Erich Fromm - Die Kunst Des Liebens

  • August 2019
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Erich Fromm - Die Kunst Des Liebens as PDF for free.

More details

  • Words: 22,569
  • Pages: 169
(ULFK)URPP 'LH.XQVWGHV/LHEHQV :LU 0HQVFKHQ VLQG PHLVWHQV QLFKW LPVWDQGH XQVHUH )lKLJNHLW ]XP/LHEHQ]XHQWZLFNHOQ]XHLQHU /LHEHGLH5HLIH6HOEVWHUNHQQWQLV XQG0XWXPID‰W (ULFK )URPP GLVNXWLHUW LQ GLH VHP %XFK GLH /LHEH LQ DOO LKUHQ $VSHNWHQ QLFKW QXU GLH URPDQ WLVFKH ± YRQ VR YLHOHQ IDOVFKHQ 9RUVWHOOXQJHQ XPJHEHQH /LHEH ± VRQGHUQ DXFK GLH (OWHUQOLHEH 1lFKVWHQOLHEH HURWLVFKH /LHEH 6HOEVWOLHEH XQG GLH /LHEH ]X *RWW

(ULFK)URPP

'LH.XQVWGHV/LHEHQV 8OOVWHLQ%XFK1ULP9HUODJ8OOVWHLQ*PE+ ,6%1 HERRNE\%22.= 5 86

'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW

(ULFK)URPP 'LH.XQVWGHV/LHEHQV

HLQ8OOVWHLQ%XFK

8OOVWHLQ%XFK1U LP9HUODJ8OOVWHLQ*PE+ )UDQNIXUW0%HUOLQ:LHQ 7LWHOGHUDPHULNDQLVFKHQ2ULJLQDODXVJDEH 7+($572)/29,1* $XWRULVLHUWHhEHUVHW]XQJYRQ*QWHU(LFKHO 'HXWVFKH2ULJLQDODXVJDEH 8PVFKODJHQWZXUI.XUW:HLGHPDQQ $OOH5HFKWHYRUEHKDOWHQ ‹E\(ULFK)URPP 3ULQWHGLQ*HUPDQ\ *HVDPWKHUVWHOOXQJ (EQHU8OP'RQDX ,6%1

,QKDOWVYHU]HLFKQLV (,1)h+581*



925:257 



,67/,(%(1(,1(.8167"



',(7+(25,('(5/,(%(





/LHEHGLH$QWZRUWDXIGDV3UREOHP



GHUPHQVFKOLFKHQ([LVWHQ]





/LHEH]ZLVFKHQ(OWHUQXQG.LQG





'LH2EMHNWHGHU/LHEH







D 1lFKVWHQOLHEH







E 0XWWHUOLHEH







F (URWLVFKH/LHEH







G 6HOEVWOLHEH







H *RWWHVOLHEH



',(/,(%(81',+59(5)$//,1'(5 =(,7*(1g66,6&+(1:(67/,&+(1*(6(//6&+$)7



',(35$;,6'(6/,(%(16



(ULFK)URPP'LH.XQVWGHV/LHEHQV

(,1)h+581*

'LHVHV %XFK LVW HLQ %DQG GHU ª:HOWSHUVSHNWLYHQ© GLH VLFK GLH$XIJDEH VWHOOHQ NXU]H 6FKULIWHQ GHU YHUDQWZRUWOLFKHQ ]HLWJHQ|VVLVFKHQ 'HQNHU DXI YHUVFKLHGHQHQ *HELHWHQ KHUDXV ]XJHEHQ 'LH $EVLFKW LVW JUXQGOHJHQGH QHXH 5LFKWXQJHQ LQ GHU PRGHUQHQ =LYLOLVDWLRQ DXI]X]HLJHQ GLH VFK|SIHULVFKHQ .UlIWH ]X GHXWHQ GLH LP 2VWHQ ZLH LP :HVWHQ DP :HUNH VLQG XQG GDV QHXH %HZX‰WVHLQ GHXWOLFK ]X PDFKHQ GDV ]X HL QHP WLHIHUHQ 9HUVWlQGQLV GHU :HFKVHOEH]LHKXQJHQ ]ZLVFKHQ 0HQVFK XQG 8QLYHUVXP ,QGLYLGXXP XQG *HVHOOVFKDIW VRZLH GHU DOOHQ 9|ONHUQ JHPHLQVDPHQ :HUWH EHLWUDJHQ NDQQ 'LH ª:HOWSHUVSHNWLYHQ© UHSUlVHQWLHUHQ GLH :HOWJHPHLQVFKDIW GHU ,GHHQ LQ HLQHP XQLYHUVDOHQ *HVSUlFK ZREHL VLH GDV 3ULQ]LS GHU(LQKHLWGHU0HQVFKKHLWEHWRQHQGHU%HVWlQGLJNHLWLQGHU :DQGOXQJ 1HXH(QWGHFNXQJHQLQYLHOHQ%HUHLFKHQGHV:LVVHQVKDEHQ XQYHUPXWHWH $XVVLFKWHQ HU|IIQHW IU HLQ WLHIHUHV 9HUVWlQGQLV GHU PHQVFKOLFKHQ 6LWXDWLRQ XQG IU HLQH ULFKWLJH :UGLJXQJ PHQVFKOLFKHU :HUWH XQG %HVWUHEXQJHQ 'LHVH $XVVLFKWHQ REZRKOGDV(UJHEQLVQXUVSH]LDOLVLHUWHU6WXGLHQDXIEHJUHQ]WHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV *HELHWHQHUIRUGHUQ]XLKUHU$QDO\VHXQG6\QWKHVHHLQHQQHXHQ 5DKPHQ LQ GHP VLH HUIRUVFKW EHUHLFKHUW XQG LQ DOO LKUHQ $VSHNWHQ ]XP :lKOH GHV 0HQVFKHQ XQG GHU *HVHOOVFKDIW JHI|UGHUWZHUGHQN|QQHQ6ROFKHLQHQ5DKPHQ]XEHVWLPPHQ VLQGGLHª:HOWSHUVSHNWLYHQ©EHPKWLQGHU+RIIQXQJ]XHLQHU /HKUHYRP0HQVFKHQ]XIKUHQ (LQH$EVLFKWGLHVHU5HLKHLVWDXFKGHU9HUVXFKHLQ*UXQGEHO GHU 0HQVFKKHLW ]X EHUZLQGHQ QlPOLFK GLH )ROJHQ GHU $WRPLVLHUXQJ GHU :LVVHQVFKDIW GLH GXUFK GDV EHUZlOWLJHQGH $QZDFKVHQGHU)DNWHQHQWVWDQGHQLVWGLHGLH:LVVHQVFKDIWDQV /LFKWEUDFKWHIHUQHU,GHHQGXUFKHLQH%HIUXFKWXQJGHU*HLVWHU ]XNOlUHQXQG]XYHUELQGHQYRQYHUVFKLHGHQHQ*HVLFKWVSXQNWHQ DXVGLHJHJHQVHLWLJH$EKlQJLJNHLWYRQ*HGDQNHQ)DNWHQXQG :HUWHQLQLKUHUEHVWlQGLJHQ:HFKVHOZLUNXQJ]X]HLJHQGLH$UW 9HUZDQGWVFKDIW/RJLNXQG%HZHJXQJGHVJHVDPWHQ2UJDQLVPXV GHU :LUNOLFKNHLW ]X GHPRQVWULHUHQ LQGHP VLH GHQ GDXHUQGHQ =XVDPPHQKDQJGHU3UR]HVVHGHV0HQVFKHQJHLVWHV]HLJWXQGVR GLHLQQHUH6\QWKHVHXQGGLHRUJDQLVFKH(LQKHLWGHV/HEHQVVHOEVW ]XHQWKOOHQ 'LH ª:HOWSHUVSHNWLYHQ© VLQG EHU]HXJW GD‰ WURW] GHU 8QWHUVFKLHGHXQG6WUHLWIUDJHQGHUKLHUGDUJHVWHOOWHQ'LV]LSOLQHQ HLQH VWDUNH hEHUHLQVWLPPXQJ GHU $XWRUHQ EHVWHKW KLQVLFKWOLFK GHU EHUZlOWLJHQGHQ 1RWZHQGLJNHLW GLH )OOH ]ZLQJHQGHU ZLVVHQVFKDIWOLFKHU (UJHEQLVVH XQG GHU 8QWHUVXFKXQJHQ REMHNWLYHU 3KlQRPHQH YRQ GHU 3K\VLN ELV ]XU 0HWDSK\VLN *HVFKLFKWHXQG%LRORJLH]XVLQQYROOHU(UIDKUXQJ]XYHUELQGHQ 8P GLHVHV *OHLFKJHZLFKW ]X VFKDIIHQ LVW HV QRWZHQGLJ GLH JUXQGOHJHQGH 7DWVDFKH LQV %HZX‰WVHLQ ]X UXIHQ GD‰ OHW]WOLFK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GLHLQGLYLGXHOOHPHQVFKOLFKH3HUV|QOLFKNHLWDOOGLHORVHQ)lGHQ]X HLQHPRUJDQLVFKHQ*DQ]HQYHUNQSIHQXQGVLFK]XVLFKVHOEVW GHU 0HQVFKKHLW XQG *HVHOOVFKDIW LQ %H]LHKXQJ VHW]HQ PX‰ ZlKUHQGVLHLKUH*HPHLQVFKDIWPLWGHP8QLYHUVXPYHUWLHIWXQG VWHLJHUW'LHVHQ*HLVW]XYHUDQNHUQXQGLKQGHPLQWHOOHNWXHOOHQ XQG VSLULWXHOOHQ /HEHQ GHU 0HQVFKKHLW 'HQNHQGHQ ZLH +DQGHOQGHQ JOHLFKHUZHLVH WLHI HLQ]XSUlJHQ LVW WDWVlFKOLFK HLQH JUR‰H ZLFKWLJH $XIJDEH XQG NDQQ ZHGHU JlQ]OLFK GHU 1DWXUZLVVHQVFKDIWQRFKGHU5HOLJLRQEHUODVVHQZHUGHQ'HQQZLU VWHKHQGHUXQDEZHLVEDUHQ1RWZHQGLJNHLWJHJHQEHUHLQ3ULQ]LS GHU8QWHUVFKHLGXQJXQGGHQQRFK9HUZDQGWVFKDIW]XHQWGHFNHQ GDV NODU JHQXJ LVW XP 1DWXUZLVVHQVFKDIW 3KLORVRSKLH XQG MHGHDQGHUH.HQQWQLV]XUHFKWIHUWLJHQXQG]XOlXWHUQLQGHPHV LKUHJHJHQVHLWLJH$EKlQJLJNHLWDQQLPPW'LHVLVWGLH.ULVLVLP %HZX‰WVHLQGLHGXUFKGLH.ULVLVGHU:LVVHQVFKDIWGHXWOLFKZLUG 'LHVLVWGDVQHXH(UZDFKHQ 'LHª:HOWSHUVSHNWLYHQ©ZROOHQEHZHLVHQGD‰JUXQGOHJHQGHV WKHRUHWLVFKHV :LVVHQ PLW GHP G\QDPLVFKHQ ,QKDOW GHU *DQ]KHLW GHV /HEHQV YHUEXQGHQ LVW 6LH VLQG GHU QHXHQ 6\QWKHVH JHZLGPHWGLH(UNHQQWQLVXQG,QWXLWLRQ]XJOHLFKLVW6LHEHIDVVHQ VLFKPLWGHU(UQHXHUXQJGHU:LVVHQVFKDIWLQEH]XJDXIGLH1DWXU GHV 0HQVFKHQ XQG VHLQ 9HUVWlQGQLV HLQH $XIJDEH IU GLH V\QWKHWLVFKH,PDJLQDWLRQXQGLKUHHLQLJHQGHQ$XVEOLFNH'LHVH 6LWXDWLRQ GHV 0HQVFKHQ LVW QHX XQG GDUXP PX‰ DXFK VHLQH $QWZRUWGDUDXIQHXVHLQ'HQQGLH1DWXUGHV0HQVFKHQLVWDXI YLHOHQ :HJHQ HUNHQQEDU XQG DOO GLHVH 3IDGH GHU (UNHQQWQLV VLQG]XYHUNQSIHQXQGPDQFKHVLQGPLWHLQDQGHUYHUNQSIWZLH HLQJUR‰HV1HW]HLQJUR‰HV1HW]]ZLVFKHQ0HQVFKHQ]ZLVFKHQ ,GHHQ ]ZLVFKHQ 6\VWHPHQ GHU (UNHQQWQLV HLQH $UW UDWLRQDO 

(ULFK)URPP'LH.XQVWGHV/LHEHQV JHGDFKWHU 6WUXNWXU GLH PHQVFKOLFKH .XOWXU XQG *HVHOOVFKDIW EHGHXWHW :LVVHQVFKDIWGDVZLUGLQGLHVHU%FKHUUHLKHJH]HLJWEHVWHKW QLFKWPHKUGDULQ0HQVFKXQG1DWXUDOVJHJHQVlW]OLFKH0lFKWH ]X EHKDQGHOQ DXFK QLFKW LQ GHU 5HGX]LHUXQJ YRQ 7DWVDFKHQ DXI HLQH VWDWLVWLVFKH 2UGQXQJ VRQGHUQ VLH LVW HLQ 0LWWHO GLH 0HQVFKKHLW YRQ GHU GHVWUXNWLYHQ *HZDOW GHU )XUFKW ]X EHIUHLHQ XQG LKU GHQ :HJ ]XP =LHO GHU 5HKDELOLWLHUXQJ GHV PHQVFKOLFKHQ :LOOHQV GHU :LHGHUJHEXUW GHV *ODXEHQV XQG 9HUWUDXHQV]XZHLVHQ'LHVH%FKHUUHLKHZLOODXFKNODUPDFKHQ GD‰ GHU 6FKUHL QDFK 9RUELOGHUQ 6\VWHPHQ XQG $XWRULWlWHQ ZHQLJHUGULQJOLFKZLUGLQGHP0D‰HZLHLP2VWHQXQG:HVWHQ GHU :XQVFK QDFK :LHGHUKHUVWHOOXQJ HLQHU :UGH /DXWHUNHLW XQG 6HOEVWYHUZLUNOLFKXQJ VWlUNHU ZLUG GLH XQYHUlX‰HUOLFKH 5HFKWH GHV 0HQVFKHQ VLQG 'HQQ HU LVW NHLQH 7DEXOD UDVD GHU GXUFK lX‰HUH 8PVWlQGH DOOHV ZLOONUOLFK DXIJHSUlJW ZHUGHQ NDQQVRQGHUQHUEHVLW]WGLHHLQ]LJDUWLJH0|JOLFKNHLWGHUIUHLHQ 6FK|SIHUNUDIW 'DGXUFK XQWHUVFKHLGHW VLFK GHU 0HQVFK YRQ GHQ DQGHUHQ )RUPHQ GHV /HEHQV GD‰ HU LP /LFKWH UDWLRQDOHU (UIDKUXQJPLWEHZX‰WHU=LHOVHW]XQJ:DQGHOVFKDIIHQNDQQ 'LH ª:HOWSHUVSHNWLYHQ© SODQHQ (LQEOLFN LQ GLH %HGHXWXQJ GHV0HQVFKHQ]XJHZLQQHQGHUQLFKWQXUGXUFKGLH*HVFKLFKWH EHVWLPPW ZLUG VRQGHUQ VHOEVW GLH *HVFKLFKWH EHVWLPPW *HVFKLFKWHVROOGDEHLVRYHUVWDQGHQZHUGHQGD‰VLHVLFKQLFKWQXU PLWGHP/HEHQGHV0HQVFKHQDXIGLHVHP3ODQHWHQEHVFKlIWLJW VRQGHUQ DXFK GLH NRVPLVFKHQ (LQÀVVH XPID‰W GLH XQVHUH 0HQVFKHQZHOW GXUFKGULQJHQ 'LH MHW]LJH *HQHUDWLRQ HQWGHFNW GD‰GLH*HVFKLFKWHQLFKWGHQVR]LDOHQ2SWLPLVPXVGHUPRGHUQHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV =LYLOLVDWLRQ EHVWlWLJW XQG GD‰ GLH 2UJDQLVDWLRQ PHQVFKOLFKHU *HPHLQVFKDIWHQXQGGLH6HW]XQJYRQ)UHLKHLW*HUHFKWLJNHLWXQG )ULHGHQQLFKWQXULQWHOOHNWXHOOH7DWHQVRQGHUQDXFKJHLVWLJHXQG PRUDOLVFKH :HUNH VLQG 6LH YHUODQJHQ GLH 3ÀHJH GHU *DQ]KHLW PHQVFKOLFKHU3HUV|QOLFKNHLWGLHªVSRQWDQH*DQ]KHLWYRQ)KOHQ XQG'HQNHQ©XQGVWHOOHQHLQHXQDXIK|UOLFKH)RUGHUXQJDQGHQ 0HQVFKHQGHUDXVGHP$EJUXQGYRQ6LQQORVLJNHLWXQG/HLGHQ HPSRUVWHLJW XP LQ GHU *DQ]KHLW VHLQHV 'DVHLQV HUQHXHUW XQG YROOHQGHW]XZHUGHQ 'LH ª:HOWSHUVSHNWLYHQ© VLQG VLFK GHVVHQ EHZX‰W GD‰ DOOHQ JUR‰HQ:DQGOXQJHQHLQHOHEHQGLJHJHLVWLJH1HXEHZHUWXQJXQG 5HRUJDQLVDWLRQ YRUDQJHKW 8QVHUH $XWRUHQ ZLVVHQ GD‰ PDQ GLH 6QGH GHU +\EULV YHUPHLGHQ NDQQ LQGHP PDQ ]HLJW GD‰ GHU VFK|SIHULVFKH 3UR]H‰ VHOEVW QLFKW IUHL LVW ZHQQ ZLU XQWHU IUHL ZLOONUOLFK RGHU XQYHUEXQGHQ PLW GHP NRVPLVFKHQ *HVHW] YHUVWHKHQ 'HQQ GHU VFK|SIHULVFKH 3UR]H‰ LP 0HQVFKHQJHLVW GHU (QWZLFNOXQJVSUR]H‰ LQ GHU RUJDQLVFKHQ 1DWXU XQG GLH *UXQGJHVHW]H LP DQRUJDQLVFKHQ %HUHLFK VLQG YLHOOHLFKW QXU YHUVFKLHGHQH $XVGUFNH HLQHV XQLYHUVDOHQ )RUPXQJVSUR]HVVHV 6R KRIIHQ GLH ª:HOWSHUVSHNWLYHQ© DXFK ]X ]HLJHQ GD‰ LQ GHU JHJHQZlUWLJHQ DSRNDO\SWLVFKHQ 3HULRGH REZRKO YROO YRQ DX‰HURUGHQWOLFKHQ6SDQQXQJHQGRFKDXFKHLQHXQJHZ|KQOLFKH %HZHJXQJ ]X HLQHU NRPSHQVLHUHQGHQ (LQKHLW KLQ DP :HUNH LVW ZHOFKH GLH VLWWOLFKH 8UNUDIW QLFKW VW|UHQ NDQQ GLH GDV 8QLYHUVXP GXUFKGULQJW GLHVH .UDIW DXI GLH VLFK MHGH PHQVFKOLFKH $QVWUHQJXQJ VFKOLH‰OLFK VWW]HQ PX‰ $XI GLHVHP :HJH JHODQJHQ ZLU YLHOOHLFKW ]XP 9HUVWlQGQLV GDIU GD‰ HLQH 8QDEKlQJLJNHLW JHLVWLJHQ :DFKVWXPV H[LVWLHUW GLH ZRKO GXUFK 8PVWlQGHEHGLQJWGRFKQLHPDOVYRQGHQ8PVWlQGHQEHVWLPPW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ZLUG $XI GLHVH $UW PDJ GHU JUR‰H hEHUÀX‰ PHQVFKOLFKHQ :LVVHQV LQ :HFKVHOEH]LHKXQJ JHEUDFKW ZHUGHQ ]XU (LQVLFKW LQ GDV :HVHQ GHU PHQVFKOLFKHQ 1DWXU LQGHP PDQ LKQ DXI GHQ WLHIHQ XQG YROOHQ .ODQJ PHQVFKOLFKHU *HGDQNHQ XQG (UIDKUXQJHQDEVWLPPW'HQQZDVXQVIHKOWLVWQLFKWGDV:LVVHQ XPGLH6WUXNWXUGHV8QLYHUVXPVVRQGHUQGDV%HZX‰WVHLQYRQ GHUTXDOLWDWLYHQ(LQ]LJDUWLJNHLWPHQVFKOLFKHQ/HEHQV 8QGHQGOLFKLVWGDV7KHPDGLHVHUª:HOWSHUVSHNWLYHQ©GD‰ GHU0HQVFKLP%HJULIILVWHLQQHXHV%HZX‰WVHLQ]XHQWZLFNHOQ GDVWURW]VFKHLQEDUHUJHLVWLJHUXQGPRUDOLVFKHU.QHFKWVFKDIWGDV 0HQVFKHQJHVFKOHFKWYLHOOHLFKWEHUGLH)XUFKWGLH8QZLVVHQKHLW GLH %UXWDOLWlW XQG GLH ,VROLHUXQJ HUKHEHQ NDQQ GLH HV KHXWH EHGUFNHQ 'LHVHP HQWVWHKHQGHQ %HZX‰WVHLQ GLHVHP %HJULII GHV0HQVFKHQDXVHLQHUQHXHQ6LFKWGHU:LUNOLFKNHLWJHERUHQ VLQGGLHª:HOWSHUVSHNWLYHQ©JHZLGPHW 5XWK1DQGD$QVKHQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV

925:257

'LH/HNWUHGLHVHV%XFKHVZLUGHLQH(QWWlXVFKXQJIUDOOH /HVHUVHLQGLHVLFKYRQLKPHLQHOHLFKWID‰OLFKH8QWHUULFKWXQJ LQGHU.XQVWGHV/LHEHQVHUZDUWHQ'DV%XFKP|FKWHJDQ]LP *HJHQWHLO]HLJHQGD‰/LHEHQLFKWHLQ*HIKOLVWGHPPDQVLFK HLQIDFKKLQ]XJHEHQEUDXFKWXQJHDFKWHWGHP*UDGGHU5HLIH GHQ PDQ HUUHLFKW KDW HV P|FKWH GHQ /HVHU EHU]HXJHQ GD‰ MHGHU 9HUVXFK GHU /LHEH IHKOVFKODJHQ PX‰ VRODQJH PDQ VLFK QLFKW EHPKW GLH HLJHQH *HVDPWSHUV|QOLFKNHLW ]X HQWZLFNHOQXQGGDPLW]XHLQHUVFK|SIHULVFKHQ2ULHQWLHUXQJ ]XJHODQJHQXQGGD‰PDQLQGHULQGLYLGXHOOHQ/LHEHNHLQH %HIULHGLJXQJ ¿QGHQ ZLUG VRODQJH PDQ QLFKW LPVWDQGH LVW VHLQHQ1lFKVWHQ]XOLHEHQXQGGLHVZLUNOLFKGHPWLJPXWLJ HKUOLFKXQGGLV]LSOLQLHUWWXW-HGHUPDJVLFKVHOEVWGLH)UDJH VWHOOHQZLHYLHOH0HQVFKHQHUNHQQWGLHZLUNOLFKYROOXQG HFKW]XOLHEHQIlKLJVLQG 'HQQRFKVROOWHGLH6FKZLHULJNHLWGLHVHU$XIJDEHQRFKODQJH NHLQ*UXQGVHLQJDUQLFKWHUVWGHQ9HUVXFK]XPDFKHQGLH*UQGH IUGLHVH6FKZLHULJNHLWHQ]XVXFKHQXQGGLH%HGLQJXQJHQ]X LKUHU hEHUZLQGXQJ ]X YHUVWHKHQ 8P GLHVHV 3UREOHP QLFKW XQQ|WLJ ]X NRPSOL]LHUHQ KDEH LFK PLFK EHPKW HV LQ HLQHU 6SUDFKH ]X EHKDQGHOQ GLH ZHLWP|JOLFKVW YRQ IDFKOLFKHQ $XVGUFNHQ XQEHODVWHW LVW $XV GHP JOHLFKHQ *UXQGH KDEH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV LFKQXUHLQ0LQGHVWPD‰DQ+LQZHLVHQDXIGLHHQWVSUHFKHQGH /LWHUDWXUJHJHEHQ )U HLQ DQGHUHV 3UREOHP KDEH LFK DOOHUGLQJV NHLQH Y|OOLJ EHIULHGLJHQGH/|VXQJJHIXQGHQ'DPLWPHLQHLFKEHVRQGHUVGLH :LHGHUKROXQJYRQ*HGDQNHQGLHEHUHLWVLQPHLQHQIUKHUHQ 9HU|IIHQWOLFKXQJHQ ]X ¿QGHQ VLQG 'HU /HVHU GHU PHLQH %FKHU 'LH )XUFKW YRU GHU )UHLKHLW XQG 3V\FKRDQDO\VH XQG (WKLNNHQQWZLUGKLHUHLQH5HLKHYRQ*HGDQNHQDQWUHIIHQGLH EHUHLWVLQGHQJHQDQQWHQ:HUNHQHQWKDOWHQVLQG'LH.XQVWGHV /LHEHQVLVWMHGRFKNHLQHVZHJVHLQHEOR‰H=XVDPPHQIDVVXQJ GLHVHV %XFK EULQJW HLQH )ROJH YRQ *HGDQNHQ GLH MHQVHLWV GHU IUKHU GDUJHVWHOOWHQ OLHJHQ XQG HV LVW QXU QDWUOLFK GD‰ DXFK lOWHUH *HGDQNHQ DOOHLQ GDGXUFK HLQH QHXH 3HUVSHNWLYH EHNRPPHQ GD‰ VLH MHW]W XP HLQ HLQ]LJHV 7KHPD NUHLVHQ XPGLH.XQVWGHV/LHEHQV ()

'HU GHU QLFKWV ZHL‰ OLHEW QLFKWV 'HU GHU QLFKWV NDQQ YHUVWHKWQLFKWV'HUGHUQLFKWVYHUVWHKWLVWZHUWORV'HUDEHU GHUYHUVWHKWOLHEWXQGHUNHQQWXQGVLHKW«- H PHKU:LVVHQPLW HLQHU6DFKHYHUEXQGHQLVWGHVWRJU|‰HULVWGLH/LHEH«:HQQ HLQHUJODXEWGD‰DOOH)UFKWH]XUJOHLFKHQ=HLWUHLIVLQGZLH GLH(UGEHHUHQYHUVWHKWHUQLFKWVYRQGHQ:HLQWUDXEHQ 3DUDFHOVXV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV

, ,67/,(%(1(,1(.8167"

,VW /LHEHQ HLQH .XQVW" 'DQQ HUIRUGHUW HV :LVVHQ XQG %HPKXQJ2GHULVW/LHEHQQXUHLQDQJHQHKPHV*HIKOGDV ]XYHUVSUHQQXUHLQH6DFKHGHV=XIDOOVLVWHWZDVGHPPDQ ªYHUIlOOW©ZHQQPDQ*OFNKDW"'LHVHVNOHLQH%XFKEDVLHUW DXI GHU HUVWJHQDQQWHQ$QQDKPH ZlKUHQG GLH0HKUKHLWGHU 0HQVFKHQ]ZHLIHOORVDQGLH]ZHLWH$QQDKPHJODXEW 'LHVH 0HQVFKHQ VLQG NHLQHVZHJV GHU$QVLFKW GD‰ /LHEHQ QLFKW ZLFKWLJ VHL 6LH VLQG YLHOPHKU YROOHU 9HUODQJHQ QDFK /LHEH VLH VHKHQ VLFK HLQH HQGORVH =DKO YRQ )LOPHQ PLW JOFNOLFKHQ XQG XQJOFNOLFKHQ /LHEHVJHVFKLFKWHQ DQ VLH ODXVFKHQ +XQGHUWHQ DOEHUQHU /LHGHU EHU GLH /LHEH ± XQG GHQQRFKJODXEWNHLQHUGD‰HVLUJHQGHWZDVJLEWGDVPDQEHU GDV/LHEHQOHUQHQP‰WH 'LHVH VRQGHUEDUH +DOWXQJ EHUXKW DXI YHUVFKLHGHQHQ 9RUDXVVHW]XQJHQ GLH HLQ]HOQ RGHU JHPHLQVDP GLHVH +DOWXQJ QRFKVWW]HQ'LHPHLVWHQ0HQVFKHQVHKHQLQGHP3UREOHPGHV /LHEHQVLQHUVWHU/LQLHGDV3UREOHPVHOEVWJHOLHEW]XZHUGHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQG QLFKW VR VHKU GDV 3UREOHP GHV /LHEHQV GHU HLJHQHQ )lKLJNHLW]XOLHEHQ'HPQDFKKHL‰WIUVLHGDV3UREOHP:HUGH LFKJHOLHEW±ZLHNDQQLFKOLHEHQVZHUWVHLQ"8P]XGLHVHP=LHO ]X JHODQJHQ VFKODJHQ VLH YHUVFKLHGHQH :HJH HLQ 'HU HLQH GHUEHVRQGHUVYRQ0lQQHUQYHUIROJWZLUGLVWGHU9HUVXFKVR HUIROJUHLFKVRPlFKWLJXQGVRUHLFK]XVHLQZLHHVGHUVR]LDOH 6SLHOUDXPGHUHLJHQHQ3RVLWLRQQXU]XOl‰W(LQDQGHUHUPHKU YRQ)UDXHQEHJDQJHQLVWGHU9HUVXFKP|JOLFKVWDWWUDNWLY]X ZLUNHQZDVVLFKGXUFK.|USHUSÀHJH.OHLGXQJXVZHUUHLFKHQ Ol‰W$QGHUH0|JOLFKNHLWHQGLH]XGLHVHP=ZHFNVRZRKOYRQ 0lQQHUQ DOV DXFK YRQ )UDXHQ DQJHZDQGW ZHUGHQ VLQG QHWWH 0DQLHUHQ LQWHUHVVDQWH 8QWHUKDOWXQJHQ +LOIVEHUHLWVFKDIW %HVFKHLGHQKHLW XQG =XUFNKDOWXQJ 9LHOH :HJH VLFK VHOEVW OLHEHQVZHUW ]X PDFKHQ JOHLFKHQ MHQHQ GLH PDQ HLQVFKOlJW XPHUIROJUHLFK]XVHLQªXP)UHXQGH]XJHZLQQHQXQGDQGHUH 0HQVFKHQ ]X EHHLQÀXVVHQ© 7DWVDFKH LVW GD‰ GDV ZDV GLH PHLVWHQ 0HQVFKHQ XQVHUHU *HVHOOVFKDIW XQWHU ªOLHEHQVZHUW© YHUVWHKHQ LP ZHVHQWOLFKHQ QXU HLQH 0LVFKXQJ YRQ ]ZHL 7HQGHQ]HQLVWSRSXOlU]XVHLQXQG6H[DSSHDO]XKDEHQ (LQH]ZHLWH9RUDXVVHW]XQJGLHKLQWHUGHU$QQDKPHVWHKW GD‰HVLP=XVDPPHQKDQJPLWGHU/LHEHQLFKWV]XOHUQHQJlEH LVW GLH $QVLFKW GD‰ GDV 3UREOHP GHV /LHEHQV GDV 3UREOHP HLQHV2EMHNWVQLFKWDEHUGDV3UREOHPHLQHU)lKLJNHLWLVW'LH 0HQVFKHQJODXEHQGD‰GDV/LHEHQVHOEVWVHKUHLQIDFKVHLGD‰ HVMHGRFKVHKUVFKZHUZlUHGDVULFKWLJH2EMHNW]XP/LHEHQ ± RGHU ]XP *HOLHEWZHUGHQ ± ]X ¿QGHQ 'LHVH$QQDKPH KDW YHUVFKLHGHQH *UQGH GLH LQ GHU (QWZLFNOXQJ GHU PRGHUQHQ *HVHOOVFKDIW ZXU]HOQ (LQ *UXQG LVW GLH JUR‰H 9HUlQGHUXQJ GLH LP ]ZDQ]LJVWHQ -DKUKXQGHUW KLQVLFKWOLFK GHU :DKO GHV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ª/LHEHVREMHNWHV© HLQWUDW ,P QHXQ]HKQWHQ -DKUKXQGHUW ZDU GLH /LHEH LQ YLHOHQ EHUOLHIHUWHQ .XOWXUHQ ]XPHLVW NHLQ VSRQWDQHVSHUV|QOLFKHV(UOHEQLVGLHVSlWHUYLHOOHLFKW]XHLQHU (KHIKUWH,P*HJHQWHLO'LH(KHZXUGHYHUWUDJOLFKIHVWJHOHJW XQG GXUFKJHIKUW ± HQWZHGHU GXUFK GLH EHWHLOLJWHQ )DPLOLHQ GXUFKHLQHQ(KHYHUPLWWOHURGHUDXFKRKQHGLH+LOIHGHUDUWLJHU 9HUPLWWOXQJHQ 6LH ZXUGH DXI GHU %DVLV JHVHOOVFKDIWOLFKHU hEHUOHJXQJHQJHVFKORVVHQXQGPDQZDUGHU$QVLFKWGD‰ GLH /LHEH VLFK YRQ VHOEVW HQWZLFNHOQ ZUGH ZHQQ GLH (KH JHVFKORVVHQ VHL ,P /DXIH GHU OHW]WHQ -DKU]HKQWH LVW MHGRFK GHU %HJULII GHU URPDQWLVFKHQ /LHEH LQ GHU ZHVWOLFKHQ :HOW IDVW DOOJHPHLQ DQHUNDQQW ZRUGHQ 2EJOHLFK hEHUOHJXQJHQ NRQYHQWLRQHOOHU $UW LQ GHQ 9HUHLQLJWHQ 6WDDWHQ QLFKW Y|OOLJ IHKOHQ VXFKHQ GLH 0HQVFKHQ DXFK KLHU ]XPHLVW QDFK GHU ªURPDQWLVFKHQ/LHEH©QDFKGHPSHUV|QOLFKHQ/LHEHVHUOHEQLV GDVGDQQ]XU(KHIKUW'LHVHVQHXH.RQ]HSWYRQGHU)UHLKHLW GHU/LHEHPX‰GLH%HGHXWXQJGHV2EMHNWV±LP*HJHQVDW]]XU %HGHXWXQJGHU)XQNWLRQ±QRFKEHGHXWHQGJHVWHLJHUWKDEHQ 0LW GLHVHP )DNWRU KlQJW QRFK HLQ DQGHUHU =XJ HQJ ]XVDPPHQGHUIUGLH]HLWJHQ|VVLVFKH.XOWXUFKDUDNWHULVWLVFK LVW 8QVHUH JDQ]H .XOWXU EDVLHUW DXI GHU .DXÀXVW DXI GHU 9RUVWHOOXQJ HLQHV IU EHLGH 6HLWHQ JQVWLJHQ $XVWDXVFKHV 'DV *OFN GHV PRGHUQHQ 0HQVFKHQ OLHJW LQ GHP9HUJQJHQ VLFK GLH 6FKDXIHQVWHU DQ]XVHKHQ XQG GDV ]X NDXIHQ ZDV ]X NDXIHQ HU VLFK OHLVWHQ NDQQ HQWZHGHU JHJHQ %DU]DKOXQJ RGHU DXI 5DWHQ (U RGHU VLH  VLHKW VLFK GLH 0LWPHQVFKHQ LQ JDQ] lKQOLFKHU :HLVH DQ )U GHQ 0DQQ LVW HLQ DWWUDNWLYHV 0lGFKHQ IU GLH )UDX LVW HLQ DWWUDNWLYHU 0DQQ GDV ZDV PDQ VXFKW ª$WWUDNWLY© EHGHXWHW JHZ|KQOLFK HLQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV QHWWHV %QGHO YRQ (LJHQVFKDIWHQ GLH EHOLHEW XQG DXI GHP 3HUV|QOLFKNHLWVPDUNW LP $XJHQEOLFN JHIUDJW VLQG :DV HLQHQ 0HQVFKHQ LQVEHVRQGHUH DWWUDNWLY PDFKW KlQJW YRQ GHU MHZHLOLJHQ 0RGH DE XQG ]ZDU VRZRKO LQ SK\VLVFKHU DOV DXFK LQ JHLVWLJHU +LQVLFKW ,Q GHQ ]ZDQ]LJHU -DKUHQ JDOW HLQ UDXFKHQGHVXQGWULQNHQGHV0lGFKHQGDVHLQHQ]ZLHOLFKWLJHQ (LQGUXFN PDFKWH XQG ªVH[\© ZDU DOV DWWUDNWLY KHXWH VLQG +lXVOLFKNHLW XQG =XUFNKDOWXQJ PHKU JHIUDJW$P (QGH GHV QHXQ]HKQWHQ XQG ]X %HJLQQ GHV ]ZDQ]LJVWHQ -DKUKXQGHUWV PX‰WHGHU0DQQDJJUHVVLYXQGHKUJHL]LJVHLQXPDWWUDNWLY]X ZLUNHQ±KHXWHGDJHJHQYHUODQJWPDQYRQLKPGD‰HUVR]LDO XQG WROHUDQW VHL -HGHQIDOOV HQWZLFNHOW VLFK GDV *HIKO GHV 9HUOLHEHQVJHZ|KQOLFKQXULP+LQEOLFNDXIMHQHPHQVFKOLFKHQ $UWLNHO GLH LQQHUKDOE GHU HLJHQHQ 7DXVFKP|JOLFKNHLWHQ OLHJHQ ,FK ZLOO HLQHQ +DQGHO YRUQHKPHQ GDV 2EMHNW VROO DEHUQLFKWQXUYRP6WDQGSXQNWGHVJHVHOOVFKDIWOLFKHQ:HUWHV HUVWUHEHQVZHUW VHLQ VRQGHUQ PLFK ]X JOHLFKHU =HLW HEHQIDOOV KDEHQZROOHQXQG]ZDUVRZRKOZHJHQPHLQHURIIHQVLFKWOLFKHQ DOV DXFK ZHJHQ PHLQHU QLFKW HUNHQQEDUHQ $NWLYD =ZHL 3HUVRQHQYHUOLHEHQVLFKDOVRLQHLQDQGHUZHQQVLHGDV*HIKO KDEHQ GDV JHHLJQHWVWH DXI GHP 0DUNW YHUIJEDUH 2EMHNW JHIXQGHQ]XKDEHQXQWHU%HUFNVLFKWLJXQJGHU*UHQ]HQLKUHV HLJHQHQ 7DXVFKZHUWHV :LH EHLP *UXQGVWFNVNDXI VSLHOHQ DXFK GLH YHUERUJHQHQ :HUWH GLH HQWZLFNOXQJVIlKLJ VLQG EHL GLHVHP +DQGHO HLQH EHWUlFKWOLFKH 5ROOH ,Q HLQHU .XOWXU LQ GHU GHU NDXIPlQQLVFKH 6LQQ YRUKHUUVFKW XQG LQ GHU GHU PDWHULHOOH(UIROJYRQEHUUDJHQGHP:HUWLVWJLEWHVHLJHQWOLFK NHLQHQ*UXQGGDYRQEHUUDVFKW]XVHLQGD‰GLHPHQVFKOLFKHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /LHEHVEH]LHKXQJHQ GHQ JOHLFKHQ *UXQG]JHQ IROJHQ GLH GHQ :DUHQXQGGHQ$UEHLWVPDUNWEHKHUUVFKHQ 'HU GULWWH ,UUWXP GHU ]X GHU$QQDKPH IKUW GD‰ HV LQ GHU /LHEH QLFKWV ]X OHUQHQ JlEH OLHJW LQ GHU 9HUZLUUXQJ GLH ]ZLVFKHQGHPDQIlQJOLFKHQ(UOHEQLVGHV9HUOLHEHQVXQGGHP GDXHUKDIWHQ6WDGLXPGHV/LHEHQVKHUUVFKWGHXWOLFKHUZLUGGHU 8QWHUVFKLHG]ZLVFKHQGLHVHQEHLGHQ%HJULIIHQZHQQZLUGLH HQWVSUHFKHQGHQHQJOLVFKHQ%H]HLFKQXQJHQªIDOOLQJLQORYH© XQG ªEHLQJ LQ ORYH© GDIU QHKPHQ :HQQ ]ZHL 0HQVFKHQ GLHVLFK±ZLHZLUDOOH±ELVKHUDOV)UHPGHJHJHQEHUVWDQGHQ SO|W]OLFK ]XODVVHQ GD‰ GLH ]ZLVFKHQ LKQHQ VWHKHQGH :DQG ]XVDPPHQEULFKW XQG VLFK HLQDQGHU ]XJHK|ULJ DOV HLQV IKOHQ JHK|UW GLHVHU $XJHQEOLFN GHU (LQKHLW ]X GHQ IUHXGLJVWHQXQGHUUHJHQGVWHQ(UOHEQLVVHQ1RFKZXQGHUEDUHU XQG XQEHJUHLÀLFKHU LVW HU IU 0HQVFKHQ GLH ELVKHU DEJHVFKQLWWHQLVROLHUWXQGRKQH/LHEHOHEWHQ'LHVHV:XQGHU GHUSO|W]OLFKHQ9HUWUDXWKHLWZLUGKlXILJGDGXUFKHUOHLFKWHUW GD‰HVPLWVH[XHOOHU$Q]LHKXQJXQG9HUHLQLJXQJYHUEXQGHQ LVWRGHUGXUFKVLHEHUKDXSWHUVWDXVJHO|VWZLUG'LHVH$UW GHU /LHEH LVW MHGRFK LKUHP JDQ]HQ :HVHQ QDFK QLFKW YRQ 'DXHU 'LH EHLGHQ 0HQVFKHQ OHUQHQ VLFK ]ZDU JUQGOLFK NHQQHQ DEHU LKUH 9HUWUDXWKHLW YHUOLHUW LPPHU PHKU YRQ LKUHP ZXQGHUYROOHQ &KDUDNWHU ELV $XVHLQDQGHUVHW]XQJHQ (QWWlXVFKXQJHQ XQG JHJHQVHLWLJH /DQJHZHLOH DOOHV DEW|WHQ ZDV YRQ GHP DQIlQJOLFKHQ 5HL] EULJJHEOLHEHQ LVW $P $QIDQJ LVW VLFK MHGRFK QLHPDQG GDUEHU NODU 7DWVDFKH LVW GD‰ PDQ GLH ,QWHQVLWlW GHU9HUQDUUWKHLW GLHVHV JHJHQVHLWLJHQ ª9HUUFNWVHLQV© QDFK GHP DQGHUHQ DOV %HZHLV IU GLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ,QWHQVLWlWGHU/LHEHKlOWZlKUHQGHVGRFKQLFKWPHKULVWDOV GHU%HZHLVIUGHQ*UDGGHUYRUKHUJHJDQJHQHQ(LQVDPNHLW 'LHVH$QQDKPH ± GD‰ QLFKWV OHLFKWHU VHL DOV GLH /LHEH ± LVW LPPHU QRFK GLH YRUKHUUVFKHQGH 9RUVWHOOXQJ REJOHLFK GDV *HJHQWHLOLQEHUZlOWLJHQGHP8PIDQJEHZLHVHQLVW(VJLEW NDXPHLQH$NWLYLWlWNDXPHLQ8QWHUQHKPHQGDVPLWGHUDUWLJ XQJHKHXUHQ +RIIQXQJHQ XQG (UZDUWXQJHQ EHJRQQHQ ZLUG XQG PLW GHUDUW JUR‰HU 5HJHOPl‰LJNHLW IHKOVFKOlJW %HL MHGHU DQGHUHQ 7lWLJNHLW ZUGHQ GLH 0HQVFKHQ DOOHV QXU P|JOLFKH YHUVXFKHQ XP GLH *UQGH IU GLHVHQ )HKOVFKODJ KHUDXV]XILQGHQ XQG ]X OHUQHQ ZLH VLH HV EHVVHU PDFKHQ N|QQWHQ RGHU VLH ZUGHQ GDPLW HLQIDFK 6FKOX‰ PDFKHQ 'D OHW]WHUHV LP )DOOH GHU /LHEH QLFKW P|JOLFK LVW VFKHLQW HV QXU HLQHQHQWVSUHFKHQGHQ:HJ]XJHEHQGDV)HKOVFKODJHQGHU/LHEH ]XEHUZLQGHQGLH*UQGHGDIU]XSUIHQXQGGDUEHUKLQDXV ]XYHUVXFKHQGLH%HGHXWXQJGHU/LHEH]XXQWHUVXFKHQ 'HU HUVWH 6FKULWW GD]X LVW GLH (UNHQQWQLV GD‰ GLH /LHEH HLQH.XQVWLVWZHQQPDQGLH/LHEHHUOHUQHQZLOOPX‰PDQ JHQDXVR YRUJHKHQ DOV ZROOH PDQ LUJHQGHLQH DQGHUH .XQVW ±]XP%HLVSLHO0XVLN0DOHUHL7LVFKOHUHLRGHUGLH.XQVWGHU 0HGL]LQRGHUGHU7HFKQLN±HUOHUQHQ :HOFKHVVLQGMHGRFKGLHQRWZHQGLJHQ6FKULWWH]XU(UOHUQXQJ LUJHQGHLQHU.XQVW" 'HQ 9RUJDQJ GHU (UOHUQXQJ HLQHU .XQVW NDQQ PDQ OHLFKW LQ ]ZHL 7HLOH XQWHUWHLOHQ HLQPDO LQ GLH %HKHUUVFKXQJ GHU 7KHRULH XQG ]XP ]ZHLWHQ LQ GLH %HKHUUVFKXQJ GHU 3UD[LV :HQQ PDQ GLH .XQVW GHU 0HGL]LQ HUOHUQHQ ZLOO PX‰ PDQ ]XHUVW GLH 7DWVDFKHQ EHU GHQ PHQVFKOLFKHQ .|USHU XQG GLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV YHUVFKLHGHQHQ(UNUDQNXQJHQNHQQHQ0LWGLHVHPWKHRUHWLVFKHQ :LVVHQLVWPDQMHGRFKQRFKNHLQHVZHJVLQGHU/DJHGLH.XQVW GHU 0HGL]LQ DXV]XEHQ =X HLQHP 0HLVWHU ZLUG PDQ DXFK LQ GLHVHU.XQVWHUVWZHQQPDQVLHODQJH=HLWKLQGXUFKSUDNWLVFK DXVJHEWKDWELVDOVRGLH(UJHEQLVVHGHVWKHRUHWLVFKHQ:LVVHQV XQGGLH(UJHEQLVVHGHU3UD[LVPLWHLQDQGHUYHUVFKPHO]HQ±LQ GLH,QWXLWLRQGDV:HVHQWOLFKHLQGHU%HKHUUVFKXQJMHGHU.XQVW $EJHVHKHQ YRP (UOHUQHQ GHU 7KHRULH XQG GHU 3UD[LV LVW MHGRFK HLQ GULWWHU )DNWRU QRWZHQGLJ XP ]XP 0HLVWHU MHGHU .XQVW ]X ZHUGHQ 'LH 0HLVWHUVFKDIW LQ GHU .XQVW PX‰ GHP %HWUHIIHQGHQ ZLFKWLJHU VHLQ DOV DOOHV DQGHUH IU LKQ GDUI HV QLFKWV JHEHQ ZDV LKQ VWlUNHU LQWHUHVVLHUW 'LHV JLOW IU GLH 0XVLN IU GLH 0HGL]LQ IU GLH %LOGKDXHUHL ± XQG IU GLH /LHEH 8QG KLHU OLHJW YLHOOHLFKW GLH $QWZRUW DXI GLH )UDJH ZDUXP GLH 0HQVFKHQ XQVHUHU *HVHOOVFKDIW VR VHOWHQYHUVXFKHQGLHVH.XQVW]XHUOHUQHQREZRKOVLHLPPHU ZLHGHU QHXH )HKOVFKOlJH HUOHEHQ7URW] GHU WLHIYHUZXU]HOWHQ 6HKQVXFKW QDFK /LHEH KlOW PDQ IDVW DOOH EULJHQ 'LQJH IU ZLFKWLJHU DOV VLH (UIROJ 3UHVWLJH *HOG 0DFKW %HLQDKH XQVHUH JDQ]H (QHUJLH EUDXFKHQ ZLU GD]X XP ]X OHUQHQ ZLH PDQGLHVH=LHOHHUUHLFKWXQGIDVWQLFKWVYHUZHQGHQ ZLU XP GLH.XQVWGHV/LHEHQV]XHUOHUQHQ ,VW HV P|JOLFK GD‰ QXU GLH (UOHUQXQJ MHQHU 'LQJH ORKQW PLW GHQHQ PDQ *HOG RGHU 3UHVWLJH HUZHUEHQ NDQQ XQG GD‰ GLH /LHEH ± GLH ªQXU© GHU 6HHOH QXW]W LP PRGHUQHQ 6LQQ VRQVWDEHUQXW]ORVLVW±HLQ/X[XVEHGHXWHWIUGHQ(QHUJLH DXI]XZHQGHQ ZLU NHLQ 5HFKW KDEHQ" :LH GHLQ DXFK VHL 'LH IROJHQGH'LVNXVVLRQZLUGGLH.XQVWGHV/LHEHQVLP6LQQHGHU EHUHLWVJHQDQQWHQ8QWHUWHLOXQJHQEHKDQGHOQ=XHUVWZHUGHLFK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV PLFKPLWGHU7KHRULHGHU/LHEHEHIDVVHQXQGGD]XEUDXFKHQ ZLUGHQJU|‰WHQ7HLOGLHVHV%XFKHVGDQQZHUGHLFKEHUGLH 3UD[LVGHU/LHEHVSUHFKHQVRZHLWPDQEHUGLH3UD[LVGLHVHV ZLHLUJHQGHLQHVDQGHUHQ*HELHWHVEHUKDXSWVSUHFKHQNDQQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV

,, ',(7+(25,('(5/,(%(

/LHEHGLH$QWZRUWDXIGDV3UREOHPGHU PHQVFKOLFKHQ([LVWHQ] -HGH 7KHRULH GHU /LHEH PX‰ PLW HLQHU 7KHRULH YRP 0HQVFKHQ YRQ GHU PHQVFKOLFKHQ ([LVWHQ] EHJLQQHQ 6RZHLW ZLU GLH /LHEH RGHU YLHOPHKU GDV bTXLYDOHQW YRQ /LHEH EHL 7LHUHQYRU¿QGHQKDQGHOWHVVLFKGDEHLKDXSWVlFKOLFKXPHLQHQ 7HLO GHU LQVWLQNWLYHQ$QODJH EHLP 0HQVFKHQ HUNHQQW PDQ QXU QRFK 5HVWH GLHVHU LQVWLQNWLYHQ %HIlKLJXQJ :HVHQWOLFK DQ GHU ([LVWHQ] GHV 0HQVFKHQ LVW GLH7DWVDFKHGD‰HUVLFKEHUGDV 7LHUUHLFK GD‰ HU VLFK EHU GLH LQVWLQNWLYH$QSDVVXQJ HUKREHQ KDW XQG GD‰ HU GLH 1DWXU WUDQV]HQGLHUW ± REJOHLFK HU VLH QLHPDOV JDQ] YHUODVVHQ NDQQ (U EOHLEW HLQ 7HLO YRQ LKU XQG GHQQRFK YRQ LKU ORVJHULVVHQ NDQQ HU QLFKW PHKU PLW LKU HLQV ZHUGHQ 9HUWULHEHQ DXV GHP 3DUDGLHV DXV GHP 6WDGLXP GHU XUVSUQJOLFKHQ (LQKHLW PLW GHU 1DWXU YHUVSHUUHQ LKP GLH &KHUXELPPLWGHP)ODPPHQVFKZHUWGHQ:HJIDOOVHUMHPDOV YHUVXFKHQ VROOWH GRUWKLQ ]XUFN]XNHKUHQ 'HU 0HQVFK NDQQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV QXU LPPHU ZHLWHUJHKHQ LQGHP HU VHLQH 9HUQXQIW HQWZLFNHOW LQGHP HU HLQH QHXH HLQH PHQVFKOLFKH +DUPRQLH DQ 6WHOOH MHQHUYRUPHQVFKOLFKHQ+DUPRQLH¿QGHWGLHXQZLHGHUEULQJOLFK YHUORUHQLVW 0LW GHU *HEXUW LVW GHU 0HQVFK ± XQG ]ZDU VRZRKO GLH PHQVFKOLFKH5DVVHDOVDXFKGDVPHQVFKOLFKH(LQ]HOZHVHQ±DXV GHU HLQHQ 6LWXDWLRQ GLH IHVWJHOHJW ZDU ZLH GLH ,QVWLQNWH LQ HLQH DQGHUH JHVWR‰HQ ZRUGHQ GLH XQEHVWLPPW XQJHZL‰ XQG Y|OOLJRIIHQLVW*HZL‰KHLWJLEWHVQXUEHUGLH9HUJDQJHQKHLW ± XQG EHU GLH =XNXQIW QXU LQVRIHUQ DOV VLH PLW GHP 7RGH HQGHW 'HU0HQVFKLVWPLW9HUQXQIWEHJDEWHULVWGDV/HEHQGDV VLFK VHLQHU VHOEVW EHZX‰W LVW (U LVW VLFK VHLQHU VHOEVW VHLQHU 0LWPHQVFKHQ VHLQHU 9HUJDQJHQKHLW XQG GHU 0|JOLFKNHLWHQ VHLQHU=XNXQIWEHZX‰W'LHVHV%HZX‰WVHLQVHLQHVJHVRQGHUWHQ 'DVHLQVGDV%HZX‰WVHLQVHLQHUHLJHQHQNXU]HQ/HEHQVVSDQQH XQGGHU7DWVDFKHGD‰HURKQHVHLQHQ:LOOHQJHERUHQLVWXQG JHJHQ VHLQHQ :LOOHQ VWHUEHQ ZLUG GD‰ HU YRU MHQHQ VWHUEHQ ZLUG GLH HU OLHEW RGHU GD‰ VLH YRU LKP VWHUEHQ ZHUGHQ GDV %HZX‰WVHLQ VHLQHU (LQVDPNHLW XQG *HWUHQQWKHLW VHLQHU +LOÀRVLJNHLW JHJHQEHU GHQ .UlIWHQ GHU 1DWXU XQG GHU *HVHOOVFKDIW±GDVDOOHVOl‰WVHLQHEHVRQGHUHXQGDEJHWUHQQWH ([LVWHQ] ]X HLQHP XQHUWUlJOLFKHQ *HIlQJQLV ZHUGHQ (U ZUGH ZDKQVLQQLJ ZHUGHQ N|QQWH HU VLFK QLFKW VHOEVW DXV VHLQHP *HIlQJQLV EHIUHLHQ XQG HV VSUHQJHQ N|QQWH HU VLFK QLFKW LQ GLHVHU RGHU MHQHU )RUP PLW 0HQVFKHQ PLW GHU 8PZHOWYHUHLQHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'DV (UOHEQLV GLHVHU *HWUHQQWKHLW XQG $EJHVRQGHUWKHLW O|VW $QJVW DXV WDWVlFKOLFK LVW VLH GLH 4XHOOH MHGHU $QJVW *HWUHQQWKHLW EHGHXWHW DEJHVFKQLWWHQ ]X VHLQ RKQH MHGH )lKLJNHLW ]X VHLQ GLH PHQVFKOLFKHQ .UlIWH ]X JHEUDXFKHQ HVEHGHXWHWKLOIORV]XVHLQGLH:HOW±'LQJHZLH0HQVFKHQ ± QLFKW IDVVHQ ]X N|QQHQ (V EHGHXWHW GD‰ GLH :HOW PLFK EHUVFKZHPPHQNDQQRKQHGD‰LFKLQGHU/DJHELQGDUDXI ]X UHDJLHUHQ 6R ZLUG GLH *HWUHQQWKHLW GLH 4XHOOH KHIWLJHU $QJVW DEHU GDUEHU KLQDXV O|VW VLH 6FKDP XQG GDV *HIKO YRQ 6FKXOG DXV 'LHVHV (UOHEQLV YRQ 6FKXOG XQG 6FKDP LQ GHU *HWUHQQWKHLW ZLUG LQ GHU ELEOLVFKHQ *HVFKLFKWH YRQ $GDP XQG (YD DXVJHGUFNW 1DFKGHP$GDP XQG (YD YRP ª%DXPGHU(UNHQQWQLVYRQ*XWXQG%|VH©JHJHVVHQKDWWHQ QDFKGHPVLHXQJHKRUVDPJHZHVHQZDUHQ XQG*XWXQG%|VH JLEWHVQXUEHLGHU)UHLKHLW]XP8QJHKRUVDP QDFKGHPVLH GDGXUFK 0HQVFKHQ JHZRUGHQ ZDUHQ GD‰ VLH VLFK YRQ GHU XUVSUQJOLFKHQWLHULVFKHQ+DUPRQLHPLWGHU1DWXUO|VWHQGDV KHL‰WDOVRQDFKLKUHU*HEXUWDOVPHQVFKOLFKH*HVFK|SIH±GD HUVWVDKHQVLHªGD‰VLHQDFNWZDUHQXQGVLHVFKlPWHQVLFK© 6ROOHQZLUDQQHKPHQGD‰HLQVRDOWHUXQGHOHPHQWDUHU0\WKXV ZLH GLHVHU GLH JOHLFKH ]LPSHUOLFKH 0RUDO KDW ZLH GDV  -DKUKXQGHUWXQGGD‰GHUZLFKWLJH3XQNWYRQGHPXQVGLHVH *HVFKLFKWHEHU]HXJHQZLOOQXUGLH9HUOHJHQKHLWGDUEHULVW GD‰ LKUH *HVFKOHFKWVWHLOH VLFKWEDU ZDUHQ" 'DV NDQQ NDXP ZRKOVRVHLQXQGZHQQZLUGLH*HVFKLFKWHLQGLHVHP6LQQH YHUVWHKHQ EHUVHKHQ ZLU GDEHL GHQ +DXSWSXQNW GHU DXV IROJHQGHP]XEHVWHKHQVFKHLQW1DFKGHP0DQQXQG)UDXVLFK VHOEVWXQGGHVDQGHUHQEHZX‰WJHZRUGHQZDUHQZXUGHQVLH VLFKDXFKLKUHU*HWUHQQWKHLWXQGLKUHV8QWHUVFKLHGHVEHZX‰W 

(ULFK)URPP'LH.XQVWGHV/LHEHQV LQVRIHUQVLHYHUVFKLHGHQHQ*HVFKOHFKWHUQDQJHK|UWHQ'DVLH MHGRFKLKUH$EJHVRQGHUWKHLWHUNDQQWHQEOLHEHQVLHHLQDQGHU IUHPGZHLOVLHQRFKQLFKWJHOHUQWKDWWHQVLFKJHJHQVHLWLJ]X OLHEHQ±ZDVVHKUGHXWOLFKDXVGHU7DWVDFKHKHUYRUJHKWGD‰ $GDP VLFK YHUWHLGLJW LQGHP HU (YD GLH 6FKXOG ]XVFKLHEW XQG QLFKW YHUVXFKW VLH ]X YHUWHLGLJHQ 'DV %HZX‰WVHLQ GHU PHQVFKOLFKHQ *HWUHQQWKHLW RKQH :LHGHUYHUHLQLJXQJ GXUFK /LHEH±GDVLVWGLH4XHOOHGHU6FKDP*OHLFK]HLWLJLVWHVGLH 4XHOOHYRQ6FKXOGXQG$QJVW )U GHQ 0HQVFKHQ LVW HV DOVR GLH JU|‰WH 1RWZHQGLJNHLW VHLQH $EJHVRQGHUWKHLW ]X EHUZLQGHQ XQG GHQ .HUNHU VHLQHU (LQVDPNHLW]XYHUODVVHQ'DVY|OOLJH9HUVDJHQEHLGHU(UUHLFKXQJ GLHVHV =LHOHV EHGHXWHW :DKQVLQQ ZHLO GDV SDQLVFKH (QWVHW]HQ YRUGHUYROOVWlQGLJHQ,VROLHUXQJQXUGXUFKHLQGHUDUWUDGLNDOHV =XUFN]LHKHQYRQGHU8PZHOWEHUZXQGHQZHUGHQNDQQGD‰ GDV *HIKO GHU *HWUHQQWKHLW YHUVFKZLQGHW ± ZHLO GLH 8PZHOW YRQGHUPDQJHWUHQQWLVWYHUVFKZXQGHQLVW 'HU 0HQVFK ± DOOHU =HLWHQ XQG .XOWXUHQ ± VWHKW GHU /|VXQJ GLHVHUHLQHQXQGLPPHUJOHLFKHQ)UDJHJHJHQEHUGHU)UDJHZLH GLH *HWUHQQWKHLW EHUZXQGHQ ZLH PDQ GDV HLJHQH LQGLYLGXHOOH /HEHQ WUDQV]HQGLHUHQ XQG HLQV ZHUGHQ NDQQ 'LH JOHLFKH )UDJH JLOW IU GHQ SULPLWLYHQ +|KOHQEHZRKQHU IU GHQ 1RPDGHQ IU GHQ lJ\SWLVFKHQ %DXHUQ IU GHQ SK|QL]LVFKHQ +lQGOHU IU GHQ U|PLVFKHQ 6ROGDWHQ IU GHQ 0|QFK GHV 0LWWHODOWHUV IU GHQ MDSDQLVFKHQ6DPXUDLIUGHQPRGHUQHQ%URDQJHVWHOOWHQXQGGHQ )DEULNDUEHLWHU'LH)UDJHLVWLPPHUGLHJOHLFKHGHQQVLHHQWVSULQJW GHPJOHLFKHQ%RGHQGHUPHQVFKOLFKHQ6LWXDWLRQGHQ%HGLQJXQJHQ GHUPHQVFKOLFKHQ([LVWHQ]'LH$QWZRUWGDJHJHQLVWQLFKWLPPHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV JOHLFK'LH)UDJHNDQQGXUFKGDV$QEHWHQYRQ7LHUHQEHDQWZRUWHW ZHUGHQ GXUFK 0HQVFKHQRSIHU RGHU PLOLWlULVFKH (UREHUXQJHQ GXUFK%HIULHGLJXQJLP/X[XVGXUFKDVNHWLVFKHQ9HU]LFKWGXUFK EHVHVVHQH $UEHLW GXUFK NQVWOHULVFKH VFK|SIHULVFKH $UEHLW GXUFKGLH/LHEH]X*RWWRGHU]XGHQ0HQVFKHQ2EZRKOHVYLHOH $QWZRUWHQ JLEW ± HLQH JHQDXH $XIVWHOOXQJ GLHVHU $QWZRUWHQ HUJLEW GLH 0HQVFKHQJHVFKLFKWH ±  VLQG VLH GRFK QLFKW ]DKOORV ,P *HJHQWHLO 6REDOG PDQ GLH NOHLQHUHQ 8QWHUVFKLHGH DX‰HU DFKW Ol‰W GLH PHKU DQ GHQ 5DQG DOV ]XP .HUQ JHK|UHQ VWHOOW PDQ IHVW GD‰ GLH $Q]DKO GHU $QWZRUWHQ EHJUHQ]W LVW GLH DXI GLHVH)UDJHJHJHEHQZHUGHQNDQQXQGGLHYRP0HQVFKHQLQGHQ YHUVFKLHGHQHQ.XOWXUHQLQGHQHQHUJHOHEWKDWDXFKQXUJHJHEHQ ZHUGHQNRQQWH'LH*HVFKLFKWHGHU5HOLJLRQXQGGHU3KLORVRSKLH LVW GLH *HVFKLFKWH GLHVHU$QWZRUWHQ LKUHU 9LHOIDOW XQG JHQDXVR DXFKLKUHU]DKOHQPl‰LJHQ%HJUHQ]XQJ ,Q JHZLVVHP 8PIDQJ KlQJW GLH $QWZRUW MHZHLOV YRQ GHP *UDG GHU ,QGLYLGXDOLWlW DE GLH HLQ ,QGLYLGXXP HUUHLFKW KDW ,QHLQHP.LQGKDWGDVª,FK©VLFKQRFKNDXPHQWZLFNHOWMHGHV .LQGIKOWVLFKHLQVPLWVHLQHU0XWWHUXQGKDWQRFKNHLQ*HIKO GHU *HWUHQQWKHLW VRODQJH GLH 0XWWHU EHL LKP LVW 6HLQ *HIKO GHV$OOHLQVHLQVZLUGGXUFKGLHSK\VLVFKH*HJHQZDUWGHU0XWWHU GXUFK LKUH %UXVW XQG GLH %HUKUXQJ LKUHU +DXW EHVFKZLFKWLJW (UVW LQ HLQHP 6WDGLXP LQ ZHOFKHP GDV .LQG GDV *HIKO IU VHLQH *HWUHQQWKHLW XQG VHLQH ,QGLYLGXDOLWlW ZHLWHUHQWZLFNHOW KDWJHQJWGLHSK\VLVFKH*HJHQZDUWGHU0XWWHUQLFKWPHKUXQG HQWVWHKW GLH 1RWZHQGLJNHLW GLH HLJHQH $EJHVRQGHUWKHLW DXI DQGHUH:HLVH]XEHUZLQGHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ,QJDQ]lKQOLFKHU:HLVHIKOWVLFKDXFKGLHPHQVFKOLFKH5DVVH LQ LKUHP .LQGKHLWVVWDGLXP QRFK HLQV PLW GHU 1DWXU 'LH (UGH GLH 7LHUH XQG 3ÀDQ]HQ VLQG QRFK GLH :HOW GHV 0HQVFKHQ (U LGHQWL¿]LHUWVLFKPLW7LHUHQXQGGLHVGUFNWVLFKGDULQDXVGD‰ HU VLFK DOV 7LHU YHUNOHLGHW GD‰ HU HLQ 7RWHPWLHU RGHU DQGHUH 7LHUJ|WWHU DQEHWHW -H PHKU VLFK MHGRFKGLHPHQVFKOLFKH5DVVH YRQGLHVHQXUVSUQJOLFKHQ%LQGXQJHQO|VWGHVWRPHKUWUHQQWVLH VLFKYRQGHU1DWXUZHOWGHVWRLQWHQVLYHUZLUGGLH1RWZHQGLJNHLW QHXH 0|JOLFKNHLWHQ ]X ¿QGHQ XP GHU *HWUHQQWKHLW ]X HQWÀLHKHQ (LQH0|JOLFKNHLW]XU(UUHLFKXQJGLHVHV=LHOHVOLHJWLQGHQ YHUVFKLHGHQHQ$UWHQRUJLDVWLVFKHU(UOHEQLVVH6LHN|QQHQGLH )RUP HLQHU VHOEVW DXVJHO|VWHQ 7UDQFH ± PDQFKPDO PLW +LOIH YRQ'URJHQ±KDEHQ9LHOH5LWHQSULPLWLYHU6WlPPHELHWHQHLQH OHEHQGLJH9RUVWHOOXQJYRQGLHVHU$UWGDV3UREOHP]XO|VHQ,Q HLQHPYRUEHUJHKHQGHQ6WDGLXPGHU(NVWDVHYHUVFKZLQGHWGLH 8PZHOWXQGGDPLWDXFKGDV*HIKOGHU*HWUHQQWKHLWYRQLKU 6RZHLW GLHVH 5LWHQ JHPHLQVDP SUDNWL]LHUW ZHUGHQ NRPPW GDV (UOHEQLV GHU HQJHQ 9HUHLQLJXQJ PLW GHU *UXSSH KLQ]X VR GD‰ GLH :LUNXQJ QRFK JHVWHLJHUW ZLUG ,Q HLQHP HQJHQ =XVDPPHQKDQJ XQG RIW PLW GLHVHU RUJLDVWLVFKHQ /|VXQJ YHUPLVFKW VWHKW GDV 6H[XDOHUOHEQLV 'LH VH[XHOOH 2UJLH NDQQ ]X HLQHP 6WDGLXP IKUHQ GDV GHP VHKU lKQOLFK LVW ZHOFKHV GXUFK 7UDQFH RGHU PLW +LOIH EHVWLPPWHU 'URJHQ KHUYRUJHUXIHQZLUG'LH5LWHQJHPHLQVDPHUVH[XHOOHU2UJLHQ ZDUHQ ZHLW YHUEUHLWHW (V KDW GHQ $QVFKHLQ GD‰ GHU 0HQVFK QDFKGLHVHPRUJLDVWLVFKHQ(UOHEQLVHLQH=HLWODQJQLFKWVRVWDUN XQWHU VHLQHU *HWUHQQWKHLW ]X OHLGHQ KDWWH /DQJVDP ZlFKVW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GDQQMHGRFKGLH6SDQQXQJGHU$QJVWZLHGHUVRGD‰VLHGXUFK HLQH:LHGHUKROXQJGHV5LWXDOVYHUPLQGHUWZHUGHQPX‰ 6RODQJH GLHVH RUJLDVWLVFKHQ (UOHEQLVVH HLQH$QJHOHJHQKHLW JHPHLQVDPHU +DQGOXQJHQ HLQHV JDQ]HQ 6WDPPHV VLQG UXIHQ VLH ZHGHU $QJVW QRFK 6FKXOGJHIKO KHUYRU (LQ GHUDUWLJHV 9HUKDOWHQ LVW ªULFKWLJ© XQG VRJDU HLQH 7XJHQG ZHLO DOOH DQ LKP WHLOQHKPHQ XQG ZHLO HV YRQ GHQ 0HGL]LQPlQQHUQ RGHU 3ULHVWHUQ QLFKW QXU JHELOOLJW VRQGHUQ VRJDU JHI|UGHUW ZLUG 'DKHU EHVWHKW DXFK NHLQ$QOD‰ VLFK VFKXOGLJ RGHU EHVFKlPW ]XIKOHQ(WZDVJDQ]DQGHUHVLVWHVMHGRFKZHQQGLHJOHLFKH /|VXQJ GHV 3UREOHPV YRQ HLQHP ,QGLYLGXXP LQ HLQHU .XOWXU JHZlKOW ZLUG GLH GLHVH JHPHLQVDPHQ 5LWHQ EHUHLWV KLQWHU VLFKJHODVVHQKDW$ONRKROXQG5DXVFKJLIWVLQGGLH)RUPHQ GLHGDV,QGLYLGXXPLQHLQHUQLFKWRUJLDVWLVFKHQ.XOWXUZlKOW ,P *HJHQVDW] ]X MHQHQ 0HQVFKHQ GLH DQ HLQHU LQ LKUHU *HVHOOVFKDIWVIRUPIHVWJHOHJWHQ/|VXQJVDUWWHLOQHKPHQOHLGHQ GLHVH ,QGLYLGXHQ DQ 6FKXOGJHIKOHQ XQG *HZLVVHQVELVVHQ :lKUHQG VLH YHUVXFKHQ LKUHU *HWUHQQWKHLW GXUFK GLH )OXFKW LQ GHQ $ONRKRO RGHU ]X EHVWLPPWHQ 'URJHQ ]X HQWJHKHQ YHUVSUHQ VLH QDFK GHP RUJLDVWLVFKHQ (UOHEQLV LKUH $EJHVRQGHUWKHLWQXUQRFKVWlUNHUXQGZHUGHQVRJHWULHEHQHV PLW]XQHKPHQGHU+lXILJNHLWXQG,QWHQVLWlW]XZLHGHUKROHQ ,Q JHZLVVHP 0D‰H LVW GDV RUJLDVWLVFKH 6H[XDOHUOHEQLV HLQH QDWUOLFKHXQGQRUPDOH)RUPGLH*HWUHQQWKHLW]XEHUZLQGHQ XQGDXFKHLQHWHLOZHLVH/|VXQJGHV3UREOHPVGHU(LQVDPNHLW %HLYLHOHQ,QGLYLGXHQGLHGDV*HIKOLKUHU*HWUHQQWKHLWQLFKW DXI DQGHUH :HLVH GlPSIHQ N|QQHQ QLPPW GDV 9HUODQJHQ QDFK GHU VH[XHOOHQ 2UJLH MHGRFK HLQH %HGHXWXQJ DQ GLH YRQ GHU 6XFKW QDFK $ONRKRO RGHU 5DXVFKJLIW QLFKW DOO]X 

(ULFK)URPP'LH.XQVWGHV/LHEHQV YHUVFKLHGHQ LVW 6LH ZLUG ]X GHP YHU]ZHLIHOWHQ 9HUVXFK GHU GXUFKGLH*HWUHQQWKHLWHU]HXJWHQ$QJVW]XHQWNRPPHQXQG UHVXOWLHUW LQ HLQHP LPPHU VWlUNHU ZHUGHQGHQ *HIKO GHU (LQVDPNHLWGDGHURKQH/LHEHYROO]RJHQH*HVFKOHFKWVDNWGLH .OXIW]ZLVFKHQ]ZHLPHQVFKOLFKHQ:HVHQK|FKVWHQVIUHLQHQ NXU]HQ$XJHQEOLFNEHUEUFNHQNDQQ $OOH )RUPHQ GHU RUJLDVWLVFKHQ 9HUHLQLJXQJ KDEHQ GUHL .HQQ]HLFKHQ 6LH VLQG LQWHQVLY XQG VRJDU KHIWLJ EHDQVSUXFKHQ GLH *HVDPWSHUV|QOLFKNHLW ± DOVR .|USHU XQG 6HHOH ± XQG ZHUGHQ UHJHOPl‰LJ ZLHGHUKROW GD LKUH:LUNXQJ VFKQHOOYHUJHKW*HQDXGDV*HJHQWHLOJLOWIUMHQH)RUPGHU *HPHLQVDPNHLWGLHGHU0HQVFKGHU9HUJDQJHQKHLWZLHDXFK GHU*HJHQZDUWDPKlXILJVWHQ]XU/|VXQJGHV3UREOHPVZlKOWH GLH 9HUHLQLJXQJ GLH DXI GHU .RQIRUPLWlW PLW GHU *UXSSH EHUXKW PLW LKUHQ %UlXFKHQ *HZRKQKHLWHQ XQG 0HLQXQJHQ $XFKKLHU¿QGHQZLUHLQHEHWUlFKWOLFKH(QWZLFNOXQJYRU ,Q HLQHU SULPLWLYHQ *HVHOOVFKDIW LVW GLH *UXSSH QXU NOHLQ VLH EHVWHKW DXV MHQHQ 0HQVFKHQ GLH GXUFK %OXWVYHUZDQGWVFKDIW XQG =XVDPPHQOHEHQ PLWHLQDQGHU YHUEXQGHQVLQG0LW]XQHKPHQGHU(QWZLFNOXQJGHU.XOWXU ZlFKVW DXFK GLH *UXSSH VLH ZLUG ]X GHU %UJHUVFKDIW HLQHU SROLV ]X GHQ %UJHUQ HLQHV JUR‰HQ 6WDDWHV XQG ]X GHQ 0LWJOLHGHUQ HLQHU .LUFKH 6HOEVW GHU lUPVWH 5|PHU ZDU VWRO] ZHLO HU VDJHQ NRQQWH ª&LYLV URPDQXP VXP© 5RP XQG GDV U|PLVFKH ,PSHULXP ZDUHQ VHLQH )DPLOLH VHLQH +HLPDW XQG VHLQH :HOW $XFK LQ GHU JHJHQZlUWLJHQ *HVHOOVFKDIWGHV:HVWHQVLVWGLH9HUHLQLJXQJPLWGHU*UXSSH GLHYRUKHUUVFKHQGH0|JOLFKNHLWGLH*HWUHQQWKHLW]XEHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ZLQGHQ(VLVWHLQH9HUHLQLJXQJLQGHUGDV,QGLYLGXXP]X HLQHP JUR‰HQ7HLO DXIJHKW XQG EHL GHU HV GDV =LHO LVW GHU +HUGH DQ]XJHK|UHQ :HQQ LFK JHQDXVR ELQ ZLH DOOH DQGH UHQZHQQLFKZHGHU*HIKOHQRFK*HGDQNHQKDEHGLHPLFK YRQLKQHQXQWHUVFKHLGHQZHQQLFKLQ%UlXFKHQ.OHLGXQJ 9RUVWHOOXQJHQPLWGHP9RUELOGGHU*UXSSHEHUHLQVWLPPH ELQLFKJHUHWWHWJHUHWWHWYRUGHPHQWVHW]OLFKHQ(UOHEQLVGHU (LQVDPNHLW 'LH GLNWDWRULVFKHQ 6WDDWVIRUPHQ JHEUDXFKHQ 'URKXQJHQXQG7HUURUXPGLHVHhEHUHLQVWLPPXQJDXV]XO| VHQGLH'HPRNUDWLHQGDJHJHQ6XJJHVWLRQXQG3URSDJDQGD =ZLVFKHQ EHLGHQ 6\VWHPHQ EHVWHKHQ WURW]GHP JUR‰H 8QWHUVFKLHGH,QGHQ'HPRNUDWLHQLVWHVLPPHUKLQP|JOLFK VLFK GHU .RQIRUPLWlW ]X ZLGHUVHW]HQ XQG GLHVH +DOWXQJ ILQGHW PDQ GRUW WDWVlFKOLFK DXFK YRU EHL GHQ WRWDOLWlUHQ 6\VWHPHQ GDJHJHQ NDQQ PDQ OHGLJOLFK GDPLW UHFKQHQ GD‰ HLQLJH ZHQLJH XQJHZ|KQOLFK WDSIHUH +HOGHQ XQG 0lUW\UHU GHU *HKRUVDP YHUZHLJHUQ 7URW] GLHVHV 8QWHUVFKLHGHV ]HLJHQ MHGRFK GLH GHPRNUDWLVFKHQ *HVHOOVFKDIWHQ HLQ EH lQJVWLJHQGHV 0D‰ DQ .RQIRUPLWlW 'HU *UXQG OLHJW LQ GHU 7DWVDFKHGD‰PDQDXILUJHQGHLQH:HLVHGHP9HUODQJHQQDFK 9HUHLQLJXQJQDFKJHEHQPX‰XQGZHQQHVZHGHUHLQHDQGH UH QRFK HLQH EHVVHUH 0|JOLFKNHLW JLEW LVW GLH9HUHLQLJXQJ LP 6LQQH GHU .RQIRUPLWlW GHU +HUGH YRUKHUUVFKHQG 'LH 0DFKW GHU$QJVW DQGHUV ]X VHLQ QXU ZHQLJH 6FKULWWH DX ‰HUKDOE GHU +HUGH ]X VWHKHQ NDQQ PDQ QXU EHJUHLIHQ ZHQQ PDQ GLH 7LHIHQ GHU 1RWZHQGLJNHLW YHUVWHKW QLFKW DEJHWUHQQW]XZHUGHQ0DQFKPDOLVWGLH)XUFKWQLFKWVR]X VHLQ ZLH GLH DQGHUHQ DOV$QJVW YRU SUDNWLVFKHQ *HIDKUHQ UDWLRQDOLVLHUWGLHDQJHEOLFKGHPQLFKW$QJHSD‰WHQGURKHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 7DWVDFKHLVWMHGRFKGD‰GLH0HQVFKHQLQHLQHPYLHOJU|‰H UHP0D‰HYRQVLFKDXV]XU.RQIRUPLWlWQHLJHQDOVVLHGD]X JH]ZXQJHQ ZHUGHQ ± ]XPLQGHVW MHGHQIDOOV LQ GHQ ZHVWOL FKHQ'HPRNUDWLHQ 'LH PHLVWHQ 0HQVFKHQ VLQG VLFK QLFKW HLQPDO LKUHV %HGUIQLVVHV QDFK .RQIRUPLWlW EHZX‰W 6LH OHEHQ LQ GHU ,OOXVLRQ HLJHQHQ 9RUVWHOOXQJHQ XQG 1HLJXQJHQ ]X IROJHQ ,QGLYLGXDOLVWHQ ]X VHLQ XQG DOV (UJHEQLV HLJHQHQ 'HQNHQV LKUH 0HLQXQJ JHELOGHW ]X KDEHQ ± GD‰ LKUH 9RUVWHOOXQJHQ GHPQDFK DOVR UHLQ ]XIlOOLJ GHQHQ GHU 0DMRULWlW HQWVSUHFKHQ 'LHVH hEHUHLQVWLPPXQJ QHKPHQ VLH DOV %HZHLV GDIU GD‰ ªLKUH© 9RUVWHOOXQJHQ HEHQ ULFKWLJ VLQG 'D GDQHEHQ MHGRFK QRFK GDV %HGUIQLV EHVWHKW HLQH JHZLVVH ,QGLYLGXDOLWlW ]X HPS¿QGHQ ZLUG GLHVHV %HGUIQLV GXUFK XQEHGHXWHQGH .OHLQLJNHLWHQ EHIULHGLJW GLH $QIDQJVEXFKVWDEHQ GHV 1DPHQV DXI .RIIHU RGHU 3XOORYHU GDV 1DPHQVVFKLOG DP 6FKDOWHUIHQVWHU GHU (LQWULWW LQ HLQH EHVWLPPWH 3DUWHL RGHU LQ HLQH 6WXGHQWHQYHUELQGXQJ ZHUGHQ ]XP $XVGUXFN LQGLYLGXHOOHU8QWHUVFKLHGH'HU:HUEHVORJDQª(WZDVDQGHUHV© EHZHLVWGDVUKUHQGH%HGUIQLVQDFK,QGLYLGXDOLWlWLQHLQHU JHVHOOVFKDIWOLFKHQ :LUNOLFKNHLW LQ GHU HV IDVW NHLQH PHKU JLEW 'LHVH ]XQHKPHQGH 7HQGHQ] ]XU $XVPHU]XQJ DOOHU 8QWHUVFKLHGHKlQJWHQJPLWGHP%HJULIIXQGGHP(UOHEQLVGHU *OHLFKKHLW ]XVDPPHQ ZLH VLH VLFK LQ GHQ IRUWJHVFKULWWHQVWHQ ,QGXVWULHJHVHOOVFKDIWHQ HQWZLFNHOW ,P UHOLJL|VHQ 6LQQH KDWWH GHU %HJULII ª*OHLFKKHLW© EHGHXWHW GD‰ ZLU DOOH *RWWHV .LQGHU VLQG GD‰ ZLU DOOH $QWHLO KDEHQ DQ GHU PHQVFKOLFK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV J|WWOLFKHQ6XEVWDQ]GD‰ZLUDOOHHLQVVLQG(VEHGHXWHWHDEHU DXFKGD‰JHUDGHGLH8QWHUVFKLHGH]ZLVFKHQGHQ ,QGLYLGXHQ UHVSHNWLHUW ZHUGHQ VROOWHQ GD‰ REZRKO ZLU DOOH HLQV VLQG MHGHU YRQ XQV HLQH HLQPDOLJH *DQ]KHLW GDUVWHOOW HLQ .RVPRV LQ VLFK LVW 'LHVH hEHU]HXJXQJ YRQ GHU (LQPDOLJNHLW GHV ,QGLYLGXXPVLVW]XP%HLVSLHOLQGHU)HVWVWHOOXQJGHV7DOPXGV DXVJHGUFNWª:HULPPHUDXFKQXUHLQHLQ]LJHV/HEHQUHWWHW KDWJHKDQGHOWDOVKlWWHHUGLHJDQ]H:HOWJHUHWWHWZHULPPHU DXFKQXUHLQHLQ]LJHV/HEHQ]HUVW|UWKDWJHKDQGHOWDOVKlWWH HUGLHJDQ]H:HOW]HUVW|UW©*OHLFKKHLWDOV%HGLQJXQJIUGLH (QWZLFNOXQJGHU,QGLYLGXDOLWlWEHGHXWHWHGLHVHU%HJULIIDXFK LQ GHU 3KLORVRSKLH GHU ZHVWOLFKHQ $XINOlUXQJ $P NODUVWHQ IRUPXOLHUWH.DQWHVGD‰GHU0HQVFKQLHPDOVGDV0LWWHOIU GLH=ZHFNHHLQHVDQGHUHQVHLQGDUIGD‰DOOH0HQVFKHQVLFK LQVRIHUQJOHLFKVLQGDOVVLHLQVLFKHLQ=ZHFNXQGVRPLWQLHPDOV HLQ0LWWHOIUHLQHQDQGHUHQVLQG(QWVSUHFKHQGGHQ,GHHQGHU $XINOlUXQJ GH¿QLHUWHQ VR]LDOLVWLVFKH 'HQNHU YHUVFKLHGHQHU 6FKXOHQGLH*OHLFKKHLWDOV$EVFKDIIXQJGHU$XVEHXWXQJXQGGHU 9HUZHQGXQJGHV0HQVFKHQGXUFKGHQ0HQVFKHQXQJHDFKWHWGHU 7DWVDFKHREGLHVH9HUZHQGXQJJUDXVDPRGHUªKXPDQ©ZlUH ,Q GHU ]HLWJHQ|VVLVFKHQ NDSLWDOLVWLVFKHQ *HVHOOVFKDIW KDW GLH %HGHXWXQJ GHU *OHLFKKHLW HLQH 9HUlQGHUXQJ HUIDKUHQ 0LW GHP %HJULII ª*OHLFKKHLW© PHLQW PDQ KHXWH GLH *OHLFKKHLW YRQ 0DVFKLQHQ DOVR 0HQVFKHQ GLH LKUH ,QGLYLGXDOLWlW HLQJHE‰W KDEHQ *OHLFKKHLW EHGHXWHW KHXWH ª(LQI|UPLJNHLW© XQG QLFKW ª(LQKHLW© (V LVW GLH (LQI|UPLJNHLW YRQ $EVWUDNWLRQHQ YRQ 0HQVFKHQ GLH GLH JOHLFKH $UEHLW YHUULFKWHQ GLH GLH JOHLFKHQ 9HUJQJXQJHQVXFKHQGLHGLHJOHLFKHQ=HLWXQJHQOHVHQGLHGLH JOHLFKHQ*HIKOHXQGGLHJOHLFKHQ,GHHQKDEHQ,QGLHVHU+LQVLFKW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV PX‰ PDQ PLW HLQLJHU 6NHSVLV DXFK JHZLVVH (UUXQJHQVFKDIWHQ EHWUDFKWHQ GLH JHZ|KQOLFK DOV =HLFKHQ XQVHUHV )RUWVFKULWWV JHSULHVHQZHUGHQZLH]XP%HLVSLHOGLH*OHLFKVWHOOXQJGHU)UDX ,FKEUDXFKHZRKOQLFKWHUVW]XEHWRQHQGD‰LFKQLFKWJHJHQGLH *OHLFKKHLW YRQ 0DQQ XQG )UDX ELQ DEHU GLH SRVLWLYHQ$VSHNWH GLHVHU 7HQGHQ] ]XU *OHLFKVWHOOXQJ GUIHQ QLFKW WlXVFKHQ 'LH )UDX LVW JOHLFK ZHLO GLH 8QWHUVFKLHGH YHUVFKZXQGHQ VLQG 'LH SKLORVRSKLVFKH 7KHVH GHU$XINOlUXQJ ± O¶kPH Q¶D SDV GH VH[H GLH6HHOHKDWNHLQ*HVFKOHFKW±ZLUGJDQ]DOOJHPHLQDQJHZHQGHW 'LH 3RODULWlW GHU *HVFKOHFKWHU YHUVFKZLQGHW XQG PLW LKU DXFK GLHHURWLVFKH/LHEHGLHDXIGLHVHU3RODULWlWEHUXKW0lQQHUXQG )UDXHQ ZHUGHQ GDVVHOEH XQG QLFKW JOHLFK DOV JHJHQVlW]OLFKH 3ROH 'LH ]HLWJHQ|VVLVFKH *HVHOOVFKDIW SUHGLJW GDV ,GHDO HLQHU QLFKWLQGLYLGXDOLVLHUWHQ *OHLFKKHLW ZHLO VLH PHQVFKOLFKH $WRPH EUDXFKW GLH VLFK LQ QLFKWV YRQHLQDQGHU XQWHUVFKHLGHQ XQG LQ GHU =XVDPPHQEDOOXQJ GHU 0DVVH UHLEXQJVORV XQG RKQH 6FKZLHULJNHLW IXQNWLRQLHUHQ DOOH GHP JOHLFKHQ %HIHKO IROJHQG XQGGHQQRFKMHGHUIUVLFKLQGHUhEHU]HXJXQJGD‰HUQXUVHLQHQ HLJHQHQ :QVFKHQ IROJW :LH GLH PRGHUQH 0DVVHQSURGXNWLRQ GLH6WDQGDUGLVLHUXQJGHU(U]HXJQLVVHYHUODQJWVRYHUODQJWGLHVHU JHVHOOVFKDIWOLFKH 9RUJDQJ GLH 6WDQGDUGLVLHUXQJ GHV 0HQVFKHQ XQGVLHQHQQWPDQGDQQª*OHLFKKHLW© 'LH 9HUHLQLJXQJ GXUFK .RQIRUPLWlW LVW ZHGHU LQWHQVLY QRFKKHIWLJ VLH LVW UXKLJ YRQ GHU 6FKDEORQH YRUJHVFKULHEHQ XQGDXVHEHQGLHVHP*UXQGHVHKURIWQLFKWDXVUHLFKHQGXP GLH$QJVWYRUGHU*HWUHQQWKHLW]XEHUXKLJHQ'LH9HUEUHLWXQJ YRQ $ONRKROLVPXV 5DXVFKJLIWVXFKW XQG 6HOEVWPRUG LQ GHU ]HLWJHQ|VVLVFKHQZHVWOLFKHQ:HOWLVWHLQ6\PSWRPIUGLHVHV UHODWLYH 9HUVDJHQ GHU .RQIRUPLWlW$X‰HUGHP EHWULIIW GLHVH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /|VXQJPHLVWHQVQXUGHQ.RSIXQG QLFKW GHQ .|USHU XQG DXFK DXV GLHVHP *UXQGH KDW VLH 1DFKWHLOH JHJHQEHU GHQ RUJLDVWLVFKHQ/|VXQJHQ'LH .RQIRUPLWlW GHU +HUGH KDW QXU HLQHQ9RUWHLO6LHLVWYRQ'DXHUXQGRKQHMHGHQ.UDPSI'DV ,QGLYLGXXP ZLUG LP$OWHU YRQ GUHL RGHU YLHU -DKUHQ LQ GDV NRQIRUPH0XVWHUHLQJHIKUWXQGYHUOLHUWGDQDFKQLHPHKUGHQ .RQWDNWPLWGHU+HUGH =XVlW]OLFK]XGHU.RQIRUPLWlWDOV0|JOLFKNHLWGLHDXVGHU *HWUHQQWKHLW VWDPPHQGH$QJVW ]X EHVFKZLFKWLJHQ PX‰ PDQ VLFKQRFKPLWHLQHPDQGHUHQ)DNWRUXQVHUHV]HLWJHQ|VVLVFKHQ /HEHQV EHVFKlIWLJHQ PLW GHU 5ROOH GHU $UEHLWV XQG (QWVSDQQXQJVURXWLQH $OV 7HLO HLQHV +HHUHV YRQ $UEHLWHUQ RGHUGHUEURNUDWLVFKHQ$UPHHGHU$QJHVWHOOWHQXQG0DQDJHU LVWGHU0HQVFKQXUQRFKHLQH1XPPHU(UEUDXFKWNDXPPHKU ,QLWLDWLYHVHLQH$XIJDEHQZHUGHQLKPGXUFKGLH2UJDQLVDWLRQ GHU$UEHLW YRUJHVFKULHEHQ HV LVW IDVW NHLQ 8QWHUVFKLHG PHKU ]ZLVFKHQ MHQHQ GLH REHQ DXI GHU /HLWHU XQG GHQHQ GLH XQWHQ VWHKHQ 6LH DOOH IKUHQ $XIJDEHQ DXV GLH GXUFK GLH JDQ]H 6WUXNWXU GHU 2UJDQLVDWLRQ YRUJHVFKULHEHQ VLQG XQG ]ZDU QLFKW QXU LQ HLQHP YRUJHVFKULHEHQHQ 7HPSR VRQGHUQ DXFK LQ HLQHU YRUJHVFKULHEHQHQ $UW 6HOEVW GLH *HIKOH VLQG YRUJHVFKULHEHQ )U|KOLFKNHLW 7ROHUDQ] =XYHUOlVVLJNHLW (KUJHL] XQG GLH )lKLJNHLW PLW MHGHP RKQH 6FKZLHULJNHLW DXV]XNRPPHQ 'DV 9HUJQJHQ LVW LQ lKQOLFKHU ZHQQ DXFK QLFKWJDQ]VRGUDVWLVFKHU:HLVHVFKDEORQLVLHUW%FKHUZHUGHQ YRQ GHQ %XFKNOXEV )LOPH YRQ GHQ .LQREHVLW]HUQ XQG GXUFK GLH YRQ LKQHQ EH]DKOWHQ$Q]HLJHQWH[WH DXVJHZlKOW 'HU 5HVW LVW HEHQIDOOV NRQIRUP GLH 6RQQWDJVIDKUW PLW GHP $XWR GLH )HUQVHKVHQGXQJ GDV .DUWHQVSLHO XQG GLH JHVHOOVFKDIWOLFKHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV (LQODGXQJHQ 9RQ GHU *HEXUW ELV ]XP 7RGH YRQ 6RQQWDJ ELV 0RQWDJ YRP 0RUJHQ ELV ]XP $EHQG ± DOOH 7lWLJNHLWHQ VLQG VFKDEORQLVLHUW XQG YRUJHIHUWLJW :LH VROOWH HLQ 0HQVFK GHU LQ GLHVHP 1HW] JHIDQJHQ LVW QLFKW YHUJHVVHQ GD‰ HU HLQ 0HQVFK LVW HLQ HLQPDOLJHV ,QGLYLGXXP HLQ *HVFK|SI GHP QXUGLHVHHLQH/HEHQVFKDQFHJHJHEHQLVWPLW+RIIQXQJHQXQG (QWWlXVFKXQJHQ PLW 6RUJHQ XQG )XUFKW PLW GHU 6HKQVXFKW QDFK/LHEHXQGGHU'URKXQJGHV1LFKWVXQGGHU(LQVDPNHLW (LQHGULWWH0|JOLFKNHLW(LQKHLWXQG+DUPRQLH]XHUUHLFKHQ OLHJWLQGHUVFK|SIHULVFKHQ7lWLJNHLWVHLHVGLHHLQHV.QVWOHUV RGHU GLH HLQHV +DQGZHUNHUV ,Q MHGHU VFK|SIHULVFKHQ$UEHLW YHUHLQLJWVLFKGHUVFK|SIHULVFKH0HQVFKPLWVHLQHP0DWHULDO GDVGLH8PZHOWGHV0HQVFKHQGDUVWHOOW2EGHU7LVFKOHUHLQHQ 7LVFK DUEHLWHW RGHU GHU *ROGVFKPLHG HLQ 6FKPXFNVWFN RE GHU %DXHU VHLQ *HWUHLGHIHOG EHVWHOOW RGHU GHU 0DOHU HLQ %LOG PDOW ± LQ MHGHU VFK|SIHULVFKHQ $UEHLW ZHUGHQ $UEHLWHU XQG *HJHQVWDQGHLQVYHUHLQLJWVLFKGHU0HQVFKPLWGHU:HOWLP 3UR]H‰GHV6FKDIIHQV'LHVJLOWMHGRFKQXUIUGLHSURGXNWLYH $UEHLWIUHLQH$UEHLWGLHLFKVHOEVWSODQHGXUFKIKUHXQGEHL GHULFKGDQQGDV(UJHEQLVPHLQHU$UEHLWVHKH,QGHPPRGHUQHQ $UEHLWVDEODXIHLQHV$QJHVWHOOWHQHLQHV)OLH‰EDQGDUEHLWHUVLVW NDXP HWZDV YRQ GLHVHU YHUHLQHQGHQ (LJHQVFKDIW GHU $UEHLW EULJJHEOLHEHQ'HU$UEHLWHUZLUGHLQ7HLOGHU0DVFKLQHRGHU GHUEURNUDWLVFKHQ2UJDQLVDWLRQ(UKDWDXIJHK|UWHUVHOEVW]X VHLQ±GHQQMHQVHLWVMHQHU9HUHLQLJXQJGXUFK$QSDVVXQJ¿QGHW NHLQH9HUHLQLJXQJVWDWW 'LH (LQKHLW GLH GXUFK SURGXNWLYH $UEHLW HUIROJW LVW QLFKW]ZLVFKHQPHQVFKOLFK'LH(LQKHLWGLHGXUFKRUJLDVWLVFKH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 9HUHLQLJXQJ HUUHLFKW ZLUG LVW YRUEHUJHKHQG 'LH (LQKHLW GLHGXUFK.RQIRUPLWlWXQG$QSDVVXQJHUUHLFKWZLUG LVW QXU HLQH3VHXGR(LQKHLW'LHHLJHQWOLFKHXQGWRWDOH$QWZRUWDXI GLH H[LVWHQWLHOOH )UDJH OLHJW LQ GHU ]ZLVFKHQPHQVFKOLFKHQ 9HUHLQLJXQJLQGHU9HUHLQLJXQJPLWHLQHPDQGHUHQ0HQVFKHQ LQGHU/LHEH 'DV9HUODQJHQQDFK]ZLVFKHQPHQVFKOLFKHU9HUHLQLJXQJLVW GDV VWlUNVWH 6WUHEHQ LP 0HQVFKHQ (V LVW GDV JUXQGOHJHQGVWH 9HUODQJHQGLH.UDIWGLHGLHPHQVFKOLFKH5DVVH]XVDPPHQKlOW GHQ &ODQ GLH )DPLOLH XQG GLH *HVHOOVFKDIW 6HLQ 9HUVDJHQ EHGHXWHW:DKQVLQQRGHU9HUQLFKWXQJ±6HOEVWYHUQLFKWXQJRGHU 9HUQLFKWXQJDQGHUHU2KQH/LHEHN|QQWHGLH0HQVFKKHLWQLFKW HLQHQHLQ]LJHQ7DJH[LVWLHUHQ:HQQZLUMHGRFKGLH(UUHLFKXQJ GHU ]ZLVFKHQPHQVFKOLFKHQ 9HUHLQLJXQJ ª/LHEH© QHQQHQ EH¿QGHQ ZLU XQV LQ HLQHU HUQVWOLFKHQ 6FKZLHULJNHLW (LQH 9HUHLQLJXQJ NDQQ DXI YHUVFKLHGHQH :HLVH HUUHLFKW ZHUGHQ ± XQG GLH 8QWHUVFKLHGH VLQGQLFKWZHQLJHUEHGHXWXQJVYROODOV GDV ZDV GHQ YHUVFKLHGHQHQ )RUPHQ GHU /LHEH JHPHLQVDP LVW 6ROOWH PDQ DOOH DOV /LHEH EH]HLFKQHQ" 2GHU VROOWH PDQ GDV :RUW ª/LHEH© QXU HLQHU EHVRQGHUHQ$UW GHU 9HUHLQLJXQJ YRUEHKDOWHQ GLH LQ DOOHQ JUR‰HQ KXPDQLVWLVFKHQ 5HOLJLRQHQ XQG SKLORVRSKLVFKHQ 6\VWHPHQ GHU OHW]WHQ YLHUWDXVHQG -DKUH ZHVWOLFKHUXQG|VWOLFKHU*HVFKLFKWHDOVK|FKVWH1RUPJDOW" :LHEHLDOOHQVHPDQWLVFKHQ6FKZLHULJNHLWHQNDQQGLH$QWZRUW QXUZLOONUOLFKVHLQ:LFKWLJLVWDOOHLQGD‰ZLUJHQDXZLVVHQ ZHOFKH$UWGHU9HUHLQLJXQJZLUPHLQHQZHQQ ZLU YRQ /LHEH VSUHFKHQ%H]LHKHQZLUXQVDXIGLH/LHEHDOVGLHUHLIH$QWZRUW DXI GDV 3UREOHP GHU ([LVWHQ] RGHU VSUHFKHQ ZLU YRQ GHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQUHLIHQ)RUPHQGHU/LHEHGLHPDQV\PELRWLVFKH9HUHLQLJXQJ QHQQHQN|QQWH"$XIGHQIROJHQGHQ6HLWHQZHUGHLFKQXUHUVWHUHV DOV/LHEHEH]HLFKQHQ%HJLQQHQZHUGHLFKGLH'LVNXVVLRQMHGRFK PLWOHW]WHUHP 'LHV\PELRWLVFKH9HUHLQLJXQJKDWLKUELRORJLVFKHV9RUELOG LQ GHU %H]LHKXQJ ]ZLVFKHQ GHU VFKZDQJHUHQ 0XWWHU XQG GHP )RHWXV 6LH VLQG ]ZHL XQG GRFK HLQV 6LH OHEHQ ª]XVDPPHQ© V\PELRVLV  VLH EUDXFKHQ VLFK JHJHQVHLWLJ 'HU )RHWXV LVW HLQ 7HLO GHU 0XWWHU XQG HPSIlQJW YRQ LKU DOOHV ZDV HU EUDXFKW GLH0XWWHULVWVR]XVDJHQVHLQH:HOW6LHHUQlKUWXQGEHVFKW]W LKQ DEHU DXFK LKU /HEHQ HUIlKUW GXUFK LKQ HLQH 6WHLJHUXQJ ,QGHUSV\FKLVFKHQV\PELRWLVFKHQ9HUHLQLJXQJVLQGGLHEHLGHQ .|USHU XQDEKlQJLJ DEHU GLH JOHLFKH $UW GHV JHJHQVHLWLJHQ $QJHZLHVHQVHLQVEHVWHKWSV\FKRORJLVFK 'LH SDVVLYH )RUP GHU V\PELRWLVFKHQ 9HUHLQLJXQJ LVW GLH 8QWHUZHUIXQJ RGHU ± ZHQQ ZLU GLH NOLQLVFKH %H]HLFKQXQJ YHUZHQGHQ ± GHU 0DVRFKLVPXV 'HU PDVRFKLVWLVFKH 0HQVFK HQWULQQW GHP XQHUWUlJOLFKHQ *HIKO GHU ,VRODWLRQ XQG *HWUHQQWKHLWLQGHPHUVLFKVHOEVW]XHLQHP7HLO]XHLQHP*OLHG HLQHUDQGHUHQ3HUVRQPDFKWGLHLKQIKUWOHLWHWXQGEHVFKW]W GLH VR]XVDJHQ VHLQ /HEHQ LVW XQG RKQH GLH HU JDU QLFKW OHEHQ N|QQWH 'LH 0DFKW MHQHU 3HUVRQ GHU PDQ VLFK XQWHUZLUIW LVW EHUVWHLJHUWPDJVLHQXQHLQ0HQVFKRGHUHLQ*RWWVHLQVLHLVW DOOHVLFKVHOEVWELQQLFKWVDEJHVHKHQDOOHLQGDYRQGD‰LFKHLQ 7HLOYRQLKUELQ'HQQGDPLWELQLFKDXFKHLQ7HLOLKUHU*U|‰H LKUHU0DFKWLKUHU6LFKHUKHLW'HU0DVRFKLVWKDWVHOEVWNHLQH (QWVFKHLGXQJHQ]XWUHIIHQKDWNHLQ5LVLNRDXIVLFK]XQHKPHQ HU LVW QLHPDOV DOOHLQ ± HU LVW MHGRFK DXFK QLFKW XQDEKlQJLJ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV (U LVW QLFKW YROOVWlQGLJ LVW QRFK JDU QLFKW JDQ] JHERUHQ ,Q UHOLJL|VHU 6SUDFKH ZLUG GDV 2EMHNW GHU 9HUHKUXQJ PLW ,GRO EH]HLFKQHW LQ GHU PDVRFKLVWLVFKHQ /LHEHVEH]LHKXQJ OLHJW MHGRFK GHUVHOEH 0HFKDQLVPXV GHU *|W]HQDQEHWXQJ YRU 'LH PDVRFKLVWLVFKH %H]RJHQKHLW NDQQ PLW SK\VLVFKHP VH[XHOOHP 9HUODQJHQYHUPLVFKWVHLQLQGLHVHP)DOOKDQGHOWHVVLFKQLFKW QXU XP HLQH 8QWHUZHUIXQJ DQ GHU GLH 3KDQWDVLH WHLOKDW VRQGHUQ XP HLQH GLH GHQ JHVDPWHQ .|USHU EHWULIIW(VJLEW HLQH PDVRFKLVWLVFKH 8QWHUZHUIXQJ XQWHU GDV 6FKLFNVDO XQWHU .UDQNKHLW UK\WKPLVFKH 0XVLN RGHU GLH RUJLDVWLVFKH GXUFK 'URJHQRGHU7UDQFHKHUYRUJHUXIHQH(NVWDVH±LQDOOHQGLHVHQ )lOOHQYHUOLHUWGHU%HWURIIHQHVHLQH,QWHJULWlWXQGPDFKWVLFK GDPLW VHOEVW ]XP ,QVWUXPHQW HLQHV DQGHUHQ 0HQVFKHQ RGHU 'LQJHVHULVWGDPLWGHU$XIJDEHHQWKREHQGDV3UREOHPGHV /HEHQVVHOEVWXQGLQ)UHLKHLW]XO|VHQ 'LH DNWLYH )RUP GHU V\PELRWLVFKHQ 9HUHLQLJXQJ LVW %HKHUUVFKXQJ GHV DQGHUHQ 0HQVFKHQ RGHU ± XP GLH GHP 0DVRFKLVPXV HQWVSUHFKHQGH SV\FKRORJLVFKH %H]HLFKQXQJ ]X QHKPHQ ± 6DGLVPXV 'HU 6DGLVW P|FKWH VHLQHU (LQVDPNHLW GDGXUFK HQWJHKHQ GD‰ HU HLQHQ DQGHUHQ ]X HLQHP 7HLO ]X HLQHP*OLHGVHLQHUJHOEVWPDFKW(UEHUVWHLJHUWXQGYHUJU|‰HUW VLFKVHOEVWGXUFKGLH(LQYHUOHLEXQJMHQHUDQGHUHQ3HUVRQGLH LKQDQEHWHW 'HU6DGLVWLVWYRQMHQHU3HUVRQGLHVLFKLKPXQWHUZRUIHQKDW JHQDXVR DEKlQJLJ ZLH GLHVH YRQ LKP NHLQHU NDQQ RKQH GHQ DQGHUHQOHEHQ'HU8QWHUVFKLHGOLHJWOHGLJOLFKGDULQGD‰GHU 6DGLVW EH¿HKOW DXVQXW]W YHUOHW]W XQG HUQLHGULJW ZlKUHQG GHU 0DVRFKLVW VLFK EHIHKOHQ DXVQXW]HQ YHUOHW]HQ XQG HUQLHGULJHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV Ol‰W 'DV LVW LQ UHDOLVWLVFKHP 6LQQH HLQ EHWUlFKWOLFKHU 8QWHUVFKLHGLQHLQHPWLHIHUHQ6LQQHLVWGHU8QWHUVFKLHGMHGRFK QLFKWVRJUR‰ZLHGDVZDVEHLGHJHPHLQVDPKDEHQ9HUHLQLJXQJ RKQH 8QDEKlQJLJNHLW XQG ,QWHJULWlW :HQQ PDQ GLHV EHJUHLIW LVW HV DXFK QLFKW EHUUDVFKHQG IHVW]XVWHOOHQ GD‰ HLQH 3HUVRQ JHZ|KQOLFK VRZRKO DXI VDGLVWLVFKH DOV DXFK DXI PDVRFKLVWLVFKH $UWUHDJLHUWLPDOOJHPHLQHQDOOHUGLQJVJHJHQEHUYHUVFKLHGHQHQ 2EMHNWHQ +LWOHU UHDJLHUWH 0HQVFKHQ JHJHQEHU LQ HUVWHU /LQLH DXI VDGLVWLVFKH VHLQHP 6FKLFNVDO GHU *HVFKLFKWH XQG GHQ ªK|KHUHQ 0lFKWHQ© GHU 1DWXU JHJHQEHU MHGRFK DXI PDVRFKLVWLVFKH:HLVH ,P*HJHQVDW]]XGHUV\PELRWLVFKHQ9HUHLQLJXQJLVWGLHUHLIH /LHEH (LQV6HLQ XQWHU GHU %HGLQJXQJ GLH HLJHQH ,QWHJULWlW XQG 8QDEKlQJLJNHLW ]X EHZDKUHQ XQG GDPLW DXFK GLH HLJHQH ,QGLYLGXDOLWlW 'LH /LHEH GHV 0HQVFKHQ LVW HLQH DNWLYH .UDIW GLHGLH0DXHUQGXUFKEULFKWGXUFKGLHGHU0HQVFKYRQVHLQHQ 0LWPHQVFKHQJHWUHQQWLVWXQGGLHLKQPLWGHQDQGHUHQYHUHLQW 'LH/LHEHOl‰WLKQGDV*HIKOYRQ,VRODWLRQXQG*HWUHQQWKHLW EHUZLQGHQ HUODXEW LKP DEHU VLFK VHOEVW WUHX ]X EOHLEHQ XQG VHLQH ,QWHJULWlW VHLQ 6R6HLQ ]X EHZDKUHQ ,Q GHU /LHEH HUHLJQHW VLFK GDV 3DUDGR[ GD‰ ]ZHL :HVHQ HLQV ZHUGHQ XQG GRFK ]ZHL EOHLEHQ :HQQ ZLU VDJHQ GD‰ GLH /LHEH HLQH $NWLYLWlW LVW VWHKHQ ZLU GHU 6FKZLHULJNHLW JHJHQEHU GLH LQ GHU GRSSHOVLQQLJHQ %HGHXWXQJ GHV :RUWHV ª$NWLYLWlW© OLHJW0LWª$NWLYLWlW©PHLQWPDQLPPRGHUQHQ*HEUDXFKGHV :RUWHV JHZ|KQOLFK HLQH +DQGOXQJ GLH GXUFK $XIZHQGXQJ YRQ (QHUJLH HLQH 9HUlQGHUXQJ LQ LUJHQGHLQHU EHVWHKHQGHQ 

9JOGLHDXVIKUOLFKH6WXGLHEHU6DGLVPXVXQG0DVRFKLVPQVLQ()URPP'LH )XUFKWYRUGHU)UHLKHLW=ULFK



(ULFK)URPP'LH.XQVWGHV/LHEHQV 6LWXDWLRQ]XVWDQGHEULQJW6RJLOWHLQ0HQVFKDOVDNWLYZHQQHU JHVFKlIWOLFKWlWLJLVW0HGL]LQVWXGLHUWDP)OLH‰EDQGDUEHLWHW HLQHQ 6WXKO WLVFKOHUW RGHU VLFK VSRUWOLFK EHWlWLJW 6lPWOLFKHQ JHQDQQWHQ7lWLJNHLWHQLVWJHPHLQVDPGD‰VLHGDUDXIJHULFKWHW VLQG HLQ lX‰HUOLFKHV =LHO ]X HUUHLFKHQ 1LFKW EHUFNVLFKWLJW ZLUGGDEHLGLH4XHOOHGHU$NWLYLWlW1HKPHQZLU]XP%HLVSLHO HLQHQ 0DQQ GHU GXUFK GDV *HIKO JU|‰WHU 8QVLFKHUKHLW RGHU (LQVDPNHLW ]X EHVHVVHQHU $UEHLW RGHU MHQHQ 0HQVFKHQ GHU YRQ (KUJHL] RGHU *HOGJLHU JHWULHEHQ ZLUG ,Q GLHVHQ )lOOHQ LVW GLH 3HUVRQ GHU 6NODYH HLQHU 3DVVLRQ HLQHU /HLGHQVFKDIW XQG VHLQH $NWLYLWlW LVW LQ :LUNOLFKNHLW ª3DVVLYLWlW© ZHLO HU JHWULHEHQZLUGHULVWGHU/HLGHQGHXQGQLFKWGHUª+DQGHOQGH© $XI GHU DQGHUHQ 6HLWH KlOW PDQ HLQHQ 0HQVFKHQ GHU VWLOO XQG QDFKGHQNOLFK DXI VHLQHP 6WXKO VLW]W RKQH LUJHQGHLQHQ DQGHUHQ =ZHFN DOV GHQ VLFK VHOEVW XQG VHLQH (LQKHLW PLW GHU :HOW ]X EHWUDFKWHQ XQG ]X HUOHEHQ IU ªSDVVLY© HEHQ ZHLO HU QLFKWV ªWXW© ,Q :LUNOLFKNHLW LVW GLHVH NRQ]HQWULHUWH 0HGLWDWLRQGLHK|FKVWH$NWLYLWlWHLQH$NWLYLWlWGHU6HHOHGLH QXUXQWHUGHU%HGLQJXQJLQQHUHU)UHLKHLWXQG8QDEKlQJLJNHLW EHUKDXSW P|JOLFK LVW 'HU HLQH %HJULII GHU $NWLYLWlW XQG ]ZDU GHU PRGHUQH PHLQW GLH 9HUZHQGXQJ YRQ (QHUJLH ]XU (UUHLFKXQJlX‰HUOLFKHU=LHOHGHUDQGHUH%HJULIIGHU$NWLYLWlW PHLQW GLH 9HUZHQGXQJ GHU GHP 0HQVFKHQ LQQHZRKQHQGHQ .UlIWH XQJHDFKWHW GHU 7DWVDFKH RE LUJHQGZHOFKH lX‰HUHQ 9HUlQGHUXQJHQGDPLWHUUHLFKWZHUGHQ'HU]ZHLWH%HJULIIGHU $NWLYLWlWLVWDPNODUVWHQYRQ6SLQR]DIRUPXOLHUWZRUGHQ%HL GHQ$IIHNWHQXQWHUVFKHLGHWHU]ZLVFKHQDNWLYHQXQGSDVVLYHQ ]ZLVFKHQ ª$NWLRQHQ© XQG ª3DVVLRQHQ© :HQQ GHU 0HQVFK HLQHPDNWLYHQ$IIHNWJHPl‰KDQGHOWLVWHUIUHLLVWHUGHU+HUU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GHV $IIHNWHV ZHQQ HU YRQ HLQHP SDVVLYHQ $IIHNW PRWLYLHUW LVW LVW HU JHWULHEHQ GDV 2EMHNW YRQ 0RWLYHQ GLH LKP VHOEVW JDU QLFKW EHZX‰W VLQG 6R NRPPW 6SLQR]D VFKOLH‰OLFK ]X GHU )HVWVWHOOXQJ GD‰7XJHQG XQG VLFK VHLQHU VHOEVW PlFKWLJ VHLQ HLQXQGGDVVHOEHVLQG1HLG(LIHUVXFKW(KUJHL]XQGMHGH$UW YRQ*LHUVLQG/HLGHQVFKDIWHQ3DVVLRQHQGLH/LHEHGDJHJHQLVW HLQH$NWLRQ$XVEXQJHLQHUPHQVFKOLFKHQ0DFKWGLHQXULQ )UHLKHLWDXVJHEWZHUGHQNDQQXQGQLHPDOVGDV(UJHEQLVHLQHV =ZDQJHVLVW 'LH/LHEHLVWHLQH$NWLYLWlWXQGNHLQSDVVLYHU$IIHNW*DQ] DOOJHPHLQNDQQPDQVLHPLWGHU)HVWVWHOOXQJXPVFKUHLEHQGD‰ GLH/LHEHLQHUVWHU/LQLHHLQ*HEHQXQGNHLQ(PSIDQJHQLVW :DVLVWQXQ*HEHQ"6RHLQIDFKGLH$QWZRUWDXIGLHVH)UDJH]X VHLQVFKHLQWVRGRSSHOVLQQLJXQGYHUZLFNHOWLVWVLHWDWVlFKOLFK 'DVYHUEUHLWHWVWH0L‰YHUVWlQGQLVLVWGLH$QQDKPHGD‰*HEHQ LP*UXQGHª$XIJHEHQ©EHGHXWHWGD‰PDQHLQHU6DFKHEHUDXEW ZLUG RGHU VLH RSIHUW 'LH 3HUVRQ GHUHQ &KDUDNWHU VLFK QRFK QLFKW EHU GDV 6WDGLXP GHV (PSIDQJHQV GHV$XVQXW]HQV RGHU =XVDPPHQUDIIHQVKLQDXVHQWZLFNHOWKDWHUOHEWGLH+DQGOXQJGHV *HEHQVDXIGLHVH:HLVH'HUªPHUNDQWLOH©&KDUDNWHULVWEHUHLW ]X JHEHQ DEHU QXU LP$XVWDXVFK JHJHQ HWZDV DQGHUHV GDV HU GDIU HPSIlQJW *HEHQ RKQH (PSIDQJHQ LVW IU LKQ %HWUXJ 0HQVFKHQGHUHQ&KDUDNWHUVWUXNWXUZHVHQWOLFKXQSURGXNWLYLVW KDEHQGDV*HIKOGD‰PDQLKQHQHWZDVZHJQLPPW'LHPHLVWHQ ,QGLYLGXHQ GLHVHV 7\SV ZHLJHUQ VLFK GDKHU HWZDV ]X JHEHQ 0DQFKHPDFKHQGDJHJHQDXVGHP*HEHQHLQH7XJHQGLP6LQQH 

6SLQR]D(WKLN,9'HILQLWLRQ 9JOGLHDXVIKUOLFKH'LVNXVVLRQGLHVHUFKDUDNWHUOLFKHQ$QODJHQLQ()URPP 3V\FKRDQDO\VHXQG(WKLN=ULFK.DS6 



(ULFK)URPP'LH.XQVWGHV/LHEHQV GHV2SIHUQV6LHJODXEHQGD‰PDQJHEHQVROOWHJHUDGHZHLOHV VRVFKPHU]OLFKLVWGLH7XJHQGGHV*HEHQVOLHJWIUVLHJHUDGH LQGHU%HUHLWVFKDIW]XP2SIHUQ)UVLHEHGHXWHWGLH1RUPGD‰ *HEHQEHVVHULVWDOV1HKPHQQLFKWVDQGHUHVDOVGLH7DWVDFKHGD‰ HVEHVVHULVWHLQHQ9HUOXVW]XHUOHLGHQDOV)UHXGH]XHUOHEHQ )UGHQVFK|SIHULVFKHQ&KDUDNWHUKDWGDV*HEHQHLQHY|OOLJ DQGHUH%HGHXWXQJ*HEHQLVWIULKQGHUK|FKVWH$XVGUXFNYRQ .UDIW *HUDGH LQ GHU +DQGOXQJ GHV *HEHQV HUOHEH LFK PHLQH .UDIWPHLQHª:RKOKDEHQKHLW©PHLQH3RWHQ]'LHVHV(UOHEQLV JHVWHLJHUWHU 9LWDOLWlW XQG .UDIW HUIOOW PLFK PLW )UHXGH ,FK HUOHEH PLFK VHOEVW DOV EHUVWU|PHQG OHEHQGLJ XQG GDKHU IUHXGLJ*HEHQEULQJWPHKU)UHXGHDOV(PSIDQJHQQLFKWZHLO HVHLQ2SIHULVWVRQGHUQZHLOLQGHU+DQGOXQJGHV*HEHQVGHU $XVGUXFNPHLQHU/HEHQVNUDIWOLHJW (V LVW QLFKW VFKZHU GLH *OWLJNHLW GLHVHV *UXQGVDW]HV ]X HUNHQQHQ ZHQQ PDQ LKQ DXI YHUVFKLHGHQH VSH]L¿VFKH (UVFKHLQXQJHQDQZHQGHW'DVHOHPHQWDUVWH%HLVSLHO¿QGHQZLU LQGHU6SKlUHGHU6H[XDOLWlW'HU+|KHSXQNWGHUPlQQOLFKHQ 6H[XDOIXQNWLRQOLHJWLP$NWGHV*HEHQVGHU0DQQJLEWVLFK JLEWVHLQ6H[XDORUJDQGHU)UDX,P$XJHQEOLFNGHV2UJDVPXV JLEWHULKUVHLQHQ6DPHQ(UNDQQHVQLFKWYHUKLQGHUQZHQQ HUSRWHQWLVWZHQQHUQLFKWJHEHQNDQQLVWHULPSRWHQW)U GLH )UDX LVW GLHVHU 9RUJDQJ NHLQHVZHJV DQGHUV VRQGHUQ QXU HWZDVYHUZLFNHOWHU$XFKVLHJLEWVLFKKLQVLH|IIQHWGLH7RUH ]XGHP,QQHUVWHQLKUHU:HLEOLFKNHLW±LP(PSIDQJHQJLEWVLH :HQQVLH]XGLHVHU)RUPGHV*HEHQVXQIlKLJLVWZHQQVLHQXU ªHPSIDQJHQ©NDQQLVWVLHIULJLG%HLLKUZLHGHUKROWVLFKGLH 

9JOGLHYRQ6SLQR]DJHJHEHQH'H¿QLWLRQGHU)UHXGH



(ULFK)URPP'LH.XQVWGHV/LHEHQV +DQGOXQJ GHV *HEHQV LQ LKUHU )XQNWLRQ DOV 0XWWHU 6LH JLEW GHP LQ LKU ZDFKVHQGHQ .LQG YRQ VLFK VHOEVW VLH JLEW LKP VSlWHULKUH0LOFKXQGLKUH.|USHUZlUPH1LFKWJHEHQZlUH IUVLHVFKPHU]OLFK ,QGHU6SKlUH GHU PDWHULHOOHQ 'LQJH LVW *HEHQ 5HLFKWXP 1LFKW GHU GHU KDW LVW UHLFK VRQGHUQ GHU GHU YLHO JLEW 'HU *HL]LJH GHU $QJVW YRU MHGHP 9HUOXVW KDW LVW ± SV\FKRORJLVFK JHVDJW ± HLQ DUPHU XQG DUPVHOLJHU 0HQVFK XQJHDFKWHWGHU7DWVDFKHZLHYLHOHUEHVLW]W:HUMHGRFKIlKLJ LVW YRQ VLFK VHOEVW ]X JHEHQ LVW UHLFK (U HUOHEW VLFK VHOEVW DOV HLQHQ 0HQVFKHQ GHU DQGHUHQ YRQ VLFK VHOEVW JHEHQ NDQQ 1XU HLQ 0HQVFK GHU ZHQLJHU KDW DOV GDV ]XP /HEHQ $OOHUQRWZHQGLJVWH LVW QLFKW LQ GHU /DJH GLH %HIULHGLJXQJ GHV*HEHQVPDWHULHOOHU'LQJH]XHUOHEHQ$EHUGLHDOOWlJOLFKH (UIDKUXQJ OHKUW GD‰ GDV ZDV HLQ 0HQVFK DOV 0LQGHVWPD‰ GHV ]XP /HEHQ 1RWZHQGLJHQ DQVLHKW YRQ VHLQHP &KDUDNWHU ZLH DXFK YRQ VHLQHP WDWVlFKOLFKHQ %HVLW] DEKlQJLJ LVW (V LVW EHNDQQW GD‰ GHU$UPH EHUHLWZLOOLJHU JLEW DOV GHU 5HLFKH 7URW]GHP PDFKW GLH$UPXW MHQVHLWV HLQHU EHVWLPPWHQ *UHQ]H DXFK GDV *HEHQ XQP|JOLFK XQG JHUDGH GDV LVW HUQLHGULJHQG ± QLFKW QXU ZHJHQ GHV /HLGV GDV XQPLWWHOEDU KHUYRUJHUXIHQ ZLUG VRQGHUQ DXFK ZHJHQ GHU 7DWVDFKH GD‰ HV GHQ$UPHQ GHU)UHXGHGHV*HEHQVEHUDXEW 'LHZLFKWLJVWH6SKlUHGHV*HEHQVLVWMHGRFKQLFKWGLHPDWH ULHOOHU'LQJHVLHOLHJWYLHOPHKUDXIVSH]L¿VFKPHQVFKOLFKHP *HELHW:DVJLEWHLJHQWOLFKHLQ0HQVFKGHPDQGHUHQ"(UJLEW YRQVLFKVHOEVWYRQGHP.RVWEDUVWHQZDVHUEHVLW]WYRQVHL QHP/HEHQ'DVEHGHXWHWQLFKWQRWZHQGLJHUZHLVHGD‰HUVHLQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /HEHQDQGHUHQ]XP2SIHUEULQJWVRQGHUQGD‰HUYRQGHPJLEW ZDVLQLKPOHEHQGLJLVW(UJLEWYRQVHLQHU)UHXGHYRQVHLQHP ,QWHUHVVH YRQ VHLQHP 9HUVWlQGQLV YRQ VHLQHP :LVVHQ YRQ VHLQHP+XPRUXQGYRQVHLQHU7UDXULJNHLW±NXU]YRQDOOHP ZDVLQLKPOHEHQGLJLVW8QGGDGXUFKGD‰HUYRQVHLQHP/HEHQ JLEW EHUHLFKHUW HU GHQ DQGHUHQ VWHLJHUW HU GDV /HEHQVJHIKO GHV DQGHUHQ LQ GHU 6WHLJHUXQJ GHV HLJHQHQ /HEHQVJHIKOV (UJLEWQLFKWXPHWZDVGDIU]XHPSIDQJHQDEHUGXUFKVHLQ *HEHQNDQQHUQLFKWYHUPHLGHQLPDQGHUHQHWZDV]XP/HEHQ ]X HUZHFNHQ GDV ZLHGHUXP DXI LKQ ]XUFNZLUNW ZHLO HU HW ZDV JLEW NDQQ HU QLFKW XPKLQ GDV ]X HPSIDQJHQ ZDV LKP ]XUFNJHJHEHQZLUG'DV*HEHQXPVFKOLH‰WJOHLFK]HLWLJGD‰ GHUDQGHUHHEHQIDOOV]XP*HEHQGHQZLUGXQGGD‰EHLGHVLFK DQ GHP IUHXHQ ZDV ]XP /HEHQ HUZHFNW ZRUGHQ LVW ,P$NW GHV*HEHQVZLUGHWZDVJHERUHQXQGEHLGHGHU*HEHQGHXQG GHU(PSIDQJHQGHVLQGGDQNEDUIUGDV/HEHQGLJHGDVIUVLH EHLGHJHERUHQZXUGH%HVRQGHUVLP+LQEOLFNDXIGLH/LHEHEH GHXWHWGLHV,PSRWHQ]LVWGLH8QIlKLJNHLW/LHEH]XVFKDIIHQ 'LHVHU*HGDQNHLVWYRQ0DU[VHKUVFK|QDXVJHGUFNWZRUGHQ ª6HW]H© VR VDJW HU ªGHQ 0HQVFKHQ DOV 0HQVFKHQ XQG VHLQ 9HUKlOWQLV ]XU :HOW DOV HLQ PHQVFKOLFKHV YRUDXV VR NDQQVW GX /LHEH QXU JHJHQ /LHEH DXVWDXVFKHQ9HUWUDXHQ QXU JHJHQ 9HUWUDXHQXVZ:HQQGXGLH.XQVWJHQLH‰HQZLOOVWPX‰WGX HLQNQVWOHULVFKJHELOGHWHU0HQVFKVHLQZHQQGX(LQÀX‰DXI DQGHUH0HQVFKHQDXVEHQZLOOVWPX‰WGXHLQZLUNOLFKDQUH JHQG XQG I|UGHUQG DXI DQGHUH 0HQVFKHQ ZLUNHQGHU 0HQVFK VHLQ -HGHV GHLQHU 9HUKlOWQLVVH ]XP 0HQVFKHQ XQG ]X GHU 1DWXU PX‰ HLQH EHVWLPPWH GHP *HJHQVWDQG GHLQHV :LOOHQV HQWVSUHFKHQGH bX‰HUXQJ GHLQHV ZLUNOLFKHQ LQGLYLGXHOOHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /HEHQVVHLQ:HQQGXOLHEVWRKQH*HJHQOLHEHKHUYRU]XUXIHQ GDV KHL‰W ZHQQ GHLQ /LHEHQ DOV /LHEH QLFKW GLH *HJHQOLHEH SURGX]LHUWZHQQGXGXUFKHLQH/HEHQVlX‰HUXQJDOVOLHEHQGHU 0HQVFK GLFK QLFKW ]XP JHOLHEWHQ 0HQVFKHQ PDFKVW VR LVW GHLQH/LHEHRKQPlFKWLJHLQ8QJOFN©$EHUQLFKWQXULQGHU /LHEHEHGHXWHW*HEHQDXFK(PSIDQJHQ'HU/HKUHUOHUQWYRQ VHLQHQ 6FKOHUQ GHU 6FKDXVSLHOHU ZLUG GXUFK GLH =XVFKDXHU DQJHVSRUQWGHU3V\FKRDQDO\WLNHUZLUGGXUFKVHLQHQ3DWLHQWHQ JHKHLOW±YRUDXVJHVHW]WPDQEH]LHKWVLFK]XPDQGHUHQQLFKW DOV2EMHNWVRQGHUQLVWLKPZLUNOLFKXQGVFK|SIHULVFKYHUEXQ GHQ (V LVW NDXP QRWZHQGLJ GLH 7DWVDFKH ]X EHWRQHQ GD‰ GLH )lKLJNHLW ]XU /LHEH DOV HLQH +DQGOXQJ GHV *HEHQV YRQ GHU FKDUDNWHUOLFKHQ (QWZLFNOXQJ GHU 3HUVRQ DEKlQJLJ LVW 6LH VHW]W GLH (UUHLFKXQJ HLQHU YRUKHUUVFKHQG SURGXNWLYHQ 2ULHQWLHUXQJ YRUDXV LQ GLHVHU +DOWXQJ KDW GHU 0HQVFK VHLQH $EKlQJLJNHLW VHLQH QDU]L‰WLVFKH $OOPDFKW XQG GDV 9HUODQJHQ DQGHUH DXV]XKHXOHQ EHUZXQGHQ XQG KDW GHQ *ODXEHQDQVHLQHHLJHQHQPHQVFKOLFKHQ.UlIWHJHIXQGHQGHQ 0XW VLFK ]XU (UUHLFKXQJ VHLQHU =LHOH DOOHLQ DXI GLH HLJHQHQ .UlIWH]XYHUODVVHQ,QGHP0D‰HLQGHPGLHVH(LJHQVFKDIWHQ IHKOHQ IUFKWHW PDQ VLFK GDYRU VLFK VHOEVW ]X JHEHQ ± DOVR DXFK]XOLHEHQ -HQVHLWVGHV(OHPHQWVGHV*HEHQVZLUGGHUDNWLYH&KDUDNWHU GHU /LHEH ³QRFK LQ GHU 7DWVDFKH GHXWOLFK GD‰ VLH LPPHU JHZLVVH *UXQGHOHPHQWH HQWKlOW GLH DOOHQ )RUPHQ GHU /LHEH 

 ª1DWLRQDO|NRQRPLH XQG 3KLORVRSKLH©  YHU|IIHQWOLFKW LQ .DUO 0DU[ 'LH )UKVFKULIWHQKVJYRQ6/DQGVKXW6WXWWJDUW6I



(ULFK)URPP'LH.XQVWGHV/LHEHQV JHPHLQ VLQG (V VLQG )UVRUJH 9HUDQWZRUWOLFKNHLW 5HVSHNW XQG:LVVHQ 'D‰]XGHU/LHEHGLH)UVRUJHJHK|UWZLUGLQGHU/LHEHHLQHU 0XWWHU ]X LKUHP .LQGH DP GHXWOLFKVWHQ .HLQH %HWHXHUXQJ LKUHU/LHEHZUGHXQVLPJHULQJVWHQEHHLQGUXFNHQZHQQZLU HUOHEWHQGD‰VLHHVDQ)UVRUJHIUGDª.LQGIHKOHQOLH‰HGD‰ VLHVLFKZHLJHUWHHV]XIWWHUQ]XEDGHQXQGIUVHLQOHLEOLFKHV :RKO]XVRUJHQLKUH/LHEHZLUNWGDJHJHQJODXEKDIWZHQQVLH IULKU.LQGVRUJW1LFKWDQGHUVLVWHVEHLGHU/LHEH]X7LHUHQ RGHU %OXPHQ :HQQ HLQH )UDX XQV HU]lKOWH GD‰ VLH %OXPHQ OLHEH XQG ZLU GDQQ IHVWVWHOOWHQ GD‰ VLH YHUJD‰ GLH %OXPHQ ]X EHJLH‰HQ ZUGHQ ZLU LKU GLH ª/LHEH© ]X %OXPHQ QLFKW JODXEHQ/LHEHLVWGLHDNWLYH)UVRUJHIUGDV/HEHQXQGGDV :DFKVHQGHVVHQZDVZLUOLHEHQ:HQQGLHVHDNWLYH)UVRUJH IHKOWLVWGHU$IIHNWQLFKW/LHEH'LHVHV(OHPHQWGHU/LHEHLVW EHVRQGHUVVFK|QLQGHP%XFK-RQDEHVFKULHEHQ*RWWKDW-RQD DXIJHWUDJHQ QDFK 1LQLYH ]X JHKHQ XQG GHQ %HZRKQHUQ ]X VDJHQGD‰VLHEHVWUDIWZUGHQZHQQVLHVLFKQLFKWYRQLKUHQ E|VHQ:HJHQEHNHKUWHQ-RQDÀLHKWMHGRFKYRUGLHVHP$XIWUDJ ZHLOHUIUFKWHWGD‰GLH(LQZRKQHU1LQLYHVEHUHXHQXQG*RWW LKQHQGDQQYHUJHEHQZHUGH(ULVWHLQ0DQQGHV5HFKWVXQGGHU VWDUUHQ *HUHFKWLJNHLW DEHU NHLQ 0DQQ GHU /LHEH %HL VHLQHP 9HUVXFK]XÀLHKHQ¿QGHWHUVLFKLP%DXFKHLQHVJUR‰HQ)LVFKHV ZLHGHU GHU GDV 6WDGLXP GHU ,VROLHUXQJ XQG *HIDQJHQVFKDIW V\PEROLVLHUW KLHUKHU KDW LKQ VHLQ 0DQJHO DQ 0LWJHIKO XQG /LHEHJHEUDFKW*RWWHUUHWWHWLKQXQG-RQDJHKWQDFK1LQLYH (USUHGLJWGHQ(LQZRKQHUQZDV*RWWLKPDXIJHWUDJHQKDWXQG GDVZDV-RQDEHIUFKWHWKDWWULWWWDWVlFKOLFKHLQ'LH%HZRKQHU 1LQLYHVEHUHXHQLKUH6QGHQEHNHKUHQVLFKYRQLKUHPE|VHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV :HJHXQG*RWWYHU]HLKWLKQHQXQGEHVFKOLH‰WGLH6WDGWQLFKW ]X]HUVW|UHQ-RQDLVWVHKUYHUlUJHUWXQGHQWWlXVFKWHUZROOWH ª*HUHFKWLJNHLW©QLFKW/LHEH6FKOLH‰OLFK¿QGHWHULP6FKDWWHQ HLQHV%DXPHVGHQ*RWWIULKQZDFKVHQOLH‰XPLKQYRUGHU 6RQQH]XVFKW]HQVHLQH5XKHZLHGHU$OV*RWWGLHVHQ%DXP MHGRFK YHUGRUUHQ Ol‰W LVW -RQD QLHGHUJHVFKODJHQ XQG EHNODJW VLFK lUJHUOLFK EHL *RWW *RWW HUZLGHUW GDUDXI ª'LFK MDPPHUW GHV5L]LQXVGDUDQGXQLFKWJHDUEHLWHWKDVWKDVWLKQDXFKQLFKW DXIJH]RJHQ ZHOFKHU LQ HLQHU 1DFKW ZDUG XQG LQ HLQHU 1DFKW YHUGDUEXQGPLFKVROOWHQLFKWMDPPHUQ1LQLYHVVROFKHUJUR‰HQ 6WDGW LQ ZHOFKHU VLQG PHKU GHQQ KXQGHUWXQG]ZDQ]LJWDXVHQG 0HQVFKHQGLHQLFKWZLVVHQ8QWHUVFKLHGZDVUHFKWVRGHUOLQNV LVWGD]XDXFKYLHOH7LHUH"©*RWWHUNOlUW-RQDGD‰HVGDV:HVHQ GHU /LHEH LVW IU HWZDV ]X ªDUEHLWHQ© XQG ªHV DXI]X]LHKHQ© GD‰ /LHEH XQG$UEHLW XQWUHQQEDU VLQG 0DQ OLHEW GDV ZRIU PDQDUEHLWHWXQGPDQDUEHLWHWIUGDVZDVPDQOLHEW )UVRUJH XQG %HVRUJWKHLW HQWKDOWHQ HLQHQ ZHLWHUHQ$VSHNW GHU /LHEH GHQ GHU 9HUDQWZRUWOLFKNHLW +HXWH YHUVWHKW PDQ XQWHU 9HUDQWZRUWOLFKNHLW KlX¿J 3ÀLFKW HWZDV GDV HLQHP YRQ DX‰HQ DXIHUOHJW ZLUG $EHU LQ LKUHP HLJHQWOLFKHQ 6LQQH LVW GLH 9HUDQWZRUWOLFKNHLW HLQH Y|OOLJ IUHLZLOOLJH +DQGOXQJ VLH LVW PHLQH $QWZRUW DXI GLH DXVJHVSURFKHQHQ RGHU XQDXVJHVSURFKHQHQ :QVFKH HLQHV DQGHUHQ PHQVFKOLFKHQ :HVHQV ª9HUDQWZRUWOLFK© ]X VHLQ EHGHXWHW IlKLJ XQG EHUHLW ]X VHLQ ]X ªDQWZRUWHQ© -RQD IKOWH JHJHQEHU GHQ (LQZRKQHUQ 1LQLYHV NHLQH 9HUDQWZRUWOLFKNHLW :LH .DLQ N|QQWH HU GLH )UDJH VWHOOHQ ª6ROO LFK PHLQHV %UXGHUV +WHU VHLQ"© 'HU OLHEHQGH 0HQVFK DQWZRUWHW 'DV /HEHQ VHLQHV %UXGHUV LVW QLFKWV ZDV GHQ %UXGHU DOOHLQ DQJLQJH VRQGHUQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV HWZDV GDV DXFK LKQ DQJHKW (U IKOW VLFK YHUDQWZRUWOLFK IU VHLQH0LWPHQVFKHQZLHHUVLFKDXFKYHUDQWZRUWOLFKIUVLFK VHOEVWIKOW'LHVH9HUDQWZRUWOLFKNHLWEH]LHKWVLFKLP)DOOGHU 0XWWHUXQGLKUHV.LQGHVKDXSWVlFKOLFKDXIGLH)UVRUJHIUGLH N|USHUOLFKHQ%HGUIQLVVH,QGHU/LHEH]ZLVFKHQ(UZDFKVHQHQ EH]LHKW VLH VLFK HEHQVRVHKU DXI GLH SV\FKLVFKHQ %HGUIQLVVH GHVDQGHUHQ 'LH9HUDQWZRUWOLFKNHLWN|QQWHVHKUOHLFKW]X%HKHUUVFKXQJ XQG 8QWHUMRFKXQJ ZHUGHQ KlWWH GLH /LHEH QLFKW HLQH GULWWH .RPSRQHQWH GHQ 5HVSHNW 5HVSHNW LVW ZHGHU $QJVW QRFK )XUFKW HQWVSUHFKHQG GHU :XU]HO GLHVHV :RUWHV UHVSLFHUH  DQVHKHQ  EHGHXWHW 5HVSHNW GLH )lKLJNHLW HLQHQ 0HQVFKHQ VR ]X VHKHQ ZLH HU LVW XQG VHLQH HLQPDOLJH ,QGLYLGXDOLWlW ]X HUNHQQHQ 5HVSHNW EHGHXWHW GDV 6WUHEHQ GD‰ GHU DQGHUH ZDFKVHQ XQG VLFK HQWIDOWHQ NDQQ 'HP 5HVSHNW IHKOW GDKHU MHGH7HQGHQ]GHU$XVEHXWXQJ,FKP|FKWHGD‰GHUJHOLHEWH 0HQVFK]XVHLQHPHLJHQHQ1XW]HQXQGLQVHLQHUHLJHQHQ$UW ZlFKVW XQG VLFK HQWIDOWHW XQG QLFKW ]X GHP =ZHFN PLU ]X GLHQHQ :HQQ LFK GHQ DQGHUHQ OLHEH IKOH LFK PLFK HLQV PLW LKPXQG]ZDUVRZLHHULVWQLFKWVRZLHHUVHLQVROOWHGDPLW LFKLKQDOV2EMHNWYHUZHQGHQN|QQWH(VLVWNODUGD‰5HVSHNW QXU P|JOLFK LVW ZHQQ LFK VHOEVW PHLQH 8QDEKlQJLJNHLW HUUHLFKWKDEHZHQQLFKRKQHIUHPGH+LOIHVWHKHQXQGJHKHQ NDQQDOVRRKQHHLQHQDQGHUHQEHKHUUVFKHQXQGDXVQXW]HQ]X ZROOHQ 5HVSHNW JLEW HV QXU DXI GHU *UXQGODJH GHU )UHLKHLW ª/¶DPRXUHVWO¶HQIDQWGHODOLEHUWH©KHL‰WHVLQHLQHPDOWHQ IUDQ]|VLVFKHQ /LHG ± GLH /LHEH LVW GDV .LQG GHU )UHLKHLW QLHPDOVDEHUGDVGHU%HKHUUVFKXQJ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV (LQHQ 0HQVFKHQ ]X UHVSHNWLHUHQ LVW QXU P|JOLFK ZHQQ PDQ LKQ NHQQW ZHQQ PDQ YRQ LKP ZHL‰ )UVRUJH XQG 9HUDQWZRUWOLFKNHLW ZUGHQ EOLQG VHLQ ZlUHQ VLH QLFKW YRP :LVVHQJHOHLWHW'DV:LVVHQZlUHOHHUZlUHHVQLFKWYRQGHU %HVRUJWKHLW DXVJHO|VW (V JLEW YLHOH 6FKLFKWHQ GHV :LVVHQV GDV :LVVHQ GDV HLQ $VSHNW GHU /LHEH LVW JHK|UW ]X MHQHP GDVQLFKWDP5DQGHVWHKHQEOHLEWVRQGHUQ]XP.HUQYRUGULQJW (V LVW QXU P|JOLFK ZHQQ LFK GDV ,QWHUHVVH IU PLFK VHOEVW ]XUFNODVVHXQGGHQDQGHUHQPLWVHLQHQ$XJHQVHKH,FKNDQQ ]XP %HLVSLHO ZLVVHQ GD‰ HLQ 0HQVFK YHUlUJHUW LVW VHOEVW ZHQQHUHVQLFKWRIIHQ]HLJWLFKNDQQLKQMHGRFKDXFKJHQDXHU NHQQHQ XQG ZHL‰ GDQQ GD‰ HU YHUlQJVWLJW LVW XQG .XPPHU KDWGD‰HUVLFKHLQVDPXQGVFKXOGLJIKOW'DQQZHL‰LFKGD‰ VHLQbUJHUQXUGHU$XVGUXFNGHVVHQLVWZDVWLHIHUOLHJWXQG LFK VHKH LKQ LQ VHLQHU )XUFKW XQG 9HUZLUUXQJ DOV OHLGHQGHQ 0HQVFKHQQLFKWDEHUDOVYHUlUJHUWHQ0HQVFKHQ 'DV :LVVHQ KDW QRFK HLQH DQGHUH XQG JUXQGOHJHQGHUH %H]LHKXQJ ]X GHP 3UREOHP GHU /LHEH 'DV %HGUIQLV VLFK PLWHLQHPDQGHUHQ0HQVFKHQ]XYHUHLQHQXPGHP*HIlQJQLV GHUHLJHQHQ$EJHVFKORVVHQKHLW]XHQWULQQHQKlQJWVHKUHQJ PLW HLQHP DQGHUHQ DXVJHVSURFKHQ PHQVFKOLFKHQ :XQVFK ]XVDPPHQ GDV ª*HKHLPQLV GHV 0HQVFKHQ© ]X HUNHQQHQ :lKUHQGGDV/HEHQLQVHLQHQOHGLJOLFKELRORJLVFKHQ$VSHNWHQ HLQ:XQGHUXQGHLQ*HKHLPQLVLVWLVWGHU0HQVFKLQVHLQHQ PHQVFKOLFKHQ $VSHNWHQ VLFK VHOEVW HLQ XQHUIRUVFKOLFKHV *HKHLPQLV±DEHUDXFKVHLQHQ0LWPHQVFKHQ:LUNHQQHQXQV VHOEVW DEHU WURW] DOOHU $QVWUHQJXQJHQ OHUQHQ ZLU XQV QLFKW NHQQHQ ZLU NHQQHQ XQVHUH 0LWPHQVFKHQ XQG GRFK NHQQHQ ZLUVLHQLFKWZHLOZHGHUZLUQRFKXQVHUH0LWPHQVFKHQHLQH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 6DFKHVLQG-HZHLWHUZLULQGLH7LHIHXQVHUHV6HLQVRGHULQGDV HLQHV DQGHUHQ YRUGULQJHQ GHVWR PHKU HQW]LHKW VLFK XQV GDV =LHOXQVHUHV:LVVHQV7URW]GHPN|QQHQZLUQLFKWYHUKLQGHUQ GD‰ GHU :XQVFK EOHLEW LPPHU WLHIHU LQ GDV *HKHLPQLV GHU PHQVFKOLFKHQ6HHOHHLQ]XGULQJHQLQGHQLQQHUVWHQ.HUQGHU VHLQª6HOEVW©LVW (V JLEW HLQH HLQ]LJH HLQH YHU]ZHLIHOWH 0|JOLFKNHLW GLHVHV *HKHLPQLVNHQQHQ]XOHUQHQ(VLVWGLHYROOVWlQGLJH0DFKWEHU HLQHQDQGHUHQ±MHQH0DFKWPLWGHULFKLKQWXQODVVHQNDQQZDV LFKZLOOGLHLKQIKOHQOl‰WZDVLFKZLOOXQGGLHLKQGHQNHQ Ol‰W ZDV LFK ZLOO GLH LKQ LQ HLQ 'LQJ LQ PHLQ 'LQJ LQ PHLQ (LJHQWXP YHUZDQGHOW 'LH lX‰HUVWH 6WXIH GLHVHV 9HUVXFKHV OLHJWLQGHQ([WUHPHQGHV6DGLVPXVLQGHP9HUODQJHQXQGGHU )lKLJNHLWHLQPHQVFKOLFKHV:HVHQOHLGHQ]XODVVHQHV]XTXlOHQ XQGHV]X]ZLQJHQLP(UOHLGHQVHLQ*HKHLPQLV]XYHUUDWHQ,Q GLHVHP9HUODQJHQGDV*HKHLPQLVGHV0HQVFKHQ]XHQWGHFNHQ OLHJW HLQ ZHVHQWOLFKHV 0RWLY IU GLH 7LHIH XQG ,QWHQVLWlW YRQ *UDXVDPNHLW XQG =HUVW|UXQJVOXVW ,Q VHKU NODUHU :HLVH LVW GLHVH ,GHH YRQ ,VDDF %DEHO DXVJHGUFNW ZRUGHQ (U ]LWLHUW HLQHQ 2I¿]LHUVNDPHUDGHQ DXV GHP UXVVLVFKHQ %UJHUNULHJ GHU JHUDGH VHLQHQ IUKHUHQ +HUUQ ]X7RGH JHWUDPSHOWKDWXQG VDJWª0LWHLQHP6FKX‰±LFKZLOOHVPDOVRDXVGUFNHQ±PLW HLQHP6FKX‰KDWPDQGHQ.HUO QXU DXVJHO|VFKW« 0LW HLQHP 6FKX‰NRPPWPDQQLHDQVHLQH6HHOHKHUDQGDKLQZRDXFK HUHLQ0HQVFKLVWXQGZRVHLQH6HHOHVWHFNW$EHULFKQHKPH DXIPLFKNHLQH5FNVLFKWXQGLFKKDEHVFKRQPHKUDOVHLQPDO HLQHQ)HLQG]X7RGHJHWUDPSHOWZDVOlQJHUDOVHLQH6WXQGH 

,%DEHO7KH&ROOHFWHG6WRULHV&ULWHULRQ%RRN1HZ


(ULFK)URPP'LH.XQVWGHV/LHEHQV GDXHUWH:HL‰WGX±LFKZLOOZLVVHQZDVGDV/HEHQZLUNOLFK LVWZDVGLHVHV/HEHQLVWGHPZLUGDXHUQGEHJHJQHQ© %HL .LQGHUQ VHKHQ ZLU GLHVHQ :HJ ]XP :LVVHQ VHKU GHXWOLFK 'DV .LQG QLPPW VLFK LUJHQG HWZDV XQG ]HUEULFKW HV XP HV NHQQHQ]XOHUQHQ HV IlQJW ]XP %HLVSLHO HLQHQ 6FKPHWWHUOLQJUHL‰WLKPJUDXVDPGLH)OJHODXVXPLKQJHQDX NHQQHQ]XOHUQHQXPLKQ]XU+HUJDEHVHLQHV*HKHLPQLVVHV]X ]ZLQJHQ'LH*UDXVDPNHLWKDWHLQWLHIHUHV0RWLYGHQ:XQVFK GDV*HKHLPQLVGHU'LQJHXQGGHV/HEHQVNHQQHQ]XOHUQHQ 'HU DQGHUH :HJ ªGDV *HKHLPQLV© ]X HUIRUVFKHQ LVW GLH /LHEH 'LH /LHEH LVW HLQ DNWLYHV 'XUFKGULQJHQ GHV DQGHUHQ EHLGHPPHLQ9HUODQJHQGDV*HKHLPQLV]XHUIRUVFKHQGXUFK 9HUHLQLJXQJ JHVWLOOW ZLUG ,P$NW GHU 9HUHLQLJXQJ OHUQH LFK GHQDQGHUHQOHUQHLFKPLFKVHOEVWOHUQHLFKDOOHNHQQHQ±XQG ªZHL‰©GRFKQLFKWV,FKZHL‰XPGDVZDVOHEWDXIGLHHLQ]LJH GHP0HQVFKHQP|JOLFKH:HLVH±LP(UOHEQLVGHU9HUHLQLJXQJ XQG QLFKW GXUFK LUJHQGHLQ :LVVHQ GDV *HGDQNHQ YHUPLWWHOQ N|QQWHQ 'HU 6DGLVPXV HQWVWHKW DXV GHP 9HUODQJHQ GDV *HKHLPQLV ]X NHQQHQ XQG GRFK EOHLEH LFK JHQDXVR XQZLVVHQGZLHLFKHVYRUKHUZDU,FKKDEHGDVDQGHUH:HVHQ DXVHLQDQGHUJHULVVHQ *OLHG IU *OLHG XQG HUUHLFKW KDEH LFK QXUGD‰HV]HUVW|UWLVW'LH/LHEHLVWGLHHLQ]LJH0|JOLFKNHLW GHV :LVVHQV GDV PHLQH )UDJH LP $NW GHU 9HUHLQLJXQJ EHDQWZRUWHW ,P /LHEHQ LP +LQJHEHQ LP 'XUFKGULQJHQ GHV DQGHUHQ ¿QGH LFK PLFK VHOEVW HQWGHFNH LFK PLFK VHOEVW HQWGHFNHLFKXQVEHLGHHQWGHFNHLFKGHQ0HQVFKHQ 'DV 9HUODQJHQ XQV VHOEVW XQG XQVHUH 0LWPHQVFKHQ ]X NHQQHQ KDW VHLQHQ $XVGUXFN LQ GHP 'HOSKLVFKHQ 0RWWR 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ª(UNHQQH GLFK VHOEVW© JHIXQGHQ (V LVW GHU 8UVSUXQJ GHU JHVDPWHQ3V\FKRORJLH'DGDV9HUODQJHQMHGRFKGDUDXIDE]LHOW GHQ JDQ]HQ 0HQVFKHQ ]X NHQQHQ VHLQ LQQHUVWHV *HKHLPQLV NDQQ GLHVHV 9HUODQJHQ GXUFK GDV EOLFKH :LVVHQ QLFKW JHVWLOOWZHUGHQGXUFKGDV:LVVHQGDVQXUDXVGHQ*HGDQNHQ VWDPPW 6HOEVW ZHQQ ZLU WDXVHQGPDO PHKU YRQ XQV Z‰WHQ ZUGHQZLUQLHPDOVELV]XP*UXQGYRUGULQJHQ,PPHUQRFK ZUGHQ ZLU XQV VHOEVW HLQ 5lWVHO VHLQ JHQDXVR ZLH XQVHUH 0LWPHQVFKHQ XQV HLQ 5lWVHO EOHLEHQ ZUGHQ 'HU HLQ]LJH :HJ]XPYROOVWlQGLJHQ:LVVHQOLHJWLQGHP$NWGHU/LHEHHU EHUVWHLJWDOOH*HGDQNHQDOOH:RUWH(ULVWGHUNKQH6SUXQJ LQ GDV (UOHEQLV GHU 9HUHLQLJXQJ 'DV :LVVHQ LQ *HGDQNHQ GDVKHL‰WGDVSV\FKRORJLVFKH:LVVHQLVWHLQH%HGLQJXQJIU GDVYROOVWlQGLJH:LVVHQLQGHP$NWGHU/LHEH,FKPX‰GHQ DQGHUHQXQGPLFKVHOEVWREMHNWLYNHQQHQXPLQGHU/DJH]X VHLQVHLQH5HDOLWlW]XVHKHQRGHUGLH,OOXVLRQHQGDVLUUDWLRQDO YHU]HUUWH %LOG GDV LFK YRQ LKP KDEH ]X EHUZLQGHQ 1XU ZHQQLFKHLQPHQVFKOLFKHV:HVHQREMHNWLYNHQQHNDQQLFKLKQ LQVHLQHPOHW]WHQ:HVHQLP$NWGHU/LHEHHUNHQQHQ 'DV3UREOHPGHQ0HQVFKHQ]XHUNHQQHQOlXIWSDUDOOHO]X GHPUHOLJL|VHQ3UREOHP*RWW]XHUNHQQHQ,QGHUNRQYHQWLRQHOOHQ ZHVWOLFKHQ 7KHRORJLH ZLUG GHU 9HUVXFK JHPDFKW *RWW JHGDQNOLFK]XHUNHQQHQXQG)HVWVWHOOXQJHQEHU*RWW]XWUHIIHQ 

 'LHVH )HVWVWHOOXQJ KDW HLQH ZLFKWLJH )ROJHUXQJ IU GLH 5ROOH GHU3V\FKRORJLH LQQHUKDOE GHU ]HLWJHQ|VVLVFKHQ ZHVWOLFKHQ .XOWXU :lKUHQG GLH 3RSXODULWlW GHU 3V\FKRORJLH GHXWOLFK DXI HLQ ,QWHUHVVH DP :LVVHQ XP GHQ 0HQVFKHQ KLQGHXWHW YHUGHFNW VLH GRFK GHQ KHXWH KHUUVFKHQGHQ 0DQJHO DQ /LHEH LQQHUKDOE GHU PHQVFKOLFKHQ %H]LHKXQJHQ 'DV SV\FKRORJLVFKH :LVVHQ ZLUG GDPLW ]X HLQHP (UVDW] IU GDV YROOVWlQGLJH :LVVHQ LP$NW GHU /LHEH VWDWW HLQ 6FKULWW LQ GLHVH 5LFKWXQJ]XVHLQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV ,P0\VWL]LVPXVGHU±ZLHLFKVSlWHU]XHUNOlUHQYHUVXFKH±GLH UDGLNDOH.RQVHTXHQ]GHV0RQRWKHLVPXVLVWZXUGHGHU9HUVXFK *RWW JHGDQNOLFK ]X HUNHQQHQ DXIJHJHEHQ XQG GXUFK GDV (UOHEQLVGHU9HUHLQLJXQJPLW*RWWHUVHW]WLQGHUNHLQ3ODW]LVW XQGDXFKQLFKWPHKUGLH1RWZHQGLJNHLWEHVWHKWHWZDVEHU*RWW ]XZLVVHQ 'DV (UOHEQLV GHU 9HUHLQLJXQJ PLW GHP 0HQVFKHQ RGHU UHOLJL|V DXVJHGUFNW PLW *RWW LVW NHLQHVZHJV LUUDWLRQDO ,P *HJHQWHLO(VLVWZLH$OEHUW6FKZHLW]HUEHWRQWHGLHNKQVWH XQG UDGLNDOVWH .RQVHTXHQ] GHV 5DWLRQDOLVPXV (VEDVLHUWDXI XQVHUHP :LVVHQ YRQ GHQ JUXQGOHJHQGHQ XQG QLFKW ]XIlOOLJHQ *UHQ]HQ XQVHUHV LQWHOOHNWXHOOHQ :LVVHQV (V LVW GDV :LVVHQ GD‰ZLUGDV*HKHLPQLVGHV0HQVFKHQXQGGDVGHV8QLYHUVXPV QLHPDOV LQWHOOHNWXHOO EHJUHLIHQ ZHUGHQ GD‰ ZLU HV MHGRFK WURW]GHPLP$NWGHU/LHEHHUIDVVHQN|QQHQ'LH3V\FKRORJLHDOV :LVVHQVFKDIWKDWLKUH*UHQ]HQXQGZLHGLHORJLVFKH.RQVHTXHQ] GHU7KHRORJLHGHU0\VWL]LVPXVLVWVRLVWGLHOHW]WH.RQVHTXHQ] GHU3V\FKRORJLHGLH/LHEH )UVRUJH 9HUDQWZRUWOLFKNHLW 5HVSHNW XQG :LVVHQ VLQG YRQHLQDQGHU DEKlQJLJ 6LH VLQG HLQ =XVDPPHQNODQJ YRQ +DOWXQJHQ GLH PDQ LP UHLIHQ 0HQVFKHQ ¿QGHW GDV KHL‰W LQ GHP 0HQVFKHQ GHU VHLQH HLJHQHQ .UlIWH VFK|SIHULVFK HQWZLFNHOWGHUQXUGDVKDEHQZLOOZDVHUVLFKHUDUEHLWHWKDW GHU GLH QDU]L‰WLVFKHQ 7UlXPH YRQ $OOPDFKW XQG $OOZLVVHQ DXIJHJHEHQXQGHLQH'HPXWHUZRUEHQKDWGLHDXIGHULQQHUHQ 6WlUNHEHUXKWZLHVLHDOOHLQGLHZLUNOLFKHXQGVFK|SIHULVFKH 7lWLJNHLWJHEHQNDQQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV %LVKHU KDEH LFK YRQ GHU /LHEH DOV GHU hEHUZLQGXQJ GHU PHQVFKOLFKHQ*HWUHQQWKHLWDOVGHU(UIOOXQJGHV9HUODQJHQV QDFK 9HUHLQLJXQJ JHVSURFKHQ -HQVHLWV GHV XQLYHUVDOHQ XQG OHEHQVZLFKWLJHQ 9HUODQJHQV QDFK 9HUHLQLJXQJ HUKHEW VLFK MHGRFKQRFKHLQDQGHUHVPHKUELRORJLVFKHVGDV6WUHEHQQDFK 9HUHLQLJXQJ ]ZLVFKHQ GHQ PDVNXOLQHQ XQG GHQ IHPLQLQHQ 3ROHQ'LH,GHHGLHVHU3RODULWlWLVWDPNODUVWHQLQGHP0\WKXV DXVJHGUFNWGD‰0DQQXQG)UDXXUVSUQJOLFKHLQVZDUHQGD‰ GLHVHV(LQVMHGRFKLQ]ZHL+lOIWHQJHWHLOWZXUGHXQGGD‰GLH PlQQOLFKH +lOIWH VHLWGHP QDFK GHU YHUORUHQHQ ZHLEOLFKHQ +lOIWHVXFKWXPVLFKZLHGHUPLWLKU]XYHUHLQLJHQ 'LHJOHLFKH 9RUVWHOOXQJYRQGHUXUVSUQJOLFKHQ(LQKHLWGHU*HVFKOHFKWHU LVW DXFK LQ GHU ELEOLVFKHQ *HVFKLFKWH HQWKDOWHQ QDFK GHU (YDDXVHLQHU5LSSH$GDPVHUVFKDIIHQZXUGH±DOOHUGLQJVJLOW KLHUGLH)UDXHQWVSUHFKHQGGHP*HLVWHLQHUSDWULDUFKDOLVFKHQ 2UGQXQJ DOV GHP 0DQQH XQWHUJHRUGQHW  'LH %HGHXWXQJ GLHVHV0\WKXVLVWRIIHQVLFKWOLFK'LHJHVFKOHFKWOLFKH3RODULWlW IKUW GHQ 0HQVFKHQ GD]X GLH 9HUHLQLJXQJ DXI EHVRQGHUH $UWDOV9HUHLQLJXQJPLWGHPDQGHUHQ*HVFKOHFKW]XVXFKHQ 'LH 3RODULWlW ]ZLVFKHQ GHQ PlQQOLFKHQ XQG GHQ ZHLEOLFKHQ (OHPHQWHQ H[LVWLHUW DXFK LQQHUKDOE MHGHV 0DQQHV XQG LQQHUKDOE MHGHU )UDX (QWVSUHFKHQG GHU SK\VLRORJLVFKHQ 7DWVDFKH GD‰ 0DQQ XQG )UDX MHZHLOV DXFK +RUPRQH GHV DQGHUHQ*HVFKOHFKWVKDEHQVLQGVLHDXFKLPSV\FKRORJLVFKHQ 6LQQELVH[XDO6LHWUDJHQLQVLFKGDV3ULQ]LSGHV(PSIDQJHQV XQG 'XUFKGULQJHQV YRQ 6WRII XQG *HLVW 0DQQ XQG )UDX ¿QGHQ GLH (LQKHLW LQ VLFK VHOEVW QXU LQ GHU 9HUHLQLJXQJ LKUHU PDQQZHLEOLFKHQ 3RODULWlW 'LHVH 3RODULWlW LVW GLH %DVLV MHGHV VFK|SIHULVFKHQ$NWHV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'LH PDQQZHLEOLFKH 3RODULWlW LVW DXFK GLH %DVLV GHU ]ZLVFKHQPHQVFKOLFKHQ 3URGXNWLYLWlW 'DV LVW ELRORJLVFK RIIHQVLFKWOLFK LQ GHU 7DWVDFKH GD‰ GLH 9HUHLQLJXQJ YRQ 6DPHQ XQG(L]HOOHGLH*UXQGODJHIUGLH*HEXUWHLQHV.LQGHVLVW$XIUHLQ SV\FKLVFKHP *HELHW LVW HV QLFKW DQGHUV LQ GHU /LHEH ]ZLVFKHQ 0DQQ XQG )UDX ZLUG MHGHU GHU EHLGHQ ZLHGHUJHERUHQ 'LH KRPRVH[XHOOH$EZHLFKXQJ LVW HLQ 9HUVDJHQ LQ GHU (UUHLFKXQJ GLHVHUSRODULVLHUWHQ9HUHLQLJXQJXQGDXVGLHVHP*UXQGHOHLGHW GHU+RPRVH[XHOOHXQWHUGHU4XDOQLHPDOVJHO|VWHU*HWUHQQWKHLW HVLVWMHGRFKHLQ9HUVDJHQGDVHUPLWGHPGXUFKVFKQLWWOLFKHQ +HWHURVH[XHOOHQGHUQLFKWOLHEHQNDQQJHPHLQVDPKDW 'LH JOHLFKH 3RODULWlW ]ZLVFKHQ GHP PlQQOLFKHQ XQG GHP ZHLEOLFKHQ 3ULQ]LS EHVWHKW LQ GHU 1DWXU QLFKW QXU LQ GHU JHVFKOHFKWOLFKHQ 3RODULWlW EHL 7LHUHQ XQG 3ÀDQ]HQ VRQGHUQ LQGHU3RODULWlWGHUEHLGHQJUXQGOHJHQGHQ)XQNWLRQHQGHUGHV (PSIDQJHQVXQGGHUGHV'XUFKGULQJHQV(VLVWGLH3RODULWlWYRQ (UGHXQG5HJHQYRQ)OX‰XQG0HHUYRQ1DFKWXQG7DJYRQ 'XQNHOKHLW XQG /LFKW YRQ 6WRII XQG *HLVW 'LHVH 9RUVWHOOXQJ LVWEHVRQGHUVVFK|QYRQGHPJUR‰HQPRVOHPLVFKHQ'LFKWHUXQG 0\VWLNHU5PLDXVJHGUFNWZRUGHQ 1LHPDOVVXFKWLQ:DKUKHLWGHU/LHEHQGHRKQHYRQGHP *HOLHEWHQJHVXFKW]XZHUGHQ :HQQ GDV /LFKW GHU /LHEH LQ GLHVHV +HU] JHVHQNW ZXUGH PX‰ PDQ ZLVVHQ GD‰ HV DXFK LQ MHQHV +HU] JHVHQNWZXUGH :HQQGLH/LHEH]X*RWWLQGHLQHP+HU]HQZlFKVWKDW*RWW ]ZHLIHOORVDXFK/LHEH]XGLU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV .HLQ+lQGHNODWVFKHQVWDPPWDOOHLQYRQHLQHU+DQGRKQH GLH DQGHUH +DQG *|WWOLFKH :HLVKHLW LVW %HVWLPPXQJ XQG VHLQ 5DWVFKOX‰ Ol‰W XQV HLQDQGHU OLHEHQ 'LH 9RUEHVWLPPXQJKDWGDIUJHVRUJWGD‰MHGHU7HLOGHU:HOW PLWVHLQHPDQGHUHQ7HLOJHSDDUWLVW ,QGHQ$XJHQGHV:HLVHQLVWGHU+LPPHOGHU0DQQXQG GLH(UGHGLH)UDXGLH(UGHQLPPWVLFKGHVVHQDQZDV GHU+LPPHOIDOOHQOLH‰ )HKOW HV GHU (UGH DQ :lUPH VFKLFNW GHU +LPPHO VLH LKU KDW GLH (UGH LKUH )ULVFKH XQG LKUH )HXFKWLJNHLW YHUORUHQEULQJWGHU+LPPHOVLHLKUZLHGHU 'HU+LPPHOJHKWVHLQHU:HJHZLHHLQ(KHPDQQGHUXP VHLQHU)UDXZLOOHQQDFK1DKUXQJVXFKW 8QGGLH(UGHKDWPLWGHP+DXVKDOW]XWXQVLHKLOIWEHL GHU*HEXUWXQGQlKUWGDVZDVVLHJHERUHQKDW %HWUDFKWH(UGHXQG+LPPHODOV:HVHQGLHPLW.OXJKHLW DXVJHVWDWWHW VLQG GD VLH JHQDXVR KDQGHOQ ZLH NOXJH :HVHQ :DUXPGUlQJHQVLHVLFKVRHQJDQHLQDQGHUZLH/LHEHQGH ZHQQEHLGHQLFKW)UHXGHYRQHLQDQGHUHPSIDQJHQ" :LHVROOWHQ%OXPHQXQG%lXPHEOKHQZHQQGLH(UGH QLFKWZlUH":DVZUGHQ:DVVHUXQG:lUPHGHV+LPPHOV DOOHLQZRKOKHUYRUEULQJHQ" :LH *RWW LQ 0DQQ XQG )UDX GDV 9HUODQJHQ SÀDQ]WH GDPLWGLH:HOWGXUFKLKUH9HUHLQLJXQJEHZDKUWZUGH VRKDWHUMHGHP7HLOGHV/HEHQVGDV9HUODQJHQQDFKGHP DQGHUHQ7HLOHLQJHSÀDQ]W 7DJXQG1DFKWVLQGlX‰HUOLFK)HLQGHXQGGRFKGLHQHQ EHLGHQXUHLQHP=ZHFN 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GHQQ MHGHU OLHEW GHQ DQGHUHQ XP GDV JHJHQVHLWLJH :HUNYROOHQGHQ]XKHOIHQ 2KQH GLH 1DFKW ZUGH GDV :HVHQ GHU 0HQVFKHQ QLFKWV HPSIDQJHQVRGD‰GHU7DJQLFKWV]XJHEHQKlWWH 'DV3UREOHPGHUPDQQZHLEOLFKHQ3RODULWlWIKUW]XGHU ZHLWHUHQ 'LVNXVVLRQ YRQ /LHEH XQG 6H[XDOLWlW ,FK KDEH YRUKLQ VFKRQ YRQ )UHXGV ,UUWXP JHVSURFKHQ GD‰ HU LQ GHU /LHEH DXVVFKOLH‰OLFK GLH bX‰HUXQJ ± RGHU HLQH 6XEOLPLHUXQJ ± GHV 6H[XDOLQVWLQNWV VDK XQG QLFKW HUNDQQWH GD‰ GDV VH[XHOOH 9HUODQJHQ HLQH bX‰HUXQJ GHV 9HUODQJHQV QDFK /LHEH XQG 9HUHLQLJXQJ LVW $EHU )UHXGV ,UUWXP UHLFKW QRFK WLHIHU ,Q hEHUHLQVWLPPXQJ PLW VHLQHP SK\VLRORJLVFKHQ 0DWHULDOLVPXV VLHKW HU LP 6H[XDOLQVWLQNW GDV (UJHEQLV HLQHU LP .|USHU FKHPLVFK KHUYRUJHUXIHQHQ 6SDQQXQJ GLH 8QEHKDJHQ YHUXUVDFKW XQG JHO|VW ZHUGHQ ZLOO 'DV =LHO GHV VH[XHOOHQ 9HUODQJHQV OLHJW LQ GHU %HVHLWLJXQJ GLHVHU TXlOHQGHQ 6SDQQXQJ 'DV VH[XHOOH 9HUODQJHQ lKQHOW QDFK GLHVHU9RUVWHOOXQJHLQHP-XFNUHL]GLHVH[XHOOH%HIULHGLJXQJ LVW GHPHQWVSUHFKHQG GLH %HVHLWLJXQJGHV-XFNUHL]HV*HPl‰ GLHVHP %HJULII GHU 6H[XDOLWlW ZUGH DOVR GLH 2QDQLH GLH JHVFKOHFKWOLFKH 6HOEVWEHIULHGLJXQJ GLH LGHDOH VH[XHOOH %HIULHGLJXQJ VHLQ :DV )UHXG MHGRFK SDUDGR[HUZHLVH EHUVLHKW LVW GHU SV\FKRELRORJLVFKH$VSHNW GHU 6H[XDOLWlW GLH PDVNXOLQIHPLQLQH 3RODULWlW XQG GDV 9HUODQJHQ GLHVH 3RODULWlW GXUFK GLH 9HUHLQLJXQJ ]X EHUEUFNHQ 'LHVHU PHUNZUGLJH,UUWXPZXUGHYHUPXWOLFKGXUFK)UHXGVH[WUHPHQ 3DWULDUFKDOLVPXVEHJQVWLJWGHULKQ]XGHU$QQDKPHYHUOHLWHWH 

5$1LFKROVRQ5PL/RQGRQ6



(ULFK)URPP'LH.XQVWGHV/LHEHQV GD‰GLH6H[XDOLWlWDQVLFKPDVNXOLQVHLVRGD‰HUGLHVSH]L¿VFK ZHLEOLFKH6H[XDOLWlWQLFKWHUNDQQWH'LHVH9RUVWHOOXQJGUFNWH HU LQ VHLQHQ 'UHL $EKDQGOXQJHQ ]XU 6H[XDOWKHRULH DXV LQGHP HU VDJWH GD‰ GHU *HVFKOHFKWVWULHE UHJHOPl‰LJ ªHLQHQ PlQQOLFKHQ &KDUDNWHU© KDEH XQJHDFKWHW GHU 7DWVDFKH RE HV GHU *HVFKOHFKWVWULHE HLQHV 0DQQHV RGHU GHU HLQHU )UDX VHL 'LH JOHLFKH 9RUVWHOOXQJ NRPPW LQ YHUHLQIDFKWHU )RUP LQ )UHXGV hEHUOHJXQJ ]XP$XVGUXFN GD‰ HLQ NOHLQHU -XQJH GLH)UDXDOVHLQHQNDVWULHUWHQ0DQQHUOHEWXQGGD‰GLH)UDX OHGLJOLFK DXI YHUVFKLHGHQH:HLVH GHQ (UVDW] IU GHQ 9HUOXVW GHUPlQQOLFKHQ*HVFKOHFKWVWHLOHVXFKW$EHUGLH)UDXLVWQLFKW HLQ NDVWULHUWHU 0DQQ LKUH 6H[XDOLWlW LVW VSH]L¿VFK ZHLEOLFK XQG QLFKW PlQQOLFKHQ &KDUDNWHUV 'LH VH[XHOOH $Q]LHKXQJ ]ZLVFKHQGHQ*HVFKOHFKWHUQLVWQXUWHLOZHLVHGXUFKGHQ'UDQJ QDFK$XIKHEXQJHLQHUSK\VLRORJLVFKHQ6SDQQXQJPRWLYLHUW LQ GHU +DXSWVDFKH LVW VLH GDV 9HUODQJHQ QDFK 9HUHLQLJXQJ PLW GHP DQGHUHQ VH[XHOOHQ 3RO 7DWVlFKOLFK GUFNW VLFK GLH HURWLVFKH $Q]LHKXQJ QLFKW QXU LQ GHU VH[XHOOHQ $Q]LHKXQJ DXV ,P &KDUDNWHU HEHQVR ZLH LQ GHU VH[XHOOHQ )XQNWLRQ H[LVWLHUHQ 0lQQOLFKNHLW XQG :HLEOLFKNHLW 'HQ PDVNXOLQHQ &KDUDNWHUN|QQWHPDQVRGH¿QLHUHQGD‰HUGLH(LJHQVFKDIWHQ GHU 'XUFKGULQJXQJ )KUXQJ $NWLYLWlW 'LV]LSOLQ XQG $EHQWHXHUOXVW EHVLW]W GHU IHPLQLQH &KDUDNWHU GDJHJHQ KDW GLH (LJHQVFKDIWHQ VFK|SIHULVFKHU (PSIlQJOLFKNHLW GHV %HVFKW]HQV GHV 5HDOLVPXV GHV (UGXOGHQV XQG GHU 0WWHUOLFKNHLW 0DQ GDUI GDEHL QLFKW YHUJHVVHQ GD‰ GLH .HQQ]HLFKHQGLHVHUEHLGHQ&KDUDNWHUHLQMHGHP,QGLYLGXXP JOHLFK]HLWLJYRUNRPPHQOHGLJOLFKPLWGHPhEHUJHZLFKWMHQHU (LJHQVFKDIWHQ GLH ]X ªVHLQHP© RGHU ªLKUHP© *HVFKOHFKW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV JHK|UHQ  :HQQ GLH PDVNXOLQHQ &KDUDNWHU]JH HLQHV 0DQQHV LQVRIHUQ JHVFKZlFKW VLQG DOV HU LQ HPRWLHOOHU +LQVLFKW HLQ .LQG JHEOLHEHQ LVW ZLUG HU VHKU RIW YHUVXFKHQ GLHVHQ 0DQJHO GXUFK GLH DXVVFKOLH‰OLFKH %HWRQXQJ VHLQHU PlQQOLFKHQ 5ROOH LP *HVFKOHFKWOLFKHQ DXV]XJOHLFKHQ 'DV (UJHEQLV LVW GHU 'RQ -XDQ GHU HV Q|WLJ KDW LP *HVFKOHFKWOLFKHQ VHLQH 0DQQHVNUDIW ]XEHZHLVHQZHLOHULQVHLQHU0lQQOLFKNHLWLQFKDUDNWHUOLFKHP 6LQQH QLFKW VLFKHU LVW *HKW GLHVH /lKPXQJ GHU 0lQQOLFKNHLW LQV([WUHPHVRZLUGGHU6DGLVPXV±GLH$QZHQGXQJYRQ*HZDOW ± LQ SHUYHUWLHUWHU )RUP ]XP (UVDW] GHU 0lQQOLFKNHLW ,VW GLH ZHLEOLFKH 6H[XDOLWlW JHVFKZlFKW RGHU SHUYHUWLHUW ZLUG VLH ]XP 0DVRFKLVPXVGHIRUPLHUW 0DQKDW)UHXGZHJHQVHLQHUhEHUEHZHUWXQJGHU6H[XDOLWlW NULWLVLHUW'LHVH.ULWLNZXUGHKlX¿JYRQGHP:XQVFKDXVJHO|VW HLQ(OHPHQWGHV)UHXGVFKHQ6\VWHPVGDVLQNRQYHQWLRQHOOHUHQ .UHLVHQ .ULWLN XQG *HJQHUVFKDIW KHUYRUJHUXIHQ KDW DXV]XPHU]HQ)UHXGVSUWHGHQ*UXQGJHQDXXQGJHUDGHGHVKDOE ZHKUWHHUVLFKJHJHQMHGHQ9HUVXFKVHLQH7KHRULHGHU6H[XDOLWlW DE]XlQGHUQ7DWVlFKOLFKKDWWH)UHXGV7KHRULH]XMHQHU=HLWHLQHQ KHUDXVIRUGHUQGHQ XQG UHYROXWLRQlUHQ &KDUDNWHU :DV MHGRFK LP-DKUHUHYROXWLRQlUZDUEUDXFKWHVIQI]LJ-DKUHVSlWHU NHLQHVZHJVPHKU]XVHLQ'LHVH[XHOOHQ6LWWHQKDEHQVLFKLQ HLQHP 0D‰H YHUlQGHUW GD‰ )UHXGV 7KHRULHQ GLH 0LWWHONODVVHQ GHV :HVWHQV QLFKW PHKU VFKRFNLHUHQ XQG HV LVW HLQ ¿NWLYHU 5DGLNDOLVPXV ZHQQ RUWKRGR[H $QDO\WLNHU VLFK DXFK KHXWH QRFKIUPXWLJXQGUDGLNDOKDOWHQZHLOVLH)UHXGV6H[XDOWKHRULH YHUWHLGLJHQ,Q:LUNOLFKNHLWLVWLKUª5DGLNDOLVPXV©OHGLJOLFKHLQ =HLFKHQ GHU$QSDVVXQJ XQG VR YHUVXFKHQ VLH DXFK JDU QLFKW MHQH HQWVFKHLGHQGHQ SV\FKRORJLVFKHQ )UDJHQ ]X VWHOOHQ GLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ]X HLQHU .ULWLN DQ GHU ]HLWJHQ|VVLVFKHQ *HVHOOVFKDIW ZHUGHQ N|QQWHQ 0HLQH.ULWLNGHU)UHXGVFKHQ7KHRULHLVWQLFKWGLHGD‰HU GLH 6H[XDOLWlW EHUEHZHUWHWH VRQGHUQ VHLQ 9HUVDJHQ GLH 6H[XDOLWlW WLHI JHQXJ ]X YHUVWHKHQ LQ hEHUHLQVWLPPXQJ PLW VHLQHQ SKLORVRSKLVFKHQ 9RUDXVVHW]XQJHQ HUNOlUWH HU VLH SK\VLRORJLVFK (V LVW DEHU QRWZHQGLJ )UHXGV (QWGHFNXQJHQ GXUFK GLH hEHUVHW]XQJ YRQ GHU SK\VLRORJLVFKHQ LQ GLH H[LVWHQWLHOOH'LPHQVLRQ]XHQWZLFNHOQ

/LHEH]ZLVFKHQ(OWHUQXQG.LQG ,P$XJHQEOLFNVHLQHU*HEXUWZUGHHLQ.LQG7RGHVDQJVW KDEHQEHZDKUWHHVQLFKWHLQJQlGLJHV*HVFKLFNGDYRUVLFK MHQHU $QJVW EHUKDXSW EHZX‰W ]X ZHUGHQ GLH PLW GHU 7UHQQXQJ YRQ GHU 0XWWHU XQG YRQ GHU ([LVWHQ] LQQHUKDOE GHV 0XWWHUOHLEHV YHUEXQGHQ LVW 6HOEVW IU HLQLJH =HLW QDFK GHU*HEXUWXQWHUVFKHLGHWVLFKGDV.LQGNDXPYRQGHPZDV HVYRUGHU*HEXUWZDUHVNDQQNHLQH*HJHQVWlQGHHUNHQQHQ LVWVLFKVHLQHUVHOEVWXQGGHU:HOWDOVHWZDVDX‰HUKDOEVHLQHU VHOEVW H[LVWLHUHQGHQ QRFK QLFKW EHZX‰W (V IKOW QXU GDV 9HUODQJHQ QDFK :lUPH XQG 1DKUXQJ XQWHUVFKHLGHW MHGRFK 

 'HQ HUVWHQ 6FKULWW LQ GLHVH 5LFKWXQJ PDFKWH )UHXG PLW HLQHP VSlWHUHQ %HJULII GHU /HEHQV XQG7RGHVLQVWLQNWH EHUHLWV VHOEVW 6HLQ .RQ]HSW GHV /HEHQVLQVWLQNWHV (URV  DOV 3ULQ]LS GHU 6\QWKHVH XQG 9HUHLQKHLWOLFKXQJ VWHKW DXI HLQHP JDQ] DQGHUHQ%RGHQDOVVHLQ.RQ]HSWGHV*HVFKOHFKWVWULHEHV$EHUWURW]GHU7DWVDFKH GD‰ GLH 7KHRULH GHU /HEHQV XQG 7RGHVLQVWLQNWH YRQ GHQ RUWKRGR[HQ$QDO\WLNHUQ DQHUNDQQWZXUGHIKUWHGLHVH$QHUNHQQXQJQLFKW]XHLQHUJUXQGOHJHQGHQ5HYLVLRQ GHV/LELGR.RQ]HSWHVEHVRQGHUVLP+LQEOLFNDXIGLHNOLQLVFKH$UEHLW



(ULFK)URPP'LH.XQVWGHV/LHEHQV QRFK QLFKW ]ZLVFKHQ :lUPH XQG 1DKUXQJ XQG LKUHU 4XHOOH GHU0XWWHU'LH0XWWHULVWIUGDV.LQG:lUPHLVW1DKUXQJ LVWGDVHXSKRULVFKH6WDGLXPYRQ%HIULHGLJXQJXQG6LFKHUKHLW 'LHVHV 6WDGLXP LVW XP )UHXGV %HJULII ]X JHEUDXFKHQ HLQ 6WDGLXP GHV 1DU]L‰PXV 'LH XPJHEHQGH :LUNOLFKNHLW 3HUVRQHQ ZLH 'LQJH KDW %HGHXWXQJ QXU LP =XVDPPHQKDQJ PLW GHU %HIULHGLJXQJ RGHU (QWWlXVFKXQJ GLH VLH IU GHQ LQQHUHQ=XVWDQGGHV.|USHUVEHGHXWHQ:LUNOLFKLVWQXUGDV ,QQHUH GDV bX‰HUH LVW QXU ZLUNOLFK VRZHLW HV VLFK DXI GHV .LQGHV HLJHQH 1RWZHQGLJNHLWHQ EH]LHKW ± QLHPDOV MHGRFK DXI GLHYRQGLHVHQ1RWZHQGLJNHLWHQXQDEKlQJLJHQ4XDOLWlWHQGHU :LUNOLFKNHLW :HQQ GDV .LQG ZlFKVW XQG VLFK HQWZLFNHOW ZLUG HV DXFK IlKLJ GLH 'LQJH VR ZDKU]XQHKPHQ ZLH VLH VLQG GLH %HIULHGLJXQJ JHIWWHUW ]X ZHUGHQ ZLUG YRQ GHU %UXVW GHU 0XWWHUJHWUHQQW6FKOLH‰OLFKHUOHEWGDV.LQGVHLQHQ'XUVWGLH VlWWLJHQGH0LOFKGLH%UXVWXQGGLH0XWWHUDOVJHWUHQQWHXQG YHUVFKLHGHQH 'LQJH (V OHUQW HUNHQQHQ GD‰ DQGHUH 'LQJH HEHQIDOOV LKUH HLJHQH XQG YRQ LKP XQDEKlQJLJH ([LVWHQ] KDEHQ,QGLHVHU=HLWOHUQWGDV.LQGVLHEHL1DPHQ]XQHQQHQ =XUJOHLFKHQ=HLWOHUQWHVDEHUDXFKPLWLKQHQXP]XJHKHQ HVOHUQWGD‰GDV)HXHUKHL‰LVWXQGZHKWXWGD‰+RO]KDUW XQGVFKZHULVWGD‰3DSLHUOHLFKWXQG]HUUHL‰EDULVW(VOHUQW DXFK PLW 0HQVFKHQ XP]XJHKHQ GD‰ GLH 0XWWHU OlFKHOW ZHQQHVL‰WGD‰VLHHVDXIGHQ$UPQLPPWZHQQHVZHLQW XQGGD‰VLHHVOREWZHQQHV9HUGDXXQJJHKDEWKDW6lPWOLFKH (UOHEQLVVH NULVWDOOLVLHUHQ XQG HUJlQ]HQ VLFK ]X GHP HLQHQ (UOHEQLV ,FK ZHUGH JHOLHEW ,FK ZHUGH JHOLHEW ZHLO LFK 0XWWHUV.LQGELQ,FKZHUGHJHOLHEWZHLOLFKKLOIORVELQ,FK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ZHUGHJHOLHEWZHLOLFKKEVFKXQGEHZXQGHUQVZHUWELQ8PHV DOOJHPHLQHUDXV]XGUFNHQ,FKZHUGHIUGDVJHOLHEWZDVLFK ELQ±RGHUYLHOOHLFKWQRFKSUl]LVHU,FKZHUGHJHOLHEWZHLOLFK ELQ'LHVHV(UOHEQLVYRQGHU0XWWHUJHOLHEW]XZHUGHQLVWHLQ SDVVLYHV(UOHEQLV,FKEUDXFKHJDUQLFKWV]XWXQXPJHOLHEW ]X ZHUGHQ GHQQ 0XWWHUOLHEH LVW EHGLQJXQJVORV ,FK EUDXFKH QXU ]X VHLQ LKU .LQG ]X VHLQ 0XWWHUOLHEH LVW 6HOLJNHLW LVW )ULHGH VLH EUDXFKW QLFKW HUZRUEHQ EUDXFKW QLFKW YHUGLHQW ]X ZHUGHQ 'LH %HGLQJXQJVORVLJNHLW GHU 0XWWHUOLHEH KDW MHGRFKDXFKHLQHQHJDWLYH6HLWH6LHEUDXFKWQLFKWQXUQLFKW YHUGLHQW]XZHUGHQ±VLHNDQQDXFKQLFKWHUZRUEHQZHUGHQ :HQQVLHYRUKDQGHQLVWLVWHV HLQ 6HJHQ IHKOW VLH MHGRFK LVWGDV/HEHQNDKOXQGOHHU±XQGLFKNDQQQLFKWVWXQXPVLH KHUYRU]XUXIHQ )U GLH PHLVWHQ .LQGHU LP $OWHU YRQ DFKW ELV ]X ]HKQ-DKUHQEHVWHKWGDV3UREOHPIDVWDXVVFKOLH‰OLFKGDULQ JHOLHEW ]X ZHUGHQ ± JHOLHEW ]X ZHUGHQ IU GDV ZDV PDQ LVW 'DV .LQG GDV MQJHU DOV DFKW -DKUH LVW OLHEW QRFK QLFKW HV UHDJLHUW GDQNEDU XQG IUHXGLJ GDUDXI JHOLHEW ]X ZHUGHQ$Q GLHVHP3XQNWGHUNLQGOLFKHQ(QWZLFNOXQJNRPPW HLQ QHXHU )DNWRU KLQ]X GDV QHXH *HIKO /LHEH GXUFK GLH HLJHQH $NWLYLWlW KHUYRU]XUXIHQ =XP HUVWHQPDO GHQNW GDV .LQG GDUDQGHU0XWWHU RGHUGHP9DWHU LUJHQGHWZDV]XJHEHQ LUJHQG HWZDV ± HLQ *HGLFKW HLQ %LOG RGHU ZDV HV VRQVW VHLQ PDJ±]XVFKDIIHQ=XPHUVWHQPDOLP/HEHQGHV.LQGHVLVW GLH9RUVWHOOXQJGHU/LHEHYRPª*HOLHEWZHUGHQ©LQª/LHEHQ© YHUZDQGHOWZRUGHQ±LQGDV(UVFKDIIHQGHU/LHEH9RQGHP 

9JO6XOOLYDQV%HVFKUHLEXQJGLHVHU(QWZLFNOXQJLQ7KH,QWHUSHUVRQDO7KHRU\RI 3V\FKLDWU\1HZ


(ULFK)URPP'LH.XQVWGHV/LHEHQV HUVWHQ$QIDQJELV]XP5HLIHQGHU/LHEHGDXHUWHVMHGRFKQRFK -DKUH6FKOLH‰OLFKKDWGDV.LQGGDVLQ]ZLVFKHQYLHOOHLFKWGDV -QJOLQJVRGHU%DFN¿VFKDOWHUHUUHLFKWKDWVHLQH(JR]HQWUL]LWlW EHUZXQGHQGHUDQGHUH0HQVFKLVWQLFKWPHKUHLQEOR‰HV0LWWHO ]XU%HIULHGLJXQJGHVHLJHQHQ9HUODQJHQV'LH1RWZHQGLJNHLWHQ XQG%HGUIQLVVHGHVDQGHUHQVLQGHEHQVRZLFKWLJZLHGLHHLJHQHQ ±WDWVlFKOLFKVLQGVLHVRJDUZLFKWLJHUJHZRUGHQ'DV*HEHQLVW EHIULHGLJHQGHU IUHXGYROOHU DOV GDV 1HKPHQ /LHEHQ ZLFKWLJHU DOV*HOLHEW]XZHUGHQ'XUFKGDV/LHEHQLVWGDV.LQGDXVVHLQHU ,VROLHUXQJKHUDXVJHWUHWHQGLHGXUFKVHLQHQ1DU]L‰PXVEHGLQJW ZDU(VHUOHEWGDV*HIKOYRQ$QWHLOQDKPHXQG(LQKHLW1RFK PHKU (V VSUW GLH .UDIW /LHEH GXUFK /LHEHQ KHUYRU]XUXIHQ QLFKW PHKU GDYRQ DEKlQJLJ ]X VHLQ /LHEH ]X HPSIDQJHQ XQG GD]X NOHLQ KLOÀRV NUDQN RGHU ªDUWLJ© VHLQ ]X PVVHQ 'LH NLQGOLFKH /LHEH IROJW GHP *UXQGVDW] ª,FK OLHEH ZHLO LFK JHOLHEWZHUGH©'LHUHLIH/LHEHGDJHJHQIROJWGHP*UXQGVDW] ª,FKZHUGHJHOLHEWZHLOLFKOLHEH©'LHXQUHLIHNLQGOLFKH/LHEH VDJW ª,FK OLHEH GLFK ZHLO LFK GLFK EUDXFKH© 'LH UHLIH /LHEH VDJWGDJHJHQª,FKEUDXFKHGLFKZHLOLFKGLFKOLHEH© ,Q HLQHP HQJHQ =XVDPPHQKDQJ PLW GHU (QWZLFNOXQJ GHU )lKLJNHLW ]XU /LHEH VWHKW GLH (QWZLFNOXQJ GHV 2EMHNWV GHU /LHEH 'LH HUVWHQ 0RQDWH XQG -DKUH GHV .LQGHV VLQG MHQH LQ GHQHQ HV GHU 0XWWHU DP HQJVWHQ YHUEXQGHQ LVW 'LHVH 9HUEXQGHQKHLWEHJLQQWEHUHLWVYRUGHP$XJHQEOLFNGHU*HEXUW ZHQQ0XWWHUXQG.LQGQRFKHLQVXQGWURW]GHP]ZHLVLQG'LH *HEXUWlQGHUWGLH6LWXDWLRQ]ZDULQJHZLVVHU+LQVLFKWMHGRFK NHLQHVZHJV VR GUDVWLVFK ZLH HV VFKHLQW 'DV .LQG GDV MHW]W DX‰HUKDOE GHV 0XWWHUOHLEHV OHEW LVW LPPHU QRFK Y|OOLJ YRQ GHU 0XWWHU DEKlQJLJ 6SlWHU OHUQW HV ]X JHKHQ ]X VSUHFKHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQG GLH :HOW VHOEVW ]X HUIRUVFKHQ GDV 9HUKlOWQLV ]XU 0XWWHU YHUOLHUWHLQHQ7HLOVHLQHUOHEHQVZLFKWLJHQ%HGHXWXQJXQGVWDWW GHVVHQZLUGGDV9HUKlOWQLV]XP9DWHUZLFKWLJHU 8PGLHVHQhEHUJDQJYRQGHU0XWWHU]XP9DWHU]XYHUVWHKHQ PX‰ PDQ GLH ZHVHQWOLFKHQ 8QWHUVFKLHGH LQ GHU (LJHQDUW GHU PWWHUOLFKHQ XQG GHU YlWHUOLFKHQ /LHEH EHWUDFKWHQ 9RQ GHU 0XWWHUOLHEH KDEHQ ZLU EHUHLWV JHVSURFKHQ 6LH LVW LKUHP :HVHQQDFKEHGLQJXQJVORV'LH0XWWHUOLHEWGDV1HXJHERUHQH ZHLOHVLKU.LQGLVWQLFKWZHLOGDV.LQGLUJHQGHLQHEHVRQGHUH %HGLQJXQJ HUIOOW KDW RGHU LUJHQGZHOFKHQ (UZDUWXQJHQ HQWVSULFKW :HQQ LFK DQ GLHVHU 6WHOOH YRQ GHU 0XWWHU E]Z GHU 9DWHUOLHEH VSUHFKH PHLQH LFK GDPLW ª,GHDOW\SHQ© LP 6LQQH0D[:HEHUVRGHULP6LQQHGHV-XQJVFKHQ$UFKHW\SV XQGZLOOGDPLWQLFKWVDJHQGD‰MHGH0XWWHUXQGMHGHU9DWHU LQ GHU JOHLFKHQ :HLVH OLHEW ,FK EH]LHKH PLFK YLHOPHKU DXI GDV 9DWHU E]Z 0XWWHUSULQ]LS GDV VLFK LQ GHU 3HUVRQ GHV9DWHUVE]ZGHU0XWWHUYHUN|USHUW 'LHEHGLQJXQJVORVH /LHEHHQWVSULFKWHLQHUGHUWLHIVWHQ6HKQVFKWHQLFKWQXUGHV .LQGHV VRQGHUQ MHGHV PHQVFKOLFKHQ :HVHQV DQGHUHUVHLWV HUZHFNW GLH7DWVDFKH GHV HLJHQHQ9HUGLHQVWHV ZHJHQ JHOLHEW ]X ZHUGHQ LPPHU LUJHQGZHOFKHQ =ZHLIHO 9LHOOHLFKW KDEH LFKGHU3HUVRQGLHPLFKOLHEHQVROONHLQH)UHXGHJHPDFKW YLHOOHLFKW LVW GLHVHV RGHU MHQHV SDVVLHUW ± MHGHQIDOOV EHVWHKW LPPHU GLH $QJVW GD‰ GLH /LHEH ZLHGHU YHUJHKHQ N|QQWH )HUQHU KLQWHUOl‰W ªYHUGLHQWH© /LHEH OHLFKW GDV ELWWHUH *HIKOGD‰PDQQLFKWXPVHLQHUVHOEVWZLOOHQJHOLHEWZLUG VRQGHUQ GD‰ PDQ QXU JHOLHEW ZLUG ZHLO PDQ GHP DQGHUHQ )UHXGHJHPDFKWKDW±GD‰PDQDOVRLPOHW]WHQQLFKWJHOLHEW VRQGHUQQXUJHEUDXFKWZLUG 

(ULFK)URPP'LH.XQVWGHV/LHEHQV .HLQ :XQGHU GD‰ ZLU DOOH XQV DQ GHU 6HKQVXFKW QDFK 0XWWHUOLHEHIHVWKDOWHQDOV.LQGHUDEHUDXFKDOV(UZDFKVHQH 'LH PHLVWHQ .LQGHU KDEHQ GDV *OFN 0XWWHUOLHEH ]X HPSIDQJHQ LQ ZHOFKHP $XVPD‰ EHVSUHFKHQ ZLU VSlWHU  %HL (UZDFKVHQHQ LVW GLHVH 6HKQVXFKW YLHO VFKZLHULJHU ]X HUIOOHQ ,Q GHU ]XIULHGHQVWHOOHQGVWHQ (QWZLFNOXQJ EOHLEW VLH LPPHUHLQH.RPSRQHQWHGHUHURWLVFKHQ/LHEHRIW¿QGHWVLH LKUHQ$XVGUXFNLQUHOLJL|VHQKlX¿JHUMHGRFKLQQHXURWLVFKHQ )RUPHQ 'LH %H]LHKXQJ ]XP9DWHU LVW JDQ] DQGHUV 'LH 0XWWHU LVW GLH+HLPDWDXVGHUZLUNRPPHQVLHLVWGLH1DWXUGLH(UGH GDV 0HHU 'HU 9DWHU GDJHJHQ YHUN|USHUW QLFKW LUJHQGHLQH QDWUOLFKH +HLPDW ,Q GHQ HUVWHQ /HEHQVMDKUHQ KDW HU NDXP HLQH9HUELQGXQJPLWGHP.LQGXQGLQGLHVHUHUVWHQ3HULRGH NDQQ PDQ VHLQH %HGHXWXQJ NHLQHVZHJV PLW GHU GHU 0XWWHU YHUJOHLFKHQ :lKUHQG GHU 9DWHU QLFKW GLH QDWUOLFKH :HOW UHSUlVHQWLHUWVWHKWHUIUGHQDQGHUHQ3ROGHUPHQVFKOLFKHQ ([LVWHQ] IU GLH :HOW GHU *HGDQNHQ GHU YRP 0HQVFKHQ HUVFKDIIHQHQ'LQJHYRQ*HVHW]2UGQXQJXQG'LV]LSOLQ'HU 9DWHULVWGHUMHQLJHGHUGDV.LQGOHKUWGHULKPGHQ:HJLQ GLH:HOW]HLJW (QJYHUEXQGHQPLWGLHVHU)XQNWLRQLVWHLQHDQGHUHGLH PLW GHU VR]LDO|NRQRPLVFKHQ (QWZLFNOXQJ ]XVDPPHQKlQJW $OV VLFK LP /DXIH GHU *HVFKLFKWH GDV 3ULYDWHLJHQWXP HQWZLFNHOWHXQG%HVLW]YRQHLQHPGHU6|KQHJHHUEWZHUGHQ NRQQWH ZXUGH GHU 9DWHU DQ GHP 6RKQ LQWHUHVVLHUW GHU LKQ HLQPDO EHHUEHQ N|QQWH 1DWUOLFK ZDU HV LPPHU QXU MHQHU 6RKQGHUGHP9DWHUDOV1DFKIROJHUDPJHHLJQHWVWHQVFKLHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ± MHQHU 6RKQ DOVR GHU LKP DP PHLVWHQ lKQHOWH XQG GHQ HU IROJOLFK DP OLHEVWHQ KDWWH 9DWHUOLHEH LVW EHGLQJWH /LHEH ,KU *UXQGVDW] LVW ª,FK OLHEH GLFK ZHLO GX PHLQH (UZDUWXQJHQ HUIOOVW ZHLO GX GHLQH 3ÀLFKW WXVW ZHLO GX PLU lKQOLFK ELVW½ *HQDX ZLH LQ GHU EHGLQJXQJVORVHQ 0XWWHUOLHEH ¿QGHQ ZLU LQ GHU EHGLQJWHQ 9DWHUOLHEH HLQHQ QHJDWLYHQ XQG HLQHQ SRVLWLYHQ $VSHNW'HU QHJDWLYH$VSHNW LVW GLH7DWVDFKH GD‰9DWHUOLHEH YHUGLHQW ZHUGHQ PX‰ GD‰ PDQ VLH ZLHGHU YHUOLHUHQ NDQQ ZHQQPDQQLFKWGDVWXWZDVYRQHLQHPHUZDUWHWZLUG,QGHU 1DWXUGHU9DWHUOLHEHOLHJWHVGD‰*HKRUVDP]XUJU|‰WHQ7XJHQG 8QJHKRUVDPDEHU]XUJU|‰WHQ6QGHZLUG±XQGGD‰VLHPLWGHU (QW]LHKXQJ GHU 9DWHUOLHEH EHVWUDIW ZLUG 'LH SRVLWLYH 6HLWH LVW JOHLFKHUPD‰HQZLFKWLJ'DGLHVH/LHEH%HGLQJXQJHQVWHOOWNDQQ LFK HWZDV WXQ XP VLH ]X HUZHUEHQ GLH 9DWHUOLHEH HQW]LHKW VLFKLP*HJHQVDW]]XU0XWWHUOLHEHQLFKWPHLQHU.RQWUROOHXQG $QVWUHQJXQJ 'LH +DOWXQJ GHV 9DWHUV XQG GHU 0XWWHU JHJHQEHU GHP .LQG HQWVSUHFKHQ GHQ %HGUIQLVVHQ GHV .LQGHV 'HU 6lXJOLQJ EUDXFKW GLH EHGLQJXQJVORVH /LHEH XQG )UVRUJH GHU 0XWWHU VRZRKON|USHUOLFKDOVDXFKSV\FKLVFK8PGDVVHFKVWH/HEHQVMDKU KHUXPEHJLQQWGDV.LQGMHGRFKGLH$XWRULWlWXQGGLH)KUXQJ GHV 9DWHUV ]X EUDXFKHQ 'LH 0XWWHU KDW GLH )XQNWLRQ LKP /HEHQVVLFKHUKHLW]XELHWHQGHU9DWHUGDJHJHQKDWGLH$XIJDEH GDV .LQG ]X OHKUHQ XQG HV EHL GHU $XVHLQDQGHUVHW]XQJ PLW GHQ3UREOHPHQMHQHU*HVHOOVFKDIW]XIKUHQLQGLHGDV.LQG KLQHLQJHERUHQ ZXUGH XQG GHU HV QXQ JHJHQEHUVWHKW 'LH JXWH 0XWWHU YHUVXFKW QLFKW GDV .LQG DP $XIZDFKVHQ ]X KLQGHUQ XQG LKP HLQH %HORKQXQJ IU VHLQH +LOÀRVLJNHLW ]X ELHWHQ'LH0XWWHUVROOWH9HUWUDXHQ]XP/HEHQKDEHQVLHVROOWH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV QLFKWEHUlQJVWOLFKVHLQXQGGDV.LQGPLWLKUHUbQJVWOLFKNHLW DQVWHFNHQ6LHVROOWHGHQ:XQVFKKDEHQGD‰GDV.LQGXQDEKlQJLJ ZLUGXQGVLFKVFKOLH‰OLFKY|OOLJYRQLKUWUHQQW 'LH 9DWHUOLHEH VROOWH GDJHJHQ YRQ *UXQGVlW]HQ XQG (UZDUWXQJHQ JHOHLWHW ZHUGHQ VLH VROOWH JHGXOGLJ XQG WROHUDQW QLFKW DEHU GURKHQG XQG DXWRULWlU VHLQ 6LH VROOWH GHP KHUDQZDFKVHQGHQ .LQG HLQ ]XQHKPHQGHV *HIKO VHLQHU HLJHQHQ .UDIW XQG )lKLJNHLW YHUPLWWHOQ XQG LKP VFKOLH‰OLFK HUODXEHQ VLFK VHOEVW$XWRULWlW ]X ZHUGHQ XQG GDPLW GHU GHV 9DWHUVHQWEHKUHQ]XN|QQHQ 'HUUHLIH0HQVFKLVWVFKOLH‰OLFKDQMHQHP3XQNWDQJHODQJWDQ GHPHUVR]XVDJHQ]XVHLQHUHLJHQHQ0XWWHUXQG]XVHLQHP9DWHU ZLUG(UHQWZLFNHOWHLQPWWHUOLFKHVXQGYlWHUOLFKHV*HZLVVHQ 'DV PWWHUOLFKH *HZLVVHQ VDJW ª(V JLEW NHLQH 6QGH NHLQ 9HUEUHFKHQ GDV GLFK PHLQHU /LHEH XQG PHLQHU :QVFKH IU GHLQ /HEHQ XQG GHLQ *OFN EHUDXEHQ N|QQWH© 'DV YlWHUOLFKH *HZLVVHQGDJHJHQVDJWª'XKDVWXQUHFKWJHWDQXQGGXNDQQVW QLFKW YHUPHLGHQ GLH .RQVHTXHQ]HQ ]X WUDJHQ YRU DOOHLQ DEHU PX‰W GX GLFK lQGHUQ ZHQQ LFK GLFK OLHEHQ VROO© 'HU UHLIH 0HQVFK KDW VLFK YRQ GHQ lX‰HUHQ *HVWDOWHQ GHU 0XWWHU XQG GHV9DWHUV EHIUHLW XQG KDW VLH GDIU LQ VLFK VHOEVW HUULFKWHW ,P *HJHQVDW] ]X )UHXGV %HJULII GHV hEHU,FK KDW HU VLH MHGRFK QLFKW GDGXUFK LQ VLFK HUULFKWHW GD‰ HU 9DWHU XQG 0XWWHU VLFK HLQYHUOHLEWKDWVRQGHUQLQGHPHUGDVPWWHUOLFKH*HZLVVHQDXI VHLQHU HLJHQHQ /LHEHVIlKLJNHLW GDV YlWHUOLFKH *HZLVVHQ DXI VHLQHHLJHQH9HUQXQIWXQG8UWHLOVNUDIWJHJUQGHWKDW'HUUHLIH 0HQVFK OHEW VRZRKO PLW GHP PWWHUOLFKHQ DOV DXFK PLW GHP YlWHUOLFKHQ*HZLVVHQWURW]GHU7DWVDFKHGD‰GLHVHEHLGHQVLFK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ]X ZLGHUVSUHFKHQ VFKHLQHQ :UGH HU OHGLJOLFK GDV YlWHUOLFKH *HZLVVHQ HQWZLFNHOQ ZUGH HU VWUHQJ XQG XQPHQVFKOLFK ZHUGHQ EHKLHOWH HU QXU GDV PWWHUOLFKH *HZLVVHQ ZlUH HU LQ *HIDKUVHLQH8UWHLOVNUDIW]XYHUOLHUHQXQGVLFKZLHDXFKDQGHUH LQGHU(QWZLFNOXQJ]XKHPPHQ ,QGLHVHU(QWZLFNOXQJYRQGHUPWWHUOLFKHQ]XUYlWHUOLFKHQ %LQGXQJXQGLKUHUVFKOLH‰OLFKHQ6\QWKHVHOLHJWGLH%DVLVIUGLH VHHOLVFKH*HVXQGKHLWXQGGLH(UUHLFKXQJGHU5HLIH,P9HUVDJHQ GLHVHU (QWZLFNOXQJ GDJHJHQ OLHJW HLQH JUXQGOHJHQGH 8UVDFKH IU 1HXURVHQ :HLO HV GHQ 5DKPHQ GLHVHV %XFKHV VSUHQJHQ ZUGH GLHVHQ *HGDQNHQJDQJ YROOVWlQGLJ ]X HQWZLFNHOQ JHQJHQYLHOOHLFKWHLQLJH%HPHUNXQJHQXPGLHVH)HVWVWHOOXQJ ]XHUOlXWHUQ (LQH8UVDFKHIUGLHQHXURWLVFKH(QWZLFNOXQJ¿QGHWVLFK]XP %HLVSLHOLQGHU7DWVDFKHGD‰HLQ.QDEHHLQHOLHEHQGHMHGRFKLKQ YLHO]XVHKUYHUZ|KQHQGH0XWWHUXQGJOHLFK]HLWLJHLQHQVFKZDFKHQ RGHUXQLQWHUHVVLHUWHQ9DWHUKDW,QGLHVHP)DOOLVWHVP|JOLFKGD‰ GHU.QDEHGHUIUKHQ0XWWHUELQGXQJZHLWHUKLQYHUKDIWHWEOHLEW XQG VLFK GDQQ ]X HLQHP 0HQVFKHQ HQWZLFNHOW GHU LPPHU YRQ GHU0XWWHU DEKlQJLJ EOHLEW GHU VLFK KLOÀRV IKOW XQG YRQ GHP 7ULHE]XHPSIDQJHQEHVFKW]W]XZHUGHQXPVRUJW]XZHUGHQ EHVWLPPW LVW RKQH GLH YlWHUOLFKHQ (LJHQVFKDIWHQ ]X HUZHUEHQ QlPOLFK'LV]LSOLQ8QDEKlQJLJNHLWXQGGLH)lKLJNHLWGDV/HEHQ VHOEVW]XPHLVWHUQ(UZLUGYHUVXFKHQLQDOOHQ0HQVFKHQª0WWHU© ]X¿QGHQPDQFKPDOLQ)UDXHQXQGPDQFKPDODXFKLQ0lQQHUQ GLHHLQHDXWRULWlUHXQGPDFKWYROOH3RVLWLRQHLQQHKPHQ:HQQ DQGHUHUVHLWVGLH0XWWHUNDOWWHLOQDKPVORVRGHUW\UDQQLVFKLVW PDJ HU GDV 9HUODQJHQ QDFK PWWHUOLFKHU /LHEH DXI GHQ 9DWHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV EHUWUDJHQXQGHUZLUGVLFK]XHLQHPHLQVHLWLJYDWHURULHQWLHUWHQ 0HQVFKHQ HQWZLFNHOQ GHU VLFK YROOVWlQGLJ GHQ 3ULQ]LSLHQ YRQ *HVHW] 2UGQXQJ XQG $XWRULWlW KLQJLEW GHP MHGRFK GLH )lKLJNHLW IHKOW EHGLQJXQJVORVH /LHEH ]X HUZDUWHQ RGHU ]X HPSIDQJHQ 'LHVH (QWZLFNOXQJ ZLUG QRFK YHUVWlUNW ZHQQ GHU 9DWHU DXWRULWlU XQG JOHLFK]HLWLJ GHP 6RKQ HQJ YHUEXQGHQ LVW :HLWHUH 8QWHUVXFKXQJHQ P|JHQ HUJHEHQ GD‰ JHZLVVH )RUPHQ GHU 1HXURVH ZLH ]XP %HLVSLHO GLH =ZDQJVQHXURVH VLFK PHKU DXI GHU %DVLV GHU HLQVHLWLJHQ %LQGXQJ DQ GHQ9DWHU HQWZLFNHOQ ZlKUHQG DQGHUH ± ZLH +\VWHULH 7UXQNVXFKW GDV 8QYHUP|JHQ GHU UHDOLVWLVFKHQ $XVHLQDQGHUVHW]XQJ PLW GHP /HEHQ XQG 'HSUHVVLRQHQ±DXVHLQHUHLQVHLWLJHQ0XWWHUELQGXQJUHVXOWLHUHQ

'LH2EMHNWHGHU/LHEH /LHEH LVW LQ HUVWHU /LQLH QLFKW %LQGXQJ DQ HLQH EHVRQGHUH 3HUVRQ VLH LVW YLHOPHKU HLQH +DOWXQJ HLQH 2ULHQWLHUXQJ GHV &KDUDNWHUVGLHGDV9HUKlOWQLVHLQHU3HUVRQ]XU:HOWDOV*DQ]HV QLFKW DEHU ]X HLQHP HLQ]LJHQ ª2EMHNW© GHU /LHEH EHVWLPPW :HQQ HLQ 0HQVFK QXU HLQH HLQ]LJH DQGHUH 3HUVRQ OLHEW XQG VHLQHQ EULJHQ 0LWPHQVFKHQ JHJHQEHU *OHLFKJOWLJNHLW HPS¿QGHWLVWVHLQH/LHEHQLFKW/LHEHVRQGHUQHLQHV\PELRWLVFKH %LQGXQJ RGHU HLQ JHVWHLJHUWHU (JRLVPXV7URW]GHP JODXEHQ GLH PHLVWHQ 0HQVFKHQ GD‰ GLH /LHEH GXUFK GDV 2EMHNW XQG QLFKW GXUFK GLH )lKLJNHLW EHGLQJW LVW 7DWVlFKOLFK JODXEHQ VLH VRJDU GD‰ HV HLQ %HZHLV IU GLH ,QWHQVLWlW LKUHU /LHEH VHL ZHQQ VLH DX‰HUGHUªJHOLHEWHQ©3HUVRQVRQVWQLHPDQGHQOLHEHQ(VLVWGHU JOHLFKH7UXJVFKOX‰GHQZLUEHUHLWVDQDQGHUHU6WHOOHHUZlKQWHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV :HLOPDQGLH/LHEHQLFKWDOV$NWLYLWlWDQVLHKWDOVHLQH.UDIW GHU6HHOHJODXEWPDQGD‰HVQXUQ|WLJVHLGDVULFKWLJH2EMHNW ]X¿QGHQ±XQGGD‰GDQQDOOHVEULJHVLFKYRQVHOEVWHQWZLFNHOH 'LHVH+DOWXQJNDQQPDQPLWGHUHLQHV0HQVFKHQYHUJOHLFKHQ GHU HLQ %LOG PDOHQ ZLOO GHU MHGRFK ± VWDWW GLHVH .XQVW ]X HUOHUQHQ±EHKDXSWHWHUPVVHHUVWGDVULFKWLJH2EMHNW¿QGHQ ZHQQHUHVHQWGHFNWKlWWHN|QQHHUHVDXFKPDOHQ:HQQLFKHLQHQ 0HQVFKHQ ZLUNOLFK OLHEH OLHEH LFK DOOH 0HQVFKHQ OLHEH LFK GLH JDQ]H:HOWXQGOLHEHLFKGDV/HEHQ:HQQLFK]XHLQHPDQGHUHQ VDJHQNDQQª,FKOLHEHGLFK©PX‰LFKDXFKVDJHQN|QQHQª,FK OLHEHLQGLUDOOH0HQVFKHQLFKOLHEHLQGLUGLH:HOWLFKOLHEHLQ GLUDXFKPLFKVHOEVW© 'LH7KHVH GD‰ GLH /LHEH HLQH 2ULHQWLHUXQJ LVW GLH VLFK DXI DOOHXQGQLFKWQXUDXIHLQHQEH]LHKWEHGHXWHWMHGRFKQLFKWGD‰HV ]ZLVFKHQGHQYHUVFKLHGHQHQ$UWHQGHU/LHEHNHLQH8QWHUVFKLHGH JlEHGLHYRQGHU$UWGHVJHOLHEWHQ2EMHNWHVDEKlQJLJVLQG D 1lFKVWHQOLHEH 'LH /LHEH GLH DOOHQ$UWHQ GHU /LHEH ]XJUXQGH OLHJW LVW GLH 1lFKVWHQOLHEH'DPLWPHLQHLFKGDV*HIKOGHU9HUDQWZRUWOLFKNHLW GHU )UVRUJH GHV 5HVSHNWHV XQG GHV :LVVHQV JHJHQEHU DOOHQ DQGHUHQPHQVFKOLFKHQ:HVHQDOVRGHQ:XQVFKGDV/HEHQGHV DQGHUHQ ]X I|UGHUQ 'DV LVW DXFK MHQH$UW YRQ /LHEH YRQ GHU GLH%LEHOVSULFKWZHQQVLHVDJW/LHEHGHLQHQ1lFKVWHQZLHGLFK VHOEVW'LH1lFKVWHQOLHEHLVW/LHEH]XDOOHQPHQVFKOLFKHQ:HVHQ FKDUDNWHULVWLVFK IU VLH LVW GDV )HKOHQ GHU $XVVFKOLH‰OLFKNHLW :HQQLFKGLH)lKLJNHLWGHV/LHEHQVHQWZLFNHOWKDEHNDQQLFK QLFKWXPKLQPHLQHQ1lFKVWHQ]XOLHEHQ,QGHU1lFKVWHQOLHEHOLHJW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GDV(UOHEQLVGHU9HUHLQLJXQJPLWDOOHQ0HQVFKHQGDV(UOHEQLV GHUPHQVFKOLFKHQ6ROLGDULWlWXQGGHUPHQVFKOLFKHQ(LQKHLW'LH 1lFKVWHQOLHEHEHUXKWDXIGHP:LVVHQGD‰ZLUDOOHHLQVVLQG'LH 8QWHUVFKLHGHLQ7DOHQW,QWHOOLJHQ] XQG:LVVHQ VLQG XQZLFKWLJ LP9HUJOHLFK]XGHU,GHQWLWlWGHVPHQVFKOLFKHQ.HUQVGHUDOOHQ 0HQVFKHQJHPHLQVDPLVW8PGLHVH,GHQWLWlW]XHUOHEHQPX‰ PDQMHGRFKYRP5DQG]XP.HUQYRUGULQJHQ:HQQLFKEHLHLQHP DQGHUHQ KDXSWVlFKOLFK GLH 2EHUÀlFKH ZDKUQHKPH VHKH LFK LQ GHU +DXSWVDFKH QXU GLH 8QWHUVFKLHGH GLH XQV WUHQQHQ ZHQQ LFKMHGRFK]XP.HUQYRUGULQJHHUNHQQHLFKXQVHUH,GHQWLWlW GLH7DWVDFKHXQVHUHU%UGHUOLFKNHLW'LHVH%H]LHKXQJ]ZLVFKHQ GHPHLQHQXQGGHPDQGHUHQª.HUQ©±DQ6WHOOHGHV9HUKlOWQLVVHV YRQ2EHUÀlFKH]X2EHUÀlFKH±LVWGDVª]HQWUDOH9HUKlOWQLV©RGHU ZLH6LPRQH:HLO HV VR VFK|Q DXVJHGUFNW KDW ª'LH JOHLFKHQ :RUWH GKHLQ0DQQVDJW]XVHLQHU)UDX¾,FKOLHEHGLFK½ N|QQHQ JHZ|KQOLFK RGHU DX‰HURUGHQWOLFK VHLQ MH QDFK GHU$UW ZLH VLH DXVJHVSURFKHQZHUGHQ8QGGLHVH$UWGHV$XVVSUHFKHQVKlQJW DEYRQGHU7LHIHGHU:HVHQVVFKLFKWDXVGHUVLHVWDPPHQRKQH GD‰GHU:LOOHKLHULUJHQGHWZDVYHUP|FKWH8QGLQIROJHHLQHU ZXQGHUEDUHQ hEHUHLQVWLPPXQJ EHUKUHQ VLH EHL GHP +|UHU GLHJOHLFKH6FKLFKW6RNDQQGHU+|UHUZHQQHUGLH*DEHGHU 8QWHUVFKHLGXQJEHVLW]WHUNHQQHQZDVGLHVH:RUWHZHUWVLQG© 'LH1lFKVWHQOLHEHLVW/LHEH]ZLVFKHQ*OHLFKHQDEHUVHOEVW DOV*OHLFKHVLQGZLULQ:LUNOLFKNHLWQLFKWLPPHUªJOHLFK©GHQQ GDZLU0HQVFKHQVLQGEUDXFKHQZLU+LOIH±KHXWHLFKPRUJHQ GX 'LHVHV 9HUODQJHQ QDFK +LOIH EHGHXWHW QLFKW GD‰ GHU HLQH KLOÀRVGHUDQGHUHVWDUNLVW+LOÀRVLJNHLWLVWHLQYRUEHUJHKHQGHU 

6LPRQH:HLO6FKZHUNUDIWXQG*QDGH'HXWVFKYRQ)ULHGKHOP.HPS$XÀDJH 0QFKHQ6



(ULFK)URPP'LH.XQVWGHV/LHEHQV =XVWDQGGLH)lKLJNHLWDXIHLJHQHQ)‰HQ]XVWHKHQXQG]X JHKHQLVWGDJHJHQGHUEOLFKHXQGGDXHUKDIWH=XVWDQG 'LH/LHEH]XGHQ+LOÀRVHQGHQ$UPHQXQG)UHPGHQLVWGLH *UXQGODJH GHU 1lFKVWHQOLHEH (V LVW QLFKWV %HVRQGHUHV VHLQ HLJHQHV )OHLVFK XQG %OXW ]X OLHEHQ -HGHV 7LHU OLHEW VHLQH -XQJHQXQGVRUJWIUVLH'HU+LOÀRVHOLHEWVHLQHQ+HUUQZHLO VHLQ/HEHQYRQLKPDEKlQJWGDV.LQGOLHEWVHLQH(OWHUQZHLO HVVLHEUDXFKW(UVWLQGHU/LHEH]XMHQHQGLHPHLQHQ=ZHFNHQ QLFKW GLHQHQ N|QQHQ EHJLQQW GLH /LHEH VLFK ]X HQWIDOWHQ %H]HLFKQHQGHUZHLVH VLQG GLH$UPHQ LP$OWHQ7HVWDPHQW GDV ]HQWUDOH2EMHNWGHU0HQVFKHQOLHEHXQGQLFKWQXUVLHVRQGHUQ DXFK GHU )UHPGH GLH:LWZH XQG:DLVHXQGVFKOLH‰OLFKDXFK QRFK GLH )HLQGH GHU 1DWLRQ GLH bJ\SWHU XQG GLH (GRPLWHQ ,P0LWOHLGPLWGHP+LOÀRVHQIlQJWGHU0HQVFKDQGLH/LHEH IU VHLQHQ 1lFKVWHQ ]X HQWZLFNHOQ XQG LQ GHU /LHEH ]X VLFK VHOEVW OLHEW HU DXFK MHQH GLH +LOIH EUDXFKHQ GLH VFKZDFKHQ XQG XQJHVLFKHUWHQ PHQVFKOLFKHQ :HVHQ 0LWOHLG HQWKlOW GDV (OHPHQWGHV:LVVHQVXQG(UNHQQHQVª'HQQLKUZLVVHWXPGHU )UHPGOLQJH +HU]© KHL‰W HV LP$OWHQ 7HVWDPHQW ªGLHZHLO LKU DXFKVHLG)UHPGOLQJHLPbJ\SWHUODQGJHZHVHQ«'DUXPVROOW LKUDXFKGLH)UHPGOLQJHOLHEHQ© E 0XWWHUOLHEH 0LW GHP:HVHQ GHU 0XWWHUOLHEH KDEHQ ZLU XQV EHUHLWV LQ HLQHPYRUKHUJHJDQJHQHQ.DSLWHOEHID‰WGDVGHQ8QWHUVFKLHG ]ZLVFKHQ0XWWHUOLHEHXQG9DWHUOLHEHEHKDQGHOWH  'HQJOHLFKHQ*HGDQNHQKDW+HUPDQQ&RKHQLQVHLQHU5HOLJLRQGHU 9HUQXQIW DXV GHQ 4XHOOHQ GHV -XGHQWXPV DXVJHGUFNW $XÀDJH)UDQNIXUWDP0DLQ6 II 



(ULFK)URPP'LH.XQVWGHV/LHEHQV 'LH0XWWHUOLHEHLVWZLHLFKEHUHLWVVDJWHHLQHEHGLQJXQJVORVH %HVWlWLJXQJGHVNLQGOLFKHQ/HEHQVXQGVHLQHU1RWZHQGLJNHLWHQ +LHUPX‰MHGRFKQRFKHWZDV:LFKWLJHVKLQ]XJHIJWZHUGHQ'LH %HVWlWLJXQJGHVNLQGOLFKHQ/HEHQVKDW]ZHL$VSHNWHGHUHLQHLVW MHQH)UVRUJHXQGMHQH9HUDQWZRUWOLFKNHLWGLH]XU%HZDKUXQJ XQG (QWIDOWXQJ GHV NLQGOLFKHQ /HEHQV XQEHGLQJW QRWZHQGLJ VLQG'HUDQGHUH$VSHNWJHKWMHGRFKQRFKEHUGLH%HZDKUXQJ KLQDXV(VLVWMHQH+DOWXQJGLHGHP.LQGGLH/LHEH]XP/HEHQ HLQÀ|‰WGLHLKPGDV*HIKOJLEW(VLVWJXW]XOHEHQHVLVWJXW HLQNOHLQHU-XQJHRGHUHLQNOHLQHV0lGFKHQ]XVHLQHVLVWJXW DXIGLHVHU(UGH]XVHLQ'LHVHEHLGHQ$VSHNWHGHU0XWWHUOLHEH ZHUGHQ VHKU GHXWOLFK LQ GHU ELEOLVFKHQ 6FK|SIXQJVJHVFKLFKWH ]XP $XVGUXFN JHEUDFKW *RWW HUVFKDIIW GLH :HOW XQG GHQ 0HQVFKHQGLHVHQWVSULFKWGHUHLQIDFKHQ)UVRUJHXQG%HMDKXQJ GHU([LVWHQ]*RWWJHKWMHGRFKGDUEHUKLQDXV1DFKMHGHP7DJGHU (UVFKDIIXQJYRQ1DWXUXQG0HQVFKKHL‰WHV8QG*RWWVDKGD‰ HVJXWZDUbKQOLFKJLEWGLH0XWWHUOLHEHLQLKUHP]ZHLWHQ$VSHNW GHP.LQGGDV*HIKO(VLVWJXWJHERUHQ]XVHLQ(VYHUPLWWHOW GHP.LQGGLH/LHEH]XP/HEHQXQGQLFKWQXUGHQ:XQVFKOHEHQ ]X EOHLEHQ 'HU JOHLFKH *HGDQNH NDQQ DXFK LQ HLQHP DQGHUHQ 6\PEROLVPXVGHU%LEHODXVJHGUFNWVHLQ9RP*HOREWHQ /DQG /DQGLVWLPPHUHLQ0XWWHUV\PERO KHL‰WHVGD‰ªGDULQ0LOFK XQG +RQLJ ÀLH‰HQ© 'LH 0LOFK LVW GDV 6\PERO IU GHQ HUVWHQ $VSHNWGHU/LHEHIUGHQGHU)UVRUJHXQG%HVWlWLJXQJ'HU +RQLJV\PEROLVLHUWGLH6‰HGHV/HEHQVGLH/LHEH]XP/HEHQ XQGGDV*OFNDP/HEHQ]XVHLQ'LHPHLVWHQ0WWHUVLQGLQGHU /DJHª0LOFK©]XJHEHQDEHUQXUHLQH0LQGHUKHLWNDQQGDQHEHQ DXFKQRFKª+RQLJ©JHEHQ8P+RQLJJHEHQ]XN|QQHQPX‰ PDQ QLFKW QXU HLQH ªJXWH 0XWWHU© VRQGHUQ GDQHEHQ QRFK HLQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV JOFNOLFKHU0HQVFKVHLQ±XQGGLHVHV=LHOZLUGQXUYRQZHQLJHQ HUUHLFKW'LH:LUNXQJDXIGDV.LQGLVWJDUQLFKW]XEHUVFKlW]HQ 'LHPWWHUOLFKH/LHEH]XP/HEHQLVWJHQDXVRDQVWHFNHQGZLHGLH PWWHUOLFKH$QJVW%HLGHKDEHQHLQHWLHIJUHLIHQGH:LUNXQJDXI GLH JDQ]H 3HUV|QOLFKNHLW GHV.LQGHVWDWVlFKOLFKNDQQPDQEHL .LQGHUQ±XQGDXFKEHL(UZDFKVHQHQ±GHXWOLFKXQWHUVFKHLGHQZHU QXUª0LOFK©XQGZHUª0LOFKXQG+RQLJ©EHNRPPHQKDW ,P*HJHQVDW]]XU1lFKVWHQOLHEHXQG]XUHURWLVFKHQ/LHEHGLH LPPHU/LHEH]ZLVFKHQ*OHLFKHQVLQGLVWGDV9HUKlOWQLV]ZLVFKHQ 0XWWHU XQG .LQG VHLQHP JDQ]HQ :HVHQ QDFK HLQ 9HUKlOWQLV ]ZLVFKHQ8QJOHLFKHQEHLGHPGHUHLQHGLHJDQ]H+LOIHEUDXFKW XQGGHUDQGHUHVLHLKPJLEW$XI*UXQGGLHVHUXQHLJHQQW]LJHQ XQGVHOEVWORVHQ(LJHQVFKDIWJLOWGLH0XWWHUOLHEHDOVGLHK|FKVWH $UWGHU/LHEHXQGDOVGLHJHKHLOLJVWHHPRWLRQHOOH%LQGXQJ(V VFKHLQWMHGRFKGD‰GDV%HZXQGHUQVZHUWHDQGHU0XWWHUOLHEH QLFKW LQ LKUHU /LHEH ]X GHP 6lXJOLQJ VRQGHUQ LQ GHU /LHEH ]XP KHUDQZDFKVHQGHQ .LQG OLHJW (V VWLPPW GD‰ GLH 0WWHU LQGHU0HKUKHLWDXVJHVSURFKHQOLHEHQGH0WWHUVLQGVRODQJH GDV.LQGQRFKNOHLQXQGYROONRPPHQYRQLKQHQDEKlQJLJLVW 'LHPHLVWHQ)UDXHQZQVFKHQVLFK.LQGHUVLQGJOFNOLFKEHU GDV 1HXJHERUHQH XQG N|QQHQ HV QLFKW HUZDUWHQ ELV VLH HV VHOEVWYHUVRUJHQN|QQHQ6RLVWHVWURW]GHU7DWVDFKHGD‰VLH YRQGHP.LQGQLFKWVª]XUFNHUKDOWHQ©DEJHVHKHQYRQHLQHP /lFKHOQ RGHU GHP ]XIULHGHQHQ $XVGUXFN LQ VHLQHP *HVLFKW (V KDW GHQ$QVFKHLQ DOV OlJH GLH :XU]HO ]X GLHVHU +DOWXQJ LQHLQHP,QVWLQNWGHQPDQEHL7LHUHQJHQDXVRDQWULIIWZLHEHL GHU PHQVFKOLFKHQ 0XWWHU 8QJHDFKWHW GHV *HZLFKWV GLHVHV ,QVWLQNWHV OLHJHQ MHGRFK DXFK DXVJHVSURFKHQ PHQVFKOLFKH SV\FKRORJLVFKH)DNWRUHQYRUGLHIUGLHVH$UWYRQ0XWWHUOLHEH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV YHUDQWZRUWOLFKVLQG6RNDQQPDQLQLKUDXFKGDV(OHPHQWGHU QDU]L‰WLVFKHQ /LHEH ¿QGHQ 'D GLH 0XWWHU GDV .LQG LPPHU QRFKDOVHLQHQ7HLOYRQVLFKVHOEVWHUOHEWNDQQLKUH/LHEHXQG 9HUQDUUWKHLWDXFKHLQH%HIULHGLJXQJLKUHV1DU]L‰PXVVHLQ(LQH DQGHUH:XU]HOOLH‰HVLFKYLHOOHLFKWLQGHP:XQVFKGHU0XWWHU QDFK0DFKWRGHU%HVLW]HQWGHFNHQ'DV.LQGGDVYROONRPPHQ KLOÀRV XQG LKUHP :LOOHQ YROOVWlQGLJ XQWHUZRUIHQ LVW LVW GDV QDWUOLFKH 2EMHNW IU HLQH W\UDQQLVFKH XQG EHVLW]JLHULJH 0XWWHU 6R KlX¿J GLHVH 0RWLYLHUXQJHQ VLQG VR VLQG VLH GRFK ZDKUVFKHLQOLFK ZHQLJHU ZLFKWLJ DOV MHQH GLH PDQ DOV 6WUHEHQ QDFK7UDQV]HQGHQ]EH]HLFKQHQN|QQWH'LHVHV9HUODQJHQJHK|UW ]XGHQJUXQGOHJHQGVWHQ%HGUIQLVVHQGHV0HQVFKHQXQGEHUXKW DXI GHU 7DWVDFKH VHLQHV 6HOEVWEHZX‰WVHLQV DXI GHU 7DWVDFKH GD‰ HU VLFK QLFKW PLW GHU 5ROOH GHU UHLQHQ .UHDWXU EHJQJHQ NDQQGD‰HUHVQLFKWHUWUlJWQLFKWVDOVGHU:UIHO]XVHLQGHU DXVGHP%HFKHUJHIDOOHQ LVW (U PX‰ VLFK VHOEVW DOV 6FK|SIHU IKOHQDOV:HVHQGDVGLHSDVVLYH5ROOHGHVQXU(UVFKDIIHQHQ WUDQV]HQGLHUW(VJLEWYLHOH0|JOLFKNHLWHQGLHVHV%HGUIQLVGHV (UVFKDIIHQV]XEHIULHGLJHQGLHQDWUOLFKVWHXQGHOHPHQWDUVWH LVWGLH)UVRUJHXQGGLH/LHEHGHU0XWWHUIULKU*HVFK|SI,Q GHP .LQG JHKW VLH EHU VLFK VHOEVW KLQDXV LKUH /LHEH IU GDV .LQG JLEW LKUHP /HEHQ 6LQQ XQG %HGHXWXQJ *HUDGH LQ GHU 8QIlKLJNHLW GHV 0DQQHV VHLQ 9HUODQJHQ QDFK 7UDQV]HQGHQ] GXUFK GDV *HElUHQ HLQHV .LQGHV ]X EHIULHGLJHQ OLHJW IU LKQ GHU =ZDQJ VHLQ 6FK|SIHUWXP GXUFK GDV (UVFKDIIHQ GHU YRQ 0HQVFKHQKDQGVWDPPHQGHQ'LQJHXQGYRQ,GHHQ]XEHZHLVHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV $EHUGDV.LQGPX‰KHUDQZDFKVHQ(VPX‰VLFKYRP0XWWHUOHLE XQGYRQGHU0XWWHUEUXVWO|VHQHVPX‰VFKOLH‰OLFKHLQYROONRPPHQ VHOEVWlQGLJHV PHQVFKOLFKHV :HVHQ ZHUGHQ 'DV HLJHQWOLFKH :HVHQ GHU 0XWWHUOLHEH OLHJW GDULQ IU GDV +HUDQZDFKVHQ GHV .LQGHV]XVRUJHQXQGGDVEHGHXWHWDXFKIUGLH7UHQQXQJYRQ 0XWWHUXQG.LQG+LHUKDEHQZLUGHQJUXQGOHJHQGHQ8QWHUVFKLHG ]XU HURWLVFKHQ /LHEH ,Q GHU HURWLVFKHQ /LHEH YHUHLQLJHQ VLFK ]ZHL 0HQVFKHQ GLH ELVKHU JHWUHQQW ZDUHQ LQ GHU 0XWWHUOLHEH GDJHJHQZHUGHQ]ZHL0HQVFKHQGLHYRUKHUHLQVZDUHQJHWUHQQW 'LH0XWWHUOLHEHPX‰GLH7UHQQXQJYRP.LQGQLFKWQXUGXOGHQ VRQGHUQVLHVRJDUZQVFKHQXQGI|UGHUQ(UVWLQGLHVHP6WDGLXP ZLUG GLH 0XWWHUOLHEH ]X HLQHU VFKZLHULJHQ $XIJDEH GD VLH 6HOEVWORVLJNHLWVRZLHGLH)lKLJNHLWYHUODQJWDOOHV]XJHEHQXQG QLFKWV ]X IRUGHUQ DX‰HU GHP *OFN GHV *HOLHEWHQ *HUDGH LQ GLHVHP 3XQNW YHUVDJHQ MHGRFK YLHOH 0WWHU 'LH QDU]L‰WLVFKH GLH W\UDQQLVFKH XQG GLH EHVLW]JLHULJH )UDX NDQQ VHKU JXW HLQH ªOLHEHQGH©0XWWHUVHLQVRODQJHGDV.LQGNOHLQLVW$EHUQXUGLH ZLUNOLFKOLHEHQGH)UDXMHQH)UDXGLHLP*HEHQJOFNOLFKHULVW DOVLP1HKPHQXQGLQLKUHUHLJHQHQ([LVWHQ]IHVWYHUZXU]HOWLVW NDQQDXFKGDQQHLQHOLHEHQGH0XWWHUVHLQZHQQVLFKGDV.LQGLP 3UR]H‰GHU/RVWUHQQXQJEH¿QGHW 'LH 0XWWHUOLHEH IU GDV KHUDQZDFKVHQGH .LQG GLH /LHEH GLH QLFKWVIUVLFKVHOEVWZLOOLVWYLHOOHLFKWGLHVFKZLHULJVWH)RUPGHU /LHEHGLHHVEHUKDXSWJLEWXQGZHJHQGHU/HLFKWLJNHLWPLW GHU HLQH 0XWWHU LKU NOHLQHV .LQG OLHEW DXFK GLH WlXVFKHQGVWH $EHUJHUDGHZHJHQGLHVHU6FKZLHULJNHLWZLUGHLQH)UDXQXUGDQQ HLQHZLUNOLFKOLHEHQGH0XWWHUVHLQZHQQVLHEHUKDXSWOLHEHQ NDQQZHQQVLHIlKLJLVWLKUHQ0DQQDQGHUH.LQGHU)UHPGH XQGEHUKDXSWDOOHPHQVFKOLFKHQ:HVHQ]XOLHEHQ-HQH)UDX 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GLHLQGLHVHP6LQQH]XU/LHEHXQIlKLJLVWNDQQ±VRODQJHGDV .LQGNOHLQLVW±HLQHYHUZ|KQHQGH0XWWHUDEHUQLHPDOVHLQH OLHEHQGH0XWWHUVHLQGLH3UREHGDIULVWGLH%HUHLWZLOOLJNHLW GLH 7UHQQXQJ QLFKW QXU ]X HUWUDJHQ VRQGHUQ DXFK QDFK GHU 7UHQQXQJZHLWHUKLQ]XOLHEHQ F (URWLVFKH/LHEH 'LH 1lFKVWHQOLHEH LVW /LHEH ]ZLVFKHQ *OHLFKHQ GLH 0XWWHUOLHEH LVW /LHEH IU GHQ +LOÀRVHQ 6R YHUVFKLHGHQ VLH YRQHLQDQGHUVLQGKDEHQVLHGRFKHLQH*HPHLQVDPNHLW6LH VLQG LKUHP JDQ]HQ:HVHQ QDFK QLFKW DXI HLQH HLQ]LJH 3HUVRQ EHVFKUlQNW :HQQ LFK PHLQHQ 1lFKVWHQ OLHEH OLHEH LFK DOOH 0HQVFKHQ ZHQQ LFK PHLQ .LQG OLHEH OLHEH LFK DXFK PHLQH DQGHUHQ .LQGHU XQG GDUEHU KLQDXV DOOH .LQGHU DOOH GLH PHLQH+LOIHEUDXFKHQ,P*HJHQVDW]]XGLHVHQEHLGHQ$UWHQ GHU /LHEH VWHKW GLH HURWLVFKH /LHEH VLH LVW GDV 9HUODQJHQ QDFKYROOVWlQGLJHU9HUHLQLJXQJQDFKGHU9HUVFKPHO]XQJPLW GHPDQGHUHQ,KUHPJDQ]HQ:HVHQQDFKLVWVLHDXVVFKOLH‰OLFK XQG QLFKW DOOXPIDVVHQG VLH LVW DEHU DXFK YLHOOHLFKW GLH LUUHIKUHQGVWH)RUPGHU/LHEHGLHHVJLEW 9RUDOOHPZLUGVLHKlX¿JPLWGHPH[SORVLYHQ(UOHEQLVGHV ª9HUOLHEHQV©YHUZHFKVHOWPLWGHPSO|W]OLFKHQ1LHGHUEUHFKHQ DOOHU%DUULHUHQGLHELVGDKLQ]ZLVFKHQ]ZHLHLQDQGHU)UHPGHQ EHVWDQGHQ :LH EHUHLWV JHVDJW LVW GLHVHV (UOHEQLV HLQHU SO|W]OLFKHQ ,QWLPLWlW VHLQHP JDQ]HQ :HVHQ QDFK MHGRFK VHKU NXU]OHELJ 1DFKGHP GHU )UHPGH ]X HLQHU LQWLPHQ 3HUVRQ JHZRUGHQ LVW EHVWHKHQ NHLQH %DUULHUHQ PHKU GLH QRFK EHUZXQGHQ ZHUGHQ P‰WHQ PDQ EUDXFKW VLFK QLFKW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV PHKU ]X EHPKHQ HLQDQGHU QDKH]XNRPPHQ 'HU ªJHOLHEWH© 0HQVFK LVW GHP DQGHUHQ JHQDXVRJXW ± RGHU YLHOOHLFKW VROOWH LFK VDJHQ JHQDXVRZHQLJ ± EHNDQQW ZLH GLHVHU VLFK VHOEVW +lWWH GDV (UOHEQLV GHV DQGHUHQ PHKU 7LHIH GDQQ ZUGH GLHVHU DQGHUH QLHPDOV VR EHNDQQW ZHUGHQ ± XQG GDV :XQGHU GHV hEHUZLQGHQV YRQ %DUULHUHQ ZUGH GDQQ YLHOOHLFKW 7DJ IU 7DJYRQQHXHPHLQWUHWHQ)UGLHPHLVWHQ0HQVFKHQLVWMHGRFK QLFKWQXUGLHHLJHQH3HUVRQVRQGHUQDXFKGLHDQGHUHVFKHLQEDU EDOGHUNDQQWXQGEDOGHUVFK|SIWJHUDGHZHLOVLHLQ:LUNOLFKNHLW QXU DQ GHU 2EHUÀlFKH XQG QLFKW LQ GHU 7LHIH HUNDQQW LVW )U VLH LVW GLH ,QWLPLWlW LQ HUVWHU /LQLH GXUFK GLH JHVFKOHFKWOLFKH 9HUHLQLJXQJYHUZLUNOLFKW'DVLHGLH*HWUHQQWKHLWYRQDQGHUHQ YRU DOOHP DOV N|USHUOLFKH *HWUHQQWKHLW HUOHEHQ EHGHXWHW GLH N|USHUOLFKH9HUHLQLJXQJIUVLH]XJOHLFKGLHhEHUZLQGXQJGHU *HWUHQQWKHLW 'DUEHU KLQDXV JLEW HV QRFK HLQH 5HLKH DQGHUHU )DNWRUHQ GLH IU YLHOH 0HQVFKHQ GLH hEHUZLQGXQJ LKUHU *HWUHQQWKHLW EHGHXWHQ'DV(U]lKOHQYRPHLJHQHQ/HEHQYRQGHQHLJHQHQ +RIIQXQJHQ XQG bQJVWHQ GDV 3UlVHQWLHUHQ GHU HLJHQHQ NLQGOLFKHQRGHUNLQGLVFKHQ3KDQWDVLHQGLH7DWVDFKHJHPHLQVDPHU ,QWHUHVVHQJHJHQEHUGHU:HOW±GDVDOOHVJLOWDOVhEHUZLQGXQJ GHU *HWUHQQWKHLW 6HOEVW GHQ HLJHQHQ bUJHU XQG GHQ HLJHQHQ +D‰]X]HLJHQMDGHUY|OOLJH 0DQJHO DQ +HPPXQJHQ JLOW DOV ,QWLPLWlWXQGGDPLWHUNOlUWVLFKYLHOOHLFKWDXFKGLHSHUYHUWLHUWH $Q]LHKXQJGLH(KHSDDUHKlX¿JIUHLQDQGHUHPS¿QGHQGLHQXU GDQQLQWLP]XVHLQVFKHLQHQZHQQVLHPLWHLQDQGHUVFKODIHQRGHU ZHQQVLHLKUHPJHJHQVHLWLJHQ+D‰IUHLHQ/DXIODVVHQ'LHVH$UWHQ YRQ ª1lKH© KDEHQ MHGRFK GLH (LJHQVFKDIW LP /DXIH GHU =HLW LPPHU PHKU ]X VFKZLQGHQ 'LH )ROJHLVWGD‰PDQEHLHLQHP 

(ULFK)URPP'LH.XQVWGHV/LHEHQV QHXHQ0HQVFKHQ/LHEHVXFKWEHLHLQHPQHXHQ)UHPGHQ:LHGHU YHUZDQGHOWVLFKGHU)UHPGHLQHLQHQªLQWLPHQ©0HQVFKHQZLHGHU LVW GDV (UOHEQLV GHV 9HUOLHEHQV YROOHU )UHXGH XQG ,QWHQVLWlW XQGZLHGHUQLPPWHVODQJVDPLPPHUPHKUDEELVGDV9HUODQJHQ QDFK HLQHU QHXHQ (UREHUXQJ QDFK HLQHU QHXHQ /LHEH HQWVWHKW ±LPPHUPLWGHU,OOXVLRQGD‰GLHQHXH/LHEHDQGHUVVHLQZLUG DOVGLHELVKHULJHQ*HI|UGHUWZLUGGLHVH,OOXVLRQQRFKYRQGHP WlXVFKHQGHQ&KDUDNWHUGHVVH[XHOOHQ9HUODQJHQV 'DV VH[XHOOH 9HUODQJHQ ]LHOW DXI 9HUHLQLJXQJ ± XQG LVW NHLQHVZHJV QXU HLQH SK\VLVFKH %HJLHUGH GLH /|VXQJ HLQHU TXlOHQGHQ 6SDQQXQJ 'DV VH[XHOOH 9HUODQJHQ NDQQ MHGRFK QRFK GXUFK GLH $QJVW YRU GHU (LQVDPNHLW JHVWHLJHUW ZHUGHQ RGHU GXUFK GHQ :XQVFK ]X HUREHUQ RGHU HUREHUW ]X ZHUGHQ GXUFK (LWHONHLW GXUFK GDV 9HUODQJHQ ]X YHUOHW]HQ RGHU VRJDU ]X ]HUVW|UHQ ± DEHU DXFK GXUFK /LHEH (V VFKHLQW GD‰ GDV VH[XHOOH9HUODQJHQVLFKPLWMHGHPLQWHQVLYHQ*HIKOYHUPLVFKHQ XQGGXUFKMHGHVLQWHQVLYH*HIKOQRFKJHVWHLJHUWZHUGHQNDQQ GDKHU DXFK GXUFK GLH /LHEH 'D GDV VH[XHOOH 9HUODQJHQ LQ GHU $QVLFKW GHU PHLVWHQ 0HQVFKHQ PLW GHU /LHEH YHUEXQGHQ LVW NRPPHQVLHVHKUOHLFKW]XGHPLUUHIKUHQGHQ6FKOX‰GD‰PDQ VLFKOLHEWZHQQPDQVLFKN|USHUOLFKEHVLW]HQZLOO/LHEHNDQQ ]ZHLIHOORV GDV 9HUODQJHQ QDFK VH[XHOOHU 9HUHLQLJXQJ DXVO|VHQ ,Q GLHVHP )DOO IHKOW GHU SK\VLVFKHQ %H]LHKXQJ GLH *LHU XQG GHU :XQVFK ]X HUREHUQ RGHU HUREHUW ]X ZHUGHQ GDIU HQWKlOWVLH=lUWOLFKNHLW:HQQGDV9HUODQJHQQDFKSK\VLVFKHU 9HUHLQLJXQJQLFKWGXUFK/LHEHEHGLQJWZLUGZHQQGLHHURWLVFKH /LHEH DOVR QLFKW DXFK 1lFKVWHQOLHEH LVW IKUW VLH LPPHU QXU ]X HLQHU9HUHLQLJXQJLQRUJLDVWLVFKHPYRUEHUJHKHQGHP6LQQH'LH VH[XHOOH$Q]LHKXQJVFKDIIW]ZDULP$XJHQEOLFNGLH,OOXVLRQGHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 9HUHLQLJXQJDEHURKQH/LHEHEOHLEHQQDFKGLHVHUª9HUHLQLJXQJ© )UHPGH ]XUFN GLH JHQDXVR ZHLW YRQHLQDQGHU HQWIHUQW VLQG ZLH YRUKHU )UHPGH GLH VLFK GDQQ YRUHLQDQGHU VFKlPHQ RGHU VLFKKLQWHUKHUKDVVHQZHLOVLHGLHJHJHQVHLWLJH)UHPGKHLWQDFK GHP9HUVFKZLQGHQGHU,OOXVLRQVWlUNHUVSUHQDOVYRUKHU'LH =lUWOLFKNHLWLVWNHLQHVZHJVZLH)UHXGJODXEWHHLQH6XEOLPLHUXQJ GHV 6H[XDOLQVWLQNWHV VLH LVW GHU XQPLWWHOEDUH $XVGUXFN GHU 1lFKVWHQOLHEHXQG¿QGHWVLFKVRZRKOLQGHQSK\VLVFKHQDOVDXFK LQGHQQLFKWSK\VLVFKHQ)RUPHQGHU/LHEH ,Q GHU HURWLVFKHQ /LHEH JLEW HV HLQH $XVVFKOLH‰OLFKNHLW GLH VRZRKOGHU1lFKVWHQOLHEHDOVDXFKGHU0XWWHUOLHEHIHKOW'LHVHU DXVVFKOLH‰OLFKH &KDUDNWHU GHU HURWLVFKHQ /LHEH HUIRUGHUW QRFK HLQH QlKHUH %HWUDFKWXQJ +lX¿J ZLUG GLH $XVVFKOLH‰OLFKNHLW GHU HURWLVFKHQ /LHEH IlOVFKOLFK DOV EHVLW]HUJUHLIHQGH %LQGXQJ DXVJHOHJW 0DQ ¿QGHW RIW ]ZHL 0HQVFKHQ GLH VLFK JHJHQVHLWLJ OLHEHQ IU DQGHUH MHGRFK NHLQHUOHL /LHEH HPS¿QGHQ ,KUH /LHEH LVW LQ :LUNOLFKNHLW HLQ JHPHLQVDPHU (JRLVPXV HV VLQG 0HQVFKHQGLHVLFKVHOEVWQXUPLWGHP3DUWQHULGHQWL¿]LHUHQXQG GDV3UREOHPGHU*HWUHQQWKHLWGDGXUFKO|VHQGD‰VLHGDVHLQ]HOQH ,QGLYLGXXP LQ ]ZHL ,QGLYLGXHQ DXIWHLOHQ 6LH JODXEHQ GLH (LQVDPNHLW EHUZXQGHQ ]X KDEHQ GD VLH VLFK YRQ GHU EULJHQ 0HQVFKKHLW MHGRFK ]XUFNJH]RJHQ KDEHQ EOHLEHQ VLH DXFK XQWHUHLQDQGHU JHWUHQQW XQG HLQDQGHU HQWIUHPGHW 'DV (UOHEQLV GHU9HUHLQLJXQJLVWIUVLHDOVRHLQH,OOXVLRQ'LHHURWLVFKH/LHEH LVWDXVVFKOLH‰OLFKOLHEWMHGRFKLPDQGHUHQGLHJDQ]H0HQVFKKHLW DOOHV/HEHQGH$XVVFKOLH‰OLFKLVWVLHQXULQVRZHLWDOVLFKPLFK QXUPLWHLQHPHLQ]LJHQ0HQVFKHQYROOVWlQGLJGDVKHL‰WVHHOLVFK XQG N|USHUOLFK YHUVFKPHO]HQ NDQQ (URWLVFKH /LHEH VFKOLH‰W /LHEHIUDQGHUHDOVRQXULQVRIHUQDXVDOVHVVLFKXPGLHHURWLVFKH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 9HUHLQLJXQJKDQGHOWXPY|OOLJH+LQJDEHLQDOOHQ$VSHNWHQGHV /HEHQV±QLFKWDEHULP6LQQHHLQHUWLHIHQ1lFKVWHQOLHEH:HQQ HVVLFKZLUNOLFKXP/LHEHKDQGHOWKDWGLHHURWLVFKH/LHEHHLQH 9RUDXVVHW]XQJGD‰LFKDXVGHP:HVHQPHLQHV6HLQVOLHEH±XQG GHQDQGHUHQLP:HVHQVHLQHV6HLQVHUOHEH,QLKUHP:HVHQVLQG VLFK DOOH 0HQVFKHQ JOHLFK :LU DOOH VLQG 7HLOH GHV (LQHQ ZLU VLQGGDV(LQH'DHVVRLVWVROOWHHVHLJHQWOLFKY|OOLJJOHLFKVHLQ ZHQ ZLU OLHEHQ ,P ZHVHQWOLFKHQ VROOWH GLH /LHEH HLQ$NW GHV :LOOHQVVHLQHLQH(QWVFKHLGXQJPHLQ/HEHQGHPGHVDQGHUHQ YROONRPPHQ KLQ]XJHEHQ 8QG GDV LVW DXFK GLH ,GHH GLH KLQWHU GHU9RUVWHOOXQJYRQGHU8QDXÀ|VOLFKNHLWGHU(KHZLHDXFKKLQWHU GHQ YLHOHQ )RUPHQ GHU WUDGLWLRQHOOHQ (KH VWHKW EHL GHQHQ VLFK GLH3DUWQHUQLFKWVHOEVWZlKOHQVRQGHUQIUHLQDQGHUDXVJHVXFKW ZHUGHQ ± PLW GHU (UZDUWXQJ GD‰ VLH VLFK JHJHQVHLWLJ OLHEHQ ZHUGHQ,QGHU]HLWJHQ|VVLVFKHQZHVWOLFKHQ.XOWXUHUVFKHLQWGLHVH 9RUVWHOOXQJDOVGXUFKDXVIDOVFK0DQJODXEWGD‰GLH/LHEHGDV (UJHEQLVHLQHUVSRQWDQHQJHIKOVPl‰LJHQ5HDNWLRQLVWGD‰GHU 0HQVFKSO|W]OLFKYRQHLQHPXQZLGHUVWHKEDUHQ*HIKOHUJULIIHQ ZLUG,QGLHVHU$QVLFKWHUNHQQWPDQQXUGLH%HVRQGHUKHLWHQGHU EHLGHQEHWHLOLJWHQ,QGLYLGXHQ±XQGQLFKWGLH7DWVDFKHGD‰DOOH 0lQQHUHLQ7HLO$GDPVXQGDOOH)UDXHQHLQ7HLO(YDVVLQG0DQ ZHLJHUWVLFKLQGHUHURWLVFKHQ/LHEHHLQHQZLFKWLJHQ)DNWRU]X HUNHQQHQ QlPOLFK GHQ GHV :LOOHQV (LQHQ DQGHUHQ ]X OLHEHQ LVWQLFKWQXUHLQVWDUNHV*HIKO±HVLVWHLQH(QWVFKHLGXQJHLQ 8UWHLOHLQ9HUVSUHFKHQ:lUHGLH/LHEHQXUHLQ*HIKOJlEHHV NHLQH%DVLVIUGDV9HUVSUHFKHQHLQDQGHUIULPPHU]XOLHEHQ (LQ*HIKONRPPWXQGYHUVFKZLQGHWGDQQYLHOOHLFKWZLHGHU:LH NDQQLFKEHXUWHLOHQREHVIULPPHUEOHLEHQZLUGZHQQPHLQ $NWQLFKW]XJOHLFK8UWHLOXQG(QWVFKHLGXQJLVW" 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 9RQGLHVHP6WDQGSXQNWDXVN|QQWHPDQGDKLQNRPPHQLQ GHU/LHEHDXVVFKOLH‰OLFKHLQHQ$NWGHV:LOOHQVXQGGHU+LQJDEH ]X VHKHQ XQG ]X JODXEHQ GD‰ HV JUXQGVlW]OLFK NHLQH 5ROOH VSLHOHZHUGLHEHLGHQ3HUVRQHQVHLHQ2EGLH(KHYRQDQGHUHQ ]XVWDQGHJHEUDFKWZXUGHRGHUGDV(UJHEQLVHLQHULQGLYLGXHOOHQ :DKO ZDU ± VREDOG GLH (KH HLQPDO JHVFKORVVHQ LVW VROOWH GHU :LOOH HLJHQWOLFK GHQ )RUWEHVWDQG GHU /LHEH VLFKHUQ 'LHVH $QVLFKW VFKHLQW GHQ SDUDGR[HQ &KDUDNWHU GHU PHQVFKOLFKHQ 1DWXU XQG GHQ GHU HURWLVFKHQ /LHEH ]X YHUNHQQHQ :LU DOOH VLQG HLQV ± XQG WURW]GHP LVW MHGHU YRQ XQV HLQ HLQPDOLJHV XQG QLFKW ZLHGHUKROEDUHV:HVHQ 6RIHUQ ZLU DOOH HLQV VLQG N|QQHQ ZLU MHGHQ LP 6LQQH GHU 1lFKVWHQOLHEH JOHLFKHUPD‰HQ OLHEHQ VRIHUQZLUMHGRFKYHUVFKLHGHQVLQGHUIRUGHUWGLHHURWLVFKH/LHEH EHVWLPPWH HLQPDOLJH XQG Y|OOLJ LQGLYLGXHOOH (OHPHQWH GLH ]ZDU ]ZLVFKHQ HLQLJHQ 0HQVFKHQ MHGRFK QLFKW ]ZLVFKHQ DOOHQ EHVWHKHQ %HLGH$QVLFKWHQ ± GLH GHU HURWLVFKHQ /LHEH DOV HLQHU Y|OOLJ LQGLYLGXHOOHQ $Q]LHKXQJ HLQPDOLJ ]ZLVFKHQ ]ZHL EHVRQGHUHQ 0HQVFKHQ XQG GLH GHU HURWLVFKHQ /LHEH DOV OHGLJOLFK HLQHP $NWGHV:LOOHQV±VLQGGDKHUULFKWLJRGHUPDQVROOWHYLHOOHLFKW VDJHQGLH:DKUKHLWOLHJWZHGHULQGHUHLQHQQRFKLQGHUDQGHUHQ $XIIDVVXQJ'HVKDOELVWGLH9RUVWHOOXQJYRQHLQHU%LQGXQJGLH OHLFKW ZLHGHU JHO|VW ZHUGHQ NDQQ ZHQQ PDQ PLW LKU NHLQHQ (UIROJ KDW JHQDXVR LUULJ ZLH GLH 9RUVWHOOXQJ GD‰ GLHVH 9HUELQGXQJ XQWHU NHLQHQ 8PVWlQGHQ ZLHGHU JHO|VW ZHUGHQ GUIH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV G 6HOEVWOLHEH :lKUHQGGHU%HJULIIGHU/LHEH]XDQGHUHQDOVVHOEVWYHUVWlQG OLFKKLQJHQRPPHQZLUGLVWGHU*ODXEHZHLWYHUEUHLWHWGD‰HV ]ZDUHLQH7XJHQGLVWDQGHUH]XOLHEHQDEHUHLQH6QGHVLFK VHOEVW]XOLHEHQ0DQLVWGHU$QVLFKWGD‰PDQLQGHP0D‰HLQ GHPPDQVLFKVHOEVWOLHEWGLHDQGHUHQQLFKWOLHEWGD‰6HOEVWOLHEH DOVR GDVVHOEH LVW ZLH 6HOEVWVXFKW 'LHVH $QVLFKW UHLFKW LP ZHVWOLFKHQ 'HQNHQ VHKU ZHLW ]XUFN &DOYLQ EH]HLFKQHW GLH 6HOEVWOLHEHDOVªHLQH3HVW©)UHXGVSULFKWYRQGHU6HOEVWOLHEH ]ZDU LQ SV\FKLDWULVFKHQ :HQGXQJHQ DEHU VHLQ :HUWXUWHLO LVW GDVVHOEHZLHGDV&DOYLQV)ULKQLVWGLH6HOEVWOLHEHQLFKWVDQGH UHVDOV1DU]L‰PXVGLH+LQZHQGXQJGHU/LELGRDXIVLFKVHOEVW 'HU 1DU]L‰PXV LVW GDV IUKHVWH 6WDGLXP GHU PHQVFKOLFKHQ (QWZLFNOXQJXQGGHU0HQVFKGHUVSlWHU]XGLHVHP6WDGLXP]X UFNNHKUWLVWXQIlKLJ]XOLHEHQLP([WUHPLVWHUZDKQVLQQLJ )UHXGQLPPWDQGD‰/LHEHGLH0DQLIHVWDWLRQGHU6H[XDOLWlWLVW XQGGD‰GLH/LELGRVLFKHQWZHGHUDQGHUHQ±DOV/LHEH±RGHUGHU HLJHQHQ3HUVRQ±DOV6HOEVWOLHEH±]XZHQGHW/LHEHXQG6HOEVWOLHEH VFKOLH‰HQVLFKGDKHUJHJHQVHLWLJLQVRIHUQDXVDOVZHQQYRQGHU HLQHQPHKUYRQGHUDQGHUHQGDQQQXUZHQLJHUYRUKDQGHQVHLQ NDQQ:HQQGLH6HOEVWOLHEHHLQ/DVWHULVWVRIROJWGDUDXVGD‰ 6HOEVWORVLJNHLWHLQH7XJHQGLVW +LHU HUKHEHQ VLFK IROJHQGH )UDJHQ 8QWHUVWW]W GLH SV\FKRORJLVFKH%HREDFKWXQJGLH7KHVHGD‰ HLQ JUXQGOHJHQGHU :LGHUVSUXFK]ZLVFKHQGHU/LHEH]XVLFKVHOEVWXQGGHU/LHEH ]XDQGHUHQEHVWHKW",VWGLH/LHEH]XVLFKVHOEVWGDVJOHLFKHZLH 6HOEVWVXFKW RGHU VLQG VLFK EHLGH HLQDQGHU HQWJHJHQJHVHW]W" 

-RKDQQ&DOYLQ&KULVWLDQDHUHOLJLRQLV,QVWLWXWLR GW8QWHUULFKWLQGHUFKULVWOLFKHQ 5HOLJLRQ 



(ULFK)URPP'LH.XQVWGHV/LHEHQV )HUQHU,VWGLH6HOEVWVXFKWGHVPRGHUQHQ0HQVFKHQZLUNOLFK HLQH /LHEH ]X VLFK VHOEVW PLW DOO LKUHQ LQWHOOHNWXHOOHQ XQG HPRWLHOOHQ 0|JOLFKNHLWHQ" ,VW 6HOEVWVXFKW GDVVHOEH ZLH 6HOEVWOLHEHRGHULVWVLHQLFKWJHUDGHGDV5HVXOWDWGHV0DQJHOV DQ6HOEVWOLHEH" %HYRU ZLU XQV PLW GHP SV\FKRORJLVFKHQ $VSHNW YRQ 6HOEVWVXFKW XQG 6HOEVWOLHEH EHIDVVHQ PVVHQ ZLU DXI GHQ ORJLVFKHQ7UXJVFKOX‰KLQZHLVHQGHULQGHU9RUVWHOOXQJOLHJW GD‰GLH/LHEH]XDQGHUHQXQGGLH/LHEH]XVLFKVHOEVWHLQDQGHU DXVVFKOLH‰HQ:HQQHVHLQH7XJHQGLVWPHLQHQ1lFKVWHQDOV PHQVFKOLFKHV:HVHQ]XOLHEHQPX‰HVDXFKHLQH7XJHQG±XQG QLFKWHLQ/DVWHU±VHLQPLFKVHOEVW]XOLHEHQGDLFKMDDXFKHLQ PHQVFKOLFKHV:HVHQELQ(VJLEWNHLQHQ%HJULIIGHV0HQVFKHQ LQ GHQ LFK VHOEVW QLFKW DXFK HLQEH]RJHQ ELQ (LQ *UXQGVDW] GHU GLHV EHKDXSWHW ZlUH LQ VLFK ZLGHUVSUXFKVYROO 'LH LQ GHU %LEHO DXVJHGUFNWH9RUVWHOOXQJ±ª/LHEHGHLQHQ1lFKVWHQ ZLHGLFKVHOEVW©±EHVDJWGD‰GLH$FKWXQJYRUGHUHLJHQHQ ,QWHJULWlW XQG (LQPDOLJNHLWGLH/LHEH]XVLFKVHOEVWXQGGDV 9HUVWlQGQLVIUVLFKVHOEVWQLFKWYRQGHU$FKWXQJGHU/LHEH XQG GHP 9HUVWlQGQLV JHWUHQQW ZHUGHQ N|QQHQ GLH LFK IU DQGHUHHPSILQGH'LH/LHEH]XPLUVHOEVWLVWPLWGHU/LHEH ]XHLQHPDQGHUHQ:HVHQXQWUHQQEDUYHUEXQGHQ 'DPLW VLQG ZLU ]X GHQ JUXQGOHJHQGHQ SV\FKRORJLVFKHQ 9RUDXVVHW]XQJHQ JHNRPPHQ DXI GHQHQ GLH )ROJHUXQJHQ XQVHUHU $UJXPHQWDWLRQ DXIJHEDXW VLQG *DQ] DOOJHPHLQ JHVHKHQ EHVWHKHQ IROJHQGH 9RUDXVVHW]XQJHQ 1LFKW QXU DQGHUH DXFK ZLU VHOEVW VLQG ª2EMHNWH© XQVHUHU *HIKOH XQG +DOWXQJHQ GLH +DOWXQJHQ VRZRKO DQGHUHQ DOV DXFK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQV VHOEVW JHJHQEHU ZLGHUVSUHFKHQ VLFK QLFKW VRQGHUQ ODXIHQSDUDOOHO,P+LQEOLFNDXIXQVHU3UREOHPEHGHXWHWGLHV 'LH /LHEH ]X DQGHUHQ XQG GLH /LHEH ]X XQV VHOEVW LVW NHLQH $OWHUQDWLYH*DQ]LP*HJHQWHLO'LH/LHEH]XXQVVHOEVW¿QGHW VLFKEHLDOOHQGLHIlKLJVLQGDQGHUH]XOLHEHQ'LH/LHEHLVWLP 3ULQ]LS XQWHLOEDU VRZHLW HV VLFK GDEHL XP GLH %H]LHKXQJ ]X ª2EMHNWHQ© XQG ]X XQV VHOEVW KDQGHOW :LUNOLFKH /LHEH LVW HLQ$XVGUXFNGHULQQHUHQ3URGXNWLYLWlWXQGXPID‰W)UVRUJH 5HVSHNW9HUDQWZRUWOLFKNHLWXQG:LVVHQ6LHLVWNHLQª$IIHNW© LQ GHP 6LQQ GHV SDVVLYHQ *HWULHEHQZHUGHQV VRQGHUQ HLQ DNWLYHV 6WUHEHQ QDFK GHU (QWIDOWXQJ XQG GHP *OFN GHU JHOLHEWHQ 3HUVRQ GDV LQ GHU HLJHQHQ )lKLJNHLW ]XU /LHEH ZXU]HOW 'LH 7DWVDFKH GD‰ PDQ HLQHQ DQGHUHQ OLHEW LVW GLH 9HUZLUNOLFKXQJ GHU .UDIW EHUKDXSW ]X OLHEHQ 'LH JUXQGVlW]OLFKHLQGHU/LHEHHQWKDOWHQH%HMDKXQJLVWDXIGLH JHOLHEWH 3HUVRQ DOV 9HUN|USHUXQJ GHV 0HQVFKHQ XQG VHLQHU PHQVFKOLFKHQ (LJHQVFKDIWHQ JHULFKWHW 'LH /LHEH ]X HLQHP 0HQVFKHQ XPID‰W GLH /LHEH ]X GHQ 0HQVFKHQ DOV VROFKH 'LH$UW GHU ª$UEHLWVWHLOXQJ© EHL GHU PDQ ]ZDU GLH HLJHQH )DPLOLHOLHEWIUGHQª)UHPGHQ©MHGRFKQLFKWVHPS¿QGHWLVW HLQ=HLFKHQIUGLHJUXQGVlW]OLFKH8QIlKLJNHLW]XOLHEHQ'LH /LHEH]XP0HQVFKHQLVWQLFKWZLHKlX¿JDQJHQRPPHQZLUG HLQH $EVWUDNWLRQ GLH KLQWHU GHU /LHEH ]X HLQHU EHVRQGHUHQ 3HUVRQ UDQJLHUW VRQGHUQ LKUH 9RUDXVVHW]XQJ REJOHLFK VLH LKUHU (QWVWHKXQJ QDFK VLFK GXUFK GLH /LHEH ]X EHVRQGHUHQ ,QGLYLGXHQHQWZLFNHOW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'DUDXVIROJWGD‰PHLQHLJHQHV6HOEVWJHQDXVRHLQ2EMHNW PHLQHU /LHEH VHLQ PX‰ ZLH LUJHQGHLQH DQGHUH 3HUVRQ 'LH %HMDKXQJ GHV HLJHQHQ /HEHQV *OFNV XQG (QWIDOWHQV VRZLH GHU HLJHQHQ )UHLKHLW EHUXKW LQ GHU HLJHQHQ )lKLJNHLW GHV /LHEHQV GDV KHL‰W LQ )UVRUJH 5HVSHNW 9HUDQWZRUWOLFKNHLW XQG:LVVHQ:HQQHLQ,QGLYLGXXPLQGHU/DJHLVWVFK|SIHULVFK ]X OLHEHQ OLHEW HV VLFK VHOEVW DXFK ZHQQ HV MHGRFK QXU GHQ DQGHUHQOLHEHQNDQQLVWHVXQIlKLJ]XOLHEHQ $QJHQRPPHQGLH/LHEH]XVLFKVHOEVWXQG]XDQGHUHQOlXIW LP3ULQ]LSSDUDOOHO±ZLHHUNOlUHQZLUGDQQGLH6HOEVWVXFKWGLH RIIHQVLFKWOLFK MHGHV ZLUNOLFKH ,QWHUHVVH IU DQGHUH DXVVFKOLH‰W" 'LHVHOEVWVFKWLJH3HUVRQLVWQXUDQVLFKVHOEVWLQWHUHVVLHUWZLOO DOOHVQXUIUVLFKXQGHPS¿QGHWNHLQH)UHXGHLP*HEHQVRQGHUQ OHGLJOLFKDP1HKPHQ'LH8PZHOWLQWHUHVVLHUWQXUVRZHLWPDQ HWZDV DXV LKU KHUDXVKROHQ NDQQ GDV ,QWHUHVVH DQ DQGHUHQ IHKOWXQGJHQDXVRLVWHVPLWGHP5HVSHNWJHJHQEHUGHU:UGH XQG ,QWHJULWlW DQGHUHU 'HU 6HOEVWVFKWLJH VLHKW QXU VLFK VHOEVW EHXUWHLOW DOOH XQG DOOHV QDFK GHU 1W]OLFKNHLW IU VLFK VHOEVWXQGLVWJUXQGVlW]OLFKQLFKWIlKLJ]XOLHEHQ%HZHLVWGLHVH )HVWVWHOOXQJ QLFKW GD‰ GDV ,QWHUHVVH IU VLFK VHOEVW XQG GDV ,QWHUHVVHDQDQGHUHQXQYHUPHLGEDUH$OWHUQDWLYHQVLQG"5LFKWLJ ZlUHGLHVH$QQDKPHZHQQ6HOEVWVXFKWXQG6HOEVWOLHEHHLQXQG GDVVHOEHZlUHQ*HUDGHGDVDEHU LVW GHU ,UUWXP GHU LQQHUKDOE GLHVHV 3UREOHPV ]X VR YLHOHQ IDOVFKHQ 6FKOVVHQ JHIKUW KDW 6HOEVWVXFKW XQG 6HOEVWOLHEH VLQG NHLQHVZHJV PLWHLQDQGHU LGHQWLVFKVRQGHUQLQ:LUNOLFKNHLW*HJHQVlW]H'HUVHOEVWVFKWLJH 0HQVFK OLHEW VLFK VHOEVW QLFKW ]XYLHO VRQGHUQ ]XZHQLJ 'HU 0DQJHO DQ /LHEH XQG )UVRUJH IU VLFK GHU OHGLJOLFK HLQ $XVGUXFN GHV 0DQJHOV DQ LQQHUHU 3URGXNWLYLWlW LVW Ol‰W LKQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV OHHUXQGHQWWlXVFKW]XUFN1RWZHQGLJHUZHLVHLVWHUXQJOFNOLFK XQGlQJVWOLFKGDUDXIEHGDFKWVLFKGDV*OFNGDVHUVLFKVHOEVW YHUEDXWKDWJLHULJGXUFKDOOH$UWHQYRQ%HIULHGLJXQJHQGHP /HEHQ]XHQWUHL‰HQ(UVFKHLQW]XYLHOIUVLFKVHOEVW]XVRUJHQ PDFKW MHGRFK WDWVlFKOLFK QXU GHQ PL‰OXQJHQHQ 9HUVXFK GDV HLJHQH9HUVDJHQLQGHU)UVRUJHIUVHLQZLUNOLFKHV6HOEVW]X EHUGHFNHQXQG]XNRPSHQVLHUHQ)UHXGYHUWULWWGLH$QVLFKW GD‰ GLH VHOEVWVFKWLJH 3HUVRQ QDU]L‰WLVFK VHL DOV KlWWH VLH LKUH /LHEH DQGHUHQ HQW]RJHQ XQG VLH GDQQ DXI VLFK VHOEVW JHULFKWHW (V VWLPPW GD‰ VHOEVWVFKWLJH 0HQVFKHQ XQIlKLJ VLQGDQGHUH]XOLHEHQVLHVLQGMHGRFKJHQDXVRXQIlKLJVLFK VHOEVW]XOLHEHQ 'LH 6HOEVWVXFKW LVW OHLFKWHU ]X YHUVWHKHQ ZHQQ PDQ VLH PLW GHP EHVLW]JLHULJHQ ,QWHUHVVH YHUJOHLFKW GDV PDQ ]XP %HLVSLHOEHLHLQHUEHUlQJVWOLFKHQ0XWWHU¿QGHW:lKUHQGVLH HKUOLFKEHU]HXJWLVWLKUHP.LQGEHVRQGHUV]XJHWDQ]XVHLQ HPS¿QGHWVLHWDWVlFKOLFKHLQHDOOHUGLQJVIDVWY|OOLJYHUGUlQJWH )HLQGVFKDIW JHJHQ GDV 2EMHNW LKUHU =XQHLJXQJ hEHUEHVRUJW LVWVLHQLFKWZHLOVLHGDV.LQG]XVHKUOLHEWVRQGHUQZHLOVLH HLQHQ$XVJOHLFK KDEHQ PX‰ IU LKUHQ 0DQJHO DQ )lKLJNHLW GDV.LQGEHUKDXSW]XOLHEHQ 'LHVH 7KHRULH YRP :HVHQ GHU 6HOEVWVXFKW HQWVSULFKW GHQ SV\FKRDQDO\WLVFKHQ (UIDKUXQJHQ PLW GHU QHXURWLVFKHQ ª6HOEVWORVLJNHLW©±HLQHP6\PSWRPGHU1HXURVHGDVPDQEHL QLFKW ZHQLJHQ 0HQVFKHQ EHREDFKWHW GLH JHZ|KQOLFK QLFKW YRQGLHVHP6\PSWRPVRQGHUQYRQDQGHUHQJHTXlOWZHUGHQ GLH GDPLW ]XVDPPHQKlQJHQ ZLH 'HSUHVVLRQ 0GLJNHLW $UEHLWVXQIlKLJNHLW 9HUVDJHQ LQ /LHEHVEH]LHKXQJHQ XQG 

(ULFK)URPP'LH.XQVWGHV/LHEHQV VR ZHLWHU (V LVW MHGRFK QLFKW VR GD‰ 6HOEVWORVLJNHLW DOV ª6\PSWRP© HPSIXQGHQ ZLUG KlX¿J JLOW VLH DOV GHU HLQ]LJH EHIULHGLJHQGH &KDUDNWHU]XJ DXI GHQ PDQ VWRO] LVW 'HU ªVHOEVWORVH© 0HQVFK ªZLOO QLFKWV IU VLFK© HU ªOHEW QXU IU DQGHUH© XQG LVW VWRO] GDUDXI VLFK VHOEVW QLFKW ZLFKWLJ ]X QHKPHQ(ULVWHUVWDXQWZHQQHUIHVWVWHOOWGD‰HUWURW]VHLQHU 6HOEVWORVLJNHLW XQJOFNOLFK LVW XQG GD‰ VHLQ 9HUKlOWQLV ]X VHLQHQ 1lFKVWHQ XQEHIULHGLJHQG LVW 'LH$QDO\VH ]HLJW GD‰ VHLQH 6HOEVWORVLJNHLW ]X GHQ EULJHQ 6\PSWRPHQ JHK|UW MD RIW HLQHV GHU ZLFKWLJVWHQ LVW GD‰ GLHVHU 0HQVFK LQ VHLQHU )lKLJNHLW ]X OLHEHQ XQG ]XU )UHXGH JHOlKPW LVW GD‰ HU YRQ )HLQGVFKDIW JHJHQ GDV /HEHQ HUIOOW LVW XQG GD‰ VLFK KLQWHUGHU)DVVDGHGHU6HOEVWORVLJNHLWHLQHVWDUNHZHQQDXFK XQEHZX‰WH (JR]HQWUL]LWlW YHUELUJW 'LHVHU 0HQVFK NDQQ QXU JHKHLOW ZHUGHQ ZHQQ PDQ DXFK LQ VHLQHU ª6HOEVWORVLJNHLW© HLQ GHQ DQGHUHQ HQWVSUHFKHQGHV 6\PSWRP VLHKW VR GD‰ GHU 0DQJHO DQ 3URGXNWLYLWlW G K GLH :XU]HO VRZRKO GHU 6HOEVWORVLJNHLWDOVDXFKDQGHUHU6W|UXQJHQEHKREHQZHUGHQ NDQQ 'DV :HVHQ GHU 6HOEVWORVLJNHLW ZLUG EHVRQGHUV LQ VHLQHU :LUNXQJDXIDQGHUHGHXWOLFK±LQXQVHUHU.XOWXUDPKlX¿JVWHQ LQGHU:LUNXQJGHUªVHOEVWORVHQ©0XWWHUDXILKUH.LQGHU6LH JODXEW GD‰ GLH .LQGHU GXUFK LKUH 6HOEVWORVLJNHLW HUNHQQHQ ZDV HV KHL‰W JHOLHEW ]X ZHUGHQ XQG GD‰ VLH DQGHUHUVHLWV GDGXUFK HUNHQQHQ XQG OHUQHQ ZDV OLHEHQ KHL‰W 'LH :LUNXQJ LKUHU 6HOEVWORVLJNHLW HQWVSULFKW MHGRFK NHLQHVZHJV LKUHQ (UZDUWXQJHQ 'LH .LQGHU ]HLJHQ QLFKW GDV *OFN YRQ 0HQVFKHQ GLH EHU]HXJW VLQG JHOLHEW ]X ZHUGHQ VLH VLQG lQJVWOLFK DQJHVSDQQW IUFKWHQ GLH 0L‰ELOOLJXQJ GHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 0XWWHU XQG EHPKHQ VLFK VWlQGLJ LKUHQ (UZDUWXQJHQ ]X HQWVSUHFKHQ *HZ|KQOLFK ZHUGHQ VLH YRQ GHU YHUVWHFNWHQ /HEHQVIHLQGOLFKNHLWXQG/HEHQVDQJVWLKUHU0XWWHUDQJHVWHFNW GLH VLH QLFKW VR VHKU EHZX‰W HUNHQQHQ DOV YLHOPHKU VSUHQ $OOHV LQ DOOHP LVW GLH :LUNXQJ GHU ªVHOEVWORVHQ© 0XWWHU YRQ GHUGHUVHOEVWVFKWLJHQJDUQLFKWVRYHUVFKLHGHQYLHOPHKULVW VLHKlX¿JQRFKVFKOLPPHUZHLOGLH6HOEVWORVLJNHLWGHU0XWWHU GLH .LQGHU GDYRQ DEKlOW VLH ]X NULWLVLHUHQ 6LH OHEHQ XQWHU GHP=ZDQJGLH0XWWHUQLFKW]XHQWWlXVFKHQXQWHUGHU0DVNH GHU7XJHQGOHKUWPDQVLHGDV/HEHQ]XYHUDFKWHQ:HQQPDQ GLH 0|JOLFKNHLW KDW GLH :LUNXQJ HLQHU 0XWWHU PLW HFKWHU 6HOEVWOLHEH]XEHREDFKWHQNDQQPDQIHVWVWHOOHQGD‰HVIUHLQ .LQGXQGVHLQ(UOHEQLVGHVVHQZDV/LHEH)UHXGHXQG*OFN VLQGQLFKWV)|UGHUOLFKHUHVJLEWDOVYRQHLQHU0XWWHUJHOLHEW]X ZHUGHQGLHVLFKVHOEVWOLHEW 'LHVH,GHHGHU6HOEVWOLHEHNDQQQLFKWEHVVHU]XVDPPHQJHID‰W ZHUGHQ DOV LQ HLQHP =LWDW 0HLVWHU (FNHKDUWV ª+DVW GX GLFK VHOEVW OLHE VR KDVW GX DOOH 0HQVFKHQ OLHE ZLH GLFK VHOEVW 6RODQJH GX HLQHQ HLQ]LJHQ 0HQVFKHQ ZHQLJHU OLHE KDVW DOV GLFKVHOEVWVRKDVWGXGLFKVHOEVWQLHZDKUKDIWOLHEJHZRQQHQ ±ZHQQGXQLFKWDOOH0HQVFKHQVROLHEKDVWZLHGLFKVHOEVWLQ HLQHP 0HQVFKHQ DOOH 0HQVFKHQ XQG GLHVHU 0HQVFK LVW *RWW XQG 0HQVFK 6R VWHKW HV UHFKW PLW HLQHP VROFKHQ 0HQVFKHQ GHU VLFK VHOEVW OLHE KDW XQG DOOH 0HQVFKHQ VR OLHE ZLH VLFK VHOEVWXQGPLWGHPLVWHVJDUUHFKWEHVWHOOW© 

 0HLVWHU (FNHKDUW 'HXWVFKH 3UHGLJWHQ XQG 7UDNWDWH +VJ XQG EHUV YRQ -RVHI 4XLQW0QFKHQ6 3UHGLJW 



(ULFK)URPP'LH.XQVWGHV/LHEHQV H *RWWHVOLHEH 9RUKLQ ZXUGH IHVWJHVWHOOW GD‰ GLH *UXQGODJH IU XQVHU 9HUODQJHQ QDFK /LHEH LQ GHP (UOHEQLV GHU *HWUHQQWKHLW XQG GHP GDUDXV UHVXOWLHUHQGHQ 9HUODQJHQ OLHJW GLH $QJVW GHU *HWUHQQWKHLW GXUFK GDV (UOHEQLV GHU 9HUHLQLJXQJ ]X EHUZLQGHQ'LHUHOLJL|VH)RUPGHU/LHEHGLH/LHEH]X*RWW LVW SV\FKRORJLVFK JHVHKHQ QLFKWV DQGHUHV 6LH HQWVSULQJW HEHQIDOOVGHP9HUODQJHQGLH*HWUHQQWKHLW]XEHUZLQGHQXQG (LQKHLW ]X HUOHEHQ 7DWVlFKOLFK KDW GLH /LHEH ]X *RWW JHQDXVR YLHOH)RUPHQXQG$VSHNWHZLHGLH/LHEH]XP0HQVFKHQ±XQG]X HLQHPJUR‰HQ7HLO¿QGHQZLUDXFKGLHJOHLFKHQ8QWHUVFKLHGH ,QDOOHQWKHLVWLVFKHQ5HOLJLRQHQVHLHQVLHQXQSRO\WKHLVWLVFK RGHU PRQRWKHLVWLVFK YHUN|USHUW *RWW GHQ K|FKVWHQ :HUW GDV K|FKVWH *XW 'DKHU KlQJW GLH EHVRQGHUH %HGHXWXQJ *RWWHV LPPHU YRQ GHP DE ZDV GHP 0HQVFKHQ DOV GDV K|FKVWH *XW HUVFKHLQW'LH$QDO\VHGHV*RWWHVEHJULIIHV PX‰ GDKHU EHL GHU $QDO\VHGHUFKDUDNWHUOLFKHQ6WUXNWXUGHV0HQVFKHQEHJLQQHQ GHU*RWWDQEHWHW 'LH(QWZLFNOXQJGHU0HQVFKKHLWNDQQVRZHLWVLHXQVEHNDQQW LVWDOV/RVO|VXQJGHV0HQVFKHQYRQGHU1DWXUYRQGHU0XWWHU YRQGHQ%LQGXQJHQDQ%OXWXQG%RGHQJHNHQQ]HLFKQHWZHUGHQ $P $QIDQJ GHU 0HQVFKKHLWVJHVFKLFKWH NODPPHUW VLFK GHU 0HQVFK REZRKO DXV GHU XUVSUQJOLFKHQ (LQKHLW PLW GHU 1DWXU JHVWR‰HQ LPPHU QRFK DQ GLHVH SULPlUHQ %LQGXQJHQ (U ¿QGHW VHLQH 6LFKHUKHLW GDULQ GD‰ HU VLFK DQ GLHVH XUVSUQJOLFKHQ %LQGXQJHQKlOW,PPHUQRFKIKOWHUVLFKLGHQWLVFKPLWGHU:HOW GHU7LHUHXQG%lXPHXQGYHUVXFKWGLH(LQKHLWGDULQ]X¿QGHQ GD‰ HU PLW GHU 1DWXU HLQV EOHLEW 9LHOH SULPLWLYHQ 5HOLJLRQHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ]HXJHQIUGLHVHV(QWZLFNOXQJVVWDGLXP(LQ7LHUZLUGDOV7RWHP YHUHKUW PDQ WUlJW 7LHUPDVNHQ EHL GHQ EHVRQGHUV IHLHUOLFKHQ UHOLJL|VHQ +DQGOXQJHQ RGHU LP .ULHJ RGHU PDQ EHWHW HLQ7LHU DOV *RWW DQ ,Q HLQHP VSlWHUHQ (QWZLFNOXQJVVWDGLXP DOV GLH PHQVFKOLFKH*HVFKLFNOLFKNHLWVLFKELV]X+DQGZHUNXQG.XQVW IRUWHQWZLFNHOW KDW XQG GHU 0HQVFK QLFKW PHKU DXVVFKOLH‰OLFK DXIGLH*DEHQGHU1DWXUDQJHZLHVHQLVW±DOVRDXIGLH)UFKWH GLHHU¿QGHWXQGDXIGLH7LHUHGLHHUHUOHJW±YHUZDQGHOWGHU 0HQVFKGDV3URGXNWVHLQHUHLJHQHQ+lQGHLQHLQHQ*RWW(VLVW GDV6WDGLXPLQGHP*|W]HQDXV7RQ6LOEHURGHU*ROGDQJHEHWHW ZHUGHQ 'HU 0HQVFK SURML]LHUW VHLQH HLJHQHQ .UlIWH XQG VHLQH HLJHQH*HVFKLFNOLFKNHLWLQGLHYRQLKPKHUJHVWHOOWHQ'LQJHXQG EHWHWQXQLQHQWIUHPGHWHU)RUPVHLQHHLJHQH0DFKWXQGVHLQHQ %HVLW] DQ ,Q HLQHP QRFK VSlWHUHQ 6WDGLXP JLEW GHU 0HQVFK VHLQHQ*|WWHUQGLH*HVWDOWPHQVFKOLFKHU:HVHQ(VVFKHLQWGD‰ HVGD]XQXUGDQQNRPPHQNDQQZHQQGHU0HQVFKVHLQHUVHOEVW GHXWOLFKHUJHZDKUJHZRUGHQLVWXQGZHQQHUHQWGHFNWKDWGD‰ GHU0HQVFKGDVK|FKVWHXQGHUKDEHQVWHª'LQJ©GHU:HOWLVW,Q GLHVHU 3KDVH GHU DQWKURSRPRUSKHQ *RWWHVDQEHWXQJ ¿QGHQ ZLU HLQH(QWZLFNOXQJGLHLQ]ZHL5LFKWXQJHQJHKW'LHHLQHEH]LHKW VLFKDXIGDVZHLEOLFKHEH]LHKXQJVZHLVHPlQQOLFKH*HVFKOHFKW GHU*|WWHUGLHDQGHUHDXIGHQ*UDGGHU5HLIHGHQGHU0HQVFK HUUHLFKWKDWXQGGHUGDV:HVHQVHLQHU*|WWHUVRZLHGLH$UWVHLQHU /LHEH]XLKQHQEHVWLPPW 6SUHFKHQ ZLU ]XHUVW YRQ GHU (QWZLFNOXQJ GHU 5HOLJLRQHQ LQ GHUHQ 0LWWHOSXQNW GLH 0XWWHU VWHKW ]X MHQHQ GLH XP GHQ 9DWHU *RWW ]HQWULHUW VLQG (QWVSUHFKHQG GHQ JUR‰HQ XQG HQWVFKHLGHQGHQ(QWGHFNXQJHQ%DFKRIHQVXQG0RUJDQVLQGHU 0LWWHGHV-DKUKXQGHUWVXQGWURW]GHU$EOHKQXQJDXIGLHLKUH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV )XQGH LQ GHQ PHLVWHQ DNDGHPLVFKHQ .UHLVHQ JHVWR‰HQ VLQG NDQQHVNDXPHLQHQ=ZHLIHOGDUDQJHEHQGD‰HV±]XPLQGHVWLQ YLHOHQ.XOWXUHQ±HLQHPDWULDUFKDOLVFKH3KDVHGHU5HOLJLRQHQ JHJHEHQ KDW GLH GHU SDWULDUFKDOLVFKHQ YRUDXVJLQJ ,Q GHU PDWULDUFKDOLVFKHQ 3KDVH LVW GLH 0XWWHU GDV K|FKVWH :HVHQ 6LH LVW GLH *|WWLQ VLH LVW DXFK GLH $XWRULWlW LQ )DPLOLH XQG *HVHOOVFKDIW 8P GDV :HVHQ GHU PDWULDUFKDOLVFKHQ 5HOLJLRQ ]X YHUVWHKHQ EUDXFKHQ ZLU XQV QXU DQ GDV ]X HULQQHUQ ZDV EHUGDV:HVHQGHU0XWWHUOLHEHJHVDJWZXUGH'LH0XWWHUOLHEH LVWEHGLQJXQJVORVLVWDOOEHZDKUHQGXQGDOOI|UGHUQGZHLOVLH EHGLQJXQJVORVLVWLVWVLHZHGHUNRQWUROOLHUEDUQRFKHUULQJEDU ,KU 'DVHLQ JLEW GHP JHOLHEWHQ 0HQVFKHQ GDV *HIKO GHV 6HJHQV LKU )HKOHQ UXIW HLQ *HIKO YRQ 9HUORUHQKHLW XQG 9HU]ZHLÀXQJKHUYRU'DGLH0XWWHULKUH.LQGHUOLHEWZHLOHV LKUH.LQGHUVLQGQLFKWDEHUZHLOVLHªJXW©XQGJHKRUVDPVLQG RGHUZHLOVLHLKUH:QVFKHXQG$QRUGQXQJHQHUIOOHQEHUXKW GLH 0XWWHUOLHEH DXI *OHLFKKHLW $OOH 0HQVFKHQ VLQG JOHLFK ZHLOVLH.LQGHUHLQHUHLQ]LJHQ0XWWHUVLQGZHLOVLH.LQGHUGHU 0XWWHU(UGHVLQG 'DV QlFKVWH 6WDGLXP GHU PHQVFKOLFKHQ (YROXWLRQ ± GDV HLQ]LJH YRQ GHP ZLU JHQDXH .HQQWQLV KDEHQ XQG EHL GHP ZLUQLFKWDXI5HNRQVWUXNWLRQHQDQJHZLHVHQVLQG±LVWGLHSD WULDUFKDOLVFKH 3KDVH ,Q GLHVHU 3KDVH ZLUG GLH 0XWWHU YRQ LKUHUK|FKVWHQ6WHOOXQJHQWWKURQWGHU9DWHUZLUG]XPK|FKV WHQ :HVHQ XQG ]ZDU VRZRKO LQ GHU 5HOLJLRQ DOV DXFK LQ GHU *HVHOOVFKDIW:HVHQWOLFKEHLGHU/LHEHGHV9DWHUVLVWGD‰VLH )RUGHUXQJHQ VWHOOW GD‰ VLH 3ULQ]LSLHQ XQG *HVHW]H DXIVWHOOW XQG GD‰ GLH /LHEH ]X GHP 6RKQ YRQ GHVVHQ *HKRUVDP JH JHQEHUGHQ)RUGHUXQJHQDEKlQJW$POLHEVWHQKDWHUMHQHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 6RKQ GHU LKP DP PHLVWHQ lKQHOW GHU DP JHKRUVDPVWHQ LVW XQG GHU DP JHHLJQHWVWHQ VFKHLQW VHLQ 1DFKIROJHU DOV (UEH VHLQHV %HVLW]HV ]X VHLQ 'LH (QWZLFNOXQJ GHU SDWULDU FKDOLVFKHQ *HVHOOVFKDIW OlXIW SDUDOOHO PLW GHU (QWZLFNOXQJ GHV 3ULYDWHLJHQWXPV  'HPQDFK LVW DOVR GLH SDWULDUFKDOLVFKH *HVHOOVFKDIW KLHUDUFKLVFK GLH XUVSUQJOLFKH *OHLFKKHLW GHU %UGHUZHLFKWGHU8QJOHLFKKHLWXQGGHP6WUHEHQHLQHVMHGHQ GHU(UVWH]XVHLQ2EZLUDQGLHLQGLVFKHDQGLHlJ\SWLVFKH RGHUDQGLHJULHFKLVFKH.XOWXUDQGLHMGLVFKFKULVWOLFKHRGHU DQGLHLVODPLVFKH5HOLJLRQGHQNHQ±LPPHUEH¿QGHQZLUXQVLQ HLQHUSDWULDUFKDOLVFKHQ:HOWPLWPlQQOLFKHQ*|WWHUQEHUGLH HLQ+DXSWJRWWKHUUVFKWRGHUEHLGHUPLW$XVQDKPHGHV(LQHQ GHV*RWWHVGLHDQGHUHQYHUVFKZDQGHQ'DGDV9HUODQJHQQDFK 0XWWHUOLHEH MHGRFK LQ GHQ +HU]HQ GHU 0HQVFKHQ QLFKW DXV JHPHU]W ZHUGHQ NDQQ LVW HV NHLQH hEHUUDVFKXQJ GD‰ GLH *HVWDOW GHU OLHEHQGHQ 0XWWHU QLH JDQ] DXV GHP 3DQWKHRQ YHUWULHEHQ ZHUGHQ NRQQWH ,Q GHU MGLVFKHQ5HOLJLRQWUHWHQ GLH 0XWWHUDVSHNWH *RWWHV EHVRQGHUV LQ GHQ YHUVFKLHGHQHQ 6WU|PXQJHQGHV0\VWL]LVPXVZLHGHUDXI,QGHUNDWKROLVFKHQ 5HOLJLRQZLUGGLH0XWWHUYRQGHU0XWWHU.LUFKHXQGYRQGHU -XQJIUDX0DULDV\PEROLVLHUW6HOEVWLP3URWHVWDQWLVPXVLVWGLH *HVWDOWGHU0XWWHUQLFKWY|OOLJDXVJHO|VFKWZHQQVLHDXFKLP YHUERUJHQHQEOHLEW /XWKHU VWHOOWH DOV EHGHXWHQGVWHQ /HLWVDW] GLH7KHVHDXIGD‰QLFKWVZDVGHU0HQVFKWlWHGLH/LHEH*RWWHV KHUYRUUXIHQN|QQH*RWWHV/LHEHVHL*QDGHXQGGLHUHOLJL|VH +DOWXQJOLHJHGDULQ9HUWUDXHQLQGLHVH*QDGH]XKDEHQVLFK VHOEVW NOHLQ XQG KLOIVEHGUIWLJ ]X PDFKHQ .HLQH JXWH 7DW N|QQH*RWWEHHLQIOXVVHQ±RGHUGDIUVRUJHQGD‰*RWWXQV OLHEH ZLH GLH NDWKROLVFKHQ /HKUHQ SRVWXOLHUHQ 6R WUlJW GLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV OXWKHULVFKH /HKUH ± WURW] LKUHV SDWULDUFKDOLVFKHQ &KDUDNWHUV ±HLQYHUVWHFNWHVPDWULDUFKDOLVFKHV(OHPHQWLQVLFK ,FK PX‰WH GLHVHQ 8QWHUVFKLHG ]ZLVFKHQ GHQ PDWULDUFKDOL VFKHQ XQG GHQ SDWULDUFKDOLVFKHQ (OHPHQWHQ LQ GHU 5HOLJLRQ HUZlKQHQXPGDPLW]X]HLJHQGD‰GHU&KDUDNWHUGHU/LHEH ]X*RWWYRQGHPUHODWLYHQ*HZLFKWGHUPDWULDUFKDOLVFKHQXQG GHU SDWULDUFKDOLVFKHQ$VSHNWH GHU 5HOLJLRQ DEKlQJW 'HU SDWUL DUFKDOLVFKH$VSHNWOl‰WPLFK*RWWZLHHLQHQ9DWHU OLHEHQ LFK JODXEHGD‰HUJHUHFKWXQGVWUHQJLVWGD‰HUVWUDIWXQGEHORKQW XQG GD‰ HU PLFK VFKOLH‰OLFK ]X VHLQHP /LHEOLQJVVRKQ PDFKHQ ZLUG ZLH *RWW $EUDKDP DXVHUZlKOWH ZLH ,VDDN VHLQHQ 6RKQ -DNRE EHYRU]XJWH XQG *RWW GDV$XVHUZlKOWH9RON ,P PDWULDU FKDOLVFKHQ$VSHNWGHU5HOLJLRQOLHEHLFK*RWWDOVDOOXPIDVVHQGH 0XWWHU,FKKDEH9HUWUDXHQ]XLKUHU/LHEHRELFKDXFKDUPXQG PDFKWORVELQRGHURELFKJHVQGLJWKDEHLPPHUZLUGVLHPLFK OLHEHQXQGQLHZLUGVLHHLQHVLKUHUDQGHUHQ.LQGHUPLUYRU]LH KHQ:DVLPPHUDXFKJHVFKLHKW±VLHZLUGPLUKHOIHQZLUGPLFK UHWWHQ XQG ZLUG PLU YHUJHEHQ 6HOEVWYHUVWl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

(ULFK)URPP'LH.XQVWGHV/LHEHQV 6WUXNWXUXPVFKLFKWHWHLQGHUHQ0LWWHGHU9DWHUVWHKWN|QQHQ ZLUGLH(QWZLFNOXQJHLQHUUHLIHUZHUGHQGHQ/LHEHKDXSWVlFKOLFK LQ GHU (QWZLFNOXQJ GHU SDWULDUFKDOLVFKHQ 5HOLJLRQ YHUIROJHQ =X %HJLQQ GLHVHU (QWZLFNOXQJ ¿QGHQ ZLU HLQHQ GHVSRWLVFKHQ HLIHUVFKWLJHQ*RWWGHUGHQ0HQVFKHQGHQHUVHOEVWHUVFKDIIHQ KDWDOVVHLQ(LJHQWXPEHWUDFKWHWPLWGHPHUPDFKHQNDQQZDV LKP JHIlOOW 'DV LVW GLH 3KDVH GHU 5HOLJLRQ LQ GHU *RWW GHQ 0HQVFKHQDXVGHP3DUDGLHVYHUWUHLEWGDPLWHUQLFKWZHLWHUYRP %DXPGHU(UNHQQWQLVl‰HXQGVRVHOEVW*RWWZHUGHQN|QQHHV LVWDXFKGLH3KDVHLQGHU*RWWEHVFKOLH‰WGLHPHQVFKOLFKH5DVVH GXUFKGLH6LQWÀXW]XYHUQLFKWHQZHLONHLQHUGHU0HQVFKHQLKP )UHXGHPDFKW±PLW$XVQDKPHVHLQHV/LHEOLQJVVRKQHV1RDK(V LVWIHUQHUGLH3KDVHLQGHU*RWWYHUODQJWGD‰$EUDKDPVHLQHQ HLQ]LJHQ VHLQHQ JHOLHEWHQ 6RKQ ,VDDN W|WHQ VROO XP VHLQH /LHEH]X*RWWGXUFKGLH7DWlX‰HUVWHQ*HKRUVDPV]XEHZHLVHQ *OHLFK]HLWLJEHJLQQWMHGRFKHLQHQHXH3KDVH*RWWVFKOLH‰WPLW 1RDK HLQHQ %XQG LQ ZHOFKHP HU YHUVSULFKW GLH PHQVFKOLFKH 5DVVH QLH PHKU ]X YHUQLFKWHQ ± HLQ %QGQLV GXUFK GDV HU VLFK VHOEVWYHUSÀLFKWHW(ULVWDEHUQLFKWQXUGXUFKVHLQ9HUVSUHFKHQ JHEXQGHQ HU LVW DXFK GXUFK VHLQ HLJHQHV 3ULQ]LS JHEXQGHQ QlPOLFK GXUFK GDV 3ULQ]LS GHU *HUHFKWLJNHLW XQG DXI *UXQG GHVVHQPX‰*RWWDXFK$EUDKDPV)RUGHUXQJQDFKJHEHQ6RGRP ]XYHUVFKRQHQZHQQPLQGHVWHQV]HKQ*HUHFKWHGRUWZlUHQ'LH (QWZLFNOXQJ JHKW MHGRFKQRFKZHLWHUDOVELV]XU8PZDQGOXQJ *RWWHVDXVGHU*HVWDOWHLQHVGHVSRWLVFKHQ6WDPPHVKlXSWOLQJV 

'LHVJLOWEHVRQGHUVIUGLHPRQRWKHLVWLVFKHQ5HOLJLRQHQGHV:HVWHQV,QLQGLVFKHQ 5HOLJLRQHQEHKLHOWGLH0XWWHUJHVWDOWHLQHQHUKHEOLFKHQ7HLOLKUHV(LQÀXVVHVVR]XP %HLVSLHO GLH *|WWLQ .DOL LP %XGGKLVPXV XQG LP 7DRLVPXV ZDU GHU %HJULII HLQHV *RWWHV ±RGHUHLQHU*|WWLQ±RKQHZHVHQWOLFKH%HGHXWXQJZHQQQLFKWVRJDU Y|OOLJDXVJHO|VFKW



(ULFK)URPP'LH.XQVWGHV/LHEHQV LQ HLQHQ OLHEHQGHQ 9DWHU LQ HLQHQ 9DWHU GHU VLFK GXUFK *UXQGVlW]HJHEXQGHQKDWGLHHUVHOEVWDXIJHVWHOOWKDWVLHJHKW LQGLH5LFKWXQJGHU8PZDQGOXQJ*RWWHVDXVGHU*HVWDOWHLQHV 9DWHUVLQHLQ6\PEROGHV3ULQ]LSVGHU*HUHFKWLJNHLW:DKUKHLW XQG/LHEH*RWWLVW/LHEH*RWWLVW*HUHFKWLJNHLW,QQHUKDOE GLHVHU (QWZLFNOXQJ K|UW *RWW DXI HLQH 3HUVRQ HLQ 0DQQ HLQ9DWHU]XVHLQHUZLUG]XP3ULQ]LSGHU(LQKHLWKLQWHUGHU 0DQQLJIDOWLJNHLWGHU3KlQRPHQH*RWWNDQQNHLQHQ1DPHQ KDEHQ1XUHLQ'LQJHLQH3HUVRQHLQ%HJUHQ]WHVNDQQHLQHQ 1DPHQKDEHQ:LHNDQQ*RWWDEHUHLQHQ1DPHQKDEHQZHQQ HUZHGHUHLQH3HUVRQQRFKHLQ'LQJLVW" 'DV VFKODJHQGVWH %HLVSLHO IU GLHVH (QWZLFNOXQJ OLHJW LQ GHU ELEOLVFKHQ *HVFKLFKWH YRQ GHU J|WWOLFKHQ 2IIHQEDUXQJ YRU 0RVHV $OV 0RVHV VDJW GLH +HEUlHU ZUGHQ LKP QLFKW JODXEHQGD‰*RWWLKQJHVDQGWKDEHZHQQHULKQHQQLFKWGHQ 1DPHQ*RWWHVQHQQHQN|QQH GHQQZLHN|QQHQ*|W]HQDQEHWHU HLQHQ QDPHQORVHQ *RWW EHJUHLIHQ GD GRFK GDV :HVHQ HLQHV ,GROVLQVHLQHP1DPHQOLHJW" PDFKW*RWWHLQ=XJHVWlQGQLV (U VDJW 0RVHV VHLQ 1DPH VHL ª,FK ELQ GHU 6HLHQGH GHU HZLJ :HUGHQGH© 'LHV LVW GLH NRUUHNWHUH hEHUVHW]XQJ DQ 6WHOOH GHU EOLFKHQ ª,FK ZHUGH VHLQ GHU LFK VHLQ ZHUGH© 'LH KHEUlLVFKH )RUP GUFNW GDV ,PSHUIHNWXP QLFKW GLH =XNXQIW DXV  'LHVHV ª,FK ELQ GHU 6HLHQGH XQG :HUGHQGH© EHGHXWHW GD‰ *RWW QLFKW HQGOLFK DOVR NHLQ 0HQVFK XQG DXFKNHLQª'LQJ©LVW'LHHQWVSUHFKHQGVWHhEHUVHW]XQJGLHVHV 6DW]HV ZlUH 6DJH LKQHQ GD‰ ªPHLQ 1DPH 1DPHQORV LVW© 'DV 9HUERW LUJHQGHLQ %LOGQLV *RWWHV ]X PDFKHQ VHLQHQ 1DPHQ XQQW] XQG VFKOLH‰OLFK VHLQHQ 1DPHQ EHUKDXSW DXV]XVSUHFKHQ KDW GDV JOHLFKH =LHO GHQ 0HQVFKHQ YRQ GHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 9RUVWHOOXQJ ]X EHIUHLHQ GD‰ *RWW HLQ 9DWHU GD‰ HU HLQH 3HUVRQ VHL ,Q GHU IROJHULFKWLJHQ WKHRORJLVFKHQ(QWZLFNOXQJ ZLUGGHU*HGDQNHVRZHLWHUJHIKUWGD‰PDQYRQ*RWWVRJDU NHLQ SRVLWLYHV $WWULEXW DXVVDJHQ GUIH 9RQ *RWW ]X VDJHQ HU VHL ZHLVH VWDUN XQG JXW EHGHXWHW ZLHGHUXP GD‰ HU HLQH 3HUVRQLVWK|FKVWHQVNDQQLFKVDJHQZDV*RWWQLFKWLVWDOVR LKPQHJDWLYH$WWULEXWHEHLIJHQXQGIHVWVWHOOHQGD‰HUQLFKW HQGOLFK QLFKW OLHEHQG XQG QLFKW XQJHUHFKW LVW -H PHKU LFK ZHL‰ZDV*RWWQLFKWLVWGHVWRPHKUZHL‰LFKYRQ*RWW :HQQ PDQ GLH UHLIHQGH ,GHH GHV 0RQRWKHLVPXV LQ LKUHQ ZHLWHUHQ .RQVHTXHQ]HQ YHUIROJW NRPPW PDQ ]X GHP HLQ]LJHQ 6FKOX‰ *RWWHV 1DPHQ EHUKDXSW QLFKW ]X HUZlKQHQ QLFKW EHU *RWW ]X VSUHFKHQ 'DQQ ZLUG *RWW ]X GHPZDVHULQGHUPRQRWKHLVWLVFKHQ7KHRORJLHVHLQVROOHLQ QLFKWDXV]XGUFNHQGHV*HVWDPPHOGDVKLQZHLVWDXIGLHGHP SKlQRPHQDOHQ8QLYHUVXP]XJUXQGHOLHJHQGH(LQKHLWDXIGLH *UXQGODJH DOOHU ([LVWHQ] *RWW ZLUG :DKUKHLW /LHEH XQG *HUHFKWLJNHLW *DQ] RIIHQVLFKWOLFK UKUW DXV GLHVHU (YROXWLRQ YRP DQWKURSRPRUSKHQ ]XP UHLQ PRQRWKHLVWLVFKHQ 3ULQ]LS GHU JDQ]H8QWHUVFKLHGLP:HVHQGHU/LHEH]X*RWWKHU'HU*RWW $EUDKDPVNDQQJHOLHEWRGHUJHIUFKWHWZHUGHQHEHQZLHHLQ 9DWHU PDQFKPDO LVW VHLQH 9HUJHEXQJ PDQFKPDO VHLQ =RUQ GHU EHKHUUVFKHQGH $VSHNW 'D *RWW GHU 9DWHU LVW ELQ LFK GDV .LQG ,FK KDEH PLFK QRFK QLFKW YRQ GHP IURPPHQ :XQVFK QDFK $OOZLVVHQKHLW XQG $OOPDFKW JHO|VW ,FK KDEH QRFK QLFKW MHQH 2EMHNWLYLWlW HUUHLFKW XP PHLQH *UHQ]HQ 

9JO 0DLPRQLGHV¶ /HKUH YRQ GHQ QHJDWLYHQ $WWULEXWHQ LP )KUHU GHU 8QVFKOVVLJHQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV DOV PHQVFKOLFKHV :HVHQ PHLQH 8QZLVVHQKHLW XQG PHLQH +LOÀRVLJNHLW]XHUNHQQHQ:LHHLQ.LQGEHKDXSWHLFKLPPHU QRFKGD‰HVHLQHQ9DWHU JHEHQ PX‰GHUPLUKLOIWGHUPLFK EHKWHWXQGPLFKEHVWUDIW±HLQHQ9DWHUDOVRGHUPLFKOLHEW ZHQQ LFK JHKRUFKH GHU VLFK JHVFKPHLFKHOW IKOW ZHQQ LFKLKQSUHLVHXQGGHU]RUQLJLVWZHQQLFKXQJHKRUVDPELQ *DQ] RIIHQVLFKWOLFK KDW GLH 0HKUKHLW GHU 0HQVFKHQ LQ LKUHU SHUV|QOLFKHQ(QWZLFNOXQJGLHVHVLQIDQWLOH6WDGLXPQRFKQLFKW EHUZXQGHQXQGGHPHQWVSUHFKHQGLVWGHU*ODXEHDQ*RWWEHL GHQPHLVWHQ0HQVFKHQGHU*ODXEHDQHLQHQKHOIHQGHQ9DWHU± HLQHNLQGOLFKH,OOXVLRQ7URW]GHU7DWVDFKHGD‰GLHVHU%HJULII GHU5HOLJLRQYRQHLQLJHQJUR‰HQ0HLVWHUQGHU0HQVFKKHLWXQG YRQ HLQHU 0LQGHUKHLW GHU 0HQVFKHQ EHUZXQGHQ ZXUGH LVW HU LPPHU QRFK GLH YRUKHUUVFKHQGH )RUP GHV UHOLJL|VHQ *ODXEHQV :DVGLHVH)RUPGHV*ODXEHQVDQODQJWLVWGLH.ULWLNDQ GHU 5HOLJLRQ ZLH VLH )UHXG EW Y|OOLJ ULFKWLJ 'HU )HKOHU ODJMHGRFKLQGHU7DWVDFKHGD‰)UHXG GHQ DQGHUHQ$VSHNW GHUPRQRWKHLVWLVFKHQ5HOLJLRQXQGLKUHQZDKUHQ.HUQ±GHU ]XU 1HJDWLRQ GLHVHV *RWWHVEHJULIIHV IKUW ± EHUVHKHQ KDW 'HU ZLUNOLFK UHOLJL|VH 0HQVFK ELWWHW ZHQQ HU GHP :HVHQ GHUPRQRWKHLVWLVFKHQ,GHHIROJWQLFKWXPLUJHQGHWZDVXQG HUZDUWHWQLFKWVYRQ*RWWHUOLHEW*RWWDXFKQLFKWVRZLHHLQ .LQG VHLQHQ 9DWHU RGHU VHLQH 0XWWHU OLHEW (U KDW YLHOPHKU MHQH'HPXWHUUHLFKWLQGHUHUZHL‰GD‰HUQLFKWVYRQ*RWW ZHL‰ª*RWW©ZLUGIULKQHLQ6\PEROLQZHOFKHPGHU0HQVFK LQ HLQHP IUKHUHQ 6WDGLXP VHLQHU (YROXWLRQ GDV +|FKVWH DXVJHGUFNW KDW ZDV HU HUVWUHEW /LHEH :DKUKHLW XQG *HUHFKWLJNHLW(UKDW9HUWUDXHQLQGLH3ULQ]LSLHQGLHª*RWW© 

(ULFK)URPP'LH.XQVWGHV/LHEHQV YHUN|USHUW HU GHQNW ZDKU OHEW LQ /LHEH XQG *HUHFKWLJNHLW XQG HPS¿QGHW VHLQ /HEHQ QXU LQVRIHUQ DOV ZHUWYROO DOV HV LKP GLH 0|JOLFKNHLW JLEW ]X HLQHU YROOHQ (QWIDOWXQJ VHLQHU PHQVFKOLFKHQ.UlIWH]XJHODQJHQ±DOVGLHHLQ]LJH5HDOLWlWGLH ]lKOWDOVGDVHLQ]LJH2EMHNWªOHW]WHU(UNHQQWQLV© 8QG VFKOLH‰OLFK VSULFKW HU QLFKW EHU *RWW HUZlKQW QLFKW HLQPDOVHLQHQ1DPHQ*RWW]XOLHEHQZHQQZLUGDV:RUWKLHU JHEUDXFKHQ ZROOHQ ZUGH EHGHXWHQ QDFK GHU (UUHLFKXQJ GHU YROOHQ )lKLJNHLW GHV /LHEHQV ]X VWUHEHQ QDFK GHU 9HUZLUNOLFKXQJ*RWWHVLQXQVVHOEVW 9RQGLHVHP*HVLFKWVSXQNWDXVLVWGLHORJLVFKH.RQVHTXHQ] GHV PRQRWKHLVWLVFKHQ *HGDQNHQV GLH 1HJDWLRQ GHU JHVDPWHQ ª7KHRORJLH© GHV JHVDPWHQ ª:LVVHQV EHU *RWW© 8QG GRFK EOHLEW HLQ 8QWHUVFKLHG ]ZLVFKHQ HLQHU GHUDUWLJHQ UDGLNDOHQ $QVLFKWXQGHLQHPQLFKWWKHLVWLVFKHQ6\VWHPZLHZLUHV]XP %HLVSLHOLPIUKHQ%XGGKLVPXVRGHU7DRLVPXV¿QGHQ $OOH WKHLVWLVFKHQ DXFK GLH QLFKWªWKHRORJLVFK©P\VWLVFKHQ 6\VWHPH VHW]HQ HLQH VSLULWXHOOH 5HDOLWlW YRUDXV GLH GHQ 0HQVFKHQ WUDQV]HQGLHUW XQG GHQ JHLVWLJHQ .UlIWHQ GHV 0HQVFKHQ VRZLH VHLQHP 6WUHEHQ QDFK (UO|VXQJ XQG LQQHUHU *HEXUW %HGHXWXQJ XQG :HUW YHUOHLKW ,P QLFKWWKHLVWLVFKHQ 6\VWHP JLEW HV NHLQH VSLULWXHOOH 5HDOLWlW GLH DX‰HUKDOE GHV 0HQVFKHQOLHJWXQGLKQWUDQV]HQGLHUW'LH6SKlUHGHU/LHEH GHU9HUQXQIWXQGGHU*HUHFKWLJNHLWEHVWHKWDOV5HDOLWlWQXU ZHLOXQGLQVRIHUQGHU0HQVFKIlKLJJHZHVHQLVWGLHVHLQLKP OLHJHQGHQ.UlIWHLP3UR]H‰VHLQHU(YROXWLRQ]XHQWZLFNHOQ ,Q GLHVHU 6LFKW KDW GDV /HEHQ NHLQHQ ª6LQQ© DX‰HU MHQHP DOOHLQGHQGHU0HQVFKLKPVHOEVWJLEW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 1DFKGHP LFK YRQ GHU /LHEH ]X *RWW JHVSURFKHQ KDEH P|FKWHLFKNODUVWHOOHQGD‰LFKSHUV|QOLFKQLFKWLQWKHLVWLVFKHQ .RQ]HSWHQ GHQNH XQG GD‰ GHU *RWWHVEHJULII IU PLFK QXU KLVWRULVFK EHGLQJW LVW LQ LKP KDW GHU 0HQVFK GDV (UOHEQLV VHLQHU K|FKVWHQ .UlIWH XQG VHLQ 6WUHEHQ QDFK :DKUKHLW XQG (LQKHLWLQHLQHUEHVWLPPWHQKLVWRULVFKHQ3HULRGHDXVJHGUFNW ,FKJODXEHDEHUDXFKGD‰GLH.RQVHTXHQ]HQGHVNRQVHTXHQWHQ 0RQRWKHLVPXV XQG HLQHV QLFKWWKHLVWLVFKHQ (UOHEQLVVHV GHU VSLULWXHOOHQ5HDOLWlW]ZHL.RQ]HSWHVLQGGLH]ZDUYHUVFKLHGHQ VLQGVLFKDEHUJHJHQVHLWLJQLFKWEHNlPSIHQPVVHQ $QGLHVHP3XQNWHUJLEWVLFKMHGRFKHLQHDQGHUH'LPHQVLRQ GHV3UREOHPVGHU/LHEH]X*RWWPLWGHUPDQVLFKEHVFKlIWLJHQ PX‰ XP GLH .RPSOL]LHUWKHLW GHV 3UREOHPV ]X HUIDVVHQ ,FK EH]LHKH PLFK GDPLW DXI HLQHQ JUXQGOHJHQGHQ 8QWHUVFKLHG ]ZLVFKHQ 2VW &KLQD ,QGLHQ  XQG :HVW GHQ PDQ LP 8QWHUVFKLHG ORJLVFKHU %HJULIIH IRUPXOLHUHQ NDQQ 6HLW $ULVWRWHOHV LVW GLH ZHVWOLFKH :HOW GHQ ORJLVFKHQ 3ULQ]LSLHQ GHU DULVWRWHOLVFKHQ 3KLORVRSKLH JHIROJW 'LHVH /RJLN EDVLHUW DXIGHP6DW]GHU,GHQWLWlW±GHUDXVVDJWGD‰$JOHLFK$LVW± DXIGHP6DW]YRP:LGHUVSUXFK $LVWQLFKW1LFKW$ XQGDXI GHP6DW]YRPDXVJHVFKORVVHQHQ'ULWWHQ $NDQQQLFKW$XQG 1LFKW$QRFK$RGHU1LFKW$VHLQ $ULVWRWHOHVHUNOlUWVHLQH 7KHVH VHKU NODU LQ IROJHQGHP 6DW] ª(V LVW DXVJHVFKORVVHQ GD‰HLQXQGGDVVHOEH3UlGLNDWHLQHPXQGGHPVHOEHQ6XEMHNWH ]XJOHLFK XQG LQ GHUVHOEHQ %H]LHKXQJ ]XNRPPH XQG DXFK QLFKW ]XNRPPH« 'LHV DOVR LVW GDV JUXQGOHJHQGVWH XQWHU DOOHQ3ULQ]LSLHQ© 

$ULVWRWHOHV0HWDSK\VLN%XFK*DPPDE



(ULFK)URPP'LH.XQVWGHV/LHEHQV 'LHVHV $[LRP GHU DULVWRWHOLVFKHQ /RJLN KDW XQVHUH 'HQNJHZRKQKHLWHQVRWLHIEHHLQÀX‰WGD‰HVDOVªQDWUOLFK© XQGVHOEVWYHUVWlQGOLFKHPSIXQGHQZLUGZlKUHQGDQGHUHUVHLWV GLH )HVWVWHOOXQJ GD‰ ; JOHLFK $ XQG QLFKW JOHLFK $ LVW XQVLQQLJ]XVHLQVFKHLQW ,P *HJHQVDW] ]X GHU DULVWRWHOLVFKHQ /RJLN VWHKW GDV ZDV PDQ DOV SDUDGR[H /RJLN EH]HLFKQHQ N|QQWH GLH $QQDKPH GD‰$XQG1LFKW$VLFKDOV$XVVDJHQYRQ;QLFKWJHJHQVHLWLJ DXVVFKOLH‰HQ 'LH SDUDGR[H /RJLN ZDU LP FKLQHVLVFKHQ XQG LQGLVFKHQ 'HQNHQ GRPLQLHUHQG DEHU DXFK LQ GHU 3KLORVRSKLH +HUDNOLWV XQG VFKOLH‰OLFK ZXUGH VLH ± XQWHU GHU %H]HLFKQXQJ ª'LDOHNWLN© ± ]XU /RJLN YRQ +HJHO XQG 0DU[ 'DV DOOJHPHLQH 3ULQ]LS GHU SDUDGR[HQ /RJLN LVW VHKU GHXWOLFK YRQ /DRWVH EHVFKULHEHQ ZRUGHQ ª:RUWH GLH VWUHQJJHQRPPHQ ZDKU VLQG VLQG SDUDGR[©  8QG 7VFKXDQJWVHVDJWª'DVZDVHLQVLVWLVWHLQV'DVZDVQLFKW HLQVLVWLVWDXFKHLQV©'LHVH)RUPXOLHUXQJHQGHUSDUDGR[HQ /RJLN VLQG SRVLWLY (V LVW XQG HV LVW QLFKW (LQH DQGHUH )RUPXOLHUXQJGDJHJHQLVWQHJDWLY(VLVWZHGHUGLHVQRFKGDV 'LHHUVWH)RUPXOLHUXQJ¿QGHQZLULP7DRLVPXVEHL+HUDNOLW XQGVFKOLH‰OLFKLQGHU+HJHOVFKHQ'LDOHNWLNGLH]ZHLWHLVWLQ GHULQGLVFKHQ3KLORVRSKLHKlX¿J 2EJOHLFK HV GHQ 5DKPHQ GLHVHV %XFKHV EHUVFKUHLWHQ ZUGH HLQH DXVIKUOLFKH %HVFKUHLEXQJ GHV 8QWHUVFKLHGV ]ZLVFKHQ GHU DULVWRWHOLVFKHQ XQG GHU SDUDGR[HQ /RJLN ]X JHEHQP|FKWHLFKGRFKHLQLJH%HPHUNXQJHQKLQ]XIJHQXPGDV 3ULQ]LSOHLFKWHUYHUVWlQGOLFK]XPDFKHQ,PZHVWOLFKHQ'HQNHQ 

/DRWVH7DRWHNLQJHG)0D[0XHOOHU2[IRUG8QLYHUVLW\3UHVV/RQGRQ6



(ULFK)URPP'LH.XQVWGHV/LHEHQV ¿QGHW GLH SDUDGR[H /RJLN LKUHQ IUKHVWHQ $XVGUXFN LQ GHU 3KLORVRSKLH +HUDNOLWV (U LVW GHU $QVLFKW GD‰ GHU .RQÀLNW ]ZLVFKHQ *HJHQVlW]HQ GLH *UXQGODJH GHU JHVDPWHQ ([LVWHQ] LVWª6LHYHUVWHKHQQLFKW©VDJW+HUDNOLWªZLHGDV8QVWLPPLJH LQ VLFK EHUHLQVWLPPW GHV :LGHU6SlQQVWLJHQ )JXQJ ZLH EHL %RJHQ XQG /HLHU© 2GHU QRFK NODUHU ª,Q GLHVHOEHQ )OXWHQ VWHLJHQ ZLU XQG VWHLJHQ ZLU QLFKW ZLU VLQG HV XQG ZLUVLQGHVQLFKW©2GHUª8QGDOVHLQXQGGDVVHOEHLVW LQ XQV /HEHQGLJHV XQG 7RWHV XQG GDV :DFKHQGH XQG 6FKODIHQGHXQG-XQJHVXQG$OWHV©,QGHU3KLORVRSKLH GHV/DRWVHZLUGGLHJOHLFKH9RUVWHOOXQJLQSRHWLVFKHUHU )RUP DXVJHGUFNW (LQ FKDUDNWHULVWLVFKHV %HLVSLHO IU GDV WDRLVWLVFKH SDUDGR[H 'HQNHQ LVW GLH IROJHQGH )HVWVWHOOXQJª'DV*HZLFKWLJHLVWGHV/HLFKWHQ:XU]HO GLH6WLOOHLVWGHU8QUXKH+HUU©2GHUª'HU6LQQLVW HZLJ RKQH +DQGHOQ XQG QLFKWV EOHLEW XQJHZLUNW© 2GHU ª0HLQH :RUWH VLQG JDQ] OHLFKW ]X YHUVWHKHQ XQG JDQ] OHLFKW DXV]XIKUHQ XQG GRFK LVW QLHPDQG DXI (UGHQ LQVWDQG VLH ]X YHUVWHKHQ XQG DXV]XIKUHQ© :LH LP LQGLVFKHQ XQG VRNUDWLVFKHQ 'HQNHQ LVW DXFK LP WDRLVWLVFKHQ 'HQNHQ GDV +|FKVWH ]X GHP 'HQNHQ IKUHQ NDQQ GDV :LVVHQ QLFKWV ]X ZLVVHQ ª:LVVHQ GD‰ PDQ QLFKWV ZHL‰ LVW GDV +|FKVWH 1LFKWZLVVHQ IU :LVVHQDFKWHQLVW/HLGHQ©(VLVWQXUHLQH.RQVHTXHQ] 

+HUDNOLW)UDJPHQWH(UQVW+HLPHUDQ9HUODJ0QFKHQ6 (EHQGD  (EHQGD6I +VJYRQ5LFKDUG:LOKHOP-HQD1U6  /DRWVH7DRWHNLQJ'DV%XFKGHV$OWHQYRP6LQQXQG/HEHQ  (EHQGD1U6  (EHQGD1U6  (EHQGD1U6 



(ULFK)URPP'LH.XQVWGHV/LHEHQV GLHVHU3KLORVRSKLHGD‰GHUK|FKVWH*RWWNHLQHQ1DPHQ KDEHQ NDQQ 'LH OHW]WH :LUNOLFKNHLW GDV OHW]WH (LQH NDQQZHGHULQ:RUWHQQRFKLQ*HGDQNHQHLQJHIDQJHQ ZHUGHQ/DRWVHVDJWGD]Xª'HU6LQQGHQPDQHUVLQQHQ NDQQ LVW QLFKW GHU HZLJH 6LQQ 'HU 1DPH GHQ PDQ QHQQHQ NDQQ LVW QLFKW GHU HZLJH 1DPH© 2GHU PLW HLQHU DQGHUHQ )RUPXOLHUXQJ ª0DQ VFKDXW QDFK LKP XQG VLHKW LKQ QLFKW 6HLQ 1DPH LVW ¾*OHLFK½ 0DQ KRUFKW QDFKLKPXQGK|UWLKQQLFKW6HLQ1DPHLVW¾)HLQ½0DQID‰WQDFK LKPXQGHUJUHLIWLKQQLFKW6HLQ1DPHLVW¾.OHLQ½'LHVHGUHLNDQQ PDQQLFKWWUHQQHQVLHVLQGYHUPLVFKWXQGELOGHQ(LQHV©8QG QRFKHLQHZHLWHUH)RUPXOLHUXQJGHUJOHLFKHQ9RUVWHOOXQJª'HU (UNHQQHQGH UHGHW QLFKW >EHU GDV 7DR@ GHU 5HGHQGH HUNHQQQW QLFKW© 'LH 3KLORVRSKLH GHU %UDKPDQHQ EHVFKlIWLJWH VLFK PLW GHU 9HUELQGXQJ ]ZLVFKHQ GHU 0DQQLJIDOWLJNHLW GHU 3KlQRPHQH  XQG GHU (LQKHLW %UDKPDQ  $EHU ZHGHU LQ ,QGLHQ QRFK LQ &KLQD ZLUG GLH SDUDGR[H 3KLORVRSKLH PLW HLQHU GXDOLVWLVFKHQ 3RVLWLRQ YHUPLVFKW 'LH +DUPRQLH (LQKHLW  EHVWHKW LQ GHU ZLGHUVSUFKOLFKHQ %HKDXSWXQJ DXV GHU VLH HQWVWHKW ª'DV 'HQNHQGHU%UDKPDQHQNUHLVWHYRQ$QIDQJDQXPGDV3DUDGR[ GHU JOHLFK]HLWLJHQ $QWDJRQLVPHQ ± XQG GRFK ,GHQWLWlW GHU PDQLIHVWHQ .UlIWH XQG )RUPHQ GHU SKlQRPHQDOHQ :HOW±© 'LHOHW]WH0DFKWLP8QLYHUVXPZLHLP0HQVFKHQEHUVFKUHLWHW VRZRKO GLH 6SKlUH GHV %HZX‰WVHLQV DOV DXFK GLH GHU 6LQQH 6LH LVW GDKHU ªZHGHU GLHV QRFK GDV© =LPPHU EHPHUNW GD]X  

 (EHQGD1UO6 (EHQGD1U6  (EHQGD1U6  +5=LPPHU3KLORVRSKLHVRI,QGLD3DQWKHRQ%RRNV1HZ


(ULFK)URPP'LH.XQVWGHV/LHEHQV ª,Q GLHVHU VWUHQJ QLFKWGXDOLVWLVFKHQ 9HUZLUNOLFKXQJ JLEW HV NHLQHQ$QWDJRQLVPXV]ZLVFKHQ¾ZLUNOLFKXQGXQZLUNOLFKH©$XI LKUHU 6XFKH QDFK GHU KLQWHU GHU 0DQQLJIDOWLJNHLW YHUERUJHQHQ (LQKHLW NDPHQ GLH EUDKPDQLVFKHQ 'HQNHU ]X GHP 6FKOX‰ GD‰ GDV VLFKWEDUH *HJHQVDW]SDDU GDV :HVHQ QLFKW GHU 'LQJH VRQGHUQ GDV GHV ZDKUQHKPHQ GHQ *HLVWHV ZLGHUVSLHJHOW 'HU ZDKUQHKPHQGH*HGDQNHPX‰EHUVLFKKLQDXVZDFKVHQZHQQ HU GLH ZDKUH :LUNOLFKNHLW HUUHLFKHQ ZLOO 'HU :LGHUVSUXFK LVW HLQH .DWHJRULH GHV PHQVFKOLFKHQ *HLVWHV VHOEVW MHGRFK NHLQ (OHPHQW GHU :LUNOLFKNHLW ,Q GHU 5LJYHGD ZLUG GDV 3ULQ]LS IROJHQGHUPD‰HQ DXVJHGUFNW ª,FK ELQ GLH EHLGHQ GLH /HEHQVNUDIW XQG GHU /HEHQVVWRII EHLGH DXI HLQPDO© 'LH OHW]WH .RQVHTXHQ] GLHVHU ,GHH GD‰ GHU *HGDQNH QXU LQ :LGHUVSUFKHQZDKUQHKPHQNDQQKDWHLQHQRFKGUDVWLVFKHUH )ROJHLP'HQNHQGHU9HGHQGDVEHKDXSWHWGHU*HGDQNH±PLW VHLQHQ IHLQHQ 8QWHUVFKHLGXQJHQ ± ZlUH ªQXU HLQ IHLQHUHU +RUL]RQW GHU 8QZLVVHQKHLW LQ :LUNOLFKNHLW GHU IHLQVWH DOOHU WUJHULVFKHQ+LQZHLVHGHU0D\D© 'LHSDUDGR[H/RJLNKDWHLQHZHVHQWOLFKH%HGHXWXQJIUGHQ *RWWHVEHJULII,QVRIHUQ*RWWGLHOHW]WH:LUNOLFKNHLWYHUN|USHUW XQG LQVRIHUQ GHU PHQVFKOLFKH *HLVW GLH :LUNOLFKNHLW LQ :LGHUVSUFKHQ ZDKUQLPPW NDQQ PDQ EHU *RWW NHLQH SRVLWLYH)HVWVWHOOXQJWUHIIHQ,QGHU9HGDQWDJLOWGLH9RUVWHOOXQJ YRQ HLQHP DOOZLVVHQGHQ XQG DOOPlFKWLJHQ *RWW DOV K|FKVWH )RUP YRQ 8QZLVVHQKHLW +LHU VHKHQ ZLU GLH 9HUELQGXQJ ]X GHU 1DPHQORVLJNHLW GHV 7DR ]X GHP QDPHQORVHQ 1DPHQ GHV *RWWHV GHU VLFK 0RVHV ]X HUNHQQHQ JLEW ]X GHP ªDEVROXWHQ 

(EHQGD6 (EHQGD





(ULFK)URPP'LH.XQVWGHV/LHEHQV 1LFKWV©0HLVWHU(FNHKDUWV1XUGLH1HJDWLRQNDQQGHU0HQVFK HUNHQQHQ QLFKW DEHU GLH 3RVLWLRQ GHU OHW]WHQ 5HDOLWlW ª6R YHUPDJ GHU 0HQVFK EHUKDXSW QLFKW ]X ZLVVHQ ZDV *RWW LVW (WZDVZHL‰HUZRKOZDV*RWWQLFKWLVW«'DPLW>GLH9HUQXQIW@ VLFK QLFKW ]XIULHGHQ JHEH PLW LUJHQGZHOFKHQ 'LQJHQ VRQGHUQ LPPHUWLHIHUH6HKQVXFKWIKOHQDFKGHPK|FKVWHQXQGOHW]WHQ *XWH©)U0HLVWHU(FNHKDUWLVWªGDV*|WWOLFKHHLQ9HUQHLQHQ GHV9HUQHLQHQV XQG HLQ9HUOHXJQHQ GHV9HUOHXJQHQV«$OOH .UHDWXUHQ WUDJHQ HLQH9HUQHLQXQJLQVLFKGLHHLQHYHUQHLQW GLH DQGHUH ]X VHLQ© (V LVWQXUHLQHZHLWHUH)ROJHUXQJGD‰ *RWWIU0HLVWHU(FNHKDUWªGDVDEVROXWH1LFKWV©ZLUGZLHGLH OHW]WH:LUNOLFKNHLWIUGLH.DEEDODGDVª(Q6RI©GDV(QGORVH LVW ,FK KDEH GHQ 8QWHUVFKLHG ]ZLVFKHQ GHU DULVWRWHOLVFKHQ XQG GHU SDUDGR[HQ /RJLN KLHU GLVNXWLHUW XP GHQ %RGHQ IUHLQHQEHGHXWHQGHQ8QWHUVFKLHGLP%HJULIIGHU/LHEH]X *RWWYRU]XEHUHLWHQ'LH/HKUHUGHUSDUDGR[HQ/RJLNVDJHQ GD‰GHU0HQVFKGLH:LUNOLFKNHLWQXULQLKUHQ:LGHUVSUFKHQ ZDKUQHKPHQ NDQQ GD‰ HU MHGRFK GLH OHW]WH 5HDOLWlW GDV (LQHQLHPDOVJHGDQNOLFKHUIDVVHQNDQQ'LHVIKUWH]XGHU )ROJHUXQJGD‰PDQDOVOHW]WHV=LHODXFKJDUQLFKWYHUVXFKWH JHGDQNOLFKGLH$QWZRUW]X¿QGHQ'HU*HGDQNHNDQQXQVQXU ]XGHP%HZX‰WVHLQKLQIKUHQGD‰HUXQVGLHOHW]WH$QWZRUW HEHQ QLFKW JHEHQ NDQQ 'LH :HOW GHU *HGDQNHQ EOHLEW LQ GLHVHP 3DUDGR[ JHIDQJHQ 'LH HLQ]LJH 0|JOLFKNHLW GLH:HOW OHW]WOLFK]XHUIDVVHQOLHJWQLFKWLP*HGDQNHQVRQGHUQLQGHP  0HLVWHU(FNHKDUW6FKULIWHQHG+HUPDQQ%WWQHU-HQD6 9RQGHUHZLJHQ *HEXUW3UHGLJW   0HLVWHU(FNHKDUWHG4XLQWDD26I 3UHGLJW YJOGLHQHJDWLYH7KHRORJLH GHV0DLPRQLGHV



(ULFK)URPP'LH.XQVWGHV/LHEHQV (UOHEQLV GHU (LQKHLW 6R IKUW GLH SDUDGR[H /RJLN ]X GHP 6FKOX‰GD‰GLH/LHEH]X*RWWZHGHUGDVJHGDQNOLFKH:LVVHQ YRQ *RWW QRFK GHU *HGDQNH YRQ GHU HLJHQHQ /LHEH ]X *RWW LVW VRQGHUQ GHU$NW GHV (UOHEHQV GHU (LQKHLW PLW *RWW LP (UOHEQLVGHU/LHEH 'LHV IKUW GD]X GLH %HWRQXQJ DXI GHQ ULFKWLJHQ :HJ GHV /HEHQV ]X OHJHQ 'DV JDQ]H /HEHQ MHGH NOHLQH XQG MHGH ZLFKWLJH+DQGOXQJLVWYRP:LVVHQXP*RWWEHVWLPPWDEHUQLFKW YRP:LVVHQLPULFKWLJHQ'HQNHQVRQGHUQLPULFKWLJHQ+DQGHOQ *DQ]GHXWOLFKVLHKWPDQGLHVEHLGHQRULHQWDOLVFKHQ5HOLJLRQHQ 6RZRKO LP %UDKPDQLVPXV DOV DXFK LP %XGGKLVPXV XQG 7DRLVPXVOLHJWGDVOHW]WHUHOLJL|VH=LHOQLFKWLPUHFKWHQ*ODXEHQ VRQGHUQLPULFKWLJHQ+DQGHOQ'LHJOHLFKH%HWRQXQJ¿QGHQZLU EHLGHUMGLVFKHQ5HOLJLRQ,QGHUMGLVFKHQ7UDGLWLRQ¿QGHWPDQ IDVW NHLQH .LUFKHQVSDOWXQJ GLH GXUFK GHQ *ODXEHQ DXVJHO|VW ZXUGH GLH JUR‰H$XVQDKPH GHU 6WUHLW ]ZLVFKHQ 3KDULVlHUQ XQG6DGGX]lHUQZDULQGHU+DXSWVDFKHGLH$XVHLQDQGHUVHW]XQJ ]ZLVFKHQ ]ZHL HQWJHJHQJHVHW]WHQ *HVHOOVFKDIWVNODVVHQ  ,P MGLVFKHQ *ODXEHQ ODJ GLH %HWRQXQJ EHVRQGHUV VHLW %HJLQQ XQVHUHV =HLWDOWHUV  DXI GHP ULFKWLJHQ :HJ GHV /HEHQV GHU +DODFKD GLHVHV:RUWKDWHLQHlKQOLFKH%HGHXWXQJZLH7DR  ,P PRGHUQHQ 'HQNHQ ZLUG GHU JOHLFKH *UXQGVDW] LQ GHQ /HKUHQYRQ6SLQR]D0DU[XQG)UHXGDXVJHGUFNW,Q6SLQR]DV 3KLORVRSKLH ZLUG GLH %HWRQXQJ YRP UHFKWHQ *ODXEHQ DXI GLH ULFKWLJH /HEHQVIKUXQJ YHUVFKREHQ 0DU[ VWHOOW GHQ JOHLFKHQ *UXQGVDW]DXIZHQQHUVDJWª'LH3KLORVRSKHQKDEHQGLH:HOW QXU YHUVFKLHGHQ LQWHUSUHWLHUW HV NRPPW GDUDXI DQ VLH ]X YHUlQGHUQ©)UHXGVSDUDGR[H/RJLNIKUWLKQ]XGHP3UR]H‰ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV GHU SV\FKRDQDO\WLVFKHQ 7KHUDSLH GHP VLFK LPPHU ZHLWHU YHUWLHIHQGHQ(UOHEQLVVHLQHUVHOEVW 'LHSDUDGR[H/RJLNOHJWGHQ1DFKGUXFNQLFKWDXIGDV'HQNHQ VRQGHUQDXIGDV(UOHEHQ'LHVH+DOWXQJKDWHLQH5HLKHDQGHUHU .RQVHTXHQ]HQ,QHUVWHU/LQLHIKUWVLH]XU7ROHUDQ]ZLHZLU VLHLQGHULQGLVFKHQXQGFKLQHVLVFKHQUHOLJL|VHQ(QWZLFNOXQJ YRU¿QGHQ:HQQGHUULFKWLJH*HGDQNHQLFKWGLHOHW]WH:DKUKHLW XQGQLFKWGHU:HJ]XU(UO|VXQJLVWJLEWHVNHLQHQ*UXQGDQGHUH ]X EHNlPSIHQ GHUHQ 'HQNHQ ]X DQGHUHQ )RUPXOLHUXQJHQ JHNRPPHQLVW'LHVH7ROHUDQ]LVWVHKUVFK|QLQGHU*HVFKLFKWH YRQ GHQ 0lQQHUQ DXVJHGUFNW GLH DXIJHIRUGHUW ZHUGHQ LP 'XQNHOQ HLQHQ (OHIDQWHQ ]X EHVFKUHLEHQ 'HU HLQH GHU GHQ 5VVHOEHUKUWVDJWª'LHVHV7LHUlKQHOWHLQHU:DVVHUSIHLIH© (LQDQGHUHUGHUGDV2KUGHV(OHIDQWHQEHUKUWVDJWª'LHVHV 7LHUlKQHOWHLQHP)lFKHU©8QGGHUGULWWHGHUGLH%HLQHGHV (OHIDQWHQDEWDVWHWEHVFKUHLEWGDV7LHUDOVHLQH6lXOH =ZHLWHQVIKUWGHUSDUDGR[H6WDQGSXQNWGD]XGLH%HWRQXQJ DXIGLH8PIRUPXQJGHV0HQVFKHQ]XOHJHQXQGQLFKWVRVHKUDXI GLH (QWZLFNOXQJ GHV 'RJPDV HLQHUVHLWV XQGGHU:LVVHQVFKDIW DQGHUHUVHLWV 9RP LQGLVFKHQ FKLQHVLVFKHQ XQG P\VWLVFKHQ 6WDQGSXQNW DXV EHVWHKW GLH UHOLJL|VH $XIJDEH GHV 0HQVFKHQ GDULQ QLFKW ULFKWLJ ]X GHQNHQ VRQGHUQ WLHI ]X HUOHEHQ XQG VLFK PLW GHP (LQHQ LQ GHP$NW NRQ]HQWULHUWHU 0HGLWDWLRQ ]X YHUHLQHQ 'DV*HJHQWHLOJLOWIUGHQ+DXSWVWURPGHVZHVWOLFKHQ'HQNHQV 'DPDQJODXEWHGLHOHW]WH:DKUKHLWLPULFKWLJHQ'HQNHQ]X¿Q GHQODJGLH+DXSWEHWRQXQJDXIGHP'HQNHQREJOHLFKPDQDXFK GDVULFKWLJH+DQGHOQQLFKWIUXQZHVHQWOLFKKLHOW,QGHUUHOLJL 

(ULFK)URPP'LH.XQVWGHV/LHEHQV |VHQ(QWZLFNOXQJIKUWHGLHV]XGHU$XIVWHOOXQJYRQ'RJPHQ YRQHQGORVHQ$UJXPHQWHQEHUGRJPDWLVFKH)RUPXOLHUXQJHQXQG ]X8QGXOGVDPNHLWJHJHQEHUª8QJOlXELJHQ©RGHU6HNWLHUHUQ )HUQHUIKUWHHVGD]XGLH%HWRQXQJDXIGHQª*ODXEHQDQ*RWW© DOVGDV+DXSW]LHOHLQHUUHOLJL|VHQ+DOWXQJ]XOHJHQ'DVEHGHXWHW QDWUOLFKQLFKWGD‰HVGDQHEHQQLFKWGHQ%HJULIIJDEULFKWLJ ]XOHEHQ$EHUWURW]GHPIKOWHVLFKGHUMHQLJHGHUDQ*RWWJODXE WH±ZHQQHUDXFKQLFKW*RWWOHEWH±MHQHPEHUOHJHQGHU*RWW ]ZDUOHEWHQLFKWDEHUDQLKQªJODXEWH© 'LH%HWRQXQJGHV'HQNHQVKDWWHGDQHEHQQRFKHLQHDQGHUH XQG KLVWRULVFK VHKU ZLFKWLJH .RQVHTXHQ] 'LH9RUVWHOOXQJ GD‰ PDQGLH:DKUKHLWLP'HQNHQ¿QGHQN|QQHIKUWHQLFKWQXU]XP 'RJPD VRQGHUQ DXFK ]XU:LVVHQVFKDIW ,P ZLVVHQVFKDIWOLFKHQ 'HQNHQ ]lKOW DOOHLQ GHU NRUUHNWH *HGDQNH XQG ]ZDU VRZRKO YRP $VSHNW GHU LQWHOOHNWXHOOHQ *HZLVVHQKDIWLJNHLW DOV DXFK YRP$VSHNWGHU$QZHQGXQJZLVVHQVFKDIWOLFKHQ'HQNHQVDXI GLH3UD[LVDXV±PLWDQGHUHQ:RUWHQDXIGLH7HFKQLN 'DV |VWOLFKH 'HQNHQ IKUWH DOVR ]X 7ROHUDQ] XQG ]X GHP %HPKHQ GHU PHQVFKOLFKHQ 6HOEVWWUDQVIRUPDWLRQ DEHU QLFKW ]XU7HFKQLN GHUZHVWOLFKH6WDQGSXQNWGDJHJHQ]XU,QWROHUDQ] ]X 'RJPD XQG:LVVHQVFKDIW ]XU NDWKROLVFKHQ .LUFKH XQG ]X GHU(QWGHFNXQJGHU$WRPHQHUJLH 'LH )ROJHQ GLHVHV 8QWHUVFKLHGHV GHU EHLGHQ 6WDQGSXQNWH JHJHQEHUGHP3UREOHPGHU/LHEH]X*RWWZXUGHQEHUHLWVNXU] JHVWUHLIWXQGEUDXFKHQGDKHUQXUQRFKHLQPDO]XVDPPHQJHID‰W ]XZHUGHQ ,Q GHP YRUKHUUVFKHQGHQ ZHVWOLFKHQ 5HOLJLRQVV\VWHP LVW GLH /LHEH]X*RWWLPZHVHQWOLFKHQGDVVHOEHZLHGHU*ODXEHDQ*RWW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV DQ *RWWHV ([LVWHQ] DQ *RWWHV *HUHFKWLJNHLW XQG DQ *RWWHV /LHEH 'LH /LHEH ]X *RWW LVW LP ZHVHQWOLFKHQ HLQ JHGDQNOLFKHV (UOHEQLV ,Q GHQ |VWOLFKHQ 5HOLJLRQHQ XQG LQ GHU ZHVWOLFKHQ 0\VWLN LVW GLH /LHEH ]X *RWW HLQ LQWHQVLYHV *HIKOVHUOHEQLV GHU (LQKHLW XQG GHU /LHEH XQWUHQQEDU YHUEXQGHQ PLW GHP $XVGUXFNGLHVHU/LHEHLQMHGHP$NWGHV/HEHQV'LHUDGLNDOVWH )RUPXOLHUXQJGLHVHV=XVWDQGHVVWDPPWYRQ0HLVWHU(FNHKDUW ª *DQ] VR ZHUGH LFK LQ >*RWW@ YHUZDQGHOW GD‰ HU PLFK DOV VHLQ6HLQZLUNW XQG]ZDU DOVHLQHVQLFKWDOVJOHLFKHVEHLP OHEHQGLJHQ*RWWHLVWHVZDKUGD‰HVGDNHLQHUOHL8QWHUVFKLHG JLEW«0DQFKHHLQIlOWLJHQ0HQVFKHQZlKQHQVLHVROOWHQ*RWW VR  VHKHQ DOV VWQGH HU GRUW XQG VLH KLHU 'HP LVW QLFKW VR *RWW XQG LFK ZLU VLQG HLQV 'XUFK GDV (UNHQQHQ QHKPH LFK *RWWLQPLFKKLQHLQGXUFKGLH/LHEHKLQJHJHQJHKHLFKLQ*RWW HLQ©'DPLWN|QQHQZLU]XHLQHUZLFKWLJHQ3DUDOOHOH]ZLVFKHQ GHU/LHEH]XGHQ(OWHUQXQGGHU/LHEH]X*RWW]XUFNNHKUHQ 'DV .LQG LVW ]XHUVW VHLQHU 0XWWHU DOV GHP ª*UXQG DOOHV 6HLQV© YHUEXQGHQ (V IKOW VLFK KLOÀRV XQG EUDXFKW GLH DOOXPIDVVHQGH /LHEH GHU 0XWWHU 'DQQ ZHQGHW HV VLFK GHP 9DWHUDOVGHPQHXHQ0LWWHOSXQNWVHLQHU=XQHLJXQJ]XZREHL GHU 9DWHU GDV /HLWSULQ]LS IU VHLQ 'HQNHQ XQG +DQGHOQ LVW LQGLHVHP6WDGLXPLVWGDV0RWLYGDV9HUODQJHQGDV/REGHV 9DWHUV ]X HUUHLFKHQ XQG VHLQ 0L‰IDOOHQ ]X YHUPHLGHQ ,P 6WDGLXP GHU YROOVWlQGLJHQ 5HLIH KDW GHU 0HQVFK VLFK YRQ GHQ *HVWDOWHQ GHU 0XWWHU XQG GHV 9DWHUV DOV VFKW]HQGHQ XQG EHIHKOHQGHQ 0lFKWHQ EHIUHLW HU KDW GDV9DWHU XQG GDV 0XWWHUSULQ]LSLQVLFKVHOEVWHUULFKWHW(ULVWVHLQHLJHQHU9DWHU XQG VHLQH HLJHQH 0XWWHU JHZRUGHQ LVW 9DWHU XQG 0XWWHU ,Q 

0HLVWHU(FNHKDUWHG4XLQWDD26 3UHGLJW 



(ULFK)URPP'LH.XQVWGHV/LHEHQV GHU*HVFKLFKWHGHU0HQVFKKHLW VHKHQ ZLU ± RGHU N|QQHQ ZLU ± GLHVHOEH (QWZLFNOXQJ DQWL]LSLHUHQ YRQ GHU /LHEH ]X *RWW DOV GHU KLOÀRVHQ %LQGXQJ DQ GLH 0XWWHU*|WWLQ EHU GLH JHKRUVDPH%LQGXQJDQHLQHQYlWHUOLFKHQ*RWW]XP6WDGLXP GHU5HLIHLQGHP*RWWNHLQHDX‰HUKDOEGHV0HQVFKHQVWHKHQGH 0DFKWPHKULVWLQGHPGHU0HQVFKGLH3ULQ]LSLHQYRQ/LHEH XQG*HUHFKWLJNHLW VHOEVW YHUN|USHUW XQG LQ GHP HU PLW *RWW HLQVJHZRUGHQLVWXQGZRHUYRQ*RWWQXULQHLQHPSRHWLVFKHQ V\PEROLVFKHQ6LQQVSULFKW $XVGLHVHQhEHUOHJXQJHQIROJWGD‰GLH/LHEH]X*RWWYRQ GHU /LHEH ]X GHQ (OWHUQ QLFKW JHWUHQQW ZHUGHQ NDQQ :HQQ HLQ 0HQVFK QLFKW EHU GLH LQ]HVWX|VH %LQGXQJ DQ 0XWWHU .ODQ RGHU 1DWLRQ KLQDXVNRPPW ZHQQ HU LQ GHU NLQGOLFKHQ $EKlQJLJNHLW YRQ HLQHP VWUDIHQGHQ XQG EHORKQHQGHQ 9DWHU RGHU YRQ LUJHQGHLQHU DQGHUHQ $XWRULWlW YHUEOHLEW NDQQ HU DXFK NHLQH UHLIHUH /LHEH ]X *RWW HQWZLFNHOQ GDQQ LVW VHLQ *ODXEHGHUHLQHUIUKHUHQ3KDVHGHU5HOLJLRQLQGHU*RWWDOV HLQH DOOEHVFKW]HQGH 0XWWHU RGHU HLQ VWUDIHQGEHORKQHQGHU 9DWHUHUOHEWZXUGH ,Q GHU ]HLWJHQ|VVLVFKHQ 5HOLJLRQ ¿QGHQ ZLU QRFK VlPWOLFKH 3KDVHQ YRU ± YRQ GHU IUKHVWHQ XQG SULPLWLYVWHQ (QWZLFNOXQJ ELV ]XU K|FKVWHQ 'DV :RUW ª*RWW© EHGHXWHW VRZRKO 6WDPPHVKlXSWOLQJ DOV DXFK GDV ªDEVROXWH 1LFKWV© ,Q GHUJOHLFKHQ:HLVHKDWDXFKMHGHV,QGLYLGXXP±XQG]ZDUZLH )UHXGJH]HLJWKDWLQVHLQHP8QEHZX‰WHQ±VlPWOLFKH6WDGLHQ DOV0|JOLFKNHLWHQHEHQIDOOVLQVLFK'LH)UDJHLVWQXUELV]X ZHOFKHP3XQNWHUKHUDQJHZDFKVHQLVW(LQHVLVWGDEHLJHZL‰ 'DV:HVHQVHLQHU/LHEH]X*RWWHQWVSULFKWGHP:HVHQVHLQHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /LHEH]XGHQ0HQVFKHQXQGIHUQHUKLQGDV:HVHQVHLQHU/LHEH ]X*RWWXQGGHQ0HQVFKHQLVWLKPKlX¿JQLFKWEHZX‰W±HVLVW YHUGHFNWXQGUDWLRQDOLVLHUWGXUFKGLHPHKUIRUWJHVFKULWWHQHQ *HGDQNHQEHUGDVZDV/LHEHLVW'LH/LHEH]XP0HQVFKHQ LVW EHUGLHV ZlKUHQG VLH XQPLWWHOEDU LQ GHQ %LQGXQJHQ DQ GLH )DPLOLH HLQJHEHWWHW LVW LP /HW]WHQ YRQ GHU 6WUXNWXU GHU *HVHOOVFKDIW EHVWLPPW LQ GHU HLQ 0HQVFK OHEW :HQQ GLH *HVHOOVFKDIWVVWUXNWXU GLH GHU 8QWHUZHUIXQJ XQWHU HLQH $XWRULWlW±XQWHUHLQHRIIHQHRGHUXQWHUGLHDQRQ\PH$XWRULWlW GHV0DUNWHVXQGGHU|IIHQWOLFKHQ0HLQXQJ±LVWPX‰GLH/LHEH ]X*RWWXQG]XP0HQVFKHQLQIDQWLOXQGZHLWHQWIHUQWYRQGHP UHLIHQ .RQ]HSW VHLQ GHVVHQ 6DPHQ PDQ LQ GHU *HVFKLFKWH GHU PRQRWKHLVWLVFKHQ5HOLJLRQHQ¿QGHQNDQQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV

,,, ',(/,(%(81',+59(5)$// ,1'(5=(,7*(1g66,6&+(1:(67/,&+(1 *(6(//6&+$)7

:HQQGLH/LHEHHLQH)lKLJNHLWGHVUHLIHQXQGVFK|SIHULVFKHQ &KDUDNWHUVLVWIROJWGDUDXVGD‰GLH)lKLJNHLWGHV/LHEHQVLQ MHGHP 0HQVFKHQ GHU LQ HLQHU EHVWLPPWHQ *HVHOOVFKDIW OHEW YRQGHP(LQÀX‰DEKlQJLJLVWGHQGLHVH*HVHOOVFKDIWDXIGHQ &KDUDNWHUGHV%HWUHIIHQGHQDXVEW:HQQZLUYRQGHU/LHEH LQ GHU ]HLWJHQ|VVLVFKHQ ZHVWOLFKHQ *HVHOOVFKDIW VSUHFKHQ ZROOHQ ZLU GDPLW GLH )UDJH VWHOOHQ RE GLH JHVHOOVFKDIWOLFKH 6WUXNWXU GHU ZHVWOLFKHQ =LYLOLVDWLRQ XQG GHU DXV LKU UHVXOWLHUHQGH *HLVW GHU (QWZLFNOXQJ GHU /LHEH I|UGHUOLFK VLQG 'LHVH )UDJH ]X VWHOOHQ EHGHXWHW VLH LP QHJDWLYHQ 6LQQH ]X EHDQWZRUWHQ .HLQREMHNWLYHU%HREDFKWHUXQVHUHV ZHVWOLFKHQ/HEHQVNDQQGDUDQ]ZHLIHOQGD‰GLH/LHEH±GLH 1lFKVWHQOLHEHGLH0XWWHUOLHEHXQGGLHHURWLVFKH/LHEH±HLQ YHUKlOWQLVPl‰LJVHOWHQHV3KlQRPHQLVWXQGGD‰YHUVFKLHGHQH )RUPHQYRQ3VHXGR/LHEHDQLKUH6WHOOHJHWUHWHQVLQGGLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV LQ:LUNOLFKNHLWQXUJHQDXVRYLHOH)RUPHQGHV9HUIDOOVGLHVHU /LHEHVLQG 'LH NDSLWDOLVWLVFKH *HVHOOVFKDIW EHUXKW DXI GHP 3ULQ]LS GHU SROLWLVFKHQ )UHLKHLW HLQHUVHLWV XQG GHV 0DUNWHV DOV 5HJXODWRUDOOHUZLUWVFKDIWOLFKHQXQGGDPLWJHVHOOVFKDIWOLFKHQ %H]LHKXQJHQ DQGHUHUVHLWV 'HU *WHUPDUNW EHVWLPPW GLH %HGLQJXQJHQXQWHUGHQHQGHU*WHUDXVWDXVFK6WDWW¿QGHWGHU $UEHLWVPDUNWUHJXOLHUWGHQ$QXQG9HUNDXIYRQ$UEHLWVNUDIW 6RZRKO QW]OLFKH 'LQJH ZLH QW]OLFKH PHQVFKOLFKH (QHUJLH XQG *HVFKLFNOLFKNHLW VLQG ]X :HUWHQ JHZRUGHQ GLH RKQH =ZDQJXQGRKQH%HWUXJHQWVSUHFKHQGGHQ0DUNWEHGLQJXQJHQ DXVJHWDXVFKW ZHUGHQ 6FKXKH ]XP %HLVSLHO ± P|JHQ VLH DXFK QRFK VR QW]OLFK XQG QRWZHQGLJ VHLQ ± KDEHQ NHLQHQ ZLUWVFKDIWOLFKHQ:HUW 7DXVFKZHUW ZHQQVLHDXIGHP0DUNW QLFKW JHIUDJW VLQG PHQVFKOLFKH .UDIW XQG *HVFKLFNOLFKNHLW VLQGRKQHMHGHQ7DXVFKZHUWZHQQVLHJHPl‰GHQGHU]HLWLJHQ 0DUNWEHGLQJXQJHQQLFKWJHIUDJWVLQG'HU.DSLWDOEHVLW]HUNDQQ $UEHLWVNUDIWNDXIHQXQGLKUEHIHKOHQIUGLHJHZLQQEULQJHQGH ,QYHVWLHUXQJ VHLQHV .DSLWDOV ]X DUEHLWHQ 'HU %HVLW]HU YRQ $UEHLWVNUDIW PX‰ VHLQH $UEHLWVNUDIW HQWVSUHFKHQG GHQ MHZHLOLJHQ 0DUNWEHGLQJXQJHQ YHUNDXIHQ ZHQQ HU QLFKW YHUKXQJHUQ ZLOO 'LHVH ZLUWVFKDIWOLFKH 6WUXNWXU VSLHJHOW VLFK LQ HLQHU 2UGQXQJ GHU :HUWH ZLGHU .DSLWDO EHKHUUVFKW GLH $UEHLWVNUDIW OHEORVH 'LQJH KDEHQ HLQHQ K|KHUHQ :HUW DOV $UEHLWVNUDIW PHQVFKOLFKHV .|QQHQ XQG DOOHV ZDV OHEHQGLJ LVW+DEHQLVWPHKUDOV6HLQ 'LHVH 6WUXNWXU ZDU YRQ $QIDQJ DQ GLH *UXQGODJH GHV .DSLWDOLVPXV 2EJOHLFK VLH QRFK KHXWH IU GHQ PRGHUQHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV .DSLWDOLVPXV FKDUDNWHULVWLVFK LVW KDEHQ VLFK GRFK YHUVFKLHGHQH )DNWRUHQ LQ]ZLVFKHQ JHlQGHUW GLH GHP ]HLWJHQ|VVLVFKHQ .DSLWDOLVPXV VHLQH EHVRQGHUHQ (LJHQVFKDIWHQ JHEHQ XQG HLQHQ WLHIJHKHQGHQ (LQÀX‰ DXI GLH FKDUDNWHUOLFKH 6WUXNWXU GHV PRGHUQHQ 0HQVFKHQ DXVEHQ$OV (UJHEQLV GHU (QWZLFNOXQJ GHV .DSLWDOLVPXV VHKHQ ZLU HLQHQ ]XQHKPHQGHQ 3UR]H‰ GHU =HQWUDOLVDWLRQ XQG .RQ]HQWUDWLRQ GHV .DSLWDOV 'LH JUR‰HQ 8QWHUQHKPHQ GHKQHQ VLFK IRUWODXIHQG ZHLWHU DXV ZlKUHQG GLH NOHLQHUHQ HUGUFNW ZHUGHQ 'DV (LJHQWXP DP .DSLWDO GDV LQ GHQ JUR‰HQ 8QWHUQHKPHQ LQYHVWLHUW LVW ZLUG LPPHU PHKU YRQ GHU 9HUZDOWXQJ GLHVHV .DSLWDOV JHWUHQQW +XQGHUWWDXVHQGH YRQ $NWLHQEHVLW]HUQ VLQG ª(LJHQWPHU© GHV 8QWHUQHKPHQV HLQH 9HUZDOWXQJVEURNUDWLH GLH ]ZDU JXWEH]DKOW LVW GHU GDV 8QWHUQHKPHQ MHGRFK QLFKW JHK|UW YHUZDOWHW HV 'LHVH %URNUDWLH LVW QLFKW QXU GDUDQ LQWHUHVVLHUW JUR‰H *HZLQQH ]X HU]LHOHQ VRQGHUQ HEHQVRVHKU GDUDQ GDV 8QWHUQHKPHQXQGGDPLWLKUH0DFKWVWlQGLJDXV]XZHLWHQ'LH ]XQHKPHQGH.RQ]HQWUDWLRQGHV.DSLWDOVXQGGDV(QWVWHKHQHLQHU PlFKWLJHQ9HUZDOWXQJVEURNUDWLH¿QGHQLKUH3DUDOOHOHLQGHU (QWZLFNOXQJGHU$UEHLWHUEHZHJXQJ'XUFKGLHJHZHUNVFKDIWOLFKH =XVDPPHQIDVVXQJGHU$UEHLWVNUDIWEUDXFKWGHUHLQ]HOQH$UEHLWHU DXIGHP$UEHLWVPDUNWQLFKWDOOHLQXQGIUVLFKVHOEVW]XNlPSIHQ HULVWLQJUR‰HQ*HZHUNVFKDIWHQYHUHLQLJWGLHHEHQIDOOVYRQHLQHU PDFKWYROOHQ%URNUDWLHJHOHLWHWZHUGHQXQGGLHLKQJHJHQEHU GHQLQGXVWULHOOHQ.RORVVHQYHUWULWW6RZRKODXIGHP*HELHWGHV .DSLWDOVDOVDXFKDXIGHPGHU$UEHLWVNUDIWLVWGLH,QLWLDWLYHYRP ,QGLYLGXXPDXIGLH%URNUDWLHEHUJHJDQJHQ(LQHZDFKVHQGH =DKO YRQ 0HQVFKHQ KDW DXIJHK|UW XQDEKlQJLJ ]X VHLQ XQG 

(ULFK)URPP'LH.XQVWGHV/LHEHQV LVW YRQ GHU %URNUDWLH GHU JUR‰HQ ZLUWVFKDIWOLFKHQ ,PSHULHQ DEKlQJLJJHZRUGHQ (LQ ZHLWHUHU HQWVFKHLGHQGHU =XJ GHU YRQ GLHVHU .RQ]HQWUDWLRQ GHV .DSLWDOV KHUUKUW XQG IU GHQ PRGHUQHQ .DSLWDOLVPXV EH]HLFKQHQG LVW OLHJW LQ GHU EHVRQGHUHQ $UW GHU $UEHLWVRUJDQLVDWLRQ :HLWJHKHQG ]HQWUDOLVLHUWH 8QWHUQHKPHQ PLWUDGLNDOHU$UEHLWVWUHQQXQJIKUHQ]XHLQHU2UJDQLVDWLRQGHU $UEHLWEHLGHUGDV,QGLYLGXXPVHLQH,QGLYLGXDOLWlWYHUOLHUWLQ GHUHV]XHLQHPDXVZHFKVHOEDUHQ5DGLQGHU0DVFKLQHZLUG 'DV PHQVFKOLFKH 3UREOHP GHV PRGHUQHQ .DSLWDOLVPXV NDQQ PDQIROJHQGHUPD‰HQIRUPXOLHUHQ 'HU PRGHUQH .DSLWDOLVPXV EUDXFKW 0HQVFKHQ GLH UHLEXQJVORV XQG LQ JUR‰HU =DKO ]XVDPPHQDUEHLWHQ GLH PHKU XQG PHKU NRQVXPLHUHQ ZROOHQ GHUHQ *HVFKPDFN MHGRFK VWDQGDUGLVLHUWOHLFKW]XEHHLQIOXVVHQXQGYRUDXV]XVDJHQLVW 'HU PRGHUQH .DSLWDOLVPXV EUDXFKW 0HQVFKHQ GLH VLFK IUHL XQGXQDEKlQJLJIKOHQXQGJODXEHQNHLQHU$XWRULWlWNHLQHP 3ULQ]LSXQGNHLQHP*HZLVVHQXQWHUZRUIHQ]XVHLQ±GLHDEHU GHQQRFKEHUHLWVLQG%HIHKOHDXV]XIKUHQGDV]XWXQZDVPDQ YRQ LKQHQ HUZDUWHW VLFK UHLEXQJVORV LQ GLH JHVHOOVFKDIWOLFKH 0DVFKLQH HLQIJHQ VLFK RKQH *HZDOW OHLWHQ ODVVHQ VLFK RKQH)KUHUIKUHQXQGRKQH=LHOGLULJLHUHQODVVHQ±PLWGHU HLQHQ $XVQDKPH QLH XQWlWLJ ]X VHLQ ]X IXQNWLRQLHUHQ XQG ZHLWHU]XVWUHEHQ :DVLVWGDV(UJHEQLV"'HUPRGHUQH0HQVFKLVWVLFKVHOEVW ZLH DXFK VHLQHQ 0LWPHQVFKHQ XQG GHU 1DWXU HQWIUHPGHW 

 9JO HLQH DXVIKUOLFKHUH 'LVNXVVLRQ GHV 3UREOHPV GHU (QWIUHPGXQJ XQG GHV (LQÀXVVHV GHU PRGHUQHQ *HVHOOVFKDIW DXI GHQ &KDUDNWHU GHV 0HQVFKHQ LQ 'HU KHXWLJH0HQVFKXQGVHLQH=XNXQIWYRQ()URPP)UDQNIXUWDP0DLQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV (U LVW ]X HLQHU :DUH JHZRUGHQ HUOHEW VHLQH /HEHQVNUDIW DOV HLQH .DSLWDOVDQODJH GLH LKP XQWHU GHQ JHJHEHQHQ 0DUNWEHGLQJXQJHQ HLQ 0D[LPXP DQ *HZLQQ HLQEULQJHQ PX‰ 'LH PHQVFKOLFKHQ %H]LHKXQJHQ VLQG LP ZHVHQWOLFKHQ GLHHQWIUHPGHWHU$XWRPDWHQGHUHQ6LFKHUKHLWGDUDXIEHUXKW P|JOLFKVWGLFKWEHLGHU+HUGH]XEOHLEHQXQGVLFKLP'HQNHQ )KOHQRGHU+DQGHOQQLFKWYRQLKU]XXQWHUVFKHLGHQ:lKUHQG MHGHUYHUVXFKWGHQDQGHUHQVRQDKHZLHP|JOLFK]XVHLQEOHLEW MHGHUGRFKY|OOLJDOOHLQGXUFKGUXQJHQYRQGHPWLHIHQ*HIKO YRQ8QVLFKHUKHLW$QJVWXQG6FKXOGGDVLPPHUDXIWULWWZHQQ GLHPHQVFKOLFKH*HWUHQQWKHLWQLFKWEHUZXQGHQZLUG8QVHUH =LYLOLVDWLRQ ELHWHW MHGRFK YHUVFKLHGHQH 0|JOLFKNHLWHQ GDPLW GLH0HQVFKHQGLHVHU(LQVDPNHLWEHZX‰WQLFKWJHZDKUZHUGHQ LQ HUVWHU /LQLH GLH VWUHQJH 5RXWLQH GHU EURNUDWLVLHUWHQ PHFKDQLVFKHQ $UEHLW GLH GD]X YHUKLOIW GD‰ GLH 0HQVFKHQ LKU JUXQGOHJHQGVWHV PHQVFKOLFKHV9HUODQJHQ GLH 6HKQVXFKW QDFK7UDQV]HQGHQ]XQG(LQKHLWQLFKWEHZX‰WHUOHEHQ'DGLH 5RXWLQHGD]XDOOHLQQLFKWDXVUHLFKWPLOGHUWGHU0HQVFKVHLQH XQEHZX‰WH9HU]ZHLÀXQJ GXUFK GLH 5RXWLQH GHV9HUJQJHQV GXUFK GHQ SDVVLYHQ .RQVXP YRQ 7|QHQ XQG %LOGHUQ GLH LKP GLH 9HUJQJXQJVLQGXVWULH DQELHWHW IHUQHU DEHU DXFK GXUFK GLH %HIULHGLJXQJ LPPHU QHXH 'LQJH ]X NDXIHQ XQG GLHVH EDOG GDUDXIGXUFKDQGHUHDXV]XZHFKVHOQ'HUPRGHUQH 0HQVFKlKQHOWWDWVlFKOLFKMHQHP%LOGGDV+X[OH\LQVHLQHP %XFK6FK|QHQHXH:HOWEHVFKUHLEWJXWJHQlKUWJXWJHNOHLGHW VH[XHOOEHIULHGLJWDEHURKQH6HOEVWQXULPREHUIOlFKOLFKVWHQ .RQWDNWPLWVHLQHQ0LWPHQVFKHQJHOHLWHWDOOHLQYRQ6ORJDQV GLH +X[OH\ NQDSS IROJHQGHUPD‰HQ IRUPXOLHUW ª9HUVFKLHEH HLQ 9HUJQJHQ QLH DXI PRUJHQ ZHQQ GX HV KHXWH KDEHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV NDQQVW© 2GHU GLH DOOHV NU|QHQGH )HVWVWHOOXQJ ª-HGHU LVW KHXW]XWDJHJOFNOLFK©'DV*OFNGHV0HQVFKHQEHVWHKWKHXWH GDULQVLFK]XYHUJQJHQ9HUJQJHQOLHJWLQGHU%HIULHGLJXQJ GHV.RQVXPLHUHQVXQGª(LQYHUOHLEHQV©YRQ:DUHQ%LOGHUQ (VVHQ7ULQNHQ=LJDUHWWHQ0HQVFKHQ=HLWVFKULIWHQ%FKHUQ XQG )LOPHQ $OOHV ZLUG NRQVXPLHUW ZLUG JHVFKOXFNW 'LH :HOWLVWQXUIUXQVHUHQ+XQJHUGDHLQULHVLJHU$SIHOHLQH ULHVLJH )ODVFKH HLQH ULHVLJH %UXVW ZLU VLQG 6lXJOLQJH GLH HZLJ(UZDUWXQJVYROOHQGLHHZLJ+RIIQXQJVYROOHQ±XQGGLH HZLJ (QWWlXVFKWHQ 8QVHU &KDUDNWHU LVW GDUDXI HLQJHULFKWHW DXV]XWDXVFKHQ ]X HPSIDQJHQ XQG ]X YHUEUDXFKHQ $OOHV ± JHLVWLJH ZLH DXFK PDWHULHOOH 'LQJH ± ZLUG ]XP 2EMHNW GHV 7DXVFKHVXQG9HUEUDXFKHV +LQVLFKWOLFK GHU /LHEH HQWVSULFKW GLH 6LWXDWLRQ QRWZHQGL JHUZHLVH GLHVHP JHVHOOVFKDIWOLFKHQ &KDUDNWHU GHV PRGHUQHQ 0HQVFKHQ$XWRPDWHQN|QQHQQLFKWOLHEHQVLHN|QQHQQXULKU ª3HUV|QOLFKNHLWVSDNHW©DXVWDXVFKHQXQGGDQQKRIIHQHLQJXWHV *HVFKlIWGDEHLJHPDFKW]XKDEHQ(LQZHVHQWOLFKHU$XVGUXFN GHU /LHEH XQG EHVRQGHUV GHU (KH LQ GLHVHU HQWIUHPGHWHQ 6WUXNWXU LVW GLH ,GHH GHV ª7HDPV© ,Q XQ]lKOLJHQ $UWLNHOQ EHU GLH JOFNOLFKH (KH ZLUG GDV ,GHDO DOV HLQ UHLEXQJVORV IXQNWLRQLHUHQGHV7HDP EHVFKULHEHQ 'LHVH %HVFKUHLEXQJ XQ WHUVFKHLGHWVLFKJDUQLFKWVRVHKUYRQGHU9RUVWHOOXQJGLHPDQ YRQ HLQHP UHLEXQJVORV IXQNWLRQLHUHQGHQ$QJHVWHOOWHQ KDW HU VROO ªDQJHPHVVHQ XQDEKlQJLJ© HLQ JXWHU 0LWDUEHLWHU WROH UDQWJOHLFK]HLWLJDEHUDXFKHKUJHL]LJXQGDQVSUXFKVYROOVHLQ *HQDXVRVROOGHU(KHPDQQ±ZLHGHU(KHEHUDWHUXQVPLWWHLOW ±VHLQH)UDXªYHUVWHKHQ©XQGLKUHLQH+LOIHVHLQ(UVROOVLFK JQVWLJEHULKUQHXHV.OHLGlX‰HUQDEHUDXFKEHUGDV(VVHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 6LH GDJHJHQ VROO LKQ YHUVWHKHQ ZHQQ HU PGH XQG PUULVFK QDFK +DXVH NRPPW VROO LKP DXIPHUNVDP ]XK|UHQ ZHQQ HU YRQ VHLQHQ EHUXÀLFKHQ 6RUJHQ VSULFKW XQG VROO QLFKW lUJHU OLFK VRQGHUQ YHUVWlQGQLVYROO VHLQ ZHQQ HU LKUHQ *HEXUWVWDJ YHUJL‰W 'DV DOOHV DEHU LVW QLFKWV DQGHUHV DOV GDV JXW JH|OWH 9HUKlOWQLV]ZLVFKHQ]ZHL0HQVFKHQGLHVLFKLKU/HEHQODQJ IUHPG EOHLEHQ GLH QLH HLQ ª]HQWUDOHV 9HUKlOWQLV© HUUHLFKHQ VRQGHUQVLFKJHJHQVHLWLJPLW+|ÀLFKNHLWEHKDQGHOQXQGDOOHV WXQGDPLWGHUDQGHUHVLFKZRKOIKOW,QGLHVHP%HJULIIYRQ /LHEH XQG (KH OLHJW GLH %HWRQXQJ GDUDXI 6FKXW] YRU HLQHP VRQVWXQHUWUlJOLFKHQ*HIKOYRQ(LQVDPNHLW]X¿QGHQ,QGHU ª/LHEH©KDWPDQHQGOLFKHLQHQ+DIHQJHIXQGHQ0DQVFKOLH‰W HLQ]ZHLVHLWLJHV%QGQLVJHJHQGLH:HOWXQGGLHVHU(JRLVPXV ]X]ZHLWZLUGGDQQIU/LHEHXQG9HUWUDXWKHLWJHKDOWHQ 'LH%HWRQXQJGHV7HDPJHLVWHVGHUJHJHQVHLWLJHQ7ROHUDQ] XQG VR ZHLWHU LVW HLQH YHUKlOWQLVPl‰LJ QHXH (QWZLFNOXQJ ,Q GHQ -DKUHQ QDFK GHP HUVWHQ :HOWNULHJ JLQJ LKU MHQHV .RQ]HSW YRQ GHU /LHEH YRUDXV QDFK GHP GLH JHJHQVHLWLJH VH[XHOOH %HIULHGLJXQJ GLH *UXQGODJH IU EHIULHGLJHQGH /LHEHVEH]LHKXQJHQXQGEHVRQGHUVIUHLQHJOFNOLFKH(KHVHLQ VROOWH0DQJODXEWHGHQ*UXQGIUGLHYLHOHQXQJOFNOLFKHQ (KHQ GDULQ JHIXQGHQ ]X KDEHQ GD‰ GLH (KHSDUWQHU VLFK VH[XHOO QLFKW ULFKWLJ ªDQSDVVHQ© NRQQWHQ GHQ *UXQG IU GLHVHQ )HKOHU VDK PDQ LQ GHU 8QZLVVHQKHLW KLQVLFKWOLFK GHV ªULFKWLJHQ© VH[XHOOHQ 9HUKDOWHQV DOVR LQ GHU IHKOHUKDIWHQ VH[XHOOHQ 7HFKQLN GHV HLQHQ 3DUWQHUV RGHU EHLGHU 3DUWQHU 8P GLHVHQ )HKOHU ]X ªEHVHLWLJHQ© XQG MHQHQ XQJOFNOLFKHQ 3DDUHQ]XKHOIHQGLHVLFKQLFKW OLHEHQ NRQQWHQ JDEHQ YLHOH %FKHU ,QVWUXNWLRQHQ XQG 5DWVFKOlJH EHU GDV ULFKWLJH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV VH[XHOOH 9HUKDOWHQ XQG YHUVSUDFKHQ PHKU RGHU ZHQLJHU GHXWOLFKGD‰QXQ*OFNXQG/LHEHYRQVHOEVWIROJHQZUGHQ 'LH]XJUXQGHOLHJHQGH,GHH EHVWDQG GDULQ GD‰ GLH /LHEH DOV .LQG GHV VH[XHOOHQ 9HUJQJHQV JDOW XQG GD‰ PDQ JODXEWH ]ZHL 0HQVFKHQ GLH JHOHUQW KlWWHQ VLFK JHJHQVHLWLJ VH[XHOO ]XEHIULHGLJHQZUGHQVLFKGDQQDXFKOLHEHQ(VSD‰WHJHQDX LQGLHDOOJHPHLQH,OOXVLRQGLHULFKWLJH7HFKQLNIUGLH/|VXQJ QLFKWQXUGHU3UREOHPHGHULQGXVWULHOOHQ3URGXNWLRQVRQGHUQ DXFKGHUPHQVFKOLFKHQ3UREOHPH]XKDOWHQ0DQLJQRULHUWHGLH 7DWVDFKHGD‰JHUDGHGDV*HJHQWHLOGLHVHU]XJUXQGHOLHJHQGHQ $QQDKPHZDKULVW /LHEH LVW QLFKW GDV (UJHEQLV GHU VH[XHOOHQ %HIULHGLJXQJ VRQGHUQ VH[XHOOHV *OFN ± XQG VRJDU GLH .HQQWQLV GHU VRJHQDQQWHQVH[XHOOHQ7HFKQLN±LVWGDV5HVXOWDWGHU/LHEH :HQQGLHVH7KHVHDEJHVHKHQYRQDOOWlJOLFKHQ%HREDFKWXQJHQ QRFK EHZLHVHQ ZHUGHQ P‰WH N|QQWH PDQ GLHVHQ %HZHLV LQ GHPXPIDVVHQGHQ0DWHULDOSV\FKRDQDO\WLVFKHU$QJDEHQ¿QGHQ 'DV 6WXGLXP GHU KlX¿JVWHQ VH[XHOOHQ 3UREOHPH ± )ULJLGLWlW EHL )UDXHQ PHKU RGHU ZHQLJHU HUQVWH )RUPHQ SV\FKLVFKHU ,PSRWHQ] EHL 0lQQHUQ ± ]HLJW GD‰ GHU *UXQG QLFKW LQ GHU PDQJHOQGHQ .HQQWQLV GHU ULFKWLJHQ 7HFKQLN VRQGHUQ LQ GHQ +HPPXQJHQOLHJWGLHHVXQP|JOLFKPDFKHQ]XOLHEHQ$QJVW YRU GHP DQGHUHQ *HVFKOHFKW +D‰ DXI GDV DQGHUH *HVFKOHFKW VLQGGHU%RGHQGLHVHU6FKZLHULJNHLWHQGLHHLQHQ0HQVFKHQ GDUDQ KLQGHUQ VLFK VHOEVW Y|OOLJ KLQ]XJHEHQ VSRQWDQ ]X KDQGHOQ XQG GHP *HVFKOHFKWVSDUWQHU LQ GHU 'LUHNWKHLW XQG 8QPLWWHOEDUNHLW SK\VLVFKHU 1lKH ]X YHUWUDXHQ :HQQ HLQ VH[XHOO JHKHPPWHU 0HQVFK VLFK YRQ VHLQHU $QJVW RGHU YRQ VHLQHP+D‰IUHLPDFKHQNDQQXQGGDPLWIlKLJZLUG]XOLHKHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV VLQGVHLQHVH[XHOOHQ3UREOHPHJHO|VWZHQQQLFKWNDQQLKP DXFK HLQH XPIDVVHQGH .HQQWQLV GHU VH[XHOOHQ 7HFKQLN QLFKW KHOIHQ :lKUHQGGLH(UIDKUXQJHQGHUSV\FKRDQDO\WLVFKHQ7KHUDSLH MHGRFK DXI GHQ 7UXJVFKOX‰ GHU 9RUVWHOOXQJ YHUZHLVHQ GLH .HQQWQLV GHU ULFKWLJHQ VH[XHOOHQ7HFKQLN IKUH ]X VH[XHOOHP *OFNXQG/LHEHZXUGHGLH]XJUXQGHOLHJHQGH$QQDKPHGLH /LHEHVHLHLQH%HJOHLWHUVFKHLQXQJGHUJHJHQVHLWLJHQVH[XHOOHQ %HIULHGLJXQJ ZHLWJHKHQG YRQ GHQ hEHUOHJXQJHQ )UHXGV EHHLQÀX‰W)U)UHXGZDUGLH/LHEHLP*UXQGHHLQVH[XHOOHV 3KlQRPHQª'LH(UIDKUXQJGD‰GLHJHVFKOHFKWOLFKH JHQLWDOH  /LHEH GHP 0HQVFKHQ GLH VWlUNVWHQ %HIULHGLJXQJVHUOHEQLVVH JHZlKUHLKPHLJHQWOLFKGDV9RUELOGIUDOOHV*OFNJHEHP‰WH HVQDKHJHOHJWKDEHQGLH*OFNVEHIULHGLJXQJLP/HEHQDXFK ZHLWHUKLQDXIGHP*HELHWGHUJHVFKOHFKWOLFKHQ%H]LHKXQJHQ ]XVXFKHQGLHJHQLWDOH(URWLNLQGHQ0LWWHOSXQNWGHV/HEHQV ]X VWHOOHQ© 'DV (UOHEQLV GHU 1lFKVWHQOLHEH LVW IU )UHXG HLQH)ROJHGHV6H[XDOYHUODQJHQVEHLGHPGHU6H[XDOLQVWLQNW MHGRFKLQHLQHª]LHOJHKHPPWH5HJXQJ©XPJHZDQGHOWLVWª'LH ]LHOJHKHPPWH /LHEH ZDU HEHQ XUVSUQJOLFK YROOVLQQOLFKH /LHEHXQGLVWHVLP8QEHZX‰WHQGHV0HQVFKHQQRFKLPPHU© ,P +LQEOLFN DXI GDV *HIKO GHU (LQKHLW ªR]HDQLVFKHV *HIKO©  GDV GDV :HVHQ GHV P\VWLVFKHQ (UOHEQLVVHV XQG GLH:XU]HOGHVLQWHQVLYHQ*HIKOVGHU9HUHLQLJXQJPLWHLQHU DQGHUHQ 3HUVRQ RGHU GHP 0LWPHQVFKHQ LVW ZXUGH VLH YRQ  6)UHXG$EUL‰GHU3V\FKRDQDO\VHXQG'DV8QEHKDJHQLQGHU.XOWXU )UDQNIXUW06  (EHQGD6



(ULFK)URPP'LH.XQVWGHV/LHEHQV )UHXG DOV SDWKRORJLVFKHV 3KlQRPHQ DOV ª:LHGHUKHUVWHOOXQJ GHVXQHLQJHVFKUlQNWHQ1DU]L‰PXV©LQWHUSUHWLHUW (V LVW QXU HLQ 6FKULWW LQ GLH JOHLFKH 5LFKWXQJ GD‰ GLH /LHEHIU)UHXGLQVLFKVHOEVWHLQLUUDWLRQDOHV3KlQRPHQLVW 'HU 8QWHUVFKLHG ]ZLVFKHQ LUUDWLRQDOHU /LHEH XQG /LHEH DOV $XVGUXFNGHUUHLIHQ3HUV|QOLFKNHLWH[LVWLHUWIULKQQLFKW,Q VHLQHQ ª%HPHUNXQJHQ EHU GLH hEHUWUDJXQJVOLHEH© ZLHV HU GDUDXI KLQ GD‰ GLH hEHUWUDJXQJVOLHEH LP ZHVHQWOLFKHQ VLFK QLFKWYRQGHUªQRUPDOHQ©/LHKHXQWHUVFKHLGH9HUOLHEHQJUHQ]W LPPHU DQV $EQRUPH LVW LPPHU YRQ %OLQGKHLW JHJHQEHU GHU :LUNOLFKNHLW EHJOHLWHW XQG LVW HLQH hEHUWUDJXQJ YRQ GHQ /LHEHVREMHNWHQ GHU .LQGKHLW 'LH /LHEH DOV UDWLRQDOHV 3KlQRPHQ DOV .U|QXQJ GHU 5HLIH ZDU IU )UHXG NHLQ )RUVFKXQJVREMHNWGDVLHNHLQHZLUNOLFKH([LVWHQ]KDWWH (V ZlUH MHGRFK HLQ )HKOHU GHQ (LQÀX‰ GHU )UHXGVFKHQ ,GHHQ DXI GLH 9RUVWHOOXQJHQ YRQ GHU /LHEH DOV (UJHEQLV VH[XHOOHU$Q]LHKXQJ]XEHUVFKlW]HQ,PZHVHQWOLFKHQOlXIW GLH.DXVDOUHLKHJHQDXHQWJHJHQJHVHW]W)UHXGV,GHHQZDUHQ]X HLQHP7HLOYRP*HLVWGHV-DKUKXQGHUWVEHHLQÀX‰W]XP7HLO ZXUGHQ VLH GXUFK GHQ YRUKHUUVFKHQGHQ *HLVW GHU -DKUH QDFK GHLQHUVWHQ:HOWNULHJSRSXOlU(LQHUGHU)DNWRUHQGLHVRZRKO GLHSRSXOlUHQDOVDXFKGLH)UHXGVFKHQ.RQ]HSWHEHHLQIOXVVHQ ZDULQHUVWHU/LQLHGLH5HDNWLRQDXIGLHVWUHQJH6LWWHQPRUDO GHVDXVJHKHQGHQ-DKUKXQGHUWV 'HU ]ZHLWH )DNWRU GHU )UHXGV 7KHRULHQ EHVWLPPWH ODJ LQ GHP YRUKHUUVFKHQGHQ DQWKURSRORJLVFKHQ .RQ]HSW  

(EHQGD6 )UHXG*HVDPPHOWH:HUNH%DQG;6/RQGRQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV YRP 0HQVFKHQ GDV ZLHGHUXP DXI GHU 6WUXNWXU GHV .DSLWDOLVPXVEHUXKW8P]XEHZHLVHQGD‰GHU.DSLWDOLVPXV GHQQDWUOLFKHQ%HGUIQLVVHQGHV0HQVFKHQHQWVSUHFKHPX‰WH PDQQDFKZHLVHQGHUGHU0HQVFKVHLQHPJDQ]HQ:HVHQQDFKHLQ .RQNXUUHQWXQGGHUHLQHGHU)HLQGGHVDQGHUHQVHL:lKUHQGGLH gNRQRPHQGLHVH%HKDXSWXQJPLWGHPXQVWLOOEDUHQ9HUODQJHQ QDFK ZLUWVFKDIWOLFKHP *HZLQQ XQG GLH 'DUZLQLVWHQ VLH PLW GHP ELRORJLVFKHQ *HVHW] YRP hEHUOHEHQ GHV 7FKWLJVWHQ ªEHZLHVHQ©NDP)UHXG]XGHPJOHLFKHQ5HVXOWDWGXUFKGLH $QQDKPHGD‰GHU0DQQYRQHLQHPXQEHJUHQ]WHQ9HUODQJHQ QDFK(UREHUXQJDOOHU)UDXHQJHWULHEHQZHUGHXQGGD‰QXUGHU 'UXFN GHU *HVHOOVFKDIW LKQ GDYRQ DEKDOWH VHLQHP9HUODQJHQ HQWVSUHFKHQG ]X KDQGHOQ )ROJOLFK ZlUHQ DOOH 0lQQHU DXIHLQDQGHU HLIHUVFKWLJ XQG GLH JHJHQVHLWLJH (LIHUVXFKW GLH .RQNXUUHQ] ZUGH VHOEVW GDQQ QRFK DQGDXHUQ ZHQQ DOOH JHVHOOVFKDIWOLFKHQ XQG ZLUWVFKDIWOLFKHQ *UQGH GDIU YHUVFKZlQGHQ 6FKOLH‰OLFKZXUGH)UHXGLQVHLQHP'HQNHQDXFKYRQMHQHU $UW GHV 0DWHULDOLVPXV EHHLQIOX‰W GLH LP  -DKUKXQGHUW YRUKHUUVFKWH 0DQ JODXEWH GD‰ GLH %DVLV IU DOOH JHLVWLJHQ 3KlQRPHQH LQ GHQ SK\VLRORJLVFKHQ 3KlQRPHQHQ JHIXQGHQ ZHUGHQ N|QQH VR ZXUGHQ /LHEH +D‰ (KUJHL] XQG (LIHUVXFKW YRQ )UHXG DOV )ROJHQ HEHQVR YLHOHU )RUPHQ GHV 6H[XDOLQVWLQNWHVHUNOlUW(UVDKQLFKWGD‰GLHJUXQGOHJHQGH :LUNOLFKNHLWLQGHQ%HGLQJXQJHQGHUPHQVFKOLFKHQ([LVWHQ] OLHJW ]XQlFKVW LQ GHU PHQVFKOLFKHQ 6LWXDWLRQ GLH DOOHQ   'HU HLQ]LJH 6FKOHU GHU VLFK QLH YRQ )UHXG WUHQQWH GHU DEHU WURW]GHP VHLQH $QVLFKWHQEHUGLH/LHEHLQGHQOHW]WHQ/HEHQVMDKUHQlQGHUWHZDU6iQGRU)HUHQF]L (LQHDXVJH]HLFKQHWH'LVNXVVLRQGLHVHV7KHPDV¿QGHWVLFKLQ,]HWWHGH)RUHVW7KH /HDYHQRI/RYH+DUSHU %URWKHUV1HZ


(ULFK)URPP'LH.XQVWGHV/LHEHQV 0HQVFKHQJHPHLQVDPLVWXQGGDQQLQGHU/HEHQVSUD[LVGLH YRQGHUEHVRQGHUHQ6WUXNWXUGHU*HVHOOVFKDIWEHVWLPPWZLUG 'HUHQWVFKHLGHQGH6FKULWWEHUGLHVH$UWYRQ0DWHULDOLVPXV KLQDXV ZXUGH YRQ 0DU[ LQ VHLQHP ªKLVWRULVFKHQ 0DWHULDOLVPXV© JHWDQ LQ GHP ZHGHU GHU .|USHU QRFK HLQ ,QVWLQNW ZLH GDV 9HUODQJHQ QDFK 1DKUXQJ RGHU %HVLW] DOV 6FKOVVHO]XP9HUVWlQGQLVGHV0HQVFKHQGLHQHQVRQGHUQGHU JHVDPWH/HEHQVSUR]H‰GHV0HQVFKHQVHLQHª/HEHQVSUD[LV©  1DFK )UHXG ZUGH DOVR GLH YROOVWlQGLJH XQG XQJHKHPPWH %HIULHGLJXQJDOOHULQVWLQNWLYHQ:QVFKHJHLVWLJH*HVXQGKHLW XQG*OFNVFKDIIHQ'LHRIIHQVLFKWOLFKHQNOLQLVFKHQ7DWVDFKHQ ]HLJHQ MHGRFK GD‰ 0lQQHU ± XQG )UDXHQ ±  GLH LKU /HEHQ ODQJ GDV VH[XHOOH 9HUODQJHQ XQJHKHPPW EHIULHGLJWHQ NHLQHVZHJV GDGXUFK JOFNOLFK ZHUGHQ VRQGHUQ VHKU RIW DQ HUQVWHQ QHXURWLVFKHQ .RQÀLNWHQ XQG 6\PSWRPHQ OHLGHQ 'LH YROOVWlQGLJH %HIULHGLJXQJ DOOHU LQVWLQNWLYHQ :QVFKH LVW QLFKW QXU NHLQH %DVLV IU GDV *OFN VRQGHUQ JDUDQWLHUW QLFKWHLQPDOPLQLPDOHVHHOLVFKH*HVXQGKHLW8QGWURW]GHP NRQQWH)UHXGV,GHHLQGHU3HULRGHQDFKGHPHUVWHQ:HOWNULHJ VR SRSXOlU ZHUGHQ ZHLO VLFK JHZLVVH 9HUlQGHUXQJHQ LP *HLVW GHV .DSLWDOLVPXV YROO]RJHQ KDWWHQ 'HU 1DFKGUXFN ZXUGH YRP 6SDUHQ DXI GDV .RQVXPLHUHQ YHUODJHUW YRQ GHU 6HOEVWEHVFKHLGXQJ DOV 0LWWHO ZLUWVFKDIWOLFKHQ (UIROJHV ]XP 9HUEUDXFK DOV *UXQGODJH HLQHV VLFK HUZHLWHUQGHQ 0DUNWHV XQGDOV+DXSWEHIULHGLJXQJIUGDVlQJVWOLFKHDXWRPDWLVLHUWH (LQ]HOZHVHQ'LH%HIULHGLJXQJLUJHQGHLQHV9HUODQJHQVQLFKW DXIVFKLHEHQ ZXUGH ]XP 3ULQ]LS QLFKW QXU LQ GHU 6SKlUH GHV PDWHULHOOHQ 9HUEUDXFKV VRQGHUQ DXFK LQ GHU VH[XHOOHQ 6SKlUH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /LHEHDOVJHJHQVHLWLJHVH[XHOOH%HIULHGLJXQJVRZLH/LHEHDOV ª7HDPZRUN©XQGDOV6FKXW]KDIHQYRUGHU(LQVDPNHLWVLQGGLH EHLGHQ ªQRUPDOHQ© )RUPHQ GHV 9HUIDOOV GHU /LHEH LQ GHU PRGHUQHQZHVWOLFKHQ*HVHOOVFKDIWGLHJHVHOOVFKDIWOLFKEHGLQJWH XQG JHIRUPWH 3DWKRORJLH GHU /LHEH (V JLEW YHUVFKLHGHQH LQGLYLGXDOLVLHUWH)RUPHQGLHVHU3DWKRORJLHGLHLPEHZX‰WHQ /HLGHQ HQGHQ XQG GLH YRQ 3V\FKLDWHUQ ZLH DXFK YRQ HLQHU VWlQGLJZDFKVHQGHQ=DKOYRQ/DLHQIUQHXURWLVFKJHKDOWHQ ZHUGHQ(LQLJHGHUKlXILJDXIWUHWHQGHQ)RUPHQZHUGHQPLW GHQIROJHQGHQ%HLVSLHOHQNXU]EHVFKULHEHQ 'LH*UXQGEHGLQJXQJIUGLHQHXURWLVFKH/LHEHOLHJWLQGHU 7DWVDFKHGD‰HLQHURGHUEHLGHGHUª/LHEHQGHQ©ZHLWHUKLQDQ GLH*HVWDOWGHV9DWHUVRGHUGHU0XWWHUIL[LHUWLVWXQGVHLQH *HIKOH (UZDUWXQJHQ XQG bQJVWH GLH VLFK IUKHU DXI GHQ 9DWHU RGHU GLH 0XWWHU EH]RJHQ LP HUZDFKVHQHQ /HEHQ DXI GLH ªJHOLHEWH© 3HUVRQ EHUWUDJHQ ZHUGHQ 'LH EHWHLOLJWHQ 3HUVRQHQ VLQG QLH EHU GDV 6WDGLXP LQIDQWLOHU %LQGXQJHQ KLQDXVJHNRPPHQXQGVXFKHQVLHQXQDXFKDOV(UZDFKVHQH ,QGLHVHQ)lOOHQLVWGHU0HQVFKLQVHLQHPDIIHNWLYHQ/HEHQ HLQ .LQG YRQ ]ZHL IQI RGHU ]Z|OI -DKUHQ JHEOLHEHQ ZlKUHQG HU LQWHOOHNWXHOO XQG VR]LDO VHLQHP ZLUNOLFKHQ $OWHUHQWVSULFKW,QHUQVWHUHQ)lOOHQIKUWGLHVH8QUHLIHGHU *HIKOH]X6W|UXQJHQLQGHUJHVHOOVFKDIWOLFKHQ:LUNVDPNHLW LQZHQLJHUHUQVWHQ)lOOHQGDJHJHQLVWGHU.RQIOLNWDXIGLH 6SKlUHGHULQWLPHQSHUV|QOLFKHQ%H]LHKXQJHQEHVFKUlQNW $XI XQVHUH YRUKHUJHJDQJHQH 'LVNXVVLRQ GHU 9DWHU RGHU 0XWWHU]HQWULHUWHQ 3HUVRQHQ ]XUFNNRPPHQG KDQ GHOW HV VLFK EHL GHP IROJHQGHQ %HLVSLHO QHXURWLVFKHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /LHEHVEH]LHKXQJHQ GLH PDQ KHXWH KlXILJ DQWULIIW XP 0lQQHU GHUHQ (QWZLFNOXQJ GHU *HIKOH LQ LKUHU LQIDQWL OHQ %LQGXQJ DQ GLH 0XWWHU VWHFNHQJHEOLHEHQ LVW (V VLQG 0lQQHU GLH ± VR]XVDJHQ ± QLHPDOV HQWZ|KQW ZRUGHQ VLQG 'LHVH 0lQQHU IKOHQ VLFK LPPHU QRFK DOV .LQGHU VLH EUDXFKHQ GHQ PWWHUOLFKHQ 6FKXW] GLH PWWHUOLFKH /LHEH :lUPH )UVRUJH XQG %HZXQGHUXQJ 6LH EUDXFKHQ GLHEHGLQJXQJVORVH/LHEHGHU0XWWHU±HLQH/LHEHGLHDXV NHLQHPDQGHUHQ*UXQGHDOVGHPJHJHEHQZLUGGD‰VLHVLH EUDXFKHQGD‰VLH.LQGHULKUHU0XWWHUVLQGGD‰VLHKLOIORV VLQG6ROFKH0HQVFKHQVLQGRIWVHKUKHU]OLFKXQGFKDUPDQW ZHQQVLHYHUVXFKHQHLQH)UDXGD]X]XEULQJHQVLH]XOLH EHQ XQG DXFK ZHQQ HV LKQHQ JHJOFNW LVW EOHLEHQ VLH HV QRFK,KUH%H]LHKXQJ]XU)UDX ZLHLQ:LUNOLFKNHLW]XDOOHQ 0HQVFKHQ EOHLEWMHGRFKIOFKWLJXQGRKQH9HUDQWZRUWXQJ ,KU=LHOLVWHVJHOLHEW]XZHUGHQDEHUQLFKWVHOEVW]XOLH EHQ%HLGLHVHP7\SILQGHWPDQKlXILJDXFKHLQHHUKHEOLFKH 3RUWLRQ(LWHONHLWPHKURGHUZHQLJHUYHUVWHFNWHJUDQGLRVH ,GHHQ:HQQVLHGLHªULFKWLJH©)UDXJHIXQGHQKDEHQIKOHQ VLH VLFK VLFKHU XQG DOOHU:HOW EHUOHJHQ GDQQ N|QQHQ VLH DXFK DQGHUHQ JHJHQEHU VHKU KHU]OLFK XQG DXVJHVSURFKHQ FKDUPDQW VHLQ :HQQ GLH )UDX MHGRFK QDFK HLQLJHU =HLW QLFKW PHKU LKUHQ SKDQWDVWLVFKHQ (UZDUWXQJHQ HQWVSULFKW EHJLQQW GLH (QWZLFNOXQJ YRQ .RQIOLNWHQ XQG 5HLEHUHLHQ :HQQGLH)UDXVLHQLFKWGDXHUQGEHZXQGHUWZHQQVLHEH DQVSUXFKWHLQHLJHQHV/HEHQ]XIKUHQZHQQVLHVHOEVWJH OLHEWXQGEHVFKW]WZHUGHQP|FKWHXQGZHQQVLH±LQH[WUH PHQ)lOOHQ±QLFKWEHUHLWLVWLKPVHLQH/LHEHVDIIlUHQPLW DQGHUHQ)UDXHQ]XYHU]HLKHQ RGHUVRJDUHLQEHZXQGHUQGHV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ,QWHUHVVH GDIU ]X ]HLJHQ  GDQQ IKOW GHU 0DQQ VLFK ]X WLHIVW YHUOHW]W XQG HQWWlXVFKW XQG JHZ|KQOLFK YHUHLQIDFKW HUGLHVHV*HIKOGXUFKGLH9RUVWHOOXQJGD‰GLH)UDXªLKQ QLFKW OLHEW VHOEVWVFKWLJ RGHU W\UDQQLVFK LVW© ,UJHQGHLQH IHKOHQGH.OHLQLJNHLWDQGHU+DOWXQJHLQHUOLHEHQGHQ0XWWHU ]XLKUHPEH]DXEHUQGHQ.LQGZLUGDOV%HZHLVGHUIHKOHQGHQ /LHEH JHQRPPHQ 'LHVH 0lQQHU YHUZHFKVHOQ JHZ|KQOLFK LKUFKDUPDQWHV9HUKDOWHQXQGLKUHQ:XQVFK)UHXGH]XEH UHLWHQPLWZDKUHU/LHEHXQGNRPPHQGDQQ]XGHP6FKOX‰ GD‰ VLH XQJHUHFKW EHKDQGHOW ZHUGHQ 6LH ELOGHQ VLFK HLQ JUR‰DUWLJH/LHEKDEHU]XVHLQXQGEHNODJHQVLFKELWWHUOLFK EHUGLH8Q]XIULHGHQKHLWLKUHU3DUWQHU ,QVHOWHQHQ)lOOHQNDQQHLQ0DQQGHVVHQ0XWWHULPPHUQRFK LP 0LWWHOSXQNW VWHKW RKQH HUQVWH 6W|UXQJHQ IXQNWLRQLHUHQ :HQQVHLQH0XWWHULKQWDWVlFKOLFKLQHLQHUEHUVWHLJHUWHQ:HLVH ªOLHEWH© YLHOOHLFKWZDUVLHDXFKW\UDQQLVFK RKQH GHVWUXNWLY ]X VHLQ  ZHQQ HU HLQH )UDX GHV JOHLFKHQ PWWHUOLFKHQ7\SV ¿QGHWZHQQVHLQHEHVRQGHUHQ %HJDEXQJHQ XQG7DOHQWH LKP HUODXEHQ VHLQHQ &KDUPH ]X HQWIDOWHQ XQG VLFK EHZXQGHUQ ]X ODVVHQ ZLH HV PDQFKPDO EHL HUIROJUHLFKHQ 3ROLWLNHUQ GHU)DOOLVW GDQQKDWHUVLFKLQJHVHOOVFKDIWOLFKHP6LQQHªJXW HLQJHRUGQHW©RKQHGRFKMHPDOVHLQHJU|‰HUHVHHOLVFKH5HLIH ]X HUUHLFKHQ $EHU XQWHU ZHQLJHU JQVWLJHQ %HGLQJXQJHQ ±XQGVLHVLQGQDWUOLFKKlX¿JHU±ZLUGVHLQ/LHEHVOHEHQZHQQ QLFKW DXFK VHLQ JHVHOOVFKDIWOLFKHV /HEHQ ]X HLQHU HUQVWOLFKHQ (QWWlXVFKXQJ .RQÀLNWH XQG RIW DXFK KHIWLJH $QJVW VRZLH 'HSUHVVLRQHQHQWVWHKHQZHQQGLHVHU3HUV|QOLFKNHLWVW\SVLFK DOOHLQJHODVVHQIKOW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ,Q HLQHU QRFK HUQVWHUHQ )RUP GHU 3DWKRORJLH LVW GLH %LQGXQJ DQ GLH 0XWWHU WLHIHU XQG LUUDWLRQDOHU $XI GLHVHU (EHQHJHKWHVQLFKWV\PEROLVFKDXVJHGUFNWXPGLH5FNNHKU LQGLHVFKW]HQGHQ$UPHGHU0XWWHURGHU]XLKUHUQlKUHQGHQ %UXVWVRQGHUQXPGLH5FNNHKULQLKUHQDOOHVHPSIDQJHQGHQ ± XQG ]HUVW|UHQGHQ ± 6FKR‰ :HQQ HV GDV :HVHQ GHU VHHOLVFKHQ *HVXQGKHLW LVW DXV GHP 0XWWHUOHLE LQ GLH :HOW KLQHLQ]XZDFKVHQ LVW HV GDV :HVHQ GHU VFKZHUHQ VHHOLVFKHQ (UNUDQNXQJYRP0XWWHUVFKR‰DQJH]RJHQ]XZHUGHQZLHGHU LQLKQ]XUFNJH]RJHQ]XZHUGHQ±XQGGDVKHL‰WDXVGHP/HEHQ JHQRPPHQ ]X ZHUGHQ 'LHVH $UW %LQGXQJ PDJ JHZ|KQOLFK LQ GHU %H]LHKXQJ ]X 0WWHUQ DXIWUHWHQ GLH VLFK LQ GLHVHU DXIVDXJHQG]HUVW|UHQGHQ:HLVHDQLKUH.LQGHUDQVFKOLH‰HQ 0DQFKPDOLP1DPHQGHU/LHEHPDQFKPDOLQGHPGHU3ÀLFKW ZROOHQ VLH GDV .LQG GHQ +HUDQZDFKVHQGHQ GHQ 0DQQ LQ VLFKEHKDOWHQ$WPHQN|QQHQVROOHUDOOHLQGXUFKVLHOLHEHQ GDUI HU QLFKW DEJHVHKHQ YRQ JDQ] REHUÀlFKOLFKHQ VH[XHOOHQ (UOHEQLVVHQGXUFKGLHDOOHDQGHUHQ)UDXHQHUQLHGULJWZHUGHQ (UGDUIQLFKWIUHLXQGQLFKWXQDEKlQJLJVHLQVRQGHUQQXUHLQ HZLJHU.USSHORGHUHLQ9HUEUHFKHU 'LHVHU]HUVW|UHULVFKHYHUVFKOLQJHQGH0XWWHUDVSHNWLVWGHU QHJDWLYH$VSHNWGHU0XWWHUJHVWDOW'LH0XWWHUNDQQQLFKWQXU /HEHQJHEHQVRQGHUQDXFK/HEHQQHKPHQ6LHLVWGLHMHQLJH GLHEHOHEWXQGHEHQVRGLHMHQLJHGLH]HUVW|UW6LHNDQQ:XQGHU GHU/LHEHWXQ±XQGQLHPDQGNDQQWLHIHUYHUOHW]HQDOVVLH,Q UHOLJL|VHQ6\PEROHQ ZLHGHPGHU+LQGXJ|WWLQ.DOL XQGLP 7UDXPV\PEROLVPXVNDQQPDQGLHVHEHLGHQHQWJHJHQJHVHW]WHQ 0XWWHUDVSHNWHKlX¿J¿QGHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV (LQHJDQ]DQGHUH)RUPGHUQHXURWLVFKHQ3DWKRORJLH¿QGHW PDQ LQ MHQHQ )lOOHQ LQ GHQHQ GLH %LQGXQJ DQ GHQ 9DWHU YRUKHUUVFKW (LQHQWVSUHFKHQGHU)DOOLVWGHUHLQHV0DQQHVGHVVHQ0XWWHU NDOWXQG]XUFNKDOWHQGLVWZlKUHQGGHU9DWHU WHLOZHLVHDOV (UJHEQLV GHU .lOWH VHLQHU )UDX  VHLQH JDQ]H =XQHLJXQJ XQG VHLQ JDQ]HV ,QWHUHVVH DXI GHQ 6RKQ NRQ]HQWULHUWH (U LVW HLQ ªJXWHU9DWHU© ]XJOHLFK DEHU DXFK HLQ JHELHWHULVFKHU 6REDOG HU VLFK EHU GDV9HUKDOWHQ VHLQHV 6RKQHV IUHXW OREW HU LKQ EHVFKHQNW HU LKQ XQG LVW HU KHU]OLFK VREDOG GHU 6RKQ LKP PL‰IlOOW]LHKWHUVLFK]XUFNRGHUVFKLPSIWHU'HU6RKQIU GHQGLH=XQHLJXQJGHV9DWHUVGDVHLQ]LJHLVWZDVHUKDWZLUG LQVNODYLVFKHU:HLVHDQGHQ9DWHUJHEXQGHQ'DV+DXSW]LHO VHLQHV /HEHQV LVW HV GHQ9DWHU ]X HUIUHXHQ ± XQG ZHQQ LKP GLHVJHOLQJWIKOWHUVLFKJOFNOLFKVLFKHUXQGEHIULHGLJW:HQQ HUMHGRFKHLQHQ)HKOHUEHJHKWHWZDV)DOVFKHVWXWZHQQHV LKP QLFKW JHOLQJW GHP 9DWHU ]X JHIDOOHQ IKOW HU VLFK OHHU XQJHOLHEW XQG YHUVWR‰HQ ,P VSlWHUHQ /HEHQ ZLUG GLHVHU 0DQQ YHUVXFKHQ HLQH 9DWHUJHVWDOW ]X ¿QGHQ DQ GLH HU VLFK LQlKQOLFKHU:HLVHELQGHW6HLQJDQ]HV/HEHQZLUG]X HLQHP VWlQGLJHQ$XIXQG$EEHGLQJWGDGXUFKREHVLKPJHOLQJWGDV YlWHUOLFKH/RE]XYHUGLHQHQRGHUQLFKW*HVHOOVFKDIWOLFKVLQG GLHVH0HQVFKHQKlX¿JVHKUHUIROJUHLFKVLHVLQGJHZLVVHQKDIW YHUWUDXHQVZUGLJ XQG HLIULJ ± YRUDXVJHVHW]W LKU HUZlKOWHV 9DWHUELOGYHUVWHKWVLHULFKWLJ]XEHKDQGHOQ,QLKUHP9HUKlOWQLV ]X)UDXHQEOHLEHQVLHMHGRFK]XUFNKDOWHQGXQGGLVWDQ]LHUW )UDXHQKDEHQIUVLHNHLQH]HQWUDOH%HGHXWXQJJHZ|KQOLFK HPS¿QGHQVLHIUZHLEOLFKH*HVFK|SIHHLQHOHLVH9HUDFKWXQJ GLHVLHRIWKLQWHUHLQHPYlWHUOLFKHQ,QWHUHVVHZLHPDQHVIU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV HLQNOHLQHV0lGFKHQHPSILQGHWYHUEHUJHQ$QIDQJVN|QQHQ VLH DXI )UDXHQ GXUFK LKUH PDVNXOLQHQ (LJHQVFKDIWHQ HLQHQ JHZLVVHQ(LQGUXFNPDFKHQGLH(QWWlXVFKXQJZlFKVWMHGRFK ZHQQGLH)UDXGLHVLHJHKHLUDWHWKDEHQHQWGHFNWGD‰VLH± QDFKGHU9DWHUJHVWDOWGLHLP/HEHQLKUHV0DQQHVLPPHUHLQH KHUYRUUDJHQGH 5ROOH VSLHOW ± HUVW LQ ]ZHLWHU /LQLH NRPPW (LQH $XVQDKPH WULWW QXU GDQQ HLQ ZHQQ GLH )UDX ]XIlOOLJ VHOEVW YDWHUJHEXQGHQ EOHLEW ± XQG GHVKDOE PLW HLQHP 0DQQ JOFNOLFKLVWGHU]XLKUGDVJOHLFKH9HUKlOWQLVZLH]XHLQHP NDSUL]L|VHQ.LQGKDW .RPSOL]LHUWHU LVW MHQH $UW YRQ 6W|UXQJHQ LQ GHU /LHEH GLH DXI HLQHU JDQ] DQGHUHQ $UW GHV 9HUKlOWQLVVHV ]X GHQ (OWHUQEHUXKWXQGGLHDXIWUHWHQZHQQGLH(OWHUQVLFKQLFKW OLHEHQ MHGRFK ]X EHKHUUVFKW VLQG XP VLFK ]X VWUHLWHQ RGHU LKUH8Q]XIULHGHQKHLWlX‰HUOLFK]X]HLJHQ*OHLFK]HLWLJVLQGVLH DXFK LQ LKUHP 9HUKlOWQLV ]X GHQ HLJHQHQ .LQGHUQ JHKHPPW (LQ0lGFKHQHUOHEWGDQQHLQH$WPRVSKlUHGHUª.RUUHNWKHLW© QLHPDOVMHGRFKHLQHQHQJHQ.RQWDNWPLWGHU0XWWHURGHUGHP 9DWHUXQGVREOHLEHQOHGLJOLFK9HUZLUUXQJXQGbQJVWOLFKNHLW ]XUFN'DV0lGFKHQZHL‰QLHJHQDXZDVGLH(OWHUQIKOHQ RGHUGHQNHQLQGHU$WPRVSKlUHOLHJWLPPHUHLQ(OHPHQWGHV 8QEHNDQQWHQ GHV /HHUHQ 'LH )ROJH LVW GD‰ GDV 0lGFKHQ VLFKLQVHLQHHLJHQH:HOW]XUFN]LHKWLQVHLQH7DJWUlXPHXQG LQ VHLQH HLJHQH $EJHVFKORVVHQKHLW XQG GLH JOHLFKH +DOWXQJ EHKlOWHVDXFKLQVHLQHQVSlWHUHQ/LHEHVEH]LHKXQJHQ 'LH=XUFNJH]RJHQKHLWUHVXOWLHUWIHUQHULQGHU(QWZLFNOXQJ YRQ$QJVWXQGGHP*HIKOQLFKWIHVWLQGLHVHU:HOWJHJUQGHW ]X VHLQ VFKOLH‰OLFK IKUW VLH KlX¿J ]X PDVRFKLVWLVFKHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 1HLJXQJHQDOVGHUHLQ]LJHQ0|JOLFKNHLWHLQHQLQWHQVLYHQ5HL] ]XHUOHEHQ6ROFKHQ)UDXHQZlUHHVRIWOLHEHUGHU(KHPDQQ PDFKWHLKQHQHLQH6]HQHXQGEUOOWHVLHDQVWDWWVLFKQRUPDO XQG YHUQQIWLJ ]X EHWUDJHQ ZHLO LKQHQ GDPLW ZHQLJVWHQV GLH /DVW GHU 6SDQQXQJ XQG $QJVW JHQRPPHQ ZUGH 1LFKW DOO]X VHOWHQ SURYR]LHUHQVLHXQEHZX‰W HLQ GHUDUWLJHV9HUKDOWHQ XP GLH TXlOHQGH 8QJHZL‰KHLWGHUDIIHNWLYHQ/HHUH]XEHHQGHQ

$QGHUHKlXILJDXIWUHWHQGH)RUPHQLUUDWLRQDOHU/LHEHVLQG LQ GHQ IROJHQGHQ$EVFKQLWWHQ EHKDQGHOW RKQH HLQH$QDO\VH GHU EHVRQGHUHQ )DNWRUHQ NLQGOLFKHU (QWZLFNOXQJ GLH LKUH 8UVDFKHVLQG]XJHEHQ (LQH)RUPGHU3VHXGR/LHEHGLHQLFKWVHOWHQLVWXQGRIWDOV ªGLH JUR‰H /LHEH© HUOHEW ZLUG QRFK |IWHU MHGRFK LQ )LOPHQ XQG5RPDQHQEHVFKULHEHQZLUG LVWGLHDEJ|WWLVFKH/LHEH :HQQ HLQ 0HQVFK MHQH (EHQH QLFKW HUUHLFKW KDW DXI GHU HU HLQ *HIKO IU ,GHQWLWlW HLQ 6HOEVWJHIKO KDW GDV LQ GHU VFK|SIHULVFKHQ (QWIDOWXQJ VHLQHU HLJHQHQ .UlIWH ZXU]HOW QHLJW HU GD]X GLH JHOLHEWH 3HUVRQ ]X ªYHUJ|WWHUQ© (U LVW VHLQHQHLJHQHQ.UlIWHQHQWIUHPGHWXQGSURML]LHUWVLHDXIGLH JHOLHEWH 3HUVRQ GLH DOV GDV VXPPXP ERQXP DOV GLH 4XHOOH DOOHU/LHEHDOOHQ/LFKWHVXQGDOOHQ6HJHQV YHUHKUW ZLUG ,Q GLHVHP9RUJDQJEHUDXEWGHU0HQVFKVLFKGHV%HZX‰WVHLQV VHLQHU .UDIW XQG YHUOLHUW VLFK DQ GHQ *HOLHEWHQ VWDWW VLFK VHOEVW]X¿QGHQ'DNHLQ0HQVFKDXIGLH'DXHUJHVHKHQGHQ (UZDUWXQJHQ GHV DEJ|WWLVFKHQ 9HUHKUHUV HQWVSUHFKHQ NDQQ WUHWHQQDWUOLFK(QWWlXVFKXQJHQDXIXQGDOV/|VXQJVXFKWPDQ QDFKHLQHPQHXHQ,GRO±PDQFKPDOLQHLQHPYHUQLFKWHQGHQ .UHLVODXI &KDUDNWHULVWLVFK IU GLHVH $UW DEJ|WWLVFKHU /LHEH LVW ]X $QIDQJ GLH ,QWHQVLWlW XQG 3O|W]OLFKNHLW GHV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /LHEHVHUOHEQLVVHV 'LHVH DEJ|WWLVFKH /LHEH ZLUG KlX¿J DOV GLHZDKUHXQGJUR‰H/LHEHEH]HLFKQHWDEHUZlKUHQGPDQGLH ,QWHQVLWlWXQGGLH7LHIHGHU/LHEH]XEHVFKUHLEHQPHLQWYHUUlW VLHGRFKQXUGHQ+XQJHUXQGGLH(LQVDPNHLWGHVDEJ|WWLVFK /LHEHQGHQ (V EUDXFKW ZRKO QLFKW EHVRQGHUV EHWRQW ]X ZHUGHQGD‰VLFKQLFKWVHOWHQ]ZHL0HQVFKHQLQJHJHQVHLWLJHU DEJ|WWLVFKHU /LHEH ]XVDPPHQ¿QGHQ GLH LQ H[WUHPHQ )lOOHQ PDQFKPDOGDV%LOGHLQHUIROLHjGHX[ELHWHW (LQH ZHLWHUH )RUP GHU 3VHXGR/LHEH LVW GDV ZDV PDQ VHQWLPHQWDOH /LHEH QHQQHQ NDQQ ,KU :HVHQ OLHJW LQ GHU 7DWVDFKHGD‰GLH/LHEHQXULQGHU3KDQWDVLHXQGQLFKWLQGHU KLHUXQGMHW]WVWDWWILQGHQGHQ9HUELQGXQJPLWHLQHPDQGHUHQ 0HQVFKHQ GHU ZLUNOLFK LVW H[LVWLHUW 'LH DP ZHLWHVWHQ YHUEUHLWHWH )RUP GLHVHU $UW /LHEH ILQGHW PDQ LQ GHU (UVDW]EHIULHGLJXQJ GLH GHU .RQVXPHQW YRQ /LHEHV¿OPHQ /LHEHVURPDQHQ XQG /LHEHVOLHGHUQ HUOHEW $OOH XQHUIOOWHQ 6HKQVFKWH QDFK /LHEH 9HUHLQLJXQJ XQG 1lKH ¿QGHQ LKUH %HIULHGLJXQJ LQ GHP .RQVXP GLHVHU (U]HXJQLVVH (LQ 0DQQ RGHU HLQH )UDX GLH JHJHQEHU LKUHQ (KHSDUWQHUQ XQIlKLJ VLQG MHPDOV GLH 0DXHU GHU *HWUHQQWKHLW HLQ]XUHL‰HQ VLQG ]X 7UlQHQ JHUKUW ZHQQ VLH DQ GHU JOFNOLFKHQ RGHU XQJOFNOLFKHQ/LHEHVJHVFKLFKWHHLQHV3DDUHVDXIGHU/HLQZDQG WHLOQHKPHQ)UYLHOH3DDUHLVWGLH)LOPOHLQZDQGGLHHLQ]LJH *HOHJHQKHLW XP GLH /LHKH ]X HUOHEHQ ± QLFKW QXU MHGHU IU VLFK VRQGHUQ JHPHLQVDP DOV =XVFKDXHU GHU ª/LHEH© DQGHUHU 0HQVFKHQ 6RODQJH GLH /LHEH HLQ 7DJWUDXP LVW N|QQHQ VLH DQ LKU WHLOKDEHQ VREDOG VLH MHGRFK LQ GLH :LUNOLFKNHLW HLQHU %H]LHKXQJ]ZLVFKHQ]ZHLZLUNOLFKHQ0HQVFKHQHLQWULWW±VLQG VLHHUVWDUUW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV (LQDQGHUHU$VSHNWGHUVHQWLPHQWDOHQ/LHEHLVWGLH]HLWOLFKH 9HUVFKLHEXQJLQGLH9HUJDQJHQKHLW(LQ(KHSDDUNDQQGXUFKGLH (ULQQHUXQJDQLKUHYHUJDQJHQH/LHEH]XWLHIVWEHZHJWZHUGHQ REJOHLFK]XGHU=HLW]XGHUGLH9HUJDQJHQKHLWQRFK*HJHQZDUW ZDU JDU NHLQH /LHEH HUOHEW ZXUGH JHQDXVR LVW HV PLW GHQ 3KDQWDVLHQ EHU GLH ]XNQIWLJH /LHEH :LH YLHOH YHUOREWH RGHUIULVFKYHUKHLUDWHWH3DDUHWUlXPHQYRQGHP*OFNLKUHU ]XNQIWLJHQ/LHEHZlKUHQGVLHLQGHU=HLWLQGHUVLHJHUDGH OHEHQEHUHLWVDQIDQJHQVLFKJHJHQVHLWLJ]XODQJZHLOHQ'LHVH 7HQGHQ]VWLPPWPLWMHQHUDOOJHPHLQHQ +DOWXQJ EHUHLQ GLH IU GHQ PRGHUQHQ 0HQVFKHQ FKDUDNWHULVWLVFK LVW (U OHEW LQ GHU 9HUJDQJHQKHLW RGHU LQ GHU =XNXQIW QLFKW DEHU LQ GHU *HJHQZDUW 9ROOHU 6HQWLPHQWDOLWlW HULQQHUW HU VLFK VHLQHU .LQGKHLWXQGVHLQHU0XWWHU±RGHUVFKPLHGHWJUR‰H3OlQHIU GLH=XNXQIW2EGLH/LHEHGXUFK7HLOQDKPHDQGHQXQHFKWHQ (UOHEQLVVHQDQGHUHU0HQVFKHQHUOHEWZLUGRGHUREVLHYRQGHU *HJHQZDUW LQ GLH 9HUJDQJHQKHLW RGHU =XNXQIW YHUVFKREHQ ZLUG ± GLHVH DEVWUDKLHUWH XQG HQWIUHPGHWH )RUP GHU /LHEH GLHQW DOV 2SLXP GDV GLH 6FKPHU]HQ GHU :LUNOLFKNHLW GHU (LQVDPNHLWXQGGHU*HWUHQQWKHLWGHV,QGLYLGXXPVOLQGHUW 1RFK HLQH DQGHUH )RUP YRQ QHXURWLVFKHU /LHEH OLHJW LP 0HFKDQLVPXV GHU 3URMHNWLRQ GHU ]XU 9HUPHLGXQJ HLJHQHU 3UREOHPHXQGVWDWWGHVVHQ]XU.RQ]HQWUDWLRQDXIGLH)HKOHU XQG 6FKZlFKHQ GHU ªJHOLHEWHQ© 3HUVRQ IKUW (LQ]HOZHVHQ EHWUDJHQ VLFK LQ GLHVHU +LQVLFKW IDVW JHQDXVR ZLH 1DWLRQHQ RGHU 5HOLJLRQHQ 6LH KDEHQ HLQ IHLQHV (PSILQGHQ VHOEVW IU NOHLQHUH )HKOHU GHV DQGHUHQ ZlKUHQG VLH GLH HLJHQHQ )HKOHUXQG6FKZlFKHQLJQRULHUHQ±LPPHUGDPLWEHVFKlIWLJW GHQDQGHUHQ]XEHVFKXOGLJHQRGHUXP]XHU]LHKHQ:HQQ±ZLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV HV RIW GHU )DOO LVW ± ]ZHL 3HUVRQHQVLFKGLHVHU%HVFKlIWLJXQJ KLQJHEHQ ZLUG GLH /LHEHVEH]LHKXQJ ]X HLQHU JHJHQVHLWLJHQ 3URMHNWLRQ%LQLFKW\UDQQLVFKRGHUXQHQWVFKORVVHQEHVFKXOGLJH LFK PHLQHQ 3DUWQHU GLHVHU (LJHQVFKDIWHQ XQG HQWVSUHFKHQG PHLQHP &KDUDNWHU P|FKWH LFK LKQ HQWZHGHU GDYRQ KHLOHQ RGHU LKQ GDIU EHVWUDIHQ 'HU DQGHUH WXW GDV JOHLFKH ± XQG VRJHOLQJWHVEHLGHQGLHHLJHQHQ3UREOHPH]XLJQRULHUHQXQG DXV GLHVHP *UXQGH ]X YHUVlXPHQ LUJHQGZHOFKH 6FKULWWH ]X XQWHUQHKPHQ GLH LKUHU HLJHQHQ (QWZLFNOXQJ ZHLWHUKHOIHQ ZUGHQ (LQHDQGHUH)RUPGHU3URMHNWLRQLVWGLH3URML]LHUXQJGHU HLJHQHQ 3UREOHPH DXI GLH .LQGHU *DU QLFKW VHOWHQ WULWWVLH ]XHUVW DOV :XQVFK QDFK HLJHQHQ .LQGHUQ DXI ,Q GHUDUWLJHQ )lOOHQ ZLUG GHU :XQVFK QDFK HLJHQHQ .LQGHUQ LQ HUVWHU /LQLH GDYRQ EHVWLPPW GDV HLJHQH ([LVWHQ]SUREOHP DXI GDV GHU .LQGHU ]X SURML]LHUHQ :HQQ HLQH 3HUVRQ VSUW GD‰ VLH QLFKW IlKLJ LVW LKUHP HLJHQHQ /HEHQ HLQHQ 6LQQ ]XJHEHQYHUVXFKWVLHGLHVHQ6LQQLP/HEHQGHU.LQGHU]X ¿QGHQ 'LHV PX‰ MHGRFK VRZRKO EHL HLQHP VHOEVW DOV DXFK EHL GHQ .LQGHUQ IHKOVFKODJHQ HUVWHUHV GHVZHJHQ ZHLO GDV ([LVWHQ]SUREOHPYRQMHGHPQXUIUVLFKVHOEVWJHO|VWZHUGHQ NDQQ QLFKW DEHU GXUFK HLQHQ 6WHOOYHUWUHWHU OHW]WHUHV ZHLO JHUDGH MHQH (LJHQVFKDIWHQ IHKOHQ GLH Q|WLJ VLQG XP GLH .LQGHU EHL LKUHU HLJHQHQ 6XFKH QDFK HLQHU$QWZRUW DXI GLH )UDJHLKUHUHLJHQHQ([LVWHQ]]XOHLWHQ.LQGHUZHUGHQDXFK KlX¿J GDQQ LP 6LQQH GHV 3URMHNWLRQVPHFKDQLVPXV EHQXW]W ZHQQGLH)UDJHDXIWDXFKWHLQHXQJOFNOLFKH(KH]XO|VHQ'DV $UJXPHQWGDVGLH(OWHUQLPPHUEHLGHU+DQGKDEHQODXWHW GD‰ VLH VLFK QLFKW VFKHLGHQ ODVVHQ N|QQHQ XP GLH .LQGHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV QLFKW GHV 6HJHQV HLQHV JHPHLQVDPHQ +HLPHV ]X EHUDXEHQ (LQH JUQGOLFKH 8QWHUVXFKXQJ ZLUG MHGRFK RIW ]HLJHQ GD‰ GLH VSDQQXQJVJHODGHQH XQG XQJOFNOLFKH $WPRVSKlUH GLH LQ GLHVHQ ªJHPHLQVDPHQ +HLPHQ© KHUUVFKW GHQ .LQGHUQ VFKlGOLFKHULVWDOVRIIHQHU%UXFK±GHULKQHQ]XPLQGHVW]HLJW GD‰ GHU 0HQVFK LQ GHU /DJH LVW HLQH XQHUWUlJOLFKH 6LWXDWLRQ GXUFKHLQHQPXWLJHQ(QWVFKOX‰]XEHHQGHQ ,Q GLHVHP =XVDPPHQKDQJ PX‰ QRFK HLQ DQGHUHU KlX¿JHU ,UUWXP HUZlKQW ZHUGHQ GLH ,OOXVLRQ QlPOLFK GD‰ /LHEH QRWZHQGLJHUZHLVH GDV )HKOHQ MHJOLFKHU .RQÀLNWH EHGHXWHW (QWVSUHFKHQG GHP EOLFKHQ *ODXEHQ GD‰ 6FKPHU] XQG 7UDXULJNHLW XQWHU DOOHQ 8PVWlQGHQ YHUPLHGHQ ZHUGHQ P‰WHQ QLPPW GHU PRGHUQH 0HQVFK DXFK DQ GD‰ /LHEH GDV )HKOHQ MHJOLFKHU .RQÀLNWH EHGHXWHW 8QG GDIU ¿QGHW HU DXFK HLQH JXWH %HJUQGXQJ LQ GHU 7DWVDFKH GD‰ GLH 6WUHLWLJNHLWHQ GLH HU XP VLFK KHUXP HUOHEW QXU ]HUVW|UHQGH $XVHLQDQGHUVHW]XQJHQ VLQG GLH IU NHLQHQ GHU %HWHLOLJWHQ LUJHQGZHOFKHQ 1XW]HQ KDEHQ 'HU *UXQG GDIU OLHJW MHGRFK LQ GHU 7DWVDFKH GD‰ GLH ª.RQÀLNWH© GHU PHLVWHQ 0HQVFKHQ LQ :LUNOLFKNHLW 9HUVXFKH VLQG GLH ZLUNOLFKHQ .RQÀLNWH ]X YHUPHLGHQ (V VLQG OHGLJOLFK 'LIIHUHQ]HQ EHU NOHLQH XQG QHEHQVlFKOLFKH $QJHOHJHQKHLWHQ GLH VFKRQ LKUHP JDQ]HQ :HVHQ QDFK JDU QLFKW JHNOlUW RGHU JHO|VW ZHUGHQ N|QQHQ :LUNOLFKH.RQÀLNWH]ZLVFKHQ0HQVFKHQ±MHQHDOVRGLHQLFKWV YHUGHFNHQ RGHU SURML]LHUHQ ZROOHQ GLH MHGRFK DXI GHU WLHIHQ (EHQHLQQHUHU:LUNOLFKNHLW]XGHUVLHJHK|UHQHUOHEWZHUGHQ ±  GLHVH ZLUNOLFKHQ .RQÀLNWH VLQG NHLQHVZHJV ]HUVW|UHULVFK 6LH IKUHQ ]XU .OlUXQJ XQG EULQJHQ HLQH 5HLQLJXQJ PLW VLFK DXV GHU EHLGH 3HUVRQHQ ZLVVHQGHU XQG JHVWlUNWHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV KHUYRUJHKHQ'DPLWNRPPHQZLUGD]XHWZDV*HVDJWHVQRFK HLQPDO]XEHWRQHQ /LHEHLVWQXUP|JOLFKZHQQ]ZHL0HQVFKHQVLFKDXVGHU 0LWWH LKUHU ([LVWHQ] KHUDXV PLWHLQDQGHU YHUELQGHQ ZHQQ DOVRMHGHUVLFKVHOEVWDXVGHP=HQWUXPKHUDXVHUOHEW1XU GLHVHV ª]HQWUDOH (UOHEQLV© LVW PHQVFKOLFKH :LUNOLFKNHLW QXU KLHU LVW /HEHQ QXU KLHU OLHJW GLH %DVLV IU /LHEH (LQH VR HUOHEWH /LHEH LVW HLQH VWlQGLJH +HUDXVIRUGHUXQJ VLH LVW NHLQ 5XKHSODW] VRQGHUQ JHPHLQVDPHV 6WUHEHQ :DFKVHQ XQG $UEHLWHQ 6HOEVW +DUPRQLH RGHU .RQÀLNW )UHXGH RGHU 7UDXULJNHLW VLQG ]ZHLWUDQJLJ JHJHQEHU GHU JUXQGOHJHQGHQ 7DWVDFKH GD‰ ]ZHL 0HQVFKHQ VLFK DXV GHP :HVHQ LKUHU ([LVWHQ]KHUDXVHUOHEHQGD‰VLHQXUGDGXUFKPLWHLQDQGHUHLQV ZHUGHQGD‰VLHPLWVLFKVHOEVWHLQVVLQG)UGLH([LVWHQ]GHU /LHEHJLEWHVQXUHLQHQ%HZHLVGLH7LHIHGHU%LQGXQJVRZLH GLH /HEHQGLJNHLW XQG .UDIW LQ MHGHP GHU /LHEHQGHQ 'DV DOOHLQLVWGLH)UXFKWDQGHUPDQGLH/LHEHHUNHQQHQNDQQ (EHQVRZLH$XWRPDWHQVLFKJHJHQVHLWLJQLFKWOLHEHQN|QQHQ N|QQHQVLHDXFK*RWWQLFKWOLHEHQ'HU9HUIDOOGHU/LHEH]X*RWW KDWGLHJOHLFKHQ$XVPD‰HHUUHLFKWZLHGHU9HUIDOOGHU/LHEH]XGHQ 0HQVFKHQ'LHVH7DWVDFKHVWHKWLQNUDVVHP:LGHUVSUXFK]XGHU 9RUVWHOOXQJZLUZlUHQ=HXJHQHLQHUUHOLJL|VHQ5HQDLVVDQFHGLH LQXQVHUHU=HLWVWDWWIlQGH1LFKWVN|QQWHYRQGHU:DKUKHLWZHLWHU HQWIHUQW VHLQ :DV ZLU PLWHUOHEHQ DXFK ZHQQ HV $XVQDKPHQ JLEW  LVW GHU 5FNIDOO LQ HLQ J|W]HQKDIWHV .RQ]HSW YRQ *RWW XQGHLQH8PZDQGOXQJGHU/LHEH]X*RWWLQHLQ9HUKlOWQLVGDV GHU HQWIUHPGHWHQ &KDUDNWHUVWUXNWXU HQWVSULFKW 'HU 5FNIDOO LQ HLQ J|W]HQKDIWHV .RQ]HSW YRQ *RWW LVW OHLFKW ]X HUNHQQHQ 'LH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 0HQVFKHQVLQGlQJVWOLFKRKQH*UXQGVlW]HXQGRKQH9HUWUDXHQ XQG VLH KDEHQ NHLQ =LHO PHKU YRU VLFK ± DEJHVHKHQ YRQ GHP HLQHQ ZHLWHU]XNRPPHQ GDKHU EOHLEHQ VLH .LQGHU XQG KRIIHQ GD‰GHU9DWHURGHUGLH0XWWHULKQHQVFKRQKHOIHQZLUGZHQQVLH HLQPDO+LOIHEUDXFKHQ (V VWLPPW GD‰ DXFK GHU 'XUFKVFKQLWWVPHQVFK LQ lOWHUHQ .XOWXUHQ]X*RWWDOVGHPKHOIHQGHQ9DWHURGHUGHUKHOIHQGHQ 0XWWHUDXIVDK*OHLFK]HLWLJQDKPHU*RWWMHGRFKHUQVWLQGHP 6LQQHGD‰HVGDV=LHOVHLQHV/HEHQVZDU*RWWHV*UXQGVlW]HQ HQWVSUHFKHQG ]X OHEHQ +HXWH LVW YRQ GLHVHQ %HPKXQJHQ QLFKWV PHKU YRUKDQGHQ 'DV WlJOLFKH /HEHQ ZLUG VWUHQJ YRQ DOOHQ UHOLJL|VHQ :HUWHQ JHWUHQQW (V LVW DOOHLQ GHP 6WUHEHQ QDFK PDWHULHOOHU %HTXHPOLFKNHLW XQG GHP (UIROJ DXI GHP 3HUV|QOLFKNHLWVPDUNW JHZLGPHW 'LH 3ULQ]LSLHQ DXI GHQHQ XQVHUH ZHOWOLFKHQ %HVWUHEXQJHQ DXIJHEDXW VLQG VLQG *OHLFKJOWLJNHLW XQG (JRLVPXV OHW]WHUHU RIW XQWHU GHU %H]HLFKQXQJ ª,QGLYLGXDOLVPXV© RGHU ªLQGLYLGXHOOH ,QLWLDWLYH©  'HU 0HQVFK HFKW UHOLJL|VHU .XOWXUHQ N|QQWH YLHOOHLFKWPLWHLQHP.LQGYRQDFKW-DKUHQYHUJOLFKHQZHUGHQ GDV HLQHQ 9DWHU DOV 5HWWHU EUDXFKW GDV MHGRFK DQJHIDQJHQ KDW GLH /HKUHQ XQG 3ULQ]LSLHQ GHV 9DWHUV LQ VHLQ /HEHQ ]X EHUQHKPHQ 'HU ]HLWJHQ|VVLVFKH 0HQVFK lKQHOW MHGRFK HLQHP.LQGYRQGUHL-DKUHQGDVQDFKGHP9DWHUUXIWZHQQ HVLKQEUDXFKWXQGVRQVW]XIULHGHQLVWZHQQHVVSLHOHQNDQQ ,QGLHVHU+LQVLFKWQlPOLFKLQGHULQIDQWLOHQ$EKlQJLJNHLW YRQHLQHPDQWKURSRPRUSKHQ%LOG*RWWHVRKQH8PIRUPXQJ GHV /HEHQV LP 6LQQH GHU 3ULQ]LSLHQ *RWWHV VLQG ZLU HLQHP SULPLWLYHQ *|W]HQ DQEHWHQGHQ 6WDPP lKQOLFKHU DOV GHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV UHOLJL|VHQ .XOWXU GHV 0LWWHODOWHUV ,Q DQGHUHU +LQVLFKW ]HLJW XQVHUHUHOLJL|VH6LWXDWLRQ=JHGLHQHXXQGQXUIUGLH]HLW JHQ|VVLVFKH NDSLWDOLVWLVFKH *HVHOOVFKDIW GHV :HVWHQV FKD UDNWHULVWLVFK VLQG ,FK NDQQ PLFK GDEHL DXI )HVWVWHOOXQJHQ EH]LHKHQ GLH LFK DQ IUKHUHU 6WHOOH GLHVHV %XFKHV JHPDFKW KDEH'HUPRGHUQH0HQVFKKDWVLFKVHOEVWLQHLQH:DUHYHU ZDQGHOWHUHUOHEWVHLQH/HEHQVNUDIWDOVHLQH,QYHVWLWLRQPLW GHUHU±HQWVSUHFKHQGVHLQHU6WHOOXQJXQGVHLQHU3RVLWLRQDXI GHP3HUV|QOLFKNHLWVPDUNW±HLQHQP|JOLFKVWKRKHQ*HZLQQHU ]LHOHQZLOO(UKDWVLFKVHLQHUVHOEVWVHLQHQ0LWPHQVFKHQXQG GHU1DWXUHQWIUHPGHW6HLQ+DXSW]LHOLVWGHUJHZLQQEULQJHQGH $XVWDXVFKVHLQHU*HVFKLFNOLFKNHLWVHLQHV:LVVHQVXQGVHLQHU 3HUV|QOLFKNHLWPLWDQGHUHQGLHHEHQIDOOVDXIHLQHQDQVWlQGL JHQXQGJHZLQQEULQJHQGHQ$XVWDXVFKDXVVLQG'DV/HEHQKDW QXUQRFKGDV=LHOZHLWHU]XNRPPHQQXUQRFKGHQ*UXQGVDW] HLQ JXWHV *HVFKlIW ]X PDFKHQ QXU GLH %HIULHGLJXQJ GHV .RQVXPLHUHQV :DV NDQQ GHU *RWWHVEHJULII XQWHU GLHVHQ 8PVWlQGHQ QRFKEHGHXWHQ"6HLQHXUVSUQJOLFKHUHOLJL|VH%HGHXWXQJLVW YHUZDQGHOWVRGD‰HULQGLHHQWIUHPGHWH.XOWXUGHV(UIROJV SD‰W ,Q GHU UHOLJL|VHQ ª(UQHXHUXQJ© GHU *HJHQZDUW LVW GHU *ODXEH DQ *RWW ]X HLQHP SV\FKRORJLVFKHQ 0LWWHO JHZRUGHQ XPIUGHQ.RQNXUUHQ]NDPSIEHVVHUJHUVWHW]XVHLQ 'HU *ODXEH YHUELQGHW VLFK PLW $XWRVXJJHVWLRQ XQG 3V\FKRWKHUDSLH XP GHQ 0HQVFKHQ LQ VHLQHP *HVFKlIWVOHEHQ ]X KHOIHQ ,Q GHQ ]ZDQ]LJHU -DKUHQ KDW PDQ *RWW QRFK QLFKW DQJHUXIHQXPGLHHLJHQHª3HUV|QOLFKNHLWDXV]XELOGHQ©(LQHV GHUSRSXOlUVWHQ%FKHUGHV-DKUHV'DOH&DUQHJLHV:LH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV PDQ )UHXQGH JHZLQQW XQG 0HQVFKHQ EHHLQÀX‰W EOLHE DXI HLQHU VWUHQJ ZHOWOLFKHQ (EHQH $EHU GLH GDPDOLJH )XQNWLRQ YRQ&DUQHJLHV%XFKKDWKHXWHHLQHVGHUPHLVWYHUEUHLWHWVWHQ %FKHU 'LH 0DFKW GHV SRVLWLYHQ 'HQNHQV YRQ 3IDUUHU 19 3HDOH EHUQRPPHQ ,Q GLHVHP UHOLJL|VHQ %XFKH ZLUG QLFKW HLQPDO JHIUDJW RE XQVHU YRUKHUUVFKHQGHV (UIROJVVWUHEHQ PLW GHP*HLVWGHVPRQRWKHLVWLVFKHQ*ODXEHQVEHUHLQVWLPPH±LP *HJHQWHLO GLHVHV K|FKVWH =LHO ZLUG QLHPDOV DQJH]ZHLIHOW VRQGHUQGHU*ODXEHDQ*RWWXQGGDV*HEHWZHUGHQDOV0LWWHO HPSIRKOHQ XP GLH HLJHQHQ )lKLJNHLWHQ HUIROJUHLFK ]X VHLQ QRFK ]X YHUEHVVHUQ *OHLFK HLQHP PRGHUQHQ 3V\FKLDWHU GHU GHP $QJHVWHOOWHQ HPS¿HKOW JOFNOLFK ]X VHLQ GDPLW HU DQ]LHKHQGHU DXI GLH .XQGVFKDIW ZLUNH HPSIHKOHQ HLQLJH *HLVWOLFKH GLH /LHEH ]X *RWW XP HUIROJUHLFKHU ]X VHLQ ª0DFKH *RWW ]X GHLQHP 3DUWQHU© EHGHXWHW *RWW ]XP *HVFKlIWVSDUWQHU ]X PDFKHQ QLFKW DEHU PLW ,KP LQ /LHEH *HUHFKWLJNHLWXQG:DKUKDIWLJNHLWHLQV]XZHUGHQ*DQ]ZLH GLH1lFKVWHQOLHEHGLHGXUFKXQSHUV|QOLFKH)DLUQH‰HUVHW]W ZXUGHLVW*RWW]XHLQHPLQXQHUUHLFKEDUHU)HUQHWKURQHQGHQ *HQHUDOGLUHNWRU GHU 8QLYHUVXP *PE+ JHZRUGHQ PDQ ZHL‰GD‰HUH[LVWLHUWXQGGD‰HUGHQ%HWULHEOHLWHW REJOHLFK GLHVHU ZDKUVFKHLQOLFK DXFK DOOHLQ IXQNWLRQLHUHQ ZUGH  PDQ VLHKW LKQ DXFK QLH ± DEHU PDQ HUNHQQW VHLQH /HLWXQJ DQ XQG ªWXWVHLQH3ÀLFKW©



(ULFK)URPP'LH.XQVWGHV/LHEHQV

,9 ',(35$;,6'(6/,(%(16

1DFKGHPZLUXQVELVKHUPLWGHPWKHRUHWLVFKHQ$VSHNWGHU .XQVW GHV /LHEHQV EHID‰W KDEHQ VWHKHQ ZLU MHW]W HLQHP HUKHEOLFKVFKZLHULJHUHQ3UREOHPJHJHQEHUQlPOLFKGHPGHU 3UD[LVGHU.XQVWGHV/LHEHQV.DQQPDQEHUGLH$XVEXQJ HLQHU.XQVWEHUKDXSWHWZDVOHUQHQ±DEJHVHKHQDOOHLQGDYRQ GD‰PDQVLHDXVEW" 'LH 6FKZLHULJNHLW GLHVHV 3UREOHPV ZLUG QRFK GXUFK GLH 7DWVDFKH JHVWHLJHUW GD‰ KHXW]XWDJH GLH PHLVWHQ 0HQVFKHQ ± XQG GDKHU DXFK YLHOH /HVHU GLHVHV %XFKHV ± HUZDUWHQ GD‰ PDQLKQHQ5H]HSWHJLEWZLHVLHHVªVHOEVWPDFKHQ©N|QQHQ XQG GDV EHGHXWHW LQ GLHVHP )DOO LKQHQ ª8QWHUULFKW LP /LHEHQ©]XJHEHQ,FKIUFKWHGD‰GLHMHQLJHQGLHGLHVHVOHW]WH .DSLWHOLQGLHVHP6LQQHDXIVFKODJHQELWWHUHQWWlXVFKWZHUGHQ 'LH /LHEH LVW HLQ SHUV|QOLFKHV (UOHEQLV GDV MHGHU QXU GXUFK XQGIUVLFKVHOEVWKDEHQNDQQLQ:LUNOLFKNHLWZLUGHVNDXP HLQHQ 0HQVFKHQ JHEHQ GHU GLHVHV (UOHEQLV QLFKW ]XPLQGHVW LQ HLQHU HOHPHQWDUHQ )RUP EHUHLWV JHKDEW KDW VHL HV DOV .LQG DOV +HUDQZDFKVHQGHU RGHU DOV (UZDFKVHQHU $XIJDEH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV HLQHU'LVNXVVLRQEHUGLH3UD[LVGHU/LHEHNDQQHVQXUVHLQ GLH 9RUDXVVHW]XQJHQ GHU .XQVW GHV /LHEHQV ]X GLVNXWLHUHQ JOHLFKVDP DOVR LKUH HUVWHQ 6FKULWWH 'HU HQGJOWLJH 6FKULWW DXIGDV=LHOKLQNDQQYRQMHGHPQXUVHOEVWJHWDQZHUGHQXQG GLH'LVNXVVLRQK|UWGDDXIZRGHUHQGJOWLJH6FKULWWEHJLQQW 7URW]GHPJODXEHLFKGD‰GLH'LVNXVVLRQGHUHUVWHQ6FKULWWH]XU %HKHUUVFKXQJHLQHU.XQVWVHKUKLOIUHLFKVHLQNDQQ±]XPLQGHVW IU DOOH GLH QLFKW HUZDUWHQ EHVWLPPWH ª$QZHLVXQJHQ© ]X EHNRPPHQ 'LH $XVEXQJ MHGHU .XQVW HUIRUGHUW JHZLVVH DOOJHPHLQH 'LQJHXQJHDFKWHWGHU7DWVDFKHREZLUXQVPLWGHU.XQVWGHV 7LVFKOHUKDQGZHUNVGHU 0HGL]LQ RGHU GHU.XQVWGHV/LHEHQV EHVFKlIWLJHQ ,Q HUVWHU /LQLH HUIRUGHUW GLH $XVEXQJ HLQHU .XQVW 'LV]LSOLQ ,FK ZHUGH QLH HWZDV HUUHLFKHQ ZHQQ LFK GDEHL QLFKW GLV]LSOLQLHUW ELQ ZHQQ LFK HWZDV QXU GDQQ WXH VREDOGLFKªLQ6WLPPXQJ©ELQNDQQHV]XHLQHPQHWWHQRGHU DPVDQWHQ6WHFNHQSIHUGZHUGHQ±DEHUQLHPDOVZHUGHLFKHV GDULQ]XU0HLVWHUVFKDIWEULQJHQ'DV3UREOHPLVWMHGRFKQLFKW QXUGDVGHU'LV]LSOLQLQGHU$XVEXQJHLQHUEHVRQGHUHQ.XQVW GD‰ PDQ VLH ]XP %HLVSLHO 7DJ IU 7DJ HLQLJH 6WXQGHQ ODQJ DXVEW VRQGHUQHVLVWGDV3UREOHPGHU'LV]LSOLQLPJHVDPWHQ /HEHQ0DQPDJGHQNHQGD‰HVIUGHQPRGHUQHQ0HQVFKHQ QLFKWV /HLFKWHUHV JLEW DOV 'LV]LSOLQ ]X OHUQHQ YHUEULQJW HU QLFKW WlJOLFK DFKW 6WXQGHQ DXI GLV]LSOLQLHUWH :HLVH EHL VHLQHU $UEHLW" 7DWVDFKH LVW MHGRFK GD‰ GHU KHXWLJH 0HQVFK DX‰HURUGHQWOLFKZHQLJ6HOEVWGLV]LSOLQDX‰HUKDOEVHLQHU$UEHLW ]HLJW :HQQ HU QLFKW DUEHLWHW ZLOO HU WUlJH VHLQ XQG QLFKWV WXQ ± ZLOO HU XP HLQ QHWWHUHV :RUW ]X JHEUDXFKHQ ªVLFK HQWVSDQQHQ© $EHU JHUDGH GLHVHU :XQVFK QDFK 1LFKWVWXQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV LVW HLQH 5HDNWLRQ DXI GLH 5RXWLQH GHV /HEHQV *HUDGH ZHLO GHU 0HQVFK JH]ZXQJHQ LVW VHLQH .UDIW WlJOLFK DFKW 6WXQGHQ ODQJ IU =ZHFNH DXV]XJHEHQ GLH QLFKW VHLQH HLJHQHQ VLQG DXI HLQH$UW GLH QLFKW GLH VHLQH LVW GLH LKP DEHU GXUFK GHQ 5K\WKPXV GHU$UEHLW YRUJHVFKULHEHQ ZLUG UHEHOOLHUW HU XQG GLHVH5HEHOOLRQKDWGLH)RUPGHV6LFKJHKHQODVVHQV$X‰HUGHP LVW HU LQ VHLQHP .DPSI JHJHQ GLH$XWRULWlW JHJHQEHU MHGHU 'LV]LSOLQ PL‰WUDXLVFK JHZRUGHQ VHL VLH LKP QXQ GXUFK HLQH LUUDWLRQDOH$XWRULWlWDXIJH]ZXQJHQZRUGHQRGHUDOVUDWLRQDOH 'LV]LSOLQ VHOEVWDXIHUOHJW 2KQH 'LV]LSOLQ EOHLEW GDV /HEHQ MHGRFK]HUVSOLWWHUWFKDRWLVFKXQGRKQHMHGH.RQ]HQWUDWLRQ 'D‰ .RQ]HQWUDWLRQ HLQH QRWZHQGLJH %HGLQJXQJ IU GLH %HKHUUVFKXQJ HLQHU .XQVW LVW EHGDUI NDXP HLQHV %HZHLVHV -HGHUGHUHLQPDOYHUVXFKWKDWHLQH.XQVW]XHUOHUQHQZHL‰ HV $EHU QRFK VHOWHQHU DOV 6HOEVWGLV]LSOLQ LVW LQ XQVHUHU *HVHOOVFKDIWGLH.RQ]HQWUDWLRQXQVHUH.XOWXUIKUWYLHOPHKU ]XHLQHUXQNRQ]HQWULHUWHQXQG]HUVSOLWWHUWHQ/HEHQVDUWIUGLH HVNDXPHLQH3DUDOOHOHJLEW0DQWXWYLHOH'LQJHDXIHLQPDO PDQ OLHVW K|UW 5DGLR XQWHUKlOW VLFK UDXFKW L‰W XQG WULQNW 0DQLVWHLQ.RQVXPHQWGHUPLWRIIHQHP0XQGHGDVLW]WXQG JLHULJ XQG EHUHLWZLOOLJ DOOHV VFKOXFNW %LOGHU 6FKQDSV XQG :LVVHQ 'LHVHU 0DQJHO DQ .RQ]HQWUDWLRQ ]HLJW VLFK JDQ] GHXWOLFK LQ XQVHUHU 6FKZLHULJNHLW PLW XQV VHOEVW DOOHLQ ]X VHLQ5XKLJ]XVLW]HQRKQH]XVSUHFKHQ]XUDXFKHQ]XOHVHQ RGHU]XWULQNHQLVWIUGLHPHLVWHQ0HQVFKHQXQP|JOLFK6LH ZHUGHQ QHUY|V XQG XQUXKLJ VLH PVVHQ LUJHQG HWZDV WXQ HQWZHGHUPLWGHP0XQGRGHUPLWGHQ+lQGHQ 'DV5DXFKHQ LVW HLQ 6\PSWRP IU GLHVHQ 0DQJHO DQ .RQ]HQWUDWLRQ HV EHVFKlIWLJW+DQG0XQG$XJHXQG1DVH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'HU GULWWH )DNWRU LVW *HGXOG $XFK KLHU ZHL‰ MHGHU GHU HLQH.XQVW]XHUOHUQHQYHUVXFKWHGD‰*HGXOGQ|WLJLVWZHQQ PDQ HWZDV HUUHLFKHQ ZLOO :HQQ PDQ P|JOLFKVW VFKQHOO HLQ 5HVXOWDW HU]LHOHQ ZLOO OHUQW PDQ QLHPDOV HLQH .XQVW 7URW]GHP LVW *HGXOG IU GHQ PRGHUQHQ 0HQVFKHQ JHQDXVR VFKZHU ]X SUDNWL]LHUHQ ZLH 'LV]LSOLQ XQG .RQ]HQWUDWLRQ 8QVHU JDQ]HV LQGXVWULHOOHV 6\VWHP I|UGHUW JHQDX GDV *HJHQWHLO 6FKQHOOLJNHLW $OOH XQVHUH 0DVFKLQHQ VLQG DXI 6FKQHOOLJNHLW KLQ JHEDXW $XWR XQG )OXJ]HXJ EULQJHQ XQV VFKQHOO DQ GHQ %HVWLPPXQJVRUW ± XQG MH VFKQHOOHU GHVWR EHVVHU 'LH 0DVFKLQH GLH GLH JOHLFKH 0HQJH LQ GHU KDOEHQ =HLW SURGX]LHUHQ NDQQ LVW GRSSHOW VR JXW ZLH GLH lOWHUHXQG ODQJVDPHUH1DWUOLFKJLEWHVGDIUJHZLFKWLJHZLUWVFKDIWOLFKH *UQGHDEHUZLHLQVRYLHOHQDQGHUHQ+LQVLFKWHQLVWHVDXFK KLHU GD]X JHNRPPHQ GD‰ GLH PHQVFKOLFKHQ :HUWH YRQ GHQ ZLUWVFKDIWOLFKHQ EHVWLPPW ZHUGHQ :DV IU GLH 0DVFKLQHQ JXW LVW PX‰ DXFK IU GHQ 0HQVFKHQ JXW VHLQ ± GDV VFKHLQW ORJLVFK'HUPRGHUQH0HQVFKJODXEWLUJHQGHWZDV±QlPOLFK =HLW±]XYHUOLHUHQZHQQHUGLH'LQJHQLFKWVFKQHOOHUOHGLJW XQGGRFKZHL‰HUQLFKWZDVHUPLWGHUGDGXUFKJHZRQQHQHQ =HLWDQIDQJHQVROO±DX‰HUGD‰HUVLHWRWVFKOlJW 6FKOLH‰OLFKLVWGLH%HGLQJXQJ]XU(UOHUQXQJHLQHU.XQVWGDV XQEHGLQJWH ,QWHUHVVH DQ GHU %HKHUUVFKXQJ GLHVHU .XQVW :HQQ HLQH .XQVW QLFKW YRQ K|FKVWHU %HGHXWXQJ LVW ZLUG GHU /HKUOLQJ VLH QLHPDOV HUOHUQHQ %HVWHQIDOOV ZLUG HU HLQ JXWHU'LOHWWDQWEOHLEHQDEHUHLQ0HLVWHUZLUGHUQLFKW'LHVH %HGLQJXQJLVWIUGLH.XQVWGHV/LHEHQVJHQDXVRZLFKWLJZLH IU MHGH DQGHUH .XQVW (V VFKHLQW MHGRFK DOV KlWWH VLFK GDV 9HUKlOWQLV]ZLVFKHQ0HLVWHUQXQG'LOHWWDQWHQLQGHU.XQVWGHV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /LHEHQVQRFKPHKU]XJXQVWHQGHU'LOHWWDQWHQYHUVFKREHQDOV LQGHQDQGHUHQ.QVWHQ ,P +LQEOLFN DXI GLH DOOJHPHLQHQ %HGLQJXQJHQ IU GLH (UOHUQXQJHLQHU.XQVWPX‰QRFKHLQZHLWHUHU3XQNWHUZlKQW ZHUGHQ 0DQ IlQJW QLHPDOV DQ HLQH .XQVW XQPLWWHOEDU ]X HUOHUQHQVRQGHUQEHJLQQWVR]XVDJHQLPPHULQGLUHNW=XHUVW PX‰ PDQ YLHOH DQGHUH XQG RIW PLW GHU .XQVW VFKHLQEDU QLFKW ]XVDPPHQKlQJHQGH 'LQJH OHUQHQ EHYRU PDQ PLW GHU HLJHQWOLFKHQ.XQVWDQIlQJW'HU7LVFKOHUOHKUOLQJEHJLQQWGDPLW KREHOQ]XOHUQHQGHU/HKUOLQJLQGHU.XQVWGHV.ODYLHUVSLHOHV EHJLQQWPLWGHPhEHQYRQ7RQOHLWHUQXQGGHU/HKUOLQJLQGHU =HQ.XQVW GHV %RJHQVFKLH‰HQV EHJLQQW PLW $WHPEXQJHQ :HQQPDQHVLQLUJHQGHLQHU.XQVW]XU0HLVWHUVFKDIWEULQJHQ ZLOO PX‰ PDQ LKU VHLQ JDQ]HV /HEHQ ZLGPHQ 'LH HLJHQH 3HUVRQ ZLUG ]XP ,QVWUXPHQW LQ GHU$XVEXQJ GLHVHU .XQVW XQGPX‰LQHLQHP=XVWDQGJHKDOWHQZHUGHQGHUGHUYRQLKP ]XHUIOOHQGHQ$XIJDEHHQWVSULFKW+LQVLFKWOLFKGHU.XQVWGHV /LHEHQVEHGHXWHWGLHVGD‰MHGHUGHUHVLQGLHVHU.XQVW]XU 0HLVWHUVFKDIW EULQJHQ ZLOO GDPLW DQIDQJHQ PX‰ LQ MHGHU 3KDVHVHLQHV/HEHQV'LV]LSOLQ.RQ]HQWUDWLRQXQG*HGXOG]X EHQ :LH DEHU EW PDQ 'LV]LSOLQ" 0RUJHQV UHJHOPl‰LJ ]XU JOHLFKHQ =HLW DXIVWHKHQ WlJOLFK HLQH EHVWLPPWH =HLW EHVWLPPWHQ7lWLJNHLWHQ ZLH 0HGLWLHUHQ /HVHQ 0XVLNK|UHQ XQG 6SD]LHUHQJHKHQ ]X ZLGPHQ VLFK QLFKW RGHU ]XPLQGHVW QXULQHLQHPEHVWLPPWHQ$XVPD‰DEOHQNHQGHQ'LQJHQZLH 

 (LQH VFK|QH 6FKLOGHUXQJ YRQ .RQ]HQWUDWLRQ 'LV]LSOLQ *HGXOG XQG ,QWHUHVVH GLHIUGLH(UOHUQXQJHLQHU.XQVWQ|WLJVLQGILQGHWVLFKLQ=HQLQGHU.XQVWGHV %RJHQVFKLH‰HQVYRQ(+HUULJHO.RQVWDQ]



(ULFK)URPP'LH.XQVWGHV/LHEHQV .ULPLQDOURPDQHQXQG)LOPHQKLQ]XJHEHQXQGZHGHU]XYLHO]X HVVHQQRFK]XWULQNHQ±GDVVLQGRIIHQVLFKWOLFKHXQGHOHPHQWDUH 5HJHOQ (V LVW MHGRFK ZHVHQWOLFK GD‰ GLH 'LV]LSOLQ QLFKW DOV HWZDVJHEWZLUGGDVHLQHPYRQDX‰HQDXIHUOHJWZRUGHQLVW VRQGHUQGD‰VLH]XP$XVGUXFNGHVHLJHQHQ:LOOHQVZLUGGD‰ PDQVLHDOVDQJHQHKPHPS¿QGHWXQGGD‰PDQVLFKODQJVDPDQ HLQ9HUKDOWHQJHZ|KQWGDVHLQHPIHKOWZHQQPDQHVZLHGHU DXIJLEW (V JHK|UW ]X GHQ EHGDXHUOLFKHQ $VSHNWHQ XQVHUHV ZHVWOLFKHQ .RQ]HSWHV GHU 'LV]LSOLQ ZLH EULJHQV MHGHU DQGHUHQ7XJHQG GD‰PDQJODXEWVLHPVVHVFKPHU]KDIWRGHU XQDQJHQHKPVHLQXQGGD‰VLHQXUGDQQHWZDVªWDXJW©ZHQQ HV VR LVW 'HU 2VWHQ KDW VFKRQ VHLW ODQJHP HUNDQQW GD‰ GDV ZDVIUGHQ0HQVFKHQ±IUVHLQHQ.|USHUZLHIUVHLQH6HHOH ±JXWLVWDXFKDQJHQHKPVHLQPX‰VHOEVWZHQQ]X$QIDQJHLQ JHZLVVHU:LGHUVWDQGEHUZXQGHQZHUGHQPX‰ 6LFK]XNRQ]HQWULHUHQLVWVFKZLHULJLQXQVHUHU.XOWXULQ GHU DOOHV DXI ª=HUVWUHXXQJ© XQG JHJHQ GLH )lKLJNHLW VLFK ]X NRQ]HQWULHUHQ ]X ZLUNHQ VFKHLQW 'HU ZLFKWLJVWH 6FKULWW LVW ]X OHUQHQ PLW VLFK VHOEVW DOOHLQ ]X VHLQ RKQH GDEHL ]X OHVHQ 5DGLR ]X K|UHQ ]X UDXFKHQ RGHU ]X WULQNHQ 'LH )lKLJNHLWVLFK]XNRQ]HQWULHUHQ]HLJWVLFKLQGHU)lKLJNHLW PLWVLFKDOOHLQVHLQ]XN|QQHQ±XQGGLHVH)lKLJNHLW LVW HLQH %HGLQJXQJIUGLH)lKLJNHLW]XOLHEHQ:HQQLFKPLWHLQHP DQGHUHQ0HQVFKHQYHUEXQGHQELQZHLOLFKQLFKWDXIPHLQHQ HLJHQHQ )‰HQ VWHKHQ NDQQ LVW GLHVHU DQGHUH YLHOOHLFKW HLQ /HEHQVUHWWHU GLH %H]LHKXQJ KDW MHGRFK PLW /LHEH QLFKWV ]X WXQ3DUDGR[HUZHLVHLVWGLH)lKLJNHLWDOOHLQVHLQ]XN|QQHQ HLQH %HGLQJXQJ IU GLH )lKLJNHLW ]X OLHEHQ -HGHU GHU YHUVXFKW DOOHLQ ]X VHLQ ZLUG IHVWVWHOOHQ ZLH VFKZHU HV LVW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV (UZLUGPLWGHU=HLWXQUXKLJXQGQHUY|VZHUGHQRGHUVRJDU HLQLJH $QJVW YHUVSUHQ 6HLQH $EQHLJXQJ GLHVH hEXQJ ZHLWHU]XIKUHQZLUGHUZDKUVFKHLQOLFKGDPLWUDWLRQDOLVLHUHQ GD‰ GDV$OOHLQVHLQ NHLQHQ 6LQQ KDEH GD‰ HV QXU DOEHUQ VHL GD‰ HV ]XYLHO =HLW LQ$QVSUXFK QHKPH XQG VR ZHLWHU XQG VR IRUW (U ZLUG DXFK IHVWVWHOOHQ GD‰ DOOH P|JOLFKHQ *HGDQNHQ DXIWDXFKHQ XQG YRQ LKP %HVLW] HUJUHLIHQ (U ZLUG DXI HLQPDOPHUNHQGD‰HU3OlQHIUGHQUHVWOLFKHQ7HLOGHV7DJHV PDFKWGD‰HUEHULUJHQGZHOFKHEHUXÀLFKHQ6FKZLHULJNHLWHQ QDFKGHQNW RGHU GD‰ HU EHUOHJW ZRKLQ HU DEHQGV JHKHQ NDQQ6HKUYLHOKHOIHQZUGHQGDEHLMHGRFKHLQSDDUHLQIDFKH hEXQJHQZLH]XP%HLVSLHOVLFKHQWVSDQQWKLQ]XVHW]HQ DEHU ZHGHU LQ OPPHOLJHU QRFK LQ VWHLIHU +DOWXQJ  GLH $XJHQ ]X VFKOLH‰HQ XQG ]X YHUVXFKHQ HLQH ZHL‰H )OlFKH YRU GHQ $XJHQ ]X KDEHQ XQG DOOH VW|UHQGHQ %LOGHU XQG *HGDQNHQ DXV]XVFKDOWHQ GDQQ PDJ HU YHUVXFKHQ GHQ HLJHQHQ $WHP ]X EHREDFKWHQ ± QLFKW GDUEHU QDFK]XGHQNHQ XQG LKQ QLFKW ]XEHHLQÀXVVHQVRQGHUQVLFKHLQIDFKVHLQHV$WHPVEHZX‰W]X ZHUGHQ)HUQHUVROOWHPDQYHUVXFKHQHLQ*HIKOIUGDVHLJHQH ª,FK©]XEHNRPPHQ,FK PHLQ6HOEVWGDV=HQWUXPPHLQHU .UlIWH GHU 6FK|SIHU PHLQHU :HOW =XPLQGHVW VROOWH PDQ GHUDUWLJH .RQ]HQWUDWLRQVEXQJHQ DOOPRUJHQGOLFK ]ZDQ]LJ 0LQXWHQ ODQJ ZHQQ P|JOLFK DXFK QRFK OlQJHU  XQG MHGHQ $EHQGYRUGHP6FKODIHQJHKHQPDFKHQ 1HEHQ GLHVHQ hEXQJHQ PX‰ PDQ OHUQHQ EHL DOOHP ZDV PDQWXWNRQ]HQWULHUW]XVHLQEHLP$QK|UHQYRQ0XVLNEHLP /HVHQHLQHV%XFKHVEHLGHU8QWHUKDOWXQJPLWHLQHPDQGHUHQ RGHUEHLP%HWUDFKWHQHLQHV%LOGHV:HQQPDQNRQ]HQWULHUWLVW VSLHOWHVIDVWNHLQH5ROOHZDVPDQWXWGLHZLFKWLJVWHQZLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV DXFKGLHXQZLFKWLJHQ'LQJHEHNRPPHQHLQHQHXH'LPHQVLRQ GHU:LUNOLFKNHLWZHLOPDQJDQ] JH|IIQHW LVW 8P ]X OHUQHQ VLFK ]X NRQ]HQWULHUHQ PX‰ PDQ MHGH EDQDOH 8QWHUKDOWXQJ ZHLWP|JOLFKVW YHUPHLGHQ GDV KHL‰W MHGH 8QWHUKDOWXQJ GLH HLJHQWOLFK JDU NHLQH LVW :HQQ ]ZHL 0HQVFKHQ VLFK EHU GDV :DFKVWXP HLQHV EHLGHQ EHNDQQWHQ %DXPHV RGHU EHU GHQ *HVFKPDFN GHV JHUDGH HEHQ JHJHVVHQHQ %URWHV RGHU EHU LKUH JHPHLQVDPHQ EHUXÀLFKHQ (UOHEQLVVH XQWHUKDOWHQ NDQQ GLHVH .RQYHUVDWLRQ ZLFKWLJ VHLQ XQWHU GHU 9RUDXVVHW]XQJ GD‰ VLH EHU HLQH YRQ EHLGHQ HUOHEWH 5HDOLWlW VSUHFKHQ XQG QLFKW EHU $EVWUDNWLRQHQ :RUWH ZHFKVHOQ $QGHUHUVHLWV NDQQHLQH8QWHUKDOWXQJEHUSROLWLVFKHRGHUUHOLJL|VH'LQJH Y|OOLJ EHODQJORV VHLQ ZHQQ GLH EHLGHQ 3DUWQHU LQ .OLVFKHHV PLWHLQDQGHU VSUHFKHQ ZHQQ VLH QLFKW DQ GHP ZLUNOLFK EHWHLOLJWVLQGZDVVLHVDJHQXQGQXU0HLQXQJHQDXVWDXVFKHQ ,FKVROOWHDQGLHVHU6WHOOHQRFKKLQ]XIJHQGD‰HVQLFKWQXU ZLFKWLJ LVW WULYLDOHU 8QWHUKDOWXQJ DXV GHP :HJH ]X JHKHQ VRQGHUQDXFKMHGHUVFKOHFKWHQ*HVHOOVFKDIW'DPLWPHLQHLFK QLFKW QXU 0HQVFKHQ GLH E|VDUWLJ XQG GHVWUXNWLY VLQG LKUH *HVHOOVFKDIW VROOWH PDQ VFKRQ GHVZHJHQ PHLGHQ ZHLO LKUH 1lKH YHUJLIWHQG XQG GHSULPLHUHQG ZLUNW ,FK PHLQH DXFK GLH*HVHOOVFKDIWYRQ0HQVFKHQGLHLQQHUOLFKXQOHEHQGLJVLQG YRQ 0HQVFKHQ GHUHQ *HGDQNHQ XQG *HVSUlFKH EHODQJORV VLQG GLH QXU VFKZDW]HQ VWDWW ]X UHGHQ XQG GLH QLFKW QDFKGHQNHQ VRQGHUQ QXU NOLVFKLHUWH 0HLQXQJHQ YRQ VLFK JHEHQ (V LVW MHGRFK QLFKW LPPHU P|JOLFK XQG PDQFKPDO DXFK QLFKW QRWZHQGLJ GLH *HVHOOVFKDIW VROFKHU 0HQVFKHQ ]X PHLGHQ :HQQ PDQ QLFKW LQ GHU HUZDUWHWHQ :HLVH ± DOVR PLW .OLVFKHHV XQG %HODQJORVLJNHLWHQ± VRQGHUQ XQPLWWHOEDU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQG PHQVFKOLFK UHDJLHUW ZLUG PDQ KlX¿J ¿QGHQ GD‰ VROFKH 0HQVFKHQLKU9HUKDOWHQSO|W]OLFKlQGHUQXQG]ZDUGDQNMHQHV hEHUUDVFKXQJVPRPHQWHV GDV GHU 6FKRFN GHV 8QHUZDUWHWHQ EHL LKQHQ DXVO|VW XQG LKUHU HLJHQHQ 6HKQVXFKW DXV GHP %HUHLFKGHU)LNWLRQXQG%DQDOLWlW]XU5HDOLWlWYRU]XVWR‰HQ .RQ]HQWUDWLRQ LQ GHU %H]LHKXQJ ]X DQGHUHQ EHGHXWHW LQ HUVWHU /LQLH GLH )lKLJNHLW GHV =XK|UHQV 'LH PHLVWHQ 0HQVFKHQ PHLQHQ VLH K|UHQ DQGHUHQ ]X XQG JHEHQ VRJDU 5DWVFKOlJHRKQHZLUNOLFK]XJHK|UW]XKDEHQ6LHQHKPHQGLH :RUWH GHV DQGHUHQ QLFKW HUQVW VLH QHKPHQ MHGRFK DXFK LKUH HLJHQHQ$QWZRUWHQQLFKWHUQVW'LH)ROJHLVWGD‰GDV*HVSUlFK VLHHUPGHW6LHOHEHQLQGHU,OOXVLRQQRFKYLHOHUPGHWHU]X VHLQZHQQVLHPLW.RQ]HQWUDWLRQ]XK|UWHQ'DV*HJHQWHLOLVW MHGRFK ZDKU -HGH 7lWLJNHLW GLH PLW .RQ]HQWUDWLRQ DXVJHEW ZLUG PDFKW GHQ 0HQVFKHQ ZDFKHU REJOHLFK KLQWHUKHU HLQH QDWUOLFKH XQG KHLOVDPH 0GLJNHLW HLQWULWW  ZlKUHQG MHGH XQNRQ]HQWULHUWH7lWLJNHLWGHQ0HQVFKHQVFKOlIULJPDFKW±XQG HVIULKQDEHQGV]XJOHLFKVFKZLHULJLVWHLQ]XVFKODIHQ .RQ]HQWUDWLRQEHGHXWHWY|OOLJLQGHU*HJHQZDUWLP+LHU XQG-HW]W]XOHEHQXQGQLFKWDQGDVQlFKVWH]XGHQNHQZDV QRFK JHWDQ ZHUGHQ PX‰ ZlKUHQG LFK JHUDGH MHW]W HWZDV WXH(VYHUVWHKWVLFKYRQVHOEVWGD‰.RQ]HQWUDWLRQYRUDOOHP YRQ MHQHQ 0HQVFKHQ JHEW ZHUGHQ PX‰ GLH VLFK OLHEHQ 6LH PVVHQ OHUQHQ VLFK QDKH XQG HLQDQGHU JH|IIQHW ]X VHLQ XQG QLFKW YRQHLQDQGHU IRUW]XODXIHQ ZLH HV EOLFK LVW$OOHU $QIDQJLVWDXFKEHLP/HUQHQGHU.RQ]HQWUDWLRQVFKZHUHVKDW GHQ$QVFKHLQDOVZUGHPDQGDV=LHOQLHHUUHLFKHQ'D‰GD]X DXFK GLH 1RWZHQGLJNHLW JHK|UW *HGXOG ]X KDEHQ EUDXFKW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ZRKONDXPEHWRQW]XZHUGHQ:HQQPDQQLFKWZHL‰GD‰MHGHV 'LQJVHLQH=HLWEUDXFKWXQGPDQHVHU]ZLQJHQZLOOZLUGPDQ QLHGDKLQNRPPHQVLFKNRQ]HQWULHUHQ]XN|QQHQ:HQQPDQ HLQH9RUVWHOOXQJGDYRQKDEHQZLOOZDV*HGXOGLVWEUDXFKW PDQQXUHLQHP.LQG]X]XVHKHQGDVODXIHQOHUQW(VIlOOWKLQ HLQPDO]ZHLPDOGUHLPDOXQGWURW]GHPYHUVXFKWHVHVLPPHU ZLHGHUNRPPWLPPHUHLQ6WFNFKHQZHLWHUELVHVHLQHV7DJHV OlXIWRKQHKLQ]XIDOOHQ:DVN|QQWHHLQ(UZDFKVHQHUHUUHLFKHQ ZHQQHUEHLGHU9HUIROJXQJGHUIULKQZLFKWLJHQ'LQJHGLH *HGXOGXQG.RQ]HQWUDWLRQHLQHV.LQGHVKlWWH .RQ]HQWUDWLRQHUIRUGHUWQRFKHWZDVDQGHUHVGLH)lKLJNHLW VLFK VHOEVW JHJHQEHU ZDFK ]X VHLQ :DV EHGHXWHW GLHV" 6ROO PDQ GLH JDQ]H =HLW EHU VLFK VHOEVW QDFKGHQNHQ VLFK ªDQDO\VLHUHQ© ± RGHU ZDV VRQVW" :HQQ ZLU YRQ GHU ZDFKHQ $XIPHUNVDPNHLW HLQHV 0HQVFKHQ JHJHQEHU HLQHU 0DVFKLQH VSUlFKHQ ZlUH HV ]LHPOLFK HLQIDFK ]X HUNOlUHQ ZDV GDPLW JHPHLQW LVW -HGHU ]XP %HLVSLHO GHU HLQHQ :DJHQ KDW LVW LKP JHJHQEHU ZDFK XQG DXIPHUNVDP 6HOEVW HLQ OHLVHV XQJHZRKQWHV *HUlXVFK RGHU HLQH OHLFKWH9HUlQGHUXQJ LQ GHU /HLVWXQJ GHV 0RWRUV ZLUG EHPHUNW ,Q GHU JOHLFKHQ :HLVH HPSILQGHWGHU)DKUHUHLQH9HUlQGHUXQJGHU6WUD‰HQREHUÀlFKH XQG GLH *HVFKZLQGLJNHLW XQG 5LFKWXQJVlQGHUXQJHQ GHU YRU XQG KLQWHU LKP IDKUHQGHQ :DJHQ 7URW]GHP GHQNW HU EHU GLHVH)DNWRUHQQLFKWQDFKHUEH¿QGHWVLFKLQHLQHP=XVWDQG RIIHQHU :DFKKHLW XQG LVW DOOHQ 9HUlQGHUXQJHQ LQ MHQHU 6LWXDWLRQ]XJlQJOLFKDXIGLHHUVLFKNRQ]HQWULHUW±MHQHUGHV VLFKHUHQ)DKUHQVVHLQHV:DJHQV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV %HWUDFKWHQ ZLU GLH 6LWXDWLRQ GHU ZDFKHQ$XIPHUNVDPNHLW JHJHQEHU HLQHP DQGHUHQ PHQVFKOLFKHQ :HVHQ ¿QGHQ ZLU GDV NODUVWH %HLVSLHO LQ GHU +DOWXQJ HLQHU 0XWWHU JHJHQEHU LKUHP %DE\ 6LH PHUNW JHZLVVH N|USHUOLFKH 9HUlQGHUXQJHQ :QVFKH XQG 1|WH EHYRU VLH JHlX‰HUW ZHUGHQ 6LH ZDFKW DXI ZHQQ GDV .LQG VFKUHLW RGHU ZHLQW ZlKUHQG DQGHUH XQG HUKHEOLFKODXWHUH*HUlXVFKHVLHQLFKWDXIZHFNHQ(VEHGHXWHW GD‰VLHJHJHQEHUGHQ/HEHQVlX‰HUXQJHQLKUHV.LQGHVZDFK LVW VLH LVW ZHGHU lQJVWOLFK QRFK EHVRUJW VRQGHUQ EHILQGHW VLFK LQ HLQHP =XVWDQG ZDFKHQ*OHLFKJHZLFKWVGDVIUMHGH ZLFKWLJH0LWWHLOXQJGLHYRQLKUHP.LQGNRPPWHPSIlQJOLFK LVW,QGHUJOHLFKHQ:HLVHNDQQPDQDXFKVLFKVHOEVWJHJHQEHU ZDFKVHLQ0DQVSUW]XP%HLVSLHOHLQ*HIKOYRQ0GLJNHLW RGHU 'HSUHVVLRQ XQG VWDWW LKP QXQ QDFK]XJHEHQ XQG HV GXUFK GHSUHVVLYH *HGDQNHQ QRFK ]X I|UGHUQ GLH LPPHU JUHLIEDU VLQG IUDJW PDQ VLFK :DV LVW SDVVLHUW" :DUXP ELQ LFK GHSULPLHUW" 'DV JOHLFKH WXW PDQ ZHQQ PDQ LUULWLHUW RGHU YHUlUJHUW LVW ZHQQ PDQ DQIlQJW VLFK LQ 7DJWUlXPHQ ]XHUJHKHQ,QDOOHQGLHVHQ)lOOHQLVWHVZLFKWLJGHULQQHUHQ 5HDOLWlWJHZDKU]XZHUGHQXQGVLHQLFKWDXIWDXVHQGXQGHLQH :HLVH ]X UDWLRQDOLVLHUHQ GDQQ ZLUG PDQ RIW HLQH LQQHUH 6WLPPH K|UHQ GLH HLQHP VDJW ZDUXP PDQ lQJVWOLFK GHSULPLHUWRGHULUULWLHUWLVW 'HU 'XUFKVFKQLWWVPHQVFK KDW HLQH JHZLVVH :DFKKHLW JHJHQEHU 9RUJlQJHQ LQ VHLQHP .|USHU HU PHUNW MHGH 9HUlQGHUXQJ XQG VRJDU NDXP VSUEDUH 6FKPHU]HQ 'LHVH $UW N|USHUOLFKHU $XIPHUNVDPNHLW LVW YHUKlOWQLVPl‰LJ OHLFKW]XHUOHEHQGDGLHPHLVWHQ0HQVFKHQHLQJHQDXHV%LOG MHQHV =XVWDQGHV KDEHQ LQ GHP VLH VLFK ZRKO IKOHQ 6HKU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV YLHOVFKZLHULJHULVWHVMHGRFKGLHJOHLFKH:DFKKHLWVHHOLVFKHQ 9RUJlQJHQ JHJHQEHU ]X KDEHQ ZHLO YLHOH QRFK QLH HLQHQ 0HQVFKHQ JHNDQQW KDEHQ GHU JDQ] XQG ZDFK IXQNWLRQLHUW )U VLH JLOW GDV VHHOLVFKH )XQNWLRQLHUHQ LKUHU (OWHUQ XQG 9HUZDQGWHQ RGHU GHU JHVHOOVFKDIWOLFKHQ *UXSSH LQ GLH VLH KLQHLQJHERUHQVLQGDOV1RUPXQGVRODQJHVLHVLFKYRQGLHVHU 1RUP QLFKW XQWHUVFKHLGHQ IKOHQ VLH VLFK ªQRUPDO© XQG KDEHQ VLH NHLQ ,QWHUHVVH HLQ GDYRQ DEZHLFKHQGHV 9HUKDOWHQ ]XEHREDFKWHQ(VJLEWYLHOH0HQVFKHQGLH]XP%HLVSLHOQRFK QLH HLQHQ OLHEHQGHQ 0HQVFKHQ RGHU HLQHQ 0HQVFKHQ PLW ,QWHJULWlW0XWRGHU.RQ]HQWUDWLRQJHVHKHQKDEHQ8PVLFK VHLKVW JHJHQEHU ZDFK ]X VHLQ PX‰ PDQ HLQH 9RUVWHOOXQJ YRUQ JHVXQGHQ OHEHQGLJHQ PHQVFKOLFKHQ )XQNWLRQLHUHQ KDEHQ±DEHUZLHNRPPWPDQ]XHLQHPGHUDUWLJHQ(UOHEQLV ZHQQPDQHVZHGHULQVHLQHU.LQGKHLWQRFKVSlWHUJHKDEWKDW" $XI GLHVH )UDJH JLEW HV VLFKHUOLFK NHLQH HLQIDFKH $QWZRUW DEHUGLH)UDJHGHXWHWJHQDXDXIGHQNULWLVFKHQ3XQNWXQVHUHV (U]LHKXQJVV\VWHPVKLQ hEHU GHP 9HUPLWWHOQ YRQ :LVVHQ YHUJHVVHQ ZLU MHQHV /HKUHQGDVIUGLHPHQVFKOLFKH(QWZLFNOXQJDPZLFKWLJVWHQ LVW MHQHV /HKUHQ GDV QXU GXUFK GLH HLQIlGOH *HJHQZDUW HLQHV UHLIHQ XQG OLHEHQGHQ 0HQVFKHQ JHJHEHQ ZHUGHQ NDQQ ,Q PDQFKHQ (SRFKHQ XQVHUHU HLJHQHQ .XOWXU RGHU LQ &KLQD XQG ,QGLHQ JDOW GHU 0HQVFK DP PHLVWHQ GHU KHUYRUUDJHQGH VHHOLVFKH XQG PRUDOLVFKH 4XDOLWlWHQ KDWWH 'HU/HKUHUZDUQLFKWQXURGHUQLFKWLQHUVWHU/LQLHHLQHEOR‰H ,QIRUPDWLRQVTXHOOH VRQGHUQ VHLQH $XIJDEH EHVWDQG GDULQ EHVWLPPWH PHQVFKOLFKH +DOWXQJHQ ]X EHUPLWWHOQ ,Q GHU ]HLWJHQ|VVLVFKHQ NDSLWDOLVWLVFKHQ *HVHOOVFKDIW ± XQG GDV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV JOHLFKHJLOWDXFKIUGHQUXVVLVFKHQ.RPPXQLVPXV±VLQGGLH 0HQVFKHQGLHDOVEHZXQGHUXQJVZUGLJXQGDOV9RUELOGJHOWHQ DOOHV DQGHUH DOV 7UlJHU EHGHXWHQGHU VHHOLVFKHU 4XDOLWlWHQ )LOPVWDUV 5DGLRXQWHUKDOWHU EHVWLPPWH -RXUQDOLVWHQ XQG ZLFKWLJH *HVWDOWHQ DXV:LUWVFKDIW XQG 5HJLHUXQJ ± GDV VLQG GLH9RUELOGHU,KUHKDXSWVlFKOLFKH4XDOLILNDWLRQOLHJWKlXILJ GDULQGD‰HVLKQHQJHOXQJHQLVWEHNDQQWRGHUEHUKPW]X ZHUGHQ$EHU WURW] DOOHGHP VFKHLQW GLH 6LWXDWLRQ QLFKW JDQ] KRIIQXQJVORV]XVHLQ:HQQPDQGDUDQGHQNWGD‰HLQ0HQVFK ZLH $OEHUW 6FKZHLW]HU LQ GHQ 9HUHLQLJWHQ 6WDDWHQ ZLH DXFK DQGHUVZREHUKPWZHUGHQNRQQWHZHQQPDQVLFKGLHYLHOHQ 0|JOLFKNHLWHQ YRU $XJHQ KlOW XQVHUH -XJHQG PLW MHQHQ OHEHQGHQ XQG KLVWRULVFKHQ 3HUV|QOLFKNHLWHQ YHUWUDXW ]X PDFKHQ GLH ]HLJHQ ZHOFKHU9HUYROONRPPQXQJ GHU 0HQVFK IlKLJ LVW ZHQQ PDQ DQ GLH JUR‰HQ :HUNH GHU /LWHUDWXU XQG DOOHU.XQVWGHQNWGDQQVFKHLQWGRFKQRFKGLH0|JOLFKNHLW]X EHVWHKHQHLQH9LVLRQIUOHEHQGLJHVZDFKHV)XQNWLRQLHUHQ]X EHUPLWWHOQ6ROOWHHVXQVDEHUQLFKWJHOLQJHQGLH9LVLRQHLQHV UHLIHQ/HEHQVOHEHQGLJ]XKDOWHQGDQQVWHKHQZLUDOOHUGLQJVGHU :DKUVFKHLQOLFKNHLWJHJHQEHUGD‰XQVHUHJHVDPWHNXOWXUHOOH 7UDGLWLRQHLQHV7DJHV]XVDPPHQEUHFKHQZLUG'LHVH7UDGLWLRQ EHUXKW QLFKW LQ HUVWHU /LQLH DXI GHU hEHUPLWWOXQJ JHZLVVHU ,GHHQ XQG .HQQWQLVVH VRQGHUQ DXI GHU YRQ PHQVFKOLFKHQ +DOWXQJHQ :HQQ GLH NRPPHQGHQ *HQHUDWLRQHQ GLHVH PHQVFKOLFKH 5HDOLWlW QLFKW PHKU HUOHEHQ N|QQHQ ZLUG HLQH IQIWDXVHQGMlKULJH .XOWXU ]XVDPPHQEUHFKHQ DXFK ZHQQ LKU :LVVHQZHLWHUKLQEHUPLWWHOWXQGZHLWHUHQWZLFNHOWZLUG %LVKHU KDEHQ ZLU GDV EHKDQGHOW ZDV IU GLH $XVEXQJ DOOHU .QVWH Q|WLJ LVW MHW]W NRPPH LFK ]X GHQ EHVRQGHUHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV $VSHNWHQ GLH IU GLH .XQVW GHV /LHEHQV HQWVFKHLGHQG VLQG (QWVSUHFKHQG PHLQHQ $XVIKUXQJHQ EHU GDV :HVHQ GHU /LHEH LVW GLH +DXSWEHGLQJXQJ IU GLH )lKLJNHLW OLHEHQ ]X N|QQHQ GDV hEHUZLQGHQ GHV HLJHQHQ 1DU]L‰PXV 'LH QDU]L‰WLVFKH 2ULHQWLHUXQJ LVW HLQH +DOWXQJ LQ GHU PDQ QXU GLH LQQHUHQ 9RUJlQJH YRU DOOHP %HJLHUGHQ XQG bQJVWH DOV ZLUNOLFK HUOHEW GLH 3KlQRPHQH GHU 8PZHOW EHVLW]HQ DQ VLFK NHLQH 5HDOLWlW VRQGHUQ ZHUGHQ QXU YRP 6WDQGSXQNW LKUHU 1W]OLFKNHLW RGHU *HIlKUOLFKNHLW IU GHQ %HWUHIIHQGHQ HUOHEW'DV*HJHQWHLO]XP1DU]L‰PXVLVW2EMHNWLYLWlWVLHLVW GDV 9HUP|JHQ ]X 0HQVFKHQ XQG 'LQJHQ JH|IIQHW ]X VHLQ VLH VR ]X VHKHQ ZLH VLH DQ XQG IU VLFK VLQG 2EMHNWLYLWlW LQ GLHVHP 6LQQ LVW GHU 5HDOLVPXV GHU YRQ GHU 2EHUÀlFKH ]XP .HUQ GHU (UVFKHLQXQJ YRUGULQJW 6LH EHUXKW LP *HJHQVDW] ]XP 1DU]L‰PXV QLFKW DXI %H]LHKXQJVORVLJNHLW VRQGHUQ DXI GHULQWHQVLYVWHQ%H]RJHQKHLW$OOH)RUPHQGHU3V\FKRVHVLQG H[WUHPH)RUPHQGHU8QIlKLJNHLW]XU2EMHNWLYLWlWLQGLHVHP 6LQQHGHVEH]RJHQHQ*H|IIQHWVHLQV)UGHQ*HLVWHVNUDQNHQ OLHJW GLH HLQ]LJH 5HDOLWlW GLH EHUKDXSW H[LVWLHUW LQQHUKDOE VHLQHU VHOEVW GLH VHLQHU bQJVWH XQG 7ULHEH 'LH 8PZHOW LVW IU LKQ OHGLJOLFK 6\PERO VHLQHU ,QQHQZHOW LVW QXU VHLQH 6FK|SIXQJ(WZDVbKQOLFKHVJHVFKLHKWPLWXQVDOOHQZHQQZLU WUlXPHQ,P7UDXPZLUGGDVNRQNUHWH(UHLJQLV]XP6\PERO LQQHUHU9RUJlQJHXQGGRFKVLQGZLULP6FKODIEHU]HXJWGD‰ GDV 3URGXNW XQVHUHU 7UlXPH JHQDXVR ZLUNOLFK LVW ZLH GLH :LUNOLFKNHLWGLHZLULPZDFKHQ=XVWDQGZDKUQHKPHQ $EHU GHU 7UDXP XQG GLH *HLVWHVNUDQNKHLW VLQG QXU H[WUHPH )lOOH GHV 0DQJHOV DQ 2EMHNWLYLWlW -HGHU YRQ XQV KDW YRQ GHU :HOW HLQ XQREMHNWLYHV %LOG ± HLQHV GDV GXUFK 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQVHUH QDU]L‰WLVFKH 2ULHQWLHUXQJ YHU]HUUW LVW 0X‰ LFK GDIU %HLVSLHOH DQIKUHQ" -HGHU ILQGHW VLH PLW /HLFKWLJNHLW ZHQQ HU VLFK VHOEVW XQG VHLQH 1DFKEDUQ EHREDFKWHW RGHU ZHQQ HU =HLWXQJHQ OLHVW 6LH YDULLHUHQ DOOHUGLQJV LP *UDG GHU QDU]L‰WLVFKHQ :LUNOLFKNHLWV YHU]HUUXQJ (LQH )UDX ]XP %HLVSLHOUXIWLKUHQ$U]WDQXQGVDJWGD‰VLHJHUQDPJOHLFKHQ 1DFKPLWWDJLQVHLQH6SUHFKVWXQGHNRPPHQZUGH'HU$U]W HUZLGHUWGD‰HUDQGLHVHP1DFKPLWWDJNHLQH=HLWKDEHGD‰ HU VLH MHGRFK DP IROJHQGHQ 1DFKPLWWDJ VHKHQ N|QQH ,KUH $QWZRUWODXWHW$EHU+HUU'RNWRULFKZRKQHGRFKQXUIQI 0LQXWHQ YRQ ,KQHQ HQWIHUQW 6LH NDQQQLFKWEHJUHLIHQGD‰ HVIULKQNHLQH=HLWHUVSDUQLVEHGHXWHWZHQQGLH(QWIHUQXQJ QXUNXU]LVW6LHHUOHEWGLH6LWXDWLRQQDU]L‰WLVFK'DVLH=HLW VSDUW VSDUW HU HEHQIDOOV =HLW 'LH HLQ]LJH 5HDOLWlW LVW IU VLH GDVHLJHQH,FK :HQLJHUH[WUHP±RGHUYLHOOHLFKWDXFKQXUZHQLJHUGHXWOLFK ± VLQG GLH 9HU]HUUXQJHQ GLH LQ GHQ ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQEOLFKVLQG:LHYLHOH(OWHUQVLQGLQHUVWHU/LQLH GDUDQLQWHUHVVLHUWRELKUH.LQGHUJHKRUVDPVLQGRGHULKQHQ )UHXGHEHUHLWHQXQGVRZHLWHUVWDWWVLFKGDIU]XLQWHUHVVLHUHQ ZDVXQGZLHGDV.LQGVHOEVW±XQGQLFKWPLW%H]XJDXIVLH HUOHEW :LH YLHOH (KHPlQQHU PHLQHQ LKUH )UDXHQ VHLHQ W\UDQQLVFK ZHLO VLH GXUFK LKUH HLJHQH LQIDQWLOH %LQGXQJ DQ GLH0XWWHUMHGH)RUGHUXQJGHU)UDXDOV(LQVFKUlQNXQJLKUHU ª)UHLKHLW©DXVOHJHQ:LHYLHOH)UDXHQKDOWHQLKUH0lQQHUIU XQWFKWLJRGHUVFKZDFKZHLOGLHVHQLFKWMHQHUSKDQWDVWLVFKHQ 9RUVWHOOXQJ YRQ HLQHP VWUDKOHQGHQ 5LWWHU HQWVSUHFKHQ GLH VLHVLFKDOV.LQGJHPDFKWKDEHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'HU 0DQJHO DQ 2EMHNWLYLWlW LP +LQEOLFN DXI IUHPGH 1DWLRQHQ LVW QRFK KlX¿JHU ± XQG JHIlKUOLFKHU 9RQ HLQHP 7DJ ]XP DQGHUHQ ZLUG HLQH DQGHUH 1DWLRQ DOV JHPHLQ XQG IHLQGVHOLJ HPSIXQGHQ ZlKUHQG GLH HLJHQH 1DWLRQ DOO GDV YHUN|USHUWZDVJXWXQGHGHOLVW-HGH+DQGOXQJGHV)HLQGHV ZLUG PLW GHP HLQHQ MHGH HLJHQH +DQGOXQJ PLW GHP DQGHUHQ 0D‰ JHPHVVHQ 6HOEVW JXWH 7DWHQ GHV )HLQGHV JHOWHQ DOV =HLFKHQVHLQHUEHVRQGHUHQ%|VDUWLJNHLWXQGVROOHQQXUXQVXQG GLH:HOWWlXVFKHQZlKUHQGGLHHLJHQHQVFKOHFKWHQ7DWHQGXUFK GLHHGOHQ=LHOHGHQHQVLHGLHQHQJHUHFKWIHUWLJWZHUGHQ:HQQ PDQGDV9HUKlOWQLV]ZLVFKHQGHQ1DWLRQHQZLHDXFK]ZLVFKHQ GHQ0HQVFKHQEHUSUIWVRNRPPW PDQWDWVlFKOLFK]XGHP 6FKOX‰ GD‰ 2EMHNWLYLWlW GLH $XVQDKPH XQG HLQ PHKU RGHU ZHQLJHU JUR‰HV 0D‰ DQ QDU]L‰WLVFKHU 9HU]HUUXQJ GLH 5HJHO LVW 'DV9HUP|JHQREMHNWLY]XGHQNHQLVW9HUQXQIWGDVKLQWHU GHU 9HUQXQIW VWHKHQGH *HIKO LVW 'HPXW 2EMHNWLY ]X VHLQ XQGGLHHLJHQH9HUQXQIW]XJHEUDXFKHQLVWQXUGDQQP|JOLFK ZHQQPDQVLFKYRQGHU,OOXVLRQGHUHLJHQHQ$OOZLVVHQKHLWXQG $OOPDFKWGLHPDQDOV.LQGKDWWHJHO|VWKDW ,P +LQEOLFN DXI XQVHU7KHPD ± GLH 3UD[LV GHU .XQVW GHV /LHEHQV ± EHGHXWHW GLHV 'LH /LHEH LVW YRP UHODWLYHQ )HKOHQ GHV1DU]L‰PXVDEKlQJLJXQGHUIRUGHUWGLH(QWZLFNOXQJYRQ 'HPXW2EMHNWLYLWlWXQG9HUQXQIW'LHVHP=LHOPX‰PDQGDV JDQ]H /HEHQ ZLGPHQ 'HPXW XQG 2EMHNWLYLWlW ODVVHQ VLFK HEHQVRZHQLJ DXI JHZLVVH 6SKlUHQ GHV /HEHQV EHVFKUlQNHQ ZLH GLH /LHEH ,FK NDQQ PHLQHU )DPLOLH JHJHQEHU QLFKW ZDKUKDIWREMHNWLYVHLQZHQQLFKHVGHP)UHPGHQJHJHQEHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV QLFKW VHLQ NDQQ ± XQG XPJHNHKUW :HQQ LFK GLH .XQVW GHV /LHEHQV HUOHUQHQ P|FKWH PX‰ LFK PLFK LQ MHGHU 6LWXDWLRQ XP 2EMHNWLYLWlW EHPKHQ XQG MHQHQ 6LWXDWLRQHQ JHJHQEHU DXIPHUNVDPXQGZDFKVHLQLQGHQHQLFKQLFKWREMHNWLYELQ,FK PX‰YHUVXFKHQGHQ8QWHUVFKLHG]ZLVFKHQPHLQHPQDU]L‰WLVFK YHU]HUUWHQ%LOGYRQHLQHU3HUVRQXQGLKUHP9HUKDOWHQYRQGHU 5HDOLWlWMHQHU3HUVRQ]XHUNHQQHQZLHVLHXQJHDFKWHWPHLQHU ,QWHUHVVHQ 1|WH XQG bQJVWH H[LVWLHUW 'LH )lKLJNHLW ]XU 2EMHNWLYLWlWXQG9HUQXQIWLVWHLQHHQWVFKHLGHQGH%HGLQJXQJ GHU.XQVWGHV/LHEHQVGLHVH)lKLJNHLWPX‰VLFKMHGRFKDXI MHGHQHUVWUHFNHQPLWGHPPDQ.RQWDNWEHNRPPW:HQQPDQ VHLQH 2EMHNWLYLWlW QXU GHP JHOLHEWHQ 0HQVFKHQ JHJHQEHU YRUEHKDOWHQ ZLOO XQG JODXEW VLH LP 9HUKlOWQLV ]XU EULJHQ :HOWQLFKW]XEUDXFKHQZLUGPDQVHKUEDOGIHVWVWHOOHQGD‰ PDQQLFKWQXUKLHUVRQGHUQDXFKGRUWYHUVDJW 'LH )lKLJNHLW GHV /LHEHQV LVW YRQ XQVHUHP 9HUP|JHQ DEKlQJLJ HUZDFKVHQ ]X ZHUGHQ XQG LQ XQVHUHP 9HUKlOWQLV ]XU :HOW VRZLH ]X XQV VHOEVW HLQH VFK|SIHULVFKH 2ULHQWLHUXQJ ]X HQWZLFNHOQ 'LHVHU 9RUJDQJ GHV 6LFKO|VHQV GHV *HERUHQZHUGHQV GHV (UZDFKHQV HUIRUGHUW DOV QRWZHQGLJH %HGLQJXQJ HLQH ZHLWHUH (LJHQVFKDIW *ODXEHQ /LHEH LVW LP *ODXEHQJHJUQGHW :DV LVW *ODXEH" ,VW HV QRWZHQGLJHUZHLVH HLQH 6DFKH GHV *ODXEHQV DQ *RWW RGHU DQ UHOLJL|VH 'RNWULQHQ" 6WHKW *ODXEH LP *HJHQVDW] ]X 9HUQXQIW XQG UDWLRQDOHP 'HQNHQ" ,VW HV YLHOOHLFKW QXU HLQ VFKOHFKW IXQGLHUWHV :LVVHQ GDV QLFKW EHZLHVHQ ZHUGHQ NDQQ" =XQlFKVW HLQPDO VROOWH PDQ ]ZLVFKHQUDWLRQDOHPXQGLUUDWLRQDOHP*ODXEHQXQWHUVFKHLGHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 8QWHU LUUDWLRQDOHP *ODXEHQ YHUVWHKH LFK GHQ *ODXEHQ DQ HLQH 3HUVRQ RGHU DQ HLQH ,GHH  GHU DXI GHU 8QWHUZHUIXQJ XQWHU HLQH LUUDWLRQDOH $XWRULWlW EHUXKW ,P *HJHQVDW] GD]X LVW UDWLRQDOHU *ODXEH HLQH hEHU]HXJXQJ GLH LP HLJHQHQ 'HQN RGHU *HIKOVHUOHEQLV ZXU]HOW 5DWLRQDOHU *ODXEH LVW LQ HUVWHU /LQLH QLFKW GHU *ODXEH DQ HWZDV VRQGHUQ GLH *HZL‰KHLW XQG )HVWLJNHLW GLH GHU DXI GHP HLJHQHQ HFKWHQ (UOHEQLV JHJUQGHWHQ hEHU]HXJXQJ HLJHQ LVW *ODXEH LVW HLQ &KDUDNWHU]XJGHU*HVDPWSHUV|QOLFKNHLWXQGQLFKWHWZDVZDV VLFKDXIEHVWLPPWHDOVZDKUKLQJHQRPPHQH*HGDQNHQLQKDOWH EH]LHKW 5DWLRQDOHU*ODXEHLVWLQGHUVFK|SIHULVFKHQLQWHOOHNWXHOOHQ XQG(IIHNWLYHQ$NWLYLWlWYHUZXU]HOW,PUDWLRQDOHQ'HQNHQLQ GHPIU*ODXEHQDQJHEOLFKNHLQ3ODW]LVWELOGHWGHUUDWLRQDOH *ODXEHHLQHZLFKWLJH.RPSRQHQWH:LHNRPPW]XP%HLVSLHO GHU :LVVHQVFKDIWOHU ]X HLQHU QHXHQ (QWGHFNXQJ" %HJLQQW HU GDPLW GD‰ HU HLQ ([SHULPHQW QDFK GHP DQGHUHQ PDFKW HLQH 7DWVDFKH QDFK GHU DQGHUHQ ]XVDPPHQWUlJW RKQH HLQH 9RUVWHOOXQJ YRQ GHP ]X KDEHQ ZDV HU HQWGHFNHQ ZLOO" 1XU VHOWHQ LVW HLQH ZLUNOLFK EHGHXWHQGH (QWGHFNXQJ DXI LUJHQGHLQHP *HELHW VR ]XVWDQGH JHNRPPHQ 'HU 9RUJDQJ GHV VFK|SIHULVFKHQ 'HQNHQV EHJLQQW DXI MHGHP *HELHW GHV PHQVFKOLFKHQ 6WUHEHQV KlX¿J PLW GHP ZDV PDQ DOV ªUDWLRQDOH,QWXLWLRQ©EH]HLFKQHQN|QQWH ± DOV GHP (UJHEQLV XPIDVVHQGHU YRUKHUJHJDQJHQHU 6WXGLHQ NULWLVFKHQ 'HQNHQV XQG%HREDFKWXQJ   'LHVH $XIIDVVXQJ HQWVSULFKW GHU 8UEHGHXWXQJ GHV DOWWHVWDPHQWDULVFKHQ %HJULIIHV GHV *ODXEHQV ,P +HEUlLVFKHQ LVW GDV bTXLYDOHQW IU *ODXEH  (PXQDK ZDV ª*HZL‰KHLW©EHGHXWHW :HQQZLUª$PHQ©VDJHQVRVDJHQZLUQLFKWVDQGHUHVDOV ªJHZL‰©



(ULFK)URPP'LH.XQVWGHV/LHEHQV 'LH*HVFKLFKWHGHU:LVVHQVFKDIWLVWYROOYRQ%HLVSLHOHQIU GHQ *ODXEHQ LQ GLH 9HUQXQIW XQG IU UDWLRQDOH ,QWXLWLRQ .RSHUQLNXV .HSOHU *DOLOHL XQG 1HZWRQ ZDUHQ YRQ HLQHP XQHUVFKWWHUOLFKHQ*ODXEHQLQGLH9HUQXQIWHUIOOW)UGLHVHQ *ODXEHQZXUGH%UXQRDXIGHP6FKHLWHUKDXIHQYHUEUDQQWXQG ZXUGH6SLQR]DDXVVHLQHU*ODXEHQVJHPHLQVFKDIWDXVJHVWR‰HQ %HLMHGHP6FKULWWYRQGHU.RQ]HSWLRQHLQHUUDWLRQDOHQ9LVLRQ ELV]XU)RUPXOLHUXQJHLQHU7KHRULHLVW*ODXEHQ|WLJ*ODXEH LQ GLH 9LVLRQ DOV HLQ UDWLRQDO HUVWUHEHQVZHUWHV =LHO VRZLH *ODXEH LQ GLH +\SRWKHVH RGHU 7KHRULH VRODQJH VLH QRFK QLFKW DOOJHPHLQH$QHUNHQQXQJ JHIXQGHQ KDW 'LHVHU *ODXEH ZXU]HOW LP HLJHQHQ (UOHEQLV GHU hEHU]HXJXQJ YRQ GHU .UDIW GHU HLJHQHQ *HGDQNHQ %HREDFKWXQJHQ XQG 8UWHLOH :lKUHQG LUUDWLRQDOHU *ODXEH EHGHXWHW HWZDV GHVZHJHQ DOV ZDKU DQ]XQHKPHQ ZHLO HLQH $XWRULWlW RGHU GLH 0HKUKHLW HV EHKDXSWHWHQWVSULQJWUDWLRQDOHU*ODXEHDXVGHUXQDEKlQJLJHQ hEHU]HXJXQJ GLH DXI HLJHQHP VFK|SIHULVFKHQ %HREDFKWHQ XQG'HQNHQEHUXKW±WURW]GHU0HLQXQJGHU0HKUKHLW 'HQNHQXQG8UWHLOHQVLQGQLFKWGLHHLQ]LJHQ*HELHWHGHV (UOHEHQVLQGHQHQVLFKUDWLRQDOHU*ODXEHlX‰HUW,QGHU6SKlUH GHU PHQVFKOLFKHQ %H]LHKXQJHQ LVW *ODXEH HLQH XQHUOl‰OLFKH (LJHQVFKDIW GHU HFKWHQ )UHXQGVFKDIW RGHU /LHEH *ODXEHQ LQ HLQHQ 0HQVFKHQ KDEHQ EHGHXWHW GHU =XYHUOlVVLJNHLW XQG 8QYHUlQGHUOLFKNHLW VHLQHU JUXQGOHJHQGHQ +DOWXQJ GHV .HUQV VHLQHU 3HUV|QOLFKNHLW RGHU VHLQHU /LHEH JHZL‰ ]X VHLQ 'DPLW PHLQH LFK QLFKW GD‰ HLQ 0HQVFK DQ GHQ LFK JODXEH VHLQH 0HLQXQJQLFKWlQGHUQGUIHVRQGHUQGD‰VHLQHJUXQGOHJHQGHQ 0RWLYHGLHJOHLFKHQEOHLEHQGD‰]XP%HLVSLHOVHLQ5HVSHNWIU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV /HEHQXQG0HQVFKHQZUGHHLQ7HLOVHLQHUVHOEVWXQGNHLQHU 9HUlQGHUXQJXQWHUZRUIHQLVW ,P JOHLFKHQ 6LQQH KDEHQ ZLU *ODXEHQ LQ XQV VHOEVW :LU VLQG GHU ([LVWHQ] HLQHV 6HOEVW HLQHV .HUQHV LQ XQVHUHU 3HUV|QOLFKNHLW JHZDKU GHU XQYHUlQGHUOLFK LVW XQG GHU ZlKUHQG XQVHUHV JDQ]HQ /HEHQV ± WURW] VLFK lQGHUQGHU 8PVWlQGHXQGXQJHDFKWHWJHZLVVHU9HUlQGHUXQJHQLQ$QVLFKW XQG*HIKO±EHVWHKW'LHVHU.HUQLVWGLH:LUNOLFKNHLWKLQWHU GHP :RUW ªLFK© XQG DXI LKP EHUXKW XQVHUH hEHU]HXJXQJ YRQGHUHLJHQHQ,GHQWLWlW:HQQZLUNHLQHQ*ODXEHQLQGLHVHV 6HOEVWKDEHQLVWXQVHU*HIKOGHU,GHQWLWlWEHGURKWXQGZHUGHQ ZLU YRQ DQGHUHQ 0HQVFKHQ DEKlQJLJ GHUHQ %LOOLJXQJ GDQQ ]XU *UXQGODJH XQVHUHV ,GHQWLWlWVHUOHEQLVVHV ZLUG 1XU GHU 0HQVFKGHU*ODXEHLQVLFKVHOEVWKDWLVWIlKLJDQGHUHQWUHX ]XVHLQZHLODOOHLQHUVLFKHUVHLQNDQQGD‰HULQGHU=XNXQIW GHU JOHLFKH VHLQ ZLUG ZLH KHXWH XQG GD‰ HU GDKHU DXFK VSlWHU JHQDXVR IKOHQ XQG KDQGHOQ ZLUG ZLH HU HV KHXWH YHUVSULFKW *ODXEH ]X VLFK VHOEVW LVW HLQH 9RUEHGLQJXQJ IU XQVHUH )lKLJNHLW ]X YHUVSUHFKHQ XQG ZHQQ GHU 0HQVFK ZLH 1LHW]VFKH VDJW GXUFK VHLQH )lKLJNHLW ]X YHUVSUHFKHQ GH¿QLHUW ZHUGHQ NDQQ LVW GHU *ODXEH HLQH %HGLQJXQJ GHU PHQVFKOLFKHQ ([LVWHQ] :DV GLH /LHEH DQODQJW LVW GHU *ODXEH LQ GLH HLJHQH /LHEH LQ LKUH )lKLJNHLW EHL DQGHUHQ /LHEHKHUYRU]XUXIHQXQGLQLKUH=XYHUOlVVLJNHLWHLQHLKUHU *UXQGEHGLQJXQJHQ (LQDQGHUHU$VSHNWGHV*ODXEHQVLQDQGHUHEH]LHKWVLFKDXI GHQ*ODXEHQGHQZLULQGLH0|JOLFKNHLWHQGHVDQGHUHQKDEHQ 'LHHOHPHQWDUVWH)RUPLQGHUGLHVHU*ODXEHEHVWHKWLVWGHU 

(ULFK)URPP'LH.XQVWGHV/LHEHQV *ODXEHGHQGLH0XWWHULQLKUQHXJHERUHQHV.LQGKDWGD‰HV OHEHQZDFKVHQODXIHQXQGVSUHFKHQZLUG,QGLHVHU+LQVLFKW OlXIW GLH (QWZLFNOXQJ HLQHV .LQGHV MHGRFK PLW VR JUR‰HU 5HJHOPl‰LJNHLWDEGD‰GLHVH(UZDUWXQJHQNHLQHQ*ODXEHQ]X HUIRUGHUQVFKHLQHQ$QGHUVLVWHVEHLMHQHQ0|JOLFKNHLWHQEHL GHQHQHVQLFKWJHVDJWLVWREVLHVLFKEHUKDXSWHQWZLFNHOQ GLH 0|JOLFKNHLWHQ GHV .LQGHV ]X OLHEHQ JOFNOLFK ]X VHLQ VHLQH 9HUQXQIW ]X HQWZLFNHOQ XQG VFKOLH‰OLFK EHVRQGHUH 0|JOLFKNHLWHQ ZLH NQVWOHULVFKH RGHU LQWHOOHNWXHOOH %HJDEXQJHQ6LHVLQGGLH6DDWGLHKHUDQZlFKVWXQGHUNHQQEDU ZLUGZHQQGLH%HGLQJXQJHQIULKUH(QWZLFNOXQJJHJHEHQ VLQG ± GLH MHGRFK JHQDXVRJXW YHUGRUUHQ NDQQ ZHQQ GLH HQWVSUHFKHQGHQ%HGLQJXQJHQIHKOHQ =X GHQ ZLFKWLJVWHQ GLHVHU %HGLQJXQJHQ JHK|UW GD‰ GHU 0HQVFK GHU LP /HEHQ GHV .LQGHV HLQH EHGHXWHQGH 5ROOH VSLHOW*ODXEHLQGLHVH0|JOLFKNHLWHQKDW'DV9RUKDQGHQVHLQ GLHVHV*ODXEHQELOGHWGHQ8QWHUVFKLHG]ZLVFKHQª(U]LHKXQJ© XQGª%HHLQÀXVVXQJ©(U]LHKXQJLVWLGHQWLVFKPLWGHU$XIJDEH GHP .LQG EHL GHU 9HUZLUNOLFKXQJ VHLQHU 0|JOLFKNHLWHQ ]X KHOIHQ 'DV *HJHQWHLO YRQ (U]LHKXQJ LVW %HHLQIOXVVXQJ GLH DXIGHP)HKOHQYRQ*ODXEHQLQGDV9RUKDQGHQVHLQXQGGLH (QWZLFNOXQJ GHU 0|JOLFKNHLWHQ XQG DXI GHU hEHU]HXJXQJ EHUXKW GD‰ HLQ .LQG QXU GDQQ ]X HLQHP RUGHQWOLFKHQ 0HQVFKHQ ZLUG ZHQQ GLH (UZDFKVHQHQ LQ GDV .LQG KLQHLQSIODQ]HQ ZDV ZQVFKHQVZHUW LVW XQG XQWHUGUFNHQ ZDV QLFKW ZQVFKHQVZHUW ]X VHLQ VFKHLQW ,Q HLQHQ 5RERWHU EUDXFKWPDQNHLQHQ*ODXEHQ]XKDEHQGDLQLKPNHLQ/HEHQ LVWGDVVLFKHQWIDOWHW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'HU*ODXEHLQDQGHUHKDWVHLQHQ+|KHSXQNWLP*ODXEHQLQ GLH 0HQVFKKHLW ,Q GHU ZHVWOLFKHQ :HOW IDQG GLHVHU *ODXEH VHLQHQ$XVGUXFNLQUHOLJL|VHU6SUDFKHLPMGLVFKFKULVWOLFKHQ 'HQNHQ LQ ZHOWOLFKHU 6SUDFKH IDQG HU VHLQHQ VWlUNVWHQ $XVGUXFN LQ GHQ KXPDQLVWLVFKHQ SROLWLVFKHQ XQG VR]LDOHQ ,GHHQ GHU OHW]WHQ KXQGHUWIQI]LJ -DKUH :LH GHU *ODXEH LQ GDV.LQGEHUXKWDXFKGLHVHU*ODXEHDQGLH0HQVFKKHLWDXI GHU 9RUVWHOOXQJ GD‰ GLH 0|JOLFKNHLWHQ GHV 0HQVFKHQ VR VLQG GD‰ HU XQWHU HQWVSUHFKHQGHQ %HGLQJXQJHQ IlKLJ VHLQ ZLUGHLQHYRQGHQ3ULQ]LSLHQGHU*OHLFKKHLW*HUHFKWLJNHLW XQG/LHEHJHWUDJHQHJHVHOOVFKDIWOLFKH2UGQXQJDXI]XEDXHQ %LV MHW]W KDW GHU 0HQVFK HV QLFKW HUUHLFKW GLHVH 2UGQXQJ DXI]XEDXHQXQGGDKHUHUIRUGHUWGLHhEHU]HXJXQJGD‰HUHV GRFKN|QQH*ODXEHQ$EHUZLHEHLMHGHPUDWLRQDOHQ*ODXEHQ LVW DXFK GLHVHU NHLQ:XQVFKGHQNHQ YLHOPHKU EHUXKW HU DXI GHU 7DWVDFKH GHU ELVKHULJHQ (QWZLFNOXQJ GHU 0HQVFKKHLW VRZLH DXI GHLQ LQQHUHQ (UOHEQLV MHGHV (LQ]HOQHQ DXI GHP HLJHQHQ(UOHEQLVGHU9HUQXQIWXQGGHU/LHEH :lKUHQGGHULUUDWLRQDOH*ODXEHLQGHU8QWHUZHUIXQJXQWHU HLQH 0DFKW ZXU]HOW GLH DOV EHUZlOWLJHQG VWDUN DOOZLVVHQG XQG DOOPlFKWLJ HPSIXQGHQ ZLUG VRZLH LQ GHU $EGDQNXQJ GHU HLJHQHQ .UDIW XQG 6WlUNH EHUXKW GHU UDWLRQDOH *ODXEH DXI GHP JHJHQWHLOLJHQ (UOHEQLV :LU KDEHQ *ODXEHQ LQ HLQHQ *HGDQNHQ ZHLO HU GDV (UJHEQLV XQVHUHU HLJHQHQ %HREDFKWXQJHQ XQG XQVHUHV HLJHQHQ 'HQNHQV LVW:LU KDEHQ *ODXEHQ LQ GLH HLJHQHQ 0|JOLFKNHLWHQ ZLH DXFK LQ GLH 0|JOLFKNHLWHQDQGHUHUXQGGHU0HQVFKKHLWLQGHP*UDGHLQ GHPZLUGLH5HDOLWlWXQVHUHVHLJHQHQ:DFKVHLQVXQG5HLIHQV HUOHEW KDEHQ 'LH *UXQGODJH GHV UDWLRQDOHQ *ODXEHQV LVW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV XQVHUH HLJHQH 3URGXNWLYLWlW ,P *ODXEHQ ]X OHEHQ KHL‰W VFK|SIHULVFK ]X OHEHQ 'DUDXV IROJW GD‰ GHU ª*ODXEH© DQ GLH0DFKW±LP6LQQHYRQ%HKHUUVFKXQJ±XQGGHU*HEUDXFK GHU0DFKWGDV*HJHQWHLOGHV*ODXEHQVVLQG'HUª*ODXEH©DQ GLH MHZHLOV H[LVWLHUHQGHQ 0lFKWH HEHQ ZHLO VLH H[LVWLHUHQ LVW LGHQWLVFK PLW GHP 8QJODXEHQ DQ GLH (QWZLFNOXQJ MHQHU 0|JOLFKNHLWHQ GLH QRFK QLFKW YHUZLUNOLFKW VLQG (U LVW GLH 9RUKHUVDJHGHU=XNXQIWGLHDXIGHUXQYHUlQGHUWHQ)RUWGDXHU GHV JHJHQZlUWLJHQ =XVWDQGHV EHUXKW HV VWHOOW VLFK MHGRFK LPPHU KHUDXV GD‰ GLHVH 9RUDXVVDJHQ )HKOVFKOVVH VLQG ZHLO VLH GDV :DFKVWXP GHU PHQVFKOLFKHQ 0|JOLFKNHLWHQ LJQRULHUHQ(VJLEWNHLQHQ*ODXEHQDQGLH0DFKW(VJLEWQXU GLH 8QWHUZHUIXQJ XQWHU VLH RGHU ± DXI VHLWHQ GHUHU GLH VLH KDEHQGHQ:XQVFKVLH]XEHKDOWHQ:lKUHQG0DFKWIUYLHOH 0HQVFKHQGDVUHDOVWHDOOHU'LQJH]XVHLQVFKHLQWEHZHLVWGLH *HVFKLFKWHGD‰VLHGLHXQVLFKHUVWHXQGYRUEHUJHKHQGVWHDOOHU PHQVFKOLFKHQ(UUXQJHQVFKDIWHQLVW$XI*UXQGGHU7DWVDFKH GD‰ *ODXEH XQG 0DFKW HLQDQGHU DXVVFKOLH‰HQ ZHUGHQ DOOH UHOLJL|VHQ XQG SROLWLVFKHQ 6\VWHPH GLH XUVSUQJOLFK DXI UDWLRQDOHP *ODXEHQ HUULFKWHW ZXUGHQ NRUUXSW XQG YHUOLHUHQ VFKOLH‰OLFK GLH LQQHUH 6WlUNH ZHQQ VLH VLFK DXI GLH 0DFKW YHUODVVHQ RGHU VLFK PLW LKU YHUEQGHQ *ODXEHQ ]X KDEHQ HUIRUGHUW 0XW GLH )lKLJNHLW DOVR HLQ 5LVLNR DXI VLFK ]X QHKPHQ XQG EHUHLW ]X VHLQ 6FKPHU]HQ XQG (QWWlXVFKXQJHQ ]X HUWUDJHQ :HU DXI 6LFKHUKHLW XQG 6RUJHQIUHLKHLW DOV SULPlUHQ/HEHQVEHGLQJXQJHQEHKDUUWNDQQQLHPDOV*ODXEHQ KDEHQZHUVLFKLQHLQHP6\VWHPHLQVFKOLH‰WEHLGHP'LVWDQ] XQG %HVLW] 0LWWHO GHU 6LFKHUKHLW VLQG PDFKW VLFK VHOEVW ]XP *HIDQJHQHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'LHVHU 0XW LVW VHKU YHUVFKLHGHQ YRQ GHP 0XW YRQ GHP GHU 3UDKOKDQV 0XVVROLQL VSUDFK DOV HU VLFK PLW GHP 6ORJDQ ª*HIlKUOLFKOHEHQ©EUVWHWH6HLQH$UW0XWZDUGHU0XWGHV 1LKLOLVPXV(UVWDPPWDXVHLQHUGHVWUXNWLYHQ/HEHQVKDOWXQJ DXV GHU %HUHLWZLOOLJNHLW GDV /HEHQ ZHJ]XZHUIHQ ZHLO PDQ QLFKWIlKLJLVWHV]XOLHEHQ'HU0XWGHU9HU]ZHLÀXQJLVWGDV *HJHQWHLOYRP0XWGHU/LHEHZLHDXFKGDV9HUWUDXHQLQGLH 0DFKWGDV*HJHQWHLOYRP9HUWUDXHQLQGLH/LHEHLVW .DQQPDQVLFKLP*ODXEHQXQG0XWEHQ"*ODXEHQNDQQ PDQ LQ MHGHP HLQ]HOQHQ $XJHQEOLFN EHQ 0DQ EUDXFKW *ODXEHQXPHLQ.LQGDXI]X]LHKHQPDQEUDXFKW*ODXEHQXP HLQ]XVFKODIHQXQG*ODXEHQXPLUJHQGHLQH$UEHLWDQ]XIDQJHQ (VLVWQXUVRGD‰ZLUDQGLHVH$UWYRQ*ODXEHQVFKRQJHZ|KQW VLQG:HULKQQLFKWKDWOHLGHWDQhEHUlQJVWOLFKNHLW IU VHLQ .LQGDQ6FKODIORVLJNHLWRGHUDQGHU8QIlKLJNHLWLUJHQGHLQH VFK|SIHULVFKH$UEHLW]XWXQRGHUHULVWDUJZ|KQLVFKXQIlKLJ DQGHUHQQDKH]XVHLQVFKZHUPWLJRGHUQLFKWLQGHU/DJH ODQJIULVWLJH 3OlQH ]X PDFKHQ =X GHP HLJHQHQ 8UWHLO EHU HLQHQ0HQVFKHQ]XVWHKHQZHQQGLHDOOJHPHLQH0HLQXQJRGHU LUJHQGZHOFKHXQYRUKHUJHVHKHQHQ7DWVDFKHQHV]XHQWNUlIWHQ VFKHLQHQ ]X GHU HLJHQHQ hEHU]HXJXQJ ]X VWHKHQ DXFK ZHQQVLHXQSRSXOlULVW±GDVHUIRUGHUW*ODXEHQXQG0XW'LH 6FKZLHULJNHLWHQ5FNVFKOlJHXQG6RUJHQGHV/HEHQVDOVHLQH +HUDXVIRUGHUXQJ]XQHKPHQGHUHQhEHUZLQGXQJXQVVWlUNHU PDFKW±GDVHUIRUGHUWHEHQIDOOV*ODXEHQXQG0XW 'DV 6LFKhEHQ LQ *ODXEHQ XQG 0XW EHJLQQW EHL GHQ NOHLQHQ (LQ]HOKHLWHQ GHV WlJOLFKHQ /HEHQV 'HU HUVWH 6FKULWW EHVWHKW GDULQ ]X HUNHQQHQ ZR XQG ZDQQ PDQ GHQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV *ODXEHQ YHUOLHUW GLH 5DWLRQDOLVLHUXQJHQ ]X GXUFKVFKDXHQ PLWGHQHQGHU9HUOXVWGHV*ODXEHQVEHUGHFNWZHUGHQVROO XQG ]X HUNHQQHQ ZR PDQ IHLJH JHKDQGHOW KDW XQG ZHOFKHU 5DWLRQDOLVLHUXQJHQPDQVLFKKLHUEHGLHQWIHUQHU]XHUNHQQHQ GD‰MHGHU6HOEVWEHWUXJHLQHQVFKZlFKWXQGGD‰]XQHKPHQGH 6FKZlFKH]XQHXHP6HOEVWEHWUXJIKUWXQGVRZHLWHULQHLQHP LPPHUWLHIHU]XP8QJODXEHQIKUHQGHQ.UHLVODXI'DQQZLUG PDQ DXFK HUNHQQHQ GD‰ PDQ ZlKUHQG PDQ VLFK EHZX‰W GDYRU IUFKWHW QLFKW JHOLHEW ]X ZHUGHQ LQ :LUNOLFKNHLW XQG XQEHZX‰WIUFKWHW]XOLHEHQ(LQHQ0HQVFKHQ]XOLHEHQKHL‰W VLFK VHOEVW ]X JHEHQ RKQH HLQH ª6LFKHUKHLW© GHU *HJHQOLHEH ]X KDEHQ DEHU LP *ODXEHQ GD‰ GLH HLJHQH /LHEH LQ GHP JHOLHEWHQ 0HQVFKHQ /LHEH KHUYRUUXIHQ ZLUG /LHEH LVW HLQ $NW GHV *ODXEHQV XQG ZHU QXU ZHQLJ *ODXEHQ KDW KDW DXFK QXU ZHQLJ /LHEH .DQQ PDQ PHKU EHU GDV 6LFKhEHQ LP *ODXEHQ VDJHQ" 0DQFKH N|QQHQ HV YLHOOHLFKW ZlUH LFK 'LFKWHU RGHU 3KLORVRSK ZUGH LFK HV YHUVXFKHQ 'D LFK MHGRFK ZHGHU GDV HLQH QRFK GDV DQGHUH ELQ NDQQ LFK QLFKW HLQPDOYHUVXFKHQPHKUGDUEHU]XVDJHQ,FKELQVLFKHUGD‰ MHGHUGHUHVP|FKWHJHQDXVROHUQHQNDQQ*ODXEHQ]XKDEHQ ZLHHLQ.LQGGDV/DXIHQOHUQW (LQH+DOWXQJGLHYRQGHU$XVEXQJGHU.XQVWGHV/LHEHQV XQWUHQQEDU LVW ZXUGH ELVKHU QXU NXU] HUZlKQW XQG VROO MHW]W DXVIKUOLFKHU EHKDQGHOW ZHUGHQ $NWLYLWlW ,FK KDEH YRUKLQEHUHLWVJHVDJWGD‰PLWª$NWLYLWlW©QLFKWJHPHLQWLVW GD‰ LUJHQG HWZDV ªJHWDQ© ZLUG VRQGHUQ GD‰ GDPLW GLH LQQHUH $NWLYLWlW GHU VFK|SIHULVFKH *HEUDXFK GHU HLJHQHQ .UlIWH JHPHLQW LVW /LHEH LVW HLQH $NWLYLWlW ZHQQ LFK OLHEH ELQ LFK DNWLY EH]RJHQ DXI GLH JHOLHEWH 3HUVRQ XQG QLFKW QXU DXI 

(ULFK)URPP'LH.XQVWGHV/LHEHQV VLHGHQQLFKZUGHXQIlKLJVHLQPLFKDNWLYDXIGLHJHOLHEWH 3HUVRQ ]X EH]LHKHQ ZHQQ LFK WUlJH ZlUH XQG PLFK QLFKW LQ HLQHP GDXHUQGHQ =XVWDQG YRQ :DFKKHLW *H|IIQHWKHLW XQG $NWLYLWlWEHIlQGH'HU6FKODILVWGLH HLQ]LJH 6LWXDWLRQ GLH GHU ,QDNWLYLWlW HQWVSULFKW IU GLH PHLVWHQ 0HQVFKHQ JLOW MHGRFKGLHSDUDGR[H6LWXDWLRQGD‰VLHKDOEVFKODIHQZHQQVLH ZDFK ]X VHLQ PHLQHQ XQG KDOEZDFKVLQGZHQQVLHVFKODIHQ ZROOHQ9|OOLJ ZDFK ]X VHLQ KHL‰W VLFK RGHU DQGHUH QLFKW ]X ODQJZHLOHQ±XQGVLFKRGHUGHQDQGHUHQQLFKW]XODQJZHLOHQ LVW HLQH *UXQGEHGLQJXQJ IU GLH /LHEH :DFK ]X VHLQ LP 'HQNHQ XQG )KOHQ LP 6HKHQ XQG +|UHQ DXIPHUNVDP XQGJH|IIQHW]XVHLQLVWHLQHXQHUOl‰OLFKH%HGLQJXQJIUGLH .XQVWGHV/LHEHQV(VLVWHLQH,OOXVLRQ]XJODXEHQPDQN|QQH VHLQ/HEHQVRDXIWHLOHQGD‰PDQLQGHU6SKlUHGHU/LHEH]ZDU VFK|SIHULVFKLQDOOHQDQGHUHQ6SKlUHQMHGRFKXQVFK|SIHULVFK VHLQNDQQ(VOLHJWLP:HVHQGHU3URGXNWLYLWlWGD‰VLHNHLQH GHUDUWLJH$UEHLWVWHLOXQJ HUODXEW 'LH )lKLJNHLW ]XP /LHEHQ YHUODQJW ,QWHQVLWlW :DFKKHLW XQG JHVWHLJHUWH 9LWDOLWlW XQG VLH NDQQ PDQ QXU GXUFK VFK|SIHULVFKH XQG DNWLYH +DOWXQJ DXI YLHOHQ DQGHUHQ /HEHQVJHELHWHQ HUUHLFKHQ:HQQ PDQ LQ DQGHUHQ6SKlUHQQLFKWSURGXNWLYLVWZLUGPDQHVLQGHU/LHEH DXFKQLFKWVHLQ :LHZLUVFKRQREHQDQJHIKUWKDEHQLVWGLH/LHEH]XHLQHU JHOLHEWHQ3HUVRQXQGGLH/LHEH]XP1lFKVWHQQLFKWYRQHLQDQGHU ]XWUHQQHQ'LHVKHL‰WDEHUDXFKGD‰GLH)lKLJNHLW]XOLHEHQ QLFKW QXU YRQ LQGLYLGXHOOHQ )DNWRUHQ DEKlQJW VRQGHUQ YRQ GHU ]ZLVFKHQPHQVFKOLFKHQ $WPRVSKlUH ZLH VLH LQ HLQHU *HVHOOVFKDIW H[LVWLHUW XQG GDV KHL‰W ZLHGHUXP YRQ GHU JHVDPWHQ 6WUXNWXU XQG /HEHQVSUD[LV HLQHU *HVHOOVFKDIW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV :LH VWHKW HV PLW GHU 1lFKVWHQOLHEH LQ XQVHUHU *HVHOOVFKDIW" :lKUHQG ZLU YLHO YRQ LKU UHGHQ LVW VLH LQ :LUNOLFKNHLW HLQH VHOWHQH (UVFKHLQXQJ :LH N|QQWH HV DXFK DQGHUV VHLQ LQ HLQHP JHVHOOVFKDIWOLFKHQ 6\VWHP GDV DXI GHP (JRLVPXV XQG GHU .RQNXUUHQ] DXIJHEDXW LVW" 8QVHUH %H]LHKXQJ ]XP 0LWPHQVFKHQ LVW VHOWHQ GLH GHU /LHEH XQG LP EHVWHQ )DOO ZHQQ DXFK QLFKW VR VHOWHQYRQ GHP*UXQGVDW]GHU )DLUQH‰ EHVWLPPW )DLUQH‰ EHGHXWHW EHLP $XVWDXVFK YRQ :DUHQ XQG 'LHQVWOHLVWXQJHQ NHLQHQ %HWUXJ XQG NHLQH *DXQHUHL ]X EHJHKHQXQGGDVVHOEHJLOWIUGHQ$XVWDXVFKYRQ*HIKOHQ ª:DVGXPLUJLEVWJHEHLFKGLU©ODXWHWLQGHUNDSLWDOLVWLVFKHQ *HVHOOVFKDIWGLHYRUKHUUVFKHQGHHWKLVFKH0D[LPHVRZRKOIU :DUHQDOVDXFKIU/LHEH0DQN|QQWHVRJDUVDJHQGD‰GLH (QWZLFNOXQJHLQHU0RUDOGHU)DLUQH‰GHUEHVRQGHUHHWKLVFKH %HLWUDJGHUNDSLWDOLVWLVFKHQ*HVHOOVFKDIWLVW 'LH *UQGH IU GLHVH 7DWVDFKH OLHJHQ LP :HVHQ GHU NDSLWDOLVWLVFKHQ *HVHOOVFKDIW EHJUQGHW ,Q GHQ YRUNDSLWDOLVWLVFKHQ*HVHOOVFKDIWHQZXUGHGHU:DUHQDXVWDXVFK HQWZHGHU YRQ XQPLWWHOEDUHP =ZDQJ YRQ GHU 7UDGLWLRQ RGHU YRQ GHQ SHUV|QOLFKHQ %LQGXQJHQ GHU /LHEH RGHU )UHXQGVFKDIWEHVWLPPW,P.DSLWDOLVPXVELOGHWGHU$XVWDXVFK DXI GHP 0DUNW GHQ DOOHV EHVWLPPHQGHQ )DNWRU 2E ZLU HV PLW GHP :DUHQPDUNW GHP $UEHLWVPDUNW RGHU GHP 0DUNW IU 'LHQVWOHLVWXQJHQ ]X WXQ KDEHQ ± MHGHU WDXVFKW GDV ZDV HU EHVLW]W JHJHQ GDV HLQ ZDV HU GHQ 0DUNWEHGLQJXQJHQ HQWVSUHFKHQG HUZHUEHQ ZLOO XQG ]ZDU RKQH %HWUXJ RGHU *HZDOW 

(ULFK)URPP'LH.XQVWGHV/LHEHQV 'LH 0RUDO GHU )DLUQH‰ ZLUG OHLFKW YHUZHFKVHOW PLW GHU 1RUP ª:DV GX QLFKW ZLOOVW GDV PDQ GLU WX GDV IJ DXFK NHLQHPlQGHUQ]X©6LHNDQQVRDXVJHOHJWZHUGHQDOVEHGHXWH VLHª6HLGIDLULQHXUHP+DQGHOPLWDQGHUHQ©,Q:LUNOLFKNHLW ZXUGHVLHMHGRFKXUVSUQJOLFKDOVHLQHPHKUSRSXOlUH9HUVLRQ GHV ELEOLVFKHQ ª/LHEH GHLQHQ 1lFKVWHQ© IRUPXOLHUW 8QG WDWVlFKOLFKXQWHUVFKHLGHWVLFKGLHMGLVFKFKULVWOLFKH1RUPGHU 1lFKVWHQOLHEHY|OOLJYRQGHU0RUDOGHU)DLUQH‰6LHEHGHXWHW GHQ1lFKVWHQ]XOLHEHQGDVKHL‰WVLFKIULKQYHUDQWZRUWOLFK XQG PLW LKP HLQV ]X IKOHQ GLH 0RUDO GHU )DLUQH‰ GDJHJHQ EHGHXWHW VLFK QLFKW YHUDQWZRUWOLFK XQG HLQV ]X IKOHQ VRQGHUQDOVJHWUHQQW±DOVRGLH5HFKWHGHV1lFKVWHQ]ZDU]X UHVSHNWLHUHQQLFKWMHGRFKLKQ]XOLHEHQ(VLVWNHLQ=XIDOOGD‰ GLH QHXWHVWDPHQWDULVFKH 1RUP ]X GHU SRSXOlUVWHQ UHOLJL|VHQ 0D[LPH XQVHUHU =HLW JHZRUGHQ LVW LP 6LQQH GHU 0RUDO GHU )DLUQH‰DXVJHOHJWLVWVLHQlPOLFKGLHHLQ]LJHUHOLJL|VH0D[LPH GLH MHGHU YHUVWHKW XQG GLH ]X EHIROJHQ YLHOH EHUHLW VLQG 'DV 9HUVWlQGQLV GHU /LHEH PX‰ MHGRFK PLW GHP (UNHQQHQ GHV 8QWHUVFKLHGHV]ZLVFKHQ)DLUQH‰XQG/LHEHEHJLQQHQ +LHUHUKHEWVLFKHLQHZLFKWLJH)UDJH:HQQXQVHUHJHVDPWH JHVHOOVFKDIWOLFKH XQG ZLUWVFKDIWOLFKH 2UJDQLVDWLRQ GDUDXI EHUXKWGD‰MHGHUDXIVHLQHQHLJHQHQ9RUWHLOEHGDFKWLVWZHQQ VLH YRQ GHP 3ULQ]LS GHV (JRLVPXV EHKHUUVFKW ZLUG GHU QXU GXUFKGLH0RUDOGHU)DLUQH‰LQ6FKUDQNHQJHKDOWHQZLUG±ZLH NDQQ PDQ GDQQ LQQHUKDOE GHV 5DKPHQV XQVHUHU EHVWHKHQGHQ *HVHOOVFKDIWVRUGQXQJEHUKDXSWOHEHQXQGJOHLFK]HLWLJ/LHEH EHQ" %HGHXWHW GHQQ GDV QLFKW DOOH ZHOWOLFKHQ ,QWHUHVVHQ DXI]XJHEHQ XQG LQ Y|OOLJHU $UPXW ]X OHEHQ" 'LHVH )UDJH ZXUGHDXIUDGLNDOH:HLVHYRQGHQFKULVWOLFKHQ0|QFKHQZLH 

(ULFK)URPP'LH.XQVWGHV/LHEHQV DXFKYRQ0HQVFKHQZLH7ROVWRLXQG6LPRQH:HLOEHDQWZRUWHW (V JLEW DQGHUH GLH GLH $QVLFKW YHUWUHWHQ LQQHUKDOE XQVHUHU *HVHOOVFKDIWVHLHQ/LHEHXQGZHOWOLFKHV/HEHQJUXQGVlW]OLFK XQYHUHLQEDU VR GD‰ YRQ GHU /LHEH ]X UHGHQ KHXWH QXU HLQ 0LWPDFKHQ DP DOOJHPHLQHQ %HWUXJ GDUVWHOOH VLH JODXEHQ GD‰ QXU HLQ 0lUW\UHU RGHU HLQ 9HUUFNWHU LQ GHU :HOW YRQ KHXWH OLHEHQ N|QQH XQG GD‰ GDKHU GLH 'LVNXVVLRQ GHU /LHEH QLFKWV DOV OHHUHV 3UHGLJHQ VHL 'LHVHU ]ZDU VHKU UHVSHNWDEOH 6WDQGSXQNW LVW DEHU KlX¿J QXU HLQH 5DWLRQDOLVLHUXQJ GHV HLJHQHQ =\QLVPXV XQG GHU HLJHQHQ 8QIlKLJNHLW ]XU /LHEH 'LHVHUª5DGLNDOLVPXV©HQGHWLPPRUDOLVFKHQ1LKLOLVPXV ,FK ELQ GHU hEHU]HXJXQJ GD‰ GLH $QWZRUW YRQ GHU DE VROXWHQ 8QYHUHLQEDUNHLW YRQ /LHEH XQG ªQRUPDOHP© /HEHQ QXU LQ HLQHP DEVWUDNWHQ 6LQQH ULFKWLJ LVW 'DV 3ULQ]LS GDV GHU NDSLWDOLVWLVFKHQ *HVHOOVFKDIW ]XJUXQGH OLHJW XQG GDV 3ULQ]LS GHU /LHEH VLQG LQ GHU 7DW XQYHUHLQEDU $EHU NRQ NUHW EHWUDFKWHW LVW GLH PRGHUQH *HVHOOVFKDIW HLQ NRPSOH[HV 3KlQRPHQ'HU9HUNlXIHUHLQHUQXW]ORVHQ:DUH]XP%HLVSLHO ZLUG NHLQHQ ZLUWVFKDIWOLFKHQ (UIROJ KDEHQ ZHQQ HU QLFKW OJW HLQ +DQGZHUNHU HLQ &KHPLNHU RGHU HLQ 3K\VLNHU GDJHJHQ N|QQHQ DXI LKUHP *HELHW WFKWLJ VHLQ ± XQG GRFK HKUOLFKH 0HQVFKHQ EOHLEHQ ,Q lKQOLFKHU:HLVH N|QQWHQ YLHOH YHUVXFKHQ/LHEH]XEHQRKQHLKUHZLUWVFKDIWOLFKH7lWLJNHLW DXI]XJHEHQ6HOEVWZHQQPDQDQHUNHQQWGD‰GDV3ULQ]LSGHV .DSLWDOLVPXVPLWGHP3ULQ]LSGHU/LHEHXQYHUHLQEDULVWPX‰ PDQ]XJHVWHKHQGD‰GHU.DSLWDOLVPXVLQVLFKVHOEVWHLQHVR ZLGHUVSUXFKVYROOHXQGVLFKVWlQGLJYHUlQGHUQGH6WUXNWXUKDW GLHHLQHPQRFKHLQHJHZLVVH1LFKW.RQIRUPLWlWXQGSHUV|Q OLFKHQ6SLHOUDXPOl‰W(VLVWHLQHJHIlKUOLFKH$XVUHGH±GHV 

(ULFK)URPP'LH.XQVWGHV/LHEHQV ªUDGLNDOHQ©'HQNHQVVRZRKOZLHGHV'XUFKVFKQLWWVPHQVFKHQ± VHLQHPH[LVWHQWLHOOHQ3UREOHPLPªKLHUXQGMHW]W©GDPLWDXV ]XZHLFKHQGD‰GLHJHVHOOVFKDIWOLFKHQ8PVWlQGHDOVGHUHLQ]LJ GHWHUPLQLHUHQGH)DNWRUDQJHVHKHQZHUGHQ 'DPLWP|FKWHLFKDOOHUGLQJVQLFKWGHQ(LQGUXFNHUZHFNHQ GD‰ ZLU GDPLW UHFKQHQ N|QQHQ XQVHU JHJHQZlUWLJHV *HVHOOVFKDIWVV\VWHPN|QQWHQRFKXQHQGOLFKODQJHIRUWGDXHUQ XQG ZLU N|QQWHQ WURW]GHP HUZDUWHQ GD‰ VLFK GDV ,GHDO GHU 1lFKVWHQOLHEH YHUZLUNOLFKH 0HQVFKHQ GLH GHU /LHEH IlKLJ VLQG ELOGHQ LQQHUKDOE GHV JHJHQZlUWLJHQ 6\VWHPV HLQH $XVQDKPH GLH /LHEH LVW QRWZHQGLJHUZHLVH LQ GHU KHXWLJHQ ZHVWOLFKHQ *HVHOOVFKDIW HLQ VHOWHQHV 3KlQRPHQ ± QLFKW QXU ZHLOYLHOH7lWLJNHLWVIRUPHQNHLQHOLHEHQGH+DOWXQJHUODXEHQ VRQGHUQ ZHLO LQ HLQHU *HVHOOVFKDIW GHUHQ K|FKVWHV =LHO GLH 3URGXNWLRQ XQG GLH .RQVXPWLRQ LVW VLFK QXU GHU 1LFKW .RQIRUPLVW HUIROJUHLFK ZHKUHQ NDQQ -HQH 0HQVFKHQ GLH GLH /LHEH HUQVWKDIW DOV GLH HLQ]LJH ZDKUH $QWZRUW DXI GDV 3UREOHP GHU PHQVFKOLFKHQ ([LVWHQ] DQVHKHQ PVVHQ DOVR ]X GHP 6FKOX‰ NRPPHQ GD‰ LQ XQVHUHU JHVHOOVFKDIWOLFKHQ 6WUXNWXU ZLFKWLJH XQG UDGLNDOH 9HUlQGHUXQJHQ QRWZHQGLJ VLQG ZHQQ GLH /LHEH ]X HLQHP JHVHOOVFKDIWOLFKHQ XQG QLFKW QXU ]X HLQHP VHKU YHUHLQ]HOWHQ LQGLYLGXHOOHQ 3KlQRPHQ ZHUGHQ VROO 'LH 5LFKWXQJ VROFKHU 9HUlQGHUXQJHQ NDQQ LP 5DKPHQ GLHVHV %XFKHV QXU DQJHGHXWHW ZHUGHQ 8QVHUH *HVHOOVFKDIWZLUGLQZDFKVHQGHP0D‰HYRQHLQHULQGXVWULHOOHQ %URNUDWLH XQG YRQ %HUXIVSROLWLNHUQ JHOHLWHW 'LH 0HQVFKHQ ZHUGHQ GXUFK 0DVVHQVXJJHVWLRQ EHHLQÀX‰W LKU =LHO LVW HV 

,QPHLQHP%XFK'HUKHXWLJH0HQVFKXQGVHLQH=XNXQIW)UDQNIXUW0DLQ, KDEHLFKYHUVXFKWPLFKPLWGLHVHP3UREOHPDXVIKUOLFK]XEHIDVVHQ



(ULFK)URPP'LH.XQVWGHV/LHEHQV PHKU ]X SURGX]LHUHQ XQG PHKU ]X NRQVXPLHUHQ XQG ]ZDU DOV 6HOEVW]ZHFN $OOH $NWLYLWlWHQ VLQG ZLUWVFKDIWOLFKHQ =LHOHQ XQWHUJHRUGQHW GLH 0LWWHO VLQG ]XP =ZHFN JHZRUGHQ 'HU 0HQVFK ZLUG ]XP 'LQJ ]XP $XWRPDW JXW JHQlKUW JXW JHNOHLGHW DEHU RKQH ZLUNOLFKH XQG WLHIH 6RUJH XP GLH (QWZLFNOXQJVHLQHUVSH]L¿VFKPHQVFKOLFKHQ(LJHQVFKDIWHQXQG $XIJDEHQ :HQQ GHU 0HQVFK IlKLJ VHLQ VROO ]X OLHEHQ PX‰ VHLQH(QWIDOWXQJGDVK|FKVWH=LHOGHU*HVHOOVFKDIWVHLQ'LH :LUWVFKDIWVPDVFKLQH PX‰ LKP GLHQHQ XQG QLFKW XPJHNHKUW (UPX‰LQGLH/DJHYHUVHW]WZHUGHQPLWDQGHUHQDP(UOHEHQ XQG DQ GHU$UEHLW WHLO]XKDEHQ QLFKW DEHU ± EHVWHQIDOOV ± DQ GHQ *HZLQQHQ 'LH *HVHOOVFKDIW PX‰ VR RUJDQLVLHUW ZHUGHQ GD‰GLHVR]LDOHOLHEHQGH1DWXUGHV0HQVFKHQQLFKWYRQVHLQHU JHVHOOVFKDIWOLFKHQ ([LVWHQ] JHWUHQQW VRQGHUQ PLW LKU YHUHLQW ZLUG GD‰ HU QLFKW YRQ VHLQHQ HLJHQHQ .UlIWHQ HQWIUHPGHW LVW XQG VLH QXU LQ GHU$QEHWXQJ GHU QHXHQ *|W]HQ ± 6WDDW 3URGXNWLRQ .RQVXPWLRQ ± LQ YHUPLWWHOWHU )RUP HUOHEW 1XU LQ HLQHU *HVHOOVFKDIW LQ GHU ZLH 0DU[ JHVDJW KDW GLH YROOH PHQVFKOLFKH (QWIDOWXQJ GHV (LQ]HOQHQ GLH %HGLQJXQJ GHU YROOHQ (QWIDOWXQJ DOOHU LVW NDQQ DXFK GLH /LHEH ]X HLQHU JHVHOOVFKDIWOLFK UHOHYDQWHQ +DOWXQJ ZHUGHQ :HQQ HV ± ZLH LFKDXI]X]HLJHQYHUVXFKWH±ZDKULVWGD‰GLH/LHEHGLHHLQ]LJ EHIULHGLJHQGH $QWZRUW DXI GDV 3UREOHP GHU PHQVFKOLFKHQ ([LVWHQ]LVWGDQQPX‰MHGH*HVHOOVFKDIWGLHGLH(QWZLFNOXQJ GHU/LHEHDXVVFKOLH‰WOHW]WHQ(QGHVDQLKUHP:LGHUVSUXFK]X GHQJUXQGOHJHQGHQ1RWZHQGLJNHLWHQGHUPHQVFKOLFKHQ1DWXU ]XJUXQGHJHKHQ:HQQPDQYRQGHU/LHEHVSULFKWªSUHGLJW© PDQ QLFKW XQG ]ZDU DXV GHP HLQIDFKHQ *UXQG ZHLO PDQ 

(ULFK)URPP'LH.XQVWGHV/LHEHQV YRQ GHP WLHIVWHQ ZLUNOLFKHQ 9HUODQJHQ VSULFKW GDV LQ MHGHP PHQVFKOLFKHQ:HVHQOLHJW 'D‰ GLHVHV 9HUODQJHQ LQ GHQ +LQWHUJUXQG JHGUlQJW ZXUGH EHGHXWHWQRFKODQJHQLFKWGD‰HVQLFKWH[LVWLHUW'DV:HVHQ GHU /LHEH ]X DQDO\VLHUHQ KHL‰W IHVW]XVWHOOHQ GD‰ VLH KHXWH QXU VHOWHQ HUOHEW ZLUG HV KHL‰W DEHU DXFK GLH VR]LDOHQ %HGLQJXQJHQ ]X NULWLVLHUHQ GLH GDIU YHUDQWZRUWOLFK VLQG 'HU*ODXEHDQGLH0|JOLFKNHLWGHU/LHEHDOVHLQDOOJHPHLQHV XQGQLFKWQXUDXVQDKPVZHLVHVLQGLYLGXHOOHV3KlQRPHQLVWHLQ UDWLRQDOHU *ODXEH GHU DXI GHU (LQVLFKW LQ GDV :HVHQ GHV 0HQVFKHQEHUXKW





Related Documents