHU ODWHLQLVFKHQ 9XOJDWD YHUJOHLFKEDU LVW XQG HLQ JHQHUHOOHV $QOLHJHQ %UDQWVUHSUlVHQWLHUWGLH$XIUHFKWHUKDOWXQJE]Z:LHGHUKHUVWHOOXQJDOWKHU JHEUDFKWHU HWDEOLHUWHU XQG WUDGLWLRQHOO IU JXW EHIXQGHQHU 0RGHOOH YRQ 3lGDJRJLN XQG 'LGDNWLNGXUFK GLH %HUHLWVWHOOXQJ GHV GD]X Q|WLJHQ 7H[W PDWHULDOV YRU GHP +LQWHUJUXQG HLQHV FKULVWOLFKHQ 0RUDO XQG :HUWHND QRQV:LHJH]HLJWYHUPLWWHOWVLFKGLHVHV$QOLHJHQEHUGLHGHPRQVWUDWLYH $QNQSIXQJDQWUDGLWLRQHOOH7H[WSUlVHQWDWLRQVIRUPHQGHU¿'LVWLFKD&DWR QLV¾VRZLHGXUFKGHQDXIYHUVFKLHGHQH$UWHQKHUJHVWHOOWHQ%H]XJ]XUXQ PLWWHOEDU YRUJlQJLJHQ 'UXFNWUDGLWLRQ %UDQWV %HPHUNXQJ EHU GHQ &DWR PXWLOXVHWPDQFXVLQGHQ6FKOXVVYHUVHQLVWYRUGLHVHP+LQWHUJUXQG]XYHU VWHKHQ 'DVV KLHU EHU HLQHQ GHU SURPLQHQWHVWHQ 7H[WH GHV 0LWWHODOWHUV JHVDJWZLUGHVKDEHHUVWVHLQHU%UDQWV+HLONXQVWEHGXUIWGLHVHQZLHGHU KHU]XVWHOOHQ VSULFKW IU HLQ JHVXQGHV 6HOEVWEHZXVVWVHLQ GHV $XWRUV =X EHZHUWHQLVWGLHVH$XVVDJHLQGHVQXULP=XVDPPHQKDQJPLWGHU5ROOHGLH %UDQWKLHUHLQQLPPW(VLVWGDV6HOEVWEHZXVVWVHLQGHVVSlWPLWWHODOWHUOLFKHQ GRFWXVGHUVLFKVHLQHU9HUDQWZRUWXQJDOV%HZDKUHUYRQ:LVVHQXQG:HLV KHLWLQHLQHUYRQ8QRUGQXQJEHGURKWHQ*HVHOOVFKDIWEHZXVVWXQGVHLQHQ



&$52/$5('=,&+

7HLO ]XU 2UGQXQJ EHL]XWUDJHQ HQWVFKORVVHQ LVW 1LFKW ]XOHW]W HULQQHUW GLHVH$XVVDJHDQGLH0DUWLQ/XWKHU]XJHVFKULHEHQH3ROHPLNEHUGLHXQ WHUGHU%DQNLP6WDXEOLHJHQGHGHXWVFKH%LEHO+LHUZLHGRUWJHKWHVXP GLHEHZXVVWSURYRNDQWH/HQNXQJGHU$XIPHUNVDPNHLWGHV5H]LSLHQWHQDXI HLQH DXV GHQ )XJHQ JHUDWHQH JHVHOOVFKDIWOLFKH 2UGQXQJ XP HLQHQ =X VWDQGGHUVLFKDXIGHUWH[WSKLORORJLVFKHQ(EHQHVSLHJHOW'LH:LHGHUKHU VWHOOXQJ GLHVHU 2UGQXQJ EHJUHLIW ]XPLQGHVW %UDQW DOV HLQHQ 'LHQVW DP HWDEOLHUWHQ JRWWJHZROOWHQ 6\VWHP 6HOEVWEHZXVVWVHLQ PDQLIHVWLHUW VLFK EHL 6HEDVWLDQ %UDQW OHW]WOLFK YRU DOOHP DOV .RPSHWHQ] XQG 0LWZLUNXQJVDQ VSUXFK DP VSlWPLWWHODOWHUOLFKHQ 6FKXO XQG %LOGXQJVV\VWHP XQG PLW GHU hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ LVW HU GLHVHP $QVSUXFK GXUFKDXV JH UHFKWJHZRUGHQ  

BBBBBBBBBBBBB  9JO]XGLHVHP.RQWH[W-$1',5. 0h//(53RHW3URSKHW3ROLWLNHU6HEDVWLDQ%UDQWDOV 3XEOL]LVWXQGGLH5ROOHGHUODLNDOHQ,QWHOOLJHQ]XP,Q/L/L=VIU/LWHUDWXUZLVVHQ VFKDIWXQG/LQJXLVWLN  +HIW6EHVRQGHUV6  9JO]X/XWKHUV3ROHPLNJHJHQVSlWPLWWHODOWHUOLFKH%LEHOEHUVHW]XQJHQXQGLKUHU:LUNXQJ +(,02 5(,1,7=(5%LEOLDGHXWVFK/XWKHUV%LEHOEHUVHW]XQJXQGLKUH7UDGLWLRQ:ROIHQ EWWHO+DPEXUJ $XVVWHOOXQJVNDWDORJHGHU+HU]RJ$XJXVW%LEOLRWKHN 6



9É&/$9%2. =XHLQHUWVFKHFKLVFKHQhEHUVHW]XQJGHU ¿'LVWLFKD&DWRQLV¾DXVGHP-DKUH =XHLQ HUWV FKHFKLVFKHQh EHUVHW]X QJGHU¿'LVWL FKD&DWRQLV¾DXV GHP-DKUH

$Q GHU DOOJHPHLQHQ %HOLHEWKHLW GHU VLFK GLH ¿'LVWLFKD &DWRQLV¾ VHLW GHP IUKHQ 0LWWHODOWHU LP JDQ]HQ ODWHLQLVFKHQ (XURSD HUIUHXWHQ EHJDQQ VLFK DXFK%|KPHQEDOGQDFKGHP(LQVHW]HQGHU6FKULIWNXOWXULQGLHVHP/DQG ]XEHWHLOLJHQ'LHlOWHVWH6SXUHLQHU.HQQWQLVGHU¿'LVWLFKD&DWRQLV¾VLQG ]ZHL =LWDWH GDUDXV LP HUVWHQ E|KPLVFKHQ *HVFKLFKWVZHUN LQ GHU YRQ .RVPDV ‚ GHP 'HFKDQW GHV 3UDJHU 'RPNDSLWHOV ]X 6W9HLW YHU IDVVWHQ ¿&KURQLFD %RKHPRUXP¾ $XFK LQ GHU (QGH GHU HU -DKUH GHV -DKUKXQGHUWV YROOHQGHWHQ ¿&KURQLFD $XODH 5HJLDH¾ 3HWHUV YRQ =LWWDX ZLUGHLQ'LVWLFKRQ]LWLHUW,PXQG-DKUKXQGHUWJHK|UWHQGLH¿'LVWL FKD &DWRQLV¾ DXFK LQ %|KPHQ ]XU JHOlXILJHQ 6FKXOOHNWUH =LWDWH GDUDXV HUVFKHLQHQ LQ YHUVFKLHGHQHQ 6FKULIWHQ EHVRQGHUV KlXILJ DQ GHU :HQGH YRP]XP-DKUKXQGHUWLQGHUVSUXQJKDIWDQVWHLJHQGHQ3URGXNWLRQ YRQ ODWHLQLVFKHQ ZLVVHQVFKDIWOLFKHQ :HUNHQ LP =XVDPPHQKDQJ PLW GHQ SKLORVRSKLVFKHQ XQG NLUFKHQUHIRUPDWRULVFKHQ $XVHLQDQGHUVHW]XQJHQ DQ GHU3UDJHU8QLYHUVLWlWXQGLQLKUHP8PNUHLV6RYHUZHQGHWHQXDDXFK BBBBBBBBBBBBB  -$19129É.þHVNpSőHNODG\W]Y&DWRQRYëFKGYRMYHUät>7VFKHFKLVFKHhEHUVHW]XQJHQ GHUVRJHQDQQWHQ¿'LVWLFKD&DWRQLV¾@,Q/LVW\ILORORJLFNp  6HUZlKQWLQ GLHVHP=XVDPPHQKDQJ.RVPDV·6FKXOELOGXQJLQ/WWLFKKLHU69JODXFK/$',6/$9 9$5&/>XD@$QWLNDDÿHVNiNXOWXUD>$QWLNHXQGWVFKHFKLVFKH.XOWXU@3UDKD6  6HLQHU9RUOLHEHHQWVSUHFKHQGGLH3URVDHU]lKOXQJLQGHU&KURQLNGXUFKHLJHQHRGHUEHU QRPPHQH9HUVHPHLVWHQVOHRQLQLVFKH+H[DPHWHUKHUYRU]XKHEHQRGHUNQVWOHULVFK]XXQ WHUPDOHQEHVFKOLH‰WGHU9HUIDVVHUGDV.DSLWHO,EHUHLQHQE|VHQ7UDXP.|QLJ:HQ ]HOV,,PLWHLQHP+LQZHLVDXI&DWRXQGGHU²DOOHUGLQJVQXUDP$QIDQJDQGHQ:RUWODXW VHLQHU 9RUODJH DQJHOHKQWHQ ² :LHGHUJDEH GHV 'LVWLFKRQV ,, >«@ KHF WDPHQ PDOD GLYLQD SUHYHQLHQWHLSVXPJUDFLDQRQJXVWDYLWHWOLFHW&DWRGLFLW6RPSQLDQHFXUHVWDPHQKRFWLELGLFRGLXUHV 1XOODPDQHWVWDELOLVIHOLFLVWDWXTXLQHLOLV(WPDODVRUVYHQLDW>«@YJO&KURQLFRQ$XODH5HJLDH .URQLND=EUDVODYVNi+JYRQ-26()(0/(53UDKD )RQWHV5HUXP%RKHPLFDUXP  6'LH9HUV]lKOXQJGHVODWHLQLVFKHQ7H[WHVGHU¿'LVWLFKD&DWRQLV¾KLHUXQGLP)ROJHQ GHQ QDFK 'LVWLFKD &DWRQLV 5HFHQVXLW HW DSSDUDWX FULWLFR LQVWUX[LW 0 $5&86 %2$6 2SXV SRVW 0DUFL %RDV PRUWHP HGHQGXP FXUDYLW +(15,&86 -2+$11(6 %276&+8ZLH$QP@666XQG6



9É&/$9%2.

-RKDQQHV +XV VRZLH VHLQH *HJQHU LQ LKUHQ :HUNHQ SDVVHQGH =LWDWH DXV GHQ¿'LVWLFKD&DWRQLV¾ 'DVlOWHVWH%HLVSLHOGHU5H]HSWLRQGHU¿'LVWLFKD&DWRQLV¾LQWVFKHFKL VFKHU6SUDFKHILQGHWVLFKLQGHU5HLPFKURQLNGHVVRJHQDQQWHQ'DOLPLOGLH NXU]QDFKYHUIDVVWZXUGH%HPHUNHQVZHUWLVWGDVVGLH)RUPXOLHUXQJ GHV'LVWLFKRQVLQGHU&KURQLNGHULQGHUHUVWHQYROOVWlQGLJHQDOWWVFKHFKL VFKHQhEHUVHW]XQJGHU¿'LVWLFKD&DWRQLV¾QDKHVWHKW'LHVHDQRQ\PHDOW WVFKHFKLVFKHhEHUVHW]XQJZLUGPHLVWHQVLQGLH0LWWHGHV-DKUKXQGHUWV JHVHW]W REZRKO HLQLJH )RUVFKHU HEHQ ZHJHQ GHV =LWDWV LQ GHU ¿'DOLPLO &KURQLN¾ GHU 0HLQXQJ VLQG GDVV GLHVH hEHUVHW]XQJ EHUHLWV (QGH GHV -DKUKXQGHUWVHQWVWDQGHQVHL'LHDOWWVFKHFKLVFKH5HLPEHUVHW]XQJGHU ¿'LVWLFKD &DWRQLV¾ ZXUGH  YRQ 3$7(5$ DQKDQG YRQ VHFKV +DQG VFKULIWHQKHUDXVJHJHEHQGHUHQ/HVDUWHQVHKU]DKOUHLFKVLQGXQGYRQGHU 9HUEUHLWXQJ GHV :HUNHV =HXJQLV DEOHJHQ 'HU DQRQ\PH hEHUVHW]HU JDE GLH 'LVWLFKHQ PHLVWHQV PLW VHFKV DFKWVLOELJHQ 9HUVHQ ZLHGHU 'DV :HUN JLOWDOVGLHlOWHVWHhEHUVHW]XQJDXVGHUU|PLVFKHQ/LWHUDWXULQV7VFKHFKL VFKH(LQHZHLWHUHKDQGVFKULIWOLFKHWVFKHFKLVFKHhEHUVHW]XQJGHU¿'LVWL FKD&DWRQLV¾GLHVPDOLQ3URVDIRUPVWDPPWYRP%HJLQQGHV-DKUKXQ GHUWV EOHLEW MHGRFK ZHLWKLQ XQEHNDQQW 'HU ]HLWOLFK QDFKIROJHQGHQ BBBBBBBBBBBBB  /DXW129É.þHVNpSőHNODG\>ZLH$QP@6VLQGLQGHU&KURQLN RKQH$QJDEHGHU 6WHOOH GLH'LVWLFKHQ,9XQG,9YRUKDQGHQGHUPRGHUQVWH.RPPHQWDU]XU¿'DOLPLO &KURQLN¾ NRQQWH MHGRFK QXU GLH hEHUVHW]XQJ YRQ ,9 DXVILQGLJ PDFKHQ YJO 0$5,( %/É+29É6WDURÿHVNiNURQLNDWDNőHÿHQpKR'DOLPLODYNRQWH[WXVWőHGRYěNpKLVWRULRJUDILH ODWLQVNpKRNXOWXUQtKRRNUXKXDMHMtSUDPHQQiKRGQRWD+LVWRULFNëNRPHQWiő5HMVWőtN>'LH DOWWVFKHFKLVFKH &KURQLN GHV VRJHQDQQWHQ 'DOLPLO LP.RQWH[W GHUPLWWHODOWHUOLFKHQ +LVWR ULRJUDILHGHVODWHLQLVFKHQ.XOWXUNUHLVHVXQGLKU4XHOOHQZHUW+LVWRULVFKHU.RPPHQWDU5H JLVWHU@3UDKD6I$QPXQG6$QP  'LHVH)UDJHZLUGDOOHUGLQJVPHLVWHQVQXUPDUJLQDOLQ6WXGLHQ]XDQGHUHQ7KHPHQHUZlKQW  6YDWRYtWVNëUXNRSLV>'LH6DQNW9HLW6DPPHOKDQGVFKULIW@+JYRQ$'2/) 3$7(5$3UDKD 6/DXW$1(å.$ 9,'0$129ÉXQG%2+80,/$ 028&+29É¿'LVWLFKD&D WRQLV¾,Q(9$.8ŘÉ.29É$96ORYQtNODWLQVNëFKVSLVRYDWHOţ>/H[LNRQGHUODWHLQLVFKHQ 6FKULIWVWHOOHU@3UDKD6IVLQGKHXWHDFKW+DQGVFKULIWHQGLHVHUhEHUVHW]XQJEH NDQQW)UGLHWVFKHFKLVFKH/LWHUDWXUGLHGLH/LWHUDWXUHLQHVNOHLQHQ9RONHVLVWXQGGLHVR ZRKOGXUFKGLH+XVVLWHQNULHJHDOVDXFKGXUFKGHQ'UHL‰LJMlKULJHQ.ULHJVFKZHUH9HUOXVWH YRQ OLWHUDULVFKHQ :HUNHQ HUOLWWHQ KDW LVW GLHVH =DKO YRQ HUKDOWHQHQ +DQGVFKULIWHQ VHKU KRFK  =ZLVFKHQ GLHVHU hEHUVHW]XQJ XQG GHU YRQ 0DQWXDQXV GD]X QDFKIROJHQG  EHVWHKW NHLQ WH[WOLFKHU =XVDPPHQKDQJ 'HU hEHUQDKPH HLQLJHU )RUPXOLHUXQJHQ GXUFK 0DQWXDQXV ZUGHZRKOVFKRQGLHXQWHUVFKLHGOLFKHPHWULVFKH)RUPLP:HJHVWHKHQGDEHLLVWHVVHKU ZDKUVFKHLQOLFKGDVV0DQWXDQXVGLHDOWWVFKHFKLVFKHhEHUVHW]XQJJDUQLFKWNDQQWH  'LHVH+DQGVFKULIWVROOVLFKLQ6DQNW3HWHUVEXUJEHILQGHQYJO9,'0$129É 028&+29É ¿'LVWLFKD&DWRQLV¾>ZLH$QP@6-$1 -$.8%(&'ěMLQ\OLWHUDWXU\ÿHVNp>*HVFKLFKWH GHUWVFKHFKLVFKHQ/LWHUDWXU@%G3UDKD6VSULFKWMHGRFKEHUHLQHODWHLQLVFKH 3HWHUVEXUJHU +DQGVFKULIW GHU ¿'LVWLFKD &DWRQLV¾ PLW WVFKHFKLVFKHQ *ORVVHQ (V LVW QLFKW NODUREHVVLFKXPHLQXQGGLHVHOEH+DQGVFKULIWRGHUXP]ZHLYHUVFKLHGHQHKDQGHOW GLH 6LJQDWXUGHU+DQGVFKULIWLVWLQGHQ]LWLHUWHQ:HUNHQQLFKWDQJHJHEHQ 

=XHLQHUWVFKHFKLVFKHQhEHUVHW]XQJGHU¿'LVWLFKD&DWRQLV¾DXVGHP-DKUH



hEHUVHW]XQJ GLH GHU 3LOVQHU -DQ )HQFO0DQWXDQXV YHUIDVVWHXQG  LQ 1UQEHUJ HUVFKHLQHQ OLH‰ ZHUGHQ ZLU XQV XQWHQ DXVIKUOLFKHU ZLGPHQ ,P -DKUH  JDE GHU E|KPLVFKH +XPDQLVW 3DYHO 9RUOLÿQë $TXLOLQDV  HLQH QHXH hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ KHUDXV XQG ]ZDU PLW GHQ 6FKROLHQ GHV (UDVPXV YRQ 5RWWHUGDP 'LHVH hEHUWUDJXQJ KDWWH HLQHQ GXUFKVFKODJHQGHQ (UIROJ XQG HUVFKLHQ ELV  LQVJHVDPW QHXQ]HKQPDO ,QWVFKHFKLVFKH+H[DPHWHUZXUGHQGLH¿'LVWLFKD&DWRQLV¾HUVWYRPOHW]WHQ %LVFKRIGHU%UGHUXQLWlW-RKDQQ$PRV&RPHQLXVEHUWUDJHQ&RPHQLXV· hEHUVHW]XQJ HQWVWDQG QRFK LQ %|KPHQ YRU GHU (PLJUDWLRQ GHV $XWRUV  ZXUGHMHGRFKHUVWLQ$PVWHUGDPJHGUXFNW%HUHLWVZXU GH VLH LP NDWKROLVLHUWHQ %|KPHQ ]XP HUVWHQ 0DO KHUDXVJHJHEHQ GDQQ QRFK HLQLJH 0DOH ]XOHW]W LP -DKUH  'LH OHW]WH WVFKHFKLVFKH hEHU VHW]XQJGHU¿'LVWLFKD&DWRQLV¾VWDPPWDXVGHP-DKUH 'HU HLJHQWOLFKHQ %HKDQGOXQJ GHU ¿'LVWLFKD &DWRQLV¾ LQ 0DQWXDQXV· 1UQEHUJHU$XVJDEHVROOHQHLQLJH,QIRUPDWLRQHQEHUGHQWVFKHFKLVFKHQ %XFKGUXFNLQ1UQEHUJVRZLHEHUGHQ$XWRUYRUDXVJHVFKLFNWZHUGHQ 'HUWVFKHFKLVFKH%XFKGUXFNLQ1UQEHUJEHVRQGHUVLP]ZHLWHQ-DKU ]HKQWGHV-DKUKXQGHUWVLVWHLQLQWHUHVVDQWHV.DSLWHOGHUHXURSlLVFKHQ .XOWXUJHVFKLFKWHXQGZXUGHGHVKDOELQGHU)DFKOLWHUDWXUEHUHLWVGHVgIWH UHQ EHKDQGHOW 'LH +HUDXVJDEH YRQ WVFKHFKLVFKHQ %FKHUQ E]Z YRQ %FKHUQ IU GHQ ZHVWOLFKHQ NDWKROLVFKHQ 7HLO %|KPHQV LQ 1UQEHUJ EDVLHUWYRUDOOHPDXIEHVRQGHUVHQJHQ.RQWDNWHQ]ZLVFKHQ1UQEHUJXQG 3LOVHQ %HLGH 6WlGWH VWDQGHQ VHLW GHP 0LWWHODOWHU LQ UHJHQ +DQGHOVEH]LH KXQJHQZDVXDGDGXUFKJHJHEHQZDUGDVVVLHDPJOHLFKHQ+DQGHOVZHJ YRQ:HVWHXURSDQDFK3UDJODJHQXQGGDVV3LOVHQGLHHLQ]LJHZLUNOLFK|NR QRPLVFK EHGHXWHQGH 6WDGW ]ZLVFKHQ 1UQEHUJ XQG 3UDJ ZDU 3LOVHQ JH K|UWH LQ %|KPHQ ]X GHQ ZHQLJHQ 6WlGWHQ GLH LQ GHU +XVVLWHQ]HLW NDWKROLVFK EOLHEHQ 'LH +XVVLWHQKHHUH EHODJHUWHQ HLQLJH 0DOH YHUJHEOLFK GLH6WDGWGLHODQJDQGDXHUQGH%HODJHUXQJ3LOVHQVLQGHQ-DKUHQ BBBBBBBBBBBBB  /DXW-$.8%(&'ěMLQ\OLWHUDWXU\ÿHVNp>ZLH$QP@6IROJWLQGLHVHU$XVJDEHQDFK GHPODWHLQLVFKHQ'LVWLFKRQHLQHWVFKHFKLVFKHJHUHLPWHhEHUVHW]XQJXQGGDQDFKHLQH3UR VDEHUVHW]XQJ  ='(Ł.$7,&+É3R]QiPN\RYHUäL)HQFORYDSőHNODGX.DWRQRYëFKGLVWLFK>%HPHUNXQJHQ ]XP 9HUV YRQ )HQFOV hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾@ ,Q /LVW\ ILORORJLFNp    6KLHU6  -$520Ì5 5$ãÌ10RXGUpKR.DWRQDPUDYQtSRXÿRYiQt>'LHPRUDOLVFKH/HKUHGHVZHLVHQ &DWR@3UDKD  )5$1=63,1$7VFKHFKLVFKHU%XFKGUXFNLQ1UQEHUJDP$QIDQJGHV-DKUKXQGHUWV,Q 8QWHUVXFKXQJHQXQG4XHOOHQ]XUJHUPDQLVFKHQXQGURPDQLVFKHQ3KLORORJLH-RKDQQYRQ .HOOH GDUJHEUDFKW YRQ VHLQHQ .ROOHJHQ XQG 6FKOHUQ =ZHLWHU 7HLO 3UDJ  3UDJHU 'HXWVFKH 6WXGLHQ   6  0,5-$0 %2+$7&29É 'LH $QIlQJH GHU W\SRJUDSKLVFKHQ =XVDPPHQDUEHLW ]ZLVFKHQ 1UQEHUJ XQG %|KPHQ ,Q *XWHQEHUJ-E    6  0,5-$0 %2+$7&29É 'LH WVFKHFKLVFKHQ 'UXFNH GHV 1UQEHUJHU 'UXFNHUV &KUL VWRSK*XWNQHFKW,Q*XWHQEHUJ-E  6



9É&/$9%2.

EOLHE DXFK GDQN GHU +LOIH GHU 1UQEHUJHU HUIROJORV XQG ZDU VFKRQ HLQ 9RU]HLFKHQGHUHQGJOWLJHQ1LHGHUODJHGHVUDGLNDOHQ)OJHOVGHU+XVVLWHQ LP 0DL  $XFK LQ GHQ QDFKIROJHQGHQ -DKU]HKQWHQ EOLHE 3LOVHQ HLQH GHUZHQLJHQ6WW]HQGHVJHVFKZlFKWHQ.DWKROL]LVPXVLQ%|KPHQ*HUDGH GHVZHJHQVRZLHGDQNVHLQHUJHRJUDSKLVFKHQ/DJHXQG|NRQRPLVFKHQ%H GHXWXQJ YHUORU 3LOVHQ QLH GHQ $QVFKOXVV DQ GLH QHXHQ .XOWXUWHQGHQ]HQ GHVNDWKROLVFKHQ0LWWHOXQG:HVWHXURSD3LOVQHU%UJHUV|KQHVWXGLHUWHQ DQ 8QLYHUVLWlWHQ LQ 'HXWVFKODQG XQG LQ ,WDOLHQ XQG EUDFKWHQ YRQ GRUW ,PSXOVHGHV+XPDQLVPXV'LHZHLWUHLFKHQGHQ%H]LHKXQJHQ3LOVHQVVSLH JHOQVLFKXDGDULQGDVVDQGHU:HQGHGHUHU]XGHQHU-DKUHQGHV -DKUKXQGHUWV JHUDGH KLHU GHU E|KPLVFKH %XFKGUXFN EHJLQQW 'LH %XFKGUXFNHUWlWLJNHLWLQ3LOVHQK|UWMHGRFKXPGDV-DKUZLHGHUDXI 'HVKDOEODVVHQGDQQHLQLJHE|KPLVFKH$XIWUDJJHEHULQGHUQDFKIROJHQGHQ =HLWLQ1UQEHUJODWHLQLVFKHDEHUDXFKWVFKHFKLVFKH:HUNHIU%|KPHQ GUXFNHQ =X GHQ %XFKGUXFNHUQ LQ GHUHQ 2IIL]LQHQ DXFK WVFKHFKLVFKH 'UXFNHKHUDXVJHJHEHQZXUGHQJHK|UWHQGLHYRQ)ULHGULFK3H\SXV+DQV 3HNN +LHURQ\PXV +|OW]HO XQG &KULVWRSK *XWNQHFKW $XFK VSlWHU LP 9HUODXIGHV-DKUKXQGHUWVZXUGHLQ1UQEHUJJHOHJHQWOLFKWVFKHFKLVFK JHGUXFNW -DQ)HQFO0DQWXDQXVLVWGHU7\SGHVKXPDQLVWLVFKJHELOGHWHQXQGDOO VHLWLJ WlWLJHQ ,QWHOOHNWXHOOHQGHV IUKHQ  -DKUKXQGHUWV (U LVW XP GDV -DKU  ZDKUVFKHLQOLFK LQ 3LOVHQ JHERUHQ ZR VHLQ 9DWHU 9iFODY )HQFO 0LWJOLHGGHV6WDGWUDWHVZDU -RKDQQHV)HQW]HORQLVDOLDV0DQWXDQXVZXUGHPLW HLQLJHQ ZHLWHUHQ 3LOVQHUQ LP 6RPPHUVHPHVWHU  DQ GHU 8QLYHUVLWlW /HLS]LJLPPDWULNXOLHUWZRHU(QGH)HEUXDUGHQ%DNNDODXUHXV*UDG BBBBBBBBBBBBB  'DV lOWHVWH LQ %|KPHQ JHGUXFNWH %XFK LVW GLH WVFKHFKLVFKH %HDUEHLWXQJ GHU ¿+LVWRULD 7URLDQD¾*XLGRVGH&ROXPQLVGLHLQ3LOVHQHUVFKLHQGHUlOWHVWH3UDJHU'UXFNVWDPPW DXVGHP-DKUH1XUDP5DQGHVHLEHPHUNWGDVVGDV-DKUGHU'UXFNOHJXQJGHU¿+LVWR ULD 7URLDQD¾ LQ 3LOVHQ QLFKW XQXPVWULWWHQ LVW XQG GDVV HV ]X GLHVHP 3UREOHP HLQH UHLFKH WVFKHFKLVFKH)DFKOLWHUDWXUJLEW  'LH $QJDEHQ EHU /HEHQ XQG :HUN YRQ 0DQWXDQXV EHUQHKPHQ ZLU KDXSWVlFKOLFK DXV GHU6WXGLHYRQ0,/26/$9 ã9É%-DQ0DQWXiQ)HQFOMDNRW\SÿHVNëFKWLVNDőţDVWR OHWt>-DQ0DQWXDQ)HQFODOV7\SXVGHUE|KPLVFKHQ'UXFNHUGHVXQG-DKUKXQGHUWV@ ,Q 9ěGHFNp LQIRUPDFH =iNODGQt NQLKRYQ\ þ6$9 >:LVVHQVFKDIWOLFKH ,QIRUPDWLRQHQ GHU %DVLVELEOLRWKHN GHU 7VFKHFKRVORZDNLVFKHQ $NDGHPLHGHU :LVVHQVFKDIWHQ@ 6XSSOHPHQW  >3UDKD@>LQWHUQHU'UXFN@6'LH$QJDEHQGLHVHUGDVELVGDKLQEHNDQQWH4XHO OHQPDWHULDOVRZLHGLH)DFKOLWHUDWXUVRUJIlOWLJDXVZHUWHQGHQ6WXGLHNRQQWHQLQGHU)ROJH]HLW GXUFK GDV $XIWDXFKHQ HLQHV ZHLWHUHQ 'UXFNHV YRQ 0DQWXDQXV EHUHLFKHUW ZHUGHQ (LQH JUXQGOHJHQGH0RQRJUDSKLHEHUGDVOLWHUDULVFKH/HEHQ3LOVHQVLPDXVJHKHQGHQXQGLQ GHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVVWHOOWGDV%XFK9,.725 9,.725$=iEOHVN\UHQH VDQFH>'DV:HWWHUOHXFKHQGHU5HQDLVVDQFH@3O]HłGDUYJO]X0DQWXDQXVGRUW6 XQG69JOIHUQHU$1'5e '5(:(/2:6.5HJHOQGHU)UDQWD6FKHOPHQ ]XQIW@LQGHU0DQWXDQXVHLQLJH7KHPHQDXV%HEHOV)DFHWLHQDXIJULIIXQG VLHGXUFKHLJHQHRULJLQHOOH6WRIIHEHUHLFKHUWH'LHH[SORVLRQVDUWLJH$XWR UHQ9HUOHJHUXQGZRKODXFK'UXFNHUWlWLJNHLWYRQ0DQWXDQXVLP-DKUH  EHGXUIWH VLFKHU HLQHU OlQJHUHQ 9RUEHUHLWXQJVSKDVH 2E HU VLFK LQ MHQHU =HLW LQ 3LOVHQ RGHU LQ 1UQEHUJ DXIKLHOW HQW]LHKW VLFK XQVHUHU .HQQWQLV 6HLW 2NWREHU  LVW0DQWXDQXV GDQQ ZLHGHU LQ 3LOVHQ QDFK JHZLHVHQ +LHU JHK|UWH HU ]X GHQ JHDFKWHWHQ %UJHUQ XQG ZDU LQ GHQ QDFKIROJHQGHQ-DKUHQPHKUPDOV0LWJOLHGGHV6WDGWUDWHV,QGHQHUXQG HU -DKUHQ GHV  -DKUKXQGHUWV KDW 0DQWXDQXV QRFK HLQLJH %FKHU LQ 3LOVHQYHUOHJW(LQHHQJH=XVDPPHQDUEHLWMD)UHXQGVFKDIWYHUEDQG0DQ WXDQXV PLW GHP XUVSUQJOLFK 1UQEHUJHU 'UXFNHU +DQV 3HNN GHU VLFK RGHULQ3LOVHQQLHGHUOLH‰²K|FKVWZDKUVFKHLQOLFKDXI9HUDQODV BBBBBBBBBBBBB  ã9É% -DQ 0DQWXiQ)HQFO >ZLH $QP @ 6  KDW EHU]HXJHQG QDFKJHZLHVHQ GDVV -DQ )HQFO GHQ %HLQDPHQ 0DQWXDQXV0DQWXiQ DOV VHLQHQ OLWHUDULVFKHQ 1DPHQ EHQXW]WH ZDV DXFK GLH LP 'UXFN GHU ¿'LVWLFKD &DWRQLV¾ YHUZHQGHWHQ )RUPHQ VHLQHV 1DPHQV 0RQR JUDPP,0,RDQQHV0DQWXDQXV3-RDQQHV0DQWXDQXV3HOVHQHQVLVGHU1DPH)HQFOHUVFKHLQW QLH  EH]HXJHQ :HLO GLHVHU %HLQDPH EHUHLWV EHL )HQFOV ,PPDWULNXODWLRQ LQ /HLS]LJ YRU NRPPWLVWã9É%GHU0HLQXQJGDVV)HQFOGLHVHQ%HLQDPHQVFKRQDOV6FKOHUGHU3LOVQHU /DWHLQVFKXOHHUKDOWHQKDWXQG]ZDUZHJHQVHLQHUOLWHUDULVFKHQ.HQQWQLVVHE]Z,QWHUHVVHQ 9HUJLO/HNWUH 'LHVLVWVHKUZRKOP|JOLFKLFKJHEHQRFK]XEHGHQNHQGDVVVLFKLQGHU 1lKH YRQ 3LOVHQ HLQ 'RUI QDPHQV 0DQWRY EHILQGHW ]X GHP -DQ )HQFO LQ %H]LHKXQJ JH VWDQGHQKDEHQN|QQWH.HLQHVIDOOVKDWDEHUVHLQ1DPHHWZDVPLWGHPLWDOLHQLVFKHQ0DQWXD ]XWXQ  'LH/HKUHUWlWLJNHLWDQGHU3LOVQHU6FKXOHQLPPWã9É%-DQ0DQWXiQ)HQFO>ZLH$QP@ 6  JHPHLQVDP PLW lOWHUHU )RUVFKXQJ DQ 'HU EHVWH .HQQHU GHU 3LOVQHU 6FKXOH -26() +(-1,& VWHOOW VLFK ]X 0DQWXDQXV· :LUNHQ DQ GHU 3LOVQHU 6WDGWVFKXOH VNHSWLVFK XQG EH ]HLFKQHWVLHK|FKVWHQVDOVK\SRWKHWLVFK²YJO-26() +(-1,&/DWLQVNiäNRODY3O]QLDMHMt SRVWDYHQtYþHFKiFK VWROHWt >'LH/DWHLQVFKXOHLQ3LOVHQXQGLKUH6WHOOXQJLQ%|K PHQ  -DKUKXQGHUW @ 3UDKD  5R]SUDY\ þHVNRVORYHQVNp DNDGHPLH YěG ŐDGD VSROHÿHQVNëFKYěG>$EKDQGOXQJHQGHU7VFKHFKRVORZDNLVFKHQ$NDGHPLHGHU:LVVHQVFKDI WHQ5HLKH*HVHOOVFKDIWVZLVVHQVFKDIWHQ@ 6



9É&/$9%2.

VXQJ YRQ 0DQWXDQXV ² XQG KLHU ELV ]X VHLQHP 7RG LP -DKUH  HWZD IQI]HKQ%FKHU KHUDXVJDE 1DFK VHLQHP 7RG ZXUGH 0DQWXDQXV 9RU PXQG YRQ 3HNNV .LQGHUQ -DQ )HQFO0DQWXDQXV VHOEVW LVW  RGHU LQ3LOVHQJHVWRUEHQ (QGH -DQXDU  JDE -DQ )HQFO0DQWXDQXV LQ 1UQEHUJ HLQ :HUN PLWGHP7LWHO¿0RUDOLVVLPXV&DWKR%RHPRKDXGQRQ7HXWRQRYXOJDULEXV VHUPRQLEXV LQWHUSUHWDWXV¾ KHUDXV 'HU 'UXFN LP 4XDUWIRUPDW XPIDVVW LQVJHVDPW %OlWWHU YRQ GHQHQ  EHGUXFNW VLQG 'DV :HUN LVW ZHGHU IROLLHUW QRFK SDJLQLHUW GLH %ODWWVLJQDWXUHQ VLQG XQVRUJIlOWLJ DXVJHIKUW $X‰HUGHPHLJHQWOLFKHQ7H[WGHV:HUNHVLQGHPQDFKMHGHPODWHLQLVFKHQ 'LVWLFKRQ 0DQWXDQXV· WVFKHFKLVFKH hEHUVHW]XQJVRZLHGLH GHXWVFKH YRQ 6HEDVWLDQ%UDQWIROJHQHQWKlOWGHU'UXFNQRFKHLQLJHEHJOHLWHQGH3DVVD JHQ DXI GHP 7LWHOEODWW 0DQWXDQXV· *UX‰ DQ GHQ /HVHU YLHU 'LVWLFKHQ  DXIGHU5FNVHLWHGHV7LWHOEODWWHVHLQHNXU]H(LXVGHPDG/HFWRUHP([KRUWDWLR DXIGHUOHW]WHQ6HLWHGHV'UXFNHVGUHLPLW0DQWXDQXV·1DPHQEHUVFKULH EHQH 'LVWLFKHQ VRZLH HLQHQ NXU]HQ 3URVDWH[W $SSHQGL[ HLXVGHP GHU PLW GHP.RORSKRQ1XUHQEHUJH2FWDXRNDOH)HEUXDULL$QQRVXSUD6HVTXLPLOOHVLPXP ;9,,,HQGHW'HQ'UXFNEHVFKOLH‰HQ]ZHLlKQOLFKJHVWDOWHWH6LJQHWHGDV YRQ0DQWXDQXV HLQ6FKLOGPLWHLQHP+LUVFKNRSIPLWGHUJOHLFKHQ+HOP ]LHUXQGGHP0RQRJUDPP,0LQGHUIUHLHQ)OlFKHREHUKDOEGHV6FKLOGHV  VRZLHGDVYRQ+DQV3HNN ]ZHLJHJHQHLQDQGHUVWHKHQGH+XQGHLPJHVSDO WHQHQ 6FKLOG DOV +HOP]LHU HLQ +XQGVNRSI GDV 0RQRJUDPP +3  'HU 9HUIDVVHUZLUGLP'UXFN]ZHLPDOJHQDQQWDXIGHP7LWHOEODWWLP*UX‰DQ BBBBBBBBBBBBB  'DV9HU]HLFKQLVGHU'UXFNHYRQ+DQV3HNNEULQJWGLH6WXGLHYRQ0,5-$0 %2+$7&29É 1RULPEHUVNë D SO]HłVNë WLVNDő +DQV -DQ  3HNN >'HU 1UQEHUJHU XQG 3LOVQHU 'UXFNHU +3@,QþDVRSLV1iURGQtKRPX]HD  6(UJlQ]XQJHQGXUFKGLHVSlWHU JHIXQGHQHQ'UXFNH0,5-$0 %2+$7&29É8QEHNDQQWHLQ5HJHQVEXUJHQWGHFNWH3LOVQHU 'UXFNHDXVGHP-DKUKXQGHUW,Q*HUPDQRVODYLFD  6KLHU6I  ã9É%-DQ0DQWXiQ)HQFO>ZLH$QP@6  ã9É%-DQ0DQWXiQ)HQFO>ZLH$QP@6I  %LV MHW]W ZDUHQ ]ZHL ([HPSODUH GLHVHV 'UXFNHV EHNDQQW 3UDJ 1DWLRQDOELEOLRWKHN +$GO VRZLH 3UDJ %LEOLRWKHN GHV 'RPNDSLWHOV RKQH 6LJQDWXU YJO .QLKRSLV ÿHV NëFK D VORYHQVNëFK WLVNţ RG GRE\ QHMVWDUät Dæ GR NRQFH ;9,,, VWROHWt >9HU]HLFKQLV GHU WVFKHFKLVFKHQ XQG VORZDNLVFKHQ 'UXFNH YRQ GHU lOWHVWHQ =HLW ELV ]XP $XVJDQJ GHV -DKUKXQGHUWV@+JYRQ='(1Ě. 72%2/.$3UDKD7HLO  6I 1U  PLW XQULFKWLJHU 'DWLHUXQJ   1HX NRPPW GDV ([HPSODU DXV :URFâDZ 2VVROLQHXP;9,4XKLQ]X,FKEHGDQNHPLFKKHU]OLFKEHL+HUUQ3URI'U1LNR ODXV+HQNHOXQGVHLQHQ0LWDUEHLWHUQGLHPLUGLH3KRWRNRSLHGLHVHV([HPSODUV]XU9HUI JXQJ JHVWHOOW KDEHQ 'DV YROOVWlQGLJVWH DNWXHOOH 9HU]HLFKQLV GHU HUPLWWHOWHQ ([HPSODUH ELHWHW'5(:(/2:6. 3LOVQHQVLV@DXIGHUOHW]WHQ6HLWHEHU VHLQHQ 'LVWLFKHQ DOV -RDQQHV 0DQWXDQXV 3HOVHQHQVLV $X‰HUGHP OlVVW HU VLFK GXUFKGLH%XFKVWDEHQ60($DPXQWHUHQ5DQGGHV7LWHOEODWWHVLGHQWLIL ]LHUHQGLHHLQH$ENU]XQJVHLQHUDP(QGHGHV'UXFNHV QDFKGHP.R ORSKRQ EHU GHQ 6LJQHWHQ  YROO DXVJHVFKULHEHQ 'HYLVH 6SHV PHD H[ DOWR VLQG 0DQWXDQXVKDWDOOH'LVWLFKHQEHUWUDJHQXQGLKUH5HLKHQIROJHEHLEH KDOWHQ :LH HU ]X GHU ODWHLQLVFKHQ 9RUODJH XQG ]XP 7H[W YRQ 6HEDVWLDQ %UDQW JHNRPPHQ LVW EOHLEW XQEHNDQQW 0DQWXDQXV JLEW GDUEHU NHLQH $XVNXQIW%UDQWVhEHUWUDJXQJGHU¿'LVWLFKD&DWRQLV¾YHUZHQGHWH0DQWXD QXV ZDKUVFKHLQOLFK LQ HLQHU NXU] YRU  HUVFKLHQHQHQ $XVJDEH GLH LKPYLHOOHLFKWLQ3LOVHQ]XJlQJOLFKZDUZRHUP|JOLFKHUZHLVHVHLQHhEHU VHW]XQJ IU GHQ 'UXFN YRUEHUHLWHWH =XU $QQDKPH GDVV 0DQWXDQXV GLH hEHUVHW]XQJYRQ6HEDVWLDQ%UDQWVFKRQYRUGHP%HJLQQVHLQHU%HDUEHL WXQJ]XU9HUIJXQJKDWWHIKUWXQVXDGLHIRUPDOH(LQULFKWXQJGHUHLQ OHLWHQGHQ 3DVVDJH YRU GHP HUVWHQ %XFK +LHU IRUPXOLHUW GHU ODWHLQLVFKH 7H[WHLQLJH%HOHKUXQJHQQLFKWLQ)RUPYRQ'LVWLFKHQVRQGHUQLQHLQLJHQ NXU]HQV\QWDNWLVFKVHOEVWVWlQGLJHQ(LQKHLWHQ ]XPHLVWKDQGHOWHVVLFKXP DXV]ZHL:RUWHQEHVWHKHQGH,PSHUDWLYVlW]H (VIlOOWDXIGDVVGLHVH%H OHKUXQJHQVRZRKOGXUFK%UDQWDOVDXFKGXUFK0DQWXDQXVPLWGHUMHZHLOV EHUHLQVWLPPHQGHQ=DKOYRQ]ZHLE]ZYLHU9HUVHQZLHGHUJHJHEHQZHU GHQ 'LHV LVW EHVRQGHUV GDQQ DXIIlOOLJ ZHQQ GHU NXU]H ODWHLQLVFKH 7H[W GXUFK YLHU 9HUVH EHUVHW]W ZLUG REZRKO ]ZHL 9HUVH GDIU DXVUHLFKHQ ZUGHQZLHHVVRQVWLQlKQOLFKHQ)lOOHQDQQLFKWZHLWGDYRQHQWIHUQWHQ 6WHOOHQ JHVFKLHKW 'LHV EHWULIIW ]% GLH hEHUVHW]XQJ YRQ )DPLOLDP FXUD 0XWXPGD&XLGHVYLGHWR EUHYVHQW 'HQ,QKDOWHUIDVVW0DQWXDQXV EHUHLWVLQGHQEHLGHQHUVWHQ9HUVHQGXUFKGDV+LQ]XIJHQYRQZHLWHUHQ ]ZHL 9HUVHQ HUKlOW HU KLHU GLH JOHLFKH 9HUV]DKO ZLH 6HEDVWLDQ %UDQW 0ěM SpÿLRVY~ÿHOHĐ.WRPXFRGiäWRKRW\KOHĐ3XRMÿXMUiGNMLQpKRSRWőHEě1HRSX VWLWěSiQEXRKYFKXGREě ª6RUJHIUGHLQ*HVLQGHZDVGXZHPJLEVWGDUDXI JLE$FKW%RUJHJHUQ]XP%HGDUIGHVDQGHUHQ*RWWZLUGGLFKLQ$UPXW QLFKW YHUODVVHQ©  %HL IRUPDOHU hEHUHLQVWLPPXQJ EHVWHKW KLHU MHGRFK NHLQH LQKDOWOLFKH hEHUHLQVWLPPXQJ ]ZLVFKHQ GHQ EHLGHQ hEHUVHW]XQJHQ +DEJţWDFKWYIIG\QKXV]JHVLQG/\KJHUQYVVK\OIIGHPDUPHQIUQG'RFKOţJIU BBBBBBBBBBBBB  'LH JOHLFKH 'HYLVH LQ WVFKHFKLVFKHU )DVVXQJ ILQGHW VLFK XD DXFK LQ 0DQWXDQXV· :HUN )UDQWRYD SUiYD >5HJHOQ GHU )UDQWD6FKHOPHQ]XQIW@ YJO )UDQWRYp D JURELiQL = PUDYR NiUQëFKVDWLUYěNXYþHFKiFK>)UDQWDVXQG*URELDQH$XVPRUDOLVLHUHQGHQ6DWLUHQGHV -DKUKXQGHUWVLQ%|KPHQ@+JYRQ-$526/$9.2/É53UDKD6  %UDQWVhEHUVHW]XQJZXUGH]XPHUVWHQ0DOJHGUXFNW$XVGHPEHJLQQHQGHQ-DKU KXQGHUW VLQG XD IROJHQGH $XVJDEHQ QDFKJHZLHVHQ $XJVEXUJ  XQG  1UQEHUJ XQG9JODXFKGHQ%HLWUDJYRQ&$52/$5('=,&+LPYRUOLHJHQGHQ%DQG  'LH DOWWVFKHFKLVFKHQ 7H[WH ZHUGHQ HQWVSUHFKHQG GHQ *HSIORJHQKHLWHQ GHU %RKHPLVWHQ WUDQVNULELHUWQLFKWWUDQVOLWHULHUW



9É&/$9%2.

GLFK]ţDOOHUIULVW:HPGXGDVG\QYV]ERUJHQELVW 9 %HLGHUhEHUVHW ]XQJYRQ$FFHSWLEHQHILFLLPHPRUHVWR(TXXPMXGLFH EUHYVHQW OlVVW VLFK HLQH JHZLVVH LQKDOWOLFKH hEHUHLQVWLPPXQJ ]ZLVFKHQ GHP 7H[W GHV YLHUWHQ9HUVHVEHL%UDQWXQGEHL0DQWXDQXVHUNHQQHQ3őLMDOOLVGREURGLQtRG NRKR+OHĐVHPXRGSODWLWLWRKR6XĐSUDYěY\GHMRUWHOSUDYHM2EěVWUDQěY\VO\ä D SőL Y\]QHM ª:HQQ GX YRQ MHPDQG :RKOWDW DQJHQRPPHQ KDVW VXFKH HV LKP]XYHUJHOWHQ5LFKWHULFKWLJJLEHLQUHFKWHV8UWHLO+|UHEHLGH6HLWHQ XQGHQWVFKHLGHGHQ6WUHLW© ²%LV]DQJHGHQFNZRGXKLQJDVW'HUJţWWlWVRGX HQWSIDQJHQKDVW/ţJYUWHLOUHFKWPLWJOLFKHUZDJ+RHUDXFKGHQDQGHUQWHLOYQGIUDJ 9 $XIIlOOLJLVWDXFKGLHhEHUHLQVWLPPXQJLQGHU9HUV]DKO VHFKV  EHL GHU hEHUVHW]XQJ GHV $QIDQJVGHU ¿'LVWLFKD &DWRQLV¾&XP DQLPDGXHUWH UHP« SUDHI  ,Q 0DQWXDQXV· :HUN LVW GLH hEHUVHW]XQJ 6HEDVWLDQ %UDQWV IDVW YROO VWlQGLJDEJHGUXFNW$XVJHODVVHQVLQGQXU%UDQWVHLQOHLWHQGH'LVWLFKHQ$G &DWKRQLV OHFWRUHP VLH VLQG GXUFK 0DQWXDQXV· HLJHQH 3URVDHLQOHLWXQJ PLW HLQHPDQGHUHQ,QKDOWHUVHW]W=ZHLDEVFKOLH‰HQGH'LVWLFKHQ,DP&DWKRILQLV DGHVW«EHKLHOW0DQWXDQXVVDPWGHUGDYRUVWHKHQGHQ1HQQXQJLKUHV$X WRUV 6HEDVWLDQ %UDQW LQ VHLQHP 'UXFN EHL 'LHVHQ ODWHLQLVFKHQ 'LVWLFKHQ %UDQWVIROJWLKUHWVFKHFKLVFKH:LHGHUJDEHLQYLHU9HUVHQ'DQDFKVWHKHQ VHFKVGHXWVFKH9HUVHGLHEHL=$51&.(QLFKWYRUKDQGHQVLQG6LHN|Q QHQHQWZHGHUDXVHLQHUJHGUXFNWHQ9RUODJHVWDPPHQRGHUJDU0DQWXDQXV· 3URGXNW VHLQ 'DVV %UDQW GHQ HLJHQHQ ODWHLQLVFKHQ 7H[W VHOEVW QRFK GHXWVFKZLHGHUJHJHEHQKlWWHLVWZHQLJZDKUVFKHLQOLFK:lKUHQGVLFKKLHU GHUWVFKHFKLVFKH7H[WUHODWLYHQJDQGHQODWHLQLVFKHQKlOWVWHKWGHUGHXW VFKH PLW GHP ODWHLQLVFKHQ QXU LQ HLQHP VHKU ORFNHUHQ =XVDPPHQKDQJ (LQlKQOLFKHV3UREOHPVWHOOHQ]ZHL3OXVYHUVHLPGHXWVFKHQ7H[WEHL0DQ WXDQXVJHJHQEHU%UDQWGDUGLH]ZLVFKHQGHQ9HUVHQXQGGHU$XV JDEH YRQ =$51&.( VWHKHQ :HLWHUH )RUVFKXQJ ZLUG NOlUHQ PVVHQ RE GLHVHEHLGHQ9HUVH%UDQWYHUIDVVWKDWWHXQGVLHLP/DXIHGHUhEHUOLHIHUXQJ GXUFK9HUVlXPQLVHLQHV'UXFNHUVDXVJHODVVHQZXUGHQREVLH0DQWXDQXV LQVHLQHU9RUODJHIDQGRGHUREGHU3LOVQHUGLHVHVHOEVWKLQ]XJHGLFKWHWKDW DOVHUQDFKGHUODWHLQLVFKHQ$QZHLVXQJ,WDTXHGHRVXSOLFD3DUHQWHVDPD&R JQDWRV FROH EUHYVHQW   GDV )HKOHQ GHU GHXWVFKHQ hEHUVHW]XQJ GLHVHU 6WHOOH EHPHUNW KDW $XV GHU 6SUDFKJHVWDOW GHU EHLGHQ NXU]HQ GHXWVFKHQ 9HUVH EHL 0DQWXDQXV %LW JRW GHLQ HOWHUQ DOZHJ HUH  'HLQ IUHZQGW YQG PLWXHU ZDQGWHQVHUHODVVHQVLFKNHLQH6FKOXVVIROJHUXQJHQDXIGHQ$XWRU]LHKHQ ,Q GHP LQ 1UQEHUJ HUVFKHLQHQGHQ 'UXFN 0DQWXDQXV· ZDUHQ GLH LQ %UDQWVhEHUVHW]XQJYRUNRPPHQGHQDOHPDQQLVFKHQ'LDOHNW]JH ]%GLH QLFKW GXUFKJHIKUWH 'LSKWKRQJLHUXQJ YRQ PLWWHOKRFKGHXWVFKHQ /DQJYR BBBBBBBBBBBBB  6HEDVWLDQ%UDQWV1DUUHQVFKLII+JYRQ)5,('5,&+ =$51&.(8QYHUlQGHUWHUUHSURJUDIL VFKHU1DFKGUXFNGHU$XVJDEH/HLS]LJ'DUPVWDGW6  =$51&.(1DUUHQVFKLII>ZLH$QP@GLH9HUVHPVVWHQDXI6VWHKHQ

=XHLQHUWVFKHFKLVFKHQhEHUVHW]XQJGHU¿'LVWLFKD&DWRQLV¾DXVGHP-DKUH



NDOHQ XQ]XPXWEDUXQGVLHZXUGHQVSlWHVWHQVMHW]W²ZHQQQLFKWVFKRQLQ HLQHUIUKHUHQ1UQEHUJHU$XVJDEHYRQ%UDQWV:HUN²GXUFKQHXWUDOHUH )RUPHQHUVHW]W'DUDXIZHLVHQXDPHKUHUHJHVW|UWH5HLPHLP$EGUXFN GHV%UDQWVFKHQ7H[WHVEHL0DQWXDQXVKLQ]%IUHZQGWYEHUZLQGW 9I  OHW]H\W 9I XVZ'HUYRQ0DQWXDQXVDEJHGUXFNWH7H[W%UDQWV]HLJW HLQH5HLKHXQWHUVFKLHGOLFKEHGHXWVDPHU9DULDQWHQ]X=$51&.(V(GLWLRQ ZREHLHLQLJH/HVDUWHQYRQWH[WNULWLVFKHP*HZLFKWVHLQN|QQWHQZlKUHQG VLFKDQGHUHDOV'UXFNIHKOHULQ0DQWXDQXV·$XVJDEHHUZHLVHQ 0DQWXDQXV·hEHUVHW]XQJJLEWGDVODWHLQLVFKH'LVWLFKRQIDVWLPPHUPLW YLHUWVFKHFKLVFKHQ9HUVHQZLHGHUGLHHLQ]LJH$XVQDKPHELOGHWGLHhEHU VHW]XQJ GHV 'LVWLFKRQV , GXUFK VHFKV 9HUVH 0LW YLHU 9HUVHQ JLEW HU HEHQVRZLH%UDQW SDUDGR[HUZHLVHDXFKGDVOHW]WH'LVWLFKRQGHV:HUNHV ZLHGHULQGHPGHUODWHLQLVFKH9HUIDVVHUVFKUHLEWGDVVVLFKGHU/HVHUZXQ GHUQPDJGDVVHULQ]ZHL9HUVHQVHLQH/HKUHQYHUIDVVWKDW 0LUDULVYHUELVQXGLVPHVFULEHUHYHUVXV+RFEUHYLWDVVHQVXVIHFLWFRQLXQJHUHELQRV>,9@² 6QDGMVHGLYtäFRMVHPXGěODOåHMVHPVSURVWQëPLVORY\WDNPQRKRVHSVDO.UiWNRVWőHÿLMHVW WRXÿLQLODåHMGYLPDYHUäLYæG\MHGHQUR]XP]DYőHOD ª9LHOOHLFKWZXQGHUVWGXGLFKZDV LFK JHPDFKW KDEH GDVV LFK PLW HLQIDFKHQ :RUWHQ VR YLHO DXIJHVFKULHEHQ KDEH 'DVKDWGLH.U]HGHU6SUDFKHJHWDQGDVVVLHLQ]ZHL9HUVHQMHZHLOVHLQHQ6LQQ HUIDVVWKDW© 

'LH.U]HGHU6SUDFKHJLOWGDEHLZHGHUIUGDV7VFKHFKLVFKHPLW]DKOUHL FKHQPHKUVLOELJHQ:|UWHUQQRFKLVWHVHLQH1RWZHQGLJNHLWIU0DQWXDQXV JHZHVHQ GHU VLFK DXFK NU]HU KlWWH IDVVHQ N|QQHQ hEHU VHLQH hEHUVHW ]XQJVPHWKRGHVDJW0DQWXDQXV )LGHOLWHULQWHUSUHWDQWHVQHJOH[LPXVQRQXQTXH XW)ODFFXVQRVWHPHPLQLW XHUEXPXHUERUHGGHUH WXPREGLIILFLOHPXHUERUXPXXOJDULXPFRQQH[LRQHPFXPRELQXVLWDWDPHWGLVVRQDPLQVLPLOLWHU FDGHQWHP5LWKPRUXPFRQFOXVLRQHP BBBBBBBBBBBBB  =XGHQHUVWHUHQJHK|UW]%6SLHOPLWGHPNORW] 9 ²6SLOPLWGHPWRSII 0DQWXDQXV RGHU GLH8PVWHOOXQJGHU9HUVHIEHL0DQWXDQXVDOV'UXFNIHKOHUEHL0DQWXDQXVHUZHLVWVLFK ]%6FKODIIVWDWW6FKDII 9 0DQFKHVZlUHQRFK]XXQWHUVXFKHQZLHGLH9DULDQWHQGHU hEHUVHW]XQJYRQ,1DPGLXWXUQDTXLHV>«@²'DQQWUHJOLFKVFKODIIHQ>«@ =$51&.(>ZLH $QP@9 ²'DQQWDHJOLFKVFKODIIHQ 0DQWXDQXV %HLHLQHUNQIWLJHQNULWLVFKHQ(GLWLRQ YRQ%UDQWVhEHUWUDJXQJGHU¿'LVWLFKD&DWRQLV¾ZlUHGHU$EGUXFNEHL0DQWXDQXVDXFKKHU DQ]X]LHKHQ  0LWGHUSURVRGLVFKHQ6HLWHYRQ0DQWXDQXV·hEHUVHW]XQJKDWVLFK7,&+É3R]QiPN\>ZLH $QP@HLQJHKHQGEHVFKlIWLJW6LHKDW 6 GDULQIQI]HKQ=ZHL]HLOHU9LHU]HLOHU ]ZHL6HFKV]HLOHUXQGHLQHQ$FKW]HLOHUIHVWJHVWHOOW,QLKUH%HUHFKQXQJHQQDKPVLHDOOH7HLOH GHV:HUNHVDXIQLFKWQXUGLHHFKWHQ'LVWLFKDZDVVLHMHGRFKQLFKWDXVGUFNOLFKYHUPHUNW $EZHLFKXQJHQYRQGHQEOLFKHQ9LHU]HLOHUQHUVFKHLQHQQXUDQEHVRQGHUHQ6WHOOHQ=ZHL ]HLOHULQGHU(LQOHLWXQJ]X&DWRZRHVVLFKXPNHLQHHFKWHQ'LVWLFKDKDQGHOWGLH6HFKV]HL OHU²ZLHHUZlKQW²EHLGHUhEHUVHW]XQJYRQ,XQGEHL:LHGHUJDEHYRQ&XPDQLPDGXHU WHUHP« SUDHI   GHU HLQ]LJH WVFKHFKLVFKH $FKW]HLOHU JLEW GHQ XQUHJHOPl‰LJ JHEDXWHQ $EVFKQLWW,,GHUIQIODWHLQLVFKH9HUVHHQWKlOWZLHGHU  0RUDOLVVLPXV&DWKR%RHPRKDXGQRQ7HXWRQRYXOJDULEXVVHUPRQLEXVLQWHUSUHWDWXV1UQ EHUJ5FNVHLWHGHV7LWHOEODWWHV



9É&/$9%2.

0DQWXDQXVYHUZHQGHWGHQLQGHUWVFKHFKLVFKHQ/LWHUDWXUGHV0LWWHODOWHUV XQG GHU IUKHQ 1HX]HLW EHOLHEWHQ VRJHQDQQWHQ XQUHJHOPl‰LJHQ 9HUV (V KDQGHOWVLFKXPHLQHQSDDUJHUHLPWHQ9HUVPLWZHFKVHOQGHU6LOEHQ]DKOGLH DXFK]ZLVFKHQGHQEHLGHQ9HUVHQHLQHV9HUVSDDUHVVWDUNGLYHUJLHUHQNDQQ 'DEHLELOGHWMHGHU9HUVHLQHV\QWDNWLVFKH(LQKHLWVRGDVV(QMDPEHPHQWV IDVWQLHHUVFKHLQHQ'HU8QWHUVFKLHG]ZLVFKHQEHWRQWHQXQGXQEHWRQWHQ 6LOEHQ LVW LP 7VFKHFKLVFKHQ DXFK LP $OWWVFKHFKLVFKHQ QLFKW EHVRQGHUV JUR‰ 'LH SURVRGLVFKH 8QWHUVXFKXQJ GXUFK 7,&+É NDP ]X IROJHQGHQ (UJHEQLVVHQ ,Q 0DQWXDQXV· hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ EHZHJW VLFKGLH6LOEHQ]DKOLP9HUV]ZLVFKHQXQGZREHLDPKlXILJVWHQ9HUVH PLW6LOEHQDXIWUHWHQ =HKQVLOEOHU(OIVLOEOHU1HXQVLOE OHU=Z|OIVLOEOHU 'LHJOHLFKH6LOEHQ]DKOLP5HLPSDDUNRPPW QXULQGHU)lOOHYRU$QKDQGGLHVHUSURVRGLVFKHQ)RUPGLHGHP hEHUVHW]HUUHODWLYJUR‰H)UHLKHLWHUP|JOLFKWHKDWWH0DQWXDQXVGLH0|J OLFKNHLW VLFK DXI GLH %HWRQXQJ E]Z 0RGLIL]LHUXQJ GHU $XVVDJH GHV ]X EHUVHW]HQGHQ 'LVWLFKRQV ]X NRQ]HQWULHUHQ 0DQ PXVV VLFK DOVR IUDJHQ REHUGLHVH0|JOLFKNHLWDXFKJHQXW]WKDW 'LHODWHLQLVFKHQ'LVWLFKHQKDEHQRIWHLQHQ8PIDQJYRQ6LOEHQ GLH hEHUVHW]XQJ YRQ 0DQWXDQXV JLEW VLH GXUFKVFKQLWWOLFK PLW  RGHU PHKU6LOEHQZLHGHU6FKRQGDUDXVHUJLEWVLFKGDVVGHUWVFKHFKLVFKH7H[W JHJHQEHUGHP2ULJLQDO VRZLHJHJHQEHUGHUhEHUVHW]XQJYRQ6HEDVWLDQ %UDQWGLHDXVYLHU9LHUKHEHUQEHVWHKWGLH]XVDPPHQRGHUHLQZHQLJ PHKU 6LOEHQ XPIDVVHQ  PHKU ,QIRUPDWLRQHQ YHUPLWWHOQ NDQQ ,Q GHU 7DW ILQGHW PDQ LQ GHU WVFKHFKLVFKHQ hEHUVHW]XQJ ]DKOUHLFKH VDFKOLFKH XQG VWLOLVWLVFKH (UJlQ]XQJHQ 6HKU KlXILJ NRPPW HV YRU GDVV0DQWXDQXVIU GLH :LHGHUJDEH GHV 'LVWLFKRQV GUHL 9HUVH DXVUHLFKHQ XQG HU LQ HLQHP ]XVlW]OLFKHQ9HUVGHQ*HGDQNHQGHV'LVWLFKRQVEHWRQHQHUZHLWHUQRGHU PRGLIL]LHUHQ NDQQ :HLO 0DQWXDQXV LQ VHLQHU hEHUVHW]XQJVZHLVH VHKU IOH[LEHOLVWNDQQHUVROFKH]XVlW]OLFKHQ9HUVHDQGHQXQWHUVFKLHGOLFKVWHQ 6WHOOHQXQWHUEULQJHQQLFKWQXUZLHPDQHWZDHUZDUWHQZUGHJHJHQ(Q GH VHLQHV 9LHU]HLOHUV ,Q HLQLJHQ )lOOHQ ZR GLHVHV =XVlW]OLFKH EHUHLWV DOV HUVWHU 9HUV YRUNRPPW ZLUG GLH 1W]OLFKNHLW GHV MHZHLOLJHQ 'LVWLFKRQV RGHU GHV JDQ]HQ :HUNHV HUZlKQW7DNpř WX GREU~ UDGX GiP ª$XFKGLHVHQ JXWHQ5DWJHEHLFKGLU© ,,-HäWěřGREUpQDXÿHQLHGiP ª,FKJHEHGLUQRFK HLQHJXWH/HKUH© ,,7DNpSěNQpMHVWWRWRQDXÿHQLH ª$XFKVFK|QLVWGLHVH /HKUH©  ,, XVZ 1LFKW LPPHU ELOGHQ MHGRFK 0DQWXDQXV· (UJlQ]XQJHQ BBBBBBBBBBBBB  7,&+É3R]QiPN\>ZLH$QP@6E]Z67,&+ÉJHKWHVLQLKUHU6WXGLHYRUDOOHP GDUXP GLH 6WHOOXQJ YRQ 0DQWXDQXV· hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ LQQHUKDOE GHU WVFKHFKLVFKHQ'LFKWXQJGHVXQG-DKUKXQGHUWV]XEHVWLPPHQXQGVLHXDPLWHLQHP HLJHQVWlQGLJHQSRHWLVFKHQ:HUNYRQ0DQWXDQXV¿5DGD]KRYDGLOëFK]YtőDW¾>5DWGHU7LHUH@ ]XYHUJOHLFKHQ6LHNRPPW]XGHP6FKOXVVGDVVGLHhEHUVHW]XQJLQSURVRGLVFKHU+LQVLFKW QLFKW DXV GHP 5DKPHQ GHU WVFKHFKLVFKHQ SRHWLVFKHQ :HUNH MHQHU =HLW IlOOW 9JO DXFK '5(:(/2:6.ZHU«@NDQQ© ²9E]Z 9GHUhEHUVHW]XQJGHV'LVWLFKRQV,,:HLO0DQWXDQXVJUDPPDWLVFKH 5HLPH $VVRQDQ]HQ  VR KlXILJ YHUZHQGHW NRPPW HU IDVW RKQH GXUFK 5HLP]ZDQJ EHGLQJWH IRUPDOH (UJlQ]XQJHQ DXV (LQLJH ZHQLJH %HLVSLHOH GLHVHU $UW ILQGHQ VLFK DEHU GRFK ZLH ]% LQ 9 GHU hEHUVHW]XQJ GHV 'LVWLFKRQV,0iäOLGtWN\DQHGRVWiYiMVH]ERæt'DMMHNőHPHVOXYHMPpQR ERæt ª:HQQGX.LQGHUKDVWXQGHVJHEULFKWGLUDQ*XWJLEVLH]XP+DQG ZHUN LP 1DPHQ *RWWHV©  'LH PHLVWHQ 5HLPH YRQ 0DQWXDQXV VLQG HLQ VLOELJ PlQQOLFK  VHOWHQ XQG RKQH EHVWLPPWH 5HJHOXQJ HUVFKHLQHQ ]ZHLVLOELJH ZHLEOLFKH 5HLPH =DKOUHLFKH%HOHKUXQJHQLQGHQODWHLQLVFKHQ¿'LVWLFKD&DWRQLV¾ZHUGHQ PLW HLQHP %HIHKOV RGHU .RQGLWLRQDOVDW] HLQJHOHLWHW 'HU WVFKHFKLVFKH BBBBBBBBBBBBB  8QVHUH (LQVFKlW]XQJ GHU 4XDOLWlW GHU hEHUVHW]XQJ PXVV QRWZHQGLJHUZHLVH VXEMHNWLY EOHLEHQ6LHVWHKWLP:LGHUVSUXFK]X8UWHLOHQYRQ%RKHPLVWHQGLHGDV1LYHDXYRQ0DQ WXDQXV·hEHUVHW]XQJQLFKWDOO]XKRFKEHZHUWHQZDVVLHVLFKHUGDQNLKUHUWLHIHUHQ.HQQWQLV GHUEULJHQWVFKHFKLVFKHQ/LWHUDWXUMHQHU=HLWWXQ,FKJHEHMHGRFK]XEHGHQNHQGDVVVLFK GLH %RKHPLVWLN ELVKHU PLW GHP :HUN QLFKW JUQGOLFK EHIDVVW KDW² DX‰HU GHU 6WXGLH YRQ 129É. EHUWVFKHFKLVFKHhEHUVHW]XQJHQGHU¿'LVWLFKD&DWRQLV¾H[LVWLHUWQXUQRFKGLHHU ZlKQWH SURVRGLVFKH 8QWHUVXFKXQJ YRQ 7,&+É >ZLH $QP @ 129É. þHVNp SőHNODG\ >ZLH$QP@6EH]HLFKQHW0DQWXDQXV·hEHUVHW]XQJDOVODQJZLHULJXQGLQLKUHQ(U JlQ]XQJHQDOVQLFKW]XJHLVWUHLFK7,&+É6VWLPPW129É.]ZDU]XEHWRQWDEHUGDVV HU GDV :HUN QLFKW LP .RQWH[W GHU'LFKWXQJHQ MHQHU =HLW XQGGHUJOHLFKHQ SURVRGLVFKHQ )RUPVLHKWXQGGDVV0DQWXDQXVGLHYRQ129É.EHPlQJHOWH7HQGHQ]]XU9HUZlVVHUXQJ XQG6LPSOLIL]LHUXQJPLW'LFKWXQJHQVHLQHU=HLWWHLOW:LUP|FKWHQGDV1LYHDXGHUhEHU VHW]XQJYRQ0DQWXDQXV]ZDUQLFKWEHU*HEKUKHUDXVVWHOOHQP|FKWHQDEHUGRFKDOV3R VLWLYXP DQPHUNHQ GDVV GDULQ GLH DQGHUVVSUDFKLJH 9RUODJH QLFKW GXUFKVFKLPPHUW %HLP SUDJPDWLVFKHQ&KDUDNWHUGHU¿'LVWLFKD&DWRQLV¾GLHLQNQDSSHU)RUPJUXQGOHJHQGH)RUGH UXQJHQDQGDV9HUKDOWHQGHV0HQVFKHQVWHOOHQNDQQPDQLP:HUNNHLQHJUR‰HQlVWKHWL VFKHQ:HUWHVXFKHQXQGGLHVHDXFKQLFKWYRQGHQhEHUVHW]HUQYHUODQJHQ



9É&/$9%2.

hEHUVHW]HU YHUZHQGHW DQ HQWVSUHFKHQGHQ 6WHOOHQ RIW GLH JOHLFKHQ 6DW]W\ SHQ %HL %HIHKOVVlW]HQ EHQXW]W HU HQWZHGHUGHQ WVFKHFKLVFKHQ,PSHUDWLY RGHU VHLQH 8PVFKUHLEHP|JOLFKNHLW PLW GHP 9HUE PtWL PHLVWHQV LQ GHU 3HUVRQ6LQJXODU²Piä ZDVGLHJOHLFKH)XQNWLRQZLHGDVGHXWVFKHVROOHQ KDW(VKDQGHOWVLFKMHGRFKQLFKWXPHLQHVWHUHRW\SHLPPHUZLHGHUDXIWUH WHQGH(LQOHLWXQJGLHGHUJOHLFKHQODWHLQLVFKHQ6WUXNWXUHQWVSUHFKHQZU GH 0DQWXDQXV EHKHUUVFKW /DWHLQ VRXYHUlQ XQG DXFK GDV $EIDVVHQ YRQ WVFKHFKLVFKHQ9HUVHQEHUHLWHWLKPNHLQH6FKZLHULJNHLWHQ(UEHUVHW]WGDV 'LVWLFKRQDOVHLQ*DQ]HVXQGGHVKDOEEHJLQQWHUEHLZHLWHPQLFKWLPPHU PLWGHU:LHGHUJDEHGHV$QIDQJVGHVHUVWHQ9HUVHVVRQGHUQKlXILJDXFK PLW HLQHP DQGHUHQ 7HLO GHV 'LVWLFKRQV VHL HV PLW GHP ]ZHLWHQ 7HLO GHV HUVWHQ9HUVHVRGHUJDUPLWGHP]ZHLWHQ9HUV %HLGHU9LHOJHVWDOWLJNHLWMD+HWHURJHQLWlWGHU$XVVDJHQLQGHQ¿'LVWL FKD&DWRQLV¾VFKHLQWXDHLQH*HPHLQVDPNHLWDXI]XWUHWHQ²PDQVROOHVLFK EHLVHLQHP+DQGHOQLPPHUDXIGDV+DXSWVlFKOLFKHNRQ]HQWULHUHQ0DQFKH /HKUHQ ZHUGHQ GHVZHJHQ PLW JHZLVVHU (LQVFKUlQNXQJ JHERWHQ ² PDQ VROOH VR KDQGHOQ ZHQQ HV 6DFKH XQG =HLW HUIRUGHUQ E]Z HUODXEHQ 'LH WVFKHFKLVFKHhEHUVHW]XQJEHUQLPPWGLHVH(LQVWHOOXQJPDQFKPDOPRGL IL]LHUW VLH VLH LQGHP VLH HLQ ZHQLJ KlXILJHU EHU GHQ %HGDUIVIDOO VSULFKW XQG JOHLFK]HLWLJ RGHU ZLHGHU DQ DQGHUHQ 6WHOOHQ GLH 1RWZHQGLJNHLW GHU SRVLWLYHQ(LQVWHOOXQJJHJHQEHUGHQ)UHXQGHQPDQFKPDODXFKJHJHQEHU GHQDUPHQ0HQVFKHQEHWRQW(LQLJH%HLVSLHOH )DFVXPSWXPSURSHUHGXPUHVGHVLGHUDWLSVD'DQGXPHWHQLPHVWDOLTXLGGXPWHPSXVSR VWXODWDXWUHV>,,@²%XĐäWěGUëNG\æMHVWWRKRÿDV-HVWOLWRKRSRWőHEtMDNSR]Qiä1HE VOXäQRMHVWQěWFRGiWL.G\æWRKRSRWőHEDDSőtWHOEXGHæiGDWL ª6HLIUHLJHELJZHQQGDIU =HLWLVW:HQQHVQ|WLJLVWZLHGXHUNHQQVW'HQQHV]LHPWVLFKHWZDV]XJHEHQ ZHQQ%HGDUIGDUDQLVWXQGGHU)UHXQGHVYHUODQJHQZLUG©  -XGLFLRDGHVWR>EUHYVHQW@²-HVWOLSRWőHEtEHMYHMSőLVRXGě ª:HQQQ|WLJVHLEHL*H ULFKWDQZHVHQG©  0LVHUXPQROLLUULGHUL>EUHYVHQW@²1HPiäFKXGpKRDEtGQpKRSRVPLHYDWL$OHEXGHOL SRWőHEtKOHĐVQtPSőHGSUiYRVWiWL ª'XVROOVWQLFKWGHQ$UPHQXQG%HGUIWLJHQYHU VSRWWHQDEHUZHQQHVQ|WLJVHLQZLUGVFKDXHGDVVGXPLWLKPYRUGHP*HULFKW VWHKVW©  &RJQDWXVFROH>EUHYVHQW@²>«WYpURGLÿHPiäPLORYDWL@DWYpVSROXWRYDU\äHDSőiWHOL YOiVFH]DFKRYDWL ª>«GHLQH9HUZDQGWHQVROOVWGXOLHEHQ@XQGGHLQH0LWJHQRVVHQ XQG)UHXQGHLQ/LHEHKDOWHQ© 

,Q HLQLJHQ (UJlQ]XQJHQ NRPPW GLH DOOJHPHLQ FKULVWOLFKH (LQVWHOOXQJ GHV hEHUVHW]HUVVWlUNHU]XP$XVGUXFN )DPLOLDP FXUD 0XWXP GD &XL GHV YLGHWR >EUHYVHQW @ ² 0ěM SpÿL R VY~ ÿHOHĐ  .WRPXFRGiäWRKRW\KOHĐ3XRMÿXMUiGNMLQpKRSRWőHEě1HRSXVWtWěSiQEXRKYFKXGREě ª7UDJH6RUJH IUGHLQ*HVLQGHZHPGXZDVJLEVWGDVEHDFKWH%RUJHJHUQIU GDV%HGUIQLVGHVDQGHUHQ*RWWZLUGGLFKLQ$UPXWQLFKWYHUODVVHQ© 

=XHLQHUWVFKHFKLVFKHQhEHUVHW]XQJGHU¿'LVWLFKD&DWRQLV¾DXVGHP-DKUH



&XP IXHULV ORFXSOHV >«@ >,9@ ² 'iOLř SiQ EXRK ERKDWëP EëWL >«@ ª:HQQ *RWW JLEWGDVV>GX@UHLFKZLUVW>«@© 

,QVJHVDPWNDQQJHVDJWZHUGHQGDVV0DQWXDQXVNHLQHDXVJHSUlJWHQHLJH QHQ$N]HQWHVHW]WVRQGHUQHKHUGDVLP2ULJLQDO*HVDJWHEHWRQWXQGHU ZHLWHUW ZREHL HU HYHQWXHOO PRGLIL]LHUW RKQH MHGRFK GLH ,QWHQWLRQHQ GHV 2ULJLQDOV]XYHUlQGHUQ 6FKRQGHUXQWHUVFKLHGOLFKH8PIDQJGHU:LHGHUJDEHGHU'LVWLFKHQEHL %UDQW 6LOEHQRGHUHLQZHQLJPHKU XQGEHL0DQWXDQXV VHOWHQXQWHU 6LOEHQ HKHU GDUEHU  EHZLUNW HLQLJH 8QWHUVFKLHGH ]ZLVFKHQ GHQ EHLGHQ hEHUVHW]XQJHQ%UDQWKDWYLHOZHQLJHU3ODW]IU(UZHLWHUXQJHQ]XU9HUI JXQJ DOV0DQWXDQXV (U KlOW VLFK VFKRQ DXV GLHVHP *UXQG QlKHU DQ GDV 2ULJLQDOHUZHLWHUWXQGYHUlQGHUWQXUDEXQG]X0DQWXDQXVGDJHJHQIDVW LPPHU hEHUHLQVWLPPXQJHQ ]ZLVFKHQ %UDQW XQG 0DQWXDQXV EHL (UJlQ ]XQJHQ E]Z 0RGLIL]LHUXQJHQ JHJHQEHU GHU ODWHLQLVFKHQ 9RUODJH ILQGHQ VLFKVHOWHQXQGVLQGQLFKWLPPHUEHU]HXJHQG0DQNDQQDEHUGRFKGDPLW UHFKQHQ GDVV 0DQWXDQXV QHEHQ GHU 2ULHQWLHUXQJ DQ GHU 9HUV]DKO GHU %UDQWVFKHQ hEHUVHW]XQJ GHV (LQOHLWXQJVWHLOHV GHU ¿'LVWLFKD &DWRQLV¾ DE XQG]XGLHGHXWVFKHhEHUVHW]XQJEHUFNVLFKWLJWH0|JOLFKHUZHLVHLVWGDV LQGHQ$EVFKQLWWHQ,XQG,,,XQG,,XDGHU)DOODEHUHVVLQG 6WHOOHQ ZR DXFK GHU WVFKHFKLVFKH $XWRU NXU]H 9HUVH YHUZHQGHW XQG VR JHQDXVRZLH%UDQWZHQLJYRPODWHLQLVFKHQ7H[WDEZHLFKW%HLGHUhEHU VHW]XQJGHUPHLVWHQ'LVWLFKHQJHKHQGLHEHLGHQhEHUVHW]HUMHGRFKXQWHU VFKLHGOLFKH:HJH ,Q GHQ HLJHQHQ EHJOHLWHQGHQ 3DVVDJHQ HUZHLVW VLFK 0DQWXDQXV DOV 6RKQGHVKXPDQLVWLVFKHQ=HLWDOWHUVLQGHPHUPLW9RUOLHEHDQWLNHP\WKR ORJLVFKH XQG KLVWRULVFKH *HVWDOWHQ HUZlKQW 0DQ VLHKW GDVV GLH LP %XFK,, JHQDQQWHQ U|PLVFKHQ $XWRUHQ VRZLH GHU PLWWHODOWHUOLFKH 0DFHU IULKQNHLQHXQEHNDQQWHQ*U|‰HQVLQGLQGHU([KRUWDWLRQHQQWHUGDUEHU KLQDXVQRFK )ODFFXVGK+RUDWLXV'HQLP'LVWLFKRQ,,ELOOXPLPLWDUH GHXPTXLSDUWHPVSHDFWDWXWUDQTXHFKDUDNWHULVLHUWHQDEHUQLFKWGLUHNWJHQDQQ WHQ *RWW NHQQW 0DQWXDQXV QDWUOLFK XQG YHUZHQGHW VHLQHQ 1DPHQ %Hő WRKRERKD-DQXVDQDP\VOVREě ª1LPPGLUGHQ*RWW-DQXVLQGHQ6LQQ© ,Q GHQ HLJHQHQ 'LVWLFKHQ HPSILHKOW HU GDV :HUN QLFKW GLH HLJHQH hEHUVHW ]XQJ  (LQLJH )RUPXOLHUXQJHQ GHU ODWHLQLVFKHQ 9RUODJH NDQQ 0DQWXDQXV DOOHUGLQJV QLFKW DN]HSWLHUHQ ZDV YLHOOHLFKW EHL HLQLJHQ +XPDQLVWHQ P|J OLFK ZlUH 6R HQWIHUQW HU VLFK JOHLFK LQ , YRQ GHP ODWHLQLVFKHQ 7H[W 6L GHXVHVWDQLPXVXWQRELVFDUPLQDGLFXQWXQGEHUVHW]W3RQěYDGæMDNRæQiPStVPR Y\SUDYXMH%XRKYäHPRK~FtYěÿQëMHVWDYäHFNRVSUDYXMH ª:HLOZLHXQVGLH6FKULIW HU]lKOWGHUDOOPlFKWLJH*RWWHZLJLVWXQGDOOHVYHUZDOWHW© ZHLOIULKQDOV &KULVWHQHLQHVROFKH%HVWLPPXQJ*RWWHVVRZLHGLH(UZlKQXQJYRQFDUPL QD EHGHQNOLFK LVW +LHU JLEW HV HLQH JHZLVVH hEHUHLQVWLPPXQJ ]ZLVFKHQ GHP7H[WYRQ0DQWXDQXVXQGGHPYRQ6HEDVWLDQ%UDQW'LHZLOHJRWLVWHLQ



9É&/$9%2.

HZLJ ZHVHQ  DOV ZLU GDV LQ GHQ JHVFKULIIWHQ OHVHQ =$51&.( >ZLH $QP@ 9I  $XFK HLQH DQGHUH 6WHOOH GLHVHU $UW ,  YHUlQGHUW 0DQWXDQXV ,QIDQWHPQXGXPFXPWHQDWXUDFUHDXLW²%XRKRGSRÿiWNXYäHFNRVSXRVRELO$WHEH QHPOXYłiWNR QDKëKR MHVW VWYRőLO ª*RWW KDW YRP %HJLQQ DQDOOHV EHZLUNW XQG GLFK >DOV@ QDFNWHV .LQG HUVFKDIIHQ©  ZREHL %UDQW KLHU YRP ODWHLQLVFKHQ 7H[WLQGHPGLH1DWXUHUZlKQWZLUGQLFKWDEZHLFKW:LOHGLHQDWXUJHVFKDI IHQ KDW  'LFK QDFNW YQG EORV] YRQ NLQGHV VWDW =$51&.( >ZLH $QP@ 9I  ,P 1DFKZRUW OREW 0DQWXDQXV DXFK &DWR ]HLJW DEHU ]XJOHLFK HLQH JHZLVVH 'LVWDQ] ]X LKP (U EH]HLFKQHW GDV :HUN DOV HLQ 'RUQJH VWUSSLQGHPPDQVLFKVHOEVWGLH5RVHQVXFKHQPVVH0DQWXDQXVZXU GH VLFK ZRKO EHL GHU LQWHQVLYHQ %HVFKlIWLJXQJ PLW GHP 7H[W GHVVHQ EHZXVVW GDVV GLH ¿'LVWLFKD &DWRQLV¾ PDQFKPDO XQWHUVFKLHGOLFKH IDVW JH JHQVlW]OLFKH 6WDQGSXQNWH XQG /HEHQVDQVLFKWHQ ELHWHQ XQG HU VHOEVW ZDU ZRKOQLFKWPLWDOOHPHLQYHUVWDQGHQ)UGDV=HLWDOWHUGHV+XPDQLVPXVLVW ZHLWHU 0DQWXDQXV· *HGDQNH NHQQ]HLFKQHQG GDVV GLH 9RUODJH LP /DXIH LKUHU hEHUOLHIHUXQJ YHUGHUEW ZXUGH :DKUVFKHLQOLFK KDW HU DEHU QLFKW VR VHKU GLH HLJHQWOLFKH 7H[WJHVWDOW GHQ :RUWODXW  LP 6LQQ VRQGHUQ HU KDW VLFKDXIGLHVH:HLVHHUNOlUWGDVVLQGHQ¿'LVWLFKD&DWRQLV¾QLFKWLPPHU]X YHUHLQEDUHQGH$XVVDJHQ]XILQGHQVLQG 3LOVHQ ZDU ]X %HJLQQ GHV  -DKUKXQGHUWV HLQH UHLQ WVFKHFKLVFKH 6WDGW,P-DKUHQDKPGHU6WDGWUDWHLQHQ%HVFKOXVVDQGDVVHLQ'HXW VFKHU GHU QLFKW 7VFKHFKLVFK NDQQ QLFKW ]XP %UJHU GHU 6WDGW ZHUGHQ E]ZGRUW%HVLW]KDEHQGDUI$EHUJHUDGHGLHUHJHQ+DQGHOVEH]LHKXQJHQ 3LOVHQV ]X 1UQEHUJ XQG DQGHUHQ GHXWVFKVSUDFKLJHQ *HELHWHQ I|UGHUWHQ GHQ 'HXWVFKXQWHUULFKW LQ 3LOVHQ EHU GHQ ZLU ]ZDU QXU LQGLUHNWH DEHU GHXWOLFKH=HXJQLVVHKDEHQ'D]XJHK|UWGLH7DWVDFKHGDVVJHUDGHLQ3LO VHQ YRQ +DQV 3HNN  RGHU JDU VFKRQ IUKHU GLH HUVWHQ GHXWVFK WVFKHFKLVFKHQ .RQYHUVDWLRQVEFKOHLQ JHGUXFNW ZXUGHQ 'D]X JHK|UW HEHQDXFKGHU1UQEHUJHU'UXFNGHU¿'LVWLFKD&DWRQLV¾GXUFK-DQ)HQFO 0DQWXDQXV DXV GHP -DKUH  6HLQH GUHLVSUDFKLJHQ ¿'LVWLFKD &DWRQLV¾ ZDUHQNDXPIUHLQGHXWVFKHV3XEOLNXPEHVWLPPWVRQGHUQYRUDOOHPIU GLH WVFKHFKLVFKH 6FKXOMXJHQG LQ 3LOVHQ GHU VLH QLFKW QXU PRUDOLVFKH *UXQGVlW]H VRQGHUQ DXFK /DWHLQ XQG 'HXWVFKNHQQWQLVVH YHUPLWWHOQ VROOWHQ'LHVEH]HXJHQ0DQWXDQXV·'LVWLFKHQDXVGHP*UX‰DQGHQ/HVHU +XFLXXHQLVSURSHUDVROLGDFDSHPHQWH&DWKRQHP3HUOHJHOHFWDWHQH&UHGHEHDWXVHULV>«@ 'LVFHV5RPDQRPDQHWKLFWHVHUPR%RHPXV7HXWRQDOLQJXDVLPXOKLVOLEHULVWHGRFHW

 BBBBBBBBBBBBB  ã9É%-DQ0DQWXiQ)HQFO>ZLH$QP@6  9JO0,5-$0%2+$7&29É3LOVQHU'UXFNH>ZLH$QP@  0RUDOLVVLPXV&DWKR%RHPRKDXGQRQ7HXWRQRYXOJDULEXVVHUPRQLEXVLQWHUSUHWDWXV1UQ EHUJ7LWHOEODWW'LVWLFKRQXQG



$1'5e'5(:(/2:6.0\@©  HLQH ]ZHLWH $XVJDEH QHQQW QLFKW 0\PHU VRQGHUQ -RKDQQHV 0DQWXDQXV DOV +HUDXVJHEHU RGHU $XWRU LP )ROJHQGHQ DOV ª9LHWRU  >0D@© EH]HLFKQHW  YJO KLHU]X XQWHQ 6 'LHPLUYRUOLHJHQGHXQGKLHU]LWLHUWH$XVJDEH9LHWRU>0D@ZHLVHQQDFK LQFKUR QRORJLVFKHU 5HLKHQIROJH  7+(2'2586 :,(5=%2:6., %LEOLRJUDSKLD 3RORQLFD ;9 DF ;9,VV9DUVDYLDH1DFKGUXFN1LHXZNRRS%G61U²%L EOLRJUDILD3ROVND>3ROQLVFKH%LEOLRJUDSKLH@%HDUEYRQ.$52/ (675(,&+(5XQG67$1,6 /$: (675(,&+(5 .UDNyZ  >1DFKGUXFN GHU %GH  1HZ 0\@GDJHJHQZHLVHQQDFK-$1 '$1,(/ $1'5=(- -$12&.,,DQR FLDQDVLYHFODURUXPDWTXHLOOXVWULXP3RORQLDHDXFWRUXPPDHFHQDWXPTXHPHPRULDHPLVFHO ODH%G9DUVDYLH61U9,,,²0,&+$á+,(521%LEOLRWKHN GHU ODWHLQLVFKHQ LQV 3ROQLVFKH EHUVHW]WHQ .ODVVLNHU@ +J YRQ (':$5' 5$&=ZLH $QP@ %G    6 ² %LEOLRJUDILD OLWHUDWXU\ SROVNLHM ¿1RZ\.RUEXW¾>%LEOLRJUDSKLHGHUSROQLVFKHQ/LWHUDWXU¿'HU1HXH.RUEXW¾@+JYRQ.$ =,0,(5=%8'=0D@DOV0LNURILFKHE]ZILOPYRU %DPEHUJ 6WDDWVELEOLRWKHN /UR  8SSVDOD 8QLYHUVLWlWVELEOLRWKHN 8QGHUY YlV $OOP >@6LHKH]X/HW]WHUHP-Ð=()757VFKHFKLVFKH hEHUVHW]XQJHQGHUVRJHQDQQWHQ'LVWLFKD&DWRQLV@,Q/LVW\ILORORJLFNp>3KLORORJLVFKH%OlW WHU@  6²='(Ł.$ 7,&+É3R]QiPN\RYHUäL)HQFORYDSőHNODGX.DWR QRYëFK GLVWLFK >$QPHUNXQJHQ ]XP 9HUV YRQ )HQFOV hEHUVHW]XQJ GHU 'LVWLFKD &DWRQLV@ ,Q/LVW\ILORORJLFNp>3KLORORJLVFKH%OlWWHU@  6²(LQHYHUJOHLFKEDUH8Q WHUVXFKXQJGHUSROQLVFKHQhEHUVHW]XQJHQGHU¿'LVWLFKD&DWRQLV¾ELHWHW0$5(. *8%$Ľ6 ., 3U]HNâDG\ SROVNLH ¿G\VW\FKyZ¾ 3VHXGR.DWRQD >'LH SROQLVFKHQ hEHUVHW]XQJHQ GHU ¿'LVWLFKD &DWRQLV¾@ ,Q 3DPLęWQLN /LWHUDFNL &]DVRSLVPR NZDUWDOQH SRœZLęFRQH KLVWRULL L NU\W\FH OLWHUDWXU\ SROVNLHM >/LWHUDULVFKHV (ULQQHUXQJVEXFK 9LHUWHOMDKUHV]V IU *HVFKLFKWH XQG.ULWLNGHUSROQLVFKHQ/LWHUDWXU@  +HIW6  $XVGLHVHP*UXQGHLVWGLHODWHLQLVFKSROQLVFKGHXWVFKH$XVJDEH 9LHWRU>0\@>0D@  PLWLKUHQ)ROJHDXVJDEHQ²LP*HJHQVDW]]XUODWHLQLVFKWVFKHFKLVFKGHXWVFKHQ²ZRKODXFK QLFKW JHQDQQW EHL 7+20$6 :,/+(/0, 6HEDVWLDQ %UDQW %LEOLRJUDSKLH %HUQ >XD@  $UEHLWHQ]XUPLWWOHUHQGHXWVFKHQ/LWHUDWXUXQG6SUDFKH 6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



-DKUHQ    XQG   GLH DOOH LQ .UDNDX JHGUXFNW ZXUGHQ VX6  :LHXQGIUZHOFKHQ.UHLVHQWVWDQGHQQXQGLHVHGUHLVSUDFKLJHQ$XV JDEHQ" 8QG YRU DOOHP ,Q ZHOFKHP =XVDPPHQKDQJ VWDQG GLHVH EHPHU NHQVZHUWH 0HKUVSUDFKLJNHLW LQ GHU HUVWHQ +lOIWH GHV  -DKUKXQGHUWV LQ 2VWPLWWHOHXURSDYRUDOOHPLQ.UDNDX" 'LHPXOWLNXOWXUHOOH6LWXDWLRQLQ.UDNDXLQGHU HUVWHQ+lOIWHGHV-DKUKXQGHUWV .UDNDX GDV GDPDOV LP 6GZHVWHQ GHV SROQLVFKOLWDXLVFKHQ -DJHOORQHQ VWDDWHVODJZDUYRQELV+DXSWVWDGW3ROHQVXQGKDWWHPLWGHQ 9RUVWlGWHQ .D]LPLHU] XQG .OHSDU] VRZLH GHQ XPOLHJHQGHQ 6LHGOXQJHQ (QGHGHV-DKUKXQGHUWVHWZD(LQZRKQHU(VJHK|UWHGDPLW]X GHQ JU|‰WHQ 6WlGWHQ LP 0LWWHOHXURSD GHV  XQG  -DKUKXQGHUWV 'LH PXOWLQDWLRQDOH 6WDGW ZDU %LVFKRIV XQG .|QLJVVLW] XQG HLQ EHGHXWHQGHV +DQGZHUNV+DQGHOVXQG:LVVHQVFKDIWV]HQWUXP.UDNDXZDUQLFKWQXU GLH :LHJH GHV SROQLVFKHQ %XFKGUXFNV VRQGHUQ QHEHQ /HPEHUJ 3RVHQ 7KRUQ'DQ]LJXQG:LOQDDXFKGLHZLFKWLJVWH6WDGWGHVSROQLVFKHQ%XFK KDQGHOV $QIDQJGHV-DKUKXQGHUWVJDEHV]ZHL.HUQHGHVJHVHOOVFKDIWOLFKHQ /HEHQVLQ.UDNDXGHQ+RIGHV-DJHOORQHQN|QLJV6LJLVPXQG,GHV$OWHQ   GHU ]ZLVFKHQ  XQG  PLW VHLQHU )UDX %RQD 6IRU]D BBBBBBBBBBBBB  (LQH 6WDGWDQVLFKW .UDNDXV XP  EHL -$1,1$ %,(1,$5=Ð:1$ -$1 0 0$á(&., ']LHMH .UDNRZD >'LH *HVFKLFKWH .UDNDXV@ %G  .UDNyZ  6  HLQ .UDNDXHU 6WDGWSODQ IU GDV  XQG  -DKUKXQGHUW HEG 6  ² =XU 6LWXDWLRQ LQ .UDNDX LP -DKUKXQGHUW YJO DXFK -$1 3,52Ů-DKUKXQGHUW@:URFâDZ>XD@6  (LQHEHUVLFKWOLFKH.DUWHGHVSROQLVFKOLWDXLVFKHQ6WDDWHVLQ%,(1,$5=Ð:1$ 0$á(&., ']LHMH.UDNRZD>ZLH$QP@6²=XUSROLWLVFKHQXQGJHVHOOVFKDIWOLFKHQ6LWXDWLRQLP SROQLVFKOLWDXLVFKHQ9LHOY|ONHUVWDDWYJO-$13,52ŮZLH$QP@6I



$1'5e'5(:(/2:6.ZLH$QP@6²=XU%HGHXWXQJGHU.UDNDXHU 8QLYHUVLWlW LP  XQG  -DKUKXQGHUW YJO DXFK -$1 3,52ŮZLH$QP@6  (EG6  (EG6  (EG6  (EG6  +(15]LWLHUW QDFK3,52ŮZLH $QP @ 6  'LHVH $XVVDJH ZLUG YRQ 3,52ŮZLH$QP@6  (EG6I  3,52ŮLP$QVFKOXVVDQGHQ$XIVDW]YRQ:á2'=,0,(5= *586=&=ZLH$QP@6  9JOKLHU]X%,(1,$5=Ð:1$0$á(&.,']LHMH.UDNRZD>ZLH$QP@6  %,(1,$5=Ð:1$0$á(&.,']LHMH.UDNRZD>ZLH$QP@6



$1'5e'5(:(/2:6.$QIlQJHGHVSROQLVFKHQ6FKULIWWXPV =XVDP PHQVWHOOXQJYRQ6SUDFKGHQNPlOHUQ @YHUEHVVHUWH$XVJDEH/ZyZ:DUV]DZD.UDNyZ  6  >(UVWDXVJDEH 3U]HJOĊG Mę]\NRZ\FK ]DE\WNyZ VWDURSROVNLFK GR U  =X VDPPHQVWHOOXQJDOWSROQLVFKHU6SUDFKGHQNPlOHUELV]XP-DKU .UDNyZ@²'HU ¿&DWR¾HUVFKHLQWDXFKLP/HKUSODQGHVVHLWLP*\PQDVLXPYRQ3LľF]yZ FDNP QRUG|VWOLFK YRQ .UDNDX  OHKUHQGHQ )UDQ]RVHQ 6WDWRULXV 9JO KLHU]X ,*1$&'LH5ROOHGHUSROQLVFKHQ 6SUDFKHLQGHUVFKXOLVFKHQ/HKUHLP3ROHQGHV-DKUKXQGHUWV@:URFâDZ6  (5,.$,6,1*'LH+HUDXVELOGXQJGHU*UDPPDWLNGHU9RONVVSUDFKHQLQ0LWWHOXQG2VWHX URSD6WXGLHQEHUGHQ(LQIOX‰GHUODWHLQLVFKHQ(OHPHQWDUJUDPPDWLNGHV$HOLXV'RQDWXV ¿'HRFWRSDUWLEXVRUDWLRQLVDUVPLQRU¾%HUOLQ 'HXWVFKH$NDGHPLHGHU:LVVHQVFKDI WHQ ]X %HUOLQ 9HU|IIHQWOLFKXQJHQ GHV ,QVWLWXWV IU GHXWVFKH 6SUDFKH XQG /LWHUDWXU   6²9JO]X=DERURZVNLDXFK=$5Ę%6.,5RODMę]\NDSROVNLHJR>ZLH$QP@6  =$5Ę%6., GDWLHUW GLH ¿*UDPPDWLFHV UXGLPHQWD¾ DXV GHU 2IIL]LQ )ORULDQ 8QJOHUV  DXI GDV-DKU 6   =X+RQWHUYJO87( 021,.$ 6&+:2%.XOWXUHOOH%H]LHKXQJHQ]ZLVFKHQ1UQEHUJXQG GHQ 'HXWVFKHQ LP 6GRVWHQ LP  ELV  -DKUKXQGHUW 0QFKHQ  %XFKUHLKH GHU 6GRVWGHXWVFKHQ+LVWRULVFKHQ.RPPLVVLRQ 6  =X+H\GHQYJO6&+:2%.XOWXUHOOH%H]LHKXQJHQ>ZLH$QP@6XQG6   -$13,52ŮZLH$QP@6  hEHU GDV .UDNDXHU 'UXFNZHVHQ YJO -Ð=() '8Ů,QGHQ'UXFNHU2IIL]LQHQ.UDNDXVGHV-DKUKXQGHUWV@:DUV]DZD² :$&á$:$ 6=(/,Ľ6.$'UXNDUVWZRNUDNRZVNLH>'DV.UDNDXHU'UXFNZHVHQ@>@ .UDNyZ²-$13,52ŮZLH$QP@6  3,52ŮZLH$QP@6  =X +DOOHU YJO %G    XQG %G    GHU 5HLKH 3RORQLD 7\SRJUDSKLFD 6DHFXOL 6HGHFLPL 7ORF]QLH SROVNLH ;9, VWXOHFLD 0RQRJUDILH L SRGREL]Q\ ]DVREyZ GUXNDUVNLFK >3ROQLVFKH'UXFNHUSUHVVHQGHV-DKUKXQGHUWV0RQRJUDSKLHQXQG)DNVLPLOHVGHU'UXN NHUHLEHVWlQGH@ :URFâDZ :DUV]DZD .UDNyZ II ² $/2',$ .$:(&.$*5ZLH$QP@6  3,52ŮZLH $QP @ 6(VKDQGHOWVLFKXPGLH*HEHWH¿2MF]HQDV]¾¿=GURZDœ0DULD¾XQG¿:LHU]ę¾ ¿9DWHUXQ VHU¾¿(QJOLVFKHU*UX‰¾¿*ODXEHQVEHNHQQWQLV¾ LQHLQHP%UHVODXHU'UXFNYRQ%UHVODX 6FKOHVLHQ ODJGDPDOVMHGRFKQLFKWLQ3ROHQ  %,(1,$5=Ð:1$ 0$á(&., ']LHMH .UDNRZD >ZLH $QP @ 6  ² 9JO KLHU]X -$1 3,52ŮZLH$QP@6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



.UDNDX]HLFKQHWHVLFKªYRUDOOHPGXUFKGHQ'UXFNLQ)UHPGVSUDFKHQ DXV ZDV JOHLFKVDP GLH HWKQLVFKH 3OXUDOLWlW GHU 6WDGW ZLGHUVSLHJHOWH© *UR‰HQ$QWHLODQGHUIUHPGVSUDFKLJHQ9LHOIDOWGHV.UDNDXHU%XFKPDUNWHV KDWWHGHUªQHEHQ+DOOHUEHGHXWHQGVWH.UDNDXHU'UXFNHUGHUHUVWHQ+lOIWH GHV-DKUKXQGHUWV©+LHURQ\PXV9LHWRU 'HU+XPDQLVWXQG'UXFNHU+LHURQ\PXV9LHWRU +LHURQ\PXV%WWQHURGHU²ODWLQLVLHUW²9LHWRU QDFK ZDU JHEUWLJHU 'HXWVFKHU HU VWDPPWH DXV GHP VFKOHVLVFKHQ /LHEHQWKDO /X ERPLHU]  EHL +LUVFKEHUJ  LPPDWULNXOLHUWH HU VLFK DQ GHU .UDNDXHU BBBBBBBBBBBBB  .$5(1 /$0%5(&+7 .XOWXUWUDQVIHU XQG .RPPXQLNDWLRQ 'LH $QIlQJH GHV%XFKGUXFNV LQ3UDJXQG.UDNDXLP9HUJOHLFK,Q0HWURSROHQXQG.XOWXUWUDQVIHU>ZLH$QP@6 KLHU6  Œ:,(5.+LHURQ\PXV9LHWRU>ZLH$QP@6  'LH XPIDVVHQGVWH 'DUVWHOOXQJ ]X +LHURQ\PXV 9LHWRU ELHWHW QRFK LPPHU LQ SROQLVFKHU 6SUDFKH$/2',$.$:(&.$*59LHWRU +LHURQ\PXV@,Q'UXNDU]HGDZQHM3ROVNL>ZLH$QP@6²,QGHXWVFKHU6SUDFKH OLHJHQ ELVKHU ]ZHL XPIDQJUHLFKHUH $XIVlW]H YRU Œ:,(5. +LHURQ\PXV 9LHWRU >ZLH $QP @ VRZLH +(15@ ,Q 6âRZQLN SUDFRZQLNyZ NVLĊůNL SROVNLHM >/H[LNRQ GHU $UEHLWHU GHV



$1'5e'5(:(/2:6.ZLH $QP @ 6  ² $/2',$ .$:(&.$ *5=XU*H VFKLFKWHGHVSROQLVFKHQ%XFKHVLQGHU5HQDLVVDQFH]HLW6WXGLHQXQG0DWHULDOLHQ@:URFâDZ  6  ² 3,52ŮhEHU 9HUODJVUHNODPHLQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV.UDNDXHU'UXFNHU9HUOHJHUVR ZLHEHUGLHSROQLVFKHQ:LGPXQJVEULHIHGHU9LHWRU2IIL]LQ@,Q78:œUyGLPSUHVRUyZ NUDNRZVNLFK GRE\ 5HQHVDQVX >8QWHU GHQ .UDNDXHU 'UXFNHUQ GHU 5HQDLVVDQFH]HLW@ .UD NyZ6  9RQELV²DOVRQXUZHQLJH-DKUHYRU9LHWRU²KDWWH1LNRODXV.RSHUQLNXV   LQ.UDNDXVWXGLHUW 3,52Ů«@GD‰HVPLWGHQNXOWXUHOODPK|FKVWHQHQWZLFNHOWHQ1DWLRQHQGHU:HOWZHWW HLIHUQNDQQ©

9LHWRUV3DWURQZDUGHUN|QLJOLFKH6HNUHWlU-RVW/XGZLJ'HFLXV 'LHW]FD  GHUHLQHGHULQ .UDNDXVR]DKOUHLFKHQKXPDQLVWLVFKHQZLV BBBBBBBBBBBBB  (EG 6  'DV (UDVPXV%XFK LQ .UDNDX EHKDQGHOW GLH 0RQRJUDSKLH : $&á$:$ 6=(/,Ľ6.$.VLĊůND(UD]PD]5RWWHUGDPXZœURGRZLVNXNUDNRZVNLPZ;9,ZLHNX>'DV %XFK GHV (UDVPXV YRQ 5RWWHUGDP LQ .UDNDX LP  -DKUKXQGHUW@ .UDNyZ  3UDFH 0RQRJUDILF]QH :63 Z .UDNRZLH  eWXGHV 0RQRJUDSKLTXHV GH O·eFROH 1RUPDOH 6XSp ULHXUHj&UDFRYLH )ROJHQGHGUHL]HKQ(UDVPXV:HUNHHUVFKLHQHQLQGHU.UDNDXHU2I IL]LQGHV+LHURQ\PXV9LHWRU LQ.ODPPHUQGHU1DFKZHLVEHL6=(/,Ľ6.$ ¿4XHUHODSDFLV XQGLTXHJHQWLXPHLHFWDHSURIOLJDWDHTXH¾ 6 ¿'HUDWLRQHVWXGLLDFOHJHQGLLQWHUSUH WDQGLTXH DXFWRUHV OLEHOOXV DXUHXV¾  'H]HPEHU  6 I  ¿6\QWD[LV¾ -DQXDU  6 ¿'HFRQVFULEHQGLVHSLVWROLV¾0DL 6 ¿'HUHUXPYHUERUXPFRSLD¾-XOL 6  ¿0RGXV RUDQGL 'HXP¾ 0lU]  6   ¿3UHFDWLR GRPLQLFD¾ -XQL  6   ¿/LQJXD¾  6   VRZLH ¿;LęJL NWRUH ]RZĊ -ę]\N¾ >SROQLVFKH $XVJDEH GHU ¿/LQJXD¾@  6 ¿+\SHUDVSLVWHVGLDWULEDHDGYHUVXVVHUYXPDUELWULXP0DUWLQL/XWKHUL¾-XQL 6I ¿(SLVWRODDG,QFO\WXP5HJHP6LJLVPXQGXP3RORQLDH¾ 6 ¿3UHFDWLRDG 9LUJLQLVILOLXP-HVXP¾ 6 ¿(SLVWRODDGYLUJLQHVVDFUDVSURSH&DQWDEULJLXPFRQVR ODWRULDLQDGYHUVLV¾ 6 ¿(SLVWRODGHFRQWHPSWXPXQGL¾ 6 $X‰HUGHP HUVFKLHQHQEHL9LHWRUIROJHQGHYRQ(UDVPXVNRPPHQWLHUWHXQGEHUVHW]WH$XWRUHQ+LH URQ\PXV6WULGRQHQVLV¿(SLVWRODDG5XVWLFXPPRQDFKXP¾ 6 ¿(SLVWRODDG(XVWR FKLXP YLUJLQHP GH YLUJLQLWDWLV FXVWRGLD¾  6   ¿$OLTXRW HSLVWRODH +LHURQLPL DE (UDVPR5RWHURGDPRSULVWLQDHLQWHUJULWDWLUHVWLWXWDH¾ 6 -RDQQHV&KU\VRVWRPXV ¿'HEHDWR3KLORJRQLRFRQFLR¾ 6 ¿&DWKRQLVGLVWLFKDPRUDOLD(UDVPR5RWKHUR GDPRODWLQRFDVWLJDWRUH3RORQLFRHW*HUPDQLFRLGLRPDWHH[RUQDWD¾XQGZHLWHUH$XV JDEHQ 6   /XFLXV $QQDHXV 6HQHFD ¿)RUPXOD KRQHVWDH YLWDH LX[WD (UDVPL FDVWLJDWLRQHHPHQGDWH¾ 6   7$'(86= 8/(:,&= /LWHUDULVFKH.UHLVH XQG ª*HVHOOVFKDIWHQ© LQ .UDNDX XQG .OHLQSROHQ LP =HLWDOWHU GHU 5HQDLVVDQFH EHUVHW]W YRQ .5=ZLH$QP@6  =X'HFLXVYJO:á$'3ROQLVFKHV%LRJUDSKLVFKHV/H[LNRQ@+JYRQGHU3ROVND$NDGHPLD 8PLHMHWQRVFL.UDNyZ>XD@II%G  6²$/)2163(5/,&.'H FLXV 'LHW]'LW] -RVW -REVW /XGZLJ,Q1HXHGHXWVFKH%LRJUDSKLH+JYRQGHU+LVWRUL VFKHQ.RPPLVVLRQEHLGHU%D\HULVFKHQ$NDGHPLHGHU:LVVHQVFKDIWHQ%HUOLQII%G   6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



VHQVFKDIWOLFKOLWHUDULVFKHQ *HVHOOVFKDIWHQ XP VLFK YHUVDPPHOWH $XFK 'HFLXVGHUVHLQH.DUULHUHLQ.UDNDXDOV6HNUHWlUYRQ-DQ%RQHUEHJRQQHQ KDWWHJHK|UWH]XGHQHQJVWHQ)UHXQGHQGHV(UDVPXVGHULKPGLH 3DUDSKUDVH GHV ¿9DWHUXQVHU¾ ¿3UHFDWLR GRPLQLFD¾  ZLGPHWH 'LH )DPLOLH 'HFLXVZDUHEHQIDOOVZLHGLH%RQHU'\QDVWLHDXVGHP(OVDVVQDFK.UDNDX JHNRPPHQXQGYHUN|USHUWHHLQHQ7HLOGHVSURKDEVEXUJLVFKHQ'HXWVFK WXPV LQ .UDNDX EHPKWH VLFK DEHU XP HLQH HQJH )UHXQGVFKDIW PLW GHQ 3ROHQXQGSRORQLVLHUWHVLFKLQQHUKDOEYRQ]ZHLELVGUHL*HQHUDWLRQHQ $XFK9LHWRUVHOEVWOXG.UDNDXHUXQGLQ.UDNDXZHLOHQGH+XPDQLVWHQ LQ VHLQ +DXV HLQ XQG YHUDQVWDOWHWH IU VLH 7UHIIHQ XQG 0XVLNDEHQGH ² 9LHWRUZDUDOVRVHOEVWª=HQWUXPGHVJHVHOOVFKDIWOLFKHQ/HEHQV©XQGWUDW DOVª0l]HQXQG)|UGHUHUGHU$XWRUHQGHUYRQLKPJHGUXFNWHQSROQLVFKHQ %FKHU©DXI ª%HPKWXPGLH(QWZLFNOXQJKXPDQLVWLVFKHU6WXGLHQEHUKlXIWH9LHWRUGLH.UD NDXHU6WXGHQWHQVFKDIWXQGVHLQHQJHOHKUWHQ.XQGHQNUHLVPLWHLQHU)OXWYRQ$XV JDEHQ DQWLNHU $XWRUHQ KXPDQLVWLVFKHQ /HKUEFKHUQ XQG :HUNHQ ]HLWJHQ|VVL VFKHU6FKULIWVWHOOHU©

=X QHQQHQ ZlUH KLHU ]% GDV ODWHLQLVFKGHXWVFKSROQLVFKH *HVSUlFKV EXFK¿2UDWLXQFXOHYDULHSXHURUXPXVXLH[SRVLWH1DPRZ\UR]OLF]QH>«@¾ ¿9HUVFKLHGHQH *HVSUlFKH¾ GHV 1LHGHUOlQGHUV -RKDQQHV 0XUPHOOLXV  GDV 9LHWRU  PLW VHLQHU HLJHQHQ GHXWVFKHQ XQG GHU SROQLVFKHQ hEHUVHW ]XQJ YRQ +LHURQLP 6SLF]\ľVNL LQ .UDNDX GUXFNWH ,P VHOEHQ -DKU HU VFKLHQHQ EHL 9LHWRU GLH EHLGHQ YLHUVSUDFKLJHQ /HKUEFKHU ¿5XGLPHQWD JUDPPDWLFHV 'RQDWL¾ YRQ &KULVWRSK +HJHQGRUI XQG ¿3XHULOLXP FROOR TXLRUXP IRUPXODH¾ GHV 1UQEHUJHUV 6HEDOG +H\GHQ GLH QHEHQ HLQHU ODWHLQLVFKHQXQGGHXWVFKHQ7H[WIDVVXQJDXFKHLQHSROQLVFKHhEHUVHW]XQJ ZDKUVFKHLQOLFK YRQ )UDQ]0\PHU  XQG HLQH XQJDULVFKH 9HUVLRQ YRQ -i QRV 6\OYHVWHU HQWKLHOWHQ (LQ -DKU VSlWHU   HUVFKLHQ EHL 9LHWRU GDV HUVWH JHGUXFNWH SROQLVFKH :|UWHUEXFK LQ HLQHU GUHLVSUDFKLJHQ )DVVXQJ BBBBBBBBBBBBB  9JO KLHU]X 3,52ŮZLH$QP@6  32&,(&+$'HFMXV]>ZLH$QP@6  %,(1,$5=Ð:1$0$á(&.,']LHMH.UDNRZD>ZLH$QP@6  3,52Ů2UDWLXQFXOH YDULH9HUVFKLHGHQH*HVSUlFKH(LQ'UXFNDXVGHP-DKU@,Q3UDFH)LORORJLF]QH>3KL ORORJLVFKH$UEHLWHQ@  6  9JOKLHU]XYRUDOOHP,6,1*+HUDXVELOGXQJ>ZLH$QP@666IXQG6  9JOKLHU]XYRUDOOHP6&+:2%.XOWXUHOOH%H]LHKXQJHQ>ZLH$QP@6I



$1'5e'5(:(/2:6.«@¾ (V ZLUG GHXWOLFK ZLH YLHOIlOWLJ GDV 6FKXOEXFKDQJHERW DXV 9LHWRUV 'UXFNHUHLZDUXQGGDVVPHKUVSUDFKLJH3XEOLNDWLRQHQEHL9LHWRUDXIGLH VHP *HELHW NHLQH 6HOWHQKHLW ZDUHQ ,Q GLHVHV 6FKXOEXFKDQJHERW JHK|UW BBBBBBBBBBBBB  %HLGH :|UWHUEFKHU VLQG LQHLQHU $XVJDEH DOV )DNVLPLOH HUVFKLHQHQ 'LFWLRQDULXV ,RDQQLV 0XUPHOOLL YDULDUXPUHUXP >ZLH $QP@ 9JOGHQGLHVHU )DNVLPLOHDXVJDEH EHLJHJHEHQHQ $XIVDW]YRQ*586=&=ZLH$QP@6=X0DWKLDV6FKDUIIHQEHUJYJO%G  GHU5HLKH3RORQLD7\ SRJUDSKLFD>ZLH$QP@²$/2',$.$:(&.$*56FKDUIIHQEHUJ0DWKLDV@,Q'UXNDU]HGDZQHM3ROVNL>ZLH$QP@6 $XFK+LHURQ\PXV9LHWRUZDUPLWGHU²HEHQIDOOVZLH9LHWRUDXV/LHEHQWKDOVWDPPHQ GHQ²6FKDUIIHQEHUJ'\QDVWLHYHUZDQGW9LHWRUZDUGHU&RXVLQYRQ0DUNXV6FKDUIIHQEHUJ GHU LQ .UDNDX GLH ]ZHLWH 6FKDUIIHQEHUJ/LQLH UHSUlVHQWLHUWH YJO $/2',$ .$:(&.$ *56FKDUIIHQEHUJ@ ,Q 'UXNDU]H GDZQHM 3ROVNL >ZLH $QP@ 6 KLHU 6 '(56 $11$ 0$Ľ.2:6.$ 6]DUIHQEHUJ 0DUHN >6FKDUIIHQEHUJ 0DUNXV@,Q'UXNDU]HGDZQHM3ROVNL>ZLH$QP@6  9JO ='LH SROQLVFKH 6SUDFKH LP SROQLVFKGHXWVFKHQ *HVSUlFKVEXFK ¿.VLĊ ůHF]NLSROVNLH¾DXVGHP-DKU@:URFâDZ>XD@ 3UDFH,QVW\WXWX-ę]\ND3ROVNLHJR >$UEHLWHQGHV,QVWLWXWVIUSROQLVFKH6SUDFKH@   9JO0$5*$5(7(%,('(5'DVSROQLVFKGHXWVFKH9RNDEXODULXPDXVGHU.UDNDXHU2IIL]LQ GHV+9LHWRUJHGUXFNWLP-DKUH3KLO'LVV:LHQ  9JO3,52ŮZLH$QP@ 6XQG6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



QXQDXFKGLHGUHLVSUDFKLJH$XVJDEHGHU¿'LVWLFKD&DWRQLV¾YRQ)U 9LHWRUZDUGHU'UXFNGHU¿'LVWLFKD&DWRQLV¾QLFKWV1HXHV(UKDWWHVFKRQ LQ:LHQHLQHQODWHLQLVFKHQ¿&DWR¾]XVDPPHQPLWGHQ¿,QVWLWXWHV0R UDOHV¾ GHV -RKDQQHV 6XOSLWLXV LQ HLQHU 'RQDW$XVJDEH YHU|IIHQWOLFKW ,QWHUHVVDQWLVWQXQGDVV)UDQ]0\PHUPLWGHP9LHWRUHQJ]XVDPPHQDU EHLWHWH VLFK HEHQ PLW GLHVHQ GUHL 6FKULIWVWHOOHUQ EHVFKlIWLJWH PLW GHP 'RQDW PLW GHP ¿&DWR¾ GHQ HU LQV 3ROQLVFKH EHUVHW]WH XQG PLW GHP :HUN GHV -RKDQQHV 6XOSLWLXV 9RQ HEHQ MHQHP 6XOSLWLXV HUVFKLHQ XQWHU 0\PHUV +HUDXVJHEHUVFKDIW EHUHLWV  EHL 0DWKLDV 6FKDUIIHQEHUJ LQ ODWHLQLVFKSROQLVFKGHXWVFKHU 9HUVLRQ GDV %FKOHLQ ¿'H PRULEXV SXHUR UXPFDUPHQLXYHQLOH¾²PLWGHXWVFKHU7H[WYHUVLRQYRQ$PEURVLXV$ODQW VHH XQG PLW HLQHU SROQLVFKHQ hEHUVHW]XQJ GLH ZRKO YRQ 0\PHU VHOEVW VWDPPW'LHVHVDXVQXUMHZHLOV+H[DPHWHUQEHVWHKHQGH:HUNGDV² lKQOLFKZLHGLH¿'LVWLFKD&DWRQLV¾²-XJHQGOLFKHQ5HJHOQIUULFKWLJHV9HU KDOWHQ LQ XQG DX‰HUKDOE GHU 6FKXOH DQ GLH +DQG JHEHQ VROOWH PDJ IU 0\PHUGHU$QVWR‰JHZHVHQVHLQDXFKGLH¿'LVWLFKD&DWRQLV¾LQV3ROQLVFKH ]XEHUVHW]HQ )UDQ]0\PHU²GHU$XWRUGHUSROQLVFKHQ¿'LVWLFKD&DWRQLV¾YRQ )UDQ]0\PHU FDELVQDFKDXFK)UDQFLV]HN0\PHU)UDQFLVFXV 0\PHUXV 3VHXGRQ\P /HRPRQWDQXV 6LOHVLXV  ª+XPDQLVW hEHUVHW]HU XQG +HUDXVJHEHU YRQ 6FKXOKLOIHQ XQG OHKUEFKHUQ VRZLH :HUNHQ YRQ BBBBBBBBBBBBB  ¿&RQWLQHWXUKLF'RQDWXV0LQRUFXP&DWRQHHW6XOSLWLL9HUXODQL,QVWLWXWLV0RUDOLEXV¾'LH %LEOLRJUDSKLHQ ZHLVHQ JOHLFK ]ZHL $XVJDEHQ QDFK ² EHLGH LQ :LHQ  YRQ 9LHWRU JH GUXFNWLP4XDUW)RUPDW '(1,6:LHQV%XFKGUXFNHUJHVFKLFKWH>ZLH$QP@6² 9HU]HLFKQLVGHULPGHXWVFKHQ6SUDFKEHUHLFKHUVFKLHQHQHQ'UXFNHGHV;9,-DKUKXQGHUWV 9'  +J YRQ GHU %D\HULVFKHQ 6WDDWVELEOLRWKHN LQ 0QFKHQ LQ 9HUELQGXQJ PLW GHU +HU]RJ$XJXVW%LEOLRWKHNLQ:ROIHQEWWHO5HGDNWLRQ,50*$5' %(==(/6WXWWJDUW 1U&'²,QGH[$XUHOLHQVLV>ZLH$QP@%G61U  XQG LP 2NWDY)RUPDW 0$ZLH $QP @ 6  ² 9' VR 1U&'   9JO¿1RZ\.RUEXW¾>ZLH$QP@%G6  9JO KLHU]X =$5Ę%6., 5ROD Mę]\NDSROVNLHJR >ZLH $QP @ 6  ² á2Œ 3RF]ĊWNL >ZLH $QP@6ZHLVWGDUDXIKLQGDVVGLH¿'LVWLFKD&DWRQLV¾ªlKQOLFKHQ,QKDOWV©VHLHQZLH ¿'HPRULEXVSXHURUXPFDUPHQLXYHQLOH¾  0|JOLFK LVW DXFK GDVV 0\PHU ]XU SROQLVFKHQ hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ GXUFK HLQH ODWHLQLVFKJULHFKLVFKH ¿&DWR¾$XVJDEH DQJHUHJW ZXUGH GLH HEHQIDOOV EHL 0DWKLDV 6FKDUIIHQEHUJHUVFKLHQHQZDU¿&DWRQLV'LVWLFKD0RUDOLDFYP6FKROLMVQRXLWHUDXFWLV(UDVPL 5RWHURGDPL(DGHP'LVWLFKD*UDHFDD0D[LPR3ODQXGHH/DWLQRYHUVD¾1DFKZHLVHGLHVHU $XVJDEH%LEOLRJUDILD3ROVND>ZLH$QP@%G  6²,QGH[$XUHOLHQVLV>ZLH $QP@%G61U



$1'5e'5(:(/2:6.«@XQGGHV3OXWDUFK©ZDUDOVJHEUWLJHU'HXWVFKHUGHV3ROQLVFKHQ 7VFKHFKLVFKHQ,WDOLHQLVFKHQ/DWHLQLVFKHQXQG*ULHFKLVFKHQPlFKWLJXQG KDWWHHLQHQªJXWHQ5XIDOVhEHUVHW]HUJUDPPDWLVFKHU7H[WH©,6,1*EH ]HLFKQHW LKQ DOV HLQHQªVRUJIlOWLJHQ $UEHLWHU XQG JHZLVVHQKDIWHQ *HOHKU WHQ©LQ%H]XJDXIGLH$XVDUEHLWXQJGHV:HUNHV¿'HJUDPPDWLFDOLEULGXR¾ YRQ -RKDQQHV +RQWHU LQ ODWHLQLVFKSROQLVFKHU 9HUVLRQ  EHL 0DWKLDV 6FKDUIIHQEHUJ HUVFKLHQHQ  'HQQRFK EHKHUUVFKWH 0\PHU GLH SROQLVFKH 6SUDFKH QLFKW IHKOHUIUHL ,P 9RUZRUW GHU ZRKO  HUVFKLHQHQHQ XQG ZDKUVFKHLQOLFKYRQ0\PHUPLWSROQLVFKHUhEHUVHW]XQJYHUVHKHQHQ¿(OH PHQWD'RQDWL¾VFKULHEHU ª1LHPDQG P|JH VLFK ZXQGHUQ GD‰ LFK GHV 3ROQLVFKHQ XQJHZRKQW ELQ GHQQ PHLQH+HLPDWOLHJWLP1RUGHQ'DPDOVDEHUDOVLFKGLHNOHLQHQ.QDEHQGLHODWHL QLVFKH6SUDFKHJHOHKUWKDEHZXUGHLFKJHEHWHQXPJHNHKUWPLWSROQLVFKHQ:RU BBBBBBBBBBBBB  6R FKDUDNWHULVLHUW LKQ +(15ZLH $QP@%G6I²,6,1*+HUDXVELOGXQJ>ZLH$QP@6  $OVHLQHQVROFKHQYHU]HLFKQHWLKQ²PLW+LQZHLVDXI0\PHUVGUHLVSUDFKLJHQ*HVXQGKHLWV UDWJHEHU ¿5HJLPHQ VDQLWDWLV 0HGLFRUXP 3DULVLHQVLXP¾ ² /8':,. *ĉ6,252:6., =ELyU ZLDGRPRœFL GR KLVWRU\L V]WXNL OHNDUVNLHM Z 3ROVFH RG F]DVyZ QDMGDZQLHMV]\FK Dů GR QDM QRZV]\FK>6DPPOXQJYRQ1DFKULFKWHQ]XU*HVFKLFKWHGHU+HLONXQVWLQ3ROHQYRQGHQlO WHVWHQ =HLWHQ ELV ]X GHQ QHXHVWHQ@ %G  3R]QDľ  6  XQG 6 I >'RGDWHN =XVDW] @ ² 2IIHQEDU HEHQIDOOV DOV $U]W ZLUG 0\PHU DXIJHIKUW LQ 67$1,6á$: .2Œ 0,Ľ6.,6âRZQLNOHNDU]yZSROVNLFKREHMPXMĊF\RSUyF]NUyWNLFKů\FLRU\VyZOHNDU]\SROD NyZ RUD] FXG]R]LHPFyZ Z 3ROVFH RVLDGâ\FK GRNâDGQĊ ELEOLRJUDILĊ OHNDUVNĊ SROVNĊ RG F]DVyZQDMGDZQLHMV]\FKDůGRU>/H[LNRQSROQLVFKHUbU]WHHQWKlOWQHEHQ.XU]ELR JUDSKLHQ SROQLVFKHU XQG DXVOlQGLVFKHU bU]WH LQ 3ROHQ HLQH JHQDXH SROQLVFKH bU]WH %LEOLRJUDSKLHYRQGHUlOWHVWHQ=HLWELV]XP-DKUH@:DUV]DZD1DFKGUXFN:DU V]DZD'LHVHV:HUNODJPLUOHLGHUQLFKWYRU  0h//(5+XPDQLVPXVXQG8QLYHUVLWlW>ZLH$QP@6I  ,6,1*+HUDXVELOGXQJ>ZLH$QP@6  +(15ZLH$QP@6,;  ,6,1*+HUDXVELOGXQJ>ZLH$QP@6  (EG6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



WHQ]XVSUHFKHQ:HQQLFKDOVRJXWVSUHFKHP|JHPDQHVOREHQLVWHVVFKOHFKW² GHQQHVLVWODQJHKHU²ELWWHLFKHVDXV]XVWUHLFKHQ©

'á86.$EHUJHKW0\PHULQLKUHU*HVFKLFKWHXQG7KHRULHGHUSROQLVFKHQ 'LFKWXQJIDVWJDQ]XQGHUZlKQWQXULP+LQEOLFNDXI0\PHUVODWHLQLVFK SROQLVFKGHXWVFKHV:HUN¿5HJLPHQVDQLWDWLV0HGLFRUXP3DULVLHQVLXPSUR WXHQGDVDQLWDWH$QJOLDHFRPSRVLWXPHWF5\WKPLVSRORQLFLVHW*HUPDQLFLV H[RUQDWXP¾ EHL0DWKLDV6FKDUIIHQEHUJJHGUXFNW GDVV0\PHUV3RO QLVFKªQLFKWEHVRQGHUV©VHL$XFK%$56WXGLHQ]XU*HVFKLFKWHXQG 7KHRULHGHUSROQLVFKHQ'LFKWXQJ@HUZHLWHUWH$XVJDEH%G:DUV]DZD6² =XP ¿5HJLPHQ VDQLWDWLV¾ YJO *81'2/) .(,/ 5HJLPHQ VDQLWDWLV 6DOHUQLWDQXP ,Q 'LH GHXWVFKH/LWHUDWXUGHV0LWWHODOWHUV9HUIDVVHUOH[LNRQ>«@Y|OOLJQHXEHDUEHLWHWH$XIODJH >«@KJYRQ.85758+>XD@%HUOLQ1HZZLH$QP@%G6  %$5ZLH$QP@6  %$5ZLH$QP@6  )5$1= 63,1$VSULFKWYRQGHUª&RPSDQLH3HFN0DQWXDQ©9JO)5$1= 63,1$7VFKHFKL VFKHU %XFKGUXFN LQ 1UQEHUJ DP $QIDQJ GHV  -DKUKXQGHUWV ,Q 8QWHUVXFKXQJHQ XQG 4XHOOHQ ]XU JHUPDQLVFKHQ XQG URPDQLVFKHQ 3KLORORJLH -RKDQQ YRQ .HOOH GDUJHEUDFKW =ZHLWHU7HLO3UDJ 3UDJHU'HXWVFKH6WXGLHQ 6KLHU6  1DFKJHZLHVHQ LQ IROJHQGHQ %LEOLRJUDSKLHQ .QLKRSLV ÿHVNëFK D VORYHQVNëFK WLVNţ 2G GRE\ QHMVWDUät Dæ GR NRQFH ;9,,, VWROHWt >%LEOLRJUDSKLH WVFKHFKLVFKHU XQG VORZDNLVFKHU 'UXFNH9RQGHUlOWHVWHQ=HLWELV]XP(QGHGHV-DKUKXQGHUWV@+JYRQGHU.RPLVH SURNQLKRSLVQëVRXSLVÿHVNëFKDVORYHQVNëFKWLVNţDæGRNRQFH;9,,,VWROHWt7HLO7LVN\

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



9É&/$9 %2. LP YRUOLHJHQGHQ %DQG  63,1$ EH]HLFKQHW GLHVHQ IUKHQ 'UXFNDOVHLQHQGHU]ZHLªOLWHUDULVFKZHUWYROOVWHQWVFKHFKLVFKHQ1UQEHU JHU'UXFNH© (V KDQGHOW VLFK XP HLQHQ  %ODWW OHW]WHV %ODWW OHHU   EHGUXFNWH 6HLWHQ  XPIDVVHQGHQ 'UXFN LP 4XDUW)RUPDW $XI GHU 7LWHOVHLWH LVW ,RDQQHV 0DQWXDQXV 3>LOVQHQVLV@ DOV $XWRU GHV WVFKHFKLVFKHQ 7H[WHV JH QDQQW (LQHP DFKW]HLOLJHQ ODWHLQLVFKHQ 9RUZRUW YLHU 'LVWLFKHQ  IROJW BBBBBBBBBBBBB ]OHW>'UXFNHDXVGHQ-DKUHQ@%G3UDKD6I1U DX‰HUGHP .QLKRSLV ÿHVNëFK D VORYHQVNëFK WLVNţ 2GGRE\ QHMVWDUät Dæ GR NRQFH ;9,,, VWROHWt'RGDWN\>1DFKWUlJH@%G3UDKD61U²7KH1DWLRQDO8QLRQ &DWDORJ 3UH ,PSULQWV /RQGRQ >XD@  %G    6  1U 1&  ² :2567%52&. $QWLNHUH]HSWLRQ >ZLH $QP @ 6  1U  ² 9' >ZLH $QP@ 1U & ² ,QGH[ $XUHOLHQVLV >ZLH $QP @ %G  6  1U  ² 7+(2'25 %5h**(0$112772 %581.(1+DQGEXFK]XU.LQGHUXQG-XJHQGOLWHUDWXU 9RP %HJLQQ GHV %XFKGUXFNV ELV  6WXWWJDUW  6S  1U  ² :,/+(/0, 6HEDVWLDQ%UDQW%LEOLRJUDSKLH>ZLH$QP@61U:HLWHUH(UZlKQXQJHQGHVOD WHLQLVFKWVFKHFKLVFKGHXWVFKHQ¿0RUDOLVVLPXV&DWKR¾ DX‰HUGHQLQ$QPEHUHLWVJHQDQQ WHQ8QWHUVXFKXQJHQ EHL63,1$7VFKHFKLVFKHU%XFKGUXFN>ZLH$QP@66I² .$5/ 6&+277(1/2+(5 'LH (QWZLFNHOXQJ GHU %XFKGUXFNHUNXQVW LQ )UDQNHQ ELV  :U]EXUJ  1HXMDKUVEOlWWHU   6  ² 6&+:2% .XOWXUHOOH %H]LHKXQJHQ >ZLH $QP@6$QP²-26() %(1=,1*+XPDQLVPXVLQ1UQEHUJ(LQH /LVWH GHU 'UXFNVFKULIWHQ ,Q $OEUHFKW 'UHUV 8PZHOW )HVWVFKULIW ]XP  *HEXUWVWDJ $OEUHFKW'UHUVDP0DL+JYRP9HUHLQIU*HVFKLFKWHGHU6WDGW1UQEHUJXQG YRQ GHU 6HQDWVNRPPLVVLRQ IU +XPDQLVPXV)RUVFKXQJ GHU 'HXWVFKHQ )RUVFKXQJVJH PHLQVFKDIW1UQEHUJ 1UQEHUJHU)RUVFKXQJHQ 6KLHU61U ² 0,5-$0 %2+$7&29É 'LH $QIlQJH GHU W\SRJUDSKLVFKHQ =XVDPPHQDUEHLW ]ZLVFKHQ 1UQEHUJXQG%|KPHQ,Q*XWHQEHUJ-E  6KLHU6 $EGUXFNGHU OHW]WHQ6HLWHPLWGHQ'UXFNHU]HLFKHQYRQ0DQWXDQXQG3HNN XQG6  63,1$7VFKHFKLVFKHU%XFKGUXFN>ZLH$QP@6I  ,QVJHVDPW VLQG PLU VHFKV ([HPSODUH GHU ODWHLQLVFKWVFKHFKLVFKGHXWVFKHQ ¿&DWR¾$XVJDEH 1UQEHUJ +|OW]HO  EHNDQQW 0LU ODJ GDV ([HPSODU GHV %UHVODXHU 2VVROLQHXPV :URFâDZ=DNâDG1DURGRZ\LP2VVROLľVNLFK;9,4X DOV0LNURILOPYRU:HLWH UH ([HPSODUH 1UQEHUJ *HUPDQLVFKHV 1DWLRQDOPXVHXP ƒ>@ / K )UDJPHQW YRQ %OLP4XDUW)RUPDWXQGQLFKW²ZLHLUUWPOLFKLQGHU6LJQDWXUDQJHJHEHQ²LP2NWDY )RUPDW 3UDJ1iURGQt.QLKRYQDþ5+SőtY3UDJ.QLKRYQD0HWURSROLWQt.D SLWXO\$UFKLY3UDæVNpKR+UDGX,G‰SőLY3UDJ.QLKRYQD1iURGQtKR0X]HD' 1HZ+DYHQZLH$QP@6XQGGHQ%HLWUDJYRQ9É&/$9%2. LQGLHVHP%DQG 'LHlOWHVWHQ]ZHLVLQGKDQGVFKULIWOLFKEHUOLHIHUWXQGZHUGHQDXIGLH0LW WHGHV-DKUKXQGHUWVVRZLHDXIGHQ$QIDQJGHV-DKUKXQGHUWVGDWLHUWGLHhEHUVHW]HU EOHLEHQLQEHLGHQ)lOOHQDQRQ\P'LHGULWWHhEHUVHW]XQJQDFK129É.GLHªDPZHQLJVWHQ EHNDQQWH© IHUWLJWH $QIDQJ GHV  -DKUKXQGHUWV -DQ 0DQWXDQ )HQFO DQ ² VLH ZXUGH ]XU 9RUODJH IU 0\PHUV hEHUVHW]XQJ  HUVFKLHQ GHU WVFKHFKLVFKH ¿&DWR¾ YRQ 3DYHO



$1'5e'5(:(/2:6.0D@XQG JLEWQXUGLHGHXWVFKH9HUVL RQGLHVHV1DFKZRUWHV$XFKGLHIROJHQGHQ]ZHL%HLJDEHQDXI%OY GUHL 'LVWLFKHQXQGHLQ]Z|OI]HLOLJHU3URVDWH[W IHKOHQLQGHQ9LHWRU$XVJDEHQ %OYGHV+|OW]HO'UXFNHVQHQQWQRFKHLQPDO-RDQQHV0DQWXDQXV3HOVHQHQ VLVDOV$XWRUGHVWVFKHFKLVFKHQ7H[WHV$XIGLH0DQWXDQ'HYLVH6SHVPHD H[ DOWR IROJHQ GLH 'UXFNHU]HLFKHQ -DQ 0DQWXDQ )HQFOV XQG +DQV 3HNNV HLQ+LUVFKNRSI .U]HO,0 XQGHLQ+XQGVNRSIPLW]ZHLJHJHQHLQDQGHU VWHKHQGHQ+XQGHQLPJHVSDOWHQHQ6FKLOG .U]HO+3  %LVDXIGLHEHLGHQ9RUZRUWHDXI%OUXQGYLVWGHUJHVDPWH7H[WLQ )UDNWXU JHGUXFNW ,P +LQEOLFN DXI GLH 2UWKRJUDILH GHV WVFKHFKLVFKHQ 7H[WHV LVW DQ]XPHUNHQ GDVV GHU 'UXFN IDVW NHLQH WVFKHFKLVFKHQ GLDNULWL BBBBBBBBBBBBB 9RUOLÿQë 3DXO $TXLOLQ   GLH +H[DPHWHU)DVVXQJ YRQ -DQ .RPHQVNë -RKDQQ $PRV &RPHQLXV 'LH.RPHQVNëhEHUVHW]XQJLVW QDFK129É. VHLWGHPGLHLP7VFKHFKLVFKHQ EHNDQQWHVWHXQGDPZHLWHVWHQYHUEUHLWHWHJHZHVHQDOOHEULJHQZXUGHQªYHUJHVVHQ© 12 9É.þHVNpSőHNODG\>ZLH$QP@6 VFKOLH‰OLFKYHU|IIHQWOLFKWH-DURPtU5DätQ GLHVHFKVWHXQGYRUHUVWOHW]WHWVFKHFKLVFKH¿&DWR¾hEHUVHW]XQJ²$XFKã0$+(/HUZlKQW GDVVGLH¿'LVWLFKD&DWRQLV¾EHUHLWVLP-DKUKXQGHUWLQWVFKHFKLVFKHU6SUDFKHªDOOJHPHLQ ]XJlQJOLFK© ZDUHQ )5$17,ã(. ã0$+(/ 'LH $QIlQJH GHV +XPDQLVPXV LQ %|KPHQ ,Q +XPDQLVPXVXQG5HQDLVVDQFHLQ2VWPLWWHOHXURSD>ZLH$QP@6KLHU6  9JODXFK-8/,86 )(,)$/,.6WXGLHQ]XU*HVFKLFKWHGHUDOWE|KPLVFKHQ/LWHUDWXU9,'HU DOWE|KPLVFKH&DWR$OWE|KPLVFKH5HLPVSUFKH,Q6LW]XQJVEHULFKWHGHUNDLVHUOLFKHQ$ND GHPLHGHU:LVVHQVFKDIWHQ3KLORVRSKLVFKKLVWRULVFKH.ODVVH  6²:,1 )5,(' %$80$11 'LH /LWHUDWXU GHV 0LWWHODOWHUV LQ %|KPHQ 'HXWVFKODWHLQLVFK WVFKHFKLVFKH/LWHUDWXUYRPELV]XP-DKUKXQGHUW0QFKHQ:LHQ 9HU|IIHQW OLFKXQJHQGHV&ROOHJLXP&DUROLQXP 6  9JOKLHU]X%2+$7&29É$QIlQJH>ZLH$QP@6  $XVQDKPHQGLHVHU5HJHOPl‰LJNHLWQHQQW7,&+É3R]QiPN\>ZLH$QP@6I  9JO-26() 92/)*HVFKLFKWHGHV%XFKGUXFNVLQ%|KPHQXQG0lKUHQELV:HLPDU 6  129É.þHVNpSőHNODG\>ZLH$QP@6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



VFKHQ =HLFKHQ EHQXW]W VRQGHUQ EHPKW LVW PLW GHQ EHNDQQWHQ ODWHLQL VFKHQ%XFKVWDEHQDXV]XNRPPHQ/HGLJOLFKGDVSDODWDOHĐZLUGJHVRQGHUW JHNHQQ]HLFKQHW %H]LHKXQJHQ]ZLVFKHQ1UQEHUJ%|KPHQXQG3ROHQ LQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWV 'HU1UQEHUJHU'UXFNHU+LHURQ\PXV+|OW]HOLVWEHNDQQWIUGLHLQWHQVL YHQ%H]LHKXQJHQ]XPWVFKHFKLVFKHQ%XFKGUXFN%HL+|OW]HOHUVFKLHQLQ =XVDPPHQDUEHLWPLWGHP3LOVQHU'UXFNHU0LNXOiä%DNDOiőGHUHUVWH 'UXFNLQWVFKHFKLVFKHU6SUDFKHEHUKDXSWHLQ(LQEODWW:DQGNDOHQGHU +|OW]HOVHW]WHVLFKIUGHQ'UXFNLQWVFKHFKLVFKHU6SUDFKHHLQXQGEHZHJ WH VLFK GDEHL DXI GQQHP (LV GHQQ GLHVH :HOWRIIHQKHLW ZXUGH YRP 1UQEHUJHU6WDGWUDW²JHUDGHZDVDXIUKUHULVFKHWVFKHFKLVFKH3XEOLNDWLR QHQ EHWUDI ² QLFKW JHUQ JHVHKHQ VR GDVV HV  LQ 1UQEHUJ ]X HLQHP 'UXFNYHUERWWVFKHFKLVFKHU%FKHUNDP+|OW]HOJDOWEHLGHU2EULJNHLWDOV ªXQEHTXHPHU 'UXFNHU© DOV ªVlXPLJHU 6FKXOGQHU XQG XQUXKLJHU *HLVW© =X GLHVHU =HLW NDP -DQ 0DQWXDQ )HQFO QDFK 1UQEHUJ JHZDQQ LQ +DQV 3HNN GHU ZDKUVFKHLQOLFK EHL +|OW]HO DUEHLWHWH HLQHQ JXWHQ )UHXQGXQGª.RPSDJQRQ©XQGGUXFNWHPLWLKP]XVDPPHQXQWHUDQGH UHPEHL+|OW]HOGLHGUHLVSUDFKLJHQ¿'LVWLFKD&DWRQLV¾²RKQHGDVV+|OW]HOV 1DPHDXIGHP'UXFNHUZlKQWZLUG+|OW]HO0DQWXDQXQG3HNNVHW]WHQ VLFK DOVR EHU GDV JHOWHQGH 'UXFNYHUERW WVFKHFKLVFKHU %FKHU KLQZHJ BBBBBBBBBBBBB  (EG6  =X +|OW]HO YJO -26() %(1=,1* +|O W ]HO +LHURQ\PXV ,Q 1HXH GHXWVFKH %LRJUDSKLH >ZLH$QP@%G  6²+(/087 &/$86'LH(QGSKDVHGHU2IIL]LQ+LHUR Q\PXV+|OW]HOVLQ1UQEHUJ,Q6WXGLHQ]XU%XFKXQG%LEOLRWKHNVJHVFKLFKWH+DQV/O ILQJ]XP*HEXUWVWDJDP1RYHPEHU%HUOLQ6  %2+$7&29É$QIlQJH>ZLH$QP@6  &/$86'LH(QGSKDVH>ZLH$QP@6  63,1$7VFKHFKLVFKHU%XFKGUXFN>ZLH$QP@6$QP  %2+$7&29É $QIlQJH >ZLH $QP @ 6  ² =X +DQV 3HNN YJO DXFK 0,5-$0 %2 +$7&29É+DQV3HNNDXV6FKZDEDFKDOV'UXFNHUGHUHUVWHQWVFKHFKLVFKGHXWVFKHQ.RQ YHUVDWLRQV8QWHUZHLVXQJ 3LOVHQ ,Q*XWHQEHUJ-E  6²=X-DQ 0DQWXDQ)HQFOYJO-$1 92/)-DQ0DQWXDQ)HQFO3őtVSĕYHNNGĕMLQiPÿHVNpKRNQLKWLVNX Y 1RULPEHUFH >%HLWUDJ ]XU *HVFKLFKWH GHV WVFKHFKLVFKHQ %XFKGUXFNV LQ 1UQEHUJ@ ,Q 5RÿHQND ÿHVNRVORYHQVNëFK NQLKWLVNDőţ  3UDKD   6  ² 0,/26/$9 ã9É% -DQ 0DQWXiQ)HQFOMDNRW\SÿHVNëFKWLVNDőţDVWROHWt>-DQ0DQWXDQ)HQFODOV7\SXVGHU E|KPLVFKHQ 'UXFNHU GHV  XQG  -DKUKXQGHUWV@ ,Q 9ěGHFNp LQIRUPDFH 6XSSOHPHQW 3UDKD1U6  0DQWXDQKDW3HNNZRKOXQWHUDQGHUHPLQILQDQ]LHOOHQ1|WHQJHKROIHQXQGZDU9RUPXQG YRQ 3HNNV .LQGHUQ QDFK GHVVHQ 7RG 9JO 63,1$ 7VFKHFKLVFKHU %XFKGUXFN >ZLH $QP@6 LQGHU$QPHUNXQJ 



$1'5e'5(:(/2:6.ZLH$QP@6  (EG6  (EG  (/Ů%,(7$ .Ę'(/6.$ áDFLľVNRSROVNLH VâRZQLNL GUXNRZDQH SLHUZV]HM SRâRZ\ ;9, ZLHNXLLFKVWRVXQHNGRŭUyGHâF]HVNLFK>*HGUXFNWHODWHLQLVFKSROQLVFKH:|UWHUEFKHUGHU HUVWHQ +lOIWH GHV  -DKUKXQGHUWV XQG LKU 9HUKlOWQLV ]X GHQ WVFKHFKLVFKHQ 4XHOOHQ@ :URFâDZ>XD@ 0RQRJUDILH6ODZLVW\F]QH 6  %2+$7&29É$QIlQJH>ZLH$QP@6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



VSUDFKLJHQ :|UWHUEXFK LQGHP HU HLQHQ XQJDULVFKHQ 7HLO KLQ]XIJWH $QGLHVHQ%HLVSLHOHQHUNHQQWPDQGHXWOLFKZLHYHU]ZHLJWGLH9HUELQGXQ JHQXQWHUGHQ'UXFNHUQLQ'HXWVFKODQGgVWHUUHLFK3ROHQXQG%|KPHQ LP-DKUKXQGHUWJHZHVHQVHLQPVVHQ (LQZHLWHUHU%H]XJ]X'HXWVFKODQG²XQGVRPLWYLHOOHLFKW]X+|OW]HO XQG3HNNLQ1UQEHUJ²OlVVWVLFKIU9LHWRUDXIGHP*HELHWGHU%XFKLOOX VWUDWLRQHQQDFKZHLVHQ6RYHUZHQGHWHHULQVHLQHQ'UXFNHQ+RO]VFKQLWWH YRQ +DQV 6FKlXIIHOHLQ DXV $XJVEXUJ VRZLH ,OOXVWUDWLRQHQ DXV (GLWLRQHQ GHV1UQEHUJHU'UXFNHUV-RKDQQ.REHUJHU6&+:2%PHUNWKLHU]XDQ ²RKQHMHGRFKDXI9LHWRU]XYHUZHLVHQ²GDVVªDXFKIUSROQLVFKH'UXFNH >«@ GLH .OLVFKHHV >JHPHLQW +RO]VFKQLWWH $'@ ]XP 7HLO LQ 1UQEHUJ KHUJHVWHOOW©ZXUGHQ ª'LH (LQZLUNXQJ GHU 1UQEHUJHU %XFKDXVVWDWWXQJ DXI GHQ %XFKGUXFN >«@ GHV 6GRVWHQV NDQQ DXI SHUV|QOLFKH .RQWDNWH ]ZLVFKHQ 'UXFNHUQ ]XUFNJHKHQ LVW DEHURIWHLQH)ROJHGHVDXVJHGHKQWHQ%XFKKDQGHOV]ZLVFKHQ1UQEHUJXQGGHP 6GRVWHQJHZHVHQ©

$XFK'UXFNW\SHQLPSRUWLHUWH9LHWRUDXV'HXWVFKODQGRGHUOLH‰VLH²GDHU MDDXFKVSH]LHOOHSROQLVFKH=HLFKHQEHQ|WLJWH²LQ'HXWVFKODQGDQIHUWLJHQ 6R EHVRUJWH HU IU GHQ 'UXFN SROQLVFKHU %FKHU ªGDV QHXHVWH 3URGXNW GHXWVFKHU7\SHQVFKQHLGHUHLQHVFK|QH$XJVEXUJHU)UDNWXUGLHHUGXUFK ]XVlW]OLFKH GHU SROQLVFKHQ 6SUDFKH HLJHQH %XFKVWDEHQ XQG =HLFKHQ HU JlQ]HQ OLH‰© 6HLW $QIDQJ GHU HU -DKUH GHV  -DKUKXQGHUWV NDP LQ GHU9LHWRU'UXFNHUHLDX‰HUGHPGLH]ZLVFKHQXQGVWDUNYHUEUHL WHWH6FKZDEDFKHU6FKULIW]XU$QZHQGXQJ0|JOLFKHUZHLVHKDW9LHWRUVLH ZlKUHQGHLQHU5HLVHLQ'HXWVFKODQGEHVRUJWRGHUQRFKGXUFKGLH9HUPLWW OXQJ 3HNNV GHU MD EULJHQV DXV 6FKZDEDFK VWDPPWH  EHNRPPHQ 1UQ EHUJ VSLHOWH ² ZLH 6&+:2% DXVIKUW ² ªIU GLH (QWZLFNOXQJ GHU 6FKULIW DUWHQLQ'UXFNHQGHV6GRVWHQV©HLQHªEHVRQGHUH5ROOH© ª6FKRQ LQ GHU )UKGUXFN]HLW KDWWHQ 1UQEHUJHU %XFKGUXFNHU QHEHQ GLH HQJH VSLW]HJRWLVFKH6FKULIWXQGGLHDXV,WDOLHQEHU%DVHOHLQJHGUXQJHQHNODUHDEJH UXQGHWH $QWLTXD HLQH HLQIDFKH GHUEH XQG DEZDQGOXQJVIlKLJH *HEUDXFKVVFKULIW GLHVRJHQDQQWH¿6FKZDEDFKHU¾6FKULIWJHVHW]W©

'LUHNWH .RQWDNWH ]ZLVFKHQ 9LHWRU RGHU 0\PHU  XQG GHQ GUHL DP ODWHL QLVFKWVFKHFKLVFKGHXWVFKHQ¿&DWR¾EHWHLOLJWHQ+|OW]HO0DQWXDQXQG3HNN BBBBBBBBBBBBB  .Ę'(/6.$áDFLľVNRSROVNLHVâRZQLNL>ZLH$QP@6  .$:(&.$*5ZLH$QP@6  6&+:2%.XOWXUHOOH%H]LHKXQJHQ>ZLH$QP@6  Œ:,(5.+LHURQ\PXV9LHWRU>ZLH$QP@6I  .$:(&.$*5ZLH $QP @ 6  =XU 6FKZDEDFKHU 6FKULIW YJO +(50$11 &/$866 'LH 6FKZDEDFKHU 6FKULIW LQ 9HUJDQJHQKHLW XQG*HJHQZDUW/HLS]LJ 0RQRJUDSKLHQGHV%XFKJHZHUEHV   6&+:2%.XOWXUHOOH%H]LHKXQJHQ>ZLH$QP@6



$1'5e'5(:(/2:6.0D@ HLQ 2NWDY'UXFN XPIDVVW  %ODWW 6HLWHQ  $XI GHP 7LWHOEODWW ULFKWHW VLFK -RKDQQHV 0DQWXDQXV ² GHU K|FKVWHQV+HUDXVJHEHUZDUZLHZLUQXQZLVVHQ²PLWIROJHQGHQYLHU'L VWLFKHQDQGHQ/HVHU YJO$EE  ,2$11(60$179$196 3LOVQHQVLV!OHFWRULI±OLFLWDWHP +XFLQXHQLVSURSHUDVROLGDFDSHPHQWH&DWKRQHP  3HUOHJHOHFWDWHQHFUHGHEHDWXVHULV 1RQ&U±VLKLFDXUXPQRQOX[XV6DUGDQDSDOL

BBBBBBBBBBBBB 5HJLDH 9UELV &UDFRYLHQ 6HQDWRUHP &5$&29,$( ,035(66,7 +,(521ZLH$QP@%G6XSSO  6'RUWKHL‰WHVGDVV GHU'UXFNªRKQH$QIDQJ©VHLXQGYRQªRGHU©VWDPPH  %$8&+6FKOHVLHQXQGGLH8QLYHUVLWlW.UDNDX>ZLH$QP@6I  9JOREHQ$QP1DFK8SSVDODNDPHQGLH3RORQLFDPHLVWªDOV.ULHJVEHXWHZlKUHQGGHU ]DKOUHLFKHQ SROQLVFKVFKZHGLVFKHQ .RQIOLNWH LP /DXIH GHV  XQG DP $QIDQJ GHV -DKUKXQGHUWV© *586=&=ZLH$QP@%G  61U²,FKZDUVHOEVWLQ GHU 5XVVLVFKHQ 1DWLRQDOELEOLRWKHN LQ 6W3HWHUVEXUJ XQG KDEH QXU QRFK HLQH .DUWHLNDUWH PLW GHUHLQVWLJHQ 6LJQDWXUGHV'UXFNHV   YRUJHIXQGHQ1DFK$XVNXQIWGHV %L EOLRWKHNVSHUVRQDOV ZXUGHQ LQ GHQ HU -DKUHQ LP 5DKPHQ GHV  LQ 5LJD ]ZLVFKHQ 3ROHQXQGGHU6RZMHWXQLRQJHVFKORVVHQHQ)ULHGHQVYHUWUDJHVYLHOHSROQLVFKH%FKHUDQ3R OHQ ]XUFNJHJHEHQ XQWHU DQGHUHP GHU EHWUHIIHQGH ¿&DWR¾'UXFN YRQ  :lKUHQG GHV =ZHLWHQ :HOWNULHJHV LVW GDV ([HPSODU ZDKUVFKHLQOLFK LQ HLQHU SROQLVFKHQ %LEOLRWKHN YHU EUDQQW



$1'5e'5(:(/2:6.0D@ VFKOLH‰W%O +U PLW&UDFRXLDH LPSULPHEDW +LHURQ\PXV 9LH__WRU $QQR D &KULVWR QDWR __ 0 ' ;;;9 XQG HLQHP 2UQDPHQW BBBBBBBBBBBBB  (LQHQ DXVGUFNOLFKHQ +LQZHLV GDUDXI HQWKlOW EHUHLWV -2&+(5 2EUD] >ZLH $QP @ 1RW\ >$QPHUNXQJHQ@6 KLHUMHGRFKDXIGLH$XVJDEHEH]RJHQ   9HUJOHLFKWPDQGHQ+|OW]HO'UXFNPLWGHPlOWHVWHQEHNDQQWHQ%UDQW'UXFN %DVHO%HUJ PDQQ  >  *HVDPWNDWDORJ GHU :LHJHQGUXFNH +J YRQ GHU .RPPLVVLRQ IU GHQ *H VDPWNDWDORJGHU:LHJHQGUXFNH%GII/HLS]LJII1U1DFKZHLVEHL:,//+(/ 0,6HEDVWLDQ%UDQW%LEOLRJUDSKLH>ZLH$QP@61U@ VRIlOOWDXIGDVVGLHEUHYHV VHQWHQWLDHLQ$Q]DKOXQG5HLKHQIROJHLQEHLGHQ'UXFNHQEHUHLQVWLPPHQ)UGLH'LVWLFKHQ JLOWGLHVMHGRFKQLFKW%HL%HUJPDQQVWHKW,,,YRU,,,DX‰HUGHPIHKOW,9

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



%O+Y IROJW HLQ JHUHLPWHV GHXWVFKHV 1DFKZRUW LQ GHXWVFKHU 6SUDFKH RKQHODWHLQLVFKHVXQGSROQLVFKHVbTXLYDOHQW²LP8QWHUVFKLHG]XPODWHL QLVFKWVFKHFKLVFKGHXWVFKHQ9RUELOGZLHREHQEHUHLWVHUZlKQW 'HUZH\‰&DWKRHLQHQGHKDW 'HUGXUFKVH\QOHUHYQGZH\VHQUDW /HUHWGHQPHQVFKHQLQGHULXJHQW 9LOJţWWHUV\WWHQYQGDXFKWXJHQW 'DUGXUFKHUNXPEW]XHHUYQGJţW 9QGYRUYLOOODVWHUZLUGWEHKţW

$X‰HUGHP ]HLJW %O +Y XQWHU GHP GHXWVFKHQ 1DFKZRUW HLQHQ K|FKVW LQWHUHVVDQWHQ+RO]VFKQLWW YJO$EE GHQ9LHWRUZRKOLQPHKUHUHQVHL QHU 'UXFNH YHUZHQGHW KDW HLQ ª%UXVWELOG HLQHV DXV HLQHP EOWHQDUWLJHQ %ODWWRUQDPHQWZDFKVHQGHQGR]LHUHQGHQlOWHUHQ0DQQHVLQ=HLWWUDFKW© %,('(5 VFKUHLEW LQ LKUHU 'LVVHUWDWLRQ GDVV HEHQ GLHVHU +RO]VFKQLWW GDV 7LWHOEODWWGHVSROQLVFKGHXWVFKHQ9RNDEXODULXPV¿3ROVNLHNVLĊůHF]NL¾ VR 6 VFKPFNH*5,00HUNOlUWGDVVGLHVHU+RO]VFKQLWWª]XPLQGHVWLQ ]ZHLDQGHUZHLWLJHQ'UXFNHQ9LHWRUVDXVGHQGUHL‰LJHU-DKUHQXQGHEHQVR DP 6FKOX‰ DOV 'UXFNHU]HLFKHQ© HUVFKHLQH XQG KlOW HV VRPLW IU XQP|J OLFKGDVVHUOHGLJOLFKGHQªZDUQHQGHQZHLVHQ&DWR©GDUVWHOOH*5,00EH ]HLFKQHWGLH$EELOGXQJYLHOPHKUDOVª3RUWUlWKRO]VFKQLWWGHUGHQ'UXFNHU KHUUQ 9LHWRU ZLHGHUJHEHQ GUIWH© XQG JOHLFK]HLWLJ DOV ªVLFKHUHV 'UXFNHU VLJQHW©GHU2IIL]LQ9LHWRUV.$:(&.$*5ZLH$QP@6  .$:(&.$*5ZLH$QP@6  1DFKZHLVH GHU $XVJDEH  -$12&., ,DQRFLDQD >ZLH $QP @ 6  1U 9,,, ² -86=0D@ EHUHLQ YHUZHQGHW MHGRFK HLQH WHLOZHLVH YHUlQGHUWH 2UWKRJUDILH (LQH HLQJHKHQGH8QWHUVXFKXQJGLHVHU.RUUHNWXUHQPXVVKLHUDXV3ODW]JUQGHQ XQWHUEOHLEHQ(UZlKQWZHUGHQVROOWHMHGRFKGDVV9LHWRUVWDWWHLQHV /HKUPHLVWHU+RO]VFKQLWWHV]ZHLDQGHUH,OOXVWUDWLRQHQHQWKlOW%O'U]HLJW XQWHU GHU 'DWLHUXQJ &UDFRXLDH SHU +LHURQ\PXP 9LHWRUHP __ $QQR i &KULVWR QDWR__0';/,,,,&KULVWXVDP.UHX]PLW0DULDXQG-RKDQQHV XQG GHU-DKUHV]DKODPREHUHQ%LOGUDQG XQG%O'Y GLHOHW]WH6HLWHGHV 'UXFNHV ELOGHWXQWHUGHPVHFKV]HLOLJHQGHXWVFKHQ1DFKZRUWHLQH$UFKH 1RDK6]HQHDE$XI%O$UKDW-86=ZLH$QP@61U  =XGHQRUWKRJUDILVFKHQ*HZRKQKHLWHQLQ9LHWRUV'UXFNHUHLYJO.53RORQLVWLVFKH$UEHLWHQ@  6  ª'LHVHV:HUNLVWYRQ)UDQ]0\PHUZDVDXFKLPPHUDXVGHVVHQ+DQGKHUYRUJLQJLVWYRQ XQJHZ|KQOLFKHU 6HOWHQKHLW XQG JUR‰HU :HUWVFKlW]XQJ 6LHKH PHLQ '\NF\RQDU] XQWHU %XFKVW0©*HPHLQWLVWKLHU-86=ZLH$QP@%G61U'LHVHQXU]ZHLVSUDFKLJH ODWHL QLVFKSROQLVFKH $XVJDEHLVWKLHULUUWPOLFKDOVODWHLQLVFKSROQLVFKGHXWVFKH(GLWLRQQDFK JHZLHVHQ 'D 9LHWRU EHUHLWV  VWDUE LVW GLH 'DWLHUXQJ DXI ªFD © ]XQlFKVW LQ )UDJH]XVWHOOHQ



$1'5e'5(:(/2:6.ZLH$QP@%G61U  6LJQDWXU ;9,2 1DFKZHLVH GHU $XVJDEH :LU]ELęWD  :,(5=%2:6., %LEOLR JUDSKLD 3RORQLFD >ZLH $QP @ %G 6 I 1U  ² %LEOLRJUDILD 3ROVND >ZLH $QP@ %G    6  ² %$5%$5$ 27:,12:6.$ /8&ZLH $QP @ %G  6  ² 0DFLHM L 3DZHâ :LU]ELęWRZLH .UDNyZ  7DEXODH  %HDUE YRQ $/2',$ .$ :(&.$*5ZLH $QP@ 61U²,QGH[$XUHOLHQVLV>ZLH$QP@%G61U  3,52ŮZLH$QP@6  6=(/,Ľ6.$'UXNDUVWZRNUDNRZVNLH>ZLH$QP@6²=X:LU]ELęWDYJO-$':,*$ %2*86á$:6.$ (/Ů%,(7$ 67$1.,(:,&= :LU]ELęWD 0DFLHM ,Q 6âRZQLN SUDFRZQLNyZ NVLĊůNLSROVNLHM>/H[LNRQGHU$UEHLWHUGHVSROQLVFKHQ%XFKHV@+JYRQ,5(1$ 75(,&+(/ :DUV]DZDáyGŭ6I²%GHGHU5HLKH3RORQLD7\SRJUDSKLFD>ZLH$QP@

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



'UXFNHUVRQGHUQZDUDXFKª6FKULIWVWHOOHU.UDNDXHU6FK|IIHXQGbOWHVWHU GHU &DOYLQLVWHQJHPHLQGH© %HNDQQW VLQG KHXWH HWZD  'UXFNH DXV VHLQHU :HUNVWDWW GDYRQ FD  LQ SROQLVFKHU 6SUDFKH (V ZLUG GHXW OLFKLQZHOFKNXU]HU=HLWGLHSROQLVFKH6SUDFKHGLHODWHLQLVFKH XQGDXFK GLH GHXWVFKH  LQ GHQ +LQWHUJUXQG GUlQJWH %HL 9LHWRU ODJ GHU $QWHLO GHU UHLQSROQLVFKHQ'UXFNHQRFKEHLQXU ,QGHQ-DKUHQVLQG'UXFNH:LU]ELęWDVDQRQ\PHUVFKLH QHQ GD GHU DQGHUVJOlXELJH'UXFNHU LP NDWKROLVFKHQ .UDNDX QLFKW VHOWHQ DXIKDUWHQ:LGHUVWDQGYRQRIIL]LHOOHU6HLWHVWLH‰XQGVLFKYRUGHU=HQVXU VFKW]HQPXVVWH8QGQRFKHLQH=DKOPDJLP+LQEOLFNDXIGHQVRSR O\JORWWHQ.UDNDXHU%XFKPDUNWGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVHU VWDXQHQ 9RQ LQVJHVDPW  KHXWH EHNDQQWHQ .UDNDXHU 'UXFNHQ GHU ]ZHLWHQ+lOIWHGHV-DKUKXQGHUWVVLQGQXUVLHEHQDOV]ZHLRGHUPHKU VSUDFKLJQDFKJHZLHVHQ'LHGUHLVSUDFKLJHQ$XVJDEHQGHU¿'LVWLFKD&DWR QLV¾N|QQHQDOVRGXUFKDXVDOV5DULWlWHQLQHLQHU=HLWEHWUDFKWHWZHUGHQIU GLH GLH 0HKUVSUDFKLJNHLW VFKRQ ]X HLQHP 5DQGSKlQRPHQ JHZRUGHQ ZDU (EHQVR ZLH 9LHWRU  >0D@ XQG 9LHWRU  LVW GLH $XVJDEH :LU]ELęWDLP2NWDY)RUPDWJHGUXFNWXQGXPIDVVW%ODWW 6HL WHQGLHOHW]WH>'Y@XQEHGUXFNW 'LH$XVJDEHEHUOLHIHUWGHQ7H[WGHU 9LHWRU$XVJDEHQYROOVWlQGLJJOlWWHWMHGRFKGHQSROQLVFKHQ7H[WV\VWHPD WLVFKVRGDVVELVDXIZHQLJH$XVQDKPHQMHGHUSROQLVFKH9HUVDFKW6LOEHQ XPIDVVW 'HU GHXWVFKH 7H[W HQWKlOW ]DKOUHLFKH 'UXFNIHKOHU GLH GDUDXI ]XUFN]XIKUHQ VLQG GDVV ZRKO ZHGHU :LU]ELęWD QRFK GDV 3HUVRQDO LQ VHLQHU 'UXFNHUHL GHU GHXWVFKHQ 6SUDFKH PlFKWLJ ZDUHQ 6R HQWVFKXOGLJW BBBBBBBBBBBBB ² $/2',$ .$:(&.$*5:LU]ELęWD 0DWKLDV@ ,Q 'UXNDU]H GDZQHM3ROVNL>ZLH$QP@6  3,52ŮZLH$QP@6  6=(/,Ľ6.$'UXNDUVWZRNUDNRZVNLH>ZLH$QP@6  9JO KLHU]X -$1 3,52ŮLEOLRWHNL@(0DU\OVNLHJR ªDXVGHU%LEOLRWKHNGHV ( 0DU\OVNL©  8QG LQ GHU 7DW ]HLJW GDV ([HPSODU DXI %O $U XQG $Y GLH %LEOLRWKHNV VWHPSHO YRQ (XVWDFK\ 0DU\OVNL FD   DXV .VLĊůHQLFH YJO $1'5=(- 35=ZLH$QP@%G >@ 6 I  XQG YRQ &\SULDQ :DOHZVNL   GHP 0LWKHUDXVJHEHU GHU =HLW VFKULIW¿%LEOLRWHND:DUV]DZVND¾GHVVHQ%FKHUVDPPOXQJVLFKKHXWHLQGHU%LEOLRWKHNGHU 3ROQLVFKHQ$NDGHPLHGHU*HOHKUVDPNHLWLQ.UDNDXEHILQGHW



$1'5e'5(:(/2:6.ZLH$QP@ 1RW\ >$QPHUNXQJHQ@ 6 ² KLHU MHGRFK DXV GHU ODWHLQLVFKSROQLVFKHQ 6FKDUIIHQEHUJ $XVJDEHYRQ  ,QGH[$XUHOLHQVLV>ZLH$QP@%G61UZHLVWGLHVHQ'UXFNLUUWPOLFK DOV ODWHLQLVFKSROQLVFKGHXWVFKHQ DXV ² =X 6WDQLVâDZ 6FKDUIIHQEHUJ YJO =2),$ :$:56FKDUIIHQEHUJ HU 6WDQLVâDZ@,Q'UXNDU]HGDZQHM3RO VNL>ZLH$QP@6  &DWKRQLV 'LVWLFKD 0RUDOLD (UDVPR 5RWKHURGDPR /DWLQR FDVWLJDWRUH QRYLVVLPH 3RORQLFR LGLRPDWH H[RUQDWD .DWRQRZH ZLHUV]H RE\F]D\QH SU]H] (UD]PD 5RWKHURGDPD Z /DFLQLH RSDWU]RQHQRZR3ROVNDPRZDRNUDV]RQH,Q3DPLęWQLN6DQGRPLHUVNL3LVPRSRœZLęFRQH G]LHLRPLOLWHUDWXU]HR\F]\VWH\>6DQGRPLUHU(ULQQHUXQJHQ=VIUYDWHUOlQGLVFKH*HVFKLFK WHXQG/LWHUDWXU@  +HIW6XQG+HIW6>5HSULQWGHU$XVJDEH.UD NyZ6WDQLVâDZ6]DUIIHQEHUJ@

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



 GDQQ HUVFKLHQ GLH LP 9HUJOHLFK ]X 0\PHUV 9HUVLRQ ªSHUIHNWH UH©SROQLVFKHhEHUVHW]XQJGHU¿'LVWLFKD&DWRQLV¾YRQ6HEDVWLDQ)DELDQ .ORQRZLF FD HLQHPEHNDQQWHQSROQLVFKHQ'LFKWHUGHUª0LW WHONODVVH© %LV LQV  -DKUKXQGHUW HUVFKLHQHQ IQI ZHLWHUH SROQLVFKH hEHUVHW]XQJHQGHU¿'LVWLFKD&DWRQLV¾YRQ6WDQLVâDZ3HWU\F\DXV:LHUXV ]yZ  -DQ7XUQRZVNL  $GDP:âDG\VâDZLXV] JHGUXFNW LQ.UDNDX -DQ*XOLľVNLJDEHLQH3DUDSKUDVHGHU¿'LVWLFKD&DWRQLV¾ LQ'DQ]LJKHUDXVXQGHUVFKLHQGLHOHW]WHSROQLVFKHhEHUVHW]XQJYRQ -DQ=LHPLęFNLLQ3RVHQ %'LH'LVWLFKD&DWRQLV¾LQ]ZHL SROQLVFKHQ hEHUVHW]XQJHQGHV-DKU KXQGHUWVYRQ)UDQ]0\PHUXQG6HEDVWLDQ.ORQRZLF]@+JYRQ- $1 %%HULFKW GHU 'LUHNWLRQ GHV NDLVHUOLFKN|QLJOLFKHQ ,,, *\PQDVLXPV LQ .UDNDX IU GDV 6FKXOMDKU @ .UDNyZ65H]HQVLRQYRQ$/(.6$1'(5 %5h&.1(5LQ.ZDUWDOQLNKLVWRU\F] Q\  +HIW69JODXFK¿1RZ\.RUEXW¾>ZLH$QP@%G6²á2Œ 3RF]ĊWNL>ZLH$QP@6  129É.þHVNpSőHNODG\>ZLH$QP@6



$1'5e'5(:(/2:6.«@'LHLQ WHQVLYHQ SROQÿHFK .RQWDNWH K|UHQ 0LWWH GHV  -DKUKXQGHUWV DXI 'LH SROQ 6SUDFKHEHUQDKPDXVGHPþHFKYRUDOOHPGLH.LUFKHQWHUPLQRORJLHDEHUDXFK $XVGUFNH GHU +DQGHOV XQG +DQGZHUNVVSUDFKH GHU 5HFKWVVSUDFKH XQG GHU 6WDGWRUJDQLVDWLRQ©

%,('(5DQDO\VLHUWHLQJHKHQGGDVSROQLVFKGHXWVFKH*HVSUlFKVEXFK¿2UD WLXQFXOH¾  EHL 9LHWRU LQ .UDNDX JHGUXFNW  XQG VWHOOW ]XVDPPHQIDV VHQGIHVWGDVVGLHDXIWUHWHQGHQ%RKHPLVPHQªQLFKWVODZLVFKHV:RUWJXW© VHLHQ ªVRQGHUQ (QWOHKQXQJHQ DXV GHP /DWXQG YRU DOOHP DXV GHP 'W GLH LQV þHFK LQWHJULHUW ZXUGHQ XQG YRQ GD LQV 3ROQ ZHLWHUHQWOHKQW VLQG©,QZLHIHUQGHUDUWLJH(QWOHKQXQJVYRUJlQJHDXFKIUXQVHUH¿'LVWL FKD &DWRQLV¾ QDFKZHLVEDU VLQG EOHLEW HLQHU JHVRQGHUWHQ 8QWHUVXFKXQJ YRUEHKDOWHQ 'DVV)UDQ]0\PHUWVFKHFKLVFKH4XHOOHQIUVHLQH3XEOLNDWLRQHQQXW] WHXQGXPDUEHLWHWHLVWKLQOlQJOLFKEHNDQQW6HLQ¿'LFWLRQDULXPWULXPOLQ JXDUXP¾ 0DWKLDV6FKDUIIHQEHUJVR6 KDWWHHU]%QDFKGHP  EHL 9LHWRU XQG 6LQJULHQHU LQ :LHQ JHGUXFNWHQ ODWHLQLVFKGHXWVFK WVFKHFKLVFKHQ ¿'LFWLRQDULXV WULXP OLQJXDUXP ODWLQH WHXWRQLFH %RHPLFH¾ DQJHOHJWXQGLQHLQLJHQ7HLOHQGHQWVFKHFKLVFKHQ7H[WGXUFKVHLQHSROQL VFKH hEHUVHW]XQJ HUVHW]W 'DVV VLFK GHUDUWLJH (LQIOVVH DXFK IU 0\ PHUV SROQLVFKH hEHUVHW]XQJ GHU ¿'LVWLFKD &DWRQLV¾ QDFKZHLVHQ ODVVHQ P|FKWHLFKDQ]ZHL%HLVSLHOHQLOOXVWULHUHQLQGHPLFKGLH0\PHUhEHUVHW ]XQJDXVGHU$XVJDEH9LHWRU>0D@GHUWVFKHFKLVFKHQ9RUODJH+|OW]HO JHJHQEHUVWHOOH BBBBBBBBBBBBB  *8%$Ľ6.,3U]HNâDG\SROVNLH¿G\VW\FKyZ¾3VHXGR.DWRQD>ZLH$QP@6  %,('(5'DVSROQLVFKGHXWVFKH9RNDEXODULXP>ZLH$QP@6I  (EG6  9JO *586=&=UY@

=E\WNX]iZůG\SURůLHQE\ýFKýLH\ 1iPiâH\U]HFů\GRVLýPLH\ %H]SLHFůQLH\V]DâRGůLDE\ZD *G\QiPiâH\ZRGůLHSO\ZD ˆ)OHXFKDOOHVGDVGDLVW]ţYLOO %HGHQFNIUH\GLFKGHVNOH\QEH\ZH\O 0HUVLFKHUKH\WHLQVFKLIOHLQKDW 'DVDXIIHLQHPNOH\QHQZDVVHUJDW>'U@

,9+|OW]HO 0DQWXDQhEHUVHW]XQJ 

,99LHWRU>0D@ 0\PHUhEHUVHW]XQJ 

&XPVDSLDVDQLPRQROLLUULGHUHVHQHFWDP 1DPFXLFXQTXHVHQLVHQVXVSXHULOLVLQKHUHW

&XPVDSLDVDQLPRQROLLUULGHUHVHQHFWDP 1DPTXLFXPTXHVHQH[VHQVXVSXHULOLVLQLOORHVW

*V\O\PXGU\WRVRELHQDP\VOEHU] =LDGQ\PXVWDU\PXJVHQpSRVPLZD\WRPLZLHU] 1HEF]ORZLHNXVWDUHPXZ]G\WRE\ZD =LHZ]G\PODG\UR]XPDGLHWLQVN\VP\VOPLZD 'LHZHOGXNOţJSLVWZH\‰YRQJRW 6ROţJGDVDOWHUQLWYHUVSRW :LHZROGHPDOWHUJHEULFKWDQNURIIW 9HUQXQIIWGRFKUHGOLFKEH\LPVFKDIIW>Y@

-HVOLůHœUR]XPXSUiZHJR 1LHVPLH\ůHVLH]VWiURVFLůDGQHJR %RYVWiUHJRJâRZiVLZDE\ZD $SU]HWRGůLHýLQVNLHVP\VO\PLHZD 'LHZH\OGXNOXJSLVWZH\‰YRQJRW 6ROţJGDVDOWHUQLWYHUVSRW :LHZROGHPDOWHUJHEULFKWDQNUDIIW 9HUPXQIIWGRFKUHGOLFKEH\LPVFKDIIW>*Y@

%HLGH'LVWLFKHQEHOHJHQPLWJUR‰HU6LFKHUKHLWGDVV0\PHUEHLGHU$QIHU WLJXQJGHUSROQLVFKHQhEHUVHW]XQJGHQWVFKHFKLVFKHQ7H[WLQ]XPLQGHVW HLQLJHQ)lOOHQDOV9RUODJHJHQXW]WKDW,Q,,EHUWUlJWHUGLHWVFKHFKL VFKH9DULDQWHQDPDOXGRVWLPLZDWLGLUHNWLQV3ROQLVFKH1iPiâH\U]HFů\GRVLý PLH\ ª$QHLQHUNOHLQHQ6DFKHKDEJHQXJ© $XFKGLHIROJHQGHQ]ZHL9HUVH %H]SLHFůQLH\V]D âRGůLD E\ZD __ *G\ Qi PiâH\ ZRGůLH SO\ZD ª6LFKHUHU LVW HLQ 6FKLII ZHQQ HV DXI NOHLQHP :DVVHU IlKUW©  KDEHQ LKUH GLUHNWH (QWVSUH FKXQJLP7VFKHFKLVFKHQ7DORGLL]DJLVWHEH]SHF]QLH\VV\EH\ZD__.WHUDJVHQD PDO\PSRWRF]HSODZLZDbKQOLFKYHUKlOWHVVLFKLP]ZHLWHQ%HLVSLHO(VZLUG LQ,9FGQLFKWQXUGHU5HLPGHUWVFKHFKLVFKHQ9RUODJHEHUQRPPHQ² ZLHVFKRQLQ,,FG²VRQGHUQDXFKGLUHNWGHU$XVGUXFN DGLHWLQVN\VP\VO PLZDLQSROQLVFK$SU]HWRGůLHýLQVNLHVP\VO\PLHZD ªXQGKDWGDGXUFKNLQGOL FKH6LQQH© EHUWUDJHQ6ROFKHGLUHNWHQ(LQIOVVHODVVHQVLFKMHGRFKQXULQ (LQ]HOIlOOHQ QDFKZHLVHQ 'HU *UR‰WHLO GHU SROQLVFKHQ hEHUVHW]XQJ KDW PLW GHP WVFKHFKLVFKHQ 7H[W NHLQH *HPHLQVDPNHLWHQ ² ZHGHU OH[LNDOLVFK QRFKUK\WKPLVFKRGHULP+LQEOLFNDXIGLH:DKOGHV5HLPZRUWHV 6R LVW GLH WVFKHFKLVFKH hEHUVHW]XQJ ]% PHWULVFK ZHVHQWOLFK XQUH JHOPl‰LJHUDOVGLHSROQLVFKH'LH6LOEHQ]DKOSUR(LQ]HOYHUVVFKZDQNWEHL 0DQWXDQ]ZLVFKHQXQGGHUWVFKHFKLVFKHQ9HUVHXPIDVVHQ



$1'5e'5(:(/2:6.0D@GDJHJHQVLQGUHJHOPl ‰LJH$FKWVLOEHUHLQHIUGDVSROQLVFKHVLOEHQ]lKOHQGH9HUVV\VWHPXQGIU GLH SROQLVFKH 'LFKWXQJ GHV  -DKUKXQGHUWV EOLFKH )RUP 'LH YHUEOHL EHQGHQ  VLQG 6HFKV ELV (OIVLOEHU 'LH $XVJDEH :LU]ELęWD  EH PKW VLFK DX‰HUGHP GLHVH 8QHEHQKHLWHQ QRFK DXV]XJOHLFKHQ XQG HUUHLFKW GXUFK V\VWHPDWLVFKH 8PDUEHLWXQJ GHU ]X NXU]HQ RGHU ]X ODQJHQ 9HUVHHLQHQ$FKWVLOEHU$QWHLOLQGHQ'LVWLFKHQ RKQHEUHYHVVHQWHQWLDH YRQ  0HWULVFK VWHKW 0\PHUV hEHUVHW]XQJ GHP GHXWVFKHQ 7H[W 6HEDVWLDQ %UDQWVYLHOQlKHUDOVGHPWVFKHFKLVFKHQ'HQQDXFK6HEDVWLDQ%UDQWEH PKWVLFKPHKUKHLWOLFKXPDFKWVLOELJH9HUVH,PPHUKLQDOOHUGHXW VFKHQ9HUVH LQGHU$XVJDEH9LHWRU>0D@ VLQG$FKWVLOEHU 0\PHUSDVVWHVHLQHhEHUVHW]XQJDOVR²YHUHLQIDFKWJHVSURFKHQ²GHU IRUPDOHQ5HJHOPl‰LJNHLWXQG*OlWWHGHUGHXWVFKHQ9RUODJHDQXQGQDKP LQKDOWOLFKH$QUHJXQJHQDXVGHPWVFKHFKLVFKHQ7H[W *HEUDXFKV]XVDPPHQKDQJGHUODWHLQLVFKSROQLVFKGHXWVFKHQ ¿'LVWLFKD&DWRQLV¾ $EVFKOLH‰HQGVWHOOWVLFKQRFKGLH)UDJHZHUQXQGLHODWHLQLVFKSROQLVFK GHXWVFKHQ¿'LVWLFKD&DWRQLV¾GLH]XGHQSRSXOlUHQª%DVLVOHKUEFKHUQIU $QIlQJHU© JHK|UWHQ LP 6FKXOXQWHUULFKW LQ .UDNDX XQG LP .UDNDXHU 8PODQGEHQXW]WKDW,QGHQYRUOLHJHQGHQGUHLVSUDFKLJHQ$XVJDEHQQLPPW GHUSROQLVFKH7H[WGHUGLUHNWQDFKGHPODWHLQLVFKHQ2ULJLQDOXQGYRUGHU GHXWVFKHQ hEHUVHW]XQJ VWHKW HLQGHXWLJ GLH ZLFKWLJHUH 3RVLWLRQ HLQ $X ‰HUGHP LVWGHU7LWHO GHU ¿'LVWLFKD &DWRQLV¾ LQ DOOHQ $XVJDEHQ OHGLJOLFK LQ ODWHLQLVFKHUXQGSROQLVFKHU6SUDFKHDQJHJHEHQQLFKWMHGRFKLQGHXWVFKHU 'LH 7H[WUHLKHQIROJH /DWHLQLVFK'HXWVFK3ROQLVFK KDW HV LQ .UDNDX GXUFKDXVDXFKJHJHEHQ6RZDUVLH]%LQGHU(UVWDXVJDEHGHV¿'LFWLRQD ULXV¾ YRQ -RKDQQHV 0XUPHOOLXV 9LHWRU  VR 6  QRFK EOLFK ZXUGHGDQQDEHULQVSlWHUHQ$XIODJHQ

BBBBBBBBBBBBB  7,&+É3R]QiPN\>ZLH$QP@6I9JODXFKGHQ%HLWUDJYRQ9É&/$9%2.LQGLHVHP %DQG6I  ,Q GHQ 'LVWLFKHQ XQG GHQ SUDHIDWLRQHV VLQG EHL :LU]ELęWD  QXU DFKW YRQ  9HUVHQ NHLQH$FKWVLOEHU,F 1HXQVLOEHU ,DE 1HXQVLOEHU ,,D 1HXQVLOEHU 'DV'LVWLFKRQ ,9XPIDVVWEHL:LU]ELęWDYLHU=HKQVLOEHU  .$:(&.$*5ZLH$QP@6

'LHODWHLQLVFKSROQLVFKGHXWVFKHQ$XVJDEHQGHU¿'LVWLFKD&DWRQLV¾



ªGXUFK GLH ODWHLQLVFKSROQLVFKGHXWVFKH HUVHW]W 'LHV LVW HLQH FKDUDNWHULVWLVFKH bQGHUXQJ GLH DXI GLH ZDFKVHQGH %HGHXWXQJ GHU SROQLVFKHQ 6SUDFKH LQQHUKDOE GHUJHELOGHWHQ6FKLFKWGHU%HZRKQHU.UDNDXVZHLVW©

'LHGHXWVFKHQhEHUVHW]XQJHQLQGHQPHKUVSUDFKLJHQ:|UWHUEFKHUQYRQ 0XUPHOOLXV XQG 0\PHU GLHQWHQ ªVRZRKO GHU ODWHLQOHUQHQGHQ -XJHQG ZLH GHP VLFK SRORQLVLHUHQGHQ %UJHUWXP GHXWVFKHU +HUNXQIW© =$5Ę%6., VFKUHLEW ª(LQH5HLKHODWHLQLVFKHU*UDPPDWLNHQ*HVSUlFKVEFKHUXQG:|UWHUEFKHUGLH ]XP6FKXOJHEUDXFKLQGHUHUVWHQ+lOIWHGHV-DKUKXQGHUWVJHQDXHULQGHQHU XQGHU-DKUHQHUVFKLHQVSULFKWIUGLH7KHVHGDVVLPYRONVVSUDFKOLFKHQ8QWHU ULFKW MHQHU =HLW ZHLWJHKHQG GLH 5HJHO KHUUVFKWH GLH 9RONVVSUDFKH EHLP /HKUHQ GHV/DWHLQLVFKHQDQ]XZHQGHQ©

8QGZHLWHUVDJWHULQGHPHUVLFKDXIGLH¿9HUVFKLHGHQHQ*HVSUlFKH¾YRQ 0XUPHOOLXV 9LHWRU EH]LHKW ª'LH 6WUXNWXU GHV 6FKXOEXFKHV GDV QDFK MHGHU ODWHLQLVFKHQ )UDJH RGHU $QWZRUW GHQ7H[WLQGHXWVFKHURGHUSROQLVFKHU6SUDFKHJLEWVROOWHVRZRKOGHQ3ROHQDOV DXFK GHQ MXQJHQ GHXWVFKHQ 3DWUL]LHUQ LQ .UDNDX GLH %HKHUUVFKXQJ GHU ODWHLQL VFKHQ6SUDFKHHUOHLFKWHUQ©

'DXPGHU3UR]HVVGHU3RORQLVLHUXQJ.UDNDXVDOVªSULQ]LSLHOODEJH VFKORVVHQ© DQJHVHKHQ ZHUGHQ NDQQ LVW DOVR GLH SURSROQLVFKH 6WUXNWXU XQVHUHU¿'LVWLFKD&DWRQLV¾QLFKWYHUZXQGHUOLFK'HUGHXWVFKH7H[WZXUGH YRQ9LHWRUZRKOYRUDOOHPGHVKDOEDEJHGUXFNWZHLOVLFKDXIGLHVH:HLVH GHU.UHLVGHUSRWHQWLHOOHQ.lXIHUIUVHLQ6FKXOEXFKQRFKHUZHLWHUWHZHLO GHU7H[WIU3ROHQ]XP(UOHUQHQGHUGHXWVFKHQ6SUDFKHGLHMDLQ.UDNDX GLHZLFKWLJVWH)UHPGVSUDFKHYRUDOOHPIU.DXIOHXWHZDUJHQXW]WZHUGHQ NRQQWHZHLOGHUSRO\JORWWH&KDUDNWHUGHV9LHWRUVFKHQ9HUODJVSURJUDPPV XQWHUVWULFKHQZHUGHQVROOWHXQGVLFKGLH¿'LVWLFKD&DWRQLV¾VRLQGLH5HLKH GHU PHKUVSUDFKLJHQ 9HU|IIHQWOLFKXQJHQ HLQUHLKWHQ ² XQG ZHLO 9LHWRU LP EULJHQVHOEVWGHXWVFKHU+HUNXQIWZDU$EHUYRUDOOHPZDUHQGLH¿'LVWLFKD &DWRQLV¾ZRKO/HNWUHIUGLHSROQLVFKH-XJHQGXQGJOHLFK]HLWLJhEXQJLP 9HUVWHKHQ XQG hEHUVHW]HQ YRQ ODWHLQLVFKHQ XQG SROQLVFKHQ 7H[WHQ BBBBBBBBBBBBB  *586=&=ZLH$QP@6  =$5Ę%6.,5RODMę]\NDSROVNLHJR>ZLH$QP@6  (EG6  (EG6  9JO KLHU]X GLH $XVIKUXQJHQ ]XP ¿:RNDEXODU] UR]PDLW\FK VHQWHQF\L L SRWU]HEQ\FK¾ 9LHWRU   EHL =$5Ę%6., 5ROD Mę]\ND SROVNLHJR >ZLH $QP @ 6  $OV %HLVSLHO PDJKLHUDXFKGDV6FKXOSURJUDPPGHV%HQHGLNW+HUEHVWGLHQHQGDVIUGHQ0RQWDJQDFK PLWWDJGDVªHLQVWQGLJH/HVHQGHU:HUNH&LFHURV©XQGHLQHªDQVFKOLH‰HQGH(UNOlUXQJGHV 7H[WHVLQSROQLVFKHUXQGGHXWVFKHU6SUDFKH©YRUVDK =$5Ę%6.,5RODMę]\NDSROVNLHJR>ZLH $QP@6 +HUEHVWZDU5HNWRUGHU0DULHQVFKXOHLQ.UDNDXXQGKDWWHEHLVHLQHU



$1'5e'5(:(/2:6.([HPSODU%DPEHUJ6WDDWVELEOLRWKHN/UR@



$EE  

$1'5e'5(:(/2:6.([HPSODU%DPEHUJ6WDDWVELEOLRWKHN/UR@





5HJLVWHU 

+DQGVFKULIWHQ +DQGVFKULIWHQ

$XJVEXUJ8QLYHUVLWlWVELEOLRWKHN  &RG 2HWWLQJHQ:DOOHUVWHLQ ,,,ƒ$ %DVHOgIIHQWOLFKH%LEOLRWKHNGHU 8QLYHUVLWlW  &RG),,,D %HUOLQ6WDDWVELEOLRWKHN]X%HUOLQ ²3UHX‰LVFKHU.XOWXUEHVLW]  0VJHUPIRO  0VJHUPRFW   $  $  $  0VJHUPTXDUWI$  0VJHUPTXDUWI $ %UQR 0RUDYVND ]HPVNi NQL KRYQD  5NSƒ$ %UVVHO%LEOLRWKqTXH5R\DOH  0V$  0V$ &DPEULGJH&RUSXV&KULVWL&RO OHJH  06$  06  06$  06$  06 &DPEULGJH7ULQLW\&ROOHJH  06  06 % $  065$

&DPEULGJH8QLYHUVLW\/LEUDU\  06*J$  06,LI$ &KXU6WDDWVDUFKLY*UDXEQGHQ  &RG%I$ &REXUJ/DQGHVELEOLRWKHN  0V$ 'UHVGHQ 6lFKVLVFKH /DQGHVEL EOLRWKHN²6WDDWVXQG8QLYHU VLWlWVELEOLRWKHN  &RG0  &RG0 )UDQNIXUW D0 6WDGW XQG 8QL YHUVLWlWVELEOLRWKHN -RKDQQ &KULVWLDQ6HQFNHQEHUJ  0V%DUWK$  0VJHUPRFWI $ $ )XOGD/DQGHVELEOLRWKHN  %RQLIDWLDQXV  ¿&RGH[ )XO GHQVLV¾ I *GDľVN %LEOLRWHND *GDľVND 3ROVNLHM$NDGHPLL1DXN  0V 0DU 4   $ I$$ *|WHERUJ6WDGVELEOLRWKHN  &RG ODW  I $  $I *UD]8QLYHUVLWlWVELEOLRWKHN  &RG   $  $$I +HLGHOEHUJ8QLYHUVLWlWVELEOLRWKHN  &RG 3DO JHUP  ¿&RGH[ 0DQHVVH¾ 



,QQVEUXFN8QLYHUVLWlWVELEOLRWKHN  &RG$ .UDNyZ%LEOLRWHND-DJLHOORľVND  %HURO 0V JHUP TXDUW  $$I .UHPVPQVWHU6WLIWVELEOLRWKHN  &&$ /RQGRQ%ULWLVK/LEUDU\  06 $GGLWLRQDO  I $  06 $GGLWLRQDO  I $  06 $UXQGHO   $ $  06 &RWWRQ *DOED $ [YLLL  $  06 &RWWRQ 2WKR % LL I $  06 &RWWRQ 2WKR % L[  $   06&RWWRQ2WKR%[$  06&RWWRQ2WKR&L$  06 &RWWRQ 7LEHULXV $ LL  $  06&RWWRQ7LEHULXV%[LI $  065R\DO$[YLLL$  065R\DO%YLL$  065R\DO%Y$ /RQGRQ/DPEHWK3DODFH/LEUDU\  06$ 0HON6WLIWVELEOLRWKHN  &RG  I  $  0LFKHOVWDGW 1LFRODXV0DW]%L EOLRWKHN  &RG'$ $$$ $ 0QFKHQ %D\HULVFKH 6WDDWVEL EOLRWKHN  &JP

5HJLVWHU

    

&JPI$ &JP &OP$ &OPI$ &OP $  $  $  $ I $  $   0QFKHQ8QLYHUVLWlWVELEOLRWKHN  ƒ &RG PV   $ $$$  $  $ I $$ 2[IRUG%RGOHLDQ/LEUDU\  06%RGOH\$  06+DWWRQ$ 2[IRUG-HVXV&ROOHJH  06$ 5RP%LEOLRWKHFD$SRVWROLFD9D WLFDQD  5HJODW$ 3DULV%LEOLRWKqTXH1DWLRQDOH  0VODW$  0VODW$  0VODW$ 6W*DOOHQ6WLIWVELEOLRWKHN  &RG  &RG  &RG  &RGI 6WXWWJDUW:UWWHPEHUJLVFKH/DQ GHVELEOLRWKHN  &RG +% ;,,   $ $$$ $I$ $  &RGSRHWHWSKLOƒI $$  &RG SRHW HW SKLO ƒ   $  $   $  $  $  $  $  $

'UXFNH



$$I $$ :HLPDU +HU]RJLQ $QQD $PDOLD %LEOLRWKHN  &RG 2  I $  $ :LHQ gVWHUUHLFKLVFKH 1DWLRQDO ELEOLRWKHN  &RGI  &RG$I $   $   &RG  &RG$ $$  &RGI$ :ROIHQEWWHO+HU]RJ$XJXVW %LEOLRWKHN  &RG *XHOI  1RYL I$ =ULFK=HQWUDOELEOLRWKHN  0V&$ =ZHWWO6WLIWVELEOLRWKHN  &RG =ZHWO    $   $  $  $   $  $    $  $ $  'UXFNH 'UXFNH

%UDQW6HEDVWLDQ¿'LVWLFKD&DWR QLV¾ODWGW  %DVHO-RKDQQ%HUJPDQQYRQ 2OSH *:  I$$ $$  %DVHO0LFKDHO)XUWHUXP  *: 



 1UQEHUJ+LHURQ\PXV+|OW ]HO 9'&  $  $XJVEXUJ-RKDQQ6FK|QVSHU JHU 9'&  $  1UQEHUJ+LHURQ\PXV+|OW ]HO 9'&  $  $XJVEXUJ-RKDQQ6FK|QVSHU JHU 9'&  $ ¿'LVWLFKD &DWRQLV¾ GW ¿5XPSI EHDUEHLWXQJEHUVHW]XQJ¾   %DVHO 0DUWLQ )ODFK FD  *: I$ ¿'LVWLFKD&DWRQLV¾ODW  .RQVWDQ]+HLQULFK-DQFD  *: I$ $ ¿'LVWLFKD&DWRQLV¾ODWGW ¿*H VDPWEHUVHW]XQJ¾   6SH\HU -RKDQQ XQG .RQUDG +LVW FD  *:   I $  $  $  $  $  $  $XJVEXUJ -RKDQQ %lPOHU  *:   I $ $$$   5HXWOLQJHQ 0LFKDHO *UH\II  *:    $ $  5HXWOLQJHQ 0LFKDHO *UH\II  *: $  +HLGHOEHUJ +HLQULFK .QR EORFK]HU  *:   $  $XJVEXUJ-RKDQQ6FK|QVSHU JHU  *:    $



 8OP -RKDQQ =DLQHU  *:    $ I $  $  $   /HLS]LJ .RQUDG .DFKHORIHQ  *: I$  %DVHO0LFKDHO)XUWHUXP  *: I $$  %DVHO0LFKDHO)XUWHUXP  *: I $  %DVHO0LFKDHO)XUWHUXP  *: I $  %DVHO0LFKDHO)XUWHUXP  *:  $  %DVHO0LFKDHO)XUWHUXP  *: I $ 0DQWXDQ)HQFO -DQ ¿'LVWLFKD &DWRQLV¾ODWWVFKHFKGW  1UQEHUJ +LHURQ\PXV +|OW ]HO        $EE  $EE  0\PHU )UDQ] ¿'LVWLFKD &DWR QLV¾ODWSROQGW  .UDNDX +LHURQ\PXV 9LHWRU   .UDNDX +LHURQ\PXV 9LHWRU I  .UDNDX +LHURQ\PXV 9LHWRU  I   $   .UDNDX 0DWKLDV :LU]ELęWD I  .UDNDX 0DWKLDV :LU]ELęWD I 0\PHU )UDQ] ¿'LVWLFKD &DWR QLV¾ODWSROQ

5HJLVWHU

 

 .UDNDX "  +LHURQ\PXV 9LH WRU " I  .UDNDX 6WDQLVâDZ 6]DUIIHQ EHUJ 3HUVRQHQ2UWH:HUNH 6DFKHQ7HUPLQL 3HUVRQHQ2UWH:HUNH6DFKHQ7HUPLQL

$DFKHQ ¿$DOPD¾*ORVVDULXP$ $ELQJGRQ $EODWLYXVDEVROXWXVV6\QWD[ ¿$EURJDQV¾$ ¿$FFHVVXV DG DXFWRUHV¾   $ $G'RPQR*HRUJLR $GDP YRQ 5RWWZHLO ¿,QWURLWR H SRUWD¾ $GHO     I  $GRSWLDQLVPXV OIULF WKHOZHDUG %UXGHU (GZDUGV GHVbOWHUHQ  WKHOZHDUG hEHUVHW]HUGHU¿$Q JOR6D[RQ&KURQLFOH¾   ¿&KURQLFRQ¾I WKHOZROG RI :LQFKHVWHU     ¿5HJXODULV&RQFRUGLD¾$ WKHOZXOI RI :HVVH[  .|QLJ  $LFKLQJHU &DUO )ULHGULFK ¿9HU VXFK HLQHU WHXWVFKHQ 6SUDFK OHKUH¾I $N]HQW GLDNULWLVFKHV =HLFKHQ  I $N]HQWVSUDFKOLFKHU $ODQWVHH$PEURVLXV $ODQXVYRQ/LOOH DE,QVXOLV ¿/L EHUSDUDERODUXP¾

3HUVRQHQ2UWH:HUNH6DFKHQ7HUPLQL

$OEHULF GH %LVLQ]R ¿5RPDQ G·$OH[DQGUH¾ $OEUHFKW ¿-QJHUHU 7LWXUHO¾  $ $OEUHFKWYRQ+DOEHUVWDGW¿0HWD PRUSKRVHQ¾ $OEUHFKW YRQ -RKDQVGRUI  $ $OGKHOPYRQ6KHUERUQH ¿$OGKHOPJORVVHV¾$ $OHPDQQLVFK      $OH[DQGHU GHU *UR‰H       VD +DUW OLHE +DQV ¿+LVWRULD GH SUH OLLV¾9DOHULXV3ROHPLXV-XOLXV /DPSUHFKW 3IDIIH ¿/LEUR GH $OH[DQGUH¾ 5XGROI YRQ (PV 8OULFKYRQ(W]HQEDFK:DOWHU YRQ&KkWLOORQ $OIUHG GHU *UR‰H  .|QLJ  $      I $ONXLQYRQ